0001627854-22-000026.txt : 20220425 0001627854-22-000026.hdr.sgml : 20220425 20220425172246 ACCESSION NUMBER: 0001627854-22-000026 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20220228 FILED AS OF DATE: 20220425 DATE AS OF CHANGE: 20220425 EFFECTIVENESS DATE: 20220425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. CENTRAL INDEX KEY: 0001627854 IRS NUMBER: 822085232 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-23014 FILM NUMBER: 22850828 BUSINESS ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT ADVISER, INC. STREET 2: 240 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10286 BUSINESS PHONE: 212-922-6400 MAIL ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT ADVISER, INC. STREET 2: 240 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10286 FORMER COMPANY: FORMER CONFORMED NAME: Dreyfus Alcentra Global Credit Income 2024 Target Term Fund, Inc. DATE OF NAME CHANGE: 20170613 FORMER COMPANY: FORMER CONFORMED NAME: BNY Mellon Alcentra Multi-Strategy Credit Fund, Inc. DATE OF NAME CHANGE: 20141212 N-CSRS 1 lp1822.htm SEMI-ANNUAL REPORT

 

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-23014
   
  BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.  
  (Exact name of Registrant as specified in charter)  
     
 

 

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

 
  (Address of principal executive offices)        (Zip code)  
     
 

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

 
  (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: 02/28/2022  
             

 

 

 

 
 

 

FORM N-CSR

Item 1.Reports to Stockholders.

 

 

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.

 

SEMIANNUAL REPORT

February 28, 2022

 

 

 

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.

Protecting Your Privacy
Our Pledge to You

THE FUND IS COMMITTED TO YOUR PRIVACY. On this page, you will find the fund’s policies and practices for collecting, disclosing, and safeguarding “nonpublic personal information,” which may include financial or other customer information. These policies apply to individuals who purchase fund shares for personal, family, or household purposes, or have done so in the past. This notification replaces all previous statements of the fund’s consumer privacy policy, and may be amended at any time. We’ll keep you informed of changes as required by law.

YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT. The fund maintains physical, electronic and procedural safeguards that comply with federal regulations to guard nonpublic personal information. The fund’s agents and service providers have limited access to customer information based on their role in servicing your account.

THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE AND ADMINISTER YOUR ACCOUNT. The fund collects a variety of nonpublic personal information, which may include:

 Information we receive from you, such as your name, address, and social security number.

 Information about your transactions with us, such as the purchase or sale of fund shares.

 Information we receive from agents and service providers, such as proxy voting information.

THE FUND DOES NOT SHARE NONPUBLIC PERSONAL INFORMATION WITH ANYONE, EXCEPT AS PERMITTED BY LAW.

Thank you for this opportunity to serve you.

 

The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds.

 

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

 

Contents

THE FUND

  

Discussion of Fund Performance

2

Statement of Investments

5

Statement of Assets and Liabilities

28

Statement of Operations

29

Statement of Cash Flows

30

Statement of Changes in Net Assets

31

Financial Highlights

32

Notes to Financial Statements

33

Officers and Directors

46

FOR MORE INFORMATION

 

Back Cover

 
 

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DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from September 1, 2021 through February 28,2022 as provided by the fund’s primary portfolio managers, Kevin Cronk, Chris Barris and Hiram Hamilton of Alcentra NY, LLC, Sub-Investment Adviser

Market and Fund Performance Overview

For the six-month period ended February 28, 2022, BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (the “fund”) produced a total return of −1.53% on a net-asset-value basis and −5.54% on a market price basis.1 Over the same period, the fund provided aggregate income dividends of $0.30 per share, which reflects an annualized distribution rate of 6.85%.2

Global credit instruments were weaker over the period, with interest-rate-sensitive issues underperforming as rates rose. While the fund produced a negative total return in the face of these challenges, it also produced competitive levels of current income during the period and mitigated some of the market downturn through investments in select floating-rate instruments.

The Fund’s Investment Approach

The fund’s investment objectives are to seek high current income and to return at least $9.835 per Common Share to holders of record of Common Shares on or about December 1, 2024 (subject to certain extensions). The fund will normally invest primarily in credit instruments and other investments with similar economic characteristics. Such credit instruments include: first lien secured, floating-rate loans, as well as investments in participations and assignments of such loans; second lien, senior unsecured, mezzanine and other collateralized and uncollateralized subordinated loans; corporate debt obligations other than loans; and structured products, including collateralized bond, loan and other debt obligations, structured notes and credit-linked notes.

Principal investment strategies include:

• Senior Secured Loans and Other Loans

• Corporate Debt

• Special Situations

• Structured Credit

Market Reacts to Rising Interest Rates

The reporting period began amid increasing inflationary pressures due to rising energy and commodity prices and global supply-chain disruptions. The U.S. Federal Reserve (the “Fed”), which expressed increasingly hawkish sentiments prior to the start of the period, indicated in September 2022 a willingness to consider reducing accommodative policies sooner rather than later due to the unexpected level and persistence of inflationary forces affecting the economy. As inflationary pressures continued to mount, Fed rhetoric grew increasingly emphatic. In November 2021, the Fed dropped the word “transitory” when describing inflation. At the same time, the Fed forecasted a possible end to their asset purchase program as early as June 2022, thereby increasing the likelihood of one or more

2

 

rate hikes later that year. In December 2021, the Fed again revised their estimate of an end to quantitative easing to March 2022, leading the market to widely anticipate multiple hikes in 2022. Increasing tensions between Russia and Ukraine in early 2022 and the eventual invasion of Ukraine by Russia further undermined investor sentiment and pressured international credit markets. High yield markets, in particular, saw outflows as investors reallocated assets into floating-rate instruments. Conversely, floating-rate sectors, including global loans and structured credits, saw inflows.

Despite these many challenges, the underlying technical characteristics of the international corporate credits remained very strong throughout the period. Corporate earnings generally outperformed expectations, and default levels remained low as companies benefited from accommodative fiscal and monetary policies, and waning COVID-19 pandemic levels in most regions. U.S. economic growth proved particularly robust, bolstered by rising employment and strong levels of consumer spending.

Floating-Rate Exposure Mitigated Market Weakness

Due largely to the rising interest-rate environment, the fund’s investments in floating-rate global loans and structured credit outperformed other asset classes. High yield holdings, on the other hand, suffered due to asset class outflows and rising interest rates. However, within the high yield sector, the fund benefited from its focus on B rated, mid-quality securities in the U.S. and Europe, along with selective exposure to CCC rated, lower- quality securities, both of which tended to outperform BB rated securities. Among industry areas, security selection in the health care and home building sectors proved beneficial. Conversely, the metals & mining and aerospace & defense areas detracted from returns.

Seeking Opportunities in the Face of Geopolitical Risk

As of the end of the period, Russia’s invasion of Ukraine is creating a challenging investment environment for virtually all asset classes, driving increased inflation in energy and food prices with potential impacts in Europe and, to a lesser degree, the United States. We continue to monitor the developing situation, continually reassessing the fund’s geographic allocations with an eye to a possible shift of some assets from Europe to North America, where the effects of the conflict are likely to be more muted. At the same time, we are actively seeking opportunities to take advantage of conflict-related market discounts and dislocations that could enable us to enhance the fund’s net asset value in advance of the target date.

3

 

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

On a more fundamental level, we believe corporate credit fundamentals in the United States and Europe remain strong, with reasonable levels of leverage and good liquidity. Accordingly, we expect default rates to remain low even if economic growth slows in the short term, providing a favorable backdrop for the fund’s investment strategy.

March 15, 2022

1 Total return includes reinvestment of dividends and any capital gains paid, based upon net asset value per share or market price per share, as applicable. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.

2 Annualized distribution rate per share is based upon dividends per share paid from net investment income during the period, divided by the market price per share at the end of the period, adjusted for any capital gain distributions.

Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer’s perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.

Credit risk is the risk that one or more credit instruments in the fund’s portfolio will decline in price or fail to pay interest or principal when due because the issuer of the instrument experiences a decline in its financial status.

Collateralized Loan Obligations (“CLOs”) and other types of Collateralized Debt Obligations (“CDOs”) are typically privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CLOs and other types of CDOs may be characterized by the fund as illiquid securities. In addition to the general risks associated with credit instruments, CLOs and other types of CDOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the CLO or CDO is subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

The Senior Secured Loans in which the fund invests typically will be below-investment-grade quality. Although, in contrast to other below-investment-grade instruments, Senior Secured Loans hold senior positions in the capital structure of a business entity, are secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the borrower, the risks associated with Senior Secured Loans are similar to the risks of below-investment-grade instruments. Although the Senior Secured Loans in which the fund invests will be secured by collateral, there can be no assurance that such collateral can be readily liquidated or that the liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal. Additionally, if a borrower under a Senior Secured Loan defaults, becomes insolvent or goes into bankruptcy, the fund may recover only a fraction of what is owed on the Senior Secured Loan or nothing at all. In general, the secondary trading market for Senior Secured Loans is not fully developed. Illiquidity and adverse market conditions may mean that the fund may not be able to sell certain Senior Secured Loans quickly or at a fair price.

Subordinated Loans generally are subject to similar risks as those associated with investments in Senior Secured Loans, except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. Subordinated Loans are subject to the additional risk that the cash flow of the borrower and collateral securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior unsecured or senior secured obligations of the borrower. This risk is generally higher for subordinated, unsecured loans or debt, which are not backed by a security interest in any specific collateral. Subordinated Loans generally have greater price volatility than Senior Secured Loans and may be less liquid.

The use of leverage magnifies the fund’s investment, market and certain other risks. For derivatives with a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself.

The fund may, but is not required to, use derivative instruments. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.

4

 

STATEMENT OF INVESTMENTS

February 28, 2022 (Unaudited)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a,b 

Value ($)

 

Bonds and Notes - 80.2%

     

Advertising - 1.2%

     

Advantage Sales & Marketing, Sr. Scd. Notes

 

6.50

 

11/15/2028

 

585,000

c 

589,753

 

Clear Channel Outdoor Holdings, Gtd. Notes

 

7.50

 

6/1/2029

 

220,000

c 

228,887

 

Clear Channel Outdoor Holdings, Sr. Scd. Notes

 

5.13

 

8/15/2027

 

365,000

c 

365,110

 

Terrier Media Buyer, Gtd. Notes

 

8.88

 

12/15/2027

 

445,000

c 

456,628

 
 

1,640,378

 

Aerospace & Defense - .6%

     

TransDigm, Gtd. Notes

 

4.88

 

5/1/2029

 

348,000

 

331,052

 

TransDigm, Gtd. Notes

 

5.50

 

11/15/2027

 

550,000

 

548,424

 
 

879,476

 

Airlines - .1%

     

American Airlines Group, Gtd. Notes

 

3.75

 

3/1/2025

 

221,000

c 

206,083

 

Automobiles & Components - .8%

     

Dealer Tire, Sr. Unscd. Notes

 

8.00

 

2/1/2028

 

755,000

c 

756,465

 

Standard Profil Automotive GmbH, Sr. Scd. Bonds

EUR

6.25

 

4/30/2026

 

294,000

c 

266,745

 
 

1,023,210

 

Building Materials - 1.5%

     

Cornerstone Building Brands, Gtd. Notes

 

6.13

 

1/15/2029

 

140,000

c 

134,213

 

CP Atlas Buyer, Sr. Unscd. Notes

 

7.00

 

12/1/2028

 

619,000

c 

558,864

 

Eco Material Technologies, Sr. Scd. Notes

 

7.88

 

1/31/2027

 

176,000

c 

178,195

 

Griffon, Gtd. Notes

 

5.75

 

3/1/2028

 

395,000

 

393,906

 

MIWD Finance, Gtd. Notes

 

5.50

 

2/1/2030

 

235,000

c 

224,379

 

PCF GmbH, Sr. Scd. Bonds

EUR

4.75

 

4/15/2026

 

350,000

c 

379,889

 

PGT Innovations, Gtd. Notes

 

4.38

 

10/1/2029

 

35,000

c 

32,934

 

Standard Industries, Sr. Unscd. Notes

 

4.75

 

1/15/2028

 

160,000

c 

157,270

 
 

2,059,650

 

Chemicals - 3.5%

     

ASP Unifrax Holdings, Sr. Scd. Notes

 

5.25

 

9/30/2028

 

313,000

c 

300,223

 

Consolidated Energy Finance, Gtd. Notes

 

5.63

 

10/15/2028

 

435,000

c 

402,614

 

Herens Midco, Gtd. Notes

EUR

5.25

 

5/15/2029

 

710,000

c 

677,681

 

Innophos Holdings, Sr. Unscd. Notes

 

9.38

 

2/15/2028

 

770,000

c 

821,444

 

Iris Holdings, Sr. Unscd. Notes

 

8.75

 

2/15/2026

 

247,000

c,d 

248,778

 

Italmatch Chemicals, Sr. Scd. Notes, 3 Month EURIBOR +4.75%

EUR

4.75

 

9/30/2024

 

375,000

c,e 

397,553

 

5

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a,b 

Value ($)

 

Bonds and Notes - 80.2% (continued)

     

Chemicals - 3.5% (continued)

     

Olympus Water US Holding, Sr. Scd. Notes

 

4.25

 

10/1/2028

 

479,000

c 

447,290

 

Olympus Water US Holding, Sr. Unscd. Notes

 

6.25

 

10/1/2029

 

320,000

c 

293,971

 

Polar US Borrower, Sr. Unscd. Notes

 

6.75

 

5/15/2026

 

212,000

c 

193,271

 

SCIL IV, Sr. Scd. Notes

 

5.38

 

11/1/2026

 

200,000

c 

199,960

 

Trinseo Materials Finance, Gtd. Bonds

 

5.13

 

4/1/2029

 

250,000

c 

237,168

 

Venator Finance, Gtd. Notes

 

5.75

 

7/15/2025

 

510,000

c 

459,839

 
 

4,679,792

 

Collateralized Loan Obligations Debt - 24.8%

     

Carlyle Global Market Strategies Euro CLO, Ser. 2014-1A, Cl. ER, 3 Month EURIBOR +4.93%

EUR

4.93

 

7/15/2031

 

1,500,000

c,e 

1,560,768

 

Carlyle Global Market Strategies Euro CLO, Ser. 2014-1A, Cl. FR, 3 Month EURIBOR +6.61%

EUR

6.61

 

7/15/2031

 

3,000,000

c,e 

3,085,147

 

Carlyle Global Market Strategies Euro CLO, Ser. 2015-3A, Cl. ER, 3 Month EURIBOR +6.44%

EUR

6.44

 

7/15/2030

 

2,000,000

c,e 

2,035,654

 

CIFC European Funding II CLO, Ser. 2A, Cl. F, 3 Month EURIBOR +7.70%

EUR

7.70

 

4/15/2033

 

1,000,000

c,e 

1,015,183

 

CIFC Funding CLO, Ser. 2018-1A, Cl. E, 3 Month LIBOR +5.00%

 

5.24

 

4/18/2031

 

1,000,000

c,e 

939,890

 

Crown Point 9 CLO, Ser. 2020-9A, Cl. ER, 3 Month LIBOR +6.76%

 

7.00

 

7/14/2034

 

2,375,000

c,e 

2,245,420

 

Euro-Galaxy IV CLO, Ser. 2015-4A, CI. FRR, 3 Month EURIBOR +8.88%

EUR

8.88

 

7/30/2034

 

1,750,000

c,e 

1,805,717

 

Franklin Park Place I CLO, Ser. 2022-1A, Cl. E, 3 Month TSFR +7.50%

 

7.50

 

4/14/2035

 

1,000,000

c,e,f 

967,329

 

GoldenTree Loan Management EUR 2 CLO, Ser. 2A, Cl. E, 3 Month EURIBOR +5.25%

EUR

5.25

 

1/20/2032

 

1,000,000

c,e 

1,022,443

 

Hayfin Emerald IV CLO, Ser. 4A, Cl. FR, 3 Month EURIBOR +8.68%

EUR

8.68

 

10/15/2034

 

740,000

c,e 

767,346

 

ICG Euro CLO, Ser. 2021-1A, Cl. F, 3 Month EURIBOR +8.82%

EUR

8.82

 

10/15/2034

 

1,000,000

c,e 

1,018,330

 

KKR 23 CLO, Ser. 23, Cl. E, 3 Month LIBOR +6.00%

 

6.25

 

10/20/2031

 

1,000,000

c,e 

942,201

 

KVK CLO, Ser. 2016-1A, CI. FR2, 3 Month LIBOR +7.90%

 

8.14

 

10/15/2034

 

1,500,000

c,e 

1,343,571

 

Marble Point XII CLO, Ser. 2018-1A, Cl. E, 3 Month LIBOR +6.00%

 

6.24

 

7/16/2031

 

750,000

c,e 

642,911

 

OZLM Funding II CLO, Ser. 2012-2A, Cl. DR2, 3 Month LIBOR +5.90%

 

6.20

 

7/30/2031

 

2,250,000

c,e 

2,098,737

 

6

 

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a,b 

Value ($)

 

Bonds and Notes - 80.2% (continued)

     

Collateralized Loan Obligations Debt - 24.8% (continued)

     

OZLM VI CLO, Ser. 2014-6A, Cl. DS, 3 Month LIBOR +6.05%

 

6.29

 

4/17/2031

 

2,000,000

c,e 

1,831,716

 

OZLME III CLO, Ser. 3A, Cl. F, 3 Month EURIBOR +6.45%

EUR

6.45

 

8/24/2030

 

1,000,000

c,e 

1,013,293

 

St. Paul's V CLO, Ser. 5A, Cl. FR, 3 Month EURIBOR +6.60%

EUR

6.60

 

8/20/2030

 

4,000,000

c,e 

4,090,163

 

TIAA I CLO, Ser. 2016-1A, CI. ER, 3 Month LIBOR +6.20%

 

6.45

 

7/20/2031

 

2,131,000

c,e 

1,992,523

 

Tikehau CLO, Ser. 2015-1A, Cl. FRR, 3 Month EURIBOR +8.75%

EUR

8.75

 

8/4/2034

 

2,000,000

c,e 

2,062,416

 

Vibrant III CLO, Ser. 2015-3A, Cl. DRR, 3 Month LIBOR +6.35%

 

6.60

 

10/20/2031

 

1,000,000

c,e 

903,506

 
 

33,384,264

 

Collateralized Loan Obligations Equity - 1.3%

     

KVK CLO, Ser. 2018-1A, Cl. SUB1

 

0.00

 

5/20/2029

 

4,000,000

c,g 

483,672

 

Madison Park Funding X CLO, Ser. 2012-10A, Cl. SUB

 

0.00

 

1/20/2029

 

3,000,000

c,g 

1,300,011

 
 

1,783,683

 

Commercial & Professional Services - 5.2%

     

Adtalem Global Education, Sr. Scd. Notes

 

5.50

 

3/1/2028

 

830,000

c 

743,502

 

Albion Financing 1, Sr. Scd. Notes

EUR

5.25

 

10/15/2026

 

350,000

c 

386,995

 

APX Group, Gtd. Notes

 

5.75

 

7/15/2029

 

419,000

c 

376,306

 

APX Group, Sr. Scd. Notes

 

6.75

 

2/15/2027

 

240,000

c 

246,691

 

BCP V Modular Services Finance II, Sr. Scd. Bonds

EUR

4.75

 

11/30/2028

 

200,000

c 

213,940

 

Castor, Sr. Scd. Bonds, 3 Month EURIBOR +5.25%

EUR

5.25

 

2/15/2029

 

330,000

c,e 

368,162

 

HealthEquity, Gtd. Notes

 

4.50

 

10/1/2029

 

476,000

c 

453,676

 

Kapla Holding, Sr. Scd. Bonds

EUR

3.38

 

12/15/2026

 

220,000

c 

232,874

 

La Financiere Atalian, Gtd. Bonds

EUR

5.13

 

5/15/2025

 

270,000

c 

276,175

 

La Financiere Atalian, Gtd. Bonds

EUR

5.13

 

5/15/2025

 

270,000

 

276,175

 

Paysafe Finance, Sr. Scd. Notes

 

4.00

 

6/15/2029

 

430,000

c 

374,687

 

PECF USS Intermediate Holding III, Sr. Unscd. Notes

 

8.00

 

11/15/2029

 

556,000

c 

543,015

 

Prime Security Services Borrower, Scd. Notes

 

6.25

 

1/15/2028

 

470,000

c 

454,112

 

Team Health Holdings, Gtd. Notes

 

6.38

 

2/1/2025

 

710,000

c 

645,170

 

The Hertz, Gtd. Notes

 

4.63

 

12/1/2026

 

232,000

c 

221,227

 

The Hertz, Gtd. Notes

 

5.00

 

12/1/2029

 

56,000

c 

52,308

 

Verisure Midholding, Gtd. Notes

EUR

5.25

 

2/15/2029

 

510,000

c 

539,337

 

WW International, Sr. Scd. Notes

 

4.50

 

4/15/2029

 

443,000

c 

372,773

 

ZipRecruiter, Sr. Unscd. Notes

 

5.00

 

1/15/2030

 

235,000

c 

231,724

 
 

7,008,849

 

7

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a,b 

Value ($)

 

Bonds and Notes - 80.2% (continued)

     

Consumer Discretionary - 5.1%

     

Allen Media, Gtd. Notes

 

10.50

 

2/15/2028

 

736,000

c 

732,467

 

Ashton Woods USA, Sr. Unscd. Notes

 

4.63

 

8/1/2029

 

269,000

c 

255,880

 

Ashton Woods USA, Sr. Unscd. Notes

 

6.63

 

1/15/2028

 

365,000

c 

375,432

 

Banijay Group, Sr. Unscd. Notes

EUR

6.50

 

3/1/2026

 

340,000

c 

377,470

 

Boyd Gaming, Gtd. Notes

 

4.75

 

6/15/2031

 

176,000

c 

173,191

 

Carnival, Gtd. Bonds

EUR

7.63

 

3/1/2026

 

300,000

c 

351,759

 

Carnival, Gtd. Notes

 

6.00

 

5/1/2029

 

172,000

c 

167,243

 

Carnival, Sr. Unscd. Notes

 

5.75

 

3/1/2027

 

180,000

c 

175,554

 

Carnival, Sr. Unscd. Notes

 

7.63

 

3/1/2026

 

560,000

c 

576,237

 

Cinemark USA, Gtd. Notes

 

5.88

 

3/15/2026

 

265,000

c 

261,290

 

Deuce Finco, Sr. Scd. Bonds

GBP

5.50

 

6/15/2027

 

280,000

c 

361,189

 

Everi Holdings, Gtd. Notes

 

5.00

 

7/15/2029

 

260,000

c 

255,291

 

Gamma Bidco, Sr. Scd. Notes

EUR

5.13

 

7/15/2025

 

300,000

c 

329,627

 

Lions Gate Capital Holdings, Gtd. Notes

 

5.50

 

4/15/2029

 

80,000

c 

76,184

 

Maison Finco, Sr. Scd. Bonds

GBP

6.00

 

10/31/2027

 

208,000

c 

276,633

 

NCL, Gtd. Notes

 

5.88

 

3/15/2026

 

149,000

c 

143,562

 

NCL, Sr. Scd. Notes

 

5.88

 

2/15/2027

 

128,000

c 

128,314

 

NCL, Sr. Unscd. Notes

 

7.75

 

2/15/2029

 

152,000

c 

156,969

 

NCL Finance, Gtd. Notes

 

6.13

 

3/15/2028

 

152,000

c 

146,859

 

Royal Caribbean Cruises, Sr. Unscd. Notes

 

5.38

 

7/15/2027

 

110,000

c 

108,205

 

Royal Caribbean Cruises, Sr. Unscd. Notes

 

5.50

 

8/31/2026

 

229,000

c 

228,201

 

Royal Caribbean Cruises, Sr. Unscd. Notes

 

5.50

 

4/1/2028

 

575,000

c 

564,245

 

Scientific Games Holdings, Sr. Unscd. Notes

 

6.63

 

3/1/2030

 

199,000

c 

197,955

 

TUI Cruises GmbH, Sr. Unscd. Notes

EUR

6.50

 

5/15/2026

 

389,000

c 

424,028

 
 

6,843,785

 

Diversified Financials - 3.7%

     

Compass Group Diversified Holdings, Gtd. Notes

 

5.25

 

4/15/2029

 

300,000

c 

290,349

 

Compass Group Diversified Holdings, Sr. Unscd. Notes

 

5.00

 

1/15/2032

 

58,000

c 

54,298

 

Garfunkelux Holdco 3, Sr. Scd. Bonds

GBP

7.75

 

11/1/2025

 

500,000

 

675,361

 

Garfunkelux Holdco 3, Sr. Scd. Bonds

GBP

7.75

 

11/1/2025

 

375,000

c 

506,521

 

Garfunkelux Holdco 3, Sr. Scd. Notes

EUR

6.75

 

11/1/2025

 

395,000

c 

445,877

 

Icahn Enterprises, Gtd. Notes

 

4.38

 

2/1/2029

 

330,000

 

306,656

 

Icahn Enterprises, Gtd. Notes

 

6.25

 

5/15/2026

 

285,000

 

287,793

 

Nationstar Mortgage Holdings, Gtd. Notes

 

5.13

 

12/15/2030

 

300,000

c 

281,604

 

Nationstar Mortgage Holdings, Gtd. Notes

 

5.50

 

8/15/2028

 

435,000

c 

434,348

 

8

 

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a,b 

Value ($)

 

Bonds and Notes - 80.2% (continued)

     

Diversified Financials - 3.7% (continued)

     

Navient, Sr. Unscd. Notes

 

5.00

 

3/15/2027

 

410,000

 

396,283

 

Navient, Sr. Unscd. Notes

 

5.50

 

3/15/2029

 

146,000

 

138,229

 

Navient, Sr. Unscd. Notes

 

6.75

 

6/15/2026

 

465,000

 

483,021

 

PennyMac Financial Services, Gtd. Notes

 

5.38

 

10/15/2025

 

200,000

c 

199,225

 

PennyMac Financial Services, Gtd. Notes

 

5.75

 

9/15/2031

 

498,000

c 

470,032

 
 

4,969,597

 

Energy - 4.9%

     

Antero Midstream Partners, Gtd. Notes

 

5.75

 

3/1/2027

 

330,000

c 

336,574

 

Antero Midstream Partners, Gtd. Notes

 

7.88

 

5/15/2026

 

145,000

c 

156,060

 

Archrock Partners, Gtd. Notes

 

6.25

 

4/1/2028

 

618,000

c 

618,717

 

Blue Racer Midstream, Sr. Unscd. Notes

 

7.63

 

12/15/2025

 

375,000

c 

394,650

 

Centennial Resource Production, Gtd. Notes

 

6.88

 

4/1/2027

 

161,000

c 

160,602

 

Colgate Energy Partners III, Sr. Unscd. Notes

 

5.88

 

7/1/2029

 

190,000

c 

195,793

 

CQP Holdco, Sr. Scd. Notes

 

5.50

 

6/15/2031

 

500,000

c 

498,125

 

Crestwood Midstream Partners, Gtd. Notes

 

5.63

 

5/1/2027

 

25,000

c 

24,856

 

Crestwood Midstream Partners, Gtd. Notes

 

6.00

 

2/1/2029

 

510,000

c 

514,916

 

CrownRock, Sr. Unscd. Notes

 

5.63

 

10/15/2025

 

150,000

c 

151,885

 

Endeavor Energy Resources, Sr. Unscd. Notes

 

5.75

 

1/30/2028

 

280,000

c 

290,352

 

EQM Midstream Partners, Sr. Unscd. Notes

 

4.75

 

1/15/2031

 

210,000

c 

197,165

 

EQM Midstream Partners, Sr. Unscd. Notes

 

5.50

 

7/15/2028

 

239,000

 

235,021

 

EQM Midstream Partners, Sr. Unscd. Notes

 

6.50

 

7/1/2027

 

160,000

c 

167,592

 

Genesis Energy, Gtd. Notes

 

6.50

 

10/1/2025

 

170,000

 

167,875

 

Genesis Energy, Gtd. Notes

 

8.00

 

1/15/2027

 

400,000

 

405,000

 

Matador Resources, Gtd. Notes

 

5.88

 

9/15/2026

 

130,000

 

132,113

 

Rockcliff Energy II, Sr. Unscd. Notes

 

5.50

 

10/15/2029

 

464,000

c 

460,620

 

Southwestern Energy, Gtd. Notes

 

5.38

 

3/15/2030

 

100,000

 

103,428

 

Southwestern Energy, Gtd. Notes

 

5.38

 

2/1/2029

 

366,000

 

376,984

 

Southwestern Energy, Gtd. Notes

 

8.38

 

9/15/2028

 

325,000

 

355,713

 

USA Compression Partners, Gtd. Notes

 

6.88

 

9/1/2027

 

588,000

 

589,388

 
 

6,533,429

 

9

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a,b 

Value ($)

 

Bonds and Notes - 80.2% (continued)

     

Environmental Control - .5%

     

Covanta Holding, Gtd. Notes

 

4.88

 

12/1/2029

 

92,000

c 

88,148

 

Harsco, Gtd. Notes

 

5.75

 

7/31/2027

 

425,000

c 

419,141

 

Verde Bidco, Sr. Scd. Notes

EUR

4.63

 

10/1/2026

 

132,000

c 

145,334

 
 

652,623

 

Forest Products & Paper - .5%

     

Ahlstrom-Munksjo Holding 3, Sr. Scd. Bonds

 

4.88

 

2/4/2028

 

390,000

c 

369,821

 

Fabric BC, Sr. Scd. Notes, 3 Month EURIBOR +4.13%

EUR

4.13

 

11/30/2024

 

248,276

e 

277,683

 
 

647,504

 

Health Care - 5.2%

     

Air Methods, Sr. Unscd. Notes

 

8.00

 

5/15/2025

 

568,000

c 

472,369

 

Bausch Health, Gtd. Notes

 

5.25

 

1/30/2030

 

180,000

c 

145,427

 

Bausch Health, Gtd. Notes

 

6.25

 

2/15/2029

 

85,000

c 

72,618

 

Bausch Health, Gtd. Notes

 

7.25

 

5/30/2029

 

290,000

c 

254,285

 

Bausch Health, Sr. Scd. Notes

 

4.88

 

6/1/2028

 

130,000

c 

125,090

 

CHEPLAPHARM Arzneimittel GmbH, Sr. Scd. Notes

 

5.50

 

1/15/2028

 

470,000

c 

470,310

 

Chrome Holdco, Gtd. Notes

EUR

5.00

 

5/31/2029

 

430,000

c 

444,094

 

Cidron Aida Finco, Sr. Scd. Bonds

EUR

5.00

 

4/1/2028

 

640,000

c 

662,044

 

Cidron Aida Finco, Sr. Scd. Bonds

GBP

6.25

 

4/1/2028

 

453,000

c 

559,099

 

Community Health Systems, Scd. Notes

 

6.13

 

4/1/2030

 

390,000

c 

363,184

 

Community Health Systems, Scd. Notes

 

6.88

 

4/15/2029

 

290,000

c 

281,541

 

Community Health Systems, Sr. Scd. Notes

 

5.25

 

5/15/2030

 

170,000

c 

164,931

 

Community Health Systems, Sr. Scd. Notes

 

5.63

 

3/15/2027

 

515,000

c 

519,771

 

Grifols Escrow Issuer, Sr. Unscd. Notes

 

4.75

 

10/15/2028

 

200,000

c 

189,245

 

Mozart Debt Merger Sub, Sr. Unscd. Notes

 

5.25

 

10/1/2029

 

502,000

c 

480,113

 

Nidda BondCo GmbH, Gtd. Notes

EUR

5.00

 

9/30/2025

 

190,000

c 

191,999

 

Nidda BondCo GmbH, Gtd. Notes

EUR

5.00

 

9/30/2025

 

290,000

 

293,051

 

Organon & Co., Sr. Unscd. Notes

 

5.13

 

4/30/2031

 

450,000

c 

449,901

 

Ortho-Clinical Diagnostics, Sr. Unscd. Notes

 

7.25

 

2/1/2028

 

552,000

c 

577,436

 

Prime Healthcare Services, Sr. Scd. Notes

 

7.25

 

11/1/2025

 

270,000

c 

276,445

 
 

6,992,953

 

Industrial - .9%

     

Husky III Holding, Sr. Unscd. Notes

 

13.00

 

2/15/2025

 

525,000

c,d 

549,483

 

Norican A/S, Sr. Scd. Bonds

EUR

4.50

 

5/15/2023

 

175,000

 

188,965

 

10

 

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a,b 

Value ($)

 

Bonds and Notes - 80.2% (continued)

     

Industrial - .9% (continued)

     

Promontoria Holding 264, Sr. Scd. Bonds

EUR

6.38

 

3/1/2027

 

272,000

c 

299,556

 

Titan Acquisition, Sr. Unscd. Notes

 

7.75

 

4/15/2026

 

150,000

c 

147,261

 
 

1,185,265

 

Information Technology - .4%

     

Cedacri Mergeco, Sr. Scd. Notes, 3 Month EURIBOR +4.63%

EUR

4.63

 

5/15/2028

 

245,000

e 

272,646

 

Minerva Merger Sub, Sr. Unscd. Notes

 

6.50

 

2/15/2030

 

320,000

c 

308,525

 
 

581,171

 

Insurance - .6%

     

AmWINS Group, Sr. Unscd. Notes

 

4.88

 

6/30/2029

 

410,000

c 

391,040

 

AssuredPartners, Sr. Unscd. Notes

 

5.63

 

1/15/2029

 

440,000

c 

405,212

 
 

796,252

 

Internet Software & Services - 1.3%

     

Endurance International Group Holdings, Sr. Unscd. Notes

 

6.00

 

2/15/2029

 

748,000

c 

610,918

 

HSE Finance, Sr. Scd. Notes

EUR

5.63

 

10/15/2026

 

135,000

c 

147,254

 

Northwest Fiber, Sr. Scd. Notes

 

4.75

 

4/30/2027

 

178,000

c 

165,670

 

Northwest Fiber, Sr. Unscd. Notes

 

6.00

 

2/15/2028

 

580,000

c 

508,440

 

United Group, Sr. Scd. Bonds

EUR

5.25

 

2/1/2030

 

250,000

c 

262,569

 
 

1,694,851

 

Materials - 3.5%

     

ARD Finance, Sr. Scd. Notes

 

6.50

 

6/30/2027

 

365,000

c,d 

349,958

 

Ardagh Packaging Finance, Gtd. Notes

GBP

4.75

 

7/15/2027

 

250,000

c 

303,358

 

Graham Packaging, Gtd. Notes

 

7.13

 

8/15/2028

 

390,000

c 

375,765

 

Kleopatra Finco, Sr. Scd. Bonds

EUR

4.25

 

3/1/2026

 

440,000

c 

444,015

 

LABL, Sr. Scd. Notes

 

5.88

 

11/1/2028

 

127,000

c 

121,796

 

LABL, Sr. Scd. Notes

 

6.75

 

7/15/2026

 

80,000

c 

80,295

 

LABL, Sr. Unscd. Notes

 

8.25

 

11/1/2029

 

674,000

c 

628,084

 

LABL, Sr. Unscd. Notes

 

10.50

 

7/15/2027

 

56,000

c 

57,502

 

Mauser Packaging Solutions Holding, Sr. Scd. Bonds

EUR

4.75

 

4/15/2024

 

265,000

c 

291,073

 

Mauser Packaging Solutions Holding, Sr. Scd. Notes

 

8.50

 

4/15/2024

 

192,000

c 

197,224

 

Mauser Packaging Solutions Holding, Sr. Unscd. Notes

 

7.25

 

4/15/2025

 

1,448,000

c 

1,425,245

 

Titan Holdings II, Sr. Unscd. Notes

EUR

5.13

 

7/15/2029

 

410,000

c 

420,924

 
 

4,695,239

 

Media - 4.4%

     

Altice Financing, Sr. Scd. Bonds

 

5.75

 

8/15/2029

 

610,000

c 

556,619

 

Altice Finco, Scd. Notes

EUR

4.75

 

1/15/2028

 

750,000

c 

746,747

 

CSC Holdings, Gtd. Notes

 

5.38

 

2/1/2028

 

320,000

c 

311,517

 

11

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a,b 

Value ($)

 

Bonds and Notes - 80.2% (continued)

     

Media - 4.4% (continued)

     

CSC Holdings, Sr. Unscd. Notes

 

5.75

 

1/15/2030

 

590,000

c 

522,752

 

DISH DBS, Gtd. Notes

 

5.13

 

6/1/2029

 

350,000

 

295,939

 

DISH DBS, Gtd. Notes

 

5.88

 

11/15/2024

 

110,000

 

110,110

 

DISH DBS, Sr. Scd. Bonds

 

5.25

 

12/1/2026

 

136,000

c 

133,578

 

DISH DBS, Sr. Scd. Notes

 

5.75

 

12/1/2028

 

136,000

c 

130,305

 

Radiate Holdco, Sr. Unscd. Notes

 

6.50

 

9/15/2028

 

590,000

c 

561,482

 

Scripps Escrow II, Sr. Unscd. Notes

 

5.38

 

1/15/2031

 

423,000

c 

402,700

 

Sinclair Television Group, Gtd. Notes

 

5.13

 

2/15/2027

 

70,000

c 

63,780

 

Sinclair Television Group, Gtd. Notes

 

5.50

 

3/1/2030

 

330,000

c 

289,963

 

Summer Bidco, Sr. Unscd. Bonds

EUR

9.00

 

11/15/2025

 

424,744

c,d 

477,501

 

TEGNA, Gtd. Notes

 

5.00

 

9/15/2029

 

148,000

 

147,842

 

Townsquare Media, Sr. Scd. Notes

 

6.88

 

2/1/2026

 

220,000

c 

224,620

 

UPC Broadband Finco, Sr. Scd. Notes

 

4.88

 

7/15/2031

 

320,000

c 

306,083

 

Virgin Media Finance, Gtd. Notes

 

5.00

 

7/15/2030

 

290,000

c 

274,672

 

Ziggo Bond, Gtd. Notes

 

5.13

 

2/28/2030

 

330,000

c 

308,128

 
 

5,864,338

 

Metals & Mining - .6%

     

Arconic, Scd. Notes

 

6.13

 

2/15/2028

 

395,000

c 

404,474

 

Hudbay Minerals, Gtd. Notes

 

4.50

 

4/1/2026

 

53,000

c 

51,275

 

Hudbay Minerals, Gtd. Notes

 

6.13

 

4/1/2029

 

301,000

c 

308,189

 
 

763,938

 

Real Estate - 1.6%

     

Brookfield Property REIT, Sr. Scd. Notes

 

4.50

 

4/1/2027

 

280,000

c 

261,587

 

Flamingo Lux II, Sr. Unscd. Notes

EUR

5.00

 

3/31/2029

 

687,000

c 

697,191

 

Iron Mountain, Gtd. Notes

 

5.25

 

7/15/2030

 

380,000

c 

377,606

 

Ladder Capital Finance Holdings, Gtd. Notes

 

5.25

 

10/1/2025

 

400,000

c 

401,504

 

Park Intermediate Holdings, Sr. Scd. Notes

 

4.88

 

5/15/2029

 

190,000

c 

183,350

 

XHR, Sr. Scd. Notes

 

4.88

 

6/1/2029

 

265,000

c 

258,000

 
 

2,179,238

 

Retailing - 4.0%

     

Asbury Automotive Group, Gtd. Notes

 

4.63

 

11/15/2029

 

82,000

c 

80,102

 

Asbury Automotive Group, Gtd. Notes

 

4.75

 

3/1/2030

 

160,000

 

155,499

 

BCPE Ulysses Intermediate, Sr. Unscd. Notes

 

7.75

 

4/1/2027

 

915,000

c,d 

852,441

 

Fertitta Entertainment, Gtd. Notes

 

6.75

 

1/15/2030

 

170,000

c 

162,041

 

Foundation Building Materials, Gtd. Notes

 

6.00

 

3/1/2029

 

400,000

c 

372,482

 

LBM Acquisition, Gtd. Notes

 

6.25

 

1/15/2029

 

215,000

c 

199,590

 

Macy's Retail Holdings, Gtd. Notes

 

4.50

 

12/15/2034

 

420,000

 

374,430

 

12

 

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

a,b 

Value ($)

 

Bonds and Notes - 80.2% (continued)

     

Retailing - 4.0% (continued)

     

Park River Holdings, Gtd. Notes

 

5.63

 

2/1/2029

 

170,000

c 

146,900

 

Park River Holdings, Sr. Unscd. Notes

 

6.75

 

8/1/2029

 

390,000

c 

358,948

 

Shiba Bidco, Sr. Scd. Bonds

EUR

4.50

 

10/31/2028

 

291,000

c 

315,016

 

Sonic Automotive, Gtd. Notes

 

4.63

 

11/15/2029

 

232,000

c 

220,596

 

Staples, Sr. Scd. Notes

 

7.50

 

4/15/2026

 

450,000

c 

445,441

 

Staples, Sr. Unscd. Notes

 

10.75

 

4/15/2027

 

310,000

c 

289,287

 

The Michaels Companies, Sr. Scd. Notes

 

5.25

 

5/1/2028

 

280,000

c 

262,254

 

The Michaels Companies, Sr. Unscd. Notes

 

7.88

 

5/1/2029

 

360,000

c 

315,671

 

The Very Group Funding, Sr. Scd. Bonds

GBP

6.50

 

8/1/2026

 

358,000

c 

461,599

 

White Cap Parent, Sr. Unscd. Notes

 

8.25

 

3/15/2026

 

383,000

c,d 

386,524

 
 

5,398,821

 

Telecommunication Services - 2.6%

     

Altice France, Sr. Scd. Notes

 

5.13

 

7/15/2029

 

430,000

c 

389,681

 

Altice France, Sr. Scd. Notes

 

5.50

 

10/15/2029

 

426,000

c 

390,925

 

Altice France Holding, Gtd. Notes

 

6.00

 

2/15/2028

 

350,000

c 

310,622

 

CommScope, Gtd. Notes

 

8.25

 

3/1/2027

 

555,000

c 

553,216

 

Connect Finco, Sr. Scd. Notes

 

6.75

 

10/1/2026

 

665,000

c 

673,977

 

Embarq, Sr. Unscd. Notes

 

8.00

 

6/1/2036

 

400,000

 

395,676

 

ViaSat, Sr. Unscd. Notes

 

5.63

 

9/15/2025

 

260,000

c 

248,719

 

WP/AP Telecom Holdings III, Sr. Unscd. Notes

EUR

5.50

 

1/15/2030

 

360,000

c 

379,676

 

Zoncolan Bidco, Sr. Scd. Bonds

EUR

4.88

 

10/21/2028

 

187,000

c 

200,579

 
 

3,543,071

 

Transportation - .3%

     

First Transit Parent, Sr. Scd. Notes

 

4.00

 

7/31/2029

 

410,000

c 

388,224

 

Utilities - 1.1%

     

Calpine, Sr. Unscd. Notes

 

5.00

 

2/1/2031

 

545,000

c 

505,378

 

Energia Group ROI Holdings, Sr. Scd. Notes

GBP

4.75

 

9/15/2024

 

505,000

 

665,433

 

Pike, Gtd. Notes

 

5.50

 

9/1/2028

 

325,000

c 

313,217

 
 

1,484,028

 

Total Bonds and Notes
(cost $113,399,183)

 

107,879,712

 
         

Floating Rate Loan Interests - 60.8%

     

Advertising - 2.3%

     

ABG Intermediate Holdings 2, 2021 Refinancing Term Loan, 3 Month LIBOR +3.25%

 

3.76

 

12/4/2024

 

539,619

e 

537,461

 

13

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

a,b 

Value ($)

 

Floating Rate Loan Interests - 60.8% (continued)

     

Advertising - 2.3% (continued)

     

ABG Intermediate Holdings 2, Second Lien Initial Term Loan, 3 Month Term SOFR +6.00%

 

6.50

 

12/20/2029

 

120,000

e 

120,750

 

Advantage Sales & Marketing, Term Loan B-1, 1-3 Month LIBOR +4.50%

 

5.25

 

10/28/2027

 

418,348

e 

414,690

 

Clear Channel Outdoor Holdings, Term Loan B, 1-3 Month LIBOR +3.50%

 

3.75

 

8/21/2026

 

579,184

e 

569,251

 

Polyconcept North America, First Lien Closing Date Term Loan, 3 Month LIBOR +4.50%

 

5.50

 

8/16/2023

 

351,533

e 

349,630

 

Red Ventures, First Lien Term Loan B-3, 1 Month LIBOR +3.50%

 

4.25

 

11/8/2024

 

147,461

e 

147,276

 

Red Ventures, Term Loan B-2, 1 Month LIBOR +2.50%

 

2.71

 

11/8/2024

 

227,647

e 

225,104

 

Summer BC Holdco B, USD Additional Facility Term Loan B-2, 3 Month LIBOR +4.50%

 

5.25

 

12/25/2026

 

508,811

e 

506,689

 

Terrier Media Buyer, 2021 Refinancing Term Loan B, 1 Month LIBOR +3.50%

 

3.71

 

12/17/2026

 

199,109

e 

196,869

 
 

3,067,720

 

Automobiles & Components - .3%

     

Clarios Global, First Lien Amendment No. 1 Dollar Term Loan, 1 Month LIBOR +3.25%

 

3.46

 

3/5/2028

 

359,914

e 

356,841

 

Building Materials - 3.3%

     

BME Group Holding, Facility Term Loan B, 3 Month EURIBOR +3.75%

EUR

3.75

 

10/31/2026

 

1,000,000

e 

1,105,911

 

Cornerstone Building, New Term Loan B, 1 Month LIBOR +3.25%

 

3.75

 

4/12/2028

 

558,114

e 

546,486

 

LSF10 XL Bidco, Facility Term Loan B-4, 3 Month EURIBOR +4.00%

EUR

4.00

 

4/9/2028

 

1,500,000

e 

1,646,135

 

LSFX Flavum Bidco, Facility Term Loan B-3, 3 Month EURIBOR +4.50%

EUR

4.50

 

2/21/2028

 

1,000,000

e 

1,121,603

 
 

4,420,135

 

Chemicals - 1.8%

     

Albaugh, Term Loan B, 3 Month LIBOR +3.75%

 

4.75

 

2/18/2029

 

412,668

e 

412,152

 

Aruba Investment Holding, First Lien Initial Dollar Term Loan, 6 Month LIBOR +3.75%

 

4.50

 

11/24/2027

 

168,592

e 

168,065

 

Flexsys Holdings, Initial Term Loan, 3 Month LIBOR +5.25%

 

6.00

 

11/1/2028

 

470,000

e 

470,000

 

14

 

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

a,b 

Value ($)

 

Floating Rate Loan Interests - 60.8% (continued)

     

Chemicals - 1.8% (continued)

     

LSF11 Skyscraper Holdco, USD Facility Term Loan B-3, 3 Month LIBOR +3.50%

 

4.25

 

9/30/2027

 

515,251

e 

514,447

 

Polar US Borrower, Initial Term Loan, 3 Month LIBOR +4.75%

 

4.99

 

10/16/2025

 

537,607

e 

532,903

 

Sparta US HoldCo, First Lien Initial Term Loan, 1 Month LIBOR +3.50%

 

4.25

 

8/2/2028

 

320,133

e 

318,933

 
 

2,416,500

 

Commercial & Professional Services - 9.5%

     

Albion Acquisitions, Term Loan B, 3 Month EURIBOR +5.25%

EUR

5.25

 

7/31/2026

 

1,000,000

e 

1,119,848

 

American Auto Auction, First Lien Tranche Term Loan B, 3 Month Term SOFR +5.00%

 

5.75

 

12/30/2027

 

590,000

e 

582,625

 

APX Group, Initial Term Loan, 1 Month LIBOR +3.50% and 3 Month PRIME +2.50%

 

4.88

 

7/9/2028

 

366,797

e 

364,904

 

AVSC Holding, Term Loan B-1, 3 Month LIBOR +3.50%

 

4.50

 

3/1/2025

 

371,314

e 

344,342

 

Boels Topholding, Facility Term Loan B-2, 3 Month EURIBOR +3.25%

EUR

3.25

 

2/5/2027

 

1,000,000

e 

1,102,009

 

Cast & Crew, First Lien Initial Term Loan, 1 Month LIBOR +3.50%

 

3.71

 

2/7/2026

 

265,951

e 

264,844

 

Cast & Crew, First Lien Initial Term Loan, 3 Month LIBOR +3.50%

 

4.25

 

12/30/2028

 

4,327

e 

4,307

 

CIBT Global, First Lien Term Loan, 3 Month LIBOR +1.00%

 

4.25

 

6/1/2024

 

1,000,000

e 

840,000

 

Electro Rent, First Lien Initial Term Loan, 3 Month LIBOR +5.00%

 

6.00

 

1/31/2024

 

219,197

e 

219,232

 

Employbridge, Term Loan B, 3 Month LIBOR +4.75%

 

5.50

 

7/19/2028

 

287,148

e 

284,791

 

Indigocyan Holdco 3, Facility Term Loan B, 3 Month GBPLIBOR +4.75%

GBP

5.31

 

12/31/2024

 

2,000,000

e 

2,648,792

 

Minerva Bidco, Term Loan B, 1 Month SONIA +4.50%

GBP

4.67

 

7/31/2025

 

1,000,000

e 

1,338,985

 

National Intergovernment, First Lien Initial Term Loan, 3 Month LIBOR +3.50%

 

3.72

 

5/23/2025

 

284,167

e 

282,746

 

PECF USS Intermediate Holding, Initial Term Loan, 1 Month LIBOR +4.25%

 

4.75

 

12/17/2028

 

432,973

e 

431,384

 

Praesidiad, Facility Term Loan B, 3 Month EURIBOR +4.00%

EUR

4.00

 

10/4/2024

 

1,000,000

e 

1,003,754

 

15

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

a,b 

Value ($)

 

Floating Rate Loan Interests - 60.8% (continued)

     

Commercial & Professional Services - 9.5% (continued)

     

Pre-Paid Legal Services, First Lien Initial Term Loan, 3 Month LIBOR +3.75%

 

4.25

 

12/15/2028

 

260,973

e 

259,342

 

RLG Holdings, First Lien Closing Date Initial Term Loan, 3 Month LIBOR +4.25%

 

5.00

 

7/8/2028

 

564,476

e 

562,537

 

Team Health Holdings, Initial Term Loan, 1 Month LIBOR +2.75%

 

3.75

 

2/6/2024

 

289,355

e 

277,347

 

Vaco Holdings, Initial Term Loan, 1 Month Term SOFR +5.00%

 

5.75

 

1/21/2029

 

69,018

e,h 

68,803

 

Verscend Holding, New Term Loan B, 1 Month LIBOR +4.00%

 

4.21

 

8/27/2025

 

774,911

e 

773,702

 
 

12,774,294

 

Consumer Discretionary - 6.9%

     

Allen Media, Term Loan B, 3 Month LIBOR +5.50%

 

5.63

 

2/10/2027

 

537,375

e 

535,753

 

AP Gaming I, Term Loan B, 3 Month LIBOR +3.50%

 

4.50

 

2/15/2024

 

267,238

e 

266,626

 

AP Gaming I, Term Loan B, 3 Month Term SOFR +4.00%

 

4.75

 

2/9/2029

 

124,810

e 

124,524

 

Caesars Resort Collection, Term Loan B-1, 1 Month LIBOR +3.50%

 

3.71

 

7/20/2025

 

568,317

e 

566,541

 

Carnival, 2021 Advance Incremental Term Loan B, 3 Month LIBOR +3.25%

 

4.00

 

10/18/2028

 

246,728

e 

244,363

 

Center Parcs Europe, Facility Term Loan B-1, 3 Month EURIBOR +2.00%

EUR

2.00

 

9/23/2022

 

1,022,472

e 

1,146,447

 

Center Parcs Europe, Facility Term Loan B-2, 3 Month EURIBOR +2.00%

EUR

2.00

 

9/23/2022

 

605,307

e 

678,700

 

Dealer Tire, Term Loan B-1, 1 Month LIBOR +4.25%

 

4.36

 

12/12/2025

 

561,770

e 

560,891

 

Great Canadian Gaming, Term Loan B, 3 Month LIBOR +4.00%

 

4.75

 

11/1/2026

 

351,277

e 

350,472

 

Piolin BidCo, Facility Term Loan B-1, 6 Month EURIBOR +3.75%

EUR

3.75

 

9/17/2026

 

1,000,000

e 

1,095,130

 

Scientific Games Holdings, Term Loan B2, 1 Month Term SOFR +3.50%

 

4.00

 

2/4/2029

 

439,418

e 

437,221

 

Silk Bidco, Facility Term Loan C, 3 Month EURIBOR +8.00%

EUR

8.00

 

6/16/2023

 

1,000,000

e 

1,122,943

 

Tecta America, First Lien Initial Term Loan, 1 Month LIBOR +4.25%

 

5.00

 

4/9/2028

 

1,153,716

e 

1,150,111

 

16

 

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

a,b 

Value ($)

 

Floating Rate Loan Interests - 60.8% (continued)

     

Consumer Discretionary - 6.9% (continued)

     

Travel Leaders Group, 2018 Refinancing Term Loan, 1 Month LIBOR +4.00%

 

4.21

 

1/25/2024

 

203,442

e 

192,303

 

Varsity Brands Holding, First Lien Initial Term Loan, 1 Month LIBOR +3.50%

 

4.50

 

12/15/2024

 

479,916

e 

467,068

 

William Morris Endeavor, New Term Loan B-1, 1 Month LIBOR +2.75%

 

2.96

 

5/18/2025

 

394,795

e 

385,995

 
 

9,325,088

 

Consumer Staples - .5%

     

Kronos Acquisition Holdings, Tranche Term Loan B-1, 3 Month LIBOR +3.75%

 

4.25

 

12/22/2026

 

767,156

e 

711,537

 

Diversified Financials - .3%

     

Tegra118 Wealth Solutions, Initial Term Loan, 3 Month LIBOR +4.00%

 

4.49

 

2/18/2027

 

364,450

e 

364,109

 

Energy - 1.8%

     

BCP Renaissance Parent, Term Loan B-3, 3 Month Term SOFR +3.50%

 

4.50

 

10/31/2026

 

379,608

e 

378,185

 

Freeport LNG Investments, Initial Term Loan B, 3 Month LIBOR +3.50%

 

4.00

 

12/21/2028

 

208,997

e 

207,325

 

GIP III Stetson I, Initial Term Loan, 1 Month LIBOR +4.25%

 

4.46

 

7/18/2025

 

180,624

e 

176,650

 

Lucid Energy Group II, First Lien Term Loan, 3 Month LIBOR +4.25%

 

5.00

 

11/22/2028

 

450,000

e 

448,123

 

Traverse Midstream Partners, Advance Term Loan, 3 Month Term SOFR +4.25%

 

5.25

 

9/27/2024

 

771,966

e 

771,001

 

WaterBridge Midstream Operating, Initial Term Loan, 3 Month LIBOR +5.75%

 

6.75

 

6/21/2026

 

468,227

e 

451,170

 
 

2,432,454

 

Environmental Control - 1.1%

     

Northstar Group Services, Term Loan B, 1 Month LIBOR +5.50%

 

6.50

 

11/12/2026

 

375,081

e 

373,205

 

Packers Holdings, Initial Term Loan, 6 Month LIBOR +3.25%

 

4.00

 

3/9/2028

 

221,453

e 

217,925

 

Waterlogic USA Holdings, Facility Term Loan B-2, 3 Month LIBOR +4.75%

 

5.25

 

8/12/2028

 

865,791

e 

862,545

 
 

1,453,675

 

17

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

a,b 

Value ($)

 

Floating Rate Loan Interests - 60.8% (continued)

     

Food Products - 1.0%

     

Sovos Brands Intermediate, First Lien Initial Term Loan, 3 Month LIBOR +3.75%

 

4.50

 

6/8/2028

 

230,856

e 

230,278

 

ZF Invest, Term Loan B, 3 Month EURIBOR +4.00%

EUR

4.00

 

7/12/2028

 

1,000,000

e 

1,115,487

 
 

1,345,765

 

Food Service - .2%

     

TKC Holdings, Term Loan, 3 Month LIBOR +5.50%

 

6.50

 

5/14/2028

 

287,445

e 

285,469

 

Forest Products & Paper - .2%

     

SPA US HoldCo, USD Facility Term Loan B, 3 Month LIBOR +4.00%

 

4.75

 

2/4/2028

 

292,337

e 

291,606

 

Health Care - 9.5%

     

Aenova Holding GmbH, Facility Term Loan B-2, 6 Month EURIBOR +4.50%

EUR

4.50

 

3/31/2026

 

1,000,000

e 

1,115,173

 

Air Methods, Initial Term Loan, 3 Month LIBOR +3.50%

 

4.50

 

4/21/2024

 

408,244

e 

379,604

 

Albany Molecular Research, Term Loan, 1-3 Month LIBOR +3.75%

 

4.50

 

8/30/2026

 

484,905

e 

482,262

 

Auris Luxembourg III, Facility Term Loan B-2, 1 Month LIBOR +3.75%

 

3.96

 

2/21/2026

 

428,507

e 

422,079

 

Baart Programs, Delayed Draw Term Loan, 3 Month LIBOR +5.00%

 

5.08

 

6/11/2027

 

487,500

e,h 

480,187

 

Baart Programs, Term Loan, 3 Month LIBOR +5.00%

 

6.00

 

6/11/2027

 

534,906

e 

526,883

 

eResearchTechnology, First Lien Initial Term Loan, 1 Month LIBOR +4.50%

 

5.50

 

2/4/2027

 

245,227

e 

245,338

 

Financiere Verdi I, Facility Term Loan B, 12 Month SONIA +4.50%

GBP

4.95

 

4/15/2028

 

1,000,000

e 

1,286,498

 

Finthrive Software Intermediate, Term Loan, 6 Month LIBOR +4.00%

 

4.50

 

12/17/2028

 

337,291

e 

335,604

 

Gainwell Acquisition, Term Loan B, 3 Month LIBOR +4.00%

 

4.75

 

10/1/2027

 

567,020

e 

565,132

 

Global Medical Response, 2017-2 New Term Loan, 3 Month LIBOR +4.25%

 

5.25

 

3/14/2025

 

288,251

e 

287,377

 

Global Medical Response, 2020 Term Loan, 3 Month LIBOR +4.25%

 

5.25

 

10/2/2025

 

237,600

e 

236,768

 

Inovie, Senior Facility Term Loan B, 3 Month EURIBOR +4.00%

EUR

4.00

 

12/15/2028

 

1,000,000

e 

1,110,194

 

18

 

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

a,b 

Value ($)

 

Floating Rate Loan Interests - 60.8% (continued)

     

Health Care - 9.5% (continued)

     

MED ParentCo, First Lien Initial Term Loan, 1 Month LIBOR +4.25%

 

4.46

 

8/31/2026

 

677,484

e 

674,096

 

One Call, First Lien Term Loan B, 3 Month LIBOR +5.50%

 

6.25

 

4/22/2027

 

1,144,250

e 

1,139,067

 

Pathway Vet Alliance, 2021 Replacement Term Loan, 1 Month LIBOR +3.75%

 

3.96

 

3/31/2027

 

228,056

e 

226,517

 

PetVet Care Centers, Second Lien Initial Term Loan, 1 Month LIBOR +6.25%

 

6.46

 

2/15/2026

 

400,000

e 

399,750

 

Pluto Acquisition I, 2021 First Lien Term Loan, 1 Month LIBOR +4.00%

 

4.21

 

6/20/2026

 

120,742

e 

119,836

 

Resonetics, First Lien Initial Term Loan, 3 Month LIBOR +4.00%

 

4.75

 

4/28/2028

 

338,386

e 

336,694

 

Sharp Midco, First Lien Initial Term Loan, 3 Month LIBOR +4.00%

 

4.50

 

12/14/2028

 

229,479

e 

228,618

 

Sirona BidCo, Facility Term Loan B, 3 Month EURIBOR +4.50%

EUR

4.50

 

12/17/2028

 

1,000,000

e 

1,115,178

 

Surgery Center Holdings, 2021 New Term Loan, 1 Month LIBOR +3.75%

 

4.50

 

8/31/2026

 

595,913

e 

591,551

 

WCG Purchaser, First Lien Initial Term Loan, 3 Month LIBOR +4.00%

 

5.00

 

1/8/2027

 

484,660

e 

482,995

 
 

12,787,401

 

Industrial - 1.4%

     

Brand Industrial Services, Initial Term Loan, 3 Month LIBOR +4.25%

 

5.25

 

6/21/2024

 

91,495

e 

87,642

 

Osmose Utilities Services, First Lien Initial Term Loan, 1 Month LIBOR +3.25%

 

3.75

 

6/22/2028

 

318,238

e 

314,459

 

Pro Mach Group, Delayed Draw Term Loan, 3 Month LIBOR +0.00%

 

0.00

 

8/31/2028

 

17,009

e,h 

17,008

 

Pro Mach Group, Initial Term Loan, 3 Month LIBOR +4.00%

 

5.00

 

8/31/2028

 

247,733

e 

247,718

 

Qualtek USA, Tranche Term Loan B, 3 Month LIBOR +6.25%

 

7.25

 

7/18/2025

 

299,915

e 

296,916

 

Titan Acquisition, Initial Term Loan, 1 Month LIBOR +3.00%

 

3.35

 

3/28/2025

 

586,293

e 

576,156

 

VAC Germany Holding GmbH, Term Loan B, 3 Month LIBOR +4.00%

 

5.00

 

3/8/2025

 

337,119

e 

330,798

 
 

1,870,697

 

19

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

a,b 

Value ($)

 

Floating Rate Loan Interests - 60.8% (continued)

     

Information Technology - 7.5%

     

Ascend Learning, Initial Term Loan, 1 Month LIBOR +3.50%

 

4.00

 

12/10/2028

 

197,694

e 

195,423

 

Boxer Parent, 2021 Replacement Dollar Term Loan, 3 Month LIBOR +3.75%

 

3.97

 

10/2/2025

 

493,680

e 

488,721

 

Camelia Bidco, Facility Term Loan B-1, 3 Month GBPLIBOR +4.75%

GBP

5.01

 

10/5/2024

 

2,000,000

e 

2,638,288

 

CT Technologies, 2021 Reprice Term Loan, 1 Month LIBOR +4.25%

 

5.00

 

12/16/2025

 

243,991

e 

242,637

 

DCert Buyer, First Lien Initial Term Loan, 1 Month LIBOR +4.00%

 

4.21

 

10/16/2026

 

276,617

e 

275,848

 

DCert Buyer, Second Lien Initial Term Loan, 1 Month LIBOR +7.00%

 

7.21

 

2/16/2029

 

300,000

e 

300,075

 

ECL Entertainment, Term Loan B, 3 Month LIBOR +7.50%

 

8.25

 

4/30/2028

 

278,600

e 

285,913

 

EP Purchaser, Closing Date Term Loan, 3 Month LIBOR +3.50%

 

4.00

 

11/4/2028

 

450,000

e 

448,191

 

Finastra USA, First Lien Dollar Term Loan, 6 Month LIBOR +3.50%

 

4.50

 

6/13/2024

 

1,138,570

e 

1,124,338

 

Fintrax International Holdings, Facility New Term Loan B-1, 3 Month EURIBOR +5.25%

EUR

5.25

 

5/27/2026

 

598,086

e 

671,442

 

Fintrax International Holdings, New Facility Term Loan B-2, 3 Month EURIBOR +5.25%

EUR

5.25

 

5/27/2026

 

20,096

e 

22,560

 

Fintrax International Holdings, New Facility Term Loan B-3, 3 Month EURIBOR +5.25%

EUR

5.25

 

5/27/2026

 

231,101

e 

259,445

 

Fintrax International Holdings, New Facility Term Loan B-4, 3 Month EURIBOR +5.25%

EUR

5.25

 

5/27/2026

 

150,718

e 

169,203

 

Greeneden US Holdings II, Dollar Term Loan B-4, 1 Month LIBOR +4.00%

 

4.75

 

12/1/2027

 

241,739

e 

241,654

 

Ivanti Software, First Amendment Term Loan, 3 Month LIBOR +4.00%

 

4.75

 

12/1/2027

 

281,902

e 

277,557

 

Ivanti Software, First Lien Term Loan B, 3 Month LIBOR +4.25%

 

5.00

 

12/1/2027

 

455,694

e 

450,283

 

Mitchell International, Second Lien Initial Term Loan, 3 Month LIBOR +6.50%

 

7.00

 

10/15/2029

 

158,974

e 

158,080

 

Polaris Newco, Sterling Term Loan, 1 Month SONIA +5.25%

GBP

5.69

 

6/4/2028

 

997,500

e 

1,325,768

 

TIBCO Software, Term Loan B-3, 1 Month LIBOR +3.75%

 

3.96

 

7/3/2026

 

277,152

e 

275,768

 

20

 

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

a,b 

Value ($)

 

Floating Rate Loan Interests - 60.8% (continued)

     

Information Technology - 7.5% (continued)

     

UKG, First Lien Initial Term Loan, 1 Month LIBOR +3.75%

 

3.96

 

5/3/2026

 

202,442

e 

201,283

 
 

10,052,477

 

Insurance - 2.8%

     

Alliant Holdings Intermediate, 2021-2 New Term Loan, 1 Month LIBOR +3.50%

 

4.00

 

11/12/2027

 

398,326

e 

395,755

 

Asurion, New Term Loan B-4, 1 Month LIBOR +5.25%

 

5.46

 

1/15/2029

 

414,791

e 

410,815

 

Asurion, Second Lien Term Loan B-3, 1 Month LIBOR +5.25%

 

5.46

 

2/3/2028

 

1,068,450

e 

1,058,032

 

Mayfield Agency Borrower, First Lien Term Loan B, 1 Month LIBOR +4.50%

 

4.71

 

2/28/2025

 

771,966

e 

770,680

 

Sedgwick Claims Management Services, 2019 New Term Loan, 1 Month LIBOR +3.75%

 

3.96

 

9/3/2026

 

221,535

e 

220,184

 

Sedgwick Claims Management Services, 2020 Term Loan, 1 Month LIBOR +4.25%

 

5.25

 

9/3/2026

 

9,119

e 

9,125

 

Sedgwick CMS, Term Loan, 1 Month LIBOR +3.25%

 

3.46

 

12/31/2025

 

940,223

e 

929,646

 
 

3,794,237

 

Internet Software & Services - 1.8%

     

Endure Digital, Initial Term Loan, 6 Month LIBOR +3.50%

 

4.25

 

2/10/2028

 

656,700

e 

634,536

 

ION Trading Finance, Initial Dollar Term Loan, 3 Month LIBOR +4.75%

 

4.97

 

4/1/2028

 

218,900

e 

218,319

 

Proofpoint, Initial Term Loan, 3 Month LIBOR +3.25%

 

3.76

 

8/31/2028

 

437,630

e 

433,446

 

Trader, Senior Secured First Lien Term Loan, 1 Month LIBOR +3.00%

 

4.00

 

9/28/2023

 

220,000

e 

218,625

 

WeddingWire, First Lien Initial Term Loan, 3 Month LIBOR +4.50%

 

4.61

 

12/21/2025

 

867,027

e 

867,569

 
 

2,372,495

 

Materials - 1.6%

     

Berlin Packaging, Tranche Term Loan B-5, 1-3 Month LIBOR +3.75%

 

4.25

 

3/11/2028

 

291,911

e 

290,451

 

Charter Nex US, 2021 Refinancing Term Loan, 1 Month LIBOR +3.75%

 

4.50

 

12/1/2027

 

117,974

e 

117,616

 

MAR Bidco, USD Facility Term Loan B, 3 Month LIBOR +4.25%

 

4.75

 

6/28/2028

 

181,266

e 

180,360

 

21

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

a,b 

Value ($)

 

Floating Rate Loan Interests - 60.8% (continued)

     

Materials - 1.6% (continued)

     

Mauser Packaging Solutions, Initial Term Loan, 1 Month LIBOR +3.25%

 

3.36

 

4/3/2024

 

378,251

e 

372,577

 

Proampac PG Borrower, 2020-1 Term Loan, 3 Month LIBOR +3.75%

 

4.50

 

11/3/2025

 

426,847

e 

424,499

 

Tecostar Holdings, 2017 First Lien Term Loan, 3 Month LIBOR +3.50%

 

4.50

 

5/1/2024

 

274,460

e 

262,995

 

Tosca Services, 2021 Refinancing Term Loan, 1 Month LIBOR +3.50%

 

4.25

 

8/18/2027

 

210,312

e 

208,034

 

Valcour Packaging, Second Lien Initial Term Loan, 3 Month LIBOR +7.00%

 

7.50

 

9/30/2029

 

350,000

e 

344,750

 
 

2,201,282

 

Media - 1.1%

     

Banijay Group US Holding, USD Facility Term Loan B, 1 Month LIBOR +3.75%

 

3.86

 

3/1/2025

 

314,804

e 

312,574

 

DIRECTV Financing, Closing Date Term Loan, 3 Month LIBOR +5.00%

 

5.75

 

8/2/2027

 

1,141,321

e 

1,140,003

 
 

1,452,577

 

Retailing - 1.7%

     

Academy, Refinancing Term Loan, 1 Month LIBOR +3.75%

 

4.50

 

11/6/2027

 

208,947

e 

208,882

 

Great Outdoors Group, Term Loan B-2, 3 Month LIBOR +3.75%

 

4.50

 

3/5/2028

 

464,479

e 

462,853

 

LBM Acquisition, First Lien Initial Term Loan, 1 Month LIBOR +3.75%

 

4.50

 

12/18/2027

 

357,098

e 

352,189

 

New Look Corporate Limited Shareholder Loan, Term Loan, 6 Month GBPLIBOR +0.00%

GBP

0.00

 

9/24/2029

 

24,012

e,i 

7,087

 

Park River Holdings, Initial Term Loan, 3 Month LIBOR +3.25%

 

4.00

 

12/28/2027

 

317,989

e 

313,616

 

PetSmart, Initial Term Loan, 3 Month LIBOR +3.75%

 

4.50

 

2/12/2028

 

193,428

e 

192,723

 

Staples, 2019 Refinancing New Term Loan B-1, 3 Month LIBOR +5.00%

 

5.32

 

4/12/2026

 

238,746

e 

227,332

 

Woof Holdings, First Lien Initial Term Loan, 3 Month LIBOR +3.75%

 

4.50

 

12/21/2027

 

556,563

e 

552,389

 
 

2,317,071

 

22

 

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

a,b 

Value ($)

 

Floating Rate Loan Interests - 60.8% (continued)

     

Semiconductors & Semiconductor Equipment - .8%

     

Bright Bidco, 2018 Refinancing Term Loan B, 3 Month LIBOR +3.50%

 

4.50

 

6/30/2024

 

367,121

e 

278,553

 

Natel Engineering, Initial Term Loan, 1-6 Month LIBOR +6.25%

 

7.25

 

4/30/2026

 

494,844

e 

484,536

 

Ultra Clean Holdings, Second Amendment Term Loan B, 1 Month LIBOR +3.75%

 

3.96

 

8/27/2025

 

327,678

e 

327,816

 
 

1,090,905

 

Technology Hardware & Equipment - 1.1%

     

Access CIG, First Lien Term Loan B, 1 Month LIBOR +3.75%

 

3.96

 

2/27/2025

 

220,405

e 

218,562

 

Atlas CC Acquisition, First Lien Term Loan B, 3 Month LIBOR +4.25%

 

5.00

 

5/25/2028

 

476,319

e 

475,055

 

Atlas CC Acquisition, First Lien Term Loan C, 3 Month LIBOR +4.25%

 

5.00

 

5/25/2028

 

96,879

e 

96,621

 

Marnix SAS, Additional Term Loan B, 3 Month SOFR +4.00%

 

4.50

 

8/2/2028

 

128,571

e 

128,088

 

Surf Holdings, Senior Secured First Lien Dollar Tranche Term Loan, 3 Month LIBOR +3.50%

 

3.69

 

3/5/2027

 

229,958

e 

228,185

 

VeriFone Systems, First Lien Initial Term Loan, 3 Month LIBOR +4.00%

 

4.50

 

8/20/2025

 

382,370

e 

375,948

 
 

1,522,459

 

Telecommunication Services - 1.8%

     

CCI Buyer, First Lien Initial Term Loan, 3 Month LIBOR +3.75%

 

4.50

 

12/17/2027

 

988,976

e 

980,016

 

Connect Finco, Amendment No. 1 Refinancing Term Loan, 1 Month LIBOR +3.50%

 

4.50

 

12/12/2026

 

372,214

e 

368,027

 

Crown Subsea Communications, Initial Term Loan, 1 Month LIBOR +4.75%

 

5.50

 

4/27/2027

 

220,757

e 

221,677

 

Cyxtera DC Holdings, First Lien Initial Term Loan, 6 Month LIBOR +3.00%

 

4.00

 

5/1/2024

 

255,201

e 

252,558

 

West, Initial Term Loan B, 3 Month LIBOR +4.00%

 

5.00

 

10/10/2024

 

670,690

e 

602,575

 
 

2,424,853

 

Transportation - .3%

     

OLA Netherlands, Term Loan, 3 Month Term SOFR +6.25%

 

7.00

 

12/3/2026

 

223,094

e 

223,094

 

Worldwide Express, First Lien Initial Term Loan, 3 Month LIBOR +4.25%

 

5.00

 

7/26/2028

 

133,080

e 

132,255

 
 

355,349

 

23

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

a,b 

Value ($)

 

Floating Rate Loan Interests - 60.8% (continued)

     

Utilities - .2%

     

Eastern Power, Term Loan B, 3 Month LIBOR +3.75%

 

4.75

 

10/2/2025

 

439,969

e 

291,939

 

Total Floating Rate Loan Interests
(cost $82,753,228)

 

81,778,935

 
     

Shares

b 

  

Common Stocks - .1%

     

Information Technology - .1%

     

Skillsoft

     

17,443

j 

113,031

 

Media - .0%

     

Altice USA, Cl. A

     

2,000

j 

23,120

 

Retailing - .0%

     

New Look, Cl. B

     

324,001

i,j 

0

 

Total Common Stocks
(cost $223,726)

 

136,151

 
      

 

  

Exchange-Traded Funds - .6%

     

Registered Investment Companies - .6%

     

Invesco Senior Loan ETF

     

19,800

 

431,046

 

SPDR Blackstone Senior Loan ETF

     

9,520

 

429,257

 

Total Exchange-Traded Funds
(cost $874,841)

 

860,303

 

24

 

          
 

Description

1-Day
Yield (%)

   

Shares

 

Value ($)

 

Investment Companies - 1.9%

     

Registered Investment Companies - 1.9%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $2,616,111)

 

0.10

   

2,616,111

k 

2,616,111

 

Total Investments (cost $199,867,089)

 

143.6%

193,271,212

 

Liabilities, Less Cash and Receivables

 

(43.6%)

(58,678,580)

 

Net Assets

 

100.0%

134,592,632

 

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

LIBOR—London Interbank Offered Rate

PRIME—Prime Lending Rate

REIT—Real Estate Investment Trust

SONIA—Sterling Overnight Index Average

SPDR—Standard & Poor's Depository Receipt

TSFR—Term SOFR (Secured Overnight Financing Rate) Reference Rates

EUR—Euro

GBP—British Pound

a Amount stated in U.S. Dollars unless otherwise noted above.

b Security, or portion thereof, has been pledged as collateral for the fund’s Revolving Credit and Security Agreement.

c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2022, these securities were valued at $98,500,016 or 73.18% of net assets.

d Payment-in-kind security and interest may be paid in additional par.

e Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.

f Security purchased on a when-issued or delayed basis for which the fund has not taken delivery as of February 28, 2022.

g Collateralized Loan Obligations equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. The effective yield is estimated based upon the current projection of the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal payment. The estimated yield and investment cost may ultimately not be realized.

h Investment, or portion of investment, represents an unfunded floating note loan interest outstanding.

i The fund held Level 3 securities at February 28, 2022. These securities were valued at $7,087 or .01% of net assets.

j Non-income producing security.

k Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.

25

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  

Portfolio Summary (Unaudited)

Value (%)

Consumer, Non-cyclical

30.9

Collateralized Loan Obligations

26.1

Consumer, Cyclical

19.2

Communications

16.4

Industrial

15.0

Technology

9.9

Financial

9.0

Energy

6.7

Basic Materials

6.6

Investment Companies

2.5

Utilities

1.3

 

143.6

 Based on net assets.

See notes to financial statements.

       

Affiliated Issuers

   

Description

Value ($) 8/31/2021

Purchases ($)

Sales ($)

Value ($) 2/28/2022

Dividends/
Distributions ($)

 

Registered Investment Companies - 1.9%

  

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 1.9%

332,977

46,602,650

(44,319,516)

2,616,111

2,325

 

 Includes reinvested dividends/distributions.

See notes to financial statements.

26

 

      

Forward Foreign Currency Exchange Contracts

 

Counterparty/ Purchased
Currency

Purchased Currency
Amounts

Currency
Sold

Sold
Currency
Amounts

Settlement Date

Unrealized Appreciation (Depreciation) ($)

Goldman Sachs

United States Dollar

9,441,106

British Pound

6,955,000

3/23/2022

108,896

United States Dollar

5,001,128

British Pound

3,745,000

3/31/2022

(24,344)

United States Dollar

14,046,663

Euro

12,585,000

3/31/2022

(83,611)

United States Dollar

36,328,289

Euro

32,045,000

3/23/2022

361,888

Gross Unrealized Appreciation

  

470,784

Gross Unrealized Depreciation

  

(107,955)

See notes to financial statements.

27

 

STATEMENT OF ASSETS AND LIABILITIES

February 28, 2022 (Unaudited)

       

 

 

 

 

 

 

 

 

 

 

Cost

 

Value

 

Assets ($):

 

 

 

 

Investments in securities—See Statement of Investments

 

 

 

Unaffiliated issuers

197,250,978

 

190,655,101

 

Affiliated issuers

 

2,616,111

 

2,616,111

 

Cash denominated in foreign currency

 

 

352,494

 

346,973

 

Dividends and interest receivable

 

1,847,073

 

Receivable for investment securities sold

 

863,499

 

Unrealized appreciation on forward foreign
currency exchange contracts—Note 4

 

470,784

 

Prepaid expenses

 

 

 

 

673

 

 

 

 

 

 

196,800,214

 

Liabilities ($):

 

 

 

 

Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)

 

228,259

 

Cash overdraft due to Custodian

 

 

 

 

145,569

 

Loan payable ($58,000,000 face amount, respectively, report
net of unamortized debt issuance cost of $108,082)—Note 2

 

57,891,918

 

Payable for investment securities purchased

 

3,702,343

 

Unrealized depreciation on forward foreign
currency exchange contracts—Note 4

 

107,955

 

Directors’ fees and expenses payable

 

3,892

 

Interest and loan fees payable—Note 2

 

2,740

 

Other accrued expenses

 

 

 

 

124,906

 

 

 

 

 

 

62,207,582

 

Net Assets ($)

 

 

134,592,632

 

Composition of Net Assets ($):

 

 

 

 

Paid-in capital

 

 

 

 

147,072,431

 

Total distributable earnings (loss)

 

 

 

 

(12,479,799)

 

Net Assets ($)

 

 

134,592,632

 

     

Shares Outstanding

 

 

(100 million shares of $.001 par value Common Stock authorized)

15,000,727

 

Net Asset Value Per Share ($)

 

8.97

 

 

 

 

 

 

See notes to financial statements.

 

 

  

 

28

 

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2022 (Unaudited)

       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Income ($):

 

 

 

 

Income:

 

 

 

 

Interest

 

 

5,787,844

 

Dividends:

 

Unaffiliated issuers

 

 

16,435

 

Affiliated issuers

 

 

2,325

 

Total Income

 

 

5,806,604

 

Expenses:

 

 

 

 

Management fee—Note 3(a)

 

 

831,762

 

Interest expense and loan fees—Note 2

 

 

587,469

 

Custodian fees—Note 3(b)

 

 

136,490

 

Professional fees

 

 

90,304

 

Directors’ fees and expenses—Note 3(c)

 

 

31,181

 

Registration fees

 

 

11,876

 

Shareholders’ reports

 

 

11,133

 

Shareholder servicing costs

 

 

6,976

 

Chief Compliance Officer fees—Note 3(b)

 

 

4,352

 

Miscellaneous

 

 

115,872

 

Total Expenses

 

 

1,827,415

 

Net Investment Income

 

 

3,979,189

 

Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):

 

 

Net realized gain (loss) on investments and foreign currency transactions

602,120

 

Net realized gain (loss) on forward foreign currency exchange contracts

3,235,576

 

Net Realized Gain (Loss)

 

 

3,837,696

 

Net change in unrealized appreciation (depreciation) on investments
and foreign currency transactions

(10,508,977)

 

Net change in unrealized appreciation (depreciation) on
forward foreign currency exchange contracts

641,519

 

Net Change in Unrealized Appreciation (Depreciation)

 

 

(9,867,458)

 

Net Realized and Unrealized Gain (Loss) on Investments

 

 

(6,029,762)

 

Net (Decrease) in Net Assets Resulting from Operations

 

(2,050,573)

 

 

 

 

 

 

 

 

See notes to financial statements.

     

29

 

STATEMENT OF CASH FLOWS

Six Months Ended February 28, 2022 (Unaudited)

       

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Operating Activities ($):

 

 

 

 

 

Purchases of portfolio securities

 

(67,142,338)

 

 

 

Proceeds from sales of portfolio securities

52,570,776

 

 

 

Net purchase (sales) of short-term securities

(2,998,515)

 

 

 

Dividends and interest income received

 

5,716,009

 

 

 

Interest and loan fees paid

 

(513,086)

 

 

 

Paid to BNY Mellon Investment Adviser, Inc. and affiliates

 

(955,412)

 

 

 

Operating expenses paid

 

(305,043)

 

 

 

Net realized gain (loss) from forward foreign currency

 

 

 

 

 

 

exchange contracts transactions

 

3,235,576

 

 

 

Net Cash Provided (or Used) in Operating Activities

 

 

 

(10,392,033)

 

Cash Flows from Financing Activities ($):

 

 

 

 

 

Dividends paid to Common Shareholders

 

(5,051,409)

 

 

 

Increase in Cash Overdraft due to Custodian

 

145,569

 

 

 

Net Cash Provided (or Used) in Financing Activities

 

(4,905,840)

 

Effect of Foreign Exchange Rate Changes on Cash

 

(51,857)

 

Net Increase (Decrease) in Cash

 

(15,349,730)

 

Cash and cash denominated in foreign currency at beginning of period

 

15,696,703

 

Cash and Cash Denominated in Foreign Currency at End of Period

 

346,973

 

Reconciliation of Net Increase (Decrease) in Net Assets

 

 

 

 

Resulting from Operations to Net Cash Provided

 

 

 

 

by Operating Activities ($):

 

 

 

Net (Decrease) in Net Assets Resulting From Operations

 

(2,050,573)

 

Adjustments to Reconcile Net (Decrease) in Net Assets

 

 

 

 

Resulting from Operations to Net Cash

 

 

 

 

Provided (or Used) in Operating Activities ($):

 

 

 

Increase in investments in securities at cost

 

(6,362,446)

 

Increase in dividends and interest receivable

 

(90,596)

 

Decrease in receivable for investment securities sold

 

2,793,297

 

Decrease in prepaid expenses

 

26,756

 

Increase in Due to BNY Mellon Investment Adviser, Inc. and affiliates

 

17,192

 

Decrease in payable for investment securities purchased

 

(14,603,047)

 

Decrease in unamortized debt issuance cost

 

74,383

 

Increase in Directors' fees and expenses payable

 

1,367

 

Decrease in other accrued expenses

 

(65,824)

 

Net change in unrealized (appreciation) depreciation on investments

 

9,867,458

 

Net Cash Provided (or Used) in Operating Activities

 

(10,392,033)

 

Supplemental Disclosure Cash Flow Information ($):

 

 

 

Non-cash financing activities:

 

 

 

Reinvestment of dividends

 

194,987

 

 

 

 

 

 

 

 

See notes to financial statements.

     

30

 

STATEMENT OF CHANGES IN NET ASSETS

          

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
February 28, 2022 (Unaudited)

 

Year Ended
August 31, 2021

 

Operations ($):

 

 

 

 

 

 

 

 

Net investment income

 

 

3,979,189

 

 

 

9,415,721

 

Net realized gain (loss) on investments

 

3,837,696

 

 

 

3,470,133

 

Net change in unrealized appreciation
(depreciation) on investments

 

(9,867,458)

 

 

 

8,139,621

 

Net Increase (Decrease) in Net Assets
Resulting from Operations

(2,050,573)

 

 

 

21,025,475

 

Distributions ($):

 

Distributions to shareholders

 

 

(4,497,404)

 

 

 

(8,980,401)

 

Capital Stock Transactions ($):

 

Distributions reinvested

 

 

194,987

 

 

 

156,681

 

Increase (Decrease) in Net Assets
from Capital Stock Transactions

194,987

 

 

 

156,681

 

Total Increase (Decrease) in Net Assets

(6,352,990)

 

 

 

12,201,755

 

Net Assets ($):

 

Beginning of Period

 

 

140,945,622

 

 

 

128,743,867

 

End of Period

 

 

134,592,632

 

 

 

140,945,622

 

Capital Share Transactions (Shares):

 

Shares issued for distributions reinvested

 

 

20,879

 

 

 

16,715

 

Net Increase (Decrease) in Shares Outstanding

20,879

 

 

 

16,715

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements.

        

31

 

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. These figures have been derived from the fund’s financial statements and market price data for the fund’s shares.

        

Six Months Ended

 

February 28, 2022

Year Ended August 31,

   

(Unaudited)

2021

2020

2019

2018a

Per Share Data ($):

       

Net asset value,
beginning of period

  

9.41

8.60

9.20

9.65

9.84b

Investment Operations:

       

Net investment incomec

  

.27

.63

.63

.69

.56

Net realized and unrealized
gain (loss) on investments

  

(.41)

.78

(.60)

(.49)

(.24)

Total from Investment Operations

  

(.14)

1.41

.03

.20

.32

Distributions:

       

Dividends from net investment income

  

(.30)

(.60)

(.63)

(.58)

(.49)

Dividends from net realized
gain on investments

  

-

-

-

(.07)

-

Total Distributions

  

(.30)

(.60)

(.63)

(.65)

(.49)

Offering costs charged to paid-in capital

  

-

-

-

-

(.02)

Net asset value, end of period

  

8.97

9.41

8.60

9.20

9.65

Market value, end of period

  

8.76

9.58

8.12

9.29

9.17

Market Price Total Return (%)

  

(5.54)d

26.24

(5.61)

9.08

(3.57)d

Ratios/Supplemental Data (%)

       

Ratio of total expenses
to average net assets

  

2.64e

2.42

2.69f

3.00

2.73f

Ratio of net expenses
to average net assets

  

2.64e

2.42

2.69f

2.99

2.73f

Ratio of interest expense and loan fees
to average net assets

  

.85e

.76

1.05f

1.52

1.15f

Ratio of net investment income
to average net assets

  

5.76e

6.87

7.37f

7.43

6.92f

Portfolio Turnover Rate

  

25.72d

85.31

85.90

54.94

67.71d

Net Assets, end of period ($ x 1,000)

  

134,593

140,946

128,744

137,587

144,411

Average borrowings outstanding ($ x 1,000)

  

58,000

55,386

55,279

60,000

56,177

Weighted average number of fund shares outstanding ($ x 1,000)

  

14,992

14,968

14,963

14,961

14,866

Average amount of debt per share ($)

  

3.87

3.70

3.69

4.01

3.78

a From October 27, 2017 (commencement of operations) to August 31, 2018.

b Reflects a deduction of $.16 per share sales load from the initial offering price of $10.00 per share.

c Based on average shares outstanding.

d Not annualized.

e Annualized.

f The ratios have been corrected due to immaterial corrections within the August 31, 2020 annual shareholder report which reflected a total expense ratio of 1.87%, a net expense ratio of 1.87%, an interest expense and loan fees ratio of .73% and a net investment income of 5.14%. The prior ratios were based on managed assets not average net assets.

See notes to financial statements.

32

 

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified closed-end management investment company. The fund has a limited term of approximately seven years. The fund’s investment objectives are to seek high current income and to return at least $9.835 per share of Common Stock (the public offering price per Common Stock after deducting a sales load of $0.165 per Common Stock but before deducting offering costs of $0.02 per Common Stock) to holders of record of Common Shares on or about December 1, 2024 (subject to certain extensions). BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. Alcentra NY, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of BNY Mellon and affiliate of the Adviser, serves as the fund’s sub-investment adviser. The fund’s Common Stock trades on the New York Stock Exchange (the “NYSE”) under the ticker symbol DCF.

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 Securities and Exchange Commission (“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 fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: 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

33

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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:

Investments in debt securities and floating rate loan interests, excluding short-term investments (other than U.S. Treasury Bills), 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 fund’s Board of Directors (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. These securities are generally categorized within Level 2 of the fair value hierarchy.

34

 

Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.

Each Service and independent valuation firm is engaged under the general oversight of the Board.

Fair valuing of securities may be determined with the assistance of a Service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and 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, 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.

35

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Forward contracts are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of February 28, 2022 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

-

35,167,947

 

-

35,167,947

 

Corporate Bonds

-

72,711,765

 

-

72,711,765

 

Equity Securities - Common Stocks

136,151

-

 

-

136,151

 

Exchange-Traded Funds

860,303

-

 

-

860,303

 

Floating Rate Loan Interests

-

81,771,848

 

7,087

81,778,935

 

Investment Companies

2,616,111

-

 

-

2,616,111

 

Other Financial Instruments:

  

Forward Foreign Currency Exchange Contracts††

-

470,784

 

-

470,784

 

Liabilities ($)

  

Other Financial Instruments:

  

Forward Foreign Currency Exchange Contracts††

-

(107,955)

 

-

(107,955)

 

 See Statement of Investments for additional detailed categorizations, if any.

†† Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives, if any, are reported in the Statement of Assets and Liabilities.

36

 

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

  

Floating Rate Loan Interests & Equity
Securities-Common Stocks ($) 

Balance as of 8/31/2021††

2,638,121

Net realized gain (loss)

998

Change in unrealized appreciation (depreciation)

4,528

Purchases/Issuances

57,099

Sales/Dispositions

(208,227)

Transfers into Level 3

-

Transfers out of Level 3

(2,485,432)

Balance as of 2/28/2022††

7,087

The amount of total net gains (loss) for the period included in earnings attributable to the change in unrealized appreciation (depreciation) relating to investments still held at 2/28/2022

154

 The transfer out of Level 3 for the current period was due to the resumption of trading of a security.

†† Securities deemed as Level 3 due to the lack of significant observable inputs by management assessment.

(b) Foreign currency transactions: The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.

(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis. Interest income from investments in collateralized loan obligation (“CLO”) equity is recorded based upon an effective yield to maturity utilizing assumed cash flows. The Adviser monitors the expected cash flows from its CLO equity investments and effective yield is determined

37

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

and adjusted as needed. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.

(d) Affiliated issuers: Investments in other investment companies advised by the Adviser are considered “affiliated” under the Act.

(e) Risk: An investment in the fund is subject to investment risk, including the possible loss of the entire amount that you invest. Your investment in Common Shares represents an indirect investment in the credit instruments and other investments and assets owned by the fund. The value of the fund’s portfolio investments may move up or down, sometimes rapidly and unpredictably. The value of the instruments in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel and imposing prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. To the extent the fund has significant investments in certain countries, regions, companies, industries or market sectors, such positions will increase the risk of loss from adverse developments affecting those countries, regions, companies, industries or sectors.

The fund invests primarily in credit instruments, which are subject to credit risk. Credit risk is the risk that one or more credit instruments in the fund’s portfolio will decline in price or fail to pay interest or principal when due because the issuer of the instrument experiences a decline in its financial status. Losses may occur because the market value of a credit instrument is

38

 

affected by the creditworthiness or perceived creditworthiness of the issuer and by general economic and specific industry conditions and the fund’s investments will often be subordinate to other debt in the issuer’s capital structure. Because the fund generally expects to invest a significant portion of its Managed Assets (as defined below) in below investment grade instruments, it will be exposed to a greater amount of credit risk than a fund which invests in investment grade securities. The prices of below investment grade instruments are more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn, than are the prices of investment grade instruments, which may reduce the fund's net asset value.

The fund invests in floating rate loan interests. The floating rate loans in which the fund invests typically are below investment grade quality, and inherently speculative. In the event of the bankruptcy or insolvency of a borrower, the fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing the borrower’s loan.

The fund invests in CDOs, including CLOs. CDOs may be thinly traded or have a limited trading market. CDOs, such as CLOs, are typically privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CLOs and other types of CDOs may be characterized by the fund as illiquid securities, especially investments in mezzanine and subordinated/equity tranches of CLOs; however, an active dealer market may exist for certain investments and more senior CLO tranches, which would allow such securities to be considered liquid in some circumstances. In addition to the general risks associated with credit instruments discussed herein, CLOs and other types of CDOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the class of CLO or CDO held by the fund is subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

(f) Dividends and distributions to Common Shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital

39

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Common Shareholders will have their distributions reinvested in additional shares of the fund, unless such Common Shareholders elect to receive cash, at the lower of the market price or net asset value per share (but not less than 95% of the market price). If market price is equal to or exceeds net asset value, shares will be issued at net asset value. If net asset value exceeds market price, Computershare Inc., the transfer agent, will buy fund shares in the open market and reinvest those shares accordingly.

On February 24, 2022, the Board declared a cash dividend of $0.050 per share from undistributed net investment income, payable on March 24, 2022 to Common Shareholders of record as of the close of business on March 10, 2022. The ex-dividend date was March 9, 2022.

(g) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended February 28, 2022, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended February 28, 2022, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended August 31, 2021 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The fund has an unused capital loss carryover of $12,114,415 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2021. The fund has $1,263,484 of short-term capital losses and $10,850,931 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2021 was as follows: ordinary income $8,980,401.

40

 

The tax character of current year distributions will be determined at the end of the current fiscal year.

(h) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

NOTE 2—Borrowings:

The fund has a $68,000,000 Revolving Credit Facility Credit Agreement with Societe Generale (the “Agreement”), which terminates on November 18, 2022 (or the prior business day, as necessary). Under the terms of the Agreement, the fund may borrow “Loans” on collateralized basis. The interest to be paid by the fund on such Loans is determined with reference to the principal amount of each Loan outstanding from time to time. The fund also pays additional fees pursuant to the Agreement.

During the period ended February 28, 2022, total fees pursuant to the Agreement amounted to $587,469 inclusive of $503,030 of interest expense and $84,439 of loan fees. These fees are included in Interest expense and loan fees in the Statement of Operations.

The average amount of borrowings outstanding under the Agreement during the period ended February 28, 2022 was $58,000,000, with a related weighted average annualized interest rate of 1.75%. The fund’s borrowings under the Agreement are secured by its portfolio holdings.

41

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

NOTE 3—Investment Management Fee, Sub-Investment Advisory Fee and Other Transactions with Affiliates:

(a) Pursuant to an Investment Management Agreement with the Adviser, the management fee is computed at the annual rate of 0.85% of the value of the fund’s “Managed Assets” and is payable monthly. “Managed Assets” of the fund means the total assets of the fund, including any assets attributable to leverage (i.e., any loans from certain financial institutions and/or the issuance of debt securities (collectively, “Borrowings”), preferred stock or other similar preference securities (“Preferred Shares”), or the use of derivative instruments that have the economic effect of leverage), minus the fund’s accrued liabilities, other than any liabilities or obligations attributable to leverage obtained through (i) indebtedness of any type (including, without limitation, Borrowings), (ii) the issuance of Preferred Shares, and/or (iii) any other means, all as determined in accordance with generally accepted accounting principles.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a fee at the annual rate of 0.425% of the value of the fund’s average daily Managed Assets and is payable monthly.

(b) The fund has an arrangement with the custodian whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.

The fund compensates BNY Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets and transaction activity. During the period ended February 28, 2022, the fund was charged $136,490 pursuant to the custody agreement.

During the period ended February 28, 2022, the fund was charged $4,352 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fees of $126,600, custodian fees of $98,032 and Chief Compliance Officer fees of $3,627.

42

 

(c) Each Board member also serves as a Board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities and forward contracts, during the period ended February 28, 2022, amounted to $52,284,711 and $50,144,256, respectively.

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 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.

The fund may enter into certain credit agreements all or a portion of which may be unfunded. The fund is obligated to fund these commitments at the borrower’s discretion. The commitments are disclosed in the accompanying Statement of Investments. At February 28, 2022, the fund had sufficient cash and/or securities to cover these commitments.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. The fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”) with its over-the-counter (“OTC”) derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination.

Each type of derivative instrument that was held by the fund during the period ended February 28, 2022 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

43

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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. Forward Contracts open at February 28, 2022 are set forth in the Statement of Investments.

The provisions of ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities” require disclosure on the offsetting of financial assets and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master Agreements which are eligible for offsetting in the Statement of Assets and Liabilities and require the fund to disclose both gross and net information with respect to such investments. For financial reporting purposes, the fund does not offset derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.

At February 28, 2022, derivative assets and liabilities (by type) on a gross basis are as follows:

      

Derivative Financial Instruments:

 

Assets ($)

 

Liabilities ($)

 

Forward contracts

 

470,784

 

(107,955)

 

Total gross amount of derivative

 

 

 

 

 

assets and liabilities in the

 

 

 

 

 

Statement of Assets and Liabilities

 

470,784

 

(107,955)

 

Derivatives not subject to

 

 

 

 

 

Master Agreements

 

-

 

-

 

Total gross amount of assets

 

 

 

 

 

and liabilities subject to

 

 

 

 

 

Master Agreements

 

470,784

 

(107,955)

 

44

 

The following tables present derivative assets and liabilities net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of February 28, 2022:

       

 

 

 

Financial

 

 

 

 

 

 

Instruments

 

 

 

 

 

 

and Derivatives

 

 

 

 

Gross Amount of

 

Available

Collateral

 

Net Amount of

Counterparty

Assets ($)

1 

for Offset ($)

Received ($)

  

Assets ($)

Goldman Sachs

470,784

 

(107,955)

-

 

362,829

 

 

 

 

 

 

 

 

 

 

Financial

 

 

 

 

 

 

Instruments

 

 

 

 

 

 

and Derivatives

 

 

 

 

Gross Amount of

 

Available

Collateral

 

Net Amount of

Counterparty

Liabilities ($)

1 

for Offset ($)

Pledged ($)

  

Liabilities ($)

Goldman Sachs

(107,955)

 

107,955

-

 

-

 

 

 

 

 

 

 

1 Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts
and are not offset in the Statement of Assets and Liabilities.

The following summarizes the average market value of derivatives outstanding during the period ended February 28, 2022:

   

 

 

Average Market Value ($)

Forward contracts

 

60,510,571

At February 28, 2022, accumulated net unrealized depreciation on investments inclusive of derivative contracts was $6,233,048, consisting of $2,085,434 gross unrealized appreciation and $8,318,482 gross unrealized depreciation.

At February 28, 2022, 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).

45

 

OFFICERS AND DIRECTORS
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.

240 Greenwich Street
New York, NY 10286

    

  Directors

 

Officers (continued)

 

Independent Board Members:

 

Assistant Treasurers (continued)

 

Joseph S. DiMartino, Chairman

 

Robert Salviolo

 

Francine J. Bovich

 

Robert Svagna

 

Andrew J. Donohue

 

Chief Compliance Officer

 

Kenneth A. Himmel

 

Joseph W. Connolly

 

Roslyn M. Watson

 

Portfolio Managers

 

Benaree Pratt Wiley

 

Chris Barris

 

Interested Board Member:

 

Kevin Cronk

 

Brad Skapyak

 

Hiram Hamilton

 

Officers

   

President

 

Adviser

 

David DiPetrillo

 

BNY Mellon Investment Adviser, Inc.

 

Chief Legal Officer

 

Sub-Adviser

 

Peter M. Sullivan

 

Alcentra NY, LLC

 

Vice President and Secretary

 

Custodian

 

James Bitetto

 

The Bank of New York Mellon

 

Vice Presidents and Assistant Secretaries

 

Counsel

 

Deirdre Cunnane

 

Proskauer Rose LLP

 

Sarah S. Kelleher

 

Transfer Agent,

 

Jeff Prusnofsky

 

Dividend Disbursing Agent

 

Amanda Quinn

 

Computershare Inc.

 

Natalya Zelensky

 

Stock Exchange Listing

 

Treasurer

 

NYSE Symbol: DCF

 

James Windels

 

Initial SEC Effective Date

 

Vice President

 

10/27/17

 

Daniel Goldstein

   

Joseph Martella

   

Assistant Treasurers

   

Gavin C. Reilly

   
    

The fund’s net asset value per share appears in the following publications: Barron’s, Closed-End Bond Funds section under the heading “Bond Funds” every Monday; The Wall Street Journal, Mutual Funds section under the heading “Closed-End Bond Funds” every Monday.

Notice is hereby given in accordance with Section 23(c) of the Act that the fund may purchase shares of its common stock in the open market when it can do so at prices below the then current net asset value per share.

46

 

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46

 

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For More Information

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.

240 Greenwich Street

New York, NY 10286

Adviser

BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, NY 10286

Sub-Adviser

Alcentra NY, LLC

200 Park Avenue

New York, NY 10166

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Transfer Agent &
Registrar

Computershare Inc.

480 Washington Boulevard

Jersey City, NJ 07310

Dividend Disbursing Agent

Computershare Inc.

P.O. Box 30170

College Station, TX 77842

  

Ticker Symbol:

DCF

For more information about the fund, visit https://im.bnymellon.com/us/en/products/closed-end-funds.jsp. Here you will find the fund’s most recently available quarterly fact sheets and other information about the fund. The information posted on the fund’s website is subject to change without notice.

The fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at www.im.bnymellon.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.

  


0822SA0222

 

 

 

 
 

 

 

Item 2.Code of Ethics.

Not applicable.

Item 3.Audit Committee Financial Expert.

Not applicable.

Item 4.Principal Accountant Fees and Services.

Not applicable.

Item 5.Audit Committee of Listed Registrants.

Not applicable.

Item 6.Investments.

(a)        Not applicable.

Item 7.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10.Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures applicable to Item 10.

Item 11.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-CSR 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-CSR 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 
 
Item 12.Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

 
 

 

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.

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.

By: /s/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

 

Date: April 21, 2022

 

 

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/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

 

Date: April 21, 2022

 

 

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

 

Date: April 21, 2022

 

 

 

 
 

EXHIBIT INDEX

(a)(2) 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)

(b)       Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)

EX-99.CERT 2 exhibit302-822.htm CERTIFICATION REQUIRED BY RULE 30A-2

[EX-99.CERT]—Exhibit (a)(2)

SECTION 302 CERTIFICATION

 

I, David DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:       /s/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

Date:       April 21, 2022

 
 

SECTION 302 CERTIFICATION

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:       /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

Date:       April 21, 2022

 

EX-99.906 CERT 3 exhibit906-822.htm CERTIFICATION REQUIRED BY SECTION 906

[EX-99.906CERT]

Exhibit (b)

 

 

SECTION 906 CERTIFICATIONS

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)       the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

 

(2)       the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

By:       /s/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

Date:       April 21, 2022

 

 

By:       /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

 

Date:       April 21, 2022

 

 

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

 

 

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