Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Constellium
SE,
6.38%,
08/15/32
(a)
........
USD
20
$
20,261
Fortescue
Treasury
Pty.
Ltd.,
6.13%,
04/15/32
(a)
39
39,790
New
Gold,
Inc.,
6.88%,
04/01/32
(a)
........
23
23,608
241,074
Oil,
Gas
&
Consumable
Fuels
—
10.2%
Antero
Midstream
Partners
LP,
6.63%,
02/01/32
(a)
37
37,991
Ascent
Resources
Utica
Holdings
LLC,
6.63%,
10/15/32
(a)
......................
28
28,489
Baytex
Energy
Corp.,
7.38%,
03/15/32
(a)
(b)
....
31
29,964
Blue
Racer
Midstream
LLC,
7.25%,
07/15/32
(a)
.
28
29,526
CNX
Resources
Corp.,
7.25%,
03/01/32
(a)
....
36
37,079
Crescent
Energy
Finance
LLC,
7.63%,
04/01/32
(a)
......................
62
60,606
Genesis
Energy
LP,
7.88%,
05/15/32
(b)
......
34
35,186
Global
Partners
LP,
8.25%,
01/15/32
(a)
......
27
28,292
Harvest
Midstream
I
LP,
7.50%,
05/15/32
(a)
...
29
30,163
Hilcorp
Energy
I
LP,
6.25%,
04/15/32
(a)
......
31
29,765
Howard
Midstream
Energy
Partners
LLC,
7.38%,
07/15/32
(a)
......................
35
36,194
Magnolia
Oil
&
Gas
Operating
LLC,
6.88%,
12/01/32
(a)
......................
18
18,187
Matador
Resources
Co.,
6.50%,
04/15/32
(a)
...
49
49,081
Murphy
Oil
Corp.,
6.00%,
10/01/32
(b)
.......
32
30,673
NGL
Energy
Operating
LLC,
8.38%,
02/15/32
(a)
72
70,447
Northriver
Midstream
Finance
LP,
6.75%,
07/15/32
(a)
......................
36
36,730
Parkland
Corp.,
6.63%,
08/15/32
(a)
........
29
29,585
Permian
Resources
Operating
LLC,
7.00%,
01/15/32
(a)
......................
54
55,795
SM
Energy
Co.,
7.00%,
08/01/32
(a)
........
39
38,610
Sunoco
LP,
7.25%,
05/01/32
(a)
...........
39
40,890
Venture
Global
LNG,
Inc.,
9.88%,
02/01/32
(a)
..
104
112,213
Vital
Energy,
Inc.,
7.88%,
04/15/32
(a)
.......
53
46,544
912,010
Personal
Care
Products
—
1.1%
Opal
Bidco
SAS,
6.50%,
03/31/32
(a)
........
60
60,671
Perrigo
Finance
Unlimited
Co.,
6.13%,
09/30/32
39
39,253
99,924
Pharmaceuticals
—
3.0%
(a)
1261229
BC
Ltd.,
10.00%,
04/15/32
.......
240
244,295
Amneal
Pharmaceuticals
LLC,
6.88%,
08/01/32
25
25,374
269,669
Professional
Services
—
0.6%
Amentum
Holdings,
Inc.,
7.25%,
08/01/32
(a)
...
51
52,764
Software
—
1.6%
(a)
Cloud
Software
Group,
Inc.,
8.25%,
06/30/32
..
94
100,114
SS&C
Technologies,
Inc.,
6.50%,
06/01/32
...
44
45,286
145,400
Specialized
REITs
—
0.4%
Iron
Mountain,
Inc.,
5.63%,
07/15/32
(a)
......
32
31,566
Specialty
Retail
—
1.7%
Advance
Auto
Parts,
Inc.,
3.50%,
03/15/32
(b)
..
20
17,080
Asbury
Automotive
Group,
Inc.,
5.00%,
02/15/32
(a)
......................
36
34,078
Cougar
JV
Subsidiary
LLC,
8.00%,
05/15/32
(a)
.
40
42,285
Global
Auto
Holdings
Ltd.,
8.75%,
01/15/32
(a)
..
30
26,508
Sally
Holdings
LLC,
6.75%,
03/01/32
.......
35
35,940
155,891
Technology
Hardware,
Storage
&
Peripherals
—
0.5%
Seagate
Data
Storage
Technology
Pte.
Ltd.,
9.63%,
12/01/32
(a)
.................
36
40,467
Security
Par
(000)
Par
(000)
Value
Tobacco
—
0.2%
Turning
Point
Brands,
Inc.,
7.63%,
03/15/32
(a)
..
USD
16
$
16,745
Trading
Companies
&
Distributors
—
2.8%
FTAI
Aviation
Investors
LLC,
7.00%,
06/15/32
(a)
41
42,495
QXO
Building
Products,
Inc.,
6.75%,
04/30/32
(a)
120
123,620
United
Rentals
North
America,
Inc.,
3.75%,
01/15/32
.......................
44
40,041
WESCO
Distribution,
Inc.,
6.63%,
03/15/32
(a)
..
43
44,362
250,518
Wireless
Telecommunication
Services
—
0.5%
Vmed
O2
UK
Financing
I
plc,
7.75%,
04/15/32
(a)
40
41,699
Total
Long-Term
Investments
—
97
.6
%
(Cost:
$
8,606,881
)
...............................
8,697,929
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
9.8%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.44
%
(g)
...................
842,553
842,890
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
....................
27,113
27,113
Total
Short-Term
Securities
—
9
.8
%
(Cost:
$
870,003
)
.................................
870,003
Total
Investments
—
107
.4
%
(Cost:
$
9,476,884
)
...............................
9,567,932
Liabilities
in
Excess
of
Other
Assets
—
(
7.4
)
%
.............
(
656,561
)
Net
Assets
—
100.0%
...............................
$
8,911,371
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/
or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(d)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.