STATEMENT OF INVESTMENTS
BNY Mellon Floating Rate Income Fund
May 31, 2023 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 8.4% | |||||||||
Banks - .3% | |||||||||
Lloyds Banking Group PLC, Jr. Sub. Bonds | 7.50 | 6/27/2024 | 1,000,000 | b | 963,625 | ||||
Societe Generale SA, Jr. Sub. Bonds | 7.88 | 12/18/2023 | 1,000,000 | b,c | 975,000 | ||||
1,938,625 | |||||||||
Building Materials - .2% | |||||||||
Eco Material Technologies, Inc., Sr. Scd. Notes | 7.88 | 1/31/2027 | 1,370,000 | c | 1,303,411 | ||||
Chemicals - .5% | |||||||||
Iris Holdings, Inc., Sr. Unscd. Notes | 8.75 | 2/15/2026 | 715,000 | c,d | 672,098 | ||||
Kobe US Midco 2, Inc., Sr. Unscd. Notes | 9.25 | 11/1/2026 | 1,146,000 | c,d | 796,470 | ||||
Olympus Water US Holding Corp., Sr. Scd. Notes | EUR | 9.63 | 11/15/2028 | 2,000,000 | c | 2,147,153 | |||
3,615,721 | |||||||||
Collateralized Loan Obligations Debt - 3.0% | |||||||||
Arbour VII DAC CLO, Ser. 7A, CI. E, 3 Month EURIBOR +6.40% | EUR | 9.36 | 3/15/2033 | 1,000,000 | c,e | 955,228 | |||
Ares European XII DAC CLO, Ser. 12A, Cl. E, 3 Month EURIBOR +6.10% | EUR | 9.30 | 4/20/2032 | 1,450,000 | c,e | 1,399,310 | |||
Barings Euro DAC CLO, Ser. 2014-2A, Cl. FR, 3 Month EURIBOR +7.00% | EUR | 10.42 | 11/25/2029 | 2,000,000 | c,e | 1,724,971 | |||
Barings I Ltd. CLO, Ser. 2018-1A, Cl. D, 3 Month LIBOR +5.50% | 10.76 | 4/15/2031 | 2,900,000 | c,e | 2,368,876 | ||||
Barings III Ltd. CLO, Ser. 2019-3A, Cl. ER, 3 Month LIBOR +6.70% | 11.95 | 4/20/2031 | 1,000,000 | c,e | 909,868 | ||||
Battalion XVI Ltd. CLO, Ser. 2019-16A, Cl. ER, 3 Month LIBOR +6.60% | 11.85 | 12/19/2032 | 2,000,000 | c,e | 1,715,477 | ||||
CBAM Ltd. CLO, Ser. 2021-14A, Cl. E, 3 Month LIBOR +6.50% | 11.75 | 4/20/2034 | 1,500,000 | c,e | 1,201,804 | ||||
CIFC Funding IV Ltd. CLO, Ser. 2020-4A, Cl. E, 3 Month LIBOR +6.85% | 12.11 | 1/15/2034 | 1,180,000 | c,e | 1,146,117 | ||||
KKR 23 Ltd. CLO, Ser. 23, Cl. E, 3 Month LIBOR +6.00% | 11.25 | 10/20/2031 | 2,000,000 | c,e | 1,708,828 | ||||
KKR 26 Ltd. CLO, Ser. 26, Cl. ER, 3 Month LIBOR +7.15% | 12.41 | 10/15/2034 | 1,000,000 | c,e | 895,029 | ||||
Neuberger Berman Loan Advisers 24 Ltd. CLO, Ser. 2017-24A, Cl. E, 3 Month LIBOR +6.02% | 11.29 | 4/19/2030 | 1,000,000 | c,e | 900,231 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 8.4% (continued) | |||||||||
Collateralized Loan Obligations Debt - 3.0% (continued) | |||||||||
OZLM VI Ltd. CLO, Ser. 2014-6A, Cl. DS, 3 Month LIBOR +6.05% | 11.31 | 4/17/2031 | 1,000,000 | c,e | 781,529 | ||||
Rockford Tower Europe DAC CLO, Ser. 2019-1A, Cl. E, 3 Month EURIBOR +6.03% | EUR | 9.23 | 1/20/2033 | 1,000,000 | c,e | 960,689 | |||
Sound Point XXXIII Ltd. CLO, Ser. 2022-1A, Cl. E, 3 Month TSFR +6.70% | 11.77 | 4/25/2035 | 2,000,000 | c,e | 1,573,412 | ||||
St. Pauls CLO, Ser. 11-A, Cl. E, 3 Month EURIBOR +6.00% | EUR | 9.18 | 1/17/2032 | 1,000,000 | c,e | 966,136 | |||
Trimaran CAVU Ltd. CLO, Ser. 2019-1A, CI. E, 3 Month LIBOR +7.04% | 12.29 | 7/20/2032 | 2,840,000 | c,e | 2,452,828 | ||||
21,660,333 | |||||||||
Commercial & Professional Services - .2% | |||||||||
Adtalem Global Education, Inc., Sr. Scd. Notes | 5.50 | 3/1/2028 | 1,000,000 | c | 935,725 | ||||
APX Group, Inc., Gtd. Notes | 5.75 | 7/15/2029 | 776,000 | c | 663,984 | ||||
1,599,709 | |||||||||
Consumer Discretionary - .2% | |||||||||
NCL Finance Ltd., Gtd. Notes | 6.13 | 3/15/2028 | 1,500,000 | c | 1,280,273 | ||||
Diversified Financials - .4% | |||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Gtd. Notes | 4.75 | 9/15/2024 | 1,024,000 | f | 959,322 | ||||
PennyMac Financial Services, Inc., Gtd. Notes | 5.38 | 10/15/2025 | 2,000,000 | c | 1,860,955 | ||||
2,820,277 | |||||||||
Energy - .6% | |||||||||
Apache Corp., Sr. Unscd. Notes | 5.10 | 9/1/2040 | 1,500,000 | 1,236,030 | |||||
CQP Holdco LP/Bip-V Chinook Holdco LLC, Sr. Scd. Notes | 5.50 | 6/15/2031 | 1,500,000 | c | 1,338,791 | ||||
New Fortress Energy, Inc., Sr. Scd. Notes | 6.75 | 9/15/2025 | 1,500,000 | c | 1,382,526 | ||||
3,957,347 | |||||||||
Health Care - .1% | |||||||||
Medline Borrower LP, Sr. Scd. Notes | 3.88 | 4/1/2029 | 1,000,000 | c | 863,540 | ||||
Industrial - .2% | |||||||||
Husky III Holding Ltd., Sr. Unscd. Notes | 13.00 | 2/15/2025 | 1,239,000 | c,d | 1,133,685 | ||||
Information Technology - .2% | |||||||||
Black Knight InfoServ LLC, Gtd. Notes | 3.63 | 9/1/2028 | 1,500,000 | c | 1,350,000 | ||||
Insurance - .2% | |||||||||
Global Atlantic Financial Co., Gtd. Notes | 3.13 | 6/15/2031 | 1,500,000 | c | 1,124,674 |
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 8.4% (continued) | |||||||||
Internet Software & Services - .2% | |||||||||
Match Group Holdings II LLC, Sr. Unscd. Notes | 3.63 | 10/1/2031 | 1,500,000 | c | 1,223,588 | ||||
Materials - .4% | |||||||||
Kleopatra Finco Sarl, Sr. Scd. Bonds | EUR | 4.25 | 3/1/2026 | 2,783,000 | c | 2,570,153 | |||
Media - .2% | |||||||||
DISH Network Corp., Sr. Scd. Notes | 11.75 | 11/15/2027 | 1,500,000 | c | 1,437,332 | ||||
Real Estate - .4% | |||||||||
Rithm Capital Corp., Sr. Unscd. Notes | 6.25 | 10/15/2025 | 1,500,000 | c | 1,355,274 | ||||
Starwood Property Trust, Inc., Sr. Unscd. Notes | 3.75 | 12/31/2024 | 2,000,000 | c | 1,878,890 | ||||
3,234,164 | |||||||||
Retailing - .2% | |||||||||
PetSmart, Inc./Petsmart Finance Corp., Gtd. Notes | 7.75 | 2/15/2029 | 1,500,000 | c | 1,458,719 | ||||
Telecommunication Services - .3% | |||||||||
Altice France Holding SA, Sr. Scd. Notes | 10.50 | 5/15/2027 | 1,500,000 | c | 897,795 | ||||
Connect Finco Sarl/Connect US Finco LLC, Sr. Scd. Notes | 6.75 | 10/1/2026 | 1,500,000 | c | 1,448,083 | ||||
2,345,878 | |||||||||
Utilities - .6% | |||||||||
NRG Energy, Inc., Jr. Sub. Bonds | 10.25 | 3/15/2028 | 1,260,000 | b,c | 1,194,984 | ||||
Solaris Midstream Holdings LLC, Gtd. Notes | 7.63 | 4/1/2026 | 1,500,000 | c | 1,456,380 | ||||
Vistra Corp., Jr. Sub. Notes | 7.00 | 12/15/2026 | 2,160,000 | b,c | 1,901,934 | ||||
4,553,298 | |||||||||
Total Bonds and Notes | 59,470,727 | ||||||||
| |||||||||
Floating Rate Loan Interests - 84.1% | |||||||||
Advertising - .4% | |||||||||
CB Poly US Holdings, Inc., Initial Term Loan, 1 Month Term SOFR +5.50% | 10.65 | 5/20/2029 | 1,234,088 | e | 1,146,776 | ||||
Clear Channel Outdoor Holdings, Term Loan B, 1-3 Month Term SOFR +3.50% | 8.79 | 8/21/2026 | 1,591,982 | e | 1,501,438 | ||||
2,648,214 | |||||||||
Aerospace & Defense - 2.2% | |||||||||
Cobham Ultra SeniorCo SA, Term Loan, 6 Month EURIBOR +3.75% | EUR | 4.40 | 8/4/2029 | 2,000,000 | e | 2,035,592 | |||
Dynasty Acquisition I Co., 2020 Specified Refinancing Facility Term Loan B-1, 1 Month Term SOFR +3.50% | 8.75 | 4/8/2026 | 3,601,586 | e | 3,520,550 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Aerospace & Defense - 2.2% (continued) | |||||||||
Propulsion BC Newco LLC, Initial Term Loan, 3 Month Term SOFR +4.00% | 8.90 | 9/14/2029 | 3,209,089 | e | 3,183,015 | ||||
Spirit AeroSystems, Inc., New Initial Term Loan, 3 Month Term SOFR +4.50% | 9.55 | 1/15/2027 | 2,852,192 | e | 2,854,574 | ||||
Standard Aero Ltd., 2020 Specified Refinancing Facility Term Loan B-2, 1 Month Term SOFR +3.50% | 8.75 | 4/8/2026 | 1,936,337 | e | 1,892,769 | ||||
TransDigm, Inc., Term Loan I, 3 Month Term SOFR +3.25% | 8.15 | 8/24/2028 | 2,260,546 | e | 2,250,893 | ||||
15,737,393 | |||||||||
Airlines - 1.3% | |||||||||
AAdvantage Loyalty LP, Initial Term Loan, 3 Month LIBOR +4.75% | 10.00 | 4/20/2028 | 5,290,455 | e | 5,322,277 | ||||
Mileage Plus Holdings, Inc., Initial Term Loan, 3 Month LIBOR +5.25% | 10.21 | 6/20/2027 | 4,080,000 | e | 4,231,082 | ||||
9,553,359 | |||||||||
Automobiles & Components - 1.1% | |||||||||
Burgess Point Purchaser, Initial Term Loan, 1 Month Term SOFR +5.35% | 10.50 | 7/25/2029 | 2,617,318 | e | 2,475,002 | ||||
Clarios Global LP, First Lien Amendment No. 1 Euro Term Loan, 1 Month EURIBOR +3.25% | EUR | 6.46 | 4/30/2026 | 5,286,297 | e | 5,611,675 | |||
8,086,677 | |||||||||
Banks - .5% | |||||||||
Ascensus Holdings, Inc., First Lien Initial Term Loan, 1 Month LIBOR +3.50% | 8.69 | 8/2/2028 | 2,494,881 | e | 2,399,239 | ||||
Ascensus Holdings, Inc., Second Lien Initial Term Loan, 1 Month LIBOR +6.50% | 11.63 | 8/2/2029 | 1,279,792 | e | 1,126,217 | ||||
3,525,456 | |||||||||
Beverage Products - .4% | |||||||||
Triton Water Holdings, First Lien Initial Term Loan, 3 Month LIBOR +3.50% | 8.66 | 3/31/2028 | 2,780,000 | e | 2,640,375 | ||||
Building Materials - 1.3% | |||||||||
Associated Asphalt Partners LLC, Tranche Term Loan B, 2 Month LIBOR +5.25% | 10.27 | 4/5/2024 | 1,495,456 | e | 1,145,893 | ||||
Cornerstone Building, New Term Loan B, 1 Month Term SOFR +3.35% | 8.41 | 4/12/2028 | 3,934,095 | e | 3,590,668 | ||||
Emerald Debt Merger, Term Loan B, 1 Month Term SOFR +3.00% | 3.00 | 5/5/2030 | 1,377,523 | e | 1,362,887 |
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Building Materials - 1.3% (continued) | |||||||||
Tamko Building Products, Inc., Initial Term Loan, 3 Month Term SOFR +3.00%, 6 Month LIBOR +3.10% & 6 Month Term SOFR +3.10% | 8.16 | 5/31/2026 | 2,951,371 | e | 2,870,680 | ||||
8,970,128 | |||||||||
Chemicals - 1.5% | |||||||||
Aruba Investment Holding, First Lien Initial Dollar Term Loan, 1 Month LIBOR +4.00% | 9.15 | 11/24/2027 | 2,178,099 | e | 2,090,975 | ||||
Herens US Holdco Corp., USD Facility Term Loan B, 3 Month LIBOR +4.00% | 9.16 | 7/3/2028 | 2,373,771 | e | 2,053,609 | ||||
Nouryon Finance BV, Initial Euro Term Loan, 3 Month EURIBOR +3.25% | EUR | 6.25 | 10/1/2025 | 2,000,000 | e | 2,134,176 | |||
Olympus Water US Holding Corp., Initial Euro Term Loan, 3 Month EURIBOR +4.00% | EUR | 7.02 | 11/9/2028 | 2,000,000 | e | 2,047,895 | |||
SCIH Salt Holdings, Inc., First Lien Incremental Term Loan B-1, 1 Month LIBOR +4.00% | 9.15 | 3/16/2027 | 2,488,262 | e | 2,425,396 | ||||
10,752,051 | |||||||||
Commercial & Professional Services - 10.6% | |||||||||
Adtalem Global Education, Term Loan B, 1 Month LIBOR +4.00% | 9.15 | 8/12/2028 | 1,465,433 | e | 1,466,349 | ||||
Albion Financing 3 Sarl, 2023 Incremental US Dollar Term Loan, 3 Month Term SOFR +5.25% | 7.79 | 8/17/2026 | 1,000,000 | e | 989,375 | ||||
Albion Financing 3 Sarl, Term Loan B, 3 Month LIBOR +5.25% | 10.52 | 8/17/2026 | 1,797,967 | e | 1,779,987 | ||||
Allied Universal Holdco, USD Term Loan, 1 Month Term SOFR +3.75% | 9.00 | 5/14/2028 | 2,353,833 | e | 2,217,899 | ||||
American Auto Auction, First Lien Tranche Term Loan B, 3 Month Term SOFR +5.00% | 10.05 | 12/30/2027 | 3,011,875 | e | 2,801,044 | ||||
CHG Healthcare Services, Inc., First Lien Initial Term Loan, 1 Month LIBOR +3.25% | 8.40 | 9/30/2028 | 2,977,330 | e | 2,920,389 | ||||
Creative Artists Agency LLC, 2023 Refinancing Term Loan, 1 Month Term SOFR +3.50% | 8.65 | 11/26/2028 | 2,750,000 | e | 2,715,873 | ||||
Division Holding Corp., Term Loan B, 1 Month LIBOR +4.75% | 9.90 | 5/27/2028 | 3,188,624 | e | 3,106,262 | ||||
Electro Rent Corp., Extended Term Loan, 3 Month Term SOFR +5.50% | 10.27 | 11/1/2024 | 2,380,412 | e | 2,249,489 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Commercial & Professional Services - 10.6% (continued) | |||||||||
Element Materials Technology, Delayed Draw Term Loan B, 3 Month Term SOFR +4.35% | 9.25 | 6/24/2029 | 815,622 | e | 777,900 | ||||
Element Materials Technology, USD Initial Term Loan B, 3 Month Term SOFR +4.35% | 9.25 | 6/24/2029 | 1,767,182 | e | 1,685,450 | ||||
Galaxy US Opco, Inc., Initial Term Loan, 1 Month Term SOFR +4.75% | 9.90 | 5/2/2029 | 2,544,862 | e | 2,284,014 | ||||
Indy US Holdco LLC, Fifth Amendment Incremental Term Loan, 1 Month Term SOFR +6.25% | 11.40 | 3/5/2028 | 1,112,601 | e | 1,006,903 | ||||
Indy US Holdco LLC, Term Loan B, 1 Month Term SOFR +6.00% | 6.75 | 3/5/2028 | 2,295,471 | e | 2,077,401 | ||||
KUEHG Corp., Term Loan, 1 Month Term SOFR +5.00% | 5.50 | 5/31/2030 | 2,670,000 | e | 2,552,079 | ||||
Modulaire Group Holdings, Facility Term Loan B, 3 Month EURIBOR +4.50% | EUR | 7.52 | 12/31/2028 | 1,500,000 | e | 1,522,621 | |||
MPH Acquisition Holdings, Initial Term Loan, 3 Month LIBOR +4.25% | 9.73 | 9/1/2028 | 3,481,089 | e | 2,941,520 | ||||
National Intergovernment, First Lien Initial Term Loan, 3 Month Term SOFR +3.50% | 8.40 | 5/23/2025 | 3,086,956 | e | 3,070,750 | ||||
Neptune Bidco US, Inc., Dollar Term Loan B, 3 Month Term SOFR +5.10% | 9.99 | 4/11/2029 | 4,001,811 | e | 3,594,967 | ||||
Praesidiad Ltd., Facility Term Loan B, 3 Month EURIBOR +4.00% | EUR | 6.85 | 10/4/2024 | 1,500,000 | e | 996,755 | |||
Prime Security Services Borrower, 2021 Refinancing Term Loan B-1, 1 Month LIBOR +2.75% | 7.84 | 9/23/2026 | 3,470,899 | e | 3,453,544 | ||||
RLG Holdings LLC, First Lien Closing Date Initial Term Loan, 1 Month LIBOR +4.25% | 9.40 | 7/8/2028 | 1,081,138 | e | 994,647 | ||||
Safe Fleet Holdings LLC, 2022 Initial Term Loan, 1 Month Term SOFR +3.85% | 8.94 | 2/23/2029 | 2,488,690 | e | 2,437,585 | ||||
Spring Education Group, First Lien Initial Term Loan, 3 Month Term SOFR +4.00% | 8.90 | 7/30/2025 | 1,995,271 | e | 1,954,816 | ||||
Swordfish Merger Sub LLC, Second Lien Initial Term Loan, 1 Month LIBOR +6.75% | 11.91 | 2/1/2026 | 1,613,200 | e | 1,488,984 | ||||
The Hertz Corp., Initial Term Loan B, 1 Month LIBOR +3.25% | 8.41 | 6/30/2028 | 2,760,450 | e | 2,737,855 | ||||
The Hertz Corp., Initial Term Loan C, 1 Month LIBOR +3.25% | 8.41 | 6/30/2028 | 529,505 | e | 525,171 |
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Commercial & Professional Services - 10.6% (continued) | |||||||||
Thevelia US LLC, Term Loan, 1 Month Term SOFR +4.75% | 10.00 | 6/1/2029 | 3,000,000 | e | 2,986,245 | ||||
TMF Sapphire Bidco BV, Term Loan B, 1 Month Term SOFR +5.00% | 10.15 | 5/28/2028 | 2,000,000 | e | 1,986,670 | ||||
Trans Union LLC, 2021 Incremental Term Loan B-6, 1 Month Term SOFR +2.25% | 7.52 | 12/1/2028 | 1,800,845 | e | 1,789,481 | ||||
Verscend Holding Corp., New Term Loan B, 1 Month LIBOR +4.00% | 9.15 | 8/27/2025 | 5,998,724 | e | 5,994,345 | ||||
Villa Dutch Bidco BV, Term Loan, 6 Month EURIBOR +5.75% | EUR | 9.37 | 11/3/2029 | 1,500,000 | e | 1,570,986 | |||
WMB Holdings, Inc., USD Tranche Term Loan B, 1 Month Term SOFR +3.35% | 8.50 | 11/3/2029 | 2,710,869 | e | 2,711,885 | ||||
WP/AP Holdings, Facility Term Loan B, 3 Month EURIBOR +3.90% | EUR | 6.92 | 11/18/2028 | 2,000,000 | e | 2,120,131 | |||
75,509,372 | |||||||||
Consumer Discretionary - 4.6% | |||||||||
AI Aqua Merger Sub, Inc., 2022 Incremental Term Loan B, 1 Month Term SOFR +3.75% | 8.38 | 7/30/2028 | 2,465,416 | e | 2,379,595 | ||||
AI Aqua Merger Sub, Inc., Initial Term Loan B, 1 Month Term SOFR +4.00% | 4.50 | 7/30/2028 | 295,182 | e | 284,907 | ||||
AP Gaming I LLC, Term Loan B, 1 Month Term SOFR +4.00% | 9.25 | 2/15/2029 | 3,446,820 | e | 3,362,803 | ||||
Caesars Entertainment, Inc., Term Loan B, 1 Month Term SOFR +3.35% | 8.50 | 2/6/2030 | 2,137,109 | e | 2,122,416 | ||||
Carnival Corp., 2021 Advance Incremental Term Loan B, 1 Month LIBOR +3.25% | 8.40 | 10/18/2028 | 1,019,462 | e | 991,850 | ||||
Carnival Corp., Senior Secured Term Loan B, 1 Month EURIBOR +3.75% | EUR | 6.96 | 6/30/2025 | 1,469,773 | e | 1,571,693 | |||
Cirque Du Soleil Holding, Initial Term Loan, 3 Month Term SOFR +4.25% | 9.15 | 3/8/2030 | 2,000,000 | e | 1,988,330 | ||||
Dealer Tire Financial LLC, Term Loan B-2, 1 Month Term SOFR +4.50% | 9.65 | 12/14/2027 | 2,970,119 | e | 2,940,418 | ||||
Fitness & Sports Clubs LLC, Term Loan A, 1-3 Month Term SOFR +2.83% | 7.79 | 1/8/2025 | 1,527,536 | e | 1,469,536 | ||||
Flutter Financing BV, Term Loan B, 3 Month Term SOFR +3.25% | 8.41 | 7/4/2028 | 1,482,587 | e | 1,484,358 | ||||
Great Canadian Gaming Co., Term Loan B, 3 Month LIBOR +4.00% | 8.95 | 11/1/2026 | 2,747,530 | e | 2,718,337 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Consumer Discretionary - 4.6% (continued) | |||||||||
Recess Holdings, Inc., Second Lien Initial Term Loan, 3 Month LIBOR +7.75% | 13.02 | 9/29/2025 | 690,909 | e | 683,136 | ||||
Scientific Games Holdings, Term Loan B-2, 3 Month Term SOFR +3.50% | 8.42 | 4/4/2029 | 4,185,116 | e | 4,045,521 | ||||
Scientific Games International, Initial Term Loan B, 1 Month Term SOFR +3.10% | 7.98 | 4/14/2029 | 3,406,387 | e | 3,386,170 | ||||
Stars Group Holdings BV, 2021 Refinancing Euro Term Loan, 3 Month EURIBOR +2.50% | EUR | 3.75 | 7/10/2025 | 1,500,000 | e | 1,597,546 | |||
Tecta America Corp., First Lien Initial Term Loan, 1 Month Term SOFR +4.00% | 9.27 | 4/9/2028 | 2,028,427 | e | 1,998,000 | ||||
33,024,616 | |||||||||
Consumer Durables & Apparel - .4% | |||||||||
S&S Holdings LLC, First Lien Initial Term Loan, 3 Month Term SOFR +5.10% | 10.09 | 3/11/2028 | 3,122,036 | e | 2,821,556 | ||||
Consumer Staples - .7% | |||||||||
Hunter Douglas, Inc., Tranche Term Loan B-1, 3 Month Term SOFR +3.50% | 8.67 | 2/25/2029 | 3,072,889 | e | 2,835,893 | ||||
Kronos Acquisition Holdings, Inc., Tranche Term Loan B-1, 1-3 Month LIBOR +3.75% | 8.90 | 12/22/2026 | 2,033,733 | e | 1,952,018 | ||||
4,787,911 | |||||||||
Diversified Financials - 4.4% | |||||||||
Advisor Group Holdings I, Term Loan B-1, 1 Month LIBOR +4.50% | 9.65 | 7/31/2026 | 2,529,554 | e | 2,511,240 | ||||
Apex Group Treasury LLC, Incremental Term Loan B, 3 Month Term SOFR +5.00% | 9.99 | 7/27/2028 | 1,995,000 | e | 1,965,075 | ||||
BHN Merger Sub, Inc., First Lien Term Loan, 3 Month Term SOFR +3.00% | 8.26 | 6/15/2025 | 3,284,885 | e | 3,207,690 | ||||
BHN Merger Sub, Inc., Second Lien Term Loan, 3 Month LIBOR +7.00% | 12.25 | 6/15/2026 | 1,980,000 | e | 1,887,930 | ||||
Edelman Financial Center, 2021 Refinancing Term Loan, 1 Month LIBOR +3.75% | 8.90 | 4/7/2028 | 3,541,975 | e | 3,405,538 | ||||
Edelman Financial Center, Second Lien Initial Term Loan, 1 Month LIBOR +6.75% | 11.90 | 7/20/2026 | 1,240,000 | e | 1,176,450 |
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Diversified Financials - 4.4% (continued) | |||||||||
Focus Financial Partners LLC, Term Loan B, 1 Month Term SOFR +3.50% | 4.00 | 6/30/2028 | 2,000,000 | e | 1,969,370 | ||||
GT Polaris, Inc., First Amendment Term Loan, 3 Month LIBOR +3.75% | 9.02 | 9/24/2027 | 2,297,035 | e | 2,100,352 | ||||
Hudson River Trading LLC, Term Loan, 1 Month Term SOFR +3.11% | 8.10 | 3/18/2028 | 3,579,661 | e | 3,389,116 | ||||
Jane Street Group LLC, Dollar Term Loan, 1 Month Term SOFR +2.86% | 8.02 | 1/26/2028 | 2,982,195 | e | 2,944,917 | ||||
Nexus Buyer LLC, Initial Term Loan, 1 Month LIBOR +3.75% | 8.83 | 11/8/2026 | 1,745,490 | e | 1,639,512 | ||||
Russell Investments US, 2025 New Term Loan, 1 Month LIBOR +3.60% | 8.58 | 5/30/2025 | 3,201,513 | e | 3,040,637 | ||||
Tegra118 Wealth Solution, Initial Term Loan, 3 Month Term SOFR +4.00% | 9.13 | 2/18/2027 | 1,908,180 | e | 1,827,082 | ||||
31,064,909 | |||||||||
Electronic Components - .6% | |||||||||
Roper Industrial Product, Initial Dollar Term Loan, 3 Month Term SOFR +4.50% | 9.40 | 11/22/2029 | 4,613,846 | e | 4,571,306 | ||||
Energy - 2.7% | |||||||||
BEP Ulterra Holdings, Inc., Initial Term Loan, 1 Month LIBOR +5.25% | 10.40 | 11/26/2025 | 1,440,000 | e | 1,411,200 | ||||
Freeport LNG Investments, Initial Term Loan B, 3 Month LIBOR +3.50% | 8.75 | 12/21/2028 | 3,915,090 | e | 3,754,219 | ||||
Oryx Midstream Holdings, 2023 Incremental Term Loan, 1 Month Term SOFR +3.36% | 8.40 | 10/5/2028 | 3,482,911 | e | 3,428,491 | ||||
Traverse Midstream Partners, Advance Term Loan, 3 Month Term SOFR +3.85% | 8.73 | 9/27/2024 | 5,004,678 | e | 4,947,125 | ||||
UGI Energy Services LLC, 2023 Incremental Term Loan, 1 Month Term SOFR +3.25% | 8.50 | 2/22/2030 | 1,496,250 | e | 1,478,482 | ||||
WaterBridge Midstream Operating, Initial Term Loan, 3 Month LIBOR +5.75% | 11.01 | 6/21/2026 | 3,903,367 | e | 3,863,631 | ||||
18,883,148 | |||||||||
Environmental Control - .7% | |||||||||
Covanta Holding Corp., Initial Term Loan B, 1 Month Term SOFR +2.50% | 7.65 | 11/30/2028 | 2,313,287 | e | 2,281,479 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Environmental Control - .7% (continued) | |||||||||
Covanta Holding Corp., Initial Term Loan C, 1 Month Term SOFR +2.50% | 7.65 | 11/30/2028 | 175,030 | e | 172,624 | ||||
EnergySolutions LLC, Initial Term Loan, 3 Month LIBOR +3.75% | 8.91 | 5/11/2025 | 1,700,000 | e | 1,671,848 | ||||
Packers Holdings LLC, Initial Term Loan, 3 Month Term SOFR +3.25% | 8.42 | 3/9/2028 | 1,311,364 | e | 601,260 | ||||
4,727,211 | |||||||||
Financials - .3% | |||||||||
Jump Financial LLC, Term Loan, 3 Month Term SOFR +4.76% | 9.66 | 8/6/2028 | 2,489,893 | e | 2,284,476 | ||||
Food Products - .3% | |||||||||
Froneri Lux FinCo Sarl, Facility Term Loan B-1, 6 Month EURIBOR +2.13% | EUR | 5.07 | 1/31/2027 | 2,000,000 | e | 2,068,054 | |||
Food Service - .2% | |||||||||
Telfer Investments, Facility Term Loan B-1, 6 Month EURIBOR +4.75% | EUR | 7.19 | 7/1/2026 | 1,500,000 | e | 1,472,717 | |||
Health Care - 9.6% | |||||||||
Aenova Holding GmbH, Facility Term Loan B-2, 6 Month EURIBOR +4.50% | EUR | 7.33 | 3/31/2026 | 1,500,000 | e | 1,544,082 | |||
Auris Luxembourg III SA, Facility Term Loan B-2, 2-6 Month LIBOR +3.75% | 9.04 | 2/21/2026 | 4,855,036 | e | 4,539,459 | ||||
Cheplapharm Arzneimittel GmbH, Term Loan B, 3 Month EURIBOR +4.00% | EUR | 7.11 | 2/22/2029 | 2,000,000 | e | 2,111,954 | |||
Electron Bidco, Inc., Initial Term Loan, 1 Month Term SOFR +3.11% | 8.27 | 11/1/2028 | 2,926,851 | e | 2,868,095 | ||||
Elsan SAS, Facility Term Loan B-5, 3 Month EURIBOR +3.35% | EUR | 6.10 | 6/16/2028 | 2,000,000 | e | 2,082,217 | |||
eResearchTechnology, Inc., First Lien Initial Term Loan, 1 Month LIBOR +4.61% | 9.77 | 2/4/2027 | 2,978,808 | e | 2,757,021 | ||||
Financiere Mendel SASU, Term Loan, 3 Month EURIBOR +4.25% | EUR | 7.27 | 4/12/2026 | 2,000,000 | e | 2,141,103 | |||
Gainwell Acquisition Corp., Term Loan B, 3 Month LIBOR +4.00% | 8.90 | 10/1/2027 | 6,056,353 | e | 5,744,058 | ||||
GHX Ultimate Parent Corp., 2023 Term Loan, 3 Month Term SOFR +4.75% | 9.79 | 6/28/2027 | 1,980,000 | e | 1,954,013 | ||||
HomeVi, Senior Facility Term Loan B-1, 3 Month EURIBOR +3.25% | EUR | 6.49 | 10/31/2026 | 1,500,000 | e | 1,412,455 | |||
LifePoint Health, Inc., First Lien Term Loan B, 3 Month LIBOR +3.75% | 9.02 | 11/16/2025 | 6,446,572 | e | 5,674,337 |
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Health Care - 9.6% (continued) | |||||||||
Medline Borrower LP, Initial Dollar Term Loan, 1 Month LIBOR +3.25% | 8.40 | 10/21/2028 | 2,923,433 | e | 2,837,951 | ||||
Midwest Physician Administrative Services LLC, First Lien Term Loan, 3 Month LIBOR +3.25% | 8.41 | 3/12/2028 | 1,994,911 | e | 1,864,883 | ||||
Nidda Healthcare Holding, Term Loan F, 3 Month EURIBOR +3.50% | EUR | 6.92 | 8/21/2026 | 1,500,000 | e | 1,554,640 | |||
Organon & Co., Euro Term Loan, 3 Month EURIBOR +3.00% | EUR | 5.80 | 6/2/2028 | 1,990,545 | e | 2,114,396 | |||
Organon & Co., Senior Secured Dollar Term Loan, 3 Month LIBOR +3.00% | 8.00 | 6/2/2028 | 910,474 | e | 908,485 | ||||
Packaging Coordinators, First Lien Term Loan B, 3 Month LIBOR +3.75% | 8.66 | 11/30/2027 | 2,000,000 | e | 1,919,580 | ||||
PetVet Care Centers LLC, 2021 First Lien New Term Loan, 1 Month LIBOR +3.50% | 8.65 | 2/15/2025 | 1,240,667 | e | 1,177,598 | ||||
PetVet Care Centers LLC, Second Lien Initial Term Loan, 1 Month LIBOR +6.25% | 11.40 | 2/15/2026 | 1,488,652 | e | 1,334,822 | ||||
Phoenix Newco, Inc., First Lien Initial Term Loan, 1 Month LIBOR +3.25% | 8.40 | 11/15/2028 | 2,834,345 | e | 2,745,616 | ||||
Radiology Partners, Inc., Replacement Term Loan B, 1 Month Term SOFR +4.36% | 9.52 | 7/9/2025 | 1,730,000 | e | 1,254,683 | ||||
Sharp Services LLC, First Lien Initial Term Loan, 3 Month LIBOR +4.00% | 9.16 | 1/20/2029 | 3,897,955 | e | 3,815,124 | ||||
Sotera Health Holdings LLC, Initial Term Loan, 6 Month Term SOFR +3.75% | 8.82 | 12/13/2026 | 1,665,000 | e | 1,654,594 | ||||
Sotera Health Holdings LLC, Term Loan, 3 Month LIBOR +2.75% | 8.02 | 12/11/2026 | 1,359,529 | e | 1,315,344 | ||||
Surgery Center Holdings, Inc., 2021 New Term Loan, 3 Month LIBOR +3.75% | 8.70 | 8/31/2026 | 4,753,149 | e | 4,727,220 | ||||
US Anesthesia Partners, Initial Term Loan, 1 Month LIBOR +4.25% | 9.28 | 10/1/2028 | 2,230,375 | e | 2,034,024 | ||||
WCG Purchaser Corp., First Lien Initial Term Loan, 3 Month LIBOR +4.00% | 8.95 | 1/8/2027 | 4,301,494 | e | 4,094,485 | ||||
68,182,239 | |||||||||
Industrial - 1.3% | |||||||||
Brown Group Holding LLC, Incremental Facility Term Loan B-2, 1-3 Month Term SOFR +3.75% | 8.90 | 7/2/2029 | 1,945,254 | e | 1,921,278 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Industrial - 1.3% (continued) | |||||||||
Emerald Expo Holdings, Inc., Refinancing Term Loan, 1 Month LIBOR +2.50% | 7.66 | 5/22/2024 | 2,000,000 | e | 1,997,500 | ||||
Innio Group Holding GmbH, Facility Term Loan B, 6 Month EURIBOR +3.00% | EUR | 6.34 | 11/6/2025 | 2,250,000 | e | 2,382,983 | |||
VAC Germany Holding GmbH, Term Loan B, 3 Month LIBOR +4.00% | 9.16 | 3/8/2025 | 2,945,000 | e | 2,621,050 | ||||
8,922,811 | |||||||||
Information Technology - 12.5% | |||||||||
Applied Systems, Inc., 2026 Term Loan, 3 Month Term SOFR +4.50% | 9.40 | 9/19/2026 | 2,190,000 | e | 2,191,237 | ||||
AppLovin Corp., Initial Term Loan, 1 Month Term SOFR +3.35% | 8.50 | 8/15/2025 | 2,492,188 | e | 2,485,957 | ||||
Ascend Learning LLC, Initial Term Loan, 1 Month Term SOFR +3.60% | 8.58 | 12/10/2028 | 4,715,979 | e | 4,242,895 | ||||
AthenaHealth Group, Inc., Initial Delayed Draw Term Loan, 3 Month Term SOFR +3.50% | 3.50 | 2/15/2029 | 603,518 | e | 570,324 | ||||
AthenaHealth Group, Inc., Initial Term Loan, 1 Month Term SOFR +3.50% | 8.60 | 2/15/2029 | 4,912,732 | e | 4,642,532 | ||||
Boxer Parent Co., Inc., 2021 Replacement Dollar Term Loan, 1 Month LIBOR +3.75% | 8.90 | 10/2/2025 | 4,140,886 | e | 4,089,125 | ||||
CCC Intelligent Solutions, Initial Term Loan, 1 Month Term SOFR +2.36% | 7.52 | 9/21/2028 | 3,473,618 | e | 3,423,060 | ||||
Central Parent, Inc., Initial Term Loan, 3 Month Term SOFR +4.25% | 9.15 | 7/6/2029 | 2,153,851 | e | 2,125,173 | ||||
CT Technologies, 2021 Reprice Term Loan, 1 Month LIBOR +4.25% | 9.40 | 12/16/2025 | 2,058,313 | e | 1,933,158 | ||||
Dun & Bradstreet Corp., Term Loan B, 1 Month LIBOR +3.25% | 8.41 | 2/8/2026 | 3,179,468 | e | 3,165,001 | ||||
ECL Entertainment LLC, Term Loan B, 1 Month Term SOFR +7.50% | 12.77 | 4/30/2028 | 2,064,224 | e | 2,078,415 | ||||
Epicor Software Corp., Term Loan C, 1 Month Term SOFR +3.36% | 8.52 | 7/31/2027 | 3,989,770 | e | 3,887,731 | ||||
Finastra USA, Inc., First Lien Dollar Term Loan, 6 Month LIBOR +3.50% | 8.66 | 6/13/2024 | 3,345,639 | e | 3,191,221 | ||||
Finthrive Software Intermediate, Term Loan, 1 Month LIBOR +4.00% | 9.15 | 12/17/2028 | 2,560,385 | e | 2,156,727 | ||||
Genesys Cloud Services, Dollar Term Loan B-4, 1 Month LIBOR +4.00% | 9.15 | 12/1/2027 | 3,235,740 | e | 3,161,172 |
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Information Technology - 12.5% (continued) | |||||||||
HS Purchaser LLC, First Lien 7th Amendment Refinancing Term Loan, 3 Month Term SOFR +4.10% | 9.15 | 11/30/2026 | 1,620,000 | e | 1,421,955 | ||||
Hyland Software, Inc., 2018 Refinancing Term Loan, 1 Month LIBOR +3.50% | 8.65 | 7/1/2024 | 4,134,349 | e | 4,064,581 | ||||
Hyland Software, Inc., 2021-1 Incremental Facility Term Loan, 1 Month LIBOR +6.25% | 11.40 | 7/10/2025 | 1,915,000 | e | 1,831,908 | ||||
Idera, Inc., First Lien Initial Term Loan, 1 Month LIBOR +3.75% | 8.88 | 3/2/2028 | 3,845,191 | e | 3,702,207 | ||||
Mitchell International, First Lien Initial Term Loan, 3 Month LIBOR +3.75% | 8.88 | 10/15/2028 | 3,107,179 | e | 2,951,975 | ||||
Mitchell International, Second Lien Initial Term Loan, 1 Month LIBOR +6.50% | 11.65 | 10/15/2029 | 784,615 | e | 673,302 | ||||
Mitnick Corporate Purchaser, Initial Term Loan, 3 Month Term SOFR +4.75% | 9.90 | 5/2/2029 | 2,960,125 | e | 2,809,351 | ||||
Open Text Corp., Term Loan, 1 Month Term SOFR +3.60% | 8.75 | 1/31/2030 | 3,900,225 | e | 3,896,968 | ||||
Polaris Newco LLC, First Lien Dollar Term Loan, 3 Month LIBOR +4.00% | 9.16 | 6/4/2028 | 2,761,874 | e | 2,483,629 | ||||
Quartz Acquireco LLC, Term Loan B, 1 Month Term SOFR +3.50% | 4.00 | 4/17/2030 | 2,178,000 | e | 2,153,498 | ||||
Quest Software, Inc., First Lien Initial Term Loan, 1-3 Month Term SOFR +4.40% | 9.45 | 2/1/2029 | 4,192,713 | e | 3,564,750 | ||||
RealPage, Inc., First Lien Initial Term Loan, 1 Month LIBOR +3.00% | 8.15 | 4/22/2028 | 3,491,139 | e | 3,362,403 | ||||
RealPage, Inc., Second Lien Initial Term Loan, 1 Month LIBOR +6.50% | 6.50 | 4/23/2029 | 760,000 | e | 716,935 | ||||
Renaissance Holdings Corp., First Lien Initial Term Loan, 3 Month LIBOR +4.75% | 8.09 | 5/30/2025 | 2,000,000 | e | 1,959,630 | ||||
SolarWinds Holdings, Inc., 2022 Refinancing Term Loan, 1 Month Term SOFR +3.75% | 8.90 | 2/5/2027 | 3,417,832 | e | 3,412,398 | ||||
UKG, Inc., 2021 Second Lien Incremental Term Loan, 3 Month LIBOR +5.25% | 10.47 | 5/3/2027 | 1,430,000 | e | 1,352,065 | ||||
UKG, Inc., First Lien Initial Term Loan, 3 Month Term SOFR +3.75% | 8.90 | 5/3/2026 | 5,458,527 | e | 5,277,741 | ||||
88,979,024 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Insurance - 5.1% | |||||||||
Acrisure LLC, 2020 Term Loan B, 1 Month LIBOR +3.50% | 8.65 | 2/15/2027 | 997,429 | e | 930,991 | ||||
Acrisure LLC, 2021-1 First Lien Additioanl Term Loan, 1 Month LIBOR +3.75% | 8.77 | 2/15/2027 | 570,000 | e | 533,235 | ||||
Acrisure LLC, 2022 Additional Term Loan, 3 Month Term SOFR +5.75% | 10.82 | 2/15/2027 | 3,850,350 | e | 3,797,408 | ||||
Alliant Holdings Intermediate, 2021-2 New Term Loan, 1 Month LIBOR +3.50% | 8.63 | 11/6/2027 | 2,222,474 | e | 2,169,690 | ||||
Alliant Holdings Intermediate, Term Loan B-5, 1 Month Term SOFR +3.50% | 8.56 | 11/6/2027 | 1,723,131 | e | 1,682,543 | ||||
Amynta Agency Borrower, 2023 Refinancing Term Loan, 1 Month Term SOFR +5.10% | 10.25 | 2/28/2028 | 4,301,796 | e | 4,118,066 | ||||
AssuredPartners, Inc., 2022-2 Term Loan, 1 Month Term SOFR +4.25% | 9.40 | 2/13/2027 | 2,985,000 | e | 2,960,747 | ||||
Asurion LLC, New Term Loan B-4, 1 Month LIBOR +5.25% | 10.40 | 1/20/2029 | 3,004,663 | e | 2,466,964 | ||||
Asurion LLC, New Term Loan B-8, 1 Month LIBOR +3.25% | 8.40 | 12/23/2026 | 4,756,945 | e | 4,409,426 | ||||
Asurion LLC, Second Lien Term Loan B-3, 1 Month LIBOR +5.25% | 10.40 | 2/3/2028 | 4,717,585 | e | 3,897,929 | ||||
BroadStreet Partners, Inc., Initial Term Loan B, 1 Month Term SOFR +4.00% | 8.99 | 1/26/2029 | 2,000,000 | e | 1,973,000 | ||||
OneDigital Borrower LLC, 2021 Term Loan B, 1 Month Term SOFR +4.35% | 9.50 | 11/16/2027 | 3,850,254 | e | 3,753,997 | ||||
Sedgwick CMS, Inc., Term Loan B, 1 Month Term SOFR +3.75% | 8.90 | 2/24/2028 | 3,319,124 | e | 3,233,291 | ||||
35,927,287 | |||||||||
Internet Software & Services - 3.7% | |||||||||
Arches Buyer, Inc., Refinancing Term Loan, 1 Month Term SOFR +3.25% | 8.50 | 12/6/2027 | 2,340,000 | e | 2,178,833 | ||||
CNT Holdings I Corp., First Lien Initial Term Loan, 3 Month Term SOFR +3.50% | 8.46 | 11/8/2027 | 2,342,951 | e | 2,284,623 | ||||
Endure Digital, Inc., Initial Term Loan, 6 Month LIBOR +3.50% | 8.79 | 2/10/2028 | 1,804,460 | e | 1,650,801 | ||||
ION Trading Finance Ltd., Initial Dollar Term Loan, 3 Month LIBOR +4.75% | 9.91 | 4/1/2028 | 2,993,655 | e | 2,876,094 | ||||
Magnite, Inc., Initial Term Loan, 1-3 Month LIBOR +5.00% | 10.37 | 4/30/2028 | 2,254,264 | e | 2,225,150 |
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Internet Software & Services - 3.7% (continued) | |||||||||
MH Sub I LLC, 2023 May New Term Loan, 1 Month Term SOFR +4.25% | 9.40 | 5/3/2028 | 6,636,055 | e | 6,300,702 | ||||
MH Sub I LLC, Second Lien Term Loan, 1 Month Term SOFR +6.25% | 11.40 | 2/23/2029 | 1,670,000 | e | 1,469,600 | ||||
Proofpoint, Inc., Initial Term Loan, 1 Month LIBOR +3.25% | 8.40 | 8/31/2028 | 3,620,439 | e | 3,503,771 | ||||
Weddingwire, Inc., Amendment No. 3 Term Loan, 1-6 Month Term SOFR +4.60% | 9.57 | 12/21/2025 | 3,671,191 | e | 3,662,013 | ||||
26,151,587 | |||||||||
Materials - 3.4% | |||||||||
Berlin Packaging LLC, Tranche Term Loan B-5, 1-3 Month LIBOR +3.75% | 8.85 | 3/11/2028 | 3,020,694 | e | 2,928,895 | ||||
Charter Next Generation, 2021 Refinancing Term Loan, 1 Month Term SOFR +3.75% | 9.02 | 12/1/2027 | 2,168,762 | e | 2,112,656 | ||||
Clydesdale Acquisition, Term Loan B, 1 Month Term SOFR +3.93% | 9.43 | 4/13/2029 | 4,457,214 | e | 4,245,229 | ||||
LABL, Inc., Initial Dollar Term Loan, 1 Month Term SOFR +5.10% | 10.25 | 10/29/2028 | 4,295,625 | e | 4,191,585 | ||||
MAR Bidco Sarl, USD Facility Term Loan B, 3 Month LIBOR +4.30% | 9.46 | 6/28/2028 | 3,088,446 | e | 2,926,303 | ||||
Mauser Packaging Solutions, Initial Term Loan, 1 Month Term SOFR +4.00% | 8.80 | 8/10/2026 | 2,580,689 | e | 2,529,076 | ||||
Proampac PG Borrower LLC, 2020-1 Term Loan, 3 Month LIBOR +3.75%, 3 Month Term SOFR +3.75% & 3 Month PRIME +2.75% | 9.01 | 11/3/2025 | 3,954,355 | e | 3,877,246 | ||||
Valcour Packaging LLC, Second Lien Initial Term Loan, 1 Month LIBOR +7.00% | 12.09 | 9/30/2029 | 1,720,000 | e | 1,057,800 | ||||
23,868,790 | |||||||||
Media - 2.4% | |||||||||
Altice Financing SA, 2022 Dollar Term Loan, 3 Month Term SOFR +5.00% | 9.99 | 10/31/2027 | 3,990,000 | e | 3,727,318 | ||||
Cengage Learning, Inc., 2021 Refinancing Term Loan, 6 Month LIBOR +4.75% | 9.88 | 7/14/2026 | 3,679,013 | e | 3,482,664 | ||||
CSC Holdings LLC, 2017 Refinancing Term Loan, 1 Month LIBOR +2.25% | 7.36 | 7/17/2025 | 2,438,618 | e | 2,245,358 | ||||
DIRECTV Financing LLC, Closing Date Term Loan, 1 Month LIBOR +5.00% | 10.15 | 8/2/2027 | 4,440,862 | e | 4,226,458 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Media - 2.4% (continued) | |||||||||
United Talent Agency LLC, Term Loan B, 1 Month Term SOFR +4.11% | 9.25 | 7/7/2028 | 992,405 | e | 972,557 | ||||
Virgin Media SFA Finance, Facility Term Loan O, 1 Month EURIBOR +2.50% | EUR | 5.66 | 1/31/2029 | 2,500,000 | e | 2,586,404 | |||
17,240,759 | |||||||||
Municipal Securities - .3% | |||||||||
Lakeshore Intermediate LLC, Initial Term Loan, 1 Month Term SOFR +3.50% | 8.77 | 10/1/2028 | 1,875,253 | e | 1,839,313 | ||||
Retailing - .8% | |||||||||
RH, Initial Term Loan, 1 Month LIBOR +2.50% | 7.65 | 10/20/2028 | 2,487,374 | e | 2,227,978 | ||||
Staples, Inc., 2019 Refinancing New Term Loan B-1, 3 Month LIBOR +5.00% | 10.30 | 4/12/2026 | 3,986,647 | e | 3,405,593 | ||||
5,633,571 | |||||||||
Semiconductors & Semiconductor Equipment - 1.0% | |||||||||
Altar Bidco, Inc., Initial Term Loan, 12 Month Term SOFR +3.23% | 6.75 | 2/1/2029 | 2,983,719 | e | 2,848,213 | ||||
MKS Instruments, Inc., Term Loan B, 1 Month Term SOFR +2.85% | 7.95 | 8/17/2029 | 1,816,281 | e | 1,800,389 | ||||
Natel Engineering Co., Inc., Initial Term Loan, 1 Month LIBOR +6.25% | 11.41 | 4/30/2026 | 2,957,024 | e | 2,631,751 | ||||
7,280,353 | |||||||||
Technology Hardware & Equipment - 3.0% | |||||||||
Atlas CC Acquisition Corp., First Lien Term Loan B, 3 Month Term SOFR +4.51% | 9.78 | 5/25/2028 | 2,478,894 | e | 2,204,480 | ||||
Atlas CC Acquisition Corp., First Lien Term Loan C, 3 Month Term SOFR +4.51% | 9.78 | 5/25/2028 | 504,182 | e | 448,369 | ||||
Austin Bidco, Inc., Term Loan B, 3 Month LIBOR +3.75% | 9.33 | 2/11/2028 | 2,000,000 | e | 1,971,040 | ||||
Mcafee Corp., Tranche Term Loan B-1, 1 Month Term SOFR +3.85% | 8.84 | 3/1/2029 | 3,196,050 | e | 3,002,961 | ||||
Optiv Parent, Inc., Term Loan, 6 Month Term SOFR +5.25% | 10.34 | 8/26/2026 | 3,021,398 | e | 2,919,426 | ||||
Peraton Corp., First Lien Term Loan B, 1 Month Term SOFR +3.85% | 9.00 | 2/1/2028 | 1,897,853 | e | 1,810,419 | ||||
Perforce Software, Inc., Term Loan, 1 Month LIBOR +3.75% | 8.90 | 7/1/2026 | 3,161,830 | e | 2,978,713 | ||||
Sitel Worldwide Corp., Initial Dollar Term Loan, 1 Month LIBOR +3.75% | 8.91 | 8/27/2028 | 1,957,074 | e | 1,877,568 |
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Technology Hardware & Equipment - 3.0% (continued) | |||||||||
TierPoint LLC, First Lien Term Loan, 1 Month LIBOR +3.75% | 4.50 | 5/1/2026 | 1,750,000 | e | 1,707,808 | ||||
VeriFone Systems, Inc., First Lien Initial Term Loan, 3 Month LIBOR +4.00% | 9.48 | 8/20/2025 | 2,782,715 | e | 2,436,615 | ||||
21,357,399 | |||||||||
Telecommunication Services - 4.4% | |||||||||
Altice France SA, USD Term Loan B-14, 3 Month Term SOFR +5.50% | 10.49 | 8/31/2028 | 6,684,904 | e | 5,609,771 | ||||
CCI Buyer, Inc., First Lien Initial Term Loan, 3 Month Term SOFR +4.00% | 8.90 | 12/17/2027 | 3,984,649 | e | 3,798,287 | ||||
Ciena Corp., 2023 Incremental Term Loan, 1 Month Term SOFR +2.50% | 7.58 | 1/19/2030 | 1,995,000 | e | 1,995,628 | ||||
CommScope, Inc., Initial Term Loan, 1 Month LIBOR +3.25% | 8.40 | 4/4/2026 | 3,942,592 | e | 3,711,950 | ||||
Consolidated Communications, Term Loan B-1, 1 Month Term SOFR +3.50% | 8.77 | 10/2/2027 | 2,110,000 | e | 1,823,388 | ||||
Frontier Communications Holdings LLC, New Term Loan B, 1 Month LIBOR +3.75% | 8.94 | 10/8/2027 | 2,493,639 | e | 2,322,675 | ||||
Intelsat Jackson Holdings, Term Loan B, 3 Month Term SOFR +4.40% | 9.44 | 2/1/2029 | 4,208,683 | e | 4,145,174 | ||||
Iridium Satellite LLC, Term Loan B-2, 1 Month Term SOFR +2.50% | 7.75 | 11/4/2026 | 2,350,655 | e | 2,349,680 | ||||
Level 3 Financing, Inc., 2027 Tranche Term Loan B, 1 Month Term SOFR +1.75% | 6.85 | 3/1/2027 | 1,000,000 | e | 876,340 | ||||
Lumen Technologies, Inc., Term Loan B, 1 Month LIBOR +2.25% | 7.35 | 3/15/2027 | 4,330,000 | e | 3,000,625 | ||||
Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Month LIBOR +3.00% | 8.15 | 3/9/2027 | 2,500,000 | e | 1,931,738 | ||||
31,565,256 | |||||||||
Transportation - .9% | |||||||||
ASP LS Acquisition Corp., First Lien Initial Term Loan, 3 Month LIBOR +4.50% | 9.66 | 5/7/2028 | 2,000,000 | e | 1,626,430 | ||||
OLA Netherlands BV, Term Loan, 1 Month Term SOFR +6.35% | 11.43 | 12/3/2026 | 2,785,315 | e | 2,643,723 | ||||
WWEX UNI Topco Holdings, First Lien Initial Term Loan, 3 Month Term SOFR +4.26% | 9.16 | 7/26/2028 | 2,105,828 | e | 1,926,454 | ||||
6,196,607 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 84.1% (continued) | |||||||||
Utilities - 1.5% | |||||||||
Compass Power Generation, Tranche Term Loan B-2, 1 Month Term SOFR +4.36% | 9.52 | 4/14/2029 | 3,557,229 | e | 3,533,769 | ||||
Eastern Power LLC, Term Loan B, 3 Month LIBOR +3.75% | 8.91 | 10/2/2025 | 3,435,498 | e | 3,276,916 | ||||
Hamilton Projects Acquiror, Term Loan, 3 Month LIBOR +4.50% | 9.66 | 6/26/2027 | 4,200,000 | e | 4,144,875 | ||||
10,955,560 | |||||||||
Total Floating Rate Loan Interests | 597,229,485 | ||||||||
Description | Shares |
| Value ($) | ||||||
Common Stocks - .0% | |||||||||
Information Technology - .0% | |||||||||
Skillsoft Corp. | 34,850 | g | 54,018 | ||||||
| |||||||||
Exchange-Traded Funds - 2.1% | |||||||||
Registered Investment Companies - 2.1% | |||||||||
Invesco Senior Loan ETF | 120,500 | f | 2,482,300 | ||||||
iShares 5-10 Year Investment Grade Corporate Bond ETF | 66,900 | 3,391,161 | |||||||
iShares 7-10 Year Treasury Bond ETF | 30,600 | 3,000,636 | |||||||
iShares iBoxx Investment Grade Corporate Bond ETF | 31,460 | 3,385,725 | |||||||
SPDR Blackstone Senior Loan ETF | 60,600 | f | 2,490,660 | ||||||
Total Exchange-Traded Funds | 14,750,482 | ||||||||
Description | 1-Day | Shares |
| Value ($) | |||||
Investment Companies - 5.5% | |||||||||
Registered Investment Companies - 5.5% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 5.19 | 39,466,486 | h | 39,466,486 | |||||
| |||||||||
Investment of Cash Collateral for Securities Loaned - .7% | |||||||||
Registered Investment Companies - .7% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 5.19 | 5,201,400 | h | 5,201,400 | |||||
Total Investments (cost $736,160,187) | 100.8% | 716,172,598 | |||||||
Liabilities, Less Cash and Receivables | (0.8%) | (6,015,172) | |||||||
Net Assets | 100.0% | 710,157,426 |
ETF—Exchange-Traded Fund
EURIBOR—Euro Interbank Offered Rate
LIBOR—London Interbank Offered Rate
PRIME—Prime Lending Rate
SOFR—Secured Overnight Financing Rate
SPDR—Standard & Poor's Depository Receipt
TSFR—Term SOFR (Secured Overnight Financing Rate) Reference Rates
EUR—Euro
a Amount stated in U.S. Dollars unless otherwise noted above.
b Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
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, 2023, these securities were valued at $56,311,750 or 7.93% of net assets.
d Payment-in-kind security and interest may be paid in additional par.
e 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.
f Security, or portion thereof, on loan. At May 31, 2023, the value of the fund’s securities on loan was $5,065,861 and the value of the collateral was $5,201,400. In addition, the value of collateral may include pending sales that are also on loan.
g Non-income producing security.
h Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Forward Foreign Currency Exchange Contracts | |||||
Counterparty/ Purchased | Purchased Currency | Currency | Sold | Settlement Date | Unrealized Appreciation ($) |
Citigroup Global Markets Inc. | |||||
United States Dollar | 53,122,143 | Euro | 49,135,000 | 6/27/2023 | 516,974 |
Gross Unrealized Appreciation | 516,974 |
See notes to financial statements.
STATEMENT OF INVESTMENTS
BNY Mellon Floating Rate Income Fund
May 31, 2023 (Unaudited)
The following is a summary of the inputs used as of May 31, 2023 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 | - | 21,660,333 | - | 21,660,333 | ||
Corporate Bonds | - | 37,810,394 | - | 37,810,394 | ||
Equity Securities - Common Stocks | 54,018 | - | - | 54,018 | ||
Exchange-Traded Funds | 14,750,482 | - | - | 14,750,482 | ||
Floating Rate Loan Interests | - | 597,229,485 | - | 597,229,485 | ||
Investment Companies | 44,667,886 | - | - | 44,667,886 | ||
Other Financial Instruments: | ||||||
Forward Foreign Currency Exchange Contracts†† | - | 516,974 | - | 516,974 |
† 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, effective September 8, 2022, 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.
Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of BNY Mellon Investment Adviser, Inc., the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by BNY Mellon Investment Adviser Inc., or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
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, 2023 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, 2023, accumulated net unrealized depreciation on investments was $19,470,615, consisting of $4,337,052 gross unrealized appreciation and $23,807,667 gross unrealized depreciation.
At May 31, 2023, 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.