| Corporate Bonds - 36.8% |
| | | Principal Amount (a) | Value ($) |
| Convertible Bonds - 0.5% | | | |
| COMMUNICATION SERVICES - 0.2% | | | |
| Media - 0.2% | | | |
| DISH Network Corp.: | | | |
| 0% 12/15/25 | | 1,767,000 | 1,289,910 |
| 3.375% 8/15/26 | | 2,667,000 | 1,660,208 |
| | | | 2,950,118 |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Hotels, Restaurants & Leisure - 0.1% | | | |
| New Cotai LLC 5% 2/24/27 (b) | | 310,010 | 666,522 |
| | | | |
| FINANCIALS - 0.0% | | | |
| Capital Markets - 0.0% | | | |
| Coinbase Global, Inc. 0.25% 4/1/30 (c) | | 390,000 | 410,834 |
| | | | |
| INFORMATION TECHNOLOGY - 0.2% | | | |
| Semiconductors & Semiconductor Equipment - 0.2% | | | |
| Wolfspeed, Inc. 1.875% 12/1/29 | | 4,903,000 | 2,736,364 |
| | | | |
| TOTAL CONVERTIBLE BONDS | | | 6,763,838 |
| Nonconvertible Bonds - 36.3% | | | |
| COMMUNICATION SERVICES - 2.9% | | | |
| Diversified Telecommunication Services - 0.9% | | | |
| Altice France SA: | | | |
| 5.125% 7/15/29(c) | | 3,835,000 | 2,592,589 |
| 5.5% 1/15/28(c) | | 1,190,000 | 845,189 |
| 5.5% 10/15/29(c) | | 2,810,000 | 1,907,240 |
| Colombia Telecomunicaciones SA 4.95% 7/17/30 (c) | | 210,000 | 145,622 |
| Frontier Communications Holdings LLC: | | | |
| 5% 5/1/28(c) | | 1,165,000 | 1,081,368 |
| 5.875% 10/15/27(c) | | 620,000 | 600,245 |
| IHS Holding Ltd. 5.625% 11/29/26 (c) | | 415,000 | 386,469 |
| Liquid Telecommunications Financing PLC 5.5% 9/4/26 (c) | | 830,000 | 481,400 |
| Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (c) | | 280,000 | 286,323 |
| Qtel International Finance Ltd. 2.625% 4/8/31 (c) | | 385,000 | 330,985 |
| Qwest Corp. 7.25% 9/15/25 | | 35,000 | 34,125 |
| Sable International Finance Ltd. 5.75% 9/7/27 (c) | | 1,722,000 | 1,654,136 |
| Sitios Latinoamerica S.A.B. de CV 5.375% 4/4/32 (c) | | 445,000 | 414,823 |
| Telefonica Celular del Paraguay SA 5.875% 4/15/27 (c) | | 570,000 | 555,928 |
| Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (c) | | 600,000 | 563,250 |
| Windstream Escrow LLC 7.75% 8/15/28 (c) | | 730,000 | 675,667 |
| | | | 12,555,359 |
| Entertainment - 0.1% | | | |
| Roblox Corp. 3.875% 5/1/30 (c) | | 1,160,000 | 1,021,946 |
| | | | |
| Interactive Media & Services - 0.1% | | | |
| Tencent Holdings Ltd.: | | | |
| 1.81% 1/26/26(c) | | 240,000 | 225,975 |
| 2.39% 6/3/30(c) | | 495,000 | 422,799 |
| 3.975% 4/11/29(c) | | 180,000 | 171,006 |
| | | | 819,780 |
| Media - 1.3% | | | |
| Altice Financing SA: | | | |
| 5% 1/15/28(c) | | 990,000 | 814,814 |
| 5.75% 8/15/29(c) | | 1,190,000 | 953,477 |
| CCO Holdings LLC/CCO Holdings Capital Corp.: | | | |
| 4.5% 8/15/30(c) | | 1,145,000 | 959,564 |
| 5.375% 6/1/29(c) | | 4,035,000 | 3,693,832 |
| DISH DBS Corp. 5.75% 12/1/28 (c) | | 685,000 | 470,770 |
| DISH Network Corp. 11.75% 11/15/27 (c) | | 2,090,000 | 2,133,746 |
| Gannett Holdings LLC 6% 11/1/26 (c) | | 400,000 | 365,800 |
| LCPR Senior Secured Financing DAC: | | | |
| 5.125% 7/15/29(c) | | 1,370,000 | 1,147,339 |
| 6.75% 10/15/27(c) | | 544,000 | 510,554 |
| Scripps Escrow II, Inc. 3.875% 1/15/29 (c) | | 165,000 | 131,203 |
| Sirius XM Radio, Inc.: | | | |
| 3.875% 9/1/31(c) | | 570,000 | 475,274 |
| 4% 7/15/28(c) | | 580,000 | 530,625 |
| 5% 8/1/27(c) | | 485,000 | 466,610 |
| Telecomunicaciones Digitales SA 4.5% 1/30/30 (c) | | 1,020,000 | 909,713 |
| TV Azteca SA de CV 8.25% (Reg. S) (d) | | 1,500,000 | 563,820 |
| Univision Communications, Inc.: | | | |
| 4.5% 5/1/29(c) | | 570,000 | 509,383 |
| 7.375% 6/30/30(c) | | 2,520,000 | 2,491,880 |
| Videotron Ltd. 5.125% 4/15/27 (c) | | 615,000 | 601,965 |
| VTR Finance BV 6.375% 7/15/28 (c) | | 320,000 | 180,000 |
| VZ Secured Financing BV 5% 1/15/32 (c) | | 1,105,000 | 948,757 |
| Ziggo BV 4.875% 1/15/30 (c) | | 430,000 | 386,026 |
| | | | 19,245,152 |
| Wireless Telecommunication Services - 0.5% | | | |
| AXIAN Telecom 7.375% 2/16/27 (c) | | 525,000 | 509,539 |
| Bharti Airtel International BV 5.35% 5/20/24 (c) | | 594,000 | 593,566 |
| C&W Senior Finance Ltd. 6.875% 9/15/27 (c) | | 2,480,000 | 2,349,800 |
| CT Trust 5.125% 2/3/32 (c) | | 720,000 | 634,068 |
| Intelsat Jackson Holdings SA 6.5% 3/15/30 (c) | | 1,160,000 | 1,077,721 |
| Millicom International Cellular SA: | | | |
| 4.5% 4/27/31(c) | | 530,000 | 450,500 |
| 7.375% 4/2/32(c) | | 265,000 | 265,265 |
| MTN (Mauritius) Investments Ltd. 6.5% 10/13/26 (c) | | 315,000 | 317,461 |
| VMED O2 UK Financing I PLC 4.75% 7/15/31 (c) | | 995,000 | 857,575 |
| VTR Comunicaciones SpA: | | | |
| 4.375% 4/15/29(c) | | 210,000 | 145,097 |
| 5.125% 1/15/28(c) | | 620,000 | 437,100 |
| | | | 7,637,692 |
TOTAL COMMUNICATION SERVICES | | | 41,279,929 |
| | | | |
| CONSUMER DISCRETIONARY - 4.3% | | | |
| Automobile Components - 0.3% | | | |
| Adient Global Holdings Ltd. 7% 4/15/28 (c) | | 300,000 | 306,540 |
| Clarios Global LP / Clarios U.S. Finance Co. 6.75% 5/15/28 (c) | | 600,000 | 608,177 |
| Dana, Inc. 4.5% 2/15/32 | | 410,000 | 354,372 |
| Hertz Corp.: | | | |
| 4.625% 12/1/26(c) | | 230,000 | 208,734 |
| 5% 12/1/29(c) | | 450,000 | 347,745 |
| 5.5%(b)(c)(d) | | 650,000 | 21,125 |
| 6%(b)(c)(d) | | 575,000 | 51,750 |
| 6.25%(b)(d) | | 670,000 | 21,775 |
| 7.125%(b)(c)(d) | | 620,000 | 55,800 |
| Macquarie AirFinance Holdings: | | | |
| 6.4% 3/26/29(c) | | 195,000 | 198,056 |
| 6.5% 3/26/31(c) | | 295,000 | 300,324 |
| 8.125% 3/30/29(c) | | 435,000 | 460,066 |
| Metalsa SA de CV 3.75% 5/4/31 (c) | | 455,000 | 367,697 |
| Nesco Holdings II, Inc. 5.5% 4/15/29 (c) | | 715,000 | 676,463 |
| Tenneco, Inc. 8% 11/17/28 (c) | | 880,000 | 802,946 |
| | | | 4,781,570 |
| Automobiles - 0.1% | | | |
| Aston Martin Capital Holdings Ltd. 10% 3/31/29 (c) | | 420,000 | 426,367 |
| McLaren Finance PLC 7.5% 8/1/26 (c) | | 390,000 | 344,175 |
| Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 11.4932% 10/15/26 (c)(e)(f) | | 595,000 | 598,392 |
| | | | 1,368,934 |
| Broadline Retail - 0.2% | | | |
| Alibaba Group Holding Ltd. 2.125% 2/9/31 | | 300,000 | 249,342 |
| Angi Group LLC 3.875% 8/15/28 (c) | | 335,000 | 290,786 |
| JD.com, Inc. 3.375% 1/14/30 | | 850,000 | 774,031 |
| Prosus NV: | | | |
| 2.031% 8/3/32 (Reg. S) | EUR | 210,000 | 181,183 |
| 3.061% 7/13/31(c) | | 385,000 | 310,888 |
| 3.68% 1/21/30(c) | | 370,000 | 323,473 |
| 4.027% 8/3/50(c) | | 595,000 | 381,172 |
| 4.193% 1/19/32(c) | | 205,000 | 177,581 |
| | | | 2,688,456 |
| Distributors - 0.0% | | | |
| Windsor Holdings III, LLC 8.5% 6/15/30 (c) | | 295,000 | 309,310 |
| | | | |
| Diversified Consumer Services - 0.3% | | | |
| Adtalem Global Education, Inc. 5.5% 3/1/28 (c) | | 420,000 | 402,075 |
| GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (c) | | 1,130,000 | 1,130,949 |
| Service Corp. International 4% 5/15/31 | | 570,000 | 504,995 |
| Sotheby's 7.375% 10/15/27 (c) | | 295,000 | 274,669 |
| Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (c) | | 430,000 | 361,420 |
| TKC Holdings, Inc. 6.875% 5/15/28 (c) | | 950,000 | 901,717 |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) | | 475,000 | 464,252 |
| | | | 4,040,077 |
| Hotels, Restaurants & Leisure - 2.5% | | | |
| 1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | | | |
| 3.875% 1/15/28(c) | | 570,000 | 535,694 |
| 4% 10/15/30(c) | | 2,320,000 | 2,067,124 |
| 4.375% 1/15/28(c) | | 560,000 | 529,721 |
| Affinity Interactive 6.875% 12/15/27 (c) | | 250,000 | 233,597 |
| Bimbo Bakeries U.S.A., Inc.: | | | |
| 5.375% 1/9/36(c) | | 200,000 | 197,166 |
| 6.4% 1/15/34(c) | | 400,000 | 426,792 |
| Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (c) | | 270,000 | 250,425 |
| Boyd Gaming Corp. 4.75% 6/15/31 (c) | | 715,000 | 657,047 |
| Caesars Entertainment, Inc. 7% 2/15/30 (c) | | 905,000 | 928,969 |
| Carnival Corp.: | | | |
| 4% 8/1/28(c) | | 3,420,000 | 3,185,713 |
| 7% 8/15/29(c) | | 300,000 | 312,896 |
| 7.625% 3/1/26(c) | | 1,070,000 | 1,082,582 |
| Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (c) | | 885,000 | 965,410 |
| Churchill Downs, Inc.: | | | |
| 5.75% 4/1/30(c) | | 725,000 | 699,844 |
| 6.75% 5/1/31(c) | | 600,000 | 603,352 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | | | |
| 4.625% 1/15/29(c) | | 1,175,000 | 1,077,447 |
| 6.75% 1/15/30(c) | | 1,600,000 | 1,436,660 |
| Garden SpinCo Corp. 8.625% 7/20/30 (c) | | 260,000 | 280,086 |
| GENM Capital Labuan Ltd. 3.882% 4/19/31 (c) | | 595,000 | 521,369 |
| Hilton Domestic Operating Co., Inc.: | | | |
| 3.75% 5/1/29(c) | | 330,000 | 302,736 |
| 4% 5/1/31(c) | | 500,000 | 446,883 |
| 4.875% 1/15/30 | | 975,000 | 934,831 |
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | | 435,000 | 427,663 |
| Jacobs Entertainment, Inc. 6.75% 2/15/29 (c) | | 395,000 | 383,711 |
| Light & Wonder International, Inc. 7.5% 9/1/31 (c) | | 295,000 | 306,771 |
| McDonald's Corp. 4.25% 3/7/35 (Reg. S) | EUR | 1,824,000 | 2,074,726 |
| Meituan: | | | |
| 2.125% 10/28/25(c) | | 275,000 | 260,219 |
| 3.05% 10/28/30(c) | | 335,000 | 286,984 |
| Melco Resorts Finance Ltd.: | | | |
| 5.25% 4/26/26(c) | | 475,000 | 458,653 |
| 5.75% 7/21/28(c) | | 270,000 | 255,660 |
| Merlin Entertainments PLC 5.75% 6/15/26 (c) | | 395,000 | 391,333 |
| MGM Resorts International: | | | |
| 4.75% 10/15/28 | | 665,000 | 632,456 |
| 6.75% 5/1/25 | | 1,485,000 | 1,484,296 |
| NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) | | 600,000 | 590,640 |
| NCL Corp. Ltd. 5.875% 2/15/27 (c) | | 550,000 | 543,396 |
| Ontario Gaming Gta LP/Otg Co.-I 8% 8/1/30 (c) | | 600,000 | 617,983 |
| Papa John's International, Inc. 3.875% 9/15/29 (c) | | 255,000 | 226,140 |
| Premier Entertainment Sub LLC: | | | |
| 5.625% 9/1/29(c) | | 510,000 | 389,349 |
| 5.875% 9/1/31(c) | | 110,000 | 80,417 |
| Royal Caribbean Cruises Ltd.: | | | |
| 5.375% 7/15/27(c) | | 415,000 | 409,148 |
| 6.25% 3/15/32(c) | | 565,000 | 569,497 |
| 7.25% 1/15/30(c) | | 300,000 | 311,695 |
| 8.25% 1/15/29(c) | | 2,295,000 | 2,429,581 |
| 9.25% 1/15/29(c) | | 1,725,000 | 1,850,175 |
| SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (c) | | 560,000 | 527,436 |
| Station Casinos LLC 4.625% 12/1/31 (c) | | 410,000 | 368,506 |
| Studio City Finance Ltd. 5% 1/15/29 (c) | | 320,000 | 281,200 |
| Vail Resorts, Inc. 6.25% 5/15/25 (c) | | 380,000 | 380,100 |
| Voc Escrow Ltd. 5% 2/15/28 (c) | | 990,000 | 952,463 |
| Yum! Brands, Inc. 4.625% 1/31/32 | | 590,000 | 544,463 |
| | | | 35,711,005 |
| Household Durables - 0.3% | | | |
| Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (c) | | 410,000 | 374,604 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (c) | | 405,000 | 363,257 |
| Century Communities, Inc. 3.875% 8/15/29 (c) | | 420,000 | 378,141 |
| LGI Homes, Inc. 8.75% 12/15/28 (c) | | 285,000 | 300,713 |
| Tempur Sealy International, Inc.: | | | |
| 3.875% 10/15/31(c) | | 735,000 | 624,166 |
| 4% 4/15/29(c) | | 790,000 | 716,933 |
| TopBuild Corp. 3.625% 3/15/29 (c) | | 305,000 | 277,063 |
| TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | | 780,000 | 778,404 |
| TRI Pointe Homes, Inc. 5.7% 6/15/28 | | 865,000 | 851,704 |
| | | | 4,664,985 |
| Specialty Retail - 0.5% | | | |
| Arko Corp. 5.125% 11/15/29 (c) | | 415,000 | 343,484 |
| Asbury Automotive Group, Inc.: | | | |
| 4.5% 3/1/28 | | 184,000 | 175,184 |
| 4.625% 11/15/29(c) | | 450,000 | 415,271 |
| 4.75% 3/1/30 | | 184,000 | 169,458 |
| 5% 2/15/32(c) | | 485,000 | 439,430 |
| Bath & Body Works, Inc.: | | | |
| 6.625% 10/1/30(c) | | 925,000 | 944,887 |
| 6.75% 7/1/36 | | 870,000 | 878,710 |
| 7.5% 6/15/29 | | 500,000 | 518,183 |
| Carvana Co.: | | | |
| 12% 12/1/28 pay-in-kind(c)(e) | | 183,511 | 179,426 |
| 13% 6/1/30 pay-in-kind(c)(e) | | 278,575 | 271,673 |
| 14% 6/1/31 pay-in-kind(c)(e) | | 330,834 | 332,530 |
| LBM Acquisition LLC 6.25% 1/15/29 (c) | | 900,000 | 843,811 |
| LCM Investments Holdings 8.25% 8/1/31 (c) | | 355,000 | 371,386 |
| PetSmart, Inc. / PetSmart Finance Corp.: | | | |
| 4.75% 2/15/28(c) | | 610,000 | 571,110 |
| 7.75% 2/15/29(c) | | 445,000 | 433,226 |
| Wand NewCo 3, Inc. 7.625% 1/30/32 (c) | | 565,000 | 584,338 |
| | | | 7,472,107 |
| Textiles, Apparel & Luxury Goods - 0.1% | | | |
| Crocs, Inc.: | | | |
| 4.125% 8/15/31(c) | | 280,000 | 242,601 |
| 4.25% 3/15/29(c) | | 435,000 | 397,687 |
| Kontoor Brands, Inc. 4.125% 11/15/29 (c) | | 240,000 | 215,412 |
| | | | 855,700 |
TOTAL CONSUMER DISCRETIONARY | | | 61,892,144 |
| | | | |
| CONSUMER STAPLES - 1.6% | | | |
| Beverages - 0.2% | | | |
| Anheuser-Busch InBev SA NV 3.95% 3/22/44 (Reg. S) | EUR | 1,250,000 | 1,377,058 |
| Central American Bottling Corp. 5.25% 4/27/29 (c) | | 600,000 | 569,184 |
| Triton Water Holdings, Inc. 6.25% 4/1/29 (c) | | 315,000 | 286,907 |
| | | | 2,233,149 |
| Consumer Staples Distribution & Retail - 0.7% | | | |
| Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | | | |
| 3.5% 3/15/29(c) | | 525,000 | 471,232 |
| 4.625% 1/15/27(c) | | 1,310,000 | 1,267,811 |
| 4.875% 2/15/30(c) | | 5,365,000 | 5,104,407 |
| C&S Group Enterprises LLC 5% 12/15/28 (c) | | 510,000 | 408,126 |
| KeHE Distributor / Nextwave 9% 2/15/29 (c) | | 1,030,000 | 1,044,240 |
| Minerva Luxembourg SA 8.875% 9/13/33 (c) | | 320,000 | 336,690 |
| NBM U.S. Holdings, Inc. 6.625% 8/6/29 (c) | | 615,000 | 611,156 |
| Performance Food Group, Inc.: | | | |
| 4.25% 8/1/29(c) | | 400,000 | 366,565 |
| 5.5% 10/15/27(c) | | 475,000 | 466,289 |
| U.S. Foods, Inc. 7.25% 1/15/32 (c) | | 290,000 | 301,812 |
| United Natural Foods, Inc. 6.75% 10/15/28 (c) | | 465,000 | 386,226 |
| | | | 10,764,554 |
| Food Products - 0.7% | | | |
| Adecoagro SA 6% 9/21/27 (c) | | 570,000 | 556,641 |
| Camposol SA 6% 2/3/27 (c) | | 295,000 | 222,448 |
| Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (c) | | 375,000 | 349,701 |
| Darling Ingredients, Inc. 6% 6/15/30 (c) | | 675,000 | 668,927 |
| Fiesta Purchaser, Inc. 7.875% 3/1/31 (c) | | 535,000 | 552,495 |
| Lamb Weston Holdings, Inc.: | | | |
| 4.125% 1/31/30(c) | | 555,000 | 506,051 |
| 4.375% 1/31/32(c) | | 275,000 | 246,597 |
| MARB BondCo PLC 3.95% 1/29/31 (c) | | 345,000 | 281,972 |
| Post Holdings, Inc.: | | | |
| 4.5% 9/15/31(c) | | 1,215,000 | 1,092,883 |
| 4.625% 4/15/30(c) | | 3,850,000 | 3,534,330 |
| 5.5% 12/15/29(c) | | 1,085,000 | 1,048,492 |
| Simmons Foods, Inc. 4.625% 3/1/29 (c) | | 430,000 | 379,996 |
| | | | 9,440,533 |
| Household Products - 0.0% | | | |
| Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (c) | | 430,000 | 414,204 |
| | | | |
| Personal Care Products - 0.0% | | | |
| BellRing Brands, Inc. 7% 3/15/30 (c) | | 685,000 | 705,613 |
| | | | |
TOTAL CONSUMER STAPLES | | | 23,558,053 |
| | | | |
| ENERGY - 6.5% | | | |
| Energy Equipment & Services - 0.8% | | | |
| Borr IHC Ltd. / Borr Finance Ltd.: | | | |
| 10% 11/15/28(c) | | 435,000 | 452,400 |
| 10.375% 11/15/30(c) | | 145,000 | 150,800 |
| CGG SA 8.75% 4/1/27 (c) | | 590,000 | 534,488 |
| Diamond Foreign Asset Co. / Diamond Finance, LLC 8.5% 10/1/30 (c) | | 290,000 | 306,068 |
| Guara Norte SARL 5.198% 6/15/34 (c) | | 428,395 | 389,438 |
| Jonah Energy Parent LLC 12% 11/5/25 (b)(g) | | 347,812 | 371,289 |
| Nabors Industries Ltd. 7.5% 1/15/28 (c) | | 510,000 | 478,338 |
| Nabors Industries, Inc. 9.125% 1/31/30 (c) | | 575,000 | 597,803 |
| Noble Finance II LLC 8% 4/15/30 (c) | | 300,000 | 312,495 |
| NuStar Logistics LP 6% 6/1/26 | | 640,000 | 637,143 |
| Oleoducto Central SA 4% 7/14/27 (c) | | 454,000 | 423,497 |
| Seadrill Finance Ltd. 8.375% 8/1/30 (c) | | 595,000 | 624,267 |
| Southern Gas Corridor CJSC 6.875% 3/24/26 (c) | | 1,075,000 | 1,087,094 |
| The Oil and Gas Holding Co.: | | | |
| 7.5% 10/25/27(c) | | 665,000 | 682,456 |
| 8.375% 11/7/28(c) | | 180,000 | 193,838 |
| Transocean Titan Finance Ltd. 8.375% 2/1/28 (c) | | 621,000 | 646,282 |
| Transocean, Inc.: | | | |
| 7.5% 1/15/26(c) | | 150,000 | 149,061 |
| 8% 2/1/27(c) | | 445,000 | 441,694 |
| 8.75% 2/15/30(c) | | 1,327,500 | 1,384,152 |
| 11.5% 1/30/27(c) | | 580,000 | 604,487 |
| Valaris Ltd. 8.375% 4/30/30 (c) | | 295,000 | 304,302 |
| | | | 10,771,392 |
| Oil, Gas & Consumable Fuels - 5.7% | | | |
| Altus Midstream LP 5.875% 6/15/30 (c) | | 425,000 | 415,704 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.: | | | |
| 5.375% 6/15/29(c) | | 430,000 | 413,514 |
| 5.75% 1/15/28(c) | | 955,000 | 940,293 |
| BP Capital Markets BV 4.323% 5/12/35 (Reg. S) | EUR | 2,243,000 | 2,557,647 |
| Canacol Energy Ltd. 5.75% 11/24/28 (c) | | 265,000 | 117,594 |
| Chesapeake Energy Corp.: | | | |
| 5.875% 2/1/29(c) | | 310,000 | 307,453 |
| 6.75% 4/15/29(c) | | 440,000 | 444,714 |
| 7%(b)(d) | | 360,000 | 0 |
| 8%(b)(d) | | 115,000 | 0 |
| 8%(b)(d) | | 180,000 | 0 |
| Citgo Petroleum Corp.: | | | |
| 6.375% 6/15/26(c) | | 470,000 | 471,402 |
| 7% 6/15/25(c) | | 1,340,000 | 1,338,329 |
| 8.375% 1/15/29(c) | | 1,280,000 | 1,344,820 |
| Civitas Resources, Inc. 8.625% 11/1/30 (c) | | 580,000 | 622,791 |
| CNX Midstream Partners LP 4.75% 4/15/30 (c) | | 295,000 | 262,925 |
| CNX Resources Corp.: | | | |
| 6% 1/15/29(c) | | 315,000 | 308,412 |
| 7.375% 1/15/31(c) | | 295,000 | 300,437 |
| Comstock Resources, Inc.: | | | |
| 5.875% 1/15/30(c) | | 1,525,000 | 1,381,053 |
| 6.75% 3/1/29(c) | | 1,030,000 | 982,252 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC: | | | |
| 5.5% 6/15/31(c) | | 1,265,000 | 1,195,572 |
| 7.5% 12/15/33(c) | | 760,000 | 782,205 |
| CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (c) | | 245,000 | 242,005 |
| CVR Energy, Inc.: | | | |
| 5.75% 2/15/28(c) | | 2,320,000 | 2,175,560 |
| 8.5% 1/15/29(c) | | 2,000,000 | 2,025,054 |
| DT Midstream, Inc.: | | | |
| 4.125% 6/15/29(c) | | 430,000 | 395,313 |
| 4.375% 6/15/31(c) | | 430,000 | 389,418 |
| Ecopetrol SA: | | | |
| 4.625% 11/2/31 | | 335,000 | 276,693 |
| 8.875% 1/13/33 | | 960,000 | 1,008,470 |
| EG Global Finance PLC 12% 11/30/28 (c) | | 3,580,000 | 3,805,314 |
| EIG Pearl Holdings SARL 3.545% 8/31/36 (c) | | 1,345,000 | 1,148,714 |
| Empresa Nacional de Petroleo 6.15% 5/10/33 (c) | | 305,000 | 307,192 |
| Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (c) | | 880,000 | 887,133 |
| Energean Israel Finance Ltd.: | | | |
| 4.875% 3/30/26 (Reg. S)(c) | | 615,000 | 582,713 |
| 8.5% 9/30/33 (Reg. S)(c) | | 200,000 | 197,724 |
| Energean PLC 6.5% 4/30/27 (c) | | 550,000 | 517,859 |
| Energy Transfer LP: | | | |
| 5.5% 6/1/27 | | 860,000 | 865,367 |
| 5.625% 5/1/27(c) | | 2,960,000 | 2,949,342 |
| 5.75% 4/1/25 | | 250,000 | 249,921 |
| 6% 2/1/29(c) | | 2,415,000 | 2,436,158 |
| EnLink Midstream LLC 6.5% 9/1/30 (c) | | 895,000 | 920,799 |
| FEL Energy VI SARL 5.75% 12/1/40 (c) | | 257,831 | 236,237 |
| Galaxy Pipeline Assets BidCo Ltd.: | | | |
| 2.16% 3/31/34(c) | | 331,282 | 285,109 |
| 2.625% 3/31/36(c) | | 1,210,000 | 987,284 |
| GeoPark Ltd. 5.5% 1/17/27 (c) | | 505,000 | 458,288 |
| Global Partners LP/GLP Finance Corp. 8.25% 1/15/32 (c) | | 355,000 | 368,151 |
| Gran Tierra Energy, Inc. 9.5% 10/15/29 (c) | | 350,000 | 325,610 |
| Hess Midstream Operations LP: | | | |
| 4.25% 2/15/30(c) | | 460,000 | 422,697 |
| 5.125% 6/15/28(c) | | 595,000 | 575,761 |
| 5.5% 10/15/30(c) | | 275,000 | 266,460 |
| 5.625% 2/15/26(c) | | 795,000 | 788,646 |
| HF Sinclair Corp.: | | | |
| 5% 2/1/28(c) | | 400,000 | 388,583 |
| 6.375% 4/15/27(c) | | 280,000 | 281,575 |
| Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (c) | | 590,000 | 589,356 |
| Howard Midstream Energy Partners LLC 8.875% 7/15/28 (c) | | 740,000 | 780,857 |
| KazMunaiGaz National Co.: | | | |
| 3.5% 4/14/33(c) | | 335,000 | 278,678 |
| 5.375% 4/24/30(c) | | 165,000 | 161,958 |
| 5.75% 4/19/47(c) | | 170,000 | 147,688 |
| Kosmos Energy Ltd. 7.125% 4/4/26 (c) | | 1,565,000 | 1,540,058 |
| Leviathan Bond Ltd. 6.125% 6/30/25 (Reg. S) (c) | | 495,000 | 485,971 |
| MC Brazil Downstream Trading SARL 7.25% 6/30/31 (c) | | 993,535 | 895,672 |
| Medco Laurel Tree PTE Ltd. 6.95% 11/12/28 (c) | | 640,000 | 619,962 |
| Medco Maple Tree Pte. Ltd. 8.96% 4/27/29 (c) | | 550,000 | 572,344 |
| Medco Oak Tree Pte Ltd. 7.375% 5/14/26 (c) | | 210,000 | 210,197 |
| MEG Energy Corp. 7.125% 2/1/27 (c) | | 353,000 | 357,641 |
| Mesquite Energy, Inc. 7.25% (b)(c)(d) | | 1,063,000 | 0 |
| Murphy Oil U.S.A., Inc.: | | | |
| 4.75% 9/15/29 | | 370,000 | 350,916 |
| 5.625% 5/1/27 | | 305,000 | 302,178 |
| NAK Naftogaz Ukraine: | | | |
| 7.625% 11/8/28(c) | | 230,000 | 139,150 |
| 7.65% (Reg. S)(d) | | 622,250 | 507,134 |
| New Fortress Energy, Inc. 6.75% 9/15/25 (c) | | 480,000 | 476,728 |
| NGPL PipeCo LLC 4.875% 8/15/27 (c) | | 150,000 | 146,317 |
| Northern Oil & Gas, Inc.: | | | |
| 8.125% 3/1/28(c) | | 290,000 | 294,347 |
| 8.75% 6/15/31(c) | | 590,000 | 623,018 |
| Nostrum Oil & Gas Finance BV 14% 6/30/26 pay-in-kind (c)(e) | | 12,231 | 2,626 |
| Occidental Petroleum Corp. 7.2% 3/15/29 | | 240,000 | 255,154 |
| Parkland Corp.: | | | |
| 4.5% 10/1/29(c) | | 440,000 | 406,964 |
| 4.625% 5/1/30(c) | | 550,000 | 507,044 |
| PBF Holding Co. LLC/PBF Finance Corp.: | | | |
| 6% 2/15/28 | | 1,445,000 | 1,421,868 |
| 7.875% 9/15/30(c) | | 870,000 | 902,423 |
| Permian Resources Operating LLC 5.875% 7/1/29 (c) | | 405,000 | 396,900 |
| Petroleos de Venezuela SA: | | | |
| 5.375%(d) | | 480,000 | 43,911 |
| 6%(c)(d) | | 930,000 | 85,645 |
| 6%(c)(d) | | 585,000 | 52,943 |
| 12.75%(c)(d) | | 110,000 | 13,365 |
| Petroleos Mexicanos: | | | |
| 5.95% 1/28/31 | | 305,000 | 244,427 |
| 6.5% 6/2/41 | | 170,000 | 115,473 |
| 6.625% 6/15/35 | | 1,965,000 | 1,491,435 |
| 6.7% 2/16/32 | | 821,000 | 683,483 |
| 6.75% 9/21/47 | | 798,000 | 527,478 |
| 6.875% 8/4/26 | | 555,000 | 538,489 |
| 6.95% 1/28/60 | | 780,000 | 515,619 |
| 7.69% 1/23/50 | | 4,073,000 | 2,926,532 |
| Petronas Capital Ltd.: | | | |
| 3.404% 4/28/61(c) | | 500,000 | 343,865 |
| 3.5% 4/21/30(c) | | 230,000 | 211,214 |
| Petrorio Luxembourg SARL 6.125% 6/9/26 (c) | | 230,000 | 225,458 |
| PT Adaro Indonesia 4.25% 10/31/24 (c) | | 725,000 | 713,898 |
| PT Pertamina Persero 4.175% 1/21/50 (c) | | 240,000 | 190,350 |
| QatarEnergy: | | | |
| 1.375% 9/12/26(c) | | 900,000 | 825,188 |
| 2.25% 7/12/31(c) | | 1,255,000 | 1,051,847 |
| 3.125% 7/12/41(c) | | 1,235,000 | 921,569 |
| 3.3% 7/12/51(c) | | 930,000 | 656,813 |
| SA Global Sukuk Ltd. 1.602% 6/17/26 (c) | | 775,000 | 717,844 |
| Saudi Arabian Oil Co.: | | | |
| 2.25% 11/24/30(c) | | 1,010,000 | 851,556 |
| 3.25% 11/24/50(c) | | 800,000 | 542,200 |
| 3.5% 4/16/29(c) | | 1,400,000 | 1,304,590 |
| 3.5% 11/24/70(c) | | 460,000 | 300,438 |
| 4.25% 4/16/39(c) | | 1,705,000 | 1,492,408 |
| 4.375% 4/16/49(c) | | 215,000 | 178,517 |
| Sinopec Group Overseas Development Ltd. 2.7% 5/13/30 (c) | | 220,000 | 198,218 |
| Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (c) | | 720,000 | 744,697 |
| SM Energy Co.: | | | |
| 5.625% 6/1/25 | | 330,000 | 328,434 |
| 6.625% 1/15/27 | | 1,125,000 | 1,124,000 |
| 6.75% 9/15/26 | | 250,000 | 250,250 |
| Southwestern Energy Co.: | | | |
| 5.375% 3/15/30 | | 560,000 | 538,978 |
| 5.7% 1/23/25(h) | | 14,000 | 13,934 |
| Sunoco LP/Sunoco Finance Corp.: | | | |
| 4.5% 5/15/29 | | 605,000 | 562,359 |
| 4.5% 4/30/30 | | 555,000 | 508,225 |
| 7% 9/15/28(c) | | 290,000 | 296,307 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | | | |
| 5.5% 1/15/28(c) | | 30,000 | 28,904 |
| 6% 3/1/27(c) | | 300,000 | 295,325 |
| 6% 9/1/31(c) | | 540,000 | 503,955 |
| Talos Production, Inc.: | | | |
| 9% 2/1/29(c) | | 250,000 | 265,492 |
| 9.375% 2/1/31(c) | | 285,000 | 303,827 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | | 625,000 | 598,304 |
| Teine Energy Ltd. 6.875% 4/15/29 (c) | | 445,000 | 432,758 |
| Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (c) | | 650,000 | 528,328 |
| Tullow Oil PLC: | | | |
| 7% 3/1/25(c) | | 125,000 | 121,211 |
| 10.25% 5/15/26(c) | | 907,000 | 861,831 |
| Unit Corp. 0% 12/1/29 (b) | | 120,000 | 0 |
| Venture Global Calcasieu Pass LLC: | | | |
| 3.875% 8/15/29(c) | | 355,000 | 319,552 |
| 4.125% 8/15/31(c) | | 355,000 | 315,666 |
| 6.25% 1/15/30(c) | | 1,195,000 | 1,202,245 |
| | | | 82,434,771 |
TOTAL ENERGY | | | 93,206,163 |
| | | | |
| FINANCIALS - 5.2% | | | |
| Banks - 1.0% | | | |
| Access Bank PLC 6.125% 9/21/26 (c) | | 470,000 | 434,947 |
| AIB Group PLC 2.875% 5/30/31 (Reg. S) (e) | EUR | 619,000 | 644,689 |
| Banco Do Brasil SA 6% 3/18/31 (c) | | 420,000 | 419,265 |
| Banco Santander SA 5.75% 8/23/33 (Reg. S) (e) | EUR | 2,100,000 | 2,377,364 |
| Bank of Ireland Group PLC 6.75% 3/1/33 (Reg. S) (e) | EUR | 400,000 | 461,010 |
| BankMuscat SAOG 4.75% 3/17/26 (Reg. S) | | 225,000 | 220,084 |
| Banque Federative du Credit Mutuel SA 3.75% 2/3/34 (Reg. S) | EUR | 400,000 | 436,999 |
| Barclays PLC: | | | |
| 4.506% 1/31/33 (Reg. S)(e) | EUR | 1,881,000 | 2,079,482 |
| 5.262% 1/29/34 (Reg. S)(e) | EUR | 1,872,000 | 2,178,207 |
| Commerzbank AG: | | | |
| 4.625% 1/17/31 (Reg. S)(e) | EUR | 600,000 | 663,235 |
| 6.5% 12/6/32 (Reg. S)(e) | EUR | 300,000 | 340,798 |
| 6.75% 10/5/33 (Reg. S)(e) | EUR | 600,000 | 695,524 |
| HSBC Holdings PLC Eur Swap Annual 5Y Index + 3.300% 6.364% 11/16/32 (Reg. S) (e)(f) | EUR | 1,125,000 | 1,295,374 |
| Intesa Sanpaolo SpA 6.184% 2/20/34 (Reg. S) (e) | EUR | 262,000 | 300,192 |
| Magyar Export-Import Bank 6.125% 12/4/27 (c) | | 200,000 | 201,250 |
| NatWest Group PLC 5.763% 2/28/34 (Reg. S) (e) | EUR | 1,886,000 | 2,145,526 |
| OTP Bank PLC 8.75% 5/15/33 (Reg. S) (e) | | 215,000 | 222,638 |
| Standard Chartered Bank 18.4607% 8/11/32 (b)(c) | KES | 14,100,000 | 106,291 |
| | | | 15,222,875 |
| Capital Markets - 0.9% | | | |
| AssuredPartners, Inc.: | | | |
| 5.625% 1/15/29(c) | | 475,000 | 437,608 |
| 7.5% 2/15/32(c) | | 280,000 | 275,143 |
| Broadstreet Partners, Inc. 5.875% 4/15/29 (c) | | 725,000 | 671,034 |
| Coinbase Global, Inc.: | | | |
| 3.375% 10/1/28(c) | | 1,445,000 | 1,238,102 |
| 3.625% 10/1/31(c) | | 865,000 | 698,538 |
| Deutsche Bank AG 4% 6/24/32 (Reg. S) (e) | EUR | 4,000,000 | 4,176,444 |
| Hightower Holding LLC 6.75% 4/15/29 (c) | | 285,000 | 267,823 |
| Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (c) | | 395,000 | 365,452 |
| MSCI, Inc.: | | | |
| 3.25% 8/15/33(c) | | 420,000 | 346,010 |
| 4% 11/15/29(c) | | 340,000 | 314,403 |
| UBS Group AG: | | | |
| 4.125% 6/9/33 (Reg. S)(e) | EUR | 1,578,000 | 1,726,425 |
| 4.75% 3/17/32 (Reg. S)(e) | EUR | 1,401,000 | 1,589,657 |
| VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (c) | | 450,000 | 382,641 |
| | | | 12,489,280 |
| Consumer Finance - 0.9% | | | |
| Ally Financial, Inc.: | | | |
| 8% 11/1/31 | | 823,000 | 912,649 |
| 8% 11/1/31 | | 5,045,000 | 5,619,585 |
| OneMain Finance Corp.: | | | |
| 4% 9/15/30 | | 330,000 | 282,429 |
| 5.375% 11/15/29 | | 500,000 | 470,106 |
| 6.625% 1/15/28 | | 385,000 | 386,237 |
| 6.875% 3/15/25 | | 700,000 | 707,319 |
| 7.125% 3/15/26 | | 3,310,000 | 3,370,063 |
| 7.875% 3/15/30 | | 285,000 | 293,998 |
| Shriram Finance Ltd.: | | | |
| 4.15% 7/18/25(c) | | 545,000 | 527,628 |
| 6.625% 4/22/27(c) | | 230,000 | 230,483 |
| | | | 12,800,497 |
| Financial Services - 0.8% | | | |
| Block, Inc. 3.5% 6/1/31 | | 570,000 | 496,097 |
| Compass Group Diversified Holdings LLC 5% 1/15/32 (c) | | 275,000 | 245,783 |
| Cosan Luxembourg SA 7.25% 6/27/31 (c) | | 300,000 | 305,025 |
| CRH SMW Finance DAC 4.25% 7/11/35 (Reg. S) | EUR | 1,791,000 | 2,023,576 |
| GACI First Investment 5.25% 10/13/32 (Reg. S) | | 315,000 | 318,347 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | | | |
| 4.375% 2/1/29 | | 630,000 | 537,133 |
| 5.25% 5/15/27 | | 1,730,000 | 1,600,250 |
| 6.25% 5/15/26 | | 1,305,000 | 1,259,749 |
| 6.375% 12/15/25 | | 790,000 | 783,600 |
| James Hardie International Finance Ltd. 5% 1/15/28 (c) | | 455,000 | 443,282 |
| Liberty Costa Rica SR SF 10.875% 1/15/31 (c) | | 425,000 | 447,047 |
| MDGH GMTN RSC Ltd.: | | | |
| 2.875% 11/7/29(c) | | 530,000 | 478,491 |
| 4.375% 11/22/33(c) | | 305,000 | 290,131 |
| 5.084% 5/22/53(c) | | 345,000 | 325,364 |
| 5.5% 4/28/33(c) | | 300,000 | 310,287 |
| MGIC Investment Corp. 5.25% 8/15/28 | | 465,000 | 451,698 |
| NCR Atleos Corp. 9.5% 4/1/29 (c) | | 435,000 | 465,280 |
| PTT Treasury Center Co. Ltd. 3.7% 7/16/70 (c) | | 230,000 | 162,003 |
| Raizen Fuels Finance SA 6.95% 3/5/54 (c) | | 360,000 | 369,103 |
| | | | 11,312,246 |
| Insurance - 1.6% | | | |
| Acrisure LLC / Acrisure Finance, Inc.: | | | |
| 6% 8/1/29(c) | | 425,000 | 389,758 |
| 8.25% 2/1/29(c) | | 1,335,000 | 1,340,991 |
| 10.125% 8/1/26(c) | | 690,000 | 716,310 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer: | | | |
| 4.25% 10/15/27(c) | | 665,000 | 626,071 |
| 5.875% 11/1/29(c) | | 415,000 | 385,530 |
| 6.75% 10/15/27(c) | | 1,985,000 | 1,955,669 |
| 6.75% 4/15/28(c) | | 1,760,000 | 1,772,422 |
| 7% 1/15/31(c) | | 490,000 | 494,909 |
| AmWINS Group, Inc. 4.875% 6/30/29 (c) | | 415,000 | 387,354 |
| ASR Nederland NV 7% 12/7/43 (Reg. S) (e) | EUR | 2,916,000 | 3,626,448 |
| GTCR AP Finance, Inc. 8% 5/15/27 (c) | | 290,000 | 290,100 |
| HUB International Ltd.: | | | |
| 5.625% 12/1/29(c) | | 1,705,000 | 1,598,653 |
| 7.25% 6/15/30(c) | | 1,915,000 | 1,968,040 |
| 7.375% 1/31/32(c) | | 710,000 | 714,781 |
| MAPFRE SA 2.875% 4/13/30 (Reg. S) | EUR | 1,400,000 | 1,407,067 |
| National Financial Partners Corp.: | | | |
| 4.875% 8/15/28(c) | | 580,000 | 581,313 |
| 6.875% 8/15/28(c) | | 1,175,000 | 1,189,997 |
| 8.5% 10/1/31(c) | | 380,000 | 418,212 |
| NN Group NV 6% 11/3/43 (Reg. S) (e) | EUR | 1,221,000 | 1,434,985 |
| Panther Escrow Issuer LLC 7.125% 6/1/31 (c)(i) | | 970,000 | 986,209 |
| Sagicor Financial Co. Ltd. 5.3% 5/13/28 (c) | | 480,000 | 457,392 |
| Sampo Oyj 2.5% 9/3/52 (Reg. S) (e) | EUR | 222,000 | 206,879 |
| USI, Inc. 7.5% 1/15/32 (c) | | 380,000 | 380,700 |
| | | | 23,329,790 |
TOTAL FINANCIALS | | | 75,154,688 |
| | | | |
| HEALTH CARE - 1.8% | | | |
| Biotechnology - 0.0% | | | |
| Grifols SA 4.75% 10/15/28 (c) | | 280,000 | 231,661 |
| | | | |
| Health Care Equipment & Supplies - 0.1% | | | |
| Avantor Funding, Inc. 3.875% 11/1/29 (c) | | 275,000 | 247,896 |
| Bausch + Lomb Corp. 8.375% 10/1/28 (c) | | 580,000 | 600,103 |
| Hologic, Inc. 4.625% 2/1/28 (c) | | 215,000 | 206,988 |
| | | | 1,054,987 |
| Health Care Providers & Services - 1.1% | | | |
| 180 Medical, Inc. 3.875% 10/15/29 (c) | | 300,000 | 270,615 |
| Auna SA 10% 12/15/29 (c) | | 286,000 | 296,868 |
| Cano Health, Inc. 6.25% (c)(d) | | 185,000 | 115 |
| Community Health Systems, Inc.: | | | |
| 4.75% 2/15/31(c) | | 1,150,000 | 887,509 |
| 5.25% 5/15/30(c) | | 825,000 | 672,715 |
| 6% 1/15/29(c) | | 485,000 | 423,695 |
| 6.125% 4/1/30(c) | | 1,035,000 | 746,353 |
| 8% 3/15/26(c) | | 857,000 | 855,270 |
| 10.875% 1/15/32(c) | | 915,000 | 942,469 |
| DaVita, Inc.: | | | |
| 3.75% 2/15/31(c) | | 210,000 | 175,825 |
| 4.625% 6/1/30(c) | | 1,590,000 | 1,423,501 |
| HealthEquity, Inc. 4.5% 10/1/29 (c) | | 295,000 | 272,178 |
| ModivCare Escrow Issuer, Inc. 5% 10/1/29 (c) | | 325,000 | 235,656 |
| Modivcare, Inc. 5.875% 11/15/25 (c) | | 485,000 | 472,318 |
| Molina Healthcare, Inc.: | | | |
| 3.875% 11/15/30(c) | | 640,000 | 569,008 |
| 3.875% 5/15/32(c) | | 550,000 | 478,899 |
| 4.375% 6/15/28(c) | | 465,000 | 437,113 |
| Radiology Partners, Inc. 5% 1/31/29 pay-in-kind (c)(e) | | 551,295 | 511,492 |
| Tenet Healthcare Corp.: | | | |
| 5.125% 11/1/27 | | 975,000 | 953,675 |
| 6.125% 6/15/30 | | 1,430,000 | 1,426,700 |
| 6.25% 2/1/27 | | 1,850,000 | 1,849,359 |
| 6.75% 5/15/31(c) | | 2,040,000 | 2,077,189 |
| | | | 15,978,522 |
| Health Care Technology - 0.0% | | | |
| IQVIA, Inc. 5% 5/15/27 (c) | | 640,000 | 624,912 |
| | | | |
| Life Sciences Tools & Services - 0.1% | | | |
| Charles River Laboratories International, Inc.: | | | |
| 3.75% 3/15/29(c) | | 525,000 | 479,138 |
| 4% 3/15/31(c) | | 605,000 | 540,595 |
| 4.25% 5/1/28(c) | | 185,000 | 174,480 |
| | | | 1,194,213 |
| Pharmaceuticals - 0.5% | | | |
| Bausch Health Companies, Inc.: | | | |
| 4.875% 6/1/28(c) | | 810,000 | 442,020 |
| 5.75% 8/15/27(c) | | 870,000 | 502,147 |
| 6.125% 2/1/27(c) | | 1,495,000 | 931,520 |
| 11% 9/30/28(c) | | 240,000 | 160,200 |
| Bayer AG: | | | |
| 5.375% 3/25/82 (Reg. S)(e) | EUR | 300,000 | 300,190 |
| 6.625% 9/25/83 (Reg. S)(e) | EUR | 200,000 | 214,281 |
| 7% 9/25/83 (Reg. S)(e) | EUR | 1,100,000 | 1,193,096 |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV: | | | |
| 4.125% 4/30/28(c) | | 1,015,000 | 945,870 |
| 5.125% 4/30/31(c) | | 885,000 | 786,860 |
| Teva Pharmaceutical Finance Netherlands III BV: | | | |
| 4.75% 5/9/27 | | 555,000 | 537,264 |
| 5.125% 5/9/29 | | 275,000 | 264,270 |
| 7.875% 9/15/29 | | 850,000 | 912,458 |
| | | | 7,190,176 |
TOTAL HEALTH CARE | | | 26,274,471 |
| | | | |
| INDUSTRIALS - 5.3% | | | |
| Aerospace & Defense - 1.6% | | | |
| Bombardier, Inc.: | | | |
| 6% 2/15/28(c) | | 280,000 | 275,429 |
| 7.125% 6/15/26(c) | | 443,000 | 449,376 |
| 7.25% 7/1/31(c)(i) | | 280,000 | 280,570 |
| 7.875% 4/15/27(c) | | 1,158,000 | 1,158,809 |
| 8.75% 11/15/30(c) | | 430,000 | 459,144 |
| BWX Technologies, Inc. 4.125% 6/30/28 (c) | | 630,000 | 587,358 |
| Embraer Netherlands Finance BV: | | | |
| 5.4% 2/1/27 | | 325,000 | 323,680 |
| 6.95% 1/17/28(c) | | 390,000 | 404,259 |
| 7% 7/28/30(c) | | 320,000 | 333,904 |
| Moog, Inc. 4.25% 12/15/27 (c) | | 185,000 | 174,129 |
| Rolls-Royce PLC 5.75% 10/15/27 (c) | | 650,000 | 651,775 |
| TransDigm, Inc.: | | | |
| 4.625% 1/15/29 | | 930,000 | 863,045 |
| 5.5% 11/15/27 | | 7,825,000 | 7,639,156 |
| 6.375% 3/1/29(c) | | 780,000 | 782,428 |
| 6.625% 3/1/32(c) | | 280,000 | 282,881 |
| 6.75% 8/15/28(c) | | 3,560,000 | 3,604,500 |
| 6.875% 12/15/30(c) | | 2,350,000 | 2,395,578 |
| 7.125% 12/1/31(c) | | 575,000 | 592,571 |
| 7.5% 3/15/27 | | 960,000 | 960,792 |
| Triumph Group, Inc. 9% 3/15/28 (c) | | 405,000 | 426,964 |
| | | | 22,646,348 |
| Air Freight & Logistics - 0.1% | | | |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/61 (c) | | 205,000 | 149,266 |
| Cargo Aircraft Management, Inc. 4.75% 2/1/28 (c) | | 365,000 | 329,869 |
| Rand Parent LLC 8.5% 2/15/30 (c) | | 745,000 | 737,744 |
| | | | 1,216,879 |
| Building Products - 0.2% | | | |
| Advanced Drain Systems, Inc.: | | | |
| 5% 9/30/27(c) | | 125,000 | 121,263 |
| 6.375% 6/15/30(c) | | 280,000 | 281,449 |
| Carrier Global Corp. 4.5% 11/29/32 | EUR | 1,087,000 | 1,243,366 |
| MITER Brands Acquisition Holdco, Inc. / MIWD Borrower LLC 6.75% 4/1/32 (c) | | 420,000 | 421,436 |
| MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (c) | | 185,000 | 170,256 |
| Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 | | 475,000 | 447,639 |
| | | | 2,685,409 |
| Commercial Services & Supplies - 1.1% | | | |
| Artera Services LLC 8.5% 2/15/31 (c) | | 1,175,000 | 1,204,661 |
| Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.: | | | |
| 4.625% 6/1/28(c) | | 502,000 | 458,412 |
| 4.625% 6/1/28(c) | | 348,000 | 316,320 |
| Brand Industrial Services, Inc. 10.375% 8/1/30 (c) | | 2,225,000 | 2,408,925 |
| Clean Harbors, Inc. 6.375% 2/1/31 (c) | | 250,000 | 251,836 |
| CoreCivic, Inc. 8.25% 4/15/29 | | 1,575,000 | 1,647,419 |
| Covanta Holding Corp.: | | | |
| 4.875% 12/1/29(c) | | 995,000 | 891,769 |
| 5% 9/1/30 | | 800,000 | 705,026 |
| GFL Environmental, Inc.: | | | |
| 4% 8/1/28(c) | | 420,000 | 387,105 |
| 4.75% 6/15/29(c) | | 575,000 | 540,753 |
| 6.75% 1/15/31(c) | | 425,000 | 435,546 |
| Madison IAQ LLC: | | | |
| 4.125% 6/30/28(c) | | 535,000 | 494,821 |
| 5.875% 6/30/29(c) | | 425,000 | 388,824 |
| Neptune BidCo U.S., Inc. 9.29% 4/15/29 (c) | | 2,380,000 | 2,246,125 |
| OpenLane, Inc. 5.125% 6/1/25 (c) | | 525,000 | 516,611 |
| The Brink's Co. 4.625% 10/15/27 (c) | | 620,000 | 588,670 |
| The GEO Group, Inc.: | | | |
| 9.5% 12/31/28(c) | | 521,000 | 524,908 |
| 10.5% 6/30/28 | | 1,563,000 | 1,592,306 |
| Williams Scotsman, Inc. 7.375% 10/1/31 (c) | | 290,000 | 301,413 |
| | | | 15,901,450 |
| Construction & Engineering - 0.6% | | | |
| AECOM 5.125% 3/15/27 | | 625,000 | 613,970 |
| Arcosa, Inc. 4.375% 4/15/29 (c) | | 415,000 | 382,436 |
| Bouygues SA 5.375% 6/30/42 (Reg. S) | EUR | 1,800,000 | 2,297,738 |
| Greensaif Pipelines Bidco SARL: | | | |
| 6.129% 2/23/38(c) | | 1,015,000 | 1,032,458 |
| 6.51% 2/23/42(c) | | 305,000 | 317,105 |
| Pike Corp.: | | | |
| 5.5% 9/1/28(c) | | 1,850,000 | 1,770,719 |
| 8.625% 1/31/31(c) | | 715,000 | 759,807 |
| SRS Distribution, Inc.: | | | |
| 4.625% 7/1/28(c) | | 550,000 | 554,021 |
| 6.125% 7/1/29(c) | | 230,000 | 234,543 |
| | | | 7,962,797 |
| Electrical Equipment - 0.0% | | | |
| Sensata Technologies BV 4% 4/15/29 (c) | | 590,000 | 538,721 |
| | | | |
| Ground Transportation - 0.7% | | | |
| JSC Georgian Railway 4% 6/17/28 (c) | | 191,000 | 173,094 |
| Uber Technologies, Inc.: | | | |
| 4.5% 8/15/29(c) | | 1,260,000 | 1,195,510 |
| 6.25% 1/15/28(c) | | 545,000 | 547,229 |
| 7.5% 9/15/27(c) | | 2,950,000 | 3,020,824 |
| 8% 11/1/26(c) | | 4,260,000 | 4,311,265 |
| XPO, Inc.: | | | |
| 6.25% 6/1/28(c) | | 300,000 | 302,480 |
| 7.125% 2/1/32(c) | | 430,000 | 442,535 |
| | | | 9,992,937 |
| Industrial Conglomerates - 0.1% | | | |
| Honeywell International, Inc. 4.125% 11/2/34 | EUR | 442,000 | 502,834 |
| Turkiye Sise ve Cam Fabrikalari A/S 6.95% 3/14/26 (c) | | 445,000 | 446,704 |
| | | | 949,538 |
| Machinery - 0.1% | | | |
| Allison Transmission, Inc. 5.875% 6/1/29 (c) | | 420,000 | 415,845 |
| ATS Corp. 4.125% 12/15/28 (c) | | 460,000 | 421,635 |
| Chart Industries, Inc. 7.5% 1/1/30 (c) | | 790,000 | 820,372 |
| | | | 1,657,852 |
| Marine Transportation - 0.1% | | | |
| MISC Capital Two (Labuan) Ltd.: | | | |
| 3.625% 4/6/25(c) | | 360,000 | 352,688 |
| 3.75% 4/6/27(c) | | 570,000 | 543,994 |
| Seaspan Corp. 5.5% 8/1/29 (c) | | 425,000 | 370,607 |
| | | | 1,267,289 |
| Passenger Airlines - 0.5% | | | |
| Air Canada 3.875% 8/15/26 (c) | | 425,000 | 405,629 |
| Allegiant Travel Co. 7.25% 8/15/27 (c) | | 445,000 | 442,631 |
| American Airlines, Inc.: | | | |
| 7.25% 2/15/28(c) | | 990,000 | 1,005,379 |
| 8.5% 5/15/29(c) | | 945,000 | 998,352 |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.75% 4/20/29 (c) | | 1,485,000 | 1,459,689 |
| Azul Secured Finance LLP: | | | |
| 11.5% 5/28/29(c) | | 623,771 | 529,064 |
| 11.93% 8/28/28(c) | | 300,000 | 305,016 |
| Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.: | | | |
| 8% 9/20/25(c) | | 150,000 | 113,869 |
| 8% 9/20/25(c) | | 462,000 | 350,716 |
| United Airlines, Inc.: | | | |
| 4.375% 4/15/26(c) | | 1,450,000 | 1,401,771 |
| 4.625% 4/15/29(c) | | 870,000 | 809,100 |
| | | | 7,821,216 |
| Professional Services - 0.1% | | | |
| ASGN, Inc. 4.625% 5/15/28 (c) | | 510,000 | 479,745 |
| TriNet Group, Inc. 3.5% 3/1/29 (c) | | 455,000 | 408,085 |
| | | | 887,830 |
| Trading Companies & Distributors - 0.1% | | | |
| Fortress Transportation & Infrastructure Investors LLC 7.875% 12/1/30 (c) | | 430,000 | 451,548 |
| Foundation Building Materials, Inc. 6% 3/1/29 (c) | | 310,000 | 285,071 |
| H&E Equipment Services, Inc. 3.875% 12/15/28 (c) | | 995,000 | 910,906 |
| | | | 1,647,525 |
| Transportation Infrastructure - 0.0% | | | |
| DP World Crescent Ltd. 3.7495% 1/30/30 (c) | | 425,000 | 394,453 |
| DP World Ltd. 5.625% 9/25/48 (c) | | 400,000 | 381,356 |
| | | | 775,809 |
TOTAL INDUSTRIALS | | | 75,951,600 |
| | | | |
| INFORMATION TECHNOLOGY - 1.5% | | | |
| Communications Equipment - 0.0% | | | |
| HTA Group Ltd. 7% 12/18/25 (c) | | 340,000 | 339,363 |
| IHS Netherlands Holdco BV 8% 9/18/27 (c) | | 390,000 | 372,938 |
| | | | 712,301 |
| Electronic Equipment, Instruments & Components - 0.1% | | | |
| Coherent Corp. 5% 12/15/29 (c) | | 435,000 | 409,702 |
| TTM Technologies, Inc. 4% 3/1/29 (c) | | 455,000 | 412,685 |
| | | | 822,387 |
| IT Services - 0.2% | | | |
| Acuris Finance U.S. 5% 5/1/28 (c) | | 430,000 | 390,716 |
| CA Magnum Holdings 5.375% 10/31/26 (c) | | 955,000 | 916,800 |
| Camelot Finance SA 4.5% 11/1/26 (c) | | 570,000 | 548,429 |
| Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | | | |
| 3.5% 3/1/29(c) | | 610,000 | 550,159 |
| 5.25% 12/1/27(c) | | 500,000 | 488,985 |
| Unisys Corp. 6.875% 11/1/27 (c) | | 365,000 | 324,394 |
| | | | 3,219,483 |
| Semiconductors & Semiconductor Equipment - 0.1% | | | |
| ON Semiconductor Corp. 3.875% 9/1/28 (c) | | 690,000 | 633,947 |
| Synaptics, Inc. 4% 6/15/29 (c) | | 350,000 | 314,998 |
| | | | 948,945 |
| Software - 0.9% | | | |
| Clarivate Science Holdings Corp.: | | | |
| 3.875% 7/1/28(c) | | 500,000 | 462,596 |
| 4.875% 7/1/29(c) | | 475,000 | 439,437 |
| Cloud Software Group, Inc. 6.5% 3/31/29 (c) | | 4,985,000 | 4,730,573 |
| Elastic NV 4.125% 7/15/29 (c) | | 1,165,000 | 1,048,389 |
| Fair Isaac Corp. 4% 6/15/28 (c) | | 580,000 | 541,752 |
| Gen Digital, Inc. 5% 4/15/25 (c) | | 530,000 | 526,804 |
| ION Trading Technologies Ltd. 5.75% 5/15/28 (c) | | 575,000 | 527,593 |
| MicroStrategy, Inc. 6.125% 6/15/28 (c) | | 995,000 | 959,905 |
| NCR Voyix Corp.: | | | |
| 5% 10/1/28(c) | | 335,000 | 312,278 |
| 5.25% 10/1/30(c) | | 335,000 | 303,097 |
| Open Text Corp. 6.9% 12/1/27 (c) | | 530,000 | 548,015 |
| Open Text Holdings, Inc.: | | | |
| 4.125% 2/15/30(c) | | 300,000 | 268,763 |
| 4.125% 12/1/31(c) | | 245,000 | 215,010 |
| PTC, Inc.: | | | |
| 3.625% 2/15/25(c) | | 350,000 | 342,691 |
| 4% 2/15/28(c) | | 345,000 | 322,426 |
| UKG, Inc. 6.875% 2/1/31 (c) | | 425,000 | 432,959 |
| Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (c) | | 945,000 | 866,435 |
| | | | 12,848,723 |
| Technology Hardware, Storage & Peripherals - 0.2% | | | |
| Lenovo Group Ltd.: | | | |
| 3.421% 11/2/30(c) | | 485,000 | 425,284 |
| 5.875% 4/24/25 (Reg. S) | | 200,000 | 200,125 |
| Seagate HDD Cayman: | | | |
| 8.25% 12/15/29(c) | | 985,000 | 1,058,347 |
| 8.5% 7/15/31(c) | | 640,000 | 691,624 |
| | | | 2,375,380 |
TOTAL INFORMATION TECHNOLOGY | | | 20,927,219 |
| | | | |
| MATERIALS - 3.5% | | | |
| Chemicals - 1.2% | | | |
| Air Products & Chemicals, Inc. 4% 3/3/35 | EUR | 954,000 | 1,076,989 |
| BASF AG 4.25% 3/8/32 (Reg. S) | EUR | 1,400,000 | 1,591,280 |
| Braskem Idesa SAPI: | | | |
| 6.99% 2/20/32(c) | | 205,000 | 158,178 |
| 7.45% 11/15/29(c) | | 600,000 | 493,125 |
| Braskem Netherlands BV: | | | |
| 5.875% 1/31/50(c) | | 300,000 | 231,228 |
| 7.25% 2/13/33(c) | | 375,000 | 360,938 |
| 8.5% 1/12/31(c) | | 595,000 | 612,255 |
| Consolidated Energy Finance SA 12% 2/15/31 (c) | | 450,000 | 469,962 |
| ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (c) | | 420,000 | 397,688 |
| Ingevity Corp. 3.875% 11/1/28 (c) | | 665,000 | 600,609 |
| LSB Industries, Inc. 6.25% 10/15/28 (c) | | 960,000 | 923,924 |
| MEGlobal BV: | | | |
| 2.625% 4/28/28(c) | | 275,000 | 245,266 |
| 4.25% 11/3/26(c) | | 235,000 | 225,747 |
| MEGlobal Canada, Inc. 5% 5/18/25 (c) | | 445,000 | 439,567 |
| NOVA Chemicals Corp. 8.5% 11/15/28 (c) | | 385,000 | 409,782 |
| OCP SA: | | | |
| 3.75% 6/23/31(c) | | 365,000 | 308,910 |
| 5.625% 4/25/24(c) | | 670,000 | 669,008 |
| 6.875% 4/25/44(c) | | 325,000 | 305,916 |
| Olympus Water U.S. Holding Corp.: | | | |
| 4.25% 10/1/28(c) | | 720,000 | 653,215 |
| 7.125% 10/1/27(c) | | 355,000 | 358,595 |
| 9.75% 11/15/28(c) | | 1,485,000 | 1,581,847 |
| Orbia Advance Corp. S.A.B. de CV: | | | |
| 1.875% 5/11/26(c) | | 630,000 | 575,436 |
| 2.875% 5/11/31(c) | | 340,000 | 281,775 |
| Sasol Financing U.S.A. LLC: | | | |
| 4.375% 9/18/26 | | 795,000 | 747,300 |
| 5.5% 3/18/31 | | 200,000 | 168,490 |
| 8.75% 5/3/29(c) | | 200,000 | 203,739 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/28 (c) | | 375,000 | 349,320 |
| SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (c) | | 640,000 | 621,140 |
| The Scotts Miracle-Gro Co. 4% 4/1/31 | | 595,000 | 513,089 |
| W.R. Grace Holding LLC: | | | |
| 5.625% 8/15/29(c) | | 1,300,000 | 1,163,356 |
| 7.375% 3/1/31(c) | | 300,000 | 303,769 |
| | | | 17,041,443 |
| Construction Materials - 0.2% | | | |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/31 (c) | | 1,150,000 | 1,229,225 |
| Summit Materials LLC/Summit Materials Finance Corp.: | | | |
| 5.25% 1/15/29(c) | | 645,000 | 628,512 |
| 7.25% 1/15/31(c) | | 435,000 | 450,769 |
| | | | 2,308,506 |
| Containers & Packaging - 0.6% | | | |
| Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | | | |
| 3.25% 9/1/28(c) | | 300,000 | 259,146 |
| 4% 9/1/29(c) | | 605,000 | 487,661 |
| 6% 6/15/27(c) | | 280,000 | 271,815 |
| Cascades, Inc.: | | | |
| 5.125% 1/15/26(c) | | 300,000 | 294,059 |
| 5.375% 1/15/28(c) | | 300,000 | 288,015 |
| Clydesdale Acquisition Holdings, Inc.: | | | |
| 6.625% 4/15/29(c) | | 915,000 | 914,265 |
| 8.75% 4/15/30(c) | | 2,175,000 | 2,137,023 |
| Crown Cork & Seal, Inc.: | | | |
| 7.375% 12/15/26 | | 1,210,000 | 1,269,433 |
| 7.5% 12/15/96 | | 160,000 | 172,800 |
| Graham Packaging Co., Inc. 7.125% 8/15/28 (c) | | 365,000 | 330,943 |
| Graphic Packaging International, Inc. 3.75% 2/1/30 (c) | | 355,000 | 315,714 |
| Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (c) | | 255,000 | 241,845 |
| Mauser Packaging Solutions Holding Co. 7.875% 8/15/26 (c) | | 605,000 | 616,344 |
| Sealed Air Corp./Sealed Air Corp. U.S. 6.125% 2/1/28 (c) | | 300,000 | 300,623 |
| Trident TPI Holdings, Inc. 12.75% 12/31/28 (c) | | 295,000 | 314,747 |
| | | | 8,214,433 |
| Metals & Mining - 1.5% | | | |
| Alcoa Nederland Holding BV: | | | |
| 4.125% 3/31/29(c) | | 775,000 | 711,522 |
| 6.125% 5/15/28(c) | | 200,000 | 200,299 |
| 7.125% 3/15/31(c) | | 230,000 | 234,290 |
| Algoma Steel SCA 0% 12/31/24 (b) | | 102,200 | 0 |
| Antofagasta PLC: | | | |
| 2.375% 10/14/30(c) | | 685,000 | 568,762 |
| 5.625% 5/13/32(c) | | 260,000 | 259,675 |
| Aris Mining Corp. 6.875% 8/9/26 (c) | | 715,000 | 645,288 |
| Arsenal AIC Parent LLC 8% 10/1/30 (c) | | 350,000 | 367,460 |
| ATI, Inc.: | | | |
| 4.875% 10/1/29 | | 280,000 | 263,479 |
| 5.125% 10/1/31 | | 245,000 | 226,973 |
| 7.25% 8/15/30 | | 295,000 | 304,919 |
| Celtic Resources Holdings DAC 4.125% (b)(c)(d) | | 445,000 | 63,795 |
| Cleveland-Cliffs, Inc.: | | | |
| 4.625% 3/1/29(c) | | 465,000 | 433,475 |
| 4.875% 3/1/31(c) | | 465,000 | 421,281 |
| 6.75% 4/15/30(c) | | 965,000 | 967,806 |
| Compania de Minas Buenaventura SAA 5.5% 7/23/26 (c) | | 245,000 | 235,736 |
| Compass Minerals International, Inc. 6.75% 12/1/27 (c) | | 1,305,000 | 1,261,603 |
| Corporacion Nacional del Cobre de Chile (Codelco): | | | |
| 3% 9/30/29(c) | | 105,000 | 92,925 |
| 3.15% 1/14/30(c) | | 280,000 | 247,151 |
| 3.7% 1/30/50(c) | | 870,000 | 598,397 |
| 5.125% 2/2/33(c) | | 290,000 | 275,409 |
| 5.95% 1/8/34(c) | | 205,000 | 205,256 |
| 6.3% 9/8/53(c) | | 290,000 | 288,097 |
| 6.44% 1/26/36(c) | | 205,000 | 211,700 |
| CSN Inova Ventures 6.75% 1/28/28 (c) | | 485,000 | 470,935 |
| CSN Resources SA: | | | |
| 5.875% 4/8/32(c) | | 420,000 | 364,907 |
| 8.875% 12/5/30(c) | | 200,000 | 206,140 |
| Eldorado Gold Corp. 6.25% 9/1/29 (c) | | 420,000 | 400,050 |
| Endeavour Mining PLC 5% 10/14/26 (c) | | 580,000 | 547,013 |
| ERO Copper Corp. 6.5% 2/15/30 (c) | | 415,000 | 393,731 |
| First Quantum Minerals Ltd.: | | | |
| 8.625% 6/1/31(c) | | 1,120,000 | 1,086,406 |
| 9.375% 3/1/29(c) | | 665,000 | 688,883 |
| FMG Resources Pty Ltd.: | | | |
| 4.375% 4/1/31(c) | | 445,000 | 397,592 |
| 4.5% 9/15/27(c) | | 485,000 | 465,896 |
| Fresnillo PLC 4.25% 10/2/50 (c) | | 360,000 | 270,979 |
| HudBay Minerals, Inc. 4.5% 4/1/26 (c) | | 360,000 | 348,710 |
| Kaiser Aluminum Corp. 4.625% 3/1/28 (c) | | 595,000 | 558,310 |
| Metinvest BV 8.5% 4/23/26 (Reg. S) | | 200,000 | 160,000 |
| Mineral Resources Ltd.: | | | |
| 8% 11/1/27(c) | | 280,000 | 285,715 |
| 8.125% 5/1/27(c) | | 960,000 | 971,153 |
| 8.5% 5/1/30(c) | | 210,000 | 216,308 |
| 9.25% 10/1/28(c) | | 515,000 | 542,398 |
| Murray Energy Corp.: | | | |
| 11.25%(b)(c)(d) | | 490,000 | 0 |
| 12% pay-in-kind(b)(c)(d)(e) | | 548,100 | 0 |
| Nexa Resources SA 6.5% 1/18/28 (c) | | 525,000 | 526,805 |
| POSCO: | | | |
| 5.75% 1/17/28(c) | | 420,000 | 426,232 |
| 5.875% 1/17/33(c) | | 200,000 | 207,641 |
| PT Freeport Indonesia: | | | |
| 4.763% 4/14/27(c) | | 225,000 | 219,488 |
| 5.315% 4/14/32(c) | | 450,000 | 439,313 |
| 6.2% 4/14/52(c) | | 265,000 | 262,598 |
| PT Indonesia Asahan Aluminium 5.45% 5/15/30 (c) | | 880,000 | 867,843 |
| Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) | | 200,000 | 183,124 |
| Samarco Mineracao SA 9.0494% 6/30/31 pay-in-kind (c)(e) | | 690,000 | 621,000 |
| Stillwater Mining Co. 4% 11/16/26 (c) | | 410,000 | 366,438 |
| TMK Capital SA 4.3% (Reg. S) (b)(d)(j) | | 400,000 | 60,000 |
| Volcan Compania Minera SAA 4.375% 2/11/26 (c) | | 455,000 | 280,820 |
| | | | 21,921,726 |
| Paper & Forest Products - 0.0% | | | |
| Inversiones CMPC SA 3% 4/6/31 (c) | | 245,000 | 208,786 |
| Suzano Austria GmbH 3.75% 1/15/31 | | 245,000 | 216,366 |
| | | | 425,152 |
TOTAL MATERIALS | | | 49,911,260 |
| | | | |
| REAL ESTATE - 1.3% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.1% | | | |
| Iron Mountain Information Management Services, Inc. 5% 7/15/32 (c) | | 415,000 | 379,007 |
| Iron Mountain, Inc.: | | | |
| 4.875% 9/15/29(c) | | 1,300,000 | 1,219,646 |
| 5% 7/15/28(c) | | 630,000 | 602,709 |
| 5.25% 7/15/30(c) | | 585,000 | 553,397 |
| 5.625% 7/15/32(c) | | 585,000 | 552,582 |
| MPT Operating Partnership LP/MPT Finance Corp.: | | | |
| 3.5% 3/15/31 | | 665,000 | 456,602 |
| 4.625% 8/1/29 | | 970,000 | 744,445 |
| 5% 10/15/27 | | 2,850,000 | 2,386,875 |
| Prologis International Funding II SA: | | | |
| 3.125% 6/1/31 (Reg. S) | EUR | 2,300,000 | 2,364,652 |
| 4.625% 2/21/35 (Reg. S) | EUR | 957,000 | 1,083,143 |
| SBA Communications Corp. 3.875% 2/15/27 | | 890,000 | 846,469 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (c) | | 335,000 | 249,781 |
| Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | | | |
| 4.75% 4/15/28(c) | | 940,000 | 820,738 |
| 6.5% 2/15/29(c) | | 655,000 | 507,642 |
| 10.5% 2/15/28(c) | | 635,000 | 658,322 |
| VICI Properties LP / VICI Note Co.: | | | |
| 3.875% 2/15/29(c) | | 665,000 | 612,045 |
| 4.25% 12/1/26(c) | | 1,140,000 | 1,096,073 |
| 4.625% 12/1/29(c) | | 650,000 | 614,721 |
| | | | 15,748,849 |
| Real Estate Management & Development - 0.2% | | | |
| Greystar Real Estate Partners 7.75% 9/1/30 (c) | | 260,000 | 269,100 |
| SELP Finance SARL: | | | |
| 0.875% 5/27/29 (Reg. S) | EUR | 588,000 | 546,027 |
| 3.75% 8/10/27 (Reg. S) | EUR | 1,069,000 | 1,146,226 |
| Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | | | |
| 5.125% 8/1/30(c) | | 635,000 | 606,406 |
| 5.875% 6/15/27(c) | | 495,000 | 494,428 |
| Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (c) | | 300,000 | 277,350 |
| | | | 3,339,537 |
TOTAL REAL ESTATE | | | 19,088,386 |
| | | | |
| UTILITIES - 2.4% | | | |
| Electric Utilities - 1.4% | | | |
| Chile Electricity LUX MPC SARL 6.01% 1/20/33 (c) | | 200,000 | 202,625 |
| Clearway Energy Operating LLC: | | | |
| 3.75% 1/15/32(c) | | 280,000 | 235,391 |
| 4.75% 3/15/28(c) | | 365,000 | 346,948 |
| Comision Federal de Electricidad: | | | |
| 3.348% 2/9/31(c) | | 130,000 | 108,184 |
| 4.688% 5/15/29(c) | | 565,000 | 530,747 |
| Electricite de France SA 4.625% 1/25/43 (Reg. S) | EUR | 1,200,000 | 1,347,653 |
| EnBW International Finance BV 4.3% 5/23/34 (Reg. S) | EUR | 1,719,000 | 1,947,723 |
| Energias de Portugal SA: | | | |
| 1.875% 3/14/82 (Reg. S)(e) | EUR | 600,000 | 556,492 |
| 5.943% 4/23/83 (Reg. S)(e) | EUR | 100,000 | 112,669 |
| Eskom Holdings SOC Ltd.: | | | |
| 6.35% 8/10/28(c) | | 590,000 | 564,925 |
| 7.125% 2/11/25(c) | | 735,000 | 731,693 |
| 8.45% 8/10/28(c) | | 240,000 | 238,800 |
| Israel Electric Corp. Ltd. 3.75% 2/22/32 (Reg. S) (c) | | 605,000 | 510,494 |
| Lamar Funding Ltd. 3.958% 5/7/25 (c) | | 600,000 | 586,500 |
| Mong Duong Finance Holdings BV 5.125% 5/7/29 (c) | | 604,100 | 576,915 |
| NextEra Energy Partners LP 7.25% 1/15/29 (c) | | 285,000 | 291,601 |
| NRG Energy, Inc.: | | | |
| 3.375% 2/15/29(c) | | 305,000 | 270,970 |
| 3.625% 2/15/31(c) | | 605,000 | 522,089 |
| 3.875% 2/15/32(c) | | 58,000 | 49,702 |
| 5.75% 1/15/28 | | 1,665,000 | 1,655,794 |
| 6.625% 1/15/27 | | 315,000 | 315,157 |
| ORSTED A/S 5.25% 12/8/22 (Reg. S) (e) | EUR | 600,000 | 658,735 |
| Pacific Gas & Electric Co.: | | | |
| 3.95% 12/1/47 | | 578,000 | 432,385 |
| 4% 12/1/46 | | 743,000 | 556,784 |
| 4.3% 3/15/45 | | 315,000 | 248,907 |
| PG&E Corp.: | | | |
| 5% 7/1/28 | | 1,345,000 | 1,295,318 |
| 5.25% 7/1/30 | | 510,000 | 484,619 |
| Vistra Operations Co. LLC: | | | |
| 4.375% 5/1/29(c) | | 1,105,000 | 1,023,655 |
| 5% 7/31/27(c) | | 1,220,000 | 1,181,358 |
| 5.5% 9/1/26(c) | | 820,000 | 807,333 |
| 5.625% 2/15/27(c) | | 1,495,000 | 1,472,059 |
| 7.75% 10/15/31(c) | | 580,000 | 607,422 |
| | | | 20,471,647 |
| Gas Utilities - 0.1% | | | |
| ENN Energy Holdings Ltd. 4.625% 5/17/27 (c) | | 640,000 | 626,000 |
| Southern Natural Gas Co. LLC: | | | |
| 7.35% 2/15/31 | | 175,000 | 186,344 |
| 8% 3/1/32 | | 335,000 | 385,209 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (c) | | 570,000 | 519,660 |
| | | | 1,717,213 |
| Independent Power and Renewable Electricity Producers - 0.4% | | | |
| Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) | | 370,000 | 339,972 |
| Aydem Yenilenebilir Enerji A/S 7.75% 2/2/27 (c) | | 245,000 | 235,200 |
| Buffalo Energy Mexico Holdings 7.875% 2/15/39 (c) | | 320,000 | 344,250 |
| Energo-Pro A/S 8.5% 2/4/27 (c) | | 465,000 | 470,958 |
| EnfraGen Energia Sur SA 5.375% 12/30/30 (c) | | 1,020,000 | 846,600 |
| Investment Energy Resources Ltd. 6.25% 4/26/29 (c) | | 485,000 | 466,206 |
| PT Pertamina Geothermal Energy 5.15% 4/27/28 (c) | | 205,000 | 204,103 |
| RWE AG 4.125% 2/13/35 (Reg. S) | EUR | 971,000 | 1,087,067 |
| Sunnova Energy Corp.: | | | |
| 5.875% 9/1/26(c) | | 145,000 | 112,883 |
| 11.75% 10/1/28(c) | | 860,000 | 671,149 |
| Termocandelaria Power Ltd. 7.875% 1/30/29 (c) | | 402,500 | 400,991 |
| | | | 5,179,379 |
| Multi-Utilities - 0.3% | | | |
| Abu Dhabi National Energy Co. PJSC: | | | |
| 4% 10/3/49(c) | | 448,000 | 364,000 |
| 4.696% 4/24/33(c) | | 350,000 | 342,125 |
| 4.875% 4/23/30(c) | | 195,000 | 195,305 |
| E.ON SE 4.125% 3/25/44 (Reg. S) | EUR | 747,000 | 824,450 |
| Engie SA 3.875% 3/6/36 (Reg. S) | EUR | 1,000,000 | 1,099,046 |
| National Grid PLC 4.275% 1/16/35 (Reg. S) | EUR | 1,388,000 | 1,543,251 |
| | | | 4,368,177 |
| Water Utilities - 0.2% | | | |
| Aegea Finance SARL 9% 1/20/31 (c) | | 200,000 | 210,875 |
| Suez SACA 2.375% 5/24/30 (Reg. S) | EUR | 1,800,000 | 1,813,976 |
| | | | 2,024,851 |
TOTAL UTILITIES | | | 33,761,267 |
| | | | |
| TOTAL NONCONVERTIBLE BONDS | | | 521,005,180 |
| TOTAL CORPORATE BONDS (Cost $545,218,578) | | | 527,769,018 |
| | | | |
| Bank Loan Obligations - 3.9% |
| | | Principal Amount (a) | Value ($) |
| COMMUNICATION SERVICES - 0.1% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| Aventiv Technologies LLC Tranche 1LN, term loan CME Term SOFR 1 Month Index + 4.890% 10.4998% 11/1/24 (e)(f)(m) | | 409,967 | 303,170 |
| Connect U.S. Finco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8263% 12/12/26 (e)(f)(m) | | 466,813 | 466,010 |
| Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.4302% 12/30/27 (e)(f)(m) | | 265,963 | 242,026 |
| | | | 1,011,206 |
| Media - 0.0% | | | |
| Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4256% 8/24/26 (e)(f)(m) | | 158,509 | 150,980 |
| Univision Communications, Inc.: | | | |
| 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.5594% 6/24/29 (e)(f)(m) | | 34,388 | 34,413 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6946% 1/31/29 (e)(f)(m) | | 347,900 | 346,668 |
| | | | 532,061 |
TOTAL COMMUNICATION SERVICES | | | 1,543,267 |
| CONSUMER DISCRETIONARY - 0.9% | | | |
| Automobile Components - 0.1% | | | |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.3302% 5/6/30 (e)(f)(m) | | 134,663 | 134,873 |
| PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.8243% 12/17/28 (e)(f)(m) | | 778,659 | 590,520 |
| | | | 725,393 |
| Broadline Retail - 0.0% | | | |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1946% 3/5/28 (e)(f)(m) | | 139,642 | 139,622 |
| Diversified Consumer Services - 0.1% | | | |
| Sotheby's Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 10.0756% 1/15/27 (e)(f)(m) | | 580,809 | 568,711 |
| Spin Holdco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5854% 3/4/28 (e)(f)(m) | | 823,030 | 758,990 |
| TKC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.9418% 5/14/28 (e)(f)(m) | | 472,811 | 467,138 |
| | | | 1,794,839 |
| Hotels, Restaurants & Leisure - 0.3% | | | |
| Caesars Entertainment, Inc. Tranche B1 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0405% 2/6/31 (e)(f)(m) | | 565,000 | 565,000 |
| Carnival Finance LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 3.000% 8.3187% 8/8/27 (e)(f)(m) | | 1,671,318 | 1,672,371 |
| CME Term SOFR 1 Month Index + 3.250% 8.6946% 10/18/28 (e)(f)(m) | | 887,387 | 887,573 |
| Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.0767% 1/27/29 (e)(f)(m) | | 1,385,771 | 1,388,376 |
| Light & Wonder International, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0754% 4/16/29 (e)(f)(m) | | 108,350 | 108,455 |
| Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5594% 8/1/30 (e)(f)(m) | | 289,275 | 290,154 |
| | | | 4,911,929 |
| Specialty Retail - 0.4% | | | |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1773% 12/18/27 (e)(f)(m) | | 4,838,210 | 4,826,744 |
| Wand NewCo 3, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0763% 1/20/31 (e)(f)(m) | | 105,000 | 105,246 |
| | | | 4,931,990 |
TOTAL CONSUMER DISCRETIONARY | | | 12,503,773 |
| CONSUMER STAPLES - 0.0% | | | |
| Beverages - 0.0% | | | |
| Naked Juice LLC 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.6594% 1/24/29 (e)(f)(m) | | 103,163 | 96,293 |
| Food Products - 0.0% | | | |
| Fiesta Purchaser, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3274% 2/12/31 (e)(f)(m) | | 100,000 | 100,111 |
TOTAL CONSUMER STAPLES | | | 196,404 |
| ENERGY - 0.1% | | | |
| Energy Equipment & Services - 0.0% | | | |
| Forbes Energy Services LLC Tranche B, term loan 0% (b)(d)(e)(m) | | 61,482 | 0 |
| Oil, Gas & Consumable Fuels - 0.1% | | | |
| EG America LLC Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 11.2383% 2/7/28 (e)(f)(m) | | 1,610,952 | 1,598,870 |
| Mesquite Energy, Inc.: | | | |
| 1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(d)(f)(m) | | 283,417 | 0 |
| term loan 0% (b)(d)(e)(m) | | 122,000 | 0 |
| | | | 1,598,870 |
TOTAL ENERGY | | | 1,598,870 |
| FINANCIALS - 0.3% | | | |
| Capital Markets - 0.1% | | | |
| Citadel Securities LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.5773% 7/29/30 (e)(f)(m) | | 523,956 | 523,270 |
| Insurance - 0.2% | | | |
| Acrisure LLC: | | | |
| Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 3.500% 8.9446% 2/15/27 (e)(f)(m) | | 863,256 | 861,408 |
| CME Term SOFR 1 Month Index + 4.250% 9.6946% 2/15/27 (e)(f)(m) | | 63,538 | 63,617 |
| Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8302% 11/6/30 (e)(f)(m) | | 149,625 | 149,999 |
| Alliant Holdings Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8267% 11/6/30 (e)(f)(m) | | 515,063 | 516,995 |
| HUB International Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.5741% 6/20/30 (e)(f)(m) | | 224,438 | 224,478 |
| Truist Insurance Holdings LLC: | | | |
| 2L, term loan CME Term SOFR 1 Month Index + 4.750% 3/8/32 (f)(m)(n) | | 1,175,000 | 1,180,875 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 3/22/31 (f)(m)(n) | | 225,000 | 224,624 |
| | | | 3,221,996 |
TOTAL FINANCIALS | | | 3,745,266 |
| HEALTH CARE - 0.4% | | | |
| Health Care Equipment & Supplies - 0.1% | | | |
| Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4407% 10/23/28 (e)(f)(m) | | 1,062,812 | 1,065,097 |
| Health Care Providers & Services - 0.1% | | | |
| Gainwell Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4094% 10/1/27 (e)(f)(m) | | 954,479 | 911,050 |
| Phoenix Newco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6918% 11/15/28 (e)(f)(m) | | 323,400 | 324,021 |
| | | | 1,235,071 |
| Health Care Technology - 0.2% | | | |
| Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5802% 2/15/29 (e)(f)(m) | | 1,340,105 | 1,325,658 |
| Cotiviti, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 2/21/31 (f)(m)(n) | | 1,915,000 | 1,910,213 |
| | | | 3,235,871 |
TOTAL HEALTH CARE | | | 5,536,039 |
| INDUSTRIALS - 0.5% | | | |
| Building Products - 0.1% | | | |
| Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.8135% 5/17/28 (e)(f)(m) | | 1,023,868 | 931,085 |
| Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8238% 2/25/29 (e)(f)(m) | | 1,026,713 | 1,013,078 |
| Miwd Holdco Ii LLC Tranche B2, term loan CME Term SOFR 1 Month Index + 3.500% 3/20/31 (f)(m)(n) | | 35,000 | 35,131 |
| | | | 1,979,294 |
| Commercial Services & Supplies - 0.3% | | | |
| ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9273% 12/21/28 (e)(f)(m) | | 870,662 | 873,439 |
| Artera Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8094% 2/10/31 (e)(f)(m) | | 295,000 | 295,885 |
| Bifm California Buyer, Inc. Tranche 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5707% 5/31/28 (e)(f)(m) | | 70,000 | 70,263 |
| Brand Industrial Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8064% 8/1/30 (e)(f)(m) | | 1,499,707 | 1,504,791 |
| Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6933% 6/21/28 (e)(f)(m) | | 136,150 | 135,867 |
| Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4234% 4/11/29 (e)(f)(m) | | 784,075 | 721,882 |
| Sabert Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1832% 12/16/26 (e)(f)(m) | | 267,611 | 268,167 |
| The GEO Group, Inc. Tranche 1B 1LN, term loan CME Term SOFR 1 Month Index + 7.120% 12.2052% 3/23/27 (e)(f)(m) | | 135,000 | 138,611 |
| | | | 4,008,905 |
| Construction & Engineering - 0.0% | | | |
| SRS Distribution, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9446% 6/4/28 (e)(f)(m) | | 297,375 | 299,186 |
| Machinery - 0.0% | | | |
| Chart Industries, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6726% 3/17/30 (e)(f)(m) | | 77,452 | 77,549 |
| Sts Operating, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 3/15/31 (f)(m)(n) | | 280,000 | 280,526 |
| | | | 358,075 |
| Passenger Airlines - 0.0% | | | |
| SkyMiles IP Ltd. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.0678% 10/20/27 (e)(f)(m) | | 153,750 | 158,427 |
| United Airlines, Inc. Tranche 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0757% 2/24/31 (e)(f)(m) | | 125,000 | 124,980 |
| | | | 283,407 |
| Professional Services - 0.1% | | | |
| Galaxy U.S. Opco, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0627% 4/29/29 (e)(f)(m) | | 1,123,215 | 1,013,702 |
TOTAL INDUSTRIALS | | | 7,942,569 |
| INFORMATION TECHNOLOGY - 1.2% | | | |
| Electronic Equipment, Instruments & Components - 0.0% | | | |
| DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1946% 3/31/28 (e)(f)(m) | | 97,253 | 97,028 |
| IT Services - 0.0% | | | |
| Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4519% 2/16/28 (e)(f)(m) | | 60,938 | 60,804 |
| GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 14.4094% 6/30/28 (e)(f)(m) | | 222,503 | 155,752 |
| | | | 216,556 |
| Software - 1.2% | | | |
| Applied Systems, Inc.: | | | |
| Tranche 2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5594% 2/23/32 (e)(f)(m) | | 10,000 | 10,338 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8094% 2/24/31 (e)(f)(m) | | 550,000 | 553,047 |
| Boxer Parent Co., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5802% 12/29/28 (e)(f)(m) | | 1,587,328 | 1,596,264 |
| ConnectWise LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 9.0635% 9/30/28 (e)(f)(m) | | 857,540 | 856,734 |
| McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1756% 3/1/29 (e)(f)(m) | | 1,509,942 | 1,505,125 |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5802% 5/3/28 (e)(f)(m) | | 893,250 | 886,953 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.5743% 6/2/28 (e)(f)(m) | | 312,000 | 308,830 |
| Project Alpha Intermediate Holding, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0627% 10/26/30 (e)(f)(m) | | 580,000 | 582,738 |
| Proofpoint, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6946% 8/31/28 (e)(f)(m) | | 3,725,385 | 3,725,422 |
| RealPage, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4407% 4/22/28 (e)(f)(m) | | 302,250 | 293,854 |
| UKG, Inc.: | | | |
| 2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.6802% 5/3/27 (e)(f)(m) | | 425,862 | 428,877 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8143% 2/10/31 (e)(f)(m) | | 3,587,560 | 3,604,601 |
| Veritas U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4446% 9/1/25 (e)(f)(m) | | 490,928 | 453,019 |
| VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.5751% 2/28/27 (e)(f)(m) | | 1,696,744 | 1,695,692 |
| | | | 16,501,494 |
TOTAL INFORMATION TECHNOLOGY | | | 16,815,078 |
| MATERIALS - 0.4% | | | |
| Chemicals - 0.2% | | | |
| Avient Corp. Tranche B7 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8257% 8/29/29 (e)(f)(m) | | 27,940 | 27,954 |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8273% 11/15/30 (e)(f)(m) | | 565,000 | 545,050 |
| Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.7052% 10/4/29 (e)(f)(m) | | 898,665 | 897,299 |
| Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.321% 11/9/28 (e)(f)(m) | | 166,175 | 166,133 |
| W.R. Grace Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.321% 9/22/28 (e)(f)(m) | | 704,123 | 704,123 |
| | | | 2,340,559 |
| Containers & Packaging - 0.2% | | | |
| Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.670% 9.1052% 4/13/29 (e)(f)(m) | | 3,460,057 | 3,463,620 |
| Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan CME Term SOFR 6 Month Index + 4.750% 10.2675% 2/9/26 (e)(f)(m) | | 77,600 | 72,750 |
| | | | 3,536,370 |
| Metals & Mining - 0.0% | | | |
| Arsenal AIC Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0802% 8/19/30 (e)(f)(m) | | 79,601 | 79,780 |
TOTAL MATERIALS | | | 5,956,709 |
| TOTAL BANK LOAN OBLIGATIONS (Cost $56,075,895) | | | 55,837,975 |
| | | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities.Corporate Bonds, U.S. Government and Government Agency Obligations, Foreign Government and Government Agency Obligations, Bank Loan Obligations and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. U.S. Government Agency - Mortgage Securities, Collateralized Mortgage Obligations and Commercial Mortgage Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
Options traded over-the-counter are valued using service or broker-supplied valuations and are categorized as Level 2 in the hierarchy.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Interest Rate Risk - Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund.
Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net the amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. For OTC written options with upfront premiums received, the Fund is obligated to perform and therefore does not have counterparty risk. For OTC written options with premiums to be received at a future date, the maximum risk of loss from counterparty credit risk is the amount of the premium in excess of any collateral pledged by the counterparty. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared swaps may be mitigated by the protection provided by the clearinghouse.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the bond market and fluctuations in interest rates.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
Options: Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
The Fund used OTC options, such as swaptions, which are options where the underlying instrument is a swap, to manage its exposure to fluctuations in interest rates and/or potential credit events.
Open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions." Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
Swaps: A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount.
A centrally cleared swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.
Interest Rate Swaps: Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. The Fund entered into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.
The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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