|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
Bonds and Notes — 76.5% of Net Assets
|
||
|
|
||
|
|
||
|
Non-Convertible Bonds — 73.7%
|
||
|
|
ABS Car Loan — 0.7%
|
|
|
$710,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-3A, Class D, 7.320%, 2/20/2028(a)
|
$715,538
|
|
900,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2023-5A, Class D, 7.350%, 4/20/2028(a)
|
911,150
|
|
715,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2024-1A, Class C, 6.480%, 6/20/2030(a)
|
733,209
|
|
3,020,000
|
Carvana Auto Receivables Trust,
Series 2024-N3, Class E, 7.660%, 4/12/2032(a)
|
3,011,743
|
|
1,030,000
|
Credit Acceptance Auto Loan Trust,
Series 2024-1A, Class C, 6.710%, 7/17/2034(a)
|
1,049,076
|
|
940,000
|
First Investors Auto Owner Trust,
Series 2022-2A, Class D, 8.710%, 10/16/2028(a)
|
960,728
|
|
2,650,000
|
Flagship Credit Auto Trust, Series 2022-3,
Class D, 6.000%, 7/17/2028(a)
|
2,501,284
|
|
90,000
|
Flagship Credit Auto Trust, Series 2023-3,
Class C, 6.010%, 7/16/2029(a)
|
90,782
|
|
647,500
|
Hertz Vehicle Financing III LLC,
Series 2023-1A, Class 1D, 9.130%, 6/25/2027(a)
|
650,489
|
|
200,000
|
LAD Auto Receivables Trust, Series 2024-3A,
Class D, 5.180%, 2/17/2032(a)
|
200,560
|
|
2,810,000
|
Prestige Auto Receivables Trust,
Series 2022-1A, Class D, 8.080%, 8/15/2028(a)
|
2,831,214
|
|
3,211,000
|
Santander Bank Auto Credit-Linked Notes,
Series 2025-A, Class G, 11.049%, 1/16/2034(a)
|
3,194,255
|
|
175,000
|
SBNA Auto Receivables Trust, Series 2024-A,
Class C, 5.590%, 1/15/2030(a)
|
177,369
|
|
240,000
|
SBNA Auto Receivables Trust, Series 2024-A,
Class D, 6.040%, 4/15/2030(a)
|
244,088
|
|
200,000
|
VStrong Auto Receivables Trust,
Series 2024-A, Class D, 7.290%, 7/15/2030(a)
|
205,718
|
|
1,540,000
|
Westlake Automobile Receivables Trust,
Series 2023-1A, Class D, 6.790%, 11/15/2028(a)
|
1,564,652
|
|
|
|
19,041,855
|
|
|
ABS Credit Card — 0.7%
|
|
|
6,145,000
|
Fortiva Retail Credit Master Note Business
Trust, Series 2024-ONE, Class B,
9.700%, 11/15/2029(a)
|
6,185,946
|
|
4,285,000
|
Mercury Financial Credit Card Master Trust,
Series 2024-2A, Class A, 6.560%, 7/20/2029(a)
|
4,288,107
|
|
8,985,000
|
Mercury Financial Credit Card Master Trust,
Series 2025-1A, Class C, 8.290%, 12/22/2031(a)
|
8,843,262
|
|
|
|
19,317,315
|
|
|
ABS Home Equity — 1.2%
|
|
|
4,805,000
|
CAFL Issuer LLC, Series 2026-R1, Class A1,
6.773%, 3/25/2036(a)(b)
|
4,799,532
|
|
1,510,000
|
CoreVest American Finance Ltd.,
Series 2021-3, Class D, 3.469%, 10/15/2054(a)
|
1,357,149
|
|
5,350,000
|
CoreVest American Finance Trust,
Series 2021-1, Class D, 3.247%, 4/15/2053(a)
|
4,702,913
|
|
2,510,000
|
Credit Suisse Mortgage Trust,
Series 2021-RPL6, Class M2,
3.125%, 10/25/2060(a)
|
1,942,932
|
|
8,288,740
|
Home Partners of America Trust,
Series 2021-2, Class E1, 2.852%, 12/17/2026(a)
|
8,140,875
|
|
4,144,370
|
Home Partners of America Trust,
Series 2021-2, Class E2, 2.952%, 12/17/2026(a)
|
4,071,722
|
|
309,479
|
PRPM LLC, Series 2025-2, Class A1,
6.469%, 5/25/2030(a)(b)
|
308,748
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Home Equity — continued
|
|
|
$3,825,000
|
PRPM LLC, Series 2025-2, Class A2,
9.560%, 5/25/2030(a)(b)
|
$3,813,661
|
|
627,731
|
Toorak Mortgage Trust, Series 2024-RRTL1,
Class A1, 6.597%, 2/25/2039(a)(b)
|
628,143
|
|
1,120,000
|
Towd Point Mortgage Trust, Series 2017-4,
Class M2, 3.250%, 6/25/2057(a)(b)
|
985,654
|
|
795,000
|
Towd Point Mortgage Trust, Series 2019-4,
Class M1, 3.500%, 10/25/2059(a)(b)
|
700,671
|
|
|
|
31,452,000
|
|
|
ABS Other — 3.6%
|
|
|
6,250,000
|
APL Finance DAC, Series 2025-1A, Class D,
8.150%, 3/20/2036(a)
|
6,157,704
|
|
1,160,000
|
Aqua Finance Trust, Series 2024-A, Class D,
6.530%, 4/18/2050(a)
|
1,165,495
|
|
701,279
|
BHG Securitization Trust, Series 2024-1CON,
Class B, 6.490%, 4/17/2035(a)
|
718,213
|
|
289,324
|
BHG Securitization Trust, Series 2024-1CON,
Class C, 6.860%, 4/17/2035(a)
|
294,161
|
|
1,477,157
|
Business Jet Securities LLC, Series 2024-2A,
Class C, 7.974%, 9/15/2039(a)
|
1,469,979
|
|
2,028,037
|
Castlelake Aircraft Securitization Trust,
Series 2018-1, Class B, 5.300%, 6/15/2043(a)
|
1,987,523
|
|
164,646
|
Castlelake Aircraft Structured Trust,
Series 2019-1A, Class A, 3.967%, 4/15/2039(a)
|
163,005
|
|
2,320,103
|
CLI Funding VIII LLC, Series 2025-R, Class A,
6.610%, 6/21/2050(a)
|
2,298,965
|
|
5,809,933
|
CLIF Holdings LLC, Series 2025-1H, Class A,
6.720%, 12/20/2050(a)
|
5,765,562
|
|
2,179,331
|
Clsec Holdings 22t LLC, Series 2021-1, Class C,
6.171%, 5/11/2037(a)
|
2,134,628
|
|
152,758
|
Elara HGV Timeshare Issuer LLC,
Series 2021-A, Class C, 2.090%, 8/27/2035(a)
|
146,152
|
|
440,752
|
Foundation Finance Trust, Series 2023-2A,
Class D, 9.100%, 6/15/2049(a)
|
469,045
|
|
2,467,391
|
Global SC Finance X Ltd., Series 2025-1H,
Class A, 6.169%, 9/20/2045(a)
|
2,454,850
|
|
2,496,975
|
Global SC Finance X Ltd., Series 2025-1H,
Class B, 7.848%, 9/20/2045(a)
|
2,484,970
|
|
738,745
|
GoodLeap Home Improvement Solutions Trust,
Series 2024-1A, Class B, 6.380%, 10/20/2046(a)
|
746,135
|
|
244,820
|
Hilton Grand Vacations Trust, Series 2024-1B,
Class D, 8.850%, 9/15/2039(a)
|
251,614
|
|
958,217
|
Hilton Grand Vacations Trust,
Series 2025-3EXT, Class D,
7.380%, 10/25/2044(a)
|
961,687
|
|
4,830,000
|
Horizon Aircraft Finance III Ltd., Series 2019-2,
Class E, Zero Coupon, 11/15/2039(a)
|
869,400
|
|
415,000
|
Island Finance Trust, Series 2025-1A, Class A,
6.540%, 3/19/2035(a)
|
417,778
|
|
2,705,000
|
Kapitus Asset Securitization V LLC,
Series 2025-1A, Class C, 7.400%, 4/10/2032(a)
|
2,693,007
|
|
439,231
|
Labrador Aviation Finance Ltd.,
Series 2016-1A, Class A1, 4.300%, 1/15/2042(a)
|
450,516
|
|
2,845,498
|
MAPS Trust, Series 2021-1A, Class A,
2.521%, 6/15/2046(a)
|
2,735,625
|
|
505,000
|
Mariner Finance Issuance Trust,
Series 2024-AA, Class D, 6.770%, 9/22/2036(a)
|
513,269
|
|
2,400,000
|
Marlette Funding Trust, Series 2023-4A,
Class B, 8.150%, 12/15/2033(a)
|
2,455,332
|
|
263,543
|
Marlette Funding Trust, Series 2024-1A,
Class B, 6.070%, 7/17/2034(a)
|
264,202
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$435,000
|
Onemain Financial Issuance Trust,
Series 2025-1A, Class D, 5.790%, 7/14/2038(a)
|
$437,696
|
|
1,630,000
|
QTS Issuer ABS II LLC, Series 2025-1A,
Class B, 5.778%, 10/05/2055(a)
|
1,576,614
|
|
400,000
|
QTS Issuer ABS II LLC, Series 2026-1A,
Class B, 6.729%, 1/05/2056(a)
|
395,883
|
|
6,385,000
|
QTS Issuer ABS II LLC, Series 2026-5A,
Class B, 7.200%, 3/05/2056(a)
|
6,374,343
|
|
695,000
|
Reach ABS Trust, Series 2025-1A, Class C,
5.990%, 8/16/2032(a)
|
703,247
|
|
440,000
|
SCF Equipment Leasing LLC, Series 2024-1A,
Class C, 5.820%, 9/20/2032(a)
|
450,447
|
|
435,000
|
SCF Equipment Leasing LLC, Series 2024-1A,
Class D, 6.580%, 6/21/2033(a)
|
451,568
|
|
1,075,000
|
SCF Equipment Leasing LLC, Series 2025-2A,
Class E, 6.210%, 6/20/2036(a)
|
1,079,342
|
|
3,195,000
|
SEB Funding LLC, Series 2024-1A, Class A2,
7.386%, 4/30/2054(a)
|
3,251,772
|
|
538,169
|
Shenton Aircraft Investment I Ltd.,
Series 2015-1A, Class A, 4.750%, 10/15/2042(a)
|
538,169
|
|
1,133,099
|
Sierra Timeshare Receivables Funding LLC,
Series 2025-3A, Class D, 6.540%, 8/22/2044(a)
|
1,128,065
|
|
7,770,000
|
Slam Ltd., Series 2021-1A, Class A,
2.434%, 6/15/2046(a)
|
7,365,848
|
|
3,805,000
|
Sprite Ltd., Series 2026-1, Class C,
9.413%, 3/15/2041(a)
|
3,765,095
|
|
227,645
|
Stream Innovations Issuer Trust,
Series 2024-1A, Class A, 6.270%, 7/15/2044(a)
|
234,333
|
|
1,168,243
|
Sunnova Helios V Issuer LLC, Series 2021-A,
Class B, 3.150%, 2/20/2048(a)
|
596,526
|
|
1,111,537
|
Sunrun Atlas Issuer LLC, Series 2019-2,
Class A, 3.610%, 2/01/2055(a)
|
1,072,302
|
|
415,755
|
Sunrun Demeter Issuer LLC, Series 2021-2A,
Class A, 2.270%, 1/30/2057(a)
|
377,359
|
|
171,607
|
Thunderbolt III Aircraft Lease Ltd.,
Series 2019-1, Class A, 3.671%, 11/15/2039(a)
|
170,176
|
|
7,237,791
|
TMCL VII Holdings Ltd., Series 2025-1H,
Class B, 8.060%, 7/23/2050(a)
|
7,219,049
|
|
2,605,000
|
Trafigura Securitisation Finance PLC,
Series 2024-1A, Class B, 7.290%, 11/15/2027(a)
|
2,605,177
|
|
610,000
|
Uniti Fiber ABS Issuer LLC, Series 2025-1A,
Class A2, 5.877%, 4/20/2055(a)
|
619,343
|
|
1,647,790
|
Vivint Solar Financing V LLC, Series 2018-1A,
Class A, 4.730%, 4/30/2048(a)
|
1,601,444
|
|
690,424
|
Volofin Finance DAC, Series 2024-1A, Class A,
5.935%, 6/15/2037(a)
|
695,444
|
|
965,252
|
Volofin Finance DAC, Series 2024-1A, Class B,
6.211%, 6/15/2037(a)
|
983,765
|
|
7,680,201
|
Wave LLC, Series 2019-1, Class C,
6.413%, 9/15/2044(a)
|
6,465,946
|
|
7,488,284
|
Willis Engine Structured Trust VI,
Series 2021-A, Class A, 3.104%, 5/15/2046(a)
|
7,052,769
|
|
|
|
97,280,539
|
|
|
ABS Residential Mortgage — 0.3%
|
|
|
2,635,000
|
GITSIT Mortgage Loan Trust,
Series 2025-NPL1, Class A2,
8.837%, 2/25/2055(a)(b)
|
2,638,917
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Residential Mortgage — continued
|
|
|
$3,922,667
|
GITSIT Mortgage Loan Trust,
Series 2025-NPL2, Class A1,
5.425%, 12/25/2055(a)(b)
|
$3,901,543
|
|
205,000
|
RCO VIII Mortgage LLC, Series 2025-3,
Class A2, 8.836%, 5/25/2030(a)(b)
|
205,394
|
|
|
|
6,745,854
|
|
|
ABS Student Loan — 0.1%
|
|
|
532,518
|
Ascent Education Funding Trust,
Series 2024-A, Class A, 6.140%, 10/25/2050(a)
|
543,315
|
|
495,000
|
Ascent Education Funding Trust,
Series 2024-A, Class C, 8.010%, 10/25/2050(a)
|
482,600
|
|
1,040,000
|
College Ave Student Loans LLC, Series 2024-B,
Class B, 6.080%, 8/25/2054(a)
|
1,058,037
|
|
|
|
2,083,952
|
|
|
ABS Whole Business — 0.4%
|
|
|
5,925,000
|
Applebee's Funding LLC/IHOP Funding LLC,
Series 2023-1A, Class A2, 7.824%, 3/05/2053(a)
|
5,972,793
|
|
1,466,250
|
FOCUS Brands Funding, Series 2023-2,
Class A2, 8.241%, 10/30/2053(a)
|
1,534,893
|
|
735,938
|
Planet Fitness Master Issuer LLC,
Series 2019-1A, Class A2, 3.858%, 12/05/2049(a)
|
700,831
|
|
1,940,450
|
Planet Fitness Master Issuer LLC,
Series 2024-1A, Class A2I, 5.765%, 6/05/2054(a)
|
1,952,867
|
|
905,000
|
Wingstop Funding LLC, Series 2024-1A,
Class A2, 5.858%, 12/05/2054(a)
|
919,089
|
|
|
|
11,080,473
|
|
|
Aerospace & Defense — 1.3%
|
|
|
2,230,000
|
Axon Enterprise, Inc., 6.125%, 3/15/2030(a)
|
2,266,898
|
|
1,130,000
|
Axon Enterprise, Inc., 6.250%, 3/15/2033(a)
|
1,153,443
|
|
15,485,000
|
Boeing Co., 5.805%, 5/01/2050
|
14,969,758
|
|
345,000
|
Boeing Co., 5.930%, 5/01/2060
|
331,161
|
|
2,100,000
|
Boeing Co., 6.528%, 5/01/2034
|
2,287,620
|
|
9,835,000
|
Boeing Co., 6.858%, 5/01/2054
|
10,824,154
|
|
2,360,000
|
Boeing Co., 7.008%, 5/01/2064
|
2,609,027
|
|
1,112,000
|
Honeywell Aerospace, Inc.,
4.950%, 3/16/2036(a)
|
1,103,330
|
|
|
|
35,545,391
|
|
|
Agency Commercial Mortgage-Backed
Securities — 0.0%
|
|
|
1,350,000
|
Arixa Mortgage Trust, Series 2025-RTL1,
Class A1, 5.735%, 8/25/2030(a)(b)
|
1,353,468
|
|
|
Apartment REITs — 0.1%
|
|
|
1,740,000
|
Invitation Homes Operating Partnership LP,
4.875%, 2/01/2035,
|
1,660,459
|
|
|
Automotive — 0.3%
|
|
|
2,080,000
|
ZF North America Capital, Inc.,
6.750%, 4/23/2030(a)
|
2,012,155
|
|
2,055,000
|
ZF North America Capital, Inc.,
6.875%, 4/14/2028(a)
|
2,075,982
|
|
3,165,000
|
ZF North America Capital, Inc.,
6.875%, 4/23/2032(a)
|
3,007,076
|
|
2,170,000
|
ZF North America Capital, Inc.,
7.125%, 4/14/2030(a)
|
2,141,985
|
|
|
|
9,237,198
|
|
|
Banking — 3.0%
|
|
|
1,715,000
|
CaixaBank SA, (fixed rate to 7/03/2035,
variable rate thereafter), 5.581%, 7/03/2036(a)
|
1,724,757
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Banking — continued
|
|
|
$2,705,000
|
Capital One Financial Corp., (fixed rate to
9/11/2035, variable rate thereafter),
5.197%, 9/11/2036
|
$2,622,307
|
|
389,000
|
Goldman Sachs Group, Inc., (fixed rate to
1/21/2036, variable rate thereafter),
5.065%, 1/21/2037
|
380,314
|
|
721,000
|
Goldman Sachs Group, Inc., (fixed rate to
2/02/2036, variable rate thereafter),
5.387%, 2/02/2041
|
696,595
|
|
10,180,000
|
JPMorgan Chase & Co., Series OO, (fixed rate
to 4/01/2030, variable rate thereafter),
6.500%(c)
|
10,446,054
|
|
8,585,000
|
Morgan Stanley, (fixed rate to 1/18/2036,
variable rate thereafter), 5.314%, 1/18/2041
|
8,287,294
|
|
11,482,000
|
Morgan Stanley, (fixed rate to 1/19/2033,
variable rate thereafter), 5.948%, 1/19/2038
|
11,762,291
|
|
6,260,000
|
Societe Generale SA, (fixed rate to 10/03/2035,
variable rate thereafter), 5.439%, 10/03/2036(a)
|
6,124,725
|
|
318,000
|
Synchrony Financial, (fixed rate to 2/25/2031,
variable rate thereafter), 4.947%, 2/25/2032
|
308,620
|
|
1,770,000
|
Synchrony Financial, (fixed rate to 3/06/2030,
variable rate thereafter), 5.450%, 3/06/2031
|
1,768,534
|
|
463,000
|
Synchrony Financial, (fixed rate to 7/29/2035,
variable rate thereafter), 6.000%, 7/29/2036
|
456,668
|
|
3,980,000
|
Synchrony Financial, (fixed rate to 8/02/2029,
variable rate thereafter), 5.935%, 8/02/2030
|
4,043,858
|
|
3,180,000
|
UBS Group AG, (fixed rate to 11/06/2032,
variable rate thereafter), 4.844%, 11/06/2033(a)
|
3,127,819
|
|
4,195,000
|
UBS Group AG, (fixed rate to 8/05/2030,
variable rate thereafter), 6.600%(a)(c)
|
4,094,464
|
|
14,800,000
|
UniCredit SpA, (fixed rate to 6/30/2030, variable
rate thereafter), 5.459%, 6/30/2035(a)
|
14,773,334
|
|
3,443,000
|
Wells Fargo & Co., (fixed rate to 1/23/2036,
variable rate thereafter), 4.960%, 1/23/2037
|
3,353,971
|
|
7,345,000
|
Wells Fargo & Co., (fixed rate to 9/15/2035,
variable rate thereafter), 4.892%, 9/15/2036
|
7,145,998
|
|
|
|
81,117,603
|
|
|
Brokerage — 0.7%
|
|
|
1,435,000
|
Citadel LP, 6.000%, 1/23/2030(a)
|
1,477,258
|
|
1,085,000
|
Citadel LP, 6.375%, 1/23/2032(a)
|
1,124,538
|
|
6,075,000
|
Jefferies Financial Group, Inc.,
6.200%, 4/14/2034
|
6,195,357
|
|
3,893,000
|
Jefferies Financial Group, Inc.,
6.250%, 1/15/2036
|
3,946,341
|
|
4,698,000
|
Osaic Holdings, Inc., 6.750%, 8/01/2032(a)
|
4,698,587
|
|
|
|
17,442,081
|
|
|
Building Materials — 1.2%
|
|
|
4,846,000
|
Cemex SAB de CV, 3.875%, 7/11/2031(a)
|
4,523,602
|
|
5,450,000
|
Cemex SAB de CV, (fixed rate to 6/08/2026,
variable rate thereafter), 5.125%(a)(c)
|
5,427,332
|
|
1,160,000
|
Cemex SAB de CV, (fixed rate to 6/10/2030,
variable rate thereafter), 7.200%(a)(c)
|
1,174,500
|
|
3,210,000
|
JH North America Holdings, Inc.,
5.875%, 1/31/2031(a)
|
3,183,328
|
|
4,570,000
|
JH North America Holdings, Inc.,
6.125%, 7/31/2032(a)
|
4,551,787
|
|
13,230,000
|
Quikrete Holdings, Inc., 6.375%, 3/01/2032(a)
|
13,415,260
|
|
|
|
32,275,809
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Cable Satellite — 6.0%
|
|
|
$12,245,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 3.950%, 6/30/2062
|
$7,194,664
|
|
1,220,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 6.384%, 10/23/2035
|
1,238,890
|
|
2,830,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 6.550%, 6/01/2034
|
2,937,976
|
|
1,415,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 6.650%, 2/01/2034
|
1,476,036
|
|
6,425,000
|
CSC Holdings LLC, 3.375%, 2/15/2031(a)
|
3,774,351
|
|
1,075,000
|
CSC Holdings LLC, 4.125%, 12/01/2030(a)
|
645,095
|
|
415,000
|
CSC Holdings LLC, 4.500%, 11/15/2031(a)
|
246,057
|
|
48,110,000
|
CSC Holdings LLC, 4.625%, 12/01/2030(a)
|
16,976,451
|
|
5,540,000
|
CSC Holdings LLC, 5.000%, 11/15/2031(a)
|
1,997,356
|
|
14,005,000
|
CSC Holdings LLC, 5.375%, 2/01/2028(a)
|
10,357,415
|
|
1,360,000
|
CSC Holdings LLC, 5.750%, 1/15/2030(a)
|
516,230
|
|
4,883,000
|
CSC Holdings LLC, 7.500%, 4/01/2028(a)
|
2,687,379
|
|
6,790,000
|
Directv Financing LLC, 8.875%, 2/01/2030(a)
|
6,758,358
|
|
3,143,000
|
Directv Financing LLC, 8.875%, 2/01/2030(a)
|
3,136,008
|
|
8,670,000
|
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 10.000%, 2/15/2031(a)
|
8,850,590
|
|
22,190,000
|
DISH DBS Corp., 5.250%, 12/01/2026(a)
|
21,999,684
|
|
18,540,000
|
DISH DBS Corp., 7.750%, 7/01/2026
|
18,450,493
|
|
25,930,000
|
EchoStar Corp., 10.750%, 11/30/2029
|
28,010,902
|
|
23,075,671
|
EchoStar Corp., 6.750% PIK and/or 6.750%
Cash, 11/30/2030(d)
|
23,300,843
|
|
720,000
|
Time Warner Cable LLC, 6.550%, 5/01/2037
|
725,901
|
|
|
|
161,280,679
|
|
|
Chemicals — 0.6%
|
|
|
3,050,000
|
ARC Falcon I, Inc./Arclin USA LLC/New Arclin
U.S. Holding Corp., 9.750%, 3/01/2033(a)
|
2,933,765
|
|
10,887,000
|
Ashland, Inc., 3.375%, 9/01/2031(a)
|
9,775,855
|
|
1,217,000
|
Chemours Co., 5.750%, 11/15/2028(a)
|
1,204,982
|
|
2,826,000
|
Solstice Advanced Materials, Inc.,
5.625%, 9/30/2033(a)
|
2,786,555
|
|
|
|
16,701,157
|
|
|
Construction Machinery — 0.4%
|
|
|
2,870,000
|
Ashtead Capital, Inc., 5.800%, 4/15/2034(a)
|
2,925,939
|
|
6,985,000
|
United Rentals North America, Inc.,
6.125%, 3/15/2034(a)
|
7,072,920
|
|
|
|
9,998,859
|
|
|
Consumer Cyclical Services — 0.3%
|
|
|
6,335,000
|
Expedia Group, Inc., 5.400%, 2/15/2035
|
6,284,739
|
|
2,145,000
|
TriNet Group, Inc., 3.500%, 3/01/2029(a)
|
1,944,406
|
|
|
|
8,229,145
|
|
|
Diversified Manufacturing — 0.1%
|
|
|
3,588,000
|
Esab Corp., 5.625%, 4/01/2031(a)
|
3,613,152
|
|
|
Electric — 1.1%
|
|
|
18,103,871
|
Alta Wind Holdings LLC, 7.000%, 6/30/2035(a)
|
17,173,734
|
|
9,224,000
|
Talen Energy Supply LLC, 6.250%, 2/01/2034(a)
|
9,121,230
|
|
1,070,000
|
Vistra Operations Co. LLC,
5.250%, 10/15/2035(a)
|
1,039,100
|
|
2,082,000
|
Vistra Operations Co. LLC, 5.350%, 1/31/2036(a)
|
2,036,599
|
|
|
|
29,370,663
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Environmental — 0.1%
|
|
|
$2,077,000
|
GFL Environmental Holdings U.S., Inc.,
5.500%, 2/01/2034(a)
|
$2,037,113
|
|
|
Finance Companies — 2.3%
|
|
|
4,030,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.300%, 1/30/2032
|
3,660,150
|
|
4,530,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.400%, 10/29/2033
|
4,007,918
|
|
15,030,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 4.950%, 9/10/2034
|
14,607,997
|
|
7,035,000
|
Air Lease Corp., Series B, (fixed rate to
6/15/2026, variable rate thereafter), 4.650%(c)
|
6,990,304
|
|
3,695,000
|
Aircastle Ltd./Aircastle Ireland DAC,
5.750%, 10/01/2031(a)
|
3,783,378
|
|
785,000
|
Aviation Capital Group LLC,
4.875%, 1/28/2033(a)
|
757,532
|
|
2,721,000
|
Avolon Holdings Funding Ltd.,
4.700%, 1/30/2031(a)
|
2,666,296
|
|
2,522,000
|
Avolon Holdings Funding Ltd.,
4.850%, 4/01/2033(a)
|
2,415,988
|
|
3,927,000
|
Freedom Mortgage Holdings LLC,
7.875%, 4/01/2033(a)
|
3,681,849
|
|
1,110,000
|
Macquarie Airfinance Holdings Ltd.,
5.150%, 3/17/2030(a)
|
1,104,323
|
|
860,000
|
Macquarie Airfinance Holdings Ltd.,
6.500%, 3/26/2031(a)
|
900,543
|
|
5,270,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.875%, 3/01/2031(a)
|
4,863,041
|
|
9,630,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 4.000%, 10/15/2033(a)
|
8,632,014
|
|
2,923,000
|
Takeoff Merger Sub, Inc., 4.850%, 3/24/2031(a)
|
2,886,447
|
|
|
|
60,957,780
|
|
|
Financial Other — 0.1%
|
|
|
819,021
|
Add Hero Holdings Ltd., Series IAI, 8.500% PIK
and/or 7.500% Cash, 9/30/2029(d)(e)
|
32,106
|
|
667,027
|
Add Hero Holdings Ltd., Series IAI, 9.000% PIK
and/or 8.000% Cash, 9/30/2030(d)(e)
|
8,338
|
|
880,490
|
Add Hero Holdings Ltd., Series IAI, 9.800% PIK
and/or 8.800% Cash, 9/30/2031(d)(e)
|
7,960
|
|
4,720,000
|
Central China Real Estate Ltd.,
7.250%, 7/16/2024(f)
|
47,200
|
|
1,260,000
|
Central China Real Estate Ltd.,
7.250%, 8/13/2024(f)
|
12,600
|
|
1,957,000
|
Central China Real Estate Ltd.,
7.250%, 4/28/2025(f)
|
19,570
|
|
3,260,000
|
Central China Real Estate Ltd.,
7.500%, 7/14/2025(f)
|
32,600
|
|
4,415,000
|
Central China Real Estate Ltd.,
7.650%, 8/27/2025(f)
|
44,150
|
|
1,305,000
|
Central China Real Estate Ltd.,
7.750%, 5/24/2024(f)
|
13,050
|
|
8,274,825
|
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(a)(g)
|
277,620
|
|
4,375,535
|
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(a)(g)
|
112,495
|
|
948,132
|
CFLD Cayman Investment Ltd., Zero Coupon,
1/31/2031(a)
|
20,081
|
|
1,155,773
|
China Aoyuan Group Ltd., Series IAI(b)(c)(e)
|
2,889
|
|
472,453
|
China Aoyuan Group Ltd., Series IAI, 5.500%
PIK, 9/30/2031(d)(e)
|
1,181
|
|
1,800,000
|
China Evergrande Group, 8.250%, 3/23/2022(f)
|
22,500
|
|
4,045,000
|
China Evergrande Group, 8.750%, 6/28/2025(f)
|
40,450
|
|
1,405,000
|
China Evergrande Group, 9.500%, 4/11/2022(f)
|
14,050
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Financial Other — continued
|
|
|
$335,000
|
China Evergrande Group, 9.500%, 3/29/2024(f)
|
$3,350
|
|
1,704,924
|
Kaisa Group Holdings Ltd., 6.250% PIK and/or
5.250% Cash, 12/28/2028(a)(d)
|
34,099
|
|
2,854,175
|
Kaisa Group Holdings Ltd., 6.500% PIK and/or
5.500% Cash, 12/28/2029(a)(d)
|
49,948
|
|
3,440,176
|
Kaisa Group Holdings Ltd., 6.750% PIK and/or
5.750% Cash, 12/28/2030(a)(d)
|
51,603
|
|
5,183,012
|
Kaisa Group Holdings Ltd., 7.000% PIK and/or
6.000% Cash, 12/28/2031(a)(d)
|
90,703
|
|
4,877,667
|
Kaisa Group Holdings Ltd., 7.250% PIK and/or
6.250% Cash, 12/28/2032(a)(d)
|
60,971
|
|
1,166,246
|
Kaisa Group Holdings Ltd., 7.721% PIK and/or
6.721% Cash, 12/28/2028(a)(d)
|
23,325
|
|
3,345,000
|
Logan Group Co. Ltd., 4.250%, 7/12/2025(f)
|
347,244
|
|
1,320,000
|
Logan Group Co. Ltd., 4.850%, 12/14/2026(f)
|
138,547
|
|
75,771
|
Shimao Group Holdings Ltd., 6.000% PIK
and/or 5.000% Cash, 7/21/2031(a)(d)
|
2,463
|
|
410,329
|
Times China Holdings Ltd., 3.000% PIK and/or
1.000% Cash, 3/30/2029(a)(d)
|
12,019
|
|
1,530,666
|
Times China Holdings Ltd., 4.200% PIK,
9/30/2032(a)(d)
|
42,093
|
|
2,923,783
|
Yuzhou Group Holdings Co. Ltd., 1.000% PIK,
6/30/2034(d)(e)
|
7,309
|
|
2,892,633
|
Yuzhou Group Holdings Co. Ltd., 4.000% PIK,
6/30/2028(d)(e)
|
82,816
|
|
5,049,317
|
Yuzhou Group Holdings Co. Ltd., 4.500% PIK,
6/30/2029(d)(e)
|
156,781
|
|
6,756,041
|
Yuzhou Group Holdings Co. Ltd., 5.000% PIK,
6/30/2030(d)(e)
|
185,791
|
|
9,500,211
|
Yuzhou Group Holdings Co. Ltd., 5.500% PIK,
6/30/2031(d)(e)
|
238,360
|
|
3,445,181
|
Yuzhou Group Holdings Co. Ltd., 7.000% PIK
and/or 6.000% Cash, 6/30/2027(d)(e)
|
267,002
|
|
|
|
2,503,264
|
|
|
Food & Beverage — 1.1%
|
|
|
5,520,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.500%, 1/15/2036
|
5,522,539
|
|
3,593,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.625%, 3/10/2037(a)
|
3,604,246
|
|
2,555,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
5.950%, 4/20/2035
|
2,652,253
|
|
835,000
|
JBS NV/JBS USA Foods Group Holdings,
Inc./JBS USA Food Co. Holdings,
6.750%, 3/15/2034
|
918,374
|
|
7,774,000
|
Pilgrim's Pride Corp., 3.500%, 3/01/2032
|
7,056,803
|
|
3,691,000
|
Pilgrim's Pride Corp., 6.875%, 5/15/2034
|
3,984,667
|
|
7,340,000
|
Post Holdings, Inc., 4.500%, 9/15/2031(a)
|
6,824,816
|
|
|
|
30,563,698
|
|
|
Government Owned - No Guarantee — 0.0%
|
|
|
495,000
|
Antares Holdings LP, 2.750%, 1/15/2027(a)
|
484,655
|
|
585,000
|
Antares Holdings LP, 3.750%, 7/15/2027(a)
|
568,528
|
|
|
|
1,053,183
|
|
|
Health Insurance — 0.5%
|
|
|
3,000,000
|
Molina Healthcare, Inc., 3.875%, 11/15/2030(a)
|
2,682,090
|
|
4,280,000
|
Molina Healthcare, Inc., 3.875%, 5/15/2032(a)
|
3,717,699
|
|
6,924,000
|
Molina Healthcare, Inc., 6.500%, 2/15/2031(a)
|
6,807,021
|
|
|
|
13,206,810
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Healthcare — 0.2%
|
|
|
$1,675,000
|
Bausch & Lomb Corp., 8.375%, 10/01/2028(a)
|
$1,729,437
|
|
2,505,000
|
HCA, Inc., 4.900%, 11/15/2035
|
2,421,859
|
|
|
|
4,151,296
|
|
|
Home Construction — 0.6%
|
|
|
2,065,000
|
DR Horton, Inc., 5.500%, 10/15/2035
|
2,095,408
|
|
9,610,000
|
Meritage Homes Corp., 5.650%, 3/15/2035
|
9,599,522
|
|
3,887,000
|
Taylor Morrison Communities, Inc.,
5.750%, 11/15/2032(a)
|
3,890,401
|
|
|
|
15,585,331
|
|
|
Independent Energy — 2.4%
|
|
|
6,510,000
|
Canadian Natural Resources Ltd.,
5.400%, 12/15/2034
|
6,585,471
|
|
6,626,000
|
Chord Energy Corp., 6.000%, 10/01/2030(a)
|
6,713,927
|
|
53,000
|
Chord Energy Corp., 6.750%, 3/15/2033(a)
|
54,719
|
|
3,749,000
|
Continental Resources, Inc.,
2.875%, 4/01/2032(a)
|
3,283,725
|
|
9,276,000
|
Continental Resources, Inc.,
5.750%, 1/15/2031(a)
|
9,453,734
|
|
6,945,000
|
Energean Israel Finance Ltd.,
5.375%, 3/30/2028
|
6,667,649
|
|
8,120,000
|
Energean Israel Finance Ltd.,
5.875%, 3/30/2031
|
7,542,705
|
|
805,000
|
Leviathan Bond Ltd., 6.500%, 6/30/2027
|
804,549
|
|
4,042,000
|
Matador Resources Co., 6.250%, 4/15/2033(a)
|
4,045,799
|
|
17,908,000
|
Sanchez Energy Corp., 6.125%, 1/15/2023(f)
|
1,791
|
|
9,520,000
|
Sanchez Energy Corp., 7.750%, 6/15/2021(f)
|
952
|
|
2,050,000
|
SM Energy Co., 6.750%, 8/01/2029(a)
|
2,081,051
|
|
3,445,000
|
SM Energy Co., 7.000%, 8/01/2032(a)
|
3,517,669
|
|
1,835,000
|
SM Energy Co., 8.625%, 11/01/2030(a)
|
1,936,083
|
|
3,010,000
|
SM Energy Co., 8.750%, 7/01/2031(a)
|
3,146,329
|
|
236,000
|
Var Energi ASA, 8.000%, 11/15/2032(a)
|
268,419
|
|
7,303,000
|
Viper Energy Partners LLC, 5.700%, 8/01/2035
|
7,360,036
|
|
|
|
63,464,608
|
|
|
Industrial Other — 0.4%
|
|
|
2,671,000
|
Jacobs Solutions, Inc., 5.375%, 3/03/2036
|
2,604,888
|
|
7,705,000
|
TopBuild Corp., 5.625%, 1/31/2034(a)
|
7,541,436
|
|
|
|
10,146,324
|
|
|
Leisure — 1.0%
|
|
|
6,880,000
|
Carnival Corp., 5.750%, 3/15/2030(a)
|
6,934,572
|
|
4,230,000
|
Carnival Corp., 6.125%, 2/15/2033(a)
|
4,272,406
|
|
3,409,000
|
Kingpin Intermediate Holdings LLC,
7.250%, 10/15/2032(a)
|
3,012,107
|
|
4,060,000
|
NCL Corp. Ltd., 6.750%, 2/01/2032(a)
|
4,029,196
|
|
2,012,000
|
Royal Caribbean Cruises Ltd.,
4.750%, 5/15/2033
|
1,942,707
|
|
1,507,000
|
Royal Caribbean Cruises Ltd.,
5.250%, 2/27/2038
|
1,433,632
|
|
6,635,000
|
Royal Caribbean Cruises Ltd.,
5.375%, 1/15/2036
|
6,518,538
|
|
|
|
28,143,158
|
|
|
Life Insurance — 1.3%
|
|
|
20,000,000
|
National Life Insurance Co.,
10.500%, 9/15/2039(a)
|
26,000,400
|
|
8,920,000
|
NLV Financial Corp., 7.500%, 8/15/2033(a)
|
9,582,042
|
|
|
|
35,582,442
|
|
|
Lodging — 0.9%
|
|
|
1,245,000
|
Choice Hotels International, Inc.,
5.850%, 8/01/2034
|
1,255,613
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Lodging — continued
|
|
|
$1,816,000
|
Hilton Domestic Operating Co., Inc.,
5.500%, 3/31/2034(a)
|
$1,774,190
|
|
1,745,000
|
Hilton Grand Vacations Borrower LLC/Hilton
Grand Vacations Borrower, Inc.,
4.875%, 7/01/2031(a)
|
1,574,609
|
|
2,800,000
|
Marriott International, Inc., 5.100%, 5/01/2038
|
2,661,933
|
|
2,355,000
|
Marriott Ownership Resorts, Inc.,
4.500%, 6/15/2029(a)
|
2,232,863
|
|
12,700,000
|
Travel & Leisure Co., 4.500%, 12/01/2029(a)
|
12,144,233
|
|
3,790,000
|
Travel & Leisure Co., 6.125%, 9/01/2033(a)
|
3,740,729
|
|
|
|
25,384,170
|
|
|
Media Entertainment — 2.6%
|
|
|
3,090,000
|
AppLovin Corp., 5.125%, 12/01/2029
|
3,107,929
|
|
1,530,000
|
AppLovin Corp., 5.375%, 12/01/2031
|
1,545,012
|
|
8,850,000
|
AppLovin Corp., 5.500%, 12/01/2034
|
8,776,730
|
|
18,525,000
|
Beignet Investor LLC, 6.581%, 5/30/2049(a)
|
19,046,593
|
|
9,580,000
|
Discovery Communications LLC,
3.625%, 5/15/2030
|
8,906,769
|
|
1,955,000
|
Discovery Communications LLC,
6.350%, 6/01/2040
|
1,432,663
|
|
10,453,000
|
Discovery Global Holdings, Inc.,
4.279%, 3/15/2032
|
9,250,905
|
|
8,150,000
|
Meta Platforms, Inc., 5.625%, 11/15/2055
|
7,639,731
|
|
1,912,000
|
OAK-Eagle Acquireco, Inc.,
7.250%, 7/01/2033(a)
|
1,981,013
|
|
1,952,000
|
Paramount Global, 4.200%, 5/19/2032
|
1,673,399
|
|
3,720,000
|
Paramount Global, 4.950%, 1/15/2031
|
3,445,885
|
|
1,741,000
|
Paramount Global, 7.875%, 7/30/2030
|
1,817,474
|
|
|
|
68,624,103
|
|
|
Metals & Mining — 1.4%
|
|
|
3,411,000
|
Commercial Metals Co., 5.750%, 11/15/2033(a)
|
3,375,139
|
|
4,816,000
|
Commercial Metals Co., 6.000%, 12/15/2035(a)
|
4,747,832
|
|
17,930,000
|
Glencore Funding LLC, 5.700%, 5/08/2033(a)
|
18,479,879
|
|
9,181,000
|
Glencore Funding LLC, 6.500%, 10/06/2033(a)
|
9,934,616
|
|
|
|
36,537,466
|
|
|
Midstream — 1.8%
|
|
|
2,530,000
|
Hess Midstream Operations LP,
4.250%, 2/15/2030(a)
|
2,431,171
|
|
194,000
|
Sunoco LP, 5.375%, 7/15/2031(a)
|
192,442
|
|
14,300,000
|
Venture Global LNG, Inc., (fixed rate to
9/30/2029, variable rate thereafter),
9.000%(a)(c)
|
14,243,460
|
|
3,960,000
|
Venture Global Plaquemines LNG LLC,
6.125%, 12/15/2030(a)
|
4,072,567
|
|
6,098,000
|
Venture Global Plaquemines LNG LLC,
6.500%, 1/15/2034(a)
|
6,356,825
|
|
2,019,000
|
Venture Global Plaquemines LNG LLC,
6.500%, 6/15/2034(a)
|
2,101,682
|
|
4,775,000
|
Venture Global Plaquemines LNG LLC,
6.750%, 1/15/2036(a)
|
5,057,451
|
|
4,692,000
|
Venture Global Plaquemines LNG LLC,
7.500%, 5/01/2033(a)
|
5,157,465
|
|
4,100,000
|
Venture Global Plaquemines LNG LLC,
7.750%, 5/01/2035(a)
|
4,595,190
|
|
1,251,000
|
Western Midstream Operating LP,
5.500%, 12/15/2035
|
1,230,276
|
|
1,580,000
|
Whistler Pipeline LLC, 5.950%, 9/30/2034(a)
|
1,618,872
|
|
|
|
47,057,401
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Non-Agency Commercial Mortgage-Backed
Securities — 1.5%
|
|
|
$335,000
|
BBSG Mortgage Trust, Series 2016-MRP,
Class A, 3.275%, 6/05/2036(a)
|
$301,493
|
|
2,095,000
|
BFLD Commercial Mortgage Trust,
Series 2025-660F, Class D, 1 mo. USD SOFR +
2.750%, 6.423%, 11/15/2042(a)(b)
|
2,089,762
|
|
7,375,000
|
BPR Trust, Series 2021-NRD, Class F, 1 mo.
USD SOFR + 6.870%, 10.543%, 12/15/2038(a)(b)
|
7,240,866
|
|
650,000
|
BX Trust, Series 2025-DELC, Class D, 1 mo.
USD SOFR + 2.600%, 6.273%, 12/15/2042(a)(b)
|
648,375
|
|
66,945
|
Commercial Mortgage Pass-Through
Certificates, Series 2012-LTRT, Class A2,
3.400%, 10/05/2030(a)
|
66,488
|
|
2,925,000
|
Credit Suisse Mortgage Trust,
Series 2014-USA, Class B, 4.185%, 9/15/2037(a)
|
2,487,956
|
|
1,690,000
|
Credit Suisse Mortgage Trust,
Series 2014-USA, Class D, 4.373%, 9/15/2037(a)
|
1,395,299
|
|
3,755,000
|
DC Commercial Mortgage Trust,
Series 2023-DC, Class C,
7.141%, 9/12/2040(a)(b)
|
3,793,249
|
|
445,000
|
Extended Stay America Trust,
Series 2025-ESH, Class D, 1 mo. USD SOFR +
2.600%, 6.273%, 10/15/2042(a)(b)
|
445,556
|
|
485,000
|
Extended Stay America Trust,
Series 2025-ESH, Class E, 1 mo. USD SOFR +
3.350%, 7.023%, 10/15/2042(a)(b)
|
485,606
|
|
600,000
|
Extended Stay America Trust,
Series 2025-ESH, Class F, 1 mo. USD SOFR +
4.100%, 7.773%, 10/15/2042(a)(b)
|
600,750
|
|
1,481,065
|
Extended Stay America Trust,
Series 2026-ESH2, Class E, 1 mo. USD SOFR +
2.900%, 6.573%, 2/15/2043(a)(b)
|
1,484,305
|
|
1,213,582
|
Extended Stay America Trust,
Series 2026-ESH2, Class F, 1 mo. USD SOFR +
3.750%, 7.423%, 2/15/2043(a)(b)
|
1,213,570
|
|
919,722
|
GS Mortgage Securities Corp. Trust,
Series 2013-G1, Class B,
3.722%, 4/10/2031(a)(b)
|
917,953
|
|
7,680,000
|
GS Mortgage Securities Corp. Trust,
Series 2013-PEMB, Class C,
3.550%, 3/05/2033(a)(b)(g)
|
768,000
|
|
900,000
|
GS Mortgage Securities Trust,
Series 2014-GC22, Class B,
4.391%, 6/10/2047(b)
|
734,141
|
|
5,785,000
|
GS Mortgage Securities Trust,
Series 2014-GC22, Class D,
4.371%, 6/10/2047(a)(b)(g)
|
751,703
|
|
290,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2012-LC9, Class D,
3.500%, 12/15/2047(a)(b)
|
282,367
|
|
3,110,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2013-LC11, Class C,
3.958%, 4/15/2046(b)(g)
|
901,900
|
|
2,595,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2025-BMS, Class C,
1 mo. USD SOFR + 2.400%,
6.073%, 1/15/2042(a)(b)
|
2,588,512
|
|
1,795,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2025-BMS, Class D,
1 mo. USD SOFR + 3.150%,
6.823%, 1/15/2042(a)(b)
|
1,785,901
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Non-Agency Commercial Mortgage-Backed
Securities — continued
|
|
|
$1,135,000
|
Morgan Stanley Bank of America Merrill
Lynch Trust, Series 2013-C11, Class B,
3.892%, 8/15/2046(b)
|
$703,666
|
|
1,180,000
|
New Economy Assets - Phase 1 Sponsor LLC,
Series 2021-1, Class A1, 1.910%, 10/20/2061(a)
|
990,469
|
|
651,992
|
WFRBS Commercial Mortgage Trust,
Series 2012-C10, Class B, 3.744%, 12/15/2045
|
629,166
|
|
4,781,267
|
WFRBS Commercial Mortgage Trust,
Series 2013-C15, Class B, 4.152%, 8/15/2046(b)
|
4,647,392
|
|
2,612,000
|
WFRBS Commercial Mortgage Trust,
Series 2013-C15, Class C, 4.152%, 8/15/2046(b)
|
2,389,980
|
|
602,138
|
WFRBS Commercial Mortgage Trust,
Series 2014-C20, Class B, 4.378%, 5/15/2047
|
520,837
|
|
|
|
40,865,262
|
|
|
Oil Field Services — 0.2%
|
|
|
6,270,000
|
Helmerich & Payne, Inc., 5.500%, 12/01/2034
|
6,163,796
|
|
|
Other REITs — 0.3%
|
|
|
7,250,000
|
Host Hotels & Resorts LP, 5.500%, 4/15/2035,
|
7,192,993
|
|
|
Packaging — 0.8%
|
|
|
20,223,000
|
Ball Corp., 5.500%, 9/15/2033
|
20,234,608
|
|
|
Pharmaceuticals — 2.0%
|
|
|
8,690,000
|
Bausch Health Cos., Inc., 4.875%, 6/01/2028(a)
|
7,957,520
|
|
7,960,000
|
Teva Pharmaceutical Finance Co. LLC,
6.150%, 2/01/2036
|
8,201,299
|
|
4,695,000
|
Teva Pharmaceutical Finance Netherlands II
BV, 7.375%, 9/15/2029, (EUR)
|
5,914,326
|
|
3,990,000
|
Teva Pharmaceutical Finance Netherlands II
BV, 7.875%, 9/15/2031, (EUR)
|
5,352,531
|
|
25,290,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 4.100%, 10/01/2046
|
18,746,999
|
|
5,725,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 5.125%, 5/09/2029
|
5,706,535
|
|
685,000
|
Teva Pharmaceutical Finance Netherlands III
BV, 6.000%, 12/01/2032
|
703,043
|
|
|
|
52,582,253
|
|
|
Property & Casualty Insurance — 0.9%
|
|
|
3,508,000
|
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer, 6.750%, 4/15/2028(a)
|
3,527,119
|
|
3,110,000
|
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer, 7.000%, 1/15/2031(a)
|
3,136,473
|
|
6,435,000
|
Amynta Agency Borrower, Inc. & Amynta
Warranty Borrower, Inc., 7.500%, 7/15/2033(a)
|
6,102,551
|
|
6,780,000
|
Ardonagh Finco Ltd., 7.750%, 2/15/2031(a)
|
6,859,441
|
|
1,358,000
|
Arthur J Gallagher & Co., 5.150%, 2/15/2035
|
1,346,998
|
|
3,635,000
|
Ryan Specialty LLC, 5.875%, 8/01/2032(a)
|
3,592,705
|
|
750,000
|
Willis North America, Inc., 5.150%, 3/15/2036
|
730,382
|
|
|
|
25,295,669
|
|
|
Restaurants — 0.8%
|
|
|
13,685,000
|
1011778 BC ULC/New Red Finance, Inc.,
4.000%, 10/15/2030(a)
|
12,862,876
|
|
8,105,000
|
1011778 BC ULC/New Red Finance, Inc.,
5.625%, 9/15/2029(a)
|
8,122,653
|
|
|
|
20,985,529
|
|
|
Retailers — 1.0%
|
|
|
3,822,000
|
Amazon.com, Inc., 4.875%, 3/13/2036
|
3,787,167
|
|
3,325,000
|
Dillard's, Inc., 7.000%, 12/01/2028
|
3,446,928
|
|
1,500,000
|
Dillard's, Inc., 7.750%, 7/15/2026
|
1,507,605
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Retailers — continued
|
|
|
$7,520,000
|
Global Auto Holdings Ltd./AAG FH U.K. Ltd.,
8.375%, 1/15/2029(a)
|
$6,903,660
|
|
3,680,000
|
Global Auto Holdings Ltd./AAG FH U.K. Ltd.,
11.500%, 8/15/2029(a)
|
3,661,280
|
|
7,840,000
|
PetSmart LLC/PetSmart Finance Corp.,
7.500%, 9/15/2032(a)
|
7,878,181
|
|
|
|
27,184,821
|
|
|
Sovereigns — 5.4%
|
|
|
20,426,000
|
Chile Government International Bonds,
3.100%, 1/22/2061
|
12,568,118
|
|
28,559,000
|
Chile Government International Bonds,
3.250%, 9/21/2071
|
17,654,603
|
|
10,294,000
|
Colombia Government International Bonds,
5.625%, 2/26/2044
|
8,117,951
|
|
6,668,000
|
Colombia Government International Bonds,
6.125%, 1/18/2041
|
5,794,759
|
|
3,028,000
|
Colombia Government International Bonds,
7.375%, 9/18/2037
|
3,013,254
|
|
4,565,000
|
Egypt Government International Bonds,
5.800%, 9/30/2027
|
4,505,740
|
|
6,925,000
|
Kyrgyz Republic International Bonds,
7.750%, 6/03/2030(a)
|
6,906,649
|
|
13,185,000
|
Mexico Government International Bonds,
6.125%, 2/09/2038
|
12,848,782
|
|
11,390,000
|
Nigeria Government International Bonds,
6.500%, 11/28/2027
|
11,424,139
|
|
8,326,000
|
Pakistan Government International Bonds,
6.000%, 4/08/2026
|
8,315,591
|
|
10,106,000
|
Pakistan Government International Bonds,
6.875%, 12/05/2027
|
9,974,760
|
|
13,035,000
|
Republic of Poland Government International
Bonds, 5.500%, 3/18/2054
|
12,041,365
|
|
3,500,000
|
Republic of Uzbekistan International Bonds,
3.700%, 11/25/2030
|
3,181,130
|
|
7,040,000
|
Republic of Uzbekistan International Bonds,
3.900%, 10/19/2031
|
6,354,775
|
|
200,000
|
Republic of Uzbekistan International Bonds,
5.375%, 2/20/2029
|
197,293
|
|
10,895,000
|
Republic of Uzbekistan International Bonds,
6.900%, 2/28/2032(a)
|
11,316,963
|
|
7,475,000
|
Republic of Uzbekistan International Bonds,
6.947%, 5/25/2032(a)
|
7,783,867
|
|
2,210,000
|
Republic of Uzbekistan International Bonds,
7.850%, 10/12/2028(a)
|
2,310,477
|
|
|
|
144,310,216
|
|
|
Technology — 5.2%
|
|
|
2,570,000
|
Black Pearl Compute LLC, 6.125%, 2/15/2031(a)
|
2,615,738
|
|
10,821,000
|
Block, Inc., 3.500%, 6/01/2031
|
9,840,028
|
|
6,895,000
|
Broadcom, Inc., 3.137%, 11/15/2035(a)
|
5,857,895
|
|
1,255,000
|
Broadcom, Inc., 3.419%, 4/15/2033
|
1,147,602
|
|
10,845,000
|
CDW LLC/CDW Finance Corp.,
5.550%, 8/22/2034
|
10,657,594
|
|
2,039,000
|
Cipher Compute LLC, 7.125%, 11/15/2030(a)
|
2,112,463
|
|
4,790,000
|
Dell International LLC/EMC Corp.,
5.100%, 2/15/2036
|
4,683,681
|
|
8,688,000
|
Fair Isaac Corp., 6.000%, 5/15/2033(a)
|
8,524,852
|
|
2,846,000
|
Flash Compute LLC, 7.250%, 12/31/2030(a)
|
2,865,327
|
|
9,980,000
|
Iron Mountain, Inc., 4.875%, 9/15/2029(a)
|
9,709,925
|
|
1,762,000
|
Leidos, Inc., 5.000%, 3/15/2036
|
1,703,514
|
|
13,790,000
|
Leidos, Inc., 5.500%, 3/15/2035
|
14,013,787
|
|
3,430,000
|
MSCI, Inc., 5.250%, 9/01/2035
|
3,359,878
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Technology — continued
|
|
|
$2,710,000
|
NetApp, Inc., 5.500%, 3/17/2032
|
$2,772,796
|
|
2,170,000
|
NetApp, Inc., 5.700%, 3/17/2035
|
2,210,665
|
|
199,000
|
Oracle Corp., 3.950%, 3/25/2051
|
126,098
|
|
12,243,000
|
Oracle Corp., 5.200%, 9/26/2035
|
11,483,872
|
|
2,075,000
|
Oracle Corp., 5.700%, 2/04/2036
|
1,995,088
|
|
5,018,000
|
Oracle Corp., 5.950%, 9/26/2055
|
4,221,496
|
|
394,000
|
Oracle Corp., 6.000%, 8/03/2055
|
330,323
|
|
5,603,000
|
Oracle Corp., 6.700%, 2/04/2056
|
5,200,164
|
|
4,866,000
|
Oracle Corp., 6.850%, 2/04/2066
|
4,473,421
|
|
1,925,000
|
Paychex, Inc., 5.600%, 4/15/2035
|
1,933,317
|
|
9,562,000
|
Salesforce, Inc., 5.550%, 3/15/2036
|
9,532,256
|
|
3,212,000
|
Sensata Technologies BV, 4.000%, 4/15/2029(a)
|
3,099,451
|
|
655,000
|
Sensata Technologies BV, 5.875%, 9/01/2030(a)
|
656,184
|
|
600,000
|
Sensata Technologies, Inc.,
3.750%, 2/15/2031(a)
|
556,512
|
|
3,650,000
|
Sensata Technologies, Inc.,
6.625%, 7/15/2032(a)
|
3,722,942
|
|
4,165,000
|
Synopsys, Inc., 5.700%, 4/01/2055
|
3,982,085
|
|
6,550,000
|
TD SYNNEX Corp., 5.300%, 10/10/2035
|
6,345,797
|
|
|
|
139,734,751
|
|
|
Treasuries — 16.3%
|
|
|
236,663(h
)
|
Brazil Notas do Tesouro Nacional,
10.000%, 1/01/2031, (BRL)
|
39,958,788
|
|
24,081,000
|
Canada Government Bonds, 2.250%, 2/01/2028,
(CAD)
|
17,134,884
|
|
58,797,000
|
Malaysia Government Bonds,
3.519%, 4/20/2028, (MYR)
|
14,604,413
|
|
113,423,000
|
Malaysia Government Bonds,
4.054%, 4/18/2039, (MYR)
|
28,394,433
|
|
5,227,835(i
)
|
Mexico Bonos, 8.000%, 7/31/2053, (MXN)
|
24,136,771
|
|
216,802,000
|
Republic of South Africa Government Bonds,
9.000%, 1/31/2040, (ZAR)
|
12,032,135
|
|
613,433,000
|
Turkiye Government Bonds,
36.000%, 8/12/2026, (TRY)
|
13,561,995
|
|
1,105,877,000
|
Turkiye Government Bonds,
36.780%, 10/13/2027, (TRY)
|
24,096,133
|
|
13,715,000
|
U.S. Treasury Notes, 3.375%, 2/29/2028
|
13,606,780
|
|
41,806,000
|
U.S. Treasury Notes, 3.500%, 11/30/2030
|
41,036,835
|
|
188,340,000
|
U.S. Treasury Notes, 4.000%, 3/31/2030(j)
|
189,016,847
|
|
227,645,000
|
Uruguay Government International Bonds,
8.000%, 10/29/2035, (UYU)
|
5,675,359
|
|
227,945,000
|
Uruguay Government International Bonds,
8.500%, 3/15/2028, (UYU)
|
5,761,184
|
|
283,105,000
|
Uruguay Government International Bonds,
9.750%, 7/20/2033, (UYU)
|
7,713,175
|
|
|
|
436,729,732
|
|
|
Wireless — 0.5%
|
|
|
13,242,000
|
T-Mobile USA, Inc., 5.000%, 2/15/2036
|
13,042,251
|
|
|
Wirelines — 0.0%
|
|
|
803,000
|
AT&T, Inc., 5.125%, 4/30/2036
|
793,365
|
|
|
Total Non-Convertible Bonds
(Identified Cost $2,132,528,471)
|
1,974,941,045
|
|
|
||
|
|
||
|
Convertible Bonds — 2.0%
|
||
|
|
Cable Satellite — 0.5%
|
|
|
3,667,509
|
EchoStar Corp., 3.875% PIK and/or 3.875%
Cash, 11/30/2030(d)
|
13,100,709
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Consumer Cyclical Services — 0.2%
|
|
|
$1,170,000
|
Compass, Inc., 0.250%, 4/15/2031(a)
|
$979,290
|
|
1,385,000
|
DoorDash, Inc., Zero Coupon, 5/15/2030(a)
|
1,261,735
|
|
1,074,000
|
Lyft, Inc., Zero Coupon, 9/15/2030(a)
|
1,010,015
|
|
1,034,000
|
Uber Technologies, Inc., Series 2028,
0.875%, 12/01/2028
|
1,243,385
|
|
|
|
4,494,425
|
|
|
Diversified Manufacturing — 0.1%
|
|
|
774,000
|
Advanced Energy Industries, Inc.,
2.500%, 9/15/2028
|
1,860,541
|
|
887,000
|
Bloom Energy Corp., Zero Coupon,
11/15/2030(a)
|
944,478
|
|
611,000
|
Itron, Inc., 1.375%, 7/15/2030
|
614,055
|
|
|
|
3,419,074
|
|
|
Electric — 0.1%
|
|
|
676,000
|
Evergy, Inc., 4.500%, 12/15/2027
|
911,924
|
|
1,262,000
|
FirstEnergy Corp., 3.875%, 1/15/2031(a)
|
1,455,086
|
|
918,000
|
Pinnacle West Capital Corp., 4.750%, 6/15/2027
|
1,051,110
|
|
|
|
3,418,120
|
|
|
Environmental — 0.0%
|
|
|
726,000
|
Tetra Tech, Inc., 2.250%, 8/15/2028
|
758,960
|
|
|
Financial Other — 0.2%
|
|
|
103,296
|
China Aoyuan Group Ltd., Series IAI, Zero
Coupon, 9/30/2028(e)
|
1,952
|
|
3,938,555
|
CIFI Holdings Group Co. Ltd., Series IAI, Zero
Coupon, 6/30/2029(e)
|
170,579
|
|
1,187,000
|
IREN Ltd., Series 33, 1.000%, 6/01/2033(a)
|
1,042,779
|
|
1,013,791
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2026(a)
|
2,534
|
|
1,267,298
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2027(a)
|
1,267
|
|
2,027,583
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2028(a)
|
1,014
|
|
2,027,583
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2029(a)
|
406
|
|
2,534,479
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2030(a)
|
760
|
|
2,534,479
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2031(a)
|
253
|
|
4,781,437
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2032(a)
|
478
|
|
6,281,722
|
Shimao Group Holdings Ltd., Zero Coupon,
7/21/2026(a)
|
122,494
|
|
8,471,975
|
Sunac China Holdings Ltd., Zero Coupon,
6/23/2026(a)
|
1,336,285
|
|
6,260,374
|
Sunac China Holdings Ltd., Zero Coupon,
6/23/2028(a)
|
1,584,501
|
|
1,832,335
|
Times China Holdings Ltd., Zero Coupon,
3/30/2027(a)
|
10,756
|
|
359,850
|
Times China Holdings Ltd., Zero Coupon,
3/30/2027(a)
|
1,400
|
|
|
|
4,277,458
|
|
|
Food & Beverage — 0.0%
|
|
|
801,000
|
Post Holdings, Inc., 2.500%, 8/15/2027
|
867,083
|
|
|
Industrial Other — 0.1%
|
|
|
676,000
|
Fluor Corp., 1.125%, 8/15/2029
|
832,494
|
|
450,000
|
Granite Construction, Inc., 3.750%, 5/15/2028
|
1,180,125
|
|
|
|
2,012,619
|
|
|
Leisure — 0.0%
|
|
|
984,000
|
NCL Corp. Ltd., 0.875%, 4/15/2030(a)
|
1,021,173
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Metals & Mining — 0.1%
|
|
|
$695,000
|
B2Gold Corp., 2.750%, 2/01/2030(a)
|
$1,121,383
|
|
|
Midstream — 0.0%
|
|
|
718,000
|
UGI Corp., 5.000%, 6/01/2028
|
1,006,277
|
|
|
Pharmaceuticals — 0.1%
|
|
|
995,000
|
Arrowhead Pharmaceuticals, Inc., Zero
Coupon, 1/15/2032
|
1,029,427
|
|
770,000
|
Halozyme Therapeutics, Inc.,
0.875%, 11/15/2032(a)
|
759,605
|
|
683,000
|
Ligand Pharmaceuticals, Inc.,
0.750%, 10/01/2030(a)
|
826,088
|
|
595,000
|
Zoetis, Inc., 0.250%, 6/15/2029(a)
|
590,538
|
|
|
|
3,205,658
|
|
|
Retailers — 0.1%
|
|
|
1,104,000
|
Burlington Stores, Inc., 1.250%, 12/15/2027
|
1,821,600
|
|
353,000
|
Freshpet, Inc., 3.000%, 4/01/2028
|
405,385
|
|
|
|
2,226,985
|
|
|
Technology — 0.5%
|
|
|
399,000
|
Cloudflare, Inc., Zero Coupon, 6/15/2030(a)
|
452,368
|
|
1,000,000
|
CyberArk Software Ltd., Zero Coupon,
6/15/2030(a)
|
1,026,800
|
|
795,000
|
Guidewire Software, Inc., 1.250%, 11/01/2029
|
791,522
|
|
325,000
|
InterDigital, Inc., 3.500%, 6/01/2027
|
1,268,312
|
|
442,000
|
Lumentum Holdings, Inc., 0.375%, 3/15/2032(a)
|
1,701,491
|
|
625,000
|
Microchip Technology, Inc., Zero Coupon,
2/15/2030(a)
|
609,687
|
|
481,000
|
MKS, Inc., 1.250%, 6/01/2030
|
794,612
|
|
1,101,000
|
Nova Ltd., Zero Coupon, 9/15/2030(a)
|
1,694,365
|
|
967,000
|
Nutanix, Inc., 0.500%, 12/15/2029
|
871,755
|
|
1,454,000
|
Rubrik, Inc., Zero Coupon, 6/15/2030(a)
|
1,251,167
|
|
369,000
|
Seagate HDD Cayman, 3.500%, 6/01/2028
|
1,751,717
|
|
1,133,000
|
Snowflake, Inc., Zero Coupon, 10/01/2029
|
1,386,339
|
|
208,000
|
Wolfspeed, Inc., 2.500%, 6/15/2031
|
296,660
|
|
|
|
13,896,795
|
|
|
Total Convertible Bonds
(Identified Cost $65,858,490)
|
54,826,719
|
|
|
||
|
|
||
|
Municipals — 0.8%
|
||
|
|
Virginia — 0.8%
|
|
|
28,335,000
|
Tobacco Settlement Financing Corp.,
6.706%, 6/01/2046
(Identified Cost $28,332,744)
|
21,545,707
|
|
|
Total Bonds and Notes
(Identified Cost $2,226,719,705)
|
2,051,313,471
|
|
|
||
|
|
||
|
Equity-Linked Notes — 5.2%
|
||
|
3,915,700
|
Barclays Bank PLC, (Yum! Brands, Inc.),
9.570%, 8/21/2026(a)
|
3,971,077
|
|
2,679,419
|
Barclays Bank PLC, (Hilton Worldwide
Holdings, Inc.), 10.690%, 10/20/2026(a)
|
2,725,577
|
|
4,047,366
|
Barclays Bank PLC, (Honeywell International,
Inc.), 11.390%, 4/29/2026(a)
|
4,176,256
|
|
2,751,394
|
Barclays Bank PLC, (Cheniere Energy, Inc.),
12.000%, 1/28/2027(a)
|
2,846,768
|
|
3,951,258
|
Barclays Bank PLC, (Trane Technologies PLC),
12.120%, 5/13/2026(a)
|
3,813,310
|
|
2,713,342
|
Barclays Bank PLC, (AutoZone, Inc.),
12.310%, 12/18/2026(a)
|
2,473,351
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
$2,673,784
|
Barclays Bank PLC, (Meta Platforms, Inc.),
14.920%, 4/07/2026(a)
|
$2,567,541
|
|
4,043,284
|
Barclays Bank PLC, (Amazon.com, Inc.),
15.250%, 3/25/2027(a)
|
4,005,069
|
|
4,096,283
|
Barclays Bank PLC, (Palo Alto Networks, Inc.),
15.350%, 2/11/2027(a)
|
3,732,023
|
|
4,148,277
|
Barclays Bank PLC, (Dollar General Corp.),
16.150%, 3/11/2027(a)
|
3,569,261
|
|
3,983,244
|
Barclays Bank PLC, (Adobe, Inc.),
17.110%, 6/09/2026(a)
|
2,917,888
|
|
2,717,385
|
Barclays Bank PLC, (Microsoft Corp.),
18.340%, 5/28/2026(a)
|
2,174,225
|
|
3,042,842
|
Barclays Bank PLC, (Freeport-McMoRan,
Inc.), 20.380%, 4/29/2026(a)
|
3,168,918
|
|
4,137,952
|
Barclays Bank PLC, (Arista Networks, Inc.),
21.330%, 3/04/2027(a)
|
3,960,702
|
|
4,112,755
|
Barclays Bank PLC, (Estee Lauder Companies,
Inc.), 22.940%, 9/10/2026(a)
|
3,123,024
|
|
3,239,207
|
Barclays Bank PLC, (Reddit, Inc.),
36.380%, 7/23/2026(a)
|
2,193,445
|
|
2,664,777
|
BNP Paribas Issuance BV, (Kroger Co.),
11.370%, 10/06/2026(a)
|
2,682,870
|
|
4,001,938
|
BNP Paribas Issuance BV, (Visa, Inc.),
12.010%, 4/01/2026(a)
|
3,521,943
|
|
2,655,494
|
BNP Paribas Issuance BV, (Kinder Morgan,
Inc.), 12.270%, 6/25/2026(a)
|
2,750,826
|
|
2,700,539
|
BNP Paribas Issuance BV, (Walt Disney Co.),
12.410%, 1/21/2027(a)
|
2,445,260
|
|
4,038,223
|
BNP Paribas Issuance BV, (Eaton Corp. PLC),
13.580%, 1/14/2027(a)
|
4,033,510
|
|
2,701,825
|
BNP Paribas Issuance BV, (McKesson Corp.),
15.650%, 6/17/2026(a)
|
2,730,937
|
|
4,030,349
|
BNP Paribas Issuance BV, (Crowdstrike
Holdings, Inc.), 17.830%, 5/26/2026(a)
|
3,614,527
|
|
4,440,048
|
Citigroup Global Markets Holdings, Inc., (Home
Depot, Inc.), 13.340%, 8/06/2026(a)
|
4,033,582
|
|
2,732,546
|
Citigroup Global Markets Holdings, Inc., (EOG
Resources, Inc.), 14.010%, 2/18/2027(a)
|
2,864,891
|
|
4,120,654
|
Citigroup Global Markets Holdings, Inc.,
(United Rentals, Inc.), 15.650%, 2/25/2027(a)
|
3,637,519
|
|
4,092,974
|
Citigroup Global Markets Holdings, Inc., (Ebay,
Inc.), 17.290%, 9/17/2026(a)
|
3,930,980
|
|
2,730,680
|
Citigroup Global Markets Holdings, Inc.,
(Parker-Hannifin Corp.), 17.870%, 10/15/2026(a)
|
2,673,123
|
|
2,595,107
|
Citigroup Global Markets Holdings, Inc.,
(Carnival Corp.), 18.240%, 8/04/2026(a)
|
2,319,646
|
|
2,709,610
|
Citigroup Global Markets Holdings, Inc., (Palo
Alto Networks, Inc.), 18.370%, 7/01/2026(a)
|
2,345,257
|
|
2,751,324
|
Citigroup Global Markets Holdings, Inc., (Vistra
Corp.), 21.690%, 11/17/2026(a)
|
2,457,826
|
|
2,192,449
|
Citigroup Global Markets Holdings, Inc.,
(AngloGold Ashanti PLC), 24.180%, 2/04/2027(a)
|
2,172,711
|
|
2,198,821
|
Citigroup Global Markets Holdings, Inc.,
(Coinbase Global, Inc.), 25.010%, 1/07/2027(a)
|
1,653,704
|
|
4,120,423
|
Citigroup Global Markets Holdings, Inc.,
(Dollar Tree, Inc.), 25.610%, 9/24/2026(a)
|
3,956,932
|
|
4,121,659
|
GS Finance Corp., MTN, (GE Vernova, Inc.),
18.830%, 11/04/2026(a)
|
4,282,711
|
|
4,014,789
|
GS Finance Corp., MTN, (Chipotle Mexican
Grill, Inc.), 19.980%, 4/15/2026(a)
|
3,289,276
|
|
4,090,127
|
JPMorgan Chase Bank NA, (Dominion Energy,
Inc.), 12.280%, 4/06/2026(a)
|
4,176,229
|
|
2,688,951
|
JPMorgan Chase Bank NA, (Visa Inc.),
13.440%, 10/01/2026(a)
|
2,688,951
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
$4,040,890
|
JPMorgan Chase Bank NA, (Netflix, Inc.),
15.650%, 7/14/2026(a)
|
$3,416,166
|
|
3,877,046
|
JPMorgan Chase Bank NA, (Bank of America
Corp.), 16.220%, 4/23/2026(a)
|
4,016,007
|
|
2,686,658
|
JPMorgan Chase Bank NA, (NVIDIA Corp.),
17.210%, 12/02/2026(a)
|
2,577,528
|
|
3,976,892
|
JPMorgan Chase Bank NA, (EQT Midstream
Partners LP), 17.970%, 4/28/2026(a)
|
4,122,863
|
|
2,190,172
|
Nomura America Finance LLC, (ServiceNow,
Inc.), 20.200%, 3/18/2027(a)
|
2,011,931
|
|
4,068,885
|
UBS AG, (ResMed, Inc.),
12.250%, 11/18/2026(a)
|
3,546,317
|
|
|
Total Equity-Linked Notes
(Identified Cost $149,487,342)
|
139,372,458
|
|
Shares
|
|
|
|
Common Stocks— 5.1%
|
||
|
|
Aerospace & Defense — 0.2%
|
|
|
8,795
|
General Electric Co.
|
2,495,757
|
|
6,604
|
Howmet Aerospace, Inc.
|
1,521,958
|
|
|
|
4,017,715
|
|
|
Air Freight & Logistics — 0.1%
|
|
|
12,871
|
United Parcel Service, Inc., Class B
|
1,266,249
|
|
|
Banks — 0.3%
|
|
|
21,389
|
Citigroup, Inc.
|
2,425,727
|
|
14,087
|
PNC Financial Services Group, Inc.
|
2,931,364
|
|
54,133
|
U.S. Bancorp
|
2,815,457
|
|
|
|
8,172,548
|
|
|
Biotechnology — 0.4%
|
|
|
11,804
|
AbbVie, Inc.
|
2,567,252
|
|
110,189
|
BioMarin Pharmaceutical, Inc.(g)
|
6,224,576
|
|
21,056
|
Gilead Sciences, Inc.
|
2,934,575
|
|
|
|
11,726,403
|
|
|
Capital Markets — 0.3%
|
|
|
6,386
|
CME Group, Inc.
|
1,886,105
|
|
6,497
|
Moody's Corp.
|
2,834,316
|
|
26,008
|
Morgan Stanley
|
4,280,137
|
|
|
|
9,000,558
|
|
|
Chemicals — 0.1%
|
|
|
43,923
|
Corteva, Inc.
|
3,676,794
|
|
|
Consumer Staples Distribution & Retail — 0.1%
|
|
|
3,158
|
Costco Wholesale Corp.
|
3,146,726
|
|
|
Containers & Packaging — 0.0%
|
|
|
5,896
|
Packaging Corp. of America
|
1,251,249
|
|
|
Diversified Telecommunication Services — 0.1%
|
|
|
114,156
|
Comcast Corp., Class A
|
3,277,419
|
|
|
Electric Utilities — 0.2%
|
|
|
26,829
|
Duke Energy Corp.
|
3,512,989
|
|
12,985
|
NRG Energy, Inc.
|
1,897,628
|
|
|
|
5,410,617
|
|
|
Electrical Equipment — 0.1%
|
|
|
18,295
|
Emerson Electric Co.
|
2,397,011
|
|
Shares
|
Description
|
Value (†)
|
|
|
Electronic Equipment, Instruments &
Components — 0.1%
|
|
|
19,695
|
Amphenol Corp., Class A
|
$2,488,463
|
|
|
Financial Services — 0.1%
|
|
|
7,500
|
Mastercard, Inc., Class A
|
3,747,450
|
|
|
Health Care Providers & Services — 0.1%
|
|
|
3,814
|
Cencora, Inc.
|
1,198,130
|
|
2,069
|
Elevance Health, Inc.
|
605,700
|
|
3,474
|
UnitedHealth Group, Inc.
|
940,029
|
|
|
|
2,743,859
|
|
|
Hotels, Restaurants & Leisure — 0.3%
|
|
|
683
|
Booking Holdings, Inc.
|
2,875,648
|
|
14,216
|
Royal Caribbean Cruises Ltd.
|
3,911,959
|
|
|
|
6,787,607
|
|
|
Household Durables — 0.1%
|
|
|
11,986
|
Garmin Ltd.
|
2,780,872
|
|
|
Household Products — 0.3%
|
|
|
25,284
|
Colgate-Palmolive Co.
|
2,154,955
|
|
25,471
|
Kimberly-Clark Corp.
|
2,457,188
|
|
17,575
|
Procter & Gamble Co.
|
2,538,533
|
|
|
|
7,150,676
|
|
|
Interactive Media & Services — 0.2%
|
|
|
16,652
|
Alphabet, Inc., Class A
|
4,788,449
|
|
|
Media — 0.1%
|
|
|
1,317,588
|
Optimum Communications, Inc., Class A(g)
|
1,712,864
|
|
|
Metals & Mining — 0.1%
|
|
|
82,534
|
Kinross Gold Corp.
|
2,518,938
|
|
|
Oil, Gas & Consumable Fuels — 0.2%
|
|
|
26,406
|
Exxon Mobil Corp.
|
4,480,042
|
|
27,932
|
Williams Cos., Inc.
|
2,032,891
|
|
|
|
6,512,933
|
|
|
Pharmaceuticals — 0.3%
|
|
|
73,341
|
Bristol-Myers Squibb Co.
|
4,448,132
|
|
32,815
|
Merck & Co., Inc.
|
3,947,316
|
|
|
|
8,395,448
|
|
|
Real Estate Management & Development — 0.0%
|
|
|
288,943
|
China Aoyuan Group Ltd.(g)
|
2,206
|
|
1,256,662
|
Kaisa Group Holdings Ltd.(g)
|
14,264
|
|
723,818
|
Sunac China Holdings Ltd.(g)
|
98,327
|
|
1,035,825
|
Times China Holdings Ltd.(g)
|
9,794
|
|
3,205,816
|
Yuzhou Group Holdings Co. Ltd.(g)
|
65,006
|
|
|
|
189,597
|
|
|
Retail REITs — 0.1%
|
|
|
17,413
|
Simon Property Group, Inc.
|
3,248,047
|
|
|
Semiconductors & Semiconductor Equipment — 0.5%
|
|
|
1,894
|
ASML Holding NV
|
2,501,652
|
|
13,508
|
Broadcom, Inc.
|
4,180,861
|
|
11,661
|
Lam Research Corp.
|
2,491,489
|
|
7,653
|
Taiwan Semiconductor Manufacturing Co.
Ltd., ADR
|
2,586,332
|
|
28,457
|
Wolfspeed, Inc.(g)
|
464,418
|
|
|
|
12,224,752
|
|
|
Software — 0.3%
|
|
|
11,195
|
Microsoft Corp.
|
4,144,053
|
|
Shares
|
Description
|
Value (†)
|
|
|
Software — continued
|
|
|
13,457
|
Salesforce, Inc.
|
$2,512,019
|
|
15,158
|
SAP SE, ADR
|
2,595,201
|
|
|
|
9,251,273
|
|
|
Specialty Retail — 0.2%
|
|
|
27,381
|
TJX Cos., Inc.
|
4,372,746
|
|
|
Technology Hardware, Storage & Peripherals — 0.2%
|
|
|
16,417
|
Apple, Inc.
|
4,166,470
|
|
|
Total Common Stocks
(Identified Cost $169,403,576)
|
136,423,733
|
|
Principal
Amount (‡)
|
|
|
|
Senior Loans — 4.7%
|
||
|
|
Aerospace & Defense — 0.1%
|
|
|
$2,090,000
|
TransDigm, Inc., 2026 Term Loan N, 1 mo. USD
SOFR + 2.500%, 6.168%, 2/13/2033(b)(k)
|
2,090,397
|
|
|
Automotive — 0.0%
|
|
|
930,734
|
First Brands Group LLC, 2021 Term Loan,
10.759% PIK, 3/30/2027(d)(f)(k)
|
1,210
|
|
1,304,134
|
First Brands Group LLC, 2022 Incremental Term
Loan, 3 mo. USD SOFR + 5.000%,
10.782%, 3/30/2027(f)(k)
|
1,695
|
|
896,815
|
First Brands Group LLC, 2025 DIP Term Loan,
13.671% PIK, 6/29/2026(b)(d)(k)
|
206,268
|
|
2,562,886
|
First Brands Group LLC, 2025 PIK DIP Roll-Up
Term Loan B, 10.671% PIK, 6/29/2026(b)(d)(k)
|
1,717
|
|
|
|
210,890
|
|
|
Brokerage — 0.4%
|
|
|
9,323,321
|
Edelman Financial Center LLC, 2024 Term Loan,
1 mo. USD SOFR + 3.000%,
6.668%, 4/07/2028(b)(k)
|
9,308,124
|
|
|
Diversified Manufacturing — 0.0%
|
|
|
1,272,240
|
Resideo Funding, Inc., 2024 M&A 1st lien Term
Loan B, 6 mo. USD SOFR + 2.000%,
5.641%, 6/13/2031(b)(k)
|
1,265,090
|
|
|
Electric — 0.5%
|
|
|
12,735,661
|
NRG Energy, Inc., 2024 Term Loan, 3 mo. USD
SOFR + 1.750%, 5.521%, 4/16/2031(b)(k)
|
12,750,562
|
|
|
Gaming — 0.3%
|
|
|
3,082,695
|
Flutter Financing BV, 2024 Term Loan B, 3 mo.
USD SOFR + 1.750%, 5.450%, 11/30/2030(b)(k)
|
3,044,161
|
|
5,066,713
|
Flutter Financing BV, 2025 Term Loan B, 3 mo.
USD SOFR + 2.000%, 5.700%, 6/04/2032(b)(k)
|
5,003,379
|
|
|
|
8,047,540
|
|
|
Healthcare — 0.7%
|
|
|
15,137,664
|
Bausch & Lomb Corp., 2025 Repriced Term
Loan, 1 mo. USD SOFR + 3.750%,
7.418%, 1/15/2031(b)(k)
|
15,156,586
|
|
153,753
|
Hanger, Inc., 2024 Delayed Draw Term Loan,
3.500%, 10/23/2031(l)
|
154,022
|
|
255,101
|
Hanger, Inc., 2024 Delayed Draw Term Loan,
1 mo. USD SOFR + 3.500%,
5.788%, 10/23/2031(b)(k)
|
255,547
|
|
3,155,350
|
Hanger, Inc., 2024 Term Loan B, 1 mo. USD
SOFR + 3.500%, 7.168%, 10/23/2031(b)(k)
|
3,160,872
|
|
|
|
18,727,027
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
Media Entertainment — 0.3%
|
|
|
$7,325,000
|
Electronic Arts, Inc., USD Term Loan B,
3/24/2033(m)
|
$7,279,219
|
|
|
Property & Casualty Insurance — 1.1%
|
|
|
13,316,428
|
Amynta Agency Borrower, Inc., 2026 Repriced
Term Loan B, 1 mo. USD SOFR + 2.500%,
6.168%, 12/29/2031(b)(k)
|
13,104,830
|
|
13,771,421
|
Ardonagh Midco 3 PLC, 2024 USD Term Loan
B, USD SOFR + 2.750%, 6.374%, 2/15/2031(b)(k)
|
13,435,811
|
|
285,293
|
Baldwin Insurance Group Holdings LLC, 2025
Term Loan B2, 1 mo. USD SOFR + 2.500%,
6.178%, 5/26/2031(b)(k)
|
280,064
|
|
936,150
|
Ryan Specialty Group LLC, 2024 USD Term
Loan B, 1 mo. USD SOFR + 2.000%,
5.668%, 9/15/2031(b)(k)
|
933,810
|
|
1,734,409
|
Truist Insurance Holdings LLC, 2024 Term Loan
B, 3 mo. USD SOFR + 2.750%,
6.450%, 5/06/2031(b)(k)
|
1,707,855
|
|
|
|
29,462,370
|
|
|
Retailers — 0.0%
|
|
|
252,167
|
PetSmart, Inc., 2025 USD Term Loan B,
8/18/2032(m)
|
250,212
|
|
|
Technology — 1.3%
|
|
|
1,084,523
|
Darktrace PLC, 1st Lien Term Loan, 3 mo. USD
SOFR + 3.250%, 6.898%, 10/09/2031(b)
|
1,035,860
|
|
13,366,333
|
Dayforce, Inc., 2026 Term Loan, 3 mo. USD
SOFR + 3.000%, 6.661%, 2/04/2033(b)(k)
|
12,627,443
|
|
9,005,000
|
Gryphon Acquire Newco LLC, Term Loan B,
3 mo. USD SOFR + 3.000%,
6.675%, 9/13/2032(b)(k)
|
9,007,251
|
|
5,132,320
|
Kaseya, Inc., 2025 1st Lien Term Loan B, 1 mo.
USD SOFR + 3.250%, 6.918%, 3/22/2032(b)(k)
|
4,779,473
|
|
8,732,271
|
Open Text Corp., 2023 Term Loan B, 1 mo. USD
SOFR + 1.750%, 5.418%, 1/31/2030(b)(k)
|
8,532,651
|
|
|
|
35,982,678
|
|
|
Total Senior Loans
(Identified Cost $131,171,852)
|
125,374,109
|
|
Principal
Amount/
Shares (‡)
|
|
|
|
Private Credit — 0.8%
|
||
|
|
ABS Other — 0.1%
|
|
|
$3,300,000
|
Chol Aviation Capital Ltd.,
7.134%, 8/30/2034(b)(e)(n)
|
3,184,602
|
|
|
Banking — 0.5%
|
|
|
7,000,000
|
AP Bosphorus Holdings Ltd.,
6.274%, 12/15/2037(n)
|
6,905,905
|
|
6,645,000
|
Bosphorous Financial Services Ltd.,
5.823%, 2/15/2033(e)(n)
|
6,509,600
|
|
|
|
13,415,505
|
|
|
Building Materials — 0.2%
|
|
|
532
|
QXO, Inc., 4.750%(e)(g)(n)(o)(p)
|
6,028,783
|
|
|
Total Private Credit
(Identified Cost $22,265,000)
|
22,628,890
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
Collateralized Loan Obligations — 0.7%
|
||
|
$6,730,000
|
522 Funding CLO Ltd., Series 2018-3A,
Class DR, 3 mo. USD SOFR + 3.362%,
7.029%, 10/20/2031(a)(b)
|
$6,731,514
|
|
3,095,000
|
CIFC Funding Ltd., Series 2021-5A, Class D1R,
3 mo. USD SOFR + 2.750%,
6.422%, 1/15/2038(a)(b)
|
3,070,370
|
|
2,885,000
|
Elmwood CLO VIII Ltd., Series 2021-1A,
Class DR, 3 mo. USD SOFR + 3.800%,
7.468%, 4/20/2037(a)(b)
|
2,886,425
|
|
4,390,000
|
Fort Greene Park CLO LLC, Series 2025-2A,
Class DR, 3 mo. USD SOFR + 2.350%,
6.019%, 4/22/2034(a)(b)
|
4,262,611
|
|
990,000
|
Madison Park Funding XXXI Ltd.,
Series 2018-31A, Class D1R, 3 mo. USD SOFR +
3.300%, 6.971%, 7/23/2037(a)(b)
|
946,476
|
|
1,540,000
|
Vibrant CLO XIV Ltd., Series 2021-14A, Class C,
3 mo. USD SOFR + 4.012%,
7.679%, 10/20/2034(a)(b)
|
1,515,690
|
|
|
Total Collateralized Loan Obligations
(Identified Cost $19,630,000)
|
19,413,086
|
|
Shares
|
|
|
|
Preferred Stocks — 0.3%
|
||
|
|
||
|
|
||
|
Convertible Preferred Stocks — 0.1%
|
||
|
|
Brokerage — 0.0%
|
|
|
5,450
|
Apollo Global Management, Inc., 6.750%
|
318,607
|
|
|
Chemicals — 0.0%
|
|
|
5,850
|
Albemarle Corp., 7.250%
|
420,322
|
|
|
Electric — 0.1%
|
|
|
31,940
|
PG&E Corp., Series A, 6.000%
|
1,373,101
|
|
|
Technology — 0.0%
|
|
|
8,850
|
Oracle Corp., Series D, 6.500%
|
398,339
|
|
|
Total Convertible Preferred Stocks
(Identified Cost $2,628,727)
|
2,510,369
|
|
|
||
|
|
||
|
Non-Convertible Preferred Stocks — 0.2%
|
||
|
|
Home Construction — 0.2%
|
|
|
208,246
|
Hovnanian Enterprises, Inc., 7.625%
|
4,269,043
|
|
Shares
|
Description
|
Value (†)
|
|
|
||
|
|
Office REITs — 0.0%
|
|
|
1,596
|
Highwoods Properties, Inc., Series A, 8.625%,
(n)
|
$1,419,290
|
|
|
Total Non-Convertible Preferred Stocks
(Identified Cost $2,784,734)
|
5,688,333
|
|
|
Total Preferred Stocks
(Identified Cost $5,413,461)
|
8,198,702
|
|
|
||
|
|
||
|
Other Investments — 0.0%
|
||
|
|
Professional Services — 0.0%
|
|
|
17,706,962
|
CFLD Cayman Trust Units(g)(n)
(Identified Cost $85,398)
|
89,979
|
|
|
Total Purchased Options — 0.0%
(Identified Cost $30,204) (see details below)
|
23,830
|
|
Principal
Amount (‡)
|
|
|
|
Short-Term Investments — 6.0%
|
||
|
$36,892,740
|
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated 3/31/2026
at 2.150% to be repurchased at $36,894,943 on
4/01/2026 collateralized by $37,488,600
U.S. Treasury Note, 4.125% due 9/30/2027
valued at $37,630,698 including accrued
interest(q)
|
36,892,740
|
|
33,953,000
|
U.S. Treasury Bills,
3.580%–3.582%, 10/01/2026(r)(s)
|
33,333,386
|
|
67,940,000
|
U.S. Treasury Bills, 3.598%, 9/24/2026(s)
|
66,752,759
|
|
23,531,000
|
U.S. Treasury Bills,
3.613%–3.625%, 9/17/2026(r)(s)
|
23,134,066
|
|
|
Total Short-Term Investments
(Identified Cost $160,103,826)
|
160,112,951
|
|
|
Total Investments — 99.3%
(Identified Cost $2,884,310,364)
|
2,662,951,209
|
|
|
Other assets less liabilities — 0.7%
|
17,539,128
|
|
|
Net Assets — 100.0%
|
$2,680,490,337
|
|
Purchased Options — 0.0%
|
||||||
|
Description
|
Expiration
Date
|
Exercise
Price
|
Shares
|
Notional
Amount
|
Cost
|
Value (†)
|
|
Options on Futures — 0.0%
|
||||||
|
CBOT 5 Year U.S. Treasury Notes, Put
|
4/24/2026
|
103
|
3,050,000
|
$329,948,048
|
$30,204
|
$23,830
|
|
Written Options — (0.1%)
|
||||||
|
Description
|
Expiration
Date
|
Exercise
Price
|
Shares
|
Notional
Amount
|
Premiums
(Received)
|
Value (†)
|
|
Options on Futures — (0.1%)
|
||||||
|
CBOT 5 Year U.S. Treasury Notes, Put
|
4/24/2026
|
108.25
|
(3,050,000
)
|
$(329,948,048
)
|
$(644,831
)
|
$(1,596,486
)
|
|
(†)
|
Registered investment companies are required to value portfolio investments using
an unadjusted, readily available market quotation. The Fund
obtains readily available market quotations from independent pricing services. Fund
investments for which readily available market quotations are not
available are priced at fair value pursuant to the Fund's Valuation Procedures. The
Board of Trustees has approved a valuation designee who is
subject to the Board's oversight.
Unadjusted readily available market quotations that are utilized for exchange traded
equity securities (including shares of closed-end investment
companies and exchange-traded funds) include the last sale price quoted on the exchange
where the security is traded most extensively. Futures
contracts are valued at the closing settlement price on the exchange on which the
valuation designee believes that, over time, they are traded most
extensively. Options on futures contracts are valued using the current settlement
price on the exchange on which, over time, they are traded most
extensively. Shares of open-end investment companies are valued at net asset value
("NAV") per share.
Exchange traded equity securities for which there is no reported sale during the day
are fair valued at the closing bid quotation as reported by an
independent pricing service. Unlisted equity securities (except unlisted preferred
equity securities) are fair valued at the last sale price quoted in the
market where they are traded most extensively or, if there is no reported sale during
the day, the closing bid quotation as reported by an independent
pricing service. If there is no last sale price or closing bid quotation available,
unlisted equity securities will be fair valued using evaluated bids
furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on
evaluated bids furnished to the Fund by an independent pricing
service or bid prices obtained from broker-dealers. Equity-linked notes are fair valued
at bid prices supplied by an independent pricing service. Senior
loans and collateralized loan obligations ("CLOs") are fair valued at bid prices supplied
by an independent pricing service, if available. Broker-dealer
bid prices may be used to fair value debt, unlisted equities, senior loans and CLOs
where an independent pricing service is unable to price an
investment or where an independent pricing service does not provide a reliable price
for the investment. Forward foreign currency contracts are fair
valued utilizing interpolated rates determined based on information provided by an
independent pricing service. Centrally cleared swap agreements
are fair valued at settlement prices of the clearing house on which the contracts
were traded or prices obtained from broker-dealers.
The Fund may also fair value investments in other circumstances such as when extraordinary
events occur after the close of a foreign market, but
prior to the close of the New York Stock Exchange. This may include situations relating
to a single issuer (such as a declaration of bankruptcy or a
delisting of the issuer's security from the primary market on which it has traded)
as well as events affecting the securities markets in general (such as
market disruptions or closings and significant fluctuations in U.S. and/or foreign
markets). When fair valuing a Fund's investments, the valuation
designee may, among other things, use modeling tools or other processes that may take
into account factors such as issuer specific information, or
other related market activity and/or information that occurred after the close of
the foreign market but before the time the Fund's NAV is calculated.
Fair valuation by the Fund's valuation designee may require subjective determinations
about the value of the investment, and fair values used to
determine a Fund's NAV may differ from quoted or published prices, or from prices
that are used by others, for the same investments. In addition, the
use of fair value pricing may not always result in adjustments to the prices of investments
held by a Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities,
currencies and other assets and liabilities denominated in
currencies other than U.S. dollars, if any, are translated into U.S. dollars based
upon foreign exchange rates prevailing at the end of the period.
|
|
(‡)
|
Principal Amount stated in U.S. dollars unless otherwise noted.
|
|
(a)
|
All or a portion of these securities are 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 March 31, 2026, the value of Rule 144A holdings amounted to
$1,045,235,723 or 39.0% of net assets.
|
|
(b)
|
Variable rate security. Rate as of March 31, 2026 is disclosed. Issuers comprised
of various lots with differing coupon rates have been aggregated for
the purpose of presentation in the Portfolio of Investments and show a weighted average
rate. Certain variable rate securities are not based on a
published reference rate and spread, rather are determined by the issuer or agent
and are based on current market conditions. These securities may
not indicate a reference rate and/or spread in their description.
|
|
(c)
|
Perpetual bond with no specified maturity date.
|
|
(d)
|
Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal.
|
|
(e)
|
Securities subject to restriction on resale. At March 31, 2026, the restricted securities
held by the Fund are as follows:
|
|
|
Acquisition
Date
|
Acquisition
Cost
|
Value
|
% of
Net Assets
|
|
Add Hero Holdings Ltd.
|
9/01/2021-4/03/2024
|
$378,350
|
$32,106
|
Less than 0.1%
|
|
Add Hero Holdings Ltd.
|
9/01/2021-4/03/2024
|
301,709
|
8,338
|
Less than 0.1%
|
|
Add Hero Holdings Ltd.
|
9/01/2021-4/03/2024
|
378,673
|
7,960
|
Less than 0.1%
|
|
Bosphorous Financial Services Ltd.
|
1/20/2026
|
6,645,000
|
6,509,600
|
0.2%
|
|
China Aoyuan Group Ltd.
|
9/01/2021-4/12/2024
|
15,610
|
2,889
|
Less than 0.1%
|
|
China Aoyuan Group Ltd.
|
9/01/2021-9/19/2024
|
4,622
|
1,952
|
Less than 0.1%
|
|
China Aoyuan Group Ltd.
|
9/01/2021-9/30/2024
|
114,116
|
1,181
|
Less than 0.1%
|
|
Chol Aviation Capital Ltd.
|
2/10/2026
|
3,300,000
|
3,184,602
|
0.1%
|
|
CIFI Holdings Group Co. Ltd.
|
8/26/2021-12/29/2025
|
4,051,864
|
170,579
|
Less than 0.1%
|
|
QXO, Inc.
|
1/12/2026
|
5,320,000
|
6,028,783
|
0.2%
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-12/31/2025
|
7,234,191
|
267,002
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-1/07/2026
|
7,000,491
|
238,360
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-1/07/2026
|
6,166,553
|
185,791
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-1/07/2026
|
645,956
|
156,781
|
Less than 0.1%
|
|
|
Acquisition
Date
|
Acquisition
Cost
|
Value
|
% of
Net Assets
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-1/09/2026
|
$2,843,409
|
$82,816
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
7/21/2021-1/07/2026
|
1,252,737
|
7,309
|
Less than 0.1%
|
|
(f)
|
The issuer is in default with respect to interest and/or principal payments. Income
is not being accrued.
|
|
(g)
|
Non-income producing security.
|
|
(h)
|
Amount shown represents units. One unit represents a principal amount of 1,000.
|
|
(i)
|
Amount shown represents units. One unit represents a principal amount of 100.
|
|
(j)
|
Security (or a portion thereof) has been pledged as collateral for open derivative
contracts.
|
|
(k)
|
Stated interest rate has been determined in accordance with the provisions of the
loan agreement and is subject to a minimum benchmark floor rate
which may range from 0.00% to 1.00%, to which the spread is added.
|
|
(l)
|
Unfunded loan commitment. An unfunded loan commitment is a contractual obligation
for future funding at the option of the borrower. The Fund
receives a stated coupon rate until the borrower draws on the loan commitment, at
which time the rate will become the stated rate in the loan
agreement.
|
|
(m)
|
Position is unsettled. Contract rate was not determined at March 31, 2026 and does
not take effect until settlement date. Maturity date is not finalized
until settlement date.
|
|
(n)
|
Level 3 security. Value has been determined using significant unobservable inputs.
|
|
(o)
|
Private credit preferred stock with no specified maturity date.
|
|
(p)
|
Investment has been committed to but has not been fully funded by the Fund.
|
|
(q)
|
The Fund may enter into repurchase agreements, under the terms of a Master Repurchase
Agreement, under which the Fund acquires securities as
collateral and agrees to resell the securities at an agreed upon time and at an agreed
upon price. It is the Fund's policy that the market value of the
collateral for repurchase agreements be at least equal to 102% of the repurchase price,
including interest. Certain repurchase agreements are tri-
party arrangements whereby the collateral is held in a segregated account for the
benefit of the Fund and on behalf of the counterparty. Repurchase
agreements could involve certain risks in the event of default or insolvency of the
counterparty, including possible delays or restrictions upon the
Fund's ability to dispose of the underlying securities. As of March 31, 2026, the
Fund had an investment in a repurchase agreement for which the value
of the related collateral exceeded the value of the repurchase agreement.
|
|
(r)
|
The Fund's investment in U.S. Government/Agency securities is comprised of various
lots with differing discount rates. These separate investments,
which have the same maturity date, have been aggregated for the purpose of presentation
in the Portfolio of Investments.
|
|
(s)
|
Interest rate represents discount rate at time of purchase; not a coupon rate.
|
|
ABS
|
Asset-Backed Securities
|
|
ADR
|
An American Depositary Receipt is a certificate issued by a custodian bank representing
the right to receive securities of the foreign issuer
described. The values of ADRs may be significantly influenced by trading on exchanges
not located in the United States.
|
|
DIP
|
Debtor In Possession
|
|
MTN
|
Medium Term Note
|
|
PIK
|
Payment-in-Kind
|
|
REIT
|
Real Estate Investment Trust
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
BRL
|
Brazilian Real
|
|
CAD
|
Canadian Dollar
|
|
EUR
|
Euro
|
|
MXN
|
Mexican Peso
|
|
MYR
|
Malaysian Ringgit
|
|
TRY
|
Turkish Lira
|
|
UYU
|
Uruguayan Peso
|
|
ZAR
|
South African Rand
|
|
At March 31, 2026, the Fund had the following open centrally cleared credit default
swap agreements:
|
|
Buy Protection
|
|
Reference Obligation
|
(Pay)/
Receive
Fixed Rate
|
Expiration
Date
|
Notional
Value(‡)
|
Unamortized
Up Front Premium
Paid/(Received)
|
Market
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
CDX.NA.HY* .S46
|
(5.00%)
|
6/20/2031
|
81,000,000
|
$(3,187,089
)
|
$(4,025,997
)
|
$(838,908
)
|
|
(‡)
|
Notional value stated in U.S. dollars unless otherwise noted.
|
|
*
|
CDX.NA.HY is an index composed of North American high yield credit default swaps.
|
|
At March 31, 2026, the Fund had the following open forward foreign currency contracts:
|
|||||||
|
Counterparty
|
Delivery
Date
|
Currency
Bought/
Sold (B/S)
|
Units
of
Currency
|
In Exchange
for
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Bank of America N.A.
|
6/17/2026
|
EUR
|
S
|
8,149,000
|
$9,484,662
|
$9,451,754
|
$32,908
|
|
At March 31, 2026, the Fund had the following open long futures contracts:
|
|||||
|
Financial Futures
|
Expiration
Date
|
Contracts
|
Notional
Amount
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
CBOT 5 Year U.S. Treasury Notes Futures
|
6/30/2026
|
22,025
|
$2,416,707,362
|
$2,382,657,628
|
$(34,049,734
)
|
|
At March 31, 2026, the Fund had the following open short futures contracts:
|
|||||
|
Financial Futures
|
Expiration
Date
|
Contracts
|
Notional
Amount
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
CBOT 2 Year U.S. Treasury Notes Futures
|
6/30/2026
|
639
|
$133,517,441
|
$132,557,554
|
$959,887
|
|
CBOT U.S. Long Bond Futures
|
6/18/2026
|
358
|
42,108,610
|
40,767,250
|
1,341,360
|
|
CBOT Ultra Long-Term U.S. Treasury Bond Futures
|
6/18/2026
|
881
|
105,380,311
|
102,691,563
|
2,688,748
|
|
Ultra 10 Year U.S. Treasury Notes Futures
|
6/18/2026
|
4,408
|
511,594,195
|
500,376,875
|
11,217,320
|
|
Total
|
|
|
|
|
$16,207,315
|
|
Asset Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Bonds and Notes(a)
|
$ —
|
$2,051,313,471
|
$ —
|
$2,051,313,471
|
|
Equity-Linked Notes
|
—
|
139,372,458
|
—
|
139,372,458
|
|
Common Stocks
|
|
|
|
|
|
Real Estate Management & Development
|
79,270
|
110,327
|
—
|
189,597
|
|
All Other Common Stocks(a)
|
136,234,136
|
—
|
—
|
136,234,136
|
|
Total Common Stocks
|
136,313,406
|
110,327
|
—
|
136,423,733
|
|
Senior Loans(a)
|
—
|
125,374,109
|
—
|
125,374,109
|
|
Private Credit
|
|
|
|
|
|
ABS Other
|
—
|
—
|
3,184,602
|
3,184,602
|
|
Banking
|
—
|
—
|
13,415,505
|
13,415,505
|
|
Building Materials
|
—
|
—
|
6,028,783
|
6,028,783
|
|
Total Private Credit
|
—
|
—
|
22,628,890
|
22,628,890
|
|
Collateralized Loan Obligations
|
—
|
19,413,086
|
—
|
19,413,086
|
|
Preferred Stocks
|
|
|
|
|
|
Convertible Preferred Stocks(a)
|
2,510,369
|
—
|
—
|
2,510,369
|
|
Asset Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
|
Home Construction
|
$4,269,043
|
$ —
|
$ —
|
$4,269,043
|
|
Office REITs
|
—
|
—
|
1,419,290
|
1,419,290
|
|
Total Non-Convertible Preferred Stocks
|
4,269,043
|
—
|
1,419,290
|
5,688,333
|
|
Total Preferred Stocks
|
6,779,412
|
—
|
1,419,290
|
8,198,702
|
|
Other Investments
|
|
|
|
|
|
Professional Services
|
—
|
—
|
89,979
|
89,979
|
|
Short-Term Investments
|
—
|
160,112,951
|
—
|
160,112,951
|
|
Purchased Options(a)
|
23,830
|
—
|
—
|
23,830
|
|
Total Investments
|
143,116,648
|
2,495,696,402
|
24,138,159
|
2,662,951,209
|
|
Forward Foreign Currency Contracts (unrealized appreciation)
|
—
|
32,908
|
—
|
32,908
|
|
Futures Contracts (unrealized appreciation)
|
16,207,315
|
—
|
—
|
16,207,315
|
|
Total
|
$159,323,963
|
$2,495,729,310
|
$24,138,159
|
$2,679,191,432
|
|
Liability Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Written Options(a)
|
$(1,596,486
)
|
$ —
|
$ —
|
$(1,596,486
)
|
|
Centrally Cleared Credit Default Swap Agreements (unrealized depreciation)
|
—
|
(838,908
)
|
—
|
(838,908
)
|
|
Futures Contracts (unrealized depreciation)
|
(34,049,734
)
|
—
|
—
|
(34,049,734
)
|
|
Total
|
$(35,646,220
)
|
$(838,908
)
|
$ —
|
$(36,485,128
)
|
|
(a)
|
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
|
|
|
||||||||||
|
Asset Valuation Inputs
|
||||||||||
|
Investments in Securities
|
Balance as of
December 31,
2025
|
Accrued
Discounts
(Premiums)
|
Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Purchases
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance as of
March 31,
2026
|
Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
March 31,
2026
|
|
Private Credit
|
|
|
|
|
|
|
|
|
|
|
|
ABS Other
|
$ —
|
$ —
|
$ —
|
$(115,398
)
|
$3,300,000
|
$ —
|
$ —
|
$ —
|
$3,184,602
|
$(115,398
)
|
|
Banking
|
—
|
—
|
—
|
(229,495
)
|
13,645,000
|
—
|
—
|
—
|
13,415,505
|
(229,495
)
|
|
Building Materials
|
—
|
—
|
—
|
708,783
|
5,320,000
|
—
|
—
|
—
|
6,028,783
|
708,783
|
|
Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
Office REITs
|
1,424,328
|
—
|
—
|
(5,038
)
|
—
|
—
|
—
|
—
|
1,419,290
|
(5,038
)
|
|
Other Investments
|
|
|
|
|
|
|
|
|
|
|
|
Professional Services
|
88,842
|
—
|
—
|
1,137
|
—
|
—
|
—
|
—
|
89,979
|
1,137
|
|
Total
|
$1,513,170
|
$ —
|
$ —
|
$359,989
|
$22,265,000
|
$ —
|
$ —
|
$ —
|
$24,138,159
|
$359,989
|