Contents
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| | | | | | |
| | | | 1 | | | |
| | | | 4 | | | |
Schedule of Investments
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| | | | 5 | | |
| | | | 12 | | | |
| | | | 13 | | | |
| | | | 14 | | | |
| | | | 15 | | | |
Financial Highlights
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| | | | 16 | | |
| | | | 17 | | | |
| | | | 26 | | | |
| | | | 27 | | | |
| | | | 30 | | | |
Board of Trustees
|
| | | | 31 | | |
| | | | 32 | | |
| Weighted Average Loan Spread(4) | | |
5.22%
|
|
| Weighted Average Days to Reset | | |
50
|
|
| Weighted Average Bond Coupon Rate | | |
7.83%
|
|
| Weighted Average Bond Duration (years) | | |
4.29
|
|
| Average Position Size | | |
$1,592,747
|
|
| Number of Positions | | |
115
|
|
| | |
6
Month |
| |
1
Year |
| |
Since
Inception(5) |
| |||||||||
THL Credit Senior Loan Fund | | | | | | | | | | | | | | | | | | | |
NAV(6)
|
| | | | (0.66%) | | | | | | 3.87% | | | | | | 5.54% | | |
Market Price
|
| | | | (2.83%) | | | | | | 0.58% | | | | | | (5.09%) | | |
CS Leveraged Loan Index(7) | | | | | (0.70%) | | | | | | 2.06% | | | | | | 2.87% | | |
|
Mood Media Corporation,
Term Loan - First Lien |
| |
2.59%
|
|
|
Scientific Games International Inc.,
Term Loan B-2 - First Lien |
| |
2.10%
|
|
|
Cengage Learning Acquisitions, Inc.,
Term Loan - First Lien |
| |
2.09%
|
|
|
Harland Clarke Hldgs.,
Tranche B-3 Term Loan - First Lien |
| |
2.06%
|
|
|
Radio One, Inc.,
Term Loan - First Lien |
| |
1.86%
|
|
|
Charter Communications Operating, LLC,
Term Loan G - First Lien |
| |
1.61%
|
|
|
TIBCO Software,
Asset Sale Loan - First Lien |
| |
1.59%
|
|
|
American Commercial Lines (Commercial Barge),
Initial Term Loan - First Lien |
| |
1.57%
|
|
|
Checkout Holding Corp.,
Term Loan B - First Lien |
| |
1.52%
|
|
|
Alvogen Pharma US, Inc.,
Term Loan - First Lien |
| |
1.47%
|
|
|
Total Top 10 Holdings
|
| |
18.46%
|
|
| Services: Business | | |
13.59%
|
|
| Technology: Services | | |
8.87%
|
|
| Technology: Software | | |
6.85%
|
|
| Media: Advertising, Printing & Publishing | | |
5.54%
|
|
| Media: Diversified and Services | | |
4.98%
|
|
|
Total Top 5 Industry Holdings
|
| |
39.83%
|
|
THL Credit Senior Loan Fund Schedule of Investments |
| |
December 31, 2014
|
| |||||||||||
Investments
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| |
Principal
|
| |
Value
|
| ||||||||
SENIOR LOANS(a) – 130.8% (96.7% of Total Investments) | | | | ||||||||||||
Aerospace & Defense – 2.4% | | | | ||||||||||||
AM General LLC, Term B Facility – First Lien, 10.250%, 03/22/18
|
| | | $ | 2,571,795 | | | | | $ | 2,301,756 | | | ||
Pelican Products, Inc., Term Loan – Second Lien, 9.250%, 04/09/21(b)
|
| | | | 1,000,000 | | | | | | 987,500 | | | ||
Total Aerospace & Defense
|
| | | | | | | | | | 3,289,256 | | | ||
Automotive – 3.1% | | | | ||||||||||||
Chrysler Group LLC, Tranche B Term Loan – First Lien, 3.500%, 05/24/17
|
| | | | 742,308 | | | | | | 739,791 | | | ||
MPG Holdco I, Inc. (Metaldyne), Initial Term Loan B – First Lien, 4.250%, 10/20/21
|
| | | | 992,593 | | | | | | 991,977 | | | ||
Neenah Enterprises (Neenah Foundry), Term Loan – First Lien, 6.750%, 04/26/17
|
| | | | 2,578,853 | | | | | | 2,559,512 | | | ||
Total Automotive
|
| | | | | | | | | | 4,291,280 | | | ||
Banking, Finance, Insurance & Real Estate – 3.4% | | | | ||||||||||||
Armor Holdco, Inc. (American Stock Transfer), Term Loan – First Lien, 5.750%, 06/26/20
|
| | | | 483,212 | | | | | | 481,702 | | | ||
Assured Partners Capital, Inc., Term Loan – First Lien, 4.500%, 04/02/21(b)
|
| | | | 997,500 | | | | | | 990,019 | | | ||
GENEX Services, Inc., Term Loan B – First Lien, 5.250%, 05/28/21
|
| | | | 995,000 | | | | | | 990,647 | | | ||
GENEX Services, Inc., Initial Term Loan – Second Lien, 8.750%, 05/30/22(b)
|
| | | | 250,000 | | | | | | 243,125 | | | ||
RJO Holdings Corp., Term Loan – First Lien, 6.920%, 12/10/15(b)
|
| | | | 1,160,578 | | | | | | 1,061,929 | | | ||
SG Acquisition Inc. (Safe Gard), Initial Term Loan – First Lien, 6.250%, 08/19/21(b)
|
| | | | 983,214 | | | | | | 984,394 | | | ||
Total Banking, Finance, Insurance & Real Estate
|
| | | | | | | | | | 4,751,816 | | | ||
Beverage, Food & Tobacco – 3.1% | | | | ||||||||||||
Arctic Glacier U.S.A., Inc., 2014 Term B Loan – First Lien, 5.000%, 05/10/19(b)
|
| | | | 2,474,964 | | | | | | 2,413,090 | | | ||
Flavors Holdings Inc., Tranche B Term Loan – First Lien, 6.750%, 10/03/20(b)
|
| | | | 987,500 | | | | | | 945,531 | | | ||
Flavors Holdings Inc., Initial Term Loan – Second Lien, 11.000%, 10/07/21(b)
|
| | | | 1,000,000 | | | | | | 955,000 | | | ||
Total Beverage, Food & Tobacco
|
| | | | | | | | | | 4,313,621 | | | ||
Capital Goods – 0.7% | | | | ||||||||||||
Crosby US Acquisition Corp., Initial Term Loan – First Lien, 3.750%, 11/23/20
|
| | | | 990,000 | | | | | | 930,600 | | | ||
Chemicals, Plastics & Rubber – 3.5% | | | | ||||||||||||
American Pacific Corp., Initial Term Loan – First Lien, 7.000%, 02/27/19
|
| | | | 997,487 | | | | | | 996,241 | | | ||
Citadel Plastics Holdings, Inc. (Bulk Molding Compounds, Inc.), Term Loan –
First Lien, 5.250%, 11/05/20(b) |
| | | | 500,000 | | | | | | 496,250 | | | ||
Eco Services Operations LLC, Initial Term Loan – First Lien, 4.750%, 12/01/21(b)
|
| | | | 1,000,000 | | | | | | 995,000 | | | ||
PeroxyChem LLC, Initial Term Loan – First Lien, 7.500%, 02/28/20(b)
|
| | | | 1,488,750 | | | | | | 1,473,863 | | | ||
Vertellus Specialities Inc., Term Loan – First Lien, 10.500%, 10/31/19(b)
|
| | | | 997,500 | | | | | | 947,625 | | | ||
Total Chemicals, Plastics & Rubber
|
| | | | | | | | | | 4,908,979 | | | ||
Construction & Engineering – 2.1% | | | | ||||||||||||
FR Utility Services LLC (Utility Services), Initial Term Loan – First Lien, 6.750%, 10/18/19(b)
|
| | | | 495,000 | | | | | | 493,144 | | | ||
Power Buyer LLC (Powerteam Services), Initial Term Loan – Second Lien, 8.250%, 11/06/20
|
| | | | 2,500,000 | | | | | | 2,421,875 | | | ||
Total Construction & Engineering
|
| | | | | | | | | | 2,915,019 | | | ||
|
THL Credit Senior Loan Fund Schedule of Investments (continued) |
| |
December 31, 2014
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| |||||||||||
Investments
|
| |
Principal
|
| |
Value
|
| ||||||||
Consumer Products: Durables – 2.7% | | | | ||||||||||||
Paladin Brands Holding, Inc., Initial Loan – First Lien, 6.750%, 08/16/19(b)
|
| | | $ | 1,876,948 | | | | | $ | 1,865,217 | | | ||
Visant Corp., Term Loan – First Lien, 7.000%, 09/23/21
|
| | | | 1,995,000 | | | | | | 1,945,125 | | | ||
Total Consumer Products: Durables
|
| | | | | | | | | | 3,810,342 | | | ||
Consumer Products: Non Durables – 3.2% | | | | ||||||||||||
Calceus Acquisition, Inc. (Cole Haan), Term B-1 Loan – First Lien, 5.000%, 01/31/20
|
| | | | 1,975,000 | | | | | | 1,916,984 | | | ||
Varsity Brands, Inc. (Hercules Achievement), Term B Loan – First Lien, 6.000%, 12/11/21(c)
|
| | | | 2,000,000 | | | | | | 2,001,250 | | | ||
Vince Intermediate Holding LLC, Initial Term Loan – First Lien, 5.750%, 11/27/19
|
| | | | 542,857 | | | | | | 540,821 | | | ||
Total Consumer Products: Non Durables
|
| | | | | | | | | | 4,459,055 | | | ||
Energy, Oil & Gas – 1.7% | | | | ||||||||||||
HGIM Corp. (Harvey Gulf), Term Loan B – First Lien, 5.500%, 06/18/20(b)
|
| | | | 2,967,462 | | | | | | 2,411,063 | | | ||
Healthcare & Pharmaceuticals – 2.8% | | | | ||||||||||||
Alvogen Pharma US, Inc., Term Loan – First Lien, 7.000%, 05/23/18
|
| | | | 2,742,983 | | | | | | 2,765,832 | | | ||
Ikaria, Inc., Initial Term Loan – First Lien, 5.000%, 02/12/21
|
| | | | 938,820 | | | | | | 936,708 | | | ||
Ikaria, Inc., Term Loan – Second Lien, 8.750%, 02/14/22
|
| | | | 250,000 | | | | | | 246,875 | | | ||
Total Healthcare & Pharmaceuticals
|
| | | | | | | | | | 3,949,415 | | | ||
Hotel, Gaming & Leisure – 3.2% | | | | ||||||||||||
ALG USA Holdings LLC (Apple Leisure Group), Term Loan B-1 – First Lien,
7.000%, 02/28/19(b) |
| | | | 817,736 | | | | | | 813,647 | | | ||
ALG USA Holdings LLC (Apple Leisure Group),Term Loan B-2 – First Lien, 7.000%, 02/28/19(b)
|
| | | | 1,083,975 | | | | | | 1,078,555 | | | ||
Caesars Entertainment Resort Properties LLC, Term B Loan – First Lien, 7.000%, 10/12/20
|
| | | | 990,000 | | | | | | 928,952 | | | ||
Parq Holdings LP, Term Loan – First Lien, 8.500%, 12/17/20(b)
|
| | | | 1,660,377 | | | | | | 1,635,472 | | | ||
Total Hotel, Gaming & Leisure
|
| | | | | | | | | | 4,456,626 | | | ||
Manufacturing – 4.0% | | | | ||||||||||||
Gates Global, Inc., Initial Term Loan – First Lien, 4.250%, 07/05/21
|
| | | | 2,493,750 | | | | | | 2,434,523 | | | ||
Preferred Proppants LLC (Preferred Sands), Term Loan – First Lien, 6.750%, 07/27/20(b)
|
| | | | 2,992,500 | | | | | | 2,723,175 | | | ||
Veyance Technologies, Inc., Term Loan – First Lien, 5.250%, 09/08/17
|
| | | | 459,064 | | | | | | 458,491 | | | ||
Total Manufacturing
|
| | | | | | | | | | 5,616,189 | | | ||
Media: Advertising, Printing & Publishing – 6.9% | | | | ||||||||||||
Cengage Learning Acquisitions, Inc., Term Loan – First Lien, 7.000%,
03/31/20 |
| | | | 3,970,000 | | | | | | 3,938,576 | | | ||
Getty Images, Inc., Initial Term Loan – First Lien, 4.750%, 10/18/19
|
| | | | 1,994,911 | | | | | | 1,836,974 | | | ||
Harland Clarke Hldgs., Tranche B-3 Term Loans – First Lien, 7.000%, 05/22/18
|
| | | | 3,850,000 | | | | | | 3,869,250 | | | ||
Total Media: Advertising, Printing & Publishing
|
| | | | | | | | | | 9,644,800 | | | ||
|
THL Credit Senior Loan Fund Schedule of Investments (continued) |
| |
December 31, 2014
|
| |||||||||||
Investments
|
| |
Principal
|
| |
Value
|
| ||||||||
Media: Broadcasting & Subscription – 6.7% | | | | ||||||||||||
Charter Communications Operating, LLC, Term Loan G – First Lien, 4.250%, 09/13/21
|
| | | $ | 3,000,000 | | | | | $ | 3,022,980 | | | ||
Radio One, Inc., Term Loan – First Lien, 7.500%, 03/31/16(b)
|
| | | | 3,506,156 | | | | | | 3,493,008 | | | ||
Tribune Company, Initial Term Loan – First Lien, 4.000%, 12/27/20
|
| | | | 1,844,227 | | | | | | 1,821,756 | | | ||
TWCC Holding Corp., Term Loan – Second Lien, 7.000%, 06/26/20
|
| | | | 1,000,000 | | | | | | 961,670 | | | ||
Total Media: Broadcasting & Subscription
|
| | | | | | | | | | 9,299,414 | | | ||
Media: Diversified and Services – 6.7% | | | | ||||||||||||
Extreme Reach, Inc., Initial Term Loan – First Lien, 6.750%, 02/07/20
|
| | | | 1,588,083 | | | | | | 1,581,135 | | | ||
IMG Worldwide, Inc., Term Loan – First Lien, 5.250%, 05/03/21
|
| | | | 1,990,000 | | | | | | 1,930,310 | | | ||
Learfield Communications, Inc., 2014 Replacement Term Loan – First Lien, 4.500%, 10/09/20(b)
|
| | | | 996,870 | | | | | | 994,378 | | | ||
Mood Media Corporation, Term Loan – First Lien, 7.000%, 05/01/19
|
| | | | 4,962,500 | | | | | | 4,869,452 | | | ||
Total Media: Diversified and Services
|
| | | | | | | | | | 9,375,275 | | | ||
Metals & Mining – 0.4% | | | | ||||||||||||
TMS International Corp. (Tube City), Term Loan B – First Lien, 4.500%, 10/16/20(b)
|
| | | | 495,000 | | | | | | 496,238 | | | ||
Packaging – 1.4% | | | | ||||||||||||
BWAY Holding Co. (ICL Industrial Containers ULC/ICL), Initial Term Loan –
First Lien, 5.500%, 08/14/20 |
| | | | 1,990,000 | | | | | | 1,987,513 | | | ||
Restaurants – 5.7% | | | | ||||||||||||
1011778 BC ULC (Burger King), Term Loan – First Lien, 4.500%, 10/27/21
|
| | | | 1,000,000 | | | | | | 998,750 | | | ||
CEC Entertainment, Inc., Tranche B Term Loan – First Lien, 4.000%, 02/15/21
|
| | | | 1,985,000 | | | | | | 1,933,727 | | | ||
Portillio’s Holdings LLC, Term Loan B – First Lien, 4.750%, 08/01/21
|
| | | | 1,995,000 | | | | | | 1,975,050 | | | ||
Steak n Shake Operations, Inc., Term Loan – First Lien, 4.750%, 03/19/21(b)
|
| | | | 1,985,000 | | | | | | 1,975,075 | | | ||
TGI Friday’s, Inc., Term Loan – Second Lien, 9.250%, 07/15/21(b)
|
| | | | 1,000,000 | | | | | | 985,000 | | | ||
Total Restaurants
|
| | | | | | | | | | 7,867,602 | | | ||
Retail – 6.7% | | | | ||||||||||||
Albertson’s Holdings LLC, Term Loan B-4 – First Lien, 4.500%, 08/25/21
|
| | | | 2,000,000 | | | | | | 2,003,340 | | | ||
Charming Charlie LLC, Initial Term Loan – First Lien, 9.000%, 12/24/19(b)
|
| | | | 992,500 | | | | | | 980,094 | | | ||
CWGS Group LLC (Camping World), Term Loan B – First Lien, 5.750%, 02/20/20
|
| | | | 2,446,815 | | | | | | 2,452,932 | | | ||
New Albertson’s, Inc., Term Loan B – First Lien, 4.750%, 06/28/21
|
| | | | 1,197,000 | | | | | | 1,177,926 | | | ||
Roundy’s Supermarkets, Inc., Tranche B Term Loan – First Lien, 5.750%, 03/03/21
|
| | | | 2,900,217 | | | | | | 2,735,862 | | | ||
Total Retail
|
| | | | | | | | | | 9,350,154 | | | ||
|
THL Credit Senior Loan Fund Schedule of Investments (continued) |
| |
December 31, 2014
|
| |||||||||||
Investments
|
| |
Principal
|
| |
Value
|
| ||||||||
Services: Business – 18.4% | | | | ||||||||||||
Affinion Group Holdings, Inc., Tranche B Term Loan – First Lien, 6.750%, 04/30/18
|
| | | $ | 720,053 | | | | | $ | 676,400 | | | ||
Brickman Group Holdings, Inc., Initial Term Loan – First Lien, 4.000%, 12/18/20
|
| | | | 1,739,984 | | | | | | 1,694,849 | | | ||
Centerplate, Inc. (KPLT), Term Loan A – First Lien, 4.750%, 11/26/19
|
| | | | 992,500 | | | | | | 978,441 | | | ||
Checkout Holding Corp., Term Loan B – First Lien, 4.500%, 04/09/21
|
| | | | 2,985,000 | | | | | | 2,854,421 | | | ||
CT Technologies Intermediate Holdings, Inc. (HealthPort), Initial Term Loan – First Lien, 6.000%, 12/01/21(b)
|
| | | | 2,000,000 | | | | | | 1,992,500 | | | ||
Deluxe Entertainment Services Group, Inc., Initial Term Loan – First Lien, 6.500%, 02/28/20
|
| | | | 1,899,801 | | | | | | 1,751,778 | | | ||
INC Research LLC, Term Loan – First Lien, 4.750%, 11/15/21
|
| | | | 1,000,000 | | | | | | 999,165 | | | ||
Inmar, Inc., Initial Term Loan – First Lien, 4.250%, 01/27/21
|
| | | | 1,990,000 | | | | | | 1,937,862 | | | ||
Mitchell International, Inc., Initial Term Loan – First Lien, 4.500%, 10/13/20
|
| | | | 992,500 | | | | | | 981,047 | | | ||
Novitex Acquisition LLC (Pitney Bowes), Tranche B-2 Term Loan – First Lien,
7.500%, 07/07/20(b) |
| | | | 1,995,000 | | | | | | 1,915,200 | | | ||
RentPath, Inc., Term Loan – First Lien, 6.250%, 12/17/21(c)
|
| | | | 2,000,000 | | | | | | 1,967,500 | | | ||
RentPath, Inc., Term Loan – Second Lien, 10.000%, 12/16/22(b)(c)
|
| | | | 1,000,000 | | | | | | 915,000 | | | ||
SourceHOV LLC, Term B Loan – First Lien, 7.750%, 10/31/19(b)
|
| | | | 1,500,000 | | | | | | 1,462,500 | | | ||
SunGard Availability Services Capital, Inc., Tranche B Term Loan – First Lien,
6.000%, 03/29/19 |
| | | | 1,985,000 | | | | | | 1,777,568 | | | ||
TCH-2 Holdings LLC (TravelClick), Term Loan – First Lien, 5.500%, 05/12/21
|
| | | | 1,990,253 | | | | | | 1,967,863 | | | ||
TCH-2 Holdings LLC (TravelClick), Initial Term Loan – Second Lien, 8.750%,
11/12/21(b) |
| | | | 1,750,000 | | | | | | 1,688,750 | | | ||
Total Services: Business
|
| | | | | | | | | | 25,560,844 | | | ||
Services: Consumer – 4.6% | | | | ||||||||||||
Fitness International LLC (LA Fitness), Term Loan B – First Lien, 5.500%, 07/01/20(b)
|
| | | | 995,000 | | | | | | 955,200 | | | ||
Millennium Laboratories LLC, Tranche B Term Loan – First Lien, 5.250%, 04/16/21
|
| | | | 1,990,000 | | | | | | 1,985,025 | | | ||
Pre-Paid Legal Services, Inc. (Legalshield), Term Loan – Second Lien, 9.750%, 07/01/20(b)
|
| | | | 500,000 | | | | | | 490,000 | | | ||
Renaissance Learning, Inc., Initial Term Loan – First Lien, 4.500%, 04/09/21
|
| | | | 1,985,000 | | | | | | 1,946,957 | | | ||
Renaissance Learning, Inc., Initial Term Loan – Second Lien, 8.000%,
04/11/22(b) |
| | | | 1,000,000 | | | | | | 960,000 | | | ||
Total Services: Consumer
|
| | | | | | | | | | 6,337,182 | | | ||
Services: Rental – 0.3% | | | | ||||||||||||
North American Lifting Holdings, Inc. (TNT Crane), Initial Term Loan – Second Lien, 10.000%, 11/26/21(b)
|
| | | | 500,000 | | | | | | 462,500 | | | ||
Technology: Hardware – 2.2% | | | | ||||||||||||
Eastman Kodak Company, Term Loan – First Lien, 7.250%, 09/03/19
|
| | | | 987,469 | | | | | | 990,347 | | | ||
Zebra Technologies Corp., Term Loan B – First Lien, 4.750%, 10/27/21
|
| | | | 2,000,000 | | | | | | 2,014,500 | | | ||
Total Technology: Hardware
|
| | | | | | | | | | 3,004,847 | | | ||
Technology: Semiconductor – 0.5% | | | | ||||||||||||
M/A-COM Technology Solutions Holdings, Inc., Initial Term Loan – First Lien, 4.500%, 05/07/21
|
| | | | 634,313 | | | | | | 635,105 | | | ||
|
THL Credit Senior Loan Fund Schedule of Investments (continued) |
| |
December 31, 2014
|
| |||||||||
Investments
|
| |
Principal
|
| |
Value
|
| ||||||
Technology: Services – 12.0% | | | | ||||||||||
Ability Networks, Inc., Initial Term Loan – Second Lien, 9.250%, 05/16/22(b)
|
| | | $ | 1,000,000 | | | | | $ | 980,000 | | |
Ascensus, Inc., Initial Term Loan – Second Lien, 9.000%, 12/02/20(b)
|
| | | | 500,000 | | | | | | 497,503 | | |
ConvergeOne Holdings Corporation, Initial Term Loan – First Lien, 6.000%, 06/17/20(b)
|
| | | | 1,492,500 | | | | | | 1,490,634 | | |
First Data Corp., 2018B New Term Loan – First Lien, 3.667%, 09/24/18
|
| | | | 1,500,000 | | | | | | 1,470,750 | | |
MH Sub I LLC & Micro (Internet Brands), Term Loan – First Lien, 5.000%, 07/08/21
|
| | | | 1,860,620 | | | | | | 1,840,460 | | |
PGX Holdings, Inc. (Progrexion), Initial Term Loan – First Lien, 6.250%, 09/29/20
|
| | | | 1,987,500 | | | | | | 1,994,953 | | |
Presidio, Inc., Term Loan – First Lien, 5.000%, 03/31/17(b)
|
| | | | 2,469,733 | | | | | | 2,468,202 | | |
Scientific Games International, Inc., Term Loan B-2 – First Lien, 6.000%, 10/01/21
|
| | | | 4,000,000 | | | | | | 3,952,499 | | |
TransFirst Holdings, Inc., Term Loan – First Lien, 5.500%, 11/12/21
|
| | | | 2,000,000 | | | | | | 1,992,910 | | |
Total Technology: Services
|
| | | | | | | | | | 16,687,911 | | |
Technology: Software – 9.3% | | | | ||||||||||
Compuware Corp., Tranche B2 Term Loan – First Lien, 6.250%, 12/15/21
|
| | | | 1,500,000 | | | | | | 1,427,190 | | |
Deltek, Inc., Term Loan – Second Lien, 10.000%, 10/10/19
|
| | | | 1,000,000 | | | | | | 1,006,665 | | |
GTCR Valor Companies, Inc. (Cision Vocus), Incremental B-1 Term Loans – First Lien, 6.000%, 05/30/21
|
| | | | 1,995,000 | | | | | | 1,947,619 | | |
Lanyon Solutions, Inc., Term Loan – First Lien, 5.500%, 11/13/20
|
| | | | 2,483,709 | | | | | | 2,437,140 | | |
RP Crown Parent LLC (Red Prairie), Term Loan B – First Lien, 6.000%, 12/21/18
|
| | | | 1,481,269 | | | | | | 1,384,068 | | |
RP Crown Parent LLC (Red Prairie), Term Loan – Second Lien, 11.250%, 12/21/19
|
| | | | 2,000,000 | | | | | | 1,693,330 | | |
TIBCO Software, Asset Sale Loan – First Lien, 5.500%, 12/07/15(b)
|
| | | | 3,000,000 | | | | | | 2,985,000 | | |
Total Technology: Software
|
| | | | | | | | | | 12,881,012 | | |
Telecommunications – 4.7% | | | | ||||||||||
Avaya, Inc., Term Loan B-6 – First Lien, 6.500%, 03/31/18
|
| | | | 1,982,441 | | | | | | 1,956,828 | | |
Birch Communications, Inc., Term Loan – First Lien, 7.750%, 07/17/20(b)
|
| | | | 1,943,056 | | | | | | 1,913,910 | | |
Fairpoint Communications, Inc., Term Loan – First Lien, 7.500%, 02/14/19
|
| | | | 992,076 | | | | | | 986,500 | | |
Ntelos, Inc., Term B Advance – First Lien, 5.750%, 11/09/19(b)
|
| | | | 1,969,773 | | | | | | 1,733,401 | | |
Total Telecommunications
|
| | | | | | | | | | 6,590,639 | | |
Transportation: Services – 3.2% | | | | ||||||||||
American Commercial Lines (Commercial Barge), Initial Term Loan – First Lien, 7.500%, 09/22/19(b)
|
| | | | 2,954,887 | | | | | | 2,954,887 | | |
Sirva Worldwide, Inc., Term Loan – First Lien, 7.500%, 03/27/19(b)
|
| | | | 1,473,750 | | | | | | 1,470,066 | | |
Total Transportation: Services
|
| | | | | | | | | | 4,424,953 | | |
Waste Management – 1.6% | | | | ||||||||||
Energy Solutions LLC (Envirocare of Utah), Term Advance – First Lien, 6.750%, 05/29/20
|
| | | | 2,238,750 | | | | | | 2,238,045 | | |
Wholesale – 3.6% | | | | ||||||||||
4L Technologies, Inc. (Clover Technologies), Initial Term Loan – First Lien, 5.500%, 05/08/20(b)
|
| | | | 1,995,000 | | | | | | 1,945,125 | | |
Envision Acquisition Company LLC, Initial Term Loan – First Lien, 5.750%, 11/04/20
|
| | | | 991,231 | | | | | | 989,992 | | |
FPC Holdings, Inc. (Fleetpride), Initial Term Loan – First Lien, 5.250%, 11/19/19
|
| | | | 1,184,877 | | | | | | 1,165,125 | | |
THL Credit Senior Loan Fund Schedule of Investments (concluded) |
| |
December 31, 2014
|
| |||||||||
Investments
|
| |
Principal
|
| |
Value
|
| ||||||
P2 Lower Acquisition, Inc. (Progresive Solutions), Initial Term Loan – First Lien, 5.500%, 10/22/20(b)
|
| | | | 844,987 | | | | | | 836,537 | | |
Total Wholesale
|
| | | | | | | | | | 4,936,779 | | |
Total Senior Loans
(Cost $184,921,579) |
| | | | | | | | |
|
181,884,074
|
| |
CORPORATE BONDS – 1.0% (0.7% of Total Investments) | | | | ||||||||||
Beverage, Food & Tobacco – 0.4% | | | | ||||||||||
Innovation Ventures (5 Hour Energy), 9.500%, 08/15/19‡
|
| | | | 500,000 | | | | | | 496,875 | | |
Media: Advertising, Printing & Publishing – 0.6% | | | | ||||||||||
Getty Images, Inc., 7.000%, 10/15/20‡
|
| | | | 1,000,000 | | | | | | 785,000 | | |
Total Corporate Bonds
(Cost $1,315,170) |
| | | | | | | | |
|
1,281,875
|
| |
MONEY MARKET FUND – 3.6% (2.6% of Total Investments) | | | | | | | | | | | | | |
| | |
Shares
|
| | | | | | | |||||
Morgan Stanley Institutional Liquidity Treasury Portfolio – Institutional Share
Class, 0.03%(d) |
| | | ||||||||||||
(Cost $4,942,027)
|
| | | | 4,942,027 | | | | | | 4,942,027 | | | ||
Total Investments in Securities – 135.4% | | | | ||||||||||||
(Cost $191,178,776)
|
| | | | | | | | | | 188,107,976 | | | ||
Line of Credit Payable (Cost $49,000,000) – (35.3)%
|
| | | | | | | | | | (49,000,000) | | | ||
Liabilities in Excess of Other Assets – (0.1%)
|
| | | | | | | | | | (82,702) | | | ||
Net Assets – 100.0%
|
| | | | | | | | | $ | 139,025,274 | | | ||
|
SUMMARY OF SCHEDULE OF INVESTMENTS
|
| |
% of Net Assets
|
| ||||
Aerospace & Defense
|
| | | | 2.4% | | | |
Automotive
|
| | | | 3.1 | | | |
Banking, Finance, Insurance & Real Estate
|
| | | | 3.4 | | | |
Beverage, Food & Tobacco
|
| | | | 3.5 | | | |
Capital Goods
|
| | | | 0.7 | | | |
Chemicals, Plastics & Rubber
|
| | | | 3.5 | | | |
Construction & Engineering
|
| | | | 2.1 | | | |
Consumer Products: Durables
|
| | | | 2.7 | | | |
Consumer Products: Non Durables
|
| | | | 3.2 | | | |
Energy, Oil & Gas
|
| | | | 1.7 | | | |
Healthcare & Pharmaceuticals
|
| | | | 2.8 | | | |
Hotel, Gaming & Leisure
|
| | | | 3.2 | | | |
Manufacturing
|
| | | | 4.0 | | | |
Media: Advertising, Printing & Publishing
|
| | | | 7.5 | | | |
Media: Broadcasting & Subscription
|
| | | | 6.7 | | | |
Media: Diversified and Services
|
| | | | 6.7 | | | |
Metals & Mining
|
| | | | 0.4 | | | |
Packaging
|
| | | | 1.4 | | | |
Restaurants
|
| | | | 5.7 | | | |
Retail
|
| | | | 6.7 | | | |
Services: Business
|
| | | | 18.4 | | | |
Services: Consumer
|
| | | | 4.6 | | | |
Services: Rental
|
| | | | 0.3 | | | |
Technology: Hardware
|
| | | | 2.2 | | | |
Technology: Semiconductor
|
| | | | 0.5 | | | |
Technology: Services
|
| | | | 12.0 | | | |
Technology: Software
|
| | | | 9.3 | | | |
Telecommunications
|
| | | | 4.7 | | | |
Transportation: Services
|
| | | | 3.2 | | | |
Waste Management
|
| | | | 1.6 | | | |
Wholesale
|
| | | | 3.6 | | | |
Money Market Fund
|
| | | | 3.6 | | | |
Total Investments
|
| | | | 135.4 | | | |
Line of Credit Payable
|
| | | | (35.3) | | | |
Liabilities in Excess of Other Assets
|
| | | | (0.1) | | | |
Net Assets
|
| | | | 100.0% | | | |
|
| ASSETS | | | ||||||
|
Investments, at value (cost $191,178,776)
|
| | | $ | 188,107,976 | | | |
|
Cash
|
| | | | 1,275,410 | | | |
|
Receivable for investments sold
|
| | | | 3,179,474 | | | |
|
Interest receivable
|
| | | | 564,228 | | | |
|
Net unrealized appreciation on delayed draw loan commitments
|
| | | | 11,589 | | | |
|
Prepaid expenses
|
| | | | 67,619 | | | |
|
Total Assets
|
| | | | 193,206,296 | | | |
| LIABILITIES | | | ||||||
|
Borrowings (Note 4)
|
| | | | 49,000,000 | | | |
|
Payable for investments purchased
|
| | | | 4,850,000 | | | |
|
Advisory fee payable (Note 5)
|
| | | | 165,470 | | | |
|
Investor support services fee payable (Note 5)
|
| | | | 7,880 | | | |
|
Accrued interest on borrowings
|
| | | | 15,379 | | | |
|
Other accrued expenses
|
| | | | 142,293 | | | |
|
Total Liabilities
|
| | | | 54,181,022 | | | |
|
Net Assets
|
| | | $ | 139,025,274 | | | |
| COMPONENTS OF NET ASSETS | | | ||||||
|
Paid-in-capital
|
| | | $ | 141,373,408 | | | |
|
Undistributed net investment income
|
| | | | 72,694 | | | |
|
Accumulated net realized gain on investments
|
| | | | 638,383 | | | |
|
Net unrealized depreciation on investments
|
| | | | (3,070,800) | | | |
|
Net unrealized appreciation on delayed draw loan commitments
|
| | | | 11,589 | | | |
|
Net Assets
|
| | | $ | 139,025,274 | | | |
|
Common Shares Outstanding (unlimited shares authorized; $0.001 per share par value)
|
| | | | 7,418,714 | | | |
|
Net Asset Value Per Share
|
| | | $ | 18.74 | | | |
|
| INVESTMENT INCOME: | | | ||||||
|
Interest
|
| | | $ | 12,658,257 | | | |
|
Dividends
|
| | | | 1,570 | | | |
|
Total Investment Income
|
| | | | 12,659,827 | | | |
| EXPENSES: | | | | | | | | |
|
Advisory fees
|
| | | | 1,942,790 | | | |
|
Interest expense & fees on borrowings
|
| | | | 507,076 | | | |
|
Professional fees
|
| | | | 294,897 | | | |
|
Administration fees
|
| | | | 139,080 | | | |
|
Trustees’ fees and expenses
|
| | | | 105,400 | | | |
|
Insurance expense
|
| | | | 104,123 | | | |
|
Investor support services fees
|
| | | | 92,514 | | | |
|
Compliance fees
|
| | | | 49,971 | | | |
|
Printing and mailing expense
|
| | | | 32,380 | | | |
|
Custodian fees
|
| | | | 28,457 | | | |
|
NYSE listing fee
|
| | | | 25,018 | | | |
|
Transfer agent fees
|
| | | | 16,599 | | | |
|
Other expenses
|
| | | | 75,954 | | | |
|
Total Expenses
|
| | | | 3,414,259 | | | |
|
Net Investment Income
|
| | | | 9,245,568 | | | |
|
NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DELAYED DRAW LOAN COMMITMENTS:
|
| | | | | | | |
|
Net realized gain on investments
|
| | | | 995,155 | | | |
|
Net change in unrealized depreciation on investments
|
| | | | (4,679,225) | | | |
|
Net change in unrealized appreciation on delayed draw loan commitments
|
| | | | 11,589 | | | |
|
Net realized and unrealized loss on investments and delayed draw loan commitments
|
| | | | (3,672,481) | | | |
|
Net Increase in Net Assets from Operations
|
| | | $ | 5,573,087 | | | |
|
THL Credit Senior Loan Fund Statement of Changes in Net Assets |
| |
For the
Year ended December 31, 2014 |
| |
For the period
September 20, 2013 to December 31, 2013 |
| ||||||||
OPERATIONS: | | | | ||||||||||||
Net investment income
|
| | | $ | 9,245,568 | | | | | $ | 2,409,756 | | | ||
Net realized gain on investments
|
| | | | 995,155 | | | | | | 392,692 | | | ||
Net change in unrealized appreciation (depreciation) on investments and delayed draw loan commitments
|
| | | | (4,667,636) | | | | | | 1,608,425 | | | ||
Net increase in net assets from operations
|
| | | | 5,573,087 | | | | | | 4,410,873 | | | ||
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | ||
From net investment income
|
| | | | (9,814,926) | | | | | | (1,765,654) | | | ||
From net realized gains
|
| | | | (778,997) | | | | | | — | | | ||
Total distributions to shareholders
|
| | | | (10,593,923) | | | | | | (1,765,654) | | | ||
CAPITAL STOCK TRANSACTION: | | | | | | | | | | | | | | ||
Proceeds from sale of Common Shares
|
| | | ||||||||||||
(net of offering costs of $0 and $296,539 respectively)
|
| | | | — | | | | | | 141,400,891 | | | ||
Net Increase (Decrease) in Net Assets
|
| | |
|
(5,020,836)
|
| | | |
|
144,046,110
|
| | ||
NET ASSETS: | | | | | | | | | | | | | | ||
Beginning of period
|
| | | $ | 144,046,110 | | | | | $ | — | | | ||
End of period
|
| | | $ | 139,025,274 | | | | | $ | 144,046,110 | | | ||
Undistributed net investment income
|
| | | $ | 72,694 | | | | | $ | 646,527 | | | ||
|
| Cash Flows From Operating Activities: | | | | | | | |
|
Net increase in net assets from operations
|
| | | $ | 5,573,087 | | |
|
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
|
| | | | | | |
|
Purchases of long-term investments
|
| | | | (172,290,770) | | |
|
Proceeds from sales of long-term investments
|
| | | | 174,062,742 | | |
|
Net increase in short-term investments
|
| | | | (123,474) | | |
|
Net change in unrealized depreciation on investments and delayed draw loan commitments
|
| | | | 4,667,636 | | |
|
Net accretion/amortization of premium or discount
|
| | | | (275,882) | | |
|
Net increase in realized gains from principal paydowns
|
| | | | (31,958) | | |
|
Net realized gain on investments
|
| | | | (995,155) | | |
|
Decrease in receivable for investments sold
|
| | | | 303,607 | | |
|
Decrease in interest receivable
|
| | | | 495,259 | | |
|
Decrease in prepaid expenses
|
| | | | 9,921 | | |
|
Decrease in payable for investments purchased
|
| | | | (3,386,926) | | |
|
Decrease in advisory fee payable
|
| | | | (2,098) | | |
|
Decrease in investor support services fee payable
|
| | | | (99) | | |
|
Decrease in accrued interest on borrowing
|
| | | | (5,891) | | |
|
Increase in other accrued expenses
|
| | | | 3,007 | | |
|
Net cash provided by operating activities
|
| | | | 8,003,006 | | |
| Cash Flows from Financing Activities: | | | |||||
|
Net proceeds from borrowings
|
| | | | 3,000,000 | | |
|
Distributions paid
|
| | | | (10,593,923) | | |
|
Net cash used in financing activities
|
| | | | (7,593,923) | | |
|
Net increase in cash
|
| | | | 409,083 | | |
|
Cash, beginning of period
|
| | | | 866,327 | | |
|
Cash, end of period
|
| | | $ | 1,275,410 | | |
| Supplemental disclosure of cash flow information: | | | |||||
|
Cash paid for interest on borrowings
|
| | | $ | 512,967 | | |
THL Credit Senior Loan Fund Financial Highlights |
| |
For the
Year ended December 31, 2014 |
| |
For the period
September 20, 2013 to December 31, 2013 |
| ||||||
|
| ||||||||||||
Common Shares | | | | ||||||||||
Per Share Operating Performance | | | | ||||||||||
Net Asset Value, beginning of period
|
| | | $ | 19.42 | | | | | $ | 19.06 | | |
Operations: | | | | ||||||||||
Net investment income(1)
|
| | | | 1.25 | | | | | | 0.33 | | |
Net realized and unrealized gain (loss) on investments and delayed
draw loan commitments(2) |
| | | | (0.50) | | | | | | 0.27 | | |
Total income from operations
|
| | | | 0.75 | | | | | | 0.60 | | |
Distributions to shareholders from: | | | | | | | | | | | | | |
Net investment income
|
| | | | (1.32) | | | | | | (0.24) | | |
Net realized gains
|
| | | | (0.11) | | | | | | — | | |
Total distributions to shareholders
|
| | | | (1.43) | | | | | | (0.24) | | |
Net assets value per share, end of period
|
| | | $ | 18.74 | | | | | $ | 19.42 | | |
Market price per share, end of period
|
| | | $ | 17.06 | | | | | $ | 18.36 | | |
Total return:(3) | | | | ||||||||||
Net asset value
|
| | | | 3.87% | | | | | | 3.15% | | |
Market value
|
| | | | 0.58% | | | | | | (7.00)% | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000s)
|
| | | $ | 139,025 | | | | | $ | 144,046 | | |
Ratio of expenses, including interest on borrowings, to average net assets
|
| | | | 2.38% | | | | | | 2.46%(4) | | |
Ratio of expenses, excluding interest on borrowings, to average net assets
|
| | | | 2.02% | | | | | | 2.18%(4) | | |
Ratio of net investment income, including interest on borrowings, to average net assets
|
| | | | 6.44% | | | | | | 6.14%(4) | | |
Ratio of net investment income, excluding interest on borrowings, to average net assets
|
| | | | 6.79% | | | | | | 6.41%(4) | | |
Portfolio turnover rate
|
| | | | 93% | | | | | | 20% | | |
Borrowings: | | | | | | | | | | | | | |
Aggregate principal amount, end of period (000s)
|
| | | $ | 49,000 | | | | | $ | 46,000 | | |
Average borrowings outstanding during the period (000s)
|
| | | $ | 41,384 | | | | | $ | 40,308(5) | | |
Asset coverage, end of period per $1,000 of debt(6)
|
| | | $ | 3,837 | | | | | $ | 4,131 | | |
Asset Type
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||||||
Senior Loans | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Aerospace & Defense
|
| | | $ | — | | | | | $ | 2,301,756 | | | | | $ | 987,500 | | | | | $ | 3,289,256 | | | ||||
Automotive
|
| | | | — | | | | | | 4,291,280 | | | | | | — | | | | | | 4,291,280 | | | ||||
Banking, Finance, Insurance & Real Estate
|
| | | | — | | | | | | 1,472,349 | | | | | | 3,279,467 | | | | | | 4,751,816 | | | ||||
Beverage, Food & Tobacco
|
| | | | — | | | | | | — | | | | | | 4,313,621 | | | | | | 4,313,621 | | | ||||
Capital Goods
|
| | | | — | | | | | | 930,600 | | | | | | — | | | | | | 930,600 | | | ||||
Chemicals, Plastics & Rubber
|
| | | | — | | | | | | 996,241 | | | | | | 3,912,738 | | | | | | 4,908,979 | | | ||||
Construction & Engineering
|
| | | | — | | | | | | 2,421,875 | | | | | | 493,144 | | | | | | 2,915,019 | | | ||||
Consumer Products: Durables
|
| | | | — | | | | | | 1,945,125 | | | | | | 1,865,217 | | | | | | 3,810,342 | | | ||||
Consumer Products: Non Durables
|
| | | | — | | | | | | 4,459,055 | | | | | | — | | | | | | 4,459,055 | | | ||||
Energy, Oil & Gas
|
| | | | — | | | | | | — | | | | | | 2,411,063 | | | | | | 2,411,063 | | | ||||
Healthcare & Pharmaceuticals
|
| | | | — | | | | | | 3,949,415 | | | | | | — | | | | | | 3,949,415 | | | ||||
Hotel, Gaming & Leisure
|
| | | | — | | | | | | 928,952 | | | | | | 3,527,674 | | | | | | 4,456,626 | | | ||||
Manufacturing
|
| | | | — | | | | | | 2,893,014 | | | | | | 2,723,175 | | | | | | 5,616,189 | | | ||||
Media: Advertising, Printing & Publishing
|
| | | | — | | | | | | 9,644,800 | | | | | | — | | | | | | 9,644,800 | | | ||||
Media: Broadcasting & Subscription
|
| | | | — | | | | | | 5,806,406 | | | | | | 3,493,008 | | | | | | 9,299,414 | | | ||||
Media: Diversified and Services
|
| | | | — | | | | | | 8,380,897 | | | | | | 994,378 | | | | | | 9,375,275 | | | ||||
Metals & Mining
|
| | | | — | | | | | | — | | | | | | 496,238 | | | | | | 496,238 | | | ||||
Packaging
|
| | | | — | | | | | | 1,987,513 | | | | | | — | | | | | | 1,987,513 | | | ||||
Restaurants
|
| | | | — | | | | | | 4,907,527 | | | | | | 2,960,075 | | | | | | 7,867,602 | | | ||||
Retail
|
| | | | — | | | | | | 8,370,060 | | | | | | 980,094 | | | | | | 9,350,154 | | | ||||
Services: Business
|
| | | | — | | | | | | 17,586,894 | | | | | | 7,973,950 | | | | | | 25,560,844 | | | ||||
Services: Consumer
|
| | | | — | | | | | | 3,931,982 | | | | | | 2,405,200 | | | | | | 6,337,182 | | | ||||
Services: Retail
|
| | | | — | | | | | | — | | | | | | 462,500 | | | | | | 462,500 | | | ||||
Technology: Hardware
|
| | | | — | | | | | | 3,004,847 | | | | | | — | | | | | | 3,004,847 | | | ||||
Technology: Semiconductor
|
| | | | — | | | | | | 635,105 | | | | | | — | | | | | | 635,105 | | | ||||
Technology: Services
|
| | | | — | | | | | | 11,251,572 | | | | | | 5,436,339 | | | | | | 16,687,911 | | | ||||
Technology: Software
|
| | | | — | | | | | | 9,896,012 | | | | | | 2,985,000 | | | | | | 12,881,012 | | | ||||
Telecommunications
|
| | | | — | | | | | | 2,943,328 | | | | | | 3,647,311 | | | | | | 6,590,639 | | | ||||
Transportation: Services
|
| | | | — | | | | | | — | | | | | | 4,424,953 | | | | | | 4,424,953 | | | ||||
Waste Management
|
| | | | — | | | | | | 2,238,045 | | | | | | — | | | | | | 2,238,045 | | | ||||
Wholesale
|
| | | | — | | | | | | 2,155,117 | | | | | | 2,781,662 | | | | | | 4,936,779 | | | ||||
Corporate Bonds*
|
| | | | — | | | | | | 1,281,875 | | | | | | — | | | | | | 1,281,875 | | | ||||
Money Market Fund
|
| | | | — | | | | | | 4,942,027 | | | | | | — | | | | | | 4,942,027 | | | ||||
Total Investments
|
| | | $ | — | | | | | $ | 125,553,669 | | | | | $ | 62,554,307 | | | | | $ | 188,107,976 | | | ||||
|
| | |
Senior Loans
|
| ||||
Balance as of December 31, 2013
|
| | | $ | 60,807,412 | | | |
Realized gain
|
| | | | 41,046 | | | |
Change in unrealized depreciation
|
| | | | (1,681,174) | | | |
Amortization (accretion)
|
| | | | 132,345 | | | |
Purchases
|
| | | | 43,419,390 | | | |
Sales and principal paydowns
|
| | | | (38,373,576) | | | |
Transfers in and/or out of Level 3
|
| | | | (1,791,136) | | | |
Balance as of December 31, 2014
|
| | | $ | 62,554,307 | | | |
|
| | |
Fair Value
|
| |
Valuation Technique
|
| |
Unobservable Input
|
|
Senior Loans | | |
$62,554,307
|
| |
Third-party vendor service
|
| |
Vendor quotes
|
|
|
Shares of common stock, beginning of year
|
| | | | 7,418,714 | |
|
Change in shares of common stock outstanding
|
| | | | — | |
|
Shares of common stock, end of year
|
| | | | 7,418,714 | |
|
| | |
Ordinary Income
|
| |
Long-Term
Capital Gain |
| ||||||
2013
|
| | | $ | 1,765,654 | | | | | $ | — | | |
2014
|
| | | $ | 10,593,923 | | | | | $ | — | | |
Undistributed Net Investment Income |
| | Accumulated Net Realized Gain on Investments |
| | Net Unrealized Depreciation on Investments |
|
$72,694 | | | $638,383 | | | $3,070,800 | |
Loan
|
| |
Princiapl
Amount |
| |
Cost
|
| |
Value
|
| |
Net Unrealized
Appreciation (Depreciation) |
| ||||||||||||||||
Caraustar Industries, Inc., Term C Delayed Draw Loan, 05/01/19
|
| | | $ | 1,000,000 | | | | | $ | 980,000 | | | | | $ | 990,000 | | | | | $ | 10,000 | | | ||||
Parq Holding LP, Delayed Draw Term Loan, 12/17/20
|
| | | | 339,623 | | | | | | 332,830 | | | | | | 334,528 | | | | | | 1,698 | | | ||||
MH Sub I LLC & Micro (Internet Brands), Delayed
Draw Term Loan, 07/08/21 |
| | | | 130,196 | | | | | | 128,894 | | | | | | 128,785 | | | | | | (109) | | | ||||
Total | | | | $ | 1,469,819 | | | | | $ | 1,441,724 | | | | | $ | 1,453,313 | | | | | $ | 11,589 | | | ||||
|
|
Fund
|
| | | | 0.00% | | |
|
Fund
|
| | | | 0.00% | | |
Name, Year of Birth
|
| | Position(s) Held with the Fund |
| | Number of Funds in Complex Overseen by Trustee |
| | Principal Occupation(s) During Past 5 Years: |
| | Other Directorship Held by the Trustee |
|
Steven A. Baffico1 Year of Birth: 1973 |
| | President & Trustee, Class II, Principal Executive Officer Since: August 2013, Class |
| |
1
|
| | Four Wood Capital Partners, LLC, Managing Director and Chief Executive Officer (since 2011); Guggenheim Investments, Senior Managing Director, Head of Private Client Group (2010 – 2011); BlackRock, Managing Director (2007 – 2010) |
| | None | |
Joseph L. Morea Year of Birth: 1955 |
| | Trustee, Class I, since August 2013 | | |
1
|
| | RBC Capital Markets, U.S. Vice Chairman and Head of U.S. Equity Capital Markets (2003 – 2012); Self-Employed, Commercial and Industrial Real Estate Investment (2012 − Present). | | | Director, Energy and Exploration Partners | |
S. James Coppersmith Year of Birth: 1933 |
| | Trustee, Class III, since August 2013 | | |
1
|
| | Rasky Baerlein Strategic Communications, Vice Chairman (1997 – 2010). | | | None | |
Ronald J. Burton Year of Birth: 1947 |
| | Trustee, Class II, since August 2013 | | |
1
|
| | Alliance Mezzanine Investors, Limited Partner/ Advisor (2011 – 2012). | | | None | |
Michael Perino Year of Birth: 1963 |
| | Trustee, Class I, since August 2013 | | |
1
|
| | St. John’s University School of Law, Professor (1998 – Present) | | | None | |
Name, Year of Birth, and Position(s) Held with the Fund |
| |
Principal Occupation(s) During Past 5 Years:
|
|
Steven A. Baffico Year of Birth: 1973 President/Officer since: September 2013 |
| | Four Wood Capital Partners LLC, Managing Partner and Chief Executive Officer (since 2011); Guggenheim Investments, Senior Managing Director, Head of Private Client Group (2010 – 2011); BlackRock, Managing Director (2007 – 2010). | |
Jennifer Wilson Year of Birth: 1972 Treasurer and Principal Financial Officer since: September 2013 |
| | Four Wood Capital Partners LLC, Managing Partner and Chief Financial Officer (since 2012); Bank of America Merrill Lynch, Director (2008 – 2011). | |
Stephanie Trell Year of Birth: 1968 Secretary since: April 2014 |
| | Four Wood Capital Partners LLC, Managing Director (since 2012); Bank of America, Director (2005 – 2012). | |
Robert Cowles Year of Birth: 1976 Chief Compliance Officer since: August 2014 |
| | Foreside Compliance Services, Managing Director (since 2014); Lincoln Investment Advisors Corp, Senior Compliance Consultant (2013 – 2014); Gottex Fund Management, Senior Compliance Associate (2010 – 2013); JPMorgan Chase, Assistant Treasurer (2009 – 2010). | |
| Trustees | | | | |
| Steven A. Baffico | | | | |
| Joseph L. Morea*# | | | | |
| S. James Coppersmith*# | | | | |
| Ronald J. Burton*# | | | | |
| Michael Perino*# | | | | |
| Officers | | | | |
| Steven A. Baffico | | | | |
| Jennifer Wilson | | | | |
| Stephanie Trell | | | | |
| Robert Cowles | | | | |
| Investment Adviser | | | | |
| Four Wood Capital Advisors, LLC | | | | |
| Sub-Adviser | | | | |
| THL Credit Advisors LLC | | | | |
| Administrator, Custodian & Accounting Agent | | | | |
| The Bank of New York Mellon | | | | |
| Transfer Agent, Dividend Paying Agent and Registrar | | | | |
| American Stock Transfer and Trust Company | | | | |
| Independent Registered Public Accounting Firm | | | | |
| McGladrey LLP | | | | |
| Legal Counsel | | | ||
| Dechert LLP | | | | |
Name of Portfolio
Manager or Team Member |
| |
Type of
Accounts |
| |
Total
No. of Accounts Managed |
| |
Total
Assets |
| |
No. of
Accounts where Advisory Fee is Based on Performance |
| |
Total Assets
in Accounts where Advisory Fee is Based on Performance |
| ||||||
James R. Fellows
|
| | Registered Investment Companies: |
| | | | 2 | | | |
$255
Million |
| | | | 0 | | | |
$0
|
|
| | | Other Pooled Investment Vehicles: |
| | | | 12 | | | |
$2.98
Billion |
| | | | 9* | | | |
$2.61 Billion*
|
|
| | |
Other Accounts:
|
| | | | 2 | | | |
$381
Million |
| | | | 0 | | | |
$0
|
|
Name of Portfolio
Manager or Team Member |
| |
Type of
Accounts |
| |
Total
No. of Accounts Managed |
| |
Total
Assets |
| |
No. of
Accounts where Advisory Fee is Based on Performance |
| |
Total Assets
in Accounts where Advisory Fee is Based on Performance |
| ||||||
Brian W. Good
|
| | Registered Investment Companies: |
| | | | 2 | | | |
$255
Million |
| | | | 0 | | | |
$0
|
|
| | | Other Pooled Investment Vehicles: |
| | | | 12 | | | |
$2.98
Billion |
| | | | 9* | | | |
$2.61 Billion*
|
|
| | |
Other Accounts:
|
| | | | 2 | | | |
$381
Million |
| | | | 0 | | | |
$0
|
|
Robert J. Hickey
|
| | Registered Investment Companies: |
| | | | 2 | | | |
$255
Million |
| | | | 0 | | | |
0
|
|
| | | Other Pooled Investment Vehicles: |
| | | | 12 | | | |
$2.98
Billion |
| | | | 9* | | | |
$2.61 Billion*
|
|
| | |
Other Accounts:
|
| | | | 2 | | | |
$381
Million |
| | | | 0 | | | |
$0
|
|
Brian J. Murphy
|
| | Registered Investment Companies: |
| | | | 2 | | | |
$255
Million |
| | | | 0 | | | |
$0
|
|
| | | Other Pooled Investment Vehicles: |
| | | | 12 | | | |
$2.98
Billion |
| | | | 9* | | | |
$2.61 Billion*
|
|
| | |
Other Accounts:
|
| | | | 2 | | | |
$381
Million |
| | | | 0 | | | |
$0
|
|
Steven F. Krull
|
| | Registered Investment Companies: |
| | | | 2 | | | |
$255
Million |
| | | | 0 | | | |
$0
|
|
| | | Other Pooled Investment Vehicles: |
| | | | 12 | | | |
$2.98
Billion |
| | | | 9* | | | |
$2.61 Billion*
|
|
| | |
Other Accounts:
|
| | | | 2 | | | |
$381
Million |
| | | | 0 | | | |
$0
|
|
Name of Portfolio
Manager or Team Member |
| |
Dollar ($)
Range of Fund Shares Beneficially Owned |
|
James R. Fellows
|
| |
$100,001 to
$500,000 |
|
Brian W. Good
|
| |
$100,001 to
$500,000 |
|
Robert J. Hickey
|
| |
$50,001 to
$100,000 |
|
Brian J. Murphy
|
| |
$50,001 to
$100,000 |
|
Steven F. Krull
|
| |
$50,001 to
$100,000 |
|
| (Registrant) | | | THL CREDIT SENIOR LOAN FUND | |
|
| By (Signature and Title)* | | | /s/ Steven A. Baffico | |
| | | | Steven A. Baffico, President (principal executive officer) |
|
| By (Signature and Title)* | | | /s/ Steven A. Baffico | |
| | | | Steven A. Baffico, President (principal executive officer) |
|
| By (Signature and Title)* | | | /s/ Jennifer Wilson | |
| | | | Jennifer Wilson, Treasurer and Principal Financial Officer (principal financial officer) |
|