| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 98.8% | |||||
| Asset-Backed Securities 18.5% | |||||
| Collateralized Loan Obligations 18.4% | |||||
| AGL CLO Ltd. (Cayman Islands), Series 2020-09A, Class BR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.269 %(c) | 04/20/37 | 5,000 | $5,024,940 | |
| Anchorage Capital CLO Ltd. (Cayman Islands), Series 2019-11A, Class BR2, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 6.222(c) | 07/22/37 | 10,000 | 10,043,081 | |
| Apex Credit CLO LLC (Cayman Islands), Series 2021-02A, Class A2, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | 6.381(c) | 10/20/34 | 4,725 | 4,732,075 | |
| Atlas Senior Loan Fund Ltd. (United Kingdom), | |||||
| Series 2023-21A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.269(c) | 07/20/35 | 5,000 | 5,033,980 | |
| Series 2024-24A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | 6.169(c) | 01/20/38 | 10,000 | 9,988,399 | |
| Atlas Static Senior Loan Fund Ltd. (Cayman Islands), Series 2022-01A, Class BR, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.906(c) | 07/15/30 | 14,250 | 14,297,370 | |
| Avoca Capital CLO Ltd. (Ireland), Series 10A, Class B1RR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 3.629(c) | 04/15/35 | EUR | 3,750 | 4,220,335 |
| Bain Capital Credit CLO Ltd. (United Kingdom), Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | 6.975(c) | 07/24/36 | 16,525 | 16,640,958 | |
| Barrow Hanley CLO Ltd. (Cayman Islands), Series 2023-02A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.272(c) | 10/20/35 | 5,000 | 5,031,483 | |
| Battalion CLO Ltd. (Cayman Islands), Series 2017-11A, Class BR, 144A, 3 Month SOFR + 1.982% (Cap N/A, Floor 1.720%) | 6.257(c) | 04/24/34 | 5,000 | 5,017,400 | |
| Canyon Capital CLO Ltd. (Cayman Islands), Series 2019-01A, Class BRR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.056(c) | 07/15/37 | 11,500 | 11,522,071 | |
| Carlyle US CLO Ltd. (Cayman Islands), | |||||
| Series 2023-05A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.933(c) | 01/27/36 | 18,250 | 18,392,279 | |
| Series 2024-02A, Class B, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | 6.332(c) | 04/25/37 | 5,600 | 5,647,710 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| CIFC European Funding CLO DAC (Ireland), Series 03A, Class B1, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 1.500%) | 3.779 %(c) | 01/15/34 | EUR | 2,000 | $2,241,138 |
| CIFC Funding Ltd. (Cayman Islands), Series 2014-05A, Class BR3, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.030(c) | 07/17/37 | 9,650 | 9,688,879 | |
| Columbia Cent CLO Ltd. (Cayman Islands), Series 2020-29A, Class BR, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 0.000%) | 6.231(c) | 10/20/34 | 15,000 | 15,007,498 | |
| CQS US CLO Ltd. (Cayman Islands), Series 2021-01A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.019(c) | 01/20/35 | 12,400 | 12,422,554 | |
| Elevation CLO Ltd. (Cayman Islands), | |||||
| Series 2020-11A, Class BR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.256(c) | 10/15/37 | 8,125 | 8,142,306 | |
| Series 2021-13A, Class BR, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.856(c) | 07/15/34 | 2,500 | 2,493,750 | |
| Gallatin CLO Ltd. (Bermuda), | |||||
| Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.050% (Cap N/A, Floor 3.050%) | 7.292(c) | 10/14/35 | 10,000 | 10,062,965 | |
| Series 2024-01A, Class B, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 6.219(c) | 10/20/37 | 9,275 | 9,316,446 | |
| Golub Capital Partners CLO Ltd. (United Kingdom), Series 2023-68A, Class B, 144A, 3 Month SOFR + 2.800% (Cap N/A, Floor 2.800%) | 7.082(c) | 07/25/36 | 18,600 | 18,707,828 | |
| Greywolf CLO Ltd. (Cayman Islands), Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 5.574(c) | 04/26/31 | 310 | 309,300 | |
| Hayfin US Ltd. (Cayman Islands), Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 6.483(c) | 04/28/37 | 13,500 | 13,616,099 | |
| HPS Loan Management Ltd. (Cayman Islands), Series 2023-18A, Class B, 144A, 3 Month SOFR + 2.950% (Cap N/A, Floor 2.950%) | 7.222(c) | 07/20/36 | 17,900 | 18,003,777 | |
| KKR CLO Ltd. (Cayman Islands), | |||||
| Series 2022-41A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | 6.156(c) | 04/15/35 | 12,500 | 12,560,222 | |
| Series 32A, Class BR, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.356(c) | 04/15/37 | 4,000 | 4,024,999 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| LCM Ltd. (Cayman Islands), Series 33A, Class B, 144A, 3 Month SOFR + 1.912% (Cap N/A, Floor 1.650%) | 6.181 %(c) | 07/20/34 | 1,300 | $1,303,029 | |
| Madison Park Funding Ltd. (Cayman Islands), Series 2021-59A, Class BR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) | 6.189(c) | 04/18/37 | 11,000 | 11,034,198 | |
| Mountain View CLO Ltd. (Cayman Islands), Series 2015-09A, Class A2R, 144A, 3 Month SOFR + 2.042% (Cap N/A, Floor 0.000%) | 6.298(c) | 07/15/31 | 9,250 | 9,297,452 | |
| NGC Ltd. (United Kingdom), Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.369(c) | 07/20/37 | 7,650 | 7,691,845 | |
| Ocean Trails CLO Ltd. (United Kingdom), Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | 6.756(c) | 01/15/37 | 4,250 | 4,293,222 | |
| Octagon Investment Partners Ltd. (Cayman Islands), Series 2019-03A, Class BRR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.056(c) | 07/15/37 | 8,100 | 8,114,987 | |
| Octagon Investment Partners Ltd., Series 2017-01A, Class BR3, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.056(c) | 10/31/37 | 7,600 | 7,636,849 | |
| OFSI BSL CLO Ltd. (Cayman Islands), Series 2024-13A, Class B, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 6.519(c) | 04/20/37 | 5,000 | 5,042,049 | |
| OFSI BSL Ltd. (Cayman Islands), Series 2023-12A, Class BR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.069(c) | 01/20/38 | 10,550 | 10,563,927 | |
| PPM CLO Ltd. (Cayman Islands), Series 2019-02A, Class BR2, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 6.511(c) | 04/16/37 | 3,250 | 3,269,013 | |
| Rad CLO Ltd. (Cayman Islands), Series 2023-19A, Class B1R, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 6.273(c) | 03/20/38 | 20,000 | 20,056,440 | |
| Regatta Funding Ltd. (Cayman Islands), Series 2024-03A, Class B, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.006(c) | 09/06/37 | 13,500 | 13,575,846 | |
| Signal Peak CLO Ltd. (Cayman Islands), Series 2021-09A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.019(c) | 01/21/38 | 9,185 | 9,173,150 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Sixth Street CLO Ltd. (Cayman Islands), Series 2020-16A, Class BR, 144A, 3 Month SOFR + 2.450% (Cap N/A, Floor 2.450%) | 6.719 %(c) | 01/20/37 | 17,200 | $17,327,285 | |
| Sound Point CLO Ltd. (Cayman Islands), Series 2020-02A, Class DR, 144A, 3 Month SOFR + 3.612% (Cap N/A, Floor 3.350%) | 7.893(c) | 10/25/34 | 1,500 | 1,462,500 | |
| St. Pauls CLO (Netherlands), Series 11A, Class C2R, 144A | 2.500 | 01/17/32 | EUR | 4,500 | 4,733,485 |
| Tikehau US CLO Ltd. (Bermuda), | |||||
| Series 2022-01A, Class BR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.069(c) | 01/20/38 | 12,150 | 12,179,631 | |
| Series 2022-02A, Class BR, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 7.019(c) | 01/20/36 | 12,000 | 12,103,037 | |
| Trinitas CLO Ltd. (Cayman Islands), Series 2021-15A, Class B1, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.700%) | 6.234(c) | 04/22/34 | 8,350 | 8,347,077 | |
| Voya CLO Ltd. (Cayman Islands), Series 2019-03A, Class BR, 144A, 3 Month SOFR + 1.912% (Cap N/A, Floor 1.650%) | 6.191(c) | 10/17/32 | 8,650 | 8,679,064 | |
| Wellfleet CLO Ltd. (Cayman Islands), Series 2021-02A, Class B, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%) | 6.318(c) | 07/15/34 | 2,850 | 2,864,649 | |
| Zais CLO Ltd. (Cayman Islands), Series 2015-03A, Class A2R, 144A, 3 Month SOFR + 2.452% (Cap N/A, Floor 0.000%) | 6.708(c) | 07/15/31 | 1,500 | 1,508,460 | |
| 432,447,037 | |||||
| Other 0.1% | |||||
| Sierra Timeshare Receivables Funding LLC, Series 2023-02A, Class D, 144A | 9.720 | 04/20/40 | 1,232 | 1,272,200 | |
| Total Asset-Backed Securities (cost $429,534,674) | 433,719,237 | ||||
| Commercial Mortgage-Backed Securities 0.5% | |||||
| BX Trust, Series 2025-DIME, Class E, 144A, 1 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.329(c) | 02/15/35 | 4,750 | 4,713,160 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Commercial Mortgage-Backed Securities (Continued) | |||||
| NYC Commercial Mortgage Trust, Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | 6.770 %(c) | 02/15/42 | 2,350 | $2,292,520 | |
| ROCK Trust, Series 2024-CNTR, Class E, 144A | 8.819 | 11/13/41 | 5,000 | 5,222,819 | |
| Total Commercial Mortgage-Backed Securities (cost $12,094,245) | 12,228,499 | ||||
| Corporate Bonds 13.5% | |||||
| Airlines 0.2% | |||||
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), | |||||
| Sr. Unsec’d. Notes, 144A | 6.375 | 02/01/30 | 375 | 335,625 | |
| Sr. Unsec’d. Notes, 144A | 7.875 | 05/01/27 | 3,575 | 3,494,562 | |
| 3,830,187 | |||||
| Auto Parts & Equipment 0.0% | |||||
| Dana, Inc., Sr. Unsec’d. Notes | 4.500 | 02/15/32 | 680 | 635,932 | |
| Banks 9.8% | |||||
| Bank of America Corp., Jr. Sub. Notes | 6.625(ff) | 05/01/30(oo) | 4,690 | 4,774,236 | |
| Bank of Nova Scotia (The) (Canada), Jr. Sub. Notes(a) | 7.350(ff) | 04/27/85 | 31,000 | 31,124,524 | |
| Citigroup, Inc., | |||||
| Jr. Sub. Notes, Series CC | 7.125(ff) | 08/15/29(oo) | 9,870 | 9,998,102 | |
| Jr. Sub. Notes, Series EE | 6.750(ff) | 02/15/30(oo) | 10,295 | 10,205,417 | |
| Jr. Sub. Notes, Series FF | 6.950(ff) | 02/15/30(oo) | 15,435 | 15,558,513 | |
| Jr. Sub. Notes, Series X | 3.875(ff) | 02/18/26(oo) | 26,500 | 26,004,609 | |
| Goldman Sachs Group, Inc. (The), | |||||
| Jr. Sub. Notes | 6.850(ff) | 02/10/30(oo) | 15,435 | 15,612,971 | |
| Jr. Sub. Notes, Series R | 7.560(ff) | 08/10/25(oo) | 9,444 | 9,458,516 | |
| Jr. Sub. Notes, Series V | 4.125(ff) | 11/10/26(oo) | 20,058 | 19,528,833 | |
| JPMorgan Chase & Co., Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | 7.043(ff)(c) | 07/01/25(oo) | 23,015 | 22,975,863 | |
| Royal Bank of Canada (Canada), | |||||
| Jr. Sub. Notes(a) | 6.350(ff) | 11/24/84 | 6,500 | 6,110,000 | |
| Jr. Sub. Notes(a) | 7.500(ff) | 05/02/84 | 9,000 | 9,344,083 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Banks (cont’d.) | |||||
| State Street Corp., Jr. Sub. Notes, Series J | 6.700 %(ff) | 09/15/29(oo) | 100 | $102,166 | |
| Sumitomo Mitsui Financial Group, Inc. (Japan), Jr. Sub. Notes | 6.600(ff) | 06/05/34(oo) | 2,725 | 2,677,312 | |
| Toronto-Dominion Bank (The) (Canada), Jr. Sub. Notes(a) | 7.250(ff) | 07/31/84 | 30,255 | 30,820,874 | |
| U.S. Bancorp, Jr. Sub. Notes | 3.700(ff) | 01/15/27(oo) | 8,613 | 8,239,956 | |
| Wells Fargo & Co., | |||||
| Jr. Sub. Notes | 6.850(ff) | 09/15/29(oo) | 6,060 | 6,225,278 | |
| Jr. Sub. Notes, Series BB | 3.900(ff) | 03/15/26(oo) | 775 | 762,522 | |
| 229,523,775 | |||||
| Chemicals 0.0% | |||||
| Tronox, Inc., Gtd. Notes, 144A | 4.625 | 03/15/29 | 175 | 146,145 | |
| Commercial Services 0.1% | |||||
| Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A | 5.500 | 03/01/28 | 1,521 | 1,510,548 | |
| Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Unsec’d. Notes, 144A | 6.000 | 06/01/29 | 400 | 378,451 | |
| 1,888,999 | |||||
| Diversified Financial Services 0.5% | |||||
| American Express Co., Jr. Sub. Notes | 3.550(ff) | 09/15/26(oo) | 11,065 | 10,715,553 | |
| Electric 0.6% | |||||
| Vistra Corp., | |||||
| Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) | 7,375 | 7,464,208 | |
| Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 5,225 | 5,348,876 | |
| 12,813,084 | |||||
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Home Builders 0.2% | |||||
| Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A | 4.625 % | 04/01/30 | 835 | $783,394 | |
| Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), Gtd. Notes, 144A | 4.875 | 02/15/30 | 4,200 | 3,654,000 | |
| 4,437,394 | |||||
| Housewares 0.0% | |||||
| SWF Holdings I Corp., Sr. Unsec’d. Notes, 144A | 6.500 | 10/01/29 | 2,550 | 995,046 | |
| Internet 0.2% | |||||
| Cablevision Lightpath LLC, | |||||
| Sr. Sec’d. Notes, 144A | 3.875 | 09/15/27 | 200 | 191,959 | |
| Sr. Unsec’d. Notes, 144A | 5.625 | 09/15/28 | 200 | 193,047 | |
| United Group BV (Slovenia), Sr. Sec’d. Notes, 144A, 3 Month EURIBOR + 4.250% (Cap N/A, Floor 4.250%) | 6.393(c) | 02/01/29 | EUR | 4,000 | 4,553,154 |
| 4,938,160 | |||||
| Media 0.3% | |||||
| CSC Holdings LLC, | |||||
| Gtd. Notes, 144A | 3.375 | 02/15/31 | 200 | 131,274 | |
| Gtd. Notes, 144A | 4.125 | 12/01/30 | 200 | 137,435 | |
| Gtd. Notes, 144A | 5.375 | 02/01/28 | 475 | 432,631 | |
| Gtd. Notes, 144A | 5.500 | 04/15/27 | 200 | 189,453 | |
| Sr. Unsec’d. Notes, 144A | 4.625 | 12/01/30 | 700 | 323,448 | |
| Sr. Unsec’d. Notes, 144A | 5.000 | 11/15/31 | 2,157 | 995,176 | |
| Sr. Unsec’d. Notes, 144A | 5.750 | 01/15/30 | 200 | 102,125 | |
| DISH DBS Corp., | |||||
| Gtd. Notes | 5.125 | 06/01/29(d) | 450 | 294,903 | |
| Gtd. Notes | 7.375 | 07/01/28 | 350 | 239,009 | |
| Gtd. Notes | 7.750 | 07/01/26 | 1,000 | 860,163 | |
| DISH Network Corp., Sr. Sec’d. Notes, 144A | 11.750 | 11/15/27 | 2,800 | 2,887,299 | |
| Radiate Holdco LLC/Radiate Finance, Inc., | |||||
| Sr. Sec’d. Notes, 144A | 4.500 | 09/15/26 | 200 | 171,471 | |
| Sr. Unsec’d. Notes, 144A | 6.500 | 09/15/28 | 200 | 131,975 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Media (cont’d.) | |||||
| Sinclair Television Group, Inc., | |||||
| Gtd. Notes, 144A | 5.125 % | 02/15/27 | 200 | $188,806 | |
| Sr. Sec’d. Notes, 144A | 8.125 | 02/15/33 | 200 | 200,199 | |
| 7,285,367 | |||||
| Oil & Gas 0.3% | |||||
| Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes | 7.875 | 12/15/24(d) | 6,725 | 8,406 | |
| Hilcorp Energy I LP/Hilcorp Finance Co., | |||||
| Sr. Unsec’d. Notes, 144A | 6.000 | 04/15/30 | 2,650 | 2,515,612 | |
| Sr. Unsec’d. Notes, 144A | 6.250 | 04/15/32 | 3,750 | 3,424,130 | |
| New Generation Gas Gathering LLC, | |||||
| Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.030(c) | 09/30/29 | 568 | 559,054 | |
| Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.030(c) | 09/30/29 | 681 | 670,865 | |
| Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.076(c) | 09/30/29 | 568 | 559,054 | |
| 7,737,121 | |||||
| Packaging & Containers 0.1% | |||||
| Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), Sr. Sec’d. Notes, 144A | 6.000 | 09/15/28 | 3,250 | 3,251,788 | |
| Pipelines 0.4% | |||||
| Venture Global LNG, Inc., Jr. Sub. Notes, 144A | 9.000(ff) | 09/30/29(oo) | 8,680 | 8,216,672 | |
| Real Estate 0.1% | |||||
| Howard Hughes Corp. (The), Gtd. Notes, 144A | 4.375 | 02/01/31 | 1,745 | 1,585,580 | |
| Hunt Cos., Inc., Sr. Sec’d. Notes, 144A(a) | 5.250 | 04/15/29 | 1,025 | 995,545 | |
| 2,581,125 | |||||
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Real Estate Investment Trusts (REITs) 0.3% | |||||
| Diversified Healthcare Trust, | |||||
| Gtd. Notes | 4.375 % | 03/01/31 | 7,519 | $6,204,846 | |
| Gtd. Notes | 9.750 | 06/15/25 | 19 | 19,002 | |
| Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 1,275 | 1,168,066 | |
| 7,391,914 | |||||
| Retail 0.1% | |||||
| Gap, Inc. (The), Gtd. Notes, 144A(a) | 3.875 | 10/01/31 | 2,195 | 1,940,160 | |
| Telecommunications 0.3% | |||||
| Digicel Group Holdings Ltd. (Jamaica), | |||||
| Sr. Sec’d. Notes, Series 1B14, 144A | 0.000 | 12/31/30 | 149 | 15 | |
| Sr. Sec’d. Notes, Series 3B14, 144A^ | 0.000 | 12/31/30 | 197 | — | |
| Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 2.250% | 11.250 | 05/25/27 | 3,137 | 3,145,120 | |
| Level 3 Financing, Inc., | |||||
| Sec’d. Notes, 144A | 4.000 | 04/15/31 | 1,000 | 839,261 | |
| Sec’d. Notes, 144A | 4.875 | 06/15/29 | 150 | 136,771 | |
| Sr. Sec’d. Notes, 144A | 10.500 | 04/15/29 | 375 | 422,675 | |
| Sr. Sec’d. Notes, 144A | 10.500 | 05/15/30 | 423 | 462,765 | |
| Sr. Sec’d. Notes, 144A(a) | 11.000 | 11/15/29 | 1,923 | 2,185,438 | |
| 7,192,045 | |||||
| Total Corporate Bonds (cost $321,602,216) | 315,520,467 | ||||
| Floating Rate and Other Loans 63.0% | |||||
| Advertising 0.3% | |||||
| Summer BC Holdco B Sarl (Luxembourg), Extended Facility B, 3 Month SOFR + 5.260% | 9.559(c) | 02/15/29 | 7,044 | 6,938,651 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Aerospace & Defense 0.3% | |||||
| Azorra Soar TLB Finance Ltd. (Cayman Islands), Initial Term Loan, 3 Month SOFR + 3.500% | 7.799 %(c) | 10/18/29 | 4,583 | $4,577,241 | |
| Transdigm, Inc., Tranche K Term Loan, 3 Month SOFR + 2.750% | 7.049(c) | 03/22/30 | 1,832 | 1,834,934 | |
| 6,412,175 | |||||
| Agriculture 0.4% | |||||
| Alltech, Inc., Term B-2 Loan, 1 Month SOFR + 4.364% | 8.691(c) | 08/13/30 | 7,530 | 7,445,491 | |
| Sycamore Buyer LLC, Term Loan, 1 Month SOFR + 2.250% | 6.577(c) | 05/21/32 | 2,975 | 2,968,803 | |
| 10,414,294 | |||||
| Airlines 0.7% | |||||
| American Airlines, Inc., Repriced Term Loan, 3 Month SOFR + 2.250% | 6.522(c) | 04/20/28 | 7,936 | 7,844,449 | |
| United Air Lines, Inc., Term B Loan, 3 Month SOFR + 2.000% | 6.275(c) | 02/22/31 | 2,958 | 2,958,554 | |
| Vista Management Holding, Inc., Initial Term Loan, 3 Month SOFR + 3.750% | 8.048(c) | 04/01/31 | 5,445 | 5,445,000 | |
| 16,248,003 | |||||
| Auto Parts & Equipment 2.1% | |||||
| Adient US LLC, Term B-2 Loan, 1 Month SOFR + 2.250% | 6.577(c) | 01/31/31 | 2,763 | 2,747,686 | |
| Clarios Global LP, Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 7.077(c) | 01/28/32 | 12,400 | 12,353,500 | |
| First Brands Group LLC, | |||||
| 2021 First Lien Term Loan, 3 Month SOFR + 5.262% | 9.541(c) | 03/30/27 | 5,521 | 5,320,674 | |
| 2021 Second Lien Term Loan, 3 Month SOFR + 8.762% | 13.041(c) | 03/30/28 | 10,730 | 9,657,000 | |
| 2022-Ii Incremental Termloan, 3 Month SOFR + 5.262% | 9.541(c) | 03/30/27 | 2,209 | 2,129,951 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Auto Parts & Equipment (cont’d.) | |||||
| Tenneco, Inc., | |||||
| Term A Loan, 1 Month SOFR + 4.850% | 9.173 %(c) | 11/17/28 | 8,054 | $7,766,897 | |
| Term B Loan, 3 Month SOFR + 5.100% | 9.411(c) | 11/17/28 | 10,113 | 9,788,398 | |
| 49,764,106 | |||||
| Beverages 0.3% | |||||
| Brewco Borrower LLC, Super Priority Term Loan^ | —(p) | 01/05/26(d) | 1,134 | 1,020,291 | |
| City Brewing Co. LLC, Second Out Term Loan | —(p) | 04/05/28(d) | 8,884 | 22,210 | |
| Pegasus Bidco BV (Netherlands), 2024-2 Dollar Term Loan, 3 Month SOFR + 3.250%^ | 7.576(c) | 07/12/29 | 4,950 | 4,925,312 | |
| 5,967,813 | |||||
| Building Materials 1.9% | |||||
| BCP VI Summit Holdings LP, Initial Term Loan, 1 Month SOFR + 3.500% | 7.827(c) | 01/30/32 | 600 | 602,250 | |
| Cornerstone Building Brands, Inc., Term Loan, 1 Month SOFR + 5.625% | 9.954(c) | 08/01/28 | 8,276 | 7,323,861 | |
| Eco Material Technologies, Inc., Initial Term Loan, 6 Month SOFR + 3.250% | 7.467(c) | 02/12/32 | 6,533 | 6,500,335 | |
| Emerald Debt Merger Sub LLC, Second Amendment Incremental Term Loan, 3 Month SOFR + 2.500% | 6.799(c) | 08/04/31 | 3,134 | 3,117,272 | |
| EMRLD Borrower LP, Initial Term B Loan, 3 Month SOFR + 2.500% | 6.833(c) | 05/31/30 | 7,304 | 7,258,464 | |
| Phrg Intermediate LLC, Closing Date Term Loan, 3 Month SOFR + 4.000% | 8.333(c) | 02/20/32 | 3,950 | 3,742,625 | |
| Quikrete Holdings, Inc., | |||||
| 2029 Term B Loan, 1 Month SOFR + 2.250% | 6.577(c) | 03/19/29 | 5,356 | 5,349,778 | |
| Tranche B-3 Term Loan, 1 Month SOFR + 2.250% | 6.577(c) | 02/10/32 | 7,700 | 7,667,914 | |
| Vector WP HoldCo, Inc., Initial Term B Loan, 1 Month SOFR + 5.114% | 9.441(c) | 10/12/28 | 2,531 | 2,499,399 | |
| 44,061,898 | |||||
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Chemicals 3.3% | |||||
| A-Ap Buyer, Inc., Initial Term Loan, 1 Month SOFR + 2.750% | 7.077 %(c) | 09/09/31 | 3,840 | $3,835,575 | |
| Consolidated Energy Finance SA (Switzerland), 2024 Incremental Term,Loan, 3 Month SOFR + 4.500% | 8.833(c) | 11/15/30 | 4,873 | 4,538,436 | |
| Flint Group Packaging Inks North America Holdings LLC (Luxembourg), | |||||
| Facility B USD | 9.541 | 12/31/26 | 5,686 | 5,410,713 | |
| First Lien Facility B, 3 Month SOFR + 0.362% | 11.552(c) | 12/31/27 | 5,044 | 4,010,321 | |
| Second Lien Facility B, 3 Month SOFR + 7.262% | 11.552(c) | 12/31/27 | 6,838 | 695,185 | |
| Geon Performance Solutions LLC, 2024 Refinancing Term Loan, 3 Month SOFR + 4.512% | 8.811(c) | 08/18/28 | 6,205 | 5,987,418 | |
| Ineos US Finance LLC (Luxembourg), 2030 Dollar Term Loan, 1 Month SOFR + 3.250% | 7.577(c) | 02/18/30 | 5,880 | 5,666,385 | |
| Ineos US Petrochem LLC, | |||||
| 2030 Tranche B Dollar Term Loan, 1 Month SOFR + 3.850% | 8.177(c) | 03/14/30 | 2,555 | 2,303,308 | |
| New Term B Loan, 1 Month SOFR + 4.350% | 8.677(c) | 04/02/29 | 4,454 | 4,075,695 | |
| Iris Holdings Ltd., Initial Term Loan, 3 Month SOFR + 4.850% | 9.130(c) | 06/28/28 | 5,454 | 5,210,307 | |
| Luxembourg Investment Co. Sarl (Luxembourg), Initial Term Loan | 12.000 | 01/03/29(d) | 6,859 | 205,781 | |
| Nouryon Finance BV (Netherlands), | |||||
| November 2024 B-1 Dollar Term Loan, 3 Month SOFR + 3.250% | 7.510(c) | 04/03/28 | 6,661 | 6,665,490 | |
| November 2024 B-2 Dollar Term Loan, 3 Month SOFR + 3.250% | 7.550(c) | 04/03/28 | 3,081 | 3,084,988 | |
| Paint Intermediate III LLC, Paint Intermediate/Wesco Group Cov-Lite Term B Loan, 3 Month SOFR + 3.000% | 7.299(c) | 09/11/31 | 2,250 | 2,246,249 | |
| SCIH Salt Holdings, Inc., First Lien Incremental Term B-1 Loan, 3 Month SOFR + 3.000% | 7.280(c) | 01/31/29 | 5,169 | 5,152,113 | |
| TPC Group, Inc., Initial Term Loan, 6 Month SOFR + 5.750%^ | 9.952(c) | 12/16/31 | 8,288 | 7,832,160 | |
| Tronox Finance LLC, 2024-B Term Loan, 1 Month SOFR + 2.500% | 6.808(c) | 09/30/31 | 1,161 | 1,130,941 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Chemicals (cont’d.) | |||||
| Venator Finance Sarl, | |||||
| Initial First Out Term Loan, 3 Month SOFR + 2.000%^ | 6.308 %(c) | 12/31/25 | 3,022 | $2,992,177 | |
| Term Loan, 3 Month SOFR + 2.000% | 14.322(c) | 10/12/28 | 4,309 | 3,554,926 | |
| Venator Materials LLC, First Out Term B Loan, 3 Month SOFR + 10.000%^ | 15.299(c) | 07/16/26 | 3,039 | 3,008,578 | |
| 77,606,746 | |||||
| Commercial Services 6.5% | |||||
| Albion Financing 3 Sarl (United Kingdom), 2025 Amended USD Term Loan, 3 Month SOFR + 3.000% | 7.321(c) | 08/16/29 | 4,618 | 4,624,012 | |
| Allied Universal Holdco LLC, Term Loan USD, 1 Month SOFR + 3.850% | 8.177(c) | 05/12/28 | 7,874 | 7,881,019 | |
| Belfor Holdings, Inc., Tranche B3, 1 Month SOFR + 3.000% | 7.327(c) | 11/01/30 | 7,042 | 7,059,160 | |
| Belron Finance US LLC, 2031 Dollar Incremental Term Loan, 3 Month SOFR + 2.750% | 7.049(c) | 10/16/31 | 9,462 | 9,494,907 | |
| Boost Newco Borrower LLC, Term B-2 Loan, 3 Month SOFR + 2.000% | 6.299(c) | 01/31/31 | 12,236 | 12,232,132 | |
| CoreLogic, Inc., First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 7.941(c) | 06/02/28 | 8,263 | 8,136,191 | |
| Crisis Prevention Institute, Inc., 2024 Term Loan, 3 Month SOFR + 4.000% | 8.299(c) | 04/09/31 | 6,908 | 6,916,322 | |
| DS Parent, Inc., Term B Loan, 3 Month SOFR + 5.500% | 9.799(c) | 01/31/31 | 1,315 | 1,139,173 | |
| EAB Global, Inc., Term Loan, 1 Month SOFR + 3.000% | 7.327(c) | 08/16/30 | 6,269 | 6,133,627 | |
| Ensemble RCM LLC, Term B Loan, 3 Month SOFR + 3.000% | 7.280(c) | 08/01/29 | 1,375 | 1,376,074 | |
| Grant Thornton Advisors LLC, 2025 Incremental Term Loan, 1 Month SOFR + 2.750% | 7.077(c) | 06/02/31 | 8,564 | 8,520,990 | |
| Ingenovis Health, Inc., First Lien Initial Term Loan, 3 Month SOFR + 4.364% | 8.697(c) | 03/06/28 | 12,213 | 5,496,060 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Commercial Services (cont’d.) | |||||
| Jupiter Buyer, Inc., Initial Term Loan, 3 Month SOFR + 4.750% | 9.033 %(c) | 11/01/31 | 4,684 | $4,690,338 | |
| Kuehg Corp., Term Loan, 3 Month SOFR + 3.250% | 7.549(c) | 06/12/30 | 4,765 | 4,778,474 | |
| Latham Pool Products, Inc., Initial Term Loan, 1 Month SOFR + 4.100%^ | 8.427(c) | 02/23/29 | 4,706 | 4,564,940 | |
| Markermeer Finance BV (Netherlands), Term Facility B, 6 Month EURIBOR + 3.000% | 5.161(c) | 01/29/27 | EUR | 5,000 | 5,665,896 |
| Mavis Tire Express Services Topco Corp., 2025 First Lien Incremental Term Loan, 3 Month SOFR + 3.000% | 7.333(c) | 05/04/28 | 1,515 | 1,500,831 | |
| MPH Acquisition Holdings LLC, | |||||
| First Out Term Loan, 3 Month SOFR + 3.750% | 8.030(c) | 12/31/30 | 6,487 | 6,373,426 | |
| Second Out Term Loan, 3 Month SOFR + 4.862% | 9.141(c) | 12/31/30 | 4,625 | 4,035,313 | |
| NAB Holdings LLC, 2025 Refinancing Term Loan, 3 Month SOFR + 2.500% | 6.799(c) | 11/24/28 | 4,720 | 4,680,151 | |
| Neon Maple US Debt Mergersub, Inc., Tranche B-1 Term Loan, 1 Month SOFR + 3.000% | 7.327(c) | 11/17/31 | 12,075 | 12,047,324 | |
| Omnia Partners LLC, Amendment No. 3 Term Loan, 3 Month SOFR + 2.750% | 7.033(c) | 07/25/30 | 4,665 | 4,670,640 | |
| PG Polaris Bidco (Ursa Minor) (Luxembourg), Term B Loan, 3 Month SOFR + 3.000% | 7.299(c) | 03/26/31 | 2,185 | 2,185,890 | |
| Ryan LLC, Initial Term Loan, 1 Month SOFR + 3.500% | 7.827(c) | 11/14/30 | 5,700 | 5,699,512 | |
| Shift4 Payments LLC, Term Loan | —(p) | 05/31/32 | 2,225 | 2,236,125 | |
| TruGreen LP, Second Refinancing Term Loan (First Lien), 1 Month SOFR + 4.100% | 8.427(c) | 11/02/27 | 3,808 | 3,665,602 | |
| Verde Purchaser LLC, Initial Term Loan, 3 Month SOFR + 4.000% | 8.299(c) | 11/30/30 | 3,391 | 3,389,783 | |
| VT Topco, Inc., Second Amendment Term Loan, 3 Month SOFR + 3.000% | 7.299(c) | 08/09/30 | 2,074 | 2,076,447 | |
| 151,270,359 | |||||
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Computers 2.5% | |||||
| Amentum Holdings, Inc., Initial Term Loan, 1 Month SOFR + 2.250% | 6.577 %(c) | 09/29/31 | 6,102 | $6,066,593 | |
| ConvergeOne Holdings, Inc., PVKG Intermediate Holdings, Inc. First Lien Term Loan | —(p) | 06/04/30 | 3,483 | 2,089,672 | |
| Fortress Intermediate, Initial Term Loan, 1 Month SOFR + 3.500%^ | 7.827(c) | 06/27/31 | 7,164 | 7,092,360 | |
| Indy US Bidco LLC, Eleventh Amendment Term Loan, 1 Month SOFR + 3.500% | 7.827(c) | 03/06/28 | 7,095 | 7,094,658 | |
| McAfee Corp., Refinancing Tranche B-1, 1 Month SOFR + 3.000% | 7.329(c) | 03/01/29 | 8,407 | 8,057,821 | |
| Peraton Corp., First Lien Term B Loan, 1 Month SOFR + 3.850% | 8.177(c) | 02/01/28 | 1,796 | 1,552,774 | |
| Sandisk Corp., Term B Loan, 3 Month SOFR + 3.000%^ | 7.321(c) | 02/20/32 | 9,725 | 9,603,438 | |
| SonicWall US Holdings, Inc., 2023 Term Loan, 3 Month SOFR + 5.000% | 9.299(c) | 05/18/28 | 2,013 | 1,974,141 | |
| Synechron, Inc., Initial Term Loan, 3 Month SOFR + 3.750%^ | 8.030(c) | 09/26/31 | 5,025 | 5,012,438 | |
| VeriFone Systems, Inc., 2025-1 Refinancing Term Loan, 3 Month SOFR + 5.928% | 10.211(c) | 08/18/28 | 10,562 | 9,602,255 | |
| 58,146,150 | |||||
| Cosmetics/Personal Care 0.6% | |||||
| Opal US LLC, Term B Loan | —(p) | 04/28/32 | 6,190 | 6,194,642 | |
| Rainbow UK Bidco Ltd. (Luxembourg), Facility B-3 Loan, SONIA + 4.250% | 8.690(c) | 02/23/29 | GBP | 5,775 | 7,716,108 |
| 13,910,750 | |||||
| Distribution/Wholesale 1.3% | |||||
| AIP RD Buyer Corp., Term B Loan (First Lien), 1 Month SOFR + 4.000% | 8.327(c) | 12/23/30 | 1,918 | 1,918,030 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Distribution/Wholesale (cont’d.) | |||||
| Olympus Water US Holding Corp., Term B-6 Dollar Loan, 3 Month SOFR + 3.000% | 7.299 %(c) | 06/20/31 | 9,224 | $9,152,163 | |
| Protective Industrial Products, Inc., Initial Term Loan, 1 Month SOFR + 4.000% | 8.327(c) | 05/21/32 | 5,175 | 4,997,109 | |
| Quimper AB (Sweden), Term B Loan, 3 Month EURIBOR + 3.750% | 6.078(c) | 03/15/30 | EUR | 4,500 | 5,129,749 |
| Windsor Holdings III LLC, 2025 Refinanced Term B Loan, 1 Month SOFR + 2.750% | 7.075(c) | 08/01/30 | 8,845 | 8,803,815 | |
| 30,000,866 | |||||
| Diversified Financial Services 2.1% | |||||
| CPI Holdco B LLC, | |||||
| First Amendment Incremental Term Loan, 1 Month SOFR + 2.250% | 6.577(c) | 05/19/31 | 1,225 | 1,223,087 | |
| Initial Term Loan, 1 Month SOFR + 2.000% | 6.327(c) | 05/17/31 | 10,124 | 10,098,815 | |
| Dechra Finance US, Facility B-1 Loan, 6 Month SOFR + 3.250% | 7.513(c) | 12/31/31 | 5,676 | 5,633,430 | |
| Focus Financial Partners LLC, Tranche B Incremental Term Loan, 1 Month SOFR + 2.750% | 7.077(c) | 09/15/31 | 10,315 | 10,246,821 | |
| Hudson River Trading LLC, Term B-1 Loan, 1 Month SOFR + 3.000% | 7.333(c) | 03/18/30 | 12,002 | 12,024,779 | |
| Jefferies Finance LLC, 2024 Initial Term Loan, 1 Month SOFR + 3.000% | 7.325(c) | 10/21/31 | 6,094 | 6,071,521 | |
| VFH Parent LLC, Term B-2 Loan, 1 Month SOFR + 2.500%^ | 6.827(c) | 06/21/31 | 2,686 | 2,686,093 | |
| 47,984,546 | |||||
| Electric 1.1% | |||||
| Calpine Corp., Term B-10, 1 Month SOFR + 1.750% | 6.077(c) | 01/31/31 | 12,345 | 12,328,035 | |
| Discovery Energy Holding Corp., Initial Dollar Term Loan, 3 Month SOFR + 3.750% | 8.049(c) | 05/01/31 | 5,513 | 5,485,534 | |
| Heritage Power LLC, Term Loan, 3 Month SOFR + 5.500%^ | 9.799(c) | 07/20/28 | 1,357 | 1,336,531 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Electric (cont’d.) | |||||
| Lightstone HoldCo LLC, | |||||
| Extended Term B Loan, 3 Month SOFR + 5.750% | 10.030 %(c) | 01/29/27 | 7,085 | $7,075,684 | |
| Extended Term C Loan, 3 Month SOFR + 5.750% | 10.030(c) | 01/29/27 | 401 | 400,148 | |
| 26,625,932 | |||||
| Electronics 0.5% | |||||
| Minimax Viking GmbH - MX Holdings US, Inc., Senior Facility B (USD) Loan, 1 Month SOFR + 2.250%^ | 6.577(c) | 03/17/32 | 7,375 | 7,375,000 | |
| Roper Industrial Product, Tranche D Dollar Term Loan, 3 Month SOFR + 2.750% | 7.049(c) | 11/22/29 | 3,240 | 3,224,023 | |
| 10,599,023 | |||||
| Energy-Alternate Sources 0.1% | |||||
| WIN Waste Innovations Holdings, Inc., Initial Term Loan, 1 Month SOFR + 2.864% | 7.191(c) | 03/24/28 | 2,127 | 2,110,743 | |
| Engineering & Construction 1.3% | |||||
| Aegion Corp., Delayed Term Loan | —(p) | 05/17/28 | 357 | 355,357 | |
| Arcosa, Inc., Initial Term Loan, 1 Month SOFR + 2.250% | 6.577(c) | 08/12/31 | 1,247 | 1,243,758 | |
| Azuria Water Solutions, Inc., 2025 Replacement Term Loan, 1 Month SOFR + 3.000% | 7.327(c) | 05/17/28 | 6,611 | 6,574,151 | |
| Brown Group Holding LLC, | |||||
| Incremental Term B-2 Facility, 3 Month SOFR + 2.500% | 6.833(c) | 07/01/31 | 1,900 | 1,893,554 | |
| Initial Term Loan, 1 Month SOFR + 2.500% | 6.827(c) | 07/01/31 | 5,070 | 5,052,544 | |
| Construction Partners, Inc., Closing Date Loan, 1 Month SOFR + 2.500% | 6.829(c) | 11/03/31 | 4,988 | 4,987,500 | |
| Michael Baker International LLC, First Lien Term B Loan, 3 Month SOFR + 4.000% | 8.280(c) | 12/01/28 | 4,878 | 4,866,125 | |
| Red SPV LLC (United Kingdom), Initial Term Loan, 1 Month SOFR + 2.250%^ | 6.575(c) | 03/15/32 | 5,450 | 5,422,750 | |
| 30,395,739 | |||||
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Entertainment 3.0% | |||||
| Allen Media LLC, Term B Loan, 3 Month SOFR + 5.650% | 9.949 %(c) | 02/10/27 | 11,596 | $6,377,792 | |
| AP Gaming I LLC, Term B Loan, 1 Month SOFR + 4.000% | 8.755(c) | 02/15/29 | 4,213 | 4,208,212 | |
| Caesars Entertainment, Inc., | |||||
| Incremental Term B-1 Loan, 1 Month SOFR + 2.250% | 6.577(c) | 02/06/31 | 2,846 | 2,830,832 | |
| Term B Loan, 1 Month SOFR + 2.250% | 6.577(c) | 02/06/30 | 6,511 | 6,478,205 | |
| Cinemark USA, Inc., Term B Loan, 3 Month SOFR + 2.750% | 7.070(c) | 05/24/30 | 6,270 | 6,269,589 | |
| Dk Crown Holdings, Inc., Term B Loan, 1 Month SOFR + 1.750% | 6.079(c) | 03/04/32 | 2,050 | 2,038,042 | |
| Entain PLC (United Kingdom), Facility B-3, 3 Month SOFR + 2.750% | 7.053(c) | 10/31/29 | 7,685 | 7,707,467 | |
| Flutter Entertainment PLC (Ireland), | |||||
| 2024 Term B Loan, 3 Month SOFR + 1.750% | 6.049(c) | 11/30/30 | 5,382 | 5,346,065 | |
| Term B Loan^ | —(p) | 05/22/32 | 2,125 | 2,117,031 | |
| Hershend Entertainment Co LLC, Term B Loan | —(p) | 05/27/32 | 2,350 | 2,352,938 | |
| Maverick Gaming LLC, | |||||
| First Out Term Loan, 3 Month SOFR + 7.500%^ | 11.781(c) | 06/03/28 | 4,173 | 3,745,074 | |
| Second Out Term Loan^ | —(p) | 06/05/28 | 7,574 | 3,635,584 | |
| PCI Gaming Authority, 2024 Term B Loan, 1 Month SOFR + 2.000% | 6.327(c) | 07/18/31 | 3,110 | 3,102,603 | |
| Six Flags Entertainment Corp., Initial Term B Loan, 1 Month SOFR + 2.000% | 6.327(c) | 05/01/31 | 2,530 | 2,528,983 | |
| Voyager Parent LLC, Term B Loan | —(p) | 05/31/32 | 12,375 | 12,142,969 | |
| 70,881,386 | |||||
| Environmental Control 2.2% | |||||
| Action Environmental Group, Inc. (The), 2024 Term B Loan 4th Amendment, 3 Month SOFR + 3.750%^ | 8.049(c) | 10/24/30 | 10,650 | 10,650,460 | |
| GFL Environmental, Inc., Initial Term Loan, 3 Month SOFR + 2.500% | 6.819(c) | 03/03/32 | 9,450 | 9,402,750 | |
| JFL-Tiger Acquisition Co., Inc., Initial Term Loan, 3 Month SOFR + 4.000% | 8.303(c) | 10/17/30 | 6,883 | 6,865,827 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Environmental Control (cont’d.) | |||||
| Madison Iaq LLC, | |||||
| 2025 Incremental Term Loan, 3 Month SOFR + 3.250% | 7.510 %(c) | 05/06/32 | 7,850 | $7,847,198 | |
| Initial Term Loan, 6 Month SOFR + 2.500% | 6.762(c) | 06/21/28 | 1,969 | 1,965,695 | |
| Mip V Waste Holdings LLC, Tranche B-1 Term Loan, 3 Month SOFR + 3.000%^ | 7.280(c) | 12/08/28 | 1,298 | 1,303,154 | |
| Reworld Holding Corp., | |||||
| 2024 Refinancing Term B-1 Loan, 1 Month SOFR + 2.250% | 6.575(c) | 11/30/28 | 2,232 | 2,229,516 | |
| 2024 Refinancing Term C-1 Loan, 1 Month SOFR + 2.250% | 6.575(c) | 11/30/28 | 172 | 171,716 | |
| Incremental Term B Loan, 1 Month SOFR + 2.500% | 6.842(c) | 11/30/28 | 4,159 | 4,164,020 | |
| Incremental Term C Loan, 1 Month SOFR + 2.500% | 6.842(c) | 11/30/28 | 229 | 229,450 | |
| Tidal Waste & Recycling Holdings LLC, Term B Loan, 3 Month SOFR + 3.500% | 7.799(c) | 10/24/31 | 3,700 | 3,709,250 | |
| WIN Waste Innovations Holdings, Inc., New Term B-1 Loan, 1 Month SOFR + 3.864% | 8.191(c) | 03/24/28 | 3,975 | 3,965,063 | |
| 52,504,099 | |||||
| Food Service 0.3% | |||||
| Gategroup Finance (Switzerland), Term B Loan | —(p) | 06/30/32 | 6,225 | 6,199,478 | |
| Foods 0.5% | |||||
| BCPE North Star US Holdco, Inc., First Lien Initial Term Loan, 1 Month SOFR + 4.114% | 8.441(c) | 06/09/28 | 5,310 | 5,205,641 | |
| Froneri International Ltd., Facility B-4, 6 Month SOFR + 2.000% | 6.237(c) | 09/30/31 | 6,150 | 6,133,665 | |
| 11,339,306 | |||||
| Forest Products & Paper 0.1% | |||||
| Magnera Corp., New Term Loan, 3 Month SOFR + 4.250% | 8.583(c) | 11/04/31 | 2,793 | 2,703,973 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Hand/Machine Tools 0.4% | |||||
| Alliance Laundry Systems LLC, Initial Term B Loan, 1 Month SOFR + 2.750% | 7.077 %(c) | 08/19/31 | 6,750 | $6,749,062 | |
| Madison Safety & Flow LLC, 2025 Incremental Term B, 1 Month SOFR + 2.750% | 7.077(c) | 09/26/31 | 3,459 | 3,460,688 | |
| 10,209,750 | |||||
| Healthcare & Pharmaceuticals 0.1% | |||||
| Loire Finco Luxembourg Sarl (Luxembourg), Term B Loan | —(p) | 01/31/30 | 3,200 | 3,192,000 | |
| Healthcare-Products 0.3% | |||||
| Medline Borrower LP, Dollar Incremental Term Loan, 1 Month SOFR + 2.250% | 6.577(c) | 10/23/28 | 5,963 | 5,954,708 | |
| Healthcare-Services 2.8% | |||||
| Accelerated Health Systems LLC, Initial Term B Loan, 3 Month SOFR + 4.400% | 8.699(c) | 02/15/29 | 8,738 | 5,301,159 | |
| Charlotte Buyer, Inc., Second Refinancing Term Loan, 1 Month SOFR + 4.250% | 8.583(c) | 02/11/28 | 4,891 | 4,885,509 | |
| Electron Bidco, Inc., Initial Term Loan, 1 Month SOFR + 2.750% | 7.077(c) | 11/01/28 | 4,700 | 4,704,409 | |
| Envision Healthcare Operating, Inc., Initial Term Loan, 1 Month SOFR + 8.250% | 12.575(c) | 12/30/27 | 4,550 | 4,558,531 | |
| LifePoint Health, Inc., Term B Loan, 3 Month SOFR + 3.750% | 8.006(c) | 05/16/31 | 8,777 | 8,653,917 | |
| Phoenix Guarantor, Inc., Tranche B-5 Term Loan, 1 Month SOFR + 2.500% | 6.827(c) | 02/21/31 | 9,859 | 9,860,662 | |
| Sound Inpatient Physicians Holdings LLC, Tranche B Term Loan, 3 Month SOFR + 5.262% | 9.561(c) | 06/28/28 | 6,323 | 5,975,466 | |
| Sound Inpatient Physicians, Inc., | |||||
| Tranche A Term Loan, 3 Month SOFR + 6.762% | 11.061(c) | 06/28/28 | 3,424 | 3,560,750 | |
| Tranche C Term Loan, 3 Month SOFR + 7.012% | 11.311(c) | 06/28/29 | 7,049 | 5,497,911 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Healthcare-Services (cont’d.) | |||||
| Upstream Newco, Inc., August 2021 Incremental Term Loan, 3 Month SOFR + 4.512% | 8.791 %(c) | 11/20/26 | 16,588 | $12,607,028 | |
| 65,605,342 | |||||
| Holding Companies-Diversified 0.8% | |||||
| Clue OpCo LLC, Term B Loan, 3 Month SOFR + 4.500% | 8.780(c) | 12/19/30 | 18,104 | 17,747,438 | |
| Home Builders 0.1% | |||||
| Lippert Components, Inc., Initial Term Loan, 1 Month SOFR + 2.500%^ | 6.827(c) | 03/25/32 | 2,825 | 2,793,219 | |
| Home Furnishings 0.4% | |||||
| TGP Holdings III LLC, First Lien Closing Date Term Loan, 1 Month SOFR + 3.350% | 7.677(c) | 06/29/28 | 11,565 | 10,182,966 | |
| Household Products/Wares 0.2% | |||||
| Kronos Acquisition Holdings, Inc. (Canada), 2024 Initial Loan, 3 Month SOFR + 4.000% | 8.299(c) | 07/08/31 | 6,604 | 5,615,917 | |
| Housewares 0.3% | |||||
| Hunter Douglas Holding BV (Netherlands), Tranche B-1 Term Loan, 3 Month SOFR + 3.250% | 7.549(c) | 01/17/32 | 5,611 | 5,512,746 | |
| SWF Holdings I Corp., Tranche A-1 Term Loan, 1 Month SOFR + 4.500% | 8.827(c) | 12/18/29 | 1,564 | 1,556,464 | |
| 7,069,210 | |||||
| Insurance 2.6% | |||||
| Acrisure LLC, | |||||
| 2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | 7.327(c) | 11/06/30 | 12,399 | 12,306,440 | |
| 2024 Term B-1 Loan, 1 Month SOFR + 2.750% | 7.077(c) | 02/13/27 | 1,990 | 1,985,867 | |
| AmWINS Group, Inc., Initial Term Loan, 1 Month SOFR + 2.250% | 6.577(c) | 01/30/32 | 7,000 | 6,991,188 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Insurance (cont’d.) | |||||
| Assured Partners, Inc., 2024 Term Loan, 1 Month SOFR + 3.500% | 7.827 %(c) | 02/14/31 | 4,200 | $4,204,532 | |
| Asurion LLC, | |||||
| New B-04 Term Loan, 1 Month SOFR + 5.364% | 9.691(c) | 01/20/29 | 7,660 | 7,243,416 | |
| New B-08 Term Loan, 1 Month SOFR + 3.364% | 7.691(c) | 12/23/26 | 2,187 | 2,184,700 | |
| New B-10 Term Loan, 1 Month SOFR + 4.100% | 8.427(c) | 08/19/28 | 10,777 | 10,718,280 | |
| New B-11 Term Loan, 1 Month SOFR + 4.350% | 8.677(c) | 08/21/28 | 1,078 | 1,074,227 | |
| Broadstreet Partners, Inc., 2024 Term B Loan, 1 Month SOFR + 3.000% | 7.327(c) | 06/13/31 | 4,793 | 4,795,087 | |
| HIG Finance 2 Ltd. (United Kingdom), 2024-2 Refinancing Term Loan | —(p) | 04/18/30 | 650 | 651,422 | |
| IMA Financial Group, Inc., Term Loan | —(p) | 11/01/28 | 1,150 | 1,148,563 | |
| Sedgwick Claims Management Services, Inc., 2024 Term Loan, 1 Month SOFR + 3.000% | 7.327(c) | 07/31/31 | 8,483 | 8,492,043 | |
| 61,795,765 | |||||
| Internet 0.7% | |||||
| Denali Intermediate Holdings, Inc., | |||||
| Term Loan^ | —(p) | 05/31/32 | 6,787 | 6,718,891 | |
| Term Loan^ | —(p) | 05/31/32 | 679 | 671,889 | |
| Diamond Sports Net LLC, First Lien Exit Term Loan | 15.000 | 01/02/28 | 1,619 | 1,453,400 | |
| MH Sub I LLC, | |||||
| 2023 May New Term Loan, 1 Month SOFR + 4.250% | 8.577(c) | 05/03/28 | 5,001 | 4,796,857 | |
| 2024 December New Term Loan, 1 Month SOFR + 4.250% | 8.577(c) | 12/31/31 | 4,235 | 3,823,000 | |
| 17,464,037 | |||||
| Investment Companies 0.2% | |||||
| Hurricane CleanCo Ltd. (United Kingdom), Facility A, 3 Month LIBOR + 6.250% (Cap N/A, Floor 0.000%)^ | 12.500(c) | 10/31/29 | 2,167 | 3,007,840 | |
| WEC US Holdings Ltd., Initial Term Loan, 1 Month SOFR + 2.250% | 6.574(c) | 01/27/31 | 2,040 | 2,035,131 | |
| 5,042,971 | |||||
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Leisure Time 1.4% | |||||
| Alterra Mountain Co., Series B-7 Term Loan, 1 Month SOFR + 3.000%^ | 7.327 %(c) | 05/31/30 | 1,070 | $1,069,632 | |
| Arcis Golf LLC, Amendment No. 3 Term Loan, 1 Month SOFR + 2.750% | 7.077(c) | 11/24/28 | 1,899 | 1,890,838 | |
| Bombardier Recreational Products, Inc. (Canada), 2023 Replacement Term Loan, 1 Month SOFR + 2.750% | 7.077(c) | 12/13/29 | 1,660 | 1,654,493 | |
| Fender Musical Instruments Corp., Initial Term Loan, 1 Month SOFR + 4.100% | 8.427(c) | 12/01/28 | 5,662 | 4,997,096 | |
| International Park Holdings BV (Netherlands), 2025 Facility B, 6 Month EURIBOR + 5.500%^ | 8.099(c) | 01/30/32 | EUR | 8,325 | 9,245,193 |
| LC Ahab US Bidco LLC, Initial Term Loan, 1 Month SOFR + 3.000% | 7.327(c) | 05/01/31 | 7,049 | 6,908,311 | |
| Life Time, Inc., 2024 New Term Loan, 3 Month SOFR + 2.500% | 6.785(c) | 11/05/31 | 4,165 | 4,160,223 | |
| Recess Holdings, Inc., Amendment No. 5 Term Loan, 3 Month SOFR + 3.750% | 8.047(c) | 02/20/30 | 3,465 | 3,460,475 | |
| 33,386,261 | |||||
| Lodging 0.4% | |||||
| Fertitta Entertainment LLC, Initial Term B Loan, 1 Month SOFR + 3.500% | 7.827(c) | 01/27/29 | 4,079 | 4,051,441 | |
| Travel Leisure Co., Term B Loan, 1 Month SOFR + 2.500% | 6.827(c) | 12/14/29 | 5,269 | 5,246,508 | |
| 9,297,949 | |||||
| Machinery-Diversified 1.8% | |||||
| Chart Industries, Inc., 2024 Term B Loan, 3 Month SOFR + 2.500% | 6.788(c) | 03/15/30 | 6,389 | 6,389,413 | |
| Doosan Bobcat North America, Inc. (South Korea), Tranche B Term Loan, 3 Month SOFR + 2.000% | 6.299(c) | 04/20/29 | 1,817 | 1,817,774 | |
| Graftech Global Enterprises, Inc., | |||||
| Delayed Draw Term Loan | 3.750 | 12/21/29 | 3,909 | 3,889,343 | |
| Initial Term Loan, 3 Month SOFR + 6.000% | 10.303(c) | 12/21/29 | 6,841 | 6,806,350 | |
| Hyster-Yale Group, Inc., Term B Loan Facility, 1 Month SOFR + 3.614% | 7.941(c) | 05/26/28 | 4,330 | 4,300,191 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Machinery-Diversified (cont’d.) | |||||
| TK Elevator Midco Gmbh (Germany), (USD) Term B Loan, 3 Month SOFR + 3.000% | 7.237 %(c) | 04/30/30 | 13,354 | $13,372,589 | |
| Victory Buyer LLC, Initial Term Loan, 1 Month SOFR + 3.864% | 8.186(c) | 11/19/28 | 5,647 | 5,540,896 | |
| 42,116,556 | |||||
| Media 1.5% | |||||
| CSC Holdings LLC, 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 8.829(c) | 01/18/28 | 8,996 | 8,827,269 | |
| Radiate Holdco LLC, Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% | 7.691(c) | 09/25/26 | 7,829 | 6,866,218 | |
| Sinclair Television Group, Inc., | |||||
| Term B-6 Loan, 1 Month SOFR + 3.414% | 7.741(c) | 12/31/29 | 280 | 238,000 | |
| Term B-7 Loan, 1 Month SOFR + 4.200% | 8.527(c) | 12/31/30 | 4,630 | 3,935,229 | |
| Univision Communications, Inc., | |||||
| 2022 Incremental First Lien Term Loan, 3 Month SOFR + 4.250%^ | 8.549(c) | 06/24/29 | 3,112 | 3,049,760 | |
| 2024 Replacement First Lien Term Loan, 1 Month SOFR + 3.614% | 7.941(c) | 01/31/29 | 1,780 | 1,724,647 | |
| Initial First Lien Term Loan, 1 Month SOFR + 3.364%^ | 7.691(c) | 01/31/29 | 5,317 | 5,131,153 | |
| Virgin Media Bristol LLC, Facility Y, 6 Month SOFR + 3.275% | 7.373(c) | 03/31/31 | 5,895 | 5,794,296 | |
| 35,566,572 | |||||
| Metal Fabricate/Hardware 1.1% | |||||
| Crosby US Acquisition Corp., Amendment No. 4 Replacement Term Loan, 1 Month SOFR + 3.500% | 7.827(c) | 08/16/29 | 5,826 | 5,831,674 | |
| Doncasters US Finance LLC (United Kingdom), | |||||
| 2025 Term Loan, 3 Month SOFR + 6.500%^ | 10.799(c) | 04/23/30 | 1,200 | 1,185,000 | |
| Initial Term Loan, 3 Month SOFR + 6.500%^ | 10.799(c) | 04/23/30 | 7,494 | 7,400,621 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Metal Fabricate/Hardware (cont’d.) | |||||
| Grinding Media, Inc., 2024 Term B Loan, 3 Month SOFR + 3.500%^ | 7.830 %(c) | 10/12/28 | 7,282 | $7,026,870 | |
| Trulite Glass & Aluminum Solutions LLC, Initial Term Loan, 3 Month SOFR + 6.000%^ | 10.288(c) | 03/01/30 | 4,002 | 3,821,716 | |
| 25,265,881 | |||||
| Mining 0.5% | |||||
| Arsenal Aic Parent LLC, 2025 Term B Loan, 1 Month SOFR + 2.750% | 7.077(c) | 08/18/30 | 6,181 | 6,146,613 | |
| Covia Holdings Corp., Initial Term Loan, PRIME + 2.250% | 9.750(c) | 02/26/32 | 5,250 | 5,236,875 | |
| 11,383,488 | |||||
| Miscellaneous Manufacturing 0.2% | |||||
| AMG Advanced Metallurgical Group NV (Netherlands), 2021 Term Loan, 1 Month SOFR + 3.614% | 7.941(c) | 11/30/28 | 4,701 | 4,595,625 | |
| Oil & Gas 0.4% | |||||
| Apro LLC, Initial Term Loan, 3 Month SOFR + 3.750% | 8.049(c) | 07/09/31 | 4,538 | 4,515,089 | |
| Hilcorp Energy I LP, Term B Loan, 1 Month SOFR + 2.000% | 6.333(c) | 02/11/30 | 1,870 | 1,862,987 | |
| Pasadena Performance Products LLC, Term B Loan, 3 Month SOFR + 3.500% | 7.752(c) | 02/27/32 | 1,725 | 1,721,766 | |
| 8,099,842 | |||||
| Oil & Gas Services 0.1% | |||||
| MRC Global (US), Inc., Term Loan, 1 Month SOFR + 3.500%^ | 7.828(c) | 10/29/31 | 2,356 | 2,344,220 | |
| Packaging & Containers 1.6% | |||||
| Closure Systems International Group, Amendment No. 5 Term Loan, 1 Month SOFR + 3.500% | 7.827(c) | 03/22/29 | 2,956 | 2,955,710 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Packaging & Containers (cont’d.) | |||||
| Clydesdale Acquisition Holdings, Inc., | |||||
| 2025 Incremental Closing Date Term B Loan, 3 Month SOFR + 3.250% | 7.548 %(c) | 04/01/32 | 7,224 | $7,163,516 | |
| Delayed Draw Term Loan, 3 Month SOFR + 3.250% | 7.480(c) | 04/01/32 | 4 | 3,757 | |
| Term B Loan, 1 Month SOFR + 3.175% | 7.502(c) | 04/13/29 | 5,139 | 5,114,932 | |
| Plaze, Inc., Initial Term Loan, 1 Month SOFR + 3.614% | 7.941(c) | 08/03/26 | 7,153 | 6,902,253 | |
| Pregis Topco LLC, Amendment No. 10 Refinancing Term Loan, 1 Month SOFR + 4.000% | 8.327(c) | 02/01/29 | 4,351 | 4,352,942 | |
| Secure Acquisition, Inc., Closing Date Term Loan, 3 Month SOFR + 3.750% | 8.049(c) | 12/15/28 | 5,601 | 5,593,925 | |
| Trident TPI Holdings, Inc., Tranche B-7 Term Loan, 3 Month SOFR + 3.750% | 8.049(c) | 09/15/28 | 6,393 | 6,177,604 | |
| 38,264,639 | |||||
| Pharmaceuticals 0.9% | |||||
| Gainwell Acquisition Corp., Term B Loan, 3 Month SOFR + 4.100% | 8.399(c) | 10/01/27 | 12,413 | 11,864,554 | |
| IVC Acquisition Ltd (Canada), Incremental Term B-12 Loan, 3 Month SOFR + 3.750% | 8.049(c) | 12/12/28 | 6,085 | 6,109,989 | |
| Sharp Services LLC, Tranche D Term Loan, 3 Month SOFR + 3.250% | 7.549(c) | 12/31/28 | 3,710 | 3,707,756 | |
| 21,682,299 | |||||
| Pipelines 0.6% | |||||
| AL NGPL Holdings LLC, Term Loan, 3 Month SOFR + 2.500% | 6.785(c) | 04/13/28 | 1,347 | 1,344,380 | |
| BCP Renaissance Parent LLC, Initial Term B-6 Loan, 3 Month SOFR + 3.000% | 7.299(c) | 10/31/28 | 250 | 250,543 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Pipelines (cont’d.) | |||||
| CPPIB OVM Member US LLC, Initial Term Loan, 3 Month SOFR + 2.750% | 7.049 %(c) | 08/20/31 | 5,527 | $5,490,578 | |
| Rockpoint Gas Storage Partners LP (Canada), Term B Loan, 3 Month SOFR + 3.000% | 7.299(c) | 09/18/31 | 6,297 | 6,294,754 | |
| 13,380,255 | |||||
| Private Equity 0.2% | |||||
| HarbourVest Partners LP, New Term B Loan, 3 Month SOFR + 2.250%^ | 6.549(c) | 04/18/30 | 4,597 | 4,585,436 | |
| Real Estate 0.2% | |||||
| Greystar Real Estate Partners LLC, Term B-2 Loan, 1 Month SOFR + 2.750%^ | 7.079(c) | 08/21/30 | 5,130 | 5,129,823 | |
| Real Estate Investment Trusts (REITs) 1.9% | |||||
| Blackstone Mortgage Trust, Inc., Term B-4 Loan, 1 Month SOFR + 3.500% | 7.827(c) | 05/09/29 | 11,568 | 11,596,694 | |
| Brookfield Properties Retail Holding LLC, Term B Loan^ | —(p) | 05/28/30 | 25,119 | 24,898,768 | |
| Starwood Property Mortgage LLC, | |||||
| Facility B-4, 1 Month SOFR + 2.250%^ | 6.577(c) | 01/02/30 | 6,047 | 6,032,304 | |
| Term B Loan, 1 Month SOFR + 2.250%^ | 6.577(c) | 11/18/27 | 1,574 | 1,578,325 | |
| 44,106,091 | |||||
| Retail 2.6% | |||||
| 1011778 BC Unlimited Liability Co. (Canada), Term B-6 Loan, 1 Month SOFR + 1.750% | 6.077(c) | 09/20/30 | 4,119 | 4,096,073 | |
| Dave & Buster’s, Inc., | |||||
| 2024 Incremental Term B Loan, 3 Month SOFR + 3.283% | 7.563(c) | 11/01/31 | 5,672 | 5,351,298 | |
| 2024 Refinancing Term B Loan, 3 Month SOFR + 3.250% | 7.563(c) | 06/29/29 | 2,880 | 2,733,219 | |
| Foundation Building Materials, Inc., 2025 Incremental Term Loan, 2 Month SOFR + 5.250% | 9.548(c) | 01/29/31 | 3,725 | 3,506,156 | |
| Great Outdoors Group LLC, Term B-3 Loan, 1 Month SOFR + 3.250% | 7.577(c) | 01/23/32 | 9,017 | 8,915,439 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Retail (cont’d.) | |||||
| Harbor Freight Tools USA, Inc., Initial Term Loan, 1 Month SOFR + 2.250% | 6.577 %(c) | 06/11/31 | 8,588 | $8,279,532 | |
| Johnstone Supply LLC, Term B Loan, 1 Month SOFR + 2.500% | 6.823(c) | 06/09/31 | 4,956 | 4,943,858 | |
| LBM Acquisition LLC, Incremental Term B Loan, 1 Month SOFR + 3.850% | 8.175(c) | 06/06/31 | 2,500 | 2,233,750 | |
| Park River Holdings, Inc., Intial Term Loan, 3 Month SOFR + 3.250% | 7.799(c) | 12/28/27 | 5,625 | 5,400,271 | |
| Peer Holding III BV (Netherlands), | |||||
| Term B-4 Loan, 3 Month SOFR + 2.500% | 6.799(c) | 10/26/30 | 1,646 | 1,649,272 | |
| Term B-5 Loan, 3 Month SOFR + 2.500% | 6.799(c) | 07/01/31 | 5,960 | 5,969,372 | |
| Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 3 Month SOFR + 3.512% | 7.811(c) | 03/03/28 | 4,285 | 3,962,115 | |
| QXO Building Products, Inc., Term B Loan, 2 Month SOFR + 3.000% | 7.280(c) | 04/30/32 | 822 | 825,091 | |
| Rough Country LLC, First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 7.941(c) | 07/28/28 | 1,769 | 1,724,168 | |
| White Cap Buyer LLC, Tranche C Term Loan, 1 Month SOFR + 3.250% | 7.577(c) | 10/19/29 | 2,145 | 2,121,361 | |
| 61,710,975 | |||||
| Semiconductors 0.3% | |||||
| Altar Bidco, Inc., Initial Term Loan, 3 Month SOFR + 3.100% | 7.247(c) | 02/01/29 | 2,400 | 2,369,251 | |
| Natel Engineering Co., Inc., Initial Term Loan, 1 Month SOFR + 6.364% | 10.691(c) | 04/30/26 | 6,267 | 5,640,164 | |
| 8,009,415 | |||||
| Shipbuilding 0.1% | |||||
| LSF11 Trinity Bidco, Inc., Term B Loan, 1 Month SOFR + 3.000%^ | 7.323(c) | 06/14/30 | 1,739 | 1,734,275 | |
| Software 3.9% | |||||
| AthenaHealth Group, Inc., Initial Term Loan, 1 Month SOFR + 3.000% | 7.327(c) | 02/15/29 | 14,659 | 14,581,781 | |
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Software (cont’d.) | |||||
| BMC Software, Inc., 2031 Replacement Dollar Term Loan, 3 Month SOFR + 3.000% | 7.333 %(c) | 07/30/31 | 5,557 | $5,513,724 | |
| Camelot US Acquisition LLC, Term B-1 Loan, 1 Month SOFR + 2.750%^ | 7.077(c) | 01/31/31 | 3,138 | 3,134,435 | |
| Clearwater Analytics LLC, Initial Term Loan, 3 Month SOFR + 2.250%^ | 6.519(c) | 04/21/32 | 2,725 | 2,711,375 | |
| Cloudera, Inc., | |||||
| Second Lien Term Loan, 1 Month SOFR + 6.100% | 10.427(c) | 10/08/29 | 3,320 | 3,118,725 | |
| Term Loan, 1 Month SOFR + 3.850% | 8.177(c) | 10/08/28 | 5,261 | 5,234,719 | |
| Cotiviti, Inc., Initial Floating Rate Term Loan, 1 Month SOFR + 2.750% | 7.074(c) | 05/01/31 | 6,287 | 6,255,226 | |
| Dun & Bradstreet Corp. (The), Incremental Term B-2, 1 Month SOFR + 2.250% | 6.575(c) | 01/18/29 | 5,198 | 5,194,901 | |
| Evertec Group LLC (Puerto Rico), Term B Loan, 1 Month SOFR + 2.750%^ | 7.077(c) | 10/30/30 | 2,705 | 2,715,144 | |
| Genesys Cloud Services Holdings II LLC, 2025 Dollar Term Loan, 1 Month SOFR + 2.500% | 6.827(c) | 01/30/32 | 8,803 | 8,767,726 | |
| Genuine Financial Holdings LLC, 2025 Replacement Term Loan, 1 Month SOFR + 3.250% | 7.577(c) | 09/27/30 | 4,690 | 4,584,355 | |
| Inmar, Inc., Initial Term Loan, 3 Month SOFR + 5.000% | 9.320(c) | 10/30/31 | 5,978 | 5,993,313 | |
| Quartz AcquireCo LLC, Term B-2 Loan, 3 Month SOFR + 2.250% | 6.549(c) | 06/28/30 | 1,771 | 1,772,719 | |
| Red Planet Borrower LLC, First Lien Initial Term Loan, 1 Month SOFR + 3.850% | 8.177(c) | 10/02/28 | 5,406 | 5,360,157 | |
| Renaissance Holding Corp., 2024-2 Term Loan, 3 Month SOFR + 4.000% | 8.280(c) | 04/05/30 | 3,582 | 3,292,587 | |
| Skillsoft Finance II, Inc., Initial Term Loan, 1 Month SOFR + 5.364% | 9.693(c) | 07/14/28 | 3,464 | 3,039,353 | |
| Weld North Education LLC, 2024 Term Loan, 1 Month SOFR + 3.500% | 7.827(c) | 12/21/29 | 3,935 | 3,883,108 | |
| Zelis Cost Management Buyer, Inc., Term B-2 Loan, 1 Month SOFR + 2.750% | 7.077(c) | 09/28/29 | 7,027 | 6,963,779 | |
| 92,117,127 | |||||
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Telecommunications 2.4% | |||||
| Aventiv Technologies, | |||||
| Bridge Loan, 3 Month SOFR + 10.000% | 14.564 %(c) | 12/31/25(d) | 352 | $362,250 | |
| Second Lien Term Loan, 3 Month SOFR + 9.312% | 13.611(c) | 03/25/26(d) | 114 | 854 | |
| Second-Out Term Loan, 3 Month SOFR + 7.500% | 12.061(c) | 07/31/25(d) | 262 | 249,880 | |
| Connect Finco Sarl (United Kingdom), Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% | 8.827(c) | 09/27/29 | 965 | 879,180 | |
| Crown Subsea Communications Holding, Inc., 2024 Term Loan, 1 Month SOFR + 4.000% | 8.324(c) | 01/30/31 | 7,615 | 7,640,782 | |
| GTT Communications, Inc., Term Loan | —(p) | 07/15/31 | 1,432 | 1,132,774 | |
| Iridium Satellite LLC, Term B-4 Loan, 1 Month SOFR + 2.250% | 6.577(c) | 09/20/30 | 2,923 | 2,913,657 | |
| Level 3 Financing, Inc., Term B-3 Loan, 1 Month SOFR + 4.250% | 8.577(c) | 03/27/32 | 5,575 | 5,604,269 | |
| Lumen Technologies, Inc., | |||||
| Term B-1 Loan, 1 Month SOFR + 2.350% | 6.786(c) | 04/15/29 | 5,039 | 4,986,730 | |
| Term B-2 Loan, 1 Month SOFR + 2.464% | 6.791(c) | 04/15/30 | 8,480 | 8,388,606 | |
| MLN US HoldCo LLC, | |||||
| 3L Term B Loan^ | 17.750 | 10/18/27(d) | 70 | 174 | |
| Initial Term Loan^ | 14.940 | 10/18/27(d) | 10,885 | 10,884 | |
| Initial Term Loan (Second Out (First Lien Roll-Up))^ | 15.200 | 10/18/27(d) | 19,121 | 47,804 | |
| Patagonia Holdco LLC, Initial Term Loan, 3 Month SOFR + 5.750% | 10.048(c) | 08/01/29 | 9,979 | 8,550,778 | |
| Qualitytech LP, Term Loan, 1 Month SOFR + 3.500%^ | 7.832(c) | 10/30/31 | 8,400 | 8,337,000 | |
| Windstream Services LLC, 2024 Term Loan, 1 Month SOFR + 4.850%^ | 9.177(c) | 10/01/31 | 1,550 | 1,553,875 | |
| Xplore, Inc., | |||||
| Initial Term Loan, 3 Month SOFR + 5.262% | 9.594(c) | 10/24/29 | 795 | 760,772 | |
| Second Out Term Loan, 3 Month SOFR + 1.762%^ | 6.094(c) | 10/24/31 | 2,746 | 2,135,241 | |
| Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Month SOFR + 3.114% | 7.441(c) | 03/09/27 | 1,840 | 1,751,220 | |
| 55,306,730 | |||||
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Floating Rate and Other Loans (Continued) | |||||
| Transportation 0.6% | |||||
| First Student Bidco, Inc., | |||||
| Term B Loan, 3 Month SOFR + 2.500% | 6.799 %(c) | 07/21/28 | 4,286 | $4,284,753 | |
| Term C Loan, 3 Month SOFR + 2.500% | 6.799(c) | 07/21/28 | 1,310 | 1,310,045 | |
| Genesee & Wyoming, Inc., Initial Term B Loan, 3 Month SOFR + 1.750% | 6.049(c) | 04/10/31 | 1,720 | 1,709,467 | |
| Kenan Advantage Group, Inc. (The), Term B-4 Loan, 1 Month SOFR + 3.250% | 7.577(c) | 01/25/29 | 2,732 | 2,692,407 | |
| Savage Enterprises LLC, Refinancing Term Loan, 1 Month SOFR + 2.750% | 7.079(c) | 09/15/28 | 4,079 | 4,084,875 | |
| 14,081,547 | |||||
| Total Floating Rate and Other Loans (cost $1,543,440,692) | 1,476,924,365 | ||||
| Residential Mortgage-Backed Securities 0.9% | |||||
| PMT Credit Risk Transfer Trust, | |||||
| Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.822(c) | 05/25/33 | 4,490 | 4,576,631 | |
| Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.664(c) | 03/29/27 | 8,174 | 8,316,626 | |
| Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.414(c) | 09/27/28 | 7,362 | 7,334,148 | |
| Total Residential Mortgage-Backed Securities (cost $20,025,373) | 20,227,405 | ||||
| U.S. Treasury Obligations 0.7% | |||||
| U.S. Treasury Bonds(h)(k) | 4.625 | 11/15/44 | 9,405 | 9,036,148 | |
| U.S. Treasury Notes(k) | 3.500 | 09/30/26 | 4,050 | 4,021,998 | |
| U.S. Treasury Notes(k) | 4.125 | 01/31/27 | 425 | 426,029 | |
| U.S. Treasury Notes(k) | 4.250 | 11/30/26 | 600 | 602,086 | |
| U.S. Treasury Notes(k) | 4.250 | 12/31/26 | 2,600 | 2,609,953 | |
| Total U.S. Treasury Obligations (cost $17,283,684) | 16,696,214 | ||||
| Description | Shares | Value | |||
| Affiliated Exchange-Traded Fund 0.3% | |||||
| PGIM Active High Yield Bond ETF (cost $7,848,095)(wa) | 225,000 | $7,868,250 | |||
| Common Stocks 1.1% | |||||
| Chemicals 0.1% | |||||
| Venator Materials PLC*^(x) | 10,549 | 2,109,800 | |||
| Diversified Telecommunication Services 0.0% | |||||
| Stonepeak Falcon Holdings, Inc. (Canada), CVR*^ | 11,734 | 1 | |||
| Gas Utilities 0.1% | |||||
| Ferrellgas Partners LP (Class B Stock)*(x) | 20,453 | 2,656,910 | |||
| Health Care Providers & Services 0.0% | |||||
| Sound Physicians Holdings LLC (Class A Stock)*^ | 10,144,042 | 1,014 | |||
| Sound Physicians Holdings LLC (Class A2 Stock)*^ | 454,115 | 449,574 | |||
| 450,588 | |||||
| Interactive Media & Services 0.1% | |||||
| Diamond Sports Group LLC* | 244,231 | 3,470,034 | |||
| IT Services 0.0% | |||||
| ConvergeOne Holdings, Inc.* | 200,211 | 800,844 | |||
| Oil, Gas & Consumable Fuels 0.6% | |||||
| Expand Energy Corp. | 22,789 | 2,646,487 | |||
| Heritage Power LLC*(x) | 182,367 | 10,349,327 | |||
| Heritage Power LLC*(x) | 8,021 | 455,192 | |||
| Heritage Power LLC*^(x) | 209,883 | 104,942 | |||
| 13,555,948 | |||||
| Software 0.0% | |||||
| Campfire Topco Ltd. (Jersey)*^ | 4,988,976 | 566 | |||
| Wireless Telecommunication Services 0.2% | |||||
| Digicel International Finance Ltd. (Jamaica)* | 275,213 | 1,926,491 | |||
| Description | Shares | Value | |||
| Common Stocks (Continued) | |||||
| Wireless Telecommunication Services (cont’d.) | |||||
| Intelsat Emergence SA (Luxembourg)* | 28,359 | $1,174,247 | |||
| Stonepeak Falcon Holdings, Inc. (Canada)* | 172,298 | 407,601 | |||
| 3,508,339 | |||||
| Total Common Stocks (cost $18,217,358) | 26,553,030 | ||||
| Preferred Stocks 0.3% | |||||
| Capital Markets 0.3% | |||||
| Carlyle Credit Income Fund, 8.750%, Maturing 10/31/28 | 64,513 | 1,648,307 | |||
| Eagle Point Credit Co., Inc., 7.750%, Maturing 06/30/30 | 92,278 | 2,288,495 | |||
| OFS Credit Co., Inc., 7.875%, Maturing 10/31/29 | 5,063 | 126,119 | |||
| Oxford Lane Capital Corp., 7.950%, Maturing 02/29/32 | 103,359 | 2,552,967 | |||
| Sound Point Meridian Capital, Inc., 8.000%, Maturing 11/30/29 | 29,530 | 735,002 | |||
| 7,350,890 | |||||
| Electronic Equipment, Instruments & Components 0.0% | |||||
| Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^(x) | 488 | 488,000 | |||
| Wireless Telecommunication Services 0.0% | |||||
| Digicel International Finance Ltd. (Jamaica)*^ | 17,997 | 209,651 | |||
| Total Preferred Stocks (cost $7,882,551) | 8,048,541 | ||||
| Units | |||||
| Warrants* 0.0% | |||||
| Entertainment 0.0% | |||||
| Procera II LP & New Procera GP, expiring 12/31/79^ | 156,835 | 16 | |||
| Description | Units | Value | |||
| Warrants* (Continued) | |||||
| Interactive Media & Services 0.0% | |||||
| Diamond Sports Group LLC, expiring 06/30/26 | 456,793 | $119,999 | |||
| Total Warrants (cost $16) | 120,015 | ||||
| Total Long-Term Investments (cost $2,377,928,904) | 2,317,906,023 | ||||
| Shares | |||||
| Short-Term Investments 3.2% | |||||
| Affiliated Mutual Funds | |||||
| PGIM Core Government Money Market Fund (7-day effective yield 4.462%)(wa) | 47,952,918 | 47,952,918 | |||
| PGIM Institutional Money Market Fund (7-day effective yield 4.496%) (cost $27,167,779; includes $27,101,645 of cash collateral for securities on loan)(b)(wa) | 27,188,267 | 27,166,516 | |||
| Total Short-Term Investments (cost $75,120,697) | 75,119,434 | ||||
| TOTAL INVESTMENTS 102.0% (cost $2,453,049,601) | 2,393,025,457 | ||||
| Liabilities in excess of other assets(z) (2.0)% | (47,055,677) | ||||
| Net Assets 100.0% | $2,345,969,780 | ||||
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
| EUR—Euro | |
| GBP—British Pound |
| 144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
| BNP—BNP Paribas S.A. | |
| BNY—Bank of New York Mellon | |
| CDX—Credit Derivative Index | |
| CLO—Collateralized Loan Obligation | |
| CVR—Contingent Value Rights | |
| DAC—Designated Activity Company | |
| ETF—Exchange-Traded Fund | |
| EURIBOR—Euro Interbank Offered Rate | |
| iBoxx—Bond Market Indices | |
| LIBOR—London Interbank Offered Rate | |
| LP—Limited Partnership |
| MSI—Morgan Stanley & Co International PLC | |
| N/A—Not Applicable | |
| NAB—National Australia Bank Ltd. | |
| OTC—Over-the-counter | |
| PIK—Payment-in-Kind | |
| Q—Quarterly payment frequency for swaps | |
| REITs—Real Estate Investment Trust | |
| SCB—Standard Chartered Bank | |
| SOFR—Secured Overnight Financing Rate | |
| SONIA—Sterling Overnight Index Average | |
| T—Swap payment upon termination |
| * | Non-income producing security. |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $207,555,775 and 8.8% of net assets. |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $26,508,395; cash collateral of $27,101,645 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2025. |
| (d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
| (ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
| (h) | Represents security, or a portion thereof, segregated as collateral for OTC derivatives. |
| (k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (oo) | Perpetual security. Maturity date represents next call date. |
| (p) | Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end. |
| (wa) | Represents investments in Funds affiliated with the Manager. |
| (x) | The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law. |
| Issuer Description | Acquisition Date | Original Cost | Market Value | Percentage of Net Assets | ||||
| Ferrellgas Escrow LLC, 8.956%^, 03/30/31 | 06/26/24 | $492,880 | $488,000 | 0.0 % | ||||
| Ferrellgas Partners LP (Class B Stock)* | 07/26/24 | 4,274,677 | 2,656,910 | 0.1 | ||||
| Heritage Power LLC* | 11/21/23 | 1,888,644 | 10,349,327 | 0.5 | ||||
| Heritage Power LLC* | 11/21/23 | — | 455,192 | 0.0 | ||||
| Heritage Power LLC*^ | 11/21/23 | 104,942 | 104,942 | 0.0 | ||||
| Venator Materials PLC*^ | 05/15/23-10/19/23 | 7,130,913 | 2,109,800 | 0.1 | ||||
| Total | $13,892,056 | $16,164,171 | 0.7% |
| Issuer | Principal Amount (000)# | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||
| New Generation Gas Gathering LLC, Sr. Sec’d. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $279,527)^ | 284 | $279,527 | $— | $— |
| Borrower | Principal Amount (000)# | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||
| Arcis Golf LLC, Amendment No 4 Incremental Ddtl, 2.750%, Maturity Date 11/24/28 (cost $545,806) | 551 | $549,530 | $3,724 | $— | ||||
| Clydesdale Acquisition Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 04/01/32 (cost $122,500) | 123 | 121,479 | — | (1,021) | ||||
| Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, —%(p), Maturity Date 04/01/30 (cost $1,800,000)^ | 1,800 | 1,809,000 | 9,000 | — | ||||
| Grant Thornton Advisors LLC, 2025 Incremental Ddtl Commitment, 1.000%, Maturity Date 06/02/31 (cost $230,978) | 231 | 229,823 | — | (1,155) | ||||
| Jupiter Buyer, Inc., Initial Ddtl, —%(p), Maturity Date 11/01/31 (cost $537,976) | 541 | 541,193 | 3,217 | — | ||||
| SWF Holdings I Corp., Delayed Draw Term Loan, 2.250%, Maturity Date 12/19/29 (cost $2,085,714) | 2,086 | 2,075,285 | — | (10,429) | ||||
| $5,326,310 | $15,941 | $(12,605) |
| Futures contracts outstanding at May 31, 2025: | ||||||||
| Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
| Long Position: | ||||||||
| 14 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | $1,624,875 | $25,000 | ||||
| Short Positions: | ||||||||
| 408 | 2 Year U.S. Treasury Notes | Sep. 2025 | 84,634,500 | (94,904) | ||||
| 8 | 5 Year Euro-Bobl | Jun. 2025 | 1,082,220 | (2,088) | ||||
| 5 | 5 Year Euro-Bobl | Sep. 2025 | 670,654 | (828) | ||||
| 1,437 | 5 Year U.S. Treasury Notes | Sep. 2025 | 155,465,438 | (629,734) | ||||
| 7 | 10 Year Euro-Bund | Jun. 2025 | 1,042,877 | 9,134 | ||||
| Futures contracts outstanding at May 31, 2025 (continued): | ||||||||
| Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
| Short Positions (cont’d): | ||||||||
| 287 | 10 Year U.S. Treasury Notes | Sep. 2025 | $31,785,250 | $(220,034) | ||||
| 65 | 20 Year U.S. Treasury Bonds | Sep. 2025 | 7,330,781 | (95,053) | ||||
| (1,033,507) | ||||||||
| $(1,008,507) | ||||||||
| Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
| OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
| British Pound, | |||||||||||||
| Expiring 06/03/25 | MSI | GBP | 11,375 | $15,355,609 | $15,326,269 | $— | $(29,340) | ||||||
| Expiring 06/03/25 | MSI | GBP | 1,548 | 2,079,826 | 2,085,191 | 5,365 | — | ||||||
| Euro, | |||||||||||||
| Expiring 06/03/25 | BNY | EUR | 32,310 | 36,571,697 | 36,695,055 | 123,358 | — | ||||||
| Expiring 06/03/25 | BNY | EUR | 2,841 | 3,225,393 | 3,226,845 | 1,452 | — | ||||||
| $57,232,525 | $57,333,360 | 130,175 | (29,340) | ||||||||||
| Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
| OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
| British Pound, | |||||||||||||
| Expiring 06/03/25 | SCB | GBP | 12,923 | $17,207,909 | $17,411,460 | $— | $(203,551) | ||||||
| Expiring 07/02/25 | MSI | GBP | 11,375 | 15,357,727 | 15,328,283 | 29,444 | — | ||||||
| Euro, | |||||||||||||
| Expiring 06/03/25 | BNY | EUR | 35,151 | 40,065,143 | 39,921,900 | 143,243 | — | ||||||
| Expiring 07/02/25 | BNY | EUR | 32,310 | 36,641,228 | 36,762,475 | — | (121,247) | ||||||
| Expiring 07/02/25 | MSI | EUR | 2,360 | 2,683,992 | 2,685,065 | — | (1,073) | ||||||
| $111,955,999 | $112,109,183 | 172,687 | (325,871) | ||||||||||
| $302,862 | $(355,211) | ||||||||||||
| Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at May 31, 2025(4) | Value at Trade Date | Value at May 31, 2025 | Unrealized Appreciation (Depreciation) | ||||||||
| Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2): | |||||||||||||||
| CDX.NA.HY.44.V1 | 06/20/30 | 5.000%(Q) | 37,670 | 3.507% | $2,141,720 | $2,706,103 | $564,383 | ||||||||
| CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 487,025 | 0.560% | 9,190,011 | 10,762,413 | 1,572,402 | ||||||||
| $11,331,731 | $13,468,516 | $2,136,785 | |||||||||||||
| (1) | If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
| Total return swap agreements outstanding at May 31, 2025: | ||||||||||||||
| Reference Entity | Financing Rate | Counterparty | Termination Date | Long (Short) Notional Amount (000)#(1) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation)(2) | |||||||
| OTC Total Return Swap Agreements: | ||||||||||||||
| iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 4.350% | MSI | 06/20/25 | 23,950 | $214,410 | $— | $214,410 | |||||||
| iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 4.350% | MSI | 06/20/25 | 23,950 | 681,398 | — | 681,398 | |||||||
| iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 4.350% | MSI | 06/20/25 | 30,210 | 144,101 | — | 144,101 | |||||||
| iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 4.350% | MSI | 06/20/25 | 47,900 | 283,966 | — | 283,966 | |||||||
| iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 4.350% | BNP | 06/20/25 | 64,400 | 591,563 | — | 591,563 | |||||||
| $1,915,438 | $— | $1,915,438 | ||||||||||||
| (1) | On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
| (2) | Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |