|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
CORPORATE BONDS AND NOTES – 59.8%
|
||||
|
|
Advertising – 1.0%
|
|
|
|
|
$182,000
|
Clear Channel Outdoor Holdings, Inc. (a)
|
7.75
%
|
04/15/28
|
$182,430
|
|
141,000
|
Clear Channel Outdoor Holdings, Inc. (a)
|
7.88
%
|
04/01/30
|
146,536
|
|
56,000
|
Clear Channel Outdoor Holdings, Inc. (a)
|
7.13
%
|
02/15/31
|
57,796
|
|
136,000
|
Outfront Media Capital LLC / Outfront Media Capital Corp. (a)
|
6.00
%
|
06/15/34
|
134,378
|
|
|
|
521,140
|
||
|
|
Aerospace & Defense – 1.6%
|
|
|
|
|
42,000
|
Carpenter Technology Corp. (a)
|
5.63
%
|
03/01/34
|
41,459
|
|
23,000
|
Moog, Inc. (a)
|
5.50
%
|
10/15/34
|
22,308
|
|
288,000
|
TransDigm, Inc. (a)
|
6.63
%
|
03/01/32
|
293,178
|
|
83,000
|
TransDigm, Inc. (a)
|
6.00
%
|
01/15/33
|
83,090
|
|
394,000
|
TransDigm, Inc. (a)
|
6.38
%
|
05/31/33
|
394,233
|
|
|
|
834,268
|
||
|
|
Alternative Carriers – 0.4%
|
|
|
|
|
148,000
|
Level 3 Financing, Inc. (a)
|
7.00
%
|
03/31/34
|
150,670
|
|
50,000
|
Level 3 Financing, Inc. (a)
|
8.50
%
|
01/15/36
|
52,059
|
|
|
|
202,729
|
||
|
|
Aluminum – 0.3%
|
|
|
|
|
139,000
|
Novelis Corp. (a)
|
6.38
%
|
08/15/33
|
138,843
|
|
|
Apparel, Accessories & Luxury Goods – 0.1%
|
|
|
|
|
55,000
|
Under Armour, Inc. (a)
|
7.25
%
|
07/15/30
|
56,165
|
|
|
Application Software – 1.3%
|
|
|
|
|
188,000
|
Cloud Software Group LLC (a)
|
6.50
%
|
03/31/29
|
183,868
|
|
549,000
|
Cloud Software Group LLC (a)
|
9.00
%
|
09/30/29
|
538,383
|
|
|
|
722,251
|
||
|
|
Asset Management & Custody Banks – 0.8%
|
|
|
|
|
290,000
|
Osaic Holdings, Inc. (a)
|
6.75
%
|
08/01/32
|
291,183
|
|
130,000
|
Osaic Holdings, Inc. (a)
|
8.00
%
|
08/01/33
|
131,994
|
|
|
|
423,177
|
||
|
|
Automotive Retail – 0.4%
|
|
|
|
|
83,000
|
Gee Automotive Holdings LLC (a)
|
7.25
%
|
03/01/31
|
83,687
|
|
149,000
|
Valvoline, Inc. (a)
|
3.63
%
|
06/15/31
|
135,928
|
|
|
|
219,615
|
||
|
|
Broadcasting – 2.8%
|
|
|
|
|
285,000
|
Gray Media, Inc. (a)
|
4.75
%
|
10/15/30
|
220,529
|
|
236,000
|
iHeartCommunications, Inc. (a)
|
4.75
%
|
01/15/28
|
222,192
|
|
357,000
|
Nexstar Media, Inc. (a)
|
4.75
%
|
11/01/28
|
350,279
|
|
288,000
|
Paramount Global
|
3.70
%
|
06/01/28
|
280,204
|
|
162,000
|
Sinclair Television Group, Inc. (a)
|
8.13
%
|
02/15/33
|
166,329
|
|
285,000
|
Sirius XM Radio LLC (a)
|
4.00
%
|
07/15/28
|
277,422
|
|
|
|
1,516,955
|
||
|
|
Broadline Retail – 0.1%
|
|
|
|
|
46,000
|
Family Dollar Stores LLC (a)
|
10.00
%
|
07/31/31
|
45,310
|
|
|
Building Products – 2.1%
|
|
|
|
|
103,000
|
Advanced Drainage Systems, Inc. (a)
|
5.38
%
|
03/01/34
|
99,993
|
|
61,000
|
Builders FirstSource, Inc. (a)
|
6.75
%
|
05/15/35
|
60,470
|
|
178,000
|
CP Atlas Buyer, Inc. (a)
|
9.75
%
|
07/15/30
|
160,480
|
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
CORPORATE BONDS AND NOTES (Continued)
|
||||
|
|
Building Products (Continued)
|
|
|
|
|
$198,000
|
Resideo Funding II LLC (a)
|
6.50
%
|
07/15/32
|
$198,247
|
|
321,000
|
Standard Building Solutions, Inc. (a)
|
6.50
%
|
08/15/32
|
321,917
|
|
142,000
|
Standard Building Solutions, Inc. (a)
|
6.25
%
|
08/01/33
|
140,637
|
|
134,000
|
Standard Building Solutions, Inc. (a)
|
5.88
%
|
03/15/34
|
128,821
|
|
|
|
1,110,565
|
||
|
|
Cable & Satellite – 2.1%
|
|
|
|
|
585,000
|
CCO Holdings LLC / CCO Holdings Capital Corp. (a)
|
7.00
%
|
02/01/33
|
561,205
|
|
521,148
|
EchoStar Corp.
|
10.75
%
|
11/30/29
|
564,009
|
|
|
|
1,125,214
|
||
|
|
Casinos & Gaming – 1.7%
|
|
|
|
|
137,000
|
Churchill Downs, Inc. (a)
|
5.75
%
|
04/01/30
|
136,654
|
|
50,000
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co.,
Inc. (a)
|
4.63
%
|
01/15/29
|
48,643
|
|
65,000
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co.,
Inc. (a)
|
6.75
%
|
01/15/30
|
63,869
|
|
279,000
|
Light & Wonder International, Inc. (a)
|
7.50
%
|
09/01/31
|
287,553
|
|
81,000
|
Scientific Games Holdings, L.P. / Scientific Games US Finance Co.,
Inc. (a)
|
6.63
%
|
03/01/30
|
65,663
|
|
116,000
|
Station Casinos LLC (a)
|
4.63
%
|
12/01/31
|
109,151
|
|
210,000
|
Station Casinos LLC (a)
|
6.63
%
|
03/15/32
|
212,331
|
|
|
|
923,864
|
||
|
|
Commercial & Residential Mortgage Finance – 2.7%
|
|
|
|
|
59,000
|
Freedom Mortgage Holdings LLC (a)
|
9.25
%
|
02/01/29
|
60,674
|
|
183,000
|
Freedom Mortgage Holdings LLC (a)
|
9.13
%
|
05/15/31
|
187,829
|
|
108,000
|
Freedom Mortgage Holdings LLC (a)
|
8.38
%
|
04/01/32
|
108,559
|
|
352,000
|
PennyMac Financial Services, Inc. (a)
|
6.75
%
|
02/15/34
|
326,792
|
|
112,000
|
Rocket Cos, Inc. (a)
|
7.13
%
|
02/01/32
|
114,878
|
|
397,000
|
Rocket Cos, Inc. (a)
|
6.38
%
|
08/01/33
|
399,855
|
|
312,000
|
UWM Holdings LLC (a)
|
6.25
%
|
03/15/31
|
278,673
|
|
|
|
1,477,260
|
||
|
|
Commodity Chemicals – 0.2%
|
|
|
|
|
27,000
|
Huntsman International LLC
|
4.50
%
|
05/01/29
|
26,005
|
|
88,000
|
Olin Corp. (a)
|
6.63
%
|
04/01/33
|
86,226
|
|
|
|
112,231
|
||
|
|
Communications Equipment – 0.2%
|
|
|
|
|
120,000
|
Viavi Solutions, Inc. (a)
|
3.75
%
|
10/01/29
|
113,719
|
|
|
Construction & Engineering – 0.9%
|
|
|
|
|
95,000
|
AECOM (a)
|
6.00
%
|
08/01/33
|
94,560
|
|
211,000
|
APi Group DE, Inc. (a)
|
5.75
%
|
06/01/34
|
207,058
|
|
5,000
|
Granite Construction, Inc. (a)
|
6.38
%
|
06/15/34
|
4,998
|
|
30,000
|
Williams Scotsman, Inc. (a)
|
6.63
%
|
04/15/30
|
30,699
|
|
129,000
|
Williams Scotsman, Inc. (a)
|
7.38
%
|
10/01/31
|
133,085
|
|
|
|
470,400
|
||
|
|
Construction Materials – 1.7%
|
|
|
|
|
129,000
|
JH North America Holdings, Inc. (a)
|
6.13
%
|
07/31/32
|
129,225
|
|
288,000
|
Quikrete Holdings, Inc. (a)
|
6.75
%
|
03/01/33
|
291,962
|
|
69,000
|
Smyrna Ready Mix Concrete LLC (a)
|
6.00
%
|
11/01/28
|
68,954
|
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
CORPORATE BONDS AND NOTES (Continued)
|
||||
|
|
Construction Materials (Continued)
|
|
|
|
|
$388,000
|
Smyrna Ready Mix Concrete LLC (a)
|
8.88
%
|
11/15/31
|
$406,552
|
|
|
|
896,693
|
||
|
|
Consumer Finance – 0.6%
|
|
|
|
|
59,000
|
EZCORP, Inc. (a)
|
7.38
%
|
04/01/32
|
61,830
|
|
277,000
|
FirstCash, Inc. (a)
|
6.88
%
|
03/01/32
|
281,327
|
|
|
|
343,157
|
||
|
|
Data Processing & Outsourced Services – 0.6%
|
|
|
|
|
80,000
|
Block, Inc. (a)
|
5.63
%
|
08/15/30
|
79,635
|
|
54,000
|
Block, Inc. (a)
|
6.00
%
|
08/15/33
|
53,594
|
|
203,000
|
Iron Mountain, Inc. (a)
|
6.25
%
|
01/15/35
|
200,699
|
|
|
|
333,928
|
||
|
|
Distributors – 0.2%
|
|
|
|
|
112,000
|
ADI Escrow Issuer LLC (a)
|
7.13
%
|
07/15/34
|
114,458
|
|
|
Diversified Chemicals – 0.0%
|
|
|
|
|
24,000
|
Bond US Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco 1
GmbH/German Bidco 2 (a)
|
7.13
%
|
06/15/33
|
24,163
|
|
|
Diversified Metals & Mining – 0.3%
|
|
|
|
|
53,000
|
SCIH Salt Holdings, Inc. (a)
|
4.88
%
|
05/01/28
|
53,030
|
|
27,000
|
SCIH Salt Holdings, Inc. (a)
|
6.63
%
|
05/01/29
|
27,017
|
|
81,000
|
SCIH Salt Holdings, Inc. (a)
|
6.63
%
|
08/15/31
|
81,087
|
|
|
|
161,134
|
||
|
|
Diversified Support Services – 0.5%
|
|
|
|
|
255,000
|
RB Global Holdings, Inc. (a)
|
7.75
%
|
03/15/31
|
263,466
|
|
|
Education Services – 0.5%
|
|
|
|
|
277,000
|
Graham Holdings Co. (a)
|
5.63
%
|
12/01/33
|
271,027
|
|
|
Electric Utilities – 1.7%
|
|
|
|
|
126,000
|
Alpha Generation LLC (a)
|
6.75
%
|
10/15/32
|
127,176
|
|
391,000
|
Alpha Generation LLC (a)
|
6.25
%
|
01/15/34
|
382,314
|
|
78,000
|
NRG Energy, Inc. (a)
|
5.75
%
|
01/15/34
|
76,016
|
|
62,000
|
NRG Energy, Inc. (a)
|
6.25
%
|
11/01/34
|
61,872
|
|
287,000
|
NRG Energy, Inc. (a)
|
6.00
%
|
01/15/36
|
280,957
|
|
|
|
928,335
|
||
|
|
Environmental & Facilities Services – 1.2%
|
|
|
|
|
129,000
|
Allied Universal Holdco LLC (a)
|
7.88
%
|
02/15/31
|
134,033
|
|
188,000
|
Allied Universal Holdco LLC / Allied Universal Finance Corp. (a)
|
6.88
%
|
06/15/30
|
192,215
|
|
56,000
|
Clean Harbors, Inc. (a)
|
5.75
%
|
10/15/33
|
55,744
|
|
195,000
|
GFL Environmental Holdings US, Inc. (a)
|
5.50
%
|
02/01/34
|
180,630
|
|
102,000
|
Waste Pro USA, Inc. (a)
|
7.00
%
|
02/01/33
|
103,635
|
|
|
|
666,257
|
||
|
|
Fertilizers & Agricultural Chemicals – 0.1%
|
|
|
|
|
75,000
|
FMC Corp. (a)
|
8.00
%
|
06/01/31
|
77,608
|
|
|
Food Distributors – 0.8%
|
|
|
|
|
193,000
|
US Foods, Inc. (a)
|
4.75
%
|
02/15/29
|
190,338
|
|
221,000
|
US Foods, Inc. (a)
|
5.75
%
|
04/15/33
|
218,834
|
|
|
|
409,172
|
||
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
CORPORATE BONDS AND NOTES (Continued)
|
||||
|
|
Footwear – 0.1%
|
|
|
|
|
$52,000
|
Beach Acquisition Bidco LLC (10.00% cash or 10.75%
PIK) (a) (b)
|
10.00
%
|
07/15/33
|
$55,859
|
|
|
Health Care Equipment – 0.0%
|
|
|
|
|
23,000
|
Teleflex, Inc. (a)
|
5.88
%
|
01/15/32
|
22,830
|
|
|
Health Care Facilities – 2.0%
|
|
|
|
|
275,000
|
AHP Health Partners, Inc. (a)
|
5.75
%
|
07/15/29
|
271,521
|
|
34,000
|
Concentra Health Services, Inc. (a)
|
6.88
%
|
07/15/32
|
35,005
|
|
93,000
|
Encompass Health Corp. (a)
|
5.88
%
|
06/01/34
|
92,123
|
|
302,000
|
Select Medical Corp. (a)
|
6.25
%
|
12/01/32
|
290,312
|
|
268,000
|
Tenet Healthcare Corp.
|
6.13
%
|
10/01/28
|
268,311
|
|
70,000
|
Tenet Healthcare Corp. (a)
|
5.50
%
|
11/15/32
|
68,969
|
|
28,000
|
Tenet Healthcare Corp. (a)
|
6.00
%
|
11/15/33
|
28,104
|
|
|
|
1,054,345
|
||
|
|
Health Care Services – 1.7%
|
|
|
|
|
509,000
|
Raven Acquisition Holdings LLC (a)
|
6.88
%
|
11/15/31
|
495,530
|
|
404,000
|
Surgery Center Holdings, Inc. (a)
|
7.25
%
|
04/15/32
|
405,763
|
|
|
|
901,293
|
||
|
|
Health Care Supplies – 0.5%
|
|
|
|
|
136,000
|
Medline Borrower L.P. / Medline Co-Issuer, Inc. (a)
|
6.25
%
|
04/01/29
|
138,473
|
|
136,000
|
Medline Borrower L.P. / Medline Co-Issuer, Inc. (a)
|
5.25
%
|
06/15/33
|
133,879
|
|
|
|
272,352
|
||
|
|
Homebuilding – 1.2%
|
|
|
|
|
189,000
|
Ashton Woods USA LLC / Ashton Woods Finance Co. (a)
|
6.88
%
|
08/01/33
|
188,810
|
|
177,000
|
Dream Finders Homes, Inc. (a)
|
6.88
%
|
09/15/30
|
172,909
|
|
276,000
|
Installed Building Products, Inc. (a)
|
5.63
%
|
02/01/34
|
267,113
|
|
|
|
628,832
|
||
|
|
Homefurnishing Retail – 0.1%
|
|
|
|
|
28,000
|
Wayfair LLC (a)
|
6.75
%
|
11/15/32
|
28,524
|
|
|
Hotels, Resorts & Cruise Lines – 0.5%
|
|
|
|
|
164,000
|
Hilton Domestic Operating Co., Inc. (a)
|
5.50
%
|
09/15/31
|
162,613
|
|
52,000
|
Hilton Domestic Operating Co., Inc. (a)
|
6.13
%
|
04/01/32
|
52,487
|
|
46,000
|
RHP Hotel Properties L.P. / RHP Finance Corp. (a)
|
5.75
%
|
03/15/34
|
45,073
|
|
|
|
260,173
|
||
|
|
Housewares & Specialties – 0.8%
|
|
|
|
|
388,000
|
Newell Brands, Inc. (a)
|
8.50
%
|
06/01/28
|
405,196
|
|
|
Independent Power Producers & Energy Traders – 0.9%
|
|
|
|
|
66,000
|
Talen Energy Supply LLC (a)
|
6.38
%
|
05/01/33
|
65,028
|
|
86,000
|
Talen Energy Supply LLC (a)
|
6.25
%
|
02/01/34
|
84,392
|
|
333,000
|
Talen Energy Supply LLC (a)
|
6.50
%
|
02/01/36
|
329,016
|
|
|
|
478,436
|
||
|
|
Industrial Machinery & Supplies & Components – 0.7%
|
|
|
|
|
79,000
|
Gates Corp. (The) (a)
|
6.88
%
|
07/01/29
|
80,688
|
|
289,000
|
Madison IAQ LLC (a)
|
5.88
%
|
06/30/29
|
289,185
|
|
|
|
369,873
|
||
|
|
Insurance Brokers – 2.6%
|
|
|
|
|
127,000
|
Acrisure LLC / Acrisure Finance, Inc. (a)
|
6.00
%
|
08/01/29
|
114,842
|
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
CORPORATE BONDS AND NOTES (Continued)
|
||||
|
|
Insurance Brokers (Continued)
|
|
|
|
|
$104,000
|
Acrisure LLC / Acrisure Finance, Inc. (a)
|
7.50
%
|
11/06/30
|
$100,664
|
|
260,000
|
AmWINS Group, Inc. (a)
|
4.88
%
|
06/30/29
|
250,420
|
|
337,000
|
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group
Holdings Finance (a)
|
7.13
%
|
05/15/31
|
340,085
|
|
103,000
|
HUB International Ltd. (a)
|
7.25
%
|
06/15/30
|
106,108
|
|
168,000
|
HUB International Ltd. (a)
|
7.38
%
|
01/31/32
|
171,927
|
|
136,000
|
Ryan Specialty LLC (a)
|
4.38
%
|
02/01/30
|
131,484
|
|
136,000
|
Ryan Specialty LLC (a)
|
5.88
%
|
08/01/32
|
134,214
|
|
66,000
|
USI, Inc. (a)
|
7.50
%
|
01/15/32
|
67,442
|
|
|
|
1,417,186
|
||
|
|
Integrated Telecommunication Services – 0.1%
|
|
|
|
|
45,000
|
APLD ComputeCo 3 LLC (a)
|
7.00
%
|
06/15/31
|
43,944
|
|
|
Interactive Home Entertainment – 0.2%
|
|
|
|
|
45,000
|
OAK-Eagle Acquireco, Inc. (a)
|
7.25
%
|
07/01/33
|
46,663
|
|
45,000
|
OAK-Eagle Acquireco, Inc. (a)
|
8.75
%
|
07/01/34
|
47,434
|
|
|
|
94,097
|
||
|
|
Interactive Media & Services – 0.3%
|
|
|
|
|
151,000
|
Snap, Inc. (a)
|
6.88
%
|
03/15/34
|
146,373
|
|
|
Internet Services & Infrastructure – 1.9%
|
|
|
|
|
160,000
|
Black Pearl Compute LLC (a)
|
6.13
%
|
02/15/31
|
159,932
|
|
202,000
|
Cipher Compute LLC (a)
|
7.13
%
|
11/15/30
|
206,295
|
|
182,000
|
CoreWeave, Inc. (a)
|
9.63
%
|
07/15/32
|
163,123
|
|
147,000
|
Flash Compute LLC (a)
|
7.25
%
|
12/31/30
|
148,628
|
|
34,000
|
Meridian Arc Holdco LLC (a)
|
6.25
%
|
04/30/31
|
32,701
|
|
140,000
|
SV RNO Property Owner 1 LLC (a)
|
5.88
%
|
03/01/31
|
130,181
|
|
156,000
|
WULF Compute LLC (a)
|
7.75
%
|
10/15/30
|
162,218
|
|
|
|
1,003,078
|
||
|
|
Investment Banking & Brokerage – 0.6%
|
|
|
|
|
84,000
|
Jane Street Group / JSG Finance, Inc. (a)
|
6.13
%
|
11/01/32
|
83,632
|
|
256,000
|
Jane Street Group / JSG Finance, Inc. (a)
|
6.75
%
|
05/01/33
|
261,081
|
|
|
|
344,713
|
||
|
|
IT Consulting & Other Services – 0.1%
|
|
|
|
|
28,000
|
CACI International, Inc. (a)
|
6.38
%
|
06/15/33
|
28,242
|
|
|
Leisure Facilities – 0.3%
|
|
|
|
|
62,000
|
Six Flags Entertainment Corp. (a)
|
7.25
%
|
05/15/31
|
60,833
|
|
100,000
|
Six Flags Entertainment Corp. / Canada’s Wonderland Co. /
Millenium Operations LLC (a)
|
8.63
%
|
01/15/32
|
101,212
|
|
|
|
162,045
|
||
|
|
Life Sciences Tools & Services – 0.7%
|
|
|
|
|
86,000
|
Fortrea Holdings, Inc. (a)
|
7.50
%
|
07/01/30
|
87,641
|
|
125,000
|
IQVIA, Inc. (a)
|
6.25
%
|
06/01/32
|
126,764
|
|
173,000
|
Star Parent, Inc. (a)
|
9.00
%
|
10/01/30
|
181,886
|
|
|
|
396,291
|
||
|
|
Managed Health Care – 1.0%
|
|
|
|
|
280,000
|
Centene Corp.
|
4.63
%
|
12/15/29
|
271,809
|
|
280,000
|
Molina Healthcare, Inc. (a)
|
6.25
%
|
01/15/33
|
277,075
|
|
|
|
548,884
|
||
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
CORPORATE BONDS AND NOTES (Continued)
|
||||
|
|
Mortgage REITs – 0.2%
|
|
|
|
|
$68,000
|
Blackstone Mortgage Trust, Inc. (a)
|
6.25
%
|
06/01/31
|
$65,062
|
|
23,000
|
Starwood Property Trust, Inc. (a)
|
6.13
%
|
06/01/31
|
22,958
|
|
|
|
88,020
|
||
|
|
Oil & Gas Equipment & Services – 0.1%
|
|
|
|
|
47,000
|
Solaris Energy Infrastructure LLC (a)
|
6.38
%
|
05/15/31
|
46,194
|
|
|
Oil & Gas Refining & Marketing – 1.3%
|
|
|
|
|
109,000
|
Sunoco L.P. (a)
|
5.63
%
|
03/15/31
|
107,647
|
|
251,000
|
Sunoco L.P. (a)
|
5.88
%
|
03/15/34
|
245,827
|
|
160,000
|
Venture Global LNG, Inc. (a)
|
8.38
%
|
06/01/31
|
165,489
|
|
150,000
|
Venture Global LNG, Inc. (a)
|
9.88
%
|
02/01/32
|
159,772
|
|
|
|
678,735
|
||
|
|
Oil & Gas Storage & Transportation – 1.5%
|
|
|
|
|
112,000
|
Rockies Express Pipeline LLC (a)
|
6.75
%
|
03/15/33
|
113,936
|
|
14,000
|
Venture Global Plaquemines LNG LLC (a)
|
7.50
%
|
05/01/33
|
15,198
|
|
61,000
|
Venture Global Plaquemines LNG LLC (a)
|
6.50
%
|
01/15/34
|
62,973
|
|
446,000
|
Venture Global Plaquemines LNG LLC (a)
|
7.75
%
|
05/01/35
|
494,557
|
|
132,000
|
Venture Global Plaquemines LNG LLC (a)
|
6.75
%
|
01/15/36
|
138,233
|
|
|
|
824,897
|
||
|
|
Other Specialty Retail – 0.3%
|
|
|
|
|
104,000
|
PetSmart LLC / PetSmart Finance Corp. (a)
|
7.50
%
|
09/15/32
|
105,166
|
|
54,000
|
PetSmart LLC / PetSmart Finance Corp. (a)
|
10.00
%
|
09/15/33
|
53,767
|
|
|
|
158,933
|
||
|
|
Packaged Foods & Meats – 3.2%
|
|
|
|
|
83,000
|
BellRing Brands, Inc. (a)
|
7.00
%
|
03/15/30
|
82,113
|
|
159,000
|
Lamb Weston Holdings, Inc. (a)
|
4.38
%
|
01/31/32
|
149,129
|
|
160,000
|
Performance Food Group, Inc. (a)
|
6.13
%
|
09/15/32
|
160,652
|
|
414,000
|
Performance Food Group, Inc. (a)
|
5.63
%
|
03/01/34
|
401,835
|
|
329,000
|
Post Holdings, Inc. (a)
|
6.25
%
|
02/15/32
|
330,740
|
|
335,000
|
Post Holdings, Inc. (a)
|
6.38
%
|
03/01/33
|
330,160
|
|
267,000
|
Post Holdings, Inc. (a)
|
6.50
%
|
03/15/36
|
260,587
|
|
|
|
1,715,216
|
||
|
|
Paper & Plastic Packaging Products & Materials – 0.4%
|
|
|
|
|
46,000
|
Graphic Packaging International LLC (a)
|
3.50
%
|
03/15/28
|
44,655
|
|
60,000
|
Graphic Packaging International LLC (a)
|
3.75
%
|
02/01/30
|
55,971
|
|
81,000
|
Graphic Packaging International LLC (a)
|
6.38
%
|
07/15/32
|
80,971
|
|
56,000
|
Sword Purchaser LLC (a)
|
8.25
%
|
04/15/33
|
57,308
|
|
|
|
238,905
|
||
|
|
Personal Care Products – 0.4%
|
|
|
|
|
249,000
|
Prestige Brands, Inc. (a)
|
3.75
%
|
04/01/31
|
228,478
|
|
11,000
|
Prestige Brands, Inc. (a)
|
6.25
%
|
07/15/34
|
11,037
|
|
|
|
239,515
|
||
|
|
Rail Transportation – 0.4%
|
|
|
|
|
200,000
|
Genesee & Wyoming, Inc. (a)
|
6.25
%
|
04/15/32
|
201,396
|
|
|
Real Estate Operating Companies – 0.7%
|
|
|
|
|
98,000
|
Service Properties Trust (a)
|
(c)
|
09/30/27
|
91,636
|
|
84,000
|
Service Properties Trust (a)
|
8.63
%
|
11/15/31
|
88,326
|
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
CORPORATE BONDS AND NOTES (Continued)
|
||||
|
|
Real Estate Operating Companies (Continued)
|
|
|
|
|
$205,000
|
Service Properties Trust
|
8.88
%
|
06/15/32
|
$210,788
|
|
|
|
390,750
|
||
|
|
Real Estate Services – 0.1%
|
|
|
|
|
56,000
|
Taylor Morrison Communities, Inc. (a)
|
5.75
%
|
11/15/32
|
57,392
|
|
|
Research & Consulting Services – 1.1%
|
|
|
|
|
46,000
|
Clarivate Science Holdings Corp. (a)
|
3.88
%
|
07/01/28
|
44,476
|
|
166,000
|
Clarivate Science Holdings Corp. (a)
|
4.88
%
|
07/01/29
|
153,016
|
|
391,000
|
Neptune Bidco US, Inc. (a)
|
9.29
%
|
04/15/29
|
398,650
|
|
|
|
596,142
|
||
|
|
Restaurants – 0.4%
|
|
|
|
|
23,000
|
Papa John’s International, Inc. (a)
|
3.88
%
|
09/15/29
|
21,621
|
|
216,000
|
Yum! Brands, Inc.
|
5.38
%
|
04/01/32
|
213,258
|
|
|
|
234,879
|
||
|
|
Security & Alarm Services – 0.6%
|
|
|
|
|
318,000
|
Brink’s Co. (The) (a)
|
6.75
%
|
06/15/32
|
324,903
|
|
|
Soft Drinks & Non-alcoholic Beverages – 0.2%
|
|
|
|
|
124,000
|
Primo Water Holdings, Inc. / Triton Water Holdings, Inc. (a)
|
6.25
%
|
04/01/29
|
124,477
|
|
|
Specialized Consumer Services – 0.5%
|
|
|
|
|
283,000
|
Wand NewCo 3, Inc. (a)
|
7.63
%
|
01/30/32
|
290,769
|
|
|
Technology Hardware, Storage & Peripherals – 1.0%
|
|
|
|
|
575,000
|
Fair Isaac Corp. (a)
|
6.00
%
|
05/15/33
|
556,866
|
|
|
Trading Companies & Distributors – 3.7%
|
|
|
|
|
40,000
|
American Builders & Contractors Supply Co., Inc. (a)
|
4.00
%
|
01/15/28
|
39,423
|
|
136,000
|
Core & Main L.P. (a)
|
6.00
%
|
07/01/34
|
135,365
|
|
80,000
|
EquipmentShare.com, Inc. (a)
|
9.00
%
|
05/15/28
|
81,319
|
|
179,000
|
EquipmentShare.com, Inc. (a)
|
8.63
%
|
05/15/32
|
183,292
|
|
224,000
|
EquipmentShare.com, Inc. (a)
|
8.00
%
|
03/15/33
|
225,893
|
|
13,000
|
Herc Holdings, Inc. (a)
|
5.75
%
|
03/15/31
|
12,879
|
|
196,000
|
Herc Holdings, Inc. (a)
|
7.25
%
|
06/15/33
|
202,405
|
|
13,000
|
Herc Holdings, Inc. (a)
|
6.00
%
|
03/15/34
|
12,759
|
|
143,351
|
Park River Holdings, Inc. (a)
|
8.75
%
|
12/31/30
|
132,541
|
|
56,000
|
Park River Holdings, Inc. (a)
|
8.00
%
|
03/15/31
|
55,792
|
|
265,000
|
QXO Building Products, Inc. (a)
|
6.75
%
|
04/30/32
|
270,873
|
|
173,000
|
QXO Building Products, Inc. (a)
|
6.88
%
|
07/15/34
|
173,390
|
|
27,000
|
Synergy Infrastructure Holdings LLC (a)
|
7.88
%
|
12/01/30
|
28,232
|
|
22,000
|
Synergy Infrastructure Holdings LLC (a)
|
7.00
%
|
07/15/34
|
22,208
|
|
136,000
|
United Rentals North America, Inc.
|
3.75
%
|
01/15/32
|
124,307
|
|
136,000
|
United Rentals North America, Inc. (a)
|
5.38
%
|
11/15/33
|
132,575
|
|
81,000
|
WESCO Distribution, Inc. (a)
|
5.25
%
|
04/15/31
|
79,853
|
|
90,000
|
WESCO Distribution, Inc. (a)
|
6.38
%
|
03/15/33
|
91,587
|
|
12,000
|
White Cap Supply Holdings LLC (a)
|
7.38
%
|
11/15/30
|
12,100
|
|
|
|
2,016,793
|
||
|
|
Transaction & Payment Processing Services – 0.5%
|
|
|
|
|
269,000
|
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (a)
|
6.75
%
|
08/15/32
|
269,564
|
|
|
Total Corporate Bonds and Notes
|
32,220,016
|
||
|
|
(Cost $32,514,084)
|
|
|
|
|
Principal
Value
|
Description
|
Rate (d)
|
Stated
Maturity (e)
|
Value
|
|
SENIOR FLOATING-RATE LOAN INTERESTS – 26.8%
|
||||
|
|
Advertising – 0.5%
|
|
|
|
|
$86,374
|
Authentic Brands Group (ABG Intermediate Holdings 2 LLC), Refi
Term Loan B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor
|
5.98
%
|
12/21/28
|
$86,610
|
|
191,809
|
WH Borrower LLC (WHP), Term Loan B, 3 Mo. CME Term SOFR
+ 4.50%, 0.50% Floor
|
8.14
%
|
02/20/32
|
192,878
|
|
|
|
279,488
|
||
|
|
Aerospace & Defense – 0.2%
|
|
|
|
|
110,892
|
Phoenix Aviation Capital Ltd., Term Loan B, 1 Mo. CME Term
SOFR + 3.25%, 0.00% Floor
|
6.98
%
|
10/28/30
|
110,910
|
|
23,152
|
VistaJet Malta Finance PLC, Inc., Term Loan B, 3 Mo. CME Term
SOFR + 3.75%, 0.00% Floor
|
7.48
%
|
03/31/31
|
23,226
|
|
|
|
134,136
|
||
|
|
Apparel, Accessories & Luxury Goods – 0.1%
|
|
|
|
|
40,509
|
Protective Industrial Products, Inc., Term Loan B, 1 Mo. CME Term
SOFR + 3.75%, 0.50% Floor
|
7.42
%
|
05/24/32
|
40,618
|
|
|
Application Software – 2.2%
|
|
|
|
|
54,483
|
ConnectWise LLC, Term Loan B, 3 Mo. CME Term SOFR + CSA
+ 3.50%, 0.50% Floor
|
7.49
%
|
09/30/28
|
51,321
|
|
435,411
|
Darktrace PLC (Leia Finco US LLC), Second Lien Term Loan, 3
Mo. CME Term SOFR + 5.25%, 0.00% Floor
|
8.99
%
|
10/09/32
|
385,992
|
|
114,863
|
Internet Brands, Inc. (Web MD / MH Sub I. LLC), Term Loan B-3,
1 Mo. CME Term SOFR + 4.25%, 0.50% Floor
|
7.98
%
|
05/03/28
|
111,657
|
|
257,727
|
LogMeIn, Inc. (GoTo Group, Inc.), First Lien First Out TL, 3 Mo.
CME Term SOFR + CSA + 4.75%, 0.00% Floor
|
8.69
%
|
04/30/28
|
216,942
|
|
188,506
|
McAfee Corp. (Condor Merger Sub, Inc.), Term Loan B-1, 1 Mo.
CME Term SOFR + 3.00%, 0.50% Floor
|
6.73
%
|
03/01/29
|
171,036
|
|
149,417
|
Qlik Technologies (Project Alpha Intermediate Holding, Inc.),
Second Lien Term Loan, 3 Mo. CME Term SOFR + 5.00%,
0.50% Floor
|
8.73
%
|
05/08/33
|
90,865
|
|
167,758
|
SolarWinds Holdings, Inc. (Starlight Parent LLC), Term Loan B, 3
Mo. CME Term SOFR + 4.00%, 0.00% Floor
|
7.67
%
|
04/16/32
|
131,690
|
|
|
|
1,159,503
|
||
|
|
Asset Management & Custody Banks – 0.5%
|
|
|
|
|
280,973
|
Edelman Financial Engines Center LLC, Extended Term Loan B, 1
Mo. CME Term SOFR + 4.00%, 0.00% Floor
|
7.73
%
|
11/30/31
|
282,457
|
|
|
Automotive Retail – 0.8%
|
|
|
|
|
455,544
|
Mavis Tire Express Services Topco Corp., Refi Term Loan B, 3
Mo. CME Term SOFR + 3.00%, 0.75% Floor
|
6.67
%
|
05/04/28
|
455,301
|
|
|
Broadcasting – 0.1%
|
|
|
|
|
79,010
|
Nexstar Media, Inc., Term Loan B-7, 1 Mo. CME Term SOFR +
2.75%, 0.00% Floor
|
6.48
%
|
03/19/33
|
79,022
|
|
|
Cable & Satellite – 0.7%
|
|
|
|
|
201,986
|
DIRECTV Holdings, Refi Term Loan B, 3 Mo. CME Term SOFR +
4.50%, 0.75% Floor
|
8.32
%
|
08/02/29
|
203,473
|
|
158,237
|
Versant Media Group, Inc., Term Loan B, 3 Mo. CME Term SOFR
+ 3.50%, 0.00% Floor
|
7.23
%
|
01/30/31
|
159,478
|
|
|
|
362,951
|
||
|
|
Casinos & Gaming – 0.5%
|
|
|
|
|
170,046
|
Caesars Entertainment, Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 2.25%, 0.50% Floor
|
5.98
%
|
02/06/30
|
164,584
|
|
Principal
Value
|
Description
|
Rate (d)
|
Stated
Maturity (e)
|
Value
|
|
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
|
||||
|
|
Casinos & Gaming (Continued)
|
|
|
|
|
$25,490
|
Caesars Entertainment, Inc., Term Loan B1, 1 Mo. CME Term
SOFR + 2.25%, 0.50% Floor
|
5.98
%
|
02/06/31
|
$24,353
|
|
79,792
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co.,
Inc., Refi Term Loan, 1 Mo. CME Term SOFR + 3.25%, 0.50%
Floor
|
6.98
%
|
01/29/29
|
79,908
|
|
|
|
268,845
|
||
|
|
Construction & Engineering – 0.4%
|
|
|
|
|
202,282
|
Green Infrastructure Partners LLC, Term Loan B, 3 Mo. CME Term
SOFR + 2.75%, 0.00% Floor
|
6.48
%
|
09/24/32
|
202,788
|
|
|
Construction Materials – 0.5%
|
|
|
|
|
296,212
|
Quikrete Holdings, Inc., Term Loan B-2 2029, 1 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
|
5.98
%
|
03/18/29
|
297,044
|
|
|
Data Processing & Outsourced Services – 0.2%
|
|
|
|
|
118,205
|
Consilio (Skopima Consilio Parent LLC), Refi Term Loan B, 1 Mo.
CME Term SOFR + 3.75%, 0.00% Floor
|
7.48
%
|
05/17/28
|
103,962
|
|
|
Diversified Support Services – 0.4%
|
|
|
|
|
192,203
|
Aggreko Holdings, Inc., Extended Term Loan B, 3 Mo. CME Term
SOFR + 3.00%, 0.50% Floor
|
6.63
%
|
05/21/31
|
193,357
|
|
20,945
|
Rosen US Holdings LLC, Term Loan B, 3 Mo. CME Term SOFR +
2.25%, 0.00% Floor
|
5.73
%
|
03/26/31
|
20,944
|
|
|
|
214,301
|
||
|
|
Electronic Components – 0.2%
|
|
|
|
|
82,996
|
Belden, Inc., Term Loan B, 1 Mo. CME Term SOFR + 2.25%,
0.00% Floor
|
5.98
%
|
07/31/33
|
83,515
|
|
|
Electronic Equipment & Instruments – 0.8%
|
|
|
|
|
188,812
|
Convergint Technologies (DG Investment Intermediate Holdings 2,
Inc.), First Lien Term Loan, 1 Mo. CME Term SOFR + 3.00%,
0.00% Floor
|
6.73
%
|
07/12/32
|
189,402
|
|
122,503
|
Convergint Technologies (DG Investment Intermediate Holdings 2,
Inc.), Second Lien Term Loan, 1 Mo. CME Term SOFR + 5.50%,
0.00% Floor
|
9.23
%
|
07/31/33
|
123,804
|
|
111,327
|
VeriFone Systems, Inc., Extended Term Loan, 3 Mo. CME Term
SOFR + CSA + 5.50%, 0.00% Floor
|
9.58
%
|
08/21/28
|
105,722
|
|
|
|
418,928
|
||
|
|
Food Distributors – 0.1%
|
|
|
|
|
72,066
|
C&S Wholesale Grocers LLC, Term Loan B, 3 Mo. CME Term
SOFR + 5.00%, 0.00% Floor
|
8.73
%
|
09/23/30
|
68,282
|
|
|
Health Care Distributors – 0.2%
|
|
|
|
|
124,980
|
McKesson Medical (Surgical Top Holdings, Inc.), Term Loan B, 3
Mo. CME Term SOFR + 2.25%, 0.00% Floor
|
5.98
%
|
06/30/32
|
125,254
|
|
|
Health Care Services – 0.2%
|
|
|
|
|
101,432
|
Ensemble RCM LLC, Term Loan B, 3 Mo. CME Term SOFR +
3.00%, 0.00% Floor
|
6.82
%
|
02/09/33
|
101,179
|
|
|
Health Care Technology – 1.0%
|
|
|
|
|
291,687
|
athenaHealth Group, Inc., Extended Term Loan B, 1 Mo. CME
Term SOFR + 3.25%, 0.50% Floor
|
6.98
%
|
02/17/32
|
290,077
|
|
Principal
Value
|
Description
|
Rate (d)
|
Stated
Maturity (e)
|
Value
|
|
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
|
||||
|
|
Health Care Technology (Continued)
|
|
|
|
|
$247,488
|
Mediware (Wellsky / Project Ruby Ultimate Parent Corp.), Refi
Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.00%
Floor
|
6.60
%
|
03/10/28
|
$247,576
|
|
|
|
537,653
|
||
|
|
Household Products – 0.2%
|
|
|
|
|
100,846
|
Essential Home (Lavender Dutch BorrowerCo BV), Term Loan B, 3
Mo. CME Term SOFR + 3.25%, 0.00% Floor
|
6.98
%
|
12/31/32
|
100,884
|
|
|
Industrial Machinery & Supplies & Components – 0.8%
|
|
|
|
|
421,932
|
TK Elevator US Newco, Inc., Term Loan B, 6 Mo. CME Term
SOFR + 2.75%, 0.50% Floor
|
6.70
%
|
04/30/30
|
424,114
|
|
|
Insurance Brokers – 2.8%
|
|
|
|
|
156,990
|
Acrisure LLC, Term Loan B-6 2030, 1 Mo. CME Term SOFR +
3.00%, 0.00% Floor
|
6.73
%
|
11/06/30
|
144,117
|
|
137,006
|
Broadstreet Partners Group, Inc., Term Loan B-5, 1 Mo. CME Term
SOFR + 2.50%, 0.00% Floor
|
6.23
%
|
06/16/31
|
134,940
|
|
49,588
|
CFC Group Ltd., Term Loan B, 3 Mo. CME Term SOFR + 3.50%,
0.00% Floor
|
7.23
%
|
07/01/32
|
47,522
|
|
263,595
|
CRC Insurance Group LLC (Truist Insurance), Second Lien Term
Loan, 3 Mo. CME Term SOFR + 4.75%, 0.00% Floor
|
8.48
%
|
05/06/32
|
254,150
|
|
84,057
|
Goosehead Insurance Holdings LLC, Refi Term Loan B, 1 Mo.
CME Term SOFR + 3.00%, 0.00% Floor
|
6.67
%
|
01/08/32
|
83,321
|
|
881,117
|
OneDigital Borrower LLC, Second Lien Term Loan, 1 Mo. CME
Term SOFR + 5.25%, 0.50% Floor
|
8.98
%
|
07/02/32
|
850,644
|
|
|
|
1,514,694
|
||
|
|
Integrated Telecommunication Services – 0.8%
|
|
|
|
|
409,409
|
Numericable U.S. LLC (Altice France SAS), Term Loan B-14, 3
Mo. CME Term SOFR + 6.88%, 0.00% Floor
|
10.62
%
|
05/15/31
|
417,216
|
|
|
Interactive Home Entertainment – 0.2%
|
|
|
|
|
90,133
|
Electronic Arts, Inc. (OAK-Eagle Acquireco, Inc.), Term Loan B, 3
Mo. CME Term SOFR + 3.50%, 0.00% Floor
|
7.25
%
|
07/31/33
|
90,793
|
|
|
Internet Services & Infrastructure – 0.1%
|
|
|
|
|
63,237
|
CoreWeave Financing DDTL V LLC, Delayed Draw Term Loan,
Daily CME Term SOFR + 4.50%, 0.00% Floor
|
8.14
%
|
11/17/31
|
63,277
|
|
|
Investment Banking & Brokerage – 0.4%
|
|
|
|
|
208,071
|
Citadel Securities L.P., Term Loan B, 3 Mo. CME Term SOFR +
2.00%, 0.00% Floor
|
5.66
%
|
06/30/33
|
208,064
|
|
|
IT Consulting & Other Services – 0.3%
|
|
|
|
|
152,773
|
Gainwell Acquisition Corp. (Milano), Term Loan B, 3 Mo. CME
Term SOFR + CSA + 4.00%, 0.75% Floor
|
7.83
%
|
10/01/27
|
151,723
|
|
|
Life Sciences Tools & Services – 1.3%
|
|
|
|
|
443,226
|
Parexel International Corp. (Phoenix Newco), Term Loan B, 1 Mo.
CME Term SOFR + 2.50%, 0.50% Floor
|
6.23
%
|
12/09/31
|
444,520
|
|
260,654
|
Syneos Health US, Inc., Refi Term Loan, 3 Mo. CME Term SOFR
+ 3.50%, 0.00% Floor
|
7.23
%
|
09/30/30
|
261,921
|
|
|
|
706,441
|
||
|
|
Movies & Entertainment – 0.7%
|
|
|
|
|
57,675
|
TKO Worldwide Holdings LLC, Refi Term Loan B-7, 3 Mo. CME
Term SOFR + 1.75%, 0.00% Floor
|
5.41
%
|
11/21/31
|
57,642
|
|
Principal
Value
|
Description
|
Rate (d)
|
Stated
Maturity (e)
|
Value
|
|
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
|
||||
|
|
Movies & Entertainment (Continued)
|
|
|
|
|
$345,332
|
Warner Bros. Discovery, Inc. (Discovery Global Holdings, Inc.),
Term Loan B, 1 Mo. CME Term SOFR + 2.50%, 0.00% Floor
|
6.23
%
|
06/30/33
|
$346,016
|
|
|
|
403,658
|
||
|
|
Other Specialty Retail – 0.5%
|
|
|
|
|
80,752
|
Bass Pro Group LLC (Great Outdoors Group LLC), Term Loan
B-3, 1 Mo. CME Term SOFR + 3.25%, 0.75% Floor
|
6.98
%
|
01/23/32
|
81,235
|
|
111,121
|
PetSmart, Inc., Term Loan B, 1 Mo. CME Term SOFR + 4.00%,
0.00% Floor
|
7.72
%
|
08/18/32
|
111,524
|
|
85,923
|
Savers, Inc. (Evergreen AcqCo 1, L.P.), Refi Term Loan B, 3 Mo.
CME Term SOFR + 2.50%, 0.00% Floor
|
6.17
%
|
09/18/32
|
86,159
|
|
|
|
278,918
|
||
|
|
Packaged Foods & Meats – 0.3%
|
|
|
|
|
148,767
|
Sauer Brands, Inc. (Savor Acquisition, Inc.), Term Loan B, 3 Mo.
CME Term SOFR + 3.00%, 0.00% Floor
|
6.82
%
|
02/19/32
|
149,715
|
|
|
Paper & Plastic Packaging Products & Materials – 0.7%
|
|
|
|
|
304,397
|
Graham Packaging Co. L.P., Term Loan B, 1 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
|
5.98
%
|
01/26/33
|
304,837
|
|
55,000
|
Sealed Air Corp. (Sword Purchaser LLC), Term Loan B, 1 Mo.
CME Term SOFR + 4.00%, 0.00% Floor
|
7.73
%
|
04/09/33
|
53,124
|
|
|
|
357,961
|
||
|
|
Passenger Ground Transportation – 0.1%
|
|
|
|
|
57,644
|
Student Transportation of America Holdings, Inc., Add on Term
Loan B, 6 Mo. CME Term SOFR + 2.75%, 0.00% Floor
|
6.60
%
|
06/24/32
|
57,924
|
|
|
Personal Care Products – 0.1%
|
|
|
|
|
28,000
|
Prestige Brands, Inc., Delayed Draw Term Loan B, 1 Mo. CME
Term SOFR + 2.00%, 0.00% Floor
|
5.73
%
|
05/31/33
|
28,114
|
|
|
Pharmaceuticals – 1.1%
|
|
|
|
|
613,299
|
Opal US LLC, Term Loan B6, 3 Mo. CME Term SOFR + 2.50%,
0.00% Floor
|
6.23
%
|
04/23/32
|
615,105
|
|
|
Property & Casualty Insurance – 0.2%
|
|
|
|
|
124,534
|
Bella Holding Co. LLC, Extended Term Loan B, 1 Mo. CME Term
SOFR + 3.25%, 0.00% Floor
|
6.98
%
|
06/15/33
|
124,574
|
|
|
Research & Consulting Services – 0.6%
|
|
|
|
|
187,530
|
Clarivate Analytics PLC (Camelot), 2025 Incremental Term Loan, 1
Mo. CME Term SOFR + 3.25%, 0.00% Floor
|
6.98
%
|
01/31/31
|
176,372
|
|
135,581
|
Veritext Corp. (VT Topco, Inc.), Refi Term Loan, 1 Mo. CME Term
SOFR + 3.00%, 0.50% Floor
|
6.73
%
|
08/12/30
|
133,827
|
|
|
|
310,199
|
||
|
|
Restaurants – 1.1%
|
|
|
|
|
208,887
|
Raising Cane’s Restaurants LLC, 2033 Term Loan B, 1 Mo. CME
Term SOFR + 2.00%, 0.00% Floor
|
5.66
%
|
06/08/33
|
208,234
|
|
400,000
|
Whatabrands LLC, Refi Term Loan B, 1 Mo. CME Term SOFR +
2.75%, 0.00% Floor
|
6.39
%
|
07/30/33
|
401,000
|
|
|
|
609,234
|
||
|
|
Security & Alarm Services – 1.2%
|
|
|
|
|
557,181
|
Garda World Security Corp., Term Loan B, 3 Mo. CME Term
SOFR + 2.75%, 0.00% Floor
|
6.51
%
|
02/01/29
|
557,877
|
|
Principal
Value
|
Description
|
Rate (d)
|
Stated
Maturity (e)
|
Value
|
|
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
|
||||
|
|
Security & Alarm Services (Continued)
|
|
|
|
|
$76,245
|
Lsf12 Crown US Commercial Bidco LLC, Term Loan B, 3 Mo.
CME Term SOFR + 2.50%, 0.00% Floor
|
6.24
%
|
12/02/31
|
$76,476
|
|
|
|
634,353
|
||
|
|
Specialized Consumer Services – 0.5%
|
|
|
|
|
256,490
|
Wash MultiFamily Acquisition, Inc., Refi Term Loan B, 1 Mo.
CME Term SOFR + 3.00%, 0.00% Floor
|
6.73
%
|
09/10/32
|
258,119
|
|
|
Specialized Finance – 0.6%
|
|
|
|
|
279,300
|
Envestnet, Inc. (BCPE Pequod Buyer, Inc.), Term Loan B, 1 Mo.
CME Term SOFR + 2.75%, 0.00% Floor
|
6.48
%
|
11/25/31
|
274,353
|
|
48,389
|
Janus Henderson Group PLC (Jupiter Borrower, Inc.), Term Loan B,
3 Mo. CME Term SOFR + 2.75%, 0.00% Floor
|
6.48
%
|
06/30/33
|
48,742
|
|
|
|
323,095
|
||
|
|
Specialty Chemicals – 0.8%
|
|
|
|
|
311,324
|
Highline Aftermarket Acquisition LLC, Refi Term Loan B, 6 Mo.
CME Term SOFR + 3.50%, 0.75% Floor
|
7.23
%
|
02/19/30
|
311,842
|
|
26,774
|
Nouryon Finance BV, Term Loan B, 1 Mo. CME Term SOFR +
3.50%, 0.00% Floor
|
7.17
%
|
07/31/31
|
26,812
|
|
108,310
|
Nouryon Finance BV, Term Loan B, 3 Mo. CME Term SOFR +
3.50%, 0.00% Floor
|
7.23
%
|
07/31/31
|
108,463
|
|
|
|
447,117
|
||
|
|
Systems Software – 0.5%
|
|
|
|
|
75,574
|
Idera, Inc. (Flash Charm), Second Lien Term Loan, 3 Mo. CME
Term SOFR + CSA + 6.75%, 0.75% Floor
|
10.56
%
|
03/02/29
|
46,814
|
|
55,285
|
Imprivata, Inc., Term Loan B, 3 Mo. CME Term SOFR + 3.75%,
0.50% Floor
|
7.48
%
|
12/01/29
|
55,624
|
|
14,110
|
Kaseya, Inc., Second Lien Term Loan, 3 Mo. CME Term SOFR +
5.00%, 0.00% Floor
|
8.82
%
|
03/20/33
|
8,055
|
|
192,831
|
KnowBe4, Inc., Term Loan B, 3 Mo. CME Term SOFR + 3.75%,
0.00% Floor
|
7.57
%
|
07/26/32
|
145,925
|
|
|
|
256,418
|
||
|
|
Trading Companies & Distributors – 1.2%
|
|
|
|
|
46,870
|
Veritiv Corp. (Verde Purchaser LLC), Term Loan B, 3 Mo. CME
Term SOFR + 4.00%, 0.00% Floor
|
7.73
%
|
11/29/30
|
44,614
|
|
607,474
|
White Cap Supply Holdings LLC, Term Loan B, 1 Mo. CME Term
SOFR + 3.25%, 0.00% Floor
|
6.98
%
|
10/29/29
|
607,559
|
|
|
|
652,173
|
||
|
|
Transaction & Payment Processing Services – 0.1%
|
|
|
|
|
53,167
|
Shift4 Payments LLC, Refi Term Loan B, 3 Mo. CME Term SOFR
+ 2.00%, 0.00% Floor
|
5.73
%
|
07/06/32
|
53,134
|
|
|
Total Senior Floating-Rate Loan Interests
|
14,452,244
|
||
|
|
(Cost $14,768,359)
|
|
|
|
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
FOREIGN CORPORATE BONDS AND NOTES – 8.4%
|
||||
|
|
Aerospace & Defense – 0.6%
|
|
|
|
|
168,000
|
Bombardier, Inc. (a)
|
6.75
%
|
06/15/33
|
173,245
|
|
138,000
|
Phoenix Aviation Capital Ltd. (a)
|
9.25
%
|
07/15/30
|
142,991
|
|
|
|
316,236
|
||
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
FOREIGN CORPORATE BONDS AND NOTES (Continued)
|
||||
|
|
Alternative Carriers – 0.5%
|
|
|
|
|
$318,000
|
Ziggo BV (a)
|
4.88
%
|
01/15/30
|
$286,782
|
|
|
Automotive Parts & Equipment – 0.3%
|
|
|
|
|
175,000
|
Clarios Global, L.P. / Clarios US Finance Co. (a)
|
6.75
%
|
09/15/32
|
176,434
|
|
|
Biotechnology – 0.3%
|
|
|
|
|
134,000
|
Genmab A/S / Genmab Finance LLC (a)
|
6.25
%
|
12/15/32
|
135,316
|
|
|
Casinos & Gaming – 0.4%
|
|
|
|
|
209,000
|
Flutter Treasury DAC (a)
|
5.88
%
|
06/04/31
|
205,984
|
|
|
Data Processing & Outsourced Services – 0.4%
|
|
|
|
|
216,000
|
Paysafe Finance PLC / Paysafe Holdings US Corp. (a)
|
4.00
%
|
06/15/29
|
188,791
|
|
|
Diversified Support Services – 0.2%
|
|
|
|
|
86,000
|
Albion Financing 1 SARL / Aggreko Holdings, Inc. (a)
|
7.00
%
|
05/21/30
|
87,679
|
|
|
Homebuilding – 0.5%
|
|
|
|
|
309,000
|
Mattamy Group Corp. (a)
|
6.00
%
|
12/15/33
|
294,929
|
|
|
Hotels, Resorts & Cruise Lines – 0.8%
|
|
|
|
|
134,000
|
Carnival Corp Ltd. (a)
|
6.13
%
|
02/15/33
|
134,095
|
|
316,000
|
Viking Ocean Cruises Ship VII Ltd. (a)
|
5.63
%
|
02/15/29
|
315,927
|
|
|
|
450,022
|
||
|
|
Insurance Brokers – 1.6%
|
|
|
|
|
270,000
|
Ardonagh Finco Ltd. (a)
|
7.75
%
|
02/15/31
|
274,346
|
|
179,000
|
Ardonagh Group Finance Ltd. (a)
|
8.88
%
|
02/15/32
|
178,232
|
|
149,000
|
Howden UK Refinance PLC / Howden UK Refinance 2 PLC /
Howden US Refinance LLC (a)
|
7.25
%
|
02/15/31
|
147,683
|
|
279,000
|
Howden UK Refinance PLC / Howden UK Refinance 2 PLC /
Howden US Refinance LLC (a)
|
8.13
%
|
02/15/32
|
259,609
|
|
|
|
859,870
|
||
|
|
Life Sciences Tools & Services – 0.4%
|
|
|
|
|
200,000
|
Icon Investments Six DAC
|
5.85
%
|
05/08/29
|
204,108
|
|
|
Metal, Glass & Plastic Containers – 0.5%
|
|
|
|
|
309,000
|
Canpack SA / Canpack US LLC (a)
|
3.88
%
|
11/15/29
|
292,562
|
|
|
Restaurants – 1.0%
|
|
|
|
|
270,000
|
1011778 BC ULC / New Red Finance, Inc. (a)
|
6.13
%
|
06/15/29
|
272,969
|
|
270,000
|
1011778 BC ULC / New Red Finance, Inc. (a)
|
4.00
%
|
10/15/30
|
253,883
|
|
|
|
526,852
|
||
|
|
Specialized Consumer Services – 0.4%
|
|
|
|
|
197,000
|
Belron UK Finance PLC (a)
|
5.75
%
|
10/15/29
|
197,112
|
|
|
Trading Companies & Distributors – 0.5%
|
|
|
|
|
275,000
|
Azorra Finance Ltd. (a)
|
6.25
%
|
02/15/34
|
270,401
|
|
|
Total Foreign Corporate Bonds and Notes
|
4,493,078
|
||
|
|
(Cost $4,574,468)
|
|
|
|
|
Shares
|
Description
|
Value
|
|
MONEY MARKET FUNDS – 5.1%
|
||
|
2,762,717
|
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional
Class - 3.54% (f)
|
$2,762,717
|
|
|
(Cost $2,762,717)
|
|
|
|
Total Investments – 100.1%
|
53,928,055
|
|
|
(Cost $54,619,628)
|
|
|
|
Net Other Assets and Liabilities – (0.1)%
|
(41,563
)
|
|
|
Net Assets – 100.0%
|
$53,886,492
|
|
(a)
|
This security, sold within the terms of a private placement memorandum, is exempt
from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
exempt from registration, normally to
qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined
to be liquid by First Trust Advisors L.P. Although market instability can result in
periods of increased overall market illiquidity,
liquidity for each security is determined based on security specific factors and assumptions,
which require subjective judgment.
At July 31, 2026, securities noted as such amounted to $34,550,295 or 64.1% of net
assets.
|
|
(b)
|
The issuer will pay interest in cash and/or in PIK interest.
|
|
(c)
|
Zero coupon security.
|
|
(d)
|
Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests pay interest at rates which are periodically
predetermined by reference to a base lending rate plus a premium. These base lending
rates are generally (i) the SOFR obtained
from the U.S. Department of the Treasury’s Office of Financial Research or another major financial institution, (ii) the lending
rate offered by one or more major European banks, (iii) the prime rate offered by
one or more United States banks or (iv) the
certificate of deposit rate. Certain Senior Loans are subject to a SOFR floor that
establishes a minimum SOFR rate. When a range
of rates is disclosed, the Fund holds more than one contract within the same tranche
with identical SOFR period, spread and floor,
but different SOFR reset dates.
|
|
(e)
|
Senior Loans generally are subject to mandatory and/or optional prepayment. As a result,
the actual remaining maturity of Senior
Loans may be substantially less than the stated maturities shown.
|
|
(f)
|
Rate shown reflects yield as of July 31, 2026.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
CME
|
– Chicago Mercantile Exchange
|
|
CSA
|
– Credit Spread Adjustment
|
|
PIK
|
– Payment-in-kind
|
|
REITs
|
– Real Estate Investment Trusts
|
|
SOFR
|
– Secured Overnight Financing Rate
|
|
|
Total
Value at
7/31/2026
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Corporate Bonds and Notes*
|
$32,220,016
|
$—
|
$32,220,016
|
$—
|
|
Senior Floating-Rate Loan Interests*
|
14,452,244
|
—
|
14,452,244
|
—
|
|
Foreign Corporate Bonds and Notes*
|
4,493,078
|
—
|
4,493,078
|
—
|
|
Money Market Funds
|
2,762,717
|
2,762,717
|
—
|
—
|
|
Total Investments
|
$53,928,055
|
$2,762,717
|
$51,165,338
|
$—
|
|
*
|
See Portfolio of Investments for industry breakout.
|
|
Borrower
|
Principal Value
|
Commitment
Amount
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
CoreWeave Financing DDTL V LLC, Term Loan
|
$ 82,622
|
$ 84,608
|
$ 82,674
|
$ (1,934
)
|
|
Sauer Brands, Inc. (Savor Acquisition, Inc.), Term Loan
|
11,626
|
11,660
|
11,700
|
40
|
|
|
|
$96,268
|
$94,374
|
$(1,894
)
|