|
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
|
|
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
|
|
J.P. Morgan Distribution Services, Inc., member FINRA.
|
|
© J.P. Morgan Chase & Co., 2024.
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — 85.4%
|
||
|
Aerospace & Defense — 1.2%
|
||
|
Bombardier, Inc. (Canada)
|
||
|
7.88%, 4/15/2027 (a)
|
10,670
|
10,681
|
|
8.75%, 11/15/2030 (a)
|
2,532
|
2,717
|
|
7.25%, 7/1/2031 (a)
|
3,885
|
3,966
|
|
7.00%, 6/1/2032 (a) (b)
|
3,690
|
3,704
|
|
BWX Technologies, Inc.
|
||
|
4.13%, 6/30/2028 (a)
|
5,301
|
4,885
|
|
4.13%, 4/15/2029 (a)
|
8,074
|
7,389
|
|
Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (a)
|
4,569
|
4,902
|
|
TransDigm, Inc.
|
||
|
6.38%, 3/1/2029 (a)
|
11,021
|
10,997
|
|
6.63%, 3/1/2032 (a)
|
6,500
|
6,519
|
|
Triumph Group, Inc. 9.00%, 3/15/2028 (a)
|
2,428
|
2,506
|
|
Wesco Aircraft Holdings, Inc.
|
||
|
8.50%, 11/15/2024 (a) (c)
|
3,987
|
459
|
|
9.00%, 11/15/2026 (a) (c)
|
17,835
|
2,452
|
|
13.13%, 11/15/2027 (a) (c)
|
4,215
|
84
|
|
|
|
61,261
|
|
Automobile Components — 4.5%
|
||
|
Adient Global Holdings Ltd.
|
||
|
4.88%, 8/15/2026 (a)
|
11,407
|
11,073
|
|
7.00%, 4/15/2028 (a)
|
6,551
|
6,689
|
|
8.25%, 4/15/2031 (a)
|
9,498
|
9,892
|
|
Allison Transmission, Inc.
|
||
|
5.88%, 6/1/2029 (a)
|
17,039
|
16,763
|
|
3.75%, 1/30/2031 (a)
|
660
|
572
|
|
American Axle & Manufacturing, Inc.
|
||
|
6.25%, 3/15/2026
|
1,281
|
1,267
|
|
6.50%, 4/1/2027
|
8,550
|
8,504
|
|
6.88%, 7/1/2028
|
8,211
|
8,149
|
|
5.00%, 10/1/2029
|
6,600
|
6,009
|
|
Clarios Global LP
|
||
|
6.75%, 5/15/2025 (a)
|
17,748
|
17,747
|
|
6.25%, 5/15/2026 (a)
|
12,779
|
12,768
|
|
8.50%, 5/15/2027 (a)
|
17,690
|
17,803
|
|
6.75%, 5/15/2028 (a)
|
5,436
|
5,493
|
|
Cooper-Standard Automotive, Inc.
|
||
|
13.50% (Blend (Cash 9.00% + PIK 4.50%)), 3/31/2027 (a) (d)
|
54,261
|
58,012
|
|
10.63% (PIK), 5/15/2027 (a) (d)
|
33,248
|
23,444
|
|
Dana, Inc. 5.38%, 11/15/2027
|
7,835
|
7,614
|
|
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a)
|
10,268
|
8,870
|
|
Goodyear Tire & Rubber Co. (The)
|
||
|
5.00%, 7/15/2029
|
3,021
|
2,778
|
|
5.25%, 4/30/2031
|
3,059
|
2,775
|
|
5.25%, 7/15/2031
|
4,375
|
3,956
|
|
|
|
230,178
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Automobiles — 0.2%
|
||
|
PM General Purchaser LLC 9.50%, 10/1/2028 (a)
|
9,101
|
9,244
|
|
Banks — 0.6%
|
||
|
Bank of America Corp. Series AA, (3-MONTH CME TERM SOFR + 4.16%), 6.10%, 3/17/2025 (e) (f) (g)
|
12,177
|
12,191
|
|
Barclays plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity
5 Year + 5.67%), 8.00%,
6/15/2024 (e) (f) (g) (h)
|
5,787
|
5,782
|
|
Citigroup, Inc.
|
||
|
Series P, (3-MONTH CME TERM SOFR + 4.17%), 5.95%, 5/15/2025 (e) (f) (g)
|
2,725
|
2,703
|
|
Series T, (3-MONTH CME TERM SOFR + 4.78%), 6.25%, 8/15/2026 (e) (f) (g)
|
9,565
|
9,552
|
|
|
|
30,228
|
|
Beverages — 0.2%
|
||
|
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a)
|
9,903
|
9,151
|
|
Biotechnology — 0.2%
|
||
|
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)
|
7,800
|
4,658
|
|
Grifols SA (Spain) 4.75%, 10/15/2028 (a)
|
8,095
|
7,043
|
|
|
|
11,701
|
|
Broadline Retail — 0.7%
|
||
|
Liberty Interactive LLC 8.25%, 2/1/2030
|
1,784
|
946
|
|
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a)
|
20,080
|
19,967
|
|
Shutterfly Finance LLC
|
||
|
8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (a) (d)
|
13,939
|
11,163
|
|
9.75%, 10/1/2027 (a)
|
3,589
|
3,589
|
|
|
|
35,665
|
|
Building Products — 2.1%
|
||
|
Builders FirstSource, Inc.
|
||
|
4.25%, 2/1/2032 (a)
|
8,869
|
7,745
|
|
6.38%, 6/15/2032 (a)
|
6,137
|
6,114
|
|
6.38%, 3/1/2034 (a)
|
3,950
|
3,872
|
|
EMRLD Borrower LP 6.63%, 12/15/2030 (a)
|
18,750
|
18,783
|
|
Griffon Corp. 5.75%, 3/1/2028
|
14,980
|
14,480
|
|
JELD-WEN, Inc. 4.88%, 12/15/2027 (a)
|
16,106
|
15,091
|
|
Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a)
|
3,918
|
3,892
|
|
MIWD Holdco II LLC 5.50%, 2/1/2030 (a)
|
5,642
|
5,143
|
|
Standard Industries, Inc.
|
||
|
5.00%, 2/15/2027 (a)
|
5,445
|
5,280
|
|
4.75%, 1/15/2028 (a)
|
19,600
|
18,672
|
|
3.38%, 1/15/2031 (a)
|
3,003
|
2,506
|
|
Summit Materials LLC
|
||
|
5.25%, 1/15/2029 (a)
|
1,738
|
1,674
|
|
7.25%, 1/15/2031 (a)
|
2,228
|
2,297
|
|
|
|
105,549
|
|
Capital Markets — 0.0% ^
|
||
|
Coinbase Global, Inc. 3.38%, 10/1/2028 (a)
|
1,507
|
1,288
|
|
Chemicals — 2.7%
|
||
|
Avient Corp. 7.13%, 8/1/2030 (a)
|
3,279
|
3,334
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Chemicals — continued
|
||
|
Axalta Coating Systems Dutch Holding B BV 7.25%, 2/15/2031 (a)
|
2,006
|
2,074
|
|
Axalta Coating Systems LLC
|
||
|
4.75%, 6/15/2027 (a)
|
7,688
|
7,420
|
|
3.38%, 2/15/2029 (a)
|
7,652
|
6,823
|
|
Chemours Co. (The)
|
||
|
5.75%, 11/15/2028 (a)
|
12,712
|
11,634
|
|
4.63%, 11/15/2029 (a)
|
7,755
|
6,613
|
|
CVR Partners LP 6.13%, 6/15/2028 (a)
|
2,139
|
2,045
|
|
Element Solutions, Inc. 3.88%, 9/1/2028 (a)
|
7,018
|
6,386
|
|
INEOS Finance plc (Luxembourg)
|
||
|
6.75%, 5/15/2028 (a)
|
1,683
|
1,668
|
|
7.50%, 4/15/2029 (a)
|
8,463
|
8,545
|
|
INEOS Quattro Finance 2 plc (United Kingdom) 9.63%, 3/15/2029 (a)
|
4,502
|
4,746
|
|
NOVA Chemicals Corp. (Canada)
|
||
|
5.00%, 5/1/2025 (a)
|
1,682
|
1,660
|
|
5.25%, 6/1/2027 (a)
|
18,151
|
17,388
|
|
8.50%, 11/15/2028 (a)
|
3,496
|
3,708
|
|
4.25%, 5/15/2029 (a)
|
5,497
|
4,823
|
|
9.00%, 2/15/2030 (a)
|
3,880
|
4,104
|
|
Scotts Miracle-Gro Co. (The)
|
||
|
5.25%, 12/15/2026
|
3,376
|
3,283
|
|
4.50%, 10/15/2029
|
11,307
|
10,173
|
|
4.00%, 4/1/2031
|
10,236
|
8,749
|
|
4.38%, 2/1/2032
|
5,788
|
4,935
|
|
Trinseo Materials Operating SCA
|
||
|
5.38%, 9/1/2025 (a)
|
3,161
|
2,580
|
|
5.13%, 4/1/2029 (a)
|
7,239
|
3,059
|
|
WR Grace Holdings LLC
|
||
|
4.88%, 6/15/2027 (a)
|
9,359
|
8,988
|
|
5.63%, 8/15/2029 (a)
|
4,678
|
4,304
|
|
|
|
139,042
|
|
Commercial Services & Supplies — 3.2%
|
||
|
ACCO Brands Corp. 4.25%, 3/15/2029 (a)
|
13,045
|
11,572
|
|
ADT Security Corp. (The)
|
||
|
4.13%, 8/1/2029 (a)
|
7,854
|
7,134
|
|
4.88%, 7/15/2032 (a)
|
10,447
|
9,428
|
|
Allied Universal Holdco LLC
|
||
|
6.63%, 7/15/2026 (a)
|
69
|
69
|
|
4.63%, 6/1/2028 (a)
|
9,060
|
8,165
|
|
APi Group DE, Inc.
|
||
|
4.13%, 7/15/2029 (a)
|
4,934
|
4,420
|
|
4.75%, 10/15/2029 (a)
|
3,913
|
3,589
|
|
Aramark Services, Inc. 5.00%, 2/1/2028 (a)
|
10,120
|
9,676
|
|
Brink's Co. (The) 4.63%, 10/15/2027 (a)
|
13,378
|
12,772
|
|
CoreCivic, Inc. 8.25%, 4/15/2029
|
7,435
|
7,764
|
|
Garda World Security Corp. (Canada)
|
||
|
4.63%, 2/15/2027 (a)
|
7,825
|
7,436
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Commercial Services & Supplies — continued
|
||
|
9.50%, 11/1/2027 (a)
|
670
|
671
|
|
6.00%, 6/1/2029 (a)
|
7,555
|
6,785
|
|
GEO Group, Inc. (The) 8.63%, 4/15/2029 (a)
|
4,552
|
4,685
|
|
GFL Environmental, Inc.
|
||
|
4.00%, 8/1/2028 (a)
|
6,647
|
6,078
|
|
4.75%, 6/15/2029 (a)
|
11,860
|
11,039
|
|
4.38%, 8/15/2029 (a)
|
3,940
|
3,596
|
|
6.75%, 1/15/2031 (a)
|
2,866
|
2,923
|
|
Interface, Inc. 5.50%, 12/1/2028 (a)
|
7,000
|
6,605
|
|
Madison IAQ LLC
|
||
|
4.13%, 6/30/2028 (a)
|
3,281
|
3,040
|
|
5.88%, 6/30/2029 (a)
|
12,176
|
11,286
|
|
Prime Security Services Borrower LLC
|
||
|
5.75%, 4/15/2026 (a)
|
6,368
|
6,323
|
|
3.38%, 8/31/2027 (a)
|
5,339
|
4,899
|
|
Stericycle, Inc. 3.88%, 1/15/2029 (a)
|
5,766
|
5,235
|
|
Williams Scotsman, Inc. 7.38%, 10/1/2031 (a)
|
5,655
|
5,807
|
|
|
|
160,997
|
|
Communications Equipment — 0.8%
|
||
|
CommScope Technologies LLC
|
||
|
6.00%, 6/15/2025 (a)
|
7,033
|
5,781
|
|
5.00%, 3/15/2027 (a)
|
9,944
|
4,077
|
|
CommScope, Inc.
|
||
|
6.00%, 3/1/2026 (a)
|
13,986
|
12,483
|
|
8.25%, 3/1/2027 (a)
|
13,340
|
6,215
|
|
4.75%, 9/1/2029 (a)
|
18,624
|
13,409
|
|
|
|
41,965
|
|
Construction & Engineering — 0.8%
|
||
|
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)
|
9,056
|
8,414
|
|
Global Infrastructure Solutions, Inc.
|
||
|
5.63%, 6/1/2029 (a)
|
6,383
|
5,915
|
|
7.50%, 4/15/2032 (a)
|
4,780
|
4,673
|
|
MasTec, Inc. 4.50%, 8/15/2028 (a)
|
13,701
|
12,931
|
|
Pike Corp.
|
||
|
5.50%, 9/1/2028 (a)
|
7,639
|
7,270
|
|
8.63%, 1/31/2031 (a)
|
1,892
|
1,993
|
|
|
|
41,196
|
|
Construction Materials — 0.0% ^
|
||
|
Knife River Corp. 7.75%, 5/1/2031 (a)
|
2,410
|
2,508
|
|
Consumer Finance — 3.3%
|
||
|
Ford Motor Credit Co. LLC
|
||
|
5.13%, 6/16/2025
|
24,220
|
24,038
|
|
3.38%, 11/13/2025
|
8,400
|
8,110
|
|
4.39%, 1/8/2026
|
14,087
|
13,761
|
|
6.95%, 3/6/2026
|
3,018
|
3,067
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Consumer Finance — continued
|
||
|
(SOFR + 2.95%), 8.35%, 3/6/2026 (g)
|
2,800
|
2,891
|
|
6.95%, 6/10/2026
|
4,083
|
4,156
|
|
4.54%, 8/1/2026
|
17,253
|
16,779
|
|
4.27%, 1/9/2027
|
14,683
|
14,109
|
|
4.13%, 8/17/2027
|
14,375
|
13,632
|
|
3.82%, 11/2/2027
|
13,852
|
12,946
|
|
6.80%, 5/12/2028
|
2,000
|
2,057
|
|
2.90%, 2/10/2029
|
7,765
|
6,800
|
|
7.20%, 6/10/2030
|
2,281
|
2,388
|
|
4.00%, 11/13/2030
|
8,339
|
7,392
|
|
7.12%, 11/7/2033
|
2,073
|
2,186
|
|
ILFC E-Capital Trust II (3-MONTH CME TERM SOFR + 2.06%), 7.39%, 12/21/2065 (a) (g)
|
16,298
|
13,264
|
|
OneMain Finance Corp.
|
||
|
6.88%, 3/15/2025
|
1,223
|
1,232
|
|
7.13%, 3/15/2026
|
10,754
|
10,912
|
|
3.50%, 1/15/2027
|
5,704
|
5,275
|
|
6.63%, 1/15/2028
|
775
|
770
|
|
4.00%, 9/15/2030
|
1,532
|
1,302
|
|
|
|
167,067
|
|
Consumer Staples Distribution & Retail — 1.4%
|
||
|
Albertsons Cos., Inc.
|
||
|
3.25%, 3/15/2026 (a)
|
585
|
557
|
|
4.63%, 1/15/2027 (a)
|
2,955
|
2,848
|
|
5.88%, 2/15/2028 (a)
|
525
|
516
|
|
3.50%, 3/15/2029 (a)
|
13,075
|
11,662
|
|
4.88%, 2/15/2030 (a)
|
4,870
|
4,555
|
|
New Albertsons LP
|
||
|
7.75%, 6/15/2026
|
2,278
|
2,320
|
|
6.63%, 6/1/2028
|
1,704
|
1,670
|
|
7.45%, 8/1/2029
|
3,130
|
3,283
|
|
Performance Food Group, Inc.
|
||
|
5.50%, 10/15/2027 (a)
|
9,333
|
9,096
|
|
4.25%, 8/1/2029 (a)
|
10,573
|
9,608
|
|
Rite Aid Corp.
|
||
|
7.50%, 7/1/2025 (a) (c)
|
10,299
|
5,047
|
|
8.00%, 11/15/2026 (a) (c)
|
22,540
|
11,270
|
|
US Foods, Inc.
|
||
|
6.88%, 9/15/2028 (a)
|
2,333
|
2,374
|
|
4.75%, 2/15/2029 (a)
|
1,175
|
1,103
|
|
4.63%, 6/1/2030 (a)
|
4,670
|
4,288
|
|
|
|
70,197
|
|
Containers & Packaging — 2.2%
|
||
|
Ardagh Metal Packaging Finance USA LLC 6.00%, 6/15/2027 (a)
|
311
|
304
|
|
Ardagh Packaging Finance plc
|
||
|
4.13%, 8/15/2026 (a)
|
10,415
|
8,855
|
|
5.25%, 8/15/2027 (a)
|
31,065
|
18,251
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Containers & Packaging — continued
|
||
|
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a)
|
3,888
|
3,665
|
|
LABL, Inc.
|
||
|
6.75%, 7/15/2026 (a)
|
14,955
|
14,778
|
|
10.50%, 7/15/2027 (a)
|
622
|
605
|
|
Mauser Packaging Solutions Holding Co.
|
||
|
7.88%, 4/15/2027 (a)
|
29,723
|
30,284
|
|
9.25%, 4/15/2027 (a)
|
11,259
|
11,213
|
|
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)
|
3,650
|
3,624
|
|
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a)
|
7,207
|
6,726
|
|
TriMas Corp. 4.13%, 4/15/2029 (a)
|
5,856
|
5,300
|
|
Trivium Packaging Finance BV (Netherlands)
|
||
|
5.50%, 8/15/2026 (a) (i)
|
3,316
|
3,269
|
|
8.50%, 8/15/2027 (a) (i)
|
4,212
|
4,203
|
|
|
|
111,077
|
|
Distributors — 0.2%
|
||
|
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a)
|
2,625
|
2,445
|
|
Gates Corp. (The) 6.88%, 7/1/2029 (a) (b)
|
1,996
|
2,015
|
|
Ritchie Bros Holdings, Inc. (Canada)
|
||
|
6.75%, 3/15/2028 (a)
|
2,708
|
2,735
|
|
7.75%, 3/15/2031 (a)
|
1,624
|
1,695
|
|
|
|
8,890
|
|
Diversified Consumer Services — 0.1%
|
||
|
Service Corp. International 3.38%, 8/15/2030
|
2,580
|
2,212
|
|
Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a)
|
4,909
|
5,030
|
|
|
|
7,242
|
|
Diversified REITs — 1.1%
|
||
|
VICI Properties LP
|
||
|
4.25%, 12/1/2026 (a)
|
16,880
|
16,225
|
|
5.75%, 2/1/2027 (a)
|
25,144
|
25,098
|
|
3.75%, 2/15/2027 (a)
|
7,841
|
7,424
|
|
3.88%, 2/15/2029 (a)
|
5,328
|
4,891
|
|
4.63%, 12/1/2029 (a)
|
4,491
|
4,203
|
|
|
|
57,841
|
|
Diversified Telecommunication Services — 6.7%
|
||
|
Altice France SA (France)
|
||
|
5.50%, 1/15/2028 (a)
|
230
|
161
|
|
5.13%, 7/15/2029 (a)
|
11,787
|
7,905
|
|
5.50%, 10/15/2029 (a)
|
5,524
|
3,706
|
|
CCO Holdings LLC
|
||
|
5.13%, 5/1/2027 (a)
|
20,780
|
19,861
|
|
5.00%, 2/1/2028 (a)
|
42,396
|
39,145
|
|
5.38%, 6/1/2029 (a)
|
18,813
|
16,852
|
|
4.75%, 3/1/2030 (a)
|
53,980
|
45,983
|
|
4.50%, 8/15/2030 (a)
|
37,569
|
31,216
|
|
4.25%, 2/1/2031 (a)
|
29,143
|
23,490
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Diversified Telecommunication Services — continued
|
||
|
4.75%, 2/1/2032 (a)
|
1,781
|
1,434
|
|
4.50%, 5/1/2032
|
4,415
|
3,502
|
|
Embarq Corp. 8.00%, 6/1/2036
|
11,178
|
3,512
|
|
Frontier Communications Holdings LLC
|
||
|
5.88%, 10/15/2027 (a)
|
727
|
708
|
|
5.00%, 5/1/2028 (a)
|
19,118
|
17,856
|
|
6.75%, 5/1/2029 (a)
|
2,056
|
1,877
|
|
5.88%, 11/1/2029
|
1,630
|
1,406
|
|
6.00%, 1/15/2030 (a)
|
1,631
|
1,414
|
|
8.75%, 5/15/2030 (a)
|
6,304
|
6,524
|
|
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a)
|
54,889
|
51,630
|
|
Level 3 Financing, Inc.
|
||
|
4.88%, 6/15/2029 (a)
|
6,634
|
3,973
|
|
11.00%, 11/15/2029 (a)
|
3,393
|
3,479
|
|
4.50%, 4/1/2030 (a)
|
9,435
|
5,354
|
|
3.88%, 10/15/2030 (a)
|
4,796
|
2,635
|
|
Lumen Technologies, Inc.
|
||
|
5.13%, 12/15/2026 (a)
|
673
|
424
|
|
4.00%, 2/15/2027 (a)
|
430
|
221
|
|
Series G, 6.88%, 1/15/2028
|
3,893
|
1,617
|
|
4.50%, 1/15/2029 (a)
|
3,305
|
983
|
|
4.13%, 4/15/2029 (a)
|
13,280
|
8,540
|
|
5.38%, 6/15/2029 (a)
|
6,750
|
2,100
|
|
4.13%, 4/15/2030 (a)
|
30,616
|
19,579
|
|
Telecom Italia Capital SA (Italy)
|
||
|
6.38%, 11/15/2033
|
340
|
301
|
|
6.38%, 11/15/2033 (a)
|
2,024
|
1,956
|
|
6.00%, 9/30/2034
|
96
|
81
|
|
6.00%, 9/30/2034 (a)
|
1,484
|
1,423
|
|
Virgin Media Secured Finance plc (United Kingdom) 4.50%, 8/15/2030 (a)
|
10,642
|
8,921
|
|
|
|
339,769
|
|
Electric Utilities — 0.9%
|
||
|
NRG Energy, Inc.
|
||
|
5.75%, 1/15/2028
|
4,884
|
4,791
|
|
3.38%, 2/15/2029 (a)
|
5,229
|
4,629
|
|
5.25%, 6/15/2029 (a)
|
5,235
|
4,993
|
|
3.88%, 2/15/2032 (a)
|
393
|
336
|
|
7.00%, 3/15/2033 (a)
|
3,490
|
3,688
|
|
PG&E Corp. 5.00%, 7/1/2028
|
7,320
|
7,017
|
|
Vistra Operations Co. LLC
|
||
|
4.38%, 5/1/2029 (a)
|
2,354
|
2,179
|
|
7.75%, 10/15/2031 (a)
|
11,314
|
11,756
|
|
6.88%, 4/15/2032 (a)
|
4,406
|
4,435
|
|
|
|
43,824
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Electrical Equipment — 0.6%
|
||
|
Regal Rexnord Corp.
|
||
|
6.05%, 2/15/2026
|
3,650
|
3,660
|
|
6.05%, 4/15/2028
|
7,435
|
7,548
|
|
6.30%, 2/15/2030
|
3,154
|
3,229
|
|
Sensata Technologies BV 4.00%, 4/15/2029 (a)
|
16,484
|
14,974
|
|
|
|
29,411
|
|
Electronic Equipment, Instruments & Components — 0.4%
|
||
|
Coherent Corp. 5.00%, 12/15/2029 (a)
|
20,897
|
19,486
|
|
Insight Enterprises, Inc. 6.63%, 5/15/2032 (a)
|
2,052
|
2,066
|
|
|
|
21,552
|
|
Energy Equipment & Services — 1.0%
|
||
|
Archrock Partners LP
|
||
|
6.88%, 4/1/2027 (a)
|
5,032
|
5,052
|
|
6.25%, 4/1/2028 (a)
|
2,965
|
2,931
|
|
Diamond Foreign Asset Co. 8.50%, 10/1/2030 (a)
|
7,063
|
7,415
|
|
Kodiak Gas Services LLC 7.25%, 2/15/2029 (a)
|
4,486
|
4,554
|
|
Nabors Industries Ltd. 7.25%, 1/15/2026 (a)
|
3,050
|
3,058
|
|
Precision Drilling Corp. (Canada)
|
||
|
7.13%, 1/15/2026 (a)
|
7,338
|
7,335
|
|
6.88%, 1/15/2029 (a)
|
1,035
|
1,026
|
|
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a)
|
7,947
|
7,926
|
|
Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a)
|
1,525
|
1,582
|
|
Transocean, Inc.
|
||
|
8.25%, 5/15/2029 (a)
|
4,540
|
4,539
|
|
8.75%, 2/15/2030 (a)
|
2,227
|
2,324
|
|
Valaris Ltd. 8.38%, 4/30/2030 (a)
|
3,139
|
3,244
|
|
|
|
50,986
|
|
Entertainment — 1.3%
|
||
|
Cinemark USA, Inc. 5.25%, 7/15/2028 (a)
|
3,755
|
3,506
|
|
Live Nation Entertainment, Inc.
|
||
|
4.88%, 11/1/2024 (a)
|
7,894
|
7,839
|
|
5.63%, 3/15/2026 (a)
|
9,191
|
9,059
|
|
6.50%, 5/15/2027 (a)
|
23,272
|
23,393
|
|
4.75%, 10/15/2027 (a)
|
17,208
|
16,303
|
|
3.75%, 1/15/2028 (a)
|
1,071
|
984
|
|
WMG Acquisition Corp. 3.75%, 12/1/2029 (a)
|
5,640
|
4,997
|
|
|
|
66,081
|
|
Financial Services — 1.0%
|
||
|
Block, Inc.
|
||
|
2.75%, 6/1/2026
|
3,180
|
2,995
|
|
3.50%, 6/1/2031
|
3,387
|
2,901
|
|
6.50%, 5/15/2032 (a)
|
10,330
|
10,426
|
|
Nationstar Mortgage Holdings, Inc.
|
||
|
5.50%, 8/15/2028 (a)
|
3,333
|
3,181
|
|
5.13%, 12/15/2030 (a)
|
6,022
|
5,465
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Financial Services — continued
|
||
|
5.75%, 11/15/2031 (a)
|
6,960
|
6,435
|
|
7.13%, 2/1/2032 (a)
|
3,872
|
3,853
|
|
NCR Atleos Corp. 9.50%, 4/1/2029 (a)
|
8,690
|
9,375
|
|
Rocket Mortgage LLC
|
||
|
2.88%, 10/15/2026 (a)
|
4,164
|
3,874
|
|
3.63%, 3/1/2029 (a)
|
5,241
|
4,687
|
|
4.00%, 10/15/2033 (a)
|
740
|
614
|
|
|
|
53,806
|
|
Food Products — 0.7%
|
||
|
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (a)
|
8,775
|
7,892
|
|
Post Holdings, Inc.
|
||
|
5.63%, 1/15/2028 (a)
|
600
|
587
|
|
5.50%, 12/15/2029 (a)
|
13,362
|
12,727
|
|
4.63%, 4/15/2030 (a)
|
11,016
|
10,003
|
|
6.25%, 2/15/2032 (a)
|
2,685
|
2,669
|
|
|
|
33,878
|
|
Gas Utilities — 0.3%
|
||
|
AmeriGas Partners LP
|
||
|
5.88%, 8/20/2026
|
4,212
|
4,073
|
|
5.75%, 5/20/2027
|
2,773
|
2,644
|
|
9.38%, 6/1/2028 (a)
|
3,599
|
3,689
|
|
Superior Plus LP (Canada) 4.50%, 3/15/2029 (a)
|
3,982
|
3,622
|
|
|
|
14,028
|
|
Ground Transportation — 1.4%
|
||
|
Avis Budget Car Rental LLC
|
||
|
5.75%, 7/15/2027 (a)
|
7,187
|
6,887
|
|
4.75%, 4/1/2028 (a)
|
7,200
|
6,545
|
|
5.38%, 3/1/2029 (a)
|
9,802
|
8,944
|
|
8.00%, 2/15/2031 (a)
|
5,290
|
5,219
|
|
Hertz Corp. (The)
|
||
|
4.63%, 12/1/2026 (a)
|
8,802
|
6,834
|
|
5.00%, 12/1/2029 (a)
|
16,761
|
11,069
|
|
Hertz Corp. (The), Escrow
|
||
|
5.50%, 10/15/2024 (c)
|
6,563
|
213
|
|
7.13%, 8/1/2026 (c)
|
22,954
|
2,066
|
|
6.00%, 1/15/2028 (c)
|
20,858
|
1,877
|
|
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a)
|
2,326
|
2,133
|
|
Uber Technologies, Inc.
|
||
|
7.50%, 9/15/2027 (a)
|
6,033
|
6,145
|
|
4.50%, 8/15/2029 (a)
|
4,675
|
4,407
|
|
XPO, Inc.
|
||
|
6.25%, 6/1/2028 (a)
|
4,940
|
4,925
|
|
7.13%, 2/1/2032 (a)
|
3,368
|
3,430
|
|
|
|
70,694
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Health Care Equipment & Supplies — 1.1%
|
||
|
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)
|
13,251
|
12,469
|
|
Hologic, Inc. 3.25%, 2/15/2029 (a)
|
3,937
|
3,515
|
|
Medline Borrower LP
|
||
|
3.88%, 4/1/2029 (a)
|
20,011
|
18,214
|
|
6.25%, 4/1/2029 (a)
|
6,220
|
6,221
|
|
5.25%, 10/1/2029 (a)
|
8,904
|
8,394
|
|
Sotera Health Holdings LLC 7.38%, 6/1/2031 (a)
|
5,064
|
5,020
|
|
|
|
53,833
|
|
Health Care Providers & Services — 4.2%
|
||
|
180 Medical, Inc. (United Kingdom) 3.88%, 10/15/2029 (a)
|
1,918
|
1,725
|
|
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)
|
11,080
|
10,774
|
|
AHP Health Partners, Inc. 5.75%, 7/15/2029 (a)
|
6,684
|
6,164
|
|
Community Health Systems, Inc.
|
||
|
8.00%, 3/15/2026 (a)
|
23,775
|
23,818
|
|
5.63%, 3/15/2027 (a)
|
4,105
|
3,888
|
|
6.00%, 1/15/2029 (a)
|
4,650
|
4,164
|
|
6.13%, 4/1/2030 (a)
|
3,727
|
2,658
|
|
5.25%, 5/15/2030 (a)
|
13,312
|
11,050
|
|
4.75%, 2/15/2031 (a)
|
8,065
|
6,368
|
|
10.88%, 1/15/2032 (a) (b)
|
6,295
|
6,504
|
|
DaVita, Inc.
|
||
|
4.63%, 6/1/2030 (a)
|
10,420
|
9,335
|
|
3.75%, 2/15/2031 (a)
|
20,911
|
17,549
|
|
Encompass Health Corp.
|
||
|
4.50%, 2/1/2028
|
20,406
|
19,277
|
|
4.75%, 2/1/2030
|
2,225
|
2,059
|
|
4.63%, 4/1/2031
|
3,642
|
3,292
|
|
Global Medical Response, Inc. 10.00% (Cash), 10/31/2028 (a) (d)
|
11,591
|
11,272
|
|
Owens & Minor, Inc.
|
||
|
4.50%, 3/31/2029 (a)
|
9,604
|
8,476
|
|
6.63%, 4/1/2030 (a)
|
4,878
|
4,638
|
|
Radiology Partners, Inc.
|
||
|
7.78% (Blend (Cash 4.28% + PIK 3.50%)), 1/31/2029 (a) (d)
|
3,663
|
3,339
|
|
9.78% (PIK), 2/15/2030 (a) (d)
|
6,320
|
4,780
|
|
Surgery Center Holdings, Inc. 7.25%, 4/15/2032 (a)
|
5,565
|
5,607
|
|
Tenet Healthcare Corp.
|
||
|
6.25%, 2/1/2027
|
7,486
|
7,480
|
|
5.13%, 11/1/2027
|
25,966
|
25,301
|
|
4.25%, 6/1/2029
|
1,374
|
1,271
|
|
6.13%, 6/15/2030
|
6,855
|
6,794
|
|
6.75%, 5/15/2031 (a)
|
8,421
|
8,498
|
|
|
|
216,081
|
|
Health Care Technology — 0.2%
|
||
|
IQVIA, Inc.
|
||
|
5.00%, 10/15/2026 (a)
|
3,944
|
3,856
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Health Care Technology — continued
|
||
|
5.00%, 5/15/2027 (a)
|
4,361
|
4,236
|
|
6.50%, 5/15/2030 (a)
|
1,596
|
1,612
|
|
|
|
9,704
|
|
Hotel & Resort REITs — 0.8%
|
||
|
RHP Hotel Properties LP
|
||
|
4.75%, 10/15/2027
|
17,635
|
16,911
|
|
7.25%, 7/15/2028 (a)
|
2,119
|
2,165
|
|
4.50%, 2/15/2029 (a)
|
16,459
|
15,287
|
|
6.50%, 4/1/2032 (a)
|
6,085
|
6,048
|
|
|
|
40,411
|
|
Hotels, Restaurants & Leisure — 3.8%
|
||
|
1011778 BC ULC (Canada) 4.00%, 10/15/2030 (a)
|
12,096
|
10,525
|
|
Acushnet Co. 7.38%, 10/15/2028 (a)
|
1,928
|
1,983
|
|
Boyne USA, Inc. 4.75%, 5/15/2029 (a)
|
7,397
|
6,832
|
|
Caesars Entertainment, Inc.
|
||
|
8.13%, 7/1/2027 (a)
|
5,093
|
5,192
|
|
4.63%, 10/15/2029 (a)
|
4,217
|
3,810
|
|
7.00%, 2/15/2030 (a)
|
775
|
783
|
|
6.50%, 2/15/2032 (a)
|
5,838
|
5,773
|
|
Carnival Corp.
|
||
|
5.75%, 3/1/2027 (a)
|
10,224
|
10,036
|
|
4.00%, 8/1/2028 (a)
|
7,195
|
6,609
|
|
6.00%, 5/1/2029 (a)
|
2,899
|
2,833
|
|
7.00%, 8/15/2029 (a)
|
2,865
|
2,948
|
|
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a)
|
7,638
|
8,269
|
|
Cedar Fair LP
|
||
|
5.38%, 4/15/2027
|
2,245
|
2,205
|
|
5.25%, 7/15/2029
|
8,310
|
7,828
|
|
Hilton Domestic Operating Co., Inc.
|
||
|
5.75%, 5/1/2028 (a)
|
1,937
|
1,919
|
|
5.88%, 4/1/2029 (a)
|
2,562
|
2,540
|
|
3.75%, 5/1/2029 (a)
|
1,387
|
1,257
|
|
4.88%, 1/15/2030
|
5,395
|
5,101
|
|
6.13%, 4/1/2032 (a)
|
2,562
|
2,533
|
|
Hilton Worldwide Finance LLC 4.88%, 4/1/2027
|
4,787
|
4,661
|
|
Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a)
|
4,401
|
3,990
|
|
MGM Resorts International
|
||
|
5.75%, 6/15/2025
|
1,261
|
1,258
|
|
4.63%, 9/1/2026
|
14,278
|
13,851
|
|
5.50%, 4/15/2027
|
3,235
|
3,182
|
|
6.50%, 4/15/2032
|
7,223
|
7,063
|
|
Royal Caribbean Cruises Ltd.
|
||
|
8.25%, 1/15/2029 (a)
|
5,542
|
5,833
|
|
9.25%, 1/15/2029 (a)
|
7,442
|
7,927
|
|
7.25%, 1/15/2030 (a)
|
4,366
|
4,510
|
|
6.25%, 3/15/2032 (a)
|
5,032
|
5,009
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Hotels, Restaurants & Leisure — continued
|
||
|
Six Flags Entertainment Corp.
|
||
|
5.50%, 4/15/2027 (a)
|
552
|
541
|
|
7.25%, 5/15/2031 (a)
|
5,100
|
5,103
|
|
6.63%, 5/1/2032 (a)
|
5,104
|
5,108
|
|
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)
|
662
|
663
|
|
Station Casinos LLC 4.50%, 2/15/2028 (a)
|
17,122
|
15,944
|
|
Vail Resorts, Inc. 6.50%, 5/15/2032 (a)
|
3,941
|
3,967
|
|
Wynn Resorts Finance LLC
|
||
|
5.13%, 10/1/2029 (a)
|
10,990
|
10,335
|
|
7.13%, 2/15/2031 (a)
|
2,576
|
2,645
|
|
Yum! Brands, Inc. 4.63%, 1/31/2032
|
2,063
|
1,879
|
|
|
|
192,445
|
|
Household Durables — 1.0%
|
||
|
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)
|
13,604
|
13,496
|
|
Newell Brands, Inc.
|
||
|
5.70%, 4/1/2026 (i)
|
13,647
|
13,475
|
|
6.38%, 9/15/2027
|
5,876
|
5,769
|
|
6.63%, 9/15/2029
|
1,406
|
1,375
|
|
6.87%, 4/1/2036 (i)
|
1,985
|
1,763
|
|
Tempur Sealy International, Inc.
|
||
|
4.00%, 4/15/2029 (a)
|
10,947
|
9,816
|
|
3.88%, 10/15/2031 (a)
|
5,616
|
4,718
|
|
|
|
50,412
|
|
Household Products — 1.0%
|
||
|
Central Garden & Pet Co.
|
||
|
4.13%, 10/15/2030
|
11,446
|
10,136
|
|
4.13%, 4/30/2031 (a)
|
775
|
678
|
|
Energizer Holdings, Inc.
|
||
|
6.50%, 12/31/2027 (a)
|
3,390
|
3,362
|
|
4.75%, 6/15/2028 (a)
|
17,931
|
16,542
|
|
4.38%, 3/31/2029 (a)
|
14,935
|
13,276
|
|
Spectrum Brands, Inc.
|
||
|
5.00%, 10/1/2029 (a)
|
4,874
|
4,871
|
|
3.88%, 3/15/2031 (a)
|
2,802
|
2,579
|
|
|
|
51,444
|
|
Independent Power and Renewable Electricity Producers — 0.2%
|
||
|
Calpine Corp.
|
||
|
5.25%, 6/1/2026 (a)
|
2,800
|
2,766
|
|
4.63%, 2/1/2029 (a)
|
2,354
|
2,188
|
|
5.00%, 2/1/2031 (a)
|
815
|
753
|
|
Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%),
7.00%, 12/15/2026 (a) (e) (f) (g)
|
6,765
|
6,715
|
|
|
|
12,422
|
|
IT Services — 0.6%
|
||
|
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)
|
7,045
|
6,534
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
IT Services — continued
|
||
|
Arches Buyer, Inc.
|
||
|
4.25%, 6/1/2028 (a)
|
5,168
|
4,511
|
|
6.13%, 12/1/2028 (a)
|
1,874
|
1,510
|
|
Conduent Business Services LLC 6.00%, 11/1/2029 (a)
|
9,830
|
9,138
|
|
Gartner, Inc. 3.63%, 6/15/2029 (a)
|
4,925
|
4,450
|
|
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)
|
4,790
|
4,785
|
|
|
|
30,928
|
|
Leisure Products — 0.4%
|
||
|
Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a)
|
8,053
|
8,024
|
|
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a)
|
12,339
|
12,124
|
|
|
|
20,148
|
|
Machinery — 0.7%
|
||
|
ATS Corp. (Canada) 4.13%, 12/15/2028 (a)
|
3,017
|
2,713
|
|
Chart Industries, Inc.
|
||
|
7.50%, 1/1/2030 (a)
|
6,938
|
7,146
|
|
9.50%, 1/1/2031 (a)
|
1,020
|
1,101
|
|
Esab Corp. 6.25%, 4/15/2029 (a)
|
4,501
|
4,511
|
|
Hillenbrand, Inc.
|
||
|
5.00%, 9/15/2026 (i)
|
1,165
|
1,137
|
|
6.25%, 2/15/2029
|
1,590
|
1,581
|
|
Terex Corp. 5.00%, 5/15/2029 (a)
|
7,660
|
7,204
|
|
Trinity Industries, Inc. 7.75%, 7/15/2028 (a)
|
5,355
|
5,518
|
|
Wabash National Corp. 4.50%, 10/15/2028 (a)
|
5,435
|
4,905
|
|
|
|
35,816
|
|
Media — 9.2%
|
||
|
Altice Financing SA (Luxembourg) 5.75%, 8/15/2029 (a)
|
7,483
|
5,555
|
|
Audacy Capital Corp.
|
||
|
6.50%, 5/1/2027 (a) (c)
|
32,380
|
1,214
|
|
6.75%, 3/31/2029 (a) (c)
|
10,000
|
375
|
|
Clear Channel Outdoor Holdings, Inc.
|
||
|
5.13%, 8/15/2027 (a)
|
18,114
|
17,112
|
|
7.75%, 4/15/2028 (a)
|
8,845
|
7,629
|
|
9.00%, 9/15/2028 (a)
|
2,069
|
2,153
|
|
7.50%, 6/1/2029 (a)
|
13,562
|
11,134
|
|
CSC Holdings LLC
|
||
|
5.38%, 2/1/2028 (a)
|
8,683
|
6,098
|
|
11.25%, 5/15/2028 (a)
|
3,256
|
2,627
|
|
6.50%, 2/1/2029 (a)
|
21,684
|
14,672
|
|
5.75%, 1/15/2030 (a)
|
15,248
|
6,589
|
|
3.38%, 2/15/2031 (a)
|
210
|
123
|
|
4.50%, 11/15/2031 (a)
|
8,300
|
5,077
|
|
Directv Financing LLC 5.88%, 8/15/2027 (a)
|
7,799
|
7,323
|
|
DISH DBS Corp.
|
||
|
5.88%, 11/15/2024
|
71,073
|
67,678
|
|
7.75%, 7/1/2026
|
26,748
|
17,009
|
|
5.25%, 12/1/2026 (a)
|
29,430
|
23,436
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Media — continued
|
||
|
5.75%, 12/1/2028 (a)
|
4,637
|
3,231
|
|
DISH Network Corp. 11.75%, 11/15/2027 (a)
|
25,398
|
25,482
|
|
Gannett Holdings LLC 6.00%, 11/1/2026 (a)
|
3,128
|
2,952
|
|
GCI LLC 4.75%, 10/15/2028 (a)
|
18,567
|
16,857
|
|
Gray Television, Inc.
|
||
|
7.00%, 5/15/2027 (a)
|
16,628
|
14,675
|
|
10.50%, 7/15/2029 (a)
|
13,024
|
12,938
|
|
4.75%, 10/15/2030 (a)
|
1,286
|
732
|
|
5.38%, 11/15/2031 (a)
|
4,322
|
2,400
|
|
iHeartCommunications, Inc.
|
||
|
6.38%, 5/1/2026
|
24,446
|
18,708
|
|
8.38%, 5/1/2027
|
25,577
|
9,240
|
|
5.25%, 8/15/2027 (a)
|
9,745
|
5,383
|
|
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a)
|
5,580
|
5,206
|
|
Midcontinent Communications 5.38%, 8/15/2027 (a)
|
5,463
|
5,224
|
|
News Corp.
|
||
|
3.88%, 5/15/2029 (a)
|
7,326
|
6,648
|
|
5.13%, 2/15/2032 (a)
|
2,220
|
2,066
|
|
Nexstar Media, Inc.
|
||
|
5.63%, 7/15/2027 (a)
|
27,114
|
25,592
|
|
4.75%, 11/1/2028 (a)
|
14,866
|
13,112
|
|
Outfront Media Capital LLC
|
||
|
5.00%, 8/15/2027 (a)
|
1,188
|
1,141
|
|
4.25%, 1/15/2029 (a)
|
827
|
747
|
|
4.63%, 3/15/2030 (a)
|
2,687
|
2,389
|
|
7.38%, 2/15/2031 (a)
|
5,153
|
5,325
|
|
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)
|
5,791
|
3,761
|
|
Sirius XM Radio, Inc.
|
||
|
5.00%, 8/1/2027 (a)
|
14,805
|
14,060
|
|
4.00%, 7/15/2028 (a)
|
9,251
|
8,281
|
|
5.50%, 7/1/2029 (a)
|
39,149
|
36,360
|
|
Stagwell Global LLC 5.63%, 8/15/2029 (a)
|
9,866
|
9,031
|
|
TEGNA, Inc. 5.00%, 9/15/2029
|
2,120
|
1,863
|
|
Univision Communications, Inc.
|
||
|
6.63%, 6/1/2027 (a)
|
905
|
874
|
|
8.00%, 8/15/2028 (a)
|
9,037
|
8,901
|
|
7.38%, 6/30/2030 (a)
|
9,700
|
9,192
|
|
VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a)
|
317
|
269
|
|
|
|
468,444
|
|
Metals & Mining — 1.3%
|
||
|
Alcoa Nederland Holding BV
|
||
|
5.50%, 12/15/2027 (a)
|
6,842
|
6,762
|
|
6.13%, 5/15/2028 (a)
|
4,182
|
4,174
|
|
7.13%, 3/15/2031 (a)
|
1,101
|
1,126
|
|
ATI, Inc.
|
||
|
5.88%, 12/1/2027
|
7,169
|
7,040
|
|
4.88%, 10/1/2029
|
3,082
|
2,880
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Metals & Mining — continued
|
||
|
7.25%, 8/15/2030
|
4,064
|
4,160
|
|
5.13%, 10/1/2031
|
2,310
|
2,107
|
|
Big River Steel LLC 6.63%, 1/31/2029 (a)
|
9,200
|
9,165
|
|
Carpenter Technology Corp.
|
||
|
6.38%, 7/15/2028
|
6,581
|
6,570
|
|
7.63%, 3/15/2030
|
1,513
|
1,552
|
|
Cleveland-Cliffs, Inc.
|
||
|
4.63%, 3/1/2029 (a)
|
8,550
|
8,003
|
|
6.75%, 4/15/2030 (a)
|
4,029
|
3,983
|
|
Novelis Corp.
|
||
|
4.75%, 1/30/2030 (a)
|
4,887
|
4,515
|
|
3.88%, 8/15/2031 (a)
|
1,649
|
1,412
|
|
United States Steel Corp. 6.88%, 3/1/2029
|
764
|
764
|
|
|
|
64,213
|
|
Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^
|
||
|
Starwood Property Trust, Inc. 7.25%, 4/1/2029 (a)
|
1,805
|
1,795
|
|
Oil, Gas & Consumable Fuels — 9.4%
|
||
|
Antero Midstream Partners LP
|
||
|
5.75%, 3/1/2027 (a)
|
5,655
|
5,591
|
|
5.75%, 1/15/2028 (a)
|
8,454
|
8,270
|
|
Antero Resources Corp.
|
||
|
8.38%, 7/15/2026 (a)
|
4,943
|
5,091
|
|
7.63%, 2/1/2029 (a)
|
4,579
|
4,717
|
|
5.38%, 3/1/2030 (a)
|
1,932
|
1,849
|
|
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026 (a)
|
10,158
|
10,156
|
|
Baytex Energy Corp. (Canada)
|
||
|
8.50%, 4/30/2030 (a)
|
8,690
|
9,062
|
|
7.38%, 3/15/2032 (a)
|
5,248
|
5,309
|
|
Blue Racer Midstream LLC
|
||
|
6.63%, 7/15/2026 (a)
|
3,636
|
3,632
|
|
7.00%, 7/15/2029 (a)
|
3,168
|
3,201
|
|
7.25%, 7/15/2032 (a)
|
2,204
|
2,246
|
|
Buckeye Partners LP
|
||
|
4.35%, 10/15/2024
|
4,500
|
4,469
|
|
4.13%, 3/1/2025 (a)
|
2,835
|
2,780
|
|
4.13%, 12/1/2027
|
2,953
|
2,739
|
|
4.50%, 3/1/2028 (a)
|
6,011
|
5,618
|
|
California Resources Corp. 7.13%, 2/1/2026 (a)
|
8,518
|
8,561
|
|
Chesapeake Energy Corp.
|
||
|
5.50%, 2/1/2026 (a)
|
2,529
|
2,501
|
|
6.75%, 4/15/2029 (a)
|
21,894
|
21,951
|
|
Chord Energy Corp. 6.38%, 6/1/2026 (a)
|
10,555
|
10,538
|
|
Civitas Resources, Inc.
|
||
|
8.38%, 7/1/2028 (a)
|
10,189
|
10,693
|
|
8.63%, 11/1/2030 (a)
|
5,485
|
5,867
|
|
8.75%, 7/1/2031 (a)
|
5,645
|
6,027
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
CNX Midstream Partners LP 4.75%, 4/15/2030 (a)
|
1,540
|
1,385
|
|
CNX Resources Corp.
|
||
|
6.00%, 1/15/2029 (a)
|
2,964
|
2,892
|
|
7.38%, 1/15/2031 (a)
|
3,105
|
3,160
|
|
Comstock Resources, Inc.
|
||
|
6.75%, 3/1/2029 (a)
|
16,793
|
16,244
|
|
5.88%, 1/15/2030 (a)
|
4,492
|
4,141
|
|
Crescent Energy Finance LLC
|
||
|
9.25%, 2/15/2028 (a)
|
13,443
|
14,232
|
|
7.63%, 4/1/2032 (a)
|
4,585
|
4,673
|
|
DT Midstream, Inc.
|
||
|
4.13%, 6/15/2029 (a)
|
6,681
|
6,109
|
|
4.38%, 6/15/2031 (a)
|
2,642
|
2,373
|
|
Encino Acquisition Partners Holdings LLC
|
||
|
8.50%, 5/1/2028 (a)
|
12,672
|
12,919
|
|
8.75%, 5/1/2031 (a)
|
4,599
|
4,756
|
|
Energy Transfer LP 7.38%, 2/1/2031 (a)
|
2,680
|
2,782
|
|
EnLink Midstream LLC 6.50%, 9/1/2030 (a)
|
4,281
|
4,373
|
|
EnLink Midstream Partners LP Series C, (3-MONTH CME TERM SOFR + 4.37%), 9.70%, 7/8/2024 (e) (f) (g)
|
7,226
|
7,148
|
|
EQM Midstream Partners LP
|
||
|
6.00%, 7/1/2025 (a)
|
2,214
|
2,213
|
|
4.13%, 12/1/2026
|
1,555
|
1,494
|
|
7.50%, 6/1/2027 (a)
|
4,060
|
4,148
|
|
6.50%, 7/1/2027 (a)
|
5,670
|
5,718
|
|
4.50%, 1/15/2029 (a)
|
7,278
|
6,783
|
|
7.50%, 6/1/2030 (a)
|
2,783
|
2,939
|
|
4.75%, 1/15/2031 (a)
|
7,598
|
6,977
|
|
Genesis Energy LP
|
||
|
6.25%, 5/15/2026
|
2,533
|
2,529
|
|
8.00%, 1/15/2027
|
5,055
|
5,152
|
|
7.75%, 2/1/2028
|
3,701
|
3,717
|
|
8.25%, 1/15/2029
|
1,781
|
1,825
|
|
8.88%, 4/15/2030
|
3,730
|
3,898
|
|
7.88%, 5/15/2032
|
2,816
|
2,821
|
|
Gulfport Energy Corp.
|
||
|
8.00%, 5/17/2026
|
4,337
|
4,396
|
|
8.00%, 5/17/2026 (a)
|
11,055
|
11,206
|
|
Harvest Midstream I LP 7.50%, 5/15/2032 (a)
|
3,468
|
3,515
|
|
Hess Midstream Operations LP
|
||
|
5.63%, 2/15/2026 (a)
|
5,345
|
5,311
|
|
6.50%, 6/1/2029 (a)
|
3,956
|
4,000
|
|
4.25%, 2/15/2030 (a)
|
4,657
|
4,233
|
|
Hilcorp Energy I LP
|
||
|
6.25%, 11/1/2028 (a)
|
256
|
253
|
|
5.75%, 2/1/2029 (a)
|
1,130
|
1,092
|
|
6.00%, 4/15/2030 (a)
|
2,773
|
2,676
|
|
6.25%, 4/15/2032 (a)
|
2,307
|
2,211
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
Howard Midstream Energy Partners LLC 8.88%, 7/15/2028 (a)
|
6,435
|
6,753
|
|
Kinetik Holdings LP
|
||
|
6.63%, 12/15/2028 (a)
|
1,842
|
1,861
|
|
5.88%, 6/15/2030 (a)
|
2,564
|
2,499
|
|
Matador Resources Co. 6.50%, 4/15/2032 (a)
|
3,954
|
3,946
|
|
NGL Energy Operating LLC
|
||
|
8.13%, 2/15/2029 (a)
|
4,737
|
4,822
|
|
8.38%, 2/15/2032 (a)
|
4,735
|
4,822
|
|
NuStar Logistics LP
|
||
|
5.75%, 10/1/2025
|
992
|
986
|
|
6.00%, 6/1/2026
|
2,880
|
2,852
|
|
5.63%, 4/28/2027
|
7,468
|
7,356
|
|
Permian Resources Operating LLC
|
||
|
7.75%, 2/15/2026 (a)
|
2,255
|
2,275
|
|
8.00%, 4/15/2027 (a)
|
1,000
|
1,026
|
|
9.88%, 7/15/2031 (a)
|
9,191
|
10,169
|
|
7.00%, 1/15/2032 (a)
|
5,605
|
5,726
|
|
Prairie Acquiror LP 9.00%, 8/1/2029 (a)
|
2,615
|
2,687
|
|
Range Resources Corp.
|
||
|
8.25%, 1/15/2029
|
11,487
|
11,935
|
|
4.75%, 2/15/2030 (a)
|
5,120
|
4,749
|
|
Rockies Express Pipeline LLC 3.60%, 5/15/2025 (a)
|
5,000
|
4,861
|
|
SM Energy Co.
|
||
|
6.75%, 9/15/2026
|
7,022
|
7,011
|
|
6.63%, 1/15/2027
|
8,098
|
8,051
|
|
6.50%, 7/15/2028
|
1,862
|
1,856
|
|
Southwestern Energy Co.
|
||
|
8.38%, 9/15/2028
|
6,200
|
6,402
|
|
5.38%, 2/1/2029
|
1,731
|
1,665
|
|
5.38%, 3/15/2030
|
5,471
|
5,263
|
|
Summit Midstream Holdings LLC 9.50%, 10/15/2026 (a) (i)
|
363
|
372
|
|
Sunoco LP
|
||
|
7.00%, 5/1/2029 (a)
|
2,610
|
2,665
|
|
4.50%, 5/15/2029
|
1,538
|
1,411
|
|
4.50%, 4/30/2030
|
10,353
|
9,345
|
|
Tallgrass Energy Partners LP
|
||
|
6.00%, 3/1/2027 (a)
|
1,615
|
1,581
|
|
5.50%, 1/15/2028 (a)
|
3,910
|
3,729
|
|
7.38%, 2/15/2029 (a)
|
1,065
|
1,068
|
|
6.00%, 12/31/2030 (a)
|
4,625
|
4,359
|
|
6.00%, 9/1/2031 (a)
|
7,682
|
7,195
|
|
Venture Global LNG, Inc.
|
||
|
8.13%, 6/1/2028 (a)
|
10,091
|
10,313
|
|
9.50%, 2/1/2029 (a)
|
3,575
|
3,877
|
|
9.88%, 2/1/2032 (a)
|
3,575
|
3,833
|
|
Vital Energy, Inc. 7.88%, 4/15/2032 (a)
|
4,545
|
4,615
|
|
|
|
481,098
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Passenger Airlines — 0.9%
|
||
|
American Airlines, Inc.
|
||
|
5.50%, 4/20/2026 (a)
|
14,182
|
14,048
|
|
5.75%, 4/20/2029 (a)
|
16,870
|
16,315
|
|
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a)
|
5,339
|
5,344
|
|
United Airlines, Inc. 4.38%, 4/15/2026 (a)
|
8,206
|
7,907
|
|
VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a)
|
3,887
|
3,535
|
|
|
|
47,149
|
|
Personal Care Products — 0.4%
|
||
|
Coty, Inc. 4.75%, 1/15/2029 (a)
|
4,115
|
3,873
|
|
Edgewell Personal Care Co.
|
||
|
5.50%, 6/1/2028 (a)
|
9,630
|
9,362
|
|
4.13%, 4/1/2029 (a)
|
4,332
|
3,944
|
|
Prestige Brands, Inc. 5.13%, 1/15/2028 (a)
|
2,516
|
2,424
|
|
|
|
19,603
|
|
Pharmaceuticals — 2.9%
|
||
|
Bausch Health Americas, Inc.
|
||
|
9.25%, 4/1/2026 (a)
|
32,099
|
29,907
|
|
8.50%, 1/31/2027 (a)
|
4,545
|
3,292
|
|
Bausch Health Cos., Inc.
|
||
|
5.50%, 11/1/2025 (a)
|
40,002
|
37,725
|
|
5.00%, 1/30/2028 (a)
|
5,505
|
3,120
|
|
4.88%, 6/1/2028 (a)
|
12,580
|
9,215
|
|
5.00%, 2/15/2029 (a)
|
10,285
|
5,297
|
|
6.25%, 2/15/2029 (a)
|
5,466
|
2,924
|
|
5.25%, 1/30/2030 (a)
|
8,054
|
4,087
|
|
5.25%, 2/15/2031 (a)
|
8,085
|
4,042
|
|
Catalent Pharma Solutions, Inc.
|
||
|
5.00%, 7/15/2027 (a)
|
3,674
|
3,596
|
|
3.13%, 2/15/2029 (a)
|
1,654
|
1,578
|
|
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (i)
|
6,756
|
6,812
|
|
Endo DAC
|
||
|
0.00%, 7/31/2027 ‡
|
5,416
|
162
|
|
0.00%, 6/30/2028 ‡
|
4,621
|
139
|
|
Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (a)
|
2,146
|
2,200
|
|
EndoDesign (Ireland) 0.00%, 10/15/2024 ‡
|
5,067
|
—
|
|
GCB144A ENDO (Luxembourg) 0.00%, 4/1/2029 ‡
|
7,570
|
—
|
|
Mallinckrodt International Finance SA 14.75%, 11/14/2028 (a)
|
9,783
|
10,647
|
|
Organon & Co.
|
||
|
4.13%, 4/30/2028 (a)
|
12,728
|
11,757
|
|
5.13%, 4/30/2031 (a)
|
10,836
|
9,576
|
|
Par Pharmaceutical, Inc. 0.00%, 4/1/2027 ‡ (c)
|
7,307
|
—
|
|
|
|
146,076
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Professional Services — 0.1%
|
||
|
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a)
|
2,244
|
2,087
|
|
TriNet Group, Inc. 7.13%, 8/15/2031 (a)
|
4,838
|
4,884
|
|
|
|
6,971
|
|
Real Estate Management & Development — 0.2%
|
||
|
Anywhere Real Estate Group LLC
|
||
|
5.75%, 1/15/2029 (a)
|
3,790
|
2,601
|
|
5.25%, 4/15/2030 (a)
|
12,038
|
7,856
|
|
Kennedy-Wilson, Inc. 4.75%, 3/1/2029
|
1,337
|
1,137
|
|
|
|
11,594
|
|
Semiconductors & Semiconductor Equipment — 1.1%
|
||
|
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)
|
1,980
|
1,980
|
|
ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a)
|
4,985
|
5,150
|
|
Entegris, Inc.
|
||
|
4.38%, 4/15/2028 (a)
|
7,124
|
6,664
|
|
4.75%, 4/15/2029 (a)
|
8,907
|
8,451
|
|
3.63%, 5/1/2029 (a)
|
5,818
|
5,169
|
|
5.95%, 6/15/2030 (a)
|
12,271
|
12,079
|
|
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)
|
14,750
|
13,469
|
|
Synaptics, Inc. 4.00%, 6/15/2029 (a)
|
3,950
|
3,537
|
|
|
|
56,499
|
|
Software — 1.1%
|
||
|
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a)
|
3,540
|
3,508
|
|
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a)
|
4,888
|
4,435
|
|
Clarivate Science Holdings Corp.
|
||
|
3.88%, 7/1/2028 (a)
|
4,720
|
4,323
|
|
4.88%, 7/1/2029 (a)
|
5,242
|
4,780
|
|
NCR Voyix Corp.
|
||
|
5.00%, 10/1/2028 (a)
|
5,655
|
5,292
|
|
5.13%, 4/15/2029 (a)
|
8,942
|
8,303
|
|
5.25%, 10/1/2030 (a)
|
733
|
665
|
|
RingCentral, Inc. 8.50%, 8/15/2030 (a)
|
6,815
|
7,131
|
|
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)
|
16,766
|
16,420
|
|
|
|
54,857
|
|
Specialized REITs — 0.3%
|
||
|
Iron Mountain, Inc.
|
||
|
5.00%, 7/15/2028 (a)
|
4,173
|
3,960
|
|
4.88%, 9/15/2029 (a)
|
6,112
|
5,663
|
|
4.50%, 2/15/2031 (a)
|
3,783
|
3,367
|
|
SBA Communications Corp. 3.13%, 2/1/2029
|
345
|
303
|
|
|
|
13,293
|
|
Specialty Retail — 2.7%
|
||
|
Asbury Automotive Group, Inc.
|
||
|
4.50%, 3/1/2028
|
4,416
|
4,171
|
|
4.63%, 11/15/2029 (a)
|
6,963
|
6,406
|
|
4.75%, 3/1/2030
|
1,685
|
1,545
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Specialty Retail — continued
|
||
|
Bath & Body Works, Inc.
|
||
|
6.63%, 10/1/2030 (a)
|
4,643
|
4,649
|
|
6.88%, 11/1/2035
|
331
|
334
|
|
6.75%, 7/1/2036
|
2,199
|
2,188
|
|
Gap, Inc. (The) 3.63%, 10/1/2029 (a)
|
4,762
|
4,121
|
|
Lithia Motors, Inc. 3.88%, 6/1/2029 (a)
|
7,055
|
6,284
|
|
PetSmart, Inc.
|
||
|
4.75%, 2/15/2028 (a)
|
15,254
|
14,167
|
|
7.75%, 2/15/2029 (a)
|
7,336
|
7,023
|
|
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a)
|
6,993
|
6,283
|
|
SRS Distribution, Inc.
|
||
|
4.63%, 7/1/2028 (a)
|
6,684
|
6,646
|
|
6.13%, 7/1/2029 (a)
|
3,971
|
4,032
|
|
6.00%, 12/1/2029 (a)
|
8,825
|
8,956
|
|
Staples, Inc.
|
||
|
7.50%, 4/15/2026 (a)
|
27,437
|
27,432
|
|
10.75%, 4/15/2027 (a)
|
14,799
|
13,176
|
|
10.75%, 9/1/2029 (a) (b)
|
19,265
|
18,641
|
|
White Cap Buyer LLC 6.88%, 10/15/2028 (a)
|
3,626
|
3,459
|
|
|
|
139,513
|
|
Technology Hardware, Storage & Peripherals — 0.2%
|
||
|
Seagate HDD Cayman
|
||
|
8.25%, 12/15/2029 (a)
|
5,979
|
6,396
|
|
8.50%, 7/15/2031 (a)
|
1,060
|
1,131
|
|
Xerox Holdings Corp.
|
||
|
5.50%, 8/15/2028 (a)
|
857
|
753
|
|
8.88%, 11/30/2029 (a)
|
4,884
|
4,730
|
|
|
|
13,010
|
|
Textiles, Apparel & Luxury Goods — 0.0% ^
|
||
|
Hanesbrands, Inc. 9.00%, 2/15/2031 (a)
|
2,510
|
2,562
|
|
Trading Companies & Distributors — 1.6%
|
||
|
EquipmentShare.com, Inc.
|
||
|
9.00%, 5/15/2028 (a)
|
11,428
|
11,790
|
|
8.63%, 5/15/2032 (a)
|
1,729
|
1,791
|
|
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)
|
3,780
|
3,690
|
|
Imola Merger Corp. 4.75%, 5/15/2029 (a)
|
16,787
|
15,625
|
|
United Rentals North America, Inc.
|
||
|
4.88%, 1/15/2028
|
4,045
|
3,894
|
|
5.25%, 1/15/2030
|
6,890
|
6,614
|
|
6.13%, 3/15/2034 (a)
|
5,055
|
4,959
|
|
WESCO Distribution, Inc.
|
||
|
7.13%, 6/15/2025 (a)
|
8,110
|
8,107
|
|
7.25%, 6/15/2028 (a)
|
11,740
|
11,959
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Trading Companies & Distributors — continued
|
||
|
6.38%, 3/15/2029 (a)
|
9,703
|
9,739
|
|
6.63%, 3/15/2032 (a)
|
3,630
|
3,648
|
|
|
|
81,816
|
|
Wireless Telecommunication Services — 0.2%
|
||
|
Altice France Holding SA (Luxembourg)
|
||
|
10.50%, 5/15/2027 (a)
|
10,254
|
3,794
|
|
6.00%, 2/15/2028 (a)
|
3,390
|
1,055
|
|
Hughes Satellite Systems Corp. 6.63%, 8/1/2026
|
655
|
267
|
|
United States Cellular Corp. 6.70%, 12/15/2033
|
4,343
|
4,571
|
|
|
|
9,687
|
|
Total Corporate Bonds
(Cost $4,626,099)
|
|
4,358,140
|
|
Loan Assignments — 5.9% (g) (j)
|
||
|
Automobile Components — 0.2%
|
||
|
Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.75%), 8.08%, 1/31/2031
|
2,087
|
2,102
|
|
DexKo Global, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.32%, 10/4/2028
|
9,860
|
9,828
|
|
|
|
11,930
|
|
Beverages — 0.1%
|
||
|
Triton Water Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%),
8.81%, 3/31/2028
|
7,135
|
7,121
|
|
Building Products — 0.2%
|
||
|
Cabinetworks, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.25%), 9.81%, 5/17/2028
|
9,140
|
7,729
|
|
MIWD Holdco II LLC, 1st Lien Term Loan B-2 (3-MONTH CME TERM SOFR + 3.75%), 8.83%,
3/28/2031
|
4,075
|
4,103
|
|
|
|
11,832
|
|
Chemicals — 0.2%
|
||
|
Ineos US Finance LLC, 1st Lien Term Loan B (Luxembourg) (1-MONTH CME TERM SOFR + 3.50%),
8.93%, 2/18/2030
|
5,856
|
5,870
|
|
Venator Materials Corp., 1st Lien Term Loan
|
|
|
|
(3-MONTH CME TERM SOFR + 2.00%), 7.33%, 1/16/2026
|
1,699
|
1,675
|
|
(3-MONTH SOFR + 10.00%), 15.43%, 10/12/2028
|
4,900
|
4,855
|
|
|
|
12,400
|
|
Commercial Services & Supplies — 0.2%
|
||
|
Madison IAQ LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.69%, 6/21/2028
|
9,058
|
9,069
|
|
Communications Equipment — 0.1%
|
||
|
CommScope, Inc., 1st Lien Term Loan B-2 (Netherlands) (1-MONTH CME TERM SOFR + 3.25%),
8.69%, 4/6/2026 (k)
|
5,000
|
4,470
|
|
Consumer Staples Distribution & Retail — 0.5%
|
||
|
Moran Foods LLC, 1st Lien Super Senior Delayed Term Loan (3-MONTH SOFR + 11.50%),
16.91%, 6/30/2026 ‡
|
6,664
|
6,664
|
|
Moran Foods LLC, 1st Lien Term Loan
|
|
|
|
(3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 ‡
|
19,496
|
16,005
|
|
(3-MONTH CME TERM SOFR + 2.00%), 12.66%, 6/30/2026 ‡
|
7,899
|
4,726
|
|
|
|
27,395
|
|
Containers & Packaging — 0.3%
|
||
|
Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 8.44%,
8/4/2027
|
8,491
|
8,519
|
|
LABL, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.43%, 10/29/2028
|
8,052
|
7,977
|
|
|
|
16,496
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Loan Assignments — continued
|
||
|
Diversified Telecommunication Services — 0.1%
|
||
|
Numericable U.S. LLC, 1st Lien Term Loan B-14 (France) (3-MONTH CME TERM SOFR + 5.50%),
10.83%, 8/15/2028
|
6,890
|
5,167
|
|
Financial Services — 0.0% ^
|
||
|
NCR Atleos LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.75%), 10.18%, 3/27/2029
|
1,993
|
2,010
|
|
Ground Transportation — 0.4%
|
||
|
First Student Bidco, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.56%,
7/21/2028
|
7,608
|
7,620
|
|
First Student Bidco, Inc., 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 3.00%), 8.56%,
7/21/2028
|
2,314
|
2,318
|
|
First Student Bidco, Inc., Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 9.40%, 7/21/2028
|
5,924
|
5,933
|
|
Hertz Corp. (The), 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.86%, 6/30/2028
|
4,188
|
3,844
|
|
Hertz Corp. (The), 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 3.25%), 8.86%, 6/30/2028
|
812
|
745
|
|
|
|
20,460
|
|
Health Care Equipment & Supplies — 0.2%
|
||
|
Bausch & Lomb Corp., Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.67%,
5/10/2027
|
2,992
|
2,961
|
|
Medline Borrower LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.08%,
10/23/2028
|
4,328
|
4,355
|
|
|
|
7,316
|
|
Health Care Providers & Services — 0.4%
|
||
|
Parexel International Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.69%,
11/15/2028
|
9,071
|
9,118
|
|
Syneos Health,Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 9.31%, 9/27/2030
|
3,350
|
3,350
|
|
U.S. Renal Care, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 5.00%), 10.44%, 6/20/2028
|
11,485
|
10,050
|
|
|
|
22,518
|
|
Hotels, Restaurants & Leisure — 0.1%
|
||
|
Red Rock Resorts, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 7.58%, 3/14/2031
|
2,885
|
2,891
|
|
Insurance — 0.1%
|
||
|
Hub International Ltd., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.57%,
6/20/2030
|
2,300
|
2,315
|
|
IT Services — 0.2%
|
||
|
Ahead DB Holdings LLC, 1st Lien Term Loan B
|
|
|
|
(3-MONTH CME TERM SOFR + 3.75%), 9.16%, 2/1/2031
|
2,539
|
2,549
|
|
(3-MONTH CME TERM SOFR + 4.25%), 9.56%, 2/1/2031
|
5,830
|
5,854
|
|
|
|
8,403
|
|
Leisure Products — 0.4%
|
||
|
FGI Operating Co. LLC, 1st Lien Term Loan (3-MONTH SOFR + 11.00%), 12.00%, 12/31/2024 ‡ (c)
|
3,633
|
340
|
|
Hercules Achievement, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%),
10.44%, 12/15/2026
|
14,260
|
14,337
|
|
Topgolf Callaway, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.33%, 3/15/2030
|
3,293
|
3,307
|
|
|
|
17,984
|
|
Machinery — 0.1%
|
||
|
SPX Flow, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 9.93%, 4/5/2029
|
4,520
|
4,545
|
|
Media — 0.8%
|
||
|
Charter Communications Operating LLC, 1st Lien Term Loan B-4 (3-MONTH CME TERM SOFR
+ 2.00%), 7.30%, 12/7/2030
|
12,968
|
12,883
|
|
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR
+ 4.00%), 9.44%, 8/21/2028
|
1,280
|
1,284
|
|
CSC Holdings LLC, Term Loan B-6 (1-MONTH CME TERM SOFR + 4.50%), 9.82%, 1/18/2028
|
9,432
|
9,058
|
|
DirectV Financing LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 5.00%), 10.44%,
8/2/2027
|
6,321
|
6,337
|
|
iHeartCommunications, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 8.44%,
5/1/2026
|
10,888
|
8,556
|
|
Shutterfly LLC, 2nd Lien Term Loan (3-MONTH CME TERM SOFR + 1.00%), 6.30%, 10/1/2027
|
5,251
|
4,299
|
|
|
|
42,417
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Loan Assignments — continued
|
||
|
Passenger Airlines — 0.2%
|
||
|
AAdvantage Loyality IP Ltd., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.75%),
10.34%, 4/20/2028
|
7,564
|
7,851
|
|
Personal Care Products — 0.1%
|
||
|
Conair Holdings LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.19%,
5/17/2028
|
6,498
|
6,451
|
|
Software — 0.3%
|
||
|
Genesys Cloud Services Holdings, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%),
8.82%, 12/1/2027
|
4,643
|
4,674
|
|
Rocket Software, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.75%), 10.08%,
11/28/2028
|
5,540
|
5,559
|
|
Ultimate Software Group, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.82%,
2/10/2031
|
2,850
|
2,870
|
|
|
|
13,103
|
|
Specialty Retail — 0.7%
|
||
|
AppleCaramel Buyer LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.08%,
10/19/2027
|
693
|
696
|
|
Claire's Stores, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 6.50%), 11.93%,
12/18/2026 (l)
|
12,904
|
12,194
|
|
Petco Health & Wellness Co., Inc., Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.82%,
3/3/2028
|
13,999
|
12,637
|
|
PrimeSource, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.81%, 12/28/2027
|
5,531
|
5,469
|
|
Serta Simmons Bedding LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 7.50%), 12.92%,
6/29/2028
|
6,309
|
5,399
|
|
|
|
36,395
|
|
Total Loan Assignments
(Cost $314,701)
|
|
300,539
|
|
|
SHARES
(000)
|
|
|
Common Stocks — 2.1%
|
||
|
Broadline Retail — 0.1%
|
||
|
Moran Foods Backstop Equity ‡ *
|
73,975
|
740
|
|
MYT Holding LLC ‡ *
|
5,623
|
1,968
|
|
|
|
2,708
|
|
Chemicals — 0.2%
|
||
|
Venator Materials plc *
|
11
|
8,875
|
|
Communications Equipment — 0.0% ^
|
||
|
Goodman Networks, Inc. ‡ *
|
301
|
—
|
|
Diversified Telecommunication Services — 0.1%
|
||
|
Frontier Communications Parent, Inc. *
|
192
|
5,115
|
|
Windstream Holdings, Inc. ‡ *
|
14
|
185
|
|
|
|
5,300
|
|
Financial Services — 0.1%
|
||
|
ACC Claims Holdings LLC ‡ *
|
7,077
|
14
|
|
Mallinckrodt plc (Luxembourg) ‡ *
|
138
|
7,492
|
|
|
|
7,506
|
|
Health Care Providers & Services — 0.2%
|
||
|
Claire's Stores, Inc. ‡ *
|
16
|
2,923
|
|
Endo, Inc. ‡ *
|
225
|
6,407
|
|
Envision Healthcare Corp. ‡ *
|
107
|
820
|
|
|
|
10,150
|
|
Machinery — 0.0% ^
|
||
|
SSB Equipment Co., Inc. ‡ *
|
395
|
—
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Media — 0.1%
|
||
|
Clear Channel Outdoor Holdings, Inc. *
|
2,312
|
3,329
|
|
iHeartMedia, Inc., Class A *
|
273
|
253
|
|
National CineMedia, Inc. *
|
572
|
3,175
|
|
|
|
6,757
|
|
Oil, Gas & Consumable Fuels — 0.3%
|
||
|
Chesapeake Energy Corp.
|
82
|
7,489
|
|
Gulfport Energy Corp. *
|
33
|
5,300
|
|
|
|
12,789
|
|
Pharmaceuticals — 0.0% ^
|
||
|
Endo, Inc. ‡ * (a)
|
86
|
2,459
|
|
Specialized REITs — 0.2%
|
||
|
VICI Properties, Inc.
|
393
|
11,278
|
|
Specialty Retail — 0.3%
|
||
|
NMG, Inc. ‡ *
|
89
|
11,095
|
|
Serta Simmons Bedding LLC ‡ *
|
394
|
3,009
|
|
|
|
14,104
|
|
Wireless Telecommunication Services — 0.5%
|
||
|
Intelsat SA (Luxembourg) ‡ *
|
749
|
26,979
|
|
Total Common Stocks
(Cost $102,480)
|
|
108,905
|
|
Convertible Preferred Stocks — 0.6%
|
||
|
Specialty Retail — 0.6%
|
||
|
Claire's Stores, Inc. ‡ *
(Cost $3,724)
|
15
|
29,948
|
|
|
PRINCIPAL
AMOUNT
($000)
|
|
|
Convertible Bonds — 0.6%
|
||
|
Broadline Retail — 0.0% ^
|
||
|
Liberty Interactive LLC
|
||
|
4.00%, 11/15/2029
|
2,570
|
874
|
|
3.75%, 2/15/2030
|
4,448
|
1,668
|
|
|
|
2,542
|
|
Media — 0.4%
|
||
|
DISH Network Corp.
|
||
|
Zero Coupon, 12/15/2025
|
7,845
|
5,966
|
|
3.38%, 8/15/2026
|
18,645
|
11,932
|
|
|
|
17,898
|
|
Oil, Gas & Consumable Fuels — 0.2%
|
||
|
Gulfport Energy Corp. 10.00% (Cash), 7/8/2024 ‡ * (d) (e) (f)
|
1
|
8,541
|
|
Total Convertible Bonds
(Cost $31,157)
|
|
28,981
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Exchange-Traded Funds — 0.3%
|
||
|
Fixed Income — 0.3%
|
||
|
iShares Broad USD High Yield Corporate Bond ETF
(Cost $14,074)
|
396
|
14,387
|
|
Preferred Stocks — 0.2%
|
||
|
Broadline Retail — 0.2%
|
||
|
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡
|
13,477
|
8,738
|
|
Communications Equipment — 0.0% ^
|
||
|
Goodman Networks, Inc. ‡ *
|
358
|
—
|
|
Oil, Gas & Consumable Fuels — 0.0% ^
|
||
|
Gulfport Energy Corp. ‡ *
|
—
|
832
|
|
Total Preferred Stocks
(Cost $14,233)
|
|
9,570
|
|
|
NO. OF
WARRANTS
(000)
|
|
|
Warrants — 0.0% ^
|
||
|
Media — 0.0% ^
|
||
|
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom) ‡ *
(Cost $1)
|
109
|
1,451
|
|
|
SHARES
(000)
|
|
|
Short-Term Investments — 4.2%
|
||
|
Investment Companies — 4.2%
|
||
|
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.17% (m) (n)
(Cost $214,405)
|
214,405
|
214,405
|
|
Total Investments — 99.3%
(Cost $5,320,874)
|
|
5,066,326
|
|
Other Assets Less Liabilities — 0.7%
|
|
36,279
|
|
NET ASSETS — 100.0%
|
|
5,102,605
|
|
Percentages indicated are based on net assets.
|
||
|
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
|
|
Abbreviations
|
|
|
CME
|
Chicago Mercantile Exchange
|
|
ETF
|
Exchange Traded Fund
|
|
PIK
|
Payment In Kind
|
|
REIT
|
Real Estate Investment Trust
|
|
SCA
|
Limited partnership with share capital
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
USD
|
United States Dollar
|
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
|
‡
|
Value determined using significant unobservable inputs.
|
|
|
*
|
Non-income producing security.
|
|
|
(a)
|
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities
Act of 1933, as amended.
|
|
|
(b)
|
All or a portion of the security is a when-issued security, delayed delivery security,
or forward commitment.
|
|
|
(c)
|
Defaulted security.
|
|
|
(d)
|
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
|
|
|
(e)
|
Security is an interest bearing note with preferred security characteristics.
|
|
|
(f)
|
Security is perpetual and thus, does not have a predetermined maturity date. The coupon
rate for this security is fixed for a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects
the next call date. The coupon rate shown is the rate in
effect as of May 31, 2024.
|
|
|
(g)
|
Variable or floating rate security, linked to the referenced benchmark. The interest
rate shown is the current rate as of May 31, 2024.
|
|
|
(h)
|
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2024 is $5,782 or 0.11% of the Fund’s net assets
as of May 31, 2024.
|
|
|
(i)
|
Step bond. Interest rate is a fixed rate for an initial period that either resets
at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 2024.
|
|
|
(j)
|
Loan assignments are presented by obligor. Each series or loan tranche underlying
each obligor may have varying terms.
|
|
|
(k)
|
All or a portion of this security is unsettled as of May 31, 2024. Unless otherwise
indicated, the coupon rate is undetermined. The coupon
rate shown may not be accrued for the entire position.
|
|
|
(l)
|
Fund is subject to legal or contractual restrictions on the resale of the security.
|
|
|
(m)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
|
|
|
(n)
|
The rate shown is the current yield as of May 31, 2024.
|
|
|
|
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
Broadline Retail
|
$—
|
$—
|
$2,708
|
$2,708
|
|
Chemicals
|
8,875
|
—
|
—
|
8,875
|
|
Communications Equipment
|
—
|
—
|
—
(a)
|
—
(a)
|
|
Diversified Telecommunication Services
|
5,115
|
—
|
185
|
5,300
|
|
Financial Services
|
—
|
—
|
7,506
|
7,506
|
|
Health Care Providers & Services
|
—
|
—
|
10,150
|
10,150
|
|
Machinery
|
—
|
—
|
—
(a)
|
—
(a)
|
|
Media
|
6,757
|
—
|
—
|
6,757
|
|
Oil, Gas & Consumable Fuels
|
12,789
|
—
|
—
|
12,789
|
|
Pharmaceuticals
|
—
|
—
|
2,459
|
2,459
|
|
Specialized REITs
|
11,278
|
—
|
—
|
11,278
|
|
Specialty Retail
|
—
|
—
|
14,104
|
14,104
|
|
Wireless Telecommunication Services
|
—
|
—
|
26,979
|
26,979
|
|
Total Common Stocks
|
44,814
|
—
|
64,091
|
108,905
|
|
Convertible Bonds
|
|
|
|
|
|
Broadline Retail
|
—
|
2,542
|
—
|
2,542
|
|
Media
|
—
|
17,898
|
—
|
17,898
|
|
Oil, Gas & Consumable Fuels
|
—
|
—
|
8,541
|
8,541
|
|
Total Convertible Bonds
|
—
|
20,440
|
8,541
|
28,981
|
|
Convertible Preferred Stocks
|
—
|
—
|
29,948
|
29,948
|
|
Corporate Bonds
|
|
|
|
|
|
Aerospace & Defense
|
—
|
61,261
|
—
|
61,261
|
|
Automobile Components
|
—
|
230,178
|
—
|
230,178
|
|
Automobiles
|
—
|
9,244
|
—
|
9,244
|
|
Banks
|
—
|
30,228
|
—
|
30,228
|
|
Beverages
|
—
|
9,151
|
—
|
9,151
|
|
Biotechnology
|
—
|
11,701
|
—
|
11,701
|
|
Broadline Retail
|
—
|
35,665
|
—
|
35,665
|
|
Building Products
|
—
|
105,549
|
—
|
105,549
|
|
Capital Markets
|
—
|
1,288
|
—
|
1,288
|
|
Chemicals
|
—
|
139,042
|
—
|
139,042
|
|
Commercial Services & Supplies
|
—
|
160,997
|
—
|
160,997
|
|
Communications Equipment
|
—
|
41,965
|
—
|
41,965
|
|
Construction & Engineering
|
—
|
41,196
|
—
|
41,196
|
|
Construction Materials
|
—
|
2,508
|
—
|
2,508
|
|
Consumer Finance
|
—
|
167,067
|
—
|
167,067
|
|
Consumer Staples Distribution & Retail
|
—
|
70,197
|
—
|
70,197
|
|
Containers & Packaging
|
—
|
111,077
|
—
|
111,077
|
|
Distributors
|
—
|
8,890
|
—
|
8,890
|
|
Diversified Consumer Services
|
—
|
7,242
|
—
|
7,242
|
|
Diversified REITs
|
—
|
57,841
|
—
|
57,841
|
|
Diversified Telecommunication Services
|
—
|
339,769
|
—
|
339,769
|
|
Electric Utilities
|
—
|
43,824
|
—
|
43,824
|
|
|
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Electrical Equipment
|
$—
|
$29,411
|
$—
|
$29,411
|
|
Electronic Equipment, Instruments & Components
|
—
|
21,552
|
—
|
21,552
|
|
Energy Equipment & Services
|
—
|
50,986
|
—
|
50,986
|
|
Entertainment
|
—
|
66,081
|
—
|
66,081
|
|
Financial Services
|
—
|
53,806
|
—
|
53,806
|
|
Food Products
|
—
|
33,878
|
—
|
33,878
|
|
Gas Utilities
|
—
|
14,028
|
—
|
14,028
|
|
Ground Transportation
|
—
|
70,694
|
—
|
70,694
|
|
Health Care Equipment & Supplies
|
—
|
53,833
|
—
|
53,833
|
|
Health Care Providers & Services
|
—
|
216,081
|
—
|
216,081
|
|
Health Care Technology
|
—
|
9,704
|
—
|
9,704
|
|
Hotel & Resort REITs
|
—
|
40,411
|
—
|
40,411
|
|
Hotels, Restaurants & Leisure
|
—
|
192,445
|
—
|
192,445
|
|
Household Durables
|
—
|
50,412
|
—
|
50,412
|
|
Household Products
|
—
|
51,444
|
—
|
51,444
|
|
Independent Power and Renewable Electricity Producers
|
—
|
12,422
|
—
|
12,422
|
|
IT Services
|
—
|
30,928
|
—
|
30,928
|
|
Leisure Products
|
—
|
20,148
|
—
|
20,148
|
|
Machinery
|
—
|
35,816
|
—
|
35,816
|
|
Media
|
—
|
468,444
|
—
|
468,444
|
|
Metals & Mining
|
—
|
64,213
|
—
|
64,213
|
|
Mortgage Real Estate Investment Trusts (REITs)
|
—
|
1,795
|
—
|
1,795
|
|
Oil, Gas & Consumable Fuels
|
—
|
481,098
|
—
|
481,098
|
|
Passenger Airlines
|
—
|
47,149
|
—
|
47,149
|
|
Personal Care Products
|
—
|
19,603
|
—
|
19,603
|
|
Pharmaceuticals
|
—
|
145,775
|
301
|
146,076
|
|
Professional Services
|
—
|
6,971
|
—
|
6,971
|
|
Real Estate Management & Development
|
—
|
11,594
|
—
|
11,594
|
|
Semiconductors & Semiconductor Equipment
|
—
|
56,499
|
—
|
56,499
|
|
Software
|
—
|
54,857
|
—
|
54,857
|
|
Specialized REITs
|
—
|
13,293
|
—
|
13,293
|
|
Specialty Retail
|
—
|
139,513
|
—
|
139,513
|
|
Technology Hardware, Storage & Peripherals
|
—
|
13,010
|
—
|
13,010
|
|
Textiles, Apparel & Luxury Goods
|
—
|
2,562
|
—
|
2,562
|
|
Trading Companies & Distributors
|
—
|
81,816
|
—
|
81,816
|
|
Wireless Telecommunication Services
|
—
|
9,687
|
—
|
9,687
|
|
Total Corporate Bonds
|
—
|
4,357,839
|
301
|
4,358,140
|
|
Exchange-Traded Funds
|
14,387
|
—
|
—
|
14,387
|
|
Loan Assignments
|
|
|
|
|
|
Automobile Components
|
—
|
11,930
|
—
|
11,930
|
|
Beverages
|
—
|
7,121
|
—
|
7,121
|
|
Building Products
|
—
|
11,832
|
—
|
11,832
|
|
Chemicals
|
—
|
12,400
|
—
|
12,400
|
|
Commercial Services & Supplies
|
—
|
9,069
|
—
|
9,069
|
|
Communications Equipment
|
—
|
4,470
|
—
|
4,470
|
|
Consumer Staples Distribution & Retail
|
—
|
—
|
27,395
|
27,395
|
|
Containers & Packaging
|
—
|
16,496
|
—
|
16,496
|
|
|
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Diversified Telecommunication Services
|
$—
|
$5,167
|
$—
|
$5,167
|
|
Financial Services
|
—
|
2,010
|
—
|
2,010
|
|
Ground Transportation
|
—
|
20,460
|
—
|
20,460
|
|
Health Care Equipment & Supplies
|
—
|
7,316
|
—
|
7,316
|
|
Health Care Providers & Services
|
—
|
22,518
|
—
|
22,518
|
|
Hotels, Restaurants & Leisure
|
—
|
2,891
|
—
|
2,891
|
|
Insurance
|
—
|
2,315
|
—
|
2,315
|
|
IT Services
|
—
|
8,403
|
—
|
8,403
|
|
Leisure Products
|
—
|
17,644
|
340
|
17,984
|
|
Machinery
|
—
|
4,545
|
—
|
4,545
|
|
Media
|
—
|
42,417
|
—
|
42,417
|
|
Passenger Airlines
|
—
|
7,851
|
—
|
7,851
|
|
Personal Care Products
|
—
|
6,451
|
—
|
6,451
|
|
Software
|
—
|
13,103
|
—
|
13,103
|
|
Specialty Retail
|
—
|
36,395
|
—
|
36,395
|
|
Total Loan Assignments
|
—
|
272,804
|
27,735
|
300,539
|
|
Preferred Stocks
|
—
|
—
|
9,570
|
9,570
|
|
Warrants
|
—
|
—
|
1,451
|
1,451
|
|
Short-Term Investments
|
|
|
|
|
|
Investment Companies
|
214,405
|
—
|
—
|
214,405
|
|
Total Investments in Securities
|
$273,606
|
$4,651,083
|
$141,637
|
$5,066,326
|
|
|
|
|
(a)
|
Amount rounds to less than one thousand.
|
|
|
Balance as of
February 29,
2024
|
Realized
gain (loss)
|
Change in net
unrealized
appreciation
(depreciation)
|
Net
accretion
(amortization)
|
Purchases1
|
Sales2
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance as of
May 31,
2024
|
|
Investments in Securities:
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
$44,901
|
$—
|
$13,657
|
$—
|
$5,533
|
$—
|
$—
|
$—
|
$64,091
|
|
Convertible Bonds
|
7,495
|
—
|
1,046
|
—
|
—
|
—
|
—
|
—
|
8,541
|
|
Convertible Preferred Stocks
|
28,864
|
—
|
1,084
|
—
|
—
|
—
|
—
|
—
|
29,948
|
|
Corporate Bonds
|
33,364
|
(7,001
)
|
7,809
|
4
|
—
(a)
|
(13,285
)
|
—
|
(20,590
)
|
301
|
|
Loan Assignments
|
32,757
|
—
|
(511
)
|
346
|
714
|
(3,872
)
|
—
|
(1,699
)
|
27,735
|
|
Preferred Stocks
|
8,345
|
—
|
1,225
|
—
|
—
|
—
|
—
|
—
|
9,570
|
|
Warrants
|
1,451
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1,451
|
|
Total
|
$157,177
|
$(7,001
)
|
$24,310
|
$350
|
$6,247
|
$(17,157
)
|
$—
|
$(22,289
)
|
$141,637
|
|
|
|||||||||
|
1
|
Purchases include all purchases of securities and securities received in corporate
actions.
|
||||||||
|
2
|
Sales include all sales of securities, maturities, paydowns and securities tendered
in corporate actions.
|
||||||||
|
(a)
|
Amount rounds to less than one thousand.
|
|
|
Fair Value at
May 31, 2024
|
Valuation
Technique(s)
|
Unobservable
Input
|
Range (Weighted
Average) (a)
|
|
|
$754
|
Terms of Exchange Offer / Restructuring
|
Expected Recovery
|
$0.01 ($0.01)
|
|
|
-(b
)
|
Market Comparable Companies
|
EBITDA Multiple (c)
|
5.0x (5.0x)
|
|
|
|
|
Liquidity Discount
|
30.00% (30.00%)
|
|
|
|
|
|
|
|
Common Stocks
|
754
|
|
|
|
|
|
832
|
Term of Restructuring
|
Liquidation Preference
|
71.43x (71.43x)
|
|
|
|
|
|
|
|
Preferred Stocks
|
832
|
|
|
|
|
|
7,004
|
Terms of Restructuring
|
Expected Recovery
|
9.35% - 100.00% (95.60%)
|
|
|
20,731
|
Discounted Cash Flow
|
Yield (Discount Rate of Cash Flows)
|
20.65% - 38.74% (29.70%)
|
|
|
|
|
|
|
|
Loan Assignments
|
27,735
|
|
|
|
|
|
8,541
|
Term of Restructuring
|
Liquidation Preference
|
71.43x (71.43x)
|
|
|
|
|
|
|
|
Convertible Bonds
|
8,541
|
|
|
|
|
Total
|
$37,863
|
|
|
|
|
#
|
The table above does not include certain level 3 investments that are valued by brokers
and Pricing Services. At May 31, 2024, the value of
these investments was $ 103,774. The inputs for these investments are not readily
available or cannot be reasonably estimated and are
generally those inputs described in Note A.
|
|
(a)
|
Unobservable inputs were weighted by the relative fair value of the instruments.
|
|
(b)
|
Amount rounds to less than one thousand.
|
|
(c)
|
Represents amounts used when the reporting entity has determined that market participants
would take into account such multiples when
pricing the investments.
|
|
|
|||||||||
|
For the period ended May 31, 2024
|
|||||||||
|
Security Description
|
Value at
February 29,
2024
|
Purchases at
Cost
|
Proceeds from
Sales
|
Net Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation/
(Depreciation)
|
Value at
May 31,
2024
|
Shares at
May 31,
2024
|
Dividend
Income
|
Capital Gain
Distributions
|
|
JPMorgan U.S. Government Money Market Fund
Class Institutional Shares, 5.17% (a) (b)
|
$35,956
|
$450,535
|
$272,086
|
$—
|
$—
|
$214,405
|
214,405
|
$2,586
|
$—
|
|
|
|
|
(a)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
|
|
(b)
|
The rate shown is the current yield as of May 31, 2024.
|