American Century Investments®
Quarterly Portfolio Holdings
American Century® Select High Yield ETF (AHYB)
May 31, 2024
Select High Yield ETF - Schedule of Investments | ||
MAY 31, 2024 (UNAUDITED) |
Principal Amount ($)/Shares | Value ($) | |||||||
CORPORATE BONDS — 95.7% | ||||||||
Aerospace and Defense — 2.3% | ||||||||
Bombardier, Inc., 7.125%, 6/15/26(1) | 7,000 | 7,118 | ||||||
Bombardier, Inc., 7.875%, 4/15/27(1) | 51,000 | 51,086 | ||||||
Bombardier, Inc., 6.00%, 2/15/28(1) | 45,000 | 44,348 | ||||||
Bombardier, Inc., 7.50%, 2/1/29(1)(2) | 53,000 | 54,872 | ||||||
Bombardier, Inc., 7.00%, 6/1/32(1)(3) | 50,000 | 50,245 | ||||||
Howmet Aerospace, Inc., 5.95%, 2/1/37 | 50,000 | 51,195 | ||||||
Spirit AeroSystems, Inc., 9.375%, 11/30/29(1) | 37,000 | 39,738 | ||||||
TransDigm, Inc., 5.50%, 11/15/27 | 236,000 | 230,588 | ||||||
TransDigm, Inc., 6.75%, 8/15/28(1) | 123,000 | 124,549 | ||||||
TransDigm, Inc., 4.625%, 1/15/29 | 30,000 | 27,656 | ||||||
TransDigm, Inc., 4.875%, 5/1/29(2) | 100,000 | 92,812 | ||||||
Triumph Group, Inc., 9.00%, 3/15/28(1) | 18,000 | 18,604 | ||||||
792,811 | ||||||||
Automobile Components — 1.3% | ||||||||
Adient Global Holdings Ltd., 4.875%, 8/15/26(1) | 112,000 | 108,798 | ||||||
Clarios Global LP, 6.75%, 5/15/25(1) | 47,000 | 47,033 | ||||||
Clarios Global LP/Clarios U.S. Finance Co., 6.25%, 5/15/26(1)(2) | 50,000 | 49,990 | ||||||
Goodyear Tire & Rubber Co., 9.50%, 5/31/25 | 70,000 | 70,223 | ||||||
Goodyear Tire & Rubber Co., 5.00%, 5/31/26 | 67,000 | 65,432 | ||||||
Patrick Industries, Inc., 4.75%, 5/1/29(1) | 47,000 | 43,140 | ||||||
Tenneco, Inc., 8.00%, 11/17/28(1) | 43,000 | 39,315 | ||||||
423,931 | ||||||||
Automobiles — 1.9% | ||||||||
Ford Motor Co., 6.10%, 8/19/32(2) | 103,000 | 102,771 | ||||||
Ford Motor Co., 5.29%, 12/8/46(2) | 90,000 | 78,314 | ||||||
Ford Motor Credit Co. LLC, 3.82%, 11/2/27 | 200,000 | 186,994 | ||||||
Ford Motor Credit Co. LLC, 5.11%, 5/3/29 | 200,000 | 192,725 | ||||||
Jaguar Land Rover Automotive PLC, 4.50%, 10/1/27(1) | 50,000 | 47,204 | ||||||
Thor Industries, Inc., 4.00%, 10/15/29(1) | 20,000 | 17,464 | ||||||
625,472 | ||||||||
Banks — 1.2% | ||||||||
Freedom Mortgage Corp., 7.625%, 5/1/26(1) | 70,000 | 69,610 | ||||||
Freedom Mortgage Corp., 6.625%, 1/15/27(1) | 47,000 | 45,433 | ||||||
Freedom Mortgage Corp., 12.00%, 10/1/28(1) | 24,000 | 25,955 | ||||||
Freedom Mortgage Corp., 12.25%, 10/1/30(1) | 24,000 | 26,329 | ||||||
Freedom Mortgage Holdings LLC, 9.25%, 2/1/29(1) | 24,000 | 24,262 | ||||||
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1) | 47,000 | 44,890 | ||||||
Nationstar Mortgage Holdings, Inc., 7.125%, 2/1/32(1) | 47,000 | 46,811 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 3.875%, 3/1/31(1) | 53,000 | 45,857 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 4.00%, 10/15/33(1) | 53,000 | 44,041 | ||||||
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1) | 47,000 | 44,175 | ||||||
417,363 | ||||||||
Beverages — 0.1% | ||||||||
Primo Water Holdings, Inc., 4.375%, 4/30/29(1) | 47,000 | 43,138 | ||||||
Broadline Retail — 0.4% | ||||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 3/1/29(1) | 25,000 | 22,355 | ||||||
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1) | 47,000 | 45,298 | ||||||
Macy's Retail Holdings LLC, 5.125%, 1/15/42(2) | 17,000 | 13,958 | ||||||
Millennium Escrow Corp., 6.625%, 8/1/26(1) | 47,000 | 23,858 |
QVC, Inc., 4.45%, 2/15/25 | 23,000 | 22,591 | ||||||
QVC, Inc., 4.375%, 9/1/28 | 19,000 | 14,172 | ||||||
142,232 | ||||||||
Building Products — 1.8% | ||||||||
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28(1) | 49,000 | 51,417 | ||||||
Builders FirstSource, Inc., 4.25%, 2/1/32(1) | 142,000 | 124,130 | ||||||
Builders FirstSource, Inc., 6.375%, 3/1/34(1) | 48,000 | 47,116 | ||||||
EMRLD Borrower LP/Emerald Co.-Issuer, Inc., 6.625%, 12/15/30(1) | 71,000 | 71,212 | ||||||
Griffon Corp., 5.75%, 3/1/28 | 69,000 | 66,755 | ||||||
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 4/1/32(1) | 50,000 | 49,699 | ||||||
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30(1) | 39,000 | 35,644 | ||||||
Standard Industries, Inc., 4.375%, 7/15/30(1) | 151,000 | 134,865 | ||||||
Standard Industries, Inc., 3.375%, 1/15/31(1) | 47,000 | 39,252 | ||||||
620,090 | ||||||||
Capital Markets — 1.3% | ||||||||
AG Issuer LLC, 6.25%, 3/1/28(1) | 53,000 | 51,752 | ||||||
Coinbase Global, Inc., 3.625%, 10/1/31(1) | 37,000 | 29,456 | ||||||
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1) | 47,000 | 44,065 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.75%, 9/15/24 | 70,000 | 70,045 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | 27,000 | 26,349 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 117,000 | 107,428 | ||||||
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1) | 47,000 | 43,714 | ||||||
MSCI, Inc., 3.625%, 9/1/30(1) | 61,000 | 54,191 | ||||||
MSCI, Inc., 3.625%, 11/1/31(1) | 30,000 | 26,125 | ||||||
453,125 | ||||||||
Chemicals — 2.5% | ||||||||
Avient Corp., 5.75%, 5/15/25(1) | 33,000 | 32,845 | ||||||
Chemours Co., 5.75%, 11/15/28(1) | 50,000 | 45,809 | ||||||
Chemours Co., 4.625%, 11/15/29(1) | 53,000 | 45,249 | ||||||
NOVA Chemicals Corp., 5.25%, 6/1/27(1) | 69,000 | 66,151 | ||||||
NOVA Chemicals Corp., 8.50%, 11/15/28(1) | 45,000 | 47,782 | ||||||
NOVA Chemicals Corp., 9.00%, 2/15/30(1) | 23,000 | 24,359 | ||||||
Olin Corp., 5.625%, 8/1/29 | 14,000 | 13,627 | ||||||
Olin Corp., 5.00%, 2/1/30(2) | 47,000 | 44,197 | ||||||
Olympus Water U.S. Holding Corp., 9.75%, 11/15/28(1) | 200,000 | 212,911 | ||||||
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1) | 47,000 | 44,031 | ||||||
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1) | 47,000 | 44,314 | ||||||
Scotts Miracle-Gro Co., 4.00%, 4/1/31 | 39,000 | 33,367 | ||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1) | 43,000 | 35,363 | ||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1) | 47,000 | 19,915 | ||||||
Tronox, Inc., 4.625%, 3/15/29(1) | 47,000 | 42,699 | ||||||
WR Grace Holdings LLC, 4.875%, 6/15/27(1) | 67,000 | 64,425 | ||||||
WR Grace Holdings LLC, 5.625%, 8/15/29(1) | 47,000 | 43,285 | ||||||
860,329 | ||||||||
Commercial Services and Supplies — 2.9% | ||||||||
ADT Security Corp., 4.125%, 8/1/29(1) | 47,000 | 42,728 | ||||||
ADT Security Corp., 4.875%, 7/15/32(1) | 137,000 | 123,751 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.625%, 7/15/26(1) | 3,000 | 3,001 | ||||||
APX Group, Inc., 5.75%, 7/15/29(1) | 50,000 | 47,516 | ||||||
Brink's Co., 4.625%, 10/15/27(1) | 70,000 | 66,888 | ||||||
Garda World Security Corp., 7.75%, 2/15/28(1) | 53,000 | 53,861 | ||||||
GFL Environmental, Inc., 4.00%, 8/1/28(1) | 50,000 | 45,766 | ||||||
GFL Environmental, Inc., 4.75%, 6/15/29(1) | 24,000 | 22,363 | ||||||
GFL Environmental, Inc., 6.75%, 1/15/31(1) | 48,000 | 49,021 | ||||||
GrafTech Global Enterprises, Inc., 9.875%, 12/15/28(1)(2) | 48,000 | 36,291 |
Matthews International Corp., 5.25%, 12/1/25(1) | 90,000 | 89,289 | ||||||
Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29(1)(2) | 47,000 | 43,337 | ||||||
Neptune Bidco U.S., Inc., 9.29%, 4/15/29(1) | 91,000 | 87,019 | ||||||
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.375%, 8/31/27(1) | 47,000 | 43,163 | ||||||
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28(1) | 120,000 | 117,898 | ||||||
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(1)(2) | 71,000 | 69,081 | ||||||
Williams Scotsman, Inc., 4.625%, 8/15/28(1) | 44,000 | 41,173 | ||||||
982,146 | ||||||||
Construction and Engineering — 0.5% | ||||||||
Brand Industrial Services, Inc., 10.375%, 8/1/30(1) | 46,000 | 49,441 | ||||||
Howard Midstream Energy Partners LLC, 8.875%, 7/15/28(1) | 42,000 | 44,109 | ||||||
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1) | 88,000 | 82,899 | ||||||
176,449 | ||||||||
Construction Materials — 0.3% | ||||||||
Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(1) | 70,000 | 67,630 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 1/15/29(1) | 23,000 | 22,169 | ||||||
89,799 | ||||||||
Consumer Finance — 2.7% | ||||||||
Bread Financial Holdings, Inc., 9.75%, 3/15/29(1) | 48,000 | 50,317 | ||||||
Castlelake Aviation Finance DAC, 5.00%, 4/15/27(1) | 50,000 | 48,085 | ||||||
FirstCash, Inc., 6.875%, 3/1/32(1) | 50,000 | 49,644 | ||||||
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1) | 92,352 | 87,933 | ||||||
Macquarie Airfinance Holdings Ltd., 8.375%, 5/1/28(1) | 25,000 | 26,312 | ||||||
Navient Corp., 5.875%, 10/25/24 | 47,000 | 46,944 | ||||||
Navient Corp., 6.75%, 6/25/25 | 47,000 | 47,089 | ||||||
Navient Corp., 5.50%, 3/15/29 | 47,000 | 42,698 | ||||||
Navient Corp., 9.375%, 7/25/30 | 100,000 | 104,639 | ||||||
OneMain Finance Corp., 6.875%, 3/15/25 | 117,000 | 117,907 | ||||||
OneMain Finance Corp., 7.125%, 3/15/26 | 22,000 | 22,337 | ||||||
OneMain Finance Corp., 6.625%, 1/15/28 | 48,000 | 47,721 | ||||||
OneMain Finance Corp., 9.00%, 1/15/29 | 46,000 | 48,322 | ||||||
OneMain Finance Corp., 7.875%, 3/15/30 | 73,000 | 74,433 | ||||||
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.875%, 5/1/27(1) | 51,000 | 46,221 | ||||||
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30(1)(2) | 53,000 | 42,598 | ||||||
903,200 | ||||||||
Consumer Staples Distribution & Retail — 0.7% | ||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625%, 1/15/27(1) | 47,000 | 45,333 | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.875%, 2/15/28(1) | 47,000 | 46,224 | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 6.50%, 2/15/28(1) | 50,000 | 50,400 | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, 3/15/29(1) | 47,000 | 41,959 | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.875%, 2/15/30(1) | 53,000 | 49,617 | ||||||
233,533 | ||||||||
Containers and Packaging — 1.9% | ||||||||
Ball Corp., 4.875%, 3/15/26 | 50,000 | 49,242 | ||||||
Ball Corp., 6.00%, 6/15/29 | 53,000 | 53,152 | ||||||
Ball Corp., 3.125%, 9/15/31 | 64,000 | 53,784 | ||||||
Berry Global, Inc., 4.50%, 2/15/26(1)(2) | 70,000 | 68,244 | ||||||
Berry Global, Inc., 4.875%, 7/15/26(1) | 47,000 | 46,255 | ||||||
LABL, Inc., 9.50%, 11/1/28(1) | 50,000 | 50,921 | ||||||
OI European Group BV, 4.75%, 2/15/30(1) | 47,000 | 43,120 | ||||||
Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31(1) | 42,000 | 41,910 | ||||||
Owens-Brockway Glass Container, Inc., 7.375%, 6/1/32(1) | 46,000 | 46,043 | ||||||
Sealed Air Corp., 5.125%, 12/1/24(1) | 70,000 | 69,711 | ||||||
Sealed Air Corp., 6.875%, 7/15/33(1) | 50,000 | 51,861 |
TriMas Corp., 4.125%, 4/15/29(1) | 63,000 | 57,085 | ||||||
631,328 | ||||||||
Distributors — 0.6% | ||||||||
Performance Food Group, Inc., 5.50%, 10/15/27(1) | 47,000 | 45,849 | ||||||
Performance Food Group, Inc., 4.25%, 8/1/29(1) | 47,000 | 42,741 | ||||||
Ritchie Bros Holdings, Inc., 7.75%, 3/15/31(1) | 53,000 | 55,388 | ||||||
Windsor Holdings III LLC, 8.50%, 6/15/30(1) | 43,000 | 44,980 | ||||||
188,958 | ||||||||
Diversified Consumer Services — 0.4% | ||||||||
Adtalem Global Education, Inc., 5.50%, 3/1/28(1) | 37,000 | 35,523 | ||||||
Service Corp. International, 3.375%, 8/15/30 | 47,000 | 40,326 | ||||||
Service Corp. International, 4.00%, 5/15/31 | 47,000 | 41,101 | ||||||
116,950 | ||||||||
Diversified REITs — 2.0% | ||||||||
CTR Partnership LP/CareTrust Capital Corp., 3.875%, 6/30/28(1) | 47,000 | 43,146 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, 6/15/26(1) | 47,000 | 44,205 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 6/15/27(1) | 49,000 | 50,920 | ||||||
Iron Mountain Information Management Services, Inc., 5.00%, 7/15/32(1) | 39,000 | 35,181 | ||||||
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27(2) | 68,000 | 55,799 | ||||||
MPT Operating Partnership LP/MPT Finance Corp., 4.625%, 8/1/29(2) | 79,000 | 57,584 | ||||||
MPT Operating Partnership LP/MPT Finance Corp., 3.50%, 3/15/31 | 25,000 | 16,250 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 5.875%, 10/1/28(1) | 47,000 | 46,091 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 7.00%, 2/1/30(1) | 47,000 | 47,336 | ||||||
RLJ Lodging Trust LP, 3.75%, 7/1/26(1) | 47,000 | 44,427 | ||||||
RLJ Lodging Trust LP, 4.00%, 9/15/29(1) | 47,000 | 41,145 | ||||||
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 2/15/28(1) | 101,000 | 101,113 | ||||||
VICI Properties LP/VICI Note Co., Inc., 3.75%, 2/15/27(1) | 68,000 | 64,424 | ||||||
VICI Properties LP/VICI Note Co., Inc., 4.625%, 12/1/29(1) | 39,000 | 36,528 | ||||||
684,149 | ||||||||
Diversified Telecommunication Services — 1.6% | ||||||||
Altice France SA, 5.125%, 7/15/29(1) | 250,000 | 168,138 | ||||||
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/1/26(1) | 113,000 | 106,786 | ||||||
Frontier Communications Holdings LLC, 5.00%, 5/1/28(1) | 68,000 | 63,565 | ||||||
Frontier Communications Holdings LLC, 6.75%, 5/1/29(1)(2) | 43,000 | 39,290 | ||||||
Frontier Communications Holdings LLC, 8.75%, 5/15/30(1) | 21,000 | 21,750 | ||||||
Frontier Communications Holdings LLC, 8.625%, 3/15/31(1) | 22,000 | 22,572 | ||||||
Hughes Satellite Systems Corp., 6.625%, 8/1/26 | 39,000 | 15,931 | ||||||
Level 3 Financing, Inc., 10.50%, 5/15/30(1) | 14,000 | 13,923 | ||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 47,000 | 49,670 | ||||||
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1)(2) | 70,000 | 54,651 | ||||||
556,276 | ||||||||
Electric Utilities — 1.6% | ||||||||
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1) | 85,000 | 80,464 | ||||||
NRG Energy, Inc., 6.625%, 1/15/27 | 33,000 | 32,989 | ||||||
NRG Energy, Inc., 5.25%, 6/15/29(1) | 53,000 | 50,595 | ||||||
NRG Energy, Inc., 3.625%, 2/15/31(1) | 38,000 | 32,590 | ||||||
NRG Energy, Inc., 7.00%, 3/15/33(1) | 14,000 | 14,806 | ||||||
PG&E Corp., 5.00%, 7/1/28 | 47,000 | 45,090 | ||||||
PG&E Corp., 5.25%, 7/1/30 | 47,000 | 44,806 | ||||||
Vistra Operations Co. LLC, 5.625%, 2/15/27(1) | 70,000 | 68,921 | ||||||
Vistra Operations Co. LLC, 5.00%, 7/31/27(1) | 70,000 | 67,746 | ||||||
Vistra Operations Co. LLC, 4.375%, 5/1/29(1) | 47,000 | 43,543 | ||||||
Vistra Operations Co. LLC, 7.75%, 10/15/31(1) | 46,000 | 47,828 | ||||||
529,378 | ||||||||
Electrical Equipment — 0.4% | ||||||||
Atkore, Inc., 4.25%, 6/1/31(1) | 70,000 | 61,938 | ||||||
WESCO Distribution, Inc., 7.125%, 6/15/25(1) | 25,000 | 25,005 | ||||||
WESCO Distribution, Inc., 7.25%, 6/15/28(1) | 33,000 | 33,642 | ||||||
120,585 | ||||||||
Electronic Equipment, Instruments and Components — 1.2% | ||||||||
Coherent Corp., 5.00%, 12/15/29(1) | 44,000 | 41,072 | ||||||
Imola Merger Corp., 4.75%, 5/15/29(1) | 140,000 | 130,414 | ||||||
Sensata Technologies BV, 4.00%, 4/15/29(1) | 37,000 | 33,642 | ||||||
Sensata Technologies, Inc., 4.375%, 2/15/30(1) | 117,000 | 106,831 | ||||||
Sensata Technologies, Inc., 6.625%, 7/15/32(1)(3) | 46,000 | 46,187 | ||||||
TTM Technologies, Inc., 4.00%, 3/1/29(1) | 53,000 | 48,052 | ||||||
406,198 | ||||||||
Energy Equipment and Services — 2.7% | ||||||||
Archrock Partners LP/Archrock Partners Finance Corp., 6.875%, 4/1/27(1) | 47,000 | 47,218 | ||||||
Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 4/1/28(1)(2) | 70,000 | 69,236 | ||||||
Bristow Group, Inc., 6.875%, 3/1/28(1) | 70,000 | 68,804 | ||||||
Enerflex Ltd., 9.00%, 10/15/27(1) | 50,000 | 51,138 | ||||||
Helix Energy Solutions Group, Inc., 9.75%, 3/1/29(1) | 48,000 | 50,847 | ||||||
Nabors Industries, Inc., 7.375%, 5/15/27(1) | 47,000 | 46,930 | ||||||
Precision Drilling Corp., 6.875%, 1/15/29(1) | 78,000 | 77,379 | ||||||
Seadrill Finance Ltd., 8.375%, 8/1/30(1) | 49,000 | 51,472 | ||||||
Transocean Poseidon Ltd., 6.875%, 2/1/27(1) | 16,875 | 16,845 | ||||||
Transocean Titan Financing Ltd., 8.375%, 2/1/28(1) | 45,000 | 46,812 | ||||||
Transocean, Inc., 8.75%, 2/15/30(1) | 47,700 | 49,796 | ||||||
Transocean, Inc., 7.50%, 4/15/31(2) | 43,000 | 40,150 | ||||||
USA Compression Partners LP/USA Compression Finance Corp., 6.875%, 9/1/27 | 47,000 | 47,032 | ||||||
USA Compression Partners LP/USA Compression Finance Corp., 7.125%, 3/15/29(1) | 50,000 | 50,098 | ||||||
Valaris Ltd., 8.375%, 4/30/30(1) | 43,000 | 44,479 | ||||||
Weatherford International Ltd., 8.625%, 4/30/30(1) | 136,000 | 140,718 | ||||||
898,954 | ||||||||
Entertainment — 0.8% | ||||||||
Cinemark USA, Inc., 5.875%, 3/15/26(1) | 85,000 | 83,801 | ||||||
Cinemark USA, Inc., 5.25%, 7/15/28(1)(2) | 47,000 | 43,929 | ||||||
Live Nation Entertainment, Inc., 5.625%, 3/15/26(1) | 31,000 | 30,580 | ||||||
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1) | 70,000 | 66,376 | ||||||
Playtika Holding Corp., 4.25%, 3/15/29(1) | 47,000 | 41,066 | ||||||
265,752 | ||||||||
Financial Services — 1.6% | ||||||||
Block, Inc., 6.50%, 5/15/32(1) | 47,000 | 47,496 | ||||||
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1) | 47,000 | 46,564 | ||||||
Kinetik Holdings LP, 5.875%, 6/15/30(1) | 50,000 | 48,761 | ||||||
MGIC Investment Corp., 5.25%, 8/15/28 | 70,000 | 68,025 | ||||||
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1) | 70,000 | 52,131 | ||||||
NCR Atleos Corp., 9.50%, 4/1/29(1) | 46,000 | 49,669 | ||||||
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 6/15/29(1)(2) | 47,000 | 42,793 | ||||||
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1) | 47,000 | 42,152 | ||||||
PennyMac Financial Services, Inc., 7.875%, 12/15/29(1) | 98,000 | 100,420 | ||||||
Radian Group, Inc., 4.875%, 3/15/27 | 47,000 | 45,808 | ||||||
543,819 | ||||||||
Food Products — 1.0% | ||||||||
Darling Ingredients, Inc., 6.00%, 6/15/30(1) | 53,000 | 51,841 | ||||||
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.875%, 9/1/25(1) | 5,000 | 4,872 | ||||||
Lamb Weston Holdings, Inc., 4.375%, 1/31/32(1) | 50,000 | 44,197 | ||||||
Post Holdings, Inc., 5.625%, 1/15/28(1) | 48,000 | 46,939 |
Post Holdings, Inc., 4.50%, 9/15/31(1) | 50,000 | 44,297 | ||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/1/29(1) | 47,000 | 41,009 | ||||||
U.S. Foods, Inc., 6.875%, 9/15/28(1) | 25,000 | 25,469 | ||||||
U.S. Foods, Inc., 4.75%, 2/15/29(1) | 64,000 | 60,131 | ||||||
U.S. Foods, Inc., 7.25%, 1/15/32(1)(2) | 25,000 | 25,833 | ||||||
344,588 | ||||||||
Gas Utilities — 0.3% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp., 5.50%, 5/20/25 | 47,000 | 46,282 | ||||||
AmeriGas Partners LP/AmeriGas Finance Corp., 5.875%, 8/20/26 | 22,000 | 21,288 | ||||||
AmeriGas Partners LP/AmeriGas Finance Corp., 5.75%, 5/20/27 | 23,000 | 21,945 | ||||||
89,515 | ||||||||
Ground Transportation — 1.9% | ||||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27(1) | 70,000 | 67,264 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 4/1/28(1)(2) | 47,000 | 42,772 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.375%, 3/1/29(1) | 47,000 | 42,928 | ||||||
Genesee & Wyoming, Inc., 6.25%, 4/15/32(1) | 47,000 | 46,514 | ||||||
NESCO Holdings II, Inc., 5.50%, 4/15/29(1) | 30,000 | 27,535 | ||||||
Uber Technologies, Inc., 7.50%, 9/15/27(1) | 50,000 | 50,960 | ||||||
Uber Technologies, Inc., 4.50%, 8/15/29(1) | 140,000 | 132,244 | ||||||
United Rentals North America, Inc., 4.875%, 1/15/28 | 97,000 | 93,463 | ||||||
United Rentals North America, Inc., 3.875%, 2/15/31 | 70,000 | 61,651 | ||||||
United Rentals North America, Inc., 6.125%, 3/15/34(1) | 46,000 | 45,186 | ||||||
XPO, Inc., 7.125%, 6/1/31(1) | 46,000 | 46,975 | ||||||
657,492 | ||||||||
Health Care Equipment and Supplies — 1.1% | ||||||||
Avantor Funding, Inc., 4.625%, 7/15/28(1) | 44,000 | 41,443 | ||||||
Avantor Funding, Inc., 3.875%, 11/1/29(1) | 47,000 | 42,165 | ||||||
Bausch & Lomb Corp., 8.375%, 10/1/28(1) | 46,000 | 46,863 | ||||||
Medline Borrower LP, 3.875%, 4/1/29(1) | 70,000 | 63,772 | ||||||
Medline Borrower LP, 5.25%, 10/1/29(1) | 93,000 | 87,741 | ||||||
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 4/1/29(1) | 50,000 | 50,073 | ||||||
Sotera Health Holdings LLC, 7.375%, 6/1/31(1) | 46,000 | 45,661 | ||||||
377,718 | ||||||||
Health Care Providers and Services — 4.5% | ||||||||
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1) | 97,000 | 92,287 | ||||||
Centene Corp., 4.25%, 12/15/27 | 117,000 | 111,435 | ||||||
Centene Corp., 4.625%, 12/15/29 | 71,000 | 66,888 | ||||||
CHS/Community Health Systems, Inc., 8.00%, 3/15/26(1) | 31,000 | 31,075 | ||||||
CHS/Community Health Systems, Inc., 5.625%, 3/15/27(1) | 120,000 | 113,755 | ||||||
CHS/Community Health Systems, Inc., 8.00%, 12/15/27(1) | 70,000 | 70,086 | ||||||
CHS/Community Health Systems, Inc., 5.25%, 5/15/30(1) | 39,000 | 32,405 | ||||||
CHS/Community Health Systems, Inc., 4.75%, 2/15/31(1) | 80,000 | 63,230 | ||||||
CHS/Community Health Systems, Inc., 10.875%, 1/15/32(1) | 50,000 | 51,725 | ||||||
DaVita, Inc., 4.625%, 6/1/30(1) | 140,000 | 125,521 | ||||||
DaVita, Inc., 3.75%, 2/15/31(1) | 47,000 | 39,476 | ||||||
HealthEquity, Inc., 4.50%, 10/1/29(1) | 47,000 | 43,113 | ||||||
IQVIA, Inc., 5.00%, 5/15/27(1) | 45,000 | 43,748 | ||||||
LifePoint Health, Inc., 9.875%, 8/15/30(1) | 45,000 | 48,205 | ||||||
Molina Healthcare, Inc., 3.875%, 5/15/32(1) | 47,000 | 39,810 | ||||||
Owens & Minor, Inc., 4.50%, 3/31/29(1) | 47,000 | 41,528 | ||||||
Tenet Healthcare Corp., 6.25%, 2/1/27 | 70,000 | 70,161 | ||||||
Tenet Healthcare Corp., 5.125%, 11/1/27 | 162,000 | 157,980 | ||||||
Tenet Healthcare Corp., 6.125%, 10/1/28 | 156,000 | 154,664 | ||||||
Tenet Healthcare Corp., 4.25%, 6/1/29 | 47,000 | 43,516 | ||||||
Tenet Healthcare Corp., 6.125%, 6/15/30 | 44,000 | 43,666 |
Tenet Healthcare Corp., 6.75%, 5/15/31(1) | 53,000 | 53,552 | ||||||
1,537,826 | ||||||||
Health Care REITs — 0.1% | ||||||||
Diversified Healthcare Trust, 9.75%, 6/15/25 | 35,000 | 35,051 | ||||||
Health Care Technology — 0.1% | ||||||||
AthenaHealth Group, Inc., 6.50%, 2/15/30(1) | 49,000 | 44,506 | ||||||
Hotel & Resort REITs — 0.6% | ||||||||
Service Properties Trust, 5.25%, 2/15/26 | 47,000 | 45,242 | ||||||
Service Properties Trust, 4.95%, 2/15/27 | 70,000 | 63,925 | ||||||
Service Properties Trust, 4.95%, 10/1/29 | 70,000 | 54,387 | ||||||
Service Properties Trust, 4.375%, 2/15/30 | 47,000 | 34,130 | ||||||
197,684 | ||||||||
Hotels, Restaurants and Leisure — 9.6% | ||||||||
1011778 BC ULC/New Red Finance, Inc., 4.375%, 1/15/28(1) | 47,000 | 44,063 | ||||||
1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/30(1) | 117,000 | 101,890 | ||||||
Affinity Interactive, 6.875%, 12/15/27(1) | 117,000 | 104,215 | ||||||
Boyd Gaming Corp., 4.75%, 6/15/31(1) | 100,000 | 89,785 | ||||||
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2) | 147,000 | 132,900 | ||||||
Caesars Entertainment, Inc., 7.00%, 2/15/30(1) | 98,000 | 99,120 | ||||||
Carnival Corp., 7.625%, 3/1/26(1) | 123,000 | 123,744 | ||||||
Carnival Corp., 5.75%, 3/1/27(1) | 196,000 | 192,513 | ||||||
Carnival Corp., 4.00%, 8/1/28(1) | 79,000 | 72,967 | ||||||
Carnival Corp., 6.00%, 5/1/29(1)(2) | 134,000 | 131,049 | ||||||
Carnival Corp., 10.50%, 6/1/30(1) | 66,000 | 71,782 | ||||||
Carnival Holdings Bermuda Ltd., 10.375%, 5/1/28(1) | 38,000 | 41,164 | ||||||
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op, 6.50%, 10/1/28 | 50,000 | 49,946 | ||||||
Churchill Downs, Inc., 5.75%, 4/1/30(1) | 150,000 | 143,979 | ||||||
Everi Holdings, Inc., 5.00%, 7/15/29(1) | 50,000 | 48,579 | ||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1) | 35,000 | 31,510 | ||||||
GPS Hospitality Holding Co. LLC/GPS Finco, Inc., 7.00%, 8/15/28(1) | 47,000 | 35,669 | ||||||
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1) | 31,000 | 30,738 | ||||||
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30 | 47,000 | 44,468 | ||||||
Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31(1) | 39,000 | 34,489 | ||||||
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1) | 47,000 | 39,890 | ||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 5.00%, 6/1/29(1) | 118,000 | 109,050 | ||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 4.875%, 7/1/31(1) | 47,000 | 41,276 | ||||||
International Game Technology PLC, 5.25%, 1/15/29(1) | 50,000 | 48,103 | ||||||
Life Time, Inc., 8.00%, 4/15/26(1) | 47,000 | 47,348 | ||||||
Light & Wonder International, Inc., 7.25%, 11/15/29(1) | 47,000 | 47,765 | ||||||
Lindblad Expeditions LLC, 6.75%, 2/15/27(1) | 39,000 | 38,628 | ||||||
MGM Resorts International, 4.75%, 10/15/28 | 47,000 | 43,978 | ||||||
MGM Resorts International, 6.50%, 4/15/32 | 44,000 | 43,051 | ||||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.875%, 5/1/29(1) | 47,000 | 43,489 | ||||||
Mohegan Tribal Gaming Authority, 8.00%, 2/1/26(1) | 14,000 | 13,164 | ||||||
NCL Corp. Ltd., 3.625%, 12/15/24(1) | 25,000 | 24,678 | ||||||
NCL Corp. Ltd., 5.875%, 3/15/26(1) | 47,000 | 46,241 | ||||||
NCL Corp. Ltd., 5.875%, 2/15/27(1) | 53,000 | 52,271 | ||||||
NCL Corp. Ltd., 8.125%, 1/15/29(1) | 49,000 | 51,228 | ||||||
NCL Corp. Ltd., 7.75%, 2/15/29(1)(2) | 25,000 | 25,709 | ||||||
NCL Finance Ltd., 6.125%, 3/15/28(1) | 47,000 | 46,044 | ||||||
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1) | 78,000 | 76,472 | ||||||
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27 | 70,000 | 73,481 | ||||||
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1) | 140,000 | 136,856 | ||||||
Royal Caribbean Cruises Ltd., 8.25%, 1/15/29(1) | 50,000 | 52,754 | ||||||
SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29(1) | 50,000 | 46,791 |
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25(1) | 47,000 | 47,412 | ||||||
Travel & Leisure Co., 4.50%, 12/1/29(1) | 47,000 | 42,833 | ||||||
Viking Cruises Ltd., 6.25%, 5/15/25(1) | 70,000 | 69,835 | ||||||
Viking Cruises Ltd., 9.125%, 7/15/31(1) | 45,000 | 48,509 | ||||||
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1) | 70,000 | 67,180 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1) | 46,000 | 44,803 | ||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/1/29(1) | 59,000 | 55,524 | ||||||
Yum! Brands, Inc., 4.625%, 1/31/32 | 53,000 | 48,322 | ||||||
Yum! Brands, Inc., 5.375%, 4/1/32 | 53,000 | 50,522 | ||||||
3,247,777 | ||||||||
Household Durables — 2.5% | ||||||||
Adams Homes, Inc., 9.25%, 10/15/28(1) | 46,000 | 47,242 | ||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.625%, 4/1/30(1) | 97,000 | 86,440 | ||||||
Beazer Homes USA, Inc., 5.875%, 10/15/27 | 47,000 | 46,125 | ||||||
Beazer Homes USA, Inc., 7.50%, 3/15/31(1) | 46,000 | 45,976 | ||||||
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 6/15/29(1) | 70,000 | 62,961 | ||||||
Century Communities, Inc., 6.75%, 6/1/27 | 103,000 | 103,544 | ||||||
Empire Communities Corp., 9.75%, 5/1/29(1) | 22,000 | 22,470 | ||||||
KB Home, 4.00%, 6/15/31 | 47,000 | 41,567 | ||||||
Mattamy Group Corp., 4.625%, 3/1/30(1) | 47,000 | 42,989 | ||||||
Newell Brands, Inc., 5.70%, 4/1/26 | 70,000 | 69,167 | ||||||
Newell Brands, Inc., 6.375%, 9/15/27(2) | 50,000 | 49,242 | ||||||
Newell Brands, Inc., 6.625%, 9/15/29(2) | 50,000 | 49,009 | ||||||
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1) | 35,000 | 33,239 | ||||||
Tempur Sealy International, Inc., 4.00%, 4/15/29(1) | 47,000 | 42,188 | ||||||
Tempur Sealy International, Inc., 3.875%, 10/15/31(1) | 47,000 | 39,524 | ||||||
Tri Pointe Homes, Inc., 5.25%, 6/1/27 | 70,000 | 67,945 | ||||||
849,628 | ||||||||
Household Products — 0.2% | ||||||||
Spectrum Brands, Inc., 5.50%, 7/15/30(1) | 68,000 | 68,299 | ||||||
Independent Power and Renewable Electricity Producers — 1.1% | ||||||||
Calpine Corp., 5.25%, 6/1/26(1) | 35,000 | 34,598 | ||||||
Calpine Corp., 4.50%, 2/15/28(1) | 85,000 | 79,986 | ||||||
Calpine Corp., 5.125%, 3/15/28(1) | 73,000 | 69,615 | ||||||
Clearway Energy Operating LLC, 4.75%, 3/15/28(1) | 75,000 | 71,355 | ||||||
TerraForm Power Operating LLC, 5.00%, 1/31/28(1) | 67,000 | 63,996 | ||||||
TransAlta Corp., 7.75%, 11/15/29 | 53,000 | 55,182 | ||||||
374,732 | ||||||||
Industrial Conglomerates — 0.1% | ||||||||
Stena International SA, 7.25%, 1/15/31(1) | 23,000 | 23,418 | ||||||
Insurance — 0.3% | ||||||||
Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29(1) | 70,000 | 63,754 | ||||||
Panther Escrow Issuer LLC, 7.125%, 6/1/31(1) | 45,000 | 45,412 | ||||||
109,166 | ||||||||
Interactive Media and Services — 0.1% | ||||||||
Ziff Davis, Inc., 4.625%, 10/15/30(1) | 47,000 | 41,982 | ||||||
IT Services — 0.3% | ||||||||
ASGN, Inc., 4.625%, 5/15/28(1) | 70,000 | 65,892 | ||||||
CDW LLC/CDW Finance Corp., 4.125%, 5/1/25 | 47,000 | 46,178 | ||||||
112,070 | ||||||||
Leisure Products — 0.1% | ||||||||
Mattel, Inc., 5.45%, 11/1/41 | 47,000 | 42,210 | ||||||
Life Sciences Tools and Services — 0.1% | ||||||||
Charles River Laboratories International, Inc., 4.00%, 3/15/31(1) | 50,000 | 43,990 | ||||||
Machinery — 0.7% | ||||||||
Allison Transmission, Inc., 5.875%, 6/1/29(1) | 53,000 | 52,195 | ||||||
Chart Industries, Inc., 7.50%, 1/1/30(1) | 14,000 | 14,436 | ||||||
Chart Industries, Inc., 9.50%, 1/1/31(1) | 14,000 | 15,131 | ||||||
Hillenbrand, Inc., 3.75%, 3/1/31 | 64,000 | 55,201 | ||||||
JB Poindexter & Co., Inc., 8.75%, 12/15/31(1) | 49,000 | 50,249 | ||||||
Trinity Industries, Inc., 7.75%, 7/15/28(1) | 46,000 | 47,430 | ||||||
234,642 | ||||||||
Media — 7.1% | ||||||||
Altice Financing SA, 5.75%, 8/15/29(1) | 191,000 | 142,152 | ||||||
AMC Networks, Inc., 4.25%, 2/15/29(2) | 53,000 | 37,446 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27(1) | 70,000 | 66,950 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29(1) | 70,000 | 62,758 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 6.375%, 9/1/29(1) | 47,000 | 44,030 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30(1) | 70,000 | 59,685 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30(1) | 117,000 | 97,309 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/1/31(1) | 117,000 | 94,398 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 2/1/32(1) | 53,000 | 42,719 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32 | 140,000 | 111,172 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33(1) | 93,000 | 71,840 | ||||||
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1) | 47,000 | 44,442 | ||||||
Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30(1) | 48,000 | 47,778 | ||||||
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.875%, 8/15/27(1) | 117,000 | 109,957 | ||||||
GCI LLC, 4.75%, 10/15/28(1) | 47,000 | 42,717 | ||||||
Gray Television, Inc., 7.00%, 5/15/27(1) | 34,000 | 30,039 | ||||||
Gray Television, Inc., 4.75%, 10/15/30(1) | 47,000 | 26,787 | ||||||
iHeartCommunications, Inc., 5.25%, 8/15/27(1) | 47,000 | 26,011 | ||||||
iHeartCommunications, Inc., 4.75%, 1/15/28(1) | 47,000 | 24,891 | ||||||
Lamar Media Corp., 3.75%, 2/15/28 | 47,000 | 43,947 | ||||||
Lamar Media Corp., 4.875%, 1/15/29 | 47,000 | 44,891 | ||||||
Lamar Media Corp., 4.00%, 2/15/30 | 47,000 | 42,310 | ||||||
News Corp., 3.875%, 5/15/29(1) | 70,000 | 63,583 | ||||||
News Corp., 5.125%, 2/15/32(1) | 45,000 | 41,912 | ||||||
Nexstar Media, Inc., 5.625%, 7/15/27(1) | 47,000 | 44,399 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 8/15/27(1) | 107,000 | 102,834 | ||||||
Sinclair Television Group, Inc., 5.125%, 2/15/27(1) | 36,000 | 32,277 | ||||||
Sinclair Television Group, Inc., 5.50%, 3/1/30(1) | 67,000 | 44,329 | ||||||
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)(2) | 47,000 | 31,924 | ||||||
Sirius XM Radio, Inc., 3.125%, 9/1/26(1) | 25,000 | 23,412 | ||||||
Sirius XM Radio, Inc., 5.00%, 8/1/27(1) | 70,000 | 66,532 | ||||||
Sirius XM Radio, Inc., 4.00%, 7/15/28(1) | 70,000 | 62,730 | ||||||
Sirius XM Radio, Inc., 5.50%, 7/1/29(1) | 88,000 | 81,811 | ||||||
Sirius XM Radio, Inc., 3.875%, 9/1/31(1) | 47,000 | 37,569 | ||||||
Univision Communications, Inc., 6.625%, 6/1/27(1) | 47,000 | 45,448 | ||||||
Univision Communications, Inc., 8.00%, 8/15/28(1) | 24,000 | 23,660 | ||||||
Univision Communications, Inc., 4.50%, 5/1/29(1) | 39,000 | 33,351 | ||||||
Univision Communications, Inc., 7.375%, 6/30/30(1) | 100,000 | 94,854 | ||||||
Videotron Ltd., 3.625%, 6/15/29(1)(2) | 72,000 | 65,115 | ||||||
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(1) | 187,000 | 169,340 | ||||||
Ziggo BV, 4.875%, 1/15/30(1) | 39,000 | 34,796 | ||||||
2,414,105 | ||||||||
Metals and Mining — 2.2% | ||||||||
ATI, Inc., 5.875%, 12/1/27 | 23,000 | 22,609 | ||||||
ATI, Inc., 4.875%, 10/1/29 | 25,000 | 23,385 | ||||||
ATI, Inc., 5.125%, 10/1/31 | 47,000 | 42,922 |
Carpenter Technology Corp., 6.375%, 7/15/28 | 47,000 | 46,972 | ||||||
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1) | 25,000 | 23,502 | ||||||
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1) | 47,000 | 41,137 | ||||||
Compass Minerals International, Inc., 6.75%, 12/1/27(1)(2) | 47,000 | 44,970 | ||||||
Constellium SE, 3.75%, 4/15/29(1) | 75,000 | 67,530 | ||||||
FMG Resources August 2006 Pty. Ltd., 5.875%, 4/15/30(1) | 68,000 | 66,013 | ||||||
FMG Resources August 2006 Pty. Ltd., 4.375%, 4/1/31(1) | 96,000 | 85,301 | ||||||
FMG Resources August 2006 Pty. Ltd., 6.125%, 4/15/32(1) | 50,000 | 48,931 | ||||||
Hudbay Minerals, Inc., 6.125%, 4/1/29(1) | 47,000 | 46,397 | ||||||
Mineral Resources Ltd., 8.00%, 11/1/27(1) | 53,000 | 53,969 | ||||||
Mineral Resources Ltd., 9.25%, 10/1/28(1) | 24,000 | 25,262 | ||||||
Novelis Corp., 4.75%, 1/30/30(1) | 117,000 | 108,181 | ||||||
747,081 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.3% | ||||||||
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1)(2) | 47,000 | 42,136 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/1/25(1) | 48,000 | 47,089 | ||||||
89,225 | ||||||||
Oil, Gas and Consumable Fuels — 14.1% | ||||||||
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 2/15/26(1) | 47,000 | 47,478 | ||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 6/15/29(1) | 97,000 | 93,037 | ||||||
Apache Corp., 5.10%, 9/1/40 | 70,000 | 60,224 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/29(1) | 47,000 | 45,280 | ||||||
Baytex Energy Corp., 8.50%, 4/30/30(1) | 68,000 | 70,965 | ||||||
Cheniere Energy Partners LP, 4.50%, 10/1/29 | 68,000 | 64,670 | ||||||
Cheniere Energy Partners LP, 4.00%, 3/1/31 | 147,000 | 132,580 | ||||||
CITGO Petroleum Corp., 7.00%, 6/15/25(1) | 47,000 | 47,087 | ||||||
CITGO Petroleum Corp., 6.375%, 6/15/26(1) | 47,000 | 47,044 | ||||||
CITGO Petroleum Corp., 8.375%, 1/15/29(1) | 46,000 | 47,653 | ||||||
Civitas Resources, Inc., 8.625%, 11/1/30(1) | 45,000 | 48,165 | ||||||
Civitas Resources, Inc., 8.75%, 7/1/31(1) | 24,000 | 25,653 | ||||||
Comstock Resources, Inc., 6.75%, 3/1/29(1) | 63,000 | 60,988 | ||||||
Comstock Resources, Inc., 5.875%, 1/15/30(1) | 47,000 | 43,363 | ||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 6/15/31(1) | 70,000 | 65,642 | ||||||
CrownRock LP/CrownRock Finance, Inc., 5.625%, 10/15/25(1) | 117,000 | 116,778 | ||||||
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28(1) | 47,000 | 46,443 | ||||||
Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, 3/15/29(1) | 50,000 | 51,166 | ||||||
DT Midstream, Inc., 4.375%, 6/15/31(1) | 44,000 | 39,550 | ||||||
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28(1) | 71,000 | 71,730 | ||||||
Energy Transfer LP, 5.75%, 4/1/25 | 47,000 | 47,003 | ||||||
Energy Transfer LP, 6.00%, 2/1/29(1) | 47,000 | 47,276 | ||||||
EnLink Midstream LLC, 6.50%, 9/1/30(1) | 47,000 | 48,043 | ||||||
EnLink Midstream Partners LP, 4.85%, 7/15/26 | 70,000 | 68,487 | ||||||
EnLink Midstream Partners LP, 5.60%, 4/1/44 | 70,000 | 61,501 | ||||||
EnLink Midstream Partners LP, 5.45%, 6/1/47 | 70,000 | 60,827 | ||||||
EQM Midstream Partners LP, 6.00%, 7/1/25(1) | 47,000 | 47,002 | ||||||
EQM Midstream Partners LP, 6.50%, 7/1/27(1) | 47,000 | 47,425 | ||||||
EQM Midstream Partners LP, 4.50%, 1/15/29(1) | 47,000 | 43,835 | ||||||
EQM Midstream Partners LP, 6.375%, 4/1/29(1)(2) | 23,000 | 22,973 | ||||||
EQM Midstream Partners LP, 7.50%, 6/1/30(1) | 24,000 | 25,364 | ||||||
EQM Midstream Partners LP, 4.75%, 1/15/31(1) | 86,000 | 79,028 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 1/15/27 | 117,000 | 119,310 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 2/1/28 | 47,000 | 47,241 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp., 7.875%, 5/15/32 | 47,000 | 47,126 | ||||||
Harvest Midstream I LP, 7.50%, 9/1/28(1) | 70,000 | 71,086 | ||||||
Hess Midstream Operations LP, 5.625%, 2/15/26(1) | 70,000 | 69,602 |
Hess Midstream Operations LP, 5.125%, 6/15/28(1) | 47,000 | 45,311 | ||||||
Hess Midstream Operations LP, 4.25%, 2/15/30(1) | 39,000 | 35,477 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/1/28(1) | 39,000 | 38,530 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co., 5.75%, 2/1/29(1) | 21,000 | 20,301 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 4/15/30(1) | 14,000 | 13,521 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 2/1/31(1) | 47,000 | 44,955 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 4/15/32(1) | 14,000 | 13,430 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co., 8.375%, 11/1/33(1) | 22,000 | 23,550 | ||||||
Ithaca Energy North Sea PLC, 9.00%, 7/15/26(1) | 40,000 | 40,613 | ||||||
ITT Holdings LLC, 6.50%, 8/1/29(1) | 47,000 | 43,065 | ||||||
Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 2/15/28(1) | 25,000 | 26,928 | ||||||
Matador Resources Co., 6.875%, 4/15/28(1) | 24,000 | 24,235 | ||||||
MEG Energy Corp., 5.875%, 2/1/29(1) | 70,000 | 67,987 | ||||||
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(1) | 45,000 | 44,903 | ||||||
Murphy Oil Corp., 5.875%, 12/1/27 | 47,000 | 47,253 | ||||||
Murphy Oil Corp., 6.375%, 7/15/28 | 47,000 | 47,366 | ||||||
New Fortress Energy, Inc., 6.75%, 9/15/25(1) | 16,000 | 15,822 | ||||||
New Fortress Energy, Inc., 6.50%, 9/30/26(1) | 23,000 | 21,665 | ||||||
Northern Oil & Gas, Inc., 8.125%, 3/1/28(1) | 24,000 | 24,419 | ||||||
Northern Oil & Gas, Inc., 8.75%, 6/15/31(1) | 24,000 | 25,176 | ||||||
NuStar Logistics LP, 6.375%, 10/1/30 | 47,000 | 46,888 | ||||||
Parkland Corp., 5.875%, 7/15/27(1) | 39,000 | 38,387 | ||||||
Parkland Corp., 4.50%, 10/1/29(1) | 21,000 | 19,118 | ||||||
Parkland Corp., 4.625%, 5/1/30(1) | 47,000 | 42,752 | ||||||
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | 47,000 | 45,960 | ||||||
PBF Holding Co. LLC/PBF Finance Corp., 7.875%, 9/15/30(1) | 46,000 | 47,293 | ||||||
Permian Resources Operating LLC, 5.375%, 1/15/26(1) | 47,000 | 46,462 | ||||||
Permian Resources Operating LLC, 8.00%, 4/15/27(1) | 50,000 | 51,343 | ||||||
Permian Resources Operating LLC, 7.00%, 1/15/32(1) | 24,000 | 24,535 | ||||||
Range Resources Corp., 8.25%, 1/15/29 | 47,000 | 48,965 | ||||||
Range Resources Corp., 4.75%, 2/15/30(1) | 39,000 | 36,265 | ||||||
Rockcliff Energy II LLC, 5.50%, 10/15/29(1) | 47,000 | 43,696 | ||||||
Rockies Express Pipeline LLC, 4.95%, 7/15/29(1) | 50,000 | 46,348 | ||||||
SM Energy Co., 6.75%, 9/15/26 | 70,000 | 69,940 | ||||||
Southwestern Energy Co., 5.375%, 2/1/29 | 47,000 | 45,237 | ||||||
Southwestern Energy Co., 5.375%, 3/15/30 | 47,000 | 45,241 | ||||||
Southwestern Energy Co., 4.75%, 2/1/32 | 39,000 | 35,374 | ||||||
Sunoco LP, 7.00%, 5/1/29(1) | 22,000 | 22,482 | ||||||
Sunoco LP, 7.25%, 5/1/32(1) | 23,000 | 23,563 | ||||||
Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27 | 47,000 | 46,622 | ||||||
Sunoco LP/Sunoco Finance Corp., 7.00%, 9/15/28(1) | 25,000 | 25,464 | ||||||
Sunoco LP/Sunoco Finance Corp., 4.50%, 4/30/30 | 47,000 | 42,459 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1) | 47,000 | 44,332 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1) | 47,000 | 44,058 | ||||||
Talos Production, Inc., 9.00%, 2/1/29(1) | 25,000 | 26,248 | ||||||
Talos Production, Inc., 9.375%, 2/1/31(1) | 25,000 | 26,478 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.50%, 7/15/27 | 33,000 | 33,219 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00%, 1/15/28 | 102,000 | 99,534 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/1/31 | 32,000 | 30,412 | ||||||
Teine Energy Ltd., 6.875%, 4/15/29(1) | 47,000 | 46,177 | ||||||
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29(1) | 93,000 | 83,826 | ||||||
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/30(1) | 45,000 | 45,140 | ||||||
Venture Global Calcasieu Pass LLC, 3.875%, 11/1/33(1) | 61,000 | 51,207 | ||||||
Venture Global LNG, Inc., 8.125%, 6/1/28(1) | 66,000 | 67,498 | ||||||
Venture Global LNG, Inc., 9.50%, 2/1/29(1) | 69,000 | 74,875 |
Venture Global LNG, Inc., 8.375%, 6/1/31(1) | 65,000 | 67,075 | ||||||
Venture Global LNG, Inc., 9.875%, 2/1/32(1) | 69,000 | 74,032 | ||||||
Vermilion Energy, Inc., 6.875%, 5/1/30(1) | 53,000 | 51,992 | ||||||
Viper Energy, Inc., 5.375%, 11/1/27(1) | 70,000 | 68,327 | ||||||
Vital Energy, Inc., 7.75%, 7/31/29(1)(2) | 48,000 | 48,708 | ||||||
Western Midstream Operating LP, 5.30%, 3/1/48 | 53,000 | 45,585 | ||||||
4,766,249 | ||||||||
Passenger Airlines — 1.3% | ||||||||
Air Canada, 3.875%, 8/15/26(1) | 47,000 | 44,650 | ||||||
American Airlines, Inc., 7.25%, 2/15/28(1) | 43,000 | 42,974 | ||||||
American Airlines, Inc., 8.50%, 5/15/29(1) | 51,000 | 52,634 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) | 46,429 | 46,019 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(1) | 43,000 | 41,618 | ||||||
Delta Air Lines, Inc., 7.00%, 5/1/25(1) | 70,000 | 70,668 | ||||||
Delta Air Lines, Inc., 4.375%, 4/19/28(2) | 65,000 | 62,570 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1) | 46,429 | 42,854 | ||||||
United Airlines, Inc., 4.375%, 4/15/26(1) | 47,000 | 45,317 | ||||||
449,304 | ||||||||
Personal Care Products — 0.5% | ||||||||
BellRing Brands, Inc., 7.00%, 3/15/30(1) | 39,000 | 39,880 | ||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.625%, 7/15/30(1)(2) | 45,000 | 45,353 | ||||||
Edgewell Personal Care Co., 5.50%, 6/1/28(1) | 47,000 | 45,730 | ||||||
Edgewell Personal Care Co., 4.125%, 4/1/29(1) | 47,000 | 42,833 | ||||||
173,796 | ||||||||
Pharmaceuticals — 0.9% | ||||||||
Bausch Health Cos., Inc., 5.50%, 11/1/25(1) | 14,000 | 13,217 | ||||||
Bausch Health Cos., Inc., 6.125%, 2/1/27(1)(2) | 72,000 | 59,858 | ||||||
Bausch Health Cos., Inc., 5.75%, 8/15/27(1)(2) | 86,000 | 68,030 | ||||||
Jazz Securities DAC, 4.375%, 1/15/29(1) | 30,000 | 27,629 | ||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 4.125%, 4/30/28(1) | 70,000 | 64,712 | ||||||
Prestige Brands, Inc., 3.75%, 4/1/31(1) | 92,000 | 78,955 | ||||||
312,401 | ||||||||
Real Estate Management and Development — 1.0% | ||||||||
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., 7.00%, 4/15/30(1) | 44,000 | 38,251 | ||||||
Anywhere Real Estate Group LLC/Realogy Co.-Issuer Corp., 5.75%, 1/15/29(1)(2) | 47,000 | 32,296 | ||||||
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 5/15/28(1) | 70,000 | 69,652 | ||||||
Forestar Group, Inc., 3.85%, 5/15/26(1) | 47,000 | 44,861 | ||||||
Greystar Real Estate Partners LLC, 7.75%, 9/1/30(1) | 46,000 | 48,462 | ||||||
Howard Hughes Corp., 5.375%, 8/1/28(1) | 47,000 | 44,541 | ||||||
Newmark Group, Inc., 7.50%, 1/12/29(1) | 48,000 | 49,061 | ||||||
327,124 | ||||||||
Semiconductors and Semiconductor Equipment — 0.4% | ||||||||
Entegris, Inc., 5.95%, 6/15/30(1) | 45,000 | 44,333 | ||||||
ON Semiconductor Corp., 3.875%, 9/1/28(1) | 47,000 | 42,953 | ||||||
Synaptics, Inc., 4.00%, 6/15/29(1)(2) | 47,000 | 42,135 | ||||||
129,421 | ||||||||
Software — 2.6% | ||||||||
Camelot Finance SA, 4.50%, 11/1/26(1) | 39,000 | 37,653 | ||||||
Castle U.S. Holding Corp., 9.50%, 2/15/28(1) | 77,000 | 37,225 | ||||||
Cloud Software Group, Inc., 6.50%, 3/31/29(1) | 112,000 | 106,311 | ||||||
Cloud Software Group, Inc., 9.00%, 9/30/29(1) | 47,000 | 45,517 | ||||||
Cloud Software Group, Inc., 8.25%, 6/30/32(1) | 47,000 | 47,504 | ||||||
Consensus Cloud Solutions, Inc., 6.00%, 10/15/26(1) | 39,000 | 38,040 | ||||||
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1)(2) | 47,000 | 43,305 | ||||||
Gen Digital, Inc., 6.75%, 9/30/27(1) | 14,000 | 14,121 |
Gen Digital, Inc., 7.125%, 9/30/30(1) | 14,000 | 14,244 | ||||||
NCR Voyix Corp., 5.125%, 4/15/29(1) | 70,000 | 65,045 | ||||||
NCR Voyix Corp., 5.25%, 10/1/30(1) | 70,000 | 63,573 | ||||||
Open Text Corp., 3.875%, 12/1/29(1) | 70,000 | 61,697 | ||||||
Open Text Holdings, Inc., 4.125%, 2/15/30(1) | 47,000 | 41,823 | ||||||
Open Text Holdings, Inc., 4.125%, 12/1/31(1) | 47,000 | 40,479 | ||||||
Rocket Software, Inc., 9.00%, 11/28/28(1) | 47,000 | 47,774 | ||||||
SS&C Technologies, Inc., 5.50%, 9/30/27(1) | 70,000 | 68,607 | ||||||
SS&C Technologies, Inc., 6.50%, 6/1/32(1) | 48,000 | 48,168 | ||||||
UKG, Inc., 6.875%, 2/1/31(1) | 50,000 | 50,351 | ||||||
871,437 | ||||||||
Specialized REITs — 1.2% | ||||||||
Iron Mountain, Inc., 5.25%, 3/15/28(1) | 140,000 | 134,880 | ||||||
Iron Mountain, Inc., 7.00%, 2/15/29(1) | 53,000 | 53,755 | ||||||
Iron Mountain, Inc., 4.875%, 9/15/29(1) | 70,000 | 64,927 | ||||||
Iron Mountain, Inc., 4.50%, 2/15/31(1) | 47,000 | 41,870 | ||||||
SBA Communications Corp., 3.875%, 2/15/27 | 117,000 | 110,823 | ||||||
406,255 | ||||||||
Specialty Retail — 2.8% | ||||||||
Asbury Automotive Group, Inc., 4.625%, 11/15/29(1)(2) | 39,000 | 35,917 | ||||||
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1)(2) | 47,000 | 42,102 | ||||||
Bath & Body Works, Inc., 6.625%, 10/1/30(1) | 72,000 | 72,151 | ||||||
Bath & Body Works, Inc., 6.75%, 7/1/36 | 70,000 | 69,720 | ||||||
EquipmentShare.com, Inc., 8.625%, 5/15/32(1) | 46,000 | 47,694 | ||||||
Ferrellgas LP/Ferrellgas Finance Corp., 5.375%, 4/1/26(1) | 47,000 | 45,926 | ||||||
Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 4/1/29(1) | 70,000 | 66,147 | ||||||
Gap, Inc., 3.875%, 10/1/31(1) | 47,000 | 39,068 | ||||||
Lithia Motors, Inc., 3.875%, 6/1/29(1) | 47,000 | 41,908 | ||||||
Match Group Holdings II LLC, 5.00%, 12/15/27(1) | 39,000 | 36,967 | ||||||
Match Group Holdings II LLC, 3.625%, 10/1/31(1) | 47,000 | 39,184 | ||||||
Park River Holdings, Inc., 5.625%, 2/1/29(1) | 65,000 | 52,958 | ||||||
Sonic Automotive, Inc., 4.875%, 11/15/31(1) | 47,000 | 41,279 | ||||||
Staples, Inc., 7.50%, 4/15/26(1) | 112,000 | 112,050 | ||||||
Staples, Inc., 10.75%, 4/15/27(1)(2) | 70,000 | 62,682 | ||||||
Superior Plus LP/Superior General Partner, Inc., 4.50%, 3/15/29(1) | 47,000 | 42,928 | ||||||
Victoria's Secret & Co., 4.625%, 7/15/29(1) | 40,000 | 32,655 | ||||||
Victra Holdings LLC/Victra Finance Corp., 7.75%, 2/15/26(1) | 70,000 | 69,402 | ||||||
950,738 | ||||||||
Technology Hardware, Storage and Peripherals — 0.4% | ||||||||
Seagate HDD Cayman, 4.09%, 6/1/29 | 42,000 | 38,484 | ||||||
Seagate HDD Cayman, 9.625%, 12/1/32 | 40,000 | 45,337 | ||||||
Xerox Holdings Corp., 5.00%, 8/15/25(1) | 4,000 | 3,920 | ||||||
Xerox Holdings Corp., 5.50%, 8/15/28(1) | 47,000 | 41,340 | ||||||
129,081 | ||||||||
Textiles, Apparel and Luxury Goods — 0.1% | ||||||||
Crocs, Inc., 4.125%, 8/15/31(1) | 53,000 | 46,232 | ||||||
Trading Companies and Distributors — 0.4% | ||||||||
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1)(2) | 47,000 | 42,540 | ||||||
Beacon Roofing Supply, Inc., 6.50%, 8/1/30(1) | 47,000 | 47,079 | ||||||
Fortress Transportation & Infrastructure Investors LLC, 5.50%, 5/1/28(1) | 47,000 | 45,462 | ||||||
135,081 | ||||||||
Transportation Infrastructure — 0.2% | ||||||||
Seaspan Corp., 5.50%, 8/1/29(1) | 70,000 | 62,426 | ||||||
Wireless Telecommunication Services — 0.8% | ||||||||
Sprint LLC, 7.125%, 6/15/24 | 117,000 | 117,095 |
Vmed O2 U.K. Financing I PLC, 4.25%, 1/31/31(1) | 37,000 | 30,489 | ||||||
Vmed O2 U.K. Financing I PLC, 4.75%, 7/15/31(1) | 40,000 | 33,236 | ||||||
Vodafone Group PLC, VRN, 7.00%, 4/4/79 | 70,000 | 72,230 | ||||||
253,050 | ||||||||
TOTAL CORPORATE BONDS (Cost $33,762,813) | 32,401,265 | |||||||
PREFERRED STOCKS — 0.6% | ||||||||
Banks — 0.5% | ||||||||
Bank of America Corp., 6.25% | 70,000 | 69,869 | ||||||
Citigroup, Inc., 4.70% | 103,000 | 101,062 | ||||||
170,931 | ||||||||
Electric Utilities — 0.1% | ||||||||
NRG Energy, Inc., 10.25%(1) | 25,000 | 27,362 | ||||||
TOTAL PREFERRED STOCKS (Cost $199,423) | 198,293 | |||||||
SHORT-TERM INVESTMENTS — 8.0% | ||||||||
Money Market Funds — 8.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,014,701 | 1,014,701 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 1,684,365 | 1,684,365 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,699,066) | 2,699,066 | |||||||
TOTAL INVESTMENT SECURITIES — 104.3% (Cost $36,661,302) | 35,298,624 | |||||||
OTHER ASSETS AND LIABILITIES — (4.3)% | (1,463,239) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 33,835,385 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
PIK | – | Payment in Kind. Security may elect to pay a cash rate and/or an in kind rate. | ||||||
VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $25,132,850, which represented 74.3% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,663,858. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,722,411, which includes securities collateral of $38,046.
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Investment Valuations
The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported NAV per share.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
2. Fair Value Measurements
The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 32,401,265 | — | |||||||
Preferred Stocks | — | 198,293 | — | ||||||||
Short-Term Investments | $ | 2,699,066 | — | — | |||||||
$ | 2,699,066 | $ | 32,599,558 | — |
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.