|
KKR Income Opportunities Fund
|
July 31, 2022
|
|
SCHEDULE OF INVESTMENTS (Unaudited)
|
||||||||||||||||
|
(Stated in United States Dollars, unless otherwise noted)
|
||||||||||||||||
|
Issuer
|
Asset
|
Reference Rate & Spread
|
Interest Rate
|
Maturity Date
|
Country
|
Currency
|
Par
|
Fair Value
|
Footnotes
|
|||||||
|
Corporate Loans - 74.39%
|
||||||||||||||||
|
Aerospace & Defense - 2.28%
|
||||||||||||||||
|
Amentum Services Inc
|
TL 2L 12/21
|
SOFR (3M) + 7.50%
|
9.43%
|
2/15/2030
|
USA
|
USD
|
1,965,870
|
$
|
1,837,302
|
(b)
|
||||||
|
EaglePicher Technologies LLC
|
TL 2L 02/18
|
LIBOR (1M) + 7.25%
|
9.62%
|
3/8/2026
|
USA
|
USD
|
1,957,223
|
1,474,445
|
||||||||
|
Sequa Corp
|
TL 1L 07/20
|
LIBOR (3M) + 6.75%
|
8.30%
|
11/28/2023
|
USA
|
USD
|
2,964,811
|
2,959,267
|
||||||||
|
Alternative Carriers - 1.80%
|
||||||||||||||||
|
Segra
|
TL 1L B 08/21
|
LIBOR (3M) + 4.50%
|
6.75%
|
10/4/2028
|
USA
|
USD
|
5,218,829
|
4,949,746
|
||||||||
|
Apparel, Accessories & Luxury Goods - 5.84%
|
||||||||||||||||
|
Varsity Brands Inc
|
TL 1L 11/17
|
LIBOR (3M) + 4.50%
|
5.87%
|
12/16/2024
|
USA
|
USD
|
16,854,684
|
16,061,586
|
||||||||
|
Application Software - 10.39%
|
||||||||||||||||
|
Misys Ltd
|
TL 1L 04/17
|
LIBOR (3M) + 3.50%
|
6.87%
|
6/13/2024
|
USA
|
USD
|
4,330,666
|
4,057,575
|
||||||||
|
Misys Ltd
|
TL 2L 04/17
|
LIBOR (3M) + 7.25%
|
8.49%
|
6/13/2025
|
USA
|
USD
|
8,063,622
|
7,141,385
|
||||||||
|
Solera LLC
|
TL 2L 06/21
|
LIBOR (1M) + 8.00%
|
9.80%
|
6/4/2029
|
USA
|
USD
|
11,074,727
|
11,047,040
|
||||||||
|
TIBCO Software Inc
|
TL 2L 02/20
|
LIBOR (1M) + 7.25%
|
9.63%
|
3/3/2028
|
USA
|
USD
|
6,360,103
|
6,328,303
|
||||||||
|
Auto Parts & Equipment - 1.70%
|
||||||||||||||||
|
Innovative XCessories & Services LLC
|
TL 1L 02/20
|
LIBOR (1M) + 4.25%
|
6.62%
|
3/5/2027
|
USA
|
USD
|
4,384,254
|
3,222,427
|
||||||||
|
Rough Country LLC
|
TL 2L 07/21
|
LIBOR (3M) + 6.50%
|
8.75%
|
7/30/2029
|
USA
|
USD
|
841,950
|
808,798
|
||||||||
|
Wheel Pros Inc
|
TL 1L B 05/21
|
LIBOR (1M) + 4.50%
|
6.66%
|
5/11/2028
|
USA
|
USD
|
771,726
|
651,005
|
||||||||
|
Broadcasting - 5.34%
|
||||||||||||||||
|
NEP Broadcasting LLC
|
TL 1L 05/20
|
LIBOR (3M) + 8.25%
|
10.50%
|
6/1/2025
|
USA
|
USD
|
1,594,024
|
1,641,845
|
(b)
|
|||||||
|
NEP Broadcasting LLC
|
TL 1L B 09/18
|
LIBOR (1M) + 3.25%
|
5.62%
|
10/20/2025
|
USA
|
USD
|
5,025,497
|
4,742,813
|
||||||||
|
NEP Broadcasting LLC
|
TL 1L B 09/18
|
EURIBOR (3M) + 3.50%
|
3.50%
|
10/20/2025
|
NLD
|
EUR
|
1,578,450
|
1,486,204
|
||||||||
|
NEP Broadcasting LLC
|
TL 2L 09/18
|
LIBOR (1M) + 7.00%
|
9.37%
|
10/19/2026
|
USA
|
USD
|
7,365,230
|
6,812,874
|
||||||||
|
Building Products - 1.20%
|
||||||||||||||||
|
DiversiTech Holdings Inc
|
TL 2L B 12/21
|
LIBOR (3M) + 6.75%
|
9.00%
|
12/15/2029
|
USA
|
USD
|
1,381,023
|
1,301,614
|
||||||||
|
Oldcastle Buildingenvelope Inc
|
TL 1L B 04/22
|
SOFR (3M) + 4.60%
|
7.18%
|
4/29/2029
|
USA
|
USD
|
305,870
|
279,824
|
||||||||
|
VC GB Holdings Inc (Visual Comfort)
|
TL 2L 06/21
|
LIBOR (3M) + 6.75%
|
9.63%
|
7/23/2029
|
USA
|
USD
|
1,927,630
|
1,723,619
|
||||||||
|
Construction & Engineering - 4.41%
|
||||||||||||||||
|
Brand Energy & Infrastructure Services Inc
|
TL 1L 05/17
|
LIBOR (3M) + 4.25%
|
6.94%
|
6/21/2024
|
USA
|
USD
|
3,336,573
|
3,056,017
|
||||||||
|
Total Safety US Inc
|
TL 1L B 07/19
|
LIBOR (3M) + 6.00%
|
7.01%
|
8/18/2025
|
USA
|
USD
|
5,328,927
|
5,129,092
|
(a)
|
|||||||
|
USIC Holdings Inc
|
TL 2L 05/21
|
LIBOR (1M) + 6.50%
|
8.87%
|
5/14/2029
|
USA
|
USD
|
431,521
|
393,405
|
(a)
|
|||||||
|
Yak Access LLC
|
TL 1L B 05/18
|
LIBOR (3M) + 5.00%
|
6.57%
|
7/11/2025
|
USA
|
USD
|
5,707,745
|
3,540,229
|
||||||||
|
Construction Machinery & Heavy Trucks - 1.84%
|
||||||||||||||||
|
Accuride Corp
|
TL 1L B 10/17
|
LIBOR (3M) + 5.25%
|
7.50%
|
11/17/2023
|
USA
|
USD
|
5,789,716
|
5,058,793
|
||||||||
|
Data Processing & Outsourced Services - 0.27%
|
||||||||||||||||
|
West Corp
|
TL 1L 09/17
|
LIBOR (1M) + 4.00%
|
6.37%
|
10/10/2024
|
USA
|
USD
|
889,851
|
746,367
|
||||||||
|
Department Stores - 1.30%
|
||||||||||||||||
|
Belk Inc
|
TL 1L 02/21
|
LIBOR (3M) + 7.50%
|
9.01%
|
7/31/2025
|
USA
|
USD
|
459,875
|
414,894
|
(a)
|
|||||||
|
Belk Inc
|
TL 1L EXIT 02/21
|
8.00% PIK, 5.00%
|
10.00%
|
7/31/2025
|
USA
|
USD
|
8,359,866
|
3,172,569
|
(a) (d)
|
|||||||
|
Diversified Metals & Mining - 0.79%
|
||||||||||||||||
|
Foresight Energy LLC
|
TL 1L A 06/20
|
LIBOR (3M) + 8.00%
|
10.25%
|
6/30/2027
|
USA
|
USD
|
2,184,890
|
2,184,890
|
(a) (b)
|
|||||||
|
Diversified Support Services - 0.45%
|
||||||||||||||||
|
Access CIG LLC
|
TL 2L 02/18
|
LIBOR (3M) + 7.75%
|
9.32%
|
2/27/2026
|
USA
|
USD
|
1,292,375
|
1,240,680
|
||||||||
|
Education Services - 2.19%
|
||||||||||||||||
|
Jostens Inc
|
TL 1L 12/18
|
LIBOR (3M) + 5.50%
|
6.51%
|
12/19/2025
|
USA
|
USD
|
6,229,398
|
6,015,293
|
||||||||
|
Electronic Equipment & Instruments - 3.99%
|
||||||||||||||||
|
Excelitas Technologies Corp
|
TL 2L 10/17
|
LIBOR (3M) + 7.50%
|
9.79%
|
12/1/2025
|
USA
|
USD
|
11,291,720
|
10,981,198
|
(a)
|
|||||||
|
Financial Exchanges & Data - 0.21%
|
||||||||||||||||
|
IntraFi Network LLC
|
TL 2L 11/21
|
LIBOR (1M) + 6.25%
|
8.12%
|
11/5/2029
|
USA
|
USD
|
623,220
|
591,021
|
||||||||
|
Health Care Equipment - 4.95%
|
||||||||||||||||
|
Drive DeVilbiss Healthcare LLC
|
TL 1L 03/21
|
LIBOR (3M) + 9.50%
|
10.51%
|
6/1/2025
|
USA
|
USD
|
7,451,616
|
7,060,406
|
(a) (d)
|
|||||||
|
Orchid Orthopedic Solutions LLC
|
TL 1L 02/19
|
LIBOR (3M) + 4.50%
|
6.75%
|
3/5/2026
|
USA
|
USD
|
5,672,151
|
4,906,411
|
||||||||
|
Tecomet Inc
|
TL 1L 10/17
|
LIBOR (3M) + 3.50%
|
5.79%
|
5/1/2024
|
USA
|
USD
|
1,863,816
|
1,630,839
|
||||||||
|
Health Care Facilities - 0.49%
|
||||||||||||||||
|
ScionHealth
|
TL 1L B 12/21
|
LIBOR (1M) + 5.25%
|
6.92%
|
12/23/2028
|
USA
|
USD
|
1,738,146
|
1,348,149
|
||||||||
|
Health Care Services - 0.08%
|
||||||||||||||||
|
Paradigm Acquisition Corp
|
TL 2L 10/18 LC
|
LIBOR (1M) + 7.50%
|
9.87%
|
10/26/2026
|
USA
|
USD
|
213,465
|
208,662
|
||||||||
|
Hotels, Resorts & Cruise Lines - 2.22%
|
||||||||||||||||
|
B&B Hotels SAS
|
TL 1L B3A 01/20
|
EURIBOR (6M) + 3.88%
|
3.88%
|
7/31/2026
|
FRA
|
EUR
|
2,427,830
|
2,233,999
|
||||||||
|
B&B Hotels SAS
|
TL 1L B4 03/21
|
EURIBOR (6M) + 5.50%
|
5.50%
|
7/31/2026
|
FRA
|
EUR
|
1,159,680
|
1,123,020
|
||||||||
|
Piolin BidCo SAU
|
TL 1L B 05/20
|
EURIBOR (6M) + 7.50%
|
7.75%
|
9/16/2026
|
ESP
|
EUR
|
2,682,184
|
2,734,461
|
||||||||
|
Human Resource & Employment Services - 0.96%
|
||||||||||||||||
|
SIRVA Worldwide Inc
|
TL 1L 07/18
|
LIBOR (3M) + 5.50%
|
7.82%
|
8/4/2025
|
USA
|
USD
|
1,842,236
|
1,658,934
|
||||||||
|
SIRVA Worldwide Inc
|
TL 2L 07/18
|
LIBOR (3M) + 9.50%
|
11.71%
|
8/3/2026
|
USA
|
USD
|
1,149,740
|
970,570
|
||||||||
|
Industrial Machinery - 1.61%
|
||||||||||||||||
|
CPM Holdings Inc
|
TL 2L 10/18
|
LIBOR (1M) + 8.25%
|
9.96%
|
11/16/2026
|
USA
|
USD
|
1,321,319
|
1,275,073
|
||||||||
|
Engineered Machinery Holdings Inc
|
TL 2L 08/21
|
LIBOR (3M) + 6.00%
|
8.25%
|
5/21/2029
|
USA
|
USD
|
289,880
|
278,466
|
||||||||
|
SPX Corp
|
TL 1L B 03/22
|
SOFR (1M) + 4.50%
|
6.93%
|
4/5/2029
|
USA
|
USD
|
3,016,820
|
2,862,223
|
||||||||
|
IT Consulting & Other Services - 4.14%
|
||||||||||||||||
|
PSAV Inc
|
TL 1L B1 12/20
|
0.25% PIK, LIBOR (3M) + 3.25%
|
5.11%
|
3/3/2025
|
USA
|
USD
|
6,736,966
|
5,798,540
|
(d)
|
|||||||
|
PSAV Inc
|
TL 1L B3 12/20
|
10.00% PIK, 5.00%
|
15.00%
|
10/15/2026
|
USA
|
USD
|
2,125,489
|
2,167,998
|
(d)
|
|||||||
|
PSAV Inc
|
TL 2L 02/18
|
LIBOR (3M) + 7.25%
|
8.58%
|
9/1/2025
|
USA
|
USD
|
4,439,390
|
3,407,232
|
||||||||
|
Leisure Facilities - 2.31%
|
||||||||||||||||
|
United PF Holdings LLC
|
TL 1L 01/20
|
LIBOR (3M) + 4.00%
|
6.79%
|
12/30/2026
|
USA
|
USD
|
6,552,352
|
5,888,926
|
||||||||
|
United PF Holdings LLC
|
TL 1L B 06/20
|
LIBOR (3M) + 8.50%
|
10.75%
|
12/30/2026
|
USA
|
USD
|
488,686
|
471,582
|
||||||||
|
Life Sciences Tools & Services - 2.01%
|
||||||||||||||||
|
PAREXEL International Corp
|
TL 2L 07/21
|
LIBOR (1M) + 6.50%
|
8.87%
|
11/15/2029
|
USA
|
USD
|
5,637,180
|
5,519,363
|
(b)
|
|||||||
|
Marine Ports & Services - 1.99%
|
||||||||||||||||
|
Direct ChassisLink Inc
|
TL 2L B 04/19
|
LIBOR (3M) + 6.75%
|
9.18%
|
4/10/2026
|
USA
|
USD
|
5,509,006
|
5,478,018
|
||||||||
|
Publishing - 0.95%
|
||||||||||||||||
|
Emerald Expositions Holding Inc
|
TL 1L B 11/17
|
LIBOR (1M) + 2.50%
|
4.87%
|
5/22/2024
|
USA
|
USD
|
2,720,875
|
2,615,441
|
||||||||
|
Research & Consulting Services - 0.16%
|
||||||||||||||||
|
TMF Group Holding BV
|
TL 2L 12/17
|
EURIBOR (6M) + 6.88%
|
6.88%
|
5/4/2026
|
NLD
|
EUR
|
440,830
|
440,411
|
||||||||
|
Security & Alarm Services - 1.30%
|
||||||||||||||||
|
Monitronics International Inc
|
TL 1L EXIT 08/19
|
LIBOR (3M) + 7.50%
|
10.31%
|
3/29/2024
|
USA
|
USD
|
5,348,445
|
3,573,884
|
||||||||
|
Specialized Consumer Services - 0.50%
|
||||||||||||||||
|
Learning Care Group Inc
|
TL 1L B 05/20
|
LIBOR (3M) + 8.50%
|
10.66%
|
3/13/2025
|
USA
|
USD
|
1,268,914
|
1,256,225
|
||||||||
|
Learning Care Group Inc
|
TL 2L 03/18
|
LIBOR (3M) + 7.50%
|
9.00%
|
3/13/2026
|
USA
|
USD
|
124,840
|
120,471
|
||||||||
|
Specialty Chemicals - 5.99%
|
||||||||||||||||
|
Aruba Investments Inc
|
TL 2L 10/20
|
LIBOR (1M) + 7.75%
|
10.01%
|
11/24/2028
|
USA
|
USD
|
1,841,010
|
1,721,344
|
||||||||
|
Flint Group GmbH
|
TL 1L B 04/14
|
0.75% PIK, EURIBOR (3M) + 4.25%
|
0.75%
|
9/21/2023
|
DEU
|
EUR
|
1,140,427
|
977,137
|
(d)
|
|||||||
|
Flint Group GmbH
|
TL 1L B3 05/15
|
0.75% PIK, EURIBOR (3M) + 4.25%
|
0.75%
|
9/21/2023
|
DEU
|
EUR
|
9,272
|
7,945
|
(d)
|
|||||||
|
Flint Group GmbH
|
TL 1L B4 11/15
|
0.75% PIK, EURIBOR (3M) + 4.25%
|
0.75%
|
9/21/2023
|
DEU
|
EUR
|
86,826
|
74,393
|
(d)
|
|||||||
|
Flint Group GmbH
|
TL 1L B5 02/17
|
0.75% PIK, EURIBOR (3M) + 4.25%
|
0.75%
|
9/21/2023
|
DEU
|
EUR
|
143,332
|
122,809
|
(d)
|
|||||||
|
Flint Group GmbH
|
TL 1L B6 03/17
|
0.75% PIK, EURIBOR (3M) + 4.25%
|
0.75%
|
9/21/2023
|
DEU
|
EUR
|
104,804
|
89,797
|
(d)
|
|||||||
|
Flint Group GmbH
|
TL 1L B7 04/14
|
0.75% PIK, EURIBOR (3M) + 4.25%
|
0.75%
|
9/21/2023
|
DEU
|
EUR
|
99,965
|
85,652
|
(d)
|
|||||||
|
Vantage Specialty Chemicals Inc
|
TL 1L B 10/17
|
LIBOR (3M) + 3.50%
|
6.02%
|
10/28/2024
|
USA
|
USD
|
10,613,311
|
10,169,993
|
||||||||
|
Vantage Specialty Chemicals Inc
|
TL 2L 10/17
|
LIBOR (3M) + 8.25%
|
9.82%
|
10/27/2025
|
USA
|
USD
|
3,339,659
|
3,222,770
|
||||||||
|
Trucking - 0.71%
|
||||||||||||||||
|
Kenan Advantage Group Inc/The
|
TL 2L 08/21
|
LIBOR (1M) + 7.25%
|
9.62%
|
9/1/2027
|
USA
|
USD
|
2,135,010
|
1,953,534
|
||||||||
|
Total Corporate Loans (Amortized Cost $222,368,319)
|
227,634,750
|
$
|
204,506,798
|
|||||||||||||
|
High Yield Securities - 83.46%
|
||||||||||||||||
|
Airlines - 2.58%
|
||||||||||||||||
|
American Airlines Group Inc
|
3.750% 03/2025
|
3/1/2025
|
USA
|
USD
|
8,067,000
|
$
|
7,091,942
|
(e)
|
||||||||
|
Alternative Carriers - 1.59%
|
||||||||||||||||
|
Zayo Group LLC
|
6.125% 03/2028
|
3/1/2028
|
USA
|
USD
|
5,637,000
|
4,383,472
|
(e)
|
|||||||||
|
Apparel, Accessories & Luxury Goods - 0.46%
|
||||||||||||||||
|
Varsity Brands Inc
|
L+8.000% 12/2024
|
12/22/2024
|
USA
|
USD
|
1,270,000
|
1,270,000
|
(b) (e)
|
|||||||||
|
Application Software - 1.95%
|
||||||||||||||||
|
Cision Ltd
|
9.500% 02/2028
|
2/15/2028
|
USA
|
USD
|
6,449,000
|
5,349,616
|
(e)
|
|||||||||
|
Auto Parts & Equipment - 1.49%
|
||||||||||||||||
|
Wheel Pros Inc
|
6.500% 05/2029
|
5/15/2029
|
USA
|
USD
|
5,638,000
|
4,102,491
|
(e)
|
|||||||||
|
Automobile Manufacturers - 0.18%
|
||||||||||||||||
|
Ford Motor Co
|
3.375% 11/2025
|
11/13/2025
|
USA
|
USD
|
506,000
|
483,458
|
||||||||||
|
Automotive Retail - 1.50%
|
||||||||||||||||
|
Mavis Discount Tire Inc
|
6.500% 05/2029
|
5/15/2029
|
USA
|
USD
|
4,846,000
|
4,133,502
|
(e)
|
|||||||||
|
Biotechnology - 0.93%
|
||||||||||||||||
|
Intercept Pharmaceuticals Inc
|
3.250% 07/2023
|
7/1/2023
|
USA
|
USD
|
157,000
|
152,571
|
||||||||||
|
Radius Health Inc
|
3.000% 09/2024
|
9/1/2024
|
USA
|
USD
|
2,468,000
|
2,414,012
|
||||||||||
|
Broadcasting - 1.48%
|
||||||||||||||||
|
Spotify USA Inc
|
0.000% 03/2026
|
3/15/2026
|
USA
|
USD
|
4,598,000
|
3,779,556
|
(c)
|
|||||||||
|
Univision Communications Inc
|
7.375% 06/2030
|
6/30/2030
|
USA
|
USD
|
288,000
|
291,976
|
(e)
|
|||||||||
|
Building Products - 13.09%
|
||||||||||||||||
|
Acproducts Inc (aka Cabinetworks)
|
6.375% 05/2029
|
5/15/2029
|
USA
|
USD
|
11,955,000
|
6,741,950
|
(e)
|
|||||||||
|
Cornerstone (Ply Gem Holdings Inc)
|
8.750% 08/2028
|
8/1/2028
|
USA
|
USD
|
1,722,000
|
1,610,354
|
(e)
|
|||||||||
|
LBM Borrower LLC
|
6.250% 01/2029
|
1/15/2029
|
USA
|
USD
|
6,181,000
|
4,681,675
|
(e)
|
|||||||||
|
LBM Borrower LLC
|
7.750% 04/2027
|
4/1/2027
|
USA
|
USD
|
7,771,000
|
5,443,585
|
(e)
|
|||||||||
|
MI Windows and Doors Inc
|
5.500% 02/2030
|
2/1/2030
|
USA
|
USD
|
1,064,000
|
902,119
|
(e)
|
|||||||||
|
Oldcastle Buildingenvelope Inc
|
9.500% 04/2030
|
4/15/2030
|
USA
|
USD
|
713,000
|
583,192
|
(e)
|
|||||||||
|
PrimeSource Building Products Inc
|
5.625% 02/2029
|
2/1/2029
|
USA
|
USD
|
5,498,000
|
3,566,172
|
(e)
|
|||||||||
|
PrimeSource Building Products Inc
|
6.750% 08/2029
|
8/1/2029
|
USA
|
USD
|
6,177,000
|
4,221,578
|
(e)
|
|||||||||
|
SRS Distribution Inc
|
6.000% 12/2029
|
12/1/2029
|
USA
|
USD
|
7,724,000
|
6,699,234
|
(e)
|
|||||||||
|
SRS Distribution Inc
|
6.125% 07/2029
|
7/1/2029
|
USA
|
USD
|
1,706,000
|
1,536,961
|
(e)
|
|||||||||
|
Cable & Satellite - 2.84%
|
||||||||||||||||
|
CSC Holdings LLC (Altice USA)
|
5.000% 11/2031
|
11/15/2031
|
USA
|
USD
|
806,000
|
608,506
|
(e)
|
|||||||||
|
CSC Holdings LLC (Altice USA)
|
5.750% 01/2030
|
1/15/2030
|
USA
|
USD
|
4,702,000
|
3,811,465
|
(e)
|
|||||||||
|
RCN Grande (Radiate)
|
6.500% 09/2028
|
9/15/2028
|
USA
|
USD
|
4,251,000
|
3,383,307
|
(e)
|
|||||||||
|
Casinos & Gaming - 0.16%
|
||||||||||||||||
|
Caesars Entertainment Inc
|
6.250% 06/2025
|
7/1/2025
|
USA
|
USD
|
449,000
|
448,432
|
(e)
|
|||||||||
|
Commercial Printing - 1.85%
|
||||||||||||||||
|
Multi-Color Corp
|
10.500% 07/2027
|
7/15/2027
|
USA
|
USD
|
4,146,000
|
3,949,210
|
(e)
|
|||||||||
|
Multi-Color Corp
|
5.875% 10/2028
|
11/1/2028
|
USA
|
USD
|
1,240,000
|
1,135,375
|
(e)
|
|||||||||
|
Commodity Chemicals - 1.88%
|
||||||||||||||||
|
Cornerstone Chemical Co
|
6.750% 08/2024
|
8/15/2024
|
USA
|
USD
|
1,261,000
|
1,113,801
|
(e)
|
|||||||||
|
SI Group Inc
|
6.750% 05/2026
|
5/15/2026
|
USA
|
USD
|
6,041,000
|
4,060,549
|
(e)
|
|||||||||
|
Construction & Engineering - 2.06%
|
||||||||||||||||
|
Maxim Crane Works LP / Maxim Finance Corp
|
10.125% 08/2024
|
8/1/2024
|
USA
|
USD
|
5,952,000
|
5,657,822
|
(e)
|
|||||||||
|
Construction Materials - 4.70%
|
||||||||||||||||
|
Cemex Materials LLC
|
7.700% 07/2025
|
7/21/2025
|
USA
|
USD
|
12,842,000
|
12,912,631
|
(e)
|
|||||||||
|
Data Processing & Outsourced Services - 2.31%
|
||||||||||||||||
|
West Corp
|
8.500% 10/2025
|
10/15/2025
|
USA
|
USD
|
1,989,000
|
1,748,112
|
(e)
|
|||||||||
|
Xerox Business Services /Conduent
|
6.000% 11/2029
|
11/1/2029
|
USA
|
USD
|
5,451,000
|
4,600,290
|
(e)
|
|||||||||
|
Electronic Components - 2.72%
|
||||||||||||||||
|
CommScope Inc
|
6.000% 06/2025
|
6/15/2025
|
USA
|
USD
|
5,545,000
|
5,135,446
|
(e)
|
|||||||||
|
CommScope Inc
|
7.125% 07/2028
|
7/1/2028
|
USA
|
USD
|
2,826,000
|
2,345,580
|
(e)
|
|||||||||
|
Health Care Equipment - 1.05%
|
||||||||||||||||
|
Haemonetics Corp
|
0.000% 03/2026
|
3/1/2026
|
USA
|
USD
|
3,563,000
|
2,896,919
|
(c)
|
|||||||||
|
Health Care Facilities - 1.73%
|
||||||||||||||||
|
CHS/Community Health Systems, Inc.
|
6.125% 04/2030
|
4/1/2030
|
USA
|
USD
|
1,997,000
|
1,073,018
|
(e)
|
|||||||||
|
CHS/Community Health Systems, Inc.
|
6.875% 04/2028
|
4/1/2028
|
USA
|
USD
|
2,725,000
|
1,518,792
|
(e)
|
|||||||||
|
CHS/Community Health Systems, Inc.
|
6.875% 04/2029
|
4/15/2029
|
USA
|
USD
|
1,484,000
|
827,642
|
(e)
|
|||||||||
|
LifePoint Hospitals Inc
|
5.375% 01/2029
|
1/15/2029
|
USA
|
USD
|
1,727,000
|
1,336,741
|
(e)
|
|||||||||
|
Hotels, Resorts & Cruise Lines - 11.37%
|
||||||||||||||||
|
Carnival Corp
|
5.750% 03/2027
|
3/1/2027
|
USA
|
USD
|
10,373,000
|
8,343,782
|
(e)
|
|||||||||
|
Carnival Corp
|
6.000% 05/2029
|
5/1/2029
|
USA
|
USD
|
4,931,000
|
3,808,803
|
(e)
|
|||||||||
|
NCL Corp Ltd
|
1.125% 02/2027
|
2/15/2027
|
USA
|
USD
|
2,997,000
|
2,054,443
|
(e)
|
|||||||||
|
NCL Corp Ltd
|
3.625% 12/2024
|
12/15/2024
|
USA
|
USD
|
4,074,000
|
3,515,108
|
(e)
|
|||||||||
|
NCL Corp Ltd
|
6.125% 03/2028
|
3/15/2028
|
USA
|
USD
|
689,000
|
534,395
|
(e)
|
|||||||||
|
Royal Caribbean Cruises Ltd
|
5.500% 04/2028
|
4/1/2028
|
USA
|
USD
|
5,880,000
|
4,422,613
|
(e)
|
|||||||||
|
Viking Cruises Ltd
|
5.000% 02/2028
|
2/15/2028
|
USA
|
USD
|
5,092,000
|
4,526,661
|
(e)
|
|||||||||
|
Viking Cruises Ltd
|
5.875% 09/2027
|
9/15/2027
|
USA
|
USD
|
1,612,000
|
1,316,085
|
(e)
|
|||||||||
|
Viking Cruises Ltd
|
7.000% 02/2029
|
2/15/2029
|
USA
|
USD
|
3,368,000
|
2,728,366
|
(e)
|
|||||||||
|
Industrial Conglomerates - 1.59%
|
||||||||||||||||
|
Unifrax I LLC / Unifrax Holding Co
|
5.250% 09/2028
|
9/30/2028
|
USA
|
USD
|
2,959,000
|
2,491,197
|
(e)
|
|||||||||
|
Unifrax I LLC / Unifrax Holding Co
|
7.500% 09/2029
|
9/30/2029
|
USA
|
USD
|
2,371,000
|
1,878,638
|
(e)
|
|||||||||
|
Industrial Machinery - 1.52%
|
||||||||||||||||
|
SPX Corp
|
8.750% 04/2030
|
4/1/2030
|
USA
|
USD
|
5,050,000
|
4,185,490
|
(e)
|
|||||||||
|
Insurance Brokers - 5.01%
|
||||||||||||||||
|
Alliant Holdings I Inc
|
6.750% 10/2027
|
10/15/2027
|
USA
|
USD
|
1,613,000
|
1,534,737
|
(e)
|
|||||||||
|
National Financial Partners Corp
|
6.875% 08/2028
|
8/15/2028
|
USA
|
USD
|
13,892,000
|
12,228,572
|
(e)
|
|||||||||
|
Integrated Oil & Gas - 1.02%
|
||||||||||||||||
|
Occidental Petroleum Corp
|
4.100% 02/2047
|
2/15/2047
|
USA
|
USD
|
1,990,000
|
1,614,751
|
||||||||||
|
Occidental Petroleum Corp
|
4.200% 03/2048
|
3/15/2048
|
USA
|
USD
|
1,448,000
|
1,183,469
|
||||||||||
|
Leisure Facilities - 1.88%
|
||||||||||||||||
|
Life Time Fitness Inc
|
5.750% 01/2026
|
1/15/2026
|
USA
|
USD
|
1,455,000
|
1,369,533
|
(e)
|
|||||||||
|
Merlin Entertainments PLC
|
6.625% 11/2027
|
11/15/2027
|
IRL
|
USD
|
4,653,000
|
3,736,953
|
(e)
|
|||||||||
|
Six Flags Entertainment Corp
|
5.500% 04/2027
|
4/15/2027
|
USA
|
USD
|
58,000
|
54,874
|
(e)
|
|||||||||
|
Oil & Gas Storage & Transportation - 5.02%
|
||||||||||||||||
|
Genesis Energy
|
5.625% 06/2024
|
6/15/2024
|
USA
|
USD
|
5,336,000
|
5,136,496
|
||||||||||
|
Genesis Energy
|
6.500% 10/2025
|
10/1/2025
|
USA
|
USD
|
2,842,000
|
2,756,598
|
||||||||||
|
Global Partners LP / GLP Finance Corp
|
6.875% 01/2029
|
1/15/2029
|
USA
|
USD
|
863,000
|
788,428
|
||||||||||
|
Global Partners LP / GLP Finance Corp
|
7.000% 08/2027
|
8/1/2027
|
USA
|
USD
|
1,377,000
|
1,261,159
|
||||||||||
|
NGL Energy Partners LP / NGL Energy Finance Corp
|
7.500% 02/2026
|
2/1/2026
|
USA
|
USD
|
4,218,000
|
3,865,966
|
(e)
|
|||||||||
|
Pharmaceuticals - 0.80%
|
||||||||||||||||
|
Revance Therapeutics Inc
|
1.750% 02/2027
|
2/15/2027
|
USA
|
USD
|
2,594,000
|
2,195,172
|
||||||||||
|
Real Estate Services - 0.86%
|
||||||||||||||||
|
Redfin Corp
|
0.000% 10/2025
|
10/15/2025
|
USA
|
USD
|
3,864,000
|
2,365,456
|
(c)
|
|||||||||
|
Specialty Stores - 5.07%
|
||||||||||||||||
|
Douglas Holding AG
|
6.000% 04/2026
|
4/8/2026
|
DEU
|
EUR
|
10,461,000
|
8,992,442
|
(e)
|
|||||||||
|
Douglas Holding AG
|
8.250% 10/2026
|
10/1/2026
|
DEU
|
EUR
|
7,624,161
|
4,938,721
|
(e)
|
|||||||||
|
Trading Companies & Distributors - 2.77%
|
||||||||||||||||
|
TruckPro LLC
|
11.000% 10/2024
|
10/15/2024
|
USA
|
USD
|
6,091,000
|
6,093,040
|
(e)
|
|||||||||
|
White Cap Construction Supply Inc
|
6.875% 10/2028
|
10/15/2028
|
USA
|
USD
|
1,787,000
|
1,514,179
|
(e)
|
|||||||||
|
Total High Yield Securities (Amortized Cost $276,936,381)
|
280,994,161
|
$
|
229,439,181
|
|||||||||||||
|
Issuer
|
Asset
|
|
|
Country
|
Currency
|
Shares
|
Fair Value
|
Footnotes
|
||||||||
|
Equity & Other Investments - 2.87%
|
||||||||||||||||
|
Diversified Metals & Mining - 1.71%
|
||||||||||||||||
|
Foresight Energy LLC
|
Common Stock
|
USA
|
USD
|
320,381
|
$
|
4,693,703
|
(a) (b)
|
|||||||||
|
Hotels, Resorts & Cruise Lines - 1.00%
|
||||||||||||||||
|
Hilton Grand Vacations Inc
|
Common Stock
|
USA
|
USD
|
67,230
|
2,740,967
|
|||||||||||
|
Oil & Gas Equipment & Services - 0.17%
|
||||||||||||||||
|
Proserv Group Parent LLC
|
Common Stock
|
GBR
|
USD
|
114,010
|
47,975
|
(b)
|
||||||||||
|
Proserv Group Parent LLC
|
Preferred Stock
|
GBR
|
USD
|
36,249
|
409,048
|
(b)
|
||||||||||
|
Packaged Foods & Meats - 0.00%
|
||||||||||||||||
|
CTI Foods Holding Co LLC
|
Common Stock
|
USA
|
USD
|
955
|
-
|
(b)
|
||||||||||
|
Total Equity & Other Investments (Cost $8,419,611)
|
538,825
|
$
|
7,891,693
|
|||||||||||||
|
Trade Claim - 0.14%
|
||||||||||||||||
|
Health Care Facilities - 0.14%
|
||||||||||||||||
|
Quorum Health Corp
|
Trade Claim
|
USA
|
USD
|
3,964,000
|
$
|
386,094
|
(a) (b)
|
|||||||||
|
Total Trade Claim (Cost $1,868,416)
|
3,964,000
|
$
|
386,094
|
|||||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Money Market Funds - 0.37%
|
|
|
|
|
|
|||||||||||
|
U.S. Government Securities
|
|
|
|
|
|
|||||||||||
|
Morgan Stanley
|
|
|
USA
|
USD
|
1,025,421
|
$
|
1,025,421
|
|
||||||||
|
Total Money Market Funds (Cost $1,025,421)
|
|
|
|
|
1,025,421
|
$
|
1,025,421
|
|
||||||||
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Total Investments (Cost $510,628,148) - 161.09%
|
514,157,157
|
$
|
443,249,187
|
|||||||||||||
|
Liabilities Exceeding Other Assets, Net - (61.09%)
|
(168,317,323
|
)
|
||||||||||||||
|
Net Assets - 100.00%
|
$
|
274,931,864
|
||||||||||||||
|
TL
|
Term loan
|
|
|
DD
|
Delayed draw term loan
|
|
|
1L
|
First lien
|
|
|
2L
|
Second lien
|
|
|
(a)
|
Security considered restricted.
|
|
|
(b)
|
Value determined using significant unobservable inputs.
|
|
|
(c)
|
Zero coupon bond.
|
|
|
(d)
|
Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.
|
|
|
(e)
|
Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold to qualified institutional
buyers in transactions exempt from registration.
|
|
Issuer
|
Asset
|
Par/Shares
|
Cost
|
Value
|
Acquisition Date
|
% of Net Assets
|
||||||
|
Common Stock
|
||||||||||||
|
Foresight Energy LLC
|
Common Stock
|
320,381
|
$ |
3,568,044
|
$ |
4,693,703
|
6/30/2020
|
1.71%
|
||||
|
Corporate Loans
|
||||||||||||
|
Belk Inc
|
TL 1L 02/21
|
459,875
|
455,206
|
414,894
|
2/24/2021
|
0.15%
|
||||||
|
Belk Inc
|
TL 1L EXIT 02/21
|
8,359,866
|
5,513,821
|
3,172,569
|
2/24/2021
|
1.15%
|
||||||
|
Drive DeVilbiss Healthcare LLC
|
TL 1L 03/21
|
7,451,616
|
7,213,744
|
7,060,406
|
3/31/2021
|
2.57%
|
||||||
|
Foresight Energy LLC
|
TL 1L A 06/20
|
2,184,890
|
2,184,890
|
2,184,890
|
6/30/2020
|
0.79%
|
||||||
|
Excelitas Technologies Corp
|
TL 2L 10/17
|
11,291,720
|
11,296,694
|
10,981,198
|
11/17/2017
|
3.99%
|
||||||
|
Total Safety US Inc
|
TL 1L B 07/19
|
5,327,950
|
5,136,766
|
5,128,152
|
8/13/2019
|
1.87%
|
||||||
|
USIC Holdings Inc
|
TL 2L 05/21
|
431,521
|
427,793
|
393,405
|
5/7/2021
|
0.14%
|
||||||
|
Trade Claim
|
||||||||||||
|
Quorum Health Corp
|
Trade Claim
|
3,964,000
|
1,871,035
|
386,094
|
7/7/2020
|
0.14%
|
||||||
|
Total
|
$
|
37,667,993
|
$
|
34,415,311
|
||||||||