|
|
Principal
Amount
|
Value
|
|
|
U.S. Dollar Denominated Bonds & Notes–86.09%
|
|||
|
Aerospace & Defense–0.47%
|
|||
|
TransDigm, Inc., 6.00%,
01/15/2033(b)
|
|
$5,375,000
|
$5,322,498
|
|
Alternative Carriers–0.81%
|
|||
|
Lumen Technologies, Inc.,
|
|
|
|
|
4.50%, 01/15/2029(b)
|
|
309,000
|
273,766
|
|
5.38%, 06/15/2029(b)
|
|
173,000
|
153,267
|
|
10.00%, 10/15/2032(b)
|
|
647,000
|
664,372
|
|
Series P, 7.60%, 09/15/2039
|
|
306,000
|
259,335
|
|
Series U, 7.65%, 03/15/2042
|
|
272,000
|
224,749
|
|
Windstream Services LLC/
Windstream Escrow Finance
Corp., 8.25%, 10/01/2031(b)
|
|
5,405,000
|
5,629,178
|
|
Zayo Group Holdings, Inc.,
|
|
|
|
|
4.00%, 03/01/2027 (Acquired
02/06/2024-12/03/2024;
Cost $1,155,802)(b)(c)
|
|
1,300,000
|
1,224,058
|
|
6.13%, 03/01/2028 (Acquired
08/01/2024-12/03/2024;
Cost $748,633)(b)(c)
|
|
920,000
|
794,185
|
|
|
|
|
9,222,910
|
|
Application Software–1.99%
|
|||
|
Clarivate Science Holdings Corp.,
4.88%, 07/01/2029(b)
|
|
6,175,000
|
5,716,613
|
|
Cloud Software Group, Inc.,
|
|
|
|
|
9.00%, 09/30/2029(b)
|
|
3,308,000
|
3,388,480
|
|
8.25%, 06/30/2032(b)
|
|
4,917,000
|
5,175,202
|
|
Fair Isaac Corp., 6.00%,
05/15/2033(b)
|
|
2,853,000
|
2,854,746
|
|
SS&C Technologies, Inc.,
|
|
|
|
|
5.50%, 09/30/2027(b)
|
|
1,913,000
|
1,912,062
|
|
6.50%, 06/01/2032(b)
|
|
3,641,000
|
3,741,299
|
|
|
|
|
22,788,402
|
|
Automobile Manufacturers–1.00%
|
|||
|
Allison Transmission, Inc.,
|
|
|
|
|
4.75%, 10/01/2027(b)
|
|
5,740,000
|
5,647,442
|
|
3.75%, 01/30/2031(b)
|
|
6,356,000
|
5,774,697
|
|
|
|
|
11,422,139
|
|
Automotive Parts & Equipment–2.53%
|
|||
|
Clarios Global L.P./Clarios US
Finance Co., 6.75%,
02/15/2030(b)
|
|
430,000
|
438,280
|
|
Cougar JV Subsidiary LLC, 8.00%,
05/15/2032(b)
|
|
5,568,000
|
5,854,095
|
|
Forvia SE (France), 8.00%,
06/15/2030(b)(d)
|
|
5,618,000
|
5,714,478
|
|
NESCO Holdings II, Inc., 5.50%,
04/15/2029(b)
|
|
8,807,000
|
8,304,468
|
|
PHINIA, Inc.,
|
|
|
|
|
6.75%, 04/15/2029(b)
|
|
5,740,000
|
5,874,098
|
|
6.63%, 10/15/2032(b)
|
|
2,807,000
|
2,793,084
|
|
|
|
|
28,978,503
|
|
|
Principal
Amount
|
Value
|
|
|
Automotive Retail–2.59%
|
|||
|
Carvana Co., 14.00% PIK Rate,
9.00% Cash Rate,
06/01/2031(b)(e)
|
|
$5,310,146
|
$6,163,013
|
|
Global Auto Holdings Ltd./AAG FH
UK Ltd. (United Kingdom),
11.50%, 08/15/2029(b)
|
|
500,000
|
464,235
|
|
Group 1 Automotive, Inc., 6.38%,
01/15/2030(b)
|
|
5,657,000
|
5,771,645
|
|
LCM Investments Holdings II LLC,
|
|
|
|
|
4.88%, 05/01/2029(b)
|
|
2,966,000
|
2,859,585
|
|
8.25%, 08/01/2031(b)
|
|
5,456,000
|
5,789,083
|
|
Lithia Motors, Inc.,
|
|
|
|
|
4.63%, 12/15/2027(b)
|
|
2,740,000
|
2,704,774
|
|
4.38%, 01/15/2031(b)(d)
|
|
6,255,000
|
5,866,638
|
|
|
|
|
29,618,973
|
|
Broadcasting–0.89%
|
|||
|
Altice Financing S.A. (Luxembourg),
5.75%, 08/15/2029(b)
|
|
2,300,000
|
1,759,886
|
|
Gray Media, Inc., 5.38%,
11/15/2031(b)
|
|
1,104,000
|
789,216
|
|
iHeartCommunications, Inc.,
|
|
|
|
|
4.75%, 01/15/2028(b)
|
|
375,000
|
300,234
|
|
9.13%, 05/01/2029(b)
|
|
825,000
|
685,769
|
|
10.88%, 05/01/2030(b)
|
|
750,000
|
368,678
|
|
7.00%, 01/15/2031(b)
|
|
100,000
|
74,526
|
|
Scripps Escrow II, Inc.,
|
|
|
|
|
3.88%, 01/15/2029(b)
|
|
500,000
|
427,960
|
|
5.38%, 01/15/2031(b)
|
|
353,000
|
244,453
|
|
Univision Communications, Inc.,
|
|
|
|
|
6.63%, 06/01/2027(b)
|
|
4,470,000
|
4,472,871
|
|
7.38%, 06/30/2030(b)(d)
|
|
1,169,000
|
1,093,670
|
|
|
|
|
10,217,263
|
|
Broadline Retail–0.73%
|
|||
|
Kohl’s Corp.,
|
|
|
|
|
10.00%, 06/01/2030(b)
|
|
484,000
|
497,504
|
|
5.13%, 05/01/2031(d)
|
|
3,643,000
|
2,335,430
|
|
Macy’s Retail Holdings LLC, 6.70%,
07/15/2034(b)
|
|
6,511,000
|
5,510,911
|
|
|
|
|
8,343,845
|
|
Building Products–0.05%
|
|||
|
Park River Holdings, Inc., 6.75%,
08/01/2029(b)
|
|
649,000
|
519,416
|
|
Cable & Satellite–6.36%
|
|||
|
CCO Holdings LLC/CCO Holdings Capital
Corp.,
|
|
|
|
|
5.13%, 05/01/2027(b)
|
|
4,376,000
|
4,333,590
|
|
5.38%, 06/01/2029(b)
|
|
6,432,000
|
6,347,166
|
|
4.75%, 02/01/2032(b)(d)
|
|
5,989,000
|
5,548,068
|
|
4.50%, 05/01/2032
|
|
6,629,000
|
6,038,148
|
|
4.50%, 06/01/2033(b)
|
|
3,400,000
|
3,026,433
|
|
4.25%, 01/15/2034(b)(d)
|
|
3,652,000
|
3,155,083
|
|
|
Principal
Amount
|
Value
|
|
|
Cable & Satellite–(continued)
|
|||
|
CSC Holdings LLC,
|
|
|
|
|
11.75%, 01/31/2029(b)
|
|
$2,128,000
|
$1,996,216
|
|
6.50%, 02/01/2029(b)
|
|
1,538,000
|
1,228,508
|
|
5.75%, 01/15/2030(b)
|
|
3,346,000
|
1,691,850
|
|
4.13%, 12/01/2030(b)
|
|
1,000,000
|
687,119
|
|
4.63%, 12/01/2030(b)
|
|
2,146,000
|
988,995
|
|
4.50%, 11/15/2031(b)
|
|
3,347,000
|
2,265,674
|
|
Directv Financing LLC/Directv
Financing Co-Obligor, Inc.,
10.00%, 02/15/2031(b)
|
|
2,917,000
|
2,841,223
|
|
DISH DBS Corp.,
|
|
|
|
|
5.75%, 12/01/2028(b)
|
|
2,014,000
|
1,708,178
|
|
5.13%, 06/01/2029
|
|
1,717,000
|
1,130,353
|
|
DISH Network Corp., 11.75%,
11/15/2027(b)
|
|
2,575,000
|
2,658,381
|
|
EchoStar Corp., 6.75% PIK Rate,
2.00% Cash Rate,
11/30/2030(e)
|
|
8,584,597
|
7,388,119
|
|
Sinclair Television Group, Inc.,
|
|
|
|
|
5.50%, 03/01/2030(b)
|
|
400,000
|
338,000
|
|
8.13%, 02/15/2033(b)
|
|
1,100,000
|
1,101,507
|
|
Sirius XM Radio LLC, 4.00%,
07/15/2028(b)
|
|
5,916,000
|
5,618,417
|
|
Sunrise FinCo I B.V. (Netherlands),
4.63%, 05/15/2032(b)
|
|
3,575,000
|
4,099,826
|
|
Virgin Media O2 Vendor Financing
Notes V DAC (Ireland), 7.84%,
03/15/2032(b)
|
|
2,000,000
|
2,760,654
|
|
Virgin Media Secured Finance PLC
(United Kingdom), 4.50%,
08/15/2030(b)
|
|
6,325,000
|
5,845,252
|
|
|
|
|
72,796,760
|
|
Casinos & Gaming–0.99%
|
|||
|
Studio City Finance Ltd. (Macau),
5.00%, 01/15/2029(b)
|
|
6,434,000
|
5,818,285
|
|
Viking Cruises Ltd., 7.00%,
02/15/2029(b)
|
|
5,515,000
|
5,557,406
|
|
|
|
|
11,375,691
|
|
Commercial & Residential Mortgage Finance–1.77%
|
|||
|
Nationstar Mortgage Holdings, Inc.,
|
|
|
|
|
5.50%, 08/15/2028(b)
|
|
5,945,000
|
5,936,514
|
|
7.13%, 02/01/2032(b)
|
|
5,583,000
|
5,817,698
|
|
PennyMac Financial Services, Inc.,
4.25%, 02/15/2029(b)
|
|
3,050,000
|
2,897,796
|
|
Walker & Dunlop, Inc., 6.63%,
04/01/2033(b)
|
|
5,531,000
|
5,605,631
|
|
|
|
|
20,257,639
|
|
Commodity Chemicals–0.74%
|
|||
|
Cerdia Finanz GmbH (Germany),
9.38%, 10/03/2031(b)
|
|
8,250,000
|
8,497,698
|
|
Communications Equipment–0.25%
|
|||
|
CommScope LLC, 9.50%,
12/15/2031(b)(d)
|
|
2,766,000
|
2,876,828
|
|
Construction & Engineering–0.04%
|
|||
|
Brand Industrial Services, Inc.,
10.38%, 08/01/2030(b)
|
|
490,000
|
440,106
|
|
|
Principal
Amount
|
Value
|
|
|
Construction Machinery & Heavy Transportation Equipment–
0.49%
|
|||
|
Northriver Midstream Finance L.P.
(Canada), 6.75%,
07/15/2032(b)
|
|
$5,537,000
|
$5,592,182
|
|
Consumer Finance–3.23%
|
|||
|
EZCORP, Inc., 7.38%,
04/01/2032(b)
|
|
10,707,000
|
11,137,968
|
|
FirstCash, Inc.,
|
|
|
|
|
5.63%, 01/01/2030(b)
|
|
2,629,000
|
2,612,739
|
|
6.88%, 03/01/2032(b)
|
|
8,324,000
|
8,542,575
|
|
Navient Corp.,
|
|
|
|
|
5.00%, 03/15/2027
|
|
3,476,000
|
3,442,832
|
|
9.38%, 07/25/2030
|
|
2,043,000
|
2,226,739
|
|
OneMain Finance Corp.,
|
|
|
|
|
3.50%, 01/15/2027
|
|
2,565,000
|
2,486,914
|
|
6.63%, 05/15/2029
|
|
2,358,000
|
2,387,232
|
|
7.13%, 09/15/2032
|
|
3,595,000
|
3,621,860
|
|
PRA Group, Inc., 8.88%,
01/31/2030(b)
|
|
500,000
|
513,143
|
|
|
|
|
36,972,002
|
|
Copper–0.48%
|
|||
|
First Quantum Minerals Ltd. (Zambia),
|
|
|
|
|
8.63%, 06/01/2031(b)
|
|
2,699,000
|
2,746,200
|
|
8.00%, 03/01/2033(b)
|
|
2,800,000
|
2,782,065
|
|
|
|
|
5,528,265
|
|
Data Processing & Outsourced Services–0.51%
|
|||
|
Shift4 Payments LLC/Shift4
Payments Finance Sub, Inc.,
5.50%, 05/15/2033(b)
|
|
4,994,000
|
5,832,981
|
|
Diversified Financial Services–5.72%
|
|||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland),
6.95%, 03/10/2055(f)
|
|
8,068,000
|
8,280,902
|
|
Avation Capital S.A. (Singapore),
9.00% PIK Rate, 8.25% Cash
Rate, 10/31/2026(b)(e)
|
|
11,840,000
|
11,534,491
|
|
Freedom Mortgage Holdings LLC,
8.38%, 04/01/2032(b)
|
|
2,877,000
|
2,843,648
|
|
GGAM Finance Ltd. (Ireland),
6.88%, 04/15/2029(b)
|
|
8,299,000
|
8,474,856
|
|
Jane Street Group/JSG Finance, Inc.,
|
|
|
|
|
7.13%, 04/30/2031(b)
|
|
2,930,000
|
3,062,694
|
|
6.13%, 11/01/2032(b)
|
|
8,323,000
|
8,342,642
|
|
6.75%, 05/01/2033(b)
|
|
5,495,000
|
5,639,007
|
|
Jefferson Capital Holdings LLC,
|
|
|
|
|
9.50%, 02/15/2029(b)
|
|
5,158,000
|
5,480,602
|
|
8.25%, 05/15/2030(b)
|
|
2,937,000
|
3,008,548
|
|
Provident Funding Associates
L.P./PFG Finance Corp., 9.75%,
09/15/2029(b)
|
|
8,004,000
|
8,338,087
|
|
VistaJet Malta Finance PLC/Vista
Management Holding, Inc.
(Switzerland),
|
|
|
|
|
9.50%, 06/01/2028(b)
|
|
250,000
|
246,519
|
|
6.38%, 02/01/2030(b)
|
|
250,000
|
224,735
|
|
|
|
|
65,476,731
|
|
Diversified Metals & Mining–0.50%
|
|||
|
Hudbay Minerals, Inc. (Canada),
6.13%, 04/01/2029(b)
|
|
5,663,000
|
5,681,614
|
|
|
Principal
Amount
|
Value
|
|
|
Diversified REITs–1.05%
|
|||
|
Iron Mountain Information
Management Services, Inc.,
5.00%, 07/15/2032(b)
|
|
$6,887,000
|
$6,522,495
|
|
Uniti Group L.P./Uniti Fiber
Holdings, Inc./CSL Capital LLC,
6.00%, 01/15/2030(b)
|
|
1,263,000
|
1,151,799
|
|
Uniti Group L.P./Uniti Group Finance
2019, Inc./CSL Capital LLC,
10.50%, 02/15/2028(b)
|
|
2,936,000
|
3,116,576
|
|
Uniti Group L.P./Uniti Group
Finance, Inc./CSL Capital LLC,
6.50%, 02/15/2029(b)
|
|
1,268,000
|
1,196,680
|
|
|
|
|
11,987,550
|
|
Diversified Support Services–1.70%
|
|||
|
RB Global Holdings, Inc. (Canada),
|
|
|
|
|
6.75%, 03/15/2028(b)
|
|
8,089,000
|
8,271,452
|
|
7.75%, 03/15/2031(b)
|
|
7,920,000
|
8,300,576
|
|
Saks Global Enterprises LLC,
11.00%, 12/15/2029(b)
|
|
6,263,000
|
2,834,008
|
|
|
|
|
19,406,036
|
|
Drug Retail–0.13%
|
|||
|
Walgreen Co., 4.40%,
09/15/2042
|
|
250,000
|
222,677
|
|
Walgreens Boots Alliance, Inc.,
|
|
|
|
|
4.80%, 11/18/2044
|
|
597,000
|
551,853
|
|
4.65%, 06/01/2046
|
|
250,000
|
225,772
|
|
4.10%, 04/15/2050
|
|
506,000
|
430,355
|
|
|
|
|
1,430,657
|
|
Electric Utilities–2.37%
|
|||
|
Brookfield Infrastructure Finance
ULC (Canada), 6.75%,
03/15/2055(f)
|
|
5,850,000
|
5,795,221
|
|
Duke Energy Corp., 6.45%,
09/01/2054(f)
|
|
5,482,000
|
5,551,553
|
|
Entergy Corp., 7.13%,
12/01/2054(f)
|
|
5,497,000
|
5,633,777
|
|
Vistra Operations Co. LLC,
|
|
|
|
|
5.00%, 07/31/2027(b)
|
|
1,981,000
|
1,976,464
|
|
7.75%, 10/15/2031(b)
|
|
3,410,000
|
3,617,884
|
|
6.88%, 04/15/2032(b)
|
|
4,415,000
|
4,595,869
|
|
|
|
|
27,170,768
|
|
Electrical Components & Equipment–0.49%
|
|||
|
EnerSys, 6.63%, 01/15/2032(b)
|
|
5,530,000
|
5,651,560
|
|
Electronic Components–0.51%
|
|||
|
Sensata Technologies, Inc.,
|
|
|
|
|
3.75%, 02/15/2031(b)(d)
|
|
2,752,000
|
2,446,522
|
|
6.63%, 07/15/2032(b)
|
|
3,300,000
|
3,332,142
|
|
|
|
|
5,778,664
|
|
Environmental & Facilities Services–1.00%
|
|||
|
GFL Environmental, Inc.,
|
|
|
|
|
4.00%, 08/01/2028(b)
|
|
5,988,000
|
5,761,018
|
|
3.50%, 09/01/2028(b)
|
|
4,431,000
|
4,223,565
|
|
Wrangler Holdco Corp. (Canada),
6.63%, 04/01/2032(b)
|
|
1,453,000
|
1,499,525
|
|
|
|
|
11,484,108
|
|
|
Principal
Amount
|
Value
|
|
|
Fertilizers & Agricultural Chemicals–0.09%
|
|||
|
Consolidated Energy Finance S.A.
(Switzerland),
|
|
|
|
|
6.50%, 05/15/2026(b)
|
|
$700,000
|
$676,589
|
|
12.00%, 02/15/2031(b)
|
|
350,000
|
321,074
|
|
|
|
|
997,663
|
|
Gold–1.02%
|
|||
|
New Gold, Inc. (Canada), 6.88%,
04/01/2032(b)
|
|
11,369,000
|
11,623,461
|
|
Health Care Facilities–1.69%
|
|||
|
Select Medical Corp., 6.25%,
12/01/2032(b)(d)
|
|
5,473,000
|
5,428,836
|
|
Tenet Healthcare Corp.,
|
|
|
|
|
6.13%, 10/01/2028
|
|
5,369,000
|
5,380,398
|
|
4.25%, 06/01/2029
|
|
6,654,000
|
6,394,083
|
|
6.75%, 05/15/2031
|
|
2,127,000
|
2,192,250
|
|
|
|
|
19,395,567
|
|
Health Care REITs–0.75%
|
|||
|
Diversified Healthcare Trust,
0.00%, 01/15/2026(b)(g)
|
|
8,919,000
|
8,572,836
|
|
Health Care Services–1.71%
|
|||
|
Community Health Systems, Inc.,
|
|
|
|
|
6.88%, 04/15/2029(b)
|
|
3,623,000
|
3,031,201
|
|
5.25%, 05/15/2030(b)
|
|
4,422,000
|
3,985,994
|
|
4.75%, 02/15/2031(b)
|
|
4,177,000
|
3,578,875
|
|
DaVita, Inc.,
|
|
|
|
|
6.88%, 09/01/2032(b)
|
|
2,730,000
|
2,775,037
|
|
6.75%, 07/15/2033(b)
|
|
2,895,000
|
2,926,880
|
|
MPH Acquisition Holdings LLC,
|
|
|
|
|
5.75%, 12/31/2030(b)
|
|
2,411,000
|
1,924,629
|
|
5.00% PIK Rate, 6.50% Cash
Rate, 12/31/2030(b)(e)
|
|
1,367,000
|
1,348,990
|
|
|
|
|
19,571,606
|
|
Health Care Supplies–0.49%
|
|||
|
Medline Borrower L.P.,
|
|
|
|
|
3.88%, 04/01/2029(b)
|
|
3,007,000
|
2,836,297
|
|
5.25%, 10/01/2029(b)
|
|
2,870,000
|
2,806,930
|
|
|
|
|
5,643,227
|
|
Home Improvement Retail–0.04%
|
|||
|
LBM Acquisition LLC, 6.25%,
01/15/2029(b)
|
|
585,000
|
470,372
|
|
Hotel & Resort REITs–2.00%
|
|||
|
RHP Hotel Properties L.P./RHP
Finance Corp., 6.50%,
06/15/2033(b)
|
|
5,639,000
|
5,739,455
|
|
RLJ Lodging Trust L.P.,
|
|
|
|
|
3.75%, 07/01/2026(b)
|
|
3,234,000
|
3,184,847
|
|
4.00%, 09/15/2029(b)
|
|
2,679,000
|
2,451,814
|
|
Service Properties Trust,
|
|
|
|
|
4.75%, 10/01/2026
|
|
5,906,000
|
5,817,160
|
|
4.38%, 02/15/2030(d)
|
|
7,076,000
|
5,712,132
|
|
|
|
|
22,905,408
|
|
Hotels, Resorts & Cruise Lines–1.23%
|
|||
|
Carnival Corp.,
|
|
|
|
|
5.88%, 06/15/2031(b)
|
|
3,810,000
|
3,814,667
|
|
6.13%, 02/15/2033(b)(d)
|
|
4,640,000
|
4,654,358
|
|
|
Principal
Amount
|
Value
|
|
|
Hotels, Resorts & Cruise Lines–(continued)
|
|||
|
Hilton Domestic Operating Co., Inc.,
5.88%, 03/15/2033(b)
|
|
$5,621,000
|
$5,662,905
|
|
|
|
|
14,131,930
|
|
Household Products–0.49%
|
|||
|
Energizer Holdings, Inc., 4.38%,
03/31/2029(b)
|
|
6,011,000
|
5,653,222
|
|
Housewares & Specialties–0.50%
|
|||
|
Newell Brands, Inc., 6.38%,
05/15/2030
|
|
6,078,000
|
5,725,140
|
|
Independent Power Producers & Energy Traders–1.30%
|
|||
|
Vistra Corp.,
|
|
|
|
|
8.00%(b)(f)(h)
|
|
3,217,000
|
3,303,656
|
|
Series C, 8.88%(b)(f)(h)
|
|
10,703,000
|
11,523,214
|
|
|
|
|
14,826,870
|
|
Industrial Machinery & Supplies & Components–1.74%
|
|||
|
Enpro, Inc., 6.13%,
06/01/2033(b)
|
|
5,810,000
|
5,867,736
|
|
ESAB Corp., 6.25%,
04/15/2029(b)
|
|
8,295,000
|
8,445,140
|
|
Roller Bearing Co. of America, Inc.,
4.38%, 10/15/2029(b)
|
|
5,895,000
|
5,635,095
|
|
|
|
|
19,947,971
|
|
Insurance Brokers–1.95%
|
|||
|
Alliant Holdings Intermediate LLC/
Alliant Holdings Co-Issuer,
7.00%, 01/15/2031(b)
|
|
5,617,000
|
5,748,825
|
|
Ardonagh Finco Ltd. (United
Kingdom), 7.75%,
02/15/2031(b)
|
|
550,000
|
569,099
|
|
Ardonagh Group Finance Ltd.
(United Kingdom), 8.88%,
02/15/2032(b)
|
|
550,000
|
568,790
|
|
Howden UK Refinance PLC/Howden
UK Refinance 2 PLC/Howden US
Refinance LLC (United Kingdom),
7.25%, 02/15/2031(b)
|
|
1,150,000
|
1,181,484
|
|
HUB International Ltd.,
|
|
|
|
|
7.25%, 06/15/2030(b)
|
|
2,693,000
|
2,806,233
|
|
7.38%, 01/31/2032(b)
|
|
5,567,000
|
5,813,195
|
|
USI, Inc., 7.50%, 01/15/2032(b)
|
|
5,355,000
|
5,619,853
|
|
|
|
|
22,307,479
|
|
Integrated Telecommunication Services–4.56%
|
|||
|
Altice France Holding S.A. (Luxembourg),
|
|
|
|
|
10.50%, 05/15/2027(b)
|
|
1,750,000
|
627,121
|
|
6.00%, 02/15/2028(b)
|
|
1,950,000
|
711,908
|
|
Altice France S.A. (France),
|
|
|
|
|
5.50%, 01/15/2028(b)
|
|
5,092,000
|
4,387,843
|
|
5.50%, 10/15/2029(b)
|
|
7,750,000
|
6,590,605
|
|
Iliad Holding S.A.S. (France),
|
|
|
|
|
7.00%, 10/15/2028(b)
|
|
2,700,000
|
2,745,225
|
|
7.00%, 04/15/2032(b)
|
|
2,632,000
|
2,652,210
|
|
Iliad Holding S.A.S.U. (France),
8.50%, 04/15/2031(b)
|
|
8,138,000
|
8,595,431
|
|
|
Principal
Amount
|
Value
|
|
|
Integrated Telecommunication Services–(continued)
|
|||
|
Level 3 Financing, Inc.,
|
|
|
|
|
3.63%, 01/15/2029(b)
|
|
$309,000
|
$258,015
|
|
4.88%, 06/15/2029(b)
|
|
1,521,000
|
1,389,028
|
|
3.75%, 07/15/2029(b)
|
|
527,000
|
435,128
|
|
4.50%, 04/01/2030(b)(d)
|
|
2,523,000
|
2,231,518
|
|
3.88%, 10/15/2030(b)(d)
|
|
703,000
|
595,792
|
|
4.00%, 04/15/2031(b)
|
|
1,032,000
|
859,140
|
|
Telecom Italia Capital S.A. (Italy),
|
|
|
|
|
6.38%, 11/15/2033
|
|
2,997,000
|
3,027,267
|
|
7.72%, 06/04/2038
|
|
8,099,000
|
8,466,217
|
|
Zegona Finance PLC (United
Kingdom), 8.63%,
07/15/2029(b)
|
|
8,027,000
|
8,578,856
|
|
|
|
|
52,151,304
|
|
Internet Services & Infrastructure–0.04%
|
|||
|
Cablevision Lightpath LLC, 5.63%,
09/15/2028(b)
|
|
500,000
|
483,338
|
|
Investment Banking & Brokerage–0.48%
|
|||
|
Boost Newco Borrower LLC,
7.50%, 01/15/2031(b)
|
|
5,231,000
|
5,537,976
|
|
Leisure Products–0.51%
|
|||
|
Amer Sports Co. (Finland), 6.75%,
02/16/2031(b)
|
|
5,558,000
|
5,783,324
|
|
Metal, Glass & Plastic Containers–1.00%
|
|||
|
Ardagh Metal Packaging Finance
USA LLC/Ardagh Metal Packaging
Finance PLC, 6.00%,
06/15/2027(b)
|
|
5,500,000
|
5,517,286
|
|
OI European Group B.V., 4.75%,
02/15/2030(b)(d)
|
|
6,246,000
|
5,886,333
|
|
|
|
|
11,403,619
|
|
Movies & Entertainment–0.74%
|
|||
|
Lions Gate Capital Holdings 1, Inc.,
5.50%, 04/15/2029(b)
|
|
9,538,000
|
8,512,057
|
|
Multi-line Insurance–0.99%
|
|||
|
Acrisure LLC/Acrisure Finance, Inc.,
|
|
|
|
|
6.00%, 08/01/2029(b)
|
|
2,865,000
|
2,775,612
|
|
7.50%, 11/06/2030(b)
|
|
8,282,000
|
8,551,571
|
|
|
|
|
11,327,183
|
|
Multi-Utilities–0.47%
|
|||
|
CenterPoint Energy, Inc., 6.70%,
05/15/2055(f)
|
|
5,420,000
|
5,423,012
|
|
Office REITs–0.46%
|
|||
|
Office Properties Income Trust,
9.00%, 03/31/2029(b)
|
|
5,563,000
|
5,306,749
|
|
Oil & Gas Drilling–1.48%
|
|||
|
Delek Logistics Partners L.P./Delek
Logistics Finance Corp., 7.13%,
06/01/2028(b)
|
|
5,480,000
|
5,521,248
|
|
Summit Midstream Holdings LLC,
8.63%, 10/31/2029(b)
|
|
5,563,000
|
5,579,655
|
|
Transocean, Inc., 8.50%,
05/15/2031(b)
|
|
6,821,000
|
5,868,245
|
|
|
|
|
16,969,148
|
|
|
Principal
Amount
|
Value
|
|
|
Oil & Gas Exploration & Production–1.96%
|
|||
|
Aethon United BR L.P./Aethon
United Finance Corp., 7.50%,
10/01/2029(b)
|
|
$11,068,000
|
$11,350,057
|
|
Comstock Resources, Inc., 6.75%,
03/01/2029(b)
|
|
5,625,000
|
5,549,125
|
|
Kimmeridge Texas Gas LLC, 8.50%,
02/15/2030(b)
|
|
5,575,000
|
5,515,292
|
|
|
|
|
22,414,474
|
|
Oil & Gas Refining & Marketing–0.52%
|
|||
|
Sunoco L.P., 6.25%,
07/01/2033(b)
|
|
5,972,000
|
5,976,728
|
|
Oil & Gas Storage & Transportation–3.93%
|
|||
|
Antero Midstream Partners
L.P./Antero Midstream Finance
Corp., 6.63%, 02/01/2032(b)
|
|
5,433,000
|
5,553,493
|
|
Excelerate Energy L.P., 8.00%,
05/15/2030(b)
|
|
5,510,000
|
5,708,258
|
|
Genesis Energy L.P./Genesis Energy
Finance Corp.,
|
|
|
|
|
7.88%, 05/15/2032(d)
|
|
1,565,000
|
1,586,196
|
|
8.00%, 05/15/2033
|
|
4,077,000
|
4,140,483
|
|
Howard Midstream Energy
Partners LLC, 7.38%,
07/15/2032(b)
|
|
5,008,000
|
5,186,585
|
|
New Fortress Energy, Inc., 6.50%,
09/30/2026(b)
|
|
190,000
|
114,185
|
|
NFE Financing LLC, 12.00%,
11/15/2029(b)
|
|
2,021,000
|
868,896
|
|
Tallgrass Energy Partners
L.P./Tallgrass Energy Finance
Corp., 7.38%, 02/15/2029(b)
|
|
5,365,000
|
5,461,640
|
|
Venture Global LNG, Inc.,
|
|
|
|
|
9.88%, 02/01/2032(b)
|
|
5,275,000
|
5,615,085
|
|
9.00%(b)(f)(h)
|
|
11,428,000
|
10,789,638
|
|
|
|
|
45,024,459
|
|
Other Specialized REITs–0.45%
|
|||
|
Iron Mountain, Inc., 4.50%,
02/15/2031(b)
|
|
5,528,000
|
5,185,068
|
|
Other Specialty Retail–0.12%
|
|||
|
Michaels Cos., Inc. (The), 7.88%,
05/01/2029(b)
|
|
1,025,000
|
499,688
|
|
Staples, Inc., 10.75%,
09/01/2029(b)
|
|
1,000,000
|
910,281
|
|
|
|
|
1,409,969
|
|
Packaged Foods & Meats–0.51%
|
|||
|
Lamb Weston Holdings, Inc.,
4.38%, 01/31/2032(b)
|
|
6,325,000
|
5,839,475
|
|
Paper & Plastic Packaging Products & Materials–1.22%
|
|||
|
Clydesdale Acquisition Holdings,
Inc., 6.75%, 04/15/2032(b)
|
|
8,253,000
|
8,346,491
|
|
Sealed Air Corp.,
|
|
|
|
|
5.00%, 04/15/2029(b)
|
|
2,890,000
|
2,839,570
|
|
6.88%, 07/15/2033(b)
|
|
2,650,000
|
2,778,066
|
|
|
|
|
13,964,127
|
|
Passenger Airlines–0.79%
|
|||
|
American Airlines, Inc./AAdvantage
Loyalty IP Ltd., 5.75%,
04/20/2029(b)
|
|
8,004,000
|
7,864,752
|
|
|
Principal
Amount
|
Value
|
|
|
Passenger Airlines–(continued)
|
|||
|
JetBlue Airways Corp./JetBlue
Loyalty L.P., 9.88%,
09/20/2031(b)(d)
|
|
$1,153,000
|
$1,141,309
|
|
|
|
|
9,006,061
|
|
Passenger Ground Transportation–0.08%
|
|||
|
Hertz Corp. (The),
|
|
|
|
|
4.63%, 12/01/2026(b)
|
|
505,000
|
446,424
|
|
5.00%, 12/01/2029(b)(d)
|
|
661,000
|
449,945
|
|
|
|
|
896,369
|
|
Personal Care Products–0.51%
|
|||
|
Opal Bidco SAS (France), 6.50%,
03/31/2032(b)
|
|
5,860,000
|
5,859,034
|
|
Pharmaceuticals–1.26%
|
|||
|
1261229 BC Ltd., 10.00%,
04/15/2032(b)
|
|
7,449,000
|
7,379,292
|
|
Bausch Health Americas, Inc.,
9.25%, 04/01/2026(b)
|
|
4,080,000
|
4,022,982
|
|
Bausch Health Cos., Inc.,
|
|
|
|
|
5.00%, 02/15/2029(b)
|
|
948,000
|
606,639
|
|
6.25%, 02/15/2029(b)
|
|
1,058,000
|
691,717
|
|
5.25%, 01/30/2030(b)
|
|
2,089,000
|
1,187,462
|
|
5.25%, 02/15/2031(b)
|
|
1,065,000
|
570,669
|
|
Par Pharmaceutical, Inc., 0.00%,
04/01/2027(g)(i)
|
|
3,499,000
|
0
|
|
|
|
|
14,458,761
|
|
Reinsurance–0.49%
|
|||
|
Global Atlantic (Fin) Co., 4.70%,
10/15/2051(b)(f)
|
|
5,815,000
|
5,642,000
|
|
Renewable Electricity–0.47%
|
|||
|
California Buyer Ltd./Atlantica
Sustainable Infrastructure PLC
(United Kingdom), 6.38%,
02/15/2032(b)
|
|
5,434,000
|
5,376,401
|
|
Security & Alarm Services–0.48%
|
|||
|
Brink’s Co. (The), 6.75%,
06/15/2032(b)
|
|
5,300,000
|
5,441,319
|
|
Single-Family Residential REITs–0.51%
|
|||
|
Ashton Woods USA LLC/Ashton
Woods Finance Co., 6.63%,
01/15/2028(b)
|
|
5,793,000
|
5,822,145
|
|
Specialized Consumer Services–0.80%
|
|||
|
Carriage Services, Inc., 4.25%,
05/15/2029(b)
|
|
9,191,000
|
8,607,682
|
|
Sotheby’s, 7.38%, 10/15/2027(b)
|
|
600,000
|
593,825
|
|
|
|
|
9,201,507
|
|
Specialized Finance–0.72%
|
|||
|
TrueNoord Capital DAC (Ireland),
8.75%, 03/01/2030(b)
|
|
7,977,000
|
8,279,512
|
|
Specialty Chemicals–0.50%
|
|||
|
Celanese US Holdings LLC, 7.20%,
11/15/2033(d)
|
|
5,513,000
|
5,759,376
|
|
|
Principal
Amount
|
Value
|
|
|
Steel–0.47%
|
|||
|
Cleveland-Cliffs, Inc.,
|
|
|
|
|
5.88%, 06/01/2027(d)
|
|
$2,913,000
|
$2,870,881
|
|
7.00%, 03/15/2032(b)(d)
|
|
1,586,000
|
1,369,983
|
|
6.25%, 10/01/2040
|
|
1,485,000
|
1,081,170
|
|
|
|
|
5,322,034
|
|
Systems Software–0.14%
|
|||
|
Camelot Finance S.A., 4.50%,
11/01/2026(b)
|
|
1,587,000
|
1,579,134
|
|
Technology Hardware, Storage & Peripherals–0.07%
|
|||
|
Xerox Corp.,
|
|
|
|
|
4.80%, 03/01/2035
|
|
239,000
|
118,291
|
|
6.75%, 12/15/2039
|
|
196,000
|
98,285
|
|
Xerox Holdings Corp., 5.50%,
08/15/2028(b)
|
|
763,000
|
536,056
|
|
|
|
|
752,632
|
|
Telecom Tower REITs–0.49%
|
|||
|
SBA Communications Corp.,
3.13%, 02/01/2029
|
|
6,055,000
|
5,637,819
|
|
Trading Companies & Distributors–2.99%
|
|||
|
Air Lease Corp., Series B,
4.65%(f)(h)
|
|
8,675,000
|
8,554,750
|
|
Aircastle Ltd., 5.25%(b)(f)(h)
|
|
14,742,000
|
14,675,987
|
|
H&E Equipment Services, Inc.,
3.88%, 12/15/2028(b)
|
|
10,910,000
|
11,000,542
|
|
|
|
|
34,231,279
|
|
Wireless Telecommunication Services–1.49%
|
|||
|
VMED O2 UK Financing I PLC (United
Kingdom), 4.75%,
07/15/2031(b)
|
|
6,268,000
|
5,761,008
|
|
Vodafone Group PLC (United
Kingdom), 4.13%,
06/04/2081(f)
|
|
12,538,000
|
11,283,579
|
|
|
|
|
17,044,587
|
|
Total U.S. Dollar Denominated Bonds & Notes
(Cost $984,498,637)
|
985,466,521
|
||
|
Variable Rate Senior Loan Interests–7.79%(j)(k)
|
|||
|
Advertising–0.49%
|
|||
|
Clear Channel Outdoor Holdings,
Inc., Term Loan B, 8.44% (1
mo. Term SOFR + 4.10%),
08/23/2028
|
|
5,735,863
|
5,642,655
|
|
Aerospace & Defense–1.02%
|
|||
|
TransDigm, Inc., Term Loan L,
6.80% (3 mo. Term SOFR +
2.50%), 01/19/2032
|
|
11,673,395
|
11,683,317
|
|
Automobile Manufacturers–0.48%
|
|||
|
Panther BF Aggregator 2 L.P.
(Power Solutions, Clarios
POWSOL) (Canada), Term Loan B,
7.08% (1 mo. Term SOFR +
2.75%), 01/15/2032
|
|
5,465,000
|
5,458,169
|
|
Broadcasting–0.28%
|
|||
|
Gray Media, Inc., Term Loan D,
7.44% (1 mo. Term SOFR +
3.00%), 12/01/2028
|
|
3,266,127
|
3,160,598
|
|
|
Principal
Amount
|
Value
|
|
|
Cable & Satellite–0.42%
|
|||
|
CSC Holdings LLC,
|
|
|
|
|
Term Loan, 9.00% (1 mo. USD
LIBOR + 2.50%), 04/15/2027
|
|
$2,374,935
|
$2,333,373
|
|
Term Loan B, 8.83% (1 mo.
Term SOFR + 4.50%),
01/15/2028
|
|
2,448,737
|
2,422,720
|
|
|
|
|
4,756,093
|
|
Electronic Manufacturing Services–0.77%
|
|||
|
EMRLD Borrower L.P. (Copeland),
Incremental Term Loan B, —%,
08/04/2031(l)
|
|
8,812,857
|
8,781,219
|
|
Health Care Services–0.51%
|
|||
|
MPH Acquisition Holdings LLC, Term
Loan, 8.03% (3 mo. Term SOFR
+ 3.75%), 12/31/2030
|
|
5,920,000
|
5,838,600
|
|
Hotels, Resorts & Cruise Lines–0.25%
|
|||
|
Carnival Corp., Term Loan B,
6.33% (1 mo. Term SOFR +
2.00%), 10/18/2028
|
|
2,875,000
|
2,879,672
|
|
Oil & Gas Storage & Transportation–0.50%
|
|||
|
Prairie Acquiror L.P., Term Loan B,
8.58% (1 mo. Term SOFR +
4.25%), 08/01/2029
|
|
5,695,162
|
5,732,551
|
|
Other Specialty Retail–0.51%
|
|||
|
Petco Health & Wellness Co., Inc.,
First Lien Term Loan, 7.81% (3
mo. Term SOFR + 3.25%),
03/02/2028
|
|
6,275,000
|
5,830,699
|
|
Passenger Airlines–0.31%
|
|||
|
AAdvantage Loyality IP Ltd.
(American Airlines, Inc.), Term
Loan B, —%, 05/07/2032(l)
|
|
3,535,000
|
3,554,142
|
|
Pharmaceuticals–0.50%
|
|||
|
Endo Finance Holdings, Inc., Term
Loan B, 8.33% (1 mo. Term
SOFR + 4.00%), 04/23/2031
|
|
5,845,625
|
5,725,088
|
|
Real Estate Development–0.99%
|
|||
|
Cushman & Wakefield U.S. Borrower LLC,
|
|
|
|
|
Term Loan, 7.58% (1 mo. Term
SOFR + 3.25%), 01/31/2030
|
|
5,180,508
|
5,219,361
|
|
Term Loan B2, 7.07% (1 mo.
Term SOFR + 2.75%),
01/31/2030(i)
|
|
500,000
|
502,500
|
|
Greystar Real Estate Partners LLC,
Term Loan B, 7.08% (3 mo.
Term SOFR + 2.75%),
08/21/2030(i)
|
|
5,609,896
|
5,609,897
|
|
|
|
|
11,331,758
|
|
Wireless Telecommunication Services–0.76%
|
|||
|
X Corp.,
|
|
|
|
|
Term Loan B, 9.50%,
10/27/2029
|
|
5,270,000
|
5,252,293
|
|
Term Loan B , 10.95% (3 mo.
SOFR + 6.50%), 10/27/2029
|
|
3,516,008
|
3,486,455
|
|
|
|
|
8,738,748
|
|
Total Variable Rate Senior Loan Interests
(Cost $89,050,906)
|
89,113,309
|
||
|
|
Shares
|
Value
|
|
|
Exchange-Traded Funds–3.03%
|
|||
|
iShares Broad USD High Yield Corporate
Bond ETF
(Cost $34,146,200)(d)
|
935,000
|
$34,623,050
|
|
|
|
Principal
Amount
|
|
|
|
Non-U.S. Dollar Denominated Bonds & Notes–1.21%(m)
|
|||
|
Integrated Telecommunication Services–0.69%
|
|||
|
Altice France S.A. (France), 3.38%,
01/15/2028(b)
|
EUR
|
2,450,000
|
2,368,052
|
|
Eutelsat S.A. (France), 9.75%,
04/13/2029(b)
|
EUR
|
4,650,000
|
5,554,817
|
|
|
|
|
7,922,869
|
|
Metal, Glass & Plastic Containers–0.52%
|
|||
|
Ball Corp., 4.25%, 07/01/2032
|
EUR
|
5,155,000
|
5,957,141
|
|
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $13,136,972)
|
13,880,010
|
||
|
|
Shares |
|
|
|
Common Stocks & Other Equity Interests–0.18%
|
|||
|
Alternative Carriers–0.02%
|
|||
|
Lumen Technologies, Inc.(n)
|
43,000
|
168,560
|
|
|
Broadcasting–0.05%
|
|||
|
E.W. Scripps Co. (The), Class A(n)
|
55,000
|
122,100
|
|
|
Gray Media, Inc.
|
55,000
|
218,350
|
|
|
Sinclair, Inc.
|
15,000
|
210,450
|
|
|
|
|
|
550,900
|
|
Broadline Retail–0.00%
|
|||
|
Americanas S.A. (Brazil)(n)
|
41,300
|
37,043
|
|
|
Americanas S.A., Wts., expiring
03/19/2027 (Brazil)(n)
|
13,766
|
9,916
|
|
|
|
|
|
46,959
|
|
Casinos & Gaming–0.00%
|
|||
|
Codere Online Luxembourg S.A., Wts.,
expiring 10/15/2034 (Luxembourg)(i)
|
29
|
132
|
|
|
Food Retail–0.00%
|
|||
|
Casino Guichard-Perrachon S.A.
(France)(n)
|
28,014
|
16,387
|
|
|
Casino Guichard-Perrachon S.A., Wts.,
expiring 04/27/2029 (France)(n)
|
1,495,460
|
849
|
|
|
|
|
|
17,236
|
|
|
Shares
|
Value
|
|
|
Hotel & Resort REITs–0.05%
|
|||
|
Service Properties Trust
|
250,000
|
$580,000
|
|
|
Leisure Products–0.00%
|
|||
|
HF Holdings, Inc.(i)
|
36,820
|
0
|
|
|
Movies & Entertainment–0.02%
|
|||
|
Lionsgate Studios Corp.(n)
|
28,000
|
202,440
|
|
|
Starz Entertainment Corp.(n)
|
1,866
|
39,111
|
|
|
|
|
|
241,551
|
|
Other Specialized REITs–0.02%
|
|||
|
Uniti Group, Inc.
|
40,000
|
172,000
|
|
|
Trading Companies & Distributors–0.02%
|
|||
|
Avation PLC (Singapore)
|
125,000
|
247,852
|
|
|
Total Common Stocks & Other Equity Interests
(Cost $9,355,531)
|
2,025,190
|
||
|
Money Market Funds–0.91%
|
|||
|
Invesco Government & Agency Portfolio,
Institutional Class, 4.24%(o)(p)
|
3,647,822
|
3,647,822
|
|
|
Invesco Treasury Portfolio, Institutional
Class, 4.22%(o)(p)
|
6,774,015
|
6,774,015
|
|
|
Total Money Market Funds (Cost $10,421,837)
|
10,421,837
|
||
|
TOTAL INVESTMENTS IN SECURITIES
(excluding investments
purchased with cash collateral
from securities on
loan)-99.21%
(Cost $1,140,610,083)
|
|
|
1,135,529,917
|
|
Investments Purchased with Cash Collateral from
Securities on Loan
|
|||
|
Money Market Funds–6.08%
|
|||
|
Invesco Private Government Fund,
4.29%(o)(p)(q)
|
19,321,535
|
19,321,535
|
|
|
Invesco Private Prime Fund,
4.45%(o)(p)(q)
|
50,284,078
|
50,294,135
|
|
|
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $69,615,670)
|
69,615,670
|
||
|
TOTAL INVESTMENTS IN SECURITIES–105.29%
(Cost $1,210,225,753)
|
1,205,145,587
|
||
|
OTHER ASSETS LESS LIABILITIES—(5.29)%
|
(60,505,826
)
|
||
|
NET ASSETS–100.00%
|
$1,144,639,761
|
||
|
ETF
|
– Exchange-Traded Fund
|
|
EUR
|
– Euro
|
|
LIBOR
|
– London Interbank Offered Rate
|
|
PIK
|
– Pay-in-Kind
|
|
REIT
|
– Real Estate Investment Trust
|
|
SOFR
|
– Secured Overnight Financing Rate
|
|
USD
|
– U.S. Dollar
|
|
Wts.
|
– Warrants
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is the
exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
|
(b)
|
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to
qualified institutional buyers. The aggregate value of these securities at
May 31, 2025 was $845,887,080, which represented 73.90% of the Fund’s Net Assets.
|
|
(c)
|
Restricted security. The aggregate value of these securities at May 31, 2025 was $2,018,243, which represented less than 1% of the Fund’s Net Assets.
|
|
(d)
|
All or a portion of this security was out on loan at May 31, 2025.
|
|
(e)
|
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest
income in the form of securities.
|
|
(f)
|
Security issued at a fixed rate for a specific period of time, after which it will
convert to a variable rate.
|
|
(g)
|
Zero coupon bond issued at a discount.
|
|
(h)
|
Perpetual bond with no specified maturity date.
|
|
(i)
|
Security valued using significant unobservable inputs (Level 3). See Note 1.
|
|
(j)
|
Variable rate senior loan interests often require prepayments from excess cash flow
or permit the borrower to repay at its election. The degree to which borrowers
repay, whether as a contractual requirement or at their election, cannot be predicted
with any accuracy. As a result, the actual remaining maturity may be
substantially less than the stated maturities shown. However, it is anticipated that
the variable rate senior loan interests will have an expected average life of three
to five years.
|
|
(k)
|
Variable rate senior loan interests are, at present, not readily marketable, not registered
under the 1933 Act and may be subject to contractual and legal
restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight
Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than
one year, and/or have interest rates that float at margin above a widely
recognized base lending rate such as the Prime Rate of a designated U.S. bank.
|
|
(l)
|
This variable rate interest will settle after May 31, 2025, at which time the interest
rate will be determined.
|
|
(m)
|
Foreign denominated security. Principal amount is denominated in the currency indicated.
|
|
(n)
|
Non-income producing security.
|
|
(o)
|
Affiliated holding. Affiliated holdings are investments in entities which are under
common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended May 31, 2025.
|
|
|
Value
February 28, 2025
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
|
Realized
Gain
(Loss)
|
Value
May 31, 2025
|
Dividend Income
|
|
Investments in Affiliated Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government & Agency Portfolio, Institutional
Class
|
$10,461,156
|
$79,067,364
|
$(85,880,698)
|
$-
|
$-
|
$3,647,822
|
$142,375
|
|
Invesco Treasury Portfolio, Institutional Class
|
19,427,352
|
146,839,389
|
(159,492,726)
|
-
|
-
|
6,774,015
|
259,032
|
|
Investments Purchased with Cash Collateral from
Securities on Loan:
|
|
|
|
|
|
|
|
|
Invesco Private Government Fund
|
6,262
|
50,654,986
|
(31,339,713)
|
-
|
-
|
19,321,535
|
76,003*
|
|
Invesco Private Prime Fund
|
17,551
|
104,774,708
|
(54,497,181)
|
-
|
(943)
|
50,294,135
|
214,339*
|
|
Total
|
$29,912,321
|
$381,336,447
|
$(331,210,318)
|
$-
|
$(943)
|
$80,037,507
|
$691,749
|
|
*
|
Represents the income earned on the investment of cash collateral. Does not include
rebates and fees paid to lending agent or premiums received from
borrowers, if any.
|
|
(p)
|
The rate shown is the 7-day SEC standardized yield as of May 31, 2025.
|
|
(q)
|
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of
the securities loaned.
|
|
Open Forward Foreign Currency Contracts
|
||||||
|
Settlement
Date
|
Counterparty
|
Contract to
|
Unrealized
Appreciation
(Depreciation)
|
|||
|
Deliver
|
Receive
|
|||||
|
Currency Risk
|
|
|
|
|
|
|
|
07/31/2025
|
Barclays Bank PLC
|
EUR
|
3,500,000
|
USD
|
4,002,084
|
$12,897
|
|
07/31/2025
|
Goldman Sachs International
|
EUR
|
1,000,000
|
USD
|
1,139,903
|
135
|
|
Subtotal—Appreciation
|
13,032
|
|||||
|
Currency Risk
|
|
|
|
|
|
|
|
07/31/2025
|
HSBC Bank USA
|
EUR
|
10,500,000
|
USD
|
11,801,974
|
(165,589
)
|
|
07/31/2025
|
State Street Bank & Trust Co.
|
EUR
|
3,500,000
|
USD
|
3,982,268
|
(6,920
)
|
|
07/31/2025
|
State Street Bank & Trust Co.
|
GBP
|
2,500,000
|
USD
|
3,324,498
|
(44,714
)
|
|
Subtotal—Depreciation
|
(217,223
)
|
|||||
|
Total Forward Foreign Currency Contracts
|
$(204,191
)
|
|||||
|
Abbreviations:
|
|
|
EUR
|
—Euro
|
|
GBP
|
—British Pound Sterling
|
|
USD
|
—U.S. Dollar
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
U.S. Dollar Denominated Bonds & Notes
|
$—
|
$985,466,521
|
$0
|
$985,466,521
|
|
Variable Rate Senior Loan Interests
|
—
|
83,000,912
|
6,112,397
|
89,113,309
|
|
Exchange-Traded Funds
|
34,623,050
|
—
|
—
|
34,623,050
|
|
Non-U.S. Dollar Denominated Bonds & Notes
|
—
|
13,880,010
|
—
|
13,880,010
|
|
Common Stocks & Other Equity Interests
|
1,760,819
|
264,239
|
132
|
2,025,190
|
|
Money Market Funds
|
10,421,837
|
69,615,670
|
—
|
80,037,507
|
|
Total Investments in Securities
|
46,805,706
|
1,152,227,352
|
6,112,529
|
1,205,145,587
|
|
Other Investments - Assets*
|
|
|
|
|
|
Forward Foreign Currency Contracts
|
—
|
13,032
|
—
|
13,032
|
|
Other Investments - Liabilities*
|
|
|
|
|
|
Forward Foreign Currency Contracts
|
—
|
(217,223
)
|
—
|
(217,223
)
|
|
Total Other Investments
|
—
|
(204,191
)
|
—
|
(204,191
)
|
|
Total Investments
|
$46,805,706
|
$1,152,023,161
|
$6,112,529
|
$1,204,941,396
|
|
*
|
Unrealized appreciation (depreciation).
|