Vanguard® High-Yield Corporate Fund
Schedule of Investments (unaudited)
As of April 30, 2024
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
U.S. Government and Agency Obligations (5.9%) | ||||||
U.S. Government Securities (5.9%) | ||||||
United States Treasury Note/Bond | 2.500% | 5/15/24 | 155,325 | 155,131 | ||
United States Treasury Note/Bond | 3.000% | 7/15/25 | 10,707 | 10,433 | ||
1,2 | United States Treasury Note/Bond | 4.000% | 2/15/26 | 147,400 | 144,659 | |
United States Treasury Note/Bond | 0.500% | 2/28/26 | 168,150 | 154,777 | ||
1 | United States Treasury Note/Bond | 3.750% | 4/15/26 | 128,964 | 125,861 | |
1,2 | United States Treasury Note/Bond | 3.625% | 5/15/26 | 40,515 | 39,420 | |
United States Treasury Note/Bond | 4.125% | 6/15/26 | 50,000 | 49,102 | ||
United States Treasury Note/Bond | 4.375% | 8/15/26 | 120,667 | 119,064 | ||
United States Treasury Note/Bond | 4.625% | 9/15/26 | 4,000 | 3,969 | ||
United States Treasury Note/Bond | 4.625% | 10/15/26 | 73,178 | 72,629 | ||
United States Treasury Note/Bond | 4.625% | 11/15/26 | 50,000 | 49,625 | ||
United States Treasury Note/Bond | 4.375% | 12/15/26 | 8,000 | 7,892 | ||
United States Treasury Note/Bond | 4.000% | 1/15/27 | 75,000 | 73,289 | ||
United States Treasury Note/Bond | 1.875% | 2/28/27 | 72,194 | 66,475 | ||
United States Treasury Note/Bond | 0.500% | 5/31/27 | 20,000 | 17,525 | ||
United States Treasury Note/Bond | 2.750% | 7/31/27 | 7,015 | 6,574 | ||
United States Treasury Note/Bond | 1.250% | 4/30/28 | 22,955 | 20,021 | ||
2 | United States Treasury Note/Bond | 1.250% | 6/30/28 | 48,779 | 42,331 | |
United States Treasury Note/Bond | 1.125% | 8/31/28 | 10,831 | 9,301 | ||
United States Treasury Note/Bond | 4.375% | 8/31/28 | 3,670 | 3,614 | ||
United States Treasury Note/Bond | 4.625% | 9/30/28 | 41,280 | 41,048 | ||
United States Treasury Note/Bond | 4.875% | 10/31/28 | 18,706 | 18,794 | ||
United States Treasury Note/Bond | 1.750% | 1/31/29 | 12,000 | 10,485 | ||
United States Treasury Note/Bond | 4.000% | 2/28/30 | 10,719 | 10,327 | ||
United States Treasury Note/Bond | 3.500% | 4/30/30 | 14,812 | 13,879 | ||
United States Treasury Note/Bond | 3.750% | 6/30/30 | 2,714 | 2,574 | ||
United States Treasury Note/Bond | 4.000% | 7/31/30 | 5,506 | 5,293 | ||
United States Treasury Note/Bond | 4.125% | 8/31/30 | 22,663 | 21,934 | ||
United States Treasury Note/Bond | 4.625% | 9/30/30 | 17,163 | 17,080 | ||
United States Treasury Note/Bond | 3.500% | 2/15/33 | 3,897 | 3,565 | ||
United States Treasury Note/Bond | 3.875% | 8/15/33 | 5,559 | 5,220 | ||
United States Treasury Note/Bond | 4.500% | 5/15/38 | 4,672 | 4,577 | ||
United States Treasury Note/Bond | 4.500% | 8/15/39 | 25,671 | 24,933 | ||
United States Treasury Note/Bond | 3.250% | 5/15/42 | 1,017 | 817 | ||
United States Treasury Note/Bond | 3.375% | 8/15/42 | 1,399 | 1,141 | ||
United States Treasury Note/Bond | 3.875% | 2/15/43 | 1,236 | 1,080 | ||
United States Treasury Note/Bond | 3.875% | 5/15/43 | 19,404 | 16,924 | ||
United States Treasury Note/Bond | 3.125% | 5/15/48 | 1,711 | 1,281 | ||
United States Treasury Note/Bond | 3.375% | 11/15/48 | 382 | 299 | ||
United States Treasury Note/Bond | 3.000% | 2/15/49 | 641 | 467 | ||
Total U.S. Government and Agency Obligations (Cost $1,390,022) | 1,373,410 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
Corporate Bonds (87.9%) | ||||||
Communications (14.2%) | ||||||
3 | Altice Financing SA | 5.000% | 1/15/28 | 21,475 | 17,092 | |
3 | Altice Financing SA | 5.750% | 8/15/29 | 71,806 | 54,370 | |
3,4 | Altice France SA | 2.125% | 2/15/25 | 16,315 | 15,518 | |
3 | Altice France SA | 8.125% | 2/1/27 | 225 | 169 | |
3 | Altice France SA | 5.500% | 1/15/28 | 27,905 | 18,821 | |
3 | Altice France SA | 5.125% | 7/15/29 | 88,860 | 58,063 | |
3 | Altice France SA | 5.500% | 10/15/29 | 37,535 | 24,577 | |
3 | AMC Networks Inc. | 10.250% | 1/15/29 | 4,410 | 4,410 | |
3,4 | Banijay Entertainment SASU | 7.000% | 5/1/29 | 14,790 | 16,528 | |
3 | Banijay Entertainment SASU | 8.125% | 5/1/29 | 29,875 | 30,578 | |
Belo Corp. | 7.750% | 6/1/27 | 24,745 | 25,234 | ||
Belo Corp. | 7.250% | 9/15/27 | 11,942 | 12,060 | ||
3 | Cable One Inc. | 4.000% | 11/15/30 | 12,171 | 9,308 | |
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 5.500% | 5/1/26 | 47,125 | 46,170 | |
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 5.125% | 5/1/27 | 51,977 | 48,745 | |
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 5.000% | 2/1/28 | 8,150 | 7,425 | |
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 5.375% | 6/1/29 | 26,345 | 23,189 | |
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 6.375% | 9/1/29 | 40,000 | 36,633 | |
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 4.750% | 3/1/30 | 18,567 | 15,441 | |
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 4.500% | 8/15/30 | 89,870 | 73,044 | |
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 4.250% | 2/1/31 | 82,265 | 64,577 | |
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 7.375% | 3/1/31 | 48,650 | 46,173 | |
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 4.750% | 2/1/32 | 9,175 | 7,205 | |
CCO Holdings LLC / CCO Holdings Capital Corp. | 4.500% | 5/1/32 | 117,893 | 90,316 | ||
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 4.500% | 6/1/33 | 10,620 | 7,987 | |
3 | CCO Holdings LLC / CCO Holdings Capital Corp. | 4.250% | 1/15/34 | 27,600 | 20,006 | |
3 | Clear Channel Outdoor Holdings Inc. | 5.125% | 8/15/27 | 24,085 | 22,339 | |
3 | Clear Channel Outdoor Holdings Inc. | 9.000% | 9/15/28 | 44,850 | 46,140 | |
3 | Clear Channel Outdoor Holdings Inc. | 7.875% | 4/1/30 | 31,445 | 30,794 | |
3 | CSC Holdings LLC | 5.500% | 4/15/27 | 19,220 | 15,755 | |
3 | CSC Holdings LLC | 11.250% | 5/15/28 | 7,475 | 6,614 | |
3 | CSC Holdings LLC | 11.750% | 1/31/29 | 31,569 | 28,189 | |
3 | CSC Holdings LLC | 5.750% | 1/15/30 | 12,155 | 5,319 | |
3 | CSC Holdings LLC | 4.125% | 12/1/30 | 74,628 | 47,601 | |
3 | CSC Holdings LLC | 4.625% | 12/1/30 | 3,348 | 1,450 | |
3 | CSC Holdings LLC | 3.375% | 2/15/31 | 51,670 | 31,976 | |
3 | CSC Holdings LLC | 4.500% | 11/15/31 | 94,190 | 59,787 | |
3 | CSC Holdings LLC | 5.000% | 11/15/31 | 26,470 | 11,264 | |
3 | Directv Financing LLC | 8.875% | 2/1/30 | 2,190 | 2,129 | |
3 | Directv Financing LLC / Directv Financing Co-Obligor Inc. | 5.875% | 8/15/27 | 29,060 | 27,070 | |
3 | DISH Network Corp. | 11.750% | 11/15/27 | 37,560 | 37,881 | |
3 | Frontier Communications Holdings LLC | 5.875% | 10/15/27 | 16,240 | 15,587 | |
3 | Frontier Communications Holdings LLC | 5.000% | 5/1/28 | 131,024 | 120,519 | |
3 | Frontier Communications Holdings LLC | 6.750% | 5/1/29 | 13,467 | 11,864 | |
Frontier Communications Holdings LLC | 5.875% | 11/1/29 | 42,213 | 35,225 | ||
3 | Frontier Communications Holdings LLC | 8.750% | 5/15/30 | 1,460 | 1,487 | |
3 | Frontier Communications Holdings LLC | 8.625% | 3/15/31 | 28,915 | 29,203 | |
3 | Go Daddy Operating Co. LLC / GD Finance Co. Inc. | 3.500% | 3/1/29 | 72,140 | 64,030 | |
3 | Gray Television Inc. | 7.000% | 5/15/27 | 8,879 | 8,087 | |
Iliad Holding Sas | 8.500% | 4/15/31 | 26,655 | 26,856 | ||
3 | Iliad Holding SASU | 6.500% | 10/15/26 | 20,325 | 20,223 | |
3 | Iliad Holding SASU | 7.000% | 10/15/28 | 42,275 | 41,346 | |
Lamar Media Corp. | 3.750% | 2/15/28 | 30,000 | 27,702 | ||
Lamar Media Corp. | 4.875% | 1/15/29 | 2,920 | 2,754 | ||
Lamar Media Corp. | 4.000% | 2/15/30 | 67,275 | 60,013 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
Lamar Media Corp. | 3.625% | 1/15/31 | 59,108 | 50,523 | ||
3 | Level 3 Financing Inc. | 3.625% | 1/15/29 | 13,652 | 4,670 | |
3 | Level 3 Financing Inc. | 3.875% | 11/15/29 | 6,815 | 2,505 | |
3 | Level 3 Financing Inc. | 10.500% | 5/15/30 | 13,960 | 13,948 | |
3,4 | Lorca Telecom Bondco SA | 4.000% | 9/18/27 | 55,975 | 58,141 | |
3 | Match Group Holdings II LLC | 4.625% | 6/1/28 | 11,545 | 10,684 | |
3 | Match Group Holdings II LLC | 5.625% | 2/15/29 | 2,985 | 2,849 | |
3 | Match Group Holdings II LLC | 4.125% | 8/1/30 | 14,596 | 12,639 | |
3 | Match Group Holdings II LLC | 3.625% | 10/1/31 | 2,800 | 2,312 | |
3 | News Corp. | 3.875% | 5/15/29 | 33,192 | 29,810 | |
3 | Nexstar Media Inc. | 5.625% | 7/15/27 | 2,460 | 2,313 | |
3 | Nexstar Media Inc. | 4.750% | 11/1/28 | 12,325 | 10,946 | |
3 | Outfront Media Capital LLC / Outfront Media Capital Corp. | 5.000% | 8/15/27 | 21,296 | 20,295 | |
3 | Outfront Media Capital LLC / Outfront Media Capital Corp. | 4.250% | 1/15/29 | 10,100 | 8,990 | |
3 | Outfront Media Capital LLC / Outfront Media Capital Corp. | 4.625% | 3/15/30 | 77,418 | 68,394 | |
3 | Outfront Media Capital LLC / Outfront Media Capital Corp. | 7.375% | 2/15/31 | 28,800 | 29,562 | |
Paramount Global | 4.200% | 5/19/32 | 5,600 | 4,578 | ||
Paramount Global | 6.875% | 4/30/36 | 9,925 | 9,249 | ||
Paramount Global | 4.850% | 7/1/42 | 9,895 | 7,075 | ||
Paramount Global | 4.375% | 3/15/43 | 11,105 | 7,352 | ||
Paramount Global | 6.250% | 2/28/57 | 31,776 | 27,850 | ||
Paramount Global | 6.375% | 3/30/62 | 33,700 | 31,173 | ||
3 | ROBLOX Corp. | 3.875% | 5/1/30 | 92,140 | 79,646 | |
3 | Scripps Escrow II Inc. | 3.875% | 1/15/29 | 44,585 | 32,945 | |
3 | Scripps Escrow II Inc. | 5.375% | 1/15/31 | 5,590 | 3,299 | |
3 | Scripps Escrow Inc. | 5.875% | 7/15/27 | 35,600 | 28,108 | |
3 | Sirius XM Radio Inc. | 3.125% | 9/1/26 | 12,245 | 11,421 | |
3 | Sirius XM Radio Inc. | 4.000% | 7/15/28 | 26,945 | 24,005 | |
3 | Sirius XM Radio Inc. | 4.125% | 7/1/30 | 32,750 | 27,837 | |
3 | Sirius XM Radio Inc. | 3.875% | 9/1/31 | 17,305 | 13,911 | |
Sprint LLC | 7.125% | 6/15/24 | 35,947 | 35,987 | ||
3 | Sunrise FinCo I BV | 4.875% | 7/15/31 | 66,804 | 58,424 | |
3 | Sunrise HoldCo IV BV | 5.500% | 1/15/28 | 79,092 | 74,673 | |
TEGNA Inc. | 4.625% | 3/15/28 | 14,555 | 13,186 | ||
TEGNA Inc. | 5.000% | 9/15/29 | 48,200 | 42,497 | ||
Telecom Italia Capital SA | 6.375% | 11/15/33 | 8,235 | 7,263 | ||
Telecom Italia Capital SA | 6.000% | 9/30/34 | 22,450 | 18,913 | ||
Telecom Italia Capital SA | 7.200% | 7/18/36 | 26,456 | 24,149 | ||
Telecom Italia Capital SA | 7.721% | 6/4/38 | 22,295 | 20,770 | ||
3 | Telecom Italia SpA | 5.303% | 5/30/24 | 22,518 | 22,464 | |
3,4 | TMNL Holding BV | 3.750% | 1/15/29 | 33,365 | 33,265 | |
3 | Uber Technologies Inc. | 8.000% | 11/1/26 | 14,270 | 14,413 | |
3 | Uber Technologies Inc. | 7.500% | 9/15/27 | 12,020 | 12,238 | |
3 | Uber Technologies Inc. | 6.250% | 1/15/28 | 10,000 | 9,982 | |
3 | Uber Technologies Inc. | 4.500% | 8/15/29 | 48,425 | 45,251 | |
3 | Univision Communications Inc. | 8.000% | 8/15/28 | 39,125 | 39,153 | |
3 | Univision Communications Inc. | 4.500% | 5/1/29 | 1,810 | 1,571 | |
3 | Univision Communications Inc. | 7.375% | 6/30/30 | 6,985 | 6,695 | |
3 | Videotron Ltd. | 5.375% | 6/15/24 | 7,848 | 7,833 | |
5 | Videotron Ltd. | 5.625% | 6/15/25 | 9,725 | 7,053 | |
3 | Videotron Ltd. | 5.125% | 4/15/27 | 20,535 | 19,888 | |
3,5 | Videotron Ltd. | 3.625% | 6/15/28 | 97,435 | 65,675 | |
3 | Videotron Ltd. | 3.625% | 6/15/29 | 77,456 | 68,856 | |
3 | Virgin Media Finance plc | 5.000% | 7/15/30 | 1,470 | 1,203 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
3 | Virgin Media Secured Finance plc | 5.500% | 5/15/29 | 43,280 | 39,375 | |
3 | Virgin Media Secured Finance plc | 4.500% | 8/15/30 | 42,595 | 35,996 | |
3,6 | Virgin Media Vendor Financing Notes III DAC | 4.875% | 7/15/28 | 37,010 | 41,249 | |
3 | Virgin Media Vendor Financing Notes IV DAC | 5.000% | 7/15/28 | 30,550 | 27,224 | |
3 | Vmed O2 UK Financing I plc | 4.250% | 1/31/31 | 90,195 | 73,943 | |
3 | VZ Secured Financing BV | 5.000% | 1/15/32 | 58,570 | 49,431 | |
3,4 | WMG Acquisition Corp. | 2.750% | 7/15/28 | 18,490 | 18,420 | |
3 | WMG Acquisition Corp. | 3.875% | 7/15/30 | 73,925 | 64,428 | |
3 | WMG Acquisition Corp. | 3.000% | 2/15/31 | 38,420 | 31,916 | |
3 | Ziggo BV | 4.875% | 1/15/30 | 58,095 | 50,905 | |
3,334,162 | ||||||
Consumer Discretionary (15.3%) | ||||||
3 | 1011778 BC ULC / New Red Finance Inc. | 3.875% | 1/15/28 | 62,097 | 57,327 | |
3 | 1011778 BC ULC / New Red Finance Inc. | 4.375% | 1/15/28 | 8,000 | 7,454 | |
3 | 1011778 BC ULC / New Red Finance Inc. | 3.500% | 2/15/29 | 19,890 | 17,769 | |
3 | 1011778 BC ULC / New Red Finance Inc. | 4.000% | 10/15/30 | 133,629 | 115,131 | |
3 | Adient Global Holdings Ltd. | 4.875% | 8/15/26 | 14,507 | 13,957 | |
3 | Amer Sports Co. | 6.750% | 2/16/31 | 30,860 | 30,335 | |
American Axle & Manufacturing Inc. | 5.000% | 10/1/29 | 26,947 | 24,272 | ||
3 | American Builders & Contractors Supply Co. Inc. | 4.000% | 1/15/28 | 36,526 | 33,622 | |
3 | American Builders & Contractors Supply Co. Inc. | 3.875% | 11/15/29 | 47,417 | 41,562 | |
Asbury Automotive Group Inc. | 4.500% | 3/1/28 | 22,880 | 21,466 | ||
3 | Asbury Automotive Group Inc. | 4.625% | 11/15/29 | 17,900 | 16,217 | |
Asbury Automotive Group Inc. | 4.750% | 3/1/30 | 11,463 | 10,377 | ||
3 | Asbury Automotive Group Inc. | 5.000% | 2/15/32 | 26,865 | 23,878 | |
3 | Ashton Woods USA LLC / Ashton Woods Finance Co. | 6.625% | 1/15/28 | 3,335 | 3,327 | |
3 | Ashton Woods USA LLC / Ashton Woods Finance Co. | 4.625% | 8/1/29 | 5,580 | 5,049 | |
3 | Ashton Woods USA LLC / Ashton Woods Finance Co. | 4.625% | 4/1/30 | 34,479 | 30,791 | |
Bath & Body Works Inc. | 6.694% | 1/15/27 | 17,487 | 17,610 | ||
Bath & Body Works Inc. | 5.250% | 2/1/28 | 1,550 | 1,491 | ||
3 | Bath & Body Works Inc. | 6.625% | 10/1/30 | 34,950 | 34,942 | |
Bath & Body Works Inc. | 6.875% | 11/1/35 | 5,565 | 5,527 | ||
Bath & Body Works Inc. | 6.750% | 7/1/36 | 700 | 683 | ||
3 | Beacon Roofing Supply Inc. | 4.125% | 5/15/29 | 17,978 | 16,071 | |
3 | Beacon Roofing Supply Inc. | 6.500% | 8/1/30 | 14,745 | 14,722 | |
Boyd Gaming Corp. | 4.750% | 12/1/27 | 121,735 | 115,507 | ||
3 | Boyd Gaming Corp. | 4.750% | 6/15/31 | 6,005 | 5,325 | |
3 | Boyne USA Inc. | 4.750% | 5/15/29 | 5,755 | 5,239 | |
3 | Builders FirstSource Inc. | 5.000% | 3/1/30 | 5,000 | 4,674 | |
3 | Builders FirstSource Inc. | 4.250% | 2/1/32 | 28,500 | 24,836 | |
3 | Builders FirstSource Inc. | 6.375% | 3/1/34 | 27,075 | 26,571 | |
3 | Caesars Entertainment Inc. | 8.125% | 7/1/27 | 74,280 | 75,366 | |
3 | Caesars Entertainment Inc. | 4.625% | 10/15/29 | 41,390 | 36,903 | |
3 | Caesars Entertainment Inc. | 7.000% | 2/15/30 | 102,010 | 102,743 | |
3 | Caesars Entertainment Inc. | 6.500% | 2/15/32 | 22,105 | 21,775 | |
3 | Camelot Return Merger Sub Inc. | 8.750% | 8/1/28 | 8,770 | 8,632 | |
3 | Carnival Corp. | 7.625% | 3/1/26 | 14,950 | 15,041 | |
3 | Carnival Corp. | 5.750% | 3/1/27 | 22,955 | 22,381 | |
3 | Carnival Corp. | 4.000% | 8/1/28 | 105,830 | 96,598 | |
3 | Carnival Corp. | 6.000% | 5/1/29 | 32,927 | 31,890 | |
3 | Carnival Corp. | 7.000% | 8/15/29 | 10,405 | 10,677 | |
3 | Carnival Corp. | 10.500% | 6/1/30 | 41,275 | 44,858 | |
3 | Carnival Holdings Bermuda Ltd. | 10.375% | 5/1/28 | 27,818 | 30,158 | |
Cedar Fair LP | 5.250% | 7/15/29 | 42,611 | 39,770 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
3 | Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op | 5.500% | 5/1/25 | 10,480 | 10,480 | |
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op | 5.375% | 4/15/27 | 19,805 | 19,247 | ||
Century Communities Inc. | 6.750% | 6/1/27 | 9,993 | 10,015 | ||
3 | Century Communities Inc. | 3.875% | 8/15/29 | 34,362 | 30,077 | |
3 | Churchill Downs Inc. | 5.500% | 4/1/27 | 2,527 | 2,459 | |
3 | Churchill Downs Inc. | 4.750% | 1/15/28 | 11,690 | 11,039 | |
3 | Churchill Downs Inc. | 5.750% | 4/1/30 | 34,716 | 33,107 | |
3 | Churchill Downs Inc. | 6.750% | 5/1/31 | 4,860 | 4,824 | |
3 | Cinemark USA Inc. | 8.750% | 5/1/25 | 2,082 | 2,082 | |
3 | Cinemark USA Inc. | 5.875% | 3/15/26 | 7,325 | 7,221 | |
3 | Cinemark USA Inc. | 5.250% | 7/15/28 | 39,770 | 36,956 | |
3 | Clarios Global LP / Clarios US Finance Co. | 6.250% | 5/15/26 | 30,723 | 30,692 | |
3 | Clarios Global LP / Clarios US Finance Co. | 8.500% | 5/15/27 | 33,237 | 33,279 | |
3 | Clarios Global LP / Clarios US Finance Co. | 6.750% | 5/15/28 | 28,505 | 28,607 | |
Dana Inc. | 5.625% | 6/15/28 | 3,718 | 3,585 | ||
Dana Inc. | 4.250% | 9/1/30 | 2,220 | 1,924 | ||
Dana Inc. | 4.500% | 2/15/32 | 995 | 843 | ||
3 | Flutter Treasury Designated Activity Co. | 6.375% | 4/29/29 | 13,540 | 13,593 | |
Ford Motor Co. | 4.346% | 12/8/26 | 2,205 | 2,128 | ||
Ford Motor Co. | 9.625% | 4/22/30 | 2,271 | 2,606 | ||
Ford Motor Co. | 3.250% | 2/12/32 | 25,440 | 20,505 | ||
Ford Motor Credit Co. LLC | 4.134% | 8/4/25 | 9,450 | 9,219 | ||
Ford Motor Credit Co. LLC | 3.375% | 11/13/25 | 9,945 | 9,550 | ||
Ford Motor Credit Co. LLC | 4.389% | 1/8/26 | 2,975 | 2,892 | ||
Ford Motor Credit Co. LLC | 6.950% | 3/6/26 | 15,000 | 15,205 | ||
Ford Motor Credit Co. LLC | 2.700% | 8/10/26 | 31,075 | 28,847 | ||
Ford Motor Credit Co. LLC | 2.900% | 2/16/28 | 2,880 | 2,562 | ||
Ford Motor Credit Co. LLC | 6.800% | 5/12/28 | 9,377 | 9,568 | ||
3 | Gap Inc. | 3.625% | 10/1/29 | 21,580 | 18,278 | |
3 | Gap Inc. | 3.875% | 10/1/31 | 19,660 | 16,057 | |
Goodyear Tire & Rubber Co. | 9.500% | 5/31/25 | 15,395 | 15,457 | ||
Goodyear Tire & Rubber Co. | 4.875% | 3/15/27 | 2,460 | 2,361 | ||
Goodyear Tire & Rubber Co. | 5.000% | 7/15/29 | 49,278 | 44,820 | ||
Goodyear Tire & Rubber Co. | 5.250% | 4/30/31 | 8,550 | 7,675 | ||
Goodyear Tire & Rubber Co. | 5.250% | 7/15/31 | 16,635 | 14,714 | ||
Goodyear Tire & Rubber Co. | 5.625% | 4/30/33 | 30,287 | 26,600 | ||
Griffon Corp. | 5.750% | 3/1/28 | 11,490 | 11,064 | ||
3 | Hanesbrands Inc. | 4.875% | 5/15/26 | 93,794 | 90,716 | |
3 | Hanesbrands Inc. | 9.000% | 2/15/31 | 31,318 | 31,152 | |
3 | Hilton Domestic Operating Co. Inc. | 5.750% | 5/1/28 | 9,746 | 9,627 | |
3 | Hilton Domestic Operating Co. Inc. | 5.875% | 4/1/29 | 3,156 | 3,116 | |
3 | Hilton Domestic Operating Co. Inc. | 3.750% | 5/1/29 | 13,415 | 12,050 | |
KB Home | 4.800% | 11/15/29 | 15,825 | 14,658 | ||
KB Home | 7.250% | 7/15/30 | 5,000 | 5,123 | ||
KB Home | 4.000% | 6/15/31 | 38,745 | 33,551 | ||
3 | KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC | 4.750% | 6/1/27 | 24,360 | 23,538 | |
3 | LCM Investments Holdings II LLC | 8.250% | 8/1/31 | 36,100 | 37,536 | |
3 | Light & Wonder International Inc. | 7.000% | 5/15/28 | 20,020 | 20,098 | |
3 | Lithia Motors Inc. | 4.625% | 12/15/27 | 66,275 | 62,518 | |
3 | Lithia Motors Inc. | 3.875% | 6/1/29 | 7,615 | 6,744 | |
3 | Lithia Motors Inc. | 4.375% | 1/15/31 | 22,880 | 20,020 | |
3 | Live Nation Entertainment Inc. | 4.875% | 11/1/24 | 14,775 | 14,669 | |
3 | Live Nation Entertainment Inc. | 3.750% | 1/15/28 | 8,085 | 7,358 | |
3 | Masonite International Corp. | 5.375% | 2/1/28 | 8,715 | 8,722 | |
3 | Masonite International Corp. | 3.500% | 2/15/30 | 1,050 | 920 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
3 | Melco Resorts Finance Ltd. | 4.875% | 6/6/25 | 16,555 | 16,137 | |
3 | Melco Resorts Finance Ltd. | 7.625% | 4/17/32 | 7,365 | 7,229 | |
3 | Merlin Entertainments Group US Holdings Inc. | 7.375% | 2/15/31 | 27,105 | 27,224 | |
MGM Resorts International | 6.750% | 5/1/25 | 10,080 | 10,080 | ||
MGM Resorts International | 5.750% | 6/15/25 | 55,431 | 55,146 | ||
MGM Resorts International | 6.500% | 4/15/32 | 13,395 | 12,993 | ||
3 | Michaels Cos. Inc. | 5.250% | 5/1/28 | 45,900 | 38,865 | |
3 | Michaels Cos. Inc. | 7.875% | 5/1/29 | 29,995 | 21,924 | |
3 | Miter Brands Acquisition Holdco Inc. / MIWD Borrower LLC | 6.750% | 4/1/32 | 9,025 | 8,960 | |
3,4 | Motion Finco Sarl | 7.375% | 6/15/30 | 6,700 | 7,416 | |
3 | NCL Corp. Ltd. | 8.375% | 2/1/28 | 41,980 | 43,783 | |
3 | NCL Corp. Ltd. | 8.125% | 1/15/29 | 21,835 | 22,747 | |
3 | NCL Corp. Ltd. | 7.750% | 2/15/29 | 15,895 | 16,257 | |
3 | NCL Finance Ltd. | 6.125% | 3/15/28 | 1,880 | 1,833 | |
Newell Brands Inc. | 6.375% | 9/15/27 | 42,972 | 42,166 | ||
Newell Brands Inc. | 6.625% | 9/15/29 | 15,872 | 15,362 | ||
3 | Ontario Gaming GTA LP/OTG Co-Issuer Inc. | 8.000% | 8/1/30 | 8,960 | 9,137 | |
3 | OPENLANE Inc. | 5.125% | 6/1/25 | 10,007 | 9,858 | |
3 | PetSmart Inc. / PetSmart Finance Corp. | 4.750% | 2/15/28 | 43,611 | 40,252 | |
3 | Phinia Inc. | 6.750% | 4/15/29 | 3,763 | 3,777 | |
3 | Rakuten Group Inc. | 9.750% | 4/15/29 | 3,610 | 3,576 | |
3 | Royal Caribbean Cruises Ltd. | 4.250% | 7/1/26 | 11,360 | 10,917 | |
3 | Royal Caribbean Cruises Ltd. | 5.500% | 8/31/26 | 96,080 | 94,275 | |
3 | Royal Caribbean Cruises Ltd. | 5.375% | 7/15/27 | 19,070 | 18,556 | |
3 | Royal Caribbean Cruises Ltd. | 5.500% | 4/1/28 | 24,065 | 23,436 | |
3 | Royal Caribbean Cruises Ltd. | 8.250% | 1/15/29 | 66,645 | 70,198 | |
3 | Royal Caribbean Cruises Ltd. | 9.250% | 1/15/29 | 5,030 | 5,375 | |
3 | Royal Caribbean Cruises Ltd. | 7.250% | 1/15/30 | 5,210 | 5,365 | |
3 | Royal Caribbean Cruises Ltd. | 6.250% | 3/15/32 | 18,155 | 17,887 | |
Sally Holdings LLC / Sally Capital Inc. | 6.750% | 3/1/32 | 2,705 | 2,613 | ||
Sands China Ltd. | 5.125% | 8/8/25 | 25,700 | 25,387 | ||
Sands China Ltd. | 5.400% | 8/8/28 | 11,350 | 11,005 | ||
Service Corp. International | 4.625% | 12/15/27 | 20,770 | 19,730 | ||
Service Corp. International | 5.125% | 6/1/29 | 44,190 | 42,337 | ||
Service Corp. International | 3.375% | 8/15/30 | 28,585 | 24,267 | ||
Service Corp. International | 4.000% | 5/15/31 | 67,405 | 58,243 | ||
3,7 | Six Flags Entertainment Corp. / Six Flags Theme Parks Inc. | 6.625% | 5/1/32 | 48,110 | 47,915 | |
3 | Speedway Motorsports LLC / Speedway Funding II Inc. | 4.875% | 11/1/27 | 38,311 | 36,117 | |
3 | Station Casinos LLC | 6.625% | 3/15/32 | 9,076 | 8,923 | |
3 | Taylor Morrison Communities Inc. | 5.875% | 6/15/27 | 5,967 | 5,881 | |
3 | Taylor Morrison Communities Inc. | 5.125% | 8/1/30 | 23,777 | 22,140 | |
3 | Tempur Sealy International Inc. | 3.875% | 10/15/31 | 19,802 | 16,368 | |
Under Armour Inc. | 3.250% | 6/15/26 | 42,005 | 39,561 | ||
3,7 | Vail Resorts Inc. | 6.500% | 5/15/32 | 22,950 | 22,986 | |
3 | Viking Cruises Ltd. | 9.125% | 7/15/31 | 31,220 | 33,470 | |
3 | Wand NewCo 3 Inc. | 7.625% | 1/30/32 | 31,045 | 31,627 | |
3 | William Carter Co. | 5.625% | 3/15/27 | 8,018 | 7,795 | |
3 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | 5.250% | 5/15/27 | 30,990 | 30,058 | |
3 | Wynn Macau Ltd. | 5.500% | 1/15/26 | 15,750 | 15,290 | |
3 | Wynn Macau Ltd. | 5.500% | 10/1/27 | 12,800 | 12,058 | |
3 | Wynn Macau Ltd. | 5.125% | 12/15/29 | 57,836 | 51,159 | |
3 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | 5.125% | 10/1/29 | 1,772 | 1,645 | |
3 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | 7.125% | 2/15/31 | 50,860 | 51,607 | |
3 | Yum! Brands Inc. | 4.750% | 1/15/30 | 39,610 | 37,111 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
Yum! Brands Inc. | 3.625% | 3/15/31 | 55,732 | 48,124 | ||
Yum! Brands Inc. | 4.625% | 1/31/32 | 18,090 | 16,297 | ||
3,585,223 | ||||||
Consumer Staples (3.2%) | ||||||
3 | Albertsons Cos. Inc. / Safeway Inc. / New Albertsons LP / Albertsons LLC | 6.500% | 2/15/28 | 12,300 | 12,287 | |
B&G Foods Inc. | 5.250% | 4/1/25 | 13,103 | 12,945 | ||
B&G Foods Inc. | 5.250% | 9/15/27 | 36,025 | 33,273 | ||
3 | B&G Foods Inc. | 8.000% | 9/15/28 | 28,345 | 29,352 | |
3 | Coty Inc. | 5.000% | 4/15/26 | 1,293 | 1,268 | |
3 | Coty Inc. / HFC Prestige Products Inc. / HFC Prestige International US LLC | 4.750% | 1/15/29 | 4,755 | 4,435 | |
3 | Coty Inc. / HFC Prestige Products Inc. / HFC Prestige International US LLC | 6.625% | 7/15/30 | 25,020 | 25,051 | |
3,4 | Darling Global Finance BV | 3.625% | 5/15/26 | 12,945 | 13,634 | |
3 | Darling Ingredients Inc. | 5.250% | 4/15/27 | 8,820 | 8,551 | |
3 | Darling Ingredients Inc. | 6.000% | 6/15/30 | 13,430 | 13,063 | |
3 | Energizer Holdings Inc. | 4.750% | 6/15/28 | 58,571 | 53,372 | |
3 | Energizer Holdings Inc. | 4.375% | 3/31/29 | 76,351 | 67,417 | |
3 | Fiesta Purchaser Inc. | 7.875% | 3/1/31 | 1,545 | 1,576 | |
3 | KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution Inc. | 9.000% | 2/15/29 | 15,328 | 15,496 | |
3 | Lamb Weston Holdings Inc. | 4.875% | 5/15/28 | 5,974 | 5,705 | |
3 | Lamb Weston Holdings Inc. | 4.125% | 1/31/30 | 29,753 | 26,517 | |
3 | Performance Food Group Inc. | 6.875% | 5/1/25 | 10,425 | 10,425 | |
3 | Performance Food Group Inc. | 5.500% | 10/15/27 | 90,660 | 87,775 | |
3 | Performance Food Group Inc. | 4.250% | 8/1/29 | 46,604 | 41,767 | |
3 | Post Holdings Inc. | 5.625% | 1/15/28 | 86,750 | 84,197 | |
3 | Post Holdings Inc. | 5.500% | 12/15/29 | 36,810 | 34,901 | |
3 | Post Holdings Inc. | 4.625% | 4/15/30 | 37,059 | 33,447 | |
3 | Post Holdings Inc. | 4.500% | 9/15/31 | 39,590 | 34,870 | |
3 | Post Holdings Inc. | 6.250% | 2/15/32 | 30,555 | 30,180 | |
3 | United Natural Foods Inc. | 6.750% | 10/15/28 | 21,527 | 16,526 | |
3 | US Foods Inc. | 6.875% | 9/15/28 | 2,254 | 2,277 | |
3 | US Foods Inc. | 4.750% | 2/15/29 | 18,593 | 17,355 | |
3 | US Foods Inc. | 4.625% | 6/1/30 | 23,863 | 21,729 | |
3 | US Foods Inc. | 7.250% | 1/15/32 | 14,670 | 15,009 | |
754,400 | ||||||
Energy (11.0%) | ||||||
3 | Antero Midstream Partners LP / Antero Midstream Finance Corp. | 5.750% | 3/1/27 | 5,552 | 5,455 | |
3 | Antero Midstream Partners LP / Antero Midstream Finance Corp. | 5.750% | 1/15/28 | 7,782 | 7,621 | |
3 | Antero Midstream Partners LP / Antero Midstream Finance Corp. | 5.375% | 6/15/29 | 5,875 | 5,608 | |
3 | Antero Midstream Partners LP / Antero Midstream Finance Corp. | 6.625% | 2/1/32 | 45,435 | 45,252 | |
Apache Corp. | 4.875% | 11/15/27 | 33,110 | 31,739 | ||
Apache Corp. | 4.375% | 10/15/28 | 2,625 | 2,452 | ||
Apache Corp. | 4.250% | 1/15/30 | 8,425 | 7,740 | ||
3 | Blue Racer Midstream LLC / Blue Racer Finance Corp. | 7.625% | 12/15/25 | 9,330 | 9,370 | |
3 | Blue Racer Midstream LLC / Blue Racer Finance Corp. | 6.625% | 7/15/26 | 11,960 | 11,929 | |
Buckeye Partners LP | 4.350% | 10/15/24 | 4,850 | 4,787 | ||
3 | Buckeye Partners LP | 4.125% | 3/1/25 | 50,184 | 49,234 | |
Buckeye Partners LP | 3.950% | 12/1/26 | 21,628 | 20,362 | ||
Buckeye Partners LP | 4.125% | 12/1/27 | 23,220 | 21,610 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
3 | Buckeye Partners LP | 4.500% | 3/1/28 | 88,628 | 82,683 | |
Buckeye Partners LP | 5.850% | 11/15/43 | 16,000 | 13,364 | ||
3 | Chesapeake Energy Corp. | 5.875% | 2/1/29 | 17,045 | 16,716 | |
3 | Chesapeake Energy Corp. | 6.750% | 4/15/29 | 21,240 | 21,230 | |
3 | Civitas Resources Inc. | 8.375% | 7/1/28 | 18,528 | 19,333 | |
3 | Civitas Resources Inc. | 8.625% | 11/1/30 | 8,197 | 8,747 | |
3 | Civitas Resources Inc. | 8.750% | 7/1/31 | 12,540 | 13,324 | |
3 | CNX Resources Corp. | 6.000% | 1/15/29 | 6,825 | 6,627 | |
3 | CNX Resources Corp. | 7.375% | 1/15/31 | 16,440 | 16,659 | |
3 | CNX Resources Corp. | 7.250% | 3/1/32 | 9,010 | 9,045 | |
Continental Resources Inc. | 4.375% | 1/15/28 | 21,625 | 20,611 | ||
3 | Continental Resources Inc. | 5.750% | 1/15/31 | 1,730 | 1,692 | |
Continental Resources Inc. | 4.900% | 6/1/44 | 17,480 | 14,078 | ||
3 | CrownRock LP / CrownRock Finance Inc. | 5.625% | 10/15/25 | 14,908 | 14,821 | |
3 | Diamond Foreign Asset Co. / Diamond Finance LLC | 8.500% | 10/1/30 | 23,435 | 24,468 | |
3 | DT Midstream Inc. | 4.125% | 6/15/29 | 95,524 | 86,533 | |
3 | DT Midstream Inc. | 4.375% | 6/15/31 | 110,710 | 98,420 | |
3 | Enerflex Ltd. | 9.000% | 10/15/27 | 43,835 | 44,895 | |
3 | EnLink Midstream LLC | 5.625% | 1/15/28 | 17,250 | 16,933 | |
EnLink Midstream LLC | 5.375% | 6/1/29 | 9,575 | 9,238 | ||
3 | EnLink Midstream LLC | 6.500% | 9/1/30 | 17,810 | 18,029 | |
EnLink Midstream Partners LP | 4.150% | 6/1/25 | 23,340 | 22,778 | ||
EnLink Midstream Partners LP | 4.850% | 7/15/26 | 18,069 | 17,599 | ||
EQM Midstream Partners LP | 4.000% | 8/1/24 | 8,934 | 8,869 | ||
3 | EQM Midstream Partners LP | 6.000% | 7/1/25 | 51,523 | 51,462 | |
EQM Midstream Partners LP | 4.125% | 12/1/26 | 11,328 | 10,839 | ||
3 | EQM Midstream Partners LP | 7.500% | 6/1/27 | 6,490 | 6,608 | |
3 | EQM Midstream Partners LP | 6.500% | 7/1/27 | 61,070 | 61,256 | |
EQM Midstream Partners LP | 5.500% | 7/15/28 | 27,997 | 27,273 | ||
3 | EQM Midstream Partners LP | 4.500% | 1/15/29 | 34,140 | 31,583 | |
3 | EQM Midstream Partners LP | 7.500% | 6/1/30 | 3,860 | 4,048 | |
3 | EQM Midstream Partners LP | 4.750% | 1/15/31 | 90,662 | 82,899 | |
Genesis Energy LP / Genesis Energy Finance Corp. | 8.250% | 1/15/29 | 23,490 | 23,900 | ||
Genesis Energy LP/ Genesis Energy Finance Corp. | 7.750% | 2/1/28 | 5,825 | 5,823 | ||
3 | Kinetik Holdings LP | 6.625% | 12/15/28 | 18,100 | 18,208 | |
3 | Kinetik Holdings LP | 5.875% | 6/15/30 | 2,910 | 2,815 | |
3 | Matador Resources Co. | 6.875% | 4/15/28 | 37,900 | 38,202 | |
3 | Matador Resources Co. | 6.500% | 4/15/32 | 23,887 | 23,674 | |
3 | Nabors Industries Inc. | 9.125% | 1/31/30 | 16,595 | 17,167 | |
3 | Noble Finance II LLC | 8.000% | 4/15/30 | 61,580 | 63,557 | |
Ovintiv Inc. | 7.200% | 11/1/31 | 2,757 | 2,925 | ||
Ovintiv Inc. | 7.375% | 11/1/31 | 26,708 | 28,556 | ||
Ovintiv Inc. | 6.500% | 8/15/34 | 10,685 | 10,971 | ||
3 | Permian Resources Operating LLC | 5.375% | 1/15/26 | 2,655 | 2,618 | |
3 | Permian Resources Operating LLC | 7.750% | 2/15/26 | 2,540 | 2,563 | |
3 | Permian Resources Operating LLC | 8.000% | 4/15/27 | 30,495 | 31,339 | |
3 | Permian Resources Operating LLC | 5.875% | 7/1/29 | 64,319 | 62,639 | |
3 | Permian Resources Operating LLC | 9.875% | 7/15/31 | 17,980 | 19,882 | |
3 | Permian Resources Operating LLC | 7.000% | 1/15/32 | 43,220 | 44,118 | |
Range Resources Corp. | 8.250% | 1/15/29 | 31,447 | 32,806 | ||
3 | Range Resources Corp. | 4.750% | 2/15/30 | 56,221 | 51,826 | |
3 | Rockies Express Pipeline LLC | 4.950% | 7/15/29 | 4,050 | 3,719 | |
3 | Rockies Express Pipeline LLC | 4.800% | 5/15/30 | 3,250 | 2,936 | |
3 | Rockies Express Pipeline LLC | 7.500% | 7/15/38 | 4,100 | 4,200 | |
3 | Seadrill Finance Ltd. | 8.375% | 8/1/30 | 4,810 | 5,010 | |
SM Energy Co. | 6.750% | 9/15/26 | 23,350 | 23,288 | ||
SM Energy Co. | 6.625% | 1/15/27 | 1,295 | 1,293 | ||
SM Energy Co. | 6.500% | 7/15/28 | 14,800 | 14,691 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
Southwestern Energy Co. | 5.375% | 2/1/29 | 25,600 | 24,559 | ||
Southwestern Energy Co. | 5.375% | 3/15/30 | 55,763 | 52,942 | ||
Southwestern Energy Co. | 4.750% | 2/1/32 | 20,532 | 18,489 | ||
3 | Sunoco LP | 7.000% | 5/1/29 | 15,350 | 15,587 | |
3 | Sunoco LP | 7.250% | 5/1/32 | 14,320 | 14,544 | |
Sunoco LP / Sunoco Finance Corp. | 6.000% | 4/15/27 | 60,590 | 59,921 | ||
Sunoco LP / Sunoco Finance Corp. | 5.875% | 3/15/28 | 11,360 | 11,130 | ||
3 | Sunoco LP / Sunoco Finance Corp. | 7.000% | 9/15/28 | 9,705 | 9,825 | |
Sunoco LP / Sunoco Finance Corp. | 4.500% | 5/15/29 | 32,920 | 30,071 | ||
Sunoco LP / Sunoco Finance Corp. | 4.500% | 4/30/30 | 51,930 | 46,792 | ||
3 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 7.375% | 2/15/29 | 35,214 | 35,287 | |
3 | Transocean Inc. | 8.250% | 5/15/29 | 5,985 | 5,948 | |
3 | Transocean Inc. | 8.750% | 2/15/30 | 81,270 | 84,777 | |
3 | Transocean Inc. | 8.500% | 5/15/31 | 8,995 | 8,947 | |
3 | Transocean Titan Financing Ltd. | 8.375% | 2/1/28 | 12,422 | 12,752 | |
3 | USA Compression Partners LP / USA Compression Finance Corp. | 7.125% | 3/15/29 | 42,660 | 42,360 | |
3 | Valaris Ltd. | 8.375% | 4/30/30 | 40,527 | 41,641 | |
3 | Venture Global Calcasieu Pass LLC | 3.875% | 8/15/29 | 62,200 | 54,923 | |
3 | Venture Global Calcasieu Pass LLC | 6.250% | 1/15/30 | 23,783 | 23,546 | |
3 | Venture Global Calcasieu Pass LLC | 4.125% | 8/15/31 | 49,305 | 43,168 | |
3 | Venture Global Calcasieu Pass LLC | 3.875% | 11/1/33 | 30,940 | 25,369 | |
3 | Venture Global LNG Inc. | 8.125% | 6/1/28 | 5,585 | 5,713 | |
3 | Venture Global LNG Inc. | 9.500% | 2/1/29 | 46,548 | 50,047 | |
3 | Venture Global LNG Inc. | 8.375% | 6/1/31 | 20,995 | 21,553 | |
3 | Venture Global LNG Inc. | 9.875% | 2/1/32 | 25,225 | 26,904 | |
3 | Viper Energy Inc. | 7.375% | 11/1/31 | 11,625 | 11,982 | |
3 | Vital Energy Inc. | 7.750% | 7/31/29 | 28,813 | 28,991 | |
3 | Vital Energy Inc. | 7.875% | 4/15/32 | 50,607 | 51,370 | |
3 | Weatherford International Ltd. | 8.625% | 4/30/30 | 55,350 | 57,445 | |
Western Midstream Operating LP | 4.650% | 7/1/26 | 13,231 | 12,925 | ||
Western Midstream Operating LP | 4.750% | 8/15/28 | 4,715 | 4,547 | ||
Western Midstream Operating LP | 4.050% | 2/1/30 | 2,205 | 2,027 | ||
Western Midstream Operating LP | 5.450% | 4/1/44 | 13,155 | 11,511 | ||
2,592,138 | ||||||
Financials (7.8%) | ||||||
3 | Acrisure LLC / Acrisure Finance Inc. | 8.250% | 2/1/29 | 44,800 | 44,486 | |
3 | Acrisure LLC / Acrisure Finance Inc. | 4.250% | 2/15/29 | 85,650 | 76,835 | |
3 | Acrisure LLC / Acrisure Finance Inc. | 6.000% | 8/1/29 | 17,115 | 15,513 | |
3 | AerCap Global Aviation Trust | 6.500% | 6/15/45 | 125,005 | 124,219 | |
3 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 6.750% | 4/15/28 | 38,525 | 38,497 | |
3 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 7.000% | 1/15/31 | 13,825 | 13,876 | |
3 | AmWINS Group Inc. | 6.375% | 2/15/29 | 13,885 | 13,730 | |
3 | AmWINS Group Inc. | 4.875% | 6/30/29 | 8,774 | 7,975 | |
3 | Compass Group Diversified Holdings LLC | 5.250% | 4/15/29 | 13,305 | 12,436 | |
3 | Credit Acceptance Corp. | 9.250% | 12/15/28 | 32,285 | 34,226 | |
3 | Enact Holdings Inc. | 6.500% | 8/15/25 | 45,900 | 45,869 | |
3 | FirstCash Inc. | 4.625% | 9/1/28 | 18,915 | 17,479 | |
3 | FirstCash Inc. | 5.625% | 1/1/30 | 14,515 | 13,704 | |
3 | FirstCash Inc. | 6.875% | 3/1/32 | 13,625 | 13,472 | |
3 | Freedom Mortgage Corp. | 7.625% | 5/1/26 | 12,095 | 12,045 | |
3 | Freedom Mortgage Corp. | 6.625% | 1/15/27 | 22,110 | 21,279 | |
3 | Freedom Mortgage Corp. | 12.000% | 10/1/28 | 30,500 | 32,732 | |
3 | Freedom Mortgage Corp. | 12.250% | 10/1/30 | 30,500 | 33,108 | |
3 | Freedom Mortgage Holdings LLC | 9.250% | 2/1/29 | 13,765 | 13,856 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
3 | GGAM Finance Ltd. | 7.750% | 5/15/26 | 14,975 | 15,235 | |
3 | GGAM Finance Ltd. | 8.000% | 2/15/27 | 25,708 | 26,401 | |
3 | GGAM Finance Ltd. | 8.000% | 6/15/28 | 31,768 | 32,715 | |
3 | GGAM Finance Ltd. | 6.875% | 4/15/29 | 19,110 | 19,126 | |
3 | goeasy Ltd. | 4.375% | 5/1/26 | 29,748 | 28,577 | |
3 | goeasy Ltd. | 9.250% | 12/1/28 | 20,735 | 21,927 | |
3 | goeasy Ltd. | 7.625% | 7/1/29 | 23,230 | 23,247 | |
3 | Howden UK Refinance plc / Howden UK Refinance 2 plc / Howden US Refinance LLC | 7.250% | 2/15/31 | 40,105 | 39,561 | |
3 | Howden UK Refinance plc / Howden UK Refinance 2 plc / Howden US Refinance LLC | 8.125% | 2/15/32 | 16,563 | 16,335 | |
3 | HUB International Ltd. | 5.625% | 12/1/29 | 19,965 | 18,384 | |
3 | HUB International Ltd. | 7.250% | 6/15/30 | 67,225 | 68,287 | |
3 | HUB International Ltd. | 7.375% | 1/31/32 | 24,290 | 24,147 | |
3 | Intesa Sanpaolo SpA | 5.017% | 6/26/24 | 27,090 | 27,021 | |
3 | Intesa Sanpaolo SpA | 5.710% | 1/15/26 | 53,100 | 52,341 | |
3 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 5.250% | 10/1/25 | 1,953 | 1,919 | |
3 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 4.250% | 2/1/27 | 14,704 | 13,625 | |
3 | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 4.750% | 6/15/29 | 30,140 | 26,872 | |
3 | Macquarie Airfinance Holdings Ltd. | 6.400% | 3/26/29 | 21,293 | 21,247 | |
3 | Macquarie Airfinance Holdings Ltd. | 8.125% | 3/30/29 | 17,035 | 17,843 | |
3 | Macquarie Airfinance Holdings Ltd. | 6.500% | 3/26/31 | 4,225 | 4,230 | |
3 | Nationstar Mortgage Holdings Inc. | 6.000% | 1/15/27 | 4,700 | 4,607 | |
3 | Nationstar Mortgage Holdings Inc. | 5.500% | 8/15/28 | 28,330 | 26,645 | |
3 | Nationstar Mortgage Holdings Inc. | 5.125% | 12/15/30 | 83,997 | 75,407 | |
3 | Nationstar Mortgage Holdings Inc. | 5.750% | 11/15/31 | 36,298 | 33,066 | |
3 | Nationstar Mortgage Holdings Inc. | 7.125% | 2/1/32 | 27,852 | 27,459 | |
Navient Corp. | 5.875% | 10/25/24 | 3,725 | 3,712 | ||
Navient Corp. | 6.750% | 6/15/26 | 910 | 908 | ||
Navient Corp. | 4.875% | 3/15/28 | 11,040 | 9,985 | ||
Navient Corp. | 5.500% | 3/15/29 | 48,340 | 43,325 | ||
Navient Corp. | 9.375% | 7/25/30 | 7,152 | 7,368 | ||
Navient Corp. | 5.625% | 8/1/33 | 6,576 | 5,229 | ||
OneMain Finance Corp. | 7.125% | 3/15/26 | 99,246 | 100,167 | ||
OneMain Finance Corp. | 3.500% | 1/15/27 | 20,735 | 19,100 | ||
OneMain Finance Corp. | 3.875% | 9/15/28 | 47,215 | 41,575 | ||
OneMain Finance Corp. | 9.000% | 1/15/29 | 36,479 | 38,325 | ||
OneMain Finance Corp. | 7.875% | 3/15/30 | 3,778 | 3,856 | ||
OneMain Finance Corp. | 4.000% | 9/15/30 | 18,225 | 15,342 | ||
3 | Panther Escrow Issuer LLC | 7.125% | 6/1/31 | 69,955 | 70,319 | |
3 | PennyMac Financial Services Inc. | 5.375% | 10/15/25 | 38,913 | 38,443 | |
3 | PennyMac Financial Services Inc. | 4.250% | 2/15/29 | 30,140 | 26,770 | |
3 | PennyMac Financial Services Inc. | 7.875% | 12/15/29 | 10,660 | 10,881 | |
3 | PennyMac Financial Services Inc. | 5.750% | 9/15/31 | 3,885 | 3,529 | |
Radian Group Inc. | 4.500% | 10/1/24 | 45,300 | 44,924 | ||
Radian Group Inc. | 4.875% | 3/15/27 | 22,275 | 21,435 | ||
3 | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc. | 2.875% | 10/15/26 | 1,945 | 1,787 | |
3 | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc. | 3.625% | 3/1/29 | 20,840 | 18,369 | |
3 | Starwood Property Trust Inc. | 7.250% | 4/1/29 | 3,968 | 3,917 | |
3 | United Wholesale Mortgage LLC | 5.500% | 11/15/25 | 19,920 | 19,615 | |
3 | United Wholesale Mortgage LLC | 5.750% | 6/15/27 | 24,350 | 23,384 | |
3 | United Wholesale Mortgage LLC | 5.500% | 4/15/29 | 4,720 | 4,388 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
3 | USI Inc. | 7.500% | 1/15/32 | 9,620 | 9,568 | |
1,837,782 | ||||||
Health Care (7.9%) | ||||||
3 | Acadia Healthcare Co. Inc. | 5.500% | 7/1/28 | 26,060 | 25,104 | |
3 | Acadia Healthcare Co. Inc. | 5.000% | 4/15/29 | 23,232 | 21,772 | |
3,4 | Avantor Funding Inc. | 2.625% | 11/1/25 | 69,885 | 72,641 | |
3 | Avantor Funding Inc. | 4.625% | 7/15/28 | 50,815 | 47,222 | |
3 | Avantor Funding Inc. | 3.875% | 11/1/29 | 4,230 | 3,742 | |
3 | Bausch & Lomb Corp. | 8.375% | 10/1/28 | 62,982 | 65,006 | |
3 | Bausch Health Cos. Inc. | 5.500% | 11/1/25 | 12,370 | 11,555 | |
3 | Catalent Pharma Solutions Inc. | 5.000% | 7/15/27 | 24,770 | 24,240 | |
3,4 | Catalent Pharma Solutions Inc. | 2.375% | 3/1/28 | 45,735 | 46,163 | |
3 | Catalent Pharma Solutions Inc. | 3.125% | 2/15/29 | 19,369 | 18,501 | |
3 | Catalent Pharma Solutions Inc. | 3.500% | 4/1/30 | 48,678 | 46,328 | |
3 | Charles River Laboratories International Inc. | 4.250% | 5/1/28 | 16,625 | 15,503 | |
3 | Charles River Laboratories International Inc. | 3.750% | 3/15/29 | 18,975 | 17,079 | |
3 | CHS/Community Health Systems Inc. | 8.000% | 3/15/26 | 22,142 | 22,044 | |
3 | CHS/Community Health Systems Inc. | 5.625% | 3/15/27 | 85,570 | 78,381 | |
3 | CHS/Community Health Systems Inc. | 6.000% | 1/15/29 | 19,614 | 17,124 | |
3 | CHS/Community Health Systems Inc. | 5.250% | 5/15/30 | 22,465 | 18,400 | |
3 | CHS/Community Health Systems Inc. | 4.750% | 2/15/31 | 27,345 | 21,370 | |
3 | CHS/Community Health Systems Inc. | 10.875% | 1/15/32 | 30,175 | 30,929 | |
3 | DaVita Inc. | 3.750% | 2/15/31 | 34,490 | 28,401 | |
3 | Endo Finance Holdings Inc. | 8.500% | 4/15/31 | 41,796 | 42,445 | |
3,4 | Grifols SA | 3.200% | 5/1/25 | 14,110 | 14,962 | |
3,4 | Grifols SA | 2.250% | 11/15/27 | 42,955 | 40,124 | |
3,4 | Grifols SA | 3.875% | 10/15/28 | 10,550 | 8,875 | |
3 | Grifols SA | 4.750% | 10/15/28 | 31,545 | 25,364 | |
HCA Inc. | 5.875% | 2/15/26 | 2,245 | 2,246 | ||
HCA Inc. | 5.875% | 2/1/29 | 16,720 | 16,812 | ||
HCA Inc. | 3.500% | 9/1/30 | 15,355 | 13,536 | ||
3 | Hologic Inc. | 3.250% | 2/15/29 | 45,365 | 39,946 | |
3 | IQVIA Inc. | 5.000% | 10/15/26 | 44,808 | 43,833 | |
3 | IQVIA Inc. | 5.000% | 5/15/27 | 86,257 | 83,271 | |
3,4 | IQVIA Inc. | 2.250% | 1/15/28 | 36,995 | 36,583 | |
3,4 | IQVIA Inc. | 2.875% | 6/15/28 | 51,395 | 51,642 | |
IQVIA Inc. | 6.250% | 2/1/29 | 15,544 | 15,798 | ||
3 | Jazz Securities DAC | 4.375% | 1/15/29 | 22,850 | 20,908 | |
3 | LifePoint Health Inc. | 11.000% | 10/15/30 | 17,536 | 18,681 | |
3 | Medline Borrower LP | 3.875% | 4/1/29 | 125,097 | 111,993 | |
3 | Medline Borrower LP | 5.250% | 10/1/29 | 77,159 | 71,848 | |
3 | Medline Borrower LP / Medline Co-Issuer Inc. | 6.250% | 4/1/29 | 6,295 | 6,254 | |
3 | Organon & Co. / Organon Foreign Debt Co.-Issuer BV | 4.125% | 4/30/28 | 66,499 | 60,587 | |
3 | Organon & Co. / Organon Foreign Debt Co.-Issuer BV | 5.125% | 4/30/31 | 34,770 | 30,073 | |
3 | Owens & Minor Inc. | 4.500% | 3/31/29 | 16,645 | 14,902 | |
3 | Owens & Minor Inc. | 6.625% | 4/1/30 | 35,950 | 34,912 | |
3 | Prestige Brands Inc. | 5.125% | 1/15/28 | 18,350 | 17,622 | |
3 | Prestige Brands Inc. | 3.750% | 4/1/31 | 5,398 | 4,593 | |
3 | Star Parent Inc. | 9.000% | 10/1/30 | 16,872 | 17,671 | |
3 | Surgery Center Holdings Inc. | 7.250% | 4/15/32 | 17,910 | 17,884 | |
3 | Teleflex Inc. | 4.250% | 6/1/28 | 34,312 | 31,764 | |
Tenet Healthcare Corp. | 5.125% | 11/1/27 | 8,670 | 8,390 | ||
Tenet Healthcare Corp. | 4.625% | 6/15/28 | 14,205 | 13,374 | ||
Tenet Healthcare Corp. | 6.125% | 10/1/28 | 27,563 | 27,243 | ||
Tenet Healthcare Corp. | 4.250% | 6/1/29 | 10,405 | 9,528 | ||
Tenet Healthcare Corp. | 4.375% | 1/15/30 | 27,970 | 25,420 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
Tenet Healthcare Corp. | 6.125% | 6/15/30 | 56,250 | 55,417 | ||
3 | Tenet Healthcare Corp. | 6.750% | 5/15/31 | 58,115 | 58,288 | |
Teva Pharmaceutical Finance Netherlands III BV | 3.150% | 10/1/26 | 45,030 | 41,693 | ||
Teva Pharmaceutical Finance Netherlands III BV | 4.750% | 5/9/27 | 8,850 | 8,459 | ||
Teva Pharmaceutical Finance Netherlands III BV | 6.750% | 3/1/28 | 35,135 | 35,667 | ||
Teva Pharmaceutical Finance Netherlands III BV | 5.125% | 5/9/29 | 15,195 | 14,400 | ||
Teva Pharmaceutical Finance Netherlands III BV | 7.875% | 9/15/29 | 13,128 | 13,805 | ||
Teva Pharmaceutical Finance Netherlands III BV | 8.125% | 9/15/31 | 22,096 | 23,833 | ||
Teva Pharmaceutical Finance Netherlands III BV | 4.100% | 10/1/46 | 6,145 | 4,095 | ||
1,866,246 | ||||||
Industrials (9.2%) | ||||||
3 | Air Canada | 3.875% | 8/15/26 | 45,780 | 43,448 | |
3 | Allison Transmission Inc. | 4.750% | 10/1/27 | 1,940 | 1,856 | |
3 | Allison Transmission Inc. | 5.875% | 6/1/29 | 2,340 | 2,287 | |
3 | Allison Transmission Inc. | 3.750% | 1/30/31 | 1,461 | 1,249 | |
3 | American Airlines Inc. | 7.250% | 2/15/28 | 10,312 | 10,354 | |
3 | American Airlines Inc. | 8.500% | 5/15/29 | 11,148 | 11,611 | |
3 | American Airlines Inc. / AAdvantage Loyalty IP Ltd. | 5.500% | 4/20/26 | 19,813 | 19,592 | |
3 | American Airlines Inc. / AAdvantage Loyalty IP Ltd. | 5.750% | 4/20/29 | 38,982 | 37,648 | |
3 | Aramark Services Inc. | 5.000% | 4/1/25 | 65,662 | 65,013 | |
3 | Aramark Services Inc. | 5.000% | 2/1/28 | 44,167 | 41,979 | |
3 | Boeing Co. | 6.259% | 5/1/27 | 5,625 | 5,641 | |
3 | Boeing Co. | 6.298% | 5/1/29 | 8,440 | 8,473 | |
3 | Boeing Co. | 6.528% | 5/1/34 | 32,880 | 33,123 | |
3 | Boeing Co. | 6.858% | 5/1/54 | 11,470 | 11,511 | |
3 | Bombardier Inc. | 8.750% | 11/15/30 | 11,350 | 12,072 | |
3 | Bombardier Inc. | 7.250% | 7/1/31 | 11,740 | 11,773 | |
3 | BWX Technologies Inc. | 4.125% | 6/30/28 | 29,906 | 27,316 | |
3 | BWX Technologies Inc. | 4.125% | 4/15/29 | 48,969 | 44,599 | |
3 | Chart Industries Inc. | 7.500% | 1/1/30 | 6,290 | 6,437 | |
3 | Chart Industries Inc. | 9.500% | 1/1/31 | 8,690 | 9,334 | |
3 | Clean Harbors Inc. | 4.875% | 7/15/27 | 48,605 | 46,830 | |
3 | Clean Harbors Inc. | 5.125% | 7/15/29 | 25,851 | 24,670 | |
3 | Clean Harbors Inc. | 6.375% | 2/1/31 | 20,716 | 20,518 | |
3 | Covanta Holding Corp. | 4.875% | 12/1/29 | 46,025 | 40,342 | |
Delta Air Lines Inc. | 3.750% | 10/28/29 | 5,335 | 4,807 | ||
3 | EMRLD Borrower LP / Emerald Co-Issuer Inc. | 6.625% | 12/15/30 | 129,702 | 128,786 | |
3 | Esab Corp. | 6.250% | 4/15/29 | 2,390 | 2,382 | |
3 | First Student Bidco Inc. / First Transit Parent Inc. | 4.000% | 7/31/29 | 83,972 | 73,774 | |
3 | Garda World Security Corp. | 4.625% | 2/15/27 | 2,211 | 2,104 | |
3 | Garda World Security Corp. | 7.750% | 2/15/28 | 8,230 | 8,321 | |
3 | Gates Global LLC / Gates Corp. | 6.250% | 1/15/26 | 23,814 | 23,819 | |
3 | Genesee & Wyoming Inc. | 6.250% | 4/15/32 | 17,975 | 17,861 | |
3 | Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. | 5.750% | 1/20/26 | 78,010 | 73,262 | |
3 | Herc Holdings Inc. | 5.500% | 7/15/27 | 148,472 | 144,213 | |
4 | Loxam SAS | 2.875% | 4/15/26 | 19,380 | 20,117 | |
4 | Loxam SAS | 3.750% | 7/15/26 | 14,790 | 15,554 | |
3 | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | 6.500% | 6/20/27 | 6,613 | 6,626 | |
3 | Mueller Water Products Inc. | 4.000% | 6/15/29 | 2,375 | 2,149 | |
3,4 | Q-Park Holding I BV | 1.500% | 3/1/25 | 21,530 | 22,498 | |
3,4 | Q-Park Holding I BV | 2.000% | 3/1/27 | 26,765 | 26,269 | |
3,4 | Q-Park Holding I BV | 5.125% | 3/1/29 | 19,705 | 21,086 | |
3 | Roller Bearing Co. of America Inc. | 4.375% | 10/15/29 | 9,610 | 8,693 | |
3 | Rolls-Royce plc | 3.625% | 10/14/25 | 24,995 | 24,082 | |
3 | Rolls-Royce plc | 5.750% | 10/15/27 | 39,450 | 39,006 | |
3 | Sensata Technologies BV | 5.000% | 10/1/25 | 45,100 | 44,524 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
3 | Sensata Technologies Inc. | 4.375% | 2/15/30 | 4,875 | 4,366 | |
3 | Sensata Technologies Inc. | 3.750% | 2/15/31 | 23,500 | 19,880 | |
Spirit AeroSystems Inc. | 3.850% | 6/15/26 | 1,960 | 1,873 | ||
3 | Spirit AeroSystems Inc. | 9.375% | 11/30/29 | 54,451 | 58,946 | |
3 | Spirit AeroSystems Inc. | 9.750% | 11/15/30 | 47,980 | 53,084 | |
3,4 | TK Elevator Midco GmbH | 4.375% | 7/15/27 | 20,249 | 20,647 | |
3 | TK Elevator US Newco Inc. | 5.250% | 7/15/27 | 35,331 | 33,792 | |
3 | TopBuild Corp. | 3.625% | 3/15/29 | 1,940 | 1,742 | |
3 | TopBuild Corp. | 4.125% | 2/15/32 | 9,025 | 7,804 | |
TransDigm Inc. | 5.500% | 11/15/27 | 14,745 | 14,324 | ||
3 | TransDigm Inc. | 6.750% | 8/15/28 | 98,530 | 98,938 | |
TransDigm Inc. | 4.625% | 1/15/29 | 55,926 | 51,242 | ||
3 | TransDigm Inc. | 6.375% | 3/1/29 | 68,218 | 67,789 | |
TransDigm Inc. | 4.875% | 5/1/29 | 10,013 | 9,222 | ||
3 | TransDigm Inc. | 6.875% | 12/15/30 | 41,280 | 41,554 | |
3 | TransDigm Inc. | 7.125% | 12/1/31 | 37,160 | 37,898 | |
3 | TransDigm Inc. | 6.625% | 3/1/32 | 26,181 | 26,161 | |
3 | Triumph Group Inc. | 9.000% | 3/15/28 | 18,313 | 18,960 | |
8 | United Airlines Class A Series 2020-1 Pass Through Trust | 5.875% | 4/15/29 | 15,934 | 15,890 | |
3 | United Airlines Inc. | 4.375% | 4/15/26 | 15,951 | 15,351 | |
3 | United Airlines Inc. | 4.625% | 4/15/29 | 46,353 | 42,746 | |
United Rentals North America Inc. | 5.500% | 5/15/27 | 27,616 | 27,233 | ||
United Rentals North America Inc. | 4.875% | 1/15/28 | 58,416 | 55,987 | ||
United Rentals North America Inc. | 5.250% | 1/15/30 | 5,110 | 4,903 | ||
United Rentals North America Inc. | 4.000% | 7/15/30 | 35,560 | 31,646 | ||
United Rentals North America Inc. | 3.875% | 2/15/31 | 37,979 | 33,308 | ||
United Rentals North America Inc. | 3.750% | 1/15/32 | 39,400 | 33,659 | ||
3 | WESCO Distribution Inc. | 7.125% | 6/15/25 | 9,630 | 9,639 | |
3 | WESCO Distribution Inc. | 6.375% | 3/15/29 | 22,560 | 22,432 | |
3 | WESCO Distribution Inc. | 6.625% | 3/15/32 | 18,045 | 17,956 | |
3 | Williams Scotsman Inc. | 4.625% | 8/15/28 | 12,035 | 11,119 | |
3 | Williams Scotsman Inc. | 7.375% | 10/1/31 | 20,315 | 20,749 | |
2,158,449 | ||||||
Materials (8.8%) | ||||||
3 | Advanced Drainage Systems Inc. | 5.000% | 9/30/27 | 2,435 | 2,359 | |
3 | Advanced Drainage Systems Inc. | 6.375% | 6/15/30 | 18,336 | 18,248 | |
3 | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc | 3.250% | 9/1/28 | 26,400 | 22,855 | |
3 | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc | 4.000% | 9/1/29 | 47,902 | 39,523 | |
3 | Ardagh Packaging Finance plc / Ardagh Holdings USA Inc. | 5.250% | 4/30/25 | 6,300 | 6,241 | |
3 | Ardagh Packaging Finance plc / Ardagh Holdings USA Inc. | 4.125% | 8/15/26 | 41,525 | 34,639 | |
3 | Ardagh Packaging Finance plc / Ardagh Holdings USA Inc. | 5.250% | 8/15/27 | 17,208 | 8,777 | |
3 | Ardagh Packaging Finance plc / Ardagh Holdings USA Inc. | 5.250% | 8/15/27 | 48,672 | 24,814 | |
3 | Arsenal AIC Parent LLC | 8.000% | 10/1/30 | 28,940 | 30,191 | |
3 | ASP Unifrax Holdings Inc. | 5.250% | 9/30/28 | 3,330 | 2,113 | |
ATI Inc. | 7.250% | 8/15/30 | 30,100 | 30,828 | ||
3 | Avient Corp. | 7.125% | 8/1/30 | 47,805 | 48,416 | |
3 | Axalta Coating Systems Dutch Holding B BV | 7.250% | 2/15/31 | 25,430 | 26,039 | |
3 | Axalta Coating Systems LLC | 3.375% | 2/15/29 | 54,059 | 47,568 | |
4 | Ball Corp. | 1.500% | 3/15/27 | 60,555 | 60,682 | |
Ball Corp. | 6.875% | 3/15/28 | 24,045 | 24,441 | ||
Ball Corp. | 6.000% | 6/15/29 | 26,845 | 26,705 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
Ball Corp. | 2.875% | 8/15/30 | 13,655 | 11,410 | ||
Ball Corp. | 3.125% | 9/15/31 | 975 | 809 | ||
3 | Berry Global Inc. | 4.500% | 2/15/26 | 52,709 | 51,333 | |
3 | Berry Global Inc. | 4.875% | 7/15/26 | 22,330 | 21,848 | |
3 | Berry Global Inc. | 5.625% | 7/15/27 | 6,575 | 6,416 | |
3 | Canpack SA / Canpack US LLC | 3.125% | 11/1/25 | 8,385 | 8,021 | |
3 | Canpack SA / Canpack US LLC | 3.875% | 11/15/29 | 12,200 | 10,701 | |
Celanese US Holdings LLC | 6.350% | 11/15/28 | 14,950 | 15,191 | ||
Celanese US Holdings LLC | 6.550% | 11/15/30 | 15,025 | 15,393 | ||
Celanese US Holdings LLC | 6.700% | 11/15/33 | 15,100 | 15,594 | ||
Chemours Co. | 5.375% | 5/15/27 | 23,240 | 21,979 | ||
3 | Chemours Co. | 5.750% | 11/15/28 | 25,435 | 23,360 | |
3 | Chemours Co. | 4.625% | 11/15/29 | 38,721 | 33,198 | |
3 | Cleveland-Cliffs Inc. | 6.750% | 4/15/30 | 2,910 | 2,840 | |
3 | Cleveland-Cliffs Inc. | 7.000% | 3/15/32 | 31,728 | 30,984 | |
3 | Clydesdale Acquisition Holdings Inc. | 6.625% | 4/15/29 | 24,725 | 24,663 | |
3 | Clydesdale Acquisition Holdings Inc. | 8.750% | 4/15/30 | 11,210 | 10,834 | |
Commercial Metals Co. | 4.125% | 1/15/30 | 8,740 | 7,828 | ||
Commercial Metals Co. | 3.875% | 2/15/31 | 2,885 | 2,507 | ||
Commercial Metals Co. | 4.375% | 3/15/32 | 19,045 | 16,729 | ||
3 | Constellium SE | 5.875% | 2/15/26 | 10,026 | 9,943 | |
3 | Constellium SE | 5.625% | 6/15/28 | 15,529 | 14,987 | |
3 | Constellium SE | 3.750% | 4/15/29 | 36,000 | 31,943 | |
Crown Americas LLC | 5.250% | 4/1/30 | 25,415 | 24,230 | ||
Crown Americas LLC / Crown Americas Capital Corp. V | 4.250% | 9/30/26 | 10,184 | 9,762 | ||
Crown Americas LLC / Crown Americas Capital Corp. VI | 4.750% | 2/1/26 | 12,455 | 12,200 | ||
3,4 | Crown European Holdings SA | 2.875% | 2/1/26 | 31,200 | 32,617 | |
3 | Element Solutions Inc. | 3.875% | 9/1/28 | 42,212 | 38,038 | |
3 | First Quantum Minerals Ltd. | 9.375% | 3/1/29 | 4,780 | 4,938 | |
3 | FMG Resources August 2006 Pty Ltd. | 5.875% | 4/15/30 | 21,375 | 20,540 | |
3 | FMG Resources August 2006 Pty Ltd. | 4.375% | 4/1/31 | 33,653 | 29,615 | |
3 | FMG Resources August 2006 Pty Ltd. | 6.125% | 4/15/32 | 21,227 | 20,555 | |
Graphic Packaging International LLC | 4.125% | 8/15/24 | 18,940 | 18,821 | ||
3 | Graphic Packaging International LLC | 4.750% | 7/15/27 | 7,870 | 7,542 | |
3 | Graphic Packaging International LLC | 3.500% | 3/15/28 | 71,362 | 64,872 | |
3 | Graphic Packaging International LLC | 3.500% | 3/1/29 | 10,705 | 9,469 | |
3 | Graphic Packaging International LLC | 3.750% | 2/1/30 | 15,803 | 13,771 | |
3 | Hudbay Minerals Inc. | 6.125% | 4/1/29 | 30,156 | 29,577 | |
3 | Kaiser Aluminum Corp. | 4.625% | 3/1/28 | 14,770 | 13,763 | |
3 | Kaiser Aluminum Corp. | 4.500% | 6/1/31 | 4,290 | 3,758 | |
3 | NOVA Chemicals Corp. | 5.250% | 6/1/27 | 29,979 | 28,274 | |
3 | NOVA Chemicals Corp. | 8.500% | 11/15/28 | 15,590 | 16,373 | |
3 | NOVA Chemicals Corp. | 4.250% | 5/15/29 | 13,065 | 11,009 | |
3 | NOVA Chemicals Corp. | 9.000% | 2/15/30 | 42,914 | 44,201 | |
3 | Novelis Corp. | 3.250% | 11/15/26 | 30,210 | 28,245 | |
3 | Novelis Corp. | 4.750% | 1/30/30 | 51,671 | 47,079 | |
3 | Novelis Corp. | 3.875% | 8/15/31 | 59,657 | 50,539 | |
3 | OCI NV | 4.625% | 10/15/25 | 13,939 | 13,600 | |
3 | Olympus Water US Holding Corp. | 4.250% | 10/1/28 | 22,793 | 20,536 | |
3 | Olympus Water US Holding Corp. | 9.750% | 11/15/28 | 41,620 | 44,201 | |
3 | Olympus Water US Holding Corp. | 6.250% | 10/1/29 | 4,875 | 4,382 | |
3 | Owens-Brockway Glass Container Inc. | 6.375% | 8/15/25 | 42,000 | 42,190 | |
3 | Owens-Brockway Glass Container Inc. | 6.625% | 5/13/27 | 26,440 | 26,419 | |
3 | Owens-Brockway Glass Container Inc. | 7.250% | 5/15/31 | 14,265 | 14,289 | |
3 | Pactiv Evergreen Group Issuer Inc. / Pactiv Evergreen Group Issuer LLC | 4.000% | 10/15/27 | 15,475 | 14,379 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
3 | Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer Inc. | 4.375% | 10/15/28 | 4,765 | 4,393 | |
3 | Sealed Air Corp. | 4.000% | 12/1/27 | 6,025 | 5,572 | |
3 | Sealed Air Corp. | 5.000% | 4/15/29 | 13,129 | 12,347 | |
3 | Sealed Air Corp. | 6.875% | 7/15/33 | 3,745 | 3,771 | |
3 | Sealed Air Corp./Sealed Air Corp. US | 6.125% | 2/1/28 | 9,285 | 9,175 | |
3 | Sealed Air Corp./Sealed Air Corp. US | 7.250% | 2/15/31 | 9,415 | 9,576 | |
Silgan Holdings Inc. | 4.125% | 2/1/28 | 8,800 | 8,197 | ||
4 | Silgan Holdings Inc. | 2.250% | 6/1/28 | 43,070 | 42,134 | |
3 | SNF Group SACA | 3.125% | 3/15/27 | 16,730 | 15,405 | |
3 | Standard Industries Inc. | 5.000% | 2/15/27 | 37,285 | 35,896 | |
3 | Standard Industries Inc. | 4.750% | 1/15/28 | 34,689 | 32,669 | |
3 | Standard Industries Inc. | 4.375% | 7/15/30 | 47,096 | 41,729 | |
3 | Standard Industries Inc. | 3.375% | 1/15/31 | 58,075 | 47,819 | |
3 | Summit Materials LLC / Summit Materials Finance Corp. | 7.250% | 1/15/31 | 5,515 | 5,665 | |
3,4 | Trivium Packaging Finance BV | 3.750% | 8/15/26 | 16,095 | 16,727 | |
3 | Trivium Packaging Finance BV | 5.500% | 8/15/26 | 62,555 | 61,447 | |
3 | Trivium Packaging Finance BV | 8.500% | 8/15/27 | 9,078 | 8,993 | |
3 | Tronox Inc. | 4.625% | 3/15/29 | 44,100 | 39,387 | |
3 | Windsor Holdings III LLC | 8.500% | 6/15/30 | 29,775 | 31,074 | |
3 | WR Grace Holdings LLC | 5.625% | 8/15/29 | 18,763 | 16,826 | |
3 | WR Grace Holdings LLC | 7.375% | 3/1/31 | 13,718 | 13,908 | |
2,065,444 | ||||||
Real Estate (1.3%) | ||||||
Brandywine Operating Partnership LP | 8.875% | 4/12/29 | 2,703 | 2,767 | ||
3 | Cushman & Wakefield US Borrower LLC | 8.875% | 9/1/31 | 22,130 | 22,998 | |
3 | Greystar Real Estate Partners LLC | 7.750% | 9/1/30 | 5,775 | 5,973 | |
3 | Iron Mountain Inc. | 4.875% | 9/15/27 | 36,420 | 34,744 | |
3 | Iron Mountain Inc. | 5.250% | 3/15/28 | 910 | 871 | |
3 | Iron Mountain Inc. | 7.000% | 2/15/29 | 37,900 | 38,106 | |
3 | Iron Mountain Inc. | 4.875% | 9/15/29 | 58,106 | 53,672 | |
3 | Iron Mountain Inc. | 5.250% | 7/15/30 | 29,500 | 27,402 | |
3 | Iron Mountain Inc. | 4.500% | 2/15/31 | 11,180 | 9,864 | |
3 | Iron Mountain Inc. | 5.625% | 7/15/32 | 7,825 | 7,228 | |
3 | Iron Mountain Information Management Services Inc. | 5.000% | 7/15/32 | 429 | 380 | |
MPT Operating Partnership LP / MPT Finance Corp. | 4.625% | 8/1/29 | 11,370 | 8,517 | ||
MPT Operating Partnership LP / MPT Finance Corp. | 3.500% | 3/15/31 | 17,340 | 11,627 | ||
3 | RHP Hotel Properties LP / RHP Finance Corp. | 6.500% | 4/1/32 | 10,325 | 10,123 | |
SBA Communications Corp. | 3.875% | 2/15/27 | 11,065 | 10,395 | ||
SBA Communications Corp. | 3.125% | 2/1/29 | 10,805 | 9,410 | ||
3 | VICI Properties LP / VICI Note Co. Inc. | 4.250% | 12/1/26 | 54,073 | 51,659 | |
305,736 | ||||||
Technology (6.9%) | ||||||
3 | AthenaHealth Group Inc. | 6.500% | 2/15/30 | 74,058 | 66,714 | |
3 | Black Knight InfoServ LLC | 3.625% | 9/1/28 | 42,838 | 39,801 | |
Block Inc. | 2.750% | 6/1/26 | 55,353 | 51,995 | ||
Block Inc. | 3.500% | 6/1/31 | 8,280 | 7,002 | ||
3 | Boost Newco Borrower LLC | 7.500% | 1/15/31 | 48,475 | 49,996 | |
CDW LLC / CDW Finance Corp. | 4.250% | 4/1/28 | 23,899 | 22,534 | ||
CDW LLC / CDW Finance Corp. | 3.250% | 2/15/29 | 27,159 | 24,115 | ||
3 | Central Parent LLC / CDK Global II LLC/CDK Financing Co. Inc. | 8.000% | 6/15/29 | 14,345 | 14,752 | |
3 | Cloud Software Group Inc. | 6.500% | 3/31/29 | 10,940 | 10,375 | |
3 | Cloud Software Group Inc. | 9.000% | 9/30/29 | 10,335 | 9,957 | |
3 | Coherent Corp. | 5.000% | 12/15/29 | 61,155 | 56,395 | |
3 | CommScope Inc. | 7.125% | 7/1/28 | 10,080 | 3,377 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
3 | CommScope Technologies LLC | 6.000% | 6/15/25 | 6,315 | 4,988 | |
3 | Entegris Inc. | 4.375% | 4/15/28 | 61,825 | 57,642 | |
3 | Entegris Inc. | 4.750% | 4/15/29 | 42,480 | 40,133 | |
3 | Entegris Inc. | 3.625% | 5/1/29 | 18,735 | 16,581 | |
3 | Entegris Inc. | 5.950% | 6/15/30 | 16,995 | 16,553 | |
3 | Fair Isaac Corp. | 4.000% | 6/15/28 | 32,367 | 29,819 | |
3 | Gen Digital Inc. | 5.000% | 4/15/25 | 107,805 | 106,546 | |
3 | Imola Merger Corp. | 4.750% | 5/15/29 | 193,617 | 178,263 | |
3 | McAfee Corp. | 7.375% | 2/15/30 | 63,824 | 59,190 | |
3 | MSCI Inc. | 4.000% | 11/15/29 | 15,945 | 14,415 | |
3 | NCR Atleos Corp. | 9.500% | 4/1/29 | 43,510 | 46,245 | |
Nokia of America Corp. | 6.500% | 1/15/28 | 56,315 | 55,382 | ||
Nokia of America Corp. | 6.450% | 3/15/29 | 88,747 | 87,809 | ||
Nokia OYJ | 6.625% | 5/15/39 | 2,930 | 2,780 | ||
3 | Open Text Corp. | 3.875% | 2/15/28 | 65,222 | 59,538 | |
3 | Open Text Corp. | 3.875% | 12/1/29 | 37,995 | 33,297 | |
3 | Open Text Holdings Inc. | 4.125% | 2/15/30 | 58,935 | 51,780 | |
3 | Open Text Holdings Inc. | 4.125% | 12/1/31 | 21,605 | 18,539 | |
3 | Presidio Holdings Inc. | 4.875% | 2/1/27 | 76,150 | 76,024 | |
3 | Presidio Holdings Inc. | 8.250% | 2/1/28 | 10,000 | 10,110 | |
3 | PTC Inc. | 3.625% | 2/15/25 | 15,330 | 15,045 | |
3 | PTC Inc. | 4.000% | 2/15/28 | 12,620 | 11,692 | |
3,7 | Rocket Software Inc. | 9.000% | 11/28/28 | 10,830 | 10,869 | |
3 | Seagate HDD Cayman | 8.250% | 12/15/29 | 8,056 | 8,532 | |
3 | Seagate HDD Cayman | 8.500% | 7/15/31 | 6,279 | 6,692 | |
3 | SS&C Technologies Inc. | 5.500% | 9/30/27 | 139,816 | 136,046 | |
3 | UKG Inc. | 6.875% | 2/1/31 | 90,845 | 91,010 | |
Western Digital Corp. | 4.750% | 2/15/26 | 16,371 | 15,934 | ||
Western Digital Corp. | 2.850% | 2/1/29 | 3,105 | 2,624 | ||
3 | Xerox Holdings Corp. | 8.875% | 11/30/29 | 6,330 | 6,036 | |
1,627,127 | ||||||
Utilities (2.3%) | ||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | 5.500% | 5/20/25 | 31,676 | 31,567 | ||
AmeriGas Partners LP / AmeriGas Finance Corp. | 5.875% | 8/20/26 | 57,552 | 56,503 | ||
AmeriGas Partners LP / AmeriGas Finance Corp. | 5.750% | 5/20/27 | 34,064 | 33,080 | ||
3 | AmeriGas Partners LP / AmeriGas Finance Corp. | 9.375% | 6/1/28 | 35,790 | 37,215 | |
3 | Calpine Corp. | 4.500% | 2/15/28 | 26,016 | 24,303 | |
3 | Calpine Corp. | 5.125% | 3/15/28 | 5,884 | 5,576 | |
3 | Calpine Corp. | 4.625% | 2/1/29 | 6,270 | 5,760 | |
3 | Clearway Energy Operating LLC | 4.750% | 3/15/28 | 23,996 | 22,627 | |
3 | Clearway Energy Operating LLC | 3.750% | 2/15/31 | 90,235 | 76,296 | |
3 | Clearway Energy Operating LLC | 3.750% | 1/15/32 | 19,426 | 16,094 | |
FirstEnergy Corp. | 4.150% | 7/15/27 | 828 | 780 | ||
3 | NextEra Energy Operating Partners LP | 4.250% | 7/15/24 | 36,874 | 36,753 | |
3 | NextEra Energy Operating Partners LP | 4.250% | 9/15/24 | 3,532 | 3,471 | |
3 | NextEra Energy Operating Partners LP | 3.875% | 10/15/26 | 71,250 | 66,675 | |
3 | NextEra Energy Operating Partners LP | 4.500% | 9/15/27 | 14,960 | 13,941 | |
3 | NextEra Energy Operating Partners LP | 7.250% | 1/15/29 | 33,650 | 34,117 | |
3 | Suburban Propane Partners LP / Suburban Energy Finance Corp. | 5.000% | 6/1/31 | 12,970 | 11,501 | |
3 | Vistra Operations Co. LLC | 5.625% | 2/15/27 | 20,315 | 19,764 | |
3 | Vistra Operations Co. LLC | 4.375% | 5/1/29 | 13,564 | 12,365 | |
3 | Vistra Operations Co. LLC | 7.750% | 10/15/31 | 20,767 | 21,350 | |
3 | Vistra Operations Co. LLC | 6.875% | 4/15/32 | 9,005 | 8,964 | |
538,702 | ||||||
Total Corporate Bonds (Cost $21,584,014) | 20,665,409 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
Floating Rate Loan Interests (3.1%) | ||||||
9 | 1011778 B.C. Unlimited Liability Company | 0.000% | 9/20/30 | 1,440 | 1,440 | |
9 | 1011778 BC Unlimited Liability Co. Term Loan B-5, TSFR1M + 2.250% | 7.566% | 9/20/30 | 4,838 | 4,838 | |
9 | Amer Sports Co. Term Loan, TSFR3M + 3.250% | 8.576% | 2/17/31 | 4,235 | 4,246 | |
9 | American Airlines Inc. Term Loan, TSFR3M + 4.750% | 10.336% | 4/20/28 | 46,123 | 47,931 | |
9 | American Builders & Contractors Supply Co., Inc. Term Loan B, TSFR1M + 2.000% | 7.317% | 1/31/31 | 1,940 | 1,945 | |
9 | Aramark Services, Inc. Term Loan, TSFR1M + 2.500% | 7.941% | 6/22/30 | 1,940 | 1,938 | |
9 | Arsenal AIC Parent LLC Term Loabn B TSFR1M + 3.750% | 9.066% | 8/18/30 | 8,587 | 8,641 | |
9 | Asurion LLC Term Loan B-11, TSFR1M + 4.250% | 9.666% | 8/19/28 | 16,150 | 15,736 | |
9 | Athenahealth Group Inc. Term Loan B, TSFR1M + 3.250% | 8.566% | 2/15/29 | 27,827 | 27,682 | |
9 | Bausch & Lomb Corp. Term Loan, TSFR1M + 3.250% | 8.669% | 5/10/27 | 25,246 | 25,072 | |
9 | Brown Group Holding LLC Term Loan B, TSFR1M + 2.750% | 8.166% | 6/7/28 | 20,504 | 20,501 | |
9 | Chemours Co. Term Loan B, TSFR1M + 3.500% | 8.817% | 8/18/28 | 12,823 | 12,798 | |
9 | Cloud Software Group Inc. Term Loan B, TSFR3M + 4.500% | 9.909% | 3/30/29 | 24,657 | 24,634 | |
9 | Cotiviti Corp. Term Loan, TSFR1M + 7.625% | 7.625% | 5/21/31 | 1,893 | 1,876 | |
9 | Cotiviti Corp. Term Loan, TSFR6M + 3.250% | 8.563% | 5/21/31 | 5,892 | 5,902 | |
9 | Cushman & Wakefield U.S. Borrower LLC Term Loan, TSFR1M + 3.750% | 9.066% | 1/31/30 | 13,651 | 13,668 | |
9 | DirecTV Financing LLC Term Loan, TSFR1M + 5.000% | 10.430% | 8/2/27 | 1,398 | 1,404 | |
9 | Dun & Bradstreet Corp. Term Loan B, TSFR1M + 2.750% | 8.068% | 1/18/29 | 52,984 | 53,075 | |
9 | Endo Luxembourg Finance Co. Sarl Term Loan B, TSFR3M + 4.500% | 9.793% | 4/9/31 | 23,600 | 23,519 | |
9 | First Student Bidco Inc. Term Loan B, TSFR3M + 3.000% | 8.564% | 7/21/28 | 17,271 | 17,266 | |
9 | First Student Bidco Inc. Term Loan C, TSFR3M + 3.000% | 8.564% | 7/21/28 | 5,242 | 5,241 | |
9 | GTR W Merger Sub LLC Term Loan B, TSFR1M + 3.000% | 8.309% | 1/31/31 | 17,830 | 17,877 | |
9 | Howden Group Holdings Ltd. Term Loan B, TSFR1M + 3.500% | 8.816% | 2/15/31 | 26,605 | 26,659 | |
9 | HUB International Ltd. Term Loan B, TSFR3M + 3.250% | 8.567% | 6/20/30 | 36,686 | 36,863 | |
9 | IRB Holding Corp. Term Loan B, TSFR3M + 2.750% | 8.177% | 12/15/27 | 44,502 | 44,541 | |
9 | McAfee LLC Term Loan B, TSFR1M + 3.750% | 9.177% | 3/1/29 | 35,769 | 35,756 | |
9 | Medline Borrower LP Term Loan B, TSFR1M + 2.750% | 8.068% | 10/23/28 | 54,885 | 54,993 | |
9 | MI Windows and Doors LLC Term Loan, TSFR1M + 3.500% | 8.816% | 3/28/31 | 2,215 | 2,224 | |
9 | Mileage Plus Holdings LLC Term Loan B, TSFR3M + 5.250% | 10.733% | 6/21/27 | 4,827 | 4,949 | |
9 | NCR Atleos LLC Term Loan B, TSFR3M + 4.750% | 10.180% | 3/27/29 | 13,054 | 13,119 | |
9 | NorthRiver Midstream Finance LP Term Loan B, TSFR3M + 2.500% | 7.802% | 8/16/30 | 16,094 | 16,110 | |
9 | Peraton Corp. Term Loan B, TSFR1M + 3.750% | 9.166% | 2/1/28 | 16,341 | 16,335 | |
9 | SBA Senior Finance II LLC Term Loan B, TSFR1M + 2.000% | 7.320% | 1/25/31 | 21,183 | 21,248 | |
9 | SkyMiles IP Ltd. Term Loan B, TSFR3M + 3.750% | 9.075% | 10/20/27 | 4,113 | 4,237 | |
9 | SS&C Technologies Inc. Term Loan B-5, TSFR1M + 1.750% | 7.180% | 4/16/25 | 21,185 | 21,182 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
9 | Star Parent Inc. Term Loan B, TSFR3M + 4.000% | 9.309% | 9/27/30 | 5,400 | 5,396 | |
9 | Trans Union, LLC Term Loan B-7, TSFR1M + 2.000% | 7.316% | 12/1/28 | 26,273 | 26,289 | |
9 | Truist Insurance Holdings LLC Term Loan, TSFR3M + 3.250% | 8.586% | 5/6/31 | 16,920 | 16,938 | |
9 | Truist Insurance Holdings LLC Term Loan, TSFR3M + 4.750% | 10.086% | 3/8/32 | 7,330 | 7,379 | |
9 | United Airlines Inc. Term Loan B, TSFR3M + 2.750% | 8.076% | 2/22/31 | 3,355 | 3,358 | |
9 | Vestis Corp. Term Loan, TSFR3M + 2.250% | 7.576% | 2/22/31 | 12,945 | 12,950 | |
9 | W.R. Grace & Co. Conn. Term Loan B, TSFR3M + 3.750% | 9.321% | 9/22/28 | 2,898 | 2,898 | |
9 | Wand NewCo 3, Inc. Terem Loan B, TSFR1M +3.750% | 9.066% | 1/30/31 | 24,725 | 24,854 | |
Total Floating Rate Loan Interests (Cost $729,062) | 735,508 | |||||
Shares | ||||||
Temporary Cash Investments (2.5%) | ||||||
Money Market Fund (0.7%) | ||||||
10 | Vanguard Market Liquidity Fund | 5.394% | 1,634,012 | 163,385 | ||
Maturity Date | Face Amount ($000) | |||||
Repurchase Agreements (1.8%) | ||||||
Bank of America Securities LLC (Dated 4/30/24, Repurchase Value $23,203,000, collateralized by Fannie Mae 2.000%, 1/1/36, Federal Farm Credit Bank 5.515%, 6/2/25, Freddie Mac 3.500%, 12/1/46, Ginnie Mae 7.000%, 11/20/63, and U.S. Treasury Note/Bond 0.875%, 6/30/26, with a value of $23,664,000) | 5.320% | 5/1/24 | 23,200 | 23,200 | ||
Credit Agricole Securities (Dated 4/30/24, Repurchase Value $132,920,000, collateralized by U.S. Treasury Note/Bond 3.500%, 4/30/30, with a value of $135,558,000) | 5.310% | 5/1/24 | 132,900 | 132,900 | ||
JP Morgan Securities LLC (Dated 4/30/24, Repurchase Value $26,004,000, collateralized by U.S. Treasury Bill 0.000%, 3/20/25, and U.S. Treasury Note/Bond 1.750%–4.250%, 2/15/28–2/15/54, with a value of $26,520,000) | 5.310% | 5/1/24 | 26,000 | 26,000 | ||
JP Morgan Securities LLC (Dated 4/30/24, Repurchase Value $26,704,000, collateralized by U.S. Treasury Bill 0.000%,7/5/24–9/12/24, and U.S. Treasury Note/Bond 0.625%–3.875%, 4/30/25–11/30/27, with a value of $27,234,000) | 5.310% | 5/1/24 | 26,700 | 26,700 | ||
RBC Capital Markets LLC (Dated 4/30/24, Repurchase Value $120,818,000, collateralized by Freddie Mac 2.000%–5.500%, 1/1/51–3/1/53, U.S. Treasury Bill 0.000%, 6/13/24– 10/17/24, and U.S. Treasury Note/Bond 4.000%, 1/31/31, with a value of $123,216,000) | 5.300% | 5/1/24 | 120,800 | 120,800 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
TD Securities (USA) LLC (Dated 4/30/24, Repurchase Value $99,415,000, collateralized by Ginnie Mae 2.500%–7.500%, 3/20/48–2/20/54, with a value of $101,388,000) | 5.310% | 5/1/24 | 99,400 | 99,400 | ||
429,000 | ||||||
Total Temporary Cash Investments (Cost $592,380) | 592,385 | |||||
Total Investments (99.4%) (Cost $24,295,478) | 23,366,712 | |||||
Other Assets and Liabilities—Net (0.6%) | 131,991 | |||||
Net Assets (100%) | 23,498,703 | |||||
Cost is in $000. |
1 | Securities with a value of $55,712,000 have been segregated as initial margin for open centrally cleared swap contracts. |
2 | Securities with a value of $21,482,000 have been segregated as initial margin for open futures contracts. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2024, the aggregate value was $16,599,181,000, representing 70.6% of net assets. |
4 | Face amount denominated in euro. |
5 | Face amount denominated in Canadian dollars. |
6 | Face amount denominated in British pounds. |
7 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of April 30, 2024. |
8 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
9 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
10 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
DAC—Designated Activity Company. | |
TSFR1M—CME Term Secured Overnight Financing Rate 1-Month. | |
TSFR3M—CME Term Secured Overnight Financing Rate 3-Month. | |
TSFR6M—CME Term Secured Overnight Financing Rate 6-Month. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
2-Year U.S. Treasury Note | June 2024 | 1,466 | 297,094 | (2,762) |
5-Year U.S. Treasury Note | June 2024 | 5,249 | 549,792 | (9,306) |
10-Year U.S. Treasury Note | June 2024 | 638 | 68,545 | (1,791) |
Long U.S. Treasury Bond | June 2024 | 521 | 59,296 | (2,628) |
Ultra 10-Year U.S. Treasury Note | June 2024 | 1,042 | 114,848 | (3,566) |
Ultra Long U.S. Treasury Bond | June 2024 | 269 | 32,162 | (2,215) |
(22,268) |
Futures Contracts (continued) | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Short Futures Contracts | ||||
2-Year U.S. Treasury Note | June 2024 | (357) | (72,348) | 496 |
10-Year U.S. Treasury Note | June 2024 | (1,397) | (150,090) | 3,446 |
Euro-Bobl | June 2024 | (1,297) | (161,158) | 1,898 |
Euro-Schatz | June 2024 | (3,584) | (402,030) | 2,187 |
Long U.S. Treasury Bond | June 2024 | (38) | (4,325) | 162 |
Ultra Long U.S. Treasury Bond | June 2024 | (8) | (957) | 33 |
8,222 | ||||
(14,046) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
UBS AG | 5/31/24 | EUR | 7,245 | USD | 7,750 | — | (9) |
BNP Paribas | 5/31/24 | USD | 78,303 | CAD | 107,251 | 357 | — |
BNP Paribas | 5/31/24 | USD | 729,550 | EUR | 682,020 | 800 | — |
Barclays Bank plc | 5/31/24 | USD | 47,135 | GBP | 37,919 | — | (254) |
1,157 | (263) |
CAD—Canadian dollar. |
EUR—euro. |
GBP—British pound. |
USD—U.S. dollar. |
At April 30, 2024, the counterparties had deposited in segregated accounts securities with a value of $10,982,000 in connection with open forward currency contracts.
Centrally Cleared Credit Default Swaps | ||||||
Reference Entity | Termination Date | Notional Amount (000) | Periodic Premium Received (Paid)1 (%) | Value ($000) | Unrealized Appreciation (Depreciation) ($000) | |
Credit Protection Sold | ||||||
CDX-NA-HY-S42-V1 | 6/21/29 | USD | 572,700 | 5.000 | 37,380 | 685 |
Credit Protection Purchased | ||||||
CDX-NA-HY-S42-V1 | 6/21/29 | USD | 145,325 | (5.000) | (9,485) | 596 |
27,895 | 1,281 |
1 Periodic premium received/paid quarterly. |
USD—U.S. dollar. |
The notional amount represents the maximum potential amount the fund could be required to pay as a seller of credit protection if the reference entity was subject to a credit event.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system
(which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Floating Rate Loan Interests: Floating rate loan interests represent interests in amounts owed by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the fund to supply additional cash to the borrower on demand. Floating rate loan interests may be made directly with a borrower or acquired through assignment or participation. The fund’s right to enforce a borrower’s compliance with the terms of the loan agreement, or benefit directly from the collateral supporting the loan, varies when the loan is a direct borrowing, an assignment, or a participation. Floating rate loan interests involve various risks including risk of loss in case of default, insolvency, or the bankruptcy of the borrower and are generally subject to restrictions on transfer with limited opportunities to sell them in secondary markets. The fund may also invest in loan commitments, which are contractual obligations for a future funding. The fund may earn a commitment fee on any unfunded portion of these commitments which is amortized to interest income over the commitment period. Both the funded portion of a floating rate loan interest as well as its unfunded commitment, if any, is reflected on the Schedule of Investments.
D. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
E. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing
brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
F. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. Fluctuations in the value of the contracts are recorded as an asset (liability).
G. Swap Contracts: The fund invests in credit default swaps to adjust the overall credit risk of the fund or to actively overweight or underweight credit risk to a specific issuer or group of issuers. The fund may sell credit protection through credit default swaps to simulate investments in long positions that are either unavailable or considered to be less attractively priced in the bond market. The fund may purchase credit protection through credit default swaps to reduce credit exposure to a given issuer or issuers. Under the terms of the swaps, an up-front payment may be exchanged between the seller and buyer. In addition, the seller of the credit protection receives a periodic payment of premium from the buyer that is a fixed percentage applied to a notional amount. If, for example, the reference entity is subject to a credit event (such as bankruptcy, failure to pay, or obligation acceleration) during the term of the swap, the seller agrees to either physically settle or cash settle the swap contract. If the swap is physically settled, the seller agrees to pay the buyer an amount equal to the notional amount and take delivery of a debt instrument of the reference issuer with a par amount equal to such notional amount. If the swap is cash settled, the seller agrees to pay the buyer the difference between the notional amount and the final price for the relevant debt instrument, as determined either in a market auction or pursuant to a pre-agreed-upon valuation procedure.
The fund enters into centrally cleared credit default swaps to achieve the same objectives specified with respect to the equivalent over-the-counter swaps but with less counterparty risk because a regulated clearinghouse is the counterparty instead of the clearing broker or executing broker. The clearinghouse imposes initial margin requirements to secure the fund’s performance, and requires daily settlement of variation margin representing changes in the market value of each contract. To further mitigate counterparty risk, the fund trades with a diverse group of prequalified
executing brokers; monitors the financial strength of its clearing brokers, executing brokers, and clearinghouse; and has entered into agreements with its clearing brokers and executing brokers.
The primary risk associated with selling credit protection is that, upon the occurrence of a defined credit event, the market value of the debt instrument received by the fund (or, in a cash settled swap, the debt instruments used to determine the settlement payment by the fund) will be significantly less than the amount paid by the fund and, in a physically settled swap, the fund may receive an illiquid debt instrument. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until the seller of credit protection is required to take delivery (or, in a cash settled swap, pay the settlement amount determined) upon occurrence of a credit event, periodic payments are made, or the swap terminates, at which time realized gain (loss) is recorded. The net premium to be received or paid by the fund under swap contracts is accrued daily and recorded as realized gain (loss) over the life of the contract.
H. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of April 30, 2024, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
U.S. Government and Agency Obligations | — | 1,373,410 | — | 1,373,410 |
Corporate Bonds | — | 20,665,409 | — | 20,665,409 |
Floating Rate Loan Interests | — | 735,508 | — | 735,508 |
Temporary Cash Investments | 163,385 | 429,000 | — | 592,385 |
Total | 163,385 | 23,203,327 | — | 23,366,712 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 8,222 | — | — | 8,222 |
Forward Currency Contracts | — | 1,157 | — | 1,157 |
Swap Contracts | 1,2811 | — | — | 1,281 |
Total | 9,503 | 1,157 | — | 10,660 |
Liabilities | ||||
Futures Contracts1 | 22,268 | — | — | 22,268 |
Forward Currency Contracts | — | 263 | — | 263 |
Total | 22,268 | 263 | — | 22,531 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |