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Bonds, notes & other debt instruments 88.60% Corporate bonds, notes & loans 88.42% Energy 13.95% | Principal amount (000) | Value (000) | |
Aethon United BR, LP / Aethon United Finance Corp. 8.25% 2/15/20261 | USD6,600 | $6,555 | |
Altera Infrastructure, LP 8.50% 7/15/20231,2,3 | 27,286 | 5,097 | |
Antero Midstream Partners, LP 5.375% 6/15/20291 | 10,095 | 9,243 | |
Antero Resources Corp. 7.625% 2/1/20291 | 4,356 | 4,386 | |
Antero Resources Corp. 5.375% 3/1/20301 | 4,600 | 4,271 | |
Apache Corp. 4.625% 11/15/2025 | 5,540 | 5,356 | |
Apache Corp. 6.00% 1/15/2037 | 2,910 | 2,699 | |
Apache Corp. 5.10% 9/1/2040 | 13,635 | 11,330 | |
Apache Corp. 4.75% 4/15/2043 | 5,725 | 4,330 | |
Apache Corp. 4.25% 1/15/2044 | 270 | 191 | |
Apache Corp. 5.35% 7/1/2049 | 150 | 121 | |
Ascent Resources - Utica, LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 11/1/20251,4,5 | 4,446 | 4,709 | |
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20261 | 38,410 | 37,318 | |
Ascent Resources Utica Holdings, LLC 9.00% 11/1/20271 | 4,380 | 5,413 | |
Ascent Resources Utica Holdings, LLC 8.25% 12/31/20281 | 4,042 | 3,967 | |
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291 | 21,835 | 19,497 | |
BIP-V Chinook Holdco, LLC 5.50% 6/15/20311 | 35,080 | 30,708 | |
Blue Racer Midstream, LLC 7.625% 12/15/20251 | 9,754 | 9,694 | |
Bonanza Creek Energy, Inc. 5.00% 10/15/20261 | 17,860 | 16,351 | |
California Resources Corp. 7.125% 2/1/20261 | 6,275 | 6,038 | |
Callon Petroleum Co. 7.50% 6/15/20301 | 10,050 | 9,209 | |
Cenovus Energy, Inc. 5.375% 7/15/2025 | 204 | 203 | |
Cenovus Energy, Inc. 4.25% 4/15/2027 | 390 | 373 | |
Cenovus Energy, Inc. 5.25% 6/15/2037 | 400 | 366 | |
Cenovus Energy, Inc. 5.40% 6/15/2047 | 390 | 351 | |
Centennial Resource Production, LLC 6.875% 4/1/20271 | 6,752 | 6,380 | |
Cheniere Energy Partners, LP 4.50% 10/1/2029 | 19,427 | 17,513 | |
Cheniere Energy Partners, LP 4.00% 3/1/2031 | 8,180 | 6,975 | |
Cheniere Energy Partners, LP 3.25% 1/31/2032 | 12,185 | 9,700 | |
Cheniere Energy, Inc. 4.625% 10/15/2028 | 75,403 | 68,299 | |
Chesapeake Energy Corp. 4.875% 4/15/20222 | 28,871 | 650 | |
Chesapeake Energy Corp. 5.75% 3/15/20232 | 1,730 | 39 | |
Chesapeake Energy Corp. 5.50% 2/1/20261 | 20,225 | 19,543 | |
Chesapeake Energy Corp. 5.875% 2/1/20291 | 33,275 | 31,576 | |
Chesapeake Energy Corp. 6.75% 4/15/20291 | 7,520 | 7,332 | |
CNX Midstream Partners, LP 4.75% 4/15/20301 | 5,745 | 4,722 | |
CNX Resources Corp. 7.25% 3/14/20271 | 23,882 | 23,744 | |
CNX Resources Corp. 6.00% 1/15/20291 | 29,358 | 27,057 | |
CNX Resources Corp. 7.375% 1/15/20311 | 17,089 | 16,403 | |
Comstock Resources, Inc. 6.75% 3/1/20291 | 16,495 | 14,917 | |
Comstock Resources, Inc. 5.875% 1/15/20301 | 15,605 | 13,436 | |
Constellation Oil Services Holding SA 13.50% 6/30/20251,3 | 5,794 | 5,794 | |
Constellation Oil Services Holding SA 4.00% PIK 12/31/20266 | 46,128 | 27,302 | |
Continental Resources, Inc. 5.75% 1/15/20311 | 7,250 | 6,763 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Energy (continued) | Principal amount (000) | Value (000) | |
Crestwood Midstream Partners, LP 5.75% 4/1/2025 | USD4,990 | $4,863 | |
Crestwood Midstream Partners, LP 5.625% 5/1/20271 | 5,000 | 4,659 | |
Crestwood Midstream Partners, LP 6.00% 2/1/20291 | 9,825 | 9,029 | |
Crestwood Midstream Partners, LP 8.00% 4/1/20291 | 33,755 | 33,639 | |
Devon Energy Corp. 5.875% 6/15/2028 | 2,830 | 2,865 | |
Devon Energy Corp. 4.50% 1/15/2030 | 10,040 | 9,370 | |
Diamond Foreign Asset Co. 9.00% Cash 4/22/20271,5,6 | 2,584 | 2,455 | |
Diamond Foreign Asset Co. 9.00% Cash 4/22/20276 | 2,337 | 2,220 | |
DT Midstream, Inc. 4.125% 6/15/20291 | 28,835 | 24,828 | |
DT Midstream, Inc. 4.375% 6/15/20311 | 16,380 | 13,763 | |
Encino Acquisition Partners Holdings, LLC 8.50% 5/1/20281 | 684 | 626 | |
Energean Israel Finance, Ltd. 4.50% 3/30/20241 | 17,855 | 17,270 | |
Energean Israel Finance, Ltd. 4.875% 3/30/20261 | 20,000 | 18,564 | |
Energean Israel Finance, Ltd. 5.875% 3/30/20311 | 1,580 | 1,385 | |
Energean PLC 6.50% 4/30/20271 | 9,930 | 9,252 | |
EnLink Midstream Partners, LLC 5.625% 1/15/20281 | 5,800 | 5,533 | |
EQM Midstream Partners, LP 6.00% 7/1/20251 | 4,000 | 3,867 | |
EQM Midstream Partners, LP 4.125% 12/1/2026 | 3,011 | 2,684 | |
EQM Midstream Partners, LP 7.50% 6/1/20271 | 8,031 | 7,875 | |
EQM Midstream Partners, LP 6.50% 7/1/20271 | 42,825 | 41,005 | |
EQM Midstream Partners, LP 5.50% 7/15/2028 | 17,346 | 15,541 | |
EQM Midstream Partners, LP 4.50% 1/15/20291 | 21,410 | 18,014 | |
EQM Midstream Partners, LP 7.50% 6/1/20301 | 21,425 | 20,673 | |
EQM Midstream Partners, LP 4.75% 1/15/20311 | 32,135 | 26,333 | |
EQM Midstream Partners, LP 6.50% 7/15/2048 | 18,103 | 13,602 | |
EQT Corp. 6.125% 2/1/20257 | 5,052 | 5,072 | |
EQT Corp. 5.00% 1/15/2029 | 6,915 | 6,515 | |
EQT Corp. 7.25% 2/1/20307 | 5,395 | 5,604 | |
EQT Corp. 3.625% 5/15/20311 | 9,080 | 7,708 | |
Genesis Energy, LP 5.625% 6/15/2024 | 2,765 | 2,674 | |
Genesis Energy, LP 6.50% 10/1/2025 | 32,102 | 30,731 | |
Genesis Energy, LP 6.25% 5/15/2026 | 6,115 | 5,605 | |
Genesis Energy, LP 8.00% 1/15/2027 | 55,399 | 52,398 | |
Genesis Energy, LP 7.75% 2/1/2028 | 7,180 | 6,620 | |
Harbour Energy PLC 5.50% 10/15/20261 | 32,030 | 28,764 | |
Harvest Midstream I, LP 7.50% 9/1/20281 | 36,075 | 34,519 | |
Hess Midstream Operations, LP 4.25% 2/15/20301 | 25,875 | 22,156 | |
Hess Midstream Operations, LP 5.50% 10/15/20301 | 12,720 | 11,654 | |
Hess Midstream Partners, LP 5.125% 6/15/20281 | 16,888 | 15,646 | |
Hilcorp Energy I, LP 6.25% 11/1/20281 | 3,515 | 3,187 | |
Hilcorp Energy I, LP 5.75% 2/1/20291 | 19,025 | 16,961 | |
Hilcorp Energy I, LP 6.00% 4/15/20301 | 18,338 | 16,334 | |
Hilcorp Energy I, LP 6.00% 2/1/20311 | 14,567 | 12,620 | |
Hilcorp Energy I, LP 6.25% 4/15/20321 | 16,545 | 14,301 | |
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/20271 | 4,305 | 4,235 | |
Holly Energy Partners, LP / Holly Energy Finance Corp. 5.00% 2/1/20281 | 5,034 | 4,592 | |
Howard Midstream Energy Partners, LLC 6.75% 1/15/20271 | 8,950 | 8,590 | |
Independence Energy Finance, LLC 7.25% 5/1/20261 | 8,650 | 8,162 | |
Kinetik Holdings, LP 5.875% 6/15/20301 | 10,050 | 9,438 | |
Murphy Oil Corp. 5.75% 8/15/2025 | 2,768 | 2,725 | |
Murphy Oil Corp. 5.625% 5/1/2027 | 2,730 | 2,656 | |
Murphy Oil Corp. 6.375% 7/15/2028 | 8,000 | 7,712 | |
Murphy Oil USA, Inc. 4.75% 9/15/2029 | 16,330 | 14,971 | |
Murphy Oil USA, Inc. 3.75% 2/15/20311 | 19,480 | 16,068 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Energy (continued) | Principal amount (000) | Value (000) | |
Nabors Industries, Inc. 7.375% 5/15/20271 | USD30,625 | $29,702 | |
Nabors Industries, Ltd. 7.25% 1/15/20261 | 6,500 | 6,136 | |
Neptune Energy Group Holdings, Ltd. 6.625% 5/15/20251 | 21,325 | 20,744 | |
New Fortress Energy, Inc. 6.75% 9/15/20251 | 30,685 | 29,093 | |
New Fortress Energy, Inc. 6.50% 9/30/20261 | 82,518 | 76,791 | |
NGL Energy Operating, LLC 7.50% 2/1/20261 | 173,599 | 154,871 | |
NGL Energy Partners, LP 6.125% 3/1/2025 | 41,177 | 33,624 | |
NGL Energy Partners, LP 7.50% 4/15/2026 | 14,050 | 10,770 | |
NGPL PipeCo, LLC 4.875% 8/15/20271 | 1,010 | 961 | |
Northern Oil and Gas, Inc. 8.125% 3/1/20281 | 35,660 | 34,285 | |
NorthRiver Midstream Finance, LP 5.625% 2/15/20261 | 10,800 | 10,247 | |
NuStar Logistics, LP 6.00% 6/1/2026 | 6,129 | 5,912 | |
Oasis Petroleum, Inc. 6.375% 6/1/20261 | 19,756 | 19,268 | |
Occidental Petroleum Corp. 2.90% 8/15/2024 | 10,480 | 10,055 | |
Occidental Petroleum Corp. 5.875% 9/1/2025 | 12,395 | 12,370 | |
Occidental Petroleum Corp. 3.00% 2/15/2027 | 500 | 455 | |
Occidental Petroleum Corp. 6.375% 9/1/2028 | 4,575 | 4,625 | |
Occidental Petroleum Corp. 8.875% 7/15/2030 | 12,675 | 14,331 | |
Occidental Petroleum Corp. 6.625% 9/1/2030 | 20,235 | 20,956 | |
Occidental Petroleum Corp. 6.125% 1/1/2031 | 11,610 | 11,739 | |
Occidental Petroleum Corp. 6.45% 9/15/2036 | 2,735 | 2,796 | |
Occidental Petroleum Corp. 6.60% 3/15/2046 | 7,290 | 7,518 | |
Occidental Petroleum Corp. 4.20% 3/15/2048 | 2,543 | 1,957 | |
Parkland Corp. 4.625% 5/1/20301 | 15,355 | 12,728 | |
Patterson-UTI Energy, Inc. 5.15% 11/15/2029 | 1,595 | 1,433 | |
PDC Energy, Inc. 5.75% 5/15/2026 | 12,000 | 11,474 | |
Petrobras Global Finance Co. 6.75% 6/3/2050 | 5,701 | 4,986 | |
Petrobras Global Finance Co. 5.50% 6/10/2051 | 3,999 | 3,072 | |
Petróleos Mexicanos 6.875% 10/16/2025 | 6,200 | 6,079 | |
Petróleos Mexicanos 8.75% 6/2/2029 | 14,137 | 13,275 | |
Petrorio Luxembourg SARL 6.125% 6/9/20261 | 6,800 | 6,480 | |
Range Resources Corp. 4.875% 5/15/2025 | 5,803 | 5,522 | |
Range Resources Corp. 8.25% 1/15/2029 | 17,375 | 17,927 | |
Range Resources Corp. 4.75% 2/15/20301 | 19,510 | 17,219 | |
Rockies Express Pipeline, LLC 4.95% 7/15/20291 | 11,193 | 10,078 | |
Sabine Pass Liquefaction, LLC 4.50% 5/15/2030 | 4,569 | 4,246 | |
Sanchez Energy Corp. 7.25% 2/15/20231,2 | 22,796 | 370 | |
SM Energy Co. 5.625% 6/1/2025 | 5,270 | 5,067 | |
SM Energy Co. 6.50% 7/15/2028 | 2,910 | 2,794 | |
Southwestern Energy Co. 5.95% 1/23/20257 | 7,548 | 7,428 | |
Southwestern Energy Co. 7.75% 10/1/2027 | 5,284 | 5,394 | |
Southwestern Energy Co. 8.375% 9/15/2028 | 11,445 | 11,819 | |
Southwestern Energy Co. 5.375% 2/1/2029 | 6,470 | 6,007 | |
Southwestern Energy Co. 5.375% 3/15/2030 | 41,000 | 37,472 | |
Southwestern Energy Co. 4.75% 2/1/2032 | 24,695 | 21,152 | |
Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 6/1/20311 | 4,610 | 3,924 | |
Sunoco, LP 6.00% 4/15/2027 | 12,591 | 12,420 | |
Sunoco, LP 5.875% 3/15/2028 | 4,885 | 4,635 | |
Sunoco, LP 4.50% 5/15/2029 | 32,425 | 28,409 | |
Sunoco, LP 4.50% 4/30/2030 | 31,235 | 27,156 | |
Superior Plus, LP and Superior General Partner, Inc. 4.50% 3/15/20291 | 7,994 | 6,846 | |
Tallgrass Energy Partners, LP 7.50% 10/1/20251 | 2,535 | 2,562 | |
Targa Resources Partners, LP 6.50% 7/15/2027 | 4,322 | 4,356 | |
Targa Resources Partners, LP 6.875% 1/15/2029 | 18,530 | 18,710 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Energy (continued) | Principal amount (000) | Value (000) | |
Targa Resources Partners, LP 5.50% 3/1/2030 | USD16,729 | $15,766 | |
Targa Resources Partners, LP 4.875% 2/1/2031 | 13,835 | 12,511 | |
Transocean Guardian, Ltd. 5.875% 1/15/20241 | 1,531 | 1,497 | |
Transocean Poseidon, Ltd. 6.875% 2/1/20271 | 5,495 | 5,356 | |
Transocean, Inc. 6.125% 8/1/20251 | 3,682 | 3,616 | |
Transocean, Inc. 7.25% 11/1/20251 | 8,700 | 7,707 | |
Transocean, Inc. 11.50% 1/30/20271 | 1,905 | 1,913 | |
Transocean, Inc. 6.80% 3/15/2038 | 5,825 | 3,687 | |
USA Compression Partners, LP 6.875% 4/1/2026 | 15,811 | 15,193 | |
USA Compression Partners, LP 6.875% 9/1/2027 | 2,403 | 2,251 | |
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311 | 53,160 | 45,385 | |
Venture Global Calcasieu Pass, LLC 3.875% 11/1/20331 | 11,525 | 9,436 | |
Weatherford International, Ltd. 11.00% 12/1/20241 | 3,628 | 3,714 | |
Weatherford International, Ltd. 6.50% 9/15/20281 | 42,845 | 42,063 | |
Weatherford International, Ltd. 8.625% 4/30/20301 | 70,620 | 67,943 | |
Western Gas Partners, LP 4.50% 3/1/2028 | 15,688 | 14,479 | |
Western Gas Partners, LP 5.45% 4/1/2044 | 985 | 820 | |
Western Midstream Operating, LP 3.35% 2/1/20257 | 4,955 | 4,697 | |
Western Midstream Operating, LP 4.75% 8/15/2028 | 2,830 | 2,590 | |
Western Midstream Operating, LP 4.30% 2/1/20307 | 9,650 | 8,445 | |
Western Midstream Operating, LP 5.50% 2/1/20507 | 15,200 | 12,549 | |
2,315,918 | |||
Consumer discretionary 12.46% | |||
Adient Global Holdings, Ltd. 4.875% 8/15/20261 | 9,660 | 9,007 | |
Affinity Gaming 6.875% 12/15/20271 | 18,800 | 15,963 | |
Allied Universal Holdco, LLC 6.625% 7/15/20261 | 8,658 | 7,940 | |
Allied Universal Holdco, LLC 9.75% 7/15/20271 | 14,407 | 12,565 | |
Allied Universal Holdco, LLC 4.625% 6/1/20281 | 14,520 | 12,020 | |
Allied Universal Holdco, LLC 6.00% 6/1/20291 | 55,202 | 40,135 | |
Asbury Automotive Group, Inc. 4.50% 3/1/2028 | 5,000 | 4,408 | |
Asbury Automotive Group, Inc. 4.625% 11/15/20291 | 30,700 | 25,905 | |
Asbury Automotive Group, Inc. 5.00% 2/15/20321 | 21,090 | 17,378 | |
Atlas LuxCo 4 SARL 4.625% 6/1/20281 | 7,925 | 6,435 | |
AutoNation, Inc. 2.40% 8/1/2031 | 12,000 | 8,657 | |
Bath & Body Works, Inc. 6.625% 10/1/20301 | 7,375 | 6,933 | |
Bath & Body Works, Inc. 6.875% 11/1/2035 | 26,468 | 23,575 | |
Bath & Body Works, Inc. 6.75% 7/1/2036 | 13,030 | 11,476 | |
Beazer Homes USA, Inc. 5.875% 10/15/2027 | 10,802 | 9,466 | |
Boyd Gaming Corp. 4.75% 12/1/2027 | 8,389 | 7,826 | |
Boyd Gaming Corp. 4.75% 6/15/20311 | 6,835 | 5,955 | |
Boyne USA, Inc. 4.75% 5/15/20291 | 10,995 | 9,745 | |
Caesars Entertainment, Inc. 6.25% 7/1/20251 | 15,390 | 14,985 | |
Caesars Entertainment, Inc. 8.125% 7/1/20271 | 14,360 | 14,139 | |
Caesars Entertainment, Inc. 4.625% 10/15/20291 | 11,022 | 8,989 | |
Caesars Resort Collection, LLC 5.75% 7/1/20251 | 6,965 | 6,828 | |
Carnival Corp. 10.50% 2/1/20261 | 27,520 | 27,697 | |
Carnival Corp. 7.625% 3/1/20261 | 3,450 | 2,741 | |
Carnival Corp. 4.00% 8/1/20281 | 55,985 | 45,760 | |
Carnival Corp. 6.00% 5/1/20291 | 12,825 | 8,570 | |
Carnival Corp. 10.50% 6/1/20301 | 2,000 | 1,629 | |
Carvana Co. 5.875% 10/1/20281 | 3,000 | 1,176 | |
Carvana Co. 4.875% 9/1/20291 | 2,132 | 824 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/20301 | 12,370 | 11,111 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) | |
CEC Entertainment, Inc. 6.75% 5/1/20261 | USD6,500 | $6,053 | |
Dana, Inc. 4.25% 9/1/2030 | 3,975 | 3,208 | |
Dana, Inc. 4.50% 2/15/2032 | 8,510 | 6,817 | |
Empire Communities Corp. 7.00% 12/15/20251 | 8,900 | 8,058 | |
Empire Resorts, Inc. 7.75% 11/1/20261 | 11,045 | 8,874 | |
Everi Holdings, Inc. 5.00% 7/15/20291 | 3,000 | 2,581 | |
Fertitta Entertainment, Inc. 4.625% 1/15/20291 | 25,195 | 21,354 | |
Fertitta Entertainment, Inc. 6.75% 1/15/20301 | 81,030 | 65,511 | |
First Student Bidco, Inc. 4.00% 7/31/20291 | 40,595 | 33,636 | |
Ford Motor Co. 2.30% 2/10/2025 | 2,000 | 1,829 | |
Ford Motor Co. 2.90% 2/10/2029 | 1,625 | 1,300 | |
Ford Motor Credit Company, LLC 3.81% 1/9/2024 | 3,398 | 3,310 | |
Ford Motor Credit Company, LLC 5.584% 3/18/2024 | 934 | 924 | |
Ford Motor Credit Company, LLC 3.664% 9/8/2024 | 1,438 | 1,372 | |
Ford Motor Credit Company, LLC 5.125% 6/16/2025 | 49,375 | 47,575 | |
Ford Motor Credit Company, LLC 3.375% 11/13/2025 | 11,000 | 9,964 | |
Ford Motor Credit Company, LLC 4.389% 1/8/2026 | 275 | 257 | |
Ford Motor Credit Company, LLC 4.542% 8/1/2026 | 21,795 | 20,120 | |
Ford Motor Credit Company, LLC 2.70% 8/10/2026 | 9,330 | 8,114 | |
Ford Motor Credit Company, LLC 4.271% 1/9/2027 | 4,575 | 4,146 | |
Ford Motor Credit Company, LLC 4.95% 5/28/2027 | 7,420 | 6,936 | |
Ford Motor Credit Company, LLC 4.125% 8/17/2027 | 13,940 | 12,508 | |
Ford Motor Credit Company, LLC 3.815% 11/2/2027 | 16,990 | 14,960 | |
Ford Motor Credit Company, LLC 2.90% 2/16/2028 | 5,850 | 4,839 | |
Ford Motor Credit Company, LLC 5.113% 5/3/2029 | 2,845 | 2,583 | |
Ford Motor Credit Company, LLC 4.00% 11/13/2030 | 11,468 | 9,436 | |
Group 1 Automotive, Inc. 4.00% 8/15/20281 | 12,155 | 10,309 | |
Hanesbrands, Inc. 4.625% 5/15/20241 | 35,960 | 34,887 | |
Hanesbrands, Inc. 4.875% 5/15/20261 | 34,622 | 30,998 | |
Hilton Grand Vacations Borrower 5.00% 6/1/20291 | 12,490 | 10,757 | |
Hilton Worldwide Holdings, Inc. 3.75% 5/1/20291 | 4,250 | 3,682 | |
Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030 | 8,287 | 7,524 | |
Hilton Worldwide Holdings, Inc. 4.00% 5/1/20311 | 30,190 | 25,320 | |
International Game Technology PLC 6.50% 2/15/20251 | 17,403 | 17,537 | |
International Game Technology PLC 4.125% 4/15/20261 | 18,730 | 17,493 | |
International Game Technology PLC 6.25% 1/15/20271 | 1,305 | 1,297 | |
International Game Technology PLC 5.25% 1/15/20291 | 81,527 | 76,109 | |
Jacobs Entertainment, Inc. 6.75% 2/15/20291 | 10,230 | 9,247 | |
KB Home 6.875% 6/15/2027 | 6,170 | 6,217 | |
KB Home 7.25% 7/15/2030 | 6,770 | 6,587 | |
Kontoor Brands, Inc. 4.125% 11/15/20291 | 6,770 | 5,542 | |
Las Vegas Sands Corp. 3.20% 8/8/2024 | 7,808 | 7,385 | |
LCM Investments Holdings II, LLC 4.875% 5/1/20291 | 50,634 | 40,613 | |
Levi Strauss & Co. 3.50% 3/1/20311 | 7,470 | 5,939 | |
Lindblad Expeditions, LLC 6.75% 2/15/20271 | 4,075 | 3,702 | |
Lithia Motors, Inc. 4.625% 12/15/20271 | 5,350 | 4,835 | |
Lithia Motors, Inc. 3.875% 6/1/20291 | 23,190 | 19,098 | |
Lithia Motors, Inc. 4.375% 1/15/20311 | 16,400 | 13,372 | |
LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 2/15/20261 | 6,655 | 5,898 | |
M.D.C. Holdings, Inc. 6.00% 1/15/2043 | 11,252 | 9,182 | |
Macy’s Retail Holdings, LLC 6.125% 3/15/20321 | 1,230 | 1,036 | |
Marriott International, Inc. 3.50% 10/15/2032 | 9,400 | 7,846 | |
Marriott International, Inc. 2.75% 10/15/2033 | 8,500 | 6,509 | |
Marriott Ownership Resorts, Inc. 4.75% 1/15/2028 | 2,500 | 2,181 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) | |
Marriott Ownership Resorts, Inc. 4.50% 6/15/20291 | USD7,200 | $5,983 | |
Mattel, Inc. 3.75% 4/1/20291 | 9,725 | 8,556 | |
Melco International Development, Ltd. 4.875% 6/6/20251 | 7,725 | 7,107 | |
Melco International Development, Ltd. 5.75% 7/21/20281 | 12,357 | 10,352 | |
Melco International Development, Ltd. 5.375% 12/4/20291 | 19,389 | 15,590 | |
Melco Resorts Finance, Ltd. 5.25% 4/26/20261 | 5,000 | 4,408 | |
Merlin Entertainment 5.75% 6/15/20261 | 10,798 | 10,127 | |
MGM Resorts International 6.00% 3/15/2023 | 4,884 | 4,877 | |
MGM Resorts International 5.50% 4/15/2027 | 5,707 | 5,317 | |
Mohegan Gaming & Entertainment 8.00% 2/1/20261 | 5,640 | 5,285 | |
Motel 6 Operating, LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 9.318% 9/9/20264,5 | 9,556 | 9,437 | |
NCL Corp., Ltd. 3.625% 12/15/20241 | 6,450 | 5,521 | |
NCL Corp., Ltd. 5.875% 3/15/20261 | 8,100 | 6,376 | |
NCL Corp., Ltd. 5.875% 2/15/20271 | 29,965 | 25,993 | |
NCL Corp., Ltd. 7.75% 2/15/20291 | 7,115 | 5,364 | |
Neiman Marcus Group, LLC 7.125% 4/1/20261 | 35,980 | 33,788 | |
New SK Holdco SUB, LLC, Term Loan, (30-day Average USD-SOFR + 6.75%) 1.50% PIK and 10.71% Cash 6/30/20274,5,6 | 4,219 | 3,712 | |
Panther BF Aggregator 2, LP 6.25% 5/15/20261 | 3,667 | 3,590 | |
Panther BF Aggregator 2, LP 8.50% 5/15/20271 | 6,925 | 6,777 | |
Party City Holdings, Inc. 6.125% 8/15/20231 | 9,100 | 546 | |
Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 8.061% 7/15/20251,5 | 4,705 | 1,282 | |
Party City Holdings, Inc. 8.75% 2/15/20261 | 151,988 | 44,077 | |
Party City Holdings, Inc. 6.625% 8/1/20261 | 5,000 | 125 | |
Penske Automotive Group, Inc. 3.75% 6/15/2029 | 13,325 | 10,832 | |
PetSmart, Inc. 4.75% 2/15/20281 | 14,175 | 12,860 | |
PetSmart, Inc. 7.75% 2/15/20291 | 23,775 | 22,374 | |
Premier Entertainment Sub, LLC 5.625% 9/1/20291 | 20,425 | 15,088 | |
Premier Entertainment Sub, LLC 5.875% 9/1/20311 | 7,425 | 5,262 | |
QVC, Inc. 4.85% 4/1/2024 | 1,875 | 1,738 | |
QVC, Inc. 4.375% 9/1/2028 | 3,000 | 1,798 | |
Raptor Acquisition Corp. 4.875% 11/1/20261 | 10,725 | 9,543 | |
Real Hero Merger Sub 2, Inc. 6.25% 2/1/20291 | 9,657 | 6,632 | |
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20251 | 47,103 | 50,622 | |
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261 | 36,740 | 29,745 | |
Royal Caribbean Cruises, Ltd. 5.50% 8/31/20261 | 14,200 | 11,963 | |
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20271 | 28,035 | 22,735 | |
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028 | 26,525 | 19,538 | |
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20281 | 16,400 | 13,117 | |
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20291 | 34,915 | 35,133 | |
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20291 | 19,925 | 20,499 | |
Sally Holdings, LLC 5.625% 12/1/2025 | 32,439 | 31,299 | |
Sands China, Ltd. 5.625% 8/8/2025 | 6,522 | 6,244 | |
Sands China, Ltd. 5.90% 8/8/2028 | 10,311 | 9,668 | |
Sands China, Ltd. 4.875% 6/18/2030 | 9,030 | 7,948 | |
Sands China, Ltd. 3.75% 8/8/20317 | 11,410 | 8,994 | |
Scientific Games Corp. 8.625% 7/1/20251 | 25,415 | 25,972 | |
Scientific Games Corp. 7.00% 5/15/20281 | 20,347 | 19,446 | |
Scientific Games Corp. 7.25% 11/15/20291 | 19,650 | 18,899 | |
Scientific Games Holdings, LP 6.625% 3/1/20301 | 16,765 | 14,183 | |
Six Flags Entertainment Corp. 4.875% 7/31/20241 | 7,939 | 7,656 | |
Sonic Automotive, Inc. 4.625% 11/15/20291 | 28,980 | 23,242 | |
Sonic Automotive, Inc. 4.875% 11/15/20311 | 43,779 | 34,477 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) | |
Studio City Finance, Ltd. 6.00% 7/15/20251 | USD6,415 | $5,572 | |
Studio City Finance, Ltd. 5.00% 1/15/20291 | 14,247 | 10,539 | |
Tempur Sealy International, Inc. 4.00% 4/15/20291 | 11,975 | 10,078 | |
The Gap, Inc. 3.625% 10/1/20291 | 3,225 | 2,279 | |
The Gap, Inc. 3.875% 10/1/20311 | 2,148 | 1,502 | |
The Home Co., Inc. 7.25% 10/15/20251 | 13,095 | 11,268 | |
Travel + Leisure Co. 6.00% 4/1/2027 | 4,000 | 3,803 | |
Travel + Leisure Co. 4.50% 12/1/20291 | 23,625 | 19,285 | |
Universal Entertainment Corp. 8.50% 12/11/20241 | 58,885 | 55,004 | |
Vail Resorts, Inc. 6.25% 5/15/20251 | 4,090 | 4,097 | |
VICI Properties, LP 4.25% 12/1/20261 | 9,323 | 8,718 | |
VICI Properties, LP / VICI Note Co., Inc. 5.625% 5/1/20241 | 9,113 | 9,041 | |
VICI Properties, LP / VICI Note Co., Inc. 3.75% 2/15/20271 | 243 | 221 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261 | 23,650 | 22,317 | |
Wheel Pros, Inc. 6.50% 5/15/20291 | 26,279 | 9,329 | |
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 8.825% 5/11/20284,5 | 16,580 | 11,323 | |
Wyndham Destinations, Inc. 6.625% 7/31/20261 | 13,750 | 13,475 | |
Wyndham Destinations, Inc. 4.625% 3/1/20301 | 5,575 | 4,633 | |
Wyndham Worldwide Corp. 4.375% 8/15/20281 | 15,055 | 13,531 | |
Wynn Las Vegas, LLC 4.25% 5/30/20231 | 10,142 | 10,011 | |
Wynn Macau, Ltd. 5.625% 8/26/20281 | 13,610 | 11,654 | |
Wynn Macau, Ltd. 5.125% 12/15/20291 | 1,665 | 1,350 | |
Wynn Resorts Finance, LLC 7.75% 4/15/20251 | 13,625 | 13,571 | |
Wynn Resorts Finance, LLC 5.125% 10/1/20291 | 9,225 | 7,922 | |
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 9.884% 9/1/20274,5 | 10,200 | 9,228 | |
2,068,653 | |||
Communication services 10.76% | |||
Altice France Holding SA 10.50% 5/15/20271 | 31,085 | 23,769 | |
Altice France SA 5.125% 7/15/20291 | 33,804 | 25,405 | |
Brightstar Escrow Corp. 9.75% 10/15/20251 | 2,720 | 2,507 | |
Cablevision Systems Corp. 5.50% 4/15/20271 | 2,700 | 2,271 | |
Cablevision Systems Corp. 5.375% 2/1/20281 | 8,928 | 7,212 | |
CCO Holdings, LLC 5.00% 2/1/20281 | 11,349 | 10,330 | |
CCO Holdings, LLC 6.375% 9/1/20291 | 4,400 | 4,143 | |
CCO Holdings, LLC 4.75% 3/1/20301 | 60,731 | 52,514 | |
CCO Holdings, LLC 4.50% 8/15/20301 | 60,904 | 50,453 | |
CCO Holdings, LLC 4.25% 2/1/20311 | 39,030 | 31,396 | |
CCO Holdings, LLC 4.75% 2/1/20321 | 23,530 | 19,124 | |
CCO Holdings, LLC 4.50% 5/1/2032 | 35,527 | 28,348 | |
CCO Holdings, LLC 4.50% 6/1/20331 | 27,049 | 20,807 | |
CCO Holdings, LLC 4.25% 1/15/20341 | 41,875 | 30,988 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.00% 3/1/20231 | 8,595 | 8,563 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.50% 5/1/20261 | 2,094 | 2,031 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/20271 | 9,878 | 9,229 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.375% 6/1/20291 | 7,126 | 6,460 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031 | 950 | 742 | |
Centerfield Media Parent, Inc. 6.625% 8/1/20261 | 16,900 | 10,838 | |
Cinemark USA, Inc. 5.875% 3/15/20261 | 7,050 | 5,881 | |
Clear Channel Worldwide Holdings, Inc. 7.75% 4/15/20281 | 11,000 | 8,044 | |
Clear Channel Worldwide Holdings, Inc. 7.50% 6/1/20291 | 5,000 | 3,681 | |
Cogent Communications Group, Inc. 3.50% 5/1/20261 | 8,445 | 7,682 | |
Connect Finco SARL 6.75% 10/1/20261 | 14,525 | 13,491 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Communication services (continued) | Principal amount (000) | Value (000) | |
Consolidated Communications, Inc. 5.00% 10/1/20281 | USD14,350 | $10,601 | |
CSC Holdings, LLC 6.50% 2/1/20291 | 10,000 | 8,196 | |
CSC Holdings, LLC 3.375% 2/15/20311 | 12,700 | 8,303 | |
Diamond Sports Group, LLC 5.375% 8/15/20261 | 9,835 | 1,168 | |
Diamond Sports Group, LLC 6.625% 8/15/20271 | 18,432 | 207 | |
DIRECTV Financing, LLC 5.875% 8/15/20271 | 57,635 | 51,673 | |
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 9.384% 8/2/20274,5 | 30,743 | 29,953 | |
DISH Network Corp. 11.75% 11/15/20271 | 78,475 | 80,919 | |
Embarq Corp. 7.995% 6/1/2036 | 56,457 | 26,377 | |
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 12.134% 7/31/20284,5 | 7,250 | 7,178 | |
Frontier Communications Corp. 5.875% 10/15/20271 | 28,765 | 26,774 | |
Frontier Communications Corp. 5.00% 5/1/20281 | 78,175 | 68,326 | |
Frontier Communications Corp. 6.75% 5/1/20291 | 36,670 | 30,386 | |
Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 26,207 | 20,309 | |
Frontier Communications Holdings, LLC 6.00% 1/15/20301 | 14,100 | 11,095 | |
Frontier Communications Holdings, LLC 8.75% 5/15/20301 | 18,775 | 19,126 | |
Gray Escrow II, Inc. 5.375% 11/15/20311 | 19,925 | 14,395 | |
Gray Television, Inc. 5.875% 7/15/20261 | 6,090 | 5,435 | |
Gray Television, Inc. 7.00% 5/15/20271 | 17,554 | 15,595 | |
Gray Television, Inc. 4.75% 10/15/20301 | 6,210 | 4,502 | |
iHeartCommunications, Inc. 6.375% 5/1/2026 | 236 | 217 | |
iHeartCommunications, Inc. 8.375% 5/1/2027 | 427 | 364 | |
iHeartCommunications, Inc. 5.25% 8/15/20271 | 40,323 | 34,221 | |
iHeartCommunications, Inc. 4.75% 1/15/20281 | 5,000 | 4,080 | |
Iliad Holding SAS 6.50% 10/15/20261 | 10,475 | 9,733 | |
Intelsat Jackson Holding Co. 6.50% 3/15/20301 | 35,007 | 31,383 | |
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 9.23% 12/4/20264,5 | 6,340 | 5,880 | |
Lamar Media Corp. 3.75% 2/15/2028 | 2,567 | 2,302 | |
Lamar Media Corp. 4.875% 1/15/2029 | 3,600 | 3,319 | |
Lamar Media Corp. 3.625% 1/15/2031 | 5,950 | 4,927 | |
Level 3 Financing, Inc. 3.75% 7/15/20291 | 17,725 | 12,774 | |
Ligado Networks, LLC 15.50% PIK 11/1/20231,6 | 44,323 | 14,454 | |
Live Nation Entertainment, Inc. 4.75% 10/15/20271 | 4,910 | 4,379 | |
Live Nation Entertainment, Inc. 3.75% 1/15/20281 | 5,750 | 4,914 | |
Match Group, Inc. 4.625% 6/1/20281 | 6,192 | 5,531 | |
Match Group, Inc. 5.625% 2/15/20291 | 5,750 | 5,358 | |
McGraw-Hill Education, Inc. 5.75% 8/1/20281 | 10,000 | 8,418 | |
Midas OpCo Holdings, LLC 5.625% 8/15/20291 | 60,510 | 50,009 | |
Netflix, Inc. 4.875% 4/15/2028 | 6,190 | 5,991 | |
Netflix, Inc. 5.375% 11/15/20291 | 875 | 850 | |
Netflix, Inc. 4.875% 6/15/20301 | 12,050 | 11,258 | |
News Corp. 3.875% 5/15/20291 | 31,450 | 27,325 | |
News Corp. 5.125% 2/15/20321 | 31,705 | 28,897 | |
Nexstar Broadcasting, Inc. 4.75% 11/1/20281 | 60,841 | 52,719 | |
Nexstar Escrow Corp. 5.625% 7/15/20271 | 11,995 | 11,028 | |
OUTFRONT Media Capital, LLC 4.625% 3/15/20301 | 60 | 50 | |
Scripps Escrow II, Inc. 3.875% 1/15/20291 | 14,018 | 11,270 | |
Sinclair Television Group, Inc. 4.125% 12/1/20301 | 7,700 | 5,783 | |
Sirius XM Radio, Inc. 3.125% 9/1/20261 | 24,740 | 21,998 | |
Sirius XM Radio, Inc. 4.00% 7/15/20281 | 51,990 | 45,347 | |
Sirius XM Radio, Inc. 4.125% 7/1/20301 | 9,075 | 7,509 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Communication services (continued) | Principal amount (000) | Value (000) | |
Sirius XM Radio, Inc. 3.875% 9/1/20311 | USD51,380 | $40,184 | |
Sprint Corp. 7.625% 3/1/2026 | 9,450 | 9,965 | |
Sprint Corp. 6.875% 11/15/2028 | 37,847 | 39,368 | |
Sprint Corp. 8.75% 3/15/2032 | 30,459 | 36,318 | |
TEGNA, Inc. 5.00% 9/15/2029 | 8,337 | 7,929 | |
T-Mobile US, Inc. 2.625% 4/15/2026 | 1,350 | 1,240 | |
T-Mobile US, Inc. 3.375% 4/15/2029 | 15,950 | 14,079 | |
Univision Communications, Inc. 5.125% 2/15/20251 | 61,438 | 58,638 | |
Univision Communications, Inc. 6.625% 6/1/20271 | 81,170 | 78,486 | |
Univision Communications, Inc. 4.50% 5/1/20291 | 70,850 | 59,382 | |
Univision Communications, Inc. 7.375% 6/30/20301 | 27,328 | 26,150 | |
Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 8.83% 6/24/20294,5 | 1,240 | 1,229 | |
UPC Broadband Finco BV 4.875% 7/15/20311 | 8,830 | 7,363 | |
Virgin Media O2 4.25% 1/31/20311 | 44,720 | 36,302 | |
Virgin Media Secured Finance PLC 4.50% 8/15/20301 | 14,955 | 12,520 | |
VZ Secured Financing BV 5.00% 1/15/20321 | 21,075 | 17,164 | |
Warner Music Group 3.75% 12/1/20291 | 32,463 | 27,960 | |
Warner Music Group 3.875% 7/15/20301 | 12,507 | 10,795 | |
Warner Music Group 3.00% 2/15/20311 | 4,050 | 3,243 | |
WarnerMedia Holdings, Inc. 4.279% 3/15/20321 | 5,967 | 4,930 | |
Ziggo Bond Co. BV 5.125% 2/28/20301 | 13,368 | 10,817 | |
Ziggo Bond Finance BV 4.875% 1/15/20301 | 28,685 | 24,050 | |
1,786,827 | |||
Materials 9.98% | |||
Alcoa Nederland Holding BV 5.50% 12/15/20271 | 10,760 | 10,387 | |
Alcoa Nederland Holding BV 4.125% 3/31/20291 | 6,250 | 5,554 | |
Allegheny Technologies, Inc. 5.875% 12/1/2027 | 4,000 | 3,831 | |
Allegheny Technologies, Inc. 4.875% 10/1/2029 | 30,780 | 27,240 | |
Allegheny Technologies, Inc. 5.125% 10/1/2031 | 23,440 | 20,755 | |
ArcelorMittal 4.25% 7/16/2029 | 940 | 844 | |
ArcelorMittal 7.00% 10/15/2039 | 10,104 | 10,296 | |
ArcelorMittal 6.75% 3/1/2041 | 15,173 | 14,698 | |
Arconic Corp. 6.00% 5/15/20251 | 8,170 | 8,052 | |
Arconic Rolled Products Corp. 6.125% 2/15/20281 | 4,775 | 4,488 | |
Ardagh Group SA 6.50% Cash 6/30/20271,6 | 8,809 | 6,141 | |
Ardagh Metal Packaging Finance USA, LLC 6.00% 6/15/20271 | 15,005 | 14,708 | |
Ardagh Metal Packaging Finance USA, LLC 3.25% 9/1/20281 | 10,000 | 8,507 | |
Ardagh Metal Packaging Finance USA, LLC 4.00% 9/1/20291 | 11,050 | 8,778 | |
Ardagh Packaging Finance 4.125% 8/15/20261 | 16,435 | 14,270 | |
Ardagh Packaging Finance PLC 5.25% 4/30/20251 | 570 | 543 | |
Avient Corp. 7.125% 8/1/20301 | 6,750 | 6,607 | |
Axalta Coating Systems, LLC 4.75% 6/15/20271 | 6,495 | 6,014 | |
Ball Corp. 6.875% 3/15/2028 | 21,175 | 21,778 | |
Ball Corp. 2.875% 8/15/2030 | 3,250 | 2,601 | |
Ball Corp. 3.125% 9/15/2031 | 31,280 | 25,163 | |
Braskem Idesa SAPI 6.99% 2/20/20321 | 1,370 | 981 | |
BWAY Parent Co., Inc. 5.50% 4/15/20241 | 29,618 | 28,860 | |
BWAY Parent Co., Inc. 7.25% 4/15/20251 | 12,500 | 11,585 | |
BWAY Parent Co., Inc., Term Loan, (3-month USD-LIBOR + 3.25%) 7.37% 4/3/20244,5 | 5,155 | 5,042 | |
CAN-PACK SA 3.875% 11/15/20291 | 26,795 | 21,151 | |
Cleveland-Cliffs, Inc. 6.75% 3/15/20261 | 5,348 | 5,371 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Materials (continued) | Principal amount (000) | Value (000) | |
Cleveland-Cliffs, Inc. 7.00% 3/15/2027 | USD3,853 | $3,642 | |
Cleveland-Cliffs, Inc. 5.875% 6/1/2027 | 63,955 | 61,208 | |
Cleveland-Cliffs, Inc. 4.625% 3/1/20291 | 39,643 | 35,240 | |
Cleveland-Cliffs, Inc. 4.875% 3/1/20311 | 56,815 | 50,249 | |
Consolidated Energy Finance SA 6.50% 5/15/20261 | 2,013 | 1,885 | |
Consolidated Energy Finance SA 5.625% 10/15/20281 | 3,680 | 3,132 | |
Crown Holdings, Inc. 7.375% 12/15/2026 | 2,000 | 2,062 | |
Crown Holdings, Inc. 5.25% 4/1/20301 | 2,775 | 2,628 | |
CVR Partners, LP 6.125% 6/15/20281 | 22,525 | 20,237 | |
Element Solutions, Inc. 3.875% 9/1/20281 | 8,300 | 7,068 | |
First Quantum Minerals, Ltd. 6.50% 3/1/20241 | 22,832 | 22,370 | |
First Quantum Minerals, Ltd. 7.50% 4/1/20251 | 76,007 | 74,137 | |
First Quantum Minerals, Ltd. 6.875% 3/1/20261 | 50,928 | 48,306 | |
First Quantum Minerals, Ltd. 6.875% 10/15/20271 | 141,914 | 133,439 | |
Freeport-McMoRan, Inc. 3.875% 3/15/2023 | 201 | 201 | |
Freeport-McMoRan, Inc. 4.25% 3/1/2030 | 303 | 276 | |
Freeport-McMoRan, Inc. 4.625% 8/1/2030 | 900 | 840 | |
Freeport-McMoRan, Inc. 5.40% 11/14/2034 | 4,288 | 4,057 | |
Freeport-McMoRan, Inc. 5.45% 3/15/2043 | 8,393 | 7,590 | |
FXI Holdings, Inc. 7.875% 11/1/20241 | 135,382 | 112,761 | |
FXI Holdings, Inc. 12.25% 11/15/20261 | 146,247 | 121,309 | |
GPC Merger Sub, Inc. 7.125% 8/15/20281 | 6,595 | 5,513 | |
Graphic Packaging International, LLC 3.75% 2/1/20301 | 15,000 | 12,769 | |
Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.934% 3/15/20294,5 | 9,247 | 7,971 | |
Kaiser Aluminum Corp. 4.625% 3/1/20281 | 12,698 | 11,100 | |
LABL, Inc. 5.875% 11/1/20281 | 14,600 | 12,748 | |
LABL, Inc. 8.25% 11/1/20291 | 10,215 | 8,155 | |
LSB Industries, Inc. 6.25% 10/15/20281 | 34,510 | 31,619 | |
LSF11 A5 HoldCo, LLC 6.625% 10/15/20291 | 1,425 | 1,179 | |
Methanex Corp. 5.125% 10/15/2027 | 73,365 | 68,172 | |
Methanex Corp. 5.25% 12/15/2029 | 24,123 | 21,446 | |
Methanex Corp. 5.65% 12/1/2044 | 9,445 | 7,202 | |
Mineral Resources, Ltd. 8.00% 11/1/20271 | 25,450 | 26,058 | |
Mineral Resources, Ltd. 8.50% 5/1/20301 | 25,920 | 26,309 | |
Neon Holdings, Inc. 10.125% 4/1/20261 | 11,155 | 9,527 | |
Nova Chemicals Corp. 4.875% 6/1/20241 | 15,785 | 15,308 | |
Nova Chemicals Corp. 5.25% 6/1/20271 | 41,062 | 36,978 | |
Nova Chemicals Corp. 4.25% 5/15/20291 | 41,532 | 34,013 | |
Novelis Corp. 3.25% 11/15/20261 | 16,285 | 14,620 | |
Novelis Corp. 4.75% 1/30/20301 | 11,093 | 9,860 | |
Novelis Corp. 3.875% 8/15/20311 | 22,344 | 18,272 | |
Olin Corp. 5.625% 8/1/2029 | 5,700 | 5,425 | |
Olin Corp. 5.00% 2/1/2030 | 3,365 | 3,077 | |
Owens-Illinois, Inc. 5.875% 8/15/20231 | 4,082 | 4,069 | |
Owens-Illinois, Inc. 6.375% 8/15/20251 | 5,341 | 5,242 | |
SCIH Salt Holdings, Inc. 4.875% 5/1/20281 | 42,863 | 36,860 | |
SCIH Salt Holdings, Inc. 6.625% 5/1/20291 | 18,600 | 15,006 | |
Scotts Miracle-Gro Co. 4.50% 10/15/2029 | 7,776 | 6,313 | |
Scotts Miracle-Gro Co. 4.375% 2/1/2032 | 7,620 | 5,754 | |
Sealed Air Corp. 4.00% 12/1/20271 | 7,559 | 6,870 | |
Sealed Air Corp. 5.00% 4/15/20291 | 13,750 | 12,945 | |
Silgan Holdings, Inc. 4.125% 2/1/2028 | 6,456 | 5,984 | |
SPCM SA 3.375% 3/15/20301 | 10,732 | 8,653 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Materials (continued) | Principal amount (000) | Value (000) | |
Summit Materials, LLC 6.50% 3/15/20271 | USD5,478 | $5,378 | |
Summit Materials, LLC 5.25% 1/15/20291 | 15,015 | 14,006 | |
Trivium Packaging BV 5.50% 8/15/20261 | 6,445 | 5,923 | |
Trivium Packaging BV 8.50% 8/15/20271 | 17,224 | 15,831 | |
Tronox, Ltd. 4.625% 3/15/20291 | 14,155 | 11,793 | |
Valvoline, Inc. 4.25% 2/15/20301 | 3,691 | 3,587 | |
Valvoline, Inc. 3.625% 6/15/20311 | 8,405 | 6,907 | |
Venator Finance SARL 9.50% 7/1/20251 | 30,922 | 22,418 | |
Venator Finance SARL 5.75% 7/15/20251 | 70,528 | 24,197 | |
Venator Finance SARL, Term Loan, (3-month USD-LIBOR + 3.00%) 7.73% 8/8/20244,5 | 4,488 | 3,279 | |
W. R. Grace Holdings, LLC 5.625% 8/15/20291 | 8,475 | 6,863 | |
Warrior Met Coal, Inc. 7.875% 12/1/20281 | 34,515 | 34,070 | |
1,656,151 | |||
Health care 9.91% | |||
1375209 BC, Ltd. 9.00% 1/30/20281 | 14,425 | 14,118 | |
AdaptHealth, LLC 5.125% 3/1/20301 | 12,515 | 10,670 | |
Avantor Funding, Inc. 4.625% 7/15/20281 | 46,000 | 41,893 | |
Avantor Funding, Inc. 3.875% 11/1/20291 | 6,900 | 5,803 | |
Bausch Health Americas, Inc. 9.25% 4/1/20261 | 35,840 | 25,145 | |
Bausch Health Americas, Inc. 8.50% 1/31/20271 | 5,171 | 2,713 | |
Bausch Health Companies, Inc. 9.00% 12/15/20251 | 31,021 | 24,529 | |
Bausch Health Companies, Inc. 6.125% 2/1/20271 | 4,370 | 3,019 | |
Bausch Health Companies, Inc. 5.75% 8/15/20271 | 16,063 | 10,959 | |
Bausch Health Companies, Inc. 7.00% 1/15/20281 | 8,262 | 4,006 | |
Bausch Health Companies, Inc. 5.00% 1/30/20281 | 27,037 | 13,020 | |
Bausch Health Companies, Inc. 4.875% 6/1/20281 | 66,925 | 42,692 | |
Bausch Health Companies, Inc. 5.00% 2/15/20291 | 6,070 | 2,917 | |
Bausch Health Companies, Inc. 7.25% 5/30/20291 | 8,112 | 3,930 | |
Bausch Health Companies, Inc. 5.25% 1/30/20301 | 33,642 | 16,192 | |
Bausch Health Companies, Inc. 14.00% 10/15/20301 | 11,075 | 6,630 | |
Bausch Health Companies, Inc. 5.25% 2/15/20311 | 78,304 | 38,049 | |
Catalent Pharma Solutions, Inc. 5.00% 7/15/20271 | 5,859 | 5,461 | |
Catalent Pharma Solutions, Inc. 3.125% 2/15/20291 | 3,750 | 2,991 | |
Catalent Pharma Solutions, Inc. 3.50% 4/1/20301 | 26,120 | 20,657 | |
Centene Corp. 4.25% 12/15/2027 | 20,407 | 19,184 | |
Centene Corp. 2.45% 7/15/2028 | 28,600 | 24,195 | |
Centene Corp. 4.625% 12/15/2029 | 40,514 | 37,115 | |
Centene Corp. 3.375% 2/15/2030 | 8,361 | 7,087 | |
Centene Corp. 3.00% 10/15/2030 | 14,340 | 11,788 | |
Centene Corp. 2.50% 3/1/2031 | 24,825 | 19,473 | |
Centene Corp. 2.625% 8/1/2031 | 7,975 | 6,282 | |
Charles River Laboratories International, Inc. 4.25% 5/1/20281 | 9,673 | 8,926 | |
Charles River Laboratories International, Inc. 3.75% 3/15/20291 | 12,765 | 11,308 | |
Charles River Laboratories International, Inc. 4.00% 3/15/20311 | 12,300 | 10,657 | |
Community Health Systems, Inc. 8.00% 3/15/20261 | 11,500 | 10,494 | |
Community Health Systems, Inc. 5.625% 3/15/20271 | 32,685 | 28,086 | |
Community Health Systems, Inc. 6.00% 1/15/20291 | 9,622 | 8,061 | |
Community Health Systems, Inc. 6.875% 4/15/20291 | 4,500 | 2,321 | |
Community Health Systems, Inc. 5.25% 5/15/20301 | 26,635 | 20,131 | |
Community Health Systems, Inc. 4.75% 2/15/20311 | 1,608 | 1,170 | |
DaVita, Inc. 4.625% 6/1/20301 | 17,070 | 13,768 | |
Encompass Health Corp. 4.50% 2/1/2028 | 7,054 | 6,419 | |
Encompass Health Corp. 4.75% 2/1/2030 | 3,841 | 3,379 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Health care (continued) | Principal amount (000) | Value (000) | |
Endo DAC 6.00% 6/30/20281,2 | USD45,278 | $2,490 | |
Endo DAC / Endo Finance, LLC / Endo Finco 9.50% 7/31/20271,2 | 6,243 | 882 | |
Endo International PLC 5.875% 10/15/20241 | 10,374 | 8,247 | |
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/20291 | 15,320 | 11,650 | |
Grifols Escrow Issuer SA 4.75% 10/15/20281 | 12,605 | 10,899 | |
HCA, Inc. 5.375% 2/1/2025 | 1,000 | 1,000 | |
HCA, Inc. 5.875% 2/15/2026 | 2,902 | 2,923 | |
HCA, Inc. 4.50% 2/15/2027 | 71 | 69 | |
HCA, Inc. 5.625% 9/1/2028 | 22,625 | 22,542 | |
HCA, Inc. 5.875% 2/1/2029 | 2,450 | 2,448 | |
HCA, Inc. 3.50% 9/1/2030 | 24,300 | 21,015 | |
HCA, Inc. 7.50% 11/15/2095 | 5,000 | 5,383 | |
HealthEquity, Inc. 4.50% 10/1/20291 | 11,955 | 10,462 | |
IMS Health Holdings, Inc. 5.00% 10/15/20261 | 24,059 | 23,026 | |
Jazz Securities DAC 4.375% 1/15/20291 | 10,185 | 9,096 | |
Mallinckrodt PLC 10.00% 4/15/20251 | 17,862 | 15,377 | |
Minerva Merger Sub, Inc. 6.50% 2/15/20301 | 13,000 | 9,605 | |
Molina Healthcare, Inc. 4.375% 6/15/20281 | 25,955 | 23,732 | |
Molina Healthcare, Inc. 3.875% 11/15/20301 | 47,150 | 40,027 | |
Molina Healthcare, Inc. 3.875% 5/15/20321 | 45,350 | 37,726 | |
Mozart Debt Merger Sub, Inc. 3.875% 4/1/20291 | 5,000 | 4,039 | |
Mozart Debt Merger Sub, Inc. 5.25% 10/1/20291 | 28,755 | 22,891 | |
Option Care Health, Inc. 4.375% 10/31/20291 | 6,115 | 5,357 | |
Organon Finance 1, LLC 4.125% 4/30/20281 | 10,575 | 9,382 | |
Owens & Minor, Inc. 4.375% 12/15/2024 | 23,411 | 22,665 | |
Owens & Minor, Inc. 4.50% 3/31/20291 | 23,470 | 18,743 | |
Owens & Minor, Inc. 6.625% 4/1/20301 | 13,375 | 11,512 | |
Par Pharmaceutical, Inc. 7.50% 4/1/20271 | 94,019 | 71,652 | |
Radiology Partners, Inc. 9.25% 2/1/20281 | 38,699 | 21,785 | |
Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 8.639% 7/9/20254,5 | 1,815 | 1,529 | |
RP Escrow Issuer, LLC 5.25% 12/15/20251 | 25,435 | 19,455 | |
Select Medical Holdings Corp. 6.25% 8/15/20261 | 9,039 | 8,613 | |
Surgery Center Holdings 10.00% 4/15/20271 | 4,742 | 4,832 | |
Syneos Health, Inc. 3.625% 1/15/20291 | 10,280 | 8,200 | |
Team Health Holdings, Inc. 6.375% 2/1/20251 | 11,359 | 6,563 | |
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.573% 3/2/20274,5 | 5,483 | 4,160 | |
Tenet Healthcare Corp. 4.625% 7/15/2024 | 4,274 | 4,175 | |
Tenet Healthcare Corp. 4.875% 1/1/20261 | 111,349 | 105,522 | |
Tenet Healthcare Corp. 6.25% 2/1/20271 | 8,995 | 8,658 | |
Tenet Healthcare Corp. 5.125% 11/1/20271 | 3,980 | 3,710 | |
Tenet Healthcare Corp. 4.625% 6/15/20281 | 18,000 | 16,134 | |
Tenet Healthcare Corp. 6.125% 10/1/20281 | 14,815 | 13,295 | |
Tenet Healthcare Corp. 4.25% 6/1/20291 | 20,860 | 18,110 | |
Tenet Healthcare Corp. 4.375% 1/15/20301 | 25,005 | 21,687 | |
Tenet Healthcare Corp. 6.875% 11/15/2031 | 2,000 | 1,805 | |
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 | 67,698 | 66,489 | |
Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 | 39,681 | 39,523 | |
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 | 65,186 | 57,138 | |
Teva Pharmaceutical Finance Co. BV 4.75% 5/9/2027 | 9,815 | 8,884 | |
Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028 | 38,012 | 37,149 | |
Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029 | 134,010 | 119,516 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Health care (continued) | Principal amount (000) | Value (000) | |
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 | USD12,657 | $7,766 | |
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/20251 | 83,325 | 70,958 | |
1,645,734 | |||
Industrials 8.95% | |||
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20261 | 19,870 | 19,143 | |
ADT Security Corp. 4.125% 8/1/20291 | 4,815 | 4,101 | |
Allison Transmission Holdings, Inc. 3.75% 1/30/20311 | 24,820 | 20,446 | |
Ashtead Capital, Inc. 5.50% 8/11/20321 | 11,630 | 11,158 | |
Atkore, Inc. 4.25% 6/1/20311 | 6,650 | 5,712 | |
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 10.134% 9/21/20294,5 | 60,379 | 58,597 | |
ATS Automation Tooling Systems, Inc. 4.125% 12/15/20281 | 4,825 | 4,169 | |
Avis Budget Car Rental, LLC 5.75% 7/15/20271 | 18,910 | 17,135 | |
Avis Budget Group, Inc. 4.75% 4/1/20281 | 1,000 | 844 | |
Avis Budget Group, Inc. 5.375% 3/1/20291 | 23,995 | 20,557 | |
Avolon Holdings Funding, Ltd. 5.25% 5/15/20241 | 17,340 | 17,004 | |
Avolon Holdings Funding, Ltd. 2.528% 11/18/20271 | 36,710 | 29,396 | |
BlueLinx Holdings, Inc. 6.00% 11/15/20291 | 8,825 | 7,336 | |
Boeing Company 3.90% 5/1/2049 | 540 | 381 | |
Bohai Financial Investment Holding Co., Ltd. 4.50% 3/15/20231 | 553 | 552 | |
Bohai Financial Investment Holding Co., Ltd. 5.50% 2/15/20241 | 1,258 | 1,242 | |
Bombardier, Inc. 7.50% 3/15/20251 | 11,783 | 11,694 | |
Bombardier, Inc. 7.125% 6/15/20261 | 67,460 | 65,573 | |
Bombardier, Inc. 7.875% 4/15/20271 | 80,445 | 78,195 | |
Bombardier, Inc. 6.00% 2/15/20281 | 26,573 | 24,605 | |
Bombardier, Inc. 7.45% 5/1/20341 | 8,670 | 8,713 | |
Builders FirstSource, Inc. 4.25% 2/1/20321 | 14,314 | 11,630 | |
BWX Technologies, Inc. 4.125% 6/30/20281 | 8,235 | 7,428 | |
BWX Technologies, Inc. 4.125% 4/15/20291 | 18,130 | 15,894 | |
Chart Industries, Inc. 7.50% 1/1/20301 | 10,389 | 10,457 | |
Clarivate Science Holdings Corp. 3.875% 7/1/20281 | 31,755 | 27,550 | |
Clarivate Science Holdings Corp. 4.875% 7/1/20291 | 24,320 | 20,712 | |
Clean Harbors, Inc. 4.875% 7/15/20271 | 12,014 | 11,404 | |
CoreLogic, Inc. 4.50% 5/1/20281 | 85,432 | 65,654 | |
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.938% 6/4/20294,5 | 22,275 | 16,187 | |
Covanta Holding Corp. 4.875% 12/1/20291 | 22,145 | 18,172 | |
Covanta Holding Corp. 5.00% 9/1/2030 | 31,035 | 25,129 | |
Dun & Bradstreet Corp. 5.00% 12/15/20291 | 31,517 | 27,012 | |
Garda World Security Corp. 6.00% 6/1/20291 | 3,200 | 2,604 | |
GFL Environmental, Inc. 3.50% 9/1/20281 | 15,000 | 13,207 | |
Harsco Corp. 5.75% 7/31/20271 | 10,785 | 8,533 | |
Herc Holdings, Inc. 5.50% 7/15/20271 | 3,200 | 2,991 | |
Howmet Aerospace, Inc. 6.875% 5/1/2025 | 1,510 | 1,552 | |
Howmet Aerospace, Inc. 5.95% 2/1/2037 | 3,000 | 2,917 | |
Icahn Enterprises Finance Corp. 4.75% 9/15/2024 | 24,105 | 23,166 | |
Icahn Enterprises, LP 5.25% 5/15/2027 | 5,503 | 5,051 | |
Icahn Enterprises, LP 4.375% 2/1/2029 | 9,175 | 7,772 | |
JELD-WEN Holding, Inc. 4.875% 12/15/20271 | 8,721 | 6,578 | |
LABL Escrow Issuer, LLC 6.75% 7/15/20261 | 10,725 | 10,126 | |
LABL Escrow Issuer, LLC 10.50% 7/15/20271 | 24,273 | 22,624 | |
LSC Communications, Inc. 8.75% 10/15/20231,2,3 | 114,646 | 346 | |
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 7.75% 9/30/20222,3,4,5 | 8,059 | 24 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Industrials (continued) | Principal amount (000) | Value (000) | |
Masonite International Corp. 3.50% 2/15/20301 | USD11,831 | $9,586 | |
MasTec, Inc. 4.50% 8/15/20281 | 9,375 | 8,414 | |
Mileage Plus Holdings, LLC 6.50% 6/20/20271 | 72,414 | 72,154 | |
Mueller Water Products, Inc. 4.00% 6/15/20291 | 5,115 | 4,501 | |
Park River Holdings, Inc. 5.625% 2/1/20291 | 17,205 | 11,479 | |
PGT Innovations, Inc. 4.375% 10/1/20291 | 22,759 | 19,084 | |
Pitney Bowes, Inc. 6.875% 3/15/20271 | 11,500 | 9,848 | |
PM General Purchaser, LLC 9.50% 10/1/20281 | 49,394 | 37,731 | |
Prime Security Services Borrower, LLC 3.375% 8/31/20271 | 8,100 | 7,005 | |
Prime Security Services Borrower, LLC 6.25% 1/15/20281 | 11,833 | 10,794 | |
R.R. Donnelley & Sons Co. 6.125% 11/1/20261 | 12,125 | 11,337 | |
Roller Bearing Company of America, Inc. 4.375% 10/15/20291 | 3,325 | 2,879 | |
Rolls-Royce PLC 5.75% 10/15/20271 | 14,130 | 13,482 | |
Sensata Technologies Holding BV 4.00% 4/15/20291 | 3,225 | 2,786 | |
Sensata Technologies, Inc. 3.75% 2/15/20311 | 8,800 | 7,253 | |
SkyMiles IP, Ltd. 4.75% 10/20/20281 | 38,930 | 36,653 | |
Spirit AeroSystems, Inc. 4.60% 6/15/2028 | 29,430 | 23,810 | |
Spirit AeroSystems, Inc. 9.375% 11/30/20291 | 19,473 | 20,524 | |
SRS Distribution, Inc. 4.625% 7/1/20281 | 10,080 | 8,948 | |
SRS Distribution, Inc. 6.125% 7/1/20291 | 615 | 498 | |
Stericycle, Inc. 5.375% 7/15/20241 | 20,884 | 20,606 | |
Stericycle, Inc. 3.875% 1/15/20291 | 21,235 | 18,555 | |
The Brink’s Co. 4.625% 10/15/20271 | 10,371 | 9,507 | |
The Hertz Corp. 5.00% 12/1/20291 | 7,500 | 5,699 | |
Titan International, Inc. 7.00% 4/30/2028 | 11,500 | 10,872 | |
TK Elevator Holdco GmbH 7.625% 7/15/20281 | 1,375 | 1,125 | |
TransDigm, Inc. 6.25% 3/15/20261 | 32,470 | 32,093 | |
TransDigm, Inc. 6.875% 5/15/2026 | 7,740 | 7,570 | |
TransDigm, Inc. 6.375% 6/15/2026 | 5,560 | 5,418 | |
TransDigm, Inc. 7.50% 3/15/2027 | 770 | 763 | |
TransDigm, Inc. 5.50% 11/15/2027 | 16,295 | 15,335 | |
TransDigm, Inc. 4.625% 1/15/2029 | 2,971 | 2,618 | |
TransDigm, Inc. 4.875% 5/1/2029 | 4,180 | 3,651 | |
Triumph Group, Inc. 8.875% 6/1/20241 | 12,490 | 12,728 | |
Triumph Group, Inc. 6.25% 9/15/20241 | 95,411 | 90,596 | |
Triumph Group, Inc. 7.75% 8/15/2025 | 24,525 | 20,900 | |
Uber Technologies, Inc. 8.00% 11/1/20261 | 10,000 | 10,055 | |
United Airlines, Inc. 4.375% 4/15/20261 | 5,125 | 4,759 | |
United Airlines, Inc. 4.625% 4/15/20291 | 10,100 | 8,812 | |
United Rentals, Inc. 4.875% 1/15/2028 | 13,525 | 12,847 | |
United Rentals, Inc. 6.00% 12/15/20291 | 18,000 | 17,922 | |
United Rentals, Inc. 5.25% 1/15/2030 | 5,484 | 5,162 | |
United Rentals, Inc. 3.875% 2/15/2031 | 9,450 | 7,943 | |
United Rentals, Inc. 3.75% 1/15/2032 | 8,360 | 6,831 | |
Vertical U.S. Newco, Inc. 5.25% 7/15/20271 | 29,545 | 26,283 | |
WESCO Distribution, Inc. 7.125% 6/15/20251 | 11,475 | 11,644 | |
WESCO Distribution, Inc. 7.25% 6/15/20281 | 15,900 | 16,142 | |
Western Global Airlines, LLC 10.375% 8/15/20251 | 11,525 | 8,675 | |
1,485,150 | |||
Financials 7.15% | |||
Advisor Group Holdings, LLC 6.25% 3/1/20281 | 41,998 | 38,661 | |
AG Merger Sub II, Inc. 10.75% 8/1/20271 | 76,600 | 77,655 | |
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271 | 21,016 | 21,226 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Financials (continued) | Principal amount (000) | Value (000) | |
Alliant Holdings Intermediate, LLC 4.25% 10/15/20271 | USD14,020 | $12,579 | |
Alliant Holdings Intermediate, LLC 6.75% 10/15/20271 | 33,300 | 30,004 | |
Alliant Holdings Intermediate, LLC 5.875% 11/1/20291 | 31,605 | 26,033 | |
AmWINS Group, Inc. 4.875% 6/30/20291 | 22,902 | 19,454 | |
Aretec Escrow Issuer, Inc. 7.50% 4/1/20291 | 57,242 | 47,365 | |
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.25% 8/2/20294,5 | 22,600 | 19,888 | |
AssuredPartners, Inc. 7.00% 8/15/20251 | 226 | 219 | |
AssuredPartners, Inc. 8.00% 5/15/20271 | 8,409 | 8,068 | |
AssuredPartners, Inc. 5.625% 1/15/20291 | 4,895 | 4,035 | |
Blackstone Private Credit Fund 7.05% 9/29/20251 | 12,730 | 12,642 | |
BroadStreet Partners, Inc. 5.875% 4/15/20291 | 9,950 | 8,481 | |
Castlelake Aviation Finance DAC 5.00% 4/15/20271 | 22,770 | 19,843 | |
Coinbase Global, Inc. 3.375% 10/1/20281 | 26,075 | 13,817 | |
Coinbase Global, Inc. 3.625% 10/1/20311 | 21,776 | 10,516 | |
Compass Diversified Holdings 5.25% 4/15/20291 | 84,095 | 72,077 | |
Compass Diversified Holdings 5.00% 1/15/20321 | 21,655 | 17,230 | |
Credit Acceptance Corp. 5.125% 12/31/20241 | 7,030 | 6,625 | |
Credit Suisse Group AG 7.50% junior subordinated perpetual bonds (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 4.60% on 7/17/2023)1,7 | 2,295 | 1,840 | |
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/20263,4,5 | 15,243 | 13,246 | |
Digital Currency Group, Inc., Term Loan, 8.75% 11/30/20263,4 | 20,318 | 16,291 | |
FS Energy and Power Fund 7.50% 8/15/20231 | 54,954 | 55,132 | |
Hightower Holding, LLC 6.75% 4/15/20291 | 18,130 | 15,240 | |
HUB International, Ltd. 7.00% 5/1/20261 | 41,928 | 41,132 | |
HUB International, Ltd. 5.625% 12/1/20291 | 3,745 | 3,276 | |
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321 | 18,510 | 15,403 | |
JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)7 | 3,100 | 2,561 | |
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)7 | 9,725 | 9,288 | |
Ladenburg Thalmann Financial Services, Inc. 6.50% 11/30/2027 | 80 | 1,405 | |
LPL Holdings, Inc. 4.625% 11/15/20271 | 25,103 | 23,491 | |
LPL Holdings, Inc. 4.00% 3/15/20291 | 43,520 | 37,926 | |
LPL Holdings, Inc. 4.375% 5/15/20311 | 23,445 | 19,966 | |
MGIC Investment Corp. 5.25% 8/15/2028 | 7,625 | 7,044 | |
MSCI, Inc. 4.00% 11/15/20291 | 15,793 | 13,784 | |
MSCI, Inc. 3.625% 9/1/20301 | 3,759 | 3,131 | |
MSCI, Inc. 3.875% 2/15/20311 | 27,015 | 22,509 | |
MSCI, Inc. 3.625% 11/1/20311 | 44,075 | 36,513 | |
MSCI, Inc. 3.25% 8/15/20331 | 18,400 | 14,236 | |
National Financial Partners Corp. 6.875% 8/15/20281 | 11,239 | 9,289 | |
Navient Corp. 5.50% 1/25/2023 | 12,488 | 12,487 | |
Navient Corp. 6.125% 3/25/2024 | 21,112 | 20,716 | |
Navient Corp. 5.875% 10/25/2024 | 27,860 | 27,005 | |
Navient Corp. 6.75% 6/25/2025 | 11,000 | 10,578 | |
Navient Corp. 6.75% 6/15/2026 | 12,310 | 11,689 | |
Navient Corp. 5.00% 3/15/2027 | 53,762 | 47,158 | |
Navient Corp. 4.875% 3/15/2028 | 5,570 | 4,589 | |
Navient Corp. 5.50% 3/15/2029 | 45,671 | 37,335 | |
Navient Corp. 5.625% 8/1/2033 | 27,712 | 19,792 | |
OneMain Finance Corp. 3.875% 9/15/2028 | 3,989 | 3,177 | |
OneMain Holdings, Inc. 7.125% 3/15/2026 | 24,220 | 23,084 | |
Owl Rock Capital Corp. 4.00% 3/30/2025 | 449 | 421 | |
Owl Rock Capital Corp. 3.75% 7/22/2025 | 12,093 | 11,184 | |
Owl Rock Capital Corp. 3.40% 7/15/2026 | 5,685 | 4,971 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Financials (continued) | Principal amount (000) | Value (000) | |
Owl Rock Capital Corp. 2.625% 1/15/2027 | USD400 | $331 | |
Owl Rock Capital Corp. II 4.625% 11/26/20241 | 9,835 | 9,360 | |
Owl Rock Capital Corp. III 3.125% 4/13/2027 | 11,350 | 9,360 | |
Owl Rock Core Income Corp. 4.70% 2/8/2027 | 15,700 | 14,178 | |
Oxford Finance, LLC 6.375% 2/1/20271 | 38,985 | 36,338 | |
Quicken Loans, LLC 3.625% 3/1/20291 | 6,605 | 5,245 | |
Rocket Mortgage, LLC 2.875% 10/15/20261 | 9,410 | 8,082 | |
Ryan Specialty Group, LLC 4.375% 2/1/20301 | 12,050 | 10,449 | |
Springleaf Finance Corp. 6.125% 3/15/2024 | 3,700 | 3,587 | |
Springleaf Finance Corp. 6.625% 1/15/2028 | 9,960 | 9,189 | |
Starwood Property Trust, Inc. 5.50% 11/1/20231 | 7,195 | 7,143 | |
Starwood Property Trust, Inc. 4.375% 1/15/20271 | 11,835 | 10,373 | |
1,186,942 | |||
Information technology 4.50% | |||
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/20244,5 | 4,677 | 4,150 | |
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/20254,5 | 77,519 | 58,290 | |
Black Knight, Inc. 3.625% 9/1/20281 | 8,470 | 7,369 | |
Block, Inc. 2.75% 6/1/2026 | 28,750 | 25,720 | |
Block, Inc. 3.50% 6/1/2031 | 31,175 | 24,915 | |
BMC Software, Inc. 7.125% 10/2/20251 | 3,545 | 3,453 | |
BMC Software, Inc. 9.125% 3/1/20261 | 4,290 | 4,054 | |
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/20264,5 | 23,325 | 21,527 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/20281 | 9,362 | 8,311 | |
Booz Allen Hamilton, Inc. 4.00% 7/1/20291 | 9,308 | 8,206 | |
CA Magnum Holdings 5.375% 10/31/20261 | 1,075 | 982 | |
CDK Global, Inc. 7.25% 6/15/20291 | 28,950 | 28,354 | |
Ciena Corp. 4.00% 1/31/20301 | 8,850 | 7,800 | |
CommScope Finance, LLC 6.00% 3/1/20261 | 8,605 | 7,959 | |
CommScope Finance, LLC 8.25% 3/1/20271 | 7,075 | 5,494 | |
CommScope Technologies, LLC 6.00% 6/15/20251 | 7,425 | 6,772 | |
CommScope Technologies, LLC 5.00% 3/15/20271 | 4,875 | 3,319 | |
Condor Merger Sub, Inc. 7.375% 2/15/20301 | 8,000 | 6,447 | |
Diebold Nixdorf, Inc. 9.375% 7/15/20251 | 151,093 | 108,054 | |
Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/20261,3,6 | 35,844 | 21,596 | |
Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/20253,4,5 | 35,269 | 23,752 | |
Elastic NV 4.125% 7/15/20291 | 6,750 | 5,461 | |
Entegris Escrow Corp. 4.75% 4/15/20291 | 15,955 | 14,582 | |
Fair Isaac Corp. 4.00% 6/15/20281 | 23,090 | 20,995 | |
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/20244,5 | EUR19,060 | 17,636 | |
Gartner, Inc. 4.50% 7/1/20281 | USD42,107 | 39,332 | |
Gartner, Inc. 3.625% 6/15/20291 | 6,421 | 5,650 | |
Gartner, Inc. 3.75% 10/1/20301 | 20,136 | 17,387 | |
GoDaddy Operating Co. 5.25% 12/1/20271 | 7,725 | 7,325 | |
GoDaddy Operating Co. 3.50% 3/1/20291 | 4,825 | 4,046 | |
Imola Merger Corp. 4.75% 5/15/20291 | 5,000 | 4,348 | |
J2 Global, Inc. 4.625% 10/15/20301 | 339 | 287 | |
MicroStrategy, Inc. 6.125% 6/15/20281 | 6,425 | 4,603 | |
MoneyGram International, Inc. 5.375% 8/1/20261 | 18,775 | 19,053 | |
NCR Corp. 5.125% 4/15/20291 | 35,955 | 30,134 | |
NortonLifeLock, Inc. 7.125% 9/30/20301 | 5,000 | 4,919 | |
Open Text Corp., Term Loan B, (3-month USD-LIBOR + 3.50%) 3.50% 11/16/20294,5 | 7,000 | 6,841 | |
Rocket Software, Inc. 6.50% 2/15/20291 | 9,075 | 7,166 | |
Sabre GLBL, Inc. 7.375% 9/1/20251 | 3,617 | 3,482 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Information technology (continued) | Principal amount (000) | Value (000) | |
Sabre GLBL, Inc. 11.25% 12/15/20271 | USD17,689 | $18,226 | |
Sabre Holdings Corp. 9.25% 4/15/20251 | 16,754 | 16,718 | |
Synaptics, Inc. 4.00% 6/15/20291 | 5,225 | 4,410 | |
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/20284,5 | 25,785 | 22,949 | |
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 6.998% 5/4/20264,5 | 8,837 | 8,417 | |
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 8.998% 5/3/20274,5 | 39,145 | 36,160 | |
Unisys Corp. 6.875% 11/1/20271 | 27,500 | 21,156 | |
VeriSign, Inc. 5.25% 4/1/2025 | 3,068 | 3,063 | |
Veritas US, Inc. 7.50% 9/1/20251 | 5,625 | 3,886 | |
Viavi Solutions, Inc. 3.75% 10/1/20291 | 3,750 | 3,158 | |
Xerox Corp. 5.50% 8/15/20281 | 11,000 | 8,821 | |
746,735 | |||
Consumer staples 4.19% | |||
Albertsons Companies, Inc. 3.50% 2/15/20231 | 10,207 | 10,159 | |
Albertsons Companies, Inc. 4.625% 1/15/20271 | 10,475 | 9,753 | |
Albertsons Companies, Inc. 5.875% 2/15/20281 | 5,000 | 4,762 | |
Albertsons Companies, Inc. 3.50% 3/15/20291 | 68,823 | 57,893 | |
Albertsons Companies, Inc. 4.875% 2/15/20301 | 11,915 | 10,655 | |
B&G Foods, Inc. 5.25% 4/1/2025 | 26,687 | 23,442 | |
B&G Foods, Inc. 5.25% 9/15/2027 | 41,606 | 31,973 | |
Central Garden & Pet Co. 4.125% 10/15/2030 | 14,556 | 11,980 | |
Central Garden & Pet Co. 4.125% 4/30/20311 | 16,755 | 13,892 | |
Coty, Inc. 5.00% 4/15/20261 | 11,000 | 10,446 | |
Coty, Inc. 6.50% 4/15/20261 | 11,005 | 10,582 | |
Coty, Inc. 4.75% 1/15/20291 | 26,365 | 23,898 | |
Darling Ingredients, Inc. 5.25% 4/15/20271 | 6,431 | 6,200 | |
Darling Ingredients, Inc. 6.00% 6/15/20301 | 20,395 | 19,964 | |
Edgewell Personal Care Co. 5.50% 6/1/20281 | 4,025 | 3,771 | |
Energizer Holdings, Inc. 4.375% 3/31/20291 | 9,560 | 8,123 | |
Ingles Markets, Inc. 4.00% 6/15/20311 | 5,070 | 4,271 | |
Kraft Heinz Company 3.00% 6/1/2026 | 6,360 | 5,960 | |
Kraft Heinz Company 3.875% 5/15/2027 | 5,545 | 5,306 | |
Kraft Heinz Company 4.375% 6/1/2046 | 6,215 | 5,079 | |
Kraft Heinz Company 4.875% 10/1/2049 | 9,975 | 8,709 | |
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20261 | 38,550 | 33,394 | |
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20271 | 60,572 | 49,896 | |
Kronos Acquisition Holdings, Inc., Term Loan B2, (3-month USD CME Term SOFR + 6.00%) 10.509% 12/22/20264,5 | 1,980 | 1,926 | |
Lamb Weston Holdings, Inc. 4.125% 1/31/20301 | 52,565 | 46,496 | |
Lamb Weston Holdings, Inc. 4.375% 1/31/20321 | 11,595 | 10,147 | |
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 8.48% 10/1/20264,5 | 23,321 | 22,391 | |
Performance Food Group, Inc. 5.50% 10/15/20271 | 16,205 | 15,318 | |
Performance Food Group, Inc. 4.25% 8/1/20291 | 5,785 | 5,020 | |
Post Holdings, Inc. 5.625% 1/15/20281 | 24,830 | 23,410 | |
Post Holdings, Inc. 5.50% 12/15/20291 | 27,109 | 24,588 | |
Post Holdings, Inc. 4.625% 4/15/20301 | 61,665 | 53,329 | |
Post Holdings, Inc. 4.50% 9/15/20311 | 24,475 | 20,620 | |
Prestige Brands International, Inc. 5.125% 1/15/20281 | 11,533 | 10,844 | |
Prestige Brands International, Inc. 3.75% 4/1/20311 | 14,440 | 11,927 | |
Simmons Foods, Inc. 4.625% 3/1/20291 | 15,605 | 12,722 | |
TreeHouse Foods, Inc. 4.00% 9/1/2028 | 28,436 | 24,216 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer staples (continued) | Principal amount (000) | Value (000) | |
United Natural Foods, Inc. 6.75% 10/15/20281 | USD37,695 | $36,279 | |
US Foods, Inc. 4.625% 6/1/20301 | 7,180 | 6,332 | |
695,673 | |||
Real estate 3.39% | |||
Anywhere Real Estate Group, LLC 5.75% 1/15/20291 | 28,820 | 21,837 | |
Anywhere Real Estate Group, LLC 5.25% 4/15/20301 | 33,355 | 24,376 | |
Brookfield Property REIT, Inc. 5.75% 5/15/20261 | 27,215 | 24,908 | |
Brookfield Property REIT, Inc. 4.50% 4/1/20271 | 4,045 | 3,387 | |
Forestar Group, Inc. 3.85% 5/15/20261 | 10,830 | 9,510 | |
Forestar Group, Inc. 5.00% 3/1/20281 | 1,905 | 1,638 | |
Hospitality Properties Trust 4.35% 10/1/2024 | 2,855 | 2,600 | |
Howard Hughes Corp. 5.375% 8/1/20281 | 29,474 | 26,600 | |
Howard Hughes Corp. 4.125% 2/1/20291 | 29,513 | 24,760 | |
Howard Hughes Corp. 4.375% 2/1/20311 | 52,202 | 42,310 | |
Iron Mountain, Inc. 4.875% 9/15/20271 | 29,660 | 27,324 | |
Iron Mountain, Inc. 5.25% 3/15/20281 | 24,088 | 22,199 | |
Iron Mountain, Inc. 5.00% 7/15/20281 | 4,702 | 4,232 | |
Iron Mountain, Inc. 5.25% 7/15/20301 | 57,225 | 49,858 | |
Iron Mountain, Inc. 4.50% 2/15/20311 | 23,090 | 19,031 | |
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029 | 46,900 | 37,231 | |
Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030 | 48,659 | 37,166 | |
Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031 | 40,455 | 30,506 | |
Ladder Capital Finance Holdings LLLP 5.25% 10/1/20251 | 14,495 | 13,644 | |
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271 | 28,586 | 24,063 | |
Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291 | 2,015 | 1,630 | |
Medical Properties Trust, Inc. 5.00% 10/15/2027 | 13,527 | 11,400 | |
Medical Properties Trust, Inc. 3.50% 3/15/2031 | 3,437 | 2,363 | |
Park Intermediate Holdings, LLC 4.875% 5/15/20291 | 16,445 | 13,942 | |
RHP Hotel Properties, LP 4.50% 2/15/20291 | 11,330 | 9,788 | |
RLJ Lodging Trust, LP 4.00% 9/15/20291 | 14,905 | 12,104 | |
VICI Properties, LP 3.50% 2/15/20251 | 5,104 | 4,820 | |
VICI Properties, LP 4.625% 6/15/20251 | 12,470 | 11,972 | |
VICI Properties, LP 3.875% 2/15/20291 | 18,864 | 16,560 | |
VICI Properties, LP 4.625% 12/1/20291 | 2,974 | 2,711 | |
VICI Properties, LP 4.125% 8/15/20301 | 6,887 | 6,039 | |
WeWork Companies, Inc. 7.875% 5/1/20251 | 1,925 | 734 | |
WeWork Companies, LLC 5.00% 7/10/20251 | 63,725 | 21,170 | |
562,413 | |||
Utilities 3.18% | |||
AmeriGas Partners, LP 5.875% 8/20/2026 | 1,665 | 1,584 | |
AmeriGas Partners, LP 5.75% 5/20/2027 | 7,448 | 6,933 | |
Calpine Corp. 5.25% 6/1/20261 | 1,051 | 1,003 | |
Calpine Corp. 4.50% 2/15/20281 | 4,000 | 3,577 | |
Calpine Corp. 5.125% 3/15/20281 | 8,282 | 7,407 | |
Calpine Corp. 3.75% 3/1/20311 | 9,175 | 7,399 | |
DPL, Inc. 4.125% 7/1/2025 | 10,965 | 10,321 | |
Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)7 | 18,225 | 17,568 | |
Enfragen Energia Sur SA 5.375% 12/30/20301 | 4,850 | 3,402 | |
FirstEnergy Corp. 2.65% 3/1/2030 | 6,754 | 5,519 | |
FirstEnergy Corp. 2.25% 9/1/2030 | 19,000 | 15,114 | |
FirstEnergy Corp. 7.375% 11/15/2031 | 7,191 | 8,112 | |
FirstEnergy Corp. 3.40% 3/1/2050 | 10,069 | 6,661 |
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Utilities (continued) | Principal amount (000) | Value (000) | |
FirstEnergy Corp., Series C, 5.35% 7/15/20477 | USD5,065 | $4,531 | |
FirstEnergy Transmission, LLC 2.866% 9/15/20281 | 10,562 | 9,236 | |
FirstEnergy Transmission, LLC 4.55% 4/1/20491 | 2,000 | 1,628 | |
NextEra Energy Partners, LP 4.25% 7/15/20241 | 3,163 | 3,073 | |
NextEra Energy Partners, LP 3.875% 10/15/20261 | 2,373 | 2,176 | |
NRG Energy, Inc. 3.625% 2/15/20311 | 15,740 | 11,994 | |
Pacific Gas and Electric Co. 5.45% 6/15/2027 | 7,720 | 7,625 | |
Pacific Gas and Electric Co. 2.10% 8/1/2027 | 2,965 | 2,537 | |
Pacific Gas and Electric Co. 3.30% 12/1/2027 | 3,055 | 2,701 | |
Pacific Gas and Electric Co. 3.75% 7/1/2028 | 6,310 | 5,608 | |
Pacific Gas and Electric Co. 4.55% 7/1/2030 | 4,170 | 3,789 | |
Pacific Gas and Electric Co. 2.50% 2/1/2031 | 7,695 | 5,988 | |
Pacific Gas and Electric Co. 3.25% 6/1/2031 | 2,135 | 1,741 | |
Pacific Gas and Electric Co. 3.30% 8/1/2040 | 5,540 | 3,770 | |
Pacific Gas and Electric Co. 3.50% 8/1/2050 | 10,040 | 6,274 | |
PG&E Corp. 5.00% 7/1/2028 | 58,570 | 53,560 | |
PG&E Corp. 5.25% 7/1/2030 | 60,380 | 55,039 | |
PG&E Corp., Term Loan, (3-month USD-LIBOR + 3.00%) 7.438% 6/23/20254,5 | 489 | 486 | |
Talen Energy Corp. 10.50% 1/15/20261,2 | 59,967 | 28,784 | |
Talen Energy Corp. 7.25% 5/15/20271 | 101,607 | 105,632 | |
Talen Energy Corp. 6.625% 1/15/20281 | 1,819 | 1,863 | |
Talen Energy Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.008% 11/13/20234,5 | 62,105 | 62,726 | |
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/20264,5 | 12,145 | 12,342 | |
Talen Energy Supply, LLC 7.625% 6/1/20281 | 9,825 | 10,261 | |
Targa Resources Partners, LP 4.00% 1/15/2032 | 1,175 | 990 | |
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291 | 27,420 | 24,041 | |
Vistra Operations Co., LLC 3.55% 7/15/20241 | 5,769 | 5,536 | |
528,531 | |||
Total corporate bonds, notes & loans | 14,678,727 | ||
Mortgage-backed obligations 0.08% Collateralized mortgage-backed obligations 0.08% | |||
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/20331,3 | 15,299 | 13,534 | |
U.S. Treasury bonds & notes 0.07% U.S. Treasury inflation-protected securities 0.07% | |||
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20518,9 | 18,312 | 11,813 | |
Asset-backed obligations 0.03% | |||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class D, 3.04% 9/22/20251,10 | 5,000 | 4,563 | |
Total bonds, notes & other debt instruments (cost: $16,946,153,000) | 14,708,637 | ||
Convertible bonds & notes 0.18% Communication services 0.16% | |||
DISH DBS Corp., convertible notes, 3.375% 8/15/2026 | 42,635 | 26,817 |
Convertible bonds & notes (continued) Energy 0.02% | Principal amount (000) | Value (000) | |
Mesquite Energy, Inc., convertible notes, 13.14% Cash 7/15/20231,3,6 | USD2,454 | $2,454 | |
Total convertible bonds & notes (cost: $46,795,000) | 29,271 | ||
Convertible stocks 0.23% Financials 0.18% | Shares | ||
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 6/1/20231 | 26,724 | 30,640 | |
Utilities 0.05% | |||
PG&E Corp., convertible preferred units, 5.50% 8/16/2023 | 57,000 | 8,222 | |
Total convertible stocks (cost: $28,750,000) | 38,862 | ||
Common stocks 3.22% Health care 1.23% | |||
Rotech Healthcare, Inc.3,11,12,13 | 1,916,276 | 205,041 | |
Energy 1.11% | |||
Chesapeake Energy Corp. | 610,745 | 57,636 | |
Weatherford International12 | 662,156 | 33,717 | |
Diamond Offshore Drilling, Inc.12 | 3,107,938 | 32,323 | |
Denbury, Inc.12 | 219,000 | 19,057 | |
Ascent Resources - Utica, LLC, Class A3,12,13 | 90,532,504 | 18,106 | |
California Resources Corp. | 183,103 | 7,967 | |
Constellation Oil Services Holding SA, Class B-13,12 | 51,096,574 | 5,621 | |
Altera Infrastructure, LP3,12 | 48,214 | 3,824 | |
Civitas Resources, Inc. | 57,659 | 3,340 | |
McDermott International, Ltd.12 | 2,999,554 | 960 | |
McDermott International, Ltd.12,13 | 1,745,604 | 558 | |
Southwestern Energy Co.12 | 229,524 | 1,343 | |
Mesquite Energy, Inc.3,12 | 109,992 | 660 | |
Petroplus Holdings AG3,12 | 3,360,000 | —14 | |
Bighorn Permian Resources, LLC3 | 42,744 | —14 | |
185,112 | |||
Financials 0.32% | |||
Jonah Energy Parent, LLC3,11 | 747,471 | 44,190 | |
Navient Corp. | 537,500 | 8,842 | |
53,032 | |||
Consumer discretionary 0.24% | |||
NMG Parent, LLC12 | 182,562 | 27,841 | |
MYT Holding Co., Class B3,11,12 | 7,468,376 | 11,202 | |
39,043 | |||
Communication services 0.23% | |||
Frontier Communications Parent, Inc.12 | 921,177 | 23,472 | |
Intelsat SA3,12 | 318,478 | 7,644 | |
Cumulus Media, Inc., Class A12 | 561,836 | 3,489 |
Common stocks (continued) Communication services (continued) | Shares | Value (000) | |
iHeartMedia, Inc., Class A12 | 378,645 | $2,321 | |
Clear Channel Outdoor Holdings, Inc.12 | 890,868 | 935 | |
37,861 | |||
Information technology 0.09% | |||
MoneyGram International, Inc.12 | 1,310,886 | 14,276 | |
Total common stocks (cost: $425,086,000) | 534,365 | ||
Preferred securities 0.16% Consumer discretionary 0.13% | |||
MYT Holdings, LLC, Series A, 10.00% preferred shares3,11,12 | 19,884,070 | 20,878 | |
Industrials 0.03% | |||
ACR III LSC Holdings, LLC, Series B, preferred shares1,3,12 | 13,566 | 5,687 | |
Energy 0.00% | |||
McDermott International, Inc., 8.00% cumulative preferred shares3,12 | 1,130 | 57 | |
Total preferred securities (cost: $32,392,000) | 26,622 | ||
Rights & warrants 0.08% Consumer discretionary 0.08% | |||
NMG Parent, LLC, warrants, expire 9/24/202712 | 407,047 | 12,401 | |
Carnelian Point Holdings, L.P. warrants, expire 6/30/20273,12 | 4,459 | —14 | |
12,401 | |||
Communication services 0.00% | |||
Intelsat Jackson Holdings SA (CVR), Series A3,12 | 33,352 | 250 | |
Intelsat Jackson Holdings SA (CVR), Series B3,12 | 33,352 | 225 | |
475 | |||
Energy 0.00% | |||
California Resources Corp., warrants, expire 10/27/202412 | 16,108 | 203 | |
Denbury, Inc., Series B, warrants, expire 9/18/20231,12 | 155 | 8 | |
McDermott International, Inc., warrants, expire 20273,12 | 845,563 | —14 | |
Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/20713,12 | 18 | —14 | |
211 | |||
Total rights & warrants (cost: $4,602,000) | 13,087 | ||
Short-term securities 6.14% Money market investments 6.14% | |||
Capital Group Central Cash Fund 4.31%11,15 | 10,191,662 | 1,019,064 | |
Total short-term securities (cost: $1,019,256,000) | 1,019,064 | ||
Total investment securities 98.61% (cost: $18,503,034,000) | 16,369,908 | ||
Other assets less liabilities 1.39% | 231,180 | ||
Net assets 100.00% | $16,601,088 |
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 12/31/2022 (000) |
5 Year U.S. Treasury Note Futures | Long | 2,090 | March 2023 | USD225,573 | $(2,066) |
10 Year Ultra U.S. Treasury Note Futures | Short | 39 | March 2023 | (4,613) | 27 |
10 Year U.S. Treasury Note Futures | Short | 134 | March 2023 | (15,048) | 98 |
30 Year Ultra U.S. Treasury Bond Futures | Short | 30 | March 2023 | (4,029) | 33 |
$(1,908) |
Reference index | Financing rate paid | Payment frequency | Expiration date | Notional amount (000) | Value at 12/31/2022 (000) | Upfront premium paid (000) | Unrealized depreciation at 12/31/2022 (000) |
CDX.NA.HY.39 | 5.00% | Quarterly | 12/20/2027 | USD166,650 | $(1,026) | $2,297 | $(3,323) |
Value of affiliates at 10/1/2022 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized depreciation (000) | Value of affiliates at 12/31/2022 (000) | Interest income (000) | ||||
Common stocks 1.57% | ||||||||||
Health care 1.23% | ||||||||||
Rotech Healthcare, Inc.3,12,13 | $205,042 | $— | $— | $— | $(1) | $205,041 | $— | |||
Financials 0.27% | ||||||||||
Jonah Energy Parent, LLC3 | 53,310 | — | — | — | (9,120) | 44,190 | 17,737 | |||
Consumer discretionary 0.07% | ||||||||||
MYT Holding Co., Class B3,12 | 13,070 | — | — | — | (1,868) | 11,202 | — | |||
Total common stocks | 260,433 | |||||||||
Preferred securities 0.13% | ||||||||||
Consumer discretionary 0.13% | ||||||||||
MYT Holdings, LLC, Series A, 10.00% preferred shares3,12 | 21,773 | — | — | — | (895) | 20,878 | — | |||
Short-term securities 6.14% | ||||||||||
Money market investments 6.14% | ||||||||||
Capital Group Central Cash Fund 4.31%15 | 724,312 | 796,927 | 502,183 | 60 | (52) | 1,019,064 | 8,397 | |||
Total 7.84% | $60 | $(11,936) | $1,300,375 | $26,134 |
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | |||
Rotech Healthcare, Inc.3,11,12 | 9/26/2013 | $41,128 | $205,041 | 1.24% | ||
Ascent Resources - Utica, LLC, Class A3,12 | 4/25/2016-11/15/2016 | 4,340 | 18,106 | .11 | ||
McDermott International, Ltd.12 | 4/4/2018-12/31/2020 | 7,967 | 558 | .00 | ||
Total | $53,435 | $223,705 | 1.35% |
1 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) 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 $10,893,545,000, which represented 65.62% of the net assets of the fund. |
2 | Scheduled interest and/or principal payment was not received. |
3 | Value determined using significant unobservable inputs. |
4 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $528,456,000, which represented 3.18% of the net assets of the fund. |
5 | 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. |
6 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. |
7 | Step bond; coupon rate may change at a later date. |
8 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $7,976,000, which represented .05% of the net assets of the fund. |
9 | Index-linked bond whose principal amount moves with a government price index. |
10 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
11 | Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended. |
12 | Security did not produce income during the last 12 months. |
13 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $223,705,000, which represented 1.35% of the net assets of the fund. |
14 | Amount less than one thousand. |
15 | Rate represents the seven-day yield at 12/31/2022. |
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 & loans; 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 & loans | $— | $14,592,581 | $86,146 | $14,678,727 | |||
Mortgage-backed obligations | — | — | 13,534 | 13,534 | |||
U.S. Treasury bonds & notes | — | 11,813 | — | 11,813 | |||
Asset-backed obligations | — | 4,563 | — | 4,563 | |||
Convertible bonds & notes | — | 26,817 | 2,454 | 29,271 | |||
Convertible stocks | 8,222 | 30,640 | — | 38,862 | |||
Common stocks | 210,236 | 27,841 | 296,288 | 534,365 | |||
Preferred securities | — | — | 26,622 | 26,622 | |||
Rights & warrants | 211 | 12,401 | 475 | 13,087 | |||
Short-term securities | 1,019,064 | — | — | 1,019,064 | |||
Total | $1,237,733 | $14,706,656 | $425,519 | $16,369,908 |
Other investments* | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Assets: | |||||||
Unrealized appreciation on futures contracts | $158 | $— | $— | $158 | |||
Liabilities: | |||||||
Unrealized depreciation on futures contracts | (2,066) | — | — | (2,066) | |||
Unrealized depreciation on centrally cleared credit default swaps | — | (3,323) | — | (3,323) | |||
Total | $(1,908) | $(3,323) | $— | $(5,231) |
* | Futures contracts and credit default swaps are not included in the fund’s investment portfolio. |
Beginning value at 10/1/2022 | Transfers into Level 3† | Purchases | Sales | Net realized gain | Unrealized depreciation | Transfers out of Level 3† | Ending value at 12/31/2022 | |
Investment securities | $ 395,342 | $ — | $ 60,758 | $ (12,527) | $ 585 | $ (18,639) | $ — | $ 425,519 |
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | $ (20,073) |
Value at 12/31/2022 | Valuation techniques | Unobservable inputs | Range (if applicable) | Weighted average* | Impact to valuation from an increase in input† | |
Bonds, notes & other debt instruments | $99,680 | Estimated recovery value | Expected proceeds | N/A | N/A | N/A |
EV/EBITDA multiple | 7.5x | 7.5x | Increase | |||
DLOM | 15% | 15% | Decrease | |||
Vendor price | N/A | N/A | N/A | |||
Yield analysis | Yield | 15.7% - 16.0% | 15.8% | Decrease | ||
Transaction | Transaction price | N/A | N/A | N/A | ||
Net adjustment (decrease) based on movement of market comparables | 10% | 10% | Decrease | |||
Convertible bonds & notes | 2,454 | Transaction | Transaction price | N/A | N/A | N/A |
Common stocks | 296,288 | Estimated recovery value | Expected proceeds | N/A | N/A | N/A |
EV/EBITDA multiple | 7.5x | 7.5x | Increase | |||
DLOM | 15% | 15% | Decrease | |||
Vendor price | N/A | N/A | N/A | |||
Risk discount | 90% | 90% | Decrease | |||
Net adjustment (decrease) based on movement of market comparables | 20% | 20% | Decrease | |||
Market comparable companies | EV/EBITDA multiple | 3.7x | 3.7x | Increase | ||
EV/EBITDA less CapEx multiple | 10.2x | 10.2x | Increase | |||
DLOM | 17% | 17% | Decrease | |||
Transaction | Transaction price | N/A | N/A | N/A | ||
Discount for lack of certainty | 5% | 5% | Decrease | |||
Indicative market quotation | Broker quote | N/A | N/A | N/A | ||
Preferred securities | 26,622 | Indicative market quotation | Broker quote | N/A | N/A | N/A |
Market comparable companies | EV/EBITDA multiple | 3.5x | 3.5x | Increase | ||
DLOM | 30% | 30% | Decrease | |||
Rights & warrants | 475 | Indicative market quotation | Broker quote | N/A | N/A | N/A |
Estimated recovery value | Expected proceeds | N/A | N/A | N/A | ||
Total | $425,519 |
* | Weighted average is by relative fair value. |
† | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |
MFGEFP1-021-0223O-S89780 | American High-Income Trust — Page 27 of 27 |