|
|
Par Value
|
Value
|
|
Convertible Bonds and Notes—85.6%
|
||
|
Aerospace & Defense—1.3%
|
|
|
|
AeroVironment, Inc.
0.000%, 7/15/30
|
$900
|
$913
|
|
Intuitive Machines, Inc. 144A
2.500%, 10/1/30(1)
|
1,435
|
3,179
|
|
|
|
4,092
|
|
|
|
|
|
|
||
|
Auto Manufacturers—1.1%
|
|
|
|
Rivian Automotive, Inc.
4.625%, 3/15/29
|
3,190
|
3,645
|
|
Biotechnology—3.4%
|
|
|
|
Bridgebio Pharma, Inc.
|
|
|
|
2.250%, 2/1/29 |
2,010
|
2,229
|
|
144A 0.750%, 2/1/33(1) |
325
|
323
|
|
Halozyme Therapeutics, Inc. 144A
0.000%, 2/15/31(1)
|
3,105
|
3,016
|
|
Ionis Pharmaceuticals, Inc.
|
|
|
|
1.750%, 6/15/28 |
1,020
|
1,515
|
|
144A 0.000%, 12/1/30(1) |
1,620
|
1,680
|
|
Ligand Pharmaceuticals, Inc. 144A
0.750%, 10/1/30(1)
|
1,590
|
2,132
|
|
|
|
10,895
|
|
|
|
|
|
|
||
|
Commercial Services—3.4%
|
|
|
|
Affirm Holdings, Inc.
0.750%, 12/15/29(2)
|
3,075
|
3,244
|
|
Block, Inc.
0.250%, 11/1/27
|
3,670
|
3,446
|
|
Global Payments, Inc.
1.500%, 3/1/31(2)
|
1,910
|
1,714
|
|
Shift4 Payments, Inc.
0.500%, 8/1/27
|
2,590
|
2,441
|
|
|
|
10,845
|
|
|
|
|
|
|
||
|
Computers—11.9%
|
|
|
|
Lumentum Holdings, Inc. 144A
0.375%, 3/15/32(1)
|
2,620
|
12,827
|
|
Parsons Corp.
2.625%, 3/1/29
|
910
|
894
|
|
Seagate HDD Cayman
3.500%, 6/1/28
|
640
|
5,213
|
|
Western Digital Corp.
3.000%, 11/15/28
|
1,540
|
17,697
|
|
Zscaler, Inc. 144A
0.000%, 7/15/28(1)(3)
|
1,590
|
1,442
|
|
|
|
38,073
|
|
|
|
|
|
|
||
|
Diversified REITs—1.2%
|
|
|
|
Digital Realty Trust LP 144A
1.875%, 11/15/29(1)
|
3,410
|
3,826
|
|
Electric Utilities—6.9%
|
|
|
|
FirstEnergy Corp. 144A
3.625%, 1/15/29(1)
|
2,970
|
3,245
|
|
NextEra Energy Capital Holdings, Inc.
3.000%, 3/1/27
|
5,395
|
7,841
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Electric Utilities—continued
|
|
|
|
Ormat Technologies, Inc. Series A 144A
1.500%, 3/15/31(1)
|
$2,895
|
$3,064
|
|
Southern Co. (The) 144A
3.250%, 6/15/28(1)
|
3,530
|
3,588
|
|
WEC Energy Group, Inc. 144A
3.375%, 6/1/28(1)
|
4,115
|
4,292
|
|
|
|
22,030
|
|
|
|
|
|
|
||
|
Electronics—1.7%
|
|
|
|
Mirion Technologies, Inc. 144A
0.250%, 6/1/30(1)
|
1,355
|
1,530
|
|
OSI Systems, Inc. 144A
0.500%, 2/1/31(1)
|
3,820
|
4,080
|
|
|
|
5,610
|
|
|
|
|
|
|
||
|
Energy-Alternate Sources—0.3%
|
|
|
|
Array Technologies, Inc. 144A
2.875%, 7/1/31(1)
|
850
|
1,101
|
|
Engineering & Construction—1.1%
|
|
|
|
Granite Construction, Inc.
3.250%, 6/15/30
|
1,945
|
3,579
|
|
Entertainment—4.0%
|
|
|
|
DraftKings Holdings, Inc.
0.000%, 3/15/28(3)
|
2,085
|
1,903
|
|
IMAX Corp. 144A
0.750%, 11/15/30(1)(2)
|
2,225
|
2,485
|
|
Live Nation Entertainment, Inc.
|
|
|
|
2.875%, 1/15/30 |
6,735
|
7,499
|
|
144A 2.875%, 10/15/31(1) |
1,035
|
1,073
|
|
|
|
12,960
|
|
|
|
|
|
|
||
|
Financial Services—4.7%
|
|
|
|
Coinbase Global, Inc.
|
|
|
|
0.500%, 6/1/26 |
2,920
|
2,909
|
|
144A 0.000%, 10/1/29(1)(3) |
4,750
|
4,319
|
|
Dave, Inc. 144A
0.000%, 4/1/31(1)
|
1,660
|
2,025
|
|
Galaxy Digital Holdings LP 144A
0.500%, 5/1/31(1)
|
2,880
|
2,479
|
|
SoFi Technologies, Inc. 144A
0.000%, 10/15/26(1)
|
1,480
|
1,504
|
|
WisdomTree, Inc. 144A
4.625%, 8/15/30(1)
|
1,505
|
1,764
|
|
|
|
15,000
|
|
|
|
|
|
|
||
|
Ground Transportation—0.2%
|
|
|
|
Uber Technologies, Inc. 144A
0.000%, 5/15/28(1)
|
515
|
562
|
|
Health Care REITs—2.6%
|
|
|
|
Welltower OP LLC 144A
3.125%, 7/15/29(1)
|
4,815
|
8,332
|
|
Healthcare-Products—3.2%
|
|
|
|
Alphatec Holdings, Inc.
0.750%, 3/15/30
|
1,320
|
1,307
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Healthcare-Products—continued
|
|
|
|
Envista Holdings Corp.
1.750%, 8/15/28
|
$2,560
|
$2,547
|
|
Guardant Health, Inc. 144A
0.000%, 5/15/33(1)
|
1,895
|
1,979
|
|
Tandem Diabetes Care, Inc.
1.500%, 3/15/29
|
2,655
|
2,707
|
|
TransMedics Group, Inc.
1.500%, 6/1/28
|
1,260
|
1,657
|
|
|
|
10,197
|
|
|
|
|
|
|
||
|
Healthcare-Services—0.9%
|
|
|
|
Alignment Healthcare, Inc.
4.250%, 11/15/29
|
1,845
|
3,051
|
|
Industrial REITs—0.7%
|
|
|
|
Rexford Industrial Realty LP 144A
4.375%, 3/15/27(1)
|
2,330
|
2,322
|
|
Internet—1.5%
|
|
|
|
Alibaba Group Holding Ltd.
0.500%, 6/1/31
|
1,065
|
1,537
|
|
DoorDash, Inc. 144A
0.000%, 5/15/30(1)
|
1,590
|
1,517
|
|
Uber Technologies, Inc.
0.875%, 12/1/28
|
1,410
|
1,724
|
|
|
|
4,778
|
|
|
|
|
|
|
||
|
Investment Companies—3.6%
|
|
|
|
Cipher Digital, Inc. 144A
0.000%, 10/1/31(1)(2)
|
1,470
|
2,040
|
|
IREN Ltd. 144A
0.000%, 7/1/31(1)(3)
|
2,640
|
2,283
|
|
Riot Platforms, Inc.
0.750%, 1/15/30
|
1,690
|
2,410
|
|
Terawulf, Inc. 144A
0.000%, 5/1/32(1)
|
3,420
|
4,668
|
|
|
|
11,401
|
|
|
|
|
|
|
||
|
Leisure Time—1.0%
|
|
|
|
NCL Corp., Ltd. 144A
0.750%, 9/15/30(1)
|
3,345
|
3,135
|
|
Machinery-Construction & Mining—2.8%
|
|
|
|
Bloom Energy Corp. 144A
0.000%, 11/15/30(1)
|
3,645
|
6,345
|
|
BWX Technologies, Inc. 144A
0.000%, 11/1/30(1)
|
2,315
|
2,505
|
|
|
|
8,850
|
|
|
|
|
|
|
||
|
Mining—1.2%
|
|
|
|
Centrus Energy Corp. 144A
0.000%, 8/15/32(1)
|
1,060
|
1,263
|
|
MP Materials Corp. 144A
3.000%, 3/1/30(1)
|
835
|
2,634
|
|
|
|
3,897
|
|
|
|
|
|
|
||
|
|
Par Value
|
Value
|
|
|
|
|
|
Miscellaneous Manufacturing—0.8%
|
|
|
|
JBT Marel Corp. 144A
0.375%, 9/15/30(1)
|
$2,715
|
$2,552
|
|
Office REITs—0.5%
|
|
|
|
Boston Properties LP 144A
2.000%, 10/1/30(1)
|
1,575
|
1,473
|
|
Oil, Gas & Consumable Fuels—3.0%
|
|
|
|
Crescent Energy Co. 144A
2.750%, 3/15/31(1)
|
2,155
|
2,479
|
|
Liberty Energy, Inc. 144A
0.000%, 3/1/31(1)
|
975
|
1,173
|
|
Northern Oil & Gas, Inc.
3.625%, 4/15/29
|
2,365
|
2,507
|
|
Solaris Energy Infrastructure, Inc.
0.250%, 10/1/31
|
2,305
|
3,521
|
|
|
|
9,680
|
|
|
|
|
|
|
||
|
Pharmaceuticals—1.9%
|
|
|
|
Indivior Pharmaceuticals, Inc. 144A
0.625%, 3/15/31(1)
|
1,485
|
1,688
|
|
Jazz Investments I Ltd.
3.125%, 9/15/30(2)
|
3,035
|
4,534
|
|
|
|
6,222
|
|
|
|
|
|
|
||
|
Real Estate—0.5%
|
|
|
|
Compass, Inc. 144A
0.250%, 4/15/31(1)
|
1,705
|
1,497
|
|
Retail—1.2%
|
|
|
|
Burlington Stores, Inc.
1.250%, 12/15/27
|
1,315
|
2,139
|
|
Freshpet, Inc.
3.000%, 4/1/28
|
1,345
|
1,651
|
|
|
|
3,790
|
|
|
|
|
|
|
||
|
Semiconductors—7.0%
|
|
|
|
Cohu, Inc. 144A
1.500%, 1/15/31(1)
|
1,420
|
2,707
|
|
MACOM Technology Solutions Holdings, Inc.
0.000%, 12/15/29(2)(3)
|
1,950
|
3,430
|
|
Microchip Technology, Inc.
0.750%, 6/1/30(2)
|
3,285
|
3,586
|
|
MKS, Inc.
1.250%, 6/1/30
|
1,940
|
3,816
|
|
ON Semiconductor Corp.
0.500%, 3/1/29
|
1,705
|
2,077
|
|
Semtech Corp. 144A
0.000%, 10/15/30(1)(2)
|
1,915
|
2,556
|
|
Synaptics, Inc.
0.750%, 12/1/31
|
1,140
|
1,401
|
|
Ultra Clean Holdings, Inc. 144A
0.000%, 3/15/31(1)
|
2,425
|
3,002
|
|
|
|
22,575
|
|
|
|
|
|
|
||
|
Software—9.7%
|
|
|
|
Akamai Technologies, Inc.
|
|
|
|
0.375%, 9/1/27 |
5,030
|
5,571
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Software—continued
|
|
|
|
144A 0.250%, 5/15/33(1) |
$1,145
|
$1,503
|
|
BILL Holdings, Inc.
0.000%, 4/1/30(3)
|
2,270
|
2,010
|
|
Cloudflare, Inc.
0.000%, 8/15/26
|
3,280
|
3,811
|
|
CoreWeave, Inc. 144A
1.750%, 12/1/31(1)
|
4,655
|
6,031
|
|
Datadog, Inc.
0.000%, 12/1/29(3)
|
4,565
|
4,590
|
|
Nebius Group N.V. 144A
1.250%, 3/15/31(1)
|
2,635
|
2,924
|
|
Snowflake, Inc.
0.000%, 10/1/29
|
355
|
416
|
|
Strategy, Inc.
0.000%, 12/1/29(3)
|
4,850
|
4,190
|
|
|
|
31,046
|
|
|
|
|
|
|
||
|
Telecommunications—1.5%
|
|
|
|
AST SpaceMobile, Inc. 144A
2.000%, 1/15/36(1)
|
2,465
|
2,504
|
|
Viavi Solutions, Inc. 144A
0.625%, 3/1/31(1)
|
605
|
2,358
|
|
|
|
4,862
|
|
|
|
|
|
|
||
|
Transportation—0.8%
|
|
|
|
Scorpio Tankers, Inc. 144A
1.750%, 4/15/31(1)(2)
|
2,335
|
2,616
|
|
Total Convertible Bonds and Notes
(Identified Cost $221,883)
|
274,494
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Corporate Bonds and Notes—43.5%
|
||
|
Aerospace & Defense—2.1%
|
|
|
|
AAR Escrow Issuer LLC 144A
6.750%, 3/15/29(1)
|
1,400
|
1,442
|
|
Bombardier, Inc. 144A
6.750%, 6/15/33(1)
|
2,330
|
2,429
|
|
TransDigm, Inc.
|
|
|
|
144A 6.750%, 1/31/34(1) |
1,540
|
1,582
|
|
144A 6.125%, 7/31/34(1) |
1,375
|
1,377
|
|
|
|
6,830
|
|
|
|
|
|
|
||
|
Auto Components—0.3%
|
|
|
|
Goodyear Tire & Rubber Co. (The)
6.625%, 7/15/30(2)
|
990
|
980
|
|
Automotive Parts & Equipment—2.0%
|
|
|
|
Adient Global Holdings Ltd. 144A
7.500%, 2/15/33(1)
|
1,565
|
1,601
|
|
American Axle & Manufacturing, Inc. 144A
7.750%, 10/15/33(1)
|
1,495
|
1,460
|
|
Clarios Global LP 144A
6.750%, 9/15/32(1)
|
1,120
|
1,146
|
|
Garrett Motion Holdings, Inc. 144A
7.750%, 5/31/32(1)
|
1,080
|
1,127
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Automotive Parts & Equipment—continued
|
|
|
|
Tenneco, Inc. 144A
8.000%, 11/17/28(1)
|
$1,135
|
$1,148
|
|
|
|
6,482
|
|
|
|
|
|
|
||
|
Banks—0.4%
|
|
|
|
WESCO Distribution, Inc. 144A
5.500%, 4/15/34(1)
|
1,155
|
1,152
|
|
Biotechnology—0.5%
|
|
|
|
GENMAB A/S 144A
7.250%, 12/15/33(1)
|
1,415
|
1,475
|
|
Building Materials—1.4%
|
|
|
|
Ameritex Holdco Intermediate LLC 144A
7.625%, 8/15/33(1)
|
1,025
|
1,065
|
|
Builders FirstSource, Inc. 144A
6.375%, 6/15/32(1)(2)
|
1,170
|
1,178
|
|
Quikrete Holdings, Inc. 144A
6.750%, 3/1/33(1)
|
2,250
|
2,282
|
|
|
|
4,525
|
|
|
|
|
|
|
||
|
Chemicals—0.8%
|
|
|
|
Celanese U.S. Holdings LLC
6.750%, 4/15/33
|
1,135
|
1,169
|
|
Chemours Co. (The) 144A
7.875%, 3/15/34(1)
|
1,455
|
1,488
|
|
|
|
2,657
|
|
|
|
|
|
|
||
|
Commercial Services—2.6%
|
|
|
|
Avis Budget Car Rental LLC 144A
8.000%, 2/15/31(1)(2)
|
1,165
|
1,176
|
|
Deluxe Corp. 144A
8.000%, 6/1/29(1)
|
760
|
769
|
|
EquipmentShare.com, Inc. 144A
8.625%, 5/15/32(1)
|
1,410
|
1,496
|
|
Herc Holdings, Inc. 144A
7.250%, 6/15/33(1)(2)
|
1,820
|
1,906
|
|
Shift4 Payments LLC 144A
6.750%, 8/15/32(1)
|
1,445
|
1,442
|
|
Williams Scotsman, Inc. 144A
6.625%, 4/15/30(1)
|
1,550
|
1,596
|
|
|
|
8,385
|
|
|
|
|
|
|
||
|
Computers—1.1%
|
|
|
|
CACI International, Inc. 144A
6.375%, 6/15/33(1)
|
795
|
814
|
|
McAfee Corp. 144A
7.375%, 2/15/30(1)
|
1,200
|
972
|
|
Seagate Data Storage Technology Pte Ltd. 144A
8.500%, 7/15/31(1)
|
1,815
|
1,901
|
|
|
|
3,687
|
|
|
|
|
|
|
||
|
Containers & Packaging—0.8%
|
|
|
|
Mauser Packaging Solutions Holding Co. 144A
7.875%, 4/15/30(1)
|
1,495
|
1,512
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Containers & Packaging—continued
|
|
|
|
Owens-Brockway Glass Container, Inc. 144A
7.250%, 5/15/31(1)(2)
|
$1,195
|
$1,142
|
|
|
|
2,654
|
|
|
|
|
|
|
||
|
Diversified REITs—0.9%
|
|
|
|
Iron Mountain, Inc.
|
|
|
|
144A 7.000%, 2/15/29(1) |
1,175
|
1,201
|
|
144A 6.250%, 1/15/33(1) |
1,535
|
1,559
|
|
|
|
2,760
|
|
|
|
|
|
|
||
|
Electric Utilities—1.1%
|
|
|
|
NRG Energy, Inc. 144A
6.250%, 11/1/34(1)
|
1,925
|
1,947
|
|
Talen Energy Supply LLC 144A
6.500%, 2/1/36(1)
|
1,470
|
1,476
|
|
|
|
3,423
|
|
|
|
|
|
|
||
|
Electronic Equipment, Instruments & Components—0.2%
|
|
|
|
WESCO Distribution, Inc. 144A
6.375%, 3/15/33(1)
|
740
|
764
|
|
Entertainment—1.3%
|
|
|
|
Caesars Entertainment, Inc. 144A
6.000%, 10/15/32(1)(2)
|
1,685
|
1,510
|
|
Churchill Downs, Inc. 144A
6.750%, 5/1/31(1)
|
790
|
808
|
|
Light & Wonder International, Inc. 144A
6.250%, 10/1/33(1)
|
1,155
|
1,145
|
|
Starz Capital Holdings 1, Inc. 144A
6.000%, 4/15/30(1)
|
735
|
695
|
|
|
|
4,158
|
|
|
|
|
|
|
||
|
Environmental Services—0.6%
|
|
|
|
GFL Environmental, Inc. 144A
6.750%, 1/15/31(1)
|
1,100
|
1,140
|
|
Waste Pro USA, Inc. 144A
7.000%, 2/1/33(1)
|
745
|
759
|
|
|
|
1,899
|
|
|
|
|
|
|
||
|
Financial Services—3.0%
|
|
|
|
Navient Corp.
|
|
|
|
9.375%, 7/25/30(2) |
490
|
509
|
|
7.875%, 6/15/32 |
845
|
813
|
|
OneMain Finance Corp.
|
|
|
|
7.125%, 11/15/31 |
755
|
766
|
|
7.125%, 9/15/32 |
1,500
|
1,521
|
|
6.750%, 9/15/33 |
780
|
767
|
|
PennyMac Financial Services, Inc.
|
|
|
|
144A 7.875%, 12/15/29(1) |
740
|
768
|
|
144A 6.875%, 2/15/33(1) |
765
|
752
|
|
PRA Group, Inc. 144A
8.375%, 2/1/28(1)
|
785
|
797
|
|
Rocket Cos., Inc.
|
|
|
|
144A 7.125%, 2/1/32(1) |
1,420
|
1,468
|
|
144A 6.375%, 8/1/33(1) |
1,450
|
1,468
|
|
|
|
9,629
|
|
|
|
|
|
|
||
|
|
Par Value
|
Value
|
|
|
|
|
|
Food & Beverage—1.2%
|
|
|
|
Performance Food Group, Inc. 144A
6.125%, 9/15/32(1)
|
$1,515
|
$1,536
|
|
Post Holdings, Inc.
|
|
|
|
144A 6.375%, 3/1/33(1) |
1,560
|
1,559
|
|
144A 6.250%, 10/15/34(1) |
765
|
755
|
|
|
|
3,850
|
|
|
|
|
|
|
||
|
Healthcare-Products—0.3%
|
|
|
|
Insulet Corp. 144A
6.500%, 4/1/33(1)
|
830
|
847
|
|
Healthcare-Services—1.9%
|
|
|
|
Concentra Health Services, Inc. 144A
6.875%, 7/15/32(1)
|
1,585
|
1,643
|
|
DaVita, Inc. 144A
6.750%, 7/15/33(1)
|
1,505
|
1,552
|
|
Global Medical Response, Inc. 144A
7.375%, 10/1/32(1)
|
1,230
|
1,282
|
|
Tenet Healthcare Corp. 144A
6.000%, 11/15/33(1)(2)
|
1,580
|
1,597
|
|
|
|
6,074
|
|
|
|
|
|
|
||
|
Housewares—0.3%
|
|
|
|
Newell Brands, Inc. 144A
8.500%, 6/1/28(1)
|
1,085
|
1,134
|
|
Insurance—1.3%
|
|
|
|
Asurion LLC
|
|
|
|
144A 8.000%, 12/31/32(1) |
755
|
789
|
|
144A 8.375%, 2/1/34(1) |
1,185
|
1,169
|
|
Panther Escrow Issuer LLC 144A
7.125%, 6/1/31(1)
|
2,085
|
2,095
|
|
|
|
4,053
|
|
|
|
|
|
|
||
|
Internet—1.2%
|
|
|
|
Gen Digital, Inc. 144A
6.250%, 4/1/33(1)
|
2,310
|
2,251
|
|
Snap, Inc. 144A
6.875%, 3/1/33(1)
|
780
|
759
|
|
Wayfair LLC 144A
6.750%, 11/15/32(1)
|
770
|
779
|
|
|
|
3,789
|
|
|
|
|
|
|
||
|
Iron & Steel—0.9%
|
|
|
|
Cleveland-Cliffs, Inc. 144A
7.625%, 1/15/34(1)
|
1,895
|
1,914
|
|
Commercial Metals Co. 144A
6.000%, 12/15/35(1)
|
1,070
|
1,069
|
|
|
|
2,983
|
|
|
|
|
|
|
||
|
Leisure Time—1.1%
|
|
|
|
Acushnet Co. 144A
5.625%, 12/1/33(1)
|
800
|
804
|
|
Carnival Corp. 144A
5.750%, 8/1/32(1)
|
810
|
814
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Leisure Time—continued
|
|
|
|
NCL Corp., Ltd. 144A
6.750%, 2/1/32(1)
|
$1,920
|
$1,910
|
|
|
|
3,528
|
|
|
|
|
|
|
||
|
Lodging—0.3%
|
|
|
|
Station Casinos LLC 144A
6.625%, 3/15/32(1)
|
820
|
830
|
|
Media—3.7%
|
|
|
|
CCO Holdings LLC
|
|
|
|
144A 6.375%, 9/1/29(1) |
1,245
|
1,247
|
|
144A 7.375%, 3/1/31(1)(2) |
1,520
|
1,538
|
|
DIRECTV Financing LLC 144A
8.875%, 2/1/30(1)
|
1,605
|
1,635
|
|
Gray Media, Inc. 144A
9.625%, 7/15/32(1)
|
1,120
|
1,139
|
|
Nexstar Media, Inc. 144A
7.250%, 4/15/34(1)
|
1,535
|
1,545
|
|
Paramount Global
6.875%, 4/30/36(2)
|
1,620
|
1,507
|
|
Sirius XM Radio LLC 144A
5.875%, 4/15/32(1)
|
1,965
|
1,932
|
|
Versant Media Group, Inc. 144A
7.250%, 1/30/31(1)
|
1,435
|
1,490
|
|
|
|
12,033
|
|
|
|
|
|
|
||
|
Mining—0.6%
|
|
|
|
Arsenal AIC Parent LLC 144A
8.000%, 10/1/30(1)
|
1,105
|
1,155
|
|
Hudbay Minerals, Inc. 144A
6.125%, 4/1/29(1)
|
760
|
763
|
|
|
|
1,918
|
|
|
|
|
|
|
||
|
Miscellaneous Manufacturing—0.4%
|
|
|
|
Axon Enterprise, Inc. 144A
6.250%, 3/15/33(1)
|
1,130
|
1,160
|
|
Oil, Gas & Consumable Fuels—2.4%
|
|
|
|
CITGO Petroleum Corp. 144A
8.375%, 1/15/29(1)
|
1,240
|
1,276
|
|
CNX Resources Corp. 144A
7.375%, 1/15/31(1)
|
1,480
|
1,526
|
|
Northern Oil & Gas, Inc. 144A
8.750%, 6/15/31(1)
|
1,070
|
1,117
|
|
Permian Resources Operating LLC 144A
6.250%, 2/1/33(1)
|
1,040
|
1,065
|
|
SM Energy Co.
|
|
|
|
144A 7.000%, 8/1/32(1)(2) |
805
|
826
|
|
144A 6.625%, 4/15/34(1) |
790
|
801
|
|
Sunoco LP 144A
6.250%, 7/1/33(1)
|
1,175
|
1,201
|
|
|
|
7,812
|
|
|
|
|
|
|
||
|
Pipelines—0.6%
|
|
|
|
Venture Global LNG, Inc. 144A
7.000%, 1/15/30(1)
|
760
|
782
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Pipelines—continued
|
|
|
|
Venture Global Plaquemines LNG LLC 144A
6.750%, 1/15/36(1)
|
$950
|
$1,010
|
|
|
|
1,792
|
|
|
|
|
|
|
||
|
Real Estate—0.5%
|
|
|
|
Anywhere Real Estate Group LLC 144A
7.000%, 4/15/30(1)
|
1,510
|
1,511
|
|
Retail—1.4%
|
|
|
|
Advance Auto Parts, Inc. 144A
7.375%, 8/1/33(1)(2)
|
1,530
|
1,579
|
|
Bath & Body Works, Inc.
6.875%, 11/1/35
|
770
|
760
|
|
New Red Finance, Inc. 144A
6.125%, 6/15/29(1)
|
1,150
|
1,170
|
|
Petco Health & Wellness Co., Inc. 144A
8.250%, 2/1/31(1)
|
1,055
|
1,065
|
|
|
|
4,574
|
|
|
|
|
|
|
||
|
Software—1.7%
|
|
|
|
Cloud Software Group, Inc. 144A
6.500%, 3/31/29(1)
|
1,550
|
1,509
|
|
CoreWeave, Inc. 144A
9.000%, 2/1/31(1)
|
750
|
745
|
|
OAK-Eagle Acquireco, Inc. 144A
8.750%, 7/1/34(1)
|
1,860
|
1,936
|
|
UKG, Inc. 144A
6.875%, 2/1/31(1)
|
1,170
|
1,139
|
|
|
|
5,329
|
|
|
|
|
|
|
||
|
Telecommunications—3.0%
|
|
|
|
APLD ComputeCo 2 LLC 144A
6.750%, 3/15/31(1)
|
1,205
|
1,193
|
|
Cipher Compute LLC 144A
7.125%, 11/15/30(1)
|
1,555
|
1,612
|
|
Level 3 Financing, Inc. 144A
8.500%, 1/15/36(1)
|
1,885
|
2,019
|
|
Meridian Arc Holdco LLC 144A
6.250%, 4/30/31(1)
|
1,165
|
1,164
|
|
Vmed O2 UK Financing I plc 144A
7.750%, 4/15/32(1)
|
2,270
|
2,207
|
|
WULF Compute LLC 144A
7.750%, 10/15/30(1)
|
1,455
|
1,529
|
|
|
|
9,724
|
|
|
|
|
|
|
||
|
Transportation—1.6%
|
|
|
|
FTAI Aviation Investors LLC 144A
7.875%, 12/1/30(1)
|
1,820
|
1,911
|
|
Stonepeak Nile Parent LLC 144A
7.250%, 3/15/32(1)
|
1,100
|
1,151
|
|
XPO, Inc. 144A
7.125%, 6/1/31(1)
|
1,915
|
1,982
|
|
|
|
5,044
|
|
|
|
|
|
|
||
|
Total Corporate Bonds and Notes
(Identified Cost $138,208)
|
139,445
|
|
|
|
Shares
|
Value
|
|
Convertible Preferred Stocks—13.3%
|
||
|
Aerospace & Defense—3.0%
|
|
|
|
Boeing Co. (The), 6.000%(2)
|
105,125
|
$7,590
|
|
VSE Corp., 5.750%
|
40,565
|
1,875
|
|
|
|
9,465
|
|
|
|
|
|
|
||
|
Banks—2.7%
|
|
|
|
Wells Fargo & Co. Series L, 7.500%
|
7,175
|
8,544
|
|
Chemicals—0.9%
|
|
|
|
Albemarle Corp., 7.250%
|
37,785
|
2,945
|
|
Electric Utilities—2.7%
|
|
|
|
NextEra Energy, Inc., 7.299%
|
26,195
|
1,547
|
|
PG&E Corp. Series A, 6.000%
|
93,970
|
3,952
|
|
Southern Co. (The) Series A, 7.125%(2)
|
59,505
|
3,096
|
|
|
|
8,595
|
|
|
|
|
|
|
||
|
Healthcare Providers & Services—1.0%
|
|
|
|
BrightSpring Health Services, Inc., 6.750%
|
20,810
|
3,289
|
|
Semiconductors & Semiconductor Equipment—1.3%
|
|
|
|
Microchip Technology, Inc., 7.500%
|
53,975
|
4,246
|
|
Software—1.3%
|
|
|
|
Oracle Corp. Series D, 6.500%
|
82,580
|
4,019
|
|
Trading Companies & Distributors—0.4%
|
|
|
|
QXO, Inc., 5.500%
|
23,910
|
1,353
|
|
Total Convertible Preferred Stocks
(Identified Cost $32,552)
|
42,456
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Preferred Stock—0.0%
|
||
|
Entertainment—0.0%
|
|
|
|
LiveStyle, Inc. Series B(4)(5)(6)
|
4,196
|
—
|
|
Total Preferred Stock
(Identified Cost $411)
|
—
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Common Stocks—0.1%
|
||
|
Banks—0.1%
|
|
|
|
CCF Holdings LLC(4)(5)
|
6,367,079
|
318
|
|
CCF Holdings LLC Class M(4)(5)
|
879,959
|
44
|
|
|
|
362
|
|
|
|
|
|
|
||
|
Consumer Finance—0.0%
|
|
|
|
Erickson, Inc.(4)(5)
|
6,354
|
—
|
|
Entertainment—0.0%
|
|
|
|
LiveStyle, Inc. (4)(5)(6)
|
90,407
|
—
|
|
Total Common Stocks
(Identified Cost $22,668)
|
362
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
Shares
|
Value
|
|
|
|
|
|
|
|
|
|
Warrant—0.0%
|
||
|
Banks—0.0%
|
|
|
|
CCF Holdings LLC, 3/25/27(4)(5)
|
1,455,681
|
$—
|
|
Total Warrant
(Identified Cost $—)
|
—
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Total Long-Term Investments—142.5%
(Identified Cost $415,722)
|
456,757
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Short-Term Investment—3.6%
|
||
|
Money Market Mutual Fund—3.6%
|
||
|
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 3.543%)(7)
|
11,672,402
|
11,673
|
|
Total Short-Term Investment
(Identified Cost $11,672)
|
11,673
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Securities Lending Collateral—1.0%
|
||
|
Dreyfus Government Cash Management Fund -
Institutional Shares (seven-day effective yield
3.535%)(7)(8)
|
3,217,347
|
3,217
|
|
Total Securities Lending Collateral
(Identified Cost $3,217)
|
3,217
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
TOTAL INVESTMENTS—147.1%
(Identified Cost $430,611)
|
$471,647
|
|
|
Other assets and liabilities, net—(13.1)%
|
(42,075
)
|
|
|
Cumulative Preferred Shares—(34.0)%
|
(109,000
)
|
|
|
NET ASSETS—100.0%
|
$320,572
|
|
|
Abbreviations:
|
|
|
LLC
|
Limited Liability Company
|
|
LP
|
Limited Partnership
|
|
OP
|
Operating Partnership
|
|
plc
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
Footnote Legend:
|
|
|
(1)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. At April 30, 2026, these securities amounted to
a
value of $272,275 or 84.9% of net assets.
|
|
(2)
|
All or a portion of security is on loan pursuant to the Liquidity Facility and/or
securities lending.
|
|
(3)
|
Issued with a zero coupon. Income is recognized through the accretion of
discount.
|
|
(4)
|
The value of this security was determined using significant unobservable inputs
and is reported as a Level 3 security in the Fair Value Hierarchy table located after
the Schedule of Investments.
|
|
(5)
|
Non-income producing.
|
|
(6)
|
Security is restricted from resale.
|
|
(7)
|
Shares of this fund are publicly offered, and its prospectus and annual report are
publicly available.
|
|
(8)
|
Represents security purchased with cash collateral received for securities on loan.
|
|
Country Weightings†
|
|
|
United States
|
92
%
|
|
Bermuda
|
2
|
|
Canada
|
2
|
|
Cayman Islands
|
1
|
|
Netherlands
|
1
|
|
Marshall Islands
|
1
|
|
Australia
|
1
|
|
Total
|
100
%
|
|
† % of total investments as of April 30, 2026.
|
|
|
|
Total
Value at
April 30, 2026
|
Level 1
Quoted Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Assets:
|
|
|
|
|
|
Debt Instruments:
|
|
|
|
|
|
Convertible Bonds and Notes
|
$274,494
|
$—
|
$274,494
|
$—
|
|
Corporate Bonds and Notes
|
139,445
|
—
|
139,445
|
—
|
|
Equity Securities:
|
|
|
|
|
|
Convertible Preferred Stocks
|
42,456
|
42,456
|
—
|
—
|
|
Preferred Stock
|
—
|
—
|
—
|
—
(1)
|
|
Common Stocks
|
362
|
—
|
—
|
362
(1)
|
|
Warrant
|
—
|
—
|
—
|
—
(1)
|
|
Money Market Mutual Fund
|
11,673
|
11,673
|
—
|
—
|
|
Securities Lending Collateral
|
3,217
|
3,217
|
—
|
—
|
|
Total Investments
|
$471,647
|
$57,346
|
$413,939
|
$362
|
|
(1)
|
Includes internally fair valued securities currently priced at zero ($0).
|