Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 95.9% | |||||
Asset-Backed Securities 4.0% | |||||
Collateralized Loan Obligations | |||||
Atlas Static Senior Loan Fund Ltd. (Cayman Islands), Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 7.079 %(c) | 07/15/30 | 572 | $574,690 | |
BlueMountain Fuji US CLO Ltd. (Cayman Islands), Series 2017-02A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%) | 6.586(c) | 10/20/30 | 546 | 546,706 | |
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), Series 2015-05A, Class A1RR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | 6.666(c) | 01/20/32 | 711 | 713,092 | |
Madison Park Funding Ltd. (Cayman Islands), Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 6.619(c) | 10/15/32 | 1,000 | 1,001,516 | |
Race Point CLO Ltd. (Cayman Islands), Series 2013-08A, Class AR2, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%) | 6.627(c) | 02/20/30 | 354 | 354,021 | |
Rockford Tower CLO Ltd. (Cayman Islands), Series 2020-01A, Class A1R, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | 6.845(c) | 01/20/36 | 500 | 501,547 | |
Trinitas CLO Ltd. (Bermuda), Series 2023-26A, Class A1, 144A, 3 Month SOFR + 1.690% (Cap N/A, Floor 1.690%) | 7.015(c) | 01/20/35 | 1,000 | 1,008,700 | |
Voya CLO Ltd. (Cayman Islands), Series 2014-02A, Class A1RR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | 6.599(c) | 04/17/30 | 291 | 291,599 | |
Total Asset-Backed Securities (cost $4,948,188) | 4,991,871 | ||||
Corporate Bonds 87.8% | |||||
Advertising 0.2% | |||||
CMG Media Corp., Gtd. Notes, 144A | 8.875 | 12/15/27 | 505 | 252,595 | |
Aerospace & Defense 2.3% | |||||
Boeing Co. (The), | |||||
Sr. Unsec’d. Notes | 5.805 | 05/01/50 | 307 | 274,828 | |
Sr. Unsec’d. Notes | 5.930 | 05/01/60 | 311 | 274,552 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Aerospace & Defense (cont’d.) | |||||
Bombardier, Inc. (Canada), | |||||
Sr. Unsec’d. Notes, 144A | 6.000 % | 02/15/28 | 175 | $171,938 | |
Sr. Unsec’d. Notes, 144A | 7.000 | 06/01/32 | 100 | 100,375 | |
Sr. Unsec’d. Notes, 144A | 7.125 | 06/15/26 | 309 | 313,932 | |
Sr. Unsec’d. Notes, 144A | 7.250 | 07/01/31 | 95 | 97,061 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 02/01/29 | 210 | 216,825 | |
Sr. Unsec’d. Notes, 144A | 7.875 | 04/15/27 | 159 | 159,159 | |
Sr. Unsec’d. Notes, 144A | 8.750 | 11/15/30 | 148 | 158,915 | |
TransDigm, Inc., | |||||
Gtd. Notes | 4.625 | 01/15/29 | 156 | 143,717 | |
Gtd. Notes | 5.500 | 11/15/27 | 515 | 502,420 | |
Sr. Sec’d. Notes, 144A | 6.375 | 03/01/29 | 251 | 250,765 | |
Sr. Sec’d. Notes, 144A | 6.625 | 03/01/32 | 165 | 165,785 | |
2,830,272 | |||||
Agriculture 0.3% | |||||
Vector Group Ltd., Sr. Sec’d. Notes, 144A | 5.750 | 02/01/29 | 377 | 345,929 | |
Airlines 1.2% | |||||
American Airlines, Inc., Sr. Sec’d. Notes, 144A | 7.250 | 02/15/28 | 62 | 61,907 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | |||||
Sr. Sec’d. Notes, 144A | 5.500 | 04/20/26 | 276 | 273,395 | |
Sr. Sec’d. Notes, 144A | 5.750 | 04/20/29 | 105 | 101,230 | |
United Airlines, Inc., Sr. Sec’d. Notes, 144A | 4.625 | 04/15/29 | 503 | 465,196 | |
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), | |||||
Sr. Unsec’d. Notes, 144A | 6.375 | 02/01/30 | 241 | 193,704 | |
Sr. Unsec’d. Notes, 144A | 7.875 | 05/01/27 | 189 | 170,308 | |
Sr. Unsec’d. Notes, 144A | 9.500 | 06/01/28 | 293 | 265,745 | |
1,531,485 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Apparel 0.4% | |||||
Kontoor Brands, Inc., Gtd. Notes, 144A | 4.125 % | 11/15/29 | 50 | $45,164 | |
Wolverine World Wide, Inc., Gtd. Notes, 144A | 4.000 | 08/15/29 | 594 | 494,756 | |
539,920 | |||||
Auto Manufacturers 0.9% | |||||
Ford Motor Co., Sr. Unsec’d. Notes | 9.625 | 04/22/30 | 458 | 530,502 | |
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes | 3.375 | 11/13/25 | 200 | 193,109 | |
JB Poindexter & Co., Inc., Sr. Unsec’d. Notes, 144A | 8.750 | 12/15/31 | 95 | 97,472 | |
PM General Purchaser LLC, Sr. Sec’d. Notes, 144A | 9.500 | 10/01/28 | 355 | 360,279 | |
1,181,362 | |||||
Auto Parts & Equipment 0.8% | |||||
Adient Global Holdings Ltd., Sr. Sec’d. Notes, 144A | 7.000 | 04/15/28 | 101 | 102,768 | |
American Axle & Manufacturing, Inc., Gtd. Notes | 6.500 | 04/01/27 | 65 | 64,588 | |
Dana, Inc., | |||||
Sr. Unsec’d. Notes | 4.500 | 02/15/32 | 58 | 49,184 | |
Sr. Unsec’d. Notes | 5.625 | 06/15/28 | 35 | 33,863 | |
Garrett Motion Holdings, Inc./Garrett LX I Sarl, Gtd. Notes, 144A | 7.750 | 05/31/32 | 90 | 90,576 | |
Phinia, Inc., Sr. Sec’d. Notes, 144A | 6.750 | 04/15/29 | 50 | 50,420 | |
Tenneco, Inc., Sr. Sec’d. Notes, 144A | 8.000 | 11/17/28 | 535 | 488,438 | |
Titan International, Inc., Sr. Sec’d. Notes | 7.000 | 04/30/28 | 148 | 143,261 | |
1,023,098 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Banks 0.7% | |||||
Citigroup, Inc., Jr. Sub. Notes, Series X | 3.875 %(ff) | 02/18/26(oo) | 278 | $262,149 | |
Freedom Mortgage Corp., | |||||
Sr. Unsec’d. Notes, 144A | 6.625 | 01/15/27 | 225 | 217,275 | |
Sr. Unsec’d. Notes, 144A | 7.625 | 05/01/26 | 280 | 278,159 | |
Sr. Unsec’d. Notes, 144A | 12.000 | 10/01/28 | 43 | 46,417 | |
Sr. Unsec’d. Notes, 144A | 12.250 | 10/01/30 | 75 | 82,189 | |
886,189 | |||||
Building Materials 1.7% | |||||
Camelot Return Merger Sub, Inc., Sr. Sec’d. Notes, 144A | 8.750 | 08/01/28 | 103 | 102,000 | |
Cornerstone Building Brands, Inc., Gtd. Notes, 144A | 6.125 | 01/15/29 | 135 | 109,805 | |
Eco Material Technologies, Inc., Sr. Sec’d. Notes, 144A | 7.875 | 01/31/27 | 195 | 194,995 | |
Griffon Corp., Gtd. Notes | 5.750 | 03/01/28 | 105 | 101,546 | |
JELD-WEN, Inc., Gtd. Notes, 144A | 4.625 | 12/15/25 | 87 | 85,287 | |
Knife River Corp., Sr. Unsec’d. Notes, 144A | 7.750 | 05/01/31 | 50 | 52,091 | |
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Sr. Sec’d. Notes, 144A | 6.750 | 04/01/32 | 95 | 94,390 | |
MIWD Holdco II LLC/MIWD Finance Corp., Gtd. Notes, 144A | 5.500 | 02/01/30 | 135 | 123,052 | |
Owens Corning, Sr. Unsec’d. Notes, 144A | 3.500 | 02/15/30 | 95 | 86,004 | |
Smyrna Ready Mix Concrete LLC, | |||||
Sr. Sec’d. Notes, 144A | 6.000 | 11/01/28 | 398 | 384,699 | |
Sr. Sec’d. Notes, 144A | 8.875 | 11/15/31 | 108 | 113,730 | |
Standard Industries, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 3.375 | 01/15/31 | 175 | 146,093 | |
Sr. Unsec’d. Notes, 144A | 4.375 | 07/15/30 | 100 | 89,300 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/15/27 | 450 | 436,259 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Building Materials (cont’d.) | |||||
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes, 144A | 7.250 % | 01/15/31 | 30 | $30,949 | |
2,150,200 | |||||
Chemicals 0.9% | |||||
Ashland, Inc., Sr. Unsec’d. Notes | 6.875 | 05/15/43 | 91 | 92,876 | |
ASP Unifrax Holdings, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.250 | 09/30/28 | 50 | 25,136 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 09/30/29 | 173 | 89,134 | |
Avient Corp., Sr. Unsec’d. Notes, 144A | 5.750 | 05/15/25 | 50 | 49,735 | |
Chemours Co. (The), | |||||
Gtd. Notes, 144A | 4.625 | 11/15/29 | 141 | 120,249 | |
Gtd. Notes, 144A | 5.750 | 11/15/28 | 11 | 10,074 | |
Cornerstone Chemical Co. LLC, Sr. Sec’d. Notes, 144A, Cash coupon 5.000% and PIK 10.000%^ | 15.000 | 12/06/28 | 32 | 31,793 | |
Olympus Water US Holding Corp., Sr. Sec’d. Notes, 144A | 9.750 | 11/15/28 | 200 | 212,793 | |
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A | 7.250 | 04/01/25 | 3 | 2,939 | |
SK Invictus Intermediate II Sarl, Sr. Sec’d. Notes, 144A | 5.000 | 10/30/29 | 185 | 163,494 | |
SNF Group SACA (France), Sr. Unsec’d. Notes, 144A | 3.125 | 03/15/27 | 200 | 182,750 | |
TPC Group, Inc., Sr. Sec’d. Notes, 144A | 13.000 | 12/16/27 | 90 | 91,303 | |
Tronox, Inc., Gtd. Notes, 144A | 4.625 | 03/15/29 | 94 | 85,389 | |
WR Grace Holdings LLC, Sr. Sec’d. Notes, 144A | 7.375 | 03/01/31 | 25 | 25,370 | |
1,183,035 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Coal 0.1% | |||||
Conuma Resources Ltd. (Canada), Sr. Sec’d. Notes, 144A | 13.125 % | 05/01/28 | 136 | $136,000 | |
Coronado Finance Pty Ltd. (Australia), Sr. Sec’d. Notes, 144A | 10.750 | 05/15/26 | 35 | 36,358 | |
172,358 | |||||
Commercial Services 4.6% | |||||
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A | 5.500 | 03/01/28 | 104 | 99,734 | |
Allied Universal Holdco LLC, Sr. Sec’d. Notes, 144A | 7.875 | 02/15/31 | 175 | 174,476 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., | |||||
Sr. Sec’d. Notes, 144A | 6.625 | 07/15/26 | 19 | 19,000 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 06/01/29 | 400 | 341,299 | |
Sr. Unsec’d. Notes, 144A | 9.750 | 07/15/27 | 654 | 649,368 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Sr. Sec’d. Notes, 144A | 4.625 | 06/01/28 | 600 | 538,500 | |
Alta Equipment Group, Inc., | |||||
Sec’d. Notes, 144A | 5.625 | 04/15/26 | 50 | 50,703 | |
Sec’d. Notes, 144A | 9.000 | 06/01/29 | 105 | 101,555 | |
AMN Healthcare, Inc., | |||||
Gtd. Notes, 144A | 4.000 | 04/15/29 | 294 | 260,594 | |
Gtd. Notes, 144A | 4.625 | 10/01/27 | 50 | 47,305 | |
APi Group DE, Inc., Gtd. Notes, 144A | 4.750 | 10/15/29 | 50 | 45,855 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | |||||
Gtd. Notes, 144A | 4.750 | 04/01/28 | 219 | 199,086 | |
Gtd. Notes, 144A | 5.375 | 03/01/29 | 163 | 148,975 | |
Brink’s Co. (The), Gtd. Notes, 144A | 4.625 | 10/15/27 | 25 | 23,872 | |
Gartner, Inc., Gtd. Notes, 144A | 3.625 | 06/15/29 | 50 | 45,143 | |
Hertz Corp. (The), | |||||
Gtd. Notes, 144A | 4.625 | 12/01/26 | 115 | 89,297 | |
Gtd. Notes, 144A | 5.000 | 12/01/29 | 50 | 32,988 | |
Mavis Tire Express Services Topco Corp., Sr. Unsec’d. Notes, 144A | 6.500 | 05/15/29 | 753 | 694,042 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Commercial Services (cont’d.) | |||||
MPH Acquisition Holdings LLC, Sr. Sec’d. Notes, 144A | 5.500 % | 09/01/28 | 550 | $409,019 | |
NESCO Holdings II, Inc., Sec’d. Notes, 144A | 5.500 | 04/15/29 | 364 | 333,563 | |
Service Corp. International, | |||||
Sr. Unsec’d. Notes | 3.375 | 08/15/30 | 208 | 178,557 | |
Sr. Unsec’d. Notes | 4.000 | 05/15/31 | 213 | 186,113 | |
United Rentals North America, Inc., | |||||
Gtd. Notes | 3.750 | 01/15/32 | 372 | 318,136 | |
Gtd. Notes | 3.875 | 02/15/31 | 285 | 250,699 | |
Gtd. Notes | 4.875 | 01/15/28 | 129 | 124,233 | |
Gtd. Notes | 5.250 | 01/15/30 | 128 | 122,882 | |
Valvoline, Inc., Sr. Unsec’d. Notes, 144A | 3.625 | 06/15/31 | 248 | 209,544 | |
VT Topco, Inc., Sr. Sec’d. Notes, 144A | 8.500 | 08/15/30 | 75 | 78,365 | |
5,772,903 | |||||
Computers 1.1% | |||||
Fortress Intermediate 3, Inc., Sr. Sec’d. Notes, 144A | 7.500 | 06/01/31 | 75 | 75,925 | |
McAfee Corp., Sr. Unsec’d. Notes, 144A | 7.375 | 02/15/30 | 463 | 428,555 | |
NCR Atleos Corp., Sr. Sec’d. Notes, 144A | 9.500 | 04/01/29 | 302 | 326,003 | |
NCR Voyix Corp., | |||||
Gtd. Notes, 144A | 5.000 | 10/01/28 | 322 | 301,328 | |
Gtd. Notes, 144A | 5.125 | 04/15/29 | 159 | 147,771 | |
Gtd. Notes, 144A | 5.250 | 10/01/30 | 50 | 45,380 | |
1,324,962 | |||||
Distribution/Wholesale 0.8% | |||||
H&E Equipment Services, Inc., Gtd. Notes, 144A | 3.875 | 12/15/28 | 741 | 663,388 | |
Ritchie Bros Holdings, Inc. (Canada), | |||||
Gtd. Notes, 144A | 7.750 | 03/15/31 | 75 | 78,133 | |
Sr. Sec’d. Notes, 144A | 6.750 | 03/15/28 | 25 | 25,250 | |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Distribution/Wholesale (cont’d.) | |||||
Velocity Vehicle Group LLC, Sr. Unsec’d. Notes, 144A | 8.000 % | 06/01/29 | 40 | $40,596 | |
Windsor Holdings III LLC, Sr. Sec’d. Notes, 144A | 8.500 | 06/15/30 | 185 | 193,726 | |
1,001,093 | |||||
Diversified Financial Services 4.2% | |||||
Bread Financial Holdings, Inc., Gtd. Notes, 144A | 9.750 | 03/15/29 | 258 | 270,315 | |
Encore Capital Group, Inc., Sr. Sec’d. Notes, 144A | 8.500 | 05/15/30 | 200 | 200,249 | |
Freedom Mortgage Holdings LLC, | |||||
Sr. Unsec’d. Notes, 144A | 9.125 | 05/15/31 | 75 | 74,525 | |
Sr. Unsec’d. Notes, 144A | 9.250 | 02/01/29 | 65 | 65,636 | |
GGAM Finance Ltd. (Ireland), | |||||
Gtd. Notes, 144A | 6.875 | 04/15/29 | 40 | 40,219 | |
Gtd. Notes, 144A | 8.000 | 02/15/27 | 100 | 102,407 | |
goeasy Ltd. (Canada), | |||||
Gtd. Notes, 144A | 4.375 | 05/01/26 | 110 | 105,875 | |
Gtd. Notes, 144A | 9.250 | 12/01/28 | 45 | 47,475 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp., Sr. Unsec’d. Notes, 144A | 5.000 | 08/15/28 | 200 | 184,070 | |
LD Holdings Group LLC, Gtd. Notes, 144A | 6.125 | 04/01/28 | 132 | 91,889 | |
LFS Topco LLC, Gtd. Notes, 144A | 5.875 | 10/15/26 | 113 | 106,036 | |
Macquarie Airfinance Holdings Ltd. (United Kingdom), | |||||
Sr. Unsec’d. Notes, 144A | 6.400 | 03/26/29 | 58 | 58,652 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 03/26/31 | 80 | 81,111 | |
Sr. Unsec’d. Notes, 144A | 8.125 | 03/30/29 | 173 | 181,714 | |
Sr. Unsec’d. Notes, 144A | 8.375 | 05/01/28 | 97 | 101,850 | |
Nationstar Mortgage Holdings, Inc., | |||||
Gtd. Notes, 144A | 5.125 | 12/15/30 | 358 | 324,896 | |
Gtd. Notes, 144A | 5.750 | 11/15/31 | 90 | 83,209 | |
Gtd. Notes, 144A | 6.000 | 01/15/27 | 571 | 563,095 | |
Navient Corp., | |||||
Sr. Unsec’d. Notes | 5.500 | 03/15/29 | 240 | 218,674 | |
Sr. Unsec’d. Notes | 6.750 | 06/25/25 | 114 | 114,326 | |
Sr. Unsec’d. Notes | 9.375 | 07/25/30 | 164 | 171,447 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Diversified Financial Services (cont’d.) | |||||
OneMain Finance Corp., | |||||
Gtd. Notes | 3.875 % | 09/15/28 | 150 | $133,337 | |
Gtd. Notes | 6.625 | 01/15/28 | 29 | 28,825 | |
Gtd. Notes | 7.125 | 03/15/26 | 555 | 563,236 | |
Gtd. Notes | 7.500 | 05/15/31 | 130 | 130,071 | |
PennyMac Financial Services, Inc., | |||||
Gtd. Notes, 144A | 4.250 | 02/15/29 | 135 | 120,973 | |
Gtd. Notes, 144A | 5.375 | 10/15/25 | 473 | 469,030 | |
Gtd. Notes, 144A | 5.750 | 09/15/31 | 75 | 69,205 | |
Gtd. Notes, 144A | 7.125 | 11/15/30 | 80 | 78,950 | |
Gtd. Notes, 144A | 7.875 | 12/15/29 | 25 | 25,597 | |
PRA Group, Inc., Gtd. Notes, 144A | 8.875 | 01/31/30 | 65 | 64,244 | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | |||||
Gtd. Notes, 144A | 3.625 | 03/01/29 | 224 | 200,283 | |
Gtd. Notes, 144A | 3.875 | 03/01/31 | 75 | 64,971 | |
Gtd. Notes, 144A | 4.000 | 10/15/33 | 208 | 172,896 | |
5,309,288 | |||||
Electric 4.5% | |||||
Calpine Corp., | |||||
Sr. Sec’d. Notes, 144A | 3.750 | 03/01/31 | 240 | 210,339 | |
Sr. Sec’d. Notes, 144A | 4.500 | 02/15/28 | 200 | 188,485 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 02/01/29 | 421 | 391,257 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/31 | 915 | 844,758 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 03/15/28 | 600 | 571,859 | |
NRG Energy, Inc., | |||||
Gtd. Notes | 5.750 | 01/15/28 | 100 | 98,026 | |
Gtd. Notes | 6.625 | 01/15/27 | 30 | 29,951 | |
Gtd. Notes, 144A | 3.375 | 02/15/29 | 117 | 103,493 | |
Gtd. Notes, 144A | 3.625 | 02/15/31 | 160 | 137,075 | |
Gtd. Notes, 144A | 3.875 | 02/15/32 | 120 | 102,818 | |
Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) | 652 | 711,208 | |
PG&E Corp., Sr. Sec’d. Notes | 5.250 | 07/01/30 | 103 | 98,159 | |
Vistra Corp., | |||||
Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) | 418 | 415,017 | |
Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 122 | 123,857 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Electric (cont’d.) | |||||
Vistra Operations Co. LLC, | |||||
Gtd. Notes, 144A | 4.375 % | 05/01/29 | 371 | $343,446 | |
Gtd. Notes, 144A | 5.000 | 07/31/27 | 399 | 385,720 | |
Gtd. Notes, 144A | 5.500 | 09/01/26 | 195 | 191,890 | |
Gtd. Notes, 144A | 5.625 | 02/15/27 | 616 | 606,204 | |
Gtd. Notes, 144A | 6.875 | 04/15/32 | 95 | 95,527 | |
5,649,089 | |||||
Electrical Components & Equipment 0.8% | |||||
Energizer Holdings, Inc., Gtd. Notes, 144A | 4.375 | 03/31/29 | 321 | 285,051 | |
EnerSys, Gtd. Notes, 144A | 6.625 | 01/15/32 | 35 | 35,321 | |
WESCO Distribution, Inc., | |||||
Gtd. Notes, 144A | 6.375 | 03/15/29 | 136 | 136,661 | |
Gtd. Notes, 144A | 6.625 | 03/15/32 | 70 | 70,514 | |
Gtd. Notes, 144A | 7.250 | 06/15/28 | 442 | 450,411 | |
977,958 | |||||
Electronics 0.2% | |||||
Likewize Corp., Sr. Sec’d. Notes, 144A | 9.750 | 10/15/25 | 220 | 222,014 | |
Engineering & Construction 0.1% | |||||
Brand Industrial Services, Inc., Sr. Sec’d. Notes, 144A | 10.375 | 08/01/30 | 81 | 86,957 | |
TopBuild Corp., Gtd. Notes, 144A | 4.125 | 02/15/32 | 50 | 43,634 | |
130,591 | |||||
Entertainment 2.9% | |||||
Caesars Entertainment, Inc., | |||||
Gtd. Notes, 144A | 4.625 | 10/15/29 | 799 | 721,841 | |
Sr. Sec’d. Notes, 144A | 6.500 | 02/15/32 | 220 | 217,584 | |
Sr. Sec’d. Notes, 144A | 7.000 | 02/15/30 | 359 | 363,207 | |
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A | 6.375 | 05/01/26 | 170 | 168,906 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Entertainment (cont’d.) | |||||
Churchill Downs, Inc., Sr. Unsec’d. Notes, 144A | 5.750 % | 04/01/30 | 106 | $101,547 | |
Jacobs Entertainment, Inc., Sr. Unsec’d. Notes, 144A | 6.750 | 02/15/29 | 256 | 239,519 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Sr. Sec’d. Notes, 144A | 4.875 | 05/01/29 | 372 | 343,549 | |
Penn Entertainment, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 4.125 | 07/01/29 | 50 | 41,729 | |
Sr. Unsec’d. Notes, 144A | 5.625 | 01/15/27 | 484 | 460,976 | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., Gtd. Notes, 144A | 5.875 | 09/01/31 | 135 | 94,066 | |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., Sr. Unsec’d. Notes, 144A | 6.625 | 03/01/30 | 432 | 409,624 | |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | |||||
Gtd. Notes, 144A | 5.125 | 10/01/29 | 281 | 264,391 | |
Gtd. Notes, 144A | 7.125 | 02/15/31 | 226 | 232,046 | |
3,658,985 | |||||
Environmental Control 0.7% | |||||
GFL Environmental, Inc., | |||||
Gtd. Notes, 144A | 4.000 | 08/01/28 | 179 | 163,167 | |
Gtd. Notes, 144A | 4.375 | 08/15/29 | 212 | 193,715 | |
Gtd. Notes, 144A | 4.750 | 06/15/29 | 204 | 189,308 | |
Sr. Sec’d. Notes, 144A | 6.750 | 01/15/31 | 108 | 110,228 | |
Reworld Holding Corp., | |||||
Gtd. Notes | 5.000 | 09/01/30 | 50 | 44,989 | |
Gtd. Notes, 144A | 4.875 | 12/01/29 | 261 | 238,064 | |
939,471 | |||||
Foods 2.5% | |||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, Gtd. Notes, 144A | 3.500 | 03/15/29 | 135 | 120,629 | |
B&G Foods, Inc., | |||||
Gtd. Notes | 5.250 | 09/15/27 | 554 | 508,852 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Foods (cont’d.) | |||||
B&G Foods, Inc., (cont’d.) | |||||
Sr. Sec’d. Notes, 144A | 8.000 % | 09/15/28 | 288 | $292,455 | |
Bellis Acquisition Co. PLC (United Kingdom), Sr. Sec’d. Notes, 144A | 8.125 | 05/14/30 | GBP | 175 | 222,257 |
C&S Group Enterprises LLC, Gtd. Notes, 144A | 5.000 | 12/15/28 | 59 | 43,637 | |
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | |||||
Gtd. Notes | 3.625 | 01/15/32 | 372 | 317,266 | |
Gtd. Notes | 5.500 | 01/15/30 | 244 | 238,884 | |
Lamb Weston Holdings, Inc., Gtd. Notes, 144A | 4.375 | 01/31/32 | 200 | 176,632 | |
Pilgrim’s Pride Corp., | |||||
Gtd. Notes | 3.500 | 03/01/32 | 114 | 95,862 | |
Gtd. Notes | 4.250 | 04/15/31 | 518 | 466,558 | |
Post Holdings, Inc., | |||||
Gtd. Notes, 144A | 4.625 | 04/15/30 | 231 | 209,583 | |
Gtd. Notes, 144A | 5.500 | 12/15/29 | 350 | 333,766 | |
Sr. Sec’d. Notes, 144A | 6.250 | 02/15/32 | 65 | 64,693 | |
Sr. Unsec’d. Notes, 144A | 4.500 | 09/15/31 | 105 | 93,214 | |
3,184,288 | |||||
Gas 0.1% | |||||
AmeriGas Partners LP/AmeriGas Finance Corp., | |||||
Sr. Unsec’d. Notes | 5.750 | 05/20/27 | 68 | 64,783 | |
Sr. Unsec’d. Notes | 5.875 | 08/20/26 | 103 | 99,484 | |
164,267 | |||||
Healthcare-Products 1.2% | |||||
Embecta Corp., | |||||
Sr. Sec’d. Notes, 144A | 5.000 | 02/15/30 | 69 | 57,056 | |
Sr. Sec’d. Notes, 144A | 6.750 | 02/15/30 | 66 | 57,717 | |
Medline Borrower LP, Sr. Sec’d. Notes, 144A | 3.875 | 04/01/29 | 1,348 | 1,229,059 | |
Medline Borrower LP/Medline Co-Issuer, Inc., Sr. Sec’d. Notes, 144A | 6.250 | 04/01/29 | 100 | 100,196 | |
1,444,028 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Healthcare-Services 3.9% | |||||
DaVita, Inc., | |||||
Gtd. Notes, 144A | 3.750 % | 02/15/31 | 1,622 | $1,361,171 | |
Gtd. Notes, 144A | 4.625 | 06/01/30 | 75 | 67,202 | |
HCA, Inc., Gtd. Notes | 7.500 | 11/06/33 | 75 | 82,491 | |
Legacy LifePoint Health LLC, Sr. Sec’d. Notes, 144A | 4.375 | 02/15/27 | 133 | 125,617 | |
LifePoint Health, Inc., Gtd. Notes, 144A | 5.375 | 01/15/29 | 919 | 774,642 | |
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A | 7.250 | 11/01/25 | 435 | 436,345 | |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A | 9.750 | 12/01/26 | 189 | 189,299 | |
Tenet Healthcare Corp., | |||||
Sr. Sec’d. Notes | 4.250 | 06/01/29 | 906 | 840,927 | |
Sr. Sec’d. Notes | 4.375 | 01/15/30 | 888 | 817,316 | |
Sr. Unsec’d. Notes | 6.875 | 11/15/31 | 210 | 219,593 | |
4,914,603 | |||||
Home Builders 3.7% | |||||
Ashton Woods USA LLC/Ashton Woods Finance Co., | |||||
Sr. Unsec’d. Notes, 144A | 4.625 | 08/01/29 | 113 | 101,321 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 04/01/30 | 200 | 177,592 | |
Beazer Homes USA, Inc., | |||||
Gtd. Notes | 5.875 | 10/15/27 | 409 | 400,680 | |
Gtd. Notes | 7.250 | 10/15/29 | 313 | 312,693 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 03/15/31 | 105 | 104,745 | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | |||||
Gtd. Notes, 144A | 4.875 | 02/15/30 | 210 | 184,697 | |
Gtd. Notes, 144A | 6.250 | 09/15/27 | 396 | 385,625 | |
Century Communities, Inc., Gtd. Notes, 144A | 3.875 | 08/15/29 | 42 | 37,272 | |
Empire Communities Corp. (Canada), Sr. Unsec’d. Notes, 144A | 9.750 | 05/01/29 | 100 | 102,013 | |
Forestar Group, Inc., | |||||
Gtd. Notes, 144A | 3.850 | 05/15/26 | 100 | 95,535 | |
Gtd. Notes, 144A | 5.000 | 03/01/28 | 75 | 71,681 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders (cont’d.) | |||||
KB Home, | |||||
Gtd. Notes | 4.800 % | 11/15/29 | 210 | $196,752 | |
Gtd. Notes | 7.250 | 07/15/30 | 204 | 209,179 | |
Landsea Homes Corp., Sr. Unsec’d. Notes, 144A | 8.875 | 04/01/29 | 195 | 189,332 | |
M/I Homes, Inc., | |||||
Gtd. Notes | 3.950 | 02/15/30 | 110 | 96,069 | |
Gtd. Notes | 4.950 | 02/01/28 | 25 | 23,750 | |
Mattamy Group Corp. (Canada), | |||||
Sr. Unsec’d. Notes, 144A | 4.625 | 03/01/30 | 160 | 145,800 | |
Sr. Unsec’d. Notes, 144A | 5.250 | 12/15/27 | 556 | 537,930 | |
New Home Co., Inc. (The), Sr. Unsec’d. Notes, 144A | 9.250 | 10/01/29 | 85 | 85,701 | |
Shea Homes LP/Shea Homes Funding Corp., | |||||
Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 295 | 278,507 | |
Sr. Unsec’d. Notes | 4.750 | 04/01/29 | 98 | 90,865 | |
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A | 8.750 | 02/15/29 | 105 | 108,900 | |
Taylor Morrison Communities, Inc., | |||||
Gtd. Notes, 144A | 5.875 | 06/15/27 | 398 | 396,357 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 08/01/30 | 144 | 136,687 | |
Tri Pointe Homes, Inc., | |||||
Gtd. Notes | 5.250 | 06/01/27 | 75 | 72,739 | |
Gtd. Notes | 5.700 | 06/15/28 | 115 | 112,351 | |
4,654,773 | |||||
Home Furnishings 0.2% | |||||
Tempur Sealy International, Inc., Gtd. Notes, 144A | 4.000 | 04/15/29 | 216 | 193,645 | |
Household Products/Wares 0.5% | |||||
ACCO Brands Corp., Gtd. Notes, 144A | 4.250 | 03/15/29 | 492 | 436,570 | |
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), | |||||
Gtd. Notes, 144A | 7.000 | 12/31/27 | 140 | 136,850 | |
Sr. Sec’d. Notes, 144A | 5.000 | 12/31/26 | 55 | 53,350 | |
626,770 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Housewares 0.8% | |||||
Scotts Miracle-Gro Co. (The), | |||||
Gtd. Notes | 4.000 % | 04/01/31 | 410 | $350,934 | |
Gtd. Notes | 4.375 | 02/01/32 | 201 | 171,979 | |
SWF Escrow Issuer Corp., Sr. Unsec’d. Notes, 144A | 6.500 | 10/01/29 | 742 | 420,920 | |
943,833 | |||||
Insurance 0.6% | |||||
Acrisure LLC/Acrisure Finance, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 8.250 | 02/01/29 | 447 | 449,323 | |
Sr. Unsec’d. Notes, 144A | 10.125 | 08/01/26 | 50 | 51,517 | |
AmWINS Group, Inc., Sr. Unsec’d. Notes, 144A | 4.875 | 06/30/29 | 50 | 45,998 | |
AssuredPartners, Inc., Sr. Unsec’d. Notes, 144A | 5.625 | 01/15/29 | 90 | 83,677 | |
BroadStreet Partners, Inc., Sr. Unsec’d. Notes, 144A | 5.875 | 04/15/29 | 196 | 179,472 | |
809,987 | |||||
Internet 0.4% | |||||
Gen Digital, Inc., Sr. Unsec’d. Notes, 144A | 5.000 | 04/15/25 | 380 | 376,578 | |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes, 144A | 3.500 | 03/01/29 | 205 | 183,579 | |
560,157 | |||||
Iron/Steel 0.5% | |||||
ATI, Inc., Sr. Unsec’d. Notes | 7.250 | 08/15/30 | 70 | 71,913 | |
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 | 01/31/29 | 98 | 97,789 | |
Cleveland-Cliffs, Inc., Gtd. Notes, 144A | 6.750 | 04/15/30 | 231 | 228,560 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Iron/Steel (cont’d.) | |||||
Commercial Metals Co., Sr. Unsec’d. Notes | 4.375 % | 03/15/32 | 100 | $89,177 | |
Mineral Resources Ltd. (Australia), Sr. Unsec’d. Notes, 144A | 9.250 | 10/01/28 | 100 | 105,125 | |
592,564 | |||||
Leisure Time 4.6% | |||||
Amer Sports Co. (Finland), Sr. Sec’d. Notes, 144A | 6.750 | 02/16/31 | 200 | 199,280 | |
Carnival Corp., | |||||
Gtd. Notes, 144A | 5.750 | 03/01/27 | 1,071 | 1,051,883 | |
Gtd. Notes, 144A | 6.000 | 05/01/29 | 204 | 199,349 | |
Sr. Sec’d. Notes, 144A | 4.000 | 08/01/28 | 498 | 457,448 | |
Carnival Holdings Bermuda Ltd., Gtd. Notes, 144A | 10.375 | 05/01/28 | 125 | 135,385 | |
Lindblad Expeditions Holdings, Inc., Sr. Sec’d. Notes, 144A | 9.000 | 05/15/28 | 190 | 194,153 | |
Lindblad Expeditions LLC, Sr. Sec’d. Notes, 144A | 6.750 | 02/15/27 | 50 | 49,471 | |
NCL Corp. Ltd., | |||||
Gtd. Notes, 144A | 5.875 | 03/15/26 | 562 | 550,760 | |
Sr. Sec’d. Notes, 144A | 5.875 | 02/15/27 | 177 | 173,848 | |
Sr. Sec’d. Notes, 144A | 8.125 | 01/15/29 | 195 | 203,044 | |
Sr. Sec’d. Notes, 144A | 8.375 | 02/01/28 | 71 | 74,074 | |
Sr. Unsec’d. Notes, 144A | 7.750 | 02/15/29 | 320 | 327,763 | |
NCL Finance Ltd., Gtd. Notes, 144A | 6.125 | 03/15/28 | 221 | 216,027 | |
Royal Caribbean Cruises Ltd., | |||||
Gtd. Notes, 144A | 7.250 | 01/15/30 | 95 | 97,969 | |
Gtd. Notes, 144A | 9.250 | 01/15/29 | 160 | 170,432 | |
Sr. Sec’d. Notes, 144A | 8.250 | 01/15/29 | 231 | 243,125 | |
Sr. Unsec’d. Notes, 144A | 5.375 | 07/15/27 | 196 | 191,276 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 08/31/26 | 50 | 49,093 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 04/01/28 | 355 | 346,569 | |
Viking Cruises Ltd., | |||||
Gtd. Notes, 144A | 5.875 | 09/15/27 | 225 | 218,812 | |
Sr. Unsec’d. Notes, 144A | 9.125 | 07/15/31 | 129 | 138,675 | |
Viking Ocean Cruises Ship VII Ltd., Sr. Sec’d. Notes, 144A | 5.625 | 02/15/29 | 283 | 270,395 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Leisure Time (cont’d.) | |||||
Vista Outdoor, Inc., Gtd. Notes, 144A | 4.500 % | 03/15/29 | 50 | $49,198 | |
VOC Escrow Ltd., Sr. Sec’d. Notes, 144A | 5.000 | 02/15/28 | 225 | 215,156 | |
5,823,185 | |||||
Lodging 1.7% | |||||
Boyd Gaming Corp., Gtd. Notes, 144A | 4.750 | 06/15/31 | 200 | 179,388 | |
Hilton Domestic Operating Co., Inc., | |||||
Gtd. Notes, 144A | 3.625 | 02/15/32 | 231 | 196,039 | |
Gtd. Notes, 144A | 5.875 | 04/01/29 | 120 | 118,955 | |
MGM Resorts International, | |||||
Gtd. Notes | 4.625 | 09/01/26 | 27 | 26,181 | |
Gtd. Notes | 4.750 | 10/15/28 | 449 | 419,893 | |
Gtd. Notes | 5.500 | 04/15/27 | 216 | 212,785 | |
Gtd. Notes | 6.500 | 04/15/32 | 365 | 357,009 | |
Wynn Macau Ltd. (Macau), Sr. Unsec’d. Notes, 144A | 5.625 | 08/26/28 | 600 | 561,188 | |
2,071,438 | |||||
Machinery-Construction & Mining 0.4% | |||||
Terex Corp., Gtd. Notes, 144A | 5.000 | 05/15/29 | 492 | 464,090 | |
Machinery-Diversified 0.8% | |||||
Chart Industries, Inc., | |||||
Gtd. Notes, 144A | 9.500 | 01/01/31 | 169 | 182,642 | |
Sr. Sec’d. Notes, 144A | 7.500 | 01/01/30 | 198 | 203,972 | |
GrafTech Finance, Inc., Sr. Sec’d. Notes, 144A | 4.625 | 12/15/28 | 181 | 117,236 | |
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A | 11.500 | 09/01/28 | 238 | 253,181 | |
TK Elevator US Newco, Inc. (Germany), Sr. Sec’d. Notes, 144A | 5.250 | 07/15/27 | 250 | 240,432 | |
997,463 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Media 6.9% | |||||
Altice Financing SA (Luxembourg), | |||||
Sr. Sec’d. Notes, 144A | 2.250 % | 01/15/25 | EUR | 150 | $156,111 |
Sr. Sec’d. Notes, 144A | 5.000 | 01/15/28 | 200 | 157,940 | |
Sr. Sec’d. Notes, 144A | 5.750 | 08/15/29 | 600 | 445,500 | |
CCO Holdings LLC/CCO Holdings Capital Corp., | |||||
Sr. Unsec’d. Notes | 4.500 | 05/01/32 | 871 | 690,882 | |
Sr. Unsec’d. Notes, 144A | 4.250 | 02/01/31 | 652 | 525,523 | |
Sr. Unsec’d. Notes, 144A | 4.250 | 01/15/34 | 559 | 417,901 | |
Sr. Unsec’d. Notes, 144A | 4.500 | 06/01/33 | 425 | 327,922 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/28 | 150 | 138,490 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 05/01/27 | 50 | 47,754 | |
Sr. Unsec’d. Notes, 144A | 5.375 | 06/01/29 | 376 | 336,871 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 05/01/26 | 110 | 108,833 | |
CSC Holdings LLC, | |||||
Gtd. Notes, 144A | 3.375 | 02/15/31 | 200 | 117,151 | |
Gtd. Notes, 144A | 4.125 | 12/01/30 | 200 | 123,013 | |
Gtd. Notes, 144A | 5.375 | 02/01/28 | 680 | 477,575 | |
Gtd. Notes, 144A | 5.500 | 04/15/27 | 200 | 153,275 | |
Sr. Unsec’d. Notes, 144A | 5.750 | 01/15/30 | 500 | 215,446 | |
Diamond Sports Group LLC/Diamond Sports Finance Co., | |||||
Gtd. Notes, 144A (original cost $565,303; purchased 07/18/19 - 06/03/22)(f) | 6.625 | 08/15/27(d) | 1,251 | 23,329 | |
Sec’d. Notes, 144A (original cost $507,220; purchased 07/18/19 - 08/30/22)(f) | 5.375 | 08/15/26(d) | 1,235 | 22,415 | |
DISH DBS Corp., | |||||
Gtd. Notes | 5.125 | 06/01/29 | 681 | 270,821 | |
Gtd. Notes | 7.375 | 07/01/28 | 807 | 363,441 | |
Gtd. Notes | 7.750 | 07/01/26 | 263 | 168,422 | |
DISH Network Corp., Sr. Sec’d. Notes, 144A | 11.750 | 11/15/27 | 575 | 577,578 | |
Gray Television, Inc., | |||||
Gtd. Notes, 144A | 5.875 | 07/15/26 | 379 | 378,481 | |
Sr. Sec’d. Notes, 144A | 10.500 | 07/15/29 | 260 | 258,221 | |
News Corp., Sr. Unsec’d. Notes, 144A | 3.875 | 05/15/29 | 25 | 22,685 | |
Nexstar Media, Inc., Gtd. Notes, 144A | 5.625 | 07/15/27 | 135 | 127,411 | |
Radiate Holdco LLC/Radiate Finance, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.500 | 09/15/26 | 214 | 158,673 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Media (cont’d.) | |||||
Radiate Holdco LLC/Radiate Finance, Inc., (cont’d.) | |||||
Sr. Unsec’d. Notes, 144A | 6.500 % | 09/15/28 | 778 | $357,632 | |
Sinclair Television Group, Inc., Gtd. Notes, 144A | 5.125 | 02/15/27 | 268 | 240,303 | |
Univision Communications, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.500 | 05/01/29 | 202 | 172,482 | |
Sr. Sec’d. Notes, 144A | 6.625 | 06/01/27 | 446 | 431,051 | |
Sr. Sec’d. Notes, 144A | 8.000 | 08/15/28 | 387 | 381,088 | |
VZ Secured Financing BV (Netherlands), Sr. Sec’d. Notes, 144A | 5.000 | 01/15/32 | 250 | 212,150 | |
8,606,370 | |||||
Mining 1.7% | |||||
Arsenal AIC Parent LLC, | |||||
Sr. Sec’d. Notes, 144A | 8.000 | 10/01/30 | 50 | 52,027 | |
Unsec’d. Notes, 144A | 11.500 | 10/01/31 | 100 | 111,576 | |
Eldorado Gold Corp. (Turkey), Sr. Unsec’d. Notes, 144A | 6.250 | 09/01/29 | 269 | 255,214 | |
First Quantum Minerals Ltd. (Zambia), | |||||
Gtd. Notes, 144A | 6.875 | 10/15/27 | 200 | 195,796 | |
Gtd. Notes, 144A | 8.625 | 06/01/31 | 200 | 199,270 | |
Hecla Mining Co., Gtd. Notes | 7.250 | 02/15/28 | 125 | 125,964 | |
Hudbay Minerals, Inc. (Canada), | |||||
Gtd. Notes, 144A | 4.500 | 04/01/26 | 223 | 217,425 | |
Gtd. Notes, 144A | 6.125 | 04/01/29 | 254 | 249,555 | |
New Gold, Inc. (Canada), Gtd. Notes, 144A | 7.500 | 07/15/27 | 373 | 374,865 | |
Novelis Corp., | |||||
Gtd. Notes, 144A | 3.875 | 08/15/31 | 131 | 112,158 | |
Gtd. Notes, 144A | 4.750 | 01/30/30 | 158 | 146,094 | |
Taseko Mines Ltd. (Canada), Sr. Sec’d. Notes, 144A | 8.250 | 05/01/30 | 80 | 82,000 | |
2,121,944 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Miscellaneous Manufacturing 0.4% | |||||
Amsted Industries, Inc., Sr. Unsec’d. Notes, 144A | 4.625 % | 05/15/30 | 453 | $411,023 | |
Trinity Industries, Inc., Gtd. Notes, 144A | 7.750 | 07/15/28 | 150 | 154,554 | |
565,577 | |||||
Office/Business Equipment 0.0% | |||||
Zebra Technologies Corp., Gtd. Notes, 144A | 6.500 | 06/01/32 | 55 | 55,380 | |
Oil & Gas 6.5% | |||||
Aethon United BR LP/Aethon United Finance Corp., Sr. Unsec’d. Notes, 144A | 8.250 | 02/15/26 | 100 | 100,929 | |
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes^ | 7.875 | 12/15/24(d) | 310 | 31 | |
Antero Resources Corp., Gtd. Notes, 144A | 5.375 | 03/01/30 | 167 | 159,870 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | |||||
Gtd. Notes, 144A | 7.000 | 11/01/26 | 320 | 320,341 | |
Gtd. Notes, 144A | 9.000 | 11/01/27 | 94 | 117,911 | |
Sr. Unsec’d. Notes, 144A | 8.250 | 12/31/28 | 127 | 129,788 | |
Athabasca Oil Corp. (Canada), Sec’d. Notes, 144A | 9.750 | 11/01/26 | 201 | 208,286 | |
Chesapeake Energy Corp., | |||||
Gtd. Notes, 144A | 5.875 | 02/01/29 | 290 | 285,169 | |
Gtd. Notes, 144A | 6.750 | 04/15/29 | 68 | 68,221 | |
CITGO Petroleum Corp., Sr. Sec’d. Notes, 144A | 7.000 | 06/15/25 | 368 | 368,406 | |
Civitas Resources, Inc., | |||||
Gtd. Notes, 144A | 8.375 | 07/01/28 | 220 | 231,149 | |
Gtd. Notes, 144A | 8.625 | 11/01/30 | 213 | 227,809 | |
CNX Resources Corp., Gtd. Notes, 144A | 7.250 | 03/01/32 | 85 | 86,378 | |
Comstock Resources, Inc., | |||||
Gtd. Notes, 144A | 5.875 | 01/15/30 | 120 | 110,656 | |
Gtd. Notes, 144A | 6.750 | 03/01/29 | 182 | 175,941 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
Crescent Energy Finance LLC, | |||||
Gtd. Notes, 144A | 7.625 % | 04/01/32 | 80 | $81,632 | |
Gtd. Notes, 144A | 9.250 | 02/15/28 | 215 | 227,975 | |
CrownRock LP/CrownRock Finance, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 5.000 | 05/01/29 | 16 | 15,802 | |
Sr. Unsec’d. Notes, 144A | 5.625 | 10/15/25 | 25 | 24,938 | |
Diamond Foreign Asset Co./Diamond Finance LLC, Sec’d. Notes, 144A | 8.500 | 10/01/30 | 50 | 52,310 | |
Hilcorp Energy I LP/Hilcorp Finance Co., | |||||
Sr. Unsec’d. Notes, 144A | 5.750 | 02/01/29 | 321 | 310,067 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 04/15/30 | 362 | 349,458 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 02/01/31 | 251 | 240,454 | |
Sr. Unsec’d. Notes, 144A | 6.250 | 11/01/28 | 153 | 150,998 | |
Sr. Unsec’d. Notes, 144A | 6.250 | 04/15/32 | 74 | 71,030 | |
Sr. Unsec’d. Notes, 144A | 8.375 | 11/01/33 | 57 | 61,146 | |
Matador Resources Co., Gtd. Notes, 144A | 6.500 | 04/15/32 | 135 | 134,699 | |
MEG Energy Corp. (Canada), Gtd. Notes, 144A | 5.875 | 02/01/29 | 195 | 188,826 | |
Nabors Industries Ltd., | |||||
Gtd. Notes, 144A | 7.250 | 01/15/26 | 117 | 117,000 | |
Gtd. Notes, 144A | 7.500 | 01/15/28 | 291 | 276,450 | |
Nabors Industries, Inc., Gtd. Notes, 144A | 9.125 | 01/31/30 | 430 | 443,870 | |
Noble Finance II LLC, Gtd. Notes, 144A | 8.000 | 04/15/30 | 50 | 51,665 | |
Parkland Corp. (Canada), | |||||
Gtd. Notes, 144A | 4.500 | 10/01/29 | 320 | 290,099 | |
Gtd. Notes, 144A | 4.625 | 05/01/30 | 216 | 196,286 | |
Permian Resources Operating LLC, | |||||
Gtd. Notes, 144A | 7.000 | 01/15/32 | 144 | 147,172 | |
Gtd. Notes, 144A | 8.000 | 04/15/27 | 105 | 107,799 | |
Precision Drilling Corp. (Canada), | |||||
Gtd. Notes, 144A | 6.875 | 01/15/29 | 49 | 48,510 | |
Gtd. Notes, 144A | 7.125 | 01/15/26 | 38 | 37,905 | |
Range Resources Corp., | |||||
Gtd. Notes | 4.875 | 05/15/25 | 130 | 129,016 | |
Gtd. Notes, 144A | 4.750 | 02/15/30 | 35 | 32,541 | |
Southwestern Energy Co., | |||||
Gtd. Notes | 4.750 | 02/01/32 | 765 | 693,324 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
Southwestern Energy Co., (cont’d.) | |||||
Gtd. Notes | 5.375 % | 02/01/29 | 25 | $24,123 | |
Gtd. Notes | 5.375 | 03/15/30 | 100 | 96,368 | |
Sunoco LP, Gtd. Notes, 144A | 7.000 | 05/01/29 | 95 | 97,055 | |
Sunoco LP/Sunoco Finance Corp., | |||||
Gtd. Notes | 4.500 | 05/15/29 | 196 | 180,196 | |
Gtd. Notes | 4.500 | 04/30/30 | 161 | 145,486 | |
Gtd. Notes | 5.875 | 03/15/28 | 278 | 274,069 | |
Transocean, Inc., Gtd. Notes, 144A | 8.250 | 05/15/29 | 150 | 149,955 | |
Valaris Ltd., Sec’d. Notes, 144A | 8.375 | 04/30/30 | 50 | 51,680 | |
Vital Energy, Inc., Gtd. Notes | 9.750 | 10/15/30 | 50 | 54,716 | |
8,145,505 | |||||
Packaging & Containers 2.0% | |||||
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | 6.500 | 06/30/27 | 200 | 46,500 | |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Sr. Unsec’d. Notes, 144A | 4.000 | 09/01/29 | 200 | 164,450 | |
Graham Packaging Co., Inc., Gtd. Notes, 144A | 7.125 | 08/15/28 | 85 | 80,090 | |
Intelligent Packaging Holdco Issuer LP (Canada), Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750% | 9.000 | 01/15/26 | 75 | 71,250 | |
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), Sr. Sec’d. Notes, 144A | 6.000 | 09/15/28 | 509 | 487,367 | |
Iris Holding, Inc., Sr. Unsec’d. Notes, 144A | 10.000 | 12/15/28 | 237 | 208,575 | |
LABL, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.875 | 11/01/28 | 135 | 121,544 | |
Sr. Sec’d. Notes, 144A | 9.500 | 11/01/28 | 50 | 50,843 | |
Sr. Unsec’d. Notes, 144A | 8.250 | 11/01/29 | 156 | 133,023 | |
Sr. Unsec’d. Notes, 144A | 10.500 | 07/15/27 | 254 | 247,210 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Packaging & Containers (cont’d.) | |||||
Mauser Packaging Solutions Holding Co., Sr. Sec’d. Notes, 144A | 7.875 % | 04/15/27 | 175 | $178,325 | |
OI European Group BV, Gtd. Notes, 144A | 4.750 | 02/15/30 | 25 | 22,836 | |
Owens-Brockway Glass Container, Inc., | |||||
Gtd. Notes, 144A | 6.625 | 05/13/27 | 25 | 24,848 | |
Gtd. Notes, 144A | 7.250 | 05/15/31 | 80 | 80,008 | |
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., Sr. Sec’d. Notes, 144A | 4.375 | 10/15/28 | 50 | 46,400 | |
Trident TPI Holdings, Inc., Gtd. Notes, 144A | 12.750 | 12/31/28 | 408 | 443,792 | |
TriMas Corp., Gtd. Notes, 144A | 4.125 | 04/15/29 | 50 | 45,327 | |
2,452,388 | |||||
Pharmaceuticals 2.2% | |||||
AdaptHealth LLC, | |||||
Gtd. Notes, 144A | 4.625 | 08/01/29 | 270 | 231,479 | |
Gtd. Notes, 144A | 5.125 | 03/01/30 | 280 | 244,357 | |
Gtd. Notes, 144A | 6.125 | 08/01/28 | 321 | 307,196 | |
Bausch Health Americas, Inc., Gtd. Notes, 144A | 8.500 | 01/31/27 | 276 | 201,020 | |
Bausch Health Cos., Inc., | |||||
Gtd. Notes, 144A | 5.250 | 01/30/30 | 25 | 12,375 | |
Gtd. Notes, 144A | 5.250 | 02/15/31 | 25 | 12,375 | |
Gtd. Notes, 144A | 6.250 | 02/15/29 | 1,400 | 742,000 | |
Gtd. Notes, 144A | 7.000 | 01/15/28 | 25 | 14,375 | |
Sr. Sec’d. Notes, 144A | 4.875 | 06/01/28 | 150 | 108,375 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, Sr. Unsec’d. Notes, 144A | 5.125 | 04/30/31 | 800 | 706,624 | |
P&L Development LLC/PLD Finance Corp., Sr. Sec’d. Notes, 144A | 7.750 | 11/15/25 | 153 | 129,547 | |
2,709,723 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pipelines 3.8% | |||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., | |||||
Gtd. Notes, 144A | 5.375 % | 06/15/29 | 74 | $70,948 | |
Gtd. Notes, 144A | 5.750 | 03/01/27 | 231 | 228,505 | |
Gtd. Notes, 144A | 5.750 | 01/15/28 | 117 | 114,626 | |
Gtd. Notes, 144A | 6.625 | 02/01/32 | 50 | 50,097 | |
Blue Racer Midstream LLC/Blue Racer Finance Corp., | |||||
Sr. Unsec’d. Notes, 144A | 7.000 | 07/15/29 | 30 | 30,309 | |
Sr. Unsec’d. Notes, 144A | 7.250 | 07/15/32 | 55 | 56,031 | |
Cheniere Energy Partners LP, | |||||
Gtd. Notes | 4.000 | 03/01/31 | 110 | 99,370 | |
Gtd. Notes | 4.500 | 10/01/29 | 25 | 23,768 | |
Cheniere Energy, Inc., Sr. Unsec’d. Notes | 4.625 | 10/15/28 | 196 | 189,138 | |
CNX Midstream Partners LP, Gtd. Notes, 144A | 4.750 | 04/15/30 | 25 | 22,510 | |
Energy Transfer LP, Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 50 | 48,874 | |
EQM Midstream Partners LP, | |||||
Sr. Unsec’d. Notes | 5.500 | 07/15/28 | 25 | 24,535 | |
Sr. Unsec’d. Notes, 144A | 6.000 | 07/01/25 | 201 | 201,247 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 07/01/27 | 45 | 45,432 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 06/01/27 | 103 | 105,145 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 06/01/30 | 85 | 89,784 | |
Global Partners LP/GLP Finance Corp., | |||||
Gtd. Notes | 6.875 | 01/15/29 | 191 | 188,433 | |
Gtd. Notes, 144A | 8.250 | 01/15/32 | 83 | 85,317 | |
Howard Midstream Energy Partners LLC, Sr. Unsec’d. Notes, 144A | 8.875 | 07/15/28 | 50 | 52,469 | |
Rockies Express Pipeline LLC, | |||||
Sr. Unsec’d. Notes, 144A | 6.875 | 04/15/40 | 123 | 116,882 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 07/15/38 | 212 | 215,914 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | |||||
Gtd. Notes, 144A | 5.500 | 01/15/28 | 223 | 213,131 | |
Gtd. Notes, 144A | 6.000 | 03/01/27 | 89 | 87,250 | |
Gtd. Notes, 144A | 6.000 | 12/31/30 | 105 | 98,979 | |
Gtd. Notes, 144A | 6.000 | 09/01/31 | 50 | 46,938 | |
Sr. Unsec’d. Notes, 144A | 7.375 | 02/15/29 | 80 | 80,196 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pipelines (cont’d.) | |||||
Venture Global Calcasieu Pass LLC, | |||||
Sr. Sec’d. Notes, 144A | 3.875 % | 08/15/29 | 281 | $253,352 | |
Sr. Sec’d. Notes, 144A | 4.125 | 08/15/31 | 248 | 219,267 | |
Sr. Sec’d. Notes, 144A | 6.250 | 01/15/30 | 88 | 88,204 | |
Venture Global LNG, Inc., | |||||
Sr. Sec’d. Notes, 144A | 9.500 | 02/01/29 | 624 | 677,145 | |
Sr. Sec’d. Notes, 144A | 9.875 | 02/01/32 | 884 | 948,223 | |
4,772,019 | |||||
Real Estate 1.3% | |||||
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A | 10.500(cc) | 01/15/28 | 328 | 337,042 | |
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A | 7.750 | 09/01/30 | 50 | 52,689 | |
Howard Hughes Corp. (The), | |||||
Gtd. Notes, 144A | 4.125 | 02/01/29 | 178 | 158,119 | |
Gtd. Notes, 144A | 4.375 | 02/01/31 | 210 | 178,972 | |
Gtd. Notes, 144A | 5.375 | 08/01/28 | 375 | 355,115 | |
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A | 5.250 | 04/15/29 | 602 | 535,365 | |
1,617,302 | |||||
Real Estate Investment Trusts (REITs) 1.2% | |||||
Brandywine Operating Partnership LP, Gtd. Notes | 8.875 | 04/12/29 | 15 | 15,546 | |
Diversified Healthcare Trust, | |||||
Gtd. Notes | 4.375 | 03/01/31 | 206 | 148,856 | |
Gtd. Notes | 9.750 | 06/15/25 | 117 | 117,065 | |
Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 97 | 79,814 | |
MPT Operating Partnership LP/MPT Finance Corp., | |||||
Gtd. Notes | 3.500 | 03/15/31 | 204 | 132,413 | |
Gtd. Notes | 4.625 | 08/01/29 | 233 | 169,678 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | |||||
Gtd. Notes, 144A | 7.000 | 02/01/30 | 80 | 80,481 | |
Sr. Sec’d. Notes, 144A | 7.500 | 06/01/25 | 292 | 292,000 | |
RHP Hotel Properties LP/RHP Finance Corp., | |||||
Gtd. Notes, 144A | 4.500 | 02/15/29 | 96 | 89,318 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate Investment Trusts (REITs) (cont’d.) | |||||
RHP Hotel Properties LP/RHP Finance Corp., (cont’d.) | |||||
Gtd. Notes, 144A | 6.500 % | 04/01/32 | 115 | $114,277 | |
SBA Communications Corp., Sr. Unsec’d. Notes | 3.125 | 02/01/29 | 100 | 88,165 | |
Starwood Property Trust, Inc., Sr. Unsec’d. Notes, 144A | 7.250 | 04/01/29 | 125 | 124,397 | |
1,452,010 | |||||
Retail 5.3% | |||||
1011778 BC ULC/New Red Finance, Inc. (Canada), | |||||
Sec’d. Notes, 144A | 4.000 | 10/15/30 | 465 | 404,517 | |
Sr. Sec’d. Notes, 144A | 3.875 | 01/15/28 | 246 | 227,550 | |
Arko Corp., Gtd. Notes, 144A | 5.125 | 11/15/29 | 200 | 169,905 | |
BCPE Ulysses Intermediate, Inc., Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500% | 7.750 | 04/01/27 | 56 | 53,836 | |
Beacon Roofing Supply, Inc., Sr. Sec’d. Notes, 144A | 6.500 | 08/01/30 | 25 | 25,061 | |
Brinker International, Inc., Gtd. Notes, 144A | 8.250 | 07/15/30 | 340 | 355,080 | |
Carrols Restaurant Group, Inc., Gtd. Notes, 144A | 5.875 | 07/01/29 | 62 | 63,822 | |
Cougar JV Subsidiary LLC, Sr. Unsec’d. Notes, 144A | 8.000 | 05/15/32 | 85 | 87,599 | |
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A | 12.000 | 11/30/28 | 225 | 233,033 | |
Ferrellgas LP/Ferrellgas Finance Corp., | |||||
Sr. Unsec’d. Notes, 144A | 5.375 | 04/01/26 | 25 | 24,470 | |
Sr. Unsec’d. Notes, 144A | 5.875 | 04/01/29 | 75 | 70,967 | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | |||||
Gtd. Notes, 144A | 6.750 | 01/15/30 | 651 | 575,535 | |
Sr. Sec’d. Notes, 144A | 4.625 | 01/15/29 | 259 | 233,933 | |
Foundation Building Materials, Inc., Gtd. Notes, 144A | 6.000 | 03/01/29 | 394 | 349,277 | |
Gap, Inc. (The), | |||||
Gtd. Notes, 144A | 3.625 | 10/01/29 | 226 | 195,344 | |
Gtd. Notes, 144A | 3.875 | 10/01/31 | 247 | 205,057 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Retail (cont’d.) | |||||
LBM Acquisition LLC, Gtd. Notes, 144A | 6.250 % | 01/15/29 | 382 | $344,801 | |
LCM Investments Holdings II LLC, | |||||
Sr. Unsec’d. Notes, 144A | 4.875 | 05/01/29 | 505 | 469,079 | |
Sr. Unsec’d. Notes, 144A | 8.250 | 08/01/31 | 246 | 255,336 | |
Park River Holdings, Inc., | |||||
Gtd. Notes, 144A | 5.625 | 02/01/29 | 191 | 155,844 | |
Sr. Unsec’d. Notes, 144A | 6.750 | 08/01/29 | 187 | 158,566 | |
Patrick Industries, Inc., | |||||
Gtd. Notes, 144A | 4.750 | 05/01/29 | 75 | 68,774 | |
Gtd. Notes, 144A | 7.500 | 10/15/27 | 50 | 50,727 | |
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes | 6.750 | 03/01/32 | 298 | 292,559 | |
SRS Distribution, Inc., Gtd. Notes, 144A | 6.000 | 12/01/29 | 387 | 392,622 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., | |||||
Sr. Unsec’d. Notes | 5.875 | 03/01/27 | 153 | 150,719 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 06/01/31 | 400 | 359,004 | |
Superior Plus LP/Superior General Partner, Inc. (Canada), Gtd. Notes, 144A | 4.500 | 03/15/29 | 347 | 314,469 | |
White Cap Buyer LLC, Sr. Unsec’d. Notes, 144A | 6.875 | 10/15/28 | 376 | 359,138 | |
6,646,624 | |||||
Software 0.9% | |||||
Black Knight InfoServ LLC, Gtd. Notes, 144A | 3.625 | 09/01/28 | 514 | 481,396 | |
Boxer Parent Co., Inc., Sr. Sec’d. Notes, 144A | 7.125 | 10/02/25 | 200 | 200,789 | |
Camelot Finance SA, Sr. Sec’d. Notes, 144A | 4.500 | 11/01/26 | 110 | 106,126 | |
Clarivate Science Holdings Corp., Gtd. Notes, 144A | 4.875 | 07/01/29 | 332 | 302,811 | |
1,091,122 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications 3.8% | |||||
Altice France SA (France), Sr. Sec’d. Notes, 144A | 8.125 % | 02/01/27 | 250 | $191,725 | |
Connect Finco Sarl/Connect US Finco LLC (United Kingdom), Sr. Sec’d. Notes, 144A | 6.750 | 10/01/26 | 200 | 188,500 | |
Digicel Group Holdings Ltd. (Jamaica), | |||||
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $11,062; purchased 11/14/23)^(f) | 0.000 | 12/31/30 | 10 | 11,689 | |
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $12; purchased 11/14/23)^(f) | 0.000 | 12/31/30 | 117 | — | |
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $100; purchased 11/14/23)^(f) | 0.000 | 12/31/30 | —(r) | 20 | |
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $0; purchased 11/14/23)^(f) | 0.000 | 12/31/30 | 5 | — | |
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $237,136; purchased 01/29/24 - 05/15/24)(f) | 10.500 | 05/25/27 | 257 | 250,446 | |
Digicel MidCo Ltd./DIFL US II LLC (Jamaica), Sr. Unsec’d. Notes, PIK 10.500% (original cost $277,892; purchased 01/29/24 - 05/15/24)(f) | 10.500 | 11/25/28 | 424 | 338,459 | |
Frontier Communications Holdings LLC, Sr. Sec’d. Notes, 144A | 5.000 | 05/01/28 | 622 | 580,975 | |
Iliad Holding SASU (France), | |||||
Sr. Sec’d. Notes, 144A | 7.000 | 10/15/28 | 200 | 197,500 | |
Sr. Sec’d. Notes, 144A | 8.500 | 04/15/31 | 200 | 202,000 | |
Intelsat Jackson Holdings SA (Luxembourg), Sr. Sec’d. Notes, 144A | 6.500 | 03/15/30 | 473 | 444,620 | |
Level 3 Financing, Inc., | |||||
Sec’d. Notes, 144A | 4.500 | 04/01/30 | 785 | 449,477 | |
Sec’d. Notes, 144A | 4.875 | 06/15/29 | 51 | 30,597 | |
Sr. Sec’d. Notes, 144A | 10.500 | 04/15/29 | 25 | 24,943 | |
Sr. Sec’d. Notes, 144A | 10.500 | 05/15/30 | 50 | 49,859 | |
Sr. Sec’d. Notes, 144A | 11.000 | 11/15/29 | 758 | 778,000 | |
Sprint Capital Corp., Gtd. Notes | 8.750 | 03/15/32 | 177 | 211,845 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
Sprint LLC, Gtd. Notes | 7.625 % | 03/01/26 | 224 | $230,233 | |
Viasat, Inc., Sr. Unsec’d. Notes, 144A | 5.625 | 09/15/25 | 616 | 597,953 | |
4,778,841 | |||||
Transportation 0.5% | |||||
GN Bondco LLC, Sr. Sec’d. Notes, 144A | 9.500 | 10/15/31 | 404 | 367,323 | |
RXO, Inc., Gtd. Notes, 144A | 7.500 | 11/15/27 | 100 | 102,942 | |
XPO, Inc., | |||||
Gtd. Notes, 144A | 7.125 | 06/01/31 | 25 | 25,464 | |
Gtd. Notes, 144A | 7.125 | 02/01/32 | 95 | 96,768 | |
592,497 | |||||
Total Corporate Bonds (cost $116,850,125) | 110,135,190 | ||||
Floating Rate and Other Loans 2.1% | |||||
Auto Parts & Equipment 0.4% | |||||
First Brands Group LLC, | |||||
2022-Ii Incremental Term Loan, 3 Month SOFR + 5.262% | 10.591(c) | 03/30/27 | 90 | 88,931 | |
Second Lien 2021 Term Loan, 3 Month SOFR + 8.812% | 14.141(c) | 03/24/28 | 230 | 223,100 | |
Tenneco, Inc., Term A Loan, 3 Month SOFR + 4.850% | 10.173(c) | 11/17/28 | 169 | 163,929 | |
475,960 | |||||
Chemicals 0.4% | |||||
Consolidated Energy Finance SA (Switzerland), 2024 Incremental Term Loan, 1 Month SOFR + 4.500% | 9.829(c) | 11/15/30 | 175 | 173,742 | |
Iris Holdings Ltd., Initial Term Loan, 3 Month SOFR + 4.850% | 10.180(c) | 06/28/28 | 147 | 140,387 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Chemicals (cont’d.) | |||||
Venator Finance Sarl, | |||||
Initial First-Out Term Loan, 3 Month SOFR + 8.000%^ | 15.328 %(c) | 12/31/25 | 55 | $55,391 | |
Term Loan, 3 Month SOFR + 10.000% | 15.299(c) | 10/12/28 | 139 | 138,042 | |
507,562 | |||||
Electric 0.0% | |||||
Heritage Power LLC, Term Loan, 1 Month SOFR + 5.500% | 10.820(c) | 07/20/28 | 15 | 14,899 | |
Insurance 0.2% | |||||
Acrisure LLC, 2021-1 Additional Term Loan, 1 Month LIBOR + 3.750% | 9.194(c) | 02/15/27 | 99 | 98,960 | |
Asurion LLC, New B-4 Term Loan, 1 Month SOFR + 5.364% | 10.694(c) | 01/20/29 | 165 | 153,335 | |
252,295 | |||||
Media 0.4% | |||||
Diamond Sports Group LLC, | |||||
Dip Term Loan | 10.000 | 12/02/24 | 174 | 252,279 | |
First Lien Term Loan, 1 Month SOFR + 10.100% | 15.413(c) | 05/25/26 | 22 | 20,515 | |
Second Lien Term Loan | 8.175 | 08/24/26(d) | 437 | 8,199 | |
Gray Television, Inc., Term Loan, 1 Month SOFR + 5.250% | 4.000(c) | 06/04/29 | 175 | 166,906 | |
Radiate Holdco LLC, Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% | 8.694(c) | 09/25/26 | 88 | 69,145 | |
517,044 | |||||
Retail 0.0% | |||||
Great Outdoors Group LLC, Term B-2 Loan, 1 Month SOFR + 3.864% | 9.194(c) | 03/06/28 | 38 | 38,404 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Software 0.3% | |||||
Cotiviti, Inc., Initial Floating Rate Term Loan, 3 Month SOFR + 3.250% | 8.563 %(c) | 05/01/31 | 275 | $275,086 | |
Skillsoft Finance II, Inc., Initial Term Loan, 1 Month SOFR + 5.364% | 10.685(c) | 07/14/28 | 191 | 152,798 | |
427,884 | |||||
Telecommunications 0.4% | |||||
Connect Finco SARL (United Kingdom), Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% | 9.829(c) | 09/27/29 | 325 | 309,156 | |
Digicel International Finance, Ltd. (Jamaica), Initial Term Loan, 3 Month SOFR + 6.750% | 12.075(c) | 05/29/27 | 20 | 19,433 | |
Level 3 Financing, Inc., | |||||
Term B-1, 1 Month SOFR + 6.560% | 11.881(c) | 04/15/29 | 15 | 14,478 | |
Term B-2, 1 Month SOFR + 6.560% | 11.881(c) | 04/15/30 | 15 | 14,512 | |
Lumen Technologies, Inc., | |||||
Term B-1 Loan, 1 Month SOFR + 2.464% | 7.785(c) | 04/15/29 | 13 | 8,702 | |
Term B-2 Loan, 1 Month SOFR + 2.464%^ | 7.785(c) | 04/15/30 | 13 | 8,813 | |
Term Loan^ | —(p) | 06/01/28 | 16 | 12,835 | |
Xplornet Communications, Inc. (Canada), | |||||
First Lien Refinancing Term Loan, 1 Month SOFR + 4.000% | 9.571(c) | 10/02/28(d) | 417 | 60,963 | |
Initial Term Loan- Second Lien, 1 Month SOFR + 7.000% | 12.564(c) | 10/01/29(d) | 150 | 7,200 | |
456,092 | |||||
Total Floating Rate and Other Loans (cost $3,106,222) | 2,690,140 | ||||
U.S. Treasury Obligations(k) 0.5% | |||||
U.S. Treasury Notes | 2.625 | 05/31/27 | 165 | 155,667 | |
U.S. Treasury Notes | 4.250 | 12/31/25 | 500 | 494,238 | |
Total U.S. Treasury Obligations (cost $662,659) | 649,905 |
Description | Shares | Value | |||
Common Stocks 1.0% | |||||
Chemicals 0.4% | |||||
Cornerstone Chemical Co.*^ | 1,807 | $34,333 | |||
TPC Group, Inc.*^ | 6,118 | 214,130 | |||
Venator Materials PLC (original cost $612,979; purchased 09/26/18 - 10/17/23)*(f) | 433 | 291,458 | |||
539,921 | |||||
Gas Utilities 0.1% | |||||
Ferrellgas Partners LP (Class B Stock) | 728 | 125,480 | |||
Oil, Gas & Consumable Fuels 0.2% | |||||
Chesapeake Energy Corp. | 1,673 | 152,126 | |||
Heritage Power LLC*^ | 2,134 | 42,680 | |||
Heritage Power LLC*^ | 94 | 1,880 | |||
Heritage Power LLC*^ | 2,456 | 1,228 | |||
197,914 | |||||
Wireless Telecommunication Services 0.3% | |||||
Digicel International Finance Ltd. (Jamaica) (original cost $29,016; purchased 01/29/24)*^(f) | 23,916 | 51,419 | |||
Intelsat Emergence SA (Luxembourg)* | 7,641 | 280,425 | |||
331,844 | |||||
Total Common Stocks (cost $1,291,466) | 1,195,159 | ||||
Preferred Stocks 0.5% | |||||
Electronic Equipment, Instruments & Components 0.5% | |||||
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 600 | 600,000 | |||
Wireless Telecommunication Services 0.0% | |||||
Digicel International Finance Ltd. (Jamaica) (original cost $33,750; purchased 01/26/24 - 01/29/24)*^(f) | 4,383 | 45,598 | |||
Total Preferred Stocks (cost $625,944) | 645,598 | ||||
Total Long-Term Investments (cost $127,484,604) | 120,307,863 |
Description | Shares | Value | |||
Short-Term Investment 3.1% | |||||
Affiliated Mutual Fund | |||||
PGIM Core Government Money Market Fund (7-day effective yield 5.550%) (cost $3,827,535)(wb) | 3,827,535 | $3,827,535 | |||
TOTAL INVESTMENTS 99.0% (cost $131,312,139) | 124,135,398 | ||||
Other assets in excess of liabilities(z) 1.0% | 1,275,004 | ||||
Net Assets 100.0% | $125,410,402 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
EUR—Euro | |
GBP—British Pound |
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
BNP—BNP Paribas S.A. | |
BOA—Bank of America, N.A. | |
CDX—Credit Derivative Index | |
CLO—Collateralized Loan Obligation | |
iBoxx—Bond Market Indices | |
LIBOR—London Interbank Offered Rate | |
LP—Limited Partnership | |
MSI—Morgan Stanley & Co International PLC | |
OTC—Over-the-counter | |
PIK—Payment-in-Kind | |
Q—Quarterly payment frequency for swaps | |
REITs—Real Estate Investment Trust | |
SOFR—Secured Overnight Financing Rate | |
T—Swap payment upon termination |
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,111,840 and 0.9% of net assets. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2024. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2024. 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. |
(d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $2,274,470. The aggregate value of $1,034,833 is 0.8% of net assets. |
(ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
(oo) | Perpetual security. Maturity date represents next call date. |
(p) | Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end. |
(r) | Principal or notional amount is less than $500 par. |
(wb) | Represents an investment in a Fund affiliated with the Manager. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Futures contracts outstanding at May 31, 2024: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
14 | 2 Year U.S. Treasury Notes | Sep. 2024 | $2,851,844 | $(943) | ||||
92 | 5 Year U.S. Treasury Notes | Sep. 2024 | 9,733,312 | (19,144) | ||||
39 | 10 Year U.S. Treasury Notes | Sep. 2024 | 4,243,078 | (16,304) | ||||
4 | 20 Year U.S. Treasury Bonds | Sep. 2024 | 464,250 | (2,623) | ||||
3 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2024 | 367,313 | (5,112) | ||||
$(44,126) |
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
British Pound, | |||||||||||||
Expiring 06/04/24 | BNP | GBP | 174 | $221,882 | $222,187 | $305 | $— | ||||||
Euro, | |||||||||||||
Expiring 06/04/24 | BOA | EUR | 145 | 157,048 | 157,171 | 123 | — | ||||||
$378,930 | $379,358 | 428 | — |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
British Pound, | |||||||||||||
Expiring 06/04/24 | BNP | GBP | 174 | $218,276 | $222,187 | $— | $(3,911) | ||||||
Expiring 07/02/24 | BNP | GBP | 174 | 221,913 | 222,219 | — | (306) |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): | |||||||||||||
Euro, | |||||||||||||
Expiring 06/04/24 | BNP | EUR | 145 | $157,301 | $157,171 | $130 | $— | ||||||
Expiring 07/02/24 | BOA | EUR | 145 | 157,243 | 157,372 | — | (129) | ||||||
$754,733 | $758,949 | 130 | (4,346) | ||||||||||
$558 | $(4,346) |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at May 31, 2024(4) | Value at Trade Date | Value at May 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): | |||||||||||||||
CDX.NA.HY.42.V1 | 06/20/29 | 5.000%(Q) | 5,075 | 3.335% | $320,913 | $395,312 | $74,399 |
(1) | If the Fund is a buyer of protection, it pays the fixed rate. When 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 make delivery of the referenced obligation or 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 underlying securities comprising the referenced index. |
(2) | If the Fund is a seller of protection, it receives the fixed rate. When 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. |
(3) | Notional amount represents 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. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of 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 up-front 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 of risk of default or other credit event occurring as defined under the terms of the agreement. |
Total return swap agreements outstanding at May 31, 2024: | ||||||||||||||
Reference Entity | Financing Rate | Counterparty | Termination Date | Long (Short) Notional Amount (000)#(1) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation)(2) | |||||||
OTC Total Return Swap Agreements: | ||||||||||||||
iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 5.340% | MSI | 09/20/24 | (2,760) | $(30,022) | $(568) | $(29,454) | |||||||
iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 5.340% | BNP | 09/20/24 | (1,490) | (6,321) | (306) | (6,015) | |||||||
$(36,343) | $(874) | $(35,469) |
(1) | On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
(2) | Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |