Principal
Amount
$
Value
$
McGraw-Hill
Education,
Inc.
144A,5.75%,
8/1/28
1,444,000
1,435,598
144A,7.375%,
9/1/31
1,355,000
1,383,670
Midcontinent
Communications,144A,8.00%,
8/15/32
(a)
1,205,000
1,138,010
Nexstar
Media,
Inc.
144A,4.75%,
11/1/28
(a)
1,963,000
1,932,348
144A,6.50%,
9/15/33
6,700,000
6,753,386
144A,7.25%,
4/15/34
3,400,000
3,421,396
Paramount
Global
3.375%,
2/15/28
(a)
900,000
872,152
3.70%,
6/1/28
920,000
889,449
4.20%,
6/1/29
(a)
970,000
925,270
7.875%,
7/30/30
1,580,000
1,658,631
4.95%,
1/15/31
2,550,000
2,378,453
4.20%,
5/19/32
2,000,000
1,731,812
5.50%,
5/15/33
757,000
678,124
6.875%,
4/30/36
(a)
2,250,000
2,081,275
5.90%,
10/15/40
624,000
474,329
4.85%,
7/1/42
900,000
608,007
4.375%,
3/15/43
2,892,000
1,851,007
5.85%,
9/1/43
2,497,000
1,840,464
5.25%,
4/1/44
(a)
550,000
370,038
4.90%,
8/15/44
1,100,000
719,761
4.60%,
1/15/45
(a)
1,260,000
792,380
4.95%,
5/19/50
(a)
2,050,000
1,315,889
Scripps
Escrow
II,
Inc.,144A,3.875%,
1/15/29
(a)
1,129,000
1,046,148
Sinclair
Television
Group,
Inc.,144A,8.125%,
2/15/33
2,870,000
2,948,925
Sirius
XM
Radio
LLC,144A,5.875%,
4/15/32
(a)
2,550,000
2,538,285
Sirius
XM
Radio,
Inc.
144A,5.00%,
8/1/27
2,547,000
2,543,180
144A,4.00%,
7/15/28
3,875,000
3,774,842
144A,5.50%,
7/1/29
2,148,000
2,139,598
144A,4.125%,
7/1/30
3,286,000
3,097,690
144A,3.875%,
9/1/31
2,809,000
2,558,799
Sunrise
FinCo
I
BV,144A,4.875%,
7/15/31
2,459,000
2,328,232
Univision
Communications,
Inc.
144A,4.50%,
5/1/29
2,054,000
1,952,280
144A,7.375%,
6/30/30
1,695,000
1,687,811
144A,8.50%,
7/31/31
2,406,000
2,422,189
144A,9.375%,
8/1/32
3,044,000
3,117,050
144A,8.875%,
4/15/33
3,000,000
2,988,557
Versant
Media
Group,
Inc.,144A,7.25%,
1/30/31
(a)
2,047,000
2,126,782
Virgin
Media
Finance
PLC,144A,5.00%,
7/15/30
(a)
1,821,000
1,495,084
Virgin
Media
O2
Vendor
Financing
Notes
VI
DAC,144A,8.50%,
3/15/33
(a)
1,009,000
870,632
Principal
Amount
$
Value
$
Virgin
Media
Secured
Finance
PLC
144A,5.50%,
5/15/29
3,012,000
2,895,280
144A,4.50%,
8/15/30
1,695,000
1,474,941
VZ
Secured
Financing
BV
144A,5.00%,
1/15/32
(a)
3,012,000
2,615,044
144A,7.50%,
1/15/33
2,336,000
2,246,256
Ziggo
Bond
Co.
BV,144A,5.125%,
2/28/30
(a)
909,000
793,234
Ziggo
BV,144A,4.875%,
1/15/30
2,008,000
1,877,675
(Cost
$182,865,082)
182,916,899
Telecommunications
—
6.6%
Africell
Holding
Ltd.,144A,10.50%,
10/23/29
786,000
798,601
APLD
ComputeCo
2
LLC,144A,6.75%,
3/15/31
4,348,000
4,382,493
APLD
ComputeCo.
LLC,144A,9.25%,
12/15/30
4,480,000
4,835,882
Bell
Telephone
Co.
of
Canada
Or
Bell
Canada
6.875%,
9/15/55
2,063,000
2,121,377
7.00%,
9/15/55
2,478,000
2,559,189
Black
Pearl
Compute
LLC,144A,6.125%,
2/15/31
(a)
4,148,000
4,220,219
British
Telecommunications
PLC,144A,4.875%,
11/23/81
(a)
1,011,000
978,228
Ciena
Corp.,144A,4.00%,
1/31/30
683,000
655,543
Cipher
Compute
LLC,144A,7.125%,
11/15/30
(a)
3,251,000
3,389,009
Connect
Finco
SARL
/
Connect
US
Finco
LLC,144A,9.00%,
9/15/29
(a)
3,852,000
4,067,392
Connect
Holding
II
LLC,144A,10.50%,
4/3/31
4,372,000
4,451,798
Core
Scientific
Finance
I
LLC,144A,7.75%,
5/15/31
6,550,000
6,698,431
Edged
Compute
LLC,144A,7.50%,
4/30/31
2,587,000
2,593,680
Fibercop
SpA
144A,Series
2033,
6.375%,
11/15/33
1,020,000
1,020,092
144A,6.00%,
9/30/34
1,069,000
1,027,216
144A,7.20%,
7/18/36
941,000
940,557
144A,7.721%,
6/4/38
917,000
928,239
Flash
Compute
LLC,144A,7.25%,
12/31/30
2,562,000
2,641,250
GCI
LLC,144A,4.75%,
10/15/28
1,464,000
1,412,810
Iliad
Holding
SAS
144A,7.00%,
10/15/28
1,878,000
1,892,000
144A,8.50%,
4/15/31
1,921,000
2,034,917
144A,7.00%,
4/15/32
1,606,000
1,633,623
Level
3
Financing,
Inc.
144A,6.875%,
6/30/33
3,800,000
3,914,122
144A,7.00%,
3/31/34
4,835,000
5,011,413