Holdings (as of 3/31/2012)

Rank

Issue

Quantity ($)

Value($)
% of
Managed Assets
1.Chrysler Group LLC, Senior Secured Tranche B First Lien Term Loan4,837,3954,922,605.681.60%
2.Presidio, Inc., Senior Secured First Lien Term B Loan4,802,4964,874,533.551.59%
3.Hupah Finance, Inc., Senior Secured First Lien Initial Term Loan4,824,5614,863,785.081.58%
4.Armored AutoGroup, Inc. (fka Viking Acquisition, Inc. (aka Global AutoCare)), Senior Secured First Lien Term B Loan4,930,0384,861,017.251.58%
5.Carestream Health, Inc. (aka Onex Carestream Finance LP), Senior Secured First Lien Term B Loan4,948,7814,849,805.691.58%
6.Drumm Investors LLC (aka Golden Living), Senior Secured Term Loan,*4,961,6044,701,119.881.53%
7.Sorenson Communications, Inc., Senior Secured First Lien Tranche C Term Loan4,532,4424,466,563.171.45%
8.Fairway Group Acquisition Co., Senior Secured First Lien Term Loan4,455,0144,410,463.981.43%
9.Del Monte Corp., Senior Unsecured Bond4,330,0004,330,000.001.41%
10.Sprouts Farmers Market Holdings LLC, Senior Secured First Lien Initial Term Loan4,290,0004,234,573.211.38%
11.Sensus USA, Inc. (fka Sensus Metering Systems), Senior Secured Second Lien Term Loan3,714,2863,714,285.711.21%
12.Star West Generation LLC, Senior Secured First Lien Term B Advance Loan3,384,6153,353,595.381.09%
13.Sophia LP, Senior Secured First Lien New Term Loan3,200,0003,253,344.001.06%
14.MetroPCS Wireless, Inc., Senior Unsecured Bond3,000,0003,172,500.001.03%
15.Emergency Medical Services Corp. (aka CDRT Merger Sub), Senior Unsecured Bond3,000,0003,097,500.001.01%
16.Kronos, Inc. (aka Seahawk Acquisition Corp.), Senior Secured Tranche B-1 Second Lien Term Loan3,000,0003,049,995.000.99%
17.Hyland Software, Inc., Senior Secured First Lien Term 2 Loan3,019,8633,015,454.420.98%
18.Attachmate Corp., Senior Secured Second Lien Term Loan3,000,0002,993,445.000.97%
19.Interactive Data Corp., Senior Secured Term Loan,*2,977,4812,980,979.650.97%
20.Amscan Holdings, Inc., Senior Secured First Lien Term Loan2,962,4062,974,329.580.97%
21.Syniverse Holdings, Inc. (aka Buccaneer Merger Sub, Inc.), Senior Secured First Lien Term Loan2,952,5752,968,873.610.97%
22.Cambium Learning Group, Inc., Senior Secured Bond3,000,0002,932,500.000.95%
23.Summit Entertainment LLC, Senior Secured First Lien Term Loan2,907,9862,904,351.390.94%
24.Sports Authority, Inc. (aka TSA), Senior Secured First Lien Term B Loan2,987,3992,877,253.770.94%
25.Avaya, Inc., Senior Secured B-3 Extended First Lien Term Loan2,960,9802,866,228.930.93%
26.Chinos Acquisition Corp. (aka J. Crew Group, Inc.), Senior Unsecured Bond2,800,0002,863,000.000.93%
27.Ardent Medical Services, Inc., Senior Secured First Lien Term Loan2,798,0382,793,378.920.91%
28.United Surgical Partners International, Inc., Senior Secured Tranche B First Lien Term Loan2,777,7782,760,416.670.90%
29.Frac Tech, Senior Secured Term Loan,*2,732,9742,727,098.050.89%
30.Palace Entertainment Holdings LLC, Senior Secured Bond2,600,0002,713,750.000.88%
31.Smile Brands Group, Inc., Senior Secured First Lien Term B Loan2,684,6632,684,676.330.87%
32.Alaska Communications Systems Holdings, Inc., Senior Secured First Lien Term Loan2,860,5202,668,235.940.87%
33.Asurion LLC, Senior Secured Second Lien Term Loan2,571,4292,610,000.000.85%
34.Playboy Enterprises, Inc., Senior Secured First Lien Term B Loan2,624,5732,598,327.030.85%
35.Realogy Corp., Senior Secured Second Lien Term Facility Loan2,500,0002,583,925.000.84%
36.Academy, Ltd., Senior Secured First Lien Initial Term Loan2,493,7502,509,148.910.82%
37.Trinseo Materials Operating S.C.A., Senior Secured First Lien Term Loan2,719,2882,490,405.380.81%
38.RBS Holding Co. LLC, Senior Secured First Lien Term B Loan3,960,0002,475,000.000.81%
39.Avaya, Inc., Senior Secured Bond2,450,0002,468,375.000.80%
40.Emergency Medical Services Corp. (aka AMR/EMCare), Senior Secured Initial Term Loan,*2,425,5002,431,139.290.79%
41.Acosta, Inc., Senior Secured First Lien Term B Loan2,405,5732,406,583.780.78%
42.National Specialty Hospitals, Inc., Senior Secured First Lien Initial Term Loan2,529,0072,383,588.650.78%
43.Hubbard Radio LLC, Senior Secured Second Lien Term Loan2,285,7142,322,857.150.76%
44.Tote Isotoner Corp., Senior Secured First Lien Initial Term Loan2,248,6332,226,146.490.72%
45.Burger King Corp., Senior Secured Tranche B First Lien Term Loan2,197,6292,200,002.830.72%
46.Allbritton Communications Co., Senior Unsecured Bond2,000,0002,145,000.000.70%
47.Mood Media Corp., Senior Secured First Lien Term Loan,*2,189,3382,144,642.890.70%
48.Michaels Stores, Inc., Senior Unsecured Bond2,000,0002,140,000.000.70%
49.RSC Equipment Rental, Inc., Senior Unsecured Bond2,000,0002,140,000.000.70%
50.Kindred Healthcare, Inc., Senior Unsecured Bond2,400,0002,103,000.000.68%
51.Univision Communications, Inc., Senior Secured Extended First Lien Term Loan2,250,0002,090,306.250.68%
52.Burlington Coat Factory Warehouse Corp., Senior Unsecured Bond2,000,0002,090,000.000.68%
53.JMC Steel Group, Senior Unsecured Bond2,000,0002,090,000.000.68%
54.Crestwood Midstream Partners LP, Senior Unsecured Bond2,000,0002,057,500.000.67%
55.BreitBurn Energy Partners LP, Senior Unsecured Bond2,000,0002,050,000.000.67%
56.Spencer Spirit Holdings, Inc., Senior Secured Bond2,000,0002,050,000.000.67%
57.Alta Mesa Holdings LP, Senior Unsecured Bond2,000,0002,025,000.000.66%
58.Advance Pierre Foods, Inc., Senior Secured Second Lien Term Loan2,000,0002,018,340.000.66%
59.Realogy Corp., Senior Secured Bond2,000,0002,010,000.000.65%
60.PETCO Animal Supplies, Inc., Senior Secured First Lien Term Loan2,000,0002,001,630.000.65%
61.Neiman Marcus Group, Inc., Senior Secured First Lien Extended Term Loan2,000,0002,000,470.000.65%
62.BakerCorp International, Inc., Senior Secured Term Loan,*1,994,9871,998,548.520.65%
63.Bass Pro Group, LLC, Senior SEcured Term Loan1,994,9751,998,176.810.65%
64.InfoGroup, Inc., Senior Secured First Lien Term B Loan2,114,1221,992,560.210.65%
65.Inverness Medical, Senior Secured Term Loan2,000,0001,992,340.000.65%
66.NXP BV, Senior Secured Tranche A-2 First Lien Term Loan2,000,0001,986,250.000.65%
67.Health Management Associates, Inc., Senior Secured First Lien Term B Loan1,995,0001,982,950.200.65%
68.Toys "R" Us, Inc., Senior Secured First Lien Initial Term Loan1,974,9371,981,681.760.65%
69.Eagle Parent, Inc., Senior Secured First Lien Term B Loan1,994,9751,981,259.420.65%
70.Advantage Sales and Marketing, Inc., Senior Secured First Lien Term Loan1,975,0001,979,325.250.64%
71.Mediacom Broadband Group (aka MCC Iowa), Senior Secured Tranche F Term Loan,*1,979,8491,973,661.840.64%
72.Alkermes, Inc., Senior Secured First Lien Term Loan1,930,6451,971,671.370.64%
73.Sheridan Holdings, Inc., Senior Secured Second Lien Term Loan2,000,0001,958,130.000.64%
74.Vision Solutions, Inc., Senior Secured Second Lien Term Loan2,000,0001,940,000.000.63%
75.SRA International, Inc., Senior Secured First Lien Term Loan1,929,5431,927,131.510.63%
76.Crestwood Holdings LLC, Senior Secured First Lien Term Loan1,885,7141,923,438.000.63%
77.Digitalglobe, Inc., Senior Secured Term Loan.*1,995,0001,921,284.750.63%
78.Fibertech Networks LLC (aka Firefox), Senior Secured First Lien Term Loan1,904,4641,913,986.600.62%
79.Mood Media Corp., Senior Secured Second Lien Term Loan2,000,0001,904,000.000.62%
80.iPayment, Inc., Senior Secured Term B Loan,*1,880,0001,882,434.600.61%
81.FRAM Group Holdings, Inc. (aka Autoparts Holdings), Senior Secured First Lien Term Loan1,865,6251,881,174.980.61%
82.Calumet Specialty Products Partners LP, Senior Unsecured Bond1,800,0001,881,000.000.61%
83.The Gymboree Corp., Senior Secured First Lien Term Loan,*1,979,9501,880,714.790.61%
84.Kasima LLC (DCIP), Senior Secured First Lien Incremental Term Loan1,874,0171,878,702.210.61%
85.The Gymboree Corp., Senior Unsecured Bond2,000,0001,855,000.000.60%
86.Scitor Corp., Senior Secured First Lien Term Loan1,882,7521,833,339.030.60%
87.EquiPower Resources Holdings LLC, Senior Secured Term B Loan,*1,927,3121,811,673.060.59%
88.Kinetic Concepts, Inc., Senior Secured First Lien Term B-1 Loan1,722,3021,759,357.490.57%
89.Allen Systems Group, Inc., Senior Secured Bond2,000,0001,730,000.000.56%
90.Accellent, Inc., Senior Subordinated Bond2,000,0001,642,500.000.53%
91.Lawson Software, Inc., Senior Secured First Lien Term B Loan1,690,1411,639,436.620.53%
92.Sheridan Production Partners LP, Senior Secured First Lien Term Loan [SIP I]1,631,4241,635,502.990.53%
93.Verint Systems, Inc., Senior Secured Term Loan,*1,631,5071,629,475.630.53%
94.TASC, Inc., Senior Secured Tranche B Term Loan,*1,607,2041,592,136.120.52%
95.MedAssets, Inc., Senior Secured First Lien Term Loan1,544,0871,556,153.870.51%
96.Vertellus Specialties, Inc., Senior Secured Bond2,000,0001,530,000.000.50%
97.Getty Images, Inc., Senior Secured Initial Term Loan,*1,500,0001,508,625.000.49%
98.CDW Corp., Senior Secured First Lien Extended Term Loan1,533,1681,486,689.720.48%
99.The Gymboree Corp., Senior Secured First Lien Term Loan1,562,3871,484,079.750.48%
100.Open Link International, Inc., Senior Secured First Lien Initial Term Loan1,459,7561,465,230.180.48%
101.Monitronics International, Inc., Senior Secured First Lien Term Loan1,451,6131,454,937.080.47%
102.Reynolds Group Issuer, Inc., Senior Unsecured Bond1,400,0001,433,250.000.47%
103.Sedgwick Claims Management Services, Inc., Senior Secured First Lien Term B-1 Loan1,411,4571,410,278.470.46%
104.Arizona Chemical U.S., Inc., Senior Secured First Lien Term Loan1,377,2731,397,243.180.46%
105.BNY ConvergEx Group LLC, Senior Secured First Lien Top Borrower Term Loan1,325,6591,322,344.850.43%
106.Shield Finance Co. S.A.R.L. (aka Sophos plc), Senior Secured Incremental First Lien Term B-2 Loan1,240,6251,249,929.690.41%
107.IL Fornaio Corp., Senior Secured First Lien Term Loan1,237,5001,239,046.880.40%
108.United Refining Co., Senior Secured Bond1,185,0001,229,437.500.40%
109.Pinnacle Entertainment, Inc., Senior Secured Series A Incremental First Lien Term Loan1,206,8971,214,186.210.40%
110.Barrington Broadcasting Group LLC, Senior Secured Tranche 2 First Lien Term Loan1,199,3241,210,573.990.39%
111.U.S. Security Associates Holdings, Inc., Senior Secured First Lien Term B Loan1,207,2691,210,286.760.39%
112.Norit Holdings BV, Senior Secured First Lien Term Loan1,148,0771,152,382.200.37%
113.Health Management Associates, Inc., Senior Unsecured Bond1,100,0001,127,500.000.37%
114.HCR Healthcare LLC (aka Manor Care, Inc.), Senior Secured First Lien Term B Loan1,150,1381,126,416.760.37%
115.PETCO Animal Supplies, Inc., Senior Secured First Lien Term Loan1,111,4781,112,384.230.36%
116.Pharmaceutical Product Development, Inc., Senior Secured First Lien Term Loan1,084,2391,099,066.100.36%
117.Mediacom Broadband Group (aka MCC Iowa), Senior Unsecured Bond1,000,0001,091,250.000.36%
118.Cooper-Standard Automotive, Inc., Senior Secured Bond1,000,0001,080,000.000.35%
119.Cequel Communications LLC, Senior Unsecured Bond1,000,0001,078,750.000.35%
120.Grifols, Inc., Senior Secured Tranche B First Lien Term Loan1,062,2231,062,998.310.35%
121.Ineos Finance PLC, Senior Unsecured Bond1,000,0001,060,000.000.34%
122.Sanmina-SCI Corp., Senior Unsecured Bond1,000,0001,025,000.000.33%
123.Terex Corp., Senior Unsecured Bond1,000,0001,010,000.000.33%
124.Academy, Ltd., Senior Secured Initial Term Loan,*997,5001,003,659.560.33%
125.Six Flags Theme Parks, Inc., Senior Secured Tranche B First Lien Term Loan1,000,0001,000,445.000.33%
126.Colfax Corp., Senior Secured Term B Facility Loan,*997,500999,764.320.33%
127.Revlon Consumer Products Corp., Senior Secured Term B Loan,*997,494998,516.160.32%
128.Revlon Consumer Products Corp., Senior Secured First Lien Term Loan997,487998,509.860.32%
129.Grifols, Inc., Senior Secured Term Loan,*996,765997,492.340.32%
130.Blackboard, Inc., Senior Secured Term B Loan,*997,500994,228.200.32%
131.NXP Semiconductors, Senior Secured Term Loan,*1,000,000993,125.000.32%
132.Asurion LLC, Senior Secured First Lien Term Add On Loan1,000,000992,615.000.32%
133.Acosta, Inc., Senior Secured Term B Loan,*985,910986,324.400.32%
134.Chinos Acquisition Corp. (aka J. Crew Group, Inc.), Senior Secured First Lien Term Loan997,487981,901.700.32%
135.Del Monte Corp., Senior Secured Initial Term Loan,*992,500980,024.270.32%
136.Advance Pierre Foods, Inc., Senior Secured First Lien Term Loan969,925971,864.650.32%
137.Attachmate Corp., Senior Secured First Lien Term Loan975,000970,739.250.32%
138.NRG Energy, Inc., Senior Unsecured Bond1,000,000965,000.000.31%
139.Allen Systems Group, Inc., Senior Secured Term B Loan,*948,138947,351.340.31%
140.Harland Clarke Holdings Corp., Senior Secured Term Tranche B Loan,*990,111925,139.480.30%
141.NXP BV, Senior Secured First Lien Tranche B Term Loan888,393888,117.460.29%
142.Aveta, Inc., Senior Secured First Lien Term B Loan872,727872,509.090.28%
143.NPC International, Inc., Senior Secured First Lien Term Loan860,759867,486.330.28%
144.Avis Budget Car Rental LLC, Senior Secured First Lien Term B Loan711,508718,327.730.23%
145.Entercom Radio LLC, Senior Secured First Lien Term B Loan703,614710,650.600.23%
146.Greeneden U.S. Holdings II LLC, Senior Secured First Lien Term Loan689,655695,975.860.23%
147.Yankee Candle Co., Inc., Senior Secured First Lien Term B Loan690,476693,569.520.23%
148.Nusil Technology LLC, Senior Secured First Lien Term Loan686,878688,025.030.22%
149.Reynolds Group Issuer, Inc., Senior Unsecured Bond700,000661,500.000.22%
150.AMC Entertainment, Inc., Senior Secured First Lien Term B3 Loan665,000659,733.200.21%
151.TI Group Automotive Systems LLC, Senior Secured First Lien Term Loan652,174655,030.430.21%
152.Lord & Taylor LLC, Senior Secured First Lien Term B Loan641,026646,435.900.21%
153.BNY ConvergEx Group LLC, Senior Secured EZE Borrower First Lien Term Loan583,767582,307.800.19%
154.Roundy's Supermarkets, Inc., Senior Secured Tranche B First Lien Term Loan559,441564,162.240.18%
155.Texas Competitive Electric Holdings Co. (aka TXU), Senior Secured Extended First Lien Term B Loan1,000,000558,125.000.18%
156.NRG Energy, Inc., Senior Unsecured Bond500,000506,250.000.16%
157.HOA Restaurant Group LLC (aka Hooters Restaurant), Senior Secured Bond500,000496,250.000.16%
158.National Specialty Hospitals, Inc., Senior Secured First Lien Delayed Draw Term Loan445,545419,925.740.14%
159.Monitronics International, Inc., Senior Unsecured Bond250,000254,375.000.08%
160.Tote Isotoner Corp., Senior Secured First Lien Delayed Draw Term Loan233,203230,871.090.08%
161.Inmar, Inc., Senior Secured First Lien Term Loan223,194224,031.390.07%
162.Sheridan Production Partners LP, Senior Secured First Lien Term Loan [SIP I-A]216,177216,717.540.07%
163.U.S. Security Associates Holdings, Inc., Senior Secured First Lien Delayed Draw Term Loan203,750204,768.750.07%
164.Sheridan Production Partners LP, Senior Secured First Lien Term Loan [SIP I-M]132,042132,372.350.04%
165.Credit Default Swap - CDX HY CDSI SI7 5-Year*-1,940,00031,157.880.01%
Net Cash Equivalent & Other Assets Minus Liabilities 2,438,695.740.79%
 Total $307,352,005.18100.00%
Total Number of Holdings: 165

*Security held as part of Fund's total return swap as of 3/31/2012.

An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.

Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. Therefore, before investing you should carefully consider the risks that you assume when you invest in the Fund's common shares.

The Fund's investment objectives and policies are not designed to seek to return the initial investment to investors that purchase shares.

Secured loan funds are a distinct segment of the fixed income market and are not an alternative to money markets or certificates of deposit.

Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the fund. Please read the prospectus carefully before investing.

For a more complete information about the Fund, please read the prospectus , call your financial professional or call 1.877.299.1588.

Shares of closed-end investment companies frequently trade at a discount from their net asset value. The risk of loss due to this discount may be greater for investors expecting to sell their shares in a relatively short period. The Fund is newly organized with no operating history.

NOT FDIC INSURED | May Lose Value | No Bank Guarantee