|
Principal
Amount
|
Description
|
Value (†)
|
|
Bonds and Notes — 87.3% of Net Assets
|
||
|
|
||
|
|
||
|
Non-Convertible Bonds — 83.8%
|
||
|
|
ABS Home Equity — 0.1%
|
|
|
$96,340
|
DSLA Mortgage Loan Trust, Series 2005-AR5,
Class 2A1A, 1 mo. USD SOFR + 0.774%,
4.451%, 9/19/2045(a)(b)
|
$49,866
|
|
|
Aerospace & Defense — 1.7%
|
|
|
180,000
|
Axon Enterprise, Inc., 6.125%, 3/15/2030(c)
|
182,978
|
|
55,000
|
Axon Enterprise, Inc., 6.250%, 3/15/2033(c)
|
56,141
|
|
245,000
|
TransDigm, Inc., 4.625%, 1/15/2029
|
240,718
|
|
205,000
|
TransDigm, Inc., 6.250%, 1/31/2034(c)
|
207,261
|
|
390,000
|
TransDigm, Inc., 6.375%, 3/01/2029(c)
|
397,279
|
|
115,000
|
TransDigm, Inc., 6.375%, 5/31/2033(c)
|
114,387
|
|
10,000
|
TransDigm, Inc., 6.750%, 8/15/2028(c)
|
10,114
|
|
157,000
|
TransDigm, Inc., 6.875%, 12/15/2030(c)
|
160,870
|
|
|
|
1,369,748
|
|
|
Automotive — 2.9%
|
|
|
84,000
|
American Axle & Manufacturing, Inc.,
5.000%, 10/01/2029
|
80,131
|
|
198,000
|
American Axle & Manufacturing, Inc.,
6.375%, 10/15/2032(c)
|
195,969
|
|
409,000
|
General Motors Financial Co., Inc., Series A, (fixed
rate to 9/30/2027, variable rate thereafter), 5.750%(d)
|
398,211
|
|
225,000
|
Nissan Motor Acceptance Co. LLC,
5.625%, 9/29/2028(c)
|
220,803
|
|
201,000
|
Nissan Motor Co. Ltd., 4.345%, 9/17/2027(c)
|
195,435
|
|
408,000
|
Nissan Motor Co. Ltd., 4.810%, 9/17/2030(c)
|
370,408
|
|
300,000
|
ZF North America Capital, Inc., 6.750%, 4/23/2030(c)
|
290,215
|
|
170,000
|
ZF North America Capital, Inc., 6.875%, 4/23/2032(c)
|
161,518
|
|
205,000
|
ZF North America Capital, Inc., 7.125%, 4/14/2030(c)
|
202,353
|
|
201,000
|
ZF North America Capital, Inc., 7.500%, 3/24/2031(c)
|
197,445
|
|
|
|
2,312,488
|
|
|
Banking — 1.1%
|
|
|
400,000
|
Intesa Sanpaolo SpA, (fixed rate to 6/01/2041,
variable rate thereafter), 4.950%, 6/01/2042(c)
|
335,292
|
|
492,000
|
Synchrony Financial, 7.250%, 2/02/2033
|
502,520
|
|
|
|
837,812
|
|
|
Brokerage — 1.6%
|
|
|
266,000
|
Jane Street Group/JSG Finance, Inc.,
6.750%, 5/01/2033(c)
|
269,875
|
|
66,000
|
Jane Street Group/JSG Finance, Inc.,
7.125%, 4/30/2031(c)
|
67,845
|
|
414,000
|
Osaic Holdings, Inc., 6.750%, 8/01/2032(c)
|
414,052
|
|
501,000
|
Osaic Holdings, Inc., 8.000%, 8/01/2033(c)
|
494,588
|
|
|
|
1,246,360
|
|
|
Building Materials — 0.2%
|
|
|
185,000
|
Quikrete Holdings, Inc., 6.375%, 3/01/2032(c)
|
187,591
|
|
|
Cable Satellite — 9.5%
|
|
|
861,000
|
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.750%, 3/01/2030(c)
|
816,981
|
|
295,000
|
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.000%, 2/01/2028(c)
|
292,578
|
|
499,000
|
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.375%, 6/01/2029(c)
|
492,140
|
|
565,000
|
CSC Holdings LLC, 4.625%, 12/01/2030(c)
|
199,370
|
|
200,000
|
CSC Holdings LLC, 5.375%, 2/01/2028(c)
|
147,910
|
|
405,000
|
CSC Holdings LLC, 5.750%, 1/15/2030(c)
|
153,730
|
|
415,000
|
CSC Holdings LLC, 7.500%, 4/01/2028(c)
|
228,397
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Cable Satellite — continued
|
|
|
$1,150,000
|
CSC Holdings LLC, 11.250%, 5/15/2028(c)
|
$939,716
|
|
597,000
|
Directv Financing LLC, 8.875%, 2/01/2030(c)
|
594,218
|
|
784,000
|
Directv Financing LLC/Directv Financing Co-Obligor,
Inc., 10.000%, 2/15/2031(c)
|
800,330
|
|
575,000
|
DISH DBS Corp., 5.250%, 12/01/2026(c)
|
570,068
|
|
150,000
|
DISH DBS Corp., 5.750%, 12/01/2028(c)
|
145,079
|
|
660,000
|
DISH DBS Corp., 7.750%, 7/01/2026
|
656,814
|
|
40,000
|
DISH Network Corp., 11.750%, 11/15/2027(c)
|
41,210
|
|
928,321
|
EchoStar Corp., 10.750%, 11/30/2029
|
1,002,820
|
|
423,079
|
EchoStar Corp., 6.750% PIK and/or 6.750% Cash,
11/30/2030(e)
|
427,207
|
|
|
|
7,508,568
|
|
|
Chemicals — 2.6%
|
|
|
568,000
|
ARC Falcon I, Inc./Arclin USA LLC/New Arclin
U.S. Holding Corp., 9.750%, 3/01/2033(c)
|
546,353
|
|
152,000
|
Ashland, Inc., 3.375%, 9/01/2031(c)
|
136,487
|
|
576,000
|
Chemours Co., 5.750%, 11/15/2028(c)
|
570,312
|
|
170,000
|
Hercules LLC, 6.500%, 6/30/2029
|
170,085
|
|
224,000
|
Perimeter Holdings LLC, 6.250%, 1/15/2034(c)
|
219,688
|
|
388,000
|
SK Invictus Intermediate II SARL,
5.000%, 10/30/2029(c)
|
378,443
|
|
|
|
2,021,368
|
|
|
Construction Machinery — 0.6%
|
|
|
65,000
|
United Rentals North America, Inc.,
3.750%, 1/15/2032
|
59,572
|
|
420,000
|
United Rentals North America, Inc.,
3.875%, 2/15/2031
|
394,829
|
|
20,000
|
United Rentals North America, Inc.,
4.000%, 7/15/2030
|
18,997
|
|
|
|
473,398
|
|
|
Consumer Cyclical Services — 0.9%
|
|
|
760,000
|
TriNet Group, Inc., 3.500%, 3/01/2029(c)
|
688,927
|
|
|
Diversified Manufacturing — 0.6%
|
|
|
215,000
|
Esab Corp., 6.250%, 4/15/2029(c)
|
218,203
|
|
292,000
|
Resideo Funding, Inc., 4.000%, 9/01/2029(c)
|
275,951
|
|
|
|
494,154
|
|
|
Electric — 0.8%
|
|
|
86,000
|
NRG Energy, Inc., 3.625%, 2/15/2031(c)
|
79,193
|
|
402,000
|
Talen Energy Supply LLC, 6.250%, 2/01/2034(c)
|
397,521
|
|
188,000
|
VoltaGrid LLC, 7.375%, 11/01/2030(c)
|
194,168
|
|
|
|
670,882
|
|
|
Environmental — 0.6%
|
|
|
106,000
|
Clean Harbors, Inc., 5.125%, 7/15/2029(c)
|
104,699
|
|
190,000
|
GFL Environmental, Inc., 4.000%, 8/01/2028(c)
|
184,703
|
|
73,000
|
GFL Environmental, Inc., 4.375%, 8/15/2029(c)
|
71,023
|
|
75,000
|
GFL Environmental, Inc., 6.750%, 1/15/2031(c)
|
77,612
|
|
|
|
438,037
|
|
|
Finance Companies — 2.2%
|
|
|
500,000
|
Azorra Finance Ltd., 7.250%, 1/15/2031(c)
|
504,845
|
|
288,000
|
Azorra Finance Ltd., 7.750%, 4/15/2030(c)
|
296,631
|
|
85,000
|
Freedom Mortgage Holdings LLC,
7.875%, 4/01/2033(c)
|
79,694
|
|
92,000
|
Freedom Mortgage Holdings LLC,
8.375%, 4/01/2032(c)
|
90,500
|
|
260,000
|
Freedom Mortgage Holdings LLC,
9.125%, 5/15/2031(c)
|
264,290
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Finance Companies — continued
|
|
|
$410,000
|
Freedom Mortgage Holdings LLC,
9.250%, 2/01/2029(c)
|
$415,572
|
|
122,000
|
GGAM Finance Ltd., 5.875%, 3/15/2030(c)
|
121,554
|
|
|
|
1,773,086
|
|
|
Financial Other — 1.0%
|
|
|
34,512
|
Add Hero Holdings Ltd., Series IAI, 8.500% PIK
and/or 7.500% Cash, 9/30/2029(e)(f)
|
1,353
|
|
28,108
|
Add Hero Holdings Ltd., Series IAI, 9.000% PIK
and/or 8.000% Cash, 9/30/2030(e)(f)
|
351
|
|
37,103
|
Add Hero Holdings Ltd., Series IAI, 9.800% PIK
and/or 8.800% Cash, 9/30/2031(e)(f)
|
335
|
|
400,000
|
Burford Capital Global Finance LLC,
7.500%, 7/15/2033(c)
|
333,000
|
|
425,000
|
Burford Capital Global Finance LLC,
8.500%, 1/15/2034(c)
|
364,956
|
|
213,200
|
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(c)(g)
|
7,153
|
|
112,735
|
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(c)(g)
|
2,898
|
|
24,752
|
CFLD Cayman Investment Ltd., Zero Coupon,
1/31/2031(c)
|
524
|
|
48,702
|
China Aoyuan Group Ltd., Series IAI(b)(d)(f)
|
122
|
|
19,907
|
China Aoyuan Group Ltd., Series IAI, 5.500% PIK,
9/30/2031(e)(f)
|
50
|
|
200,000
|
China Evergrande Group, 8.750%, 6/28/2025(h)
|
2,000
|
|
95,000
|
Icahn Enterprises LP/Icahn Enterprises Finance
Corp., 5.250%, 5/15/2027
|
93,091
|
|
46,039
|
Kaisa Group Holdings Ltd., 6.250% PIK and/or 5.250%
Cash, 12/28/2028(c)(e)
|
921
|
|
77,073
|
Kaisa Group Holdings Ltd., 6.500% PIK and/or 5.500%
Cash, 12/28/2029(c)(e)
|
1,349
|
|
92,898
|
Kaisa Group Holdings Ltd., 6.750% PIK and/or 5.750%
Cash, 12/28/2030(c)(e)
|
1,394
|
|
139,962
|
Kaisa Group Holdings Ltd., 7.000% PIK and/or 6.000%
Cash, 12/28/2031(c)(e)
|
2,449
|
|
131,716
|
Kaisa Group Holdings Ltd., 7.250% PIK and/or 6.250%
Cash, 12/28/2032(c)(e)
|
1,647
|
|
31,492
|
Kaisa Group Holdings Ltd., 7.721% PIK and/or 6.721%
Cash, 12/28/2028(c)(e)
|
630
|
|
2,059
|
Shimao Group Holdings Ltd., 6.000% PIK and/or
5.000% Cash, 7/21/2031(c)(e)
|
67
|
|
17,276
|
Times China Holdings Ltd., 3.000% PIK and/or 1.000%
Cash, 3/30/2029(c)(e)
|
506
|
|
64,449
|
Times China Holdings Ltd., 4.200% PIK,
9/30/2032(c)(e)
|
1,772
|
|
23,374
|
Yuzhou Group Holdings Co. Ltd., 1.000% PIK,
6/30/2034(e)(f)
|
59
|
|
27,271
|
Yuzhou Group Holdings Co. Ltd., 4.000% PIK,
6/30/2028(e)(f)
|
781
|
|
47,604
|
Yuzhou Group Holdings Co. Ltd., 4.500% PIK,
6/30/2029(e)(f)
|
1,478
|
|
63,697
|
Yuzhou Group Holdings Co. Ltd., 5.000% PIK,
6/30/2030(e)(f)
|
1,752
|
|
89,573
|
Yuzhou Group Holdings Co. Ltd., 5.500% PIK,
6/30/2031(e)(f)
|
2,247
|
|
32,481
|
Yuzhou Group Holdings Co. Ltd., 7.000% PIK and/or
6.000% Cash, 6/30/2027(e)(f)
|
2,517
|
|
|
|
825,402
|
|
|
Food & Beverage — 1.6%
|
|
|
90,000
|
HLF Financing SARL LLC/Herbalife International, Inc.,
4.875%, 6/01/2029(c)
|
84,217
|
|
102,000
|
Lamb Weston Holdings, Inc., 4.125%, 1/31/2030(c)
|
97,109
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Food & Beverage — continued
|
|
|
$358,000
|
Lamb Weston Holdings, Inc., 4.375%, 1/31/2032(c)
|
$332,565
|
|
90,000
|
Lamb Weston Holdings, Inc., 4.875%, 5/15/2028(c)
|
88,944
|
|
291,000
|
Performance Food Group, Inc., 4.250%, 8/01/2029(c)
|
279,524
|
|
355,000
|
Viking Baked Goods Acquisition Corp.,
8.625%, 11/01/2031(c)
|
351,277
|
|
|
|
1,233,636
|
|
|
Gaming — 0.9%
|
|
|
440,000
|
Genting New York LLC/GENNY Capital, Inc.,
7.250%, 10/01/2029(c)
|
441,771
|
|
243,000
|
Penn Entertainment, Inc., 6.750%, 4/01/2031(c)
|
236,006
|
|
|
|
677,777
|
|
|
Health Care REITs — 0.2%
|
|
|
185,000
|
MPT Operating Partnership LP/MPT Finance Corp.,
8.500%, 2/15/2032, (c)
|
187,555
|
|
|
Health Insurance — 1.7%
|
|
|
673,000
|
Molina Healthcare, Inc., 3.875%, 11/15/2030(c)
|
601,682
|
|
680,000
|
Molina Healthcare, Inc., 3.875%, 5/15/2032(c)
|
590,663
|
|
38,000
|
Molina Healthcare, Inc., 4.375%, 6/15/2028
|
36,745
|
|
90,000
|
Molina Healthcare, Inc., 6.250%, 1/15/2033(c)
|
87,263
|
|
70,000
|
Molina Healthcare, Inc., 6.500%, 2/15/2031(c)
|
68,817
|
|
|
|
1,385,170
|
|
|
Healthcare — 2.2%
|
|
|
75,000
|
Accendra Health, Inc., 6.625%, 4/01/2030(c)
|
35,666
|
|
385,000
|
Avantor Funding, Inc., 3.875%, 11/01/2029(c)
|
361,204
|
|
229,000
|
DaVita, Inc., 3.750%, 2/15/2031(c)
|
209,981
|
|
40,000
|
DaVita, Inc., 4.625%, 6/01/2030(c)
|
38,461
|
|
168,000
|
HAH Group Holding Co. LLC, 9.750%, 10/01/2031(c)
|
147,179
|
|
200,000
|
Hologic, Inc., 3.250%, 2/15/2029(c)
|
199,652
|
|
265,000
|
LifePoint Health, Inc., 5.375%, 1/15/2029(c)
|
255,554
|
|
202,000
|
Radiology Partners, Inc., 8.500%, 7/15/2032(c)
|
204,802
|
|
300,000
|
TEAM Services Holding, Inc., 9.000%, 2/15/2033(c)
|
294,163
|
|
|
|
1,746,662
|
|
|
Home Construction — 2.1%
|
|
|
1,200,000
|
Corp. GEO SAB de CV, 8.875%, 3/27/2022(a)(c)(h)
|
—
|
|
265,000
|
Mattamy Group Corp., 6.000%, 12/15/2033(c)
|
248,861
|
|
290,000
|
Taylor Morrison Communities, Inc.,
5.125%, 8/01/2030(c)
|
286,683
|
|
101,000
|
Taylor Morrison Communities, Inc.,
5.750%, 1/15/2028(c)
|
101,261
|
|
996,000
|
Taylor Morrison Communities, Inc.,
5.750%, 11/15/2032(c)
|
996,872
|
|
|
|
1,633,677
|
|
|
Independent Energy — 4.1%
|
|
|
165,000
|
Chord Energy Corp., 6.000%, 10/01/2030(c)
|
167,190
|
|
774,000
|
Chord Energy Corp., 6.750%, 3/15/2033(c)
|
799,110
|
|
60,000
|
Crescent Energy Finance LLC, 7.375%, 1/15/2033(c)
|
59,985
|
|
328,000
|
Crescent Energy Finance LLC, 7.625%, 4/01/2032(c)
|
332,864
|
|
220,000
|
Crescent Energy Finance LLC, 7.875%, 4/15/2032(c)
|
224,764
|
|
286,000
|
Matador Resources Co., 6.250%, 4/15/2033(c)
|
286,269
|
|
100,000
|
Matador Resources Co., 6.500%, 4/15/2032(c)
|
101,089
|
|
394,000
|
Northern Oil & Gas, Inc., 8.750%, 6/15/2031(c)
|
409,699
|
|
185,000
|
Saturn Oil & Gas, Inc., 9.625%, 6/15/2029(c)
|
193,659
|
|
191,000
|
SM Energy Co., 6.750%, 8/01/2029(c)
|
193,893
|
|
473,000
|
SM Energy Co., 8.625%, 11/01/2030(c)
|
499,056
|
|
|
|
3,267,578
|
|
|
Industrial Other — 1.3%
|
|
|
177,000
|
Arcosa, Inc., 4.375%, 4/15/2029(c)
|
170,759
|
|
65,000
|
Arcosa, Inc., 6.875%, 8/15/2032(c)
|
66,602
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Industrial Other — continued
|
|
|
$199,000
|
Brundage-Bone Concrete Pumping Holdings, Inc.,
7.500%, 2/01/2032(c)
|
$201,081
|
|
597,000
|
TopBuild Corp., 5.625%, 1/31/2034(c)
|
584,327
|
|
|
|
1,022,769
|
|
|
Leisure — 0.7%
|
|
|
446,000
|
Kingpin Intermediate Holdings LLC,
7.250%, 10/15/2032(c)
|
394,075
|
|
190,000
|
Lindblad Expeditions LLC, 7.000%, 9/15/2030(c)
|
193,988
|
|
|
|
588,063
|
|
|
Life Insurance — 0.7%
|
|
|
612,000
|
APH Somerset Investor 2 LLC/APH2 Somerset
Investor 2 LLC/APH3 Somerset Investor 2 LLC,
7.875%, 11/01/2029(c)
|
553,413
|
|
|
Lodging — 3.5%
|
|
|
545,000
|
Hilton Domestic Operating Co., Inc.,
3.625%, 2/15/2032(c)
|
495,225
|
|
85,000
|
Hilton Domestic Operating Co., Inc.,
4.000%, 5/01/2031(c)
|
79,723
|
|
105,000
|
Hilton Domestic Operating Co., Inc.,
5.500%, 3/31/2034(c)
|
102,582
|
|
121,000
|
Hilton Domestic Operating Co., Inc.,
5.875%, 3/15/2033(c)
|
121,739
|
|
866,000
|
Hilton Grand Vacations Borrower LLC/Hilton Grand
Vacations Borrower, Inc., 6.625%, 1/15/2032(c)
|
855,358
|
|
289,000
|
Marriott Ownership Resorts, Inc.,
4.500%, 6/15/2029(c)
|
274,012
|
|
254,000
|
Travel & Leisure Co., 4.500%, 12/01/2029(c)
|
242,885
|
|
190,000
|
Travel & Leisure Co., 4.625%, 3/01/2030(c)
|
181,277
|
|
155,000
|
Travel & Leisure Co., 6.125%, 9/01/2033(c)
|
152,985
|
|
305,000
|
Wyndham Hotels & Resorts, Inc.,
5.625%, 3/01/2033(c)
|
300,113
|
|
|
|
2,805,899
|
|
|
Media Entertainment — 3.8%
|
|
|
305,000
|
Discovery Communications LLC, 3.625%, 5/15/2030
|
283,566
|
|
260,000
|
Discovery Communications LLC, 6.350%, 6/01/2040
|
190,533
|
|
450,000
|
Discovery Global Holdings, Inc., 4.279%, 3/15/2032
|
398,250
|
|
160,000
|
Discovery Global Holdings, Inc., 5.050%, 3/15/2042
|
106,742
|
|
416,000
|
Dotdash Meredith, Inc., 7.625%, 6/15/2032(c)
|
383,585
|
|
56,000
|
iHeartCommunications, Inc., 7.000%, 1/15/2031(c)
|
42,798
|
|
188,000
|
iHeartCommunications, Inc., 9.125%, 5/01/2029(c)
|
170,648
|
|
235,000
|
OAK-Eagle Acquireco, Inc., 7.250%, 7/01/2033(c)
|
243,482
|
|
305,000
|
OAK-Eagle Acquireco, Inc., 8.750%, 7/01/2034(c)
|
319,302
|
|
83,000
|
Paramount Global, 4.200%, 5/19/2032
|
71,154
|
|
158,000
|
Paramount Global, 4.950%, 1/15/2031
|
146,358
|
|
139,000
|
Paramount Global, 7.875%, 7/30/2030
|
145,106
|
|
671,000
|
Paramount Global, (fixed rate to 3/30/2027, variable
rate thereafter), 6.375%, 3/30/2062
|
489,830
|
|
|
|
2,991,354
|
|
|
Metals & Mining — 2.1%
|
|
|
140,000
|
Commercial Metals Co., 3.875%, 2/15/2031
|
128,927
|
|
324,000
|
Commercial Metals Co., 4.125%, 1/15/2030
|
308,677
|
|
205,000
|
Commercial Metals Co., 4.375%, 3/15/2032
|
189,556
|
|
72,000
|
Commercial Metals Co., 5.750%, 11/15/2033(c)
|
71,243
|
|
102,000
|
Commercial Metals Co., 6.000%, 12/15/2035(c)
|
100,556
|
|
169,000
|
Fortescue Treasury Pty. Ltd., 4.375%, 4/01/2031(c)
|
159,679
|
|
65,000
|
GrafTech Finance, Inc., 4.625%, 12/23/2029(c)
|
35,918
|
|
85,000
|
GrafTech Global Enterprises, Inc.,
9.875%, 12/23/2029(c)
|
54,015
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Metals & Mining — continued
|
|
|
$20,000
|
Mineral Resources Ltd., 8.000%, 11/01/2027(c)
|
$20,255
|
|
607,000
|
Mineral Resources Ltd., 9.250%, 10/01/2028(c)
|
628,926
|
|
|
|
1,697,752
|
|
|
Midstream — 5.9%
|
|
|
525,000
|
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 5.750%, 7/01/2034(c)
|
517,352
|
|
500,000
|
CQP Holdco LP/BIP-V Chinook Holdco LLC,
5.500%, 6/15/2031(c)
|
487,621
|
|
370,000
|
Energy Transfer LP, (fixed rate to 2/15/2029, variable
rate thereafter), 8.000%, 5/15/2054
|
387,536
|
|
410,000
|
Sunoco LP, 5.375%, 7/15/2031(c)
|
406,706
|
|
264,000
|
Sunoco LP, 5.625%, 3/15/2031(c)
|
262,789
|
|
137,000
|
Sunoco LP, 7.250%, 5/01/2032(c)
|
141,750
|
|
757,000
|
Venture Global LNG, Inc., (fixed rate to 9/30/2029,
variable rate thereafter), 9.000%(c)(d)
|
754,007
|
|
110,000
|
Venture Global Plaquemines LNG LLC,
6.125%, 12/15/2030(c)
|
113,127
|
|
488,000
|
Venture Global Plaquemines LNG LLC,
6.500%, 1/15/2034(c)
|
508,713
|
|
57,000
|
Venture Global Plaquemines LNG LLC,
6.500%, 6/15/2034(c)
|
59,334
|
|
385,000
|
Venture Global Plaquemines LNG LLC,
6.750%, 1/15/2036(c)
|
407,773
|
|
337,000
|
Venture Global Plaquemines LNG LLC,
7.500%, 5/01/2033(c)
|
370,432
|
|
225,000
|
Venture Global Plaquemines LNG LLC,
7.750%, 5/01/2035(c)
|
252,175
|
|
|
|
4,669,315
|
|
|
Non-Agency Commercial Mortgage-Backed
Securities — 0.4%
|
|
|
91,505
|
CG-CCRE Commercial Mortgage Trust,
Series 2014-FL2, Class COL1, 1 mo. USD SOFR +
3.614%, 7.287%, 11/15/2031(b)(c)(g)
|
14,086
|
|
205,885
|
CG-CCRE Commercial Mortgage Trust,
Series 2014-FL2, Class COL2, 1 mo. USD SOFR +
4.614%, 8.287%, 11/15/2031(b)(c)(g)
|
10,572
|
|
345,000
|
Credit Suisse Mortgage Trust, Series 2014-USA,
Class E, 4.373%, 9/15/2037(c)
|
272,496
|
|
380,000
|
Starwood Retail Property Trust, Series 2014-STAR,
Class D, Prime + 0.000%,
6.750%, 11/15/2027(a)(b)(c)(g)
|
3,800
|
|
420,000
|
Starwood Retail Property Trust, Series 2014-STAR,
Class E, Prime + 0.000%,
6.750%, 11/15/2027(a)(b)(c)(g)
|
2,100
|
|
32,729
|
WFRBS Commercial Mortgage Trust, Series 2011-C3,
Class D, 5.464%, 3/15/2044(b)(c)(g)
|
11,782
|
|
|
|
314,836
|
|
|
Oil Field Services — 2.0%
|
|
|
193,000
|
Oceaneering International, Inc., 6.000%, 2/01/2028
|
193,785
|
|
90,000
|
Oceaneering International, Inc., 6.000%, 2/01/2028
|
90,366
|
|
70,154
|
Transocean Aquila Ltd., 8.000%, 9/30/2028(c)
|
71,800
|
|
105,700
|
Transocean International Ltd., 8.750%, 2/15/2030(c)
|
109,948
|
|
598,000
|
WBI Operating LLC, 6.250%, 10/15/2030(c)
|
601,564
|
|
488,000
|
Weatherford International Ltd., 6.750%, 10/15/2033(c)
|
498,623
|
|
|
|
1,566,086
|
|
|
Packaging — 1.6%
|
|
|
200,000
|
Ardagh Metal Packaging Finance USA LLC/Ardagh
Metal Packaging Finance PLC, 3.250%, 9/01/2028(c)
|
190,215
|
|
1,095,000
|
Ball Corp., 5.500%, 9/15/2033
|
1,095,629
|
|
|
|
1,285,844
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Pharmaceuticals — 2.1%
|
|
|
$552,000
|
Bausch Health Cos., Inc., 4.875%, 6/01/2028(c)
|
$505,472
|
|
214,000
|
Bausch Health Cos., Inc., 11.000%, 9/30/2028(c)
|
218,288
|
|
349,000
|
Teva Pharmaceutical Finance Co. LLC,
6.150%, 2/01/2036
|
359,580
|
|
782,000
|
Teva Pharmaceutical Finance Netherlands III BV,
4.100%, 10/01/2046
|
579,682
|
|
|
|
1,663,022
|
|
|
Property & Casualty Insurance — 4.9%
|
|
|
218,000
|
Acrisure LLC/Acrisure Finance, Inc.,
4.250%, 2/15/2029(c)
|
205,757
|
|
715,000
|
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer, 6.500%, 10/01/2031(c)
|
702,093
|
|
370,000
|
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer, 7.000%, 1/15/2031(c)
|
373,150
|
|
1,000,000
|
Ardonagh Finco Ltd., 7.750%, 2/15/2031(c)
|
1,011,717
|
|
695,000
|
Baldwin Insurance Group Holdings LLC/Baldwin
Insurance Group Holdings Finance,
7.125%, 5/15/2031(c)
|
698,523
|
|
315,000
|
Liberty Mutual Group, Inc., 4.300%, 2/01/2061(c)
|
197,908
|
|
494,000
|
Panther Escrow Issuer LLC, 7.125%, 6/01/2031(c)
|
495,659
|
|
198,000
|
Ryan Specialty LLC, 5.875%, 8/01/2032(c)
|
195,696
|
|
|
|
3,880,503
|
|
|
Refining — 0.9%
|
|
|
330,000
|
CVR Energy, Inc., 7.875%, 2/15/2034(c)
|
331,157
|
|
331,000
|
PBF Holding Co. LLC/PBF Finance Corp.,
9.875%, 3/15/2030(c)
|
354,818
|
|
|
|
685,975
|
|
|
Restaurants — 2.7%
|
|
|
390,000
|
1011778 BC ULC/New Red Finance, Inc.,
3.875%, 1/15/2028(c)
|
381,217
|
|
810,000
|
1011778 BC ULC/New Red Finance, Inc.,
4.000%, 10/15/2030(c)
|
761,339
|
|
225,000
|
1011778 BC ULC/New Red Finance, Inc.,
4.375%, 1/15/2028(c)
|
221,848
|
|
5,000
|
1011778 BC ULC/New Red Finance, Inc.,
5.625%, 9/15/2029(c)
|
5,011
|
|
136,000
|
1011778 BC ULC/New Red Finance, Inc.,
6.125%, 6/15/2029(c)
|
138,199
|
|
683,000
|
Yum! Brands, Inc., 3.625%, 3/15/2031
|
630,937
|
|
35,000
|
Yum! Brands, Inc., 4.625%, 1/31/2032
|
33,423
|
|
|
|
2,171,974
|
|
|
Retailers — 2.4%
|
|
|
835,000
|
Global Auto Holdings Ltd./AAG FH U.K. Ltd.,
8.375%, 1/15/2029(c)
|
766,563
|
|
60,000
|
Michaels Cos., Inc., 8.500%, 3/15/2033(c)
|
58,410
|
|
213,000
|
Murphy Oil USA, Inc., 3.750%, 2/15/2031(c)
|
197,928
|
|
665,000
|
PetSmart LLC/PetSmart Finance Corp.,
7.500%, 9/15/2032(c)
|
668,239
|
|
228,000
|
Wayfair LLC, 7.750%, 9/15/2030(c)
|
237,379
|
|
|
|
1,928,519
|
|
|
Technology — 9.2%
|
|
|
255,000
|
CACI International, Inc., 6.375%, 6/15/2033(c)
|
259,571
|
|
25,000
|
Entegris, Inc., 3.625%, 5/01/2029(c)
|
23,762
|
|
95,000
|
Entegris, Inc., 4.375%, 4/15/2028(c)
|
93,437
|
|
70,000
|
Entegris, Inc., 5.950%, 6/15/2030(c)
|
70,442
|
|
689,000
|
Fair Isaac Corp., 6.000%, 5/15/2033(c)
|
676,061
|
|
283,000
|
Fair Isaac Corp., 6.250%, 9/15/2034(c)
|
278,340
|
|
194,000
|
Flash Compute LLC, 7.250%, 12/31/2030(c)
|
195,317
|
|
156,744
|
GoTo Group, Inc., 5.500%, 5/01/2028(c)
|
122,608
|
|
774,000
|
Imola Merger Corp., 4.750%, 5/15/2029(c)
|
752,277
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Technology — continued
|
|
|
$110,000
|
Iron Mountain, Inc., 4.875%, 9/15/2029(c)
|
$107,023
|
|
263,000
|
Iron Mountain, Inc., 5.250%, 7/15/2030(c)
|
255,519
|
|
50,000
|
Iron Mountain, Inc., 7.000%, 2/15/2029(c)
|
50,961
|
|
602,000
|
Neptune Bidco U.S., Inc., 9.290%, 4/15/2029(c)
|
603,672
|
|
216,000
|
Open Text Corp., 3.875%, 2/15/2028(c)
|
207,979
|
|
192,000
|
Open Text Corp., 3.875%, 12/01/2029(c)
|
171,582
|
|
818,000
|
Open Text Holdings, Inc., 4.125%, 2/15/2030(c)
|
730,906
|
|
170,000
|
Open Text Holdings, Inc., 4.125%, 12/01/2031(c)
|
145,076
|
|
341,000
|
Oracle Corp., 6.700%, 2/04/2056
|
316,483
|
|
290,000
|
Sabre Financial Borrower LLC, 11.125%, 6/15/2029(c)
|
296,764
|
|
363,000
|
Science Applications International Corp.,
5.875%, 11/01/2033(c)
|
354,242
|
|
30,000
|
Seagate Data Storage Technology Pte. Ltd.,
4.091%, 6/01/2029(c)
|
29,035
|
|
215,000
|
Seagate Data Storage Technology Pte. Ltd.,
4.125%, 1/15/2031(c)
|
200,960
|
|
60,000
|
Seagate Data Storage Technology Pte. Ltd.,
5.750%, 12/01/2034(c)
|
59,939
|
|
260,000
|
Seagate Data Storage Technology Pte. Ltd.,
5.875%, 7/15/2030(c)
|
264,274
|
|
90,000
|
Seagate Data Storage Technology Pte. Ltd.,
8.250%, 12/15/2029(c)
|
94,517
|
|
265,000
|
Sensata Technologies, Inc., 3.750%, 2/15/2031(c)
|
245,793
|
|
125,000
|
Sensata Technologies, Inc., 4.375%, 2/15/2030(c)
|
119,542
|
|
208,000
|
UKG, Inc., 6.875%, 2/01/2031(c)
|
203,282
|
|
110,000
|
WULF Compute LLC, 7.750%, 10/15/2030(c)
|
116,235
|
|
290,000
|
Ziff Davis, Inc., 4.625%, 10/15/2030(c)
|
273,431
|
|
|
|
7,319,030
|
|
|
Wirelines — 0.4%
|
|
|
210,000
|
Altice Financing SA, 5.000%, 1/15/2028(c)
|
147,452
|
|
203,000
|
Level 3 Financing, Inc., 4.250%, 7/01/2028(c)
|
195,871
|
|
|
|
343,323
|
|
|
Total Non-Convertible Bonds
(Identified Cost $71,013,882)
|
66,517,419
|
|
|
||
|
|
||
|
Convertible Bonds — 3.5%
|
||
|
|
Cable Satellite — 0.5%
|
|
|
109,903
|
EchoStar Corp., 3.875% PIK and/or 3.875% Cash,
11/30/2030(e)
|
392,585
|
|
|
Consumer Cyclical Services — 0.3%
|
|
|
64,000
|
Compass, Inc., 0.250%, 4/15/2031(c)
|
53,568
|
|
73,000
|
DoorDash, Inc., Zero Coupon, 5/15/2030(c)
|
66,503
|
|
63,000
|
Lyft, Inc., Zero Coupon, 9/15/2030(c)
|
59,247
|
|
59,000
|
Uber Technologies, Inc., Series 2028,
0.875%, 12/01/2028
|
70,947
|
|
|
|
250,265
|
|
|
Diversified Manufacturing — 0.2%
|
|
|
41,000
|
Advanced Energy Industries, Inc., 2.500%, 9/15/2028
|
98,556
|
|
49,000
|
Bloom Energy Corp., Zero Coupon, 11/15/2030(c)
|
52,175
|
|
35,000
|
Itron, Inc., 1.375%, 7/15/2030
|
35,175
|
|
|
|
185,906
|
|
|
Electric — 0.2%
|
|
|
36,000
|
Evergy, Inc., 4.500%, 12/15/2027
|
48,564
|
|
67,000
|
FirstEnergy Corp., 3.875%, 1/15/2031(c)
|
77,251
|
|
52,000
|
Pinnacle West Capital Corp., 4.750%, 6/15/2027
|
59,540
|
|
|
|
185,355
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Environmental — 0.0%
|
|
|
$40,000
|
Tetra Tech, Inc., 2.250%, 8/15/2028
|
$41,816
|
|
|
Financial Other — 0.3%
|
|
|
4,352
|
China Aoyuan Group Ltd., Series IAI, Zero Coupon,
9/30/2028(f)
|
82
|
|
150,000
|
IREN Ltd., Series 33, 1.000%, 6/01/2033(c)
|
131,775
|
|
27,375
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2026(c)
|
68
|
|
34,221
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2027(c)
|
34
|
|
54,752
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2028(c)
|
27
|
|
54,752
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2029(c)
|
11
|
|
68,440
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2030(c)
|
21
|
|
68,440
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2031(c)
|
7
|
|
129,118
|
Kaisa Group Holdings Ltd., Zero Coupon,
12/31/2032(c)
|
13
|
|
174,238
|
Shimao Group Holdings Ltd., Zero Coupon,
7/21/2026(c)
|
3,398
|
|
219,857
|
Sunac China Holdings Ltd., Zero Coupon, 6/23/2026(c)
|
34,678
|
|
162,450
|
Sunac China Holdings Ltd., Zero Coupon, 6/23/2028(c)
|
41,116
|
|
77,150
|
Times China Holdings Ltd., Zero Coupon, 3/30/2027(c)
|
453
|
|
15,184
|
Times China Holdings Ltd., Zero Coupon, 3/30/2027(c)
|
59
|
|
|
|
211,742
|
|
|
Food & Beverage — 0.1%
|
|
|
44,000
|
Post Holdings, Inc., 2.500%, 8/15/2027
|
47,630
|
|
|
Industrial Other — 0.1%
|
|
|
38,000
|
Fluor Corp., 1.125%, 8/15/2029
|
46,797
|
|
25,000
|
Granite Construction, Inc., 3.750%, 5/15/2028
|
65,562
|
|
|
|
112,359
|
|
|
Leisure — 0.1%
|
|
|
56,000
|
NCL Corp. Ltd., 0.875%, 4/15/2030(c)
|
58,116
|
|
|
Metals & Mining — 0.1%
|
|
|
39,000
|
B2Gold Corp., 2.750%, 2/01/2030(c)
|
62,926
|
|
|
Midstream — 0.1%
|
|
|
40,000
|
UGI Corp., 5.000%, 6/01/2028
|
56,060
|
|
|
Pharmaceuticals — 0.2%
|
|
|
56,000
|
Arrowhead Pharmaceuticals, Inc., Zero Coupon,
1/15/2032
|
57,938
|
|
44,000
|
Halozyme Therapeutics, Inc., 0.875%, 11/15/2032(c)
|
43,406
|
|
39,000
|
Ligand Pharmaceuticals, Inc., 0.750%, 10/01/2030(c)
|
47,170
|
|
32,000
|
Zoetis, Inc., 0.250%, 6/15/2029(c)
|
31,760
|
|
|
|
180,274
|
|
|
Retailers — 0.2%
|
|
|
61,000
|
Burlington Stores, Inc., 1.250%, 12/15/2027
|
100,650
|
|
19,000
|
Freshpet, Inc., 3.000%, 4/01/2028
|
21,820
|
|
|
|
122,470
|
|
|
Technology — 1.1%
|
|
|
23,000
|
Cloudflare, Inc., Zero Coupon, 6/15/2030(c)
|
26,076
|
|
100,000
|
CyberArk Software Ltd., Zero Coupon, 6/15/2030(c)
|
102,680
|
|
45,000
|
Guidewire Software, Inc., 1.250%, 11/01/2029
|
44,803
|
|
18,000
|
InterDigital, Inc., 3.500%, 6/01/2027
|
70,245
|
|
24,000
|
Lumentum Holdings, Inc., 0.375%, 3/15/2032(c)
|
92,389
|
|
35,000
|
Microchip Technology, Inc., Zero Coupon,
2/15/2030(c)
|
34,143
|
|
27,000
|
MKS, Inc., 1.250%, 6/01/2030
|
44,604
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Technology — continued
|
|
|
$61,000
|
Nova Ltd., Zero Coupon, 9/15/2030(c)
|
$93,875
|
|
54,000
|
Nutanix, Inc., 0.500%, 12/15/2029
|
48,681
|
|
81,000
|
Rubrik, Inc., Zero Coupon, 6/15/2030(c)
|
69,701
|
|
22,000
|
Seagate HDD Cayman, 3.500%, 6/01/2028
|
104,438
|
|
60,000
|
Snowflake, Inc., Zero Coupon, 10/01/2029
|
73,416
|
|
24,000
|
Wolfspeed, Inc., 2.500%, 6/15/2031
|
34,230
|
|
16,000
|
Wolfspeed, Inc., 2.500%, 6/15/2031(c)
|
22,820
|
|
|
|
862,101
|
|
|
Total Convertible Bonds
(Identified Cost $2,893,030)
|
2,769,605
|
|
|
Total Bonds and Notes
(Identified Cost $73,906,912)
|
69,287,024
|
|
|
||
|
|
||
|
Senior Loans — 7.2%
|
||
|
|
Automotive — 0.0%
|
|
|
27,719
|
First Brands Group LLC, 2021 Term Loan, 10.759%
PIK, 3/30/2027(e)(h)(i)
|
36
|
|
41,237
|
First Brands Group LLC, 2022 Incremental Term Loan,
3 mo. USD SOFR + 5.000%, 8.675%, 3/30/2027(h)(i)
|
54
|
|
27,671
|
First Brands Group LLC, 2025 DIP Term Loan, 13.671%
PIK, 6/29/2026(b)(e)(i)
|
6,364
|
|
79,077
|
First Brands Group LLC, 2025 PIK DIP Roll-Up Term
Loan B, 10.671% PIK, 6/29/2026(b)(e)(i)
|
53
|
|
|
|
6,507
|
|
|
Consumer Cyclical Services — 1.1%
|
|
|
495,081
|
Horizon U.S. Finco LP, Term Loan B, 6 mo. USD SOFR
+ 4.500%, 8.448%, 10/31/2031(b)(i)
|
460,425
|
|
32,399
|
PUG LLC, 2024 Extended Term Loan B, 3/15/2030(j)
|
31,812
|
|
391,333
|
PUG LLC, 2024 Extended Term Loan B, 1 mo. USD
SOFR + 4.750%, 8.418%, 3/15/2030(b)
|
384,242
|
|
|
|
876,479
|
|
|
Healthcare — 1.4%
|
|
|
469,291
|
Bausch & Lomb Corp., 2025 Repriced Term Loan,
1 mo. USD SOFR + 3.750%, 7.418%, 1/15/2031(b)(i)
|
469,878
|
|
5,257
|
Hanger, Inc., 2024 Delayed Draw Term Loan,
3.500%, 10/23/2031(k)
|
5,266
|
|
8,722
|
Hanger, Inc., 2024 Delayed Draw Term Loan, 1 mo.
USD SOFR + 3.500%, 5.788%, 10/23/2031(b)(i)
|
8,737
|
|
106,989
|
Hanger, Inc., 2024 Term Loan B, 1 mo. USD SOFR +
3.500%, 7.168%, 10/23/2031(b)(i)
|
107,177
|
|
592
|
Inception Holdco SARL, 2025 USD Repriced Term
Loan, 3 mo. USD SOFR + 3.250%,
6.950%, 4/09/2031(b)(i)
|
593
|
|
168,074
|
IVC Acquisition Ltd., 2025 USD Repriced Term Loan
B, 3 mo. USD SOFR + 3.750%, 7.450%, 12/12/2028(b)(i)
|
167,023
|
|
51,974
|
U.S. Fertility Enterprises LLC, 2025 Delayed Draw
Term Loan, 1.750%, 12/30/2032(k)
|
51,779
|
|
343,026
|
U.S. Fertility Enterprises LLC, 2025 Term Loan, 3 mo.
USD SOFR + 3.500%, 7.167%, 12/30/2032(b)(i)
|
341,740
|
|
|
|
1,152,193
|
|
|
Industrial Other — 0.1%
|
|
|
120,000
|
Fluid Flow Products, Inc., 2026 Term Loan B,
3/04/2033(j)
|
119,850
|
|
|
Media Entertainment — 0.3%
|
|
|
205,000
|
Electronic Arts, Inc., USD Term Loan B, 3/24/2033(j)
|
203,719
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
|
||
|
|
Metals & Mining — 0.2%
|
|
|
$51,920
|
GrafTech Finance, Inc., 2024 Delayed Draw Term
Loan, 3.750%, 12/21/2029(k)
|
$49,032
|
|
90,859
|
GrafTech Finance, Inc., 2024 Term Loan, 3 mo. USD
SOFR + 6.000%, 9.670%, 12/21/2029(b)(i)
|
85,806
|
|
|
|
134,838
|
|
|
Paper — 0.8%
|
|
|
630,000
|
Mativ Holdings, Inc., 2026 Term Loan B, 4/04/2033(j)
|
604,800
|
|
|
Property & Casualty Insurance — 1.0%
|
|
|
388,124
|
Acrisure LLC, 2024 1st Lien Term Loan B6, 1 mo. USD
SOFR + 3.000%, 6.668%, 11/06/2030(b)(i)
|
375,414
|
|
232,491
|
Ardonagh Midco 3 PLC, 2024 USD Term Loan B, USD
SOFR + 2.750%, 6.374%, 2/15/2031(b)(i)
|
226,825
|
|
25,569
|
Asurion LLC, 2023 Term Loan B11, 1 mo. USD SOFR +
4.250%, 8.018%, 8/19/2028(b)(i)
|
25,532
|
|
139,926
|
Truist Insurance Holdings LLC, 2nd Lien Term Loan,
3 mo. USD SOFR + 4.750%, 8.450%, 5/06/2032(b)(i)
|
138,308
|
|
|
|
766,079
|
|
|
Supermarkets — 0.3%
|
|
|
278,929
|
Northeast Grocery, Inc., Term Loan B, 3 mo. USD
SOFR + 7.500%, 11.152%, 12/13/2028(b)(i)
|
279,277
|
|
|
Technology — 2.0%
|
|
|
214,000
|
Cyberswift U.S. Finco LLC, Term Loan B, 10/08/2032(j)
|
210,255
|
|
64,673
|
Darktrace PLC, 1st Lien Term Loan, 3 mo. USD SOFR
+ 3.250%, 6.898%, 10/09/2031(b)
|
61,772
|
|
245,000
|
Darktrace PLC, 2nd Lien Term Loan, 3 mo. USD SOFR
+ 5.250%, 8.898%, 10/09/2032(b)(i)
|
225,248
|
|
633,039
|
Dayforce, Inc., 2026 Term Loan, 3 mo. USD SOFR +
3.000%, 6.661%, 2/04/2033(b)(i)
|
598,044
|
|
52,314
|
GoTo Group, Inc., 2024 First Out Term Loan, 3 mo.
USD SOFR + 4.750%, 8.571%, 4/28/2028(b)(i)
|
42,766
|
|
114,660
|
Project Alpha Intermediate Holding, Inc., 2024 1st
Lien Term Loan B, 3 mo. USD SOFR + 3.250%,
6.950%, 10/26/2030(b)(i)
|
86,386
|
|
365,000
|
Vantor Holdings, Inc., 1st Lien Term Loan, 3 mo. USD
SOFR + 4.500%, 8.170%, 3/03/2033(b)(i)
|
357,244
|
|
|
|
1,581,715
|
|
|
Total Senior Loans
(Identified Cost $5,991,545)
|
5,725,457
|
|
Shares
|
Description
|
Value (†)
|
|
Preferred Stocks — 0.3%
|
||
|
|
||
|
|
||
|
Convertible Preferred Stocks — 0.3%
|
||
|
|
Aerospace & Defense — 0.1%
|
|
|
900
|
Boeing Co., 6.000%
|
$58,392
|
|
|
Brokerage — 0.0%
|
|
|
263
|
Apollo Global Management, Inc., 6.750%
|
15,375
|
|
|
Chemicals — 0.0%
|
|
|
350
|
Albemarle Corp., 7.250%
|
25,148
|
|
|
Electric — 0.1%
|
|
|
1,683
|
PG&E Corp., Series A, 6.000%
|
72,352
|
|
|
Technology — 0.1%
|
|
|
1,200
|
Oracle Corp., Series D, 6.500%
|
54,012
|
|
|
Total Convertible Preferred Stocks
(Identified Cost $238,211)
|
225,279
|
|
|
Total Preferred Stocks
(Identified Cost $238,211)
|
225,279
|
|
|
||
|
|
||
|
Common Stocks— 0.0%
|
||
|
|
Energy Equipment & Services — 0.0%
|
|
|
81
|
McDermott International Ltd.(g)
|
2,106
|
|
|
Real Estate Management & Development — 0.0%
|
|
|
12,176
|
China Aoyuan Group Ltd.(g)
|
93
|
|
33,934
|
Kaisa Group Holdings Ltd.(g)
|
385
|
|
43,613
|
Times China Holdings Ltd.(g)
|
412
|
|
30,226
|
Yuzhou Group Holdings Co. Ltd.(g)
|
613
|
|
|
|
1,503
|
|
|
Semiconductors & Semiconductor Equipment — 0.0%
|
|
|
1,509
|
Wolfspeed, Inc.(g)
|
24,627
|
|
|
Total Common Stocks
(Identified Cost $331,475)
|
28,236
|
|
|
||
|
|
||
|
Other Investments — 0.0%
|
||
|
|
Aircraft ABS — 0.0%
|
|
|
100
|
ECAF I Blocker, Ltd.(a)(f)(g)
|
—
|
|
|
Professional Services — 0.0%
|
|
|
456,218
|
CFLD Cayman Trust Units(a)(g)
|
2,318
|
|
|
Total Other Investments
(Identified Cost $1,002,200)
|
2,318
|
|
|
||
|
|
||
|
Warrants — 0.0%
|
||
|
20,319
|
McDermott International Ltd., Tranche A, Expiration
on 6/30/2027(a)(g)
|
—
|
|
22,577
|
McDermott International Ltd., Tranche B, Expiration
on 6/30/2027(a)(g)
|
—
|
|
|
Total Warrants
(Identified Cost $31,517)
|
—
|
|
Principal
Amount
|
Description
|
Value (†)
|
|
Short-Term Investments — 4.3%
|
||
|
$1,372,140
|
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 3/31/2026 at 2.150% to be
repurchased at $1,372,222 on 4/01/2026 collateralized
by $1,394,300 U.S. Treasury Note, 4.125% due
9/30/2027 valued at $1,399,583 including accrued
interest(l)
|
$1,372,140
|
|
885,000
|
U.S. Treasury Bills,
3.511%–3.527%, 4/07/2026(m)(n)(o)
|
884,467
|
|
1,198,000
|
U.S. Treasury Bills, 3.612%–3.621%, 6/18/2026(n)(o)
|
1,188,663
|
|
|
Total Short-Term Investments
(Identified Cost $3,445,235)
|
3,445,270
|
|
|
Total Investments — 99.1%
(Identified Cost $84,947,095)
|
78,713,584
|
|
|
Other assets less liabilities — 0.9%
|
699,237
|
|
|
Net Assets — 100.0%
|
$79,412,821
|
|
(†)
|
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. 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. Senior loans 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 and senior loans
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. 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.
|
|
(a)
|
Level 3 security. Value has been determined using significant unobservable inputs.
|
|
(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)
|
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
$57,432,114 or 72.3% of net assets.
|
|
(d)
|
Perpetual bond with no specified maturity date.
|
|
(e)
|
Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal.
|
|
(f)
|
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.
|
10/04/2021-4/03/2024
|
$43,828
|
$1,353
|
Less than 0.1%
|
|
Add Hero Holdings Ltd.
|
10/04/2021-4/03/2024
|
36,528
|
351
|
Less than 0.1%
|
|
Add Hero Holdings Ltd.
|
10/04/2021-4/03/2024
|
45,677
|
335
|
Less than 0.1%
|
|
China Aoyuan Group Ltd.
|
10/04/2021-3/21/2024
|
658
|
122
|
Less than 0.1%
|
|
China Aoyuan Group Ltd.
|
10/04/2021-3/21/2024
|
196
|
82
|
Less than 0.1%
|
|
China Aoyuan Group Ltd.
|
10/04/2021-9/30/2024
|
13,696
|
50
|
Less than 0.1%
|
|
ECAF I Blocker, Ltd.
|
6/18/2015
|
1,000,000
|
—
|
0.0%
|
|
Yuzhou Group Holdings Co. Ltd.
|
8/05/2021-12/31/2025
|
78,385
|
2,517
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
8/05/2021-1/07/2026
|
74,943
|
2,247
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
8/05/2021-1/16/2026
|
63,697
|
1,752
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
8/05/2021-1/07/2026
|
7,434
|
1,478
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
8/05/2021-1/09/2026
|
44,305
|
781
|
Less than 0.1%
|
|
Yuzhou Group Holdings Co. Ltd.
|
8/05/2021-1/07/2026
|
11,504
|
59
|
Less than 0.1%
|
|
(g)
|
Non-income producing security.
|
|
(h)
|
The issuer is in default with respect to interest and/or principal payments. Income
is not being accrued.
|
|
(i)
|
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 2.00%, to which the spread is added.
|
|
(j)
|
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.
|
|
(k)
|
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.
|
|
(l)
|
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.
|
|
(m)
|
Security (or a portion thereof) has been pledged as collateral for open derivative
contracts.
|
|
(n)
|
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.
|
|
(o)
|
Interest rate represents discount rate at time of purchase; not a coupon rate.
|
|
ABS
|
Asset-Backed Securities
|
|
DIP
|
Debtor In Possession
|
|
PIK
|
Payment-in-Kind
|
|
REIT
|
Real Estate Investment Trust
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
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 2 Year U.S. Treasury Notes Futures
|
6/30/2026
|
34
|
$7,102,092
|
$7,053,141
|
$(48,951
)
|
|
CBOT 5 Year U.S. Treasury Notes Futures
|
6/30/2026
|
13
|
1,424,411
|
1,406,336
|
(18,075
)
|
|
Ultra 10 Year U.S. Treasury Notes Futures
|
6/18/2026
|
4
|
463,285
|
454,063
|
(9,222
)
|
|
Total
|
|
|
|
|
$(76,248
)
|
|
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 5 Year U.S. Treasury Notes Futures
|
6/30/2026
|
27
|
$2,962,863
|
$2,920,852
|
$42,011
|
|
CBOT U.S. Long Bond Futures
|
6/18/2026
|
4
|
470,487
|
455,500
|
14,987
|
|
CBOT Ultra Long-Term U.S. Treasury Bond Futures
|
6/18/2026
|
1
|
120,608
|
116,563
|
4,045
|
|
Ultra 10 Year U.S. Treasury Notes Futures
|
6/18/2026
|
6
|
696,363
|
681,094
|
15,269
|
|
Total
|
|
|
|
|
$76,312
|
|
Asset Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Bonds and Notes
|
|
|
|
|
|
Non-Convertible Bonds
|
|
|
|
|
|
ABS Home Equity
|
$ —
|
$ —
|
$49,866
|
$49,866
|
|
Home Construction
|
—
|
1,633,677
|
—
|
1,633,677
|
|
Non-Agency Commercial Mortgage-Backed Securities
|
—
|
308,936
|
5,900
|
314,836
|
|
All Other Non-Convertible Bonds
|
—
|
64,519,040
|
—
|
64,519,040
|
|
Total Non-Convertible Bonds
|
—
|
66,461,653
|
55,766
|
66,517,419
|
|
Convertible Bonds(a)
|
—
|
2,769,605
|
—
|
2,769,605
|
|
Total Bonds and Notes
|
—
|
69,231,258
|
55,766
|
69,287,024
|
|
Senior Loans(a)
|
—
|
5,725,457
|
—
|
5,725,457
|
|
Preferred Stocks(a)
|
225,279
|
—
|
—
|
225,279
|
|
Asset Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Common Stocks
|
|
|
|
|
|
Real Estate Management & Development
|
$998
|
$505
|
$ —
|
$1,503
|
|
All Other Common Stocks(a)
|
26,733
|
—
|
—
|
26,733
|
|
Total Common Stocks
|
27,731
|
505
|
—
|
28,236
|
|
Other Investments
|
|
|
|
|
|
Aircraft ABS
|
—
|
—
|
—
|
—
|
|
Professional Services
|
—
|
—
|
2,318
|
2,318
|
|
Total Other Investments
|
—
|
—
|
2,318
|
2,318
|
|
Warrants
|
—
|
—
|
—
|
—
|
|
Short-Term Investments
|
—
|
3,445,270
|
—
|
3,445,270
|
|
Total Investments
|
253,010
|
78,402,490
|
58,084
|
78,713,584
|
|
Futures Contracts (unrealized appreciation)
|
76,312
|
—
|
—
|
76,312
|
|
Total
|
$329,322
|
$78,402,490
|
$58,084
|
$78,789,896
|
|
Liability Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Futures Contracts (unrealized depreciation)
|
$(76,248
)
|
$ —
|
$ —
|
$(76,248
)
|
|
(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
|
|
Bonds and Notes
|
|
|
|
|
|
|
|
|
|
|
|
Non-Convertible Bonds
|
|
|
|
|
|
|
|
|
|
|
|
ABS Home Equity
|
$50,113
|
$ —
|
$58
|
$(101
)
|
$ —
|
$(204
)
|
$ —
|
$ —
|
$49,866
|
$(141
)
|
|
Home Construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Non-Agency Commercial
Mortgage-Backed Securities
|
5,900
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
5,900
|
—
|
|
Other Investments
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft ABS
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Professional Services
|
2,289
|
—
|
—
|
29
|
—
|
—
|
—
|
—
|
2,318
|
29
|
|
Warrants
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Total
|
$58,302
|
$ —
|
$58
|
$(72
)
|
$ —
|
$(204
)
|
$ —
|
$ —
|
$58,084
|
$(112
)
|