STATEMENT OF INVESTMENTS
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
May 31, 2024 (Unaudited)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% | | | | | |
Advertising - .7% | | | | | |
Clear Channel Outdoor Holdings, Inc., Sr. Scd. Notes | | 5.13 | | 8/15/2027 | | 212,000 | c | 200,463 | |
Clear Channel Outdoor Holdings, Inc., Sr. Scd. Notes | | 9.00 | | 9/15/2028 | | 320,000 | c | 333,344 | |
Neptune BidCo US, Inc., Sr. Scd. Notes | | 9.29 | | 4/15/2029 | | 230,000 | c | 219,938 | |
Outfront Media Capital LLC/Outfront Media Capital Corp., Gtd. Notes | | 5.00 | | 8/15/2027 | | 210,000 | c | 201,823 | |
| | 955,568 | |
Aerospace & Defense - 1.2% | | | | | |
AAR Escrow Issuer LLC, Gtd. Notes | | 6.75 | | 3/15/2029 | | 317,000 | c | 322,164 | |
Bombardier, Inc., Sr. Unscd. Notes | | 7.25 | | 7/1/2031 | | 89,000 | c | 90,968 | |
TransDigm, Inc., Gtd. Notes | | 4.88 | | 5/1/2029 | | 73,000 | | 67,753 | |
TransDigm, Inc., Gtd. Notes | | 5.50 | | 11/15/2027 | | 340,000 | | 332,204 | |
TransDigm, Inc., Sr. Scd. Notes | | 6.38 | | 3/1/2029 | | 310,000 | c | 309,715 | |
TransDigm, Inc., Sr. Scd. Notes | | 6.63 | | 3/1/2032 | | 203,000 | c | 203,855 | |
TransDigm, Inc., Sr. Scd. Notes | | 6.88 | | 12/15/2030 | | 260,000 | c | 263,494 | |
| | 1,590,153 | |
Airlines - .5% | | | | | |
American Airlines, Inc./Aadvantage Loyalty IP Ltd., Sr. Scd. Notes | | 5.75 | | 4/20/2029 | | 739,849 | c | 716,070 | |
Automobiles & Components - 1.7% | | | | | |
Clarios Global LP/Clarios US Finance Co., Sr. Scd. Bonds | EUR | 4.38 | | 5/15/2026 | | 790,000 | c | 850,559 | |
Grupo Antolin-Irausa SA, Sr. Scd. Bonds | EUR | 3.50 | | 4/30/2028 | | 360,000 | c | 297,342 | |
Phinia, Inc., Sr. Scd. Notes | | 6.75 | | 4/15/2029 | | 343,000 | c | 345,933 | |
Real Hero Merger Sub 2, Inc., Sr. Unscd. Notes | | 6.25 | | 2/1/2029 | | 645,000 | c | 556,302 | |
Standard Profil Automotive GmbH, Sr. Scd. Bonds | EUR | 6.25 | | 4/30/2026 | | 294,000 | c | 291,728 | |
| | 2,341,864 | |
Banks - .7% | | | | | |
Barclays PLC, Jr. Sub. Notes | | 8.00 | | 9/15/2029 | | 550,000 | d | 550,482 | |
Freedom Mortgage Corp., Sr. Unscd. Notes | | 6.63 | | 1/15/2027 | | 399,000 | c | 385,696 | |
| | 936,178 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Beverage Products - .4% | | | | | |
Triton Water Holdings, Inc., Sr. Unscd. Notes | | 6.25 | | 4/1/2029 | | 590,000 | c | 545,779 | |
Building Materials - 1.7% | | | | | |
Builders FirstSource, Inc., Gtd. Notes | | 4.25 | | 2/1/2032 | | 640,000 | c | 559,461 | |
Camelot Return Merger Sub, Inc., Sr. Scd. Notes | | 8.75 | | 8/1/2028 | | 260,000 | c | 257,499 | |
Eco Material Technologies, Inc., Sr. Scd. Notes | | 7.88 | | 1/31/2027 | | 484,000 | c | 484,370 | |
Emrld Borrower LP/Emerald Co-Issuer, Inc., Sr. Scd. Notes | | 6.63 | | 12/15/2030 | | 555,000 | c | 556,661 | |
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Sr. Scd. Notes | | 6.75 | | 4/1/2032 | | 337,000 | c | 334,974 | |
Standard Industries, Inc., Sr. Unscd. Notes | | 4.75 | | 1/15/2028 | | 121,000 | c | 115,364 | |
| | 2,308,329 | |
Chemicals - 2.2% | | | | | |
Iris Holdings, Inc., Sr. Unscd. Notes | | 8.75 | | 2/15/2026 | | 389,000 | c,e | 318,007 | |
Italmatch Chemicals SpA, Sr. Scd. Notes | EUR | 10.00 | | 2/6/2028 | | 283,000 | c | 329,227 | |
Mativ Holdings, Inc., Gtd. Notes | | 6.88 | | 10/1/2026 | | 289,000 | c | 284,832 | |
NOVA Chemicals Corp., Sr. Unscd. Notes | | 9.00 | | 2/15/2030 | | 190,000 | c | 201,224 | |
Olympus Water US Holding Corp., Sr. Scd. Notes | EUR | 9.63 | | 11/15/2028 | | 350,000 | c | 409,677 | |
Olympus Water US Holding Corp., Sr. Scd. Notes | | 9.75 | | 11/15/2028 | | 200,000 | c | 212,911 | |
Olympus Water US Holding Corp., Sr. Unscd. Notes | EUR | 5.38 | | 10/1/2029 | | 230,000 | c | 225,153 | |
Rain Carbon, Inc., Sr. Scd. Notes | | 12.25 | | 9/1/2029 | | 160,000 | c | 170,851 | |
SCIH Salt Holdings, Inc., Sr. Unscd. Notes | | 6.63 | | 5/1/2029 | | 320,000 | c | 301,712 | |
SCIL IV LLC/SCIL USA Holdings LLC, Sr. Scd. Bonds | EUR | 9.50 | | 7/15/2028 | | 150,000 | c | 176,950 | |
WR Grace Holdings LLC, Sr. Unscd. Notes | | 5.63 | | 8/15/2029 | | 290,000 | c | 267,077 | |
| | 2,897,621 | |
Collateralized Loan Obligations Debt - 27.0% | | | | | |
Bain Capital Credit Ltd. CLO, Ser. 2020-2A, Cl. ER, (3 Month TSFR +6.87%) | | 12.20 | | 7/19/2034 | | 750,000 | c,f | 753,715 | |
Bain Capital Credit Ltd. CLO, Ser. 2021-3A, Cl. E, (3 Month TSFR +6.76%) | | 12.08 | | 7/24/2034 | | 1,044,673 | c,f | 1,039,851 | |
Bain Capital Credit Ltd. CLO, Ser. 2022-3A, Cl. E, (3 Month TSFR +7.35%) | | 12.67 | | 7/17/2035 | | 619,357 | c,f | 622,132 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Collateralized Loan Obligations Debt - 27.0% (continued) | | | | | |
BBAM US II Ltd. CLO, Ser. 2023-2A, Cl. D, (3 Month TSFR +8.15%) | | 13.48 | | 10/15/2038 | | 1,000,000 | c,f | 1,030,954 | |
BlackRock European CLO, Ser. 14A, Cl. F, (3 Month EURIBOR +10.22%) | EUR | 14.13 | | 7/15/2036 | | 1,000,000 | c,f | 1,111,559 | |
BlackRock European II DAC CLO, Ser. 2A, Cl. ERR, (3 Month EURIBOR +6.30%) | EUR | 10.21 | | 4/15/2034 | | 1,550,000 | c,f | 1,613,447 | |
Blackrock European IX DAC CLO, Ser. 9A, Cl. E, (3 Month EURIBOR +6.32%) | EUR | 10.26 | | 12/15/2032 | | 1,900,000 | c,f | 2,028,955 | |
Carlyle Global Market Strategies Euro DAC CLO, Ser. 2014-1A, Cl. ER, (3 Month EURIBOR +4.93%) | EUR | 8.84 | | 7/15/2031 | | 1,500,000 | c,f | 1,611,985 | |
Carlyle Global Market Strategies Euro DAC CLO, Ser. 2014-1A, Cl. FR, (3 Month EURIBOR +6.61%) | EUR | 10.52 | | 7/15/2031 | | 3,000,000 | c,f | 3,048,478 | |
Carlyle Global Market Strategies Euro DAC CLO, Ser. 2015-3A, Cl. ER, (3 Month EURIBOR +6.44%) | EUR | 10.35 | | 7/15/2030 | | 2,000,000 | c,f | 2,070,024 | |
CIFC European Funding II DAC CLO, Ser. 2A, Cl. F, (3 Month EURIBOR +7.70%) | EUR | 11.61 | | 4/15/2033 | | 1,000,000 | c,f | 1,034,528 | |
CIFC Funding I Ltd. CLO, Ser. 2018-1A, Cl. E, (3 Month TSFR +5.26%) | | 10.59 | | 4/18/2031 | | 1,000,000 | c,f | 992,681 | |
Crown Point 9 Ltd. CLO, Ser. 2020-9A, Cl. ER, (3 Month TSFR +7.02%) | | 12.35 | | 7/14/2034 | | 2,375,000 | c,f | 2,382,310 | |
Dryden 91 Euro DAC CLO, Ser. 2021-91A, Cl. E, (3 Month EURIBOR +7.06%) | EUR | 10.96 | | 4/18/2035 | | 1,000,000 | c,f | 1,089,199 | |
Euro-Galaxy IV DAC CLO, Ser. 2015-4A, CI. FRR, (3 Month EURIBOR +8.88%) | EUR | 12.75 | | 7/30/2034 | | 1,750,000 | c,f | 1,837,813 | |
Franklin Park Place I LLC CLO, Ser. 2022-1A, Cl. E, (3 Month TSFR +7.50%) | | 12.83 | | 4/14/2035 | | 1,000,000 | c,f | 997,500 | |
GoldenTree Loan Management EUR 2 DAC CLO, Ser. 2A, Cl. E, (3 Month EURIBOR +5.25%) | EUR | 9.15 | | 1/20/2032 | | 1,000,000 | c,f | 1,068,826 | |
Hayfin Emerald IV DAC CLO, Ser. 4A, Cl. FR, (3 Month EURIBOR +8.68%) | EUR | 12.59 | | 10/15/2034 | | 740,000 | c,f | 671,020 | |
ICG Euro DAC CLO, Ser. 2021-1A, Cl. F, (3 Month EURIBOR +8.82%) | EUR | 12.73 | | 10/15/2034 | | 1,000,000 | c,f | 1,044,610 | |
KKR 23 Ltd. CLO, Ser. 23, Cl. E, (3 Month TSFR +6.26%) | | 11.59 | | 10/20/2031 | | 1,000,000 | c,f | 1,003,148 | |
Man GLG Euro I DAC CLO, Ser. 1A, Cl. ERR, (3 Month EURIBOR +4.85%) | EUR | 8.76 | | 10/15/2030 | | 1,000,000 | c,f | 1,051,137 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Collateralized Loan Obligations Debt - 27.0% (continued) | | | | | |
OZLME III DAC CLO, Ser. 3A, Cl. F, (3 Month EURIBOR +6.45%) | EUR | 10.27 | | 8/24/2030 | | 1,000,000 | c,f | 1,036,519 | |
St. Paul's V DAC CLO, Ser. 5A, Cl. FR, (3 Month EURIBOR +6.60%) | EUR | 10.43 | | 8/20/2030 | | 4,000,000 | c,f | 4,089,927 | |
Tikehau DAC CLO, Ser. 2015-1A, Cl. FRR, (3 Month EURIBOR +8.75%) | EUR | 12.60 | | 8/4/2034 | | 2,000,000 | c,f | 2,147,596 | |
Toro European 5 DAC CLO, Ser. 5A, Cl. F, (3 Month EURIBOR +5.75%) | EUR | 9.66 | | 10/15/2030 | | 1,000,000 | c,f | 1,033,489 | |
| | 36,411,403 | |
Collateralized Loan Obligations Equity - .0% | | | | | |
Madison Park Funding X Ltd. CLO, Ser. 2012-10A, Cl. SUB | | 0.00 | | 1/20/2029 | | 3,000,000 | c,g | 450 | |
Commercial & Professional Services - 4.0% | | | | | |
Adtalem Global Education, Inc., Sr. Scd. Notes | | 5.50 | | 3/1/2028 | | 250,000 | c | 240,019 | |
Albion Financing 1 Sarl/Aggreko Holdings, Inc., Sr. Scd. Notes | | 6.13 | | 10/15/2026 | | 250,000 | c | 246,209 | |
Albion Financing 2 Sarl, Sr. Unscd. Notes | | 8.75 | | 4/15/2027 | | 429,000 | c | 433,195 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Scd. Notes | | 6.63 | | 7/15/2026 | | 99,000 | c | 99,023 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Unscd. Notes | | 6.00 | | 6/1/2029 | | 230,000 | c | 196,523 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Sr. Scd. Bonds, Ser. 144 | GBP | 4.88 | | 6/1/2028 | | 170,000 | c | 193,873 | |
APX Group, Inc., Sr. Scd. Notes | | 6.75 | | 2/15/2027 | | 279,000 | c | 278,185 | |
BCP V Modular Services Finance II PLC, Sr. Scd. Bonds | EUR | 4.75 | | 11/30/2028 | | 420,000 | c | 423,934 | |
House of HR Group BV, Sr. Scd. Bonds | EUR | 9.00 | | 11/3/2029 | | 470,000 | c | 537,619 | |
La Financiere Atalian SASU, Sr. Scd. Bonds | EUR | 8.50 | | 6/30/2028 | | 190,482 | c | 124,216 | |
Prime Security Services Borrower LLC/Prime Finance, Inc., Scd. Notes | | 6.25 | | 1/15/2028 | | 346,000 | c | 339,939 | |
The ADT Security Corp., Sr. Scd. Notes | | 4.88 | | 7/15/2032 | | 330,000 | c | 298,087 | |
United Rentals North America, Inc., Gtd. Notes | | 3.75 | | 1/15/2032 | | 965,000 | | 825,826 | |
Verisure Midholding AB, Gtd. Notes | EUR | 5.25 | | 2/15/2029 | | 740,000 | c | 782,213 | |
Wand NewCo 3, Inc., Sr. Scd. Notes | | 7.63 | | 1/30/2032 | | 386,000 | c | 395,860 | |
| | 5,414,721 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Consumer Discretionary - 6.4% | | | | | |
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unscd. Notes | | 4.63 | | 4/1/2030 | | 170,000 | c | 151,492 | |
Caesars Entertainment, Inc., Sr. Scd. Notes | | 7.00 | | 2/15/2030 | | 500,000 | c | 505,713 | |
Carnival Corp., Gtd. Notes | | 6.00 | | 5/1/2029 | | 753,000 | c | 736,416 | |
Carnival Corp., Gtd. Notes | | 7.63 | | 3/1/2026 | | 343,000 | c | 345,074 | |
Churchill Downs, Inc., Gtd. Notes | | 4.75 | | 1/15/2028 | | 260,000 | c | 246,479 | |
Dealer Tire LLC/DT Issuer LLC, Sr. Unscd. Notes | | 8.00 | | 2/1/2028 | | 432,000 | c | 421,592 | |
Everi Holdings, Inc., Gtd. Notes | | 5.00 | | 7/15/2029 | | 884,000 | c | 858,872 | |
Flutter Treasury Designated Activity Co., Sr. Scd. Notes | | 6.38 | | 4/29/2029 | | 340,000 | c | 341,955 | |
Green Bidco SA, Sr. Scd. Bonds | EUR | 10.25 | | 7/15/2028 | | 190,000 | c | 196,499 | |
Hilton Domestic Operating Co., Inc., Gtd. Notes | | 3.63 | | 2/15/2032 | | 620,000 | c | 526,206 | |
International Game Technology PLC, Sr. Scd. Notes | | 5.25 | | 1/15/2029 | | 220,000 | c | 211,654 | |
KB Home, Gtd. Notes | | 4.00 | | 6/15/2031 | | 324,000 | | 286,550 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Sr. Scd. Notes | | 4.88 | | 5/1/2029 | | 230,000 | c | 212,820 | |
Miller Homes Group Finco PLC, Sr. Scd. Bonds | GBP | 7.00 | | 5/15/2029 | | 460,000 | c | 542,885 | |
NCL Corp. Ltd., Gtd. Notes | | 5.88 | | 3/15/2026 | | 608,000 | c | 598,185 | |
NCL Corp. Ltd., Sr. Scd. Notes | | 5.88 | | 2/15/2027 | | 144,000 | c | 142,020 | |
NCL Corp. Ltd., Sr. Scd. Notes | | 8.13 | | 1/15/2029 | | 141,000 | c | 147,412 | |
ONE Hotels GmbH, Sr. Scd. Bonds | EUR | 7.75 | | 4/2/2031 | | 195,000 | c | 217,605 | |
Royal Caribbean Cruises Ltd., Gtd. Notes | | 7.25 | | 1/15/2030 | | 162,000 | c | 167,450 | |
Royal Caribbean Cruises Ltd., Sr. Unscd. Notes | | 4.25 | | 7/1/2026 | | 492,000 | c | 474,579 | |
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., Sr. Scd. Notes | | 6.63 | | 5/1/2032 | | 142,000 | c | 142,192 | |
Taylor Morrison Communities, Inc., Sr. Unscd. Notes | | 5.13 | | 8/1/2030 | | 138,000 | c | 131,056 | |
The Gates Corp., Sr. Unscd. Notes | | 6.88 | | 7/1/2029 | | 92,000 | c | 92,998 | |
TUI Cruises GmbH, Sr. Unscd. Notes | EUR | 6.25 | | 4/15/2029 | | 210,000 | c | 232,005 | |
Verde Purchaser LLC, Sr. Scd. Notes | | 10.50 | | 11/30/2030 | | 190,000 | c | 200,486 | |
Versuni Group BV, Sr. Scd. Bonds | EUR | 3.13 | | 6/15/2028 | | 450,000 | c | 438,835 | |
| | 8,569,030 | |
Consumer Staples - .6% | | | | | |
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, Sr. Scd. Notes | | 4.75 | | 1/15/2029 | | 360,000 | c | 339,185 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Consumer Staples - .6% (continued) | | | | | |
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., Gtd. Notes | | 7.00 | | 12/31/2027 | | 306,000 | c | 301,875 | |
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., Sr. Scd. Notes | | 5.00 | | 12/31/2026 | | 200,000 | c | 194,145 | |
| | 835,205 | |
Diversified Financials - 2.7% | | | | | |
Encore Capital Group, Inc., Sr. Scd. Notes | GBP | 4.25 | | 6/1/2028 | | 525,000 | c | 579,700 | |
Freedom Mortgage Holdings LLC, Sr. Unscd. Notes | | 9.25 | | 2/1/2029 | | 200,000 | c | 202,181 | |
Garfunkelux Holdco 3 SA, Sr. Scd. Bonds | GBP | 7.75 | | 11/1/2025 | | 482,000 | c | 433,095 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Gtd. Notes | | 5.25 | | 5/15/2027 | | 147,000 | | 134,973 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Gtd. Notes | | 6.25 | | 5/15/2026 | | 149,000 | | 145,406 | |
Jane Street Group/JSG Finance, Inc., Sr. Scd. Notes | | 7.13 | | 4/30/2031 | | 435,000 | c | 443,149 | |
Nationstar Mortgage Holdings, Inc., Gtd. Notes | | 5.00 | | 2/1/2026 | | 309,000 | c | 303,407 | |
OneMain Finance Corp., Gtd. Notes | | 7.50 | | 5/15/2031 | | 154,000 | | 154,180 | |
OneMain Finance Corp., Gtd. Notes | | 7.88 | | 3/15/2030 | | 249,000 | | 253,887 | |
PennyMac Financial Services, Inc., Gtd. Notes | | 7.13 | | 11/15/2030 | | 154,000 | c | 152,159 | |
PennyMac Financial Services, Inc., Gtd. Notes | | 7.88 | | 12/15/2029 | | 289,000 | c | 296,137 | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., Gtd. Notes | | 4.00 | | 10/15/2033 | | 262,000 | c | 217,713 | |
United Wholesale Mortgage LLC, Sr. Unscd. Notes | | 5.50 | | 4/15/2029 | | 300,000 | c | 281,969 | |
| | 3,597,956 | |
Electronic Components - .4% | | | | | |
Sensata Technologies, Inc., Gtd. Notes | | 4.38 | | 2/15/2030 | | 370,000 | c | 337,840 | |
WESCO Distribution, Inc., Gtd. Notes | | 6.63 | | 3/15/2032 | | 236,000 | c | 237,441 | |
| | 575,281 | |
Energy - 6.1% | | | | | |
Aethon United BR LP/Aethon United Finance Corp., Sr. Unscd. Notes | | 8.25 | | 2/15/2026 | | 822,000 | c | 830,365 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes | | 5.75 | | 3/1/2027 | | 330,000 | c | 326,450 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Energy - 6.1% (continued) | | | | | |
Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unscd. Notes | | 6.63 | | 7/15/2026 | | 125,000 | c | 124,974 | |
Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unscd. Notes | | 7.00 | | 7/15/2029 | | 333,000 | c | 336,741 | |
Chesapeake Energy Corp., Gtd. Notes | | 5.88 | | 2/1/2029 | | 93,000 | c | 91,521 | |
Comstock Resources, Inc., Gtd. Notes | | 6.75 | | 3/1/2029 | | 900,000 | c | 871,259 | |
CQP Holdco LP/Bip-V Chinook Holdco LLC, Sr. Scd. Notes | | 5.50 | | 6/15/2031 | | 460,000 | c | 431,363 | |
Encino Acquisition Partners Holdings LLC, Gtd. Notes | | 8.50 | | 5/1/2028 | | 414,000 | c | 423,563 | |
Encino Acquisition Partners Holdings LLC, Sr. Unscd. Notes | | 8.75 | | 5/1/2031 | | 118,000 | c | 122,129 | |
Energy Transfer LP, Jr. Sub. Bonds, Ser. B | | 6.63 | | 2/15/2028 | | 506,000 | d | 477,893 | |
EQM Midstream Partners LP, Sr. Unscd. Notes | | 5.50 | | 7/15/2028 | | 114,000 | | 111,861 | |
Matador Resources Co., Gtd. Notes | | 6.50 | | 4/15/2032 | | 298,000 | c | 297,605 | |
Northern Oil & Gas, Inc., Sr. Unscd. Notes | | 8.13 | | 3/1/2028 | | 184,000 | c | 187,215 | |
Rockcliff Energy II LLC, Sr. Unscd. Notes | | 5.50 | | 10/15/2029 | | 537,000 | c | 499,254 | |
Rockies Express Pipeline LLC, Sr. Unscd. Notes | | 4.80 | | 5/15/2030 | | 412,000 | c | 376,652 | |
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., Sr. Unscd. Notes | | 7.88 | | 11/1/2028 | | 419,000 | c | 435,016 | |
Solaris Midstream Holdings LLC, Gtd. Notes | | 7.63 | | 4/1/2026 | | 268,000 | c | 269,276 | |
Venture Global Calcasieu Pass LLC, Sr. Scd. Notes | | 3.88 | | 11/1/2033 | | 553,000 | c | 464,217 | |
Venture Global Calcasieu Pass LLC, Sr. Scd. Notes | | 4.13 | | 8/15/2031 | | 160,000 | c | 141,409 | |
Venture Global LNG, Inc., Sr. Scd. Notes | | 8.13 | | 6/1/2028 | | 771,000 | c | 788,501 | |
Venture Global LNG, Inc., Sr. Scd. Notes | | 8.38 | | 6/1/2031 | | 652,000 | c | 672,811 | |
| | 8,280,075 | |
Environmental Control - 1.0% | | | | | |
GFL Environmental, Inc., Sr. Scd. Notes | | 6.75 | | 1/15/2031 | | 410,000 | c | 418,719 | |
Madison IAQ LLC, Sr. Scd. Notes | | 4.13 | | 6/30/2028 | | 69,000 | c | 63,995 | |
Madison IAQ LLC, Sr. Unscd. Notes | | 5.88 | | 6/30/2029 | | 451,000 | c | 418,399 | |
Reworld Holding Corp., Gtd. Notes | | 4.88 | | 12/1/2029 | | 72,000 | c | 65,693 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Environmental Control - 1.0% (continued) | | | | | |
Reworld Holding Corp., Gtd. Notes | | 5.00 | | 9/1/2030 | | 95,000 | | 85,697 | |
Waste Pro USA, Inc., Sr. Unscd. Notes | | 5.50 | | 2/15/2026 | | 230,000 | c | 226,732 | |
| | 1,279,235 | |
Food Products - 1.2% | | | | | |
Boparan Finance PLC, Sr. Scd. Bonds | GBP | 7.63 | | 11/30/2025 | | 346,000 | c | 404,726 | |
Chobani LLC/Chobani Finance Corp., Inc., Sr. Unscd. Notes | | 7.63 | | 7/1/2029 | | 204,000 | c | 208,073 | |
Fiesta Purchaser, Inc., Sr. Scd. Notes | | 7.88 | | 3/1/2031 | | 206,000 | c | 211,850 | |
Pilgrim's Pride Corp., Gtd. Notes | | 3.50 | | 3/1/2032 | | 637,000 | | 535,430 | |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, Scd. Notes | | 4.63 | | 3/1/2029 | | 256,000 | c | 223,368 | |
| | 1,583,447 | |
Health Care - 4.6% | | | | | |
CHEPLAPHARM Arzneimittel GmbH, Sr. Scd. Notes | | 5.50 | | 1/15/2028 | | 235,000 | c | 219,396 | |
CHS/Community Health Systems, Inc., Scd. Notes | | 6.88 | | 4/15/2029 | | 220,000 | c | 172,393 | |
CHS/Community Health Systems, Inc., Sr. Scd. Notes | | 5.25 | | 5/15/2030 | | 231,000 | c | 191,940 | |
CHS/Community Health Systems, Inc., Sr. Scd. Notes | | 5.63 | | 3/15/2027 | | 670,000 | c | 635,131 | |
CHS/Community Health Systems, Inc., Sr. Scd. Notes | | 10.88 | | 1/15/2032 | | 308,000 | c | 318,624 | |
Cidron Aida Finco Sarl, Sr. Scd. Bonds | GBP | 6.25 | | 4/1/2028 | | 423,000 | c | 517,035 | |
Global Medical Response, Inc., Sr. Scd. Notes | | 10.00 | | 10/31/2028 | | 196,000 | c,e | 190,806 | |
HealthEquity, Inc., Gtd. Notes | | 4.50 | | 10/1/2029 | | 223,000 | c | 204,556 | |
Jazz Securities DAC, Sr. Scd. Notes | | 4.38 | | 1/15/2029 | | 280,000 | c | 257,877 | |
LifePoint Health, Inc., Sr. Scd. Notes | | 9.88 | | 8/15/2030 | | 478,000 | c | 512,050 | |
LifePoint Health, Inc., Sr. Unscd. Notes | | 10.00 | | 6/1/2032 | | 227,000 | c | 228,107 | |
Medline Borrower LP, Sr. Scd. Notes | | 3.88 | | 4/1/2029 | | 216,000 | c | 196,783 | |
Medline Borrower LP, Sr. Unscd. Notes | | 5.25 | | 10/1/2029 | | 194,000 | c | 183,030 | |
Neopharmed Gentili SpA, Sr. Scd. Bonds | EUR | 7.13 | | 4/8/2030 | | 430,000 | c | 479,341 | |
Option Care Health, Inc., Gtd. Notes | | 4.38 | | 10/31/2029 | | 654,000 | c | 595,978 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, Sr. Scd. Notes | | 6.75 | | 5/15/2034 | | 360,000 | c | 359,156 | |
Sotera Health Holdings LLC, Sr. Scd. Notes | | 7.38 | | 6/1/2031 | | 162,000 | c | 160,807 | |
Surgery Center Holdings, Inc., Gtd. Notes | | 7.25 | | 4/15/2032 | | 285,000 | c | 287,495 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Health Care - 4.6% (continued) | | | | | |
Tenet Healthcare Corp., Sr. Scd. Notes | | 4.25 | | 6/1/2029 | | 345,000 | | 319,428 | |
Tenet Healthcare Corp., Sr. Scd. Notes | | 4.63 | | 6/15/2028 | | 210,000 | | 199,776 | |
| | 6,229,709 | |
Industrial - 1.2% | | | | | |
Artera Services LLC, Sr. Scd. Notes | | 8.50 | | 2/15/2031 | | 203,162 | c | 207,741 | |
Dycom Industries, Inc., Gtd. Notes | | 4.50 | | 4/15/2029 | | 149,000 | c | 138,573 | |
GrafTech Finance, Inc., Sr. Scd. Notes | | 4.63 | | 12/15/2028 | | 240,000 | c | 155,685 | |
GrafTech Global Enterprises, Inc., Sr. Scd. Notes | | 9.88 | | 12/15/2028 | | 179,000 | c | 135,334 | |
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, Sr. Scd. Notes | | 9.00 | | 2/15/2029 | | 245,000 | c | 251,928 | |
TK Elevator Midco GmbH, Sr. Scd. Bonds | EUR | 4.38 | | 7/15/2027 | | 620,000 | c | 653,383 | |
Vertiv Group Corp., Sr. Scd. Notes | | 4.13 | | 11/15/2028 | | 137,000 | c | 127,092 | |
| | 1,669,736 | |
Information Technology - 2.4% | | | | | |
AthenaHealth Group, Inc., Sr. Unscd. Notes | | 6.50 | | 2/15/2030 | | 1,092,000 | c | 991,840 | |
Central Parent, Inc./CDK Global, Inc., Sr. Scd. Notes | | 7.25 | | 6/15/2029 | | 315,000 | c | 316,971 | |
Cloud Software Group, Inc., Scd. Bonds | | 9.00 | | 9/30/2029 | | 450,000 | c | 435,803 | |
Cloud Software Group, Inc., Sr. Scd. Notes | | 6.50 | | 3/31/2029 | | 215,000 | c | 204,079 | |
Cloud Software Group, Inc., Sr. Scd. Notes | | 8.25 | | 6/30/2032 | | 103,000 | c | 104,104 | |
Elastic NV, Sr. Unscd. Notes | | 4.13 | | 7/15/2029 | | 416,000 | c | 372,322 | |
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl, Sr. Scd. Bonds | EUR | 7.88 | | 5/1/2029 | | 200,000 | c | 216,258 | |
SS&C Technologies, Inc., Gtd. Notes | | 5.50 | | 9/30/2027 | | 350,000 | c | 343,033 | |
UKG, Inc., Sr. Scd. Notes | | 6.88 | | 2/1/2031 | | 292,000 | c | 294,051 | |
| | 3,278,461 | |
Insurance - 3.0% | | | | | |
Acrisure LLC/Acrisure Finance, Inc., Sr. Scd. Notes | | 4.25 | | 2/15/2029 | | 490,000 | c | 446,279 | |
Acrisure LLC/Acrisure Finance, Inc., Sr. Unscd. Notes | | 6.00 | | 8/1/2029 | | 190,000 | c | 173,377 | |
Acrisure LLC/Acrisure Finance, Inc., Sr. Unscd. Notes | | 8.25 | | 2/1/2029 | | 349,000 | c | 350,970 | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. Notes | | 6.75 | | 4/15/2028 | | 300,000 | c | 300,777 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Insurance - 3.0% (continued) | | | | | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. Notes | | 7.00 | | 1/15/2031 | | 250,000 | c | 250,817 | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Unscd. Notes | | 6.75 | | 10/15/2027 | | 200,000 | c | 196,208 | |
Ardonagh Finco Ltd., Sr. Scd. Notes | | 7.75 | | 2/15/2031 | | 600,000 | c | 596,372 | |
Ardonagh Group Finance Ltd., Sr. Unscd. Notes | | 8.88 | | 2/15/2032 | | 400,000 | c | 394,510 | |
AssuredPartners, Inc., Sr. Unscd. Notes | | 5.63 | | 1/15/2029 | | 560,000 | c | 521,633 | |
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC, Sr. Scd. Notes | | 7.25 | | 2/15/2031 | | 200,000 | c | 198,687 | |
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC, Sr. Unscd. Notes | | 8.13 | | 2/15/2032 | | 400,000 | c | 396,793 | |
Panther Escrow Issuer LLC, Sr. Scd. Notes | | 7.13 | | 6/1/2031 | | 250,000 | c | 252,288 | |
| | 4,078,711 | |
Internet Software & Services - 2.2% | | | | | |
Arches Buyer, Inc., Sr. Scd. Notes | | 4.25 | | 6/1/2028 | | 410,000 | c | 358,184 | |
Arches Buyer, Inc., Sr. Unscd. Notes | | 6.13 | | 12/1/2028 | | 529,000 | c | 426,658 | |
Match Group Holdings II LLC, Sr. Unscd. Notes | | 4.13 | | 8/1/2030 | | 480,000 | c | 417,705 | |
Newfold Digital Holdings Group, Inc., Sr. Unscd. Notes | | 6.00 | | 2/15/2029 | | 220,000 | c | 158,539 | |
The Very Group Funding PLC, Sr. Scd. Bonds | GBP | 6.50 | | 8/1/2026 | | 358,000 | c | 382,882 | |
United Group BV, Sr. Scd. Bonds | EUR | 3.13 | | 2/15/2026 | | 1,180,000 | c | 1,248,819 | |
| | 2,992,787 | |
Materials - 2.7% | | | | | |
Clydesdale Acquisition Holdings, Inc., Gtd. Notes | | 8.75 | | 4/15/2030 | | 566,000 | c | 546,406 | |
Graphic Packaging International LLC, Gtd. Notes | | 6.38 | | 7/15/2032 | | 194,000 | c | 194,627 | |
Kleopatra Finco Sarl, Sr. Scd. Bonds | EUR | 4.25 | | 3/1/2026 | | 300,000 | c | 274,601 | |
LABL, Inc., Sr. Scd. Notes | | 6.75 | | 7/15/2026 | | 153,000 | c | 151,340 | |
LABL, Inc., Sr. Scd. Notes | | 9.50 | | 11/1/2028 | | 496,000 | c | 505,136 | |
LABL, Inc., Sr. Unscd. Notes | | 10.50 | | 7/15/2027 | | 348,000 | c | 339,147 | |
Mauser Packaging Solutions Holding Co., Sr. Scd. Bonds | | 7.88 | | 4/15/2027 | | 551,000 | c | 562,081 | |
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, Sr. Scd. Notes | | 4.00 | | 10/15/2027 | | 280,000 | c | 261,580 | |
Trivium Packaging Finance BV, Gtd. Notes | | 8.50 | | 8/15/2027 | | 200,000 | c | 199,736 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Materials - 2.7% (continued) | | | | | |
Trivium Packaging Finance BV, Sr. Scd. Bonds | EUR | 3.75 | | 8/15/2026 | | 380,000 | c | 406,032 | |
Trivium Packaging Finance BV, Sr. Scd. Notes | | 5.50 | | 8/15/2026 | | 230,000 | c | 226,936 | |
| | 3,667,622 | |
Media - 2.7% | | | | | |
Altice Financing SA, Sr. Scd. Bonds | | 5.75 | | 8/15/2029 | | 200,000 | c | 148,850 | |
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes | | 4.25 | | 1/15/2034 | | 351,000 | c | 261,807 | |
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes | | 4.50 | | 5/1/2032 | | 356,000 | | 282,695 | |
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes | | 5.00 | | 2/1/2028 | | 360,000 | c | 332,733 | |
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes | | 5.13 | | 5/1/2027 | | 248,000 | c | 237,193 | |
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes | | 5.38 | | 6/1/2029 | | 256,000 | c | 229,515 | |
CSC Holdings LLC, Gtd. Notes | | 5.50 | | 4/15/2027 | | 380,000 | c | 291,538 | |
CSC Holdings LLC, Gtd. Notes | | 11.25 | | 5/15/2028 | | 420,000 | c | 339,318 | |
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., Sr. Scd. Notes | | 5.88 | | 8/15/2027 | | 180,000 | c | 169,164 | |
DISH Network Corp., Sr. Scd. Notes | | 11.75 | | 11/15/2027 | | 340,000 | c | 341,413 | |
Sirius XM Radio, Inc., Gtd. Notes | | 5.00 | | 8/1/2027 | | 263,000 | c | 249,969 | |
Sunrise Finco I BV, Sr. Scd. Notes | | 4.88 | | 7/15/2031 | | 240,000 | c | 214,414 | |
Univision Communications, Inc., Sr. Scd. Notes | | 8.00 | | 8/15/2028 | | 220,000 | c | 216,880 | |
Ziggo Bond Co. BV, Gtd. Notes | | 5.13 | | 2/28/2030 | | 330,000 | c | 282,154 | |
| | 3,597,643 | |
Metals & Mining - 1.7% | | | | | |
Cleveland-Cliffs, Inc., Gtd. Notes | | 6.75 | | 4/15/2030 | | 198,000 | c | 195,989 | |
Compass Minerals International, Inc., Gtd. Notes | | 6.75 | | 12/1/2027 | | 410,000 | c | 392,294 | |
First Quantum Minerals Ltd., Scd. Notes | | 9.38 | | 3/1/2029 | | 200,000 | c | 208,946 | |
FMG Resources August 2006 Pty Ltd., Gtd. Notes | | 4.38 | | 4/1/2031 | | 390,000 | c | 346,535 | |
Novelis Corp., Gtd. Notes | | 3.25 | | 11/15/2026 | | 400,000 | c | 373,803 | |
Samarco Mineracao SA, Sr. Unscd. Notes | | 9.00 | | 6/30/2031 | | 539,908 | e | 505,192 | |
Taseko Mines Ltd., Sr. Scd. Notes | | 8.25 | | 5/1/2030 | | 281,000 | c | 288,401 | |
| | 2,311,160 | |
Real Estate - 3.5% | | | | | |
Diversified Healthcare Trust, Gtd. Notes | | 9.75 | | 6/15/2025 | | 132,000 | | 132,194 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Real Estate - 3.5% (continued) | | | | | |
Diversified Healthcare Trust, Sr. Unscd. Notes | | 4.75 | | 2/15/2028 | | 369,000 | | 303,990 | |
Emeria SASU, Sr. Scd. Bonds | EUR | 7.75 | | 3/31/2028 | | 310,000 | c | 318,841 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Gtd. Notes | | 4.25 | | 2/1/2027 | | 1,200,000 | c | 1,126,086 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Sr. Scd. Notes | | 4.88 | | 5/15/2029 | | 550,000 | c | 511,848 | |
Realogy Group LLC, Gtd. Notes | | 5.75 | | 1/15/2029 | | 175,000 | c | 120,251 | |
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes | | 6.50 | | 4/1/2032 | | 296,000 | c | 294,382 | |
Rithm Capital Corp., Sr. Unscd. Notes | | 6.25 | | 10/15/2025 | | 561,000 | c | 556,432 | |
Rithm Capital Corp., Sr. Unscd. Notes | | 8.00 | | 4/1/2029 | | 487,000 | c | 474,328 | |
RLJ Lodging Trust LP, Sr. Scd. Notes | | 4.00 | | 9/15/2029 | | 480,000 | c | 420,207 | |
Service Properties Trust, Sr. Unscd. Notes | | 4.50 | | 3/15/2025 | | 198,000 | | 196,022 | |
Starwood Property Trust, Inc., Sr. Unscd. Notes | | 7.25 | | 4/1/2029 | | 207,000 | c | 206,121 | |
| | 4,660,702 | |
Retailing - 2.3% | | | | | |
Beacon Roofing Supply, Inc., Gtd. Notes | | 4.13 | | 5/15/2029 | | 201,000 | c | 181,925 | |
Beacon Roofing Supply, Inc., Sr. Scd. Notes | | 4.50 | | 11/15/2026 | | 200,000 | c | 194,088 | |
Carvana Co., Sr. Scd. Notes | | 12.00 | | 12/1/2028 | | 143,016 | c,e | 149,622 | |
Carvana Co., Sr. Scd. Notes | | 13.00 | | 6/1/2030 | | 100,000 | c,e | 103,021 | |
Carvana Co., Sr. Scd. Notes | | 14.00 | | 6/1/2031 | | 138,000 | c,e | 145,560 | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Gtd. Notes | | 6.75 | | 1/15/2030 | | 166,000 | c | 146,844 | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Sr. Scd. Notes | | 4.63 | | 1/15/2029 | | 117,000 | c | 105,334 | |
Foundation Building Materials, Inc., Gtd. Notes | | 6.00 | | 3/1/2029 | | 560,000 | c | 496,891 | |
Nordstrom, Inc., Sr. Unscd. Notes | | 4.25 | | 8/1/2031 | | 150,000 | | 132,606 | |
Nordstrom, Inc., Sr. Unscd. Notes | | 4.38 | | 4/1/2030 | | 100,000 | | 91,010 | |
PetSmart, Inc./PetSmart Finance Corp., Gtd. Notes | | 7.75 | | 2/15/2029 | | 250,000 | c | 239,556 | |
Shiba Bidco SpA, Sr. Scd. Bonds | EUR | 4.50 | | 10/31/2028 | | 291,000 | c | 307,083 | |
Staples, Inc., Sr. Scd. Notes | | 10.75 | | 9/1/2029 | | 151,000 | c | 146,297 | |
Staples, Inc., Sr. Unscd. Notes | | 10.75 | | 4/15/2027 | | 148,000 | c | 132,528 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Retailing - 2.3% (continued) | | | | | |
White Cap Buyer LLC, Sr. Unscd. Notes | | 6.88 | | 10/15/2028 | | 487,000 | c | 465,093 | |
White Cap Parent LLC, Sr. Unscd. Notes | | 8.25 | | 3/15/2026 | | 90,000 | c,e | 88,967 | |
| | 3,126,425 | |
Technology Hardware & Equipment - .2% | | | | | |
Western Digital Corp., Gtd. Notes | | 4.75 | | 2/15/2026 | | 226,000 | | 221,259 | |
Telecommunication Services - 2.7% | | | | | |
Altice France SA, Sr. Scd. Notes | | 5.50 | | 1/15/2028 | | 600,000 | c | 420,731 | |
C&W Senior Finance Ltd., Sr. Unscd. Notes | | 6.88 | | 9/15/2027 | | 400,000 | c | 381,710 | |
Consolidated Communications, Inc., Sr. Scd. Notes | | 6.50 | | 10/1/2028 | | 246,000 | c | 208,451 | |
Frontier Communications Holdings LLC, Scd. Notes | | 6.75 | | 5/1/2029 | | 280,000 | c | 255,841 | |
Frontier Communications Holdings LLC, Sr. Scd. Notes | | 8.63 | | 3/15/2031 | | 102,000 | c | 104,652 | |
Frontier Communications Holdings LLC, Sr. Scd. Notes | | 8.75 | | 5/15/2030 | | 211,000 | c | 218,534 | |
Iliad Holding SASU, Sr. Scd. Bonds | | 8.50 | | 4/15/2031 | | 590,000 | c | 597,659 | |
Level 3 Financing, Inc., Sr. Scd. Notes | | 10.50 | | 4/15/2029 | | 495,000 | c | 496,238 | |
Lumen Technologies, Inc., Sr. Scd. Notes | | 4.13 | | 4/15/2030 | | 116,450 | c | 75,052 | |
Lumen Technologies, Inc., Sr. Scd. Notes | | 4.13 | | 4/15/2029 | | 116,450 | c | 75,467 | |
PLT VII Finance Sarl, Sr. Scd. Bonds, (3 Month EURIBOR +3.50%) | EUR | 7.28 | | 6/15/2031 | | 320,000 | c,f | 347,216 | |
Telecom Italia Capital SA, Gtd. Notes | | 7.72 | | 6/4/2038 | | 160,000 | | 146,579 | |
Zayo Group Holdings, Inc., Sr. Scd. Notes | | 4.00 | | 3/1/2027 | | 308,000 | c | 240,464 | |
| | 3,568,594 | |
Utilities - 2.1% | | | | | |
Calpine Corp., Sr. Unscd. Notes | | 4.63 | | 2/1/2029 | | 155,000 | c | 144,196 | |
Calpine Corp., Sr. Unscd. Notes | | 5.00 | | 2/1/2031 | | 385,000 | c | 355,862 | |
NextEra Energy Operating Partners LP, Gtd. Notes | | 3.88 | | 10/15/2026 | | 274,000 | c | 259,379 | |
NextEra Energy Operating Partners LP, Sr. Unscd. Notes | | 7.25 | | 1/15/2029 | | 337,000 | c | 345,237 | |
NRG Energy, Inc., Gtd. Notes | | 3.88 | | 2/15/2032 | | 310,000 | c | 265,587 | |
NRG Energy, Inc., Gtd. Notes | | 5.25 | | 6/15/2029 | | 180,000 | c | 171,833 | |
NRG Energy, Inc., Jr. Sub. Bonds | | 10.25 | | 3/15/2028 | | 300,000 | c,d | 328,342 | |
PG&E Corp., Sr. Scd. Notes | | 5.00 | | 7/1/2028 | | 229,000 | | 219,692 | |
Vistra Corp., Jr. Sub. Bonds | | 7.00 | | 12/15/2026 | | 146,000 | c,d | 145,060 | |
Vistra Operations Co. LLC, Gtd. Notes | | 4.38 | | 5/1/2029 | | 126,000 | c | 116,732 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Bonds and Notes - 89.8% (continued) | | | | | |
Utilities - 2.1% (continued) | | | | | |
Vistra Operations Co. LLC, Gtd. Notes | | 6.88 | | 4/15/2032 | | 151,000 | c | 152,081 | |
Vistra Operations Co. LLC, Gtd. Notes | | 7.75 | | 10/15/2031 | | 270,000 | c | 280,730 | |
| | 2,784,731 | |
Total Bonds and Notes
(cost $122,056,118) | | 121,025,905 | |
| | | | | | | | | |
Floating Rate Loan Interests - 36.4% | | | | | |
Advertising - .4% | | | | | |
CB Poly US Holdings, Inc., Initial Term Loan, (3 Month TSFR +5.50%) | | 10.85 | | 5/21/2029 | | 130,486 | f | 128,430 | |
Dotdash Meredith, Inc., Term Loan B, (1 Month TSFR +4.10%) | | 9.41 | | 12/1/2028 | | 149,007 | f | 149,566 | |
Neptune BidCo US, Inc., Dollar Term Loan B, (3 Month TSFR +5.10%) | | 10.41 | | 4/11/2029 | | 208,257 | f | 200,187 | |
| | 478,183 | |
Aerospace & Defense - .1% | | | | | |
Ovation Parent, Inc., Term Loan, (3 Month TSFR +3.50%) | | 8.83 | | 4/21/2031 | | 159,091 | f | 160,434 | |
Automobiles & Components - .4% | | | | | |
First Brands Group LLC, 2021 First Lien Term Loan, (3 Month TSFR +5.26%) | | 10.59 | | 3/30/2027 | | 124,679 | f | 123,654 | |
First Brands Group LLC, 2022 Incremental Term Loan, (3 Month TSFR +5.26%) | | 10.59 | | 3/30/2027 | | 237,839 | f | 236,650 | |
IXS Holdings, Inc., Initial Term Loan, (3 Month TSFR +4.35%) | | 9.70 | | 3/5/2027 | | 86,158 | f | 81,926 | |
Realtruck Group, Inc., Initial Term Loan, (1 Month TSFR +3.61%) | | 8.94 | | 1/31/2028 | | 119,079 | f | 119,229 | |
Realtruck Group, Inc., Second Amendment Incremental Term Loan, (1 Month TSFR +5.11%) | | 10.44 | | 1/31/2028 | | 30,000 | f | 30,113 | |
| | 591,572 | |
Beverage Products - .2% | | | | | |
Triton Water Holdings, Inc., 2024 Incremental Term Loan, (3 Month TSFR +4.00%) | | 9.30 | | 3/31/2028 | | 204,487 | f | 205,561 | |
Building Materials - 1.2% | | | | | |
Cornerstone Building Brands, Inc., Facility Term Loan B, (1 Month TSFR +3.35%) | | 8.67 | | 4/12/2028 | | 197,154 | f | 194,655 | |
Cornerstone Building Brands, Inc., Tranche Term Loan C, (1 Month TSFR +4.50%) | | 9.82 | | 5/15/2031 | | 39,000 | f | 39,098 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Floating Rate Loan Interests - 36.4% (continued) | | | | | |
Building Materials - 1.2% (continued) | | | | | |
LSF10 XL Bidco SCA, Facility Term Loan B-4, (3 Month EURIBOR +4.18%) | EUR | 8.08 | | 4/10/2028 | | 1,280,206 | f | 1,308,055 | |
MIWD Holdco II LLC, 2024 Incremental Term Loan, (1 Month TSFR +3.50%) | | 8.83 | | 3/28/2031 | | 86,250 | f | 87,014 | |
Potters Borrower LP, 2024 Refinancing Term Loan, (3 Month TSFR +3.75%) | | 9.05 | | 12/14/2027 | | 22,000 | f | 22,179 | |
| | 1,651,001 | |
Chemicals - 1.1% | | | | | |
Derby Buyer LLC, 2024 Refinancing Term Loan, (3 Month TSFR +3.50%) | | 8.82 | | 11/1/2030 | | 69,174 | f | 69,498 | |
Hexion Holdings Corp., First Lien Initial Term Loan, (3 Month TSFR +4.65%) | | 9.98 | | 3/15/2029 | | 399,241 | f | 400,332 | |
OQ Chemicals Holdings, Tranche Term Loan B-1, (3 Month EURIBOR +3.75%) | EUR | 7.63 | | 10/14/2024 | | 1,000,000 | f | 1,011,131 | |
| | 1,480,961 | |
Commercial & Professional Services - 4.0% | | | | | |
Albion Financing 3 Sarl, 2023 & 2026 Term Loan, (3 Month EURIBOR +5.25%) | EUR | 9.15 | | 8/17/2026 | | 1,000,000 | f | 1,094,946 | |
American Auto Auction, First Lien Tranche Term Loan B, (3 Month TSFR +5.15%) | | 10.46 | | 12/30/2027 | | 358,400 | f | 358,669 | |
CIBT Global, Inc., First Lien Term Loan, (3 Month TSFR +1.26%) | | 6.56 | | 6/1/2024 | | 1,112,396 | f | 703,590 | |
Envalior Finance GmbH, Term Loan B-1, (1 Month TSFR +5.50%) | | 6.00 | | 4/3/2030 | | 131,000 | f | 124,614 | |
Indy US Bidco LLC, 2021 Refinancing Term Loan, (1 Month EURIBOR +3.75%) | EUR | 7.52 | | 3/6/2028 | | 989,848 | f | 1,068,444 | |
KUEHG Corp., Term Loan B, (3 Month TSFR +4.50%) | | 9.82 | | 6/12/2030 | | 313,618 | f | 315,404 | |
Modulaire Group Holdings, Facility Term Loan B, (3 Month EURIBOR +4.43%) | EUR | 8.33 | | 12/22/2028 | | 1,000,000 | f | 1,088,913 | |
Prometric Holdings, Inc., Term Loan B, (1 Month TSFR +4.86%) | | 10.19 | | 1/31/2028 | | 65,835 | f | 66,312 | |
RLG Holdings LLC, First Lien Closing Date Initial Term Loan, (1 Month TSFR +4.36%) | | 9.69 | | 7/10/2028 | | 213,315 | f | 212,973 | |
Signal Parent, Inc., Term Loan B, (1 Month TSFR +3.50%) | | 8.92 | | 3/31/2028 | | 120,000 | f | 107,433 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Floating Rate Loan Interests - 36.4% (continued) | | | | | |
Commercial & Professional Services - 4.0% (continued) | | | | | |
Spring Education Group, Inc., Initial Term Loan, (3 Month TSFR +4.50%) | | 9.81 | | 10/4/2030 | | 141,947 | f | 143,348 | |
Vaco Holdings LLC, Initial Term Loan, (3 Month TSFR +5.25%) | | 10.43 | | 1/21/2029 | | 119,643 | f | 119,569 | |
| | 5,404,215 | |
Consumer Discretionary - 3.0% | | | | | |
Ammega Group BV, 2023 Facility Term Loan B-2, (3 Month EURIBOR +5.00%) | EUR | 8.90 | | 12/1/2028 | | 1,150,000 | f | 1,253,529 | |
Bally's Corp., Facility Term Loan B, (3 Month TSFR +3.25%) | | 8.84 | | 10/2/2028 | | 263,969 | f | 253,864 | |
Crown Finance US, Inc., Initial Term Loan, (1 Month TSFR +1.61%) | | 6.94 | | 7/31/2028 | | 134,428 | e,f | 136,397 | |
ECL Entertainment LLC, Term Loan B, (1 Month TSFR +4.00%) | | 9.33 | | 8/30/2030 | | 100,826 | f | 101,583 | |
Fitness International LLC, New Term Loan B, (1-3 Month TSFR +5.25%) | | 10.58 | | 2/12/2029 | | 170,929 | f | 171,570 | |
J&J Ventures Gaming LLC, 2023 Delayed Draw Term Loan, (1 Month TSFR +4.36%) | | 9.69 | | 4/26/2028 | | 115,000 | f,h | 115,001 | |
LC Ahab US Bidco LLC, Initial Term Loan, (1 Month TSFR +3.50%) | | 8.83 | | 5/1/2031 | | 33,000 | f | 33,248 | |
Ontario Gaming GTA LP, Term Loan B, (3 Month TSFR +4.25%) | | 9.56 | | 8/1/2030 | | 102,094 | f | 102,897 | |
Recess Holdings, Inc., Initial Term Loan, (1 Month TSFR +4.50%) | | 9.83 | | 2/20/2030 | | 198,889 | f | 200,319 | |
Stage Entertainment BV, Facility Term Loan B-2, (3 Month EURIBOR +3.00%) | EUR | 6.81 | | 5/4/2026 | | 1,000,000 | f | 1,088,034 | |
Tecta America Corp., First Lien Initial Term Loan, (1 Month TSFR +4.11%) | | 9.44 | | 4/10/2028 | | 434,752 | f | 437,456 | |
Verde Purchaser LLC, Initial Term Loan, (3 Month TSFR +5.00%) | | 10.31 | | 12/2/2030 | | 140,000 | f | 140,420 | |
| | 4,034,318 | |
Consumer Staples - .6% | | | | | |
Hunter Douglas, Inc., Tranche Term Loan B-1, (3 Month TSFR +3.50%) | | 8.84 | | 2/26/2029 | | 341,065 | f | 340,274 | |
Kronos Acquisition Holdings, Inc., Tranche Term Loan B-1, (3 Month TSFR +4.01%) | | 9.31 | | 12/22/2026 | | 441,742 | f | 443,030 | |
| | 783,304 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Floating Rate Loan Interests - 36.4% (continued) | | | | | |
Diversified Financials - .9% | | | | | |
Blackhawk Network Holdings, Inc., Term Loan B, (1 Month TSFR +5.00%) | | 10.33 | | 3/12/2029 | | 71,316 | f | 71,699 | |
Edelman Financial Center, First Lien Term Loan B, (1 Month TSFR +3.61%) | | 8.94 | | 4/7/2028 | | 325,812 | f | 326,438 | |
Nexus Buyer LLC, Amendment No. 5 Term Loan, (1 Month TSFR +4.50%) | | 9.83 | | 12/13/2028 | | 210,000 | f | 210,700 | |
Russell Investments US Institutional Holdco, Inc., 2027 Term Loan, (3 Month TSFR +5.00%) | | 10.33 | | 6/1/2027 | | 441,582 | e,f | 401,950 | |
The Edelman Financial Engines Center LLC, Term Loan, (1 Month TSFR +5.25%) | | 5.25 | | 10/20/2028 | | 63,000 | f | 63,121 | |
The Edelman Financial Engines Center LLC, Term Loan B, (1 Month TSFR +6.86%) | | 12.19 | | 7/20/2026 | | 90,000 | f | 90,373 | |
| | 1,164,281 | |
Electronic Components - 1.1% | | | | | |
ADB Safegate Luxembourg 2 Sarl, Facility Term Loan B, (3 Month EURIBOR +4.75%) | EUR | 8.69 | | 10/3/2026 | | 1,000,000 | f | 1,054,983 | |
Roper Industrial Products Investment Co., First Lien Term Loan, (3 Month TSFR +4.00%) | | 9.30 | | 11/23/2029 | | 352,721 | f | 355,770 | |
| | 1,410,753 | |
Energy - .8% | | | | | |
Freeport LNG Investments, Initial Term Loan B, (3 Month TSFR +3.76%) | | 9.09 | | 12/21/2028 | | 488,868 | f | 489,410 | |
Gulf Finance LLC, Term Loan, (1 Month TSFR +6.36%) | | 11.69 | | 8/25/2026 | | 211,251 | f | 212,233 | |
NGL Energy Operating LLC, Intial Term Loan, (1 Month TSFR +4.50%) | | 9.83 | | 2/3/2031 | | 72,000 | f | 72,643 | |
WaterBridge Midstream Operating, Initial Term Loan, (3 Month TSFR +6.01%) | | 11.34 | | 6/21/2026 | | 191,827 | f | 193,044 | |
WaterBridge NDB Operating LLC, Term Loan, (3 Month TSFR +4.50%) | | 9.83 | | 5/10/2029 | | 137,681 | f | 138,542 | |
| | 1,105,872 | |
Environmental Control - .0% | | | | | |
Win Waste Innovations Holdings , Term Loan, (1 Month TSFR +2.75%) | | 8.18 | | 3/27/2028 | | 62,000 | f | 58,009 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Floating Rate Loan Interests - 36.4% (continued) | | | | | |
Financials - .1% | | | | | |
Jump Financial LLC, Term Loan, (3 Month TSFR +4.76%) | | 10.07 | | 8/7/2028 | | 128,051 | f | 128,051 | |
Food Products - 2.2% | | | | | |
Biscuit Holding SASU, Facility Term Loan B, (6 Month EURIBOR +4.00%) | EUR | 7.86 | | 2/14/2027 | | 1,000,000 | f | 1,022,410 | |
Chobani LLC, 2023 Additional Term Loan, (1 Month TSFR +3.75%) | | 9.07 | | 10/25/2027 | | 59,850 | f | 60,291 | |
Fiesta Purchaser, Inc., Term Loan B, (1 Month TSFR +4.00%) | | 9.33 | | 2/12/2031 | | 100,000 | f | 101,031 | |
Max US Bidco, Inc., Initial Term Loan, (3 Month TSFR +5.00%) | | 10.31 | | 10/2/2030 | | 185,000 | f | 176,108 | |
ZF Invest SAS, Term Loan B, (2 Month EURIBOR +3.48%) | EUR | 7.35 | | 7/12/2028 | | 500,000 | f | 541,551 | |
ZF Invest SAS, Term Loan B, (3 Month EURIBOR +3.48%) | EUR | 7.39 | | 7/12/2028 | | 1,000,000 | f | 1,082,728 | |
| | 2,984,119 | |
Food Service - .6% | | | | | |
Pax Holdco Spain SL, Facility Term Loan B-1, (6 Month EURIBOR +4.75%) | EUR | 8.70 | | 7/1/2026 | | 396,659 | f | 430,503 | |
PAX Holdco Spain SL, Term Loan B-3, (3 Month EURIBOR +5.00%) | EUR | 8.83 | | 12/24/2029 | | 334,041 | f | 362,906 | |
| | 793,409 | |
Health Care - 8.2% | | | | | |
Aenova Holding GmbH, Facility Term Loan B-2, (1 Month EURIBOR +4.50%) | EUR | 8.30 | | 3/31/2026 | | 1,000,000 | f | 1,090,068 | |
Alvogen Pharma US, Inc., 2022 New Extended June Term Loan, (3 Month TSFR +7.65%) | | 12.96 | | 6/30/2025 | | 310,245 | f | 284,649 | |
Auris Luxembourg III Sarl, Facility Term Loan B-4, (6 Month TSFR +4.68%) | | 9.56 | | 2/8/2029 | | 883,048 | f | 886,364 | |
Chrome Bidco SASU, Facility Term Loan B, (1 Month EURIBOR +3.70%) | EUR | 7.47 | | 6/1/2028 | | 1,000,000 | f | 1,008,337 | |
eResearchTechnology, Inc., First Lien Initial Term Loan, (1 Month TSFR +4.00%) | | 9.32 | | 2/4/2027 | | 341,059 | f | 343,058 | |
Financiere Verdi I SASU, Facility Term Loan B, (3 Month SONIA 5D +4.50%) | GBP | 9.75 | | 4/15/2028 | | 1,000,000 | f | 1,204,166 | |
Gainwell Acquisition Corp., Term Loan B, (3 Month TSFR +4.10%) | | 9.41 | | 10/1/2027 | | 444,699 | f | 433,397 | |
HomeVi, Senior Facility Term Loan B-1, (3 Month EURIBOR +3.25%) | EUR | 7.12 | | 10/31/2026 | | 1,000,000 | f | 1,026,430 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Floating Rate Loan Interests - 36.4% (continued) | | | | | |
Health Care - 8.2% (continued) | | | | | |
Inovie SASU, Senior Facility Term Loan B, (3 Month EURIBOR +4.00%) | EUR | 7.90 | | 3/3/2028 | | 2,000,000 | f | 2,158,913 | |
LifePoint Health, Inc., 2024 Repricing Term Loan B, (3 Month TSFR +4.75%) | | 10.06 | | 11/16/2028 | | 179,550 | f | 181,100 | |
Midwest Physician Adminstrative Services LLC, First Lien Term Loan, (3 Month TSFR +3.51%) | | 8.82 | | 3/13/2028 | | 74,000 | f | 63,825 | |
Radiology Partners, Inc., Term Loan C, (3 Month TSFR +5.00%) | | 8.83 | | 1/31/2029 | | 500,454 | e,f | 479,968 | |
Sharp Services LLC, Tranche Term Loan C , (3 Month TSFR +3.75%) | | 9.05 | | 12/29/2028 | | 43,719 | f | 44,211 | |
Sirona BidCo SASU, Facility Term Loan B, (3 Month EURIBOR +4.50%) | EUR | 8.43 | | 12/16/2028 | | 1,000,000 | f | 964,772 | |
US Anesthesia Partners, Initial Term Loan, (1 Month TSFR +4.36%) | | 9.68 | | 10/2/2028 | | 469,437 | f | 457,370 | |
WCG Intermediate Corp., First Lien Initial Term Loan, (1 Month TSFR +4.11%) | | 9.44 | | 1/8/2027 | | 473,590 | f | 476,680 | |
| | 11,103,308 | |
Industrial - 2.0% | | | | | |
Artera Services LLC, Tranche Term Loan C, (3 Month TSFR +4.50%) | | 9.81 | | 2/10/2031 | | 110,833 | f | 111,907 | |
CPM Holdings, Inc., First Lien Term Loan, (1 Month TSFR +4.50%) | | 9.81 | | 9/28/2028 | | 172,018 | f | 172,448 | |
DXP Enterprises, Inc., Initial Term Loan, (6 Month TSFR +4.85%) | | 10.16 | | 10/7/2030 | | 189,524 | f | 191,034 | |
First Eagle Holdings, Inc., Term Loan, (3 Month TSFR +3.00%) | | 8.33 | | 3/5/2029 | | 359,751 | f | 359,352 | |
KP Germany Erste GmbH, Facility Term Loan B, (6 Month EURIBOR +4.73%) | EUR | 8.64 | | 2/9/2026 | | 1,000,000 | f | 947,227 | |
LSF12 Badger Bidco LLC, Initial Term Loan, (1 Month TSFR +6.00%) | | 11.33 | | 7/10/2030 | | 88,814 | f | 87,926 | |
Revere Power LLC, Term Loan B, (3 Month TSFR +4.40%) | | 9.71 | | 3/30/2026 | | 143,690 | f | 129,590 | |
Revere Power LLC, Term Loan C, (3 Month TSFR +4.40%) | | 9.71 | | 3/30/2026 | | 12,584 | f | 11,350 | |
STS Operating, Inc., First Refinancing Term Loan, (3 Month TSFR +4.10%) | | 9.42 | | 3/25/2031 | | 152,727 | f | 153,809 | |
Swissport Stratosphere USA LLC, USD Facility Term Loan B, (3 Month TSFR +4.25%) | | 9.56 | | 3/31/2031 | | 86,429 | f | 87,023 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Floating Rate Loan Interests - 36.4% (continued) | | | | | |
Industrial - 2.0% (continued) | | | | | |
Titan Acquisition Ltd., Amendment No. 5 Refinancing Term Loan, (6 Month TSFR +5.00%) | | 10.33 | | 4/24/2029 | | 107,678 | f | 108,621 | |
Touchdown Acquirer, Inc., Delayed Draw Tem Loan, (3 Month TSFR +1.00%) | | 1.00 | | 2/21/2031 | | 25,150 | f,h | 25,378 | |
Touchdown Acquirer, Inc., Initial Dollar Term Loan, (3 Month TSFR +4.00%) | | 9.33 | | 2/21/2031 | | 114,850 | f | 115,891 | |
TRC Companies, Inc., Term Loan, (1 Month TSFR +3.86%) | | 9.19 | | 12/11/2028 | | 73,333 | f | 73,608 | |
Victory Buyer LLC, First Lien Initial Term Loan, (3 Month TSFR +4.01%) | | 9.34 | | 11/20/2028 | | 76,617 | f | 74,552 | |
| | 2,649,716 | |
Information Technology - 1.9% | | | | | |
Azalea Topco, Inc., Initial Term Loan, (1 Month TSFR +3.50%) | | 8.83 | | 4/24/2031 | | 84,000 | f | 84,401 | |
Cloud Software Group, Inc., Term Loan, (3 Month TSFR +4.60%) | | 9.91 | | 9/29/2028 | | 193,425 | f | 194,175 | |
Cotiviti, Inc., Initial Floating Rate Term Loan, (2 Month TSFR +3.25%) | | 8.56 | | 4/30/2031 | | 360,000 | f | 362,027 | |
HS Purchaser LLC, First Lien 7th Amendment Refinancing Term Loan, (3 Month TSFR +4.10%) | | 9.43 | | 11/30/2026 | | 93,748 | f | 87,772 | |
Idera, Inc., First Lien Initial Term Loan, (3 Month TSFR +3.90%) | | 9.23 | | 3/2/2028 | | 256,692 | f | 257,745 | |
Mitchell International, Second Lien Initial Term Loan, (1 Month TSFR +6.61%) | | 11.94 | | 10/15/2029 | | 158,974 | f | 159,628 | |
Polaris Newco LLC, Sterling Term Loan, (1 Month SONIA 5D +5.25%) | GBP | 10.47 | | 6/5/2028 | | 475,000 | f | 581,815 | |
Project Alpha Intermediate Holding Inc., 2024 Refinancing Term Loan, (3 Month TSFR +3.75%) | | 9.07 | | 10/28/2030 | | 158,333 | f | 159,578 | |
Quest Software, Inc., First Lien Initial Term Loan, (3 Month TSFR +4.40%) | | 9.73 | | 2/1/2029 | | 145,992 | f | 109,175 | |
RealPage, Inc., First Lien Initial Term Loan, (1 Month TSFR +3.11%) | | 8.44 | | 4/24/2028 | | 304,800 | f | 301,218 | |
RealPage, Inc., Second Lien Initial Term Loan, (1 Month TSFR +6.61%) | | 11.94 | | 4/23/2029 | | 23,000 | f | 22,677 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Floating Rate Loan Interests - 36.4% (continued) | | | | | |
Information Technology - 1.9% (continued) | | | | | |
Waystar Technologies, Inc., Initial Term Loan, (1 Month TSFR +4.00%) | | 9.33 | | 10/22/2029 | | 90,000 | f | 90,394 | |
West Technology Group LLC, Term Loan B-3, (3 Month TSFR +4.25%) | | 9.58 | | 4/10/2027 | | 122,243 | f | 119,508 | |
| | 2,530,113 | |
Insurance - 1.5% | | | | | |
Acrisure LLC, 2023 Term Loan B, (1 Month TSFR +4.50%) | | 9.83 | | 11/6/2030 | | 387,075 | f | 389,978 | |
Amynta Agency Borrower, Inc., 2023 Repricing Term Loan, (3 Month TSFR +4.25%) | | 9.55 | | 2/28/2028 | | 401,373 | f | 402,878 | |
Asurion LLC, Second Lien Term Loan B-3, (1 Month TSFR +5.36%) | | 10.69 | | 2/3/2028 | | 1,018,450 | f | 961,798 | |
OneDigital Borrower LLC, 2021 Term Loan B, (1 Month TSFR +4.35%) | | 9.68 | | 11/16/2027 | | 83,333 | f | 83,908 | |
Truist Insurance Holdings LLC, Initial Term Loan, (3 Month TSFR +3.25%) | | 8.59 | | 5/6/2031 | | 191,667 | f | 193,172 | |
| | 2,031,734 | |
Internet Software & Services - 1.8% | | | | | |
Arches Buyer, Inc., Refinancing Term Loan, (1 Month TSFR +3.35%) | | 8.68 | | 12/6/2027 | | 150,000 | f | 144,750 | |
Delivery Hero Finco LLC, Extended Dollar Term Loan, (3 Month TSFR +5.00%) | | 10.32 | | 12/12/2029 | | 87,646 | f | 88,760 | |
Endure Digital, Inc., Initial Term Loan, (1 Month TSFR +3.61%) | | 8.93 | | 2/10/2028 | | 185,022 | f | 173,776 | |
ION Trading Finance Ltd., Initial Dollar Term Loan, (3 Month TSFR +4.85%) | | 10.15 | | 4/3/2028 | | 213,950 | f | 214,446 | |
MH Sub I LLC, 2023 May New Term Loan, (1 Month TSFR +4.25%) | | 9.57 | | 5/3/2028 | | 328,273 | f | 329,225 | |
StubHub Holdco Sub LLC, Extended USD Term Loan B, (1 Month TSFR +4.75%) | | 10.08 | | 3/12/2030 | | 233,912 | f | 234,498 | |
THG Operations Holdings, Facility Term Loan B, (6 Month EURIBOR +4.50%) | EUR | 8.46 | | 12/11/2026 | | 1,000,000 | f | 1,041,648 | |
Weddingwire, Inc., Term Loan, (1 Month TSFR +4.50%) | | 9.83 | | 1/31/2028 | | 250,000 | f | 251,250 | |
| | 2,478,353 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Floating Rate Loan Interests - 36.4% (continued) | | | | | |
Materials - .8% | | | | | |
Anchor Packaging LLC, Amendment No. 4 Term Loan, (1 Month TSFR +3.75%) | | 9.08 | | 4/17/2029 | | 86,250 | f | 86,781 | |
Berlin Packaging LLC, Tranche Term Loan B-5, (1-3 Month TSFR +3.86%) | | 9.18 | | 3/13/2028 | | 285,326 | f | 286,219 | |
Crosby US Acquisition Corp., Amendment No. 3 Replacement Term Loan, (1 Month TSFR +4.00%) | | 9.33 | | 8/16/2029 | | 109,725 | f | 110,857 | |
Pregis TopCo LLC, First Lien Initial Term Loan, (1 Month TSFR +3.75%) | | 9.08 | | 7/31/2026 | | 94,753 | f | 95,193 | |
Proampac PG Borrower LLC, 2024 Term Loan B, (3 Month TSFR +4.00%) | | 9.33 | | 9/15/2028 | | 418,310 | f | 421,604 | |
SupplyOne, Inc., Term Loan B, (1 Month TSFR +4.25%) | | 9.58 | | 4/21/2031 | | 105,000 | f | 106,181 | |
| | 1,106,835 | |
Real Estate - .3% | | | | | |
CoreLogic, Inc., First Lien Initial Term Loan, (1 Month TSFR +3.61%) | | 8.94 | | 6/2/2028 | | 250,742 | f | 248,078 | |
Forest City Enterprises LP, Term Loan B, (1 Month TSFR +3.61%) | | 8.94 | | 12/8/2025 | | 110,000 | f | 102,816 | |
| | 350,894 | |
Retailing - .5% | | | | | |
Foundation Building Materials, Inc., 2024 Incremental Term Loan, (1-3 Month TSFR +4.00%) | | 9.33 | | 1/29/2031 | | 115,000 | f | 115,745 | |
New Look Corporate Ltd., Term Loan, (1 Month LIBOR FLAT) | GBP | 0.00 | | 11/9/2029 | | 24,012 | f,i | 765 | |
PetSmart, Inc., Initial Term Loan, (1 Month TSFR +3.85%) | | 9.18 | | 2/14/2028 | | 249,359 | f | 249,004 | |
Staples, Inc., 2019 Refinancing New Term Loan B-1, (1 Month LIBOR +5.00%) | | 10.43 | | 4/13/2026 | | 233,222 | f | 231,813 | |
| | 597,327 | |
Technology Hardware & Equipment - 1.4% | | | | | |
Expleo Services SAS, Term Loan B, (6 Month EURIBOR +5.00%) | EUR | 8.86 | | 9/28/2027 | | 1,000,000 | f | 1,088,441 | |
Indy US Holdco LLC, 2023 Incremental Dollar Term Loan, (1 Month TSFR +6.25%) | | 11.58 | | 3/6/2028 | | 302,712 | f | 303,469 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | a,b | Value ($) | |
Floating Rate Loan Interests - 36.4% (continued) | | | | | |
Technology Hardware & Equipment - 1.4% (continued) | | | | | |
Mcafee Corp., Tranche Term Loan B-1, (1 Month TSFR +3.25%) | | 8.58 | | 3/1/2029 | | 246,010 | f | 246,518 | |
Perforce Software, Inc., Term Loan, (1 Month TSFR +3.75%) | | 9.18 | | 7/1/2026 | | 188,523 | f | 188,216 | |
| | 1,826,644 | |
Telecommunication Services - .9% | | | | | |
CCI Buyer, Inc., First Lien Initial Term Loan, (3 Month TSFR +4.00%) | | 9.30 | | 12/17/2027 | | 209,898 | f | 211,194 | |
Consolidated Communications, Inc., Term Loan B-1, (1 Month TSFR +3.50%) | | 8.94 | | 10/4/2027 | | 450,000 | f | 429,631 | |
Crown Subsea Communications Holding, Inc., Intial Term Loan, (3 Month TSFR +4.75%) | | 10.08 | | 1/30/2031 | | 77,395 | f | 78,266 | |
Frontier Communications Holdings LLC, New Term Loan B, (1 Month TSFR +3.86%) | | 9.19 | | 10/8/2027 | | 179,077 | f | 179,333 | |
Level 3 Financing, Inc., Term Loan B-1, (1 Month TSFR +6.56%) | | 11.88 | | 4/16/2029 | | 80,000 | f | 77,838 | |
Lumen Technologies, Inc., Term Loan B-1, (1 Month TSFR +2.46%) | | 7.79 | | 4/16/2029 | | 101,627 | f | 71,012 | |
Lumen Technologies, Inc., Term Loan B-2, (1 Month TSFR +2.46%) | | 7.79 | | 4/15/2030 | | 101,627 | f | 69,163 | |
Zayo Group Holdings, Inc., Initial Dollar Term Loan, (1 Month TSFR +3.11%) | | 8.44 | | 3/9/2027 | | 174,574 | f | 151,880 | |
| | 1,268,317 | |
Transportation - .1% | | | | | |
PODS LLC, Term Loan, (3 Month TSFR +3.26%) | | 8.59 | | 3/31/2028 | | 164,158 | f | 156,053 | |
Utilities - .3% | | | | | |
Eastern Power LLC, Term Loan, (1 Month TSFR +3.86%) | | 9.19 | | 10/2/2025 | | 457,330 | f | 457,531 | |
Total Floating Rate Loan Interests
(cost $48,622,077) | | 48,990,868 | |
Description | | | | | Shares | | Value ($) | |
Common Stocks - .0% | | | | | |
Retailing - .0% | | | | | |
New Look, Cl. B
(cost $0) | | | | | | 611,628 | i,j | 0 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
| | | | | | | | | |
Exchange-Traded Funds - .1% | | | | | |
Registered Investment Companies - .1% | | | | | |
ProShares Ultra VIX Short-Term Futures ETF
(cost $199,153) | | | | | | 5,496 | j | 141,797 | |
Description | 1-Day
Yield (%) | | | | Shares | | Value ($) | |
Investment Companies - 1.6% | | | | | |
Registered Investment Companies - 1.6% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $2,198,731) | | 5.43 | | | | 2,198,731 | k | 2,198,731 | |
Total Investments (cost $173,076,079) | | 127.9% | 172,357,301 | |
Liabilities, Less Cash and Receivables | | (27.9%) | (37,602,793) | |
Net Assets | | 100.0% | 134,754,508 | |
ETF—Exchange-Traded Fund
EURIBOR—Euro Interbank Offered Rate
LIBOR—London Interbank Offered Rate
SONIA—Sterling Overnight Index Average
TSFR—Term Secured Overnight Financing Rate Reference Rates
EUR—Euro
GBP—British Pound
a Amount stated in U.S. Dollars unless otherwise noted above.
b Security, or portion thereof, has been pledged as collateral for the fund’s Revolving Credit and Security Agreement.
c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2024, these securities were valued at $114,313,320 or 84.83% of net assets.
d Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
e Payment-in-kind security and interest may be paid in additional par.
f Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
g Collateralized Loan Obligations equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. The effective yield is estimated based upon the current projection of the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal payment. The estimated yield and investment cost may ultimately not be realized.
h Investment, or portion of investment, represents an unfunded floating note loan interest outstanding.
i The fund held Level 3 securities at May 31, 2024. These securities were valued at $765 or .0% of net assets.
j Non-income producing security.
k Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | | | | | |
Forward Foreign Currency Exchange Contracts | |
Counterparty/ Purchased
Currency | Purchased Currency
Amounts | Currency
Sold | Sold
Currency
Amounts | Settlement Date | Unrealized Appreciation (Depreciation) ($) |
Citigroup Global Markets, Inc. |
United States Dollar | 3,500,843 | British Pound | 2,745,000 | 6/26/2024 | 2,561 |
| | | | | | |
Forward Foreign Currency Exchange Contracts (continued) | |
Counterparty/ Purchased
Currency | Purchased Currency
Amounts | Currency
Sold | Sold
Currency
Amounts | Settlement Date | Unrealized Appreciation (Depreciation) ($) |
Citigroup Global Markets, Inc. (continued) |
United States Dollar | 28,555,468 | Euro | 26,320,000 | 6/24/2024 | (33,876) |
Euro | 1,000,000 | United States Dollar | 1,084,890 | 6/24/2024 | 1,331 |
United States Dollar | 32,453,390 | Euro | 29,870,000 | 6/26/2024 | 4,858 |
United States Dollar | 2,486,938 | British Pound | 1,950,000 | 6/26/2024 | 1,819 |
Goldman Sachs & Co. LLC |
Euro | 300,000 | United States Dollar | 325,612 | 6/26/2024 | 286 |
Gross Unrealized Appreciation | | | 10,855 |
Gross Unrealized Depreciation | | | (33,876) |
See notes to financial statements.
STATEMENT OF INVESTMENTS
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
May 31, 2024 (Unaudited)
The following is a summary of the inputs used as of May 31, 2024 in valuing the fund’s investments:
| | | | | | | |
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | | Level 3-Significant Unobservable Inputs | Total | |
Assets ($) | | |
Investments in Securities:† | | |
Collateralized Loan Obligations | - | 36,411,853 | | - | 36,411,853 | |
Corporate Bonds | - | 84,614,052 | | - | 84,614,052 | |
Equity Securities-Common Stocks | - | - | | 0 | 0 | |
Exchange-Traded Funds | 141,797 | - | | - | 141,797 | |
Floating Rate Loan Interests | - | 48,990,103 | | 765 | 48,990,868 | |
Investment Companies | 2,198,731 | - | | - | 2,198,731 | |
Other Financial Instruments: | | |
Forward Foreign Currency Exchange Contracts†† | - | 10,855 | | - | 10,855 | |
Liabilities ($) | | |
Other Financial Instruments: | | |
Forward Foreign Currency Exchange Contracts†† | - | (33,876) | | - | (33,876) | |
† See Statement of Investments for additional detailed categorizations, if any.
†† Amount shown represents unrealized appreciation (depreciation) at period end.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
The Company's Board of Directors (the "Board") has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Registered investment companies that are not traded on an exchange are valued at their net asset value and are generally categorized within Level 1 of the fair value hierarchy.
Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills)options and forward foreign currency exchange contracts (“forward contracts”) are valued each business day by one or more independent pricing services (each, a “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of a Service are valued at the mean between the quoted bid prices (as obtained by a Service from dealers in such securities) and asked prices (as calculated by a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Board. These securities are generally categorized within Level 2 of the fair value hierarchy.U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.
Options, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Options traded over-the-counter (“OTC”) are valued at the mean between the bid and asked price and are generally categorized within Level 2 of the fair value hierarchy. Investments in swap transactions are valued each business day by the Service. Swaps are valued by the Service by using a swap pricing
model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates and are generally categorized within Level 2 of the fair value hierarchy. Forward contracts are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.
Floating Rate Loan Interests: Floating rate instruments are loans and other securities with interest rates that adjust or “float” periodically. Floating rate loans are made by banks and other financial institutions to their corporate clients. The rates of interest on the loans adjust periodically by reference to a base lending rate, plus a premium or credit spread. Floating rate loans reset on periodic set dates, typically 30 to 90 days, but not to exceed one year. The fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at May 31, 2024 is discussed below.
Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty.
At May 31, 2024, accumulated net unrealized depreciation on investments was $741,799, consisting of $5,317,217 gross unrealized appreciation and $6,059,016 gross unrealized depreciation.
At May 31, 2024, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
