STATEMENT
OF INVESTMENTS
BNY Mellon High Yield Fund
September 30, 2023 (Unaudited)
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% | |||||||||
Advertising - .5% | |||||||||
Clear Channel Outdoor Holdings, Inc., Sr. Scd. Notes | 5.13 | 8/15/2027 | 1,509,000 | b | 1,341,452 | ||||
Outfront Media Capital LLC/Outfront Media Capital Corp., Gtd. Notes | 5.00 | 8/15/2027 | 1,820,000 | b,c | 1,605,670 | ||||
2,947,122 | |||||||||
Aerospace & Defense - 2.4% | |||||||||
Bombardier, Inc., Sr. Unscd. Notes | 7.50 | 2/1/2029 | 1,557,000 | b,c | 1,479,549 | ||||
Bombardier, Inc., Sr. Unscd. Notes | 7.88 | 4/15/2027 | 880,000 | b | 859,414 | ||||
Rolls-Royce PLC, Gtd. Bonds | 3.63 | 10/14/2025 | 1,970,000 | b | 1,851,800 | ||||
Rolls-Royce PLC, Gtd. Notes | 5.75 | 10/15/2027 | 900,000 | b | 869,317 | ||||
Spirit AeroSystems, Inc., Scd. Notes | 7.50 | 4/15/2025 | 1,480,000 | b | 1,453,689 | ||||
TransDigm, Inc., Gtd. Notes | 4.88 | 5/1/2029 | 2,644,000 | 2,326,383 | |||||
TransDigm, Inc., Gtd. Notes | 5.50 | 11/15/2027 | 1,625,000 | 1,523,185 | |||||
TransDigm, Inc., Sr. Scd. Notes | 6.75 | 8/15/2028 | 1,961,000 | b | 1,933,033 | ||||
TransDigm, Inc., Sr. Scd. Notes | 6.88 | 12/15/2030 | 2,010,000 | b | 1,973,256 | ||||
14,269,626 | |||||||||
Airlines - 1.0% | |||||||||
American Airlines, Inc., Sr. Scd. Notes | 11.75 | 7/15/2025 | 1,636,000 | b | 1,760,030 | ||||
American Airlines, Inc./Aadvantage Loyalty IP Ltd., Sr. Scd. Notes | 5.75 | 4/20/2029 | 4,285,000 | b | 3,988,800 | ||||
5,748,830 | |||||||||
Automobiles & Components - 3.0% | |||||||||
Dealer Tire LLC/DT Issuer LLC, Sr. Unscd. Notes | 8.00 | 2/1/2028 | 2,902,000 | b | 2,724,136 | ||||
Ford Motor Co., Sr. Unscd. Notes | 4.75 | 1/15/2043 | 710,000 | 518,993 | |||||
Ford Motor Co., Sr. Unscd. Notes | 5.29 | 12/8/2046 | 1,902,000 | 1,448,183 | |||||
Ford Motor Credit Co., LLC, Sr. Unscd. Notes | 3.38 | 11/13/2025 | 1,565,000 | 1,453,362 | |||||
Ford Motor Credit Co., LLC, Sr. Unscd. Notes | 4.13 | 8/17/2027 | 3,190,000 | 2,908,087 | |||||
Ford Motor Credit Co., LLC, Sr. Unscd. Notes | 4.27 | 1/9/2027 | 2,780,000 | 2,570,529 | |||||
Ford Motor Credit Co., LLC, Sr. Unscd. Notes | 6.95 | 6/10/2026 | 2,370,000 | 2,369,668 | |||||
Ford Motor Credit Co., LLC, Sr. Unscd. Notes | 7.35 | 3/6/2030 | 870,000 | 881,991 | |||||
IHO Verwaltungs GmbH, Sr. Scd. Bonds | 6.00 | 5/15/2027 | 2,200,000 | b,d | 2,044,589 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% (continued) | |||||||||
Automobiles & Components - 3.0% (continued) | |||||||||
IHO Verwaltungs GmbH, Sr. Scd. Bonds | EUR | 8.75 | 5/15/2028 | 310,000 | b,d | 338,858 | |||
IHO Verwaltungs GmbH, Sr. Scd. Notes | 6.38 | 5/15/2029 | 350,000 | b,d | 316,067 | ||||
17,574,463 | |||||||||
Banks - .3% | |||||||||
Citigroup, Inc., Jr. Sub. Notes | 3.88 | 2/18/2026 | 1,759,000 | c,e | 1,505,427 | ||||
Building Materials - 1.8% | |||||||||
Camelot Return Merger Sub, Inc., Sr. Scd. Notes | 8.75 | 8/1/2028 | 2,369,000 | b,c | 2,288,267 | ||||
Eco Material Technologies, Inc., Sr. Scd. Notes | 7.88 | 1/31/2027 | 3,318,000 | b | 3,166,996 | ||||
Emerald Debt Merger Sub LLC, Sr. Scd. Notes | 6.63 | 12/15/2030 | 3,836,000 | b | 3,697,615 | ||||
Standard Industries, Inc., Sr. Unscd. Notes | 4.75 | 1/15/2028 | 1,334,000 | b | 1,204,934 | ||||
10,357,812 | |||||||||
Chemicals - 1.7% | |||||||||
Iris Holdings, Inc., Sr. Unscd. Notes | 8.75 | 2/15/2026 | 2,759,000 | b,d | 2,491,129 | ||||
NOVA Chemicals Corp., Sr. Unscd. Notes | 5.00 | 5/1/2025 | 3,390,000 | b | 3,197,124 | ||||
Olympus Water US Holding Corp., Sr. Scd. Notes | EUR | 9.63 | 11/15/2028 | 545,000 | b | 576,914 | |||
Olympus Water US Holding Corp., Sr. Scd. Notes | 9.75 | 11/15/2028 | 1,560,000 | b | 1,558,578 | ||||
SCIH Salt Holdings, Inc., Sr. Scd. Notes | 4.88 | 5/1/2028 | 1,000,000 | b | 883,592 | ||||
WR Grace Holdings LLC, Sr. Unscd. Notes | 5.63 | 8/15/2029 | 1,650,000 | b | 1,336,286 | ||||
10,043,623 | |||||||||
Collateralized Loan Obligations Debt - 2.7% | |||||||||
Ares European XII DAC CLO, Ser. 12A, Cl. E, (3 Month EURIBOR +6.10%) | EUR | 9.81 | 4/20/2032 | 1,450,000 | b,f | 1,412,496 | |||
Bain Capital Credit Ltd. CLO, Ser. 2022-5A, Cl. E, (3 Month TSFR +7.60%) | 12.95 | 7/24/2034 | 1,000,000 | b,f | 991,035 | ||||
Barings I Ltd. CLO, Ser. 2018-1A, Cl. D, (3 Month TSFR +5.76%) | 11.07 | 4/15/2031 | 2,000,000 | b,f | 1,729,146 | ||||
Barings III Ltd. CLO, Ser. 2019-3A, Cl. ER, (3 Month TSFR +6.96%) | 12.29 | 4/20/2031 | 1,000,000 | b,f | 974,969 | ||||
Battalion X Ltd. CLO, Ser. 2016-10A, Cl. DR2, (3 Month TSFR +6.87%) | 12.22 | 1/25/2035 | 1,750,000 | b,f | 1,452,442 | ||||
Battalion XVI Ltd. CLO, Ser. 2019-16A, Cl. ER, (3 Month TSFR +6.86%) | 12.19 | 12/19/2032 | 2,500,000 | b,f | 2,146,318 | ||||
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% (continued) | |||||||||
Collateralized Loan Obligations Debt - 2.7% (continued) | |||||||||
Neuberger Berman Loan Advisers 24 Ltd. CLO, Ser. 2017-24A, Cl. E, (3 Month TSFR +6.28%) | 11.60 | 4/19/2030 | 2,000,000 | b,f | 1,906,486 | ||||
Octagon Investment Partners 46 Ltd. CLO, Ser. 2020-2A, Cl. ER, (3 Month TSFR +6.86%) | 12.17 | 7/15/2036 | 3,000,000 | b,f | 2,693,706 | ||||
OZLM VI Ltd. CLO, Ser. 2014-6A, Cl. DS, (3 Month TSFR +6.31%) | 11.62 | 4/17/2031 | 2,000,000 | b,f | 1,675,406 | ||||
St. Pauls CLO, Ser. 11-A, Cl. E, (3 Month EURIBOR +6.00%) | EUR | 9.66 | 1/17/2032 | 1,000,000 | b,f | 979,550 | |||
15,961,554 | |||||||||
Commercial & Professional Services - 3.5% | |||||||||
Adtalem Global Education, Inc., Sr. Scd. Notes | 5.50 | 3/1/2028 | 2,275,000 | b | 2,086,300 | ||||
Albion Financing 1 Sarl/Aggreko Holdings, Inc., Sr. Scd. Notes | 6.13 | 10/15/2026 | 1,174,000 | b | 1,110,170 | ||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Scd. Notes | 6.63 | 7/15/2026 | 700,000 | b | 664,237 | ||||
APX Group, Inc., Sr. Scd. Notes | 6.75 | 2/15/2027 | 1,706,000 | b | 1,640,101 | ||||
BCP V Modular Services Finance II PLC, Sr. Scd. Bonds | EUR | 4.75 | 11/30/2028 | 1,650,000 | b | 1,466,421 | |||
GTCR W-2 Merger Sub LLC, Sr. Scd. Notes | 7.50 | 1/15/2031 | 2,408,000 | b | 2,414,441 | ||||
MPH Acquisition Holdings LLC, Sr. Scd. Notes | 5.50 | 9/1/2028 | 744,000 | b | 632,774 | ||||
Neptune Bidco US, Inc., Sr. Scd. Notes | 9.29 | 4/15/2029 | 2,078,000 | b | 1,883,992 | ||||
Prime Security Services Borrower LLC/Prime Finance, Inc., Scd. Notes | 6.25 | 1/15/2028 | 3,102,000 | b,c | 2,876,542 | ||||
Prime Security Services Borrower LLC/Prime Finance, Inc., Sr. Scd. Notes | 3.38 | 8/31/2027 | 875,000 | b,c | 767,460 | ||||
The Hertz Corp., Gtd. Notes | 4.63 | 12/1/2026 | 2,979,000 | b | 2,643,833 | ||||
The Hertz Corp., Gtd. Notes | 5.00 | 12/1/2029 | 678,000 | b | 531,760 | ||||
United Rentals North America, Inc., Gtd. Notes | 4.00 | 7/15/2030 | 2,225,000 | 1,899,068 | |||||
20,617,099 | |||||||||
Consumer Discretionary - 8.8% | |||||||||
Allwyn Entertainment Financing UK PLC, Sr. Scd. Notes | 7.88 | 4/30/2029 | 2,872,000 | b | 2,911,490 | ||||
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unscd. Notes | 4.63 | 4/1/2030 | 1,440,000 | b | 1,180,353 | ||||
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unscd. Notes | 6.63 | 1/15/2028 | 640,000 | b | 604,542 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% (continued) | |||||||||
Consumer Discretionary - 8.8% (continued) | |||||||||
Caesars Entertainment, Inc., Sr. Scd. Notes | 6.25 | 7/1/2025 | 650,000 | b | 641,675 | ||||
Caesars Entertainment, Inc., Sr. Scd. Notes | 7.00 | 2/15/2030 | 1,460,000 | b | 1,422,218 | ||||
Carnival Corp., Gtd. Notes | 6.00 | 5/1/2029 | 3,051,000 | b,c | 2,606,020 | ||||
Carnival Corp., Gtd. Notes | 7.63 | 3/1/2026 | 1,541,000 | b,c | 1,500,116 | ||||
Carnival Corp., Scd. Notes | 9.88 | 8/1/2027 | 1,462,000 | b | 1,527,337 | ||||
Carnival Corp., Sr. Scd. Notes | 7.00 | 8/15/2029 | 678,000 | b | 669,197 | ||||
Carnival Holdings Bermuda Ltd., Gtd. Notes | 10.38 | 5/1/2028 | 1,505,000 | b | 1,614,833 | ||||
CCM Merger, Inc., Sr. Unscd. Notes | 6.38 | 5/1/2026 | 1,638,000 | b | 1,568,262 | ||||
Churchill Downs, Inc., Gtd. Notes | 4.75 | 1/15/2028 | 1,200,000 | b | 1,083,589 | ||||
Everi Holdings, Inc., Gtd. Notes | 5.00 | 7/15/2029 | 2,617,000 | b | 2,255,540 | ||||
Hilton Domestic Operating Co., Inc., Gtd. Notes | 4.00 | 5/1/2031 | 1,870,000 | b | 1,573,823 | ||||
International Game Technology PLC, Sr. Scd. Notes | 5.25 | 1/15/2029 | 2,827,000 | b | 2,608,037 | ||||
Jacobs Entertainment, Inc., Sr. Unscd. Notes | 6.75 | 2/15/2029 | 1,374,000 | b | 1,220,861 | ||||
KB Home, Gtd. Notes | 4.00 | 6/15/2031 | 2,726,000 | 2,200,414 | |||||
NCL Corp. Ltd., Gtd. Notes | 5.88 | 3/15/2026 | 2,106,000 | b | 1,946,793 | ||||
NCL Corp. Ltd., Sr. Scd. Notes | 5.88 | 2/15/2027 | 2,252,000 | b | 2,143,686 | ||||
Ontario Gaming GTA LP, Sr. Scd. Notes | 8.00 | 8/1/2030 | 1,586,000 | b | 1,587,491 | ||||
Ritchie Bros Holdings, Inc., Gtd. Notes | 7.75 | 3/15/2031 | 2,270,000 | b | 2,306,887 | ||||
Ritchie Bros Holdings, Inc., Sr. Scd. Notes | 6.75 | 3/15/2028 | 1,150,000 | b | 1,148,793 | ||||
Royal Caribbean Cruises Ltd., Gtd. Notes | 7.25 | 1/15/2030 | 1,223,000 | b | 1,213,512 | ||||
Royal Caribbean Cruises Ltd., Gtd. Notes | 9.25 | 1/15/2029 | 373,000 | b | 394,329 | ||||
Royal Caribbean Cruises Ltd., Sr. Scd. Notes | 8.25 | 1/15/2029 | 1,130,000 | b | 1,173,037 | ||||
Royal Caribbean Cruises Ltd., Sr. Unscd. Notes | 5.50 | 8/31/2026 | 4,002,000 | b | 3,780,951 | ||||
Scientific Games Holdings LP/Scientific Games US Finco, Inc., Sr. Unscd. Notes | 6.63 | 3/1/2030 | 3,409,000 | b | 2,944,728 | ||||
Taylor Morrison Communities, Inc., Sr. Unscd. Notes | 5.13 | 8/1/2030 | 1,388,000 | b | 1,214,340 | ||||
Viking Cruises Ltd., Sr. Unscd. Notes | 9.13 | 7/15/2031 | 2,186,000 | b | 2,189,235 | ||||
Windsor Holdings III LLC, Sr. Scd. Notes | 8.50 | 6/15/2030 | 2,362,000 | b,c | 2,333,053 | ||||
51,565,142 | |||||||||
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% (continued) | |||||||||
Consumer Staples - .3% | |||||||||
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., Sr. Scd. Notes | 5.00 | 12/31/2026 | 1,694,000 | b | 1,546,414 | ||||
Diversified Financials - 3.4% | |||||||||
Encore Capital Group, Inc., Sr. Scd. Bonds | EUR | 4.88 | 10/15/2025 | 1,190,000 | b | 1,228,442 | |||
Encore Capital Group, Inc., Sr. Scd. Notes | GBP | 4.25 | 6/1/2028 | 920,000 | b | 904,383 | |||
Garfunkelux Holdco 3 SA, Sr. Scd. Notes | EUR | 6.75 | 11/1/2025 | 2,380,000 | b | 1,945,380 | |||
Intrum AB, Sr. Unscd. Bonds | EUR | 3.13 | 7/15/2024 | 880,676 | b | 903,734 | |||
Intrum AB, Sr. Unscd. Notes | EUR | 4.88 | 8/15/2025 | 1,190,000 | b | 1,146,174 | |||
Nationstar Mortgage Holdings, Inc., Gtd. Notes | 5.00 | 2/1/2026 | 3,260,000 | b | 3,048,675 | ||||
Navient Corp., Sr. Unscd. Notes | 5.00 | 3/15/2027 | 2,575,000 | 2,317,281 | |||||
Navient Corp., Sr. Unscd. Notes | 5.50 | 3/15/2029 | 1,260,000 | 1,059,981 | |||||
NFP Corp., Sr. Scd. Notes | 8.50 | 10/1/2031 | 558,000 | b | 559,438 | ||||
NFP Corp., Sr. Unscd. Notes | 6.88 | 8/15/2028 | 1,715,000 | b | 1,471,330 | ||||
PennyMac Financial Services, Inc., Gtd. Notes | 5.38 | 10/15/2025 | 3,070,000 | b | 2,921,826 | ||||
PennyMac Financial Services, Inc., Gtd. Notes | 5.75 | 9/15/2031 | 1,109,000 | b | 908,475 | ||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., Gtd. Notes | 2.88 | 10/15/2026 | 190,000 | b | 167,503 | ||||
United Wholesale Mortgage LLC, Sr. Unscd. Notes | 5.75 | 6/15/2027 | 1,609,000 | b | 1,458,132 | ||||
20,040,754 | |||||||||
Electronic Components - .5% | |||||||||
Sensata Technologies BV, Gtd. Notes | 5.88 | 9/1/2030 | 2,395,000 | b | 2,233,801 | ||||
Sensata Technologies, Inc., Gtd. Notes | 4.38 | 2/15/2030 | 980,000 | b | 847,264 | ||||
3,081,065 | |||||||||
Energy - 10.2% | |||||||||
Aethon United BR LP/Aethon United Finance Corp., Sr. Unscd. Notes | 8.25 | 2/15/2026 | 3,344,000 | b | 3,320,826 | ||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes | 5.75 | 1/15/2028 | 1,920,000 | b | 1,813,138 | ||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes | 5.75 | 3/1/2027 | 1,569,000 | b | 1,498,942 | ||||
Antero Resources Corp., Gtd. Notes | 5.38 | 3/1/2030 | 2,810,000 | b,c | 2,590,465 | ||||
Apache Corp., Sr. Unscd. Notes | 4.25 | 1/15/2030 | 2,000,000 | c | 1,779,592 | ||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unscd. Notes | 6.63 | 7/15/2026 | 4,126,000 | b | 4,051,590 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% (continued) | |||||||||
Energy - 10.2% (continued) | |||||||||
Chesapeake Energy Corp., Gtd. Notes | 5.88 | 2/1/2029 | 3,039,000 | b | 2,862,319 | ||||
Comstock Resources, Inc., Gtd. Notes | 6.75 | 3/1/2029 | 3,150,000 | b | 2,901,315 | ||||
CQP Holdco LP/Bip-V Chinook Holdco LLC, Sr. Scd. Notes | 5.50 | 6/15/2031 | 2,077,000 | b | 1,843,344 | ||||
CrownRock LP/Crownrock Finance, Inc., Sr. Unscd. Notes | 5.00 | 5/1/2029 | 1,634,000 | b | 1,532,692 | ||||
CVR Energy, Inc., Gtd. Bonds | 5.25 | 2/15/2025 | 3,514,000 | b | 3,431,702 | ||||
Energy Transfer LP, Jr. Sub. Bonds, Ser. B | 6.63 | 2/15/2028 | 2,680,000 | e | 2,145,914 | ||||
EnLink Midstream LLC, Gtd. Notes | 6.50 | 9/1/2030 | 2,672,000 | b | 2,594,757 | ||||
EQM Midstream Partners LP, Sr. Unscd. Notes | 5.50 | 7/15/2028 | 2,934,000 | 2,756,603 | |||||
EQM Midstream Partners LP, Sr. Unscd. Notes | 7.50 | 6/1/2027 | 361,000 | b | 362,071 | ||||
New Fortress Energy, Inc., Sr. Scd. Notes | 6.50 | 9/30/2026 | 679,000 | b | 625,911 | ||||
New Fortress Energy, Inc., Sr. Scd. Notes | 6.75 | 9/15/2025 | 2,865,000 | b | 2,738,155 | ||||
Noble Finance II LLC, Gtd. Notes | 8.00 | 4/15/2030 | 860,000 | b | 872,034 | ||||
Northern Oil & Gas, Inc., Sr. Unscd. Notes | 8.13 | 3/1/2028 | 2,050,000 | b | 2,049,570 | ||||
Northriver Midstream Finance LP, Sr. Scd. Notes | 5.63 | 2/15/2026 | 1,840,000 | b | 1,755,314 | ||||
Rockcliff Energy II LLC, Sr. Unscd. Notes | 5.50 | 10/15/2029 | 2,808,000 | b | 2,530,656 | ||||
Rockies Express Pipeline LLC, Sr. Unscd. Notes | 4.80 | 5/15/2030 | 3,007,000 | b | 2,598,188 | ||||
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., Sr. Unscd. Notes | 7.88 | 11/1/2028 | 2,006,000 | b | 2,012,269 | ||||
Venture Global Calcasieu Pass LLC, Sr. Scd. Notes | 3.88 | 11/1/2033 | 3,338,000 | b | 2,595,329 | ||||
Venture Global Calcasieu Pass LLC, Sr. Scd. Notes | 4.13 | 8/15/2031 | 2,360,000 | b | 1,939,049 | ||||
Venture Global Calcasieu Pass LLC, Sr. Scd. Notes | 6.25 | 1/15/2030 | 1,510,000 | b | 1,441,876 | ||||
Venture Global LNG, Inc., Sr. Scd. Notes | 8.13 | 6/1/2028 | 2,934,000 | b | 2,907,221 | ||||
59,550,842 | |||||||||
Environmental Control - 2.3% | |||||||||
Clean Harbors, Inc., Gtd. Notes | 5.13 | 7/15/2029 | 1,200,000 | b | 1,105,357 | ||||
Clean Harbors, Inc., Gtd. Notes | 6.38 | 2/1/2031 | 2,680,000 | b | 2,609,277 | ||||
Covanta Holding Corp., Gtd. Notes | 4.88 | 12/1/2029 | 1,713,000 | b | 1,407,940 | ||||
Covanta Holding Corp., Gtd. Notes | 5.00 | 9/1/2030 | 2,690,000 | 2,152,474 | |||||
GFL Environmental, Inc., Gtd. Notes | 4.00 | 8/1/2028 | 1,640,000 | b | 1,434,601 | ||||
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% (continued) | |||||||||
Environmental Control - 2.3% (continued) | |||||||||
GFL Environmental, Inc., Sr. Scd. Notes | 3.50 | 9/1/2028 | 1,770,000 | b | 1,525,396 | ||||
GFL Environmental, Inc., Sr. Scd. Notes | 5.13 | 12/15/2026 | 1,490,000 | b | 1,420,862 | ||||
Waste Pro USA, Inc., Sr. Unscd. Notes | 5.50 | 2/15/2026 | 1,896,000 | b | 1,772,488 | ||||
13,428,395 | |||||||||
Financials - .1% | |||||||||
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV, Sr. Scd. Bonds | GBP | 8.50 | 1/15/2031 | 431,000 | b | 538,321 | |||
Food Products - 1.4% | |||||||||
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. Notes | 4.63 | 1/15/2027 | 1,560,000 | b | 1,474,447 | ||||
Pilgrim's Pride Corp., Gtd. Notes | 6.25 | 7/1/2033 | 1,502,000 | 1,413,441 | |||||
Post Holdings, Inc., Gtd. Notes | 4.63 | 4/15/2030 | 1,820,000 | b | 1,560,740 | ||||
Post Holdings, Inc., Gtd. Notes | 5.50 | 12/15/2029 | 1,980,000 | b | 1,797,245 | ||||
US Foods, Inc., Gtd. Notes | 6.88 | 9/15/2028 | 1,702,000 | b | 1,700,553 | ||||
7,946,426 | |||||||||
Health Care - 6.9% | |||||||||
Bausch & Lomb Escrow Corp., Sr. Scd. Notes | 8.38 | 10/1/2028 | 1,758,000 | b | 1,765,419 | ||||
Bausch Health Cos., Inc., Sr. Scd. Notes | 11.00 | 9/30/2028 | 2,820,000 | b | 1,920,279 | ||||
CHEPLAPHARM Arzneimittel GmbH, Sr. Scd. Notes | 5.50 | 1/15/2028 | 1,971,000 | b | 1,790,575 | ||||
CHS/Community Health Systems, Inc., Sr. Scd. Notes | 5.25 | 5/15/2030 | 2,579,000 | b | 1,963,874 | ||||
CHS/Community Health Systems, Inc., Sr. Scd. Notes | 5.63 | 3/15/2027 | 3,530,000 | b | 3,032,269 | ||||
CHS/Community Health Systems, Inc., Sr. Scd. Notes | 8.00 | 3/15/2026 | 910,000 | b | 868,336 | ||||
Encompass Health Corp., Gtd. Notes | 4.75 | 2/1/2030 | 1,870,000 | 1,657,037 | |||||
HealthEquity, Inc., Gtd. Notes | 4.50 | 10/1/2029 | 3,132,000 | b | 2,701,742 | ||||
IQVIA, Inc., Gtd. Notes | 5.00 | 5/15/2027 | 2,770,000 | b | 2,613,849 | ||||
Jazz Securities DAC, Sr. Scd. Notes | 4.38 | 1/15/2029 | 2,110,000 | b | 1,841,352 | ||||
LifePoint Health, Inc., Sr. Scd. Notes | 9.88 | 8/15/2030 | 1,294,000 | b,c | 1,254,378 | ||||
Medline Borrower LP, Sr. Scd. Notes | 3.88 | 4/1/2029 | 2,309,000 | b | 1,954,136 | ||||
Medline Borrower LP, Sr. Unscd. Notes | 5.25 | 10/1/2029 | 1,529,000 | b,c | 1,323,359 | ||||
Molina Healthcare, Inc., Sr. Unscd. Notes | 4.38 | 6/15/2028 | 2,905,000 | b | 2,606,288 | ||||
Option Care Health, Inc., Gtd. Notes | 4.38 | 10/31/2029 | 3,347,000 | b | 2,894,904 | ||||
Tenet Healthcare Corp., Gtd. Notes | 6.13 | 10/1/2028 | 1,570,000 | c | 1,475,298 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% (continued) | |||||||||
Health Care - 6.9% (continued) | |||||||||
Tenet Healthcare Corp., Sr. Scd. Notes | 4.25 | 6/1/2029 | 3,170,000 | 2,731,534 | |||||
Tenet Healthcare Corp., Sr. Scd. Notes | 4.63 | 6/15/2028 | 2,990,000 | 2,694,638 | |||||
Tenet Healthcare Corp., Sr. Scd. Notes | 5.13 | 11/1/2027 | 1,650,000 | 1,537,189 | |||||
Tenet Healthcare Corp., Sr. Scd. Notes | 6.75 | 5/15/2031 | 2,050,000 | b | 1,979,727 | ||||
40,606,183 | |||||||||
Industrial - 1.8% | |||||||||
Artera Services LLC, Sr. Scd. Notes | 9.03 | 12/4/2025 | 1,270,045 | b | 1,173,420 | ||||
Chart Industries, Inc., Sr. Scd. Notes | 7.50 | 1/1/2030 | 3,470,000 | b | 3,493,353 | ||||
Dycom Industries, Inc., Gtd. Notes | 4.50 | 4/15/2029 | 1,254,000 | b | 1,085,996 | ||||
Husky III Holding Ltd., Sr. Unscd. Notes | 13.00 | 2/15/2025 | 1,681,000 | b,d | 1,668,426 | ||||
TK Elevator US Newco, Inc., Sr. Scd. Notes | 5.25 | 7/15/2027 | 1,600,000 | b | 1,468,261 | ||||
Xerox Holdings Corp., Gtd. Notes | 5.50 | 8/15/2028 | 1,670,000 | b | 1,406,515 | ||||
10,295,971 | |||||||||
Information Technology - 2.1% | |||||||||
AthenaHealth Group, Inc., Sr. Unscd. Notes | 6.50 | 2/15/2030 | 4,645,000 | b | 3,890,848 | ||||
Central Parent, Inc./CDK Global, Inc., Sr. Scd. Notes | 7.25 | 6/15/2029 | 2,465,000 | b | 2,392,067 | ||||
Cloud Software Group, Inc., Sr. Scd. Notes | 6.50 | 3/31/2029 | 1,937,000 | b | 1,714,905 | ||||
Elastic NV, Sr. Unscd. Notes | 4.13 | 7/15/2029 | 2,300,000 | b | 1,961,326 | ||||
SS&C Technologies, Inc., Gtd. Notes | 5.50 | 9/30/2027 | 2,250,000 | b | 2,125,497 | ||||
12,084,643 | |||||||||
Insurance - 2.5% | |||||||||
Acrisure LLC/Acrisure Finance, Inc., Sr. Scd. Notes | 4.25 | 2/15/2029 | 3,740,000 | b | 3,147,028 | ||||
Acrisure LLC/Acrisure Finance, Inc., Sr. Unscd. Notes | 7.00 | 11/15/2025 | 1,800,000 | b | 1,750,320 | ||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. Notes | 6.75 | 4/15/2028 | 2,115,000 | b | 2,043,163 | ||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Unscd. Notes | 6.75 | 10/15/2027 | 2,350,000 | b | 2,187,983 | ||||
AmWINS Group, Inc., Sr. Unscd. Notes | 4.88 | 6/30/2029 | 1,793,000 | b | 1,573,418 | ||||
Global Atlantic Financial Co., Gtd. Notes | 3.13 | 6/15/2031 | 2,410,000 | b | 1,720,160 | ||||
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% (continued) | |||||||||
Insurance - 2.5% (continued) | |||||||||
GTCR AP Finance, Inc., Sr. Unscd. Notes | 8.00 | 5/15/2027 | 2,000,000 | b | 1,967,796 | ||||
14,389,868 | |||||||||
Internet Software & Services - 2.0% | |||||||||
Cogent Communications Group, Inc., Gtd. Notes | 7.00 | 6/15/2027 | 2,670,000 | b | 2,552,413 | ||||
Gen Digital, Inc., Gtd. Notes | 6.75 | 9/30/2027 | 3,540,000 | b | 3,473,695 | ||||
Go Daddy Operating Co., LLC/GD Finance Co., Inc., Gtd. Notes | 5.25 | 12/1/2027 | 4,040,000 | b | 3,815,780 | ||||
Uber Technologies, Inc., Gtd. Notes | 4.50 | 8/15/2029 | 2,190,000 | b | 1,961,652 | ||||
11,803,540 | |||||||||
Materials - 4.6% | |||||||||
ARD Finance SA, Sr. Scd. Notes | 6.50 | 6/30/2027 | 2,264,053 | b,d | 1,711,716 | ||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Sr. Scd. Notes | 3.25 | 9/1/2028 | 1,555,000 | b | 1,298,311 | ||||
Ball Corp., Gtd. Bonds | 4.88 | 3/15/2026 | 928,000 | 892,141 | |||||
Ball Corp., Gtd. Notes | 6.00 | 6/15/2029 | 1,230,000 | 1,195,645 | |||||
Clydesdale Acquisition Holdings, Inc., Gtd. Notes | 8.75 | 4/15/2030 | 3,320,000 | b | 2,852,342 | ||||
Clydesdale Acquisition Holdings, Inc., Sr. Scd. Notes | 6.63 | 4/15/2029 | 940,000 | b | 874,922 | ||||
Kleopatra Finco Sarl, Sr. Scd. Bonds | EUR | 4.25 | 3/1/2026 | 1,280,000 | b | 1,135,964 | |||
LABL, Inc., Sr. Scd. Notes | 9.50 | 11/1/2028 | 1,475,000 | b | 1,513,719 | ||||
LABL, Inc., Sr. Unscd. Notes | 10.50 | 7/15/2027 | 1,875,000 | b | 1,765,008 | ||||
Mauser Packaging Solutions Holding Co., Scd. Notes | 9.25 | 4/15/2027 | 2,115,000 | b | 1,851,629 | ||||
Mauser Packaging Solutions Holding Co., Sr. Scd. Notes | 7.88 | 8/15/2026 | 2,974,000 | b | 2,872,530 | ||||
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, Sr. Scd. Notes | 4.00 | 10/15/2027 | 2,620,000 | b,c | 2,328,132 | ||||
Sealed Air Corp., Gtd. Notes | 5.00 | 4/15/2029 | 3,195,000 | b | 2,876,457 | ||||
Trivium Packaging Finance BV, Gtd. Notes | 8.50 | 8/15/2027 | 970,000 | b | 887,603 | ||||
Trivium Packaging Finance BV, Sr. Scd. Notes | 5.50 | 8/15/2026 | 2,782,000 | b | 2,597,089 | ||||
26,653,208 | |||||||||
Media - 7.1% | |||||||||
Altice Financing SA, Sr. Scd. Bonds | 5.75 | 8/15/2029 | 4,387,000 | b,c | 3,600,888 | ||||
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes | 4.50 | 5/1/2032 | 2,220,000 | 1,744,638 | |||||
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes | 4.75 | 3/1/2030 | 4,082,000 | b | 3,431,722 | ||||
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes | 5.00 | 2/1/2028 | 2,995,000 | b | 2,723,153 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% (continued) | |||||||||
Media - 7.1% (continued) | |||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes | 5.13 | 5/1/2027 | 2,919,000 | b | 2,722,730 | ||||
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes | 7.38 | 3/1/2031 | 2,420,000 | b,c | 2,338,818 | ||||
CSC Holdings LLC, Gtd. Notes | 5.38 | 2/1/2028 | 2,693,000 | b | 2,196,012 | ||||
CSC Holdings LLC, Gtd. Notes | 5.50 | 4/15/2027 | 1,400,000 | b | 1,201,788 | ||||
CSC Holdings LLC, Gtd. Notes | 11.25 | 5/15/2028 | 962,000 | b,c | 959,606 | ||||
CSC Holdings LLC, Sr. Unscd. Bonds | 5.25 | 6/1/2024 | 1,600,000 | 1,524,541 | |||||
CSC Holdings LLC, Sr. Unscd. Notes | 5.75 | 1/15/2030 | 1,210,000 | b | 679,737 | ||||
CSC Holdings LLC, Sr. Unscd. Notes | 7.50 | 4/1/2028 | 1,395,000 | b | 908,110 | ||||
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., Sr. Scd. Notes | 5.88 | 8/15/2027 | 2,060,000 | b | 1,824,027 | ||||
DISH DBS Corp., Gtd. Notes | 7.75 | 7/1/2026 | 1,186,000 | 891,356 | |||||
DISH Network Corp., Sr. Scd. Notes | 11.75 | 11/15/2027 | 5,518,000 | b | 5,567,336 | ||||
Gray Television, Inc., Gtd. Notes | 5.88 | 7/15/2026 | 680,000 | b | 611,799 | ||||
Gray Television, Inc., Gtd. Notes | 7.00 | 5/15/2027 | 1,665,000 | b,c | 1,434,464 | ||||
iHeartCommunications, Inc., Sr. Scd. Notes | 6.38 | 5/1/2026 | 2,140,000 | 1,847,397 | |||||
Nexstar Media, Inc., Gtd. Notes | 4.75 | 11/1/2028 | 1,670,000 | b | 1,384,287 | ||||
Virgin Media Finance PLC, Gtd. Notes | 5.00 | 7/15/2030 | 1,435,000 | b,c | 1,129,853 | ||||
Virgin Media Secured Finance PLC, Sr. Scd. Bonds | GBP | 5.00 | 4/15/2027 | 760,000 | b | 863,029 | |||
Virgin Media Secured Finance PLC, Sr. Scd. Notes | 5.50 | 5/15/2029 | 733,000 | b | 653,689 | ||||
Ziggo Bond Co. BV, Gtd. Notes | 5.13 | 2/28/2030 | 1,360,000 | b | 1,016,076 | ||||
41,255,056 | |||||||||
Metals & Mining - 1.5% | |||||||||
Arsenal AIC Parent LLC, Sr. Scd. Notes | 8.00 | 10/1/2030 | 534,000 | b | 532,008 | ||||
FMG Resources August 2006 Pty Ltd., Gtd. Notes | 4.50 | 9/15/2027 | 650,000 | b | 589,105 | ||||
FMG Resources August 2006 Pty Ltd., Sr. Unscd. Notes | 6.13 | 4/15/2032 | 1,950,000 | b | 1,776,053 | ||||
Novelis Corp., Gtd. Notes | 3.25 | 11/15/2026 | 1,410,000 | b | 1,261,014 | ||||
Novelis Corp., Gtd. Notes | 4.75 | 1/30/2030 | 1,970,000 | b | 1,707,576 | ||||
Taseko Mines Ltd., Sr. Scd. Notes | 7.00 | 2/15/2026 | 3,210,000 | b | 3,003,146 | ||||
8,868,902 | |||||||||
Real Estate - 2.3% | |||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Gtd. Notes | 5.25 | 10/1/2025 | 2,484,000 | b | 2,394,029 | ||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Sr. Scd. Notes | 4.88 | 5/15/2029 | 2,110,000 | b | 1,787,497 | ||||
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% (continued) | |||||||||
Real Estate - 2.3% (continued) | |||||||||
Rithm Capital Corp., Sr. Unscd. Notes | 6.25 | 10/15/2025 | 4,631,000 | b | 4,399,357 | ||||
RLJ Lodging Trust LP, Sr. Scd. Notes | 4.00 | 9/15/2029 | 2,637,000 | b | 2,162,591 | ||||
Starwood Property Trust, Inc., Sr. Unscd. Notes | 3.75 | 12/31/2024 | 2,590,000 | b | 2,468,534 | ||||
13,212,008 | |||||||||
Retailing - 4.9% | |||||||||
1011778 BC ULC/New Red Finance, Inc., Sr. Scd. Notes | 3.88 | 1/15/2028 | 1,013,000 | b | 909,543 | ||||
Advance Auto Parts, Inc., Gtd. Notes | 5.95 | 3/9/2028 | 2,460,000 | c | 2,326,668 | ||||
Beacon Roofing Supply, Inc., Sr. Scd. Notes | 4.50 | 11/15/2026 | 1,550,000 | b | 1,448,944 | ||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Sr. Scd. Notes | 4.63 | 1/15/2029 | 2,080,000 | b | 1,765,078 | ||||
Foundation Building Materials, Inc., Gtd. Notes | 6.00 | 3/1/2029 | 1,435,000 | b | 1,195,636 | ||||
Kohl's Corp., Sr. Unscd. Notes | 4.25 | 7/17/2025 | 1,280,000 | c | 1,188,488 | ||||
Kohl's Corp., Sr. Unscd. Notes | 4.63 | 5/1/2031 | 1,128,000 | 759,652 | |||||
Macy's Retail Holdings LLC, Gtd. Notes | 4.50 | 12/15/2034 | 524,000 | 355,092 | |||||
Macy's Retail Holdings LLC, Gtd. Notes | 5.88 | 4/1/2029 | 1,345,000 | b,c | 1,178,953 | ||||
PetSmart, Inc./Petsmart Finance Corp., Sr. Scd. Notes | 4.75 | 2/15/2028 | 2,590,000 | b | 2,270,532 | ||||
PetSmart, Inc./PetSmart Finance Corp., Gtd. Notes | 7.75 | 2/15/2029 | 2,370,000 | b | 2,211,171 | ||||
QVC, Inc., Sr. Scd. Notes | 4.85 | 4/1/2024 | 1,910,000 | c | 1,837,946 | ||||
SRS Distribution, Inc., Gtd. Notes | 6.00 | 12/1/2029 | 2,807,000 | b | 2,361,010 | ||||
SRS Distribution, Inc., Sr. Scd. Notes | 4.63 | 7/1/2028 | 712,000 | b | 616,043 | ||||
Staples, Inc., Sr. Scd. Notes | 7.50 | 4/15/2026 | 1,721,000 | b | 1,417,955 | ||||
White Cap Buyer LLC, Sr. Unscd. Notes | 6.88 | 10/15/2028 | 3,260,000 | b | 2,885,216 | ||||
Yum! Brands, Inc., Sr. Unscd. Notes | 4.75 | 1/15/2030 | 2,170,000 | b | 1,951,915 | ||||
Yum! Brands, Inc., Sr. Unscd. Notes | 5.38 | 4/1/2032 | 2,094,000 | 1,917,067 | |||||
28,596,909 | |||||||||
Semiconductors & Semiconductor Equipment - .5% | |||||||||
Entegris Escrow Corp., Gtd. Notes | 5.95 | 6/15/2030 | 3,090,000 | b | 2,868,901 | ||||
Technology Hardware & Equipment - .3% | |||||||||
Western Digital Corp., Gtd. Notes | 4.75 | 2/15/2026 | 1,609,000 | 1,534,637 | |||||
Telecommunication Services - 4.7% | |||||||||
Altice France Holding SA, Sr. Scd. Notes | EUR | 8.00 | 5/15/2027 | 3,315,000 | b | 2,028,008 | |||
Altice France Holding SA, Sr. Scd. Notes | 10.50 | 5/15/2027 | 5,448,000 | b | 3,405,361 | ||||
Altice France SA, Sr. Scd. Notes | 5.50 | 1/15/2028 | 3,970,000 | b | 3,063,917 | ||||
Altice France SA, Sr. Scd. Notes | 5.50 | 10/15/2029 | 1,637,000 | b | 1,179,598 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Bonds and Notes - 88.9% (continued) | |||||||||
Telecommunication Services - 4.7% (continued) | |||||||||
C&W Senior Financing DAC, Sr. Unscd. Notes | 6.88 | 9/15/2027 | 1,257,000 | b | 1,106,736 | ||||
Frontier Communications Holdings LLC, Scd. Notes | 6.75 | 5/1/2029 | 1,270,000 | b | 978,773 | ||||
Frontier Communications Holdings LLC, Sr. Scd. Notes | 8.75 | 5/15/2030 | 3,113,000 | b | 2,958,985 | ||||
Iliad Holding SASU, Sr. Scd. Notes | 6.50 | 10/15/2026 | 3,739,000 | b | 3,516,877 | ||||
Level 3 Financing, Inc., Sr. Scd. Notes | 10.50 | 5/15/2030 | 2,308,000 | b,c | 2,325,271 | ||||
Lumen Technologies, Inc., Sr. Scd. Notes | 4.00 | 2/15/2027 | 1,746,000 | b | 1,152,054 | ||||
Telesat Canada/Telesat LLC, Sr. Scd. Notes | 5.63 | 12/6/2026 | 2,250,000 | b | 1,549,958 | ||||
ViaSat, Inc., Sr. Unscd. Notes | 5.63 | 9/15/2025 | 2,985,000 | b | 2,760,871 | ||||
Zayo Group Holdings, Inc., Sr. Scd. Notes | 4.00 | 3/1/2027 | 1,763,000 | b,c | 1,310,439 | ||||
27,336,848 | |||||||||
Utilities - 3.8% | |||||||||
Calpine Corp., Sr. Scd. Notes | 4.50 | 2/15/2028 | 1,000,000 | b | 902,266 | ||||
Calpine Corp., Sr. Unscd. Notes | 5.00 | 2/1/2031 | 3,444,000 | b | 2,788,985 | ||||
Calpine Corp., Sr. Unscd. Notes | 5.13 | 3/15/2028 | 1,565,000 | b,c | 1,395,328 | ||||
NRG Energy, Inc., Gtd. Notes | 5.25 | 6/15/2029 | 3,280,000 | b | 2,898,924 | ||||
NRG Energy, Inc., Jr. Sub. Bonds | 10.25 | 3/15/2028 | 2,095,000 | b,e | 2,053,968 | ||||
PG&E Corp., Sr. Scd. Notes | 5.00 | 7/1/2028 | 3,210,000 | c | 2,911,051 | ||||
Pike Corp., Gtd. Notes | 5.50 | 9/1/2028 | 2,110,000 | b | 1,848,087 | ||||
Solaris Midstream Holdings LLC, Gtd. Notes | 7.63 | 4/1/2026 | 4,180,000 | b | 4,039,562 | ||||
Vistra Corp., Jr. Sub. Bonds | 7.00 | 12/15/2026 | 1,890,000 | b,e | 1,726,543 | ||||
Vistra Operations Co. LLC, Gtd. Notes | 4.38 | 5/1/2029 | 2,110,000 | b | 1,815,775 | ||||
22,380,489 | |||||||||
Total Bonds
and Notes | 518,610,078 | ||||||||
| |||||||||
Floating Rate Loan Interests - 4.7% | |||||||||
Advertising - .2% | |||||||||
Clear Channel Outdoor Holdings, Inc., Term Loan B, (1-3 Month TSFR +3.56%) | 9.13 | 8/23/2026 | 950,000 | f | 924,863 | ||||
Aerospace & Defense - .2% | |||||||||
Dynasty Acquisition I Co., Term Loan B-1, (1 Month TSFR +4.00%) | 9.32 | 8/24/2028 | 815,556 | f | 814,879 | ||||
Standard Aero Ltd., Refinancing Term Loan B-2, (1 Month TSFR +4.00%) | 9.32 | 8/24/2028 | 349,524 | f | 349,234 | ||||
1,164,113 | |||||||||
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 4.7% (continued) | |||||||||
Automobiles & Components - .7% | |||||||||
Clarios Global LP, First Lien Amendment No. 1 Euro Term Loan, (1 Month EURIBOR +3.25%) | EUR | 7.11 | 4/30/2026 | 1,329,609 | f | 1,402,875 | |||
First Brands Group LLC, 2022 Incremental Term Loan, (3 Month TSFR +5.00%) | 10.88 | 3/30/2027 | 1,486,441 | f | 1,470,655 | ||||
Realtruck Group, Inc., Initial Term Loan, (1 Month TSFR +3.86%) | 9.18 | 1/29/2028 | 1,206,905 | f | 1,157,440 | ||||
4,030,970 | |||||||||
Chemicals - .1% | |||||||||
Nouryon USA LLC, Extended Dollar Term Loan, (1 Month TSFR +4.10%) | 9.43 | 4/3/2028 | 682,230 | f | 675,121 | ||||
Commercial & Professional Services - .6% | |||||||||
Indy US Holdco LLC, Fifth Amendment Incremental Term Loan, (1 Month TSFR +6.25%) | 11.57 | 3/5/2028 | 1,860,338 | f | 1,816,927 | ||||
Neptune BidCo US, Inc., Dollar Term Loan B, (3 Month TSFR +5.10%) | 10.40 | 4/11/2029 | 1,655,850 | f | 1,496,135 | ||||
Travelport Finance Luxembourg, Junior Priority Term Loan, (3 Month TSFR +8.50%) | 13.89 | 5/30/2026 | 215,052 | d,f | 127,956 | ||||
3,441,018 | |||||||||
Consumer Discretionary - .3% | |||||||||
ECL Entertainment LLC, Facility Term Loan B, (3 Month TSFR +4.75%) | 10.14 | 8/31/2030 | 634,667 | f | 634,667 | ||||
Recess Holdings, Inc., New Term Loan, (3 Month TSFR +4.00%) | 9.38 | 3/24/2027 | 1,178,378 | f | 1,178,384 | ||||
1,813,051 | |||||||||
Consumer Staples - .1% | |||||||||
Hunter Douglas, Inc., Tranche Term Loan B-1, (3 Month TSFR +3.50%) | 8.89 | 2/25/2029 | 907,652 | f | 886,095 | ||||
Diversified Financials - .2% | |||||||||
Russell Investments US, 2025 New Term Loan, (1 Month TSFR +3.60%) | 8.92 | 5/30/2025 | 1,300,000 | f | 1,242,040 | ||||
Energy - .3% | |||||||||
WaterBridge Midstream Operating, Initial Term Loan, (3 Month TSFR +6.01%) | 11.36 | 6/21/2026 | 1,637,938 | f | 1,642,295 | ||||
Financials - .2% | |||||||||
Jump Financial LLC, Term Loan, (3 Month TSFR +4.76%) | 10.15 | 8/6/2028 | 1,196,947 | f | 1,140,092 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | a | Value ($) | ||||
Floating Rate Loan Interests - 4.7% (continued) | |||||||||
Industrial - .4% | |||||||||
CPM Holdings, Inc., Initial Term Loan, (1 Month TSFR +4.50%) | 5.00 | 9/22/2028 | 607,143 | f | 606,575 | ||||
Powerteam Services LLC, First Lien Initial Term Loan, (3 Month TSFR +3.25%) | 8.74 | 3/6/2025 | 478,733 | f | 450,675 | ||||
Revere Power LLC, Term Loan B, (1 Month TSFR +4.35%) | 9.67 | 3/29/2026 | 1,408,158 | f | 1,241,700 | ||||
Revere Power LLC, Term Loan C, (1 Month LIBOR +4.25%) | 9.67 | 3/29/2026 | 123,322 | f | 108,744 | ||||
2,407,694 | |||||||||
Information Technology - .2% | |||||||||
Quest Software, Inc., First Lien Initial Term Loan, (3 Month TSFR +4.40%) | 9.77 | 2/1/2029 | 1,506,196 | f | 1,260,656 | ||||
Insurance - .5% | |||||||||
Asurion LLC, Second Lien Term Loan B-3, (1 Month TSFR +5.36%) | 10.68 | 2/3/2028 | 1,938,000 | f | 1,752,853 | ||||
USI, Inc., Term Loan, (1 Month TSFR +3.25%) | 3.25 | 9/29/2030 | 1,000,000 | f | 998,750 | ||||
2,751,603 | |||||||||
Internet Software & Services - .2% | |||||||||
MH Sub I LLC, 2023 May New Term Loan, (1 Month TSFR +4.25%) | 9.57 | 5/3/2028 | 1,206,975 | f | 1,169,728 | ||||
Utilities - .5% | |||||||||
Eastern Power LLC, Term Loan B, (1 Month TSFR +3.86%) | 9.18 | 10/2/2025 | 2,059,589 | f | 1,998,234 | ||||
Generation Bridge Northeast LLC, Term Loan B, (1 Month TSFR +4.25%) | 9.57 | 8/7/2029 | 840,000 | f | 841,399 | ||||
2,839,633 | |||||||||
Total Floating
Rate Loan Interests | 27,388,972 | ||||||||
Description | Shares |
| Value ($) | ||||||
Common Stocks - .0% | |||||||||
Media - .0% | |||||||||
Altice
USA, Inc., Cl. A | 29,000 | g | 94,830 | ||||||
Description | 1-Day | Shares |
| Value ($) | |||||
Investment Companies - 4.4% | |||||||||
Registered Investment Companies - 4.4% | |||||||||
Dreyfus Institutional Preferred Government
Plus Money Market Fund, Institutional Shares | 5.40 | 25,991,438 | h | 25,991,438 | |||||
| |||||||||
Investment of Cash Collateral for Securities Loaned - 4.9% | |||||||||
Registered Investment Companies - 4.9% | |||||||||
Dreyfus
Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 5.40 | 28,537,053 | h | 28,537,053 | |||||
Total Investments (cost $622,033,874) | 102.9% | 600,622,371 | |||||||
Liabilities, Less Cash and Receivables | (2.9%) | (16,978,878) | |||||||
Net Assets | 100.0% | 583,643,493 | |||||||
EURIBOR—Euro Interbank Offered Rate
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 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 September 30, 2023, these securities were valued at $452,357,487 or 77.51% of net assets.
c Security, or portion thereof, on loan. At September 30, 2023, the value of the fund’s securities on loan was $34,713,048 and the value of the collateral was $37,326,053, consisting of cash collateral of $28,537,053 and U.S. Government & Agency securities valued at $8,789,000. In addition, the value of collateral may include pending sales that are also on loan.
d Payment-in-kind security and interest may be paid in additional par.
e Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
f Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
g Non-income producing security.
h Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Forward Foreign Currency Exchange Contracts | |||||
Counterparty/ Purchased | Purchased
Currency | Currency | Sold
| Settlement Date | Unrealized Appreciation ($) |
Citigroup Global Markets Inc. | |||||
United States Dollar | 2,039,377 | British Pound | 1,665,000 | 10/26/2023 | 7,563 |
United States Dollar | 14,557,990 | Euro | 13,670,000 | 10/26/2023 | 88,827 |
Gross Unrealized Appreciation | 96,390 | ||||
See notes to financial statements.
STATEMENT
OF INVESTMENTS
BNY Mellon High Yield Fund
September 30, 2023 (Unaudited)
The following is a summary of the inputs used as of September 30, 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 | - | 15,961,554 | - | 15,961,554 | ||
Corporate Bonds | - | 502,648,524 | - | 502,648,524 | ||
Equity Securities - Common Stocks | 94,830 | - | - | 94,830 | ||
Floating Rate Loan Interests | - | 27,388,972 | - | 27,388,972 | ||
Investment Companies | 54,528,491 | - | - | 54,528,491 | ||
Other Financial Instruments: | ||||||
Forward Foreign Currency Exchange Contracts†† | - | 96,390 | - | 96,390 | ||
† 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 Trust’s Board of Trustees (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.
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 September 30, 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 September 30, 2023, accumulated net unrealized depreciation on investments was $21,315,113, consisting of $1,917,406 gross unrealized appreciation and $23,232,519 gross unrealized depreciation.
At September 30, 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.