N-Q 1 lp1-822.htm FORM N-Q lp1-822.htm - Generated by SEC Publisher for SEC Filing

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number

811-23014

 

 

 

Dreyfus Alcentra Global Credit Income 2024 Target Term Fund, Inc.

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York  10166

 

 

(Address of principal executive offices)        (Zip code)

 

 

 

 

 

Bennett A. MacDougall, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6400

 

 

Date of fiscal year end:

 

  08/31

 

Date of reporting period:

  11/30/17

 

             

 

 

 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 

 

STATEMENT OF INVESTMENTS
Dreyfus Alcentra Global Credit Income 2024 Target Term Fund, Inc.
November 30, 2017 (Unaudited)

  Coupon   Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Bonds and Notes - 7.7%           
Cable & Satellite Television - .8%           
Altice Financing,           
Sr. Scd. Notes  6.63  2/15/23  2,550,000 b  2,620,125 
Numericable-SFR,           
Sr. Scd. Bonds  6.00  5/15/22  4,825,000 b  4,870,234 
          7,490,359 
Chemicals & Plastics - .6%           
ARD Finance,           
Sr. Scd. Notes  7.13  9/15/23  3,000,000   3,187,200 
Chemours,           
Gtd. Notes  7.00  5/15/25  2,000,000   2,197,500 
          5,384,700 
Collateralized Loan Obligations - .9%           
Arrowpoint,           
Ser. 2015-4A, Cl. D, LIBOR + 4.50%  5.85  4/18/27  2,000,000 b,c  2,059,825 
Highbridge Loan Management,           
Ser. 6A-2015, Cl. E2, LIBOR + 6.23%  7.62  5/5/27  1,000,000 b,c  1,002,891 
Neuberger Berman,           
Ser. 2016-21A, Cl. D, LIBOR + 4.95%  6.31  4/20/27  1,500,000 b,c  1,523,391 
Octagon Investment Partners 27,           
Ser. 2016-1A, Cl. E, LIBOR + 7.10%  8.46  7/15/27  750,000 b,c  763,955 
Sound Point Clo XII,           
Ser. 2016-2A, Cl. E, LIBOR + 6.40%  7.76  10/28/28  2,000,000 b,c  2,050,045 
York,           
Ser. 2014-1A, Cl. E, LIBOR + 5.45%  6.81  1/22/27  1,500,000 b,c  1,445,289 
          8,845,396 
Containers & Glass Products - .2%           
Bway Holding,           
Sr. Unscd. Notes  7.25  4/15/25  2,000,000 b  2,077,500 
Financial Intermediaries - 1.0%           
Ladder Capital Finance Holdings,           
Sr. Unscd. Notes  5.25  3/15/22  2,475,000 b  2,561,625 
Quicken Loans,           
Gtd. Notes  5.75  5/1/25  2,000,000 b  2,112,500 
VHF Parent,           
Scd. Notes  6.75  6/15/22  4,250,000 b  4,467,813 
          9,141,938 
Health Care - .5%           
Polaris Intermediate,           
Sr. Unscd. Notes  8.50  12/1/22  1,450,000 b  1,512,205 
Valeant Pharmaceuticals International,           
Gtd. Notes  6.75  8/15/21  1,300,000 b  1,270,750 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon   Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Bonds and Notes - 7.7% (continued)           
Health Care - .5% (continued)           
Valeant Pharmaceuticals International,           
Gtd. Notes  6.13  4/15/25  1,000,000 b  861,250 
Valeant Pharmaceuticals International,           
Sr. Scd. Notes  6.50  3/15/22  800,000 b  842,000 
          4,486,205 
Leisure Goods/Activities/Movies - .1%           
AMC Networks,           
Gtd. Notes  5.00  4/1/24  1,200,000   1,218,000 
Lodging & Casinos - .8%           
Eldorado Resorts,           
Gtd. Notes  6.00  4/1/25  1,200,000   1,269,360 
International Game Technology,           
Sr. Scd. Notes  6.50  2/15/25  2,000,000 b  2,262,500 
MGM Resorts International,           
Gtd. Notes  6.63  12/15/21  1,000,000   1,114,990 
Scientific Games International,           
Gtd. Notes  10.00  12/1/22  3,000,000   3,315,000 
          7,961,850 
Oil & Gas - .9%           
CVR Refining/Coffeyville Finance,           
Gtd. Notes  6.50  11/1/22  1,860,000   1,920,450 
Extraction Oil & Gas,           
Gtd. Notes  7.38  5/15/24  2,225,000 b  2,380,750 
Sanchez Energy,           
Gtd. Notes  6.13  1/15/23  2,500,000   2,121,875 
Whiting Petroleum,           
Gtd. Notes  5.75  3/15/21  2,400,000   2,418,000 
          8,841,075 
Radio & Television - .7%           
DISH DBS,           
Gtd. Notes  5.13  5/1/20  4,000,000   4,125,000 
Sirius XM Radio,           
Gtd. Notes  3.88  8/1/22  3,000,000 b  3,038,100 
          7,163,100 
Telecommunications - 1.2%           
Digicel,           
Gtd. Notes  6.75  3/1/23  2,200,000 b  2,142,250 
Intelsat Jackson Holdings,           
Gtd. Notes  7.25  10/15/20  2,000,000   1,900,000 
Sprint,           
Gtd. Notes  7.88  9/15/23  5,200,000   5,616,000 
Sprint Capital,           
Gtd. Notes  6.88  11/15/28  1,800,000   1,851,750 
          11,510,000 
Total Bonds and Notes           
(cost $73,072,090)          74,120,123 

 

 

Floating Rate Loan Interests - 87.9%           
Aerospace & Defense - 1.4%           
Engility,           
Tranche B-1 Term Loan, LIBOR +           
2.75%  4.17  8/4/20  292,500 c  294,825 
Engility,           
Tranche B-2 Term Loan, LIBOR +           
3.25%  4.67  8/4/23  301,654 c  304,884 
SI Organization,           
First Lien Initial Term Loan, LIBOR +           
4.75%  6.07  11/23/19  1,424,894 c  1,435,588 
TransDigm,           
Tranche F Term Loan, LIBOR + 3.00%  4.35  6/9/23  9,432,541 c  9,448,247 
US Security Associates Holdings,           
Initial Term Loan, LIBOR + 4.00%  5.38  6/21/23  1,534,529 c  1,554,355 
          13,037,899 
Automotive - 3.2%           
American Tire Distributors,           
Initial Term Loan, LIBOR + 4.25%  5.58  9/24/21  4,865,424 c  4,907,996 
CH Hold Corp,           
First Lien Term Loan, LIBOR + 3.00%  4.38  2/1/24  226,136 c  228,256 
CH Hold Corp,           
Second Lien Term Loan, LIBOR +           
7.25%  8.63  1/26/22  175,000 c  179,375 
Dealer Tire,           
Term Loan, LIBOR + 3.75%  5.13  12/22/21  1,459,013 c  1,468,139 
FPC Holdings,           
First Lien Initial Term Loan, LIBOR +           
4.00%  5.44  11/19/19  3,812,478 c  3,796,999 
FPC Holdings,           
Second Lien Initial Term Loan, LIBOR           
+ 8.00%  9.48  5/19/20  1,787,760 c  1,763,920 
Gates Global,           
Initial B-1 Dollar Term Loan, LIBOR +           
3.25%  4.60  4/1/24  5,058,787 c  5,093,566 
Innovative XCessories & Services,           
Term Loan, LIBOR + 4.75%  6.23  11/23/22  4,029,750 c  4,070,048 
Lumileds Holding,           
Term Loan B, LIBOR + 4.50%  5.50  3/15/24  5,586,000 c  5,649,708 
US Farathane,           
New Term Loan, LIBOR + 3.50%  4.82  12/31/21  1,890,944 c  1,905,126 
Wand Intermediate I,           
Refinancing Term B Loan, LIBOR +           
.30%  4.33  9/17/21  1,918,843 c  1,935,038 
          30,998,171 
Building & Development - 2.9%           
American Builders & Contractors           
Supply Co.,           
Term B-1 Loan, LIBOR + 2.50%  3.88  10/31/23  1,621 c  1,629 
Beacon Roofing Supply,           
Initial Term Loan, LIBOR + 2.75%  4.07  10/1/22  1,979,798 c  1,987,638 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Coupon   Maturity  Principal    
Description   Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Building & Development - 2.9% (continued)           
C.H.I. Overhead Doors,              
First Lien Initial Term Loan, LIBOR +              
3.25%    4.69  7/29/22  3,419,825 c  3,428,375 
Capital Automotive,              
Tranche B Term Loan, LIBOR + 6.00%     7.33  3/21/25  2,429,217 c  2,502,093 
Capital Automotive,              
Tranche B-2 Term Loan, LIBOR +              
3.00%    3.91  3/21/24  4,591,103 c  4,610,615 
CIRCOR International,              
Term Loan, LIBOR + 4.25%     4.50  11/21/24  2,750,000 c  2,750,000 
Foncia Groupe,              
Tranche B Senior Facility Term Loan,              
EURIBOR + 3.50%   EUR  4.25  9/7/23  1,482,447 c  1,780,530 
Jeld-Wen,              
Term B-3 Loan, LIBOR + 3.00%     4.48  7/1/22  3,001,948 c  3,028,215 
Quikrete Holdings,              
Tranche B Term Loan, LIBOR + 2.75%     4.19  11/3/23  3,530,108 c  3,543,823 
SRS Distribution,              
Tranche B-1 Term Loan, LIBOR +              
3.25%    4.58  8/25/22  3,262,135 c  3,289,309 
Ventia Deco,              
2017 Refinancing Term B Loan,              
LIBOR + 3.50%     4.83  5/21/22  998,318 c  1,009,549 
              27,931,776 
Business Equipment & Services - 12.1%           
AlixPartners,              
2017 Refinancing Term Loan, LIBOR              
+ 3.00%    4.35  3/28/24  3,137,180 c  3,156,144 
Allied Universal Holdco,              
2017 Incremental Amendment              
Delayed Draw Term Loan, LIBOR +              
3.75%    5.11  7/28/22  3,070,000 c  3,058,488 
Allied Universal Holdco,              
First Lien Initial Term Loan, LIBOR +              
3.75%    5.14  7/28/22  3,870,743 c  3,854,834 
Almonde,              
First Lien Dollar Term Loan, LIBOR +              
3.50%    4.82  4/26/24  3,500,000 c  3,501,785 
Almonde,              
First Lien Euro Term Loan, EURIBOR              
+ 3.25%  EUR  4.25  4/26/24  1,000,000 c  1,203,640 
Almonde,              
Second Lien US Term Loan, LIBOR +              
7.25%    8.57  4/28/25  2,662,500 c  2,674,148 
Americold Realty Operating              
Partnership,              
Initial Term Loan, LIBOR + 3.75%     5.11  12/1/22  615,567 c  622,877 
Ascend Learning,              
Initial Term Loan, LIBOR + 3.25%     4.61  7/29/24  4,375,000 c  4,406,894 

 

 

    Coupon   Maturity  Principal    
Description   Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Business Equipment & Services - 12.1% (continued)       
ATS Consolidated,            
First Lien Initial Term Loan, LIBOR +            
4.50%  5.98  5/24/24  2,618,438 c  2,644,622 
BMC Software Finance,            
Initial B-1 US Term Loans, LIBOR +            
4.00%  5.36  9/10/22  5,986,148 c  6,007,578 
Camelot Finance,            
New Term Loan, LIBOR + 3.50%   4.85  10/3/23  2,760,576 c  2,774,089 
Cast & Crew Payroll,            
Term Loan, LIBOR + 3.00%   1.81  9/26/24  2,975,276 c  2,999,450 
CH Hold Corp,            
Delayed Draw Term Loan, LIBOR +            
3.00%  4.38  2/1/24  21,212 c  21,411 
Constellis Holdings,            
First Lien Term Loan, LIBOR + 5.00%   6.36  4/18/24  5,336,625 c  5,410,004 
DTZ US Borrower,            
First Lien Term Loan, LIBOR + 3.25%   4.57  11/4/21  2,425,370 c  2,390,130 
Electro Rent Corporation,            
Tranche B Term Loan, LIBOR + 5.00%   6.38  1/23/24  3,002,312 c  3,058,606 
Genesys Telecommunications            
Laboratories,            
Tranche B-2 Dollar Term Loan, LIBOR            
+ 3.75%  5.11  12/1/23  5,382,195 c  5,420,893 
Hyland Software,            
First Lien Term Loan, LIBOR + 3.25%   4.69  7/1/22  3,060,248 c  3,094,676 
Hyland Software,            
Second Lien Term Loan, LIBOR +            
7.00%  8.36  5/31/25  1,000,000 c  1,025,000 
Kronos,            
Refinancing Initial Term Loan, LIBOR            
+ 3.50%  4.91  11/1/23  5,219,657 c  5,252,306 
Mitchell International,            
Delayed Draw Term Loan, LIBOR +            
3.25%  3.25  11/21/24  574,627 c  576,184 
Mitchell International,            
First Lien Initial Term Loan, LIBOR +            
3.50%  4.83  10/1/20  3,028,262 c  3,037,998 
Mitchell International,            
Second Lien Initial Term Loan, LIBOR            
+ 7.50%  8.86  10/11/21  500,000 c  502,133 
Mitchell International,            
Second Lien Term Loan, LIBOR +            
7.25%  7.25  11/20/25  1,265,000 c  1,279,744 
Mitchell International,            
Term Loan, LIBOR + 3.25%   3.25  11/20/24  7,125,373 c  7,144,683 
PGX Holdings,            
First Lien Term B Loan, LIBOR +            
5.25%  6.58  9/24/20  2,716,603 c  2,714,063 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon   Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Business Equipment & Services - 12.1% (continued)       
Pike,           
Term Loan, LIBOR + 3.50%  4.74  9/20/24  2,743,125 c  2,786,549 
Press Ganey Holdings,           
Initial Loan (Second Lien), LIBOR +           
7.25%  8.48  9/30/24  403,993 c  409,800 
Press Ganey Holdings,           
Term Loan, LIBOR + 3.25%  4.61  9/29/23  2,233,125 c  2,250,331 
Press Ganey Holdings,           
Term Loan, LIBOR + 3.25%  4.37  10/23/23  2,000,000 c  2,015,410 
Prime Security Services Borrower,           
Tranche B Term Loan, LIBOR + 2.75%  4.08  5/2/22  3,624,310 c  3,655,842 
Primeline Utility Services,           
Initial Term Loan, LIBOR + 5.50%  6.89  11/14/22  4,261,613 c  4,281,153 
Red Ventures,           
Second Lien Term Loan, LIBOR +           
8.00%  8.00  10/18/25  2,400,000 c  2,402,256 
Red Ventures,           
Term Loan, LIBOR + 4.00%  4.00  10/18/24  4,000,000 c  3,987,500 
SAI Global CIS,           
First Lien Initial Term Loan, LIBOR +           
4.50%  5.83  12/6/23  471,438 c  472,027 
ServiceMaster,           
Tranche B Term Loan, LIBOR + 2.50%  3.91  11/3/23  2,382,000 c  2,390,182 
TKC Holdings,           
First Lien Initial Term Loan, LIBOR +           
4.25%  5.73  1/31/23  4,611,825 c  4,670,926 
TKC Holdings,           
Second Lien Term Loan, LIBOR +           
8.00%  9.48  1/31/24  1,575,000 c  1,593,703 
Travel Leaders Group,           
Term Loan B, LIBOR + 4.50%  5.94  1/25/24  2,691,504 c  2,737,771 
UOS,           
Initial Term Loan, LIBOR + 5.50%  6.86  4/7/23  1,487,750 c  1,524,944 
USIC Holdings,           
Repricing Term Loan, LIBOR + 3.50%  4.82  12/8/23  595,500 c  600,898 
USS Ultimate Holdings,           
Tranche B Term Loan, LIBOR + 3.75%  5.22  8/25/24  2,749,776 c  2,778,992 
          116,390,664 
Cable & Satellite Television - 3.4%           
Atlantic Broadband,           
Term Loan, LIBOR + 2.38%  3.65  8/9/24  4,600,000 c  4,599,034 
Charter Communications Operating,           
Tranche E-1 Term Loan, LIBOR +           
2.00%  3.36  7/1/20  1,959,092 c  1,968,339 
Charter Communications Operating,           
Tranche H-1 Term Loan, LIBOR +           
2.00%  3.33  8/24/21  492,500 c  494,810 

 

 

    Coupon   Maturity  Principal    
Description   Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Cable & Satellite Television - 3.4% (continued)         
Charter Communications Operating,            
Tranche I-1 Term Loan, LIBOR +            
2.25%  3.58  1/15/24  1,009,625 c  1,015,304 
CSC Holdings,            
2017 Refinancing Term Loan, LIBOR            
+ 2.25%  3.57  7/15/25  1,240,641 c  1,235,604 
Mediacom Illinois,            
Tranche K Term Loan, LIBOR + 2.25%   3.67  1/19/24  2,089,500 c  2,097,336 
Radiate Holdco,            
Term Loan, LIBOR + 3.00%   4.38  12/9/23  7,577,750 c  7,530,995 
SFR Group,            
Term Loan B-12, LIBOR + 3.00%   3.00  1/31/26  4,650,000 c  4,552,025 
Virgin Media Bristol,            
Tranche B Term Loan, LIBOR + 3.00%   2.82  1/30/26  2,300,000 c  2,301,737 
WideOpenWest Finance,            
Refinancing Term B Loan, LIBOR +            
3.25%  4.61  8/18/23  6,425,000 c  6,380,153 
            32,175,337 
Chemicals & Plastics - 7.2%            
AgroFresh,            
Term Loan, LIBOR + 4.75%   6.13  7/31/21  1,910,902 c  1,903,736 
Allnex,            
Tranche B-2 Term Loan, LIBOR +            
3.25%  5.00  6/2/23  2,514,401 c  2,531,687 
Allnex,            
Tranche B-3 Term Loan, LIBOR +            
3.25%  5.00  4/17/23  1,894,325 c  1,907,348 
Berry Plastics,            
Term M Loan, LIBOR + 2.25%   3.66  10/1/22  3,487,844 c  3,504,428 
Chemours,            
New Term Loan B, LIBOR + 2.50%   3.84  3/12/22  1,948,132 c  1,968,227 
Colouroz Midco,            
Second Lien Term Loan, LIBOR +            
7.25%  8.25  9/5/22  673,301 c  558,840 
Cyanco Intermediate,            
Initial Term Loan, LIBOR + 4.50%   5.88  5/1/20  2,020,758 c  2,046,017 
Duke Finance,            
First Lien Term Loan B, LIBOR +            
4.25%  5.71  2/21/24  5,615,451 c  5,678,625 
Encapsys,            
Second Lien Term Loan, LIBOR +            
7.50%  8.50  10/27/25  1,419,000 c  1,445,606 
Encapsys,            
Term B Loan, LIBOR + 3.25%   4.65  10/25/24  2,458,000 c  2,477,984 
Huntsman International,            
Term B Loan, LIBOR + 3.00%   4.42  4/1/23  554,539 c  559,045 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Chemicals & Plastics - 7.2% (continued)         
Ineos Styrolution US Holding,           
2024 Dollar Term Loan, LIBOR +           
2.75%  4.08  3/29/24  798,819 c  801,815 
KIK Custom Products,           
Initial Term Loan, LIBOR + 5.00%  5.94  8/26/22  4,400,000 c  4,421,098 
Kraton Polymers,           
Term Loan, LIBOR + 3.00%  4.44  1/6/22  987,189 c  998,858 
Macdermid,           
Tranche B-5 Term Loan, LIBOR +           
3.50%  4.98  6/7/20  1,335,837 c  1,346,550 
Methanol Holdings,           
Initial Term Loan, LIBOR + 3.50%  4.83  6/16/22  3,126,015 c  3,141,645 
Omnova Solutions,           
Tranche B-2 Term Loan, LIBOR +           
4.25%  5.72  8/17/23  6,351,779 c  6,447,055 
OXEA,           
Term Loan, LIBOR + 3.50%  3.50  9/27/24  4,600,000 c  4,623,000 
Road Infrastructure Investment           
Holdings,           
First Lien Term Loan, LIBOR + 3.50%  4.92  6/9/23  2,846,250 c  2,864,039 
Solenis International,           
First Lien Term Loan, LIBOR + 3.25%  4.63  7/31/21  503,183 c  506,539 
Solenis International,           
Initial Euro Term Loan, EURIBOR +           
3.50%  EUR 4.50  7/2/21  1,455,000 c  1,752,924 
Solenis International,           
Second Lien Initial Term Loan, LIBOR           
+ 6.75%  8.13  7/2/22  2,250,000 c  2,210,625 
Trinseo,           
First Lien Term Loan, LIBOR + 2.50%  3.74  9/6/24  2,210,526 c  2,230,222 
Tronox,           
Term Loan, LIBOR + 3.00%  3.00  9/13/24  4,304,651 c  4,345,911 
Tronox,           
Term Loan, LIBOR + 3.00%  4.33  9/23/24  1,865,349 c  1,883,228 
Univar USA,           
Tranche B-2 Term Loan, LIBOR +           
2.75%  4.11  7/1/22  4,075,830 c  4,093,662 
Venator Materials,           
Initial Term Loan, LIBOR + 3.00%  4.31  6/28/24  2,300,000 c  2,320,125 
          68,568,839 
Clothing/Textiles - .6%           
ABG Intermediate Holdings 2,           
Term B-1 Loan, LIBOR + 4.00%  5.38  5/27/21  3,468,769 c  3,503,474 
Authentic Brands,           
Second Lien Term Loan, LIBOR +           
7.75%  8.75  9/26/25  325,000 c  329,875 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Clothing/Textiles - .6% (continued)           
Oak Parent,           
Term Loan, PRIME + 3.50%  5.88  10/26/23  2,248,101 c  2,135,696 
          5,969,045 
Containers & Glass Products - 3.1%           
BWAY,           
Initial Term Loan, LIBOR + 3.25%  4.59  4/3/24  5,635,875 c  5,668,084 
Chesapeake Energy,           
Term A Loan, LIBOR + 7.50%  8.96  8/23/21  2,375,000 c  2,535,313 
Dunn Paper,           
First Lien Initial Term Loan, LIBOR +           
4.75%  5.75  9/28/22  756,848 c  764,416 
Fort Dearborn Holding,           
Tranche B Term Loan, LIBOR + 4.00%  5.00  10/6/23  3,686,372 c  3,693,284 
Kloeckner Pentaplast of America,           
Euro Term Loan, EURIBOR + 4.75%  EUR 4.75  6/29/22  5,586,881 c  6,692,408 
Reynolds Group Holdings,           
Incremental Term Loan, LIBOR +           
3.00%  4.15  2/4/23  5,536,443 c  5,569,883 
TricorBraun Holdings,           
Delayed Draw Term Loan, LIBOR +           
3.75%  5.23  11/30/23  422,940 c  421,884 
TricorBraun Holdings,           
Term Loan, LIBOR + 3.75%  5.23  11/29/23  4,197,675 c  4,187,202 
          29,532,474 
Cosmetics/Toiletries - .3%           
Prestige Brands,           
Tranche B-4 Term Loan, LIBOR +           
2.75%  4.13  1/20/24  3,064,979 c  3,085,330 
Ecological Services & Equipment - 1.5%         
Advanced Disposal Services,           
Tranche B Term Loan, LIBOR + 2.75%  4.16  11/10/23  2,488,177 c  2,494,012 
EnergySolutions,           
Advance Term Loan, LIBOR + 4.75%  6.14  5/22/20  5,566,685 c  5,657,143 
GFL Environmental,           
Tranche B Term Loan, LIBOR + 2.75%  4.08  9/27/23  1,806,750 c  1,815,025 
Granite Acquisition,           
Second Lien Term B Loan, LIBOR +           
7.25%  8.57  10/14/22  500,000 c  503,440 
Granite Acquisition,           
Term B Loan, LIBOR + 4.00%  5.32  10/15/21  3,636,233 c  3,681,304 
Granite Acquisition,           
Term B Loan, LIBOR + 4.00%  5.32  10/15/21  164,382 c  166,420 
Wrangler Buyer,           
Term B Loan, LIBOR + .30%  4.34  9/20/24  330,000 c  332,592 

 

14,649,936

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Electronics & Electrical Equipment - 5.6%         
Applied Systems,           
First Lien Term Loan, LIBOR + 3.25%  4.25  9/13/24  4,794,950 c  4,851,890 
Avast Software,           
Term Loan, LIBOR + 3.25%  4.25  9/30/23  5,454,820 c  5,499,141 
Colorado Buyer,           
Second Lien Initial Term Loan, LIBOR           
+ 7.25%  8.63  3/14/25  2,775,000 c  2,821,245 
Compuware,           
Second Lien Term Loan, LIBOR +           
8.25%  9.57  12/9/22  344,816 c  346,540 
Compuware Corporation,           
Tranche B-3 Term Loan, LIBOR +           
4.25%  5.63  12/15/21  4,474,106 c  4,526,319 
Dell International,           
New Term B Loan, LIBOR + 2.50%  3.98  9/7/23  6,589,408 c  6,601,137 
Digicert,           
Term B-1 Loan, LIBOR + 4.75%  5.75  9/20/24  3,807,389 c  3,861,530 
Oberthur Technologies Of America,           
Facility B-1 Term Loan, LIBOR +           
3.75%  4.70  12/15/23  621,875 c  611,925 
Rackspace Hosting,           
2017 Refinancing Term B Loan,           
LIBOR + 3.00%  4.33  11/3/23  2,860,643 c  2,863,446 
Rocket Software,           
First Lien Term Loan, LIBOR + 4.25%  5.59  10/11/23  3,267,000 c  3,304,423 
Rocket Software,           
Second Lien Term Loan, LIBOR +           
9.50%  10.85  10/11/24  575,000 c  586,020 
RP Crown Parent,           
Initial Term Loan, LIBOR + 3.50%  4.86  9/22/23  7,592,277 c  7,653,964 
Sophia,           
Tranche B Term Loan, LIBOR + 3.25%  4.61  9/30/22  2,790,045 c  2,793,254 
Vantiv,           
Tranche B Term Loan, LIBOR + 2.50%  3.85  6/11/21  595,500 c  599,433 
West,           
Term Loan B, LIBOR + 4.00%  5.36  10/10/24  7,139,325 c  7,141,146 
          54,061,413 
Equipment Leasing - .2%           
North American Lifting Holdings,           
First Lien Term Loan, LIBOR + 4.50%  5.98  11/26/20  1,492,257 c  1,403,960 
Financial Intermediaries - 6.3%           
Alliant Holdings I,           
Term Loan, LIBOR + 3.25%  4.63  7/27/22  4,967,037 c  4,996,243 
Armor Holding II,           
First Lien Term Loan, LIBOR + 4.50%  5.83  6/26/20  3,994,085 c  4,014,055 
Avolon TLB Borrower 1,           
Initial Term B-2 Loan, LIBOR + 2.75%  3.60  1/20/22  3,875,996 c  3,883,089 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Financial Intermediaries - 6.3% (continued)         
Citco Funding,           
2017 Term Loan, LIBOR + 3.00%  4.33  3/23/22  3,184,000 c  3,216,843 
First Data Corp,           
2022D New Dollar Term Loan, LIBOR           
+ 2.25%  3.57  7/8/22  3,633,245 c  3,638,423 
First Data Corp,           
2024 Dollar Term Loan, LIBOR +           
2.50%  3.88  4/26/24  3,647,804 c  3,652,364 
Harland Clarke Holdings,           
Tranche B-5 Term Loan, LIBOR +           
6.00%  7.45  12/31/19  1,099,271 c  1,104,938 
Harland Clarke Holdings,           
Tranche B6 Term Loan, LIBOR +           
5.50%  6.91  2/4/22  4,209,426 c  4,231,126 
HUB International,           
Initial Term Loan, LIBOR + 3.00%  4.60  9/18/20  6,767,359 c  6,804,715 
Ion Trading Finance,           
First Lien Tranche B-1 Term Loan,           
LIBOR + 2.75%  4.48  6/10/21  1,035,387 c  1,039,269 
Ion Trading Finance,           
Term B Loan, EURIBOR + 2.75%  EUR 4.00  6/10/21  1,209,570 c  1,454,806 
ION Trading Technologies,           
Term Loan B, LIBOR + 2.75%  2.75  11/17/24  2,300,000 c  2,308,625 
Sedgwick Claims Management Services,           
First Lien Term Loan, LIBOR + 2.75%  4.23  2/11/21  1,649,362 c  1,657,955 
Sedgwick Claims Management Services,           
Second Lien Term Loan, LIBOR +           
5.75%  7.23  2/11/22  1,250,000 c  1,266,406 
Sedgwick Claims Management Services,           
Second Lien Term Loan, LIBOR +           
5.75%  7.08  2/28/22  1,000,000 c  1,012,915 
Sedgwick Claims Management Services,           
Term Loan, LIBOR + 3.25%  4.61  2/28/21  1,061,563 c  1,070,851 
SS&C European Holdings Sarl,           
2017 Refinancing Term B-2 Loan,           
LIBOR + 2.25%  3.73  7/8/22  33,636 c  33,895 
SS&C Technologies,           
2017 Refinancing Term B-1 Loan,           
LIBOR + 2.25%  3.73  7/8/22  698,457 c  703,822 
Tempo Acquisition,           
Initial Term Loan, PRIME + 2.00%  4.38  4/19/24  5,695,125 c  5,691,566 
USI,           
Initial Term Loan, LIBOR + 3.00%  4.44  4/5/24  4,150,000 c  4,148,693 
York Risk Services Holding,           
Initial Term Loan, LIBOR + 3.75%  5.08  10/1/21  4,106,101 c  4,058,881 
          59,989,480 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Food & Drug Retail - .5%           
Albertson's,           
Replacement 2017-1 Term B-4 Loan,           
LIBOR + 2.75%  4.08  8/25/21  1,374,735 c  1,338,222 
Albertson's,           
Replacement 2017-1 Term B-6 Loan,           
LIBOR + 3.00%  4.33  6/22/23  3,581,651 c  3,489,549 
          4,827,771 
Food Products - 1.6%           
Alphabet Holding Co.,           
First Lien Term Loan, LIBOR + 3.50%  4.84  9/15/24  3,800,000 c  3,648,000 
Alphabet Holding Co.,           
Second Lien Term Loan, LIBOR +           
7.75%  9.09  9/15/25  1,600,000 c  1,456,000 
Atkins Nutritionals Holdings,           
Initial Term Loan, LIBOR + 4.00%  5.35  6/21/24  2,400,000 c  2,427,000 
JBS USA,           
Tranche B Term Loan, LIBOR + 2.50%  3.28  10/30/22  2,904,141 c  2,848,962 
UTZ Quality Foods,           
First Lien Initial Term Loan, LIBOR +           
3.50%  3.50  11/13/24  3,000,000 c  3,016,245 
Weight Watchers International,           
Initial Tranche B-2 Term Loan, LIBOR           
+ 3.25%  4.59  4/2/20  18,000 c  17,958 
Weight Watchers International,           
Term Loan B, LIBOR + 4.75%  5.50  11/20/24  2,205,882 c  2,176,930 
          15,591,095 
Food Service - 1.2%           
Advantage Sales & Marketing,           
First Lien Initial Term Loan, LIBOR +           
3.25%  4.60  7/21/21  5,744,016 c  5,597,429 
Advantage Sales & Marketing,           
Second Lien Initial Term Loan, LIBOR           
+ 6.50%  7.87  7/21/22  818,708 c  723,533 
Packer Sanitation Services,           
Term Loan, LIBOR + 3.75%  2.86  11/18/24  4,750,000 c  4,772,278 
          11,093,240 
Health Care - 7.1%           
Air Medical Group Holdings,           
2016 New Term Loan, LIBOR + 4.00%  5.36  4/28/22  3,441,305 c  3,454,572 
Air Medical Group Holdings,           
Initial Term Loan, LIBOR + 3.25%  4.58  4/28/22  3,267,513 c  3,262,269 
Air Methods,           
Initial Term Loan, LIBOR + 3.50%  4.87  4/12/24  4,548,409 c  4,546,135 
Albany Molecular Research,           
First Lien Term Loan, LIBOR + 3.25%  4.73  8/28/24  4,090,000 c  4,111,309 
Auris Luxembourg III,           
Facility B7 Term Loan, LIBOR +           
3.00%  4.48  1/17/22  1,462,584 c  1,477,217 

 

 

  Coupon   Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Health Care - 7.1% (continued)           
Catalent Pharma Solutions,           
Dollar Term Loan, LIBOR + 2.75%  3.61  5/7/21  1,677,794 c  1,688,414 
Change Healthcare Holdings,           
Closing Date Term Loan, LIBOR +           
2.75%  4.23  2/3/24  3,957,432 c  3,972,529 
CHG Healthcare Services,           
New Term Loan (First Lien), LIBOR +           
3.25%  4.73  6/7/23  3,713,388 c  3,734,870 
Davis Vision,           
Second Lien Term Loan, LIBOR +           
6.75%  6.75  10/31/25  303,352 c  307,144 
Immucor,           
Term Loan B-3, LIBOR + 5.00%  6.36  6/25/21  2,420,688 c  2,462,045 
Jaguar Holding II,           
2017 Term Loan, LIBOR + 2.75%  4.23  8/18/22  5,977,566 c  5,995,588 
MPH Acquisition Holdings,           
Initial Term Loan, LIBOR + 3.00%  4.48  5/25/23  3,793,014 c  3,800,429 
NVA Holdings,           
Second Lien Term Loan, LIBOR +           
7.00%  8.48  8/14/22  275,000 c  277,292 
NVA Holdings,           
Term B-2 Loan (First Lien), LIBOR +           
3.50%  4.94  8/14/21  156,262 c  157,694 
Parexel,           
Term Loan B, LIBOR + 3.00%  4.27  8/9/24  4,550,000 c  4,581,759 
PharMerica,           
First Lien Term Loan, LIBOR + 3.50%  3.79  9/26/24  4,692,376 c  4,726,842 
PharMerica,           
Second Lien Term Loan, LIBOR +           
7.75%  8.75  9/26/25  325,000 c  334,953 
Sebia,           
Dollar Term Loan, LIBOR + 3.50%  3.50  9/22/24  2,075,000 c  2,080,188 
Surgery Partners,           
Term Loan B, LIBOR + 3.25%  4.25  6/20/24  3,685,000 c  3,635,492 
Team Health Holdings,           
Term Loan, LIBOR + 2.75%  3.75  1/12/24  4,634,231 c  4,541,570 
Tecomet,           
Term Loan, LIBOR + 3.75%  4.75  4/18/24  4,396,205 c  4,438,804 
Valeant Pharmaceuticals International,           
Term Loan, LIBOR + 4.75%  6.08  3/11/22  4,282,551 c  4,347,860 
          67,934,975 
Home Furnishing - .3%           
Comfort Holding,           
Term Loan, LIBOR + 4.75%  6.14  2/2/24  2,736,250 c  2,500,248 
Industrial Equipment - 3.2%           
AI Mistral,           
First Lien Initial Term Loan, LIBOR +           
3.00%  4.00  1/27/24  3,159,125 c  3,154,197 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon   Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Industrial Equipment - 3.2% (continued)         
Duravant,           
Second Lien Delayed Draw Term           
Loan, LIBOR + 7.25%  8.25  7/25/25  121,809 c  123,788 
Dynacast International,           
First Lien Tranche B-1 Term Loan,           
LIBOR + 3.25%  4.58  1/28/22  4,071,545 c  4,112,260 
Engineered Machinery Holdings,           
First Lien Delayed Draw Term Loan ,           
LIBOR + 3.25%  4.61  7/25/24  169,690 c  170,008 
Engineered Machinery Holdings,           
First Lien Initial Term Loan, LIBOR +           
3.25%  4.61  7/25/24  1,612,832 c  1,615,856 
Engineered Machinery Holdings,           
Second Lien Initial Term Loan, LIBOR           
+ 7.25%  8.61  7/25/25  1,612,979 c  1,639,190 
Filtration Group,           
First Lien Initial Term Loan, LIBOR +           
3.00%  4.59  11/13/20  3,586,754 c  3,620,954 
Gardner Denver,           
Term Loan B, LIBOR + 2.75%  4.19  7/30/24  1,676,563 c  1,684,426 
Hayward Industries,           
Initial Term Loan, LIBOR + 3.50%  4.89  7/18/24  3,125,000 c  3,138,672 
Lineage Logistics,           
Term Loan, LIBOR + 3.50%  4.85  3/31/21  4,236,259 c  4,256,784 
Navios Maritime Partners,           
Initial Term Loan, LIBOR + 5.00%  6.00  9/4/20  2,047,500 c  2,044,306 
Navios Maritime Partners,           
Term Loan, LIBOR + 4.50%  5.83  6/15/20  1,268,400 c  1,267,214 
Penn Engineering & Manufacturing,           
Tranche B Term Loan, LIBOR + 2.75%  4.08  6/13/24  1,945,125 c  1,955,463 
XPO Logistics,           
Refinancing Term Loan, LIBOR +           
2.25%  3.73  11/1/21  1,806,286 c  1,817,485 
          30,600,603 
Leisure Goods/Activities/Movies - 2.7%         
Alpha Topco,           
Facility B3 Term Loan, LIBOR +           
3.25%  4.39  7/30/21  5,080,132 c  5,115,592 
Centerplate,           
Tranche A Term Loan, LIBOR + 3.75%  5.23  11/27/19  3,501,770 c  3,501,770 
Cyan Blue Holdco 3,           
Term Loan B, LIBOR + 4.50%  GBP 5.77  7/26/24  1,000,000 c  1,367,398 
Deluxe Entertainment Services Group,           
Initial Term Loan, LIBOR + 5.50%  6.88  2/25/20  3,289,895 c  3,217,929 
Lions Gate Entertainment,           
Tranche B Term Loan, LIBOR + 3.00%  3.77  10/13/23  2,801,016 c  2,809,181 

 

 

  Coupon   Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Leisure Goods/Activities/Movies - 2.7% (continued)       
NPC International,           
First Lien Initial Term Loan, LIBOR +           
3.50%  4.86  3/29/24  3,942,687 c  3,977,186 
Technicolor,           
First Incremental US Term Loan,           
LIBOR + 2.75%  3.95  12/6/23  2,388,000 c  2,400,692 
William Morris Endeavor           
Entertainment,           
First Lien Term Loan, LIBOR + 3.25%  4.73  3/19/21  3,696,675 c  3,710,556 
          26,100,304 
Lodging & Casinos - 2.1%           
Boyd Gaming,           
Refinancing Term B Loan, LIBOR +           
2.50%  3.83  9/15/23  1,109,342 c  1,115,932 
Eldorado Resorts,           
Initial Term Loan, LIBOR + 2.25%  3.61  3/15/24  2,098,914 c  2,101,097 
Everi Payments,           
Term B Loan, LIBOR + 4.50%  5.91  5/9/24  3,024,000 c  3,059,910 
Greektown Holdings,           
Initial Term Loan, LIBOR + 3.00%  4.37  3/21/24  3,591,000 c  3,604,017 
Scientific Games International,           
Term B-4 Loan, LIBOR + 3.25%  4.67  8/14/24  7,650,000 c  7,727,571 
Travelport Finance,           
Term D Loan, LIBOR + 2.75%  4.14  9/2/21  2,783,571 c  2,784,378 
          20,392,905 
Nonferrous Metals/Minerals - 1.2%           
Big River Steel,           
Term Loan B, LIBOR + 5.00%  6.00  8/15/23  3,571,471 c  3,611,650 
Global Brass and Copper,           
Initial Term Loan, LIBOR + 3.25%  4.50  6/16/23  915,750 c  924,908 
Oxbow Carbon,           
Second Lien Initial Term Loan, LIBOR           
+ 7.00%  8.36  1/18/20  1,600,000 c  1,609,000 
Oxbow Carbon,           
Tranche B Term Loan, LIBOR + 3.50%  4.89  1/19/20  1,915,875 c  1,941,021 
Peabody Energy,           
Term Loan (2017), LIBOR + 4.50%  4.83  2/8/22  2,941,027 c  2,973,496 
          11,060,075 
Oil & Gas - 2.9%           
BCP Raptor,           
Initial Term Loan, LIBOR + 4.25%  5.58  6/7/24  4,089,750 c  4,130,014 
BCP Renaissance,           
Term Loan B, LIBOR + 4.00%  5.00  9/19/24  3,756,357 c  3,797,433 
Brand Energy & Infrastructure Services,           
Initial Term Loan, LIBOR + 4.25%  5.58  6/14/24  7,059,187 c  7,100,237 
California Resources,           
Term Loan, LIBOR + 10.38%  11.38  12/31/21  3,000,000 c  3,255,000 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon   Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Oil & Gas - 2.9% (continued)           
California Resources,           
Term Loan, LIBOR + 4.75%  4.75  11/14/22  1,814,815 c  1,791,004 
Gavilan Resources,           
Second Lien Initial Term Loan, LIBOR           
+ 6.50%  7.48  2/24/24  4,115,000 c  4,073,850 
Medallion Midstream,           
Term Loan, LIBOR + 3.25%  4.25  10/31/24  482,422 c  484,231 
Traverse Midstream,           
First Lien Initial Term Loan, LIBOR +           
4.00%  4.00  9/21/24  3,421,346 c  3,458,981 
          28,090,750 
Publishing - 1.8%           
Information Resources,           
First Lien Initial Term Loan, LIBOR +           
4.25%  5.61  12/20/23  477,600 c  481,578 
Information Resources,           
Initial Term Loan (Second Lien),           
LIBOR + 8.25%  9.49  12/20/24  2,745,000 c  2,769,019 
Polyconcept North America Holdings,           
First Lien Term Loan, LIBOR + 5.25%  6.71  8/10/23  1,861,235 c  1,878,684 
Pre-Paid Legal Services,           
First Lien Term Loan, LIBOR + 5.25%  6.58  7/1/19  1,309,574 c  1,316,128 
SESAC Holdco II,           
First Lien Initial Term Loan, LIBOR +           
3.25%  4.71  2/13/24  2,985,000 c  2,989,672 
Springer Science,           
Initial B11 Term Loan, EURIBOR +           
3.25%  EUR 3.75  8/14/20  2,970,075 c  3,561,449 
Trader Corporation,           
Senior Secured First Lien 2017           
Refinancing Term Loan, LIBOR +           
3.25%  4.54  9/28/23  4,429,841 c  4,442,777 
          17,439,307 
Radio & Television - 3.6%           
AVSC Holding,           
First Lien Initial Term Loan, LIBOR +           
3.50%  4.88  4/25/24  4,061,259 c  4,100,612 
CBS Radio,           
Tranche B Term Loan, LIBOR + 3.50%  4.86  10/6/23  3,137,264 c  3,164,056 
Creative Artists Agency,           
Amendment No 6 Refinancing Term           
Loan, LIBOR + 3.50%  4.92  2/10/24  6,156,485 c  6,223,837 
Gray Television,           
Tranche B Term Loan, LIBOR + 2.50%  3.84  2/2/24  1,736,875 c  1,748,165 
ION Media Networks,           
Term B-3 Loan, LIBOR + 3.00%  4.48  12/18/20  6,150,000 c  6,169,219 
Mission Broadcasting,           
Tranche B Term Loan, LIBOR + 2.50%  4.36  9/26/23  113,060 c  113,526 

 

 

    Coupon   Maturity  Principal    
Description   Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Radio & Television - 3.6% (continued)            
MTL Publishing,            
Term B-5 Loan, LIBOR + 2.50%   3.89  8/21/23  2,400,386 c  2,411,079 
Nexstar Broadcasting,            
Tranche B Term Loan, LIBOR + 2.50%   4.36  9/26/23  1,268,780 c  1,274,013 
Townsquare Media,            
Term B Loan, LIBOR + 3.00%   4.41  4/1/22  1,955,367 c  1,962,397 
Tribune Media Company,            
Tranche C Term Loan, LIBOR + 3.00%   4.38  1/26/24  3,120,981 c  3,132,684 
Univision Communications,            
2013 Incremental Term Loan, LIBOR            
+ 3.50%  4.48  3/1/20  1,100,000 c  1,093,890 
Univision Communications,            
2017 Replacement Term Loan, LIBOR            
+ 2.75%  4.07  3/15/24  3,549,296 c  3,529,580 
            34,923,058 
Retailers - 2.8%            
CWGS Group,            
Tranche B Term Loan, LIBOR + 3.75%   4.35  11/3/23  5,111,375 c  5,150,170 
Dollar Tree,            
Term B-2 Loan, LIBOR + 4.25%   4.25  3/9/22  2,500,000 c  2,528,125 
Harbor Freight Tools USA,            
Initial Term Loan, LIBOR + 3.25%   4.69  8/16/23  1,473,750 c  1,484,803 
Leslie's Poolmart,            
Tranche B Term Loan, LIBOR + 3.75%   5.19  8/9/23  4,179,797 c  4,173,695 
LSF9 Atlantis Holdings,            
Senior Lien Term Loan, LIBOR +            
6.00%  7.38  4/21/23  3,045,844 c  3,063,936 
Serta Simmons Bedding,            
First Lien Initial Term Loan, LIBOR +            
3.50%  4.91  10/20/23  3,275,250 c  3,176,174 
Serta Simmons Bedding,            
Second Lien Initial Term Loan, LIBOR            
+ 8.00%  9.41  10/21/24  2,183,467 c  2,003,331 
Staples,            
Term Loan, LIBOR + 4.00%   5.48  8/15/24  5,750,000 c  5,521,035 
            27,101,269 
Surface Transport - 1.2%            
IBC Capital,            
First Lien Initial Term Loan, LIBOR +            
3.75%  5.07  8/5/21  2,932,424 c  2,938,391 
IBC Capital,            
Second Lien Term Loan, LIBOR +            
7.00%  8.32  9/9/22  1,570,000 c  1,540,563 
Kenan Advantage,            
Initial Canadian Term Loan, LIBOR +            
3.00%  4.38  7/22/22  631,579 c  635,261 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Coupon   Maturity  Principal    
Description   Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Surface Transport - 1.2% (continued)            
Kenan Advantage,            
Initial U.S. Term Loan, LIBOR + 3.00%   4.32  7/22/22  2,077,676 c  2,089,789 
Omnitracs,            
First Lien Term Loan, LIBOR + 3.75%   5.22  10/29/20  654,316 c  662,086 
PODS,            
First Lien Initial Term Loan, LIBOR +            
3.25%  4.41  11/21/24  3,045,000 c  3,064,046 
PODS,            
Tranche B-2 Term Loan, LIBOR +            
3.25%  4.65  2/2/22  590,880 c  592,360 
            11,522,496 
Telecommunications - 4.9%            
Asurion,            
Amendment 14 Replacement B-4            
Term Loan, LIBOR + 2.75%   4.14  8/4/22  1,453,495 c  1,461,976 
Asurion,            
Replacement B-5 Term Loan, LIBOR +            
3.00%  4.39  11/3/23  4,320,484 c  4,343,425 
Asurion,            
Second Lien Replacement B-2 Term            
Loan, LIBOR + 6.00%   7.39  7/14/25  9,485,000 c  9,750,580 
Avaya,            
DIP Loan, LIBOR + 7.50%   8.87  1/23/18  1,675,000 c  1,679,188 
CCC Information Services,            
Initial Term Loan (First Lien), LIBOR            
+ 3.00%  4.38  3/31/24  3,291,750 c  3,302,037 
Consolidated Communications,            
Term Loan, LIBOR + 3.00%   4.35  9/29/23  3,702,063 c  3,649,624 
Digicel International Finance,            
First Lien Initial Term B Loan, PRIME            
+ 2.75%  5.22  5/10/24  800,000 c  802,900 
Equinix,            
2017 Term B-2 Loan, EURIBOR +            
2.50%  EUR 2.50  1/5/24  1,492,500 c  1,793,421 
Global Tel*Link,            
First Lien Term Loan, LIBOR + 4.00%   5.38  5/23/20  3,514,897 c  3,527,340 
IPC,            
First Lien Term B-1 Loan, LIBOR +            
4.50%  5.88  8/6/21  1,455,933 c  1,430,454 
Level 3 Financing,            
Tranche B 2024 Term Loan, LIBOR +            
2.25%  3.71  2/17/24  2,865,000 c  2,866,117 
Lumos Networks,            
Delayed Draw Term Loan, LIBOR +            
3.25%  4.25  10/27/24  915,365 c  917,273 
Lumos Networks,            
Term Loan B, LIBOR + 3.25%   4.25  10/27/24  934,635 c  940,869 

 

 

  Coupon   Maturity  Principal    
Description  Rate (%)  Date  Amount ($)a   Value ($) 
Floating Rate Loan Interests - 87.9% (continued)         
Telecommunications - 4.9% (continued)           
Masergy Holdings,           
2017 Replacement Term Loan, LIBOR           
+ 3.75%  5.23  12/15/23  496,250 c  499,972 
Masergy Holdings,           
Second Lien Initial Term Loan, LIBOR           
+ 8.50%  9.82  12/14/24  1,425,000 c  1,448,156 
Sprint Communications,           
Initial Term Loan, LIBOR + 2.50%  3.89  1/31/24  2,764,110 c  2,767,911 
Transaction Network Services,           
First Lien Initial Term Loan, LIBOR +           
4.00%  5.33  2/15/20  3,700,000 c  3,717,575 
Zayo Group,           
2017 Refinancing B-2 Term Loan,           
LIBOR + 2.25%  3.61  1/19/24  2,216,384 c  2,225,404 
          47,124,222 
Utilities - 3.0%           
Calpine,           
Term B5 Loan, LIBOR + 2.75%  4.08  5/20/22  1,466,250 c  1,469,461 
Calpine,           
Term Loan, LIBOR + 2.75%  4.08  1/15/23  245,625 c  246,370 
Dayton Power & Light,           
Term Loan, LIBOR + 3.25%  4.72  8/19/22  580,613 c  583,518 
Dynegy,           
Tranche C Term Loan, LIBOR + 3.25%  4.65  6/27/23  1,656,047 c  1,667,440 
EFS Cogen Holdings I,           
Term Loan B, LIBOR + 4.25%  4.25  6/28/23  2,791,667 c  2,822,780 
Helix Gen Funding,           
Term Loan, LIBOR + 3.75%  5.23  3/9/24  6,066,716 c  6,116,008 
Murray Energy,           
Term B-2 Loan, LIBOR + 7.25%  8.60  4/9/20  6,555,813 c  5,853,128 
TEX Operations,           
Initial Term C Loan, LIBOR + 2.75%  4.13  8/4/23  546,093 c  549,088 
TEX Operations,           
Initial Term Loan, LIBOR + 2.75%  4.13  8/4/23  2,376,449 c  2,389,484 
TPF II Power,           
Term Loan, LIBOR + 3.75%  5.20  9/29/21  6,484,815 c  6,548,788 
          28,246,065 
Total Floating Rate Loan Interests           
(cost $840,551,707)          842,342,707 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description  Shares   Value ($)  
Other Investment - 9.6%         
Registered Investment Company;         
Dreyfus Institutional Preferred         
Government Plus Money Market Fund         
(cost $92,211,682)  92,211,682 d  92,211,682  
Total Investments (cost $1,005,835,479)  105.2 %  1,008,674,512  
Liabilities, Less Cash and Receivables  (5.2 %)  (49,799,943 ) 
Net Assets  100.0 %  958,874,569  

 

EURIBOR—Euro Interbank Offered Rate
LIBOR—London Interbank Offered Rate
PRIME—Prime Lending Rate

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 November 30, 2017, these securities were valued at $41,864,998 or 4.37% of net assets.

c     

Variable rate security—rate shown is the interest rate in effect at period end.

d     

Investment in affiliated money market mutual fund.

 

STATEMENT OF INVESTMENTS
Dreyfus Alcentra Global Credit Income 2024 Target Term Fund, Inc.
November 30, 2017 (Unaudited)

The following is a summary of the inputs used as of November 30, 2017 in valuing the fund’s investments:

        Level 3 -     
  Level 1 -  Level 2 - Other   Significant     
  Unadjusted Quoted  Significant   Unobservable     
  Prices Observable Inputs    Inputs  Total  
Assets ($)             
Investments in Securities:             
Collateralized Loan             
Obligations    28,298,685   -  28,298,685  
Corporate Bonds†    109,062,024   -  109,062,024  
Floating Rate Loan Interests†    51,436,685   -  51,436,685  
Registered Investment             
Company  44,681,421  -   -  44,681,421  
Liabilities ($)             
Other Financial Instruments:             
Forward Foreign Currency             
Exchange Contracts††  -  (567,980 )  -  (567,980 ) 

 

†  See Statement of Investments for additional detailed categorizations. 
††  Amount shown represents unrealized (depreciation) at period end. 

 

 

NOTES

The Financial Accounting Standards Board (“FASB”) Accounting Standards

Codification 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 Securities and Exchange

Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. 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:

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 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 an independent pricing service (the “Service”) approved by the Board Members (“Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the

 

NOTES

Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the 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. 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.

The Service is engaged under the general supervision of the Board.

When market quotations or official closing prices are not readily available, or are determined to not 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 restricted securities where observable inputs are limited, assumptions about market activity and risk are used and 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.

 

NOTES

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, such as the London

Interbank Offered Rate (“LIBOR”) 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 November 30, 2017 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 nonperformance 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 November 30, 2017, accumulated net unrealized depreciation on investments was $217,619, consisting of $1,315,972 gross unrealized appreciation and $1,533,591 gross unrealized depreciation.

At November 30, 2017, 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.

 

 

Item 2.             Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.             Exhibits.

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

FORM N-Q

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Alcentra Global Credit Income 2024 Target Term Fund, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    January 11, 2018

 

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

 

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    January 11, 2018

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    January 11, 2018

 

EXHIBIT INDEX

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.  (EX-99.CERT)