PORTFOLIO OF INVESTMENTS – as of March 31, 2023 (Unaudited)
Loomis Sayles High Income Fund
Principal | Description | Value (†) | ||||||
Bonds and Notes – 92.6% of Net Assets | ||||||||
Non-Convertible Bonds – 87.9% | ||||||||
ABS Home Equity – 0.1% |
| |||||||
$ 104,844 | DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1 mo. USD LIBOR + 0.660%, 5.421%, 9/19/2045(a) | $ | 64,075 | |||||
|
| |||||||
Aerospace & Defense – 2.0% |
| |||||||
100,000 | Bombardier, Inc., 6.000%, 2/15/2028, 144A | 97,375 | ||||||
355,000 | Bombardier, Inc., 7.125%, 6/15/2026, 144A | 356,278 | ||||||
35,000 | Moog, Inc., 4.250%, 12/15/2027, 144A | 32,388 | ||||||
235,000 | Spirit AeroSystems, Inc., 4.600%, 6/15/2028 | 199,162 | ||||||
215,000 | TransDigm, Inc., 4.875%, 5/01/2029 | 190,293 | ||||||
40,000 | TransDigm, Inc., 5.500%, 11/15/2027 | 37,717 | ||||||
135,000 | TransDigm, Inc., 6.750%, 8/15/2028, 144A | 136,350 | ||||||
85,000 | TransDigm, Inc., 8.000%, 12/15/2025, 144A | 86,594 | ||||||
|
| |||||||
1,136,157 | ||||||||
|
| |||||||
Airlines – 1.3% |
| |||||||
90,000 | Allegiant Travel Co., 7.250%, 8/15/2027, 144A | 89,595 | ||||||
675,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, 4/20/2029, 144A | 647,484 | ||||||
|
| |||||||
737,079 | ||||||||
|
| |||||||
Automotive – 2.2% |
| |||||||
30,000 | Allison Transmission, Inc., 4.750%, 10/01/2027, 144A | 28,340 | ||||||
85,000 | Ford Motor Co., 3.250%, 2/12/2032 | 66,806 | ||||||
820,000 | Ford Motor Credit Co. LLC, 2.300%, 2/10/2025 | 759,955 | ||||||
320,000 | Nissan Motor Acceptance Co. LLC, 1.850%, 9/16/2026, 144A | 276,954 | ||||||
55,000 | Real Hero Merger Sub 2, Inc., 6.250%, 2/01/2029, 144A | 40,663 | ||||||
85,000 | Wheel Pros, Inc., 6.500%, 5/15/2029, 144A | 38,250 | ||||||
|
| |||||||
1,210,968 | ||||||||
|
| |||||||
Banking – 3.0% |
| |||||||
250,000 | Credit Suisse Group AG, (fixed rate to 11/15/2032, variable rate thereafter), 9.016%, 11/15/2033, 144A | 296,225 | ||||||
475,000 | Credit Suisse Group AG, (fixed rate to 7/15/2025, variable rate thereafter), 6.373%, 7/15/2026, 144A | 459,038 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Banking – continued |
| |||||||
$ 410,000 | Deutsche Bank AG, (fixed rate to 10/07/2031, variable rate thereafter), 3.742%, 1/07/2033 | $ | 296,638 | |||||
200,000 | Deutsche Bank AG, (fixed rate to 10/14/2030, variable rate thereafter), 3.729%, 1/14/2032 | 149,158 | ||||||
235,000 | Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032 | 190,907 | ||||||
335,000 | UniCredit SpA, (fixed rate to 6/30/2030, variable rate thereafter), 5.459%, 6/30/2035, 144A | 275,961 | ||||||
|
| |||||||
1,667,927 | ||||||||
|
| |||||||
Brokerage – 0.1% |
| |||||||
35,000 | Coinbase Global, Inc., 3.375%, 10/01/2028, 144A | 21,597 | ||||||
60,000 | Coinbase Global, Inc., 3.625%, 10/01/2031, 144A | 33,600 | ||||||
|
| |||||||
55,197 | ||||||||
|
| |||||||
Building Materials – 2.5% |
| |||||||
90,000 | Builders FirstSource, Inc., 4.250%, 2/01/2032, 144A | 78,425 | ||||||
75,000 | Builders FirstSource, Inc., 5.000%, 3/01/2030, 144A | 69,449 | ||||||
615,000 | Cemex SAB de CV, 3.875%, 7/11/2031, 144A | 512,365 | ||||||
80,000 | Cornerstone Building Brands, Inc., 6.125%, 1/15/2029, 144A | 57,113 | ||||||
50,000 | CP Atlas Buyer, Inc., 7.000%, 12/01/2028, 144A | 37,130 | ||||||
145,000 | Foundation Building Materials, Inc., 6.000%, 3/01/2029, 144A | 114,930 | ||||||
80,000 | JELD-WEN, Inc., 4.625%, 12/15/2025, 144A | 74,200 | ||||||
115,000 | LBM Acquisition LLC, 6.250%, 1/15/2029, 144A | 88,013 | ||||||
75,000 | MIWD Holdco II LLC/MIWD Finance Corp., 5.500%, 2/01/2030, 144A | 63,375 | ||||||
115,000 | Park River Holdings, Inc., 5.625%, 2/01/2029, 144A | 78,379 | ||||||
85,000 | Patrick Industries, Inc., 4.750%, 5/01/2029, 144A | 73,752 | ||||||
65,000 | Standard Industries, Inc., 4.375%, 7/15/2030, 144A | 56,550 | ||||||
45,000 | Summit Materials LLC/Summit Materials Finance Corp., 5.250%, 1/15/2029, 144A | 42,525 | ||||||
90,000 | Victors Merger Corp., 6.375%, 5/15/2029, 144A | 53,131 | ||||||
|
| |||||||
1,399,337 | ||||||||
|
| |||||||
Cable Satellite – 9.0% |
| |||||||
210,000 | Altice Financing SA, 5.000%, 1/15/2028, 144A | 170,772 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Cable Satellite – continued |
| |||||||
$ 240,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 2/01/2031, 144A | $ | 196,680 | |||||
330,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.250%, 1/15/2034, 144A | 258,100 | ||||||
175,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 3/01/2030, 144A | 151,619 | ||||||
290,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.000%, 2/01/2028, 144A | 267,525 | ||||||
700,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A | 661,500 | ||||||
30,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.500%, 5/01/2026, 144A | 29,175 | ||||||
2,155,000 | CSC Holdings LLC, 4.625%, 12/01/2030, 144A | 1,062,631 | ||||||
405,000 | CSC Holdings LLC, 5.000%, 11/15/2031, 144A | 205,086 | ||||||
250,000 | CSC Holdings LLC, 5.750%, 1/15/2030 | 131,631 | ||||||
260,000 | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/2027, 144A | 235,482 | ||||||
200,000 | DISH DBS Corp., 5.125%, 6/01/2029 | 106,500 | ||||||
130,000 | DISH DBS Corp., 5.250%, 12/01/2026, 144A | 103,726 | ||||||
85,000 | DISH DBS Corp., 5.750%, 12/01/2028, 144A | 63,431 | ||||||
150,000 | DISH DBS Corp., 7.375%, 7/01/2028 | 85,599 | ||||||
590,000 | DISH DBS Corp., 7.750%, 7/01/2026 | 389,400 | ||||||
165,000 | Radiate Holdco LLC/Radiate Finance, Inc., 6.500%, 9/15/2028, 144A | 67,650 | ||||||
200,000 | Telenet Finance Luxembourg Notes Sarl, 5.500%, 3/01/2028, 144A | 185,124 | ||||||
85,000 | Telesat Canada/Telesat LLC, 5.625%, 12/06/2026, 144A | 43,858 | ||||||
80,000 | Viasat, Inc., 6.500%, 7/15/2028, 144A | 59,099 | ||||||
245,000 | Virgin Media Secured Finance PLC, 5.500%, 5/15/2029, 144A | 228,154 | ||||||
380,000 | Ziggo Bond Co. BV, 6.000%, 1/15/2027, 144A | 350,592 | ||||||
|
| |||||||
5,053,334 | ||||||||
|
| |||||||
Chemicals – 0.5% |
| |||||||
105,000 | ASP Unifrax Holdings, Inc., 5.250%, 9/30/2028, 144A | 83,901 | ||||||
55,000 | Chemours Co., 5.375%, 5/15/2027 | 50,944 | ||||||
170,000 | Hercules LLC, 6.500%, 6/30/2029 | 160,332 | ||||||
|
| |||||||
295,177 | ||||||||
|
|
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Consumer Cyclical Services – 3.5% |
| |||||||
$ 300,000 | ADT Security Corp., 4.125%, 8/01/2029, 144A | $ | 267,537 | |||||
95,000 | ANGI Group LLC, 3.875%, 8/15/2028, 144A | 72,175 | ||||||
35,000 | Arches Buyer, Inc., 6.125%, 12/01/2028, 144A | 28,875 | ||||||
45,000 | Match Group Holdings II LLC, 3.625%, 10/01/2031, 144A | 36,620 | ||||||
50,000 | Match Group Holdings II LLC, 5.000%, 12/15/2027, 144A | 47,362 | ||||||
210,000 | Realogy Group LLC/Realogy Co-Issuer Corp., 5.750%, 1/15/2029, 144A | 157,177 | ||||||
1,035,000 | Uber Technologies, Inc., 4.500%, 8/15/2029, 144A | 943,144 | ||||||
265,000 | Uber Technologies, Inc., 6.250%, 1/15/2028, 144A | 264,337 | ||||||
120,000 | Uber Technologies, Inc., 8.000%, 11/01/2026, 144A | 123,028 | ||||||
|
| |||||||
1,940,255 | ||||||||
|
| |||||||
Consumer Products – 0.7% |
| |||||||
45,000 | Coty, Inc., 5.000%, 4/15/2026, 144A | 43,418 | ||||||
20,000 | Coty, Inc., 6.500%, 4/15/2026, 144A | 19,901 | ||||||
145,000 | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.750%, 1/15/2029, 144A | 135,392 | ||||||
105,000 | Energizer Holdings, Inc., 4.375%, 3/31/2029, 144A | 92,269 | ||||||
55,000 | Prestige Brands, Inc., 3.750%, 4/01/2031, 144A | 46,617 | ||||||
90,000 | Tempur Sealy International, Inc., 3.875%, 10/15/2031, 144A | 75,150 | ||||||
|
| |||||||
412,747 | ||||||||
|
| |||||||
Diversified Manufacturing – 0.3% |
| |||||||
65,000 | Chart Industries, Inc., 7.500%, 1/01/2030, 144A | 67,159 | ||||||
80,000 | Madison IAQ LLC, 5.875%, 6/30/2029, 144A | 61,800 | ||||||
75,000 | Resideo Funding, Inc., 4.000%, 9/01/2029, 144A | 62,356 | ||||||
|
| |||||||
191,315 | ||||||||
|
| |||||||
Electric – 1.3% |
| |||||||
335,000 | Calpine Corp., 4.500%, 2/15/2028, 144A | 310,752 | ||||||
40,000 | Calpine Corp., 5.250%, 6/01/2026, 144A | 38,996 | ||||||
145,000 | NRG Energy, Inc., 3.625%, 2/15/2031, 144A | 116,257 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Electric – continued |
| |||||||
$ 40,000 | NRG Energy, Inc., 3.875%, 2/15/2032, 144A | $ | 32,000 | |||||
85,000 | PG&E Corp., 5.000%, 7/01/2028 | 80,219 | ||||||
25,000 | PG&E Corp., 5.250%, 7/01/2030 | 23,207 | ||||||
150,000 | Vistra Operations Co. LLC, 5.125%, 5/13/2025, 144A | 146,388 | ||||||
|
| |||||||
747,819 | ||||||||
|
| |||||||
Environmental – 0.6% |
| |||||||
50,000 | Clean Harbors, Inc., 6.375%, 2/01/2031, 144A | 51,013 | ||||||
175,000 | Covanta Holding Corp., 4.875%, 12/01/2029, 144A | 155,704 | ||||||
130,000 | GFL Environmental, Inc., 4.000%, 8/01/2028, 144A | 118,114 | ||||||
|
| |||||||
324,831 | ||||||||
|
| |||||||
Finance Companies – 3.8% |
| |||||||
115,000 | Cobra AcquisitionCo LLC, 6.375%, 11/01/2029, 144A | 66,412 | ||||||
95,437 | Global Aircraft Leasing Co. Ltd., 7.250% PIK or 6.500% Cash, 9/15/2024, 144A(b) | 86,117 | ||||||
70,000 | LFS Topco LLC, 5.875%, 10/15/2026, 144A | 61,013 | ||||||
300,000 | Navient Corp., 4.875%, 3/15/2028 | 252,375 | ||||||
120,000 | Navient Corp., 5.500%, 3/15/2029 | 101,400 | ||||||
95,000 | Navient Corp., 6.750%, 6/25/2025 | 92,323 | ||||||
205,000 | OneMain Finance Corp., 3.500%, 1/15/2027 | 172,049 | ||||||
40,000 | OneMain Finance Corp., 4.000%, 9/15/2030 | 30,000 | ||||||
210,000 | OneMain Finance Corp., 7.125%, 3/15/2026 | 201,871 | ||||||
145,000 | Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/2025, 144A | 128,113 | ||||||
90,000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026, 144A | 80,550 | ||||||
100,000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026 | 89,500 | ||||||
20,000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029, 144A | 17,171 | ||||||
75,000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 | 64,391 | ||||||
245,000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031, 144A | 203,139 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Finance Companies – continued |
| |||||||
$ 595,000 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.000%, 10/15/2033, 144A | $ | 472,341 | |||||
|
| |||||||
2,118,765 | ||||||||
|
| |||||||
Financial Other – 2.3% |
| |||||||
210,000 | Agile Group Holdings Ltd., 6.050%, 10/13/2025 | 97,873 | ||||||
213,200 | CFLD Cayman Investment Ltd., 2.500%, 1/31/2031, 144A | 20,393 | ||||||
175,600 | CFLD Cayman Investment Ltd., 2.500%, 1/31/2031, 144A | 32,033 | ||||||
21,791 | CFLD Cayman Investment Ltd., Zero Coupon, 1.841%-9.990%, 1/31/2031, 144A(c) | 2,257 | ||||||
200,000 | China Aoyuan Group Ltd., 6.200%, 3/24/2026(d) | 18,644 | ||||||
200,000 | China Evergrande Group, 8.750%, 6/28/2025(d) | 15,492 | ||||||
213,776 | Easy Tactic Ltd., 7.500% PIK or 6.500% Cash, 7/11/2027(e) | 49,966 | ||||||
220,000 | Fantasia Holdings Group Co. Ltd., 11.875%, 6/01/2023(d) | 22,869 | ||||||
405,000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027 | 380,015 | ||||||
200,000 | Kaisa Group Holdings Ltd., 9.375%, 6/30/2024(d) | 24,790 | ||||||
200,000 | Kaisa Group Holdings Ltd., 11.650%, 6/01/2026(d) | 24,746 | ||||||
400,000 | Kaisa Group Holdings Ltd., 11.700%, 11/11/2025(d) | 49,904 | ||||||
100,000 | Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030, 144A | 76,842 | ||||||
330,000 | Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031, 144A | 255,969 | ||||||
200,000 | Shimao Group Holdings Ltd., 6.125%, 2/21/2024(d) | 29,404 | ||||||
200,000 | Sunac China Holdings Ltd., 6.500%, 1/26/2026(d) | 47,760 | ||||||
200,000 | Sunac China Holdings Ltd., 6.650%, 8/03/2024(d) | 47,976 | ||||||
200,000 | Times China Holdings Ltd., 6.200%, 3/22/2026(d) | 30,044 | ||||||
400,000 | Yuzhou Group Holdings Co. Ltd., 6.350%, 1/13/2027(d) | 36,329 | ||||||
400,000 | Zhenro Properties Group Ltd., 6.630%, 1/07/2026(d) | 30,824 | ||||||
200,000 | Zhenro Properties Group Ltd., 6.700%, 8/04/2026(d) | 15,738 | ||||||
|
| |||||||
1,309,868 | ||||||||
|
| |||||||
Food & Beverage – 1.0% |
| |||||||
40,000 | Aramark Services, Inc., 5.000%, 2/01/2028, 144A | 37,859 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Food & Beverage – continued |
| |||||||
$ 80,000 | HLF Financing Sarl LLC/Herbalife International, Inc., 4.875%, 6/01/2029, 144A | $ | 60,800 | |||||
70,000 | Performance Food Group, Inc., 4.250%, 8/01/2029, 144A | 62,858 | ||||||
115,000 | Performance Food Group, Inc., 5.500%, 10/15/2027, 144A | 112,426 | ||||||
90,000 | Post Holdings, Inc., 4.625%, 4/15/2030, 144A | 80,663 | ||||||
65,000 | Post Holdings, Inc., 5.750%, 3/01/2027, 144A | 63,427 | ||||||
80,000 | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/01/2029, 144A | 65,010 | ||||||
100,000 | U.S. Foods, Inc., 4.750%, 2/15/2029, 144A | 92,375 | ||||||
|
| |||||||
575,418 | ||||||||
|
| |||||||
Gaming – 3.4% |
| |||||||
165,000 | Boyd Gaming Corp., 4.750%, 6/15/2031, 144A | 149,853 | ||||||
145,000 | Caesars Entertainment, Inc., 6.250%, 7/01/2025, 144A | 145,007 | ||||||
200,000 | Melco Resorts Finance Ltd., 5.375%, 12/04/2029, 144A | 163,000 | ||||||
200,000 | Sands China Ltd., 3.350%, 3/08/2029 | 166,116 | ||||||
330,000 | Sands China Ltd., 4.875%, 6/18/2030 | 292,090 | ||||||
290,000 | Scientific Games International, Inc., 7.000%, 5/15/2028, 144A | 287,100 | ||||||
150,000 | Scientific Games International, Inc., 7.250%, 11/15/2029, 144A | 150,289 | ||||||
140,000 | VICI Properties LP/VICI Note Co., Inc., 4.500%, 9/01/2026, 144A | 131,692 | ||||||
105,000 | VICI Properties LP/VICI Note Co., Inc., 5.625%, 5/01/2024, 144A | 104,082 | ||||||
250,000 | Wynn Macau Ltd., 5.125%, 12/15/2029, 144A | 204,750 | ||||||
110,000 | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029, 144A | 99,919 | ||||||
|
| |||||||
1,893,898 | ||||||||
|
| |||||||
Government Owned—No Guarantee – 0.2% |
| |||||||
155,000 | Petroleos Mexicanos, 5.950%, 1/28/2031 | 118,622 | ||||||
|
| |||||||
Health Insurance – 0.1% |
| |||||||
35,000 | Molina Healthcare, Inc., 3.875%, 5/15/2032, 144A | 29,414 | ||||||
|
| |||||||
Healthcare – 2.5% |
| |||||||
90,000 | AdaptHealth LLC, 5.125%, 3/01/2030, 144A | 76,349 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Healthcare – continued |
| |||||||
$ 70,000 | AHP Health Partners, Inc., 5.750%, 7/15/2029, 144A | $ | 58,800 | |||||
275,000 | CHS/Community Health Systems, Inc., 5.250%, 5/15/2030, 144A | 215,724 | ||||||
225,000 | DaVita, Inc., 3.750%, 2/15/2031, 144A | 177,469 | ||||||
130,000 | Encompass Health Corp., 4.750%, 2/01/2030 | 118,195 | ||||||
95,000 | Garden Spinco Corp., 8.625%, 7/20/2030, 144A | 101,501 | ||||||
215,000 | LifePoint Health, Inc., 5.375%, 1/15/2029, 144A | 131,435 | ||||||
120,000 | Medline Borrower LP, 3.875%, 4/01/2029, 144A | 104,100 | ||||||
60,000 | RP Escrow Issuer LLC, 5.250%, 12/15/2025, 144A | 45,450 | ||||||
90,000 | Tenet Healthcare Corp., 4.625%, 6/15/2028 | 83,012 | ||||||
135,000 | Tenet Healthcare Corp., 5.125%, 11/01/2027 | 129,607 | ||||||
90,000 | Tenet Healthcare Corp., 6.250%, 2/01/2027 | 88,505 | ||||||
65,000 | U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026, 144A | 57,878 | ||||||
|
| |||||||
1,388,025 | ||||||||
|
| |||||||
Home Construction – 0.2% |
| |||||||
70,000 | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.875%, 2/15/2030, 144A | 52,802 | ||||||
1,200,000 | Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(d)(f) | — | ||||||
50,000 | Empire Communities Corp., 7.000%, 12/15/2025, 144A | 43,925 | ||||||
|
| |||||||
96,727 | ||||||||
|
| |||||||
Independent Energy – 7.0% |
| |||||||
155,000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.000%, 11/01/2026, 144A | 149,823 | ||||||
170,000 | Baytex Energy Corp., 8.750%, 4/01/2027, 144A | 174,084 | ||||||
55,000 | California Resources Corp., 7.125%, 2/01/2026, 144A | 55,678 | ||||||
50,000 | Callon Petroleum Co., 7.500%, 6/15/2030, 144A | 47,000 | ||||||
85,000 | Callon Petroleum Co., 8.000%, 8/01/2028, 144A | 84,210 | ||||||
175,000 | Chesapeake Energy Corp., 5.500%, 2/01/2026, 144A | 172,214 | ||||||
120,000 | Chesapeake Energy Corp., 6.750%, 4/15/2029, 144A | 119,131 | ||||||
50,000 | Chord Energy Corp., 6.375%, 6/01/2026, 144A | 49,524 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Independent Energy – continued |
| |||||||
$ 125,000 | CNX Resources Corp., 7.250%, 3/14/2027, 144A | $ | 124,399 | |||||
70,000 | Comstock Resources, Inc., 6.750%, 3/01/2029, 144A | 64,053 | ||||||
260,000 | Continental Resources, Inc., 2.875%, 4/01/2032, 144A | 201,889 | ||||||
100,000 | Continental Resources, Inc., 5.750%, 1/15/2031, 144A | 96,098 | ||||||
90,000 | Crescent Energy Finance LLC, 7.250%, 5/01/2026, 144A | 84,600 | ||||||
60,000 | Energean Israel Finance Ltd., 4.875%, 3/30/2026, 144A | 55,500 | ||||||
70,000 | EQT Corp., 3.900%, 10/01/2027 | 65,794 | ||||||
40,000 | EQT Corp., 5.678%, 10/01/2025 | 39,880 | ||||||
30,000 | EQT Corp., 5.700%, 4/01/2028 | 29,968 | ||||||
55,000 | Gulfport Energy Corp., 8.000%, 5/17/2026, 144A | 54,450 | ||||||
150,000 | Matador Resources Co., 5.875%, 9/15/2026 | 147,993 | ||||||
40,000 | MEG Energy Corp., 5.875%, 2/01/2029, 144A | 38,529 | ||||||
70,000 | Murphy Oil Corp., 6.125%, 12/01/2042 | 57,996 | ||||||
215,000 | Northern Oil & Gas, Inc., 8.125%, 3/01/2028, 144A | 213,269 | ||||||
95,000 | Occidental Petroleum Corp., 6.125%, 1/01/2031 | 98,563 | ||||||
80,000 | Occidental Petroleum Corp., 6.450%, 9/15/2036 | 84,114 | ||||||
250,000 | Occidental Petroleum Corp., 6.600%, 3/15/2046 | 262,846 | ||||||
225,000 | Occidental Petroleum Corp., 6.625%, 9/01/2030 | 236,963 | ||||||
85,000 | Occidental Petroleum Corp., 7.500%, 5/01/2031 | 93,747 | ||||||
40,000 | Occidental Petroleum Corp., 7.875%, 9/15/2031 | 44,928 | ||||||
140,000 | Occidental Petroleum Corp., 8.875%, 7/15/2030 | 162,840 | ||||||
235,000 | PDC Energy, Inc., 5.750%, 5/15/2026 | 228,761 | ||||||
40,000 | Permian Resources Operating LLC, 5.375%, 1/15/2026, 144A | 37,913 | ||||||
60,000 | Permian Resources Operating LLC, 5.875%, 7/01/2029, 144A | 56,813 | ||||||
75,000 | Permian Resources Operating LLC, 6.875%, 4/01/2027, 144A | 73,374 | ||||||
60,000 | Range Resources Corp., 8.250%, 1/15/2029 | 63,235 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Independent Energy – continued |
| |||||||
$ 40,000 | SM Energy Co., 5.625%, 6/01/2025 | $ | 38,784 | |||||
105,000 | SM Energy Co., 6.750%, 9/15/2026 | 102,969 | ||||||
55,000 | Southwestern Energy Co., 5.375%, 2/01/2029 | 51,838 | ||||||
130,000 | Strathcona Resources Ltd., 6.875%, 8/01/2026, 144A | 103,340 | ||||||
65,000 | Tap Rock Resources LLC, 7.000%, 10/01/2026, 144A | 56,944 | ||||||
|
| |||||||
3,924,054 | ||||||||
|
| |||||||
Industrial Other – 0.2% |
| |||||||
75,000 | Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 2/01/2026, 144A | 70,309 | ||||||
60,000 | Installed Building Products, Inc., 5.750%, 2/01/2028, 144A | 55,251 | ||||||
|
| |||||||
125,560 | ||||||||
|
| |||||||
Leisure – 3.5% |
| |||||||
290,000 | Carnival Corp., 5.750%, 3/01/2027, 144A | 237,896 | ||||||
70,000 | Cinemark USA, Inc., 5.250%, 7/15/2028, 144A | 60,550 | ||||||
110,000 | Live Nation Entertainment, Inc., 3.750%, 1/15/2028, 144A | 98,450 | ||||||
85,000 | Live Nation Entertainment, Inc., 4.750%, 10/15/2027, 144A | 78,625 | ||||||
495,000 | NCL Corp. Ltd., 5.875%, 3/15/2026, 144A | 421,285 | ||||||
10,000 | NCL Corp. Ltd., 5.875%, 3/15/2026 | 8,511 | ||||||
70,000 | NCL Finance Ltd., 6.125%, 3/15/2028, 144A | 56,717 | ||||||
125,000 | Royal Caribbean Cruises Ltd., 3.700%, 3/15/2028 | 102,250 | ||||||
285,000 | Royal Caribbean Cruises Ltd., 4.250%, 7/01/2026, 144A | 255,787 | ||||||
320,000 | Royal Caribbean Cruises Ltd., 5.500%, 4/01/2028, 144A | 282,523 | ||||||
30,000 | Royal Caribbean Cruises Ltd., 11.625%, 8/15/2027, 144A | 32,221 | ||||||
65,000 | SeaWorld Parks & Entertainment, Inc., 5.250%, 8/15/2029, 144A | 58,670 | ||||||
85,000 | Speedway Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/01/2027, 144A | 77,958 | ||||||
225,000 | Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029, 144A | 193,123 | ||||||
|
| |||||||
1,964,566 | ||||||||
|
|
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Lodging – 2.2% |
| |||||||
$ 285,000 | Hilton Domestic Operating Co., Inc., 5.375%, 5/01/2025, 144A | $ | 284,466 | |||||
210,000 | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 4.875%, 7/01/2031, 144A | 179,342 | ||||||
110,000 | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.000%, 6/01/2029, 144A | 97,700 | ||||||
100,000 | Marriott Ownership Resorts, Inc., 4.500%, 6/15/2029, 144A | 85,125 | ||||||
265,000 | Marriott Ownership Resorts, Inc., 4.750%, 1/15/2028 | 236,844 | ||||||
365,000 | Travel & Leisure Co., 4.500%, 12/01/2029, 144A | 316,526 | ||||||
20,000 | Travel & Leisure Co., 4.625%, 3/01/2030, 144A | 17,116 | ||||||
|
| |||||||
1,217,119 | ||||||||
|
| |||||||
Media Entertainment – 1.8% |
| |||||||
85,000 | CMG Media Corp., 8.875%, 12/15/2027, 144A | 64,260 | ||||||
45,000 | Deluxe Corp., 8.000%, 6/01/2029, 144A | 32,905 | ||||||
310,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., 5.375%, 8/15/2026, 144A(d) | 17,050 | ||||||
140,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/2027, 144A(d) | 1,750 | ||||||
395,000 | iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A | 312,050 | ||||||
50,000 | iHeartCommunications, Inc., 6.375%, 5/01/2026 | 44,125 | ||||||
90,000 | iHeartCommunications, Inc., 8.375%, 5/01/2027 | 65,475 | ||||||
20,000 | Netflix, Inc., 5.375%, 11/15/2029, 144A | 20,319 | ||||||
75,000 | Netflix, Inc., 5.875%, 2/15/2025 | 76,500 | ||||||
70,000 | Nexstar Media, Inc., 5.625%, 7/15/2027, 144A | 64,682 | ||||||
70,000 | Outfront Media Capital LLC/Outfront Media Capital Corp., 5.000%, 8/15/2027, 144A | 63,058 | ||||||
35,000 | Playtika Holding Corp., 4.250%, 3/15/2029, 144A | 29,138 | ||||||
125,000 | Sinclair Television Group, Inc., 5.125%, 2/15/2027, 144A | 109,375 | ||||||
65,000 | Stagwell Global LLC, 5.625%, 8/15/2029, 144A | 57,046 | ||||||
85,000 | Warnermedia Holdings, Inc., 4.279%, 3/15/2032, 144A | 75,844 | ||||||
|
| |||||||
1,033,577 | ||||||||
|
|
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Metals & Mining – 2.7% |
| |||||||
$ 120,000 | ATI, Inc., 4.875%, 10/01/2029 | $ | 109,206 | |||||
55,000 | ATI, Inc., 5.875%, 12/01/2027 | 53,729 | ||||||
85,000 | Cleveland-Cliffs, Inc., 6.750%, 3/15/2026, 144A | 86,530 | ||||||
100,000 | Commercial Metals Co., 4.125%, 1/15/2030 | 88,266 | ||||||
750,000 | First Quantum Minerals Ltd., 6.875%, 10/15/2027, 144A | 723,024 | ||||||
140,000 | Mineral Resources Ltd., 8.125%, 5/01/2027, 144A | 142,093 | ||||||
225,000 | Novelis Corp., 4.750%, 1/30/2030, 144A | 206,729 | ||||||
76,000 | U.S. Steel Corp., 6.875%, 3/01/2029 | 76,000 | ||||||
40,000 | Volcan Cia Minera SAA, 4.375%, 2/11/2026, 144A | 33,104 | ||||||
|
| |||||||
1,518,681 | ||||||||
|
| |||||||
Midstream – 4.7% |
| |||||||
85,000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 6/15/2029, 144A | 79,997 | ||||||
45,000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.875%, 5/15/2026, 144A | 45,821 | ||||||
125,000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.625%, 12/15/2025, 144A | 123,750 | ||||||
35,000 | Buckeye Partners LP, 4.500%, 3/01/2028, 144A | 31,596 | ||||||
80,000 | Buckeye Partners LP, 5.600%, 10/15/2044 | 56,651 | ||||||
55,000 | Buckeye Partners LP, 5.850%, 11/15/2043 | 41,530 | ||||||
145,000 | Cheniere Energy Partners LP, 4.000%, 3/01/2031 | 129,041 | ||||||
75,000 | Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 2/01/2029, 144A | 71,399 | ||||||
30,000 | DCP Midstream Operating LP, 3.250%, 2/15/2032 | 25,297 | ||||||
95,000 | EnLink Midstream LLC, 6.500%, 9/01/2030, 144A | 96,065 | ||||||
20,000 | EnLink Midstream Partners LP, 5.450%, 6/01/2047 | 15,940 | ||||||
115,000 | EnLink Midstream Partners LP, 5.600%, 4/01/2044 | 93,860 | ||||||
65,000 | EQM Midstream Partners LP, 5.500%, 7/15/2028 | 59,040 | ||||||
41,000 | EQM Midstream Partners LP, 6.000%, 7/01/2025, 144A | 40,532 | ||||||
160,000 | EQM Midstream Partners LP, 6.500%, 7/01/2027, 144A | 155,085 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Midstream – continued |
| |||||||
$ 50,000 | EQM Midstream Partners LP, 6.500%, 7/15/2048 | $ | 38,637 | |||||
55,000 | EQM Midstream Partners LP, 7.500%, 6/01/2027, 144A | 55,219 | ||||||
80,000 | EQM Midstream Partners LP, 7.500%, 6/01/2030, 144A | 77,500 | ||||||
80,000 | Ferrellgas LP/Ferrellgas Finance Corp., 5.375%, 4/01/2026, 144A | 74,900 | ||||||
155,000 | Genesis Energy LP/Genesis Energy Finance Corp., 7.750%, 2/01/2028 | 150,283 | ||||||
150,000 | Hess Midstream Operations LP, 4.250%, 2/15/2030, 144A | 133,965 | ||||||
145,000 | Hess Midstream Operations LP, 5.625%, 2/15/2026, 144A | 143,536 | ||||||
70,000 | Holly Energy Partners LP/Holly Energy Finance Corp., 6.375%, 4/15/2027, 144A | 69,221 | ||||||
90,000 | Kinetik Holdings LP, 5.875%, 6/15/2030, 144A | 86,625 | ||||||
85,000 | NuStar Logistics LP, 5.750%, 10/01/2025 | 82,665 | ||||||
75,000 | Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 6/01/2031, 144A | 65,531 | ||||||
65,000 | Sunoco LP/Sunoco Finance Corp., 4.500%, 5/15/2029 | 59,658 | ||||||
105,000 | Targa Resources Corp., 5.200%, 7/01/2027 | 104,122 | ||||||
45,000 | Targa Resources Corp., 6.125%, 3/15/2033 | 46,598 | ||||||
40,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/01/2031 | 37,427 | ||||||
75,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.500%, 3/01/2030 | 73,292 | ||||||
25,000 | Western Midstream Operating LP, 4.500%, 3/01/2028 | 23,651 | ||||||
30,000 | Western Midstream Operating LP, 4.750%, 8/15/2028 | 28,557 | ||||||
160,000 | Western Midstream Operating LP, 5.300%, 3/01/2048 | 135,570 | ||||||
55,000 | Western Midstream Operating LP, 5.500%, 2/01/2050 | 46,668 | ||||||
5,000 | Western Midstream Operating LP, 6.150%, 4/01/2033 | 5,068 | ||||||
|
| |||||||
2,604,297 | ||||||||
|
| |||||||
Non-Agency Commercial Mortgage-Backed Securities – 1.9% |
| |||||||
95,683 | CG-CCRE Commercial Mortgage Trust, Series 2014-FL2, Class COL1, 1 mo. USD LIBOR + 3.500%, 8.184%, 11/15/2031, 144A(a) | 81,405 | ||||||
215,286 | CG-CCRE Commercial Mortgage Trust, Series 2014-FL2, Class COL2, 1 mo. USD LIBOR + 4.500%, 9.184%, 11/15/2031, 144A(a) | 142,043 | ||||||
1,020,000 | Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A | 565,693 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Non-Agency Commercial Mortgage-Backed Securities – continued |
| |||||||
$ 380,000 | Starwood Retail Property Trust, Series 2014-STAR, Class D, 1 mo. USD LIBOR + 3.500%, 8.185%, 11/15/2027, 144A(a)(f)(g) | $ | 84,802 | |||||
420,000 | Starwood Retail Property Trust, Series 2014-STAR, Class E, 1 mo. USD LIBOR + 4.400%, 9.085%, 11/15/2027, 144A(a)(f)(g) | 25,922 | ||||||
60,000 | Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class C, 4.134%, 11/15/2059(h) | 44,770 | ||||||
99,910 | WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.379%, 3/15/2044, 144A(h) | 32,221 | ||||||
80,000 | WFRBS Commercial Mortgage Trust, Series 2012-C10, Class C, 4.328%, 12/15/2045(h) | 58,400 | ||||||
|
| |||||||
1,035,256 | ||||||||
|
| |||||||
Oil Field Services – 1.2% |
| |||||||
35,000 | Nabors Industries, Inc., 7.375%, 5/15/2027, 144A | 34,274 | ||||||
45,000 | Precision Drilling Corp., 6.875%, 1/15/2029, 144A | 40,837 | ||||||
10,000 | Precision Drilling Corp., 7.125%, 1/15/2026, 144A | 9,766 | ||||||
40,000 | Solaris Midstream Holdings LLC, 7.625%, 4/01/2026, 144A | 38,471 | ||||||
422,500 | Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A | 414,050 | ||||||
25,000 | Transocean Titan Financing Ltd., 8.375%, 2/01/2028, 144A | 25,727 | ||||||
90,000 | Weatherford International Ltd., 8.625%, 4/30/2030, 144A | 92,075 | ||||||
8,000 | Weatherford International Ltd., 11.000%, 12/01/2024, 144A | 8,209 | ||||||
|
| |||||||
663,409 | ||||||||
|
| |||||||
Other REITs – 0.3% |
| |||||||
145,000 | Service Properties Trust, 4.750%, 10/01/2026 | 121,067 | ||||||
70,000 | Service Properties Trust, 7.500%, 9/15/2025 | 69,072 | ||||||
|
| |||||||
190,139 | ||||||||
|
| |||||||
Packaging – 0.2% |
| |||||||
45,000 | Graham Packaging Co., Inc., 7.125%, 8/15/2028, 144A | 38,916 | ||||||
65,000 | Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 2/01/2028, 144A | 65,725 | ||||||
|
| |||||||
104,641 | ||||||||
|
| |||||||
Pharmaceuticals – 4.2% |
| |||||||
275,000 | Bausch Health Cos., Inc., 4.875%, 6/01/2028, 144A | 162,250 | ||||||
565,000 | Bausch Health Cos., Inc., 5.250%, 1/30/2030, 144A | 210,847 | ||||||
185,000 | Bausch Health Cos., Inc., 6.125%, 2/01/2027, 144A | 119,732 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Pharmaceuticals – continued |
| |||||||
$ 200,000 | Cheplapharm Arzneimittel GmbH, 5.500%, 1/15/2028, 144A | $ | 178,168 | |||||
240,000 | Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.000%, 6/30/2028, 144A(d) | 18,000 | ||||||
30,000 | Endo Luxembourg Finance Co. I Sarl/Endo U.S., Inc., 6.125%, 4/01/2029, 144A | 22,192 | ||||||
200,000 | Grifols Escrow Issuer SA, 4.750%, 10/15/2028, 144A | 164,000 | ||||||
200,000 | Perrigo Finance Unlimited Co., 4.400%, 6/15/2030 | 179,538 | ||||||
325,000 | Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036 | 295,110 | ||||||
430,000 | Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026 | 389,150 | ||||||
565,000 | Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046 | 376,457 | ||||||
200,000 | Teva Pharmaceutical Finance Netherlands III BV, 7.875%, 9/15/2029 | 209,250 | ||||||
|
| |||||||
2,324,694 | ||||||||
|
| |||||||
Property & Casualty Insurance – 1.0% |
| |||||||
35,000 | �� | Acrisure LLC/Acrisure Finance, Inc., 4.250%, 2/15/2029, 144A | 29,838 | |||||
105,000 | Acrisure LLC/Acrisure Finance, Inc., 6.000%, 8/01/2029, 144A | 86,764 | ||||||
125,000 | AmWINS Group, Inc., 4.875%, 6/30/2029, 144A | 110,625 | ||||||
70,000 | AssuredPartners, Inc., 5.625%, 1/15/2029, 144A | 60,480 | ||||||
80,000 | BroadStreet Partners, Inc., 5.875%, 4/15/2029, 144A | 67,658 | ||||||
90,000 | Liberty Mutual Group, Inc., 4.300%, 2/01/2061, 144A | 53,329 | ||||||
125,000 | USI, Inc., 6.875%, 5/01/2025, 144A | 123,125 | ||||||
|
| |||||||
531,819 | ||||||||
|
| |||||||
Refining – 0.3% |
| |||||||
40,000 | Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.000%, 4/15/2025, 144A | 41,183 | ||||||
155,000 | CVR Energy, Inc., 5.250%, 2/15/2025, 144A | 148,788 | ||||||
|
| |||||||
189,971 | ||||||||
|
| |||||||
Restaurants – 1.2% |
| |||||||
475,000 | 1011778 BC ULC/New Red Finance, Inc., 3.875%, 1/15/2028, 144A | 441,750 | ||||||
180,000 | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.750%, 6/01/2027, 144A | 174,825 | ||||||
60,000 | Papa John’s International, Inc., 3.875%, 9/15/2029, 144A | 52,073 | ||||||
|
| |||||||
668,648 | ||||||||
|
|
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Retailers – 1.2% |
| |||||||
$ 45,000 | Asbury Automotive Group, Inc., 4.500%, 3/01/2028 | $ | 40,950 | |||||
85,000 | Asbury Automotive Group, Inc., 4.625%, 11/15/2029, 144A | 76,075 | ||||||
83,000 | Asbury Automotive Group, Inc., 4.750%, 3/01/2030 | 74,285 | ||||||
25,000 | Bath & Body Works, Inc., 5.250%, 2/01/2028 | 23,875 | ||||||
40,000 | Bath & Body Works, Inc., 6.750%, 7/01/2036 | 35,756 | ||||||
55,000 | Bath & Body Works, Inc., 6.875%, 11/01/2035 | 49,582 | ||||||
35,000 | Group 1 Automotive, Inc., 4.000%, 8/15/2028, 144A | 30,810 | ||||||
40,000 | Ken Garff Automotive LLC, 4.875%, 9/15/2028, 144A | 34,005 | ||||||
85,000 | Michaels Cos., Inc., 7.875%, 5/01/2029, 144A | 59,500 | ||||||
75,000 | NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026, 144A | 70,415 | ||||||
125,000 | Sonic Automotive, Inc., 4.625%, 11/15/2029, 144A | 104,708 | ||||||
120,000 | Sonic Automotive, Inc., 4.875%, 11/15/2031, 144A | 96,707 | ||||||
|
| |||||||
696,668 | ||||||||
|
| |||||||
Supermarkets – 0.3% |
| |||||||
195,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625%, 1/15/2027, 144A | 188,582 | ||||||
|
| |||||||
Technology – 6.0% |
| |||||||
190,000 | Block, Inc., 2.750%, 6/01/2026 | 173,235 | ||||||
160,000 | Broadcom, Inc., 4.300%, 11/15/2032 | 147,415 | ||||||
135,000 | Clarivate Science Holdings Corp., 4.875%, 7/01/2029, 144A | 122,090 | ||||||
65,000 | Cloud Software Group Holdings, Inc., 6.500%, 3/31/2029, 144A | 57,499 | ||||||
95,000 | Coherent Corp., 5.000%, 12/15/2029, 144A | 86,231 | ||||||
665,000 | CommScope Technologies LLC, 5.000%, 3/15/2027, 144A | 486,228 | ||||||
55,000 | Dun & Bradstreet Corp., 5.000%, 12/15/2029, 144A | 47,623 | ||||||
135,000 | Elastic NV, 4.125%, 7/15/2029, 144A | 115,256 | ||||||
260,000 | Endurance International Group Holdings, Inc., 6.000%, 2/15/2029, 144A | 177,830 | ||||||
60,000 | Everi Holdings, Inc., 5.000%, 7/15/2029, 144A | 53,405 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Technology – continued |
| |||||||
$ 135,000 | Gen Digital, Inc., 6.750%, 9/30/2027, 144A | $ | 135,702 | |||||
190,000 | GoTo Group, Inc., 5.500%, 9/01/2027, 144A | 97,228 | ||||||
185,000 | Iron Mountain, Inc., 4.500%, 2/15/2031, 144A | 158,976 | ||||||
155,000 | Iron Mountain, Inc., 4.875%, 9/15/2029, 144A | 139,301 | ||||||
205,000 | Micron Technology, Inc., 6.750%, 11/01/2029 | 217,776 | ||||||
145,000 | NCR Corp., 5.000%, 10/01/2028, 144A | 127,450 | ||||||
45,000 | NCR Corp., 5.125%, 4/15/2029, 144A | 38,936 | ||||||
65,000 | NCR Corp., 5.750%, 9/01/2027, 144A | 63,877 | ||||||
240,000 | Neptune Bidco U.S., Inc., 9.290%, 4/15/2029, 144A | 222,504 | ||||||
165,000 | Open Text Corp., 3.875%, 12/01/2029, 144A | 138,893 | ||||||
145,000 | Open Text Corp., 6.900%, 12/01/2027, 144A | 149,582 | ||||||
25,000 | Presidio Holdings, Inc., 4.875%, 2/01/2027, 144A | 23,891 | ||||||
70,000 | Presidio Holdings, Inc., 8.250%, 2/01/2028, 144A | 66,513 | ||||||
70,000 | Rackspace Technology Global, Inc., 5.375%, 12/01/2028, 144A | 26,223 | ||||||
40,000 | Sabre Global, Inc., 11.250%, 12/15/2027, 144A | 37,274 | ||||||
40,000 | Seagate HDD Cayman, 4.875%, 6/01/2027 | 38,257 | ||||||
50,000 | Sensata Technologies, Inc., 3.750%, 2/15/2031, 144A | 43,750 | ||||||
50,000 | Sensata Technologies, Inc., 4.375%, 2/15/2030, 144A | 45,558 | ||||||
55,000 | SS&C Technologies, Inc., 5.500%, 9/30/2027, 144A | 53,366 | ||||||
70,000 | Ziff Davis, Inc., 4.625%, 10/15/2030, 144A | 60,393 | ||||||
|
| |||||||
3,352,262 | ||||||||
|
| |||||||
Transportation Services – 0.5% |
| |||||||
300,000 | Rand Parent LLC, 8.500%, 2/15/2030, 144A | 281,970 | ||||||
|
| |||||||
Treasuries – 2.8% |
| |||||||
1,575,000 | U.S. Treasury Notes, 0.125%, 7/15/2023 | 1,554,267 | ||||||
|
| |||||||
Wireless – 2.7% |
| |||||||
430,000 | Altice France SA, 5.125%, 1/15/2029, 144A | 327,673 |
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Non-Convertible Bonds – continued | ||||||||
Wireless – continued |
| |||||||
$ 400,000 | IHS Holding Ltd., 6.250%, 11/29/2028, 144A | $ | 320,400 | |||||
335,000 | SBA Communications Corp., 3.125%, 2/01/2029 | 291,430 | ||||||
105,000 | SBA Communications Corp., 3.875%, 2/15/2027 | 99,123 | ||||||
545,000 | SoftBank Group Corp., 4.625%, 7/06/2028 | 457,228 | ||||||
|
| |||||||
1,495,854 | ||||||||
|
| |||||||
Wirelines – 1.4% |
| |||||||
55,000 | Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028 | 45,510 | ||||||
275,000 | Frontier Communications Holdings LLC, 5.875%, 10/15/2027, 144A | 250,002 | ||||||
100,000 | Level 3 Financing, Inc., 3.625%, 1/15/2029, 144A | 55,292 | ||||||
95,000 | Level 3 Financing, Inc., 4.250%, 7/01/2028, 144A | 53,599 | ||||||
275,000 | Telecom Italia Capital SA, 6.375%, 11/15/2033 | 248,991 | ||||||
140,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.750%, 4/15/2028, 144A | 108,210 | ||||||
|
| |||||||
761,604 | ||||||||
|
| |||||||
Total Non-Convertible Bonds (Identified Cost $60,475,913) | 49,194,593 | |||||||
|
| |||||||
Convertible Bonds – 4.7% | ||||||||
Airlines – 0.6% |
| |||||||
270,000 | Southwest Airlines Co., 1.250%, 5/01/2025 | 306,720 | ||||||
|
| |||||||
Cable Satellite – 1.2% |
| |||||||
1,265,000 | DISH Network Corp., | 651,475 | ||||||
40,000 | DISH Network Corp., Zero Coupon, | 21,142 | ||||||
|
| |||||||
672,617 | ||||||||
|
| |||||||
Consumer Cyclical Services – 0.3% |
| |||||||
195,000 | Uber Technologies, Inc., Zero Coupon, 0.000%-1.310%, 12/15/2025(c) | 171,280 | ||||||
20,000 | Zillow Group, Inc., 1.375%, 9/01/2026 | 23,530 | ||||||
|
| |||||||
194,810 | ||||||||
|
| |||||||
Consumer Products – 0.0% |
| |||||||
15,000 | Beauty Health Co., 1.250%, 10/01/2026, 144A | 12,488 | ||||||
|
|
Principal | Description | Value (†) | ||||||
Bonds and Notes – continued | ||||||||
Convertible Bonds – continued | ||||||||
Gaming – 0.1% |
| |||||||
$ 40,000 | Penn Entertainment, Inc., 2.750%, 5/15/2026 | $ | 57,480 | |||||
|
| |||||||
Healthcare – 0.6% |
| |||||||
70,000 | Lantheus Holdings, Inc., 2.625%, 12/15/2027, 144A | 90,689 | ||||||
315,000 | Teladoc Health, Inc., 1.250%, 6/01/2027 | 242,957 | ||||||
|
| |||||||
333,646 | ||||||||
|
| |||||||
Independent Energy – 0.2% |
| |||||||
110,000 | Northern Oil & Gas, Inc., 3.625%, 4/15/2029, 144A | 117,424 | ||||||
|
| |||||||
Leisure – 0.1% |
| |||||||
105,000 | NCL Corp. Ltd., 1.125%, 2/15/2027 | 75,236 | ||||||
|
| |||||||
Media Entertainment – 0.2% |
| |||||||
100,000 | Bilibili, Inc., 0.500%, 12/01/2026 | 87,048 | ||||||
|
| |||||||
Pharmaceuticals – 1.1% |
| |||||||
385,000 | BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027 | 401,557 | ||||||
230,000 | Livongo Health, Inc., 0.875%, 6/01/2025 | 204,367 | ||||||
|
| |||||||
605,924 | ||||||||
|
| |||||||
Technology – 0.3% |
| |||||||
115,000 | Unity Software, Inc., Zero Coupon, 0.000%-7.449%, 11/15/2026(c) | 89,067 | ||||||
20,000 | Wolfspeed, Inc., 0.250%, 2/15/2028 | 16,660 | ||||||
40,000 | Wolfspeed, Inc., 1.875%, 12/01/2029, 144A | 35,420 | ||||||
|
| |||||||
141,147 | ||||||||
|
| |||||||
Total Convertible Bonds (Identified Cost $3,709,858) | 2,604,540 | |||||||
|
| |||||||
Total Bonds and Notes (Identified Cost $64,185,771) | 51,799,133 | |||||||
|
| |||||||
Collateralized Loan Obligations – 2.0% | ||||||||
250,000 | Battalion CLO XVI Ltd., Series 2019-16A, Class ER, 3 mo. USD LIBOR + 6.600%, 11.408%, 12/19/2032, 144A(a) | 214,821 | ||||||
250,000 | NYACK Park CLO Ltd., Series 2021-1A, Class E, 3 mo. USD LIBOR + 6.100%, 10.908%, 10/20/2034, 144A(a) | 215,144 | ||||||
250,000 | Octagon Investment Partners 44 Ltd., Series 2019-1A, Class ER, 3 mo. USD LIBOR + 6.750%, 11.542%, 10/15/2034, 144A(a) | 208,515 | ||||||
260,000 | Palmer Square CLO Ltd., Series 2021-4A, Class E, 3 mo. USD LIBOR + 6.050%, 10.842%, 10/15/2034, 144A(a) | 231,239 |
Principal | Description | Value (†) | ||||||
Collateralized Loan Obligations – continued | ||||||||
$ 250,000 | Palmer Square CLO Ltd., Series 2021-3A, Class E, 3 mo. USD LIBOR + 6.150%, 10.942%, 1/15/2035, 144A(a) | $ | 235,420 | |||||
|
| |||||||
Total Collateralized Loan Obligations (Identified Cost $1,260,000) | 1,105,139 | |||||||
|
| |||||||
Senior Loans – 0.3% | ||||||||
Leisure – 0.3% |
| |||||||
116,591 | Carnival Corp., USD Term Loan B, 1 mo. USD LIBOR + 3.000%, 7.840%, 6/30/2025(a)(i) | 114,813 | ||||||
29,924 | Carnival Corp., 2021 Incremental Term Loan B, 1 mo. USD LIBOR + 3.250%, 8.090%, 10/18/2028(a)(i) | 29,185 | ||||||
|
| |||||||
Total Senior Loans (Identified Cost $144,914) | 143,998 | |||||||
|
| |||||||
Shares | ||||||||
Preferred Stocks – 0.8% | ||||||||
Technology – 0.3% |
| |||||||
3,399 | Clarivate PLC, Series A, 5.250% | 139,597 | ||||||
|
| |||||||
Wireless – 0.5% |
| |||||||
256 | 2020 Cash Mandatory Exchangeable Trust, 5.250%, 144A | 297,664 | ||||||
|
| |||||||
Total Preferred Stocks (Identified Cost $472,058) | 437,261 | |||||||
|
| |||||||
Common Stocks – 0.1% | ||||||||
Energy Equipment & Services – 0.0% |
| |||||||
10,149 | McDermott International Ltd.(g) | 3,451 | ||||||
|
| |||||||
Media – 0.1% |
| |||||||
9,786 | iHeartMedia, Inc., Class A(g) | 38,165 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels – 0.0% |
| |||||||
3,650 | Battalion Oil Corp.(g) | 23,981 | ||||||
|
| |||||||
Total Common Stocks (Identified Cost $841,517) | 65,597 | |||||||
|
| |||||||
Other Investments – 0.0% | ||||||||
Aircraft ABS – 0.0% |
| |||||||
100 | ECAF I Blocker Ltd.(f)(j) (Identified Cost $1,000,000) | 6,825 | ||||||
|
| |||||||
Warrants – 0.0% | ||||||||
20,319 | McDermott International Ltd., Tranche A, Expiration on 5/1/2024(f)(g) | 6 | ||||||
22,577 | McDermott International Ltd., Tranche B, Expiration on 5/1/2024(f)(g) | 1 | ||||||
|
| |||||||
Total Warrants (Identified Cost $31,517) | 7 | |||||||
|
|
Principal | Description | Value (†) | ||||||
Short-Term Investments – 2.8% | ||||||||
$ 1,593,168 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2023 at 2.100% to be repurchased at $1,593,446 on 4/03/2023 collateralized by $1,666,900 U.S. Treasury Note, 2.875% due 6/15/2025 valued at $1,625,032 including accrued interest(k) (Identified Cost $1,593,168) | $ | 1,593,168 | |||||
|
| |||||||
Total Investments – 98.6% (Identified Cost $69,528,945) | 55,151,128 | |||||||
Other assets less liabilities – 1.4% | 782,026 | |||||||
|
| |||||||
Net Assets – 100.0% | $ | 55,933,154 | ||||||
|
|
(†) | Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. The Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Fund’s Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight. |
Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Shares of open-end investment companies are valued at net asset value per share.
Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations are fair valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to fair value debt, unlisted equities, senior loans and collateralized loan obligations where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Centrally cleared swap agreements are fair valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.
The Fund may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s net asset value (“NAV”) is calculated. Fair valuation by the Fund’s valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
(a) | Variable rate security. Rate as of March 31, 2023 is disclosed. |
(b) | Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended March 31, 2023, interest payments were made in cash. |
(c) | Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields. |
(d) | The issuer is in default with respect to interest and/or principal payments. Income is not being accrued. |
(e) | Payment-in-kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended March 31, 2023, interest payments were made in principal. |
(f) | Level 3 security. Value has been determined using significant unobservable inputs. |
(g) | Non-income producing security. |
(h) | Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2023 is disclosed. |
(i) | Stated interest rate has been determined in accordance with the provisions of the loan agreement and is subject to a minimum benchmark floor rate of 0.75%, to which the spread is added. |
(j) | Securities subject to restriction on resale. At March 31, 2023, the restricted securities held by the Fund are as follows: |
Acquisition Date | Acquisition Cost | Value | % of Net Assets | |||||||||||||
ECAF I Blocker Ltd. | 12/20/2016 | $ | 1,000,000 | $ | 6,825 | Less than 0.1 | % |
(k) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of March 31, 2023, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
144A | All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the value of Rule 144A holdings amounted to $35,782,270 or 64.0% of net assets. |
ABS | Asset-Backed Securities |
LIBOR London Interbank Offered Rate
PIK | Payment-in-Kind |
REITs | Real Estate Investment Trusts |
Fair Value Measurements
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:
• | Level 1 — quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
• | Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Fund’s pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Fund has knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.
Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2023, at value:
Asset Valuation Inputs
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bonds and Notes | ||||||||||||||||
Non-Convertible Bonds | ||||||||||||||||
Home Construction | $ | — | $ | 96,727 | $ | — | $ | 96,727 | ||||||||
Non-Agency Commercial Mortgage-Backed Securities | — | 924,532 | 110,724 | 1,035,256 | ||||||||||||
All Other Non-Convertible Bonds* | — | 48,062,610 | — | 48,062,610 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Non-Convertible Bonds | — | 49,083,869 | 110,724 | 49,194,593 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Convertible Bonds* | — | 2,604,540 | — | 2,604,540 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Bonds and Notes | — | 51,688,409 | 110,724 | 51,799,133 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Collateralized Loan Obligations | — | 1,105,139 | — | 1,105,139 | ||||||||||||
Senior Loans * | — | 143,998 | — | 143,998 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Technology | 139,597 | — | — | 139,597 | ||||||||||||
Wireless | — | 297,664 | — | 297,664 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Preferred Stocks | 139,597 | 297,664 | — | 437,261 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Common Stocks* | 65,597 | — | — | 65,597 | ||||||||||||
Other Investments * | — | — | 6,825 | 6,825 | ||||||||||||
Warrants | — | — | 7 | 7 | ||||||||||||
Short-Term Investments | — | 1,593,168 | — | 1,593,168 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 205,194 | $ | 54,828,378 | $ | 117,556 | $ | 55,151,128 | ||||||||
|
|
|
|
|
|
|
|
* | Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
The Fund’s pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. The Fund’s adviser may use internally developed models to validate broker-dealer bid prices that are only available from a single broker or market maker. Such securities are considered and classified as fair valued. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2022 and/or March 31, 2023:
Asset Valuation Inputs
Investments in Securities | Balance as of December 31, 2022 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance as of March 31, 2023 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2023 | ||||||||||||||||||||||||||||||
Bonds and Notes | ||||||||||||||||||||||||||||||||||||||||
Non-Convertible Bonds | ||||||||||||||||||||||||||||||||||||||||
Home Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Non-Agency Commercial Mortgage-Backed Securities | 142,115 | — | — | (31,391 | ) | — | — | — | — | 110,724 | (31,391 | ) | ||||||||||||||||||||||||||||
Other Investments | ||||||||||||||||||||||||||||||||||||||||
Aircraft ABS | 6,825 | — | — | — | — | — | — | — | 6,825 | — | ||||||||||||||||||||||||||||||
Warrants | 95 | — | — | (88 | ) | — | — | — | — | 7 | (88 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 149,035 | $ | — | $ | — | $ | (31,479 | ) | $ | — | $ | — | $ | — | $ | — | $ | 117,556 | $ | (31,479 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry Summary at March 31, 2023 (Unaudited)
Cable Satellite | 10.2 | % | ||
Independent Energy | 7.2 | |||
Technology | 6.6 | |||
Pharmaceuticals | 5.3 | |||
Midstream | 4.7 | |||
Leisure | 3.9 | |||
Consumer Cyclical Services | 3.8 | |||
Finance Companies | 3.8 | |||
Gaming | 3.5 | |||
Wireless | 3.2 | |||
Healthcare | 3.1 | |||
Banking | 3.0 | |||
Treasuries | 2.8 | |||
Metals & Mining | 2.7 | |||
Building Materials | 2.5 | |||
Financial Other | 2.3 | |||
Lodging | 2.2 | |||
Automotive | 2.2 | |||
Aerospace & Defense | 2.0 | |||
Media Entertainment | 2.0 | |||
Other Investments, less than 2% each | 16.8 | |||
Short-Term Investments | 2.8 | |||
Collateralized Loan Obligations | 2.0 | |||
|
| |||
Total Investments | 98.6 | |||
Other assets less liabilities | 1.4 | |||
|
| |||
Net Assets | 100.0 | % | ||
|
|