|
|
Par
Value(1)
|
Value
|
|
U.S. Government Securities—4.1%
|
||
|
U.S. Treasury Bonds
|
|
|
|
4.500%, 11/15/54(2)
|
$35
|
$34
|
|
4.625%, 2/15/55
|
2,430
|
2,423
|
|
4.750%, 5/15/55
|
670
|
682
|
|
U.S. Treasury Note
4.625%, 2/15/35
|
630
|
665
|
|
Total U.S. Government
Securities
(Identified Cost $3,738)
|
3,804
|
|
|
|
|
|
|
|
||
|
Foreign Government Securities—50.7%
|
||
|
Arab Republic of Egypt
|
|
|
|
144A
7.053%, 1/15/32(3)
|
65
|
65
|
|
144A
6.875%, 4/30/40(3)
|
106
|
97
|
|
144A
8.500%, 1/31/47(3)
|
1,327
|
1,267
|
|
144A
8.750%, 9/30/51(3)
|
266
|
257
|
|
Benin Government
International Bond 144A
7.960%, 2/13/38(3)
|
150
|
157
|
|
Brazil Notas do Tesouro
Nacional
|
|
|
|
Series F
10.000%, 1/1/29
|
1,330
BRL
|
244
|
|
Series F
10.000%, 1/1/31
|
3,070
BRL
|
536
|
|
Bulgaria Government
International Bond RegS
5.000%, 3/5/37(4)
|
292
|
294
|
|
Costa Rica Government
|
|
|
|
144A
6.550%, 4/3/34(3)
|
465
|
505
|
|
144A
7.300%, 11/13/54(3)
|
119
|
136
|
|
Czech Republic Government
Bond
1.750%, 6/23/32
|
17,580
CZK
|
755
|
|
Dominican Republic
|
|
|
|
144A
5.875%, 10/28/35(3)
|
466
|
465
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
144A
6.600%, 6/1/36(3)
|
$125
|
$131
|
|
144A
6.950%, 3/15/37(3)
|
142
|
153
|
|
144A
6.850%, 1/27/45(3)
|
305
|
319
|
|
RegS
6.950%, 3/15/37(4)
|
640
|
687
|
|
Dubai Government
International Bonds RegS
3.900%, 9/9/50(2)(4)
|
205
|
154
|
|
Eagle Funding Luxco S.a.r.l.
144A
5.500%, 8/17/30(2)(3)
|
318
|
324
|
|
Federal Republic of Ethiopia
144A
6.625%, 12/11/26(3)(5)
|
79
|
82
|
|
Federative Republic of Brazil
|
|
|
|
5.500%, 11/6/30(2) |
262
|
270
|
|
6.000%, 10/20/33(2) |
215
|
220
|
|
6.625%, 3/15/35 |
405
|
425
|
|
6.250%, 5/22/36(2) |
131
|
132
|
|
7.125%, 5/13/54(2) |
196
|
200
|
|
7.250%, 1/12/56 |
646
|
656
|
|
Hungary Government
International Bond
|
|
|
|
144A
6.250%, 9/22/32(3)
|
367
|
394
|
|
144A
5.500%, 6/16/34(2)(3)
|
173
|
177
|
|
144A
6.000%, 9/26/35(2)(3)
|
112
|
118
|
|
144A
5.500%, 3/26/36(2)(3)
|
1,050
|
1,064
|
|
Islamic Republic of Pakistan
144A
7.375%, 4/8/31(3)
|
383
|
378
|
|
Kingdom of Bahrain 144A
7.100%, 2/3/38(3)
|
522
|
524
|
|
KSA Ijarah Sukuk Ltd. 144A
4.875%, 9/9/35(2)(3)
|
67
|
68
|
|
Kyrgyz Republic International
Bond 144A
7.750%, 6/3/30(3)
|
357
|
373
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
Lebanon Government
International Bond
|
|
|
|
RegS
8.250%, 4/12/21(4)(5)
|
$326
|
$96
|
|
RegS
7.150%, 11/20/31(4)(5)
|
372
|
109
|
|
RegS
7.000%, 3/23/32(4)(5)
|
370
|
109
|
|
Malaysia Government Bond
2.632%, 4/15/31(2)
|
3,060
MYR
|
761
|
|
Mex Bonos Desarr
|
|
|
|
8.500%, 5/31/29 |
8,830
MXN
|
526
|
|
7.750%, 11/13/42 |
4,700
MXN
|
240
|
|
Oman Government
International Bond
|
|
|
|
144A
6.250%, 1/25/31(3)
|
501
|
538
|
|
144A
6.500%, 3/8/47(3)
|
1,035
|
1,120
|
|
Republic of Angola
|
|
|
|
144A
8.000%, 11/26/29(3)
|
343
|
341
|
|
144A
9.244%, 1/15/31(3)
|
158
|
160
|
|
144A
8.750%, 4/14/32(3)
|
105
|
103
|
|
Republic of Argentina
|
|
|
|
0.750%, 7/9/30(6) |
737
|
624
|
|
4.125%, 7/9/35(6) |
834
|
627
|
|
4.125%, 7/9/46(6) |
954
|
679
|
|
Republic of Azerbaijan RegS
3.500%, 9/1/32(4)
|
150
|
141
|
|
Republic of Chile
|
|
|
|
4.350%, 4/13/31(2) |
133
|
133
|
|
3.500%, 1/31/34 |
37
|
35
|
|
4.950%, 1/5/36(2) |
300
|
307
|
|
5.650%, 1/13/37(2) |
246
|
264
|
|
5.330%, 1/5/54(2) |
505
|
502
|
|
3.250%, 9/21/71 |
254
|
164
|
|
Republic of Colombia
|
|
|
|
7.375%, 4/25/30 |
699
|
734
|
|
6.125%, 1/21/31(2) |
133
|
133
|
|
8.000%, 11/14/35 |
631
|
673
|
|
8.750%, 11/14/53(2) |
200
|
220
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
Republic of Ecuador
|
|
|
|
144A
9.250%, 1/29/39(3)
|
$200
|
$203
|
|
RegS
6.900%, 7/31/35(4)(6)
|
445
|
404
|
|
RegS
5.000%, 7/31/40(4)(6)
|
462
|
377
|
|
Republic of El Salvador
|
|
|
|
RegS
7.650%, 6/15/35(4)
|
628
|
648
|
|
RegS
7.625%, 2/1/41(4)
|
76
|
76
|
|
Republic of Gabon 144A
6.625%, 2/6/31(3)
|
153
|
126
|
|
Republic of Ghana
|
|
|
|
144A
0.000%, 7/3/26(3)(7)
|
3
|
2
|
|
144A
0.000%, 1/3/30(3)(7)
|
13
|
11
|
|
RegS
0.000%, 7/3/26(4)(7)
|
2
|
2
|
|
RegS
0.000%, 1/3/30(4)(7)
|
10
|
9
|
|
RegS
5.000%, 7/3/35(4)(6)
|
488
|
442
|
|
Republic of Guatemala
|
|
|
|
144A
6.875%, 8/15/55(3)
|
131
|
143
|
|
RegS
6.250%, 8/15/36(4)
|
249
|
264
|
|
Republic of Indonesia
|
|
|
|
2.850%, 2/14/30(2) |
196
|
186
|
|
1.850%, 3/12/31(2) |
125
|
111
|
|
5.600%, 1/15/35(2) |
165
|
174
|
|
4.200%, 10/15/50(2) |
281
|
229
|
|
5.100%, 2/10/54 |
59
|
56
|
|
3.200%, 9/23/61 |
63
|
40
|
|
Republic of Ivory Coast
|
|
|
|
144A
6.125%, 6/15/33(3)
|
220
|
218
|
|
144A
8.075%, 4/1/36(3)
|
115
|
124
|
|
144A
8.250%, 1/30/37(3)
|
116
|
127
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
Republic of Kazakhstan 144A
5.500%, 7/1/37(3)
|
$587
|
$605
|
|
Republic of Kenya
|
|
|
|
144A
8.000%, 5/22/32(3)
|
65
|
68
|
|
144A
7.875%, 10/9/33(3)
|
75
|
75
|
|
144A
9.500%, 3/5/36(3)
|
301
|
316
|
|
144A
8.700%, 2/26/39(3)
|
281
|
274
|
|
Republic of Nigeria
|
|
|
|
144A
7.375%, 9/28/33(3)
|
463
|
469
|
|
144A
10.375%, 12/9/34(3)
|
715
|
852
|
|
Republic of Panama
|
|
|
|
7.500%, 3/1/31 |
53
|
59
|
|
6.700%, 1/26/36(2) |
133
|
145
|
|
5.662%, 2/23/38(2) |
293
|
294
|
|
8.000%, 3/1/38 |
535
|
638
|
|
Republic of Peru
|
|
|
|
2.783%, 1/23/31 |
59
|
55
|
|
3.000%, 1/15/34(2) |
128
|
112
|
|
5.375%, 2/8/35(2) |
322
|
332
|
|
5.875%, 8/8/54(2) |
359
|
363
|
|
3.600%, 1/15/72 |
411
|
269
|
|
Republic of Philippines
|
|
|
|
4.750%, 3/5/35(2) |
156
|
156
|
|
3.700%, 3/1/41 |
680
|
575
|
|
Republic of Poland
|
|
|
|
5.750%, 11/16/32(2) |
258
|
278
|
|
4.875%, 10/4/33(2) |
454
|
465
|
|
5.125%, 9/18/34(2) |
58
|
60
|
|
5.375%, 2/12/35(2) |
263
|
275
|
|
5.500%, 4/4/53 |
85
|
83
|
|
Republic of Senegal 144A
6.250%, 5/23/33(3)
|
224
|
138
|
|
Republic of South Africa
|
|
|
|
5.375%, 7/24/44 |
120
|
101
|
|
5.650%, 9/27/47 |
705
|
595
|
|
8.750%, 2/28/48 |
11,900
ZAR
|
756
|
|
144A
7.100%, 11/19/36(3)
|
303
|
326
|
|
144A
6.125%, 12/11/37(3)
|
298
|
294
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
144A
7.950%, 11/19/54(3)
|
$258
|
$279
|
|
Republic of Sri Lanka
|
|
|
|
144A
4.000%, 4/15/28(3)
|
49
|
48
|
|
144A
3.350%, 3/15/33(3)(6)
|
103
|
96
|
|
144A
3.600%, 6/15/35(3)(6)
|
452
|
369
|
|
144A
3.600%, 2/15/38(3)(6)
|
208
|
207
|
|
Republic of Turkiye
|
|
|
|
7.625%, 4/26/29 |
775
|
825
|
|
9.125%, 7/13/30 |
75
|
85
|
|
7.250%, 5/29/32 |
226
|
237
|
|
7.625%, 5/15/34 |
302
|
323
|
|
6.500%, 1/3/35 |
59
|
59
|
|
6.950%, 9/16/35 |
266
|
271
|
|
4.875%, 4/16/43 |
780
|
593
|
|
Republic of Zambia 144A
5.750%, 6/30/33(3)(6)
|
170
|
166
|
|
Republica Orient Uruguay
|
|
|
|
5.100%, 6/18/50(2) |
580
|
557
|
|
4.975%, 4/20/55(2) |
454
|
421
|
|
Romanian Government
International Bond
|
|
|
|
144A
5.875%, 1/30/29(3)
|
227
|
236
|
|
144A
7.125%, 1/17/33(3)
|
416
|
460
|
|
144A
6.375%, 1/30/34(3)
|
620
|
655
|
|
144A
6.000%, 5/25/34(3)
|
392
|
404
|
|
144A
5.750%, 3/24/35(3)
|
169
|
171
|
|
144A
5.750%, 7/4/36(3)
|
134
|
134
|
|
Saudi International Bond
|
|
|
|
144A
5.625%, 1/13/35(3)
|
509
|
542
|
|
144A
4.875%, 1/12/36(3)
|
265
|
266
|
|
144A
4.500%, 10/26/46(2)(3)
|
1,051
|
904
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
RegS
5.625%, 1/13/35(2)(4)
|
$550
|
$586
|
|
Suriname Government
International Bond 144A
8.500%, 11/6/35(3)
|
247
|
264
|
|
Trinidad & Tobago
Government International
Bond
|
|
|
|
144A
5.950%, 1/14/31(2)(3)
|
145
|
148
|
|
144A
6.400%, 6/26/34(2)(3)
|
113
|
115
|
|
144A
6.500%, 1/28/36(2)(3)
|
283
|
286
|
|
RegS
6.400%, 6/26/34(4)
|
53
|
54
|
|
Ukraine Government Bond
|
|
|
|
144A
4.500%, 2/1/29(3)(6)
|
119
|
91
|
|
144A
0.000%, 2/1/30(3)(6)
|
8
|
5
|
|
144A
4.000%, 2/1/32(3)(6)
|
185
|
143
|
|
144A
4.500%, 2/1/35(3)(6)
|
162
|
98
|
|
144A
0.000%, 2/1/36(3)(6)
|
106
|
60
|
|
144A
4.500%, 2/1/36(3)(6)
|
2
|
1
|
|
RegS
4.500%, 2/1/29(4)(6)
|
51
|
39
|
|
RegS
0.000%, 2/1/30(4)(6)
|
9
|
6
|
|
RegS
4.000%, 2/1/32(4)(6)
|
469
|
363
|
|
RegS
0.000%, 2/1/34(4)(6)
|
34
|
17
|
|
RegS
4.500%, 2/1/34(4)(6)
|
319
|
198
|
|
RegS
4.500%, 2/1/36(4)(6)
|
8
|
5
|
|
United Mexican States
|
|
|
|
5.375%, 3/22/33(2) |
706
|
709
|
|
4.875%, 5/19/33(2) |
100
|
97
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Foreign Government Securities—continued
|
||
|
3.500%, 2/12/34(2) |
$467
|
$409
|
|
6.000%, 5/7/36(2) |
129
|
132
|
|
6.625%, 1/29/38(2) |
174
|
184
|
|
6.125%, 2/9/38(2) |
133
|
135
|
|
3.771%, 5/24/61 |
169
|
106
|
|
3.750%, 4/19/71 |
948
|
571
|
|
Uzbekistan International Bond
144A
6.900%, 2/28/32(3)
|
367
|
397
|
|
Total Foreign Government
Securities
(Identified Cost $45,660)
|
47,493
|
|
|
|
|
|
|
|
||
|
Mortgage-Backed Securities—17.8%
|
||
|
Agency—10.4%
|
|
|
|
Federal Home Loan Mortgage
Corporation
|
|
|
|
Pool #SD6322
4.500%, 8/1/53
|
787
|
784
|
|
Pool #SD8492
5.000%, 1/1/55
|
460
|
463
|
|
Pool #SD8494
5.500%, 1/1/55
|
1,263
|
1,285
|
|
Pool #SL0627
6.000%, 10/1/54
|
1,091
|
1,121
|
|
Pool #SL1127
6.000%, 12/1/54
|
1,127
|
1,157
|
|
Federal National Mortgage
Association
|
|
|
|
Pool #CB0534
3.000%, 5/1/51
|
745
|
675
|
|
Pool #FA0685
6.000%, 1/1/55
|
522
|
536
|
|
Pool #FA1728
6.000%, 10/1/53
|
1,131
|
1,165
|
|
Pool #FS4438
5.000%, 11/1/52
|
747
|
754
|
|
Pool #FS7751
4.000%, 3/1/53
|
1,257
|
1,224
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Agency—continued
|
|
|
|
Pool #MA5072
5.500%, 7/1/53
|
$539
|
$549
|
|
|
|
9,713
|
|
|
|
|
|
|
||
|
Non-Agency—7.4%
|
|
|
|
A&D Mortgage Trust
2023-NQM3, A1 144A
6.733%, 7/25/68(2)(3)(8)
|
80
|
80
|
|
Ajax Mortgage Loan Trust
2022-B, A1 144A
3.500%, 3/27/62(3)(8)
|
402
|
393
|
|
ALA Trust 2025-OANA, A (1
month Term SOFR +
1.743%, Cap N/A, Floor
1.743%) 144A
5.403%, 6/15/40(3)(8)
|
270
|
271
|
|
Angel Oak Mortgage Trust
|
|
|
|
2022-5, A1 144A
4.500%, 5/25/67(2)(3)(8)
|
298
|
297
|
|
2023-1, A1 144A
4.750%, 9/26/67(2)(3)(8)
|
124
|
124
|
|
Arroyo Mortgage Trust
2019-1, A1 144A
3.805%, 1/25/49(2)(3)(8)
|
40
|
39
|
|
Benchmark Mortgage Trust
2023-B38, A2
5.626%, 4/15/56(2)
|
165
|
168
|
|
BX Trust 2019-OC11, D 144A
3.944%, 12/9/41(3)(8)
|
410
|
396
|
|
CENT 2025-CITY, A 144A
4.920%, 7/10/40(3)(8)
|
330
|
338
|
|
CIM Trust 2022-R2, A1 144A
3.750%, 12/25/61(2)(3)(8)
|
252
|
244
|
|
EFMT 2025-NQM2, A1 144A
5.596%, 6/25/70(2)(3)(8)
|
159
|
161
|
|
Ellington Financial Mortgage
Trust 2019-2, A3 144A
3.046%, 11/25/59(2)(3)(8)
|
14
|
14
|
|
Fashion Show Mall LLC
2024-SHOW, A 144A
5.274%, 10/10/41(3)(8)
|
280
|
286
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Non-Agency—continued
|
|
|
|
Homes Trust 2023-NQM2, A1
144A
6.456%, 2/25/68(2)(3)(8)
|
$314
|
$314
|
|
Hudson Yards Mortgage Trust
2025-SPRL, A 144A
5.467%, 1/13/40(3)(8)
|
250
|
261
|
|
JPMorgan Chase Mortgage
Trust 2014-5, B2 144A
2.539%, 10/25/29(2)(3)(8)
|
163
|
158
|
|
MFA Trust 2022-INV2, A1
144A
4.950%, 7/25/57(3)(8)
|
515
|
514
|
|
MIRA Trust 2023-MILE, A
144A
6.755%, 6/10/38(3)
|
170
|
177
|
|
New Residential Mortgage
Loan Trust 2018-3A, A1
144A
4.500%, 5/25/58(2)(3)(8)
|
319
|
317
|
|
NYC Commercial Mortgage
Trust 2025-300P, A 144A
4.879%, 7/13/42(3)(8)
|
425
|
430
|
|
Palisades Mortgage Loan
Trust 2021-RTL1, A1 144A
3.487%, 6/25/26(3)(8)
|
14
|
14
|
|
RFR Trust 2025-SGRM, A
144A
5.379%, 3/11/41(3)(8)
|
345
|
353
|
|
ROCK Trust 2024-CNTR, C
144A
6.471%, 11/13/41(3)
|
215
|
225
|
|
Towd Point Mortgage Trust
|
|
|
|
2016-4, B1 144A
3.943%, 7/25/56(2)(3)(8)
|
260
|
257
|
|
2017-1, M1 144A
3.750%, 10/25/56(2)(3)(8)
|
265
|
263
|
|
2017-4, A2 144A
3.000%, 6/25/57(2)(3)(8)
|
371
|
358
|
|
2018-6, A2 144A
3.750%, 3/25/58(2)(3)(8)
|
215
|
204
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Non-Agency—continued
|
|
|
|
Tricon Residential Trust
2021-SFR1, B 144A
2.244%, 7/17/38(3)
|
$150
|
$149
|
|
Verus Securitization Trust
2023-8, A1 144A
6.259%, 12/25/68(2)(3)(8)
|
151
|
152
|
|
|
|
6,957
|
|
|
|
|
|
|
||
|
Total Mortgage-Backed
Securities
(Identified Cost $16,492)
|
16,670
|
|
|
|
|
|
|
|
||
|
Asset-Backed Securities—10.6%
|
||
|
Automobiles—4.1%
|
|
|
|
Arivo Acceptance Auto Loan
Receivables Trust
|
|
|
|
2024-1A, B 144A
6.870%, 6/17/30(3)
|
396
|
404
|
|
2025-1A, A2 144A
4.920%, 5/15/29(3)
|
318
|
320
|
|
Carmax Select Receivables
Trust 2025-B, C
4.830%, 6/16/31
|
335
|
342
|
|
DT Auto Owner Trust
2023-1A, D 144A
6.440%, 11/15/28(3)
|
450
|
457
|
|
Flagship Credit Auto Trust
2024-1, D 144A
6.300%, 4/15/30(3)
|
400
|
396
|
|
Huntington Bank Auto
Credit-Linked Notes
2024-1, B1 144A
6.153%, 5/20/32(3)
|
111
|
113
|
|
LAD Auto Receivables Trust
2023-2A, D 144A
6.300%, 2/15/31(3)
|
365
|
371
|
|
Lendbuzz Securitization Trust
2024-2A, A2 144A
5.990%, 5/15/29(3)
|
330
|
332
|
|
OneMain Direct Auto
Receivables Trust 2022-1A,
C 144A
5.310%, 6/14/29(3)
|
320
|
321
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Automobiles—continued
|
|
|
|
U.S. Bank N.A. 2023-1, B
144A
6.789%, 8/25/32(3)
|
$66
|
$66
|
|
Veros Auto Receivables Trust
2024-1, C 144A
7.570%, 12/15/28(3)
|
350
|
360
|
|
Westlake Automobile
Receivables Trust 2026-1A,
C 144A
4.370%, 6/16/31(3)
|
330
|
332
|
|
|
|
3,814
|
|
|
|
|
|
|
||
|
Other—6.5%
|
|
|
|
Amur Equipment Finance
Receivables XV LLC
2025-1A, D 144A
5.680%, 8/20/32(3)
|
340
|
349
|
|
Aqua Finance Trust 2024-A, B
144A
5.060%, 4/18/50(3)
|
355
|
361
|
|
BXG Receivables Note Trust
2023-A, A 144A
5.770%, 11/15/38(3)
|
154
|
158
|
|
Commercial Equipment
Finance LLC 2024-1A, A
144A
5.970%, 7/16/29(3)
|
144
|
145
|
|
Five Guys Holdings, Inc.
2023-1A, A2 144A
7.549%, 1/26/54(3)
|
316
|
325
|
|
Hardee’s Funding LLC
2024-1A, A2 144A
7.253%, 3/20/54(3)
|
393
|
407
|
|
Jersey Mike’s Funding LLC
2024-1A, A2 144A
5.636%, 2/15/55(3)
|
416
|
428
|
|
Libra Solutions LLC 2024-1A,
A 144A
5.880%, 9/30/38(3)
|
335
|
335
|
|
MMP Capital LLC 2025-A, B
144A
5.720%, 12/15/31(3)
|
239
|
244
|
|
MVW LLC 2024-1A, A 144A
5.320%, 2/20/43(3)
|
210
|
215
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Other—continued
|
|
|
|
NMEF Funding LLC 2025-A, B
144A
5.180%, 7/15/32(3)
|
$345
|
$350
|
|
Planet Fitness Master
Issuer LLC 2024-1A, A2I
144A
5.765%, 6/5/54(3)
|
415
|
421
|
|
RCKT Mortgage Trust
2024-CES3, A1A 144A
6.591%, 5/25/44(3)(8)
|
251
|
255
|
|
Reach ABS Trust 2024-1A, B
144A
6.290%, 2/18/31(3)
|
298
|
300
|
|
Taco Bell Funding LLC
2025-1A, A2I 144A
4.821%, 8/25/55(3)
|
335
|
339
|
|
Towd Point Mortgage Trust
2025-CES4, A1A 144A
5.091%, 10/25/65(2)(3)(8)
|
335
|
338
|
|
Trinity Rail Leasing LLC
2019-1A, A 144A
3.820%, 4/17/49(3)
|
256
|
256
|
|
USQ Rail III LLC 2024-1A, A
144A
4.990%, 9/28/54(3)
|
333
|
332
|
|
Wingstop Funding LLC
2020-1A, A2 144A
2.841%, 12/5/50(3)
|
345
|
335
|
|
Zaxby’s Funding LLC
2021-1A, A2 144A
3.238%, 7/30/51(3)
|
251
|
241
|
|
|
|
6,134
|
|
|
|
|
|
|
||
|
Total Asset-Backed Securities
(Identified Cost $9,826)
|
9,948
|
|
|
|
|
|
|
|
||
|
Corporate Bonds and Notes—48.1%
|
||
|
Communication Services—2.4%
|
|
|
|
Altice France S.A.
|
|
|
|
144A 6.500%, 4/15/32(2)(3) |
95
|
91
|
|
144A 6.875%, 7/15/32(2)(3) |
141
|
135
|
|
CMG Media Corp. 144A
8.875%, 6/18/29(2)(3) |
200
|
175
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Communication
Services—continued
|
|
|
|
CSC Holdings LLC
|
|
|
|
144A 11.750%, 1/31/29(2)(3)
|
$200
|
$143
|
|
144A 4.125%, 12/1/30(3) |
95
|
58
|
|
DIRECTV Financing LLC
|
|
|
|
144A 8.875%, 2/1/30(2)(3) |
100
|
100
|
|
144A 8.875%, 2/1/30(2)(3) |
15
|
15
|
|
DISH Network Corp. 144A
11.750%, 11/15/27(2)(3) |
135
|
140
|
|
Gray Media, Inc. 144A
9.625%, 7/15/32(2)(3) |
185
|
192
|
|
IHS Holding Ltd. 144A
8.250%, 11/29/31(3) |
88
|
94
|
|
Millennium Escrow Corp.
144A
6.625%, 8/1/26(2)(3) |
250
|
238
|
|
Rackspace Technology Global,
Inc. 144A
5.375%, 12/1/28(3) |
275
|
88
|
|
Sinclair Television Group, Inc.
144A
8.125%, 2/15/33(2)(3) |
120
|
125
|
|
Snap, Inc.
|
|
|
|
144A 6.875%, 3/1/33(2)(3) |
140
|
139
|
|
144A 6.875%, 3/15/34(2)(3) |
65
|
65
|
|
Telesat Canada 144A
6.500%, 10/15/27(2)(3) |
180
|
81
|
|
Turkcell Iletisim Hizmetleri AS
144A
7.650%, 1/24/32(3) |
200
|
213
|
|
Univision Communications,
Inc. 144A
8.000%, 8/15/28(2)(3) |
135
|
139
|
|
|
|
2,231
|
|
|
|
|
|
|
||
|
Consumer Discretionary—2.1%
|
|
|
|
Aptiv Swiss Holdings Ltd.
6.875%, 12/15/54(2)
|
25
|
26
|
|
Ashtead Capital, Inc. 144A
5.550%, 5/30/33(2)(3) |
310
|
324
|
|
Ashton Woods USA LLC 144A
4.625%, 4/1/30(2)(3) |
80
|
76
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Consumer
Discretionary—continued
|
|
|
|
Dick’s Sporting Goods, Inc.
4.100%, 1/15/52(2)
|
$290
|
$211
|
|
Ford Motor Credit Co. LLC
7.350%, 3/6/30(2)
|
200
|
217
|
|
Forvia SE 144A
6.750%, 9/15/33(2)(3) |
125
|
129
|
|
Great Canadian Gaming Corp.
144A
8.750%, 11/15/29(2)(3) |
50
|
51
|
|
Meritage Homes Corp. 144A
3.875%, 4/15/29(2)(3) |
183
|
181
|
|
New Home Co., Inc. (The)
|
|
|
|
144A 9.250%, 10/1/29(2)(3) |
125
|
132
|
|
144A 8.500%, 11/1/30(2)(3) |
10
|
10
|
|
Newell Brands, Inc.
6.625%, 9/15/29(2)
|
127
|
129
|
|
Ontario Gaming GTA LP 144A
8.000%, 8/1/30(2)(3) |
65
|
63
|
|
Taylor Morrison Communities,
Inc. 144A
5.750%, 11/15/32(2)(3) |
10
|
10
|
|
Under Armour, Inc. 144A
7.250%, 7/15/30(2)(3) |
95
|
98
|
|
Wayfair LLC 144A
6.750%, 11/15/32(2)(3) |
50
|
51
|
|
Weekley Homes LLC 144A
4.875%, 9/15/28(2)(3) |
270
|
267
|
|
|
|
1,975
|
|
|
|
|
|
|
||
|
Consumer Staples—0.6%
|
|
|
|
Albertsons Cos., Inc.
|
|
|
|
144A 4.875%, 2/15/30(2)(3) |
100
|
99
|
|
144A 5.750%, 3/31/34(2)(3) |
15
|
15
|
|
Pilgrim’s Pride Corp.
6.250%, 7/1/33(2)
|
215
|
232
|
|
Post Holdings, Inc. 144A
6.375%, 3/1/33(2)(3) |
120
|
122
|
|
Primo Water Holdings, Inc.
144A
6.250%, 4/1/29(2)(3) |
125
|
125
|
|
|
|
593
|
|
|
|
|
|
|
||
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Energy—10.9%
|
|
|
|
Alliance Resource Operating
Partners LP 144A
8.625%, 6/15/29(2)(3) |
$150
|
$158
|
|
BP Capital Markets plc
4.875% (2)(9)
|
245
|
244
|
|
Bristow Group, Inc. 144A
6.750%, 2/1/33(2)(3) |
25
|
25
|
|
Buckeye Partners LP 144A
6.750%, 2/1/30(2)(3) |
75
|
78
|
|
Caturus Energy LLC 144A
8.500%, 2/15/30(2)(3) |
155
|
162
|
|
Columbia Pipelines Operating
Co. LLC 144A
6.036%, 11/15/33(2)(3) |
215
|
233
|
|
Ecopetrol S.A.
|
|
|
|
4.625%, 11/2/31(2)
|
195
|
175
|
|
8.875%, 1/13/33
|
97
|
103
|
|
Energean Israel Finance Ltd.
144A, RegS
5.875%, 3/30/31(3)(4) |
115
|
111
|
|
Energy Transfer LP Series H
6.500% (2)(9)
|
245
|
246
|
|
Flex Intermediate Holdco LLC
144A
3.363%, 6/30/31(2)(3) |
290
|
270
|
|
Genesis Energy LP
|
|
|
|
8.875%, 4/15/30(2)
|
250
|
262
|
|
6.750%, 3/15/34
|
25
|
25
|
|
Geopark Ltd. 144A
8.750%, 1/31/30(3) |
153
|
145
|
|
Harbour Energy plc 144A
6.327%, 4/1/35(2)(3) |
275
|
286
|
|
Helix Energy Solutions Group,
Inc. 144A
9.750%, 3/1/29(3) |
185
|
194
|
|
HF Sinclair Corp.
6.250%, 1/15/35(2)
|
275
|
290
|
|
KazMunayGas National Co.
JSC 144A
6.375%, 10/24/48(3) |
170
|
173
|
|
Kodiak Gas Services LLC
144A
6.750%, 10/1/35(2)(3) |
65
|
68
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Energy—continued
|
|
|
|
Leviathan Bond Ltd. 144A,
RegS
6.750%, 6/30/30(3)(4) |
$150
|
$155
|
|
Magnolia Oil & Gas
Operating LLC 144A
6.875%, 12/1/32(2)(3) |
30
|
31
|
|
Mesquite Energy, Inc. 144A
7.250%, 7/15/26(3)(10) |
135
|
—
(11)
|
|
Occidental Petroleum Corp.
|
|
|
|
5.550%, 10/1/34(2)
|
70
|
73
|
|
6.200%, 3/15/40(2)
|
140
|
146
|
|
Pertamina Persero PT
|
|
|
|
144A 2.300%, 2/9/31(2)(3) |
245
|
220
|
|
RegS 6.450%, 5/30/44(2)(4) |
231
|
244
|
|
Petroleos de Venezuela S.A.
|
|
|
|
RegS 9.000%, 11/17/21(4)(5)
|
3,094
|
1,154
|
|
RegS 12.750%, 2/17/22(4)(5)
|
1,220
|
509
|
|
Petroleos del Peru S.A. RegS
4.750%, 6/19/32(2)(4) |
140
|
103
|
|
Petroleos Mexicanos
|
|
|
|
6.500%, 1/23/29(2)
|
125
|
128
|
|
6.840%, 1/23/30
|
688
|
705
|
|
6.375%, 1/23/45(2)
|
299
|
248
|
|
6.350%, 2/12/48
|
520
|
417
|
|
Petronas Capital Ltd.
|
|
|
|
144A 3.500%, 4/21/30(2)(3) |
326
|
320
|
|
144A 5.848%, 4/3/55(2)(3) |
428
|
455
|
|
Prairie Acquiror LP 144A
9.000%, 8/1/29(2)(3) |
88
|
92
|
|
Sempra Infrastructure
Partners LP 144A
3.250%, 1/15/32(2)(3) |
405
|
365
|
|
South Bow Canadian
Infrastructure Holdings Ltd.
7.500%, 3/1/55
|
85
|
90
|
|
Sunoco LP
|
|
|
|
144A 5.625%, 3/15/31(2)(3) |
75
|
76
|
|
144A 5.375%, 7/15/31(3) |
5
|
5
|
|
144A 5.875%, 3/15/34(2)(3) |
50
|
50
|
|
144A 5.625%, 7/15/34(3) |
10
|
10
|
|
Teine Energy Ltd. 144A
6.875%, 4/15/29(2)(3) |
250
|
251
|
|
Tidewater, Inc. 144A
9.125%, 7/15/30(2)(3) |
110
|
119
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Energy—continued
|
|
|
|
Transocean International Ltd.
|
|
|
|
144A 8.250%, 5/15/29(2)(3) |
$35
|
$37
|
|
144A 8.750%, 2/15/30(2)(3) |
158
|
165
|
|
144A 8.500%, 5/15/31(2)(3) |
130
|
138
|
|
Uzbekneftegaz JSC 144A
8.750%, 5/7/30(3) |
121
|
132
|
|
Venture Global LNG, Inc.
|
|
|
|
144A 9.000%(2)(3)(9) |
80
|
70
|
|
144A 9.875%, 2/1/32(2)(3) |
100
|
106
|
|
Western Midstream
Operating LP
5.250%, 2/1/50(2)
|
160
|
139
|
|
YPF S.A. 144A
9.500%, 1/17/31(3) |
167
|
177
|
|
|
|
10,178
|
|
|
|
|
|
|
||
|
Financials—17.3%
|
|
|
|
Acrisure LLC
|
|
|
|
144A 8.250%, 2/1/29(3) |
90
|
90
|
|
144A 6.000%, 8/1/29(2)(3) |
145
|
135
|
|
AerCap Ireland Capital DAC
|
|
|
|
6.950%, 3/10/55(2)
|
150
|
158
|
|
6.500%, 1/31/56(2)
|
235
|
244
|
|
Albion Financing 1 S.a.r.l.
144A
7.000%, 5/21/30(2)(3) |
130
|
136
|
|
Allianz SE 144A
6.350%, 9/6/53(2)(3) |
200
|
215
|
|
Altice Financing S.A. 144A
5.000%, 1/15/28(3) |
355
|
250
|
|
Altice France Lux 3 144A
10.000%, 1/15/33(2)(3) |
37
|
35
|
|
American Express Co.
5.625%, 7/28/34(2)
|
160
|
168
|
|
American National Group, Inc.
7.000%, 12/1/55
|
41
|
41
|
|
Apollo Debt Solutions BDC
|
|
|
|
6.900%, 4/13/29
|
80
|
83
|
|
5.875%, 8/30/30
|
95
|
96
|
|
Apollo Global Management,
Inc.
6.000%, 12/15/54(2)
|
275
|
264
|
|
Ardonagh Group Finance Ltd.
144A
8.875%, 2/15/32(3) |
5
|
5
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Arsenal AIC Parent LLC 144A
11.500%, 10/1/31(2)(3) |
$125
|
$138
|
|
Ascent Resources Utica
Holdings LLC 144A
6.625%, 7/15/33(2)(3) |
115
|
119
|
|
Atlas Warehouse Lending Co.
LP 144A
5.250%, 1/15/33(2)(3) |
265
|
263
|
|
Azorra Finance Ltd.
|
|
|
|
144A 7.250%, 1/15/31(2)(3) |
105
|
110
|
|
144A 6.250%, 2/15/34(2)(3) |
50
|
49
|
|
Azule Energy Finance plc 144A
8.125%, 1/23/30(3) |
175
|
178
|
|
Banco de Credito del Peru S.A.
144A
6.450%, 7/30/35(3) |
238
|
248
|
|
Banco de Credito e
Inversiones S.A. 144A
7.500% (3)(9) |
235
|
251
|
|
Banco Mercantil del Norte S.A.
144A
8.375% (3)(9) |
212
|
226
|
|
Bank of America Corp.
5.518%, 10/25/35(2)
|
355
|
364
|
|
Barclays plc
7.437%, 11/2/33(2)
|
295
|
339
|
|
BBVA Mexico S.A. Institucion
De Banca Multiple Grupo
Financiero BBVA Mexico
144A
8.125%, 1/8/39(3) |
205
|
226
|
|
Blackstone Private Credit Fund
6.000%, 1/29/32(2)
|
220
|
219
|
|
Block, Inc.
|
|
|
|
6.500%, 5/15/32(2)
|
110
|
113
|
|
144A 6.000%, 8/15/33(2)(3) |
35
|
36
|
|
Blue Owl Finance LLC
6.250%, 4/18/34(2)
|
245
|
245
|
|
Broadstreet Partners
Group LLC 144A
5.875%, 4/15/29(2)(3) |
160
|
155
|
|
Capital One Financial Corp.
|
|
|
|
2.359%, 7/29/32(2)
|
145
|
128
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
6.377%, 6/8/34(2)
|
$130
|
$141
|
|
Capital Power U.S. Holdings,
Inc. 144A
6.189%, 6/1/35(2)(3) |
90
|
95
|
|
Charles Schwab Corp. (The)
Series H
4.000% (9)
|
215
|
203
|
|
Chobani Holdco II LLC
(8.750% Cash or 9.500%
PIK) 144A
8.750%, 10/1/29(3)(12) |
—
(11)
|
—
(11)
|
|
Cipher Compute LLC 144A
7.125%, 11/15/30(2)(3) |
15
|
16
|
|
Citadel Finance LLC 144A
5.150%, 2/14/31(2)(3) |
20
|
20
|
|
Citigroup, Inc.
|
|
|
|
6.270%, 11/17/33(2)
|
145
|
159
|
|
6.174%, 5/25/34(2)
|
134
|
143
|
|
Constellation Oil Services
Holding S.A. 144A
9.375%, 11/7/29(3) |
167
|
174
|
|
Corebridge Financial, Inc.
6.375%, 9/15/54(2)
|
331
|
331
|
|
Coronado Finance Pty Ltd.
144A
9.250%, 10/1/29(2)(3) |
150
|
139
|
|
Deutsche Bank AG
5.403%, 9/11/35(2)
|
280
|
287
|
|
Drawbridge Special
Opportunities Fund LP
144A
5.950%, 9/17/30(2)(3) |
200
|
194
|
|
Endo Finance Holdings LP
144A
8.500%, 4/15/31(3) |
130
|
138
|
|
F&G Annuities & Life, Inc.
6.500%, 6/4/29(2)
|
230
|
237
|
|
Fifth Third Bancorp
4.337%, 4/25/33(2)
|
245
|
242
|
|
Flutter Treasury DAC 144A
5.875%, 6/4/31(2)(3) |
275
|
274
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Focus Financial Partners LLC
144A
6.750%, 9/15/31(2)(3) |
$70
|
$70
|
|
Froneri Lux FinCo S.a.r.l. 144A
6.000%, 8/1/32(2)(3) |
55
|
55
|
|
FS Luxembourg S.a.r.l. 144A
8.625%, 6/25/33(2)(3) |
207
|
205
|
|
Global Atlantic Fin Co.
|
|
|
|
144A 7.950%, 6/15/33(2)(3) |
137
|
150
|
|
144A 7.950%, 10/15/54(2)(3)
|
70
|
67
|
|
Global Payments, Inc.
5.550%, 11/15/35(2)
|
265
|
264
|
|
Goldman Sachs Group, Inc.
(The)
6.450%, 5/1/36(2)
|
135
|
148
|
|
Grifols S.A. 144A
4.750%, 10/15/28(2)(3) |
175
|
173
|
|
Gulfport Energy Operating
Corp. 144A
6.750%, 9/1/29(2)(3) |
80
|
83
|
|
HA Sustainable Infrastructure
Capital, Inc.
6.375%, 7/1/34(2)
|
271
|
280
|
|
Huntington Bancshares, Inc.
5.709%, 2/2/35(2)
|
270
|
284
|
|
Icon Investments Six DAC
6.000%, 5/8/34(2)
|
265
|
272
|
|
ION Trading Technologies
S.a.r.l. 144A
9.500%, 5/30/29(3) |
105
|
99
|
|
JH North America Holdings,
Inc. 144A
6.125%, 7/31/32(2)(3) |
270
|
277
|
|
JPMorgan Chase & Co.
|
|
|
|
5.350%, 6/1/34(2)
|
135
|
141
|
|
6.254%, 10/23/34(2)
|
200
|
220
|
|
Liberty Mutual Group, Inc.
144A
4.125%, 12/15/51(2)(3) |
155
|
154
|
|
Melco Resorts Finance Ltd.
(Macau) 144A
5.375%, 12/4/29(2)(3) |
275
|
272
|
|
Midcap Financial Issuer Trust
144A
6.500%, 5/1/28(2)(3) |
370
|
367
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Morgan Stanley
|
|
|
|
6.342%, 10/18/33(2)
|
$160
|
$176
|
|
5.948%, 1/19/38(2)
|
174
|
183
|
|
MSCI, Inc. 144A
3.625%, 9/1/30(3) |
261
|
250
|
|
Nationstar Mortgage
Holdings, Inc. 144A
5.750%, 11/15/31(3) |
140
|
141
|
|
NatWest Group plc
6.475%, 6/1/34(2)
|
200
|
211
|
|
NextEra Energy Capital
Holdings, Inc.
6.500%, 8/15/55(2)
|
205
|
217
|
|
Nippon Life Insurance Co.
144A
6.250%, 9/13/53(2)(3) |
200
|
213
|
|
OneMain Finance Corp.
|
|
|
|
7.125%, 11/15/31(2)
|
160
|
164
|
|
6.750%, 9/15/33
|
30
|
30
|
|
Opal Bidco SAS 144A
6.500%, 3/31/32(2)(3) |
15
|
15
|
|
Park River Holdings, Inc.
144A
8.000%, 3/15/31(2)(3) |
20
|
20
|
|
Phoenix Aviation Capital Ltd.
144A
9.250%, 7/15/30(2)(3) |
90
|
94
|
|
Prudential Financial, Inc.
6.750%, 3/1/53
|
220
|
236
|
|
Reinsurance Group of
America, Inc.
6.650%, 9/15/55(2)
|
225
|
233
|
|
Rivers Enterprise
Borrower LLC 144A
6.250%, 10/15/30(2)(3) |
30
|
31
|
|
Rocket Cos., Inc. 144A
6.375%, 8/1/33(2)(3) |
100
|
103
|
|
Saks Global Enterprises LLC
144A
11.000%, 12/15/29(2)(3)(5)(10) |
50
|
—
(11)
|
|
Societe Generale S.A. 144A
6.066%, 1/19/35(3) |
370
|
395
|
|
South Bow USA Infrastructure
Holdings LLC
5.584%, 10/1/34(2)
|
120
|
122
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Standard Building Solutions,
Inc. 144A
5.875%, 3/15/34(2)(3) |
$115
|
$115
|
|
State Street Corp. Series I
6.700% (2)(9)
|
170
|
178
|
|
Stellantis Finance U.S., Inc.
144A
6.450%, 3/18/35(2)(3) |
195
|
202
|
|
SV RNO Property Owner 1
LLC 144A
5.875%, 3/1/31(2)(3) |
20
|
20
|
|
Synergy Infrastructure
Holdings LLC 144A
7.875%, 12/1/30(2)(3) |
130
|
135
|
|
Toronto-Dominion Bank (The)
8.125%, 10/31/82(2)
|
235
|
246
|
|
Transocean International Ltd.
144A
7.875%, 10/15/32(2)(3) |
10
|
11
|
|
UBS Group AG 144A
4.988%, 8/5/33(2)(3) |
310
|
316
|
|
Wells Fargo & Co.
|
|
|
|
5.389%, 4/24/34(2)
|
145
|
151
|
|
Series BB 3.900%(9)
|
265
|
265
|
|
|
|
16,174
|
|
|
|
|
|
|
||
|
Health Care—2.5%
|
|
|
|
180 Medical, Inc. 144A
5.300%, 10/8/35(2)(3) |
275
|
276
|
|
Acadia Healthcare Co., Inc.
144A
5.500%, 7/1/28(2)(3) |
10
|
10
|
|
Amneal Pharmaceuticals LLC
144A
6.875%, 8/1/32(2)(3) |
5
|
5
|
|
Baxter International, Inc.
5.650%, 12/15/35(2)
|
265
|
269
|
|
BioMarin Pharmaceutical, Inc.
144A
5.500%, 2/15/34(2)(3) |
5
|
5
|
|
Community Health Systems,
Inc. 144A
5.250%, 5/15/30(2)(3) |
230
|
221
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Health Care—continued
|
|
|
|
CVS Health Corp.
6.750%, 12/10/54(2)
|
$129
|
$134
|
|
Dentsply Sirona, Inc.
3.250%, 6/1/30(2)
|
335
|
314
|
|
GENMAB A/S
|
|
|
|
144A 6.250%, 12/15/32(2)(3)
|
5
|
5
|
|
144A 7.250%, 12/15/33(2)(3)
|
10
|
11
|
|
HCA, Inc.
5.500%, 6/1/33(2)
|
220
|
230
|
|
LifePoint Health, Inc.
|
|
|
|
144A 9.875%, 8/15/30(2)(3) |
250
|
267
|
|
144A 10.000%, 6/1/32(3) |
85
|
89
|
|
Molina Healthcare, Inc. 144A
6.250%, 1/15/33(2)(3) |
60
|
59
|
|
Organon & Co.
|
|
|
|
144A 4.125%, 4/30/28(2)(3) |
120
|
118
|
|
144A 5.125%, 4/30/31(2)(3) |
30
|
27
|
|
144A 7.875%, 5/15/34(2)(3) |
30
|
28
|
|
Prime Healthcare Services,
Inc. 144A
9.375%, 9/1/29(2)(3) |
65
|
68
|
|
Tenet Healthcare Corp. 144A
6.000%, 11/15/33(2)(3) |
30
|
31
|
|
Universal Health Services, Inc.
|
|
|
|
2.650%, 1/15/32(2)
|
41
|
37
|
|
5.050%, 10/15/34(2)
|
145
|
144
|
|
|
|
2,348
|
|
|
|
|
|
|
||
|
Industrials—4.3%
|
|
|
|
Adani Ports & Special
Economic Zone Ltd. 144A
4.375%, 7/3/29(2)(3) |
300
|
294
|
|
Alaska Airlines Pass-Through
Trust 2020-1, A 144A
4.800%, 2/15/29(3) |
253
|
255
|
|
Boeing Co. (The)
5.930%, 5/1/60(2)
|
160
|
160
|
|
British Airways Pass-Through
Trust 2021-1, A 144A
2.900%, 9/15/36(2)(3) |
319
|
297
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Industrials—continued
|
|
|
|
Builders FirstSource, Inc.
144A
6.375%, 3/1/34(3) |
$115
|
$118
|
|
Carpenter Technology Corp.
144A
5.625%, 3/1/34(2)(3) |
5
|
5
|
|
Cimpress plc 144A
7.375%, 9/15/32(2)(3) |
150
|
151
|
|
Clarios Global LP
|
|
|
|
144A 6.750%, 2/15/30(2)(3) |
5
|
5
|
|
144A 6.750%, 9/15/32(2)(3) |
35
|
36
|
|
Cornerstone Building Brands,
Inc. 144A
9.500%, 8/15/29(2)(3) |
90
|
65
|
|
CoStar Group, Inc. 144A
2.800%, 7/15/30(2)(3) |
256
|
235
|
|
Garda World Security Corp.
144A
8.375%, 11/15/32(2)(3) |
145
|
149
|
|
Global Infrastructure
Solutions, Inc. 144A
7.500%, 4/15/32(2)(3) |
75
|
79
|
|
Global Medical Response, Inc.
144A
7.375%, 10/1/32(2)(3) |
75
|
79
|
|
Herc Holdings, Inc.
|
|
|
|
144A 7.250%, 6/15/33(2)(3) |
45
|
48
|
|
144A 6.000%, 3/15/34(2)(3) |
60
|
60
|
|
Icahn Enterprises LP 144A
10.000%, 11/15/29(2)(3) |
200
|
198
|
|
LBM Acquisition LLC 144A
6.250%, 1/15/29(2)(3) |
250
|
191
|
|
Madison IAQ LLC 144A
5.875%, 6/30/29(2)(3) |
135
|
135
|
|
Neptune Bidco U.S., Inc.
|
|
|
|
144A 9.290%, 4/15/29(2)(3) |
200
|
200
|
|
144A 10.375%, 5/15/31(2)(3)
|
20
|
20
|
|
Stanley Black & Decker, Inc.
6.707%, 3/15/60(2)
|
190
|
191
|
|
TransDigm, Inc.
|
|
|
|
144A 6.625%, 3/1/32(2)(3) |
235
|
243
|
|
144A 6.125%, 7/31/34(2)(3) |
10
|
10
|
|
United Airlines Holdings, Inc.
|
|
|
|
4.875%, 3/1/29
|
35
|
35
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Industrials—continued
|
|
|
|
5.375%, 3/1/31
|
$10
|
$10
|
|
United Airlines Pass-Through
Trust 2023-1, A
5.800%, 7/15/37
|
219
|
232
|
|
VistaJet Malta Finance plc
144A
9.500%, 6/1/28(2)(3) |
215
|
222
|
|
VoltaGrid LLC 144A
7.375%, 11/1/30(2)(3) |
125
|
131
|
|
WESCO Distribution, Inc.
144A
5.500%, 4/15/34(3) |
75
|
76
|
|
White Cap Supply
Holdings LLC 144A
7.375%, 11/15/30(3) |
40
|
41
|
|
|
|
3,971
|
|
|
|
|
|
|
||
|
Information Technology—1.1%
|
|
|
|
Booz Allen Hamilton, Inc.
144A
4.000%, 7/1/29(2)(3) |
145
|
142
|
|
Cloud Software Group, Inc.
144A
9.000%, 9/30/29(2)(3) |
175
|
171
|
|
Consensus Cloud Solutions,
Inc. 144A
6.500%, 10/15/28(2)(3) |
55
|
55
|
|
Gartner, Inc. 144A
3.750%, 10/1/30(2)(3) |
280
|
259
|
|
Helios Software Holdings, Inc.
144A
8.750%, 5/1/29(3) |
85
|
79
|
|
Insight Enterprises, Inc. 144A
6.625%, 5/15/32(2)(3) |
130
|
130
|
|
Rocket Software, Inc. 144A
9.000%, 11/28/28(2)(3) |
100
|
98
|
|
WULF Compute LLC 144A
7.750%, 10/15/30(2)(3) |
110
|
116
|
|
|
|
1,050
|
|
|
|
|
|
|
||
|
Materials—2.5%
|
|
|
|
ASP Unifrax Holdings, Inc.
144A
5.250%, 9/30/28(3) |
455
|
27
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Materials—continued
|
|
|
|
Bayport Polymers LLC 144A
5.140%, 4/14/32(2)(3) |
$370
|
$368
|
|
Capstone Copper Corp. 144A
6.750%, 3/31/33(2)(3) |
215
|
222
|
|
Cleveland-Cliffs, Inc. 144A
7.625%, 1/15/34(2)(3) |
105
|
108
|
|
Corp. Nacional del Cobre de
Chile
|
|
|
|
144A 5.950%, 1/8/34(2)(3) |
97
|
103
|
|
RegS 6.440%, 1/26/36(4) |
59
|
65
|
|
Illuminate Buyer LLC 144A
9.000%, 7/1/28(3) |
48
|
48
|
|
INEOS Quattro Finance 2 plc
144A
9.625%, 3/15/29(2)(3) |
35
|
30
|
|
LSB Industries, Inc. 144A
6.250%, 10/15/28(2)(3) |
260
|
261
|
|
Mauser Packaging Solutions
Holding Co. 144A
9.250%, 4/15/30(3) |
215
|
212
|
|
Samarco Mineracao S.A.
(9.500% PIK) 144A
9.500%, 6/30/31(2)(3)(12) |
193
|
194
|
|
Solstice Advanced Materials,
Inc. 144A
5.625%, 9/30/33(2)(3) |
10
|
10
|
|
Taseko Mines Ltd. 144A
8.250%, 5/1/30(2)(3) |
100
|
106
|
|
Trivium Packaging Finance
B.V. 144A
12.250%, 1/15/31(3) |
70
|
77
|
|
Westlake Corp.
5.550%, 11/15/35(2)
|
265
|
269
|
|
WR Grace Holdings LLC 144A
5.625%, 8/15/29(2)(3) |
282
|
270
|
|
|
|
2,370
|
|
|
|
|
|
|
||
|
Real Estate—0.4%
|
|
|
|
Iron Mountain, Inc. 144A
6.250%, 1/15/33(2)(3) |
135
|
138
|
|
Millrose Properties, Inc. 144A
6.250%, 9/15/32(2)(3) |
115
|
117
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Real Estate—continued
|
|
|
|
Port of Spain Waterfront
Development RegS
7.875%, 2/19/40(4) |
$126
|
$128
|
|
|
|
383
|
|
|
|
|
|
|
||
|
Utilities—4.0%
|
|
|
|
AES Corp. (The)
7.600%, 1/15/55(2)
|
135
|
136
|
|
Alpha Generation LLC 144A
6.250%, 1/15/34(2)(3) |
50
|
51
|
|
CMS Energy Corp.
4.750%, 6/1/50(2)
|
285
|
282
|
|
Comision Ejecutiva
Hidroelectrica del Rio
Lempa 144A
8.650%, 1/24/33(3) |
132
|
140
|
|
Dominion Energy, Inc.
|
|
|
|
6.200%, 2/15/56(2)
|
195
|
198
|
|
Series B 7.000%, 6/1/54(2)
|
115
|
125
|
|
Electricite de France S.A. 144A
6.900%, 5/23/53(2)(3) |
180
|
202
|
|
Enel Finance International N.V.
144A
7.500%, 10/14/32(2)(3) |
160
|
185
|
|
Entergy Corp.
7.125%, 12/1/54(2)
|
210
|
220
|
|
Eskom Holdings 144A
8.450%, 8/10/28(3) |
521
|
559
|
|
Ferrellgas LP 144A
5.875%, 4/1/29(2)(3) |
170
|
164
|
|
Limak Yenilenebilir Enerji AS
144A
9.625%, 8/12/30(3) |
150
|
151
|
|
NGL Energy Operating LLC
|
|
|
|
144A 8.125%, 2/15/29(2)(3) |
30
|
31
|
|
144A 8.375%, 2/15/32(2)(3) |
155
|
162
|
|
NRG Energy, Inc. 144A
7.000%, 3/15/33(2)(3) |
245
|
273
|
|
Perusahaan Perseroan
Persero PT Perusahaan
Listrik Negara 144A
4.125%, 5/15/27(2)(3) |
534
|
533
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Utilities—continued
|
|
|
|
Suburban Propane
Partners LP 144A
6.500%, 12/15/35(2)(3) |
$75
|
$74
|
|
Vistra Corp. 144A
8.000% (2)(3)(9) |
125
|
127
|
|
Vistra Operations Co. LLC
144A
6.875%, 4/15/32(2)(3) |
120
|
126
|
|
|
|
3,739
|
|
|
|
|
|
|
||
|
Total Corporate Bonds and
Notes
(Identified Cost $44,460)
|
45,012
|
|
|
|
|
|
|
|
||
|
Leveraged Loans—9.3%
|
||
|
Aerospace—0.1%
|
|
|
|
Brown Group Holding LLC
Tranche B-2 (1-3 month
Term SOFR + 2.500%)
6.167% - 6.173%, 7/1/31(8)
|
30
|
30
|
|
Karman Holdings LLC 2026,
Tranche B (1 month Term
SOFR + 2.750%)
6.423%, 4/1/32(8)
|
20
|
20
|
|
Vista Management Holding,
Inc.
0.000%, 4/1/31(8)(13)
|
25
|
25
|
|
|
|
75
|
|
|
|
|
|
|
||
|
Chemicals—0.2%
|
|
|
|
Ineos Finance plc 2030 (1
month Term SOFR +
3.250%)
6.923%, 2/19/30(8)
|
34
|
29
|
|
Lummus Technology
Holdings V LLC Tranche B
(1 month Term SOFR +
2.500%)
6.173%, 12/31/29(8)
|
79
|
79
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Chemicals—continued
|
|
|
|
Nouryon Finance B.V. 2024,
Tranche B-1 (3-6 month
Term SOFR + 3.250%)
7.036%, 4/3/28(8)
|
$58
|
$57
|
|
USALCO LLC 2025 (1 month
Term SOFR + 3.500%)
7.173%, 9/30/31(8)
|
42
|
42
|
|
|
|
207
|
|
|
|
|
|
|
||
|
Communication Services—0.2%
|
|
|
|
McGraw-Hill Education, Inc.
2025, Tranche B (1 month
Term SOFR + 2.750%)
6.423%, 8/6/31(8)
|
64
|
64
|
|
Univision Communications,
Inc. 2024, First Lien (1
month Term SOFR +
3.500%)
7.287%, 1/31/29(8)
|
128
|
127
|
|
|
|
191
|
|
|
|
|
|
|
||
|
Consumer Durables—0.2%
|
|
|
|
Gloves Buyer, Inc. (1 month
Term SOFR + 4.000%)
7.673%, 5/21/32(8)
|
90
|
89
|
|
Skechers U.S.A., Inc. Tranche
B-1 (3 month Term SOFR +
3.250%)
6.922%, 9/13/32(8)
|
35
|
35
|
|
White Cap Supply
Holdings LLC Tranche D
0.000%, 2/10/33(8)(13)
|
90
|
89
|
|
|
|
213
|
|
|
|
|
|
|
||
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Consumer Non-Durables—0.2%
|
|
|
|
AI Aqua Merger Sub, Inc.
2026, Tranche B (1-3
month Term SOFR +
2.750%)
6.411% - 6.421%,
7/30/28(8)
|
$136
|
$136
|
|
Albion Financing 3 S.a.r.l.
2025, Tranche A (3 month
Term SOFR + 3.000%)
6.664%, 5/21/31(8)
|
84
|
83
|
|
|
|
219
|
|
|
|
|
|
|
||
|
Energy—0.5%
|
|
|
|
Blackfin Pipeline LLC (1
month Term SOFR +
3.000%)
6.688%, 9/29/32(8)
|
120
|
120
|
|
Freeport LNG
Investments LLP Tranche B
(3 month Term SOFR +
3.250%)
6.893%, 2/11/33(8)
|
105
|
104
|
|
M6 ETX Holdings II
Midco LLC Tranche B (1
month Term SOFR +
2.500%)
6.173%, 4/1/32(8)
|
95
|
95
|
|
Traverse Midstream
Partners LLC Tranche B (3
month Term SOFR +
2.500%)
6.167%, 2/16/28(8)
|
138
|
139
|
|
|
|
458
|
|
|
|
|
|
|
||
|
Financials—0.4%
|
|
|
|
Acrisure LLC 2024, Tranche
B-6 (1 month Term SOFR +
3.000%)
6.673%, 11/6/30(8)
|
98
|
95
|
|
AL GCX Holdings LLC Tranche
B (1 month Term SOFR +
2.000%)
5.673%, 1/30/32(8)
|
70
|
69
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Financials—continued
|
|
|
|
Broadstreet Partners, Inc.
2024, Tranche B
0.000%, 6/13/31(8)(13)
|
$115
|
$110
|
|
Pac Dac LLC (3 month Term
SOFR + 3.250%)
6.917%, 10/28/30(8)
|
115
|
114
|
|
|
|
388
|
|
|
|
|
|
|
||
|
Food / Tobacco—0.5%
|
|
|
|
Aspire Bakeries Holdings LLC
2025, Tranche B (1 month
Term SOFR + 3.000%)
6.673%, 12/23/30(8)
|
69
|
69
|
|
Del Monte Foods Corp. II, Inc.
(1 month Term SOFR +
9.600%)
13.260%, 4/2/26(8)
|
23
|
23
|
|
Del Monte Foods, Inc.
|
|
|
|
(1 month Term SOFR +
9.600%)
13.260% - 13.267%,
4/2/26(8)(10)
|
35
|
27
|
|
(1-3 month Term SOFR +
4.400%)
8.105% - 8.173%,
8/2/28(14)
|
43
|
1
|
|
(3 month Term SOFR +
4.900%)
8.605%, 8/2/28(10)(14)
|
100
|
1
|
|
(3 month Term SOFR +
8.150%)
11.923%, 8/2/28(14)
|
19
|
9
|
|
Pegasus Bidco B.V. 2025 (2
month Term SOFR +
2.750%)
6.403%, 7/12/29(8)
|
55
|
55
|
|
Red SPV LLC (1 month Term
SOFR + 2.250%)
5.927%, 3/15/32(8)
|
134
|
134
|
|
Snacking Investments Bidco
Pty Ltd. (3 month Term
SOFR + 3.000%)
6.667%, 10/29/32(8)
|
35
|
35
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Food / Tobacco—continued
|
|
|
|
Treehouse Foods, Inc.
0.000%, 2/11/33(8)(13)
|
$70
|
$69
|
|
|
|
423
|
|
|
|
|
|
|
||
|
Forest Prod / Containers—0.1%
|
|
|
|
Clydesdale Acquisition
Holdings, Inc. Tranche B (1
month Term SOFR +
3.175%)
6.848%, 4/13/29(8)
|
50
|
49
|
|
Graham Packaging Co., Inc. (1
month Term SOFR +
2.250%)
5.923%, 1/26/33(8)
|
15
|
15
|
|
Klockner Pentaplast of
America, Inc.
8.522%, 2/9/26(10)(14)
|
157
|
24
|
|
|
|
88
|
|
|
|
|
|
|
||
|
Gaming / Leisure—0.4%
|
|
|
|
Catawba Nation Gaming
Authority Tranche B (3
month Term SOFR +
4.750%)
8.417%, 3/29/32(8)
|
105
|
107
|
|
ECL Entertainment LLC 2025,
Tranche B (1 month Term
SOFR + 3.000%)
6.673%, 8/30/30(8)
|
108
|
107
|
|
Motion Finco LLC Tranche B-3
(3 month Term SOFR +
3.500%)
7.172%, 11/12/29(8)
|
83
|
70
|
|
Turquoise Topco Ltd. (3
month Term SOFR +
3.250%)
6.936%, 12/30/32(8)
|
65
|
64
|
|
|
|
348
|
|
|
|
|
|
|
||
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Health Care—1.5%
|
|
|
|
Argent Finco LLC
0.000%, 11/12/32(8)(13)
|
$25
|
$25
|
|
Bausch & Lomb Corp. 2025 (1
month Term SOFR +
3.750%)
7.423%, 1/15/31(8)
|
98
|
98
|
|
Cotiviti, Inc. (1 month Term
SOFR + 2.750%)
6.421%, 5/1/31(8)
|
53
|
47
|
|
Dechra Pharmaceuticals
Holdings Ltd. Tranche B-3
(6 month Term SOFR +
2.750%)
6.387%, 1/27/32(8)
|
79
|
79
|
|
Endo Finance Holdings, Inc.
Tranche B (1 month Term
SOFR + 3.750%)
7.423%, 4/23/31(8)
|
25
|
25
|
|
Ensemble RCM LLC Tranche B
(3 month Term SOFR +
3.000%)
6.660%, 2/9/33(8)
|
65
|
62
|
|
Financiere Mendel (2 month
Term SOFR + 2.750%)
6.389%, 11/8/30(8)
|
30
|
30
|
|
Gainwell Acquisition Corp.
Tranche B (3 month Term
SOFR + 4.100%)
7.772%, 10/1/27(8)
|
144
|
136
|
|
Genmab A/S Tranche B (3
month Term SOFR +
3.000%)
6.733%, 12/10/32(8)
|
20
|
20
|
|
Global Medical Response, Inc.
(3 month Term SOFR +
3.500%)
7.170%, 10/1/32(8)
|
65
|
65
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Health Care—continued
|
|
|
|
Grifols Worldwide Operations
USA, Inc. Tranche B (1
month Term SOFR +
2.100%)
5.773%, 11/15/27(8)
|
$120
|
$120
|
|
Hanger, Inc.
|
|
|
|
(1 month Term SOFR +
3.500%)
7.173%, 10/23/31(8)
|
10
|
11
|
|
(1 month Term SOFR +
3.500%)
7.173%, 10/23/31(8)
|
140
|
140
|
|
Hologic, Inc. Tranche B
0.000%, 1/14/33(8)(13)
|
80
|
79
|
|
Lannett Co., Inc. First Lien
2.000%, 6/16/30(10)
|
8
|
6
|
|
LifePoint Health, Inc.
|
|
|
|
Tranche B (3 month Term
SOFR + 3.750%)
7.422%, 5/16/31(8)
|
118
|
118
|
|
Tranche B-2 (3 month Term
SOFR + 3.500%)
7.152%, 5/16/31(8)
|
25
|
25
|
|
Lumexa Imaging, Inc. (3
month Term SOFR +
3.000%)
6.705%, 12/17/32(8)
|
50
|
50
|
|
Modivcare, Inc. (3 month
Term SOFR + 5.000%)
8.690%, 12/2/30(8)
|
8
|
7
|
|
Parexel International, Inc.
Tranche B (1 month Term
SOFR + 2.750%)
6.423%, 12/12/31(8)
|
35
|
35
|
|
Radiology Partners, Inc.
Tranche B (3 month Term
SOFR + 4.500%)
8.172%, 6/30/32(8)
|
80
|
79
|
|
Upstream Newco, Inc. 2025 (3
month Term SOFR +
4.512%)
8.179%, 11/20/29(8)
|
183
|
169
|
|
|
|
1,426
|
|
|
|
|
|
|
||
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Housing—0.2%
|
|
|
|
Chariot Buyer LLC 2025,
Tranche B (1 month Term
SOFR + 2.750%)
6.423%, 9/8/32(8)
|
$118
|
$117
|
|
Hunter Douglas Holding B.V.
Tranche B-1 (3 month Term
SOFR + 3.000%)
6.672%, 1/17/32(8)
|
89
|
89
|
|
|
|
206
|
|
|
|
|
|
|
||
|
Information Technology—1.5%
|
|
|
|
Applied Systems, Inc.
|
|
|
|
2024, Second Lien (3
month Term SOFR +
4.500%)
8.172%, 2/23/32(8)
|
15
|
15
|
|
Tranche B-1 (1 month Term
SOFR + 2.250%)
5.924%, 2/24/31(8)
|
129
|
126
|
|
Central Parent LLC 2024 (3
month Term SOFR +
3.250%)
6.922%, 7/6/29(8)
|
142
|
88
|
|
Cloud Software Group, Inc.
Tranche B-2 (3 month Term
SOFR + 3.250%)
6.922%, 3/21/31(8)
|
138
|
128
|
|
Composecure Holdings LLC
(1 month Term SOFR +
2.250%)
5.910%, 1/14/33(8)
|
45
|
45
|
|
ConnectWise LLC (3 month
Term SOFR + 3.762%)
7.434%, 9/29/28(8)
|
81
|
72
|
|
Delivery Hero SE Tranche B (2
month Term SOFR +
5.000%)
8.639%, 12/12/29(8)
|
137
|
137
|
|
Finastra USA, Inc.
0.000%, 9/15/32(8)(13)
|
70
|
64
|
|
Genesys Cloud Services
Holdings II LLC 2025
0.000%, 1/30/32(8)(13)
|
95
|
87
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Information Technology—continued
|
|
|
|
INDICOR LLC Tranche E (1
month Term SOFR +
2.500%)
6.173%, 11/22/29(8)
|
$66
|
$66
|
|
Ion Platform Finance U.S., Inc.
(3 month Term SOFR +
3.750%)
7.422%, 10/7/32(8)
|
95
|
78
|
|
Javelin Buyer, Inc.
0.000%, 12/5/31(8)(13)
|
75
|
70
|
|
Proofpoint, Inc. 2025, Tranche
B, First Lien (3 month Term
SOFR + 3.000%)
6.672%, 8/31/28(8)
|
103
|
99
|
|
RealPage, Inc. First Lien
0.000%, 4/24/28(8)(13)
|
65
|
60
|
|
Rocket Software, Inc. (1
month Term SOFR +
3.750%)
7.423%, 11/28/28(8)
|
103
|
95
|
|
Trio Bidco, Inc. Tranche B (3
month Term SOFR +
4.000%)
7.672%, 10/29/32(8)
|
59
|
57
|
|
UKG, Inc. Tranche B (3 month
Term SOFR + 2.500%)
6.167%, 2/10/31(8)
|
34
|
32
|
|
Vantor Holdings, Inc.
0.000%, 3/3/33(8)(13)
|
85
|
84
|
|
|
|
1,403
|
|
|
|
|
|
|
||
|
Manufacturing—0.8%
|
|
|
|
Columbus McKinnon Corp.
Tranche B (3 month Term
SOFR + 3.500%)
7.160%, 2/3/33(8)
|
50
|
50
|
|
CPM Holdings, Inc. (1 month
Term SOFR + 4.500%)
8.171%, 9/28/28(8)
|
88
|
87
|
|
Dynamo U.S. Bidco, Inc.
Tranche B-1 (1 month Term
SOFR + 3.250%)
6.921%, 9/30/31(8)
|
30
|
29
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Manufacturing—continued
|
|
|
|
Glatfelter Corp. Tranche B (3
month Term SOFR +
4.250%)
7.923%, 11/4/31(8)
|
$90
|
$90
|
|
Innio Group Holding GmbH
2026, Tranche B (3 month
Term SOFR + 1.750%)
5.410%, 11/3/31(8)
|
115
|
115
|
|
Jupiter Buyer, Inc.
0.000%, 11/1/31(8)(13)
|
25
|
25
|
|
Lsf12 Crown U.S. Commercial
Bidco LLC 2026 (1 month
Term SOFR + 3.000%)
6.671%, 12/2/31(8)
|
136
|
136
|
|
Resilience Parent LLC Tranche
B
0.000%, 1/21/33(8)(13)
|
65
|
65
|
|
TK Elevator Midco GmbH
Tranche B (6 month Term
SOFR + 2.750%)
6.377%, 4/30/30(8)
|
119
|
119
|
|
|
|
716
|
|
|
|
|
|
|
||
|
Media / Telecom -
Broadcasting—0.1%
|
|
|
|
CMG Media Corp. (3 month
Term SOFR + 3.600%)
7.272%, 6/18/29(8)
|
129
|
122
|
|
Media / Telecom - Cable/Wireless
Video—0.1%
|
|
|
|
Cogeco Communications
Finance USA LP Tranche
B-1 (1 month Term SOFR +
3.250%)
6.923%, 9/18/30(8)
|
97
|
90
|
|
DIRECTV Financing LLC 2024,
Tranche B (3 month Term
SOFR + 5.512%)
9.178%, 8/2/29(8)
|
36
|
36
|
|
|
|
126
|
|
|
|
|
|
|
||
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Media / Telecom - Diversified
Media—0.3%
|
|
|
|
Century DE Buyer LLC 2025 (3
month Term SOFR +
3.000%)
6.667%, 10/30/30(8)
|
$107
|
$103
|
|
Neptune Bidco U.S., Inc.
2026, Tranche B (1 month
Term SOFR + 5.100%)
8.760%, 1/28/33(8)
|
135
|
127
|
|
|
|
230
|
|
|
|
|
|
|
||
|
Media / Telecom -
Telecommunications—0.3%
|
|
|
|
Altice France S.A.
|
|
|
|
Tranche B-11 (3 month
Term SOFR + 4.125%)
7.797%, 5/1/28(8)
|
161
|
160
|
|
Tranche B-12 (3 month
Term SOFR + 5.063%)
8.735%, 10/30/28(8)
|
15
|
15
|
|
Level 3 Financing, Inc.
Tranche B-4 (1 month Term
SOFR + 3.250%)
6.923%, 3/29/32(8)
|
120
|
120
|
|
|
|
295
|
|
|
|
|
|
|
||
|
Media / Telecom - Wireless
Communications—0.2%
|
|
|
|
Viasat, Inc. (1 month Term
SOFR + 4.614%)
8.287%, 3/2/29(8)
|
137
|
137
|
|
Retail—0.3%
|
|
|
|
CNT Holdings I Corp. 2025 (3
month Term SOFR +
2.500%)
6.167%, 11/8/32(8)
|
118
|
118
|
|
Harbor Freight Tools USA, Inc.
(1 month Term SOFR +
2.250%)
5.923%, 6/11/31(8)
|
73
|
72
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Retail—continued
|
|
|
|
Petco Health & Wellness Co.,
Inc. 2026 (1 month Term
SOFR + 4.250%)
7.923%, 1/22/31(8)
|
$50
|
$48
|
|
|
|
238
|
|
|
|
|
|
|
||
|
Service—1.2%
|
|
|
|
Amentum Holdings LLC (1
month Term SOFR +
2.000%)
5.673%, 9/29/31(8)
|
130
|
129
|
|
Ascend Learning LLC (1
month Term SOFR +
3.000%)
6.673%, 12/11/28(8)
|
106
|
101
|
|
BIFM U.S. Finance LLC 2025,
First Lien (1 month Term
SOFR + 3.250%)
6.923%, 5/31/28(8)
|
99
|
99
|
|
DG Investment Intermediate
Holdings 2, Inc. (1 month
Term SOFR + 3.250%)
6.923%, 7/9/32(8)
|
121
|
120
|
|
DXP Enterprises, Inc. 2025 (1
month Term SOFR +
3.250%)
6.923%, 10/11/30(8)
|
25
|
25
|
|
Garda World Security Corp. (3
month Term SOFR +
2.750%)
6.422%, 2/1/29(8)
|
107
|
107
|
|
Green Infrastructure Partners,
Inc. (3 month Term SOFR +
2.750%)
6.422%, 9/24/32(8)
|
60
|
60
|
|
Kuehg Corp. (3 month Term
SOFR + 2.750%)
6.422%, 6/12/30(8)
|
91
|
88
|
|
|
Par
Value(1)
|
Value
|
|
|
|
|
|
Service—continued
|
|
|
|
NAB Holdings LLC 2025 (3
month Term SOFR +
2.500%)
6.172%, 11/24/28(8)
|
$135
|
$124
|
|
Omnia Partners LLC (3 month
Term SOFR + 2.750%)
6.455%, 12/31/32(8)
|
74
|
74
|
|
Openlane, Inc. 2025 (3 month
Term SOFR + 2.500%)
6.140%, 10/8/32(8)
|
30
|
30
|
|
Pye Barker Fire & Safety LLC
(3 month Term SOFR +
2.500%)
6.206%, 12/16/32(8)
|
29
|
29
|
|
Trugreen Ltd. Partnership First
Lien (3 month Term SOFR +
4.100%)
7.767%, 11/2/27(8)
|
146
|
144
|
|
|
|
1,130
|
|
|
|
|
|
|
||
|
Utilities—0.0%
|
|
|
|
Hamilton Projects
Acquiror LLC (1 month
Term SOFR + 2.500%)
6.173%, 5/30/31(8)
|
28
|
28
|
|
Total Leveraged Loans
(Identified Cost $9,107)
|
8,667
|
|
|
|
Shares
|
|
|
Preferred Stock—0.3%
|
||
|
Financials—0.3%
|
|
|
|
Capital Farm Credit ACA
Series 1 144A, 5.000%(3)
|
275
(15)
|
274
|
|
Total Preferred Stock
(Identified Cost $275)
|
274
|
|
|
|
Shares
|
Value
|
|
|
|
|
|
|
||
|
Common Stocks—0.1%
|
||
|
Communication Services—0.1%
|
|
|
|
Altice Luxembourg S.A.(10)(16)
|
154
|
$2
|
|
Atento Luxco 1 S.A.(10)(16)
|
4,072
|
75
|
|
|
|
77
|
|
|
|
|
|
|
||
|
Consumer Discretionary—0.0%
|
|
|
|
MYT Holding LLC
Class B(10)(16)
|
29,850
|
7
|
|
NMG Parent LLC
Escrow(10)(16)
|
618
|
—
|
|
|
|
7
|
|
|
|
|
|
|
||
|
Health Care—0.0%
|
|
|
|
Lannett Co., Inc.(10)(16)
|
1,663
|
27
|
|
Modivcare(16)
|
1,558
|
9
|
|
|
|
36
|
|
|
|
|
|
|
||
|
Total Common Stocks
(Identified Cost $110)
|
120
|
|
|
|
|
|
|
|
||
|
Total Long-Term
Investments—141.0%
(Identified Cost $129,668)
|
131,988
|
|
|
|
|
|
|
|
||
|
TOTAL INVESTMENTS—141.0%
(Identified Cost $129,668)
|
$131,988
|
|
|
Other assets and liabilities,
net—(41.0)%
|
(38,408
)
|
|
|
NET ASSETS—100.0%
|
$93,580
|
|
|
Abbreviations:
|
|
|
ABS
|
Asset-Backed Securities
|
|
ACA
|
American Capital Access Financial Guarantee
Corp.
|
|
BDC
|
Business Development Companies
|
|
DAC
|
Designated Activity Company
|
|
JSC
|
Joint Stock Company
|
|
LLC
|
Limited Liability Company
|
|
LLP
|
Limited Liability Partnership
|
|
LP
|
Limited Partnership
|
|
MSCI
|
Morgan Stanley Capital International
|
|
PIK
|
Payment-in-Kind Security
|
|
plc
|
Public Limited Company
|
|
S.a.r.l.
|
Société à responsabilité limitée
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
Footnote Legend:
|
|
|
(1)
|
Par Value disclosed in foreign currency is
reported in thousands.
|
|
(2)
|
All or a portion of securities is segregated as
collateral for margin loan financing. The value of
securities segregated as collateral is $49,741.
|
|
(3)
|
Security exempt from registration under
Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt
from registration, normally to qualified
institutional buyers. At February 28, 2026, these
securities amounted to a value of $64,392 or
68.8% of net assets.
|
|
(4)
|
Regulation S security. Security is offered and
sold outside of the United States; therefore, it is
exempt from registration with the SEC under
Rules 903 and 904 of the Securities Act of 1933.
|
|
(5)
|
Security in default; no interest payments are
being received.
|
|
(6)
|
Represents step coupon bond. Rate shown
reflects the rate in effect as of February 28,
2026.
|
|
(7)
|
Issued with a zero coupon. Income is
recognized through the accretion of discount.
|
|
(8)
|
Variable rate security. Rate disclosed is as of
February 28, 2026. Information in parenthesis
represents benchmark and reference rate for
each security. Certain variable rate securities are
not based on a published reference rate and
spread but are determined by the issuer or agent
and are based on current market conditions, or,
for mortgage-backed securities, are impacted by
the individual mortgages which are paying off
over time. These securities do not indicate a
reference rate and spread in their descriptions.
|
|
(9)
|
No contractual maturity date.
|
|
(10)
|
The value of this security was determined using
significant unobservable inputs and is reported
as a Level 3 security in the Fair Value Hierarchy
table located after the Schedule of Investments.
|
|
(11)
|
Amount is less than $500 (not in thousands).
|
|
(12)
|
Payment-in-kind security which may pay
interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate
and possible payment rates.
|
|
(13)
|
This loan will settle after February 28, 2026, at
which time the interest rate, calculated on the
base lending rate and the agreed upon spread
on trade date, will be reflected.
|
|
(14)
|
Security in default; interest payments are being
received.
|
|
(15)
|
Value shown as par value.
|
|
(16)
|
Non-income producing.
|
|
Foreign Currencies:
|
|
|
BRL
|
Brazilian Real
|
|
CZK
|
Czech Koruna
|
|
MXN
|
Mexican Peso
|
|
MYR
|
Malaysian Ringgit
|
|
ZAR
|
South African Rand
|
|
Country Weightings†
|
|
|
United States
|
51
%
|
|
Mexico
|
4
|
|
South Africa
|
2
|
|
Brazil
|
2
|
|
Turkey
|
2
|
|
Saudi Arabia
|
2
|
|
Argentina
|
2
|
|
Other
|
35
|
|
Total
|
100
%
|
|
† % of total investments as of February 28, 2026.
|
|
|
Borrower
|
Par Value
|
Commitment
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Hanger, Inc., 10/23/31
|
$8
|
$8
|
$8
|
$—
(1)
|
|
Pye Barker Fire & Safety LLC, 12/16/32
|
4
|
4
|
4
|
—
(1)
|
|
Trio Bidco, Inc., 10/29/32
|
6
|
6
|
6
|
—
(1)
|
|
USALCO LLC, 9/30/31
|
4
|
4
|
4
|
—
|
|
Total
|
$22
|
$22
|
$22
|
$—
(1)
|
|
(1)
|
Amount is less than $500 (not in thousands).
|
|
|
Total
Value at
February 28, 2026
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Assets:
|
|
|
|
|
Debt Instruments:
|
|
|
|
|
U.S. Government Securities
|
$3,804
|
$3,804
|
$—
|
|
Foreign Government Securities
|
47,493
|
47,493
|
—
|
|
Mortgage-Backed Securities
|
16,670
|
16,670
|
—
|
|
Asset-Backed Securities
|
9,948
|
9,948
|
—
|
|
Corporate Bonds and Notes
|
45,012
|
45,012
|
—
(1)
|
|
Leveraged Loans
|
8,667
|
8,609
|
58
|
|
Equity Securities:
|
|
|
|
|
Preferred Stock
|
274
|
274
|
—
|
|
Common Stocks
|
120
|
9
|
111
(2)
|
|
Other Financial Instruments:
|
|
|
|
|
Unfunded Loan Commitments*
|
—
|
—
(1)
|
—
|
|
Total Investments
|
$131,988
|
$131,819
|
$169
|
|
(1)
|
Amount is less than $500 (not in thousands).
|
|
(2)
|
Includes internally fair valued securities currently priced at zero ($0).
|
|
*
|
Unfunded Loan Commitments are valued at the net unrealized appreciation (depreciation).
|