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Bonds, notes & other debt instruments 93.18% Corporate bonds & notes 92.90% Communication services 15.72% | Principal amount (000) | Value (000) |
Allen Media, LLC, Term Loan B, (3-month USD-LIBOR + 5.50%) 5.808% 20271,2,3 | $1,411 | $1,351 |
Banijay Enteraintment 5.375% 20254 | 12,695 | 12,449 |
Cablevision Systems Corp. 6.75% 2021 | 40,712 | 42,850 |
Cablevision Systems Corp. 5.50% 20274 | 2,700 | 2,812 |
Cablevision Systems Corp. 5.75% 20304 | 13,820 | 14,454 |
CBS Corp. 7.25% 20244 | 3,444 | 3,009 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00% 20234 | 8,595 | 8,643 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.875% 20244 | 5,260 | 5,430 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 20254 | 1,639 | 1,684 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.50% 20264 | 11,374 | 11,813 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20264 | 63,180 | 65,489 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 20274 | 9,878 | 10,234 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 20284 | 31,254 | 32,301 |
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 20294 | 11,651 | 12,305 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20304 | 77,171 | 79,035 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20304 | 62,001 | 63,534 |
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20324 | 32,691 | 33,141 |
CenturyLink, Inc. 6.75% 2023 | 53,940 | 58,115 |
CenturyLink, Inc. 7.50% 2024 | 9,217 | 10,145 |
CenturyLink, Inc. 5.125% 20264 | 31,056 | 31,027 |
CenturyLink, Inc. 4.00% 20274 | 4,894 | 4,748 |
CenturyLink, Inc., Series T, 5.80% 2022 | 4,618 | 4,755 |
Cinemark USA, Inc. 4.875% 2023 | 9,860 | 8,362 |
Clear Channel Worldwide Holdings, Inc. 9.25% 2024 | 20,120 | 18,716 |
CSC Holdings, LLC 5.375% 20234 | 5,975 | 6,066 |
CSC Holdings, LLC 7.75% 20254 | 1,500 | 1,565 |
Cumulus Media New Holdings Inc. 6.75% 20264 | 17,505 | 16,200 |
Diamond Sports Group LLC 5.375% 20264 | 26,732 | 19,512 |
Diamond Sports Group LLC 6.625% 20274 | 19,047 | 10,257 |
Discovery Communications, Inc. 4.65% 2050 | 8,125 | 9,253 |
DISH DBS Corp. 5.875% 2022 | 4,800 | 4,891 |
Embarq Corp. 7.995% 2036 | 44,783 | 50,391 |
Entercom Media Corp. 6.50% 20274 | 3,758 | 3,386 |
Front Range BidCo, Inc. 6.125% 20284 | 26,698 | 26,010 |
Frontier Communications Corp. 10.50% 20225 | 113,250 | 39,469 |
Frontier Communications Corp. 11.00% 20255 | 141,004 | 49,206 |
Frontier Communications Corp. 8.50% 20264 | 17,935 | 16,975 |
Frontier Communications Corp. 8.00% 20274 | 50,321 | 51,160 |
Globo Comunicação e Participações SA 4.875% 20304 | 8,414 | 7,623 |
Gogo Inc. 9.875% 20244 | 158,636 | 134,461 |
Gray Television, Inc. 7.00% 20274 | 11,484 | 11,802 |
iHeartCommunications, Inc. 6.375% 2026 | 236 | 234 |
iHeartCommunications, Inc. 5.25% 20274 | 42,326 | 40,599 |
iHeartCommunications, Inc. 8.375% 2027 | 12,766 | 11,722 |
Inmarsat PLC 6.75% 20264 | 33,675 | 31,887 |
Intelsat Jackson Holding Co. 5.50% 2023 | 47,410 | 27,129 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Communication services (continued) | Principal amount (000) | Value (000) |
Intelsat Jackson Holding Co. 8.00% 20244 | $35,020 | $35,575 |
Intelsat Jackson Holding Co. 8.50% 20244,5 | 56,875 | 34,378 |
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 5.50%) 5.837% 20222,3 | 8,765 | 8,915 |
Intelsat Jackson Holding Co., Term Loan, 6.625% 20242 | 45,355 | 45,557 |
Lamar Media Corp. 5.75% 2026 | 7,219 | 7,464 |
Lamar Media Corp. 3.75% 20284 | 10,854 | 10,267 |
Lamar Media Corp. 4.875% 20294 | 5,100 | 5,148 |
Liberty Global PLC 5.50% 20284 | 8,369 | 8,088 |
Live Nation Entertainment, Inc. 5.625% 20264 | 3,673 | 3,356 |
Live Nation Entertainment, Inc. 4.75% 20274 | 6,776 | 5,845 |
Live Nation Entertainment, Inc. 6.50% 20274 | 7,825 | 8,074 |
Match Group, Inc. 4.625% 20284 | 13,725 | 13,938 |
MDC Partners Inc. 6.50% 20244 | 165,801 | 154,713 |
Meredith Corp. 6.875% 2026 | 62,348 | 51,913 |
Neptune Finco Corp. (Altice NV) 6.625% 20254 | 2,425 | 2,527 |
Neptune Finco Corp. (Altice NV) 10.875% 20254 | 2,098 | 2,260 |
Netflix, Inc. 4.875% 2028 | 8,865 | 9,494 |
Netflix, Inc. 5.375% 20294 | 6,470 | 7,115 |
Netflix, Inc. 4.875% 20304 | 7,056 | 7,557 |
Nexstar Broadcasting, Inc. 5.625% 20244 | 14,391 | 14,536 |
Nexstar Escrow Corp. 5.625% 20274 | 11,385 | 11,414 |
Numericable Group SA 7.375% 20264 | 22,116 | 23,111 |
OUTFRONT Media Cap LLC 5.00% 20274 | 9,213 | 8,307 |
Qwest Capital Funding, Inc. 6.875% 2028 | 15,340 | 14,896 |
Sinclair Television Group, Inc. 5.125% 20274 | 10,799 | 9,866 |
Sirius XM Radio Inc. 3.875% 20224 | 15,932 | 16,049 |
Sirius XM Radio Inc. 4.625% 20234 | 7,628 | 7,690 |
Sirius XM Radio Inc. 4.625% 20244 | 5,683 | 5,845 |
Sprint Corp. 11.50% 2021 | 17,238 | 19,130 |
Sprint Corp. 7.875% 2023 | 5,177 | 5,837 |
Sprint Corp. 7.625% 2026 | 26,521 | 31,366 |
Sprint Corp. 6.875% 2028 | 116,719 | 142,566 |
Sprint Corp. 8.75% 2032 | 98,240 | 140,531 |
TEGNA Inc. 4.625% 20284 | 28,900 | 26,756 |
TEGNA Inc. 5.00% 20294 | 17,247 | 16,266 |
Terrier Media Buyer, Inc. 8.875% 20274 | 9,435 | 9,069 |
T-Mobile US, Inc. 4.00% 2022 | 7,025 | 7,216 |
T-Mobile US, Inc. 6.00% 2024 | 6,925 | 7,097 |
T-Mobile US, Inc. 6.375% 2025 | 10,136 | 10,425 |
T-Mobile US, Inc. 6.50% 2026 | 10,081 | 10,547 |
T-Mobile US, Inc. 3.875% 20304 | 7,095 | 7,921 |
T-Mobile US, Inc. 2.55% 20314 | 12,000 | 12,072 |
T-Mobile US, Inc. 4.50% 20504 | 9,475 | 11,185 |
Trilogy International Partners, LLC 8.875% 20224 | 54,213 | 48,169 |
Twitter, Inc. 3.875% 20274 | 4,600 | 4,612 |
Univision Communications Inc. 5.125% 20234 | 100,589 | 101,815 |
Univision Communications Inc. 5.125% 20254 | 62,691 | 59,243 |
Univision Communications Inc. 6.625% 20274 | 78,225 | 74,998 |
Vodafone Group PLC 7.00% 2079 (5-year USD Swap + 4.873% on 4/4/2029)6 | 1,895 | 2,223 |
VTR Comunicaciones SpA 5.125% 20284 | 8,850 | 9,076 |
Warner Music Group 5.50% 20264 | 11,952 | 12,409 |
Warner Music Group 3.875% 20304 | 26,050 | 26,377 |
Ziggo Bond Co. BV 5.125% 20304 | 19,306 | 19,189 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Communication services (continued) | Principal amount (000) | Value (000) |
Ziggo Bond Finance BV 5.50% 20274 | $34,649 | $35,277 |
Ziggo BV 4.875% 20304 | 7,000 | 7,054 |
2,498,524 | ||
Health care 13.61% | ||
Auris Luxembourg III SARL, Term Loan, (3-month USD-LIBOR + 3.75%) 3.928% 20261,2,3 | 11,991 | 10,553 |
Avantor, Inc. 9.00% 20254 | 6,000 | 6,473 |
Bausch Health Companies Inc. 9.25% 20264 | 48,876 | 53,089 |
Bausch Health Companies Inc. 5.00% 20284 | 34,518 | 32,542 |
Bausch Health Companies Inc. 7.00% 20284 | 17,527 | 18,082 |
Bausch Health Companies Inc. 6.25% 20294 | 3,200 | 3,222 |
Bausch Health Companies Inc. 5.25% 20304 | 39,251 | 37,283 |
Catalent Pharma Solutions Inc. 5.00% 20274 | 819 | 852 |
Centene Corp. 4.75% 2022 | 38,263 | 38,876 |
Centene Corp. 4.75% 2025 | 1,190 | 1,220 |
Centene Corp. 4.75% 2025 | 400 | 410 |
Centene Corp. 5.375% 20264 | 29,997 | 31,219 |
Centene Corp. 5.375% 20264 | 4,255 | 4,443 |
Centene Corp. 4.25% 2027 | 57,081 | 59,035 |
Centene Corp. 4.625% 2029 | 91,419 | 97,020 |
Centene Corp. 3.375% 2030 | 14,812 | 14,979 |
Charles River Laboratories International, Inc. 5.50% 20264 | 7,766 | 8,099 |
Charles River Laboratories International, Inc. 4.25% 20284 | 6,348 | 6,356 |
Concordia International Corp. 8.00% 20247 | 3,251 | 3,007 |
Concordia International Corp., Term Loan, (3-month USD-LIBOR + 5.50%) 6.568% 20242,3,7 | 901 | 837 |
DaVita HealthCare Partners Inc. 5.125% 2024 | 17,180 | 17,498 |
DaVita HealthCare Partners Inc. 5.00% 2025 | 8,986 | 9,197 |
Encompass Health Corp. 4.50% 2028 | 28,360 | 27,249 |
Encompass Health Corp. 4.75% 2030 | 21,735 | 20,794 |
Endo Dac / Endo Finance LLC / Endo Finco 9.50% 20274 | 49,778 | 52,899 |
Endo Dac / Endo Finance LLC / Endo Finco 6.00% 20284 | 69,752 | 45,339 |
Endo International PLC 5.75% 20224 | 45,307 | 41,682 |
Endo International PLC 5.875% 20244 | 24,325 | 23,628 |
Envision Healthcare Corp., Term Loan, (3-month USD-LIBOR + 3.75%) 3.928% 20252,3 | 5,393 | 3,625 |
HCA Inc. 5.875% 2023 | 17,781 | 19,274 |
HCA Inc. 5.375% 2025 | 2,195 | 2,358 |
HCA Inc. 5.375% 2026 | 5,436 | 5,932 |
HCA Inc. 5.875% 2026 | 4,721 | 5,188 |
HCA Inc. 4.50% 2027 | 142 | 158 |
HCA Inc. 5.625% 2028 | 18,595 | 20,784 |
HCA Inc. 5.875% 2029 | 5,870 | 6,652 |
HCA Inc. 3.50% 2030 | 8,172 | 7,879 |
HCA Inc. 5.50% 2047 | 3,996 | 4,876 |
HealthSouth Corp. 5.75% 2024 | 8,476 | 8,498 |
HealthSouth Corp. 5.75% 2025 | 15,053 | 15,525 |
IMS Health Holdings, Inc. 5.00% 20264 | 35,527 | 36,715 |
Iqvia Inc. 5.00% 20274 | 2,835 | 2,907 |
Jaguar Holding Co. II 5.00% 20284 | 12,225 | 12,538 |
Mallinckrodt International Finance SA 5.50% 20254 | 19,805 | 3,330 |
Mallinckrodt PLC 5.75% 20224 | 18,685 | 4,718 |
Mallinckrodt PLC 5.625% 20234 | 3,096 | 619 |
Mallinckrodt PLC 10.00% 20254 | 115,617 | 97,985 |
Molina Healthcare, Inc. 5.375% 2022 | 79,397 | 81,162 |
Molina Healthcare, Inc. 4.875% 20254 | 46,821 | 47,226 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Health care (continued) | Principal amount (000) | Value (000) |
Molina Healthcare, Inc. 4.375% 20284 | $24,290 | $24,396 |
Ortho-Clinical Diagnostics Inc. 7.375% 20254 | 9,450 | 9,621 |
Ortho-Clinical Diagnostics Inc. 7.25% 20284 | 6,155 | 6,272 |
Owens & Minor, Inc. 3.875% 2021 | 34,920 | 34,697 |
Owens & Minor, Inc. 4.375% 2024 | 13,443 | 11,576 |
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.673% 20252,3 | 12,877 | 11,538 |
Par Pharmaceutical Inc. 7.50% 20274 | 85,783 | 88,317 |
PAREXEL International Corp. 6.375% 20254 | 26,102 | 25,335 |
Radiology Partners, Inc. 9.25% 20284 | 34,312 | 32,425 |
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)1,2,3,8,9 | 63,203 | 63,835 |
Select Medical Holdings Corp. 6.25% 20264 | 9,039 | 9,158 |
Sotera Health Holdings LLC, Term Loan, (3-months USD-LIBOR + 4.50%) 5.50% 20262,3 | 16,406 | 16,083 |
Surgery Center Holdings 10.00% 20274 | 10,804 | 10,842 |
Team Health Holdings, Inc. 6.375% 20254 | 87,302 | 50,953 |
Team Health Holdings, Inc., Term Loan B, 3.75% 20242,3 | 13,942 | 10,819 |
Teleflex Inc. 4.25% 20284 | 8,325 | 8,549 |
Tenet Healthcare Corp. 8.125% 2022 | 27,455 | 28,877 |
Tenet Healthcare Corp. 6.75% 2023 | 12,130 | 12,051 |
Tenet Healthcare Corp. 4.625% 2024 | 28,523 | 27,989 |
Tenet Healthcare Corp. 4.875% 20264 | 101,449 | 99,519 |
Tenet Healthcare Corp. 5.125% 20274 | 12,615 | 12,484 |
Tenet Healthcare Corp. 6.25% 20274 | 8,425 | 8,388 |
Tenet Healthcare Corp. 4.625% 20284 | 8,350 | 8,201 |
Teva Pharmaceutical Finance Co. BV 2.20% 2021 | 7,878 | 7,736 |
Teva Pharmaceutical Finance Co. BV 2.95% 2022 | 4,400 | 4,256 |
Teva Pharmaceutical Finance Co. BV 2.80% 2023 | 76,552 | 72,554 |
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 83,993 | 86,498 |
Teva Pharmaceutical Finance Co. BV 7.125% 20254 | 41,591 | 44,356 |
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 27,636 | 24,779 |
Teva Pharmaceutical Finance Co. BV 6.75% 2028 | 35,682 | 37,777 |
U.S. Renal Care, Inc. 10.625% 20274 | 8,066 | 8,332 |
Valeant Pharmaceuticals International, Inc. 5.875% 20234 | 3,752 | 3,746 |
Valeant Pharmaceuticals International, Inc. 7.00% 20244 | 5,714 | 5,940 |
Valeant Pharmaceuticals International, Inc. 6.125% 20254 | 124,937 | 126,896 |
Valeant Pharmaceuticals International, Inc. 9.00% 20254 | 52,014 | 56,092 |
Valeant Pharmaceuticals International, Inc. 8.50% 20274 | 15,410 | 16,384 |
Vizient Inc. 6.25% 20274 | 2,402 | 2,525 |
2,163,628 | ||
Consumer discretionary 12.92% | ||
Adient US LLC 9.00% 20254 | 7,246 | 7,837 |
Allied Universal Holdco LLC 6.625% 20264 | 17,038 | 17,945 |
Allied Universal Holdco LLC 9.75% 20274 | 29,702 | 31,350 |
AutoNation, Inc. 4.75% 2030 | 5,740 | 6,231 |
Boyd Gaming Corp. 8.625% 20254 | 2,090 | 2,188 |
Boyd Gaming Corp. 4.75% 20274 | 13,689 | 11,777 |
Carnival Corp. 11.50% 20234 | 19,426 | 21,027 |
Cedar Fair, LP 5.25% 20294 | 4,184 | 3,790 |
Churchill Downs Inc. 4.75% 20284 | 19,149 | 18,523 |
Cirsa Gaming Corp. SA 7.875% 20234 | 43,498 | 40,344 |
Clarios Global LP 6.75% 20254 | 13,425 | 14,004 |
Colt Merger Sub, Inc. 5.75% 20254 | 15,490 | 15,606 |
Colt Merger Sub, Inc. 6.25% 20254 | 34,050 | 33,870 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) |
Colt Merger Sub, Inc. 8.125% 20274 | $8,850 | $8,629 |
Dana Inc. 5.625% 2028 | 20,355 | 20,257 |
Fertitta Entertainment, Inc. 6.75% 20244 | 37,661 | 27,116 |
Ford Motor Co. 8.50% 2023 | 34,621 | 36,677 |
Ford Motor Co. 9.00% 2025 | 21,462 | 23,246 |
Ford Motor Co. 4.346% 2026 | 3,000 | 2,808 |
Ford Motor Co. 9.625% 2030 | 3,700 | 4,389 |
Ford Motor Credit Co. 2.343% 2020 | 4,400 | 4,381 |
Ford Motor Credit Co. 3.20% 2021 | 1,720 | 1,698 |
Ford Motor Credit Co. 5.875% 2021 | 13,555 | 13,714 |
Ford Motor Credit Co. 3.339% 2022 | 7,025 | 6,830 |
Ford Motor Credit Co. 3.087% 2023 | 11,580 | 11,034 |
Ford Motor Credit Co. 3.096% 2023 | 4,005 | 3,811 |
Ford Motor Credit Co. 4.375% 2023 | 4,175 | 4,112 |
Ford Motor Credit Co. 3.664% 2024 | 7,715 | 7,302 |
Ford Motor Credit Co. 3.81% 2024 | 23,513 | 22,668 |
Ford Motor Credit Co. 5.584% 2024 | 20,524 | 20,765 |
Ford Motor Credit Co. 5.125% 2025 | 59,230 | 59,513 |
Ford Motor Credit Co. 4.389% 2026 | 6,350 | 6,030 |
Ford Motor Credit Co. 4.542% 2026 | 1,090 | 1,045 |
General Motors Co. 6.125% 2025 | 2,608 | 2,934 |
General Motors Co. 6.80% 2027 | 13,305 | 15,524 |
General Motors Co. 5.20% 2045 | 5,526 | 5,351 |
General Motors Co. 5.40% 2048 | 1,479 | 1,464 |
Hanesbrands Inc. 4.625% 20244 | 24,670 | 24,611 |
Hanesbrands Inc. 5.375% 20254 | 11,356 | 11,505 |
Hanesbrands Inc. 4.875% 20264 | 32,056 | 32,371 |
Hilton Worldwide Holdings Inc. 4.875% 2030 | 8,757 | 8,646 |
International Game Technology PLC 6.25% 20224 | 3,663 | 3,705 |
International Game Technology PLC 6.50% 20254 | 13,087 | 13,422 |
International Game Technology PLC 6.25% 20274 | 15,730 | 16,081 |
International Game Technology PLC 5.25% 20294 | 30,017 | 29,342 |
KB Home 6.875% 2027 | 6,170 | 6,747 |
Landry’s Finance Acquisition Co., Term Loan B, (3-month USD-LIBOR + 12.00%) 13.311% 20231,2,3 | 7,520 | 8,272 |
Lennar Corp. 8.375% 2021 | 3,000 | 3,108 |
Lennar Corp. 4.50% 2024 | 495 | 516 |
Levi Strauss & Co. 5.00% 2025 | 7,233 | 7,287 |
Limited Brands, Inc. 6.625% 2021 | 7,005 | 7,241 |
Limited Brands, Inc. 6.875% 20254 | 3,455 | 3,576 |
Limited Brands, Inc. 6.875% 2035 | 6,054 | 5,061 |
Limited Brands, Inc. 6.75% 2036 | 8,255 | 6,796 |
M.D.C. Holdings, Inc. 6.00% 2043 | 6,827 | 7,201 |
Macy’s, Inc. 8.375% 20254 | 12,485 | 12,446 |
Mattel, Inc. 6.75% 20254 | 13,696 | 14,233 |
McGraw-Hill Global Education Holdings, LLC 7.875% 20244 | 1,500 | 1,003 |
McGraw-Hill Global Education Holdings, LLC, Term Loan B, (3-month USD-LIBOR + 4.00%) 5.00% 20222,3 | 8,864 | 7,587 |
Melco International Development Ltd. 4.875% 20254 | 300 | 303 |
Melco International Development Ltd. 5.375% 20294 | 8,885 | 8,904 |
Merlin Entertainment 5.75% 20264 | 10,798 | 10,439 |
MGM Growth Properties LLC 5.625% 2024 | 9,113 | 9,502 |
MGM Growth Properties LLC 4.625% 20254 | 16,115 | 15,854 |
MGM Resorts International 7.75% 2022 | 17,435 | 17,774 |
MGM Resorts International 6.00% 2023 | 9,469 | 9,588 |
MGM Resorts International 5.75% 2025 | 16,735 | 16,599 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) |
MGM Resorts International 6.75% 2025 | $9,720 | $9,666 |
MGM Resorts International 5.50% 2027 | 8,147 | 7,888 |
NCL Corp. Ltd. 3.625% 20244 | 24,160 | 14,858 |
NCL Corp. Ltd. 12.25% 20244 | 2,360 | 2,479 |
Neiman Marcus Group Ltd. LLC 8.00% 20244,5 | 37,062 | 1,853 |
Neiman Marcus Group Ltd. LLC 8.75% 20244,5 | 37,592 | 1,880 |
Neiman Marcus Group Ltd. LLC 14.00% 2024 (42.86% PIK)4,5,9 | 74,372 | 22,312 |
Neiman Marcus Group Ltd. LLC, Term Loan, (1-month USD-LIBOR + 12.75%) 14.00% 20201,2,3,8 | 12,436 | 12,436 |
Neiman Marcus Group Ltd. LLC, Term Loan B, (3-month USD-LIBOR + 6.00%) 8.00% 2023 (12.50% PIK)2,3,5,9 | 33,653 | 8,279 |
Newell Rubbermaid Inc. 4.875% 2025 | 7,770 | 8,152 |
NMG Finco PLC 5.75% 20224 | 16,376 | 11,586 |
Panther BF Aggregator 2, LP 6.25% 20264 | 9,122 | 9,447 |
Panther BF Aggregator 2, LP 8.50% 20274 | 14,785 | 14,896 |
Party City Holdings Inc. 6.125% 20234 | 7,000 | 1,575 |
Party City Holdings Inc. 6.625% 20264 | 5,000 | 1,125 |
Party City Holdings Inc., Term Loan, 4.10% 20222,3 | 5,430 | 2,631 |
PetSmart, Inc. 7.125% 20234 | 150,425 | 148,626 |
PetSmart, Inc. 5.875% 20254 | 61,096 | 61,438 |
PetSmart, Inc. 8.875% 20254 | 124,739 | 124,892 |
PetSmart, Inc., Term Loan B2, (3-month USD-LIBOR + 4.00%) 5.00% 20222,3 | 19,724 | 19,522 |
PetSmart, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 4.00% 20222,3 | 27,423 | 26,861 |
Royal Caribbean Cruises Ltd. 5.25% 2022 | 5,150 | 4,008 |
Royal Caribbean Cruises Ltd. 9.125% 20234 | 5,220 | 5,182 |
Royal Caribbean Cruises Ltd. 10.875% 20234 | 16,900 | 17,376 |
Royal Caribbean Cruises Ltd. 11.50% 20254 | 9,600 | 10,015 |
Sally Holdings LLC and Sally Capital Inc. 5.50% 2023 | 14,215 | 13,868 |
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025 | 45,555 | 44,385 |
Sally Holdings LLC and Sally Capital Inc. 8.75% 20254 | 27,441 | 29,825 |
Sally Holdings LLC and Sally Capital Inc., Term Loan B2, 4.50% 20241,2 | 3,150 | 3,024 |
Sands China Ltd. 4.375% 20304 | 6,485 | 6,779 |
Scientific Games Corp. 6.625% 2021 | 1,805 | 1,814 |
Scientific Games Corp. 5.00% 20254 | 25,268 | 23,418 |
Scientific Games Corp. 8.625% 20254 | 46,830 | 43,889 |
Scientific Games Corp. 8.25% 20264 | 120,881 | 107,488 |
Scientific Games Corp. 7.00% 20284 | 33,882 | 27,163 |
Scientific Games Corp. 7.25% 20294 | 31,345 | 25,129 |
ServiceMaster Global Holdings, Inc. 5.125% 20244 | 13,942 | 14,170 |
Six Flags Entertainment Corp. 4.875% 20244 | 30,673 | 27,510 |
Six Flags Theme Parks Inc. 7.00% 20254 | 3,057 | 3,174 |
Staples, Inc. 7.50% 20264 | 59,035 | 46,512 |
Staples, Inc. 10.75% 20274 | 9,000 | 5,510 |
Stars Group Holdings BV 7.00% 20264 | 7,850 | 8,293 |
Station Casinos LLC 4.50% 20284 | 21,124 | 17,810 |
The William Carter Company 5.50% 20254 | 3,001 | 3,100 |
Vail Resorts, Inc. 6.25% 20254 | 7,160 | 7,522 |
VICI Properties LP 4.25% 20264 | 9,323 | 8,961 |
VICI Properties LP 4.625% 20294 | 13,063 | 12,758 |
VICI Properties LP / VICI Note Co. Inc. 3.50% 20254 | 13,498 | 12,720 |
VICI Properties LP / VICI Note Co. Inc. 3.75% 20274 | 7,766 | 7,313 |
VICI Properties LP / VICI Note Co. Inc. 4.125% 20304 | 30,041 | 28,699 |
Viking Cruises Ltd. 6.25% 20254 | 2,360 | 1,354 |
Viking Cruises Ltd. 13.00% 20254 | 5,540 | 5,869 |
William Carter Co. 5.625% 20274 | 5,271 | 5,444 |
Wyndham Worldwide Corp. 5.375% 20264 | 11,340 | 10,948 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) |
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20234 | $27,963 | $26,372 |
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.25% 20274 | 5,967 | 5,171 |
Wynn Macau, Ltd. 5.125% 20294 | 3,050 | 2,966 |
Wynn Resorts Ltd. 7.75% 20254 | 43,023 | 43,521 |
Wynn Resorts Ltd. 5.125% 20294 | 12,759 | 11,425 |
YUM! Brands, Inc. 7.75% 20254 | 4,963 | 5,363 |
2,053,760 | ||
Materials 11.04% | ||
Anglo American Capital PLC 5.625% 20304 | 5,815 | 7,036 |
Arconic Corp. 6.00% 20254 | 8,170 | 8,420 |
Arconic Rolled Products Corp. 6.125% 20284 | 4,925 | 4,938 |
Ardagh Group SA 6.50% 20274,9 | 18,669 | 18,502 |
Ardagh Packaging Finance 5.25% 20254 | 23,687 | 24,353 |
Ardagh Packaging Finance 6.00% 20254 | 7,978 | 8,176 |
Ardagh Packaging Finance 5.25% 20274 | 15,200 | 14,946 |
Axalta Coating Systems LLC 4.875% 20244 | 7,005 | 7,111 |
Axalta Coating Systems LLC 4.75% 20274 | 7,995 | 8,057 |
Berry Global Escrow Corp. 4.875% 20264 | 5,475 | 5,563 |
Berry Plastics Corp. 5.50% 2022 | 1,794 | 1,802 |
Blue Cube Spinco Inc. 9.75% 2023 | 4,820 | 4,980 |
Blue Cube Spinco Inc. 10.00% 2025 | 4,600 | 4,795 |
BWAY Parent Co., Inc. 5.50% 20244 | 27,756 | 27,322 |
BWAY Parent Co., Inc. 7.25% 20254 | 3,005 | 2,734 |
BWAY Parent Co., Inc., Term Loan, (3-month USD-LIBOR + 3.25%) 4.561% 20242,3 | 2,977 | 2,688 |
Carlyle Group LP 8.75% 20234,9 | 4,563 | 4,568 |
Cascades Inc. 5.125% 20264 | 7,780 | 7,921 |
Chemours Co. 6.625% 2023 | 17,630 | 16,971 |
Chemours Co. 7.00% 2025 | 7,005 | 6,710 |
Cleveland-Cliffs Inc. 4.875% 20244 | 67,978 | 64,147 |
Cleveland-Cliffs Inc. 5.75% 2025 | 58,024 | 49,577 |
Cleveland-Cliffs Inc. 9.875% 20254 | 19,378 | 20,363 |
Cleveland-Cliffs Inc. 6.75% 20264 | 29,965 | 28,991 |
Cleveland-Cliffs Inc. 5.875% 2027 | 69,875 | 57,852 |
Cleveland-Cliffs Inc. 7.00% 20274 | 3,853 | 2,928 |
Consolidated Energy Finance SA 6.50% 20264 | 10,805 | 9,223 |
Crown Holdings, Inc. 4.50% 2023 | 3,000 | 3,069 |
Crown Holdings, Inc. 7.375% 2026 | 2,000 | 2,347 |
CVR Partners, LP 9.25% 20234 | 32,487 | 31,922 |
First Quantum Minerals Ltd. 7.25% 20224 | 43,546 | 42,728 |
First Quantum Minerals Ltd. 7.25% 20234 | 80,508 | 77,394 |
First Quantum Minerals Ltd. 6.50% 20244 | 58,972 | 55,735 |
First Quantum Minerals Ltd. 7.50% 20254 | 128,182 | 122,941 |
First Quantum Minerals Ltd. 6.875% 20264 | 64,597 | 61,355 |
Freeport-McMoRan Inc. 3.55% 2022 | 701 | 702 |
Freeport-McMoRan Inc. 3.875% 2023 | 8,999 | 9,029 |
Freeport-McMoRan Inc. 4.25% 2030 | 10,950 | 10,632 |
Freeport-McMoRan Inc. 5.45% 2043 | 2,452 | 2,411 |
FXI Holdings, Inc. 7.875% 20244 | 116,034 | 100,151 |
FXI Holdings, Inc. 12.25% 20264 | 81,902 | 79,688 |
Greif, Inc. 6.50% 20274 | 7,202 | 7,347 |
Hexion Inc. 7.875% 20274 | 67,484 | 61,581 |
INEOS Group Holdings SA 5.625% 20244 | 13,888 | 13,476 |
LSB Industries, Inc. 9.625% 20234 | 89,427 | 86,418 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Materials (continued) | Principal amount (000) | Value (000) |
Mineral Resources Ltd. 8.125% 20274 | $3,675 | $3,915 |
Neon Holdings, Inc. 10.125% 20264 | 21,090 | 21,037 |
Newcrest Finance Pty Ltd. 4.20% 20504 | 6,725 | 7,535 |
Nova Chemicals Corp. 4.875% 20244 | 11,505 | 10,758 |
Nova Chemicals Corp. 5.25% 20274 | 28,732 | 25,290 |
Novelis Corp. 5.875% 20264 | 5,650 | 5,657 |
Novelis Corp. 4.75% 20304 | 15,885 | 15,210 |
OCI NV 5.25% 20244 | 15,861 | 15,286 |
Olin Corp. 9.50% 20254 | 13,680 | 15,279 |
Olin Corp. 5.00% 2030 | 3,365 | 2,986 |
Owens-Illinois, Inc. 5.00% 20224 | 656 | 658 |
Owens-Illinois, Inc. 5.875% 20234 | 26,830 | 27,772 |
Owens-Illinois, Inc. 6.375% 20254 | 8,341 | 8,847 |
Plastipak Holdings, Inc. 6.25% 20254 | 4,910 | 4,778 |
Platform Specialty Products Corp. 5.875% 20254 | 10,530 | 10,665 |
Reynolds Group Inc. 7.00% 20244 | 9,930 | 9,981 |
Ryerson Inc. 11.00% 20224 | 54,963 | 56,303 |
S.P.C.M. SA 4.875% 20254 | 16,237 | 16,414 |
Scotts Miracle-Gro Co. 4.50% 2029 | 12,201 | 12,590 |
Sealed Air Corp. 4.875% 20224 | 8,590 | 8,856 |
Sealed Air Corp. 5.25% 20234 | 4,548 | 4,771 |
Sealed Air Corp. 4.00% 20274 | 10,395 | 10,421 |
Silgan Holdings Inc. 4.125% 20284 | 12,765 | 12,685 |
Starfruit US Holdco LLC 8.00% 20264 | 14,729 | 15,124 |
Summit Materials, Inc. 6.125% 2023 | 17,246 | 17,196 |
Summit Materials, Inc. 6.50% 20274 | 5,478 | 5,621 |
Teck Resources Ltd. 3.90% 20304 | 1,490 | 1,490 |
TPC Group Inc. 10.50% 20244 | 6,920 | 6,207 |
Trivium Packaging BV 5.50% 20264 | 8,352 | 8,467 |
Trivium Packaging BV 8.50% 20274 | 10,706 | 11,467 |
Tronox Ltd. 5.75% 20254 | 5,830 | 5,414 |
Tronox Ltd. 6.50% 20264 | 23,165 | 21,715 |
Valvoline Inc. 4.375% 20254 | 8,830 | 8,906 |
Valvoline Inc. 4.25% 20304 | 7,432 | 7,333 |
Venator Materials Corp. 5.75% 20254 | 73,477 | 52,482 |
Venator Materials Corp. 9.50% 20254 | 51,315 | 52,341 |
W. R. Grace & Co. 4.875% 20274 | 23,290 | 23,710 |
Warrior Met Coal, Inc. 8.00% 20244 | 20,731 | 20,229 |
1,754,996 | ||
Industrials 9.48% | ||
ADT Corp. 3.50% 2022 | 42,490 | 42,367 |
Advanced Disposal Services, Inc. 5.625% 20244 | 15,527 | 16,166 |
Aerovias de Mexico, SA de CV 7.00% 20254 | 4,393 | 1,043 |
Alaska Air Group, Inc. 4.80% 20274 | 14,750 | 15,008 |
Allison Transmission Holdings, Inc. 5.00% 20244 | 29,838 | 29,856 |
ASGN Inc. 4.625% 20284 | 7,148 | 6,993 |
Ashtead Group PLC 4.125% 20254 | 6,770 | 6,922 |
Ashtead Group PLC 4.25% 20294 | 10,197 | 10,222 |
Associated Materials, LLC 9.00% 20244 | 88,214 | 75,951 |
Avis Budget Group, Inc. 5.50% 2023 | 6,222 | 5,156 |
Avis Budget Group, Inc. 6.375% 20244 | 14,025 | 11,569 |
Avis Budget Group, Inc. 5.25% 20254 | 5,338 | 4,297 |
Avis Budget Group, Inc. 10.50% 20254 | 11,600 | 12,927 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Industrials (continued) | Principal amount (000) | Value (000) |
Avolon Holdings Funding Ltd. 5.25% 20244 | $17,340 | $15,846 |
Beacon Roofing Supply, Inc. 4.875% 20254 | 15,689 | 14,044 |
Boeing Co. 4.875% 2025 | 20,528 | 22,376 |
Boeing Co. 5.93% 2060 | 15,875 | 18,838 |
Bohai Financial Investment Holding Co., Ltd. 5.25% 20224 | 19,125 | 17,962 |
Bohai Financial Investment Holding Co., Ltd. 4.50% 20234 | 553 | 505 |
Bohai Financial Investment Holding Co., Ltd. 5.125% 20234 | 15,340 | 14,208 |
Bohai Financial Investment Holding Co., Ltd. 5.50% 20244 | 4,500 | 4,120 |
Bombardier Inc. 7.50% 20244 | 3,210 | 2,095 |
Bombardier Inc. 7.50% 20254 | 10,424 | 6,835 |
Bombardier Inc. 7.875% 20274 | 16,022 | 10,521 |
Booz Allen Hamilton Inc. 5.125% 20254 | 1,950 | 1,986 |
BWX Technologies, Inc. 4.125% 20284 | 16,975 | 16,996 |
Cargo Aircraft Management, Inc. 4.75% 20284 | 9,468 | 9,409 |
Clean Harbors, Inc. 4.875% 20274 | 12,014 | 12,365 |
Continental Airlines, Inc., Series 2001-1, Class A1, 6.703% 2022 | 586 | 566 |
Continental Airlines, Inc., Series 2007-1, Class B, 6.903% 2022 | 393 | 323 |
Continental Airlines, Inc., Series 2000-2, Class A1, 7.707% 2022 | 187 | 180 |
Continental Airlines, Inc., Series 2000-1, Class A1, 8.048% 2022 | —10 | —10 |
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 2022 | 1 | 1 |
Covanta Holding Corp. 5.875% 2024 | 15,908 | 16,105 |
Covanta Holding Corp. 5.875% 2025 | 8,192 | 8,324 |
Delta Air Lines, Inc. 7.00% 20254 | 32,470 | 33,552 |
Dun & Bradstreet Corp. 6.875% 20264 | 36,016 | 38,261 |
Dun & Bradstreet Corp. 10.25% 20274 | 74,363 | 82,715 |
Euramax International, Inc. 12.00% 20204 | 53,764 | 44,281 |
F-Brasile SpA 7.375% 20264 | 42,700 | 32,973 |
GW B-CR Security Corp. 9.50% 20274 | 5,153 | 5,458 |
Hardwoods Acquisition Inc. 7.50% 20214 | 28,732 | 10,487 |
Harsco Corp. 5.75% 20274 | 10,175 | 10,226 |
Hillenbrand Inc. 5.75% 2025 | 2,135 | 2,212 |
Howmet Aerospace Inc. 6.875% 2025 | 23,298 | 25,330 |
IAA Spinco Inc. 5.50% 20274 | 1,950 | 2,020 |
Icahn Enterprises Finance Corp. 4.75% 2024 | 24,005 | 22,722 |
JELD-WEN Holding, Inc. 4.875% 20274 | 15,171 | 14,659 |
JetBlue Airways Corp., Term Loan B, (3-month USD-LIBOR + 5.25%) 5.571% 20242,3 | 4,795 | 4,709 |
Kratos Defense & Security Solutions, Inc. 6.50% 20254 | 34,545 | 35,966 |
LABL Escrow Issuer, LLC 6.75% 20264 | 10,165 | 10,599 |
LABL Escrow Issuer, LLC 10.50% 20274 | 16,280 | 17,335 |
LSC Communications, Inc. 8.75% 20234,5 | 127,828 | 12,783 |
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 5.50%) 6.25% 20222,3,5 | 8,952 | 873 |
Meritor, Inc. 6.25% 20254 | 9,500 | 9,631 |
Moog Inc. 4.25% 20274 | 2,169 | 2,120 |
Navistar International Corp. 9.50% 20254 | 10,411 | 11,198 |
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 20254 | 9,150 | 9,132 |
Pisces Parent LLC 8.00% 20264 | 55,871 | 56,466 |
Prime Security Services Borrower, LLC 6.25% 20284 | 14,808 | 13,989 |
PrimeSource Building Products Inc. 9.00% 20234 | 41,695 | 37,317 |
R.R. Donnelley & Sons Co. 6.50% 2023 | 11,275 | 10,332 |
R.R. Donnelley & Sons Co., Term Loan B, (3-month USD-LIBOR + 5.00%) 5.178% 20242,3 | 5,910 | 5,536 |
Rexnord Corp. 4.875% 20254 | 22,992 | 23,179 |
Sensata Technologies Holding BV 4.875% 20234 | 4,225 | 4,399 |
Signature Aviation PLC 4.00% 20284 | 4,900 | 4,437 |
Southwest Airlines Co. 4.75% 2023 | 5,800 | 5,993 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Industrials (continued) | Principal amount (000) | Value (000) |
Southwest Airlines Co. 5.25% 2025 | $5,575 | $5,887 |
Spirit AeroSystems, Inc. 7.50% 20254 | 18,467 | 18,294 |
Stericycle, Inc. 5.375% 20244 | 27,224 | 27,973 |
The Brink’s Co. 5.50% 20254 | 10,375 | 10,593 |
The Brink’s Co. 4.625% 20274 | 10,371 | 9,986 |
Thyssenkrupp Elevator Technology, Term Loan B, (1-month USD LIBOR + 425%) 4.412% 20272,3 | 8,750 | 8,575 |
TransDigm Inc. 6.50% 2024 | 11,704 | 11,293 |
TransDigm Inc. 8.00% 20254 | 17,552 | 18,524 |
TransDigm Inc. 6.25% 20264 | 12,411 | 12,425 |
TransDigm Inc. 7.50% 2027 | 7,850 | 7,558 |
Uber Technologies, Inc. 7.50% 20234 | 16,265 | 16,478 |
Uber Technologies, Inc. 8.00% 20264 | 23,315 | 23,758 |
United Airlines Holdings, Inc. 6.50% 20274 | 66,130 | 66,461 |
United Rentals (North America), Inc. 3.875% 2027 | 7,371 | 7,365 |
United Rentals, Inc. 4.625% 2025 | 23,062 | 23,223 |
United Rentals, Inc. 5.875% 2026 | 862 | 904 |
United Rentals, Inc. 6.50% 2026 | 3,320 | 3,492 |
United Rentals, Inc. 5.25% 2030 | 8,997 | 9,310 |
Vertical Holdco GMBH 7.625% 20284 | 6,500 | 6,663 |
Vertical US Newco Inc. 5.25% 20274 | 43,875 | 44,533 |
Virgin Australia Holdings Ltd. 7.875% 20214 | 6,675 | 1,162 |
Wesco Aircraft Holdings, Inc. 8.50% 20244 | 13,822 | 9,261 |
Wesco Aircraft Holdings, Inc. 9.00% 20264 | 39,351 | 25,972 |
WESCO Distribution, Inc. 7.125% 20254 | 37,925 | 40,094 |
WESCO Distribution, Inc. 7.25% 20284 | 36,255 | 38,324 |
Williams Scotsman International, Inc. 6.125% 20254 | 1,888 | 1,928 |
XPO Logistics, Inc. 6.75% 20244 | 3,102 | 3,258 |
XPO Logistics, Inc. 6.25% 20254 | 19,205 | 20,153 |
1,506,419 | ||
Energy 8.43% | ||
American Energy-Permian Basin, LLC / AEPB Finance Corp. 12.00% 20241,4,5,8 | 28,567 | 3,428 |
Antero Resources Corp. 5.375% 2024 | 12,500 | 10,689 |
Antero Resources Corp. 5.75% 20284 | 1,703 | 1,350 |
Ascent Resources - Utica LLC 10.00% 20224 | 13,539 | 11,584 |
Ascent Resources - Utica LLC 7.00% 20264 | 28,396 | 18,275 |
Blue Racer Midstream LLC and Blue Racer Finance Corp. 6.125% 20224 | 11,250 | 11,219 |
California Resources Corp., Term Loan B1, (3-month USD-LIBOR + 10.375%) 11.375% 20212,3 | 6,000 | 390 |
California Resources Corp., Term Loan B, (3-month USD-LIBOR + 4.75%) 5.75% 20222,3 | 20,525 | 7,671 |
Carrizo Oil & Gas Inc. 6.25% 2023 | 43,211 | 16,502 |
Cenovus Energy Inc. 3.00% 2022 | 746 | 715 |
Cenovus Energy Inc. 3.80% 2023 | 833 | 784 |
Cenovus Energy Inc. 4.25% 2027 | 3,185 | 2,893 |
Centennial Resource Production, LLC 6.875% 20274 | 7,097 | 3,782 |
Cheniere Energy Partners, LP 5.625% 2026 | 8,204 | 8,148 |
Cheniere Energy Partners, LP 4.50% 20294 | 19,427 | 19,001 |
Cheniere Energy, Inc. 7.00% 2024 | 16,327 | 18,595 |
Cheniere Energy, Inc. 5.875% 2025 | 5,005 | 5,622 |
Cheniere Energy, Inc. 3.70% 20294 | 3,500 | 3,591 |
Chesapeake Energy Corp. 4.875% 2022 | 28,871 | 1,010 |
Chesapeake Energy Corp. 5.75% 2023 | 1,730 | 61 |
Chesapeake Energy Corp. 11.50% 20254 | 74,252 | 8,040 |
Chesapeake Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 9.00% 20242,3 | 43,788 | 25,397 |
CITGO Petroleum Corp 7.00% 20254 | 8,600 | 8,632 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Comstock Resources, Inc. 9.75% 2026 | $29,182 | $27,383 |
Comstock Resources, Inc. 9.75% 2026 | 590 | 552 |
CONSOL Energy Inc. 5.875% 2022 | 38,783 | 38,225 |
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)4,9 | 109,804 | 32,942 |
Convey Park Energy LLC 7.50% 20254 | 18,918 | 17,286 |
CVR Energy, Inc. 5.25% 20254 | 9,820 | 9,065 |
DCP Midstream LP 7.375% 2049 (3-month USD-LIBOR + 5.148% on 12/15/2022)6 | 2,770 | 1,925 |
DCP Midstream Operating LP 4.95% 2022 | 14,421 | 14,551 |
DCP Midstream Operating LP 5.375% 2025 | 6,000 | 5,974 |
Denbury Resources Inc. 9.00% 20214 | 38,475 | 15,017 |
Denbury Resources Inc. 7.75% 20244 | 17,085 | 6,544 |
Diamond Offshore Drilling, Inc. 3.45% 20235 | 3,250 | 362 |
Diamond Offshore Drilling, Inc. 7.875% 2025 | 23,437 | 2,505 |
Diamond Offshore Drilling, Inc. 5.70% 2039 | 7,984 | 844 |
Diamond Offshore Drilling, Inc. 4.875% 20435 | 36,333 | 4,295 |
Enbridge Energy Partners, LP 7.375% 2045 | 3,450 | 4,942 |
Encino Acquisitions Partners LLC, Term Loan, (3-month USD-LIBOR + 6.75%) 7.75% 20252,3 | 6,775 | 4,895 |
Endeavor Energy Resources, LP 6.625% 20254 | 13,260 | 13,397 |
Energy Transfer Operating, LP 5.00% 2050 | 10,814 | 10,256 |
Enviva Partners LP 6.50% 20264 | 8,050 | 8,387 |
EQM Midstream Partners, LP 4.75% 2023 | 4,250 | 4,295 |
EQM Midstream Partners, LP 4.125% 2026 | 2,769 | 2,524 |
EQM Midstream Partners, LP 6.50% 20274 | 37,590 | 38,599 |
EQM Midstream Partners, LP 5.50% 2028 | 12,383 | 11,822 |
EQT Corp. 7.00% 2030 | 3,615 | 3,728 |
Extraction Oil & Gas, Inc. 7.375% 20244,5 | 17,350 | 3,403 |
Extraction Oil & Gas, Inc. 5.625% 20264 | 31,395 | 6,155 |
Genesis Energy, LP 6.50% 2025 | 23,555 | 20,213 |
Global Partners LP / GLP Finance Corp. 7.00% 2023 | 6,050 | 5,838 |
Hess Midstream Partners LP 5.625% 20264 | 1,734 | 1,720 |
Hess Midstream Partners LP 5.125% 20284 | 8,338 | 8,032 |
Illuminate Buyer LLC / Illuminate Holdings IV Inc. 9.00% 20284 | 8,775 | 9,170 |
Jonah Energy LLC 7.25% 20254 | 42,475 | 5,628 |
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 3.00%) 4.30% 20241,2,3,8 | 21,164 | 21,129 |
Matador Resources Co. 5.875% 2026 | 3,255 | 2,416 |
MPLX LP 5.50% 2049 | 4,250 | 4,829 |
Murphy Oil Corp. 6.875% 2024 | 7,150 | 6,704 |
Murphy Oil Corp. 5.75% 2025 | 5,000 | 4,528 |
Murphy Oil Corp. 5.875% 2027 | 4,919 | 4,333 |
Nabors Industries Inc. 5.75% 2025 | 3,670 | 1,500 |
Nabors Industries Ltd. 7.25% 20264 | 7,220 | 4,458 |
NGL Energy Partners LP 7.50% 2023 | 20,003 | 16,665 |
NGL Energy Partners LP 6.125% 2025 | 45,086 | 34,204 |
NGPL PipeCo LLC 4.375% 20224 | 1,420 | 1,466 |
NGPL PipeCo LLC 4.875% 20274 | 1,010 | 1,110 |
NuStar Logistics, LP 4.80% 2020 | 2,001 | 2,008 |
NuStar Logistics, LP 6.75% 20214 | 5,686 | 5,665 |
NuStar Logistics, LP 6.00% 2026 | 10,469 | 10,278 |
Oasis Petroleum Inc. 6.875% 2022 | 68,173 | 11,462 |
Oasis Petroleum Inc. 6.875% 2023 | 5,700 | 969 |
Oasis Petroleum Inc. 6.25% 20264 | 13,861 | 2,331 |
Occidental Petroleum Corp. 2.60% 2021 | 6,844 | 6,707 |
Occidental Petroleum Corp. 4.10% 2021 | 656 | 662 |
Occidental Petroleum Corp. 2.70% 2022 | 8,372 | 7,809 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Occidental Petroleum Corp. 3.125% 2022 | $5,866 | $5,647 |
Occidental Petroleum Corp. 2.70% 2023 | 10,086 | 9,241 |
Occidental Petroleum Corp. 2.90% 2024 | 18,983 | 16,268 |
Occidental Petroleum Corp. 8.00% 2025 | 24,910 | 25,066 |
Occidental Petroleum Corp. 4.20% 2048 | 2,543 | 1,725 |
ONEOK, Inc. 5.85% 2026 | 4,939 | 5,647 |
ONEOK, Inc. 4.95% 2047 | 409 | 394 |
ONEOK, Inc. 5.20% 2048 | 2,968 | 2,960 |
ONEOK, Inc. 7.15% 2051 | 1,507 | 1,836 |
Parsley Energy, Inc. 5.25% 20254 | 1,530 | 1,475 |
Parsley Energy, Inc. 5.375% 20254 | 3,000 | 2,924 |
PBF Holding Company LLC 9.25% 20254 | 10,850 | 11,603 |
PBF Holding Company LLC 6.00% 20284 | 11,079 | 9,223 |
PDC Energy Inc. 5.75% 2026 | 12,000 | 10,958 |
Peabody Energy Corp. 6.00% 20224 | 51,012 | 33,317 |
Peabody Energy Corp. 6.375% 20254 | 825 | 440 |
Petrobras Global Finance Co. 5.299% 2025 | 5,493 | 5,728 |
Petrobras Global Finance Co. 5.60% 2031 | 4,225 | 4,248 |
Petrobras Global Finance Co. 6.90% 2049 | 6,575 | 6,940 |
Petrobras Global Finance Co. 6.75% 2050 | 12,530 | 12,918 |
Petróleos Mexicanos 6.49% 20274 | 2,145 | 1,960 |
Petróleos Mexicanos 5.35% 2028 | 7,643 | 6,436 |
Petróleos Mexicanos 6.375% 2045 | 3,790 | 2,827 |
Petróleos Mexicanos 6.35% 2048 | 1,892 | 1,407 |
Petróleos Mexicanos 7.69% 20504 | 4,479 | 3,721 |
Plains All American Pipeline, LP 3.80% 2030 | 1,007 | 994 |
QEP Resources, Inc. 5.375% 2022 | 5,000 | 3,818 |
QEP Resources, Inc. 5.25% 2023 | 975 | 647 |
QEP Resources, Inc. 5.625% 2026 | 27,270 | 17,402 |
Range Resources Corp. 4.875% 2025 | 7,303 | 5,503 |
Rockies Express Pipeline LLC 4.95% 20294 | 10,250 | 9,587 |
Sabine Pass Liquefaction, LLC 5.625% 2025 | 1,800 | 2,058 |
Sabine Pass Liquefaction, LLC 4.50% 20304 | 19,075 | 21,103 |
Sanchez Energy Corp. 7.25% 20234 | 22,796 | 399 |
SM Energy Co. 6.125% 2022 | 4,041 | 2,964 |
SM Energy Co. 5.00% 2024 | 3,000 | 1,631 |
SM Energy Co. 5.625% 2025 | 9,990 | 5,331 |
SM Energy Co. 6.625% 2027 | 4,570 | 2,253 |
Southwestern Energy Co. 6.20% 2025 (6.45% on 7/23/2020)6 | 8,755 | 7,524 |
Southwestern Energy Co. 7.50% 2026 | 15,893 | 13,961 |
Southwestern Energy Co. 7.75% 2027 | 4,309 | 3,762 |
Sunoco LP 4.875% 2023 | 23,989 | 23,717 |
Sunoco LP 5.50% 2026 | 7,272 | 7,080 |
Sunoco LP 6.00% 2027 | 11,614 | 11,524 |
Tallgrass Energy Partners, LP 5.50% 20244 | 7,925 | 7,181 |
Tapstone Energy, Term Loan, (3-month USD-LIBOR + 4.00%) 4.741% 20241,2,3,8 | 384 | 199 |
Targa Resources Partners LP 6.75% 2024 | 1,128 | 1,129 |
Targa Resources Partners LP 5.125% 2025 | 1,080 | 1,043 |
Targa Resources Partners LP 5.875% 2026 | 8,669 | 8,603 |
Targa Resources Partners LP 6.50% 2027 | 4,322 | 4,344 |
Targa Resources Partners LP 6.875% 2029 | 10,818 | 11,366 |
Targa Resources Partners LP 5.50% 20304 | 25,393 | 24,544 |
Teekay Corp. 9.25% 20224 | 48,757 | 46,978 |
Teekay Offshore Partners LP 8.50% 20234 | 25,891 | 22,852 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
Transocean Guardian Ltd. 5.875% 20244 | $7,791 | $6,893 |
Transocean Inc. 8.375% 20216 | 18,798 | 13,347 |
Transocean Inc. 6.125% 20254 | 22,487 | 19,788 |
Transocean Inc. 7.25% 20254 | 15,215 | 8,520 |
Transocean Poseidon Ltd. 6.875% 20274 | 6,280 | 5,432 |
Transocean Sentry Ltd. 5.375% 20234 | 14,279 | 12,280 |
USA Compression Partners, LP 6.875% 2026 | 7,736 | 7,493 |
USA Compression Partners, LP 6.875% 2027 | 2,403 | 2,286 |
Valaris PLC 7.75% 2026 | 8,450 | 660 |
Vine Oil & Gas LP 8.75% 20234 | 41,173 | 25,116 |
Viper Energy Partners LP 5.375% 20274 | 7,280 | 7,153 |
Weatherford International PLC 11.00% 20244 | 74,904 | 52,433 |
Western Gas Partners LP 4.50% 2028 | 15,857 | 14,985 |
Western Midstream Operating, LP 5.25% 2050 | 5,500 | 4,793 |
Whiting Petroleum Corp. 6.625% 2026 | 7,910 | 1,418 |
WPX Energy, Inc. 5.75% 2026 | 2,888 | 2,810 |
WPX Energy, Inc. 5.875% 2028 | 9,765 | 9,374 |
WPX Energy, Inc. 4.50% 2030 | 12,661 | 11,212 |
1,339,485 | ||
Financials 6.36% | ||
Advisor Group Holdings, LLC 6.25% 20284 | 30,129 | 28,095 |
AerCap Holdings NV 4.50% 2023 | 11,800 | 11,810 |
AerCap Holdings NV 6.50% 2025 | 2,109 | 2,212 |
AG Merger Sub II, Inc. 10.75% 20274 | 73,145 | 71,897 |
Alliant Holdings Intermediate, LLC 6.75% 20274 | 31,029 | 30,977 |
Ally Financial Inc. 8.00% 2031 | 16,122 | 20,501 |
Ally Financial Inc. 8.00% 2031 | 14,708 | 19,012 |
American International Group, Inc. 4.375% 2050 | 5,150 | 5,927 |
AmWINS Group, Inc. 7.75% 20264 | 4,739 | 4,993 |
AssuredPartners, Inc. 7.00% 20254 | 7,137 | 7,159 |
AssuredPartners, Inc. 8.00% 20274 | 36,562 | 37,766 |
Athene Holding Ltd. 6.15% 2030 | 5,250 | 6,057 |
CIT Group Inc. 4.125% 2021 | 20,765 | 20,848 |
CIT Group Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)6 | 8,935 | 8,746 |
CIT Group Inc. 5.25% 2025 | 1,330 | 1,381 |
Compass Diversified Holdings 8.00% 20264 | 73,697 | 75,207 |
Credit Acceptance Corp. 5.125% 20244 | 9,190 | 8,898 |
Credit Suisse Group AG, junior subordinated, 7.50% (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 4.60% on 7/17/2023)4,6 | 2,295 | 2,386 |
Fairstone Financial Inc. 7.875% 20244 | 24,858 | 24,436 |
FS Energy and Power Fund 7.50% 20234 | 81,481 | 69,675 |
goeasy Ltd. 5.375% 20244 | 7,857 | 7,637 |
HUB International Ltd. 7.00% 20264 | 47,822 | 47,870 |
HUB International Ltd., Term Loan B, (1-month USD-LIBOR + 4.00%) 5.00% 20252,3 | 2,985 | 2,954 |
Icahn Enterprises Finance Corp. 6.25% 2022 | 37,291 | 37,467 |
Icahn Enterprises Finance Corp. 5.25% 2027 | 19,108 | 18,499 |
Iris Merger Sub 2019 Inc. 9.375% 20284 | 15,770 | 15,504 |
Ladder Capital Corp. 4.25% 20274 | 13,601 | 10,915 |
LPL Financial Holdings Inc. 4.625% 20274 | 18,146 | 17,976 |
MSCI Inc. 5.375% 20274 | 10,755 | 11,445 |
MSCI Inc. 4.00% 20294 | 20,078 | 20,513 |
MSCI Inc. 3.625% 20304 | 759 | 756 |
MSCI Inc. 3.875% 20314 | 40,975 | 41,871 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Financials (continued) | Principal amount (000) | Value (000) |
Navient Corp. 6.50% 2022 | $23,747 | $23,406 |
Navient Corp. 5.50% 2023 | 47,754 | 45,933 |
Navient Corp. 7.25% 2023 | 2,700 | 2,647 |
Navient Corp. 5.875% 2024 | 12,000 | 11,310 |
Navient Corp. 6.125% 2024 | 22,308 | 21,262 |
Navient Corp. 6.75% 2026 | 5,210 | 4,857 |
Navient Corp. 5.00% 2027 | 52,802 | 44,470 |
Navient Corp. 5.625% 2033 | 9,577 | 7,402 |
NMI Holdings Inc. 7.375% 20254 | 7,560 | 7,930 |
OneMain Holdings, Inc. 7.125% 2026 | 9,065 | 9,394 |
Owl Rock Capital Corp. 4.625% 20244 | 9,150 | 9,041 |
Owl Rock Capital Corp. 3.75% 2025 | 11,200 | 10,968 |
Rede D’Or Finance SARL 4.50% 20304 | 9,143 | 8,083 |
Springleaf Finance Corp. 8.25% 2020 | 3,500 | 3,618 |
Springleaf Finance Corp. 6.125% 2024 | 24,308 | 24,753 |
Springleaf Finance Corp. 6.625% 2028 | 4,960 | 4,919 |
Springleaf Finance Corp. 5.375% 2029 | 6,627 | 6,270 |
Starwood Property Trust, Inc. 3.625% 2021 | 5,040 | 4,970 |
Starwood Property Trust, Inc. 5.00% 2021 | 28,169 | 27,403 |
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 5.00%) 6.072% 20262,3 | 42,591 | 28,270 |
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 9.00%) 10.072% 20272,3 | 15,488 | 4,556 |
UniCredit SpA 5.459% 2035 (5-year USD-ICE Swap + 4.75% on 6/30/2030)4,6 | 7,375 | 7,447 |
1,010,299 | ||
Information technology 6.11% | ||
Alcatel-Lucent USA Inc. 6.45% 2029 | 16,920 | 17,428 |
Almonde Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 4.50% 20242,3 | 3,936 | 3,460 |
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 20252,3 | 61,389 | 53,584 |
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20252,3 | 21,032 | 21,085 |
Banff Merger Sub Inc. 9.75% 20264 | 42,799 | 43,165 |
BMC Software, Inc. 7.125% 20254 | 15,940 | 16,772 |
BMC Software, Inc. 9.125% 20264 | 14,740 | 15,320 |
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 4.428% 20252,3 | 20,399 | 19,364 |
Broadcom Inc. 4.75% 20294 | 1,181 | 1,341 |
Broadcom Inc. 5.00% 20304 | 7,183 | 8,270 |
CDW Corp. 4.125% 2025 | 5,275 | 5,305 |
CDW Corp. 5.00% 2025 | 10,500 | 10,829 |
CommScope Finance LLC 5.50% 20244 | 4,780 | 4,840 |
CommScope Finance LLC 6.00% 20264 | 10,242 | 10,525 |
CommScope Finance LLC 8.25% 20274 | 5,700 | 5,868 |
CommScope Technologies LLC 5.50% 20244 | 3,000 | 3,055 |
Diebold Nixdorf AG, Term Loan A1, (3-month USD-LIBOR + 9.25%) 9.438% 20222,3 | 76,293 | 76,579 |
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.938% 20232,3 | 7,255 | 6,902 |
Diebold, Inc. 8.50% 2024 | 37,380 | 29,760 |
Diebold, Inc., Term Loan A, (3-month USD-LIBOR + 4.75%) 4.938% 20221,2,3 | —10 | —10 |
Financial & Risk US Holdings, Inc. 6.25% 20264 | 9,604 | 10,202 |
Financial & Risk US Holdings, Inc. 8.25% 20264 | 32,199 | 34,903 |
Gartner, Inc. 4.50% 20284 | 48,050 | 48,732 |
Genesys Telecommunications Laboratories, Inc. 10.00% 20244 | 74,554 | 77,730 |
GoDaddy Operating Co. 5.25% 20274 | 4,209 | 4,292 |
Informatica Corp., Term Loan, 7.50% 20252 | 4,712 | 4,733 |
Internet Brands, Inc., Term Loan, (3-month USD-LIBOR + 7.50%) 8.572% 20252,3 | 16,117 | 15,432 |
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 3.00%) 3.179% 20232,3 | 3,809 | 3,800 |
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.25% 20242,3 | 98,852 | 98,905 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Information technology (continued) | Principal amount (000) | Value (000) |
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 3.934% 20242,3 | $14,065 | $13,714 |
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 8.50%) 9.50% 20252,3 | 7,014 | 6,990 |
Mitchell International, Inc., Term Loan B, (3-month USD-LIBOR + 7.25%) 7.428% 20252,3 | 10,581 | 9,523 |
MoneyGram International Inc., Term Loan B, (3-month USD-LIBOR + 6.00%) 7.00% 20232,3 | 24,591 | 22,931 |
Open Text Corp. 3.875% 20284 | 6,454 | 6,225 |
Open Text Corp. 4.125% 20304 | 7,130 | 7,022 |
Presidio Holdings Inc. 8.25% 20284 | 6,640 | 6,661 |
PTC Inc. 3.625% 20254 | 12,620 | 12,557 |
Sabre Holdings Corp. 5.25% 20234 | 1,394 | 1,287 |
Sabre Holdings Corp. 5.375% 20234 | 11,112 | 10,402 |
Sabre Holdings Corp. 9.25% 20254 | 6,454 | 6,829 |
Solera Holdings, Inc. 10.50% 20244 | 12,007 | 12,272 |
Tempo Acquisition LLC 6.75% 20254 | 16,453 | 16,710 |
Ultimate Software Group Inc., Term Loan, (3-month USD-LIBOR + 4.00%) 4.305% 20262,3 | 13,275 | 13,146 |
Ultimate Software Group Inc., Term Loan, (3-month USD-LIBOR + 6.75%) 7.055% 20272,3 | 33,050 | 33,690 |
VeriSign, Inc. 4.625% 2023 | 4,821 | 4,864 |
VeriSign, Inc. 5.25% 2025 | 3,068 | 3,406 |
Veritas Holdings Ltd. 7.50% 20234 | 45,062 | 44,550 |
Veritas Holdings Ltd. 10.50% 20244 | 32,582 | 29,280 |
Veritas US Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 5.50% 20232,3 | 23,973 | 22,235 |
Vertafore Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 7.428% 20262,3 | 29,090 | 28,886 |
ViaSat, Inc. 5.625% 20274 | 2,445 | 2,509 |
Xerox Corp. 4.125% 2023 | 3,854 | 3,860 |
971,730 | ||
Real estate 3.31% | ||
Brookfield Property REIT Inc. 5.75% 20264 | 74,376 | 63,022 |
Communications Sales & Leasing, Inc. 6.00% 20234 | 7,775 | 7,605 |
Diversified Healthcare Trust 4.75% 2024 | 4,950 | 4,464 |
Diversified Healthcare Trust 9.75% 2025 | 14,975 | 16,107 |
Equinix, Inc. 5.875% 2026 | 4,046 | 4,267 |
Equinix, Inc. 5.375% 2027 | 9,700 | 10,605 |
Hospitality Properties Trust 7.50% 2025 | 2,659 | 2,794 |
Howard Hughes Corp. 5.375% 20254 | 66,987 | 62,547 |
Iron Mountain Inc. 5.75% 2024 | 49,563 | 50,193 |
Iron Mountain Inc. 4.875% 20274 | 29,960 | 29,274 |
Iron Mountain Inc. 5.00% 20284 | 10,751 | 10,529 |
Iron Mountain Inc. 5.25% 20284 | 26,460 | 26,389 |
Iron Mountain Inc. 5.25% 20304 | 53,720 | 52,770 |
Medical Properties Trust, Inc. 5.00% 2027 | 19,172 | 19,760 |
Park Hotels & Resorts Inc. 7.50% 20254 | 12,275 | 12,605 |
Realogy Corp. 5.25% 20214 | 36,076 | 36,581 |
Realogy Corp. 4.875% 20234 | 49,068 | 46,032 |
Realogy Corp. 9.375% 20274 | 44,764 | 41,889 |
Realogy Group LLC 7.625% 20254 | 13,260 | 13,260 |
SBA Communications Corp. 4.00% 2022 | 12,768 | 12,941 |
SBA Communications Corp. 3.875% 20274 | 2,822 | 2,814 |
526,448 | ||
Utilities 3.03% | ||
AES Corp. 3.30% 20254 | 15,600 | 16,094 |
AES Corp. 5.50% 2025 | 12,545 | 12,914 |
AES Corp. 6.00% 2026 | 22,922 | 24,007 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Utilities (continued) | Principal amount (000) | Value (000) |
AES Corp. 5.125% 2027 | $14,005 | $14,565 |
AES Corp. 3.95% 20304 | 15,175 | 15,556 |
AmeriGas Partners, LP 5.50% 2025 | 5,257 | 5,431 |
AmeriGas Partners, LP 5.75% 2027 | 5,878 | 6,233 |
Calpine Corp. 5.75% 2025 | 7,102 | 7,194 |
Calpine Corp. 5.25% 20264 | 9,182 | 9,298 |
Calpine Corp. 5.125% 20284 | 8,282 | 8,113 |
Clearway Energy Operating LLC 4.75% 20284 | 6,375 | 6,508 |
DPL Inc. 4.125% 20254 | 19,740 | 19,795 |
DPL Inc. 4.35% 2029 | 5,850 | 5,932 |
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)6 | 18,225 | 19,742 |
Enel Società per Azioni 8.75% 2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)4,6 | 13,787 | 15,710 |
NextEra Energy Partners, LP 4.25% 20244 | 3,163 | 3,205 |
NextEra Energy Partners, LP 3.875% 20264 | 2,373 | 2,375 |
NGL Energy Partners LP 7.50% 2026 | 24,293 | 18,520 |
NRG Energy, Inc. 7.25% 2026 | 10,807 | 11,426 |
Pacific Gas and Electric Co. 2.45% 20225 | 6,920 | 7,567 |
Pacific Gas and Electric Co. 3.25% 2023 | 4,730 | 5,149 |
Pacific Gas and Electric Co. 2.50% 2031 | 10,075 | 9,875 |
Pacific Gas and Electric Co. 6.05% 20345 | 16,405 | 19,587 |
Pacific Gas and Electric Co. 3.30% 2040 | 4,000 | 3,902 |
Pacific Gas and Electric Co. 3.50% 2050 | 15,050 | 14,567 |
PG&E Corp. 5.00% 2028 | 27,895 | 27,860 |
PG&E Corp. 5.25% 2030 | 15,455 | 15,571 |
PG&E Corp., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.806% 20252,3 | 14,730 | 14,564 |
Talen Energy Corp. 6.50% 2025 | 715 | 484 |
Talen Energy Supply, LLC 10.50% 20264 | 70,447 | 55,858 |
Talen Energy Supply, LLC 7.25% 20274 | 60,282 | 60,083 |
Talen Energy Supply, LLC 7.625% 20284 | 17,950 | 17,984 |
Vistra Operations Co. LLC 3.55% 20244 | 5,769 | 5,958 |
481,627 | ||
Consumer staples 2.89% | ||
Albertsons Companies LLC 3.50% 20234 | 20,416 | 20,692 |
Albertsons Companies LLC 6.625% 2024 | 3,096 | 3,176 |
B&G Foods, Inc. 5.25% 2025 | 48,026 | 48,434 |
B&G Foods, Inc. 5.25% 2027 | 25,107 | 25,193 |
BJ’s Wholesale Club Inc., Term Loan, (3-month USD-LIBOR + 2.25%) 2.435% 20242,3 | 4,476 | 4,349 |
CD&R Smokey Buyer, Inc. 6.75% 20254 | 6,840 | 7,130 |
Central Garden & Pet Co. 6.125% 2023 | 4,300 | 4,402 |
Darling Ingredients Inc. 5.25% 20274 | 3,888 | 4,007 |
Edgewell Personal Care Co. 5.50% 20284 | 16,960 | 17,479 |
Energizer Holdings, Inc. 6.375% 20264 | 19,442 | 20,151 |
Energizer Holdings, Inc. 7.75% 20274 | 8,059 | 8,612 |
Energizer SpinCo, Inc. 5.50% 20254 | 5,813 | 5,922 |
H.J. Heinz Co. 3.875% 20274 | 17,995 | 18,829 |
H.J. Heinz Co. 4.25% 20314 | 19,378 | 20,585 |
H.J. Heinz Co. 5.50% 20504 | 6,975 | 7,460 |
Herbalife Nutrition Ltd. 7.875% 20254 | 6,335 | 6,553 |
Kraft Heinz Co. 3.95% 2025 | 11,648 | 12,454 |
Kraft Heinz Co. 3.00% 2026 | 9,870 | 9,985 |
Kraft Heinz Co. 3.75% 20304 | 2,285 | 2,361 |
Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Consumer staples (continued) | Principal amount (000) | Value (000) |
Kraft Heinz Co. 4.375% 2046 | $16,889 | $16,623 |
Lamb Weston Holdings, Inc. 4.625% 20244 | 7,754 | 8,065 |
Nestle Skin Health SA, Term Loan B1, (3-month USD-LIBOR + 4.25%) 5.322% 20262,3 | 27,957 | 26,814 |
Post Holdings, Inc. 5.00% 20264 | 23,387 | 23,520 |
Post Holdings, Inc. 5.625% 20284 | 15,185 | 15,752 |
Post Holdings, Inc. 5.50% 20294 | 14,799 | 15,329 |
Post Holdings, Inc. 4.625% 20304 | 54,711 | 53,789 |
Prestige Brands International Inc. 6.375% 20244 | 11,516 | 11,891 |
Prestige Brands International Inc. 5.125% 20284 | 11,533 | 11,389 |
Spectrum Brands Inc. 5.75% 2025 | 3,272 | 3,368 |
TreeHouse Foods, Inc. 4.875% 2022 | 2,000 | 2,007 |
TreeHouse Foods, Inc. 6.00% 20244 | 23,051 | 23,572 |
459,893 | ||
Total corporate bonds & notes | 14,766,809 | |
U.S. Treasury bonds & notes 0.26% U.S. Treasury 0.26% | ||
U.S. Treasury 2.50% 202011 | 40,000 | 40,465 |
Bonds & notes of governments & government agencies outside the U.S. 0.02% | ||
Honduras (Republic of) 5.625% 20304 | 3,280 | 3,344 |
Municipals 0.00% Puerto Rico 0.00% | ||
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-B, 5.35% 2027 | 50 | 47 |
Total bonds, notes & other debt instruments (cost: $16,081,649,000) | 14,810,665 | |
Convertible bonds & notes 0.56% Communication services 0.30% | ||
DISH DBS Corp., convertible notes, 3.375% 2026 | 38,195 | 35,182 |
Gogo Inc., convertible notes, 6.00% 2022 | 3,813 | 2,682 |
Live Nation Entertainment, Inc., convertible notes, 2.50% 2023 | 5,655 | 5,750 |
Live Nation Entertainment, Inc., convertible notes, 2.125% 20254 | 4,500 | 3,873 |
47,487 | ||
Consumer discretionary 0.14% | ||
Burlington Stores, Inc., convertible notes, 2.25% 20254 | 4,000 | 4,566 |
Dick’s Sporting Goods Inc., convertible notes, 3.25% 20254 | 3,645 | 5,063 |
Penn National Gaming, Inc., convertibles notes, 2.75% 2026 | 4,100 | 6,162 |
Royal Caribbean Cruises Ltd., convertible notes, 4.25% 20234 | 5,800 | 5,423 |
21,214 | ||
Energy 0.05% | ||
CNX Resources Corp., convertibles notes, 2.25% 20264 | 4,200 | 3,875 |
EQT Corp., convertible notes, 1.75% 20264 | 4,000 | 4,158 |
8,033 | ||
Industrials 0.04% | ||
Southwest Airlines Co., convertibles notes, 1.25% 2025 | 5,200 | 6,271 |
Convertible bonds & notes (continued) Information technology 0.03% | Principal amount (000) | Value (000) |
Sabre Holdings Corp., convertible notes, 4.00% 20254 | $4,000 | $5,120 |
Total convertible bonds & notes (cost: $89,956,000) | 88,125 | |
Convertible stocks 0.41% Financials 0.17% | Shares | |
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 20234 | 26,724 | 27,327 |
Utilities 0.09% | ||
PG&E Corp., convertible preferred units, 5.50% 202312 | 57,000 | 5,472 |
Essential Utilities, Inc., convertible preferred units, 6.00% 2022 | 83,000 | 4,693 |
American Electric Power Co., Inc., convertible preferred shares, 6.125% 2022 | 80,000 | 3,872 |
14,037 | ||
Real estate 0.05% | ||
Crown Castle International Corp. REIT, Series A, convertible preferred shares, 6.875% 2020 | 5,000 | 7,426 |
Health care 0.04% | ||
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023 | 3,140 | 3,371 |
Becton, Dickinson and Co., Series B, convertible preferred shares, 6.00% 2023 | 63,000 | 3,352 |
6,723 | ||
Industrials 0.03% | ||
Associated Materials, LLC, convertible preferred shares, 14.00% 20201,8 | 43,400 | 4,915 |
Information technology 0.03% | ||
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 4,370 | 4,870 |
Total convertible stocks (cost: $99,845,000) | 65,298 | |
Preferred securities 0.12% Consumer discretionary 0.11% | ||
Neiman Marcus Group Ltd. LLC, preferred shares4,12 | 23,426,848 | 16,961 |
16,961 | ||
Financials 0.01% | ||
Ladenburg Thalmann Financial Services Inc., noncumulative, preferred shares | 80,000 | 1,360 |
1,360 | ||
Total preferred securities (cost: $13,835,000) | 18,321 | |
Common stocks 1.25% Health care 0.63% | ||
Rotech Healthcare Inc.1,7,8,12,13 | 1,916,276 | 91,981 |
Advanz Pharma Corp. Ltd.7,12,13 | 2,244,779 | 6,847 |
Advanz Pharma Corp. Ltd.7,12 | 433,351 | 1,322 |
100,150 |
Common stocks (continued) Energy 0.24% | Shares | Value (000) |
Ascent Resources - Utica, LLC, Class A1,7,8,12,13 | 90,532,504 | $18,106 |
McDermott International, Inc.1,8 | 3,921,723 | 11,035 |
McDermott International, Inc.12 | 140,912 | —10 |
Tribune Resources, LLC1,7,8,12 | 6,028,136 | 3,858 |
Weatherford International12 | 1,929,240 | 3,801 |
Mesquite Energy, Inc.1,8 | 109,992 | 825 |
Southwestern Energy Co.12 | 229,524 | 588 |
Denbury Resources Inc.12 | 60,000 | 17 |
Tapstone Energy, LLC1,4,7,8,12 | 498,479 | 5 |
Sable Permian Resources, LLC, units1,8,12 | 179,034,416 | —10 |
Petroplus Holdings AG1,8,12 | 3,360,000 | —10 |
38,235 | ||
Materials 0.14% | ||
Hexion Holdings Corp., Class B12 | 2,820,060 | 19,035 |
First Quantum Minerals Ltd. | 474,000 | 3,778 |
22,813 | ||
Information technology 0.09% | ||
MoneyGram International, Inc.12 | 2,497,886 | 8,018 |
Diebold Nixdorf, Inc.12 | 1,005,000 | 6,091 |
14,109 | ||
Consumer discretionary 0.04% | ||
Chewy, Inc., Class A12 | 150,000 | 6,703 |
Communication services 0.04% | ||
iHeartMedia, Inc., Class A12 | 378,645 | 3,162 |
Cumulus Media Inc., Class A12 | 561,642 | 2,218 |
Clear Channel Outdoor Holdings, Inc.12 | 890,868 | 927 |
Adelphia Recovery Trust, Series Arahova1,8,12 | 1,773,964 | 7 |
Adelphia Recovery Trust, Series ACC-11,8,12 | 10,643,283 | 5 |
6,319 | ||
Utilities 0.04% | ||
Vistra Corp. | 299,690 | 5,580 |
Financials 0.03% | ||
Navient Corp. | 750,000 | 5,272 |
Total common stocks (cost: $365,566,000) | 199,181 | |
Rights & warrants 0.01% Energy 0.01% | ||
McDermott International, Inc., warrants, expire 20271,8 | 2,740,164 | 2,151 |
Ultra Petroleum Corp., warrants, expire 202512 | 1,053,850 | 37 |
Tribune Resources, LLC, Class A, warrants, expire 20231,7,8,12 | 2,032,968 | —10 |
Tribune Resources, LLC, Class B, warrants, expire 20231,7,8,12 | 1,581,198 | —10 |
Tribune Resources, LLC, Class C, warrants, expire 20231,7,8,12 | 1,480,250 | —10 |
2,188 |
Rights & warrants (continued) Industrials 0.00% | Shares | Value (000) |
Associated Materials, LLC, warrants, expire 20231,8,12 | 616,536 | $—10 |
Total rights & warrants (cost: $2,723,000) | 2,188 | |
Short-term securities 4.84% Money market investments 4.84% | ||
Capital Group Central Cash Fund 0.18%14 | 7,696,039 | 769,681 |
Total short-term securities (cost: $769,851,000) | 769,681 | |
Total investment securities 100.37% (cost: $17,423,425,000) | 15,953,459 | |
Other assets less liabilities (0.37)% | (58,234) | |
Net assets 100.00% | $15,895,225 |
Receive | Pay/ Payment frequency | Expiration date | Notional (000) | Value at 6/30/2020 (000) | Upfront premium received (000) | Unrealized appreciation at 6/30/2020 (000) |
CDX.NA.HY.25 | 5.00%/Quarterly | 6/20/2025 | $158,745 | $1,095 | $(2,731) | $3,826 |
Beginning shares or principal amount | Additions | Reductions | Ending shares or principal amount | Net realized loss (000) | Net unrealized (depreciation) appreciation (000) | Dividend or interest income (000) | Value of affiliates at 6/30/2020 (000) | |
Bonds, notes & other debt instruments 0.02% | ||||||||
Health care 0.02% | ||||||||
Concordia International Corp. 8.00% 2024 | $3,251,000 | — | — | $3,251,000 | $— | $(133) | $157 | $3,007 |
Concordia International Corp., Term Loan, (3-month USD-LIBOR + 5.50%) 6.568% 20242,3 | $883,960 | $30,840 | $13,530 | $901,270 | (1) | (5) | 41 | 837 |
3,844 | ||||||||
Energy 0.00% | ||||||||
Ascent Resources Marcellus Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 6.50%) 7.50% 20233,15 | $7,958,333 | — | $7,958,333 | — | (4,050) | 4,890 | — | — |
Total bonds, notes & other debt instruments | 3,844 | |||||||
Common stocks 0.77% | ||||||||
Health care 0.63% | ||||||||
Rotech Healthcare Inc.1,8,12,13 | 1,916,276 | — | — | 1,916,276 | — | 65,153 | — | 91,981 |
Advanz Pharma Corp. Ltd.12,13 | 2,244,779 | — | — | 2,244,779 | — | (20,111) | — | 6,847 |
Advanz Pharma Corp. Ltd.12 | 433,351 | — | — | 433,351 | — | (3,882) | — | 1,322 |
100,150 |
Beginning shares or principal amount | Additions | Reductions | Ending shares or principal amount | Net realized loss (000) | Net unrealized (depreciation) appreciation (000) | Dividend or interest income (000) | Value of affiliates at 6/30/2020 (000) | |
Energy 0.14% | ||||||||
Ascent Resources - Utica, LLC, Class A1,8,12,13 | 90,532,504 | — | — | 90,532,504 | $— | $905 | $— | $18,106 |
Tribune Resources, LLC1,8,12 | 6,028,136 | — | — | 6,028,136 | — | (9,705) | — | 3,858 |
Tapstone Energy, LLC1,4,8,12 | — | 498,479 | — | 498,479 | — | — | — | 5 |
White Star Petroleum Corp., Class A1,12,15 | 24,665,117 | — | 24,665,117 | — | (16,491) | 16,244 | — | — |
Jones Energy II, Inc., Class A1,12,15 | 475,238 | — | 475,238 | — | (727) | 1,945 | — | — |
21,969 | ||||||||
Total common stocks | 122,119 | |||||||
Rights & warrants 0.00% | ||||||||
Energy 0.00% | ||||||||
Tribune Resources, LLC, Class A, warrants, expire 20231,8,12 | 2,032,968 | — | — | 2,032,968 | — | (155) | — | —10 |
Tribune Resources, LLC, Class B, warrants, expire 20231,8,12 | 1,581,198 | — | — | 1,581,198 | — | (81) | — | —10 |
Tribune Resources, LLC, Class C, warrants, expire 20231,8,12 | 1,480,250 | — | — | 1,480,250 | — | (54) | — | —10 |
—10 | ||||||||
Total 0.79% | $(21,269) | $55,011 | $198 | $125,963 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $257,115,000, which represented 1.62% of the net assets of the fund. |
2 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $880,253,000, which represented 5.54% of the net assets of the fund. |
3 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
4 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $9,798,432,000, which represented 61.64% of the net assets of the fund. |
5 | Scheduled interest and/or principal payment was not received. |
6 | Step bond; coupon rate may change at a later date. |
7 | Represents an affiliated company as defined under the Investment Company Act of 1940. |
8 | Value determined using significant unobservable inputs. |
9 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted. |
10 | Amount less than one thousand. |
11 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $13,958,000, which represented .09% of the net assets of the fund. |
12 | Security did not produce income during the last 12 months. |
13 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
14 | Rate represents the seven-day yield at 6/30/2020. |
15 | Unaffiliated issuer at 6/30/2020. |
Private placement securities | Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets |
Rotech Healthcare Inc. | 9/26/2013 | $41,128 | $91,981 | .58% |
Ascent Resources - Utica, LLC, Class A | 4/25/2016-11/15/2016 | 4,340 | 18,106 | .12 |
Advanz Pharma Corp. Ltd. | 8/31/2018 | 28,414 | 6,847 | .04 |
Total private placement securities | $ 73,882 | $ 116,934 | .74% |
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds & notes; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Bonds, notes & other debt instruments: | ||||
Corporate bonds & notes | $— | $14,665,782 | $101,027 | $14,766,809 |
U.S. Treasury bonds & notes | — | 40,465 | — | 40,465 |
Bonds & notes of governments & government agencies outside the U.S. | — | 3,344 | — | 3,344 |
Municipals | — | 47 | — | 47 |
Convertible bonds & notes | — | 88,125 | — | 88,125 |
Convertible stocks | 33,056 | 27,327 | 4,915 | 65,298 |
Preferred securities | 1,360 | 16,961 | — | 18,321 |
Common stocks | 73,359 | — | 125,822 | 199,181 |
Rights & warrants | — | 37 | 2,151 | 2,188 |
Short-term securities | 769,681 | — | — | 769,681 |
Total | $877,456 | $14,842,088 | $233,915 | $15,953,459 |
Other investments* | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Unrealized appreciation on credit default swaps | $— | $3,826 | $— | $3,826 |
* | Credit default swaps are not included in the investment portfolio. |
Beginning value at 10/1/2019 | Transfers into Level 3† | Purchases | Sales | Net realized loss | Unrealized depreciation | Transfers out of Level 3† | Ending value at 6/30/2020 | |
Investment securities | $191,236 | $43,033 | $201,363 | $(79,319) | $(22,116) | $(50,362) | $(49,920) | $233,915 |
Net unrealized depreciation during the period on Level 3 investment securities held at June 30, 2020 | $(23,627) |
† | Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. |
Value at 6/30/2020 | Valuation techniques | Unobservable inputs | Range (if appropriate) | Weighted average | Impact to valuation from an increase in input* | |
Bonds, notes & other debt instruments | $ 101,027 | Market comparables | $ per acre | $2.7K | $2.7K | Increase |
$ per thousand Boe per day | $12.5K | $12.5K | Increase | |||
Enterprise value/EBITDA multiple | 2.0x - 4.0x | 3.0x | Increase | |||
Risk discount | 0% | 0% | Decrease | |||
Recent market information | N/A | N/A | N/A | N/A | ||
Estimated recovery value | N/A | N/A | N/A | N/A | ||
Yield analysis | Yield to maturity risk premium | 200 bps | 200 bps | Decrease | ||
Convertible stocks | 4,915 | Enterprise value multiple | Enterprise value/EBITDA less CapEx multiple | 10.0x | 10.0x | Increase |
Common stocks | 125,822 | De minimis | N/A | N/A | N/A | N/A |
Estimated recovery value | N/A | N/A | N/A | N/A | ||
Market comparables | Enterprise value/EBITDA multiple | 7.1x -7.3x | 7.1x | Increase | ||
DLOM | 21% | 21% | Decrease | |||
Risk discount | 0% | 0% | Decrease | |||
Enterprise value multiple | Enterprise value/EBITDA less CapEx multiple | 10.2x | 10.2x | Increase | ||
Recent market information | N/A | N/A | N/A | N/A | ||
Rights & warrants | 2,151 | Black-Scholes | Implied volatility | 30% | 30% | Increase |
Underlying share price | N/A | N/A | N/A | |||
De minimis | N/A | N/A | N/A | N/A | ||
Recent market information | N/A | N/A | N/A | N/A | ||
$233,915 |
* | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |
Key to abbreviations and symbol |
Auth. = Authority |
Boe = Barrels of oil equivalent |
DLOM = Discount for lack of marketability |
EBITDA = Earnings before income taxes, depreciation and amortization |
ICE = Intercontinental Exchange, Inc. |
LIBOR = London Interbank Offered Rate |
Rev. = Revenue |
SOFR = Secured Overnight Financing Rate |
USD/$ = U.S. dollars |
MFGEFP3-021-0820O-S78049 | American High-Income Trust — Page 25 of 25 |