Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 93.8% | |||||
Asset-Backed Securities 3.0% | |||||
Collateralized Loan Obligations | |||||
Ares CLO Ltd. (Cayman Islands), Series 2018-28RA, Class A1R, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 6.479 %(c) | 10/17/30 | 250 | $250,251 | |
Sound Point CLO Ltd. (Cayman Islands), Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 6.624(c) | 10/26/31 | 250 | 249,983 | |
Voya CLO Ltd. (Cayman Islands), Series 2015-03A, Class A1R3, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 6.475(c) | 10/20/31 | 250 | 250,218 | |
Total Asset-Backed Securities (cost $750,000) | 750,452 | ||||
Corporate Bonds 89.2% | |||||
Aerospace & Defense 1.3% | |||||
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A | 7.125 | 06/15/26 | 325 | 330,187 | |
Airlines 1.5% | |||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Sec’d. Notes, 144A | 5.500 | 04/20/26 | 150 | 148,584 | |
United Airlines, Inc., Sr. Sec’d. Notes, 144A | 4.375 | 04/15/26 | 150 | 144,588 | |
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), Sr. Unsec’d. Notes, 144A | 7.875 | 05/01/27 | 100 | 90,110 | |
383,282 | |||||
Apparel 0.6% | |||||
Hanesbrands, Inc., Gtd. Notes, 144A | 4.875 | 05/15/26 | 75 | 72,740 | |
William Carter Co. (The), Gtd. Notes, 144A | 5.625 | 03/15/27 | 75 | 73,785 | |
146,525 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Auto Manufacturers 0.3% | |||||
PM General Purchaser LLC, Sr. Sec’d. Notes, 144A | 9.500 % | 10/01/28 | 75 | $76,115 | |
Auto Parts & Equipment 2.1% | |||||
American Axle & Manufacturing, Inc., Gtd. Notes | 6.500 | 04/01/27 | 50 | 49,683 | |
Clarios Global LP/Clarios US Finance Co., | |||||
Gtd. Notes, 144A | 8.500 | 05/15/27 | 125 | 125,469 | |
Sr. Sec’d. Notes, 144A | 6.250 | 05/15/26 | 125 | 124,375 | |
Dana, Inc., Sr. Unsec’d. Notes | 5.375 | 11/15/27 | 75 | 72,927 | |
Phinia, Inc., Sr. Sec’d. Notes, 144A | 6.750 | 04/15/29 | 10 | 10,084 | |
Tenneco, Inc., Sr. Sec’d. Notes, 144A | 8.000 | 11/17/28 | 100 | 91,297 | |
Titan International, Inc., Sr. Sec’d. Notes | 7.000 | 04/30/28 | 50 | 48,399 | |
522,234 | |||||
Banks 1.1% | |||||
Freedom Mortgage Corp., | |||||
Sr. Unsec’d. Notes, 144A | 6.625 | 01/15/27 | 75 | 72,425 | |
Sr. Unsec’d. Notes, 144A | 7.625 | 05/01/26 | 125 | 124,178 | |
Popular, Inc. (Puerto Rico), Sr. Unsec’d. Notes | 7.250 | 03/13/28 | 75 | 76,500 | |
273,103 | |||||
Building Materials 1.6% | |||||
Eco Material Technologies, Inc., Sr. Sec’d. Notes, 144A | 7.875 | 01/31/27 | 75 | 74,998 | |
JELD-WEN, Inc., Gtd. Notes, 144A | 4.875 | 12/15/27 | 100 | 93,750 | |
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A | 5.000 | 02/15/27 | 250 | 242,367 | |
411,115 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Chemicals 1.3% | |||||
Avient Corp., Sr. Unsec’d. Notes, 144A | 5.750 % | 05/15/25 | 175 | $174,073 | |
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A | 4.875 | 06/01/24 | 100 | 99,875 | |
WR Grace Holdings LLC, Sr. Sec’d. Notes, 144A | 4.875 | 06/15/27 | 50 | 48,052 | |
322,000 | |||||
Coal 0.3% | |||||
Conuma Resources Ltd. (Canada), Sr. Sec’d. Notes, 144A | 13.125 | 05/01/28 | 73 | 73,000 | |
Commercial Services 3.6% | |||||
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A | 5.500 | 03/01/28 | 25 | 23,975 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 | 07/15/26 | 16 | 16,000 | |
Alta Equipment Group, Inc., | |||||
Sec’d. Notes, 144A | 5.625 | 04/15/26 | 150 | 152,109 | |
Sec’d. Notes, 144A | 9.000 | 06/01/29 | 15 | 14,508 | |
AMN Healthcare, Inc., Gtd. Notes, 144A | 4.625 | 10/01/27 | 150 | 141,916 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Gtd. Notes, 144A | 5.750 | 07/15/27 | 150 | 143,744 | |
Brink’s Co. (The), Gtd. Notes, 144A | 4.625 | 10/15/27 | 50 | 47,743 | |
Herc Holdings, Inc., Gtd. Notes, 144A | 5.500 | 07/15/27 | 125 | 121,863 | |
Hertz Corp. (The), Gtd. Notes, 144A | 4.625 | 12/01/26 | 50 | 38,825 | |
Mavis Tire Express Services Topco Corp., Sr. Unsec’d. Notes, 144A | 6.500 | 05/15/29 | 75 | 69,128 | |
MPH Acquisition Holdings LLC, Sr. Sec’d. Notes, 144A | 5.500 | 09/01/28 | 75 | 55,775 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Commercial Services (cont’d.) | |||||
Service Corp. International, Sr. Unsec’d. Notes | 4.625 % | 12/15/27 | 25 | $23,899 | |
United Rentals North America, Inc., Gtd. Notes | 4.875 | 01/15/28 | 50 | 48,152 | |
897,637 | |||||
Computers 1.3% | |||||
Fortress Intermediate 3, Inc., Sr. Sec’d. Notes, 144A | 7.500 | 06/01/31 | 20 | 20,247 | |
McAfee Corp., Sr. Unsec’d. Notes, 144A | 7.375 | 02/15/30 | 75 | 69,420 | |
NCR Atleos Corp., Sr. Sec’d. Notes, 144A | 9.500 | 04/01/29 | 100 | 107,948 | |
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Sec’d. Notes, 144A | 5.750 | 06/01/25 | 125 | 124,887 | |
322,502 | |||||
Distribution/Wholesale 0.6% | |||||
H&E Equipment Services, Inc., Gtd. Notes, 144A | 3.875 | 12/15/28 | 125 | 111,908 | |
Ritchie Bros Holdings, Inc. (Canada), Sr. Sec’d. Notes, 144A | 6.750 | 03/15/28 | 50 | 50,500 | |
162,408 | |||||
Diversified Financial Services 5.8% | |||||
Bread Financial Holdings, Inc., Gtd. Notes, 144A | 9.750 | 03/15/29 | 50 | 52,387 | |
Freedom Mortgage Holdings LLC, Sr. Unsec’d. Notes, 144A | 9.250 | 02/01/29 | 20 | 20,195 | |
GGAM Finance Ltd. (Ireland), | |||||
Gtd. Notes, 144A | 6.875 | 04/15/29 | 10 | 10,055 | |
Gtd. Notes, 144A | 8.000 | 02/15/27 | 50 | 51,203 | |
goeasy Ltd. (Canada), Gtd. Notes, 144A | 4.375 | 05/01/26 | 75 | 72,187 | |
LD Holdings Group LLC, Gtd. Notes, 144A | 6.125 | 04/01/28 | 50 | 34,806 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Diversified Financial Services (cont’d.) | |||||
LFS Topco LLC, Gtd. Notes, 144A | 5.875 % | 10/15/26 | 75 | $70,378 | |
Macquarie Airfinance Holdings Ltd. (United Kingdom), | |||||
Sr. Unsec’d. Notes, 144A | 6.400 | 03/26/29 | 5 | 5,056 | |
Sr. Unsec’d. Notes, 144A | 8.375 | 05/01/28 | 50 | 52,500 | |
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A | 6.000 | 01/15/27 | 125 | 123,269 | |
Navient Corp., | |||||
Sr. Unsec’d. Notes | 5.000 | 03/15/27 | 25 | 23,733 | |
Sr. Unsec’d. Notes | 6.750 | 06/25/25 | 100 | 100,286 | |
Sr. Unsec’d. Notes | 6.750 | 06/15/26 | 100 | 99,857 | |
OneMain Finance Corp., | |||||
Gtd. Notes | 6.875 | 03/15/25 | 225 | 226,908 | |
Gtd. Notes | 7.125 | 03/15/26 | 150 | 152,226 | |
PennyMac Financial Services, Inc., Gtd. Notes, 144A | 5.375 | 10/15/25 | 200 | 198,322 | |
PRA Group, Inc., Gtd. Notes, 144A | 8.875 | 01/31/30 | 15 | 14,826 | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., Gtd. Notes, 144A | 2.875 | 10/15/26 | 150 | 139,514 | |
1,447,708 | |||||
Electric 3.3% | |||||
Calpine Corp., | |||||
Sr. Sec’d. Notes, 144A | 5.250 | 06/01/26 | 150 | 148,447 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 03/15/28 | 50 | 47,655 | |
NRG Energy, Inc., | |||||
Gtd. Notes | 5.750 | 01/15/28 | 150 | 147,038 | |
Gtd. Notes, 144A | 5.250 | 06/15/29 | 50 | 47,722 | |
Vistra Operations Co. LLC, | |||||
Gtd. Notes, 144A | 5.000 | 07/31/27 | 100 | 96,672 | |
Gtd. Notes, 144A | 5.500 | 09/01/26 | 175 | 172,209 | |
Gtd. Notes, 144A | 5.625 | 02/15/27 | 175 | 172,217 | |
831,960 | |||||
Electrical Components & Equipment 1.3% | |||||
Energizer Holdings, Inc., Gtd. Notes, 144A | 6.500 | 12/31/27 | 125 | 123,912 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Electrical Components & Equipment (cont’d.) | |||||
WESCO Distribution, Inc., | |||||
Gtd. Notes, 144A | 6.375 % | 03/15/29 | 15 | $15,073 | |
Gtd. Notes, 144A | 7.125 | 06/15/25 | 175 | 174,979 | |
313,964 | |||||
Electronics 0.7% | |||||
Likewize Corp., Sr. Sec’d. Notes, 144A | 9.750 | 10/15/25 | 125 | 126,144 | |
Sensata Technologies BV, Gtd. Notes, 144A | 5.000 | 10/01/25 | 50 | 50,205 | |
176,349 | |||||
Engineering & Construction 0.2% | |||||
AECOM, Gtd. Notes | 5.125 | 03/15/27 | 50 | 48,635 | |
Entertainment 2.8% | |||||
Caesars Entertainment, Inc., Sr. Sec’d. Notes, 144A | 7.000 | 02/15/30 | 100 | 101,172 | |
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A | 6.375 | 05/01/26 | 150 | 149,035 | |
International Game Technology PLC, Sr. Sec’d. Notes, 144A | 6.250 | 01/15/27 | 200 | 200,000 | |
Jacobs Entertainment, Inc., Sr. Unsec’d. Notes, 144A | 6.750 | 02/15/29 | 100 | 93,562 | |
Penn Entertainment, Inc., Sr. Unsec’d. Notes, 144A | 5.625 | 01/15/27 | 175 | 166,675 | |
710,444 | |||||
Environmental Control 0.2% | |||||
GFL Environmental, Inc., Gtd. Notes, 144A | 4.000 | 08/01/28 | 50 | 45,577 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Foods 1.1% | |||||
B&G Foods, Inc., Sr. Sec’d. Notes, 144A | 8.000 % | 09/15/28 | 225 | $228,481 | |
Post Holdings, Inc., Gtd. Notes, 144A | 5.625 | 01/15/28 | 50 | 48,831 | |
277,312 | |||||
Gas 0.7% | |||||
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsec’d. Notes | 5.500 | 05/20/25 | 175 | 172,207 | |
Healthcare-Products 0.4% | |||||
Medline Borrower LP, Sr. Sec’d. Notes, 144A | 3.875 | 04/01/29 | 75 | 68,382 | |
Medline Borrower LP/Medline Co-Issuer, Inc., Sr. Sec’d. Notes, 144A | 6.250 | 04/01/29 | 25 | 25,049 | |
93,431 | |||||
Healthcare-Services 3.4% | |||||
HCA, Inc., Gtd. Notes | 7.050 | 12/01/27 | 125 | 131,667 | |
Legacy LifePoint Health LLC, Sr. Sec’d. Notes, 144A | 4.375 | 02/15/27 | 225 | 212,510 | |
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A | 7.250 | 11/01/25 | 250 | 250,773 | |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A | 9.750 | 12/01/26 | 175 | 175,277 | |
Tenet Healthcare Corp., Sr. Sec’d. Notes | 4.625 | 06/15/28 | 100 | 95,189 | |
865,416 | |||||
Home Builders 5.5% | |||||
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A | 6.625 | 01/15/28 | 50 | 49,613 | |
Beazer Homes USA, Inc., Gtd. Notes | 5.875 | 10/15/27 | 225 | 220,423 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders (cont’d.) | |||||
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), Gtd. Notes, 144A | 6.250 % | 09/15/27 | 200 | $194,760 | |
Forestar Group, Inc., Gtd. Notes, 144A | 3.850 | 05/15/26 | 175 | 167,186 | |
Landsea Homes Corp., Sr. Unsec’d. Notes, 144A | 8.875 | 04/01/29 | 70 | 67,965 | |
M/I Homes, Inc., Gtd. Notes | 4.950 | 02/01/28 | 75 | 71,249 | |
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A | 5.250 | 12/15/27 | 225 | 217,687 | |
Shea Homes LP/Shea Homes Funding Corp., Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 75 | 70,807 | |
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A | 8.750 | 02/15/29 | 25 | 25,929 | |
Taylor Morrison Communities, Inc., Gtd. Notes, 144A | 5.875 | 06/15/27 | 125 | 124,484 | |
Tri Pointe Homes, Inc., Gtd. Notes | 5.250 | 06/01/27 | 175 | 169,724 | |
1,379,827 | |||||
Household Products/Wares 0.3% | |||||
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), Gtd. Notes, 144A | 7.000 | 12/31/27 | 75 | 73,312 | |
Housewares 0.3% | |||||
Scotts Miracle-Gro Co. (The), Gtd. Notes | 4.500 | 10/15/29 | 75 | 67,514 | |
Insurance 0.7% | |||||
Acrisure LLC/Acrisure Finance, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 8.250 | 02/01/29 | 25 | 25,130 | |
Sr. Unsec’d. Notes, 144A | 10.125 | 08/01/26 | 154 | 158,674 | |
183,804 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Internet 1.6% | |||||
Cogent Communications Group, Inc., Sr. Sec’d. Notes, 144A | 3.500 % | 05/01/26 | 50 | $47,293 | |
Gen Digital, Inc., Sr. Unsec’d. Notes, 144A | 5.000 | 04/15/25 | 225 | 222,974 | |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes, 144A | 5.250 | 12/01/27 | 125 | 121,625 | |
391,892 | |||||
Iron/Steel 0.5% | |||||
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 | 01/31/29 | 75 | 74,839 | |
Mineral Resources Ltd. (Australia), Sr. Unsec’d. Notes, 144A | 9.250 | 10/01/28 | 50 | 52,562 | |
127,401 | |||||
Leisure Time 5.3% | |||||
Carnival Corp., | |||||
Gtd. Notes, 144A | 5.750 | 03/01/27 | 150 | 147,322 | |
Gtd. Notes, 144A | 7.625 | 03/01/26 | 150 | 150,270 | |
Lindblad Expeditions Holdings, Inc., Sr. Sec’d. Notes, 144A | 9.000 | 05/15/28 | 50 | 51,093 | |
Lindblad Expeditions LLC, Sr. Sec’d. Notes, 144A | 6.750 | 02/15/27 | 125 | 123,677 | |
NCL Corp. Ltd., | |||||
Gtd. Notes, 144A | 5.875 | 03/15/26 | 200 | 196,000 | |
Sr. Sec’d. Notes, 144A | 5.875 | 02/15/27 | 200 | 196,438 | |
Sr. Sec’d. Notes, 144A | 8.125 | 01/15/29 | 50 | 52,063 | |
Sr. Unsec’d. Notes, 144A | 3.625 | 12/15/24 | 75 | 73,875 | |
Royal Caribbean Cruises Ltd., | |||||
Sr. Unsec’d. Notes | 7.500 | 10/15/27 | 25 | 26,196 | |
Sr. Unsec’d. Notes, 144A | 5.375 | 07/15/27 | 100 | 97,590 | |
Viking Cruises Ltd., | |||||
Gtd. Notes, 144A | 5.875 | 09/15/27 | 175 | 170,187 | |
Sr. Unsec’d. Notes, 144A | 7.000 | 02/15/29 | 50 | 50,111 | |
1,334,822 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Lodging 2.8% | |||||
Hilton Domestic Operating Co., Inc., Gtd. Notes, 144A | 5.875 % | 04/01/29 | 20 | $19,826 | |
Las Vegas Sands Corp., Sr. Unsec’d. Notes | 3.500 | 08/18/26 | 50 | 47,515 | |
MGM Resorts International, Gtd. Notes | 4.625 | 09/01/26 | 125 | 121,207 | |
Station Casinos LLC, Gtd. Notes, 144A | 4.500 | 02/15/28 | 50 | 46,560 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Sr. Sec’d. Notes, 144A | 5.875 | 05/15/25 | 175 | 173,970 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Gtd. Notes, 144A | 5.250 | 05/15/27 | 50 | 48,670 | |
Wynn Macau Ltd. (Macau), Sr. Unsec’d. Notes, 144A | 5.625 | 08/26/28 | 275 | 257,211 | |
714,959 | |||||
Machinery-Diversified 0.3% | |||||
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A | 11.500 | 09/01/28 | 75 | 79,784 | |
Media 7.8% | |||||
Altice Financing SA (Luxembourg), Sr. Sec’d. Notes, 144A | 2.250 | 01/15/25 | EUR | 100 | 104,074 |
CCO Holdings LLC/CCO Holdings Capital Corp., | |||||
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/28 | 25 | 23,082 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 05/01/27 | 300 | 286,523 | |
Sr. Unsec’d. Notes, 144A | 5.500 | 05/01/26 | 225 | 222,612 | |
DISH DBS Corp., | |||||
Gtd. Notes | 5.125 | 06/01/29 | 25 | 9,942 | |
Gtd. Notes | 5.875 | 11/15/24 | 275 | 262,005 | |
Gtd. Notes | 7.375 | 07/01/28 | 25 | 11,259 | |
Gtd. Notes | 7.750 | 07/01/26 | 25 | 16,010 | |
DISH Network Corp., Sr. Sec’d. Notes, 144A | 11.750 | 11/15/27 | 125 | 125,560 | |
Gray Television, Inc., | |||||
Gtd. Notes, 144A | 5.875 | 07/15/26 | 50 | 49,932 | |
Sr. Sec’d. Notes, 144A | 10.500 | 07/15/29 | 80 | 79,453 | |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Media (cont’d.) | |||||
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A | 5.375 % | 08/15/27 | 75 | $71,863 | |
Nexstar Media, Inc., Gtd. Notes, 144A | 5.625 | 07/15/27 | 225 | 212,352 | |
Radiate Holdco LLC/Radiate Finance, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.500 | 09/15/26 | 275 | 203,902 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 09/15/28 | 25 | 11,492 | |
Sinclair Television Group, Inc., Gtd. Notes, 144A | 5.125 | 02/15/27 | 75 | 67,249 | |
Univision Communications, Inc., Sr. Sec’d. Notes, 144A | 6.625 | 06/01/27 | 200 | 193,296 | |
1,950,606 | |||||
Mining 2.1% | |||||
Hecla Mining Co., Gtd. Notes | 7.250 | 02/15/28 | 50 | 50,385 | |
Hudbay Minerals, Inc. (Canada), Gtd. Notes, 144A | 4.500 | 04/01/26 | 175 | 170,625 | |
New Gold, Inc. (Canada), Gtd. Notes, 144A | 7.500 | 07/15/27 | 75 | 75,375 | |
Novelis Corp., Gtd. Notes, 144A | 3.250 | 11/15/26 | 250 | 233,335 | |
529,720 | |||||
Miscellaneous Manufacturing 0.6% | |||||
Amsted Industries, Inc., Gtd. Notes, 144A | 5.625 | 07/01/27 | 75 | 73,617 | |
Trinity Industries, Inc., Gtd. Notes, 144A | 7.750 | 07/15/28 | 65 | 66,974 | |
140,591 | |||||
Oil & Gas 5.6% | |||||
Aethon United BR LP/Aethon United Finance Corp., Sr. Unsec’d. Notes, 144A | 8.250 | 02/15/26 | 100 | 100,929 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas (cont’d.) | |||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | |||||
Gtd. Notes, 144A | 7.000 % | 11/01/26 | 100 | $100,107 | |
Sr. Unsec’d. Notes, 144A | 8.250 | 12/31/28 | 75 | 76,647 | |
Athabasca Oil Corp. (Canada), Sec’d. Notes, 144A | 9.750 | 11/01/26 | 125 | 129,531 | |
Chesapeake Energy Corp., Gtd. Notes, 144A | 5.500 | 02/01/26 | 50 | 49,544 | |
CITGO Petroleum Corp., Sr. Sec’d. Notes, 144A | 7.000 | 06/15/25 | 150 | 150,166 | |
Civitas Resources, Inc., Gtd. Notes, 144A | 8.375 | 07/01/28 | 75 | 78,801 | |
Crescent Energy Finance LLC, Gtd. Notes, 144A | 9.250 | 02/15/28 | 75 | 79,526 | |
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A | 5.750 | 01/30/28 | 100 | 101,080 | |
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsec’d. Notes, 144A | 5.750 | 02/01/29 | 50 | 48,297 | |
Nabors Industries, Inc., Gtd. Notes, 144A | 7.375 | 05/15/27 | 175 | 174,666 | |
Parkland Corp. (Canada), Gtd. Notes, 144A | 5.875 | 07/15/27 | 100 | 98,375 | |
Southwestern Energy Co., Gtd. Notes | 5.375 | 03/15/30 | 65 | 62,639 | |
Sunoco LP, Gtd. Notes, 144A | 7.000 | 05/01/29 | 15 | 15,324 | |
Sunoco LP/Sunoco Finance Corp., Gtd. Notes | 6.000 | 04/15/27 | 75 | 74,410 | |
Transocean, Inc., Gtd. Notes, 144A | 8.250 | 05/15/29 | 25 | 24,993 | |
Valaris Ltd., Sec’d. Notes, 144A | 8.375 | 04/30/30 | 50 | 51,680 | |
1,416,715 | |||||
Packaging & Containers 3.0% | |||||
Graham Packaging Co., Inc., Gtd. Notes, 144A | 7.125 | 08/15/28 | 30 | 28,267 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Packaging & Containers (cont’d.) | |||||
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), Sr. Sec’d. Notes, 144A | 6.000 % | 09/15/28 | 125 | $119,687 | |
LABL, Inc., | |||||
Sr. Sec’d. Notes, 144A | 6.750 | 07/15/26 | 100 | 98,920 | |
Sr. Unsec’d. Notes, 144A | 10.500 | 07/15/27 | 75 | 72,995 | |
Mauser Packaging Solutions Holding Co., Sr. Sec’d. Notes, 144A | 7.875 | 04/15/27 | 175 | 178,325 | |
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, Sr. Sec’d. Notes, 144A | 4.000 | 10/15/27 | 25 | 23,351 | |
Sealed Air Corp./Sealed Air Corp. US, Gtd. Notes, 144A | 6.125 | 02/01/28 | 50 | 49,624 | |
Trident TPI Holdings, Inc., Gtd. Notes, 144A | 12.750 | 12/31/28 | 175 | 190,352 | |
761,521 | |||||
Pharmaceuticals 2.3% | |||||
AdaptHealth LLC, Gtd. Notes, 144A | 6.125 | 08/01/28 | 175 | 167,475 | |
Bausch Health Cos., Inc., Sr. Sec’d. Notes, 144A | 5.750 | 08/15/27 | 450 | 338,093 | |
P&L Development LLC/PLD Finance Corp., Sr. Sec’d. Notes, 144A | 7.750 | 11/15/25 | 100 | 84,671 | |
590,239 | |||||
Pipelines 3.1% | |||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes, 144A | 5.750 | 03/01/27 | 200 | 197,840 | |
Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsec’d. Notes, 144A | 7.000 | 07/15/29 | 20 | 20,206 | |
EQM Midstream Partners LP, Sr. Unsec’d. Notes, 144A | 6.500 | 07/01/27 | 125 | 126,199 | |
Global Partners LP/GLP Finance Corp., Gtd. Notes | 7.000 | 08/01/27 | 75 | 75,332 | |
Howard Midstream Energy Partners LLC, Sr. Unsec’d. Notes, 144A | 8.875 | 07/15/28 | 50 | 52,469 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pipelines (cont’d.) | |||||
Northriver Midstream Finance LP (Canada), Sr. Sec’d. Notes, 144A | 5.625 % | 02/15/26 | 50 | $49,125 | |
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A | 3.600 | 05/15/25 | 75 | 72,959 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | |||||
Gtd. Notes, 144A | 5.500 | 01/15/28 | 75 | 71,681 | |
Sr. Unsec’d. Notes, 144A | 7.375 | 02/15/29 | 15 | 15,037 | |
Venture Global LNG, Inc., Sr. Sec’d. Notes, 144A | 9.500 | 02/01/29 | 50 | 54,258 | |
Western Midstream Operating LP, Sr. Unsec’d. Notes | 3.100 | 02/01/25 | 50 | 49,013 | |
784,119 | |||||
Real Estate 0.7% | |||||
Howard Hughes Corp. (The), Gtd. Notes, 144A | 5.375 | 08/01/28 | 175 | 165,720 | |
Real Estate Investment Trusts (REITs) 2.9% | |||||
Brandywine Operating Partnership LP, Gtd. Notes | 8.875 | 04/12/29 | 5 | 5,182 | |
Diversified Healthcare Trust, Gtd. Notes | 9.750 | 06/15/25 | 100 | 100,056 | |
MPT Operating Partnership LP/MPT Finance Corp., | |||||
Gtd. Notes | 3.500 | 03/15/31 | 25 | 16,227 | |
Gtd. Notes | 5.000 | 10/15/27 | 50 | 40,986 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | |||||
Gtd. Notes, 144A | 7.000 | 02/01/30 | 10 | 10,060 | |
Sr. Sec’d. Notes, 144A | 7.500 | 06/01/25 | 125 | 125,000 | |
RHP Hotel Properties LP/RHP Finance Corp., | |||||
Gtd. Notes | 4.750 | 10/15/27 | 75 | 71,924 | |
Gtd. Notes, 144A | 6.500 | 04/01/32 | 20 | 19,874 | |
SBA Communications Corp., Sr. Unsec’d. Notes | 3.875 | 02/15/27 | 175 | 165,666 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate Investment Trusts (REITs) (cont’d.) | |||||
Starwood Property Trust, Inc., Sr. Unsec’d. Notes, 144A | 4.375 % | 01/15/27 | 50 | $46,842 | |
VICI Properties LP/VICI Note Co., Inc., Gtd. Notes, 144A | 4.250 | 12/01/26 | 125 | 120,253 | |
722,070 | |||||
Retail 1.4% | |||||
Brinker International, Inc., Gtd. Notes, 144A | 5.000 | 10/01/24 | 75 | 74,671 | |
LCM Investments Holdings II LLC, Sr. Unsec’d. Notes, 144A | 4.875 | 05/01/29 | 100 | 92,887 | |
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes | 6.750 | 03/01/32 | 50 | 49,087 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes | 5.875 | 03/01/27 | 50 | 49,255 | |
White Cap Buyer LLC, Sr. Unsec’d. Notes, 144A | 6.875 | 10/15/28 | 100 | 95,515 | |
361,415 | |||||
Software 3.3% | |||||
Boxer Parent Co., Inc., Sr. Sec’d. Notes, 144A | 7.125 | 10/02/25 | 275 | 276,085 | |
Camelot Finance SA, Sr. Sec’d. Notes, 144A | 4.500 | 11/01/26 | 400 | 385,912 | |
Clarivate Science Holdings Corp., Sr. Sec’d. Notes, 144A | 3.875 | 07/01/28 | 50 | 45,795 | |
SS&C Technologies, Inc., Gtd. Notes, 144A | 5.500 | 09/30/27 | 125 | 122,601 | |
830,393 | |||||
Telecommunications 3.2% | |||||
Connect Finco Sarl/Connect US Finco LLC (United Kingdom), Sr. Sec’d. Notes, 144A | 6.750 | 10/01/26 | 200 | 188,500 | |
Frontier Communications Holdings LLC, Sr. Sec’d. Notes, 144A | 5.875 | 10/15/27 | 125 | 121,746 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
Iliad Holding SASU (France), Sr. Sec’d. Notes, 144A | 6.500 % | 10/15/26 | 200 | $198,500 | |
Viasat, Inc., Sr. Unsec’d. Notes, 144A | 5.625 | 09/15/25 | 300 | 291,211 | |
799,957 | |||||
Transportation 0.4% | |||||
RXO, Inc., Gtd. Notes, 144A | 7.500 | 11/15/27 | 55 | 56,618 | |
XPO, Inc., Sr. Sec’d. Notes, 144A | 6.250 | 06/01/28 | 50 | 49,993 | |
106,611 | |||||
Total Corporate Bonds (cost $22,654,517) | 22,416,103 | ||||
Floating Rate and Other Loans 1.6% | |||||
Auto Parts & Equipment 0.3% | |||||
First Brands Group LLC, First Lien 2021 Term Loan, 3 Month SOFR + 5.262% | 10.591(c) | 03/30/27 | 75 | 74,094 | |
Chemicals 0.2% | |||||
Iris Holdings Ltd., Initial Term Loan, 3 Month SOFR + 4.850% | 10.180(c) | 06/28/28 | 50 | 47,785 | |
Commercial Services 0.2% | |||||
Fly Funding II Sarl (Luxembourg), Term B Loan, 3 Month LIBOR + 1.750% | 7.330(c) | 08/11/25 | 24 | 23,573 | |
Kingpin Intermediate Holdings LLC, Amendment No. 8 Term Loan, 1 Month SOFR + 3.500% | 8.829(c) | 02/08/28 | 40 | 39,737 | |
63,310 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Insurance 0.2% | |||||
Acrisure LLC, 2021-1 Additional Term Loan, 1 Month LIBOR + 3.750% | 9.194 %(c) | 02/15/27 | 50 | $49,860 | |
Media 0.4% | |||||
Altice Financing SA (Luxembourg), 2022 Dollar Loan, 3 Month SOFR + 5.000% | 10.329(c) | 10/31/27 | 100 | 87,030 | |
Radiate Holdco LLC, Amendment No. 6 Term Loan, 1 Month SOFR + 3.250% | 8.694(c) | 09/25/26 | 25 | 19,621 | |
106,651 | |||||
Software 0.3% | |||||
Cotiviti, Inc., Initial Floating Rate Term Loan, 3 Month SOFR + 3.250% | 8.563(c) | 05/01/31 | 75 | 75,023 | |
Total Floating Rate and Other Loans (cost $427,391) | 416,723 | ||||
Total Long-Term Investments (cost $23,831,908) | 23,583,278 |
Shares | |||||
Short-Term Investment 2.1% | |||||
Affiliated Mutual Fund | |||||
PGIM Core Government Money Market Fund (7-day effective yield 5.550%) (cost $527,996)(wb) | 527,996 | 527,996 | |||
TOTAL INVESTMENTS 95.9% (cost $24,359,904) | 24,111,274 | ||||
Other assets in excess of liabilities(z) 4.1% | 1,023,045 | ||||
Net Assets 100.0% | $25,134,319 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
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. | |
CDX—Credit Derivative Index | |
CLO—Collateralized Loan Obligation | |
LIBOR—London Interbank Offered Rate | |
LP—Limited Partnership | |
REITs—Real Estate Investment Trust | |
SOFR—Secured Overnight Financing Rate |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2024. |
(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 Position: | ||||||||
5 | 2 Year U.S. Treasury Notes | Sep. 2024 | $1,018,516 | $(590) | ||||
Short Position: | ||||||||
29 | 5 Year U.S. Treasury Notes | Sep. 2024 | 3,068,109 | 5,589 | ||||
$4,999 |
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 06/04/24 | HSBC | EUR | 97 | $104,721 | $104,781 | $60 | $— |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 06/04/24 | GSI | EUR | 97 | $104,870 | $104,781 | $89 | $— | ||||||
Expiring 07/02/24 | HSBC | EUR | 97 | 104,851 | 104,915 | — | (64) | ||||||
$209,721 | $209,696 | 89 | (64) | ||||||||||
$149 | $(64) |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Value at Trade Date | Value at May 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): | ||||||||||||||
CDX.NA.HY.42.V1 | 06/20/29 | 5.000%(Q) | 775 | $(52,908) | $(60,368) | $(7,460) |
(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. |
Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at May 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Interest Rate Swap Agreements: | ||||||||||||||
1,965 | 02/06/26 | 4.263%(A) | 1 Day SOFR(2)(A)/ 5.340% | $— | $(27,633) | $(27,633) | ||||||||
1,330 | 02/06/27 | 3.977%(A) | 1 Day SOFR(1)(A)/ 5.340% | — | 27,161 | 27,161 | ||||||||
$— | $(472) | $(472) |
(1) | The Fund pays the fixed rate and receives the floating rate. |
(2) | The Fund pays the floating rate and receives the fixed rate. |