|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Corporate Bonds & Notes — 87.6%
|
|||||
|
Communication Services — 16.6%
|
|||||
|
Diversified Telecommunication Services — 4.4%
|
|||||
|
Altice Financing SA, Senior Secured Notes
|
5.000%
|
1/15/28
|
1,380,000
|
$840,527
(a)
|
|
|
Altice Financing SA, Senior Secured Notes
|
5.750%
|
8/15/29
|
1,580,000
|
959,916
(a)
|
|
|
Altice France Lux 3/Altice Holdings 1, Senior Notes
|
10.000%
|
1/15/33
|
936,000
|
912,920
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
6.500%
|
4/15/32
|
1,051,830
|
1,023,767
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
6.875%
|
7/15/32
|
221,036
|
216,963
(a)
|
|
|
Galaxy Helios Data Centers II LLC, Senior Secured Notes
|
9.875%
|
8/1/31
|
960,000
|
951,516
(a)
|
|
|
Level 3 Financing Inc., Senior Notes
|
8.500%
|
1/15/36
|
670,000
|
701,166
(a)
|
|
|
WULF Compute LLC, Senior Secured Notes
|
7.750%
|
10/15/30
|
380,000
|
395,047
(a)
|
|
|
Yondr JK 1 LLC, Senior Secured Notes
|
6.875%
|
6/30/31
|
380,000
|
356,324
(a)
|
|
|
Total Diversified Telecommunication Services
|
6,358,146
|
||||
|
Entertainment — 1.0%
|
|||||
|
Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes
|
10.500%
|
2/15/28
|
990,000
|
398,475
(a)
|
|
|
Discovery Global Holdings Inc., Senior Notes
|
5.050%
|
3/15/42
|
830,000
|
605,551
|
|
|
Discovery Global Holdings Inc., Senior Notes
|
5.141%
|
3/15/52
|
80,000
|
54,000
|
|
|
OAK-Eagle Acquireco Inc., Senior Notes
|
8.750%
|
7/1/34
|
90,000
|
95,575
(a)
|
|
|
OAK-Eagle Acquireco Inc., Senior Secured Notes
|
7.250%
|
7/1/33
|
190,000
|
197,725
(a)
|
|
|
Pioneer Opco LLC, Senior Secured Notes
|
7.000%
|
5/15/33
|
160,000
|
162,984
(a)
|
|
|
Total Entertainment
|
1,514,310
|
||||
|
Media — 7.7%
|
|||||
|
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
|
7.375%
|
2/1/36
|
1,660,000
|
1,606,049
(a)
|
|
|
Clear Channel Outdoor Holdings Inc., Senior Secured Notes
|
7.125%
|
2/15/31
|
390,000
|
402,460
(a)
|
|
|
DirecTV Financing LLC, Senior Secured Notes
|
8.875%
|
2/1/30
|
620,000
|
635,063
(a)
|
|
|
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc.,
Senior Secured Notes
|
10.000%
|
2/15/31
|
230,000
|
243,530
(a)
|
|
|
DISH DBS Corp., Senior Notes
|
7.375%
|
7/1/28
|
1,360,000
|
1,340,552
*(b)
|
|
|
DISH DBS Corp., Senior Secured Notes
|
5.750%
|
12/1/28
|
810,000
|
798,603
*(a)(b)
|
|
|
EchoStar Corp., Senior Secured Notes
|
10.750%
|
11/30/29
|
4,405,100
|
4,763,267
|
|
|
Getty Images Inc., Senior Secured Notes
|
11.250%
|
2/21/30
|
80,000
|
58,967
(a)
|
|
|
Gray Media Inc., Senior Secured Notes
|
7.500%
|
9/15/34
|
400,000
|
399,793
(a)
|
|
|
Nexstar Media Inc., Senior Secured Notes
|
6.500%
|
9/15/33
|
430,000
|
432,158
(a)
|
|
|
Sirius XM Radio LLC, Senior Notes
|
3.875%
|
9/1/31
|
260,000
|
237,109
(a)
|
|
|
Versant Media Group Inc., Senior Secured Notes
|
7.250%
|
1/30/31
|
290,000
|
300,907
(a)
|
|
|
Total Media
|
11,218,458
|
||||
|
Wireless Telecommunication Services — 3.5%
|
|||||
|
CSC Holdings LLC, Senior Notes
|
11.250%
|
5/15/28
|
1,180,000
|
658,665
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
11.750%
|
1/31/29
|
1,130,000
|
627,096
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
6.500%
|
2/1/29
|
240,000
|
127,492
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
5.750%
|
1/15/30
|
1,610,000
|
342,125
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
4.125%
|
12/1/30
|
850,000
|
449,013
(a)
|
|
|
Sprint Capital Corp., Senior Notes
|
6.875%
|
11/15/28
|
2,148,000
|
2,238,796
|
|
|
Sprint Capital Corp., Senior Notes
|
8.750%
|
3/15/32
|
130,000
|
150,781
|
|
|
Vmed O2 UK Financing I PLC, Senior Secured Notes
|
4.250%
|
1/31/31
|
260,000
|
210,853
(a)
|
|
|
Vmed O2 UK Financing I PLC, Senior Secured Notes
|
4.750%
|
7/15/31
|
340,000
|
276,109
(a)
|
|
|
Total Wireless Telecommunication Services
|
5,080,930
|
||||
|
|
|||||
|
Total Communication Services
|
24,171,844
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Consumer Discretionary — 17.5%
|
|||||
|
Automobile Components — 3.5%
|
|||||
|
American Axle & Manufacturing Inc., Senior Notes
|
7.750%
|
10/15/33
|
660,000
|
$663,444
(a)
|
|
|
Clarios Global LP/Clarios US Finance Co., Senior Secured
Notes
|
6.750%
|
2/15/30
|
520,000
|
534,882
(a)
|
|
|
Dexko Global Inc., Senior Notes
|
7.500%
|
4/15/32
|
978,500
|
822,129
(a)
|
|
|
Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes
|
7.750%
|
5/31/32
|
230,000
|
239,411
(a)
|
|
|
JB Poindexter & Co. Inc., Senior Notes
|
8.750%
|
12/15/31
|
810,000
|
837,138
(a)
|
|
|
ZF North America Capital Inc., Senior Notes
|
7.500%
|
3/24/31
|
380,000
|
389,851
(a)
|
|
|
ZF North America Capital Inc., Senior Notes
|
6.875%
|
4/23/32
|
1,630,000
|
1,634,792
(a)
|
|
|
Total Automobile Components
|
5,121,647
|
||||
|
Automobiles — 1.6%
|
|||||
|
PM General Purchaser LLC, Senior Secured Notes
|
9.500%
|
10/1/28
|
2,930,000
|
2,296,388
(a)
|
|
|
Diversified Consumer Services — 0.7%
|
|||||
|
Carriage Services Inc., Senior Notes
|
4.250%
|
5/15/29
|
340,000
|
325,962
(a)
|
|
|
Service Corp. International, Senior Notes
|
7.500%
|
4/1/27
|
740,000
|
752,148
|
|
|
Total Diversified Consumer Services
|
1,078,110
|
||||
|
Hotels, Restaurants & Leisure — 7.3%
|
|||||
|
Carnival Ltd., Senior Notes
|
1.000%
|
10/28/29
|
1,310,000
EUR
|
1,406,475
|
|
|
Full House Resorts Inc., Senior Secured Notes
|
8.250%
|
2/15/28
|
1,310,000
|
1,241,458
(a)
|
|
|
Gaia Purchaser Inc., Senior Secured Notes
|
7.625%
|
7/15/33
|
200,000
|
204,322
(a)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
5.375%
|
12/4/29
|
670,000
|
651,601
(a)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
6.500%
|
9/24/33
|
200,000
|
194,330
(a)
|
|
|
NCL Corp. Ltd., Senior Notes
|
7.750%
|
2/15/29
|
1,239,000
|
1,290,594
(a)
|
|
|
NCL Finance Ltd., Senior Notes
|
6.125%
|
3/15/28
|
20,000
|
20,180
(a)
|
|
|
Pinnacle Bidco PLC, Senior Secured Notes
|
10.000%
|
10/11/28
|
500,000
GBP
|
699,063
(a)
|
|
|
Rivers Enterprise Borrower LLC, Senior Secured Notes
|
6.250%
|
10/15/30
|
580,000
|
588,122
(a)
|
|
|
Viking Cruises Ltd., Senior Notes
|
9.125%
|
7/15/31
|
1,720,000
|
1,805,591
(a)
|
|
|
Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes
|
5.625%
|
2/15/29
|
60,000
|
60,146
(a)
|
|
|
Wynn Macau Ltd., Senior Notes
|
5.625%
|
8/26/28
|
880,000
|
876,925
(a)
|
|
|
Wynn Macau Ltd., Senior Notes
|
5.125%
|
12/15/29
|
700,000
|
684,567
(a)
|
|
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Senior Notes
|
7.125%
|
2/15/31
|
920,000
|
966,385
(a)
|
|
|
Total Hotels, Restaurants & Leisure
|
10,689,759
|
||||
|
Household Durables — 0.5%
|
|||||
|
Dream Finders Homes Inc., Senior Notes
|
6.875%
|
9/15/30
|
430,000
|
422,768
(a)
|
|
|
Newell Brands Inc., Senior Notes
|
8.500%
|
6/1/28
|
220,000
|
229,462
(a)
|
|
|
Total Household Durables
|
652,230
|
||||
|
Specialty Retail — 3.9%
|
|||||
|
Gee Automotive Holdings LLC, Senior Notes
|
7.250%
|
3/1/31
|
360,000
|
363,647
(a)
|
|
|
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
|
11.500%
|
8/15/29
|
1,090,000
|
1,154,272
(a)
|
|
|
Michaels Cos. Inc., Secured Notes
|
11.000%
|
3/15/34
|
1,410,000
|
1,369,673
(a)
|
|
|
Michaels Cos. Inc., Senior Secured Notes
|
8.500%
|
3/15/33
|
220,000
|
217,940
(a)
|
|
|
Petco Health & Wellness Co. Inc., Senior Secured Notes
|
8.250%
|
2/1/31
|
880,000
|
894,623
(a)
|
|
|
PetSmart LLC/PetSmart Finance Corp., Senior Notes
|
10.000%
|
9/15/33
|
400,000
|
399,754
(a)
|
|
|
Sally Holdings LLC/Sally Capital Inc., Senior Notes
|
6.750%
|
4/1/32
|
740,000
|
757,166
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Specialty Retail — continued
|
|||||
|
Upbound Group Inc., Senior Notes
|
6.375%
|
2/15/29
|
530,000
|
$527,868
(a)
|
|
|
Total Specialty Retail
|
5,684,943
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
25,523,077
|
||||
|
Consumer Staples — 0.8%
|
|||||
|
Food Products — 0.8%
|
|||||
|
TKC Holdings Inc., Senior Secured Notes
|
8.500%
|
8/15/30
|
1,130,000
|
1,178,416
(a)
|
|
|
|
|||||
|
Energy — 11.7%
|
|||||
|
Energy Equipment & Services — 1.2%
|
|||||
|
Beusa Investments LLC, Senior Notes
|
7.000%
|
8/1/31
|
340,000
|
340,613
(a)
|
|
|
Nabors Industries Inc., Senior Notes
|
8.875%
|
8/15/31
|
770,000
|
806,058
(a)
|
|
|
Oceaneering International Inc., Senior Notes
|
6.875%
|
7/15/34
|
270,000
|
278,795
(a)
|
|
|
WBI Operating LLC, Senior Notes
|
6.500%
|
10/15/33
|
400,000
|
401,458
(a)
|
|
|
Total Energy Equipment & Services
|
1,826,924
|
||||
|
Oil, Gas & Consumable Fuels — 10.5%
|
|||||
|
Chord Energy Corp., Senior Notes
|
6.000%
|
10/1/30
|
180,000
|
182,215
(a)
|
|
|
Chord Energy Corp., Senior Notes
|
6.750%
|
3/15/33
|
750,000
|
767,247
(a)
|
|
|
Crescent Energy Finance LLC, Senior Notes
|
7.375%
|
1/15/33
|
1,380,000
|
1,410,083
(a)
|
|
|
Ecopetrol SA, Senior Notes
|
5.875%
|
5/28/45
|
990,000
|
801,960
|
|
|
Granite Ridge Resources Inc., Senior Notes
|
8.875%
|
11/5/29
|
930,000
|
911,146
(a)
|
|
|
Howard Midstream Energy Partners LLC, Senior Notes
|
6.625%
|
1/15/34
|
350,000
|
353,164
(a)
|
|
|
Northern Oil & Gas Inc., Senior Notes
|
7.875%
|
10/15/33
|
480,000
|
494,034
(a)
|
|
|
Occidental Petroleum Corp., Senior Notes
|
6.200%
|
3/15/40
|
540,000
|
548,761
|
|
|
Petroleos del Peru SA, Senior Notes
|
4.750%
|
6/19/32
|
560,000
|
486,363
(a)
|
|
|
Rockies Express Pipeline LLC, Senior Notes
|
6.750%
|
3/15/33
|
10,000
|
10,204
(a)
|
|
|
Rockies Express Pipeline LLC, Senior Notes
|
7.500%
|
7/15/38
|
570,000
|
599,883
(a)
|
|
|
Rockies Express Pipeline LLC, Senior Notes
|
6.875%
|
4/15/40
|
180,000
|
179,964
(a)
|
|
|
Saturn Oil & Gas Inc., Senior Notes
|
8.500%
|
7/30/31
|
590,000
|
612,789
(a)
|
|
|
Summit Midstream Holdings LLC, Senior Secured Notes
|
8.625%
|
10/31/29
|
150,000
|
156,386
(a)
|
|
|
Sunoco LP, Junior Subordinated Notes (7.875% to 9/18/30
then 5 year Treasury Constant Maturity Rate + 4.230%)
|
7.875%
|
9/18/30
|
786,000
|
810,946
(a)(c)(d)
|
|
|
Sunoco LP, Senior Notes
|
5.625%
|
3/15/31
|
270,000
|
268,292
(a)
|
|
|
Venture Global LNG Inc., Junior Subordinated Notes (9.000%
to 9/30/29 then 5 year Treasury Constant Maturity Rate +
5.440%)
|
9.000%
|
9/30/29
|
1,330,000
|
1,348,828
(a)(c)(d)
|
|
|
Venture Global LNG Inc., Senior Secured Notes
|
7.000%
|
1/15/30
|
270,000
|
277,978
(a)
|
|
|
Venture Global LNG Inc., Senior Secured Notes
|
9.875%
|
2/1/32
|
240,000
|
255,944
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
6.500%
|
6/15/34
|
100,000
|
103,453
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
7.750%
|
5/1/35
|
460,000
|
511,816
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
6.750%
|
1/15/36
|
290,000
|
305,418
(a)
|
|
|
Vermilion Energy Inc., Senior Notes
|
6.875%
|
5/1/30
|
390,000
|
392,756
(a)
|
|
|
Vermilion Energy Inc., Senior Notes
|
7.250%
|
2/15/33
|
160,000
|
160,562
(a)
|
|
|
Western Midstream Operating LP, Senior Notes
|
4.050%
|
2/1/30
|
180,000
|
173,768
|
|
|
Western Midstream Operating LP, Senior Notes
|
5.300%
|
3/1/48
|
540,000
|
460,172
|
|
|
Western Midstream Operating LP, Senior Notes
|
5.250%
|
2/1/50
|
920,000
|
776,466
|
|
|
Williams Cos. Inc., Senior Notes
|
7.500%
|
1/15/31
|
330,000
|
362,615
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Oil, Gas & Consumable Fuels — continued
|
|||||
|
Williams Cos. Inc., Senior Notes
|
5.750%
|
6/24/44
|
1,620,000
|
$1,546,438
|
|
|
Total Oil, Gas & Consumable Fuels
|
15,269,651
|
||||
|
|
|||||
|
Total Energy
|
17,096,575
|
||||
|
Financials — 7.6%
|
|||||
|
Banks — 2.9%
|
|||||
|
Banco Santander SA, Junior Subordinated Notes (7.250% to
6/3/36 then 5 year Treasury Constant Maturity Rate +
2.837%)
|
7.250%
|
12/3/35
|
600,000
|
604,315
(c)(d)
|
|
|
BNP Paribas SA, Junior Subordinated Notes (7.200% to
4/17/36 then 5 year Treasury Constant Maturity Rate +
2.942%)
|
7.200%
|
4/17/36
|
710,000
|
701,275
(a)(c)(d)
|
|
|
BNP Paribas SA, Junior Subordinated Notes (7.750% to
8/16/29 then 5 year Treasury Constant Maturity Rate +
4.899%)
|
7.750%
|
8/16/29
|
810,000
|
847,106
(a)(c)(d)
|
|
|
Lloyds Banking Group PLC, Junior Subordinated Notes
(8.000% to 3/27/30 then 5 year Treasury Constant Maturity
Rate + 3.913%)
|
8.000%
|
9/27/29
|
2,030,000
|
2,155,519
(c)(d)
|
|
|
Total Banks
|
4,308,215
|
||||
|
Capital Markets — 0.8%
|
|||||
|
Credit Suisse AG AT1 Claim
|
—
|
—
|
6,220,000
|
0
*(e)(f)(g)
|
|
|
StoneX Escrow Issuer LLC, Secured Notes
|
6.875%
|
7/15/32
|
140,000
|
142,436
(a)
|
|
|
StoneX Group Inc., Secured Notes
|
7.875%
|
3/1/31
|
370,000
|
385,398
(a)
|
|
|
UBS Group AG, Junior Subordinated Notes (9.250% to
11/13/28 then 5 year Treasury Constant Maturity Rate +
4.745%)
|
9.250%
|
11/13/28
|
540,000
|
577,947
(a)(c)(d)
|
|
|
Total Capital Markets
|
1,105,781
|
||||
|
Consumer Finance — 0.8%
|
|||||
|
EZCORP Inc., Senior Notes
|
7.375%
|
4/1/32
|
360,000
|
375,207
(a)
|
|
|
Midcap Financial Issuer Trust, Junior Subordinated Notes (3
mo. Term SOFR + 3.750%)
|
7.503%
|
1/15/56
|
760,000
|
763,058
(a)(d)
|
|
|
Total Consumer Finance
|
1,138,265
|
||||
|
Financial Services — 1.2%
|
|||||
|
Capstone Borrower Inc., Senior Secured Notes
|
8.000%
|
6/15/30
|
140,000
|
136,645
(a)
|
|
|
Rocket Cos. Inc., Senior Notes
|
6.500%
|
6/15/34
|
340,000
|
345,606
(a)
|
|
|
VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes
|
7.500%
|
6/15/31
|
370,000
|
383,103
(a)
|
|
|
VistaJet Malta Finance PLC/Vista Management Holding Inc.,
Senior Notes
|
6.375%
|
2/1/30
|
910,000
|
880,011
(a)
|
|
|
Total Financial Services
|
1,745,365
|
||||
|
Insurance — 1.1%
|
|||||
|
Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes
|
6.750%
|
7/1/32
|
150,000
|
128,184
(a)
|
|
|
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2
LLC/APH3 Somerset Investor 2 LLC, Senior Notes
|
7.875%
|
11/1/29
|
740,000
|
732,230
(a)
|
|
|
Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes
|
8.000%
|
12/31/32
|
780,000
|
776,594
(a)
|
|
|
Total Insurance
|
1,637,008
|
||||
|
Mortgage Real Estate Investment Trusts (REITs) — 0.8%
|
|||||
|
Arbor Realty SR Inc., Senior Notes
|
8.500%
|
12/15/28
|
730,000
|
725,341
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Mortgage Real Estate Investment Trusts (REITs) — continued
|
|||||
|
Starwood Property Trust Inc., Senior Notes
|
7.250%
|
4/1/29
|
370,000
|
$381,734
(a)
|
|
|
Total Mortgage Real Estate Investment Trusts (REITs)
|
1,107,075
|
||||
|
|
|||||
|
Total Financials
|
11,041,709
|
||||
|
Health Care — 7.7%
|
|||||
|
Health Care Providers & Services — 4.8%
|
|||||
|
CHS/Community Health Systems Inc., Secured Notes
|
6.875%
|
4/15/29
|
690,000
|
662,594
(a)
|
|
|
CHS/Community Health Systems Inc., Secured Notes
|
6.125%
|
4/1/30
|
170,000
|
145,451
(a)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
4.750%
|
2/15/31
|
1,460,000
|
1,331,008
(a)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
10.875%
|
1/15/32
|
1,328,000
|
1,410,824
(a)
|
|
|
HCA Inc., Senior Notes
|
7.500%
|
11/15/95
|
1,000,000
|
1,028,385
|
|
|
LifePoint Health Inc., Senior Secured Notes
|
9.875%
|
8/15/30
|
10,000
|
10,526
(a)
|
|
|
LifePoint Health Inc., Senior Secured Notes
|
7.000%
|
5/1/34
|
350,000
|
329,309
(a)
|
|
|
Sotera Health Holdings LLC, Senior Secured Notes
|
7.375%
|
6/1/31
|
370,000
|
385,372
(a)
|
|
|
TEAM Services Holding Inc., Senior Secured Notes
|
9.000%
|
2/15/33
|
340,000
|
354,997
(a)
|
|
|
Tenet Healthcare Corp., Senior Notes
|
6.125%
|
10/1/28
|
882,000
|
883,225
|
|
|
Tenet Healthcare Corp., Senior Notes
|
6.875%
|
11/15/31
|
250,000
|
265,750
|
|
|
U.S. Renal Care Inc., Senior Secured Notes
|
10.625%
|
6/28/28
|
161,000
|
151,340
(a)
|
|
|
Total Health Care Providers & Services
|
6,958,781
|
||||
|
Pharmaceuticals — 2.9%
|
|||||
|
1261229 BC Ltd., Senior Secured Notes
|
10.000%
|
4/15/32
|
1,178,000
|
1,227,064
(a)
|
|
|
Bausch Health Cos. Inc., Senior Notes
|
6.250%
|
2/15/29
|
140,000
|
115,675
(a)
|
|
|
Bausch Health Cos. Inc., Senior Secured Notes
|
4.875%
|
6/1/28
|
294,000
|
280,586
(a)
|
|
|
Gainwell Acquisition Corp., Senior Secured Notes
|
9.000%
|
9/1/31
|
250,000
|
260,565
(a)
|
|
|
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
|
5.125%
|
5/9/29
|
1,610,000
|
1,611,752
|
|
|
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
|
4.100%
|
10/1/46
|
920,000
|
678,613
|
|
|
Total Pharmaceuticals
|
4,174,255
|
||||
|
|
|||||
|
Total Health Care
|
11,133,036
|
||||
|
Industrials — 10.7%
|
|||||
|
Aerospace & Defense — 1.2%
|
|||||
|
Bombardier Inc., Senior Notes
|
7.250%
|
7/1/31
|
1,360,000
|
1,423,311
(a)
|
|
|
TransDigm Inc., Senior Secured Notes
|
7.125%
|
12/1/31
|
370,000
|
382,834
(a)
|
|
|
Total Aerospace & Defense
|
1,806,145
|
||||
|
Air Freight & Logistics — 0.3%
|
|||||
|
GB AIT Buyer Inc., Senior Notes
|
8.750%
|
4/30/34
|
450,000
|
458,597
(a)
|
|
|
Building Products — 0.2%
|
|||||
|
Masterbrand Inc., Senior Notes
|
7.000%
|
7/15/32
|
230,000
|
230,051
(a)
|
|
|
Commercial Services & Supplies — 3.9%
|
|||||
|
CoreCivic Inc., Senior Notes
|
8.250%
|
4/15/29
|
1,420,000
|
1,474,637
|
|
|
GEO Group Inc., Senior Notes
|
10.250%
|
4/15/31
|
690,000
|
742,648
|
|
|
GEO Group Inc., Senior Secured Notes
|
8.625%
|
4/15/29
|
360,000
|
374,552
|
|
|
Madison IAQ LLC, Senior Notes
|
5.875%
|
6/30/29
|
560,000
|
559,256
(a)
|
|
|
Neptune Bidco US Inc., Senior Secured Notes
|
10.375%
|
5/15/31
|
750,000
|
788,617
(a)
|
|
|
Neptune Bidco US Inc., Senior Secured Notes
|
9.500%
|
2/15/33
|
210,000
|
215,878
(a)
|
|
|
RB Global Holdings Inc., Senior Notes
|
7.750%
|
3/15/31
|
350,000
|
362,087
(a)
|
|
|
RR Donnelley & Sons Co., Secured Notes
|
10.875%
|
8/1/29
|
100,000
|
103,759
(a)
|
|
|
RR Donnelley & Sons Co., Senior Secured Notes
|
9.500%
|
8/1/29
|
940,000
|
980,145
(a)
|
|
|
Total Commercial Services & Supplies
|
5,601,579
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Construction & Engineering — 0.7%
|
|||||
|
Arcosa Inc., Senior Notes
|
6.875%
|
8/15/32
|
210,000
|
$217,629
(a)
|
|
|
Tutor Perini Corp., Senior Notes
|
6.625%
|
7/15/33
|
740,000
|
746,920
(a)
|
|
|
Total Construction & Engineering
|
964,549
|
||||
|
Ground Transportation — 1.0%
|
|||||
|
Carriage Purchaser Inc., Senior Notes
|
7.875%
|
10/15/29
|
1,460,000
|
1,463,556
(a)
|
|
|
Machinery — 0.7%
|
|||||
|
Columbus McKinnon Corp., Senior Secured Notes
|
7.125%
|
2/1/33
|
160,000
|
161,998
(a)
|
|
|
Park-Ohio Industries Inc., Senior Secured Notes
|
8.500%
|
8/1/30
|
510,000
|
538,105
(a)
|
|
|
Titan International Inc., Senior Secured Notes
|
7.000%
|
4/30/28
|
380,000
|
380,898
|
|
|
Total Machinery
|
1,081,001
|
||||
|
Passenger Airlines — 0.8%
|
|||||
|
American Airlines Inc., Senior Secured Notes
|
7.250%
|
2/15/28
|
670,000
|
676,839
(a)
|
|
|
JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured
Notes
|
9.875%
|
9/20/31
|
610,000
|
524,364
(a)
|
|
|
Total Passenger Airlines
|
1,201,203
|
||||
|
Trading Companies & Distributors — 1.9%
|
|||||
|
ADI Global Distribution Funding LLC, Senior Notes
|
7.125%
|
7/15/34
|
160,000
|
165,442
(a)
|
|
|
EquipmentShare.com Inc., Secured Notes
|
8.625%
|
5/15/32
|
570,000
|
593,433
(a)
|
|
|
EquipmentShare.com Inc., Secured Notes
|
8.000%
|
3/15/33
|
540,000
|
554,492
(a)
|
|
|
EquipmentShare.com Inc., Secured Notes
|
7.125%
|
7/1/34
|
320,000
|
315,329
(a)
|
|
|
Herc Holdings Inc., Senior Notes
|
7.000%
|
6/15/30
|
250,000
|
258,805
(a)
|
|
|
Herc Holdings Inc., Senior Notes
|
7.250%
|
6/15/33
|
500,000
|
517,507
(a)
|
|
|
QXO Building Products Inc., Senior Notes
|
6.875%
|
7/15/34
|
290,000
|
293,599
(a)
|
|
|
Total Trading Companies & Distributors
|
2,698,607
|
||||
|
|
|||||
|
Total Industrials
|
15,505,288
|
||||
|
Information Technology — 5.7%
|
|||||
|
Communications Equipment — 0.5%
|
|||||
|
Connect Finco SARL/Connect US Finco LLC, Senior Secured
Notes
|
9.000%
|
9/15/29
|
750,000
|
785,229
(a)
|
|
|
IT Services — 2.2%
|
|||||
|
APLD ComputeCo 3 LLC, Senior Secured Notes
|
7.000%
|
6/15/31
|
520,000
|
501,307
(a)
|
|
|
APLD ComputeCo LLC, Senior Secured Notes
|
9.250%
|
12/15/30
|
760,000
|
802,056
(a)
|
|
|
Core Scientific Finance I LLC, Senior Secured Notes
|
7.750%
|
5/15/31
|
920,000
|
893,249
(a)
|
|
|
CoreWeave Inc., Senior Notes
|
9.000%
|
2/1/31
|
790,000
|
709,610
(a)
|
|
|
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc.,
Senior Notes
|
6.750%
|
8/15/32
|
370,000
|
365,712
(a)
|
|
|
Total IT Services
|
3,271,934
|
||||
|
Semiconductors & Semiconductor Equipment — 0.3%
|
|||||
|
Qnity Electronics Inc., Senior Notes
|
6.250%
|
8/15/33
|
450,000
|
453,532
(a)
|
|
|
Software — 2.4%
|
|||||
|
Cloud Software Group LLC, Secured Notes
|
9.000%
|
9/30/29
|
220,000
|
220,768
(a)
|
|
|
Cloud Software Group LLC, Senior Secured Notes
|
8.250%
|
6/30/32
|
2,330,000
|
2,283,508
(a)
|
|
|
Cloud Software Group LLC, Senior Secured Notes
|
6.625%
|
8/15/33
|
270,000
|
245,048
(a)
|
|
|
Fair Isaac Corp., Senior Notes
|
6.250%
|
9/15/34
|
340,000
|
332,929
(a)
|
|
|
Oracle Corp., Senior Notes
|
6.000%
|
8/3/55
|
420,000
|
338,568
|
|
|
Total Software
|
3,420,821
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Technology Hardware, Storage & Peripherals — 0.3%
|
|||||
|
Black Pearl Compute LLC, Senior Secured Notes
|
6.125%
|
2/15/31
|
140,000
|
$140,265
(a)
|
|
|
Diebold Nixdorf Inc., Senior Secured Notes
|
7.750%
|
3/31/30
|
220,000
|
230,130
(a)
|
|
|
Total Technology Hardware, Storage & Peripherals
|
370,395
|
||||
|
|
|||||
|
Total Information Technology
|
8,301,911
|
||||
|
Materials — 5.0%
|
|||||
|
Chemicals — 1.3%
|
|||||
|
ARC Falcon I Inc./Arclin USA LLC/New Arclin US Holding
Corp., Senior Secured Notes
|
9.750%
|
3/1/33
|
980,000
|
983,144
(a)
|
|
|
Celanese US Holdings LLC, Senior Notes
|
7.000%
|
2/15/31
|
160,000
|
164,549
|
|
|
Cerdia Finanz GmbH, Senior Secured Notes
|
9.375%
|
10/3/31
|
600,000
|
545,022
(a)
|
|
|
Orbia Advance Corp. SAB de CV, Senior Notes
|
2.875%
|
5/11/31
|
220,000
|
186,395
(h)
|
|
|
Total Chemicals
|
1,879,110
|
||||
|
Containers & Packaging — 0.5%
|
|||||
|
Canpack SA/Canpack US LLC, Senior Notes
|
3.875%
|
11/15/29
|
810,000
|
768,144
(a)
|
|
|
Metals & Mining — 3.2%
|
|||||
|
Capstone Copper Corp., Senior Notes
|
6.750%
|
3/31/33
|
370,000
|
375,942
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
8.625%
|
6/1/31
|
1,000,000
|
1,041,421
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
8.000%
|
3/1/33
|
1,180,000
|
1,231,572
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
7.250%
|
2/15/34
|
320,000
|
328,616
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
6.375%
|
2/15/36
|
410,000
|
400,041
(a)
|
|
|
Freeport-McMoRan Inc., Senior Notes
|
5.450%
|
3/15/43
|
1,120,000
|
1,052,732
|
|
|
WS Escrow LLC, Senior Secured Notes
|
7.750%
|
6/1/33
|
220,000
|
229,199
(a)
|
|
|
Total Metals & Mining
|
4,659,523
|
||||
|
|
|||||
|
Total Materials
|
7,306,777
|
||||
|
Real Estate — 3.4%
|
|||||
|
Diversified REITs — 1.1%
|
|||||
|
MPT Operating Partnership LP/MPT Finance Corp., Senior
Notes
|
5.000%
|
10/15/27
|
310,000
|
304,721
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior
Notes
|
3.692%
|
6/5/28
|
100,000
GBP
|
113,831
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior
Notes
|
4.625%
|
8/1/29
|
640,000
|
489,220
|
|
|
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC,
Senior Notes
|
8.625%
|
6/15/32
|
690,000
|
709,644
(a)
|
|
|
Total Diversified REITs
|
1,617,416
|
||||
|
Health Care REITs — 0.4%
|
|||||
|
Diversified Healthcare Trust, Senior Notes
|
4.375%
|
3/1/31
|
346,000
|
316,338
|
|
|
Diversified Healthcare Trust, Senior Secured Notes
|
7.250%
|
10/15/30
|
320,000
|
328,220
(a)
|
|
|
Total Health Care REITs
|
644,558
|
||||
|
Real Estate Management & Development — 0.9%
|
|||||
|
Add Hero Holdings Ltd., Senior Secured Notes
|
8.500%
|
9/30/29
|
108,284
|
596
*(b)(h)
|
|
|
Add Hero Holdings Ltd., Senior Secured Notes
|
9.000%
|
9/30/30
|
88,190
|
485
*(b)(h)
|
|
|
Add Hero Holdings Ltd., Senior Secured Notes
|
9.800%
|
9/30/31
|
116,412
|
640
*(b)(h)
|
|
|
China Aoyuan Group Ltd., Senior Notes, Step bond (0.000%
to 9/30/31 then 1.000%)
|
0.000%
|
3/30/2173
|
152,810
|
1,146
(c)(h)
|
|
|
China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK)
|
5.500%
|
9/30/31
|
43,750
|
328
(h)(i)
|
|
|
Country Garden Holdings Co. Ltd., Senior Secured Notes
(2.500% Cash or 5.000% PIK)
|
5.000%
|
12/31/32
|
647,054
|
73,130
(h)(i)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Real Estate Management & Development — continued
|
|||||
|
Cushman & Wakefield US Borrower LLC, Senior Secured
Notes
|
8.875%
|
9/1/31
|
210,000
|
$220,121
(a)
|
|
|
Five Point Operating Co. LP, Senior Notes
|
8.000%
|
10/1/30
|
930,000
|
955,681
(a)
|
|
|
Total Real Estate Management & Development
|
1,252,127
|
||||
|
Specialized REITs — 1.0%
|
|||||
|
Iron Mountain Inc., Senior Notes
|
7.000%
|
2/15/29
|
510,000
|
519,377
(a)
|
|
|
Meridian Arc Holdco LLC, Senior Secured Notes
|
6.250%
|
4/30/31
|
180,000
|
171,242
(a)
|
|
|
Millrose Properties Inc., Senior Notes
|
6.375%
|
8/1/30
|
610,000
|
619,022
(a)
|
|
|
Millrose Properties Inc., Senior Notes
|
6.250%
|
9/15/32
|
180,000
|
180,777
(a)
|
|
|
Total Specialized REITs
|
1,490,418
|
||||
|
|
|||||
|
Total Real Estate
|
5,004,519
|
||||
|
Utilities — 0.9%
|
|||||
|
Electric Utilities — 0.9%
|
|||||
|
Alpha Generation LLC, Senior Notes
|
6.750%
|
10/15/32
|
220,000
|
221,837
(a)
|
|
|
NRG Energy Inc., Senior Notes
|
6.000%
|
1/15/36
|
830,000
|
807,500
(a)
|
|
|
Talen Energy Supply LLC, Senior Notes
|
6.500%
|
2/1/36
|
250,000
|
245,476
(a)
|
|
|
|
|||||
|
Total Utilities
|
1,274,813
|
||||
|
Total Corporate Bonds & Notes (Cost — $123,655,654)
|
127,537,965
|
||||
|
Senior Loans — 6.6%
|
|||||
|
Communication Services — 0.7%
|
|||||
|
Entertainment — 0.7%
|
|||||
|
Discovery Global Holdings Inc., Initial Dollar Term Loan (1 mo.
Term SOFR + 2.500%)
|
6.186%
|
6/3/33
|
480,577
|
482,153
(d)(j)(k)
|
|
|
OAK-Eagle Acquireco Inc., Term Loan B1 (3 mo. Term SOFR +
3.500%)
|
7.251%
|
8/4/33
|
480,000
|
485,400
(d)(j)(k)
|
|
|
|
|||||
|
Total Communication Services
|
967,553
|
||||
|
Consumer Discretionary — 1.0%
|
|||||
|
Automobile Components — 0.4%
|
|||||
|
ABC Technologies Inc., Term Loan B
|
11.936-11.982%
|
1/2/40
|
543,339
|
528,397
(d)(e)(j)(k)
|
|
|
Diversified Consumer Services — 0.2%
|
|||||
|
WW International Inc., Take-Back Term Loan (3 mo. Term
SOFR + 6.800%)
|
10.528%
|
6/24/30
|
366,787
|
262,026
(d)(j)(k)
|
|
|
Hotels, Restaurants & Leisure — 0.2%
|
|||||
|
Catawba Nation Gaming Authority, Initial Term Loan B
|
—
|
3/29/32
|
260,000
|
263,372
(l)
|
|
|
Specialty Retail — 0.2%
|
|||||
|
Petco Health & Wellness Co. Inc., 2026 Term Loan (3 mo.
Term SOFR + 4.250%)
|
7.982%
|
2/3/31
|
349,125
|
349,462
(d)(j)(k)
|
|
|
|
|||||
|
Total Consumer Discretionary
|
1,403,257
|
||||
|
Financials — 1.0%
|
|||||
|
Banks — 0.3%
|
|||||
|
Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term
SOFR + 3.000%)
|
6.686%
|
11/24/32
|
489,615
|
483,700
(d)(j)(k)
|
|
|
Capital Markets — 0.1%
|
|||||
|
Edelman Financial Engines Center LLC, Term Loan B (1 mo.
Term SOFR + 4.000%)
|
7.686%
|
12/1/31
|
120,000
|
120,792
(d)(j)(k)
|
|
|
Consumer Finance — 0.1%
|
|||||
|
Blackhawk Network Holdings Inc., Term Loan B2 (3 mo. Term
SOFR + 3.500%)
|
7.232%
|
3/12/29
|
204,443
|
203,549
(d)(j)(k)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Financial Services — 0.1%
|
|||||
|
Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term
SOFR + 4.000%)
|
7.686%
|
7/31/31
|
99,250
|
$98,428
(d)(j)(k)
|
|
|
Insurance — 0.4%
|
|||||
|
Acrisure LLC, 2024 Repricing Term Loan B6 (1 mo. Term SOFR
+ 3.000%)
|
6.686%
|
11/6/30
|
80,000
|
68,267
(d)(j)(k)
|
|
|
Asurion LLC, New Term Loan B14 (3 mo. Term SOFR +
3.750%)
|
7.573%
|
2/23/33
|
279,300
|
268,244
(d)(j)(k)
|
|
|
Broadstreet Partners Inc., 2024 Term Loan B (1 mo. Term
SOFR + 2.500%)
|
6.186%
|
6/13/31
|
228,967
|
225,953
(d)(j)(k)
|
|
|
Total Insurance
|
562,464
|
||||
|
|
|||||
|
Total Financials
|
1,468,933
|
||||
|
Health Care — 1.0%
|
|||||
|
Health Care Providers & Services — 0.8%
|
|||||
|
LifePoint Health Inc., Term Loan B (3 mo. Term SOFR +
3.750%)
|
7.503%
|
5/16/31
|
879,836
|
844,599
(d)(j)(k)
|
|
|
TEAM Services Holding Inc., Initial Term Loan (3 mo. Term
SOFR + 5.250%)
|
8.982%
|
3/31/33
|
370,000
|
369,537
(d)(j)(k)
|
|
|
Total Health Care Providers & Services
|
1,214,136
|
||||
|
Health Care Technology — 0.2%
|
|||||
|
AthenaHealth Group Inc., Fourth Amendment Term Loan (1
mo. Term SOFR + 3.250%)
|
6.936%
|
2/17/32
|
229,421
|
229,626
(d)(j)(k)
|
|
|
|
|||||
|
Total Health Care
|
1,443,762
|
||||
|
Industrials — 0.5%
|
|||||
|
Electrical Equipment — 0.1%
|
|||||
|
Osmose Utilities Services Inc., First Lien Initial Term Loan (1
mo. Term SOFR + 3.364%)
|
7.051%
|
6/23/28
|
129,321
|
129,240
(d)(j)(k)
|
|
|
Passenger Airlines — 0.3%
|
|||||
|
Spirit Airlines LLC, Contingent DIP Facility
|
—
|
11/17/26
|
828,642
|
232,020
*(b)(f)
|
|
|
Spirit Airlines LLC, Contingent DIP Facility Initial Term Loan
|
—
|
11/17/26
|
315,701
|
1,776
*(b)(f)
|
|
|
Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR
+ 8.000%)
|
11.644%
|
9/14/26
|
114,643
|
108,910
(d)(f)(i)(j)(k)
|
|
|
Spirit Airlines LLC, Second New Money Term Loan (1 mo.
Term SOFR + 8.000%)
|
11.644%
|
9/14/26
|
28,432
|
27,010
(d)(f)(i)(j)(k)
|
|
|
Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo.
Term SOFR + 8.000%)
|
11.644%
|
9/14/26
|
56,154
|
53,347
(d)(f)(i)(j)(k)
|
|
|
Total Passenger Airlines
|
423,063
|
||||
|
Professional Services — 0.1%
|
|||||
|
Accuris, Term Loan B
|
—
|
8/12/31
|
250,000
|
249,688
(f)(l)
|
|
|
|
|||||
|
Total Industrials
|
801,991
|
||||
|
Information Technology — 2.2%
|
|||||
|
Semiconductors & Semiconductor Equipment — 1.3%
|
|||||
|
VCI Asset Holdings 1 LLC, Term Loan
|
10.000%
|
11/20/30
|
733,684
|
778,318
(j)(k)
|
|
|
VCI Asset Holdings 2 LLC, Initial Term Loan
|
7.375%
|
2/6/31
|
779,875
|
803,271
(f)(j)(k)
|
|
|
VCI Asset Holdings 3 LLC, Term Loan
|
6.875%
|
4/24/30
|
323,000
|
326,434
(j)(k)
|
|
|
Total Semiconductors & Semiconductor Equipment
|
1,908,023
|
||||
|
Software — 0.9%
|
|||||
|
Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%)
|
7.536%
|
10/8/28
|
189,010
|
174,047
(d)(j)(k)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Software — continued
|
|||||
|
CoreWeave Financing V LLC, Additional Delayed Draw Term
Loan (1 mo. Term SOFR + 4.500%)
|
8.150%
|
11/15/31
|
150,000
|
$151,520
(d)(j)(k)(m)
|
|
|
DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term
SOFR + 7.000%)
|
10.686%
|
2/19/29
|
500,000
|
424,532
(d)(j)(k)
|
|
|
Modena Buyer LLC, Initial Term Loan (3 mo. Term SOFR +
4.250%)
|
8.073%
|
7/1/31
|
550,200
|
530,943
(d)(j)(k)
|
|
|
Total Software
|
1,281,042
|
||||
|
Technology Hardware, Storage & Peripherals — 0.0%††
|
|||||
|
Vericast Corp., 2024 Extended Term Loan (3 mo. Term SOFR +
7.750%)
|
11.500%
|
6/14/30
|
31,573
|
31,415
(d)(j)(k)
|
|
|
|
|||||
|
Total Information Technology
|
3,220,480
|
||||
|
Materials — 0.2%
|
|||||
|
Chemicals — 0.2%
|
|||||
|
Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo.
Term SOFR + 4.000%)
|
7.688%
|
3/15/29
|
363,932
|
359,572
(d)(j)(k)
|
|
|
Metals & Mining — 0.0%††
|
|||||
|
Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan
(4.286% PIK)
|
4.286%
|
12/19/33
|
960,444
|
0
(d)(e)(f)(g)(i)(j)(k)
|
|
|
|
|||||
|
Total Materials
|
359,572
|
||||
|
Total Senior Loans (Cost — $11,504,413)
|
9,665,548
|
||||
|
Sovereign Bonds — 2.2%
|
|||||
|
Angola — 0.6%
|
|||||
|
|
|||||
|
Angolan Government International Bond, Senior Notes
|
8.000%
|
11/26/29
|
800,000
|
817,816
(a)
|
|
|
Argentina — 0.3%
|
|||||
|
Provincia de Buenos Aires, Senior Notes
|
6.625%
|
9/1/37
|
44,470
|
35,643
(a)
|
|
|
Provincia de Cordoba, Senior Notes
|
6.875%
|
2/1/29
|
410,000
|
401,800
(a)
|
|
|
Total Argentina
|
437,443
|
||||
|
Bahamas — 1.0%
|
|||||
|
|
|||||
|
Bahamas Government International Bond, Senior Notes
|
6.950%
|
11/20/29
|
1,500,000
|
1,536,000
(a)
|
|
|
Dominican Republic — 0.3%
|
|||||
|
Dominican Republic International Bond, Senior Notes
|
13.625%
|
2/3/33
|
21,000,000
DOP
|
434,282
(h)
|
|
|
|
|||||
|
Total Sovereign Bonds (Cost — $2,726,415)
|
3,225,541
|
||||
|
|
|
|
|
Shares
|
|
|
Preferred Stocks — 0.7%
|
|||||
|
Financials — 0.7%
|
|||||
|
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
|
|||||
|
AGNC Investment Corp., Non Voting Shares (3 mo. Term
SOFR + 4.959%)
|
8.712%
|
|
23,049
|
586,367
(d)
|
|
|
Chimera Investment Corp., Non Voting Shares (3 mo. Term
SOFR + 5.005%)
|
8.737%
|
|
7,274
|
170,212
(d)
|
|
|
MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR +
5.607%)
|
9.408%
|
|
13,294
|
313,472
(d)
|
|
|
|
|||||
|
Total Preferred Stocks (Cost — $1,072,218)
|
1,070,051
|
||||
|
|
|
|
Maturity
Date
|
Face
Amount†
|
|
|
Collateralized Mortgage Obligations(n) — 0.3%
|
|||||
|
LHOME Mortgage Trust, 2025-RTL1 M1 (Cost — $379,998)
|
7.023%
|
1/25/40
|
380,000
|
382,064
(a)(d)
|
|
|
Security
|
|
|
|
Shares
|
Value
|
|
Common Stocks — 0.3%
|
|||||
|
Communication Services — 0.2%
|
|||||
|
Diversified Telecommunication Services — 0.2%
|
|||||
|
Altice France Luxco
|
|
11,367
|
$215,544
*
|
||
|
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC
|
|
14,655
|
147
*(o)
|
||
|
Spirit Aviation Holdings Inc.
|
|
8,907
|
89
*
|
||
|
|
|||||
|
Total Industrials
|
236
|
||||
|
Information Technology — 0.1%
|
|||||
|
Semiconductors & Semiconductor Equipment — 0.1%
|
|||||
|
VCI Asset Holdings 2 LLC
|
|
157,687
|
157,687
*(e)(f)
|
||
|
|
|||||
|
Materials — 0.0%††
|
|||||
|
Metals & Mining — 0.0%††
|
|||||
|
Arctic Canadian Diamond Co. Ltd.
|
|
906
|
0
*(e)(f)(g)
|
||
|
|
|||||
|
Real Estate — 0.0%††
|
|||||
|
Real Estate Management & Development — 0.0%††
|
|||||
|
China Aoyuan Group Ltd.
|
|
38,203
|
195
*
|
||
|
Country Garden Holdings Co. Ltd.
|
|
5,250
|
127
*(e)
|
||
|
|
|||||
|
Total Real Estate
|
322
|
||||
|
Total Common Stocks (Cost — $461,593)
|
373,789
|
||||
|
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
|
|
Convertible Bonds & Notes — 0.1%
|
|||||
|
Industrials — 0.1%
|
|||||
|
Aerospace & Defense — 0.1%
|
|||||
|
AeroVironment Inc., Senior Notes
|
0.000%
|
7/15/30
|
37,000
|
33,827
|
|
|
Voyager Technologies Inc., Senior Notes
|
0.750%
|
11/15/30
|
50,000
|
66,700
(a)
|
|
|
|
|||||
|
Total Industrials
|
100,527
|
||||
|
Real Estate — 0.0%††
|
|||||
|
Real Estate Management & Development — 0.0%††
|
|||||
|
China Aoyuan Group Ltd., Senior Notes
|
0.000%
|
9/30/28
|
13,656
|
103
(h)
|
|
|
Country Garden Holdings Co. Ltd., Senior Notes
|
0.000%
|
12/31/31
|
1,314,242
|
95,282
(h)
|
|
|
|
|||||
|
Total Real Estate
|
95,385
|
||||
|
Total Convertible Bonds & Notes (Cost — $300,786)
|
195,912
|
||||
|
|
|
|
Expiration
Date
|
Rights
|
|
|
Rights — 0.1%
|
|||||
|
Communication Services — 0.1%
|
|||||
|
Diversified Telecommunication Services — 0.1%
|
|||||
|
Altice France Luxco (Cost — $0)
|
|
—
|
3,913
|
60,791
*
|
|
|
|
|
|
|
Warrants
|
|
|
Warrants — 0.0%††
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC
|
|
3/12/30
|
16,644
|
166
*(a)(e)(o)
|
|
|
Spirit Aviation Holdings Inc.
|
|
3/12/30
|
797
|
8
*(e)
|
|
|
Security
|
|
|
Expiration
Date
|
Warrants
|
Value
|
|
Warrants — continued
|
|||||
|
Passenger Airlines — continued
|
|||||
|
Spirit Aviation Holdings Inc.
|
|
3/12/30
|
33,991
|
$340
*(e)
|
|
|
|
|||||
|
Total Warrants (Cost — $679,506)
|
514
|
||||
|
Total Investments before Short-Term Investments (Cost — $140,780,583)
|
142,512,175
|
||||
|
|
|
Rate
|
|
Shares
|
|
|
Short-Term Investments — 0.2%
|
|||||
|
Western Asset Premier Institutional Government Reserves,
Premium Shares (Cost — $278,825)
|
3.616%
|
|
278,825
|
278,825
(p)(q)
|
|
|
Total Investments — 98.1% (Cost — $141,059,408)
|
142,791,000
|
||||
|
Other Assets in Excess of Liabilities — 1.9%
|
2,835,033
|
||||
|
Total Net Assets — 100.0%
|
$145,626,033
|
||||
|
†
|
Face amount denominated in U.S. dollars, unless otherwise noted.
|
|
††
|
Represents less than 0.1%.
|
|
*
|
Non-income producing security.
|
|
(a)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933.
This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed
liquid pursuant to guidelines approved by the Board of Directors.
|
|
(b)
|
The coupon payment on this security is currently in default as of August 31, 2026.
|
|
(c)
|
Security has no maturity date. The date shown represents the next call date.
|
|
(d)
|
Variable rate security. Interest rate disclosed is as of the most recent information
available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based
on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
|
|
(e)
|
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
|
|
(f)
|
Security is valued using significant unobservable inputs (Note 1).
|
|
(g)
|
Value is less than $1.
|
|
(h)
|
Security is exempt from registration under Regulation S of the Securities Act of 1933.
Regulation S applies to securities offerings that are made outside of
the United States and do not involve direct selling efforts in the United States.
This security has been deemed liquid pursuant to guidelines approved by the
Board of Directors.
|
|
(i)
|
Payment-in-kind security for which the issuer has the option at each interest payment
date of making interest payments in cash or additional securities.
|
|
(j)
|
Interest rates disclosed represent the effective rates on senior loans. Ranges in
interest rates are attributable to multiple contracts under the same loan.
|
|
(k)
|
Senior loans may be considered restricted in that the Fund ordinarily is contractually
obligated to receive approval from the agent bank and/or borrower
prior to the disposition of a senior loan.
|
|
(l)
|
All or a portion of this loan has not settled as of August 31, 2026. Interest rates
are not effective until settlement date. Interest rates shown, if any, are for
the settled portion of the loan.
|
|
(m)
|
All or a portion of this loan is unfunded as of August 31, 2026. The interest rate
for fully unfunded term loans is to be determined. At August 31, 2026, the
total principal amount and market value of unfunded commitments totaled $84,968 and
$85,829, respectively.
|
|
(n)
|
Collateralized mortgage obligations are secured by an underlying pool of mortgages
or mortgage pass-through certificates that are structured to direct
payments on underlying collateral to different series or classes of the obligations.
The interest rate may change positively or inversely in relation to one or
more interest rates, financial indices or other financial indicators and may be subject
to an upper and/or lower limit.
|
|
(o)
|
Restricted security (Note 3).
|
|
(p)
|
Rate shown is one-day yield as of the end of the reporting period.
|
|
(q)
|
In this instance, as defined in the Investment Company Act of 1940, as amended (the
“1940 Act”), an “Affiliated Company” represents Fund ownership of at
least 5% of the outstanding voting securities of an issuer, or a company which is
under common ownership or control with the Fund. At August 31, 2026,
the total market value of investments in Affiliated Companies was $278,825 and the
cost was $278,825 (Note 2).
|
|
Abbreviation(s) used in this schedule:
|
||
|
DIP
|
—
|
Debtor-in-possession
|
|
DOP
|
—
|
Dominican Peso
|
|
EUR
|
—
|
Euro
|
|
GBP
|
—
|
British Pound
|
|
PIK
|
—
|
Payment-In-Kind
|
|
SOFR
|
—
|
Secured Overnight Financing Rate
|
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
|
||
|
EUR
|
1,522,083
|
USD
|
1,745,020
|
BNP Paribas SA
|
10/16/26
|
$26,116
|
|
GBP
|
64,775
|
USD
|
86,768
|
Citibank N.A.
|
10/16/26
|
1,009
|
|
GBP
|
743,847
|
USD
|
993,318
|
Citibank N.A.
|
10/16/26
|
14,668
|
|
EUR
|
115,005
|
USD
|
132,167
|
Goldman Sachs Group Inc.
|
10/16/26
|
1,656
|
|
Net unrealized appreciation on open forward foreign currency contracts
|
$43,449
|
|||||
|
Abbreviation(s) used in this table:
|
||
|
EUR
|
—
|
Euro
|
|
GBP
|
—
|
British Pound
|
|
USD
|
—
|
United States Dollar
|
|
ASSETS
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Long-Term Investments†:
|
|
|
|
|
|
Corporate Bonds & Notes:
|
|
|
|
|
|
Financials
|
—
|
$11,041,709
|
$0
*
|
$11,041,709
|
|
Other Corporate Bonds & Notes
|
—
|
116,496,256
|
—
|
116,496,256
|
|
Senior Loans:
|
|
|
|
|
|
Industrials
|
—
|
129,240
|
672,751
|
801,991
|
|
Information Technology
|
—
|
2,417,209
|
803,271
|
3,220,480
|
|
Materials
|
—
|
359,572
|
0
*
|
359,572
|
|
Other Senior Loans
|
—
|
5,283,505
|
—
|
5,283,505
|
|
Sovereign Bonds
|
—
|
3,225,541
|
—
|
3,225,541
|
|
Preferred Stocks
|
$1,070,051
|
—
|
—
|
1,070,051
|
|
Collateralized Mortgage Obligations
|
—
|
382,064
|
—
|
382,064
|
|
Common Stocks:
|
|
|
|
|
|
Communication Services
|
—
|
215,544
|
—
|
215,544
|
|
Industrials
|
89
|
147
|
—
|
236
|
|
Information Technology
|
—
|
—
|
157,687
|
157,687
|
|
Materials
|
—
|
—
|
0
*
|
0*
|
|
Real Estate
|
195
|
127
|
—
|
322
|
|
Convertible Bonds & Notes
|
—
|
195,912
|
—
|
195,912
|
|
Rights
|
—
|
60,791
|
—
|
60,791
|
|
Warrants
|
—
|
514
|
—
|
514
|
|
Total Long-Term Investments
|
1,070,335
|
139,808,131
|
1,633,709
|
142,512,175
|
|
Short-Term Investments†
|
278,825
|
—
|
—
|
278,825
|
|
Total Investments
|
$1,349,160
|
$139,808,131
|
$1,633,709
|
$142,791,000
|
|
Other Financial Instruments:
|
|
|
|
|
|
Forward Foreign Currency Contracts††
|
—
|
$43,449
|
—
|
$43,449
|
|
Total
|
$1,349,160
|
$139,851,580
|
$1,633,709
|
$142,834,449
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
|
*
|
Amount represents less than $1.
|
|
††
|
Reflects the unrealized appreciation (depreciation) of the instruments.
|
|
Investments in
Securities
|
Balance
as of
May 31, 2026
|
Accrued
premiums/
discounts
|
Realized
gain
(loss)
|
Change in
unrealized
appreciation
(depreciation)1
|
Purchases
|
|
Corporate Bonds &
Notes:
|
|
|
|
|
|
|
Financials
|
$0
*
|
—
|
—
|
$0
*
|
—
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
479,571
|
$657
|
—
|
48,169
|
—
|
|
Industrials
|
296,339
|
213,147
|
—
|
(270,388
)
|
$252,906
|
|
Information
Technology
|
344,681
|
32
|
$(241
)
|
(5,146
)
|
—
|
|
Materials
|
239,094
|
—
|
—
|
(249,315
)
|
10,221
|
|
Common Stocks:
|
|
|
|
|
|
|
Information
Technology
|
166,360
|
—
|
—
|
(8,673
)
|
—
|
|
Materials
|
0
*
|
—
|
—
|
—
|
—
|
|
Total
|
$1,526,045
|
$213,836
|
$(241
)
|
$(485,353
)
|
$263,127
|
|
Investments in
Securities (cont’d)
|
Sales
|
Transfers
into
Level 32
|
Transfers
out of
Level 33
|
Balance
as of
August 31, 2026
|
Net change
in unrealized
appreciation
(depreciation) for
investments
in securities
still held at
August 31, 20261
|
|
Corporate Bonds &
Notes:
|
|
|
|
|
|
|
Financials
|
—
|
—
|
—
|
$0
*
|
$0
*
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
—
|
—
|
$(528,397
)
|
—
|
—
|
|
Industrials
|
$(43,954
)
|
$224,701
|
—
|
672,751
|
(270,388
)
|
|
Information
Technology
|
(52,063
)
|
842,442
|
(326,434
)
|
803,271
|
(3,593
)
|
|
Materials
|
—
|
—
|
—
|
0
*
|
(249,315
)
|
|
Common Stocks:
|
|
|
|
|
|
|
Information
Technology
|
—
|
—
|
—
|
157,687
|
(8,673
)
|
|
Materials
|
—
|
—
|
—
|
0
*
|
—
|
|
Total
|
$(96,017
)
|
$1,067,143
|
$(854,831
)
|
$1,633,709
|
$(531,969
)
|
|
*
|
Amount represents less than $1.
|
|
1
|
Change in unrealized appreciation (depreciation) includes net unrealized appreciation
(depreciation) resulting from changes in investment values during the
reporting period and the reversal of previously recorded unrealized appreciation (depreciation)
when gains or losses are realized.
|
|
2
|
Transferred into Level 3 as a result of the unavailability of a quoted price in an
active market for an identical investment or the unavailability of other
significant observable inputs in the valuation obtained from independent third party
pricing services or broker/dealer quotations.
|
|
3
|
Transferred out of Level 3 as a result of the availability of a quoted price in an
active market for an identical investment or the availability of other
significant observable inputs.
|
|
|
Affiliate
Value at
May 31, 2026
|
Purchased
|
Sold
|
||
|
Cost
|
Shares
|
Proceeds
|
Shares
|
||
|
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
|
$1,766,088
|
$7,767,157
|
7,767,157
|
$9,254,420
|
9,254,420
|
|
(cont’d)
|
Realized
Gain (Loss)
|
Dividend
Income
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
|
Affiliate
Value at
August 31,
2026
|
|
Western Asset Premier
Institutional Government
Reserves, Premium Shares
|
—
|
$9,687
|
—
|
$278,825
|
|
Security
|
Number of
Shares/
Warrants
|
Acquisition
Date
|
Cost
|
Fair Value
at 8/31/2026
|
Value Per
Share/Warrant
|
Percent of
Net Assets
|
|
Spirit Airlines LLC, Common Shares
|
14,655
|
3/25
|
$178,401
|
$147
|
$0.01
|
0.00
%(a)
|
|
Spirit Airlines LLC, Warrants
|
16,644
|
3/25
|
202,613
|
166
(b)
|
0.01
|
0.00
(a)
|
|
Total
|
|
|
$381,014
|
$313
|
|
0.00
%(a)
|
|
(a)
|
Amount represents less than 0.005%.
|
|
(b)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933.
This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed
liquid pursuant to guidelines approved by the Board.
|