|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Corporate Bonds & Notes — 119.8%
|
|||||
|
Communication Services — 17.2%
|
|||||
|
Diversified Telecommunication Services — 5.8%
|
|||||
|
Altice Financing SA, Senior Secured Notes
|
5.000%
|
1/15/28
|
1,210,000
|
$767,134
(a)(b)
|
|
|
Altice France SA, Senior Secured Notes
|
9.500%
|
11/1/29
|
168,255
|
170,716
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
6.875%
|
7/15/32
|
160,061
|
155,497
(a)
|
|
|
Comcast Corp., Senior Notes
|
4.200%
|
8/15/34
|
930,000
|
843,961
(b)
|
|
|
Galaxy Helios Data Centers II LLC, Senior Secured Notes
|
9.875%
|
8/1/31
|
830,000
|
833,133
(a)
|
|
|
Grupo Televisa SAB, Senior Notes
|
5.000%
|
5/13/45
|
350,000
|
239,334
|
|
|
Level 3 Financing Inc., Senior Notes
|
8.500%
|
1/15/36
|
270,000
|
281,122
(a)
|
|
|
Level 3 Financing Inc., Senior Notes
|
7.500%
|
2/15/37
|
330,000
|
328,062
(a)
|
|
|
Telefonica Emisiones SA, Senior Notes
|
7.045%
|
6/20/36
|
600,000
|
646,457
(b)
|
|
|
Verizon Communications Inc., Senior Notes
|
2.355%
|
3/15/32
|
500,000
|
433,090
(b)
|
|
|
WULF Compute LLC, Senior Secured Notes
|
7.750%
|
10/15/30
|
190,000
|
197,574
(a)
|
|
|
Total Diversified Telecommunication Services
|
4,896,080
|
||||
|
Entertainment — 3.5%
|
|||||
|
Discovery Global Holdings Inc., Senior Notes
|
5.050%
|
3/15/42
|
590,000
|
411,525
|
|
|
Flutter Treasury DAC, Senior Secured Notes
|
5.875%
|
6/4/31
|
710,000
|
699,756
(a)(b)
|
|
|
Netflix Inc., Senior Notes
|
6.375%
|
5/15/29
|
110,000
|
114,862
(b)
|
|
|
OAK-Eagle Acquireco Inc., Senior Notes
|
8.750%
|
7/1/34
|
90,000
|
94,868
(a)
|
|
|
OAK-Eagle Acquireco Inc., Senior Secured Notes
|
6.250%
|
7/1/33
|
150,000
EUR
|
181,216
(a)
|
|
|
OAK-Eagle Acquireco Inc., Senior Secured Notes
|
7.250%
|
7/1/33
|
90,000
|
93,327
(a)
|
|
|
Pinewood Finco PLC, Senior Secured Notes
|
6.000%
|
3/27/30
|
690,000
GBP
|
929,758
(a)(b)
|
|
|
Pioneer Opco LLC, Senior Secured Notes
|
7.000%
|
5/15/33
|
90,000
|
90,982
(a)
|
|
|
Walt Disney Co., Senior Notes
|
2.650%
|
1/13/31
|
320,000
|
293,562
(b)
|
|
|
Total Entertainment
|
2,909,856
|
||||
|
Interactive Media & Services — 0.3%
|
|||||
|
Sopaipilla Investor LLC, Senior Secured Notes
|
7.534%
|
11/30/48
|
250,000
|
259,437
(a)
|
|
|
Media — 4.1%
|
|||||
|
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
|
7.375%
|
2/1/36
|
230,000
|
218,966
(a)
|
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital Corp., Senior Secured Notes
|
6.484%
|
10/23/45
|
260,000
|
225,598
(b)
|
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital Corp., Senior Secured Notes
|
3.700%
|
4/1/51
|
300,000
|
177,504
|
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital Corp., Senior Secured Notes
|
6.834%
|
10/23/55
|
360,000
|
317,802
|
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital Corp., Senior Secured Notes
|
3.850%
|
4/1/61
|
200,000
|
109,310
|
|
|
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior
Secured Notes
|
10.000%
|
2/15/31
|
270,000
|
282,390
(a)
|
|
|
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior
Secured Notes
|
9.250%
|
6/1/32
|
530,000
|
542,858
(a)
|
|
|
EchoStar Corp., Senior Secured Notes
|
10.750%
|
11/30/29
|
888,650
|
961,735
(b)
|
|
|
Getty Images Inc., Senior Secured Notes
|
11.250%
|
2/21/30
|
40,000
|
31,408
(a)
|
|
|
Nexstar Media Inc., Senior Secured Notes
|
6.500%
|
9/15/33
|
540,000
|
537,702
(a)
|
|
|
Total Media
|
3,405,273
|
||||
|
Wireless Telecommunication Services — 3.5%
|
|||||
|
America Movil SAB de CV, Senior Notes
|
6.125%
|
3/30/40
|
450,000
|
457,978
(b)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Wireless Telecommunication Services — continued
|
|||||
|
CSC Holdings LLC, Senior Notes
|
11.250%
|
5/15/28
|
280,000
|
$163,323
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
11.750%
|
1/31/29
|
270,000
|
154,718
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
6.500%
|
2/1/29
|
520,000
|
294,859
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
4.125%
|
12/1/30
|
740,000
|
414,516
(a)(b)
|
|
|
Sprint Capital Corp., Senior Notes
|
8.750%
|
3/15/32
|
90,000
|
104,750
(b)
|
|
|
T-Mobile USA Inc., Senior Notes
|
3.500%
|
4/15/31
|
860,000
|
802,582
(b)
|
|
|
Vmed O2 UK Financing I PLC, Senior Secured Notes
|
4.500%
|
7/15/31
|
480,000
GBP
|
530,797
(a)
|
|
|
Total Wireless Telecommunication Services
|
2,923,523
|
||||
|
|
|||||
|
Total Communication Services
|
14,394,169
|
||||
|
Consumer Discretionary — 14.9%
|
|||||
|
Automobile Components — 1.5%
|
|||||
|
American Axle & Manufacturing Inc., Senior Notes
|
7.750%
|
10/15/33
|
460,000
|
453,306
(a)
|
|
|
JB Poindexter & Co. Inc., Senior Notes
|
8.750%
|
12/15/31
|
180,000
|
185,690
(a)
|
|
|
ZF North America Capital Inc., Senior Notes
|
6.875%
|
4/23/32
|
600,000
|
589,823
(a)
|
|
|
Total Automobile Components
|
1,228,819
|
||||
|
Automobiles — 1.7%
|
|||||
|
Ford Motor Credit Co. LLC, Senior Notes
|
7.350%
|
3/6/30
|
310,000
|
326,167
(b)
|
|
|
PM General Purchaser LLC, Senior Secured Notes
|
9.500%
|
10/1/28
|
1,370,000
|
1,153,485
(a)(b)
|
|
|
Total Automobiles
|
1,479,652
|
||||
|
Broadline Retail — 2.7%
|
|||||
|
Marks & Spencer PLC, Senior Notes
|
7.125%
|
12/1/37
|
980,000
|
1,046,973
(a)(b)
|
|
|
MercadoLibre Inc., Senior Notes
|
3.125%
|
1/14/31
|
900,000
|
821,391
(b)
|
|
|
Prosus NV, Senior Notes
|
4.193%
|
1/19/32
|
400,000
|
375,889
(b)(c)
|
|
|
Total Broadline Retail
|
2,244,253
|
||||
|
Hotels, Restaurants & Leisure — 5.5%
|
|||||
|
Carnival Ltd., Senior Notes
|
1.000%
|
10/28/29
|
1,150,000
EUR
|
1,220,475
(b)
|
|
|
Full House Resorts Inc., Senior Secured Notes
|
8.250%
|
2/15/28
|
700,000
|
684,957
(a)(b)
|
|
|
Gaia Purchaser Inc., Senior Secured Notes
|
7.625%
|
7/15/33
|
170,000
|
170,612
(a)
|
|
|
Las Vegas Sands Corp., Senior Notes
|
5.625%
|
6/15/28
|
40,000
|
40,378
|
|
|
Las Vegas Sands Corp., Senior Notes
|
3.900%
|
8/8/29
|
530,000
|
511,152
(b)
|
|
|
Las Vegas Sands Corp., Senior Notes
|
6.000%
|
6/14/30
|
310,000
|
315,922
|
|
|
NCL Corp. Ltd., Senior Notes
|
7.750%
|
2/15/29
|
420,000
|
436,314
(a)(b)
|
|
|
Sands China Ltd., Senior Notes
|
2.850%
|
3/8/29
|
600,000
|
567,319
|
|
|
Sands China Ltd., Senior Notes
|
3.250%
|
8/8/31
|
500,000
|
452,435
|
|
|
Wynn Macau Ltd., Senior Notes
|
5.625%
|
8/26/28
|
200,000
|
197,788
(a)
|
|
|
Total Hotels, Restaurants & Leisure
|
4,597,352
|
||||
|
Household Durables — 0.3%
|
|||||
|
Lennar Corp., Senior Notes
|
5.000%
|
6/15/27
|
238,000
|
238,491
(b)
|
|
|
Specialty Retail — 3.2%
|
|||||
|
Gee Automotive Holdings LLC, Senior Notes
|
7.250%
|
3/1/31
|
320,000
|
322,649
(a)
|
|
|
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
|
11.500%
|
8/15/29
|
560,000
|
589,155
(a)
|
|
|
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
|
8.750%
|
1/15/32
|
270,000
|
262,162
(a)
|
|
|
Michaels Cos. Inc., Secured Notes
|
11.000%
|
3/15/34
|
1,190,000
|
1,165,820
(a)
|
|
|
Petco Health & Wellness Co. Inc., Senior Secured Notes
|
8.250%
|
2/1/31
|
330,000
|
331,302
(a)
|
|
|
Total Specialty Retail
|
2,671,088
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
12,459,655
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Consumer Staples — 3.6%
|
|||||
|
Beverages — 1.0%
|
|||||
|
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide Inc., Senior Notes
|
4.700%
|
2/1/36
|
830,000
|
$789,806
(b)
|
|
|
Food Products — 2.3%
|
|||||
|
JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co.
Holdings, Senior Notes
|
3.750%
|
12/1/31
|
300,000
|
278,786
(b)
|
|
|
JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co.
Holdings, Senior Notes
|
5.950%
|
4/20/35
|
1,300,000
|
1,314,713
(b)
|
|
|
Kraft Heinz Foods Co., Senior Notes
|
5.500%
|
6/1/50
|
50,000
|
44,039
(b)
|
|
|
TKC Holdings Inc., Senior Secured Notes
|
8.500%
|
8/15/30
|
310,000
|
317,083
(a)
|
|
|
Total Food Products
|
1,954,621
|
||||
|
Tobacco — 0.3%
|
|||||
|
Altria Group Inc., Senior Notes
|
2.450%
|
2/4/32
|
150,000
|
130,678
(b)
|
|
|
Reynolds American Inc., Senior Notes
|
5.850%
|
8/15/45
|
140,000
|
132,732
(b)
|
|
|
Total Tobacco
|
263,410
|
||||
|
|
|||||
|
Total Consumer Staples
|
3,007,837
|
||||
|
Energy — 16.2%
|
|||||
|
Energy Equipment & Services — 1.1%
|
|||||
|
Beusa Investments LLC, Senior Notes
|
7.000%
|
8/1/31
|
300,000
|
293,347
(a)
|
|
|
Nabors Industries Inc., Senior Notes
|
8.875%
|
8/15/31
|
380,000
|
391,278
(a)
|
|
|
Oceaneering International Inc., Senior Notes
|
6.875%
|
7/15/34
|
230,000
|
235,452
(a)
|
|
|
Total Energy Equipment & Services
|
920,077
|
||||
|
Oil, Gas & Consumable Fuels — 15.1%
|
|||||
|
Cheniere Energy Partners LP, Senior Notes
|
4.000%
|
3/1/31
|
250,000
|
238,669
(b)
|
|
|
Continental Resources Inc., Senior Notes
|
4.375%
|
1/15/28
|
140,000
|
138,971
(b)
|
|
|
Crescent Energy Finance LLC, Senior Notes
|
7.375%
|
1/15/33
|
680,000
|
683,537
(a)(b)
|
|
|
Crescent Energy Finance LLC, Senior Notes
|
8.375%
|
1/15/34
|
120,000
|
123,885
(a)
|
|
|
Devon Energy Corp., Senior Notes
|
5.600%
|
7/15/41
|
400,000
|
384,050
(b)
|
|
|
Diamondback Energy Inc., Senior Notes
|
3.500%
|
12/1/29
|
320,000
|
307,105
(b)
|
|
|
Ecopetrol SA, Senior Notes
|
5.875%
|
5/28/45
|
890,000
|
707,481
|
|
|
Energy Transfer LP, Junior Subordinated Notes (6.625% to
2/15/28 then 3 mo. Term SOFR + 4.417%)
|
6.625%
|
2/15/28
|
240,000
|
240,971
(d)(e)
|
|
|
Granite Ridge Resources Inc., Senior Notes
|
8.875%
|
11/5/29
|
820,000
|
803,364
(a)(b)
|
|
|
Hess Midstream Operations LP, Senior Notes
|
4.250%
|
2/15/30
|
350,000
|
335,327
(a)
|
|
|
Howard Midstream Energy Partners LLC, Senior Notes
|
6.625%
|
1/15/34
|
250,000
|
252,934
(a)
|
|
|
KazMunayGas National Co. JSC, Senior Notes
|
3.500%
|
4/14/33
|
1,000,000
|
889,653
(a)
|
|
|
NGPL PipeCo LLC, Senior Notes
|
7.768%
|
12/15/37
|
200,000
|
226,920
(a)(b)
|
|
|
Northern Oil & Gas Inc., Senior Notes
|
7.875%
|
10/15/33
|
200,000
|
200,303
(a)
|
|
|
Occidental Petroleum Corp., Senior Notes
|
4.400%
|
8/15/49
|
260,000
|
191,906
(b)
|
|
|
Petrobras Global Finance BV, Senior Notes
|
6.750%
|
1/27/41
|
110,000
|
107,984
|
|
|
Petroleos Mexicanos, Senior Notes
|
6.500%
|
6/2/41
|
750,000
|
652,736
(b)
|
|
|
Saturn Oil & Gas Inc., Senior Notes
|
8.500%
|
7/30/31
|
510,000
|
511,730
(a)
|
|
|
Southern Natural Gas Co. LLC, Senior Notes
|
4.800%
|
3/15/47
|
800,000
|
671,203
(a)(b)
|
|
|
Tengizchevroil Finance Co. International Ltd., Senior Secured
Notes
|
3.250%
|
8/15/30
|
650,000
|
598,983
(a)
|
|
|
Transportadora de Gas del Peru SA, Senior Notes
|
4.250%
|
4/30/28
|
292,000
|
289,842
(a)(b)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Oil, Gas & Consumable Fuels — continued
|
|||||
|
Venture Global Calcasieu Pass LLC, Senior Secured Notes
|
3.875%
|
11/1/33
|
550,000
|
$482,828
(a)
|
|
|
Venture Global Calcasieu Pass LLC, Senior Secured Notes
|
6.000%
|
5/1/36
|
330,000
|
326,307
(a)
|
|
|
Venture Global LNG Inc., Junior Subordinated Notes (9.000% to
9/30/29 then 5 year Treasury Constant Maturity Rate + 5.440%)
|
9.000%
|
9/30/29
|
1,160,000
|
1,156,085
(a)(b)(d)(e)
|
|
|
Venture Global LNG Inc., Senior Secured Notes
|
6.625%
|
6/15/36
|
130,000
|
127,484
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
7.750%
|
5/1/35
|
240,000
|
266,129
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
6.750%
|
1/15/36
|
50,000
|
52,361
(a)
|
|
|
Western Midstream Operating LP, Senior Notes
|
4.050%
|
2/1/30
|
905,000
|
872,236
(b)
|
|
|
Western Midstream Operating LP, Senior Notes
|
5.300%
|
3/1/48
|
250,000
|
209,428
(b)
|
|
|
Williams Cos. Inc., Senior Notes
|
7.500%
|
1/15/31
|
140,000
|
154,504
(b)
|
|
|
Williams Cos. Inc., Senior Notes
|
5.750%
|
6/24/44
|
450,000
|
429,920
(b)
|
|
|
Total Oil, Gas & Consumable Fuels
|
12,634,836
|
||||
|
|
|||||
|
Total Energy
|
13,554,913
|
||||
|
Financials — 29.8%
|
|||||
|
Banks — 14.5%
|
|||||
|
Banco de Chile, Senior Notes
|
2.990%
|
12/9/31
|
700,000
|
629,747
(a)
|
|
|
Banco de Credito e Inversiones SA, Senior Notes
|
2.875%
|
10/14/31
|
700,000
|
623,289
(a)
|
|
|
Banco Santander SA, Junior Subordinated Notes (7.250% to
6/3/36 then 5 year Treasury Constant Maturity Rate + 2.837%)
|
7.250%
|
12/3/35
|
600,000
|
601,941
(d)(e)
|
|
|
Banco Santander SA, Subordinated Notes (5.750% to 8/23/28
then EUR 5 year Swap Rate + 2.850%)
|
5.750%
|
8/23/33
|
400,000
EUR
|
477,936
(b)(c)(e)
|
|
|
Bank of America Corp., Junior Subordinated Notes (5.875% to
3/15/28 then 3 mo. Term SOFR + 3.193%)
|
5.875%
|
3/15/28
|
910,000
|
913,648
(b)(d)(e)
|
|
|
Bank of Nova Scotia, Senior Notes
|
2.450%
|
2/2/32
|
400,000
|
350,451
(b)
|
|
|
Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3
mo. USD LIBOR + 3.054%)
|
5.088%
|
6/20/30
|
680,000
|
679,397
(b)(e)
|
|
|
BNP Paribas SA, Junior Subordinated Notes (7.200% to 4/17/36
then 5 year Treasury Constant Maturity Rate + 2.942%)
|
7.200%
|
4/17/36
|
200,000
|
198,669
(a)(d)(e)
|
|
|
BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year
Treasury Constant Maturity Rate + 1.450%)
|
5.125%
|
1/13/29
|
500,000
|
502,540
(a)(b)(e)
|
|
|
BNP Paribas SA, Subordinated Notes (4.375% to 3/1/28 then
USD 5 year ICE Swap Rate + 1.483%)
|
4.375%
|
3/1/33
|
300,000
|
296,051
(a)(b)(e)
|
|
|
Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31
then 5 year Treasury Constant Maturity Rate + 3.001%)
|
6.625%
|
2/15/31
|
160,000
|
160,833
(d)(e)
|
|
|
Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30
then 5 year Treasury Constant Maturity Rate + 2.890%)
|
6.875%
|
8/15/30
|
130,000
|
131,342
(d)(e)
|
|
|
Danske Bank A/S, Subordinated Notes (4.625% to 5/14/29 then
EURIBOR 5 year ICE Swap Rate + 1.950%)
|
4.625%
|
5/14/34
|
400,000
EUR
|
471,178
(c)(e)
|
|
|
HSBC Holdings PLC, Junior Subordinated Notes (6.500% to
3/23/28 then USD 5 year ICE Swap Rate + 3.606%)
|
6.500%
|
3/23/28
|
1,320,000
|
1,333,430
(b)(d)(e)
|
|
|
HSBC Holdings PLC, Junior Subordinated Notes (6.750% to
5/18/33 then 5 year Treasury Constant Maturity Rate + 2.513%)
|
6.750%
|
11/18/32
|
420,000
|
417,075
(d)(e)
|
|
|
JPMorgan Chase & Co., Junior Subordinated Notes (6.100% to
7/1/31 then 5 year Treasury Constant Maturity Rate + 2.080%)
|
6.100%
|
7/1/31
|
210,000
|
209,250
(d)(e)
|
|
|
JPMorgan Chase & Co., Junior Subordinated Notes (6.500% to
4/1/30 then 5 year Treasury Constant Maturity Rate + 2.152%)
|
6.500%
|
4/1/30
|
200,000
|
203,204
(b)(d)(e)
|
|
|
JPMorgan Chase & Co., Senior Notes (2.580% to 4/22/31 then
3 mo. Term SOFR + 1.250%)
|
2.580%
|
4/22/32
|
1,440,000
|
1,286,729
(b)(e)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Banks — continued
|
|||||
|
Lloyds Banking Group PLC, Junior Subordinated Notes (8.000%
to 3/27/30 then 5 year Treasury Constant Maturity Rate +
3.913%)
|
8.000%
|
9/27/29
|
1,150,000
|
$1,213,999
(b)(d)(e)
|
|
|
PNC Financial Services Group Inc., Senior Notes
|
2.550%
|
1/22/30
|
650,000
|
601,330
(b)
|
|
|
Truist Financial Corp., Senior Notes (5.711% to 1/24/34 then
SOFR + 1.922%)
|
5.711%
|
1/24/35
|
400,000
|
404,173
(b)(e)
|
|
|
Ueno Bank SA, Senior Notes
|
6.700%
|
3/6/31
|
230,000
|
211,432
(a)
|
|
|
Wells Fargo & Co., Junior Subordinated Notes (6.125% to
6/15/31 then 5 year Treasury Constant Maturity Rate + 2.340%)
|
6.125%
|
6/15/31
|
260,000
|
259,989
(d)(e)
|
|
|
Total Banks
|
12,177,633
|
||||
|
Capital Markets — 6.2%
|
|||||
|
Charles Schwab Corp., Junior Subordinated Notes (4.000% to
12/1/30 then 10 year Treasury Constant Maturity Rate +
3.079%)
|
4.000%
|
12/1/30
|
700,000
|
646,909
(b)(d)(e)
|
|
|
Credit Suisse AG AT1 Claim
|
—
|
—
|
3,900,000
|
0
*(f)(g)(h)
|
|
|
Currenta Group Holdings Sarl, Senior Secured Notes
|
5.500%
|
5/15/30
|
160,000
EUR
|
186,780
(a)
|
|
|
Goldman Sachs Group Inc., Junior Subordinated Notes (6.500%
to 8/10/31 then 5 year Treasury Constant Maturity Rate +
2.175%)
|
6.500%
|
8/10/31
|
260,000
|
258,176
(d)(e)
|
|
|
Goldman Sachs Group Inc., Senior Notes (2.640% to 2/24/27
then SOFR + 1.114%)
|
2.640%
|
2/24/28
|
2,500,000
|
2,472,337
(e)(i)
|
|
|
Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR +
1.143%)
|
2.699%
|
1/22/31
|
900,000
|
831,733
(b)(e)
|
|
|
UBS Group AG, Junior Subordinated Notes (7.125% to 2/10/35
then USD 5 year SOFR ICE Swap Rate + 3.179%)
|
7.125%
|
8/10/34
|
400,000
|
400,170
(a)(d)(e)
|
|
|
UBS Group AG, Senior Notes
|
4.875%
|
5/15/45
|
470,000
|
408,788
(b)
|
|
|
Total Capital Markets
|
5,204,893
|
||||
|
Consumer Finance — 0.5%
|
|||||
|
Midcap Financial Issuer Trust, Junior Subordinated Notes (3 mo.
Term SOFR + 3.750%)
|
7.503%
|
1/15/56
|
460,000
|
456,023
(a)(e)
|
|
|
Financial Services — 5.9%
|
|||||
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
Senior Notes
|
3.400%
|
10/29/33
|
3,500,000
|
3,058,569
(i)
|
|
|
Block Inc., Senior Notes
|
6.000%
|
8/15/33
|
320,000
|
317,593
(a)(b)
|
|
|
Jane Street Group/JSG Finance Inc., Senior Secured Notes
|
7.125%
|
4/30/31
|
300,000
|
309,784
(a)
|
|
|
Rocket Cos. Inc., Senior Notes
|
6.125%
|
8/1/30
|
360,000
|
363,115
(a)(b)
|
|
|
Rocket Cos. Inc., Senior Notes
|
6.500%
|
6/15/34
|
440,000
|
444,028
(a)
|
|
|
VistaJet Malta Finance PLC/Vista Management Holding Inc.,
Senior Notes
|
6.375%
|
2/1/30
|
340,000
|
321,148
(a)(b)
|
|
|
VistaJet Malta Finance PLC/Vista Management Holding Inc.,
Senior Notes
|
8.750%
|
1/15/32
|
110,000
|
108,380
(a)
|
|
|
Total Financial Services
|
4,922,617
|
||||
|
Insurance — 1.9%
|
|||||
|
Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes
|
8.000%
|
12/31/32
|
420,000
|
425,223
(a)
|
|
|
MetLife Capital Trust IV, Junior Subordinated Notes
|
7.875%
|
12/15/37
|
100,000
|
108,997
(a)(b)
|
|
|
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen,
Subordinated Notes (3.250% to 5/26/29 then 3 mo. EURIBOR +
3.400%)
|
3.250%
|
5/26/49
|
500,000
EUR
|
570,169
(b)(c)(e)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Insurance — continued
|
|||||
|
Ryan Specialty LLC, Senior Secured Notes
|
5.875%
|
8/1/32
|
460,000
|
$453,960
(a)
|
|
|
Total Insurance
|
1,558,349
|
||||
|
Mortgage Real Estate Investment Trusts (REITs) — 0.8%
|
|||||
|
Arbor Realty SR Inc., Senior Notes
|
8.500%
|
12/15/28
|
320,000
|
307,036
(a)
|
|
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance
Corp., Senior Notes
|
7.000%
|
7/15/31
|
330,000
|
341,337
(a)
|
|
|
Total Mortgage Real Estate Investment Trusts (REITs)
|
648,373
|
||||
|
|
|||||
|
Total Financials
|
24,967,888
|
||||
|
Health Care — 6.2%
|
|||||
|
Biotechnology — 0.3%
|
|||||
|
Amgen Inc., Senior Notes
|
2.450%
|
2/21/30
|
300,000
|
276,703
(b)
|
|
|
Health Care Providers & Services — 4.0%
|
|||||
|
CHS/Community Health Systems Inc., Secured Notes
|
6.875%
|
4/15/29
|
260,000
|
250,964
(a)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
10.875%
|
1/15/32
|
360,000
|
380,177
(a)
|
|
|
CVS Health Corp., Senior Notes
|
3.250%
|
8/15/29
|
500,000
|
477,585
(b)
|
|
|
CVS Health Corp., Senior Notes
|
5.250%
|
2/21/33
|
400,000
|
400,203
(b)
|
|
|
HCA Inc., Senior Notes
|
3.500%
|
9/1/30
|
550,000
|
518,533
(b)
|
|
|
Humana Inc., Senior Notes
|
5.875%
|
3/1/33
|
200,000
|
203,451
(b)
|
|
|
LifePoint Health Inc., Senior Secured Notes
|
7.000%
|
5/1/34
|
330,000
|
308,477
(a)
|
|
|
TEAM Services Holding Inc., Senior Secured Notes
|
9.000%
|
2/15/33
|
310,000
|
314,158
(a)
|
|
|
UnitedHealth Group Inc., Senior Notes
|
2.000%
|
5/15/30
|
500,000
|
451,236
(b)
|
|
|
Total Health Care Providers & Services
|
3,304,784
|
||||
|
Pharmaceuticals — 1.9%
|
|||||
|
1261229 BC Ltd., Senior Secured Notes
|
10.000%
|
4/15/32
|
590,000
|
603,607
(a)(b)
|
|
|
Bausch Health Americas Inc., Senior Notes
|
8.500%
|
1/31/27
|
620,000
|
616,900
(a)(b)
|
|
|
Bausch Health Cos. Inc., Senior Notes
|
6.250%
|
2/15/29
|
70,000
|
55,038
(a)
|
|
|
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
|
3.150%
|
10/1/26
|
240,000
|
239,283
(b)
|
|
|
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
|
4.100%
|
10/1/46
|
100,000
|
73,765
|
|
|
Total Pharmaceuticals
|
1,588,593
|
||||
|
|
|||||
|
Total Health Care
|
5,170,080
|
||||
|
Industrials — 11.3%
|
|||||
|
Aerospace & Defense — 1.0%
|
|||||
|
Avolon Holdings Funding Ltd., Senior Notes
|
2.750%
|
2/21/28
|
600,000
|
581,361
(a)(b)
|
|
|
Boeing Co., Senior Notes
|
3.625%
|
2/1/31
|
300,000
|
282,863
(b)
|
|
|
Total Aerospace & Defense
|
864,224
|
||||
|
Building Products — 1.1%
|
|||||
|
GUSAP III LP, Senior Notes
|
7.250%
|
4/16/44
|
840,000
|
925,180
(a)(b)
|
|
|
Commercial Services & Supplies — 2.9%
|
|||||
|
CoreCivic Inc., Senior Notes
|
8.250%
|
4/15/29
|
320,000
|
332,425
(b)
|
|
|
GEO Group Inc., Senior Notes
|
10.250%
|
4/15/31
|
590,000
|
636,628
(b)
|
|
|
Neptune Bidco US Inc., Senior Secured Notes
|
10.375%
|
5/15/31
|
280,000
|
293,399
(a)
|
|
|
Neptune Bidco US Inc., Senior Secured Notes
|
9.500%
|
2/15/33
|
210,000
|
214,184
(a)
|
|
|
RB Global Holdings Inc., Senior Secured Notes
|
6.750%
|
3/15/28
|
330,000
|
333,357
(a)
|
|
|
RR Donnelley & Sons Co., Senior Secured Notes
|
9.500%
|
8/1/29
|
610,000
|
632,738
(a)(b)
|
|
|
Total Commercial Services & Supplies
|
2,442,731
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Construction & Engineering — 0.8%
|
|||||
|
Tutor Perini Corp., Senior Notes
|
6.625%
|
7/15/33
|
640,000
|
$642,908
(a)
|
|
|
Ground Transportation — 0.3%
|
|||||
|
Carriage Purchaser Inc., Senior Notes
|
7.875%
|
10/15/29
|
214,000
|
211,744
(a)
|
|
|
Machinery — 1.8%
|
|||||
|
Cellnex Finance Co. SA, Senior Notes
|
2.000%
|
2/15/33
|
1,500,000
EUR
|
1,543,339
(b)(c)
|
|
|
Passenger Airlines — 0.1%
|
|||||
|
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes
|
4.750%
|
10/20/28
|
112,500
|
112,339
(a)(b)
|
|
|
Trading Companies & Distributors — 3.3%
|
|||||
|
ADI Escrow Issuer LLC, Senior Notes
|
7.125%
|
7/15/34
|
140,000
|
143,072
(a)
|
|
|
Ashtead Capital Inc., Senior Notes
|
2.450%
|
8/12/31
|
710,000
|
620,474
(a)
|
|
|
EquipmentShare.com Inc., Secured Notes
|
8.625%
|
5/15/32
|
170,000
|
174,076
(a)
|
|
|
EquipmentShare.com Inc., Secured Notes
|
8.000%
|
3/15/33
|
430,000
|
433,634
(a)(b)
|
|
|
EquipmentShare.com Inc., Secured Notes
|
7.125%
|
7/1/34
|
660,000
|
631,209
(a)
|
|
|
QXO Building Products Inc., Senior Notes
|
6.875%
|
7/15/34
|
250,000
|
250,563
(a)
|
|
|
Sumisho Air Lease Corp., Senior Notes
|
5.100%
|
3/1/29
|
500,000
|
501,220
(b)
|
|
|
Total Trading Companies & Distributors
|
2,754,248
|
||||
|
|
|||||
|
Total Industrials
|
9,496,713
|
||||
|
Information Technology — 4.1%
|
|||||
|
IT Services — 2.2%
|
|||||
|
APLD ComputeCo 3 LLC, Senior Secured Notes
|
7.000%
|
6/15/31
|
320,000
|
312,488
(a)
|
|
|
APLD ComputeCo LLC, Senior Secured Notes
|
9.250%
|
12/15/30
|
250,000
|
265,886
(a)
|
|
|
Core Scientific Finance I LLC, Senior Secured Notes
|
7.750%
|
5/15/31
|
630,000
|
617,674
(a)(b)
|
|
|
CoreWeave Inc., Senior Notes
|
9.000%
|
2/1/31
|
680,000
|
614,682
(a)
|
|
|
Total IT Services
|
1,810,730
|
||||
|
Semiconductors & Semiconductor Equipment — 0.8%
|
|||||
|
Qnity Electronics Inc., Senior Secured Notes
|
5.750%
|
8/15/32
|
680,000
|
676,013
(a)(b)
|
|
|
Software — 1.0%
|
|||||
|
Cloud Software Group LLC, Senior Secured Notes
|
8.250%
|
6/30/32
|
340,000
|
321,906
(a)(b)
|
|
|
Fair Isaac Corp., Senior Notes
|
6.250%
|
9/15/34
|
190,000
|
183,688
(a)
|
|
|
Oracle Corp., Senior Notes
|
6.900%
|
11/9/52
|
50,000
|
45,137
|
|
|
Oracle Corp., Senior Notes
|
6.000%
|
8/3/55
|
380,000
|
305,011
|
|
|
Total Software
|
855,742
|
||||
|
Technology Hardware, Storage & Peripherals — 0.1%
|
|||||
|
Black Pearl Compute LLC, Senior Secured Notes
|
6.125%
|
2/15/31
|
120,000
|
119,949
(a)
|
|
|
|
|||||
|
Total Information Technology
|
3,462,434
|
||||
|
Materials — 9.5%
|
|||||
|
Chemicals — 2.3%
|
|||||
|
ARC Falcon I Inc./Arclin USA LLC/New Arclin US Holding Corp.,
Senior Secured Notes
|
9.750%
|
3/1/33
|
480,000
|
452,284
(a)
|
|
|
Cerdia Finanz GmbH, Senior Secured Notes
|
9.375%
|
10/3/31
|
200,000
|
177,852
(a)
|
|
|
OCP SA, Senior Notes
|
6.750%
|
5/2/34
|
1,220,000
|
1,252,372
(a)
|
|
|
Total Chemicals
|
1,882,508
|
||||
|
Metals & Mining — 6.4%
|
|||||
|
Antofagasta PLC, Senior Notes
|
5.625%
|
9/9/35
|
700,000
|
698,600
(a)(b)
|
|
|
ArcelorMittal SA, Senior Notes
|
7.000%
|
10/15/39
|
150,000
|
163,307
(b)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
8.000%
|
3/1/33
|
1,980,000
|
2,059,810
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Metals & Mining — continued
|
|||||
|
Freeport-McMoRan Inc., Senior Notes
|
5.450%
|
3/15/43
|
60,000
|
$55,818
(b)
|
|
|
Southern Copper Corp., Senior Notes
|
5.250%
|
11/8/42
|
1,280,000
|
1,172,212
(b)
|
|
|
Teck Resources Ltd., Senior Notes
|
6.000%
|
8/15/40
|
200,000
|
195,741
|
|
|
Vale Overseas Ltd., Senior Notes
|
6.875%
|
11/10/39
|
750,000
|
815,437
|
|
|
WS Escrow LLC, Senior Secured Notes
|
7.750%
|
6/1/33
|
190,000
|
196,700
(a)
|
|
|
Total Metals & Mining
|
5,357,625
|
||||
|
Paper & Forest Products — 0.8%
|
|||||
|
Suzano Austria GmbH, Senior Notes
|
4.000%
|
1/15/31
|
750,000
|
701,908
(b)
|
|
|
|
|||||
|
Total Materials
|
7,942,041
|
||||
|
Real Estate — 3.4%
|
|||||
|
Diversified REITs — 1.1%
|
|||||
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
|
5.000%
|
10/15/27
|
140,000
|
135,916
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
|
3.692%
|
6/5/28
|
100,000
GBP
|
117,576
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
|
4.625%
|
8/1/29
|
120,000
|
96,252
|
|
|
Trust 2401, Senior Notes
|
4.869%
|
1/15/30
|
400,000
|
384,192
(a)
|
|
|
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior
Notes
|
8.625%
|
6/15/32
|
160,000
|
163,561
(a)
|
|
|
Total Diversified REITs
|
897,497
|
||||
|
Health Care REITs — 0.1%
|
|||||
|
Diversified Healthcare Trust, Senior Notes
|
4.375%
|
3/1/31
|
80,000
|
73,222
|
|
|
Real Estate Management & Development — 1.2%
|
|||||
|
Blackstone Property Partners Europe Holdings Sarl, Senior
Notes
|
1.625%
|
4/20/30
|
500,000
EUR
|
532,021
(b)(c)
|
|
|
Country Garden Holdings Co. Ltd., Senior Secured Notes
(2.500% Cash or 5.000% PIK)
|
5.000%
|
12/31/32
|
277,309
|
31,126
(c)(j)
|
|
|
P3 Group Sarl, Senior Notes
|
4.625%
|
2/13/30
|
400,000
EUR
|
472,836
(c)
|
|
|
Total Real Estate Management & Development
|
1,035,983
|
||||
|
Specialized REITs — 1.0%
|
|||||
|
Meridian Arc Holdco LLC, Senior Secured Notes
|
6.250%
|
4/30/31
|
160,000
|
153,888
(a)
|
|
|
Millrose Properties Inc., Senior Notes
|
6.375%
|
8/1/30
|
540,000
|
544,484
(a)
|
|
|
Millrose Properties Inc., Senior Notes
|
6.250%
|
9/15/32
|
140,000
|
140,024
(a)
|
|
|
SV RNO Property Owner 1 LLC, Senior Secured Notes
|
5.875%
|
3/1/31
|
60,000
|
55,792
(a)
|
|
|
Total Specialized REITs
|
894,188
|
||||
|
|
|||||
|
Total Real Estate
|
2,900,890
|
||||
|
Utilities — 3.6%
|
|||||
|
Electric Utilities — 3.3%
|
|||||
|
Comision Federal de Electricidad, Senior Notes
|
3.348%
|
2/9/31
|
1,000,000
|
895,859
(a)(b)
|
|
|
Electricite de France SA, Senior Notes
|
1.000%
|
11/29/33
|
900,000
EUR
|
850,479
(b)(c)
|
|
|
ENEL Finance International NV, Senior Notes
|
2.875%
|
4/11/29
|
600,000
GBP
|
763,753
(b)(c)
|
|
|
Pacific Gas and Electric Co., First Mortgage Bonds
|
6.950%
|
3/15/34
|
200,000
|
215,540
(b)
|
|
|
Talen Energy Supply LLC, Senior Notes
|
6.375%
|
5/1/33
|
50,000
|
49,264
(a)
|
|
|
Total Electric Utilities
|
2,774,895
|
||||
|
Independent Power and Renewable Electricity Producers — 0.3%
|
|||||
|
Minejesa Capital BV, Senior Secured Notes
|
4.625%
|
8/10/30
|
292,050
|
287,013
(a)(b)
|
|
|
|
|||||
|
Total Utilities
|
3,061,908
|
||||
|
Total Corporate Bonds & Notes (Cost — $97,243,151)
|
100,418,528
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Sovereign Bonds — 8.5%
|
|||||
|
Angola — 0.8%
|
|||||
|
|
|||||
|
Angolan Government International Bond, Senior Notes
|
8.000%
|
11/26/29
|
700,000
|
$716,364
(a)
|
|
|
Argentina — 0.3%
|
|||||
|
|
|||||
|
Provincia de Cordoba, Senior Notes
|
6.990%
|
6/1/27
|
240,000
|
241,812
(a)
|
|
|
Ivory Coast — 0.2%
|
|||||
|
|
|||||
|
Ivory Coast Government International Bond, Senior Notes
|
6.750%
|
2/25/41
|
200,000
|
187,774
(a)
|
|
|
Jordan — 0.3%
|
|||||
|
|
|||||
|
Jordan Government International Bond, Senior Notes
|
7.750%
|
1/15/28
|
250,000
|
256,929
(a)
|
|
|
Mexico — 2.1%
|
|||||
|
|
|||||
|
Mexico Government International Bond, Senior Notes
|
4.350%
|
1/15/47
|
2,450,000
|
1,729,700
(b)
|
|
|
Philippines — 0.4%
|
|||||
|
|
|||||
|
Philippine Government International Bond, Senior Notes
|
3.200%
|
7/6/46
|
500,000
|
328,474
|
|
|
Poland — 2.0%
|
|||||
|
Bank Gospodarstwa Krajowego, Senior Notes
|
5.375%
|
5/22/33
|
250,000
|
250,820
(c)
|
|
|
Republic of Poland Government Bond
|
1.250%
|
10/25/30
|
6,180,000
PLN
|
1,425,176
|
|
|
Total Poland
|
1,675,996
|
||||
|
Qatar — 0.6%
|
|||||
|
|
|||||
|
Qatar Government International Bond, Senior Notes
|
3.750%
|
4/16/30
|
500,000
|
482,438
(a)
|
|
|
Trinidad and Tobago — 0.8%
|
|||||
|
|
|||||
|
Trinidad & Tobago Government International Bond, Senior Notes
|
6.200%
|
7/16/38
|
650,000
|
636,350
(a)
|
|
|
Uruguay — 1.0%
|
|||||
|
Uruguay Government International Bond, Senior Notes
|
9.750%
|
7/20/33
|
30,000,000
UYU
|
826,856
|
|
|
|
|||||
|
Total Sovereign Bonds (Cost — $6,842,541)
|
7,082,693
|
||||
|
Senior Loans — 8.2%
|
|||||
|
Communication Services — 0.9%
|
|||||
|
Diversified Telecommunication Services — 0.4%
|
|||||
|
QTS Thunder Managing Issuer LLC, Term Loan (3 mo. Term SOFR
+ 2.250%)
|
6.025%
|
7/22/33
|
380,000
|
375,250
(e)(k)(l)
|
|
|
Entertainment — 0.5%
|
|||||
|
Discovery Global Holdings Inc., Initial Dollar Term Loan (1 mo.
Term SOFR + 2.500%)
|
6.231%
|
6/3/33
|
411,923
|
412,739
(e)(k)(l)
|
|
|
|
|||||
|
Total Communication Services
|
787,989
|
||||
|
Consumer Discretionary — 1.9%
|
|||||
|
Automobile Components — 0.6%
|
|||||
|
ABC Technologies Inc., Term Loan B
|
11.981-11.982%
|
1/2/40
|
490,070
|
476,594
(e)(g)(k)(l)
|
|
|
Diversified Consumer Services — 0.3%
|
|||||
|
WW International Inc., Take-Back Term Loan (3 mo. Term SOFR
+ 6.800%)
|
10.528%
|
6/24/30
|
315,061
|
234,474
(e)(k)(l)
|
|
|
Hotels, Restaurants & Leisure — 1.0%
|
|||||
|
Hilton Worldwide Finance LLC, Term Loan B4 (1 mo. Term SOFR
+ 1.750%)
|
5.474%
|
11/8/30
|
850,000
|
852,194
(e)(k)(l)
|
|
|
|
|||||
|
Total Consumer Discretionary
|
1,563,262
|
||||
|
Energy — 0.6%
|
|||||
|
Oil, Gas & Consumable Fuels — 0.6%
|
|||||
|
Buckeye Partners LP, 2025 Term Loan B7 (1 mo. Term SOFR +
1.750%)
|
5.481%
|
11/22/32
|
491,306
|
493,328
(e)(k)(l)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Financials — 2.0%
|
|||||
|
Capital Markets — 0.1%
|
|||||
|
Edelman Financial Engines Center LLC, Term Loan B (1 mo. Term
SOFR + 4.000%)
|
7.731%
|
12/1/31
|
100,000
|
$100,528
(e)(k)(l)
|
|
|
Consumer Finance — 0.8%
|
|||||
|
Blackhawk Network Holdings Inc., Term Loan B2 (3 mo. Term
SOFR + 3.500%)
|
7.232%
|
3/12/29
|
156,820
|
156,489
(e)(k)(l)
|
|
|
TransUnion LLC, Term Loan B9 (1 mo. Term SOFR + 1.750%)
|
5.481%
|
6/24/31
|
488,809
|
487,991
(e)(k)(l)
|
|
|
Total Consumer Finance
|
644,480
|
||||
|
Financial Services — 0.9%
|
|||||
|
Citadel Securities LP, 2026 Term Loan (3 mo. Term SOFR +
2.000%)
|
5.661%
|
6/10/33
|
704,386
|
704,364
(e)(k)(l)
|
|
|
Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term
SOFR + 4.000%)
|
7.731%
|
7/31/31
|
39,700
|
38,948
(e)(k)(l)
|
|
|
Total Financial Services
|
743,312
|
||||
|
Insurance — 0.2%
|
|||||
|
Acrisure LLC, 2024 Repricing Term Loan B6
|
—
|
11/6/30
|
70,000
|
64,260
(m)
|
|
|
Asurion LLC, New Term Loan B14 (3 mo. Term SOFR + 3.750%)
|
7.573%
|
2/23/33
|
169,575
|
159,294
(e)(k)(l)
|
|
|
Total Insurance
|
223,554
|
||||
|
|
|||||
|
Total Financials
|
1,711,874
|
||||
|
Health Care — 0.6%
|
|||||
|
Life Sciences Tools & Services — 0.6%
|
|||||
|
IQVIA Inc., Incremental Dollar Term Loan B5 (3 mo. Term SOFR +
1.750%)
|
5.482%
|
1/2/31
|
487,575
|
489,859
(e)(k)(l)
|
|
|
|
|||||
|
Industrials — 0.1%
|
|||||
|
Passenger Airlines — 0.1%
|
|||||
|
Spirit Airlines LLC, Contingent DIP Facility
|
—
|
11/17/26
|
187,687
|
52,551
*(g)(n)
|
|
|
Spirit Airlines LLC, Contingent DIP Facility Initial Term Loan
|
—
|
11/17/26
|
71,506
|
1,430
*(g)(n)
|
|
|
Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR +
8.000%)
|
11.659%
|
9/14/26
|
29,600
|
28,121
(e)(g)(j)(k)(l)
|
|
|
Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term
SOFR + 8.000%)
|
11.659%
|
9/14/26
|
7,341
|
6,974
(e)(g)(j)(k)(l)
|
|
|
Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term
SOFR + 8.000%)
|
11.659%
|
9/14/26
|
14,499
|
13,774
(e)(g)(j)(k)(l)
|
|
|
|
|||||
|
Total Industrials
|
102,850
|
||||
|
Information Technology — 1.9%
|
|||||
|
Semiconductors & Semiconductor Equipment — 1.6%
|
|||||
|
VCI Asset Holdings 1 LLC, Term Loan
|
10.000%
|
11/20/30
|
435,789
|
464,661
(k)(l)
|
|
|
VCI Asset Holdings 2 LLC, Initial Term Loan
|
7.375%
|
2/6/31
|
517,725
|
535,845
(k)(l)
|
|
|
VCI Asset Holdings 3 LLC, Term Loan
|
6.875%
|
4/24/30
|
285,000
|
291,413
(g)(k)(l)
|
|
|
Total Semiconductors & Semiconductor Equipment
|
1,291,919
|
||||
|
Software — 0.3%
|
|||||
|
Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%)
|
7.581%
|
10/8/28
|
169,115
|
150,196
(e)(k)(l)
|
|
|
CoreWeave Compute Acquisition Co. IV LLC, Additional Delayed
Draw Term Loan
|
8.140-8.151%
|
11/15/31
|
130,000
|
130,081
(e)(k)(l)(o)
|
|
|
Total Software
|
280,277
|
||||
|
|
|||||
|
Total Information Technology
|
1,572,196
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Materials — 0.2%
|
|||||
|
Chemicals — 0.2%
|
|||||
|
Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo. Term
SOFR + 4.000%)
|
7.724%
|
3/15/29
|
127,293
|
$125,171
(e)(k)(l)
|
|
|
|
|||||
|
Total Senior Loans (Cost — $7,029,743)
|
6,846,529
|
||||
|
Asset-Backed Securities — 7.3%
|
|||||
|
720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%)
|
8.479%
|
4/20/37
|
310,000
|
307,006
(a)(e)
|
|
|
AMMC CLO Ltd., 2024-30A D1R (3 mo. Term SOFR + 2.650%)
|
6.403%
|
4/15/39
|
190,000
|
190,576
(a)(e)
|
|
|
AMMC CLO Ltd., 2022-27A DR (3 mo. Term SOFR + 2.700%)
|
6.429%
|
1/20/37
|
110,000
|
110,421
(a)(e)
|
|
|
Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR + 5.100%)
|
8.829%
|
1/20/38
|
190,000
|
189,801
(a)(e)
|
|
|
Bear Mountain Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR +
5.950%)
|
9.703%
|
7/15/37
|
290,000
|
263,934
(a)(e)
|
|
|
Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR +
3.900%)
|
7.633%
|
11/22/34
|
270,000
|
271,225
(a)(e)
|
|
|
Capital Four US CLO Ltd., 2021-1A DR (3 mo. Term SOFR +
3.250%)
|
6.979%
|
1/18/35
|
270,000
|
267,409
(a)(e)
|
|
|
CIFC Funding Ltd., 2022-2A ER (3 mo. Term SOFR + 4.750%)
|
8.479%
|
4/19/35
|
110,000
|
106,208
(a)(e)
|
|
|
Elevation CLO Ltd., 2016-5A ERR (3 mo. Term SOFR + 7.580%)
|
11.390%
|
1/25/38
|
290,000
|
271,193
(a)(e)
|
|
|
Galaxy CLO Ltd., 2016-22A DR4 (3 mo. Term SOFR + 2.500%)
|
6.293%
|
4/16/34
|
260,000
|
255,863
(a)(e)
|
|
|
GoldenTree Loan Management US CLO Ltd., 2020-8A ERR (3 mo.
Term SOFR + 5.750%)
|
9.479%
|
10/20/34
|
280,000
|
278,898
(a)(e)
|
|
|
GoldenTree Loan Management US CLO Ltd., 2022-16A DRR (3
mo. Term SOFR + 2.400%)
|
6.129%
|
1/20/38
|
460,000
|
461,368
(a)(e)
|
|
|
Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term SOFR + 3.500%)
|
7.250%
|
4/17/34
|
100,000
|
99,081
(a)(e)
|
|
|
Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%)
|
8.510%
|
1/25/38
|
390,000
|
386,078
(a)(e)
|
|
|
New Mountain CLO Ltd., 5A D1R (3 mo. Term SOFR + 3.150%)
|
6.879%
|
7/20/36
|
200,000
|
200,739
(a)(e)
|
|
|
Oaktree CLO Ltd., 2022-2A D1R2 (3 mo. Term SOFR + 3.250%)
|
7.003%
|
10/15/37
|
240,000
|
240,943
(a)(e)
|
|
|
Ocean Trails CLO Ltd., 2023-14A ER (3 mo. Term SOFR +
6.340%)
|
10.069%
|
1/20/38
|
350,000
|
326,201
(a)(e)
|
|
|
Ocean Trails CLO Ltd., 2024-16A E (3 mo. Term SOFR + 6.690%)
|
10.419%
|
1/20/38
|
150,000
|
147,513
(a)(e)
|
|
|
OCP CLO Ltd., 2023-26A ER (3 mo. Term SOFR + 4.450%)
|
8.200%
|
4/17/37
|
170,000
|
167,509
(a)(e)
|
|
|
OFSI BSL CLO Ltd., 2024-13A ER (3 mo. Term SOFR + 6.780%)
|
10.509%
|
7/20/39
|
150,000
|
142,861
(a)(e)
|
|
|
OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR +
2.850%)
|
6.579%
|
7/19/37
|
150,000
|
150,646
(a)(e)
|
|
|
Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR +
2.950%)
|
6.679%
|
7/20/37
|
100,000
|
99,375
(a)(e)
|
|
|
Palmer Square Loan Funding Ltd., 2024-3A CR (3 mo. Term SOFR
+ 1.850%)
|
5.500%
|
8/8/32
|
190,000
|
190,000
(a)(e)
|
|
|
Park Blue CLO Ltd., 2026-11A D1 (3 mo. Term SOFR + 2.800%)
|
6.449%
|
7/20/39
|
250,000
|
250,796
(a)(e)
|
|
|
PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%)
|
6.729%
|
4/20/38
|
340,000
|
338,788
(a)(e)
|
|
|
Sandstone Peak Ltd., 2024-1A D1R (3 mo. Term SOFR + 3.050%)
|
6.860%
|
4/25/37
|
190,000
|
191,451
(a)(e)
|
|
|
Whitebox CLO Ltd., 2020-2A E1R2 (3 mo. Term SOFR + 5.750%)
|
9.525%
|
10/24/37
|
210,000
|
211,546
(a)(e)
|
|
|
|
|||||
|
Total Asset-Backed Securities (Cost — $6,205,085)
|
6,117,429
|
||||
|
Collateralized Mortgage Obligations(p) — 3.8%
|
|||||
|
Citigroup Commercial Mortgage Trust, 2015-P1 D
|
3.225%
|
9/15/48
|
1,370
|
1,343
(a)
|
|
|
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured
Agency Credit Risk Trust, 2022-DNA2 M1B (30 Day Average
SOFR + 2.400%)
|
6.016%
|
2/25/42
|
225,000
|
226,919
(a)(e)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Collateralized Mortgage Obligations(p) — continued
|
|||||
|
Federal National Mortgage Association (FNMA) — CAS,
2021-R03 1M2 (30 Day Average SOFR + 1.650%)
|
5.266%
|
12/25/41
|
364,403
|
$365,154
(a)(e)
|
|
|
Federal National Mortgage Association (FNMA) — CAS,
2023-R06 1M2 (30 Day Average SOFR + 2.700%)
|
6.316%
|
7/25/43
|
790,000
|
809,504
(a)(e)
|
|
|
Federal National Mortgage Association (FNMA) — CAS,
2024-R02 1M2 (30 Day Average SOFR + 1.800%)
|
5.416%
|
2/25/44
|
730,000
|
736,433
(a)(e)
|
|
|
JPMorgan Mortgage Trust, 2005-A5 1A2
|
4.566%
|
8/25/35
|
21,301
|
20,742
(e)
|
|
|
Morgan Stanley Capital I Trust, 2015-UBS8 C
|
4.376%
|
12/15/48
|
40,230
|
39,547
(e)
|
|
|
Morgan Stanley Capital I Trust, 2016-BNK2 B
|
3.485%
|
11/15/49
|
610,000
|
571,583
|
|
|
UBS Commercial Mortgage Trust, 2018-C15 C
|
5.135%
|
12/15/51
|
405,000
|
382,500
(e)
|
|
|
|
|||||
|
Total Collateralized Mortgage Obligations (Cost — $2,995,856)
|
3,153,725
|
||||
|
|
|
|
|
Shares
|
|
|
Common Stocks — 0.2%
|
|||||
|
Communication Services — 0.0%††
|
|||||
|
Diversified Telecommunication Services — 0.0%††
|
|||||
|
Altice France Luxco
|
|
950
|
18,506
*
|
||
|
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC
|
|
57
|
1
*(q)
|
||
|
Spirit Aviation Holdings Inc.
|
|
9,897
|
148
*
|
||
|
|
|||||
|
Total Industrials
|
149
|
||||
|
Information Technology — 0.2%
|
|||||
|
Semiconductors & Semiconductor Equipment — 0.2%
|
|||||
|
VCI Asset Holdings 2 LLC
|
|
141,919
|
140,500
*(f)(g)
|
||
|
|
|||||
|
Real Estate — 0.0%††
|
|||||
|
Real Estate Management & Development — 0.0%††
|
|||||
|
Country Garden Holdings Co. Ltd.
|
|
2,250
|
49
*(f)
|
||
|
|
|||||
|
Total Common Stocks (Cost — $281,032)
|
159,204
|
||||
|
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
|
|
Convertible Bonds & Notes — 0.0%††
|
|||||
|
Real Estate — 0.0%††
|
|||||
|
Real Estate Management & Development — 0.0%††
|
|||||
|
Country Garden Holdings Co. Ltd., Senior
Notes (Cost — $84,075)
|
0.000%
|
12/31/31
|
563,247
|
37,597
(c)
|
|
|
|
|
|
|
Shares
|
|
|
Preferred Stocks — 0.0%††
|
|||||
|
Financials — 0.0%††
|
|||||
|
Mortgage Real Estate Investment Trusts (REITs) — 0.0%††
|
|||||
|
AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR +
4.959%)
|
8.712%
|
|
346
|
8,674
(e)
|
|
|
Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR
+ 5.005%)
|
8.737%
|
|
637
|
14,498
(e)
|
|
|
|
|||||
|
Total Preferred Stocks (Cost — $23,134)
|
23,172
|
||||
|
Security
|
|
|
Expiration
Date
|
Warrants
|
Value
|
|
Warrants — 0.0%††
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC (Cost — $85,603)
|
|
3/12/30
|
7,032
|
$105
*(a)(f)(q)
|
|
|
Total Investments before Short-Term Investments (Cost — $120,790,220)
|
123,838,982
|
||||
|
|
|
Rate
|
|
Shares
|
|
|
Short-Term Investments — 0.8%
|
|||||
|
Western Asset Premier Institutional Government Reserves,
Premium Shares (Cost — $668,991)
|
3.606%
|
|
668,991
|
668,991
(r)(s)
|
|
|
Total Investments — 148.6% (Cost — $121,459,211)
|
124,507,973
|
||||
|
Liabilities in Excess of Other Assets — (48.6)%
|
(40,704,264
)
|
||||
|
Total Net Assets — 100.0%
|
$83,803,709
|
||||
|
†
|
Face amount denominated in U.S. dollars, unless otherwise noted.
|
|
††
|
Represents less than 0.1%.
|
|
*
|
Non-income producing security.
|
|
(a)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933.
This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed
liquid pursuant to guidelines approved by the Board of Directors.
|
|
(b)
|
All or a portion of this security is pledged as collateral pursuant to the loan agreement.
|
|
(c)
|
Security is exempt from registration under Regulation S of the Securities Act of 1933.
Regulation S applies to securities offerings that are made outside of
the United States and do not involve direct selling efforts in the United States.
This security has been deemed liquid pursuant to guidelines approved by the
Board of Directors.
|
|
(d)
|
Security has no maturity date. The date shown represents the next call date.
|
|
(e)
|
Variable rate security. Interest rate disclosed is as of the most recent information
available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based
on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
|
|
(f)
|
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
|
|
(g)
|
Security is valued using significant unobservable inputs (Note 1).
|
|
(h)
|
Value is less than $1.
|
|
(i)
|
All or a portion of this security is held by the counterparty as collateral for open
reverse repurchase agreements.
|
|
(j)
|
Payment-in-kind security for which the issuer has the option at each interest payment
date of making interest payments in cash or additional securities.
|
|
(k)
|
Interest rates disclosed represent the effective rates on senior loans. Ranges in
interest rates are attributable to multiple contracts under the same loan.
|
|
(l)
|
Senior loans may be considered restricted in that the Fund ordinarily is contractually
obligated to receive approval from the agent bank and/or borrower
prior to the disposition of a senior loan.
|
|
(m)
|
All or a portion of this loan has not settled as of July 31, 2026. Interest rates
are not effective until settlement date. Interest rates shown, if any, are for the
settled portion of the loan.
|
|
(n)
|
The coupon payment on this security is currently in default as of July 31, 2026.
|
|
(o)
|
All or a portion of this loan is unfunded as of July 31, 2026. The interest rate for
fully unfunded term loans is to be determined. At July 31, 2026, the total
principal amount and market value of unfunded commitments totaled $73,639 and $73,685,
respectively.
|
|
(p)
|
Collateralized mortgage obligations are secured by an underlying pool of mortgages
or mortgage pass-through certificates that are structured to direct
payments on underlying collateral to different series or classes of the obligations.
The interest rate may change positively or inversely in relation to one or
more interest rates, financial indices or other financial indicators and may be subject
to an upper and/or lower limit.
|
|
(q)
|
Restricted security (Note 3).
|
|
(r)
|
Rate shown is one-day yield as of the end of the reporting period.
|
|
(s)
|
In this instance, as defined in the Investment Company Act of 1940, as amended (the
“1940 Act”), an “Affiliated Company” represents Fund ownership of at
least 5% of the outstanding voting securities of an issuer, or a company which is
under common ownership or control with the Fund. At July 31, 2026, the
total market value of investments in Affiliated Companies was $668,991 and the cost
was $668,991 (Note 2).
|
|
Abbreviation(s) used in this schedule:
|
||
|
CAS
|
—
|
Connecticut Avenue Securities
|
|
CLO
|
—
|
Collateralized Loan Obligation
|
|
DAC
|
—
|
Designated Activity Company
|
|
DIP
|
—
|
Debtor-in-possession
|
|
EUR
|
—
|
Euro
|
|
EURIBOR
|
—
|
Euro Interbank Offered Rate
|
|
GBP
|
—
|
British Pound
|
|
ICE
|
—
|
Intercontinental Exchange
|
|
JSC
|
—
|
Joint Stock Company
|
|
LIBOR
|
—
|
London Interbank Offered Rate
|
|
PIK
|
—
|
Payment-In-Kind
|
|
PLN
|
—
|
Polish Zloty
|
|
REMIC
|
—
|
Real Estate Mortgage Investment Conduit
|
|
SOFR
|
—
|
Secured Overnight Financing Rate
|
|
USD
|
—
|
United States Dollar
|
|
UYU
|
—
|
Uruguayan Peso
|
|
Counterparty
|
Rate
|
Effective
Date
|
Maturity
Date
|
Face Amount
of Reverse
Repurchase
Agreements
|
Asset Class
of Collateral*
|
Collateral
Value**
|
|
Deutsche Bank AG
|
4.160%
|
6/10/2026
|
9/9/2026
|
$4,727,028
|
Corporate Bonds & Notes
|
$4,884,047
|
|
|
|
|
|
$4,727,028
|
|
$4,884,047
|
|
*
|
Refer to the Schedule of Investments for positions held at the counterparty as collateral
for reverse repurchase agreements.
|
|
**
|
Including accrued interest.
|
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
|
||
|
EUR
|
14,226,707
|
USD
|
16,310,463
|
BNP Paribas SA
|
10/16/26
|
$145,258
|
|
CAD
|
2,940,570
|
USD
|
2,077,050
|
Citibank N.A.
|
10/16/26
|
27,814
|
|
EUR
|
16,250
|
USD
|
18,581
|
Citibank N.A.
|
10/16/26
|
215
|
|
GBP
|
10,800
|
USD
|
14,373
|
Citibank N.A.
|
10/16/26
|
183
|
|
GBP
|
41,476
|
USD
|
55,558
|
Citibank N.A.
|
10/16/26
|
341
|
|
GBP
|
783,872
|
USD
|
1,046,767
|
Citibank N.A.
|
10/16/26
|
9,698
|
|
EUR
|
31,027
|
USD
|
35,658
|
Goldman Sachs Group Inc.
|
10/16/26
|
231
|
|
Net unrealized appreciation on open forward foreign currency contracts
|
$183,740
|
|||||
|
Abbreviation(s) used in this table:
|
||
|
CAD
|
—
|
Canadian Dollar
|
|
EUR
|
—
|
Euro
|
|
GBP
|
—
|
British Pound
|
|
USD
|
—
|
United States Dollar
|
|
ASSETS
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Long-Term Investments†:
|
|
|
|
|
|
Corporate Bonds & Notes:
|
|
|
|
|
|
Financials
|
—
|
$24,967,888
|
$0
*
|
$24,967,888
|
|
Other Corporate Bonds & Notes
|
—
|
75,450,640
|
—
|
75,450,640
|
|
Sovereign Bonds
|
—
|
7,082,693
|
—
|
7,082,693
|
|
Senior Loans:
|
|
|
|
|
|
Consumer Discretionary
|
—
|
1,086,668
|
476,594
|
1,563,262
|
|
Industrials
|
—
|
—
|
102,850
|
102,850
|
|
Information Technology
|
—
|
1,280,783
|
291,413
|
1,572,196
|
|
Other Senior Loans
|
—
|
3,608,221
|
—
|
3,608,221
|
|
Asset-Backed Securities
|
—
|
6,117,429
|
—
|
6,117,429
|
|
Collateralized Mortgage Obligations
|
—
|
3,153,725
|
—
|
3,153,725
|
|
Common Stocks:
|
|
|
|
|
|
Industrials
|
$148
|
1
|
—
|
149
|
|
Information Technology
|
—
|
—
|
140,500
|
140,500
|
|
Other Common Stocks
|
—
|
18,555
|
—
|
18,555
|
|
Convertible Bonds & Notes
|
—
|
37,597
|
—
|
37,597
|
|
Preferred Stocks
|
23,172
|
—
|
—
|
23,172
|
|
Warrants
|
—
|
105
|
—
|
105
|
|
Total Long-Term Investments
|
23,320
|
122,804,305
|
1,011,357
|
123,838,982
|
|
Short-Term Investments†
|
668,991
|
—
|
—
|
668,991
|
|
Total Investments
|
$692,311
|
$122,804,305
|
$1,011,357
|
$124,507,973
|
|
Other Financial Instruments:
|
|
|
|
|
|
Forward Foreign Currency Contracts††
|
—
|
$183,740
|
—
|
$183,740
|
|
Total
|
$692,311
|
$122,988,045
|
$1,011,357
|
$124,691,713
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
|
*
|
Amount represents less than $1.
|
|
††
|
Reflects the unrealized appreciation (depreciation) of the instruments.
|
|
Investments in
Securities
|
Balance
as of
October 31, 2025
|
Accrued
premiums/
discounts
|
Realized
gain
(loss)
|
Change in
unrealized
appreciation
(depreciation)1
|
Purchases
|
|
Corporate Bonds &
Notes:
|
|
|
|
|
|
|
Financials
|
$0
*
|
—
|
—
|
—
|
—
|
|
Health Care
|
0
*
|
—
|
$1,011
|
—
|
—
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
442,750
|
$2,213
|
—
|
$1,561
|
$492,255
|
|
Financials
|
491,873
|
—
|
—
|
(614
)
|
—
|
|
Industrials
|
—
|
142,744
|
(29,532
)
|
(163,963
)
|
269,731
|
|
Information
Technology
|
—
|
139
|
143
|
9,131
|
297,000
|
|
Common Stocks:
|
|
|
|
|
|
|
Information
Technology
|
—
|
—
|
—
|
(1,419
)
|
141,919
|
|
Total
|
$934,623
|
$145,096
|
$(28,378
)
|
$(155,304
)
|
$1,200,905
|
|
Investments in
Securities (cont’d)
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance
as of
July 31, 2026
|
Net change
in unrealized
appreciation
(depreciation) for
investments
in securities
still held at
July 31, 20261
|
|
Corporate Bonds &
Notes:
|
|
|
|
|
|
|
Financials
|
—
|
—
|
—
|
$0
*
|
—
|
|
Health Care
|
$(1,011
)
|
—
|
—
|
—
|
—
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
(462,185
)
|
—
|
—
|
476,594
|
$1,372
|
|
Financials
|
(491,259
)
|
—
|
—
|
—
|
—
|
|
Industrials
|
(116,130
)
|
—
|
—
|
102,850
|
(163,963
)
|
|
Information
Technology
|
(15,000
)
|
—
|
—
|
291,413
|
9,131
|
|
Common Stocks:
|
|
|
|
|
|
|
Information
Technology
|
—
|
—
|
—
|
140,500
|
(1,419
)
|
|
Total
|
$(1,085,585
)
|
—
|
—
|
$1,011,357
|
$(154,879
)
|
|
*
|
Amount represents less than $1.
|
|
1
|
Change in unrealized appreciation (depreciation) includes net unrealized appreciation
(depreciation) resulting from changes in investment values during the
reporting period and the reversal of previously recorded unrealized appreciation (depreciation)
when gains or losses are realized.
|
|
|
Affiliate
Value at
October 31, 2025
|
Purchased
|
Sold
|
||
|
Cost
|
Shares
|
Proceeds
|
Shares
|
||
|
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
|
$1,064,667
|
$28,157,656
|
28,157,656
|
$28,553,332
|
28,553,332
|
|
(cont’d)
|
Realized
Gain (Loss)
|
Dividend
Income
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
|
Affiliate
Value at
July 31,
2026
|
|
Western Asset Premier
Institutional Government
Reserves, Premium Shares
|
—
|
$38,966
|
—
|
$668,991
|
|
Security
|
Number of
Shares/
Warrants
|
Acquisition
Date
|
Cost
|
Fair Value
at 7/31/2026
|
Value Per
Share/Warrant
|
Percent of
Net Assets
|
|
Spirit Airlines LLC, Common Shares
|
57
|
3/25
|
$694
|
$1
|
$0.02
|
0.00
%(a)
|
|
Spirit Airlines LLC, Warrants
|
7,032
|
3/25
|
85,603
|
105
(b)
|
0.01
|
0.00
(a)
|
|
Total
|
|
|
$86,297
|
$106
|
|
0.00
%(a)
|
|
(a)
|
Amount represents less than 0.005%.
|
|
(b)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933.
This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed
liquid pursuant to guidelines approved by the Board.
|