|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Corporate Bonds & Notes — 90.9%
|
|||||
|
Communication Services — 11.6%
|
|||||
|
Diversified Telecommunication Services — 5.1%
|
|||||
|
AT&T Inc., Senior Notes
|
5.375%
|
8/15/35
|
550,000
|
$537,789
|
|
|
AT&T Inc., Senior Notes
|
4.800%
|
6/15/44
|
170,000
|
142,596
|
|
|
AT&T Inc., Senior Notes
|
3.550%
|
9/15/55
|
380,000
|
230,603
|
|
|
AT&T Inc., Senior Notes
|
6.050%
|
8/15/56
|
50,000
|
45,978
|
|
|
British Telecommunications Ltd., Senior Notes
|
9.625%
|
12/15/30
|
910,000
|
1,062,215
|
|
|
Comcast Corp., Senior Notes
|
6.400%
|
5/15/38
|
1,470,000
|
1,515,472
|
|
|
Space Exploration Technologies Corp., Senior Notes
|
5.350%
|
7/15/31
|
320,000
|
312,902
(a)
|
|
|
Space Exploration Technologies Corp., Senior Notes
|
5.650%
|
7/15/33
|
440,000
|
424,715
(a)
|
|
|
Verizon Communications Inc., Junior Subordinated Notes (6.050% to 5/14/33
then 5 year Treasury Constant Maturity Rate + 1.813%)
|
6.050%
|
5/14/58
|
170,000
|
166,041
(b)
|
|
|
Verizon Communications Inc., Junior Subordinated Notes (6.200% to 5/14/36
then 5 year Treasury Constant Maturity Rate + 2.042%)
|
6.200%
|
5/14/56
|
180,000
|
174,242
(b)
|
|
|
Verizon Communications Inc., Senior Notes
|
5.500%
|
3/16/47
|
680,000
|
624,843
|
|
|
Total Diversified Telecommunication Services
|
5,237,396
|
||||
|
Entertainment — 0.4%
|
|||||
|
Discovery Global Holdings Inc., Senior Notes
|
5.141%
|
3/15/52
|
98,000
|
66,150
|
|
|
Flutter Treasury DAC, Senior Secured Notes
|
5.875%
|
6/4/31
|
200,000
|
196,677
(a)
|
|
|
Netflix Inc., Senior Notes
|
5.250%
|
8/15/36
|
160,000
|
158,192
|
|
|
Total Entertainment
|
421,019
|
||||
|
Interactive Media & Services — 3.1%
|
|||||
|
Alphabet Inc., Senior Notes
|
5.200%
|
8/15/33
|
70,000
|
69,768
|
|
|
Alphabet Inc., Senior Notes
|
5.450%
|
8/15/36
|
70,000
|
69,475
|
|
|
Alphabet Inc., Senior Notes
|
5.350%
|
11/15/45
|
80,000
|
73,197
|
|
|
Alphabet Inc., Senior Notes
|
5.500%
|
2/15/46
|
110,000
|
102,254
|
|
|
Alphabet Inc., Senior Notes
|
6.250%
|
8/15/46
|
320,000
|
321,767
|
|
|
Alphabet Inc., Senior Notes
|
5.250%
|
5/15/55
|
220,000
|
190,212
|
|
|
Alphabet Inc., Senior Notes
|
5.450%
|
11/15/55
|
80,000
|
70,934
|
|
|
Alphabet Inc., Senior Notes
|
6.375%
|
8/15/56
|
160,000
|
161,102
|
|
|
Alphabet Inc., Senior Notes
|
5.750%
|
2/15/66
|
100,000
|
89,846
|
|
|
Alphabet Inc., Senior Notes
|
6.500%
|
8/15/66
|
100,000
|
100,100
|
|
|
Meta Platforms Inc., Senior Notes
|
5.500%
|
11/15/45
|
160,000
|
138,926
|
|
|
Meta Platforms Inc., Senior Notes
|
6.200%
|
5/15/46
|
410,000
|
385,213
|
|
|
Meta Platforms Inc., Senior Notes
|
5.400%
|
8/15/54
|
510,000
|
413,712
|
|
|
Meta Platforms Inc., Senior Notes
|
5.625%
|
11/15/55
|
140,000
|
116,775
|
|
|
Meta Platforms Inc., Senior Notes
|
6.300%
|
5/15/56
|
40,000
|
36,851
|
|
|
Meta Platforms Inc., Senior Notes
|
5.750%
|
11/15/65
|
280,000
|
230,063
|
|
|
Meta Platforms Inc., Senior Notes
|
6.450%
|
5/15/66
|
280,000
|
256,283
|
|
|
Sopaipilla Investor LLC, Senior Secured Notes
|
7.534%
|
11/30/48
|
350,000
|
358,703
(a)
|
|
|
Total Interactive Media & Services
|
3,185,181
|
||||
|
Media — 2.8%
|
|||||
|
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
|
4.500%
|
5/1/32
|
540,000
|
475,272
|
|
|
Charter Communications Operating LLC/Charter Communications Operating
Capital, Senior Secured Notes
|
7.850%
|
8/15/56
|
60,000
|
60,968
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Media — continued
|
|||||
|
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
|
6.384%
|
10/23/35
|
70,000
|
$68,274
|
|
|
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
|
6.484%
|
10/23/45
|
420,000
|
374,012
|
|
|
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
|
5.750%
|
4/1/48
|
110,000
|
89,326
|
|
|
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
|
3.900%
|
6/1/52
|
100,000
|
60,792
|
|
|
Discovery Communications LLC, Senior Notes
|
3.950%
|
3/20/28
|
250,000
|
240,000
|
|
|
DISH DBS Corp., Senior Secured Notes
|
5.750%
|
12/1/28
|
250,000
|
246,482
*(a)(c)
|
|
|
Fox Corp., Senior Notes
|
5.476%
|
1/25/39
|
480,000
|
456,707
|
|
|
Paramount Global, Senior Notes
|
5.250%
|
4/1/44
|
80,000
|
53,529
|
|
|
Time Warner Cable Enterprises LLC, Senior Secured Notes
|
8.375%
|
7/15/33
|
220,000
|
240,258
|
|
|
Time Warner Cable LLC, Senior Secured Notes
|
6.550%
|
5/1/37
|
370,000
|
356,456
|
|
|
Time Warner Cable LLC, Senior Secured Notes
|
6.750%
|
6/15/39
|
20,000
|
19,041
|
|
|
Versant Media Group Inc., Senior Secured Notes
|
7.250%
|
1/30/31
|
60,000
|
62,256
(a)
|
|
|
Total Media
|
2,803,373
|
||||
|
Wireless Telecommunication Services — 0.2%
|
|||||
|
T-Mobile USA Inc., Senior Notes
|
5.875%
|
11/15/55
|
180,000
|
164,996
|
|
|
|
|||||
|
Total Communication Services
|
11,811,965
|
||||
|
Consumer Discretionary — 6.4%
|
|||||
|
Automobile Components — 0.3%
|
|||||
|
ZF North America Capital Inc., Senior Notes
|
6.750%
|
4/23/30
|
210,000
|
211,774
(a)
|
|
|
ZF North America Capital Inc., Senior Notes
|
7.500%
|
3/24/31
|
150,000
|
153,889
(a)
|
|
|
Total Automobile Components
|
365,663
|
||||
|
Automobiles — 1.4%
|
|||||
|
General Motors Co., Senior Notes
|
6.600%
|
4/1/36
|
170,000
|
178,867
|
|
|
General Motors Co., Senior Notes
|
6.750%
|
4/1/46
|
340,000
|
348,601
|
|
|
Hyundai Capital America, Senior Notes
|
5.250%
|
1/8/27
|
300,000
|
300,957
(a)
|
|
|
Volkswagen Group of America Finance LLC, Senior Notes
|
5.250%
|
3/22/29
|
560,000
|
561,848
(a)
|
|
|
Total Automobiles
|
1,390,273
|
||||
|
Broadline Retail — 1.3%
|
|||||
|
Amazon.com Inc., Senior Notes
|
5.300%
|
7/9/36
|
550,000
|
538,474
|
|
|
Amazon.com Inc., Senior Notes
|
5.650%
|
3/13/46
|
150,000
|
140,720
|
|
|
Amazon.com Inc., Senior Notes
|
5.800%
|
3/13/56
|
110,000
|
101,534
|
|
|
Amazon.com Inc., Senior Notes
|
4.250%
|
8/22/57
|
280,000
|
201,988
|
|
|
Amazon.com Inc., Senior Notes
|
5.550%
|
11/20/65
|
230,000
|
199,450
|
|
|
Amazon.com Inc., Senior Notes
|
5.950%
|
3/13/66
|
180,000
|
165,786
|
|
|
Total Broadline Retail
|
1,347,952
|
||||
|
Hotels, Restaurants & Leisure — 2.6%
|
|||||
|
Brightstar Lottery PLC, Senior Secured Notes
|
5.250%
|
1/15/29
|
410,000
|
406,860
(a)
|
|
|
Carnival Corp. Ltd., Senior Notes
|
7.875%
|
6/1/27
|
130,000
|
132,975
|
|
|
Carnival Corp. Ltd., Senior Notes
|
5.750%
|
3/15/30
|
420,000
|
422,725
(a)
|
|
|
Full House Resorts Inc., Senior Secured Notes
|
8.250%
|
2/15/28
|
440,000
|
416,978
(a)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
7.625%
|
4/17/32
|
280,000
|
287,285
(a)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
6.500%
|
9/24/33
|
200,000
|
194,330
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Hotels, Restaurants & Leisure — continued
|
|||||
|
Royal Caribbean Cruises Ltd., Senior Notes
|
3.700%
|
3/15/28
|
630,000
|
$620,250
|
|
|
Royal Caribbean Cruises Ltd., Senior Notes
|
5.375%
|
1/15/36
|
100,000
|
96,769
|
|
|
Royal Caribbean Cruises Ltd., Senior Notes
|
5.250%
|
2/27/38
|
50,000
|
47,021
|
|
|
Total Hotels, Restaurants & Leisure
|
2,625,193
|
||||
|
Household Durables — 0.3%
|
|||||
|
Sekisui House US Inc., Senior Notes
|
6.000%
|
1/15/43
|
310,000
|
280,254
|
|
|
Specialty Retail — 0.5%
|
|||||
|
Dick’s Sporting Goods Inc., Senior Notes
|
4.100%
|
1/15/52
|
90,000
|
61,369
|
|
|
Michaels Cos. Inc., Secured Notes
|
11.000%
|
3/15/34
|
170,000
|
165,138
(a)
|
|
|
Michaels Cos. Inc., Senior Secured Notes
|
8.500%
|
3/15/33
|
210,000
|
208,034
(a)
|
|
|
Petco Health & Wellness Co. Inc., Senior Secured Notes
|
8.250%
|
2/1/31
|
50,000
|
50,831
(a)
|
|
|
Total Specialty Retail
|
485,372
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
6,494,707
|
||||
|
Consumer Staples — 2.6%
|
|||||
|
Consumer Staples Distribution & Retail — 0.2%
|
|||||
|
Kroger Co., Senior Notes
|
5.500%
|
9/15/54
|
190,000
|
170,600
|
|
|
Food Products — 1.0%
|
|||||
|
J M Smucker Co., Senior Notes
|
6.200%
|
11/15/33
|
210,000
|
220,453
|
|
|
JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings,
Senior Notes
|
5.950%
|
4/20/35
|
260,000
|
263,221
|
|
|
JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings,
Senior Notes
|
5.625%
|
3/10/37
|
80,000
|
77,794
(a)
|
|
|
JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings,
Senior Notes
|
6.375%
|
2/25/55
|
110,000
|
105,519
|
|
|
JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings,
Senior Notes
|
6.400%
|
5/10/57
|
140,000
|
134,372
(a)
|
|
|
Kraft Heinz Foods Co., Senior Notes
|
5.000%
|
6/4/42
|
90,000
|
78,815
|
|
|
Mars Inc., Senior Notes
|
5.200%
|
3/1/35
|
30,000
|
29,576
(a)
|
|
|
Mars Inc., Senior Notes
|
5.650%
|
5/1/45
|
70,000
|
67,175
(a)
|
|
|
Mars Inc., Senior Notes
|
5.700%
|
5/1/55
|
10,000
|
9,456
(a)
|
|
|
Total Food Products
|
986,381
|
||||
|
Tobacco — 1.4%
|
|||||
|
Altria Group Inc., Senior Notes
|
3.875%
|
9/16/46
|
320,000
|
228,425
|
|
|
BAT Capital Corp., Senior Notes
|
6.250%
|
8/15/55
|
100,000
|
98,137
|
|
|
Philip Morris International Inc., Senior Notes
|
4.250%
|
11/10/44
|
610,000
|
495,801
|
|
|
Reynolds American Inc., Senior Notes
|
8.125%
|
5/1/40
|
280,000
|
324,453
|
|
|
Reynolds American Inc., Senior Notes
|
7.000%
|
8/4/41
|
300,000
|
319,055
|
|
|
Total Tobacco
|
1,465,871
|
||||
|
|
|||||
|
Total Consumer Staples
|
2,622,852
|
||||
|
Energy — 10.1%
|
|||||
|
Oil, Gas & Consumable Fuels — 10.1%
|
|||||
|
Antero Midstream Partners LP/Antero Midstream Finance Corp., Senior
Notes
|
6.625%
|
2/1/32
|
250,000
|
255,564
(a)
|
|
|
APA Corp., Senior Notes
|
5.250%
|
2/1/42
|
68,000
|
58,669
|
|
|
Australian Metcoal Financing Pty Ltd., Senior Secured Notes
|
6.250%
|
10/22/31
|
200,000
|
202,005
(a)
|
|
|
Australian Metcoal Financing Pty Ltd., Senior Secured Notes
|
6.750%
|
4/22/34
|
200,000
|
202,744
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Oil, Gas & Consumable Fuels — continued
|
|||||
|
BP Capital Markets PLC, Senior Notes (6.125% to 6/18/35 then 5 year
Treasury Constant Maturity Rate + 1.924%)
|
6.125%
|
3/18/35
|
100,000
|
$99,419
(b)(d)
|
|
|
Cheniere Energy Partners LP, Senior Notes
|
5.550%
|
10/30/35
|
180,000
|
179,540
|
|
|
Columbia Pipelines Operating Co. LLC, Senior Notes
|
6.036%
|
11/15/33
|
250,000
|
258,438
(a)
|
|
|
ConocoPhillips, Senior Notes
|
6.500%
|
2/1/39
|
880,000
|
954,561
|
|
|
Devon Energy Corp., Senior Notes
|
5.600%
|
7/15/41
|
20,000
|
19,170
|
|
|
Devon Energy Corp., Senior Notes
|
5.000%
|
6/15/45
|
80,000
|
69,908
|
|
|
Devon Energy Corp., Senior Notes
|
5.750%
|
9/15/54
|
190,000
|
178,294
|
|
|
Energy Transfer LP, Junior Subordinated Notes (6.750% to 2/15/36 then 5
year Treasury Constant Maturity Rate + 2.475%)
|
6.750%
|
2/15/56
|
170,000
|
169,790
(b)
|
|
|
Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5
year Treasury Constant Maturity Rate + 5.306%)
|
7.125%
|
5/15/30
|
460,000
|
473,413
(b)(d)
|
|
|
Energy Transfer LP, Senior Notes
|
8.250%
|
11/15/29
|
240,000
|
261,519
|
|
|
Energy Transfer LP, Senior Notes
|
6.625%
|
10/15/36
|
20,000
|
21,227
|
|
|
Energy Transfer LP, Senior Notes
|
5.800%
|
6/15/38
|
60,000
|
59,735
|
|
|
Enterprise Products Operating LLC, Senior Notes
|
5.550%
|
2/16/55
|
560,000
|
523,080
|
|
|
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3
mo. Term SOFR + 2.832%)
|
5.375%
|
2/15/78
|
400,000
|
399,867
(b)
|
|
|
Expand Energy Corp., Senior Notes
|
5.700%
|
1/15/35
|
50,000
|
49,848
|
|
|
Granite Ridge Resources Inc., Senior Notes
|
8.875%
|
11/5/29
|
340,000
|
333,107
(a)
|
|
|
Greensaif Pipelines Bidco Sarl, Senior Secured Notes
|
6.103%
|
8/23/42
|
540,000
|
536,013
(a)
|
|
|
Gulfstream Natural Gas System LLC, Senior Notes
|
5.600%
|
7/23/35
|
360,000
|
357,032
(a)
|
|
|
Hess Midstream Operations LP, Senior Notes
|
5.125%
|
6/15/28
|
200,000
|
199,602
(a)
|
|
|
Kinder Morgan Inc., Senior Notes
|
7.800%
|
8/1/31
|
530,000
|
590,990
|
|
|
Occidental Petroleum Corp., Senior Notes
|
7.875%
|
9/15/31
|
500,000
|
557,643
|
|
|
ONEOK Inc., Senior Notes
|
6.050%
|
9/1/33
|
300,000
|
309,332
|
|
|
Petrobras Global Finance BV, Senior Notes
|
5.500%
|
6/10/51
|
160,000
|
127,149
|
|
|
Saudi Arabian Oil Co., Senior Notes
|
6.375%
|
6/2/55
|
200,000
|
195,834
(a)
|
|
|
Southern Natural Gas Co. LLC, Senior Notes
|
8.000%
|
3/1/32
|
1,000,000
|
1,123,309
|
|
|
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
|
210,000
|
216,665
(a)(b)(d)
|
|
|
Sunoco LP, Senior Notes
|
5.625%
|
3/15/31
|
420,000
|
417,343
(a)
|
|
|
Targa Resources Corp., Senior Notes
|
5.500%
|
2/15/35
|
270,000
|
267,576
|
|
|
Transcontinental Gas Pipe Line Co. LLC, Senior Notes
|
5.400%
|
8/15/41
|
10,000
|
9,530
|
|
|
Venture Global Calcasieu Pass LLC, Senior Secured Notes
|
6.000%
|
5/1/36
|
140,000
|
139,497
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
6.750%
|
1/15/36
|
70,000
|
73,722
(a)
|
|
|
Viper Energy Partners LLC, Senior Notes
|
5.700%
|
8/1/35
|
160,000
|
159,531
|
|
|
Western Midstream Operating LP, Senior Notes
|
5.450%
|
4/1/44
|
50,000
|
44,555
|
|
|
Williams Cos. Inc., Senior Notes
|
7.750%
|
6/15/31
|
62,000
|
68,620
|
|
|
Williams Cos. Inc., Senior Notes
|
8.750%
|
3/15/32
|
148,000
|
172,602
|
|
|
|
|||||
|
Total Energy
|
10,336,443
|
||||
|
Financials — 33.8%
|
|||||
|
Banks — 13.6%
|
|||||
|
Banco Mercantil del Norte SA, Junior Subordinated Notes (8.375% to
10/14/30 then 10 year Treasury Constant Maturity Rate + 7.760%)
|
8.375%
|
10/14/30
|
200,000
|
207,507
(a)(b)(d)
|
|
|
Banco Mercantil del Norte SA, Junior Subordinated Notes (8.750% to
5/20/35 then 10 year Treasury Constant Maturity Rate + 4.299%)
|
8.750%
|
5/20/35
|
200,000
|
207,133
(a)(b)(d)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Banks — continued
|
|||||
|
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
|
200,000
|
$201,438
(b)(d)
|
|
|
Bank of America Corp., Senior Notes
|
5.875%
|
2/7/42
|
790,000
|
795,558
|
|
|
Bank of America Corp., Senior Notes (5.045% to 2/6/36 then SOFR + 1.130%)
|
5.045%
|
2/6/37
|
180,000
|
172,925
(b)
|
|
|
Bank of America Corp., Senior Notes (5.511% to 1/24/35 then SOFR +
1.310%)
|
5.511%
|
1/24/36
|
390,000
|
389,635
(b)
|
|
|
Bank of America Corp., Subordinated Notes
|
7.750%
|
5/14/38
|
400,000
|
462,863
|
|
|
Bank of America Corp., Subordinated Notes (5.489% to 4/23/36 then SOFR +
1.572%)
|
5.489%
|
4/23/37
|
450,000
|
437,067
(b)
|
|
|
Bank of America Corp., Subordinated Notes (5.518% to 10/25/34 then SOFR
+ 1.738%)
|
5.518%
|
10/25/35
|
200,000
|
197,656
(b)
|
|
|
Bank of Nova Scotia, Junior Subordinated Notes (8.000% to 1/27/29 then 5
year Treasury Constant Maturity Rate + 4.017%)
|
8.000%
|
1/27/84
|
350,000
|
368,926
(b)
|
|
|
Barclays PLC, Senior Notes (5.785% to 2/25/35 then SOFR + 1.590%)
|
5.785%
|
2/25/36
|
200,000
|
199,726
(b)
|
|
|
BNP Paribas SA, Junior Subordinated Notes (6.875% to 12/15/33 then 5 year
Treasury Constant Maturity Rate + 2.853%)
|
6.875%
|
12/15/33
|
360,000
|
353,627
(a)(b)(d)
|
|
|
BNP Paribas SA, Junior Subordinated Notes (8.500% to 8/14/28 then 5 year
Treasury Constant Maturity Rate + 4.354%)
|
8.500%
|
8/14/28
|
290,000
|
304,801
(a)(b)(d)
|
|
|
BNP Paribas SA, Senior Notes (5.786% to 1/13/32 then SOFR + 1.620%)
|
5.786%
|
1/13/33
|
210,000
|
213,112
(a)(b)
|
|
|
BPCE SA, Senior Notes (6.714% to 10/19/28 then SOFR + 2.270%)
|
6.714%
|
10/19/29
|
280,000
|
289,344
(a)(b)
|
|
|
Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 then 5 year
Treasury Constant Maturity Rate + 3.001%)
|
6.625%
|
2/15/31
|
190,000
|
192,808
(b)(d)
|
|
|
Citigroup Inc., Senior Notes
|
8.125%
|
7/15/39
|
442,000
|
536,381
|
|
|
Citigroup Inc., Subordinated Notes
|
6.675%
|
9/13/43
|
370,000
|
393,888
|
|
|
Citigroup Inc., Subordinated Notes (6.174% to 5/25/33 then SOFR + 2.661%)
|
6.174%
|
5/25/34
|
220,000
|
225,448
(b)
|
|
|
Cooperatieve Rabobank UA, Senior Notes
|
5.750%
|
12/1/43
|
250,000
|
240,710
|
|
|
Credit Agricole SA, Senior Notes (6.316% to 10/3/28 then SOFR + 1.860%)
|
6.316%
|
10/3/29
|
450,000
|
461,654
(a)(b)
|
|
|
HSBC Holdings PLC, Junior Subordinated Notes (6.750% to 5/18/33 then 5
year Treasury Constant Maturity Rate + 2.513%)
|
6.750%
|
11/18/32
|
350,000
|
347,464
(b)(d)
|
|
|
HSBC Holdings PLC, Senior Notes (6.254% to 3/9/33 then SOFR + 2.390%)
|
6.254%
|
3/9/34
|
610,000
|
634,397
(b)
|
|
|
Huntington Bancshares Inc., Subordinated Notes (5.605% to 1/28/36 then 5
year Treasury Constant Maturity Rate + 1.350%)
|
5.605%
|
1/28/41
|
300,000
|
288,041
(b)
|
|
|
Intesa Sanpaolo SpA, Senior Notes (7.778% to 6/20/53 then 1 year Treasury
Constant Maturity Rate + 3.900%)
|
7.778%
|
6/20/54
|
340,000
|
384,848
(a)(b)
|
|
|
JPMorgan Chase & Co., Junior Subordinated Notes (6.500% to 4/1/30 then 5
year Treasury Constant Maturity Rate + 2.152%)
|
6.500%
|
4/1/30
|
100,000
|
101,662
(b)(d)
|
|
|
JPMorgan Chase & Co., Senior Notes
|
6.400%
|
5/15/38
|
880,000
|
941,047
|
|
|
JPMorgan Chase & Co., Senior Notes (5.294% to 7/22/34 then SOFR +
1.460%)
|
5.294%
|
7/22/35
|
280,000
|
277,047
(b)
|
|
|
JPMorgan Chase & Co., Senior Notes (5.534% to 11/29/44 then SOFR +
1.550%)
|
5.534%
|
11/29/45
|
260,000
|
248,021
(b)
|
|
|
JPMorgan Chase & Co., Subordinated Notes
|
5.625%
|
8/16/43
|
450,000
|
438,095
|
|
|
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
|
410,000
|
435,351
(b)(d)
|
|
|
PNC Financial Services Group Inc., Subordinated Notes (5.423% to 1/25/36
then 5 year Treasury Constant Maturity Rate + 1.170%)
|
5.423%
|
1/25/41
|
410,000
|
392,430
(b)
|
|
|
Toronto-Dominion Bank, Junior Subordinated Notes (7.250% to 7/31/29 then
5 year Treasury Constant Maturity Rate + 2.977%)
|
7.250%
|
7/31/84
|
200,000
|
205,631
(b)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Banks — continued
|
|||||
|
Truist Financial Corp., Junior Subordinated Notes (6.250% to 6/15/31 then 5
year Treasury Constant Maturity Rate + 2.129%)
|
6.250%
|
6/15/31
|
290,000
|
$287,265
(b)(d)
|
|
|
Truist Financial Corp., Senior Notes (5.867% to 6/8/33 then SOFR + 2.361%)
|
5.867%
|
6/8/34
|
150,000
|
152,686
(b)
|
|
|
Truist Financial Corp., Senior Notes (7.161% to 10/30/28 then SOFR +
2.446%)
|
7.161%
|
10/30/29
|
210,000
|
219,499
(b)
|
|
|
US Bancorp, Senior Notes (5.033% to 1/26/36 then SOFR + 1.101%)
|
5.033%
|
1/26/37
|
530,000
|
509,249
(b)
|
|
|
US Bancorp, Senior Notes (5.470% to 7/27/36 then SOFR + 1.248%)
|
5.470%
|
7/27/37
|
280,000
|
276,979
(b)
|
|
|
US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%)
|
5.836%
|
6/12/34
|
280,000
|
286,492
(b)
|
|
|
Wells Fargo & Co., Senior Notes (5.557% to 7/25/33 then SOFR + 1.990%)
|
5.557%
|
7/25/34
|
420,000
|
423,351
(b)
|
|
|
Wells Fargo & Co., Senior Notes (5.605% to 4/23/35 then SOFR + 1.740%)
|
5.605%
|
4/23/36
|
190,000
|
190,791
(b)
|
|
|
Total Banks
|
13,892,553
|
||||
|
Capital Markets — 9.7%
|
|||||
|
Ares Management Corp., Senior Notes
|
5.600%
|
10/11/54
|
150,000
|
131,800
|
|
|
Charles Schwab Corp., Junior Subordinated Notes (6.100% to 6/1/31 then 5
year Treasury Constant Maturity Rate + 2.250%)
|
6.100%
|
6/1/31
|
80,000
|
78,955
(b)(d)
|
|
|
Charles Schwab Corp., Senior Notes (5.493% to 5/21/36 then SOFR +
1.280%)
|
5.493%
|
5/21/37
|
300,000
|
295,863
(b)
|
|
|
Charles Schwab Corp., Senior Notes (6.136% to 8/24/33 then SOFR +
2.010%)
|
6.136%
|
8/24/34
|
680,000
|
708,486
(b)
|
|
|
CI Financial Corp., Senior Notes
|
7.500%
|
5/30/29
|
530,000
|
551,000
(a)
|
|
|
CI Financial Holdings Ltd., Junior Subordinated Notes (7.625% to 7/23/31
then 5 year Treasury Constant Maturity Rate + 3.252%)
|
7.625%
|
7/23/56
|
330,000
|
333,270
(a)(b)
|
|
|
CME Group Inc., Senior Notes
|
5.300%
|
9/15/43
|
440,000
|
420,765
|
|
|
Credit Suisse AG AT1 Claim
|
—
|
—
|
2,390,000
|
0
*(e)(f)(g)
|
|
|
Goldman Sachs Group Inc., Junior Subordinated Notes (6.500% to 8/10/31
then 5 year Treasury Constant Maturity Rate + 2.175%)
|
6.500%
|
8/10/31
|
180,000
|
179,232
(b)(d)
|
|
|
Goldman Sachs Group Inc., Junior Subordinated Notes (6.850% to 2/10/30
then 5 year Treasury Constant Maturity Rate + 2.461%)
|
6.850%
|
2/10/30
|
210,000
|
215,357
(b)(d)
|
|
|
Goldman Sachs Group Inc., Senior Notes
|
6.250%
|
2/1/41
|
1,500,000
|
1,543,194
|
|
|
Goldman Sachs Group Inc., Senior Notes (5.065% to 1/21/36 then SOFR +
1.190%)
|
5.065%
|
1/21/37
|
640,000
|
607,927
(b)
|
|
|
Goldman Sachs Group Inc., Senior Notes (5.425% to 6/3/36 then SOFR +
1.310%)
|
5.425%
|
6/3/37
|
450,000
|
438,432
(b)
|
|
|
Goldman Sachs Group Inc., Senior Notes (5.536% to 1/28/35 then SOFR +
1.380%)
|
5.536%
|
1/28/36
|
290,000
|
287,090
(b)
|
|
|
Intercontinental Exchange Inc., Senior Notes
|
5.400%
|
9/1/36
|
150,000
|
149,413
|
|
|
KKR Group Finance Co. III LLC, Senior Notes
|
5.125%
|
6/1/44
|
300,000
|
261,915
(a)
|
|
|
Morgan Stanley, Senior Notes
|
6.375%
|
7/24/42
|
80,000
|
83,953
|
|
|
Morgan Stanley, Senior Notes (2.802% to 1/25/51 then SOFR + 1.430%)
|
2.802%
|
1/25/52
|
320,000
|
188,226
(b)
|
|
|
Morgan Stanley, Senior Notes (5.073% to 1/30/36 then SOFR + 1.184%)
|
5.073%
|
1/30/37
|
630,000
|
600,850
(b)
|
|
|
Morgan Stanley, Senior Notes (5.296% to 4/10/36 then SOFR + 1.410%)
|
5.296%
|
4/10/37
|
90,000
|
87,082
(b)
|
|
|
Morgan Stanley, Senior Notes (5.605% to 7/17/36 then SOFR + 1.429%)
|
5.605%
|
7/17/37
|
330,000
|
326,854
(b)
|
|
|
Morgan Stanley, Senior Notes (5.664% to 4/17/35 then SOFR + 1.757%)
|
5.664%
|
4/17/36
|
180,000
|
180,464
(b)
|
|
|
Morgan Stanley, Subordinated Notes (5.314% to 1/18/36 then 5 year
Treasury Constant Maturity Rate + 1.170%)
|
5.314%
|
1/18/41
|
400,000
|
379,430
(b)
|
|
|
Morgan Stanley, Subordinated Notes (5.948% to 1/19/33 then 5 year
Treasury Constant Maturity Rate + 2.430%)
|
5.948%
|
1/19/38
|
80,000
|
80,959
(b)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Capital Markets — continued
|
|||||
|
Raymond James Financial Inc., Senior Notes
|
5.650%
|
9/11/55
|
70,000
|
$64,918
|
|
|
State Street Corp., Junior Subordinated Notes (6.700% to 3/15/29 then 5
year Treasury Constant Maturity Rate + 2.613%)
|
6.700%
|
3/15/29
|
380,000
|
388,984
(b)(d)
|
|
|
UBS Group AG, Junior Subordinated Notes (7.000% to 7/8/36 then USD 5
year SOFR ICE Swap Rate + 3.321%)
|
7.000%
|
1/8/36
|
420,000
|
420,263
(a)(b)(d)
|
|
|
UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/33 then 5 year
Treasury Constant Maturity Rate + 4.758%)
|
9.250%
|
11/13/33
|
440,000
|
502,716
(a)(b)(d)
|
|
|
UBS Group AG, Senior Notes (6.301% to 9/22/33 then 1 year Treasury
Constant Maturity Rate + 2.000%)
|
6.301%
|
9/22/34
|
350,000
|
365,477
(a)(b)
|
|
|
Total Capital Markets
|
9,872,875
|
||||
|
Consumer Finance — 1.4%
|
|||||
|
American Express Co., Junior Subordinated Notes (3.550% to 9/15/26 then 5
year Treasury Constant Maturity Rate + 2.854%)
|
3.550%
|
9/15/26
|
110,000
|
109,931
(b)(d)
|
|
|
American Express Co., Junior Subordinated Notes (6.450% to 9/15/31 then 5
year Treasury Constant Maturity Rate + 2.119%)
|
6.450%
|
9/15/31
|
290,000
|
292,197
(b)(d)
|
|
|
Capital One Financial Corp., Senior Notes (5.817% to 2/1/33 then SOFR +
2.600%)
|
5.817%
|
2/1/34
|
140,000
|
141,505
(b)
|
|
|
FirstCash Inc., Senior Notes
|
4.625%
|
9/1/28
|
160,000
|
157,293
(a)
|
|
|
Midcap Financial Issuer Trust, Junior Subordinated Notes (3 mo. Term SOFR +
3.750%)
|
7.503%
|
1/15/56
|
240,000
|
240,966
(a)(b)
|
|
|
Midcap Financial Issuer Trust, Senior Notes
|
5.370%
|
4/15/29
|
450,000
|
448,967
(a)
|
|
|
Total Consumer Finance
|
1,390,859
|
||||
|
Financial Services — 2.2%
|
|||||
|
Berkshire Hathaway Energy Co., Senior Notes
|
6.125%
|
4/1/36
|
590,000
|
614,112
|
|
|
Carlyle Finance LLC, Senior Notes
|
5.650%
|
9/15/48
|
170,000
|
157,241
(a)
|
|
|
Citadel Securities Global Holdings LLC, Senior Secured Notes
|
5.125%
|
1/27/32
|
260,000
|
253,936
(a)
|
|
|
Horseshoe Funding Trust II, Senior Notes
|
6.887%
|
11/15/55
|
150,000
|
151,268
(a)
|
|
|
ILFC E-Capital Trust I, Ltd. GTD
|
6.480%
|
12/21/65
|
600,000
|
528,339
(a)(b)
|
|
|
ILFC E-Capital Trust II, Ltd. GTD
|
6.730%
|
12/21/65
|
100,000
|
90,337
(a)(b)
|
|
|
LPL Holdings Inc., Senior Notes
|
4.000%
|
3/15/29
|
200,000
|
194,102
(a)
|
|
|
LPL Holdings Inc., Senior Notes
|
5.650%
|
3/15/35
|
270,000
|
264,612
|
|
|
LPL Holdings Inc., Senior Notes
|
5.750%
|
6/15/35
|
40,000
|
39,394
|
|
|
Total Financial Services
|
2,293,341
|
||||
|
Insurance — 6.2%
|
|||||
|
Allianz SE, Junior Subordinated Notes (6.500% to 4/30/35 then 5 year
Treasury Constant Maturity Rate + 2.233%)
|
6.500%
|
10/30/34
|
200,000
|
198,718
(a)(b)(d)
|
|
|
Allianz SE, Junior Subordinated Notes (6.550% to 4/30/34 then 5 year
Treasury Constant Maturity Rate + 2.317%)
|
6.550%
|
10/30/33
|
200,000
|
201,130
(a)(b)(d)
|
|
|
Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes
|
8.000%
|
12/31/32
|
140,000
|
139,389
(a)
|
|
|
Global Atlantic Fin Co., Senior Notes
|
6.750%
|
3/15/54
|
500,000
|
464,458
(a)
|
|
|
Liberty Mutual Insurance Co., Subordinated Notes
|
7.875%
|
10/15/26
|
500,000
|
502,222
(a)
|
|
|
Massachusetts Mutual Life Insurance Co., Subordinated Notes
|
5.950%
|
6/1/56
|
450,000
|
421,792
(a)
|
|
|
MetLife Inc., Junior Subordinated Notes
|
9.250%
|
4/8/38
|
159,000
|
184,333
(a)
|
|
|
MetLife Inc., Subordinated Notes (5.850% to 3/15/36 then 5 year Treasury
Constant Maturity Rate + 1.817%)
|
5.850%
|
3/15/56
|
300,000
|
290,894
(b)
|
|
|
MetLife Inc., Subordinated Notes (6.350% to 3/15/35 then 5 year Treasury
Constant Maturity Rate + 2.078%)
|
6.350%
|
3/15/55
|
240,000
|
244,337
(b)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Insurance — continued
|
|||||
|
Nationwide Mutual Insurance Co., Subordinated Notes
|
9.375%
|
8/15/39
|
320,000
|
$402,590
(a)
|
|
|
Nippon Life Insurance Co., Subordinated Notes (6.500% to 4/30/35 then 5
year Treasury Constant Maturity Rate + 3.189%)
|
6.500%
|
4/30/55
|
200,000
|
205,624
(a)(b)
|
|
|
Northwestern Mutual Life Insurance Co., Subordinated Notes
|
6.170%
|
5/29/55
|
190,000
|
187,561
(a)
|
|
|
Northwestern Mutual Life Insurance Co., Subordinated Notes
|
6.050%
|
6/30/56
|
410,000
|
400,637
(a)
|
|
|
Pacific Life Insurance Co., Subordinated Notes
|
5.950%
|
9/15/55
|
210,000
|
198,873
(a)
|
|
|
Prudential Financial Inc., Junior Subordinated Notes (6.750% to 3/1/33 then
5 year Treasury Constant Maturity Rate + 2.848%)
|
6.750%
|
3/1/53
|
270,000
|
281,111
(b)
|
|
|
Reinsurance Group of America Inc., Subordinated Notes (6.375% to 9/15/36
then 5 year Treasury Constant Maturity Rate + 2.344%)
|
6.375%
|
9/15/56
|
100,000
|
97,423
(b)
|
|
|
Symetra Life Insurance Co., Subordinated Notes
|
6.550%
|
10/1/55
|
180,000
|
177,492
(a)
|
|
|
Teachers Insurance & Annuity Association of America, Subordinated Notes
|
6.850%
|
12/16/39
|
650,000
|
702,535
(a)
|
|
|
Teachers Insurance & Annuity Association of America, Subordinated Notes
|
6.050%
|
6/15/56
|
160,000
|
154,276
(a)
|
|
|
Travelers Cos. Inc., Senior Notes
|
6.250%
|
6/15/37
|
240,000
|
254,986
|
|
|
Travelers Cos. Inc., Senior Notes
|
5.700%
|
7/24/55
|
230,000
|
220,397
|
|
|
Wynnton Funding Trust II, Senior Notes
|
5.991%
|
8/15/55
|
480,000
|
460,396
(a)
|
|
|
Total Insurance
|
6,391,174
|
||||
|
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
|
|||||
|
Blackstone Holdings Finance Co. LLC, Senior Notes
|
6.200%
|
4/22/33
|
410,000
|
427,462
(a)
|
|
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior
Notes
|
4.750%
|
6/15/29
|
140,000
|
136,464
(a)
|
|
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior
Notes
|
5.500%
|
8/1/30
|
100,000
|
100,032
|
|
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior
Notes
|
7.000%
|
7/15/31
|
20,000
|
20,673
(a)
|
|
|
Total Mortgage Real Estate Investment Trusts (REITs)
|
684,631
|
||||
|
|
|||||
|
Total Financials
|
34,525,433
|
||||
|
Health Care — 5.6%
|
|||||
|
Biotechnology — 1.2%
|
|||||
|
Amgen Inc., Senior Notes
|
5.250%
|
3/2/33
|
680,000
|
680,687
|
|
|
Amgen Inc., Senior Notes
|
5.650%
|
3/2/53
|
270,000
|
251,804
|
|
|
Amgen Inc., Senior Notes
|
5.750%
|
3/2/63
|
90,000
|
83,169
|
|
|
BioMarin Pharmaceutical Inc., Senior Notes
|
5.500%
|
2/15/34
|
200,000
|
195,581
(a)
|
|
|
Gilead Sciences Inc., Senior Notes
|
5.650%
|
12/1/41
|
60,000
|
59,173
|
|
|
Total Biotechnology
|
1,270,414
|
||||
|
Health Care Providers & Services — 2.9%
|
|||||
|
CommonSpirit Health, Secured Notes
|
5.662%
|
9/1/55
|
120,000
|
111,377
|
|
|
CommonSpirit Health, Senior Secured Notes
|
5.318%
|
12/1/34
|
250,000
|
245,895
|
|
|
CVS Health Corp., Junior Subordinated Notes (7.000% to 3/10/30 then 5 year
Treasury Constant Maturity Rate + 2.886%)
|
7.000%
|
3/10/55
|
140,000
|
144,604
(b)
|
|
|
CVS Health Corp., Senior Notes
|
6.200%
|
9/15/55
|
420,000
|
409,194
|
|
|
HCA Inc., Senior Notes
|
5.125%
|
6/15/39
|
100,000
|
92,680
|
|
|
HCA Inc., Senior Notes
|
5.500%
|
6/15/47
|
210,000
|
188,510
|
|
|
HCA Inc., Senior Notes
|
5.250%
|
6/15/49
|
310,000
|
266,519
|
|
|
HCA Inc., Senior Notes
|
6.200%
|
3/1/55
|
320,000
|
309,700
|
|
|
Icon Investments Six DAC, Senior Notes
|
5.421%
|
8/13/31
|
200,000
|
199,047
(a)
|
|
|
Icon Investments Six DAC, Senior Notes
|
5.995%
|
8/13/36
|
200,000
|
199,484
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Health Care Providers & Services — continued
|
|||||
|
Orlando Health Obligated Group, Senior Notes
|
5.475%
|
10/1/35
|
170,000
|
$169,693
|
|
|
TEAM Services Holding Inc., Senior Secured Notes
|
9.000%
|
2/15/33
|
120,000
|
125,293
(a)
|
|
|
UnitedHealth Group Inc., Senior Notes
|
5.500%
|
7/15/44
|
180,000
|
170,002
|
|
|
UnitedHealth Group Inc., Senior Notes
|
5.625%
|
7/15/54
|
230,000
|
213,642
|
|
|
UnitedHealth Group Inc., Senior Notes
|
5.950%
|
6/15/55
|
70,000
|
68,680
|
|
|
Total Health Care Providers & Services
|
2,914,320
|
||||
|
Pharmaceuticals — 1.5%
|
|||||
|
Bausch Health Cos. Inc., Senior Notes
|
5.000%
|
1/30/28
|
130,000
|
120,697
(a)
|
|
|
Pfizer Inc., Senior Notes
|
7.200%
|
3/15/39
|
330,000
|
375,140
|
|
|
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
|
8.125%
|
9/15/31
|
320,000
|
358,332
|
|
|
Wyeth LLC, Senior Notes
|
5.950%
|
4/1/37
|
650,000
|
670,389
|
|
|
Total Pharmaceuticals
|
1,524,558
|
||||
|
|
|||||
|
Total Health Care
|
5,709,292
|
||||
|
Industrials — 6.3%
|
|||||
|
Aerospace & Defense — 2.0%
|
|||||
|
Boeing Co., Senior Notes
|
6.528%
|
5/1/34
|
720,000
|
768,614
|
|
|
Boeing Co., Senior Notes
|
5.705%
|
5/1/40
|
190,000
|
186,972
|
|
|
General Electric Co., Senior Notes
|
6.875%
|
1/10/39
|
143,000
|
160,364
|
|
|
HEICO Corp., Senior Notes
|
5.350%
|
8/1/33
|
280,000
|
279,729
|
|
|
Hexcel Corp., Senior Notes
|
5.875%
|
2/26/35
|
230,000
|
231,868
|
|
|
Honeywell Aerospace Inc., Senior Notes
|
5.622%
|
3/16/46
|
80,000
|
76,466
|
|
|
Honeywell Aerospace Inc., Senior Notes
|
5.732%
|
3/16/56
|
240,000
|
228,204
|
|
|
L3Harris Technologies Inc., Senior Notes
|
5.400%
|
7/31/33
|
170,000
|
170,713
|
|
|
Total Aerospace & Defense
|
2,102,930
|
||||
|
Air Freight & Logistics — 0.6%
|
|||||
|
United Parcel Service Inc., Senior Notes
|
6.200%
|
1/15/38
|
410,000
|
434,225
|
|
|
United Parcel Service Inc., Senior Notes
|
5.950%
|
5/14/55
|
150,000
|
147,324
|
|
|
Total Air Freight & Logistics
|
581,549
|
||||
|
Building Products — 0.3%
|
|||||
|
Quikrete Holdings Inc., Senior Secured Notes
|
6.375%
|
3/1/32
|
290,000
|
293,753
(a)
|
|
|
Commercial Services & Supplies — 0.1%
|
|||||
|
Rollins Inc., Senior Notes
|
5.250%
|
2/24/35
|
90,000
|
87,754
|
|
|
Electrical Equipment — 0.0%††
|
|||||
|
GE Vernova Inc., Senior Notes
|
5.500%
|
2/4/56
|
70,000
|
64,949
|
|
|
Machinery — 0.3%
|
|||||
|
Kennametal Inc., Senior Notes
|
5.800%
|
5/28/36
|
90,000
|
88,706
|
|
|
Otis Worldwide Corp., Senior Notes
|
5.125%
|
11/19/31
|
190,000
|
190,568
|
|
|
Total Machinery
|
279,274
|
||||
|
Passenger Airlines — 1.5%
|
|||||
|
American Airlines Group Inc. Pass-Through Trust
|
6.300%
|
8/20/35
|
210,000
|
209,885
|
|
|
American Airlines Group Inc. Pass-Through Trust
|
5.700%
|
2/20/39
|
50,000
|
50,158
|
|
|
American Airlines Pass-Through Trust
|
5.650%
|
11/11/34
|
90,000
|
88,245
|
|
|
American Airlines Pass-Through Trust
|
5.750%
|
5/10/35
|
300,000
|
294,658
|
|
|
American Airlines Pass-Through Trust
|
4.900%
|
5/11/38
|
120,000
|
114,519
|
|
|
American Airlines Pass-Through Trust
|
5.250%
|
11/10/38
|
140,000
|
136,750
|
|
|
Southwest Airlines Co., Senior Notes
|
5.125%
|
6/15/27
|
170,000
|
170,688
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Passenger Airlines — continued
|
|||||
|
United Airlines Holdings Inc., Senior Notes
|
5.375%
|
3/1/31
|
120,000
|
$118,999
|
|
|
United Airlines Inc., Senior Secured Notes
|
4.625%
|
4/15/29
|
370,000
|
364,610
(a)
|
|
|
Total Passenger Airlines
|
1,548,512
|
||||
|
Trading Companies & Distributors — 1.5%
|
|||||
|
Aircastle Ltd./Aircastle Ireland DAC, Senior Notes
|
5.750%
|
10/1/31
|
250,000
|
253,130
(a)
|
|
|
QXO Building Products Inc., Senior Secured Notes
|
6.750%
|
4/30/32
|
40,000
|
40,945
(a)
|
|
|
Sumisho Air Lease Corp., Senior Notes
|
5.850%
|
12/15/27
|
480,000
|
486,332
|
|
|
Sumisho Air Lease Corp., Senior Notes
|
4.625%
|
10/1/28
|
500,000
|
498,197
|
|
|
United Rentals North America Inc., Senior Notes
|
5.250%
|
1/15/30
|
250,000
|
249,138
|
|
|
Total Trading Companies & Distributors
|
1,527,742
|
||||
|
|
|||||
|
Total Industrials
|
6,486,463
|
||||
|
Information Technology — 3.7%
|
|||||
|
Electronic Equipment, Instruments & Components — 0.1%
|
|||||
|
Amphenol Corp., Senior Notes
|
5.300%
|
11/15/55
|
90,000
|
81,574
|
|
|
IT Services — 0.2%
|
|||||
|
HUT 8 DC LLC, Senior Secured Notes
|
6.192%
|
11/15/42
|
260,000
|
252,630
(a)
|
|
|
Semiconductors & Semiconductor Equipment — 1.7%
|
|||||
|
Advanced Micro Devices Inc., Senior Notes
|
5.250%
|
8/17/33
|
130,000
|
128,586
|
|
|
Advanced Micro Devices Inc., Senior Notes
|
5.500%
|
8/17/36
|
100,000
|
98,225
|
|
|
Broadcom Inc., Senior Notes
|
5.700%
|
1/15/56
|
40,000
|
36,067
|
|
|
Foundry JV Holdco LLC, Senior Secured Notes
|
5.900%
|
1/25/33
|
200,000
|
203,342
(a)
|
|
|
Foundry JV Holdco LLC, Senior Secured Notes
|
6.250%
|
1/25/35
|
350,000
|
360,867
(a)
|
|
|
Foundry JV Holdco LLC, Senior Secured Notes
|
6.100%
|
1/25/36
|
200,000
|
204,111
(a)
|
|
|
Intel Corp., Senior Notes
|
5.700%
|
2/10/53
|
50,000
|
44,674
|
|
|
Intel Corp., Senior Notes
|
6.125%
|
5/15/56
|
150,000
|
141,570
|
|
|
Micron Technology Inc., Senior Notes
|
5.800%
|
1/15/35
|
160,000
|
165,424
|
|
|
Micron Technology Inc., Senior Notes
|
6.050%
|
11/1/35
|
120,000
|
124,710
|
|
|
NVIDIA Corp., Senior Notes
|
4.950%
|
6/15/36
|
240,000
|
228,240
|
|
|
Total Semiconductors & Semiconductor Equipment
|
1,735,816
|
||||
|
Software — 1.6%
|
|||||
|
Autodesk Inc., Senior Notes
|
5.300%
|
6/15/35
|
80,000
|
78,426
|
|
|
Oracle Corp., Senior Notes
|
4.950%
|
2/4/31
|
30,000
|
28,758
|
|
|
Oracle Corp., Senior Notes
|
5.350%
|
5/4/33
|
70,000
|
65,994
|
|
|
Oracle Corp., Senior Notes
|
5.200%
|
9/26/35
|
30,000
|
26,926
|
|
|
Oracle Corp., Senior Notes
|
5.875%
|
9/26/45
|
270,000
|
222,779
|
|
|
Oracle Corp., Senior Notes
|
6.000%
|
8/3/55
|
530,000
|
427,241
|
|
|
Oracle Corp., Senior Notes
|
5.950%
|
9/26/55
|
170,000
|
135,141
|
|
|
Oracle Corp., Senior Notes
|
6.850%
|
2/4/66
|
130,000
|
114,220
|
|
|
ServiceNow Inc., Senior Notes
|
5.400%
|
5/15/36
|
70,000
|
68,669
|
|
|
ServiceNow Inc., Senior Notes
|
6.300%
|
5/15/56
|
90,000
|
89,158
|
|
|
Synopsys Inc., Senior Notes
|
5.000%
|
4/1/32
|
100,000
|
98,759
|
|
|
Synopsys Inc., Senior Notes
|
5.150%
|
4/1/35
|
170,000
|
165,147
|
|
|
Synopsys Inc., Senior Notes
|
5.700%
|
4/1/55
|
100,000
|
92,641
|
|
|
Total Software
|
1,613,859
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Technology Hardware, Storage & Peripherals — 0.1%
|
|||||
|
Hewlett Packard Enterprise Co., Senior Notes
|
5.600%
|
10/15/54
|
90,000
|
$79,422
|
|
|
|
|||||
|
Total Information Technology
|
3,763,301
|
||||
|
Materials — 2.3%
|
|||||
|
Chemicals — 0.4%
|
|||||
|
Celanese US Holdings LLC, Senior Notes
|
7.000%
|
2/15/31
|
60,000
|
61,706
|
|
|
OCP SA, Senior Notes
|
6.750%
|
5/2/34
|
390,000
|
405,032
(a)
|
|
|
Total Chemicals
|
466,738
|
||||
|
Construction Materials — 0.3%
|
|||||
|
Amrize Finance US LLC, Senior Notes
|
5.400%
|
4/7/35
|
170,000
|
168,168
|
|
|
CRH America Finance Inc., Senior Notes
|
5.600%
|
2/9/56
|
120,000
|
111,761
|
|
|
Total Construction Materials
|
279,929
|
||||
|
Metals & Mining — 1.6%
|
|||||
|
ArcelorMittal SA, Senior Notes
|
6.550%
|
11/29/27
|
140,000
|
142,888
|
|
|
Capstone Copper Corp., Senior Notes
|
6.750%
|
3/31/33
|
30,000
|
30,482
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
7.250%
|
2/15/34
|
260,000
|
267,000
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
6.375%
|
2/15/36
|
300,000
|
292,713
(a)
|
|
|
Freeport-McMoRan Inc., Senior Notes
|
5.450%
|
3/15/43
|
410,000
|
385,375
|
|
|
Glencore Funding LLC, Senior Notes
|
5.508%
|
4/1/36
|
400,000
|
393,611
(a)
|
|
|
Glencore Funding LLC, Senior Notes
|
6.141%
|
4/1/55
|
120,000
|
118,619
(a)
|
|
|
Total Metals & Mining
|
1,630,688
|
||||
|
|
|||||
|
Total Materials
|
2,377,355
|
||||
|
Real Estate — 1.4%
|
|||||
|
Diversified REITs — 0.2%
|
|||||
|
VICI Properties LP, Senior Notes
|
5.750%
|
4/1/34
|
170,000
|
168,451
|
|
|
Industrial REITs — 0.2%
|
|||||
|
Prologis LP, Senior Notes
|
5.250%
|
3/15/54
|
200,000
|
180,090
|
|
|
Real Estate Management & Development — 0.4%
|
|||||
|
Beacon Point DC LLC, Senior Secured Notes
|
6.129%
|
11/30/42
|
290,000
|
275,379
(a)
|
|
|
Five Point Operating Co. LP, Senior Notes
|
8.000%
|
10/1/30
|
110,000
|
113,038
(a)
|
|
|
Total Real Estate Management & Development
|
388,417
|
||||
|
Specialized REITs — 0.6%
|
|||||
|
Millrose Properties Inc., Senior Notes
|
6.375%
|
8/1/30
|
370,000
|
375,472
(a)
|
|
|
QTS Fayetteville I DC1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC, Senior
Secured Notes
|
5.700%
|
4/15/36
|
310,000
|
280,681
(a)
|
|
|
Total Specialized REITs
|
656,153
|
||||
|
|
|||||
|
Total Real Estate
|
1,393,111
|
||||
|
Utilities — 7.1%
|
|||||
|
Electric Utilities — 6.0%
|
|||||
|
Baltimore Gas and Electric Co., Senior Notes
|
5.450%
|
6/1/35
|
310,000
|
308,752
|
|
|
Comision Federal de Electricidad, Senior Notes
|
6.045%
|
1/28/34
|
200,000
|
194,950
(a)
|
|
|
Comision Federal de Electricidad, Senior Notes
|
6.450%
|
1/24/35
|
450,000
|
447,353
(a)
|
|
|
Commonwealth Edison Co., First Mortgage Bonds
|
6.450%
|
1/15/38
|
350,000
|
374,567
|
|
|
Constellation Energy Generation LLC, Senior Notes
|
5.300%
|
6/1/36
|
130,000
|
126,068
|
|
|
Constellation Energy Generation LLC, Senior Notes
|
5.875%
|
1/15/66
|
190,000
|
177,414
|
|
|
Dominion Energy South Carolina Inc., First Mortgage Bonds
|
5.300%
|
1/15/35
|
200,000
|
198,630
|
|
|
Edison International, Senior Notes
|
5.000%
|
5/5/28
|
140,000
|
139,707
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Electric Utilities — continued
|
|||||
|
Entergy Corp., Junior Subordinated Notes (6.500% to 12/15/33 then 5 year
Treasury Constant Maturity Rate + 2.030%)
|
6.500%
|
12/15/58
|
260,000
|
$259,099
(b)
|
|
|
Entergy Corp., Junior Subordinated Notes (6.500% to 12/15/36 then 5 year
Treasury Constant Maturity Rate + 1.878%)
|
6.500%
|
12/15/56
|
250,000
|
249,595
(b)
|
|
|
Entergy Louisiana LLC
|
5.500%
|
9/15/36
|
160,000
|
158,567
|
|
|
Entergy Louisiana LLC
|
6.200%
|
9/15/56
|
10,000
|
9,999
|
|
|
Florida Power & Light Co., First Mortgage Bonds
|
5.750%
|
6/1/56
|
80,000
|
76,814
|
|
|
Georgia Power Co., Senior Notes
|
5.200%
|
3/15/35
|
310,000
|
306,823
|
|
|
Interstate Power and Light Co., Senior Notes
|
5.450%
|
9/30/54
|
90,000
|
81,353
|
|
|
Jersey Central Power & Light Co., Senior Notes
|
5.100%
|
1/15/35
|
80,000
|
78,277
|
|
|
NRG Energy Inc., Senior Secured Notes
|
5.407%
|
10/15/35
|
160,000
|
152,905
(a)
|
|
|
Ohio Edison Co., Senior Notes
|
5.500%
|
1/15/33
|
140,000
|
141,123
(a)
|
|
|
Oncor Electric Delivery Co. LLC, Senior Secured Notes
|
5.350%
|
4/1/35
|
90,000
|
89,731
|
|
|
Pacific Gas and Electric Co., First Mortgage Bonds
|
5.050%
|
11/15/31
|
120,000
|
118,247
|
|
|
Pacific Gas and Electric Co., First Mortgage Bonds
|
5.700%
|
3/1/35
|
110,000
|
108,526
|
|
|
Pacific Gas and Electric Co., First Mortgage Bonds
|
5.600%
|
8/15/36
|
140,000
|
136,166
|
|
|
Pacific Gas and Electric Co., First Mortgage Bonds
|
4.950%
|
7/1/50
|
110,000
|
87,849
|
|
|
Pacific Gas and Electric Co., First Mortgage Bonds
|
6.750%
|
1/15/53
|
220,000
|
220,020
|
|
|
Pacific Gas and Electric Co., First Mortgage Bonds
|
6.000%
|
5/1/56
|
70,000
|
63,895
|
|
|
PacifiCorp, Junior Subordinated Notes (7.125% to 8/15/31 then 5 year
Treasury Constant Maturity Rate + 3.292%)
|
7.125%
|
8/15/56
|
350,000
|
346,218
(b)
|
|
|
PG&E Corp., Junior Subordinated Notes (6.850% to 9/15/31 then 5 year
Treasury Constant Maturity Rate + 3.225%)
|
6.850%
|
9/15/56
|
230,000
|
225,508
(b)
|
|
|
Southern California Edison Co., First Mortgage Bonds
|
4.125%
|
3/1/48
|
280,000
|
201,660
|
|
|
Southern California Edison Co., First Mortgage Bonds
|
6.200%
|
9/15/55
|
80,000
|
75,549
|
|
|
Virginia Electric & Power Co., Senior Notes
|
8.875%
|
11/15/38
|
290,000
|
367,553
|
|
|
Vistra Operations Co. LLC, Senior Notes
|
5.700%
|
12/30/34
|
290,000
|
286,189
(a)
|
|
|
Vistra Operations Co. LLC, Senior Notes
|
5.350%
|
1/31/36
|
210,000
|
200,717
(a)
|
|
|
Vistra Operations Co. LLC, Senior Notes
|
5.550%
|
4/30/36
|
140,000
|
135,917
(a)
|
|
|
Total Electric Utilities
|
6,145,741
|
||||
|
Gas Utilities — 0.3%
|
|||||
|
Southern California Gas Co., First Mortgage Bonds
|
6.000%
|
6/15/55
|
190,000
|
184,995
|
|
|
Southern Co. Gas Capital Corp., Senior Notes (6.050% to 9/15/31 then 5 year
Treasury Constant Maturity Rate + 1.822%)
|
6.050%
|
9/15/56
|
50,000
|
49,700
(b)
|
|
|
Spire Inc., Junior Subordinated Notes (6.250% to 6/1/31 then 5 year Treasury
Constant Maturity Rate + 2.556%)
|
6.250%
|
6/1/56
|
110,000
|
110,058
(b)
|
|
|
Total Gas Utilities
|
344,753
|
||||
|
Independent Power and Renewable Electricity Producers — 0.3%
|
|||||
|
AES Andes SA, Senior Notes
|
6.250%
|
3/14/32
|
200,000
|
205,183
(a)
|
|
|
AES Corp., Junior Subordinated Notes (6.950% to 7/15/30 then 5 year
Treasury Constant Maturity Rate + 2.890%)
|
6.950%
|
7/15/55
|
100,000
|
98,672
(b)
|
|
|
Total Independent Power and Renewable Electricity Producers
|
303,855
|
||||
|
Multi-Utilities — 0.5%
|
|||||
|
Dominion Energy Inc., Junior Subordinated Notes (6.250% to 12/15/36 then 5
year Treasury Constant Maturity Rate + 1.702%)
|
6.250%
|
12/15/56
|
180,000
|
177,596
(b)
|
|
|
Dominion Energy Inc., Senior Notes
|
5.350%
|
6/15/36
|
200,000
|
194,289
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Multi-Utilities — continued
|
|||||
|
PECO Energy Co., First Mortgage Bonds
|
5.250%
|
9/15/54
|
140,000
|
$124,863
|
|
|
Total Multi-Utilities
|
496,748
|
||||
|
|
|||||
|
Total Utilities
|
7,291,097
|
||||
|
Total Corporate Bonds & Notes (Cost — $93,568,555)
|
92,812,019
|
||||
|
Sovereign Bonds — 3.8%
|
|||||
|
Angola — 0.2%
|
|||||
|
|
|||||
|
Angolan Government International Bond, Senior Notes
|
9.875%
|
3/31/37
|
200,000
|
207,596
(a)
|
|
|
Argentina — 0.2%
|
|||||
|
Argentine Republic Government International Bond, Senior Notes
|
1.000%
|
7/9/29
|
6,868
|
6,144
|
|
|
Argentine Republic Government International Bond, Senior Notes, Step bond
(4.125% to 7/9/27 then 4.750%)
|
4.125%
|
7/9/35
|
182,200
|
138,016
|
|
|
Provincia de Buenos Aires, Senior Notes
|
6.625%
|
9/1/37
|
135,087
|
108,272
(a)
|
|
|
Total Argentina
|
252,432
|
||||
|
Brazil — 0.3%
|
|||||
|
|
|||||
|
Brazilian Government International Bond, Senior Notes
|
6.125%
|
3/15/34
|
310,000
|
308,171
|
|
|
Ecuador — 0.2%
|
|||||
|
|
|||||
|
Ecuador Government International Bond, Senior Notes
|
8.750%
|
1/29/34
|
200,000
|
200,000
(a)
|
|
|
Ivory Coast — 0.6%
|
|||||
|
Ivory Coast Government International Bond, Senior Notes
|
7.625%
|
1/30/33
|
250,000
|
266,101
(a)
|
|
|
Ivory Coast Government International Bond, Senior Notes
|
6.750%
|
2/25/41
|
320,000
|
303,968
(a)
|
|
|
Total Ivory Coast
|
570,069
|
||||
|
Mexico — 1.6%
|
|||||
|
Eagle Funding Luxco Sarl, Senior Notes
|
5.500%
|
8/17/30
|
350,000
|
349,912
(a)
|
|
|
Mexican Bonos, Senior Notes
|
8.500%
|
11/18/38
|
4,490,000
MXN
|
244,360
|
|
|
Mexico Government International Bond, Senior Notes
|
5.850%
|
7/2/32
|
340,000
|
341,411
|
|
|
Mexico Government International Bond, Senior Notes
|
5.375%
|
3/22/33
|
230,000
|
223,526
|
|
|
Mexico Government International Bond, Senior Notes
|
6.625%
|
1/29/38
|
210,000
|
210,840
|
|
|
Mexico Government International Bond, Senior Notes
|
6.400%
|
5/7/54
|
280,000
|
254,310
|
|
|
Total Mexico
|
1,624,359
|
||||
|
Paraguay — 0.2%
|
|||||
|
|
|||||
|
Paraguay Government International Bond, Senior Notes
|
6.650%
|
3/4/55
|
200,000
|
204,010
(a)
|
|
|
Peru — 0.1%
|
|||||
|
|
|||||
|
Fondo MIVIVIENDA SA, Senior Notes
|
5.400%
|
3/31/31
|
150,000
|
150,297
(a)
|
|
|
South Africa — 0.4%
|
|||||
|
Republic of South Africa Government International Bond, Senior Notes
|
6.125%
|
12/11/37
|
200,000
|
195,172
(a)
|
|
|
Republic of South Africa Government International Bond, Senior Notes
|
7.250%
|
12/11/55
|
200,000
|
194,830
(a)
|
|
|
Total South Africa
|
390,002
|
||||
|
|
|||||
|
Total Sovereign Bonds (Cost — $3,844,984)
|
3,906,936
|
||||
|
Senior Loans — 1.2%
|
|||||
|
Communication Services — 0.5%
|
|||||
|
Entertainment — 0.2%
|
|||||
|
Discovery Global Holdings Inc., Initial Dollar Term Loan (1 mo. Term SOFR +
2.500%)
|
6.186%
|
6/3/33
|
245,192
|
245,997
(b)(h)(i)
|
|
|
Media — 0.3%
|
|||||
|
Mission Broadcasting Inc., Term Loan B4 (1 mo. Term SOFR + 2.614%)
|
6.320%
|
6/2/28
|
250,351
|
251,133
(b)(h)(i)
|
|
|
|
|||||
|
Total Communication Services
|
497,130
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Consumer Discretionary — 0.3%
|
|||||
|
Hotels, Restaurants & Leisure — 0.2%
|
|||||
|
Catawba Nation Gaming Authority, Initial Term Loan B
|
—
|
3/29/32
|
130,000
|
$131,686
(j)
|
|
|
Specialty Retail — 0.1%
|
|||||
|
Petco Health & Wellness Co. Inc., 2026 Term Loan (3 mo. Term SOFR +
4.250%)
|
7.982%
|
2/3/31
|
129,675
|
129,800
(b)(h)(i)
|
|
|
|
|||||
|
Total Consumer Discretionary
|
261,486
|
||||
|
Utilities — 0.4%
|
|||||
|
Electric Utilities — 0.4%
|
|||||
|
NRG Energy Inc., Term Loan (1 mo. Term SOFR + 1.750%)
|
5.436%
|
4/16/31
|
361,675
|
362,106
(b)(h)(i)
|
|
|
Talen Energy Supply LLC, 2025 Incremental Term Loan B (3 mo. Term SOFR +
1.500%)
|
5.323%
|
11/25/32
|
89,550
|
89,081
(b)(h)(i)
|
|
|
|
|||||
|
Total Utilities
|
451,187
|
||||
|
Total Senior Loans (Cost — $1,203,997)
|
1,209,803
|
||||
|
U.S. Government & Agency Obligations — 0.7%
|
|||||
|
U.S. Government Obligations — 0.7%
|
|||||
|
U.S. Treasury Bonds
|
5.000%
|
5/15/56
|
110,000
|
106,038
|
|
|
U.S. Treasury Notes
|
4.375%
|
7/31/31
|
440,000
|
437,628
|
|
|
U.S. Treasury Notes
|
4.375%
|
7/31/33
|
60,000
|
59,166
|
|
|
U.S. Treasury Notes
|
4.625%
|
8/15/36
|
140,000
|
138,655
|
|
|
|
|||||
|
Total U.S. Government & Agency Obligations (Cost — $745,147)
|
741,487
|
||||
|
Municipal Bonds — 0.6%
|
|||||
|
Illinois — 0.4%
|
|||||
|
|
|||||
|
Illinois State, GO, Taxable, Build America Bonds, Series 2010-3
|
6.725%
|
4/1/35
|
366,923
|
380,111
|
|
|
New York — 0.2%
|
|||||
|
New York State Dormitory Authority Revenue, New York University, Series B
|
5.832%
|
7/1/55
|
230,000
|
233,426
|
|
|
|
|||||
|
Total Municipal Bonds (Cost — $625,771)
|
613,537
|
||||
|
|
|
|
|
Shares
|
|
|
Preferred Stocks — 0.4%
|
|||||
|
Financials — 0.4%
|
|||||
|
Banks — 0.2%
|
|||||
|
Citigroup Inc.
|
6.250%
|
|
8,325
|
201,465
|
|
|
Insurance — 0.2%
|
|||||
|
Delphi Financial Group Inc. (3 mo. Term SOFR + 3.452%)
|
7.192%
|
|
9,325
|
233,358
(b)
|
|
|
|
|||||
|
Total Preferred Stocks (Cost — $441,157)
|
434,823
|
||||
|
Total Investments before Short-Term Investments (Cost — $100,429,611)
|
99,718,605
|
||||
|
|
|||||
|
Short-Term Investments — 0.9%
|
|||||
|
Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost — $912,215)
|
3.616%
|
|
912,215
|
912,215
(k)(l)
|
|
|
Total Investments — 98.5% (Cost — $101,341,826)
|
100,630,820
|
||||
|
Other Assets in Excess of Liabilities — 1.5%
|
1,488,991
|
||||
|
Total Net Assets — 100.0%
|
$102,119,811
|
||||
|
†
|
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)
|
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.
|
|
(c)
|
The coupon payment on this security is currently in default as of August 31, 2026.
|
|
(d)
|
Security has no maturity date. The date shown represents the next call date.
|
|
(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)
|
Interest rates disclosed represent the effective rates on senior loans. Ranges in
interest rates are attributable to multiple contracts under the same loan.
|
|
(i)
|
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.
|
|
(j)
|
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.
|
|
(k)
|
Rate shown is one-day yield as of the end of the reporting period.
|
|
(l)
|
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 $912,215 and the
cost was $912,215 (Note 2).
|
|
Abbreviation(s) used in this schedule:
|
||
|
DAC
|
—
|
Designated Activity Company
|
|
GO
|
—
|
General Obligation
|
|
GTD
|
—
|
Guaranteed
|
|
ICE
|
—
|
Intercontinental Exchange
|
|
MXN
|
—
|
Mexican Peso
|
|
SOFR
|
—
|
Secured Overnight Financing Rate
|
|
USD
|
—
|
United States Dollar
|
|
|
Number of
Contracts
|
Expiration
Date
|
Notional
Amount
|
Market
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
Contracts to Buy:
|
|
|
|
|
|
|
U.S. Treasury 2-Year Notes
|
2
|
12/26
|
$411,328
|
$410,469
|
$(859)
|
|
U.S. Treasury 5-Year Notes
|
27
|
12/26
|
2,866,371
|
2,853,985
|
(12,386)
|
|
U.S. Treasury Long-Term Bonds
|
18
|
12/26
|
1,965,339
|
1,955,250
|
(10,089)
|
|
U.S. Treasury Ultra Long-Term Bonds
|
2
|
12/26
|
220,877
|
220,062
|
(815)
|
|
|
|
|
|
|
(24,149)
|
|
Contracts to Sell:
|
|
|
|
|
|
|
U.S. Treasury 10-Year Notes
|
41
|
12/26
|
4,452,160
|
4,413,906
|
38,254
|
|
U.S. Treasury Ultra 10-Year Notes
|
77
|
12/26
|
8,492,293
|
8,425,485
|
66,808
|
|
|
|
|
|
|
105,062
|
|
Net unrealized appreciation on open futures contracts
|
$80,913
|
||||
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
|
||
|
JPY
|
16,001,269
|
USD
|
99,342
|
Citibank N.A.
|
10/16/26
|
$1,186
|
|
Abbreviation(s) used in this table:
|
||
|
JPY
|
—
|
Japanese Yen
|
|
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
|
—
|
$34,525,433
|
$0
*
|
$34,525,433
|
|
Other Corporate Bonds & Notes
|
—
|
58,286,586
|
—
|
58,286,586
|
|
Sovereign Bonds
|
—
|
3,906,936
|
—
|
3,906,936
|
|
Senior Loans
|
—
|
1,209,803
|
—
|
1,209,803
|
|
U.S. Government & Agency Obligations
|
—
|
741,487
|
—
|
741,487
|
|
Municipal Bonds
|
—
|
613,537
|
—
|
613,537
|
|
Preferred Stocks:
|
|
|
|
|
|
Financials
|
$201,465
|
233,358
|
—
|
434,823
|
|
Total Long-Term Investments
|
201,465
|
99,517,140
|
0
*
|
99,718,605
|
|
Short-Term Investments†
|
912,215
|
—
|
—
|
912,215
|
|
Total Investments
|
$1,113,680
|
$99,517,140
|
$0
*
|
$100,630,820
|
|
Other Financial Instruments:
|
|
|
|
|
|
Futures Contracts††
|
$105,062
|
—
|
—
|
$105,062
|
|
Forward Foreign Currency Contracts††
|
—
|
$1,186
|
—
|
1,186
|
|
Total Other Financial Instruments
|
$105,062
|
$1,186
|
—
|
$106,248
|
|
Total
|
$1,218,742
|
$99,518,326
|
$0
*
|
$100,737,068
|
|
LIABILITIES
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Other Financial Instruments:
|
|
|
|
|
|
Futures Contracts††
|
$24,149
|
—
|
—
|
$24,149
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
|
*
|
Amount represents less than $1.
|
|
††
|
Reflects the unrealized appreciation (depreciation) of the instruments.
|
|
|
Affiliate
Value at
November 30, 2025
|
Purchased
|
Sold
|
||
|
Cost
|
Shares
|
Proceeds
|
Shares
|
||
|
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
|
$313,387
|
$16,844,301
|
16,844,301
|
$16,245,473
|
16,245,473
|
|
(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
|
—
|
$7,468
|
—
|
$912,215
|