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.
BNY Mellon Alcentra Gl C... (NYSE:DCF)
Historical Stock Chart
From Oct 2024 to Nov 2024
BNY Mellon Alcentra Gl C... (NYSE:DCF)
Historical Stock Chart
From Nov 2023 to Nov 2024
