BNY Mellon High Yield ETF
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)

 
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1%
Advertising — 1.2%
Advantage Sales & Marketing, Inc., Sr. Scd. Notes(a)
9.00
11/15/2030
24,000
21,123
Clear Channel Outdoor Holdings, Inc., Gtd. Notes(a)
7.50
6/1/2029
58,000
58,137
Clear Channel Outdoor Holdings, Inc., Sr. Scd. Notes(a)
7.13
2/15/2031
89,000
91,797
Clear Channel Outdoor Holdings, Inc., Sr. Scd. Notes(a)
7.50
3/15/2033
30,000
31,486
Clear Channel Outdoor Holdings, Inc., Sr. Scd. Notes(a)
7.88
4/1/2030
94,000
97,622
CMG Media Corp., Scd. Notes(a)
8.88
6/18/2029
47,036
34,200
Lamar Media Corp., Gtd. Notes
3.63
1/15/2031
126,000
116,897
Lamar Media Corp., Gtd. Notes
3.75
2/15/2028
156,000
152,732
Lamar Media Corp., Gtd. Notes
4.00
2/15/2030
135,000
128,794
Lamar Media Corp., Gtd. Notes
4.88
1/15/2029
96,000
94,785
Lamar Media Corp., Gtd. Notes(a)
5.38
11/1/2033
93,000
90,402
Neptune Bidco US, Inc., Sr. Scd. Notes(a)
9.29
4/15/2029
407,000
414,703
Neptune Bidco US, Inc., Sr. Scd. Notes(a)
9.50
2/15/2033
221,000
225,212
Neptune Bidco US, Inc., Sr. Scd. Notes(a)
10.38
5/15/2031
168,000
175,914
Outfront Media Capital LLC/Outfront Media Capital Corp., Gtd. Notes(a)
4.63
3/15/2030
54,000
52,204
Outfront Media Capital LLC/Outfront Media Capital Corp., Gtd. Notes(a)
6.00
6/15/2034
23,000
22,719
Outfront Media Capital LLC/Outfront Media Capital Corp., Sr. Scd. Notes(a)
7.38
2/15/2031
41,000
42,448
Outfront Media Capital LLC/Outfront Media Capital Corp., Sr. Unscd. Notes(a)
4.25
1/15/2029
47,000
45,673
Stagwell Global LLC, Gtd. Notes(a),(b)
5.63
8/15/2029
60,000
58,358
 
1,955,206
Aerospace & Defense — 2.8%
AAR Escrow Issuer LLC, Gtd. Notes(a)
6.75
3/15/2029
138,000
141,145
ATI, Inc., Sr. Unscd. Notes
4.88
10/1/2029
48,000
47,248
ATI, Inc., Sr. Unscd. Notes
5.13
10/1/2031
16,000
15,624
ATI, Inc., Sr. Unscd. Notes
5.88
6/15/2033
51,000
51,315
ATI, Inc., Sr. Unscd. Notes
7.25
8/15/2030
124,000
128,004
Bombardier, Inc., Sr. Unscd. Notes(a)
5.88
1/15/2035
39,000
38,628
Bombardier, Inc., Sr. Unscd. Notes(a)
6.75
6/15/2033
100,000
102,978
Bombardier, Inc., Sr. Unscd. Notes(a)
7.00
6/1/2032
80,000
82,625
Bombardier, Inc., Sr. Unscd. Notes(a)
7.25
7/1/2031
57,000
59,440
Bombardier, Inc., Sr. Unscd. Notes(a)
7.45
5/1/2034
53,000
57,941
Bombardier, Inc., Sr. Unscd. Notes(a)
8.75
11/15/2030
91,000
95,922
Efesto Bidco SpA Efesto US LLC, Sr. Scd. Bonds, Ser. XR(a)
7.50
2/15/2032
89,000
89,869
TransDigm, Inc., Gtd. Notes
4.63
1/15/2029
194,000
190,352
TransDigm, Inc., Gtd. Notes
4.88
5/1/2029
109,000
107,097
TransDigm, Inc., Gtd. Notes(a)
6.13
7/31/2034
325,000
321,256
TransDigm, Inc., Gtd. Notes(a)
6.38
5/31/2033
494,000
493,872
TransDigm, Inc., Sr. Scd. Notes(a)
6.00
1/15/2033
283,000
282,831
TransDigm, Inc., Sr. Scd. Notes(a)
6.25
1/31/2034
92,000
92,915
TransDigm, Inc., Sr. Scd. Notes(a)
6.38
3/1/2029
500,000
505,945
TransDigm, Inc., Sr. Scd. Notes(a)
6.63
3/1/2032
425,000
432,332
TransDigm, Inc., Sr. Scd. Notes(a)
6.75
8/15/2028
382,000
384,979
TransDigm, Inc., Sr. Scd. Notes(a)
6.88
12/15/2030
257,000
263,332
TransDigm, Inc., Sr. Scd. Notes(a)
7.13
12/1/2031
174,000
179,503
TransDigm, Inc., Sub. Notes(a)
6.75
1/31/2034
379,000
384,894
 
4,550,047
Agriculture — .1%
Darling Ingredients, Inc., Gtd. Notes(a)
6.00
6/15/2030
63,000
63,293
JAPFA Pte Ltd., Sr. Scd. Bonds(a)
7.95
5/12/2031
26,000
26,007
Turning Point Brands, Inc., Sr. Scd. Notes(a)
7.63
3/15/2032
127,000
129,340
 
218,640
3

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Airlines — .7%
Alaska Airlines, Inc., Gtd. Notes(a),(b)
6.50
6/1/2031
38,000
37,762
Allegiant Travel Co., Sr. Scd. Notes(a)
7.13
7/1/2031
75,000
76,088
American Airlines, Inc., Sr. Scd. Notes(a)
7.25
2/15/2028
31,000
31,273
American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Scd. Notes(a)
5.75
4/20/2029
114,571
114,036
Avianca Midco 2 PLC, Sr. Scd. Notes(a)
9.50
1/28/2031
143,000
133,968
Avianca Midco 2 PLC, Sr. Scd. Notes(a)
9.63
2/14/2030
163,000
156,815
Avianca Midco 2 PLC, Sr. Scd. Notes(a)
10.25
1/7/2032
75,000
70,320
JetBlue Airways Corp./JetBlue Loyalty LP, Sr. Scd. Notes(a)
9.88
9/20/2031
212,000
184,461
OneSky Flight LLC, Sr. Unscd. Notes(a)
8.88
12/15/2029
66,000
69,414
United Airlines Holdings, Inc., Gtd. Notes
4.88
3/1/2029
82,000
80,766
VistaJet Malta Finance PLC/Vista Management Holding, Inc., Sr. Unscd.
Notes(a),(b)
8.75
1/15/2032
52,000
51,099
WestJet An Alberta Partnership, Sr. Scd. Notes(a),(b)
8.00
2/14/2031
55,000
54,178
 
1,060,180
Automobiles & Components — 2.4%
Allison Transmission, Inc., Gtd. Notes(a)
5.88
6/1/2029
59,000
59,250
American Axle & Manufacturing, Inc., Gtd. Notes(a),(b)
7.75
10/15/2033
46,000
45,271
American Axle & Manufacturing, Inc., Sr. Scd. Notes(a)
6.38
10/15/2032
31,000
30,838
Aptiv Swiss Holdings Ltd., Gtd. Bonds
6.88
12/15/2054
144,000
146,067
Aston Martin Capital Holdings Ltd., Sr. Scd. Notes(a)
10.00
3/31/2029
123,000
69,144
Clarios Global LP/Clarios US Finance Co., Gtd. Notes(a)
6.75
9/15/2032
147,000
148,952
Clarios Global LP/Clarios US Finance Co., Sr. Scd. Notes(a)
6.75
5/15/2028
94,000
95,333
Clarios Global LP/Clarios US Finance Co., Sr. Scd. Notes(a)
6.75
2/15/2030
67,000
68,763
Cooper-Standard Automotive, Inc., Sr. Scd. Notes(a)
9.25
3/1/2031
69,000
70,433
Cyprium Corp./Cyprium Holdings Luxembourg Sarl, Gtd. Notes(a)
6.13
4/15/2031
94,000
93,394
Cyprium Corp./Cyprium Holdings Luxembourg Sarl, Gtd. Notes(a)
6.38
4/15/2034
95,000
93,795
Dexko Global, Inc., Gtd. Notes(a)
7.50
4/15/2032
68,890
57,275
Dorman Products, Inc., Gtd. Notes(a)
6.25
6/15/2034
112,000
112,460
Forvia SE, Sr. Unscd. Notes(a),(b)
6.75
9/15/2033
43,000
42,731
Forvia SE, Sr. Unscd. Notes(a)
8.00
6/15/2030
54,000
56,743
Garrett Motion Holdings, Inc./Garrett LX I Sarl, Gtd. Notes(a)
7.75
5/31/2032
110,000
114,263
IHO Verwaltungs GmbH, Sr. Scd. Notes(a),(c)
7.38
5/15/2033
68,000
70,521
IHO Verwaltungs GmbH, Sr. Scd. Notes(a),(c)
7.75
11/15/2030
69,000
71,695
IHO Verwaltungs GmbH, Sr. Scd. Notes(a),(c)
8.00
11/15/2032
64,000
67,218
Jaguar Land Rover Automotive PLC, Gtd. Notes(a)
4.50
10/1/2027
129,000
127,534
Jaguar Land Rover Automotive PLC, Sr. Unscd. Notes(a)
5.88
1/15/2028
92,000
91,789
JB Poindexter & Co., Inc., Sr. Unscd. Notes(a)
8.75
12/15/2031
143,000
147,525
New Flyer Holdings, Inc., Scd. Notes(a)
9.25
7/1/2030
60,000
64,202
Nissan Motor Acceptance Co. LLC, Sr. Unscd. Notes(a)
5.63
9/29/2028
29,000
28,825
Nissan Motor Acceptance Co. LLC, Sr. Unscd. Notes(a)
6.13
9/30/2030
68,000
66,396
Nissan Motor Acceptance Co. LLC, Sr. Unscd. Notes(a)
7.05
9/15/2028
35,000
35,695
Nissan Motor Co. Ltd., Sr. Unscd. Notes(a)
4.35
9/17/2027
180,000
176,633
Nissan Motor Co. Ltd., Sr. Unscd. Notes(a)
4.81
9/17/2030
126,000
116,615
Nissan Motor Co. Ltd., Sr. Unscd. Notes(a)
7.50
7/17/2030
51,000
52,238
Nissan Motor Co. Ltd., Sr. Unscd. Notes(a)
7.75
7/17/2032
49,000
50,612
Nissan Motor Co. Ltd., Sr. Unscd. Notes(a)
8.13
7/17/2035
60,000
63,215
Phinia, Inc., Gtd. Notes(a)
6.63
10/15/2032
55,000
55,591
PM General Purchaser LLC, Sr. Scd. Notes(a)
9.50
10/1/2028
75,000
63,363
Tenneco, Inc., Sr. Scd. Notes(a)
8.00
11/17/2028
482,000
483,284
The Goodyear Tire & Rubber Company, Gtd. Notes
5.00
7/15/2029
54,000
51,746
The Goodyear Tire & Rubber Company, Gtd. Notes(b)
5.25
4/30/2031
41,000
36,845
The Goodyear Tire & Rubber Company, Gtd. Notes
5.25
7/15/2031
22,000
19,546
The Goodyear Tire & Rubber Company, Gtd. Notes(b)
5.63
4/30/2033
23,000
20,038
The Goodyear Tire & Rubber Company, Sr. Unscd. Notes
6.63
7/15/2030
36,000
34,804
The Goodyear Tire & Rubber Company, Sr. Unscd. Notes
8.88
7/15/2032
68,000
69,726
ZF North America Capital, Inc., Gtd. Notes(a)
6.75
4/23/2030
109,000
108,253
4


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Automobiles & Components — 2.4% (continued)
ZF North America Capital, Inc., Gtd. Notes(a)
6.88
4/14/2028
90,000
91,720
ZF North America Capital, Inc., Gtd. Notes(a)
6.88
4/23/2032
55,000
53,971
ZF North America Capital, Inc., Gtd. Notes(a)
7.13
4/14/2030
86,000
86,595
ZF North America Capital, Inc., Gtd. Notes(a)
7.50
3/24/2031
121,000
121,659
 
3,832,566
Banks — .2%
Armor Holdco, Inc., Gtd. Notes(a)
8.50
11/15/2029
42,000
42,043
Dresdner Funding Trust I, Jr. Sub. Notes(a)
8.15
6/30/2031
120,000
128,113
Freedom Mortgage Corp., Sr. Unscd. Notes(a)
12.25
10/1/2030
55,000
58,923
Valley National Bancorp, Sub. Notes
6.25
9/30/2032
81,000
80,311
Walker & Dunlop, Inc., Gtd. Notes(a)
6.63
4/1/2033
47,000
47,067
 
356,457
Beverage Products — .1%
Primo Water Holdings, Inc./Triton Water Holdings, Inc., Gtd. Notes(a)
6.25
4/1/2029
71,000
71,308
Primo Water Holdings, Inc./Triton Water Holdings, Inc., Sr. Scd. Notes(a)
4.38
4/30/2029
74,000
71,839
 
143,147
Building Materials — 2.0%
ACProducts Holdings, Inc., Sr. Scd. Notes(a),(c)
6.38
5/15/2032
65,000
25,675
Builders FirstSource, Inc., Gtd. Notes(a)
4.25
2/1/2032
109,000
99,202
Builders FirstSource, Inc., Gtd. Notes(a)
5.00
3/1/2030
109,000
105,734
Builders FirstSource, Inc., Gtd. Notes(a),(b)
6.38
6/15/2032
96,000
95,658
Builders FirstSource, Inc., Gtd. Notes(a)
6.38
3/1/2034
100,000
98,220
Builders FirstSource, Inc., Gtd. Notes(a)
6.75
5/15/2035
79,000
78,185
Camelot Return Merger Sub, Inc., Sr. Scd. Notes(a)
8.75
8/1/2028
63,000
32,440
Cornerstone Building Brands, Inc., Sr. Scd. Notes(a)
9.50
8/15/2029
37,000
19,086
CP Atlas Buyer, Inc., Scd. Notes(a),(c)
12.75
1/15/2031
60,553
41,582
CP Atlas Buyer, Inc., Sr. Scd. Notes(a)
9.75
7/15/2030
38,000
34,196
EMRLD Borrower LP/Emerald Co-Issuer, Inc., Sr. Scd. Notes(a)
6.63
12/15/2030
398,000
404,804
EMRLD Borrower LP/Emerald Co-Issuer, Inc., Sr. Scd. Notes(a)
6.75
7/15/2031
159,000
163,246
Griffon Corp., Gtd. Notes
5.75
3/1/2028
234,000
233,972
JELD-WEN Holding, Inc., Gtd. Notes(a),(b)
7.00
9/1/2032
25,000
15,246
JELD-WEN, Inc., Gtd. Notes(a)
4.88
12/15/2027
42,000
33,972
Knife River Corp., Gtd. Notes(a)
7.75
5/1/2031
123,000
126,929
Miter Brands Acquisition Holdco, Inc./MIWID Borrower LLC, Sr. Scd. Notes(a),(b)
6.75
4/1/2032
67,000
66,007
Oscar AcquisitionCo LLC/Oscar Finance, Inc., Sr. Unscd. Notes(a)
9.50
4/15/2030
43,000
22,138
Quikrete Holdings, Inc., Sr. Scd. Notes(a)
6.38
3/1/2032
446,000
451,399
Quikrete Holdings, Inc., Sr. Unscd. Notes(a)
6.75
3/1/2033
86,000
87,132
Smyrna Ready Mix Concrete LLC, Sr. Scd. Notes(a)
6.00
11/1/2028
232,000
231,797
Smyrna Ready Mix Concrete LLC, Sr. Scd. Notes(a)
8.88
11/15/2031
237,000
248,220
Standard Building Solutions, Inc., Sr. Unscd. Notes(a)
6.25
8/1/2033
63,000
62,318
Standard Building Solutions, Inc., Sr. Unscd. Notes(a)
6.50
8/15/2032
81,000
81,275
Standard Industries, Inc., Sr. Unscd. Notes(a)
4.38
7/15/2030
110,000
103,947
Standard Industries, Inc., Sr. Unscd. Notes(a)
4.75
1/15/2028
174,000
172,926
Wilsonart LLC, Sr. Unscd. Notes(a)
11.00
8/15/2032
37,000
28,485
 
3,163,791
Chemicals — 2.3%
Axalta Coating Systems Dutch Holding B BV, Gtd. Notes(a)
7.25
2/15/2031
144,000
149,369
Axalta Coating Systems LLC, Gtd. Notes(a)
3.38
2/15/2029
91,000
86,591
Bond US Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2,
Sr. Scd. Bonds(a)
7.13
6/15/2033
93,000
93,588
Celanese US Holdings LLC, Gtd. Notes
6.50
4/15/2030
58,000
58,784
Celanese US Holdings LLC, Gtd. Notes(b)
6.75
4/15/2033
84,000
85,704
Celanese US Holdings LLC, Gtd. Notes
7.00
2/15/2031
49,000
50,305
Celanese US Holdings LLC, Gtd. Notes
7.33
7/15/2029
138,000
143,467
Celanese US Holdings LLC, Gtd. Notes
7.35
11/15/2028
125,000
129,774
Celanese US Holdings LLC, Gtd. Notes
7.38
7/15/2032
140,000
146,430
5

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Chemicals — 2.3% (continued)
Celanese US Holdings LLC, Gtd. Notes
7.38
2/15/2034
60,000
61,730
Celanese US Holdings LLC, Gtd. Notes
7.55
11/15/2030
151,000
159,357
Celanese US Holdings LLC, Gtd. Notes
7.70
11/15/2033
134,000
142,235
Cerdia Finanz GmbH, Sr. Scd. Notes(a)
9.38
10/3/2031
66,000
58,687
Consolidated Energy Finance SA, Gtd. Notes(a)
5.63
10/15/2028
40,000
38,628
Consolidated Energy Finance SA, Gtd. Notes(a)
12.00
2/15/2031
45,000
46,951
CVR Partners LP/CVR Nitrogen Finance Corp., Sr. Scd. Notes(a)
6.13
6/15/2028
104,000
103,819
Element Solutions, Inc., Gtd. Notes(a)
3.88
9/1/2028
80,000
78,819
FMC Corp., Sr. Unscd. Notes
3.45
10/1/2029
116,000
106,867
FMC Corp., Sr. Unscd. Notes
4.50
10/1/2049
14,000
9,034
FMC Corp., Sr. Unscd. Notes(b)
5.65
5/18/2033
126,000
112,605
FMC Corp., Sr. Unscd. Notes(b)
6.38
5/18/2053
49,000
38,190
FMC Corp., Sub. Notes
8.45
11/1/2055
58,000
43,559
Huntsman International LLC, Sr. Unscd. Notes
4.50
5/1/2029
95,000
91,693
INEOS Finance PLC, Sr. Scd. Notes(a)
6.75
5/15/2028
48,000
47,904
INEOS Finance PLC, Sr. Scd. Notes(a),(b)
7.50
4/15/2029
52,000
51,171
INEOS Quattro Finance 2 PLC, Sr. Scd. Notes(a),(b)
9.63
3/15/2029
43,000
38,170
Ingevity Corp., Gtd. Notes(a)
3.88
11/1/2028
71,000
68,479
Innophos Holdings, Inc., Bonds(a)
11.50
6/15/2029
60,000
56,522
Methanex US Operations, Inc., Gtd. Notes(a)
6.25
3/15/2032
46,000
46,534
Minerals Technologies, Inc., Gtd. Notes(a)
5.00
7/1/2028
80,000
78,918
Nufarm Australia Ltd./Nufarm Americas, Inc., Sr. Unscd. Notes(a)
5.00
1/27/2030
107,000
101,749
Olin Corp., Sr. Unscd. Notes(a)
6.63
4/1/2033
104,000
101,792
Olympus Water US Holding Corp., Sr. Scd. Notes(a)
4.25
10/1/2028
38,000
36,703
Olympus Water US Holding Corp., Sr. Scd. Notes(a)
6.75
8/1/2032
131,000
127,551
Olympus Water US Holding Corp., Sr. Scd. Notes(a)
7.25
6/15/2031
66,000
66,782
Olympus Water US Holding Corp., Sr. Scd. Notes(a)
7.25
2/15/2033
172,000
168,467
Olympus Water US Holding Corp., Sr. Unscd. Notes(a)
6.25
10/1/2029
47,000
46,374
SCIH Salt Holdings, Inc., Sr. Scd. Notes(a)
4.88
5/1/2028
64,000
63,987
SCIH Salt Holdings, Inc., Sr. Unscd. Notes(a)
6.63
5/1/2029
91,000
90,990
Stonepeak Motion Holdco Ltd./Stonepeak Motion Finco LLC, Sr. Scd. Notes(a)
6.13
7/15/2033
66,000
65,649
The Chemours Company, Gtd. Notes(a)
4.63
11/15/2029
46,000
43,451
The Chemours Company, Gtd. Notes(a)
5.75
11/15/2028
48,000
47,768
The Chemours Company, Gtd. Notes(a)
7.88
3/15/2034
62,000
60,329
The Chemours Company, Gtd. Notes(a)
8.00
1/15/2033
59,000
58,149
Tronox, Inc., Gtd. Notes(a)
4.63
3/15/2029
75,000
46,317
WR Grace Holdings LLC, Sr. Scd. Notes(a)
6.63
8/15/2032
45,000
42,843
WR Grace Holdings LLC, Sr. Scd. Notes(a)
7.00
8/1/2033
32,000
30,696
WR Grace Holdings LLC, Sr. Unscd. Notes(a)
5.63
8/15/2029
150,000
137,744
 
3,761,225
Commercial & Professional Services — 4.9%
Albion Financing 1 Sarl/Aggreko Holdings, Inc., Sr. Scd. Notes(a)
7.00
5/21/2030
174,000
177,312
Allied Universal Holdco LLC, Sr. Scd. Notes(a)
7.88
2/15/2031
228,000
236,920
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Scd. Notes(a)
6.88
6/15/2030
59,000
60,271
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Unscd. Notes(a)
6.00
6/1/2029
87,000
86,310
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Scd. Notes(a)
4.63
6/1/2028
77,000
75,982
Alta Equipment Group, Inc., Scd. Notes(a)
9.00
6/1/2029
35,000
33,506
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes(a)
4.75
4/1/2028
54,000
53,159
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes(a)
5.38
3/1/2029
46,000
44,803
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes(a),(b)
8.00
2/15/2031
70,000
69,883
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes(a)
8.25
1/15/2030
54,000
55,160
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes(a),(b)
8.38
6/15/2032
59,000
58,783
Belron UK Finance PLC, Sr. Scd. Notes(a)
5.75
10/15/2029
121,000
120,978
Block, Inc., Sr. Unscd. Notes(a)
5.63
8/15/2030
42,000
41,798
Block, Inc., Sr. Unscd. Notes
6.50
5/15/2032
103,000
104,148
6


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Commercial & Professional Services — 4.9% (continued)
Carrix, Inc., Sr. Scd. Notes(a)
6.13
8/1/2033
228,000
227,342
Cimpress PLC, Gtd. Notes(a),(b)
7.38
9/15/2032
99,000
99,044
Clarivate Science Holdings Corp., Gtd. Notes(a)
4.88
7/1/2029
54,000
49,778
Clarivate Science Holdings Corp., Sr. Scd. Notes(a)
3.88
7/1/2028
106,000
102,651
CompoSecure Holdings LLC, Sr. Scd. Notes(a)
5.63
2/1/2033
73,000
70,093
CoreCivic, Inc., Gtd. Notes
4.75
10/15/2027
106,000
106,135
CoreCivic, Inc., Gtd. Notes
8.25
4/15/2029
54,000
56,062
CPI CG, Inc., Sr. Scd. Notes(a)
10.00
7/15/2029
28,000
29,382
Dcli Bidco LLC, Second Mortgage Notes(a)
7.75
11/15/2029
30,000
30,836
Deluxe Corp., Gtd. Notes(a)
8.00
6/1/2029
64,000
64,537
Deluxe Corp., Sr. Scd. Notes(a)
8.13
9/15/2029
110,000
113,950
EquipmentShare.com, Inc., Scd. Notes(a)
7.13
7/1/2034
156,000
149,157
EquipmentShare.com, Inc., Scd. Notes(a)
8.00
3/15/2033
32,000
32,356
EquipmentShare.com, Inc., Scd. Notes(a)
8.63
5/15/2032
84,000
85,953
EquipmentShare.com, Inc., Scd. Notes(a)
9.00
5/15/2028
82,000
83,385
Garda World Security Corp., Sr. Scd. Notes(a)
6.50
1/15/2031
87,000
88,015
Garda World Security Corp., Sr. Scd. Notes(a)
7.75
2/15/2028
60,000
60,851
Garda World Security Corp., Sr. Unscd. Notes(a)
6.00
6/1/2029
47,000
46,271
Garda World Security Corp., Sr. Unscd. Notes(a)
8.25
8/1/2032
118,000
119,681
Garda World Security Corp., Sr. Unscd. Notes(a)
8.38
11/15/2032
155,000
157,441
Graham Holdings Co., Gtd. Notes(a)
5.63
12/1/2033
60,000
58,751
Herc Holdings, Inc., Gtd. Notes(a)
5.75
3/15/2031
43,000
42,590
Herc Holdings, Inc., Gtd. Notes(a)
6.63
6/15/2029
62,000
63,114
Herc Holdings, Inc., Gtd. Notes(a)
7.00
6/15/2030
117,000
120,637
Herc Holdings, Inc., Gtd. Notes(a)
7.25
6/15/2033
78,000
80,485
ION Platform Finance US, Inc., Sr. Scd. Notes(a)
7.88
9/30/2032
216,000
170,689
Korn Ferry, Gtd. Notes(a)
4.63
12/15/2027
65,000
64,633
Mavis Tire Express Services Topco Corp., Sr. Unscd. Notes(a)
6.50
5/15/2029
74,000
72,913
Mobius Merger Sub, Inc., Sr. Scd. Notes(a)
9.00
6/1/2030
29,000
19,882
NESCO Holdings II, Inc., Scd. Notes(a)
5.50
4/15/2029
70,000
69,570
OT Midco, Inc., Sr. Scd. Notes(a)
10.00
2/15/2030
46,000
17,296
Paysafe Finance PLC/Paysafe Holdings US Corp., Sr. Scd. Notes(a),(b)
4.00
6/15/2029
19,000
16,536
Prime Security Services Borrower LLC/Prime Finance, Inc., Sr. Scd. Notes(a)
3.38
8/31/2027
188,000
184,590
PROG Holdings, Inc., Gtd. Notes(a)
6.00
11/15/2029
64,000
62,566
Raven Acquisition Holdings LLC, Sr. Scd. Notes(a)
6.88
11/15/2031
36,000
35,024
RR Donnelley & Sons Co., Scd. Notes(a)
10.88
8/1/2029
90,000
91,802
RR Donnelley & Sons Co., Sr. Scd. Notes(a)
9.50
8/1/2029
186,000
192,889
RR Donnelley & Sons Co., Sr. Unscd. Bonds(a),(c)
11.00
6/1/2031
146,000
139,270
RRD Parent, Inc., Sr. Unscd. Notes(a),(c)
10.00
10/15/2031
99,750
177,027
Service Corp. International, Sr. Unscd. Notes
3.38
8/15/2030
77,000
71,230
Service Corp. International, Sr. Unscd. Notes
4.00
5/15/2031
110,000
102,818
Service Corp. International, Sr. Unscd. Notes
4.63
12/15/2027
86,000
85,469
Service Corp. International, Sr. Unscd. Notes
5.13
6/1/2029
81,000
80,354
Service Corp. International, Sr. Unscd. Notes
5.75
10/15/2032
85,000
84,393
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Gtd. Notes(a)
6.75
8/15/2032
114,000
114,123
Signal Parent, Inc., Sr. Unscd. Notes(a)
6.13
4/1/2029
30,000
5,968
Sotheby’s, Sr. Scd. Notes(a)
8.25
4/15/2031
185,000
184,531
Sotheby’s/Bidfair Holdings, Inc., Sr. Scd. Notes(a)
5.88
6/1/2029
30,000
28,966
StoneMor, Inc., Sr. Scd. Notes(a)
8.50
5/15/2029
134,000
133,312
Synergy Infrastructure Holdings LLC, Scd. Notes(a)
7.00
7/15/2034
65,000
65,555
Synergy Infrastructure Holdings LLC, Scd. Notes(a)
7.88
12/1/2030
52,000
54,372
The ADT Security Corp., Sr. Scd. Bonds(a)
5.88
10/15/2033
75,000
72,893
The ADT Security Corp., Sr. Scd. Notes(a)
4.13
8/1/2029
79,000
75,747
The ADT Security Corp., Sr. Scd. Notes(a)
4.88
7/15/2032
38,000
35,546
The Brink’s Company, Gtd. Notes(a)
4.63
10/15/2027
47,000
46,702
The Brink’s Company, Gtd. Notes(a)
6.75
6/15/2032
47,000
47,873
7

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Commercial & Professional Services — 4.9% (continued)
The Geo Group, Inc., Gtd. Notes
10.25
4/15/2031
227,000
244,892
The Geo Group, Inc., Sr. Scd. Notes
8.63
4/15/2029
147,000
153,309
The Hertz Corp., Gtd. Notes(a)
5.00
12/1/2029
126,000
34,149
The Hertz Corp., Sr. Scd. Notes(a),(b)
12.63
7/15/2029
72,000
47,000
TriNet Group, Inc., Gtd. Notes(a)
3.50
3/1/2029
55,000
51,943
TriNet Group, Inc., Sr. Unscd. Notes(a)
7.13
8/15/2031
45,000
45,648
United Rentals North America, Inc., Gtd. Notes
3.75
1/15/2032
41,000
37,473
United Rentals North America, Inc., Gtd. Notes
3.88
2/15/2031
91,000
85,145
United Rentals North America, Inc., Gtd. Notes
4.00
7/15/2030
50,000
47,467
United Rentals North America, Inc., Gtd. Notes
4.88
1/15/2028
202,000
201,206
United Rentals North America, Inc., Gtd. Notes
5.25
1/15/2030
56,000
55,747
United Rentals North America, Inc., Gtd. Notes(a)
5.38
11/15/2033
145,000
141,174
United Rentals North America, Inc., Gtd. Notes(a)
6.13
3/15/2034
84,000
85,208
United Rentals North America, Inc., Scd. Notes(b)
3.88
11/15/2027
51,000
50,433
Upbound Group, Inc., Gtd. Notes(a),(b)
6.38
2/15/2029
58,000
57,641
Valvoline, Inc., Sr. Unscd. Notes(a)
3.63
6/15/2031
53,000
48,335
VM Consolidated, Inc., Gtd. Notes(a)
5.50
4/15/2029
34,000
31,793
Wand NewCo 3, Inc., Sr. Scd. Notes(a)
7.63
1/30/2032
89,000
91,463
WEX, Inc., Gtd. Notes(a)
6.50
3/15/2033
71,000
70,706
Williams Scotsman, Inc., Sr. Scd. Notes(a)
4.63
8/15/2028
58,000
57,335
Williams Scotsman, Inc., Sr. Scd. Notes(a)
6.63
6/15/2029
63,000
64,090
Williams Scotsman, Inc., Sr. Scd. Notes(a)
6.63
4/15/2030
39,000
39,881
Williams Scotsman, Inc., Sr. Scd. Notes(a)
7.38
10/1/2031
94,000
96,914
 
7,801,001
Consumer Discretionary — 8.7%
A&K Travel Group Holdings Ltd., Gtd. Notes(a)
7.50
5/15/2033
131,000
130,398
Acushnet Co., Gtd. Notes(a)
5.63
12/1/2033
53,000
52,001
Adams Homes, Inc., Sr. Unscd. Notes(a)
9.25
10/15/2028
155,000
159,585
ADI Escrow Issuer LLC, Gtd. Notes(a)
7.13
7/15/2034
45,000
45,987
Affinity Interactive, Sr. Scd. Notes(a)
6.88
12/15/2027
66,000
31,968
Allen Media LLC/Allen Media Co-Issuer, Inc., Gtd. Notes(a)
10.50
2/15/2028
67,000
26,726
Allwyn Entertainment Financing UK PLC, Sr. Scd. Notes(a)
7.88
4/30/2029
91,000
93,066
AMC Entertainment Holdings, Inc., Sr. Scd. Notes(a)
7.50
2/15/2029
31,000
29,962
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unscd. Notes(a)
4.63
8/1/2029
92,000
88,406
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unscd. Notes(a)
4.63
4/1/2030
105,000
99,771
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unscd. Notes(a)
6.88
8/1/2033
133,000
132,793
Banijay Entertainment SAS, Sr. Scd. Notes(a)
8.13
5/1/2029
80,000
82,212
Beazer Homes USA, Inc., Gtd. Notes
7.25
10/15/2029
30,000
30,395
Beazer Homes USA, Inc., Gtd. Notes(a)
7.50
3/15/2031
59,000
59,294
Beazer Homes USA, Inc., Gtd. Notes(a)
8.00
1/15/2032
85,000
86,934
Boyd Gaming Corp., Gtd. Notes
4.75
12/1/2027
155,000
154,242
Boyd Gaming Corp., Gtd. Notes(a)
4.75
6/15/2031
220,000
210,104
Brookfield Residential Properties, Inc./Brookfield Residential US LLC, Gtd.
Notes(a)
4.88
2/15/2030
39,000
36,349
Brookfield Residential Properties, Inc./Brookfield Residential US LLC, Gtd.
Notes(a)
6.25
9/15/2027
61,000
61,061
Brookfield Residential Properties, Inc./Brookfield Residential US LLC, Sr. Unscd.
Notes(a)
5.00
6/15/2029
46,000
43,663
Caesars Entertainment, Inc., Gtd. Notes(a)
4.63
10/15/2029
72,000
68,519
Caesars Entertainment, Inc., Gtd. Notes(a),(b)
6.00
10/15/2032
79,000
69,364
Caesars Entertainment, Inc., Sr. Scd. Notes(a)
6.50
2/15/2032
108,000
103,331
Caesars Entertainment, Inc., Sr. Scd. Notes(a)
7.00
2/15/2030
155,000
155,573
Century Communities, Inc., Gtd. Notes(a)
3.88
8/15/2029
109,000
103,415
Century Communities, Inc., Gtd. Notes(a)
6.63
9/15/2033
125,000
125,477
Churchill Downs, Inc., Gtd. Notes(a)
4.75
1/15/2028
107,000
105,986
Churchill Downs, Inc., Gtd. Notes(a)
6.75
5/1/2031
96,000
97,360
8


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Consumer Discretionary — 8.7% (continued)
Churchill Downs, Inc., Sr. Unscd. Notes(a)
5.75
4/1/2030
173,000
172,544
Cinemark USA, Inc., Gtd. Notes(a)
5.25
7/15/2028
47,000
46,723
Cinemark USA, Inc., Gtd. Notes(a)
7.00
8/1/2032
32,000
32,849
Core & Main LP, Gtd. Notes(a)
6.00
7/1/2034
82,000
81,569
Dealer Tire Financial LLC, Sr. Unscd. Notes(a)
10.38
10/1/2031
70,000
68,006
Empire Communities Corp., Sr. Unscd. Notes(a)
9.75
5/1/2029
74,000
76,219
Forestar Group, Inc., Gtd. Notes(a)
5.00
3/1/2028
81,000
80,367
Forestar Group, Inc., Gtd. Notes(a)
6.50
3/15/2033
130,000
130,480
Full House Resorts, Inc., Sr. Scd. Notes(a),(b)
8.25
2/15/2028
33,000
32,228
FXI Holdings, Inc., Sr. Scd. Notes(a)
11.00
11/15/2030
85,678
70,513
FXI Holdings, Inc., Sr. Scd. Notes(a),(c)
14.00
11/15/2029
61,408
14,717
Gaia Purchaser, Inc., Sr. Scd. Notes(a)
7.63
7/15/2033
110,000
110,345
Genting New York LLC/Genny Capital, Inc., Gtd. Notes(a)
7.25
10/1/2029
110,000
112,426
Great Canadian Gaming Corp./Raptor LLC, Sr. Scd. Notes(a),(b)
8.75
11/15/2029
93,000
93,861
Hilton Domestic Operating Co., Inc., Gtd. Notes(a)
3.63
2/15/2032
318,000
287,843
Hilton Domestic Operating Co., Inc., Gtd. Notes(a)
3.75
5/1/2029
156,000
149,624
Hilton Domestic Operating Co., Inc., Gtd. Notes(a)
4.00
5/1/2031
247,000
231,660
Hilton Domestic Operating Co., Inc., Gtd. Notes
4.88
1/15/2030
203,000
200,388
Hilton Domestic Operating Co., Inc., Gtd. Notes(a)
5.50
9/15/2031
182,000
180,322
Hilton Domestic Operating Co., Inc., Gtd. Notes(a)
5.50
3/31/2034
208,000
203,638
Hilton Domestic Operating Co., Inc., Gtd. Notes(a)
5.75
9/15/2033
229,000
227,018
Hilton Domestic Operating Co., Inc., Gtd. Notes(a)
5.88
4/1/2029
125,000
125,942
Hilton Domestic Operating Co., Inc., Gtd. Notes(a)
5.88
3/15/2033
227,000
226,868
Hilton Domestic Operating Co., Inc., Gtd. Notes(a)
6.13
4/1/2032
85,000
85,819
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., Sr.
Unscd. Notes(a)
5.00
6/1/2029
71,000
68,883
Jacobs Entertainment, Inc., Sr. Unscd. Notes(a)
6.75
2/15/2029
147,000
144,804
K Hovnanian Enterprises, Inc., Gtd. Notes(a)
8.00
4/1/2031
60,000
61,225
K Hovnanian Enterprises, Inc., Gtd. Notes(a)
8.38
10/1/2033
14,000
14,223
KB Home, Gtd. Notes
7.25
7/15/2030
39,000
39,575
Kingpin Intermediate Holdings LLC, Sr. Scd. Notes(a),(b)
7.25
10/15/2032
24,000
19,485
LGI Homes, Inc., Gtd. Notes(a)
4.00
7/15/2029
34,000
31,500
LGI Homes, Inc., Gtd. Notes(a)
7.00
11/15/2032
42,000
40,985
LGI Homes, Inc., Gtd. Notes(a)
8.75
12/15/2028
50,000
51,330
Light & Wonder International, Inc., Gtd. Notes(a)
6.25
10/1/2033
76,000
74,668
Light & Wonder International, Inc., Gtd. Notes(a)
7.25
11/15/2029
49,000
49,845
Light & Wonder International, Inc., Gtd. Notes(a)
7.50
9/1/2031
67,000
69,046
Lindblad Expeditions LLC, Sr. Scd. Bonds(a)
7.00
9/15/2030
53,000
54,514
Live Nation Entertainment, Inc., Gtd. Notes(a)
4.75
10/15/2027
113,000
112,455
Live Nation Entertainment, Inc., Sr. Scd. Notes(a)
3.75
1/15/2028
51,000
49,937
M/I Homes, Inc., Gtd. Notes
3.95
2/15/2030
30,000
28,258
M/I Homes, Inc., Gtd. Notes
4.95
2/1/2028
92,000
91,211
MajorDrive Holdings IV LLC, Sr. Unscd. Notes(a)
6.38
6/1/2029
39,000
32,055
Marriott Ownership Resorts, Inc., Gtd. Notes(a)
6.50
10/1/2033
45,000
44,261
Mattamy Group Corp., Sr. Unscd. Notes(a)
4.63
3/1/2030
83,000
79,492
Melco Resorts Finance Ltd., Sr. Unscd. Notes(a)
5.38
12/4/2029
83,000
80,544
Melco Resorts Finance Ltd., Sr. Unscd. Notes(a)
5.75
7/21/2028
166,000
164,356
Melco Resorts Finance Ltd., Sr. Unscd. Notes(a)
6.50
9/24/2033
44,000
42,458
Melco Resorts Finance Ltd., Sr. Unscd. Notes(a)
7.63
4/17/2032
122,000
124,587
Merlin Entertainments Group US Holdings, Inc., Sr. Scd. Notes(a)
7.38
2/15/2031
37,000
28,929
MGM China Holdings Ltd., Sr. Unscd. Notes(a)
7.13
6/26/2031
36,000
36,900
MGM Resorts International, Gtd. Notes
6.13
9/15/2029
58,000
58,368
MGM Resorts International, Gtd. Notes
6.50
4/15/2032
61,000
60,601
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, Scd.
Notes(a)
11.88
4/15/2031
141,000
152,828
9

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Consumer Discretionary — 8.7% (continued)
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, Sr.
Scd. Notes(a)
8.25
4/15/2030
47,000
48,870
Motion Finco Sarl, Sr. Scd. Notes(a)
8.38
2/15/2032
23,000
18,035
Muvico LLC, Sr. Scd. Notes(a),(c)
15.00
2/19/2029
67,000
73,409
NCL Corp. Ltd., Sr. Unscd. Notes(a)
5.88
1/15/2031
116,000
110,925
NCL Corp. Ltd., Sr. Unscd. Notes(a)
6.25
9/15/2033
47,000
44,664
NCL Corp. Ltd., Sr. Unscd. Notes(a)
6.75
2/1/2032
173,000
169,563
NCL Corp. Ltd., Sr. Unscd. Notes(a)
7.75
2/15/2029
45,000
46,726
NCL Finance Ltd., Gtd. Notes(a)
6.13
3/15/2028
47,000
47,261
Ontario Gaming GTA LP/OTG Co-Issuer, Inc., Sr. Scd. Notes(a)
8.00
8/1/2030
46,000
46,001
Patrick Industries, Inc., Gtd. Notes(a)
4.75
5/1/2029
41,000
40,046
Patrick Industries, Inc., Gtd. Notes(a)
6.38
11/1/2032
75,000
73,998
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., Gtd.
Notes(a)
5.63
9/1/2029
83,000
58,537
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., Gtd.
Notes(a)
5.88
9/1/2031
96,000
61,256
RB Global Holdings, Inc., Gtd. Notes(a)
7.75
3/15/2031
87,000
89,909
RB Global Holdings, Inc., Sr. Scd. Notes(a)
6.75
3/15/2028
105,000
106,144
Resideo Funding II LLC, Gtd. Notes(a)
6.50
7/15/2032
46,000
46,016
Resorts World Las Vegas LLC/RWLV Capital, Inc., Gtd. Notes
4.63
4/16/2029
200,000
179,733
Resorts World Las Vegas LLC/RWLV Capital, Inc., Gtd. Notes(a)
4.63
4/6/2031
200,000
167,270
Resorts World Las Vegas LLC/RWLV Capital, Inc., Gtd. Notes(a)
8.45
7/27/2030
100,000
98,677
Risewell Homes, Inc., Sr. Unscd. Notes(a)
8.50
11/1/2030
121,000
123,556
Risewell Homes, Inc., Sr. Unscd. Notes(a)
9.25
10/1/2029
120,000
121,754
Rivers Enterprise Borrower LLC, Sr. Scd. Notes(a)
6.25
10/15/2030
63,000
63,287
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., Sr. Scd.
Bonds(a)
6.63
2/1/2033
71,000
71,414
S&S Holdings LLC, Sr. Scd. Notes(a)
8.38
10/1/2031
83,000
80,084
Sabre Financial Borrower LLC, Sr. Scd. Notes(a)
11.13
6/15/2029
147,000
154,696
Sabre GLBL, Inc., Sr. Scd. Notes(a)
10.75
11/15/2029
33,000
31,762
Sabre GLBL, Inc., Sr. Scd. Notes(a)
10.75
3/15/2030
67,000
64,171
Sabre GLBL, Inc., Sr. Scd. Notes(a)
11.13
7/15/2030
43,000
41,370
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., Sr. Unscd. Notes(a)
6.63
3/1/2030
107,000
86,662
SeaWorld Parks & Entertainment, Inc., Gtd. Notes(a)
5.25
8/15/2029
42,000
40,873
Shea Homes LP/Shea Homes Funding Corp., Sr. Unscd. Notes
4.75
2/15/2028
128,000
126,215
Shea Homes LP/Shea Homes Funding Corp., Sr. Unscd. Notes
4.75
4/1/2029
73,000
70,960
Six Flags Entertainment Corp., Gtd. Notes(a)
7.25
5/15/2031
87,000
85,284
Six Flags Entertainment Corp./Canada’s Wonderland Co./Magnum Management
Corp., Gtd. Notes
5.25
7/15/2029
54,000
51,872
Six Flags Entertainment Corp./Canada’s Wonderland Co./Magnum Management
Corp., Gtd. Notes
6.50
10/1/2028
36,000
36,020
Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium Operations
LLC, Gtd. Notes(a)
8.63
1/15/2032
78,000
78,890
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada’s
Wonderland Co., Sr. Scd. Notes(a)
6.63
5/1/2032
94,000
94,658
Somnigroup International, Inc., Gtd. Notes(a),(b)
4.00
4/15/2029
141,000
135,758
Station Casinos LLC, Gtd. Notes(a),(b)
4.50
2/15/2028
71,000
69,906
Station Casinos LLC, Gtd. Notes(a)
4.63
12/1/2031
45,000
42,361
Station Casinos LLC, Gtd. Notes(a)
6.63
3/15/2032
52,000
52,538
STL Holding Co. LLC, Sr. Unscd. Notes(a)
8.75
2/15/2029
90,000
93,253
Studio City Co. Ltd., Sr. Scd. Notes(a)
6.13
5/15/2031
36,000
35,558
Studio City Finance Ltd., Gtd. Notes(a)
5.00
1/15/2029
212,000
202,194
Thor Industries, Inc., Gtd. Notes(a)
4.00
10/15/2029
57,000
53,745
Travel + Leisure Co., Sr. Scd. Notes(a),(b)
4.50
12/1/2029
83,000
80,004
Travel + Leisure Co., Sr. Scd. Notes(a)
4.63
3/1/2030
53,000
50,973
Travel + Leisure Co., Sr. Scd. Notes(a)
6.13
9/1/2033
59,000
57,958
Travel + Leisure Co., Sr. Scd. Notes(a)
6.25
6/1/2031
96,000
96,172
10


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Consumer Discretionary — 8.7% (continued)
Tri Pointe Homes, Inc., Gtd. Notes
5.70
6/15/2028
139,000
139,083
Vail Resorts, Inc., Gtd. Notes(a)
5.63
7/15/2030
34,000
33,873
Vail Resorts, Inc., Gtd. Notes(a)
6.50
5/15/2032
65,000
65,802
Velocity Vehicle Group LLC, Sr. Unscd. Notes(a)
8.00
6/1/2029
54,000
53,541
Veritiv Operating Co., Sr. Scd. Notes(a)
10.50
11/30/2030
174,000
178,537
Viking Cruises Ltd., Gtd. Notes(a)
5.88
10/15/2033
205,000
202,776
Viking Cruises Ltd., Gtd. Notes(a)
9.13
7/15/2031
148,000
155,056
Viking Cruises Ltd., Sr. Unscd. Notes(a)
7.00
2/15/2029
54,000
54,081
Voyager Parent LLC, Sr. Scd. Notes(a)
9.25
7/1/2032
429,000
455,906
Whirlpool Corp., Sr. Scd. Notes(a)
7.50
7/1/2031
71,000
70,556
Whirlpool Corp., Sr. Scd. Notes(a)
7.88
7/1/2034
81,000
76,709
Whirlpool Corp., Sr. Unscd. Notes
2.40
5/15/2031
24,000
17,666
Whirlpool Corp., Sr. Unscd. Notes
4.50
6/1/2046
77,000
43,307
Whirlpool Corp., Sr. Unscd. Notes
4.60
5/15/2050
73,000
40,596
Whirlpool Corp., Sr. Unscd. Notes
4.70
5/14/2032
28,000
21,791
Whirlpool Corp., Sr. Unscd. Notes
4.75
2/26/2029
70,000
65,399
Whirlpool Corp., Sr. Unscd. Notes
5.15
3/1/2043
22,000
12,957
Whirlpool Corp., Sr. Unscd. Notes
5.50
3/1/2033
27,000
21,017
Whirlpool Corp., Sr. Unscd. Notes
5.75
3/1/2034
28,000
21,262
Whirlpool Corp., Sr. Unscd. Notes(b)
6.13
6/15/2030
30,000
27,282
Whirlpool Corp., Sr. Unscd. Notes(b)
6.50
6/15/2033
28,000
23,721
Windsor Holdings III LLC, Sr. Scd. Notes(a)
8.50
6/15/2030
85,000
88,525
Wyndham Hotels & Resorts, Inc., Gtd. Notes(a)
4.38
8/15/2028
64,000
62,672
Wyndham Hotels & Resorts, Inc., Gtd. Notes(a)
5.63
3/1/2033
160,000
155,680
Wynn Macau Ltd., Sr. Unscd. Notes(a)
5.13
12/15/2029
42,000
40,596
Wynn Macau Ltd., Sr. Unscd. Notes(a)
5.50
10/1/2027
132,000
131,422
Wynn Macau Ltd., Sr. Unscd. Notes(a)
5.63
8/26/2028
133,000
131,782
Wynn Macau Ltd., Sr. Unscd. Notes(a)
6.75
2/15/2034
72,000
70,668
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Gtd. Notes(a)
5.13
10/1/2029
46,000
45,527
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Gtd. Notes(a)
6.25
3/15/2033
64,000
63,439
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Gtd. Notes(a)
7.13
2/15/2031
53,000
55,526
 
13,980,977
Consumer Durables & Apparel — .5%
Beach Acquisition Bidco LLC, Sr. Unscd. Notes(a),(c)
10.00
7/15/2033
302,378
324,676
Champ Acquisition Corp., Sr. Scd. Notes(a)
8.38
12/1/2031
50,000
52,190
Crocs, Inc., Gtd. Notes(a)
4.13
8/15/2031
51,000
46,920
Crocs, Inc., Gtd. Notes(a)
4.25
3/15/2029
74,000
71,174
Kontoor Brands, Inc., Gtd. Notes(a)
4.13
11/15/2029
96,000
91,881
Under Armour, Inc., Gtd. Notes(a)
7.25
7/15/2030
42,000
42,804
VF Corp., Sr. Unscd. Notes
2.95
4/23/2030
46,000
41,353
VF Corp., Sr. Unscd. Notes
6.45
11/1/2037
25,000
23,537
Wolverine World Wide, Inc., Gtd. Notes(a)
4.00
8/15/2029
38,000
35,837
 
730,372
Consumer Staples — .8%
American Greetings Corp., Sr. Scd. Notes(a)
8.88
1/15/2032
53,000
52,355
CD&R Smokey Buyer, Inc./Radio Systems Corp., Sr. Scd. Notes(a)
9.50
10/15/2029
83,000
41,606
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, Gtd.
Notes(a)
5.60
1/15/2031
96,000
94,253
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, Sr. Scd.
Notes(a)
4.75
1/15/2029
62,000
60,884
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, Sr.
Unscd. Notes(a)
6.63
7/15/2030
94,000
94,533
Edgewell Personal Care Co., Gtd. Notes(a)
5.50
6/1/2028
51,000
50,884
Kronos Acquisition Holdings, Inc., Sr. Scd. Notes(a)
8.25
6/30/2031
57,000
39,990
Kronos Acquisition Holdings, Inc., Sr. Unscd. Notes(a)
10.75
6/30/2032
56,000
17,274
Newell Brands, Inc., Sr. Unscd. Notes
6.38
9/15/2027
36,000
36,232
11

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Consumer Staples — .8% (continued)
Newell Brands, Inc., Sr. Unscd. Notes
6.38
5/15/2030
38,000
38,392
Newell Brands, Inc., Sr. Unscd. Notes
6.63
9/15/2029
39,000
39,476
Newell Brands, Inc., Sr. Unscd. Notes(b)
6.63
5/15/2032
26,000
26,283
Newell Brands, Inc., Sr. Unscd. Notes
7.38
4/1/2036
42,000
42,373
Newell Brands, Inc., Sr. Unscd. Notes
7.50
4/1/2046
71,000
65,880
Newell Brands, Inc., Sr. Unscd. Notes(a)
8.50
6/1/2028
110,000
114,845
Opal Bidco SAS, Sr. Scd. Bonds(a)
6.50
3/31/2032
131,000
131,873
P&L Development LLC/PLD Finance Corp., Sr. Scd. Notes(a),(c)
12.00
5/15/2029
59,000
54,935
Perrigo Finance Unlimited Co., Gtd. Bonds
4.90
12/15/2044
26,000
18,974
Perrigo Finance Unlimited Co., Gtd. Notes
5.15
6/15/2030
50,000
47,300
Perrigo Finance Unlimited Co., Gtd. Notes
6.13
9/30/2032
66,000
62,698
Prestige Brands, Inc., Gtd. Notes(a)
3.75
4/1/2031
150,000
137,630
Prestige Brands, Inc., Gtd. Notes(a)
6.25
7/15/2034
24,000
24,100
 
1,292,770
Diversified Financials — 6.9%
Aretec Group, Inc., Sr. Scd. Notes(a)
10.00
8/15/2030
74,000
78,117
Aretec Group, Inc., Sr. Unscd. Notes(a)
7.50
4/1/2029
46,000
45,927
Atlanticus Holdings Corp., Gtd. Notes(a)
9.75
9/1/2030
49,000
49,508
Avation Group S Pte Ltd., Gtd. Notes(a)
8.50
5/15/2031
36,000
33,782
Azorra Finance Ltd., Gtd. Notes(a)
6.25
2/15/2034
53,000
52,100
Azorra Finance Ltd., Gtd. Notes(a)
7.25
1/15/2031
141,000
145,177
Azorra Finance Ltd., Gtd. Notes(a)
7.75
4/15/2030
141,000
145,934
BlackRock TCP Capital Corp., Sr. Unscd. Notes
6.95
5/30/2029
109,000
107,846
Bread Financial Holdings, Inc., Gtd. Notes(a)
6.75
5/15/2031
59,000
60,164
Bread Financial Holdings, Inc., Sub. Notes(a),(b)
8.38
6/15/2035
41,000
42,376
Burford Capital Global Finance LLC, Gtd. Notes(a),(b)
6.25
4/15/2028
68,000
67,041
Burford Capital Global Finance LLC, Gtd. Notes(a)
6.88
4/15/2030
87,000
82,662
Burford Capital Global Finance LLC, Gtd. Notes(a),(b)
7.50
7/15/2033
68,000
57,360
Burford Capital Global Finance LLC, Gtd. Notes(a)
8.50
1/15/2034
67,000
58,020
Burford Capital Global Finance LLC, Gtd. Notes(a)
9.25
7/1/2031
86,000
84,105
Champions Financing, Inc., Sr. Scd. Notes(a)
8.75
2/15/2029
45,000
44,500
Cobra AcquisitionCo LLC, Gtd. Notes(a)
6.38
11/1/2029
96,000
83,378
Cobra AcquisitionCo LLC, Sr. Unscd. Notes(a)
12.25
11/1/2029
70,000
71,180
Coinbase Global, Inc., Gtd. Notes(a)
3.38
10/1/2028
122,000
115,887
Coinbase Global, Inc., Gtd. Notes(a),(b)
3.63
10/1/2031
86,000
74,420
Compass Group Diversified Holdings LLC, Gtd. Notes(a)
5.25
4/15/2029
144,192
137,528
Compass Group Diversified Holdings LLC, Sr. Unscd. Notes(a),(b)
5.00
1/15/2032
21,012
19,390
Credit Acceptance Corp., Gtd. Notes(a)
6.63
3/15/2030
48,000
48,008
Credit Acceptance Corp., Gtd. Notes(a)
9.25
12/15/2028
80,000
82,895
CrossCountry Intermediate HoldCo LLC, Sr. Unscd. Notes(a)
6.50
10/1/2030
101,000
97,691
CrossCountry Intermediate HoldCo LLC, Sr. Unscd. Notes(a)
6.75
12/1/2032
74,000
70,649
Encore Capital Group, Inc., Sr. Scd. Notes(a)
6.63
4/15/2031
136,000
136,487
Encore Capital Group, Inc., Sr. Scd. Notes(a)
6.63
6/1/2032
83,000
83,113
Encore Capital Group, Inc., Sr. Scd. Notes(a)
8.50
5/15/2030
97,000
102,756
Enova International, Inc., Gtd. Notes(a)
9.13
8/1/2029
60,000
62,746
Enova International, Inc., Gtd. Notes(a)
11.25
12/15/2028
43,000
45,138
EZCORP, Inc., Gtd. Notes(a)
7.38
4/1/2032
55,000
57,587
Figure Technology Solutions, Inc., Gtd. Notes(a)
8.50
7/31/2031
69,000
68,189
First Eagle Holdings, Inc., Sr. Scd. Notes(a)
7.25
8/15/2032
152,000
153,785
Focus Financial Partners LLC, Sr. Scd. Notes(a)
6.75
9/15/2031
51,000
50,690
Freedom Mortgage Holdings LLC, Sr. Unscd. Notes(a)
6.88
5/1/2031
114,000
109,784
Freedom Mortgage Holdings LLC, Sr. Unscd. Notes(a),(b)
7.88
4/1/2033
41,000
39,579
Freedom Mortgage Holdings LLC, Sr. Unscd. Notes(a)
8.00
2/1/2032
73,000
72,579
Freedom Mortgage Holdings LLC, Sr. Unscd. Notes(a)
8.38
4/1/2032
50,000
50,226
Freedom Mortgage Holdings LLC, Sr. Unscd. Notes(a)
9.13
5/15/2031
147,000
150,817
Freedom Mortgage Holdings LLC, Sr. Unscd. Notes(a)
9.25
2/1/2029
129,000
133,159
12


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Diversified Financials — 6.9% (continued)
FS KKR Capital Corp., Sr. Unscd. Notes
3.13
10/12/2028
131,000
123,263
FS KKR Capital Corp., Sr. Unscd. Notes
6.13
1/15/2030
117,000
114,049
FS KKR Capital Corp., Sr. Unscd. Notes(b)
6.13
1/15/2031
55,000
52,963
FS KKR Capital Corp., Sr. Unscd. Notes
6.88
8/15/2029
99,000
99,414
FS KKR Capital Corp., Sr. Unscd. Notes
7.50
8/1/2031
105,000
105,083
FS KKR Capital Corp., Sr. Unscd. Notes
7.88
1/15/2029
57,000
58,594
GGAM Finance Ltd., Gtd. Notes(a)
6.88
4/15/2029
54,000
54,937
GGAM Finance Ltd., Sr. Unscd. Notes(a)
8.00
6/15/2028
71,000
73,516
Global Aircraft Leasing Co. Ltd., Sr. Scd. Notes(a)
8.75
9/1/2027
200,000
203,209
goeasy Ltd., Gtd. Notes(a),(b)
6.88
5/15/2030
18,000
16,269
goeasy Ltd., Gtd. Notes(a)
6.88
2/15/2031
20,000
17,841
goeasy Ltd., Sr. Unscd. Notes(a),(b)
7.38
10/1/2030
18,000
16,442
goeasy Ltd., Sr. Unscd. Notes(a)
7.63
7/1/2029
26,000
24,737
HA Sustainable Infrastructure Capital, Inc., Gtd. Notes
7.13
11/15/2056
63,000
63,490
HA Sustainable Infrastructure Capital, Inc., Gtd. Notes
8.00
6/1/2056
139,000
145,682
Hightower Holding LLC, Gtd. Notes(a)
6.75
4/15/2029
37,000
36,883
Hightower Holding LLC, Sr. Unscd. Notes(a)
9.13
1/31/2030
52,000
54,145
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Sr. Scd. Notes
4.38
2/1/2029
135,000
117,720
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Sr. Scd. Notes
9.00
6/15/2030
83,000
79,116
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Sr. Scd. Notes
9.75
1/15/2029
108,000
107,548
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Sr. Scd. Notes(a)
10.00
11/15/2029
140,000
140,147
Jane Street Group/JSG Finance, Inc., Sr. Scd. Bonds(a)
6.75
5/1/2033
155,000
158,001
Jane Street Group/JSG Finance, Inc., Sr. Scd. Notes(a)
6.13
11/1/2032
119,000
118,414
Jane Street Group/JSG Finance, Inc., Sr. Scd. Notes(a)
7.13
4/30/2031
94,000
97,032
Jefferies Finance LLC/JFIN Co-Issuer Corp., Sr. Unscd. Notes(a)
5.00
8/15/2028
136,000
131,621
Jefferson Capital Holdings LLC, Gtd. Notes(a)
8.25
5/15/2030
37,000
38,624
Jefferson Capital Holdings LLC, Gtd. Notes(a)
9.50
2/15/2029
74,000
77,125
LD Holdings Group LLC, Gtd. Notes(a)
6.13
4/1/2028
61,000
48,905
LD Holdings Group LLC, Gtd. Notes(a)
8.75
11/1/2027
25,000
22,525
Navient Corp., Sr. Unscd. Notes
4.88
3/15/2028
40,000
39,126
Navient Corp., Sr. Unscd. Notes(b)
5.50
3/15/2029
60,000
57,574
Navient Corp., Sr. Unscd. Notes
5.63
8/1/2033
45,000
37,174
Navient Corp., Sr. Unscd. Notes(b)
7.88
6/15/2032
39,000
36,582
Navient Corp., Sr. Unscd. Notes
9.38
7/25/2030
39,000
39,571
Navient Corp., Sr. Unscd. Notes
9.38
10/15/2031
39,000
38,954
Navient Corp., Sr. Unscd. Notes
11.50
3/15/2031
45,000
47,512
OneMain Finance Corp., Gtd. Notes
3.88
9/15/2028
67,000
64,747
OneMain Finance Corp., Gtd. Notes
4.00
9/15/2030
99,000
90,835
OneMain Finance Corp., Gtd. Notes
5.38
11/15/2029
78,000
76,211
OneMain Finance Corp., Gtd. Notes
6.13
5/15/2030
100,000
99,301
OneMain Finance Corp., Gtd. Notes
6.50
3/15/2033
90,000
87,879
OneMain Finance Corp., Gtd. Notes
6.63
1/15/2028
84,000
84,852
OneMain Finance Corp., Gtd. Notes
6.63
5/15/2029
98,000
99,329
OneMain Finance Corp., Gtd. Notes
6.75
3/15/2032
67,000
66,793
OneMain Finance Corp., Gtd. Notes
6.75
9/15/2033
109,000
107,323
OneMain Finance Corp., Gtd. Notes
7.13
11/15/2031
87,000
88,185
OneMain Finance Corp., Gtd. Notes
7.13
9/15/2032
93,000
94,046
OneMain Finance Corp., Gtd. Notes
7.50
5/15/2031
88,000
90,208
OneMain Finance Corp., Gtd. Notes
7.88
3/15/2030
78,000
80,811
Osaic Holdings, Inc., Gtd. Notes(a)
8.00
8/1/2033
87,000
88,190
Osaic Holdings, Inc., Sr. Scd. Notes(a)
6.75
8/1/2032
89,000
89,275
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc., Sr. Unscd. Notes(a)
7.75
5/15/2031
142,000
140,627
PennyMac Financial Services, Inc., Gtd. Bonds(a)
6.88
5/15/2032
102,000
97,603
PennyMac Financial Services, Inc., Gtd. Notes(a)
4.25
2/15/2029
132,000
124,873
PennyMac Financial Services, Inc., Gtd. Notes(a)
5.75
9/15/2031
63,000
58,477
PennyMac Financial Services, Inc., Gtd. Notes(a)
6.75
2/15/2034
71,000
65,838
13

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Diversified Financials — 6.9% (continued)
PennyMac Financial Services, Inc., Gtd. Notes(a)
6.88
2/15/2033
100,000
94,906
PennyMac Financial Services, Inc., Gtd. Notes(a)
7.13
11/15/2030
98,000
97,592
PennyMac Financial Services, Inc., Gtd. Notes(a)
7.88
12/15/2029
128,000
131,422
PHH Escrow Issuer LLC/PHH Corp., Gtd. Notes(a)
9.88
11/1/2029
131,000
129,578
Phoenix Aviation Capital Ltd., Sr. Unscd. Notes(a)
9.25
7/15/2030
150,000
155,531
Planet Financial Group LLC, Gtd. Notes(a)
10.50
12/15/2029
101,000
98,512
PRA Group, Inc., Gtd. Notes(a)
5.00
10/1/2029
123,000
116,591
PRA Group, Inc., Gtd. Notes(a)
8.38
2/1/2028
118,000
119,585
PRA Group, Inc., Gtd. Notes(a)
8.88
1/31/2030
139,000
143,184
Prospect Capital Corp., Sr. Unscd. Notes(b)
3.44
10/15/2028
105,000
98,362
Provident Funding Associates LP/PFG Finance Corp., Sr. Unscd. Notes(a)
9.75
9/15/2029
131,000
135,061
RFNA LP, Sr. Unscd. Notes(a)
7.88
2/15/2030
33,000
32,978
Rocket Cos., Inc., Gtd. Notes(a)
6.13
8/1/2030
169,000
170,345
Rocket Cos., Inc., Gtd. Notes(a)
6.13
8/1/2031
100,000
100,452
Rocket Cos., Inc., Gtd. Notes(a)
6.38
8/1/2033
177,000
178,174
Rocket Cos., Inc., Gtd. Notes(a)
6.50
8/1/2029
44,000
44,654
Rocket Cos., Inc., Gtd. Notes(a)
6.50
6/15/2034
66,000
66,639
Rocket Cos., Inc., Gtd. Notes(a)
7.13
2/1/2032
72,000
73,814
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., Gtd. Notes(a)
3.63
3/1/2029
46,000
44,013
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., Gtd. Notes(a)
3.88
3/1/2031
104,000
96,334
SLM Corp., Sr. Unscd. Notes
6.50
5/15/2032
75,000
74,809
Stonebriar ABF Issuer LLC, Sr. Unscd. Notes(a)
7.00
8/15/2031
22,000
22,036
Stonebriar ABF Issuer LLC, Sr. Unscd. Notes(a)
8.13
12/15/2030
170,000
176,985
Stonex Escrow Issuer LLC, Scd. Notes(a)
6.88
7/15/2032
83,000
84,199
StoneX Group, Inc., Scd. Notes(a)
7.88
3/1/2031
135,000
140,607
TrueNoord Capital DAC, Gtd. Notes(a)
8.75
3/1/2030
90,000
93,328
United Wholesale Mortgage LLC, Sr. Unscd. Notes(a)
5.50
4/15/2029
125,000
116,829
UWM Holdings LLC, Gtd. Notes(a)
6.25
3/15/2031
73,000
65,158
UWM Holdings LLC, Gtd. Notes(a)
6.63
2/1/2030
147,000
136,397
Vericast Corp., Scd. Notes(a)
12.50
12/15/2027
11,000
11,095
VFH Parent LLC/Valor Co-Issuer, Inc., Sr. Scd. Bonds(a)
7.50
6/15/2031
58,000
60,175
WS Escrow LLC, Sr. Scd. Notes(a)
7.75
6/1/2033
181,000
187,207
 
11,058,023
Electronic Components — .6%
Coherent Corp., Gtd. Notes(a)
5.00
12/15/2029
95,000
92,955
Energizer Holdings, Inc., Gtd. Notes(a)
4.38
3/31/2029
53,000
51,060
Energizer Holdings, Inc., Gtd. Notes(a)
4.75
6/15/2028
40,000
39,581
EnerSys, Gtd. Notes(a)
4.38
12/15/2027
45,000
44,463
EnerSys, Gtd. Notes(a)
6.63
1/15/2032
70,000
70,912
Ingram Micro, Inc., Sr. Scd. Notes(a)
4.75
5/15/2029
414,000
402,839
Sensata Technologies BV, Gtd. Notes(a)
5.88
9/1/2030
35,000
35,024
TTM Technologies, Inc., Gtd. Notes(a)
4.00
3/1/2029
116,000
111,255
WESCO Distribution, Inc., Gtd. Notes(a)
5.25
4/15/2031
49,000
48,211
WESCO Distribution, Inc., Gtd. Notes(a)
6.38
3/15/2029
73,000
74,075
WESCO Distribution, Inc., Gtd. Notes(a)
6.38
3/15/2033
57,000
57,970
 
1,028,345
Energy — 11.7%
Aethon United BR LP/Aethon United Finance Corp., Sr. Unscd. Notes(a)
7.50
10/1/2029
124,000
128,706
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes(a)
5.75
1/15/2028
88,000
87,989
Archrock Partners LP/Archrock Partners Finance Corp., Gtd. Notes(a)
6.63
9/1/2032
83,000
84,186
Archrock Services LP/Archrock Partners Finance Corp., Gtd. Notes(a)
6.00
2/1/2034
94,000
92,018
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Gtd. Notes(a)
6.63
7/15/2033
55,000
55,233
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unscd. Notes(a)
5.88
6/30/2029
115,000
114,611
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unscd. Notes(a)
6.63
10/15/2032
84,000
84,520
Beusa Investments LLC, Sr. Unscd. Notes(a)
7.00
8/1/2031
100,000
97,729
BKV Upstream Midstream LLC, Gtd. Notes(a)
7.50
10/15/2030
68,000
67,970
14


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Energy — 11.7% (continued)
Breakwater Energy Holdings Sarl, Sr. Scd. Notes(a)
9.25
11/15/2030
183,000
193,361
Bristow Group, Inc., Sr. Scd. Notes(a)
6.75
2/1/2033
61,000
61,057
Buckeye Partners LP, Sr. Unscd. Notes
4.13
12/1/2027
62,000
60,962
Buckeye Partners LP, Sr. Unscd. Notes(a)
4.50
3/1/2028
63,000
62,232
Buckeye Partners LP, Sr. Unscd. Notes
5.85
11/15/2043
10,000
8,910
Buckeye Partners LP, Sr. Unscd. Notes(a)
6.75
2/1/2030
51,000
52,318
Buckeye Partners LP, Sr. Unscd. Notes
6.75
8/15/2033
30,000
30,723
Buckeye Partners LP, Sr. Unscd. Notes(a)
6.88
7/1/2029
99,000
101,263
California Resources Corp., Gtd. Notes(a)
7.00
1/15/2034
121,000
118,474
California Resources Corp., Gtd. Notes(a)
7.25
1/15/2035
127,000
125,421
Calumet Specialty Products Partners LP/Calumet Finance Corp., Gtd. Notes(a)
9.75
7/15/2028
31,000
31,888
Calumet Specialty Products Partners LP/Calumet Finance Corp., Gtd. Notes(a)
9.75
2/15/2031
55,000
58,825
Caturus Energy LLC, Gtd. Notes(a)
7.13
5/15/2031
76,000
75,497
Caturus Energy LLC, Sr. Unscd. Notes(a)
8.50
2/15/2030
120,000
124,318
CHC Group LLC, Sr. Scd. Notes(a)
11.75
9/1/2030
89,000
76,414
Chord Energy Corp., Gtd. Notes(a)
6.00
10/1/2030
74,000
74,311
Chord Energy Corp., Gtd. Notes(a)
6.75
3/15/2033
177,000
180,058
CNX Midstream Partners LP, Gtd. Notes(a)
4.75
4/15/2030
55,000
52,700
CNX Resources Corp., Gtd. Notes(a)
5.88
3/1/2034
61,000
59,085
CNX Resources Corp., Gtd. Notes(a)
7.25
3/1/2032
139,000
142,851
CNX Resources Corp., Gtd. Notes(a)
7.38
1/15/2031
137,000
140,082
Comstock Resources, Inc., Gtd. Notes(a)
5.88
1/15/2030
250,000
235,485
Comstock Resources, Inc., Gtd. Notes(a)
6.75
3/1/2029
312,000
307,291
Comstock Resources, Inc., Gtd. Notes(a)
6.75
3/1/2029
140,000
137,632
CQP Holdco LP/BIP-V Chinook Holdco LLC, Sr. Scd. Notes(a)
5.50
6/15/2031
160,000
155,889
Crescent Energy Finance LLC, Gtd. Notes(a)
7.38
1/15/2033
88,000
88,408
Crescent Energy Finance LLC, Gtd. Notes(a)
7.63
4/1/2032
83,000
83,909
Crescent Energy Finance LLC, Gtd. Notes(a)
7.88
4/15/2032
80,000
81,483
Crescent Energy Finance LLC, Gtd. Notes(a)
8.38
1/15/2034
64,000
66,014
CVR Energy, Inc., Gtd. Bonds(a)
5.75
2/15/2028
38,000
37,895
CVR Energy, Inc., Gtd. Notes(a)
7.50
2/15/2031
92,000
93,186
CVR Energy, Inc., Gtd. Notes(a)
7.88
2/15/2034
64,000
64,999
DBR Land Holdings LLC, Gtd. Notes(a)
6.25
12/1/2030
62,000
62,497
Delek Logistics Partners LP/Delek Logistics Finance Corp., Gtd. Notes(a)
6.88
6/1/2034
102,000
102,428
Delek Logistics Partners LP/Delek Logistics Finance Corp., Gtd. Notes(a)
7.38
6/30/2033
87,000
89,041
Delek Logistics Partners LP/Delek Logistics Finance Corp., Gtd. Notes(a)
8.63
3/15/2029
92,000
95,491
Enerflex, Inc., Sr. Unscd. Notes(a)
6.88
1/15/2031
47,000
47,759
Energy Transfer LP, Jr. Sub. Notes
6.50
2/15/2056
263,000
262,428
Energy Transfer LP, Jr. Sub. Notes
6.75
2/15/2056
110,000
110,211
Energy Transfer LP, Jr. Sub. Notes
7.13
10/1/2054
97,000
98,999
Energy Transfer LP, Jr. Sub. Notes
8.00
5/15/2054
173,000
181,439
EnQuest PLC, Gtd. Notes(a)
9.88
4/30/2031
52,000
53,971
Excelerate Energy LP, Gtd. Bonds(a)
8.00
5/15/2030
95,000
99,701
FORESEA Holding SA, Sr. Scd. Notes(a)
7.50
6/15/2030
105,000
104,228
Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes
6.75
3/15/2034
77,000
76,772
Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes
7.88
5/15/2032
70,000
72,262
Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes
8.00
5/15/2033
58,000
60,329
Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes
8.25
1/15/2029
58,000
59,773
Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes
8.88
4/15/2030
54,000
56,346
Global Partners LP/GLP Finance Corp., Gtd. Notes
6.88
1/15/2029
53,000
53,287
Global Partners LP/GLP Finance Corp., Gtd. Notes(a)
7.13
7/1/2033
67,000
67,921
Global Partners LP/GLP Finance Corp., Gtd. Notes(a)
8.25
1/15/2032
70,000
72,964
Gulfport Energy Operating Corp., Gtd. Notes(a)
6.75
9/1/2029
174,000
176,146
Harvest Midstream I LP, Sr. Unscd. Notes(a)
6.75
5/15/2034
108,000
108,458
Harvest Midstream I LP, Sr. Unscd. Notes(a)
7.50
5/15/2032
61,000
62,510
Helix Energy Solutions Group, Inc., Gtd. Notes(a)
9.75
3/1/2029
83,000
86,985
15

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Energy — 11.7% (continued)
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes(a)
5.75
2/1/2029
74,000
73,840
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes(a)
6.00
4/15/2030
93,000
92,053
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes(a)
6.00
2/1/2031
98,000
95,558
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes(a)
6.25
11/1/2028
72,000
72,273
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes(a)
6.25
4/15/2032
90,000
87,425
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes(a)
6.88
5/15/2034
83,000
81,229
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes(a)
7.25
2/15/2035
135,000
134,063
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unscd. Notes(a)
8.38
11/1/2033
109,000
114,380
Howard Midstream Energy Partners LLC, Sr. Unscd. Notes(a)
6.63
1/15/2034
89,000
89,998
Howard Midstream Energy Partners LLC, Sr. Unscd. Notes(a)
6.63
1/15/2035
18,000
18,008
Infinity Natural Resources LLC, Gtd. Notes(a)
7.63
4/1/2031
87,000
86,935
Ithaca Energy North Sea PLC, Sr. Unscd. Notes(a)
8.13
10/15/2029
111,000
115,054
ITT Holdings LLC, Sr. Unscd. Notes(a)
6.50
8/1/2029
208,000
205,754
Kinetik Holdings LP, Sr. Unscd. Notes(a)
6.63
12/15/2028
44,000
44,734
Kodiak Gas Services LLC, Gtd. Notes(a)
5.88
4/1/2031
113,000
111,750
Kodiak Gas Services LLC, Gtd. Notes(a)
6.50
10/1/2033
101,000
100,935
Kodiak Gas Services LLC, Gtd. Notes(a)
6.75
10/1/2035
62,000
62,473
Kraken Oil & Gas Partners LLC, Sr. Unscd. Notes(a)
7.13
5/15/2031
48,000
47,296
Kraken Oil & Gas Partners LLC, Sr. Unscd. Notes(a)
7.63
8/15/2029
100,000
100,873
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., Gtd.
Notes(a)
6.63
8/15/2034
41,000
41,059
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., Gtd.
Notes(a)
6.88
12/1/2032
56,000
56,992
Martin Midstream Partners LP/Martin Midstream Finance Corp., Scd. Notes(a)
11.50
2/15/2028
127,000
129,531
Matador Resources Co., Gtd. Notes(a)
6.00
4/15/2034
101,000
97,636
Matador Resources Co., Gtd. Notes(a)
6.25
4/15/2033
99,000
97,416
Matador Resources Co., Gtd. Notes(a)
6.50
4/15/2032
240,000
239,625
Moss Creek Resources Holdings, Inc., Sr. Unscd. Notes(a)
8.25
9/1/2031
128,000
128,243
Murphy Oil Corp., Sr. Unscd. Notes
6.50
2/15/2034
56,000
55,401
Nabors Industries, Inc., Gtd. Notes(a)
7.63
11/15/2032
62,000
63,222
Nabors Industries, Inc., Gtd. Notes(a)
8.88
8/15/2031
48,000
49,423
Nabors Industries, Inc., Gtd. Notes(a)
9.13
1/31/2030
64,000
66,982
NGL Energy Operating LLC/NGL Energy Finance Corp., Sr. Scd. Notes(a)
8.13
2/15/2029
183,000
187,585
NGL Energy Operating LLC/NGL Energy Finance Corp., Sr. Scd. Notes(a)
8.38
2/15/2032
310,000
322,179
Noble Finance II LLC, Gtd. Notes(a)
6.25
6/15/2034
84,000
81,541
Noble Finance II LLC, Gtd. Notes(a)
8.00
4/15/2030
202,000
208,826
Northern Oil & Gas, Inc., Sr. Unscd. Notes(a)
7.88
10/15/2033
78,000
78,055
Northern Oil & Gas, Inc., Sr. Unscd. Notes(a)
8.75
6/15/2031
63,000
64,895
Northriver Midstream Finance LP, Sr. Scd. Notes(a)
6.75
7/15/2032
76,000
76,493
Oceaneering International, Inc., Sr. Unscd. Notes(a)
6.88
7/15/2034
91,000
93,124
Par Petroleum LLC, Gtd. Notes(a)
7.38
6/1/2034
56,000
57,950
PBF Holding Co. LLC/PBF Finance Corp., Gtd. Notes(a)
7.25
6/1/2034
68,000
69,057
PBF Holding Co. LLC/PBF Finance Corp., Gtd. Notes(a)
7.88
9/15/2030
149,000
154,596
PBF Holding Co. LLC/PBF Finance Corp., Gtd. Notes(a)
9.88
3/15/2030
187,000
200,266
Prairie Acquiror LP, Sr. Scd. Notes(a)
9.00
8/1/2029
77,000
79,483
Precision Drilling Corp., Gtd. Notes(a)
6.88
1/15/2029
169,000
169,771
Puma International Financing SA, Gtd. Notes(a)
7.75
4/25/2029
169,000
172,840
Range Resources Corp., Gtd. Notes(a)
4.75
2/15/2030
126,000
122,703
Rockies Express Pipeline LLC, Sr. Unscd. Notes(a)
6.88
4/15/2040
29,000
29,160
Saturn Oil & Gas, Inc., Gtd. Notes(a)
8.50
7/30/2031
57,000
57,216
Seadrill Finance Ltd., Gtd. Notes(a)
6.75
7/15/2034
92,000
88,561
SESI LLC, Sr. Scd. Notes(a)
7.88
9/30/2030
176,000
178,050
SM Energy Co., Gtd. Notes(a)
6.63
4/15/2034
73,000
72,570
SM Energy Co., Gtd. Notes(a)
6.75
8/1/2029
83,000
84,197
SM Energy Co., Gtd. Notes(a)
8.38
7/1/2028
48,000
49,031
SM Energy Co., Gtd. Notes(a)
8.63
11/1/2030
109,000
114,436
16


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Energy — 11.7% (continued)
SM Energy Co., Gtd. Notes(a)
8.75
7/1/2031
150,000
156,881
SM Energy Co., Gtd. Notes(a)
9.63
6/15/2033
119,000
130,896
SM Energy Co., Sr. Unscd. Notes
6.50
7/15/2028
44,000
44,081
SM Energy Co., Sr. Unscd. Notes(a)
7.00
8/1/2032
58,000
58,920
South Bow Canadian Infrastructure Holdings Ltd., Gtd. Notes
7.50
3/1/2055
69,000
72,690
South Bow Canadian Infrastructure Holdings Ltd., Gtd. Notes
7.63
3/1/2055
161,000
167,389
Star Holding LLC, Sr. Scd. Notes(a)
8.75
8/1/2031
61,000
62,343
Summit Midstream Holdings LLC, Sr. Scd. Notes(a)
8.63
10/31/2029
104,000
107,941
Sunoco LP, Gtd. Notes(a)
5.38
7/15/2031
55,000
53,990
Sunoco LP, Gtd. Notes(a)
5.63
3/15/2031
113,000
111,566
Sunoco LP, Gtd. Notes(a)
5.63
7/15/2034
45,000
43,546
Sunoco LP, Gtd. Notes(a)
5.88
3/15/2034
71,000
69,532
Sunoco LP, Gtd. Notes(a)
6.25
7/1/2033
109,000
109,260
Sunoco LP, Gtd. Notes(a)
7.00
5/1/2029
85,000
86,851
Sunoco LP, Gtd. Notes(a)
7.25
5/1/2032
83,000
85,689
Sunoco LP, Sr. Unscd. Notes(a)
4.50
10/1/2029
100,000
97,209
Sunoco LP, Sr. Unscd. Notes(a)
4.63
5/1/2030
92,000
88,682
Sunoco LP, Sr. Unscd. Notes(a)
6.63
8/15/2032
80,000
80,820
Sunoco LP/Sunoco Finance Corp., Gtd. Notes
4.50
5/15/2029
89,000
86,598
Sunoco LP/Sunoco Finance Corp., Gtd. Notes
4.50
4/30/2030
63,000
60,805
Sunoco LP/Sunoco Finance Corp., Gtd. Notes
5.88
3/15/2028
43,000
43,016
Sunoco LP/Sunoco Finance Corp., Gtd. Notes(a)
7.00
9/15/2028
68,000
69,178
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes(a)
5.50
1/15/2028
94,000
93,910
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes(a)
6.00
12/31/2030
90,000
89,361
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes(a)
6.00
9/1/2031
57,000
56,177
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes(a)
6.75
3/15/2034
38,556
38,784
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Sr. Unscd. Notes(a)
7.38
2/15/2029
139,000
142,089
Talos Production, Inc., Scd. Notes(a)
8.00
7/15/2034
98,000
99,065
Talos Production, Inc., Scd. Notes(a)
9.38
2/1/2031
48,000
50,583
TerraForm Power Operating LLC, Gtd. Notes(a)
4.75
1/15/2030
174,000
166,567
TerraForm Power Operating LLC, Gtd. Notes(a)
5.00
1/31/2028
166,000
164,351
TGNR Intermediate Holdings LLC, Sr. Unscd. Notes(a)
5.50
10/15/2029
74,000
72,505
TGS ASA, Sr. Scd. Bonds(a)
8.50
1/15/2030
111,000
115,951
Tidewater, Inc., Gtd. Notes(a)
9.13
7/15/2030
231,000
246,833
TransMontaigne Partners LLC, Gtd. Notes(a)
8.50
6/15/2030
90,000
91,907
Transocean International Ltd., Gtd. Notes
6.80
3/15/2038
66,000
61,779
Transocean International Ltd., Gtd. Notes
7.50
4/15/2031
43,000
43,064
Transocean International Ltd., Sr. Scd. Notes(a)
8.75
2/15/2030
70,175
72,816
USA Compression Partners LP/USA Compression Finance Corp., Gtd. Notes(a)
6.25
10/1/2033
47,000
46,252
USA Compression Partners LP/USA Compression Finance Corp., Gtd. Notes(a)
7.13
3/15/2029
116,000
118,407
Valaris Ltd., Scd. Notes(a)
8.38
4/30/2030
128,000
132,539
Venture Global Calcasieu Pass LLC, Sr. Scd. Notes(a)
3.88
8/15/2029
66,000
62,835
Venture Global Calcasieu Pass LLC, Sr. Scd. Notes(a)
4.13
8/15/2031
58,000
53,795
Venture Global Calcasieu Pass LLC, Sr. Scd. Notes(a)
6.00
5/1/2036
94,000
93,039
Venture Global Calcasieu Pass LLC, Sr. Scd. Notes(a)
6.25
1/15/2030
25,000
25,418
Venture Global LNG, Inc., Sr. Scd. Notes(a)
6.38
12/15/2034
130,000
126,583
Venture Global LNG, Inc., Sr. Scd. Notes(a)
6.63
6/15/2036
116,000
113,706
Venture Global LNG, Inc., Sr. Scd. Notes(a)
7.00
1/15/2030
185,000
187,945
Venture Global LNG, Inc., Sr. Scd. Notes(a)
8.38
6/1/2031
253,000
261,451
Venture Global LNG, Inc., Sr. Scd. Notes(a)
9.50
2/1/2029
368,000
394,450
Venture Global LNG, Inc., Sr. Scd. Notes(a)
9.88
2/1/2032
347,000
369,501
Venture Global Plaquemines LNG LLC, Sr. Scd. Bonds(a)
6.13
12/15/2030
193,000
196,038
Venture Global Plaquemines LNG LLC, Sr. Scd. Bonds(a)
6.50
6/15/2034
94,000
97,010
Venture Global Plaquemines LNG LLC, Sr. Scd. Notes(a)
6.50
1/15/2034
157,000
162,051
Venture Global Plaquemines LNG LLC, Sr. Scd. Notes(a)
6.75
1/15/2036
162,000
169,606
Venture Global Plaquemines LNG LLC, Sr. Scd. Notes(a)
7.50
5/1/2033
99,000
107,459
17

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Energy — 11.7% (continued)
Venture Global Plaquemines LNG LLC, Sr. Scd. Notes(a)
7.75
5/1/2035
98,000
108,494
Viridien, Sr. Scd. Notes(a)
10.00
10/15/2030
53,000
55,286
WBI Operating LLC, Gtd. Notes(a)
6.25
10/15/2030
122,000
121,962
WBI Operating LLC, Sr. Unscd. Notes(a)
6.50
10/15/2033
48,000
47,898
Weatherford International Ltd., Gtd. Notes(a)
6.75
10/15/2033
130,000
131,560
Weatherford International Ltd., Gtd. Notes(a)
8.63
4/30/2030
46,000
46,285
Wildfire Intermediate Holdings LLC, Sr. Unscd. Bonds(a)
7.50
10/15/2029
139,000
143,242
 
18,697,032
Environmental Control — .6%
Clean Harbors, Inc., Gtd. Notes(a)
5.13
7/15/2029
88,000
86,984
Clean Harbors, Inc., Gtd. Notes(a)
6.38
2/1/2031
127,000
128,399
GFL Environmental Holdings US, Inc., Gtd. Notes(a)
5.50
2/1/2034
63,000
58,278
GFL Environmental Holdings US, Inc., Gtd. Notes(a)
5.63
7/1/2031
78,000
75,745
GFL Environmental, Inc., Gtd. Notes(a)
4.00
8/1/2028
41,000
39,989
GFL Environmental, Inc., Gtd. Notes(a)
4.38
8/15/2029
68,000
65,415
GFL Environmental, Inc., Gtd. Notes(a)
4.75
6/15/2029
91,000
88,682
GFL Environmental, Inc., Gtd. Notes(a)
6.75
1/15/2031
129,000
130,638
Luna 1.5 Sarl, Sr. Unscd. Notes(a),(c)
12.00
7/1/2032
126,586
135,084
Madison IAQ LLC, Sr. Unscd. Notes(a)
5.88
6/30/2029
82,000
82,021
Wrangler Holdco Corp., Gtd. Notes(a)
6.63
4/1/2032
42,000
42,101
 
933,336
Food Products — 2.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd.
Notes(a)
3.50
3/15/2029
122,000
114,847
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd.
Notes(a)
4.88
2/15/2030
115,000
109,739
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd.
Notes(a)
5.63
3/31/2032
125,000
118,908
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd.
Notes(a)
5.75
3/31/2034
108,000
100,414
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd.
Notes(a)
6.50
2/15/2028
123,000
123,815
B&G Foods, Inc., Gtd. Notes(a)
11.00
6/15/2031
50,000
44,369
B&G Foods, Inc., Sr. Scd. Notes(a),(b)
8.00
9/15/2028
62,000
60,683
Chobani LLC/Chobani Finance Corp., Inc., Sr. Unscd. Notes(a)
6.38
4/15/2034
90,000
90,297
Chobani LLC/Chobani Finance Corp., Inc., Sr. Unscd. Notes(a)
7.63
7/1/2029
62,000
64,011
Fiesta Purchaser, Inc., Sr. Scd. Notes(a)
7.88
3/1/2031
74,000
73,955
Fiesta Purchaser, Inc., Sr. Unscd. Notes(a)
9.63
9/15/2032
59,000
55,378
Froneri Lux FinCo Sarl, Sr. Scd. Notes(a)
6.00
8/1/2032
55,000
53,666
Industrial F&B Investments III, Inc., Sr. Scd. Notes(a)
7.75
2/11/2033
89,000
90,294
Ingles Markets, Inc., Sr. Unscd. Notes(a)
4.00
6/15/2031
40,000
37,107
J&F Luxembourg Finance Sarl, Gtd. Notes(a)
8.00
4/23/2033
108,000
103,577
J&F Luxembourg Finance Sarl, Gtd. Notes(a)
8.50
12/1/2032
92,000
91,430
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., Sr. Scd.
Notes(a)
9.00
2/15/2029
89,000
92,714
Lamb Weston Holdings, Inc., Gtd. Notes(a)
4.13
1/31/2030
160,000
152,438
Lamb Weston Holdings, Inc., Gtd. Notes(a)
4.38
1/31/2032
81,000
75,929
Lamb Weston Holdings, Inc., Gtd. Notes(a)
4.88
5/15/2028
130,000
129,017
Land O’Lakes Capital Trust I, Gtd. Debs.(a)
7.45
3/15/2028
85,000
86,694
Performance Food Group, Inc., Gtd. Notes(a)
4.25
8/1/2029
56,000
54,140
Performance Food Group, Inc., Gtd. Notes(a)
5.63
3/1/2034
234,000
226,952
Performance Food Group, Inc., Gtd. Notes(a)
6.13
9/15/2032
170,000
170,643
Post Holdings, Inc., Gtd. Notes(a)
4.50
9/15/2031
73,000
67,739
Post Holdings, Inc., Gtd. Notes(a)
4.63
4/15/2030
100,000
96,319
Post Holdings, Inc., Gtd. Notes(a)
6.25
10/15/2034
65,000
63,189
Post Holdings, Inc., Gtd. Notes(a)
6.38
3/1/2033
224,000
220,688
18


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Food Products — 2.1% (continued)
Post Holdings, Inc., Gtd. Notes(a)
6.50
3/15/2036
62,000
60,474
Post Holdings, Inc., Sr. Scd. Notes(a)
6.25
2/15/2032
32,000
32,182
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food,
Inc./Simmons Feed, Scd. Notes(a)
4.63
3/1/2029
95,000
91,806
United Natural Foods, Inc., Gtd. Notes(a)
6.75
10/15/2028
43,000
43,021
US Foods, Inc., Gtd. Notes(a)
4.75
2/15/2029
114,000
112,362
US Foods, Inc., Gtd. Notes(a)
6.88
9/15/2028
14,000
14,275
US Foods, Inc., Gtd. Notes(a)
7.25
1/15/2032
17,000
17,567
Viking Baked Goods Acquisition Corp., Sr. Scd. Notes(a)
8.63
11/1/2031
163,000
163,694
 
3,304,333
Food Service — .2%
Aramark Services, Inc., Gtd. Notes(a)
5.00
2/1/2028
134,000
133,581
TKC Holdings, Inc., Scd. Notes(a)
12.00
2/15/2031
84,000
88,010
TKC Holdings, Inc., Sr. Scd. Notes(a)
8.50
8/15/2030
153,000
156,501
 
378,092
Forest Products & Paper — .1%
Ahlstrom Holding 3 Oy, Sr. Scd. Bonds(a)
4.88
2/4/2028
39,000
38,567
Domtar Corp., Sr. Scd. Notes(a)
6.75
10/1/2028
37,000
26,715
Magnera Corp., Sr. Scd. Notes(a)
4.75
11/15/2029
35,000
32,631
Magnera Corp., Sr. Scd. Notes(a)
7.25
11/15/2031
62,000
60,678
Mercer International, Inc., Sr. Unscd. Notes
5.13
2/1/2029
65,000
38,393
Mercer International, Inc., Sr. Unscd. Notes(a)
12.88
10/1/2028
32,000
14,230
 
211,214
Health Care — 7.9%
1261229 BC Ltd., Sr. Scd. Notes(a)
10.00
4/15/2032
704,000
719,597
Acadia Healthcare Co., Inc., Gtd. Notes(a)
5.50
7/1/2028
32,000
31,786
Acadia Healthcare Co., Inc., Gtd. Notes(a)
7.38
3/15/2033
23,000
23,750
Accendra Health, Inc., Scd. Notes(a)
9.75
6/15/2033
17,955
11,303
Accendra Health, Inc., Scd. Notes(a)
9.75
6/15/2033
43,250
28,697
Accendra Health, Inc., Sr. Scd. Notes(a)
9.00
6/15/2032
55,000
52,535
Adapthealth LLC, Gtd. Notes(a)
4.63
8/1/2029
56,000
54,095
Adapthealth LLC, Gtd. Notes(a)
5.13
3/1/2030
40,000
38,649
Adapthealth LLC, Gtd. Notes(a)
6.13
8/1/2028
71,000
71,000
Amneal Pharmaceuticals LLC, Sr. Scd. Notes(a)
6.88
8/1/2032
45,000
46,351
Avantor Funding, Inc., Gtd. Notes(a)
3.88
11/1/2029
54,000
51,500
Avantor Funding, Inc., Gtd. Notes(a)
4.63
7/15/2028
101,000
99,620
Bausch + Lomb Corp., Sr. Scd. Notes(a)
8.38
10/1/2028
159,000
163,300
Bausch Health Cos., Inc., Gtd. Notes(a)
5.00
1/30/2028
50,000
45,246
Bausch Health Cos., Inc., Gtd. Notes(a)
5.00
2/15/2029
51,000
39,026
Bausch Health Cos., Inc., Gtd. Notes(a)
5.25
1/30/2030
86,000
58,262
Bausch Health Cos., Inc., Gtd. Notes(a)
5.25
2/15/2031
51,000
31,586
Bausch Health Cos., Inc., Gtd. Notes(a)
6.25
2/15/2029
91,000
71,435
Bausch Health Cos., Inc., Gtd. Notes(a)
7.00
1/15/2028
20,000
18,200
Bausch Health Cos., Inc., Gtd. Notes(a)
7.25
5/30/2029
35,000
27,491
Bausch Health Cos., Inc., Scd. Notes(a)
14.00
10/15/2030
37,000
33,884
Bausch Health Cos., Inc., Sr. Scd. Notes(a)
4.88
6/1/2028
95,000
88,987
Bausch Health Cos., Inc., Sr. Scd. Notes(a)
11.00
9/30/2028
100,000
102,305
BellRing Brands, Inc., Gtd. Notes(a)
7.00
3/15/2030
91,000
89,974
BioMarin Pharmaceutical, Inc., Gtd. Notes(a),(b)
5.50
2/15/2034
136,000
132,627
Centene Corp., Sr. Unscd. Notes
2.45
7/15/2028
383,000
363,385
Centene Corp., Sr. Unscd. Notes
2.50
3/1/2031
376,000
327,314
Centene Corp., Sr. Unscd. Notes
2.63
8/1/2031
158,000
136,983
Centene Corp., Sr. Unscd. Notes
3.00
10/15/2030
367,000
330,262
Centene Corp., Sr. Unscd. Notes
3.38
2/15/2030
329,000
304,695
Centene Corp., Sr. Unscd. Notes
4.63
12/15/2029
583,000
564,764
Charles River Laboratories International, Inc., Gtd. Notes(a)
4.25
5/1/2028
40,000
39,255
19

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Health Care — 7.9% (continued)
Charlotte Buyer, Inc., Sr. Scd. Notes(a)
8.00
6/30/2031
52,000
52,576
CHS/Community Health Systems, Inc., Scd. Notes(a)
6.13
4/1/2030
97,000
81,616
CHS/Community Health Systems, Inc., Scd. Notes(a)
6.88
4/15/2029
118,000
113,749
CHS/Community Health Systems, Inc., Sr. Scd. Notes(a)
4.75
2/15/2031
28,000
24,944
CHS/Community Health Systems, Inc., Sr. Scd. Notes(a)
5.25
5/15/2030
70,000
64,759
CHS/Community Health Systems, Inc., Sr. Scd. Notes(a)
9.75
1/15/2034
157,000
159,056
CHS/Community Health Systems, Inc., Sr. Scd. Notes(a)
10.88
1/15/2032
185,000
195,144
Concentra Health Services, Inc., Gtd. Notes(a),(b)
6.88
7/15/2032
40,000
41,158
CVS Health Corp., Jr. Sub. Notes
6.75
12/10/2054
95,000
97,688
CVS Health Corp., Jr. Sub. Notes
7.00
3/10/2055
517,000
531,672
DaVita, Inc., Gtd. Notes(a)
3.75
2/15/2031
124,000
114,433
DaVita, Inc., Gtd. Notes(a)
4.63
6/1/2030
255,000
245,713
DaVita, Inc., Gtd. Notes(a)
6.75
7/15/2033
107,000
109,786
DaVita, Inc., Gtd. Notes(a)
6.88
9/1/2032
121,000
124,292
DENTSPLY SIRONA, Inc., Jr. Sub. Notes
8.38
9/12/2055
208,000
207,098
Elanco Animal Health, Inc., Sr. Unscd. Notes
6.40
8/28/2028
46,000
47,049
Emergent BioSolutions, Inc., Gtd. Notes(a)
3.88
8/15/2028
56,000
51,731
Encompass Health Corp., Gtd. Notes
4.50
2/1/2028
60,000
59,354
Encompass Health Corp., Gtd. Notes
4.63
4/1/2031
90,000
86,514
Encompass Health Corp., Gtd. Notes
4.75
2/1/2030
159,000
155,597
Encompass Health Corp., Gtd. Notes(a)
5.88
6/1/2034
118,000
116,830
Endo Finance Holdings LP, Sr. Scd. Notes(a)
8.50
4/15/2031
153,000
161,077
Genmab A/S Genmab Finance LLC, Gtd. Notes(a)
7.25
12/15/2033
108,000
111,422
Genmab A/S Genmab Finance LLC, Sr. Scd. Notes(a)
6.25
12/15/2032
108,000
108,938
Global Medical Response, Inc., Sr. Scd. Notes(a)
7.38
10/1/2032
98,000
100,132
Grifols SA, Gtd. Notes(a)
4.75
10/15/2028
63,000
61,494
HAH Group Holding Co. LLC, Sr. Scd. Notes(a)
9.75
10/1/2031
24,000
21,896
Harrow, Inc., Gtd. Notes(a)
8.63
9/15/2030
104,000
105,472
HealthEquity, Inc., Gtd. Notes(a)
4.50
10/1/2029
104,000
100,882
HLF Financing Sarl LLC/Herbalife International, Inc., Gtd. Notes(a)
4.88
6/1/2029
89,000
82,852
HLF Financing Sarl LLC/Herbalife International, Inc., Sr. Scd. Notes(a)
7.75
5/1/2033
95,000
95,583
Humana, Inc., Jr. Sub. Notes
6.63
9/15/2056
119,000
117,070
Insulet Corp., Sr. Unscd. Notes(a)
6.50
4/1/2033
82,000
82,991
IQVIA, Inc., Gtd. Notes(a)
6.25
6/1/2032
99,000
100,375
IQVIA, Inc., Gtd. Notes(a)
6.50
5/15/2030
56,000
57,086
Jazz Securities DAC, Sr. Scd. Notes(a)
4.38
1/15/2029
31,000
30,354
Kedrion SpA, Sr. Scd. Notes(a)
6.50
9/1/2029
134,000
132,239
LifePoint Health, Inc., Gtd. Notes(a)
5.38
1/15/2029
55,000
52,276
LifePoint Health, Inc., Sr. Scd. Notes(a)
7.00
5/1/2034
191,000
178,309
LifePoint Health, Inc., Sr. Scd. Notes(a)
9.88
8/15/2030
58,000
60,939
LifePoint Health, Inc., Sr. Unscd. Notes(a)
10.00
6/1/2032
64,000
61,467
Medline Borrower LP, Gtd. Notes(a)
5.25
10/1/2029
284,000
281,454
Molina Healthcare, Inc., Sr. Unscd. Notes(a)
3.88
11/15/2030
48,000
44,342
Molina Healthcare, Inc., Sr. Unscd. Notes(a)
3.88
5/15/2032
47,000
42,075
Molina Healthcare, Inc., Sr. Unscd. Notes(a)
4.38
6/15/2028
108,000
105,701
Molina Healthcare, Inc., Sr. Unscd. Notes(a)
6.25
1/15/2033
87,000
86,098
Molina Healthcare, Inc., Sr. Unscd. Notes(a)
6.50
2/15/2031
107,000
107,990
MPH Acquisition Holdings LLC, Sr. Scd. Notes(a),(b)
5.75
12/31/2030
79,425
61,158
MPH Acquisition Holdings LLC, Sr. Scd. Notes(a),(c)
6.75
3/31/2031
3,000
1,804
MPH Acquisition Holdings LLC, Sr. Scd. Notes(a),(c)
11.50
12/31/2030
82,650
77,915
National Mentor Holdings, Inc., Sr. Scd. Notes(a)
10.50
12/15/2030
199,000
209,905
Neogen Food Safety Corp., Gtd. Notes(a)
8.63
7/20/2030
41,000
42,851
Organon & Co./Organon Foreign Debt Co-Issuer BV, Gtd. Notes(a)
7.88
5/15/2034
41,000
43,780
Organon & Co./Organon Foreign Debt Co-Issuer BV, Sr. Scd. Notes(a)
4.13
4/30/2028
225,000
221,676
Organon & Co./Organon Foreign Debt Co-Issuer BV, Sr. Scd. Notes(a)
6.75
5/15/2034
67,000
69,937
Organon & Co./Organon Foreign Debt Co-Issuer BV, Sr. Unscd. Notes(a)
5.13
4/30/2031
116,000
114,889
20


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Health Care — 7.9% (continued)
Paradigm Parent LLC and Paradigm Parent Co-Issuer, Inc., Sr. Scd. Notes(a)
8.75
4/17/2032
77,000
70,677
Pediatrix Medical Group, Inc., Gtd. Notes(a)
5.38
2/15/2030
127,000
124,129
Prime Healthcare Services, Inc., Sr. Scd. Notes(a)
9.38
9/1/2029
214,000
223,161
Radiology Partners, Inc., Scd. Notes(a),(c)
9.78
2/15/2030
95,648
95,423
Radiology Partners, Inc., Sr. Scd. Notes(a)
8.50
7/15/2032
107,000
112,441
Select Medical Corp., Gtd. Notes(a),(b)
6.25
12/1/2032
112,000
107,501
Sotera Health Holdings LLC, Sr. Scd. Notes(a)
7.38
6/1/2031
112,000
116,099
Star Parent, Inc., Sr. Scd. Notes(a)
9.00
10/1/2030
84,000
88,294
Surgery Center Holdings, Inc., Gtd. Notes(a)
7.25
4/15/2032
90,000
90,235
Team Health Holdings, Inc., Sr. Scd. Notes(a)
8.38
6/30/2028
71,000
70,957
Team Health Holdings, Inc., Sr. Scd. Notes(a),(c)
13.50
6/30/2028
115,000
117,413
TEAM Services Holding, Inc., Sr. Scd. Notes(a),(b)
9.00
2/15/2033
50,000
50,713
Teleflex, Inc., Gtd. Notes(a)
4.25
6/1/2028
59,000
57,857
Teleflex, Inc., Gtd. Notes(a)
5.88
1/15/2032
127,000
126,173
Tenet Healthcare Corp., Gtd. Notes
6.13
10/1/2028
174,000
174,132
Tenet Healthcare Corp., Sr. Scd. Notes
4.25
6/1/2029
109,000
105,696
Tenet Healthcare Corp., Sr. Scd. Notes
4.38
1/15/2030
133,000
128,251
Tenet Healthcare Corp., Sr. Scd. Notes
4.63
6/15/2028
43,000
42,593
Tenet Healthcare Corp., Sr. Scd. Notes
5.13
11/1/2027
150,000
149,911
Tenet Healthcare Corp., Sr. Scd. Notes(a)
5.50
11/15/2032
113,000
111,299
Tenet Healthcare Corp., Sr. Scd. Notes
6.13
6/15/2030
159,000
160,226
Tenet Healthcare Corp., Sr. Scd. Notes
6.75
5/15/2031
97,000
98,973
Tenet Healthcare Corp., Sr. Unscd. Notes(a)
6.00
11/15/2033
52,000
52,195
US Acute Care Solutions LLC, Sr. Scd. Notes(a)
9.75
5/15/2029
27,000
25,169
 
12,712,570
Industrial — 2.0%
Amsted Industries, Inc., Sr. Unscd. Bonds(a)
6.38
3/15/2033
62,000
62,440
Amsted Industries, Inc., Sr. Unscd. Notes(a)
4.63
5/15/2030
42,000
40,540
Artera Services LLC, Sr. Scd. Notes(a),(b)
8.50
2/15/2031
45,000
40,995
ASG Finance DAC, Gtd. Notes(a)
9.75
5/15/2029
20,000
17,521
ATS Corp., Gtd. Notes(a)
4.13
12/15/2028
37,000
36,007
Avient Corp., Sr. Unscd. Notes(a)
6.25
11/1/2031
58,000
58,469
Avient Corp., Sr. Unscd. Notes(a)
7.13
8/1/2030
78,000
79,228
Axon Enterprise, Inc., Sr. Unscd. Notes(a)
6.13
3/15/2030
140,000
141,850
Axon Enterprise, Inc., Sr. Unscd. Notes(a)
6.25
3/15/2033
63,000
63,921
Brand Industrial Services, Inc., Sr. Scd. Notes(a)
10.38
8/1/2030
108,000
93,437
Brundage-Bone Concrete Pumping Holdings, Inc., Sr. Scd. Notes(a)
7.50
2/1/2032
39,000
39,999
BWX Technologies, Inc., Gtd. Notes(a)
4.13
6/30/2028
48,000
46,800
BWX Technologies, Inc., Gtd. Notes(a)
4.13
4/15/2029
51,000
48,967
Calderys Financing II LLC, Sr. Unscd. Notes(a),(c)
11.75
6/1/2028
50,000
51,027
Calderys Financing LLC, Sr. Scd. Notes(a)
11.25
6/1/2028
52,000
53,835
Clue Opco LLC, Sr. Scd. Notes(a),(b)
9.50
10/15/2031
50,000
49,099
Columbus McKinnon Corp., Sr. Scd. Notes(a)
7.13
2/1/2033
71,000
71,583
Dycom Industries, Inc., Gtd. Notes(a)
4.50
4/15/2029
89,000
86,441
Enpro, Inc., Gtd. Notes(a)
6.13
6/1/2033
58,000
58,194
Esab Corp., Gtd. Notes(a)
5.63
4/1/2031
61,000
60,339
FTAI Aviation Investors LLC, Gtd. Notes(a)
5.50
5/1/2028
194,000
193,522
FTAI Aviation Investors LLC, Gtd. Notes(a)
7.00
5/1/2031
69,000
70,978
FTAI Aviation Investors LLC, Gtd. Notes(a)
7.88
12/1/2030
57,000
59,337
Global Infrastructure Solutions, Inc., Gtd. Notes(a)
5.63
6/1/2029
39,000
38,941
Global Infrastructure Solutions, Inc., Sr. Unscd. Notes(a)
6.38
7/15/2034
41,000
41,301
GrafTech Finance, Inc., Scd. Notes(a)
4.63
12/23/2029
53,000
31,971
GrafTech Global Enterprises, Inc., Scd. Notes(a)
9.88
12/23/2029
51,000
35,873
Granite Construction, Inc., Gtd. Notes(a)
6.38
6/15/2034
162,000
162,096
HNI Corp., Sr. Scd. Notes(a)
5.13
1/18/2029
72,000
70,989
LSB Industries, Inc., Sr. Scd. Notes(a)
6.25
10/15/2028
57,000
56,849
21

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Industrial — 2.0% (continued)
Lsf12 Helix Parent LLC, Sr. Scd. Notes(a),(b)
7.13
2/1/2033
64,000
62,826
Maxam Prill Sarl, Sr. Scd. Bonds(a)
7.75
7/15/2030
151,000
154,968
Maxim Crane Works Holdings Capital LLC, Scd. Notes(a)
11.50
9/1/2028
48,000
49,800
Railworks Holdings LP/Railworks Rally, Inc., Scd. Notes(a)
8.25
11/15/2028
133,000
133,087
Solaris Energy Infrastructure LLC, Gtd. Notes(a)
6.38
5/15/2031
128,000
125,714
Stena International SA, Sr. Scd. Notes(a)
7.25
1/15/2031
151,000
153,963
Stena International SA, Sr. Scd. Notes(a)
7.63
2/15/2031
117,000
120,630
Terex Corp., Gtd. Notes(a)
5.00
5/15/2029
43,000
42,460
Terex Corp., Gtd. Notes(a)
6.25
10/15/2032
52,000
52,222
Trinity Industries, Inc., Gtd. Notes(a)
7.75
7/15/2028
41,000
41,838
Weekley Homes LLC/Weekley Finance Corp., Sr. Unscd. Notes(a)
4.88
9/15/2028
132,000
129,929
Weekley Homes LLC/Weekley Finance Corp., Sr. Unscd. Notes(a)
6.75
1/15/2034
71,000
71,091
Xerox Corp., Scd. Notes(a)
13.50
4/15/2031
32,000
23,006
Xerox Corp., Sr. Scd. Notes(a)
10.25
10/15/2030
34,000
30,674
Xerox Corp., Sr. Unscd. Notes
4.80
3/1/2035
28,000
10,009
Xerox Corp., Sr. Unscd. Notes
6.75
12/15/2039
30,000
10,354
Xerox Holdings Corp., Gtd. Notes(a)
5.50
8/15/2028
74,000
44,039
Xerox Holdings Corp., Gtd. Notes(a)
8.88
11/30/2029
60,000
27,249
 
3,246,408
Information Technology — 3.4%
AthenaHealth Group, Inc., Sr. Unscd. Notes(a)
6.50
2/15/2030
315,000
304,306
Capstone Borrower, Inc., Sr. Scd. Notes(a)
8.00
6/15/2030
23,000
22,368
Castle US Holding Corp., Scd. Notes(a)
10.00
6/30/2031
13,000
2,566
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., Sr. Scd. Notes(a)
8.00
6/15/2029
20,000
10,535
Central Parent, Inc./CDK Global, Inc., Sr. Scd. Notes(a)
7.25
6/15/2029
54,000
27,961
Cloud Software Group, Inc., Scd. Notes(a)
9.00
9/30/2029
580,000
568,608
Cloud Software Group, Inc., Sr. Scd. Notes(a)
6.50
3/31/2029
576,000
563,388
Cloud Software Group, Inc., Sr. Scd. Notes(a)
6.63
8/15/2033
95,000
82,951
Cloud Software Group, Inc., Sr. Scd. Notes(a)
8.25
6/30/2032
204,000
193,092
Consensus Cloud Solutions, Inc., Gtd. Notes(a)
6.50
10/15/2028
63,000
62,868
CoreWeave, Inc., Gtd. Notes(a),(b)
9.00
2/1/2031
101,000
91,360
CoreWeave, Inc., Gtd. Notes(a),(b)
9.25
6/1/2030
166,000
155,734
CoreWeave, Inc., Gtd. Notes(a)
9.63
7/15/2032
126,000
112,943
CoreWeave, Inc., Gtd. Notes(a)
9.75
10/1/2031
288,000
261,433
Dye & Durham Ltd., Sr. Scd. Notes(a)
8.63
4/15/2029
30,000
18,080
Elastic NV, Sr. Unscd. Notes(a)
4.13
7/15/2029
61,000
58,125
Ellucian Holdings, Inc., Sr. Scd. Notes(a)
6.50
12/1/2029
54,000
52,009
Fair Isaac Corp., Gtd. Notes(a)
6.25
9/15/2034
226,000
218,124
Fair Isaac Corp., Sr. Unscd. Notes(a)
4.00
6/15/2028
28,000
27,162
Fair Isaac Corp., Sr. Unscd. Notes(a)
6.00
5/15/2033
261,000
252,675
OAK-Eagle Acquireco, Inc., Sr. Scd. Notes(a)
7.25
7/1/2033
591,000
612,751
OAK-Eagle Acquireco, Inc., Sr. Unscd. Notes(a)
8.75
7/1/2034
550,000
578,863
Open Text Corp., Gtd. Notes(a)
3.88
2/15/2028
107,000
104,374
Open Text Corp., Gtd. Notes(a)
3.88
12/1/2029
187,000
172,334
Open Text Holdings, Inc., Gtd. Notes(a)
4.13
2/15/2030
210,000
193,834
Open Text Holdings, Inc., Gtd. Notes(a),(b)
4.13
12/1/2031
74,000
65,293
Pagaya US Holdings Co. LLC, Gtd. Notes(a),(b)
8.88
8/1/2030
35,000
31,219
PTC, Inc., Gtd. Notes(a)
4.00
2/15/2028
104,000
101,661
Rackspace Finance LLC, Sr. Scd. Notes(a)
3.50
5/15/2028
36,635
32,436
RingCentral, Inc., Sr. Unscd. Notes(a)
8.50
8/15/2030
21,000
21,918
Rocket Software, Inc., Sr. Scd. Notes(a)
9.00
11/28/2028
104,000
102,928
Rocket Software, Inc., Sr. Unscd. Notes(a)
6.50
2/15/2029
48,000
44,219
Twilio, Inc., Gtd. Notes
3.63
3/15/2029
41,000
39,358
UKG, Inc., Sr. Scd. Notes(a)
6.88
2/1/2031
159,000
155,770
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Gtd. Notes(a),(b)
3.88
2/1/2029
37,000
30,778
 
5,374,024
22


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Insurance — 2.7%
Acrisure LLC/Acrisure Finance, Inc., Sr. Scd. Bonds(a)
6.75
7/1/2032
20,000
18,397
Acrisure LLC/Acrisure Finance, Inc., Sr. Scd. Notes(a)
4.25
2/15/2029
72,000
67,049
Acrisure LLC/Acrisure Finance, Inc., Sr. Scd. Notes(a)
7.50
11/6/2030
88,000
85,153
Acrisure LLC/Acrisure Finance, Inc., Sr. Unscd. Notes(a)
6.00
8/1/2029
62,000
55,988
Acrisure LLC/Acrisure Finance, Inc., Sr. Unscd. Notes(a)
8.25
2/1/2029
112,000
107,372
Acrisure LLC/Acrisure Finance, Inc., Sr. Unscd. Notes(a)
8.50
6/15/2029
61,000
58,195
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. Notes(a)
4.25
10/15/2027
33,000
32,620
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. Notes(a)
6.50
10/1/2031
103,000
102,973
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. Notes(a)
6.75
4/15/2028
87,000
87,466
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Scd. Notes(a)
7.00
1/15/2031
121,000
122,851
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Unscd. Notes(a)
5.88
11/1/2029
51,000
50,266
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Unscd. Notes(a)
7.38
10/1/2032
55,000
55,328
American National Group, Inc., Jr. Sub. Notes
7.00
12/1/2055
56,000
53,866
AmWINS Group, Inc., Sr. Scd. Notes(a)
6.38
2/15/2029
14,000
14,075
AmWINS Group, Inc., Sr. Unscd. Notes(a)
4.88
6/30/2029
89,000
85,719
Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., Sr. Unscd.
Notes(a)
7.50
7/15/2033
55,000
53,714
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset
Investor 2 LLC, Sr. Unscd. Notes(a)
7.88
11/1/2029
139,000
140,845
Ardonagh Finco Ltd., Sr. Scd. Notes(a)
7.75
2/15/2031
189,000
191,802
Ardonagh Group Finance Ltd., Sr. Unscd. Notes(a)
8.88
2/15/2032
127,000
126,461
Asurion LLC/Asurion Co-Issuer, Inc., Scd. Notes(a)
8.38
2/1/2034
413,000
376,382
Asurion LLC/Asurion Co-Issuer, Inc., Sr. Scd. Notes(a)
8.00
12/31/2032
463,000
468,172
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings
Finance, Sr. Scd. Notes(a)
7.13
5/15/2031
54,000
54,491
Broadstreet Partners Group LLC, Sr. Unscd. Notes(a)
5.88
4/15/2029
97,000
94,905
CRC Insurance Group LLC, Sr. Scd. Notes(a)
7.13
6/1/2031
284,000
283,615
Genworth Holdings, Inc., Gtd. Notes
6.50
6/15/2034
20,000
19,997
Global Atlantic Fin Co., Gtd. Notes(a)
7.25
3/1/2056
149,000
142,755
Global Atlantic Fin Co., Gtd. Notes(a)
7.95
10/15/2054
139,000
138,762
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance
LLC, Sr. Scd. Notes(a)
7.25
2/15/2031
18,000
17,833
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance
LLC, Sr. Unscd. Notes(a)
8.13
2/15/2032
148,000
137,617
HUB International Ltd., Sr. Scd. Notes(a)
7.25
6/15/2030
300,000
309,116
HUB International Ltd., Sr. Unscd. Notes(a)
5.63
12/1/2029
69,000
68,934
HUB International Ltd., Sr. Unscd. Notes(a)
7.38
1/31/2032
228,000
233,119
Jones Deslauriers Insurance Management, Inc., Sr. Scd. Notes(a)
8.50
3/15/2030
74,000
76,487
Jones Deslauriers Insurance Management, Inc., Sr. Unscd. Notes(a)
6.88
10/1/2033
32,000
30,195
Ryan Specialty LLC, Sr. Scd. Notes(a)
4.38
2/1/2030
32,000
30,947
Ryan Specialty LLC, Sr. Scd. Notes(a)
5.88
8/1/2032
122,000
120,337
The Nassau Companies of New York, Sr. Unscd. Notes(a)
7.88
7/15/2030
44,000
41,401
USI, Inc., Sr. Unscd. Notes(a)
7.50
1/15/2032
78,000
79,724
Wilton RE Ltd., Sub. Notes(a),(d)
6.00
10/22/2030
97,000
90,728
 
4,325,657
Internet Software & Services — 2.1%
Angi Group LLC, Gtd. Notes(a),(b)
3.88
8/15/2028
28,000
23,748
AP Core Holdings II LLC, Sr. Scd. Notes(a)
11.00
5/15/2031
180,000
187,824
Arches Buyer, Inc., Sr. Scd. Notes(a)
4.25
6/1/2028
73,000
70,727
Arches Buyer, Inc., Sr. Unscd. Notes(a)
6.13
12/1/2028
37,000
36,259
Cars.com, Inc., Gtd. Notes(a)
6.38
11/1/2028
93,000
92,504
Cogent Communications Group LLC/Cogent Finance, Inc., Sr. Scd. Bonds(a),(b)
6.50
7/1/2032
20,000
17,807
Gen Digital, Inc., Gtd. Notes(a)
6.25
4/1/2033
101,000
99,435
Gen Digital, Inc., Gtd. Notes(a)
6.75
9/30/2027
131,000
131,203
Gen Digital, Inc., Gtd. Notes(a)
7.13
9/30/2030
65,000
65,985
Getty Images, Inc., Gtd. Notes(a)
14.00
3/1/2028
29,000
19,394
23

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Internet Software & Services — 2.1% (continued)
Getty Images, Inc., Sr. Scd. Bonds(a)
11.25
2/21/2030
14,741
11,532
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes(a)
3.50
3/1/2029
87,000
81,718
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes(a)
5.25
12/1/2027
103,000
102,897
ION Platform Finance US, Inc./ION Platform Finance Sarl, Sr. Scd. Notes(a)
4.63
5/1/2028
105,000
98,009
ION Platform Finance US, Inc./ION Platform Finance Sarl, Sr. Scd. Notes(a)
5.00
5/1/2028
108,000
101,513
ION Platform Finance US, Inc./ION Platform Finance Sarl, Sr. Scd. Notes(a)
5.75
5/15/2028
83,000
78,667
ION Platform Finance US, Inc./ION Platform Finance Sarl, Sr. Scd. Notes(a)
8.75
5/1/2029
160,000
149,178
ION Platform Finance US, Inc./ION Platform Finance Sarl, Sr. Scd. Notes(a)
9.00
8/1/2029
132,000
123,159
ION Platform Finance US, Inc./ION Platform Finance Sarl, Sr. Scd. Notes(a)
9.50
5/30/2029
130,000
123,181
Match Group Holdings II LLC, Sr. Unscd. Notes(a)
3.63
10/1/2031
124,000
110,645
Match Group Holdings II LLC, Sr. Unscd. Notes(a)
4.13
8/1/2030
117,000
109,473
Match Group Holdings II LLC, Sr. Unscd. Notes(a)
4.63
6/1/2028
63,000
62,039
Match Group Holdings II LLC, Sr. Unscd. Notes(a)
5.00
12/15/2027
74,000
73,890
Match Group Holdings II LLC, Sr. Unscd. Notes(a)
5.63
2/15/2029
42,000
41,872
Match Group Holdings II LLC, Sr. Unscd. Notes(a),(b)
6.13
9/15/2033
168,000
163,606
Newfold Digital Holdings Group, Inc., Scd. Notes(a)
11.75
4/30/2029
44,300
25,250
Newfold Digital Holdings Group, Inc., Sr. Scd. Notes(a)
11.75
4/30/2029
29,750
25,562
Photo Holdings LLC, Sr. Scd. Notes(a)
12.00
7/1/2031
140,000
144,307
Rakuten Group, Inc., Sr. Unscd. Notes(a)
9.75
4/15/2029
198,000
214,919
Rakuten Group, Inc., Sub. Bonds(a),(d)
6.25
4/22/2031
157,000
148,686
Rakuten Group, Inc., Sub. Bonds(a),(d)
8.13
12/15/2029
157,000
160,431
Snap, Inc., Gtd. Notes(a)
6.88
3/1/2033
123,000
120,215
Snap, Inc., Gtd. Notes(a)
6.88
3/15/2034
60,000
58,189
Wayfair LLC, Sr. Scd. Notes(a)
6.75
11/15/2032
62,000
63,300
Wayfair LLC, Sr. Scd. Notes(a)
7.13
5/31/2034
47,000
48,285
Wayfair LLC, Sr. Scd. Notes(a)
7.25
10/31/2029
134,000
138,001
Wayfair LLC, Sr. Scd. Notes(a)
7.75
9/15/2030
99,000
103,715
ZipRecruiter, Inc., Sr. Unscd. Notes(a)
5.00
1/15/2030
24,000
18,574
 
3,445,699
Materials — 2.0%
Advanced Drainage Systems, Inc., Gtd. Notes(a)
5.38
3/1/2034
74,000
71,765
Advanced Drainage Systems, Inc., Gtd. Notes(a)
6.38
6/15/2030
142,000
143,172
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., Gtd.
Notes(a)
8.63
6/15/2029
109,000
113,628
Ardagh Group SA, Scd. Bonds(a),(c)
11.00
12/1/2030
134,000
124,083
Ardagh Group SA, Sr. Scd. Notes(a)
9.50
12/1/2030
199,000
210,879
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
Sr. Scd. Notes(a)
3.25
9/1/2028
71,000
68,256
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
Sr. Unscd. Notes(a)
4.00
9/1/2029
132,000
125,419
Ball Corp., Gtd. Notes
6.00
6/15/2029
98,000
99,251
Canpack Group, Inc./CANPACK SA, Gtd. Bonds(a)
6.00
5/15/2031
62,000
61,688
Cascades, Inc./Cascades USA, Inc., Gtd. Notes(a)
5.38
1/15/2028
103,000
102,623
Cascades, Inc./Cascades USA, Inc., Sr. Unscd. Notes(a)
6.75
7/15/2030
39,000
39,641
Clearwater Paper Corp., Gtd. Notes(a)
4.75
8/15/2028
35,000
31,139
Clydesdale Acquisition Holdings, Inc., Gtd. Notes(a)
8.75
4/15/2030
56,000
53,535
Clydesdale Acquisition Holdings, Inc., Sr. Scd. Notes(a)
6.63
4/15/2029
66,000
65,606
Clydesdale Acquisition Holdings, Inc., Sr. Scd. Notes(a)
6.75
4/15/2032
82,000
78,116
Clydesdale Acquisition Holdings, Inc., Sr. Scd. Notes(a)
6.88
1/15/2030
58,000
57,518
Conuma Resources Ltd., Sr. Scd. Notes(a)
13.13
5/1/2028
21,000
20,337
Coronado Finance Pty Ltd., Sr. Scd. Notes(a)
9.25
10/1/2029
45,000
37,801
Crown Americas LLC, Gtd. Notes
5.88
6/1/2033
50,000
49,887
Iris Holdings, Inc., Sr. Unscd. Notes(a)
10.00
12/15/2028
30,000
25,091
Mauser Packaging Solutions Holding Co., Scd. Notes(a)
9.25
4/15/2030
171,000
169,447
Mauser Packaging Solutions Holding Co., Sr. Scd. Notes(a)
7.88
4/15/2030
365,000
372,285
Multi-Color Corp., Sr. Scd. Notes(a),(c)
8.50
5/11/2033
135,000
117,329
24


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Materials — 2.0% (continued)
Owens-Brockway Glass Container, Inc., Gtd. Notes(a)
7.38
6/1/2032
11,000
10,135
Owens-Brockway Glass Container, Inc., Gtd. Notes(a),(b)
9.50
6/1/2033
20,000
19,675
Sealed Air Corp., Sr. Scd. Notes(a)
6.88
7/15/2033
69,000
67,432
Silgan Holdings, Inc., Gtd. Notes
4.13
2/1/2028
38,000
37,470
SunCoke Energy, Inc., Sr. Scd. Notes(a)
4.88
6/30/2029
119,000
113,598
Sword Purchaser LLC, Sr. Scd. Notes(a)
8.25
4/15/2033
213,000
217,868
Sword Purchaser LLC, Sr. Unscd. Notes(a)
10.50
4/15/2034
56,000
58,004
TMS International Corp., Sr. Unscd. Notes(a)
6.25
4/15/2029
46,000
46,008
Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC, Sr. Scd.
Notes(a)
9.50
5/15/2030
32,000
28,911
Trident TPI Holdings, Inc., Gtd. Notes(a)
12.75
12/31/2028
77,000
75,493
TriMas Corp., Gtd. Notes(a)
4.13
4/15/2029
97,000
92,831
Trivium Packaging Finance BV, Scd. Bonds(a)
12.25
1/15/2031
77,000
85,097
Trivium Packaging Finance BV, Sr. Scd. Bonds(a)
8.25
7/15/2030
42,000
44,344
 
3,135,362
Media — 7.5%
AMC Global Media, Inc., Sr. Scd. Notes(a)
10.50
7/15/2032
38,000
39,154
Beasley Mezzanine Holdings LLC, Scd. Notes(a),(c)
10.00
12/31/2027
10,700
6,529
Belo Corp., Gtd. Debs.
7.25
9/15/2027
67,000
68,543
Block Communications, Inc., Sr. Scd. Notes(a)
10.25
3/1/2031
42,000
36,516
CCO Holdings LLC/CCO Holdings Capital Corp., Gtd. Notes(a)
5.38
6/1/2029
109,000
105,993
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(a)
4.25
2/1/2031
209,000
185,035
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(a),(b)
4.25
1/15/2034
150,000
122,704
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(a)
4.50
8/15/2030
204,000
186,259
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes
4.50
5/1/2032
207,000
178,543
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(a),(b)
4.50
6/1/2033
129,000
109,722
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(a)
4.75
3/1/2030
206,000
192,497
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(a),(b)
4.75
2/1/2032
90,000
78,643
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(a)
5.00
2/1/2028
177,000
175,036
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(a)
6.38
9/1/2029
111,000
110,321
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(a)
7.00
2/1/2033
129,000
123,587
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(a),(b)
7.38
3/1/2031
78,000
77,644
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unscd. Notes(a),(b)
7.38
2/1/2036
93,000
88,561
CSC Holdings LLC, Gtd. Notes(a)
3.38
2/15/2031
80,000
44,855
CSC Holdings LLC, Gtd. Notes(a)
4.13
12/1/2030
90,000
50,584
CSC Holdings LLC, Gtd. Notes(a)
4.50
11/15/2031
120,000
68,042
CSC Holdings LLC, Gtd. Notes(a)
5.38
2/1/2028
102,000
59,074
CSC Holdings LLC, Gtd. Notes(a)
6.50
2/1/2029
140,000
79,514
CSC Holdings LLC, Gtd. Notes(a)
11.25
5/15/2028
75,000
43,614
CSC Holdings LLC, Gtd. Notes(a)
11.75
1/31/2029
159,000
91,058
CSC Holdings LLC, Sr. Unscd. Notes(a)
4.63
12/1/2030
177,000
37,373
CSC Holdings LLC, Sr. Unscd. Notes(a)
5.00
11/15/2031
55,000
11,763
CSC Holdings LLC, Sr. Unscd. Notes(a)
5.75
1/15/2030
181,000
38,948
CSC Holdings LLC, Sr. Unscd. Notes(a)
7.50
4/1/2028
83,000
19,110
Directv Financing LLC, Sr. Scd. Notes(a)
8.88
2/1/2030
173,000
176,071
Directv Financing LLC, Sr. Scd. Notes(a)
8.88
2/1/2030
253,000
257,916
Directv Financing LLC/Directv Financing Co-Obligor, Inc., Sr. Scd. Notes(a)
5.88
8/15/2027
39,000
38,960
Directv Financing LLC/Directv Financing Co-Obligor, Inc., Sr. Scd. Notes(a)
9.25
6/1/2032
216,000
221,089
Directv Financing LLC/Directv Financing Co-Obligor, Inc., Sr. Scd. Notes(a)
10.00
2/15/2031
432,000
451,412
Discovery Communications LLC, Gtd. Notes
3.63
5/15/2030
99,000
91,401
Discovery Communications LLC, Gtd. Notes
3.95
3/20/2028
129,000
126,754
Discovery Communications LLC, Gtd. Notes
4.13
5/15/2029
79,000
77,730
Discovery Communications LLC, Gtd. Notes
5.00
9/20/2037
88,000
65,529
Discovery Communications LLC, Gtd. Notes
5.30
5/15/2049
31,000
19,327
Discovery Communications LLC, Gtd. Notes
6.35
6/1/2040
25,000
17,467
Discovery Communications LLC, Gtd. Notes
6.35
6/1/2040
60,000
48,806
25

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Media — 7.5% (continued)
Discovery Global Holdings, Inc., Gtd. Notes
4.05
3/15/2029
151,000
148,218
Discovery Global Holdings, Inc., Gtd. Notes
4.28
3/15/2032
61,000
48,380
Discovery Global Holdings, Inc., Gtd. Notes
4.28
3/15/2032
345,000
306,091
Discovery Global Holdings, Inc., Gtd. Notes
5.05
3/15/2042
545,000
380,398
Discovery Global Holdings, Inc., Gtd. Notes
5.14
3/15/2052
120,000
76,761
Dotdash Meredith, Inc., Sr. Scd. Bonds(a)
7.63
6/15/2032
24,000
22,592
EchoStar Corp., Sr. Scd. Notes(c)
6.75
11/30/2030
175,000
177,468
EchoStar Corp., Sr. Scd. Notes
10.75
11/30/2029
372,131
402,476
Gray Media, Inc., Gtd. Notes(a)
4.75
10/15/2030
67,000
51,921
Gray Media, Inc., Gtd. Notes(a)
5.38
11/15/2031
99,000
73,246
Gray Media, Inc., Scd. Notes(a)
9.63
7/15/2032
89,000
89,914
Gray Media, Inc., Sr. Scd. Notes(a)
7.25
8/15/2033
67,000
66,232
Gray Media, Inc., Sr. Scd. Notes(a)
10.50
7/15/2029
76,000
80,160
iHeartCommunications, Inc., Scd. Notes(a)
10.88
5/1/2030
81,000
62,140
iHeartCommunications, Inc., Sr. Scd. Notes(a)
4.75
1/15/2028
39,000
36,725
iHeartCommunications, Inc., Sr. Scd. Notes(a)
7.00
1/15/2031
25,000
21,000
iHeartCommunications, Inc., Sr. Scd. Notes(a)
7.75
8/15/2030
83,880
73,549
iHeartCommunications, Inc., Sr. Scd. Notes(a)
9.13
5/1/2029
91,000
84,473
LCPR Senior Secured Financing DAC, Sr. Scd. Notes(a)
5.13
7/15/2029
98,000
54,941
LCPR Senior Secured Financing DAC, Sr. Scd. Notes(a)
6.75
10/15/2027
132,000
74,884
McGraw-Hill Education, Inc., Sr. Scd. Notes(a)
5.75
8/1/2028
94,000
93,247
McGraw-Hill Education, Inc., Sr. Scd. Notes(a)
7.38
9/1/2031
77,000
78,005
McGraw-Hill Education, Inc., Sr. Unscd. Notes(a)
8.00
8/1/2029
98,000
97,271
Midcontinent Communications, Sr. Unscd. Bonds(a)
8.00
8/15/2032
23,000
19,538
Nexstar Media, Inc., Gtd. Notes(a)
4.75
11/1/2028
127,000
124,655
Nexstar Media, Inc., Gtd. Notes(a)
7.25
4/15/2034
351,000
351,897
Nexstar Media, Inc., Sr. Scd. Notes(a)
6.50
9/15/2033
360,000
358,314
Paramount Global, Gtd. Debs.
5.25
4/1/2044
44,000
28,402
Paramount Global, Gtd. Debs.
5.50
5/15/2033
34,000
29,666
Paramount Global, Gtd. Debs.
5.85
9/1/2043
181,000
128,146
Paramount Global, Gtd. Debs.
7.88
7/30/2030
107,000
111,293
Paramount Global, Gtd. Notes
4.20
5/19/2032
134,000
113,755
Paramount Global, Gtd. Notes
4.38
3/15/2043
209,000
127,536
Paramount Global, Gtd. Notes
4.60
1/15/2045
54,000
32,522
Paramount Global, Gtd. Notes
4.85
7/1/2042
52,000
33,584
Paramount Global, Gtd. Notes
4.90
8/15/2044
56,000
34,858
Paramount Global, Gtd. Notes
4.95
1/15/2031
172,000
157,577
Paramount Global, Gtd. Notes
4.95
5/19/2050
142,000
85,750
Paramount Global, Gtd. Notes
5.90
10/15/2040
48,000
35,011
Paramount Global, Gtd. Notes(b)
6.88
4/30/2036
128,000
116,821
Scripps Escrow II, Inc., Sr. Scd. Notes(a)
3.88
1/15/2029
51,000
46,575
Scripps Escrow II, Inc., Sr. Unscd. Notes(a)
5.38
1/15/2031
48,000
28,145
Sinclair Television Group, Inc., Gtd. Notes(a)
5.50
3/1/2030
59,000
51,031
Sinclair Television Group, Inc., Scd. Notes(a)
9.75
2/15/2033
42,000
46,777
Sinclair Television Group, Inc., Sr. Scd. Bonds(a)
8.13
2/15/2033
187,000
192,712
Sinclair Television Group, Inc., Sr. Scd. Notes(a)
4.38
12/31/2032
44,000
33,192
Sirius XM Radio LLC, Gtd. Notes(a)
3.88
9/1/2031
125,000
112,848
Sirius XM Radio LLC, Gtd. Notes(a)
4.00
7/15/2028
150,000
145,924
Sirius XM Radio LLC, Gtd. Notes(a)
4.13
7/1/2030
136,000
127,181
Sirius XM Radio LLC, Gtd. Notes(a)
5.00
8/1/2027
94,000
93,866
Sirius XM Radio LLC, Gtd. Notes(a)
5.50
7/1/2029
94,000
93,677
Sirius XM Radio LLC, Gtd. Notes(a)
5.88
4/15/2032
129,000
126,618
Sunrise FinCo I BV, Sr. Scd. Notes(a)
4.88
7/15/2031
126,000
118,237
Telenet Finance Luxembourg Notes Sarl, Sr. Scd. Notes(a)
5.50
3/1/2028
200,000
197,536
The EW Scripps Company, Scd. Notes(a)
9.88
8/15/2030
101,000
88,141
Univision Communications, Inc., Sr. Scd. Notes(a)
4.50
5/1/2029
105,000
99,556
26


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Media — 7.5% (continued)
Univision Communications, Inc., Sr. Scd. Notes(a)
7.38
6/30/2030
131,000
130,385
Univision Communications, Inc., Sr. Scd. Notes(a)
8.50
7/31/2031
199,000
198,623
Univision Communications, Inc., Sr. Scd. Notes(a)
8.88
4/15/2033
213,000
206,261
Univision Communications, Inc., Sr. Scd. Notes(a)
9.38
8/1/2032
200,000
200,128
Urban One, Inc., Scd. Notes(a)
7.63
4/1/2031
23,000
8,378
Versant Media Group, Inc., Sr. Scd. Bonds(a)
7.25
1/30/2031
316,000
326,000
Virgin Media Finance PLC, Gtd. Notes(a)
5.00
7/15/2030
70,000
43,065
Virgin Media O2 Vendor Financing Notes VI DAC, Sr. Scd. Notes(a)
8.50
3/15/2033
72,000
46,217
Virgin Media Secured Finance PLC, Sr. Scd. Notes(a)
4.50
8/15/2030
75,000
61,620
Virgin Media Secured Finance PLC, Sr. Scd. Notes(a)
5.50
5/15/2029
134,000
120,306
VZ Secured Financing BV, Sr. Scd. Bonds(a)
5.00
1/15/2032
187,000
153,351
VZ Secured Financing BV, Sr. Scd. Notes(a)
7.50
1/15/2033
202,000
181,392
Ziggo Bond Co. BV, Gtd. Notes(a)
5.13
2/28/2030
44,000
35,704
Ziggo BV, Sr. Scd. Notes(a)
4.88
1/15/2030
174,000
156,902
 
11,981,449
Metals & Mining — 1.6%
Algoma Steel, Inc., Scd. Notes(a)
9.13
4/15/2029
70,000
66,165
Arcosa, Inc., Gtd. Notes(a)
4.38
4/15/2029
66,000
64,566
Arcosa, Inc., Gtd. Notes(a)
6.88
8/15/2032
95,000
98,062
Arsenal AIC Parent LLC, Sr. Scd. Notes(a)
8.00
10/1/2030
109,000
113,505
Arsenal AIC Parent LLC, Unscd. Notes(a)
11.50
10/1/2031
22,000
23,454
Capstone Copper Corp., Gtd. Notes(a)
6.75
3/31/2033
79,000
79,343
Champion Iron Canada, Inc., Gtd. Notes(a)
7.88
7/15/2032
110,000
112,763
Cleveland-Cliffs, Inc., Gtd. Notes(a)
6.75
4/15/2030
37,000
37,224
Cleveland-Cliffs, Inc., Gtd. Notes(a)
6.88
11/1/2029
39,000
39,378
Cleveland-Cliffs, Inc., Gtd. Notes(a),(b)
7.00
3/15/2032
88,000
88,228
Cleveland-Cliffs, Inc., Gtd. Notes(a)
7.38
5/1/2033
45,000
45,467
Cleveland-Cliffs, Inc., Gtd. Notes(a)
7.50
9/15/2031
58,000
59,186
Cleveland-Cliffs, Inc., Gtd. Notes(a)
7.63
1/15/2034
66,000
66,793
Cleveland-Cliffs, Inc., Sr. Unscd. Notes
6.25
10/1/2040
21,000
16,867
Coeur Mining, Inc., Gtd. Notes(a)
5.13
2/15/2029
16,000
15,810
Coeur Mining, Inc., Sr. Unscd. Notes(a)
6.88
4/1/2032
50,000
51,177
Compass Minerals International, Inc., Gtd. Notes(a)
8.00
7/1/2030
55,000
57,400
Constellium SE, Gtd. Notes(a)
3.75
4/15/2029
35,000
33,428
Hudbay Minerals, Inc., Gtd. Notes
6.13
4/1/2029
32,000
32,116
Hybar LLC, Sr. Scd. Notes(a)
7.38
7/1/2034
40,000
40,120
Infrabuild Australia Pty Ltd., Sr. Scd. Notes(a)
14.50
11/15/2028
102,000
107,279
JW Aluminum Continuous Cast Co., Sr. Scd. Notes(a)
10.25
4/1/2030
127,000
132,599
Kaiser Aluminum Corp., Gtd. Notes(a),(b)
4.50
6/1/2031
62,000
58,641
Kaiser Aluminum Corp., Sr. Unscd. Notes(a)
5.88
3/1/2034
43,000
42,069
Mineral Resources Ltd., Sr. Unscd. Notes(a)
6.25
5/1/2034
79,000
76,848
Mineral Resources Ltd., Sr. Unscd. Notes(a)
7.00
4/1/2031
57,000
58,659
Mineral Resources Ltd., Sr. Unscd. Notes(a)
8.50
5/1/2030
64,000
66,010
Mineral Resources Ltd., Sr. Unscd. Notes(a)
9.25
10/1/2028
129,000
132,962
Mineral Resources Ltd., Sr. Unscd. Notes,(a)
6.00
5/1/2032
81,000
79,373
Novelis Corp., Gtd. Notes(a)
3.88
8/15/2031
74,000
67,173
Novelis Corp., Gtd. Notes(a)
4.75
1/30/2030
150,000
144,051
Novelis Corp., Gtd. Notes(a)
6.38
8/15/2033
44,000
43,895
Novelis Corp., Gtd. Notes(a)
6.88
1/30/2030
91,000
93,335
PLS Group Ltd., Sr. Unscd. Notes(a)
6.88
5/1/2031
85,000
86,102
Skeena Resources Ltd., Sr. Scd. Notes(a)
8.50
4/1/2031
100,000
104,387
Trekor Metals Ltd., Sr. Scd. Notes(a)
8.25
5/1/2030
59,000
61,351
United States Steel Corp., Sr. Unscd. Notes
6.88
3/1/2029
56,000
56,000
 
2,551,786
Real Estate — 4.2%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., Scd. Notes(a)
7.00
4/15/2030
105,000
105,786
27

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Real Estate — 4.2% (continued)
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., Gtd. Notes(a)
5.25
4/15/2030
53,000
50,864
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., Gtd. Notes(a)
5.75
1/15/2029
77,000
75,902
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., Scd. Notes(a)
9.75
4/15/2030
91,000
97,550
Arbor Realty SR, Inc., Gtd. Notes(a),(b)
7.88
7/15/2030
37,000
33,660
Arbor Realty SR, Inc., Gtd. Notes, Ser. QIB(a)
5.00
12/30/2028
78,000
71,857
Arbor Realty SR, Inc., Gtd. Notes, Ser. QIB(a)
8.50
10/15/2027
87,000
87,019
Blackstone Mortgage Trust, Inc., Sr. Scd. Bonds(a)
6.25
6/1/2031
49,000
46,908
Blackstone Mortgage Trust, Inc., Sr. Scd. Notes(a)
7.75
12/1/2029
58,000
59,976
Brandywine Operating Partnership LP, Gtd. Notes
4.55
10/1/2029
43,000
40,264
Brandywine Operating Partnership LP, Gtd. Notes
6.13
1/15/2031
29,000
27,836
Brandywine Operating Partnership LP, Gtd. Notes
8.30
3/15/2028
44,000
45,641
Brandywine Operating Partnership LP, Gtd. Notes
8.88
4/12/2029
90,000
94,510
CoreLogic, Inc., Scd. Notes(a)
12.00
2/1/2032
98,000
91,984
CoreLogic, Inc., Sr. Scd. Notes(a)
9.00
8/1/2031
252,000
248,876
Cushman & Wakefield US Borrower LLC, Sr. Scd. Notes(a)
6.75
5/15/2028
38,000
38,086
Cushman & Wakefield US Borrower LLC, Sr. Scd. Notes(a)
8.88
9/1/2031
89,000
93,203
Diversified Healthcare Trust, Gtd. Notes
4.38
3/1/2031
47,000
42,970
Diversified Healthcare Trust, Sr. Scd. Notes(a)
7.25
10/15/2030
47,000
48,189
Diversified Healthcare Trust, Sr. Unscd. Notes
4.75
2/15/2028
37,000
36,333
EF Holdco/EF Cayman Hold/Ellington Fin REIT Cayman/TRS/EF Cayman Non-
MTM, Gtd. Notes(a)
7.38
9/30/2030
121,000
120,364
Five Point Operating Co. LP, Gtd. Notes(a)
8.00
10/1/2030
102,000
104,430
Greystar Real Estate Partners LLC, Sr. Scd. Notes(a)
7.75
9/1/2030
57,000
58,968
Hudson Pacific Properties LP, Gtd. Notes
3.95
11/1/2027
41,000
39,914
Hudson Pacific Properties LP, Gtd. Notes(b)
4.65
4/1/2029
38,000
35,790
Hudson Pacific Properties LP, Gtd. Notes
5.95
2/15/2028
38,000
37,642
Hunt Cos., Inc., Sr. Scd. Notes(a)
5.25
4/15/2029
70,000
68,400
Iron Mountain Information Management Services, Inc., Gtd. Notes(a)
5.00
7/15/2032
142,000
134,870
Iron Mountain, Inc., Gtd. Notes(a)
4.50
2/15/2031
223,000
211,307
Iron Mountain, Inc., Gtd. Notes(a)
4.88
9/15/2027
104,000
103,709
Iron Mountain, Inc., Gtd. Notes(a)
4.88
9/15/2029
131,000
127,857
Iron Mountain, Inc., Gtd. Notes(a)
5.00
7/15/2028
60,000
59,413
Iron Mountain, Inc., Gtd. Notes(a)
5.25
3/15/2028
100,000
99,661
Iron Mountain, Inc., Gtd. Notes(a)
5.25
7/15/2030
269,000
262,831
Iron Mountain, Inc., Gtd. Notes(a)
5.63
7/15/2032
120,000
117,478
Iron Mountain, Inc., Gtd. Notes(a)
6.25
1/15/2033
215,000
215,864
Iron Mountain, Inc., Gtd. Notes(a)
6.25
1/15/2035
173,000
170,754
Iron Mountain, Inc., Gtd. Notes(a)
7.00
2/15/2029
133,000
135,158
Kennedy-Wilson, Inc., Gtd. Notes(a)
7.00
6/1/2031
111,000
113,082
Kennedy-Wilson, Inc., Gtd. Notes(a)
7.25
6/1/2033
112,000
113,380
Millrose Properties, Inc., Gtd. Notes(a)
6.25
9/15/2032
125,000
124,999
Millrose Properties, Inc., Gtd. Notes(a)
6.38
8/1/2030
133,000
134,074
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes
3.50
3/15/2031
159,000
108,274
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes
4.63
8/1/2029
76,000
60,840
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes
5.00
10/15/2027
108,000
104,760
MPT Operating Partnership LP/MPT Finance Corp., Sr. Scd. Notes(a)
8.50
2/15/2032
161,000
163,674
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-
Issuer, Gtd. Notes(a)
7.00
2/1/2030
76,000
77,214
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-
Issuer, Sr. Scd. Notes(a)
4.88
5/15/2029
83,000
80,896
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-
Issuer, Sr. Scd. Notes(a)
5.88
10/1/2028
83,000
82,891
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes(a)
4.50
2/15/2029
69,000
67,457
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes(a)
5.75
3/15/2034
93,000
91,089
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes(a)
6.50
4/1/2032
62,000
63,044
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes(a)
7.25
7/15/2028
45,000
45,856
28


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Real Estate — 4.2% (continued)
Rithm Capital Corp., Sr. Unscd. Notes(a)
8.00
4/1/2029
75,000
75,478
Rithm Capital Corp., Sr. Unscd. Notes(a)
8.00
7/15/2030
58,000
57,877
Rithm Capital Corp., Sr. Unscd. Notes(a)
8.50
6/1/2031
63,000
63,168
RLJ Lodging Trust LP, Sr. Scd. Notes(a)
4.00
9/15/2029
60,000
57,192
Service Properties Trust, Sr. Scd. Notes(a),(e)
0.00
9/30/2027
75,000
69,957
Service Properties Trust, Sr. Scd. Notes(a)
8.63
11/15/2031
119,000
125,020
Service Properties Trust, Sr. Unscd. Notes
3.95
1/15/2028
49,000
47,509
Service Properties Trust, Sr. Unscd. Notes
4.38
2/15/2030
62,000
56,088
Service Properties Trust, Sr. Unscd. Notes
4.95
10/1/2029
33,000
30,857
Starwood Property Trust, Inc., Gtd. Notes(a)
5.25
10/15/2028
56,000
55,514
Starwood Property Trust, Inc., Sr. Unscd. Notes(a)
5.75
1/15/2031
75,000
73,924
Starwood Property Trust, Inc., Sr. Unscd. Notes(a)
5.88
8/15/2029
61,000
61,176
Starwood Property Trust, Inc., Sr. Unscd. Notes(a)
6.00
4/15/2030
49,000
49,108
Starwood Property Trust, Inc., Sr. Unscd. Notes(a)
6.13
6/1/2031
73,000
72,820
Starwood Property Trust, Inc., Sr. Unscd. Notes(a)
6.50
7/1/2030
66,000
67,010
Starwood Property Trust, Inc., Sr. Unscd. Notes(a)
6.50
10/15/2030
66,000
66,927
Starwood Property Trust, Inc., Sr. Unscd. Notes(a)
7.25
4/1/2029
71,000
73,158
The Howard Hughes Corp., Gtd. Notes(a)
4.13
2/1/2029
155,000
149,410
The Howard Hughes Corp., Gtd. Notes(a)
4.38
2/1/2031
154,000
144,246
The Howard Hughes Corp., Sr. Unscd. Notes(a)
5.88
3/1/2032
65,000
63,473
The Howard Hughes Corp., Sr. Unscd. Notes(a)
6.13
3/1/2034
68,000
66,211
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Gtd. Notes(a)
6.00
1/15/2030
105,000
100,384
XHR LP, Gtd. Notes(a)
4.88
6/1/2029
38,000
37,014
XHR LP, Gtd. Notes(a)
6.63
5/15/2030
43,000
43,855
 
6,680,730
Retailing — 3.7%
1011778 BC ULC/New Red Finance, Inc., Scd. Notes(a)
4.00
10/15/2030
217,000
204,305
1011778 BC ULC/New Red Finance, Inc., Scd. Notes(a)
4.38
1/15/2028
104,000
102,653
Academy Ltd., Sr. Scd. Notes(a)
5.88
5/15/2031
53,000
52,436
Advance Auto Parts, Inc., Gtd. Notes(b)
3.90
4/15/2030
32,000
29,974
Advance Auto Parts, Inc., Gtd. Notes(a)
7.00
8/1/2030
69,000
70,716
Advance Auto Parts, Inc., Gtd. Notes(a),(b)
7.38
8/1/2033
65,000
67,078
Arko Corp., Gtd. Notes(a)
5.13
11/15/2029
81,000
75,735
Asbury Automotive Group, Inc., Gtd. Notes(a)
4.63
11/15/2029
59,000
57,323
Bath & Body Works, Inc., Gtd. Notes
5.25
2/1/2028
34,000
33,980
Bath & Body Works, Inc., Gtd. Notes(a)
6.63
10/1/2030
92,000
93,493
Bath & Body Works, Inc., Gtd. Notes
6.75
7/1/2036
34,000
33,598
Bath & Body Works, Inc., Gtd. Notes(b)
6.88
11/1/2035
27,000
27,292
Bath & Body Works, Inc., Gtd. Notes
7.50
6/15/2029
36,000
36,470
Bath & Body Works, Inc., Sr. Unscd. Debs.
6.95
3/1/2033
26,000
25,863
Bath & Body Works, Inc., Sr. Unscd. Notes
7.60
7/15/2037
26,000
25,613
BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc., Sr. Scd. Notes(a)
9.50
7/1/2032
29,000
28,177
Carvana Co., Sr. Scd. Notes(a),(c)
9.00
6/1/2030
159,550
164,630
Carvana Co., Sr. Scd. Notes(a),(c)
9.00
6/1/2031
175,672
193,317
Ferrellgas LP/Ferrellgas Finance Corp., Gtd. Notes(a)
9.25
1/15/2031
59,000
62,000
Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unscd. Notes(a)
5.88
4/1/2029
49,000
47,857
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Gtd.
Notes(a)
6.75
1/15/2030
96,000
94,271
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Sr. Scd.
Notes(a),(b)
4.63
1/15/2029
100,000
97,121
FirstCash, Inc., Gtd. Notes(a)
6.13
5/1/2034
85,000
83,725
FirstCash, Inc., Gtd. Notes(a)
6.88
3/1/2032
58,000
58,880
Gee Automotive Holdings LLC, Gtd. Notes(a)
7.25
3/1/2031
41,000
41,287
Global Auto Holdings Ltd./AAG FH UK Ltd., Sr. Unscd. Notes(a),(b)
8.38
1/15/2029
46,000
45,578
Global Auto Holdings Ltd./AAG FH UK Ltd., Sr. Unscd. Notes(a)
8.75
1/15/2032
16,000
15,523
Global Auto Holdings Ltd./AAG FH UK Ltd., Sr. Unscd. Notes(a)
11.50
8/15/2029
81,000
85,190
29

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Retailing — 3.7% (continued)
Group 1 Automotive, Inc., Gtd. Notes(a)
6.38
1/15/2030
35,000
35,198
Ken Garff Automotive LLC, Sr. Unscd. Notes(a)
4.88
9/15/2028
86,000
85,197
Kohl’s Corp., Sr. Scd. Notes(a)
10.00
6/1/2030
87,000
93,986
Kohl’s Corp., Sr. Unscd. Notes
5.13
5/1/2031
21,000
18,826
Kohl’s Corp., Sr. Unscd. Notes
5.55
7/17/2045
36,000
24,727
LBM Acquisition LLC, Gtd. Notes(a)
6.25
1/15/2029
57,000
36,739
LBM Acquisition LLC, Sr. Scd. Notes(a)
9.50
6/15/2031
26,000
21,943
Lithia Motors, Inc., Gtd. Notes(a)
5.50
10/1/2030
41,000
40,510
Lithia Motors, Inc., Sr. Unscd. Notes(a)
3.88
6/1/2029
57,000
54,719
Macy’s Retail Holdings LLC, Gtd. Notes(a)
5.88
3/15/2030
12,000
11,892
Macy’s Retail Holdings LLC, Gtd. Notes(a)
6.70
7/15/2034
72,000
69,655
Nordstrom, Inc., Sr. Scd. Notes
5.00
1/15/2044
32,000
23,021
Nordstrom, Inc., Sr. Scd. Notes
6.95
3/15/2028
44,000
44,992
Park River Holdings, Inc., Scd. Notes(a)
8.75
12/31/2030
58,588
54,286
Park River Holdings, Inc., Sr. Scd. Notes(a)
8.00
3/15/2031
77,000
76,689
Penske Automotive Group, Inc., Gtd. Notes
3.75
6/15/2029
53,000
50,609
PetSmart LLC/PetSmart Finance Corp., Gtd. Notes(a)
10.00
9/15/2033
93,000
92,531
PetSmart LLC/PetSmart Finance Corp., Sr. Scd. Notes(a)
7.50
9/15/2032
185,000
187,123
QXO Building Products, Inc., Gtd. Notes(a)
6.50
7/15/2031
185,000
185,697
QXO Building Products, Inc., Gtd. Notes(a)
6.88
7/15/2034
178,000
178,310
QXO Building Products, Inc., Sr. Scd. Bonds(a)
6.75
4/30/2032
325,000
331,973
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes
6.75
4/1/2032
36,000
36,718
Specialty Building Products Holdings LLC/SBP Finance Corp., Sr. Scd. Notes(a)
7.75
10/15/2029
53,000
50,347
Staples, Inc., Scd. Notes(a)
12.75
1/15/2030
98,000
77,748
Staples, Inc., Sr. Scd. Notes(a)
10.75
9/1/2029
256,000
244,991
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unscd.
Notes(a)
5.00
6/1/2031
65,000
61,256
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unscd.
Notes(a)
6.50
12/15/2035
17,000
16,357
Superior Plus LP/Superior General Partner, Inc., Gtd. Notes(a)
4.50
3/15/2029
93,000
89,743
The Gap, Inc., Gtd. Notes(a)
3.63
10/1/2029
139,000
130,776
The Gap, Inc., Gtd. Notes(a)
3.88
10/1/2031
84,000
76,158
The Men’s Wearhouse LLC, Sr. Scd. Notes(a)
9.00
2/1/2031
61,000
64,984
The Michaels Companies, Inc., Scd. Notes(a)
11.00
3/15/2034
56,000
54,757
The Michaels Companies, Inc., Sr. Scd. Notes(a)
8.50
3/15/2033
293,000
290,420
Victoria’s Secret & Co., Gtd. Notes(a)
4.63
7/15/2029
65,000
63,134
Victra Holdings LLC/Victra Finance Corp., Sr. Scd. Notes(a),(b)
8.75
9/15/2029
74,000
75,422
White Cap Supply Holdings LLC, Gtd. Notes(a)
7.38
11/15/2030
84,000
84,732
Yum! Brands, Inc., Sr. Unscd. Notes
3.63
3/15/2031
243,000
224,351
Yum! Brands, Inc., Sr. Unscd. Notes
4.63
1/31/2032
254,000
241,466
Yum! Brands, Inc., Sr. Unscd. Notes(a)
4.75
1/15/2030
179,000
175,207
Yum! Brands, Inc., Sr. Unscd. Notes
5.35
11/1/2043
12,000
11,038
Yum! Brands, Inc., Sr. Unscd. Notes
5.38
4/1/2032
227,000
223,884
Yum! Brands, Inc., Sr. Unscd. Notes
6.88
11/15/2037
40,000
42,377
 
6,008,574
Semiconductors & Semiconductor Equipment — .1%
Entegris, Inc., Gtd. Notes(a)
4.38
4/15/2028
45,000
44,175
Entegris, Inc., Gtd. Notes(a)
5.95
6/15/2030
69,000
69,067
ON Semiconductor Corp., Gtd. Notes(a)
3.88
9/1/2028
37,000
35,696
Synaptics, Inc., Gtd. Notes(a)
4.00
6/15/2029
34,000
33,379
 
182,317
Technology Hardware & Equipment — .9%
Ahead DB Holdings LLC, Gtd. Notes(a)
6.63
5/1/2028
31,000
30,943
Amentum Holdings, Inc., Gtd. Notes(a)
7.25
8/1/2032
71,000
72,930
CACI International, Inc., Gtd. Notes(a)
6.38
6/15/2033
157,000
158,181
30


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Technology Hardware & Equipment — .9% (continued)
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., Sr. Scd.
Notes(a),(b)
6.00
11/1/2029
27,000
23,154
Crane NXT Co., Sr. Unscd. Notes
4.20
3/15/2048
84,000
52,392
Diebold Nixdorf, Inc., Sr. Scd. Notes(a)
7.75
3/31/2030
128,000
133,167
Everforth, Inc., Gtd. Notes(a),(b)
4.63
5/15/2028
101,000
96,717
Fortress Intermediate 3, Inc., Sr. Scd. Notes(a)
7.50
6/1/2031
50,000
50,825
Insight Enterprises, Inc., Gtd. Notes(a)
6.63
5/15/2032
35,000
35,220
KBR, Inc., Gtd. Notes(a)
4.75
9/30/2028
95,000
93,574
McAfee Corp., Sr. Unscd. Notes(a)
7.38
2/15/2030
131,000
111,030
NCR Voyix Corp., Gtd. Notes(a)
5.00
10/1/2028
118,000
114,267
NCR Voyix Corp., Gtd. Notes(a)
5.13
4/15/2029
36,000
34,969
Pitney Bowes, Inc., Gtd. Notes(a)
7.25
3/15/2029
96,000
96,819
Science Applications International Corp., Gtd. Notes(a)
4.88
4/1/2028
90,000
88,784
Science Applications International Corp., Gtd. Notes(a)
5.88
11/1/2033
67,000
65,577
Seagate Data Storage Technology Pte Ltd., Gtd. Notes
9.63
12/1/2032
82,000
89,908
Unisys Corp., Sr. Scd. Notes(a),(b)
10.63
1/15/2031
24,000
22,572
Vericast Corp./Harland Clarke/Checks in the Maillassis Commlassis Direct, Scd.
Notes(a),(c)
13.00
12/15/2030
60,000
73,324
Virtusa Corp., Sr. Unscd. Notes(a),(b)
7.13
12/15/2028
43,000
35,163
 
1,479,516
Telecommunication Services — 6.3%
Altice Financing SA, Sr. Scd. Bonds(a)
5.75
8/15/2029
237,000
150,094
Altice Financing SA, Sr. Scd. Notes(a)
5.00
1/15/2028
136,000
86,657
Altice France Lux 3/Altice Holdings 1, Sr. Unscd. Notes(a)
10.00
1/15/2033
93,058
91,441
Altice France SA, Sr. Scd. Notes(a)
6.50
10/15/2031
43,227
41,765
Altice France SA, Sr. Scd. Notes(a)
6.50
4/15/2032
220,526
213,555
Altice France SA, Sr. Scd. Notes(a)
6.88
10/15/2030
105,470
102,962
Altice France SA, Sr. Scd. Notes(a)
6.88
7/15/2032
193,073
187,470
Altice France SA, Sr. Scd. Notes(a)
9.50
11/1/2029
168,818
170,985
APLD ComputeCo 2 LLC, Sr. Scd. Notes(a)
6.75
3/15/2031
171,000
167,213
APLD ComputeCo 3 LLC, Sr. Scd. Notes(a)
7.00
6/15/2031
175,000
170,827
APLD ComputeCo LLC, Sr. Scd. Notes(a)
9.25
12/15/2030
194,000
206,204
Bell Telephone Co. of Canada or Bell Canada, Gtd. Notes
6.88
9/15/2055
168,000
169,194
Bell Telephone Co. of Canada or Bell Canada, Gtd. Notes
7.00
9/15/2055
65,000
65,469
Black Pearl Compute LLC, Sr. Scd. Notes(a)
6.13
2/15/2031
169,000
168,691
Cipher Compute LLC, Sr. Scd. Notes(a)
7.13
11/15/2030
120,000
122,408
Connect Finco Sarl/Connect US Finco LLC, Sr. Scd. Notes(a)
9.00
9/15/2029
203,000
213,122
Connect Holding II LLC, Sr. Scd. Notes(a)
10.50
4/3/2031
301,000
294,718
Core Scientific Finance I LLC, Sr. Scd. Notes(a)
7.75
5/15/2031
410,000
401,650
Edged Compute LLC, Sr. Scd. Notes(a)
7.50
4/30/2031
123,000
116,115
ELK Grove Village Property LLC, Sr. Scd. Notes(a)
7.50
6/15/2031
64,000
61,589
Embarq LLC, Sr. Unscd. Notes
8.00
6/1/2036
143,000
35,545
Fibercop SpA, Sr. Scd. Notes(a)
7.20
7/18/2036
10,000
10,152
Fibercop SpA, Sr. Scd. Notes(a)
7.72
6/4/2038
19,000
19,699
Flash Compute LLC, Sr. Scd. Notes(a)
7.25
12/31/2030
125,000
126,263
Galaxy Helios Data Centers II LLC, Sr. Scd. Notes(a)
9.88
8/1/2031
261,000
262,429
GCI LLC, Gtd. Notes(a)
4.75
10/15/2028
68,000
66,692
GoTo Group, Inc., Sr. Scd. Bonds(a)
5.50
5/1/2028
22,399
17,246
Iliad Holding SAS, Sr. Scd. Notes(a)
7.00
10/15/2028
163,000
163,421
Iliad Holding SAS, Sr. Scd. Notes(a)
7.00
4/15/2032
103,000
103,952
Iliad Holding SAS, Sr. Scd. Notes(a)
8.50
4/15/2031
117,000
123,088
Level 3 Financing, Inc., Gtd. Notes(a)
7.50
2/15/2037
90,400
89,748
Level 3 Financing, Inc., Gtd. Notes(a)
8.50
1/15/2036
192,000
199,645
Level 3 Financing, Inc., Sr. Scd. Bonds(a)
6.88
6/30/2033
189,617
192,016
Level 3 Financing, Inc., Sr. Scd. Notes(a)
7.00
3/31/2034
258,796
263,420
Lumen Technologies, Inc., Sr. Unscd. Bonds, Ser. P
7.60
9/15/2039
15,000
13,899
31

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Telecommunication Services — 6.3% (continued)
Lumen Technologies, Inc., Sr. Unscd. Notes(a)
5.38
6/15/2029
21,000
20,115
Lumen Technologies, Inc., Sr. Unscd. Notes, Ser. U
7.65
3/15/2042
44,000
39,957
Meridian Arc Holdco LLC, Sr. Scd. Notes(a)
6.25
4/30/2031
662,000
636,351
PR RNO Property Owner 1 LLC, Sr. Scd. Notes(a)
6.50
5/1/2031
552,000
519,247
Qwest Corp., Gtd. Notes
6.50
9/1/2051
64,000
48,067
Rogers Communications, Inc., Jr. Sub. Notes
6.88
7/31/2056
155,000
154,488
Rogers Communications, Inc., Sub. Notes
7.00
4/15/2055
242,000
243,227
Rogers Communications, Inc., Sub. Notes
7.13
4/15/2055
156,000
156,653
SE Cosmos LLC, Sr. Scd. Notes(a)
8.88
5/1/2031
190,000
187,574
SES AMERICOM, Inc., Gtd. Notes(a)
5.30
3/25/2044
7,000
5,321
Stingray Compute LLC, Sr. Scd. Notes(a)
6.00
6/15/2031
58,000
56,675
SV RNO Property Owner 1 LLC, Sr. Scd. Notes(a)
5.88
3/1/2031
423,000
393,313
Telesat Canada/Telesat LLC, Gtd. Notes(a)
6.50
10/15/2027
22,000
15,795
TELUS Corp., Jr. Sub. Notes
6.38
6/9/2056
171,000
168,764
TELUS Corp., Jr. Sub. Notes
6.63
10/15/2055
151,000
150,672
TELUS Corp., Jr. Sub. Notes
6.63
6/9/2056
133,000
129,962
TELUS Corp., Jr. Sub. Notes(b)
7.00
10/15/2055
164,000
165,224
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, Gtd. Notes(a)
6.50
2/15/2029
128,000
126,280
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, Gtd. Notes(a)
8.63
6/15/2032
173,000
176,676
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, Sr. Scd. Notes(a)
4.75
4/15/2028
60,000
59,792
Uniti Services LLC, Sr. Scd. Notes(a)
7.50
10/15/2033
104,000
106,353
Viasat, Inc., Sr. Unscd. Notes(a)
6.50
7/15/2028
62,000
61,571
Viasat, Inc., Sr. Unscd. Notes(a)
7.50
5/30/2031
89,000
89,058
Vmed O2 UK Financing I PLC, Sr. Scd. Notes(a)
4.25
1/31/2031
100,000
78,885
Vmed O2 UK Financing I PLC, Sr. Scd. Notes(a)
4.75
7/15/2031
124,000
97,938
Vmed O2 UK Financing I PLC, Sr. Scd. Notes(a)
6.75
1/15/2033
145,000
116,044
Vmed O2 UK Financing I PLC, Sr. Scd. Notes(a)
7.75
4/15/2032
72,000
60,519
Vodafone Group PLC, Jr. Sub. Notes
5.13
6/4/2081
72,000
53,862
Vodafone Group PLC, Jr. Sub. Notes
7.00
4/4/2079
371,000
380,663
Windstream Services LLC/Windstream Escrow Finance Corp., Sr. Scd. Notes(a)
8.25
10/1/2031
210,000
218,243
WULF Compute LLC, Sr. Scd. Notes(a)
7.75
10/15/2030
319,000
331,413
Yondr JK 1 LLC, Sr. Scd. Notes(a)
6.88
6/30/2031
55,000
52,387
Zayo Group Holdings, Inc., Sr. Scd. Notes(a),(c)
9.25
3/9/2030
76,000
76,011
Zayo Group Holdings, Inc., Sr. Scd. Notes(a),(c)
13.75
9/9/2030
114,000
112,320
 
10,178,764
Transportation — .7%
Beacon Mobility Corp., Sr. Scd. Notes(a)
7.25
8/1/2030
55,000
56,632
Brightline East LLC, Sr. Scd. Notes(a)
11.00
1/31/2030
80,492
5,789
Carriage Purchaser, Inc., Sr. Unscd. Notes(a)
7.88
10/15/2029
51,000
50,379
Danaos Corp., Gtd. Notes(a)
6.88
10/15/2032
76,000
77,742
First Student Bidco, Inc./First Transit Parent, Inc., Sr. Scd. Notes(a)
4.00
7/31/2029
82,000
78,725
GB AIT Buyer, Inc., Sr. Unscd. Notes(a)
8.75
4/30/2034
62,000
61,609
Genesee & Wyoming, Inc., Sr. Scd. Notes(a)
6.25
4/15/2032
80,000
80,515
PODS LLC, Sr. Scd. Notes(a)
8.75
5/15/2031
86,000
82,159
Rand Parent LLC, Sr. Scd. Notes(a)
8.50
2/15/2030
87,000
89,613
Seaspan Corp. Pte Ltd., Sr. Unscd. Notes(a)
5.50
8/1/2029
166,000
161,472
Star Leasing Co. LLC, Scd. Notes(a)
7.63
2/15/2030
105,000
102,231
XPO, Inc., Gtd. Notes(a)
7.13
6/1/2031
81,000
83,296
XPO, Inc., Gtd. Notes(a)
7.13
2/1/2032
131,000
135,264
 
1,065,426
Utilities — 3.1%
Alpha Generation LLC, Sr. Unscd. Notes(a)
6.75
10/15/2032
106,000
106,927
AltaGas Ltd., Jr. Sub. Notes(a)
7.20
10/15/2054
101,000
104,525
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unscd. Notes(a)
6.88
6/1/2031
58,000
58,922
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unscd. Notes(a)
9.38
6/1/2028
55,000
56,239
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unscd. Notes(a)
9.50
6/1/2030
130,000
139,371
32


Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Corporate Bonds and Notes — 97.1% (continued)
Utilities — 3.1% (continued)
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, Sr. Unscd.
Notes(a)
6.38
2/15/2032
130,000
128,178
Clearway Energy Operating LLC, Gtd. Notes(a)
4.75
3/15/2028
95,000
93,790
ContourGlobal Power Holdings SA, Sr. Scd. Bonds(a)
6.75
2/28/2030
61,000
62,063
Edison International, Jr. Sub. Notes(b)
7.88
6/15/2054
132,000
136,302
Edison International, Jr. Sub. Notes
8.13
6/15/2053
135,000
138,323
Emera US Finance LLC, Gtd. Notes, Ser. A
6.65
10/1/2056
38,000
38,203
Emera US Finance LLC, Gtd. Notes, Ser. B
6.85
10/1/2056
41,000
41,294
EUSHI Finance, Inc., Gtd. Notes
6.25
4/1/2056
89,000
87,758
EUSHI Finance, Inc., Gtd. Notes
7.63
12/15/2054
53,000
54,812
Leeward Renewable Energy Operations LLC, Gtd. Notes(a)
4.25
7/1/2029
131,000
124,458
Long Ridge Energy LLC, Sr. Scd. Bonds(a)
8.75
2/15/2032
65,000
67,250
NRG Energy, Inc., Gtd. Notes(a)
3.38
2/15/2029
64,000
60,737
NRG Energy, Inc., Gtd. Notes(a)
3.63
2/15/2031
113,000
104,206
NRG Energy, Inc., Gtd. Notes(a)
3.88
2/15/2032
44,000
40,232
NRG Energy, Inc., Gtd. Notes(a)
5.25
6/15/2029
75,000
74,395
NRG Energy, Inc., Gtd. Notes(a)
5.75
7/15/2029
85,000
84,979
NRG Energy, Inc., Gtd. Notes(a)
5.88
5/15/2034
116,000
113,877
NRG Energy, Inc., Gtd. Notes(a)
6.00
2/1/2033
97,000
96,667
NRG Energy, Inc., Gtd. Notes(a)
6.13
5/15/2036
114,000
112,383
NRG Energy, Inc., Gtd. Notes(a)
6.25
11/1/2034
95,000
94,727
NRG Energy, Inc., Sr. Unscd. Notes(a)
5.75
1/15/2034
154,000
150,028
NRG Energy, Inc., Sr. Unscd. Notes(a)
6.00
1/15/2036
243,000
237,701
PacifiCorp, Jr. Sub. Notes
7.13
8/15/2056
133,000
131,125
PacifiCorp, Jr. Sub. Notes
7.38
9/15/2055
226,000
225,039
Pattern Energy Operations LP/Pattern Energy Operations, Inc., Gtd. Notes(a)
4.50
8/15/2028
104,000
101,589
PG&E Corp., Jr. Sub. Notes
6.85
9/15/2056
140,000
138,191
PG&E Corp., Jr. Sub. Notes
7.38
3/15/2055
195,000
197,749
PG&E Corp., Sr. Scd. Notes
5.00
7/1/2028
113,000
112,040
PG&E Corp., Sr. Scd. Notes(b)
5.25
7/1/2030
120,000
117,978
Puget Energy, Inc., Jr. Sub. Notes
7.00
9/15/2056
51,000
51,170
Puget Energy, Inc., Jr. Sub. Notes
7.25
9/15/2056
46,000
46,075
Talen Energy Supply LLC, Gtd. Notes(a)
6.25
2/1/2034
69,000
67,675
Talen Energy Supply LLC, Gtd. Notes(a)
6.50
2/1/2036
97,000
95,753
The AES Corp., Jr. Sub. Notes
6.95
7/15/2055
126,000
123,540
The AES Corp., Jr. Sub. Notes
7.60
1/15/2055
164,000
166,676
TXNM Energy, Inc., Jr. Sub. Notes(a)
7.00
7/31/2056
115,000
115,601
VoltaGrid LLC, Scd. Notes(a)
7.38
11/1/2030
278,000
279,418
XPLR Infrastructure Operating Partners LP, Gtd. Notes(a)
7.75
4/15/2034
55,000
57,614
XPLR Infrastructure Operating Partners LP, Gtd. Notes(a),(b)
8.38
1/15/2031
63,000
66,950
XPLR Infrastructure Operating Partners LP, Gtd. Notes(a)
8.63
3/15/2033
168,000
179,466
XPLR Infrastructure Operating Partners LP, Sr. Unscd. Notes(a)
7.25
1/15/2029
35,000
36,105
 
4,918,101
Total Corporate Bonds and Notes
(cost $158,367,890)
 
 
155,743,137
 
 
1-Day
Yield (%)
 
 
Shares
 
Investment Companies — 2.3%
Registered Investment Companies — 2.3%
BNY Dreyfus Institutional Preferred Government Money Market Fund, Institutional
Shares(f)
(cost $3,620,690)
3.64
3,620,690
3,620,690
33

SCHEDULE OF INVESTMENTS (Unaudited) (continued)

Description
1-Day
Yield (%)
 
 
Shares
Value ($)
Investment of Cash Collateral for Securities Loaned — .9%
Registered Investment Companies — .9%
BNY Dreyfus Institutional Preferred Government Money Market Fund, Institutional
Shares(f)
(cost $1,459,425)
3.64
1,459,425
1,459,425
Total Investments (cost $163,448,005)
 
   100.3%
160,823,252
Liabilities, Less Cash and Receivables
 
     (.3%)
   (511,840)
Net Assets
   100.0%
160,311,412
 
REIT—Real Estate Investment Trust
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At July 31, 2026, these securities amounted to $130,633,964 or 81.5% of net assets.
(b)
Security, or portion thereof, on loan. At July 31, 2026, the value of the fund’s securities on loan was $4,736,329 and the value of the collateral was
$5,010,609, consisting of cash collateral of $1,459,425 and U.S. Government & Agency securities valued at $3,551,184.  In addition, the value of collateral
may include pending sales that are also on loan.
(c)
Payment-in-kind security and interest may be paid in additional par.
(d)
Security is a perpetual security with no specified maturity date. Maturity date shown is next reset date of the security.
(e)
Security issued with a zero coupon. Income is recognized through the accretion of discount.
(f)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
 
Futures
Description
Number of
Contracts
Expiration
Notional
Value ($)
Market
Value ($)
Unrealized
Appreciation
(Depreciation) ($)
Futures Long
5 Year U.S. Treasury Note
23
9/30/2026
2,449,264
2,437,461
(11,803)
10 Year U.S. Treasury Note
17
9/21/2026
1,852,810
1,836,000
(16,810)
U.S. Treasury Long-Term Bond
2
9/21/2026
223,209
216,625
(6,584)
Ultra 10 Year U.S. Treasury Note
3
9/21/2026
332,857
329,109
(3,748)
Futures Short
2 Year U.S. Treasury Note
10
9/30/2026
2,062,087
2,056,094
5,993
Gross Unrealized Appreciation
 
 
5,993
Gross Unrealized Depreciation
 
 
(38,945)
 
Centrally Cleared Credit Default Swaps
Reference
Obligations
Maturity
Date
Notional
Amount ($)(a)
Market
Value ($)
Upfront
Payments/
Receipts ($)
Unrealized
Appreciation ($)
Purchased Contracts:(b)
Markit CDX North America High Yield Index, Series 46, Paid
3 Month Fixed Rate of 5.00%
6/20/2031
5,049,000
410,110
243,336
166,774
Gross Unrealized Appreciation
166,774
 
(a)
The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs
as defined under the terms of the swap agreement.
(b)
If the fund is a buyer of protection and a credit event occurs, as defined under the terms of the swap agreement, the fund will either (i) receive from the seller of
protection an amount equal to the notional amount of the swap and deliver the reference obligation or (ii) receive a net settlement amount in the form of cash or
securities equal to the notional amount of the swap less the recovery value of the reference obligation.
See notes to schedule of investments.
34

Schedule of Investments
BNY Mellon High Yield ETF
July 31, 2026 (Unaudited)
The following is a summary of the inputs used as of July 31, 2026 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in Securities:†
Corporate Bonds and Notes
—
155,743,137
—
155,743,137
Investment Companies
5,080,115
—
—
5,080,115
 
5,080,115
155,743,137
—
160,823,252
Other Financial Instruments:
Futures††
5,993
—
—
5,993
Swap Agreements††
—
166,774
—
166,774
 
5,993
166,774
—
172,767
Liabilities ($)
Other Financial Instruments:
Futures††
(38,945)
—
—
(38,945)
 
(38,945)
—
—
(38,945)
 
†
See Schedule of Investments for additional detailed categorizations, if any.
††
Amount shown represents unrealized appreciation (depreciation) at period end.
35

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
BNY Mellon ETF Trust’s (the “Trust”) Board of Trustees (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio of investments, subject to the Board’s oversight.
Investments in other open-end investment companies are valued at their reported net asset values (“NAVs”) each day and are generally categorized within Level 1 of the fair value hierarchy.
Investments in debt securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services (the “Service”). When, in the judgment of the Service, quoted bid prices for debt securities and instruments are representative of the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). The value of other debt securities and instruments is determined by the Service based on methods which include consideration of:  yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the board. Overnight and certain other short-term debt securities and instruments (excluding Treasury Bills) will be valued by the amortized cost method, which approximates fair value, unless a Service provides a valuation for such security or, in the opinion of the valuation designee, the amortized cost method would not represent fair value. These securities are generally categorized within Level 2 of the fair value hierarchy.
Restricted securities, as well as securities or other assets for which recent market quotations are not readily available or are determined not to reflect fair value accurately, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments may be determined by the valuation designee using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Using fair value to price investments may result in a value that is different from a security’s most recent closing price and from the prices used by other funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
36

Futures contracts will be valued at the most recent settlement price and are generally categorized within Level 1 of the fair value hierarchy. Investments in swap agreements are valued each business day by a Service. Swap agreements are valued by the Service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates and are generally categorized within Level 2 of the fair value hierarchy.
Pursuant to a securities lending agreement with BNY, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. The securities on loan, if any, are also disclosed in the fund’s Schedule of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at July 31, 2026 is discussed below.
Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of  Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at July 31, 2026 are set forth in the fund’s Schedule of Investments.
Swap Agreements: The fund enters into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market or centrally cleared. The fund enters into these agreements to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns.
For OTC swaps, the fund accrues for interim payments on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) on swap agreements in the Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as a realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swap agreements in the Statement of Operations. Upfront payments made and/or received by the fund, are recorded as an asset and/or liability in the Statement of Assets and Liabilities and are recorded as a realized gain or loss ratably over the agreement’s term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on the termination date.
Upon entering into centrally cleared swap agreements, an initial margin deposit is required with a counterparty, which consists of cash or cash equivalents. The amount of these deposits is determined by the exchange on which the agreement is traded and is subject to change. The change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including upon termination, are recorded as realized gain (loss) in the Statement of Operations. Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap agreements. 
Credit Default Swaps: Credit default swaps involve commitments to pay a fixed interest rate in exchange for payment if a credit event affecting a third party (the referenced obligation or index) occurs. Credit events may include a failure to pay interest or principal, bankruptcy, or restructuring. The fund enters into these agreements to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. For those credit default swaps in which the fund is paying a fixed rate, the fund is buying credit protection on the instrument. In the event of a credit event, the fund would receive the full notional amount for the reference obligation. For those credit default swaps in which the fund is receiving a fixed rate, the fund is selling credit protection on the underlying instrument. The maximum payouts for these agreements are limited to the notional amount of each swap. Credit default swaps may
37

involve greater risks than if the fund had invested in the reference obligation directly and are subject to general market risk, liquidity risk, counterparty risk and credit risk.
The maximum potential amount of future payments (undiscounted) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement which may exceed the amount of unrealized appreciation or depreciation reflected in the Statement of Assets and Liabilities. Notional amounts of all credit default swap agreements are disclosed in the Schedule of Investments, which summarizes open credit default swaps entered into by the fund. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, underlying securities comprising the referenced index, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the fund for the same referenced entity or entities. Credit default swaps open at July 31, 2026 are set forth in the Schedule of Investments.
GAAP requires disclosure for (i) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (iii) the fair value of the credit derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. All required disclosures have been made and are incorporated within the current period as part of the Notes to the Schedule of Investments and disclosures within this Note.
At July 31, 2026, accumulated net unrealized depreciation on investments inclusive of derivative contracts was $2,490,931, consisting of $837,730 gross unrealized appreciation and $3,328,661 gross unrealized depreciation.
At July 31, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
38