floatingratesoi.htm

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY



  Investment Company Act file number 811-21654


                        Pioneer Floating Rate Trust
               (Exact name of registrant as specified in charter)


                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)


            Terrence J. Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)


Registrant's telephone number, including area code:  (617) 742-7825


Date of fiscal year end:  November 30

Date of reporting period:  October 31, 2017

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.


<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.






   
Pioneer Floating
   
Rate Trust
     
     
     
     
     
     
     
   
NQ | August 31, 2017
     
     
   
Ticker Symbol: PHD






 
 


 
Principal
Amount
USD ($)
   
Value
 
   
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 134.3% of Net Assets*(a)
   
 
   
AUTOMOBILES & COMPONENTS - 5.3%
   
   
Auto Parts & Equipment - 3.9%
   
 
1,601,136
Allison Transmission, Inc., Term Loan B-3, 3.24% (LIBOR + 200 bps), 9/23/22
 
$1,610,682
 
1,524,600
American Axle & Manufacturing, Inc., Tranche B Term Loan, 3.49% (LIBOR + 225 bps), 4/6/24
 
1,522,219
 
2,352,000
BBB Industries US Holdings, Inc., First Lien Initial Term Loan, 5.739% (LIBOR + 450 bps), 11/3/21
 
2,379,165
 
798,050
Cooper-Standard Automotive, Inc., Additional Term B-1 Loan, 3.546% (LIBOR + 225 bps), 11/2/23
 
800,829
 
1,485,797
Electrical Components International, Inc., Term Loan, 6.046%
(LIBOR + 475 bps), 5/28/21
 
1,496,477
 
395,000
Horizon Global Corp., 2017 Replacement Term Loan, 5.739%
(LIBOR + 450 bps), 6/30/21
 
399,691
 
498,750
Innovative Xcessories & Services LLC, Term Loan, 6.04%
(LIBOR + 475 bps), 11/29/22
 
503,737
 
1,250,000
Superior Industries International, Inc., Closing Date Term Loan, 5.787% (LIBOR + 450 bps), 3/22/24
 
1,237,500
 
2,022,996
Tower Automotive Holdings USA LLC, Initial Term Loan, 4.0%
(LIBOR + 275 bps), 3/7/24
 
2,031,003
       
$11,981,303
 
   
Automobile Manufacturers - 1.2%
   
 
396,667
CH Hold Corp. (aka Caliber Collision), First Lien Initial Term Loan, 4.239% (LIBOR + 300 bps), 2/1/24
 
$398,981
 
683,201
Federal-Mogul Corp., Tranche C Term Loan, 4.98% (LIBOR + 375 bps), 4/15/21
 
686,048
 
804,667
Octavius Corp. (Winnebago Industries), Tranche B Term Loan, 5.722% (LIBOR + 450 bps), 11/8/23
 
813,216
 
1,331,760
TI Group Automotive Systems LLC, Initial US Term Loan, 3.989%
(LIBOR + 275 bps), 6/30/22
 
1,337,587
 
466,667
Visteon Corp., Initial Term Loan, 3.546% (LIBOR + 225 bps), 3/24/24
 
468,708
       
$3,704,540
 
   
Tires & Rubber - 0.2%
   
 
691,667
Goodyear Tire & Rubber Co., Second Lien Term Loan, 3.23%
(LIBOR + 200 bps), 4/30/19
 
$693,684
   
Total Automobiles & Components
 
$16,379,527
 
 
   
BANKS - 0.1%
   
   
Thrifts & Mortgage Finance - 0.1%
   
 
440,848
Ocwen Loan Servicing LLC, Restatement Effective Date Term Loan, 6.231% (LIBOR + 500 bps), 12/7/20
 
$392,355
 
   
Total Banks
 
$392,355
   
CAPITAL GOODS - 16.9%
   
   
Aerospace & Defense - 5.9%
   
 
1,000,000
Accudyne Industries Borrower SCA/Accudyne Industries LLC (fka Silver II US Holdings LLC), Initial Term Loan, 5.013% (LIBOR + 375 bps), 8/18/24
 
$1,002,656
 
2,263,625(b)(c)
ADS Tactical, Inc., Term Loan, 8.796% (LIBOR + 750 bps), 12/31/22
 
2,263,625
 
1,722,462
Alion Science and Technology Corp., First Lien Term Loan, 5.739% (LIBOR + 450 bps), 8/19/21
 
1,725,691
 
1,336,206
DAE Aviation Holdings, Inc., Initial Term Loan, 4.99% (LIBOR + 375 bps), 7/7/22
 
1,346,227
 
250,000(d)
DAE Aviation Holdings, Inc., Term Loan, 7/7/22
 
251,875
 
1,358,364
DigitalGlobe, Inc., Term Loan, 3.989% (LIBOR + 275 bps), 1/15/24
 
1,358,646
 
1,318,365
DynCorp International, Inc., Term Loan B2, 7.75% (LIBOR + 600 bps), 7/7/20
 
1,324,683
 
505,151
Engility Corp. (fka TASC, Inc.), Term B2 Loan, 4.489%
(LIBOR/PRIME + 325/225-275 bps), 8/14/23
 
509,797
 
244,380
IAP Worldwide Services, Inc., First Lien Term Loan, 8.0%
(LIBOR + 650 bps), 7/18/19
 
242,395
 
1,750,000(d)
MacDonald, Dettwiler and Associates, Ltd., Term Loan B, 7/5/24
 
1,745,187
 
871,241
Transdigm, Inc., Tranche F Term Loan, 4.239% (LIBOR + 300 bps), 6/9/23
 
874,352
 
300,000
Transdigm, Inc., Tranche G Term Loan, 4.264% (LIBOR + 300 bps), 8/22/24
 
300,656
 
1,833,500
Turbocombustor Technology, Inc., Initial Term Loan, 5.796%
(LIBOR + 450 bps), 12/2/20
 
1,760,160
 
1,471,161
Vencore, Inc. (fka SI Organization, Inc.), First Lien Initial Term Loan, 6.046% (LIBOR + 475 bps), 11/23/19
 
1,490,470
 
1,778,395
WP CPP Holdings LLC, First Lien Term B-3 Loan, 4.811%
(LIBOR + 350 bps), 12/28/19
 
1,738,381

 
 

 
Schedule of Investments  |  8/31/17 (unaudited)

 
Principal
Amount
USD ($)
   
Value
 
   
Aerospace & Defense - (continued)
   
 
334,900
WP CPP Holdings LLC, Second Lien Term B-1 Loan, 9.061%
(LIBOR + 775 bps), 4/30/21
 
$310,620
       
$18,245,421
 
   
Building Products - 2.3%
   
 
1,150,438
Armstrong World Industries, Inc., Term Loan B, 4.012%
(LIBOR + 275 bps), 3/31/23
 
$1,156,909
 
1,704,987
Builders FirstSource, Inc., Refinancing Term Loan, 4.296%
(LIBOR + 300 bps), 2/29/24
 
1,708,895
 
306,968
NCI Building Systems, Inc., Tranche B Term Loan, 4.254%
(LIBOR + 300 bps), 6/24/22
 
308,599
 
1,309,359
Quikrete Holdings, Inc., First Lien Initial Term Loan, 3.989%
(LIBOR + 275 bps), 11/15/23
 
1,306,250
 
1,675,800
Summit Materials LLC, Restatement Effective Date Term Loan, 3.989% (LIBOR + 275 bps), 7/18/22
 
1,691,162
 
750,000
Unifrax I LLC, Initial Dollar Term Loan, 5.046% (LIBOR + 375 bps), 4/4/24
 
757,031
       
$6,928,846
 
   
Construction & Engineering - 0.7%
   
 
1,350,000
HD Supply Waterworks, Ltd., Initial Term Loan, 4.455%
(LIBOR + 300 bps), 8/1/24
 
$1,358,438
 
750,000
Installed Building Products, Inc., Initial Term Loan, 4.239%
(LIBOR + 300 bps), 4/15/24
 
753,750
       
$2,112,188
 
   
Construction Machinery & Heavy Trucks - 1.9%
   
 
807,975
Clark Equipment Co. (aka Doosan Bobcat, Inc.), Tranche B Term Loan, 4.013% (LIBOR + 275 bps), 5/18/24
 
$812,099
 
1,750,000
Commercial Vehicle Group, Inc., Term Loan B, 7.239%
(LIBOR + 600 bps), 3/30/23
 
1,758,750
 
1,591,650
Navistar, Inc., Tranche B Term Loan, 5.24% (LIBOR + 400 bps), 8/7/20
 
1,607,235
 
834,584
Terex Corp., Incremental US Term Loan, 3.512% (LIBOR + 225 bps), 1/31/24
 
835,106
 
940,385
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.), Term B Loan, 4.239% (LIBOR + 300 bps), 3/3/23
 
949,201
       
$5,962,391
 
   
Electrical Components & Equipment - 1.4%
   
 
1,951,040
Pelican Products, Inc., First Lien Term Loan, 5.546% (LIBOR + 425 bps), 4/10/20
 
$1,964,453
 
835,841
Southwire Company LLC, Initial Term Loan, 3.729% (LIBOR + 250 bps), 2/10/21
 
840,368
 
1,579,828
WireCo WorldGroup, Inc., First Lien Initial Term Loan B, 6.817%
(LIBOR + 550 bps), 9/29/23
 
1,596,943
       
$4,401,764
 
   
Industrial Conglomerates - 2.7%
   
 
500,000(d)
AI Aqua Merger Sub, Inc., Incremental Term Loan B, 12/13/23
 
$501,875
 
897,424
AVSC Holding Corp., First Lien New Term Loan, 4.788%
(LIBOR + 350 bps), 4/29/24
 
897,424
 
221,639
CeramTec Service GmbH (CeramTec Acquisition Corp.), Dollar Term B-3 Loan, 4.067% (LIBOR + 275 bps), 8/30/20
 
222,401
 
730,803
CeramTec Service GmbH (CeramTec Acquisition Corp.), Initial Dollar Term B-1 Loan, 4.067% (LIBOR + 275 bps), 8/30/20
 
733,315
 
90,776
CeramTec Service GmbH (CeramTec Acquisition Corp.), Initial Dollar Term B-2 Loan, 4.067% (LIBOR + 275 bps), 8/30/20
 
91,088
 
373,125
Culligan NewCo, Ltd., First Lien Tranche B-1 Term Loan, 5.229%
(LIBOR + 400 bps), 12/13/23
 
374,524
 
1,265,811
DTI Holdco, Inc., Initial Term Loan, 6.561% (LIBOR + 525 bps), 10/2/23
 
1,225,726
 
1,232,058
Filtration Group Corp., First Lien Term Loan, 4.257% (LIBOR + 300 bps), 11/23/20
 
1,241,684
 
656,165
Gates Global LLC, Initial B-1 Dollar Term Loan, 4.546%
(LIBOR + 325 bps), 4/1/24
 
659,408
 
500,000
Hyster-Yale Group, Inc., Term Loan, 5.239% (LIBOR + 400 bps), 5/30/23
 
504,063
 
922,525
Milacron LLC, Term B Loan, 4.239% (LIBOR + 300 bps), 9/28/23
 
925,985
 
846,124
ProAmpac PG Borrower LLC, First Lien Initial Term Loan, 5.275% (LIBOR + 400 bps), 11/20/23
 
857,582
       
$8,235,075
 
   
Industrial Machinery - 1.9%
   
 
188,100
Blount International, Inc., Initial Term Loan, 6.236% (LIBOR + 500 bps), 4/12/23
 
$190,099
 
923,469
Columbus McKinnon Corp., Initial Term Loan, 4.299%
(LIBOR + 300 bps), 1/31/24
 
930,672
 
1,156,843
Gardner Denver, Inc., Tranche B-1 Dollar Term Loan, 4.012%
(LIBOR + 275 bps), 7/30/24
 
1,156,946
 
1,950,200
Mueller Water Products, Inc., Initial Term Loan, 3.757%
(LIBOR + 250 bps), 11/25/21
 
1,964,826
 
Principal
Amount
USD ($)
   
Value
 
   
Industrial Machinery - (continued)
   
 
1,718,791
NN, Inc., Tranche B Term Loan, 5.489% (LIBOR + 425 bps), 10/19/22
 
$1,721,746
       
$5,964,289
 
   
Trading Companies & Distributors - 0.1%
   
 
405,946
WESCO Distribution, Inc., Tranche B-1 Term Loan, 4.239%
(LIBOR/PRIME + 300/200 bps), 12/12/19
 
$407,722
   
Total Capital Goods
 
$52,257,696
 
 
   
COMMERCIAL & PROFESSIONAL SERVICES - 3.7%
   
   
Diversified Support Services - 0.4%
   
 
300,000
Asurion LLC (fka Asurion Corp.), Replacement B-5 Term Loan, 4.239% (LIBOR + 300 bps), 11/3/23
 
$301,741
 
458,290
KAR Auction Services, Inc., Tranche B-4 Term Loan, 3.563%
(LIBOR + 225 bps), 3/11/21
 
461,440
 
599,159
KAR Auction Services, Inc., Tranche B-5 Term Loan, 3.813%
(LIBOR + 250 bps), 3/9/23
 
603,154
       
$1,366,335
 
   
Environmental & Facilities Services - 1.6%
   
 
886,948
Advanced Disposal Services, Inc. (fka ADS Waste Holdings, Inc.), Additional Term Loan, 3.944% (LIBOR + 275 bps), 11/10/23
 
$893,393
 
548,026
Infiltrator Water Technologies LLC, Term B-1 Loan, 4.796%
(LIBOR + 350 bps), 5/27/22
 
553,164
 
1,075,573
Waste Industries USA, Inc., Term B Loan, 3.989% (LIBOR + 275 bps), 2/27/20
 
1,079,606
 
573,313
Wastequip LLC, Term Loan, 5.739% (LIBOR + 450 bps), 8/9/19
 
575,463
 
1,728,738
WCA Waste Systems, Inc., Initial Term Loan, 3.981%
(LIBOR + 275 bps), 8/11/23
 
1,733,871
       
$4,835,497
 
   
Human Resource & Employment Services - 0.2%
   
 
511,663
On Assignment, Inc., Tranche B-3 Term Loan, 3.239%
(LIBOR + 200 bps), 6/3/22
 
$514,221
 
   
Office Services & Supplies - 0.3%
   
 
350,000(d)
Diamond (BC) BV, Term Loan, 7/25/24
 
$348,797
 
643,512
West Corp., Refinanced Term B-12 Loan, 3.759% (LIBOR + 250 bps), 6/17/23
 
643,714
       
$992,511
 
   
Security & Alarm Services - 1.2%
   
 
931,126
Allied Universal Holdco LLC (fka USAGM Holdco LLC), First Lien Initial Term Loan, 5.046% (LIBOR + 375 bps), 7/28/22
 
$932,581
 
1,281,483
GW Honos Security Corp. (Garda World Security Corp.), Term B Loan, 5.315% (LIBOR/PRIME + 400/300 bps), 5/24/24
 
1,295,099
 
1,606,388
Prime Security Services Borrower LLC, First Lien 2016-2 Refinancing Term B-1 Loan, 3.989% (LIBOR + 275 bps), 5/2/22
 
1,617,432
       
$3,845,112
   
Total Commercial & Professional Services
 
$11,553,676
 
 
   
CONSUMER DURABLES & APPAREL - 2.2%
   
   
Homefurnishing Retail - 0.9%
   
 
1,874,076
Serta Simmons Bedding LLC, First Lien Initial Term Loan, 4.801% (LIBOR + 350 bps), 11/8/23
 
$1,826,755
 
901,867
Serta Simmons Bedding LLC, Second Lien Initial Term Loan, 9.312% (LIBOR + 800 bps), 11/8/24
 
881,575
       
$2,708,330
 
   
Housewares & Specialties - 0.9%
   
 
720,799
Prestige Brands, Inc., Term B-4 Loan, 3.989% (LIBOR + 275 bps), 1/26/24
 
$723,896
 
2,035,592
Reynolds Group Holdings, Inc., Incremental US Term Loan, 4.239% (LIBOR + 300 bps), 2/5/23
 
2,040,681
       
$2,764,577
 
   
Leisure Products - 0.4%
   
 
1,000,000
Bass Pro Group LLC, Initial Term Loan, 6.296% (LIBOR + 500 bps), 12/15/23
 
$956,875
 
325,738
Bombardier Recreational Products, Inc., Term B Loan, 4.24%
(LIBOR + 300 bps), 6/30/23
 
328,122
       
$1,284,997
   
Total Consumer Durables & Apparel
 
$6,757,904
 
 
   
CONSUMER SERVICES - 9.9%
   
   
Casinos & Gaming - 1.4%
   
 
300,000
CityCenter Holdings LLC, Term B Loan, 3.734% (LIBOR + 250 bps), 4/18/24
 
$301,031
 
748,125
Eldorado Resorts, Inc., Term Loan, 3.563% (LIBOR + 225 bps), 4/17/24
 
747,345
 
2,840,916(d)
Scientific Games International, Inc., Initial Term B-4 Loan, 8/14/24
 
2,867,041
 
480,738
Station Casinos LLC, Term B Facility Loan, 3.74% (LIBOR + 250 bps), 6/8/23
 
481,039
       
$4,396,456
 
Principal
Amount
USD ($)
   
Value
 
   
Education Services - 3.6%
   
 
3,387,925
Bright Horizons Family Solutions LLC (fka Bright Horizons Family Solutions, Inc.), Term B Loan, 3.489% (LIBOR + 225 bps), 11/7/23
 
$3,408,395
 
1,797,285
Cengage Learning Acquisitions, Inc., 2016 Refinancing Term Loan, 5.481% (LIBOR + 425 bps), 6/7/23
 
1,679,820
 
1,719,506
KUEHG Corp. (fka KC MergerSub, Inc.), Term B-2 Loan, 5.046%
(LIBOR + 375 bps), 8/12/22
 
1,722,730
 
1,680,091
Laureate Education, Inc., Series 2024 Term Loan, 5.739%
(LIBOR + 450 bps), 4/26/24
 
1,689,279
 
2,486,520
Nord Anglia Education Finance LLC, Initial Term Loan, 4.702%
(LIBOR + 350 bps), 3/31/21
 
2,490,145
       
$10,990,369
 
   
Hotels, Resorts & Cruise Lines - 0.5%
   
 
539,680
Hilton Worldwide Finance LLC, Series B-2 Term Loan, 3.234%
(LIBOR + 200 bps), 10/25/23
 
$542,225
 
1,143,260
Sabre GLBL, Inc. (fka Sabre, Inc.), 2017 B-1 Incremental Term Loan, 3.486% (LIBOR + 225 bps), 2/22/24
 
1,148,440
       
$1,690,665
 
   
Leisure Facilities - 1.6%
   
 
833,000
Cedar Fair LP, US Term B Loan, 3.489% (LIBOR + 225 bps), 4/13/24
 
$840,185
 
1,822,083
Fitness International LLC, Term B Loan, 5.489% (LIBOR + 425 bps), 7/1/20
 
1,844,859
 
855,887
Life Time Fitness, Inc., 2017 Refinancing Term Loan, 4.317%
(LIBOR + 300 bps), 6/10/22
 
859,364
 
1,286,450
Six Flags Theme Parks, Inc., Tranche B Term Loan, 3.241%
(LIBOR/PRIME + 200/100 bps), 6/30/22
 
1,293,083
       
$4,837,491
 
   
Restaurants - 1.6%
   
 
1,490,653
1011778 BC Unlimited Liability Co. (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-3 Loan, 3.511% (LIBOR + 225 bps), 2/16/24
 
$1,490,343
 
1,319,583
Landry's, Inc. (fka Landry's Restaurants, Inc.), Term Loan B, 3.984% (LIBOR + 275 bps), 10/4/23
 
1,317,109
 
250,000
NPC International, Inc., First Lien Intital Term Loan, 4.736%
(LIBOR + 350 bps), 4/19/24
 
251,875
 
1,945,000
Red Lobster Management LLC, First Lien Initial Term Loan, 6.486% (LIBOR + 525 bps), 7/28/21
 
1,964,450
       
$5,023,777
 
   
Specialized Consumer Services - 1.2%
   
 
2,000,000
Constellis Holdings LLC, First Lien Term B Loan, 6.296%
(LIBOR + 500 bps), 4/21/24
 
$1,989,688
 
1,393,249
Creative Artists Agency LLC, Refinancing Term Loan, 4.727%
(LIBOR + 350 bps), 2/15/24
 
1,403,916
 
376,922
Weight Watchers International, Inc., Initial Tranche B-2 Term Loan, 4.529% (LIBOR + 325 bps), 4/2/20
 
369,266
       
$3,762,870
   
Total Consumer Services
 
$30,701,628
 
 
   
DIVERSIFIED FINANCIALS - 3.7%
   
   
Asset Management & Custody Banks - 0.5%
   
 
1,483,660
Vistra Group, Ltd., USD Term Loan, 4.989% (LIBOR + 375 bps), 10/26/22
 
$1,465,115
 
   
Consumer Finance - 0.3%
   
 
1,065,876
Trans Union LLC, 2017 Replacement Term B-3 Loan, 3.239%
(LIBOR + 200 bps), 4/10/23
 
$1,068,731
 
   
Diversified Capital Markets - 0.3%
   
 
721,875
Freedom Mortgage Corp., Initial Term Loan, 6.956% (LIBOR + 550 bps), 2/23/22
 
$733,154
 
342,128
Outfront Media Capital LLC (Outfront Media Capital Corp.), Term Loan, 3.481% (LIBOR + 225 bps), 3/18/24
 
344,622
       
$1,077,776
 
   
Investment Banking & Brokerage - 0.8%
   
 
1,173,638
Duff & Phelps Corp., Initial Term Loan, 5.046% (LIBOR + 375 bps), 4/23/20
 
$1,183,907
 
632,114
Guggenheim Partners Investment Management Holdings LLC, Term B Loan, 3.984% (LIBOR + 275 bps), 7/21/23
 
636,954
 
498,750
LPL Holdings, Inc., Initial Term Loan, 3.825% (LIBOR + 250 bps), 3/11/24
 
501,555
       
$2,322,416
 
   
Other Diversified Financial Services - 0.9%
   
 
324,373
Delos Finance S.a.r.l., New Term Loan, 3.296% (LIBOR + 200 bps), 10/6/23
 
$325,927
 
736,843
Fly Funding II S.a.r.l., Term Loan, 3.561% (LIBOR + 225 bps), 2/9/23
 
737,918
 
Principal
Amount
USD ($)
   
Value
 
   
Other Diversified Financial Services - (continued)
   
 
1,968,000
Livingston International, Inc., First Lien Initial Term B-1 Loan, 5.546% (LIBOR + 425 bps), 4/18/19
 
$1,864,680
       
$2,928,525
 
   
Specialized Finance - 0.9%
   
 
1,223,674
DBRS, Ltd., Initial Term Loan, 6.567% (LIBOR + 525 bps), 3/4/22
 
$1,214,497
 
1,500,000
Peraton Corp. (fka MHVC Acquisition Corp.), First Lien Initial Term Loan, 6.49% (LIBOR + 525 bps), 4/29/24
 
1,511,250
       
$2,725,747
   
Total Diversified Financials
 
$11,588,310
 
 
   
ENERGY - 4.0%
   
   
Oil & Gas Drilling - 1.1%
   
 
1,000,000
Gavilan Resources LLC, Second Lien Initial Term Loan, 7.231%
(LIBOR + 600 bps), 3/1/24
 
$947,500
 
2,600,000
Jonah Energy LLC, Second Lien Initial Term Loan, 7.739%
(LIBOR + 650 bps), 5/12/21
 
2,541,500
       
$3,489,000
 
   
Oil & Gas Equipment & Services - 0.3%
   
 
1,630,361
FR Dixie Acquisition Corp., Term Loan, 6.067% (LIBOR + 475 bps), 12/18/20
 
$1,059,735
 
   
Oil & Gas Exploration & Production - 0.8%
   
 
1,000,000
California Resources Corp., Term Loan, 11.603% (LIBOR + 1,038 bps), 12/31/21
 
$1,060,000
 
1,000,000
Chesapeake Energy Corp., Term Loan Class A, 8.814%
(LIBOR + 750 bps), 8/23/21
 
1,070,000
 
249,375
MEG Energy Corp., Initial Term Loan, 4.734% (LIBOR + 350 bps), 12/31/23
 
247,723
       
$2,377,723
 
   
Oil & Gas Refining & Marketing - 0.3%
   
 
891,771
Pilot Travel Centers LLC, Initial Tranche B Term Loan, 3.239%
(LIBOR + 200 bps), 5/25/23
 
$899,462
 
   
Oil & Gas Storage & Transportation - 1.1%
   
 
1,400,000
Energy Transfer Equity LP, Term Loan, 3.981% (LIBOR + 275 bps), 2/2/24
 
$1,405,625
 
2,095,810
Gulf Finance LLC, Tranche B Term Loan, 6.55% (LIBOR + 525 bps), 8/25/23
 
1,922,906
       
$3,328,531
 
   
Pipeline - 0.4%
   
 
1,300,000
Summit Midstream Partners Holdings LLC, Term Loan Credit Facility, 7.239% (LIBOR + 600 bps), 5/13/22
 
$1,319,500
   
Total Energy
 
$12,473,951
 
 
   
FOOD & STAPLES RETAILING - 1.5%
   
   
Food Distributors - 0.9%
   
 
894,505
CTI Foods Holding Co., LLC, First Lien Term Loan, 4.74%
(LIBOR + 350 bps), 6/29/20
 
$841,953
 
1,000,000
CTI Foods Holding Co., LLC, Second Lien Term Loan, 8.49%
(LIBOR + 725 bps), 6/28/21
 
815,000
 
1,113,157
Mill US Acquisition, First Lien Term Loan, 5.3% (LIBOR + 400 bps), 7/3/20
 
1,077,676
       
$2,734,629
 
   
Food Retail - 0.6%
   
 
1,385,902
Albertson's LLC, 2017-1 Term B-6 Loan, 4.317% (LIBOR + 300 bps), 6/22/23
 
$1,349,234
 
469,088
Packers Holdings LLC, Term Loan, 4.727% (LIBOR + 350 bps), 12/2/21
 
473,778
       
$1,823,012
   
Total Food & Staples Retailing
 
$4,557,641
 
 
   
FOOD, BEVERAGE & TOBACCO - 4.6%
   
   
Agricultural Products - 0.4%
   
 
1,153,345
NVA Holdings, Inc., First Lien Term B-2 Loan, 4.796%
(LIBOR + 350 bps), 8/14/21
 
$1,161,635
 
   
Packaged Foods & Meats - 4.2%
   
 
1,637,625
Amplify Snack Brands, Inc., Term Loan, 6.74% (LIBOR + 550 bps), 9/2/23
 
$1,627,390
 
500,000
Chobani LLC (Chobani Idaho LLC), First Lien Closing Date Term Loan, 5.489% (LIBOR + 425 bps), 10/10/23
 
504,896
 
1,000,000
Del Monte Foods, Inc., Second Lien Initial Term Loan, 8.69%
(LIBOR + 725 bps), 8/18/21
 
590,000
 
1,236,551
Dole Food Co., Inc., Tranche B Term Loan, 4.001% (LIBOR + 275 bps), 4/6/24
 
1,242,133
 
1,450,000(d)
Give and Go Prepared Foods Corp. (fka GG Foods Acquisition Corp.), First Lien 2017 Term Loan, 7/29/23
 
1,458,610
 
1,692,650
Hearthside Group Holdings LLC, 2017 Replacement Term Loan, 4.239% (LIBOR + 300 bps), 6/2/21
 
1,701,819
 
Principal
Amount
USD ($)
   
Value
 
   
Packaged Foods & Meats - (continued)
   
 
987,525
JBS USA Lux SA (fka JBS USA LLC), Initial Term Loan, 3.804% (LIBOR/PRIME + 250/150 bps), 10/30/22
 
$981,199
 
1,936,072
Pinnacle Foods Finance LLC, Initial Term Loan, 3.232%
(LIBOR + 200 bps), 2/2/24
 
1,943,735
 
1,500,000
Post Holdings, Inc., Series A Incremental Term Loan, 3.49%
(LIBOR + 225 bps), 5/24/24
 
1,504,999
 
1,458,750
Shearer's Foods LLC, First Lien Term Loan, 5.234% (LIBOR + 394 bps), 6/30/21
 
1,456,318
       
$13,011,099
   
Total Food, Beverage & Tobacco
 
$14,172,734
 
 
   
HEALTH CARE EQUIPMENT & SERVICES - 13.7%
   
   
Health Care Equipment - 0.4%
   
 
1,243,750
Cidron Healthcare, Ltd. (aka ConvaTec, Inc.), Term B Loan, 3.796% (LIBOR + 250 bps), 10/25/23
 
$1,248,414
 
   
Health Care Facilities - 3.4%
   
 
1,068,625
Acadia Healthcare Co., Inc., Tranche B-2 Term Loan, 3.982%
(LIBOR + 275 bps), 2/16/23
 
$1,080,513
 
1,292,000
ATI Holdings Acquisition, Inc., First Lien Initial Term Loan, 5.801% (LIBOR + 450 bps), 5/10/23
 
1,304,920
 
197,740
CHS/Community Health Systems, Inc., Incremental 2019 Term G Loan, 4.067% (LIBOR + 275 bps), 12/31/19
 
197,632
 
756,447
CHS/Community Health Systems, Inc., Incremental 2021 Term H Loan, 4.317% (LIBOR + 300 bps), 1/27/21
 
754,961
 
1,387,773
Iasis Healthcare LLC, Term B-3 Loan, 5.296% (LIBOR + 400 bps), 2/17/21
 
1,397,835
 
1,967,926
Kindred Healthcare, Inc., Incremental Term Loan, 4.813%
(LIBOR + 350 bps), 4/9/21
 
1,968,849
 
1,029,730
Quorum Health Corp., Term Loan, 8.065% (LIBOR + 675 bps), 4/29/22
 
1,039,384
 
1,407,125
Select Medical Corp., Tranche B Term Loan, 4.81%
(LIBOR/PRIME + 350/250 bps), 3/6/24
 
1,422,650
 
1,319,779
Vizient, Inc., Term B-3 Loan, 4.739% (LIBOR + 350 bps), 2/13/23
 
1,336,772
       
$10,503,516
 
   
Health Care Services - 6.3%
   
 
970,000
Aegis Toxicology Sciences Corp., First Lien Initial Term Loan, 5.789% (LIBOR + 450 bps), 2/24/21
 
$968,383
 
1,098,572
Alliance Healthcare Services, Inc., Initial Term Loan, 4.533%
(LIBOR + 325 bps), 6/3/19
 
1,099,030
 
261,603
Ardent Legacy Acquisitions, Inc. (Ardent Mergeco LLC), Term Loan, 6.796% (LIBOR + 550 bps), 8/4/21
 
262,912
 
1,499,915(e)
CCS Medical, Inc., Second Lien Term Loan, 13.25%
(13.25% PIK 0.0% cash) (PRIME + 900 bps), 5/1/18
 
22,499
 
862,314
DaVita HealthCare Partners, Inc., Term Loan B2, 3.989%
(LIBOR + 275 bps), 6/24/21
 
869,321
 
2,091,896
Envision Healthcare Corp. (fka Emergency Medical Services Corp.), Initial Term Loan, 4.3% (LIBOR + 300 bps), 12/1/23
 
2,109,154
 
893,261
ExamWorks Group, Inc. (fka Gold Merger Co., Inc.), Term B-1 Loan, 4.489% (LIBOR + 325 bps), 7/27/23
 
899,124
 
1,455,000
Genex Holdings, Inc., First Lien Term B Loan, 5.489%
(LIBOR + 425 bps), 5/28/21
 
1,457,728
 
1,290,250
Genoa Healthcare Co., LLC, First Lien Term Loan, 4.514%
(LIBOR + 325 bps), 10/28/23
 
1,297,508
 
100,000
Genoa Healthcare Co., LLC, Second Lien Initial Term Loan, 9.239% (LIBOR + 800 bps), 10/28/24
 
101,083
 
609,787
GHX Ultimate Parent Corp., First Lien Initial Term Loan, 4.546%
(LIBOR + 325 bps), 6/28/24
 
610,168
 
1,476,203
HC Group Holdings III, Inc., First Lien Initial Term Loan, 6.317%
(LIBOR + 500 bps), 4/7/22
 
1,489,119
 
1,107,617
Jaguar Holding Co. I LLC (fka Jaguar Holding Co. I), 2017 Term Loan, 4.019% (LIBOR + 275 bps), 8/18/22
 
1,112,671
 
489,907
MPH Acquisition Holdings LLC, Initial Term Loan, 4.296%
(LIBOR + 300 bps), 6/7/23
 
492,488
 
1,231,144
National Mentor Holdings, Inc., Tranche B Term Loan, 4.296%
(LIBOR + 300 bps), 1/31/21
 
1,239,800
 
1,312,247
nThrive, Inc. (fka Precyse Acquisition Corp.), Additional Term B-2 Loan, 5.739% (LIBOR + 450 bps), 10/20/22
 
1,323,320
 
1,980,000
Prospect Medical Holdings, Inc., Term Loan, 7.25% (LIBOR + 600 bps), 6/30/22
 
2,013,413
 
498,750
Team Health Holdings, Inc., Initial Term Loan, 3.989%
(LIBOR + 275 bps), 2/6/24
 
494,074
 
1,769,931
US Renal Care, Inc., First Lien Initial Term Loan, 5.546%
(LIBOR + 425 bps), 12/30/22
 
1,738,957
       
$19,600,752
 
   
Health Care Supplies - 1.9%
   
 
1,132,622
Alere, Inc., Term Loan B, 4.49% (LIBOR + 325 bps), 6/20/22
 
$1,134,480
 
Principal
Amount
USD ($)
   
Value
 
   
Health Care Supplies - (continued)
   
 
1,169,938
Greatbatch, Ltd., New Term B Loan, 4.73% (LIBOR + 350 bps), 10/27/22
 
$1,174,617
 
930,550
Halyard Health, Inc., Term Loan, 3.989% (LIBOR + 275 bps), 11/1/21
 
938,986
 
675,000
Kinetic Concepts, Inc., Dollar Term Loan, 4.546% (LIBOR + 325 bps), 2/2/24
 
670,078
 
1,812,831
Sterigenics-Nordion Holdings LLC, Incremental Term Loan, 4.239% (LIBOR + 300 bps), 5/15/22
 
1,813,399
       
$5,731,560
 
   
Health Care Technology - 1.5%
   
 
1,582,193
Change Healthcare Holdings, Inc. (fka Emdeon, Inc.), Closing Date Term Loan, 3.989% (LIBOR + 275 bps), 3/1/24
 
$1,584,939
 
1,125,775(b)(c)
Medical Card System, Inc., Term Loan, 1.5% (LIBOR + 50 bps), 5/31/19
 
731,754
 
1,212,219
MJ Acquisition Corp., Term Loan, 4.211%
(LIBOR/PRIME + 300/200 bps), 6/1/22
 
1,222,410
 
1,146,750
Press Ganey Holdings, Inc., Initial Term Loan, 4.489%
(LIBOR + 325 bps), 10/23/23
 
1,152,843
       
$4,691,946
 
   
Managed Health Care - 0.2%
   
 
349,456(f)
MMM Holdings, Inc., MMM Term Loan, 10.25% (LIBOR + 875 bps), 6/30/19
 
$342,466
 
254,053(f)
MSO of Puerto Rico, Inc., Term Loan, 10.25% (LIBOR + 875 bps), 6/30/19
 
248,972
       
$591,438
   
Total Health Care Equipment & Services
 
$42,367,626
 
 
   
HOUSEHOLD & PERSONAL PRODUCTS - 3.5%
   
   
Cleaning Products - 0.5%
   
 
500,000
Parfums Holding Co., Inc., First Lien Initial Term Loan, 6.046%
(LIBOR + 475 bps), 6/30/24
 
$502,084
 
1,000,000
Parfums Holding Co., Inc., Second Lien Initial Term Loan, 10.05% (LIBOR + 875 bps), 6/30/25
 
989,167
       
$1,491,251
 
   
Household Products - 1.9%
   
 
1,500,000(d)
Alphabet Holding Co., Inc. (aka Nature's Bounty), Term Loan, 9/15/25
 
$1,495,000
 
500,000(d)
Alphabet Holding Co., Inc. (aka Nature's Bounty), Term Loan B, 9/15/24
 
497,187
 
892,500
Redbox Automated Retail LLC, First Lien Term B Loan, 8.787%
(LIBOR + 750 bps), 9/27/21
 
898,078
 
963,387
Spectrum Brands, Inc., 2017 Refinanced USD Term Loan, 3.313% (LIBOR + 200 bps), 6/23/22
 
968,927
 
73,025
Wash Multifamily Parent, Inc., First Lien Initial Canadian Term Loan, 4.489% (LIBOR + 325 bps), 5/16/22
 
73,116
 
416,974
Wash Multifamily Parent, Inc., First Lien Initial US Term Loan, 4.489% (LIBOR + 325 bps), 5/16/22
 
417,496
 
1,500,000
WKI Holding Co., Inc., Initial Term Loan, 5.311% (LIBOR + 400 bps), 5/1/24
 
1,515,000
       
$5,864,804
 
   
Personal Products - 1.1%
   
 
497,455
Atrium Innovations, Inc., First Lien Initial Tranche B-1 Term Loan, 4.796% (LIBOR + 350 bps), 2/15/21
 
$499,528
 
1,480,606
Nature's Bounty Co. (aka NBTY, Inc.), Dollar Term B-1 Loan, 4.796% (LIBOR + 350 bps), 5/5/23
 
1,479,416
 
1,641,864
Revlon Consumer Products Corp., Initial Term Loan B, 4.739%
(LIBOR + 350 bps), 9/7/23
 
1,482,076
       
$3,461,020
   
Total Household & Personal Products
 
$10,817,075
 
 
   
INSURANCE - 3.1%
   
   
Insurance Brokers - 0.3%
   
 
975,111
NFP Corp., Term B Loan, 4.796% (LIBOR + 350 bps), 1/8/24
 
$982,222
 
   
Life & Health Insurance - 0.6%
   
 
1,625,720
Integro, Ltd., Initial Term Loan, 7.056% (LIBOR + 575 bps), 10/31/22
 
$1,624,704
 
   
Multi-Line Insurance - 0.2%
   
 
655,823
Alliant Holdings I LLC, Term Loan B, 4.564% (LIBOR + 325 bps), 8/12/22
 
$657,053
 
   
Property & Casualty Insurance - 2.0%
   
 
1,647,875
Acrisure LLC, First Lien Term B Loan, 6.296% (LIBOR + 500 bps), 11/22/23
 
$1,674,653
 
500,000
Confie Seguros Holding II Co., Second Lien Term Loan, 11.046%
(LIBOR + 975 bps), 5/8/19
 
493,125
 
2,391,363
Confie Seguros Holding II Co., Term B Loan, 6.739% (LIBOR + 550 bps), 4/19/22
 
2,372,232
 
Principal
Amount
USD ($)
   
Value
 
   
Property & Casualty Insurance - (continued)
   
 
1,670,000
USI, Inc. (fka Compass Investors, Inc.), Initial Term Loan, 4.314%
(LIBOR + 300 bps), 5/16/24
 
$1,663,216
       
$6,203,226
   
Total Insurance
 
$9,467,205
 
 
   
MATERIALS - 15.1%
   
   
Commodity Chemicals - 0.4%
   
 
1,337,089
Tronox Pigments (Netherlands) BV, New Term Loan, 4.796%
(LIBOR + 350 bps), 3/19/20
 
$1,343,195
 
   
Construction Materials - 1.3%
   
 
997,375
84 Lumber Co., Initial Term Loan, 6.984% (LIBOR + 575 bps), 10/25/23
 
$1,011,712
 
1,241,869
American Bath Group LLC, First Lien Replacement Term Loan, 6.546% (LIBOR + 525 bps), 9/30/23
 
1,252,735
 
498,750
American Builders & Contractors Supply Co., Inc., Additional Term B-1 Loan, 3.739% (LIBOR + 250 bps), 10/31/23
 
500,309
 
500,000
Associated Asphalt Partners LLC, Tranche B Term Loan, 6.489%
(LIBOR + 525 bps), 4/5/24
 
500,000
 
875,000
Penn Engineering & Manufacturing Corp., Tranche B Term Loan, 3.989% (LIBOR + 275 bps), 6/27/24
 
877,188
       
$4,141,944
 
   
Diversified Chemicals - 3.3%
   
 
821,654
Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA), Tranche B-2 Term Loan, 4.567% (LIBOR + 325 bps), 9/13/23
 
$824,735
 
619,025
Allnex (Luxembourg) & Cy SCA (fka AI Chem & Cy SCA), Tranche B-3 Term Loan, 4.567% (LIBOR + 325 bps), 9/13/23
 
621,346
 
1,266,246
Axalta Coating Systems Dutch Holding B BV (Axalta Coating Systems US Holdings, Inc.), Term B-2 Dollar Loan, 3.296% (LIBOR + 200 bps), 6/1/24
 
1,271,126
 
1,217,779
Azelis Finance SA (Azelis US Holdings, Inc.), First Lien Dollar Term Loan, 5.546% (LIBOR + 425 bps), 12/16/22
 
1,228,434
 
1,683,043
Nexeo Solutions LLC, Term B Loan, 5.058% (LIBOR + 375 bps), 6/9/23
 
1,696,717
 
567,362
Orion Engineered Carbons GmbH (OEC Finance US LLC), Initial Dollar Term Loan, 3.796% (LIBOR + 250 bps), 7/25/21
 
571,617
 
609,878
Plaskolite LLC, First Lien Term Loan, 5.296% (LIBOR + 400 bps), 11/3/22
 
614,453
 
179,310
Royal Holdings, Inc., Second Lien Initial Term Loan, 8.796%
(LIBOR + 750 bps), 6/19/23
 
179,647
 
1,361,963
Tata Chemicals North America, Term Loan, 4.063% (LIBOR + 275 bps), 8/7/20
 
1,371,327
 
1,803,002
Univar USA, Inc., Term B-2 Loan, 3.989% (LIBOR + 275 bps), 7/1/22
 
1,810,185
       
$10,189,587
 
   
Diversified Metals & Mining - 1.4%
   
 
1,736,875
Global Brass and Copper, Inc., Initial Term Loan, 4.5%
(LIBOR + 325 bps), 7/18/23
 
$1,743,345
 
967,500
Hi-Crush Partners LP, Advance, 5.046% (LIBOR + 375 bps), 4/28/21
 
952,584
 
790,000
Oxbow Carbon LLC (Oxbow Calcining LLC), Tranche B Term Loan, 4.739% (LIBOR + 350 bps), 1/17/20
 
795,925
 
987,840
US Silica Co., Term Loan, 4.313% (LIBOR + 300 bps), 7/23/20
 
987,840
       
$4,479,694
 
   
Fertilizers & Agricultural Chemicals - 0.6%
   
 
1,715,000
Methanol Holdings (Trinidad), Ltd. (Methanol Holdings (Delaware) LLC), Initial Term Loan, 4.739% (LIBOR + 350 bps), 6/30/22
 
$1,723,040
 
   
Metal & Glass Containers - 2.6%
   
 
1,004,333
Berry Global, Inc. (fka Berry Plastics Corp.), Term M Loan, 3.486% (LIBOR + 225 bps), 10/1/22
 
$1,005,824
 
959,006
BWay Holding Co., Initial Term Loan, 4.481% (LIBOR + 325 bps), 4/3/24
 
961,404
 
1,441,578
Coveris Holdings SA (fka Exopack Holdings SA), USD Term B-1 Loan, 5.546% (LIBOR + 425 bps), 6/29/22
 
1,445,407
 
1,314,935
Tank Holding Corp., Initial Term Loan, 5.546%
(LIBOR/PRIME + 425/325 bps), 3/16/22
 
1,321,509
 
1,911,000
Tekni-Plex, Inc., USD Term Loan, 4.811% (LIBOR + 350 bps), 6/1/22
 
1,916,574
 
1,250,000
Twist Beauty International Holdings SA, Facility B, 5.163%
(LIBOR + 375 bps), 4/22/24
 
1,248,437
       
$7,899,155
 
   
Paper Packaging - 1.2%
   
 
1,527,012
Caraustar Industries, Inc., Refinancing Term Loan, 6.796%
(LIBOR + 550 bps), 3/14/22
 
$1,525,484
 
1,017,313
Expera Specialty Solutions LLC, Term Loan B, 5.989%
(LIBOR + 475 bps), 11/3/23
 
1,023,671
 
Principal
Amount
USD ($)
   
Value
 
   
Paper Packaging - (continued)
   
 
1,162,438
Onex Wizard Acquisition Co. I S.a.r.l. (aka SIG Combibloc Group), Term Loan, 4.239% (LIBOR + 300 bps), 3/11/22
 
$1,169,631
       
$3,718,786
 
   
Paper Products - 0.6%
   
 
1,307,407
Ranpak Corp., Second Lien Initial Term Loan, 8.478%
(LIBOR + 725 bps), 10/3/22
 
$1,300,870
 
569,039
Ranpak Corp., Tranche B-1 USD Term Loan, 4.489% (LIBOR + 325 bps), 10/1/21
 
570,462
       
$1,871,332
 
   
Specialty Chemicals - 1.8%
   
 
1,462,013
Ferro Corp., US Dollar Term Loan, 3.739% (LIBOR + 250 bps), 2/14/24
 
$1,468,867
 
1,172,799
MacDermid, Inc. (Platform Specialty Products Corp.), Tranche B-6 Term Loan, 4.045% (LIBOR + 300 bps), 6/7/23
 
1,179,711
 
1,584,000
Omnova Solutions, Inc., Term B-2 Loan, 5.489% (LIBOR + 425 bps), 8/25/23
 
1,599,840
 
1,351,950
PQ Corp., Second Amendment Tranche B-1 Term Loan, 4.562%
(LIBOR + 325 bps), 11/4/22
 
1,362,089
       
$5,610,507
 
   
Steel - 1.9%
   
 
1,970,333
Atkore International, Inc., First Lien Initial Incremental Term Loan, 4.3% (LIBOR + 300 bps), 12/22/23
 
$1,981,723
 
1,000,000(d)
Big River Steel LLC, Closing Date Term Loan, 8/23/23
 
1,010,000
 
862,898
TMS International Corp. (aka Tube City IMS Corp.), Term B-1 Loan, 4.309% (LIBOR + 300 bps), 8/14/24
 
867,213
 
1,958,782
Zekelman Industries, Inc. (fka JMC Steel Group, Inc.), Term Loan, 4.039% (LIBOR + 275 bps), 6/14/21
 
1,971,330
       
$5,830,266
   
Total Materials
 
$46,807,506
 
 
   
MEDIA - 11.5%
   
   
Advertising - 1.2%
   
 
1,691,000
CB Poly Investments LLC, First Lien Closing Date Term Loan, 1.239% (LIBOR + 0 bps), 8/16/23
 
$1,707,910
 
611,200
Checkout Holding Corp., First Lien Term B Loan, 4.739%
(LIBOR + 350 bps), 4/9/21
 
525,913
 
1,957,750
Crossmark Holdings, Inc., First Lien Term Loan, 4.796%
(LIBOR + 350 bps), 12/20/19
 
1,423,040
       
$3,656,863
 
   
Broadcasting - 4.7%
   
 
762,191
A-L Parent LLC (aka Learfield Communications), First Lien Initial Term Loan, 4.49% (LIBOR + 325 bps), 12/1/23
 
$767,907
 
1,028,302
Beasley Mezzanine Holdings LLC, Initial Term Loan, 7.239%
(LIBOR + 600 bps), 11/1/23
 
1,041,370
 
195,000(d)
CBS Radio, Inc., Term B-1 Loan, 10/17/23
 
197,194
 
498,750
CSC Holdings LLC (fka CSC Holdings, Inc. (Cablevision)), March 2017 Refinancing Term Loan, 3.478% (LIBOR + 225 bps), 7/17/25
 
497,464
 
377,943
Entercom Radio LLC, Term B Loan, 4.715%
(LIBOR/PRIME + 350/250 bps), 11/1/23
 
379,313
 
530,088
Gray Television, Inc., Term B-2 Loan, 3.731% (LIBOR + 250 bps), 2/7/24
 
533,401
 
709,167
Hubbard Radio LLC, Term Loan, 4.49% (LIBOR + 325 bps), 5/27/22
 
710,940
 
1,843,200
MCC Iowa LLC, Tranche H Term Loan, 3.7% (LIBOR + 250 bps), 1/29/21
 
1,857,024
 
2,625,750
MediArena Acquisition BV (fka AP NMT Acquisition BV), First Lien Dollar Term B Loan, 7.049% (LIBOR + 575 bps), 8/13/21
 
2,494,462
 
525,000(d)
Raycom TV Broadcasting LLC, Term Loan B, 8/16/24
 
527,625
 
1,977,661
Sinclair Television Group, Inc., Tranche B Term Loan, 3.49%
(LIBOR + 225 bps), 1/3/24
 
1,983,224
 
1,238,842
Townsquare Media, Inc., Additional Term B Loan, 4.296%
(LIBOR + 300 bps), 4/1/22
 
1,244,262
 
2,111,019
Univision Communications, Inc., 2017 Replacement Repriced First Lien Term Loan, 3.989% (LIBOR + 275 bps), 3/15/24
 
2,097,970
       
$14,332,156
 
   
Cable & Satellite - 1.6%
   
 
350,000
Cable One, Inc., Incremental Term B-1 Loan, 3.57% (LIBOR + 225 bps), 5/1/24
 
$351,750
 
1,963,200
Charter Communications Operating LLC (aka CCO Safari LLC), Term F-1 Loan, 3.24% (LIBOR + 200 bps), 1/3/21
 
1,970,970
 
425,000
Telenet Financing USD LLC, Term Loan AI Facility, 3.977%
(LIBOR + 275 bps), 6/30/25
 
426,366
 
1,075,000
UPC Financing Partnership , Facility AP, 3.977% (LIBOR + 275 bps), 4/15/25
 
1,078,808
 
Principal
Amount
USD ($)
   
Value
 
   
Cable & Satellite - (continued)
   
 
1,117,713
Virgin Media Bristol LLC, Facility I, 3.977% (LIBOR + 275 bps), 1/31/25
 
$1,121,556
       
$4,949,450
 
   
Movies & Entertainment - 1.7%
   
 
1,137,645
AMC Entertainment, Inc., Initial Term Loan, 3.478% (LIBOR + 225 bps), 12/15/22
 
$1,134,801
 
1,000,000
CDS US Intermediate Holdings, Inc. (Cirque Du Soleil Canada, Inc.), Second Lien Initial Term Loan, 9.546% (LIBOR + 825 bps), 7/10/23
 
1,006,250
 
352,941
Kasima LLC, Term Loan, 3.795% (LIBOR + 250 bps), 5/17/21
 
355,882
 
475,626
Live Nation Entertainment, Inc., Term B-3 Loan, 3.5%
(LIBOR + 225 bps), 10/31/23
 
478,227
 
1,056,000
Seminole Hard Rock Entertainment, Inc., Term Loan, 4.046%
(LIBOR + 275 bps), 5/14/20
 
1,060,840
 
1,275,132
WMG Acquisition Corp., Tranche D Term Loan, 3.736% (LIBOR + 250 bps), 11/1/23
 
1,278,161
       
$5,314,161
 
   
Publishing - 2.3%
   
 
729,699
DH Publishing LP, Term B-5 Loan, 3.731% (LIBOR + 250 bps), 8/21/23
 
$732,622
 
859,232
Houghton Mifflin Holdings, Inc., Term Loan, 4.239% (LIBOR + 300 bps), 5/28/21
 
831,307
 
74,700
Lee Enterprises, Inc., First Lien Term Loan, 7.489% (LIBOR + 625 bps), 3/31/19
 
75,074
 
2,970,000
McGraw-Hill Global Education Holdings LLC, First Lien Term B Loan, 5.239% (LIBOR + 400 bps), 5/4/22
 
2,924,832
 
738,705
Quincy Newspapers, Inc., Term Loan B, 4.501%
(LIBOR/PRIME + 325/225 bps), 11/2/22
 
742,399
 
1,240,724
Springer SBM Two GmbH, Initial Term B9 Loan, 4.796%
(LIBOR + 350 bps), 8/14/20
 
1,244,911
 
598,500
Trader Corp., First Lien 2017 Refinancing Term Loan, 4.545%
(LIBOR + 325 bps), 9/28/23
 
598,500
       
$7,149,645
   
Total Media
 
$35,402,275
 
 
   
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.3%
   
   
Biotechnology - 0.5%
   
 
897,797
Alkermes, Inc., 2021 Term Loan, 3.97% (LIBOR + 275 bps), 9/25/21
 
$904,531
 
448,875
Lantheus Medical Imaging, Inc., Initial Term Loan, 5.739%
(LIBOR + 450 bps), 6/30/22
 
452,054
       
$1,356,585
 
   
Life Sciences Tools & Services - 1.3%
   
 
1,750,000(d)
Albany Molecular Research, Inc., First Lien Initial Term Loan, 8/30/24
 
$1,753,829
 
1,000,000(d)
Albany Molecular Research, Inc., Second Lien Initial Term Loan, 8/30/25
 
1,015,625
 
432,017
Catalent Pharma Solutions, Inc. (fka Cardinal Health 409, Inc.), Dollar Term Loan, 3.989% (LIBOR + 275 bps), 5/20/21
 
435,411
 
900,000
Explorer Holdings, Inc., Initial Term Loan, 5.061% (LIBOR + 375 bps), 5/2/23
 
906,188
       
$4,111,053
 
   
Pharmaceuticals - 1.5%
   
 
213,915
Concordia Healthcare Corp., Initial Dollar Term Loan, 5.484% (LIBOR + 425 bps), 10/21/21
 
$153,217
 
1,610,000
Endo Luxembourg Finance Company I S.a.r.l., Initial Term Loan, 5.5% (LIBOR + 425 bps), 4/29/24
 
1,619,774
 
897,750
Horizon Pharma, Inc., Second Amendment Refinancing Term Loan, 5.0% (LIBOR + 375 bps), 3/29/24
 
905,465
 
608,269
Mallinckrodt International Finance SA, 2017 Term B Loan, 4.046% (LIBOR + 275 bps), 9/24/24
 
609,828
 
300,000(d)
Parexel International Corp., Term Loan B, 8/9/24
 
300,938
 
1,042,939
Valeant Pharmaceuticals International, Inc., Series F Tranche B Term Loan, 5.99% (LIBOR + 475 bps), 4/1/22
 
1,061,456
       
$4,650,678
   
Total Pharmaceuticals, Biotechnology & Life Sciences
 
$10,118,316
   
REAL ESTATE - 2.3%
   
   
Diversified REIT - 0.2%
   
 
446,631
ESH Hospitality, Inc., Repriced Term Loan, 3.739% (LIBOR + 250 bps), 8/30/23
 
$448,802
   
Hotel & Resort REIT - 0.4%
   
 
1,347,938
MGM Growth Properties Operating Partnership LP, Term B Loan, 3.489% (LIBOR + 225 bps), 4/25/23
 
$1,352,572
 
   
Real Estate Services - 0.4%
   
 
1,175,359
GCA Services Group, Inc., Term Loan, 7.492%
(LIBOR/PRIME + 475/375 bps), 3/1/23
 
$1,187,847
 
 
Principal
Amount
USD ($)
   
Value
 
   
Retail REITs - 0.7%
   
 
1,987,388
DTZ US Borrower LLC, First Lien Initial Term Loan, 4.564%
(LIBOR + 325 bps), 11/4/21
 
$1,995,117
 
85,106
DTZ US Borrower LLC, Second Lien Initial Term Loan, 9.561%
(LIBOR + 825 bps), 11/4/22
 
85,461
       
$2,080,578
 
   
Specialized REIT - 0.6%
   
 
1,960,212
Communications Sales & Leasing, Inc. (CSL Capital LLC), Shortfall Term Loan, 4.239% (LIBOR + 300 bps), 10/24/22
 
$1,898,344
   
Total Real Estate
 
$6,968,143
 
 
   
RETAILING - 4.0%
   
   
Apparel Retail - 0.5%
   
 
518,433
Hudson's Bay Co., Term Loan B, 4.546% (LIBOR + 325 bps), 9/30/22
 
$499,478
 
1,213,486
Men's Wearhouse, Inc., Term Loan B, 4.77% (LIBOR + 350 bps), 6/18/21
 
1,164,947
       
$1,664,425
 
   
Automotive Retail - 0.7%
   
 
1,058,796
AWAS Finance Luxembourg 2012 SA, Term Loan, 4.06%
(LIBOR + 275 bps), 7/16/18
 
$1,060,119
 
1,100,800
CWGS Group LLC, Term Loan, 4.981% (LIBOR + 375 bps), 11/8/23
 
1,111,120
       
$2,171,239
 
   
Department Stores - 0.3%
   
 
450,000(d)
Archroma Finance S.a.r.l., First Lien Facility B2, 7/29/24
 
$453,375
 
496,815
J.C. Penney Corp., Inc., Term Loan, 5.568% (LIBOR + 425 bps), 6/23/23
 
491,071
       
$944,446
 
   
Home Improvement Retail - 0.5%
   
 
1,409,550
Apex Tool Group LLC, Term Loan, 4.5% (LIBOR + 325 bps), 1/31/20
 
$1,359,041
 
   
Specialty Stores - 2.0%
   
 
747,926
Michaels Stores, Inc., 2016 New Replacement Term B-1 Loan, 3.984% (LIBOR + 275 bps), 1/30/23
 
$747,258
 
726,766
Party City Holdings, Inc., 2016 Replacement Term Loan, 4.319%
(LIBOR + 300 bps), 8/19/22
 
728,753
 
2,453,218
PetSmart, Inc., Tranche B-2 Term Loan, 4.24% (LIBOR + 300 bps), 3/11/22
 
2,172,938
 
2,500,000(d)
Staples, Inc., Term Loan B, 8/15/24
 
2,486,125
       
$6,135,074
   
Total Retailing
 
$12,274,225
 
 
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%
   
   
Semiconductor Equipment - 1.0%
   
 
307,219
Entegris, Inc., New Tranche B Term Loan, 3.489% (LIBOR + 225 bps), 4/30/21
 
$309,267
 
1,729,269
MACOM Technology Solutions Holdings, Inc. (fka M/A-COM Technology Solutions Holdings, Inc.), Initial Term Loan, 3.481% (LIBOR + 225 bps), 5/17/24
 
1,728,189
 
249,370
Micron Technology, Inc., Term Loan, 3.8% (LIBOR + 250 bps), 4/26/22
 
251,476
 
272,962
MKS Instruments, Inc., Tranche B-3 Term Loan, 3.489%
(LIBOR + 225 bps), 5/1/23
 
275,635
 
500,000
Versum Materials, Inc. (fka Versum Materials LLC), Term Loan, 3.796% (LIBOR + 250 bps), 9/29/23
 
503,646
       
$3,068,213
 
   
Semiconductors - 0.8%
   
 
500,000
Bright Bidco BV (aka Lumileds LLC), First Lien Term B Loan, 5.796% (LIBOR + 450 bps), 6/30/24
 
$505,729
 
303,616
Microsemi Corp., Term B Loan, 3.553% (LIBOR + 225 bps), 1/15/23
 
304,818
 
1,197,438
Mirion Technologies (Finance) LLC (Mirion Technologies, Inc.), First Lien Initial Term Loan, 6.046% (LIBOR + 475 bps), 3/31/22
 
1,200,680
 
590,800
ON Semiconductor Corp., 2017 New Replacement Term Loan, 3.489% (LIBOR + 225 bps), 3/31/23
 
593,285
       
$2,604,512
   
Total Semiconductors & Semiconductor Equipment
 
$5,672,725
 
 
   
SOFTWARE & SERVICES - 9.9%
   
   
Application Software - 2.7%
   
 
933,463
Applied Systems, Inc., First Lien Term Loan, 4.546% (LIBOR + 325 bps), 1/25/21
 
$942,700
 
972,794
Applied Systems, Inc., Second Lien Term Loan, 7.796%
(LIBOR + 650 bps), 1/24/22
 
984,752
 
597,000
Greeneden US Holdings I LLC, Tranche B-2 Dollar Term Loan, 5.007% (LIBOR + 375 bps), 12/1/23
 
601,166
 
764,829
Infor (US), Inc. (fka Lawson Software, Inc.), Tranche B-6 Term Loan, 4.046% (LIBOR + 275 bps), 2/1/22
 
763,873
 
510,283
Quest Software US Holdings, Inc., First Lien Initial Term Loan, 7.257% (LIBOR + 600 bps), 10/31/22
 
518,788
 
Principal
Amount
USD ($)
   
Value
 
   
Application Software - (continued)
   
 
1,714,134
STG-Fairway Acquisitions, Inc., First Lien Term Loan, 6.546%
(LIBOR + 525 bps), 6/30/22
 
$1,666,996
 
1,421,438
Synchronoss Technologies, Inc., Initial Term Loan, 5.757%
(LIBOR + 450 bps), 1/19/24
 
1,416,107
 
1,331,639
Verint Systems, Inc., Initial Term Loan, 3.561% (LIBOR + 225 bps), 6/28/24
 
1,336,632
       
$8,231,014
 
   
Data Processing & Outsourced Services - 1.3%
   
 
298,477
Black Knight InfoServ LLC, Term B Loan, 3.5% (LIBOR + 225 bps), 5/27/22
 
$299,596
 
1,753,336
First Data Corp., 2022D New Dollar Term Loan, 3.486%
(LIBOR + 225 bps), 7/8/22
 
1,754,323
 
1,211,011
First Data Corp., 2024 New Dollar Term Loan, 3.736%
(LIBOR + 250 bps), 4/26/24
 
1,213,206
 
742,500
WEX, Inc., Term B-2 Loan, 3.989% (LIBOR + 275 bps), 6/30/23
 
749,063
       
$4,016,188
 
   
Home Entertainment Software - 0.4%
   
 
1,241,064
MA FinanceCo., LLC (aka Micro Focus International Plc), Tranche B-2 Term Loan, 3.811% (LIBOR + 250 bps), 11/19/21
 
$1,243,197
 
97,000
MA FinanceCo., LLC (aka Micro Focus International Plc), Tranche B-3 Term Loan, 3.981% (LIBOR + 275 bps), 6/21/24
 
97,031
       
$1,340,228
 
   
Internet Software & Services - 1.5%
   
 
954,270
Avast Holding BV, Initial Refinancing Dollar Term Loan, 4.503%
(LIBOR + 325 bps), 9/30/23
 
$961,824
 
662,400
Blucora, Inc., Initial Term Loan, 5.037% (LIBOR + 375 bps), 5/22/24
 
667,920
 
908,093
Match Group, Inc. (fka The Match Group, Inc.), Additional Term B-1 Loan, 3.809% (LIBOR + 250 bps), 8/15/22
 
916,039
 
1,895,875
Rackspace Hosting, Inc., First Lien 2017 Refinancing Term B Loan, 4.31% (LIBOR + 300 bps), 11/3/23
 
1,900,812
       
$4,446,595
 
   
IT Consulting & Other Services - 2.7%
   
 
774,634
Booz Allen Hamilton, Inc., New Refinancing Tranche B Term Loan, 3.481% (LIBOR + 225 bps), 6/30/23
 
$778,314
 
1,231,386
Evergreen Skills Lux S.a.r.l., First Lien Initial Term Loan, 5.989%
(LIBOR + 475 bps), 4/28/21
 
1,149,422
 
999,917
Evergreen Skills Lux S.a.r.l., Second Lien Initial Term Loan, 9.489% (LIBOR + 825 bps), 4/28/22
 
821,599
 
998,926
Go Daddy Operating Co., LLC (GD Finance Co., Inc.), Initial Term Loan, 3.739% (LIBOR + 250 bps), 2/15/24
 
1,003,047
 
472,628
Kronos, Inc., First Lien Incremental Term Loan, 4.812%
(LIBOR + 350 bps), 11/1/23
 
477,139
 
500,000
Project Silverback Holdings Corp., First Lien Initial Term Loan, 5.316% (LIBOR + 400 bps), 8/21/24
 
501,875
 
700,000
Rocket Software, Inc., Second Lien Term Loan, 10.796%
(LIBOR + 950 bps), 10/14/24
 
705,688
 
492,006
Science Applications International Corp., Incremental Tranche B Term Loan, 3.813% (LIBOR + 250 bps), 5/4/22
 
495,696
 
1,350,938
Sitel Worldwide Corp., First Lien Term B-1 Loan, 6.813%
(LIBOR + 550 bps), 9/18/21
 
1,351,275
 
1,100,000
Tempo Acquisition LLC, Initial Term Loan, 4.232% (LIBOR + 300 bps), 5/1/24
 
1,103,896
       
$8,387,951
 
   
Systems Software - 1.3%
   
 
1,890,799
EZE Software Group LLC, First Lien Term B-2 Loan, 4.296%
(LIBOR + 300 bps), 4/6/20
 
$1,900,253
 
324,234
Ivanti Software, Inc. (fka LANDesk Group, Inc.), First Lien Term Loan, 5.49% (LIBOR + 425 bps), 1/20/24
 
322,005
 
1,232,351
Rovi Solutions Corp., Term B Loan, 3.74% (LIBOR + 250 bps), 7/2/21
 
1,238,205
 
653,000
Seattle Spinco, Inc. (aka Micro Focus International Plc), Initial Term Loan, 4.03% (LIBOR + 275 bps), 6/21/24
 
653,204
       
$4,113,667
   
Total Software & Services
 
$30,535,643
 
 
   
TECHNOLOGY HARDWARE & EQUIPMENT - 2.4%
   
   
Communications Equipment - 0.1%
   
 
438,500
Commscope, Inc., Tranche 5 Term Loan, 3.296% (LIBOR + 200 bps), 12/29/22
 
$440,692
   
Electronic Components - 0.2%
   
 
653,600
Generac Power Systems, Inc., 2017 New Term Loan, 3.549%
(LIBOR + 225 bps), 5/31/23
 
$655,778
 
Principal
Amount
USD ($)
   
Value
   
Electronic Manufacturing Services - 0.5%
   
 
1,832,108
4L Technologies, Inc. (fka Clover Holdings, Inc.), Term Loan, 5.731% (LIBOR + 450 bps), 5/8/20
 
$1,612,255
 
   
Technology Distributors - 0.6%
   
 
788,938
CDW LLC (aka AP Exhaust Acquisition LLC) (fka CDW Corp.), Term Loan, 3.3% (LIBOR + 200 bps), 8/17/23
 
$792,637
 
950,170
SS&C Technologies Holdings, Inc., 2017 Refinancing New Term B-1 Loan, 3.489% (LIBOR + 225 bps), 7/8/22
 
955,441
 
49,553
SS&C Technologies Holdings, Inc., 2017 Refinancing New Term B-2 Loan, 3.489% (LIBOR + 225 bps), 7/8/22
 
49,828
       
$1,797,906
 
   
Technology Hardware, Storage & Peripherals - 1.0%
   
 
1,240,641
Dell International LLC (EMC Corp.), New Term Loan B, 3.74%
(LIBOR + 250 bps), 9/7/23
 
$1,247,066
 
880,294
Diebold Nixdorf, Inc. (fka Diebold, Inc.), New Dollar Term B Loan, 4.0% (LIBOR + 275 bps), 11/6/23
 
881,761
 
792,020
Western Digital Corp., US Term B-2 Loan, 3.984% (LIBOR + 275 bps), 4/29/23
 
798,641
       
$2,927,468
   
Total Technology Hardware & Equipment
 
$7,434,099
 
 
   
TELECOMMUNICATION SERVICES - 3.8%
   
   
Integrated Telecommunication Services - 2.0%
   
 
1,750,000
CenturyLink, Inc., Initial Term B Loan, 2.75% (Ticking Fee + 275 bps), 1/31/25
 
$1,713,906
 
241,272(d)
Cincinnati Bell, Inc., Term Loan, 8/16/24
 
241,925
 
600,000
Frontier Communications Corp., Term B-1 Loan, 4.99%
(LIBOR + 375 bps), 6/15/24
 
573,141
 
959,290
GCI Holdings, Inc., New Term B Loan, 3.494% (LIBOR + 225 bps), 2/2/22
 
963,487
 
1,243,406
Level 3 Financing, Inc., Tranche B 2024 Term Loan, 3.485%
(LIBOR + 225 bps), 2/22/24
 
1,244,572
 
306,529
Securus Technologies Holdings, Inc., First Lien Initial Term Loan, 4.75% (LIBOR + 350 bps), 4/30/20
 
309,977
 
250,000(d)
Securus Technologies Holdings, Inc., Second Lien Term Loan, 6/20/25
 
251,719
 
250,000(d)
Securus Technologies Holdings, Inc., Term Loan, 6/20/24
 
252,813
 
612,273
Windstream Services LLC (fka Windstream Corp.), 2016 Term Loan Tranche B-6, 5.23% (LIBOR + 400 bps), 3/29/21
 
562,781
       
$6,114,321
 
   
Wireless Telecommunication Services - 1.8%
   
 
2,520,163
Altice US Finance I Corp., March 2017 Refinancing Term Loan, 3.484% (LIBOR + 225 bps), 7/28/25
 
$2,523,051
 
325,000
Digicel International Finance, Ltd., First Lien Initial Term B Loan, 5.07% (LIBOR + 375 bps), 5/27/24
 
328,555
 
720,343
Intelsat Jackson Holdings SA, Tranche B-2 Term Loan, 4.0%
(LIBOR + 275 bps), 6/30/19
 
718,542
 
2,069,813
Sprint Communications, Inc., Initial Term Loan, 3.75%
(LIBOR + 250 bps), 2/2/24
 
2,075,635
       
$5,645,783
   
Total Telecommunication Services
 
$11,760,104
 
 
   
TRANSPORTATION - 4.6%
   
   
Airlines - 2.8%
   
 
840,000
Air Canada, Refinanced Term Loan, 3.46% (LIBOR + 225 bps), 10/6/23
 
$845,425
 
2,881,181
American Airlines, Inc., 2017 Replacement Term Loan, 3.234%
(LIBOR + 200 bps), 6/27/20
 
2,886,419
 
1,254,938
American Airlines, Inc., Class B Term Loan, 3.727% (LIBOR + 250 bps), 12/14/23
 
1,260,232
 
2,079,000
American Airlines, Inc., Replacement Class B Term Loan, 3.734% (LIBOR + 250 bps), 4/28/23
 
2,088,674
 
1,432,500
Delta Air Lines, Inc., 2014 Term B-1 Loan, 3.729% (LIBOR + 250 bps), 10/18/18
 
1,443,916
 
240,023
United Air Lines, Inc., Class B Term Loan, 3.561% (LIBOR + 225 bps), 4/1/24
 
241,403
       
$8,766,069
 
   
Marine - 0.8%
   
 
1,614,196
Commercial Barge Line Co., Initial Term Loan, 9.989%
(LIBOR + 875 bps), 11/12/20
 
$1,296,401
 
1,234,375
Navios Maritime Partners LP, Initial Term Loan, 6.23%
(LIBOR + 500 bps), 9/14/20
 
1,232,447
       
$2,528,848
 
   
Trucking - 1.0%
   
 
400,760
PODS LLC, Tranche B-2 Term Loan, 4.481% (LIBOR + 325 bps), 2/2/22
 
$403,640
 
772,000
Syncreon Global Finance, Inc., Term Loan, 5.546% (LIBOR + 425 bps), 10/28/20
 
665,207
 
Principal
Amount
USD ($)
   
Value
 
   
Trucking - (continued)
   
 
1,965,838
YRC Worldwide, Inc., Tranche B-1 Term Loan, 9.739%
(LIBOR + 850 bps), 7/26/22
 
$1,950,111
       
$3,018,958
   
Total Transportation
 
$14,313,875
 
 
   
UTILITIES - 3.4%
   
   
Electric Utilities - 1.9%
   
 
1,238,868
APLH Holdings, Ltd., Partnership, Term Loan, 5.489% (LIBOR + 425 bps), 4/13/23
 
$1,249,191
 
2,160,000
Calpine Construction Finance Co., LP, Term B-1 Loan, 3.49%
(LIBOR + 225 bps), 5/3/20
 
2,162,026
 
239,552
Helix Gen Funding LLC, Term Loan, 4.96% (LIBOR + 375 bps), 6/3/24
 
242,380
 
566,386
Talen Energy Supply LLC, Term B-1 Loan, 5.239% (LIBOR + 400 bps), 7/15/23
 
558,362
 
1,063,925
TPF II Power LLC (TPF II Convert Midco LLC), Term Loan, 4.989%
(LIBOR + 375 bps), 10/2/23
 
1,067,579
 
102,143
Vistra Operations Co., LLC (fka Tex Operations Co., LLC), Initial Term C Loan, 3.982% (LIBOR + 275 bps), 8/4/23
 
102,356
 
445,618
Vistra Operations Co., LLC (fka Tex Operations Co., LLC), Initial Term Loan, 3.987% (LIBOR + 275 bps), 8/4/23
 
446,546
       
$5,828,440
 
   
Independent Power Producers & Energy Traders - 1.4%
   
 
1,626,800
Calpine Corp., Term Loan B, 4.05% (LIBOR + 275 bps), 1/15/24
 
$1,625,895
 
1,195,525
NRG Energy, Inc., Term Loan, 3.546% (LIBOR + 225 bps), 6/30/23
 
1,196,927
 
1,551,434
TerraForm AP Acquisition Holdings LLC, Term Loan, 5.796%
(LIBOR + 450 bps), 6/27/22
 
1,586,341
       
$4,409,163
 
   
Multi-Utilities - 0.1%
   
 
412,668
EFS Cogen Holdings I LLC, Term B Advance, 4.8% (LIBOR + 350 bps), 6/28/23
 
$416,666
   
Total Utilities
 
$10,654,269
   
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
   
   
(Cost  $418,517,561)
 
$415,428,508
   
CORPORATE BONDS & NOTES - 6.1% of Net Assets
   
   
AUTOMOBILES & COMPONENTS - 0.3%
   
   
Auto Parts & Equipment - 0.3%
   
 
1,000,000
International Automotive Components Group SA, 9.125%, 6/1/18 (144A)
 
$980,000
 
   
Total Automobiles & Components
 
$980,000
 
   
BANKS - 0.4%
   
   
Diversified Banks - 0.4%
   
 
1,100,000(g)(h)
BNP Paribas SA, 7.625% (5 Year USD Swap Rate + 631 bps) (144A)
 
$1,203,125
 
   
Total Banks
 
$1,203,125
 
   
CAPITAL GOODS - 0.3%
   
   
Trading Companies & Distributors - 0.3%
   
 
900,000
United Rentals North America, Inc., 4.625%, 7/15/23
 
$939,663
 
   
Total Capital Goods
 
$939,663
 
   
ENERGY - 0.6%
   
   
Oil & Gas Exploration & Production - 0.3%
   
 
500,000
Gulfport Energy Corp., 6.625%, 5/1/23
 
$497,500
 
419,000
WPX Energy, Inc., 7.5%, 8/1/20
 
452,520
       
$950,020
 
   
Oil & Gas Storage & Transportation - 0.3%
   
 
800,000(a)
Golar LNG Partners LP, 7.565% (3 Month USD LIBOR + 625 bps), 5/15/21 (144A)
 
$796,008
   
Total Energy
 
$1,746,028
 
 
   
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
   
   
Health Care Facilities - 0.3%
   
 
200,000
CHS/Community Health Systems, Inc., 6.25%, 3/31/23
 
$201,500
 
1,000,000
CHS/Community Health Systems, Inc., 6.875%, 2/1/22
 
828,750
   
Total Health Care Equipment & Services
 
$1,030,250
 
   
INSURANCE - 1.6%
   
   
Reinsurance - 1.6%
   
 
500,000(a)
Alamo Re, Ltd., 5.795% (3 Month Treasury Bill + 481 bps), 6/7/18 (144A) (Cat Bond)
 
$500,200
 
400,000(c)(i)(j)
Berwick Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 2/1/18
 
19,000
 
250,000(c)(i)(j)
Carnoustie Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 11/30/20
 
27,050
 
250,000(c)(i)(j)
Carnoustie Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 11/30/21
 
259,825
 
Principal
Amount
USD ($)
   
Value
 
   
Reinsurance - (continued)
   
 
250,000(c)(i)(j)
Gleneagles Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 11/30/20
 
$     29,300
 
400,000(c)(i)(j)
Gullane Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 11/30/20
 
8,720
 
400,000(c)(i)(j)
Gullane Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 11/30/21
 
432,040
 
400,000(a)
Kilimanjaro II Re, Ltd., 7.148% (6 Month USD LIBOR + 600 bps), 4/20/21 (144A) (Cat Bond)
 
410,480
 
250,000(a)
Kilimanjaro Re, Ltd., Series 2015-1, Class D, 10.238%
(3 Month Treasury Bill + 925 bps), 12/6/19 (144A) (Cat Bond)
 
259,750
 
250,000(a)
Kilimanjaro Re, Ltd., Series 2015-1, Class E, 7.738%
(3 Month Treasury Bill + 675 bps), 12/6/19 (144A) (Cat Bond)
 
254,800
 
250,000(c)(i)(j)
Madison Re, Variable Rate Notes, 3/31/19
 
15,875
 
400,000(c)(i)(j)
Pangaea Re Segregated Account (Artex SAC, Ltd.), Series 2016-1, Variable Rate Notes, 2/1/20
 
26,440
 
400,000(c)(i)(j)
Pangaea Re Segregated Account (Artex SAC, Ltd.), Series 2017-1, Variable Rate Notes, 11/30/21
 
418,160
 
400,000(c)(i)(j)
Pinehurst Segregated Account (Artex SAC, Ltd.), Variable Rate Notes,  1/16/18
 
392,360
 
300,000(c)(i)(j)
Resilience Re, Ltd., Variable Rate Notes, 4/6/18
 
285,060
 
300,000(c)(i)(j)
Resilience Re, Ltd., Variable Rate Notes, 1/8/19 (144A)
 
300,000
 
350,000(c)(i)(j)
Resilience Re, Ltd., Variable Rate Notes, 4/7/19
 
7,525
 
400,000(c)(i)(j)
St. Andrews Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 2/1/18
 
56,240
 
400,000(c)(i)(j)
St. Andrews Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 2/1/19
 
424,767
 
347,597(c)(i)(j)
St. Andrews Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 6/1/19
 
353,022
 
300,000(c)(i)(j)
Sunningdale 2017 Segregated Account (Artex SAC, Ltd.), Variable Rate Notes, 1/16/18
 
288,900
 
250,000(a)
Ursa Re, Ltd., 3.5% (ZERO + 350 bps), 5/27/20 (144A) (Cat Bond)
 
250,600
   
Total Insurance
 
$5,020,114
 
   
MATERIALS - 0.3%
   
   
Commodity Chemicals - 0.3%
   
 
758,000
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 4/1/25 (144A)
 
$788,320
 
   
Total Materials
 
$788,320
 
   
MEDIA - 0.7%
   
   
Broadcasting - 0.1%
   
 
300,000
CSC Holdings LLC, 5.5%, 4/15/27 (144A)
 
$313,125
 
   
Cable & Satellite - 0.6%
   
 
750,000
Hughes Satellite Systems Corp., 5.25%, 8/1/26
 
$786,563
 
1,000,000
Sirius XM Radio, Inc., 3.875%, 8/1/22 (144A)
 
1,017,500
       
$1,804,063
   
Total Media
 
$2,117,188
 
 
   
RETAILING - 0.1%
   
   
Automotive Retail - 0.1%
   
 
208,000
Penske Automotive Group, Inc., 3.75%, 8/15/20
 
$212,139
 
   
Total Retailing
 
$212,139
 
   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
   
   
Semiconductor Equipment - 0.2%
   
 
750,000
Micron Technology, Inc., 5.25%, 8/1/23 (144A)
 
$780,938
 
   
Total Semiconductors & Semiconductor Equipment
 
$780,938
 
   
TELECOMMUNICATION SERVICES - 0.5%
   
   
Integrated Telecommunication Services - 0.5%
   
 
500,000
CenturyLink, Inc., 6.45%, 6/15/21
 
$523,125
 
1,000,000
Frontier Communications Corp., 10.5%, 9/15/22
 
900,000
   
Total Telecommunication Services
 
$1,423,125
 
   
TRANSPORTATION - 0.4%
   
   
Airlines - 0.4%
   
 
365,000
Air Canada 2015-1 Class C Pass Through Trust, 5.0%, 3/15/20 (144A)
 
$371,387
 
1,000,000
Intrepid Aviation Group Holdings LLC/Intrepid Finance Co., 6.875%, 2/15/19 (144A)
 
976,250
   
Total Transportation
 
$1,347,637
 
   
UTILITIES - 0.4%
   
   
Independent Power Producers & Energy Traders - 0.4%
   
 
1,125,000
NRG Energy, Inc., 6.25%, 7/15/22
 
$1,178,438
 
   
Total Utilities
 
$1,178,438
   
TOTAL CORPORATE BONDS & NOTES
   
   
(Cost  $18,215,856)
 
$18,766,965
 
Principal
Amount
USD ($)
   
Value
 
   
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 4.0% of Net Assets
   
 
8,980,000(a)
U.S. Treasury Notes, 1.213% (3 Month Treasury Yield + 19 bps), 4/30/18
 
$8,992,050
 
3,365,000(a)
U.S. Treasury Notes, 1.295% (3 Month Treasury Yield + 27 bps), 1/31/18
 
3,369,081
       
$12,361,131
   
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
   
   
(Cost $12,352,492)
 
$12,361,131
 
Shares
     
 
   
EXCHANGE-TRADED FUNDS - 1.7% of Net Assets
   
   
DIVERSIFIED FINANCIALS - 1.7%
   
   
Asset Management & Custody Banks - 0.6%
   
 
40,000
BlackRock Floating Rate Income Strategies Fund, Inc.
 
$564,000
 
30,000
Eaton Vance Floating-Rate Income Trust
 
440,400
 
50,000
First Trust Senior Floating Rate Income Fund II
 
668,000
 
50,000
Invesco Senior Income Trust
 
222,000
       
$1,894,400
   
Other Diversified Financial Services - 1.1%
   
 
27,000
iShares iBoxx $ High Yield Corporate Bond ETF
 
$2,392,200
 
42,000
PowerShares Senior Loan Portfolio
 
971,880
       
$3,364,080
   
Total Diversified Financials
 
$5,258,480
 
   
TOTAL EXCHANGE-TRADED FUNDS
   
   
(Cost  $5,127,287)
 
$5,258,480
 
 
   
COMMON STOCKS - 0.2% of Net Assets
   
   
CONSUMER DURABLES & APPAREL - 0.1%
   
   
Homebuilding - 0.1%
   
 
31,348(k)
WAICCS Las Vegas 3 LLC
 
$100,000
   
Total Consumer Durables & Apparel
 
$100,000
         
   
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
   
   
Health Care Technology - 0.0%
   
 
209,625(b)(c)(k)
Medical Card System, Inc.
 
$        2,096
         
   
Total Health Care Equipment & Services
 
$        2,096
         
   
MEDIA - 0.0%
   
   
Publishing - 0.0%
   
 
1,242(k)
Solocal Group SA
 
$        1,313
   
Total Media
 
$        1,313
         
   
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
   
   
Biotechnology - 0.0%
   
 
2,454(k)
Progenics Pharmaceuticals, Inc.
 
$     16,515
   
Total Pharmaceuticals, Biotechnology & Life Sciences
 
$     16,515
         
   
RETAILING - 0.0%
   
   
Computer & Electronics Retail - 0.0%
   
 
91,346(b)(c)(k)
Targus Cayman SubCo., Ltd.
 
$     88,606
   
Total Retailing
 
$     88,606
         
   
TRANSPORTATION - 0.1%
   
   
Air Freight & Logistics - 0.1%
   
 
710(k)
CEVA Holdings LLC
 
$225,075
 
   
Airlines - 0.0%
   
 
732(k)
Delta Air Lines, Inc.
 
$     34,543
   
Total Transportation
 
$259,618
 
   
UTILITIES - 0.0%
   
   
Independent Power Producers & Energy Traders - 0.0%
   
 
775
NRG Energy, Inc.
 
$     19,305
         
   
Total Utilities
 
$     19,305
   
TOTAL COMMON STOCKS
   
   
(Cost  $1,519,027)
 
$487,453
 
Principal
Amount
USD ($)
     
   
TEMPORARY CASH INVESTMENTS - 5.3% of Net Assets
   
 
   
COMMERCIAL PAPERS - 2.4%
   
 
1,140,000
Bank of New York Mellon Corp., 0.98%, 9/1/17
 
$1,139,964
 
1,650,000
Federation des Caisses Desjardins du Quebec, 1.08%, 9/1/17
 
1,649,945
 
2,335,000
Natixis SA, 1.07%, 9/1/17
 
2,334,925
 
2,230,000
Swedbank AB, 1.05%, 9/1/17
 
2,229,929
       
$7,354,763
 
Principal
Amount
USD ($)
   
Value
   
REPURCHASE AGREEMENTS - 0.7%
   
 
1,720,000
$1,720,000 ScotiaBank, 1.08%, dated 8/31/17,
plus accrued interest on 9/1/17 collateralized
by the following:
$362,166 Freddie Mac Giant, 3.5%, 8/1/47, $594 Federal National Mortgage Association (ARM), 2.755%, 2/1/45, $1,168,475 Federal National Mortgage Association, 3.0-4.5%, 5/1/35-1/1/47, $223,218 Government National Mortgage Associations, 3.0%, 8/20/47.
 
$1,720,000
 
295,000
$295,000 TD Securities USA LLC, 1.08%, dated 8/31/17,
plus accrued interest on 9/1/17
collateralized by the following:
$300,930 U.S. Treasury Notes, 1.75%, 5/31/22.
 
295,000
 
295,000
$295,000 TD Securities USA LLC, 1.09%, dated 8/31/17,
plus accrued interest on 9/1/17
collateralized by the following:
$300,930 U.S. Treasury Notes, 1.75%, 5/31/22.
 
295,000
       
$2,310,000
   
TREASURY BILLS - 2.2%
   
 
1,140,000(l)
U.S. Treasury Bill, 9/7/17
 
$1,139,833
 
5,700,000(l)
U.S. Treasury Bill, 9/21/17
 
5,697,169
       
$6,837,002
   
TOTAL TEMPORARY CASH INVESTMENTS
   
   
(Cost  $16,501,734)
 
$16,501,765
   
TOTAL INVESTMENTS IN SECURITIES - 151.6%
   
   
(Cost - $472,233,957) (m)
 
$468,804,302
   
OTHER ASSETS AND LIABILITIES - (51.6)%
 
$(159,554,484)
   
NET ASSETS - 100.0%
 
$309,249,818
 

BPS
Basis Point.
 
   
LIBOR
London Interbank Offered Rate.
 
   
PRIME
U.S. Federal Funds Rate.
 
   
ZERO
Zero Constant Index.
 
   
REIT
Real Estate Investment Trust.
 
   
(144A)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At August 31, 2017, the value of these securities amounted to $9,202,483, or 3.0% of net assets.
 
   
(Cat Bond)
Catastrophe or event-linked bond. At August 31, 2017, the value of these securities amounted to $1,675,830, or 0.5% of net assets.
 
   
Amount rounds to less than 0.1%.
 
   
*
Senior secured floating rate loan interests in which the Trust invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at August 31, 2017.
 
     
(a)
Floating rate note. The coupon rate, reference index and spread shown at August 31, 2017.
 
     
(b)
Security is valued using fair value methods (other than prices supplied by independent pricing services).
 
     
(c)
Securities that used significant unobservable inputs to determine their value.
 
     
(d)
This term loan will settle after August 31, 2017, at which time the interest rate will be determined.
 
     
(e)
Payment in Kind (PIK) security which may pay interest in the form of additional principal amount.
 
     
(f)
Security is in default.
 
     
(g)
The interest rate is subject to change periodically. The interest rate, reference index and spread shown at August 31, 2017.
 
     
(h)
Security is perpetual in nature and has no stated maturity date.
 
     
(i)
Structured reinsurance investment. At August 31, 2017, the value of these securities amounted to $3,344,284, or 1.1% of net assets.
 
     
(j)
Rate to be determined.
 
     
(k)
Non-income producing.
 
     
(l)
Security issued with a zero coupon. Income is recognized through accretion of discount.
 
     
(m)
At August 31, 2017, the net unrealized depreciation on investments based on cost for federal income tax purposes of $472,491,350 was as follows:
 
     
 
Aggregate gross unrealized appreciation for all investments in which there
     
 
     is an excess of value over tax cost
 
$                      4,630,228
 
 
Aggregate gross unrealized depreciation for all investments in which there
     
 
     is an excess of tax cost over value
 
(8,137,777)
 
     
 
Net unrealized depreciation
$                      (3,507,549)
 
       
   

(EMPTY)

 
 

 
Schedule of Investments  |  8/31/17 (unaudited)


SWAP AGREEMENTS
 
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION
Notional
Amount ($)(1)
Obligation Entity/Index
 Pay/
 Receive
Annual
Fixed
Rate
Pay/
Receive
Floating Rate
Maturity
Date
Premiums
Paid/
(Received)
Unrealized
Appreciation
Market Value
1,067,000
Markit CDX North America High Yield Index Series 24
 Pay
5.00%
Receive
3 Month Floating Rate
6/20/20
$64,231
$26,625
$90,856
1,092,700
Markit CDX North America High Yield Index Series 25
 Pay
5.00%
Receive
3 Month Floating Rate
12/20/20
 (10,392)
  99,035
  88,643
 
$53,839
$125,660
$179,499
 
TOTAL SWAP AGREEMENTS (Cost  $53,839)
   
$179,499
   
(1)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.


Various inputs are used in determining the value of the Trust's investments. These inputs are summarized in the three broad levels below.
 
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining fair value of investments).
 
The following is a summary of the inputs used as of August 31, 2017, in valuing the Trust's investments.
 
 
Level 1
Level 2  
Level 3
Total
 
Senior Secured Floating Rate Loan Interests
       
Capital Goods
       
Aerospace & Defense
    $
 $15,981,796
 $2,263,625
 $18,245,421
Health Care Equipment & Services
       
Health Care Technology
     
  3,960,192
  731,754
  4,691,946
All Other Senior Secured Floating Rate Loan Interests
  392,491,141
  392,491,141
Corporate Bonds & Notes
       
Insurance
       
Reinsurance
     
  1,675,830
  3,344,284
  5,020,114
All Other Corporate Bonds & Notes
  13,746,851
  13,746,851
U.S. Government and Agency Obligations
12,361,131
12,361,131
Exchange-Traded Funds
5,258,480
5,258,480
Common Stocks
       
Consumer Durables & Apparel
       
Homebuilding
  100,000
  100,000
Health Care Equipment & Services
       
Health Care Technology
     2,096
     2,096
Retailing
       
Computer & Electronics Retail
  88,606
  88,606
Transportation
       
Air Freight & Logistics
  225,075
  225,075
All Other Common Stocks
  71,676
  71,676
Commercial Papers
     
  7,354,763
     
  7,354,763
Repurchase Agreements
     
  2,310,000
     
  2,310,000
Treasury Bills
     
  6,837,002
     
  6,837,002
Total Investments in Securities
 $5,330,156
 $457,043,781
 $6,430,365
 $468,804,302
Other Financial Instruments
       
Unrealized appreciation on centrally cleared credit default swap agreements
    $
 $125,660
    $
 $125,660
Total Other Financial Instruments
    $
 $125,660
    $
 $125,660
 


 
 

 
Schedule of Investments  |  8/31/17 (unaudited)


The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
 
 
 
Balance
as of
11/30/16
Realized
gain
(loss)
Change in
unrealized
appreciation
(depreciation)
Purchases
Sales
Accrued
discounts/
premiums
Transfers
in and
out of
Level 3*
Balance
as of
8/31/17
Senior Secured Floating Rate Loan Interests
               
Capital Goods
               
Aerospace & Defense
$
$106
$19,718
$2,252,250
$(11,375)
$2,926
$
$2,263,625
Health Care Equipment & Services
               
Health Care Technology
 731,754
          –
  (32,787)
             –
            –
 32,787
          –
 731,754
Corporate Bonds & Notes
               
Insurance
               
Reinsurance
 3,255,179
          –
  37,022
 3,066,422
 (2,991,992)
 (22,347)
          –
 3,344,284
Common Stocks
               
Health Care Equipment & Services
               
Health Care Technology
 2,096
          –
   
             –
            –
          –
          –
    2,096
Retailing
               
Computer & Electronics Retail
 88,606
          –
   
             –
            –
          –
          –
       88,606
Total
$4,077,635
$106
$23,953
$5,318,672
$(3,003,367)
$13,366
$
$6,430,365




*
Transfers are calculated on the beginning of period value. For the nine months ended August 31, 2017, there were no transfers between Levels 1, 2 and 3.

Net change in unrealized appreciation of Level 3 investments still held and considered Level 3 at 31 August, 2017: $34,890.


ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: CERTIFICATIONS I, [identify the certifying individual], certify that: 1. I have reviewed this report on Form N-Q of [identify registrant]; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. Date: [Signature] [Title] Filed herewith. <PAGE> SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer Floating Rate Trust By (Signature and Title)* /s/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date October 27, 2017 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date October 27, 2017 By (Signature and Title)* /s/ Mark E. Bradley ----------------- Mark E. Bradley, Treasurer and Chief Accounting and Financial Officer Date October 27, 2017 * Print the name and title of each signing officer under his or her signature.