|
|
Principal
Amount
|
Value
|
|
|
U.S. Dollar Denominated Bonds & Notes–125.49%(b)
|
|||
|
Advertising–0.19%
|
|||
|
Clear Channel Outdoor Holdings, Inc.,
7.50%, 03/15/2033(c)
|
|
$129,000
|
$135,462
|
|
Aerospace & Defense–1.42%
|
|||
|
TransDigm, Inc.,
|
|
|
|
|
6.00%, 01/15/2033(c)
|
|
261,000
|
264,133
|
|
6.13%, 07/31/2034(c)
|
|
744,000
|
741,853
|
|
|
|
|
1,005,986
|
|
Alternative Carriers–0.37%
|
|||
|
APLD ComputeCo 2 LLC, 6.75%,
03/15/2031(c)
|
|
260,000
|
262,203
|
|
Apparel Retail–0.00%
|
|||
|
Saks Global Enterprises LLC, 11.00%,
12/15/2029(c)(d)
|
|
295,020
|
2,213
|
|
Application Software–2.19%
|
|||
|
Cloud Software Group, Inc.,
|
|
|
|
|
9.00%, 09/30/2029(c)
|
|
553,000
|
546,906
|
|
8.25%, 06/30/2032(c)
|
|
231,000
|
226,975
|
|
RD Michigan Property Owner I LLC,
7.50%, 03/30/2045(c)
|
|
259,000
|
259,650
|
|
SS&C Technologies, Inc., 5.50%,
09/30/2027(c)
|
|
518,000
|
518,276
|
|
|
|
|
1,551,807
|
|
Asset Management & Custody Banks–0.99%
|
|||
|
FS KKR Capital Corp., 6.13%,
01/15/2030
|
|
215,000
|
210,553
|
|
Osaic Holdings, Inc.,
|
|
|
|
|
6.75%, 08/01/2032(c)
|
|
244,000
|
246,504
|
|
8.00%, 08/01/2033(c)
|
|
244,000
|
248,410
|
|
|
|
|
705,467
|
|
Automobile Manufacturers–1.12%
|
|||
|
Allison Transmission, Inc.,
|
|
|
|
|
3.75%, 01/30/2031(c)
|
|
562,000
|
526,686
|
|
5.88%, 12/01/2033(c)
|
|
264,000
|
264,861
|
|
|
|
|
791,547
|
|
Automotive Parts & Equipment–5.32%
|
|||
|
American Axle & Manufacturing, Inc.,
7.75%, 10/15/2033(c)
|
|
1,023,000
|
1,026,510
|
|
Clarios Global L.P./Clarios US Finance
Co.,
|
|
|
|
|
6.75%, 02/15/2030(c)
|
|
236,000
|
244,092
|
|
6.75%, 09/15/2032(c)
|
|
504,000
|
516,686
|
|
Cougar JV Subsidiary LLC, 8.00%,
05/15/2032(c)
|
|
506,000
|
530,963
|
|
Forvia SE (France), 8.00%,
06/15/2030(c)
|
|
392,000
|
414,165
|
|
NESCO Holdings II, Inc., 5.50%,
04/15/2029(c)
|
|
543,000
|
541,112
|
|
Phinia, Inc., 6.63%, 10/15/2032(c)
|
|
487,000
|
499,995
|
|
|
|
|
3,773,523
|
|
|
Principal
Amount
|
Value
|
|
|
Automotive Retail–3.76%
|
|||
|
Advance Auto Parts, Inc., 7.00%,
08/01/2030(c)
|
|
$502,000
|
$516,166
|
|
Carvana Co., 0.00% PIK Rate, 9.00%
Cash Rate, 06/01/2031(c)(e)
|
|
524,788
|
580,318
|
|
Group 1 Automotive, Inc., 6.38%,
01/15/2030(c)
|
|
518,000
|
526,868
|
|
LCM Investments Holdings II LLC,
8.25%, 08/01/2031(c)
|
|
480,000
|
501,131
|
|
Lithia Motors, Inc., 4.38%,
01/15/2031(c)
|
|
572,000
|
542,362
|
|
|
|
|
2,666,845
|
|
Broadcasting–3.52%
|
|||
|
Discovery Communications LLC,
6.35%, 06/01/2040
|
|
308,000
|
254,294
|
|
E.W. Scripps Co. (The), 9.88%,
08/15/2030(c)
|
|
99,000
|
94,604
|
|
Gray Media, Inc.,
|
|
|
|
|
5.38%, 11/15/2031(c)
|
|
100,000
|
71,848
|
|
9.63%, 07/15/2032(c)
|
|
183,000
|
180,651
|
|
iHeartCommunications, Inc.,
|
|
|
|
|
9.13%, 05/01/2029(c)
|
|
302,000
|
292,985
|
|
10.88%, 05/01/2030(c)
|
|
44,000
|
37,501
|
|
7.75%, 08/15/2030(c)
|
|
168,000
|
154,415
|
|
Nexstar Media, Inc.,
|
|
|
|
|
6.50%, 09/15/2033(c)
|
|
255,000
|
257,213
|
|
7.25%, 04/15/2034(c)
|
|
154,000
|
155,061
|
|
Paramount Global,
|
|
|
|
|
6.88%, 04/30/2036
|
|
288,000
|
266,528
|
|
5.85%, 09/01/2043
|
|
319,000
|
235,292
|
|
Univision Communications, Inc.,
|
|
|
|
|
4.50%, 05/01/2029(c)
|
|
293,000
|
278,737
|
|
9.38%, 08/01/2032(c)
|
|
215,000
|
220,365
|
|
|
|
|
2,499,494
|
|
Building Products–0.73%
|
|||
|
New Enterprise Stone & Lime Co., Inc.,
5.25%, 07/15/2028(c)
|
|
521,000
|
518,628
|
|
Cable & Satellite–7.80%
|
|||
|
CCO Holdings LLC/CCO Holdings Capital
Corp.,
|
|
|
|
|
5.38%, 06/01/2029(c)
|
|
404,000
|
396,812
|
|
6.38%, 09/01/2029(c)
|
|
172,000
|
172,893
|
|
4.75%, 02/01/2032(c)
|
|
629,000
|
561,207
|
|
4.50%, 05/01/2032
|
|
363,000
|
318,779
|
|
4.50%, 06/01/2033(c)
|
|
395,000
|
338,175
|
|
7.38%, 02/01/2036(c)
|
|
248,000
|
242,340
|
|
CSC Holdings LLC,
|
|
|
|
|
3.38%, 02/15/2031(c)
|
|
200,000
|
111,438
|
|
4.50%, 11/15/2031(c)
|
|
400,000
|
227,338
|
|
Directv Financing LLC, 8.88%,
02/01/2030(c)
|
|
493,000
|
506,105
|
|
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 10.00%,
02/15/2031(c)
|
|
255,000
|
267,018
|
|
DISH DBS Corp., 5.13%, 06/01/2029
|
|
1,104,000
|
1,000,121
|
|
|
Principal
Amount
|
Value
|
|
|
Cable & Satellite–(continued)
|
|||
|
EchoStar Corp.,
|
|
|
|
|
10.75%, 11/30/2029
|
|
$258,000
|
$280,545
|
|
6.75% PIK Rate, 2.00% Cash Rate,
11/30/2030(e)
|
|
473,902
|
484,652
|
|
Sinclair Television Group, Inc.,
|
|
|
|
|
5.50%, 03/01/2030(c)
|
|
37,000
|
32,861
|
|
8.13%, 02/15/2033(c)
|
|
102,000
|
104,932
|
|
Versant Media Group, Inc., 7.25%,
01/30/2031(c)
|
|
474,000
|
492,742
|
|
|
|
|
5,537,958
|
|
Casinos & Gaming–2.10%
|
|||
|
Melco Resorts Finance Ltd.
(Hong Kong), 6.50%,
09/24/2033(c)
|
|
500,000
|
494,090
|
|
Studio City Finance Ltd. (Macau),
5.00%, 01/15/2029(c)
|
|
522,000
|
500,692
|
|
Voyager Parent LLC, 9.25%,
07/01/2032(c)
|
|
468,000
|
496,710
|
|
|
|
|
1,491,492
|
|
Commercial & Residential Mortgage Finance–2.17%
|
|||
|
Nationstar Mortgage Holdings, Inc.,
7.13%, 02/01/2032(c)
|
|
502,000
|
496,980
|
|
Rocket Cos., Inc., 6.13%,
08/01/2030(c)
|
|
521,000
|
529,246
|
|
Walker & Dunlop, Inc., 6.63%,
04/01/2033(c)
|
|
508,000
|
514,647
|
|
|
|
|
1,540,873
|
|
Construction & Engineering–0.73%
|
|||
|
AECOM, 6.00%, 08/01/2033(c)
|
|
520,000
|
521,165
|
|
Consumer Finance–5.05%
|
|||
|
Bread Financial Holdings, Inc., 8.38%,
06/15/2035(c)(f)
|
|
240,000
|
251,022
|
|
EZCORP, Inc., 7.38%, 04/01/2032(c)
|
|
990,000
|
1,050,428
|
|
FirstCash, Inc.,
|
|
|
|
|
6.88%, 03/01/2032(c)
|
|
287,000
|
295,456
|
|
6.13%, 05/01/2034(c)
|
|
213,000
|
213,260
|
|
Navient Corp.,
|
|
|
|
|
4.88%, 03/15/2028
|
|
53,000
|
51,974
|
|
5.50%, 03/15/2029
|
|
270,000
|
259,358
|
|
9.38%, 07/25/2030
|
|
163,000
|
166,173
|
|
7.88%, 06/15/2032
|
|
317,000
|
295,264
|
|
OneMain Finance Corp.,
|
|
|
|
|
6.63%, 05/15/2029
|
|
214,000
|
217,603
|
|
7.13%, 11/15/2031
|
|
450,000
|
455,884
|
|
7.13%, 09/15/2032
|
|
325,000
|
327,919
|
|
|
|
|
3,584,341
|
|
Copper–1.09%
|
|||
|
First Quantum Minerals Ltd. (Zambia),
|
|
|
|
|
8.63%, 06/01/2031(c)
|
|
250,000
|
261,134
|
|
8.00%, 03/01/2033(c)
|
|
250,000
|
262,303
|
|
6.38%, 02/15/2036(c)
|
|
250,000
|
247,371
|
|
|
|
|
770,808
|
|
Diversified Banks–1.50%
|
|||
|
Brundage-Bone Concrete Pumping
Holdings, Inc., 7.50%,
02/01/2032(c)
|
|
517,000
|
532,998
|
|
|
Principal
Amount
|
Value
|
|
|
Diversified Banks–(continued)
|
|||
|
Citigroup, Inc., 6.63%(f)(g)
|
|
$525,000
|
$533,378
|
|
|
|
|
1,066,376
|
|
Diversified Financial Services–5.75%
|
|||
|
Freedom Mortgage Holdings LLC,
8.38%, 04/01/2032(c)
|
|
264,000
|
268,226
|
|
GGAM Finance Ltd. (Ireland), 5.88%,
03/15/2030(c)
|
|
742,000
|
750,963
|
|
Global Aircraft Leasing Co. Ltd.
(Cayman Islands), 8.75%,
09/01/2027(c)
|
|
739,000
|
756,231
|
|
Horizon Mutual Holdings, Inc., 6.20%,
11/15/2034(c)
|
|
510,000
|
490,924
|
|
Jane Street Group/JSG Finance, Inc.,
|
|
|
|
|
6.13%, 11/01/2032(c)
|
|
518,000
|
519,589
|
|
6.75%, 05/01/2033(c)
|
|
508,000
|
522,781
|
|
Provident Funding Associates L.P./PFG
Finance Corp., 9.75%,
09/15/2029(c)
|
|
738,000
|
771,886
|
|
|
|
|
4,080,600
|
|
Diversified REITs–1.59%
|
|||
|
Iron Mountain Information Management
Services, Inc., 5.00%,
07/15/2032(c)
|
|
574,000
|
553,505
|
|
Uniti Group L.P./Uniti Fiber Holdings,
Inc./CSL Capital LLC, 6.00%,
01/15/2030(c)
|
|
248,000
|
241,169
|
|
Uniti Group L.P./Uniti Group Finance
2019, Inc./CSL Capital LLC, 8.63%,
06/15/2032(c)
|
|
321,000
|
336,822
|
|
|
|
|
1,131,496
|
|
Diversified Support Services–0.23%
|
|||
|
Sabre GLBL, Inc.,
|
|
|
|
|
10.75%, 11/15/2029(c)
|
|
60,000
|
53,916
|
|
10.75%, 03/15/2030(c)
|
|
62,000
|
54,845
|
|
11.13%, 07/15/2030(c)
|
|
62,000
|
55,335
|
|
|
|
|
164,096
|
|
Electric Utilities–1.08%
|
|||
|
California Buyer Ltd./Atlantica
Sustainable Infrastructure PLC
(United Kingdom), 6.38%,
02/15/2032(c)
|
|
769,000
|
765,176
|
|
Electrical Components & Equipment–0.74%
|
|||
|
EnerSys, 6.63%, 01/15/2032(c)
|
|
508,000
|
523,129
|
|
Electronic Components–0.72%
|
|||
|
Sensata Technologies, Inc., 3.75%,
02/15/2031(c)
|
|
545,000
|
511,393
|
|
Environmental & Facilities Services–1.07%
|
|||
|
GFL Environmental Holdings (US), Inc.,
5.50%, 02/01/2034(c)
|
|
425,000
|
415,622
|
|
Wrangler Holdco Corp. (Canada),
6.63%, 04/01/2032(c)
|
|
337,000
|
346,339
|
|
|
|
|
761,961
|
|
|
Principal
Amount
|
Value
|
|
|
Fertilizers & Agricultural Chemicals–0.49%
|
|||
|
FMC Corp.,
|
|
|
|
|
3.45%, 10/01/2029
|
|
$115,000
|
$105,187
|
|
8.00%, 06/01/2031(c)
|
|
83,000
|
86,798
|
|
5.65%, 05/18/2033
|
|
115,000
|
103,417
|
|
6.38%, 05/18/2053
|
|
68,000
|
52,995
|
|
|
|
|
348,397
|
|
Gold–0.71%
|
|||
|
Coeur Mining, Inc., 6.88%,
04/01/2032(c)
|
|
487,000
|
504,851
|
|
Health Care REITs–0.88%
|
|||
|
Diversified Healthcare Trust, 4.38%,
03/01/2031
|
|
565,000
|
515,255
|
|
MPT Operating Partnership L.P./MPT Finance
Corp.,
|
|
|
|
|
4.63%, 08/01/2029
|
|
66,000
|
54,014
|
|
3.50%, 03/15/2031
|
|
77,000
|
55,227
|
|
|
|
|
624,496
|
|
Health Care Services–1.67%
|
|||
|
Community Health Systems, Inc.,
|
|
|
|
|
5.25%, 05/15/2030(c)
|
|
419,000
|
395,210
|
|
4.75%, 02/15/2031(c)
|
|
280,000
|
257,674
|
|
DaVita, Inc.,
|
|
|
|
|
6.88%, 09/01/2032(c)
|
|
249,000
|
258,058
|
|
6.75%, 07/15/2033(c)
|
|
265,000
|
274,098
|
|
|
|
|
1,185,040
|
|
Hotels, Resorts & Cruise Lines–0.72%
|
|||
|
Marriott Ownership Resorts, Inc.,
6.50%, 10/01/2033(c)
|
|
521,000
|
511,613
|
|
Household Appliances–0.35%
|
|||
|
Whirlpool Corp., 6.50%, 06/15/2033
|
|
276,000
|
250,776
|
|
Independent Power Producers & Energy Traders–2.51%
|
|||
|
Vistra Corp.,
|
|
|
|
|
8.00%(c)(f)(g)
|
|
256,000
|
258,222
|
|
Series C, 8.88%(c)(f)(g)
|
|
448,000
|
482,196
|
|
VoltaGrid LLC, 7.38%, 11/01/2030(c)
|
|
1,002,000
|
1,043,874
|
|
|
|
|
1,784,292
|
|
Industrial Machinery & Supplies & Components–2.91%
|
|||
|
Enpro, Inc., 6.13%, 06/01/2033(c)
|
|
488,000
|
498,053
|
|
ESAB Corp.,
|
|
|
|
|
6.25%, 04/15/2029(c)
|
|
500,000
|
509,654
|
|
5.63%, 04/01/2031(c)
|
|
506,000
|
509,772
|
|
Roller Bearing Co. of America, Inc.,
4.38%, 10/15/2029(c)
|
|
556,000
|
544,638
|
|
|
|
|
2,062,117
|
|
Integrated Oil & Gas–1.47%
|
|||
|
Par Petroleum, LLC, 7.38%,
06/01/2034(c)
|
|
513,000
|
525,332
|
|
Petroleos Mexicanos (Mexico),
|
|
|
|
|
5.95%, 01/28/2031
|
|
271,000
|
267,370
|
|
6.63%, 06/15/2035
|
|
260,000
|
250,516
|
|
|
|
|
1,043,218
|
|
Integrated Telecommunication Services–9.62%
|
|||
|
Altice France Lux 3/Altice Holdings 1
(Luxembourg), 10.00%,
01/15/2033(c)
|
|
280,000
|
273,317
|
|
|
Principal
Amount
|
Value
|
|
|
Integrated Telecommunication Services–(continued)
|
|||
|
Altice France S.A. (France), 6.88%,
07/15/2032(c)
|
|
$412,866
|
$403,569
|
|
APLD ComputeCo LLC, 9.25%,
12/15/2030(c)
|
|
241,000
|
260,286
|
|
Cipher Compute LLC, 7.13%,
11/15/2030(c)
|
|
510,000
|
532,288
|
|
Core Scientific Finance I LLC, 7.75%,
05/15/2031(c)
|
|
775,000
|
792,977
|
|
FiberCop S.p.A. (Italy),
|
|
|
|
|
6.00%, 09/30/2034(c)
|
|
525,000
|
505,792
|
|
7.20%, 07/18/2036(c)
|
|
275,000
|
275,558
|
|
Flash Compute LLC, 7.25%,
12/31/2030(c)
|
|
250,000
|
258,046
|
|
Iliad Holding S.A.S. (France),
|
|
|
|
|
8.50%, 04/15/2031(c)
|
|
710,000
|
752,505
|
|
7.00%, 04/15/2032(c)
|
|
290,000
|
295,350
|
|
Level 3 Financing, Inc.,
|
|
|
|
|
7.00%, 03/31/2034(c)
|
|
505,500
|
524,308
|
|
8.50%, 01/15/2036(c)
|
|
463,000
|
501,047
|
|
SV RNO Property Owner 1 LLC, 5.88%,
03/01/2031(c)
|
|
257,000
|
253,928
|
|
Telecom Italia Capital S.A. (Italy),
|
|
|
|
|
6.38%, 11/15/2033
|
|
281,000
|
293,383
|
|
7.72%, 06/04/2038
|
|
202,000
|
229,546
|
|
Uniti Services LLC, 7.50%,
10/15/2033(c)
|
|
403,000
|
424,422
|
|
WULF Compute LLC, 7.75%,
10/15/2030(c)
|
|
238,000
|
250,220
|
|
|
|
|
6,826,542
|
|
Interactive Media & Services–0.73%
|
|||
|
Discovery Global Holdings, Inc.,
|
|
|
|
|
4.28%, 03/15/2032
|
|
11,000
|
9,721
|
|
5.05%, 03/15/2042
|
|
552,000
|
405,030
|
|
5.14%, 03/15/2052
|
|
149,000
|
101,879
|
|
|
|
|
516,630
|
|
Internet Services & Infrastructure–1.79%
|
|||
|
Beignet Investor LLC, 6.58%,
05/30/2049(c)
|
|
494,000
|
509,525
|
|
CoreWeave, Inc.,
|
|
|
|
|
9.25%, 06/01/2030(c)
|
|
231,000
|
235,842
|
|
9.00%, 02/01/2031(c)
|
|
197,000
|
199,988
|
|
9.75%, 10/01/2031(c)
|
|
315,000
|
325,089
|
|
|
|
|
1,270,444
|
|
Leisure Facilities–0.74%
|
|||
|
Six Flags Entertainment Corp., 7.25%,
05/15/2031(c)
|
|
524,000
|
522,869
|
|
Managed Health Care–0.94%
|
|||
|
Centene Corp., 2.50%, 03/01/2031
|
|
588,000
|
512,553
|
|
Molina Healthcare, Inc., 6.25%,
01/15/2033(c)
|
|
153,000
|
153,073
|
|
|
|
|
665,626
|
|
Marine Transportation–0.78%
|
|||
|
Danaos Corp. (Greece), 6.88%,
10/15/2032(c)
|
|
537,000
|
554,464
|
|
Mortgage REITs–0.64%
|
|||
|
Blackstone Mortgage Trust, Inc.,
6.25%, 06/01/2031(c)
|
|
222,000
|
218,511
|
|
|
Principal
Amount
|
Value
|
|
|
Mortgage REITs–(continued)
|
|||
|
Rithm Capital Corp., 8.50%,
06/01/2031(c)
|
|
$237,000
|
$236,872
|
|
|
|
|
455,383
|
|
Movies & Entertainment–1.42%
|
|||
|
Starz Capital Holdings 1, Inc., 6.00%,
04/15/2030(c)
|
|
1,051,000
|
1,005,019
|
|
Office REITs–0.38%
|
|||
|
Office Properties Income Trust, 9.00%,
12/31/2059(c)(d)
|
|
379,000
|
267,195
|
|
Oil & Gas Drilling–2.02%
|
|||
|
Borr IHC Ltd. / Borr Finance LLC (Mexico),
|
|
|
|
|
8.75%, 01/15/2032(c)
|
|
200,000
|
201,640
|
|
9.00%, 01/15/2034(c)
|
|
200,000
|
200,890
|
|
Summit Midstream Holdings LLC,
8.63%, 10/31/2029(c)
|
|
509,000
|
531,106
|
|
Transocean International Ltd., 6.80%,
03/15/2038
|
|
525,000
|
501,535
|
|
|
|
|
1,435,171
|
|
Oil & Gas Equipment & Services–2.56%
|
|||
|
Bristow Group, Inc., 6.75%,
02/01/2033(c)
|
|
521,000
|
526,651
|
|
Solaris Energy Infrastructure, LLC,
6.38%, 05/15/2031(c)
|
|
508,000
|
516,193
|
|
Tidewater, Inc., 9.13%,
07/15/2030(c)
|
|
717,000
|
772,586
|
|
|
|
|
1,815,430
|
|
Oil & Gas Exploration & Production–4.61%
|
|||
|
Caturus Energy LLC,
|
|
|
|
|
8.50%, 02/15/2030(c)
|
|
729,000
|
763,921
|
|
7.13%, 05/15/2031(c)
|
|
256,000
|
256,001
|
|
Comstock Resources, Inc., 6.75%,
03/01/2029(c)
|
|
528,000
|
519,163
|
|
Hilcorp Energy I L.P./Hilcorp Finance Co.,
|
|
|
|
|
6.25%, 04/15/2032(c)
|
|
158,000
|
155,675
|
|
8.38%, 11/01/2033(c)
|
|
241,000
|
256,513
|
|
6.88%, 05/15/2034(c)
|
|
243,000
|
243,283
|
|
7.25%, 02/15/2035(c)
|
|
120,000
|
121,826
|
|
Infinity Natural Resources LLC, 7.63%,
04/01/2031(c)
|
|
508,000
|
513,456
|
|
Kosmos Energy Ltd. (Ghana), 7.50%,
03/01/2028(c)
|
|
250,000
|
244,535
|
|
Neo Next Energy Ltd. (United Kingdom),
6.63%, 06/11/2031(c)
|
|
200,000
|
200,000
|
|
|
|
|
3,274,373
|
|
Oil & Gas Refining & Marketing–3.95%
|
|||
|
Calumet Specialty Products Partners
L.P./. Calumet Finance Corp.,
9.75%, 02/15/2031(c)
|
|
728,000
|
771,280
|
|
CVR Energy, Inc.,
|
|
|
|
|
7.50%, 02/15/2031(c)
|
|
251,000
|
253,989
|
|
7.88%, 02/15/2034(c)
|
|
510,000
|
511,913
|
|
Sunoco L.P.,
|
|
|
|
|
5.63%, 03/15/2031(c)
|
|
211,000
|
211,356
|
|
6.25%, 07/01/2033(c)
|
|
394,000
|
400,945
|
|
5.88%, 03/15/2034(c)
|
|
403,000
|
400,834
|
|
7.88%(c)(f)(g)
|
|
245,000
|
256,083
|
|
|
|
|
2,806,400
|
|
|
Principal
Amount
|
Value
|
|
|
Oil & Gas Storage & Transportation–8.77%
|
|||
|
Excelerate Energy L.P., 8.00%,
05/15/2030(c)
|
|
$504,000
|
$534,019
|
|
Genesis Energy L.P./Genesis Energy Finance
Corp.,
|
|
|
|
|
7.88%, 05/15/2032
|
|
384,000
|
399,515
|
|
8.00%, 05/15/2033
|
|
371,000
|
389,371
|
|
6.75%, 03/15/2034
|
|
237,000
|
238,030
|
|
Global Partners L.P./GLP Finance Corp.,
7.13%, 07/01/2033(c)
|
|
535,000
|
544,382
|
|
Harvest Midstream I, L.P., 6.75%,
05/15/2034(c)
|
|
509,000
|
522,898
|
|
Northriver Midstream Finance L.P.
(Canada), 6.75%, 07/15/2032(c)
|
|
507,000
|
516,055
|
|
Venture Global LNG, Inc.,
|
|
|
|
|
8.38%, 06/01/2031(c)
|
|
201,000
|
209,265
|
|
9.88%, 02/01/2032(c)
|
|
907,000
|
970,241
|
|
9.00%(c)(f)(g)
|
|
845,500
|
835,428
|
|
Venture Global Plaquemines LNG LLC,
|
|
|
|
|
6.13%, 12/15/2030(c)
|
|
284,000
|
291,848
|
|
6.50%, 01/15/2034(c)
|
|
453,000
|
473,891
|
|
6.75%, 01/15/2036(c)
|
|
283,000
|
300,314
|
|
|
|
|
6,225,257
|
|
Other Specialized REITs–0.75%
|
|||
|
Iron Mountain, Inc., 4.50%,
02/15/2031(c)
|
|
556,000
|
531,299
|
|
Other Specialty Retail–2.74%
|
|||
|
Bath & Body Works, Inc.,
|
|
|
|
|
6.88%, 11/01/2035
|
|
352,000
|
352,511
|
|
7.60%, 07/15/2037
|
|
156,000
|
153,941
|
|
Michaels Companies, Inc. (The),
8.50%, 03/15/2033(c)
|
|
517,000
|
505,204
|
|
PetSmart LLC/PetSmart Finance Corp.,
10.00%, 09/15/2033(c)
|
|
775,000
|
782,852
|
|
SGUS LLC, 11.00%, 12/15/2029(c)(d)
|
|
131,980
|
20,457
|
|
Staples, Inc.,
|
|
|
|
|
10.75%, 09/01/2029(c)
|
|
100,000
|
95,221
|
|
12.75%, 01/15/2030(c)
|
|
50,000
|
38,314
|
|
|
|
|
1,948,500
|
|
Paper & Plastic Packaging Products & Materials–0.73%
|
|||
|
Clydesdale Acquisition Holdings, Inc.,
|
|
|
|
|
8.75%, 04/15/2030(c)
|
|
278,000
|
267,343
|
|
6.75%, 04/15/2032(c)
|
|
263,000
|
253,053
|
|
|
|
|
520,396
|
|
Passenger Airlines–2.86%
|
|||
|
American Airlines Pass-Through Trust,
Series B, 5.75%, 05/10/2035
|
|
238,000
|
237,391
|
|
American Airlines, Inc./AAdvantage
Loyalty IP Ltd., 5.75%,
04/20/2029(c)
|
|
515,000
|
514,768
|
|
United Airlines Holdings, Inc.,
|
|
|
|
|
4.88%, 03/01/2029
|
|
574,000
|
567,839
|
|
5.38%, 03/01/2031
|
|
719,000
|
712,002
|
|
|
|
|
2,032,000
|
|
Passenger Ground Transportation–0.14%
|
|||
|
Hertz Corp. (The),
|
|
|
|
|
12.63%, 07/15/2029(c)
|
|
76,000
|
69,282
|
|
5.00%, 12/01/2029(c)
|
|
66,000
|
29,322
|
|
|
|
|
98,604
|
|
|
Principal
Amount
|
Value
|
|
|
Personal Care Products–0.60%
|
|||
|
Opal Bidco SAS (France), 6.50%,
03/31/2032(c)
|
|
$415,000
|
$423,114
|
|
Pharmaceuticals–2.80%
|
|||
|
1261229 BC Ltd., 10.00%,
04/15/2032(c)
|
|
920,000
|
942,781
|
|
Bausch Health Cos., Inc. (Canada),
|
|
|
|
|
5.00%, 02/15/2029(c)
|
|
87,000
|
60,677
|
|
6.25%, 02/15/2029(c)
|
|
101,000
|
72,341
|
|
5.25%, 01/30/2030(c)
|
|
122,000
|
75,008
|
|
5.25%, 02/15/2031(c)
|
|
95,000
|
53,842
|
|
Organon & Co./Organon Foreign Debt
Co-Issuer B.V., 7.88%,
05/15/2034(c)
|
|
250,000
|
268,647
|
|
Teva Pharmaceutical Finance
Netherlands III B.V. (Israel), 4.10%,
10/01/2046
|
|
678,000
|
517,452
|
|
|
|
|
1,990,748
|
|
Property & Casualty Insurance–1.41%
|
|||
|
Asurion LLC and Asurion Co-Issuer, Inc.,
|
|
|
|
|
8.00%, 12/31/2032(c)
|
|
737,000
|
769,043
|
|
8.38%, 02/01/2034(c)
|
|
238,000
|
232,786
|
|
|
|
|
1,001,829
|
|
Research & Consulting Services–0.38%
|
|||
|
Clarivate Science Holdings Corp.,
4.88%, 07/01/2029(c)
|
|
295,000
|
270,371
|
|
Security & Alarm Services–0.71%
|
|||
|
Brink’s Co. (The), 6.75%,
06/15/2032(c)
|
|
493,000
|
505,517
|
|
Sovereign Debt–0.73%
|
|||
|
Brazilian Government International
Bond (Brazil), 6.63%, 03/15/2035
|
|
500,000
|
516,375
|
|
Specialized Consumer Services–0.72%
|
|||
|
Carriage Services, Inc., 4.25%,
05/15/2029(c)
|
|
535,000
|
512,287
|
|
Specialized Finance–2.16%
|
|||
|
HA Sustainable Infrastructure Capital, Inc.,
|
|
|
|
|
8.00%, 06/01/2056(f)
|
|
511,000
|
545,765
|
|
7.13%, 11/15/2056(f)
|
|
233,000
|
235,567
|
|
TrueNoord Capital DAC (Ireland),
8.75%, 03/01/2030(c)
|
|
735,000
|
753,637
|
|
|
|
|
1,534,969
|
|
Specialty Chemicals–0.49%
|
|||
|
Celanese US Holdings LLC, 7.70%,
11/15/2033
|
|
323,000
|
347,155
|
|
Steel–0.75%
|
|||
|
Cleveland-Cliffs, Inc., 7.00%,
03/15/2032(c)
|
|
523,000
|
529,385
|
|
Systems Software–1.09%
|
|||
|
Oak-Eagle AcquireCo, Inc.,
|
|
|
|
|
7.25%, 07/01/2033(c)
|
|
234,000
|
244,165
|
|
8.75%, 07/01/2034(c)
|
|
503,000
|
531,869
|
|
|
|
|
776,034
|
|
Trading Companies & Distributors–0.73%
|
|||
|
Aircastle Ltd., 5.25%(c)(f)(g)
|
|
514,000
|
515,055
|
|
|
Principal
Amount
|
Value
|
|
|
Wireless Telecommunication Services–3.81%
|
|||
|
Connect Holding II LLC, 10.50%,
04/03/2031(c)
|
|
$147,000
|
$149,764
|
|
DB Terra Chile HoldCo S.p.A. (Chile),
7.95%, 04/20/2031(c)
|
|
201,000
|
200,329
|
|
Meridian Arc Holdco LLC, 6.25%,
04/30/2031(c)
|
|
768,000
|
772,364
|
|
PR RNO Property Owner 1 LLC, 6.50%,
05/01/2031(c)
|
|
514,000
|
515,002
|
|
Vodafone Group PLC (United Kingdom),
4.13%, 06/04/2081(f)
|
|
1,142,000
|
1,064,709
|
|
|
|
|
2,702,168
|
|
Total U.S. Dollar Denominated Bonds & Notes
(Cost $88,412,803)
|
89,075,448
|
||
|
Variable Rate Senior Loan Interests–9.24%(h)(i)
|
|||
|
Advertising–0.53%
|
|||
|
Clear Channel Outdoor Holdings, Inc.,
Term Loan B, 7.73% (1 mo. Term
SOFR + 4.11%), 08/23/2028
|
|
377,352
|
378,956
|
|
Aerospace & Defense–1.44%
|
|||
|
TransDigm, Inc., Term Loan L, 6.12%
(1 mo. Term SOFR + 2.50%),
01/19/2032
|
|
1,021,388
|
1,025,080
|
|
Cable & Satellite–0.21%
|
|||
|
CSC Holdings LLC, Term Loan, 8.25%
(3 mo. PRIME + 1.50%),
04/15/2027
|
|
195,823
|
151,395
|
|
Electronic Manufacturing Services–1.10%
|
|||
|
EMRLD Borrower L.P. (Copeland),
Incremental Term Loan B, 5.95% (3
mo. Term SOFR + 2.25%),
08/04/2031
|
|
780,145
|
781,120
|
|
Health Care Services–0.37%
|
|||
|
MPH Acquisition Holdings LLC, Term
Loan, 7.41% (3 mo. Term SOFR +
3.75%), 12/31/2030
|
|
260,700
|
260,188
|
|
Health Care Supplies–0.71%
|
|||
|
Bausch and Lomb, Inc., Term Loan B,
7.37% (1 mo. Term SOFR +
3.75%), 01/30/2031
|
|
497,500
|
500,236
|
|
Oil & Gas Storage & Transportation–0.75%
|
|||
|
Prairie Acquiror L.P., Term Loan B,
6.87% (1 mo. Term SOFR +
3.25%), 08/01/2029
|
|
529,277
|
532,916
|
|
Paper & Plastic Packaging Products & Materials–0.37%
|
|||
|
Iris Holding, Inc. (Intertape), First Lien
Term Loan, 8.51% (3 mo. Term
SOFR + 4.85%), 06/28/2028
|
|
284,264
|
263,868
|
|
Pharmaceuticals–0.73%
|
|||
|
Endo Finance Holdings L.P., Term Loan
B, 7.37% (1 mo. Term SOFR +
3.75%), 04/23/2031
|
|
517,125
|
518,095
|
|
Real Estate Development–2.31%
|
|||
|
Cushman & Wakefield U.S. Borrower
LLC, Term Loan, —%, 01/31/2030(j)
|
|
455,108
|
458,710
|
|
Greystar Real Estate Partners LLC,
Term Loan B, —%, 08/21/2030(j)(k)
|
|
532,085
|
534,745
|
|
|
Principal
Amount
|
Value
|
|
|
Real Estate Development–(continued)
|
|||
|
VCI Asset Holdings 2 LLC, Term Loan,
7.38%, 02/06/2031
|
|
$623,187
|
$644,220
|
|
|
|
|
1,637,675
|
|
Systems Software–0.72%
|
|||
|
CoreWeave Compute Acquisition Co. VIII LLC,
|
|
|
|
|
Delayed Draw Term Loan,
5.81% (1 mo. Term SOFR +
2.15%), 03/31/2032(k)
|
|
115,770
|
392,181
|
|
0.00%, 03/31/2032(k)(l)
|
|
390,230
|
116,349
|
|
|
|
|
508,530
|
|
Total Variable Rate Senior Loan Interests
(Cost $6,551,869)
|
6,558,059
|
||
|
Non-U.S. Dollar Denominated Bonds & Notes–2.99%(m)
|
|||
|
IT Consulting & Other Services–0.83%
|
|||
|
Atos SE (France), 5.20%,
12/18/2030(c)(n)
|
EUR
|
500,000
|
587,606
|
|
Marine Transportation–0.73%
|
|||
|
CMA CGM S.A. (France), 4.88%,
01/15/2032(c)
|
EUR
|
450,000
|
516,526
|
|
Pharmaceuticals–0.66%
|
|||
|
LSF12 Pillar Investments (US), Inc.,
5.75%, 05/15/2033(c)
|
EUR
|
400,000
|
469,149
|
|
Transaction & Payment Processing Services–0.77%
|
|||
|
Worldline S.A. (France), 4.13%,
09/12/2028(c)
|
EUR
|
500,000
|
548,534
|
|
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $2,037,587)
|
2,121,815
|
||
|
|
Shares |
|
|
|
Exchange-Traded Funds–1.52%
|
|||
|
BondBloxx CCC-Rated USD High Yield
Corporate Bond ETF
|
14,000
|
518,350
|
|
|
Invesco Short Duration High Yield ETF
|
1,800
|
45,927
|
|
|
VanEck J. P. Morgan EM Local Currency Bond
ETF
|
20,000
|
512,400
|
|
|
Total Exchange-Traded Funds (Cost $1,095,481)
|
1,076,677
|
||
|
|
Shares
|
Value
|
|
|
Common Stocks & Other Equity Interests–0.54%
|
|||
|
Broadline Retail–0.01%
|
|||
|
Americanas S.A. (Brazil)(o)
|
5,642
|
$5,648
|
|
|
Americanas S.A., Wts., expiring
03/19/2027 (Brazil)(o)
|
1,880
|
1,118
|
|
|
|
|
|
6,766
|
|
Casinos & Gaming–0.00%
|
|||
|
Codere Online Luxembourg S.A., Wts.,
expiring 10/15/2034 (Spain)(k)
|
3
|
2
|
|
|
Food Retail–0.00%
|
|||
|
Casino Guichard-Perrachon S.A. (France)(o)
|
2,804
|
783
|
|
|
Casino Guichard-Perrachon S.A., Wts.,
expiring 04/27/2029 (France)(o)
|
149,811
|
87
|
|
|
|
|
|
870
|
|
Integrated Telecommunication Services–0.44%
|
|||
|
Altice France Holding S.A. (Luxembourg)
|
752
|
116
|
|
|
Altice France S.A. (France)
|
15,186
|
310,100
|
|
|
|
|
|
310,216
|
|
Internet Services & Infrastructure–0.09%
|
|||
|
VCI Compute II LLC(k)
|
65,000
|
68,575
|
|
|
Total Common Stocks & Other Equity Interests
(Cost $376,637)
|
386,429
|
||
|
Money Market Funds–2.60%
|
|||
|
Invesco Government & Agency Portfolio,
Institutional Class, 3.53%(p)(q)
|
647,089
|
647,089
|
|
|
Invesco Treasury Portfolio, Institutional
Class, 3.52%(p)(q)
|
1,201,737
|
1,201,737
|
|
|
Total Money Market Funds (Cost $1,848,826)
|
1,848,826
|
||
|
TOTAL INVESTMENTS IN SECURITIES–142.38%
(Cost $100,323,203)
|
101,067,254
|
||
|
BORROWINGS–(43.04)%
|
(30,550,000
)
|
||
|
OTHER ASSETS LESS LIABILITIES—0.66%
|
465,064
|
||
|
NET ASSETS–100.00%
|
$70,982,318
|
||
|
ETF
|
– Exchange-Traded Fund
|
|
EUR
|
– Euro
|
|
PIK
|
– Pay-in-Kind
|
|
REIT
|
– Real Estate Investment Trust
|
|
SOFR
|
– Secured Overnight Financing Rate
|
|
USD
|
– U.S. Dollar
|
|
Wts.
|
– Warrants
|
|
(a)
|
Industry and/or sector classifications used in this report are generally according
to the Global Industry Classification Standard, which was developed by and is the
exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
|
||
|
(b)
|
Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.
|
||
|
(c)
|
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to
qualified institutional buyers. The aggregate value of these securities at
May 31, 2026 was $75,852,919, which represented 106.86% of the Trust’s Net Assets.
|
||
|
(d)
|
Defaulted security. Currently, the issuer is in default with respect to principal
and/or interest payments. The aggregate value of these securities at May 31, 2026
was $289,865, which represented less than 1% of the Trust’s Net Assets.
|
||
|
(e)
|
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest
income in the form of securities.
|
||
|
(f)
|
Security issued at a fixed rate for a specific period of time, after which it will
convert to a variable rate.
|
||
|
(g)
|
Perpetual bond with no specified maturity date.
|
||
|
(h)
|
Variable rate senior loan interests often require prepayments from excess cash flow
or permit the borrower to repay at its election. The degree to which borrowers
repay, whether as a contractual requirement or at their election, cannot be predicted
with any accuracy. As a result, the actual remaining maturity may be
substantially less than the stated maturities shown. However, it is anticipated that
the variable rate senior loan interests will have an expected average life of three
to five years.
|
||
|
(i)
|
Variable rate senior loan interests are, at present, not readily marketable, not registered
under the 1933 Act and may be subject to contractual and legal
restrictions on sale. Variable rate senior loan interests in the Trust’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight
Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than
one year, and/or have interest rates that float at margin above a widely
recognized base lending rate such as the Prime Rate of a designated U.S. bank.
|
||
|
(j)
|
This variable rate interest will settle after May 31, 2026, at which time the interest
rate will be determined.
|
||
|
(k)
|
Security valued using significant unobservable inputs (Level 3). See Note 1.
|
||
|
(l)
|
All or a portion of this holding is subject to unfunded loan commitments. Interest
rate will be determined at the time of funding.
|
||
|
(m)
|
Foreign denominated security. Principal amount is denominated in the currency indicated.
|
||
|
(n)
|
Step coupon bond. The interest rate represents the coupon rate at which the bond will
accrue at a specified future date.
|
||
|
(o)
|
Non-income producing security.
|
||
|
(p)
|
Affiliated holding. Affiliated holdings are investments in entities which are under
common ownership or control of Invesco Ltd. or are investments in entities in
which the Trust owns 5% or more of the outstanding voting securities. The table below shows the Trust’s transactions in, and earnings from, its investments in
affiliates for the three months ended May 31, 2026.
|
||
|
|
Value
February 28, 2026
|
Purchases
at Cost
|
Proceeds
from Sales
|
Change in
Unrealized
Appreciation
|
Realized
Gain
|
Value
May 31, 2026
|
Dividend Income
|
|
Invesco Short Duration High Yield ETF
|
$-
|
$45,612
|
$-
|
$315
|
$-
|
$45,927
|
$-
|
|
Investments in Affiliated Money Market Funds:
|
|
|
|
|
|
|
|
|
Invesco Government & Agency Portfolio, Institutional Class
|
739,108
|
5,162,219
|
(5,254,238)
|
-
|
-
|
647,089
|
4,524
|
|
Invesco Treasury Portfolio, Institutional Class
|
1,372,630
|
9,586,979
|
(9,757,872)
|
-
|
-
|
1,201,737
|
8,355
|
|
Total
|
$2,111,738
|
$14,794,810
|
$(15,012,110)
|
$315
|
$-
|
$1,894,753
|
$12,879
|
|
(q)
|
The rate shown is the 7-day SEC standardized yield as of May 31, 2026.
|
|
Open Forward Foreign Currency Contracts
|
||||||
|
Settlement
Date
|
Counterparty
|
Contract to
|
Unrealized
Appreciation
|
|||
|
Deliver
|
Receive
|
|||||
|
Currency Risk
|
|
|
|
|
|
|
|
07/28/2026
|
Goldman Sachs International
|
EUR
|
1,749,000
|
USD
|
2,062,989
|
$18,111
|
|
07/28/2026
|
Royal Bank of Scotland PLC
|
EUR
|
250,000
|
USD
|
292,502
|
210
|
|
07/28/2026
|
State Street Bank & Trust Co.
|
EUR
|
100,000
|
USD
|
118,119
|
1,202
|
|
07/28/2026
|
State Street Bank & Trust Co.
|
GBP
|
67,000
|
USD
|
90,484
|
264
|
|
Total Forward Foreign Currency Contracts
|
$19,787
|
|||||
|
Abbreviations:
|
|
|
EUR
|
—Euro
|
|
GBP
|
—British Pound Sterling
|
|
USD
|
—U.S. Dollar
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
U.S. Dollar Denominated Bonds & Notes
|
$—
|
$89,075,448
|
$—
|
$89,075,448
|
|
Variable Rate Senior Loan Interests
|
—
|
5,514,784
|
1,043,275
|
6,558,059
|
|
Non-U.S. Dollar Denominated Bonds & Notes
|
—
|
2,121,815
|
—
|
2,121,815
|
|
Exchange-Traded Funds
|
1,076,677
|
—
|
—
|
1,076,677
|
|
Common Stocks & Other Equity Interests
|
6,853
|
310,999
|
68,577
|
386,429
|
|
Money Market Funds
|
1,848,826
|
—
|
—
|
1,848,826
|
|
Total Investments in Securities
|
2,932,356
|
97,023,046
|
1,111,852
|
101,067,254
|
|
Other Investments - Assets*
|
|
|
|
|
|
Forward Foreign Currency Contracts
|
—
|
19,787
|
—
|
19,787
|
|
Total Investments
|
$2,932,356
|
$97,042,833
|
$1,111,852
|
$101,087,041
|
|
*
|
Unrealized appreciation.
|
|
|
Value
02/28/26
|
Purchases
at Cost
|
Proceeds
from Sales
|
Accrued
Discounts/
Premiums
|
Realized
Gain
(Loss)
|
Change in
Unrealized
Appreciation
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Value
05/31/26
|
|
Variable Rate Senior Loan Interests
|
$1,635,073
|
$506,000
|
$(1,341
)
|
$—
|
$(4
)
|
$3,861
|
$—
|
$(1,100,314
)
|
$1,043,275
|
|
Common Stocks & Other Equity Interests
|
14
|
—
|
—
|
—
|
—
|
3,563
|
65,000
|
—
|
68,577
|
|
Total
|
$1,635,087
|
$506,000
|
$(1,341
)
|
$—
|
$(4
)
|
$7,424
|
$65,000
|
$(1,100,314
)
|
$1,111,852
|
|
|
Fair Value
at 05/31/26
|
Valuation
Technique
|
Unobservable
Inputs
|
Range of
Unobservable
Inputs
|
Weighted Average of
Unobservable Inputs
Based on Fair Value
|
|
|
Variable Rate Senior Loan Interests
|
$ 1,043,275
|
Third-Party Pricing
|
Broker Quote
|
100.50% of Par
|
100.50% of Par
|
|
|
Common Stocks & Other Equity Interests
|
68,577
|
Third-Party Pricing
|
Broker Quote
|
1.06% of Par
|
-
|
|
|
Total
|
$ 1,111,852
|
|
|
|
|
|