|
Common Stocks — 1.1% |
|
Security |
Shares |
Value | |
|
Cable & Satellite TV — 0.1% | |||
|
Charter Communications, Inc., Class A(1)
|
|
18,000 |
$ 2,609,641 |
|
|
|
|
$ 2,609,641 |
|
Energy — 0.4% | |||
|
Ascent CNR Corp., Class A(1)(2)(3)
|
|
320,298 |
$ 10,781,230 |
|
Energy Transfer LP |
|
275,000 |
5,599,000 |
|
|
|
|
$ 16,380,230 |
|
Environmental — 0.5% | |||
|
GFL Environmental, Inc. |
|
425,300 |
$ 17,573,396 |
|
|
|
|
$ 17,573,396 |
|
Healthcare — 0.0%† | |||
|
Keenova Therapeutics PLC(1)
|
|
2,829 |
$ 278,029 |
|
Par Health, Inc.(1)
|
|
2,829 |
17,984 |
|
|
|
|
$ 296,013 |
|
Leisure — 0.0% | |||
|
iFIT Health and Fitness, Inc.(1)(2)(3)
|
|
128,520 |
$ 0 |
|
|
|
|
$ 0 |
|
Paper — 0.1% | |||
|
Enviva LLC(1)(3)
|
|
220,054 |
$ 4,304,806 |
|
|
|
|
$ 4,304,806 |
|
Total Common Stocks
(identified cost $23,511,576) |
|
|
$ 41,164,086 |
|
Convertible Bonds — 0.3% |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Technology — 0.3% | |||
|
Zscaler, Inc., 0.00%, 7/15/28 |
$ |
11,280 |
$ 10,487,949 |
|
Total Convertible Bonds
(identified cost $10,438,691) |
|
|
$ 10,487,949 |
|
Convertible Preferred Stocks — 0.6% |
|
Security |
Shares |
Value | |
|
Building Materials — 0.6% | |||
|
QXO, Inc., 4.75%(1)(2)(3)
|
|
3,139 |
$ 22,517,838 |
|
Total Convertible Preferred Stocks
(identified cost $31,391,380) |
|
|
$ 22,517,838 |
|
Corporate Bonds — 84.2% |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Aerospace — 2.6% | |||
|
Amentum Holdings, Inc., 7.25%, 8/1/32(4)
|
$ |
8,313 |
$ 8,547,369 |
|
Axon Enterprise, Inc.: |
|
|
|
|
6.125%, 3/15/30(4)
|
|
3,950 |
4,005,742 |
|
6.25%, 3/15/33(4)
|
|
3,009 |
3,053,553 |
|
Bombardier, Inc.: |
|
|
|
|
7.00%, 6/1/32(4)
|
|
5,415 |
5,585,952 |
|
7.25%, 7/1/31(4)
|
|
6,525 |
6,804,407 |
|
8.75%, 11/15/30(4)
|
|
4,630 |
4,884,511 |
|
BWX Technologies, Inc.: |
|
|
|
|
4.125%, 6/30/28(4)
|
|
4,467 |
4,360,381 |
|
4.125%, 4/15/29(4)
|
|
3,639 |
3,496,168 |
|
CACI International, Inc., 6.375%, 6/15/33(4)
|
|
8,520 |
8,593,727 |
|
Moog, Inc., 5.50%, 10/15/34(4)
|
|
5,345 |
5,184,252 |
|
Science Applications International Corp.: |
|
|
|
|
4.875%, 4/1/28(4)
|
|
10,314 |
10,174,244 |
|
5.875%, 11/1/33(4)
|
|
8,495 |
8,325,483 |
|
TransDigm, Inc.: |
|
|
|
|
4.625%, 1/15/29 |
|
8,705 |
8,539,955 |
|
6.25%, 1/31/34(4)
|
|
2,642 |
2,669,934 |
|
6.625%, 3/1/32(4)
|
|
7,330 |
7,461,793 |
|
6.75%, 1/31/34(4)
|
|
11,675 |
11,872,459 |
|
|
|
|
$ 103,559,930 |
|
Air Transportation — 0.6% | |||
|
Stonepeak Nile Parent LLC, 7.25%, 3/15/32(4)
|
$ |
8,475 |
$ 8,741,776 |
|
VistaJet Malta Finance PLC/Vista Management
Holding, Inc., 6.375%, 2/1/30(4)
|
|
15,119 |
14,280,715 |
|
|
|
|
$ 23,022,491 |
|
Automotive & Auto Parts — 1.8% | |||
|
Belron U.K. Finance PLC, 5.75%, 10/15/29(4)
|
$ |
17,078 |
$ 17,087,716 |
|
Champions Financing, Inc., 8.75%, 2/15/29(4)
|
|
3,174 |
3,142,848 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Automotive & Auto Parts (continued) | |||
|
Clarios Global LP/Clarios U.S. Finance Co.: |
|
|
|
|
6.75%, 2/15/30(4)
|
$ |
6,047 |
$ 6,203,678 |
|
6.75%, 9/15/32(4)
|
|
10,947 |
11,036,724 |
|
Ford Motor Co., 4.75%, 1/15/43 |
|
11,853 |
9,110,447 |
|
IHO Verwaltungs GmbH, 7.375%, (7.375% cash or
8.125% PIK), 5/15/33(4)
|
|
2,430 |
2,520,554 |
|
Realtruck Group, Inc., 6.25%, 7/31/31(4)
|
|
14,912 |
2,688,835 |
|
Wand NewCo 3, Inc., 7.625%, 1/30/32(4)
|
|
18,746 |
19,260,653 |
|
|
|
|
$ 71,051,455 |
|
Broadcasting — 2.6% | |||
|
Discovery Global Holdings, Inc., 5.05%, 3/15/42 |
$ |
7,564 |
$ 5,275,890 |
|
Gray Media, Inc., 4.75%, 10/15/30(4)
|
|
2,900 |
2,243,984 |
|
Nexstar Media, Inc.: |
|
|
|
|
6.50%, 9/15/33(4)
|
|
12,380 |
12,327,320 |
|
7.25%, 4/15/34(4)
|
|
11,150 |
11,184,130 |
|
OAK-Eagle Acquireco, Inc.: |
|
|
|
|
7.25%, 7/1/33(4)
|
|
25,954 |
26,913,338 |
|
8.75%, 7/1/34(4)
|
|
19,208 |
20,246,999 |
|
Sinclair Television Group, Inc., 8.125%, 2/15/33(4)
|
|
9,988 |
10,254,919 |
|
Univision Communications, Inc.: |
|
|
|
|
8.50%, 7/31/31(4)
|
|
3,360 |
3,354,998 |
|
8.875%, 4/15/33(4)
|
|
3,415 |
3,309,048 |
|
9.375%, 8/1/32(4)
|
|
7,919 |
7,915,470 |
|
|
|
|
$ 103,026,096 |
|
Building Materials — 3.6% | |||
|
AmeriTex HoldCo Intermediate LLC, 7.625%,
8/15/33(4)
|
$ |
7,059 |
$ 7,273,911 |
|
Builders FirstSource, Inc., 4.25%, 2/1/32(4)
|
|
19,447 |
17,716,369 |
|
CP Atlas Buyer, Inc., 9.75%, 7/15/30(4)
|
|
8,774 |
7,910,405 |
|
JH North America Holdings, Inc.: |
|
|
|
|
5.875%, 1/31/31(4)
|
|
5,561 |
5,553,553 |
|
6.125%, 7/31/32(4)
|
|
7,100 |
7,112,394 |
|
Masterbrand, Inc., 7.00%, 7/15/32(4)
|
|
10,316 |
10,329,617 |
|
Park River Holdings, Inc.: |
|
|
|
|
8.00%, 3/15/31(4)
|
|
7,811 |
7,781,961 |
|
8.75%, 12/31/30(4)
|
|
3,661 |
3,384,919 |
|
Quikrete Holdings, Inc.: |
|
|
|
|
6.375%, 3/1/32(4)
|
|
14,764 |
14,955,917 |
|
6.75%, 3/1/33(4)
|
|
13,594 |
13,781,006 |
|
Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(4)
|
|
16,080 |
16,069,328 |
|
Standard Building Solutions, Inc., 6.50%, 8/15/32(4)
|
|
4,831 |
4,844,807 |
|
Standard Industries, Inc.: |
|
|
|
|
3.375%, 1/15/31(4)
|
|
10,435 |
9,375,550 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Building Materials (continued) | |||
|
Standard Industries, Inc.: (continued) |
|
|
|
|
4.375%, 7/15/30(4)
|
$ |
14,502 |
$ 13,703,456 |
|
4.75%, 1/15/28(4)
|
|
3,685 |
3,665,072 |
|
|
|
|
$ 143,458,265 |
|
Cable & Satellite TV — 1.6% | |||
|
CCO Holdings LLC/CCO Holdings Capital Corp.: |
|
|
|
|
4.25%, 2/1/31(4)
|
$ |
7,583 |
$ 6,719,556 |
|
4.25%, 1/15/34(4)
|
|
9,048 |
7,396,856 |
|
4.50%, 8/15/30(4)
|
|
13,351 |
12,192,097 |
|
4.75%, 3/1/30(4)
|
|
9,615 |
8,989,406 |
|
Charter Communications Operating LLC/Charter
Communications Operating Capital: |
|
|
|
|
3.70%, 4/1/51 |
|
9,420 |
5,573,620 |
|
3.90%, 6/1/52 |
|
6,215 |
3,736,395 |
|
CSC Holdings LLC: |
|
|
|
|
3.375%, 2/15/31(4)
|
|
8,229 |
4,587,342 |
|
4.125%, 12/1/30(4)
|
|
4,913 |
2,752,048 |
|
11.75%, 1/31/29(4)
|
|
6,499 |
3,724,131 |
|
Versant Media Group, Inc., 7.25%, 1/30/31(4)
|
|
6,638 |
6,847,953 |
|
|
|
|
$ 62,519,404 |
|
Capital Goods — 2.7% | |||
|
Arcosa, Inc., 6.875%, 8/15/32(4)
|
$ |
7,548 |
$ 7,789,144 |
|
Calderys Financing II LLC, 11.75%, (11.75% cash
or 12.50% PIK), 6/1/28(4)(5)
|
|
10,093 |
10,299,976 |
|
Calderys Financing LLC, 11.25%, 6/1/28(4)
|
|
16,104 |
16,695,935 |
|
EMRLD Borrower LP/Emerald Co-Issuer, Inc.,
6.625%, 12/15/30(4)
|
|
15,265 |
15,534,381 |
|
JB Poindexter & Co., Inc., 8.75%, 12/15/31(4)
|
|
11,584 |
11,950,159 |
|
New Flyer Holdings, Inc., 9.25%, 7/1/30(4)
|
|
9,752 |
10,446,391 |
|
Patrick Industries, Inc.: |
|
|
|
|
4.75%, 5/1/29(4)
|
|
7,023 |
6,857,077 |
|
6.375%, 11/1/32(4)
|
|
8,504 |
8,401,012 |
|
VoltaGrid LLC, 7.375%, 11/1/30(4)
|
|
19,763 |
19,872,993 |
|
|
|
|
$ 107,847,068 |
|
Chemicals — 3.5% | |||
|
Avient Corp.: |
|
|
|
|
6.25%, 11/1/31(4)
|
$ |
7,082 |
$ 7,138,989 |
|
7.125%, 8/1/30(4)
|
|
13,819 |
14,033,761 |
|
Bond U.S. Bidco 1, Inc./Bidco 2/Bidco 3/German
Bidco 1 GmbH/German Bidco 2, 7.125%,
6/15/33(4)
|
|
14,375 |
14,472,621 |
|
Celanese U.S. Holdings LLC, 7.70%, 11/15/33 |
|
23,709 |
25,117,931 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Chemicals (continued) | |||
|
Compass Minerals International, Inc., 8.00%,
7/1/30(4)
|
$ |
10,710 |
$ 11,194,445 |
|
INEOS Finance PLC, 7.50%, 4/15/29(4)
|
|
3,315 |
3,257,652 |
|
Olympus Water U.S. Holding Corp., 7.25%,
2/15/33(4)
|
|
29,213 |
28,636,604 |
|
SCIH Salt Holdings, Inc.: |
|
|
|
|
6.625%, 8/15/31(4)(6)
|
|
8,860 |
8,869,486 |
|
8.00%, 8/15/32(4)(6)
|
|
8,625 |
8,570,589 |
|
Valvoline, Inc., 3.625%, 6/15/31(4)
|
|
18,263 |
16,660,703 |
|
|
|
|
$ 137,952,781 |
|
Consumer Products — 0.6% | |||
|
Acushnet Co., 5.625%, 12/1/33(4)
|
$ |
6,070 |
$ 5,966,746 |
|
Somnigroup International, Inc.: |
|
|
|
|
3.875%, 10/15/31(4)
|
|
17,030 |
15,533,055 |
|
4.00%, 4/15/29(4)
|
|
2,134 |
2,052,482 |
|
|
|
|
$ 23,552,283 |
|
Containers — 1.9% | |||
|
Ardagh Group SA, 9.50%, 12/1/30(4)
|
$ |
10,840 |
$ 11,495,582 |
|
Ardagh Metal Packaging Finance USA LLC/Ardagh
Metal Packaging Finance PLC: |
|
|
|
|
3.25%, 9/1/28(4)
|
|
3,345 |
3,217,489 |
|
4.00%, 9/1/29(4)
|
|
11,276 |
10,713,273 |
|
6.25%, 1/30/31(4)
|
|
2,715 |
2,735,422 |
|
Clydesdale Acquisition Holdings, Inc.: |
|
|
|
|
6.75%, 4/15/32(4)
|
|
8,084 |
7,704,999 |
|
8.75%, 4/15/30(4)
|
|
17,619 |
16,854,496 |
|
Sword Purchaser LLC, 8.25%, 4/15/33(4)
|
|
14,350 |
14,685,071 |
|
Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan
FinCo U.S. LLC, 9.50%, 5/15/30(4)
|
|
7,639 |
6,907,290 |
|
|
|
|
$ 74,313,622 |
|
Diversified Financial Services — 4.5% | |||
|
Azorra Finance Ltd., 7.25%, 1/15/31(4)
|
$ |
9,402 |
$ 9,691,215 |
|
Block, Inc.: |
|
|
|
|
5.625%, 8/15/30(4)
|
|
8,992 |
8,950,988 |
|
6.00%, 8/15/33(4)
|
|
10,065 |
9,989,299 |
|
CI Financial Corp., 4.10%, 6/15/51 |
|
5,190 |
3,389,181 |
|
Compass Group Diversified Holdings LLC, 5.25%,
4/15/29(4)
|
|
10,605 |
10,105,891 |
|
Diebold Nixdorf, Inc., 7.75%, 3/31/30(4)
|
|
13,792 |
14,352,203 |
|
Focus Financial Partners LLC, 6.75%, 9/15/31(4)
|
|
6,574 |
6,537,186 |
|
Hightower Holding LLC, 9.125%, 1/31/30(4)
|
|
13,204 |
13,749,008 |
|
Phoenix Aviation Capital Ltd., 9.25%, 7/15/30(4)
|
|
17,673 |
18,312,179 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Diversified Financial Services (continued) | |||
|
Rocket Cos., Inc.: |
|
|
|
|
6.125%, 8/1/30(4)
|
$ |
8,928 |
$ 9,005,245 |
|
6.125%, 8/1/31(4)
|
|
5,110 |
5,136,097 |
|
6.375%, 8/1/33(4)
|
|
13,407 |
13,503,428 |
|
6.50%, 6/15/34(4)
|
|
3,420 |
3,451,307 |
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc.: |
|
|
|
|
3.625%, 3/1/29(4)
|
|
14,076 |
13,472,505 |
|
4.00%, 10/15/33(4)
|
|
1,460 |
1,290,418 |
|
Shift4 Payments LLC/Shift4 Payments Finance Sub,
Inc., 6.75%, 8/15/32(4)
|
|
7,812 |
7,828,374 |
|
Stonebriar ABF Issuer LLC: |
|
|
|
|
7.00%, 8/15/31(4)
|
|
3,055 |
3,058,925 |
|
8.125%, 12/15/30(4)
|
|
9,625 |
10,027,075 |
|
United Wholesale Mortgage LLC, 5.50%, 4/15/29(4)
|
|
3,495 |
3,266,943 |
|
UWM Holdings LLC: |
|
|
|
|
6.25%, 3/15/31(4)
|
|
12,058 |
10,770,001 |
|
6.625%, 2/1/30(4)
|
|
3,257 |
3,023,722 |
|
|
|
|
$ 178,911,190 |
|
Diversified Media — 1.1% | |||
|
Arches Buyer, Inc., 6.125%, 12/1/28(4)
|
$ |
12,701 |
$ 12,426,896 |
|
Cars.com, Inc., 6.375%, 11/1/28(4)
|
|
7,921 |
7,878,123 |
|
Clear Channel Outdoor Holdings, Inc.: |
|
|
|
|
7.125%, 2/15/31(4)
|
|
5,518 |
5,695,045 |
|
7.50%, 3/15/33(4)
|
|
2,169 |
2,275,379 |
|
7.75%, 4/15/28(4)
|
|
6,203 |
6,217,651 |
|
7.875%, 4/1/30(4)
|
|
2,446 |
2,542,037 |
|
Stagwell Global LLC, 5.625%, 8/15/29(4)
|
|
7,726 |
7,519,906 |
|
|
|
|
$ 44,555,037 |
|
Energy — 8.2% | |||
|
Aethon United BR LP/Aethon United Finance Corp.,
7.50%, 10/1/29(4)
|
$ |
10,402 |
$ 10,797,110 |
|
Archrock Services LP/Archrock Partners Finance
Corp., 6.00%, 2/1/34(4)
|
|
3,765 |
3,686,462 |
|
Crescent Energy Finance LLC: |
|
|
|
|
7.875%, 4/15/32(4)
|
|
2,436 |
2,482,096 |
|
9.75%, 10/15/30(4)
|
|
3,214 |
3,403,448 |
|
DBR Land Holdings LLC, 6.25%, 12/1/30(4)
|
|
8,485 |
8,563,571 |
|
Energy Transfer LP, 5.00%, 5/15/50 |
|
9,457 |
7,676,123 |
|
Global Partners LP/GLP Finance Corp.: |
|
|
|
|
6.875%, 1/15/29 |
|
4,138 |
4,161,810 |
|
7.125%, 7/1/33(4)
|
|
5,504 |
5,577,616 |
|
8.25%, 1/15/32(4)
|
|
10,206 |
10,645,103 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Energy (continued) | |||
|
Howard Midstream Energy Partners LLC: |
|
|
|
|
6.625%, 1/15/34(4)
|
$ |
2,930 |
$ 2,964,384 |
|
6.625%, 1/15/35(4)
|
|
6,755 |
6,754,606 |
|
Kinetik Holdings LP, 5.875%, 6/15/30(4)
|
|
14,097 |
14,121,501 |
|
Kodiak Gas Services LLC: |
|
|
|
|
6.50%, 10/1/33(4)
|
|
7,032 |
7,026,947 |
|
6.75%, 10/1/35(4)
|
|
2,928 |
2,951,951 |
|
Matador Resources Co.: |
|
|
|
|
6.00%, 4/15/34(4)
|
|
7,480 |
7,237,802 |
|
6.50%, 4/15/32(4)
|
|
9,967 |
9,953,686 |
|
NGL Energy Operating LLC/NGL Energy Finance
Corp.: |
|
|
|
|
8.125%, 2/15/29(4)
|
|
4,509 |
4,623,834 |
|
8.375%, 2/15/32(4)
|
|
6,962 |
7,242,610 |
|
Noble Finance II LLC, 6.25%, 6/15/34(4)
|
|
6,280 |
6,101,932 |
|
Plains All American Pipeline LP, Series B, 8.023%,
(3 mo. SOFR + 4.372%)(7)(8)
|
|
13,274 |
13,274,601 |
|
SM Energy Co.: |
|
|
|
|
7.00%, 8/1/32(4)
|
|
7,620 |
7,746,500 |
|
8.625%, 11/1/30(4)
|
|
13,731 |
14,420,269 |
|
Solaris Energy Infrastructure LLC, 6.375%,
5/15/31(4)
|
|
5,210 |
5,120,681 |
|
Sunoco LP: |
|
|
|
|
4.625%, 5/1/30(4)
|
|
13,872 |
13,364,505 |
|
5.875%, 3/15/34(4)
|
|
8,579 |
8,402,198 |
|
7.25%, 5/1/32(4)
|
|
7,738 |
7,982,714 |
|
7.875% to 9/18/30(4)(7)(9)
|
|
33,037 |
33,886,315 |
|
Superior Plus LP/Superior General Partner, Inc.,
4.50%, 3/15/29(4)
|
|
14,436 |
13,942,082 |
|
Transocean International Ltd.: |
|
|
|
|
7.875%, 10/15/32(4)
|
|
1,809 |
1,885,371 |
|
8.25%, 5/15/29(4)
|
|
8,675 |
8,948,662 |
|
8.75%, 2/15/30(4)
|
|
2,987 |
3,103,664 |
|
Venture Global Calcasieu Pass LLC, 6.00%,
5/1/36(4)
|
|
7,225 |
7,144,146 |
|
Venture Global LNG, Inc.: |
|
|
|
|
6.625%, 6/15/36(4)
|
|
5,855 |
5,741,667 |
|
9.00% to 9/30/29(4)(7)(9)
|
|
12,857 |
12,813,608 |
|
9.50%, 2/1/29(4)
|
|
11,063 |
11,846,979 |
|
9.875%, 2/1/32(4)
|
|
2,404 |
2,560,604 |
|
WBI Operating LLC: |
|
|
|
|
6.25%, 10/15/30(4)
|
|
10,478 |
10,481,982 |
|
6.50%, 10/15/33(4)
|
|
9,001 |
8,990,469 |
|
Weatherford International Ltd., 6.75%, 10/15/33(4)
|
|
5,978 |
6,055,092 |
|
|
|
|
$ 323,684,701 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Environmental — 1.2% | |||
|
Clean Harbors, Inc.: |
|
|
|
|
5.125%, 7/15/29(4)
|
$ |
3,273 |
$ 3,235,721 |
|
6.375%, 2/1/31(4)
|
|
4,273 |
4,320,659 |
|
GFL Environmental Holdings U.S., Inc., 5.50%,
2/1/34(4)
|
|
10,639 |
9,854,979 |
|
GFL Environmental, Inc., 4.75%, 6/15/29(4)
|
|
19,351 |
18,869,218 |
|
Reworld Holding Corp., 4.875%, 12/1/29(4)
|
|
8,007 |
7,604,908 |
|
Wrangler Holdco Corp., 6.625%, 4/1/32(4)
|
|
4,831 |
4,842,899 |
|
|
|
|
$ 48,728,384 |
|
Food & Drug Retail — 1.0% | |||
|
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC: |
|
|
|
|
4.875%, 2/15/30(4)
|
$ |
11,924 |
$ 11,391,013 |
|
5.625%, 3/31/32(4)
|
|
16,810 |
16,000,798 |
|
Ingles Markets, Inc., 4.00%, 6/15/31(4)
|
|
11,492 |
10,672,757 |
|
|
|
|
$ 38,064,568 |
|
Food, Beverage & Tobacco — 2.6% | |||
|
BellRing Brands, Inc., 7.00%, 3/15/30(4)
|
$ |
10,874 |
$ 10,757,756 |
|
Cerdia Finanz GmbH, 9.375%, 10/3/31(4)
|
|
7,967 |
7,084,734 |
|
Chobani LLC/Chobani Finance Corp., Inc.: |
|
|
|
|
4.625%, 11/15/28(4)
|
|
9,025 |
8,926,213 |
|
6.375%, 4/15/34(4)
|
|
12,700 |
12,743,269 |
|
7.625%, 7/1/29(4)
|
|
15,928 |
16,445,198 |
|
Performance Food Group, Inc., 4.25%, 8/1/29(4)
|
|
17,760 |
17,185,034 |
|
Post Holdings, Inc., 6.25%, 2/15/32(4)
|
|
8,067 |
8,109,675 |
|
Primo Water Holdings, Inc./Triton Water Holdings,
Inc., 6.25%, 4/1/29(4)
|
|
12,069 |
12,115,454 |
|
U.S. Foods, Inc., 4.75%, 2/15/29(4)
|
|
11,888 |
11,724,013 |
|
|
|
|
$ 105,091,346 |
|
Gaming — 2.1% | |||
|
Allwyn Entertainment Financing U.K. PLC, 7.875%,
4/30/29(4)
|
$ |
14,267 |
$ 14,591,374 |
|
Brightstar Lottery PLC, 5.25%, 1/15/29(4)
|
|
4,275 |
4,228,013 |
|
Brightstar Lottery PLC/Brightstar Global Solutions
Corp., 5.75%, 1/15/33(4)
|
|
7,469 |
7,211,407 |
|
Caesars Entertainment, Inc., 7.00%, 2/15/30(4)
|
|
4,822 |
4,840,941 |
|
Flutter Treasury DAC, 5.875%, 6/4/31(4)
|
|
10,653 |
10,499,292 |
|
Genting New York LLC/GENNY Capital, Inc., 7.25%,
10/1/29(4)
|
|
11,366 |
11,635,595 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Gaming (continued) | |||
|
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC, 8.25%, 4/15/30(4)
|
$ |
12,125 |
$ 12,617,918 |
|
Voyager Parent LLC, 9.25%, 7/1/32(4)
|
|
17,706 |
18,821,521 |
|
|
|
|
$ 84,446,061 |
|
Healthcare — 8.2% | |||
|
1261229 BC Ltd., 10.00%, 4/15/32(4)
|
$ |
19,467 |
$ 19,915,967 |
|
Acadia Healthcare Co., Inc.: |
|
|
|
|
5.00%, 4/15/29(4)
|
|
4,152 |
4,078,238 |
|
7.375%, 3/15/33(4)
|
|
4,152 |
4,286,928 |
|
Amneal Pharmaceuticals LLC, 6.875%, 8/1/32(4)
|
|
5,302 |
5,454,406 |
|
athenahealth Group, Inc.: |
|
|
|
|
6.50%, 2/15/30(4)
|
|
34,361 |
33,161,375 |
|
7.50%, 2/15/32(4)
|
|
4,207 |
4,318,359 |
|
Fortrea Holdings, Inc., 7.50%, 7/1/30(4)
|
|
10,616 |
10,818,596 |
|
Global Medical Response, Inc., 7.375%, 10/1/32(4)
|
|
12,877 |
13,113,953 |
|
HealthEquity, Inc., 4.50%, 10/1/29(4)
|
|
15,367 |
14,913,921 |
|
IQVIA, Inc.: |
|
|
|
|
6.25%, 6/1/32(4)
|
|
15,461 |
15,679,170 |
|
6.50%, 5/15/30(4)
|
|
5,733 |
5,845,361 |
|
LifePoint Health, Inc.: |
|
|
|
|
5.375%, 1/15/29(4)
|
|
10,705 |
10,166,504 |
|
10.00%, 6/1/32(4)
|
|
2,624 |
2,522,499 |
|
Medline Borrower LP, 5.25%, 10/1/29(4)
|
|
33,972 |
33,678,611 |
|
National Mentor Holdings, Inc., 10.50%, 12/15/30(4)
|
|
12,475 |
13,167,462 |
|
Option Care Health, Inc., 4.375%, 10/31/29(4)
|
|
14,197 |
13,640,480 |
|
P&L Development LLC/PLD Finance Corp., 12.00%,
(12.00% cash or 9.00% cash and 3.50% PIK),
5/15/29(4)(5)
|
|
5,748 |
5,362,006 |
|
Perrigo Finance Unlimited Co.: |
|
|
|
|
4.90%, 12/15/44 |
|
4,106 |
2,983,497 |
|
5.15%, 6/15/30 |
|
12,185 |
11,531,250 |
|
Prestige Brands, Inc., 3.75%, 4/1/31(4)
|
|
5,417 |
4,970,533 |
|
Surgery Center Holdings, Inc., 7.25%, 4/15/32(4)
|
|
9,510 |
9,551,506 |
|
Team Health Holdings, Inc.: |
|
|
|
|
8.375%, 6/30/28(4)
|
|
6,802 |
6,803,088 |
|
13.50%, (9.00% cash and 4.50% PIK),
6/30/28(4)
|
|
15,510 |
15,849,329 |
|
TEAM Services Holding, Inc., 9.00%, 2/15/33(4)
|
|
6,060 |
6,141,277 |
|
Tenet Healthcare Corp.: |
|
|
|
|
4.375%, 1/15/30 |
|
1,692 |
1,633,144 |
|
5.125%, 11/1/27 |
|
8,659 |
8,658,862 |
|
5.50%, 11/15/32(4)
|
|
7,440 |
7,330,395 |
|
6.00%, 11/15/33(4)
|
|
3,860 |
3,874,394 |
|
6.125%, 10/1/28 |
|
7,522 |
7,530,741 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Healthcare (continued) | |||
|
Teva Pharmaceutical Finance Netherlands III BV,
4.10%, 10/1/46 |
$ |
19,239 |
$ 14,191,669 |
|
U.S. Acute Care Solutions LLC, 9.75%, 5/15/29(4)
|
|
15,171 |
14,158,931 |
|
|
|
|
$ 325,332,452 |
|
Homebuilders & Real Estate — 2.5% | |||
|
Artera Services LLC, 8.50%, 2/15/31(4)
|
$ |
8,823 |
$ 8,042,473 |
|
Ashton Woods USA LLC/Ashton Woods Finance Co.: |
|
|
|
|
4.625%, 8/1/29(4)
|
|
5,093 |
4,894,456 |
|
4.625%, 4/1/30(4)
|
|
7,664 |
7,282,611 |
|
Cushman & Wakefield U.S. Borrower LLC: |
|
|
|
|
6.75%, 5/15/28(4)
|
|
2,078 |
2,084,366 |
|
8.875%, 9/1/31(4)
|
|
7,637 |
7,992,558 |
|
Greystar Real Estate Partners LLC, 7.75%, 9/1/30(4)
|
|
14,854 |
15,386,026 |
|
K Hovnanian Enterprises, Inc.: |
|
|
|
|
8.00%, 4/1/31(4)
|
|
4,769 |
4,864,804 |
|
8.375%, 10/1/33(4)
|
|
5,888 |
5,988,738 |
|
M/I Homes, Inc.: |
|
|
|
|
3.95%, 2/15/30 |
|
3,069 |
2,894,457 |
|
4.95%, 2/1/28 |
|
4,874 |
4,834,330 |
|
Outfront Media Capital LLC/Outfront Media Capital
Corp.: |
|
|
|
|
4.25%, 1/15/29(4)
|
|
3,972 |
3,861,634 |
|
4.625%, 3/15/30(4)
|
|
10,893 |
10,528,165 |
|
7.375%, 2/15/31(4)
|
|
10,106 |
10,462,166 |
|
Risewell Homes, Inc., 8.50%, 11/1/30(4)
|
|
10,246 |
10,463,861 |
|
|
|
|
$ 99,580,645 |
|
Insurance — 1.3% | |||
|
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer: |
|
|
|
|
6.50%, 10/1/31(4)
|
$ |
5,985 |
$ 5,987,428 |
|
7.00%, 1/15/31(4)
|
|
5,434 |
5,517,711 |
|
7.375%, 10/1/32(4)
|
|
1,796 |
1,808,321 |
|
Asurion LLC/Asurion Co-Issuer, Inc.: |
|
|
|
|
8.00%, 12/31/32(4)
|
|
14,696 |
14,878,759 |
|
8.375%, 2/1/34(4)
|
|
5,490 |
5,006,263 |
|
CRC Insurance Group LLC, 7.125%, 6/1/31(4)
|
|
8,610 |
8,598,048 |
|
Ryan Specialty LLC, 5.875%, 8/1/32(4)
|
|
9,866 |
9,736,455 |
|
|
|
|
$ 51,532,985 |
|
Leisure — 1.1% | |||
|
Gaia Purchaser, Inc., 7.625%, 7/15/33(4)
|
$ |
11,625 |
$ 11,666,845 |
|
Motion Bondco DAC, 6.625%, 11/15/27(4)
|
|
5,325 |
5,058,342 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Leisure (continued) | |||
|
NCL Corp. Ltd.: |
|
|
|
|
6.75%, 2/1/32(4)
|
$ |
7,947 |
$ 7,795,596 |
|
7.75%, 2/15/29(4)
|
|
3,797 |
3,944,483 |
|
NCL Finance Ltd., 6.125%, 3/15/28(4)
|
|
7,189 |
7,236,009 |
|
Speedway Motorsports LLC/Speedway Funding II,
Inc., 4.875%, 11/1/27(4)
|
|
9,836 |
9,784,889 |
|
|
|
|
$ 45,486,164 |
|
Metals & Mining — 2.0% | |||
|
Arsenal AIC Parent LLC, 11.50%, 10/1/31(4)
|
$ |
14,148 |
$ 15,070,945 |
|
Constellium SE, 3.75%, 4/15/29(4)
|
|
11,350 |
10,869,653 |
|
Eldorado Gold Corp., 6.25%, 9/1/29(4)
|
|
9,630 |
9,628,581 |
|
First Quantum Minerals Ltd.: |
|
|
|
|
6.375%, 2/15/36(4)
|
|
13,471 |
13,043,905 |
|
7.25%, 2/15/34(4)
|
|
4,009 |
4,086,718 |
|
8.00%, 3/1/33(4)
|
|
5,355 |
5,570,849 |
|
Hudbay Minerals, Inc., 6.125%, 4/1/29(4)
|
|
4,037 |
4,065,469 |
|
Roller Bearing Co. of America, Inc., 4.375%,
10/15/29(4)
|
|
10,292 |
9,986,481 |
|
WS Escrow LLC, 7.75%, 6/1/33(4)
|
|
5,255 |
5,440,302 |
|
|
|
|
$ 77,762,903 |
|
Publishing & Printing — 0.5% | |||
|
McGraw-Hill Education, Inc.: |
|
|
|
|
7.375%, 9/1/31(4)
|
$ |
5,261 |
$ 5,331,497 |
|
8.00%, 8/1/29(4)
|
|
13,388 |
13,289,087 |
|
|
|
|
$ 18,620,584 |
|
Railroad — 0.3% | |||
|
Watco Cos. LLC/Watco Finance Corp., 7.125%,
8/1/32(4)
|
$ |
10,052 |
$ 10,310,367 |
|
|
|
|
$ 10,310,367 |
|
Restaurant — 1.1% | |||
|
1011778 BC ULC/New Red Finance, Inc.: |
|
|
|
|
3.875%, 1/15/28(4)
|
$ |
12,587 |
$ 12,340,766 |
|
4.00%, 10/15/30(4)
|
|
15,694 |
14,757,167 |
|
4.375%, 1/15/28(4)
|
|
5,684 |
5,606,692 |
|
Yum! Brands, Inc., 3.625%, 3/15/31 |
|
12,005 |
11,086,527 |
|
|
|
|
$ 43,791,152 |
|
Services — 6.2% | |||
|
Allied Universal Holdco LLC, 7.875%, 2/15/31(4)
|
$ |
4,343 |
$ 4,512,429 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Services (continued) | |||
|
Allied Universal Holdco LLC/Allied Universal Finance
Corp.: |
|
|
|
|
6.00%, 6/1/29(4)
|
$ |
10,024 |
$ 9,944,292 |
|
6.875%, 6/15/30(4)
|
|
5,252 |
5,369,755 |
|
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 SARL, 4.625%, 6/1/28(4)
|
|
8,553 |
8,418,358 |
|
APi Group DE, Inc., 4.75%, 10/15/29(4)
|
|
10,794 |
10,548,537 |
|
Avis Budget Car Rental LLC/Avis Budget Finance,
Inc., 8.375%, 6/15/32(4)
|
|
4,218 |
4,200,666 |
|
Clarivate Science Holdings Corp., 4.875%, 7/1/29(4)
|
|
6,012 |
5,541,772 |
|
Core & Main LP, 6.00%, 7/1/34(4)
|
|
2,730 |
2,717,259 |
|
Herc Holdings, Inc.: |
|
|
|
|
5.75%, 3/15/31(4)
|
|
2,270 |
2,248,953 |
|
6.00%, 3/15/34(4)
|
|
2,720 |
2,669,558 |
|
7.00%, 6/15/30(4)
|
|
8,176 |
8,438,687 |
|
7.25%, 6/15/33(4)
|
|
7,007 |
7,235,961 |
|
Ingram Micro, Inc., 4.75%, 5/15/29(4)
|
|
19,444 |
18,937,108 |
|
Korn Ferry, 4.625%, 12/15/27(4)
|
|
11,939 |
11,876,829 |
|
LBM Acquisition LLC: |
|
|
|
|
6.25%, 1/15/29(4)
|
|
5,592 |
3,611,139 |
|
9.50%, 6/15/31(4)
|
|
14,174 |
11,936,630 |
|
Neptune Bidco U.S., Inc., 9.29%, 4/15/29(4)
|
|
3,840 |
3,915,125 |
|
NESCO Holdings II, Inc., 5.50%, 4/15/29(4)
|
|
10,595 |
10,528,194 |
|
QXO Building Products, Inc.: |
|
|
|
|
6.50%, 7/15/31(4)
|
|
2,435 |
2,447,125 |
|
6.875%, 7/15/34(4)
|
|
5,695 |
5,707,836 |
|
Specialty Building Products Holdings LLC/SBP
Finance Corp., 7.75%, 10/15/29(4)
|
|
6,884 |
6,543,300 |
|
Synergy Infrastructure Holdings LLC: |
|
|
|
|
7.00%, 7/15/34(4)
|
|
2,970 |
2,998,132 |
|
7.875%, 12/1/30(4)
|
|
10,283 |
10,752,265 |
|
TKC Holdings, Inc.: |
|
|
|
|
8.50%, 8/15/30(4)
|
|
12,850 |
13,143,610 |
|
12.00%, 2/15/31(4)
|
|
2,570 |
2,718,279 |
|
TMS International Corp., 6.25%, 4/15/29(4)
|
|
8,887 |
8,889,666 |
|
VM Consolidated, Inc., 5.50%, 4/15/29(4)
|
|
4,221 |
3,949,970 |
|
WESCO Distribution, Inc.: |
|
|
|
|
5.25%, 4/15/31(4)
|
|
2,625 |
2,587,840 |
|
6.375%, 3/15/29(4)
|
|
5,917 |
6,007,873 |
|
6.375%, 3/15/33(4)
|
|
7,267 |
7,395,103 |
|
6.625%, 3/15/32(4)
|
|
5,961 |
6,089,036 |
|
White Cap Supply Holdings LLC, 7.375%,
11/15/30(4)
|
|
12,516 |
12,619,833 |
|
Windsor Holdings III LLC, 8.50%, 6/15/30(4)
|
|
21,639 |
22,541,498 |
|
|
|
|
$ 247,042,618 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Steel — 0.9% | |||
|
Cleveland-Cliffs, Inc.: |
|
|
|
|
7.375%, 5/1/33(4)
|
$ |
9,457 |
$ 9,566,569 |
|
7.50%, 9/15/31(4)
|
|
8,122 |
8,294,771 |
|
7.625%, 1/15/34(4)
|
|
5,673 |
5,744,905 |
|
Commercial Metals Co.: |
|
|
|
|
5.75%, 11/15/33(4)
|
|
5,715 |
5,616,947 |
|
6.00%, 12/15/35(4)
|
|
5,715 |
5,620,908 |
|
|
|
|
$ 34,844,100 |
|
Super Retail — 5.4% | |||
|
Asbury Automotive Group, Inc.: |
|
|
|
|
4.625%, 11/15/29(4)
|
$ |
6,700 |
$ 6,501,895 |
|
4.75%, 3/1/30 |
|
6,214 |
6,031,434 |
|
5.00%, 2/15/32(4)
|
|
1,610 |
1,534,883 |
|
Bath & Body Works, Inc.: |
|
|
|
|
6.75%, 7/1/36 |
|
2,869 |
2,839,548 |
|
6.875%, 11/1/35 |
|
1,237 |
1,251,725 |
|
Beach Acquisition Bidco LLC, 10.00%, (10.00%
cash or 10.75% PIK), 7/15/33(4)(5)
|
|
55,297 |
59,400,111 |
|
Champ Acquisition Corp., 8.375%, 12/1/31(4)
|
|
9,664 |
10,103,219 |
|
Cougar JV Subsidiary LLC, 8.00%, 5/15/32(4)
|
|
12,054 |
12,614,933 |
|
Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.375%,
1/15/29(4)
|
|
2,035 |
2,020,737 |
|
Group 1 Automotive, Inc.: |
|
|
|
|
4.00%, 8/15/28(4)
|
|
7,755 |
7,488,892 |
|
6.375%, 1/15/30(4)
|
|
3,255 |
3,272,330 |
|
Ken Garff Automotive LLC, 4.875%, 9/15/28(4)
|
|
5,345 |
5,291,737 |
|
LCM Investments Holdings II LLC: |
|
|
|
|
4.875%, 5/1/29(4)
|
|
10,233 |
9,990,403 |
|
8.25%, 8/1/31(4)
|
|
1,816 |
1,893,000 |
|
Lithia Motors, Inc.: |
|
|
|
|
3.875%, 6/1/29(4)
|
|
4,830 |
4,640,216 |
|
4.375%, 1/15/31(4)
|
|
7,226 |
6,845,782 |
|
4.625%, 12/15/27(4)
|
|
2,859 |
2,847,172 |
|
Mavis Tire Express Services Topco Corp., 6.50%,
5/15/29(4)
|
|
23,813 |
23,463,018 |
|
Men's Wearhouse LLC, 9.00%, 2/1/31(4)
|
|
4,010 |
4,278,899 |
|
Michaels Cos., Inc., 8.50%, 3/15/33(4)
|
|
16,530 |
16,386,539 |
|
PetSmart LLC/PetSmart Finance Corp.: |
|
|
|
|
7.50%, 9/15/32(4)
|
|
4,929 |
4,984,244 |
|
10.00%, 9/15/33(4)
|
|
4,022 |
4,004,662 |
|
Sonic Automotive, Inc.: |
|
|
|
|
4.625%, 11/15/29(4)
|
|
8,570 |
8,352,399 |
|
4.875%, 11/15/31(4)
|
|
6,967 |
6,658,371 |
|
|
|
|
$ 212,696,149 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Technology — 2.7% | |||
|
Ciena Corp., 4.00%, 1/31/30(4)
|
$ |
4,145 |
$ 3,936,984 |
|
Cloud Software Group LLC: |
|
|
|
|
6.50%, 3/31/29(4)
|
|
14,050 |
13,741,154 |
|
9.00%, 9/30/29(4)
|
|
39,840 |
39,069,562 |
|
Fair Isaac Corp., 4.00%, 6/15/28(4)
|
|
9,711 |
9,392,378 |
|
Insight Enterprises, Inc., 6.625%, 5/15/32(4)
|
|
9,201 |
9,260,512 |
|
ON Semiconductor Corp., 3.875%, 9/1/28(4)
|
|
10,540 |
10,176,284 |
|
Seagate Data Storage Technology Pte. Ltd., 9.625%,
12/1/32 |
|
5,854 |
6,421,756 |
|
Sensata Technologies, Inc.: |
|
|
|
|
3.75%, 2/15/31(4)
|
|
11,385 |
10,603,143 |
|
6.625%, 7/15/32(4)
|
|
3,117 |
3,193,797 |
|
|
|
|
$ 105,795,570 |
|
Telecommunications — 3.9% | |||
|
APLD ComputeCo 2 LLC, 6.75%, 3/15/31(4)
|
$ |
17,655 |
$ 17,275,657 |
|
APLD ComputeCo 3 LLC, 7.00%, 6/15/31(4)
|
|
11,790 |
11,513,230 |
|
APLD ComputeCo LLC, 9.25%, 12/15/30(4)
|
|
6,270 |
6,668,434 |
|
Black Pearl Compute LLC, 6.125%, 2/15/31(4)
|
|
7,455 |
7,451,824 |
|
Cipher Compute LLC, 7.125%, 11/15/30(4)
|
|
5,855 |
5,979,483 |
|
Core Scientific Finance I LLC, 7.75%, 5/15/31(4)
|
|
8,679 |
8,509,198 |
|
EchoStar Corp., 10.75%, 11/30/29 |
|
13,224 |
14,311,576 |
|
ELK Grove Village Property LLC, 7.50%, 6/15/31(4)
|
|
6,165 |
5,946,067 |
|
Iliad Holding SAS: |
|
|
|
|
7.00%, 4/15/32(4)
|
|
6,402 |
6,465,341 |
|
8.50%, 4/15/31(4)
|
|
5,216 |
5,491,097 |
|
Level 3 Financing, Inc., 7.00%, 3/31/34(4)
|
|
3,594 |
3,658,999 |
|
Sable International Finance Ltd., 7.125%,
10/15/32(4)
|
|
5,189 |
5,130,895 |
|
Stingray Compute LLC, 6.00%, 6/15/31(4)
|
|
3,645 |
3,560,531 |
|
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC: |
|
|
|
|
8.625%, 6/15/32(4)
|
|
8,148 |
8,329,350 |
|
8.625%, 6/15/32(4)
|
|
6,384 |
6,526,089 |
|
Uniti Services LLC, 7.50%, 10/15/33(4)
|
|
20,736 |
21,210,232 |
|
Vmed O2 U.K. Financing I PLC, 4.75%, 7/15/31(4)
|
|
13,289 |
10,520,346 |
|
Windstream Services LLC/Windstream Escrow
Finance Corp., 8.25%, 10/1/31(4)
|
|
3,706 |
3,860,147 |
|
WULF Compute LLC, 7.75%, 10/15/30(4)
|
|
3,967 |
4,125,133 |
|
|
|
|
$ 156,533,629 |
|
Transport Excluding Air & Rail — 0.6% | |||
|
Carrix, Inc., 6.125%, 8/1/33(4)
|
$ |
12,500 |
$ 12,473,516 |
|
Seaspan Corp. Pte. Ltd., 5.50%, 8/1/29(4)
|
|
13,472 |
13,099,872 |
|
|
|
|
$ 25,573,388 |
|
Security |
Principal
Amount
(000's omitted) |
Value | |
|
Utility — 5.3% | |||
|
Alpha Generation LLC, 6.75%, 10/15/32(4)
|
$ |
19,832 |
$ 20,016,994 |
|
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC, 6.375%, 2/15/32(4)
|
|
11,695 |
11,539,789 |
|
Ferrellgas LP/Ferrellgas Finance Corp.: |
|
|
|
|
5.875%, 4/1/29(4)
|
|
7,658 |
7,476,763 |
|
9.25%, 1/15/31(4)
|
|
4,522 |
4,758,587 |
|
Leeward Renewable Energy Operations LLC, 4.25%,
7/1/29(4)
|
|
6,128 |
5,818,920 |
|
NRG Energy, Inc.: |
|
|
|
|
3.625%, 2/15/31(4)
|
|
8,067 |
7,437,644 |
|
5.25%, 6/15/29(4)
|
|
3,636 |
3,603,511 |
|
5.75%, 1/15/34(4)
|
|
13,518 |
13,174,213 |
|
5.875%, 5/15/34(4)
|
|
2,005 |
1,969,381 |
|
6.00%, 2/1/33(4)
|
|
8,472 |
8,451,656 |
|
6.00%, 1/15/36(4)
|
|
9,665 |
9,461,502 |
|
6.125%, 5/15/36(4)
|
|
11,050 |
10,913,482 |
|
6.25%, 11/1/34(4)
|
|
5,642 |
5,630,349 |
|
10.25% to 3/15/28(4)(7)(9)
|
|
11,306 |
12,105,459 |
|
Pattern Energy Operations LP/Pattern Energy
Operations, Inc., 4.50%, 8/15/28(4)
|
|
7,920 |
7,760,881 |
|
Talen Energy Supply LLC, 6.125%, 5/1/31(4)
|
|
15,745 |
15,658,610 |
|
TerraForm Power Operating LLC: |
|
|
|
|
4.75%, 1/15/30(4)
|
|
3,685 |
3,526,356 |
|
5.00%, 1/31/28(4)
|
|
10,161 |
10,058,701 |
|
TransAlta Corp., 5.875%, 2/1/34 |
|
11,290 |
11,012,292 |
|
Vistra Operations Co. LLC, 5.00%, 7/31/27(4)
|
|
16,015 |
16,017,088 |
|
XPLR Infrastructure Operating Partners LP: |
|
|
|
|
7.75%, 4/15/34(4)
|
|
8,605 |
9,016,285 |
|
8.375%, 1/15/31(4)
|
|
8,987 |
9,556,030 |
|
8.625%, 3/15/33(4)
|
|
5,628 |
6,016,022 |
|
|
|
|
$ 210,980,515 |
|
Total Corporate Bonds
(identified cost $3,344,701,549) |
|
|
$3,339,667,903 |
|
Exchange-Traded Funds — 0.0%†
|
|
Security |
Shares |
Value | |
|
Fixed Income Funds — 0.0%† | |||
|
Eaton Vance High Yield ETF(10)
|
|
12,313 |
$ 639,354 |
|
Total Exchange-Traded Funds
(identified cost $643,953) |
|
|
$ 639,354 |
|
Preferred Stocks — 0.4% |
|
Security |
Principal
Amount |
Value | |
|
Insurance — 0.4% | |||
|
AH Parent, Inc. (Alliant), Series A, 10.00% cash or
10.50% PIK(1)(3)(5)
|
|
16,273,240 |
$ 16,312,052 |
|
Total Preferred Stocks
(identified cost $16,035,790) |
|
|
$ 16,312,052 |
|
Senior Floating-Rate Loans — 9.4%(11)
|
|
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value | |
|
Aerospace — 0.1% | |||
|
TransDigm, Inc., Term Loan, 5.981%, (1 mo. USD
Term SOFR + 2.25%), 3/22/30 |
$ |
3,229 |
$ 3,233,001 |
|
|
|
|
$ 3,233,001 |
|
Automotive & Auto Parts — 1.4% | |||
|
ABC Technologies, Inc., Term Loan, 11.981% -
11.982%, (1 mo. USD Term SOFR + 8.25%,
3 mo. USD Term SOFR + 8.25%), 8/22/31(2)
|
$ |
40,591 |
$ 39,742,279 |
|
Clarios Global LP, Term Loan, 6.231%, (1 mo. USD
Term SOFR + 2.50%), 5/6/30 |
|
8,963 |
8,994,145 |
|
Crash Champions LLC, Term Loan, 8.416%, (3 mo.
USD Term SOFR + 4.75%), 2/23/29 |
|
5,766 |
5,621,411 |
|
|
|
|
$ 54,357,835 |
|
Building Materials — 0.8% | |||
|
Associated Materials, Inc., Term Loan, 9.731%,
(1 mo. USD Term SOFR + 6.00%), 3/8/29 |
$ |
17,045 |
$ 15,580,282 |
|
CP Atlas Buyer, Inc., Term Loan, 8.981%, (1 mo.
USD Term SOFR + 5.25%), 7/8/30 |
|
11,831 |
10,322,741 |
|
Park River Holdings, Inc., Term Loan, 8.225%,
(3 mo. USD Term SOFR + 4.50%), 3/15/31 |
|
5,423 |
5,432,646 |
|
|
|
|
$ 31,335,669 |
|
Cable & Satellite TV — 0.3% | |||
|
E.W. Scripps Co.: |
|
|
|
|
Term Loan, 7.132%, (1 mo. USD Term SOFR +
3.35%), 11/30/29 |
$ |
9,527 |
$ 9,183,747 |
|
Term Loan, 9.532%, (1 mo. USD Term SOFR +
5.75%), 6/30/28 |
|
3,955 |
3,964,240 |
|
|
|
|
$ 13,147,987 |
|
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value | |
|
Capital Goods — 0.4% | |||
|
EMRLD Borrower LP: |
|
|
|
|
Term Loan, 5.916%, (3 mo. USD Term SOFR +
2.25%), 5/31/30 |
$ |
10,738 |
$ 10,748,594 |
|
Term Loan, 6.073%, (3 mo. USD Term SOFR +
2.25%), 8/4/31 |
|
4,858 |
4,863,885 |
|
|
|
|
$ 15,612,479 |
|
Chemicals — 0.2% | |||
|
Ineos Finance PLC, Term Loan, 6/25/32(12)
|
$ |
6,870 |
$ 6,389,100 |
|
|
|
|
$ 6,389,100 |
|
Containers — 0.3% | |||
|
Clydesdale Acquisition Holdings, Inc., Term Loan,
6.906%, (1 mo. USD Term SOFR + 3.18%),
4/13/29 |
$ |
5,195 |
$ 5,082,658 |
|
Sword Purchaser LLC, Term Loan, 7.731%, (1 mo.
USD Term SOFR + 4.00%), 4/11/33 |
|
8,620 |
8,326,015 |
|
|
|
|
$ 13,408,673 |
|
Energy — 0.7% | |||
|
New Generation Gas Gathering LLC, Term Loan,
9.073%, (3 mo. USD Term SOFR + 5.25%),
9/30/29 |
$ |
23,507 |
$ 22,962,270 |
|
Venture Global Calcasieu Pass LLC, Term Loan,
6.954%, (6 mo. USD Term SOFR + 3.25%),
4/11/33 |
|
6,532 |
6,584,679 |
|
|
|
|
$ 29,546,949 |
|
Gaming — 0.8% | |||
|
Peninsula Pacific Entertainment LLC: |
|
|
|
|
Term Loan, 8.596%, (6 mo. USD Term SOFR +
4.75%), 10/1/32 |
$ |
12,193 |
$ 12,261,646 |
|
Term Loan, 13.00%, 12/24/29(2)(13)
|
|
6,032 |
6,031,535 |
|
Spectacle Gary Holdings LLC, Term Loan, 8.132%,
(3 mo. USD Term SOFR + 4.25%), 12/11/28 |
|
13,030 |
12,769,795 |
|
|
|
|
$ 31,062,976 |
|
Healthcare — 1.1% | |||
|
Bausch Health Cos., Inc., Term Loan, 9.981%,
(1 mo. USD Term SOFR + 6.25%), 10/8/30 |
$ |
29,123 |
$ 28,328,256 |
|
Endo Luxembourg Finance Co. I SARL, Term Loan,
7.481%, (1 mo. USD Term SOFR + 3.75%),
4/23/31 |
|
8,557 |
8,580,064 |
|
LifePoint Health, Inc., Term Loan, 7.503%, (3 mo.
USD Term SOFR + 3.75%), 5/19/31 |
|
7,998 |
7,647,636 |
|
|
|
|
$ 44,555,956 |
|
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value | |
|
Homebuilders & Real Estate — 0.1% | |||
|
Signal Parent, Inc., Term Loan, 7.423%, (3 mo. USD
Term SOFR + 3.50%), 4/3/28 |
$ |
12,840 |
$ 4,847,136 |
|
|
|
|
$ 4,847,136 |
|
Insurance — 0.4% | |||
|
Asurion LLC, Term Loan, 7.573%, (3 mo. USD Term
SOFR + 3.75%), 2/23/33 |
$ |
5,296 |
$ 4,974,887 |
|
Truist Insurance Holdings LLC, Term Loan - Second
Lien, 8.482%, (3 mo. USD Term SOFR +
4.75%), 5/6/32 |
|
10,327 |
9,956,831 |
|
|
|
|
$ 14,931,718 |
|
Leisure — 0.4% | |||
|
Peloton Interactive, Inc., Term Loan, 9.231%, (1 mo.
USD Term SOFR + 5.50%), 5/30/29 |
$ |
17,749 |
$ 17,838,072 |
|
|
|
|
$ 17,838,072 |
|
Metals & Mining — 0.2% | |||
|
Worthington Steel, Inc., Term Loan, 7.731%, (1 mo.
USD Term SOFR + 4.00%), 6/1/33 |
$ |
6,725 |
$ 6,759,466 |
|
|
|
|
$ 6,759,466 |
|
Services — 0.6% | |||
|
LBM Acquisition LLC, Term Loan, 7.574%, (1 mo.
USD Term SOFR + 3.75%), 6/6/31 |
$ |
11,173 |
$ 8,981,674 |
|
Specialty Building Products Holdings LLC, Term
Loan, 7.581%, (1 mo. USD Term SOFR +
3.75%), 10/16/28 |
|
12,467 |
11,675,356 |
|
White Cap Buyer LLC, Term Loan, 6.981%, (1 mo.
USD Term SOFR + 3.25%), 10/19/29 |
|
2,681 |
2,681,730 |
|
|
|
|
$ 23,338,760 |
|
Super Retail — 0.8% | |||
|
Mavis Tire Express Services Corp., Term Loan,
6.669%, (6 mo. USD Term SOFR + 3.00%),
5/4/28 |
$ |
9,359 |
$ 9,354,353 |
|
Men's Wearhouse, Inc., Term Loan, 9.414%, (3 mo.
USD Term SOFR + 5.75%), 1/28/31 |
|
7,669 |
7,746,877 |
|
PetSmart, Inc., Term Loan, 7.724%, (1 mo. USD
Term SOFR + 4.00%), 8/18/32 |
|
16,250 |
16,308,675 |
|
|
|
|
$ 33,409,905 |
|
Technology — 0.6% | |||
|
Fortress Intermediate 3, Inc., Term Loan, 6.675%,
(1 mo. USD Term SOFR + 3.00%), 6/27/31 |
$ |
19,566 |
$ 19,557,965 |
|
Borrower/Description |
Principal
Amount*
(000's omitted) |
Value | |
|
Technology (continued) | |||
|
Proofpoint, Inc., Term Loan, 8/30/30(12)
|
$ |
2,581 |
$ 2,539,429 |
|
|
|
|
$ 22,097,394 |
|
Telecommunications — 0.2% | |||
|
Coreweave Financing DDTL V LLC, Term Loan,
8.12% - 8.14%, (1 mo. USD Term SOFR +
4.50%), 11/17/31(14)
|
$ |
7,943 |
$ 7,948,350 |
|
|
|
|
$ 7,948,350 |
|
Total Senior Floating-Rate Loans
(identified cost $386,067,721) |
|
|
$ 373,821,426 |
|
Miscellaneous — 0.6% |
|
Security |
Principal
Amount/
Shares |
Value | |
|
Diversified Financial Services — 0.0% | |||
|
ACC Claims Holdings LLC(2)
|
|
11,599,560 |
$ 0 |
|
|
|
|
$ 0 |
|
Diversified Media — 0.0% | |||
|
National CineMedia, Inc., Escrow Certificates(1)(2)
|
$ |
12,070,000 |
$ 0 |
|
|
|
|
$ 0 |
|
Gaming — 0.6% | |||
|
PGP Investors, LLC, Membership Interests(1)(2)(3)
|
|
71,579 |
$ 23,948,741 |
|
|
|
|
$ 23,948,741 |
|
Paper — 0.0% | |||
|
Enviva LLC, Escrow Certificates(1)(2)
|
$ |
9,257,000 |
$ 0 |
|
|
|
|
$ 0 |
|
Services — 0.0% | |||
|
Hertz Corp., Escrow Certificates(1)(2)
|
$ |
3,679,000 |
$ 0 |
|
|
|
|
$ 0 |
|
Total Miscellaneous
(identified cost $2,862,815) |
|
|
$ 23,948,741 |
|
Short-Term Investments — 2.2% |
|
Security |
Shares |
Value | |
|
Morgan Stanley Institutional Liquidity Funds -
Government Portfolio, Institutional Class, 3.59%(15)
|
|
86,665,068 |
$ 86,665,068 |
|
Total Short-Term Investments
(identified cost $86,665,068) |
|
|
$ 86,665,068 |
|
Total Investments — 98.8%
(identified cost $3,902,318,543) |
|
|
$3,915,224,417 |
|
Less Unfunded Loan Commitments — (0.1)% |
|
|
$ (4,499,543) |
|
Net Investments — 98.7%
(identified cost $3,897,819,000) |
|
|
$3,910,724,874 |
|
Other Assets, Less Liabilities — 1.3% |
|
|
$ 54,017,357 |
|
Net Assets — 100.0% |
|
|
$3,964,742,231 |
|
The percentage shown for each investment category in the Portfolio of
Investments is based on net assets. | |
|
†
|
Amount is less than 0.05% or (0.05)%, as applicable. |
|
* |
In U.S. dollars unless otherwise indicated. |
|
(1)
|
Non-income producing security. |
|
(2)
|
Security is valued using significant unobservable inputs and is
categorized as Level 3 in the fair value hierarchy. |
|
(3)
|
Restricted security. |
|
(4)
|
Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may be sold in certain
transactions in reliance on an exemption from registration (normally to
qualified institutional buyers). At July 31, 2026, the aggregate value of
these securities is $3,146,599,142 or 79.4% of the Fund's net assets. |
|
(5)
|
Represents a payment-in-kind security which may pay interest in
additional principal at the issuer’s discretion. |
|
(6)
|
When-issued security. |
|
(7)
|
Perpetual security with no stated maturity date but may be subject to
calls by the issuer. |
|
(8)
|
Variable rate security. The stated interest rate represents the rate in effect
at July 31, 2026. |
|
(9)
|
Security converts to variable rate after the indicated fixed-rate coupon
period. |
|
(10)
|
Affiliated fund. |
|
(11)
|
Senior floating-rate loans (Senior Loans) often require prepayments from
excess cash flows or permit the borrowers to repay at their election. The
degree to which borrowers repay, whether as a contractual requirement
or at their election, cannot be predicted with accuracy. As a result, the
actual remaining maturity may be substantially less than the stated
maturities shown. However, Senior Loans will typically have an expected
average life of approximately two to four years. Senior Loans typically
have rates of interest which are redetermined periodically by reference to
a base lending rate, plus a spread. These base lending rates are
primarily the Secured Overnight Financing Rate (“SOFR”) and
secondarily, the prime rate offered by one or more major United States
banks (the “Prime Rate”). Base lending rates may be subject to a floor,
or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and
may also be subject to a credit spread adjustment. Senior Loans are
generally subject to contractual restrictions that must be satisfied before
they can be bought or sold. |
|
(12)
|
This Senior Loan will settle after July 31, 2026, at which time the
interest rate will be determined. |
|
(13)
|
Fixed-rate loan. |
|
(14)
|
Unfunded or partially unfunded loan commitments. The stated interest
rate reflects the reference rate and spread for the funded portion, if any.
At July 31, 2026, the total value of unfunded loan commitments is
$4,502,355. |
|
(15)
|
May be deemed to be an affiliated investment company. The rate shown
is the annualized seven-day yield as of July 31, 2026. |
|
Forward Foreign Currency Exchange Contracts (OTC) | |||||||
|
Currency Purchased |
Currency Sold |
Counterparty |
Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) | ||
|
USD |
12,269,696 |
EUR |
10,561,254 |
State Street Bank and Trust Company |
9/16/26 |
$70,268 |
$ — |
|
|
|
|
|
|
|
$70,268 |
$— |
|
Abbreviations: | |
|
OTC |
– Over-the-counter |
|
PIK |
– Payment In Kind |
|
SOFR |
– Secured Overnight Financing Rate |
|
Currency Abbreviations: | |
|
EUR |
– Euro |
|
USD |
– United States Dollar |
|
Description |
Date(s) of
Acquisition |
Principal Amount/
Shares |
Cost |
Value |
|
Common Stocks |
|
|
|
|
|
Ascent CNR Corp., Class A |
4/25/16, 11/16/16 |
320,298 |
$18,931 |
$10,781,230 |
|
Enviva LLC |
12/6/24 |
220,054 |
1,242,758 |
4,304,806 |
|
iFIT Health and Fitness, Inc. |
10/6/22 |
128,520 |
449,820 |
0 |
|
Total Common Stocks |
|
|
$1,711,509 |
$15,086,036 |
|
Convertible Preferred Stocks |
|
|
|
|
|
QXO, Inc., 4.75% |
3/20/26, 4/1/26 |
3,139 |
$31,391,380 |
$22,517,838 |
|
Total Convertible Preferred Stocks |
|
|
$31,391,380 |
$22,517,838 |
|
Preferred Stocks |
|
|
|
|
|
AH Parent, Inc. (Alliant), Series A |
9/25/24 |
16,273,240 |
$16,035,790 |
$16,312,052 |
|
Total Preferred Stocks |
|
|
$16,035,790 |
$16,312,052 |
|
Miscellaneous |
|
|
|
|
|
PGP Investors, LLC, Membership Interests |
10/23/12, 2/18/15,
4/23/18, 11/30/20,
12/17/21, 7/17/25,
9/5/25 |
71,579 |
$2,862,815 |
$23,948,741 |
|
Total Miscellaneous |
|
|
$2,862,815 |
$23,948,741 |
|
Total Restricted Securities |
|
|
$52,001,494 |
$77,864,667 |
|
Name |
Value,
beginning
of period |
Purchases |
Sales
proceeds |
Net
realized
gain (loss) |
Change in
unrealized
appreciation
(depreciation) |
Value, end
of period |
Dividend
income |
Shares,
end of period |
|
Exchange-Traded Funds |
|
|
|
|
|
|
|
|
|
Eaton Vance High Yield ETF |
$ — |
$ 643,953 |
$ — |
$ — |
$(4,599) |
$ 639,354 |
$4,386 |
12,313 |
|
Short-Term Investments |
|
|
|
|
|
|
|
|
|
Liquidity Fund, Institutional Class(1)
|
162,281,127 |
996,862,019 |
(1,072,478,078) |
— |
— |
86,665,068 |
3,042,511 |
86,665,068 |
|
Total |
|
|
|
$ — |
$(4,599) |
$87,304,422 |
$3,046,897 |
|
|
(1)
|
Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
|
Asset Description |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Common Stocks |
$26,060,066 |
$4,322,790 |
$10,781,230 |
$41,164,086 |
|
Convertible Bonds |
— |
10,487,949 |
— |
10,487,949 |
|
Convertible Preferred Stocks |
— |
— |
22,517,838 |
22,517,838 |
|
Corporate Bonds |
— |
3,339,667,903 |
— |
3,339,667,903 |
|
Exchange-Traded Funds |
639,354 |
— |
— |
639,354 |
|
Preferred Stocks |
— |
16,312,052 |
— |
16,312,052 |
|
Senior Floating-Rate Loans (Less Unfunded Loan Commitments) |
— |
323,548,069 |
45,773,814 |
369,321,883 |
|
Miscellaneous |
— |
— |
23,948,741 |
23,948,741 |
|
Short-Term Investments |
86,665,068 |
— |
— |
86,665,068 |
|
Total Investments |
$113,364,488 |
$3,694,338,763 |
$103,021,623 |
$3,910,724,874 |
|
Forward Foreign Currency Exchange Contracts |
$ — |
$70,268 |
$ — |
$70,268 |
|
Total |
$113,364,488 |
$3,694,409,031 |
$103,021,623 |
$3,910,795,142 |
|
|
Common
Stocks |
Convertible
Preferred Stocks |
Senior
Floating-Rate
Loans |
Miscellaneous |
Total |
|
Balance as of October 31, 2025 |
$10,781,230 |
$ — |
$12,858,409 |
$18,111,558 |
$41,751,197 |
|
Realized gains (losses) |
— |
— |
— |
893,060 |
893,060 |
|
Change in net unrealized appreciation (depreciation) |
— |
(8,873,542
) |
597,375 |
5,248,543 |
(3,027,624
) |
|
Cost of purchases |
— |
31,391,380 |
39,429,352 |
— |
70,820,732 |
|
Proceeds from sales, including return of capital |
— |
— |
(7,309,241
) |
(893,060
) |
(8,202,301
) |
|
Accrued discount (premium) |
— |
— |
197,919 |
— |
197,919 |
|
Transfers to Level 3 |
— |
— |
— |
588,640 |
588,640 |
|
Transfers from Level 3 |
— |
— |
— |
— |
— |
|
Balance as of July 31, 2026 |
$10,781,230 |
$22,517,838 |
$45,773,814 |
$23,948,741 |
$103,021,623 |
|
Change in net unrealized appreciation (depreciation) on investments
still held as of July 31, 2026 |
$ — |
$(8,873,542
) |
$597,375 |
$5,837,183 |
$(2,438,984
) |
|
Type of Investment |
Fair Value as of
July 31, 2026 |
Valuation Technique |
Unobservable Input |
Input |
Impact to
Valuation from an
Increase to Input* |
|
Convertible Preferred Stocks |
$22,517,838 |
Hybrid Bond and
Option-Pricing Model |
Liquidity Discount Percentage |
20% |
Decrease |
|
* |
Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable
input. A decrease to the unobservable input would have the opposite effect. |