Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 92.0% | |||||
Asset-Backed Securities 4.2% | |||||
Collateralized Loan Obligations | |||||
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%) | 5.323 %(c) | 01/20/32 | 250 | $244,128 | |
KKR Static CLO Ltd. (Cayman Islands), Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.220% (Cap N/A, Floor 2.220%) | 6.738(c) | 10/20/31 | 250 | 249,912 | |
Race Point CLO Ltd. (Cayman Islands), Series 2013-08A, Class AR2, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%) | 5.715(c) | 02/20/30 | 234 | 229,992 | |
Voya CLO Ltd. (Cayman Islands), Series 2014-02A, Class A1RR, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) | 5.099(c) | 04/17/30 | 237 | 232,958 | |
Total Asset-Backed Securities (cost $962,762) | 956,990 | ||||
Corporate Bonds 81.5% | |||||
Advertising 0.3% | |||||
CMG Media Corp., Gtd. Notes, 144A | 8.875 | 12/15/27 | 100 | 76,791 | |
Aerospace & Defense 1.8% | |||||
Bombardier, Inc. (Canada), | |||||
Sr. Unsec’d. Notes, 144A | 6.000 | 02/15/28 | 50 | 46,885 | |
Sr. Unsec’d. Notes, 144A | 7.125 | 06/15/26 | 50 | 49,250 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 12/01/24 | 80 | 80,600 | |
Sr. Unsec’d. Notes, 144A | 7.875 | 04/15/27 | 225 | 220,826 | |
397,561 | |||||
Airlines 0.8% | |||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., Sr. Sec’d. Notes, 144A | 5.750 | 04/20/29 | 100 | 93,105 | |
United Airlines, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.375 | 04/15/26 | 50 | 46,509 | |
Sr. Sec’d. Notes, 144A | 4.625 | 04/15/29 | 50 | 44,267 | |
183,881 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Apparel 0.7% | |||||
Hanesbrands, Inc., Gtd. Notes, 144A | 4.875 % | 05/15/26 | 25 | $22,756 | |
Kontoor Brands, Inc., Gtd. Notes, 144A | 4.125 | 11/15/29 | 75 | 62,017 | |
Wolverine World Wide, Inc., Gtd. Notes, 144A | 4.000 | 08/15/29 | 100 | 75,566 | |
160,339 | |||||
Auto Manufacturers 1.5% | |||||
Allison Transmission, Inc., | |||||
Gtd. Notes, 144A | 3.750 | 01/30/31 | 50 | 41,884 | |
Sr. Unsec’d. Notes, 144A | 5.875 | 06/01/29 | 50 | 47,589 | |
Ford Motor Co., | |||||
Sr. Unsec’d. Notes | 3.250 | 02/12/32 | 200 | 158,509 | |
Sr. Unsec’d. Notes | 4.750 | 01/15/43 | 100 | 74,179 | |
Sr. Unsec’d. Notes | 5.291 | 12/08/46 | 25 | 19,882 | |
342,043 | |||||
Auto Parts & Equipment 1.8% | |||||
Adient Global Holdings Ltd., Gtd. Notes, 144A | 4.875 | 08/15/26 | 200 | 186,292 | |
American Axle & Manufacturing, Inc., Gtd. Notes | 6.500 | 04/01/27 | 75 | 70,550 | |
Dana, Inc., Sr. Unsec’d. Notes | 4.250 | 09/01/30 | 175 | 141,634 | |
398,476 | |||||
Banks 0.3% | |||||
Popular, Inc. (Puerto Rico), Sr. Unsec’d. Notes | 6.125 | 09/14/23 | 75 | 75,187 | |
Building Materials 2.6% | |||||
Cornerstone Building Brands, Inc., Gtd. Notes, 144A | 6.125 | 01/15/29 | 125 | 84,458 | |
Eco Material Technologies, Inc., Sr. Sec’d. Notes, 144A | 7.875 | 01/31/27 | 25 | 23,785 | |
JELD-WEN, Inc., Gtd. Notes, 144A | 4.625 | 12/15/25 | 50 | 42,373 | |
Masonite International Corp., Gtd. Notes, 144A | 5.375 | 02/01/28 | 125 | 113,125 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Building Materials (cont’d.) | |||||
MIWD Holdco II LLC/MIWD Finance Corp., Gtd. Notes, 144A | 5.500 % | 02/01/30 | 25 | $20,490 | |
Smyrna Ready Mix Concrete LLC, Sr. Sec’d. Notes, 144A | 6.000 | 11/01/28 | 175 | 155,740 | |
Standard Industries, Inc., | |||||
Sr. Unsec’d. Notes, 144A | 3.375 | 01/15/31 | 50 | 38,375 | |
Sr. Unsec’d. Notes, 144A | 4.375 | 07/15/30 | 25 | 20,495 | |
Sr. Unsec’d. Notes, 144A | 4.750 | 01/15/28 | 100 | 90,696 | |
589,537 | |||||
Chemicals 0.9% | |||||
ASP Unifrax Holdings, Inc., Sr. Sec’d. Notes, 144A | 5.250 | 09/30/28 | 125 | 103,264 | |
Diamond BC BV, Gtd. Notes, 144A | 4.625 | 10/01/29 | 25 | 18,813 | |
SK Invictus Intermediate II Sarl (Luxembourg), Sr. Sec’d. Notes, 144A | 5.000 | 10/30/29 | 100 | 79,595 | |
201,672 | |||||
Commercial Services 7.9% | |||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 | 07/15/26 | 200 | 190,065 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Sr. Sec’d. Notes, 144A | 4.625 | 06/01/28 | 200 | 167,750 | |
Alta Equipment Group, Inc., Sec’d. Notes, 144A | 5.625 | 04/15/26 | 125 | 110,541 | |
AMN Healthcare, Inc., Gtd. Notes, 144A | 4.625 | 10/01/27 | 225 | 208,048 | |
Gartner, Inc., Gtd. Notes, 144A | 3.750 | 10/01/30 | 100 | 86,511 | |
Hertz Corp. (The), Gtd. Notes, 144A | 5.000 | 12/01/29 | 125 | 98,903 | |
Metis Merger Sub LLC, Sr. Unsec’d. Notes, 144A | 6.500 | 05/15/29 | 225 | 182,967 | |
MPH Acquisition Holdings LLC, Sr. Sec’d. Notes, 144A | 5.500 | 09/01/28 | 150 | 119,843 | |
NESCO Holdings II, Inc., Sec’d. Notes, 144A | 5.500 | 04/15/29 | 100 | 88,493 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Commercial Services (cont’d.) | |||||
United Rentals North America, Inc., Gtd. Notes | 3.750 % | 01/15/32 | 475 | $392,026 | |
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A | 9.750 | 08/15/26 | 150 | 150,179 | |
1,795,326 | |||||
Computers 1.9% | |||||
CA Magnum Holdings (India), Sr. Sec’d. Notes, 144A | 5.375 | 10/31/26 | 200 | 176,000 | |
Condor Merger Sub, Inc., Sr. Unsec’d. Notes, 144A | 7.375 | 02/15/30 | 50 | 41,356 | |
NCR Corp., Gtd. Notes, 144A | 5.000 | 10/01/28 | 125 | 108,736 | |
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Sec’d. Notes, 144A | 5.750 | 06/01/25 | 100 | 99,289 | |
425,381 | |||||
Distribution/Wholesale 0.8% | |||||
H&E Equipment Services, Inc., Gtd. Notes, 144A | 3.875 | 12/15/28 | 200 | 172,940 | |
Diversified Financial Services 4.4% | |||||
LD Holdings Group LLC, Gtd. Notes, 144A | 6.125 | 04/01/28 | 150 | 75,770 | |
LFS Topco LLC, Gtd. Notes, 144A | 5.875 | 10/15/26 | 50 | 40,616 | |
LPL Holdings, Inc., Gtd. Notes, 144A | 4.375 | 05/15/31 | 125 | 108,002 | |
Nationstar Mortgage Holdings, Inc., | |||||
Gtd. Notes, 144A | 5.125 | 12/15/30 | 200 | 158,140 | |
Gtd. Notes, 144A | 5.500 | 08/15/28 | 225 | 190,644 | |
Navient Corp., Sr. Unsec’d. Notes | 5.500 | 03/15/29 | 50 | 41,104 | |
OneMain Finance Corp., | |||||
Gtd. Notes | 6.625 | 01/15/28 | 150 | 137,891 | |
Gtd. Notes | 6.875 | 03/15/25 | 25 | 24,296 | |
Gtd. Notes | 7.125 | 03/15/26 | 75 | 72,689 | |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Diversified Financial Services (cont’d.) | |||||
PennyMac Financial Services, Inc., Gtd. Notes, 144A | 5.375 % | 10/15/25 | 125 | $114,355 | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., Gtd. Notes, 144A | 4.000 | 10/15/33 | 50 | 36,750 | |
1,000,257 | |||||
Electrical Components & Equipment 0.6% | |||||
Energizer Holdings, Inc., Gtd. Notes, 144A | 4.750 | 06/15/28 | 50 | 43,838 | |
WESCO Distribution, Inc., Gtd. Notes, 144A | 7.250 | 06/15/28 | 100 | 101,359 | |
145,197 | |||||
Electronics 0.1% | |||||
Likewize Corp., Sr. Sec’d. Notes, 144A | 9.750 | 10/15/25 | 25 | 23,053 | |
Engineering & Construction 0.4% | |||||
TopBuild Corp., Gtd. Notes, 144A | 3.625 | 03/15/29 | 125 | 101,506 | |
Environmental Control 0.9% | |||||
GFL Environmental, Inc. (Canada), | |||||
Gtd. Notes, 144A | 4.000 | 08/01/28 | 125 | 107,031 | |
Gtd. Notes, 144A | 4.375 | 08/15/29 | 100 | 85,810 | |
192,841 | |||||
Foods 3.2% | |||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC, Gtd. Notes, 144A | 3.500 | 03/15/29 | 50 | 41,683 | |
B&G Foods, Inc., | |||||
Gtd. Notes | 5.250 | 04/01/25 | 75 | 66,222 | |
Gtd. Notes | 5.250 | 09/15/27 | 75 | 59,889 | |
Chobani LLC/Chobani Finance Corp., Inc., | |||||
Gtd. Notes, 144A | 7.500 | 04/15/25 | 125 | 122,261 | |
Sr. Sec’d. Notes, 144A | 4.625 | 11/15/28 | 75 | 66,355 | |
Kraft Heinz Foods Co., | |||||
Gtd. Notes | 4.375 | 06/01/46 | 25 | 21,061 | |
Gtd. Notes | 5.200 | 07/15/45 | 25 | 23,611 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Foods (cont’d.) | |||||
Kraft Heinz Foods Co., (cont’d.) | |||||
Gtd. Notes | 5.500 % | 06/01/50 | 125 | $124,349 | |
Lamb Weston Holdings, Inc., | |||||
Gtd. Notes, 144A | 4.125 | 01/31/30 | 25 | 22,339 | |
Gtd. Notes, 144A | 4.375 | 01/31/32 | 75 | 66,393 | |
Post Holdings, Inc., | |||||
Gtd. Notes, 144A | 4.625 | 04/15/30 | 50 | 43,894 | |
Sr. Unsec’d. Notes, 144A | 4.500 | 09/15/31 | 75 | 63,357 | |
721,414 | |||||
Gas 0.7% | |||||
AmeriGas Partners LP/AmeriGas Finance Corp., | |||||
Sr. Unsec’d. Notes | 5.750 | 05/20/27 | 100 | 95,391 | |
Sr. Unsec’d. Notes | 5.875 | 08/20/26 | 75 | 71,883 | |
167,274 | |||||
Healthcare-Products 0.9% | |||||
Medline Borrower LP, | |||||
Sr. Sec’d. Notes, 144A | 3.875 | 04/01/29 | 125 | 107,449 | |
Sr. Unsec’d. Notes, 144A | 5.250 | 10/01/29 | 125 | 101,899 | |
209,348 | |||||
Healthcare-Services 3.6% | |||||
DaVita, Inc., | |||||
Gtd. Notes, 144A | 3.750 | 02/15/31 | 100 | 73,441 | |
Gtd. Notes, 144A | 4.625 | 06/01/30 | 125 | 101,169 | |
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A | 7.250 | 11/01/25 | 150 | 128,310 | |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A | 9.750 | 12/01/26 | 225 | 179,129 | |
Tenet Healthcare Corp., | |||||
Gtd. Notes, 144A | 6.125 | 10/01/28 | 75 | 66,156 | |
Sr. Sec’d. Notes, 144A | 4.250 | 06/01/29 | 150 | 129,610 | |
Sr. Sec’d. Notes, 144A | 6.125 | 06/15/30 | 25 | 23,698 | |
Sr. Unsec’d. Notes | 6.875 | 11/15/31 | 125 | 110,327 | |
811,840 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders 7.9% | |||||
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A | 6.625 % | 01/15/28 | 125 | $111,514 | |
Beazer Homes USA, Inc., | |||||
Gtd. Notes | 5.875 | 10/15/27 | 150 | 131,144 | |
Gtd. Notes | 7.250 | 10/15/29 | 75 | 66,237 | |
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | |||||
Gtd. Notes, 144A | 6.250 | 09/15/27 | 100 | 88,250 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 06/15/29 | 75 | 59,812 | |
Century Communities, Inc., Gtd. Notes | 6.750 | 06/01/27 | 200 | 194,721 | |
Forestar Group, Inc., Gtd. Notes, 144A | 5.000 | 03/01/28 | 125 | 106,617 | |
KB Home, | |||||
Gtd. Notes | 4.000 | 06/15/31 | 175 | 139,631 | |
Gtd. Notes | 4.800 | 11/15/29 | 25 | 21,700 | |
Gtd. Notes | 6.875 | 06/15/27 | 50 | 49,852 | |
M/I Homes, Inc., Gtd. Notes | 4.950 | 02/01/28 | 150 | 131,206 | |
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A | 4.625 | 03/01/30 | 200 | 164,750 | |
Meritage Homes Corp., Gtd. Notes | 5.125 | 06/06/27 | 75 | 70,866 | |
Shea Homes LP/Shea Homes Funding Corp., | |||||
Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 25 | 21,586 | |
Sr. Unsec’d. Notes | 4.750 | 04/01/29 | 100 | 82,989 | |
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A | 7.500 | 02/15/26 | 50 | 43,525 | |
Taylor Morrison Communities, Inc., | |||||
Gtd. Notes, 144A | 5.750 | 01/15/28 | 50 | 46,742 | |
Gtd. Notes, 144A | 5.875 | 06/15/27 | 75 | 71,839 | |
Sr. Unsec’d. Notes, 144A | 5.125 | 08/01/30 | 50 | 43,630 | |
Tri Pointe Homes, Inc., Gtd. Notes | 5.700 | 06/15/28 | 150 | 135,426 | |
1,782,037 | |||||
Household Products/Wares 0.3% | |||||
ACCO Brands Corp., Gtd. Notes, 144A | 4.250 | 03/15/29 | 75 | 62,736 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Housewares 0.7% | |||||
Scotts Miracle-Gro Co. (The), Gtd. Notes | 4.000 % | 04/01/31 | 125 | $95,882 | |
SWF Escrow Issuer Corp., Sr. Unsec’d. Notes, 144A | 6.500 | 10/01/29 | 100 | 58,447 | |
154,329 | |||||
Iron/Steel 0.6% | |||||
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A | 6.625 | 01/31/29 | 100 | 97,194 | |
Commercial Metals Co., | |||||
Sr. Unsec’d. Notes | 4.125 | 01/15/30 | 25 | 21,530 | |
Sr. Unsec’d. Notes | 4.375 | 03/15/32 | 25 | 20,991 | |
139,715 | |||||
Lodging 0.2% | |||||
Hilton Domestic Operating Co., Inc., Gtd. Notes, 144A | 3.625 | 02/15/32 | 50 | 41,158 | |
Machinery-Construction & Mining 0.3% | |||||
Terex Corp., Gtd. Notes, 144A | 5.000 | 05/15/29 | 75 | 68,079 | |
Machinery-Diversified 0.7% | |||||
GrafTech Finance, Inc., Sr. Sec’d. Notes, 144A | 4.625 | 12/15/28 | 50 | 41,650 | |
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A | 10.125 | 08/01/24 | 125 | 120,472 | |
162,122 | |||||
Media 9.5% | |||||
CCO Holdings LLC/CCO Holdings Capital Corp., | |||||
Sr. Unsec’d. Notes, 144A | 4.250 | 02/01/31 | 475 | 387,882 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/28 | 225 | 206,458 | |
CSC Holdings LLC, | |||||
Gtd. Notes, 144A | 4.125 | 12/01/30 | 200 | 153,080 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 12/01/30 | 200 | 126,562 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 04/01/28 | 200 | 155,805 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Media (cont’d.) | |||||
Diamond Sports Group LLC/Diamond Sports Finance Co., | |||||
Gtd. Notes, 144A (original cost $69,525; purchased 01/19/22 - 06/03/22)(f) | 6.625 % | 08/15/27 | 285 | $10,107 | |
Sec’d. Notes, 144A (original cost $107,008; purchased 01/10/22 - 08/30/22)(f) | 5.375 | 08/15/26 | 299 | 46,533 | |
DISH DBS Corp., | |||||
Gtd. Notes | 5.000 | 03/15/23 | 75 | 74,490 | |
Gtd. Notes | 5.125 | 06/01/29 | 85 | 55,907 | |
Gtd. Notes | 7.375 | 07/01/28 | 50 | 36,875 | |
Gtd. Notes | 7.750 | 07/01/26 | 125 | 104,407 | |
Gray Television, Inc., Gtd. Notes, 144A | 5.875 | 07/15/26 | 100 | 92,167 | |
Nexstar Media, Inc., Gtd. Notes, 144A | 5.625 | 07/15/27 | 75 | 71,071 | |
Radiate Holdco LLC/Radiate Finance, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.500 | 09/15/26 | 125 | 102,438 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 09/15/28 | 75 | 41,285 | |
Sinclair Television Group, Inc., Gtd. Notes, 144A (original cost $72,563; purchased 12/08/21)(f) | 5.125 | 02/15/27 | 75 | 62,857 | |
Univision Communications, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.125 | 02/15/25 | 100 | 97,050 | |
Sr. Sec’d. Notes, 144A | 6.625 | 06/01/27 | 100 | 98,037 | |
Videotron Ltd. (Canada), Gtd. Notes, 144A | 5.125 | 04/15/27 | 75 | 70,969 | |
VZ Secured Financing BV (Netherlands), Sr. Sec’d. Notes, 144A | 5.000 | 01/15/32 | 200 | 165,000 | |
2,158,980 | |||||
Mining 0.5% | |||||
Hudbay Minerals, Inc. (Canada), Gtd. Notes, 144A | 6.125 | 04/01/29 | 125 | 112,187 | |
Miscellaneous Manufacturing 0.7% | |||||
Amsted Industries, Inc., | |||||
Gtd. Notes, 144A | 5.625 | 07/01/27 | 50 | 47,450 | |
Sr. Unsec’d. Notes, 144A | 4.625 | 05/15/30 | 125 | 106,037 | |
153,487 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Oil & Gas 4.0% | |||||
Antero Resources Corp., | |||||
Gtd. Notes, 144A | 5.375 % | 03/01/30 | 125 | $116,654 | |
Gtd. Notes, 144A | 7.625 | 02/01/29 | 100 | 102,304 | |
Chesapeake Energy Corp., | |||||
Gtd. Notes, 144A | 5.500 | 02/01/26 | 50 | 48,545 | |
Gtd. Notes, 144A | 5.875 | 02/01/29 | 100 | 95,989 | |
CNX Resources Corp., Gtd. Notes, 144A | 7.250 | 03/14/27 | 75 | 74,730 | |
Comstock Resources, Inc., | |||||
Gtd. Notes, 144A | 5.875 | 01/15/30 | 125 | 114,407 | |
Gtd. Notes, 144A | 6.750 | 03/01/29 | 25 | 24,194 | |
Range Resources Corp., Gtd. Notes | 4.875 | 05/15/25 | 50 | 48,460 | |
Southwestern Energy Co., Gtd. Notes | 5.375 | 03/15/30 | 150 | 141,012 | |
Sunoco LP/Sunoco Finance Corp., Gtd. Notes | 4.500 | 04/30/30 | 150 | 130,244 | |
896,539 | |||||
Packaging & Containers 1.0% | |||||
Graphic Packaging International LLC, Gtd. Notes | 4.125 | 08/15/24 | 25 | 24,449 | |
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), Sr. Sec’d. Notes, 144A | 6.000 | 09/15/28 | 50 | 40,250 | |
LABL, Inc., | |||||
Sr. Sec’d. Notes, 144A | 5.875 | 11/01/28 | 150 | 133,313 | |
Sr. Unsec’d. Notes, 144A | 8.250 | 11/01/29 | 25 | 20,337 | |
Owens-Brockway Glass Container, Inc., Gtd. Notes, 144A | 6.625 | 05/13/27 | 19 | 18,341 | |
236,690 | |||||
Pharmaceuticals 2.0% | |||||
AdaptHealth LLC, Gtd. Notes, 144A | 4.625 | 08/01/29 | 125 | 105,138 | |
Bausch Health Cos., Inc., | |||||
Gtd. Notes, 144A | 5.000 | 01/30/28 | 200 | 86,000 | |
Gtd. Notes, 144A | 5.250 | 01/30/30 | 300 | 127,500 | |
Gtd. Notes, 144A | 7.250 | 05/30/29 | 50 | 21,250 | |
Gtd. Notes, 144A | 9.000 | 12/15/25 | 25 | 18,250 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Pharmaceuticals (cont’d.) | |||||
Embecta Corp., Sr. Sec’d. Notes, 144A | 5.000 % | 02/15/30 | 75 | $64,079 | |
P&L Development LLC/PLD Finance Corp., Sr. Sec’d. Notes, 144A | 7.750 | 11/15/25 | 50 | 40,482 | |
462,699 | |||||
Pipelines 2.4% | |||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., | |||||
Gtd. Notes, 144A | 5.375 | 06/15/29 | 125 | 115,311 | |
Gtd. Notes, 144A | 5.750 | 03/01/27 | 50 | 48,209 | |
Cheniere Energy Partners LP, Gtd. Notes | 4.000 | 03/01/31 | 150 | 131,049 | |
Cheniere Energy, Inc., Sr. Unsec’d. Notes | 4.625 | 10/15/28 | 125 | 115,194 | |
CNX Midstream Partners LP, Gtd. Notes, 144A | 4.750 | 04/15/30 | 100 | 83,675 | |
EQM Midstream Partners LP, | |||||
Sr. Unsec’d. Notes, 144A | 7.500 | 06/01/27 | 25 | 25,235 | |
Sr. Unsec’d. Notes, 144A | 7.500 | 06/01/30 | 25 | 25,233 | |
543,906 | |||||
Real Estate 2.5% | |||||
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A | 7.875 | 11/15/25 | 100 | 85,032 | |
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A | 5.750 | 12/01/25 | 200 | 194,286 | |
Howard Hughes Corp. (The), Gtd. Notes, 144A | 5.375 | 08/01/28 | 150 | 135,906 | |
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A | 5.250 | 04/15/29 | 150 | 124,442 | |
Realogy Group LLC/Realogy Co-Issuer Corp., Gtd. Notes, 144A | 5.750 | 01/15/29 | 25 | 18,978 | |
558,644 | |||||
Real Estate Investment Trusts (REITs) 3.5% | |||||
Diversified Healthcare Trust, | |||||
Gtd. Notes | 4.375 | 03/01/31 | 75 | 52,271 | |
Gtd. Notes | 9.750 | 06/15/25 | 125 | 121,708 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Real Estate Investment Trusts (REITs) (cont’d.) | |||||
MPT Operating Partnership LP/MPT Finance Corp., | |||||
Gtd. Notes | 4.625 % | 08/01/29 | 50 | $39,384 | |
Gtd. Notes | 5.000 | 10/15/27 | 100 | 85,315 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Sr. Sec’d. Notes, 144A | 7.500 | 06/01/25 | 100 | 100,673 | |
SBA Communications Corp., Sr. Unsec’d. Notes | 3.125 | 02/01/29 | 225 | 188,157 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A | 7.875 | 02/15/25 | 215 | 216,530 | |
804,038 | |||||
Retail 4.4% | |||||
1011778 BC ULC/New Red Finance, Inc. (Canada), | |||||
Sec’d. Notes, 144A | 4.000 | 10/15/30 | 75 | 62,625 | |
Sr. Sec’d. Notes, 144A | 3.875 | 01/15/28 | 125 | 111,538 | |
At Home Group, Inc., Gtd. Notes, 144A | 7.125 | 07/15/29 | 100 | 58,815 | |
BCPE Ulysses Intermediate, Inc., Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500% | 7.750 | 04/01/27 | 25 | 16,493 | |
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes | 6.250 | 10/30/25 | EUR | 100 | 90,754 |
Foundation Building Materials, Inc., Gtd. Notes, 144A | 6.000 | 03/01/29 | 150 | 112,383 | |
Gap, Inc. (The), Gtd. Notes, 144A | 3.875 | 10/01/31 | 100 | 75,489 | |
LBM Acquisition LLC, Gtd. Notes, 144A | 6.250 | 01/15/29 | 50 | 34,362 | |
Park River Holdings, Inc., Gtd. Notes, 144A | 5.625 | 02/01/29 | 100 | 68,265 | |
Patrick Industries, Inc., Gtd. Notes, 144A | 4.750 | 05/01/29 | 80 | 63,755 | |
SRS Distribution, Inc., Gtd. Notes, 144A | 6.000 | 12/01/29 | 50 | 41,193 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes | 5.875 | 03/01/27 | 100 | 95,863 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Retail (cont’d.) | |||||
Superior Plus LP/Superior General Partner, Inc. (Canada), Gtd. Notes, 144A | 4.500 % | 03/15/29 | 150 | $126,938 | |
White Cap Buyer LLC, Sr. Unsec’d. Notes, 144A | 6.875 | 10/15/28 | 50 | 43,278 | |
1,001,751 | |||||
Software 1.0% | |||||
Black Knight InfoServ LLC, Gtd. Notes, 144A | 3.625 | 09/01/28 | 75 | 67,434 | |
Boxer Parent Co., Inc., Sr. Sec’d. Notes, 144A | 7.125 | 10/02/25 | 72 | 70,272 | |
Camelot Finance SA, Sr. Sec’d. Notes, 144A | 4.500 | 11/01/26 | 75 | 70,916 | |
Dun & Bradstreet Corp. (The), Gtd. Notes, 144A | 5.000 | 12/15/29 | 15 | 12,910 | |
221,532 | |||||
Telecommunications 3.2% | |||||
Digicel Group Holdings Ltd. (Jamaica), Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% | 8.000 | 04/01/25 | 105 | 30,837 | |
Iliad Holding SASU (France), Sr. Sec’d. Notes, 144A | 6.500 | 10/15/26 | 200 | 189,000 | |
Intelsat Jackson Holdings SA (Luxembourg), Sr. Sec’d. Notes, 144A | 6.500 | 03/15/30 | 100 | 91,750 | |
Level 3 Financing, Inc., Sr. Sec’d. Notes, 144A | 3.400 | 03/01/27 | 50 | 42,698 | |
Sprint Capital Corp., Gtd. Notes | 8.750 | 03/15/32 | 50 | 59,782 | |
Sprint LLC, Gtd. Notes | 7.625 | 02/15/25 | 275 | 285,034 | |
Zayo Group Holdings, Inc., Sr. Unsec’d. Notes, 144A | 6.125 | 03/01/28 | 50 | 27,145 | |
726,246 | |||||
Total Corporate Bonds (cost $21,864,608) | 18,478,739 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and other Loans 0.9% | |||||
Housewares 0.3% | |||||
SWF Holdings I Corp., Initial Term Loan, 3 Month LIBOR + 4.000% | 7.602 %(c) | 10/06/28 | 100 | $77,693 | |
Media 0.2% | |||||
Diamond Sports Group LLC, First Lien Term Loan, 1 Month SOFR + 8.100% | 11.894(c) | 05/25/26 | 34 | 32,489 | |
Software 0.4% | |||||
Skillsoft Finance II, Inc., Initial Term Loan, 1 Month SOFR + 5.364% | 9.158(c) | 07/14/28 | 118 | 96,965 | |
Telecommunications 0.0% | |||||
MLN US Holdco LLC, | |||||
Initial Term Loan, 6 Month SOFR + 6.440% | 10.894(c) | 10/18/27 | 2 | 1,868 | |
Initial Term Loan, 6 Month SOFR + 6.700% | 11.254(c) | 10/18/27 | 4 | 3,526 | |
Initial Term Loan, 6 Month SOFR + 9.250%^ | 13.704(c) | 10/18/27 | 1 | 520 | |
5,914 | |||||
Total Floating Rate and other Loans (cost $255,829) | 213,061 | ||||
U.S. Treasury Obligations 5.4% | |||||
U.S. Treasury Notes(k) | 2.750 | 04/30/27 | 628 | 599,299 | |
U.S. Treasury Notes | 4.250 | 09/30/24 | 615 | 613,174 | |
Total U.S. Treasury Obligations (cost $1,237,261) | 1,212,473 | ||||
Total Long-Term Investments (cost $24,320,460) | 20,861,263 |
Shares | |||||
Short-Term Investments 6.2% | |||||
Affiliated Mutual Funds 2.4% | |||||
PGIM Core Short-Term Bond Fund(wf) | 36,181 | 329,608 | |||
PGIM Core Ultra Short Bond Fund(wf) | 227,980 | 227,980 | |||
Total Affiliated Mutual Funds (cost $557,587) | 557,588 |
Description | Shares | Value | |||
Unaffiliated Fund 3.8% | |||||
Dreyfus Government Cash Management (Institutional Shares) (cost $857,737) | 857,737 | $857,737 | |||
Total Short-Term Investments (cost $1,415,324) | 1,415,325 | ||||
TOTAL INVESTMENTS 98.2% (cost $25,735,784) | 22,276,588 | ||||
Other assets in excess of liabilities(z) 1.8% | 399,154 | ||||
Net Assets 100.0% | $22,675,742 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
EUR—Euro |
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. | |
CDX—Credit Derivative Index | |
CLO—Collateralized Loan Obligation | |
LIBOR—London Interbank Offered Rate | |
LP—Limited Partnership | |
PIK—Payment-in-Kind | |
Q—Quarterly payment frequency for swaps | |
REITs—Real Estate Investment Trust | |
SOFR—Secured Overnight Financing Rate |
# | 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 $520 and 0.0% of net assets. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at November 30, 2022. |
(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 $249,096. The aggregate value of $119,497 is 0.5% of net assets. |
(k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
(wf) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Short-Term Bond Fund and PGIM Core Ultra Short Bond Fund. |
(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 November 30, 2022: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions: | ||||||||
1 | 2 Year U.S. Treasury Notes | Mar. 2023 | $205,359 | $553 | ||||
6 | 5 Year U.S. Treasury Notes | Mar. 2023 | 651,422 | 3,104 |
Futures contracts outstanding at November 30, 2022 (continued): | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Long Positions (cont’d): | ||||||||
2 | 10 Year U.S. Treasury Notes | Mar. 2023 | $227,000 | $1,510 | ||||
1 | 20 Year U.S. Treasury Bonds | Mar. 2023 | 127,000 | 546 | ||||
$5,713 |
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 12/02/22 | BNP | EUR | 98 | $100,692 | $101,472 | $780 | $— |
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||
OTC Forward Foreign Currency Exchange Contracts: | |||||||||||||
Euro, | |||||||||||||
Expiring 12/02/22 | BNP | EUR | 104 | $103,132 | $107,843 | $— | $(4,711) | ||||||
Expiring 01/12/23 | BNP | EUR | 98 | 101,063 | 101,828 | — | (765) | ||||||
$204,195 | $209,671 | — | (5,476) | ||||||||||
$780 | $(5,476) |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Value at Trade Date | Value at November 30, 2022 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1): | ||||||||||||||
CDX.NA.IG.39.V1 | 12/20/32 | 1.000%(Q) | 230 | $5,358 | $1,284 | $(4,074) |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at November 30, 2022(4) | Value at Trade Date | Value at November 30, 2022 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2): | |||||||||||||||
CDX.NA.HY.39.V1 | 12/20/27 | 5.000%(Q) | 25 | 4.527% | $23 | $719 | $696 |
(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. |