|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
Bonds and Notes — 88.4% of Net Assets
|
||
|
|
||
|
|
||
|
Non-Convertible Bonds — 78.9%
|
||
|
|
ABS Car Loan — 1.4%
|
|
|
$635,000
|
American Credit Acceptance Receivables
Trust, Series 2022-4, Class C,
7.860%, 2/15/2029(a)
|
$639,756
|
|
7,500,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2019-2A, Class D,
3.040%, 9/22/2025(a)
|
7,141,019
|
|
5,000,000
|
Avis Budget Rental Car Funding AESOP LLC,
Series 2020-1A, Class D,
3.340%, 8/20/2026(a)
|
4,520,557
|
|
940,000
|
First Investors Auto Owner Trust,
Series 2022-2A, Class D,
8.710%, 10/16/2028(a)
|
959,005
|
|
7,303,000
|
Hertz Vehicle Financing III LLC,
Series 2022-1A, Class D,
4.850%, 6/25/2026(a)
|
6,832,813
|
|
3,598,000
|
Hertz Vehicle Financing III LLC,
Series 2022-3A, Class D,
6.310%, 3/25/2025(a)
|
3,569,083
|
|
1,295,000
|
Hertz Vehicle Financing III LLC,
Series 2023-1A, Class D2,
9.130%, 6/25/2027(a)
|
1,278,297
|
|
2,790,000
|
Hertz Vehicle Financing III LLC,
Series 2023-2A, Class D,
9.400%, 9/25/2029(a)
|
2,805,913
|
|
4,155,000
|
Hertz Vehicle Financing LLC, Series 2022-2A,
Class D, 5.160%, 6/26/2028(a)
|
3,589,383
|
|
4,105,000
|
Hertz Vehicle Financing LLC, Series 2022-4A,
Class D, 6.560%, 9/25/2026(a)
|
3,919,199
|
|
2,810,000
|
Prestige Auto Receivables Trust,
Series 2022-1A, Class D,
8.080%, 8/15/2028(a)
|
2,867,754
|
|
1,540,000
|
Westlake Automobile Receivables Trust,
Series 2023-1A, Class D,
6.790%, 11/15/2028(a)
|
1,528,474
|
|
|
|
39,651,253
|
|
|
ABS Home Equity — 3.7%
|
|
|
5,498,211
|
510 Asset-Backed Trust, Series 2021-NPL1,
Class A1, 2.240%, 6/25/2061(a)(b)
|
5,056,249
|
|
5,350,000
|
CoreVest American Finance Ltd.,
Series 2021-1, Class D, 3.247%, 4/15/2053(a)
|
4,081,093
|
|
1,510,000
|
CoreVest American Finance Ltd.,
Series 2021-3, Class D, 3.469%, 10/15/2054(a)
|
1,192,124
|
|
2,510,000
|
Credit Suisse Mortgage Trust,
Series 2021-RPL6, Class M2,
3.125%, 10/25/2060(a)
|
1,777,689
|
|
7,660,000
|
FirstKey Homes Trust, Series 2020-SFR1,
Class F2, 4.284%, 8/17/2037(a)
|
7,164,197
|
|
1,965,000
|
FirstKey Homes Trust, Series 2021-SFR1,
Class F1, 3.238%, 8/17/2038(a)
|
1,697,618
|
|
2,577,002
|
GITSIT Mortgage Loan Trust,
Series 2023-NPL1, Class A1,
8.353%, 5/25/2053(a)(b)
|
2,566,207
|
|
6,715,933
|
Home Partners of America Trust,
Series 2021-1, Class F, 3.325%, 9/17/2041(a)
|
5,329,575
|
|
8,317,297
|
Home Partners of America Trust,
Series 2021-2, Class E1,
2.852%, 12/17/2026(a)
|
7,152,796
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Home Equity — continued
|
|
|
$4,158,649
|
Home Partners of America Trust,
Series 2021-2, Class E2,
2.952%, 12/17/2026(a)
|
$3,572,309
|
|
11,507,000
|
Progress Residential Trust,
Series 2021-SFR4, Class F,
3.407%, 5/17/2038(a)
|
10,052,458
|
|
3,623,000
|
Progress Residential Trust,
Series 2021-SFR5, Class F,
3.158%, 7/17/2038(a)
|
3,108,226
|
|
5,465,000
|
Progress Residential Trust,
Series 2021-SFR6, Class F,
3.422%, 7/17/2038(a)
|
4,718,665
|
|
15,160,000
|
Progress Residential Trust,
Series 2021-SFR7, Class F,
3.834%, 8/17/2040(a)
|
12,175,375
|
|
2,513,000
|
PRPM LLC, Series 2021-4, Class A2,
3.474%, 4/25/2026(a)(b)
|
2,004,539
|
|
6,313,365
|
PRPM LLC, Series 2021-5, Class A1,
1.793%, 6/25/2026(a)(b)
|
5,716,436
|
|
4,530,289
|
PRPM LLC, Series 2021-9, Class A1,
2.363%, 10/25/2026(a)(b)
|
4,221,880
|
|
6,014,140
|
PRPM LLC, Series 2022-5, Class A1,
6.900%, 9/27/2027(a)(b)
|
5,970,084
|
|
6,202,644
|
Toorak Mortgage Corp. Ltd., Series 2021-1,
Class A1, 2.240%, 6/25/2024(a)(b)
|
6,031,147
|
|
1,120,000
|
Towd Point Mortgage Trust, Series 2017-4,
Class M2, 3.250%, 6/25/2057(a)(b)
|
885,056
|
|
795,000
|
Towd Point Mortgage Trust, Series 2019-4,
Class M1, 3.500%, 10/25/2059(a)(b)
|
634,602
|
|
3,970,000
|
VCAT LLC, Series 2021-NPL5, Class A2,
3.844%, 8/25/2051(a)(b)
|
3,116,829
|
|
7,865,000
|
VCAT LLC, Series 2021-NPL6, Class A2,
3.967%, 9/25/2051(a)(b)
|
6,334,962
|
|
|
|
104,560,116
|
|
|
ABS Other — 1.9%
|
|
|
4,225,531
|
AASET Trust, Series 2021-1A, Class A,
2.950%, 11/16/2041(a)
|
3,718,552
|
|
2,718,840
|
AASET Trust, Series 2021-2A, Class B,
3.538%, 1/15/2047(a)
|
2,175,262
|
|
1,640,065
|
Castlelake Aircraft Structured Trust,
Series 2018-1, Class B, 5.300%, 6/15/2043(a)
|
1,199,283
|
|
377,366
|
Elara HGV Timeshare Issuer LLC,
Series 2021-A, Class C, 2.090%, 8/27/2035(a)
|
334,711
|
|
550,000
|
Foundation Finance Trust, Series 2023-2A,
Class D, 9.100%, 6/15/2049(a)
|
549,886
|
|
10,435,000
|
Frontier Issuer LLC, Series 2023-1, Class A2,
6.600%, 8/20/2053(a)
|
9,970,747
|
|
54,004
|
HIN Timeshare Trust, Series 2020-A, Class C,
3.420%, 10/09/2039(a)
|
49,660
|
|
2,533,944
|
Lunar Structured Aircraft Portfolio Notes,
Series 2021-1, Class B, 3.432%, 10/15/2046(a)
|
2,111,779
|
|
8,535,488
|
MAPS Trust, Series 2021-1A, Class A,
2.521%, 6/15/2046(a)
|
7,315,144
|
|
12,851,450
|
Navigator Aircraft ABS Ltd., Series 2021-1,
Class B, 3.571%, 11/15/2046(a)(b)
|
10,507,911
|
|
1,930,000
|
SCF Equipment Leasing LLC, Series 2022-2A,
Class C, 6.500%, 8/20/2032(a)
|
1,869,280
|
|
770,729
|
Shenton Aircraft Investment I Ltd.,
Series 2015-1A, Class A,
4.750%, 10/15/2042(a)
|
649,231
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
ABS Other — continued
|
|
|
$9,539,340
|
Slam Ltd., Series 2021-1A, Class A,
2.434%, 6/15/2046(a)
|
$8,108,668
|
|
8,559,054
|
Willis Engine Structured Trust VI,
Series 2021-A, Class A, 3.104%, 5/15/2046(a)
|
6,863,582
|
|
|
|
55,423,696
|
|
|
ABS Whole Business — 0.3%
|
|
|
5,925,000
|
Applebee's Funding LLC/IHOP Funding LLC,
Series 2023-1A, Class A2,
7.824%, 3/05/2053(a)
|
5,841,037
|
|
2,272,688
|
Hardee's Funding LLC, Series 2021-1A,
Class A2, 2.865%, 6/20/2051(a)
|
1,785,853
|
|
755,563
|
Planet Fitness Master Issuer LLC,
Series 2019-1A, Class A2,
3.858%, 12/05/2049(a)
|
634,731
|
|
132,975
|
Planet Fitness Master Issuer LLC,
Series 2022-1A, Class A2I,
3.251%, 12/05/2051(a)
|
118,903
|
|
|
|
8,380,524
|
|
|
Aerospace & Defense — 0.2%
|
|
|
5,945,000
|
Embraer Netherlands Finance BV,
7.000%, 7/28/2030(a)
|
5,897,177
|
|
|
Airlines — 0.7%
|
|
|
1,053,476
|
American Airlines Pass-Through Trust,
Series 2016-3, Class B, 3.750%, 4/15/2027
|
984,273
|
|
577,540
|
American Airlines Pass-Through Trust,
Series 2017-2, Class B, 3.700%, 4/15/2027
|
548,421
|
|
17,128,874
|
United Airlines Pass-Through Trust,
Series 20-1, Class A, 5.875%, 4/15/2029
|
16,967,178
|
|
2,052,638
|
United Airlines Pass-Through Trust,
Series 2020-1, Class B, 4.875%, 7/15/2027
|
1,974,658
|
|
|
|
20,474,530
|
|
|
Automotive — 0.6%
|
|
|
2,845,000
|
General Motors Co., 5.200%, 4/01/2045
|
2,212,033
|
|
2,120,000
|
General Motors Co., 6.250%, 10/02/2043
|
1,899,396
|
|
2,765,000
|
General Motors Financial Co., Inc.,
3.100%, 1/12/2032
|
2,139,231
|
|
6,445,000
|
General Motors Financial Co., Inc.,
6.400%, 1/09/2033
|
6,294,217
|
|
540,000
|
General Motors Financial Co., Inc., Series A,
(fixed rate to 9/30/2027, variable rate
thereafter), 5.750%(c)
|
434,857
|
|
865,000
|
General Motors Financial Co., Inc., Series C,
(fixed rate to 9/30/2030, variable rate
thereafter), 5.700%(c)
|
739,236
|
|
2,055,000
|
ZF North America Capital, Inc.,
6.875%, 4/14/2028(a)
|
2,011,948
|
|
2,170,000
|
ZF North America Capital, Inc.,
7.125%, 4/14/2030(a)
|
2,127,902
|
|
|
|
17,858,820
|
|
|
Banking — 4.7%
|
|
|
1,380,000
|
AIB Group PLC, (fixed rate to 9/13/2028,
variable rate thereafter),
6.608%, 9/13/2029(a)
|
1,374,261
|
|
6,000,000
|
Ally Financial, Inc., 8.000%, 11/01/2031
|
6,057,808
|
|
8,200,000
|
Ally Financial, Inc., Series B, (fixed rate to
5/15/2026, variable rate thereafter),
4.700%(c)
|
5,627,170
|
|
7,500,000
|
Ally Financial, Inc., Series C, (fixed rate to
5/15/2028, variable rate thereafter),
4.700%(c)
|
4,696,473
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Banking — continued
|
|
|
$15,755,000
|
Bank of America Corp., (fixed rate to
9/15/2033, variable rate thereafter),
5.872%, 9/15/2034
|
$15,332,461
|
|
11,885,000
|
Barclays PLC, (fixed rate to 3/15/2028,
variable rate thereafter), 4.375%(c)
|
8,248,690
|
|
9,000,000
|
Barclays PLC, (fixed rate to 9/23/2030,
variable rate thereafter), 3.564%, 9/23/2035
|
6,949,000
|
|
3,970,000
|
CaixaBank SA, (fixed rate to 9/13/2033,
variable rate thereafter),
6.840%, 9/13/2034(a)
|
3,892,903
|
|
8,240,000
|
Deutsche Bank AG, (fixed rate to 10/07/2031,
variable rate thereafter), 3.742%, 1/07/2033
|
5,912,977
|
|
16,322,000
|
Deutsche Bank AG, (fixed rate to 10/14/2030,
variable rate thereafter), 3.729%, 1/14/2032
|
12,149,997
|
|
1,709,000
|
Deutsche Bank AG, (fixed rate to 12/01/2027,
variable rate thereafter), 4.875%, 12/01/2032
|
1,458,005
|
|
2,035,000
|
ING Groep NV, (fixed rate to 9/11/2033,
variable rate thereafter), 6.114%, 9/11/2034
|
1,976,212
|
|
11,025,000
|
Morgan Stanley, (fixed rate to 1/19/2033,
variable rate thereafter), 5.948%, 1/19/2038
|
10,304,802
|
|
14,965,000
|
NatWest Group PLC, (fixed rate to 8/28/2030,
variable rate thereafter), 3.032%, 11/28/2035
|
11,266,550
|
|
2,890,000
|
Synchrony Bank, 5.400%, 8/22/2025
|
2,780,122
|
|
5,875,000
|
Synchrony Bank, 5.625%, 8/23/2027
|
5,456,171
|
|
545,000
|
UBS Group AG, (fixed rate to 1/12/2028,
variable rate thereafter),
3.869%, 1/12/2029(a)
|
493,652
|
|
3,695,000
|
UBS Group AG, (fixed rate to 11/15/2032,
variable rate thereafter),
9.016%, 11/15/2033(a)
|
4,267,040
|
|
325,000
|
UBS Group AG, (fixed rate to 5/14/2031,
variable rate thereafter),
3.091%, 5/14/2032(a)
|
256,701
|
|
7,690,000
|
UBS Group AG, (fixed rate to 8/11/2027,
variable rate thereafter),
6.442%, 8/11/2028(a)
|
7,675,312
|
|
5,370,000
|
UBS Group AG, (fixed rate to 8/12/2032,
variable rate thereafter),
6.537%, 8/12/2033(a)
|
5,319,522
|
|
14,800,000
|
UniCredit SpA, (fixed rate to 6/30/2030,
variable rate thereafter),
5.459%, 6/30/2035(a)
|
12,406,902
|
|
|
|
133,902,731
|
|
|
Brokerage — 0.1%
|
|
|
3,893,000
|
Jefferies Financial Group, Inc.,
6.250%, 1/15/2036
|
3,826,427
|
|
|
Building Materials — 1.3%
|
|
|
29,325,000
|
Cemex SAB de CV, 3.875%, 7/11/2031(a)
|
24,563,067
|
|
225,000
|
Cemex SAB de CV, (fixed rate to 3/14/2028,
variable rate thereafter), 9.125%(a)(c)
|
234,226
|
|
10,470,000
|
Cemex SAB de CV, (fixed rate to 6/08/2026,
variable rate thereafter), 5.125%(a)(c)
|
9,801,937
|
|
1,265,000
|
JELD-WEN, Inc., 4.875%, 12/15/2027(a)
|
1,116,211
|
|
1,859,000
|
Masco Corp., 6.500%, 8/15/2032
|
1,872,674
|
|
|
|
37,588,115
|
|
|
Cable Satellite — 6.0%
|
|
|
34,275,000
|
CCO Holdings LLC/CCO Holdings Capital
Corp., 4.250%, 1/15/2034(a)
|
25,235,929
|
|
6,555,000
|
CCO Holdings LLC/CCO Holdings Capital
Corp., 4.750%, 2/01/2032(a)
|
5,244,000
|
|
7,180,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 2.300%, 2/01/2032
|
5,232,599
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Cable Satellite — continued
|
|
|
$17,890,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 2.800%, 4/01/2031
|
$13,951,641
|
|
16,530,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 3.700%, 4/01/2051
|
9,618,688
|
|
920,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 3.850%, 4/01/2061
|
514,158
|
|
31,240,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 3.950%, 6/30/2062
|
17,720,710
|
|
4,025,000
|
Charter Communications
Operating LLC/Charter Communications
Operating Capital, 4.400%, 4/01/2033
|
3,423,418
|
|
6,425,000
|
CSC Holdings LLC, 3.375%, 2/15/2031(a)
|
4,378,235
|
|
1,075,000
|
CSC Holdings LLC, 4.125%, 12/01/2030(a)
|
760,793
|
|
415,000
|
CSC Holdings LLC, 4.500%, 11/15/2031(a)
|
293,728
|
|
48,110,000
|
CSC Holdings LLC, 4.625%, 12/01/2030(a)
|
25,577,836
|
|
5,540,000
|
CSC Holdings LLC, 5.000%, 11/15/2031(a)
|
2,969,309
|
|
14,005,000
|
CSC Holdings LLC, 5.375%, 2/01/2028(a)
|
11,401,636
|
|
1,360,000
|
CSC Holdings LLC, 5.750%, 1/15/2030(a)
|
762,002
|
|
3,705,000
|
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 5.875%, 8/15/2027(a)
|
3,275,886
|
|
6,470,000
|
DISH DBS Corp., 5.125%, 6/01/2029
|
3,586,839
|
|
22,190,000
|
DISH DBS Corp., 5.250%, 12/01/2026(a)
|
18,858,190
|
|
6,575,000
|
DISH DBS Corp., 5.750%, 12/01/2028(a)
|
5,054,531
|
|
15,865,000
|
DISH DBS Corp., 7.750%, 7/01/2026
|
11,898,750
|
|
|
|
169,758,878
|
|
|
Chemicals — 0.7%
|
|
|
10,887,000
|
Ashland, Inc., 3.375%, 9/01/2031(a)
|
8,466,125
|
|
1,320,000
|
Braskem Netherlands Finance BV,
4.500%, 1/31/2030(a)
|
1,075,837
|
|
6,735,000
|
Braskem Netherlands Finance BV,
5.875%, 1/31/2050(a)
|
4,851,124
|
|
2,715,000
|
Braskem Netherlands Finance BV,
8.500%, 1/12/2031(a)
|
2,690,429
|
|
3,030,000
|
Celanese U.S. Holdings LLC,
6.700%, 11/15/2033
|
2,949,446
|
|
905,000
|
INEOS Quattro Finance 2 PLC,
3.375%, 1/15/2026(a)
|
824,406
|
|
|
|
20,857,367
|
|
|
Construction Machinery — 0.1%
|
|
|
1,530,000
|
Ashtead Capital, Inc., 5.500%, 8/11/2032(a)
|
1,413,644
|
|
2,140,000
|
Ashtead Capital, Inc., 5.550%, 5/30/2033(a)
|
1,985,354
|
|
|
|
3,398,998
|
|
|
Consumer Cyclical Services — 1.6%
|
|
|
5,645,000
|
Go Daddy Operating Co. LLC/GD Finance
Co., Inc., 3.500%, 3/01/2029(a)
|
4,749,437
|
|
2,145,000
|
TriNet Group, Inc., 3.500%, 3/01/2029(a)
|
1,806,482
|
|
8,665,000
|
Uber Technologies, Inc.,
4.500%, 8/15/2029(a)
|
7,745,268
|
|
10,815,000
|
Uber Technologies, Inc.,
6.250%, 1/15/2028(a)
|
10,575,610
|
|
20,005,000
|
Uber Technologies, Inc.,
7.500%, 9/15/2027(a)
|
20,171,122
|
|
|
|
45,047,919
|
|
|
Consumer Products — 0.0%
|
|
|
699,000
|
Natura Cosmeticos SA, 4.125%, 5/03/2028(a)
|
600,251
|
|
|
Diversified Manufacturing — 0.4%
|
|
|
825,000
|
Ingersoll Rand, Inc., 5.700%, 8/14/2033
|
796,220
|
|
930,000
|
Nordson Corp., 5.600%, 9/15/2028
|
921,072
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Diversified Manufacturing — continued
|
|
|
$1,250,000
|
Nordson Corp., 5.800%, 9/15/2033
|
$1,220,995
|
|
7,790,000
|
Veralto Corp., 5.450%, 9/18/2033(a)
|
7,536,980
|
|
|
|
10,475,267
|
|
|
Electric — 0.8%
|
|
|
18,352,767
|
Alta Wind Holdings LLC,
7.000%, 6/30/2035(a)
|
16,479,568
|
|
1,780,000
|
Enel Generacion Chile SA, 7.875%, 2/01/2027
|
1,853,402
|
|
3,445,000
|
Southern Co., 5.700%, 3/15/2034
|
3,373,837
|
|
|
|
21,706,807
|
|
|
Finance Companies — 6.7%
|
|
|
12,717,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.000%, 10/29/2028
|
10,904,550
|
|
2,380,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.300%, 1/30/2032
|
1,891,890
|
|
2,120,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 3.400%, 10/29/2033
|
1,639,865
|
|
4,127,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 5.750%, 6/06/2028
|
4,031,954
|
|
3,555,000
|
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 6.150%, 9/30/2030
|
3,501,534
|
|
10,600,000
|
Air Lease Corp., Series B, (fixed rate to
6/15/2026, variable rate thereafter),
4.650%(c)
|
9,334,770
|
|
3,585,000
|
Aircastle Ltd., Series A, (fixed rate to
6/15/2026, variable rate thereafter),
5.250%(a)(c)
|
2,819,056
|
|
11,555,000
|
Ares Capital Corp., 3.200%, 11/15/2031
|
8,841,246
|
|
2,145,000
|
Aviation Capital Group LLC,
1.950%, 1/30/2026(a)
|
1,928,451
|
|
4,150,000
|
Aviation Capital Group LLC,
6.250%, 4/15/2028(a)
|
4,053,595
|
|
5,955,000
|
Barings BDC, Inc., 3.300%, 11/23/2026
|
5,224,834
|
|
7,175,000
|
Blue Owl Capital Corp., 2.875%, 6/11/2028
|
5,899,822
|
|
14,750,000
|
Blue Owl Capital Corp., 4.250%, 1/15/2026
|
13,799,171
|
|
7,155,000
|
Blue Owl Technology Finance Corp.,
4.750%, 12/15/2025(a)
|
6,618,086
|
|
7,875,000
|
GATX Corp., 5.450%, 9/15/2033
|
7,390,305
|
|
380,000
|
GATX Corp., 6.050%, 3/15/2034
|
371,102
|
|
12,820,000
|
Hercules Capital, Inc., 3.375%, 1/20/2027
|
11,209,117
|
|
2,210,000
|
Nationstar Mortgage Holdings, Inc.,
5.125%, 12/15/2030(a)
|
1,794,358
|
|
9,605,000
|
Nationstar Mortgage Holdings, Inc.,
5.500%, 8/15/2028(a)
|
8,472,240
|
|
135,000
|
Navient Corp., 5.000%, 3/15/2027
|
121,346
|
|
950,000
|
Navient Corp., 6.750%, 6/15/2026
|
918,962
|
|
3,259,000
|
Navient Corp., MTN, 6.125%, 3/25/2024
|
3,241,585
|
|
950,000
|
Navient Corp., Series A, MTN,
5.625%, 8/01/2033
|
689,367
|
|
2,286,000
|
OneMain Finance Corp., 3.500%, 1/15/2027
|
1,957,388
|
|
9,425,000
|
OneMain Finance Corp., 4.000%, 9/15/2030
|
7,072,096
|
|
1,220,000
|
OneMain Finance Corp., 5.375%, 11/15/2029
|
1,021,750
|
|
4,075,000
|
OneMain Finance Corp., 7.125%, 3/15/2026
|
3,990,980
|
|
14,740,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 2.875%, 10/15/2026(a)
|
12,981,371
|
|
13,540,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.625%, 3/01/2029(a)
|
11,193,996
|
|
37,540,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 3.875%, 3/01/2031(a)
|
29,933,270
|
|
9,630,000
|
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 4.000%, 10/15/2033(a)
|
7,272,412
|
|
|
|
190,120,469
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Financial Other — 1.1%
|
|
|
$1,650,000
|
Agile Group Holdings Ltd., 5.500%, 4/21/2025
|
$212,388
|
|
1,120,000
|
Agile Group Holdings Ltd., 5.500%, 5/17/2026
|
109,984
|
|
1,225,000
|
Agile Group Holdings Ltd., 5.750%, 1/02/2025
|
177,601
|
|
6,150,000
|
Agile Group Holdings Ltd.,
6.050%, 10/13/2025
|
672,994
|
|
4,720,000
|
Central China Real Estate Ltd.,
7.250%, 7/16/2024(d)
|
192,954
|
|
1,260,000
|
Central China Real Estate Ltd.,
7.250%, 8/13/2024(d)
|
51,118
|
|
1,957,000
|
Central China Real Estate Ltd.,
7.250%, 4/28/2025(d)
|
73,388
|
|
3,260,000
|
Central China Real Estate Ltd.,
7.500%, 7/14/2025(d)
|
119,479
|
|
4,415,000
|
Central China Real Estate Ltd.,
7.650%, 8/27/2025(d)
|
160,750
|
|
1,305,000
|
Central China Real Estate Ltd.,
7.750%, 5/24/2024(d)
|
52,539
|
|
6,815,475
|
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(a)(e)
|
589,607
|
|
8,274,825
|
CFLD Cayman Investment Ltd.,
2.500%, 1/31/2031(a)(e)
|
249,569
|
|
833,252
|
CFLD Cayman Investment Ltd., Zero Coupon,
0.000%–36.271%, 1/31/2031(a)(f)
|
8,333
|
|
1,035,000
|
China Aoyuan Group Ltd.,
6.200%, 3/24/2026(d)
|
15,887
|
|
2,400,000
|
China Aoyuan Group Ltd.,
6.350%, 2/08/2024(d)
|
31,416
|
|
1,240,000
|
China Aoyuan Group Ltd.,
7.950%, 2/19/2023(d)
|
12,400
|
|
1,800,000
|
China Evergrande Group,
8.250%, 3/23/2022(d)
|
36,000
|
|
4,045,000
|
China Evergrande Group,
8.750%, 6/28/2025(d)
|
80,900
|
|
1,405,000
|
China Evergrande Group,
9.500%, 4/11/2022(d)
|
28,100
|
|
335,000
|
China Evergrande Group,
9.500%, 3/29/2024(d)
|
7,661
|
|
4,060,000
|
CIFI Holdings Group Co. Ltd.,
4.450%, 8/17/2026(d)
|
284,200
|
|
24,490,000
|
Icahn Enterprises LP/Icahn Enterprises
Finance Corp., 4.375%, 2/01/2029
|
19,583,658
|
|
190,000
|
Icahn Enterprises LP/Icahn Enterprises
Finance Corp., 4.750%, 9/15/2024
|
183,002
|
|
895,000
|
Icahn Enterprises LP/Icahn Enterprises
Finance Corp., 5.250%, 5/15/2027
|
786,687
|
|
375,000
|
Icahn Enterprises LP/Icahn Enterprises
Finance Corp., 6.375%, 12/15/2025
|
356,725
|
|
6,925,000
|
Kaisa Group Holdings Ltd.,
9.375%, 6/30/2024(d)
|
404,351
|
|
1,415,000
|
Kaisa Group Holdings Ltd.,
9.950%, 7/23/2025(d)
|
82,834
|
|
1,600,000
|
Kaisa Group Holdings Ltd.,
10.500%, 1/15/2025(d)
|
93,488
|
|
8,085,000
|
Kaisa Group Holdings Ltd.,
11.250%, 4/16/2025(d)
|
464,483
|
|
7,075,000
|
Kaisa Group Holdings Ltd.,
11.650%, 6/01/2026(d)
|
389,125
|
|
4,795,000
|
Kaisa Group Holdings Ltd.,
11.700%, 11/11/2025(d)
|
273,699
|
|
1,380,000
|
KWG Group Holdings Ltd.,
6.000%, 8/14/2026(d)
|
110,400
|
|
3,760,000
|
KWG Group Holdings Ltd.,
6.300%, 2/13/2026(d)
|
300,800
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Financial Other — continued
|
|
|
$3,345,000
|
Logan Group Co. Ltd., 4.250%, 7/12/2025(d)
|
$167,250
|
|
1,320,000
|
Logan Group Co. Ltd., 4.850%, 12/14/2026(d)
|
66,000
|
|
2,880,000
|
Shimao Group Holdings Ltd.,
3.450%, 1/11/2031(d)
|
115,200
|
|
400,000
|
Shimao Group Holdings Ltd.,
4.600%, 7/13/2030(d)
|
13,808
|
|
1,830,000
|
Shimao Group Holdings Ltd.,
5.200%, 1/16/2027(d)
|
54,900
|
|
280,000
|
Shimao Group Holdings Ltd.,
5.600%, 7/15/2026(d)
|
11,130
|
|
1,970,000
|
Shimao Group Holdings Ltd.,
6.125%, 2/21/2024(d)
|
78,800
|
|
425,000
|
Sunac China Holdings Ltd.,
5.950%, 4/26/2024(d)
|
65,875
|
|
3,610,000
|
Sunac China Holdings Ltd.,
6.500%, 1/10/2025(d)
|
559,550
|
|
8,570,000
|
Sunac China Holdings Ltd.,
6.500%, 1/26/2026(d)
|
1,328,350
|
|
290,000
|
Sunac China Holdings Ltd.,
6.650%, 8/03/2024(d)
|
36,267
|
|
4,000,000
|
Sunac China Holdings Ltd.,
7.000%, 7/09/2025(d)
|
620,000
|
|
720,000
|
Times China Holdings Ltd.,
5.750%, 1/14/2027(d)
|
21,600
|
|
4,030,000
|
Times China Holdings Ltd.,
6.200%, 3/22/2026(d)
|
120,900
|
|
23,285,000
|
Yuzhou Group Holdings Co. Ltd.,
6.350%, 1/13/2027(d)
|
1,407,345
|
|
1,245,000
|
Yuzhou Group Holdings Co. Ltd.,
7.375%, 1/13/2026(d)
|
70,753
|
|
9,395,000
|
Yuzhou Group Holdings Co. Ltd.,
7.700%, 2/20/2025(d)
|
615,373
|
|
5,345,000
|
Yuzhou Group Holdings Co. Ltd.,
7.850%, 8/12/2026(d)
|
324,548
|
|
3,155,000
|
Yuzhou Group Holdings Co. Ltd.,
8.300%, 5/27/2025(d)
|
196,998
|
|
4,535,000
|
Zhenro Properties Group Ltd.,
6.630%, 1/07/2026(d)
|
23,809
|
|
365,000
|
Zhenro Properties Group Ltd.,
6.700%, 8/04/2026(d)
|
3,081
|
|
715,000
|
Zhenro Properties Group Ltd.,
7.350%, 2/05/2025(d)
|
2,681
|
|
|
|
32,100,738
|
|
|
Food & Beverage — 0.5%
|
|
|
11,860,000
|
Pilgrim's Pride Corp., 3.500%, 3/01/2032
|
9,171,365
|
|
7,245,000
|
Post Holdings, Inc., 4.500%, 9/15/2031(a)
|
6,029,967
|
|
|
|
15,201,332
|
|
|
Gaming — 1.3%
|
|
|
12,960,000
|
Genm Capital Labuan Ltd.,
3.882%, 4/19/2031(a)
|
10,140,588
|
|
3,845,000
|
GLP Capital LP/GLP Financing II, Inc.,
3.250%, 1/15/2032
|
2,984,062
|
|
15,280,000
|
Light & Wonder International, Inc.,
7.000%, 5/15/2028(a)
|
15,018,865
|
|
740,000
|
Light & Wonder International, Inc.,
7.250%, 11/15/2029(a)
|
725,200
|
|
1,475,000
|
Light & Wonder International, Inc.,
7.500%, 9/01/2031(a)
|
1,457,818
|
|
5,680,000
|
VICI Properties LP/VICI Note Co., Inc.,
4.500%, 9/01/2026(a)
|
5,336,103
|
|
|
|
35,662,636
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Government Owned - No Guarantee — 1.1%
|
|
|
$495,000
|
Antares Holdings LP, 2.750%, 1/15/2027(a)
|
$419,165
|
|
585,000
|
Antares Holdings LP, 3.750%, 7/15/2027(a)
|
503,978
|
|
20,000,000
|
Antares Holdings LP, 8.500%, 5/18/2025(a)
|
20,143,103
|
|
6,586,000
|
Petroleos Mexicanos, 6.625%, 6/15/2035
|
4,411,307
|
|
12,239,000
|
Petroleos Mexicanos, 6.950%, 1/28/2060
|
7,244,151
|
|
|
|
32,721,704
|
|
|
Health Insurance — 0.4%
|
|
|
5,290,000
|
Centene Corp., 3.375%, 2/15/2030
|
4,412,241
|
|
4,315,000
|
Centene Corp., 4.625%, 12/15/2029
|
3,886,218
|
|
880,000
|
Molina Healthcare, Inc.,
3.875%, 11/15/2030(a)
|
728,295
|
|
4,280,000
|
Molina Healthcare, Inc.,
3.875%, 5/15/2032(a)
|
3,432,498
|
|
|
|
12,459,252
|
|
|
Healthcare — 0.7%
|
|
|
2,715,000
|
Bausch & Lomb Escrow Corp.,
8.375%, 10/01/2028(a)
|
2,723,064
|
|
17,380,000
|
HCA, Inc., 5.500%, 6/01/2033
|
16,436,673
|
|
|
|
19,159,737
|
|
|
Home Construction — 0.3%
|
|
|
8,146,000
|
PulteGroup, Inc., 6.000%, 2/15/2035
|
7,833,282
|
|
|
Independent Energy — 4.0%
|
|
|
12,155,000
|
Aker BP ASA, 4.000%, 1/15/2031(a)
|
10,441,461
|
|
11,400,000
|
Continental Resources, Inc.,
2.875%, 4/01/2032(a)
|
8,536,880
|
|
35,956,000
|
Continental Resources, Inc.,
5.750%, 1/15/2031(a)
|
33,779,054
|
|
6,210,000
|
Energian Israel Finance Ltd.,
5.375%, 3/30/2028(a)
|
5,569,439
|
|
8,120,000
|
Energian Israel Finance Ltd.,
5.875%, 3/30/2031(a)
|
7,042,070
|
|
1,765,000
|
EQT Corp., 3.125%, 5/15/2026(a)
|
1,632,961
|
|
7,740,000
|
EQT Corp., 3.625%, 5/15/2031(a)
|
6,547,576
|
|
1,535,000
|
EQT Corp., 5.000%, 1/15/2029
|
1,442,915
|
|
1,460,000
|
EQT Corp., 5.700%, 4/01/2028
|
1,430,924
|
|
2,360,000
|
EQT Corp., 7.000%, 2/01/2030
|
2,427,828
|
|
550,000
|
Leviathan Bond Ltd., 6.125%, 6/30/2025(a)
|
534,936
|
|
5,050,000
|
Leviathan Bond Ltd., 6.500%, 6/30/2027(a)
|
4,788,764
|
|
1,270,000
|
Matador Resources Co.,
6.875%, 4/15/2028(a)
|
1,246,940
|
|
10,085,000
|
Ovintiv, Inc., 6.500%, 8/15/2034
|
9,932,419
|
|
540,000
|
Ovintiv, Inc., 6.500%, 2/01/2038
|
515,730
|
|
2,715,000
|
Ovintiv, Inc., 6.625%, 8/15/2037
|
2,604,618
|
|
360,000
|
Ovintiv, Inc., 7.200%, 11/01/2031
|
370,572
|
|
1,200,000
|
Ovintiv, Inc., 7.375%, 11/01/2031
|
1,257,379
|
|
1,495,000
|
Ovintiv, Inc., 8.125%, 9/15/2030
|
1,624,874
|
|
17,908,000
|
Sanchez Energy Corp., 6.125%, 1/15/2023(d)
|
1,253,560
|
|
9,520,000
|
Sanchez Energy Corp., 7.750%, 6/15/2021(d)
|
666,400
|
|
1,295,000
|
Southwestern Energy Co., 4.750%, 2/01/2032
|
1,111,483
|
|
3,035,000
|
Var Energi ASA, 7.500%, 1/15/2028(a)
|
3,114,333
|
|
6,875,000
|
Var Energi ASA, 8.000%, 11/15/2032(a)
|
7,213,938
|
|
|
|
115,087,054
|
|
|
Leisure — 1.5%
|
|
|
8,710,000
|
Carnival Corp., 5.750%, 3/01/2027(a)
|
7,884,503
|
|
6,065,000
|
Carnival Corp., 6.000%, 5/01/2029(a)
|
5,173,341
|
|
1,050,000
|
Carnival Corp., 7.000%, 8/15/2029(a)
|
1,035,328
|
|
6,575,000
|
NCL Corp. Ltd., 5.875%, 3/15/2026(a)
|
6,070,323
|
|
5,085,000
|
NCL Corp. Ltd., 5.875%, 2/15/2027(a)
|
4,829,580
|
|
2,415,000
|
NCL Finance Ltd., 6.125%, 3/15/2028(a)
|
2,131,238
|
|
230,000
|
Royal Caribbean Cruises Ltd.,
4.250%, 7/01/2026(a)
|
210,885
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Leisure — continued
|
|
|
$12,300,000
|
Royal Caribbean Cruises Ltd.,
5.500%, 4/01/2028(a)
|
$11,278,998
|
|
4,960,000
|
VOC Escrow Ltd., 5.000%, 2/15/2028(a)
|
4,511,159
|
|
|
|
43,125,355
|
|
|
Life Insurance — 1.2%
|
|
|
20,000,000
|
National Life Insurance Co.,
10.500%, 9/15/2039(a)
|
24,279,000
|
|
8,920,000
|
NLV Financial Corp., 7.500%, 8/15/2033(a)
|
8,826,162
|
|
|
|
33,105,162
|
|
|
Lodging — 1.1%
|
|
|
7,620,000
|
Hilton Domestic Operating Co., Inc.,
3.625%, 2/15/2032(a)
|
6,143,213
|
|
1,745,000
|
Hilton Grand Vacations Borrower
Escrow LLC/Hilton Grand Vacations
Borrower Escrow, Inc., 4.875%, 7/01/2031(a)
|
1,422,562
|
|
5,385,000
|
Hilton Grand Vacations Borrower
Escrow LLC/Hilton Grand Vacations
Borrower Escrow, Inc., 5.000%, 6/01/2029(a)
|
4,671,196
|
|
4,155,000
|
Marriott Ownership Resorts, Inc.,
4.500%, 6/15/2029(a)
|
3,481,474
|
|
12,700,000
|
Travel & Leisure Co., 4.500%, 12/01/2029(a)
|
10,652,125
|
|
6,640,000
|
Travel & Leisure Co., 4.625%, 3/01/2030(a)
|
5,587,694
|
|
|
|
31,958,264
|
|
|
Media Entertainment — 1.9%
|
|
|
3,925,000
|
iHeartCommunications, Inc.,
4.750%, 1/15/2028(a)
|
3,000,573
|
|
5,275,000
|
iHeartCommunications, Inc.,
5.250%, 8/15/2027(a)
|
4,180,526
|
|
14,565,000
|
Netflix, Inc., 4.875%, 6/15/2030(a)
|
13,788,802
|
|
1,805,000
|
Netflix, Inc., 5.375%, 11/15/2029(a)
|
1,761,195
|
|
8,735,000
|
Netflix, Inc., 5.875%, 11/15/2028
|
8,784,449
|
|
11,900,000
|
Netflix, Inc., 6.375%, 5/15/2029
|
12,287,427
|
|
10,960,000
|
Warnermedia Holdings, Inc.,
4.279%, 3/15/2032
|
9,303,050
|
|
|
|
53,106,022
|
|
|
Metals & Mining — 3.9%
|
|
|
1,410,000
|
Anglo American Capital PLC,
5.500%, 5/02/2033(a)
|
1,319,004
|
|
14,335,000
|
ArcelorMittal SA, 6.750%, 3/01/2041
|
13,662,286
|
|
30,660,000
|
First Quantum Minerals Ltd.,
6.875%, 10/15/2027(a)
|
29,414,505
|
|
5,005,000
|
Glencore Funding LLC, 2.500%, 9/01/2030(a)
|
3,957,554
|
|
17,230,000
|
Glencore Funding LLC, 5.700%, 5/08/2033(a)
|
16,337,989
|
|
9,995,000
|
Glencore Funding LLC, 6.125%, 10/06/2028(a)
|
9,977,843
|
|
9,590,000
|
Glencore Funding LLC, 6.375%, 10/06/2030(a)
|
9,564,183
|
|
20,995,000
|
Glencore Funding LLC, 6.500%, 10/06/2033(a)
|
20,957,956
|
|
6,230,000
|
JSW Steel Ltd., 5.050%, 4/05/2032(a)
|
5,005,090
|
|
1,900,000
|
Volcan Cia Minera SAA,
4.375%, 2/11/2026(a)
|
1,084,493
|
|
|
|
111,280,903
|
|
|
Midstream — 1.1%
|
|
|
2,300,000
|
Cheniere Energy Partners LP,
3.250%, 1/31/2032
|
1,828,035
|
|
1,530,000
|
Cheniere Energy Partners LP,
4.000%, 3/01/2031
|
1,308,052
|
|
2,530,000
|
Hess Midstream Operations LP,
4.250%, 2/15/2030(a)
|
2,133,393
|
|
2,760,000
|
Hess Midstream Operations LP,
5.625%, 2/15/2026(a)
|
2,666,850
|
|
505,000
|
NGPL PipeCo LLC, 7.768%, 12/15/2037(a)
|
519,416
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Midstream — continued
|
|
|
$3,515,000
|
Targa Resources Partners LP/Targa
Resources Partners Finance Corp.,
4.000%, 1/15/2032
|
$2,951,510
|
|
880,000
|
Targa Resources Partners LP/Targa
Resources Partners Finance Corp.,
4.875%, 2/01/2031
|
788,172
|
|
6,105,000
|
Venture Global Calcasieu Pass LLC,
3.875%, 11/01/2033(a)
|
4,740,075
|
|
3,215,000
|
Venture Global Calcasieu Pass LLC,
4.125%, 8/15/2031(a)
|
2,638,296
|
|
1,750,000
|
Western Midstream Operating LP,
4.050%, 2/01/2030
|
1,529,661
|
|
2,310,000
|
Western Midstream Operating LP,
5.250%, 2/01/2050
|
1,799,569
|
|
4,055,000
|
Western Midstream Operating LP,
5.300%, 3/01/2048
|
3,165,099
|
|
745,000
|
Western Midstream Operating LP,
5.450%, 4/01/2044
|
600,549
|
|
560,000
|
Western Midstream Operating LP,
5.500%, 8/15/2048
|
445,266
|
|
665,000
|
Western Midstream Operating LP,
6.150%, 4/01/2033
|
641,332
|
|
2,305,000
|
Western Midstream Operating LP,
6.350%, 1/15/2029
|
2,309,753
|
|
|
|
30,065,028
|
|
|
Natural Gas — 0.1%
|
|
|
1,670,000
|
Southern Co. Gas Capital Corp.,
5.750%, 9/15/2033
|
1,637,143
|
|
|
Non-Agency Commercial Mortgage-Backed
Securities — 1.9%
|
|
|
335,000
|
BBSG Mortgage Trust, Series 2016-MRP,
Class A, 3.275%, 6/05/2036(a)
|
271,170
|
|
7,375,000
|
BPR Trust, Series 2021-NRD, Class F, 1 mo.
USD SOFR + 6.870%,
12.203%, 12/15/2038(a)(g)
|
6,607,785
|
|
8,598,297
|
Citigroup Commercial Mortgage Trust,
Series 2012-GC8, Class C,
2.577%, 9/10/2045(a)(b)
|
7,631,011
|
|
102,683
|
Commercial Mortgage Pass-Through
Certificates, Series 2012-LTRT, Class A2,
3.400%, 10/05/2030(a)
|
84,754
|
|
2,925,000
|
Credit Suisse Mortgage Trust,
Series 2014-USA, Class B,
4.185%, 9/15/2037(a)
|
2,310,040
|
|
1,690,000
|
Credit Suisse Mortgage Trust,
Series 2014-USA, Class D,
4.373%, 9/15/2037(a)
|
1,297,214
|
|
3,755,000
|
DC Commercial Mortgage Trust,
Series 2023-DC, Class C,
7.379%, 9/12/2040(a)(b)
|
3,741,009
|
|
1,381,069
|
GS Mortgage Securities Corp. Trust,
Series 2013-G1, Class B,
3.845%, 4/10/2031(a)(b)
|
1,216,102
|
|
7,680,000
|
GS Mortgage Securities Corportation Trust,
Series 2013-PEMB, Class C,
3.668%, 3/05/2033(a)(b)
|
6,249,377
|
|
5,785,000
|
GS Mortgage Securities Trust,
Series 2014-GC22, Class D,
4.842%, 6/10/2047(a)(b)
|
2,618,823
|
|
290,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2012-LC9, Class D,
3.910%, 12/15/2047(a)(b)
|
233,445
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Non-Agency Commercial Mortgage-Backed
Securities — continued
|
|
|
$3,110,000
|
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2013-LC11, Class C,
3.958%, 4/15/2046(b)
|
$2,214,336
|
|
3,990,847
|
Med Trust, Series 2021-MDLN, Class C,
1 mo. USD SOFR + 1.914%,
7.247%, 11/15/2038(a)(g)
|
3,874,925
|
|
1,135,000
|
Morgan Stanley Bank of America Merrill
Lynch Trust, Series 2013-C11, Class B,
4.220%, 8/15/2046(b)
|
479,146
|
|
2,175,508
|
Morgan Stanley Capital I Trust,
Series 2012-C4, Class D,
5.336%, 3/15/2045(a)(b)
|
2,003,935
|
|
3,930,450
|
Wells Fargo Commercial Mortgage Trust,
Series 2013-LC12, Class B,
4.087%, 7/15/2046(b)
|
3,193,491
|
|
4,340,000
|
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC16, Class B, 4.322%, 8/15/2050
|
3,299,762
|
|
1,145,196
|
WFRBS Commercial Mortgage Trust,
Series 2012-C10, Class B, 3.744%, 12/15/2045
|
993,458
|
|
4,000,000
|
WFRBS Commercial Mortgage Trust,
Series 2013-C15, Class B,
4.352%, 8/15/2046(b)
|
3,319,956
|
|
2,612,000
|
WFRBS Commercial Mortgage Trust,
Series 2013-C15, Class C,
4.352%, 8/15/2046(b)
|
1,932,870
|
|
940,000
|
WFRBS Commercial Mortgage Trust,
Series 2014-C20, Class B, 4.378%, 5/15/2047
|
724,082
|
|
|
|
54,296,691
|
|
|
Other REITs — 0.1%
|
|
|
2,735,000
|
EPR Properties, 3.600%, 11/15/2031
|
2,027,372
|
|
|
Paper — 0.0%
|
|
|
750,000
|
WestRock MWV LLC, 7.950%, 2/15/2031
|
821,078
|
|
|
Pharmaceuticals — 2.5%
|
|
|
20,390,000
|
Bausch Health Cos., Inc.,
4.875%, 6/01/2028(a)
|
11,595,512
|
|
3,410,000
|
Bausch Health Cos., Inc.,
5.000%, 1/30/2028(a)
|
1,388,586
|
|
630,000
|
Grifols SA, 4.750%, 10/15/2028(a)
|
537,144
|
|
7,750,000
|
Teva Pharmaceutical Finance Co. LLC,
6.150%, 2/01/2036
|
6,872,483
|
|
4,695,000
|
Teva Pharmaceutical Finance Netherlands
II BV, 7.375%, 9/15/2029, (EUR)
|
5,038,842
|
|
3,990,000
|
Teva Pharmaceutical Finance Netherlands
II BV, 7.875%, 9/15/2031, (EUR)
|
4,360,800
|
|
21,480,000
|
Teva Pharmaceutical Finance Netherlands
III BV, 4.100%, 10/01/2046
|
13,445,741
|
|
7,360,000
|
Teva Pharmaceutical Finance Netherlands
III BV, 4.750%, 5/09/2027
|
6,753,043
|
|
8,725,000
|
Teva Pharmaceutical Finance Netherlands
III BV, 5.125%, 5/09/2029
|
7,887,400
|
|
7,055,000
|
Teva Pharmaceutical Finance Netherlands
III BV, 7.875%, 9/15/2029
|
7,147,166
|
|
5,070,000
|
Teva Pharmaceutical Finance Netherlands
III BV, 8.125%, 9/15/2031
|
5,245,179
|
|
|
|
70,271,896
|
|
|
Property & Casualty Insurance — 0.3%
|
|
|
12,510,000
|
MBIA Insurance Corp., 3 mo. USD SOFR +
11.522%, 16.830%, 1/15/2033(a)(e)
|
375,300
|
|
10,900,000
|
Stewart Information Services Corp.,
3.600%, 11/15/2031
|
8,009,886
|
|
|
|
8,385,186
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Restaurants — 0.3%
|
|
|
$8,625,000
|
Yum! Brands, Inc., 4.625%, 1/31/2032
|
$7,481,523
|
|
|
Retailers — 0.7%
|
|
|
3,325,000
|
Dillard's, Inc., 7.000%, 12/01/2028
|
3,289,256
|
|
1,500,000
|
Dillard's, Inc., 7.750%, 7/15/2026
|
1,514,160
|
|
9,430,000
|
Lithia Motors, Inc., 3.875%, 6/01/2029(a)
|
7,942,983
|
|
6,365,000
|
Marks & Spencer PLC, 7.125%, 12/01/2037(a)
|
5,957,513
|
|
|
|
18,703,912
|
|
|
Supermarkets — 0.1%
|
|
|
2,016,000
|
Safeway, Inc., 7.250%, 2/01/2031
|
2,081,520
|
|
|
Technology — 7.0%
|
|
|
10,205,000
|
Avnet, Inc., 5.500%, 6/01/2032
|
9,387,107
|
|
3,850,000
|
Block, Inc., 3.500%, 6/01/2031
|
3,024,411
|
|
2,820,000
|
Broadcom, Inc., 2.450%, 2/15/2031(a)
|
2,204,126
|
|
2,565,000
|
Broadcom, Inc., 2.600%, 2/15/2033(a)
|
1,912,680
|
|
3,800,000
|
Broadcom, Inc., 3.137%, 11/15/2035(a)
|
2,770,510
|
|
4,600,000
|
Broadcom, Inc., 3.419%, 4/15/2033(a)
|
3,679,340
|
|
5,035,000
|
Broadcom, Inc., 3.469%, 4/15/2034(a)
|
3,954,546
|
|
8,435,000
|
Broadcom, Inc., 4.150%, 11/15/2030
|
7,471,154
|
|
2,245,000
|
Broadcom, Inc., 4.150%, 4/15/2032(a)
|
1,948,243
|
|
5,575,000
|
CDW LLC/CDW Finance Corp.,
3.250%, 2/15/2029
|
4,753,747
|
|
11,000,000
|
CDW LLC/CDW Finance Corp.,
3.569%, 12/01/2031
|
9,060,040
|
|
2,065,000
|
CDW LLC/CDW Finance Corp.,
4.250%, 4/01/2028
|
1,882,289
|
|
24,565,000
|
CommScope, Inc., 4.750%, 9/01/2029(a)
|
18,068,650
|
|
13,035,000
|
Entegris Escrow Corp., 4.750%, 4/15/2029(a)
|
11,718,573
|
|
1,215,000
|
Everi Holdings, Inc., 5.000%, 7/15/2029(a)
|
1,045,732
|
|
11,745,000
|
Fiserv, Inc., 5.625%, 8/21/2033
|
11,380,246
|
|
1,475,000
|
Global Payments, Inc., 2.900%, 11/15/2031
|
1,157,095
|
|
2,290,000
|
Global Payments, Inc., 5.300%, 8/15/2029
|
2,183,849
|
|
4,965,000
|
Global Payments, Inc., 5.400%, 8/15/2032
|
4,653,952
|
|
5,550,000
|
GTCR W-2 Merger Sub LLC,
7.500%, 1/15/2031(a)
|
5,557,770
|
|
8,790,000
|
Iron Mountain, Inc., 4.875%, 9/15/2029(a)
|
7,703,946
|
|
6,630,000
|
Leidos, Inc., 5.750%, 3/15/2033
|
6,353,930
|
|
1,590,000
|
Marvell Technology, Inc., 5.950%, 9/15/2033
|
1,560,605
|
|
9,070,000
|
Micron Technology, Inc., 5.875%, 2/09/2033
|
8,664,226
|
|
24,180,000
|
Micron Technology, Inc., 5.875%, 9/15/2033
|
23,030,353
|
|
12,925,000
|
Micron Technology, Inc., 6.750%, 11/01/2029
|
13,132,381
|
|
5,050,000
|
MSCI, Inc., 3.250%, 8/15/2033(a)
|
3,886,728
|
|
2,735,000
|
Open Text Corp., 6.900%, 12/01/2027(a)
|
2,741,225
|
|
2,715,000
|
S&P Global, Inc., 5.250%, 9/15/2033(a)
|
2,646,392
|
|
5,200,000
|
Sensata Technologies BV,
4.000%, 4/15/2029(a)
|
4,477,709
|
|
7,805,000
|
VMware, Inc., 2.200%, 8/15/2031
|
5,889,896
|
|
3,725,000
|
Western Digital Corp., 2.850%, 2/01/2029
|
2,990,579
|
|
7,515,000
|
Western Digital Corp., 4.750%, 2/15/2026
|
7,160,655
|
|
|
|
198,052,685
|
|
|
Transportation Services — 0.3%
|
|
|
8,855,000
|
Rand Parent LLC, 8.500%, 2/15/2030(a)
|
8,189,547
|
|
|
Treasuries — 11.8%
|
|
|
71,802(h
)
|
Brazil Notas do Tesouro Nacional,
Series NTNF, 10.000%, 1/01/2029, (BRL)
|
13,581,258
|
|
116,724,000,000
|
Indonesia Treasury Bonds, Series FR95,
6.375%, 8/15/2028, (IDR)
|
7,498,582
|
|
1,406,323(i
)
|
Mexico Bonos, Series M, 7.500%, 5/26/2033,
(MXN)
|
6,852,915
|
|
165,275,000
|
Republic of South Africa Government
Bonds, Series 2035, 8.875%, 2/28/2035, (ZAR)
|
6,878,548
|
|
55,170,000
|
U.S. Treasury Bonds, 2.250%, 2/15/2052
|
33,856,278
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Treasuries — continued
|
|
|
$23,325,000
|
U.S. Treasury Bonds, 3.250%, 5/15/2042
|
$18,587,109
|
|
26,205,000
|
U.S. Treasury Bonds, 3.875%, 2/15/2043
|
22,806,539
|
|
227,230,000
|
U.S. Treasury Notes, 4.625%, 6/30/2025
|
225,286,118
|
|
|
|
335,347,347
|
|
|
Wireless — 2.2%
|
|
|
10,460,000
|
American Tower Corp., 5.900%, 11/15/2033
|
10,212,211
|
|
10,875,000
|
CT Trust, 5.125%, 2/03/2032(a)
|
8,544,922
|
|
6,140,000
|
IHS Holding Ltd., 5.625%, 11/29/2026(a)
|
5,052,115
|
|
6,140,000
|
IHS Holding Ltd., 6.250%, 11/29/2028(a)
|
4,656,453
|
|
7,228,000
|
IHS Netherlands Holdco BV,
8.000%, 9/18/2027(a)
|
6,053,305
|
|
9,110,000
|
SBA Communications Corp.,
3.125%, 2/01/2029
|
7,598,399
|
|
7,939,000
|
SoftBank Group Corp., 4.625%, 7/06/2028
|
6,924,951
|
|
9,360,000
|
Sprint Capital Corp., 8.750%, 3/15/2032
|
10,828,079
|
|
3,575,000
|
T-Mobile USA, Inc., 5.750%, 1/15/2034
|
3,487,492
|
|
|
|
63,357,927
|
|
|
Wirelines — 0.3%
|
|
|
350,000
|
Cincinnati Bell Telephone Co. LLC,
6.300%, 12/01/2028
|
290,024
|
|
490,000
|
Liquid Telecommunications Financing PLC,
5.500%, 9/04/2026(a)
|
314,046
|
|
3,409,000
|
Telecom Italia Capital SA, 6.000%, 9/30/2034
|
2,842,360
|
|
6,640,000
|
Telecom Italia Capital SA,
6.375%, 11/15/2033
|
5,757,362
|
|
|
|
9,203,792
|
|
|
Total Non-Convertible Bonds
(Identified Cost $2,703,779,094)
|
2,242,253,433
|
|
|
||
|
|
||
|
Convertible Bonds — 7.7%
|
||
|
|
Airlines — 0.6%
|
|
|
16,795,000
|
Southwest Airlines Co., 1.250%, 5/01/2025
|
16,669,037
|
|
|
Cable Satellite — 2.7%
|
|
|
125,670,000
|
DISH Network Corp., 3.375%, 8/15/2026
|
75,527,670
|
|
|
Consumer Cyclical Services — 0.5%
|
|
|
13,205,000
|
Uber Technologies, Inc., Zero Coupon,
0.000%–1.922%, 12/15/2025(f)
|
12,330,961
|
|
1,200,000
|
Zillow Group, Inc., 1.375%, 9/01/2026
|
1,429,800
|
|
|
|
13,760,761
|
|
|
Consumer Products — 0.1%
|
|
|
5,800,000
|
Beauty Health Co., 1.250%, 10/01/2026(a)
|
4,509,500
|
|
|
Electric — 0.3%
|
|
|
8,240,000
|
PPL Capital Funding, Inc.,
2.875%, 3/15/2028(a)
|
7,498,400
|
|
|
Gaming — 0.1%
|
|
|
2,195,000
|
Penn Entertainment, Inc., 2.750%, 5/15/2026
|
2,664,072
|
|
|
Healthcare — 1.3%
|
|
|
7,795,000
|
Envista Holdings Corp., 1.750%, 8/15/2028(a)
|
7,179,195
|
|
4,105,000
|
Lantheus Holdings, Inc.,
2.625%, 12/15/2027(a)
|
4,759,337
|
|
32,010,000
|
Teladoc Health, Inc., 1.250%, 6/01/2027
|
25,508,769
|
|
|
|
37,447,301
|
|
|
Leisure — 0.2%
|
|
|
6,465,000
|
NCL Corp. Ltd., 1.125%, 2/15/2027
|
5,362,200
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
|
Media Entertainment — 0.3%
|
|
|
$5,125,000
|
Snap, Inc., Zero Coupon,
6.697%–7.015%, 5/01/2027(f)
|
$3,797,625
|
|
5,100,000
|
Spotify USA, Inc., Zero Coupon,
5.189%–5.873%, 3/15/2026(f)
|
4,337,550
|
|
|
|
8,135,175
|
|
|
Pharmaceuticals — 0.9%
|
|
|
4,890,000
|
BioMarin Pharmaceutical, Inc.,
0.599%, 8/01/2024
|
4,743,300
|
|
20,960,000
|
BioMarin Pharmaceutical, Inc.,
1.250%, 5/15/2027
|
20,762,976
|
|
|
|
25,506,276
|
|
|
Retailers — 0.1%
|
|
|
455,000
|
Etsy, Inc., 0.125%, 9/01/2027
|
364,000
|
|
2,825,000
|
Etsy, Inc., 0.250%, 6/15/2028
|
2,134,288
|
|
|
|
2,498,288
|
|
|
Technology — 0.6%
|
|
|
9,590,000
|
Splunk, Inc., 1.125%, 6/15/2027
|
9,048,165
|
|
8,430,000
|
Unity Software, Inc., Zero Coupon,
7.084%–8.213%, 11/15/2026(f)
|
6,672,345
|
|
1,215,000
|
Wolfspeed, Inc., 0.250%, 2/15/2028
|
818,910
|
|
2,350,000
|
Wolfspeed, Inc., 1.875%, 12/01/2029(a)
|
1,528,675
|
|
|
|
18,068,095
|
|
|
Total Convertible Bonds
(Identified Cost $295,505,376)
|
217,646,775
|
|
|
||
|
|
||
|
Municipals — 1.8%
|
||
|
|
Virginia — 1.8%
|
|
|
62,555,000
|
Tobacco Settlement Financing Corp.,
6.706%, 6/01/2046
(Identified Cost $62,549,748)
|
51,770,243
|
|
|
Total Bonds and Notes
(Identified Cost $3,061,834,218)
|
2,511,670,451
|
|
|
||
|
|
||
|
Collateralized Loan Obligations — 3.8%
|
||
|
6,730,000
|
522 Funding CLO Ltd., Series 2018-3A,
Class DR, 3 mo. USD SOFR + 3.362%,
8.688%, 10/20/2031(a)(g)
|
6,463,055
|
|
4,475,000
|
AGL CLO 12 Ltd., Series 2021-12A, Class B,
3 mo. USD SOFR + 1.862%,
7.188%, 7/20/2034(a)(g)
|
4,415,424
|
|
4,955,000
|
AGL CLO 12 Ltd., Series 2021-12A, Class D,
3 mo. USD SOFR + 3.112%,
8.438%, 7/20/2034(a)(g)
|
4,661,297
|
|
1,245,000
|
AGL CLO 7 Ltd., Series 2020-7A, Class DR,
3 mo. USD SOFR + 3.362%,
8.670%, 7/15/2034(a)(g)
|
1,187,307
|
|
2,675,000
|
ARES Loan Funding I Ltd., Series 2021-ALFA,
Class D, 3 mo. USD SOFR + 3.262%,
8.570%, 10/15/2034(a)(g)
|
2,558,766
|
|
3,025,000
|
Bain Capital Credit CLO Ltd., Series 2017-2A,
Class DR2, 3 mo. USD SOFR + 3.362%,
8.713%, 7/25/2034(a)(g)
|
2,918,956
|
|
890,000
|
Ballyrock CLO Ltd., Series 2019-2A,
Class A2R, 3 mo. USD SOFR + 1.662%,
7.041%, 11/20/2030(a)(g)
|
878,733
|
|
1,505,000
|
Benefit Street Partners CLO XVI Ltd.,
Series 2018-16A, Class DR, 3 mo. USD SOFR
+ 3.262%, 8.570%, 1/17/2032(a)(g)
|
1,493,171
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
||
|
$3,530,000
|
CarVal CLO III Ltd., Series 2019-2A,
Class DR, 3 mo. USD SOFR + 3.212%,
8.538%, 7/20/2032(a)(g)
|
$3,475,657
|
|
3,095,000
|
CIFC Funding Ltd., Series 2021-5A, Class D,
3 mo. USD SOFR + 3.512%,
8.820%, 7/15/2034(a)(g)
|
3,048,343
|
|
4,390,000
|
Clover CLO LLC, Series 2021-1A, Class D,
3 mo. USD SOFR + 3.212%,
8.557%, 4/22/2034(a)(g)
|
4,261,518
|
|
3,780,000
|
Clover CLO LLC, Series 2021-2A, Class D,
3 mo. USD SOFR + 3.312%,
8.638%, 7/20/2034(a)(g)
|
3,639,887
|
|
4,775,000
|
Crown City CLO I, Series 2020-1A, Class CR,
3 mo. USD SOFR + 3.682%,
9.008%, 7/20/2034(a)(g)
|
4,448,237
|
|
2,890,000
|
Elmwood CLO VIII Ltd., Series 2021-1A,
Class D2, 3 mo. USD SOFR + 3.112%,
8.438%, 1/20/2034(a)(g)
|
2,822,248
|
|
980,000
|
LCM 30 Ltd., Series 30A, Class CR, 3 mo.
USD SOFR + 2.262%, 7.588%, 4/20/2031(a)(g)
|
930,829
|
|
2,965,000
|
LCM 30 Ltd., Series 30A, Class DR, 3 mo.
USD SOFR + 3.262%, 8.588%, 4/20/2031(a)(g)
|
2,755,873
|
|
10,665,000
|
Madison Park Funding XXIII Ltd.,
Series 2017-23A, Class DR, 3 mo. USD SOFR
+ 3.462%, 8.819%, 7/27/2031(a)(g)
|
10,495,832
|
|
990,000
|
Madison Park Funding XXXI Ltd.,
Series 2018-31A, Class D, 3 mo. USD SOFR +
3.262%, 8.607%, 1/23/2031(a)(g)
|
963,692
|
|
6,010,000
|
Neuberger Berman CLO XX Ltd.,
Series 2015-20A, Class BRR, 3 mo. USD
SOFR + 1.912%, 7.220%, 7/15/2034(a)(g)
|
5,933,757
|
|
8,055,000
|
OCP CLO Ltd., Series 2019-17A, Class DR,
3 mo. USD SOFR + 3.362%,
8.688%, 7/20/2032(a)(g)
|
7,909,473
|
|
7,155,000
|
Octagon Investment Partners 42 Ltd.,
Series 2019-3A, Class DR, 3 mo. USD SOFR +
3.412%, 8.720%, 7/15/2034(a)(g)
|
6,850,891
|
|
3,125,000
|
Octagon Investment Partners 46 Ltd.,
Series 2020-2A, Class DR, 3 mo. USD SOFR +
3.562%, 8.870%, 7/15/2036(a)(g)
|
2,880,122
|
|
8,250,000
|
OHA Credit Funding 3 Ltd., Series 2019-3A,
Class BR, 3 mo. USD SOFR + 1.912%,
7.238%, 7/02/2035(a)(g)
|
8,173,036
|
|
970,000
|
Palmer Square CLO Ltd., Series 2015-1A,
Class A2R4, 3 mo. USD SOFR + 1.962%,
7.341%, 5/21/2034(a)(g)
|
958,931
|
|
12,510,000
|
Palmer Square CLO Ltd., Series 2021-4A,
Class E, 3 mo. USD SOFR + 6.312%,
11.620%, 10/15/2034(a)(g)
|
11,874,442
|
|
400,000
|
THL Credit Wind River CLO Ltd.,
Series 2018-3A, Class D, 3 mo. USD SOFR +
3.212%, 8.538%, 1/20/2031(a)(g)
|
384,345
|
|
1,540,000
|
Vibrant CLO XIV Ltd., Series 2021-14A,
Class C, 3 mo. USD SOFR + 4.012%,
9.338%, 10/20/2034(a)(g)
|
1,513,633
|
|
|
Total Collateralized Loan Obligations
(Identified Cost $111,557,562)
|
107,897,455
|
|
Shares
|
Description
|
Value (†)
|
|
Common Stocks— 2.7%
|
||
|
|
Aerospace & Defense — 0.1%
|
|
|
3,238
|
Lockheed Martin Corp.
|
$1,324,212
|
|
|
Air Freight & Logistics — 0.1%
|
|
|
10,294
|
United Parcel Service, Inc., Class B
|
1,604,526
|
|
|
Banks — 0.0%
|
|
|
5,116
|
JPMorgan Chase & Co.
|
741,922
|
|
|
Beverages — 0.1%
|
|
|
24,852
|
Coca-Cola Co.
|
1,391,215
|
|
|
Biotechnology — 0.2%
|
|
|
43,618
|
AbbVie, Inc.
|
6,501,699
|
|
|
Capital Markets — 0.1%
|
|
|
1,138
|
BlackRock, Inc.
|
735,706
|
|
12,824
|
Morgan Stanley
|
1,047,336
|
|
|
|
1,783,042
|
|
|
Chemicals — 0.0%
|
|
|
1,911
|
Linde PLC
|
711,561
|
|
|
Communications Equipment — 0.0%
|
|
|
10,176
|
Cisco Systems, Inc.
|
547,062
|
|
|
Consumer Staples Distribution & Retail — 0.1%
|
|
|
1,349
|
Costco Wholesale Corp.
|
762,131
|
|
7,641
|
Walmart, Inc.
|
1,222,025
|
|
|
|
1,984,156
|
|
|
Containers & Packaging — 0.0%
|
|
|
3,861
|
Packaging Corp. of America
|
592,857
|
|
|
Diversified REITs — 0.1%
|
|
|
172,823
|
NexPoint Diversified Real Estate Trust
|
1,505,288
|
|
|
Electric Utilities — 0.0%
|
|
|
9,470
|
Duke Energy Corp.
|
835,822
|
|
3,301
|
NextEra Energy, Inc.
|
189,114
|
|
|
|
1,024,936
|
|
|
Electrical Equipment — 0.0%
|
|
|
7,343
|
Emerson Electric Co.
|
709,113
|
|
|
Financial Services — 0.0%
|
|
|
1,853
|
Mastercard, Inc., Class A
|
733,621
|
|
|
Ground Transportation — 0.0%
|
|
|
4,984
|
Union Pacific Corp.
|
1,014,892
|
|
|
Health Care Equipment & Supplies — 0.0%
|
|
|
11,183
|
Abbott Laboratories
|
1,083,073
|
|
|
Health Care Providers & Services — 0.1%
|
|
|
3,065
|
Elevance Health, Inc.
|
1,334,563
|
|
2,854
|
UnitedHealth Group, Inc.
|
1,438,958
|
|
|
|
2,773,521
|
|
|
Hotels, Restaurants & Leisure — 0.1%
|
|
|
15,432
|
Starbucks Corp.
|
1,408,479
|
|
|
Household Products — 0.1%
|
|
|
10,459
|
Procter & Gamble Co.
|
1,525,550
|
|
|
IT Services — 0.0%
|
|
|
3,560
|
Accenture PLC, Class A
|
1,093,312
|
|
|
Life Sciences Tools & Services — 0.0%
|
|
|
1,868
|
Thermo Fisher Scientific, Inc.
|
945,526
|
|
|
Machinery — 0.1%
|
|
|
2,901
|
Cummins, Inc.
|
662,763
|
|
3,280
|
Deere & Co.
|
1,237,806
|
|
|
|
1,900,569
|
|
|
Media — 0.3%
|
|
|
1,317,588
|
Altice USA, Inc., Class A(e)
|
4,308,513
|
|
Shares
|
Description
|
Value (†)
|
|
|
Media — continued
|
|
|
43,054
|
Comcast Corp., Class A
|
$1,909,014
|
|
461,939
|
iHeartMedia, Inc., Class A(e)
|
1,459,727
|
|
|
|
7,677,254
|
|
|
Metals & Mining — 0.0%
|
|
|
29,257
|
Newmont Corp.
|
1,081,046
|
|
|
Oil, Gas & Consumable Fuels — 0.7%
|
|
|
9,229
|
Battalion Oil Corp.(e)
|
57,035
|
|
166,156
|
Canadian Natural Resources Ltd.
|
10,745,309
|
|
3,866
|
Devon Energy Corp.
|
184,408
|
|
46,438
|
Diamondback Energy, Inc.
|
7,192,317
|
|
6,514
|
Pioneer Natural Resources Co.
|
1,495,289
|
|
30,545
|
Williams Cos., Inc.
|
1,029,061
|
|
|
|
20,703,419
|
|
|
Pharmaceuticals — 0.1%
|
|
|
19,831
|
Bristol-Myers Squibb Co.
|
1,150,991
|
|
8,526
|
Johnson & Johnson
|
1,327,925
|
|
1,813
|
Merck & Co., Inc.
|
186,648
|
|
|
|
2,665,564
|
|
|
Professional Services — 0.0%
|
|
|
5,336
|
Clarivate PLC(e)
|
35,805
|
|
|
Semiconductors & Semiconductor Equipment — 0.2%
|
|
|
2,524
|
Broadcom, Inc.
|
2,096,384
|
|
18,448
|
Microchip Technology, Inc.
|
1,439,866
|
|
13,480
|
QUALCOMM, Inc.
|
1,497,089
|
|
|
|
5,033,339
|
|
|
Software — 0.1%
|
|
|
6,546
|
Microsoft Corp.
|
2,066,899
|
|
|
Specialized REITs — 0.0%
|
|
|
6,535
|
American Tower Corp.
|
1,074,681
|
|
|
Specialty Retail — 0.0%
|
|
|
4,198
|
Home Depot, Inc.
|
1,268,468
|
|
|
Technology Hardware, Storage & Peripherals — 0.1%
|
|
|
8,581
|
Apple, Inc.
|
1,469,153
|
|
23,768
|
IQOR US, Inc.(e)
|
18,824
|
|
|
|
1,487,977
|
|
|
Trading Companies & Distributors — 0.0%
|
|
|
12,953
|
Fastenal Co.
|
707,752
|
|
|
Total Common Stocks
(Identified Cost $112,277,761)
|
76,702,336
|
|
|
||
|
|
||
|
Preferred Stocks — 1.6%
|
||
|
|
||
|
|
||
|
Convertible Preferred Stocks — 1.2%
|
||
|
|
Banking — 0.6%
|
|
|
9,214
|
Bank of America Corp., Series L, 7.250%
|
10,247,903
|
|
6,478
|
Wells Fargo & Co., Series L, Class A, 7.500%
|
7,222,970
|
|
|
|
17,470,873
|
|
|
Midstream — 0.4%
|
|
|
238,087
|
El Paso Energy Capital Trust I, 4.750%
|
10,811,531
|
|
|
Technology — 0.2%
|
|
|
135,675
|
Clarivate PLC, Series A, 5.250%
|
3,965,780
|
|
|
Total Convertible Preferred Stocks
(Identified Cost $44,193,235)
|
32,248,184
|
|
|
||
|
|
||
|
Non-Convertible Preferred Stocks — 0.4%
|
||
|
|
Home Construction — 0.1%
|
|
|
208,246
|
Hovnanian Enterprises, Inc., 7.625%
|
3,677,624
|
|
Shares
|
Description
|
Value (†)
|
|
|
||
|
|
Office REITs — 0.1%
|
|
|
1,596
|
Highwoods Properties, Inc., Series A,
8.625%(j)
|
$1,572,056
|
|
|
Other REITs — 0.2%
|
|
|
116,192
|
Prologis, Inc., Series Q, 8.540%
|
6,555,553
|
|
|
Total Non-Convertible Preferred Stocks
(Identified Cost $8,332,902)
|
11,805,233
|
|
|
Total Preferred Stocks
(Identified Cost $52,526,137)
|
44,053,417
|
|
Principal
Amount (‡)
|
|
|
|
Senior Loans — 1.2%
|
||
|
|
Consumer Cyclical Services — 0.1%
|
|
|
$4,049,400
|
Uber Technologies, Inc., 2023 Term Loan B,
3 mo. USD SOFR + 2.750%,
8.159%, 3/03/2030(g)(k)
|
4,045,715
|
|
|
Healthcare — 0.3%
|
|
|
1,682,813
|
Bausch & Lomb Corp., 2023 Incremental
Term Loan, 9/14/2028(l)
|
1,659,674
|
|
7,505,448
|
Star Parent, Inc., 2023 Term Loan B,
9/19/2030(l)
|
7,329,295
|
|
|
|
8,988,969
|
|
|
Leisure — 0.4%
|
|
|
4,766,659
|
Carnival Corp., 2021 Incremental Term Loan
B, 1 mo. USD SOFR + 3.250%,
8.681%, 10/18/2028(g)(m)
|
4,738,296
|
|
1,734,154
|
Carnival Corp., 2021 Incremental Term Loan
B, 10/18/2028(l)
|
1,723,836
|
|
567,981
|
Carnival Corp., 2023 Term Loan B,
8/08/2027(l)
|
566,023
|
|
4,129,201
|
Carnival Corp., 2023 Term Loan B, 1 mo. USD
SOFR + 3.000%, 8.327%, 8/08/2027(g)(m)
|
4,114,963
|
|
|
|
11,143,118
|
|
Principal
Amount (‡)
|
Description
|
Value (†)
|
|
|
Property & Casualty Insurance — 0.1%
|
|
|
$2,235,000
|
HUB International Ltd., 2023 Term Loan B,
3 mo. USD SOFR + 4.250%,
9.584%, 6/20/2030(g)(m)
|
$2,238,733
|
|
|
Restaurants — 0.2%
|
|
|
4,080,000
|
1011778 BC Unlimited Liability Co., 2023 Term
Loan B5, 1 mo. USD SOFR + 2.250%,
7.566%, 9/23/2030(k)
|
4,062,170
|
|
|
Technology — 0.1%
|
|
|
3,315,000
|
GTCR W Merger Sub LLC, USD Term Loan B,
9/20/2030(l)
|
3,312,580
|
|
|
Total Senior Loans
(Identified Cost $33,838,023)
|
33,791,285
|
|
|
||
|
|
||
|
Short-Term Investments — 3.4%
|
||
|
73,270,898
|
Tri-Party Repurchase Agreement with Fixed
Income Clearing Corporation, dated
9/29/2023 at 2.500% to be repurchased at
$73,286,163 on 10/02/2023 collateralized by
$59,320,800 U.S. Treasury Note, 1.375% due
8/31/2026 valued at $53,842,997; $20,967,500
U.S. Treasury Note, 4.625% due 9/15/2026
valued at $20,893,408 including accrued
interest(n)
|
73,270,898
|
|
23,455,000
|
U.S. Treasury Bills, 5.205%, 11/30/2023(o)
|
23,250,114
|
|
|
Total Short-Term Investments
(Identified Cost $96,522,426)
|
96,521,012
|
|
|
Total Investments — 101.1%
(Identified Cost $3,468,556,127)
|
2,870,635,956
|
|
|
Other assets less liabilities — (1.1)%
|
(30,485,831
)
|
|
|
Net Assets — 100.0%
|
$2,840,150,125
|
|
(†)
|
Registered investment companies are required to value portfolio investments using an unadjusted, readily available market
quotation. The Fund
obtains readily available market quotations from independent pricing services. Fund investments for which readily available
market quotations are
not available are priced at fair value pursuant to the Fund's Valuation Procedures. The Board of Trustees has approved a valuation
designee who is
subject to the Board's oversight.
Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of
closed-end investment
companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most
extensively. Futures
contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, over time,
they are traded most
extensively. Shares of open-end investment companies are valued at net asset value per share.
Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation
as reported by an
independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the
last sale price quoted in
the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation
as reported by an
independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities
will be fair valued using
evaluated bids furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by
an independent pricing
service or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations are fair valued at bid
prices supplied by an
independent pricing service, if available. Broker-dealer bid prices may be used to fair value debt, unlisted equities, senior
loans and collateralized
loan obligations where an independent pricing service is unable to price an investment or where an independent pricing service
does not provide a
reliable price for the investment. Forward foreign currency contracts are fair valued utilizing interpolated rates determined
based on information
provided by an independent pricing service.Centrally cleared swap agreements are fair valued at settlement prices of the clearing
house on which
the contracts were traded or prices obtained from broker-dealers.
The Fund may also fair value investments in other circumstances such as when extraordinary events occur after the close of
a foreign market, but
prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration
of bankruptcy or a
delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities
markets in general (such
as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's
investments, the valuation
designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer
specific information, or
other related market activity and/or information that occurred after the close of the foreign market but before the time the
Fund's net asset value
("NAV") is calculated. Fair valuation by the Fund's valuation designee may require subjective determinations about the value
of the investment, and
fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others,
for the same
investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments
held by a Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and
liabilities denominated
in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing
at the end of the period.
|
|
(‡)
|
Principal Amount stated in U.S. dollars unless otherwise noted.
|
|
(a)
|
All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities
may be resold in
transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, the value of Rule
144A holdings amounted to
$1,276,931,674 or 45.0% of net assets.
|
|
(b)
|
Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments
on underlying pools
of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending
rate adjusted by a
multiplier and/or subject to certain floors or caps. Rate as of September 30, 2023 is disclosed.
|
|
(c)
|
Perpetual bond with no specified maturity date.
|
|
(d)
|
The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
|
|
(e)
|
Non-income producing security.
|
|
(f)
|
Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots
with differing annualized yields.
|
|
(g)
|
Variable rate security. Rate as of September 30, 2023 is disclosed.
|
|
(h)
|
Amount shown represents units. One unit represents a principal amount of 1,000.
|
|
(i)
|
Amount shown represents units. One unit represents a principal amount of 100.
|
|
(j)
|
Level 3 security. Value has been determined using significant unobservable inputs.
|
|
(k)
|
Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum
benchmark floor
rate of 0.00%, to which the spread is added.
|
|
(l)
|
Position is unsettled. Contract rate was not determined at September 30, 2023 and does not take effect until settlement date.
Maturity date is not
finalized until settlement date.
|
|
(m)
|
Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum
benchmark floor
rate of 0.75%, to which the spread is added.
|
|
(n)
|
The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires
securities
as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund's policy
that the market value of
the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase
agreements are
tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of
the counterparty.
Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible
delays or
restrictions upon the Fund's ability to dispose of the underlying securities. As of September 30, 2023, the Fund had an investment
in a repurchase
agreement for which the value of the related collateral exceeded the value of the repurchase agreement.
|
|
(o)
|
Interest rate represents discount rate at time of purchase; not a coupon rate.
|
|
ABS
|
Asset-Backed Securities
|
|
MTN
|
Medium Term Note
|
|
REITs
|
Real Estate Investment Trusts
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
BRL
|
Brazilian Real
|
|
EUR
|
Euro
|
|
IDR
|
Indonesian Rupiah
|
|
MXN
|
Mexican Peso
|
|
ZAR
|
South African Rand
|
|
At September 30, 2023, the Fund had the following open forward foreign currency contracts:
|
|||||||
|
Counterparty
|
Delivery
Date
|
Currency
Bought/
Sold (B/S)
|
Units
of
Currency
|
In Exchange
for
|
Notional
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Bank of America N.A.
|
12/20/2023
|
EUR
|
S
|
8,149,000
|
$8,785,600
|
$8,647,118
|
$138,482
|
|
At September 30, 2023, open long futures contracts were as follows:
|
|||||
|
Financial Futures
|
Expiration
Date
|
Contracts
|
Notional
Amount
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
CBOT 2 Year U.S. Treasury Notes Futures
|
12/29/2023
|
916
|
$186,145,608
|
$185,683,219
|
$(462,389
)
|
|
CBOT 5 Year U.S. Treasury Notes Futures
|
12/29/2023
|
6,006
|
638,317,437
|
632,788,406
|
(5,529,031
)
|
|
CBOT U.S. Long Bond Futures
|
12/19/2023
|
5,778
|
693,608,265
|
657,428,063
|
(36,180,202
)
|
|
Total
|
|
|
|
|
$(42,171,622
)
|
|
At September 30, 2023, open short futures contracts were as follows:
|
|||||
|
Financial Futures
|
Expiration
Date
|
Contracts
|
Notional
Amount
|
Value
|
Unrealized
Appreciation
(Depreciation)
|
|
CME Ultra Long Term U.S. Treasury Bond Futures
|
12/19/2023
|
1,794
|
$226,421,502
|
$212,925,375
|
$13,496,127
|
|
Ultra 10 Year U.S. Treasury Notes Futures
|
12/19/2023
|
3,344
|
383,263,694
|
373,065,000
|
10,198,694
|
|
Total
|
|
|
|
|
$23,694,821
|
|
Asset Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Bonds and Notes(a)
|
|
|
|
|
|
Non-Convertible Bonds
|
$—
|
$2,242,253,433
|
$—
|
$2,242,253,433
|
|
Convertible Bonds
|
—
|
217,646,775
|
—
|
217,646,775
|
|
Municipals
|
—
|
51,770,243
|
—
|
51,770,243
|
|
Total Bonds and Notes
|
—
|
2,511,670,451
|
—
|
2,511,670,451
|
|
Collateralized Loan Obligations
|
—
|
107,897,455
|
—
|
107,897,455
|
|
Common Stocks
|
|
|
|
|
|
Technology Hardware, Storage & Peripherals
|
1,469,153
|
18,824
|
—
|
1,487,977
|
|
All Other Common Stocks(a)
|
75,214,359
|
—
|
—
|
75,214,359
|
|
Total Common Stocks
|
76,683,512
|
18,824
|
—
|
76,702,336
|
|
Preferred Stocks
|
|
|
|
|
|
Convertible Preferred Stocks(a)
|
32,248,184
|
—
|
—
|
32,248,184
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
|
Office REITs
|
—
|
—
|
1,572,056
|
1,572,056
|
|
Other REITs
|
—
|
6,555,553
|
—
|
6,555,553
|
|
All Other Non-Convertible Preferred Stocks
|
3,677,624
|
—
|
—
|
3,677,624
|
|
Total Non-Convertible Preferred Stocks
|
3,677,624
|
6,555,553
|
1,572,056
|
11,805,233
|
|
Total Preferred Stocks
|
35,925,808
|
6,555,553
|
1,572,056
|
44,053,417
|
|
Senior Loans(a)
|
—
|
33,791,285
|
—
|
33,791,285
|
|
Short-Term Investments
|
—
|
96,521,012
|
—
|
96,521,012
|
|
Total Investments
|
112,609,320
|
2,756,454,580
|
1,572,056
|
2,870,635,956
|
|
Forward Foreign Currency Contracts (unrealized appreciation)
|
—
|
138,482
|
—
|
138,482
|
|
Futures Contracts (unrealized appreciation)
|
23,694,821
|
—
|
—
|
23,694,821
|
|
Total
|
$136,304,141
|
$2,756,593,062
|
$1,572,056
|
$2,894,469,259
|
|
Liability Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Futures Contracts (unrealized depreciation)
|
$(42,171,622
)
|
$—
|
$—
|
$(42,171,622
)
|
|
(a)
|
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
|
|
|
||||||||||
|
Asset Valuation Inputs
|
||||||||||
|
Investments in Securities
|
Balance as of
December 31,
2022
|
Accrued
Discounts
(Premiums)
|
Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Purchases
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance as of
September 30,
2023
|
Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Still Held at
September 30,
2023
|
|
Bonds and Notes
|
|
|
|
|
|
|
|
|
|
|
|
Non-Convertible Bonds
|
|
|
|
|
|
|
|
|
|
|
|
Property & Casualty Insurance
|
$1,251,000
|
$—
|
$—
|
$—
|
$—
|
$—
|
$—
|
$(1,251,000
)
|
$—
|
$—
|
|
Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
Office REITs
|
1,651,680
|
—
|
—
|
(79,624
)
|
—
|
—
|
—
|
—
|
1,572,056
|
(79,624
)
|
|
Total
|
$2,902,680
|
$—
|
$—
|
$(79,624
)
|
$—
|
$—
|
$—
|
$(1,251,000
)
|
$1,572,056
|
$(79,624
)
|
|
Assets
|
Unrealized
appreciation
on forward
foreign
currency
contracts
|
Unrealized
appreciation
on futures
contracts
|
Total
|
|
Over-the-counter asset derivatives
|
|
|
|
|
Foreign exchange contracts
|
$138,482
|
$—
|
$138,482
|
|
Exchange-traded asset derivatives
|
|
|
|
|
Interest rate contracts
|
—
|
23,694,821
|
23,694,821
|
|
Total asset derivatives
|
$138,482
|
$23,694,821
|
$23,833,303
|
|
Liabilities
|
Unrealized
depreciation
on futures
contracts
|
|
Exchange-traded liability derivatives
|
|
|
Interest rate contracts
|
$(42,171,622
)
|
|
Industry Summary at September 30, 2023 (Unaudited)
|
|
|
Treasuries
|
11.8%
|
|
Cable Satellite
|
8.7
|
|
Technology
|
7.9
|
|
Finance Companies
|
6.7
|
|
Banking
|
5.3
|
|
Independent Energy
|
4.0
|
|
Metals & Mining
|
3.9
|
|
ABS Home Equity
|
3.7
|
|
Pharmaceuticals
|
3.5
|
|
Healthcare
|
2.3
|
|
Wireless
|
2.2
|
|
Consumer Cyclical Services
|
2.2
|
|
Media Entertainment
|
2.2
|
|
Leisure
|
2.1
|
|
Other Investments, less than 2% each
|
27.4
|
|
Collateralized Loan Obligations
|
3.8
|
|
Short-Term Investments
|
3.4
|
|
Total Investments
|
101.1
|
|
Other assets less liabilities (including forward foreign currency and futures contracts)
|
(1.1)
|
|
Net Assets
|
100.0%
|