| Fund & Benchmark | Performance |
|||
| Total Return (based on net asset value (“NAV”))1 |
-0.02 | % | ||
| Total Return (based on market value)1 |
-11.48 | % | ||
| ICE BofA US High Yield Constrained Index (the “Index”)2 |
2.30 | % | ||
| 1 | Assuming reinvestment of distributions. |
| 2 | The ICE BofA US High Yield Constrained Index (the “Index”) is an unmanaged index that tracks the performance of below investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer’s allocation is limited to 2% of the Index. The Index does not have transaction costs and investors cannot invest directly in the Index. |
| John G. Popp Chief Investment Officer* |
Omar Tariq Chief Executive Officer and President** |
| * | John G. Popp is a Managing Director of UBS Asset Management (Americas) LLC (“UBS AM (Americas)”) and Group Head and Chief Investment Officer of Credit Investments Group (“CIG”), with primary responsibility for making investment decisions and monitoring processes for CIG’s global investment strategies. Mr. Popp also serves as Trustee and Director for the Credit Suisse Opportunity Funds and for the Credit Suisse Asset Management Income Fund, Inc., respectively. |
| ** | Omar Tariq is an Executive Director of UBS AM (Americas). Mr. Tariq also serves as Chief Executive Officer and President for the Credit Suisse Opportunity Funds and for the Credit Suisse Asset Management Income Fund, Inc. |
| 6 Months | 1 Year | 3 Years | 5 Years | 10 Years | ||||||||||||||||
| Net Asset Value (“NAV”) |
(0.02)% | 5.00% | 8.72% | 4.42% | 7.94% | |||||||||||||||
| Market Value |
(11.68)% | (4.95)% | 7.03% | 2.44% | 6.81% | |||||||||||||||
| BBB |
2.7 | % | ||
| BB |
38.0 | |||
| B |
36.6 | |||
| CCC |
13.8 | |||
| NR |
6.3 | |||
| |
|
|||
| Subtotal |
97.4 | |||
| Equity and Other |
2.6 | |||
| |
|
|||
| Total |
100.0 | % | ||
| |
|
| * | Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time. |
| ** | Credit Quality is based on ratings provided by the S&P Global Ratings Division of S&P Global Inc. (“S&P”). S&P is a main provider of ratings for credit assets classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P. |
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (110.0%) |
||||||||||||||||||
| Aerospace & Defense (5.0%) |
||||||||||||||||||
| $ | 679 | AAR Escrow Issuer LLC, Rule 144A, Company Guaranteed Notes (Callable 05/10/26 @ $103.38)(1) |
(BB, Ba2) | 03/15/29 | 6.750 | $ | 697,675 | |||||||||||
| 2,400 | Amentum Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/01/27 @ $103.63)(1) |
(BB‑, B2) | 08/01/32 | 7.250 | 2,488,497 | |||||||||||||
| 795 | Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/15/28 @ $103.38)(1) |
(BB‑, Ba3) | 06/15/33 | 6.750 | 829,901 | |||||||||||||
| 587 | Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/30/26 @ $103.75)(1) |
(BB‑, Ba3) | 02/01/29 | 7.500 | 610,177 | |||||||||||||
| 900 | Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Callable 11/15/26 @ $104.38)(1) |
(BB‑, Ba3) | 11/15/30 | 8.750 | 956,460 | |||||||||||||
| 1,323 | CACI International, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/28 @ $103.19)(1) |
(BB‑, Ba2) | 06/15/33 | 6.375 | 1,353,377 | |||||||||||||
| 655 | Science Applications International Corp., Rule 144A, Company Guaranteed Notes (Callable 11/01/28 @ $102.94)(1) |
(BB‑, Ba3) | 11/01/33 | 5.875 | 646,284 | |||||||||||||
| 2,267 | TransDigm, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/28 @ $103.19)(1) |
(B, B3) | 05/31/33 | 6.375 | 2,285,435 | |||||||||||||
| 660 | TransDigm, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/27 @ $103.31)(1) |
(BB‑, Ba3) | 03/01/32 | 6.625 | 679,066 | |||||||||||||
| |
|
|||||||||||||||||
| 10,546,872 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Air Transportation (0.1%) |
||||||||||||||||||
| 147 | United Airlines Holdings, Inc., Global Company Guaranteed Notes (Callable 09/01/30 @ $100.00) |
(BB+, Ba2) | 03/01/31 | 5.375 | 145,076 | |||||||||||||
| |
|
|||||||||||||||||
| Auto Parts & Equipment (6.3%) |
||||||||||||||||||
| 511 | Advance Auto Parts, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/01/27 @ $103.50)(1) |
(BB, Ba3) | 08/01/30 | 7.000 | 526,638 | |||||||||||||
| 579 | Advance Auto Parts, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/01/28 @ $103.69)(1) |
(BB, Ba3) | 08/01/33 | 7.375 | 597,754 | |||||||||||||
| 1,500 | Belron U.K. Finance PLC, Rule 144A, Senior Secured Notes (Callable 10/15/26 @ $102.88)(1) |
(BB‑, Ba3) | 10/15/29 | 5.750 | 1,514,588 | |||||||||||||
| 1,710 | Clarios Global LP/Clarios U.S. Finance Co., Rule 144A, Company Guaranteed Notes (Callable 09/15/28 @ $103.38)(1) |
(B, Caa1) | 09/15/32 | 6.750 | 1,749,848 | |||||||||||||
| 1,198 | Clarios Global LP/Clarios U.S. Finance Co., Rule 144A, Senior Secured Notes (Callable 02/15/27 @ $103.38)(1) |
(BB‑, B2) | 02/15/30 | 6.750 | 1,238,600 | |||||||||||||
| 893 | Cougar JV Subsidiary LLC, Rule 144A, Senior Unsecured Notes (Callable 05/15/27 @ $104.00)(1) |
(B+, B2) | 05/15/32 | 8.000 | 939,540 | |||||||||||||
| 2,575 | Dealer Tire LLC/DT Issuer LLC, Rule 144A, Senior Unsecured Notes (Callable 05/30/26 @ $100.00)(1) |
(CCC, Caa1) | 02/01/28 | 8.000 | 2,562,754 | |||||||||||||
| 2,153 | Garrett Motion Holdings, Inc./Garrett LX I SARL, Rule 144A, Company Guaranteed Notes (Callable 05/31/27 @ $103.88)(1) |
(B+, B1) | 05/31/32 | 7.750 | 2,248,305 | |||||||||||||
| 1,802 | Phinia, Inc., Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $103.38)(1) |
(BB+, Baa3) | 04/15/29 | 6.750 | 1,846,172 | |||||||||||||
| |
|
|||||||||||||||||
| 13,224,199 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Brokerage (1.6%) |
||||||||||||||||||
| 1,954 | Stonex Escrow Issuer LLC, Rule 144A, Secured Notes (Callable 07/15/28 @ $103.44)(1) |
(BB, Ba3) | 07/15/32 | 6.875 | 2,021,300 | |||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (continued) |
||||||||||||||||||
| Brokerage (continued) |
||||||||||||||||||
| $ | 1,314 | StoneX Group, Inc., Rule 144A, Secured Notes (Callable 03/01/27 @ $103.94)(1) |
(BB, Ba3) | 03/01/31 | 7.875 | $ | 1,384,383 | |||||||||||
| |
|
|||||||||||||||||
| 3,405,683 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Building & Construction (2.1%) |
||||||||||||||||||
| 728 | Installed Building Products, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/29 @ $102.81)(1) |
(BB‑, Ba2) | 02/01/34 | 5.625 | 726,186 | |||||||||||||
| 2,134 | MasTec, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/10/26 @ $101.66)(1) |
(BBB‑, NR) | 08/15/29 | 6.625 | 2,143,774 | |||||||||||||
| 614 | Quikrete Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/28 @ $103.19)(1) |
(BB, Ba3) | 03/01/32 | 6.375 | 623,015 | |||||||||||||
| 1,024 | Quikrete Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 03/01/28 @ $103.38)(1) |
(B+, B2) | 03/01/33 | 6.750 | 1,039,987 | |||||||||||||
| |
|
|||||||||||||||||
| 4,532,962 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Building Materials (3.1%) |
||||||||||||||||||
| 565 | Advanced Drainage Systems, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/26 @ $103.19)(1) |
(BB‑, Ba2) | 06/15/30 | 6.375 | 573,456 | |||||||||||||
| 1,093 | Arcosa, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ $103.44)(1) |
(B+, Ba3) | 08/15/32 | 6.875 | 1,133,634 | |||||||||||||
| 60 | Camelot Return Merger Sub, Inc., Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $103.28)(1),(2) |
(CCC+, Caa1) | 08/01/28 | 8.750 | 39,000 | |||||||||||||
| 1,135 | Cornerstone Building Brands, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/26 @ $104.75)(1),(2) |
(CCC+, Caa1) | 08/15/29 | 9.500 | 727,718 | |||||||||||||
| 513 | JH North America Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 07/31/27 @ $102.94)(1) |
(BBB‑, Ba1) | 01/31/31 | 5.875 | 513,169 | |||||||||||||
| 67 | JH North America Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 07/31/28 @ $103.06)(1) |
(BBB‑, Ba1) | 07/31/32 | 6.125 | 67,196 | |||||||||||||
| 751 | Masterbrand, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/27 @ $103.50)(1) |
(BB, B1) | 07/15/32 | 7.000 | 747,381 | |||||||||||||
| 1,820 | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Rule 144A, Senior Secured Notes (Callable 04/01/27 @ $103.38)(1) |
(BB‑, B2) | 04/01/32 | 6.750 | 1,800,581 | |||||||||||||
| 960 | White Cap Supply Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 11/15/26 @ $103.69)(1) |
(CCC+, Caa2) | 11/15/30 | 7.375 | 971,383 | |||||||||||||
| |
|
|||||||||||||||||
| 6,573,518 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Cable & Satellite TV (1.9%) |
||||||||||||||||||
| 1,088 | CCO Holdings LLC/CCO Holdings Capital Corp., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $101.79)(1) |
(BB‑, B1) | 06/01/29 | 5.375 | 1,071,022 | |||||||||||||
| 143 | CCO Holdings LLC/CCO Holdings Capital Corp., Rule 144A, Senior Unsecured Notes (Callable 05/30/26 @ $100.00)(1) |
(BB‑, B1) | 05/01/27 | 5.125 | 142,911 | |||||||||||||
| 1,200 | Sunrise FinCo I BV, Rule 144A, Senior Secured Notes (Callable 07/15/26 @ $102.44)(1) |
(BB‑, Ba3) | 07/15/31 | 4.875 | 1,153,548 | |||||||||||||
| 1,000 | Telenet Finance Luxembourg Notes SARL, Rule 144A, Senior Secured Notes (Callable 05/10/26 @ $100.00)(1) |
(BB‑, B1) | 03/01/28 | 5.500 | 992,041 | |||||||||||||
| 812 | VZ Secured Financing BV, Rule 144A, Senior Secured Notes (Callable 01/15/27 @ $102.50)(1) |
(B+, B1) | 01/15/32 | 5.000 | 711,955 | |||||||||||||
| |
|
|||||||||||||||||
| 4,071,477 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (continued) |
||||||||||||||||||
| Chemicals (2.4%) |
||||||||||||||||||
| $ | 715 | Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 05/30/26 @ $103.56)(1) |
(BB‑, Ba3) | 08/01/30 | 7.125 | $ | 728,672 | |||||||||||
| 725 | Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 09/15/27 @ $103.13)(1) |
(BB‑, Ba3) | 11/01/31 | 6.250 | 735,613 | |||||||||||||
| 726 | Element Solutions, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $100.00)(1) |
(BB+, B1) | 09/01/28 | 3.875 | 708,059 | |||||||||||||
| 1,200 | Herens Midco SARL, Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $100.00)(1),(3) |
(CCC, Caa2) | 05/15/29 | 5.250 | 613,476 | |||||||||||||
| 875 | Methanex U.S. Operations, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/31 @ $100.00)(1) |
(BB, Ba2) | 03/15/32 | 6.250 | 900,898 | |||||||||||||
| 396 | Tronox, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $100.00)(1),(2) |
(CCC+, Caa1) | 03/15/29 | 4.625 | 331,700 | |||||||||||||
| 1,041 | WR Grace Holdings LLC, Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $103.69)(1) |
(B‑, B2) | 03/01/31 | 7.375 | 1,052,536 | |||||||||||||
| |
|
|||||||||||||||||
| 5,070,954 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Diversified Capital Goods (2.6%) |
||||||||||||||||||
| 843 | Atkore, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ $102.13)(1) |
(BB+, Ba2) | 06/01/31 | 4.250 | 804,865 | |||||||||||||
| 2,163 | Dexko Global, Inc., Rule 144A, Company Guaranteed Notes (Callable 04/15/28 @ $103.75)(1),(2) |
(CCC, Caa2) | 04/15/32 | 7.500 | 1,944,299 | |||||||||||||
| 900 | EnerSys, Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ $100.00)(1) |
(BB+, Ba3) | 12/15/27 | 4.375 | 888,988 | |||||||||||||
| 750 | EnerSys, Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ $103.31)(1) |
(BB+, Ba3) | 01/15/32 | 6.625 | 772,537 | |||||||||||||
| 1,118 | Maxam Prill SARL, Rule 144A, Senior Secured Notes (Callable 07/02/27 @ $103.88)(1) |
(B+, NR) | 07/15/30 | 7.750 | 1,160,089 | |||||||||||||
| |
|
|||||||||||||||||
| 5,570,778 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Electric - Generation (0.1%) |
||||||||||||||||||
| 141 | NRG Energy, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/29 @ $102.94)(1) |
(BB, NR) | 05/15/34 | 5.875 | 140,337 | |||||||||||||
| 142 | NRG Energy, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/31 @ $103.06)(1) |
(BB, NR) | 05/15/36 | 6.125 | 141,371 | |||||||||||||
| |
|
|||||||||||||||||
| 281,708 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Electronics (1.9%) |
||||||||||||||||||
| 906 | Ellucian Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 12/01/26 @ $103.25)(1) |
(B‑, B2) | 12/01/29 | 6.500 | 893,135 | |||||||||||||
| 1,802 | Ingram Micro, Inc., Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $100.00)(1) |
(BB, Ba3) | 05/15/29 | 4.750 | 1,772,018 | |||||||||||||
| 1,250 | Sensata Technologies, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/27 @ $103.31)(1) |
(BB+, Ba2) | 07/15/32 | 6.625 | 1,287,862 | |||||||||||||
| |
|
|||||||||||||||||
| 3,953,015 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Energy - Exploration & Production (4.8%) |
||||||||||||||||||
| 999 | CNX Midstream Partners LP, Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $101.19)(1) |
(BB, B1) | 04/15/30 | 4.750 | 967,239 | |||||||||||||
| 550 | CNX Resources Corp., Rule 144A, Company Guaranteed Notes (Callable 03/01/27 @ $103.63)(1) |
(BB, B1) | 03/01/32 | 7.250 | 575,088 | |||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (continued) |
||||||||||||||||||
| Energy - Exploration & Production (continued) |
||||||||||||||||||
| $ | 359 | CNX Resources Corp., Rule 144A, Company Guaranteed Notes (Callable 03/01/29 @ $102.94)(1) |
(BB, B1) | 03/01/34 | 5.875 | $ | 356,328 | |||||||||||
| 2,750 | CQP Holdco LP/BIP‑V Chinook Holdco LLC, Rule 144A, Senior Secured Notes (Callable 12/15/28 @ $103.75)(1) |
(BB, Ba2) | 12/15/33 | 7.500 | 2,935,586 | |||||||||||||
| 286 | Excelerate Energy LP, Rule 144A, Company Guaranteed Notes (Callable 05/15/27 @ $104.00)(1) |
(BB+, NR) | 05/15/30 | 8.000 | 303,527 | |||||||||||||
| 874 | Matador Resources Co., Rule 144A, Company Guaranteed Notes (Callable 04/15/27 @ $103.25)(1) |
(BB‑, B1) | 04/15/32 | 6.500 | 892,680 | |||||||||||||
| 789 | Northern Oil & Gas, Inc., Rule 144A, Senior Unsecured Notes (Callable 10/15/28 @ $103.94)(1) |
(B+, B1) | 10/15/33 | 7.875 | 817,779 | |||||||||||||
| 1,934 | SM Energy Co., Rule 144A, Company Guaranteed Notes (Callable 07/01/26 @ $104.38)(1) |
(BB, B1) | 07/01/31 | 8.750 | 2,029,429 | |||||||||||||
| 191 | SM Energy Co., Rule 144A, Company Guaranteed Notes (Callable 11/01/26 @ $104.31)(1) |
(BB, B1) | 11/01/30 | 8.625 | 202,088 | |||||||||||||
| 1,080 | TGNR Intermediate Holdings LLC, Rule 144A, Senior Unsecured Notes (Callable 05/30/26 @ $101.38)(1) |
(B+, B3) | 10/15/29 | 5.500 | 1,065,904 | |||||||||||||
| |
|
|||||||||||||||||
| 10,145,648 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Environmental (0.9%) |
||||||||||||||||||
| 335 | Clean Harbors, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $103.19)(1) |
(BB+, Ba2) | 02/01/31 | 6.375 | 341,137 | |||||||||||||
| 492 | GFL Environmental Holdings U.S., Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/29 @ $102.75)(1) |
(BB, Ba3) | 02/01/34 | 5.500 | 484,572 | |||||||||||||
| 480 | Luna 1.5 SARL, Rule 144A, Senior Unsecured Notes 12.000% PIK (Callable 07/01/28 @ $106.00)(1),(4) |
(B‑, B3) | 07/01/32 | 12.000 | 512,346 | |||||||||||||
| 633 | Waste Pro U.S.A., Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/28 @ $103.50)(1) |
(B‑, Caa1) | 02/01/33 | 7.000 | 645,885 | |||||||||||||
| |
|
|||||||||||||||||
| 1,983,940 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Food - Wholesale (2.7%) |
||||||||||||||||||
| 500 | Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/10/26 @ $100.00)(1) |
(BB+, Ba2) | 04/15/27 | 5.250 | 499,948 | |||||||||||||
| 1,700 | Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/10/26 @ $103.00)(1) |
(BB+, Ba2) | 06/15/30 | 6.000 | 1,715,514 | |||||||||||||
| 1,079 | Froneri Lux FinCo SARL, Rule 144A, Senior Secured Notes (Callable 07/15/28 @ $103.00)(1) |
(BB‑, B1) | 08/01/32 | 6.000 | 1,067,514 | |||||||||||||
| 1,315 | Performance Food Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ $103.06)(1) |
(BB, B1) | 09/15/32 | 6.125 | 1,334,502 | |||||||||||||
| 1,072 | Post Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/31 @ $103.25)(1) |
(B+, B2) | 03/15/36 | 6.500 | 1,065,634 | |||||||||||||
| 96 | Post Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 10/15/29 @ $103.13)(1) |
(B+, B2) | 10/15/34 | 6.250 | 94,854 | |||||||||||||
| |
|
|||||||||||||||||
| 5,777,966 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Gaming (2.9%) |
||||||||||||||||||
| 599 | Brightstar Lottery PLC/Brightstar Global Solutions Corp., Rule 144A, Senior Secured Notes (Callable 12/15/28 @ $102.88)(1) |
(BB+, Ba1) | 01/15/33 | 5.750 | 587,711 | |||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (continued) |
||||||||||||||||||
| Gaming (continued) |
||||||||||||||||||
| $ | 473 | Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes (Callable 05/10/26 @ $103.50)(1) |
(BB‑, Ba3) | 02/15/30 | 7.000 | $ | 480,034 | |||||||||||
| 268 | Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes (Callable 02/15/27 @ $103.25)(1) |
(BB‑, Ba3) | 02/15/32 | 6.500 | 260,505 | |||||||||||||
| 499 | Flutter Treasury DAC, Rule 144A, Senior Secured Notes (Callable 04/15/27 @ $102.94)(1) |
(BBB‑, Ba1) | 06/04/31 | 5.875 | 497,523 | |||||||||||||
| 1,355 | Light & Wonder International, Inc., Rule 144A, Company Guaranteed Notes (Callable 10/01/28 @ $103.13)(1) |
(BB‑, B2) | 10/01/33 | 6.250 | 1,344,495 | |||||||||||||
| 347 | Penn Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 04/01/28 @ $103.38)(1) |
(B, B3) | 04/01/31 | 6.750 | 344,117 | |||||||||||||
| 2,384 | Voyager Parent LLC, Rule 144A, Senior Secured Notes (Callable 07/01/28 @ $104.63)(1) |
(B, B1) | 07/01/32 | 9.250 | 2,536,669 | |||||||||||||
| |
|
|||||||||||||||||
| 6,051,054 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Gas Distribution (2.8%) |
||||||||||||||||||
| 159 | Antero Midstream Partners LP/Antero Midstream Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 10/15/28 @ $102.88)(1) |
(BB+, Ba2) | 10/15/33 | 5.750 | 158,777 | |||||||||||||
| 1,020 | Genesis Energy LP/Genesis Energy Finance Corp., Global Company Guaranteed Notes (Callable 05/30/26 @ $104.44) |
(B+, B2) | 04/15/30 | 8.875 | 1,068,986 | |||||||||||||
| 522 | Kinetik Holdings LP, Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $102.94)(1) |
(BB+, Ba1) | 06/15/30 | 5.875 | 524,063 | |||||||||||||
| 914 | Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes (Callable 03/15/28 @ $103.38)(1) |
(BB, Ba2) | 03/15/33 | 6.750 | 954,479 | |||||||||||||
| 315 | Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes (Callable 02/15/30 @ $100.00)(1) |
(BB, Ba2) | 05/15/30 | 4.800 | 307,573 | |||||||||||||
| 900 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $103.00)(1) |
(B+, B1) | 12/31/30 | 6.000 | 905,208 | |||||||||||||
| 1,950 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 05/30/26 @ $103.69)(1) |
(B+, B1) | 02/15/29 | 7.375 | 2,009,664 | |||||||||||||
| |
|
|||||||||||||||||
| 5,928,750 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Health Facilities (0.7%) |
||||||||||||||||||
| 513 | Insulet Corp., Rule 144A, Senior Unsecured Notes (Callable 04/01/28 @ $103.25)(1) |
(B+, B1) | 04/01/33 | 6.500 | 523,869 | |||||||||||||
| 369 | Surgery Center Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 04/15/27 @ $103.63)(1),(2) |
(CCC+, Caa1) | 04/15/32 | 7.250 | 368,466 | |||||||||||||
| 409 | Tenet Healthcare Corp., Rule 144A, Senior Secured Notes (Callable 11/15/28 @ $102.75)(1) |
(BB, Ba3) | 11/15/32 | 5.500 | 408,109 | |||||||||||||
| 351 | Western Dental Holdings LLC(16) |
(NR, NR) | 04/28/34 | 1.000 | 219,965 | |||||||||||||
| |
|
|||||||||||||||||
| 1,520,409 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Health Services (3.6%) |
||||||||||||||||||
| 2,630 | AMN Healthcare, Inc., Rule 144A, Company Guaranteed Notes (Callable 10/15/27 @ $103.25)(1) |
(BB‑, B1) | 01/15/31 | 6.500 | 2,621,890 | |||||||||||||
| 3,495 | AthenaHealth Group, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/30/26 @ $101.63)(1) |
(CCC, Caa2) | 02/15/30 | 6.500 | 3,334,477 | |||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (continued) |
||||||||||||||||||
| Health Services (continued) |
||||||||||||||||||
| $ | 1,569 | Pediatrix Medical Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $101.34)(1) |
(BB, Ba2) | 02/15/30 | 5.375 | $ | 1,561,706 | |||||||||||
| |
|
|||||||||||||||||
| 7,518,073 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Hotels (0.9%) |
||||||||||||||||||
| 466 | Hilton Domestic Operating Co., Inc., Rule 144A, Company Guaranteed Notes (Callable 07/01/28 @ $102.88)(1) |
(BB+, Ba2) | 09/15/33 | 5.750 | 469,235 | |||||||||||||
| 45 | Hilton Domestic Operating Co., Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $102.94)(1) |
(BB+, Ba2) | 04/01/29 | 5.875 | 45,642 | |||||||||||||
| 427 | RHP Hotel Properties LP/RHP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 06/15/28 @ $103.25)(1) |
(BB, Ba3) | 06/15/33 | 6.500 | 439,984 | |||||||||||||
| 247 | RHP Hotel Properties LP/RHP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 04/01/27 @ $103.25)(1) |
(BB, Ba3) | 04/01/32 | 6.500 | 253,572 | |||||||||||||
| 494 | RHP Hotel Properties LP/RHP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 03/15/29 @ $102.88)(1) |
(BB, Ba3) | 03/15/34 | 5.750 | 492,054 | |||||||||||||
| 139 | Wyndham Hotels & Resorts, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/01/29 @ $102.81)(1) |
(BB‑, Ba2) | 03/01/33 | 5.625 | 137,631 | |||||||||||||
| |
|
|||||||||||||||||
| 1,838,118 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Insurance Brokerage (4.8%) |
||||||||||||||||||
| 1,623 | Alliant Holdings Intermediate LLC/Alliant Holdings Co‑Issuer, Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $101.69)(1) |
(B, B2) | 04/15/28 | 6.750 | 1,643,510 | |||||||||||||
| 1,038 | Alliant Holdings Intermediate LLC/Alliant Holdings Co‑Issuer, Rule 144A, Senior Unsecured Notes (Callable 05/30/26 @ $100.00)(1) |
(CCC+, Caa2) | 10/15/27 | 6.750 | 1,038,978 | |||||||||||||
| 600 | AmWINS Group, Inc., Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $103.19)(1) |
(B+, B1) | 02/15/29 | 6.375 | 607,367 | |||||||||||||
| 1,602 | Ardonagh Finco Ltd., Rule 144A, Senior Secured Notes (Callable 02/15/27 @ $103.88)(1) |
(B‑, B3) | 02/15/31 | 7.750 | 1,634,648 | |||||||||||||
| 713 | Ardonagh Group Finance Ltd., Rule 144A, Senior Unsecured Notes (Callable 02/15/27 @ $104.44)(1) |
(CCC, Caa2) | 02/15/32 | 8.875 | 710,137 | |||||||||||||
| 619 | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC, Rule 144A, Senior Secured Notes (Callable 02/15/27 @ $103.63)(1) |
(B, B2) | 02/15/31 | 7.250 | 623,516 | |||||||||||||
| 1,200 | HUB International Ltd., Rule 144A, Senior Secured Notes (Callable 06/15/26 @ $103.63)(1) |
(B+, B1) | 06/15/30 | 7.250 | 1,241,978 | |||||||||||||
| 780 | Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $104.25)(1) |
(B‑, B2) | 03/15/30 | 8.500 | 804,449 | |||||||||||||
| 1,413 | Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Unsecured Notes (Callable 10/01/28 @ $103.44)(1) |
(CCC, Caa2) | 10/01/33 | 6.875 | 1,324,935 | |||||||||||||
| 516 | Panther Escrow Issuer LLC, Rule 144A, Senior Secured Notes (Callable 06/01/27 @ $103.56)(1) |
(B, B2) | 06/01/31 | 7.125 | 519,184 | |||||||||||||
| |
|
|||||||||||||||||
| 10,148,702 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Investments & Misc. Financial Services (5.3%) |
||||||||||||||||||
| 3,150 | Armor Holdco, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $102.13)(1) |
(CCC+, B3) | 11/15/29 | 8.500 | 3,136,017 | |||||||||||||
| 900 | Block, Inc., Global Senior Unsecured Notes (Callable 05/15/27 @ $103.25) |
(BB+, Ba1) | 05/15/32 | 6.500 | 917,464 | |||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (continued) |
||||||||||||||||||
| Investments & Misc. Financial Services (continued) |
||||||||||||||||||
| $ | 115 | Block, Inc., Rule 144A, Senior Unsecured Notes (Callable 08/15/27 @ $102.81)(1) |
(BB+, Ba1) | 08/15/30 | 5.625 | $ | 115,178 | |||||||||||
| 932 | Compass Group Diversified Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 05/15/26 @ $100.00)(1) |
(B‑, Caa1) | 04/15/29 | 5.250 | 882,286 | |||||||||||||
| 1,952 | Focus Financial Partners LLC, Rule 144A, Senior Secured Notes (Callable 09/15/27 @ $103.38)(1) |
(B, B2) | 09/15/31 | 6.750 | 1,990,123 | |||||||||||||
| 1,864 | Paysafe Finance PLC/Paysafe Holdings U.S. Corp., Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $101.00)(1),(2) |
(B, B2) | 06/15/29 | 4.000 | 1,562,524 | |||||||||||||
| 1,335 | VFH Parent LLC/Valor Co‑Issuer, Inc., Rule 144A, Senior Secured Notes (Callable 06/15/27 @ $103.75)(1) |
(B+, B1) | 06/15/31 | 7.500 | 1,402,747 | |||||||||||||
| 1,213 | Walker & Dunlop, Inc., Rule 144A, Company Guaranteed Notes (Callable 04/01/28 @ $103.31)(1) |
(BB, Ba2) | 04/01/33 | 6.625 | 1,206,982 | |||||||||||||
| |
|
|||||||||||||||||
| 11,213,321 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Machinery (4.7%) |
||||||||||||||||||
| 1,222 | Chart Industries, Inc., Rule 144A, Senior Secured Notes (Callable 05/10/26 @ $103.75)(1) |
(BB‑, Ba2) | 01/01/30 | 7.500 | 1,269,964 | |||||||||||||
| 600 | Columbus McKinnon Corp., Rule 144A, Senior Secured Notes (Callable 02/01/29 @ $103.56)(1) |
(B, Ba3) | 02/01/33 | 7.125 | 603,750 | |||||||||||||
| 2,441 | Enpro, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/01/28 @ $103.06)(1) |
(BB‑, Ba3) | 06/01/33 | 6.125 | 2,494,680 | |||||||||||||
| 2,811 | Enviri Corp., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $100.00)(1) |
(B, B3) | 07/31/27 | 5.750 | 2,820,330 | |||||||||||||
| 178 | Goat Holdco LLC, Rule 144A, Senior Secured Notes (Callable 02/01/28 @ $103.38)(1) |
(B, B2) | 02/01/32 | 6.750 | 182,542 | |||||||||||||
| 1,345 | Griffon Corp., Global Company Guaranteed Notes (Callable 05/30/26 @ $100.00) |
(B+, B1) | 03/01/28 | 5.750 | 1,342,630 | |||||||||||||
| 829 | Lsf12 Helix Parent LLC, Rule 144A, Senior Secured Notes (Callable 02/01/28 @ $103.56)(1) |
(B, B2) | 02/01/33 | 7.125 | 812,697 | |||||||||||||
| 226 | Regal Rexnord Corp., Global Company Guaranteed Notes (Callable 01/15/33 @ $100.00) |
(BB+, Baa3) | 04/15/33 | 6.400 | 240,431 | |||||||||||||
| 198 | Synergy Infrastructure Holdings LLC, Rule 144A, Secured Notes (Callable 12/01/27 @ $103.94)(1) |
(B, B3) | 12/01/30 | 7.875 | 208,374 | |||||||||||||
| |
|
|||||||||||||||||
| 9,975,398 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Media - Diversified (0.0%) |
||||||||||||||||||
| 40 | Tech 7 SAS Super Senior(3),(5),(6),(7),(16) |
(NR, NR) | 12/31/27 | 0.000 | 0 | |||||||||||||
| 67 | Tech 7 SAS Super Senior(3),(5),(6),(7),(16) |
(NR, NR) | 12/31/27 | 0.000 | 0 | |||||||||||||
| 20 | Tech 7 SAS Technicolor Creative Studios Super Senior(3),(5),(6),(7),(16) |
(NR, NR) | 12/31/27 | 0.000 | 0 | |||||||||||||
| 20 | Technicolor Creative Studios SA(3),(5),(6),(7),(16) |
(NR, NR) | 12/31/27 | 0.000 | 0 | |||||||||||||
| |
|
|||||||||||||||||
| 0 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Media Content (0.3%) |
||||||||||||||||||
| 600 | Sirius XM Radio LLC, Rule 144A, Company Guaranteed Notes (Callable 09/01/26 @ $101.94)(1),(2) |
(BB+, Ba3) | 09/01/31 | 3.875 | 543,437 | |||||||||||||
| |
|
|||||||||||||||||
| Medical Products (0.3%) |
||||||||||||||||||
| 555 | Medline Borrower LP, Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $101.31)(1) |
(BB‑, Ba2) | 10/01/29 | 5.250 | 552,601 | |||||||||||||
| |
|
|||||||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (continued) |
||||||||||||||||||
| Metals & Mining - Excluding Steel (3.8%) |
||||||||||||||||||
| $ | 1,080 | Capstone Copper Corp., Rule 144A, Company Guaranteed Notes (Callable 03/31/28 @ $103.38)(1) |
(BB‑, B1) | 03/31/33 | 6.750 | $ | 1,099,727 | |||||||||||
| 1,959 | Constellium SE, Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ $103.19)(1) |
(BB‑, Ba3) | 08/15/32 | 6.375 | 2,008,780 | |||||||||||||
| 3,010 | ERO Copper Corp., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $101.63)(1) |
(B+, B1) | 02/15/30 | 6.500 | 2,996,937 | |||||||||||||
| 337 | First Quantum Minerals Ltd., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ $104.31)(1) |
(B, NR) | 06/01/31 | 8.625 | 351,807 | |||||||||||||
| 200 | First Quantum Minerals Ltd., Rule 144A, Company Guaranteed Notes (Callable 02/15/29 @ $103.63)(1) |
(B, NR) | 02/15/34 | 7.250 | 205,693 | |||||||||||||
| 653 | First Quantum Minerals Ltd., Rule 144A, Company Guaranteed Notes (Callable 02/15/31 @ $103.19)(1) |
(B, NR) | 02/15/36 | 6.375 | 642,330 | |||||||||||||
| 196 | Kaiser Aluminum Corp., Rule 144A, Senior Unsecured Notes (Callable 03/01/29 @ $102.94)(1) |
(BB‑, B2) | 03/01/34 | 5.875 | 196,551 | |||||||||||||
| 519 | Novelis Corp., Rule 144A, Company Guaranteed Notes (Callable 08/15/28 @ $103.19)(1) |
(BB, B1) | 08/15/33 | 6.375 | 521,525 | |||||||||||||
| |
|
|||||||||||||||||
| 8,023,350 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Oil Field Equipment & Services (0.1%) |
||||||||||||||||||
| 316 | USA Compression Partners LP/USA Compression Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 10/01/28 @ $103.13)(1) |
(B+, B1) | 10/01/33 | 6.250 | 319,051 | |||||||||||||
| |
|
|||||||||||||||||
| Oil Refining & Marketing (2.9%) |
||||||||||||||||||
| 1,643 | Global Partners LP/GLP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ $104.13)(1) |
(B+, B1) | 01/15/32 | 8.250 | 1,725,584 | |||||||||||||
| 705 | Sunoco LP, Rule 144A, Company Guaranteed Notes (Callable 09/15/28 @ $102.94)(1) |
(BB+, Ba1) | 03/15/34 | 5.875 | 702,723 | |||||||||||||
| 900 | Sunoco LP, Rule 144A, Company Guaranteed Notes (Callable 05/01/27 @ $103.63)(1) |
(BB+, Ba1) | 05/01/32 | 7.250 | 942,943 | |||||||||||||
| 320 | Sunoco LP, Rule 144A, Company Guaranteed Notes (Callable 07/01/28 @ $103.13)(1) |
(BB+, Ba1) | 07/01/33 | 6.250 | 327,209 | |||||||||||||
| 1,100 | Sunoco LP/Sunoco Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 05/10/26 @ $103.50)(1) |
(BB+, Ba1) | 09/15/28 | 7.000 | 1,126,674 | |||||||||||||
| 1,369 | TransMontaigne Partners LLC, Rule 144A, Company Guaranteed Notes (Callable 03/15/27 @ $104.25)(1) |
(CCC+, Caa1) | 06/15/30 | 8.500 | 1,416,662 | |||||||||||||
| |
|
|||||||||||||||||
| 6,241,795 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Packaging (5.2%) |
||||||||||||||||||
| 307 | Canpack Group, Inc. / CANPACK S.A. Rule 144A, Company Guaranteed Notes (Callable 05/15/28 @ $103.00)(1) |
(BB, NR) | 05/15/31 | 6.000 | 307,127 | |||||||||||||
| 252 | Cascades, Inc./Cascades USA, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $100.00)(1) |
(BB‑, Ba3) | 01/15/28 | 5.375 | 247,771 | |||||||||||||
| 1,322 | Cascades, Inc./Cascades USA, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/15/27 @ $103.38)(1) |
(BB‑, Ba3) | 07/15/30 | 6.750 | 1,335,973 | |||||||||||||
| 224 | Crown Americas LLC, Global Company Guaranteed Notes (Callable 06/01/28 @ $102.94) |
(BB+, Ba2) | 06/01/33 | 5.875 | 225,768 | |||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (continued) |
||||||||||||||||||
| Packaging (continued) |
||||||||||||||||||
| $ | 1,425 | Mauser Packaging Solutions Holding Co., Rule 144A, Secured Notes (Callable 06/01/27 @ $104.63)(1) |
(CCC+, Caa2) | 04/15/30 | 9.250 | $ | 1,359,049 | |||||||||||
| 1,593 | Mauser Packaging Solutions Holding Co., Rule 144A, Senior Secured Notes (Callable 06/01/27 @ $103.94)(1) |
(B, B2) | 04/15/30 | 7.875 | 1,609,344 | |||||||||||||
| 418 | Owens-Brockway Glass Container, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $103.63)(1),(2) |
(B+, B3) | 05/15/31 | 7.250 | 398,970 | |||||||||||||
| 1,424 | Sword Purchaser LLC Rule 144A, Senior Secured Notes (Callable 04/15/29 @ $104.13)(1) |
(B+, B1) | 04/15/33 | 8.250 | 1,456,972 | |||||||||||||
| 725 | Sword Purchaser LLC, Rule 144A, Senior Unsecured Notes (Callable 04/15/29 @ $105.25)(1) |
(B, B3) | 04/15/34 | 10.500 | 737,509 | |||||||||||||
| 768 | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, Rule 144A, Senior Secured Notes (Callable 05/15/27 @ $104.75)(1) |
(B‑, B3) | 05/15/30 | 9.500 | 673,123 | |||||||||||||
| 2,538 | Trident TPI Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $106.38)(1) |
(CCC+, Caa3) | 12/31/28 | 12.750 | 2,548,342 | |||||||||||||
| |
|
|||||||||||||||||
| 10,899,948 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Personal & Household Products (1.5%) |
||||||||||||||||||
| 1,585 | Acushnet Co., Rule 144A, Company Guaranteed Notes (Callable 12/01/28 @ $102.81)(1) |
(BB, Ba3) | 12/01/33 | 5.625 | 1,596,459 | |||||||||||||
| 1,618 | Energizer Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/28 @ $103.00)(1),(2) |
(B, B2) | 09/15/33 | 6.000 | 1,549,234 | |||||||||||||
| |
|
|||||||||||||||||
| 3,145,693 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Pharmaceuticals (0.3%) |
||||||||||||||||||
| 600 | IQVIA, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/01/28 @ $103.13)(1) |
(BB, Ba2) | 06/01/32 | 6.250 | 611,530 | |||||||||||||
| |
|
|||||||||||||||||
| Rail (1.3%) |
||||||||||||||||||
| 2,062 | Genesee & Wyoming, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/27 @ $103.13)(1) |
(BB, Ba3) | 04/15/32 | 6.250 | 2,112,804 | |||||||||||||
| 584 | Watco Cos. LLC/Watco Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 08/01/27 @ $103.56)(1) |
(B‑, B3) | 08/01/32 | 7.125 | 606,959 | |||||||||||||
| |
|
|||||||||||||||||
| 2,719,763 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Real Estate Investment Trusts (0.5%) |
||||||||||||||||||
| 477 | Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/15/30 @ $100.00)(1) |
(BB‑, Ba3) | 01/15/31 | 5.750 | 476,905 | |||||||||||||
| 514 | Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes (Callable 10/15/29 @ $100.00)(1) |
(BB‑, Ba3) | 04/15/30 | 6.000 | 520,334 | |||||||||||||
| |
|
|||||||||||||||||
| 997,239 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Recreation & Travel (6.4%) |
||||||||||||||||||
| 2,501 | Motion Bondco DAC, Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $100.00)(1),(2) |
(CCC‑, Caa3) | 11/15/27 | 6.625 | 2,402,630 | |||||||||||||
| 3,362 | SeaWorld Parks & Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/10/26 @ $101.31)(1) |
(B+, B2) | 08/15/29 | 5.250 | 3,252,600 | |||||||||||||
| 3,248 | Six Flags Entertainment Corp., Rule 144A, Company Guaranteed Notes (Callable 05/15/26 @ $103.63)(1),(2) |
(B, Caa1) | 05/15/31 | 7.250 | 3,205,247 | |||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (continued) |
||||||||||||||||||
| Recreation & Travel (continued) |
||||||||||||||||||
| $ | 305 | Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium Operations LLC, Rule 144A, Company Guaranteed Notes (Callable 07/15/28 @ $104.31)(1) |
(B, Caa1) | 01/15/32 | 8.625 | $ | 310,153 | |||||||||||
| 2,426 | Speedway Motorsports LLC/Speedway Funding II, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/30/26 @ $100.00)(1) |
(BB+, B1) | 11/01/27 | 4.875 | 2,420,504 | |||||||||||||
| 1,858 | Vail Resorts, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/27 @ $103.25)(1) |
(BB‑, Ba3) | 05/15/32 | 6.500 | 1,900,411 | |||||||||||||
| |
|
|||||||||||||||||
| 13,491,545 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Restaurants (0.3%) |
||||||||||||||||||
| 600 | 1011778 BC ULC/New Red Finance, Inc., Rule 144A, Senior Secured Notes (Callable 06/15/26 @ $103.06)(1) |
(BB+, Ba2) | 06/15/29 | 6.125 | 611,777 | |||||||||||||
| |
|
|||||||||||||||||
| Software - Services (7.1%) |
||||||||||||||||||
| 613 | AmeriTex Holdco Intermediate LLC, Rule 144A, Senior Secured Notes (Callable 08/15/28 @ $103.81)(1) |
(B, B2) | 08/15/33 | 7.625 | 637,673 | |||||||||||||
| 419 | Cloud Software Group, Inc., Rule 144A, Senior Secured Notes (Callable 06/30/27 @ $104.13)(1) |
(B, B1) | 06/30/32 | 8.250 | 397,822 | |||||||||||||
| 1,260 | Cloud Software Group, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/28 @ $103.31)(1) |
(B, B1) | 08/15/33 | 6.625 | 1,125,575 | |||||||||||||
| 445 | CompoSecure Holdings LLC, Rule 144A, Senior Secured Notes (Callable 02/01/29 @ $102.81)(1) |
(B+, B1) | 02/01/33 | 5.625 | 436,420 | |||||||||||||
| 750 | Go Daddy Operating Co. LLC/GD Finance Co., Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $100.00)(1) |
(BB‑, Ba3) | 12/01/27 | 5.250 | 749,310 | |||||||||||||
| 2,850 | Insight Enterprises, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/27 @ $103.31)(1) |
(BB+, Ba3) | 05/15/32 | 6.625 | 2,827,366 | |||||||||||||
| 1,200 | Open Text Corp., Rule 144A, Senior Secured Notes (Callable 11/01/27 @ $100.00)(1) |
(BBB‑, Ba1) | 12/01/27 | 6.900 | 1,227,989 | |||||||||||||
| 727 | Open Text Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/01/26 @ $102.06)(1) |
(BB, Ba3) | 12/01/31 | 4.125 | 621,212 | |||||||||||||
| 1,444 | UKG, Inc., Rule 144A, Senior Secured Notes (Callable 02/01/27 @ $103.44)(1) |
(B, B2) | 02/01/31 | 6.875 | 1,405,526 | |||||||||||||
| 3,498 | Virtusa Corp., Rule 144A, Senior Unsecured Notes (Callable 05/30/26 @ $100.00)(1) |
(B‑, Caa1) | 12/15/28 | 7.125 | 2,885,152 | |||||||||||||
| 2,147 | WEX, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/28 @ $103.25)(1) |
(B, B1) | 03/15/33 | 6.500 | 2,139,381 | |||||||||||||
| 600 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 05/10/26 @ $100.00)(1) |
(B+, B1) | 02/01/29 | 3.875 | 484,484 | |||||||||||||
| |
|
|||||||||||||||||
| 14,937,910 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Specialty Retail (1.9%) |
||||||||||||||||||
| 491 | Beach Acquisition Bidco LLC, Rule 144A, Senior Unsecured Notes, 10.000% Cash, 10.750% PIK (Callable 07/15/28 @ $103.00)(1),(4) |
(B+, Caa1) | 07/15/33 | 10.000 | 540,516 | |||||||||||||
| 83 | Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes, 7.500% Cash, 7.500% PIK(1),(4),(6),(16) |
(NR, WR) | 12/31/26 | 7.500 | 622 | |||||||||||||
| 3,014 | Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes, 7.500% Cash, 7.500% PIK(1),(4),(6),(8),(16) |
(NR, WR) | 12/31/26 | 7.500 | 22,605 | |||||||||||||
| 102 | Eagle Intermediate Global Holding BV/Ruyi U.S. Finance LLC(5),(6),(7),(16) |
(NR, NR) | 12/31/26 | 0.000 | 10 | |||||||||||||
| 2,275 | LCM Investments Holdings II LLC, Rule 144A, Senior Unsecured Notes (Callable 08/01/26 @ $104.13)(1) |
(BB‑, B2) | 08/01/31 | 8.250 | 2,384,391 | |||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (continued) |
||||||||||||||||||
| Specialty Retail (continued) |
||||||||||||||||||
| $ | 1,064 | Sonic Automotive, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/15/26 @ $102.44)(1) |
(BB‑, B1) | 11/15/31 | 4.875 | $ | 1,023,462 | |||||||||||
| |
|
|||||||||||||||||
| 3,971,606 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Steel Producers/Products (0.5%) |
||||||||||||||||||
| 503 | Carpenter Technology Corp., Rule 144A, Senior Unsecured Notes (Callable 03/01/29 @ $102.81)(1) |
(BB+, Ba2) | 03/01/34 | 5.625 | 503,886 | |||||||||||||
| 486 | Commercial Metals Co., Rule 144A, Senior Unsecured Notes (Callable 11/15/28 @ $102.88)(1) |
(BB+, Ba2) | 11/15/33 | 5.750 | 487,013 | |||||||||||||
| |
|
|||||||||||||||||
| 990,899 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Support - Services (8.3%) |
||||||||||||||||||
| 1,072 | AECOM, Rule 144A, Company Guaranteed Notes (Callable 08/01/28 @ $103.00)(1) |
(BB, Ba2) | 08/01/33 | 6.000 | 1,081,350 | |||||||||||||
| 636 | Albion Financing 1 Sarl / Aggreko Holdings, Inc. Rule 144A, Senior Secured Notes (Callable 05/21/27 @ $103.50)(1) |
(BB‑, B1) | 05/21/30 | 7.000 | 657,282 | |||||||||||||
| 3,729 | Allied Universal Holdco LLC, Rule 144A, Senior Secured Notes (Callable 02/15/27 @ $103.94)(1) |
(B, B3) | 02/15/31 | 7.875 | 3,914,592 | |||||||||||||
| 1,014 | American Builders & Contractors Supply Co., Inc., Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $100.00)(1) |
(BBB‑, Ba2) | 01/15/28 | 4.000 | 1,002,051 | |||||||||||||
| 1,979 | CoreLogic, Inc., Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $100.00)(1) |
(B‑, B2) | 05/01/28 | 4.500 | 1,926,008 | |||||||||||||
| 1,102 | Everforth, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/10/26 @ $100.00)(1) |
(BB, Ba3) | 05/15/28 | 4.625 | 1,030,591 | |||||||||||||
| 487 | Herc Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/27 @ $103.50)(1) |
(BB‑, Ba3) | 06/15/30 | 7.000 | 506,914 | |||||||||||||
| 994 | Herc Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/28 @ $103.63)(1) |
(BB‑, Ba3) | 06/15/33 | 7.250 | 1,041,540 | |||||||||||||
| 1,186 | QXO Building Products, Inc., Rule 144A, Senior Secured Notes (Callable 04/30/28 @ $103.38)(1) |
(BB, Ba3) | 04/30/32 | 6.750 | 1,208,266 | |||||||||||||
| 750 | WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $101.21)(1) |
(BB, Ba3) | 06/15/28 | 7.250 | 752,654 | |||||||||||||
| 600 | WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $103.19)(1) |
(BB, Ba3) | 03/15/29 | 6.375 | 612,497 | |||||||||||||
| 374 | WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/28 @ $103.19)(1) |
(BB, Ba3) | 03/15/33 | 6.375 | 386,376 | |||||||||||||
| 605 | Williams Scotsman, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/27 @ $103.31)(1) |
(BB‑, B2) | 04/15/30 | 6.625 | 623,546 | |||||||||||||
| 1,918 | Williams Scotsman, Inc., Rule 144A, Senior Secured Notes (Callable 06/15/26 @ $103.31)(1) |
(BB‑, B2) | 06/15/29 | 6.625 | 1,970,239 | |||||||||||||
| 1,127 | ZipRecruiter, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/10/26 @ $101.25)(1) |
(B, B3) | 01/15/30 | 5.000 | 738,367 | |||||||||||||
| |
|
|||||||||||||||||
| 17,452,273 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Tech Hardware & Equipment (2.1%) |
||||||||||||||||||
| 2,871 | Ahead DB Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 05/30/26 @ $100.00)(1) |
(CCC+, Caa1) | 05/01/28 | 6.625 | 2,848,411 | |||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| CORPORATE BONDS (continued) |
||||||||||||||||||
| Tech Hardware & Equipment (continued) |
||||||||||||||||||
| $ | 1,500 | Zebra Technologies Corp., Rule 144A, Company Guaranteed Notes (Callable 06/01/27 @ $103.25)(1) |
(BB, Ba2) | 06/01/32 | 6.500 | $ | 1,527,161 | |||||||||||
| |
|
|||||||||||||||||
| 4,375,572 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Telecom - Wireless (0.4%) |
||||||||||||||||||
| 853 | Eolo SpA, Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $101.22)(1),(3) |
(B‑, Caa1) | 10/21/28 | 4.875 | 875,533 | |||||||||||||
| |
|
|||||||||||||||||
| Telecom - Wireline Integrated & Services (2.7%) |
||||||||||||||||||
| 1,500 | Altice Financing SA, Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $100.00)(1) |
(CCC, Caa2) | 01/15/28 | 5.000 | 1,116,638 | |||||||||||||
| 2,123 | Altice France SA, Rule 144A, Senior Secured Notes (Callable 10/01/26 @ $101.00)(1) |
(CCC+, Caa1) | 10/15/31 | 6.500 | 2,089,836 | |||||||||||||
| 229 | Altice France SA, Rule 144A, Senior Secured Notes (Callable 10/01/26 @ $101.00)(1) |
(CCC+, Caa1) | 04/15/32 | 6.500 | 225,102 | |||||||||||||
| 229 | Altice France SA, Rule 144A, Senior Secured Notes (Callable 10/15/26 @ $100.00)(1) |
(CCC+, Caa1) | 07/15/32 | 6.875 | 225,117 | |||||||||||||
| 949 | Level 3 Financing, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/15/31 @ $104.25)(1) |
(B‑, B3) | 01/15/36 | 8.500 | 1,017,521 | |||||||||||||
| 300 | Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $102.25)(1) |
(B+, Ba3) | 08/15/30 | 4.500 | 265,787 | |||||||||||||
| 600 | Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes (Callable 05/30/26 @ $102.13)(1) |
(B+, Ba3) | 01/31/31 | 4.250 | 517,008 | |||||||||||||
| 290 | Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes (Callable 07/15/26 @ $102.38)(1) |
(B+, Ba3) | 07/15/31 | 4.750 | 251,062 | |||||||||||||
| |
|
|||||||||||||||||
| 5,708,071 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Theaters & Entertainment (1.0%) |
||||||||||||||||||
| 653 | OAK‑Eagle Acquireco, Inc., Rule 144A, Senior Secured Notes (Callable 07/01/29 @ $103.63)(1) |
(BB, Ba3) | 07/01/33 | 7.250 | 672,335 | |||||||||||||
| 1,359 | OAK‑Eagle Acquireco, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/01/29 @ $104.38)(1) |
(B, B3) | 07/01/34 | 8.750 | 1,411,534 | |||||||||||||
| |
|
|||||||||||||||||
| 2,083,869 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Transport Infrastructure/Services (1.9%) |
||||||||||||||||||
| 1,291 | GB AIT Buyer, Inc., Rule 144A, Senior Unsecured Notes (Callable 04/30/29 @ $104.38)(1) |
(B‑, Caa1) | 04/30/34 | 8.750 | 1,296,821 | |||||||||||||
| 769 | Gee Automotive Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 03/01/28 @ $103.63)(1) |
(B+, B3) | 03/01/31 | 7.250 | 781,650 | |||||||||||||
| 300 | XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ $103.56)(1) |
(B+, Ba3) | 06/01/31 | 7.125 | 310,766 | |||||||||||||
| 600 | XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/27 @ $103.56)(1) |
(B+, Ba3) | 02/01/32 | 7.125 | 626,037 | |||||||||||||
| 1,032 | XPO, Inc., Rule 144A, Senior Secured Notes (Callable 05/10/26 @ $103.13)(1) |
(BBB‑, Ba1) | 06/01/28 | 6.250 | 1,046,902 | |||||||||||||
| |
|
|||||||||||||||||
| 4,062,176 | ||||||||||||||||||
| |
|
|||||||||||||||||
| TOTAL CORPORATE BONDS (Cost $235,186,367) |
232,093,259 | |||||||||||||||||
| |
|
|||||||||||||||||
| BANK LOANS (17.2%) |
||||||||||||||||||
| Advertising (1.0%) |
||||||||||||||||||
| 2,779 | MH Sub I LLC, 1 mo. USD Term SOFR + 4.250%(9) |
(B, B1) | 12/31/31 | 7.902 | 2,203,920 | |||||||||||||
| |
|
|||||||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| BANK LOANS (continued) |
||||||||||||||||||
| Aerospace & Defense (0.2%) |
||||||||||||||||||
| $ | 199 | Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250%(9) |
(CCC, Caa2) | 05/25/29 | 10.250 | $ | 39,989 | |||||||||||
| 1,368 | Atlas CC Acquisition Corp., U.S. (Fed) Prime Rate + 3.250%(9) |
(CCC, Caa2) | 05/25/29 | 10.000 | 274,877 | |||||||||||||
| 171 | Peraton Corp., 3 mo. USD Term SOFR + 7.750%(9) |
(NR, NR) | 02/01/29 | 11.523 | 105,148 | |||||||||||||
| |
|
|||||||||||||||||
| 420,014 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Auto Parts & Equipment (0.2%) |
||||||||||||||||||
| 489 | Jason Group, Inc., 1 mo. USD Term SOFR + 6.000%(8),(9),(16) |
(NR, NR) | 11/30/26 | 9.767 | 450,274 | |||||||||||||
| |
|
|||||||||||||||||
| Building Materials (0.4%) |
||||||||||||||||||
| 586 | ARAMSCO, Inc., 3 mo. USD Term SOFR + 4.750%(9) |
(CCC+, Caa1) | 10/10/30 | 8.450 | 407,067 | |||||||||||||
| 776 | Cornerstone Building Brands, Inc., 3 mo. USD Term SOFR + 5.625%(9) |
(CCC+, Caa1) | 08/01/28 | 9.299 | 480,914 | |||||||||||||
| |
|
|||||||||||||||||
| 887,981 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Chemicals (1.7%) |
||||||||||||||||||
| 956 | Lonza Group AG, 3 mo. USD Term SOFR + 3.925%(9) |
(B‑, B2) | 07/03/28 | 7.725 | 889,764 | |||||||||||||
| 853 | PMHC II, Inc., 3 mo. USD Term SOFR + 6.250%(9) |
(NR, NR) | 04/30/30 | 9.903 | 846,381 | |||||||||||||
| 651 | PMHC II, Inc., 3 mo. USD Term SOFR + 4.250%(9) |
(NR, NR) | 04/30/30 | 8.053 | 382,457 | |||||||||||||
| 1,154 | PMHC II, Inc., 3 mo. USD Term SOFR + 5.500%(9),(16) |
(NR, NR) | 04/30/30 | 9.153 | 669,320 | |||||||||||||
| 329 | Polar U.S. Borrower LLC, 3 mo. USD Term SOFR + 1.000%, 5.000% PIK(4),(9) |
(B‑, Caa1) | 12/23/30 | 9.630 | 395,389 | |||||||||||||
| 106 | SK Neptune Husky Finance SARL(6),(7),(8) |
(NR, WR) | 01/03/29 | 0.000 | 13,587 | |||||||||||||
| 1,085 | SK Neptune Husky Group SARL(6),(7),(8) |
(NR, WR) | 01/03/29 | 0.000 | 28,834 | |||||||||||||
| 310 | Tronox Finance LLC, 3 mo. USD Term SOFR + 2.250%(9) |
(B, B1) | 04/04/29 | 5.950 | 274,279 | |||||||||||||
| |
|
|||||||||||||||||
| 3,500,011 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Electronics (0.5%) |
||||||||||||||||||
| 1,086 | Idemia Group, 3 mo. USD Term SOFR + 4.250%(9) |
(B, B2) | 09/30/28 | 7.950 | 1,088,562 | |||||||||||||
| |
|
|||||||||||||||||
| Energy - Exploration & Production (0.4%) |
||||||||||||||||||
| 831 | Colossus Acquireco LLC, 3 mo. USD Term SOFR + 1.750%(9) |
(BB+, Ba1) | 07/30/32 | 5.380 | 832,371 | |||||||||||||
| 2,928 | PES Holdings LLC, 3.000% PIK(4),(6),(8) |
(NR, WR) | 12/31/26 | 3.000 | 29,282 | |||||||||||||
| |
|
|||||||||||||||||
| 861,653 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Food - Wholesale (0.6%) |
||||||||||||||||||
| 850 | Quantum Bidco Ltd.(10),(11) |
(B, B3) | 01/31/28 | 0.000 | 1,149,248 | |||||||||||||
| 450 | WOOF Holdings, Inc., 3 mo. USD Term SOFR + 3.750%(9) |
(CCC‑, Ca) | 12/31/29 | 7.711 | 66,751 | |||||||||||||
| |
|
|||||||||||||||||
| 1,215,999 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Gas Distribution (0.7%) |
||||||||||||||||||
| 1,476 | Traverse Midstream Partners LLC, 3 mo. USD Term SOFR + 2.500%(9) |
(BB‑, B2) | 02/16/28 | 6.163 | 1,479,742 | |||||||||||||
| |
|
|||||||||||||||||
| Health Facilities (0.2%) |
||||||||||||||||||
| 179 | Western Dental Holdings LLC(10),(16) |
(NR, NR) | 01/28/32 | 0.000 | 167,192 | |||||||||||||
| 30 | Western Dental Holdings LLC 1(10),(16) |
(NR, NR) | 01/28/32 | 0.000 | 29,504 | |||||||||||||
| 249 | Zest Acquisition Corp., 3 mo. USD Term SOFR + 5.250%(9),(16) |
(B, B3) | 02/08/28 | 8.920 | 245,606 | |||||||||||||
| |
|
|||||||||||||||||
| 442,302 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| BANK LOANS (continued) |
||||||||||||||||||
| Health Services (0.1%) |
||||||||||||||||||
| $ | 411 | MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 4.000%(9) |
(CCC, Ca) | 12/15/28 | 7.769 | $ | 154,012 | |||||||||||
| |
|
|||||||||||||||||
| Hotels (0.2%) |
||||||||||||||||||
| 199 | Aimbridge Acquisition Co., Inc., 1 mo. USD Term SOFR + 7.500%, 0.000% PIK(4),(9) |
(B‑, Caa1) | 03/11/30 | 11.276 | 196,183 | |||||||||||||
| 216 | Aimbridge Acquisition Co., Inc., 1 mo. USD Term SOFR + 5.500%(9) |
(B+, B2) | 03/11/30 | 9.276 | 213,431 | |||||||||||||
| |
|
|||||||||||||||||
| 409,614 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Insurance Brokerage (0.7%) |
||||||||||||||||||
| 192 | Allied Benefit Systems Intermediate LLC(12),(16) |
(NR, NR) | 10/31/30 | 1.000 | 191,769 | |||||||||||||
| 1,204 | Allied Benefit Systems Intermediate LLC, 3 mo. USD Term SOFR + 5.000%(9),(16) |
(NR, NR) | 10/31/30 | 8.700 | 1,199,873 | |||||||||||||
| |
|
|||||||||||||||||
| 1,391,642 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Machinery (0.2%) |
||||||||||||||||||
| 483 | Madison IAQ LLC, 6 mo. USD Term SOFR + 2.750%(9) |
(BB, Ba2) | 11/08/32 | 6.378 | 485,088 | |||||||||||||
| |
|
|||||||||||||||||
| Media - Diversified (0.2%) |
||||||||||||||||||
| 1,181 | Cast & Crew Payroll LLC, 3 mo. USD Term SOFR + 3.750%(9) |
(CCC+, Caa1) | 12/29/28 | 7.413 | 528,721 | |||||||||||||
| 317 | Technicolor Creative Studios, 0.500% PIK(3),(4),(5),(6),(7),(9),(16) |
(NR, NR) | 08/06/33 | 0.500 | 0 | |||||||||||||
| |
|
|||||||||||||||||
| 528,721 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Packaging (0.8%) |
||||||||||||||||||
| 1,704 | Proampac PG Borrower LLC, 1 mo. USD Term SOFR + 4.000%, 3 mo. USD Term SOFR + 4.000%(9) |
(B‑, B3) | 03/07/33 | |
7.652 - 7.663 |
1,668,536 | ||||||||||||
| |
|
|||||||||||||||||
| Personal & Household Products (1.0%) |
||||||||||||||||||
| 1,959 | Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500%(9) |
(NR, NR) | 06/29/28 | 11.314 | 1,842,990 | |||||||||||||
| 214 | Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500%(9),(16) |
(NR, NR) | 06/29/28 | 11.287 | 213,973 | |||||||||||||
| |
|
|||||||||||||||||
| 2,056,963 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Software - Services (4.7%) |
||||||||||||||||||
| 807 | AQ Carver Buyer, Inc., 6 mo. USD Term SOFR + 5.500%(9) |
(B, B3) | 08/02/29 | 9.345 | 661,386 | |||||||||||||
| 300 | Cloud Software Group, Inc.(10) |
(B, B1) | 03/21/31 | 0.000 | 278,344 | |||||||||||||
| 979 | Corel Corp., 3 mo. USD Term SOFR + 5.000%(8),(9) |
(CCC+, B3) | 07/02/26 | 8.773 | 900,806 | |||||||||||||
| 1,932 | EagleView Technology Corp., 3 mo. USD Term SOFR + 6.500%(9) |
(B‑, B3) | 08/14/28 | 10.200 | 1,759,650 | |||||||||||||
| 471 | Javelin Buyer, Inc., 3 mo. USD Term SOFR + 5.000%(8),(9) |
(CCC+, Caa2) | 12/06/32 | 8.673 | 433,396 | |||||||||||||
| 1,583 | OID‑OL Intermediate I LLC, 3 mo. USD Term SOFR + 4.250%(9) |
(CCC+, Caa1) | 02/01/29 | 8.063 | 1,103,224 | |||||||||||||
| 663 | OID‑OL Intermediate I LLC, 3 mo. USD Term SOFR + 6.000%(9) |
(B, B1) | 02/01/29 | 9.663 | 661,557 | |||||||||||||
| 545 | Polaris Newco LLC, 1 mo. GBP LIBOR + 5.250%(9),(11) |
(CCC+, B3) | 06/02/28 | 8.981 | 628,066 | |||||||||||||
| 1,531 | Polaris Newco LLC, 3 mo. USD Term SOFR + 4.000%(9) |
(CCC+, B3) | 06/02/28 | 7.925 | 1,339,897 | |||||||||||||
| 1,600 | Project Alpha Intermediate Holding, Inc., 3 mo. USD Term SOFR + 5.000%(9) |
(B‑, Caa1) | 05/09/33 | 8.700 | 973,008 | |||||||||||||
| 367 | Redstone Holdco 2 LP, 3 mo. USD Term SOFR + 5.500%(9) |
(CCC+, NR) | 12/31/30 | 9.163 | 108,148 | |||||||||||||
| 95 | Redstone Holdco 2 LP, 3 mo. USD Term SOFR + 4.750%(9) |
(B, NR) | 12/31/30 | 8.413 | 73,633 | |||||||||||||
| 1,159 | UKG, Inc., 3 mo. USD Term SOFR + 2.500%(9) |
(B, B2) | 02/10/31 | 6.163 | 1,120,546 | |||||||||||||
| |
|
|||||||||||||||||
| 10,041,661 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
| BANK LOANS (continued) |
||||||||||||||||||
| Steel Producers/Products (0.7%) |
||||||||||||||||||
| $ | 1,464 | OPTA, Inc., 3 mo. USD Term SOFR + 6.750%(8),(9),(16) |
(NR, NR) | 11/09/28 | 10.711 | $ | 1,434,775 | |||||||||||
| |
|
|||||||||||||||||
| Support - Services (2.3%) |
||||||||||||||||||
| 309 | CoreLogic, Inc., 1 mo. USD Term SOFR + 6.500%(9) |
(CCC, Caa2) | 06/04/29 | 10.267 | 294,179 | |||||||||||||
| 1,090 | CoreLogic, Inc., 1 mo. USD Term SOFR + 3.500%(9) |
(B‑, B2) | 06/02/28 | 7.267 | 1,069,657 | |||||||||||||
| 497 | LaserShip, Inc., 3 mo. USD Term SOFR + 4.000%(9) |
(CCC‑, Caa2) | 01/02/29 | 7.700 | 364,407 | |||||||||||||
| 712 | LaserShip, Inc., 3 mo. USD Term SOFR + 6.250%(9) |
(B, B2) | 01/02/29 | 9.950 | 723,730 | |||||||||||||
| 1,214 | LaserShip, Inc., 3 mo. USD Term SOFR + 1.500%(9) |
(CCC, Caa2) | 08/10/29 | 5.461 | 883,391 | |||||||||||||
| 412 | LaserShip, Inc., 3 mo. USD Term SOFR + 1.500%(9) |
(CCC‑, Caa3) | 08/10/29 | 5.200 ‑ 5.461 | 106,377 | |||||||||||||
| 754 | PODS LLC, 1 mo. USD Term SOFR + 3.000%(9) |
(B‑, B3) | 03/31/28 | 6.767 | 753,665 | |||||||||||||
| 20 | Tempo Acquisition LLC(10) |
(BB‑, B2) | 08/31/28 | 0.000 | 15,007 | |||||||||||||
| 600 | TruGreen LP, 3 mo. USD Term SOFR + 8.500%(8),(9) |
(CCC, Caa3) | 11/02/28 | 12.425 | 555,501 | |||||||||||||
| |
|
|||||||||||||||||
| 4,765,914 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Telecom - Wireline Integrated & Services (0.4%) |
||||||||||||||||||
| 989 | Patagonia Holdco LLC, 3 mo. USD Term SOFR + 5.750%(9) |
(NR, B3) | 08/01/29 | 9.410 | 792,164 | |||||||||||||
| |
|
|||||||||||||||||
| TOTAL BANK LOANS (Cost $44,067,224) |
36,279,548 | |||||||||||||||||
| |
|
|||||||||||||||||
| ASSET BACKED SECURITIES (6.9%) |
||||||||||||||||||
| Collateralized Debt Obligations (6.9%) |
||||||||||||||||||
| 1,170 | Anchorage Capital Europe CLO 6 DAC, Rule 144A, 3 mo. EURIBOR + 3.400%(1),(3),(9) |
(BBB‑, NR) | 10/22/38 | 5.594 | 1,384,837 | |||||||||||||
| 2,000 | Anchorage Credit Funding 20 Ltd., 2026‑20A, Rule 144A(1) |
(NR, Baa3) | 04/25/42 | 6.496 | 2,019,915 | |||||||||||||
| 2,000 | Anchorage Credit Funding 20 Ltd., 2026‑20A, Rule 144A(1) |
(NR, Ba3) | 04/25/42 | 8.896 | 2,019,907 | |||||||||||||
| 1,250 | Anchorage Credit Funding 4 Ltd., 2016‑4A, Rule 144A(1) |
(NR, Baa2) | 04/27/39 | 6.659 | 1,243,530 | |||||||||||||
| 1,250 | Battalion CLO 18 Ltd., 2020‑18A, Rule 144A, 3 mo. USD Term SOFR + 6.972%(1),(9) |
(B, NR) | 10/15/36 | 10.645 | 863,546 | |||||||||||||
| 1,500 | Cedar Funding VI CLO Ltd., 2016‑6A, Rule 144A, 3 mo. USD Term SOFR + 6.250%(1),(9) |
(BB‑, NR) | 04/20/34 | 9.925 | 1,379,133 | |||||||||||||
| 1,500 | KKR CLO 14 Ltd., Rule 144A, 3 mo. USD Term SOFR + 6.412%(1),(9) |
(NR, B1) | 07/15/31 | 10.085 | 1,419,247 | |||||||||||||
| 1,500 | KKR CLO 16 Ltd., Rule 144A, 3 mo. USD Term SOFR + 7.372%(1),(9) |
(B, NR) | 10/20/34 | 11.047 | 1,362,857 | |||||||||||||
| 1,500 | Marble Point CLO XXIII Ltd., 2021‑4A, Rule 144A, 3 mo. USD Term SOFR + 6.012%(1),(9) |
(NR, Ba1) | 01/22/35 | 9.675 | 1,467,943 | |||||||||||||
| 1,500 | Octagon 67 Ltd., 2023‑1A, Rule 144A, 3 mo. USD Term SOFR + 7.410%(1),(9) |
(NR, NR) | 07/25/38 | 11.077 | 1,473,406 | |||||||||||||
| |
|
|||||||||||||||||
| TOTAL ASSET BACKED SECURITIES (Cost $15,211,398) |
14,634,321 | |||||||||||||||||
| |
|
|||||||||||||||||
| Shares |
||||||||||||||||||
| COMMON STOCKS (0.9%) |
||||||||||||||||||
| Auto Parts & Equipment (0.2%) |
||||||||||||||||||
| 57 | Jason, Inc.(7) |
|
340,440 | |||||||||||||||
| |
|
|||||||||||||||||
| Shares |
Value |
|||||||||||||||||
| COMMON STOCKS (continued) |
||||||||||||||||||
| Chemicals (0.3%) |
||||||||||||||||||
| 48,141,831 | Ascend Performance Litigation Trust Interest, Class A(5),(7),(16) |
|
$ | 24,071 | ||||||||||||||
| 97,028,915 | Ascend Performance Litigation Trust Interest, Class C(5),(7),(16) |
|
9,703 | |||||||||||||||
| 10,659 | Ascend Performance Materials Operations LLC(7) |
|
15,989 | |||||||||||||||
| 89,998 | Proppants Holdings LLC(5),(8),(16) |
|
1,800 | |||||||||||||||
| 18,606 | SK Mohawk Holdings, SCS(7) |
|
176,757 | |||||||||||||||
| 15,074 | Utex Industries |
|
442,173 | |||||||||||||||
| |
|
|||||||||||||||||
| 670,493 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Energy - Exploration & Production (0.0%) |
||||||||||||||||||
| 111,570 | PES Energy, Class A(5),(7),(8),(16) |
|
1,116 | |||||||||||||||
| |
|
|||||||||||||||||
| Health Facility (0.0%) |
||||||||||||||||||
| 1,430 | Western Dental Holdings LLC(7),(16) |
|
74,158 | |||||||||||||||
| |
|
|||||||||||||||||
| Hotels (0.2%) |
||||||||||||||||||
| 6,543 | Aimbridge Acquisition Co., Inc.(7) |
|
327,150 | |||||||||||||||
| |
|
|||||||||||||||||
| Personal & Household Products (0.1%) |
||||||||||||||||||
| 32,039 | Dream Well, Inc.(7) |
|
296,361 | |||||||||||||||
| 32,039 | Serta Simmons Bedding Equipment Co.(5),(7),(16) |
|
0 | |||||||||||||||
| |
|
|||||||||||||||||
| 296,361 | ||||||||||||||||||
| |
|
|||||||||||||||||
| Pharmaceuticals (0.0%) |
||||||||||||||||||
| 68,836 | Akorn, Inc.(7) |
|
2,753 | |||||||||||||||
| |
|
|||||||||||||||||
| Private Placement (0.0%) |
||||||||||||||||||
| 102,040,536 | Technicolor SA(5),(7),(13),(16) |
|
0 | |||||||||||||||
| |
|
|||||||||||||||||
| Software - Services (0.0%) |
||||||||||||||||||
| 9,482 | New Blackboard LLC(7) |
|
14,223 | |||||||||||||||
| |
|
|||||||||||||||||
| Support - Services (0.0%) |
||||||||||||||||||
| 2,100 | LTR Holdings, Inc.(5),(7),(8),(16) |
|
3,111 | |||||||||||||||
| |
|
|||||||||||||||||
| Telecom - Wireline Integrated & Services (0.1%) |
||||||||||||||||||
| 13,000 | Luxco Co. Ltd.(3),(7) |
|
268,561 | |||||||||||||||
| |
|
|||||||||||||||||
| TOTAL COMMON STOCKS (Cost $6,947,117) |
1,998,366 | |||||||||||||||||
| |
|
|||||||||||||||||
| PREFERRED STOCK (0.0%) |
||||||||||||||||||
| Software - Services (0.0%) |
||||||||||||||||||
| 5,194 | New Blackboard LLC (7) (Cost $54,537) |
|
51,940 | |||||||||||||||
| |
|
|||||||||||||||||
| Shares |
Value |
|||||||||||||||||
| SHORT-TERM INVESTMENTS (5.9%) |
||||||||||||||||||
| 5,384,986 | State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.59%(14) |
|
$ | 5,384,986 | ||||||||||||||
| 6,994,455 | State Street Navigator Securities Lending Government Money Market Portfolio, 3.67%(14),(15) |
|
6,994,455 | |||||||||||||||
| |
|
|||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $12,379,441) |
12,379,441 | |||||||||||||||||
| |
|
|||||||||||||||||
| TOTAL INVESTMENTS AT VALUE (140.9%) (Cost $313,846,084) |
297,436,875 | |||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS (‑40.9%) |
(86,360,914 | ) | ||||||||||||||||
| |
|
|||||||||||||||||
| NET ASSETS (100.0%) |
$ | 211,075,961 | ||||||||||||||||
| |
|
|||||||||||||||||
| † | Credit ratings given by the S&P Global Ratings Division of S&P Global Inc. (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) are unaudited. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2026, these securities amounted to a value of $242,567,250 or 114.9% of net assets. |
| (2) | Security or portion thereof is out on loan (See Note 2‑J). |
| (3) | This security is denominated in Euro. |
| (4) | PIK: Payment‑in‑kind security for which part of the income earned may be paid as additional principal. |
| (5) | Not readily marketable security; security is valued at fair value as determined in good faith by UBS Asset Management (Americas) LLC as the Fund’s valuation designee under the oversight of the Board of Trustees (See Note 2‑A). |
| (6) | Bond is currently in default. |
| (7) | Non‑income producing security. |
| (8) | Illiquid security. |
| (9) | Variable rate obligation - The interest rate shown is the rate in effect as of April 30, 2026. The rate may be subject to a cap and floor. |
| (10) | Position is unsettled. Contract rate was not determined at April 30, 2026 and does not take effect until settlement. |
| (11) | This security is denominated in British Pound. |
| (12) | All or a portion is an unfunded loan commitment. |
| (13) | Security is held through holdings of 100 shares of the CIG Special Purpose SPC - Credit Suisse High Yield Credit Fund Segregated Portfolio, an affiliated entity. |
| (14) | Rate shown reflects yield as at April 30, 2026. |
| (15) | Represents security purchased with cash collateral received for securities on loan. |
| (16) | Security is valued using significant unobservable inputs. |
| Forward Currency to be Purchased |
Forward Currency to be Sold |
Settlement Date |
Counterparty |
Value on Settlement Date |
Current Value/Notional |
Unrealized Appreciation |
||||||||||||||||||||||
| EUR |
269,060 | USD | 316,888 | 10/07/26 | Barclays Bank PLC | $ | 316,888 | $ | 317,572 | $ | 684 | |||||||||||||||||
| EUR |
253,584 | USD | 295,107 | 10/07/26 | JPMorgan Chase | 295,107 | 299,305 | 4,198 | ||||||||||||||||||||
| GBP |
36,864 | USD | 49,469 | 10/07/26 | Barclays Bank PLC | 49,469 | 50,033 | 564 | ||||||||||||||||||||
| USD |
3,618,121 | EUR | 3,031,910 | 10/07/26 | Deutsche Bank AG | (3,618,121 | ) | (3,578,570 | ) | 39,551 | ||||||||||||||||||
| USD |
87,113 | EUR | 73,462 | 10/07/26 | Morgan Stanley | (87,113 | ) | (86,707 | ) | 406 | ||||||||||||||||||
| |
|
|||||||||||||||||||||||||||
| Total Unrealized Appreciation |
|
$ | 45,403 | |||||||||||||||||||||||||
| |
|
|||||||||||||||||||||||||||
| Forward Currency to be Purchased |
Forward Currency to be Sold |
Settlement Date |
Counterparty |
Value on Settlement Date |
Current Value/Notional |
Unrealized Depreciation |
||||||||||||||||||||||
| EUR |
75,378 | USD | 89,096 | 10/07/26 | Deutsche Bank AG | $ | 89,096 | $ | 88,969 | $ | (127 | ) | ||||||||||||||||
| USD |
278,243 | EUR | 237,240 | 10/07/26 | Barclays Bank PLC | (278,243 | ) | (280,015 | ) | (1,772 | ) | |||||||||||||||||
| USD |
13,988 | GBP | 10,471 | 10/07/26 | Barclays Bank PLC | (13,988 | ) | (14,212 | ) | (224 | ) | |||||||||||||||||
| USD |
1,124,895 | GBP | 839,000 | 10/07/26 | Deutsche Bank AG | (1,124,895 | ) | (1,138,735 | ) | (13,840 | ) | |||||||||||||||||
| USD |
681,892 | GBP | 507,720 | 10/07/26 | Morgan Stanley | (681,892 | ) | (689,104 | ) | (7,212 | ) | |||||||||||||||||
| |
|
|||||||||||||||||||||||||||
| Total Unrealized Depreciation |
|
$ | (23,175 | ) | ||||||||||||||||||||||||
| |
|
|||||||||||||||||||||||||||
| Total Net Unrealized Appreciation/(Depreciation) |
|
$ | 22,228 | |||||||||||||||||||||||||
| |
|
|||||||||||||||||||||||||||
| Assets |
| |||
| Investments at value, including collateral for securities on loan of $6,994,455 (Cost $313,846,084) (Note 2) |
$ | 297,436,875 | 1 | |
| Cash |
669,157 | |||
| Foreign currency at value (Cost $1,274,240) |
1,292,538 | |||
| Interest receivable |
5,242,948 | |||
| Receivable for investments sold |
590,907 | |||
| Deferred offering costs (Note 7) |
94,303 | |||
| Unrealized appreciation on forward foreign currency contracts (Note 2) |
45,403 | |||
| |
|
|||
| Total assets |
305,372,131 | |||
| |
|
|||
| Liabilities |
| |||
| Investment advisory fee payable (Note 3) |
398,384 | |||
| Administrative services fee payable (Note 3) |
29,467 | |||
| Loan payable (Note 4) |
81,000,000 | |||
| Payable upon return of securities loaned (Note 2) |
6,994,455 | |||
| Payable for investments purchased |
4,214,462 | |||
| Interest payable (Note 4) |
1,284,375 | |||
| Unfunded loan commitments (Note 2) |
192,491 | |||
| Trustees’ fee payable |
49,569 | |||
| Unrealized depreciation on forward foreign currency contracts (Note 2) |
23,175 | |||
| Accrued expenses |
109,792 | |||
| |
|
|||
| Total liabilities |
94,296,170 | |||
| |
|
|||
| Net Assets |
| |||
| Applicable to |
$ | 211,075,961 | ||
| |
|
|||
| Net Assets |
| |||
| Capital stock, $.001 par value (Note 6) |
103,610 | |||
| Paid‑in capital (Note 6) |
289,582,021 | |||
| Total distributable earnings (loss) |
(78,609,670 | ) | ||
| |
|
|||
| Net assets |
$ | 211,075,961 | ||
| |
|
|||
| Net Asset Value Per Share |
$ |
|||
| |
|
|||
| Market Price Per Share |
$ |
|||
| |
|
|||
| 1 | Includes $6,843,845 of securities on loan. |
| Investment Income |
| |||
| Interest |
$ | 12,199,340 | ||
| Dividends |
41,864 | |||
| Securities lending (net of rebates) |
50,190 | |||
| |
|
|||
| Total investment income |
12,291,394 | |||
| |
|
|||
| Expenses |
||||
| Investment advisory fees (Note 3) |
1,432,411 | |||
| Administrative services fees (Note 3) |
37,001 | |||
| Interest expense (Note 4) |
2,029,200 | |||
| Trustees’ fees |
105,031 | |||
| Legal fees |
94,335 | |||
| Printing fees |
50,840 | |||
| Custodian fees |
45,722 | |||
| Commitment fees (Note 4) |
32,650 | |||
| Audit and tax fees |
24,646 | |||
| Stock exchange listing fees |
15,724 | |||
| Transfer agent fees |
15,233 | |||
| Insurance expense |
3,044 | |||
| Registration fees |
41 | |||
| Miscellaneous expense |
8,720 | |||
| |
|
|||
| Total expenses |
3,894,598 | |||
| Less: fees waived and expenses reimbursed (Note 3) |
(210,753 | ) | ||
| |
|
|||
| Net expenses |
3,683,845 | |||
| |
|
|||
| Net investment income |
8,607,549 | |||
| |
|
|||
| Net Realized and Unrealized Gain (Loss) from Investments, Foreign Currency and Forward Foreign Currency Contracts |
||||
| Net realized loss from investments |
(8,888,519 | ) | ||
| Net realized loss from foreign currency transactions |
(8,949 | ) | ||
| Net change in unrealized appreciation (depreciation) from investments |
(626,075 | ) | ||
| Net change in unrealized appreciation (depreciation) from foreign currency translations |
7,828 | |||
| Net change in unrealized appreciation (depreciation) from forward foreign currency contracts |
(51,869 | ) | ||
| |
|
|||
| Net realized and unrealized loss from investments, foreign currency transactions and forward foreign currency contracts |
(9,567,584 | ) | ||
| |
|
|||
| Net decrease in net assets resulting from operations |
$ | (960,035 | ) | |
| |
|
|||
| For the Six Months Ended April 30, 2026 (unaudited) |
For the Year Ended October 31, 2025 |
|||||||
| From Operations |
| |||||||
| Net investment income |
$ | 8,607,549 | $ | 17,396,949 | ||||
| Net realized loss from investments, foreign currency transactions and forward foreign currency contracts |
(8,897,468 | ) | (637,919 | ) | ||||
| Net change in unrealized appreciation (depreciation) from investments, foreign currency translations and forward foreign currency contracts |
(670,116 | ) | (4,407,915 | ) | ||||
| |
|
|
|
|||||
| Net increase (decrease) in net assets resulting from operations |
(960,035 | ) | 12,351,115 | |||||
| |
|
|
|
|||||
| From Distributions |
| |||||||
| From distributable earnings |
(9,635,695 | ) | (18,149,208 | ) | ||||
| Return of capital |
— | (1,119,512 | ) | |||||
| |
|
|
|
|||||
| Net decrease in net assets resulting from distributions |
(9,635,695 | ) | (19,268,720 | ) | ||||
| |
|
|
|
|||||
| From Capital Share Transactions (Note 6) |
| |||||||
| Reinvestment of distributions |
— | 135,402 | ||||||
| |
|
|
|
|||||
| Net increase in net assets from capital share transactions |
— | 135,402 | ||||||
| |
|
|
|
|||||
| Net decrease in net assets |
(10,595,730 | ) | (6,782,203 | ) | ||||
| Net Assets |
| |||||||
| Beginning of period |
221,671,691 | 228,453,894 | ||||||
| |
|
|
|
|||||
| End of period |
$ | 211,075,961 | $ | 221,671,691 | ||||
| |
|
|
|
|||||
| Reconciliation of Net Decrease in Net Assets from Operations to Net Cash Provided by Operating Activities |
||||||||
| Net decrease in net assets resulting from operations |
$ | (960,035 | ) | |||||
| |
|
|||||||
| Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities |
||||||||
| Decrease in interest receivable |
$ | 17,954 | ||||||
| Decrease in accrued expenses |
(55,471 | ) | ||||||
| Increase in interest payable |
887,661 | |||||||
| Decrease in commitment fees payable |
(15,221 | ) | ||||||
| Decrease in prepaid expenses and other assets |
12,245 | |||||||
| Increase in deferred offering cost |
(94,303 | ) | ||||||
| Increase in unfunded loan commitments |
192,491 | |||||||
| Increase in investment advisory fee payable |
179,255 | |||||||
| Net amortization of a premium or accretion of a discount on investments |
(909,535 | ) | ||||||
| Purchases of long-term securities, net of change in payable for investments purchased |
(3,362,615 | ) | ||||||
| Sales of long-term securities, net of change in receivable for investments sold |
17,874,713 | |||||||
| Net proceeds from sales (purchases) of short-term securities |
2,064,790 | |||||||
| Net change in unrealized (appreciation) depreciation from investments and forward foreign currency contracts |
677,943 | |||||||
| Net realized loss from investments |
8,888,519 | |||||||
| Total adjustments |
26,358,426 | |||||||
| |
|
|||||||
| Net cash provided by operating activities1 |
$ | 25,398,391 | ||||||
| |
|
|||||||
| Cash Flows From Financing Activities |
||||||||
| Repayments of credit facility |
(14,000,000 | ) | ||||||
| Cash distributions paid |
(9,635,695 | ) | ||||||
| |
|
|||||||
| Net cash used in financing activities |
(23,635,695 | ) | ||||||
| |
|
|||||||
| Net increase in cash |
1,762,696 | |||||||
| Cash — beginning of period |
198,999 | |||||||
| |
|
|||||||
| Cash — end of period |
$ | 1,961,695 | ||||||
| |
|
|||||||
| 1 | Included in net cash provided by operating activities is cash of $1,141,539 paid for interest on borrowings. |
| For the Six Months Ended April 30, 2026 (unaudited) |
For the Year Ended October 31, | |||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||||
| Per share operating performance |
||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 2.14 | $ | 2.21 | $ | 2.03 | $ | 2.00 | $ | 2.55 | $ | 2.39 | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| INVESTMENT OPERATIONS |
||||||||||||||||||||||||
| Net investment income1 |
0.08 | 0.17 | 0.18 | 0.17 | 0.16 | 0.17 | ||||||||||||||||||
| Net gain (loss) from investments, foreign currency transactions and forward foreign currency contracts (both realized and unrealized) |
(0.09 | ) | (0.05 | ) | 0.19 | 0.05 | (0.52 | ) | 0.18 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment activities |
(0.01 | ) | 0.12 | 0.37 | 0.22 | (0.36 | ) | 0.35 | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| LESS DIVIDENDS AND DISTRIBUTIONS |
||||||||||||||||||||||||
| Dividends from net investment income |
(0.09 | ) | (0.18 | ) | (0.18 | ) | (0.17 | ) | (0.17 | ) | (0.17 | ) | ||||||||||||
| Return of capital |
— | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total dividends and distributions |
(0.09 | ) | (0.19 | ) | (0.19 | ) | (0.19 | ) | (0.19 | ) | (0.19 | ) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net asset value, end of period |
$ | 2.04 | $ | 2.14 | $ | 2.21 | $ | 2.03 | $ | 2.00 | $ | 2.55 | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Per share market value, end of period |
$ | 1.76 | $ | 2.09 | $ | 2.15 | $ | 1.81 | $ | 1.78 | $ | 2.50 | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| TOTAL INVESTMENT RETURN2 |
||||||||||||||||||||||||
| Net asset value |
(0.02 | )% | 5.68 | % | 19.20 | % | 12.02 | % | (14.19 | )% | 15.33 | % | ||||||||||||
| Market value |
(11.68 | )% | 6.59 | % | 29.46 | % | 12.23 | % | (22.10 | )% | 30.55 | % | ||||||||||||
| RATIOS AND SUPPLEMENTAL DATA |
||||||||||||||||||||||||
| Net assets, end of period (000s omitted) |
$ | 211,076 | $ | 221,672 | $ | 228,454 | $ | 210,167 | $ | 206,835 | $ | 263,514 | ||||||||||||
| Ratio of net expenses to average net assets |
3.45 | %3 | 3.62 | % | 3.68 | % | 3.80 | % | 2.20 | % | 1.58 | % | ||||||||||||
| Ratio of net expenses to average net assets excluding interest expense |
1.55 | %3 | 1.56 | % | 1.44 | % | 1.44 | % | 1.43 | % | 1.29 | % | ||||||||||||
| Ratio of net investment income to average net assets |
8.05 | %3 | 7.72 | % | 8.07 | % | 8.34 | % | 7.04 | % | 6.49 | % | ||||||||||||
| Decrease reflected in above operating expense ratios due to waivers/reimbursements |
0.19 | %3 | 0.19 | % | 0.19 | % | 0.20 | % | 0.18 | % | 0.16 | % | ||||||||||||
| Average debt per share |
$ | 0.83 | $ | 0.84 | $ | 0.77 | $ | 0.85 | $ | 0.93 | $ | 0.80 | ||||||||||||
| Asset Coverage per $1,000 of Indebtedness |
$ | 3,606 | $ | 3,333 | $ | 3,856 | $ | 3,627 | $ | 3,260 | $ | 4,214 | ||||||||||||
| Portfolio turnover rate4 |
24 | % | 55 | % | 58 | % | 37 | % | 46 | % | 49 | % | ||||||||||||
| 1 | Per share information is calculated using the average shares outstanding method. |
| 2 | Total investment return at net asset value is based on changes in the net asset value of Fund shares and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the stock exchange during the period and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and market price. Total returns for periods less than one year are not annualized. |
| 3 | Annualized. |
| 4 | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
| • | Level 1 — quoted prices in active markets for identical investments |
| • | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Investments in Securities |
| |||||||||||||||
| Corporate Bonds |
$ | — | $ | 231,850,057 | $ | 243,2021 | $ | 232,093,259 | ||||||||
| Bank Loans |
— | 31,677,262 | 4,602,2861 | 36,279,548 | ||||||||||||
| Asset Backed Securities |
— | 14,634,321 | — | 14,634,321 | ||||||||||||
| Common Stocks |
— | 1,884,407 | 113,9591 | 1,998,366 | ||||||||||||
| Preferred Stock |
— | 51,940 | — | 51,940 | ||||||||||||
| Short-term Investments |
12,379,441 | — | — | 12,379,441 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| $ | 12,379,441 | $ | 280,097,987 | $ | 4,959,447 | $ | 297,436,875 | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Other Financial Instruments* |
|
|||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | 45,403 | $ | — | $ | 45,403 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Other Financial Instruments* |
|
|||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | 23,175 | $ | — | $ | 23,175 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| 1 | Included a zero valued security. |
| * | Other financial instruments include unrealized appreciation (depreciation) on forward foreign currency contracts. |
| Corporate Bonds |
Bank Loans |
Common Stocks |
Warrants | Total | ||||||||||||||||
| Balance as of October 31, 2025 |
$ | 113,285 | $ | 3,041,464 | $ | 6,027 | $ | 0 | $ | 3,160,776 | ||||||||||
| Accrued discounts (premiums) |
(1 | ) | 66,763 | — | — | 66,762 | ||||||||||||||
| Purchases |
222,960 | 2,194,662 | 83,172 | — | 2,500,794 | |||||||||||||||
| Sales |
— | (943,061 | ) | — | (0 | ) | (943,061 | ) | ||||||||||||
| Realized gain (loss) |
(1 | ) | (1,250,098 | ) | — | (11,699 | ) | (1,261,798 | ) | |||||||||||
| Change in unrealized appreciation (depreciation) |
(115,646 | ) | 1,492,556 | 24,760 | 11,699 | 1,413,369 | ||||||||||||||
| Transfers into Level 3 |
22,605 | — | — | — | 22,605 | |||||||||||||||
| Transfers out of Level 3 |
— | — | — | — | — | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Balance as of April 30, 2026 |
$ | 243,202 | $ | 4,602,286 | $ | 113,959 | $ | 0 | $ | 4,959,447 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Net change in unrealized appreciation (depreciation) from investments still held as of April 30, 2026 |
$ | (115,647 | ) | $ | 368,155 | $ | 24,760 | $ | — | $ | 277,268 | |||||||||
| Asset Class | Fair Value At April 30, 2026 |
Valuation Technique |
Unobservable Input |
Price Range (Weighted Average)* |
||||||||||||
| Bank Loans |
$ | 4,602,286 | Vendor Pricing | Single Broker Quote | $ | 0.58 ‑1.00 | (0.92) | |||||||||
| 0 | Income Approach | |
Expected Remaining Distribution |
|
0.00 | (N/A) | ||||||||||
| Corporate Bonds |
243,192 | Vendor Pricing | Single Broker Quote | 0.01 ‑0.63 | (0.57) | |||||||||||
| 10 | Income Approach | |
Expected Remaining Distribution |
|
0.00 | (N/A) | ||||||||||
| Common Stocks |
74,158 | Vendor Pricing | Single Broker Quote | 51.87 | (51.87) | |||||||||||
| 39,801 | Income Approach | |
Expected Remaining Distribution |
|
0.00 ‑1.48 | (0.12) | ||||||||||
| * | Weighted by relative fair value |
| Primary Underlying Risk | Derivative Assets1 |
Derivative Liabilities1 |
Realized Gain (Loss) |
Net Change in Unrealized Appreciation (Depreciation) |
||||||||||||
| Foreign currency exchange risk |
$ | 45,403 | $ | 23,175 | $ | — | $ | (51,869 | ) | |||||||
| 1 | Generally, the balance sheet location for asset derivatives is unrealized appreciation on forward foreign currency contracts and for liability derivatives is unrealized depreciation on forward foreign currency contracts. |
| Counterparty | Gross Amount of Derivative Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Non‑Cash Collateral Received |
Cash Collateral Received |
Net Amount of Derivative Assets |
|||||||||||||||
| Barclays Bank PLC |
$ | 1,248 | $ | (1,248 | ) | $ | — | $ | — | $ | — | |||||||||
| Deutsche Bank AG |
39,551 | (13,967 | ) | — | — | 25,584 | ||||||||||||||
| JPMorgan Chase |
4,198 | — | — | — | 4,198 | |||||||||||||||
| Morgan Stanley |
406 | (406 | ) | — | — | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 45,403 | $ | (15,621 | ) | $ | — | $ | — | $ | 29,782 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Counterparty | Gross Amount of Derivative Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Non‑Cash Collateral Pledged |
Cash Collateral Pledged |
Net Amount of Derivative Liabilities |
|||||||||||||||
| Barclays Bank PLC |
$ | 1,996 | $ | (1,248 | ) | $ | — | $ | — | $ | 748 | |||||||||
| Deutsche Bank AG |
13,967 | (13,967 | ) | — | — | — | ||||||||||||||
| Morgan Stanley |
7,212 | (406 | ) | — | — | 6,806 | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 23,175 | $ | (15,621 | ) | $ | — | $ | — | $ | 7,554 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Borrower | Maturity | Rate | Unfunded Commitment |
|||||||||
| Allied Benefit Systems Intermediate LLC |
10/31/30 | 1.000 | % | $ | 192,491 | |||||||
| Market Value of Loaned Securities |
Market Value of Cash Collateral |
|||||
| $ | 6,843,845 | $ | 6,994,455 | |||
| Gross Asset Amounts Presented in the Statement of Assets and Liabilities(a) |
Collateral Received(b) |
Net Amount |
||||||||
| $ | 6,843,845 | $ | (6,843,845 | ) | $ | — | ||||
| (a) | Represents market value of loaned securities at period end. |
| (b) | The actual collateral received is greater than the amount shown here due to collateral requirements of the security lending agreement. |
| Average Daily Loan Balance |
Weighted Average Interest Rate % |
Maximum Daily Loan Outstanding |
Interest Expense | Number of Days Outstanding |
||||||||||||||
| $ | 86,204,420 | 4.682 | % | $ | 95,000,000 | $ | 2,029,201 | 181 | ||||||||||
| Investment Securities | U.S. Government/ Agency Obligations |
|||||||||||||
| Purchases | Sales | Purchases | Sales | |||||||||||
| $ | 71,107,645 | $ | 81,743,077 | $ | 0 | $ | 0 | |||||||
| For the Six Months Ended April 30, 2026 |
For the Year Ended October 31, 2025 |
|||||||
| Shares issued through reinvestment of dividends |
0 | 61,862 | ||||||
| NAME OF TRUSTEE | “FOR” |
WITHHELD | ||
| Charles W. Gerber |
62,469,705 | 3,673,574 | ||
| Samantha Kappagoda |
62,564,877 | 3,578,404 |
| • | The Contractual Advisory Fee and Net Advisory Fee, reviewed along with information provided by Broadridge for the funds in the Fund’s Expense Group and Expense Universe, were reasonable in relation to the services provided by UBS AM (Americas). |
| • | The Board was satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by UBS AM (Americas) and that, based on dialogue with management and counsel, the services provided by UBS AM (Americas) under the Advisory Agreement are typical of, and consistent with, those provided to similar funds by other investment advisers. |
| • | In light of the costs of providing investment advisory and other services to the Fund and UBS AM (Americas)’s ongoing commitment to the Fund and willingness to waive fees, UBS AM (Americas)’s net |
| profitability based on fees payable under the Advisory Agreement, as well as other ancillary benefits that UBS AM (Americas) and its affiliates received, were considered reasonable. |
| • | In light of the information received and considered by the Board, the Fund’s current fee structure was considered reasonable. |
| • | Information we receive from you on applications, forms, agreements, questionnaires, UBS AM (Americas) websites and other websites that are part of our investment program, or in the course of establishing or maintaining a customer relationship, such as your name, address, e-mail address, Social Security number, assets, income, financial situation; and |
| • | Information we obtain from your transactions and experiences with us, our affiliates, or others, such as your account balances or other investment information, assets purchased and sold, and other parties to a transaction, where applicable. |
| • | We do not disclose nonpublic personal information about our individual investors, except as permitted or required by law or regulation. Whether you are an individual investor or institutional investor, we may share the information described above with our affiliates that perform services on our behalf, and with our asset management and private banking affiliates; as well as with unaffiliated third parties that perform services on our behalf, such as our accountants, auditors, attorneys, broker-dealers, fund administrators, and other service providers. |
| • | We want our investors to be informed about additional products or services. We do not disclose nonpublic personal information relating to individual investors to our affiliates for marketing purposes, nor do we use such information received from our affiliates to solicit individual investors for such purposes. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates. |
| • | In addition, whether you are an individual investor or an institutional investor, we reserve the right to disclose information, including nonpublic personal information, about you to any person or entity, including without limitation any governmental agency, regulatory authority or self-regulatory organization having jurisdiction over us or our affiliates, if (i) we determine in our discretion that such disclosure is necessary or advisable pursuant to or in connection with any United States federal, state or local, or non-U.S., court order (or other legal process), law, rule, regulation, or executive order or policy, including without limitation any anti-money laundering law or the USA PATRIOT Act of 2001; and (ii) such disclosure is not otherwise prohibited by law, rule, regulation, or executive order or policy. |
| • | To protect nonpublic personal information about individual investors, we restrict access to those employees and agents who need to know that information to provide products or services to us and to our investors. We maintain physical, electronic, and procedural safeguards to protect nonpublic personal information. |
| • | By calling 1‑800‑293‑1232 |
| • | On the Fund’s website, https://us‑fund.ubs.com/en/home |
| • | On the website of the Securities and Exchange Commission (“SEC”) at www.sec.gov |
| By Internet: | www.computershare.com |
| By phone: | (800) 730‑6001 (U.S. and Canada) |
| (781) 575‑3100 (Outside U.S. and Canada) |
| By mail: | Credit Suisse High Yield Credit Fund |
| c/o Computershare |
| P.O. Box 43006 |
| Providence, RI 02940-3006 |
| Computershare |
| 150 Royall St., Suite 101 |
| Canton, MA 02021 |
Item 2. Code of Ethics.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services. This item is inapplicable to a semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
| (a) | This item is inapplicable to a semi-annual report on Form N-CSR. |
| (b) | Not applicable to the Registrant. |
Item 6. Schedule of Investments.
| (a) | The complete schedule of investments for the Registrant is disclosed in the Registrant’s semi-annual report, which is included in Item 1 of this Form N-CSR. |
| (b) | Not applicable to the Registrant. |
| (c) | Not applicable to the Registrant. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Proxy Disclosure for Open-End Management Investment Companies.
Not applicable to the Registrant.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable to the Registrant.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Report to Stockholders filed under Item 1 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
| (a) | This item is inapplicable to a semi-annual report on Form N-CSR. |
| (b) | There have been no changes in any of the Portfolio Managers since the Registrant’s most recent annual report on Form N-CSR. |
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated March 19, 2026.
Item 16. Controls and Procedures.
(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s most recent fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable to the Registrant.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) Not applicable.
(c) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CREDIT SUISSE HIGH YIELD CREDIT FUND | ||
| /s/ Omar Tariq | ||
| Name: | Omar Tariq | |
| Title: | Chief Executive Officer and President (Principal Executive Officer) | |
| Date: | June 29, 2026 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| /s/ Omar Tariq | ||
| Name: | Omar Tariq | |
| Title: | Chief Executive Officer and President (Principal Executive Officer) | |
| Date: | June 29, 2026 | |
| /s/ Rose Ann Bubloski | ||
| Name: | Rose Ann Bubloski | |
| Title: | Chief Financial Officer and Treasurer (Principal Financial Officer) | |
| Date: | June 29, 2026 | |