Form N-Q Natixis Funds Trust II For: Aug 31

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October 29, 2018 3:07 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-00242

Natixis Funds Trust II

(Exact name of registrant as specified in charter)

888 Boylston Street, Suite 800 Boston, Massachusetts 02199-8197

(Address of principal executive offices) (Zip code)

Russell L. Kane, Esq.

Natixis Distribution, L.P.

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2822

Date of fiscal year end: November 30

Date of reporting period: August 31, 2018

ITEM 1 SCHEDULE OF INVESTMENTS

PORTFOLIO OF INVESTMENTS – as of August 31, 2018 (Unaudited)

Loomis Sayles Global Growth Fund


Shares		Description	Value (†)
	Common Stocks – 100.0% of Net Assets
		Argentina – 4.0%
	6,733	MercadoLibre, Inc.	$	2,305,447

		Brazil – 2.3%
	188,527	Ambev S.A., ADR		876,651
	118,076	Companhia Brasileira de Meios de Pagamento		437,737

				1,314,388

		China – 13.0%
	18,266	Alibaba Group Holding Ltd., Sponsored ADR(a)		3,196,733
	9,478	Baidu, Inc., Sponsored ADR(a)		2,146,577
	54,465	Yum China Holdings, Inc.		2,106,706

				7,450,016

		Denmark – 3.4%
	39,259	Novo Nordisk AS, Class B		1,932,570

		France – 4.4%
	20,278	Danone		1,596,889
	8,616	Sodexo S.A.		898,584

				2,495,473

		Italy – 1.1%
	140,600	Prada SpA		634,875

		Netherlands – 2.1%
	1,662	Adyen NV, 144A(a)		1,165,217

		Sweden – 1.7%
	75,667	Elekta AB, Class B		989,252

		Switzerland – 6.9%
	13,291	Nestle S.A., (Registered)		1,114,146
	13,700	Novartis AG, (Registered)		1,136,581
	6,822	Roche Holding AG		1,691,539

				3,942,266

		United Kingdom – 7.6%
	23,253	Diageo PLC		813,262
	55,471	Experian PLC		1,381,423
	9,341	Reckitt Benckiser Group PLC		795,687
	23,565	Unilever NV		1,355,019

				4,345,391

		United States – 53.5%
	2,196	Alphabet, Inc., Class A(a)		2,705,033
	2,079	Amazon.com, Inc.(a)		4,184,424
	5,433	American Express Co.		575,789
	23,570	Coca-Cola Co. (The)		1,050,515
	14,985	Colgate-Palmolive Co.		995,154
	2,824	Core Laboratories NV		323,489


Shares		Description	Value (†)
	Common Stocks – continued
		United States – continued
	13,792	Deere & Co.	$	1,983,290
	12,484	Expeditors International of Washington, Inc.		914,827
	16,776	Facebook, Inc., Class A(a)		2,948,046
	13,841	Microsoft Corp.		1,554,760
	53,314	Oracle Corp.		2,589,994
	13,942	Procter & Gamble Co. (The)		1,156,489
	21,536	QUALCOMM, Inc.		1,479,739
	21,493	Schlumberger Ltd.		1,357,498
	15,652	SEI Investments Co.		987,328
	17,591	Shire PLC		1,028,914
	60,538	Under Armour, Inc., Class A(a)		1,238,002
	17,161	Visa, Inc., Class A		2,520,779
	11,801	Yum! Brands, Inc.		1,025,389

				30,619,459

		Total Common Stocks (Identified Cost $52,677,779)		57,194,354


Principal Amount
	Short-Term Investments – 0.8%
$	477,465	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 8/31/2018 at 1.100% to be repurchased at $477,523 on 9/04/2018 collateralized by $510,000 U.S. Treasury Note, 2.250% due 2/15/2027 valued at $487,659 including accrued interest(b) (Identified Cost $477,465)		477,465

		Total Investments – 100.8% (Identified Cost $53,155,244)		57,671,819
		Other assets less liabilities – (0.8)%		(449,265	)

		Net Assets – 100.0%	$	57,222,554

(†)

Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

As of August 31, 2018, securities held by the Fund were fair valued as follows:


Equity securities¹		Percentage of Net Assets
$	15,368,741		26.9	%

¹	Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities.

The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.

(a)	Non-income producing security.

(b)

The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of August 31, 2018, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

144A

All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2018, the value of Rule 144A holdings amounted to $1,165,217 or 2.1% of net assets.

ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Fair Value Measurements. In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

•

Level 1 – quoted prices in active markets for identical assets or liabilities;

•

Level 2 – prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

•

Level 3 – prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of August 31, 2018, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Denmark	$	—	$	1,932,570	$	—	$	1,932,570
France		—		2,495,473		—		2,495,473
Italy		—		634,875		—		634,875
Sweden		—		989,252		—		989,252
Switzerland		—		3,942,266		—		3,942,266
United Kingdom		—		4,345,391		—		4,345,391
United States		29,590,545		1,028,914		—		30,619,459
All Other Common Stocks*		12,235,068		—		—		12,235,068

Total Common Stocks		41,825,613		15,368,741		—		57,194,354

Short-Term Investments		—		477,465		—		477,465

Total	$	41,825,613	$	15,846,206	$	—	$	57,671,819

*	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

A common stock valued at $295,556 was transferred from Level 2 to Level 1 during the period ended August 31, 2018. At November 30, 2017, this security was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the security. At August 31, 2018, this security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies.

All transfers are recognized as of the beginning of the reporting period.

Industry Summary at August 31, 2018 (Unaudited)


Internet Software & Services	23.2	%
Pharmaceuticals	8.4
Internet & Direct Marketing Retail	7.3
IT Services	7.3
Software	7.2
Hotels, Restaurants & Leisure	7.1
Household Products	5.1
Beverages	4.7
Food Products	4.7
Machinery	3.5
Textiles, Apparel & Luxury Goods	3.3
Energy Equipment & Services	3.0
Semiconductors & Semiconductor Equipment	2.6
Professional Services	2.4
Personal Products	2.4
Other Investments, less than 2% each	7.8
Short-Term Investments	0.8

Total Investments	100.8
Other assets less liabilities	(0.8	)

Net Assets	100.0	%

Currency Exposure Summary at August 31, 2018 (Unaudited)


United States Dollar	71.0	%
Euro	8.9
British Pound	7.0
Swiss Franc	6.9
Danish Krone	3.4
Other, less than 2% each	3.6

Total Investments	100.8
Other assets less liabilities	(0.8	)

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of August 31, 2018 (Unaudited)

Loomis Sayles Senior Floating Rate and Fixed Income Fund


Principal Amount		Description	Value (†)
	Senior Loans – 88.4% of Net Assets
		Aerospace & Defense – 1.7%
$	17,612,406	Advanced Integration Technology LP, 2017 Term Loan B, LIBOR + 4.750%, 6.708%, 4/03/2023(a)	$	17,568,375
	16,064,025	Constellis Holdings LLC, 2017 1st Lien Term Loan, 3-month LIBOR + 5.000%, 7.334%, 4/21/2024(b)		16,164,426
	4,320,353	CPI International, Inc., 2017 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.576%, 7/26/2024(b)		4,328,475
	4,636,267	Engility Corp., Term Loan B2, 1-month LIBOR + 2.750%, 4.826%, 8/12/2023(b)		4,646,884
	6,049,951	EXC Holdings III Corp., USD 2017 1st Lien Term Loan, 3-month LIBOR + 3.500%, 5.834%, 12/02/2024(b)		6,102,888
	2,537,175	MHVC Acquisition Corp., 2017 Term Loan, 4/29/2024(c)		2,530,832
	11,143,748	MHVC Acquisition Corp., 2017 Term Loan, 3-month LIBOR + 5.250%, 7.590%, 4/29/2024(b)		11,115,888
	8,562,032	WP CPP Holdings LLC, 2018 Term Loan, 2-month LIBOR + 3.750%, 6.214%, 4/30/2025(d)		8,588,831

				71,046,599

		Automotive – 5.2%
	14,049,055	Autodata, Inc., 1st Lien Term Loan, 3-month LIBOR + 3.250%, 5.357%, 12/13/2024(b)		14,084,178
	15,865,169	BBB Industries U.S. Holdings, Inc., 2018 1st Lien Term Loan, 3-month LIBOR + 4.500%, 6.582%, 8/01/2025(b)		15,825,506
	13,017,387	Bright Bidco B.V., 2018 Term Loan B, LIBOR + 3.500%, 5.751%, 6/30/2024(a)		12,889,947
	17,489,253	Capital Automotive LP, 2017 2nd Lien Term Loan, 1-month LIBOR + 6.000%, 8.080%, 3/24/2025(b)		17,839,038
	19,736,589	Dayco Products LLC, 2017 Term Loan B, 3-month LIBOR + 4.250%, 6.563%, 5/19/2023(b)		19,724,352
	1,180,892	DexKo Global, Inc., 2018 USD Incremental Term Loan, 1-month LIBOR + 3.500% , 5.576%, 7/24/2024(b)		1,182,368
	11,144,070	DexKo Global, Inc., 2018 USD Term Loan, 1-month LIBOR + 3.500%, 5.576%, 7/24/2024(b)		11,158,000
	12,067,796	Innovative Xcessories & Services LLC, Term Loan B, 1-month LIBOR + 4.750%, 6.820%, 11/29/2022(b)		12,022,542
	14,142,450	K&N Engineering, Inc., 1st Lien Term Loan, 3-month LIBOR + 4.750%, 7.084%, 10/19/2023(b)		14,133,682
	15,712,000	L&W, Inc., 2018 Term Loan B, 1-month LIBOR + 4.000%, 6.066%, 5/22/2025(b)		15,849,480
	9,584,428	Sage Automotive Interiors, Inc., 2016 1st Lien Term Loan, 1-month LIBOR + 5.000%, 7.076%, 10/27/2022(b)		9,608,389
	12,547,244	Solera LLC, USD Term Loan B, 1-month LIBOR + 2.750%, 4.826%, 3/03/2023(b)		12,531,560
	15,869,925	Trico Group LLC, 2018 Term Loan, 3-month LIBOR + 6.500%, 8.813%, 2/02/2024(b)		15,869,925
	19,702,540	Truck Hero, Inc., 1st Lien Term Loan, 1-month LIBOR + 3.750%, 5.816%, 4/21/2024(b)		19,717,317
	9,783,433	U.S. Farathane LLC, 2017 Term Loan B4, 3-month LIBOR + 3.500%, 5.834%, 12/23/2021(b)		9,783,433


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Automotive – continued
$	13,859,091	Wand Intermediate I LP, 2nd Lien Term Loan, 2-month LIBOR + 7.250%, 9.423%, 9/19/2022(b)	$	13,893,739

				216,113,456

		Brokerage – 0.2%
	1,903,000	Edelman Financial Center LLC, 2018 2nd Lien Term Loan, 3-month LIBOR + 6.750%, 9.092%, 7/20/2026(b)		1,945,817
	7,943,000	Edelman Financial Center LLC, 2018 Term Loan B, 3-month LIBOR + 3.250%, 5.592%, 7/21/2025(b)		7,980,253

				9,926,070

		Building Materials – 2.5%
	22,283,858	CPG International, Inc., 2017 Term Loan, 6-month LIBOR + 3.750%, 6.251%, 5/03/2024(b)		22,437,171
	19,227,352	DiversiTech Holdings, Inc., 2018 1st Lien Term Loan, 3-month LIBOR + 3.000%, 5.340%, 6/03/2024(b)		19,131,215
	5,963,055	Encapsys LLC, 1st Lien Term Loan, 1-month LIBOR + 3.250%, 5.326%, 11/07/2024(b)		5,974,266
	16,927,000	Interior Logic Group, Inc., 2018 Term Loan B, 3-month LIBOR + 4.000%, 6.342%, 5/30/2025(b)		16,916,505
	15,922,360	Janus International Group LLC, 2018 1st Lien Term Loan, 1-month LIBOR + 3.000%, 5.076%, 2/12/2025(b)		15,673,653
	7,075,599	Mannington Mills, Inc., Term Loan B, 3-month LIBOR + 3.750%, 6.084%, 10/01/2021(b)		7,115,435
	3,625,860	VC GB Holdings, Inc., 2nd Lien Term Loan, 1-month LIBOR + 8.000%, 10.076%, 2/28/2025(b)		3,643,989
	15,160,832	Wilsonart LLC, 2017 Term Loan B, 3-month LIBOR + 3.250%, 5.590%, 12/19/2023(b)		15,191,608

				106,083,842

		Chemicals – 1.4%
	3,030,000	ASP Chromaflo Intermediate Holdings, Inc., 2016 2nd Lien Term Loan, 1-month LIBOR + 8.000%, 10.076%, 11/14/2024(b)		3,018,637
	2,887,457	DuBois Chemicals, Inc., 2017 1st Lien Term Loan B, 1-month LIBOR + 3.250%, 5.326%, 3/15/2024(b)		2,880,239
	9,863,279	Plaskolite, Inc., 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.576%, 11/03/2022(b)		9,838,621
	12,600,000	Polymer Additives, Inc., 2018 1st Lien Term Loan, 1-month LIBOR + 6.000%, 8.076%, 7/31/2025(b)		12,348,000
	15,751,363	Prince Minerals, Inc., 2018 1st Lien Term Loan, LIBOR + 3.500%, 5.899%, 3/20/2025(a)		15,121,308
	15,780,405	Transcendia, Inc., 2017 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.576%, 5/30/2024(b)		15,648,954

				58,855,759

		Construction Machinery – 0.3%
	3,266,549	Onsite Rental Group Pty Ltd., Notes, 6.100%, 10/26/2023, 144A(e)(f)(g)		2,515,243
	2,389,195	Onsite Rental Group Pty Ltd., Term Loan B, 1-month LIBOR + 4.500%, 6.573%, 10/26/2022(b)		2,341,411
	6,579,379	Utility One Source LP, Term Loan B, 1-month LIBOR + 5.500%, 7.576%, 4/18/2023(b)		6,694,518

				11,551,172


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Consumer Cyclical Services – 8.0%
$	10,385,715	Access CIG LLC, 2018 1st Lien Term Loan, 1-month LIBOR + 3.750%, 5.826%, 2/27/2025(b)	$	10,418,222
	483,039	Access CIG LLC, 2018 2nd Lien Delayed Draw Term Loan, 7.750%, 2/27/2026(h)		484,044
	8,991,961	Access CIG LLC, 2018 2nd Lien Term Loan, 1-month LIBOR + 7.750%, 9.826%, 2/27/2026(b)		9,010,664
	1,297,256	Access CIG LLC, 2018 Delayed Draw Term Loan, 3.750%, 2/27/2025(h)		1,301,316
	3,320,678	Access CIG LLC, 2018 Incremental Term Loan, 1-month LIBOR + 3.750%, 5.826%, 2/27/2025(b)		3,331,071
	14,209,985	Allied Universal Holdco LLC, 2015 Term Loan, 1-month LIBOR + 3.750%, 5.826%, 7/28/2022(b)		13,996,835
	10,807,693	ASP MCS Acquisition Corp., Term Loan B, 3-month LIBOR + 4.750%, 7.084%, 5/18/2024(b)		9,672,886
	13,940,287	Boing U.S. Holdco, Inc., 2017 1st Lien Term Loan, 3-month LIBOR + 3.250%, 5.593%, 10/03/2024(b)		13,992,563
	5,920,667	Boing U.S. Holdco, Inc., 2017 2nd Lien Term Loan, 3-month LIBOR + 7.500%, 9.843%, 10/03/2025(b)		5,920,667
	19,046,015	ConvergeOne Holdings Corp., 2018 1st Lien Term Loan, 1-month LIBOR + 3.750%, 5.826%, 4/04/2025(b)		19,117,438
	6,706,804	DG Investment Intermediate Holdings 2, Inc., 2018 1st Lien Term Loan, 1-month LIBOR + 3.000%, 5.076%, 2/03/2025(b)		6,652,345
	1,890,000	DG Investment Intermediate Holdings 2, Inc., 2018 2nd Lien Term Loan, 3-month LIBOR + 6.750%, 9.084%, 2/02/2026(b)		1,899,450
	72,039	DG Investment Intermediate Holdings 2, Inc., 2018 Delayed Draw Term Loan, 3.000%, 2/03/2025(h)		71,454
	648,348	DG Investment Intermediate Holdings 2, Inc., 2018 Delayed Draw Term Loan, 1-month LIBOR + 3.000%, 5.076%, 2/03/2025(b)		643,084
	3,883,955	DG Investment Intermediate Holdings 2, Inc., 2018 Incremental Term Loan, 1-month LIBOR + 3.000%, 5.076%, 2/03/2025(b)		3,852,417
	22,637,992	DTI Holdco, Inc., 2018 Term Loan B, LIBOR + 4.750%, 6.945%, 9/30/2023(a)		22,562,608
	20,678,732	DTZ U.S. Borrower LLC, 2018 Add On Term Loan B, 8/21/2025(c)		20,601,187
	16,842,151	Duff & Phelps Corp., 2017 Term Loan B, 3-month LIBOR + 3.250%, 5.584%, 2/13/2025(b)		16,866,741
	5,439,066	Garda World Security Corp., 2017 Term Loan, 3-month LIBOR + 3.500%, 5.800%, 5/24/2024(b)		5,459,462
	14,071,637	Imagine! Print Solutions, Inc., 2017 Term Loan, 1-month LIBOR + 4.750%, 6.830%, 6/21/2022(b)		13,086,622
	7,416,332	LegalZoom.com, Inc., 1st Lien Term Loan, 1-month LIBOR + 4.250%, 6.316%, 11/21/2024(b)		7,453,414
	13,891,421	Mister Car Wash Holdings, Inc., Term Loan B, 3-month LIBOR + 3.250%, 5.703%, 8/20/2021(b)		13,920,315
	16,247,316	National Intergovernmental Purchasing Alliance Co., 1st Lien Term Loan, 3-month LIBOR + 3.750%, 6.084%, 5/23/2025(b)		16,247,316
	11,855,142	PricewaterhouseCoopers LLP, 2018 Term Loan, 1-month LIBOR + 3.250%, 5.326%, 5/01/2025(b)		11,884,780
	6,042,865	Prometric Holdings, Inc., 1st Lien Term Loan, 1-month LIBOR + 3.000%, 5.080%, 1/29/2025(b)		6,030,296
	4,455,833	SMG Holdings, Inc., 2017 1st Lien Term Loan, 1-month LIBOR + 3.250%, 5.326%, 1/23/2025(b)		4,461,402
	14,751,929	Southern Graphics, Inc., 2018 Term Loan B, 1-month LIBOR + 3.250%, 5.326%, 12/31/2022(b)		14,724,343


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Consumer Cyclical Services – continued
$	5,251,950	Sterling Infosystems, Inc., 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.576%, 6/20/2022(b)	$	5,219,125
	4,565,076	STG-Fairway Acquisitions, Inc., 2015 1st Lien Term Loan, 3-month LIBOR + 5.250%, 7.592%, 6/30/2022(b)		4,553,663
	1,892,161	Stiphout Finance LLC, USD 1st Lien Term Loan, 1-month LIBOR + 3.000%, 5.076%, 10/26/2022(b)		1,887,430
	10,039,327	TruGreen LP, 2017 Term Loan, 1-month LIBOR + 4.000%, 6.067%, 4/13/2023(b)		10,083,299
	3,090,833	TwentyEighty, Inc., PIK Term Loan B, 4.000%, 3/31/2020(f)(i)		3,052,197
	2,269,055	TwentyEighty, Inc., PIK Term Loan C, 0.250%, 3/31/2020(f)(i)		2,240,691
	13,234,626	U.S. Security Associates Holdings, Inc., 2016 Term Loan, 3-month LIBOR + 3.500%, 5.834%, 7/14/2023(b)		13,234,626
	15,184,988	Vestcom Parent Holdings, Inc., 2016 1st Lien Term Loan, 1-month LIBOR + 4.000%, 6.076%, 12/19/2023(b)		15,166,007
	38,961	Vestcom Parent Holdings, Inc., 2016 1st Lien Term Loan, Prime + 3.000%, 8.000%, 12/19/2023(b)		38,912
	12,544,285	West Corp., 2017 Term Loan, 1-month LIBOR + 4.000%, 6.076%, 10/10/2024(b)		12,485,452
	3,240,000	West Corp., 2018 Term Loan B1, 1-month LIBOR + 3.500%, 5.576%, 10/10/2024(b)		3,205,786
	10,361,502	William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 1-month LIBOR + 2.750%, 4.830%, 5/18/2025(b)		10,303,271

				335,133,401

		Consumer Products – 6.1%
	35,996,740	Advantage Sales & Marketing, Inc., 2014 2nd Lien Term Loan, 1-month LIBOR + 6.500%, 8.576%, 7/25/2022(b)		29,697,311
	9,661,000	Anastasia Parent LLC, 2018 Term Loan B, 8/11/2025(c)		9,618,781
	9,790,000	Anastasia Parent LLC, 2018 Term Loan B, 3-month LIBOR + 3.750%, 5.817%, 8/11/2025(b)		9,747,218
	15,484,954	Augusta Sportswear Group, Inc., Term Loan B, 1-month LIBOR + 4.500%, 6.576%, 10/26/2023(b)		14,284,870
	6,800,000	Global Appliance, Inc., Term Loan B, 9/29/2024(c)		6,766,000
	5,806,648	Global Appliance, Inc., Term Loan B, 1-month LIBOR + 4.000%, 6.080%, 9/29/2024(b)		5,777,614
	7,468,021	Highline Aftermarket Acquisition LLC, 2018 Term Loan B, 1-month LIBOR + 3.500%, 5.625%, 4/26/2025(b)		7,430,681
	15,088,328	Information Resources, Inc., 1st Lien Term Loan, 3-month LIBOR + 4.250%, 6.567%, 1/18/2024(b)		15,157,432
	12,514,699	Inmar Holdings, Inc., 2017 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.576%, 5/01/2024(b)		12,551,242
	12,083,607	Ozark Holdings LLC, Term Loan B, 1-month LIBOR + 3.250%, 5.326%, 7/01/2023(b)		11,970,384
	15,970,000	Pelican Products, Inc., 2018 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.581%, 5/01/2025(b)		15,900,211
	16,393,159	Polyconcept Investments BV, USD 2016 Term Loan B, 1-month LIBOR + 3.750%, 5.826%, 8/16/2023(b)		16,485,452
	3,941,078	Radio Systems Corp., Term Loan B, 1-month LIBOR + 2.750%, 4.826%, 5/02/2024(b)		3,950,930


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Consumer Products – continued
$	8,858,981	Rodan & Fields LLC, 2018 Term Loan B, 1-month LIBOR + 4.000%, 6.063%, 6/06/2025(b)	$	8,914,349
	4,300,608	Serta Simmons Bedding LLC, 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.579%, 11/08/2023(d)		3,680,590
	16,335,507	Serta Simmons Bedding LLC, 2nd Lien Term Loan, 1-month LIBOR + 8.000%, 10.071%, 11/08/2024(b)		11,271,500
	20,199,000	SIWF Holdings, Inc., 1st Lien Term Loan, 1-month LIBOR + 4.250%, 6.314%, 6/15/2025(b)		20,224,249
	6,129,877	SRAM, LLC, 2018 Term Loan B, 2-month LIBOR + 2.750%, 4.946%, 3/15/2024(d)		6,145,202
	26,768	SRAM, LLC, 2018 Term Loan B, Prime + 1.750%, 6.750%, 3/15/2024(b)		26,835
	15,933,092	Strategic Partners, Inc., 2016 Term Loan, 1-month LIBOR + 3.750%, 5.826%, 6/30/2023(b)		15,953,009
	14,506,050	Weight Watchers International, Inc., 2017 Term Loan B, LIBOR + 4.750%, 7.048%, 11/29/2024(a)		14,660,249
	14,641,852	Wellness Merger Sub, Inc., 1st Lien Term Loan, 2-month LIBOR + 4.750%, 7.063%, 6/30/2024(b)		14,742,588

				254,956,697

		Diversified Manufacturing – 1.5%
	17,378,362	Cortes NP Acquisition Corp., 2017 Term Loan B, 3-month LIBOR + 4.000%, 6.313%, 11/30/2023(b)		17,356,639
	19,555,777	Engineered Machinery Holdings, Inc., USD 1st Lien Term Loan, 3-month LIBOR + 3.250%, 5.584%, 7/19/2024(b)		19,523,118
	10,526,424	NN, Inc., 2016 Term Loan B, 1-month LIBOR + 3.750%, 5.826%, 10/19/2022(b)		10,495,687
	15,847,540	Robertshaw U.S. Holding Corp., 2018 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.625%, 2/28/2025(b)		15,699,049

				63,074,493

		Electric – 1.0%
	7,578,838	Anemoi Acquisition Holdings LLC, Term Loan B, 3-month LIBOR + 4.250%, 6.584%, 6/26/2022(b)		7,588,312
	6,993,700	APLP Holdings LP, 2016 Term Loan B, 1-month LIBOR + 3.000%, 5.076%, 4/13/2023(b)		7,002,442
	12,556,000	CRCI Holdings, Inc., USD 2017 1st Lien Term Loan, 3-month LIBOR + 3.500%, 5.583%, 8/08/2025(b)		12,576,968
	14,893,079	Mirion Technologies, Inc., Term Loan B, LIBOR + 4.750%, 6.976%, 3/31/2022(a)		14,781,381

				41,949,103

		Environmental – 0.7%
	12,552,817	EnergySolutions LLC, 2018 Term Loan B, 3-month LIBOR + 3.750%, 6.084%, 5/09/2025(b)		12,631,272
	3,323,368	SiteOne Landscape Supply, Inc., 2018 Term Loan E, 1-month LIBOR + 2.750%, 4.820%, 10/29/2024(b)		3,323,368
	4,245,915	USS Ultimate Holdings, Inc., 1st Lien Term Loan, 1-month LIBOR + 3.750%, 5.826%, 8/25/2024(b)		4,261,837
	9,772,300	Zep, Inc., 2017 1st Lien Term Loan, 3-month LIBOR + 4.000%, 6.334%, 8/12/2024(b)		9,185,962

				29,402,439


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Financial Other – 2.4%
$	11,606,059	AqGen Ascensus, Inc., 2017 Repriced Term Loan, 2-month LIBOR + 3.500%, 5.669%, 12/05/2022(b)	$	11,620,567
	757,850	AqGen Ascensus, Inc., 2018 Delayed Draw Term Loan, 12/03/2022(h)		758,797
	477,775	AqGen Ascensus, Inc., 2018 Delayed Draw Term Loan, 1-month LIBOR + 3.500%, 5.576%, 12/03/2022(b)		478,372
	2,054,227	AqGen Ascensus, Inc., 2018 Incremental Term Loan, 2-month LIBOR + 3.500%, 5.669%, 12/05/2022(b)		2,056,794
	11,036,734	DBRS Ltd., Term Loan, 3-month LIBOR + 5.250%, 7.563%, 3/04/2022(b)		11,050,530
	4,779,482	Eze Castle Software, Inc., New 2nd Lien Term Loan, 1-month LIBOR + 6.500%, 8.576%, 4/05/2021(b)		4,783,449
	13,762,202	LifeMiles Ltd., Term Loan B, 3-month LIBOR + 5.500%, 7.805%, 8/18/2022(d)		13,865,419
	16,454,000	Mayfield Agency Borrower, Inc., 2018 1st Lien Term Loan, 1-month LIBOR + 4.500%, 6.576%, 2/28/2025(b)		16,556,838
	5,662,581	NAB Holdings LLC, 2017 Repriced Term Loan, 3-month LIBOR + 3.000%, 5.334%, 7/01/2024(b)		5,644,913
	13,010,790	Resolute Investment Managers, Inc., 2017 1st Lien Term Loan B, 3-month LIBOR + 3.250%, 5.584%, 4/30/2022(b)		13,092,107
	3,582,349	Victory Capital Holdings, Inc., 2018 Term Loan B, 3-month LIBOR + 2.750%, 5.084%, 2/12/2025(b)		3,586,827
	14,662,836	Wall Street Systems Delaware, Inc., 2017 Term Loan B, 1-month LIBOR + 3.000%, 5.076%, 11/21/2024(b)		14,442,894

				97,937,507

		Food & Beverage – 2.6%
	15,052,903	AI Aqua Merger Sub, Inc., 2017 1st Lien Term Loan B, 1-month LIBOR + 3.250%, 5.326%, 12/13/2023(b)		14,977,639
	4,738,459	AI Aqua Merger Sub, Inc., 2017 Incremental Term Loan, 1-month LIBOR + 3.250%, 5.326%, 12/13/2023(b)		4,702,920
	4,366,242	Arctic Glacier U.S.A., Inc., 2018 Term Loan B, 1-month LIBOR + 3.500%, 5.576%, 3/20/2024(b)		4,369,866
	3,081,992	Atkins Nutritionals Holdings II, Inc., 2017 Term Loan B, 3-month LIBOR + 3.500%, 5.843%, 7/07/2024(b)		3,108,960
	9,716,239	CPM Holdings, Inc., Term Loan B, 1-month LIBOR + 3.500%, 5.576%, 4/11/2022(b)		9,764,820
	19,521,945	Give & Go Prepared Foods Corp., 2017 1st Lien Add-On Term Loan, 3-month LIBOR + 4.250%, 6.584%, 7/29/2023(b)		17,764,970
	10,904,000	Hearthside Food Solutions LLC, 2018 Term Loan B, 1-month LIBOR + 3.000%, 5.065%, 5/23/2025(b)		10,809,462
	9,910,029	High Liner Foods, Inc., Refi Term Loan B, 3-month LIBOR + 3.250%, 5.584%, 4/24/2021(d)		9,191,552
	14,588,904	Proampac PG Borrower LLC, 2016 1st Lien Term Loan, LIBOR + 3.500%, 5.735%, 11/18/2023(a)		14,515,959
	8,718,000	Sigma Bidco BV, 2018 USD Term Loan B, 1-month LIBOR + 3.000%, 5.081%, 7/02/2025(b)		8,690,800
	10,023,598	UTZ Quality Foods LLC, 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.565%, 11/21/2024(b)		10,064,294

				107,961,242

		Gaming – 0.2%
	8,684,000	Stars Group Holdings B.V. (The), 2018 USD Incremental Term Loan, 3-month LIBOR + 3.500%, 5.831%, 7/10/2025(b)		8,748,522


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Health Insurance – 0.6%
$	1,586,025	ExamWorks Group, Inc., 2017 Term Loan, 1-month LIBOR + 3.250%, 5.326%, 7/27/2023(b)	$	1,594,447
	24,332,234	Sedgwick Claims Management Services, Inc., 2nd Lien Term Loan, LIBOR + 5.750%, 7.880%, 2/28/2022(a)		24,393,064

				25,987,511

		Healthcare – 5.0%
	15,733,500	Argon Medical Devices, Inc., 2017 1st Lien Term Loan B, 1-month LIBOR + 3.750%, 5.826%, 1/23/2025(b)		15,785,893
	11,070,423	Ascend Learning LLC, 2017 Term Loan B, 1-month LIBOR + 3.000%, 5.076%, 7/12/2024(b)		11,042,747
	8,685,704	ATI Holdings Acquisition, Inc., 2016 Term Loan, 1-month LIBOR + 3.500%, 5.567%, 5/10/2023(b)		8,669,461
	10,879,288	BCPE Eagle Buyer LLC, 2017 1st Lien Term Loan, 1-month LIBOR + 4.250%, 6.326%, 3/18/2024(b)		10,498,512
	14,533,687	Carestream Dental Equipment, Inc, 2017 1st Lien Term Loan, 3-month LIBOR + 3.250%, 5.584%, 9/01/2024(b)		14,488,342
	2,350,000	DuPage Medical Group Ltd., 2nd Lien Term Loan, 1-month LIBOR + 7.000%, 9.077%, 8/15/2025(b)		2,350,000
	11,229,849	Explorer Holdings, Inc., 2016 Term Loan B, 3-month LIBOR + 3.750%, 6.084%, 5/02/2023(b)		11,285,998
	10,451,736	FHC Health Systems, Inc., 2014 Term Loan, 1-month LIBOR + 4.000%, 6.076%, 12/23/2021(b)		8,936,234
	2,379,000	Gentiva Health Services, Inc., 2018 2nd Lien Term Loan, 3-month LIBOR + 7.000%, 9.375%, 7/02/2026(b)		2,414,685
	13,954,700	GHX Ultimate Parent Corp., 2017 1st Lien Term Loan, 3-month LIBOR + 3.250%, 5.584%, 6/28/2024(b)		13,931,396
	6,238,409	Greatbatch Ltd., 2017 1st Lien Term Loan B, 1-month LIBOR + 3.000%, 5.070%, 10/27/2022(b)		6,270,724
	17,559,440	HC Group Holdings III, Inc., Term Loan B, 1-month LIBOR + 3.750%, 5.826%, 4/07/2022(b)		17,625,288
	8,521,469	NMSC Holdings, Inc., 1st Lien Term Loan, 6-month LIBOR + 5.000%, 7.501%, 4/19/2023(b)		8,564,076
	15,477,415	Onex TSG Holdings II Corp., 1st Lien Term Loan, 1-month LIBOR + 4.000%, 6.076%, 7/31/2022(b)		15,554,802
	11,532,999	Patterson Medical Holdings, Inc., 1st Lien Term Loan, LIBOR + 4.750%, 7.092%, 8/28/2022(a)		10,898,684
	8,218,034	St. Georges University, 2018 1st Lien Term Loan B, 1-month LIBOR + 3.500%, 5.580%, 6/21/2025(b)		8,300,215
	2,556,722	St. Georges University, 2018 Delayed Draw Term Loan, 6/21/2025(h)		2,582,289
	14,425,134	Surgery Center Holdings, Inc., 2017 Term Loan B, 3-month LIBOR + 3.250%, 5.570%, 9/02/2024(b)		14,401,044
	7,377,196	Tecomet Inc., 2017 Repriced Term Loan, 1-month LIBOR + 3.500%, 5.580%, 5/01/2024(b)		7,393,352
	5,513,966	U.S. Anesthesia Partners, Inc., 2017 Term Loan, 1-month LIBOR + 3.000%, 5.076%, 6/23/2024(b)		5,523,174
	12,754,000	Verscend Holding Corp., 2018 Term Loan B, 8/09/2025(c)		12,825,805

				209,342,721

		Home Construction – 0.8%
	4,662,030	Fastener Acquisition, Inc., 2018 1st Lien Term Loan, LIBOR + 4.250%, 6.474%, 3/28/2025(a)		4,664,967


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Home Construction – continued
$	1,525,000	Hayward Industries, Inc., 1st Lien Term Loan, 8/05/2024(c)	$	1,528,813
	14,794,379	Hayward Industries, Inc., 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.576%, 8/05/2024(b)		14,831,365
	13,239,829	LBM Borrower LLC, 2018 1st Lien Term Loan, 1-month LIBOR + 3.750%, 5.945%, 8/20/2022(b)		13,297,819

				34,322,964

		Independent Energy – 1.0%
	11,400,000	California Resources Corp., 2017 1st Lien Term Loan, 1-month LIBOR + 4.750%, 6.816%, 12/31/2022(b)		11,556,750
	6,160,000	California Resources Corp., Second Out Term Loan, 1-month LIBOR + 10.375%, 12.440%, 12/31/2021(b)		6,810,681
	23,593,712	Gavilan Resources LLC, 2nd Lien Term Loan, 1-month LIBOR + 6.000%, 8.077%, 3/01/2024(b)		22,797,424
	1,618,496	P2 Upstream Acquisition Co., 1st Lien Term Loan, 3-month LIBOR + 4.000%, 6.350%, 10/30/2020(b)		1,598,265

				42,763,120

		Industrial Other – 6.2%
	15,011,078	ABG Intermediate Holdings 2 LLC, 2017 1st Lien Add-On Term Loan, 1-month LIBOR + 3.500%, 5.576%, 9/26/2024(b)		15,029,841
	14,629,485	Capri Finance LLC, USD 2017 1st Lien Term Loan, 3-month LIBOR + 3.250%, 5.592%, 11/01/2024(b)		14,556,338
	13,564,393	CIBT Global, Inc., 2017 Term Loan, 3-month LIBOR + 3.750%, 6.084%, 6/03/2024(b)		13,581,349
	4,579,333	Crosby U.S. Acquisition Corp., 2nd Lien Term Loan, 1-month LIBOR + 6.000%, 8.067%, 11/22/2021(b)		4,510,643
	18,666,350	Diamond (BC) B.V., USD Term Loan, 1-month LIBOR + 3.000%, 5.076%, 9/06/2024(b)		18,238,517
	3,375,519	Element Materials Technology Group U.S. Holdings, Inc., 2017 USD Term Loan B, 1-month LIBOR + 3.500%, 5.576%, 6/28/2024(b)		3,383,958
	4,117,680	Filtration Group Corp., 2018 1st Lien Term Loan, 1-month LIBOR + 3.000%, 5.076%, 3/29/2025(b)		4,130,568
	10,929,501	GI Revelation Acquisition LLC, 2018 1st Lien Term Loan, 1-month LIBOR + 5.000%, 7.076%, 4/16/2025(b)		10,922,724
	18,157,423	Harland Clarke Holdings Corp., Term Loan B7, 3-month LIBOR + 4.750%, 7.084%, 11/03/2023(b)		17,067,978
	4,350,000	International Textile Group, Inc., 1st Lien Term Loan, 5/01/2024(c)		4,369,053
	11,586,000	International Textile Group, Inc., 1st Lien Term Loan, 1-month LIBOR + 5.000%, 7.081%, 5/01/2024(b)		11,636,747
	7,828,000	International Textile Group, Inc., 2nd Lien Term Loan, 1-month LIBOR + 9.000%, 11.081%, 5/01/2025(b)		7,828,000
	10,946,232	Laureate Education, Inc., 2017 Term Loan B, 1-month LIBOR + 3.500%, 5.576%, 4/26/2024(b)		10,958,163
	10,332,000	Loparex Holding B.V., 2018 Term Loan, 3-month LIBOR + 4.250%, 6.584%, 4/11/2025(b)		10,409,490
	11,029,194	LTI Holdings, Inc., 2017 1st Lien Term Loan, 1-month LIBOR + 4.750%, 6.826%, 5/16/2024(b)		11,008,569
	7,052,000	LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, 8/10/2025(c)		7,069,630
	3,198,983	LTI Holdings, Inc., 2018 Term Loan, 1-month LIBOR + 3.500%, 5.576%, 5/16/2024(b)		3,194,984


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Industrial Other – continued
$	10,571,108	Merrill Communications LLC, 2015 Term Loan, 3-month LIBOR + 5.250%, 7.592%, 6/01/2022(b)	$	10,650,391
	9,948,068	NES Global Talent Finance U.S. LLC, 2018 1st Lien Term Loan B, 3-month LIBOR + 5.500%, 7.842%, 5/11/2023(b)		9,948,068
	6,842,966	Oasis Outsourcing Holdings, Inc., 2018 1st Lien Term Loan, 1-month LIBOR + 3.250%, 5.326%, 6/30/2023(b)		6,868,627
	6,955,650	Oxbow Carbon LLC, 2017 1st Lien Term Loan B, 1-month LIBOR + 3.500%, 5.576%, 1/04/2023(b)		6,994,810
	5,030,393	Safe Fleet Holdings LLC, 2018 1st Lien Term Loan, 3-month LIBOR + 3.000%, 5.090%, 2/01/2025(b)		4,986,377
	19,401,000	Savage Enterprises LLC, 2018 1st Lien Term Loan B, 1-month LIBOR + 4.500%, 6.582%, 8/01/2025(b)		19,546,508
	4,355,000	Shape Technologies Group, Inc., Term Loan, LIBOR + 3.000%, 5.134%, 4/21/2025(a)		4,349,556
	13,768,713	Sotera Health Holdings LLC, 2017 Term Loan, 3-month LIBOR + 3.000%, 5.334%, 5/15/2022(b)		13,782,481
	4,566,525	Unifrax Corp., 2017 USD Term Loan B, 3-month LIBOR + 3.500%, 5.834%, 4/04/2024(b)		4,583,649
	9,124,919	WireCo WorldGroup, Inc., 1st Lien Term Loan, 1-month LIBOR + 5.000%, 7.076%, 9/30/2023(b)		9,224,745

				258,831,764

		Internet & Data – 3.4%
	6,967,612	CareerBuilder, LLC, Term Loan, 3-month LIBOR + 6.750%, 9.084%, 7/31/2023(b)		6,967,612
	12,573,000	EagleView Technology Corp., 2018 Add On Term Loan B, 1-month LIBOR + 3.500%, 5.567%, 8/14/2025(b)		12,549,488
	2,500,000	EIG Investors Corp., 2018 1st Lien Term Loan, 2/09/2023(c)		2,509,375
	25,588,649	EIG Investors Corp., 2018 1st Lien Term Loan, LIBOR + 3.750%, 6.060%, 2/09/2023(a)		25,684,606
	14,383,144	GTCR Valor Cos., Inc., USD 2017 Term Loan B1, 3-month LIBOR + 3.250%, 5.584%, 6/16/2023(b)		14,422,698
	19,843,271	MH Sub I LLC, 2017 1st Lien Term Loan, 1-month LIBOR + 3.750%, 5.827%, 9/13/2024(b)		19,917,684
	8,830,000	MH Sub I LLC, 2017 2nd Lien Term Loan, 1-month LIBOR + 7.500%, 9.577%, 9/15/2025(b)		8,918,300
	20,496,755	NeuStar, Inc., 2018 Term Loan B4, 1-month LIBOR + 3.500%, 5.575%, 8/08/2024(b)		20,547,996
	12,838,048	NeuStar, Inc., 2nd Lien Term Loan, 1-month LIBOR + 8.000%, 10.076%, 8/08/2025(b)		12,559,848
	15,718,000	Zacapa LLC, 2018 1st Lien Term Loan B, 3-month LIBOR + 5.000%, 7.337%, 7/02/2025(b)		15,796,590

				139,874,197

		Leisure – 1.5%
	12,312,156	CDS U.S. Intermediate Holdings, Inc., 2017 1st Lien Term Loan, 1-month LIBOR + 3.750%, 5.826%, 7/08/2022(b)		12,115,900
	7,850,316	CDS U.S. Intermediate Holdings, Inc., 2nd Lien Term Loan, 1-month LIBOR + 8.250%, 10.326%, 7/10/2023(b)		7,614,807
	23,627,276	Kingpin Intermediate Holdings LLC, 2018 Term Loan B, 1-month LIBOR + 3.500%, 5.580%, 7/03/2024(b)		23,765,023
	15,186,120	Leslie’s Poolmart, Inc., 2016 Term Loan, 2-month LIBOR + 3.500%, 5.695%, 8/16/2023(b)		15,176,704


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Leisure – continued
$	2,863,481	Recess Holdings, Inc., 2017 1st Lien Term Loan, 6-month LIBOR + 3.750%, 6.203%, 9/29/2024(b)	$	2,874,218
	278,765	Recess Holdings, Inc., 2017 Delayed Draw Term Loan, 3.750%, 9/29/2024(h)		279,810
	111,116	Recess Holdings, Inc., 2017 Delayed Draw Term Loan, 1-month LIBOR + 3.750%, 5.825%, 9/29/2024(b)		111,533

				61,937,995

		Media Entertainment – 4.3%
	9,147,846	ALM Media Holdings, Inc., 1st Lien Term Loan, 3-month LIBOR + 4.500%, 6.834%, 7/31/2020(b)		8,233,062
	6,775,564	Alpha Media LLC, 2016 Term Loan, LIBOR + 6.000%, 8.193%, 2/25/2022(a)(e)(g)		6,165,763
	14,755,996	Camelot UK Holdco Ltd., 2017 Repriced Term Loan, 1-month LIBOR + 3.250%, 5.326%, 10/03/2023(b)		14,734,452
	20,232,948	Cengage Learning Acquisitions, Inc., 2016 Term Loan B, 1-month LIBOR + 4.250%, 6.327%, 6/07/2023(b)		18,725,594
	1,950,000	Comet Bidco Ltd., 2018 USD Term Loan B, 9/30/2024(c)		1,899,631
	14,116,065	Comet Bidco Ltd., 2018 USD Term Loan B, 3-month LIBOR + 5.000%, 7.313%, 9/30/2024(b)		13,751,447
	1,731,220	Extreme Reach, Inc., 1st Lien Term Loan, 1-month LIBOR + 6.250%, 8.330%, 2/07/2020(b)		1,725,265
	14,278,000	Extreme Reach, Inc., 2nd Lien Term Loan, 1-month LIBOR + 10.000%, 12.066%, 1/24/2021(b)(e)(g)		13,885,355
	1,370,000	Houghton Mifflin Harcourt Publishing Co., 2015 Term Loan B, 5/31/2021(c)		1,268,620
	16,310,411	Houghton Mifflin Harcourt Publishing Co., 2015 Term Loan B, 1-month LIBOR + 3.000%, 5.076%, 5/31/2021(b)		15,103,440
	16,497,336	LSC Communications, Inc., 2017 Term Loan B, 1-month LIBOR + 5.500%, 7.576%, 9/30/2022(b)		16,497,336
	22,149,209	McGraw-Hill Global Education Holdings LLC, 2016 Term Loan B, 1-month LIBOR + 4.000%, 6.076%, 5/04/2022(b)		21,108,196
	18,383,930	Meredith Corp., Term Loan B, 1-month LIBOR + 3.000%, 5.076%, 1/31/2025(b)		18,424,742
	7,244,000	National CineMedia LLC, 2018 Term Loan B, 1-month LIBOR + 3.000%, 5.125%, 6/20/2025(b)		7,234,945
	9,962,813	Project Sunshine IV PTY Limited, 2017 Term Loan B, 1-month LIBOR + 7.000%, 9.076%, 8/21/2022(b)		9,962,813
	4,501,410	ProQuest LLC, New Term Loan B, 2-month LIBOR + 3.750%, 5.919%, 10/24/2021(b)		4,514,059
	6,006,963	Sesac Holdco II LLC, 2017 1st Lien Term Loan, 1-month LIBOR + 3.000%, 5.076%, 2/23/2024(b)		5,946,893

				179,181,613

		Metals & Mining – 1.5%
	11,567,081	American Rock Salt Co. LLC, 2018 1st Lien Term Loan, 1-month LIBOR + 3.750%, 5.826%, 3/21/2025(b)		11,581,540
	8,758,985	AMG Advanced Metallurgical Group NV, 2018 Term Loan B, 1-month LIBOR + 3.000%, 5.076%, 1/29/2025(b)		8,748,036
	2,000,000	Global Brass & Copper, Inc., 2018 Term Loan B, 1-month LIBOR + 2.500%, 4.625%, 5/29/2025(b)		2,005,000
	19,321,000	GrafTech Finance, Inc., 2018 Term Loan B, 1-month LIBOR + 3.500%, 5.576%, 2/12/2025(b)		19,417,605


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Metals & Mining – continued
$	3,827,327	Phoenix Services International LLC, Term Loan, 1-month LIBOR + 3.750%, 5.830%, 3/01/2025(b)	$	3,840,072
	18,203,403	U.S. Silica Co., 2018 Term Loan B, 1-month LIBOR + 4.000%, 6.125%, 5/01/2025(b)		18,162,991

				63,755,244

		Midstream – 1.7%
	22,078,108	BCP Raptor LLC, Term Loan B, 1-month LIBOR + 4.250%, 6.326%, 6/24/2024(b)		21,360,570
	19,531,000	Brazos Delaware II LLC, Term Loan B, 1-month LIBOR + 4.000%, 6.077%, 5/21/2025(b)		19,341,745
	1,666,823	EIG Management Company LLC, 2018 Term Loan B, 3-month LIBOR + 3.750%, 6.060%, 2/22/2025(b)		1,676,540
	12,287,621	Limetree Bay Terminals LLC, 2017 Term Loan B, 1-month LIBOR + 4.000%, 6.065%, 2/15/2024(b)		12,011,149
	16,395,638	Lucid Energy Group II LLC, 2018 1st Lien Term Loan, 1-month LIBOR + 3.000%, 5.077%, 2/17/2025(b)		16,129,209

				70,519,213

		Oil Field Services – 0.6%
	822,000	Covia Holdings Corp., Term Loan, 6/01/2025(c)		811,380
	26,100,000	Covia Holdings Corp., Term Loan, 3-month LIBOR + 3.750%, 6.050%, 6/01/2025(b)		25,762,788

				26,574,168

		Packaging – 2.7%
	23,566,948	Flex Acquisition Co., Inc., 2018 1st Lien Term Loan, 3-month LIBOR + 3.250%, 5.751%, 6/29/2025(b)		23,537,490
	18,573,869	Klockner-Pentaplast of America, Inc., USD 2017 Term Loan B2, 1-month LIBOR + 4.250%, 6.326%, 6/30/2022(b)		17,970,219
	9,063,743	PLZ Aeroscience Corp., USD Term Loan, 3-month LIBOR + 3.500%, 5.836%, 7/31/2022(d)		9,097,732
	18,881,678	Pro Mach Group, Inc., 2018 Term Loan B, 1-month LIBOR + 3.000%, 5.071%, 3/07/2025(b)		18,751,960
	10,997,438	Spectrum Holdings III Corp., 1st Lien Term Loan, 1-month LIBOR + 3.250%, 5.326%, 1/31/2025(b)		10,949,379
	17,869,215	Titan Acquisition Ltd., 2018 Term Loan B, 1-month LIBOR + 3.000%, 5.076%, 3/28/2025(b)		16,911,961
	1,356,706	TricorBraun Holdings, Inc., 1st Lien Delayed Draw Term Loan, 3-month LIBOR + 3.750%, 6.080%, 11/30/2023(b)		1,362,132
	13,464,532	TricorBraun Holdings, Inc., 2016 1st Lien Term Loan, 3-month LIBOR + 3.750%, 6.084%, 11/30/2023(b)		13,518,390

				112,099,263

		Pharmaceuticals – 0.8%
	9,438,793	Akorn, Inc., Term Loan B, 1-month LIBOR + 4.750%, 6.875%, 4/16/2021(b)		9,132,032
	17,804,409	Endo Luxembourg Finance Co. I S.a.r.l., 2017 Term Loan B, 1-month LIBOR + 4.250%, 6.375%, 4/29/2024(b)		17,893,431
	5,238,688	Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 1-month LIBOR + 3.000%, 5.081%, 6/01/2025(b)		5,255,242

				32,280,705


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Property & Casualty Insurance – 2.1%
$	6,691,384	Alliant Holdings I, Inc., 2018 Term Loan B, 1-month LIBOR + 3.000%, 5.067%, 5/09/2025(b)	$	6,688,708
	19,747,315	Broadstreet Partners, Inc., 2018 Term Loan B, 1-month LIBOR + 3.250%, 5.326%, 11/08/2023(b)		19,710,387
	19,719,213	Confie Seguros Holding II Co., 2016 Term Loan B, 1-month LIBOR + 5.250%, 6.250%, 4/19/2022(b)		19,349,478
	2,375,000	Cypress Intermediate Holdings III, Inc., 2017 2nd Lien Term Loan, 1-month LIBOR + 6.750%, 8.826%, 4/27/2025(b)		2,388,063
	17,781,601	Hyperion Insurance Group Ltd., 2017 Repriced Term Loan, 1-month LIBOR + 3.500%, 5.625%, 12/20/2024(b)		17,843,836
	1,892,234	USI, Inc., 2017 Repriced Term Loan, 3-month LIBOR + 3.000%, 5.334%, 5/16/2024(b)		1,886,708
	21,535,391	York Risk Services Holding Corp., Term Loan B, 1-month LIBOR + 3.750%, 5.826%, 10/01/2021(b)		20,804,696

				88,671,876

		Restaurants – 2.6%
	4,442,222	Big Jack Holdings LP, 2018 Term Loan B, 4/05/2024(c)		4,414,458
	9,475,662	Big Jack Holdings LP, 2018 Term Loan B, 1-month LIBOR + 3.250%, 5.330%, 4/05/2024(b)		9,416,439
	15,987,677	Flynn Restaurant Group LP, 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.581%, 6/27/2025(b)		15,907,739
	5,194,980	IRB Holding Corp., 1st Lien Term Loan, 3-month LIBOR + 3.250%, 5.293%, 2/05/2025(b)		5,217,267
	5,289,743	K-Mac Holdings Corp., 2018 1st Lien Term Loan, 1-month LIBOR + 3.250%, 5.327%, 3/14/2025(b)		5,296,355
	16,387,630	Portillo’s Holdings LLC, 1st Lien Term Loan, 3-month LIBOR + 4.500%, 6.834%, 8/02/2021(b)		16,387,630
	12,504,000	Portillo’s Holdings LLC, 2nd Lien Term Loan, 3-month LIBOR + 8.000%, 10.334%, 8/01/2022(b)		12,504,000
	21,203,415	Red Lobster Management LLC, Term Loan B, 1-month LIBOR + 5.250%, 7.326%, 7/28/2021(b)		21,044,389
	7,453,026	Tacala LLC, 1st Lien Term Loan, 1-month LIBOR + 3.250%, 5.326%, 1/31/2025(b)		7,470,093
	11,575,819	TMK Hawk Parent Corp., 2017 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.580%, 8/28/2024(b)		11,555,562

				109,213,932

		Retailers – 4.8%
	16,380,918	Academy Ltd., 2015 Term Loan B, LIBOR + 4.000%, 6.082%, 7/01/2022(a)		13,452,829
	17,284,959	Array Canada, Inc., Term Loan B, 3-month LIBOR + 5.000%, 7.334%, 2/10/2023(b)		17,101,393
	13,629,734	Ascena Retail Group, Inc., 2015 Term Loan B, 1-month LIBOR + 4.500%, 6.625%, 8/21/2022(b)		12,709,727
	10,922,092	At Home Holding III, Inc., Term Loan, 3-month LIBOR + 3.500%, 5.842%, 6/03/2022(b)		10,949,397
	24,379,963	Bass Pro Group LLC, Term Loan B, 1-month LIBOR + 5.000%, 7.076%, 9/25/2024(b)		24,623,763
	21,143,377	BDF Acquisition Corp., 1st Lien Term Loan, 1-month LIBOR + 5.250%, 7.326%, 8/14/2023(b)		20,984,801
	2,114,700	EG Finco Ltd., 2018 USD Term Loan, 3-month LIBOR + 4.000%, 6.334%, 2/07/2025(b)		2,113,812


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Retailers – continued
$	13,102,163	EG Group Ltd., 2018 USD Term Loan B, 3-month LIBOR + 4.000%, 6.267%, 2/07/2025(b)	$	13,096,660
	1,500,000	Hillman Group, Inc. (The), 2018 Term Loan B, 5/31/2025(c)		1,493,910
	14,808,000	Hillman Group, Inc. (The), 2018 Term Loan B, 3-month LIBOR + 3.500%, 5.834%, 5/31/2025(b)		14,747,880
	8,060,915	Men’s Wearhouse, Inc. (The), 2018 Term Loan B2, 1-month LIBOR + 3.500%, 5.582%, 4/09/2025(b)		8,107,910
	10,189,394	Neiman Marcus Group Ltd. LLC, 2020 Term Loan, 1-month LIBOR + 3.250%, 5.330%, 10/25/2020(b)		9,445,568
	10,217,840	PetSmart, Inc., Term Loan B2, 1-month LIBOR + 3.000%, 5.090%, 3/11/2022(b)		8,787,342
	27,375,076	Staples, Inc., 2017 Term Loan B, 3-month LIBOR + 4.000%, 6.343%, 9/12/2024(b)		27,282,275
	7,453,506	The Talbots, Inc., 1st Lien Term Loan, 1-month LIBOR + 4.500%, 6.576%, 3/19/2020(b)		7,304,435
	8,040,607	The Talbots, Inc., 2nd Lien Term Loan, 1-month LIBOR + 8.500%, 10.576%, 3/19/2021(b)(e)(g)		7,779,287

				199,980,989

		Supermarkets – 0.4%
	1,100,000	BI-LO Holding LLC, Exit Term Loan B, 5/31/2024(c)		1,073,875
	15,189,814	BI-LO Holding LLC, Exit Term Loan B, 3-month LIBOR + 8.000%, 10.327%, 5/31/2024(d)		14,829,056

				15,902,931

		Technology – 9.1%
	22,041,979	Almonde, Inc., USD 1st Lien Term Loan, 1-month LIBOR + 3.500%, 5.576%, 6/13/2024(b)		21,925,818
	14,980,000	Almonde, Inc., USD 2nd Lien Term Loan, 1-month LIBOR + 7.250%, 9.326%, 6/13/2025(b)		14,680,400
	7,100,000	Aptean, Inc., 2016 2nd Lien Term Loan, 3-month LIBOR + 9.500%, 11.840%, 12/14/2023(b)		7,100,000
	15,504,738	Aptean, Inc., 2017 1st Lien Term Loan, 3-month LIBOR + 4.250%, 6.590%, 12/20/2022(b)		15,538,073
	11,500,000	Corel Corp., 2018 1st Lien Term Loan B, 3-month LIBOR + 5.000%, 7.313%, 6/03/2024(b)		11,557,500
	11,806,000	DigiCert, Inc., 2017 2nd Lien Term Loan, 1-month LIBOR + 8.000%, 10.076%, 10/31/2025(b)		11,746,970
	9,143,675	DigiCert, Inc., 2017 Term Loan B1, 1-month LIBOR + 4.750%, 6.826%, 10/31/2024(b)		9,172,294
	8,405,000	Dynatrace LLC, 2018 1st Lien Term Loan, 8/22/2025(c)		8,429,543
	3,180,625	GlobalLogic Holdings, Inc., 2018 Add On 1st Lien Term Loan, 3-month LIBOR + 3.250%, 5.424%, 8/01/2025(b)		3,196,528
	454,375	GlobalLogic Holdings, Inc., 2018 Delayed Draw Term Loan, 8/01/2025(c)		456,647
	18,913,286	Greeneden U.S. Holdings II LLC, 2018 USD Term Loan B, 1-month LIBOR + 3.500%, 5.576%, 12/01/2023(b)		18,944,871
	5,312,391	Hyland Software, Inc., 2017 1st Lien Term Loan, 1-month LIBOR + 3.250%, 5.326%, 7/01/2022(b)		5,340,281
	14,143,669	Hyland Software, Inc., 2017 2nd Lien Term Loan, 1-month LIBOR + 7.000%, 9.076%, 7/07/2025(b)		14,298,401


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Technology – continued
$	7,148,975	Informatica LLC, 2018 USD Term Loan, 1-month LIBOR + 3.250%, 5.326%, 8/05/2022(b)	$	7,181,145
	9,289,347	IQOR U.S., Inc., 2nd Lien Term Loan, 3-month LIBOR + 8.750%, 11.087%, 4/01/2022(b)		8,197,849
	12,969,357	IQOR U.S., Inc., Term Loan B, 3-month LIBOR + 5.000%, 7.337%, 4/01/2021(b)		11,477,881
	1,106,747	MA FinanceCo. LLC, USD Term Loan B3, 1-month LIBOR + 2.500%, 4.576%, 6/21/2024(b)		1,103,980
	12,292,000	McAfee LLC, 2017 2nd Lien Term Loan, 1-month LIBOR + 8.500%, 10.573%, 9/29/2025(b)		12,537,840
	9,530,000	McAfee LLC, 2017 USD Term Loan B, 1-month LIBOR + 4.500%, 6.573%, 9/30/2024(b)		9,606,240
	12,783,000	Navex Global, Inc., 2018 Term Loan B, 8/08/2025(c)		12,792,587
	2,819,962	Oberthur Technologies S.A., 2016 USD Term Loan B1, 1/10/2024(c)		2,829,832
	15,082,584	Oberthur Technologies S.A., 2016 USD Term Loan B1, 3-month LIBOR + 3.750%, 6.084%, 1/10/2024(b)		15,135,373
	14,741,163	Ocean Bidco, Inc., USD Term Loan B, 3-month LIBOR + 5.000%, 7.334%, 3/21/2025(b)		14,787,302
	19,638,840	Quest Software U.S. Holdings, Inc., 2018 1st Lien Term Loan, 3-month LIBOR + 4.250%, 6.572%, 5/16/2025(b)		19,546,734
	11,554,197	Riverbed Technology, Inc., 2016 Term Loan, 1-month LIBOR + 3.250%, 5.330%, 4/24/2022(b)		11,486,836
	9,362,790	Rocket Software, Inc., 2016 1st Lien Term Loan, 3-month LIBOR + 3.750%, 6.084%, 10/14/2023(b)		9,407,263
	5,657,835	Rocket Software, Inc., 2016 2nd Lien Term Loan, 3-month LIBOR + 9.500%, 11.834%, 10/14/2024(b)		5,657,835
	15,311,604	SciQuest, Inc., 2017 Term Loan, 1-month LIBOR + 4.000%, 6.076%, 12/28/2024(b)		15,273,325
	7,474,133	Seattle Spinco, Inc., USD Term Loan B3, 1-month LIBOR + 2.500%, 4.576%, 6/21/2024(b)		7,455,448
	17,779,960	Sirius Computer Solutions, Inc., 2016 Term Loan, 1-month LIBOR + 4.250%, 6.326%, 10/30/2022(b)		17,835,611
	5,000,000	Sophia LP, 2017 Term Loan B, 3-month LIBOR + 3.250%, 5.584%, 9/30/2022(b)		5,011,250
	12,319,630	SurveyMonkey, Inc., 2017 Term Loan, 1-month LIBOR + 4.500%, 6.580%, 4/13/2024(b)		12,335,029
	2,589,000	Verifone Systems, Inc., 2018 1st Lien Term Loan, 8/20/2025(c)		2,592,236
	17,309,000	Verifone Systems, Inc., 2018 1st Lien Term Loan, 3-month LIBOR + 4.000%, 6.322%, 8/20/2025(b)		17,330,636
	17,900,640	Veritas Bermuda Ltd., USD Repriced Term Loan B, LIBOR + 4.500%, 6.641%, 1/27/2023(a)		16,935,259

				378,904,817

		Transportation Services – 2.5%
	12,650,863	AI Mistral Holdco Ltd., 2017 Term Loan B, 1-month LIBOR + 3.000%, 5.076%, 3/09/2024(b)		12,561,294
	13,081,965	Deliver Buyer, Inc., Term Loan B, LIBOR + 5.000%, 7.312%, 5/01/2024(a)		13,114,670
	4,073,000	Direct ChassisLink, Inc., 2017 2nd Lien Term Loan, 1-month LIBOR + 6.000%, 8.076%, 6/15/2023(b)		4,073,000


Principal Amount		Description	Value (†)
	Senior Loans – continued
		Transportation Services – continued
$	17,549,950	Transplace Holdings, Inc., 1st Lien Term Loan, 1-month LIBOR + 3.750%, 5.814%, 10/07/2024(b)	$	17,589,437
	12,473,301	Uber Technologies, 2018 Term Loan, 1-month LIBOR + 4.000%, 6.080%, 4/04/2025(b)		12,551,259
	31,183,211	Uber Technologies, Inc., 2018 Incremental Term Loan, 1-month LIBOR + 3.500%, 5.567%, 7/13/2023(b)		31,292,352
	1,265,000	Verra Mobility Corporation, 2018 1st Lien Term Loan, 2/28/2025(c)		1,268,555
	13,318,354	Verra Mobility Corporation, 2018 1st Lien Term Loan, 1-month LIBOR + 3.750%, 5.825%, 2/28/2025(b)		13,355,779

				105,806,346

		Utility Other – 0.3%
	11,738,000	Brookfield WEC Holdings Inc., 2018 1st Lien Term Loan, 1-month LIBOR + 3.750%, 5.826%, 8/01/2025(b)		11,799,624

		Wireless – 1.8%
	33,587,391	Asurion LLC, 2017 2nd Lien Term Loan, 1-month LIBOR + 6.500%, 8.576%, 8/04/2025(b)		34,538,922
	12,500,000	Asurion LLC, 2018 Term Loan B6, 1-month LIBOR + 3.000%, 5.076%, 11/03/2023(b)		12,535,750
	1,190,550	GTT Communications, Inc., 2018 USD Term Loan B, 5/31/2025(c)		1,166,465
	23,596,638	GTT Communications, Inc., 2018 USD Term Loan B, 1-month LIBOR + 2.750%, 4.830%, 5/31/2025(b)		23,119,278
	2,789,399	LSF9 Atlantis Holdings LLC, 2017 Term Loan, 1-month LIBOR + 6.000%, 8.080%, 5/01/2023(b)		2,663,876

				74,024,291

		Wirelines – 0.9%
	13,878,811	Avaya, Inc., 2018 Term Loan B, 12/15/2024(c)		13,963,888
	1,496,241	Avaya, Inc., 2018 Term Loan B, 1-month LIBOR + 4.250%, 6.313%, 12/15/2024(b)		1,505,413
	6,562,987	Communications Sales & Leasing, Inc., 2017 Term Loan B, 1-month LIBOR + 3.000%, 5.076%, 10/24/2022(b)		6,274,215
	13,489,516	Coral-U.S. Co-Borrower LLC, Term Loan B4, 1-month LIBOR + 3.250%, 5.326%, 1/30/2026(b)		13,486,683

				35,230,199

		Total Senior Loans (Identified Cost $3,724,139,765)		3,689,745,785

	Bonds and Notes – 6.0%
		Automotive – 0.5%
	23,930,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		20,849,012

		Chemicals – 0.0%
	200,000	Alpha 2 BV, PIK, 8.750%, 6/01/2023, 144A(j)		200,500


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Environmental – 0.4%
$	13,580,000	GFL Environmental, Inc., 5.375%, 3/01/2023, 144A	$	12,901,000
	4,860,000	GFL Environmental, Inc., 5.625%, 5/01/2022, 144A		4,702,050

				17,603,050

		Finance Companies – 0.3%
	14,035,000	iStar, Inc., 6.000%, 4/01/2022		14,157,806

		Healthcare – 0.6%
	8,205,000	Tenet Healthcare Corp., 8.125%, 4/01/2022		8,666,531
	15,130,000	Vizient, Inc., 10.375%, 3/01/2024, 144A		16,529,525

				25,196,056

		Independent Energy – 0.4%
	10,540,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		11,646,700
	10,675,000	Bellatrix Exploration Ltd., 8.500%, 5/15/2020, 144A(e)(g)		6,564,912

				18,211,612

		Industrial Other – 0.2%
	8,890,000	Harland Clarke Holdings Corp., 9.250%, 3/01/2021, 144A		8,089,900

		Media Entertainment – 0.3%
	10,900,000	Clear Channel Worldwide Holdings, Inc., Series B, 7.625%, 3/15/2020		10,940,875

		Metals & Mining – 0.6%
	9,000,000	FMG Resources August 2006 Pty Ltd., 5.125%, 3/15/2023, 144A		8,797,500
	6,410,000	Northwest Acquisitions ULC/Dominion Finco, Inc., 7.125%, 11/01/2022, 144A		6,546,213
	11,375,000	Petra Diamonds U.S. Treasury PLC, 7.250%, 5/01/2022, 144A		10,948,437

				26,292,150

		Non-Agency Commercial Mortgage-Backed Securities – 0.2%
	9,529,716	Motel 6 Trust, Series 2017-M6MZ, Class M, 1-month LIBOR + 6.927%, 8.989%, 8/15/2019, 144A(b)		9,622,677

		Oil Field Services – 0.1%
	5,625,000	Petroleum Geo-Services ASA, 7.375%, 12/15/2020, 144A		5,667,188

		Packaging – 0.3%
	12,500,000	ARD Finance S.A., PIK, 7.125%, 9/15/2023(j)		12,671,875


Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Property & Casualty Insurance – 1.0%
$	14,090,000	Ardonagh Midco 3 PLC, 8.625%, 7/15/2023, 144A	$	14,236,959
	18,440,000	Nationstar Mortgage Holdings, Inc., 8.125%, 7/15/2023, 144A		19,131,500
	8,725,000	York Risk Services Holding Corp., 8.500%, 10/01/2022, 144A		7,808,875

				41,177,334

		Retailers – 0.1%
	2,137,000	Men’s Wearhouse, Inc. (The), 7.000%, 7/01/2022		2,195,768

		Technology – 0.2%
	7,540,000	Blackboard, Inc., 9.750%, 10/15/2021, 144A		5,881,200

		Wireless – 0.2%
	7,560,000	Iridium Communications, Inc., 10.250%, 4/15/2023, 144A		8,164,800

		Wirelines – 0.6%
	42,798,000	Windstream Services LLC/Windstream Finance Corp., 8.750%, 12/15/2024, 144A		24,107,257

		Total Bonds and Notes (Identified Cost $263,169,135)		251,029,060


Shares
	Common Stocks – 0.2%
		Energy Equipment & Services – 0.1%
	61,854	Ameriforge Group, Inc.(e)(f)(g)(k)		3,587,532

		Industrial Conglomerates – 0.0%
	20,609	TwentyEighty, Inc., Class A(e)(f)(g)(k)		—

		Oil, Gas & Consumable Fuels – 0.1%
	456,710	Blue Ridge Mountain Resource, Inc.(f)(k)		2,679,517

		Specialty Retail – 0.0%
	1,790,825	Onsite Rental Group Pty Ltd.(f)(g)(k)(l)(m)		—

		Total Common Stocks (Identified Cost $10,440,606)		6,267,049

Principal Amount
	Short-Term Investments – 6.7%
$	278,724,808	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 8/31/2018 at 1.100% to be repurchased at $278,758,874 on 9/04/2018 collateralized by $163,000,000 U.S. Treasury Note, 1.625% due 10/15/2020 valued at $160,486,051; $123,785,000 U.S. Treasury Note, 1.375% due 9/30/2020 valued at $121,270,184; $2,530,000 U.S. Treasury Note, 2.625% due 11/15/2020 valued at $2,546,220 including accrued interest(n) (Identified Cost $278,724,808)		278,724,808

		Total Investments – 101.3% (Identified Cost $4,276,474,314)		4,225,766,702
		Other assets less liabilities – (1.3)%		(53,194,622	)

		Net Assets – 100.0%	$	4,172,572,080

(†)

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities pursuant to the Fund’s pricing policies and procedures.


Securities classified as fair valued		Percentage of Net Assets			Securities fair valued by the Fund’s adviser		Percentage of Net Assets
$	40,498,092		1.0	%	$	0		0.0	%

(a)	Variable rate security. Rate shown represents the weighted average rate of underlying contracts at August 31, 2018. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

(b)	Variable rate security. Rate as of August 31, 2018 is disclosed.

(c)	Position is unsettled. Contract rate was not determined at August 31, 2018 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

(d)	Variable rate security. Rate shown represents the weighted average rate of underlying contracts at August 31, 2018.

(e)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At August 31, 2018, the value of these securities amounted to $40,498,092 or 1.0% of net assets.

(f)	Securities subject to restriction on resale. At August 31, 2018, the restricted securities held by the Fund are as follows:


	Acquisition Date	Acquisition Cost		Value		% of Net Assets
Ameriforge Group, Inc.	August 22, 2017	$	2,262,602	$	3,587,532		0.1	%
Blue Ridge Mountain Resource, Inc.	May 13, 2016		8,178,004		2,679,517		0.1	%
Onsite Rental Group Pty Ltd.	November 03, 2017		—		—		—
Onsite Rental Group Pty Ltd., Notes	November 03, 2017		2,384,581		2,515,243		0.1	%
TwentyEighty, Inc., Class A	February 07, 2017		—		—		—
TwentyEighty, Inc., PIK Term Loan B	February 07, 2017		4,855,279		3,052,197		0.1	%
TwentyEighty, Inc., PIK Term Loan C	February 07, 2017		3,427,257		2,240,691		0.1	%

(g)	Illiquid security.

(h)	Unfunded loan commitment. An unfunded loan commitment is a contractual obligation for future funding at the option of the Borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

(i)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. For the period ended August 31, 2018 interest payments were made in cash and principal.

(j)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. For the period ended August 31, 2018, interest payments were made in cash.

(k)	Non-income producing security.

(l)	Level 3 security. Value has been determined using significant unobservable inputs.

(m)	Fair valued by the Fund’s adviser. At August 31, 2018, the value of this security amounted to $0 or 0.0% of net assets.

(n)

144A

LIBOR

London Interbank Offered Rate

PIK	Payment-in-Kind

•

Level 1 – quoted prices in active markets for identical assets or liabilities;

•

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of August 31, 2018, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Senior Loans*	$	—	$	3,689,745,785	$	—		$	3,689,745,785
Bonds and Notes*		—		251,029,060		—			251,029,060
Common Stocks
Specialty Retail		—		—		—	^(a)		—
All Other Common Stocks*		—		6,267,049		—			6,267,049

Total Common Stocks		—		6,267,049		—			6,267,049

Short-Term Investments		—		278,724,808		—			278,724,808

Total	$	—	$	4,225,766,702	$	—		$	4,225,766,702

*	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

(a)	Fair valued at zero by the Fund’s adviser using level 3 inputs.

The Fund’s pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. All security prices, including those obtained from an independent pricing service and broker-dealer bid prices, are reviewed on a daily basis by the adviser, subject to oversight by Fund management and the Board of Trustees. If the adviser, in good faith, believes that the price provided by an independent pricing service is unreliable, broker-dealer bid prices may be used until the price provided by the independent pricing service is considered to be reliable. Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of November 30, 2017 and/or August 31, 2018:

Asset Valuation Inputs


Investments in Securities	Balance as of November 30, 2017			Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2018			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at August 31, 2018
Senior Loans
Construction Machinery	$	2,384,581		$	—	$	—	$	—	$	—	$	—	$	—	$	(2,384,581	)	$	—		$	—
Consumer Cyclical Services		3,825,581			—		—		—		—		—		—		(3,825,581	)		—			—
Common Stocks
Energy Equipment & Services		2,474,160			—		—		—		—		—		—		(2,474,160	)		—
Industrial Conglomerates		—	^(a)		—		—		—		—		—		—		—	^(a)		—			—
Oil, Gas & Consumable Fuels		4,110,390			—		—		—		—		—		—		(4,110,390	)		—			—
Specialty Retail		—	^(b)		—		—		—		—		—		—		—			—	^(b)		—

Total	$	12,794,712		$	—	$	—	$	—	$	—	$	—	$	—	$	(12,794,712	)	$	—		$	—

(a)	At November 30, 2017, includes a security fair valued at zero using level 3 inputs. At August 31, 2018, this security was valued at zero using closing bid quotations provided by an independent pricing service and was subsequently transferred to level 2.

(b)	Fair Valued at zero.

A debt security valued at $2,384,581 was transferred from Level 3 to Level 2 during the period ended August 31, 2018. At November 30 2017, this security was valued at fair value as determined in good faith by the Fund’s adviser using broker-dealer bid prices for which the inputs were unobservable to the Fund. At August 31, 2018 this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Debt securities valued at $3,825,581 were transferred from Level 3 to Level 2 during the period ended August 31, 2018. At November 30, 2017, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities. At August 31, 2018, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Common stocks valued at $6,584,550 were transferred from Level 3 to Level 2 during the period ended August 31, 2018. At November 30 2017, these securities were valued at fair value as determined in good faith by the Fund’s adviser using broker-dealer bid prices for which the inputs were unobservable to the Fund. At August 31, 2018, these securities were valued on the basis of closing bid quotations furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

All transfers are recognized as of the beginning of the reporting period.

Industry Summary at August 31, 2018 (Unaudited)


Technology	9.3	%
Consumer Cyclical Services	8.0
Industrial Other	6.4
Consumer Products	6.1
Automotive	5.7
Healthcare	5.6
Retailers	4.9
Media Entertainment	4.6
Internet & Data	3.4
Property & Casualty Insurance	3.1
Packaging	3.0
Restaurants	2.6
Food & Beverage	2.6
Building Materials	2.5
Transportation Services	2.5
Financial Other	2.4
Metals & Mining	2.1
Wireless	2.0
Other Investments, less than 2% each	17.8
Short-Term Investments	6.7

Total Investments	101.3
Other assets less liabilities	(1.3	)

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of August 31, 2018 (Unaudited)

Vaughan Nelson Select Fund


Shares		Description	Value (†)
	Common Stocks – 94.2% of Net Assets
		Aerospace & Defense – 4.5%
	48,375	General Dynamics Corp.	$	9,355,725

		Auto Components – 3.0%
	71,625	Aptiv PLC		6,303,716

		Banks – 3.0%
	87,275	Citigroup, Inc.		6,217,471

		Biotechnology – 2.7%
	265,300	Grifols S.A., ADR		5,770,275

		Capital Markets – 2.2%
	26,425	Moody’s Corp.		4,704,178

		Chemicals – 8.5%
	42,200	Ecolab, Inc.		6,350,256
	25,160	Sherwin-Williams Co. (The)		11,462,393

				17,812,649

		Diversified Financial Services – 5.1%
	51,750	Berkshire Hathaway, Inc., Class B(a)		10,801,260

		Diversified Telecommunication Services – 4.8%
	313,964	AT&T, Inc.		10,028,010

		Electrical Equipment – 3.0%
	41,850	Acuity Brands, Inc.		6,396,354

		Health Care Providers & Services – 5.1%
	39,725	UnitedHealth Group, Inc.		10,664,573

		Industrial Conglomerates – 5.0%
	35,275	Roper Technologies, Inc.		10,525,002

		Internet Software & Services – 1.9%
	23,075	Alibaba Group Holding Ltd., Sponsored ADR(a)		4,038,356

		IT Services – 3.7%
	35,875	MasterCard, Inc., Class A		7,733,215

		Life Sciences Tools & Services – 2.5%
	22,275	Thermo Fisher Scientific, Inc.		5,325,952

		Machinery – 4.7%
	55,600	Snap-on, Inc.		9,828,968

		Media – 5.5%
	256,000	Twenty-First Century Fox, Inc., Class B		11,494,400

		Oil, Gas & Consumable Fuels – 10.9%
	601,175	Cameco Corp.		6,258,232
	211,525	Enterprise Products Partners LP		6,049,615


Shares		Description	Value (†)
	Common Stocks – continued
		Oil, Gas & Consumable Fuels – continued
	1,157,450	Kosmos Energy Ltd.(a)	$	10,463,348

				22,771,195

		Personal Products – 2.6%
	38,825	Estee Lauder Cos., Inc. (The), Class A		5,440,159

		Road & Rail – 0.1%
	7,350	Knight-Swift Transportation Holdings, Inc.		250,856

		Semiconductors & Semiconductor Equipment – 3.0%
	55,275	Texas Instruments, Inc.		6,212,910

		Software – 5.9%
	109,900	Microsoft Corp.		12,345,067

		Specialty Retail – 4.9%
	50,775	Home Depot, Inc. (The)		10,194,097

		Technology Hardware, Storage & Peripherals – 1.6%
	14,450	Apple, Inc.		3,289,254

		Total Common Stocks (Identified Cost $157,522,179)		197,503,642

	Closed-End Investment Companies – 1.2%
	37,650	Altaba, Inc.(a) (Identified Cost $2,177,989)		2,618,558

		Total Purchased Options – 0.4% (Identified Cost $2,091,911) (see detail below)		805,500


Principal Amount
	Short-Term Investments – 5.3%
	$11,088,971	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 8/31/2018 at 1.100% to be repurchased at $11,090,327 on 9/04/2018 collateralized by $11,410,000 U.S. Treasury Note, 2.750% due 2/15/2028 valued at $11,314,943 including accrued interest(b) (Identified Cost $11,088,971)		11,088,971

		Total Investments – 101.1% (Identified Cost $172,881,050)		212,016,671
		Other assets less liabilities – (1.1)%		(2,259,240	)

		Net Assets – 100.0%	$	209,757,431

Purchased Options – 0.4%


Description	Expiration Date		Exercise Price		Contracts		Notional Amount		Cost		Value (†)
Index Options – 0.4%
S&P 500^® Index, Put(a)(c)		01/18/2019		2,600		300	$	87,045,600	$	2,091,911	$	805,500

Written Options – (0.2%)


Description	Expiration Date		Exercise Price		Contracts			Notional Amount			Premiums (Received)			Value (†)
Index Options – (0.2%)
S&P 500^® Index, Put(c)		01/18/2019		2,450		(300	)	$	(87,045,600	)	$	(1,319,089	)	$	(496,500	)

(†)

Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or subadviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

Domestic exchange-traded single name equity option contracts (including options on exchange-traded funds) are valued at the mean of the National Best Bid and Offer quotations.

Option contracts on domestic indices are valued at the average of the closing bid and ask quotations as of the close of trading on the Chicago Board Options Exchange (“CBOE”).Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees. On the last business day of the month, the Funds will fair value S&P 500^® Index options using the closing rotation values published by the CBOE. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

As of August 31, 2018, purchased and written S&P 500^® Index options held by the Fund were fair valued at $805,500 and $(496,500), representing 0.4% and (0.2)% of net assets, respectively, using the closing rotation values published by the CBOE.

(a)	Non-income producing security.

(b)

(c)

The Fund may enter into option contracts. When a Fund purchases an option, it pays a premium and the option is subsequently marked-to-market to reflect current value. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the cost or deducted from the proceeds on the underlying instrument to determine the realized gain or loss. If the Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing options is limited to the premium paid. When the Fund writes an option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to the current value. Net premiums received for written options which expire are treated as realized gains. Net premiums received for written options which are exercised are deducted from the cost or added to the proceeds on the underlying instrument to determine the realized gain or loss. If the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid on effecting a closing purchase transaction, including commissions, is treated as a realized gain or, if the net premium received is less than the amount paid, as a realized loss. The Fund, as writer of a written option, bears the risk of an unfavorable change in the market value of the instrument or index underlying the written option. Exchange-traded options contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Fund are reduced.

ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

•

Level 1 – quoted prices in active markets for identical assets or liabilities;

•

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of August 31, 2018, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks*	$	197,503,642	$	—	$	—	$	197,503,642
Closed-End Investment Companies		2,618,558		—		—		2,618,558
Short-Term Investments		—		11,088,971		—		11,088,971
Purchased Options*		—		805,500		—		805,500

Total Investments	$	200,122,200	$	11,894,471	$	—	$	212,016,671

Liability Valuation Inputs


Description	Level 1		Level 2			Level 3		Total
Written Options*	$	—	$	(496,500	)	$	—	$	(496,500	)

*	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the period ended August 31, 2018, there were no transfers among Levels 1, 2 and 3.

Derivatives

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Fund used during the period include option contracts.

The Fund is subject to the risk of unpredictable declines in the value of individual equity securities and periods of below average performance in individual securities or in the equity market as a whole. The Fund may use purchased and written put options to hedge against a decline in values. The Fund may also use written call options to collect incremental income on an equity position it holds. During the period ended August 31, 2018, the Fund engaged in purchased and written put options for hedging purposes.

The following is a summary of derivative instruments for the Fund, as of August 31, 2018:


Assets	Investments at value¹
Exchange-traded asset derivatives
Equity contracts	$	805,500

Liabilities	Options written at value
Exchange-traded liability derivatives
Equity contracts	$	(496,500	)

¹	Represents purchased options, at value.

The Fund’s derivatives do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this disclosure.

Industry Summary at August 31, 2018 (Unaudited)


Oil, Gas & Consumable Fuels	10.9	%
Chemicals	8.5
Software	5.9
Media	5.5
Diversified Financial Services	5.1
Health Care Providers & Services	5.1
Industrial Conglomerates	5.0
Specialty Retail	4.9
Diversified Telecommunication Services	4.8
Machinery	4.7
Aerospace & Defense	4.5
IT Services	3.7
Electrical Equipment	3.0
Auto Components	3.0
Banks	3.0
Semiconductors & Semiconductor Equipment	3.0
Biotechnology	2.7
Personal Products	2.6
Life Sciences Tools & Services	2.5
Capital Markets	2.2
Other Investments, less than 2% each	5.2
Short-Term Investments	5.3

Total Investments	101.1
Other assets less liabilities (including open written options)	(1.1	)

Net Assets	100.0	%

ITEM 2. CONTROLS AND PROCEDURES.

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the registrant’s internal control over financial reporting 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.

ITEM 3. EXHIBITS

(a)(1)

Certification for the Principal Executive Officer pursuant to Rule 30a-2(a) of the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith.

(a)(2)

Certification for the Principal Financial Officer pursuant to Rule 30a-2(a) of the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith.

SIGNATURES

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.


Natixis Funds Trust II

By:		/s/ David L. Giunta
Name:		David L. Giunta
Title:		President and Chief Executive Officer

Date:		October 23, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ David L. Giunta
Name:		David L. Giunta
Title:		President and Chief Executive Officer

Date:		October 23, 2018

By:		/s/ Michael C. Kardok
Name:		Michael C. Kardok
Title:		Treasurer

Date:		October 23, 2018

Exhibit (a)(1)

Natixis Funds Trust II

Exhibit to SEC Form N-Q

Section 302 Certification

I, David L. Giunta, certify that:

I have reviewed this report on Form N-Q of Natixis Funds Trust II;

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;

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;

The registrant’s other certifying officer 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:

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;

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;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of such disclosure controls and procedures, as of a date within 90 days prior to the filing of this report, based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

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 registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 23, 2018

/s/ David L. Giunta

David L. Giunta

President and Chief Executive Officer

Exhibit (a)(2)

Natixis Funds Trust II

Exhibit to SEC Form N-Q

Section 302 Certification

I, Michael C. Kardok, certify that:

I have reviewed this report on Form N-Q of Natixis Funds Trust II;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 23, 2018

/s/ Michael C. Kardok

Michael C. Kardok

Treasurer

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