|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Corporate Bonds & Notes — 76.6%
|
|||||
|
Communication Services — 12.1%
|
|||||
|
Diversified Telecommunication Services — 3.0%
|
|||||
|
Altice Financing SA, Senior Secured Notes
|
5.000%
|
1/15/28
|
340,000
|
$207,086
(a)
|
|
|
Altice Financing SA, Senior Secured Notes
|
5.750%
|
8/15/29
|
1,400,000
|
850,559
(a)
|
|
|
Altice France Lux 3/Altice Holdings 1, Senior Notes
|
10.000%
|
1/15/33
|
382,000
|
372,581
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
9.500%
|
11/1/29
|
168,255
|
170,604
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
6.500%
|
4/15/32
|
625,000
|
608,325
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
6.875%
|
7/15/32
|
579,269
|
568,594
(a)
|
|
|
Galaxy Helios Data Centers II LLC, Senior Secured Notes
|
9.875%
|
8/1/31
|
1,440,000
|
1,427,274
(a)
|
|
|
Level 3 Financing Inc., Senior Notes
|
8.500%
|
1/15/36
|
740,000
|
774,422
(a)
|
|
|
Level 3 Financing Inc., Senior Secured Notes
|
6.875%
|
6/30/33
|
250,000
|
254,332
(a)
|
|
|
WULF Compute LLC, Senior Secured Notes
|
7.750%
|
10/15/30
|
830,000
|
862,865
(a)
|
|
|
Yondr JK 1 LLC, Senior Secured Notes
|
6.875%
|
6/30/31
|
570,000
|
534,486
(a)
|
|
|
Total Diversified Telecommunication Services
|
6,631,128
|
||||
|
Entertainment — 1.6%
|
|||||
|
Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes
|
10.500%
|
2/15/28
|
1,300,000
|
523,250
(a)
|
|
|
Discovery Global Holdings Inc., Senior Notes
|
5.050%
|
3/15/42
|
1,810,000
|
1,320,540
|
|
|
Discovery Global Holdings Inc., Senior Notes
|
5.141%
|
3/15/52
|
320,000
|
216,000
|
|
|
Flutter Treasury DAC, Senior Secured Notes
|
5.875%
|
6/4/31
|
700,000
|
688,371
(a)
|
|
|
OAK-Eagle Acquireco Inc., Senior Notes
|
8.750%
|
7/1/34
|
140,000
|
148,672
(a)
|
|
|
OAK-Eagle Acquireco Inc., Senior Secured Notes
|
7.250%
|
7/1/33
|
280,000
|
291,385
(a)
|
|
|
Pioneer Opco LLC, Senior Secured Notes
|
7.000%
|
5/15/33
|
240,000
|
244,475
(a)
|
|
|
Total Entertainment
|
3,432,693
|
||||
|
Media — 6.1%
|
|||||
|
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
|
4.750%
|
2/1/32
|
490,000
|
439,379
(a)
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
|
4.250%
|
1/15/34
|
3,890,000
|
3,246,747
(a)
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
|
7.375%
|
2/1/36
|
400,000
|
387,000
(a)
|
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital Corp., Senior Secured
Notes
|
3.700%
|
4/1/51
|
660,000
|
394,707
|
|
|
Clear Channel Outdoor Holdings Inc., Senior Secured Notes
|
7.125%
|
2/15/31
|
490,000
|
505,655
(a)
|
|
|
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc.,
Senior Secured Notes
|
10.000%
|
2/15/31
|
440,000
|
465,883
(a)
|
|
|
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc.,
Senior Secured Notes
|
9.250%
|
6/1/32
|
1,090,000
|
1,138,505
(a)
|
|
|
DISH DBS Corp., Senior Notes
|
5.125%
|
6/1/29
|
180,000
|
166,402
*(b)
|
|
|
DISH DBS Corp., Senior Secured Notes
|
5.750%
|
12/1/28
|
1,080,000
|
1,064,804
*(a)(b)
|
|
|
EchoStar Corp., Senior Secured Notes
|
10.750%
|
11/30/29
|
1,325,000
|
1,432,732
|
|
|
Getty Images Inc., Senior Secured Notes
|
11.250%
|
2/21/30
|
70,000
|
51,596
(a)
|
|
|
Gray Media Inc., Senior Secured Notes
|
7.500%
|
9/15/34
|
590,000
|
589,694
(a)
|
|
|
Mcclatchy Media Co. LLC, Senior Secured Notes (11.000%
Cash or 12.500% PIK)
|
11.000%
|
12/1/31
|
2,026,340
|
2,337,890
(a)(c)
|
|
|
Nexstar Media Inc., Senior Secured Notes
|
6.500%
|
9/15/33
|
530,000
|
532,660
(a)
|
|
|
Versant Media Group Inc., Senior Secured Notes
|
7.250%
|
1/30/31
|
430,000
|
446,172
(a)
|
|
|
Total Media
|
13,199,826
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Wireless Telecommunication Services — 1.4%
|
|||||
|
CSC Holdings LLC, Senior Notes
|
11.750%
|
1/31/29
|
1,770,000
|
$982,266
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
6.500%
|
2/1/29
|
490,000
|
260,296
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
4.500%
|
11/15/31
|
1,270,000
|
666,750
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
5.000%
|
11/15/31
|
970,000
|
207,726
(a)
|
|
|
Vmed O2 UK Financing I PLC, Senior Secured Notes
|
4.250%
|
1/31/31
|
200,000
|
162,194
(a)
|
|
|
Vmed O2 UK Financing I PLC, Senior Secured Notes
|
4.750%
|
7/15/31
|
430,000
|
349,196
(a)
|
|
|
Vmed O2 UK Financing I PLC, Senior Secured Notes
|
6.750%
|
1/15/33
|
490,000
|
409,243
(a)
|
|
|
Total Wireless Telecommunication Services
|
3,037,671
|
||||
|
|
|||||
|
Total Communication Services
|
26,301,318
|
||||
|
Consumer Discretionary — 12.4%
|
|||||
|
Automobile Components — 2.6%
|
|||||
|
American Axle & Manufacturing Inc., Senior Notes
|
7.750%
|
10/15/33
|
1,350,000
|
1,357,044
(a)
|
|
|
American Axle & Manufacturing Inc., Senior Secured Notes
|
6.375%
|
10/15/32
|
70,000
|
70,103
(a)
|
|
|
Clarios Global LP/Clarios US Finance Co., Senior Secured
Notes
|
6.750%
|
2/15/30
|
570,000
|
586,313
(a)
|
|
|
Cyprium Corp./Cyprium Holdings Luxembourg Sarl, Senior
Notes
|
6.375%
|
4/15/34
|
560,000
|
554,622
(a)
|
|
|
Dexko Global Inc., Senior Notes
|
7.500%
|
4/15/32
|
257,500
|
216,350
(a)
|
|
|
Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes
|
7.750%
|
5/31/32
|
510,000
|
530,868
(a)
|
|
|
JB Poindexter & Co. Inc., Senior Notes
|
8.750%
|
12/15/31
|
740,000
|
764,793
(a)
|
|
|
ZF North America Capital Inc., Senior Notes
|
7.500%
|
3/24/31
|
570,000
|
584,776
(a)
|
|
|
ZF North America Capital Inc., Senior Notes
|
6.875%
|
4/23/32
|
890,000
|
892,617
(a)
|
|
|
Total Automobile Components
|
5,557,486
|
||||
|
Automobiles — 1.5%
|
|||||
|
Ford Motor Co., Senior Notes
|
3.250%
|
2/12/32
|
650,000
|
568,757
|
|
|
Nissan Motor Co. Ltd., Senior Notes
|
4.810%
|
9/17/30
|
590,000
|
549,879
(a)
|
|
|
PM General Purchaser LLC, Senior Secured Notes
|
9.500%
|
10/1/28
|
2,810,000
|
2,202,337
(a)
|
|
|
Total Automobiles
|
3,320,973
|
||||
|
Diversified Consumer Services — 0.2%
|
|||||
|
Carriage Services Inc., Senior Notes
|
4.250%
|
5/15/29
|
360,000
|
345,137
(a)
|
|
|
Hotels, Restaurants & Leisure — 4.7%
|
|||||
|
Brightstar Lottery PLC/Brightstar Global Solutions Corp.,
Senior Secured Notes
|
5.750%
|
1/15/33
|
260,000
|
253,022
(a)
|
|
|
Full House Resorts Inc., Senior Secured Notes
|
8.250%
|
2/15/28
|
1,200,000
|
1,137,214
(a)
|
|
|
Gaia Purchaser Inc., Senior Secured Notes
|
7.625%
|
7/15/33
|
290,000
|
296,266
(a)
|
|
|
Life Time Inc., Senior Secured Notes
|
6.000%
|
11/15/31
|
320,000
|
323,256
(a)
|
|
|
Light & Wonder International Inc., Senior Notes
|
6.250%
|
10/1/33
|
590,000
|
588,737
(a)
|
|
|
Marston’s Issuer PLC, Secured Notes (SONIA + 2.669%)
|
6.417%
|
7/16/35
|
1,232,000
GBP
|
1,548,045
(d)(e)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
7.625%
|
4/17/32
|
550,000
|
564,311
(a)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
6.500%
|
9/24/33
|
550,000
|
534,407
(a)
|
|
|
MGM China Holdings Ltd., Senior Notes
|
6.250%
|
5/15/33
|
610,000
|
591,922
(a)
|
|
|
NCL Corp. Ltd., Senior Notes
|
6.250%
|
9/15/33
|
790,000
|
739,434
(a)
|
|
|
Rivers Enterprise Borrower LLC, Senior Secured Notes
|
6.250%
|
10/15/30
|
770,000
|
780,783
(a)
|
|
|
Sands China Ltd., Senior Notes
|
2.850%
|
3/8/29
|
200,000
|
189,541
|
|
|
Six Flags Entertainment Corp./Canada’s Wonderland Co./
Millennium Operations LLC, Senior Notes
|
8.625%
|
1/15/32
|
350,000
|
355,114
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Hotels, Restaurants & Leisure — continued
|
|||||
|
Viking Cruises Ltd., Senior Notes
|
9.125%
|
7/15/31
|
230,000
|
$241,445
(a)
|
|
|
Viking Cruises Ltd., Senior Notes
|
5.875%
|
10/15/33
|
840,000
|
831,721
(a)
|
|
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior
Notes
|
5.125%
|
10/1/29
|
220,000
|
219,137
(a)
|
|
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior
Notes
|
7.125%
|
2/15/31
|
870,000
|
913,864
(a)
|
|
|
Total Hotels, Restaurants & Leisure
|
10,108,219
|
||||
|
Household Durables — 0.3%
|
|||||
|
Dream Finders Homes Inc., Senior Notes
|
6.875%
|
9/15/30
|
570,000
|
560,413
(a)
|
|
|
Newell Brands Inc., Senior Notes
|
7.500%
|
4/1/46
|
220,000
|
205,282
|
|
|
Total Household Durables
|
765,695
|
||||
|
Specialty Retail — 3.1%
|
|||||
|
Academy Ltd., Senior Secured Notes
|
5.875%
|
5/15/31
|
480,000
|
478,092
(a)
|
|
|
Gee Automotive Holdings LLC, Senior Notes
|
7.250%
|
3/1/31
|
540,000
|
545,471
(a)
|
|
|
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
|
8.750%
|
1/15/32
|
1,540,000
|
1,511,162
(a)
|
|
|
Michaels Cos. Inc., Secured Notes
|
11.000%
|
3/15/34
|
2,120,000
|
2,059,367
(a)
|
|
|
Petco Health & Wellness Co. Inc., Senior Secured Notes
|
8.250%
|
2/1/31
|
560,000
|
569,305
(a)
|
|
|
Sally Holdings LLC/Sally Capital Inc., Senior Notes
|
6.750%
|
4/1/32
|
550,000
|
562,758
|
|
|
Upbound Group Inc., Senior Notes
|
6.375%
|
2/15/29
|
1,110,000
|
1,105,535
(a)
|
|
|
Total Specialty Retail
|
6,831,690
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
26,929,200
|
||||
|
Consumer Staples — 0.5%
|
|||||
|
Food Products — 0.5%
|
|||||
|
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons
Pet Food Inc./Simmons Feed Ingredients Inc., Secured Notes
|
4.625%
|
3/1/29
|
480,000
|
462,764
(a)
|
|
|
TKC Holdings Inc., Senior Secured Notes
|
8.500%
|
8/15/30
|
520,000
|
542,280
(a)
|
|
|
|
|||||
|
Total Consumer Staples
|
1,005,044
|
||||
|
Energy — 10.3%
|
|||||
|
Energy Equipment & Services — 1.2%
|
|||||
|
Beusa Investments LLC, Senior Notes
|
7.000%
|
8/1/31
|
510,000
|
510,920
(a)
|
|
|
Nabors Industries Inc., Senior Notes
|
8.875%
|
8/15/31
|
760,000
|
795,589
(a)
|
|
|
Oceaneering International Inc., Senior Notes
|
6.875%
|
7/15/34
|
400,000
|
413,030
(a)
|
|
|
WBI Operating LLC, Senior Notes
|
6.500%
|
10/15/33
|
740,000
|
742,697
(a)
|
|
|
Total Energy Equipment & Services
|
2,462,236
|
||||
|
Oil, Gas & Consumable Fuels — 9.1%
|
|||||
|
Antero Midstream Partners LP/Antero Midstream Finance
Corp., Senior Notes
|
5.750%
|
10/15/33
|
570,000
|
563,081
(a)
|
|
|
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior
Notes
|
7.250%
|
7/15/32
|
1,020,000
|
1,054,972
(a)
|
|
|
Chord Energy Corp., Senior Notes
|
6.000%
|
10/1/30
|
160,000
|
161,969
(a)
|
|
|
Chord Energy Corp., Senior Notes
|
6.750%
|
3/15/33
|
880,000
|
900,236
(a)
|
|
|
CNX Midstream Partners LP, Senior Notes
|
4.750%
|
4/15/30
|
610,000
|
589,470
(a)
|
|
|
Crescent Energy Finance LLC, Senior Notes
|
8.375%
|
1/15/34
|
1,320,000
|
1,393,729
(a)
|
|
|
Energy Transfer LP, Junior Subordinated Notes (6.625% to
2/15/28 then 3 mo. Term SOFR + 4.417%)
|
6.625%
|
2/15/28
|
170,000
|
171,143
(e)(f)
|
|
|
Granite Ridge Resources Inc., Senior Notes
|
8.875%
|
11/5/29
|
1,410,000
|
1,381,415
(a)
|
|
|
Howard Midstream Energy Partners LLC, Senior Notes
|
7.375%
|
7/15/32
|
150,000
|
154,936
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Oil, Gas & Consumable Fuels — continued
|
|||||
|
Howard Midstream Energy Partners LLC, Senior Notes
|
6.625%
|
1/15/34
|
580,000
|
$585,244
(a)
|
|
|
New Generation Gas Gathering LLC, Senior Secured Notes (3
mo. Term SOFR + 5.750%)
|
9.501%
|
9/30/29
|
1,221,694
|
1,229,948
(a)(e)(g)(h)
|
|
|
Northern Oil & Gas Inc., Senior Notes
|
7.875%
|
10/15/33
|
710,000
|
730,759
(a)
|
|
|
Petrobras Global Finance BV, Senior Notes
|
5.750%
|
2/1/29
|
150,000
|
151,650
|
|
|
Range Resources Corp., Senior Notes
|
4.750%
|
2/15/30
|
230,000
|
225,721
(a)
|
|
|
Rockies Express Pipeline LLC, Senior Notes
|
6.750%
|
3/15/33
|
170,000
|
173,469
(a)
|
|
|
Saturn Oil & Gas Inc., Senior Notes
|
8.500%
|
7/30/31
|
880,000
|
913,991
(a)
|
|
|
Summit Midstream Holdings LLC, Senior Secured Notes
|
8.625%
|
10/31/29
|
230,000
|
239,792
(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
|
1,057,000
|
1,090,547
(a)(e)(f)
|
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Senior Notes
|
7.375%
|
2/15/29
|
270,000
|
277,589
(a)
|
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Senior Notes
|
6.000%
|
12/31/30
|
460,000
|
461,391
(a)
|
|
|
Venture Global Calcasieu Pass LLC, Senior Secured Notes
|
4.125%
|
8/15/31
|
190,000
|
177,640
(a)
|
|
|
Venture Global Calcasieu Pass LLC, Senior Secured Notes
|
3.875%
|
11/1/33
|
170,000
|
151,102
(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
|
1,990,000
|
2,018,171
(a)(e)(f)
|
|
|
Venture Global LNG Inc., Senior Secured Notes
|
9.875%
|
2/1/32
|
1,050,000
|
1,119,755
(a)
|
|
|
Venture Global LNG Inc., Senior Secured Notes
|
6.625%
|
6/15/36
|
630,000
|
632,785
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
6.500%
|
6/15/34
|
70,000
|
72,417
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
7.750%
|
5/1/35
|
90,000
|
100,138
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
6.750%
|
1/15/36
|
1,820,000
|
1,916,760
(a)
|
|
|
Vermilion Energy Inc., Senior Notes
|
7.250%
|
2/15/33
|
1,110,000
|
1,113,898
(a)
|
|
|
Total Oil, Gas & Consumable Fuels
|
19,753,718
|
||||
|
|
|||||
|
Total Energy
|
22,215,954
|
||||
|
Financials — 10.3%
|
|||||
|
Banks — 3.6%
|
|||||
|
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
|
400,000
|
402,876
(e)(f)
|
|
|
Banco Santander SA, Junior Subordinated Notes (9.625% to
11/21/33 then 5 year Treasury Constant Maturity Rate +
5.298%)
|
9.625%
|
5/21/33
|
800,000
|
931,579
(e)(f)
|
|
|
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
|
440,000
|
463,793
(e)
|
|
|
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
|
420,000
|
414,839
(a)(e)(f)
|
|
|
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
|
700,000
|
732,067
(a)(e)(f)
|
|
|
BNP Paribas SA, Junior Subordinated Notes (8.000% to
8/22/31 then 5 year Treasury Constant Maturity Rate +
3.727%)
|
8.000%
|
8/22/31
|
240,000
|
253,988
(a)(e)(f)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Banks — continued
|
|||||
|
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
|
410,000
|
$416,059
(e)(f)
|
|
|
Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30
then 5 year Treasury Constant Maturity Rate + 2.890%)
|
6.875%
|
8/15/30
|
210,000
|
212,928
(e)(f)
|
|
|
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
|
1,100,000
|
1,092,030
(e)(f)
|
|
|
JPMorgan Chase & Co., Junior Subordinated Notes (6.100%
to 7/1/31 then 5 year Treasury Constant Maturity Rate +
2.080%)
|
6.100%
|
7/1/31
|
360,000
|
360,742
(e)(f)
|
|
|
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
|
320,000
|
325,318
(e)(f)
|
|
|
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
|
970,000
|
1,029,977
(e)(f)
|
|
|
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
|
470,000
|
483,232
(e)
|
|
|
Toronto-Dominion Bank, Junior Subordinated Notes (8.125%
to 10/31/27 then 5 year Treasury Constant Maturity Rate +
4.075%)
|
8.125%
|
10/31/82
|
720,000
|
743,942
(e)
|
|
|
Total Banks
|
7,863,370
|
||||
|
Capital Markets — 1.8%
|
|||||
|
Charles Schwab Corp., Junior Subordinated Notes (4.000% to
12/1/30 then 10 year Treasury Constant Maturity Rate +
3.079%)
|
4.000%
|
12/1/30
|
450,000
|
419,048
(e)(f)
|
|
|
Coinbase Global Inc., Senior Notes
|
3.625%
|
10/1/31
|
700,000
|
618,632
(a)
|
|
|
Credit Suisse AG AT1 Claim
|
—
|
—
|
4,040,000
|
0
*(g)(h)(i)
|
|
|
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
|
460,000
|
458,038
(e)(f)
|
|
|
StoneX Escrow Issuer LLC, Secured Notes
|
6.875%
|
7/15/32
|
380,000
|
386,611
(a)
|
|
|
StoneX Group Inc., Secured Notes
|
7.875%
|
3/1/31
|
480,000
|
499,976
(a)
|
|
|
UBS Group AG, Junior Subordinated Notes (7.000% to
8/10/30 then USD 5 year SOFR ICE Swap Rate + 3.077%)
|
7.000%
|
2/10/30
|
420,000
|
428,095
(a)(e)(f)
|
|
|
UBS Group AG, Junior Subordinated Notes (7.125% to
2/10/35 then USD 5 year SOFR ICE Swap Rate + 3.179%)
|
7.125%
|
8/10/34
|
220,000
|
221,649
(a)(e)(f)
|
|
|
UBS Group AG, Junior Subordinated Notes (7.750% to
4/12/31 then USD 5 year SOFR ICE Swap Rate + 4.160%)
|
7.750%
|
4/12/31
|
220,000
|
231,116
(a)(e)(f)
|
|
|
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
|
520,000
|
556,541
(a)(e)(f)
|
|
|
Total Capital Markets
|
3,819,706
|
||||
|
Consumer Finance — 1.0%
|
|||||
|
FirstCash Inc., Senior Notes
|
5.625%
|
1/1/30
|
70,000
|
69,426
(a)
|
|
|
FirstCash Inc., Senior Notes
|
6.875%
|
3/1/32
|
470,000
|
479,834
(a)
|
|
|
Midcap Financial Issuer Trust, Junior Subordinated Notes (3
mo. Term SOFR + 3.750%)
|
7.503%
|
1/15/56
|
1,170,000
|
1,174,708
(a)(e)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Consumer Finance — continued
|
|||||
|
Midcap Financial Issuer Trust, Senior Notes
|
5.625%
|
1/15/30
|
390,000
|
$383,062
(a)
|
|
|
Total Consumer Finance
|
2,107,030
|
||||
|
Financial Services — 2.2%
|
|||||
|
Block Inc., Senior Notes
|
6.000%
|
8/15/33
|
530,000
|
529,402
(a)
|
|
|
Burford Capital Global Finance LLC, Senior Notes
|
9.250%
|
7/1/31
|
330,000
|
329,127
(a)
|
|
|
Capstone Borrower Inc., Senior Secured Notes
|
8.000%
|
6/15/30
|
240,000
|
234,249
(a)
|
|
|
NCR Atleos Corp., Senior Secured Notes
|
9.500%
|
4/1/29
|
680,000
|
721,355
(a)
|
|
|
Rocket Cos. Inc., Senior Notes
|
6.125%
|
8/1/30
|
310,000
|
314,297
(a)
|
|
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior
Notes
|
4.000%
|
10/15/33
|
1,450,000
|
1,299,590
(a)
|
|
|
VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes
|
7.500%
|
6/15/31
|
360,000
|
372,749
(a)
|
|
|
VistaJet Malta Finance PLC/Vista Management Holding Inc.,
Senior Notes
|
9.500%
|
6/1/28
|
110,000
|
112,395
(a)
|
|
|
VistaJet Malta Finance PLC/Vista Management Holding Inc.,
Senior Notes
|
6.375%
|
2/1/30
|
890,000
|
860,670
(a)
|
|
|
Total Financial Services
|
4,773,834
|
||||
|
Insurance — 1.0%
|
|||||
|
Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes
|
6.750%
|
7/1/32
|
210,000
|
179,457
(a)
|
|
|
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2
LLC/APH3 Somerset Investor 2 LLC, Senior Notes
|
7.875%
|
11/1/29
|
710,000
|
702,545
(a)
|
|
|
Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes
|
8.000%
|
12/31/32
|
1,040,000
|
1,035,459
(a)
|
|
|
Ryan Specialty LLC, Senior Secured Notes
|
5.875%
|
8/1/32
|
340,000
|
336,595
(a)
|
|
|
Total Insurance
|
2,254,056
|
||||
|
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
|
|||||
|
Arbor Realty SR Inc., Senior Notes
|
8.500%
|
12/15/28
|
310,000
|
308,022
(a)
|
|
|
Arbor Realty SR Inc., Senior Notes
|
7.875%
|
7/15/30
|
460,000
|
432,931
(a)
|
|
|
Starwood Property Trust Inc., Senior Notes
|
6.000%
|
4/15/30
|
740,000
|
743,369
(a)
|
|
|
Total Mortgage Real Estate Investment Trusts (REITs)
|
1,484,322
|
||||
|
|
|||||
|
Total Financials
|
22,302,318
|
||||
|
Health Care — 5.6%
|
|||||
|
Health Care Providers & Services — 4.0%
|
|||||
|
Akumin Inc., Senior Secured Notes
|
9.750%
|
8/31/31
|
300,000
|
287,250
(a)
|
|
|
CHS/Community Health Systems Inc., Secured Notes
|
6.875%
|
4/15/29
|
1,000,000
|
960,281
(a)
|
|
|
CHS/Community Health Systems Inc., Secured Notes
|
6.125%
|
4/1/30
|
240,000
|
205,342
(a)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
5.250%
|
5/15/30
|
620,000
|
579,261
(a)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
10.875%
|
1/15/32
|
765,000
|
812,711
(a)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
9.750%
|
1/15/34
|
610,000
|
622,985
(a)
|
|
|
HCA Inc., Senior Notes
|
7.500%
|
11/15/95
|
680,000
|
699,302
|
|
|
LifePoint Health Inc., Senior Secured Notes
|
9.875%
|
8/15/30
|
930,000
|
978,894
(a)
|
|
|
LifePoint Health Inc., Senior Secured Notes
|
7.000%
|
5/1/34
|
430,000
|
404,580
(a)
|
|
|
Sotera Health Holdings LLC, Senior Secured Notes
|
7.375%
|
6/1/31
|
1,100,000
|
1,145,701
(a)
|
|
|
TEAM Services Holding Inc., Senior Secured Notes
|
9.000%
|
2/15/33
|
510,000
|
532,495
(a)
|
|
|
Tenet Healthcare Corp., Senior Notes
|
6.000%
|
11/15/33
|
1,080,000
|
1,083,748
(a)
|
|
|
U.S. Renal Care Inc., Senior Secured Notes
|
10.625%
|
6/28/28
|
343,000
|
322,420
(a)
|
|
|
Total Health Care Providers & Services
|
8,634,970
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Pharmaceuticals — 1.6%
|
|||||
|
1261229 BC Ltd., Senior Secured Notes
|
10.000%
|
4/15/32
|
1,150,000
|
$1,197,898
(a)
|
|
|
Bausch Health Cos. Inc., Senior Notes
|
6.250%
|
2/15/29
|
1,370,000
|
1,131,963
(a)
|
|
|
Gainwell Acquisition Corp., Senior Secured Notes
|
9.000%
|
9/1/31
|
380,000
|
396,059
(a)
|
|
|
Teva Pharmaceutical Finance Co. LLC, Senior Notes
|
6.150%
|
2/1/36
|
390,000
|
400,022
|
|
|
Teva Pharmaceutical Finance Netherlands IV BV, Senior Notes
|
5.750%
|
12/1/30
|
430,000
|
436,873
|
|
|
Total Pharmaceuticals
|
3,562,815
|
||||
|
|
|||||
|
Total Health Care
|
12,197,785
|
||||
|
Industrials — 11.8%
|
|||||
|
Aerospace & Defense — 0.9%
|
|||||
|
AAR Escrow Issuer LLC, Senior Notes
|
6.750%
|
3/15/29
|
560,000
|
572,706
(a)
|
|
|
Axon Enterprise Inc., Senior Notes
|
6.125%
|
3/15/30
|
220,000
|
224,134
(a)
|
|
|
Axon Enterprise Inc., Senior Notes
|
6.250%
|
3/15/33
|
110,000
|
111,991
(a)
|
|
|
Bombardier Inc., Senior Notes
|
7.250%
|
7/1/31
|
60,000
|
62,793
(a)
|
|
|
Bombardier Inc., Senior Notes
|
7.000%
|
6/1/32
|
310,000
|
320,763
(a)
|
|
|
Bombardier Inc., Senior Notes
|
6.750%
|
6/15/33
|
140,000
|
144,728
(a)
|
|
|
TransDigm Inc., Senior Notes
|
6.125%
|
7/31/34
|
550,000
|
544,349
(a)
|
|
|
Total Aerospace & Defense
|
1,981,464
|
||||
|
Air Freight & Logistics — 0.3%
|
|||||
|
GB AIT Buyer Inc., Senior Notes
|
8.750%
|
4/30/34
|
650,000
|
662,418
(a)
|
|
|
Building Products — 1.4%
|
|||||
|
Advanced Drainage Systems Inc., Senior Notes
|
6.375%
|
6/15/30
|
230,000
|
231,943
(a)
|
|
|
Advanced Drainage Systems Inc., Senior Notes
|
5.375%
|
3/1/34
|
330,000
|
321,075
(a)
|
|
|
Masterbrand Inc., Senior Notes
|
7.000%
|
7/15/32
|
1,060,000
|
1,060,236
(a)
|
|
|
MIWD Holdco II LLC/MIWD Finance Corp., Senior Notes
|
5.500%
|
2/1/30
|
390,000
|
368,809
(a)
|
|
|
Quikrete Holdings Inc., Senior Secured Notes
|
6.375%
|
3/1/32
|
1,100,000
|
1,114,234
(a)
|
|
|
Total Building Products
|
3,096,297
|
||||
|
Commercial Services & Supplies — 3.0%
|
|||||
|
Clean Harbors Inc., Senior Notes
|
6.375%
|
2/1/31
|
330,000
|
334,821
(a)
|
|
|
Core & Main LP, Senior Notes
|
6.000%
|
7/1/34
|
560,000
|
558,864
(a)
|
|
|
CoreCivic Inc., Senior Notes
|
8.250%
|
4/15/29
|
1,020,000
|
1,059,246
|
|
|
GEO Group Inc., Senior Notes
|
10.250%
|
4/15/31
|
820,000
|
882,568
|
|
|
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
|
470,000
|
494,200
(a)
|
|
|
Neptune Bidco US Inc., Senior Secured Notes
|
9.500%
|
2/15/33
|
580,000
|
596,235
(a)
|
|
|
Reworld Holding Corp., Senior Notes
|
4.875%
|
12/1/29
|
340,000
|
328,138
(a)
|
|
|
RR Donnelley & Sons Co., Secured Notes
|
10.875%
|
8/1/29
|
1,050,000
|
1,089,468
(a)
|
|
|
RR Donnelley & Sons Co., Senior Secured Notes
|
9.500%
|
8/1/29
|
510,000
|
531,781
(a)
|
|
|
Total Commercial Services & Supplies
|
6,434,577
|
||||
|
Construction & Engineering — 1.6%
|
|||||
|
AECOM, Senior Notes
|
6.000%
|
8/1/33
|
550,000
|
548,450
(a)
|
|
|
Arcosa Inc., Senior Notes
|
6.875%
|
8/15/32
|
310,000
|
321,261
(a)
|
|
|
Empire Communities Corp., Senior Notes
|
9.750%
|
5/1/29
|
1,070,000
|
1,100,828
(a)
|
|
|
Granite Construction Inc., Senior Notes
|
6.375%
|
6/15/34
|
400,000
|
404,013
(a)
|
|
|
Tutor Perini Corp., Senior Notes
|
6.625%
|
7/15/33
|
1,090,000
|
1,100,194
(a)
|
|
|
Total Construction & Engineering
|
3,474,746
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Electrical Equipment — 0.4%
|
|||||
|
Gates Corp., Senior Notes
|
6.875%
|
7/1/29
|
320,000
|
$326,829
(a)
|
|
|
WESCO Distribution Inc., Senior Notes
|
5.500%
|
4/15/34
|
540,000
|
526,716
(a)
|
|
|
Total Electrical Equipment
|
853,545
|
||||
|
Ground Transportation — 0.7%
|
|||||
|
Carriage Purchaser Inc., Senior Notes
|
7.875%
|
10/15/29
|
750,000
|
751,827
(a)
|
|
|
XPO CNW Inc., Senior Notes
|
6.700%
|
5/1/34
|
360,000
|
375,990
|
|
|
XPO Inc., Senior Notes
|
7.125%
|
2/1/32
|
300,000
|
310,159
(a)
|
|
|
Total Ground Transportation
|
1,437,976
|
||||
|
Machinery — 0.7%
|
|||||
|
ATS Corp., Senior Notes
|
4.125%
|
12/15/28
|
560,000
|
543,183
(a)
|
|
|
Columbus McKinnon Corp., Senior Secured Notes
|
7.125%
|
2/1/33
|
250,000
|
253,121
(a)
|
|
|
Esab Corp., Senior Notes
|
6.250%
|
4/15/29
|
220,000
|
222,812
(a)
|
|
|
Park-Ohio Industries Inc., Senior Secured Notes
|
8.500%
|
8/1/30
|
560,000
|
590,860
(a)
|
|
|
Total Machinery
|
1,609,976
|
||||
|
Marine Transportation — 0.2%
|
|||||
|
Stena International SA, Senior Secured Notes
|
7.250%
|
1/15/31
|
330,000
|
339,023
(a)
|
|
|
Passenger Airlines — 0.6%
|
|||||
|
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior
Secured Notes
|
5.750%
|
4/20/29
|
1,008,334
|
1,008,185
(a)
|
|
|
United Airlines Holdings Inc., Senior Notes
|
5.375%
|
3/1/31
|
310,000
|
307,413
|
|
|
Total Passenger Airlines
|
1,315,598
|
||||
|
Trading Companies & Distributors — 2.0%
|
|||||
|
ADI Global Distribution Funding LLC, Senior Notes
|
7.125%
|
7/15/34
|
240,000
|
248,162
(a)
|
|
|
EquipmentShare.com Inc., Secured Notes
|
8.625%
|
5/15/32
|
480,000
|
499,733
(a)
|
|
|
EquipmentShare.com Inc., Secured Notes
|
8.000%
|
3/15/33
|
550,000
|
564,760
(a)
|
|
|
EquipmentShare.com Inc., Secured Notes
|
7.125%
|
7/1/34
|
1,160,000
|
1,143,068
(a)
|
|
|
Herc Holdings Inc., Senior Notes
|
7.250%
|
6/15/33
|
410,000
|
424,356
(a)
|
|
|
QXO Building Products Inc., Senior Notes
|
6.500%
|
7/15/31
|
120,000
|
121,410
(a)
|
|
|
QXO Building Products Inc., Senior Notes
|
6.875%
|
7/15/34
|
310,000
|
313,847
(a)
|
|
|
United Rentals North America Inc., Senior Notes
|
5.375%
|
11/15/33
|
450,000
|
438,646
(a)
|
|
|
United Rentals North America Inc., Senior Notes
|
6.125%
|
3/15/34
|
650,000
|
661,385
(a)
|
|
|
Total Trading Companies & Distributors
|
4,415,367
|
||||
|
|
|||||
|
Total Industrials
|
25,620,987
|
||||
|
Information Technology — 4.5%
|
|||||
|
Communications Equipment — 0.2%
|
|||||
|
Connect Finco SARL/Connect US Finco LLC, Senior Secured
Notes
|
9.000%
|
9/15/29
|
300,000
|
314,092
(a)
|
|
|
IT Services — 1.8%
|
|||||
|
APLD ComputeCo 3 LLC, Senior Secured Notes
|
7.000%
|
6/15/31
|
760,000
|
732,679
(a)
|
|
|
APLD ComputeCo LLC, Senior Secured Notes
|
9.250%
|
12/15/30
|
510,000
|
538,222
(a)
|
|
|
Core Scientific Finance I LLC, Senior Secured Notes
|
7.750%
|
5/15/31
|
1,090,000
|
1,058,305
(a)
|
|
|
CoreWeave Inc., Senior Notes
|
9.250%
|
6/1/30
|
110,000
|
102,247
(a)
|
|
|
CoreWeave Inc., Senior Notes
|
9.000%
|
2/1/31
|
70,000
|
62,877
(a)
|
|
|
CoreWeave Inc., Senior Notes
|
9.750%
|
10/1/31
|
950,000
|
850,211
(a)
|
|
|
Stingray Compute LLC, Senior Secured Notes
|
6.000%
|
6/15/31
|
650,000
|
633,730
(a)
|
|
|
Total IT Services
|
3,978,271
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Semiconductors & Semiconductor Equipment — 0.5%
|
|||||
|
Amkor Technology Inc., Senior Notes
|
5.875%
|
10/1/33
|
530,000
|
$521,487
(a)
|
|
|
Qnity Electronics Inc., Senior Notes
|
6.250%
|
8/15/33
|
560,000
|
564,396
(a)
|
|
|
Total Semiconductors & Semiconductor Equipment
|
1,085,883
|
||||
|
Software — 1.6%
|
|||||
|
Cloud Software Group LLC, Secured Notes
|
9.000%
|
9/30/29
|
580,000
|
582,026
(a)
|
|
|
Cloud Software Group LLC, Senior Secured Notes
|
8.250%
|
6/30/32
|
960,000
|
940,844
(a)
|
|
|
Cloud Software Group LLC, Senior Secured Notes
|
6.625%
|
8/15/33
|
120,000
|
108,910
(a)
|
|
|
Fair Isaac Corp., Senior Notes
|
6.250%
|
9/15/34
|
510,000
|
499,393
(a)
|
|
|
Gen Digital Inc., Senior Notes
|
6.250%
|
4/1/33
|
320,000
|
320,121
(a)
|
|
|
Oracle Corp., Senior Notes
|
6.000%
|
8/3/55
|
620,000
|
499,791
|
|
|
Rackspace Finance LLC, Senior Secured Notes
|
3.500%
|
5/15/28
|
694,200
|
583,128
(a)
|
|
|
Total Software
|
3,534,213
|
||||
|
Technology Hardware, Storage & Peripherals — 0.4%
|
|||||
|
Black Pearl Compute LLC, Senior Secured Notes
|
6.125%
|
2/15/31
|
270,000
|
270,510
(a)
|
|
|
Diebold Nixdorf Inc., Senior Secured Notes
|
7.750%
|
3/31/30
|
340,000
|
355,656
(a)
|
|
|
Seagate Data Storage Technology Pte Ltd., Senior Notes
|
5.875%
|
7/15/30
|
290,000
|
294,793
|
|
|
Total Technology Hardware, Storage & Peripherals
|
920,959
|
||||
|
|
|||||
|
Total Information Technology
|
9,833,418
|
||||
|
Materials — 3.9%
|
|||||
|
Chemicals — 0.8%
|
|||||
|
ARC Falcon I Inc./Arclin USA LLC/New Arclin US Holding
Corp., Senior Secured Notes
|
9.750%
|
3/1/33
|
1,160,000
|
1,163,722
(a)
|
|
|
Celanese US Holdings LLC, Senior Notes
|
6.750%
|
4/15/33
|
520,000
|
529,717
|
|
|
Cerdia Finanz GmbH, Senior Secured Notes
|
9.375%
|
10/3/31
|
190,000
|
172,590
(a)
|
|
|
Total Chemicals
|
1,866,029
|
||||
|
Construction Materials — 0.1%
|
|||||
|
Smyrna Ready Mix Concrete LLC, Senior Secured Notes
|
6.000%
|
11/1/28
|
170,000
|
170,174
(a)
|
|
|
Metals & Mining — 3.0%
|
|||||
|
Capstone Copper Corp., Senior Notes
|
6.750%
|
3/31/33
|
330,000
|
335,300
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
8.000%
|
3/1/33
|
2,220,000
|
2,317,025
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
7.250%
|
2/15/34
|
1,540,000
|
1,581,461
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
6.375%
|
2/15/36
|
490,000
|
478,098
(a)
|
|
|
Freeport-McMoRan Inc., Senior Notes
|
5.450%
|
3/15/43
|
1,500,000
|
1,409,908
|
|
|
WS Escrow LLC, Senior Secured Notes
|
7.750%
|
6/1/33
|
330,000
|
343,799
(a)
|
|
|
Total Metals & Mining
|
6,465,591
|
||||
|
|
|||||
|
Total Materials
|
8,501,794
|
||||
|
Real Estate — 3.5%
|
|||||
|
Diversified REITs — 1.4%
|
|||||
|
Iron Mountain Information Management Services Inc., Senior
Notes
|
5.000%
|
7/15/32
|
240,000
|
229,098
(a)
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior
Notes
|
5.000%
|
10/15/27
|
260,000
|
255,572
|
|
|
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
|
1,480,000
|
1,131,320
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Diversified REITs — continued
|
|||||
|
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC,
Senior Notes
|
8.625%
|
6/15/32
|
1,310,000
|
$1,347,296
(a)
|
|
|
Total Diversified REITs
|
3,077,117
|
||||
|
Health Care REITs — 0.5%
|
|||||
|
Diversified Healthcare Trust, Senior Notes
|
4.750%
|
2/15/28
|
180,000
|
176,125
|
|
|
Diversified Healthcare Trust, Senior Notes
|
4.375%
|
3/1/31
|
430,000
|
393,137
|
|
|
Diversified Healthcare Trust, Senior Secured Notes
|
7.250%
|
10/15/30
|
470,000
|
482,073
(a)
|
|
|
Total Health Care REITs
|
1,051,335
|
||||
|
Real Estate Management & Development — 0.4%
|
|||||
|
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
|
620,000
|
637,121
(a)
|
|
|
Total Real Estate Management & Development
|
857,242
|
||||
|
Specialized REITs — 1.2%
|
|||||
|
Iron Mountain Inc., Senior Notes
|
6.250%
|
1/15/33
|
790,000
|
796,678
(a)
|
|
|
Meridian Arc Holdco LLC, Senior Secured Notes
|
6.250%
|
4/30/31
|
810,000
|
770,586
(a)
|
|
|
Millrose Properties Inc., Senior Notes
|
6.375%
|
8/1/30
|
800,000
|
811,832
(a)
|
|
|
Millrose Properties Inc., Senior Notes
|
6.250%
|
9/15/32
|
260,000
|
261,123
(a)
|
|
|
Total Specialized REITs
|
2,640,219
|
||||
|
|
|||||
|
Total Real Estate
|
7,625,913
|
||||
|
Utilities — 1.7%
|
|||||
|
Electric Utilities — 1.6%
|
|||||
|
Alpha Generation LLC, Senior Notes
|
6.750%
|
10/15/32
|
330,000
|
332,755
(a)
|
|
|
NRG Energy Inc., Senior Notes
|
6.000%
|
1/15/36
|
1,570,000
|
1,527,441
(a)
|
|
|
NRG Energy Inc., Senior Notes
|
6.125%
|
5/15/36
|
570,000
|
558,700
(a)
|
|
|
Talen Energy Supply LLC, Senior Notes
|
6.375%
|
5/1/33
|
270,000
|
266,732
(a)
|
|
|
Talen Energy Supply LLC, Senior Notes
|
6.500%
|
2/1/36
|
740,000
|
726,610
(a)
|
|
|
Total Electric Utilities
|
3,412,238
|
||||
|
Gas Utilities — 0.1%
|
|||||
|
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Senior Notes
|
5.000%
|
6/1/31
|
290,000
|
274,607
(a)
|
|
|
|
|||||
|
Total Utilities
|
3,686,845
|
||||
|
Total Corporate Bonds & Notes (Cost — $166,858,348)
|
166,220,576
|
||||
|
Asset-Backed Securities — 8.1%
|
|||||
|
720 East CLO Ltd., 2022-1A ER (3 mo. Term SOFR + 5.900%)
|
9.629%
|
1/20/38
|
250,000
|
251,827
(a)(e)
|
|
|
720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%)
|
8.479%
|
4/20/37
|
540,000
|
534,868
(a)(e)
|
|
|
Abry Liquid Credit CLO Ltd., 2025-2A D (3 mo. Term SOFR +
3.150%)
|
6.903%
|
1/15/39
|
390,000
|
394,307
(a)(e)
|
|
|
AGL CLO Ltd., 2025-44A E (3 mo. Term SOFR + 4.750%)
|
8.483%
|
10/22/37
|
450,000
|
447,649
(a)(e)
|
|
|
AGL CLO Ltd., 2021-16A DR (3 mo. Term SOFR + 2.400%)
|
6.129%
|
1/20/35
|
410,000
|
398,001
(a)(e)
|
|
|
AMMC CLO Ltd., 2024-30A D1R (3 mo. Term SOFR + 2.650%)
|
6.403%
|
4/15/39
|
310,000
|
310,934
(a)(e)
|
|
|
Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.750%)
|
7.479%
|
10/20/34
|
190,000
|
185,638
(a)(e)
|
|
|
Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR + 5.100%)
|
8.829%
|
1/20/38
|
460,000
|
459,546
(a)(e)
|
|
|
Arini US CLO Ltd., 3A E (3 mo. Term SOFR + 5.250%)
|
9.003%
|
1/15/39
|
300,000
|
302,201
(a)(e)
|
|
|
Balboa Bay Loan Funding Ltd., 2023-2A ER (3 mo. Term SOFR +
5.000%)
|
8.729%
|
10/20/36
|
280,000
|
279,232
(a)(e)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Asset-Backed Securities — continued
|
|||||
|
Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR +
3.900%)
|
7.633%
|
11/22/34
|
450,000
|
$452,008
(a)(e)
|
|
|
Blueberry Park CLO Ltd., 2024-1A D1 (3 mo. Term SOFR +
2.900%)
|
6.629%
|
10/20/37
|
280,000
|
278,839
(a)(e)
|
|
|
BlueMountain CLO Ltd., 2020-30A DR (3 mo. Term SOFR +
3.300%)
|
7.053%
|
4/15/35
|
400,000
|
396,904
(a)(e)
|
|
|
Capital Four US CLO Ltd., 2021-1A DR (3 mo. Term SOFR +
3.250%)
|
6.979%
|
1/18/35
|
460,000
|
455,658
(a)(e)
|
|
|
Capital Four US CLO Ltd., 2025-4A D1 (3 mo. Term SOFR +
3.250%)
|
6.979%
|
10/18/38
|
390,000
|
393,116
(a)(e)
|
|
|
CarVal CLO Ltd., 2024-3A D1 (3 mo. Term SOFR + 3.000%)
|
6.729%
|
10/20/37
|
370,000
|
371,261
(a)(e)
|
|
|
Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR + 2.550%)
|
6.360%
|
1/25/35
|
280,000
|
275,678
(a)(e)
|
|
|
Dryden CLO Ltd., 2022-113A D1R3 (3 mo. Term SOFR +
3.000%)
|
6.753%
|
10/15/37
|
400,000
|
400,964
(a)(e)
|
|
|
Galaxy CLO Ltd., 2016-22A DR4 (3 mo. Term SOFR + 2.500%)
|
6.293%
|
4/16/34
|
450,000
|
442,977
(a)(e)
|
|
|
Galaxy CLO Ltd., 2018-25A D1RR (3 mo. Term SOFR + 2.700%)
|
6.510%
|
4/25/36
|
300,000
|
296,684
(a)(e)
|
|
|
GoldenTree Loan Management US CLO Ltd., 2020-8A DRR (3
mo. Term SOFR + 2.900%)
|
6.629%
|
10/20/34
|
290,000
|
290,872
(a)(e)
|
|
|
Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term SOFR + 3.500%)
|
7.250%
|
4/17/34
|
230,000
|
227,924
(a)(e)
|
|
|
Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR +
3.250%)
|
7.060%
|
7/25/34
|
320,000
|
318,113
(a)(e)
|
|
|
Jamestown CLO Ltd., 2021-17A DR (3 mo. Term SOFR +
3.500%)
|
7.310%
|
1/25/35
|
510,000
|
505,691
(a)(e)
|
|
|
Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%)
|
8.510%
|
1/25/38
|
570,000
|
564,377
(a)(e)
|
|
|
Magnetite Ltd., 2022-32A ER (3 mo. Term SOFR + 4.600%)
|
8.353%
|
10/15/37
|
490,000
|
484,955
(a)(e)
|
|
|
Mountain View CLO Ltd., 2015-9A CR (3 mo. Term SOFR +
3.382%)
|
7.135%
|
7/15/31
|
250,000
|
251,847
(a)(e)
|
|
|
Mountain View CLO Ltd., 2025-1A D1 (3 mo. Term SOFR +
3.400%)
|
7.150%
|
10/17/38
|
310,000
|
300,567
(a)(e)
|
|
|
New Mountain CLO Ltd., 5A D1R (3 mo. Term SOFR + 3.150%)
|
6.879%
|
7/20/36
|
320,000
|
321,168
(a)(e)
|
|
|
Oaktree CLO Ltd., 2022-2A D1R2 (3 mo. Term SOFR + 3.250%)
|
7.003%
|
10/15/37
|
570,000
|
572,219
(a)(e)
|
|
|
Obra CLO Ltd., 2026-5A D1 (3 mo. Term SOFR + 2.850%)
|
6.564%
|
10/20/39
|
390,000
|
390,471
(a)(e)
|
|
|
Obra CLO Ltd., 2024-1A D1 (3 mo. Term SOFR + 3.400%)
|
7.129%
|
1/20/38
|
800,000
|
808,053
(a)(e)
|
|
|
Ocean Trails CLO Ltd., 2024-16A D1 (3 mo. Term SOFR +
3.300%)
|
7.029%
|
1/20/38
|
700,000
|
703,469
(a)(e)
|
|
|
OFSI BSL Ltd., 2022-11A D1RR (3 mo. Term SOFR + 3.710%)
|
7.439%
|
3/31/38
|
370,000
|
372,104
(a)(e)
|
|
|
OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR +
2.850%)
|
6.579%
|
7/19/37
|
330,000
|
331,414
(a)(e)
|
|
|
Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR +
2.950%)
|
6.679%
|
7/20/37
|
460,000
|
457,178
(a)(e)
|
|
|
Palmer Square Loan Funding Ltd., 2024-3A CR (3 mo. Term
SOFR + 1.850%)
|
5.607%
|
8/8/32
|
310,000
|
310,016
(a)(e)
|
|
|
PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%)
|
6.729%
|
4/20/38
|
540,000
|
538,105
(a)(e)
|
|
|
RR Ltd., 2021-18A DR (3 mo. Term SOFR + 4.900%)
|
8.653%
|
7/15/40
|
470,000
|
466,615
(a)(e)
|
|
|
Silver Point CLO Ltd., 2026-18A D1 (3 mo. Term SOFR +
3.000%)
|
6.820%
|
7/15/39
|
490,000
|
490,648
(a)(e)
|
|
|
Symphony CLO Ltd., 2020-22A DR (3 mo. Term SOFR + 3.300%)
|
7.029%
|
4/18/33
|
250,000
|
251,965
(a)(e)
|
|
|
Symphony CLO Ltd., 2021-25A D (3 mo. Term SOFR + 3.862%)
|
7.591%
|
4/19/34
|
250,000
|
248,498
(a)(e)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Asset-Backed Securities — continued
|
|||||
|
Voya CLO Ltd., 2018-2A D (3 mo. Term SOFR + 3.012%)
|
6.765%
|
7/15/31
|
430,000
|
$431,240
(a)(e)
|
|
|
Wellesley Park CLO Ltd., 2025-1A E (3 mo. Term SOFR +
4.600%)
|
8.375%
|
1/24/39
|
230,000
|
228,874
(a)(e)
|
|
|
Whitebox CLO Ltd., 2025-5A D1 (3 mo. Term SOFR + 2.850%)
|
6.579%
|
7/20/38
|
320,000
|
320,947
(a)(e)
|
|
|
|
|||||
|
Total Asset-Backed Securities (Cost — $17,488,453)
|
17,515,622
|
||||
|
Senior Loans — 8.0%
|
|||||
|
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
|
715,962
|
718,310
(e)(j)(k)
|
|
|
OAK-Eagle Acquireco Inc., Term Loan B1 (3 mo. Term SOFR +
3.500%)
|
7.251%
|
8/4/33
|
700,000
|
707,875
(e)(j)(k)
|
|
|
Total Entertainment
|
1,426,185
|
||||
|
Media — 0.0%††
|
|||||
|
Diamond Sports Net LLC, First Lien Exit Term Loan
|
12.000%
|
1/3/28
|
602,726
|
113,511
(c)(j)(k)
|
|
|
|
|||||
|
Total Communication Services
|
1,539,696
|
||||
|
Consumer Discretionary — 2.0%
|
|||||
|
Automobile Components — 0.5%
|
|||||
|
ABC Technologies Inc., Term Loan B
|
11.936-11.982%
|
1/2/40
|
820,335
|
797,776
(e)(g)(j)(k)
|
|
|
Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR +
2.500%)
|
6.186%
|
5/6/30
|
401,607
|
403,514
(e)(j)(k)
|
|
|
Total Automobile Components
|
1,201,290
|
||||
|
Diversified Consumer Services — 0.2%
|
|||||
|
WW International Inc., Take-Back Term Loan (3 mo. Term SOFR
+ 6.800%)
|
10.528%
|
6/24/30
|
545,478
|
389,679
(e)(j)(k)
|
|
|
Hotels, Restaurants & Leisure — 0.9%
|
|||||
|
Catawba Nation Gaming Authority, Initial Term Loan B
|
—
|
3/29/32
|
380,000
|
384,929
(l)
|
|
|
Light & Wonder International Inc., Term Loan B3 (1 mo. Term
SOFR + 2.000%)
|
5.659%
|
4/16/29
|
241,957
|
242,562
(e)(j)(k)
|
|
|
Peninsula Pacific Entertainment LLC, Closing Date Term Loan
Facility B (6 mo. Term SOFR + 4.750%)
|
8.596%
|
10/1/32
|
509,000
|
511,545
(e)(j)(k)
|
|
|
Station Casinos LLC, Term Loan Facility B (1 mo. Term SOFR +
2.000%)
|
5.686%
|
3/14/31
|
850,425
|
853,372
(e)(j)(k)
|
|
|
Total Hotels, Restaurants & Leisure
|
1,992,408
|
||||
|
Specialty Retail — 0.4%
|
|||||
|
Harbor Freight Tools USA Inc., Initial Term Loan (1 mo. Term
SOFR + 2.250%)
|
5.936%
|
6/11/31
|
326,057
|
327,273
(e)(j)(k)
|
|
|
Petco Health & Wellness Co. Inc., 2026 Term Loan (3 mo. Term
SOFR + 4.250%)
|
7.982%
|
2/3/31
|
538,650
|
539,170
(e)(j)(k)
|
|
|
Total Specialty Retail
|
866,443
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
4,449,820
|
||||
|
Energy — 0.2%
|
|||||
|
Oil, Gas & Consumable Fuels — 0.2%
|
|||||
|
Birdsboro Power LLC, Term Loan B (3 mo. Term SOFR +
3.750%)
|
7.500%
|
6/24/33
|
430,000
|
434,033
(e)(j)(k)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Financials — 0.5%
|
|||||
|
Capital Markets — 0.1%
|
|||||
|
Edelman Financial Engines Center LLC, Term Loan B (1 mo.
Term SOFR + 4.000%)
|
7.686%
|
12/1/31
|
180,000
|
$181,188
(e)(j)(k)
|
|
|
Financial Services — 0.2%
|
|||||
|
Citadel Securities LP, 2026 Term Loan (3 mo. Term SOFR +
2.000%)
|
5.661%
|
6/10/33
|
241,985
|
242,710
(e)(j)(k)
|
|
|
Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term
SOFR + 4.000%)
|
7.686%
|
7/31/31
|
148,875
|
147,642
(e)(j)(k)
|
|
|
Total Financial Services
|
390,352
|
||||
|
Insurance — 0.2%
|
|||||
|
Acrisure LLC, 2024 Repricing Term Loan B6 (1 mo. Term SOFR
+ 3.000%)
|
6.686%
|
11/6/30
|
120,000
|
102,400
(e)(j)(k)
|
|
|
Asurion LLC, New Term Loan B14 (3 mo. Term SOFR + 3.750%)
|
7.573%
|
2/23/33
|
428,925
|
411,946
(e)(j)(k)
|
|
|
Total Insurance
|
514,346
|
||||
|
|
|||||
|
Total Financials
|
1,085,886
|
||||
|
Health Care — 0.7%
|
|||||
|
Health Care Providers & Services — 0.5%
|
|||||
|
EyeCare Partners LLC, Term Loan B (3 mo. Term SOFR +
1.100%)
|
4.834%
|
11/30/28
|
634,163
|
343,241
(c)(e)(j)(k)
|
|
|
LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%)
|
7.503%
|
5/16/31
|
220,585
|
211,750
(e)(j)(k)
|
|
|
TEAM Services Holding Inc., Initial Term Loan (3 mo. Term
SOFR + 5.250%)
|
8.982%
|
3/31/33
|
550,000
|
549,312
(e)(j)(k)
|
|
|
Total Health Care Providers & Services
|
1,104,303
|
||||
|
Health Care Technology — 0.2%
|
|||||
|
AthenaHealth Group Inc., Fourth Amendment Term Loan (1 mo.
Term SOFR + 3.250%)
|
6.936%
|
2/17/32
|
349,118
|
349,431
(e)(j)(k)
|
|
|
|
|||||
|
Total Health Care
|
1,453,734
|
||||
|
Industrials — 1.3%
|
|||||
|
Building Products — 0.2%
|
|||||
|
Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR +
2.250%)
|
5.936%
|
2/10/32
|
523,375
|
524,767
(e)(j)(k)
|
|
|
Electrical Equipment — 0.2%
|
|||||
|
Osmose Utilities Services Inc., First Lien Initial Term Loan (1
mo. Term SOFR + 3.364%)
|
7.051%
|
6/23/28
|
387,963
|
387,721
(e)(j)(k)
|
|
|
Machinery — 0.2%
|
|||||
|
Tulip Holdco DE LLC, USD Term Loan B
|
—
|
7/21/33
|
550,000
|
551,719
(h)(l)
|
|
|
Passenger Airlines — 0.2%
|
|||||
|
Spirit Airlines LLC, Contingent DIP Facility
|
—
|
11/17/26
|
680,368
|
190,503
*(b)(h)
|
|
|
Spirit Airlines LLC, Contingent DIP Facility Initial Term Loan
|
—
|
11/17/26
|
259,210
|
1,458
*(b)(h)
|
|
|
Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR +
8.000%)
|
11.644%
|
9/14/26
|
94,129
|
89,422
(c)(e)(h)(j)(k)
|
|
|
Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term
SOFR + 8.000%)
|
11.644%
|
9/14/26
|
23,345
|
22,177
(c)(e)(h)(j)(k)
|
|
|
Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo.
Term SOFR + 8.000%)
|
11.644%
|
9/14/26
|
46,106
|
43,801
(c)(e)(h)(j)(k)
|
|
|
Total Passenger Airlines
|
347,361
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Professional Services — 0.5%
|
|||||
|
Accuris, Term Loan B
|
—
|
8/12/31
|
370,000
|
$369,538
(h)(l)
|
|
|
Dayforce Bidco LLC, Initial Term Loan (3 mo. Term SOFR +
3.000%)
|
6.823%
|
2/4/33
|
740,000
|
716,116
(e)(j)(k)
|
|
|
Total Professional Services
|
1,085,654
|
||||
|
|
|||||
|
Total Industrials
|
2,897,222
|
||||
|
Information Technology — 1.9%
|
|||||
|
Semiconductors & Semiconductor Equipment — 1.3%
|
|||||
|
VCI Asset Holdings 1 LLC, Term Loan
|
10.000%
|
11/20/30
|
1,100,526
|
1,167,477
(j)(k)
|
|
|
VCI Asset Holdings 2 LLC, Initial Term Loan
|
7.375%
|
2/6/31
|
1,165,225
|
1,200,182
(h)(j)(k)
|
|
|
VCI Asset Holdings 3 LLC, Term Loan
|
6.875%
|
4/24/30
|
475,000
|
480,049
(j)(k)
|
|
|
Total Semiconductors & Semiconductor Equipment
|
2,847,708
|
||||
|
Software — 0.6%
|
|||||
|
Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%)
|
7.536%
|
10/8/28
|
288,490
|
265,651
(e)(j)(k)
|
|
|
CoreWeave Financing V LLC, Additional Delayed Draw Term
Loan (1 mo. Term SOFR + 4.500%)
|
8.150-8.160%
|
11/15/31
|
220,000
|
222,229
(e)(j)(k)(m)
|
|
|
DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term
SOFR + 7.000%)
|
10.686%
|
2/19/29
|
790,000
|
670,761
(e)(j)(k)
|
|
|
Total Software
|
1,158,641
|
||||
|
Technology Hardware, Storage & Peripherals — 0.0%††
|
|||||
|
Vericast Corp., 2024 Extended Term Loan (3 mo. Term SOFR +
7.750%)
|
11.500%
|
6/14/30
|
34,973
|
34,798
(e)(j)(k)
|
|
|
|
|||||
|
Total Information Technology
|
4,041,147
|
||||
|
Materials — 0.5%
|
|||||
|
Chemicals — 0.3%
|
|||||
|
Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo.
Term SOFR + 4.000%)
|
7.688%
|
3/15/29
|
561,225
|
554,501
(e)(j)(k)
|
|
|
Containers & Packaging — 0.2%
|
|||||
|
Clydesdale Acquisition Holdings Inc., Term Loan B (1 mo. Term
SOFR + 3.175%)
|
6.861%
|
4/13/29
|
470,000
|
469,937
(e)(j)(k)
|
|
|
Metals & Mining — 0.0%††
|
|||||
|
Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan
(4.286% PIK)
|
4.286%
|
12/19/33
|
573,771
|
0
(c)(e)(g)(h)(i)(j)(k)
|
|
|
|
|||||
|
Total Materials
|
1,024,438
|
||||
|
Utilities — 0.2%
|
|||||
|
Independent Power and Renewable Electricity Producers — 0.2%
|
|||||
|
Pathfinder Power LLC, Term Loan B
|
—
|
6/22/33
|
500,000
|
500,629
(l)
|
|
|
|
|||||
|
Total Senior Loans (Cost — $19,473,037)
|
17,426,605
|
||||
|
Collateralized Mortgage Obligations(n) — 3.9%
|
|||||
|
BF Mortgage Trust, 2019-NYT C (1 mo. Term SOFR + 1.997%)
|
5.637%
|
12/15/35
|
500,000
|
457,321
(a)(e)
|
|
|
BX Commercial Mortgage Trust, 2019-IMC F (1 mo. Term SOFR
+ 2.946%)
|
6.585%
|
4/15/34
|
1,100,000
|
1,044,462
(a)(e)
|
|
|
CEDR Commercial Mortgage Trust, 2022-SNAI D (1 mo. Term
SOFR + 2.376%)
|
6.015%
|
2/15/39
|
800,000
|
790,856
(a)(e)
|
|
|
DGWD Trust, 2025-INFL E (1 mo. Term SOFR + 4.000%)
|
7.639%
|
8/15/35
|
200,000
|
199,603
(a)(e)
|
|
|
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily
Structured Credit Risk Trust, 2025-MN12 B1 (30 Day Average
SOFR + 4.500%)
|
8.143%
|
11/25/45
|
600,000
|
609,210
(a)(e)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Collateralized Mortgage Obligations(n) — continued
|
|||||
|
GS Mortgage Securities Trust, 2014-GC24 B
|
4.450%
|
9/10/47
|
89,426
|
$87,465
(e)
|
|
|
HIH Trust, 2024-61P E (1 mo. Term SOFR + 4.189%)
|
7.828%
|
10/15/41
|
153,500
|
154,765
(a)(e)
|
|
|
KELR Trust, 2026-MF F (1 mo. Term SOFR + 3.750%)
|
7.400%
|
8/15/43
|
600,000
|
602,213
(a)(e)
|
|
|
LHOME Mortgage Trust, 2025-RTL1 M1
|
7.023%
|
1/25/40
|
310,000
|
311,684
(a)(e)
|
|
|
Multifamily CAS Trust, 2023-01 B1 (30 Day Average SOFR +
9.750%)
|
13.393%
|
11/25/53
|
650,000
|
781,223
(a)(e)
|
|
|
NYC Commercial Mortgage Trust, 2025-28L F
|
8.401%
|
11/5/38
|
300,000
|
299,059
(a)(e)
|
|
|
NYC Commercial Mortgage Trust, 2025-28L G
|
9.631%
|
11/5/38
|
700,000
|
692,795
(a)(e)
|
|
|
NYC Commercial Mortgage Trust, 2026-1325 E
|
8.497%
|
5/9/41
|
750,000
|
767,617
(a)(e)
|
|
|
ROCK Trust, 2024-CNTR E
|
8.819%
|
11/13/41
|
700,000
|
726,691
(a)
|
|
|
SMRT, 2022-MINI F (1 mo. Term SOFR + 3.350%)
|
6.990%
|
1/15/39
|
950,000
|
947,775
(a)(e)
|
|
|
|
|||||
|
Total Collateralized Mortgage Obligations (Cost — $8,508,772)
|
8,472,739
|
||||
|
Convertible Bonds & Notes — 0.6%
|
|||||
|
Communication Services — 0.1%
|
|||||
|
Media — 0.1%
|
|||||
|
EchoStar Corp., Senior Secured Notes (3.875% Cash or
3.875% PIK)
|
3.875%
|
11/30/30
|
96,111
|
259,519
(c)
|
|
|
|
|||||
|
Health Care — 0.2%
|
|||||
|
Pharmaceuticals — 0.2%
|
|||||
|
Jazz Investments I Ltd., Senior Notes
|
1.875%
|
9/15/32
|
400,000
|
402,200
(a)
|
|
|
|
|||||
|
Industrials — 0.2%
|
|||||
|
Aerospace & Defense — 0.2%
|
|||||
|
AeroVironment Inc., Senior Notes
|
0.000%
|
7/15/30
|
344,000
|
314,502
|
|
|
Voyager Technologies Inc., Senior Notes
|
0.750%
|
11/15/30
|
70,000
|
93,380
(a)
|
|
|
|
|||||
|
Total Industrials
|
407,882
|
||||
|
Information Technology — 0.1%
|
|||||
|
Software — 0.1%
|
|||||
|
IREN Ltd., Senior Notes
|
1.000%
|
12/1/33
|
310,000
|
223,935
(a)
|
|
|
|
|||||
|
Total Convertible Bonds & Notes (Cost — $1,273,036)
|
1,293,536
|
||||
|
Sovereign Bonds — 0.4%
|
|||||
|
Argentina — 0.4%
|
|||||
|
Provincia de Buenos Aires, Senior Notes
(Cost — $488,547)
|
6.625%
|
9/1/37
|
1,111,876
|
891,169
(a)
|
|
|
|
|
|
|
Shares/
Units
|
|
|
Common Stocks — 0.3%
|
|||||
|
Communication Services — 0.2%
|
|||||
|
Diversified Telecommunication Services — 0.2%
|
|||||
|
Altice France Luxco
|
|
16,680
|
316,291
*
|
||
|
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC
|
|
209
|
2
*(o)
|
||
|
Spirit Aviation Holdings Inc.
|
|
35,875
|
359
*
|
||
|
|
|||||
|
Total Industrials
|
361
|
||||
|
Security
|
|
|
|
Shares/
Units
|
Value
|
|
|
|||||
|
Information Technology — 0.1%
|
|||||
|
Semiconductors & Semiconductor Equipment — 0.1%
|
|||||
|
VCI Asset Holdings 2 LLC
|
|
236,531
|
$236,531
*(g)(h)
|
||
|
|
|||||
|
Materials — 0.0%††
|
|||||
|
Metals & Mining — 0.0%††
|
|||||
|
Arctic Canadian Diamond Co. Ltd.
|
|
541
|
0
*(g)(h)(i)
|
||
|
|
|||||
|
Total Common Stocks (Cost — $740,420)
|
553,183
|
||||
|
|
|
|
Expiration
Date
|
Rights
|
|
|
Rights — 0.0%††
|
|||||
|
Communication Services — 0.0%††
|
|||||
|
Diversified Telecommunication Services — 0.0%††
|
|||||
|
Altice France Luxco (Cost — $0)
|
|
—
|
1,596
|
24,795
*
|
|
|
|
|
|
|
Warrants
|
|
|
Warrants — 0.0%††
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC (Cost — $310,299)
|
|
3/12/30
|
25,490
|
255
*(a)(g)(o)
|
|
|
Total Investments before Short-Term Investments (Cost — $215,140,912)
|
212,398,480
|
||||
|
|
|
Rate
|
|
Shares
|
|
|
Short-Term Investments — 0.9%
|
|||||
|
Western Asset Premier Institutional Government Reserves,
Premium Shares (Cost — $2,046,226)
|
3.616%
|
|
2,046,226
|
2,046,226
(p)(q)
|
|
|
Total Investments — 98.8% (Cost — $217,187,138)
|
214,444,706
|
||||
|
Other Assets in Excess of Liabilities — 1.2%
|
2,585,178
|
||||
|
Total Net Assets — 100.0%
|
$217,029,884
|
||||
|
†
|
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)
|
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.
|
|
(d)
|
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.
|
|
(e)
|
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.
|
|
(f)
|
Security has no maturity date. The date shown represents the next call date.
|
|
(g)
|
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
|
|
(h)
|
Security is valued using significant unobservable inputs (Note 1).
|
|
(i)
|
Value is less than $1.
|
|
(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 $124,619 and
$125,882, 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 $2,046,226 and the
cost was $2,046,226 (Note 2).
|
|
Abbreviation(s) used in this schedule:
|
||
|
CAS
|
—
|
Connecticut Avenue Securities
|
|
CLO
|
—
|
Collateralized Loan Obligation
|
|
DAC
|
—
|
Designated Activity Company
|
|
DIP
|
—
|
Debtor-in-possession
|
|
GBP
|
—
|
British Pound
|
|
ICE
|
—
|
Intercontinental Exchange
|
|
PIK
|
—
|
Payment-In-Kind
|
|
SOFR
|
—
|
Secured Overnight Financing Rate
|
|
SONIA
|
—
|
Sterling Overnight Index Average
|
|
USD
|
—
|
United States Dollar
|
|
|
Number of
Contracts
|
Expiration
Date
|
Notional
Amount
|
Market
Value
|
Unrealized
Depreciation
|
|
Contracts to Buy:
|
|
|
|
|
|
|
U.S. Treasury 5-Year Notes
|
76
|
12/26
|
$8,068,346
|
$8,033,438
|
$(34,908)
|
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
|
||
|
EUR
|
2,577,243
|
USD
|
2,954,727
|
BNP Paribas SA
|
10/16/26
|
$44,221
|
|
GBP
|
23,177
|
USD
|
31,046
|
Citibank N.A.
|
10/16/26
|
361
|
|
GBP
|
2,940,320
|
USD
|
3,926,446
|
Citibank N.A.
|
10/16/26
|
57,981
|
|
Net unrealized appreciation on open forward foreign currency contracts
|
$102,563
|
|||||
|
Abbreviation(s) used in this table:
|
||
|
EUR
|
—
|
Euro
|
|
GBP
|
—
|
British Pound
|
|
USD
|
—
|
United States Dollar
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION1
|
|||||||
|
Reference Entity
|
Notional
Amount2
|
Termination
Date
|
Implied
Credit
Spread at
August 31,
20263
|
Periodic
Payments
Received by
the Fund†
|
Market
Value
|
Upfront
Premiums
Paid
(Received)
|
Unrealized
Appreciation
|
|
Nabors Industries Inc., 9.125%, due
1/31/30
|
$182,000
|
6/20/29
|
1.402%
|
1.000% quarterly
|
$(1,910)
|
$(18,594)
|
$16,684
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION4
|
|||||||
|
Reference Entity
|
Notional
Amount2
|
Termination
Date
|
Implied
Credit
Spread at
August 31,
20263
|
Periodic
Payments
Made by
the Fund†
|
Market
Value
|
Upfront
Premiums
Paid
(Received)
|
Unrealized
Depreciation
|
|
Transocean Inc., 8.000%, due 2/1/27
|
$182,000
|
6/20/29
|
1.161%
|
1.000% quarterly
|
$770
|
$13,028
|
$(12,258)
|
|
1
|
If the Fund is a seller of protection and a credit event occurs, as defined under
the terms of that particular swap agreement, the Fund will either (i) pay to
the buyer of protection an amount equal to the notional amount of the swap and take
delivery of the referenced obligation or underlying securities
comprising the referenced index or (ii) pay a net settlement amount in the form of
cash or securities equal to the notional amount of the swap less the
recovery value of the referenced obligation or underlying securities comprising the
referenced index.
|
|
2
|
The maximum potential amount the Fund could be required to pay as a seller of credit
protection or receive as a buyer of credit protection if a credit event
occurs as defined under the terms of that particular swap agreement.
|
|
3
|
Implied credit spreads, utilized in determining the market value of credit default
swap agreements on corporate or sovereign issues as of period end, serve
as an indicator of the current status of the payment/performance risk and represent
the likelihood or risk of default for the credit derivative. The implied
credit spread of a particular referenced entity reflects the cost of buying/selling
protection and may include upfront payments required to be made to enter
into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or
other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for
the referenced entity or obligation.
|
|
4
|
If the Fund is a buyer of protection and a credit event occurs, as defined under the
terms of that particular swap agreement, the Fund will either (i) receive
from the seller of protection an amount equal to the notional amount of the swap and
deliver the referenced obligation or the underlying securities
comprising the referenced index or (ii) receive a net settlement amount in the form
of cash or securities equal to the notional amount of the swap less the
recovery value of the referenced obligation or the underlying securities comprising
the referenced index.
|
|
†
|
Percentage shown is an annual percentage rate.
|
|
ASSETS
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Long-Term Investments†:
|
|
|
|
|
|
Corporate Bonds & Notes:
|
|
|
|
|
|
Energy
|
—
|
$20,986,006
|
$1,229,948
|
$22,215,954
|
|
Financials
|
—
|
22,302,318
|
0
*
|
22,302,318
|
|
Other Corporate Bonds & Notes
|
—
|
121,702,304
|
—
|
121,702,304
|
|
Asset-Backed Securities
|
—
|
17,515,622
|
—
|
17,515,622
|
|
Senior Loans:
|
|
|
|
|
|
Industrials
|
—
|
1,628,604
|
1,268,618
|
2,897,222
|
|
Information Technology
|
—
|
2,840,965
|
1,200,182
|
4,041,147
|
|
Materials
|
—
|
1,024,438
|
0
*
|
1,024,438
|
|
Other Senior Loans
|
—
|
9,463,798
|
—
|
9,463,798
|
|
Collateralized Mortgage Obligations
|
—
|
8,472,739
|
—
|
8,472,739
|
|
Convertible Bonds & Notes
|
—
|
1,293,536
|
—
|
1,293,536
|
|
Sovereign Bonds
|
—
|
891,169
|
—
|
891,169
|
|
Common Stocks:
|
|
|
|
|
|
Communication Services
|
—
|
316,291
|
—
|
316,291
|
|
Industrials
|
$359
|
2
|
—
|
361
|
|
Information Technology
|
—
|
—
|
236,531
|
236,531
|
|
Materials
|
—
|
—
|
0
*
|
—
|
|
Rights
|
—
|
24,795
|
—
|
24,795
|
|
Warrants
|
—
|
255
|
—
|
255
|
|
Total Long-Term Investments
|
359
|
208,462,842
|
3,935,279
|
212,398,480
|
|
Short-Term Investments†
|
2,046,226
|
—
|
—
|
2,046,226
|
|
Total Investments
|
$2,046,585
|
$208,462,842
|
$3,935,279
|
$214,444,706
|
|
Other Financial Instruments:
|
|
|
|
|
|
Forward Foreign Currency Contracts††
|
—
|
$102,563
|
—
|
$102,563
|
|
Centrally Cleared Credit Default Swaps on Corporate Issues —
Sell Protection††
|
—
|
16,684
|
—
|
16,684
|
|
Total Other Financial Instruments
|
—
|
$119,247
|
—
|
$119,247
|
|
Total
|
$2,046,585
|
$208,582,089
|
$3,935,279
|
$214,563,953
|
|
LIABILITIES
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Other Financial Instruments:
|
|
|
|
|
|
Futures Contracts††
|
$34,908
|
—
|
—
|
$34,908
|
|
Centrally Cleared Credit Default Swaps on Corporate Issues —
Buy Protection††
|
—
|
$12,258
|
—
|
12,258
|
|
Total
|
$34,908
|
$12,258
|
—
|
$47,166
|
|
†
|
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:
|
|
|
|
|
|
|
Energy
|
$1,253,947
|
$909
|
$82
|
$(16,955
)
|
—
|
|
Financials
|
0
*
|
—
|
—
|
—
|
—
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
724,058
|
992
|
—
|
72,726
|
—
|
|
Industrials
|
243,313
|
175,007
|
—
|
(209,771
)
|
$911,665
|
|
Information
Technology
|
506,883
|
46
|
(398
)
|
(7,719
)
|
—
|
|
Materials
|
142,836
|
—
|
—
|
(148,942
)
|
6,106
|
|
Common Stocks:
|
|
|
|
|
|
|
Information
Technology
|
249,540
|
—
|
—
|
(13,009
)
|
—
|
|
Materials
|
0
*
|
—
|
—
|
—
|
—
|
|
Total
|
$3,120,577
|
$176,954
|
$(316
)
|
$(323,670
)
|
$917,771
|
|
Investments in
Securities (cont’d)
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance
as of
August 31, 2026
|
Net change
in unrealized
appreciation
(depreciation) for
investments
in securities
still held at
August 31, 2026
|
|
Corporate Bonds &
Notes:
|
|
|
|
|
|
|
Energy
|
$(8,035
)
|
—
|
—
|
$1,229,948
|
$(16,955
)
|
|
Financials
|
—
|
—
|
—
|
0
*
|
—
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
—
|
—
|
$(797,776
)
|
—
|
—
|
|
Industrials
|
(36,090
)
|
$184,494
|
—
|
1,268,618
|
(209,771
)
|
|
Information
Technology
|
(80,350
)
|
1,261,769
|
(480,049
)
|
1,200,182
|
(5,435
)
|
|
Materials
|
—
|
—
|
—
|
0
*
|
(148,942
)
|
|
Investments in
Securities (cont’d)
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance
as of
August 31, 2026
|
Net change
in unrealized
appreciation
(depreciation) for
investments
in securities
still held at
August 31, 2026
|
|
Common Stocks:
|
|
|
|
|
|
|
Information
Technology
|
—
|
—
|
—
|
$236,531
|
$(13,009
)
|
|
Materials
|
—
|
—
|
—
|
0
*
|
—
|
|
Total
|
$(124,475
)
|
$1,446,263
|
$(1,277,825
)
|
$3,935,279
|
$(394,112
)
|
|
*
|
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.
|
|
|
Affiliate
Value at
May 31, 2026
|
Purchased
|
Sold
|
||
|
Cost
|
Shares
|
Proceeds
|
Shares
|
||
|
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
|
$602,392
|
$14,641,452
|
14,641,452
|
$13,197,618
|
13,197,618
|
|
(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
|
—
|
$11,582
|
—
|
$2,046,226
|
|
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
|
209
|
3/25
|
$2,544
|
$2
|
$0.01
|
0.00
%(a)
|
|
Spirit Airlines LLC, Warrants
|
25,490
|
3/25
|
310,299
|
255
(b)
|
0.01
|
0.00
%(a)
|
|
Total
|
|
|
$312,843
|
$257
|
|
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.
|