SPDR Bloomberg Convertible Securities ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF) |
SPDR Bloomberg High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF) |
SPDR Bloomberg Short Term High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF) |
Portfolio Statistics (Unaudited) | |
|
1 |
|
2 |
|
3 |
Schedules of Investments (Unaudited) | |
|
4 |
|
23 |
|
79 |
|
114 |
|
119 |
|
122 |
|
134 |
Description | % of Net Assets | ||
Broadcom,
Inc. 8.00% 9/30/2022 |
2.5% | ||
Wells
Fargo & Co. 7.50% 12/31/2049 |
1.9 | ||
Bank
of America Corp. 7.25% 12/31/2049 |
1.5 | ||
Palo
Alto Networks, Inc. 0.38% 6/1/2025 |
1.2 | ||
Danaher
Corp. 4.75% 4/15/2022 |
1.2 | ||
TOTAL | 8.3% |
% of Net Assets | |||
Corporate Bonds & Notes | 77.7% | ||
Convertible Preferred Stocks | 20.5 | ||
Preferred Stocks | 1.5 | ||
Common Stocks | 0.1 | ||
Short-Term Investments | 4.1 | ||
Liabilities in Excess of Other Assets | (3.9) | ||
TOTAL | 100.0% |
% of Net Assets | |||
Communications | 25.6% | ||
Technology | 24.3 | ||
Consumer, Non-cyclical | 17.5 | ||
Consumer, Cyclical | 11.3 | ||
Financial | 7.3 | ||
Utilities | 6.7 | ||
Energy | 2.9 | ||
Industrial | 2.9 | ||
Basic Materials | 1.3 | ||
Short-Term Investments | 4.1 | ||
Liabilities in Excess of Other Assets | (3.9) | ||
TOTAL | 100.0% |
Description | % of Net Assets | ||
Mozart
Debt Merger Sub, Inc. 3.88% 4/1/2029 |
0.4% | ||
TransDigm,
Inc. 6.25% 3/15/2026 |
0.4 | ||
Directv
Financing LLC/Directv Financing Co-Obligor, Inc. 5.88% 8/15/2027 |
0.3 | ||
American
Airlines, Inc./AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 |
0.3 | ||
Centene
Corp. 4.63% 12/15/2029 |
0.3 | ||
TOTAL | 1.7% |
% of Net Assets | |||
Corporate Bonds & Notes | 98.3% | ||
Common Stocks | 0.1 | ||
Short-Term Investments | 3.4 | ||
Liabilities in Excess of Other Assets | (1.8) | ||
TOTAL | 100.0% |
% of Net Assets | |||
Consumer, Cyclical | 20.0% | ||
Consumer, Non-cyclical | 18.5 | ||
Communications | 17.8 | ||
Energy | 12.3 | ||
Financial | 10.8 | ||
Industrial | 8.7 | ||
Basic Materials | 4.1 | ||
Technology | 3.8 | ||
Utilities | 2.4 | ||
Short-Term Investments | 3.4 | ||
Liabilities in Excess of Other Assets | (1.8) | ||
TOTAL | 100.0% |
Description | % of Net Assets | ||
TransDigm,
Inc. 6.25% 3/15/2026 |
0.9% | ||
Sprint
Corp. 7.88% 9/15/2023 |
0.8 | ||
American
Airlines, Inc./AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 |
0.7 | ||
Caesars
Entertainment, Inc. 6.25% 7/1/2025 |
0.7 | ||
HCA,
Inc. 5.38% 2/1/2025 |
0.6 | ||
TOTAL | 3.7% |
% of Net Assets | |||
Corporate Bonds & Notes | 97.9% | ||
Common Stocks | 0.0 | ||
Warrants | 0.0 * | ||
Short-Term Investments | 3.1 | ||
Liabilities in Excess of Other Assets | (1.0) | ||
TOTAL | 100.0% |
* | Amount shown represents less than 0.05% of net assets. |
% of Net Assets | |||
Consumer, Cyclical | 25.3% | ||
Communications | 14.0 | ||
Consumer, Non-cyclical | 13.8 | ||
Energy | 12.9 | ||
Financial | 12.6 | ||
Industrial | 10.6 | ||
Basic Materials | 3.5 | ||
Technology | 3.1 | ||
Utilities | 1.9 | ||
Diversified | 0.2 | ||
Short-Term Investments | 3.1 | ||
Liabilities in Excess of Other Assets | (1.0) | ||
TOTAL | 100.0% |
Security Description | Principal
Amount |
Value | ||||
CORPORATE BONDS & NOTES — 77.7% | ||||||
AIRLINES — 2.1% | ||||||
American Airlines Group, Inc. 6.50%, 7/1/2025
|
$ 21,390,000 | $ 29,611,674 | ||||
Copa Holdings SA 4.50%, 4/15/2025
|
7,600,000 | 13,316,340 | ||||
GOL Equity Finance SA 3.75%, 7/15/2024 (a)
|
8,920,000 | 7,565,677 | ||||
JetBlue Airways Corp. 0.50%, 4/1/2026 (a)
|
15,565,000 | 14,549,228 | ||||
Southwest Airlines Co. 1.25%, 5/1/2025
|
48,535,000 | 64,781,606 | ||||
Spirit Airlines, Inc. 1.00%, 5/15/2026 (b)
|
8,630,000 | 7,444,497 | ||||
137,269,022 | ||||||
AUTO MANUFACTURERS — 2.6% | ||||||
Fisker, Inc. 2.50%, 9/15/2026 (a)
|
13,000,000 | 13,545,610 | ||||
Ford Motor Co. Zero Coupon, 3/15/2026 (a)
|
48,730,000 | 67,058,815 | ||||
Li Auto, Inc. 0.25%, 5/1/2028 (a)
|
17,545,000 | 23,138,521 | ||||
Lucid Group, Inc. 1.25%, 12/15/2026 (a)
|
36,750,000 | 36,230,355 | ||||
NIO, Inc.: | ||||||
0.01%, 2/1/2026 (a)
|
16,405,000 | 14,360,117 | ||||
0.50%, 2/1/2027 (a)
|
17,950,000 | 15,379,560 | ||||
169,712,978 | ||||||
AUTO PARTS & EQUIPMENT — 0.2% | ||||||
Luminar Technologies, Inc. 1.25%, 12/15/2026 (a)
|
11,400,000 | 12,211,224 | ||||
BANKS — 0.2% | ||||||
JPMorgan Chase Bank NA 0.13%, 1/1/2023 (a)
|
12,228,000 | 12,123,695 | ||||
BIOTECHNOLOGY — 2.7% | ||||||
BioMarin Pharmaceutical, Inc.: | ||||||
0.60%, 8/1/2024
|
11,790,000 | 12,391,880 | ||||
1.25%, 5/15/2027 (b)
|
11,886,000 | 12,359,895 |
Security Description | Principal
Amount |
Value | ||||
Bridgebio Pharma, Inc.: | ||||||
2.25%, 2/1/2029 (a)
|
$ 16,800,000 | $ 9,538,200 | ||||
2.50%, 3/15/2027
|
12,770,000 | 9,400,380 | ||||
Guardant Health, Inc. Zero Coupon, 11/15/2027
|
24,415,000 | 24,576,139 | ||||
Halozyme Therapeutics, Inc. 0.25%, 3/1/2027 (a)
|
17,205,000 | 15,319,848 | ||||
Illumina, Inc. Zero Coupon, 8/15/2023 (b)
|
16,904,000 | 19,388,043 | ||||
Insmed, Inc. 0.75%, 6/1/2028
|
12,920,000 | 14,056,960 | ||||
Intercept Pharmaceuticals, Inc.: | ||||||
3.25%, 7/1/2023
|
1,507,000 | 1,419,021 | ||||
3.50%, 2/15/2026 (a)
|
9,092,000 | 9,817,087 | ||||
Ionis Pharmaceuticals, Inc.: | ||||||
0.01%, 4/1/2026 (a)
|
13,220,000 | 11,621,966 | ||||
0.13%, 12/15/2024
|
11,230,000 | 10,128,225 | ||||
Ligand Pharmaceuticals, Inc. 0.75%, 5/15/2023
|
8,602,000 | 8,631,333 | ||||
Livongo Health, Inc. 0.88%, 6/1/2025
|
11,240,000 | 12,889,807 | ||||
171,538,784 | ||||||
CHEMICALS — 0.2% | ||||||
Amyris, Inc. 1.50%, 11/15/2026 (a)
|
12,455,000 | 10,423,216 | ||||
COMMERCIAL SERVICES — 3.5% | ||||||
2U, Inc. 2.25%, 5/1/2025 (b)
|
6,806,000 | 7,210,821 | ||||
Affirm Holdings, Inc. 0.01%, 11/15/2026 (a)
|
36,897,000 | 33,371,861 | ||||
Alarm.com Holdings, Inc. 0.01%, 1/15/2026 (a)
|
10,333,000 | 9,344,752 | ||||
Block, Inc.: | ||||||
0.13%, 3/1/2025
|
21,644,000 | 32,189,606 | ||||
0.50%, 5/15/2023
|
11,486,000 | 23,927,980 | ||||
Chegg, Inc.: | ||||||
Zero Coupon, 9/1/2026
|
19,915,000 | 16,507,743 | ||||
0.13%, 3/15/2025
|
13,793,000 | 13,554,105 | ||||
Euronet Worldwide, Inc. 0.75%, 3/15/2049 (b)
|
12,416,000 | 13,446,404 |
Security Description | Principal
Amount |
Value | ||||
Marathon Digital Holdings, Inc. 1.00%, 12/1/2026 (a)
|
$ 17,440,000 | $ 14,011,121 | ||||
Repay Holdings Corp. 0.01%, 2/1/2026 (a)
|
10,330,000 | 8,935,656 | ||||
Shift4 Payments, Inc.: | ||||||
0.01%, 12/15/2025 (a)
|
15,187,000 | 16,073,465 | ||||
0.50%, 8/1/2027 (a)
|
11,971,000 | 10,527,656 | ||||
Square, Inc.: | ||||||
Zero Coupon, 5/1/2026 (b)
|
10,435,000 | 10,784,990 | ||||
0.25%, 11/1/2027 (b)
|
10,510,000 | 11,156,050 | ||||
Stride, Inc. 1.13%, 9/1/2027
|
7,290,000 | 7,124,517 | ||||
228,166,727 | ||||||
COMPUTERS — 3.3% | ||||||
3D Systems Corp. 0.01%, 11/15/2026 (a)
|
10,467,000 | 9,964,584 | ||||
CyberArk Software, Ltd. Zero Coupon, 11/15/2024
|
12,342,000 | 15,619,171 | ||||
Insight Enterprises, Inc. 0.75%, 2/15/2025
|
7,610,000 | 12,188,556 | ||||
KBR, Inc. 2.50%, 11/1/2023
|
6,568,000 | 12,544,026 | ||||
Lumentum Holdings, Inc.: | ||||||
0.25%, 3/15/2024 (b)
|
10,413,000 | 18,472,350 | ||||
0.50%, 12/15/2026
|
20,381,000 | 25,332,768 | ||||
Parsons Corp. 0.25%, 8/15/2025
|
6,520,000 | 6,510,089 | ||||
Pure Storage, Inc. 0.13%, 4/15/2023
|
10,983,000 | 14,664,941 | ||||
Rapid7, Inc. 0.25%, 3/15/2027 (a)
|
13,720,000 | 17,699,486 | ||||
Western Digital Corp. 1.50%, 2/1/2024
|
21,963,000 | 22,278,389 | ||||
Zscaler, Inc. 0.13%, 7/1/2025
|
25,013,000 | 54,745,453 | ||||
210,019,813 | ||||||
COSMETICS/PERSONAL CARE — 0.2% | ||||||
Beauty Health Co. 1.25%, 10/1/2026 (a)
|
15,057,000 | 15,930,005 |
Security Description | Principal
Amount |
Value | ||||
DIVERSIFIED FINANCIAL SERVICES — 1.4% | ||||||
Coinbase Global, Inc. 0.50%, 6/1/2026 (a)
|
$ 29,605,000 | $ 31,757,876 | ||||
JPMorgan Chase Financial Co. LLC 0.25%, 5/1/2023 (a)
|
11,240,000 | 12,430,316 | ||||
LendingTree, Inc. 0.50%, 7/15/2025
|
11,214,000 | 9,257,269 | ||||
Sofi Technologies, Inc. 0.01%, 10/15/2026 (a)
|
25,852,000 | 26,883,236 | ||||
Upstart Holdings, Inc. 0.25%, 8/15/2026 (a)
|
11,758,000 | 11,154,344 | ||||
91,483,041 | ||||||
ELECTRIC — 0.2% | ||||||
NRG Energy, Inc. 2.75%, 6/1/2048
|
12,320,000 | 14,569,016 | ||||
ELECTRONICS — 0.7% | ||||||
Fortive Corp. 0.88%, 2/15/2022
|
24,939,000 | 24,953,714 | ||||
Itron, Inc. 0.01%, 3/15/2026 (a)
|
9,285,000 | 8,511,002 | ||||
Vishay Intertechnology, Inc. 2.25%, 6/15/2025
|
9,856,000 | 10,206,677 | ||||
43,671,393 | ||||||
ENERGY-ALTERNATE SOURCES — 1.8% | ||||||
Array Technologies, Inc. 1.00%, 12/1/2028 (a)
|
8,925,000 | 8,455,634 | ||||
Enphase Energy, Inc.: | ||||||
0.01%, 3/1/2026 (a)
|
11,270,000 | 11,371,994 | ||||
0.01%, 3/1/2028 (a)
|
14,530,000 | 14,972,729 | ||||
NextEra Energy Partners L.P.: | ||||||
0.01%, 6/15/2024 (a)
|
8,930,000 | 9,232,816 | ||||
0.01%, 11/15/2025 (a)
|
12,590,000 | 14,388,985 | ||||
SolarEdge Technologies, Inc. 0.01%, 9/15/2025
|
12,980,000 | 16,495,503 | ||||
Stem, Inc. 0.50%, 12/1/2028 (a)
|
9,962,000 | 9,538,117 | ||||
Sunnova Energy International, Inc. 0.25%, 12/1/2026 (a)
|
13,220,000 | 13,713,503 | ||||
SunPower Corp. 4.00%, 1/15/2023
|
9,770,000 | 11,323,625 |
Security Description | Principal
Amount |
Value | ||||
Sunrun, Inc. 0.01%, 2/1/2026 (a)
|
$ 4,600,000 | $ 3,627,422 | ||||
113,120,328 | ||||||
ENTERTAINMENT — 1.5% | ||||||
Cinemark Holdings, Inc. 4.50%, 8/15/2025
|
11,005,000 | 15,796,027 | ||||
DraftKings, Inc. 0.01%, 3/15/2028 (a)
|
26,575,000 | 20,123,121 | ||||
Live Nation Entertainment, Inc.: | ||||||
2.00%, 2/15/2025
|
9,769,000 | 12,939,822 | ||||
2.50%, 3/15/2023
|
11,400,000 | 20,635,938 | ||||
Marriott Vacations Worldwide Corp. 0.01%, 1/15/2026 (a)
|
11,000,000 | 12,964,600 | ||||
Vail Resorts, Inc. Zero Coupon, 1/1/2026 (b)
|
11,820,000 | 12,706,264 | ||||
95,165,772 | ||||||
FOOD — 0.3% | ||||||
Beyond Meat, Inc. 0.01%, 3/15/2027 (a)
|
24,645,000 | 17,143,555 | ||||
HEALTH CARE PRODUCTS — 2.8% | ||||||
Envista Holdings Corp. 2.38%, 6/1/2025
|
11,595,000 | 25,740,320 | ||||
Exact Sciences Corp.: | ||||||
0.38%, 3/15/2027
|
17,815,000 | 18,121,775 | ||||
0.38%, 3/1/2028
|
29,208,000 | 28,268,963 | ||||
1.00%, 1/15/2025 (b)
|
1,270,000 | 1,626,159 | ||||
Haemonetics Corp. 0.01%, 3/1/2026 (a)
|
10,305,000 | 8,609,931 | ||||
Insulet Corp. 0.38%, 9/1/2026
|
17,619,000 | 23,363,851 | ||||
Integra LifeSciences Holdings Corp. 0.50%, 8/15/2025
|
11,750,000 | 12,791,755 | ||||
Novocure, Ltd. Zero Coupon, 11/1/2025
|
14,030,000 | 12,915,176 | ||||
NuVasive, Inc.: | ||||||
0.38%, 3/15/2025
|
8,754,000 | 8,402,089 | ||||
1.00%, 6/1/2023
|
9,373,000 | 9,339,257 | ||||
Omnicell, Inc. 0.25%, 9/15/2025
|
12,295,000 | 23,220,829 |
Security Description | Principal
Amount |
Value | ||||
SmileDirectClub, Inc. 0.01%, 2/1/2026 (a)
|
$ 17,295,000 | $ 6,654,078 | ||||
179,054,183 | ||||||
HEALTH CARE SERVICES — 0.7% | ||||||
Invitae Corp. 2.00%, 9/1/2024 (b)
|
7,971,000 | 7,480,784 | ||||
Oak Street Health, Inc. 0.01%, 3/15/2026 (a)
|
19,580,000 | 15,904,638 | ||||
Teladoc Health, Inc. 1.25%, 6/1/2027 (b)
|
21,106,000 | 19,298,060 | ||||
42,683,482 | ||||||
HOME BUILDERS — 0.2% | ||||||
LCI Industries 1.13%, 5/15/2026
|
10,250,000 | 11,292,425 | ||||
INTERNET — 19.5% | ||||||
Airbnb, Inc. Zero Coupon, 3/15/2026 (a)
|
41,585,000 | 40,717,121 | ||||
Booking Holdings, Inc. 0.75%, 5/1/2025 (b)
|
19,062,000 | 28,056,214 | ||||
Etsy, Inc.: | ||||||
0.13%, 10/1/2026
|
14,195,000 | 36,182,487 | ||||
0.13%, 9/1/2027
|
13,490,000 | 18,105,604 | ||||
0.25%, 6/15/2028 (a)
|
21,075,000 | 24,771,766 | ||||
Expedia Group, Inc. Zero Coupon, 2/15/2026 (a) (b)
|
20,500,000 | 23,688,775 | ||||
Farfetch, Ltd. 3.75%, 5/1/2027
|
8,445,000 | 19,110,782 | ||||
Fiverr International, Ltd. Zero Coupon, 11/1/2025 (b)
|
8,095,000 | 7,555,064 | ||||
fuboTV, Inc. 3.25%, 2/15/2026 (a)
|
9,205,000 | 7,574,887 | ||||
Hello Group, Inc. 1.25%, 7/1/2025
|
11,997,000 | 10,411,237 | ||||
iQIYI, Inc.: | ||||||
2.00%, 4/1/2025
|
26,004,000 | 18,921,811 | ||||
4.00%, 12/15/2026
|
19,905,000 | 14,356,879 | ||||
JOYY, Inc.: | ||||||
0.75%, 6/15/2025
|
10,370,000 | 9,423,012 | ||||
1.38%, 6/15/2026
|
11,320,000 | 10,091,440 |
Security Description | Principal
Amount |
Value | |||
Lyft, Inc. 1.50%, 5/15/2025
|
$ 15,475,000 | $ 20,641,638 | |||
Magnite, Inc. 0.25%, 3/15/2026 (a)
|
8,710,000 | 6,864,612 | |||
Mandiant, Inc.: | |||||
0.88%, 6/1/2024
|
12,156,000 | 12,634,460 | |||
Series B, 1.63%, 6/1/2035
|
10,880,000 | 10,848,666 | |||
Match Group Financeco 2, Inc. 0.88%, 6/15/2026 (a)
|
13,130,000 | 21,315,899 | |||
Match Group Financeco 3, Inc. 2.00%, 1/15/2030 (a)
|
12,070,000 | 21,302,705 | |||
MercadoLibre, Inc. 2.00%, 8/15/2028
|
8,846,000 | 27,507,875 | |||
NortonLifeLock, Inc. 2.00%, 8/15/2022 (a)
|
13,577,000 | 17,598,236 | |||
Okta, Inc.: | |||||
0.13%, 9/1/2025
|
22,405,000 | 30,396,863 | |||
0.38%, 6/15/2026
|
24,963,000 | 29,697,732 | |||
Opendoor Technologies, Inc. 0.25%, 8/15/2026 (a)
|
21,700,000 | 22,594,040 | |||
Palo Alto Networks, Inc.: | |||||
0.38%, 6/1/2025
|
41,840,000 | 79,262,951 | |||
0.75%, 7/1/2023
|
36,350,000 | 76,188,873 | |||
Perficient, Inc. 0.13%, 11/15/2026 (a)
|
8,981,000 | 8,566,706 | |||
Pinduoduo, Inc. 0.01%, 12/1/2025
|
44,606,000 | 40,303,751 | |||
Q2 Holdings, Inc. 0.13%, 11/15/2025
|
8,725,000 | 8,007,892 | |||
Sea, Ltd.: | |||||
0.25%, 9/15/2026
|
61,500,000 | 56,553,555 | |||
2.38%, 12/1/2025
|
23,351,000 | 59,716,913 | |||
Shopify, Inc. 0.13%, 11/1/2025 (b)
|
18,160,000 | 22,493,339 | |||
Snap, Inc.: | |||||
Zero Coupon, 5/1/2027 (a)
|
24,085,000 | 23,606,672 | |||
0.25%, 5/1/2025
|
5,035,000 | 11,153,683 | |||
0.75%, 8/1/2026
|
18,025,000 | 39,038,545 | |||
Spotify USA, Inc. 0.01%, 3/15/2026 (a)
|
31,540,000 | 28,593,218 | |||
TechTarget, Inc. Zero Coupon, 12/15/2026 (a)
|
7,428,000 | 7,392,717 |
Security Description | Principal
Amount |
Value | ||||
Twitter, Inc.: | ||||||
0.01%, 3/15/2026 (a)
|
$ 30,625,000 | $ 27,561,888 | ||||
0.25%, 6/15/2024
|
24,439,000 | 26,655,617 | ||||
Uber Technologies, Inc. Zero Coupon, 12/15/2025
|
22,075,000 | 21,831,513 | ||||
Upwork, Inc. 0.25%, 8/15/2026 (a)
|
14,064,000 | 12,907,236 | ||||
Vnet Group, Inc. 0.01%, 2/1/2026 (a) (b)
|
12,015,000 | 9,408,826 | ||||
Wayfair, Inc.: | ||||||
0.63%, 10/1/2025
|
33,233,000 | 30,321,789 | ||||
1.00%, 8/15/2026
|
20,045,000 | 30,153,694 | ||||
Wayfair, Inc. 1.13%, 11/1/2024
|
10,259,000 | 17,945,864 | ||||
Weibo Corp. 1.25%, 11/15/2022
|
20,274,000 | 19,775,665 | ||||
Wix.com, Ltd.: | ||||||
Zero Coupon, 7/1/2023
|
9,788,000 | 12,497,906 | ||||
Zero Coupon, 8/15/2025
|
11,322,000 | 10,315,814 | ||||
Zendesk, Inc. 0.63%, 6/15/2025
|
23,865,000 | 28,497,435 | ||||
Zillow Group, Inc.: | ||||||
0.75%, 9/1/2024
|
12,935,000 | 20,159,844 | ||||
1.38%, 9/1/2026
|
11,245,000 | 18,092,305 | ||||
2.75%, 5/15/2025 (b)
|
12,727,000 | 16,383,467 | ||||
1,253,757,483 | ||||||
INVESTMENT COMPANY SECURITY — 0.3% | ||||||
Ares Capital Corp.: | ||||||
3.75%, 2/1/2022
|
7,575,000 | 8,447,337 | ||||
4.63%, 3/1/2024
|
8,978,000 | 10,237,883 | ||||
18,685,220 | ||||||
IRON/STEEL — 0.2% | ||||||
United States Steel Corp. 5.00%, 11/1/2026
|
7,266,000 | 14,572,762 | ||||
LEISURE TIME — 1.9% | ||||||
Carnival Corp. 5.75%, 4/1/2023
|
11,280,000 | 23,954,208 | ||||
NCL Corp., Ltd.: | ||||||
1.13%, 2/15/2027 (a)
|
25,968,000 | 24,403,168 | ||||
5.38%, 8/1/2025
|
8,900,000 | 12,647,968 |
Security Description | Principal
Amount |
Value | ||||
Peloton Interactive, Inc. 0.01%, 2/15/2026 (a)
|
$ 20,675,000 | $ 17,516,274 | ||||
Royal Caribbean Cruises, Ltd.: | ||||||
2.88%, 11/15/2023
|
12,345,000 | 14,614,381 | ||||
4.25%, 6/15/2023
|
24,408,000 | 31,085,541 | ||||
124,221,540 | ||||||
LODGING — 0.4% | ||||||
Huazhu Group, Ltd.: | ||||||
0.38%, 11/1/2022
|
10,735,000 | 11,004,234 | ||||
3.00%, 5/1/2026
|
11,396,000 | 12,821,297 | ||||
23,825,531 | ||||||
MACHINERY-DIVERSIFIED — 0.4% | ||||||
Middleby Corp. 1.00%, 9/1/2025
|
16,314,000 | 26,152,647 | ||||
MEDIA — 4.5% | ||||||
Cable One, Inc. 0.01%, 3/15/2026 (a)
|
12,055,000 | 11,597,633 | ||||
DISH Network Corp.: | ||||||
Zero Coupon, 12/15/2025
|
41,120,000 | 41,223,622 | ||||
2.38%, 3/15/2024
|
21,217,000 | 20,381,475 | ||||
3.38%, 8/15/2026
|
64,377,000 | 60,396,570 | ||||
Liberty Broadband Corp.: | ||||||
1.25%, 9/30/2050 (a)
|
18,975,000 | 18,764,188 | ||||
2.75%, 9/30/2050 (a)
|
11,661,000 | 11,865,301 | ||||
Liberty Interactive LLC: | ||||||
1.75%, 9/30/2046 (a)
|
6,672,000 | 12,799,031 | ||||
3.75%, 2/15/2030
|
8,990,000 | 6,718,047 | ||||
4.00%, 11/15/2029
|
7,657,000 | 5,753,546 | ||||
Liberty Latin America, Ltd. 2.00%, 7/15/2024
|
8,189,000 | 8,066,656 | ||||
Liberty Media Corp.: | ||||||
0.50%, 12/1/2050 (a)
|
17,570,000 | 25,307,828 | ||||
1.38%, 10/15/2023
|
20,702,000 | 31,109,724 | ||||
2.13%, 3/31/2048 (a)
|
6,468,000 | 6,687,977 | ||||
2.75%, 12/1/2049 (a)
|
13,920,000 | 14,371,982 | ||||
Liberty Media Corp.-Liberty Formula One 1.00%, 1/30/2023
|
8,392,000 | 14,462,102 | ||||
289,505,682 |
Security Description | Principal
Amount |
Value | ||||
MINING — 0.3% | ||||||
MP Materials Corp. 0.25%, 4/1/2026 (a)
|
$ 14,905,000 | $ 18,887,765 | ||||
MISCELLANEOUS MANUFACTURER — 0.1% | ||||||
John Bean Technologies Corp. 0.25%, 5/15/2026 (a)
|
7,050,000 | 7,796,736 | ||||
OIL & GAS — 1.0% | ||||||
EQT Corp. 1.75%, 5/1/2026
|
11,585,000 | 19,323,433 | ||||
Pioneer Natural Resources Co. 0.25%, 5/15/2025
|
27,048,000 | 48,387,249 | ||||
67,710,682 | ||||||
PHARMACEUTICALS — 2.9% | ||||||
Aphria, Inc. 5.25%, 6/1/2024 (a)
|
6,035,000 | 6,367,408 | ||||
Dexcom, Inc. 0.25%, 11/15/2025 (b)
|
25,685,000 | 30,444,944 | ||||
DexCom, Inc. 0.75%, 12/1/2023
|
17,230,000 | 56,267,149 | ||||
Herbalife Nutrition, Ltd. 2.63%, 3/15/2024
|
11,955,000 | 11,994,691 | ||||
Jazz Investments I, Ltd.: | ||||||
1.50%, 8/15/2024
|
9,863,000 | 9,824,830 | ||||
2.00%, 6/15/2026
|
21,540,000 | 24,264,164 | ||||
Neurocrine Biosciences, Inc. 2.25%, 5/15/2024
|
6,792,000 | 8,496,317 | ||||
Pacira BioSciences, Inc. 0.75%, 8/1/2025
|
10,055,000 | 11,149,989 | ||||
Sarepta Therapeutics, Inc. 1.50%, 11/15/2024
|
11,850,000 | 17,218,524 | ||||
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023
|
8,650,000 | 8,564,452 | ||||
Tilray, Inc. 5.00%, 10/1/2023
|
5,487,000 | 5,351,032 | ||||
189,943,500 | ||||||
PIPELINES — 0.1% | ||||||
Golar LNG, Ltd. 2.75%, 2/15/2022
|
8,535,000 | 8,514,260 |
Security Description | Principal
Amount |
Value | ||||
REAL ESTATE — 0.5% | ||||||
Realogy Group LLC 0.25%, 6/15/2026 (a)
|
$ 8,415,000 | $ 8,369,306 | ||||
Redfin Corp.: | ||||||
Zero Coupon, 10/15/2025
|
14,845,000 | 13,288,799 | ||||
0.50%, 4/1/2027 (a)
|
11,745,000 | 9,495,598 | ||||
31,153,703 | ||||||
REAL ESTATE INVESTMENT TRUSTS — 0.4% | ||||||
Blackstone Mortgage Trust, Inc. 4.38%, 5/5/2022
|
7,270,000 | 7,300,897 | ||||
Pebblebrook Hotel Trust 1.75%, 12/15/2026
|
14,715,000 | 16,195,329 | ||||
23,496,226 | ||||||
RETAIL — 1.7% | ||||||
American Eagle Outfitters, Inc. 3.75%, 4/15/2025
|
8,800,000 | 26,489,848 | ||||
Burlington Stores, Inc. 2.25%, 4/15/2025
|
12,180,000 | 18,151,854 | ||||
Dick's Sporting Goods, Inc. 3.25%, 4/15/2025
|
12,580,000 | 44,517,601 | ||||
National Vision Holdings, Inc. 2.50%, 5/15/2025
|
7,765,000 | 13,019,808 | ||||
Vroom, Inc. 0.75%, 7/1/2026 (a)
|
13,470,000 | 8,250,779 | ||||
110,429,890 | ||||||
SEMICONDUCTORS — 1.6% | ||||||
MACOM Technology Solutions Holdings,
Inc. 0.25%, 3/15/2026 (a)
|
8,470,000 | 9,928,534 | ||||
Microchip Technology, Inc. 0.13%, 11/15/2024 (b)
|
14,057,000 | 17,524,440 | ||||
ON Semiconductor Corp. Zero Coupon, 5/1/2027 (a) (b)
|
16,910,000 | 24,760,975 | ||||
Silicon Laboratories, Inc. 0.63%, 6/15/2025
|
11,734,000 | 20,536,378 | ||||
Wolfspeed, Inc. 1.75%, 5/1/2026 (b)
|
12,785,000 | 31,354,701 | ||||
104,105,028 | ||||||
SOFTWARE — 16.5% | ||||||
8x8, Inc. 0.50%, 2/1/2024
|
10,320,000 | 10,234,034 |
Security Description | Principal
Amount |
Value | |||
Akamai Technologies, Inc.: | |||||
0.13%, 5/1/2025
|
$ 24,676,000 | $ 32,360,600 | |||
0.38%, 9/1/2027
|
24,297,000 | 28,550,433 | |||
Alteryx, Inc.: | |||||
0.50%, 8/1/2024
|
7,770,000 | 7,340,941 | |||
1.00%, 8/1/2026
|
10,496,000 | 9,383,004 | |||
Avalara, Inc. 0.25%, 8/1/2026 (a)
|
21,025,000 | 19,414,485 | |||
Avaya Holdings Corp. 2.25%, 6/15/2023
|
5,883,000 | 6,261,100 | |||
Bandwidth, Inc. 0.25%, 3/1/2026
|
6,534,000 | 6,963,741 | |||
Bentley Systems, Inc.: | |||||
0.13%, 1/15/2026 (a)
|
13,770,000 | 14,220,279 | |||
0.38%, 7/1/2027 (a)
|
13,500,000 | 12,388,815 | |||
Bilibili, Inc.: | |||||
0.50%, 12/1/2026 (a)
|
34,367,000 | 29,314,364 | |||
1.25%, 6/15/2027
|
16,112,000 | 22,241,327 | |||
1.38%, 4/1/2026
|
9,115,000 | 17,818,822 | |||
Bill.com Holdings, Inc.: | |||||
Zero Coupon, 12/1/2025
|
23,535,000 | 40,380,176 | |||
0.01%, 4/1/2027 (a) (b)
|
13,349,000 | 13,748,135 | |||
Blackline, Inc.: | |||||
0.01%, 3/15/2026 (a)
|
24,981,000 | 23,274,548 | |||
0.13%, 8/1/2024
|
5,083,000 | 7,642,240 | |||
Ceridian HCM Holding, Inc. 0.25%, 3/15/2026 (a)
|
13,380,000 | 13,935,538 | |||
Cloudflare, Inc. Zero Coupon, 8/15/2026 (a)
|
27,900,000 | 29,568,699 | |||
Confluent, Inc. Zero Coupon, 1/15/2027 (a)
|
22,840,000 | 24,822,055 | |||
Coupa Software, Inc.: | |||||
0.13%, 6/15/2025
|
17,568,000 | 21,641,668 | |||
0.38%, 6/15/2026
|
29,004,000 | 27,464,468 | |||
Datadog, Inc. 0.13%, 6/15/2025
|
14,703,000 | 29,496,276 | |||
DigitalOcean Holdings, Inc. 0.01%, 12/1/2026 (a)
|
31,931,000 | 28,466,806 | |||
DocuSign, Inc. Zero Coupon, 1/15/2024 (a) (b)
|
15,297,000 | 14,742,484 | |||
Dropbox, Inc.: | |||||
0.01%, 3/1/2026 (a)
|
16,190,000 | 15,703,490 |
Security Description | Principal
Amount |
Value | |||
0.01%, 3/1/2028 (a)
|
$ 13,980,000 | $ 13,776,032 | |||
Envestnet, Inc. 0.75%, 8/15/2025 (a)
|
8,965,000 | 9,009,287 | |||
Everbridge, Inc.: | |||||
0.01%, 3/15/2026 (a)
|
6,786,000 | 5,761,246 | |||
0.13%, 12/15/2024 (b)
|
10,797,000 | 10,536,468 | |||
Fastly, Inc. 0.01%, 3/15/2026 (a)
|
20,245,000 | 16,534,091 | |||
Five9, Inc. 0.50%, 6/1/2025
|
14,588,000 | 17,832,225 | |||
Guidewire Software, Inc. 1.25%, 3/15/2025
|
8,575,000 | 9,991,676 | |||
HubSpot, Inc. 0.38%, 6/1/2025
|
9,621,000 | 22,850,741 | |||
Jamf Holding Corp. 0.13%, 9/1/2026 (a)
|
7,984,000 | 8,270,626 | |||
LivePerson, Inc. 0.01%, 12/15/2026
|
10,685,000 | 9,057,461 | |||
MicroStrategy, Inc.: | |||||
0.01%, 2/15/2027 (a)
|
22,760,000 | 16,564,045 | |||
0.75%, 12/15/2025
|
14,310,000 | 22,322,598 | |||
MongoDB, Inc. 0.25%, 1/15/2026
|
25,121,000 | 64,085,681 | |||
New Relic, Inc. 0.50%, 5/1/2023
|
10,810,000 | 12,934,814 | |||
Nuance Communications, Inc.: | |||||
1.00%, 12/15/2035
|
6,569,000 | 15,036,901 | |||
1.25%, 4/1/2025
|
565,000 | 1,592,797 | |||
Nutanix, Inc. 0.25%, 10/1/2027 (a)
|
14,715,000 | 13,399,332 | |||
Pegasystems, Inc. 0.75%, 3/1/2025
|
13,925,000 | 14,733,068 | |||
Porch Group, Inc. 0.75%, 9/15/2026 (a)
|
7,579,000 | 7,296,000 | |||
Progress Software Corp. 1.00%, 4/15/2026 (a)
|
6,385,000 | 6,608,411 | |||
RingCentral, Inc.: | |||||
Zero Coupon, 3/1/2025
|
20,804,000 | 19,659,156 | |||
Zero Coupon, 3/15/2026
|
13,905,000 | 12,374,338 | |||
Sailpoint Technologies Holdings, Inc. 0.13%, 9/15/2024
|
8,951,000 | 15,927,051 | |||
Splunk, Inc.: | |||||
0.50%, 9/15/2023
|
11,843,000 | 12,649,864 |
Security Description | Principal
Amount |
Value | ||||
1.13%, 9/15/2025
|
$ 18,496,000 | $ 20,431,606 | ||||
1.13%, 6/15/2027
|
33,155,000 | 31,000,588 | ||||
Tyler Technologies, Inc. 0.25%, 3/15/2026 (a)
|
11,622,000 | 14,231,023 | ||||
Unity Software, Inc. 0.01%, 11/15/2026 (a)
|
36,871,000 | 33,708,943 | ||||
Workday, Inc. 0.25%, 10/1/2022
|
25,006,000 | 46,610,434 | ||||
Ziff Davis, Inc. 1.75%, 11/1/2026 (a)
|
11,479,000 | 14,198,719 | ||||
Zynga, Inc.: | ||||||
Zero Coupon, 12/15/2026
|
17,059,000 | 15,687,286 | ||||
0.25%, 6/1/2024
|
16,273,000 | 17,557,916 | ||||
1,059,608,952 | ||||||
TELECOMMUNICATIONS — 0.6% | ||||||
Infinera Corp. 2.13%, 9/1/2024
|
8,155,000 | 9,687,162 | ||||
InterDigital, Inc. 2.00%, 6/1/2024
|
10,103,000 | 11,083,092 | ||||
Nice, Ltd. Zero Coupon, 9/15/2025 (b)
|
10,036,000 | 12,247,633 | ||||
Viavi Solutions, Inc. 1.00%, 3/1/2024
|
5,531,000 | 7,803,577 | ||||
40,821,464 | ||||||
TRANSPORTATION — 0.1% | ||||||
CryoPort, Inc. 0.75%, 12/1/2026 (a)
|
8,478,000 | 7,841,896 | ||||
TRUCKING & LEASING — 0.1% | ||||||
Greenbrier Cos., Inc. 2.88%, 4/15/2028 (a)
|
7,360,000 | 7,983,171 | ||||
TOTAL CORPORATE BONDS & NOTES (Cost
$4,921,964,179)
|
5,004,592,797 |
Security Description | Shares | Value | ||||
COMMON STOCKS — 0.1% | ||||||
MEDIA — 0.1% | ||||||
Gannett Co., Inc. (c) (cost $5,726,950)
|
1,000,000 | $ 5,330,000 | ||||
TOTAL COMMON STOCKS (Cost
$5,726,950)
|
5,330,000 | |||||
PREFERRED STOCKS — 1.5% | ||||||
BANKS — 1.5% | ||||||
Bank of America Corp. 7.25% 12/31/2049 (Cost $85,953,282)
|
65,578 | 94,786,441 | ||||
CONVERTIBLE PREFERRED STOCKS — 20.5% | ||||||
AGRICULTURE — 0.3% | ||||||
Bunge Ltd. 4.88%, 12/31/2049
|
153,555 | 19,461,545 | ||||
AUTO PARTS & EQUIPMENT — 0.7% | ||||||
Aptiv PLC Series A, 5.50%, 6/15/2023
|
247,610 | 45,582,525 | ||||
BANKS — 1.9% | ||||||
Wells Fargo & Co. Series L, 7.50%, 12/31/2049
|
82,449 | 122,892,708 | ||||
DIVERSIFIED FINANCIAL SERVICES — 1.2% | ||||||
2020 Mandatory Exchangeable Trust 6.50%, 5/16/2023 (a)
|
14,715 | 20,047,716 | ||||
AMG Capital Trust II 5.15%, 10/15/2037
|
198,648 | 11,658,154 | ||||
KKR & Co., Inc. Series C, 6.00%, 9/15/2023 (b)
|
485,944 | 45,265,684 | ||||
76,971,554 | ||||||
ELECTRIC — 6.0% | ||||||
AES Corp. 6.88%, 2/15/2024
|
229,575 | 22,039,200 | ||||
Algonquin Power & Utilities Corp. 7.75%, 6/15/2024
|
498,055 | 23,528,118 | ||||
American Electric Power Co., Inc.: | ||||||
6.13%, 3/15/2022
|
361,380 | 18,112,366 | ||||
6.13%, 8/15/2023
|
306,820 | 16,138,732 | ||||
CenterPoint Energy, Inc. 4.57%, 9/15/2029 (d)
|
270,171 | 15,716,387 |
Security Description | Shares | Value | |||
Dominion Energy, Inc. Series A, 7.25%, 6/1/2022
|
342,615 | $ 34,480,773 | |||
DTE Energy Co. 6.25%, 11/1/2022
|
543,605 | 27,908,681 | |||
NextEra Energy, Inc.: | |||||
4.87%, 9/1/2022 (e)
|
630,255 | 42,914,063 | |||
5.28%, 3/1/2023 (e)
|
1,041,635 | 59,935,678 | |||
6.22%, 9/1/2023 (e)
|
831,835 | 48,171,565 | |||
PG&E Corp. 5.50%, 8/16/2023
|
345,775 | 39,999,252 | |||
Southern Co. Series 2019, 6.75%, 8/1/2022
|
722,305 | 38,823,894 | |||
387,768,709 | |||||
ELECTRONICS — 0.2% | |||||
II-VI, Inc. Series A, 6.00%, 7/1/2023 (b)
|
54,705 | 15,482,609 | |||
ENGINEERING & CONSTRUCTION — 0.3% | |||||
Fluor Corp. 6.50%, 8/15/2051 (a)
|
13,425 | 17,699,520 | |||
ENVIRONMENTAL CONTROL — 0.5% | |||||
GFL Environmental, Inc. 6.00%, 3/15/2023
|
335,190 | 29,144,770 | |||
GAS — 0.3% | |||||
NiSource, Inc. 7.75%, 3/1/2024
|
194,325 | 21,762,457 | |||
HAND & MACHINE TOOLS — 0.3% | |||||
Stanley Black & Decker, Inc. 5.25%, 11/15/2022 (b)
|
155,100 | 16,935,369 | |||
HEALTH CARE PRODUCTS — 3.4% | |||||
Avantor, Inc. Series A, 6.25%, 5/15/2022
|
438,770 | 56,693,472 | |||
Boston Scientific Corp. Series A, 5.50%, 6/1/2023
|
198,725 | 22,785,808 | |||
Danaher Corp.: | |||||
Series A, 4.75%, 4/15/2022
|
35,235 | 77,305,590 | |||
Series B, 5.00%, 4/15/2023 (b)
|
35,510 | 61,722,417 | |||
218,507,287 |
Security Description | Shares | Value | ||||
IRON/STEEL — 0.6% | ||||||
ArcelorMittal SA 5.50%, 5/18/2023
|
533,462 | $ 39,534,869 | ||||
MEDIA — 0.2% | ||||||
ViacomCBS, Inc. Series A, 5.75%, 4/1/2024 (b)
|
233,705 | 11,736,665 | ||||
METAL FABRICATE & HARDWARE — 0.2% | ||||||
RBC Bearings, Inc. Series A, 5.00%, 10/15/2024
|
104,850 | 10,994,571 | ||||
PHARMACEUTICALS — 0.7% | ||||||
Becton Dickinson and Co. Series B, 6.00%, 6/1/2023 (b)
|
629,500 | 33,206,125 | ||||
Elanco Animal Health, Inc. 5.00%, 2/1/2023 (b)
|
209,060 | 9,336,620 | ||||
42,542,745 | ||||||
SEMICONDUCTORS — 2.5% | ||||||
Broadcom, Inc. Series A, 8.00%, 9/30/2022
|
78,870 | 163,686,009 | ||||
SOFTWARE — 0.4% | ||||||
Clarivate PLC Series A, 5.25%, 6/1/2024
|
308,300 | 28,012,138 | ||||
TELECOMMUNICATIONS — 0.7% | ||||||
2020 Cash Mandatory Exchangeable Trust 5.25%, 6/1/2023 (a)
|
43,630 | 45,595,531 | ||||
WATER — 0.1% | ||||||
Essential Utilities, Inc. 6.00%, 4/30/2022
|
144,345 | 9,409,851 | ||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost
$1,030,746,703)
|
1,323,721,432 | |||||
SHORT-TERM INVESTMENTS — 4.1% | ||||||
State Street Institutional Liquid Reserves Fund,
Premier Class 0.04% (f) (g)
|
11,933,778 | 11,934,971 |
Security Description | Shares | Value | ||||
State Street Navigator Securities Lending
Portfolio II (h) (i)
|
249,278,300 | $ 249,278,300 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost
$261,213,271)
|
261,213,271 | |||||
TOTAL INVESTMENTS — 103.9% (Cost
$6,305,604,385)
|
6,689,643,941 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.9)%
|
(249,794,260) | |||||
NET ASSETS — 100.0%
|
$ 6,439,849,681 |
(a) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 26.5% of net assets as of December 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
(b) | All or a portion of the shares of the security are on loan at December 31, 2021. |
(c) | Non-income producing security. |
(d) | Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of December 31, 2021. Maturity date shown is the final maturity. |
(e) | These securities are affiliated investments as a result of the Fund owning 5% or more of the entity’s outstanding shares. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below. |
(f) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below. |
(g) | The rate shown is the annualized seven-day yield at December 31, 2021. |
(h) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below. |
(i) | Investment of cash collateral for securities loaned. |
Description | Level
1 – Quoted Prices |
Level
2 – Other Significant Observable Inputs |
Level
3 – Significant Unobservable Inputs |
Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Corporate Bonds & Notes
|
$ — | $5,004,592,797 | $— | $5,004,592,797 | ||||
Common Stocks
|
5,330,000 | — | — | 5,330,000 | ||||
Convertible Preferred Stocks
|
1,224,662,278 | 99,059,154 | — | 1,323,721,432 | ||||
Preferred Stocks
|
94,786,441 | — | — | 94,786,441 | ||||
Short-Term Investments
|
261,213,271 | — | — | 261,213,271 | ||||
TOTAL INVESTMENTS
|
$1,585,991,990 | $5,103,651,951 | $— | $6,689,643,941 |
Number
of Shares Held at 6/30/21 |
Value
at 6/30/21 |
Cost
of Purchases |
Proceeds
from Shares Sold |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation/ Depreciation |
Number
of Shares Held at 12/31/21 |
Value
at 12/31/21 |
Dividend
Income | |||||||||
NextEra Energy, Inc.
|
937,835 | $ 46,329,049 | $ 10,116,640 | $ 15,730,079 | $ 972,874 | $ 6,483,081 | 831,835 | $ 48,171,565 | $1,420,785 | ||||||||
NextEra Energy, Inc.
|
1,022,135 | 50,043,730 | 9,735,490 | 9,039,696 | 1,194,074 | 8,002,080 | 1,041,635 | 59,935,678 | 1,470,380 | ||||||||
NextEra Energy, Inc.
|
596,755 | 33,507,793 | 8,068,445 | 6,436,850 | 1,557,164 | 6,217,511 | 630,255 | 42,914,063 | 787,443 | ||||||||
State Street Institutional Liquid Reserves Fund,
Premier Class
|
65,260,023 | 65,279,601 | 383,023,449 | 436,366,691 | (1,388) | — | 11,933,778 | 11,934,971 | 2,325 | ||||||||
State Street Navigator Securities Lending
Portfolio II
|
320,117,599 | 320,117,599 | 809,392,231 | 880,231,530 | — | — | 249,278,300 | 249,278,300 | 1,103,746 | ||||||||
Total
|
$515,277,772 | $1,220,336,255 | $1,347,804,846 | $3,722,724 | $20,702,672 | $412,234,577 | $4,784,679 |
Security Description | Principal
Amount |
Value | ||||
CORPORATE BONDS & NOTES — 98.3% | ||||||
ADVERTISING — 0.8% | ||||||
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028 (a)
|
$ 7,673,000 | $ 8,056,804 | ||||
Clear Channel Outdoor Holdings, Inc.: | ||||||
7.50%, 6/1/2029 (a)
|
8,232,000 | 8,791,118 | ||||
7.75%, 4/15/2028 (a)
|
7,957,000 | 8,546,693 | ||||
Lamar Media Corp.: | ||||||
3.63%, 1/15/2031
|
5,153,000 | 5,021,495 | ||||
3.75%, 2/15/2028
|
4,821,000 | 4,846,455 | ||||
4.00%, 2/15/2030
|
6,007,000 | 6,076,801 | ||||
Midas OpCo Holdings LLC 5.63%, 8/15/2029 (a)
|
9,988,000 | 10,221,120 | ||||
Outfront Media Capital LLC/Outfront Media Capital Corp.: | ||||||
4.25%, 1/15/2029 (a)
|
5,571,000 | 5,578,187 | ||||
4.63%, 3/15/2030 (a)
|
4,040,000 | 4,041,656 | ||||
5.00%, 8/15/2027 (a)
|
6,621,000 | 6,774,806 | ||||
Terrier Media Buyer, Inc. 8.88%, 12/15/2027 (a)
|
8,620,000 | 9,319,944 | ||||
77,275,079 | ||||||
AEROSPACE & DEFENSE — 2.1% | ||||||
Bombardier, Inc.: | ||||||
6.00%, 2/15/2028 (a)
|
6,547,000 | 6,563,433 | ||||
7.13%, 6/15/2026 (a)
|
10,153,000 | 10,542,977 | ||||
7.50%, 12/1/2024 (a)
|
9,178,000 | 9,535,758 | ||||
7.88%, 4/15/2027 (a) (b)
|
16,377,000 | 16,982,785 | ||||
F-Brasile SpA/F-Brasile US LLC Series XR, 7.38%, 8/15/2026 (a)
|
5,409,000 | 5,399,318 | ||||
Howmet Aerospace, Inc.: | ||||||
3.00%, 1/15/2029
|
4,519,000 | 4,526,953 | ||||
6.88%, 5/1/2025
|
4,540,000 | 5,217,050 | ||||
Maxar Space Robotics LLC 9.75%, 12/31/2023 (a)
|
3,071,000 | 3,308,327 | ||||
Moog, Inc. 4.25%, 12/15/2027 (a)
|
3,435,500 | 3,459,068 | ||||
Rolls-Royce PLC 5.75%, 10/15/2027 (a)
|
7,129,000 | 7,877,260 | ||||
Spirit AeroSystems, Inc.: | ||||||
4.60%, 6/15/2028 (b)
|
4,608,000 | 4,620,165 | ||||
5.50%, 1/15/2025 (a)
|
5,791,000 | 6,011,463 | ||||
7.50%, 4/15/2025 (a)
|
9,433,000 | 9,925,025 |
Security Description | Principal
Amount |
Value | ||||
TransDigm, Inc.: | ||||||
4.63%, 1/15/2029
|
$ 11,880,000 | $ 11,844,004 | ||||
4.88%, 5/1/2029
|
6,478,000 | 6,495,944 | ||||
5.50%, 11/15/2027
|
21,669,000 | 22,332,071 | ||||
6.25%, 3/15/2026 (a)
|
32,774,000 | 34,056,447 | ||||
6.38%, 6/15/2026
|
859,000 | 882,726 | ||||
7.50%, 3/15/2027
|
5,563,000 | 5,819,788 | ||||
8.00%, 12/15/2025 (a)
|
10,185,000 | 10,743,342 | ||||
Triumph Group, Inc.: | ||||||
6.25%, 9/15/2024 (a)
|
4,539,000 | 4,566,643 | ||||
8.88%, 6/1/2024 (a)
|
6,680,000 | 7,281,467 | ||||
197,992,014 | ||||||
AGRICULTURE — 0.2% | ||||||
Darling Ingredients, Inc. 5.25%, 4/15/2027 (a)
|
3,972,000 | 4,095,847 | ||||
Vector Group, Ltd.: | ||||||
5.75%, 2/1/2029 (a)
|
8,216,000 | 7,992,279 | ||||
10.50%, 11/1/2026 (a)
|
4,351,000 | 4,508,767 | ||||
16,596,893 | ||||||
AIRLINES — 1.9% | ||||||
Air Canada 3.88%, 8/15/2026 (a)
|
10,536,000 | 10,773,165 | ||||
American Airlines Group, Inc. 3.75%, 3/1/2025 (a) (b)
|
3,656,000 | 3,404,394 | ||||
American Airlines, Inc. 11.75%, 7/15/2025 (a)
|
21,609,000 | 26,865,605 | ||||
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.: | ||||||
5.50%, 4/20/2026 (a)
|
30,332,922 | 31,567,775 | ||||
5.75%, 4/20/2029 (a)
|
23,771,400 | 25,421,611 | ||||
Delta Air Lines, Inc.: | ||||||
2.90%, 10/28/2024 (b)
|
7,387,000 | 7,531,342 | ||||
3.63%, 3/15/2022
|
78,000 | 78,090 | ||||
3.75%, 10/28/2029 (b)
|
3,917,000 | 4,018,646 | ||||
3.80%, 4/19/2023
|
3,061,000 | 3,126,873 | ||||
4.38%, 4/19/2028 (b)
|
4,251,000 | 4,525,232 | ||||
7.38%, 1/15/2026 (b)
|
9,088,000 | 10,671,130 | ||||
Hawaiian Brand Intellectual Property,
Ltd./HawaiianMiles Loyalty, Ltd. 5.75%, 1/20/2026 (a)
|
12,305,535 | 12,905,553 | ||||
Spirit Loyalty Cayman, Ltd./Spirit IP Cayman,
Ltd. 8.00%, 9/20/2025 (a)
|
4,860,152 | 5,364,150 |
Security Description | Principal
Amount |
Value | ||||
United Airlines, Inc.: | ||||||
4.38%, 4/15/2026 (a)
|
$ 15,758,000 | $ 16,441,897 | ||||
4.63%, 4/15/2029 (a)
|
17,091,000 | 17,726,101 | ||||
180,421,564 | ||||||
APPAREL — 0.2% | ||||||
Levi Strauss & Co. 3.50%, 3/1/2031 (a)
|
3,937,000 | 4,014,598 | ||||
William Carter Co.: | ||||||
5.50%, 5/15/2025 (a)
|
4,047,000 | 4,220,171 | ||||
5.63%, 3/15/2027 (a)
|
5,414,000 | 5,595,207 | ||||
Wolverine World Wide, Inc. 4.00%, 8/15/2029 (a)
|
4,382,000 | 4,240,943 | ||||
18,070,919 | ||||||
AUTO MANUFACTURERS — 2.5% | ||||||
Allison Transmission, Inc.: | ||||||
3.75%, 1/30/2031 (a)
|
7,941,000 | 7,726,514 | ||||
5.88%, 6/1/2029 (a)
|
4,970,000 | 5,420,729 | ||||
Aston Martin Capital Holdings, Ltd. 10.50%, 11/30/2025 (a)
|
9,673,000 | 10,618,923 | ||||
Ford Motor Co.: | ||||||
3.25%, 2/12/2032
|
18,198,000 | 18,630,202 | ||||
9.00%, 4/22/2025
|
5,388,500 | 6,586,364 | ||||
9.63%, 4/22/2030
|
390,000 | 569,973 | ||||
Ford Motor Credit Co. LLC: | ||||||
2.70%, 8/10/2026
|
10,017,000 | 10,117,170 | ||||
2.90%, 2/16/2028 (b)
|
6,599,000 | 6,630,147 | ||||
3.09%, 1/9/2023
|
11,325,000 | 11,500,311 | ||||
3.35%, 11/1/2022
|
3,042,000 | 3,083,432 | ||||
3.37%, 11/17/2023
|
6,536,000 | 6,745,152 | ||||
3.38%, 11/13/2025
|
10,379,000 | 10,769,147 | ||||
3.63%, 6/17/2031
|
6,984,000 | 7,354,920 | ||||
3.81%, 1/9/2024
|
7,192,000 | 7,445,949 | ||||
3.82%, 11/2/2027
|
3,557,000 | 3,759,500 | ||||
4.00%, 11/13/2030
|
9,421,000 | 10,130,967 | ||||
4.06%, 11/1/2024
|
8,936,000 | 9,406,302 | ||||
4.13%, 8/17/2027
|
11,585,000 | 12,506,007 | ||||
4.14%, 2/15/2023
|
8,150,000 | 8,376,081 | ||||
4.27%, 1/9/2027
|
5,239,000 | 5,647,118 | ||||
4.54%, 8/1/2026
|
5,008,000 | 5,437,887 | ||||
4.69%, 6/9/2025
|
4,357,000 | 4,683,819 |
Security Description | Principal
Amount |
Value | ||||
5.11%, 5/3/2029
|
$ 10,308,000 | $ 11,725,350 | ||||
5.13%, 6/16/2025
|
13,755,000 | 14,998,177 | ||||
5.58%, 3/18/2024
|
10,144,000 | 10,930,363 | ||||
Jaguar Land Rover Automotive PLC: | ||||||
4.50%, 10/1/2027 (a) (b)
|
2,992,000 | 2,881,984 | ||||
5.50%, 7/15/2029 (a)
|
4,179,000 | 4,132,153 | ||||
5.88%, 1/15/2028 (a) (b)
|
6,682,000 | 6,804,615 | ||||
7.75%, 10/15/2025 (a)
|
6,274,000 | 6,768,956 | ||||
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (a)
|
4,293,000 | 4,488,632 | ||||
PM General Purchaser LLC 9.50%, 10/1/2028 (a)
|
5,503,000 | 5,574,594 | ||||
241,451,438 | ||||||
AUTO PARTS & EQUIPMENT — 1.0% | ||||||
Adient Global Holdings, Ltd. 4.88%, 8/15/2026 (a)
|
60 | 61 | ||||
Adient US LLC 9.00%, 4/15/2025 (a)
|
5,620,000 | 5,988,728 | ||||
American Axle & Manufacturing, Inc. 5.00%, 10/1/2029 (b)
|
4,842,000 | 4,752,617 | ||||
Borgwarner Jersey Ltd. 5.00%, 10/1/2025 (a)
|
54,000 | 58,001 | ||||
Clarios Global L.P./Clarios US Finance Co.: | ||||||
6.25%, 5/15/2026 (a)
|
7,271,000 | 7,618,190 | ||||
8.50%, 5/15/2027 (a)
|
16,054,000 | 17,019,809 | ||||
Dealer Tire LLC/DT Issuer LLC 8.00%, 2/1/2028 (a)
|
4,045,000 | 4,211,452 | ||||
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a)
|
6,170,000 | 6,115,272 | ||||
Goodyear Tire & Rubber Co.: | ||||||
4.88%, 3/15/2027
|
7,026,000 | 7,447,209 | ||||
5.00%, 5/31/2026
|
81,000 | 83,444 | ||||
5.00%, 7/15/2029 (a)
|
8,672,000 | 9,312,167 | ||||
5.25%, 4/30/2031 (b)
|
4,426,000 | 4,824,960 | ||||
5.25%, 7/15/2031 (a) (b)
|
6,053,000 | 6,576,221 | ||||
9.50%, 5/31/2025
|
7,846,000 | 8,463,166 | ||||
Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029 (a)
|
3,718,000 | 3,721,346 | ||||
Tenneco, Inc.: | ||||||
5.13%, 4/15/2029 (a)
|
8,114,000 | 7,997,889 |
Security Description | Principal
Amount |
Value | ||||
7.88%, 1/15/2029 (a)
|
$ 5,122,000 | $ 5,556,243 | ||||
99,746,775 | ||||||
BANKS — 0.9% | ||||||
CIT Group, Inc.: | ||||||
4.75%, 2/16/2024
|
4,172,000 | 4,413,767 | ||||
5.25%, 3/7/2025
|
3,302,000 | 3,628,436 | ||||
SOFR + 3.83%, 3.93%, 6/19/2024 (b)
(c)
|
3,230,000 | 3,347,766 | ||||
Deutsche Bank AG: | ||||||
5 Year USD ICE Swap + 2.55%, 4.88%, 12/1/2032
(c)
|
9,403,000 | 10,149,974 | ||||
SOFR + 2.76%, 3.73%, 1/14/2032 (c)
|
10,462,000 | 10,690,804 | ||||
SOFR + 5.44%, 5.88%, 7/8/2031 (c)
|
4,555,000 | 5,343,607 | ||||
Freedom Mortgage Corp.: | ||||||
6.63%, 1/15/2027 (a)
|
6,112,000 | 5,988,171 | ||||
7.63%, 5/1/2026 (a)
|
4,973,000 | 5,078,577 | ||||
8.25%, 4/15/2025 (a)
|
5,367,000 | 5,501,551 | ||||
Intesa Sanpaolo SpA 1 year CMT + 2.60%, 4.20%, 6/1/2032 (a)
(c)
|
5,164,000 | 5,214,762 | ||||
UniCredit SpA: | ||||||
5 year CMT + 4.75%, 5.46%, 6/30/2035 (a)
(c)
|
9,756,000 | 10,632,284 | ||||
5 Year USD ICE Swap + 3.70%, 5.86%, 6/19/2032
(a) (c)
|
7,278,000 | 7,960,749 | ||||
5 Year USD ICE Swap + 4.914%, 7.30%, 4/2/2034
(a) (c)
|
10,724,000 | 12,806,065 | ||||
90,756,513 | ||||||
BEVERAGES — 0.1% | ||||||
Primo Water Holdings, Inc. 4.38%, 4/30/2029 (a)
|
7,947,000 | 7,879,292 | ||||
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a)
|
6,477,000 | 6,261,834 | ||||
14,141,126 | ||||||
BIOTECHNOLOGY — 0.1% | ||||||
Grifols Escrow Issuer SA 4.75%, 10/15/2028 (a)
|
6,433,000 | 6,492,956 | ||||
BUILDING MATERIALS — 1.2% | ||||||
Builders FirstSource, Inc.: | ||||||
4.25%, 2/1/2032 (a)
|
8,767,000 | 9,119,609 | ||||
5.00%, 3/1/2030 (a)
|
4,654,000 | 4,995,883 | ||||
6.75%, 6/1/2027 (a)
|
5,725,000 | 6,036,841 | ||||
Cornerstone Building Brands, Inc. 6.13%, 1/15/2029 (a)
|
4,153,000 | 4,430,337 |
Security Description | Principal
Amount |
Value | ||||
CP Atlas Buyer, Inc. 7.00%, 12/1/2028 (a) (b)
|
$ 3,278,000 | $ 3,256,103 | ||||
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 7/15/2025 (a)
|
3,144,000 | 3,334,683 | ||||
Griffon Corp. 5.75%, 3/1/2028
|
9,466,500 | 9,846,580 | ||||
Koppers, Inc. 6.00%, 2/15/2025 (a)
|
3,839,000 | 3,895,433 | ||||
Masonite International Corp. 5.38%, 2/1/2028 (a)
|
4,821,000 | 5,065,425 | ||||
New Enterprise Stone & Lime Co.,
Inc. 5.25%, 7/15/2028 (a)
|
4,623,000 | 4,695,812 | ||||
PGT Innovations, Inc. 4.38%, 10/1/2029 (a)
|
7,212,000 | 7,248,060 | ||||
SRM Escrow Issuer LLC 6.00%, 11/1/2028 (a)
|
10,003,000 | 10,677,102 | ||||
Standard Industries, Inc.: | ||||||
3.38%, 1/15/2031 (a)
|
6,663,250 | 6,425,039 | ||||
4.38%, 7/15/2030 (a)
|
11,653,000 | 11,901,442 | ||||
4.75%, 1/15/2028 (a)
|
7,185,000 | 7,432,595 | ||||
5.00%, 2/15/2027 (a)
|
7,734,000 | 7,960,761 | ||||
Summit Materials LLC/Summit Materials Finance
Corp. 5.25%, 1/15/2029 (a)
|
5,188,000 | 5,431,992 | ||||
Victors Merger Corp. 6.38%, 5/15/2029 (a) (b)
|
4,321,000 | 4,057,376 | ||||
115,811,073 | ||||||
CHEMICALS — 1.9% | ||||||
Axalta Coating Systems LLC 3.38%, 2/15/2029 (a)
|
4,704,000 | 4,557,565 | ||||
Axalta Coating Systems LLC/Axalta Coating Systems
Dutch Holding B B.V. 4.75%, 6/15/2027 (a)
|
2,532,000 | 2,642,876 | ||||
Chemours Co.: | ||||||
4.63%, 11/15/2029 (a)
|
4,651,000 | 4,612,536 | ||||
5.38%, 5/15/2027 (b)
|
6,044,000 | 6,497,300 | ||||
5.75%, 11/15/2028 (a)
|
6,756,000 | 7,066,573 | ||||
Consolidated Energy Finance SA 5.63%, 10/15/2028 (a)
|
3,588,000 | 3,514,805 | ||||
CVR Partners L.P./CVR Nitrogen Finance
Corp. 6.13%, 6/15/2028 (a)
|
5,119,000 | 5,410,527 | ||||
Diamond BC B.V. 4.63%, 10/1/2029 (a)
|
4,362,000 | 4,326,493 |
Security Description | Principal
Amount |
Value | |||
Element Solutions, Inc. 3.88%, 9/1/2028 (a)
|
$ 6,268,000 | $ 6,345,723 | |||
EverArc Escrow S.a.r.l. 5.00%, 10/30/2029 (a)
|
5,459,000 | 5,463,749 | |||
INEOS Quattro Finance 2 PLC 3.38%, 1/15/2026 (a)
|
3,939,000 | 3,953,141 | |||
Ingevity Corp. 3.88%, 11/1/2028 (a)
|
5,770,000 | 5,626,442 | |||
Methanex Corp.: | |||||
5.13%, 10/15/2027
|
7,283,000 | 7,670,456 | |||
5.25%, 12/15/2029
|
6,080,000 | 6,424,979 | |||
Olin Corp.: | |||||
5.00%, 2/1/2030 (b)
|
5,861,000 | 6,173,684 | |||
5.13%, 9/15/2027
|
4,729,000 | 4,871,627 | |||
5.63%, 8/1/2029
|
8,818,000 | 9,556,860 | |||
Olympus Water US Holding Corp. 4.25%, 10/1/2028 (a)
|
7,670,000 | 7,561,930 | |||
Rain CII Carbon LLC/CII Carbon Corp. 7.25%, 4/1/2025 (a)
|
3,809,000 | 3,892,074 | |||
Rayonier AM Products, Inc.: | |||||
5.50%, 6/1/2024 (a)
|
24,000 | 24,119 | |||
7.63%, 1/15/2026 (a)
|
258 | 274 | |||
SCIH Salt Holdings, Inc.: | |||||
4.88%, 5/1/2028 (a)
|
8,833,000 | 8,491,781 | |||
6.63%, 5/1/2029 (a) (b)
|
4,988,000 | 4,692,012 | |||
SCIL IV LLC/SCIL USA Holdings LLC 5.38%, 11/1/2026 (a)
|
7,031,000 | 7,246,571 | |||
TPC Group, Inc. 10.50%, 8/1/2024 (a)
|
5,784,000 | 4,188,599 | |||
Trinseo Materials Operating SCA/Trinseo Materials
Finance, Inc. 5.38%, 9/1/2025 (a)
|
3,753,000 | 3,816,163 | |||
Tronox, Inc.: | |||||
4.63%, 3/15/2029 (a)
|
8,180,000 | 8,159,550 | |||
6.50%, 5/1/2025 (a)
|
5,431,000 | 5,743,391 | |||
Unifrax Escrow Issuer Corp. 5.25%, 9/30/2028 (a)
|
5,951,000 | 6,025,031 | |||
Valvoline, Inc.: | |||||
3.63%, 6/15/2031 (a)
|
4,953,000 | 4,825,262 | |||
4.25%, 2/15/2030 (a)
|
3,180,000 | 3,244,872 | |||
WR Grace & Co-Conn 4.88%, 6/15/2027 (a)
|
1,031,000 | 1,054,239 |
Security Description | Principal
Amount |
Value | ||||
WR Grace Holdings LLC: | ||||||
4.88%, 6/15/2027 (a)
|
$ 6,747,000 | $ 6,930,181 | ||||
5.63%, 8/15/2029 (a)
|
10,289,000 | 10,569,993 | ||||
181,181,378 | ||||||
COAL — 0.0% (d) | ||||||
Peabody Energy Corp. 6.38%, 3/31/2025 (a)
|
181,000 | 170,800 | ||||
SunCoke Energy, Inc. 4.88%, 6/30/2029 (a)
|
4,042,000 | 4,024,741 | ||||
4,195,541 | ||||||
COMMERCIAL SERVICES — 4.6% | ||||||
ADT Security Corp. 4.13%, 8/1/2029 (a)
|
8,335,000 | 8,269,737 | ||||
Adtalem Global Education, Inc. 5.50%, 3/1/2028 (a)
|
7,767,000 | 7,579,815 | ||||
Albion Financing 1 SARL/Aggreko Holdings,
Inc. 6.13%, 10/15/2026 (a)
|
5,209,000 | 5,258,121 | ||||
Allied Universal Holdco LLC/Allied Universal Finance Corp.: | ||||||
6.00%, 6/1/2029 (a)
|
6,764,000 | 6,577,111 | ||||
6.63%, 7/15/2026 (a)
|
17,128,500 | 17,965,912 | ||||
9.75%, 7/15/2027 (a)
|
9,638,000 | 10,302,637 | ||||
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l: | ||||||
4.63%, 6/1/2028 (a)
|
6,398,000 | 6,280,725 | ||||
4.63%, 6/1/2028 (a)
|
8,834,000 | 8,826,933 | ||||
AMN Healthcare, Inc. 4.63%, 10/1/2027 (a)
|
4,206,000 | 4,360,697 | ||||
Aptim Corp. 7.75%, 6/15/2025 (a)
|
3,392,000 | 3,013,283 | ||||
APX Group, Inc.: | ||||||
5.75%, 7/15/2029 (a)
|
6,043,000 | 5,982,630 | ||||
6.75%, 2/15/2027 (a)
|
6,685,000 | 7,062,903 | ||||
ASGN, Inc. 4.63%, 5/15/2028 (a)
|
4,036,000 | 4,186,946 | ||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.: | ||||||
4.75%, 4/1/2028 (a)
|
4,183,000 | 4,282,723 | ||||
5.38%, 3/1/2029 (a) (b)
|
4,686,000 | 4,936,701 | ||||
Block, Inc.: | ||||||
2.75%, 6/1/2026 (a)
|
8,118,000 | 8,151,527 | ||||
3.50%, 6/1/2031 (a)
|
8,062,000 | 8,304,989 |
Security Description | Principal
Amount |
Value | |||
Brink's Co. 4.63%, 10/15/2027 (a)
|
$ 4,471,000 | $ 4,628,424 | |||
Cimpress PLC 7.00%, 6/15/2026 (a)
|
5,255,000 | 5,491,685 | |||
CoreCivic, Inc. 8.25%, 4/15/2026 (b)
|
4,660,000 | 4,869,700 | |||
CoreLogic, Inc. 4.50%, 5/1/2028 (a)
|
6,840,000 | 6,811,819 | |||
Deluxe Corp. 8.00%, 6/1/2029 (a)
|
5,202,000 | 5,438,171 | |||
Garda World Security Corp.: | |||||
4.63%, 2/15/2027 (a)
|
6,284,000 | 6,287,770 | |||
6.00%, 6/1/2029 (a)
|
4,892,000 | 4,705,664 | |||
9.50%, 11/1/2027 (a)
|
4,189,000 | 4,517,041 | |||
Gartner, Inc.: | |||||
3.63%, 6/15/2029 (a)
|
4,797,000 | 4,850,630 | |||
3.75%, 10/1/2030 (a)
|
5,759,000 | 5,854,311 | |||
4.50%, 7/1/2028 (a)
|
6,274,000 | 6,552,691 | |||
HealthEquity, Inc. 4.50%, 10/1/2029 (a)
|
4,617,000 | 4,583,204 | |||
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)
|
9,935,000 | 10,342,732 | |||
Hertz Corp.: | |||||
4.63%, 12/1/2026 (a) (b)
|
5,135,000 | 5,178,493 | |||
5.00%, 12/1/2029 (a)
|
8,999,000 | 9,022,577 | |||
IHS Markit, Ltd.: | |||||
4.13%, 8/1/2023
|
13,000 | 13,573 | |||
4.25%, 5/1/2029
|
103,000 | 116,687 | |||
4.75%, 2/15/2025 (a)
|
103,000 | 111,934 | |||
4.75%, 8/1/2028
|
11,000 | 12,719 | |||
Metis Merger Sub LLC 6.50%, 5/15/2029 (a)
|
4,460,000 | 4,370,176 | |||
MPH Acquisition Holdings LLC: | |||||
5.50%, 9/1/2028 (a)
|
9,645,000 | 9,773,375 | |||
5.75%, 11/1/2028 (a) (b)
|
13,221,000 | 12,567,883 | |||
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a)
|
7,295,000 | 7,543,760 | |||
Nielsen Co. Luxembourg SARL 5.00%, 2/1/2025 (a) (b)
|
4,578,000 | 4,649,234 | |||
Nielsen Finance LLC/Nielsen Finance Co.: | |||||
4.50%, 7/15/2029 (a)
|
5,117,000 | 5,033,388 | |||
4.75%, 7/15/2031 (a)
|
6,041,000 | 5,986,208 |
Security Description | Principal
Amount |
Value | |||
5.63%, 10/1/2028 (a)
|
$ 7,375,000 | $ 7,614,688 | |||
5.88%, 10/1/2030 (a)
|
6,950,000 | 7,338,088 | |||
North Queensland Export Terminal Pty,
Ltd. 4.45%, 12/15/2022 (a)
|
2,912,000 | 2,807,547 | |||
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029 (a)
|
5,231,000 | 5,414,137 | |||
Prime Security Services Borrower LLC/Prime Finance, Inc.: | |||||
3.38%, 8/31/2027 (a)
|
9,959,000 | 9,590,915 | |||
5.25%, 4/15/2024 (a)
|
5,737,000 | 6,105,201 | |||
5.75%, 4/15/2026 (a)
|
12,270,000 | 13,171,232 | |||
6.25%, 1/15/2028 (a)
|
11,905,000 | 12,429,415 | |||
PROG Holdings, Inc. 6.00%, 11/15/2029 (a)
|
4,182,000 | 4,304,784 | |||
Ritchie Bros Auctioneers, Inc. 5.38%, 1/15/2025 (a)
|
2,431,000 | 2,457,474 | |||
Sabre GLBL, Inc.: | |||||
7.38%, 9/1/2025 (a)
|
6,810,000 | 7,082,468 | |||
9.25%, 4/15/2025 (a)
|
6,951,000 | 7,853,935 | |||
Service Corp. International: | |||||
3.38%, 8/15/2030
|
7,186,000 | 7,057,083 | |||
4.00%, 5/15/2031
|
6,477,000 | 6,609,260 | |||
4.63%, 12/15/2027
|
2,368,000 | 2,477,638 | |||
5.13%, 6/1/2029
|
5,463,000 | 5,883,596 | |||
Sotheby's 7.38%, 10/15/2027 (a) (b)
|
7,853,000 | 8,362,110 | |||
Team Health Holdings, Inc. 6.38%, 2/1/2025 (a)
|
5,080,000 | 4,781,194 | |||
TriNet Group, Inc. 3.50%, 3/1/2029 (a)
|
4,492,000 | 4,475,290 | |||
United Rentals North America, Inc.: | |||||
3.75%, 1/15/2032
|
5,128,000 | 5,168,563 | |||
3.88%, 2/15/2031
|
8,282,000 | 8,410,702 | |||
4.00%, 7/15/2030
|
6,020,000 | 6,215,469 | |||
4.88%, 1/15/2028
|
11,940,000 | 12,546,074 | |||
5.25%, 1/15/2030
|
5,404,000 | 5,850,424 | |||
5.50%, 5/15/2027
|
1,555,000 | 1,616,485 | |||
Verscend Escrow Corp. 9.75%, 8/15/2026 (a)
|
2,454,000 | 2,593,142 | |||
WASH Multifamily Acquisition, Inc. 5.75%, 4/15/2026 (a)
|
8,234,000 | 8,651,381 |
Security Description | Principal
Amount |
Value | ||||
WW International, Inc. 4.50%, 4/15/2029 (a) (b)
|
$ 8,359,000 | $ 7,997,891 | ||||
445,523,425 | ||||||
COMPUTERS — 1.0% | ||||||
Booz Allen Hamilton, Inc.: | ||||||
3.88%, 9/1/2028 (a)
|
4,884,000 | 4,963,463 | ||||
4.00%, 7/1/2029 (a)
|
3,956,000 | 4,088,051 | ||||
Conduent Business Services LLC/Conduent State
& Local Solutions, Inc. 6.00%, 11/1/2029 (a)
|
4,341,000 | 4,277,795 | ||||
Crowdstrike Holdings, Inc. 3.00%, 2/15/2029 (b)
|
4,880,000 | 4,819,244 | ||||
Diebold Nixdorf, Inc. 9.38%, 7/15/2025 (a)
|
7,519,000 | 8,080,293 | ||||
Exela Intermediate LLC/Exela Finance,
Inc. 11.50%, 7/15/2026 (a)
|
5,962,000 | 4,238,744 | ||||
NCR Corp.: | ||||||
5.00%, 10/1/2028 (a)
|
5,679,000 | 5,851,982 | ||||
5.13%, 4/15/2029 (a)
|
10,561,000 | 10,920,391 | ||||
5.75%, 9/1/2027 (a)
|
4,498,000 | 4,702,434 | ||||
6.13%, 9/1/2029 (a)
|
4,083,000 | 4,369,627 | ||||
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)
|
4,033,000 | 4,156,531 | ||||
Seagate HDD Cayman: | ||||||
3.13%, 7/15/2029 (b)
|
3,974,000 | 3,885,221 | ||||
3.38%, 7/15/2031
|
2,494,000 | 2,427,759 | ||||
3.38%, 7/15/2031
|
1,897,000 | 1,846,616 | ||||
4.09%, 6/1/2029
|
7,223,000 | 7,478,405 | ||||
4.13%, 1/15/2031
|
3,821,000 | 3,975,445 | ||||
4.88%, 3/1/2024
|
4,081,000 | 4,327,084 | ||||
Vericast Corp. 11.00%, 9/15/2026 (a)
|
10,671,780 | 11,276,550 | ||||
95,685,635 | ||||||
COSMETICS/PERSONAL CARE — 0.3% | ||||||
Coty, Inc.: | ||||||
5.00%, 4/15/2026 (a)
|
8,419,000 | 8,675,864 | ||||
6.50%, 4/15/2026 (a) (b)
|
5,591,000 | 5,762,699 | ||||
Coty, Inc./HFC Prestige Products, Inc./HFC
Prestige International US LLC 4.75%, 1/15/2029 (a)
|
3,280,000 | 3,336,744 |
Security Description | Principal
Amount |
Value | ||||
Edgewell Personal Care Co.: | ||||||
4.13%, 4/1/2029 (a)
|
$ 4,326,000 | $ 4,361,646 | ||||
5.50%, 6/1/2028 (a)
|
5,004,000 | 5,314,048 | ||||
Oriflame Investment Holding PLC 5.13%, 5/4/2026 (a)
|
4,798,000 | 4,450,673 | ||||
31,901,674 | ||||||
DISTRIBUTION & WHOLESALE — 0.6% | ||||||
American Builders & Contractors Supply Co.,
Inc. 4.00%, 1/15/2028 (a)
|
5,072,000 | 5,189,163 | ||||
Avient Corp. 5.75%, 5/15/2025 (a)
|
6,558,000 | 6,842,158 | ||||
BCPE Empire Holdings, Inc. 7.63%, 5/1/2027 (a)
|
3,071,000 | 3,126,984 | ||||
H&E Equipment Services Co. 3.88%, 12/15/2028 (a)
|
9,977,000 | 9,923,124 | ||||
IAA, Inc. 5.50%, 6/15/2027 (a)
|
3,970,000 | 4,118,359 | ||||
KAR Auction Services, Inc. 5.13%, 6/1/2025 (a)
|
7,244,000 | 7,335,782 | ||||
Ritchie Bros Holdings, Inc. 4.75%, 12/15/2031 (a)
|
3,380,000 | 3,526,624 | ||||
Univar Solutions USA, Inc. 5.13%, 12/1/2027 (a)
|
4,579,000 | 4,780,201 | ||||
Wolverine Escrow LLC: | ||||||
8.50%, 11/15/2024 (a)
|
8,205,000 | 7,713,521 | ||||
9.00%, 11/15/2026 (a)
|
6,195,000 | 5,877,940 | ||||
REGS, 13.13%, 11/15/2027 (a)
|
4,819,000 | 3,074,715 | ||||
61,508,571 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 3.6% | ||||||
AG Issuer LLC 6.25%, 3/1/2028 (a)
|
3,246,000 | 3,374,055 | ||||
Ally Financial, Inc. 5.75%, 11/20/2025
|
16,000 | 18,051 | ||||
Coinbase Global, Inc.: | ||||||
3.38%, 10/1/2028 (a) (b)
|
9,051,000 | 8,472,008 | ||||
3.63%, 10/1/2031 (a) (b)
|
9,389,000 | 8,652,808 | ||||
Credit Acceptance Corp. 5.13%, 12/31/2024 (a)
|
52,000 | 53,331 | ||||
CURO Finance LLC 7.50%, 8/1/2028 (a)
|
716,411 | 719,161 |
Security Description | Principal
Amount |
Value | |||
Curo Group Holdings Corp. 7.50%, 8/1/2028 (a)
|
$ 6,775,000 | $ 6,816,666 | |||
Enact Holdings, Inc. 6.50%, 8/15/2025 (a)
|
8,607,500 | 9,424,438 | |||
Global Aircraft Leasing Co., Ltd. 6.50%, 9/15/2024 (a)
|
14,001,970 | 13,524,643 | |||
goeasy, Ltd. 5.38%, 12/1/2024 (a)
|
6,589,000 | 6,772,372 | |||
Home Point Capital, Inc. 5.00%, 2/1/2026 (a)
|
4,839,000 | 4,483,769 | |||
Jane Street Group/JSG Finance, Inc. 4.50%, 11/15/2029 (a)
|
6,163,000 | 6,249,713 | |||
Jefferies Finance LLC/JFIN Co-Issuer
Corp. 5.00%, 8/15/2028 (a)
|
8,073,000 | 8,280,476 | |||
LD Holdings Group LLC: | |||||
6.13%, 4/1/2028 (a)
|
6,431,000 | 6,071,057 | |||
6.50%, 11/1/2025 (a)
|
6,180,000 | 6,099,104 | |||
LPL Holdings, Inc. 4.00%, 3/15/2029 (a)
|
6,879,000 | 7,057,372 | |||
Midcap Financial Issuer Trust 6.50%, 5/1/2028 (a)
|
8,245,000 | 8,602,338 | |||
Nationstar Mortgage Holdings, Inc.: | |||||
5.13%, 12/15/2030 (a)
|
5,245,000 | 5,222,079 | |||
5.50%, 8/15/2028 (a)
|
6,883,000 | 7,079,578 | |||
5.75%, 11/15/2031 (a)
|
5,565,000 | 5,558,878 | |||
6.00%, 1/15/2027 (a)
|
4,442,000 | 4,623,500 | |||
Navient Corp.: | |||||
4.88%, 3/15/2028
|
5,820,000 | 5,812,667 | |||
5.00%, 3/15/2027
|
7,519,000 | 7,665,996 | |||
5.50%, 3/15/2029
|
4,457,000 | 4,460,343 | |||
6.75%, 6/25/2025
|
4,848,000 | 5,337,696 | |||
6.75%, 6/15/2026
|
6,733,000 | 7,440,840 | |||
7.25%, 9/25/2023
|
330 | 356 | |||
NFP Corp.: | |||||
4.88%, 8/15/2028 (a)
|
5,066,000 | 5,135,759 | |||
6.88%, 8/15/2028 (a)
|
14,257,000 | 14,313,030 | |||
OneMain Finance Corp.: | |||||
3.50%, 1/15/2027
|
4,371,000 | 4,328,033 | |||
3.88%, 9/15/2028
|
7,128,000 | 6,999,340 | |||
4.00%, 9/15/2030 (b)
|
7,187,800 | 7,067,045 | |||
5.38%, 11/15/2029
|
5,853,000 | 6,364,377 | |||
5.63%, 3/15/2023
|
6,074,000 | 6,349,091 |
Security Description | Principal
Amount |
Value | ||||
6.13%, 3/15/2024
|
$ 11,553,000 | $ 12,249,646 | ||||
6.63%, 1/15/2028
|
6,865,000 | 7,732,187 | ||||
6.88%, 3/15/2025
|
13,165,000 | 14,666,600 | ||||
7.13%, 3/15/2026
|
13,987,000 | 15,999,450 | ||||
8.88%, 6/1/2025
|
6,237,000 | 6,692,239 | ||||
PennyMac Financial Services, Inc.: | ||||||
4.25%, 2/15/2029 (a)
|
6,362,000 | 6,109,429 | ||||
5.38%, 10/15/2025 (a)
|
5,339,000 | 5,480,110 | ||||
5.75%, 9/15/2031 (a)
|
4,715,000 | 4,758,661 | ||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.: | ||||||
2.88%, 10/15/2026 (a)
|
9,970,000 | 9,937,099 | ||||
3.63%, 3/1/2029 (a) (b)
|
6,055,000 | 6,083,580 | ||||
3.88%, 3/1/2031 (a)
|
8,463,000 | 8,621,766 | ||||
4.00%, 10/15/2033 (a)
|
7,093,000 | 7,187,975 | ||||
SLM Corp.: | ||||||
3.13%, 11/2/2026
|
5,501,000 | 5,471,075 | ||||
4.20%, 10/29/2025
|
3,729,000 | 3,905,755 | ||||
United Wholesale Mortgage LLC: | ||||||
5.50%, 11/15/2025 (a)
|
7,153,000 | 7,304,357 | ||||
5.50%, 4/15/2029 (a)
|
6,527,000 | 6,398,418 | ||||
5.75%, 6/15/2027 (a)
|
5,939,000 | 5,954,144 | ||||
VistaJet Malta Finance PLC/XO Management Holding,
Inc. 10.50%, 6/1/2024 (a)
|
5,536,000 | 5,947,934 | ||||
348,930,395 | ||||||
ELECTRIC — 2.3% | ||||||
Calpine Corp.: | ||||||
3.75%, 3/1/2031 (a)
|
6,980,000 | 6,732,629 | ||||
4.50%, 2/15/2028 (a)
|
11,791,500 | 12,232,030 | ||||
4.63%, 2/1/2029 (a)
|
6,323,000 | 6,268,622 | ||||
5.00%, 2/1/2031 (a)
|
5,889,000 | 5,946,182 | ||||
5.13%, 3/15/2028 (a)
|
13,523,500 | 13,741,499 | ||||
Clearway Energy Operating LLC: | ||||||
3.75%, 2/15/2031 (a)
|
8,019,000 | 8,016,033 | ||||
4.75%, 3/15/2028 (a)
|
6,894,000 | 7,269,034 | ||||
Drax Finco PLC 6.63%, 11/1/2025 (a)
|
4,338,000 | 4,476,209 | ||||
Edison International Series B, 5 year CMT + 3.90%, 5.00%, 12/15/2026
(c)
|
905,000 | 922,593 | ||||
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime
Energia SpA 5.38%, 12/30/2030 (a)
|
5,942,000 | 5,461,946 |
Security Description | Principal
Amount |
Value | ||||
FirstEnergy Corp.: | ||||||
2.65%, 3/1/2030
|
$ 3,749,000 | $ 3,709,223 | ||||
Series B, 4.40%, 7/15/2027
|
11,213,000 | 12,075,055 | ||||
FirstEnergy Transmission LLC 2.87%, 9/15/2028 (a)
|
4,287,000 | 4,304,148 | ||||
NextEra Energy Operating Partners L.P.: | ||||||
3.88%, 10/15/2026 (a)
|
2,535,000 | 2,688,114 | ||||
4.25%, 7/15/2024 (a)
|
4,987,000 | 5,186,979 | ||||
4.25%, 9/15/2024 (a)
|
187,000 | 194,749 | ||||
4.50%, 9/15/2027 (a)
|
4,649,500 | 5,013,463 | ||||
NRG Energy, Inc.: | ||||||
3.38%, 2/15/2029 (a)
|
6,406,000 | 6,270,385 | ||||
3.63%, 2/15/2031 (a)
|
8,032,000 | 7,867,746 | ||||
3.88%, 2/15/2032 (a)
|
9,052,000 | 8,903,819 | ||||
5.25%, 6/15/2029 (a)
|
6,856,000 | 7,340,171 | ||||
5.75%, 1/15/2028 (a)
|
840 | 887 | ||||
5.75%, 1/15/2028
|
8,538,000 | 9,015,957 | ||||
Pattern Energy Operations L.P./Pattern Energy
Operations, Inc. 4.50%, 8/15/2028 (a)
|
7,160,000 | 7,457,999 | ||||
PG&E Corp.: | ||||||
5.00%, 7/1/2028 (b)
|
8,233,000 | 8,655,682 | ||||
5.25%, 7/1/2030 (b)
|
8,587,000 | 9,002,783 | ||||
Pike Corp. 5.50%, 9/1/2028 (a)
|
3,308,000 | 3,318,850 | ||||
Talen Energy Supply LLC: | ||||||
7.25%, 5/15/2027 (a) (b)
|
5,344,000 | 4,763,214 | ||||
10.50%, 1/15/2026 (a)
|
3,846,000 | 1,661,703 | ||||
Vistra Operations Co. LLC: | ||||||
4.38%, 5/1/2029 (a)
|
11,695,000 | 11,739,207 | ||||
5.00%, 7/31/2027 (a)
|
10,572,000 | 10,974,687 | ||||
5.50%, 9/1/2026 (a)
|
9,271,000 | 9,539,303 | ||||
5.63%, 2/15/2027 (a)
|
10,235,000 | 10,582,785 | ||||
221,333,686 | ||||||
ELECTRICAL COMPONENTS & EQUIPMENT — 0.4% | ||||||
Energizer Holdings, Inc.: | ||||||
4.38%, 3/31/2029 (a)
|
5,186,000 | 5,065,166 | ||||
4.75%, 6/15/2028 (a)
|
6,152,000 | 6,275,655 | ||||
WESCO Distribution, Inc.: | ||||||
7.13%, 6/15/2025 (a)
|
12,812,000 | 13,569,190 | ||||
7.25%, 6/15/2028 (a)
|
11,983,000 | 13,175,548 | ||||
38,085,559 |
Security Description | Principal
Amount |
Value | ||||
ELECTRONICS — 0.4% | ||||||
II-VI, Inc. 5.00%, 12/15/2029 (a)
|
$ 7,805,000 | $ 7,978,817 | ||||
Imola Merger Corp. 4.75%, 5/15/2029 (a)
|
17,831,000 | 18,284,799 | ||||
Sensata Technologies B.V. 4.00%, 4/15/2029 (a)
|
8,169,000 | 8,343,163 | ||||
Sensata Technologies, Inc. 3.75%, 2/15/2031 (a)
|
5,138,000 | 5,127,056 | ||||
TTM Technologies, Inc. 4.00%, 3/1/2029 (a)
|
3,335,000 | 3,308,320 | ||||
43,042,155 | ||||||
ENERGY-ALTERNATE SOURCES — 0.3% | ||||||
Enviva Partners L.P./Enviva Partners Finance
Corp. 6.50%, 1/15/2026 (a)
|
6,081,000 | 6,292,132 | ||||
Renewable Energy Group, Inc. 5.88%, 6/1/2028 (a)
|
4,589,000 | 4,716,207 | ||||
TerraForm Power Operating LLC: | ||||||
4.25%, 1/31/2023 (a)
|
3,743,125 | 3,825,099 | ||||
4.75%, 1/15/2030 (a)
|
5,475,000 | 5,745,739 | ||||
5.00%, 1/31/2028 (a)
|
6,072,000 | 6,445,307 | ||||
27,024,484 | ||||||
ENGINEERING & CONSTRUCTION — 0.6% | ||||||
AECOM 5.13%, 3/15/2027
|
8,048,000 | 8,760,490 | ||||
Artera Services LLC 9.03%, 12/4/2025 (a)
|
8,899,057 | 9,377,737 | ||||
Brand Industrial Services, Inc. 8.50%, 7/15/2025 (a)
|
9,658,000 | 9,642,354 | ||||
Brundage-Bone Concrete Pumping Holdings,
Inc. 6.00%, 2/1/2026 (a)
|
75,000 | 77,924 | ||||
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)
|
4,381,000 | 4,465,991 | ||||
Fluor Corp. 4.25%, 9/15/2028 (b)
|
6,317,000 | 6,620,279 | ||||
MasTec, Inc. 4.50%, 8/15/2028 (a)
|
6,647,000 | 6,918,264 | ||||
Signature Aviation US Holdings, Inc. 4.00%, 3/1/2028 (a)
|
195,000 | 193,391 | ||||
TopBuild Corp. 4.13%, 2/15/2032 (a)
|
5,621,000 | 5,766,078 |
Security Description | Principal
Amount |
Value | ||||
Tutor Perini Corp. 6.88%, 5/1/2025 (a) (b)
|
$ 5,234,000 | $ 5,271,842 | ||||
57,094,350 | ||||||
ENTERTAINMENT — 3.0% | ||||||
Affinity Gaming 6.88%, 12/15/2027 (a)
|
5,769,000 | 6,035,816 | ||||
Allen Media LLC/Allen Media Co-Issuer,
Inc. 10.50%, 2/15/2028 (a)
|
5,648,000 | 5,895,326 | ||||
AMC Entertainment Holdings, Inc.: | ||||||
10.50%, 4/15/2025 (a) (b)
|
3,556,000 | 3,788,740 | ||||
10.00%, 6/15/2026 (a)
|
434 | 429 | ||||
Boyne USA, Inc. 4.75%, 5/15/2029 (a)
|
3,361,000 | 3,480,248 | ||||
Caesars Entertainment, Inc.: | ||||||
4.63%, 10/15/2029 (a)
|
11,124,000 | 11,187,184 | ||||
6.25%, 7/1/2025 (a)
|
26,787,000 | 28,135,993 | ||||
8.13%, 7/1/2027 (a)
|
14,805,000 | 16,387,062 | ||||
Caesars Resort Collection LLC/CRC Finco,
Inc. 5.75%, 7/1/2025 (a)
|
9,823,000 | 10,267,294 | ||||
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp./Millennium Op: | ||||||
5.38%, 4/15/2027
|
2,567,000 | 2,632,202 | ||||
5.50%, 5/1/2025 (a)
|
8,587,000 | 8,924,469 | ||||
Churchill Downs, Inc.: | ||||||
4.75%, 1/15/2028 (a)
|
4,664,000 | 4,852,706 | ||||
5.50%, 4/1/2027 (a)
|
4,926,000 | 5,116,981 | ||||
Cinemark USA, Inc. 5.25%, 7/15/2028 (a) (b)
|
8,312,000 | 8,104,699 | ||||
International Game Technology PLC: | ||||||
4.13%, 4/15/2026 (a)
|
7,010,000 | 7,206,841 | ||||
5.25%, 1/15/2029 (a)
|
5,246,000 | 5,565,167 | ||||
6.25%, 1/15/2027 (a)
|
5,437,000 | 6,095,040 | ||||
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (a)
|
9,463,000 | 9,670,713 | ||||
Live Nation Entertainment, Inc.: | ||||||
3.75%, 1/15/2028 (a)
|
4,597,000 | 4,570,659 | ||||
4.75%, 10/15/2027 (a)
|
7,678,000 | 7,892,370 | ||||
6.50%, 5/15/2027 (a)
|
11,247,000 | 12,310,404 | ||||
Midwest Gaming Borrower LLC/Midwest Gaming
Finance Corp. 4.88%, 5/1/2029 (a)
|
5,192,000 | 5,268,997 |
Security Description | Principal
Amount |
Value | ||||
Mohegan Gaming & Entertainment: | ||||||
7.88%, 10/15/2024 (a)
|
$ 53,000 | $ 55,327 | ||||
8.00%, 2/1/2026 (a)
|
11,081,000 | 11,637,599 | ||||
Peninsula Pacific Entertainment LLC/Peninsula
Pacific Entertainment Finance In 8.50%, 11/15/2027 (a)
|
7,407,000 | 8,036,743 | ||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.: | ||||||
5.63%, 9/1/2029 (a)
|
7,826,000 | 7,774,348 | ||||
5.88%, 9/1/2031 (a)
|
6,991,000 | 7,021,621 | ||||
Resorts World Las Vegas LLC/RWLV Capital,
Inc. 4.63%, 4/16/2029
|
4,174,000 | 4,202,008 | ||||
Scientific Games International, Inc.: | ||||||
5.00%, 10/15/2025 (a)
|
8,952,000 | 9,212,682 | ||||
7.00%, 5/15/2028 (a)
|
5,729,000 | 6,133,353 | ||||
7.25%, 11/15/2029 (a)
|
4,194,000 | 4,705,374 | ||||
8.25%, 3/15/2026 (a)
|
9,519,000 | 10,035,025 | ||||
8.63%, 7/1/2025 (a)
|
4,670,000 | 4,998,581 | ||||
SeaWorld Parks & Entertainment,
Inc. 5.25%, 8/15/2029 (a) (b)
|
5,092,000 | 5,187,271 | ||||
Six Flags Entertainment Corp. 5.50%, 4/15/2027 (a)
|
3,302,000 | 3,419,617 | ||||
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)
|
5,704,000 | 6,092,500 | ||||
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)
|
4,504,000 | 4,716,499 | ||||
WMG Acquisition Corp.: | ||||||
3.00%, 2/15/2031 (a) (b)
|
4,814,000 | 4,623,510 | ||||
3.75%, 12/1/2029 (a)
|
5,618,000 | 5,610,416 | ||||
3.88%, 7/15/2030 (a)
|
3,749,000 | 3,800,436 | ||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.: | ||||||
7.75%, 4/15/2025 (a)
|
6,009,000 | 6,309,450 | ||||
REGS, 5.13%, 10/1/2029 (a)
|
6,127,000 | 6,231,894 | ||||
293,193,594 | ||||||
ENVIRONMENTAL CONTROL — 0.8% | ||||||
Clean Harbors, Inc. 4.88%, 7/15/2027 (a)
|
5,120,000 | 5,288,858 | ||||
GFL Environmental, Inc.: | ||||||
3.50%, 9/1/2028 (a)
|
5,904,000 | 5,815,735 | ||||
3.75%, 8/1/2025 (a)
|
7,275,000 | 7,377,650 | ||||
4.00%, 8/1/2028 (a)
|
5,779,000 | 5,671,337 | ||||
4.25%, 6/1/2025 (a) (b)
|
3,505,000 | 3,605,664 |
Security Description | Principal
Amount |
Value | ||||
4.38%, 8/15/2029 (a)
|
$ 4,698,000 | $ 4,655,906 | ||||
4.75%, 6/15/2029 (a)
|
4,943,000 | 4,978,886 | ||||
5.13%, 12/15/2026 (a)
|
4,625,000 | 4,821,609 | ||||
Harsco Corp. 5.75%, 7/31/2027 (a)
|
5,316,000 | 5,425,191 | ||||
Madison IAQ LLC: | ||||||
4.13%, 6/30/2028 (a)
|
5,064,000 | 5,090,687 | ||||
5.88%, 6/30/2029 (a)
|
9,101,000 | 9,101,910 | ||||
Stericycle, Inc.: | ||||||
3.88%, 1/15/2029 (a)
|
3,642,000 | 3,603,977 | ||||
5.38%, 7/15/2024 (a)
|
3,597,000 | 3,693,076 | ||||
Waste Pro USA, Inc. 5.50%, 2/15/2026 (a)
|
4,046,000 | 4,045,555 | ||||
73,176,041 | ||||||
FOOD — 2.6% | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC: | ||||||
3.25%, 3/15/2026 (a)
|
7,546,000 | 7,710,125 | ||||
3.50%, 2/15/2023 (a)
|
5,807,000 | 5,917,217 | ||||
3.50%, 3/15/2029 (a)
|
10,927,000 | 10,935,305 | ||||
4.63%, 1/15/2027 (a)
|
9,788,500 | 10,279,785 | ||||
4.88%, 2/15/2030 (a)
|
7,100,000 | 7,674,319 | ||||
5.88%, 2/15/2028 (a)
|
5,918,500 | 6,284,618 | ||||
7.50%, 3/15/2026 (a)
|
6,699,000 | 7,154,465 | ||||
B&G Foods, Inc.: | ||||||
5.25%, 4/1/2025
|
6,659,000 | 6,793,512 | ||||
5.25%, 9/15/2027 (b)
|
5,145,018 | 5,322,315 | ||||
Chobani LLC/Chobani Finance Corp., Inc. 7.50%, 4/15/2025 (a)
|
6,289,000 | 6,481,821 | ||||
Del Monte Foods, Inc. 11.88%, 5/15/2025 (a)
|
4,622,000 | 5,160,879 | ||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,
Inc. 5.50%, 1/15/2030 (a)
|
1,851,000 | 2,013,388 | ||||
Kraft Heinz Foods Co.: | ||||||
3.75%, 4/1/2030
|
5,902,000 | 6,376,757 | ||||
3.88%, 5/15/2027
|
8,551,000 | 9,235,850 | ||||
Lamb Weston Holdings, Inc.: | ||||||
4.13%, 1/31/2030 (a)
|
9,468,000 | 9,726,192 | ||||
4.38%, 1/31/2032 (a)
|
4,888,000 | 5,042,901 | ||||
4.88%, 5/15/2028 (a)
|
4,877,000 | 5,285,254 |
Security Description | Principal
Amount |
Value | ||||
Performance Food Group, Inc.: | ||||||
4.25%, 8/1/2029 (a)
|
$ 8,159,000 | $ 8,094,625 | ||||
5.50%, 10/15/2027 (a)
|
9,717,000 | 10,145,714 | ||||
Pilgrim's Pride Corp.: | ||||||
3.50%, 3/1/2032 (a)
|
7,280,000 | 7,382,138 | ||||
4.25%, 4/15/2031 (a)
|
8,675,000 | 9,116,731 | ||||
5.88%, 9/30/2027 (a)
|
7,095,000 | 7,491,043 | ||||
Post Holdings, Inc.: | ||||||
4.50%, 9/15/2031 (a)
|
14,323,000 | 14,215,434 | ||||
4.63%, 4/15/2030 (a)
|
12,990,000 | 13,183,681 | ||||
5.50%, 12/15/2029 (a)
|
8,300,000 | 8,724,794 | ||||
5.63%, 1/15/2028 (a)
|
6,813,000 | 7,222,053 | ||||
5.75%, 3/1/2027 (a)
|
11,785,000 | 12,187,222 | ||||
Sigma Holdco B.V. 7.88%, 5/15/2026 (a) (b)
|
207,000 | 199,999 | ||||
Simmons Foods, Inc./Simmons Prepared Foods,
Inc./Simmons Pet Food, Inc./Simmons Feed 4.63%, 3/1/2029 (a)
|
9,086,000 | 8,954,526 | ||||
TreeHouse Foods, Inc. 4.00%, 9/1/2028 (b)
|
4,010,000 | 3,850,041 | ||||
United Natural Foods, Inc. 6.75%, 10/15/2028 (a)
|
5,963,000 | 6,393,350 | ||||
US Foods, Inc.: | ||||||
4.63%, 6/1/2030 (a) (b)
|
4,561,000 | 4,616,872 | ||||
4.75%, 2/15/2029 (a)
|
7,188,000 | 7,310,052 | ||||
6.25%, 4/15/2025 (a)
|
8,049,000 | 8,396,073 | ||||
254,879,051 | ||||||
FOOD SERVICE — 0.4% | ||||||
Aramark Services, Inc.: | ||||||
5.00%, 4/1/2025 (a)
|
5,956,000 | 6,074,465 | ||||
5.00%, 2/1/2028 (a)
|
9,656,000 | 9,993,574 | ||||
6.38%, 5/1/2025 (a)
|
13,445,000 | 14,052,445 | ||||
TKC Holdings, Inc. 10.50%, 5/15/2029 (a)
|
4,690,000 | 5,060,416 | ||||
35,180,900 | ||||||
FOREST PRODUCTS & PAPER — 0.2% | ||||||
Domtar Corp. 6.75%, 10/1/2028 (a)
|
8,861,000 | 9,114,868 | ||||
Glatfelter Corp. 4.75%, 11/15/2029 (a)
|
5,818,000 | 6,012,961 |
Security Description | Principal
Amount |
Value | ||||
Mercer International, Inc. 5.13%, 2/1/2029
|
$ 7,075,000 | $ 7,227,961 | ||||
22,355,790 | ||||||
GAS — 0.1% | ||||||
AmeriGas Partners L.P./AmeriGas Finance Corp.: | ||||||
5.50%, 5/20/2025
|
2,312,000 | 2,477,794 | ||||
5.75%, 5/20/2027
|
4,002,000 | 4,439,258 | ||||
5.88%, 8/20/2026
|
4,000 | 4,474 | ||||
6,921,526 | ||||||
HEALTH CARE PRODUCTS — 1.0% | ||||||
Avantor Funding, Inc.: | ||||||
3.88%, 11/1/2029 (a)
|
7,611,000 | 7,688,784 | ||||
4.63%, 7/15/2028 (a)
|
11,789,000 | 12,388,706 | ||||
Hologic, Inc. 3.25%, 2/15/2029 (a)
|
5,518,000 | 5,542,831 | ||||
Mozart Debt Merger Sub, Inc.: | ||||||
3.88%, 4/1/2029 (a)
|
36,940,000 | 36,811,449 | ||||
5.25%, 10/1/2029 (a)
|
21,868,000 | 22,208,485 | ||||
Teleflex, Inc.: | ||||||
4.25%, 6/1/2028 (a)
|
4,297,000 | 4,420,066 | ||||
4.63%, 11/15/2027
|
3,069,000 | 3,190,993 | ||||
92,251,314 | ||||||
HEALTH CARE SERVICES — 6.3% | ||||||
Air Methods Corp. 8.00%, 5/15/2025 (a) (b)
|
4,200,000 | 3,611,160 | ||||
Catalent Pharma Solutions, Inc.: | ||||||
3.13%, 2/15/2029 (a)
|
3,338,750 | 3,293,911 | ||||
3.50%, 4/1/2030 (a)
|
4,429,000 | 4,420,496 | ||||
5.00%, 7/15/2027 (a)
|
5,067,000 | 5,261,826 | ||||
Centene Corp.: | ||||||
2.45%, 7/15/2028
|
17,458,000 | 17,269,279 | ||||
2.50%, 3/1/2031
|
17,224,000 | 16,766,358 | ||||
2.63%, 8/1/2031
|
10,404,000 | 10,234,727 | ||||
3.00%, 10/15/2030
|
16,396,000 | 16,683,258 | ||||
3.38%, 2/15/2030
|
15,245,000 | 15,571,243 | ||||
4.25%, 12/15/2027
|
18,310,500 | 19,154,431 | ||||
4.63%, 12/15/2029
|
27,365,000 | 29,532,308 | ||||
Charles River Laboratories International, Inc.: | ||||||
3.75%, 3/15/2029 (a)
|
4,970,000 | 5,046,787 | ||||
4.00%, 3/15/2031 (a)
|
3,649,000 | 3,737,817 |
Security Description | Principal
Amount |
Value | |||
4.25%, 5/1/2028 (a)
|
$ 4,107,000 | $ 4,278,837 | |||
CHS/Community Health Systems, Inc.: | |||||
4.75%, 2/15/2031 (a)
|
8,541,000 | 8,647,592 | |||
5.63%, 3/15/2027 (a)
|
15,576,000 | 16,474,424 | |||
6.00%, 1/15/2029 (a)
|
6,406,000 | 6,861,531 | |||
6.13%, 4/1/2030 (a)
|
10,640,000 | 10,522,854 | |||
6.63%, 2/15/2025 (a)
|
12,478,000 | 12,914,855 | |||
6.88%, 4/1/2028 (a) (b)
|
4,968,000 | 4,912,060 | |||
6.88%, 4/15/2029 (a)
|
12,893,000 | 13,166,847 | |||
8.00%, 3/15/2026 (a)
|
17,335,000 | 18,210,938 | |||
8.00%, 12/15/2027 (a)
|
5,340,000 | 5,780,657 | |||
DaVita, Inc.: | |||||
3.75%, 2/15/2031 (a)
|
13,161,500 | 12,837,464 | |||
4.63%, 6/1/2030 (a)
|
22,107,250 | 22,693,976 | |||
Encompass Health Corp.: | |||||
4.50%, 2/1/2028
|
6,503,000 | 6,696,920 | |||
4.75%, 2/1/2030
|
7,498,000 | 7,734,112 | |||
Envision Helthcare Corp. 8.75%, 10/15/2026 (a)
|
6,196,000 | 3,569,516 | |||
Global Medical Response, Inc. 6.50%, 10/1/2025 (a)
|
5,041,000 | 5,104,113 | |||
HCA, Inc.: | |||||
3.50%, 9/1/2030
|
20,843,000 | 22,013,543 | |||
5.38%, 9/1/2026
|
7,575,500 | 8,542,285 | |||
5.63%, 9/1/2028
|
12,302,000 | 14,369,228 | |||
5.88%, 2/1/2029
|
8,653,000 | 10,318,270 | |||
IQVIA, Inc. 5.00%, 5/15/2027 (a)
|
7,789,000 | 8,064,653 | |||
Legacy LifePoint Health LLC: | |||||
4.38%, 2/15/2027 (a)
|
5,415,000 | 5,476,893 | |||
6.75%, 4/15/2025 (a)
|
5,948,000 | 6,242,129 | |||
Lifepoint Health, Inc. 5.38%, 1/15/2029 (a) (b)
|
4,546,000 | 4,515,087 | |||
MEDNAX, Inc. 6.25%, 1/15/2027 (a) (b)
|
8,171,000 | 8,570,725 | |||
ModivCare Escrow Issuer, Inc. 5.00%, 10/1/2029 (a)
|
3,875,000 | 3,957,111 | |||
ModivCare, Inc. 5.88%, 11/15/2025 (a)
|
5,480,000 | 5,770,056 | |||
Molina Healthcare, Inc.: | |||||
3.88%, 11/15/2030 (a)
|
5,211,000 | 5,415,219 | |||
3.88%, 5/15/2032 (a)
|
4,709,000 | 4,759,763 |
Security Description | Principal
Amount |
Value | ||||
4.38%, 6/15/2028 (a)
|
$ 6,150,000 | $ 6,361,007 | ||||
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (a)
|
6,972,000 | 7,397,501 | ||||
Radiology Partners, Inc. 9.25%, 2/1/2028 (a)
|
4,929,000 | 5,178,457 | ||||
RegionalCare Hospital Partners Holdings,
Inc./LifePoint Health, Inc. 9.75%, 12/1/2026 (a)
|
9,665,000 | 10,197,348 | ||||
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a)
|
8,507,000 | 8,636,051 | ||||
Select Medical Corp. 6.25%, 8/15/2026 (a)
|
10,263,000 | 10,872,417 | ||||
Surgery Center Holdings, Inc. 10.00%, 4/15/2027 (a) (b)
|
4,586,000 | 4,875,789 | ||||
Syneos Health, Inc. 3.63%, 1/15/2029 (a)
|
4,608,000 | 4,543,165 | ||||
Tenet Healthcare Corp.: | ||||||
4.25%, 6/1/2029 (a)
|
10,526,000 | 10,714,626 | ||||
4.38%, 1/15/2030 (a)
|
12,684,000 | 12,857,644 | ||||
4.63%, 7/15/2024
|
7,142,000 | 7,249,487 | ||||
4.63%, 9/1/2024 (a)
|
7,282,000 | 7,458,443 | ||||
4.63%, 6/15/2028 (a)
|
6,374,000 | 6,559,165 | ||||
4.88%, 1/1/2026 (a)
|
18,833,000 | 19,347,894 | ||||
5.13%, 11/1/2027 (a)
|
12,309,000 | 12,833,240 | ||||
6.13%, 10/1/2028 (a)
|
19,443,000 | 20,543,668 | ||||
6.25%, 2/1/2027 (a)
|
12,039,000 | 12,457,957 | ||||
7.50%, 4/1/2025 (a)
|
8,863,000 | 9,309,784 | ||||
US Acute Care Solutions LLC 6.38%, 3/1/2026 (a)
|
5,598,000 | 5,857,859 | ||||
US Renal Care, Inc. 10.63%, 7/15/2027 (a)
|
6,803,929 | 6,962,120 | ||||
609,218,881 | ||||||
HOME BUILDERS — 0.5% | ||||||
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.: | ||||||
4.88%, 2/15/2030 (a)
|
1,982,000 | 2,027,309 | ||||
6.25%, 9/15/2027 (a)
|
5,054,000 | 5,296,087 | ||||
Century Communities, Inc.: | ||||||
3.88%, 8/15/2029 (a)
|
5,495,000 | 5,542,147 | ||||
6.75%, 6/1/2027
|
4,441,000 | 4,677,039 | ||||
Mattamy Group Corp.: | ||||||
4.63%, 3/1/2030 (a)
|
5,016,000 | 5,110,100 |
Security Description | Principal
Amount |
Value | ||||
5.25%, 12/15/2027 (a)
|
$ 4,258,000 | $ 4,477,074 | ||||
Picasso Finance Sub, Inc. 6.13%, 6/15/2025 (a)
|
4,909,000 | 5,139,330 | ||||
Taylor Morrison Communities, Inc.: | ||||||
5.13%, 8/1/2030 (a)
|
1,573,800 | 1,740,623 | ||||
5.88%, 6/15/2027 (a)
|
2,510,000 | 2,815,442 | ||||
Thor Industries, Inc. 4.00%, 10/15/2029 (a)
|
3,827,000 | 3,800,517 | ||||
Williams Scotsman International, Inc. 4.63%, 8/15/2028 (a)
|
3,667,000 | 3,781,520 | ||||
44,407,188 | ||||||
HOME FURNISHINGS — 0.1% | ||||||
Tempur Sealy International, Inc.: | ||||||
3.88%, 10/15/2031 (a)
|
6,828,000 | 6,844,387 | ||||
4.00%, 4/15/2029 (a)
|
6,710,000 | 6,841,583 | ||||
13,685,970 | ||||||
HOUSEHOLD PRODUCTS & WARES — 0.2% | ||||||
ACCO Brands Corp. 4.25%, 3/15/2029 (a)
|
4,714,000 | 4,681,992 | ||||
Central Garden & Pet Co. 4.13%, 10/15/2030
|
4,771,000 | 4,810,409 | ||||
Kronos Acquisition Holdings, Inc./KIK Custom
Products, Inc. 7.00%, 12/31/2027 (a) (b)
|
2,984,000 | 2,835,874 | ||||
Spectrum Brands, Inc.: | ||||||
3.88%, 3/15/2031 (a)
|
2,720,000 | 2,687,523 | ||||
5.75%, 7/15/2025
|
65,000 | 66,424 | ||||
15,082,222 | ||||||
HOUSEWARES — 0.2% | ||||||
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)
|
5,515,000 | 5,787,662 | ||||
Newell Brands, Inc. 4.88%, 6/1/2025
|
2,860,000 | 3,112,109 | ||||
Scotts Miracle-Gro Co. 4.00%, 4/1/2031 (a)
|
2,560,000 | 2,525,030 | ||||
SWF Escrow Issuer Corp. 6.50%, 10/1/2029 (a)
|
6,489,000 | 6,232,684 | ||||
17,657,485 | ||||||
INSURANCE — 1.0% | ||||||
Acrisure LLC/Acrisure Finance, Inc.: | ||||||
4.25%, 2/15/2029 (a)
|
6,519,000 | 6,351,592 |
Security Description | Principal
Amount |
Value | ||||
6.00%, 8/1/2029 (a)
|
$ 3,336,000 | $ 3,293,466 | ||||
7.00%, 11/15/2025 (a)
|
7,498,000 | 7,521,769 | ||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer: | ||||||
4.25%, 10/15/2027 (a)
|
4,547,000 | 4,559,959 | ||||
6.75%, 10/15/2027 (a)
|
9,934,000 | 10,306,525 | ||||
AmWINS Group, Inc. 4.88%, 6/30/2029 (a)
|
5,000,000 | 5,059,450 | ||||
AssuredPartners, Inc.: | ||||||
5.63%, 1/15/2029 (a)
|
4,167,000 | 4,068,867 | ||||
7.00%, 8/15/2025 (a)
|
4,127,000 | 4,167,032 | ||||
BroadStreet Partners, Inc. 5.88%, 4/15/2029 (a)
|
5,875,000 | 5,766,900 | ||||
Genworth Holdings, Inc. Series ., 4.80%, 2/15/2024
|
149,000 | 155,732 | ||||
Global Atlantic Fin Co. 5 year CMT + 3.80%, 4.70%, 10/15/2051 (a)
(c)
|
5,480,000 | 5,583,353 | ||||
HUB International, Ltd.: | ||||||
5.63%, 12/1/2029 (a)
|
2,338,000 | 2,407,579 | ||||
7.00%, 5/1/2026 (a)
|
14,452,000 | 14,848,563 | ||||
Liberty Mutual Group, Inc. 5 Year USD + 3.315%, 4.13%, 12/15/2051 (a)
(c)
|
3,546,000 | 3,548,021 | ||||
MGIC Investment Corp. 5.25%, 8/15/2028
|
5,958,000 | 6,285,452 | ||||
Radian Group, Inc. 6.63%, 3/15/2025 (b)
|
6,870,000 | 7,606,876 | ||||
Sagicor Financial Co., Ltd. 5.30%, 5/13/2028 (a)
|
916,000 | 938,478 | ||||
USI, Inc. 6.88%, 5/1/2025 (a)
|
4,175,000 | 4,220,591 | ||||
96,690,205 | ||||||
INTERNET — 2.2% | ||||||
ANGI Group LLC 3.88%, 8/15/2028 (a)
|
4,184,000 | 4,077,475 | ||||
Arches Buyer, Inc.: | ||||||
4.25%, 6/1/2028 (a)
|
7,814,000 | 7,815,719 | ||||
6.13%, 12/1/2028 (a)
|
4,006,000 | 4,032,680 | ||||
Cogent Communications Group, Inc. 3.50%, 5/1/2026 (a)
|
5,386,000 | 5,468,514 | ||||
Endure Digital, Inc. 6.00%, 2/15/2029 (a)
|
6,146,000 | 5,735,386 | ||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc.: | ||||||
3.50%, 3/1/2029 (a)
|
6,964,000 | 6,913,511 |
Security Description | Principal
Amount |
Value | ||||
5.25%, 12/1/2027 (a)
|
$ 5,812,000 | $ 6,010,596 | ||||
GrubHub Holdings, Inc. 5.50%, 7/1/2027 (a)
|
3,722,000 | 3,693,303 | ||||
Match Group Holdings II LLC: | ||||||
3.63%, 10/1/2031 (a)
|
4,692,000 | 4,569,820 | ||||
4.13%, 8/1/2030 (a)
|
4,262,000 | 4,322,009 | ||||
4.63%, 6/1/2028 (a)
|
5,922,000 | 6,159,235 | ||||
Millennium Escrow Corp. 6.63%, 8/1/2026 (a)
|
7,069,000 | 7,090,136 | ||||
Netflix, Inc.: | ||||||
3.63%, 6/15/2025 (a)
|
3,355,000 | 3,544,054 | ||||
4.88%, 4/15/2028
|
11,374,000 | 12,994,568 | ||||
4.88%, 6/15/2030 (a)
|
6,801,000 | 7,934,115 | ||||
5.38%, 11/15/2029 (a)
|
7,446,000 | 8,833,190 | ||||
5.88%, 11/15/2028
|
13,770,000 | 16,602,627 | ||||
6.38%, 5/15/2029
|
6,095,000 | 7,596,869 | ||||
NortonLifeLock, Inc. 5.00%, 4/15/2025 (a)
|
5,788,000 | 5,838,124 | ||||
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a) (b)
|
6,354,000 | 6,611,528 | ||||
Rakuten Group, Inc.: | ||||||
5 year CMT + 4.56%, 5.13%, 4/22/2026
(a) (b) (c)
|
5,948,000 | 5,967,985 | ||||
5 year CMT + 4.97%, 6.25%, 4/22/2031
(a) (b) (c)
|
5,966,000 | 6,304,511 | ||||
TripAdvisor, Inc. 7.00%, 7/15/2025 (a)
|
5,621,000 | 5,953,032 | ||||
Twitter, Inc. 3.88%, 12/15/2027 (a)
|
5,128,000 | 5,359,837 | ||||
Uber Technologies, Inc.: | ||||||
4.50%, 8/15/2029 (a)
|
11,670,000 | 11,912,152 | ||||
6.25%, 1/15/2028 (a)
|
4,326,000 | 4,643,442 | ||||
7.50%, 5/15/2025 (a)
|
10,686,000 | 11,257,915 | ||||
7.50%, 9/15/2027 (a)
|
10,715,000 | 11,667,028 | ||||
8.00%, 11/1/2026 (a)
|
11,370,000 | 12,130,198 | ||||
Zayo Group LLC/Zayo Capital, Inc. 5.75%, 1/15/2027 (a)
|
1,000 | 1,030 | ||||
211,040,589 | ||||||
INVESTMENT COMPANY SECURITY — 0.6% | ||||||
Compass Group Diversified Holdings LLC 5.25%, 4/15/2029 (a)
|
7,526,000 | 7,915,094 | ||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.: | ||||||
4.38%, 2/1/2029
|
6,848,000 | 6,723,161 |
Security Description | Principal
Amount |
Value | ||||
4.75%, 9/15/2024
|
$ 10,045,000 | $ 10,433,139 | ||||
5.25%, 5/15/2027
|
13,690,000 | 14,073,320 | ||||
6.25%, 5/15/2026
|
12,202,000 | 12,704,845 | ||||
6.38%, 12/15/2025
|
6,292,000 | 6,405,004 | ||||
58,254,563 | ||||||
IRON/STEEL — 0.6% | ||||||
ArcelorMittal SA 4.25%, 7/16/2029 (b)
|
77,000 | 84,398 | ||||
Baffinland Iron Mines Corp./Baffinland Iron Mines
L.P. 8.75%, 7/15/2026 (a)
|
3,345,000 | 3,489,236 | ||||
Big River Steel LLC/BRS Finance Corp. 6.63%, 1/31/2029 (a)
|
5,510,000 | 5,973,226 | ||||
Cleveland-Cliffs, Inc.: | ||||||
4.63%, 3/1/2029 (a) (b)
|
3,953,000 | 4,066,174 | ||||
4.88%, 3/1/2031 (a) (b)
|
4,040,000 | 4,204,428 | ||||
5.88%, 6/1/2027
|
4,235,000 | 4,402,410 | ||||
6.75%, 3/15/2026 (a)
|
8,722,000 | 9,225,870 | ||||
9.88%, 10/17/2025 (a)
|
7,657,000 | 8,673,237 | ||||
Mineral Resources, Ltd. 8.13%, 5/1/2027 (a)
|
6,840,000 | 7,349,443 | ||||
United States Steel Corp. 6.88%, 3/1/2029 (b)
|
6,091,000 | 6,550,505 | ||||
54,018,927 | ||||||
LEISURE TIME — 2.3% | ||||||
Carnival Corp.: | ||||||
4.00%, 8/1/2028 (a)
|
19,439,000 | 19,297,678 | ||||
5.75%, 3/1/2027 (a)
|
28,362,000 | 28,354,909 | ||||
6.00%, 5/1/2029 (a)
|
15,167,000 | 15,087,070 | ||||
7.63%, 3/1/2026 (a)
|
11,346,000 | 11,881,531 | ||||
9.88%, 8/1/2027 (a)
|
6,599,000 | 7,540,677 | ||||
10.50%, 2/1/2026 (a)
|
7,753,000 | 8,852,065 | ||||
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (a)
|
315,000 | 303,062 | ||||
CWT Travel Group, Inc. 8.50%, 11/19/2026 (a)
|
3,749,000 | 3,817,607 | ||||
Life Time, Inc. 5.75%, 1/15/2026 (a)
|
8,547,000 | 8,888,282 | ||||
MajorDrive Holdings IV LLC 6.38%, 6/1/2029 (a)
|
4,591,000 | 4,433,116 | ||||
NCL Corp., Ltd.: | ||||||
3.63%, 12/15/2024 (a)
|
4,123,500 | 3,902,687 |
Security Description | Principal
Amount |
Value | ||||
5.88%, 3/15/2026 (a)
|
$ 11,476,000 | $ 11,494,247 | ||||
10.25%, 2/1/2026 (a)
|
2,248,000 | 2,613,705 | ||||
12.25%, 5/15/2024 (a)
|
3,030,000 | 3,587,914 | ||||
NCL Finance, Ltd. 6.13%, 3/15/2028 (a)
|
4,476,000 | 4,428,778 | ||||
Royal Caribbean Cruises, Ltd.: | ||||||
3.70%, 3/15/2028 (b)
|
3,815,000 | 3,583,658 | ||||
4.25%, 7/1/2026 (a) (b)
|
4,932,000 | 4,788,577 | ||||
5.50%, 8/31/2026 (a) (b)
|
7,176,000 | 7,296,270 | ||||
5.50%, 4/1/2028 (a) (b)
|
13,131,000 | 13,320,086 | ||||
9.13%, 6/15/2023 (a)
|
9,984,000 | 10,643,144 | ||||
10.88%, 6/1/2023 (a)
|
10,599,000 | 11,585,661 | ||||
11.50%, 6/1/2025 (a)
|
12,009,000 | 13,494,393 | ||||
Viking Cruises, Ltd.: | ||||||
5.88%, 9/15/2027 (a)
|
6,782,000 | 6,452,395 | ||||
7.00%, 2/15/2029 (a)
|
3,305,000 | 3,311,874 | ||||
13.00%, 5/15/2025 (a)
|
5,588,000 | 6,323,604 | ||||
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a)
|
4,531,000 | 4,588,816 | ||||
VOC Escrow, Ltd. 5.00%, 2/15/2028 (a)
|
5,390,000 | 5,360,247 | ||||
225,232,053 | ||||||
LODGING — 2.5% | ||||||
Boyd Gaming Corp.: | ||||||
4.75%, 12/1/2027
|
8,128,000 | 8,354,365 | ||||
4.75%, 6/15/2031 (a)
|
6,690,000 | 6,857,384 | ||||
8.63%, 6/1/2025 (a)
|
584,000 | 625,312 | ||||
Genting New York LLC/GENNY Capital,
Inc. 3.30%, 2/15/2026 (a)
|
3,192,000 | 3,160,176 | ||||
Hilton Domestic Operating Co., Inc.: | ||||||
3.63%, 2/15/2032 (a)
|
10,828,250 | 10,781,255 | ||||
3.75%, 5/1/2029 (a)
|
6,404,000 | 6,453,375 | ||||
4.00%, 5/1/2031 (a)
|
9,121,000 | 9,341,819 | ||||
4.88%, 1/15/2030
|
9,748,000 | 10,472,374 | ||||
5.38%, 5/1/2025 (a)
|
4,165,000 | 4,330,434 | ||||
5.75%, 5/1/2028 (a)
|
4,100,000 | 4,381,547 | ||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc: | ||||||
4.88%, 7/1/2031 (a)
|
4,841,000 | 4,861,139 | ||||
5.00%, 6/1/2029 (a) (b)
|
5,939,000 | 6,092,286 |
Security Description | Principal
Amount |
Value | |||
Hilton Worldwide Finance LLC/Hilton Worldwide
Finance Corp. 4.88%, 4/1/2027
|
$ 4,969,500 | $ 5,131,158 | |||
Marriott Ownership Resorts, Inc.: | |||||
4.50%, 6/15/2029 (a)
|
1,807,000 | 1,820,101 | |||
6.13%, 9/15/2025 (a)
|
594,000 | 619,162 | |||
Melco Resorts Finance, Ltd.: | |||||
5.38%, 12/4/2029 (a)
|
7,321,000 | 7,083,287 | |||
5.75%, 7/21/2028 (a)
|
5,152,000 | 5,049,578 | |||
Series REGS, 4.88%, 6/6/2025 (b)
|
6,597,000 | 6,481,486 | |||
Series REGS, 5.25%, 4/26/2026 (b)
|
3,413,000 | 3,375,593 | |||
Series REGS, 5.63%, 7/17/2027 (b)
|
3,491,000 | 3,456,369 | |||
MGM China Holdings, Ltd.: | |||||
4.75%, 2/1/2027 (a)
|
6,401,000 | 6,197,832 | |||
5.25%, 6/18/2025 (a) (b)
|
3,037,000 | 3,021,815 | |||
5.38%, 5/15/2024 (a)
|
6,307,000 | 6,294,197 | |||
5.88%, 5/15/2026 (a)
|
3,852,000 | 3,869,488 | |||
MGM Resorts International: | |||||
4.75%, 10/15/2028
|
6,133,500 | 6,345,167 | |||
5.50%, 4/15/2027
|
6,626,000 | 7,103,204 | |||
5.75%, 6/15/2025
|
6,397,000 | 6,900,444 | |||
6.75%, 5/1/2025
|
8,690,000 | 9,116,158 | |||
Station Casinos LLC: | |||||
4.50%, 2/15/2028 (a)
|
8,334,000 | 8,407,423 | |||
4.63%, 12/1/2031 (a)
|
4,895,000 | 4,934,601 | |||
Studio City Finance, Ltd.: | |||||
5.00%, 1/15/2029 (a)
|
7,573,000 | 6,813,807 | |||
6.00%, 7/15/2025 (a)
|
3,204,000 | 3,102,657 | |||
6.50%, 1/15/2028 (a)
|
3,140,000 | 3,030,445 | |||
Travel + Leisure Co.: | |||||
4.50%, 12/1/2029 (a)
|
4,635,000 | 4,668,511 | |||
6.63%, 7/31/2026 (a)
|
6,588,000 | 7,296,408 | |||
Universal Entertainment Corp. 8.50%, 12/11/2024 (a)
|
5,240,000 | 5,537,213 | |||
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a)
|
4,599,000 | 4,738,994 | |||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.: | |||||
4.25%, 5/30/2023 (a)
|
14,000 | 14,166 | |||
5.50%, 3/1/2025 (a)
|
136,000 | 140,629 | |||
REGS, 5.25%, 5/15/2027 (a) (b)
|
6,396,000 | 6,528,205 | |||
Wynn Macau, Ltd.: | |||||
5.13%, 12/15/2029 (a)
|
5,439,000 | 4,843,973 | |||
5.50%, 1/15/2026 (a)
|
6,513,000 | 6,116,033 |
Security Description | Principal
Amount |
Value | ||||
5.63%, 8/26/2028 (a)
|
$ 9,692,000 | $ 8,920,323 | ||||
4.88%, 10/1/2024 (a) (b)
|
6,360,000 | 5,992,010 | ||||
REGS, 5.50%, 10/1/2027 (a)
|
4,723,000 | 4,378,599 | ||||
243,040,502 | ||||||
MACHINERY, CONSTRUCTION & MINING — 0.2% | ||||||
Terex Corp. 5.00%, 5/15/2029 (a)
|
4,385,000 | 4,510,850 | ||||
Vertiv Group Corp. 4.13%, 11/15/2028 (a)
|
6,168,000 | 6,237,637 | ||||
Weir Group PLC 2.20%, 5/13/2026 (a)
|
5,049,000 | 5,008,658 | ||||
15,757,145 | ||||||
MACHINERY-DIVERSIFIED — 0.2% | ||||||
GrafTech Finance, Inc. 4.63%, 12/15/2028 (a)
|
4,595,000 | 4,669,026 | ||||
Husky III Holding, Ltd. 13.00%, 2/15/2025 (a)
|
152,000 | 160,582 | ||||
Titan Acquisition, Ltd./Titan Co-Borrower
LLC 7.75%, 4/15/2026 (a)
|
4,020,000 | 4,090,792 | ||||
TK Elevator US Newco, Inc. 5.25%, 7/15/2027 (a)
|
12,341,000 | 12,962,246 | ||||
21,882,646 | ||||||
MEDIA — 8.8% | ||||||
Altice Financing SA: | ||||||
5.00%, 1/15/2028 (a)
|
11,696,000 | 11,374,477 | ||||
5.75%, 8/15/2029 (a) (b)
|
14,178,000 | 14,025,728 | ||||
AMC Networks, Inc.: | ||||||
4.25%, 2/15/2029 (b)
|
8,486,000 | 8,449,510 | ||||
4.75%, 8/1/2025 (b)
|
8,234,000 | 8,419,018 | ||||
Audacy Capital Corp. 6.75%, 3/31/2029 (a) (b)
|
5,945,000 | 5,808,919 | ||||
Cable One, Inc. 4.00%, 11/15/2030 (a) (b)
|
3,443,000 | 3,394,798 | ||||
CCO Holdings LLC/CCO Holdings Capital Corp.: | ||||||
4.00%, 3/1/2023 (a)
|
3,599,000 | 3,601,699 | ||||
4.25%, 2/1/2031 (a)
|
23,678,000 | 23,930,407 | ||||
4.25%, 1/15/2034 (a)
|
15,422,000 | 15,186,352 | ||||
4.50%, 8/15/2030 (a)
|
22,498,500 | 23,085,936 | ||||
4.50%, 5/1/2032
|
22,156,000 | 22,839,734 | ||||
4.50%, 6/1/2033 (a)
|
13,883,000 | 14,170,100 |
Security Description | Principal
Amount |
Value | |||
4.75%, 3/1/2030 (a)
|
$ 23,163,000 | $ 24,146,964 | |||
5.00%, 2/1/2028 (a)
|
18,277,000 | 18,950,142 | |||
5.13%, 5/1/2027 (a)
|
24,597,500 | 25,462,102 | |||
5.38%, 6/1/2029 (a)
|
11,349,000 | 12,252,040 | |||
Cequel Communications Holdings I LLC/Cequel
Capital Corp. 7.50%, 4/1/2028 (a)
|
100,000 | 107,094 | |||
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027 (a)
|
10,375,000 | 10,736,154 | |||
CSC Holdings LLC: | |||||
3.38%, 2/15/2031 (a)
|
7,404,500 | 6,932,389 | |||
4.50%, 11/15/2031 (a)
|
12,133,000 | 11,993,713 | |||
4.63%, 12/1/2030 (a)
|
19,204,500 | 18,170,914 | |||
5.00%, 11/15/2031 (a)
|
3,971,000 | 3,833,723 | |||
5.38%, 2/1/2028 (a)
|
9,432,000 | 9,750,236 | |||
5.75%, 1/15/2030 (a)
|
17,652,000 | 17,649,529 | |||
6.50%, 2/1/2029 (a)
|
15,382,000 | 16,502,733 | |||
7.50%, 4/1/2028 (a)
|
9,044,500 | 9,709,813 | |||
4.13%, 12/1/2030 (a)
|
8,243,000 | 8,055,142 | |||
Diamond Sports Group LLC/Diamond Sports Finance Co.: | |||||
5.38%, 8/15/2026 (a)
|
21,396,000 | 10,668,687 | |||
6.63%, 8/15/2027 (a)
|
12,085,000 | 3,379,208 | |||
Directv Financing LLC/Directv Financing
Co-Obligor, Inc. 5.88%, 8/15/2027 (a)
|
30,865,000 | 31,617,489 | |||
DISH DBS Corp.: | |||||
5.13%, 6/1/2029
|
13,093,000 | 11,913,059 | |||
5.25%, 12/1/2026 (a)
|
24,122,000 | 24,502,404 | |||
5.75%, 12/1/2028 (a)
|
21,803,000 | 22,045,013 | |||
7.38%, 7/1/2028 (b)
|
9,520,000 | 9,665,085 | |||
GCI LLC 4.75%, 10/15/2028 (a)
|
4,901,000 | 5,024,946 | |||
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a)
|
11,505,000 | 11,829,901 | |||
Gray Television, Inc.: | |||||
4.75%, 10/15/2030 (a)
|
6,699,000 | 6,667,716 | |||
7.00%, 5/15/2027 (a)
|
7,133,000 | 7,626,318 | |||
iHeartCommunications, Inc.: | |||||
4.75%, 1/15/2028 (a)
|
3,478,000 | 3,529,196 | |||
5.25%, 8/15/2027 (a)
|
6,393,000 | 6,647,953 | |||
6.38%, 5/1/2026
|
7,188,891 | 7,495,857 | |||
8.38%, 5/1/2027
|
12,179,164 | 12,852,672 | |||
LCPR Senior Secured Financing DAC: | |||||
5.13%, 7/15/2029 (a)
|
6,024,000 | 6,092,252 |
Security Description | Principal
Amount |
Value | |||
6.75%, 10/15/2027 (a)
|
$ 10,265,000 | $ 10,864,476 | |||
McGraw-Hill Education, Inc.: | |||||
5.75%, 8/1/2028 (a)
|
8,682,000 | 8,600,563 | |||
8.00%, 8/1/2029 (a)
|
6,544,000 | 6,502,315 | |||
News Corp. 3.88%, 5/15/2029 (a)
|
7,881,000 | 7,970,134 | |||
Nexstar Media, Inc.: | |||||
4.75%, 11/1/2028 (a)
|
8,466,000 | 8,659,194 | |||
5.63%, 7/15/2027 (a)
|
15,971,000 | 16,832,795 | |||
Radiate Holdco LLC/Radiate Finance, Inc.: | |||||
4.50%, 9/15/2026 (a)
|
7,330,000 | 7,428,735 | |||
6.50%, 9/15/2028 (a)
|
6,828,000 | 6,860,911 | |||
Scripps Escrow II, Inc.: | |||||
3.88%, 1/15/2029 (a)
|
5,445,000 | 5,473,042 | |||
5.38%, 1/15/2031 (a)
|
4,354,000 | 4,436,508 | |||
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)
|
6,436,500 | 6,763,217 | |||
Sinclair Television Group, Inc.: | |||||
4.13%, 12/1/2030 (a)
|
5,822,000 | 5,505,283 | |||
5.50%, 3/1/2030 (a) (b)
|
5,465,000 | 5,317,773 | |||
Sirius XM Radio, Inc.: | |||||
3.13%, 9/1/2026 (a)
|
8,780,000 | 8,777,542 | |||
3.88%, 9/1/2031 (a)
|
10,347,000 | 10,168,411 | |||
4.00%, 7/15/2028 (a)
|
16,244,000 | 16,353,809 | |||
4.13%, 7/1/2030 (a)
|
12,358,000 | 12,391,119 | |||
5.00%, 8/1/2027 (a)
|
12,945,000 | 13,464,224 | |||
5.50%, 7/1/2029 (a)
|
10,587,000 | 11,420,515 | |||
TEGNA, Inc.: | |||||
4.63%, 3/15/2028
|
9,814,000 | 9,927,548 | |||
4.75%, 3/15/2026 (a)
|
5,830,000 | 6,070,779 | |||
5.00%, 9/15/2029 (b)
|
8,796,000 | 9,020,298 | |||
Telenet Finance Luxembourg Notes
S.a.r.l. 5.50%, 3/1/2028 (a)
|
10,400,000 | 10,712,000 | |||
Townsquare Media, Inc. 6.88%, 2/1/2026 (a)
|
5,418,000 | 5,767,298 | |||
Univision Communications, Inc.: | |||||
4.50%, 5/1/2029 (a)
|
9,316,000 | 9,433,847 | |||
6.63%, 6/1/2027 (a)
|
12,516,000 | 13,473,724 | |||
UPC Broadband Finco B.V. 4.88%, 7/15/2031 (a)
|
10,572,000 | 10,836,300 | |||
UPC Holding B.V. 5.50%, 1/15/2028 (a)
|
5,693,000 | 5,931,195 |
Security Description | Principal
Amount |
Value | ||||
Urban One, Inc. 7.38%, 2/1/2028 (a)
|
$ 7,307,000 | $ 7,531,836 | ||||
ViacomCBS, Inc.: | ||||||
3 Month USD LIBOR + 3.90%, 5.88%, 2/28/2057
(c)
|
200 | 200 | ||||
3 Month USD LIBOR + 3.90%, 6.25%, 2/28/2057
(c)
|
4,991,000 | 5,627,352 | ||||
Videotron, Ltd.: | ||||||
3.63%, 6/15/2029 (a)
|
3,835,000 | 3,874,539 | ||||
5.13%, 4/15/2027 (a)
|
5,525,000 | 5,714,121 | ||||
Virgin Media Finance PLC 5.00%, 7/15/2030 (a)
|
7,251,000 | 7,246,287 | ||||
Virgin Media Secured Finance PLC: | ||||||
4.50%, 8/15/2030 (a)
|
8,940,000 | 8,997,574 | ||||
5.50%, 5/15/2029 (a)
|
9,723,000 | 10,231,221 | ||||
Virgin Media Vendor Financing Notes IV
DAC 5.00%, 7/15/2028 (a)
|
4,794,000 | 4,833,071 | ||||
Ziggo B.V. 4.88%, 1/15/2030 (a)
|
7,909,000 | 8,106,962 | ||||
Ziggo Bond Co. B.V. 5.13%, 2/28/2030 (a) (b)
|
4,544,000 | 4,578,444 | ||||
851,802,284 | ||||||
METAL FABRICATE & HARDWARE — 0.0% (d) | ||||||
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a)
|
4,161,000 | 4,250,794 | ||||
MINING — 1.4% | ||||||
Alcoa Nederland Holding B.V.: | ||||||
4.13%, 3/31/2029 (a) (b)
|
2,728,000 | 2,823,616 | ||||
5.50%, 12/15/2027 (a)
|
5,365,000 | 5,740,550 | ||||
6.13%, 5/15/2028 (a)
|
5,595,000 | 6,019,549 | ||||
Arconic Corp.: | ||||||
6.00%, 5/15/2025 (a)
|
3,638,000 | 3,810,296 | ||||
6.13%, 2/15/2028 (a)
|
8,603,000 | 9,154,022 | ||||
Compass Minerals International, Inc. 6.75%, 12/1/2027 (a)
|
3,477,000 | 3,686,142 | ||||
Constellium SE 3.75%, 4/15/2029 (a) (b)
|
3,702,000 | 3,644,286 | ||||
FMG Resources August 2006 Pty, Ltd.: | ||||||
4.38%, 4/1/2031 (a)
|
11,740,000 | 12,352,358 | ||||
4.50%, 9/15/2027 (a)
|
3,561,000 | 3,784,880 | ||||
5.13%, 5/15/2024 (a)
|
6,182,000 | 6,553,785 | ||||
Freeport-McMoRan, Inc.: | ||||||
4.13%, 3/1/2028
|
5,421,000 | 5,620,168 |
Security Description | Principal
Amount |
Value | ||||
4.25%, 3/1/2030
|
$ 4,917,000 | $ 5,199,973 | ||||
4.38%, 8/1/2028
|
6,159,000 | 6,462,146 | ||||
4.63%, 8/1/2030 (b)
|
6,250,000 | 6,702,000 | ||||
5.00%, 9/1/2027
|
4,216,000 | 4,412,508 | ||||
5.25%, 9/1/2029
|
5,806,500 | 6,348,014 | ||||
Hudbay Minerals, Inc.: | ||||||
4.50%, 4/1/2026
|
2,437,000 | 2,438,097 | ||||
4.50%, 4/1/2026 (a)
|
1,865,000 | 1,865,839 | ||||
6.13%, 4/1/2029
|
2,926,000 | 3,103,052 | ||||
Kaiser Aluminum Corp.: | ||||||
4.50%, 6/1/2031 (a)
|
5,176,000 | 5,095,720 | ||||
4.63%, 3/1/2028 (a)
|
5,832,000 | 5,898,718 | ||||
Novelis Corp.: | ||||||
3.25%, 11/15/2026 (a)
|
4,900,000 | 4,954,684 | ||||
3.88%, 8/15/2031 (a)
|
5,666,000 | 5,638,407 | ||||
4.75%, 1/30/2030 (a)
|
13,351,000 | 14,068,483 | ||||
135,377,293 | ||||||
MISCELLANEOUS MANUFACTURER — 0.2% | ||||||
FXI Holdings, Inc.: | ||||||
7.88%, 11/1/2024 (a)
|
4,810,000 | 4,902,641 | ||||
12.25%, 11/15/2026 (a)
|
5,777,000 | 6,496,468 | ||||
Gates Global LLC/Gates Corp. 6.25%, 1/15/2026 (a)
|
3,678,000 | 3,798,528 | ||||
LSB Industries, Inc. 6.25%, 10/15/2028 (a)
|
3,983,000 | 4,154,906 | ||||
19,352,543 | ||||||
OFFICE & BUSINESS EQUIPMENT — 0.3% | ||||||
Xerox Corp. 4.38%, 3/15/2023
|
8,152,000 | 8,416,125 | ||||
Xerox Holdings Corp.: | ||||||
5.00%, 8/15/2025 (a)
|
10,113,000 | 10,677,710 | ||||
5.50%, 8/15/2028 (a) (b)
|
5,620,000 | 5,921,906 | ||||
25,015,741 | ||||||
OIL & GAS — 6.6% | ||||||
Aethon United BR L.P./Aethon United Finance
Corp. 8.25%, 2/15/2026 (a)
|
6,909,000 | 7,416,052 | ||||
Antero Resources Corp.: | ||||||
5.00%, 3/1/2025 (b)
|
3,859,000 | 3,919,663 | ||||
5.38%, 3/1/2030 (a)
|
5,766,000 | 6,165,469 | ||||
7.63%, 2/1/2029 (a)
|
4,166,000 | 4,640,466 |
Security Description | Principal
Amount |
Value | |||
Apache Corp.: | |||||
4.25%, 1/15/2030 (b)
|
$ 3,880,000 | $ 4,210,072 | |||
4.38%, 10/15/2028 (b)
|
6,793,000 | 7,403,419 | |||
4.63%, 11/15/2025
|
4,797,000 | 5,157,878 | |||
4.88%, 11/15/2027
|
178,000 | 194,283 | |||
Ascent Resources Utica Holdings LLC/ARU Finance
Corp. 7.00%, 11/1/2026 (a)
|
6,406,000 | 6,507,791 | |||
Baytex Energy Corp. 8.75%, 4/1/2027 (a)
|
3,931,000 | 4,111,118 | |||
California Resources Corp. 7.13%, 2/1/2026 (a)
|
5,916,000 | 6,144,180 | |||
Callon Petroleum Co.: | |||||
6.13%, 10/1/2024
|
100 | 99 | |||
8.00%, 8/1/2028 (a) (b)
|
4,583,000 | 4,678,739 | |||
Calumet Specialty Products Partners L.P./Calumet
Finance Corp. 11.00%, 4/15/2025 (a)
|
5,840,000 | 6,342,182 | |||
Chesapeake Energy Corp.: | |||||
5.50%, 2/1/2026 (a)
|
5,063,000 | 5,334,174 | |||
5.88%, 2/1/2029 (a)
|
5,167,000 | 5,531,325 | |||
CNX Resources Corp.: | |||||
6.00%, 1/15/2029 (a)
|
4,275,000 | 4,446,043 | |||
7.25%, 3/14/2027 (a)
|
4,596,000 | 4,873,552 | |||
Colgate Energy Partners III LLC 5.88%, 7/1/2029 (a)
|
6,577,000 | 6,778,256 | |||
Comstock Resources, Inc.: | |||||
5.88%, 1/15/2030 (a)
|
9,854,000 | 10,098,970 | |||
6.75%, 3/1/2029 (a)
|
11,740,000 | 12,729,682 | |||
Continental Resources, Inc. 5.75%, 1/15/2031 (a)
|
1,385,000 | 1,632,527 | |||
CrownRock L.P./CrownRock Finance, Inc. 5.63%, 10/15/2025 (a)
|
10,434,000 | 10,713,005 | |||
CVR Energy, Inc. 5.25%, 2/15/2025 (a)
|
3,691,000 | 3,613,600 | |||
Encino Acquisition Partners Holdings
LLC 8.50%, 5/1/2028 (a)
|
5,180,000 | 5,382,072 | |||
Endeavor Energy Resources L.P./EER Finance, Inc.: | |||||
5.75%, 1/30/2028 (a)
|
8,454,000 | 9,017,628 | |||
6.63%, 7/15/2025 (a)
|
4,839,000 | 5,118,839 | |||
EQT Corp.: | |||||
3.13%, 5/15/2026 (a)
|
3,880,000 | 3,988,989 | |||
3.63%, 5/15/2031 (a) (b)
|
3,546,000 | 3,700,038 |
Security Description | Principal
Amount |
Value | |||
3.90%, 10/1/2027
|
$ 9,138,300 | $ 9,816,362 | |||
6.63%, 2/1/2025
|
6,947,000 | 7,834,479 | |||
7.50%, 2/1/2030
|
5,672,000 | 7,281,770 | |||
Gulfport Energy Corp. 8.00%, 5/17/2026 (b)
|
3,671,618 | 4,016,750 | |||
Gulfport Energy Operating Corp. 6.38%, 5/15/2025
|
1,081,000 | 43,240 | |||
Harbour Energy PLC 5.50%, 10/15/2026 (a)
|
5,336,000 | 5,300,195 | |||
Hilcorp Energy I L.P./Hilcorp Finance Co.: | |||||
5.75%, 2/1/2029 (a)
|
4,506,000 | 4,642,036 | |||
6.00%, 2/1/2031 (a)
|
4,532,000 | 4,695,288 | |||
6.25%, 11/1/2028 (a)
|
5,232,000 | 5,570,197 | |||
Independence Energy Finance LLC 7.25%, 5/1/2026 (a)
|
3,752,000 | 3,906,920 | |||
Indigo Natural Resources LLC 5.38%, 2/1/2029 (a)
|
394,000 | 410,371 | |||
Ithaca Energy North Sea PLC 9.00%, 7/15/2026 (a) (b)
|
4,286,000 | 4,395,979 | |||
Laredo Petroleum, Inc. 9.50%, 1/15/2025
|
5,222,000 | 5,355,527 | |||
Matador Resources Co. 5.88%, 9/15/2026 (b)
|
10,994,000 | 11,280,174 | |||
MEG Energy Corp.: | |||||
5.88%, 2/1/2029 (a)
|
4,722,000 | 4,952,575 | |||
7.13%, 2/1/2027 (a)
|
12,696,000 | 13,520,986 | |||
Moss Creek Resources Holdings, Inc.: | |||||
7.50%, 1/15/2026 (a)
|
6,116,000 | 5,726,778 | |||
10.50%, 5/15/2027 (a)
|
4,346,000 | 4,383,810 | |||
Murphy Oil Corp.: | |||||
5.75%, 8/15/2025
|
5,648,000 | 5,803,377 | |||
5.88%, 12/1/2027 (b)
|
7,877,500 | 8,130,289 | |||
6.38%, 7/15/2028
|
4,104,000 | 4,367,477 | |||
6.88%, 8/15/2024
|
754,000 | 768,394 | |||
Nabors Industries, Inc.: | |||||
5.75%, 2/1/2025
|
5,019,462 | 4,650,381 | |||
7.38%, 5/15/2027 (a)
|
5,769,000 | 5,966,358 | |||
Nabors Industries, Ltd. 7.25%, 1/15/2026 (a)
|
4,433,000 | 4,096,801 | |||
Neptune Energy Bondco PLC 6.63%, 5/15/2025 (a)
|
6,821,000 | 6,994,663 |
Security Description | Principal
Amount |
Value | |||
Northern Oil & Gas, Inc. 8.13%, 3/1/2028 (a)
|
$ 7,245,000 | $ 7,655,284 | |||
Occidental Petroleum Corp.: | |||||
2.90%, 8/15/2024
|
24,000 | 24,513 | |||
3.20%, 8/15/2026
|
6,874,000 | 7,078,983 | |||
3.50%, 8/15/2029
|
12,633,000 | 12,967,522 | |||
5.50%, 12/1/2025
|
6,311,000 | 6,998,647 | |||
5.55%, 3/15/2026
|
8,381,000 | 9,329,059 | |||
5.88%, 9/1/2025
|
9,538,500 | 10,503,319 | |||
6.13%, 1/1/2031 (b)
|
10,175,000 | 12,350,619 | |||
6.38%, 9/1/2028
|
5,337,500 | 6,327,927 | |||
6.45%, 9/15/2036
|
14,290,000 | 18,220,322 | |||
6.63%, 9/1/2030
|
12,740,000 | 15,770,464 | |||
6.95%, 7/1/2024
|
6,088,000 | 6,769,004 | |||
7.50%, 5/1/2031
|
8,192,000 | 10,773,299 | |||
8.00%, 7/15/2025
|
5,305,000 | 6,166,214 | |||
8.50%, 7/15/2027
|
4,153,000 | 5,185,519 | |||
8.88%, 7/15/2030
|
7,784,000 | 10,512,370 | |||
Parkland Corp.: | |||||
4.50%, 10/1/2029 (a)
|
6,736,000 | 6,747,114 | |||
4.63%, 5/1/2030 (a)
|
7,026,000 | 7,004,711 | |||
5.88%, 7/15/2027 (a)
|
5,815,000 | 6,137,209 | |||
Patterson-UTI Energy, Inc. 3.95%, 2/1/2028
|
4,385,000 | 4,405,083 | |||
PBF Holding Co. LLC/PBF Finance Corp.: | |||||
7.25%, 6/15/2025
|
6,193,000 | 4,398,578 | |||
9.25%, 5/15/2025 (a) (b)
|
9,437,000 | 8,988,931 | |||
6.00%, 2/15/2028
|
6,631,000 | 4,269,369 | |||
PDC Energy, Inc. 5.75%, 5/15/2026
|
6,904,000 | 7,130,520 | |||
Petrofac, Ltd.: | |||||
9.75%, 11/15/2026 (a) (b)
|
3,694,000 | 3,766,439 | |||
9.75%, 11/15/2026
|
556,000 | 566,903 | |||
Puma International Financing SA: | |||||
5.00%, 1/24/2026 (a)
|
6,491,000 | 6,493,532 | |||
5.13%, 10/6/2024 (a)
|
5,095,000 | 5,102,082 | |||
Range Resources Corp.: | |||||
5.00%, 3/15/2023
|
5,104,000 | 5,210,776 | |||
8.25%, 1/15/2029
|
5,880,000 | 6,562,550 | |||
9.25%, 2/1/2026
|
7,215,000 | 7,783,109 | |||
Rockcliff Energy II LLC 5.50%, 10/15/2029 (a)
|
6,399,000 | 6,583,931 |
Security Description | Principal
Amount |
Value | ||||
Southwestern Energy Co.: | ||||||
4.75%, 2/1/2032
|
$ 9,453,000 | $ 9,964,407 | ||||
5.38%, 2/1/2029
|
5,482,000 | 5,807,192 | ||||
5.38%, 3/15/2030
|
8,626,000 | 9,255,957 | ||||
Strathcona Resources, Ltd. 6.88%, 8/1/2026 (a)
|
4,939,000 | 4,849,802 | ||||
Sunoco L.P./Sunoco Finance Corp.: | ||||||
4.50%, 5/15/2029
|
7,861,000 | 7,990,392 | ||||
4.50%, 4/30/2030 (a)
|
4,751,000 | 4,871,913 | ||||
6.00%, 4/15/2027
|
5,333,000 | 5,556,239 | ||||
Talos Production, Inc. 12.00%, 1/15/2026
|
6,459,000 | 6,780,012 | ||||
Tap Rock Resources LLC 7.00%, 10/1/2026 (a)
|
3,910,000 | 4,063,468 | ||||
Transocean Guardian, Ltd. 5.88%, 1/15/2024 (a)
|
5,089,962 | 4,882,037 | ||||
Transocean Poseidon, Ltd. 6.88%, 2/1/2027 (a)
|
4,782,000 | 4,638,875 | ||||
Transocean, Inc.: | ||||||
7.50%, 1/15/2026 (a)
|
4,185,000 | 3,118,955 | ||||
8.00%, 2/1/2027 (a)
|
5,334,000 | 3,921,183 | ||||
11.50%, 1/30/2027 (a)
|
6,219,000 | 6,101,958 | ||||
Vine Energy Holdings LLC 6.75%, 4/15/2029 (a)
|
9,820,000 | 10,656,271 | ||||
W&T Offshore, Inc. 9.75%, 11/1/2023 (a)
|
3,828,000 | 3,663,013 | ||||
637,666,864 | ||||||
OIL & GAS SERVICES — 0.6% | ||||||
Archrock Partners L.P./Archrock Partners Finance Corp.: | ||||||
6.25%, 4/1/2028 (a)
|
6,839,000 | 7,124,391 | ||||
6.88%, 4/1/2027 (a)
|
4,638,000 | 4,871,384 | ||||
CGG SA 8.75%, 4/1/2027 (a) (b)
|
3,063,000 | 3,021,956 | ||||
KCA Deutag UK Finance PLC 9.88%, 12/1/2025 (a)
|
2,455,000 | 2,648,454 | ||||
TechnipFMC PLC 6.50%, 2/1/2026 (a)
|
6,534,000 | 6,981,906 | ||||
USA Compression Partners L.P./USA Compression Finance Corp.: | ||||||
6.88%, 4/1/2026
|
7,950,000 | 8,279,130 | ||||
6.88%, 9/1/2027
|
6,248,000 | 6,599,388 |
Security Description | Principal
Amount |
Value | ||||
Weatherford International, Ltd.: | ||||||
6.50%, 9/15/2028 (a)
|
$ 4,147,000 | $ 4,389,807 | ||||
8.63%, 4/30/2030 (a)
|
11,989,000 | 12,362,337 | ||||
11.00%, 12/1/2024 (a)
|
403,000 | 415,368 | ||||
56,694,121 | ||||||
PACKAGING & CONTAINERS — 2.0% | ||||||
ARD Finance SA 6.50%, 6/30/2027 (a)
|
9,532,613 | 9,814,206 | ||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC: | ||||||
3.25%, 9/1/2028 (a) (b)
|
4,960,000 | 4,905,341 | ||||
4.00%, 9/1/2029 (a)
|
8,747,000 | 8,674,312 | ||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.: | ||||||
4.13%, 8/15/2026 (a)
|
10,436,000 | 10,669,036 | ||||
5.25%, 4/30/2025 (a)
|
7,337,000 | 7,599,958 | ||||
5.25%, 8/15/2027 (a)
|
6,847,000 | 6,899,722 | ||||
5.25%, 8/15/2027 (a)
|
7,286,000 | 7,357,549 | ||||
Ball Corp.: | ||||||
2.88%, 8/15/2030
|
11,573,000 | 11,260,876 | ||||
3.13%, 9/15/2031
|
8,167,000 | 8,083,043 | ||||
4.00%, 11/15/2023
|
9,000 | 9,404 | ||||
4.88%, 3/15/2026
|
5,522,000 | 6,077,182 | ||||
Berry Global, Inc. 5.63%, 7/15/2027 (a)
|
4,113,000 | 4,295,987 | ||||
Cascades, Inc./Cascades USA, Inc. 5.13%, 1/15/2026 (a)
|
197,000 | 204,547 | ||||
Crown Americas LLC/Crown Americas Capital
Corp. 4.75%, 2/1/2026
|
6,265,000 | 6,438,353 | ||||
Flex Acquisition Co., Inc.: | ||||||
6.88%, 1/15/2025 (a)
|
5,001,500 | 5,006,501 | ||||
7.88%, 7/15/2026 (a) (b)
|
1,561,000 | 1,619,928 | ||||
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a)
|
4,677,000 | 4,837,281 | ||||
Greif, Inc. 6.50%, 3/1/2027 (a)
|
3,618,000 | 3,753,675 | ||||
Intelligent Packaging, Ltd. Finco,
Inc./Intelligent Packaging, Ltd. Co-Issuer LLC 6.00%, 9/15/2028 (a)
|
6,224,000 | 6,414,703 | ||||
LABL, Inc.: | ||||||
5.88%, 11/1/2028 (a)
|
3,491,000 | 3,597,266 | ||||
6.75%, 7/15/2026 (a)
|
7,509,000 | 7,721,655 | ||||
10.50%, 7/15/2027 (a)
|
6,251,000 | 6,560,362 |
Security Description | Principal
Amount |
Value | ||||
Mauser Packaging Solutions Holding Co.: | ||||||
5.50%, 4/15/2024 (a)
|
$ 11,873,000 | $ 11,978,788 | ||||
7.25%, 4/15/2025 (a)
|
11,243,050 | 11,211,345 | ||||
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)
|
6,182,000 | 6,518,981 | ||||
Pactiv Evergreen Group Issuer LLC/Pactiv
Evergreen Group Issuer, Inc. 4.38%, 10/15/2028 (a)
|
3,944,000 | 3,914,341 | ||||
Pactiv Evergreen Group Issuer, Inc./Pactiv
Evergreen Group Issuer LLC/Reynolds Group 4.00%, 10/15/2027 (a)
|
7,120,000 | 6,930,252 | ||||
Silgan Holdings, Inc. 4.13%, 2/1/2028
|
4,670,000 | 4,783,715 | ||||
Trivium Packaging Finance B.V.: | ||||||
5.50%, 8/15/2026 (a)
|
7,933,000 | 8,283,718 | ||||
8.50%, 8/15/2027 (a)
|
6,143,000 | 6,491,677 | ||||
191,913,704 | ||||||
PHARMACEUTICALS — 3.1% | ||||||
180 Medical, Inc. 3.88%, 10/15/2029 (a)
|
4,322,000 | 4,376,371 | ||||
AdaptHealth LLC: | ||||||
4.63%, 8/1/2029 (a)
|
3,733,000 | 3,740,055 | ||||
5.13%, 3/1/2030 (a)
|
4,301,000 | 4,398,848 | ||||
Bausch Health Americas, Inc.: | ||||||
8.50%, 1/31/2027 (a)
|
16,856,500 | 17,824,063 | ||||
9.25%, 4/1/2026 (a)
|
13,145,000 | 13,959,990 | ||||
Bausch Health Cos., Inc.: | ||||||
4.88%, 6/1/2028 (a)
|
15,081,000 | 15,472,653 | ||||
5.00%, 1/30/2028 (a)
|
8,889,000 | 8,270,948 | ||||
5.00%, 2/15/2029 (a)
|
8,962,000 | 7,953,775 | ||||
5.25%, 1/30/2030 (a)
|
10,870,000 | 9,611,036 | ||||
5.25%, 2/15/2031 (a)
|
7,602,000 | 6,707,321 | ||||
5.50%, 11/1/2025 (a)
|
13,181,000 | 13,381,483 | ||||
5.75%, 8/15/2027 (a)
|
3,934,000 | 4,086,796 | ||||
6.25%, 2/15/2029 (a)
|
10,588,000 | 10,074,694 | ||||
7.00%, 1/15/2028 (a)
|
8,080,000 | 8,122,501 | ||||
7.25%, 5/30/2029 (a)
|
5,670,000 | 5,617,326 | ||||
9.00%, 12/15/2025 (a)
|
11,458,500 | 12,074,509 | ||||
Cheplapharm Arzneimittel GmbH 5.50%, 1/15/2028 (a)
|
5,755,000 | 5,818,765 |
Security Description | Principal
Amount |
Value | ||||
Elanco Animal Health, Inc.: | ||||||
5.90%, 8/28/2028 (b)
|
$ 6,002,000 | $ 6,989,149 | ||||
5.27%, 8/28/2023 (b)
|
5,554,000 | 5,905,735 | ||||
Endo Dac/Endo Finance LLC/Endo Finco, Inc.: | ||||||
9.50%, 7/31/2027 (a) (b)
|
8,616,000 | 8,754,718 | ||||
GMTN, 6.00%, 6/30/2028 (a) (b)
|
9,872,000 | 7,368,856 | ||||
Endo Luxembourg Finance Co. I Sarl/Endo US,
Inc. 6.13%, 4/1/2029 (a)
|
10,801,000 | 10,575,151 | ||||
Herbalife Nutrition, Ltd./HLF Financing,
Inc. 7.88%, 9/1/2025 (a)
|
6,146,000 | 6,535,841 | ||||
HLF Financing SARL LLC/Herbalife International,
Inc. 4.88%, 6/1/2029 (a)
|
6,090,000 | 5,947,433 | ||||
Horizon Pharma USA, Inc. 5.50%, 8/1/2027 (a)
|
4,607,000 | 4,839,930 | ||||
Jazz Securities DAC 4.38%, 1/15/2029 (a)
|
13,865,000 | 14,352,355 | ||||
Mallinckrodt International Finance
SA/Mallinckrodt CB LLC 5.63%, 10/15/2023 (a) (e)
|
446,000 | 242,994 | ||||
Option Care Health, Inc. 4.38%, 10/31/2029 (a)
|
4,508,000 | 4,517,918 | ||||
Organon & Co./Organon Foreign Debt Co-Issuer BV: | ||||||
4.13%, 4/30/2028 (a)
|
18,676,000 | 19,149,063 | ||||
5.13%, 4/30/2031 (a)
|
15,837,000 | 16,544,439 | ||||
Owens & Minor, Inc. 4.50%, 3/31/2029 (a) (b)
|
5,810,000 | 5,964,778 | ||||
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)
|
17,883,000 | 18,269,094 | ||||
Perrigo Finance Unlimited Co. 3.90%, 6/15/2030
|
6,765,000 | 6,860,183 | ||||
PRA Health Sciences, Inc. 2.88%, 7/15/2026 (a)
|
2,746,000 | 2,758,714 | ||||
Prestige Brands, Inc. 3.75%, 4/1/2031 (a)
|
3,898,000 | 3,774,316 | ||||
300,841,801 | ||||||
PIPELINES — 4.8% | ||||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp.: | ||||||
5.38%, 6/15/2029 (a)
|
4,557,000 | 4,813,559 | ||||
5.75%, 3/1/2027 (a)
|
6,849,500 | 7,080,808 | ||||
5.75%, 1/15/2028 (a)
|
6,730,000 | 7,060,308 | ||||
7.88%, 5/15/2026 (a)
|
6,588,000 | 7,258,461 |
Security Description | Principal
Amount |
Value | |||
Blue Racer Midstream LLC/Blue Racer Finance
Corp. 7.63%, 12/15/2025 (a)
|
$ 6,094,000 | $ 6,478,592 | |||
Buckeye Partners L.P.: | |||||
3.95%, 12/1/2026
|
2,199,000 | 2,239,462 | |||
4.13%, 3/1/2025 (a)
|
4,882,000 | 5,050,087 | |||
4.50%, 3/1/2028 (a)
|
5,462,000 | 5,522,628 | |||
Cheniere Energy Partners L.P.: | |||||
3.25%, 1/31/2032 (a)
|
9,208,000 | 9,309,196 | |||
4.00%, 3/1/2031
|
11,272,000 | 11,842,814 | |||
4.50%, 10/1/2029
|
10,356,000 | 11,033,800 | |||
Cheniere Energy, Inc. 4.63%, 10/15/2028
|
12,741,000 | 13,544,065 | |||
CQP Holdco L.P./BIP-V Chinook Holdco
LLC 5.50%, 6/15/2031 (a)
|
12,118,000 | 12,644,648 | |||
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.: | |||||
5.63%, 5/1/2027 (a)
|
4,295,000 | 4,378,452 | |||
5.75%, 4/1/2025 (b)
|
3,823,000 | 3,907,871 | |||
6.00%, 2/1/2029 (a)
|
5,934,000 | 6,157,237 | |||
DCP Midstream Operating L.P.: | |||||
5.13%, 5/15/2029
|
5,220,000 | 5,893,067 | |||
5.38%, 7/15/2025
|
6,052,000 | 6,614,291 | |||
5.63%, 7/15/2027
|
4,336,000 | 4,921,577 | |||
DT Midstream, Inc.: | |||||
4.13%, 6/15/2029 (a)
|
8,971,000 | 9,223,175 | |||
4.38%, 6/15/2031 (a)
|
7,263,000 | 7,571,096 | |||
Energy Transfer L.P. 4.25%, 3/15/2023
|
35,000 | 35,886 | |||
EnLink Midstream LLC 5.63%, 1/15/2028 (a)
|
6,663,000 | 6,954,573 | |||
EQM Midstream Partners L.P.: | |||||
4.50%, 1/15/2029 (a)
|
5,771,000 | 6,002,936 | |||
4.75%, 7/15/2023
|
4,293,000 | 4,460,813 | |||
4.75%, 1/15/2031 (a)
|
8,645,000 | 9,136,728 | |||
5.50%, 7/15/2028
|
5,764,000 | 6,298,438 | |||
6.00%, 7/1/2025 (a)
|
8,248,000 | 8,967,968 | |||
6.50%, 7/1/2027 (a)
|
6,537,000 | 7,333,599 | |||
Genesis Energy L.P./Genesis Energy Finance Corp.: | |||||
6.50%, 10/1/2025
|
4,921,000 | 4,873,168 | |||
7.75%, 2/1/2028
|
5,710,000 | 5,791,139 | |||
8.00%, 1/15/2027
|
8,973,000 | 9,244,344 |
Security Description | Principal
Amount |
Value | |||
Harvest Midstream I L.P. 7.50%, 9/1/2028 (a)
|
$ 6,274,000 | $ 6,730,935 | |||
Hess Infrastructure Partners L.P./Hess
Infrastructure Partners Finance Corp. 5.63%, 2/15/2026 (a)
|
31,000 | 31,789 | |||
Hess Midstream Operations L.P.: | |||||
4.25%, 2/15/2030 (a)
|
5,644,000 | 5,621,876 | |||
5.13%, 6/15/2028 (a)
|
5,106,000 | 5,354,407 | |||
5.63%, 2/15/2026 (a)
|
7,525,000 | 7,783,935 | |||
Holly Energy Partners L.P./Holly Energy Finance
Corp. 5.00%, 2/1/2028 (a)
|
5,118,000 | 5,134,736 | |||
ITT Holdings LLC 6.50%, 8/1/2029 (a)
|
10,461,000 | 10,337,351 | |||
New Fortress Energy, Inc.: | |||||
6.50%, 9/30/2026 (a)
|
12,065,000 | 12,052,452 | |||
6.75%, 9/15/2025 (a)
|
9,743,000 | 9,897,524 | |||
NGL Energy Operating LLC/NGL Energy Finance
Corp. 7.50%, 2/1/2026 (a)
|
16,821,000 | 17,334,377 | |||
NGL Energy Partners L.P./NGL Energy Finance
Corp. 7.50%, 11/1/2023 (b)
|
4,962,000 | 4,922,899 | |||
Northriver Midstream Finance L.P. 5.63%, 2/15/2026 (a)
|
4,212,000 | 4,376,647 | |||
NuStar Logistics L.P.: | |||||
5.63%, 4/28/2027
|
4,357,000 | 4,613,758 | |||
5.75%, 10/1/2025
|
4,239,000 | 4,557,603 | |||
6.00%, 6/1/2026
|
4,195,000 | 4,575,696 | |||
6.38%, 10/1/2030
|
5,889,000 | 6,567,413 | |||
Rattler Midstream L.P. 5.63%, 7/15/2025 (a)
|
4,495,000 | 4,677,047 | |||
Rockies Express Pipeline LLC 4.95%, 7/15/2029 (a)
|
2,614,000 | 2,805,685 | |||
Summit Midstream Holdings LLC/Summit Midstream
Finance Corp. 8.50%, 10/15/2026 (a)
|
4,983,000 | 5,179,380 | |||
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.: | |||||
5.50%, 1/15/2028 (a)
|
6,843,000 | 6,842,863 | |||
6.00%, 12/31/2030 (a)
|
6,249,000 | 6,262,248 | |||
6.00%, 9/1/2031 (a)
|
5,766,000 | 5,719,584 | |||
7.50%, 10/1/2025 (a)
|
4,242,000 | 4,596,462 | |||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.: | |||||
4.00%, 1/15/2032 (a)
|
7,380,000 | 7,726,639 | |||
4.88%, 2/1/2031
|
5,669,000 | 6,158,802 |
Security Description | Principal
Amount |
Value | ||||
5.00%, 1/15/2028
|
$ 5,553,000 | $ 5,857,193 | ||||
5.50%, 3/1/2030
|
8,200,000 | 8,969,816 | ||||
5.88%, 4/15/2026
|
8,026,000 | 8,402,259 | ||||
6.50%, 7/15/2027
|
6,099,500 | 6,535,248 | ||||
6.88%, 1/15/2029
|
4,079,000 | 4,564,360 | ||||
Venture Global Calcasieu Pass LLC: | ||||||
3.88%, 8/15/2029 (a)
|
9,119,000 | 9,492,058 | ||||
3.88%, 11/1/2033 (a)
|
10,211,000 | 10,727,268 | ||||
4.13%, 8/15/2031 (a)
|
9,591,000 | 10,233,693 | ||||
Western Midstream Operating L.P.: | ||||||
4.35%, 2/1/2025
|
5,217,000 | 5,432,097 | ||||
5.30%, 2/1/2030 (b)
|
10,928,000 | 11,999,928 | ||||
463,720,814 | ||||||
REAL ESTATE — 0.9% | ||||||
Cushman & Wakefield US Borrower LLC 6.75%, 5/15/2028 (a)
|
5,550,000 | 5,971,745 | ||||
Five Point Operating Co. L.P./Five Point Capital
Corp. 7.88%, 11/15/2025 (a)
|
6,042,000 | 6,313,165 | ||||
Greystar Real Estate Partners LLC 5.75%, 12/1/2025 (a)
|
2,699,000 | 2,746,071 | ||||
Howard Hughes Corp.: | ||||||
4.13%, 2/1/2029 (a)
|
4,664,000 | 4,719,268 | ||||
4.38%, 2/1/2031 (a)
|
4,395,000 | 4,445,674 | ||||
5.38%, 8/1/2028 (a)
|
7,438,000 | 7,930,321 | ||||
Hunt Cos., Inc. 5.25%, 4/15/2029 (a)
|
4,695,000 | 4,645,186 | ||||
Kennedy-Wilson, Inc.: | ||||||
4.75%, 3/1/2029
|
5,368,000 | 5,473,857 | ||||
4.75%, 2/1/2030
|
3,448,000 | 3,510,961 | ||||
5.00%, 3/1/2031 (b)
|
3,975,000 | 4,130,144 | ||||
Newmark Group, Inc. 6.13%, 11/15/2023
|
5,362,000 | 5,747,528 | ||||
PIK Securities DAC 5.63%, 11/19/2026 (a)
|
2,432,000 | 2,425,263 | ||||
Realogy Group LLC/Realogy Co-Issuer Corp.: | ||||||
4.88%, 6/1/2023 (a) (b)
|
187,000 | 193,010 | ||||
5.75%, 1/15/2029 (a)
|
7,344,000 | 7,545,446 | ||||
7.63%, 6/15/2025 (a)
|
5,274,000 | 5,604,574 | ||||
9.38%, 4/1/2027 (a)
|
6,038,000 | 6,547,004 | ||||
WeWork Cos. LLC/WW Co-Obligor, Inc. 5.00%, 7/10/2025 (a) (b)
|
3,853,000 | 3,343,980 |
Security Description | Principal
Amount |
Value | ||||
WeWork Cos., Inc. 7.88%, 5/1/2025 (a) (b)
|
$ 5,455,000 | $ 5,209,307 | ||||
86,502,504 | ||||||
REAL ESTATE INVESTMENT TRUSTS — 3.8% | ||||||
American Finance Trust, Inc./American Finance
Operating Partner LP 4.50%, 9/30/2028 (a)
|
3,060,000 | 3,079,400 | ||||
Apollo Commercial Real Estate Finance,
Inc. 4.63%, 6/15/2029 (a)
|
3,749,000 | 3,654,975 | ||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL: | ||||||
4.50%, 4/1/2027 (a)
|
5,766,000 | 5,680,606 | ||||
5.75%, 5/15/2026 (a)
|
8,714,000 | 9,040,775 | ||||
Diversified Healthcare Trust: | ||||||
4.38%, 3/1/2031
|
5,918,000 | 5,690,867 | ||||
4.75%, 2/15/2028 (b)
|
4,032,000 | 3,973,536 | ||||
9.75%, 6/15/2025
|
8,306,000 | 8,985,265 | ||||
Global Net Lease, Inc./Global Net Lease Operating
Partnership L.P. 3.75%, 12/15/2027 (a)
|
5,850,000 | 5,714,572 | ||||
HAT Holdings I LLC/HAT Holdings II LLC 3.38%, 6/15/2026 (a)
|
9,705,000 | 9,831,068 | ||||
Iron Mountain Information Management Services,
Inc. 5.00%, 7/15/2032 (a)
|
2,915,000 | 2,982,511 | ||||
Iron Mountain, Inc.: | ||||||
4.88%, 9/15/2027 (a)
|
7,818,000 | 8,104,139 | ||||
4.88%, 9/15/2029 (a)
|
8,210,000 | 8,503,836 | ||||
5.00%, 7/15/2028 (a)
|
3,753,000 | 3,873,847 | ||||
5.25%, 3/15/2028 (a)
|
8,461,000 | 8,840,137 | ||||
5.25%, 7/15/2030 (a)
|
10,454,000 | 11,024,370 | ||||
5.63%, 7/15/2032 (a)
|
5,267,000 | 5,641,220 | ||||
REIT, 4.50%, 2/15/2031 (a)
|
7,916,000 | 7,979,486 | ||||
iStar, Inc.: | ||||||
4.25%, 8/1/2025
|
5,125,000 | 5,268,961 | ||||
4.75%, 10/1/2024
|
6,378,000 | 6,661,247 | ||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.: | ||||||
4.25%, 2/1/2027 (a)
|
5,248,000 | 5,279,855 | ||||
4.75%, 6/15/2029 (a)
|
4,456,000 | 4,568,603 | ||||
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc.: | ||||||
3.88%, 2/15/2029 (a) (b)
|
6,439,000 | 6,790,763 |
Security Description | Principal
Amount |
Value | |||
4.50%, 9/1/2026
|
$ 219,000 | $ 234,446 | |||
4.63%, 6/15/2025 (a)
|
6,917,000 | 7,383,413 | |||
5.63%, 5/1/2024
|
8,728,000 | 9,334,247 | |||
REIT, 5.75%, 2/1/2027
|
5,608,000 | 6,358,687 | |||
MPT Operating Partnership L.P./MPT Finance Corp.: | |||||
3.50%, 3/15/2031
|
9,746,000 | 9,868,117 | |||
4.63%, 8/1/2029
|
6,928,000 | 7,303,567 | |||
5.00%, 10/15/2027
|
11,216,000 | 11,743,376 | |||
New Residential Investment Corp. 6.25%, 10/15/2025 (a)
|
6,058,000 | 6,078,658 | |||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer: | |||||
4.88%, 5/15/2029 (a)
|
5,641,000 | 5,778,415 | |||
5.88%, 10/1/2028 (a)
|
6,633,000 | 6,945,613 | |||
7.50%, 6/1/2025 (a)
|
4,644,500 | 4,900,830 | |||
RHP Hotel Properties L.P./RHP Finance Corp.: | |||||
4.50%, 2/15/2029 (a)
|
4,159,000 | 4,190,692 | |||
4.75%, 10/15/2027
|
5,705,000 | 5,840,494 | |||
RLJ Lodging Trust L.P.: | |||||
3.75%, 7/1/2026 (a)
|
4,945,000 | 4,951,676 | |||
4.00%, 9/15/2029 (a)
|
3,915,000 | 3,875,224 | |||
SBA Communications Corp.: | |||||
3.13%, 2/1/2029 (a)
|
11,785,000 | 11,341,413 | |||
Series WI, 3.88%, 2/15/2027
|
13,068,500 | 13,492,181 | |||
Service Properties Trust: | |||||
4.35%, 10/1/2024
|
7,722,000 | 7,567,019 | |||
7.50%, 9/15/2025
|
6,749,000 | 7,315,848 | |||
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC: | |||||
6.00%, 1/15/2030 (a)
|
6,854,000 | 6,597,181 | |||
7.88%, 2/15/2025 (a)
|
17,531,000 | 18,286,761 | |||
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC: | |||||
4.75%, 4/15/2028 (a)
|
4,553,000 | 4,513,389 | |||
6.50%, 2/15/2029 (a)
|
8,868,000 | 8,834,302 | |||
VICI Properties L.P./VICI Note Co., Inc.: | |||||
3.50%, 2/15/2025 (a)
|
6,566,000 | 6,694,825 | |||
4.25%, 12/1/2026 (a)
|
9,452,333 | 9,842,431 | |||
4.63%, 12/1/2029 (a)
|
9,132,000 | 9,724,119 | |||
REIT, 3.75%, 2/15/2027 (a)
|
5,289,000 | 5,464,859 | |||
REIT, 4.13%, 8/15/2030 (a)
|
7,864,000 | 8,325,145 | |||
XHR L.P.: | |||||
4.88%, 6/1/2029 (a)
|
4,648,000 | 4,735,987 |
Security Description | Principal
Amount |
Value | ||||
6.38%, 8/15/2025 (a)
|
$ 5,260,000 | $ 5,584,647 | ||||
364,277,601 | ||||||
RETAIL — 4.5% | ||||||
1011778 BC ULC/New Red Finance, Inc.: | ||||||
3.50%, 2/15/2029 (a)
|
6,317,000 | 6,253,577 | ||||
3.88%, 1/15/2028 (a)
|
12,449,500 | 12,604,994 | ||||
4.00%, 10/15/2030 (a)
|
21,656,000 | 21,393,096 | ||||
4.38%, 1/15/2028 (a)
|
7,338,000 | 7,495,327 | ||||
5.75%, 4/15/2025 (a)
|
6,204,000 | 6,443,971 | ||||
Asbury Automotive Group, Inc.: | ||||||
4.63%, 11/15/2029 (a)
|
6,864,000 | 7,004,506 | ||||
5.00%, 2/15/2032 (a)
|
5,130,000 | 5,299,906 | ||||
At Home Group, Inc. 7.13%, 7/15/2029 (a)
|
5,519,000 | 5,467,949 | ||||
Bath & Body Works, Inc.: | ||||||
5.25%, 2/1/2028
|
4,931,000 | 5,429,968 | ||||
6.63%, 10/1/2030 (a)
|
8,537,000 | 9,689,495 | ||||
7.50%, 6/15/2029 (b)
|
4,577,000 | 5,212,196 | ||||
Carvana Co.: | ||||||
4.88%, 9/1/2029 (a) (b)
|
6,598,000 | 6,307,094 | ||||
5.50%, 4/15/2027 (a)
|
6,965,000 | 6,881,211 | ||||
5.63%, 10/1/2025 (a)
|
4,495,000 | 4,500,709 | ||||
5.88%, 10/1/2028 (a)
|
4,525,000 | 4,529,389 | ||||
CEC Entertainment LLC 6.75%, 5/1/2026 (a)
|
6,850,000 | 6,724,713 | ||||
eG Global Finance PLC: | ||||||
6.75%, 2/7/2025 (a)
|
6,232,000 | 6,301,674 | ||||
8.50%, 10/30/2025 (a)
|
4,811,000 | 5,012,725 | ||||
Ferrellgas L.P./Ferrellgas Finance Corp.: | ||||||
5.38%, 4/1/2026 (a)
|
7,104,000 | 6,899,689 | ||||
5.88%, 4/1/2029 (a)
|
8,416,000 | 8,139,198 | ||||
FirstCash, Inc.: | ||||||
4.63%, 9/1/2028 (a)
|
3,526,000 | 3,523,955 | ||||
5.63%, 1/1/2030 (a)
|
3,817,000 | 3,892,882 | ||||
Gap, Inc.: | ||||||
3.63%, 10/1/2029 (a)
|
8,371,000 | 8,279,254 | ||||
3.88%, 10/1/2031 (a)
|
6,318,000 | 6,243,384 | ||||
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)
|
6,303,000 | 6,295,815 | ||||
IRB Holding Corp. 7.00%, 6/15/2025 (a)
|
8,418,000 | 8,904,392 |
Security Description | Principal
Amount |
Value | |||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell
of America LLC 4.75%, 6/1/2027 (a)
|
$ 5,234,000 | $ 5,446,762 | |||
LBM Acquisition LLC 6.25%, 1/15/2029 (a)
|
6,750,000 | 6,723,675 | |||
LCM Investments Holdings II LLC 4.88%, 5/1/2029 (a)
|
8,448,000 | 8,665,283 | |||
Lithia Motors, Inc.: | |||||
3.88%, 6/1/2029 (a)
|
7,168,000 | 7,353,938 | |||
4.38%, 1/15/2031 (a)
|
3,916,000 | 4,181,544 | |||
LSF9 Atlantis Holdings LLC/Victra Finance
Corp. 7.75%, 2/15/2026 (a)
|
6,489,000 | 6,558,303 | |||
Macy's Retail Holdings LLC 5.88%, 4/1/2029 (a) (b)
|
4,348,000 | 4,630,011 | |||
Michaels Cos., Inc.: | |||||
5.25%, 5/1/2028 (a)
|
8,578,000 | 8,567,106 | |||
7.88%, 5/1/2029 (a) (b)
|
11,503,000 | 11,340,578 | |||
Murphy Oil USA, Inc.: | |||||
3.75%, 2/15/2031 (a)
|
3,759,000 | 3,735,845 | |||
4.75%, 9/15/2029
|
4,123,000 | 4,348,611 | |||
NMG Holding Co., Inc./Neiman Marcus Group
LLC 7.13%, 4/1/2026 (a)
|
9,204,000 | 9,765,904 | |||
Nordstrom, Inc. 4.38%, 4/1/2030 (b)
|
3,957,000 | 3,993,879 | |||
Party City Holdings, Inc. 8.75%, 2/15/2026 (a)
|
7,531,000 | 7,774,778 | |||
Penske Automotive Group, Inc.: | |||||
3.50%, 9/1/2025 (b)
|
5,025,000 | 5,154,494 | |||
3.75%, 6/15/2029
|
4,267,000 | 4,248,695 | |||
PetSmart, Inc./PetSmart Finance Corp.: | |||||
4.75%, 2/15/2028 (a)
|
8,872,000 | 9,120,593 | |||
7.75%, 2/15/2029 (a)
|
8,597,000 | 9,385,431 | |||
QVC, Inc.: | |||||
4.38%, 9/1/2028
|
4,257,000 | 4,246,868 | |||
WI, 4.75%, 2/15/2027
|
4,700,000 | 4,831,694 | |||
Rite Aid Corp.: | |||||
7.50%, 7/1/2025 (a)
|
5,731,000 | 5,881,840 | |||
8.00%, 11/15/2026 (a)
|
8,053,000 | 8,242,970 | |||
Sonic Automotive, Inc.: | |||||
4.63%, 11/15/2029 (a)
|
4,640,000 | 4,672,480 | |||
4.88%, 11/15/2031 (a)
|
3,919,000 | 3,953,330 |
Security Description | Principal
Amount |
Value | ||||
Specialty Building Products Holdings LLC/SBP
Finance Corp. 6.38%, 9/30/2026 (a)
|
$ 6,404,000 | $ 6,709,791 | ||||
SRS Distribution, Inc.: | ||||||
4.63%, 7/1/2028 (a)
|
5,143,000 | 5,185,378 | ||||
6.00%, 12/1/2029 (a)
|
8,092,000 | 8,140,390 | ||||
Staples, Inc.: | ||||||
7.50%, 4/15/2026 (a)
|
18,080,000 | 18,568,883 | ||||
10.75%, 4/15/2027 (a) (b)
|
7,844,000 | 7,388,499 | ||||
Suburban Propane Partners L.P./Suburban Energy
Finance Corp. 5.00%, 6/1/2031 (a)
|
5,513,000 | 5,591,119 | ||||
Superior Plus L.P./Superior General Partner,
Inc. 4.50%, 3/15/2029 (a)
|
4,917,000 | 5,042,974 | ||||
Victoria's Secret & Co. 4.63%, 7/15/2029 (a)
|
5,690,000 | 5,806,247 | ||||
White Cap Buyer LLC 6.88%, 10/15/2028 (a)
|
4,980,000 | 5,213,164 | ||||
Yum! Brands, Inc.: | ||||||
3.63%, 3/15/2031
|
8,522,000 | 8,495,411 | ||||
4.63%, 1/31/2032
|
9,262,000 | 9,829,853 | ||||
4.75%, 1/15/2030 (a)
|
5,842,000 | 6,321,395 | ||||
7.75%, 4/1/2025 (a)
|
5,704,000 | 6,013,784 | ||||
435,862,569 | ||||||
SEMICONDUCTORS — 0.1% | ||||||
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)
|
6,659,000 | 7,045,355 | ||||
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)
|
5,771,000 | 5,920,238 | ||||
12,965,593 | ||||||
SOFTWARE — 2.4% | ||||||
Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)
|
7,271,000 | 7,257,403 | ||||
Boxer Parent Co., Inc. 7.13%, 10/2/2025 (a)
|
6,271,000 | 6,584,989 | ||||
Camelot Finance SA 4.50%, 11/1/2026 (a)
|
4,494,000 | 4,658,885 | ||||
CDK Global, Inc.: | ||||||
4.88%, 6/1/2027
|
4,419,000 | 4,594,699 | ||||
5.25%, 5/15/2029 (a)
|
4,454,000 | 4,720,438 |
Security Description | Principal
Amount |
Value | |||
Change Healthcare Holdings LLC/Change Healthcare
Finance, Inc. 5.75%, 3/1/2025 (a)
|
$ 9,889,000 | $ 9,984,033 | |||
Clarivate Science Holdings Corp.: | |||||
3.88%, 7/1/2028 (a)
|
6,843,000 | 6,897,402 | |||
4.88%, 7/1/2029 (a)
|
5,199,000 | 5,281,456 | |||
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028 (a)
|
3,989,000 | 4,186,695 | |||
Elastic NV 4.13%, 7/15/2029 (a)
|
5,396,000 | 5,335,403 | |||
Fair Isaac Corp. 4.00%, 6/15/2028 (a)
|
6,641,000 | 6,823,694 | |||
MicroStrategy, Inc. 6.13%, 6/15/2028 (a) (b)
|
3,735,000 | 3,751,285 | |||
MSCI, Inc.: | |||||
3.25%, 8/15/2033 (a)
|
5,881,000 | 5,957,629 | |||
3.63%, 9/1/2030 (a)
|
8,071,000 | 8,284,397 | |||
3.63%, 11/1/2031 (a)
|
4,082,000 | 4,246,260 | |||
3.88%, 2/15/2031 (a)
|
8,419,000 | 8,788,426 | |||
4.00%, 11/15/2029 (a)
|
8,549,000 | 8,937,125 | |||
Nuance Communications, Inc. 5.63%, 12/15/2026
|
2,725,960 | 2,809,674 | |||
Open Text Corp.: | |||||
3.88%, 2/15/2028 (a)
|
6,547,000 | 6,673,292 | |||
3.88%, 12/1/2029 (a)
|
7,636,000 | 7,758,176 | |||
Open Text Holdings, Inc.: | |||||
4.13%, 2/15/2030 (a)
|
7,421,000 | 7,631,608 | |||
4.13%, 12/1/2031 (a)
|
6,344,000 | 6,420,255 | |||
Playtika Holding Corp. 4.25%, 3/15/2029 (a)
|
4,358,000 | 4,273,193 | |||
PTC, Inc.: | |||||
3.63%, 2/15/2025 (a)
|
3,424,000 | 3,475,531 | |||
4.00%, 2/15/2028 (a)
|
4,670,000 | 4,753,406 | |||
Rackspace Technology Global, Inc.: | |||||
3.50%, 2/15/2028 (a)
|
5,186,000 | 4,949,830 | |||
5.38%, 12/1/2028 (a) (b)
|
4,634,000 | 4,509,531 | |||
ROBLOX Corp. 3.88%, 5/1/2030 (a)
|
9,508,000 | 9,644,250 | |||
Rocket Software, Inc. 6.50%, 2/15/2029 (a)
|
2,525,000 | 2,464,652 | |||
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)
|
16,031,000 | 16,789,266 |
Security Description | Principal
Amount |
Value | ||||
Twilio, Inc.: | ||||||
3.63%, 3/15/2029
|
$ 4,215,000 | $ 4,247,245 | ||||
3.88%, 3/15/2031
|
4,270,000 | 4,312,059 | ||||
Veritas US, Inc./Veritas Bermuda, Ltd. 7.50%, 9/1/2025 (a)
|
15,631,000 | 16,225,916 | ||||
Ziff Davis, Inc. 4.63%, 10/15/2030 (a)
|
7,434,000 | 7,635,982 | ||||
ZoomInfo Technologies LLC/ZoomInfo Finance
Corp. 3.88%, 2/1/2029 (a)
|
6,011,000 | 5,940,852 | ||||
226,804,937 | ||||||
TELECOMMUNICATIONS — 6.0% | ||||||
Altice France Holding SA: | ||||||
6.00%, 2/15/2028 (a) (b)
|
10,344,000 | 9,893,829 | ||||
10.50%, 5/15/2027 (a)
|
16,095,000 | 17,309,851 | ||||
Altice France SA: | ||||||
5.13%, 7/15/2029 (a)
|
20,112,000 | 19,619,859 | ||||
5.50%, 1/15/2028 (a)
|
9,722,000 | 9,637,613 | ||||
5.50%, 10/15/2029 (a)
|
14,775,000 | 14,627,250 | ||||
8.13%, 2/1/2027 (a)
|
12,154,622 | 12,960,352 | ||||
Avanti Communications Group PLC 9.00%, 10/1/2022 (a)
|
921,199 | 132,376 | ||||
Avaya, Inc. 6.13%, 9/15/2028 (a) (b)
|
9,431,000 | 10,006,763 | ||||
British Telecommunications PLC: | ||||||
5 year CMT + 2.99%, 4.25%, 11/23/2081 (a)
(c)
|
3,757,000 | 3,767,407 | ||||
5 year CMT + 3.49%, 4.88%, 11/23/2081 (a)
(c)
|
2,817,000 | 2,834,634 | ||||
CommScope Technologies LLC 5.00%, 3/15/2027 (a) (b)
|
6,105,000 | 5,752,192 | ||||
CommScope, Inc.: | ||||||
4.75%, 9/1/2029 (a)
|
8,929,000 | 8,885,069 | ||||
6.00%, 3/1/2026 (a)
|
13,385,000 | 13,867,529 | ||||
7.13%, 7/1/2028 (a)
|
8,268,000 | 8,165,807 | ||||
8.25%, 3/1/2027 (a)
|
9,940,000 | 10,222,793 | ||||
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/1/2026 (a)
|
17,995,000 | 18,899,789 | ||||
Consolidated Communications, Inc. 6.50%, 10/1/2028 (a)
|
5,296,000 | 5,615,614 | ||||
Frontier Communications Holdings LLC: | ||||||
5.00%, 5/1/2028 (a)
|
13,155,000 | 13,572,277 | ||||
5.88%, 10/15/2027 (a)
|
9,376,000 | 9,916,620 | ||||
5.88%, 11/1/2029
|
7,177,016 | 7,165,892 |
Security Description | Principal
Amount |
Value | |||
6.00%, 1/15/2030 (a)
|
$ 9,912,000 | $ 9,954,126 | |||
6.75%, 5/1/2029 (a)
|
7,331,000 | 7,645,720 | |||
Hughes Satellite Systems Corp.: | |||||
5.25%, 8/1/2026
|
5,903,000 | 6,476,299 | |||
6.63%, 8/1/2026 (b)
|
6,994,000 | 7,826,636 | |||
Iliad Holding SASU: | |||||
6.50%, 10/15/2026 (a)
|
9,613,000 | 10,107,397 | |||
7.00%, 10/15/2028 (a)
|
7,260,000 | 7,639,553 | |||
Intrado Corp. 8.50%, 10/15/2025 (a) (b)
|
5,884,000 | 5,858,405 | |||
Level 3 Financing, Inc.: | |||||
3.63%, 1/15/2029 (a)
|
6,809,500 | 6,514,921 | |||
3.75%, 7/15/2029 (a)
|
5,825,825 | 5,578,227 | |||
4.25%, 7/1/2028 (a)
|
10,760,000 | 10,722,555 | |||
4.63%, 9/15/2027 (a)
|
9,319,000 | 9,519,918 | |||
LogMeIn, Inc. 5.50%, 9/1/2027 (a)
|
8,090,000 | 8,175,916 | |||
Lumen Technologies Inc. Series T, 5.80%, 3/15/2022
|
74,000 | 74,701 | |||
Lumen Technologies, Inc.: | |||||
4.00%, 2/15/2027 (a)
|
11,742,000 | 11,912,729 | |||
5.13%, 12/15/2026 (a) (b)
|
11,371,000 | 11,830,502 | |||
5.38%, 6/15/2029 (a)
|
8,486,000 | 8,533,012 | |||
4.50%, 1/15/2029 (a)
|
7,796,000 | 7,560,015 | |||
Nokia Oyj 4.38%, 6/12/2027
|
3,693,000 | 4,011,743 | |||
Plantronics, Inc. 4.75%, 3/1/2029 (a) (b)
|
4,120,000 | 3,927,761 | |||
Sprint Corp. 7.63%, 3/1/2026
|
10,718,000 | 12,851,954 | |||
Switch, Ltd.: | |||||
3.75%, 9/15/2028 (a)
|
3,849,000 | 3,882,486 | |||
4.13%, 6/15/2029 (a)
|
2,322,000 | 2,382,860 | |||
Telesat Canada/Telesat LLC: | |||||
5.63%, 12/6/2026 (a)
|
4,360,000 | 4,093,037 | |||
6.50%, 10/15/2027 (a) (b)
|
5,103,000 | 3,954,519 | |||
T-Mobile USA, Inc.: | |||||
2.25%, 2/15/2026
|
6,713,000 | 6,720,653 | |||
2.25%, 2/15/2026 (a)
|
5,621,000 | 5,638,369 | |||
2.63%, 4/15/2026
|
8,888,000 | 8,951,727 | |||
2.63%, 2/15/2029
|
6,907,500 | 6,799,259 | |||
2.88%, 2/15/2031
|
7,673,000 | 7,575,399 |
Security Description | Principal
Amount |
Value | ||||
3.38%, 4/15/2029
|
$ 9,059,000 | $ 9,242,082 | ||||
3.38%, 4/15/2029 (a)
|
9,236,000 | 9,425,246 | ||||
3.50%, 4/15/2031
|
6,731,000 | 7,006,971 | ||||
3.50%, 4/15/2031 (a)
|
8,766,000 | 9,085,959 | ||||
4.75%, 2/1/2028
|
12,625,000 | 13,290,716 | ||||
5.38%, 4/15/2027
|
770,000 | 801,770 | ||||
VEON Holdings B.V.: | ||||||
3.38%, 11/25/2027 (a)
|
8,623,000 | 8,415,531 | ||||
4.00%, 4/9/2025 (a)
|
7,383,000 | 7,526,378 | ||||
Series REGS, 4.95%, 6/16/2024
|
3,807,000 | 3,997,921 | ||||
Series REGS, 7.25%, 4/26/2023
|
112,000 | 117,908 | ||||
Viasat, Inc. 5.63%, 9/15/2025 (a)
|
8,631,000 | 8,677,176 | ||||
ViaSat, Inc. 5.63%, 4/15/2027 (a)
|
6,320,000 | 6,511,054 | ||||
Vmed O2 UK Financing I PLC: | ||||||
4.25%, 1/31/2031 (a)
|
10,969,000 | 10,749,510 | ||||
4.75%, 7/15/2031 (a)
|
10,669,000 | 10,846,639 | ||||
Vodafone Group PLC: | ||||||
5 year USD Swap + 4.87%, 7.00%, 4/4/2079
(c)
|
15,031,000 | 18,167,218 | ||||
5 year CMT + 2.45%, 3.25%, 6/4/2081 (c)
|
4,398,000 | 4,313,778 | ||||
5 year CMT + 2.77%, 4.13%, 6/4/2081 (c)
|
7,801,000 | 7,727,983 | ||||
Windstream Escrow LLC/Windstream Escrow Finance
Corp. REGS, 7.75%, 8/15/2028 (a) (b)
|
13,017,000 | 13,780,707 | ||||
Zayo Group Holdings, Inc.: | ||||||
4.00%, 3/1/2027 (a)
|
11,307,000 | 11,144,292 | ||||
6.13%, 3/1/2028 (a)
|
8,584,000 | 8,470,605 | ||||
578,873,359 | ||||||
TOYS/GAMES/HOBBIES — 0.2% | ||||||
Mattel, Inc.: | ||||||
3.38%, 4/1/2026 (a)
|
4,781,000 | 4,904,063 | ||||
3.75%, 4/1/2029 (a) (b)
|
3,439,000 | 3,570,886 | ||||
5.88%, 12/15/2027 (a)
|
6,501,000 | 6,989,160 | ||||
15,464,109 | ||||||
TRANSPORTATION — 0.4% | ||||||
Altera Infrastructure L.P./Teekay Offshore
Finance Corp. 8.50%, 7/15/2023 (a)
|
5,675,000 | 3,069,097 | ||||
Cargo Aircraft Management, Inc. 4.75%, 2/1/2028 (a)
|
6,919,000 | 7,051,291 | ||||
First Student Bidco, Inc./First Transit Parent,
Inc. 4.00%, 7/31/2029 (a)
|
6,380,000 | 6,190,323 |
Security Description | Principal
Amount |
Value | ||||
Seaspan Corp. 5.50%, 8/1/2029 (a)
|
$ 6,250,000 | $ 6,284,875 | ||||
Watco Cos. LLC/Watco Finance Corp. 6.50%, 6/15/2027 (a)
|
5,426,000 | 5,675,270 | ||||
XPO Logistics, Inc. 6.25%, 5/1/2025 (a)
|
8,398,000 | 8,800,096 | ||||
37,070,952 | ||||||
TRUCKING & LEASING — 0.2% | ||||||
Fortress Transportation & Infrastructure
Investors LLC 6.50%, 10/1/2025 (a)
|
7,077,000 | 7,321,157 | ||||
Fortress Transportation and Infrastructure
Investors LLC 5.50%, 5/1/2028 (a)
|
9,587,000 | 9,764,359 | ||||
17,085,516 | ||||||
TOTAL CORPORATE BONDS & NOTES (Cost
$9,604,425,633)
|
9,479,732,894 |
Shares | |||
COMMON STOCKS — 0.1% | |||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (d) | |||
Avanti Communications Group PLC (f)
|
9,671,825 | — | |
ENERGY EQUIPMENT & SERVICES — 0.0% (d) | |||
Weatherford International PLC (g)
|
50,978 | 1,413,110 | |
HOUSEHOLD PRODUCTS — 0.0% (d) | |||
Cenveo Enterprises, Inc. (f)
|
20,138 | 120,829 | |
OIL, GAS & CONSUMABLE FUELS — 0.0% (d) | |||
Amplify Energy Corp. (b) (g)
|
136,015 | 423,007 | |
EP Energy Corp. (g)
|
5,918 | 514,866 | |
Gulfport Energy Corp. (g)
|
11,877 | 855,500 | |
1,793,373 | |||
TRANSPORTATION INFRASTRUCTURE — 0.1% | |||
ATD New Holdings, Inc. (g)
|
35,050 | 2,988,013 | |
TOTAL COMMON STOCKS (Cost
$8,797,389)
|
6,315,325 | ||
SHORT-TERM INVESTMENTS — 3.4% | |||
State Street Institutional Liquid Reserves Fund,
Premier Class 0.04% (h) (i)
|
35,917,719 | 35,921,311 |
Security Description | Shares | Value | ||||
State Street Navigator Securities Lending
Portfolio II (j) (k)
|
297,628,847 | $ 297,628,847 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost
$333,551,376)
|
333,550,158 | |||||
TOTAL INVESTMENTS — 101.8% (Cost
$9,946,774,398)
|
9,819,598,377 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%
|
(176,569,801) | |||||
NET ASSETS — 100.0%
|
$ 9,643,028,576 |
(a) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 75.6% of net assets as of December 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
(b) | All or a portion of the shares of the security are on loan at December 31, 2021. |
(c) | Variable Rate Security - Interest rate shown is rate in effect at December 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
(d) | Amount is less than 0.05% of net assets. |
(e) | Security is currently in default and/or issuer is in bankruptcy. |
(f) | Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2021, total aggregate fair value of the securities is $120,829, representing 0.00% of the Fund's net assets. |
(g) | Non-income producing security. |
(h) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below. |
(i) | The rate shown is the annualized seven-day yield at December 31, 2021. |
(j) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below. |
(k) | Investment of cash collateral for securities loaned. |
CMT | Constant Maturity Treasury |
GMTN | Global Medium Term Note |
LIBOR | London Interbank Offered Rate |
LP | Limited Partnership |
PIK | Payment in Kind |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
Description | Level
1 – Quoted Prices |
Level
2 – Other Significant Observable Inputs |
Level
3 – Significant Unobservable Inputs |
Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Corporate Bonds & Notes
|
$ — | $9,479,732,894 | $ — | $9,479,732,894 | ||||
Common Stocks
|
2,691,617 | 3,502,879 | 120,829 | 6,315,325 | ||||
Short-Term Investments
|
333,550,158 | — | — | 333,550,158 | ||||
TOTAL INVESTMENTS
|
$336,241,775 | $9,483,235,773 | $120,829 | $9,819,598,377 |
Number
of Shares Held at 6/30/21 |
Value
at 6/30/21 |
Cost
of Purchases |
Proceeds
from Shares Sold |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation/ Depreciation |
Number
of Shares Held at 12/31/21 |
Value
at 12/31/21 |
Dividend
Income | |||||||||
State Street Institutional Liquid Reserves Fund,
Premier Class
|
53,036,212 | $ 53,052,122 | $1,189,643,440 | $1,206,770,457 | $877 | $(4,671) | 35,917,719 | $ 35,921,311 | $ 17,183 | ||||||||
State Street Navigator Securities Lending
Portfolio II
|
564,317,081 | 564,317,081 | 335,827,210 | 602,515,444 | — | — | 297,628,847 | 297,628,847 | 626,816 | ||||||||
Total
|
$617,369,203 | $1,525,470,650 | $1,809,285,901 | $877 | $(4,671) | $333,550,158 | $643,999 | ||||||||||
Security Description | Principal
Amount |
Value | ||||
CORPORATE BONDS & NOTES — 97.9% | ||||||
ADVERTISING — 0.2% | ||||||
Clear Channel International BV 6.63%, 8/1/2025 (a)
|
$ 4,288,000 | $ 4,446,742 | ||||
Outfront Media Capital LLC/Outfront Media Capital
Corp. 6.25%, 6/15/2025 (a)
|
3,856,000 | 4,036,268 | ||||
Summer BC Bidco B LLC 5.50%, 10/31/2026 (a)
|
1,153,000 | 1,174,630 | ||||
9,657,640 | ||||||
AEROSPACE & DEFENSE — 3.7% | ||||||
Bombardier, Inc.: | ||||||
7.13%, 6/15/2026 (a)
|
8,624,000 | 8,955,248 | ||||
7.50%, 12/1/2024 (a)
|
10,168,000 | 10,564,349 | ||||
7.50%, 3/15/2025 (a)
|
10,665,000 | 10,859,316 | ||||
F-Brasile SpA/F-Brasile US LLC Series XR, 7.38%, 8/15/2026 (a)
|
8,106,000 | 8,091,490 | ||||
Howmet Aerospace, Inc.: | ||||||
5.13%, 10/1/2024
|
7,305,000 | 7,890,642 | ||||
6.88%, 5/1/2025
|
2,242,000 | 2,576,350 | ||||
Maxar Space Robotics LLC 9.75%, 12/31/2023 (a)
|
5,858,000 | 6,310,706 | ||||
Rolls-Royce PLC 3.63%, 10/14/2025 (a)
|
10,107,000 | 10,290,543 | ||||
Spirit AeroSystems, Inc.: | ||||||
5.50%, 1/15/2025 (a)
|
3,592,000 | 3,728,748 | ||||
7.50%, 4/15/2025 (a)
|
10,207,000 | 10,739,397 | ||||
TransDigm UK Holdings PLC 6.88%, 5/15/2026
|
2,950,000 | 3,087,352 | ||||
TransDigm, Inc.: | ||||||
6.25%, 3/15/2026 (a)
|
35,748,000 | 37,146,819 | ||||
6.38%, 6/15/2026
|
6,678,000 | 6,862,446 | ||||
8.00%, 12/15/2025 (a)
|
14,064,000 | 14,834,989 | ||||
Triumph Group, Inc.: | ||||||
6.25%, 9/15/2024 (a)
|
3,759,000 | 3,781,892 | ||||
7.75%, 8/15/2025
|
2,639,000 | 2,625,831 | ||||
8.88%, 6/1/2024 (a)
|
6,371,000 | 6,944,645 | ||||
155,290,763 | ||||||
AGRICULTURE — 0.1% | ||||||
Vector Group, Ltd.: | ||||||
5.75%, 2/1/2029 (a)
|
2,657,000 | 2,584,650 |
Security Description | Principal
Amount |
Value | ||||
10.50%, 11/1/2026 (a)
|
$ 2,854,000 | $ 2,957,486 | ||||
5,542,136 | ||||||
AIRLINES — 3.5% | ||||||
Air Canada 3.88%, 8/15/2026 (a)
|
7,362,000 | 7,527,719 | ||||
American Airlines Group, Inc.: | ||||||
3.75%, 3/1/2025 (a) (b)
|
4,715,000 | 4,390,514 | ||||
5.00%, 6/1/2022 (a) (b)
|
7,525,000 | 7,543,210 | ||||
American Airlines, Inc. 11.75%, 7/15/2025 (a)
|
21,103,000 | 26,236,516 | ||||
American Airlines, Inc./AAdvantage Loyalty IP,
Ltd. 5.50%, 4/20/2026 (a)
|
29,559,400 | 30,762,763 | ||||
Delta Air Lines, Inc.: | ||||||
2.90%, 10/28/2024 (b)
|
4,902,000 | 4,997,785 | ||||
3.63%, 3/15/2022
|
13,120,000 | 13,135,088 | ||||
3.80%, 4/19/2023
|
1,266,000 | 1,293,244 | ||||
7.38%, 1/15/2026
|
7,077,000 | 8,309,813 | ||||
Hawaiian Brand Intellectual Property,
Ltd./HawaiianMiles Loyalty, Ltd. 5.75%, 1/20/2026 (a)
|
10,850,011 | 11,379,058 | ||||
Spirit Loyalty Cayman, Ltd./Spirit IP Cayman,
Ltd. 8.00%, 9/20/2025 (a)
|
6,222,999 | 6,868,324 | ||||
United Airlines Holdings, Inc.: | ||||||
4.25%, 10/1/2022
|
4,006,900 | 4,068,165 | ||||
4.88%, 1/15/2025 (b)
|
2,677,000 | 2,765,100 | ||||
United Airlines, Inc. 4.38%, 4/15/2026 (a)
|
16,519,000 | 17,235,925 | ||||
146,513,224 | ||||||
APPAREL — 0.6% | ||||||
Hanesbrands, Inc.: | ||||||
4.63%, 5/15/2024 (a)
|
11,065,000 | 11,556,618 | ||||
4.88%, 5/15/2026 (a) (b)
|
5,782,000 | 6,194,546 | ||||
Michael Kors USA, Inc. 4.50%, 11/1/2024 (a)
|
1,616,000 | 1,705,559 | ||||
Under Armour, Inc. 3.25%, 6/15/2026
|
2,028,000 | 2,093,423 | ||||
William Carter Co. 5.50%, 5/15/2025 (a)
|
3,157,000 | 3,292,088 | ||||
24,842,234 |
Security Description | Principal
Amount |
Value | ||||
AUTO MANUFACTURERS — 2.5% | ||||||
Aston Martin Capital Holdings, Ltd. 10.50%, 11/30/2025 (a)
|
$ 10,849,000 | $ 11,909,924 | ||||
Ford Motor Co.: | ||||||
4.35%, 12/8/2026
|
2,248,000 | 2,451,264 | ||||
9.00%, 4/22/2025
|
3,000 | 3,667 | ||||
Ford Motor Credit Co. LLC: | ||||||
2.70%, 8/10/2026
|
3,283,000 | 3,315,830 | ||||
2.98%, 8/3/2022
|
3,247,000 | 3,271,872 | ||||
3.09%, 1/9/2023
|
5,515,000 | 5,600,372 | ||||
3.10%, 5/4/2023
|
3,631,000 | 3,695,487 | ||||
3.22%, 1/9/2022
|
3,763,000 | 3,763,865 | ||||
3.34%, 3/28/2022
|
1,378,000 | 1,381,817 | ||||
3.35%, 11/1/2022
|
3,693,000 | 3,743,299 | ||||
3.37%, 11/17/2023
|
1,838,000 | 1,896,816 | ||||
3.38%, 11/13/2025
|
2,497,000 | 2,590,862 | ||||
3.66%, 9/8/2024
|
5,415,000 | 5,634,903 | ||||
3.81%, 1/9/2024
|
5,128,000 | 5,309,070 | ||||
4.13%, 8/4/2025
|
4,665,000 | 4,946,953 | ||||
4.14%, 2/15/2023
|
2,820,000 | 2,898,227 | ||||
4.25%, 9/20/2022
|
6,862,000 | 6,991,349 | ||||
4.38%, 8/6/2023
|
2,811,000 | 2,921,922 | ||||
4.54%, 8/1/2026
|
923,000 | 1,002,230 | ||||
4.69%, 6/9/2025
|
1,658,000 | 1,782,367 | ||||
5.13%, 6/16/2025
|
2,485,000 | 2,709,594 | ||||
5.58%, 3/18/2024
|
2,324,000 | 2,504,156 | ||||
5.60%, 1/7/2022
|
6,445,000 | 6,447,256 | ||||
Series GMTN, 4.39%, 1/8/2026
|
2,496,000 | 2,686,095 | ||||
Series MTN, 3.55%, 10/7/2022
|
150,000 | 152,174 | ||||
Jaguar Land Rover Automotive PLC: | ||||||
5.63%, 2/1/2023 (a)
|
3,861,000 | 3,870,652 | ||||
7.75%, 10/15/2025 (a)
|
6,125,000 | 6,608,201 | ||||
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (a)
|
5,205,000 | 5,442,192 | ||||
105,532,416 | ||||||
AUTO PARTS & EQUIPMENT — 1.6% | ||||||
Adient Global Holdings, Ltd. 4.88%, 8/15/2026 (a) (b)
|
5,353,000 | 5,480,509 | ||||
Adient US LLC 9.00%, 4/15/2025 (a)
|
6,155,000 | 6,558,830 |
Security Description | Principal
Amount |
Value | ||||
American Axle & Manufacturing, Inc. 6.25%, 3/15/2026 (b)
|
$ 4,353,000 | $ 4,449,288 | ||||
Clarios Global L.P. 6.75%, 5/15/2025 (a)
|
6,710,000 | 7,039,662 | ||||
Clarios Global L.P./Clarios US Finance
Co. 6.25%, 5/15/2026 (a)
|
5,759,000 | 6,033,992 | ||||
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (a)
|
2,500,000 | 2,060,950 | ||||
Dana Financing Luxembourg Sarl 5.75%, 4/15/2025 (a)
|
3,619,000 | 3,713,963 | ||||
Goodyear Tire & Rubber Co.: | ||||||
5.00%, 5/31/2026
|
5,419,000 | 5,582,491 | ||||
9.50%, 5/31/2025
|
6,516,000 | 7,028,549 | ||||
IHO Verwaltungs GmbH 4.75%, 9/15/2026 (a)
|
6,589,000 | 6,728,357 | ||||
Tenneco, Inc. 5.00%, 7/15/2026 (b)
|
6,231,000 | 6,020,392 | ||||
ZF North America Capital, Inc. 4.75%, 4/29/2025 (a)
|
6,972,000 | 7,487,231 | ||||
68,184,214 | ||||||
BANKS — 2.2% | ||||||
CIT Group, Inc.: | ||||||
4.75%, 2/16/2024
|
2,419,000 | 2,559,181 | ||||
5.00%, 8/15/2022
|
12,236,000 | 12,533,212 | ||||
5.00%, 8/1/2023
|
9,146,000 | 9,656,896 | ||||
5.25%, 3/7/2025
|
5,332,000 | 5,859,122 | ||||
Commerzbank AG 8.13%, 9/19/2023 (a)
|
12,202,000 | 13,445,994 | ||||
Deutsche Bank AG 4.50%, 4/1/2025
|
9,632,000 | 10,249,026 | ||||
Freedom Mortgage Corp.: | ||||||
7.63%, 5/1/2026 (a)
|
2,884,000 | 2,945,227 | ||||
8.13%, 11/15/2024 (a)
|
6,610,000 | 6,690,179 | ||||
8.25%, 4/15/2025 (a)
|
2,000 | 2,050 | ||||
Intesa Sanpaolo SpA: | ||||||
5.02%, 6/26/2024 (a)
|
15,088,000 | 16,163,925 | ||||
5.71%, 1/15/2026 (a)
|
12,028,000 | 13,310,185 | ||||
93,414,997 | ||||||
BUILDING MATERIALS — 0.2% | ||||||
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 7/15/2025 (a)
|
2,702,000 | 2,865,876 |
Security Description | Principal
Amount |
Value | ||||
Jeld-Wen, Inc. 4.63%, 12/15/2025 (a)
|
$ 2,256,000 | $ 2,280,117 | ||||
Koppers, Inc. 6.00%, 2/15/2025 (a)
|
2,230,000 | 2,262,781 | ||||
7,408,774 | ||||||
CHEMICALS — 1.7% | ||||||
Consolidated Energy Finance SA 6.50%, 5/15/2026 (a)
|
5,087,000 | 5,196,676 | ||||
Cornerstone Chemical Co. 6.75%, 8/15/2024 (a) (b)
|
5,850,000 | 5,204,335 | ||||
CVR Partners L.P./CVR Nitrogen Finance
Corp. 9.25%, 6/15/2023 (a)
|
575,000 | 576,294 | ||||
Eurochem Finance DAC Series REGS, 5.50%, 3/13/2024
|
2,199,000 | 2,334,194 | ||||
GCP Applied Technologies, Inc. 5.50%, 4/15/2026 (a)
|
604,000 | 617,832 | ||||
INEOS Quattro Finance 2 PLC 3.38%, 1/15/2026 (a)
|
6,774,000 | 6,798,319 | ||||
Kraton Polymers LLC/Kraton Polymers Capital
Corp. 4.25%, 12/15/2025 (a)
|
3,327,000 | 3,440,218 | ||||
Neon Holdings, Inc. 10.13%, 4/1/2026 (a)
|
4,838,000 | 5,154,067 | ||||
Nufarm Australia, Ltd./Nufarm Americas,
Inc. 5.75%, 4/30/2026 (a)
|
3,138,000 | 3,205,592 | ||||
OCI NV 4.63%, 10/15/2025 (a)
|
820,000 | 849,340 | ||||
Rain CII Carbon LLC/CII Carbon Corp. 7.25%, 4/1/2025 (a)
|
5,875,000 | 6,003,134 | ||||
Rayonier AM Products, Inc. 7.63%, 1/15/2026 (a)
|
7,532,571 | 7,983,169 | ||||
SCIL IV LLC/SCIL USA Holdings LLC 5.38%, 11/1/2026 (a)
|
8,325,000 | 8,580,244 | ||||
TPC Group, Inc. 10.50%, 8/1/2024 (a)
|
9,144,000 | 6,621,810 | ||||
Trinseo Materials Operating SCA/Trinseo Materials
Finance, Inc. 5.38%, 9/1/2025 (a)
|
3,495,000 | 3,553,821 | ||||
Tronox, Inc. 6.50%, 5/1/2025 (a)
|
3,475,000 | 3,674,882 | ||||
Venator Finance Sarl/Venator Materials
LLC 5.75%, 7/15/2025 (a) (b)
|
2,297,000 | 2,197,517 | ||||
71,991,444 |
Security Description | Principal
Amount |
Value | ||||
COAL — 0.1% | ||||||
Alliance Resource Operating Partners
L.P./Alliance Resource Finance Corp. 7.50%, 5/1/2025 (a)
|
$ 4,049,000 | $ 4,105,322 | ||||
Coronado Finance Pty, Ltd. 10.75%, 5/15/2026 (a)
|
1,479,000 | 1,591,330 | ||||
5,696,652 | ||||||
COMMERCIAL SERVICES — 4.0% | ||||||
ADT Security Corp. 4.13%, 6/15/2023
|
2,917,000 | 3,030,267 | ||||
Ahern Rentals, Inc. 7.38%, 5/15/2023 (a) (b)
|
3,469,000 | 3,290,728 | ||||
Albion Financing 1 SARL/Aggreko Holdings,
Inc. 6.13%, 10/15/2026 (a)
|
4,348,000 | 4,389,002 | ||||
Allied Universal Holdco LLC/Allied Universal
Finance Corp. 6.63%, 7/15/2026 (a)
|
16,211,000 | 17,003,556 | ||||
Aptim Corp. 7.75%, 6/15/2025 (a)
|
3,870,000 | 3,437,915 | ||||
Block, Inc. 2.75%, 6/1/2026 (a)
|
9,019,000 | 9,056,248 | ||||
Brink's Co. 5.50%, 7/15/2025 (a)
|
2,933,000 | 3,064,486 | ||||
Cimpress PLC 7.00%, 6/15/2026 (a)
|
6,361,000 | 6,647,499 | ||||
CoreCivic, Inc. 8.25%, 4/15/2026 (b)
|
5,509,000 | 5,756,905 | ||||
Hertz Corp. 4.63%, 12/1/2026 (a)
|
1,385,000 | 1,396,731 | ||||
IHS Markit, Ltd.: | ||||||
3.63%, 5/1/2024
|
8,725,000 | 9,146,767 | ||||
4.00%, 3/1/2026 (a)
|
1,957,000 | 2,117,454 | ||||
4.13%, 8/1/2023
|
2,515,000 | 2,625,886 | ||||
4.75%, 2/15/2025 (a)
|
4,470,000 | 4,857,728 | ||||
5.00%, 11/1/2022 (a)
|
8,928,000 | 9,143,076 | ||||
Legends Hospitality Holding Co. LLC/Legends
Hospitality Co-Issuer, Inc. 5.00%, 2/1/2026 (a)
|
4,271,000 | 4,305,723 | ||||
MoneyGram International, Inc. 5.38%, 8/1/2026 (a)
|
3,665,000 | 3,726,719 | ||||
Nielsen Co. Luxembourg SARL 5.00%, 2/1/2025 (a) (b)
|
5,621,000 | 5,708,463 |
Security Description | Principal
Amount |
Value | ||||
North Queensland Export Terminal Pty,
Ltd. 4.45%, 12/15/2022 (a)
|
$ 3,060,000 | $ 2,950,238 | ||||
Prime Security Services Borrower LLC/Prime Finance, Inc.: | ||||||
5.25%, 4/15/2024 (a)
|
4,999,000 | 5,319,836 | ||||
5.75%, 4/15/2026 (a)
|
12,768,000 | 13,705,810 | ||||
Ritchie Bros Auctioneers, Inc. 5.38%, 1/15/2025 (a)
|
5,969,000 | 6,034,002 | ||||
RR Donnelley & Sons Co. 6.13%, 11/1/2026 (a) (b)
|
3,350,000 | 3,674,950 | ||||
Sabre GLBL, Inc.: | ||||||
7.38%, 9/1/2025 (a)
|
6,701,000 | 6,969,107 | ||||
9.25%, 4/15/2025 (a)
|
7,795,000 | 8,807,571 | ||||
Shift4 Payments LLC/Shift4 Payments Finance Sub,
Inc. 4.63%, 11/1/2026 (a)
|
6,907,000 | 7,141,907 | ||||
Team Health Holdings, Inc. 6.38%, 2/1/2025 (a) (b)
|
5,324,000 | 5,010,842 | ||||
Verscend Escrow Corp. 9.75%, 8/15/2026 (a)
|
4,906,000 | 5,184,170 | ||||
WASH Multifamily Acquisition, Inc. 5.75%, 4/15/2026 (a)
|
5,486,000 | 5,764,085 | ||||
169,267,671 | ||||||
COMPUTERS — 1.3% | ||||||
Diebold Nixdorf, Inc.: | ||||||
8.50%, 4/15/2024 (b)
|
1,554,000 | 1,557,761 | ||||
9.38%, 7/15/2025 (a)
|
9,056,000 | 9,732,031 | ||||
Exela Intermediate LLC/Exela Finance,
Inc. 11.50%, 7/15/2026 (a)
|
6,441,000 | 4,579,293 | ||||
Seagate HDD Cayman: | ||||||
4.75%, 6/1/2023
|
6,600,000 | 6,885,978 | ||||
4.88%, 3/1/2024
|
2,794,000 | 2,962,478 | ||||
Vericast Corp. 11.00%, 9/15/2026 (a)
|
10,486,452 | 11,080,719 | ||||
Western Digital Corp. 4.75%, 2/15/2026
|
16,676,000 | 18,230,370 | ||||
55,028,630 | ||||||
COSMETICS/PERSONAL CARE — 0.6% | ||||||
Avon Products, Inc. 6.50%, 3/15/2023 (b)
|
6,444,000 | 6,769,809 | ||||
Coty, Inc.: | ||||||
5.00%, 4/15/2026 (a)
|
10,851,000 | 11,182,064 | ||||
6.50%, 4/15/2026 (a) (b)
|
323,000 | 332,919 |
Security Description | Principal
Amount |
Value | ||||
Oriflame Investment Holding PLC 5.13%, 5/4/2026 (a)
|
$ 5,646,000 | $ 5,237,286 | ||||
Revlon Consumer Products Corp. 6.25%, 8/1/2024
|
4,362,000 | 1,814,679 | ||||
25,336,757 | ||||||
DISTRIBUTION & WHOLESALE — 0.8% | ||||||
Avient Corp.: | ||||||
5.25%, 3/15/2023
|
954,000 | 1,000,708 | ||||
5.75%, 5/15/2025 (a)
|
7,024,000 | 7,328,350 | ||||
G-III Apparel Group, Ltd. 7.88%, 8/15/2025 (a) (b)
|
6,436,000 | 6,844,815 | ||||
KAR Auction Services, Inc. 5.13%, 6/1/2025 (a) (b)
|
6,689,000 | 6,773,749 | ||||
Wolverine Escrow LLC: | ||||||
8.50%, 11/15/2024 (a)
|
8,620,000 | 8,103,662 | ||||
9.00%, 11/15/2026 (a)
|
3,737,000 | 3,545,740 | ||||
33,597,024 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 4.1% | ||||||
Ally Financial, Inc. 5.75%, 11/20/2025
|
7,577,000 | 8,548,296 | ||||
Castlelake Aviation Finance DAC 5.00%, 4/15/2027 (a) (b)
|
2,980,000 | 2,948,561 | ||||
Credit Acceptance Corp.: | ||||||
5.13%, 12/31/2024 (a)
|
4,809,000 | 4,932,062 | ||||
6.63%, 3/15/2026
|
1,847,000 | 1,923,281 | ||||
Enact Holdings, Inc. 6.50%, 8/15/2025 (a)
|
6,522,000 | 7,141,003 | ||||
Enova International, Inc. 8.50%, 9/15/2025 (a)
|
1,623,000 | 1,672,015 | ||||
Finance of America Funding LLC 7.88%, 11/15/2025 (a)
|
5,204,000 | 5,123,026 | ||||
Global Aircraft Leasing Co., Ltd. 6.50%, 9/15/2024 (a)
|
17,472,100 | 16,876,476 | ||||
goeasy, Ltd. 5.38%, 12/1/2024 (a)
|
5,057,000 | 5,197,736 | ||||
Home Point Capital, Inc. 5.00%, 2/1/2026 (a)
|
4,387,000 | 4,064,950 | ||||
LD Holdings Group LLC 6.50%, 11/1/2025 (a)
|
3,360,000 | 3,316,018 | ||||
Navient Corp.: | ||||||
5.50%, 1/25/2023
|
4,400,000 | 4,584,668 |
Security Description | Principal
Amount |
Value | ||||
5.88%, 10/25/2024
|
$ 3,832,000 | $ 4,092,193 | ||||
6.75%, 6/25/2025
|
2,218,000 | 2,442,040 | ||||
6.75%, 6/15/2026
|
4,477,000 | 4,947,667 | ||||
7.25%, 9/25/2023
|
1,385,070 | 1,492,399 | ||||
Series MTN, 6.13%, 3/25/2024
|
8,103,000 | 8,640,472 | ||||
OneMain Finance Corp.: | ||||||
5.63%, 3/15/2023
|
778,000 | 813,236 | ||||
6.13%, 3/15/2024
|
10,957,000 | 11,617,707 | ||||
6.88%, 3/15/2025
|
12,812,000 | 14,273,337 | ||||
7.13%, 3/15/2026
|
13,030,000 | 14,904,756 | ||||
8.88%, 6/1/2025
|
416,000 | 446,364 | ||||
PennyMac Financial Services, Inc. 5.38%, 10/15/2025 (a)
|
3,320,000 | 3,407,748 | ||||
PHH Mortgage Corp. 7.88%, 3/15/2026 (a) (b)
|
3,310,000 | 3,423,334 | ||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc. 2.88%, 10/15/2026 (a)
|
9,429,000 | 9,397,884 | ||||
SLM Corp.: | ||||||
3.13%, 11/2/2026
|
8,206,000 | 8,161,359 | ||||
4.20%, 10/29/2025
|
1,700,000 | 1,780,580 | ||||
TMX Finance LLC/TitleMax Finance Corp. 11.13%, 4/1/2023 (a)
|
1,177,000 | 1,200,058 | ||||
United Wholesale Mortgage LLC 5.50%, 11/15/2025 (a)
|
7,225,000 | 7,377,881 | ||||
VistaJet Malta Finance PLC/XO Management Holding,
Inc. 10.50%, 6/1/2024 (a)
|
6,447,000 | 6,926,721 | ||||
171,673,828 | ||||||
ELECTRIC — 1.3% | ||||||
Calpine Corp. 5.25%, 6/1/2026 (a)
|
3,998,000 | 4,101,748 | ||||
DPL, Inc. 4.13%, 7/1/2025
|
4,479,000 | 4,684,317 | ||||
Drax Finco PLC 6.63%, 11/1/2025 (a)
|
5,530,000 | 5,706,186 | ||||
FirstEnergy Corp.: | ||||||
Series A, 3.35%, 7/15/2022
|
8,194,000 | 8,241,116 | ||||
Series B, 4.75%, 3/15/2023
|
5,238,000 | 5,426,882 | ||||
FirstEnergy Transmission LLC 4.35%, 1/15/2025 (a)
|
2,905,000 | 3,099,751 | ||||
InterGen NV 7.00%, 6/30/2023 (a)
|
2,732,000 | 2,716,646 |
Security Description | Principal
Amount |
Value | ||||
NextEra Energy Operating Partners L.P.: | ||||||
3.88%, 10/15/2026 (a)
|
$ 149,000 | $ 158,000 | ||||
4.25%, 7/15/2024 (a)
|
4,208,000 | 4,376,741 | ||||
4.25%, 9/15/2024 (a)
|
69,000 | 71,859 | ||||
Talen Energy Supply LLC: | ||||||
6.50%, 6/1/2025
|
4,960,000 | 1,970,063 | ||||
10.50%, 1/15/2026 (a)
|
5,673,000 | 2,451,076 | ||||
Terraform Global Operating LLC 6.13%, 3/1/2026 (a)
|
963,000 | 983,868 | ||||
TransAlta Corp. 4.50%, 11/15/2022
|
4,365,000 | 4,448,590 | ||||
Vistra Operations Co. LLC: | ||||||
5.50%, 9/1/2026 (a)
|
5,237,000 | 5,388,559 | ||||
5.63%, 2/15/2027 (a)
|
451,000 | 466,325 | ||||
54,291,727 | ||||||
ELECTRICAL COMPONENTS & EQUIPMENT — 0.3% | ||||||
WESCO Distribution, Inc. 7.13%, 6/15/2025 (a)
|
11,936,000 | 12,641,418 | ||||
ELECTRONICS — 0.5% | ||||||
Brightstar Escrow Corp. 9.75%, 10/15/2025 (a)
|
4,985,000 | 5,352,046 | ||||
Sensata Technologies B.V.: | ||||||
4.88%, 10/15/2023 (a)
|
6,417,000 | 6,763,325 | ||||
5.00%, 10/1/2025 (a)
|
6,017,000 | 6,532,055 | ||||
5.63%, 11/1/2024 (a)
|
3,255,000 | 3,577,473 | ||||
22,224,899 | ||||||
ENERGY-ALTERNATE SOURCES — 0.3% | ||||||
Enviva Partners L.P./Enviva Partners Finance
Corp. 6.50%, 1/15/2026 (a)
|
6,709,000 | 6,941,937 | ||||
Sunnova Energy Corp. 5.88%, 9/1/2026 (a)
|
1,110,000 | 1,132,544 | ||||
TerraForm Power Operating LLC 4.25%, 1/31/2023 (a)
|
3,540,875 | 3,618,420 | ||||
11,692,901 | ||||||
ENGINEERING & CONSTRUCTION — 0.7% | ||||||
Abengoa Abenewco 2 SAU PIK 1.50%, 10/26/2024 (a) (c)
|
4,572,938 | 22,865 | ||||
Artera Services LLC 9.03%, 12/4/2025 (a)
|
8,831,000 | 9,306,019 |
Security Description | Principal
Amount |
Value | ||||
Brand Industrial Services, Inc. 8.50%, 7/15/2025 (a)
|
$ 9,057,000 | $ 9,042,328 | ||||
Brundage-Bone Concrete Pumping Holdings,
Inc. 6.00%, 2/1/2026 (a)
|
4,778,000 | 4,964,246 | ||||
Fluor Corp. 3.50%, 12/15/2024 (b)
|
373,000 | 390,389 | ||||
Tutor Perini Corp. 6.88%, 5/1/2025 (a) (b)
|
4,142,000 | 4,171,947 | ||||
27,897,794 | ||||||
ENTERTAINMENT — 3.8% | ||||||
AMC Entertainment Holdings, Inc. 10.50%, 4/15/2025 (a) (b)
|
4,363,000 | 4,648,558 | ||||
Banijay Entertainment SASU 5.38%, 3/1/2025 (a)
|
4,879,000 | 4,992,876 | ||||
Caesars Entertainment, Inc. 6.25%, 7/1/2025 (a)
|
29,048,000 | 30,510,857 | ||||
Caesars Resort Collection LLC/CRC Finco,
Inc. 5.75%, 7/1/2025 (a)
|
10,779,000 | 11,266,534 | ||||
Cedar Fair L.P./Canada's Wonderland Co./Magnum
Management Corp./Millennium Op 5.50%, 5/1/2025 (a)
|
7,790,000 | 8,096,147 | ||||
Cinemark USA, Inc. 5.88%, 3/15/2026 (a) (b)
|
3,450,000 | 3,484,673 | ||||
Golden Entertainment, Inc. 7.63%, 4/15/2026 (a)
|
1,264,000 | 1,323,421 | ||||
International Game Technology PLC: | ||||||
4.13%, 4/15/2026 (a)
|
5,927,000 | 6,093,430 | ||||
6.50%, 2/15/2025 (a)
|
10,277,000 | 11,247,149 | ||||
Jacobs Entertainment, Inc. 7.88%, 2/1/2024 (a)
|
1,873,000 | 1,912,989 | ||||
Live Nation Entertainment, Inc. 4.88%, 11/1/2024 (a)
|
5,550,000 | 5,619,319 | ||||
Merlin Entertainments PLC 5.75%, 6/15/2026 (a)
|
2,057,000 | 2,148,269 | ||||
Mohegan Gaming & Entertainment 8.00%, 2/1/2026 (a)
|
12,261,000 | 12,876,870 | ||||
Raptor Acquisition Corp./Raptor Co-Issuer
LLC 4.88%, 11/1/2026 (a)
|
5,175,000 | 5,228,303 | ||||
Scientific Games International, Inc.: | ||||||
5.00%, 10/15/2025 (a)
|
10,287,000 | 10,586,557 | ||||
8.25%, 3/15/2026 (a)
|
10,271,000 | 10,827,791 | ||||
8.63%, 7/1/2025 (a)
|
7,743,000 | 8,287,797 |
Security Description | Principal
Amount |
Value | ||||
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (a)
|
$ 7,883,000 | $ 7,967,190 | ||||
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)
|
5,250,000 | 5,607,578 | ||||
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)
|
2,964,000 | 3,103,842 | ||||
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp. 7.75%, 4/15/2025 (a)
|
5,633,000 | 5,914,650 | ||||
161,744,800 | ||||||
ENVIRONMENTAL CONTROL — 0.6% | ||||||
GFL Environmental, Inc.: | ||||||
3.75%, 8/1/2025 (a)
|
5,506,000 | 5,583,690 | ||||
4.25%, 6/1/2025 (a) (b)
|
6,518,000 | 6,705,197 | ||||
5.13%, 12/15/2026 (a)
|
500,000 | 521,255 | ||||
Stericycle, Inc. 5.38%, 7/15/2024 (a)
|
6,221,000 | 6,387,163 | ||||
Waste Pro USA, Inc. 5.50%, 2/15/2026 (a)
|
4,861,000 | 4,860,465 | ||||
24,057,770 | ||||||
FOOD — 1.6% | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC: | ||||||
3.25%, 3/15/2026 (a)
|
4,301,000 | 4,394,547 | ||||
3.50%, 2/15/2023 (a)
|
5,002,000 | 5,096,938 | ||||
7.50%, 3/15/2026 (a)
|
7,133,000 | 7,617,973 | ||||
B&G Foods, Inc. 5.25%, 4/1/2025
|
4,406,000 | 4,495,001 | ||||
Chobani LLC/Chobani Finance Corp., Inc. 7.50%, 4/15/2025 (a)
|
1,951,000 | 2,010,818 | ||||
Del Monte Foods, Inc. 11.88%, 5/15/2025 (a)
|
3,491,000 | 3,898,016 | ||||
FAGE International SA/FAGE USA Dairy Industry,
Inc. 5.63%, 8/15/2026 (a) (b)
|
3,717,000 | 3,823,826 | ||||
Fresh Market, Inc. 9.75%, 5/1/2023 (a)
|
6,016,000 | 6,188,358 | ||||
H-Food Holdings LLC/Hearthside Finance Co.,
Inc. 8.50%, 6/1/2026 (a)
|
2,224,000 | 2,232,051 | ||||
Kraft Heinz Foods Co. 3.00%, 6/1/2026
|
14,237,000 | 14,900,729 | ||||
Sigma Holdco B.V. 7.88%, 5/15/2026 (a) (b)
|
4,361,000 | 4,213,511 |
Security Description | Principal
Amount |
Value | ||||
US Foods, Inc. 6.25%, 4/15/2025 (a)
|
$ 7,208,000 | $ 7,518,809 | ||||
66,390,577 | ||||||
FOOD SERVICE — 0.4% | ||||||
Aramark Services, Inc.: | ||||||
5.00%, 4/1/2025 (a) (b)
|
4,357,000 | 4,443,661 | ||||
6.38%, 5/1/2025 (a)
|
12,785,000 | 13,362,626 | ||||
17,806,287 | ||||||
FOREST PRODUCTS & PAPER — 0.1% | ||||||
Schweitzer-Mauduit International, Inc. 6.88%, 10/1/2026 (a)
|
2,286,000 | 2,391,430 | ||||
GAS — 0.5% | ||||||
AmeriGas Partners L.P./AmeriGas Finance Corp.: | ||||||
5.50%, 5/20/2025
|
7,793,000 | 8,351,836 | ||||
5.63%, 5/20/2024
|
7,299,000 | 7,892,555 | ||||
5.88%, 8/20/2026
|
5,246,000 | 5,867,861 | ||||
Rockpoint Gas Storage Canada, Ltd. 7.00%, 3/31/2023 (a)
|
815,000 | 816,043 | ||||
22,928,295 | ||||||
HEALTH CARE SERVICES — 5.0% | ||||||
Air Methods Corp. 8.00%, 5/15/2025 (a) (b)
|
5,746,000 | 4,940,411 | ||||
Akumin, Inc. 7.00%, 11/1/2025 (a)
|
5,383,000 | 5,120,256 | ||||
CHS/Community Health Systems, Inc.: | ||||||
6.63%, 2/15/2025 (a)
|
10,201,000 | 10,558,137 | ||||
8.00%, 3/15/2026 (a)
|
17,487,000 | 18,370,618 | ||||
Encompass Health Corp. 5.75%, 9/15/2025
|
1,429,000 | 1,460,224 | ||||
Envision Helthcare Corp. 8.75%, 10/15/2026 (a)
|
8,737,000 | 5,033,386 | ||||
Global Medical Response, Inc. 6.50%, 10/1/2025 (a)
|
3,943,000 | 3,992,366 | ||||
HCA, Inc.: | ||||||
5.38%, 2/1/2025
|
24,675,000 | 27,112,150 | ||||
5.38%, 9/1/2026
|
6,581,000 | 7,420,867 | ||||
5.88%, 5/1/2023
|
12,228,000 | 12,946,395 | ||||
5.88%, 2/15/2026
|
9,451,000 | 10,680,575 |
Security Description | Principal
Amount |
Value | ||||
IQVIA, Inc. 5.00%, 10/15/2026 (a)
|
$ 3,660,000 | $ 3,759,406 | ||||
Legacy LifePoint Health LLC 6.75%, 4/15/2025 (a)
|
6,401,000 | 6,717,529 | ||||
MEDNAX, Inc. 6.25%, 1/15/2027 (a) (b)
|
4,670,000 | 4,898,456 | ||||
ModivCare, Inc. 5.88%, 11/15/2025 (a)
|
3,175,000 | 3,343,053 | ||||
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (a)
|
6,666,000 | 7,072,826 | ||||
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a)
|
6,893,000 | 6,997,567 | ||||
Select Medical Corp. 6.25%, 8/15/2026 (a)
|
10,288,000 | 10,898,901 | ||||
Tenet Healthcare Corp.: | ||||||
4.63%, 7/15/2024
|
4,308,000 | 4,372,835 | ||||
4.63%, 9/1/2024 (a)
|
8,294,000 | 8,494,964 | ||||
4.88%, 1/1/2026 (a)
|
17,929,000 | 18,419,179 | ||||
6.75%, 6/15/2023
|
14,520,000 | 15,535,529 | ||||
7.50%, 4/1/2025 (a)
|
6,640,000 | 6,974,722 | ||||
US Acute Care Solutions LLC 6.38%, 3/1/2026 (a)
|
4,645,000 | 4,860,621 | ||||
209,980,973 | ||||||
HOLDING COMPANIES-DIVERSIFIED — 0.2% | ||||||
Stena AB 7.00%, 2/1/2024 (a)
|
4,052,000 | 4,186,405 | ||||
Stena International SA: | ||||||
5.75%, 3/1/2024 (a)
|
108,000 | 111,531 | ||||
6.13%, 2/1/2025 (a)
|
5,941,000 | 6,092,377 | ||||
10,390,313 | ||||||
HOME BUILDERS — 0.6% | ||||||
Empire Communities Corp. 7.00%, 12/15/2025 (a)
|
5,048,000 | 5,231,798 | ||||
Forestar Group, Inc. 3.85%, 5/15/2026 (a)
|
5,192,000 | 5,209,653 | ||||
KB Home: | ||||||
7.50%, 9/15/2022
|
2,405,000 | 2,514,403 | ||||
7.63%, 5/15/2023
|
2,055,000 | 2,166,176 | ||||
Meritage Homes Corp. 6.00%, 6/1/2025
|
288,000 | 322,033 |
Security Description | Principal
Amount |
Value | ||||
Picasso Finance Sub, Inc. 6.13%, 6/15/2025 (a)
|
$ 2,325,000 | $ 2,434,089 | ||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.: | ||||||
5.63%, 3/1/2024 (a)
|
1,329,000 | 1,419,120 | ||||
5.88%, 4/15/2023 (a)
|
3,964,000 | 4,142,657 | ||||
Toll Brothers Finance Corp. 4.38%, 4/15/2023
|
1,833,660 | 1,896,041 | ||||
25,335,970 | ||||||
HOUSEHOLD PRODUCTS & WARES — 0.2% | ||||||
Kronos Acquisition Holdings, Inc./KIK Custom
Products, Inc. 5.00%, 12/31/2026 (a)
|
4,458,000 | 4,400,804 | ||||
Spectrum Brands, Inc. 5.75%, 7/15/2025
|
2,230,000 | 2,278,859 | ||||
6,679,663 | ||||||
HOUSEWARES — 0.8% | ||||||
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)
|
5,250,000 | 5,509,560 | ||||
Newell Brands, Inc.: | ||||||
4.35%, 4/1/2023
|
8,092,000 | 8,347,707 | ||||
4.70%, 4/1/2026
|
15,692,000 | 17,115,108 | ||||
4.88%, 6/1/2025
|
3,729,000 | 4,057,711 | ||||
35,030,086 | ||||||
INSURANCE — 1.0% | ||||||
Acrisure LLC/Acrisure Finance, Inc.: | ||||||
7.00%, 11/15/2025 (a)
|
9,800,000 | 9,831,066 | ||||
10.13%, 8/1/2026 (a)
|
650,000 | 715,877 | ||||
AssuredPartners, Inc. 7.00%, 8/15/2025 (a)
|
4,528,000 | 4,571,922 | ||||
Genworth Holdings, Inc. Series ., 4.80%, 2/15/2024
|
16,000 | 16,723 | ||||
HUB International, Ltd. 7.00%, 5/1/2026 (a)
|
13,632,000 | 14,006,062 | ||||
NMI Holdings, Inc. 7.38%, 6/1/2025 (a)
|
3,283,000 | 3,729,127 | ||||
Radian Group, Inc. 4.50%, 10/1/2024
|
5,788,000 | 6,067,560 | ||||
USI, Inc. 6.88%, 5/1/2025 (a)
|
3,365,000 | 3,401,746 | ||||
42,340,083 |
Security Description | Principal
Amount |
Value | ||||
INTERNET — 2.1% | ||||||
Cogent Communications Group, Inc. 3.50%, 5/1/2026 (a)
|
$ 3,440,000 | $ 3,492,701 | ||||
Millennium Escrow Corp. 6.63%, 8/1/2026 (a)
|
8,171,000 | 8,195,431 | ||||
Netflix, Inc.: | ||||||
3.63%, 6/15/2025 (a)
|
4,022,000 | 4,248,640 | ||||
4.38%, 11/15/2026
|
7,865,000 | 8,726,847 | ||||
5.50%, 2/15/2022
|
8,118,000 | 8,157,616 | ||||
5.75%, 3/1/2024
|
1,510,000 | 1,648,331 | ||||
5.88%, 2/15/2025
|
4,869,000 | 5,464,235 | ||||
NortonLifeLock, Inc.: | ||||||
3.95%, 6/15/2022
|
2,335,000 | 2,352,279 | ||||
5.00%, 4/15/2025 (a)
|
6,617,000 | 6,674,303 | ||||
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)
|
9,173,000 | 9,544,781 | ||||
TripAdvisor, Inc. 7.00%, 7/15/2025 (a)
|
5,110,000 | 5,411,848 | ||||
Uber Technologies, Inc.: | ||||||
7.50%, 5/15/2025 (a)
|
11,410,000 | 12,020,663 | ||||
8.00%, 11/1/2026 (a)
|
9,915,000 | 10,577,917 | ||||
86,515,592 | ||||||
INVESTMENT COMPANY SECURITY — 0.8% | ||||||
FS Energy & Power Fund 7.50%, 8/15/2023 (a)
|
1,031,000 | 1,077,519 | ||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.: | ||||||
4.75%, 9/15/2024
|
6,616,000 | 6,871,642 | ||||
6.25%, 5/15/2026
|
11,639,000 | 12,118,643 | ||||
6.38%, 12/15/2025
|
10,994,000 | 11,191,452 | ||||
6.75%, 2/1/2024
|
1,591,000 | 1,595,853 | ||||
32,855,109 | ||||||
IRON/STEEL — 0.6% | ||||||
Allegheny Technologies, Inc. 4.88%, 10/1/2029 (b)
|
1,464,000 | 1,463,151 | ||||
ArcelorMittal SA 4.55%, 3/11/2026
|
2,570,000 | 2,818,493 | ||||
Baffinland Iron Mines Corp./Baffinland Iron Mines
L.P. 8.75%, 7/15/2026 (a)
|
6,609,000 | 6,893,980 | ||||
Cleveland-Cliffs, Inc.: | ||||||
6.75%, 3/15/2026 (a)
|
7,804,000 | 8,254,837 |
Security Description | Principal
Amount |
Value | ||||
9.88%, 10/17/2025 (a)
|
$ 4,359,000 | $ 4,937,527 | ||||
24,367,988 | ||||||
LEISURE TIME — 3.2% | ||||||
24 Hour Fitness Worldwide, Inc. 8.00%, 6/1/2022 (a) (c) (d)
|
1,771,000 | 9,918 | ||||
Carnival Corp.: | ||||||
7.63%, 3/1/2026 (a)
|
16,447,000 | 17,223,298 | ||||
10.50%, 2/1/2026 (a)
|
5,196,000 | 5,932,585 | ||||
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (a)
|
1,867,000 | 1,796,241 | ||||
CWT Travel Group, Inc. 8.50%, 11/19/2026 (a)
|
3,768,000 | 3,836,954 | ||||
Life Time, Inc.: | ||||||
5.75%, 1/15/2026 (a)
|
10,277,000 | 10,687,361 | ||||
8.00%, 4/15/2026 (a)
|
1,490,000 | 1,557,750 | ||||
NCL Corp., Ltd.: | ||||||
3.63%, 12/15/2024 (a)
|
4,645,000 | 4,396,260 | ||||
5.88%, 3/15/2026 (a)
|
12,453,000 | 12,472,800 | ||||
10.25%, 2/1/2026 (a)
|
6,458,000 | 7,508,587 | ||||
12.25%, 5/15/2024 (a)
|
4,341,000 | 5,140,308 | ||||
Royal Caribbean Cruises, Ltd.: | ||||||
4.25%, 7/1/2026 (a)
|
4,966,000 | 4,821,589 | ||||
5.25%, 11/15/2022
|
6,840,000 | 6,931,793 | ||||
5.50%, 8/31/2026 (a)
|
6,520,000 | 6,629,275 | ||||
9.13%, 6/15/2023 (a)
|
9,786,000 | 10,432,072 | ||||
10.88%, 6/1/2023 (a)
|
10,343,000 | 11,305,830 | ||||
11.50%, 6/1/2025 (a)
|
11,941,000 | 13,417,982 | ||||
Viking Cruises, Ltd. 13.00%, 5/15/2025 (a)
|
8,646,000 | 9,784,160 | ||||
133,884,763 | ||||||
LODGING — 3.1% | ||||||
Genting New York LLC/GENNY Capital,
Inc. 3.30%, 2/15/2026 (a)
|
4,038,000 | 3,997,741 | ||||
Hilton Domestic Operating Co., Inc. 5.38%, 5/1/2025 (a)
|
2,605,000 | 2,708,471 | ||||
Melco Resorts Finance, Ltd.: | ||||||
4.88%, 6/6/2025 (a)
|
5,418,000 | 5,323,131 | ||||
Series REGS, 4.88%, 6/6/2025 (b)
|
5,358,000 | 5,264,181 | ||||
Series REGS, 5.25%, 4/26/2026 (b)
|
944,000 | 933,654 | ||||
MGM China Holdings, Ltd.: | ||||||
5.25%, 6/18/2025 (a)
|
2,080,000 | 2,069,600 |
Security Description | Principal
Amount |
Value | ||||
5.38%, 5/15/2024 (a)
|
$ 9,853,000 | $ 9,832,998 | ||||
5.88%, 5/15/2026 (a)
|
5,036,000 | 5,058,863 | ||||
MGM Resorts International: | ||||||
4.63%, 9/1/2026
|
2,323,000 | 2,424,933 | ||||
5.75%, 6/15/2025
|
3,990,000 | 4,304,013 | ||||
6.00%, 3/15/2023
|
8,666,000 | 9,102,593 | ||||
6.75%, 5/1/2025
|
4,649,000 | 4,876,987 | ||||
7.75%, 3/15/2022
|
12,796,000 | 12,957,997 | ||||
Studio City Finance, Ltd. 6.00%, 7/15/2025 (a)
|
5,290,000 | 5,122,677 | ||||
Travel + Leisure Co.: | ||||||
6.60%, 10/1/2025
|
4,339,000 | 4,824,534 | ||||
6.63%, 7/31/2026 (a)
|
8,858,000 | 9,810,501 | ||||
Universal Entertainment Corp. 8.50%, 12/11/2024 (a)
|
5,108,000 | 5,397,726 | ||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.: | ||||||
4.25%, 5/30/2023 (a)
|
3,081,000 | 3,117,541 | ||||
5.50%, 3/1/2025 (a)
|
16,731,603 | 17,301,147 | ||||
Wynn Macau, Ltd.: | ||||||
5.50%, 1/15/2026 (a)
|
10,218,000 | 9,595,213 | ||||
4.88%, 10/1/2024 (a)
|
4,785,000 | 4,508,140 | ||||
128,532,641 | ||||||
MACHINERY, CONSTRUCTION & MINING — 0.2% | ||||||
Weir Group PLC 2.20%, 5/13/2026 (a)
|
8,151,000 | 8,085,874 | ||||
MACHINERY-DIVERSIFIED — 0.5% | ||||||
Cleaver-Brooks, Inc. 7.88%, 3/1/2023 (a) (b)
|
3,895,000 | 3,808,920 | ||||
Colfax Corp. 6.38%, 2/15/2026 (a)
|
148,000 | 153,267 | ||||
Husky III Holding, Ltd. 13.00%, 2/15/2025 (a)
|
3,728,000 | 3,938,483 | ||||
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (a)
|
4,422,000 | 4,735,741 | ||||
Titan Acquisition, Ltd./Titan Co-Borrower
LLC 7.75%, 4/15/2026 (a)
|
3,983,000 | 4,053,141 | ||||
Welbilt, Inc. 9.50%, 2/15/2024
|
3,042,000 | 3,073,424 | ||||
19,762,976 |
Security Description | Principal
Amount |
Value | ||||
MEDIA — 4.9% | ||||||
AMC Networks, Inc.: | ||||||
4.75%, 8/1/2025 (b)
|
$ 7,886,500 | $ 8,063,710 | ||||
5.00%, 4/1/2024
|
2,999,000 | 3,022,272 | ||||
CCO Holdings LLC/CCO Holdings Capital Corp.: | ||||||
4.00%, 3/1/2023 (a)
|
3,846,000 | 3,848,885 | ||||
5.50%, 5/1/2026 (a)
|
5,375,000 | 5,544,527 | ||||
Cengage Learning, Inc. 9.50%, 6/15/2024 (a)
|
5,619,000 | 5,689,968 | ||||
CSC Holdings LLC: | ||||||
5.25%, 6/1/2024
|
4,243,000 | 4,427,019 | ||||
5.88%, 9/15/2022
|
6,409,000 | 6,572,750 | ||||
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (a) (b)
|
4,509,000 | 4,685,572 | ||||
Diamond Sports Group LLC/Diamond Sports Finance
Co. 5.38%, 8/15/2026 (a)
|
27,425,000 | 13,674,928 | ||||
DISH DBS Corp.: | ||||||
5.00%, 3/15/2023
|
10,264,000 | 10,515,263 | ||||
5.25%, 12/1/2026 (a)
|
18,185,000 | 18,471,777 | ||||
5.88%, 7/15/2022
|
20,847,000 | 21,199,731 | ||||
5.88%, 11/15/2024
|
16,228,000 | 16,665,020 | ||||
7.38%, 7/1/2028 (b)
|
2,133,000 | 2,165,507 | ||||
7.75%, 7/1/2026
|
14,810,000 | 15,643,803 | ||||
Gannett Holdings LLC 6.00%, 11/1/2026 (a)
|
2,847,000 | 2,915,186 | ||||
Gray Television, Inc. 5.88%, 7/15/2026 (a)
|
6,812,000 | 7,045,992 | ||||
iHeartCommunications, Inc. 6.38%, 5/1/2026
|
5,503,608 | 5,738,612 | ||||
Quebecor Media, Inc. 5.75%, 1/15/2023
|
4,463,000 | 4,645,804 | ||||
Radiate Holdco LLC/Radiate Finance,
Inc. 4.50%, 9/15/2026 (a)
|
7,562,000 | 7,663,860 | ||||
Sirius XM Radio, Inc. 3.13%, 9/1/2026 (a)
|
8,544,000 | 8,541,608 | ||||
TEGNA, Inc. 4.75%, 3/15/2026 (a)
|
2,906,000 | 3,026,018 | ||||
Townsquare Media, Inc. 6.88%, 2/1/2026 (a)
|
2,510,000 | 2,671,820 | ||||
Univision Communications, Inc.: | ||||||
5.13%, 2/15/2025 (a)
|
11,275,000 | 11,387,637 | ||||
9.50%, 5/1/2025 (a)
|
3,046,000 | 3,265,799 |
Security Description | Principal
Amount |
Value | ||||
Videotron, Ltd. 5.38%, 6/15/2024 (a)
|
$ 6,687,000 | $ 7,170,671 | ||||
204,263,739 | ||||||
MINING — 1.1% | ||||||
Arconic Corp. 6.00%, 5/15/2025 (a)
|
5,242,000 | 5,490,261 | ||||
Constellium SE 5.88%, 2/15/2026 (a)
|
3,081,000 | 3,122,008 | ||||
FMG Resources August 2006 Pty, Ltd. 5.13%, 5/15/2024 (a)
|
6,999,000 | 7,419,920 | ||||
Freeport-McMoRan, Inc.: | ||||||
3.88%, 3/15/2023
|
4,777,000 | 4,943,383 | ||||
4.55%, 11/14/2024
|
4,226,000 | 4,527,102 | ||||
Hudbay Minerals, Inc. 4.50%, 4/1/2026 (a)
|
6,251,000 | 6,253,813 | ||||
Novelis Corp. 3.25%, 11/15/2026 (a)
|
6,028,000 | 6,095,272 | ||||
Perenti Finance Pty, Ltd. 6.50%, 10/7/2025 (a) (b)
|
5,102,000 | 5,267,152 | ||||
Taseko Mines, Ltd. 7.00%, 2/15/2026 (a)
|
2,726,000 | 2,840,547 | ||||
45,959,458 | ||||||
MISCELLANEOUS MANUFACTURER — 0.5% | ||||||
FXI Holdings, Inc.: | ||||||
7.88%, 11/1/2024 (a)
|
8,498,000 | 8,661,672 | ||||
12.25%, 11/15/2026 (a)
|
5,243,000 | 5,895,963 | ||||
Gates Global LLC/Gates Corp. 6.25%, 1/15/2026 (a)
|
1,942,000 | 2,005,639 | ||||
Hillenbrand, Inc.: | ||||||
5.00%, 9/15/2026
|
259,000 | 288,498 | ||||
5.75%, 6/15/2025
|
2,051,000 | 2,154,842 | ||||
Trinity Industries, Inc. 4.55%, 10/1/2024
|
2,916,000 | 3,064,920 | ||||
22,071,534 | ||||||
OFFICE & BUSINESS EQUIPMENT — 0.3% | ||||||
Xerox Corp. 4.38%, 3/15/2023
|
6,280,000 | 6,483,472 | ||||
Xerox Holdings Corp. 5.00%, 8/15/2025 (a)
|
7,180,000 | 7,580,931 | ||||
14,064,403 |
Security Description | Principal
Amount |
Value | ||||
OIL & GAS — 7.2% | ||||||
Aethon United BR L.P./Aethon United Finance
Corp. 8.25%, 2/15/2026 (a)
|
$ 5,580,000 | $ 5,989,516 | ||||
Antero Resources Corp. 5.00%, 3/1/2025 (b)
|
2,210,000 | 2,244,741 | ||||
Apache Corp. 4.63%, 11/15/2025
|
3,265,000 | 3,510,626 | ||||
Ascent Resources Utica Holdings LLC/ARU Finance
Corp. 7.00%, 11/1/2026 (a)
|
6,379,000 | 6,480,362 | ||||
Athabasca Oil Corp. 9.75%, 11/1/2026 (a)
|
2,890,000 | 2,860,667 | ||||
Berry Petroleum Co. LLC 7.00%, 2/15/2026 (a)
|
3,646,000 | 3,631,562 | ||||
California Resources Corp. 7.13%, 2/1/2026 (a)
|
2,914,000 | 3,026,393 | ||||
Callon Petroleum Co. 6.13%, 10/1/2024 (b)
|
958,000 | 945,153 | ||||
Calumet Specialty Products Partners L.P./Calumet
Finance Corp. 11.00%, 4/15/2025 (a)
|
3,512,000 | 3,813,997 | ||||
Chesapeake Energy Corp. 5.50%, 2/1/2026 (a)
|
3,720,000 | 3,919,243 | ||||
Civitas Resources, Inc. 5.00%, 10/15/2026 (a)
|
2,312,000 | 2,336,669 | ||||
Continental Resources, Inc.: | ||||||
2.27%, 11/15/2026 (a)
|
2,340,000 | 2,323,714 | ||||
3.80%, 6/1/2024
|
6,305,000 | 6,581,411 | ||||
4.50%, 4/15/2023
|
5,151,000 | 5,317,893 | ||||
CrownRock L.P./CrownRock Finance, Inc. 5.63%, 10/15/2025 (a)
|
10,461,000 | 10,740,727 | ||||
CVR Energy, Inc. 5.25%, 2/15/2025 (a)
|
3,874,000 | 3,792,762 | ||||
Endeavor Energy Resources L.P./EER Finance,
Inc. 6.63%, 7/15/2025 (a)
|
6,714,000 | 7,102,271 | ||||
Ensign Drilling, Inc. 9.25%, 4/15/2024 (a)
|
3,207,000 | 3,117,813 | ||||
EQT Corp.: | ||||||
3.00%, 10/1/2022 (b)
|
6,463,000 | 6,530,409 | ||||
3.13%, 5/15/2026 (a)
|
4,762,000 | 4,895,765 | ||||
6.63%, 2/1/2025
|
5,286,000 | 5,961,287 | ||||
Gulfport Energy Corp. 8.00%, 5/17/2026 (a)
|
3,245,000 | 3,550,030 |
Security Description | Principal
Amount |
Value | |||
Harbour Energy PLC 5.50%, 10/15/2026 (a)
|
$ 4,234,000 | $ 4,205,590 | |||
Independence Energy Finance LLC 7.25%, 5/1/2026 (a)
|
3,700,000 | 3,852,773 | |||
Ithaca Energy North Sea PLC 9.00%, 7/15/2026 (a)
|
3,478,000 | 3,567,246 | |||
Laredo Petroleum, Inc. 9.50%, 1/15/2025
|
1,576,000 | 1,616,298 | |||
Magnolia Oil & Gas Operating LLC/Magnolia Oil
& Gas Finance Corp. 6.00%, 8/1/2026 (a)
|
5,607,000 | 5,763,211 | |||
Matador Resources Co. 5.88%, 9/15/2026
|
8,832,000 | 9,061,897 | |||
MEG Energy Corp. 6.50%, 1/15/2025 (a)
|
1,689,000 | 1,720,939 | |||
Moss Creek Resources Holdings, Inc. 7.50%, 1/15/2026 (a)
|
6,001,000 | 5,619,096 | |||
Murphy Oil Corp.: | |||||
5.75%, 8/15/2025 (b)
|
3,376,000 | 3,468,874 | |||
6.88%, 8/15/2024 (b)
|
2,857,000 | 2,911,540 | |||
Nabors Industries, Inc.: | |||||
5.75%, 2/1/2025
|
1,939,000 | 1,796,425 | |||
7.38%, 5/15/2027 (a)
|
492,000 | 508,831 | |||
Nabors Industries, Ltd. 7.25%, 1/15/2026 (a)
|
9,933,000 | 9,179,681 | |||
Neptune Energy Bondco PLC 6.63%, 5/15/2025 (a)
|
6,316,000 | 6,476,805 | |||
Newfield Exploration Co. 5.38%, 1/1/2026
|
2,230,000 | 2,474,631 | |||
Oasis Petroleum, Inc. 6.38%, 6/1/2026 (a)
|
2,642,000 | 2,775,738 | |||
Occidental Petroleum Corp.: | |||||
2.70%, 2/15/2023
|
1,132,000 | 1,146,954 | |||
3.20%, 8/15/2026
|
3,617,000 | 3,724,859 | |||
3.40%, 4/15/2026
|
6,417,000 | 6,580,313 | |||
5.50%, 12/1/2025
|
5,379,000 | 5,965,096 | |||
5.55%, 3/15/2026
|
8,796,000 | 9,791,004 | |||
5.88%, 9/1/2025
|
4,995,000 | 5,500,244 | |||
6.95%, 7/1/2024
|
6,830,000 | 7,594,004 | |||
8.00%, 7/15/2025
|
500,000 | 581,170 | |||
Ovintiv Exploration, Inc. 5.63%, 7/1/2024
|
4,781,000 | 5,268,088 |
Security Description | Principal
Amount |
Value | ||||
PBF Holding Co. LLC/PBF Finance Corp.: | ||||||
7.25%, 6/15/2025
|
$ 3,991,000 | $ 2,834,608 | ||||
9.25%, 5/15/2025 (a)
|
11,794,000 | 11,234,021 | ||||
PDC Energy, Inc.: | ||||||
5.75%, 5/15/2026
|
4,657,000 | 4,809,796 | ||||
6.13%, 9/15/2024
|
1,218,000 | 1,236,769 | ||||
Penn Virginia Escrow LLC 9.25%, 8/15/2026 (a)
|
1,480,000 | 1,540,591 | ||||
Petrofac, Ltd. 9.75%, 11/15/2026
|
2,206,000 | 2,249,260 | ||||
Puma International Financing SA: | ||||||
5.00%, 1/24/2026 (a)
|
4,568,000 | 4,569,782 | ||||
5.13%, 10/6/2024 (a)
|
4,595,000 | 4,601,387 | ||||
Range Resources Corp.: | ||||||
4.88%, 5/15/2025
|
3,846,000 | 3,980,110 | ||||
5.00%, 3/15/2023
|
7,758,000 | 7,920,297 | ||||
9.25%, 2/1/2026
|
5,207,000 | 5,616,999 | ||||
SM Energy Co. 10.00%, 1/15/2025 (a) (b)
|
5,513,000 | 6,063,583 | ||||
Southwestern Energy Co. 6.45%, 1/23/2025
|
1,927,000 | 2,118,178 | ||||
Strathcona Resources, Ltd. 6.88%, 8/1/2026 (a)
|
5,547,000 | 5,446,821 | ||||
Talos Production, Inc. 12.00%, 1/15/2026
|
6,809,000 | 7,147,407 | ||||
Tap Rock Resources LLC 7.00%, 10/1/2026 (a)
|
2,660,000 | 2,764,405 | ||||
Transocean Guardian, Ltd. 5.88%, 1/15/2024 (a)
|
6,135,860 | 5,885,210 | ||||
Transocean Pontus, Ltd. 6.13%, 8/1/2025 (a)
|
1,220,463 | 1,192,722 | ||||
Transocean, Inc. 7.50%, 1/15/2026 (a)
|
9,003,000 | 6,709,666 | ||||
W&T Offshore, Inc. 9.75%, 11/1/2023 (a)
|
3,709,000 | 3,549,142 | ||||
301,295,072 | ||||||
OIL & GAS SERVICES — 0.8% | ||||||
CSI Compressco L.P./CSI Compressco Finance,
Inc. 7.50%, 4/1/2025 (a) (b)
|
3,391,000 | 3,440,068 | ||||
Exterran Energy Solutions L.P./EES Finance
Corp. 8.13%, 5/1/2025
|
2,996,000 | 2,786,280 |
Security Description | Principal
Amount |
Value | ||||
KCA Deutag UK Finance PLC 9.88%, 12/1/2025 (a)
|
$ 5,280,000 | $ 5,696,064 | ||||
Nine Energy Service, Inc. 8.75%, 11/1/2023 (a)
|
2,606,000 | 1,253,512 | ||||
Oceaneering International, Inc. 4.65%, 11/15/2024
|
3,147,000 | 3,162,578 | ||||
TechnipFMC PLC 6.50%, 2/1/2026 (a)
|
10,108,000 | 10,800,903 | ||||
USA Compression Partners L.P./USA Compression
Finance Corp. 6.88%, 4/1/2026
|
5,432,000 | 5,656,885 | ||||
Weatherford International, Ltd. 11.00%, 12/1/2024 (a)
|
1,618,000 | 1,667,656 | ||||
34,463,946 | ||||||
PACKAGING & CONTAINERS — 2.7% | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.: | ||||||
4.13%, 8/15/2026 (a)
|
11,801,000 | 12,064,516 | ||||
5.25%, 4/30/2025 (a)
|
5,741,000 | 5,946,757 | ||||
Ball Corp.: | ||||||
4.00%, 11/15/2023
|
4,882,000 | 5,101,153 | ||||
4.88%, 3/15/2026
|
5,769,000 | 6,349,015 | ||||
5.25%, 7/1/2025
|
7,126,000 | 7,849,788 | ||||
Cascades, Inc./Cascades USA, Inc. 5.13%, 1/15/2026 (a)
|
1,471,000 | 1,527,354 | ||||
Crown Americas LLC/Crown Americas Capital Corp.: | ||||||
4.25%, 9/30/2026
|
4,607,000 | 4,930,365 | ||||
4.75%, 2/1/2026
|
2,310,000 | 2,373,918 | ||||
Crown Cork & Seal Co., Inc. 7.38%, 12/15/2026
|
3,756,000 | 4,529,698 | ||||
Flex Acquisition Co., Inc. 6.88%, 1/15/2025 (a)
|
6,905,000 | 6,911,905 | ||||
LABL, Inc. 6.75%, 7/15/2026 (a)
|
7,533,000 | 7,746,335 | ||||
Mauser Packaging Solutions Holding Co.: | ||||||
5.50%, 4/15/2024 (a)
|
11,415,000 | 11,516,708 | ||||
7.25%, 4/15/2025 (a)
|
8,260,947 | 8,237,651 | ||||
Owens-Brockway Glass Container, Inc. 5.88%, 8/15/2023 (a)
|
6,033,000 | 6,318,542 | ||||
Sealed Air Corp.: | ||||||
1.57%, 10/15/2026 (a)
|
2,175,000 | 2,110,055 | ||||
4.88%, 12/1/2022 (a)
|
4,278,000 | 4,369,164 | ||||
5.13%, 12/1/2024 (a)
|
2,002,000 | 2,144,082 |
Security Description | Principal
Amount |
Value | ||||
5.50%, 9/15/2025 (a)
|
$ 5,855,000 | $ 6,477,211 | ||||
Trivium Packaging Finance B.V. 5.50%, 8/15/2026 (a)
|
6,298,000 | 6,576,435 | ||||
113,080,652 | ||||||
PHARMACEUTICALS — 2.3% | ||||||
Bausch Health Americas, Inc. 9.25%, 4/1/2026 (a)
|
13,500,000 | 14,337,000 | ||||
Bausch Health Cos., Inc.: | ||||||
5.50%, 11/1/2025 (a)
|
19,664,000 | 19,963,089 | ||||
6.13%, 4/15/2025 (a)
|
19,212,951 | 19,610,275 | ||||
9.00%, 12/15/2025 (a)
|
9,790,000 | 10,316,310 | ||||
Elanco Animal Health, Inc. 5.27%, 8/28/2023
|
5,406,000 | 5,748,362 | ||||
Endo Finance LLC/Endo Finco, Inc. 7.25%, 1/15/2022 (a)
|
15,000 | 14,611 | ||||
Herbalife Nutrition, Ltd./HLF Financing,
Inc. 7.88%, 9/1/2025 (a)
|
4,228,000 | 4,496,182 | ||||
Lannett Co., Inc. 7.75%, 4/15/2026 (a) (b)
|
5,714,000 | 4,378,467 | ||||
P&L Development LLC/PLD Finance
Corp. 7.75%, 11/15/2025 (a)
|
5,106,000 | 5,116,008 | ||||
Perrigo Finance Unlimited Co.: | ||||||
3.90%, 12/15/2024
|
2,389,000 | 2,504,102 | ||||
4.38%, 3/15/2026
|
5,313,000 | 5,683,741 | ||||
PRA Health Sciences, Inc. 2.88%, 7/15/2026 (a)
|
2,651,000 | 2,663,274 | ||||
94,831,421 | ||||||
PIPELINES — 4.5% | ||||||
Antero Midstream Partners L.P./Antero Midstream
Finance Corp. 7.88%, 5/15/2026 (a)
|
5,818,000 | 6,410,098 | ||||
Blue Racer Midstream LLC/Blue Racer Finance
Corp. 7.63%, 12/15/2025 (a)
|
4,661,000 | 4,955,156 | ||||
Buckeye Partners L.P.: | ||||||
3.95%, 12/1/2026
|
1,440,000 | 1,466,496 | ||||
4.13%, 3/1/2025 (a)
|
7,593,000 | 7,854,427 | ||||
Crestwood Midstream Partners L.P./Crestwood
Midstream Finance Corp. 5.75%, 4/1/2025
|
4,587,000 | 4,688,831 | ||||
DCP Midstream Operating L.P.: | ||||||
4.95%, 4/1/2022
|
2,697,000 | 2,697,000 |
Security Description | Principal
Amount |
Value | |||
5.38%, 7/15/2025
|
$ 5,445,000 | $ 5,950,895 | |||
EnLink Midstream Partners L.P.: | |||||
4.15%, 6/1/2025
|
5,678,000 | 5,887,972 | |||
4.40%, 4/1/2024
|
3,806,465 | 4,003,069 | |||
EQM Midstream Partners L.P.: | |||||
4.00%, 8/1/2024
|
3,056,000 | 3,178,698 | |||
4.75%, 7/15/2023
|
2,440,000 | 2,535,380 | |||
6.00%, 7/1/2025 (a)
|
8,484,000 | 9,224,568 | |||
Genesis Energy L.P./Genesis Energy Finance Corp.: | |||||
6.25%, 5/15/2026
|
4,088,000 | 3,999,127 | |||
6.50%, 10/1/2025
|
3,463,000 | 3,429,340 | |||
Hess Midstream Operations L.P. 5.63%, 2/15/2026 (a)
|
6,721,000 | 6,952,270 | |||
Howard Midstream Energy Partners LLC 6.75%, 1/15/2027 (a)
|
2,430,000 | 2,490,750 | |||
New Fortress Energy, Inc.: | |||||
6.50%, 9/30/2026 (a)
|
12,942,000 | 12,928,540 | |||
6.75%, 9/15/2025 (a)
|
10,725,000 | 10,895,098 | |||
NGL Energy Operating LLC/NGL Energy Finance
Corp. 7.50%, 2/1/2026 (a)
|
14,892,000 | 15,346,504 | |||
NGL Energy Partners L.P./NGL Energy Finance Corp.: | |||||
6.13%, 3/1/2025 (b)
|
2,529,000 | 2,178,759 | |||
7.50%, 11/1/2023 (b)
|
7,477,000 | 7,418,081 | |||
Northriver Midstream Finance L.P. 5.63%, 2/15/2026 (a)
|
4,893,000 | 5,084,267 | |||
NuStar Logistics L.P.: | |||||
5.75%, 10/1/2025
|
2,794,000 | 3,003,997 | |||
6.00%, 6/1/2026
|
1,783,000 | 1,944,807 | |||
PBF Logistics L.P./PBF Logistics Finance
Corp. 6.88%, 5/15/2023 (b)
|
4,966,000 | 4,832,315 | |||
Rattler Midstream L.P. 5.63%, 7/15/2025 (a)
|
5,764,000 | 5,997,442 | |||
Rockies Express Pipeline LLC 3.60%, 5/15/2025 (a)
|
1,381,000 | 1,422,610 | |||
Ruby Pipeline LLC 8.00%, 4/1/2022 (a)
|
2,638,697 | 2,386,121 | |||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.: | |||||
5.75%, 4/15/2025
|
1,429,000 | 1,308,364 | |||
8.50%, 10/15/2026 (a)
|
3,478,000 | 3,615,068 | |||
Tallgrass Energy Partners L.P./Tallgrass Energy
Finance Corp. 7.50%, 10/1/2025 (a)
|
3,868,500 | 4,191,752 |
Security Description | Principal
Amount |
Value | ||||
Targa Resources Partners L.P./Targa Resources
Partners Finance Corp. 5.88%, 4/15/2026
|
$ 9,841,000 | $ 10,302,346 | ||||
Western Midstream Operating L.P.: | ||||||
3.95%, 6/1/2025
|
6,195,000 | 6,489,634 | ||||
4.00%, 7/1/2022
|
5,582,000 | 5,606,952 | ||||
4.35%, 2/1/2025
|
5,604,000 | 5,835,053 | ||||
4.65%, 7/1/2026
|
1,078,000 | 1,173,220 | ||||
187,685,007 | ||||||
REAL ESTATE — 0.7% | ||||||
Five Point Operating Co. L.P./Five Point Capital
Corp. 7.88%, 11/15/2025 (a)
|
2,549,000 | 2,663,399 | ||||
Greystar Real Estate Partners LLC 5.75%, 12/1/2025 (a)
|
2,065,000 | 2,101,014 | ||||
Newmark Group, Inc. 6.13%, 11/15/2023
|
2,401,000 | 2,573,632 | ||||
Realogy Group LLC/Realogy Co-Issuer Corp.: | ||||||
4.88%, 6/1/2023 (a) (b)
|
4,379,000 | 4,519,741 | ||||
7.63%, 6/15/2025 (a)
|
6,193,000 | 6,581,177 | ||||
WeWork Cos. LLC/WW Co-Obligor, Inc. 5.00%, 7/10/2025 (a) (b)
|
3,950,000 | 3,428,166 | ||||
WeWork Cos., Inc. 7.88%, 5/1/2025 (a) (b)
|
6,395,000 | 6,106,969 | ||||
27,974,098 | ||||||
REAL ESTATE INVESTMENT TRUSTS — 3.8% | ||||||
Blackstone Mortgage Trust, Inc. 3.75%, 1/15/2027 (a)
|
3,241,000 | 3,230,175 | ||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL: | ||||||
4.50%, 4/1/2027 (a)
|
472,000 | 465,010 | ||||
5.75%, 5/15/2026 (a)
|
7,130,000 | 7,397,375 | ||||
Diversified Healthcare Trust 9.75%, 6/15/2025
|
8,578,000 | 9,279,509 | ||||
EPR Properties: | ||||||
4.50%, 6/1/2027
|
2,648,000 | 2,796,738 | ||||
4.75%, 12/15/2026
|
2,685,000 | 2,871,446 | ||||
GEO Group Inc. 6.00%, 4/15/2026 (b)
|
2,659,000 | 2,143,659 | ||||
HAT Holdings I LLC/HAT Holdings II LLC: | ||||||
3.38%, 6/15/2026 (a)
|
7,750,000 | 7,850,673 | ||||
6.00%, 4/15/2025 (a)
|
5,816,000 | 6,052,886 |
Security Description | Principal
Amount |
Value | ||||
iStar, Inc.: | ||||||
4.25%, 8/1/2025
|
$ 8,010,000 | $ 8,235,001 | ||||
4.75%, 10/1/2024
|
4,002,000 | 4,179,729 | ||||
5.50%, 2/15/2026
|
296,000 | 307,372 | ||||
Ladder Capital Finance Holdings LLLP/Ladder
Capital Finance Corp. 5.25%, 10/1/2025 (a)
|
2,730,000 | 2,766,609 | ||||
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc.: | ||||||
4.50%, 9/1/2026
|
1,479,000 | 1,583,314 | ||||
4.63%, 6/15/2025 (a)
|
8,144,000 | 8,693,150 | ||||
5.63%, 5/1/2024
|
9,554,000 | 10,217,621 | ||||
New Residential Investment Corp. 6.25%, 10/15/2025 (a)
|
2,818,000 | 2,827,609 | ||||
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer 7.50%, 6/1/2025 (a)
|
3,339,500 | 3,523,807 | ||||
RLJ Lodging Trust L.P. 3.75%, 7/1/2026 (a)
|
2,978,000 | 2,982,020 | ||||
Service Properties Trust: | ||||||
4.35%, 10/1/2024
|
5,706,000 | 5,591,481 | ||||
4.50%, 6/15/2023
|
1,402,000 | 1,404,369 | ||||
4.50%, 3/15/2025
|
3,332,000 | 3,254,431 | ||||
4.65%, 3/15/2024
|
2,000,000 | 1,974,680 | ||||
4.75%, 10/1/2026
|
3,479,000 | 3,382,875 | ||||
5.00%, 8/15/2022
|
7,668,000 | 7,662,709 | ||||
5.25%, 2/15/2026
|
3,936,000 | 3,913,722 | ||||
7.50%, 9/15/2025
|
9,683,000 | 10,496,275 | ||||
Starwood Property Trust, Inc.: | ||||||
3.63%, 7/15/2026 (a)
|
3,282,000 | 3,288,892 | ||||
3.75%, 12/31/2024 (a)
|
6,900,000 | 6,974,865 | ||||
4.75%, 3/15/2025
|
43,000 | 45,059 | ||||
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL
Capital LLC 7.88%, 2/15/2025 (a)
|
19,652,000 | 20,499,198 | ||||
VICI Properties L.P./VICI Note Co.,
Inc. 3.50%, 2/15/2025 (a)
|
4,085,000 | 4,165,148 | ||||
XHR L.P. 6.38%, 8/15/2025 (a)
|
214,000 | 227,208 | ||||
160,284,615 | ||||||
RETAIL — 4.3% | ||||||
1011778 BC ULC/New Red Finance, Inc. 5.75%, 4/15/2025 (a)
|
3,715,000 | 3,858,696 |
Security Description | Principal
Amount |
Value | |||
99 Escrow Issuer, Inc. 7.50%, 1/15/2026 (a)
|
$ 5,665,000 | $ 4,458,242 | |||
Abercrombie & Fitch Management Co. 8.75%, 7/15/2025 (a)
|
5,685,000 | 6,122,688 | |||
Bath & Body Works, Inc. 9.38%, 7/1/2025 (a)
|
5,728,000 | 6,987,587 | |||
Brinker International, Inc. 5.00%, 10/1/2024 (a)
|
1,309,000 | 1,396,925 | |||
Carrols Restaurant Group, Inc. 5.88%, 7/1/2029 (a) (b)
|
1,806,000 | 1,623,161 | |||
Carvana Co. 5.63%, 10/1/2025 (a)
|
4,452,000 | 4,457,654 | |||
CEC Entertainment LLC 6.75%, 5/1/2026 (a)
|
6,795,000 | 6,670,719 | |||
Dave & Buster's, Inc. 7.63%, 11/1/2025 (a)
|
3,324,000 | 3,551,528 | |||
eG Global Finance PLC: | |||||
6.75%, 2/7/2025 (a)
|
5,232,000 | 5,290,494 | |||
8.50%, 10/30/2025 (a)
|
5,526,865 | 5,758,606 | |||
Ferrellgas L.P./Ferrellgas Finance
Corp. 5.38%, 4/1/2026 (a)
|
6,292,000 | 6,111,042 | |||
Golden Nugget, Inc. 6.75%, 10/15/2024 (a)
|
16,428,000 | 16,431,121 | |||
Guitar Center, Inc. 8.50%, 1/15/2026 (a)
|
3,834,000 | 4,106,061 | |||
IRB Holding Corp.: | |||||
6.75%, 2/15/2026 (a)
|
4,582,000 | 4,676,435 | |||
7.00%, 6/15/2025 (a)
|
5,467,000 | 5,782,883 | |||
LSF9 Atlantis Holdings LLC/Victra Finance
Corp. 7.75%, 2/15/2026 (a)
|
8,307,000 | 8,395,719 | |||
Macy's Retail Holdings LLC 2.88%, 2/15/2023 (b)
|
2,634,000 | 2,666,398 | |||
NMG Holding Co., Inc./Neiman Marcus Group
LLC 7.13%, 4/1/2026 (a)
|
6,082,000 | 6,453,306 | |||
Nordstrom, Inc. 6.95%, 3/15/2028
|
1,112,000 | 1,253,024 | |||
Party City Holdings, Inc. 8.75%, 2/15/2026 (a)
|
7,151,000 | 7,382,478 | |||
Penske Automotive Group, Inc. 3.50%, 9/1/2025 (b)
|
526,000 | 539,555 | |||
QVC, Inc.: | |||||
4.38%, 3/15/2023
|
7,047,000 | 7,266,444 | |||
4.45%, 2/15/2025
|
3,748,000 | 3,966,583 |
Security Description | Principal
Amount |
Value | ||||
4.85%, 4/1/2024
|
$ 4,253,000 | $ 4,538,802 | ||||
Rite Aid Corp.: | ||||||
7.50%, 7/1/2025 (a)
|
6,429,000 | 6,598,211 | ||||
8.00%, 11/15/2026 (a)
|
7,037,000 | 7,203,003 | ||||
Sally Holdings LLC/Sally Capital, Inc. 5.63%, 12/1/2025
|
7,220,000 | 7,375,663 | ||||
Sizzling Platter LLC/Sizzling Platter Finance
Corp. 8.50%, 11/28/2025 (a)
|
1,774,000 | 1,804,460 | ||||
Specialty Building Products Holdings LLC/SBP
Finance Corp. 6.38%, 9/30/2026 (a)
|
7,301,000 | 7,649,623 | ||||
Staples, Inc. 7.50%, 4/15/2026 (a)
|
17,605,000 | 18,081,039 | ||||
Yum! Brands, Inc. 7.75%, 4/1/2025 (a)
|
3,203,000 | 3,376,955 | ||||
181,835,105 | ||||||
SEMICONDUCTORS — 0.1% | ||||||
ams AG 7.00%, 7/31/2025 (a) (b)
|
2,943,000 | 3,122,052 | ||||
Microchip Technology, Inc. 0.97%, 2/15/2024
|
247,000 | 244,898 | ||||
3,366,950 | ||||||
SOFTWARE — 1.4% | ||||||
Boxer Parent Co., Inc.: | ||||||
7.13%, 10/2/2025 (a)
|
6,522,000 | 6,848,557 | ||||
9.13%, 3/1/2026 (a)
|
5,192,000 | 5,422,265 | ||||
Camelot Finance SA 4.50%, 11/1/2026 (a)
|
5,951,000 | 6,169,342 | ||||
Change Healthcare Holdings LLC/Change Healthcare
Finance, Inc. 5.75%, 3/1/2025 (a)
|
13,320,000 | 13,448,005 | ||||
Dun & Bradstreet Corp. 6.88%, 8/15/2026 (a)
|
3,776,000 | 3,929,948 | ||||
Escrow RCN Corp. 11.63%, 4/15/2023 (c)
|
154,000 | 11,165 | ||||
Fair Isaac Corp. 5.25%, 5/15/2026 (a)
|
4,644,000 | 5,101,388 | ||||
Nuance Communications, Inc. 5.63%, 12/15/2026
|
95,000 | 97,917 | ||||
PTC, Inc. 3.63%, 2/15/2025 (a)
|
3,648,000 | 3,702,902 |
Security Description | Principal
Amount |
Value | ||||
Veritas US, Inc./Veritas Bermuda, Ltd. 7.50%, 9/1/2025 (a)
|
$ 15,711,000 | $ 16,308,961 | ||||
61,040,450 | ||||||
TELECOMMUNICATIONS — 6.8% | ||||||
Avanti Communications Group PLC 9.00%, 10/1/2022 (a)
|
2,011,375 | 289,035 | ||||
CenturyLink, Inc.: | ||||||
5.63%, 4/1/2025
|
3,856,000 | 4,079,378 | ||||
Series W, 6.75%, 12/1/2023
|
6,247,000 | 6,741,200 | ||||
CommScope Technologies LLC 6.00%, 6/15/2025 (a)
|
11,011,500 | 11,023,502 | ||||
CommScope, Inc. 6.00%, 3/1/2026 (a)
|
14,090,000 | 14,597,944 | ||||
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/1/2026 (a)
|
16,592,000 | 17,426,246 | ||||
DKT Finance ApS 9.38%, 6/17/2023 (a)
|
5,737,950 | 5,812,658 | ||||
GTH Finance B.V. Series REGS, 7.25%, 4/26/2023
|
5,130,000 | 5,400,607 | ||||
Hughes Satellite Systems Corp.: | ||||||
5.25%, 8/1/2026
|
9,672,000 | 10,611,345 | ||||
6.63%, 8/1/2026
|
3,721,000 | 4,163,985 | ||||
Iliad Holding SASU 6.50%, 10/15/2026 (a)
|
7,092,000 | 7,456,742 | ||||
Intrado Corp. 8.50%, 10/15/2025 (a) (b)
|
6,557,000 | 6,528,477 | ||||
Level 3 Financing, Inc.: | ||||||
5.25%, 3/15/2026
|
7,727,000 | 7,911,598 | ||||
5.38%, 5/1/2025
|
7,417,000 | 7,566,230 | ||||
Lumen Technologies Inc. Series T, 5.80%, 3/15/2022
|
13,923,000 | 14,054,990 | ||||
Lumen Technologies, Inc. Series Y, 7.50%, 4/1/2024 (b)
|
9,306,000 | 10,188,209 | ||||
Sprint Communications, Inc. 6.00%, 11/15/2022
|
14,532,000 | 15,116,913 | ||||
Sprint Corp.: | ||||||
7.13%, 6/15/2024
|
15,840,000 | 17,792,914 | ||||
7.63%, 2/15/2025
|
8,600,000 | 9,907,028 | ||||
7.63%, 3/1/2026
|
5,956,000 | 7,141,840 | ||||
7.88%, 9/15/2023
|
28,942,000 | 31,934,024 | ||||
Telecom Italia SpA 5.30%, 5/30/2024 (a)
|
13,137,000 | 13,821,044 |
Security Description | Principal
Amount |
Value | ||||
Telesat Canada/Telesat LLC 5.63%, 12/6/2026 (a)
|
$ 3,821,000 | $ 3,587,040 | ||||
T-Mobile USA, Inc.: | ||||||
2.25%, 2/15/2026
|
4,161,000 | 4,165,744 | ||||
2.25%, 2/15/2026 (a)
|
4,435,000 | 4,448,704 | ||||
2.63%, 4/15/2026
|
8,450,000 | 8,510,586 | ||||
4.00%, 4/15/2022
|
4,188,000 | 4,212,919 | ||||
Trilogy International South Pacific LLC/TISP
Finance, Inc. 8.88%, 5/15/2023 (a) (b)
|
1,203,100 | 1,169,509 | ||||
VEON Holdings B.V.: | ||||||
4.00%, 4/9/2025 (a)
|
9,938,000 | 10,130,996 | ||||
Series REGS, 4.95%, 6/16/2024
|
3,114,000 | 3,270,167 | ||||
Series REGS, 5.95%, 2/13/2023
|
4,379,000 | 4,561,429 | ||||
Series REGS, 7.50%, 3/1/2022
|
3,128,000 | 3,159,436 | ||||
Viasat, Inc. 5.63%, 9/15/2025 (a)
|
8,088,000 | 8,131,271 | ||||
284,913,710 | ||||||
TOYS/GAMES/HOBBIES — 0.1% (e) | ||||||
Mattel, Inc. 3.38%, 4/1/2026 (a)
|
2,258,000 | 2,316,121 | ||||
TRANSPORTATION — 0.5% | ||||||
Altera Infrastructure L.P./Teekay Offshore
Finance Corp. 8.50%, 7/15/2023 (a)
|
7,983,000 | 4,317,286 | ||||
Navios Maritime Holdings, Inc./Navios Maritime
Finance II US, Inc. 7.38%, 1/15/2022 (a)
|
3,129,000 | 3,101,371 | ||||
Western Global Airlines LLC 10.38%, 8/15/2025 (a)
|
3,892,000 | 4,333,703 | ||||
XPO Logistics, Inc. 6.25%, 5/1/2025 (a)
|
9,107,000 | 9,543,043 | ||||
21,295,403 | ||||||
TRUCKING & LEASING — 0.2% | ||||||
Fly Leasing, Ltd. 7.00%, 10/15/2024 (a)
|
2,488,000 | 2,457,895 | ||||
Fortress Transportation & Infrastructure
Investors LLC 6.50%, 10/1/2025 (a)
|
6,816,000 | 7,051,152 | ||||
9,509,047 |
Security Description | Principal
Amount |
Value | ||||
WATER — 0.1% | ||||||
Solaris Midstream Holdings LLC 7.63%, 4/1/2026 (a)
|
$ 3,465,000 | $ 3,647,536 | ||||
TOTAL CORPORATE BONDS & NOTES (Cost
$4,153,311,512)
|
4,110,706,600 |
Shares | |||
COMMON STOCKS — 0.0% | |||
CONSTRUCTION & ENGINEERING — 0.0% (e) | |||
Abengoa SA Class A (f)
|
1,017,249 | 22,095 | |
Abengoa SA Class B (f)
|
10,518,618 | 57,417 | |
79,512 | |||
HOUSEHOLD PRODUCTS — 0.0% (e) | |||
Cenveo Enterprises, Inc. (c)
|
9,870 | 59,220 | |
MEDIA — 0.0% (e) | |||
Clear Channel Outdoor Holding, Inc. (f)
|
70,012 | 231,740 | |
iHeartMedia, Inc. Class A (f)
|
29,774 | 626,445 | |
858,185 | |||
OIL, GAS & CONSUMABLE FUELS — 0.0% (e) | |||
Amplify Energy Corp. (b) (f)
|
46,662 | 145,118 | |
TRANSPORTATION INFRASTRUCTURE — 0.0% | |||
Erickson, Inc.
|
8,455,464 | 1 | |
TOTAL COMMON STOCKS (Cost
$15,839,302)
|
1,142,036 | ||
WARRANTS — 0.0% (e) | |||
ADVERTISING SERVICES — 0.0% (e) | |||
Affinion Group, Inc. (expiring 11/20/22)
(b) (c) (f)
|
11,802 | — | |
CONSTRUCTION & ENGINEERING — 0.0% (e) | |||
Abengoa Abenewco 2 SAU (expiring 10/11/24)
(a) (c) (f)
|
4,407,135 | — | |
TOTAL WARRANTS (Cost
$0)
|
— | ||
SHORT-TERM INVESTMENTS — 3.1% | |||
State Street Institutional Liquid Reserves Fund,
Premier Class 0.04% (g) (h)
|
31,086,754 | 31,089,862 |
Security Description | Shares | Value | ||||
State Street Navigator Securities Lending
Portfolio II (i) (j)
|
101,126,939 | $ 101,126,939 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost
$132,216,993)
|
132,216,801 | |||||
TOTAL INVESTMENTS — 101.0% (Cost
$4,301,367,807)
|
4,244,065,437 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%
|
(42,204,744) | |||||
NET ASSETS — 100.0%
|
$ 4,201,860,693 |
(a) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 65.7% of net assets as of December 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
(b) | All or a portion of the shares of the security are on loan at December 31, 2021. |
(c) | Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2021, total aggregate fair value of the securities is $103,168, representing less than 0.05% of the Fund's net assets. |
(d) | Security is currently in default and/or issuer is in bankruptcy. |
(e) | Amount is less than 0.05% of net assets. |
(f) | Non-income producing security. |
(g) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below. |
(h) | The rate shown is the annualized seven-day yield at December 31, 2021. |
(i) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below. |
(j) | Investment of cash collateral for securities loaned. |
GMTN | Global Medium Term Note |
MTN | Medium Term Note |
PIK | Payment in Kind |
REIT | Real Estate Investment Trust |
Description | Level
1 – Quoted Prices |
Level
2 – Other Significant Observable Inputs |
Level
3 – Significant Unobservable Inputs |
Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Corporate Bonds & Notes
|
$ — | $4,110,662,652 | $ 43,948 | $ 4,110,706,600 | ||||
Common Stocks
|
1,003,304 | 79,512 | 59,220 | 1,142,036 | ||||
Warrants
|
— | — | 0(a) | 0 | ||||
Short-Term Investments
|
132,216,801 | — | — | 132,216,801 | ||||
TOTAL INVESTMENTS
|
$133,220,105 | $4,110,742,164 | $103,168 | $4,244,065,437 |
(a) | The Fund held Level 3 securities that were valued at $0 at December 31, 2021. |
Number
of Shares Held at 6/30/21 |
Value
at 6/30/21 |
Cost
of Purchases |
Proceeds
from Shares Sold |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation/ Depreciation |
Number
of Shares Held at 12/31/21 |
Value
at 12/31/21 |
Dividend
Income | |||||||||
State Street Institutional Liquid Reserves Fund,
Premier Class
|
105,446,669 | $105,478,303 | $716,932,934 | $ 791,311,704 | $(9,228) | $(443) | 31,086,754 | $ 31,089,862 | $ 17,083 | ||||||||
State Street Navigator Securities Lending
Portfolio II
|
265,455,794 | 265,455,794 | 198,244,493 | 362,573,348 | — | — | 101,126,939 | 101,126,939 | 418,718 | ||||||||
Total
|
$370,934,097 | $915,177,427 | $1,153,885,052 | $(9,228) | $(443) | $132,216,801 | $435,801 |
SPDR Bloomberg Convertible Securities ETF | SPDR Bloomberg High Yield Bond ETF | SPDR Bloomberg Short Term High Yield Bond ETF | |||
ASSETS | |||||
Investments in unaffiliated issuers, at
value*
|
$6,277,409,364 | $ 9,486,048,219 | $ 4,111,848,636 | ||
Investments in affiliated issuers, at value
|
412,234,577 | 333,550,158 | 132,216,801 | ||
Total Investments
|
6,689,643,941 | 9,819,598,377 | 4,244,065,437 | ||
Cash
|
139,466 | 430,052 | 4,096,425 | ||
Receivable for investments sold
|
31,602,383 | 277,733,739 | 1,977,162 | ||
Receivable for fund shares sold
|
16,614,759 | 43,401,741 | — | ||
Dividends receivable — unaffiliated issuers
|
2,763,818 | — | — | ||
Dividends receivable — affiliated issuers
|
875 | 4,008 | 1,850 | ||
Interest receivable — unaffiliated issuers
|
8,635,650 | 143,991,861 | 67,233,125 | ||
Securities lending income receivable —
unaffiliated issuers
|
23,365 | 4,954 | 3,249 | ||
Securities lending income receivable — affiliated
issuers
|
189,492 | 133,888 | 69,776 | ||
Receivable for foreign taxes recoverable
|
— | 158,820 | 159,389 | ||
Other Receivable
|
— | 6,194 | — | ||
TOTAL ASSETS
|
6,749,613,749 | 10,285,463,634 | 4,317,606,413 | ||
LIABILITIES | |||||
Payable upon return of securities loaned
|
249,278,300 | 297,628,847 | 101,126,939 | ||
Payable for investments purchased
|
58,279,879 | 59,544,658 | 13,168,376 | ||
Payable for fund shares repurchased
|
— | 282,117,701 | — | ||
Advisory fee payable
|
2,196,063 | 3,120,069 | 1,448,103 | ||
Trustees’ fees and expenses payable
|
9,826 | 23,783 | 2,302 | ||
TOTAL LIABILITIES
|
309,764,068 | 642,435,058 | 115,745,720 | ||
NET ASSETS
|
$6,439,849,681 | $ 9,643,028,576 | $4,201,860,693 | ||
NET ASSETS CONSIST OF: | |||||
Paid-in Capital
|
$ 6,118,595,860 | $ 11,374,328,307 | $4,892,175,348 | ||
Total distributable earnings (loss)
|
321,253,821 | (1,731,299,731) | (690,314,655) | ||
NET ASSETS
|
$6,439,849,681 | $ 9,643,028,576 | $4,201,860,693 | ||
NET ASSET VALUE PER SHARE | |||||
Net asset value per share
|
$ 82.88 | $ 108.50 | $ 27.13 | ||
Shares outstanding (unlimited amount authorized,
$0.01 par value)
|
77,700,000 | 88,874,605 | 154,900,000 | ||
COST OF INVESTMENTS: | |||||
Investments in unaffiliated issuers
|
$5,918,400,681 | $ 9,613,223,022 | $4,169,150,814 | ||
Investments in affiliated issuers
|
387,203,704 | 333,551,376 | 132,216,993 | ||
Total cost of investments
|
$6,305,604,385 | $ 9,946,774,398 | $4,301,367,807 | ||
* Includes investments in securities on loan, at
value
|
$ 303,052,511 | $ 301,421,084 | $ 112,421,111 |
SPDR Bloomberg Convertible Securities ETF | SPDR Bloomberg High Yield Bond ETF | SPDR Bloomberg Short Term High Yield Bond ETF | |||
INVESTMENT INCOME | |||||
Interest income — unaffiliated issuers
|
$ 22,209,502 | $ 207,686,211 | $ 87,666,291 | ||
Dividend income — unaffiliated issuers
|
30,193,329 | — | — | ||
Dividend income — affiliated issuers
|
3,680,933 | 17,183 | 17,083 | ||
Unaffiliated securities lending income
|
90,896 | 24,015 | 16,626 | ||
Affiliated securities lending income
|
1,103,746 | 626,816 | 418,718 | ||
Foreign taxes withheld
|
(119,049) | (21,718) | (19,593) | ||
TOTAL INVESTMENT INCOME (LOSS)
|
57,159,357 | 208,332,507 | 88,099,125 | ||
EXPENSES | |||||
Advisory fee
|
13,765,297 | 18,281,622 | 9,467,975 | ||
Trustees’ fees and expenses
|
39,907 | 63,297 | 23,348 | ||
Miscellaneous expenses
|
83 | 112 | 60 | ||
TOTAL EXPENSES
|
13,805,287 | 18,345,031 | 9,491,383 | ||
NET INVESTMENT INCOME (LOSS)
|
$ 43,354,070 | $189,987,476 | $ 78,607,742 | ||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) on: | |||||
Investments — unaffiliated issuers
|
70,605,009 | (24,834,664) | 5,899,484 | ||
Investments — affiliated issuers
|
(8,258) | 877 | (9,228) | ||
In-kind redemptions — unaffiliated issuers
|
296,050,361 | 42,788,445 | 13,062,507 | ||
In-kind redemptions — affiliated issuers
|
3,730,982 | — | — | ||
Net realized gain (loss)
|
370,378,094 | 17,954,658 | 18,952,763 | ||
Net change in unrealized appreciation/depreciation on: | |||||
Investments — unaffiliated issuers
|
(682,214,667) | (96,947,679) | (56,234,117) | ||
Investments — affiliated issuers
|
20,702,672 | (4,671) | (443) | ||
Net change in unrealized
appreciation/depreciation
|
(661,511,995) | (96,952,350) | (56,234,560) | ||
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
(291,133,901) | (78,997,692) | (37,281,797) | ||
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
|
$(247,779,831) | $ 110,989,784 | $ 41,325,945 |
SPDR Bloomberg Convertible Securities ETF | |||
Six
Months Ended 12/31/21 (Unaudited) |
Year
Ended 6/30/21 | ||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||
Net investment income (loss)
|
$ 43,354,070 | $ (56,480,762) | |
Net realized gain (loss)
|
370,378,094 | 1,852,400,877 | |
Net change in unrealized
appreciation/depreciation
|
(661,511,995) | 380,214,977 | |
Net increase (decrease) in net assets resulting
from operations
|
(247,779,831) | 2,176,135,092 | |
Net equalization credits and charges
|
147,427 | (2,658,515) | |
Distributions to shareholders
|
(93,605,790) | (149,426,532) | |
FROM BENEFICIAL INTEREST TRANSACTIONS: | |||
Proceeds from shares sold
|
1,840,634,459 | 3,565,731,873 | |
Cost of shares redeemed
|
(1,687,796,922) | (3,608,268,419) | |
Net income equalization
|
(147,427) | 2,658,515 | |
Other Capital
|
12,059 | 137,556 | |
Net increase (decrease) in net assets from
beneficial interest transactions
|
152,702,169 | (39,740,475) | |
Net increase (decrease) in net assets during the
period
|
(188,536,025) | 1,984,309,570 | |
Net assets at beginning of period
|
6,628,385,706 | 4,644,076,136 | |
NET ASSETS AT END OF PERIOD
|
$ 6,439,849,681 | $ 6,628,385,706 | |
SHARES OF BENEFICIAL INTEREST: | |||
Shares sold
|
21,300,000 | 44,100,000 | |
Shares redeemed
|
(19,900,000) | (44,900,000) | |
Net increase (decrease) from share
transactions
|
1,400,000 | (800,000) |
SPDR Bloomberg High Yield Bond ETF | |||
Six
Months Ended 12/31/21 (Unaudited) |
Year
Ended 6/30/21 | ||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||
Net investment income (loss)
|
$ 189,987,476 | $ 493,147,777 | |
Net realized gain (loss)
|
17,954,658 | 582,843,816 | |
Net change in unrealized
appreciation/depreciation
|
(96,952,350) | 451,925,222 | |
Net increase (decrease) in net assets resulting
from operations
|
110,989,784 | 1,527,916,815 | |
Net equalization credits and charges
|
(505,093) | (4,231,181) | |
Distributions to shareholders
|
(224,112,417) | (557,603,482) | |
FROM BENEFICIAL INTEREST TRANSACTIONS: | |||
Proceeds from shares sold
|
17,875,851,163 | 35,932,293,658 | |
Cost of shares redeemed
|
(17,859,298,709) | (37,723,570,801) | |
Net income equalization
|
505,093 | 4,231,181 | |
Other Capital
|
865,934 | 4,509,591 | |
Net increase (decrease) in net assets from
beneficial interest transactions
|
17,923,481 | (1,782,536,371) | |
Net increase (decrease) in net assets during the
period
|
(95,704,245) | (816,454,219) | |
Net assets at beginning of period
|
9,738,732,821 | 10,555,187,040 | |
NET ASSETS AT END OF PERIOD
|
$ 9,643,028,576 | $ 9,738,732,821 | |
SHARES OF BENEFICIAL INTEREST: | |||
Shares sold
|
164,200,000 | 335,000,000 | |
Shares redeemed
|
(164,000,000) | (350,800,000) | |
Net increase (decrease) from share
transactions
|
200,000 | (15,800,000) |
SPDR Bloomberg Short Term High Yield Bond ETF | |||
Six
Months Ended 12/31/21 (Unaudited) |
Year
Ended 6/30/21 | ||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||
Net investment income (loss)
|
$ 78,607,742 | $ 163,142,124 | |
Net realized gain (loss)
|
18,952,763 | 202,849,484 | |
Net change in unrealized
appreciation/depreciation
|
(56,234,560) | 138,267,235 | |
Net increase (decrease) in net assets resulting
from operations
|
41,325,945 | 504,258,843 | |
Net equalization credits and charges
|
(914,165) | (1,354,275) | |
Distributions to shareholders
|
(115,095,064) | (175,655,642) | |
FROM BENEFICIAL INTEREST TRANSACTIONS: | |||
Proceeds from shares sold
|
3,384,225,303 | 15,672,178,995 | |
Cost of shares redeemed
|
(4,166,262,678) | (13,981,332,848) | |
Net income equalization
|
914,165 | 1,354,275 | |
Other Capital
|
127,653 | 749,568 | |
Net increase (decrease) in net assets from
beneficial interest transactions
|
(780,995,557) | 1,692,949,990 | |
Net increase (decrease) in net assets during the
period
|
(855,678,841) | 2,020,198,916 | |
Net assets at beginning of period
|
5,057,539,534 | 3,037,340,618 | |
NET ASSETS AT END OF PERIOD
|
$ 4,201,860,693 | $ 5,057,539,534 | |
SHARES OF BENEFICIAL INTEREST: | |||
Shares sold
|
123,900,000 | 585,900,000 | |
Shares redeemed
|
(152,700,000) | (522,900,000) | |
Net increase (decrease) from share
transactions
|
(28,800,000) | 63,000,000 |
SPDR Bloomberg Convertible Securities ETF | |||||||||||
Six
Months Ended 12/31/21 (Unaudited) |
Year
Ended 6/30/21 |
Year
Ended 6/30/20 |
Year
Ended 6/30/19 |
Year
Ended 6/30/18 |
Year
Ended 6/30/17 | ||||||
Net asset value, beginning of period
|
$ 86.87 | $ 60.23 | $ 52.93 | $ 53.09 | $ 49.53 | $ 43.78 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (a)
|
0.55 | (0.73) | 0.34 | (0.30) | 0.23 | 0.98 | |||||
Net realized and unrealized gain (loss) (b)
|
(3.34) | 29.30 | 8.56 | 2.88 | 5.40 | 7.17 | |||||
Total from investment operations
|
(2.79) | 28.57 | 8.90 | 2.58 | 5.63 | 8.15 | |||||
Net equalization credits and charges (a)
|
0.00(c) | (0.03) | 0.12 | 0.04 | 0.01 | (0.33) | |||||
Other capital (a)
|
0.00(c) | 0.00(c) | 0.00(c) | 0.00(c) | 0.00(c) | 0.02 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income
|
(1.20) | (1.90) | (1.72) | (2.78) | (2.08) | (2.09) | |||||
Net asset value, end of period
|
$ 82.88 | $ 86.87 | $ 60.23 | $ 52.93 | $ 53.09 | $ 49.53 | |||||
Total return (d)
|
(3.23)% | 47.75% | 17.45% | 5.51% | 11.62% | 18.34% | |||||
Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s)
|
$6,439,850 | $6,628,386 | $4,644,076 | $3,858,397 | $4,475,889 | $3,873,400 | |||||
Ratios to average net assets: | |||||||||||
Total expenses
|
0.40%(e) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | |||||
Net investment income (loss)
|
1.26%(e) | (0.93)% | 0.62% | (0.58)% | 0.44% | 2.12% | |||||
Portfolio turnover rate (f)
|
6%(g) | 30% | 41% | 36% | 40% | 32% |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Amount is less than $0.005 per share. |
(d) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
(g) | Not annualized. |
SPDR Bloomberg High Yield Bond ETF | |||||||||||
Six
Months Ended 12/31/21 (Unaudited) |
Year
Ended 6/30/21 |
Year
Ended 6/30/20 |
Year
Ended 6/30/19(a) |
Year
Ended 6/30/18(a) |
Year
Ended 6/30/17(a) | ||||||
Net asset value, beginning of period
|
$ 109.83 | $ 101.03 | $ 108.73 | $ 106.80 | $ 111.30 | $ 105.84 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (b)
|
2.28 | 4.56 | 5.40 | 6.08 | 5.85 | 6.54 | |||||
Net realized and unrealized gain (loss) (c)
|
(0.94) | 9.36 | (7.31) | 1.84 | (4.53) | 5.49 | |||||
Total from investment operations
|
1.34 | 13.92 | (1.91) | 7.92 | 1.32 | 12.03 | |||||
Net equalization credits and charges (b)
|
(0.01) | (0.04) | 0.00(d) | 0.06 | 0.00(d) | 0.00(d) | |||||
Other capital (b)
|
0.01 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income
|
(2.67) | (5.12) | (5.83) | (6.08) | (5.85) | (6.60) | |||||
Net asset value, end of period
|
$ 108.50 | $ 109.83 | $ 101.03 | $ 108.73 | $ 106.80 | $ 111.30 | |||||
Total return (e)
|
1.24% | 13.99% | (1.81)% | 7.81% | 1.23% | 11.65% | |||||
Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s)
|
$9,643,029 | $9,738,733 | $10,555,187 | $9,402,239 | $9,506,526 | $11,613,180 | |||||
Ratios to average net assets: | |||||||||||
Total expenses
|
0.40%(f) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | |||||
Net investment income (loss)
|
4.16%(f) | 4.26% | 5.13% | 5.72% | 5.34% | 5.97% | |||||
Portfolio turnover rate (g)
|
20%(h) | 48% | 50% | 44% | 38% | 46% |
(a) | On May 6, 2019, the SPDR Bloomberg Barclays High Yield Bond ETF underwent a 1-for-3 reverse share split. The capital share activity presented here has been retroactively adjusted to reflect this split. |
(b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
(c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(d) | Amount is less than $0.005 per share. |
(e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
(h) | Not annualized. |
SPDR Bloomberg Short Term High Yield Bond ETF | |||||||||||
Six
Months Ended 12/31/21 (Unaudited) |
Year
Ended 6/30/21 |
Year
Ended 6/30/20 |
Year
Ended 6/30/19 |
Year
Ended 6/30/18 |
Year
Ended 6/30/17 | ||||||
Net asset value, beginning of period
|
$ 27.53 | $ 25.16 | $ 27.21 | $ 27.33 | $ 27.92 | $ 26.80 | |||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (a)
|
0.46 | 1.14 | 1.37 | 1.54 | 1.48 | 1.62 | |||||
Net realized and unrealized gain (loss) (b)
|
(0.18) | 2.53 | (1.93) | (0.11) | (0.58) | 1.10 | |||||
Total from investment operations
|
0.28 | 3.67 | (0.56) | 1.43 | 0.90 | 2.72 | |||||
Net equalization credits and charges (a)
|
(0.01) | (0.01) | (0.01) | (0.01) | (0.01) | 0.02 | |||||
Other capital (a)
|
0.00(c) | 0.01 | 0.00(c) | 0.00(c) | 0.00(c) | 0.00(c) | |||||
Distributions to shareholders from: | |||||||||||
Net investment income
|
(0.67) | (1.30) | (1.48) | (1.54) | (1.48) | (1.62) | |||||
Net asset value, end of period
|
$ 27.13 | $ 27.53 | $ 25.16 | $ 27.21 | $ 27.33 | $ 27.92 | |||||
Total return (d)
|
0.97% | 14.79% | (2.10)% | 5.37% | 3.30% | 10.43% | |||||
Ratios and Supplemental Data: | |||||||||||
Net assets, end of period (in 000s)
|
$4,201,861 | $5,057,540 | $3,037,341 | $3,038,813 | $3,544,787 | $4,022,599 | |||||
Ratios to average net assets: | |||||||||||
Total expenses
|
0.40%(e) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | |||||
Net investment income (loss)
|
3.32%(e) | 4.26% | 5.27% | 5.67% | 5.37% | 5.85% | |||||
Portfolio turnover rate (f)
|
23%(g) | 74% | 90% | 65% | 53% | 57% |
(a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
(b) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
(c) | Amount is less than $0.005 per share. |
(d) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
(g) | Not annualized. |
SPDR Bloomberg Convertible Securities ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF) |
SPDR Bloomberg High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF) |
SPDR Bloomberg Short Term High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF) |
Annual Rate | |
SPDR Bloomberg Convertible Securities ETF
|
0.40% |
SPDR Bloomberg High Yield Bond ETF
|
0.40 |
SPDR Bloomberg Short Term High Yield Bond
ETF
|
0.40 |
Purchases | Sales | ||
SPDR Bloomberg Convertible Securities ETF
|
$ 417,872,220 | $ 494,502,873 | |
SPDR Bloomberg High Yield Bond ETF
|
1,844,835,246 | 1,860,724,970 | |
SPDR Bloomberg Short Term High Yield Bond
ETF
|
1,138,648,150 | 1,019,752,009 |
In-kind
Contributions |
In-kind
Redemptions |
In-kind
Net Realized Gains/(Losses) | |||
SPDR Bloomberg Convertible Securities ETF
|
$ 1,830,514,878 | $ 1,692,854,319 | $299,781,343 | ||
SPDR Bloomberg High Yield Bond ETF
|
17,327,051,891 | 17,265,332,510 | 42,788,445 | ||
SPDR Bloomberg Short Term High Yield Bond
ETF
|
3,323,117,687 | 4,054,288,732 | 13,062,507 |
Tax
Cost |
Gross
Unrealized Appreciation |
Gross
Unrealized Depreciation |
Net
Unrealized Appreciation (Depreciation) | ||||
SPDR Bloomberg Convertible Securities ETF
|
$6,423,122,733 | $553,546,240 | $287,025,032 | $ 266,521,208 | |||
SPDR Bloomberg High Yield Bond ETF
|
9,972,896,997 | 12,721,089 | 166,019,709 | (153,298,620) | |||
SPDR Bloomberg Short Term High Yield Bond
ETF
|
4,313,341,610 | 13,360,266 | 80,931,439 | (67,571,173) |
Fund | Market
Value of Securities on Loan |
Cash
Collateral Received |
Non-Cash
Collateral Received * |
Total
Collateral Received | ||||
SPDR Bloomberg Convertible Securities ETF
|
$ 303,052,511 | $ 249,278,300 | $ 61,308,672 | $ 310,586,972 | ||||
SPDR Bloomberg High Yield Bond ETF
|
301,421,084 | 297,628,847 | 10,107,478 | 307,736,325 | ||||
SPDR Bloomberg Short Term High Yield Bond
ETF
|
112,421,111 | 101,126,939 | 13,746,420 | 114,873,359 |
* | The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities. |
Remaining Contractual Maturity of the Agreements as of December 31, 2021 | ||||||||||||||
Fund | Securities
Lending Transactions |
Overnight
and Continuous |
<30 Days | Between
30 & 90 Days |
>90 Days | Total
Borrowings |
Gross
Amount of Recognized Liabilities for Securities Lending Transactions | |||||||
SPDR Bloomberg Convertible Securities ETF
|
Convertible Preferred Stocks | $ 115,106,745 | $— | $— | $— | $ 115,106,745 | $ 115,106,745 | |||||||
SPDR Bloomberg Convertible Securities ETF
|
Corporate Bonds & Notes | 134,171,555 | — | — | — | 134,171,555 | 134,171,555 | |||||||
SPDR Bloomberg High Yield Bond ETF
|
Common Stocks | 4,004 | — | — | — | 4,004 | 4,004 | |||||||
SPDR Bloomberg High Yield Bond ETF
|
Corporate Bonds & Notes | 297,624,843 | — | — | — | 297,624,843 | 297,624,843 | |||||||
SPDR Bloomberg Short Term High Yield Bond
ETF
|
Common Stocks | 50,700 | — | — | — | 50,700 | 50,700 | |||||||
SPDR Bloomberg Short Term High Yield Bond
ETF
|
Corporate Bonds & Notes | 101,070,388 | — | — | — | 101,070,388 | 101,070,388 | |||||||
SPDR Bloomberg Short Term High Yield Bond
ETF
|
Warrants | 5,851 | — | — | — | 5,851 | 5,851 |
SPDR Bloomberg Convertible Securities ETF | SPDR Bloomberg High Yield Bond ETF | SPDR Bloomberg Short Term High Yield Bond ETF | |||
Annualized Expense Ratio
|
0.40% | 0.40% | 0.40% | ||
Actual: | |||||
Ending Account Value
|
$ 967.70 | $1,012.40 | $1,009.70 | ||
Expenses Paid During Period(a)
|
1.98 | 2.03 | 2.03 | ||
Hypothetical (assuming a 5% return before expenses): | |||||
Ending Account Value
|
1,023.20 | 1,023.20 | 1,023.20 | ||
Expenses Paid During Period(a)
|
2.04 | 2.04 | 2.04 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365. |
• | the Program supported each Fund's ability to honor redemption requests timely; |
• | the Program supported SSGA FM's management of each Fund's liquidity profile, including during periods of market volatility and net redemptions; |
• | no material liquidity issues were identified during the period; |
• | there were no material changes to the Program during the period; |
• | the implementation of the Program was effective to manage each Fund's liquidity risk; and |
• | the Program operated adequately during the period. |