|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Corporate Bonds & Notes — 88.9%
|
|||||
|
Communication Services — 13.4%
|
|||||
|
Diversified Telecommunication Services — 4.0%
|
|||||
|
Altice Financing SA, Senior Secured Notes
|
5.000%
|
1/15/28
|
1,880,000
|
$1,326,558
(a)
|
|
|
Altice Financing SA, Senior Secured Notes
|
5.750%
|
8/15/29
|
960,000
|
665,988
(a)(b)
|
|
|
Altice France Lux 3/Altice Holdings 1, Senior Notes
|
10.000%
|
1/15/33
|
324,000
|
304,854
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
9.500%
|
11/1/29
|
861,070
|
875,057
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
6.875%
|
10/15/30
|
160,061
|
155,350
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
6.875%
|
7/15/32
|
571,647
|
549,449
(a)
|
|
|
British Telecommunications PLC, Senior Notes
|
9.625%
|
12/15/30
|
60,000
|
73,421
(b)
|
|
|
Fibercop SpA, Senior Secured Notes
|
7.200%
|
7/18/36
|
406,000
|
412,648
(a)(b)
|
|
|
Level 3 Financing Inc., Senior Notes
|
8.500%
|
1/15/36
|
1,240,000
|
1,292,402
(a)(b)
|
|
|
Level 3 Financing Inc., Senior Secured Notes
|
6.875%
|
6/30/33
|
160,000
|
165,834
(a)
|
|
|
Turk Telekomunikasyon AS, Senior Notes
|
7.375%
|
5/20/29
|
1,090,000
|
1,140,754
(a)
|
|
|
WULF Compute LLC, Senior Secured Notes
|
7.750%
|
10/15/30
|
1,040,000
|
1,102,165
(a)(b)
|
|
|
Total Diversified Telecommunication Services
|
8,064,480
|
||||
|
Entertainment — 0.3%
|
|||||
|
Discovery Global Holdings Inc., Senior Notes
|
5.050%
|
3/15/42
|
970,000
|
683,850
(b)
|
|
|
Media — 6.9%
|
|||||
|
AMC Networks Inc., Senior Secured Notes
|
10.250%
|
1/15/29
|
400,000
|
429,205
(a)(b)
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
|
7.375%
|
2/1/36
|
2,520,000
|
2,559,415
(a)
|
|
|
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
|
3.700%
|
4/1/51
|
500,000
|
322,997
(b)
|
|
|
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
|
3.850%
|
4/1/61
|
2,830,000
|
1,713,329
(b)
|
|
|
Clear Channel Outdoor Holdings Inc., Senior Secured Notes
|
7.125%
|
2/15/31
|
630,000
|
666,241
(a)(b)
|
|
|
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior
Secured Notes
|
10.000%
|
2/15/31
|
590,000
|
603,881
(a)(b)
|
|
|
DISH Network Corp., Senior Secured Notes
|
11.750%
|
11/15/27
|
980,000
|
1,015,114
(a)(b)
|
|
|
EchoStar Corp., Senior Secured Notes
|
10.750%
|
11/30/29
|
2,365,000
|
2,583,819
(b)
|
|
|
EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK)
|
6.750%
|
11/30/30
|
1,401,269
|
1,420,892
(b)(c)
|
|
|
Getty Images Inc., Senior Secured Notes
|
11.250%
|
2/21/30
|
90,000
|
79,720
(a)
|
|
|
Getty Images Inc., Senior Secured Notes
|
10.500%
|
11/15/30
|
470,000
|
416,412
(a)(b)
|
|
|
iHeartCommunications Inc., Senior Secured Notes
|
9.125%
|
5/1/29
|
456,000
|
405,580
(a)
|
|
|
Versant Media Group Inc., Senior Secured Notes
|
7.250%
|
1/30/31
|
550,000
|
563,216
(a)(b)
|
|
|
Virgin Media Finance PLC, Senior Notes
|
5.000%
|
7/15/30
|
760,000
|
637,463
(a)(b)
|
|
|
VZ Secured Financing BV, Senior Secured Notes
|
5.250%
|
1/15/33
|
220,000
EUR
|
255,288
(a)
|
|
|
VZ Secured Financing BV, Senior Secured Notes
|
7.500%
|
1/15/33
|
200,000
|
196,716
(a)
|
|
|
Total Media
|
13,869,288
|
||||
|
Wireless Telecommunication Services — 2.2%
|
|||||
|
CSC Holdings LLC, Senior Notes
|
11.750%
|
1/31/29
|
930,000
|
663,265
(a)(b)
|
|
|
CSC Holdings LLC, Senior Notes
|
4.500%
|
11/15/31
|
2,210,000
|
1,328,257
(a)(b)
|
|
|
Sprint Capital Corp., Senior Notes
|
6.875%
|
11/15/28
|
560,000
|
600,847
(b)
|
|
|
Sprint Capital Corp., Senior Notes
|
8.750%
|
3/15/32
|
1,160,000
|
1,418,284
(b)
|
|
|
Vmed O2 UK Financing I PLC, Senior Secured Notes
|
4.500%
|
7/15/31
|
450,000
GBP
|
540,485
(a)
|
|
|
Total Wireless Telecommunication Services
|
4,551,138
|
||||
|
|
|||||
|
Total Communication Services
|
27,168,756
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Consumer Discretionary — 15.8%
|
|||||
|
Automobile Components — 2.7%
|
|||||
|
American Axle & Manufacturing Inc., Senior Notes
|
7.750%
|
10/15/33
|
1,220,000
|
$1,240,747
(a)(b)
|
|
|
Clarios Global LP/Clarios US Finance Co., Senior Secured Notes
|
6.750%
|
2/15/30
|
730,000
|
765,011
(a)
|
|
|
Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes
|
7.750%
|
5/31/32
|
360,000
|
380,723
(a)
|
|
|
JB Poindexter & Co. Inc., Senior Notes
|
8.750%
|
12/15/31
|
1,150,000
|
1,192,102
(a)
|
|
|
ZF North America Capital Inc., Senior Notes
|
7.500%
|
3/24/31
|
720,000
|
742,463
(a)
|
|
|
ZF North America Capital Inc., Senior Notes
|
6.875%
|
4/23/32
|
1,090,000
|
1,094,150
(a)(b)
|
|
|
Total Automobile Components
|
5,415,196
|
||||
|
Automobiles — 1.9%
|
|||||
|
Ford Motor Co., Senior Notes
|
3.250%
|
2/12/32
|
220,000
|
198,112
(b)
|
|
|
Ford Motor Credit Co. LLC, Senior Notes
|
7.350%
|
3/6/30
|
500,000
|
542,054
(b)
|
|
|
Nissan Motor Co. Ltd., Senior Notes
|
4.810%
|
9/17/30
|
770,000
|
732,437
(a)(b)
|
|
|
PM General Purchaser LLC, Senior Secured Notes
|
9.500%
|
10/1/28
|
2,650,000
|
2,481,619
(a)(b)
|
|
|
Total Automobiles
|
3,954,222
|
||||
|
Broadline Retail — 0.9%
|
|||||
|
Marks & Spencer PLC, Senior Notes
|
7.125%
|
12/1/37
|
1,120,000
|
1,259,310
(a)(b)
|
|
|
Prosus NV, Senior Notes
|
4.193%
|
1/19/32
|
500,000
|
485,763
(d)
|
|
|
Total Broadline Retail
|
1,745,073
|
||||
|
Hotels, Restaurants & Leisure — 6.5%
|
|||||
|
Carnival Corp., Senior Notes
|
6.125%
|
2/15/33
|
690,000
|
714,748
(a)(b)
|
|
|
Carnival PLC, Senior Notes
|
1.000%
|
10/28/29
|
2,760,000
EUR
|
3,042,114
(b)
|
|
|
Full House Resorts Inc., Senior Secured Notes
|
8.250%
|
2/15/28
|
1,660,000
|
1,444,200
(a)
|
|
|
Las Vegas Sands Corp., Senior Notes
|
3.900%
|
8/8/29
|
610,000
|
597,368
(b)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
5.375%
|
12/4/29
|
530,000
|
518,154
(a)(b)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
6.500%
|
9/24/33
|
470,000
|
469,201
(a)
|
|
|
NCL Corp. Ltd., Senior Notes
|
6.250%
|
9/15/33
|
190,000
|
191,894
(a)
|
|
|
NCL Finance Ltd., Senior Notes
|
6.125%
|
3/15/28
|
1,410,000
|
1,448,384
(a)(b)
|
|
|
Rivers Enterprise Borrower LLC, Senior Secured Notes
|
6.250%
|
10/15/30
|
980,000
|
1,001,805
(a)(b)
|
|
|
Sands China Ltd., Senior Notes
|
2.850%
|
3/8/29
|
680,000
|
651,209
(b)
|
|
|
Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes
|
5.625%
|
2/15/29
|
764,000
|
766,032
(a)(b)
|
|
|
Wynn Macau Ltd., Senior Notes
|
5.625%
|
8/26/28
|
850,000
|
849,567
(a)(b)
|
|
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes
|
5.125%
|
10/1/29
|
1,030,000
|
1,036,681
(a)(b)
|
|
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes
|
7.125%
|
2/15/31
|
360,000
|
388,953
(a)(b)
|
|
|
Total Hotels, Restaurants & Leisure
|
13,120,310
|
||||
|
Household Durables — 0.4%
|
|||||
|
Dream Finders Homes Inc., Senior Notes
|
6.875%
|
9/15/30
|
400,000
|
409,311
(a)
|
|
|
Newell Brands Inc., Senior Notes
|
8.500%
|
6/1/28
|
400,000
|
421,257
(a)
|
|
|
Total Household Durables
|
830,568
|
||||
|
Specialty Retail — 3.4%
|
|||||
|
Gee Automotive Holdings LLC, Senior Notes
|
7.250%
|
3/1/31
|
680,000
|
691,549
(a)
|
|
|
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
|
11.500%
|
8/15/29
|
1,070,000
|
1,096,654
(a)(b)
|
|
|
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
|
8.750%
|
1/15/32
|
200,000
|
185,345
(a)
|
|
|
Michaels Cos. Inc., Secured Notes
|
11.000%
|
3/15/34
|
2,630,000
|
2,460,504
(a)(e)
|
|
|
Michaels Cos. Inc., Senior Secured Notes
|
8.500%
|
3/15/33
|
420,000
|
408,910
(a)(e)
|
|
|
Petco Health & Wellness Co. Inc., Senior Secured Notes
|
8.250%
|
2/1/31
|
700,000
|
684,131
(a)(b)
|
|
|
Sally Holdings LLC/Sally Capital Inc., Senior Notes
|
6.750%
|
3/1/32
|
560,000
|
581,732
(b)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Specialty Retail — continued
|
|||||
|
Upbound Group Inc., Senior Notes
|
6.375%
|
2/15/29
|
720,000
|
$713,349
(a)(b)
|
|
|
Total Specialty Retail
|
6,822,174
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
31,887,543
|
||||
|
Consumer Staples — 1.4%
|
|||||
|
Beverages — 0.6%
|
|||||
|
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco
SL, Senior Notes
|
5.250%
|
4/27/29
|
1,250,000
|
1,237,911
(a)
|
|
|
Food Products — 0.8%
|
|||||
|
Grupo Nutresa SA, Senior Notes
|
8.000%
|
5/12/30
|
710,000
|
765,913
(a)
|
|
|
TKC Holdings Inc., Senior Secured Notes
|
8.500%
|
8/15/30
|
740,000
|
757,860
(a)
|
|
|
Total Food Products
|
1,523,773
|
||||
|
|
|||||
|
Total Consumer Staples
|
2,761,684
|
||||
|
Energy — 18.5%
|
|||||
|
Energy Equipment & Services — 1.3%
|
|||||
|
Nabors Industries Inc., Senior Notes
|
8.875%
|
8/15/31
|
960,000
|
995,064
(a)(b)
|
|
|
Noble Finance II LLC, Senior Notes
|
8.000%
|
4/15/30
|
500,000
|
520,688
(a)(b)
|
|
|
WBI Operating LLC, Senior Notes
|
6.500%
|
10/15/33
|
580,000
|
589,758
(a)
|
|
|
Yinson Boronia Production BV, Senior Secured Notes
|
8.947%
|
7/31/42
|
485,730
|
535,975
(a)
|
|
|
Total Energy Equipment & Services
|
2,641,485
|
||||
|
Oil, Gas & Consumable Fuels — 17.2%
|
|||||
|
Chord Energy Corp., Senior Notes
|
6.000%
|
10/1/30
|
560,000
|
572,303
(a)(b)
|
|
|
Chord Energy Corp., Senior Notes
|
6.750%
|
3/15/33
|
860,000
|
893,798
(a)(b)
|
|
|
Continental Resources Inc., Senior Notes
|
4.375%
|
1/15/28
|
790,000
|
791,832
(b)
|
|
|
Continental Resources Inc., Senior Notes
|
4.900%
|
6/1/44
|
300,000
|
247,482
(b)
|
|
|
Crescent Energy Finance LLC, Senior Notes
|
9.250%
|
2/15/28
|
288,000
|
296,546
(a)
|
|
|
Crescent Energy Finance LLC, Senior Notes
|
7.375%
|
1/15/33
|
360,000
|
357,897
(a)
|
|
|
Crescent Energy Finance LLC, Senior Notes
|
8.375%
|
1/15/34
|
1,200,000
|
1,241,190
(a)(b)
|
|
|
Diamondback Energy Inc., Senior Notes
|
3.500%
|
12/1/29
|
730,000
|
714,821
(b)
|
|
|
Ecopetrol SA, Senior Notes
|
5.875%
|
5/28/45
|
1,860,000
|
1,401,464
(b)(f)
|
|
|
Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28
then 3 mo. USD LIBOR + 4.155%)
|
6.625%
|
2/15/28
|
680,000
|
689,277
(b)(g)(h)
|
|
|
Granite Ridge Resources Inc., Senior Notes
|
8.875%
|
11/5/29
|
1,730,000
|
1,668,369
(a)
|
|
|
Howard Midstream Energy Partners LLC, Senior Notes
|
6.625%
|
1/15/34
|
670,000
|
692,817
(a)(b)
|
|
|
KazMunayGas National Co. JSC, Senior Notes
|
3.500%
|
4/14/33
|
500,000
|
460,686
(a)(b)
|
|
|
Kinder Morgan Inc., Senior Notes
|
7.750%
|
1/15/32
|
1,390,000
|
1,634,662
(b)
|
|
|
New Generation Gas Gathering LLC, Senior Secured Notes (3 mo.
Term SOFR + 5.750%)
|
9.410%
|
9/30/29
|
378,379
|
393,514
(a)(h)(i)(j)
|
|
|
NGPL PipeCo LLC, Senior Notes
|
7.768%
|
12/15/37
|
1,430,000
|
1,712,812
(a)(b)
|
|
|
Northern Oil & Gas Inc., Senior Notes
|
7.875%
|
10/15/33
|
680,000
|
695,627
(a)(b)
|
|
|
Occidental Petroleum Corp., Senior Notes
|
6.200%
|
3/15/40
|
310,000
|
323,321
(b)
|
|
|
Permian Resources Operating LLC, Senior Notes
|
6.250%
|
2/1/33
|
400,000
|
414,401
(a)
|
|
|
Petrobras Global Finance BV, Senior Notes
|
6.750%
|
1/27/41
|
2,910,000
|
2,917,566
(b)
|
|
|
Petroleos del Peru SA, Senior Notes
|
4.750%
|
6/19/32
|
650,000
|
475,982
(a)
|
|
|
Petroleos del Peru SA, Senior Notes
|
5.625%
|
6/19/47
|
1,500,000
|
957,127
(a)
|
|
|
Petroleos Mexicanos, Senior Notes
|
6.500%
|
6/2/41
|
250,000
|
223,140
|
|
|
Petroleos Mexicanos, Senior Notes
|
6.375%
|
1/23/45
|
3,022,000
|
2,504,281
(b)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Oil, Gas & Consumable Fuels — continued
|
|||||
|
Rockies Express Pipeline LLC, Senior Notes
|
6.750%
|
3/15/33
|
250,000
|
$264,425
(a)
|
|
|
Rockies Express Pipeline LLC, Senior Notes
|
6.875%
|
4/15/40
|
330,000
|
340,102
(a)(b)
|
|
|
Summit Midstream Holdings LLC, Senior Secured Notes
|
8.625%
|
10/31/29
|
320,000
|
335,134
(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
|
1,485,000
|
1,536,151
(a)(b)(g)(h)
|
|
|
Sunoco LP, Senior Notes
|
5.625%
|
3/15/31
|
560,000
|
565,077
(a)(b)
|
|
|
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
|
4,980,000
|
4,359,049
(a)(b)(g)(h)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
6.500%
|
6/15/34
|
520,000
|
546,242
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
7.750%
|
5/1/35
|
500,000
|
567,386
(a)(b)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
6.750%
|
1/15/36
|
390,000
|
415,664
(a)
|
|
|
Vermilion Energy Inc., Senior Notes
|
6.875%
|
5/1/30
|
570,000
|
578,419
(a)(b)
|
|
|
Western Midstream Operating LP, Senior Notes
|
5.300%
|
3/1/48
|
500,000
|
442,105
(b)
|
|
|
Williams Cos. Inc., Senior Notes
|
7.500%
|
1/15/31
|
340,000
|
388,757
(b)
|
|
|
Williams Cos. Inc., Senior Notes
|
8.750%
|
3/15/32
|
486,000
|
594,259
(b)
|
|
|
Williams Cos. Inc., Senior Notes
|
5.750%
|
6/24/44
|
1,510,000
|
1,538,164
(f)
|
|
|
Total Oil, Gas & Consumable Fuels
|
34,751,849
|
||||
|
|
|||||
|
Total Energy
|
37,393,334
|
||||
|
Financials — 10.6%
|
|||||
|
Banks — 3.6%
|
|||||
|
Banco Nacional de Comercio Exterior SNC, Subordinated Notes
(2.720% to 8/11/26 then 5 year Treasury Constant Maturity Rate +
2.000%)
|
2.720%
|
8/11/31
|
1,000,000
|
992,973
(d)(h)
|
|
|
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
|
1,400,000
|
1,491,057
(a)(b)(g)(h)
|
|
|
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
|
360,000
|
372,394
(g)(h)
|
|
|
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
|
260,000
|
266,748
(g)(h)
|
|
|
HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32 then
SOFR + 4.250%)
|
8.113%
|
11/3/33
|
950,000
|
1,122,546
(b)(h)
|
|
|
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
|
420,000
|
440,197
(b)(g)(h)
|
|
|
Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to
3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%)
|
8.000%
|
9/27/29
|
2,360,000
|
2,565,365
(g)(h)
|
|
|
Total Banks
|
7,251,280
|
||||
|
Capital Markets — 1.0%
|
|||||
|
Credit Suisse AG AT1 Claim
|
—
|
—
|
4,900,000
|
0
*(i)(j)(k)
|
|
|
StoneX Escrow Issuer LLC, Secured Notes
|
6.875%
|
7/15/32
|
340,000
|
353,092
(a)
|
|
|
StoneX Group Inc., Secured Notes
|
7.875%
|
3/1/31
|
330,000
|
350,556
(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
|
600,000
|
613,450
(a)(g)(h)
|
|
|
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
|
260,000
|
266,497
(a)(g)(h)
|
|
|
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
|
500,000
|
545,406
(a)(g)(h)
|
|
|
Total Capital Markets
|
2,129,001
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Consumer Finance — 0.5%
|
|||||
|
Midcap Financial Issuer Trust, Junior Subordinated Notes (3 mo. Term
SOFR + 3.750%)
|
7.422%
|
1/15/56
|
1,020,000
|
$1,005,375
(a)(h)
|
|
|
Financial Services — 2.9%
|
|||||
|
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior
Notes
|
3.400%
|
10/29/33
|
4,000,000
|
3,652,565
(f)
|
|
|
Capstone Borrower Inc., Senior Secured Notes
|
8.000%
|
6/15/30
|
310,000
|
269,897
(a)
|
|
|
Jane Street Group/JSG Finance Inc., Senior Secured Notes
|
7.125%
|
4/30/31
|
710,000
|
739,118
(a)(b)
|
|
|
VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes
|
7.500%
|
6/15/31
|
390,000
|
407,045
(a)(b)
|
|
|
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior
Notes
|
6.375%
|
2/1/30
|
930,000
|
866,198
(a)(b)
|
|
|
Total Financial Services
|
5,934,823
|
||||
|
Insurance — 1.7%
|
|||||
|
Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes
|
6.750%
|
7/1/32
|
280,000
|
274,835
(a)
|
|
|
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3
Somerset Investor 2 LLC, Senior Notes
|
7.875%
|
11/1/29
|
410,000
|
397,583
(a)
|
|
|
Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes
|
8.000%
|
12/31/32
|
2,050,000
|
2,154,894
(a)(b)
|
|
|
Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes
|
8.375%
|
2/1/34
|
530,000
|
527,767
(a)
|
|
|
Total Insurance
|
3,355,079
|
||||
|
Mortgage Real Estate Investment Trusts (REITs) — 0.9%
|
|||||
|
Arbor Realty SR Inc., Senior Notes
|
8.500%
|
12/15/28
|
1,080,000
|
1,051,622
(a)
|
|
|
Starwood Property Trust Inc., Senior Notes
|
7.250%
|
4/1/29
|
670,000
|
702,901
(a)(b)
|
|
|
Total Mortgage Real Estate Investment Trusts (REITs)
|
1,754,523
|
||||
|
|
|||||
|
Total Financials
|
21,430,081
|
||||
|
Health Care — 5.8%
|
|||||
|
Health Care Providers & Services — 2.9%
|
|||||
|
CHS/Community Health Systems Inc., Secured Notes
|
6.875%
|
4/15/29
|
1,300,000
|
1,257,083
(a)(b)
|
|
|
CHS/Community Health Systems Inc., Secured Notes
|
6.125%
|
4/1/30
|
310,000
|
274,394
(a)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
4.750%
|
2/15/31
|
250,000
|
229,571
(a)(b)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
10.875%
|
1/15/32
|
1,850,000
|
2,007,206
(a)(b)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
9.750%
|
1/15/34
|
790,000
|
833,504
(a)
|
|
|
Sotera Health Holdings LLC, Senior Secured Notes
|
7.375%
|
6/1/31
|
630,000
|
663,685
(a)(b)
|
|
|
TEAM Services Holding Inc., Senior Secured Notes
|
9.000%
|
2/15/33
|
640,000
|
626,534
(a)
|
|
|
Total Health Care Providers & Services
|
5,891,977
|
||||
|
Pharmaceuticals — 2.9%
|
|||||
|
1261229 BC Ltd., Senior Secured Notes
|
10.000%
|
4/15/32
|
2,056,000
|
2,127,976
(a)(b)
|
|
|
Bausch Health Americas Inc., Senior Notes
|
8.500%
|
1/31/27
|
460,000
|
456,275
(a)(b)
|
|
|
Bausch Health Cos. Inc., Senior Notes
|
6.250%
|
2/15/29
|
160,000
|
126,600
(a)
|
|
|
Bausch Health Cos. Inc., Senior Secured Notes
|
4.875%
|
6/1/28
|
249,000
|
231,960
(a)
|
|
|
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
|
3.150%
|
10/1/26
|
700,000
|
695,285
(b)
|
|
|
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
|
6.000%
|
12/1/32
|
2,060,000
|
2,187,518
(b)
|
|
|
Total Pharmaceuticals
|
5,825,614
|
||||
|
|
|||||
|
Total Health Care
|
11,717,591
|
||||
|
Industrials — 8.8%
|
|||||
|
Aerospace & Defense — 1.2%
|
|||||
|
Axon Enterprise Inc., Senior Notes
|
6.125%
|
3/15/30
|
120,000
|
123,975
(a)
|
|
|
Axon Enterprise Inc., Senior Notes
|
6.250%
|
3/15/33
|
150,000
|
155,591
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Aerospace & Defense — continued
|
|||||
|
Bombardier Inc., Senior Notes
|
7.500%
|
2/1/29
|
620,000
|
$645,080
(a)(b)
|
|
|
Bombardier Inc., Senior Notes
|
7.250%
|
7/1/31
|
1,100,000
|
1,171,679
(a)(b)
|
|
|
Bombardier Inc., Senior Notes
|
7.000%
|
6/1/32
|
310,000
|
326,939
(a)
|
|
|
Total Aerospace & Defense
|
2,423,264
|
||||
|
Building Products — 0.8%
|
|||||
|
Masterbrand Inc., Senior Notes
|
7.000%
|
7/15/32
|
210,000
|
211,521
(a)
|
|
|
Quikrete Holdings Inc., Senior Secured Notes
|
6.375%
|
3/1/32
|
1,310,000
|
1,362,332
(a)(b)
|
|
|
Total Building Products
|
1,573,853
|
||||
|
Commercial Services & Supplies — 3.1%
|
|||||
|
CoreCivic Inc., Senior Notes
|
8.250%
|
4/15/29
|
1,380,000
|
1,435,981
(b)
|
|
|
GEO Group Inc., Senior Notes
|
10.250%
|
4/15/31
|
1,350,000
|
1,450,462
(b)
|
|
|
GEO Group Inc., Senior Secured Notes
|
8.625%
|
4/15/29
|
330,000
|
344,128
|
|
|
Neptune Bidco US Inc., Senior Secured Notes
|
10.375%
|
5/15/31
|
580,000
|
585,883
(a)(b)
|
|
|
Neptune Bidco US Inc., Senior Secured Notes
|
9.500%
|
2/15/33
|
950,000
|
931,039
(a)
|
|
|
RR Donnelley & Sons Co., Senior Secured Notes
|
9.500%
|
8/1/29
|
1,420,000
|
1,464,587
(a)(b)
|
|
|
Total Commercial Services & Supplies
|
6,212,080
|
||||
|
Construction & Engineering — 1.1%
|
|||||
|
Arcosa Inc., Senior Notes
|
6.875%
|
8/15/32
|
260,000
|
272,954
(a)
|
|
|
ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean
Tower Partners Colombia SAS, Senior Secured Notes
|
7.875%
|
2/3/30
|
750,000
|
774,987
(a)
|
|
|
Tutor Perini Corp., Senior Notes
|
11.875%
|
4/30/29
|
1,040,000
|
1,141,339
(a)(b)
|
|
|
Total Construction & Engineering
|
2,189,280
|
||||
|
Ground Transportation — 0.5%
|
|||||
|
Carriage Purchaser Inc., Senior Notes
|
7.875%
|
10/15/29
|
980,000
|
956,667
(a)(b)
|
|
|
Industrial Conglomerates — 0.2%
|
|||||
|
Sigma Foods SAB de CV, Senior Notes
|
6.875%
|
3/25/44
|
400,000
|
442,494
(a)
|
|
|
Machinery — 0.5%
|
|||||
|
Columbus McKinnon Corp., Senior Secured Notes
|
7.125%
|
2/1/33
|
310,000
|
318,914
(a)
|
|
|
Park-Ohio Industries Inc., Senior Secured Notes
|
8.500%
|
8/1/30
|
710,000
|
737,723
(a)(b)
|
|
|
Total Machinery
|
1,056,637
|
||||
|
Passenger Airlines — 1.1%
|
|||||
|
American Airlines Inc., Senior Secured Notes
|
7.250%
|
2/15/28
|
2,220,000
|
2,263,844
(a)(b)
|
|
|
Trading Companies & Distributors — 0.3%
|
|||||
|
Herc Holdings Inc., Senior Notes
|
7.000%
|
6/15/30
|
150,000
|
157,281
(a)
|
|
|
Herc Holdings Inc., Senior Notes
|
7.250%
|
6/15/33
|
530,000
|
560,590
(a)(b)
|
|
|
Total Trading Companies & Distributors
|
717,871
|
||||
|
|
|||||
|
Total Industrials
|
17,835,990
|
||||
|
Information Technology — 4.7%
|
|||||
|
Communications Equipment — 1.0%
|
|||||
|
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes
|
9.000%
|
9/15/29
|
1,840,000
|
1,954,858
(a)(b)
|
|
|
Electronic Equipment, Instruments & Components — 0.9%
|
|||||
|
EquipmentShare.com Inc., Secured Notes
|
8.625%
|
5/15/32
|
840,000
|
899,550
(a)(b)
|
|
|
EquipmentShare.com Inc., Secured Notes
|
8.000%
|
3/15/33
|
960,000
|
1,020,946
(a)(b)
|
|
|
Total Electronic Equipment, Instruments & Components
|
1,920,496
|
||||
|
IT Services — 1.0%
|
|||||
|
APLD ComputeCo LLC, Senior Secured Notes
|
9.250%
|
12/15/30
|
530,000
|
556,702
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
IT Services — continued
|
|||||
|
CoreWeave Inc., Senior Notes
|
9.250%
|
6/1/30
|
1,320,000
|
$1,294,247
(a)(b)
|
|
|
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes
|
5.500%
|
5/15/33
|
250,000
EUR
|
293,128
(a)
|
|
|
Total IT Services
|
2,144,077
|
||||
|
Semiconductors & Semiconductor Equipment — 0.4%
|
|||||
|
Qnity Electronics Inc., Senior Notes
|
6.250%
|
8/15/33
|
700,000
|
727,685
(a)(b)
|
|
|
Software — 1.1%
|
|||||
|
Cloud Software Group Inc., Secured Notes
|
9.000%
|
9/30/29
|
690,000
|
676,437
(a)
|
|
|
Cloud Software Group Inc., Senior Secured Notes
|
8.250%
|
6/30/32
|
590,000
|
590,999
(a)(b)
|
|
|
Cloud Software Group Inc., Senior Secured Notes
|
6.625%
|
8/15/33
|
510,000
|
481,578
(a)(b)
|
|
|
Gen Digital Inc., Senior Notes
|
6.250%
|
4/1/33
|
430,000
|
428,184
(a)(b)
|
|
|
Total Software
|
2,177,198
|
||||
|
Technology Hardware, Storage & Peripherals — 0.3%
|
|||||
|
Black Pearl Compute LLC, Senior Secured Notes
|
6.125%
|
2/15/31
|
270,000
|
276,670
(a)
|
|
|
Diebold Nixdorf Inc., Senior Secured Notes
|
7.750%
|
3/31/30
|
320,000
|
338,310
(a)
|
|
|
Total Technology Hardware, Storage & Peripherals
|
614,980
|
||||
|
|
|||||
|
Total Information Technology
|
9,539,294
|
||||
|
Materials — 5.1%
|
|||||
|
Chemicals — 0.6%
|
|||||
|
Celanese US Holdings LLC, Senior Notes
|
7.000%
|
2/15/31
|
310,000
|
319,478
|
|
|
Cerdia Finanz GmbH, Senior Secured Notes
|
9.375%
|
10/3/31
|
210,000
|
215,250
(a)
|
|
|
Orbia Advance Corp. SAB de CV, Senior Notes
|
5.875%
|
9/17/44
|
1,000,000
|
810,875
(a)(b)
|
|
|
Total Chemicals
|
1,345,603
|
||||
|
Metals & Mining — 4.5%
|
|||||
|
ArcelorMittal SA, Senior Notes
|
7.000%
|
10/15/39
|
1,140,000
|
1,321,049
(f)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
8.625%
|
6/1/31
|
2,260,000
|
2,371,474
(a)(b)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
8.000%
|
3/1/33
|
2,500,000
|
2,672,165
(a)(b)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
7.250%
|
2/15/34
|
590,000
|
618,217
(a)
|
|
|
Southern Copper Corp., Senior Notes
|
5.250%
|
11/8/42
|
1,620,000
|
1,594,509
(f)
|
|
|
Teck Resources Ltd., Senior Notes
|
6.000%
|
8/15/40
|
460,000
|
478,381
(b)
|
|
|
Total Metals & Mining
|
9,055,795
|
||||
|
|
|||||
|
Total Materials
|
10,401,398
|
||||
|
Real Estate — 2.6%
|
|||||
|
Diversified REITs — 1.0%
|
|||||
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
|
5.000%
|
10/15/27
|
350,000
|
343,166
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
|
3.692%
|
6/5/28
|
110,000
GBP
|
134,347
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
|
4.625%
|
8/1/29
|
300,000
|
259,466
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Secured
Notes
|
8.500%
|
2/15/32
|
360,000
|
385,561
(a)
|
|
|
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior
Notes
|
8.625%
|
6/15/32
|
950,000
|
964,304
(a)
|
|
|
Total Diversified REITs
|
2,086,844
|
||||
|
Health Care REITs — 0.4%
|
|||||
|
Diversified Healthcare Trust, Senior Notes
|
4.375%
|
3/1/31
|
140,000
|
126,734
|
|
|
Diversified Healthcare Trust, Senior Secured Notes
|
7.250%
|
10/15/30
|
600,000
|
624,682
(a)
|
|
|
Total Health Care REITs
|
751,416
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Real Estate Management & Development — 0.4%
|
|||||
|
Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or
8.500% PIK)
|
8.500%
|
9/30/29
|
108,284
|
$5,663
(c)(d)
|
|
|
Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or
9.000% PIK)
|
9.000%
|
9/30/30
|
88,190
|
1,323
(c)(d)
|
|
|
Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or
9.800% PIK)
|
9.800%
|
9/30/31
|
116,412
|
1,601
(c)(d)
|
|
|
China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to
9/30/31 then 1.000%)
|
0.000%
|
3/30/2173
|
152,810
|
1,146
(d)(g)
|
|
|
China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK)
|
5.500%
|
9/30/31
|
42,580
|
319
(c)(d)
|
|
|
Country Garden Holdings Co. Ltd., Senior Secured Notes (2.500%
Cash or 5.000% PIK)
|
5.000%
|
12/31/32
|
144,998
|
20,300
(c)(d)
|
|
|
Five Point Operating Co. LP, Senior Notes
|
8.000%
|
10/1/30
|
790,000
|
818,665
(a)(b)
|
|
|
Total Real Estate Management & Development
|
849,017
|
||||
|
Specialized REITs — 0.8%
|
|||||
|
Iron Mountain Inc., Senior Notes
|
7.000%
|
2/15/29
|
260,000
|
266,990
(a)(b)
|
|
|
Millrose Properties Inc., Senior Notes
|
6.375%
|
8/1/30
|
1,140,000
|
1,170,210
(a)(b)
|
|
|
Millrose Properties Inc., Senior Notes
|
6.250%
|
9/15/32
|
220,000
|
222,940
(a)
|
|
|
Total Specialized REITs
|
1,660,140
|
||||
|
|
|||||
|
Total Real Estate
|
5,347,417
|
||||
|
Utilities — 2.2%
|
|||||
|
Electric Utilities — 2.0%
|
|||||
|
Comision Federal de Electricidad, Senior Notes
|
3.348%
|
2/9/31
|
600,000
|
551,956
(a)(b)
|
|
|
Eskom Holdings, Senior Notes
|
4.314%
|
7/23/27
|
980,000
|
972,373
(d)
|
|
|
NRG Energy Inc., Senior Notes
|
6.000%
|
1/15/36
|
1,410,000
|
1,435,778
(a)(b)
|
|
|
Talen Energy Supply LLC, Senior Notes
|
6.500%
|
2/1/36
|
460,000
|
473,222
(a)(b)
|
|
|
Vistra Operations Co. LLC, Senior Notes
|
7.750%
|
10/15/31
|
550,000
|
581,476
(a)(b)
|
|
|
Total Electric Utilities
|
4,014,805
|
||||
|
Independent Power and Renewable Electricity Producers — 0.2%
|
|||||
|
Lightning Power LLC, Senior Secured Notes
|
7.250%
|
8/15/32
|
390,000
|
414,301
(a)
|
|
|
|
|||||
|
Total Utilities
|
4,429,106
|
||||
|
Total Corporate Bonds & Notes (Cost — $169,426,409)
|
179,912,194
|
||||
|
Sovereign Bonds — 21.9%
|
|||||
|
Angola — 0.9%
|
|||||
|
Angolan Government International Bond, Senior Notes
|
8.250%
|
5/9/28
|
500,000
|
506,968
(a)
|
|
|
Angolan Government International Bond, Senior Notes
|
8.000%
|
11/26/29
|
1,430,000
|
1,426,519
(a)
|
|
|
Total Angola
|
1,933,487
|
||||
|
Argentina — 1.4%
|
|||||
|
Provincia de Buenos Aires, Senior Notes
|
6.625%
|
9/1/37
|
1,892,480
|
1,505,262
(a)
|
|
|
Provincia de Cordoba, Senior Notes
|
6.875%
|
2/1/29
|
1,370,000
|
1,342,600
(a)
|
|
|
Total Argentina
|
2,847,862
|
||||
|
Bahamas — 0.7%
|
|||||
|
Bahamas Government International Bond, Senior Notes
|
6.000%
|
11/21/28
|
1,000,000
|
999,500
(a)
|
|
|
Bahamas Government International Bond, Senior Notes
|
9.000%
|
6/16/29
|
425,000
|
462,612
(a)
|
|
|
Total Bahamas
|
1,462,112
|
||||
|
Benin — 0.6%
|
|||||
|
|
|||||
|
Benin Government International Bond, Senior Notes
|
7.960%
|
2/13/38
|
1,100,000
|
1,160,328
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Brazil — 0.2%
|
|||||
|
|
|||||
|
Brazilian Government International Bond, Senior Notes
|
5.625%
|
1/7/41
|
500,000
|
$470,250
|
|
|
Chile — 0.6%
|
|||||
|
|
|||||
|
Chile Government International Bond, Senior Notes
|
3.100%
|
5/7/41
|
1,500,000
|
1,189,500
|
|
|
Costa Rica — 0.3%
|
|||||
|
|
|||||
|
Costa Rica Government International Bond, Senior Notes
|
7.158%
|
3/12/45
|
500,000
|
561,715
(a)
|
|
|
Dominican Republic — 1.2%
|
|||||
|
Dominican Republic International Bond, Senior Notes
|
4.500%
|
1/30/30
|
620,000
|
607,693
(a)
|
|
|
Dominican Republic International Bond, Senior Notes
|
4.875%
|
9/23/32
|
1,910,000
|
1,842,138
(a)
|
|
|
Total Dominican Republic
|
2,449,831
|
||||
|
Ecuador — 0.6%
|
|||||
|
Ecuador Government International Bond, Senior Notes
|
8.750%
|
1/29/34
|
230,000
|
232,070
(a)
|
|
|
Ecuador Government International Bond, Senior Notes
|
6.900%
|
7/31/35
|
389,403
|
354,357
(d)
|
|
|
Ecuador Government International Bond, Senior Notes
|
9.250%
|
1/29/39
|
290,000
|
294,350
(a)
|
|
|
Ecuador Government International Bond, Senior Notes, Step bond
(5.000% to 7/31/26 then 5.500%)
|
5.000%
|
7/31/40
|
480,000
|
393,360
(a)
|
|
|
Total Ecuador
|
1,274,137
|
||||
|
Egypt — 1.2%
|
|||||
|
|
|||||
|
Egypt Government International Bond, Senior Notes
|
7.625%
|
5/29/32
|
2,280,000
|
2,352,707
(d)
|
|
|
Ghana — 0.3%
|
|||||
|
|
|||||
|
Ghana Government International Bond, Senior Notes, Step bond
(5.000% to 7/3/28 then 6.000%)
|
5.000%
|
7/3/35
|
600,000
|
545,459
(a)
|
|
|
Guatemala — 0.7%
|
|||||
|
|
|||||
|
Guatemala Government Bond, Senior Notes
|
4.650%
|
10/7/41
|
1,500,000
|
1,332,112
(a)
|
|
|
Ivory Coast — 1.1%
|
|||||
|
Ivory Coast Government International Bond, Senior Notes
|
6.125%
|
6/15/33
|
1,500,000
|
1,496,378
(a)
|
|
|
Ivory Coast Government International Bond, Senior Notes
|
6.750%
|
2/25/41
|
700,000
|
668,972
(a)
|
|
|
Total Ivory Coast
|
2,165,350
|
||||
|
Jamaica — 0.3%
|
|||||
|
|
|||||
|
Jamaica Government International Bond, Senior Notes
|
8.000%
|
3/15/39
|
500,000
|
607,665
|
|
|
Jordan — 0.5%
|
|||||
|
|
|||||
|
Jordan Government International Bond, Senior Notes
|
5.850%
|
7/7/30
|
960,000
|
967,125
(a)
|
|
|
Kenya — 0.4%
|
|||||
|
Republic of Kenya Government International Bond, Senior Notes
|
9.750%
|
2/16/31
|
270,000
|
296,031
(a)
|
|
|
Republic of Kenya Government International Bond, Senior Notes
|
8.000%
|
5/22/32
|
600,000
|
624,808
(a)
|
|
|
Total Kenya
|
920,839
|
||||
|
Mexico — 1.5%
|
|||||
|
Mexico Government International Bond, Senior Notes
|
2.659%
|
5/24/31
|
2,020,000
|
1,816,081
(b)
|
|
|
Mexico Government International Bond, Senior Notes
|
3.500%
|
2/12/34
|
1,500,000
|
1,313,850
(b)
|
|
|
Total Mexico
|
3,129,931
|
||||
|
Mozambique — 0.3%
|
|||||
|
|
|||||
|
Mozambique International Bond, Senior Notes
|
9.000%
|
9/15/31
|
700,000
|
595,174
(d)
|
|
|
Nigeria — 1.2%
|
|||||
|
Nigeria Government International Bond, Senior Notes
|
7.143%
|
2/23/30
|
920,000
|
949,341
(a)
|
|
|
Nigeria Government International Bond, Senior Notes
|
7.696%
|
2/23/38
|
1,450,000
|
1,453,257
(d)
|
|
|
Total Nigeria
|
2,402,598
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Oman — 0.7%
|
|||||
|
|
|||||
|
Oman Government International Bond, Senior Notes
|
5.625%
|
1/17/28
|
1,400,000
|
$1,433,942
(a)
|
|
|
Panama — 0.8%
|
|||||
|
|
|||||
|
Panama Government International Bond, Senior Notes
|
2.252%
|
9/29/32
|
1,890,000
|
1,594,120
|
|
|
Peru — 1.0%
|
|||||
|
|
|||||
|
Peruvian Government International Bond, Senior Notes
|
8.750%
|
11/21/33
|
1,604,000
|
2,026,173
(b)
|
|
|
Philippines — 0.4%
|
|||||
|
|
|||||
|
Philippine Government International Bond, Senior Notes
|
3.200%
|
7/6/46
|
1,000,000
|
730,127
|
|
|
Qatar — 0.6%
|
|||||
|
|
|||||
|
Qatar Government International Bond, Senior Notes
|
3.750%
|
4/16/30
|
1,200,000
|
1,200,004
(a)
|
|
|
Saudi Arabia — 0.4%
|
|||||
|
|
|||||
|
Saudi Government International Bond, Senior Notes
|
3.250%
|
10/26/26
|
800,000
|
798,360
(a)
|
|
|
Senegal — 0.3%
|
|||||
|
Senegal Government International Bond, Senior Notes
|
6.250%
|
5/23/33
|
450,000
|
280,557
(a)
|
|
|
Senegal Government International Bond, Senior Notes
|
6.250%
|
5/23/33
|
600,000
|
374,077
(d)
|
|
|
Total Senegal
|
654,634
|
||||
|
South Africa — 0.6%
|
|||||
|
Republic of South Africa Government International Bond, Senior
Notes
|
6.125%
|
12/11/37
|
760,000
|
750,937
(a)
|
|
|
Republic of South Africa Government International Bond, Senior
Notes
|
6.250%
|
3/8/41
|
500,000
|
479,761
|
|
|
Total South Africa
|
1,230,698
|
||||
|
Turkey — 1.4%
|
|||||
|
Turkiye Government International Bond, Senior Notes
|
5.125%
|
2/17/28
|
2,000,000
|
2,011,169
|
|
|
Turkiye Government International Bond, Senior Notes
|
4.875%
|
4/16/43
|
1,000,000
|
766,694
|
|
|
Total Turkey
|
2,777,863
|
||||
|
Ukraine — 0.4%
|
|||||
|
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
|
0.000%
|
2/1/30
|
50,520
|
32,805
(a)
|
|
|
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
|
0.000%
|
2/1/34
|
188,784
|
93,170
(a)
|
|
|
Ukraine Government International Bond, Senior Notes, Step bond
(4.500% to 2/1/27 then 6.000%)
|
4.500%
|
2/1/34
|
184,969
|
115,561
(a)
|
|
|
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
|
0.000%
|
2/1/35
|
159,535
|
91,481
(a)
|
|
|
Ukraine Government International Bond, Senior Notes, Step bond
(4.500% to 2/1/27 then 6.000%)
|
4.500%
|
2/1/35
|
323,695
|
198,451
(a)
|
|
|
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
|
0.000%
|
2/1/36
|
132,946
|
76,000
(a)
|
|
|
Ukraine Government International Bond, Senior Notes, Step bond
(4.500% to 2/1/27 then 6.000%)
|
4.500%
|
2/1/36
|
416,179
|
251,951
(a)
|
|
|
Total Ukraine
|
859,419
|
||||
|
United Arab Emirates — 0.4%
|
|||||
|
|
|||||
|
Abu Dhabi Government International Bond, Senior Notes
|
3.125%
|
10/11/27
|
750,000
|
744,047
(a)
|
|
|
Uruguay — 0.7%
|
|||||
|
|
|||||
|
Uruguay Government International Bond, Senior Notes
|
9.750%
|
7/20/33
|
47,500,000
UYU
|
1,414,933
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Zambia — 0.2%
|
|||||
|
Zambia Government International Bond, Senior Notes, Step bond
(5.750% to 6/30/31 then 7.500%)
|
5.750%
|
6/30/33
|
494,942
|
$482,155
(d)
|
|
|
|
|||||
|
Total Sovereign Bonds (Cost — $39,260,046)
|
44,314,657
|
||||
|
Senior Loans — 10.2%
|
|||||
|
Communication Services — 1.4%
|
|||||
|
Interactive Media & Services — 0.6%
|
|||||
|
X Corp., Term Loan B1 (6 mo. Term SOFR + 6.750%)
|
10.448%
|
10/26/29
|
178,619
|
179,308
(h)(l)(m)
|
|
|
X Corp., Term Loan B3
|
9.500%
|
10/26/29
|
980,000
|
1,029,735
(l)(m)
|
|
|
Total Interactive Media & Services
|
1,209,043
|
||||
|
Media — 0.8%
|
|||||
|
Diamond Sports Net LLC, First Lien Exit Term Loan (15.000% PIK)
|
15.000%
|
1/2/28
|
1,345,653
|
255,674
(c)(l)(m)
|
|
|
iHeartCommunications Inc., Refinanced Term Loan B (1 mo. Term
SOFR + 5.889%)
|
9.562%
|
5/1/29
|
677,160
|
587,998
(h)(l)(m)
|
|
|
Ziggo Financing Partnership, Advance Term Loan Facility N (6 mo.
Term SOFR + 3.250%)
|
7.027%
|
1/15/33
|
890,000
|
870,714
(h)(l)(m)
|
|
|
Total Media
|
1,714,386
|
||||
|
|
|||||
|
Total Communication Services
|
2,923,429
|
||||
|
Consumer Discretionary — 2.2%
|
|||||
|
Automobile Components — 0.9%
|
|||||
|
ABC Technologies Inc., Term Loan B
|
11.922-11.923%
|
1/2/40
|
1,005,867
|
1,005,866
(h)(i)(j)(l)(m)
|
|
|
Autokiniton US Holdings Inc., 2024 Replacement Term Loan B (1 mo.
Term SOFR + 4.114%)
|
7.787%
|
4/6/28
|
718,043
|
716,507
(h)(l)(m)
|
|
|
First Brands Group LLC, 2022 Incremental Term Loan (1 mo. Term
SOFR + 7.114%)
|
10.786%
|
3/30/27
|
319,032
|
1,211
(h)(l)(m)
|
|
|
First Brands Group LLC, DIP Roll Up Term Loan (1 mo. Term SOFR +
7.000%)
|
10.671%
|
6/29/26
|
408,035
|
1,989
(h)(l)(m)
|
|
|
First Brands Group LLC, USD DIP Term Loan (1 mo. Term SOFR +
10.000%)
|
13.671%
|
6/29/26
|
142,451
|
27,986
(h)(l)(m)
|
|
|
Total Automobile Components
|
1,753,559
|
||||
|
Diversified Consumer Services — 0.5%
|
|||||
|
WW International Inc., Take-Back Term Loan (3 mo. Term SOFR +
6.800%)
|
10.489%
|
6/24/30
|
1,253,014
|
1,076,026
(h)(l)(m)(n)
|
|
|
Hotels, Restaurants & Leisure — 0.3%
|
|||||
|
Light & Wonder International Inc., Term Loan B3 (1 mo. Term SOFR +
2.000%)
|
5.677%
|
4/16/29
|
492,516
|
493,439
(h)(l)(m)
|
|
|
Specialty Retail — 0.5%
|
|||||
|
Kodiak BP LLC, Initial Term Loan (1 mo. Term SOFR + 3.750%)
|
7.423%
|
12/4/31
|
440,000
|
440,587
(h)(l)(m)
|
|
|
Petco Health & Wellness Co. Inc., 2026 Term Loan (1 mo. Term SOFR
+ 4.250%)
|
7.923%
|
1/22/31
|
660,000
|
636,075
(h)(l)(m)
|
|
|
Total Specialty Retail
|
1,076,662
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
4,399,686
|
||||
|
Consumer Staples — 0.6%
|
|||||
|
Beverages — 0.4%
|
|||||
|
Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term
SOFR + 2.250%)
|
5.922%
|
3/31/28
|
783,878
|
784,544
(h)(l)(m)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Consumer Staples Distribution & Retail — 0.2%
|
|||||
|
Froneri International Ltd., Term Loan Facility B4 (6 mo. Term SOFR +
2.250%)
|
5.877%
|
9/30/31
|
492,393
|
$481,649
(h)(l)(m)
|
|
|
|
|||||
|
Total Consumer Staples
|
1,266,193
|
||||
|
Energy — 0.3%
|
|||||
|
Oil, Gas & Consumable Fuels — 0.3%
|
|||||
|
Buckeye Partners LP, 2025 Term Loan B7 (1 mo. Term SOFR + 1.750%)
|
5.423%
|
11/22/32
|
493,775
|
495,832
(h)(l)(m)
|
|
|
|
|||||
|
Financials — 0.8%
|
|||||
|
Banks — 0.2%
|
|||||
|
Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR +
3.000%)
|
6.673%
|
11/24/32
|
392,674
|
384,164
(h)(l)(m)
|
|
|
Consumer Finance — 0.1%
|
|||||
|
Blackhawk Network Holdings Inc., Term Loan B2 (1 mo. Term SOFR +
3.500%)
|
7.173%
|
3/12/29
|
236,412
|
235,053
(h)(l)(m)
|
|
|
Financial Services — 0.3%
|
|||||
|
Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR +
4.000%)
|
7.673%
|
7/31/31
|
189,525
|
182,228
(h)(l)(m)
|
|
|
Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 mo.
Term SOFR + 3.500%)
|
7.173%
|
7/31/31
|
395,017
|
372,429
(h)(l)(m)
|
|
|
Total Financial Services
|
554,657
|
||||
|
Insurance — 0.2%
|
|||||
|
Broadstreet Partners Inc., 2024 Term Loan B
|
—
|
6/13/31
|
440,000
|
422,492
(n)
|
|
|
|
|||||
|
Total Financials
|
1,596,366
|
||||
|
Health Care — 0.6%
|
|||||
|
Health Care Equipment & Supplies — 0.1%
|
|||||
|
Medline Borrower LP, 2028 Refinancing Term Loan (1 mo. Term SOFR
+ 1.750%)
|
5.423%
|
10/23/28
|
173,931
|
174,375
(h)(l)(m)
|
|
|
Health Care Providers & Services — 0.3%
|
|||||
|
Team Services Holding Inc., Term Loan
|
—
|
1/31/33
|
690,000
|
652,050
(n)
|
|
|
Health Care Technology — 0.2%
|
|||||
|
AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR +
2.750%)
|
6.423%
|
2/15/29
|
440,000
|
429,733
(h)(l)(m)
|
|
|
|
|||||
|
Total Health Care
|
1,256,158
|
||||
|
Industrials — 1.7%
|
|||||
|
Aerospace & Defense — 0.3%
|
|||||
|
TransDigm Inc., Term Loan J (1 mo. Term SOFR + 2.500%)
|
6.173%
|
2/28/31
|
491,269
|
491,821
(h)(l)(m)
|
|
|
Building Products — 0.4%
|
|||||
|
ACProducts Holdings Inc., Initial Term Loan (3 mo. Term SOFR +
4.512%)
|
8.184%
|
5/17/28
|
195,898
|
157,551
(h)(l)(m)
|
|
|
Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR + 2.250%)
|
5.923%
|
2/10/32
|
694,750
|
695,184
(h)(l)(m)
|
|
|
Total Building Products
|
852,735
|
||||
|
Machinery — 0.5%
|
|||||
|
TK Elevator Midco GmbH, USD Term Loan B (6 mo. Term SOFR +
2.750%)
|
6.377%
|
4/30/30
|
980,174
|
981,571
(h)(l)(m)
|
|
|
Passenger Airlines — 0.5%
|
|||||
|
Spirit Airlines LLC, Contingent DIP Facility
|
—
|
1/1/30
|
285,792
|
46,441
*(o)
|
|
|
Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR +
8.000%)
|
11.660%
|
1/2/40
|
230,774
|
225,004
(h)(l)(m)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Passenger Airlines — continued
|
|||||
|
Spirit Airlines LLC, Roll Up Term Loan
|
—
|
10/14/26
|
750,137
|
$656,370
(n)
|
|
|
Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term SOFR
+ 8.000%)
|
11.660%
|
7/14/26
|
57,233
|
55,803
(h)(l)(m)
|
|
|
Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term
SOFR + 8.000%)
|
11.660%
|
7/14/26
|
113,038
|
110,212
(h)(l)(m)
|
|
|
Total Passenger Airlines
|
1,093,830
|
||||
|
|
|||||
|
Total Industrials
|
3,419,957
|
||||
|
Information Technology — 2.1%
|
|||||
|
Semiconductors & Semiconductor Equipment — 0.8%
|
|||||
|
VCI Asset Holdings 2 LLC, Initial Term Loan (6 mo. Term SOFR +
7.750%)
|
11.500%
|
2/6/31
|
1,610,000
|
1,642,200
(h)(i)(j)(l)(m)(n)
|
|
|
Software — 1.3%
|
|||||
|
Cloudera Inc., Term Loan
|
—
|
10/8/28
|
360,000
|
319,372
(n)
|
|
|
Modena Buyer LLC, Initial Term Loan (3 mo. Term SOFR + 4.250%)
|
7.917%
|
7/1/31
|
325,875
|
288,515
(h)(l)(m)
|
|
|
X.Ai Corp., Initial Term Loan
|
12.500%
|
6/30/28
|
1,681,550
|
1,907,685
(l)(m)
|
|
|
Total Software
|
2,515,572
|
||||
|
|
|||||
|
Total Information Technology
|
4,157,772
|
||||
|
Materials — 0.3%
|
|||||
|
Chemicals — 0.3%
|
|||||
|
Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo. Term
SOFR + 4.000%)
|
7.677%
|
3/15/29
|
687,208
|
675,673
(h)(l)(m)(n)
|
|
|
|
|||||
|
Utilities — 0.2%
|
|||||
|
Electric Utilities — 0.2%
|
|||||
|
Vistra Operations Co. LLC, 2018 Incremental Term Loan (1 mo. Term
SOFR + 1.750%)
|
5.423%
|
12/20/30
|
392,000
|
393,390
(h)(l)(m)
|
|
|
|
|||||
|
Total Senior Loans (Cost — $21,808,453)
|
20,584,456
|
||||
|
Collateralized Mortgage Obligations(p) — 9.9%
|
|||||
|
BANK, 2022-BNK44 E
|
4.000%
|
11/15/32
|
600,000
|
419,086
(a)(h)
|
|
|
BANK5, 2024-5YR12 F
|
4.802%
|
12/15/57
|
500,000
|
401,885
(h)
|
|
|
BFLD Commercial Mortgage Trust, 2024-UNIV E (1 mo. Term SOFR +
3.640%)
|
7.299%
|
11/15/41
|
1,000,000
|
1,005,303
(a)(h)
|
|
|
BWAY Mortgage Trust, 2013-1515 F
|
3.927%
|
3/10/33
|
400,000
|
343,468
(a)(h)
|
|
|
BX Commercial Mortgage Trust, 2019-IMC E (1 mo. Term SOFR +
2.196%)
|
5.856%
|
4/15/34
|
870,000
|
858,447
(a)(h)
|
|
|
BX Commercial Mortgage Trust, 2024-KING E (1 mo. Term SOFR +
3.688%)
|
7.348%
|
5/15/34
|
404,673
|
406,690
(a)(h)
|
|
|
BX Commercial Mortgage Trust, 2025-SPOT E (1 mo. Term SOFR +
3.690%)
|
7.350%
|
4/15/40
|
679,982
|
685,446
(a)(h)
|
|
|
Citigroup Commercial Mortgage Trust, 2015-P1 D
|
3.225%
|
9/15/48
|
3,744
|
3,671
(a)
|
|
|
CSMC Trust, 2017-CHOP F (PRIME + 1.294%)
|
8.044%
|
7/15/32
|
500,000
|
500,255
(a)(h)
|
|
|
CSMC Trust, 2017-CHOP H (PRIME + 4.294%)
|
11.044%
|
7/15/32
|
900,000
|
870,044
(a)(h)
|
|
|
Extended Stay America Trust, 2025-ESH A (1 mo. Term SOFR +
1.300%)
|
4.960%
|
10/15/42
|
200,000
|
200,514
(a)(h)
|
|
|
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured
Agency Credit Risk Trust, 2020-DNA1 B2 (30 Day Average SOFR +
5.364%)
|
9.032%
|
1/25/50
|
750,000
|
841,484
(a)(h)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Collateralized Mortgage Obligations(p) — continued
|
|||||
|
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured
Agency Credit Risk Trust, 2021-DNA3 B2 (30 Day Average SOFR +
6.250%)
|
9.917%
|
10/25/33
|
570,000
|
$725,137
(a)(h)
|
|
|
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured
Agency Credit Risk Trust, 2022-DNA2 B2 (30 Day Average SOFR +
8.500%)
|
12.167%
|
2/25/42
|
1,000,000
|
1,064,773
(a)(h)
|
|
|
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency
Credit Risk Trust, 2019-DNA4 B2 (30 Day Average SOFR + 6.364%)
|
10.032%
|
10/25/49
|
1,000,000
|
1,106,078
(a)(h)
|
|
|
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency
Credit Risk Trust, 2019-HQA3 B2 (30 Day Average SOFR + 7.614%)
|
11.282%
|
9/25/49
|
830,000
|
926,652
(a)(h)
|
|
|
Federal National Mortgage Association (FNMA) — CAS, 2021-R02
2B2 (30 Day Average SOFR + 6.200%)
|
9.867%
|
11/25/41
|
1,000,000
|
1,033,063
(a)(h)
|
|
|
Federal National Mortgage Association (FNMA) — CAS, 2024-R01
1B2 (30 Day Average SOFR + 4.000%)
|
7.667%
|
1/25/44
|
800,000
|
846,563
(a)(h)
|
|
|
GS Mortgage Securities Corp. II, 2024-70P E
|
9.263%
|
3/10/41
|
980,000
|
1,031,322
(a)(h)
|
|
|
HIT Trust, 2022-HI32 J (1 mo. Term SOFR + 9.122%)
|
12.782%
|
7/15/39
|
400,000
|
403,904
(a)(h)
|
|
|
LHOME Mortgage Trust, 2025-RTL1 M1
|
7.023%
|
1/25/40
|
290,000
|
294,770
(a)(h)
|
|
|
Morgan Stanley Capital I Trust, 2015-UBS8 C
|
4.364%
|
12/15/48
|
83,265
|
81,850
(h)
|
|
|
Morgan Stanley Capital I Trust, 2016-BNK2 B
|
3.485%
|
11/15/49
|
530,000
|
493,272
|
|
|
Morgan Stanley Capital I Trust, 2021-230P B (1 mo. Term SOFR +
1.563%)
|
5.223%
|
12/15/38
|
540,000
|
516,807
(a)(h)
|
|
|
New Residential Mortgage Loan Trust, 2022-NQM4 A3
|
5.000%
|
6/25/62
|
528,228
|
526,246
(a)
|
|
|
OBX Trust, 2025-NQM8 A3
|
5.826%
|
3/25/65
|
428,867
|
433,499
(a)
|
|
|
SMR Mortgage Trust, 2022-IND F (1 mo. Term SOFR + 6.000%)
|
9.660%
|
2/15/39
|
824,109
|
809,252
(a)(h)
|
|
|
SMRT, 2022-MINI F (1 mo. Term SOFR + 3.350%)
|
7.010%
|
1/15/39
|
700,000
|
699,646
(a)(h)
|
|
|
Towd Point Mortgage Trust, 2016-4 B5
|
3.943%
|
7/25/56
|
1,060,000
|
859,077
(a)(h)
|
|
|
UBS Commercial Mortgage Trust, 2018-C15 C
|
5.136%
|
12/15/51
|
345,000
|
333,885
(h)
|
|
|
Verus Securitization Trust, 2023-7 B1
|
7.894%
|
10/25/68
|
1,000,000
|
1,011,702
(a)(h)
|
|
|
Verus Securitization Trust, 2026-2 A2
|
4.844%
|
2/25/71
|
250,000
|
249,879
(a)
|
|
|
|
|||||
|
Total Collateralized Mortgage Obligations (Cost — $19,572,468)
|
19,983,670
|
||||
|
Asset-Backed Securities — 7.0%
|
|||||
|
720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%)
|
8.418%
|
4/20/37
|
410,000
|
412,807
(a)(h)
|
|
|
AGL CLO Ltd., 2021-16A DR (3 mo. Term SOFR + 2.400%)
|
6.068%
|
1/20/35
|
160,000
|
152,709
(a)(h)
|
|
|
AMMC CLO Ltd., 2021-24A ER (3 mo. Term SOFR + 6.500%)
|
10.168%
|
1/20/35
|
510,000
|
501,675
(a)(h)
|
|
|
Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.750%)
|
7.418%
|
10/20/34
|
270,000
|
263,925
(a)(h)
|
|
|
Apex Credit CLO Ltd., 2019-2A ERR (3 mo. Term SOFR + 7.670%)
|
11.338%
|
1/25/38
|
650,000
|
565,953
(a)(h)
|
|
|
Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR + 5.100%)
|
8.768%
|
1/20/38
|
440,000
|
440,608
(a)(h)
|
|
|
Bain Capital Credit CLO Ltd., 2020-3A DRR (3 mo. Term SOFR +
3.100%)
|
6.771%
|
10/23/34
|
500,000
|
488,751
(a)(h)
|
|
|
Balboa Bay Loan Funding Ltd., 2020-1A ERR (3 mo. Term SOFR +
7.150%)
|
10.818%
|
10/20/35
|
700,000
|
696,915
(a)(h)
|
|
|
Balboa Bay Loan Funding Ltd., 2024-2A E (3 mo. Term SOFR +
5.750%)
|
9.418%
|
1/20/38
|
440,000
|
443,226
(a)(h)
|
|
|
Ballyrock CLO Ltd., 2020-14A DR (3 mo. Term SOFR + 5.850%)
|
9.518%
|
7/20/37
|
500,000
|
500,847
(a)(h)
|
|
|
Bear Mountain Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR +
5.950%)
|
9.622%
|
7/15/37
|
600,000
|
573,389
(a)(h)
|
|
|
Capital Four US CLO Ltd., 2021-1A DR (3 mo. Term SOFR + 3.250%)
|
6.915%
|
1/18/35
|
570,000
|
562,173
(a)(h)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Asset-Backed Securities — continued
|
|||||
|
Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR + 2.550%)
|
6.218%
|
1/25/35
|
370,000
|
$367,008
(a)(h)
|
|
|
Elevation CLO Ltd., 2016-5A ERR (3 mo. Term SOFR + 7.580%)
|
11.248%
|
1/25/38
|
610,000
|
591,564
(a)(h)
|
|
|
GoldenTree Loan Management US CLO Ltd., 2020-8A ERR (3 mo. Term
SOFR + 5.750%)
|
9.418%
|
10/20/34
|
650,000
|
653,268
(a)(h)
|
|
|
Golub Capital Partners CLO Ltd., 2024-77A E (3 mo. Term SOFR +
4.850%)
|
8.518%
|
1/25/38
|
240,000
|
242,089
(a)(h)
|
|
|
HalseyPoint CLO Ltd., 2019-1A FR (3 mo. Term SOFR + 10.730%)
|
14.398%
|
10/20/37
|
800,000
|
762,429
(a)(h)
|
|
|
Hartwick Park CLO Ltd., 2023-1A ER (3 mo. Term SOFR + 4.850%)
|
8.518%
|
1/20/37
|
140,000
|
130,521
(a)(h)
|
|
|
Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR + 3.250%)
|
6.918%
|
7/25/34
|
410,000
|
410,937
(a)(h)
|
|
|
Katayma CLO Ltd., 2024-2A D (3 mo. Term SOFR + 4.500%)
|
8.168%
|
4/20/37
|
560,000
|
565,472
(a)(h)
|
|
|
Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%)
|
8.368%
|
1/25/38
|
740,000
|
740,964
(a)(h)
|
|
|
MidOcean Credit CLO LLC, 2025-18A E (3 mo. Term SOFR + 5.400%)
|
9.070%
|
10/18/35
|
700,000
|
696,677
(a)(h)
|
|
|
Obra CLO Ltd., 2024-1A E (3 mo. Term SOFR + 6.750%)
|
10.418%
|
1/20/38
|
610,000
|
604,283
(a)(h)
|
|
|
Ocean Trails CLO Ltd., 2023-14A ER (3 mo. Term SOFR + 6.340%)
|
10.008%
|
1/20/38
|
730,000
|
706,695
(a)(h)
|
|
|
Ocean Trails CLO Ltd., 2024-16A E (3 mo. Term SOFR + 6.690%)
|
10.358%
|
1/20/38
|
270,000
|
272,313
(a)(h)
|
|
|
Octagon Investment Partners Ltd., 2020-1A ER2 (3 mo. Term SOFR +
6.000%)
|
9.669%
|
1/22/38
|
550,000
|
536,256
(a)(h)
|
|
|
OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR + 2.850%)
|
6.518%
|
7/19/37
|
190,000
|
191,022
(a)(h)
|
|
|
Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR + 2.950%)
|
6.618%
|
7/20/37
|
160,000
|
160,706
(a)(h)
|
|
|
Trestles CLO Ltd., 2025-8A E (3 mo. Term SOFR + 5.500%)
|
9.168%
|
6/11/35
|
300,000
|
300,760
(a)(h)
|
|
|
Trinitas CLO Ltd., 2024-27A D1 (3 mo. Term SOFR + 4.300%)
|
7.968%
|
4/18/37
|
180,000
|
181,768
(a)(h)
|
|
|
Warwick Capital CLO Ltd., 2024-3A D (3 mo. Term SOFR + 4.500%)
|
8.168%
|
4/20/37
|
100,000
|
100,977
(a)(h)
|
|
|
Whitebox CLO Ltd., 2020-2A E1R2 (3 mo. Term SOFR + 5.750%)
|
9.418%
|
10/24/37
|
360,000
|
355,785
(a)(h)
|
|
|
|
|||||
|
Total Asset-Backed Securities (Cost — $14,312,293)
|
14,174,472
|
||||
|
|
|
|
|
Shares
|
|
|
Preferred Stocks — 2.1%
|
|||||
|
Financials — 2.1%
|
|||||
|
Mortgage Real Estate Investment Trusts (REITs) — 2.1%
|
|||||
|
AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR +
4.959%)
|
8.615%
|
|
55,664
|
1,388,817
(h)
|
|
|
Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR +
5.005%)
|
8.690%
|
|
65,267
|
1,435,221
(h)
|
|
|
MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR + 5.607%)
|
9.279%
|
|
66,471
|
1,519,527
(h)
|
|
|
|
|||||
|
Total Preferred Stocks (Cost — $4,496,201)
|
4,343,565
|
||||
|
|
|
|
|
|
|
|
Common Stocks — 0.4%
|
|||||
|
Communication Services — 0.2%
|
|||||
|
Diversified Telecommunication Services — 0.2%
|
|||||
|
Altice France Luxco
|
|
18,570
|
348,148
*
|
||
|
|
|||||
|
Consumer Discretionary — 0.0%††
|
|||||
|
Diversified Consumer Services — 0.0%††
|
|||||
|
WW International Inc.
|
|
1,820
|
38,693
*
|
||
|
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC
|
|
229
|
110
*(i)(q)
|
||
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Passenger Airlines — continued
|
|||||
|
Spirit Aviation Holdings Inc.
|
|
39,554
|
$18,986
*
|
||
|
|
|||||
|
Total Industrials
|
19,096
|
||||
|
Information Technology — 0.2%
|
|||||
|
Semiconductors & Semiconductor Equipment — 0.2%
|
|||||
|
VCI Asset Holdings 2 LLC
|
|
299,606
|
299,606
*(i)(j)
|
||
|
|
|||||
|
Real Estate — 0.0%††
|
|||||
|
Real Estate Management & Development — 0.0%††
|
|||||
|
China Aoyuan Group Ltd.
|
|
38,203
|
370
*(i)
|
||
|
Country Garden Holdings Co. Ltd.
|
|
1,200
|
54
*(i)
|
||
|
|
|||||
|
Total Real Estate
|
424
|
||||
|
Total Common Stocks (Cost — $886,920)
|
705,967
|
||||
|
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
|
|
Convertible Bonds & Notes — 0.2%
|
|||||
|
Communication Services — 0.2%
|
|||||
|
Media — 0.2%
|
|||||
|
EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875% PIK)
|
3.875%
|
11/30/30
|
119,659
|
422,996
(b)(c)
|
|
|
|
|||||
|
Real Estate — 0.0%††
|
|||||
|
Real Estate Management & Development — 0.0%††
|
|||||
|
China Aoyuan Group Ltd., Senior Notes
|
0.000%
|
9/30/28
|
13,656
|
171
(d)
|
|
|
Country Garden Holdings Co. Ltd., Senior Notes
|
0.000%
|
12/31/31
|
300,398
|
36,655
(d)
|
|
|
|
|||||
|
Total Real Estate
|
36,826
|
||||
|
Total Convertible Bonds & Notes (Cost — $168,970)
|
459,822
|
||||
|
|
|
|
Expiration
Date
|
Rights
|
|
|
Rights — 0.0%††
|
|||||
|
Communication Services — 0.0%††
|
|||||
|
Diversified Telecommunication Services — 0.0%††
|
|||||
|
Altice France Luxco (Cost — $0)
|
|
—
|
1,354
|
21,798
*
|
|
|
|
|
|
|
Warrants
|
|
|
Warrants — 0.0%††
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC (Cost — $342,120)
|
|
3/12/30
|
28,104
|
13,490
*(a)(i)(q)
|
|
|
Total Investments — 140.6% (Cost — $270,273,880)
|
284,514,091
|
||||
|
Liabilities in Excess of Other Assets — (40.6)%
|
(82,124,054
)
|
||||
|
Total Net Assets — 100.0%
|
$202,390,037
|
||||
|
†
|
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)
|
All or a portion of this security is pledged as collateral pursuant to the loan agreement.
|
|
(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)
|
Securities traded on a when-issued or delayed delivery basis.
|
|
(f)
|
All or a portion of this security is held by the counterparty as collateral for open
reverse repurchase agreements.
|
|
(g)
|
Security has no maturity date. The date shown represents the next call date.
|
|
(h)
|
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.
|
|
(i)
|
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
|
|
(j)
|
Security is valued using significant unobservable inputs (Note 1).
|
|
(k)
|
Value is less than $1.
|
|
(l)
|
Interest rates disclosed represent the effective rates on senior loans. Ranges in
interest rates are attributable to multiple contracts under the same loan.
|
|
(m)
|
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.
|
|
(n)
|
All or a portion of this loan has not settled as of February 28, 2026. Interest rates
are not effective until settlement date. Interest rates shown, if any, are for
the settled portion of the loan.
|
|
(o)
|
The coupon payment on this security is currently in default as of February 28, 2026.
|
|
(p)
|
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.
|
|
(q)
|
Restricted security (Note 3).
|
|
Abbreviation(s) used in this schedule:
|
||
|
CAS
|
—
|
Connecticut Avenue Securities
|
|
CLO
|
—
|
Collateralized Loan Obligation
|
|
DIP
|
—
|
Debtor-in-possession
|
|
EUR
|
—
|
Euro
|
|
GBP
|
—
|
British Pound
|
|
ICE
|
—
|
Intercontinental Exchange
|
|
JSC
|
—
|
Joint Stock Company
|
|
LIBOR
|
—
|
London Interbank Offered Rate
|
|
PIK
|
—
|
Payment-In-Kind
|
|
REMIC
|
—
|
Real Estate Mortgage Investment Conduit
|
|
SOFR
|
—
|
Secured Overnight Financing Rate
|
|
USD
|
—
|
United States Dollar
|
|
UYU
|
—
|
Uruguayan Peso
|
|
Counterparty
|
Rate
|
Effective
Date
|
Maturity
Date
|
Face Amount
of Reverse
Repurchase
Agreements
|
Asset Class
of Collateral*
|
Collateral
Value**
|
|
Deutsche Bank AG
|
4.160%
|
12/17/2025
|
3/11/2026
|
$6,030,691
|
Corporate Bonds & Notes
Cash
|
$6,604,172
14,000
|
|
Goldman Sachs Group Inc.
|
4.100%
|
12/12/2025
|
TBD***
|
1,097,370
|
Corporate Bonds & Notes
|
1,621,205
|
|
Counterparty
|
Rate
|
Effective
Date
|
Maturity
Date
|
Face Amount
of Reverse
Repurchase
Agreements
|
Asset Class
of Collateral*
|
Collateral
Value**
|
|
Goldman Sachs Group Inc.
|
4.250%
|
12/12/2025
|
TBD***
|
$784,639
|
Corporate Bonds & Notes
|
$1,151,841
|
|
|
|
|
|
$7,912,700
|
|
$9,377,218
|
|
*
|
Refer to the Schedule of Investments for positions held at the counterparty as collateral
for reverse repurchase agreements.
|
|
**
|
Including accrued interest.
|
|
***
|
TBD — To Be Determined; These reverse repurchase agreements have no maturity dates because they are renewed daily and can be terminated by either
the Fund or the counterparty in accordance with the terms of the agreements. The rates
for these agreements are variable. The rate disclosed is the rate as
of February 28, 2026.
|
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
EUR
|
3,850
|
USD
|
4,560
|
BNP Paribas SA
|
4/16/26
|
$1
|
|
USD
|
138,340
|
GBP
|
102,722
|
BNP Paribas SA
|
4/16/26
|
(116)
|
|
GBP
|
10,000
|
USD
|
13,653
|
Citibank N.A.
|
4/16/26
|
(174)
|
|
USD
|
335,551
|
EUR
|
285,953
|
Citibank N.A.
|
4/16/26
|
(3,179)
|
|
GBP
|
78,900
|
USD
|
105,484
|
Morgan Stanley & Co. Inc.
|
4/16/26
|
863
|
|
Net unrealized depreciation on open forward foreign currency contracts
|
$(2,605)
|
|||||
|
Abbreviation(s) used in this table:
|
||
|
EUR
|
—
|
Euro
|
|
GBP
|
—
|
British Pound
|
|
USD
|
—
|
United States Dollar
|
|
ASSETS
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Long-Term Investments†:
|
|
|
|
|
|
Corporate Bonds & Notes:
|
|
|
|
|
|
Energy
|
—
|
$36,999,820
|
$393,514
|
$37,393,334
|
|
Financials
|
—
|
21,430,081
|
0
*
|
21,430,081
|
|
Other Corporate Bonds & Notes
|
—
|
121,088,779
|
—
|
121,088,779
|
|
Sovereign Bonds
|
—
|
44,314,657
|
—
|
44,314,657
|
|
Senior Loans:
|
|
|
|
|
|
Consumer Discretionary
|
—
|
3,393,820
|
1,005,866
|
4,399,686
|
|
Information Technology
|
—
|
2,515,572
|
1,642,200
|
4,157,772
|
|
Other Senior Loans
|
—
|
12,026,998
|
—
|
12,026,998
|
|
Collateralized Mortgage Obligations
|
—
|
19,983,670
|
—
|
19,983,670
|
|
Asset-Backed Securities
|
—
|
14,174,472
|
—
|
14,174,472
|
|
Preferred Stocks
|
$4,343,565
|
—
|
—
|
4,343,565
|
|
Common Stocks:
|
|
|
|
|
|
Consumer Discretionary
|
38,693
|
—
|
—
|
38,693
|
|
Industrials
|
18,986
|
110
|
—
|
19,096
|
|
Information Technology
|
—
|
—
|
299,606
|
299,606
|
|
Other Common Stocks
|
—
|
348,572
|
—
|
348,572
|
|
Convertible Bonds & Notes
|
—
|
459,822
|
—
|
459,822
|
|
Rights
|
—
|
21,798
|
—
|
21,798
|
|
Warrants
|
—
|
13,490
|
—
|
13,490
|
|
Total Investments
|
$4,401,244
|
$276,771,661
|
$3,341,186
|
$284,514,091
|
|
Other Financial Instruments:
|
|
|
|
|
|
Forward Foreign Currency Contracts††
|
—
|
$864
|
—
|
$864
|
|
Total
|
$4,401,244
|
$276,772,525
|
$3,341,186
|
$284,514,955
|
|
LIABILITIES
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Other Financial Instruments:
|
|
|
|
|
|
Forward Foreign Currency Contracts††
|
—
|
$3,469
|
—
|
$3,469
|
|
†
|
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, 2025
|
Accrued
premiums/
discounts
|
Realized
gain
(loss)
|
Change in
unrealized
appreciation
(depreciation)1
|
Purchases
|
|
Corporate Bonds &
Notes:
|
|
|
|
|
|
|
Energy
|
$340,757
|
$747
|
—
|
$20,064
|
$31,946
|
|
Financials
|
0
*
|
—
|
—
|
—
|
—
|
|
Health Care
|
0
*
|
—
|
$627
|
—
|
—
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
—
|
2,404
|
—
|
33,971
|
969,491
|
|
Information
Technology
|
—
|
—
|
—
|
37,725
|
1,604,475
|
|
Sovereign Bonds
|
982,500
|
—
|
(16,375
)
|
17,500
|
—
|
|
Common Stocks:
|
|
|
|
|
|
|
Information
Technology
|
—
|
—
|
—
|
—
|
299,606
|
|
Total
|
$1,323,257
|
$3,151
|
$(15,748
)
|
$109,260
|
$2,905,518
|
|
Investments in
Securities (cont’d)
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance
as of
February 28, 2026
|
Net change
in unrealized
appreciation
(depreciation) for
investments
in securities
still held at
February 28, 20261
|
|
Corporate Bonds &
Notes:
|
|
|
|
|
|
|
Energy
|
—
|
—
|
—
|
$393,514
|
$20,064
|
|
Financials
|
—
|
—
|
—
|
0
*
|
—
|
|
Health Care
|
$(627
)
|
—
|
—
|
—
|
—
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
—
|
—
|
—
|
1,005,866
|
33,971
|
|
Information
Technology
|
—
|
—
|
—
|
1,642,200
|
37,725
|
|
Sovereign Bonds
|
(983,625
)
|
—
|
—
|
—
|
—
|
|
Common Stocks:
|
|
|
|
|
|
|
Information
Technology
|
—
|
—
|
—
|
299,606
|
—
|
|
Total
|
$(984,252
)
|
—
|
—
|
$3,341,186
|
$91,760
|
|
*
|
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, 2025
|
Purchased
|
Sold
|
||
|
Cost
|
Shares
|
Proceeds
|
Shares
|
||
|
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
|
$5,002,223
|
$34,464,597
|
34,464,597
|
$39,466,820
|
39,466,820
|
|
(cont’d)
|
Realized
Gain (Loss)
|
Dividend
Income
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
|
Affiliate
Value at
February 28,
2026
|
|
Western Asset Premier
Institutional Government
Reserves, Premium Shares
|
—
|
$37,827
|
—
|
—
|
|
Security
|
Number of
Shares/
Warrants
|
Acquisition
Date
|
Cost
|
Fair Value
at 2/28/2026
|
Value Per
Share/Warrant
|
Percent of
Net Assets
|
|
Spirit Airlines LLC, Common Shares
|
229
|
3/25
|
$2,788
|
$110
|
$0.48
|
0.00
%(a)
|
|
Spirit Airlines LLC, Warrants
|
28,104
|
3/25
|
342,120
|
13,490
(b)
|
0.48
|
0.01
|
|
Total
|
|
|
$344,908
|
$13,600
|
|
0.01
%
|
|
(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.
|