|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Corporate Bonds & Notes — 79.6%
|
|||||
|
Communication Services — 11.4%
|
|||||
|
Diversified Telecommunication Services — 2.4%
|
|||||
|
Altice Financing SA, Senior Secured Notes
|
5.000%
|
1/15/28
|
340,000
|
$239,910
(a)
|
|
|
Altice Financing SA, Senior Secured Notes
|
5.750%
|
8/15/29
|
1,400,000
|
971,232
(a)
|
|
|
Altice France Lux 3/Altice Holdings 1, Senior Notes
|
10.000%
|
1/15/33
|
382,000
|
359,427
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
9.500%
|
11/1/29
|
168,255
|
170,988
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
6.500%
|
4/15/32
|
625,000
|
599,163
(a)
|
|
|
Altice France SA, Senior Secured Notes
|
6.875%
|
7/15/32
|
579,269
|
556,775
(a)
|
|
|
Fibercop SpA, Senior Secured Notes
|
6.000%
|
9/30/34
|
319,000
|
313,495
(a)
|
|
|
Level 3 Financing Inc., Senior Notes
|
8.500%
|
1/15/36
|
1,030,000
|
1,073,527
(a)
|
|
|
Level 3 Financing Inc., Senior Secured Notes
|
6.875%
|
6/30/33
|
250,000
|
259,116
(a)
|
|
|
WULF Compute LLC, Senior Secured Notes
|
7.750%
|
10/15/30
|
830,000
|
879,612
(a)
|
|
|
Total Diversified Telecommunication Services
|
5,423,245
|
||||
|
Entertainment — 0.9%
|
|||||
|
Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes
|
10.500%
|
2/15/28
|
1,300,000
|
537,797
(a)
|
|
|
Discovery Global Holdings Inc., Senior Notes
|
5.050%
|
3/15/42
|
1,180,000
|
831,900
|
|
|
Flutter Treasury DAC, Senior Secured Notes
|
5.875%
|
6/4/31
|
700,000
|
698,445
(a)
|
|
|
Total Entertainment
|
2,068,142
|
||||
|
Media — 6.5%
|
|||||
|
AMC Networks Inc., Senior Secured Notes
|
10.250%
|
1/15/29
|
110,000
|
118,031
(a)
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
|
4.750%
|
2/1/32
|
490,000
|
456,022
(a)
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
|
4.250%
|
1/15/34
|
4,140,000
|
3,609,111
(a)
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
|
7.375%
|
2/1/36
|
400,000
|
406,256
(a)
|
|
|
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
|
3.700%
|
4/1/51
|
660,000
|
426,355
|
|
|
Clear Channel Outdoor Holdings Inc., Senior Secured Notes
|
7.125%
|
2/15/31
|
490,000
|
518,188
(a)
|
|
|
DirecTV Financing LLC, Senior Secured Notes
|
8.875%
|
2/1/30
|
50,000
|
50,080
(a)
|
|
|
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior
Secured Notes
|
10.000%
|
2/15/31
|
440,000
|
450,352
(a)
|
|
|
DISH DBS Corp., Senior Notes
|
7.750%
|
7/1/26
|
1,187,000
|
1,173,442
|
|
|
DISH DBS Corp., Senior Notes
|
5.125%
|
6/1/29
|
180,000
|
160,915
|
|
|
DISH DBS Corp., Senior Secured Notes
|
5.750%
|
12/1/28
|
1,080,000
|
1,048,324
(a)
|
|
|
DISH Network Corp., Senior Secured Notes
|
11.750%
|
11/15/27
|
750,000
|
776,873
(a)
|
|
|
EchoStar Corp., Senior Secured Notes
|
10.750%
|
11/30/29
|
1,325,000
|
1,447,594
|
|
|
EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK)
|
6.750%
|
11/30/30
|
459,036
|
465,464
(b)
|
|
|
Getty Images Inc., Senior Secured Notes
|
11.250%
|
2/21/30
|
70,000
|
62,004
(a)
|
|
|
Getty Images Inc., Senior Secured Notes
|
10.500%
|
11/15/30
|
370,000
|
327,814
(a)
|
|
|
iHeartCommunications Inc., Senior Secured Notes
|
9.125%
|
5/1/29
|
60,000
|
53,366
(a)
|
|
|
iHeartCommunications Inc., Senior Secured Notes
|
7.000%
|
1/15/31
|
192,000
|
145,440
(a)
|
|
|
Mcclatchy Media Co. LLC, Senior Secured Notes (11.000% Cash or
12.500% PIK)
|
11.000%
|
12/1/31
|
1,905,393
|
2,153,094
(a)(b)
|
|
|
Univision Communications Inc., Senior Secured Notes
|
8.000%
|
8/15/28
|
180,000
|
185,015
(a)
|
|
|
Versant Media Group Inc., Senior Secured Notes
|
7.250%
|
1/30/31
|
430,000
|
440,333
(a)
|
|
|
Virgin Media Finance PLC, Senior Notes
|
5.000%
|
7/15/30
|
200,000
|
167,754
(a)
|
|
|
VZ Secured Financing BV, Senior Secured Notes
|
7.500%
|
1/15/33
|
320,000
|
314,745
(a)
|
|
|
Total Media
|
14,956,572
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Wireless Telecommunication Services — 1.6%
|
|||||
|
CSC Holdings LLC, Senior Notes
|
11.750%
|
1/31/29
|
1,770,000
|
$1,262,343
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
6.500%
|
2/1/29
|
490,000
|
310,050
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
4.500%
|
11/15/31
|
1,270,000
|
763,297
(a)
|
|
|
CSC Holdings LLC, Senior Notes
|
5.000%
|
11/15/31
|
970,000
|
363,300
(a)
|
|
|
Vmed O2 UK Financing I PLC, Senior Secured Notes
|
4.750%
|
7/15/31
|
430,000
|
383,272
(a)
|
|
|
Vmed O2 UK Financing I PLC, Senior Secured Notes
|
6.750%
|
1/15/33
|
490,000
|
464,863
(a)
|
|
|
Total Wireless Telecommunication Services
|
3,547,125
|
||||
|
|
|||||
|
Total Communication Services
|
25,995,084
|
||||
|
Consumer Discretionary — 13.7%
|
|||||
|
Automobile Components — 2.6%
|
|||||
|
American Axle & Manufacturing Inc., Senior Notes
|
5.000%
|
10/1/29
|
790,000
|
772,416
|
|
|
American Axle & Manufacturing Inc., Senior Notes
|
7.750%
|
10/15/33
|
790,000
|
803,435
(a)
|
|
|
American Axle & Manufacturing Inc., Senior Secured Notes
|
6.375%
|
10/15/32
|
110,000
|
112,022
(a)
|
|
|
Clarios Global LP/Clarios US Finance Co., Senior Secured Notes
|
6.750%
|
2/15/30
|
570,000
|
597,337
(a)
|
|
|
Dornoch Debt Merger Sub Inc., Senior Notes
|
6.625%
|
10/15/29
|
250,000
|
226,054
(a)
|
|
|
Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes
|
7.750%
|
5/31/32
|
590,000
|
623,963
(a)
|
|
|
JB Poindexter & Co. Inc., Senior Notes
|
8.750%
|
12/15/31
|
850,000
|
881,119
(a)
|
|
|
ZF North America Capital Inc., Senior Notes
|
7.125%
|
4/14/30
|
330,000
|
337,925
(a)
|
|
|
ZF North America Capital Inc., Senior Notes
|
7.500%
|
3/24/31
|
570,000
|
587,783
(a)
|
|
|
ZF North America Capital Inc., Senior Notes
|
6.875%
|
4/23/32
|
890,000
|
893,388
(a)
|
|
|
Total Automobile Components
|
5,835,442
|
||||
|
Automobiles — 1.7%
|
|||||
|
Ford Motor Co., Senior Notes
|
3.250%
|
2/12/32
|
650,000
|
585,332
|
|
|
Nissan Motor Co. Ltd., Senior Notes
|
4.810%
|
9/17/30
|
870,000
|
827,559
(a)
|
|
|
PM General Purchaser LLC, Senior Secured Notes
|
9.500%
|
10/1/28
|
2,620,000
|
2,453,525
(a)
|
|
|
Total Automobiles
|
3,866,416
|
||||
|
Diversified Consumer Services — 0.3%
|
|||||
|
Carriage Services Inc., Senior Notes
|
4.250%
|
5/15/29
|
360,000
|
346,917
(a)
|
|
|
Covista Inc., Senior Secured Notes
|
5.500%
|
3/1/28
|
348,000
|
348,000
(a)
|
|
|
Total Diversified Consumer Services
|
694,917
|
||||
|
Hotels, Restaurants & Leisure — 5.6%
|
|||||
|
Brightstar Lottery PLC/Brightstar Global Solutions Corp., Senior
Secured Notes
|
5.750%
|
1/15/33
|
260,000
|
258,538
(a)
|
|
|
Carnival Corp., Senior Notes
|
6.125%
|
2/15/33
|
1,640,000
|
1,698,820
(a)
|
|
|
Full House Resorts Inc., Senior Secured Notes
|
8.250%
|
2/15/28
|
1,200,000
|
1,044,000
(a)
|
|
|
Life Time Inc., Senior Secured Notes
|
6.000%
|
11/15/31
|
320,000
|
329,964
(a)
|
|
|
Light & Wonder International Inc., Senior Notes
|
6.250%
|
10/1/33
|
590,000
|
592,918
(a)
|
|
|
Marston’s Issuer PLC, Secured Notes (SONIA + 2.669%)
|
6.413%
|
7/16/35
|
1,232,000
GBP
|
1,573,139
(c)(d)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
5.375%
|
12/4/29
|
370,000
|
361,730
(a)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
7.625%
|
4/17/32
|
550,000
|
576,815
(a)
|
|
|
Melco Resorts Finance Ltd., Senior Notes
|
6.500%
|
9/24/33
|
550,000
|
549,065
(a)
|
|
|
NCL Corp. Ltd., Senior Notes
|
6.250%
|
9/15/33
|
1,520,000
|
1,535,153
(a)
|
|
|
Rivers Enterprise Borrower LLC, Senior Secured Notes
|
6.250%
|
10/15/30
|
770,000
|
787,133
(a)
|
|
|
Sands China Ltd., Senior Notes
|
2.850%
|
3/8/29
|
200,000
|
191,532
|
|
|
Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium
Operations LLC, Senior Notes
|
8.625%
|
1/15/32
|
350,000
|
354,627
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Hotels, Restaurants & Leisure — continued
|
|||||
|
Viking Cruises Ltd., Senior Notes
|
9.125%
|
7/15/31
|
790,000
|
$840,919
(a)
|
|
|
Viking Cruises Ltd., Senior Notes
|
5.875%
|
10/15/33
|
840,000
|
857,426
(a)
|
|
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior
Notes
|
5.125%
|
10/1/29
|
220,000
|
221,427
(a)
|
|
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior
Notes
|
7.125%
|
2/15/31
|
870,000
|
939,970
(a)
|
|
|
Total Hotels, Restaurants & Leisure
|
12,713,176
|
||||
|
Household Durables — 0.6%
|
|||||
|
Dream Finders Homes Inc., Senior Notes
|
6.875%
|
9/15/30
|
570,000
|
583,268
(a)
|
|
|
Newell Brands Inc., Senior Notes
|
8.500%
|
6/1/28
|
310,000
|
326,474
(a)
|
|
|
TopBuild Corp., Senior Notes
|
5.625%
|
1/31/34
|
550,000
|
555,061
(a)
|
|
|
Total Household Durables
|
1,464,803
|
||||
|
Specialty Retail — 2.9%
|
|||||
|
Gee Automotive Holdings LLC, Senior Notes
|
7.250%
|
3/1/31
|
540,000
|
549,172
(a)
|
|
|
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
|
11.500%
|
8/15/29
|
200,000
|
204,982
(a)
|
|
|
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
|
8.750%
|
1/15/32
|
1,540,000
|
1,427,156
(a)
|
|
|
Michaels Cos. Inc., Secured Notes
|
11.000%
|
3/15/34
|
2,090,000
|
1,955,306
(a)(e)
|
|
|
Michaels Cos. Inc., Senior Secured Notes
|
8.500%
|
3/15/33
|
340,000
|
331,022
(a)(e)
|
|
|
Petco Health & Wellness Co. Inc., Senior Secured Notes
|
8.250%
|
2/1/31
|
560,000
|
547,304
(a)
|
|
|
Sally Holdings LLC/Sally Capital Inc., Senior Notes
|
6.750%
|
3/1/32
|
550,000
|
571,344
|
|
|
Upbound Group Inc., Senior Notes
|
6.375%
|
2/15/29
|
1,110,000
|
1,099,746
(a)
|
|
|
Total Specialty Retail
|
6,686,032
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
31,260,786
|
||||
|
Consumer Staples — 0.5%
|
|||||
|
Beverages — 0.1%
|
|||||
|
Primo Water Holdings Inc./Triton Water Holdings Inc., Senior Notes
|
6.250%
|
4/1/29
|
220,000
|
220,515
(a)
|
|
|
Food Products — 0.4%
|
|||||
|
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet
Food Inc./Simmons Feed Ingredients Inc., Secured Notes
|
4.625%
|
3/1/29
|
480,000
|
463,750
(a)
|
|
|
TKC Holdings Inc., Senior Secured Notes
|
8.500%
|
8/15/30
|
520,000
|
532,550
(a)
|
|
|
Total Food Products
|
996,300
|
||||
|
|
|||||
|
Total Consumer Staples
|
1,216,815
|
||||
|
Energy — 11.4%
|
|||||
|
Energy Equipment & Services — 0.9%
|
|||||
|
Nabors Industries Inc., Senior Notes
|
8.875%
|
8/15/31
|
760,000
|
787,759
(a)
|
|
|
Noble Finance II LLC, Senior Notes
|
8.000%
|
4/15/30
|
550,000
|
572,756
(a)
|
|
|
WBI Operating LLC, Senior Notes
|
6.500%
|
10/15/33
|
600,000
|
610,095
(a)
|
|
|
Total Energy Equipment & Services
|
1,970,610
|
||||
|
Oil, Gas & Consumable Fuels — 10.5%
|
|||||
|
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Senior Notes
|
5.750%
|
10/15/33
|
570,000
|
578,904
(a)
|
|
|
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes
|
7.250%
|
7/15/32
|
1,080,000
|
1,143,024
(a)
|
|
|
Chord Energy Corp., Senior Notes
|
6.000%
|
10/1/30
|
440,000
|
449,667
(a)
|
|
|
Chord Energy Corp., Senior Notes
|
6.750%
|
3/15/33
|
880,000
|
914,584
(a)
|
|
|
CNX Midstream Partners LP, Senior Notes
|
4.750%
|
4/15/30
|
610,000
|
595,299
(a)
|
|
|
Crescent Energy Finance LLC, Senior Notes
|
7.625%
|
4/1/32
|
20,000
|
20,242
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Oil, Gas & Consumable Fuels — continued
|
|||||
|
Crescent Energy Finance LLC, Senior Notes
|
8.375%
|
1/15/34
|
1,480,000
|
$1,530,801
(a)
|
|
|
DCP Midstream Operating LP, Senior Notes
|
6.450%
|
11/3/36
|
50,000
|
54,688
(a)
|
|
|
DCP Midstream Operating LP, Senior Notes
|
6.750%
|
9/15/37
|
420,000
|
469,683
(a)
|
|
|
Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28
then 3 mo. USD LIBOR + 4.155%)
|
6.625%
|
2/15/28
|
170,000
|
172,319
(d)(f)
|
|
|
Granite Ridge Resources Inc., Senior Notes
|
8.875%
|
11/5/29
|
1,390,000
|
1,340,481
(a)
|
|
|
Howard Midstream Energy Partners LLC, Senior Notes
|
7.375%
|
7/15/32
|
440,000
|
464,640
(a)
|
|
|
Howard Midstream Energy Partners LLC, Senior Notes
|
6.625%
|
1/15/34
|
580,000
|
599,752
(a)
|
|
|
New Generation Gas Gathering LLC, Senior Secured Notes (3 mo.
Term SOFR + 5.750%)
|
9.410%
|
9/30/29
|
1,229,730
|
1,278,919
(a)(d)(g)(h)
|
|
|
Northern Oil & Gas Inc., Senior Notes
|
7.875%
|
10/15/33
|
710,000
|
726,317
(a)
|
|
|
Permian Resources Operating LLC, Senior Notes
|
8.000%
|
4/15/27
|
190,000
|
191,645
(a)
|
|
|
Permian Resources Operating LLC, Senior Notes
|
5.875%
|
7/1/29
|
500,000
|
501,958
(a)
|
|
|
Permian Resources Operating LLC, Senior Notes
|
9.875%
|
7/15/31
|
272,000
|
291,791
(a)
|
|
|
Permian Resources Operating LLC, Senior Notes
|
7.000%
|
1/15/32
|
970,000
|
1,018,589
(a)
|
|
|
Permian Resources Operating LLC, Senior Notes
|
6.250%
|
2/1/33
|
40,000
|
41,440
(a)
|
|
|
Petrobras Global Finance BV, Senior Notes
|
5.750%
|
2/1/29
|
150,000
|
153,762
|
|
|
Range Resources Corp., Senior Notes
|
4.750%
|
2/15/30
|
230,000
|
227,835
(a)
|
|
|
Rockies Express Pipeline LLC, Senior Notes
|
6.750%
|
3/15/33
|
170,000
|
179,809
(a)
|
|
|
Summit Midstream Holdings LLC, Senior Secured Notes
|
8.625%
|
10/31/29
|
230,000
|
240,878
(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
|
1,167,000
|
1,207,197
(a)(d)(f)
|
|
|
Sunoco LP, Senior Notes
|
5.625%
|
3/15/31
|
110,000
|
110,997
(a)
|
|
|
Sunoco LP, Senior Notes
|
5.625%
|
7/15/34
|
820,000
|
820,898
(a)(e)
|
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior
Notes
|
7.375%
|
2/15/29
|
270,000
|
280,044
(a)
|
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior
Notes
|
6.000%
|
12/31/30
|
460,000
|
466,477
(a)
|
|
|
Venture Global Calcasieu Pass LLC, Senior Secured Notes
|
4.125%
|
8/15/31
|
610,000
|
572,534
(a)
|
|
|
Venture Global Calcasieu Pass LLC, Senior Secured Notes
|
3.875%
|
11/1/33
|
170,000
|
151,414
(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
|
2,620,000
|
2,293,315
(a)(d)(f)
|
|
|
Venture Global LNG Inc., Senior Secured Notes
|
9.875%
|
2/1/32
|
1,210,000
|
1,282,811
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
7.500%
|
5/1/33
|
280,000
|
310,747
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
6.500%
|
6/15/34
|
70,000
|
73,533
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
7.750%
|
5/1/35
|
90,000
|
102,129
(a)
|
|
|
Venture Global Plaquemines LNG LLC, Senior Secured Notes
|
6.750%
|
1/15/36
|
1,820,000
|
1,939,767
(a)
|
|
|
Vermilion Energy Inc., Senior Notes
|
7.250%
|
2/15/33
|
1,250,000
|
1,223,408
(a)
|
|
|
Total Oil, Gas & Consumable Fuels
|
24,022,298
|
||||
|
|
|||||
|
Total Energy
|
25,992,908
|
||||
|
Financials — 10.7%
|
|||||
|
Banks — 2.6%
|
|||||
|
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
|
965,008
(d)(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
|
471,054
(d)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Banks — continued
|
|||||
|
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
|
$745,529
(a)(d)(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
|
263,080
(a)(d)(f)
|
|
|
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
|
424,115
(d)(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
|
215,451
(d)(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
|
335,388
(d)(f)
|
|
|
Lloyds Banking Group PLC, Junior Subordinated Notes (6.750% to
6/27/26 then 5 year Treasury Constant Maturity Rate + 4.815%)
|
6.750%
|
6/27/26
|
290,000
|
293,023
(d)(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
|
1,054,408
(d)(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
|
491,722
(d)
|
|
|
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
|
753,880
(d)
|
|
|
Total Banks
|
6,012,658
|
||||
|
Capital Markets — 1.5%
|
|||||
|
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
|
425,478
(d)(f)
|
|
|
Coinbase Global Inc., Senior Notes
|
3.625%
|
10/1/31
|
700,000
|
612,489
(a)
|
|
|
Credit Suisse AG AT1 Claim
|
—
|
—
|
4,040,000
|
0
*(g)(h)(i)
|
|
|
StoneX Escrow Issuer LLC, Secured Notes
|
6.875%
|
7/15/32
|
380,000
|
394,632
(a)
|
|
|
StoneX Group Inc., Secured Notes
|
7.875%
|
3/1/31
|
480,000
|
509,900
(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
|
429,415
(a)(d)(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
|
225,497
(a)(d)(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
|
235,939
(a)(d)(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
|
567,222
(a)(d)(f)
|
|
|
Total Capital Markets
|
3,400,572
|
||||
|
Consumer Finance — 1.1%
|
|||||
|
FirstCash Inc., Senior Notes
|
5.625%
|
1/1/30
|
70,000
|
69,699
(a)
|
|
|
FirstCash Inc., Senior Notes
|
6.875%
|
3/1/32
|
470,000
|
485,628
(a)
|
|
|
Midcap Financial Issuer Trust, Junior Subordinated Notes (3 mo.
Term SOFR + 3.750%)
|
7.422%
|
1/15/56
|
1,170,000
|
1,153,225
(a)(d)
|
|
|
Midcap Financial Issuer Trust, Senior Notes
|
6.500%
|
5/1/28
|
350,000
|
347,659
(a)
|
|
|
Midcap Financial Issuer Trust, Senior Notes
|
5.625%
|
1/15/30
|
390,000
|
379,232
(a)
|
|
|
Total Consumer Finance
|
2,435,443
|
||||
|
Financial Services — 3.1%
|
|||||
|
Block Inc., Senior Notes
|
6.000%
|
8/15/33
|
530,000
|
538,968
(a)
|
|
|
Burford Capital Global Finance LLC, Senior Notes
|
9.250%
|
7/1/31
|
330,000
|
335,666
(a)
|
|
|
Capstone Borrower Inc., Senior Secured Notes
|
8.000%
|
6/15/30
|
240,000
|
208,952
(a)
|
|
|
Jane Street Group/JSG Finance Inc., Senior Secured Notes
|
7.125%
|
4/30/31
|
1,230,000
|
1,280,444
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Financial Services — continued
|
|||||
|
Jane Street Group/JSG Finance Inc., Senior Secured Notes
|
6.125%
|
11/1/32
|
320,000
|
$322,156
(a)
|
|
|
Jane Street Group/JSG Finance Inc., Senior Secured Notes
|
6.750%
|
5/1/33
|
30,000
|
30,808
(a)
|
|
|
NCR Atleos Corp., Senior Secured Notes
|
9.500%
|
4/1/29
|
680,000
|
730,627
(a)
|
|
|
Rocket Cos. Inc., Senior Notes
|
6.125%
|
8/1/30
|
590,000
|
605,646
(a)
|
|
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes
|
3.875%
|
3/1/31
|
370,000
|
348,034
(a)
|
|
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes
|
4.000%
|
10/15/33
|
1,450,000
|
1,336,071
(a)
|
|
|
VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes
|
7.500%
|
6/15/31
|
360,000
|
375,734
(a)
|
|
|
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior
Notes
|
9.500%
|
6/1/28
|
110,000
|
113,544
(a)
|
|
|
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior
Notes
|
6.375%
|
2/1/30
|
890,000
|
828,942
(a)
|
|
|
Total Financial Services
|
7,055,592
|
||||
|
Insurance — 1.4%
|
|||||
|
Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes
|
6.750%
|
7/1/32
|
210,000
|
206,126
(a)
|
|
|
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3
Somerset Investor 2 LLC, Senior Notes
|
7.875%
|
11/1/29
|
550,000
|
533,343
(a)
|
|
|
Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes
|
8.000%
|
12/31/32
|
1,650,000
|
1,734,427
(a)
|
|
|
Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes
|
8.375%
|
2/1/34
|
430,000
|
428,189
(a)
|
|
|
Ryan Specialty LLC, Senior Secured Notes
|
5.875%
|
8/1/32
|
340,000
|
342,785
(a)
|
|
|
Total Insurance
|
3,244,870
|
||||
|
Mortgage Real Estate Investment Trusts (REITs) — 1.0%
|
|||||
|
Apollo Commercial Real Estate Finance Inc., Senior Secured Notes
|
4.625%
|
6/15/29
|
200,000
|
199,154
(a)
|
|
|
Arbor Realty SR Inc., Senior Notes
|
8.500%
|
12/15/28
|
310,000
|
301,854
(a)
|
|
|
Arbor Realty SR Inc., Senior Notes
|
7.875%
|
7/15/30
|
530,000
|
488,865
(a)
|
|
|
Starwood Property Trust Inc., Senior Notes
|
7.250%
|
4/1/29
|
210,000
|
220,312
(a)
|
|
|
Starwood Property Trust Inc., Senior Notes
|
6.000%
|
4/15/30
|
910,000
|
934,482
(a)
|
|
|
Total Mortgage Real Estate Investment Trusts (REITs)
|
2,144,667
|
||||
|
|
|||||
|
Total Financials
|
24,293,802
|
||||
|
Health Care — 6.8%
|
|||||
|
Health Care Providers & Services — 4.4%
|
|||||
|
Akumin Inc., Senior Secured Notes
|
9.750%
|
8/31/31
|
300,000
|
289,875
(a)
|
|
|
CHS/Community Health Systems Inc., Secured Notes
|
6.875%
|
4/15/29
|
1,110,000
|
1,073,356
(a)
|
|
|
CHS/Community Health Systems Inc., Secured Notes
|
6.125%
|
4/1/30
|
240,000
|
212,434
(a)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
5.250%
|
5/15/30
|
810,000
|
778,873
(a)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
10.875%
|
1/15/32
|
1,064,000
|
1,154,414
(a)
|
|
|
CHS/Community Health Systems Inc., Senior Secured Notes
|
9.750%
|
1/15/34
|
610,000
|
643,592
(a)
|
|
|
HCA Inc., Senior Notes
|
7.500%
|
11/15/95
|
680,000
|
739,712
|
|
|
LifePoint Health Inc., Senior Secured Notes
|
9.875%
|
8/15/30
|
1,390,000
|
1,484,822
(a)
|
|
|
LifePoint Health Inc., Senior Secured Notes
|
11.000%
|
10/15/30
|
110,000
|
119,611
(a)
|
|
|
Sotera Health Holdings LLC, Senior Secured Notes
|
7.375%
|
6/1/31
|
1,100,000
|
1,158,815
(a)
|
|
|
TEAM Services Holding Inc., Senior Secured Notes
|
9.000%
|
2/15/33
|
510,000
|
499,270
(a)
|
|
|
Tenet Healthcare Corp., Senior Notes
|
6.000%
|
11/15/33
|
1,430,000
|
1,478,684
(a)
|
|
|
U.S. Renal Care Inc., Senior Secured Notes
|
10.625%
|
6/28/28
|
343,000
|
286,405
(a)
|
|
|
Total Health Care Providers & Services
|
9,919,863
|
||||
|
Health Care Technology — 0.1%
|
|||||
|
AthenaHealth Group Inc., Senior Notes
|
6.500%
|
2/15/30
|
320,000
|
301,187
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Pharmaceuticals — 2.3%
|
|||||
|
1261229 BC Ltd., Senior Secured Notes
|
10.000%
|
4/15/32
|
1,150,000
|
$1,190,259
(a)
|
|
|
Bausch Health Cos. Inc., Senior Notes
|
6.250%
|
2/15/29
|
1,370,000
|
1,084,013
(a)
|
|
|
Teva Pharmaceutical Finance Co. LLC, Senior Notes
|
6.150%
|
2/1/36
|
390,000
|
413,596
|
|
|
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
|
7.875%
|
9/15/29
|
200,000
|
218,958
|
|
|
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
|
8.125%
|
9/15/31
|
650,000
|
746,996
|
|
|
Teva Pharmaceutical Finance Netherlands IV BV, Senior Notes
|
5.750%
|
12/1/30
|
1,490,000
|
1,547,088
|
|
|
Total Pharmaceuticals
|
5,200,910
|
||||
|
|
|||||
|
Total Health Care
|
15,421,960
|
||||
|
Industrials — 11.9%
|
|||||
|
Aerospace & Defense — 1.8%
|
|||||
|
AAR Escrow Issuer LLC, Senior Notes
|
6.750%
|
3/15/29
|
560,000
|
577,656
(a)
|
|
|
Axon Enterprise Inc., Senior Notes
|
6.125%
|
3/15/30
|
220,000
|
227,288
(a)
|
|
|
Axon Enterprise Inc., Senior Notes
|
6.250%
|
3/15/33
|
110,000
|
114,100
(a)
|
|
|
Bombardier Inc., Senior Notes
|
7.250%
|
7/1/31
|
870,000
|
926,692
(a)
|
|
|
Bombardier Inc., Senior Notes
|
7.000%
|
6/1/32
|
650,000
|
685,517
(a)
|
|
|
Bombardier Inc., Senior Notes
|
6.750%
|
6/15/33
|
140,000
|
147,699
(a)
|
|
|
TransDigm Inc., Senior Notes
|
6.125%
|
7/31/34
|
800,000
|
813,589
(a)
|
|
|
TransDigm Inc., Senior Secured Notes
|
7.125%
|
12/1/31
|
230,000
|
241,348
(a)
|
|
|
TransDigm Inc., Senior Secured Notes
|
6.625%
|
3/1/32
|
300,000
|
311,172
(a)
|
|
|
Total Aerospace & Defense
|
4,045,061
|
||||
|
Building Products — 1.5%
|
|||||
|
Advanced Drainage Systems Inc., Senior Notes
|
6.375%
|
6/15/30
|
230,000
|
234,873
(a)
|
|
|
Advanced Drainage Systems Inc., Senior Notes
|
5.375%
|
3/1/34
|
510,000
|
515,161
(a)
|
|
|
Masterbrand Inc., Senior Notes
|
7.000%
|
7/15/32
|
500,000
|
503,622
(a)
|
|
|
Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior
Secured Notes
|
6.750%
|
4/1/32
|
690,000
|
696,159
(a)
|
|
|
MIWD Holdco II LLC/MIWD Finance Corp., Senior Notes
|
5.500%
|
2/1/30
|
390,000
|
365,799
(a)
|
|
|
Quikrete Holdings Inc., Senior Secured Notes
|
6.375%
|
3/1/32
|
1,100,000
|
1,143,943
(a)
|
|
|
Total Building Products
|
3,459,557
|
||||
|
Commercial Services & Supplies — 2.8%
|
|||||
|
Clean Harbors Inc., Senior Notes
|
6.375%
|
2/1/31
|
330,000
|
339,084
(a)
|
|
|
CoreCivic Inc., Senior Notes
|
8.250%
|
4/15/29
|
1,100,000
|
1,144,623
|
|
|
GEO Group Inc., Senior Notes
|
10.250%
|
4/15/31
|
1,020,000
|
1,095,905
|
|
|
GFL Environmental Holdings US Inc., Senior Notes
|
5.500%
|
2/1/34
|
310,000
|
311,503
(a)
|
|
|
Madison IAQ LLC, Senior Notes
|
5.875%
|
6/30/29
|
560,000
|
559,107
(a)
|
|
|
Neptune Bidco US Inc., Senior Secured Notes
|
10.375%
|
5/15/31
|
470,000
|
474,768
(a)
|
|
|
Neptune Bidco US Inc., Senior Secured Notes
|
9.500%
|
2/15/33
|
580,000
|
568,424
(a)
|
|
|
Reworld Holding Corp., Senior Notes
|
4.875%
|
12/1/29
|
340,000
|
327,946
(a)
|
|
|
RR Donnelley & Sons Co., Secured Notes
|
10.875%
|
8/1/29
|
1,050,000
|
1,076,025
(a)
|
|
|
RR Donnelley & Sons Co., Senior Secured Notes
|
9.500%
|
8/1/29
|
510,000
|
526,013
(a)
|
|
|
Total Commercial Services & Supplies
|
6,423,398
|
||||
|
Construction & Engineering — 1.5%
|
|||||
|
AECOM, Senior Notes
|
6.000%
|
8/1/33
|
770,000
|
787,288
(a)
|
|
|
Arcosa Inc., Senior Notes
|
6.875%
|
8/15/32
|
350,000
|
367,438
(a)
|
|
|
Empire Communities Corp., Senior Notes
|
9.750%
|
5/1/29
|
1,070,000
|
1,106,347
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Construction & Engineering — continued
|
|||||
|
Tutor Perini Corp., Senior Notes
|
11.875%
|
4/30/29
|
1,010,000
|
$1,108,416
(a)
|
|
|
Total Construction & Engineering
|
3,369,489
|
||||
|
Electrical Equipment — 0.5%
|
|||||
|
Gates Corp., Senior Notes
|
6.875%
|
7/1/29
|
320,000
|
332,412
(a)
|
|
|
WESCO Distribution Inc., Senior Notes
|
5.500%
|
4/15/34
|
700,000
|
707,182
(a)
|
|
|
Total Electrical Equipment
|
1,039,594
|
||||
|
Ground Transportation — 0.8%
|
|||||
|
Carriage Purchaser Inc., Senior Notes
|
7.875%
|
10/15/29
|
1,180,000
|
1,151,906
(a)
|
|
|
XPO CNW Inc., Senior Notes
|
6.700%
|
5/1/34
|
360,000
|
388,077
|
|
|
XPO Inc., Senior Notes
|
7.125%
|
2/1/32
|
300,000
|
314,672
(a)
|
|
|
Total Ground Transportation
|
1,854,655
|
||||
|
Machinery — 1.2%
|
|||||
|
ATS Corp., Senior Notes
|
4.125%
|
12/15/28
|
600,000
|
588,375
(a)
|
|
|
Columbus McKinnon Corp., Senior Secured Notes
|
7.125%
|
2/1/33
|
250,000
|
257,189
(a)
|
|
|
Esab Corp., Senior Notes
|
6.250%
|
4/15/29
|
220,000
|
225,788
(a)
|
|
|
Park-Ohio Industries Inc., Senior Secured Notes
|
8.500%
|
8/1/30
|
560,000
|
581,866
(a)
|
|
|
Roller Bearing Co. of America Inc., Senior Notes
|
4.375%
|
10/15/29
|
500,000
|
493,381
(a)
|
|
|
Titan International Inc., Senior Secured Notes
|
7.000%
|
4/30/28
|
520,000
|
522,447
|
|
|
Total Machinery
|
2,669,046
|
||||
|
Marine Transportation — 0.1%
|
|||||
|
Stena International SA, Senior Secured Notes
|
7.250%
|
1/15/31
|
330,000
|
340,404
(a)
|
|
|
Passenger Airlines — 0.7%
|
|||||
|
American Airlines Inc., Senior Secured Notes
|
7.250%
|
2/15/28
|
620,000
|
632,244
(a)
|
|
|
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured
Notes
|
5.750%
|
4/20/29
|
610,000
|
617,312
(a)
|
|
|
United Airlines Holdings Inc., Senior Notes
|
5.375%
|
3/1/31
|
310,000
|
316,451
|
|
|
Total Passenger Airlines
|
1,566,007
|
||||
|
Trading Companies & Distributors — 1.0%
|
|||||
|
Herc Holdings Inc., Senior Notes
|
7.000%
|
6/15/30
|
350,000
|
366,990
(a)
|
|
|
Herc Holdings Inc., Senior Notes
|
7.250%
|
6/15/33
|
410,000
|
433,664
(a)
|
|
|
Herc Holdings Inc., Senior Notes
|
6.000%
|
3/15/34
|
330,000
|
332,073
(a)
|
|
|
United Rentals North America Inc., Senior Notes
|
5.375%
|
11/15/33
|
520,000
|
524,606
(a)
|
|
|
United Rentals North America Inc., Senior Notes
|
6.125%
|
3/15/34
|
650,000
|
681,741
(a)
|
|
|
Total Trading Companies & Distributors
|
2,339,074
|
||||
|
|
|||||
|
Total Industrials
|
27,106,285
|
||||
|
Information Technology — 3.7%
|
|||||
|
Communications Equipment — 0.1%
|
|||||
|
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes
|
9.000%
|
9/15/29
|
300,000
|
318,727
(a)
|
|
|
Electronic Equipment, Instruments & Components — 0.7%
|
|||||
|
EquipmentShare.com Inc., Secured Notes
|
8.625%
|
5/15/32
|
560,000
|
599,700
(a)
|
|
|
EquipmentShare.com Inc., Secured Notes
|
8.000%
|
3/15/33
|
890,000
|
946,502
(a)
|
|
|
Total Electronic Equipment, Instruments & Components
|
1,546,202
|
||||
|
IT Services — 0.6%
|
|||||
|
APLD ComputeCo LLC, Senior Secured Notes
|
9.250%
|
12/15/30
|
420,000
|
441,161
(a)
|
|
|
CoreWeave Inc., Senior Notes
|
9.250%
|
6/1/30
|
360,000
|
352,976
(a)
|
|
|
CoreWeave Inc., Senior Notes
|
9.000%
|
2/1/31
|
70,000
|
67,628
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
IT Services — continued
|
|||||
|
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes
|
6.750%
|
8/15/32
|
550,000
|
$538,795
(a)
|
|
|
Total IT Services
|
1,400,560
|
||||
|
Semiconductors & Semiconductor Equipment — 0.6%
|
|||||
|
Amkor Technology Inc., Senior Notes
|
5.875%
|
10/1/33
|
790,000
|
807,134
(a)
|
|
|
Qnity Electronics Inc., Senior Notes
|
6.250%
|
8/15/33
|
560,000
|
582,148
(a)
|
|
|
Total Semiconductors & Semiconductor Equipment
|
1,389,282
|
||||
|
Software — 1.3%
|
|||||
|
Cloud Software Group Inc., Secured Notes
|
9.000%
|
9/30/29
|
980,000
|
960,737
(a)
|
|
|
Cloud Software Group Inc., Senior Secured Notes
|
8.250%
|
6/30/32
|
560,000
|
560,948
(a)
|
|
|
Cloud Software Group Inc., Senior Secured Notes
|
6.625%
|
8/15/33
|
400,000
|
377,708
(a)
|
|
|
Elastic NV, Senior Notes
|
4.125%
|
7/15/29
|
380,000
|
359,386
(a)
|
|
|
Gen Digital Inc., Senior Notes
|
6.250%
|
4/1/33
|
320,000
|
318,649
(a)
|
|
|
Rackspace Finance LLC, Senior Secured Notes
|
3.500%
|
5/15/28
|
694,200
|
285,924
(a)
|
|
|
Total Software
|
2,863,352
|
||||
|
Technology Hardware, Storage & Peripherals — 0.4%
|
|||||
|
Black Pearl Compute LLC, Senior Secured Notes
|
6.125%
|
2/15/31
|
360,000
|
368,893
(a)
|
|
|
Diebold Nixdorf Inc., Senior Secured Notes
|
7.750%
|
3/31/30
|
340,000
|
359,455
(a)
|
|
|
Seagate Data Storage Technology Pte Ltd., Senior Notes
|
5.875%
|
7/15/30
|
290,000
|
298,718
(a)
|
|
|
Total Technology Hardware, Storage & Peripherals
|
1,027,066
|
||||
|
|
|||||
|
Total Information Technology
|
8,545,189
|
||||
|
Materials — 3.4%
|
|||||
|
Chemicals — 0.4%
|
|||||
|
Celanese US Holdings LLC, Senior Notes
|
7.000%
|
2/15/31
|
130,000
|
133,975
|
|
|
Celanese US Holdings LLC, Senior Notes
|
6.750%
|
4/15/33
|
560,000
|
574,543
|
|
|
Cerdia Finanz GmbH, Senior Secured Notes
|
9.375%
|
10/3/31
|
190,000
|
194,750
(a)
|
|
|
Total Chemicals
|
903,268
|
||||
|
Construction Materials — 0.1%
|
|||||
|
Smyrna Ready Mix Concrete LLC, Senior Secured Notes
|
6.000%
|
11/1/28
|
170,000
|
170,358
(a)
|
|
|
Metals & Mining — 2.9%
|
|||||
|
Capstone Copper Corp., Senior Notes
|
6.750%
|
3/31/33
|
370,000
|
382,638
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
8.625%
|
6/1/31
|
1,080,000
|
1,133,270
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
8.000%
|
3/1/33
|
2,220,000
|
2,372,882
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
7.250%
|
2/15/34
|
460,000
|
482,000
(a)
|
|
|
First Quantum Minerals Ltd., Senior Notes
|
6.375%
|
2/15/36
|
290,000
|
291,161
(a)
|
|
|
Freeport-McMoRan Inc., Senior Notes
|
5.450%
|
3/15/43
|
1,500,000
|
1,484,941
|
|
|
Hudbay Minerals Inc., Senior Notes
|
6.125%
|
4/1/29
|
580,000
|
585,026
(a)
|
|
|
Total Metals & Mining
|
6,731,918
|
||||
|
|
|||||
|
Total Materials
|
7,805,544
|
||||
|
Real Estate — 3.7%
|
|||||
|
Diversified REITs — 1.5%
|
|||||
|
Iron Mountain Information Management Services Inc., Senior Notes
|
5.000%
|
7/15/32
|
240,000
|
232,428
(a)
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
|
5.000%
|
10/15/27
|
260,000
|
254,923
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
|
3.692%
|
6/5/28
|
100,000
GBP
|
122,134
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
|
4.625%
|
8/1/29
|
1,480,000
|
1,280,031
|
|
|
MPT Operating Partnership LP/MPT Finance Corp., Senior Secured
Notes
|
8.500%
|
2/15/32
|
270,000
|
289,171
(a)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Diversified REITs — continued
|
|||||
|
Uniti Group LP/Uniti Group Finance 2019 Inc./CSL Capital LLC, Senior
Notes
|
6.500%
|
2/15/29
|
1,100,000
|
$1,070,809
(a)
|
|
|
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior
Notes
|
8.625%
|
6/15/32
|
210,000
|
213,162
(a)
|
|
|
Total Diversified REITs
|
3,462,658
|
||||
|
Health Care REITs — 0.8%
|
|||||
|
Diversified Healthcare Trust, Senior Notes
|
4.750%
|
2/15/28
|
400,000
|
391,428
|
|
|
Diversified Healthcare Trust, Senior Notes
|
4.375%
|
3/1/31
|
930,000
|
841,878
|
|
|
Diversified Healthcare Trust, Senior Secured Notes
|
7.250%
|
10/15/30
|
470,000
|
489,334
(a)
|
|
|
Total Health Care REITs
|
1,722,640
|
||||
|
Real Estate Management & Development — 0.4%
|
|||||
|
Cushman & Wakefield US Borrower LLC, Senior Secured Notes
|
8.875%
|
9/1/31
|
210,000
|
222,404
(a)
|
|
|
Five Point Operating Co. LP, Senior Notes
|
8.000%
|
10/1/30
|
620,000
|
642,497
(a)
|
|
|
Total Real Estate Management & Development
|
864,901
|
||||
|
Specialized REITs — 1.0%
|
|||||
|
Millrose Properties Inc., Senior Notes
|
6.375%
|
8/1/30
|
880,000
|
903,320
(a)
|
|
|
Millrose Properties Inc., Senior Notes
|
6.250%
|
9/15/32
|
260,000
|
263,474
(a)
|
|
|
SV RNO Property Owner 1 LLC, Senior Secured Notes
|
5.875%
|
3/1/31
|
1,140,000
|
1,145,911
(a)
|
|
|
Total Specialized REITs
|
2,312,705
|
||||
|
|
|||||
|
Total Real Estate
|
8,362,904
|
||||
|
Utilities — 2.4%
|
|||||
|
Electric Utilities — 2.1%
|
|||||
|
Alpha Generation LLC, Senior Notes
|
6.750%
|
10/15/32
|
330,000
|
343,536
(a)
|
|
|
NRG Energy Inc., Senior Notes
|
5.750%
|
1/15/34
|
360,000
|
365,343
(a)
|
|
|
NRG Energy Inc., Senior Notes
|
6.000%
|
1/15/36
|
1,760,000
|
1,792,176
(a)
|
|
|
Talen Energy Supply LLC, Senior Notes
|
6.500%
|
2/1/36
|
740,000
|
761,270
(a)
|
|
|
Vistra Operations Co. LLC, Senior Notes
|
7.750%
|
10/15/31
|
500,000
|
528,615
(a)
|
|
|
Vistra Operations Co. LLC, Senior Notes
|
6.875%
|
4/15/32
|
870,000
|
915,666
(a)
|
|
|
Total Electric Utilities
|
4,706,606
|
||||
|
Gas Utilities — 0.1%
|
|||||
|
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Senior Notes
|
5.000%
|
6/1/31
|
290,000
|
279,472
(a)
|
|
|
Independent Power and Renewable Electricity Producers — 0.2%
|
|||||
|
Lightning Power LLC, Senior Secured Notes
|
7.250%
|
8/15/32
|
520,000
|
552,403
(a)
|
|
|
|
|||||
|
Total Utilities
|
5,538,481
|
||||
|
Total Corporate Bonds & Notes (Cost — $178,537,519)
|
181,539,758
|
||||
|
Asset-Backed Securities — 7.9%
|
|||||
|
720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%)
|
8.418%
|
4/20/37
|
540,000
|
543,697
(a)(d)
|
|
|
Abry Liquid Credit CLO Ltd., 2025-2A D (3 mo. Term SOFR + 3.150%)
|
6.835%
|
1/15/39
|
390,000
|
392,529
(a)(d)
|
|
|
AGL CLO Ltd., 2025-44A E (3 mo. Term SOFR + 4.750%)
|
8.581%
|
10/22/37
|
450,000
|
455,398
(a)(d)
|
|
|
AGL CLO Ltd., 2021-16A DR (3 mo. Term SOFR + 2.400%)
|
6.068%
|
1/20/35
|
410,000
|
391,317
(a)(d)
|
|
|
AMMC CLO Ltd., 2024-30A D1R (3 mo. Term SOFR + 2.650%)
|
6.243%
|
4/15/39
|
310,000
|
311,135
(a)(d)
|
|
|
AMMC CLO Ltd., 2021-24A ER (3 mo. Term SOFR + 6.500%)
|
10.168%
|
1/20/35
|
530,000
|
521,348
(a)(d)
|
|
|
Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.750%)
|
7.418%
|
10/20/34
|
190,000
|
185,725
(a)(d)
|
|
|
Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR + 5.100%)
|
8.768%
|
1/20/38
|
460,000
|
460,636
(a)(d)
|
|
|
Arini US CLO Ltd., 3A E (3 mo. Term SOFR + 5.250%)
|
9.170%
|
1/15/39
|
300,000
|
302,424
(a)(d)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
Asset-Backed Securities — continued
|
|||||
|
Bain Capital Credit CLO Ltd., 2020-3A DRR (3 mo. Term SOFR +
3.100%)
|
6.771%
|
10/23/34
|
460,000
|
$449,651
(a)(d)
|
|
|
Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR + 3.900%)
|
7.569%
|
11/22/34
|
450,000
|
452,643
(a)(d)
|
|
|
Blueberry Park CLO Ltd., 2024-1A D1 (3 mo. Term SOFR + 2.900%)
|
6.568%
|
10/20/37
|
280,000
|
281,232
(a)(d)
|
|
|
BlueMountain CLO Ltd., 2020-30A DR (3 mo. Term SOFR + 3.300%)
|
6.972%
|
4/15/35
|
400,000
|
397,624
(a)(d)
|
|
|
Capital Four US CLO Ltd., 2021-1A DR (3 mo. Term SOFR + 3.250%)
|
6.915%
|
1/18/35
|
460,000
|
453,683
(a)(d)
|
|
|
Capital Four US CLO Ltd., 2025-4A D1 (3 mo. Term SOFR + 3.250%)
|
7.008%
|
10/18/38
|
390,000
|
389,425
(a)(d)
|
|
|
CarVal CLO Ltd., 2024-3A D1 (3 mo. Term SOFR + 3.000%)
|
6.668%
|
10/20/37
|
370,000
|
371,592
(a)(d)
|
|
|
Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR + 2.550%)
|
6.218%
|
1/25/35
|
280,000
|
277,736
(a)(d)
|
|
|
Columbia Cent CLO Ltd., 2025-35A D1A (3 mo. Term SOFR + 3.500%)
|
7.168%
|
7/25/36
|
280,000
|
281,953
(a)(d)
|
|
|
Dryden CLO Ltd., 2022-113A D1R3 (3 mo. Term SOFR + 3.000%)
|
6.672%
|
10/15/37
|
400,000
|
400,458
(a)(d)
|
|
|
Galaxy CLO Ltd., 2016-22A DR4 (3 mo. Term SOFR + 2.500%)
|
6.463%
|
4/16/34
|
450,000
|
446,613
(a)(d)
|
|
|
Galaxy CLO Ltd., 2018-25A D1RR (3 mo. Term SOFR + 2.700%)
|
6.368%
|
4/25/36
|
300,000
|
300,377
(a)(d)
|
|
|
GoldenTree Loan Management US CLO Ltd., 2020-8A DRR (3 mo.
Term SOFR + 2.900%)
|
6.568%
|
10/20/34
|
290,000
|
292,139
(a)(d)
|
|
|
Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term SOFR + 3.500%)
|
7.168%
|
4/17/34
|
230,000
|
231,541
(a)(d)
|
|
|
Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR + 3.250%)
|
6.918%
|
7/25/34
|
320,000
|
320,731
(a)(d)
|
|
|
Jamestown CLO Ltd., 2021-17A DR (3 mo. Term SOFR + 3.500%)
|
7.168%
|
1/25/35
|
510,000
|
511,408
(a)(d)
|
|
|
Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%)
|
8.368%
|
1/25/38
|
570,000
|
570,743
(a)(d)
|
|
|
Magnetite Ltd., 2022-32A ER (3 mo. Term SOFR + 4.600%)
|
8.272%
|
10/15/37
|
490,000
|
491,577
(a)(d)
|
|
|
Mountain View CLO Ltd., 2015-9A CR (3 mo. Term SOFR + 3.382%)
|
7.054%
|
7/15/31
|
250,000
|
250,892
(a)(d)
|
|
|
Mountain View CLO Ltd., 2025-1A D1 (3 mo. Term SOFR + 3.400%)
|
7.228%
|
10/17/38
|
310,000
|
313,473
(a)(d)
|
|
|
New Mountain CLO Ltd., 5A D1R (3 mo. Term SOFR + 3.150%)
|
6.818%
|
7/20/36
|
320,000
|
322,246
(a)(d)
|
|
|
Oaktree CLO Ltd., 2022-2A D1R2 (3 mo. Term SOFR + 3.250%)
|
6.922%
|
10/15/37
|
570,000
|
574,470
(a)(d)
|
|
|
Obra CLO Ltd., 2024-1A D1 (3 mo. Term SOFR + 3.400%)
|
7.068%
|
1/20/38
|
800,000
|
808,757
(a)(d)
|
|
|
Ocean Trails CLO Ltd., 2024-16A D1 (3 mo. Term SOFR + 3.300%)
|
6.968%
|
1/20/38
|
700,000
|
703,640
(a)(d)
|
|
|
OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR + 2.850%)
|
6.518%
|
7/19/37
|
330,000
|
331,776
(a)(d)
|
|
|
Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR + 2.950%)
|
6.618%
|
7/20/37
|
460,000
|
462,031
(a)(d)
|
|
|
Palmer Square Loan Funding Ltd., 2024-3A CR (3 mo. Term SOFR +
1.850%)
|
5.510%
|
8/8/32
|
310,000
|
310,000
(a)(d)
|
|
|
Point Au Roche Park CLO Ltd., 2021-1A D1R (3 mo. Term SOFR +
2.450%)
|
6.109%
|
1/20/39
|
380,000
|
367,232
(a)(d)
|
|
|
PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%)
|
6.668%
|
4/20/38
|
540,000
|
543,733
(a)(d)
|
|
|
RR Ltd., 2021-18A DR (3 mo. Term SOFR + 4.900%)
|
8.572%
|
7/15/40
|
470,000
|
453,263
(a)(d)
|
|
|
Symphony CLO Ltd., 2020-22A DR (3 mo. Term SOFR + 3.300%)
|
6.968%
|
4/18/33
|
250,000
|
248,345
(a)(d)
|
|
|
Symphony CLO Ltd., 2021-25A D (3 mo. Term SOFR + 3.862%)
|
7.529%
|
4/19/34
|
250,000
|
249,791
(a)(d)
|
|
|
Trestles CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%)
|
6.668%
|
6/11/35
|
330,000
|
330,387
(a)(d)
|
|
|
Valley Stream Park CLO Ltd., 2022-1A DRR (3 mo. Term SOFR +
2.700%)
|
6.368%
|
1/20/37
|
320,000
|
320,351
(a)(d)
|
|
|
Voya CLO Ltd., 2018-2A D (3 mo. Term SOFR + 3.012%)
|
6.684%
|
7/15/31
|
430,000
|
431,550
(a)(d)
|
|
|
Wellesley Park CLO Ltd., 2025-1A E (3 mo. Term SOFR + 4.600%)
|
8.507%
|
1/24/39
|
230,000
|
224,252
(a)(d)
|
|
|
Whitebox CLO Ltd., 2025-5A D1 (3 mo. Term SOFR + 2.850%)
|
6.518%
|
7/20/38
|
320,000
|
321,732
(a)(d)
|
|
|
|
|||||
|
Total Asset-Backed Securities (Cost — $18,012,160)
|
18,053,256
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Senior Loans — 6.8%
|
|||||
|
Communication Services — 0.5%
|
|||||
|
Interactive Media & Services — 0.4%
|
|||||
|
X Corp., Term Loan B1 (6 mo. Term SOFR + 6.750%)
|
10.448%
|
10/26/29
|
129,003
|
$129,500
(d)(j)(k)
|
|
|
X Corp., Term Loan B3
|
9.500%
|
10/26/29
|
760,000
|
798,570
(j)(k)
|
|
|
Total Interactive Media & Services
|
928,070
|
||||
|
Media — 0.1%
|
|||||
|
Diamond Sports Net LLC, First Lien Exit Term Loan (15.000% PIK)
|
15.000%
|
1/2/28
|
997,639
|
189,551
(b)(j)(k)
|
|
|
Gray Television Inc., Term Loan F (1 mo. Term SOFR + 5.250%)
|
8.921%
|
6/4/29
|
10,600
|
10,619
(d)(j)(k)
|
|
|
Total Media
|
200,170
|
||||
|
|
|||||
|
Total Communication Services
|
1,128,240
|
||||
|
Consumer Discretionary — 2.2%
|
|||||
|
Automobile Components — 0.6%
|
|||||
|
ABC Technologies Inc., Term Loan B
|
11.922-11.923%
|
1/2/40
|
798,471
|
798,471
(d)(g)(h)(j)(k)
|
|
|
Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%)
|
6.173%
|
5/6/30
|
493,762
|
493,301
(d)(j)(k)
|
|
|
First Brands Group LLC, 2021 First Lien Term Loan (1 mo. Term SOFR
+ 7.114%)
|
10.786%
|
3/30/27
|
101,286
|
384
(d)(j)(k)
|
|
|
First Brands Group LLC, DIP Roll Up Term Loan (1 mo. Term SOFR +
7.000%)
|
10.671%
|
6/29/26
|
129,545
|
632
(d)(j)(k)
|
|
|
First Brands Group LLC, USD DIP Term Loan (1 mo. Term SOFR +
10.000%)
|
13.671%
|
6/29/26
|
45,226
|
8,885
(d)(j)(k)
|
|
|
Total Automobile Components
|
1,301,673
|
||||
|
Diversified Consumer Services — 0.4%
|
|||||
|
WW International Inc., Take-Back Term Loan (3 mo. Term SOFR +
6.800%)
|
10.489%
|
6/24/30
|
1,007,390
|
865,096
(d)(j)(k)(l)
|
|
|
Hotels, Restaurants & Leisure — 0.7%
|
|||||
|
Light & Wonder International Inc., Term Loan B3 (1 mo. Term SOFR +
2.000%)
|
5.677%
|
4/16/29
|
242,564
|
243,019
(d)(j)(k)
|
|
|
Peninsula Pacific Entertainment LLC, Closing Date Term Loan Facility
B (3 mo. Term SOFR + 4.750%)
|
8.422%
|
10/1/32
|
412,309
|
416,432
(d)(h)(j)(k)
|
|
|
Peninsula Pacific Entertainment LLC, Delayed Draw Term Loan
Facility B
|
—
|
10/1/32
|
96,691
|
97,658
(h)(m)
|
|
|
Station Casinos LLC, Term Loan Facility B (1 mo. Term SOFR +
2.000%)
|
5.673%
|
3/14/31
|
854,775
|
856,279
(d)(j)(k)
|
|
|
Total Hotels, Restaurants & Leisure
|
1,613,388
|
||||
|
Specialty Retail — 0.5%
|
|||||
|
Harbor Freight Tools USA Inc., Initial Term Loan
|
—
|
6/11/31
|
340,000
|
335,431
(l)
|
|
|
Kodiak BP LLC, Initial Term Loan (1 mo. Term SOFR + 3.750%)
|
7.423%
|
12/4/31
|
350,000
|
350,467
(d)(j)(k)
|
|
|
Petco Health & Wellness Co. Inc., 2026 Term Loan (1 mo. Term SOFR
+ 4.250%)
|
7.923%
|
1/22/31
|
540,000
|
520,425
(d)(j)(k)
|
|
|
Total Specialty Retail
|
1,206,323
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
4,986,480
|
||||
|
Financials — 0.4%
|
|||||
|
Financial Services — 0.4%
|
|||||
|
Citadel Securities LP, 2024 Term Loan Facility (3 mo. Term SOFR +
2.000%)
|
5.672%
|
10/31/31
|
242,598
|
242,294
(d)(j)(k)
|
|
|
Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR +
2.000%)
|
5.673%
|
12/15/31
|
640,000
|
621,600
(d)(j)(k)
|
|
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Financial Services — continued
|
|||||
|
Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR +
4.000%)
|
7.673%
|
7/31/31
|
149,625
|
$143,865
(d)(j)(k)
|
|
|
|
|||||
|
Total Financials
|
1,007,759
|
||||
|
Health Care — 0.6%
|
|||||
|
Health Care Providers & Services — 0.4%
|
|||||
|
EyeCare Partners LLC, Term Loan B (4.730% Cash and 3.610% PIK)
|
8.340%
|
11/30/28
|
622,808
|
241,559
(b)(d)(j)(k)
|
|
|
LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%)
|
7.422%
|
5/16/31
|
221,704
|
222,157
(d)(j)(k)
|
|
|
Team Services Holding Inc., Term Loan
|
—
|
1/31/33
|
550,000
|
519,750
(l)
|
|
|
Total Health Care Providers & Services
|
983,466
|
||||
|
Health Care Technology — 0.2%
|
|||||
|
AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR +
2.750%)
|
6.423%
|
2/15/29
|
350,000
|
341,833
(d)(j)(k)
|
|
|
|
|||||
|
Total Health Care
|
1,325,299
|
||||
|
Industrials — 1.1%
|
|||||
|
Building Products — 0.2%
|
|||||
|
Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR + 2.250%)
|
5.923%
|
2/10/32
|
526,025
|
526,354
(d)(j)(k)
|
|
|
Electrical Equipment — 0.2%
|
|||||
|
Osmose Utilities Services Inc., First Lien Initial Term Loan
|
—
|
6/23/28
|
390,000
|
378,423
(l)
|
|
|
Passenger Airlines — 0.4%
|
|||||
|
Spirit Airlines LLC, Contingent DIP Facility
|
—
|
1/1/30
|
259,210
|
42,122
*(n)
|
|
|
Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR +
8.000%)
|
11.660%
|
1/2/40
|
209,310
|
204,077
(d)(j)(k)
|
|
|
Spirit Airlines LLC, Roll Up Term Loan
|
—
|
10/14/26
|
680,368
|
595,322
(l)
|
|
|
Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term SOFR
+ 8.000%)
|
11.660%
|
7/14/26
|
51,910
|
50,612
(d)(j)(k)
|
|
|
Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term
SOFR + 8.000%)
|
11.660%
|
7/14/26
|
102,525
|
99,961
(d)(j)(k)
|
|
|
Total Passenger Airlines
|
992,094
|
||||
|
Professional Services — 0.3%
|
|||||
|
Dayforce Inc., Initial Term Loan (3 mo. Term SOFR + 3.000%)
|
6.661%
|
2/4/33
|
740,000
|
683,975
(d)(j)(k)
|
|
|
|
|||||
|
Total Industrials
|
2,580,846
|
||||
|
Information Technology — 1.6%
|
|||||
|
Semiconductors & Semiconductor Equipment — 0.6%
|
|||||
|
VCI Asset Holdings 2 LLC, Initial Term Loan (6 mo. Term SOFR +
7.750%)
|
11.500%
|
2/6/31
|
1,270,000
|
1,295,400
(d)(g)(h)(j)(k)(l)
|
|
|
Software — 1.0%
|
|||||
|
Cloudera Inc., Term Loan
|
—
|
10/8/28
|
290,000
|
257,272
(l)
|
|
|
DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR +
7.000%)
|
10.673%
|
2/19/29
|
790,000
|
639,244
(d)(j)(k)
|
|
|
X.Ai Corp., Initial Term Loan
|
12.500%
|
6/30/28
|
1,283,550
|
1,456,162
(j)(k)
|
|
|
Total Software
|
2,352,678
|
||||
|
Technology Hardware, Storage & Peripherals — 0.0%††
|
|||||
|
Vericast Corp., 2024 Extended Term Loan (3 mo. Term SOFR +
7.750%)
|
11.622%
|
6/14/30
|
35,516
|
34,385
(d)(j)(k)
|
|
|
|
|||||
|
Total Information Technology
|
3,682,463
|
||||
|
Security
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
Value
|
|
|
|||||
|
Materials — 0.4%
|
|||||
|
Chemicals — 0.3%
|
|||||
|
Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo. Term
SOFR + 4.000%)
|
7.677%
|
3/15/29
|
561,225
|
$551,805
(d)(j)(k)(l)
|
|
|
Metals & Mining — 0.1%
|
|||||
|
Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan (3 mo.
CORRA + 2.000%)
|
4.258%
|
6/30/26
|
561,768
|
265,940
(d)(g)(h)(j)(k)
|
|
|
|
|||||
|
Total Materials
|
817,745
|
||||
|
Total Senior Loans (Cost — $17,330,146)
|
15,528,832
|
||||
|
Collateralized Mortgage Obligations(o) — 2.8%
|
|||||
|
BX Commercial Mortgage Trust, 2019-IMC F (1 mo. Term SOFR +
2.946%)
|
6.606%
|
4/15/34
|
1,100,000
|
1,076,332
(a)(d)
|
|
|
CEDR Commercial Mortgage Trust, 2022-SNAI D (1 mo. Term SOFR +
2.376%)
|
6.035%
|
2/15/39
|
800,000
|
786,892
(a)(d)
|
|
|
GS Mortgage Securities Trust, 2014-GC24 B
|
4.498%
|
9/10/47
|
970,000
|
943,919
(d)
|
|
|
LHOME Mortgage Trust, 2025-RTL1 M1
|
7.023%
|
1/25/40
|
310,000
|
315,098
(a)(d)
|
|
|
NYC Commercial Mortgage Trust, 2025-28L F
|
8.130%
|
11/5/38
|
300,000
|
308,555
(a)(d)
|
|
|
NYC Commercial Mortgage Trust, 2025-28L G
|
9.321%
|
11/5/38
|
700,000
|
712,185
(a)(d)
|
|
|
ROCK Trust, 2024-CNTR E
|
8.819%
|
11/13/41
|
900,000
|
965,535
(a)
|
|
|
SMRT, 2022-MINI F (1 mo. Term SOFR + 3.350%)
|
7.010%
|
1/15/39
|
950,000
|
949,520
(a)(d)
|
|
|
Wells Fargo Commercial Mortgage Trust, 2015-C28 D
|
4.137%
|
5/15/48
|
375,057
|
361,364
(d)
|
|
|
|
|||||
|
Total Collateralized Mortgage Obligations (Cost — $6,350,897)
|
6,419,400
|
||||
|
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
|
339,752
(b)
|
|
|
|
|||||
|
Health Care — 0.1%
|
|||||
|
Biotechnology — 0.1%
|
|||||
|
Arrowhead Pharmaceuticals Inc., Senior Notes
|
0.000%
|
1/15/32
|
150,000
|
158,325
|
|
|
|
|||||
|
Industrials — 0.3%
|
|||||
|
Aerospace & Defense — 0.3%
|
|||||
|
AeroVironment Inc., Senior Notes
|
0.000%
|
7/15/30
|
344,000
|
394,740
|
|
|
BWX Technologies Inc., Senior Notes
|
0.000%
|
11/1/30
|
110,000
|
114,950
(a)
|
|
|
Voyager Technologies Inc., Senior Notes
|
0.750%
|
11/15/30
|
60,000
|
68,250
(a)
|
|
|
|
|||||
|
Total Industrials
|
577,940
|
||||
|
Information Technology — 0.1%
|
|||||
|
Technology Hardware, Storage & Peripherals — 0.1%
|
|||||
|
Super Micro Computer Inc., Senior Notes
|
3.500%
|
3/1/29
|
350,000
|
325,828
|
|
|
|
|||||
|
Total Convertible Bonds & Notes (Cost — $1,190,447)
|
1,401,845
|
||||
|
|
|
|
|
Shares/Units
|
|
|
Common Stocks — 0.4%
|
|||||
|
Communication Services — 0.2%
|
|||||
|
Diversified Telecommunication Services — 0.2%
|
|||||
|
Altice France Luxco
|
|
23,923
|
448,505
*
|
||
|
|
|||||
|
Consumer Discretionary — 0.1%
|
|||||
|
Diversified Consumer Services — 0.1%
|
|||||
|
WW International Inc.
|
|
10,516
|
223,570
*
|
||
|
Security
|
|
|
|
Shares/Units
|
Value
|
|
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC
|
|
209
|
$100
*(g)(p)
|
||
|
Spirit Aviation Holdings Inc.
|
|
35,875
|
17,220
*
|
||
|
|
|||||
|
Total Industrials
|
17,320
|
||||
|
Information Technology — 0.1%
|
|||||
|
Semiconductors & Semiconductor Equipment — 0.1%
|
|||||
|
VCI Asset Holdings 2 LLC
|
|
236,531
|
236,532
*(g)(h)
|
||
|
|
|||||
|
Materials — 0.0%††
|
|||||
|
Metals & Mining — 0.0%††
|
|||||
|
Arctic Canadian Diamond Co. Ltd.
|
|
541
|
8,458
*(g)(h)
|
||
|
|
|||||
|
Total Common Stocks (Cost — $1,272,713)
|
934,385
|
||||
|
|
|
Rate
|
Maturity
Date
|
Face
Amount†
|
|
|
Sovereign Bonds — 0.4%
|
|||||
|
Argentina — 0.4%
|
|||||
|
Provincia de Buenos Aires, Senior Notes
(Cost — $495,933)
|
6.625%
|
9/1/37
|
1,148,130
|
913,213
(a)
|
|
|
|
|
|
Expiration
Date
|
Rights
|
|
|
Rights — 0.0%††
|
|||||
|
Communication Services — 0.0%††
|
|||||
|
Diversified Telecommunication Services — 0.0%††
|
|||||
|
Altice France Luxco (Cost — $0)
|
|
—
|
1,596
|
25,694
*
|
|
|
|
|
|
|
Warrants
|
|
|
Warrants — 0.0%††
|
|||||
|
Industrials — 0.0%††
|
|||||
|
Passenger Airlines — 0.0%††
|
|||||
|
Spirit Airlines LLC (Cost — $310,299)
|
|
3/12/30
|
25,490
|
12,235
*(a)(g)(p)
|
|
|
Total Investments before Short-Term Investments (Cost — $223,500,114)
|
224,828,618
|
||||
|
|
|
Rate
|
|
Shares
|
|
|
Short-Term Investments — 1.6%
|
|||||
|
Western Asset Premier Institutional Government Reserves, Premium
Shares (Cost — $3,600,547)
|
3.603%
|
|
3,600,547
|
3,600,547
(q)(r)
|
|
|
Total Investments — 100.1% (Cost — $227,100,661)
|
228,429,165
|
||||
|
Liabilities in Excess of Other Assets — (0.1)%
|
(237,320
)
|
||||
|
Total Net Assets — 100.0%
|
$228,191,845
|
||||
|
†
|
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)
|
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.
|
|
(c)
|
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.
|
|
(d)
|
Variable rate security. Interest rate disclosed is as of the most recent information
available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based
on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
|
|
(e)
|
Securities traded on a when-issued or delayed delivery basis.
|
|
(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 February 28, 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 February 28, 2026. The interest rate
for fully unfunded term loans is to be determined. At February 28, 2026,
the total principal amount and market value of unfunded commitments totaled $96,691
and $97,658, respectively.
|
|
(n)
|
The coupon payment on this security is currently in default as of February 28, 2026.
|
|
(o)
|
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.
|
|
(p)
|
Restricted security (Note 3).
|
|
(q)
|
Rate shown is one-day yield as of the end of the reporting period.
|
|
(r)
|
In this instance, as defined in the Investment Company Act of 1940, 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 February 28, 2026, the total market value of
investments in Affiliated Companies was $3,600,547 and the cost was $3,600,547 (Note 2).
|
|
Abbreviation(s) used in this schedule:
|
||
|
CLO
|
—
|
Collateralized Loan Obligation
|
|
CORRA
|
—
|
Canadian Overnight Repo Rate Average
|
|
DAC
|
—
|
Designated Activity Company
|
|
DIP
|
—
|
Debtor-in-possession
|
|
GBP
|
—
|
British Pound
|
|
ICE
|
—
|
Intercontinental Exchange
|
|
LIBOR
|
—
|
London Interbank Offered Rate
|
|
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
Appreciation
|
|
Contracts to Buy:
|
|
|
|
|
|
|
U.S. Treasury 5-Year Notes
|
76
|
6/26
|
$8,336,851
|
$8,370,687
|
$33,836
|
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
EUR
|
2,642,000
|
USD
|
3,100,779
|
BNP Paribas SA
|
4/16/26
|
$28,843
|
|
GBP
|
2,919,767
|
USD
|
3,934,169
|
BNP Paribas SA
|
4/16/26
|
1,306
|
|
GBP
|
20,553
|
USD
|
28,062
|
Citibank N.A.
|
4/16/26
|
(359)
|
|
Net unrealized appreciation on open forward foreign currency contracts
|
$29,790
|
|||||
|
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
February 28,
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
|
1.985%
|
1.000% quarterly
|
$(5,486)
|
$(21,937)
|
$16,451
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION4
|
|||||||
|
Reference Entity
|
Notional
Amount2
|
Termination
Date
|
Implied
Credit
Spread at
February 28,
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
|
1.420%
|
1.000% quarterly
|
$2,369
|
$15,371
|
$(13,002)
|
|
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
|
—
|
$24,713,989
|
$1,278,919
|
$25,992,908
|
|
Financials
|
—
|
24,293,802
|
0
*
|
24,293,802
|
|
Other Corporate Bonds & Notes
|
—
|
131,253,048
|
—
|
131,253,048
|
|
Asset-Backed Securities
|
—
|
18,053,256
|
—
|
18,053,256
|
|
Senior Loans:
|
|
|
|
|
|
Consumer Discretionary
|
—
|
3,673,919
|
1,312,561
|
4,986,480
|
|
Information Technology
|
—
|
2,387,063
|
1,295,400
|
3,682,463
|
|
Materials
|
—
|
551,805
|
265,940
|
817,745
|
|
Other Senior Loans
|
—
|
6,042,144
|
—
|
6,042,144
|
|
Collateralized Mortgage Obligations
|
—
|
6,419,400
|
—
|
6,419,400
|
|
Convertible Bonds & Notes
|
—
|
1,401,845
|
—
|
1,401,845
|
|
Common Stocks:
|
|
|
|
|
|
Communication Services
|
—
|
448,505
|
—
|
448,505
|
|
Consumer Discretionary
|
$223,570
|
—
|
—
|
223,570
|
|
Industrials
|
17,220
|
100
|
—
|
17,320
|
|
Information Technology
|
—
|
—
|
236,532
|
236,532
|
|
Materials
|
—
|
—
|
8,458
|
8,458
|
|
Sovereign Bonds
|
—
|
913,213
|
—
|
913,213
|
|
Rights
|
—
|
25,694
|
—
|
25,694
|
|
Warrants
|
—
|
12,235
|
—
|
12,235
|
|
Total Long-Term Investments
|
240,790
|
220,190,018
|
4,397,810
|
224,828,618
|
|
Short-Term Investments†
|
3,600,547
|
—
|
—
|
3,600,547
|
|
Total Investments
|
$3,841,337
|
$220,190,018
|
$4,397,810
|
$228,429,165
|
|
Other Financial Instruments:
|
|
|
|
|
|
Futures Contracts††
|
$33,836
|
—
|
—
|
$33,836
|
|
Forward Foreign Currency Contracts††
|
—
|
$30,149
|
—
|
30,149
|
|
Centrally Cleared Credit Default Swaps on Corporate Issues —
Sell Protection††
|
—
|
16,451
|
—
|
16,451
|
|
Total Other Financial Instruments
|
$33,836
|
$46,600
|
—
|
$80,436
|
|
Total
|
$3,875,173
|
$220,236,618
|
$4,397,810
|
$228,509,601
|
|
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††
|
—
|
$359
|
—
|
$359
|
|
Centrally Cleared Credit Default Swaps on Corporate Issues —
Buy Protection††
|
—
|
13,002
|
—
|
13,002
|
|
Total
|
—
|
$13,361
|
—
|
$13,361
|
|
†
|
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
|
$1,107,459
|
$2,427
|
—
|
$65,209
|
$103,824
|
|
Financials
|
0
*
|
—
|
—
|
—
|
—
|
|
Health Care
|
0
*
|
—
|
$2,225
|
—
|
—
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
—
|
1,975
|
—
|
33,542
|
1,277,044
|
|
Information
Technology
|
—
|
—
|
—
|
29,775
|
1,265,625
|
|
Materials
|
534,536
|
—
|
—
|
(295,125
)
|
26,529
|
|
Common Stocks:
|
|
|
|
|
|
|
Energy
|
0
*
|
—
|
—
|
—
|
—
|
|
Information
Technology
|
—
|
—
|
—
|
—
|
—
|
|
Materials
|
11,289
|
—
|
—
|
(2,831
)
|
—
|
|
Total
|
$1,653,284
|
$4,402
|
$2,225
|
$(169,430
)
|
$2,673,022
|
|
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
|
—
|
—
|
—
|
$1,278,919
|
$65,209
|
|
Financials
|
—
|
—
|
—
|
0
*
|
—
|
|
Health Care
|
$(2,225
)
|
—
|
—
|
—
|
—
|
|
Senior Loans:
|
|
|
|
|
|
|
Consumer
Discretionary
|
—
|
—
|
—
|
1,312,561
|
33,542
|
|
Information
Technology
|
—
|
—
|
—
|
1,295,400
|
29,775
|
|
Materials
|
—
|
—
|
—
|
265,940
|
(295,125
)
|
|
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
|
|
Common Stocks:
|
|
|
|
|
|
|
Energy
|
—
|
—
|
—
|
—
|
—
|
|
Information
Technology
|
—
|
—
|
—
|
$236,532
|
—
|
|
Materials
|
—
|
—
|
—
|
8,458
|
$(2,831
)
|
|
Total
|
$(2,225
)
|
—
|
—
|
$4,397,810
|
$(169,430
)
|
|
*
|
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
|
—
|
$48,251,603
|
48,251,603
|
$44,651,056
|
44,651,056
|
|
(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
|
—
|
$47,477
|
—
|
$3,600,547
|
|
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
|
209
|
3/25
|
$2,544
|
$100
|
$0.48
|
0.00
%(a)
|
|
Spirit Airlines LLC, Warrants
|
25,490
|
3/25
|
310,299
|
12,235
(b)
|
0.48
|
0.01
|
|
Total
|
|
|
$312,843
|
$12,335
|
|
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.
|