2 | |
3 | |
5 | |
6 | |
8 | |
9 | |
28 | |
36 | |
37 | |
39 | |
43 |
Total
Returns for the 12 Months Ended August 31, 2023 | |
Schwab
High Yield Bond ETF
(Ticker Symbol: SCYB) |
|
Market
Price Return1 |
2.04%
* |
NAV
Return1 |
2.04%
* |
ICE
BofA US Cash Pay High Yield Constrained Index |
2.15%
* |
ETF
Category: Morningstar High Yield Bond2
|
N/A |
Performance
Details |
pages
6-7 |
![]() |
Matthew
Hastings, CFA,
Managing Director and Head of Taxable Bond Strategies for Schwab Asset
Management,
is responsible for the day-to-day co-management of the fund. Mr. Hastings
leads the portfolio
management
team for the Schwab Taxable Bond Funds and Schwab Fixed-Income ETFs. He
also has overall
responsibility
for all aspects of the management of the funds. Prior to joining Schwab in
1999, Mr. Hastings
was
in fixed-income sales and trading at Lehman Brothers. He has worked in the
fixed-income securities
industry
since 1996. |
![]() |
Ryan
Hook, CFA,
Senior Portfolio Manager for Schwab Asset Management, is responsible for
the day-to-day
co-management
of the fund. Prior to joining Schwab in 2022, Mr. Hook spent nearly two
years as a Portfolio
Strategist
at Capital Group, where he was responsible for managing high yield
institutional mandates. Prior to
that,
he spent 14 years at Goldman Sachs working mainly in high yield portfolio
construction and trading, as
well
as product management. |
![]() |
Steven
Hung,
Senior Portfolio Manager for Schwab Asset Management, is responsible for
the day-to-day
co-management
of the fund. He is primarily responsible for the management and oversight
of corporate
bonds
within the taxable bond strategies, with additional responsibility for
managing municipal bond index
strategies.
Mr. Hung has been a portfolio manager with Schwab Asset Management since
2005 and prior to
that,
served in various roles as an associate portfolio manager and trader since
1999. In 1998, he joined
Schwab’s
management training program and worked as a clerk on the options trading
floor of the Pacific
Coast
Stock Exchange. |
Weighted
Average Maturity3 |
4.7
Yrs |
Weighted
Average Duration3 |
3.6
Yrs |
Fund
and Inception Date |
Since
Inception*
|
Fund:
Schwab High Yield Bond ETF
(7/11/23) |
|
Market
Price Return2
|
2.04% |
NAV
Return2
|
2.04% |
ICE
BofA US Cash Pay High Yield Constrained Index |
2.15% |
ETF
Category: Morningstar High Yield Bond3
|
N/A |
Fund
Expense Ratio4:
0.03% |
|
EXPENSE
RATIO
(ANNUALIZED)
1
|
BEGINNING
ACCOUNT
VALUE
AT
3/1/23 |
ENDING
ACCOUNT
VALUE
(NET OF
EXPENSES)
AT
8/31/232
|
EXPENSES
PAID
DURING
PERIOD
3/1/23-8/31/23
2
|
Schwab
High Yield Bond ETF
|
|
|
|
|
Actual
Return |
0.10% |
$1,000.00 |
$1,020.40 |
$0.14 |
Hypothetical
5% Return |
0.10% |
$1,000.00 |
$1,024.70 |
$0.51 |
1 |
The
expense ratio provided for the fund is for the period from 7/11/23
(commencement of operations) through 8/31/23 (see financial note 4 for
additional information). |
2 |
Actual
expenses for the fund are equal to its annualized expense ratio,
multiplied by the average account value over the period, multiplied by 52
days in the period from
commencement
of operations on 7/11/23 through 8/31/23, and divided by 365 days in the
fiscal year. Hypothetical expenses for the fund are equal to its
annualized expense
ratio,
multiplied by the average account value over the period, multiplied by 184
days in the period, and divided by 365 days in the fiscal
year. |
|
7/11/231–
8/31/23 |
|
|
|
|
|
Per-Share
Data | ||||||
Net
asset value at beginning of period |
$50.00 |
|
|
|
|
|
Income
(loss) from investment operations: |
|
|
|
|
|
|
Net
investment income (loss)2
|
0.56 |
|
|
|
|
|
Net
realized and unrealized gains (losses) |
0.46 |
|
|
|
|
|
Total
from investment operations |
1.02 |
|
|
|
|
|
Net
asset value at end of period |
$51.02 |
|
|
|
|
|
Total
return |
2.04
%3 |
|
|
|
|
|
Ratios/Supplemental
Data | ||||||
Ratios
to average net assets: |
|
|
|
|
|
|
Total
expenses |
0.10
%4 |
|
|
|
|
|
Net
investment income (loss) |
7.88
%4 |
|
|
|
|
|
Portfolio
turnover rate5
|
1
%3 |
|
|
|
|
|
Net
assets, end of period (x 1,000) |
$45,918 |
|
|
|
|
|
1 |
Commencement
of operations. |
2 |
Calculated
based on the average shares outstanding during the
period. |
3 |
Not
annualized. |
4 |
Annualized. |
5 |
Portfolio
turnover rate excludes securities received or delivered from processing of
in-kind creations or
redemptions. |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
CORPORATES
95.9%
OF NET ASSETS
| ||
| ||
Financial
Institutions 9.6%
| ||
Banking
0.7%
| ||
Ally
Financial, Inc. | ||
5.75%,
11/20/25
(a) |
55,000 |
53,399 |
Intesa
Sanpaolo S.p.A. | ||
5.71%,
01/15/26
(b) |
200,000 |
192,385 |
Popular,
Inc. | ||
7.25%,
03/13/28
(a) |
20,000 |
20,146 |
Synchrony
Financial | ||
7.25%,
02/02/33
(a) |
40,000 |
36,811 |
Western
Alliance Bancorp | ||
3.00%,
06/15/31
(a)(c) |
20,000 |
15,867 |
|
|
318,608 |
Brokerage/Asset
Managers/Exchanges 0.7%
| ||
AG
TTMT Escrow Issuer LLC | ||
8.63%,
09/30/27
(a)(b) |
75,000 |
77,373 |
Coinbase
Global, Inc. | ||
3.38%,
10/01/28
(a)(b) |
100,000 |
73,665 |
Compass
Group Diversified Holdings LLC | ||
5.25%,
04/15/29
(a)(b) |
75,000 |
68,955 |
Hunt
Cos., Inc. | ||
5.25%,
04/15/29
(a)(b) |
24,000 |
18,356 |
NFP
Corp. | ||
6.88%,
08/15/28
(a)(b) |
70,000 |
61,717 |
|
|
300,066 |
Finance
Companies 2.5%
| ||
Curo
Group Holdings Corp. | ||
7.50%,
08/01/28
(a)(b) |
50,000 |
16,742 |
FirstCash,
Inc. | ||
5.63%,
01/01/30
(a)(b) |
75,000 |
68,172 |
Fortress
Transportation & Infrastructure Investors LLC | ||
6.50%,
10/01/25
(a)(b) |
5,000 |
4,942 |
5.50%,
05/01/28
(a)(b) |
160,000 |
148,774 |
Freedom
Mortgage Corp. | ||
8.25%,
04/15/25
(a)(b) |
54,000 |
53,271 |
GGAM
Finance Ltd. | ||
8.00%,
06/15/28
(a)(b) |
40,000 |
40,598 |
Goeasy
Ltd. | ||
4.38%,
05/01/26
(a)(b) |
30,000 |
27,572 |
Home
Point Capital, Inc. | ||
5.00%,
02/01/26
(a)(b) |
25,000 |
23,501 |
Macquarie
Airfinance Holdings Ltd. | ||
8.38%,
05/01/28
(a)(b) |
60,000 |
61,317 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Navient
Corp. | ||
5.88%,
10/25/24
|
25,000 |
24,649 |
6.75%,
06/25/25
|
60,000 |
59,643 |
5.00%,
03/15/27
(a) |
50,000 |
45,541 |
5.50%,
03/15/29
(a) |
50,000 |
42,800 |
OneMain
Finance Corp. | ||
6.88%,
03/15/25
|
60,000 |
59,755 |
7.13%,
03/15/26
|
50,000 |
49,245 |
9.00%,
01/15/29
(a) |
100,000 |
101,470 |
4.00%,
09/15/30
(a) |
50,000 |
38,993 |
PennyMac
Financial Services, Inc. | ||
5.38%,
10/15/25
(a)(b) |
15,000 |
14,532 |
4.25%,
02/15/29
(a)(b) |
45,000 |
37,293 |
PROG
Holdings, Inc. | ||
6.00%,
11/15/29
(a)(b) |
25,000 |
22,465 |
Rocket
Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | ||
3.88%,
03/01/31
(a)(b) |
175,000 |
142,625 |
SLM
Corp. | ||
3.13%,
11/02/26
(a) |
25,000 |
22,276 |
United
Wholesale Mortgage LLC | ||
5.50%,
11/15/25
(a)(b) |
50,000 |
48,122 |
|
|
1,154,298 |
Financial
Other 1.9%
| ||
Burford
Capital Global Finance LLC | ||
6.88%,
04/15/30
(a)(b) |
200,000 |
183,650 |
Credit
Acceptance Corp. | ||
5.13%,
12/31/24
(a)(b) |
25,000 |
24,375 |
Five
Point Operating Co. LP/Five Point Capital Corp. | ||
7.88%,
11/15/25
(a)(b) |
25,000 |
23,341 |
Icahn
Enterprises LP/Icahn Enterprises Finance Corp. | ||
4.75%,
09/15/24
(a) |
60,000 |
58,057 |
5.25%,
05/15/27
(a) |
125,000 |
109,823 |
4.38%,
02/01/29
(a) |
25,000 |
19,769 |
Kennedy-Wilson,
Inc. | ||
4.75%,
02/01/30
(a) |
260,000 |
200,573 |
Nationstar
Mortgage Holdings, Inc. | ||
6.00%,
01/15/27
(a)(b) |
25,000 |
23,835 |
5.50%,
08/15/28
(a)(b) |
50,000 |
45,365 |
5.75%,
11/15/31
(a)(b) |
10,000 |
8,641 |
PHH
Mortgage Corp. | ||
7.88%,
03/15/26
(a)(b) |
20,000 |
17,909 |
PRA
Group, Inc. | ||
8.38%,
02/01/28
(a)(b) |
35,000 |
31,978 |
5.00%,
10/01/29
(a)(b) |
135,000 |
101,950 |
The
Howard Hughes Corp. | ||
5.38%,
08/01/28
(a)(b) |
50,000 |
45,086 |
|
|
894,352 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Insurance
1.8%
| ||
Acrisure
LLC/Acrisure Finance, Inc. | ||
7.00%,
11/15/25
(a)(b) |
50,000 |
48,372 |
6.00%,
08/01/29
(a)(b) |
35,000 |
30,441 |
Alliant
Holdings Intermediate LLC/Alliant Holdings
Co-Issuer | ||
4.25%,
10/15/27
(a)(b) |
25,000 |
22,721 |
6.75%,
10/15/27
(a)(b) |
100,000 |
94,629 |
6.75%,
04/15/28
(a)(b) |
25,000 |
24,654 |
AmWINS
Group, Inc. | ||
4.88%,
06/30/29
(a)(b) |
25,000 |
22,458 |
AssuredPartners,
Inc. | ||
5.63%,
01/15/29
(a)(b) |
5,000 |
4,349 |
BroadStreet
Partners, Inc. | ||
5.88%,
04/15/29
(a)(b) |
75,000 |
66,076 |
GTCR
AP Finance, Inc. | ||
8.00%,
05/15/27
(a)(b) |
50,000 |
49,477 |
HUB
International Ltd. | ||
5.63%,
12/01/29
(a)(b) |
25,000 |
22,136 |
7.25%,
06/15/30
(a)(b) |
160,000 |
163,031 |
Jones
Deslauriers Insurance Management, Inc. | ||
10.50%,
12/15/30
(a)(b) |
10,000 |
10,193 |
Liberty
Mutual Group, Inc. | ||
7.80%,
03/07/87
(b) |
50,000 |
51,552 |
MGIC
Investment Corp. | ||
5.25%,
08/15/28
(a) |
25,000 |
23,883 |
Molina
Healthcare, Inc. | ||
4.38%,
06/15/28
(a)(b) |
100,000 |
91,860 |
NMI
Holdings, Inc. | ||
7.38%,
06/01/25
(a)(b) |
55,000 |
55,422 |
USI,
Inc. | ||
6.88%,
05/01/25
(a)(b) |
25,000 |
25,020 |
|
|
806,274 |
REITs
2.0%
| ||
Apollo
Commercial Real Estate Finance, Inc. | ||
4.63%,
06/15/29
(a)(b) |
20,000 |
15,705 |
Blackstone
Mortgage Trust, Inc. | ||
3.75%,
01/15/27
(a)(b) |
25,000 |
21,406 |
Brookfield
Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco
LL | ||
5.75%,
05/15/26
(a)(b) |
25,000 |
22,967 |
4.50%,
04/01/27
(a)(b) |
50,000 |
41,804 |
Diversified
Healthcare Trust | ||
9.75%,
06/15/25
(a) |
25,000 |
24,611 |
4.38%,
03/01/31
(a) |
25,000 |
18,885 |
HAT
Holdings I LLC/HAT Holdings II LLC | ||
3.38%,
06/15/26
(a)(b) |
65,000 |
58,436 |
Ladder
Capital Finance Holdings LLLP/Ladder Capital Finance
Corp. | ||
4.25%,
02/01/27
(a)(b) |
25,000 |
22,639 |
4.75%,
06/15/29
(a)(b) |
25,000 |
21,043 |
MPT
Operating Partnership LP/MPT Finance Corp. | ||
5.25%,
08/01/26
(a) |
25,000 |
21,267 |
5.00%,
10/15/27
(a) |
75,000 |
59,337 |
4.63%,
08/01/29
(a) |
40,000 |
28,931 |
Office
Properties Income Trust | ||
2.40%,
02/01/27
(a) |
50,000 |
33,873 |
Park
Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance
Co-Issuer | ||
5.88%,
10/01/28
(a)(b) |
50,000 |
46,300 |
4.88%,
05/15/29
(a)(b) |
20,000 |
17,368 |
RHP
Hotel Properties LP/RHP Finance Corp. | ||
7.25%,
07/15/28
(a)(b) |
15,000 |
15,089 |
4.50%,
02/15/29
(a)(b) |
50,000 |
43,935 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Rithm
Capital Corp. | ||
6.25%,
10/15/25
(a)(b) |
10,000 |
9,436 |
RLJ
Lodging Trust LP | ||
3.75%,
07/01/26
(a)(b) |
75,000 |
68,786 |
Service
Properties Trust | ||
4.35%,
10/01/24
(a) |
90,000 |
86,698 |
7.50%,
09/15/25
(a) |
100,000 |
98,912 |
5.25%,
02/15/26
(a) |
20,000 |
18,442 |
Starwood
Property Trust, Inc. | ||
3.63%,
07/15/26
(a)(b) |
25,000 |
22,396 |
4.38%,
01/15/27
(a)(b) |
25,000 |
22,352 |
The
Necessity Retail REIT Inc/American Finance Operating Partner
LP | ||
4.50%,
09/30/28
(a)(b) |
40,000 |
30,671 |
XHR
LP | ||
4.88%,
06/01/29
(a)(b) |
50,000 |
43,306 |
|
|
914,595 |
|
|
4,388,193 |
| ||
Industrial
83.3%
| ||
Basic
Industry 4.5%
| ||
Alliance
Resource Operating Partners LP/Alliance Resource Finance
Corp. | ||
7.50%,
05/01/25
(a)(b) |
50,000 |
49,881 |
Ashland,
Inc. | ||
6.88%,
05/15/43
(a) |
15,000 |
14,676 |
ASP
Unifrax Holdings, Inc. | ||
5.25%,
09/30/28
(a)(b) |
25,000 |
16,930 |
7.50%,
09/30/29
(a)(b) |
10,000 |
5,215 |
ATI,
Inc. | ||
4.88%,
10/01/29
(a) |
25,000 |
22,595 |
5.13%,
10/01/31
(a) |
25,000 |
22,198 |
Avient
Corp. | ||
5.75%,
05/15/25
(a)(b) |
2,000 |
1,975 |
7.13%,
08/01/30
(a)(b) |
75,000 |
74,996 |
Axalta
Coating Systems LLC/Axalta Coating Systems Dutch Holding B
BV | ||
4.75%,
06/15/27
(a)(b) |
150,000 |
141,292 |
Baffinland
Iron Mines Corp./Baffinland Iron Mines LP | ||
8.75%,
07/15/26
(a)(b) |
25,000 |
24,401 |
Big
River Steel LLC/BRS Finance Corp. | ||
6.63%,
01/31/29
(a)(b) |
15,000 |
14,927 |
Cleveland-Cliffs,
Inc. | ||
5.88%,
06/01/27
(a) |
50,000 |
48,209 |
6.75%,
04/15/30
(a)(b) |
50,000 |
47,729 |
Commercial
Metals Co. | ||
4.13%,
01/15/30
(a) |
25,000 |
22,148 |
CVR
Partners LP/CVR Nitrogen Finance Corp. | ||
6.13%,
06/15/28
(a)(b) |
25,000 |
22,406 |
Domtar
Corp. | ||
6.75%,
10/01/28
(a)(b) |
25,000 |
21,651 |
Eldorado
Gold Corp. | ||
6.25%,
09/01/29
(a)(b) |
25,000 |
21,381 |
Element
Solutions, Inc. | ||
3.88%,
09/01/28
(a)(b) |
25,000 |
22,000 |
FMG
Resources August 2006 Pty Ltd. | ||
4.50%,
09/15/27
(a)(b) |
20,000 |
18,475 |
5.88%,
04/15/30
(a)(b) |
15,000 |
13,935 |
4.38%,
04/01/31
(a)(b) |
25,000 |
20,971 |
6.13%,
04/15/32
(a)(b) |
85,000 |
79,192 |
GrafTech
Finance, Inc. | ||
4.63%,
12/15/28
(a)(b) |
65,000 |
51,083 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Graphic
Packaging International LLC | ||
3.50%,
03/15/28
(b) |
10,000 |
8,919 |
3.50%,
03/01/29
(a)(b) |
75,000 |
64,360 |
3.75%,
02/01/30
(a)(b) |
15,000 |
12,800 |
Hecla
Mining Co. | ||
7.25%,
02/15/28
(a) |
25,000 |
24,585 |
Hudbay
Minerals, Inc. | ||
6.13%,
04/01/29
(a)(b) |
25,000 |
23,527 |
Innophos
Holdings, Inc. | ||
9.38%,
02/15/28
(a)(b) |
2,000 |
1,965 |
Kaiser
Aluminum Corp. | ||
4.63%,
03/01/28
(a)(b) |
25,000 |
22,143 |
LSB
Industries, Inc. | ||
6.25%,
10/15/28
(a)(b) |
60,000 |
54,927 |
Mercer
International, Inc. | ||
5.13%,
02/01/29
(a) |
90,000 |
73,709 |
Methanex
Corp. | ||
5.13%,
10/15/27
(a) |
85,000 |
79,807 |
Mineral
Resources Ltd. | ||
8.13%,
05/01/27
(a)(b) |
5,000 |
4,995 |
8.50%,
05/01/30
(a)(b) |
75,000 |
75,362 |
Minerals
Technologies, Inc. | ||
5.00%,
07/01/28
(a)(b) |
15,000 |
13,814 |
New
Gold, Inc. | ||
7.50%,
07/15/27
(a)(b) |
25,000 |
23,900 |
Novelis
Corp. | ||
4.75%,
01/30/30
(a)(b) |
100,000 |
89,595 |
Nufarm
Australia Ltd./Nufarm Americas, Inc. | ||
5.00%,
01/27/30
(a)(b) |
25,000 |
22,297 |
Olin
Corp. | ||
5.13%,
09/15/27
(a) |
20,000 |
19,168 |
5.63%,
08/01/29
(a) |
75,000 |
72,030 |
Olympus
Water U.S. Holding Corp. | ||
9.75%,
11/15/28
(a)(b) |
200,000 |
201,715 |
SCIH
Salt Holdings, Inc. | ||
4.88%,
05/01/28
(a)(b) |
75,000 |
67,569 |
SK
Invictus Intermediate II Sarl | ||
5.00%,
10/30/29
(a)(b) |
15,000 |
12,337 |
Taseko
Mines Ltd. | ||
7.00%,
02/15/26
(a)(b) |
75,000 |
69,245 |
The
Chemours Co. | ||
5.38%,
05/15/27
(a) |
20,000 |
18,845 |
5.75%,
11/15/28
(a)(b) |
50,000 |
44,961 |
4.63%,
11/15/29
(a)(b) |
16,000 |
13,316 |
Trinseo
Materials Operating SCA/Trinseo Materials Finance,
Inc. | ||
5.13%,
04/01/29
(a)(b) |
20,000 |
10,823 |
Tronox,
Inc. | ||
4.63%,
03/15/29
(a)(b) |
25,000 |
20,623 |
United
States Steel Corp. | ||
6.88%,
03/01/29
(a) |
50,000 |
49,852 |
WR
Grace Holdings LLC | ||
5.63%,
08/15/29
(a)(b) |
100,000 |
84,660 |
|
|
2,060,115 |
Capital
Goods 10.0%
| ||
Advanced
Drainage Systems, Inc. | ||
6.38%,
06/15/30
(a)(b) |
50,000 |
49,300 |
Alta
Equipment Group, Inc. | ||
5.63%,
04/15/26
(a)(b) |
10,000 |
9,264 |
American
Builders & Contractors Supply Co., Inc. | ||
4.00%,
01/15/28
(a)(b) |
50,000 |
45,320 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Amsted
Industries, Inc. | ||
5.63%,
07/01/27
(a)(b) |
15,000 |
14,573 |
Ardagh
Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance
plc | ||
4.00%,
09/01/29
(a)(b) |
200,000 |
162,740 |
Ardagh
Packaging Finance plc/Ardagh Holdings USA, Inc. | ||
5.25%,
08/15/27
(a)(b) |
200,000 |
171,557 |
ATS
Corp. | ||
4.13%,
12/15/28
(a)(b) |
15,000 |
13,343 |
Ball
Corp. | ||
5.25%,
07/01/25
|
40,000 |
39,482 |
4.88%,
03/15/26
(a) |
55,000 |
53,483 |
6.88%,
03/15/28
(a) |
50,000 |
50,802 |
6.00%,
06/15/29
(a) |
25,000 |
24,676 |
2.88%,
08/15/30
(a) |
50,000 |
40,948 |
Beacon
Roofing Supply, Inc. | ||
4.13%,
05/15/29
(a)(b) |
25,000 |
21,524 |
6.50%,
08/01/30
(a)(b) |
20,000 |
19,780 |
Berry
Global, Inc. | ||
5.63%,
07/15/27
(a)(b) |
25,000 |
24,529 |
Bombardier,
Inc. | ||
7.50%,
03/15/25
(a)(b) |
10,000 |
10,017 |
7.13%,
06/15/26
(a)(b) |
50,000 |
49,214 |
7.88%,
04/15/27
(a)(b) |
150,000 |
149,773 |
6.00%,
02/15/28
(a)(b) |
50,000 |
46,777 |
7.50%,
02/01/29
(a)(b) |
25,000 |
24,520 |
Builders
FirstSource, Inc. | ||
4.25%,
02/01/32
(a)(b) |
100,000 |
85,107 |
BWX
Technologies, Inc. | ||
4.13%,
04/15/29
(a)(b) |
35,000 |
31,176 |
Chart
Industries, Inc. | ||
7.50%,
01/01/30
(a)(b) |
50,000 |
51,295 |
9.50%,
01/01/31
(a)(b) |
10,000 |
10,777 |
Clean
Harbors, Inc. | ||
4.88%,
07/15/27
(a)(b) |
50,000 |
47,824 |
6.38%,
02/01/31
(a)(b) |
10,000 |
9,953 |
Clydesdale
Acquisition Holdings, Inc. | ||
8.75%,
04/15/30
(a)(b) |
40,000 |
36,213 |
Cornerstone
Building Brands, Inc. | ||
6.13%,
01/15/29
(a)(b) |
30,000 |
24,391 |
Covanta
Holding Corp. | ||
4.88%,
12/01/29
(a)(b) |
25,000 |
21,524 |
CP
Atlas Buyer, Inc. | ||
7.00%,
12/01/28
(a)(b) |
50,000 |
42,037 |
Crown
Americas LLC/Crown Americas Capital Corp. V | ||
4.25%,
09/30/26
(a) |
25,000 |
23,569 |
Crown
Americas LLC/Crown Americas Capital Corp. VI | ||
4.75%,
02/01/26
(a) |
50,000 |
48,262 |
Crown
Cork & Seal Co., Inc. | ||
7.38%,
12/15/26
|
4,000 |
4,161 |
Eco
Material Technologies, Inc. | ||
7.88%,
01/31/27
(a)(b) |
10,000 |
9,760 |
Emerald
Debt Merger Sub LLC | ||
6.63%,
12/15/30
(a)(b) |
75,000 |
73,925 |
Enviri
Corp. | ||
5.75%,
07/31/27
(a)(b) |
10,000 |
8,683 |
EquipmentShare.com,
Inc. | ||
9.00%,
05/15/28
(a)(b) |
25,000 |
24,844 |
FXI
Holdings, Inc. | ||
12.25%,
11/15/26
(a)(b) |
50,000 |
44,935 |
Gates
Global LLC/Gates Corp. | ||
6.25%,
01/15/26
(a)(b) |
25,000 |
24,773 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
GFL
Environmental, Inc. | ||
4.25%,
06/01/25
(a)(b) |
20,000 |
19,363 |
5.13%,
12/15/26
(a)(b) |
50,000 |
48,428 |
4.75%,
06/15/29
(a)(b) |
100,000 |
90,686 |
Griffon
Corp. | ||
5.75%,
03/01/28
(a) |
50,000 |
46,663 |
H&E
Equipment Services, Inc. | ||
3.88%,
12/15/28
(a)(b) |
25,000 |
21,851 |
Herc
Holdings, Inc. | ||
5.50%,
07/15/27
(a)(b) |
75,000 |
72,190 |
JELD-WEN,
Inc. | ||
4.63%,
12/15/25
(a)(b) |
50,000 |
48,517 |
Knife
River Corp. | ||
7.75%,
05/01/31
(a)(b) |
35,000 |
35,869 |
LABL,
Inc. | ||
6.75%,
07/15/26
(a)(b) |
50,000 |
48,926 |
10.50%,
07/15/27
(a)(b) |
25,000 |
23,956 |
LBM
Acquisition LLC | ||
6.25%,
01/15/29
(a)(b) |
50,000 |
43,686 |
Madison
IAQ LLC | ||
4.13%,
06/30/28
(a)(b) |
25,000 |
22,141 |
5.88%,
06/30/29
(a)(b) |
57,000 |
48,045 |
Masonite
International Corp. | ||
5.38%,
02/01/28
(a)(b) |
25,000 |
23,714 |
Mauser
Packaging Solutions Holding Co. | ||
7.88%,
08/15/26
(a)(b) |
150,000 |
147,847 |
9.25%,
04/15/27
(a)(b) |
25,000 |
22,675 |
MIWD
Holdco II LLC/MIWD Finance Corp. | ||
5.50%,
02/01/30
(a)(b) |
25,000 |
21,217 |
Moog,
Inc. | ||
4.25%,
12/15/27
(a)(b) |
20,000 |
18,218 |
Mueller
Water Products, Inc. | ||
4.00%,
06/15/29
(a)(b) |
25,000 |
22,164 |
NESCO
Holdings II, Inc. | ||
5.50%,
04/15/29
(a)(b) |
25,000 |
22,695 |
OI
European Group BV | ||
4.75%,
02/15/30
(a)(b) |
10,000 |
9,125 |
Oscar
AcquisitionCo LLC/Oscar Finance, Inc. | ||
9.50%,
04/15/30
(a)(b) |
25,000 |
23,427 |
OT
Merger Corp. | ||
7.88%,
10/15/29
(a)(b) |
10,000 |
6,573 |
Owens-Brockway
Glass Container, Inc. | ||
6.63%,
05/13/27
(a)(b) |
25,000 |
24,735 |
7.25%,
05/15/31
(a)(b) |
75,000 |
75,765 |
Pactiv
Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer
LLC | ||
4.00%,
10/15/27
(a)(b) |
50,000 |
45,016 |
Park
River Holdings, Inc. | ||
6.75%,
08/01/29
(a)(b) |
10,000 |
8,063 |
Patrick
Industries, Inc. | ||
4.75%,
05/01/29
(a)(b) |
10,000 |
8,566 |
PECF
USS Intermediate Holding III Corp. | ||
8.00%,
11/15/29
(a)(b) |
20,000 |
12,775 |
PGT
Innovations, Inc. | ||
4.38%,
10/01/29
(a)(b) |
35,000 |
32,515 |
Ritchie
Bros Holdings, Inc. | ||
6.75%,
03/15/28
(a)(b) |
18,000 |
18,243 |
7.75%,
03/15/31
(a)(b) |
30,000 |
31,066 |
Roller
Bearing Co. of America, Inc. | ||
4.38%,
10/15/29
(a)(b) |
25,000 |
22,398 |
Sealed
Air Corp. | ||
5.13%,
12/01/24
(a)(b) |
15,000 |
14,808 |
4.00%,
12/01/27
(a)(b) |
100,000 |
91,614 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Smyrna
Ready Mix Concrete LLC | ||
6.00%,
11/01/28
(a)(b) |
50,000 |
48,059 |
Specialty
Building Products Holdings LLC/SBP Finance Corp. | ||
6.38%,
09/30/26
(a)(b) |
25,000 |
23,968 |
Spirit
AeroSystems, Inc. | ||
9.38%,
11/30/29
(a)(b) |
100,000 |
104,336 |
SPX
FLOW, Inc. | ||
8.75%,
04/01/30
(a)(b) |
45,000 |
42,833 |
SRS
Distribution, Inc. | ||
4.63%,
07/01/28
(a)(b) |
75,000 |
66,829 |
Standard
Industries, Inc. | ||
5.00%,
02/15/27
(a)(b) |
75,000 |
71,178 |
4.75%,
01/15/28
(a)(b) |
25,000 |
23,050 |
4.38%,
07/15/30
(a)(b) |
50,000 |
42,910 |
Stericycle,
Inc. | ||
3.88%,
01/15/29
(a)(b) |
55,000 |
47,937 |
Summit
Materials LLC/Summit Materials Finance Corp. | ||
5.25%,
01/15/29
(a)(b) |
50,000 |
46,888 |
Terex
Corp. | ||
5.00%,
05/15/29
(a)(b) |
25,000 |
22,977 |
Titan
Acquisition Ltd./Titan Co-Borrower LLC | ||
7.75%,
04/15/26
(a)(b) |
25,000 |
24,325 |
Titan
International, Inc. | ||
7.00%,
04/30/28
(a) |
65,000 |
61,988 |
TransDigm,
Inc. | ||
6.25%,
03/15/26
(a)(b) |
225,000 |
223,075 |
7.50%,
03/15/27
(a) |
15,000 |
15,042 |
5.50%,
11/15/27
(a) |
150,000 |
142,488 |
6.75%,
08/15/28
(a)(b) |
21,000 |
21,100 |
4.63%,
01/15/29
(a) |
75,000 |
67,313 |
Trident
TPI Holdings, Inc. | ||
12.75%,
12/31/28
(a)(b) |
25,000 |
26,034 |
Trinity
Industries, Inc. | ||
4.55%,
10/01/24
(a) |
15,000 |
14,715 |
Triumph
Group, Inc. | ||
7.75%,
08/15/25
(a) |
25,000 |
23,613 |
9.00%,
03/15/28
(a)(b) |
95,000 |
95,761 |
United
Rentals North America, Inc. | ||
4.88%,
01/15/28
(a) |
30,000 |
28,573 |
5.25%,
01/15/30
(a) |
25,000 |
23,782 |
3.88%,
02/15/31
(a) |
175,000 |
149,846 |
3.75%,
01/15/32
(a) |
5,000 |
4,209 |
Vertiv
Group Corp. | ||
4.13%,
11/15/28
(a)(b) |
50,000 |
44,934 |
Waste
Pro USA, Inc. | ||
5.50%,
02/15/26
(a)(b) |
25,000 |
23,590 |
WESCO
Distribution, Inc. | ||
7.13%,
06/15/25
(a)(b) |
15,000 |
15,081 |
7.25%,
06/15/28
(a)(b) |
110,000 |
112,055 |
White
Cap Buyer LLC | ||
6.88%,
10/15/28
(a)(b) |
25,000 |
22,966 |
|
|
4,599,826 |
Communications
15.0%
| ||
Advantage
Sales & Marketing, Inc. | ||
6.50%,
11/15/28
(a)(b) |
25,000 |
21,819 |
Allen
Media LLC/Allen Media Co-Issuer, Inc. | ||
10.50%,
02/15/28
(a)(b) |
10,000 |
5,735 |
Altice
Financing S.A. | ||
5.75%,
08/15/29
(a)(b) |
200,000 |
158,612 |
Altice
France S.A. | ||
8.13%,
02/01/27
(a)(b) |
430,000 |
363,797 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
AMC
Networks, Inc. | ||
4.75%,
08/01/25
(a) |
50,000 |
46,919 |
4.25%,
02/15/29
(a) |
20,000 |
12,767 |
Block
Communications, Inc. | ||
4.88%,
03/01/28
(a)(b) |
5,000 |
4,143 |
C&W
Senior Financing DAC | ||
6.88%,
09/15/27
(a)(b) |
200,000 |
185,808 |
CCO
Holdings LLC/CCO Holdings Capital Corp. | ||
5.13%,
05/01/27
(a)(b) |
305,000 |
287,003 |
4.75%,
03/01/30
(a)(b) |
225,000 |
193,656 |
4.25%,
02/01/31
(a)(b) |
300,000 |
246,355 |
4.75%,
02/01/32
(a)(b) |
80,000 |
66,273 |
4.50%,
05/01/32
(a) |
135,000 |
109,567 |
Clear
Channel Outdoor Holdings, Inc. | ||
5.13%,
08/15/27
(a)(b) |
75,000 |
67,245 |
7.75%,
04/15/28
(a)(b) |
50,000 |
39,372 |
CMG
Media Corp. | ||
8.88%,
12/15/27
(a)(b) |
25,000 |
19,662 |
Cogent
Communications Group, Inc. | ||
3.50%,
05/01/26
(a)(b) |
25,000 |
23,167 |
Consolidated
Communications, Inc. | ||
6.50%,
10/01/28
(a)(b) |
35,000 |
26,902 |
CSC
Holdings LLC | ||
11.25%,
05/15/28
(a)(b) |
200,000 |
197,445 |
5.75%,
01/15/30
(a)(b) |
275,000 |
152,371 |
Directv
Financing LLC/Directv Financing Co-Obligor, Inc. | ||
5.88%,
08/15/27
(a)(b) |
125,000 |
110,890 |
DISH
DBS Corp. | ||
5.88%,
11/15/24
|
75,000 |
69,830 |
7.75%,
07/01/26
|
70,000 |
52,419 |
5.25%,
12/01/26
(a)(b) |
51,000 |
43,086 |
7.38%,
07/01/28
(a) |
30,000 |
18,823 |
5.75%,
12/01/28
(a)(b) |
100,000 |
77,814 |
5.13%,
06/01/29
|
25,000 |
13,540 |
DISH
Network Corp. | ||
11.75%,
11/15/27
(a)(b) |
210,000 |
213,264 |
Embarq
Corp. | ||
8.00%,
06/01/36
|
47,000 |
28,673 |
Frontier
Communications Holdings LLC | ||
5.88%,
10/15/27
(a)(b) |
52,000 |
47,408 |
5.00%,
05/01/28
(a)(b) |
115,000 |
98,646 |
6.75%,
05/01/29
(a)(b) |
19,000 |
14,766 |
8.75%,
05/15/30
(a)(b) |
85,000 |
82,698 |
8.63%,
03/15/31
(a)(b) |
25,000 |
24,099 |
Frontier
Florida LLC | ||
6.86%,
02/01/28
|
10,000 |
9,375 |
GCI
LLC | ||
4.75%,
10/15/28
(a)(b) |
25,000 |
21,716 |
Getty
Images, Inc. | ||
9.75%,
03/01/27
(a)(b) |
25,000 |
25,042 |
Gray
Escrow II, Inc. | ||
5.38%,
11/15/31
(a)(b) |
105,000 |
73,400 |
Gray
Television, Inc. | ||
5.88%,
07/15/26
(a)(b) |
25,000 |
22,897 |
4.75%,
10/15/30
(a)(b) |
20,000 |
13,985 |
Hughes
Satellite Systems Corp. | ||
5.25%,
08/01/26
|
60,000 |
55,218 |
iHeartCommunications,
Inc. | ||
6.38%,
05/01/26
(a) |
50,000 |
43,676 |
5.25%,
08/15/27
(a)(b) |
20,000 |
15,835 |
4.75%,
01/15/28
(a)(b) |
35,000 |
27,010 |
Iliad
Holding SASU | ||
6.50%,
10/15/26
(a)(b) |
200,000 |
191,017 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
INNOVATE
Corp. | ||
8.50%,
02/01/26
(a)(b) |
10,000 |
7,700 |
Intelsat
Jackson Holdings S.A. | ||
6.50%,
03/15/30
(a)(b) |
110,000 |
101,135 |
Lamar
Media Corp. | ||
3.75%,
02/15/28
(a) |
68,000 |
61,996 |
Level
3 Financing, Inc. | ||
4.63%,
09/15/27
(a)(b) |
75,000 |
56,470 |
4.25%,
07/01/28
(a)(b) |
60,000 |
39,395 |
10.50%,
05/15/30
(a)(b) |
70,000 |
71,168 |
Liberty
Interactive LLC | ||
8.50%,
07/15/29
|
10,000 |
3,953 |
8.25%,
02/01/30
|
15,000 |
5,841 |
Lions
Gate Capital Holdings LLC | ||
5.50%,
04/15/29
(a)(b) |
25,000 |
15,259 |
Lumen
Technologies, Inc. | ||
4.00%,
02/15/27
(a)(b) |
55,000 |
34,714 |
4.50%,
01/15/29
(a)(b) |
15,000 |
4,966 |
7.60%,
09/15/39
|
12,000 |
3,574 |
McGraw-Hill
Education, Inc. | ||
5.75%,
08/01/28
(a)(b) |
55,000 |
48,862 |
8.00%,
08/01/29
(a)(b) |
27,000 |
24,063 |
Millennium
Escrow Corp. | ||
6.63%,
08/01/26
(a)(b) |
25,000 |
20,622 |
News
Corp. | ||
3.88%,
05/15/29
(a)(b) |
50,000 |
43,955 |
Nexstar
Media, Inc. | ||
5.63%,
07/15/27
(a)(b) |
90,000 |
84,676 |
Northwest
Fiber LLC/Northwest Fiber Finance Sub, Inc. | ||
10.75%,
06/01/28
(a)(b) |
10,000 |
9,313 |
Outfront
Media Capital LLC/Outfront Media Capital Corp. | ||
5.00%,
08/15/27
(a)(b) |
20,000 |
18,121 |
4.63%,
03/15/30
(a)(b) |
65,000 |
52,911 |
Paramount
Global | ||
6.25%,
02/28/57
(a)(c) |
10,000 |
7,840 |
6.38%,
03/30/62
(a)(c) |
55,000 |
45,424 |
Qwest
Corp. | ||
7.25%,
09/15/25
|
10,000 |
9,521 |
Radiate
Holdco LLC/Radiate Finance, Inc. | ||
4.50%,
09/15/26
(a)(b) |
30,000 |
23,412 |
6.50%,
09/15/28
(a)(b) |
37,000 |
20,021 |
ROBLOX
Corp. | ||
3.88%,
05/01/30
(a)(b) |
27,000 |
22,299 |
Rogers
Communications, Inc. | ||
5.25%,
03/15/82
(a)(b) |
30,000 |
27,239 |
SBA
Communications Corp. | ||
3.88%,
02/15/27
(a) |
25,000 |
23,137 |
3.13%,
02/01/29
(a) |
125,000 |
107,151 |
Scripps
Escrow II, Inc. | ||
3.88%,
01/15/29
(a)(b) |
25,000 |
20,098 |
Sinclair
Television Group, Inc. | ||
5.50%,
03/01/30
(a)(b) |
20,000 |
10,677 |
4.13%,
12/01/30
(a)(b) |
30,000 |
19,363 |
Sirius
XM Radio, Inc. | ||
3.13%,
09/01/26
(a)(b) |
19,000 |
17,168 |
5.00%,
08/01/27
(a)(b) |
75,000 |
69,411 |
4.00%,
07/15/28
(a)(b) |
100,000 |
86,684 |
5.50%,
07/01/29
(a)(b) |
20,000 |
18,027 |
4.13%,
07/01/30
(a)(b) |
38,000 |
31,020 |
3.88%,
09/01/31
(a)(b) |
70,000 |
54,545 |
Stagwell
Global LLC | ||
5.63%,
08/15/29
(a)(b) |
40,000 |
33,441 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
TEGNA,
Inc. | ||
4.75%,
03/15/26
(a)(b) |
20,000 |
19,075 |
4.63%,
03/15/28
(a) |
50,000 |
44,846 |
5.00%,
09/15/29
(a) |
50,000 |
44,061 |
Telecom
Italia Capital S.A. | ||
6.38%,
11/15/33
|
135,000 |
118,756 |
6.00%,
09/30/34
|
10,000 |
8,388 |
7.20%,
07/18/36
|
10,000 |
9,047 |
Telesat
Canada/Telesat LLC | ||
5.63%,
12/06/26
(a)(b) |
10,000 |
7,066 |
4.88%,
06/01/27
(a)(b) |
5,000 |
3,370 |
6.50%,
10/15/27
(a)(b) |
15,000 |
7,500 |
Townsquare
Media, Inc. | ||
6.88%,
02/01/26
(a)(b) |
20,000 |
19,269 |
United
States Cellular Corp. | ||
6.70%,
12/15/33
|
30,000 |
29,259 |
Uniti
Group LP/Uniti Fiber Holdings, Inc./CSL Capital
LLC | ||
6.00%,
01/15/30
(a)(b) |
35,000 |
23,153 |
Uniti
Group LP/Uniti Group Finance, Inc./CSL Capital
LLC | ||
10.50%,
02/15/28
(a)(b) |
80,000 |
79,883 |
4.75%,
04/15/28
(a)(b) |
15,000 |
12,658 |
6.50%,
02/15/29
(a)(b) |
40,000 |
27,336 |
Univision
Communications, Inc. | ||
6.63%,
06/01/27
(a)(b) |
125,000 |
121,142 |
8.00%,
08/15/28
(a)(b) |
100,000 |
100,035 |
4.50%,
05/01/29
(a)(b) |
20,000 |
17,234 |
7.38%,
06/30/30
(a)(b) |
50,000 |
48,437 |
UPC
Broadband Finco BV | ||
4.88%,
07/15/31
(a)(b) |
200,000 |
165,250 |
Urban
One, Inc. | ||
7.38%,
02/01/28
(a)(b) |
50,000 |
43,523 |
Viasat,
Inc. | ||
5.63%,
09/15/25
(a)(b) |
50,000 |
47,359 |
Videotron
Ltd. | ||
5.13%,
04/15/27
(a)(b) |
55,000 |
52,712 |
Virgin
Media Secured Finance plc | ||
5.50%,
05/15/29
(a)(b) |
200,000 |
183,066 |
Vmed
O2 UK Financing I plc | ||
4.75%,
07/15/31
(a)(b) |
200,000 |
167,362 |
Vodafone
Group plc | ||
7.00%,
04/04/79
(a)(c) |
75,000 |
75,637 |
3.25%,
06/04/81
(a)(c) |
25,000 |
22,122 |
4.13%,
06/04/81
(a)(c) |
10,000 |
7,822 |
5.13%,
06/04/81
(a)(c) |
65,000 |
45,412 |
Windstream
Escrow LLC/Windstream Escrow Finance Corp. | ||
7.75%,
08/15/28
(a)(b) |
55,000 |
44,639 |
WMG
Acquisition Corp. | ||
3.75%,
12/01/29
(a)(b) |
75,000 |
65,093 |
Zayo
Group Holdings, Inc. | ||
4.00%,
03/01/27
(a)(b) |
48,000 |
36,016 |
6.13%,
03/01/28
(a)(b) |
50,000 |
32,546 |
Ziggo
Bond Co. BV | ||
6.00%,
01/15/27
(a)(b) |
200,000 |
186,196 |
|
|
6,894,187 |
Consumer
Cyclical 20.5%
| ||
1011778
BC ULC/New Red Finance, Inc. | ||
3.50%,
02/15/29
(a)(b) |
50,000 |
43,822 |
4.00%,
10/15/30
(a)(b) |
225,000 |
190,812 |
99
Escrow Issuer, Inc. | ||
7.50%,
01/15/26
(a)(b) |
30,000 |
11,979 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Adient
Global Holdings Ltd. | ||
7.00%,
04/15/28
(a)(b) |
35,000 |
35,394 |
8.25%,
04/15/31
(a)(b) |
25,000 |
25,653 |
Affinity
Interactive | ||
6.88%,
12/15/27
(a)(b) |
35,000 |
31,026 |
Allied
Universal Holdco LLC/Allied Universal Finance
Corp. | ||
6.63%,
07/15/26
(a)(b) |
75,000 |
71,412 |
9.75%,
07/15/27
(a)(b) |
75,000 |
68,968 |
Allied
Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4
Sarl | ||
4.63%,
06/01/28
(a)(b) |
200,000 |
170,180 |
Allison
Transmission, Inc. | ||
3.75%,
01/30/31
(a)(b) |
75,000 |
62,712 |
AMC
Entertainment Holdings, Inc. | ||
7.50%,
02/15/29
(a)(b) |
45,000 |
30,756 |
American
Axle & Manufacturing, Inc. | ||
6.50%,
04/01/27
(a) |
75,000 |
71,152 |
APX
Group, Inc. | ||
5.75%,
07/15/29
(a)(b) |
55,000 |
47,439 |
Arches
Buyer, Inc. | ||
4.25%,
06/01/28
(a)(b) |
25,000 |
21,776 |
6.13%,
12/01/28
(a)(b) |
25,000 |
21,470 |
Asbury
Automotive Group, Inc. | ||
4.63%,
11/15/29
(a)(b) |
70,000 |
61,825 |
5.00%,
02/15/32
(a)(b) |
16,000 |
13,741 |
Ashton
Woods USA LLC/Ashton Woods Finance Co. | ||
4.63%,
08/01/29
(a)(b) |
25,000 |
21,687 |
Aston
Martin Capital Holdings Ltd. | ||
10.50%,
11/30/25
(a)(b) |
200,000 |
203,331 |
Bath
& Body Works, Inc. | ||
7.50%,
06/15/29
(a) |
65,000 |
65,593 |
6.63%,
10/01/30
(a)(b) |
25,000 |
24,406 |
6.95%,
03/01/33
|
50,000 |
46,779 |
6.88%,
11/01/35
|
70,000 |
65,520 |
Beazer
Homes USA, Inc. | ||
7.25%,
10/15/29
(a) |
65,000 |
63,057 |
Boyd
Gaming Corp. | ||
4.75%,
06/15/31
(a)(b) |
75,000 |
66,126 |
Boyne
USA, Inc. | ||
4.75%,
05/15/29
(a)(b) |
25,000 |
22,585 |
Brookfield
Residential Properties, Inc./Brookfield Residential US
LLC | ||
5.00%,
06/15/29
(a)(b) |
60,000 |
50,115 |
4.88%,
02/15/30
(a)(b) |
25,000 |
20,677 |
Caesars
Entertainment, Inc. | ||
6.25%,
07/01/25
(a)(b) |
75,000 |
74,485 |
8.13%,
07/01/27
(a)(b) |
150,000 |
152,435 |
4.63%,
10/15/29
(a)(b) |
50,000 |
43,812 |
Caesars
Resort Collection LLC/CRC Finco, Inc. | ||
5.75%,
07/01/25
(a)(b) |
25,000 |
25,040 |
Carnival
Corp. | ||
7.63%,
03/01/26
(a)(b) |
40,000 |
39,918 |
5.75%,
03/01/27
(a)(b) |
250,000 |
235,503 |
4.00%,
08/01/28
(a)(b) |
100,000 |
89,571 |
6.00%,
05/01/29
(a)(b) |
25,000 |
22,594 |
10.50%,
06/01/30
(a)(b) |
130,000 |
138,584 |
Carriage
Services, Inc. | ||
4.25%,
05/15/29
(a)(b) |
25,000 |
21,717 |
Carrols
Restaurant Group, Inc. | ||
5.88%,
07/01/29
(a)(b) |
15,000 |
12,922 |
Cars.com,
Inc. | ||
6.38%,
11/01/28
(a)(b) |
20,000 |
18,515 |
Carvana
Co. | ||
5.50%,
04/15/27
(a)(b) |
41,000 |
30,167 |
5.88%,
10/01/28
(a)(b) |
25,000 |
15,404 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
CCM
Merger, Inc. | ||
6.38%,
05/01/26
(a)(b) |
10,000 |
9,729 |
CDI
Escrow Issuer, Inc. | ||
5.75%,
04/01/30
(a)(b) |
75,000 |
69,818 |
CEC
Entertainment LLC | ||
6.75%,
05/01/26
(a)(b) |
75,000 |
71,780 |
Cedar
Fair LP | ||
5.25%,
07/15/29
(a) |
50,000 |
45,054 |
Cedar
Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium
Op | ||
5.38%,
04/15/27
(a) |
15,000 |
14,194 |
Century
Communities, Inc. | ||
6.75%,
06/01/27
(a) |
15,000 |
14,968 |
3.88%,
08/15/29
(a)(b) |
25,000 |
21,565 |
Churchill
Downs, Inc. | ||
5.50%,
04/01/27
(a)(b) |
19,000 |
18,322 |
6.75%,
05/01/31
(a)(b) |
30,000 |
29,386 |
Cinemark
USA, Inc. | ||
5.88%,
03/15/26
(a)(b) |
25,000 |
24,023 |
5.25%,
07/15/28
(a)(b) |
35,000 |
31,120 |
Clarios
Global LP | ||
6.75%,
05/15/25
(a)(b) |
15,000 |
15,008 |
Clarios
Global LP/Clarios U.S. Finance Co. | ||
6.25%,
05/15/26
(a)(b) |
30,000 |
29,738 |
8.50%,
05/15/27
(a)(b) |
75,000 |
75,896 |
6.75%,
05/15/28
(a)(b) |
25,000 |
24,958 |
CoreCivic,
Inc. | ||
8.25%,
04/15/26
(a) |
25,000 |
25,122 |
Cushman
& Wakefield US Borrower LLC | ||
6.75%,
05/15/28
(a)(b) |
30,000 |
28,591 |
CWT
Travel Group, Inc. | ||
8.50%,
11/19/26
(a)(b) |
20,000 |
10,517 |
Dana,
Inc. | ||
4.25%,
09/01/30
(a) |
70,000 |
57,622 |
Dave
& Buster's, Inc. | ||
7.63%,
11/01/25
(a)(b) |
25,000 |
25,271 |
eG
Global Finance plc | ||
6.75%,
02/07/25
(a)(b) |
225,000 |
221,942 |
Evergreen
Acqco 1 LP/TVI, Inc. | ||
9.75%,
04/26/28
(a)(b) |
20,000 |
20,874 |
Fertitta
Entertainment LLC/Fertitta Entertainment Finance Co.,
Inc. | ||
4.63%,
01/15/29
(a)(b) |
25,000 |
21,649 |
6.75%,
01/15/30
(a)(b) |
50,000 |
41,334 |
Foot
Locker, Inc. | ||
4.00%,
10/01/29
(a)(b) |
15,000 |
11,304 |
Ford
Motor Co. | ||
4.35%,
12/08/26
(a) |
125,000 |
120,773 |
6.63%,
10/01/28
|
15,000 |
15,136 |
7.45%,
07/16/31
|
123,000 |
129,784 |
3.25%,
02/12/32
(a) |
55,000 |
42,983 |
6.10%,
08/19/32
(a) |
45,000 |
43,039 |
4.75%,
01/15/43
|
105,000 |
78,593 |
7.40%,
11/01/46
|
15,000 |
15,359 |
Ford
Motor Credit Co. LLC | ||
7.35%,
11/04/27
(a) |
400,000 |
407,448 |
Forestar
Group, Inc. | ||
3.85%,
05/15/26
(a)(b) |
15,000 |
13,904 |
5.00%,
03/01/28
(a)(b) |
10,000 |
9,252 |
Full
House Resorts, Inc. | ||
8.25%,
02/15/28
(a)(b) |
15,000 |
13,360 |
Garda
World Security Corp. | ||
4.63%,
02/15/27
(a)(b) |
85,000 |
78,711 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Go
Daddy Operating Co. LLC/GD Finance Co., Inc. | ||
3.50%,
03/01/29
(a)(b) |
50,000 |
43,024 |
Group
1 Automotive, Inc. | ||
4.00%,
08/15/28
(a)(b) |
25,000 |
22,221 |
GrubHub
Holdings, Inc. | ||
5.50%,
07/01/27
(a)(b) |
15,000 |
10,384 |
Guitar
Center, Inc. | ||
8.50%,
01/15/26
(a)(b) |
15,000 |
13,741 |
Hanesbrands,
Inc. | ||
4.88%,
05/15/26
(a)(b) |
30,000 |
28,077 |
9.00%,
02/15/31
(a)(b) |
25,000 |
25,121 |
Hilton
Domestic Operating Co., Inc. | ||
3.75%,
05/01/29
(a)(b) |
25,000 |
22,047 |
3.63%,
02/15/32
(a)(b) |
190,000 |
159,067 |
Hilton
Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower
Esc | ||
5.00%,
06/01/29
(a)(b) |
65,000 |
57,685 |
Hilton
Worldwide Finance LLC/Hilton Worldwide Finance
Corp. | ||
4.88%,
04/01/27
(a) |
20,000 |
19,293 |
International
Game Technology plc | ||
4.13%,
04/15/26
(a)(b) |
200,000 |
190,028 |
IRB
Holding Corp. | ||
7.00%,
06/15/25
(a)(b) |
25,000 |
25,022 |
Jacobs
Entertainment, Inc. | ||
6.75%,
02/15/29
(a)(b) |
25,000 |
22,679 |
KB
Home | ||
4.00%,
06/15/31
(a) |
50,000 |
42,164 |
Kohl's
Corp. | ||
4.63%,
05/01/31
(a)(d) |
25,000 |
18,429 |
Las
Vegas Sands Corp. | ||
3.50%,
08/18/26
(a) |
75,000 |
69,593 |
3.90%,
08/08/29
(a) |
25,000 |
22,040 |
LCM
Investments Holdings II LLC | ||
4.88%,
05/01/29
(a)(b) |
50,000 |
43,448 |
Life
Time, Inc. | ||
5.75%,
01/15/26
(a)(b) |
25,000 |
24,414 |
8.00%,
04/15/26
(a)(b) |
20,000 |
19,868 |
Light
& Wonder International, Inc. | ||
7.00%,
05/15/28
(a)(b) |
75,000 |
74,788 |
Lindblad
Expeditions Holdings, Inc. | ||
9.00%,
05/15/28
(a)(b) |
25,000 |
25,711 |
Lithia
Motors, Inc. | ||
3.88%,
06/01/29
(a)(b) |
65,000 |
55,872 |
Live
Nation Entertainment, Inc. | ||
6.50%,
05/15/27
(a)(b) |
25,000 |
25,042 |
4.75%,
10/15/27
(a)(b) |
105,000 |
97,912 |
LSF9
Atlantis Holdings LLC/Victra Finance Corp. | ||
7.75%,
02/15/26
(a)(b) |
25,000 |
22,804 |
M/I
Homes, Inc. | ||
4.95%,
02/01/28
(a) |
8,000 |
7,431 |
Macy's
Retail Holdings LLC | ||
5.88%,
04/01/29
(a)(b) |
150,000 |
135,732 |
Marriott
Ownership Resorts, Inc. | ||
4.50%,
06/15/29
(a)(b) |
30,000 |
25,378 |
Match
Group Holdings II LLC | ||
4.13%,
08/01/30
(a)(b) |
77,000 |
66,106 |
Mattamy
Group Corp. | ||
4.63%,
03/01/30
(a)(b) |
50,000 |
44,243 |
Matthews
International Corp. | ||
5.25%,
12/01/25
(a)(b) |
15,000 |
14,451 |
Meritage
Homes Corp. | ||
3.88%,
04/15/29
(a)(b) |
25,000 |
21,843 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Metis
Merger Sub LLC | ||
6.50%,
05/15/29
(a)(b) |
25,000 |
21,735 |
MGM
Resorts International | ||
4.75%,
10/15/28
(a) |
125,000 |
113,552 |
Midwest
Gaming Borrower LLC/Midwest Gaming Finance Corp. | ||
4.88%,
05/01/29
(a)(b) |
30,000 |
26,127 |
Mohegan
Tribal Gaming Authority | ||
8.00%,
02/01/26
(a)(b) |
65,000 |
60,590 |
Murphy
Oil USA, Inc. | ||
3.75%,
02/15/31
(a)(b) |
50,000 |
42,105 |
NCL
Corp., Ltd. | ||
3.63%,
12/15/24
(a)(b) |
29,000 |
27,781 |
5.88%,
03/15/26
(a)(b) |
25,000 |
23,595 |
5.88%,
02/15/27
(a)(b) |
75,000 |
72,746 |
8.38%,
02/01/28
(a)(b) |
25,000 |
25,792 |
7.75%,
02/15/29
(a)(b) |
40,000 |
38,089 |
NCL
Finance Ltd. | ||
6.13%,
03/15/28
(a)(b) |
25,000 |
22,562 |
NMG
Holding Co., Inc./Neiman Marcus Group LLC | ||
7.13%,
04/01/26
(a)(b) |
33,000 |
31,393 |
Nordstrom,
Inc. | ||
4.00%,
03/15/27
(a) |
15,000 |
13,102 |
6.95%,
03/15/28
|
10,000 |
9,728 |
4.38%,
04/01/30
(a) |
20,000 |
16,000 |
4.25%,
08/01/31
(a) |
15,000 |
11,298 |
5.00%,
01/15/44
(a) |
45,000 |
28,620 |
Penn
Entertainment, Inc. | ||
5.63%,
01/15/27
(a)(b) |
25,000 |
23,812 |
Penske
Automotive Group, Inc. | ||
3.50%,
09/01/25
(a)(b) |
20,000 |
19,062 |
3.75%,
06/15/29
(a)(b) |
25,000 |
21,476 |
PM
General Purchaser LLC | ||
9.50%,
10/01/28
(a)(b) |
50,000 |
48,192 |
Premier
Entertainment Sub LLC/Premier Entertainment Finance
Corp. | ||
5.63%,
09/01/29
(a)(b) |
55,000 |
43,950 |
Prime
Security Services Borrower LLC/Prime Finance,
Inc. | ||
5.75%,
04/15/26
(b) |
40,000 |
39,291 |
3.38%,
08/31/27
(a)(b) |
35,000 |
31,161 |
6.25%,
01/15/28
(a)(b) |
50,000 |
47,674 |
QVC,
Inc. | ||
4.45%,
02/15/25
(a) |
37,000 |
33,303 |
4.75%,
02/15/27
(a) |
20,000 |
13,222 |
4.38%,
09/01/28
(a) |
10,000 |
5,668 |
5.95%,
03/15/43
|
5,000 |
2,309 |
Rakuten
Group, Inc. | ||
10.25%,
11/30/24
(b) |
200,000 |
202,000 |
Real
Hero Merger Sub 2, Inc. | ||
6.25%,
02/01/29
(a)(b) |
35,000 |
28,533 |
Realogy
Group LLC/Realogy Co-Issuer Corp. | ||
5.75%,
01/15/29
(a)(b) |
25,000 |
17,934 |
5.25%,
04/15/30
(a)(b) |
25,000 |
17,380 |
Rite
Aid Corp. | ||
8.00%,
11/15/26
(a)(b)(e)(f) |
30,000 |
19,081 |
Royal
Caribbean Cruises Ltd. | ||
5.38%,
07/15/27
(a)(b) |
130,000 |
122,449 |
11.63%,
08/15/27
(a)(b) |
100,000 |
109,053 |
5.50%,
04/01/28
(a)(b) |
100,000 |
93,830 |
8.25%,
01/15/29
(a)(b) |
25,000 |
26,150 |
Sally
Holdings LLC/Sally Capital, Inc. | ||
5.63%,
12/01/25
(a) |
25,000 |
24,853 |
Scientific
Games Holdings LP/Scientific Games US FinCo, Inc. | ||
6.63%,
03/01/30
(a)(b) |
25,000 |
22,060 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
SeaWorld
Parks & Entertainment, Inc. | ||
5.25%,
08/15/29
(a)(b) |
25,000 |
22,469 |
Service
Corp. International | ||
3.38%,
08/15/30
(a) |
55,000 |
45,452 |
4.00%,
05/15/31
(a) |
50,000 |
42,437 |
Shea
Homes LP/Shea Homes Funding Corp. | ||
4.75%,
02/15/28
(a) |
19,000 |
17,506 |
Six
Flags Entertainment Corp. | ||
5.50%,
04/15/27
(a)(b) |
25,000 |
23,554 |
7.25%,
05/15/31
(a)(b) |
34,000 |
32,634 |
Sonic
Automotive, Inc. | ||
4.63%,
11/15/29
(a)(b) |
50,000 |
42,798 |
Sotheby's | ||
7.38%,
10/15/27
(a)(b) |
12,000 |
10,939 |
Staples,
Inc. | ||
7.50%,
04/15/26
(a)(b) |
67,000 |
55,500 |
10.75%,
04/15/27
(a)(b) |
25,000 |
13,662 |
Station
Casinos LLC | ||
4.50%,
02/15/28
(a)(b) |
25,000 |
22,397 |
StoneMor,
Inc. | ||
8.50%,
05/15/29
(a)(b) |
20,000 |
16,708 |
Taylor
Morrison Communities, Inc. | ||
5.13%,
08/01/30
(a)(b) |
50,000 |
45,906 |
The
ADT Security Corp. | ||
4.13%,
08/01/29
(a)(b) |
50,000 |
43,690 |
4.88%,
07/15/32
(b) |
15,000 |
12,952 |
The
Brink's Co. | ||
4.63%,
10/15/27
(a)(b) |
25,000 |
23,271 |
The
Gap, Inc. | ||
3.63%,
10/01/29
(a)(b) |
75,000 |
57,164 |
3.88%,
10/01/31
(a)(b) |
10,000 |
7,256 |
The
Goodyear Tire & Rubber Co. | ||
5.00%,
05/31/26
(a) |
40,000 |
38,635 |
4.88%,
03/15/27
(a) |
95,000 |
89,452 |
5.00%,
07/15/29
(a) |
50,000 |
44,425 |
The
Michaels Cos., Inc. | ||
7.88%,
05/01/29
(a)(b) |
60,000 |
41,646 |
TKC
Holdings, Inc. | ||
10.50%,
05/15/29
(a)(b) |
35,000 |
29,081 |
Travel
& Leisure Co. | ||
4.50%,
12/01/29
(a)(b) |
75,000 |
64,618 |
Tri
Pointe Homes, Inc. | ||
5.70%,
06/15/28
(a) |
45,000 |
42,706 |
Uber
Technologies, Inc. | ||
7.50%,
09/15/27
(a)(b) |
30,000 |
30,659 |
4.50%,
08/15/29
(a)(b) |
115,000 |
105,511 |
Under
Armour, Inc. | ||
3.25%,
06/15/26
(a) |
25,000 |
22,936 |
Vail
Resorts, Inc. | ||
6.25%,
05/15/25
(a)(b) |
50,000 |
49,870 |
Victoria's
Secret & Co. | ||
4.63%,
07/15/29
(a)(b) |
35,000 |
25,373 |
Viking
Cruises Ltd. | ||
5.88%,
09/15/27
(a)(b) |
75,000 |
70,197 |
9.13%,
07/15/31
(a)(b) |
25,000 |
25,851 |
VOC
Escrow Ltd. | ||
5.00%,
02/15/28
(a)(b) |
55,000 |
51,100 |
WASH
Multifamily Acquisition, Inc. | ||
5.75%,
04/15/26
(a)(b) |
25,000 |
23,207 |
Wolverine
World Wide, Inc. | ||
4.00%,
08/15/29
(a)(b) |
25,000 |
18,748 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
WW
International, Inc. | ||
4.50%,
04/15/29
(a)(b) |
16,000 |
11,094 |
Wyndham
Hotels & Resorts, Inc. | ||
4.38%,
08/15/28
(a)(b) |
25,000 |
22,822 |
Wynn
Las Vegas LLC/Wynn Las Vegas Capital Corp. | ||
5.50%,
03/01/25
(a)(b) |
21,000 |
20,764 |
5.25%,
05/15/27
(a)(b) |
13,000 |
12,316 |
Wynn
Resorts Finance LLC/Wynn Resorts Capital Corp. | ||
5.13%,
10/01/29
(a)(b) |
65,000 |
58,247 |
7.13%,
02/15/31
(a)(b) |
50,000 |
49,180 |
Yum!
Brands, Inc. | ||
4.75%,
01/15/30
(a)(b) |
125,000 |
115,225 |
4.63%,
01/31/32
(a) |
65,000 |
58,217 |
ZF
North America Capital, Inc. | ||
4.75%,
04/29/25
(b) |
150,000 |
145,881 |
ZipRecruiter,
Inc. | ||
5.00%,
01/15/30
(a)(b) |
25,000 |
21,000 |
|
|
9,396,759 |
Consumer
Non-Cyclical 11.4%
| ||
Acadia
Healthcare Co., Inc. | ||
5.50%,
07/01/28
(a)(b) |
25,000 |
23,709 |
ACCO
Brands Corp. | ||
4.25%,
03/15/29
(a)(b) |
35,000 |
29,933 |
AdaptHealth
LLC | ||
5.13%,
03/01/30
(a)(b) |
25,000 |
20,530 |
Akumin,
Inc. | ||
7.00%,
11/01/25
(a)(b) |
25,000 |
18,906 |
Albertsons
Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons
LLC | ||
7.50%,
03/15/26
(a)(b) |
43,000 |
43,744 |
4.63%,
01/15/27
(a)(b) |
125,000 |
118,168 |
3.50%,
03/15/29
(a)(b) |
75,000 |
64,946 |
AMN
Healthcare, Inc. | ||
4.63%,
10/01/27
(a)(b) |
50,000 |
45,914 |
4.00%,
04/15/29
(a)(b) |
10,000 |
8,562 |
Aramark
Services, Inc. | ||
6.38%,
05/01/25
(a)(b) |
116,000 |
116,300 |
5.00%,
02/01/28
(a)(b) |
5,000 |
4,669 |
Avantor
Funding, Inc. | ||
4.63%,
07/15/28
(a)(b) |
71,000 |
65,976 |
B&G
Foods, Inc. | ||
5.25%,
04/01/25
(a) |
55,000 |
53,844 |
Bausch
Health Americas, Inc. | ||
9.25%,
04/01/26
(a)(b) |
30,000 |
27,209 |
8.50%,
01/31/27
(a)(b) |
45,000 |
25,085 |
Bausch
Health Cos., Inc. | ||
5.50%,
11/01/25
(a)(b) |
100,000 |
90,167 |
9.00%,
12/15/25
(a)(b) |
85,000 |
77,878 |
4.88%,
06/01/28
(a)(b) |
50,000 |
29,716 |
11.00%,
09/30/28
(b) |
100,000 |
71,644 |
5.00%,
02/15/29
(a)(b) |
20,000 |
8,391 |
5.25%,
02/15/31
(a)(b) |
24,000 |
10,205 |
BellRing
Brands, Inc. | ||
7.00%,
03/15/30
(a)(b) |
30,000 |
30,040 |
Cano
Health LLC | ||
6.25%,
10/01/28
(a)(b) |
10,000 |
3,409 |
Catalent
Pharma Solutions, Inc. | ||
3.13%,
02/15/29
(a)(b) |
25,000 |
21,062 |
3.50%,
04/01/30
(a)(b) |
25,000 |
21,123 |
Central
Garden & Pet Co. | ||
4.13%,
10/15/30
(a) |
25,000 |
21,540 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Charles
River Laboratories International, Inc. | ||
4.00%,
03/15/31
(a)(b) |
58,000 |
50,139 |
Chobani
LLC/Chobani Finance Corp., Inc. | ||
7.50%,
04/15/25
(a)(b) |
50,000 |
49,925 |
CHS/Community
Health Systems, Inc. | ||
8.00%,
03/15/26
(a)(b) |
200,000 |
195,458 |
5.63%,
03/15/27
(a)(b) |
100,000 |
88,105 |
6.88%,
04/01/28
(a)(b) |
75,000 |
45,108 |
6.88%,
04/15/29
(a)(b) |
50,000 |
30,711 |
6.13%,
04/01/30
(a)(b) |
5,000 |
2,882 |
4.75%,
02/15/31
(a)(b) |
30,000 |
22,377 |
Coty
Inc/HFC Prestige Products, Inc./HFC Prestige International US
LLC | ||
6.63%,
07/15/30
(a)(b) |
25,000 |
25,030 |
Coty,
Inc. | ||
5.00%,
04/15/26
(a)(b) |
50,000 |
48,109 |
Darling
Ingredients, Inc. | ||
5.25%,
04/15/27
(a)(b) |
25,000 |
24,331 |
6.00%,
06/15/30
(a)(b) |
40,000 |
39,134 |
DaVita,
Inc. | ||
4.63%,
06/01/30
(a)(b) |
150,000 |
128,798 |
Edgewell
Personal Care Co. | ||
5.50%,
06/01/28
(a)(b) |
25,000 |
23,585 |
4.13%,
04/01/29
(a)(b) |
20,000 |
17,351 |
Elanco
Animal Health, Inc. | ||
6.65%,
08/28/28
(a)(d) |
75,000 |
74,156 |
Embecta
Corp. | ||
5.00%,
02/15/30
(a)(b) |
20,000 |
16,269 |
Emergent
BioSolutions, Inc. | ||
3.88%,
08/15/28
(a)(b) |
10,000 |
4,812 |
Encompass
Health Corp. | ||
4.75%,
02/01/30
(a) |
50,000 |
45,587 |
4.63%,
04/01/31
(a) |
35,000 |
30,724 |
Energizer
Holdings, Inc. | ||
6.50%,
12/31/27
(a)(b) |
15,000 |
14,507 |
4.38%,
03/31/29
(a)(b) |
50,000 |
42,881 |
Fortrea
Holdings, Inc. | ||
7.50%,
07/01/30
(a)(b) |
50,000 |
49,000 |
Garden
Spinco Corp. | ||
8.63%,
07/20/30
(a)(b) |
10,000 |
10,685 |
Global
Medical Response, Inc. | ||
6.50%,
10/01/25
(a)(b) |
25,000 |
17,301 |
Grifols
S.A. | ||
4.75%,
10/15/28
(a)(b) |
200,000 |
175,654 |
Heartland
Dental LLC/Heartland Dental Finance Corp. | ||
10.50%,
04/30/28
(a)(b) |
35,000 |
35,394 |
Herbalife
Nutrition Ltd./HLF Financing, Inc. | ||
7.88%,
09/01/25
(a)(b) |
25,000 |
24,080 |
H-Food
Holdings LLC/Hearthside Finance Co., Inc. | ||
8.50%,
06/01/26
(a)(b) |
5,000 |
1,988 |
HLF
Financing Sarl LLC/Herbalife International, Inc. | ||
4.88%,
06/01/29
(a)(b) |
25,000 |
18,728 |
Hologic,
Inc. | ||
3.25%,
02/15/29
(a)(b) |
50,000 |
43,475 |
Ingles
Markets, Inc. | ||
4.00%,
06/15/31
(a)(b) |
50,000 |
41,920 |
IQVIA,
Inc. | ||
5.00%,
10/15/26
(a)(b) |
200,000 |
193,383 |
Kronos
Acquisition Holdings, Inc./KIK Custom Products,
Inc. | ||
5.00%,
12/31/26
(a)(b) |
25,000 |
23,341 |
7.00%,
12/31/27
(a)(b) |
50,000 |
44,052 |
Lamb
Weston Holdings, Inc. | ||
4.13%,
01/31/30
(a)(b) |
100,000 |
88,036 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Medline
Borrower LP | ||
3.88%,
04/01/29
(a)(b) |
220,000 |
192,264 |
5.25%,
10/01/29
(a)(b) |
50,000 |
44,451 |
ModivCare
Escrow Issuer, Inc. | ||
5.00%,
10/01/29
(a)(b) |
25,000 |
18,460 |
ModivCare,
Inc. | ||
5.88%,
11/15/25
(a)(b) |
5,000 |
4,749 |
MPH
Acquisition Holdings LLC | ||
5.50%,
09/01/28
(a)(b) |
50,000 |
42,507 |
5.75%,
11/01/28
(a)(b) |
30,000 |
22,505 |
Newell
Brands, Inc. | ||
4.20%,
04/01/26
(a)(d) |
100,000 |
95,901 |
6.63%,
09/15/29
(a) |
85,000 |
84,281 |
Organon
& Co./Organon Foreign Debt Co.-Issuer BV | ||
5.13%,
04/30/31
(a)(b) |
200,000 |
170,581 |
Owens
& Minor, Inc. | ||
6.63%,
04/01/30
(a)(b) |
25,000 |
22,766 |
P&L
Development LLC/PLD Finance Corp. | ||
7.75%,
11/15/25
(a)(b) |
10,000 |
8,655 |
Performance
Food Group, Inc. | ||
6.88%,
05/01/25
(a)(b) |
10,000 |
10,024 |
5.50%,
10/15/27
(a)(b) |
5,000 |
4,819 |
4.25%,
08/01/29
(a)(b) |
75,000 |
66,076 |
Pilgrim's
Pride Corp. | ||
4.25%,
04/15/31
(a) |
17,000 |
14,723 |
3.50%,
03/01/32
(a) |
25,000 |
20,155 |
6.25%,
07/01/33
(a) |
75,000 |
74,520 |
Post
Holdings, Inc. | ||
5.63%,
01/15/28
(a)(b) |
125,000 |
119,973 |
4.63%,
04/15/30
(a)(b) |
55,000 |
48,779 |
4.50%,
09/15/31
(a)(b) |
10,000 |
8,624 |
Prestige
Brands, Inc. | ||
3.75%,
04/01/31
(a)(b) |
50,000 |
41,420 |
Prime
Healthcare Services, Inc. | ||
7.25%,
11/01/25
(a)(b) |
25,000 |
23,451 |
Radiology
Partners, Inc. | ||
9.25%,
02/01/28
(a)(b) |
25,000 |
9,841 |
RegionalCare
Hospital Partners Holdings, Inc./LifePoint Health,
Inc. | ||
9.75%,
12/01/26
(a)(b) |
46,000 |
43,059 |
RP
Escrow Issuer LLC | ||
5.25%,
12/15/25
(a)(b) |
25,000 |
19,284 |
Safeway,
Inc. | ||
7.25%,
02/01/31
|
10,000 |
10,475 |
Select
Medical Corp. | ||
6.25%,
08/15/26
(a)(b) |
50,000 |
49,574 |
Simmons
Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food,
Inc./Simmons
Feed | ||
4.63%,
03/01/29
(a)(b) |
25,000 |
20,828 |
Spectrum
Brands, Inc. | ||
3.88%,
03/15/31
(a)(b) |
25,000 |
20,968 |
Surgery
Center Holdings, Inc. | ||
10.00%,
04/15/27
(a)(b) |
25,000 |
25,460 |
Syneos
Health, Inc. | ||
3.63%,
01/15/29
(a)(b) |
25,000 |
24,960 |
Teleflex,
Inc. | ||
4.63%,
11/15/27
(a) |
15,000 |
14,160 |
4.25%,
06/01/28
(a)(b) |
15,000 |
13,810 |
Tempur
Sealy International, Inc. | ||
3.88%,
10/15/31
(a)(b) |
75,000 |
60,340 |
Tenet
Healthcare Corp. | ||
4.88%,
01/01/26
(a) |
50,000 |
48,522 |
5.13%,
11/01/27
(a) |
25,000 |
23,797 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
4.63%,
06/15/28
(a) |
18,000 |
16,594 |
6.13%,
10/01/28
(a) |
150,000 |
144,614 |
4.25%,
06/01/29
(a) |
25,000 |
22,345 |
4.38%,
01/15/30
(a) |
230,000 |
204,544 |
6.13%,
06/15/30
(a) |
25,000 |
24,257 |
6.75%,
05/15/31
(a)(b) |
35,000 |
34,870 |
6.88%,
11/15/31
|
15,000 |
15,023 |
The
Scotts Miracle-Gro Co. | ||
4.50%,
10/15/29
(a) |
45,000 |
37,681 |
4.00%,
04/01/31
(a) |
20,000 |
15,738 |
4.38%,
02/01/32
(a) |
10,000 |
7,927 |
The
Toledo Hospital | ||
4.98%,
11/15/45
(a) |
20,000 |
12,135 |
6.02%,
11/15/48
|
25,000 |
17,181 |
Triton
Water Holdings, Inc. | ||
6.25%,
04/01/29
(a)(b) |
50,000 |
42,548 |
United
Natural Foods, Inc. | ||
6.75%,
10/15/28
(a)(b) |
15,000 |
12,503 |
US
Acute Care Solutions LLC | ||
6.38%,
03/01/26
(a)(b) |
75,000 |
65,314 |
US
Foods, Inc. | ||
4.75%,
02/15/29
(a)(b) |
100,000 |
91,362 |
4.63%,
06/01/30
(a)(b) |
5,000 |
4,449 |
US
Renal Care, Inc. | ||
10.63%,
07/15/27
(a)(b) |
5,000 |
2,037 |
Valvoline,
Inc. | ||
3.63%,
06/15/31
(a)(b) |
25,000 |
19,980 |
Vector
Group Ltd. | ||
5.75%,
02/01/29
(a)(b) |
75,000 |
65,358 |
Vista
Outdoor, Inc. | ||
4.50%,
03/15/29
(a)(b) |
25,000 |
20,859 |
|
|
5,241,767 |
Energy
11.1%
| ||
Aethon
United BR LP/Aethon United Finance Corp. | ||
8.25%,
02/15/26
(a)(b) |
75,000 |
75,442 |
AmeriGas
Partners LP/AmeriGas Finance Corp. | ||
5.50%,
05/20/25
(a) |
25,000 |
24,558 |
5.75%,
05/20/27
(a) |
75,000 |
69,436 |
Antero
Midstream Partners LP/Antero Midstream Finance
Corp. | ||
5.75%,
03/01/27
(a)(b) |
10,000 |
9,701 |
5.38%,
06/15/29
(a)(b) |
75,000 |
70,354 |
Antero
Resources Corp. | ||
5.38%,
03/01/30
(a)(b) |
50,000 |
46,801 |
Archrock
Partners LP/Archrock Partners Finance Corp. | ||
6.25%,
04/01/28
(a)(b) |
39,000 |
37,266 |
Ascent
Resources Utica Holdings LLC/ARU Finance Corp. | ||
7.00%,
11/01/26
(a)(b) |
25,000 |
24,876 |
Baytex
Energy Corp. | ||
8.75%,
04/01/27
(a)(b) |
50,000 |
51,221 |
8.50%,
04/30/30
(a)(b) |
30,000 |
30,447 |
Blue
Racer Midstream LLC/Blue Racer Finance Corp. | ||
7.63%,
12/15/25
(a)(b) |
50,000 |
50,190 |
Bristow
Group, Inc. | ||
6.88%,
03/01/28
(a)(b) |
25,000 |
23,408 |
Buckeye
Partners LP | ||
4.13%,
03/01/25
(a)(b) |
15,000 |
14,459 |
3.95%,
12/01/26
(a) |
75,000 |
69,244 |
4.50%,
03/01/28
(a)(b) |
15,000 |
13,626 |
5.85%,
11/15/43
(a) |
25,000 |
19,434 |
California
Resources Corp. | ||
7.13%,
02/01/26
(a)(b) |
25,000 |
25,087 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Callon
Petroleum Co. | ||
8.00%,
08/01/28
(a)(b) |
50,000 |
50,751 |
7.50%,
06/15/30
(a)(b) |
25,000 |
24,736 |
Calumet
Specialty Products Partners LP/Calumet Finance
Corp. | ||
11.00%,
04/15/25
(a)(b) |
25,000 |
25,655 |
8.13%,
01/15/27
(a)(b) |
25,000 |
23,917 |
Chesapeake
Energy Corp. | ||
6.75%,
04/15/29
(a)(b) |
75,000 |
74,530 |
Chord
Energy Corp. | ||
6.38%,
06/01/26
(a)(b) |
25,000 |
24,664 |
CITGO
Holding, Inc. | ||
9.25%,
08/01/24
(a)(b) |
55,000 |
55,061 |
CITGO
Petroleum Corp. | ||
6.38%,
06/15/26
(a)(b) |
55,000 |
53,760 |
Civitas
Resources, Inc. | ||
5.00%,
10/15/26
(a)(b) |
50,000 |
47,498 |
8.75%,
07/01/31
(a)(b) |
43,000 |
44,559 |
CNX
Resources Corp. | ||
7.38%,
01/15/31
(a)(b) |
50,000 |
49,956 |
Comstock
Resources, Inc. | ||
6.75%,
03/01/29
(a)(b) |
60,000 |
56,195 |
Crescent
Energy Finance LLC | ||
9.25%,
02/15/28
(a)(b) |
12,000 |
12,286 |
Crestwood
Midstream Partners LP/Crestwood Midstream Finance
Corp. | ||
6.00%,
02/01/29
(a)(b) |
75,000 |
73,706 |
7.38%,
02/01/31
(a)(b) |
25,000 |
25,780 |
CrownRock
LP/CrownRock Finance, Inc. | ||
5.63%,
10/15/25
(a)(b) |
53,000 |
52,211 |
CVR
Energy, Inc. | ||
5.75%,
02/15/28
(a)(b) |
50,000 |
45,571 |
DT
Midstream, Inc. | ||
4.13%,
06/15/29
(a)(b) |
85,000 |
75,392 |
4.38%,
06/15/31
(a)(b) |
5,000 |
4,334 |
Earthstone
Energy Holdings LLC | ||
8.00%,
04/15/27
(a)(b) |
75,000 |
76,620 |
Encino
Acquisition Partners Holdings LLC | ||
8.50%,
05/01/28
(a)(b) |
29,000 |
27,524 |
Endeavor
Energy Resources LP/EER Finance, Inc. | ||
5.75%,
01/30/28
(a)(b) |
30,000 |
29,375 |
EnLink
Midstream LLC | ||
5.38%,
06/01/29
(a) |
15,000 |
14,316 |
6.50%,
09/01/30
(a)(b) |
75,000 |
75,276 |
EnLink
Midstream Partners LP | ||
5.60%,
04/01/44
(a) |
15,000 |
12,805 |
5.05%,
04/01/45
(a) |
15,000 |
11,978 |
5.45%,
06/01/47
(a) |
50,000 |
41,549 |
EQM
Midstream Partners LP | ||
7.50%,
06/01/27
(a)(b) |
50,000 |
50,512 |
6.50%,
07/01/27
(a)(b) |
75,000 |
74,593 |
4.50%,
01/15/29
(a)(b) |
25,000 |
22,739 |
4.75%,
01/15/31
(a)(b) |
75,000 |
66,353 |
Ferrellgas
LP/Ferrellgas Finance Corp. | ||
5.88%,
04/01/29
(a)(b) |
60,000 |
52,992 |
Genesis
Energy LP/Genesis Energy Finance Corp. | ||
6.25%,
05/15/26
(a) |
100,000 |
97,087 |
8.00%,
01/15/27
(a) |
75,000 |
74,014 |
Global
Marine, Inc. | ||
7.00%,
06/01/28
|
25,000 |
21,731 |
Global
Partners LP/GLP Finance Corp. | ||
6.88%,
01/15/29
(a) |
15,000 |
14,189 |
Harvest
Midstream I LP | ||
7.50%,
09/01/28
(a)(b) |
25,000 |
25,085 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Hess
Midstream Operations LP | ||
5.63%,
02/15/26
(a)(b) |
10,000 |
9,795 |
4.25%,
02/15/30
(a)(b) |
50,000 |
44,009 |
5.50%,
10/15/30
(a)(b) |
15,000 |
14,058 |
Hilcorp
Energy I LP/Hilcorp Finance Co. | ||
6.00%,
02/01/31
(a)(b) |
100,000 |
91,978 |
6.25%,
04/15/32
(a)(b) |
10,000 |
9,187 |
Holly
Energy Partners LP/Holly Energy Finance Corp. | ||
5.00%,
02/01/28
(a)(b) |
25,000 |
23,474 |
Howard
Midstream Energy Partners LLC | ||
8.88%,
07/15/28
(a)(b) |
20,000 |
20,731 |
ITT
Holdings LLC | ||
6.50%,
08/01/29
(a)(b) |
70,000 |
63,241 |
Kinetik
Holdings LP | ||
5.88%,
06/15/30
(a)(b) |
40,000 |
38,785 |
Matador
Resources Co. | ||
5.88%,
09/15/26
(a) |
50,000 |
48,812 |
MEG
Energy Corp. | ||
5.88%,
02/01/29
(a)(b) |
50,000 |
47,814 |
Moss
Creek Resources Holdings, Inc. | ||
7.50%,
01/15/26
(a)(b) |
50,000 |
47,911 |
10.50%,
05/15/27
(a)(b) |
25,000 |
24,831 |
Murphy
Oil Corp. | ||
6.38%,
07/15/28
(a) |
75,000 |
75,029 |
Nabors
Industries, Inc. | ||
7.38%,
05/15/27
(a)(b) |
75,000 |
73,260 |
New
Fortress Energy, Inc. | ||
6.75%,
09/15/25
(a)(b) |
35,000 |
33,863 |
6.50%,
09/30/26
(a)(b) |
50,000 |
46,521 |
NGL
Energy Operating LLC/NGL Energy Finance Corp. | ||
7.50%,
02/01/26
(a)(b) |
85,000 |
84,700 |
NGL
Energy Partners LP/NGL Energy Finance Corp. | ||
7.50%,
04/15/26
(a) |
20,000 |
19,248 |
Nine
Energy Service, Inc. | ||
13.00%,
02/01/28
(a) |
5,000 |
4,568 |
Noble
Finance II LLC | ||
8.00%,
04/15/30
(a)(b) |
25,000 |
25,875 |
Northern
Oil & Gas, Inc. | ||
8.13%,
03/01/28
(a)(b) |
100,000 |
100,331 |
Northriver
Midstream Finance LP | ||
5.63%,
02/15/26
(a)(b) |
25,000 |
24,062 |
NuStar
Logistics LP | ||
6.00%,
06/01/26
(a) |
35,000 |
34,339 |
6.38%,
10/01/30
(a) |
50,000 |
48,173 |
Oceaneering
International, Inc. | ||
4.65%,
11/15/24
(a) |
15,000 |
14,700 |
6.00%,
02/01/28
(a) |
15,000 |
14,119 |
Parkland
Corp. | ||
4.50%,
10/01/29
(a)(b) |
75,000 |
66,159 |
Patterson-UTI
Energy, Inc. | ||
3.95%,
02/01/28
(a) |
25,000 |
22,959 |
5.15%,
11/15/29
(a) |
15,000 |
13,835 |
PBF
Holding Co. LLC/PBF Finance Corp. | ||
7.25%,
06/15/25
(a) |
25,000 |
25,024 |
6.00%,
02/15/28
(a) |
34,000 |
32,192 |
PDC
Energy, Inc. | ||
5.75%,
05/15/26
(a) |
50,000 |
49,906 |
Permian
Resources Operating LLC | ||
5.88%,
07/01/29
(a)(b) |
50,000 |
48,274 |
Petrofac
Ltd. | ||
9.75%,
11/15/26
(a)(b) |
20,000 |
15,369 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Range
Resources Corp. | ||
8.25%,
01/15/29
(a) |
50,000 |
51,953 |
4.75%,
02/15/30
(a)(b) |
10,000 |
9,040 |
Rockcliff
Energy II LLC | ||
5.50%,
10/15/29
(a)(b) |
75,000 |
69,214 |
Rockies
Express Pipeline LLC | ||
3.60%,
05/15/25
(a)(b) |
10,000 |
9,442 |
4.95%,
07/15/29
(a)(b) |
50,000 |
45,815 |
4.80%,
05/15/30
(a)(b) |
20,000 |
17,506 |
SM
Energy Co. | ||
6.63%,
01/15/27
(a) |
25,000 |
24,710 |
6.50%,
07/15/28
(a) |
25,000 |
24,460 |
Southwestern
Energy Co. | ||
4.75%,
02/01/32
(a) |
105,000 |
93,129 |
Suburban
Propane Partners LP/Suburban Energy Finance Corp. | ||
5.00%,
06/01/31
(a)(b) |
30,000 |
25,817 |
Summit
Midstream Holdings LLC/Summit Midstream Finance
Corp. | ||
9.00%,
10/15/26
(a)(b)(d) |
25,000 |
24,148 |
Sunoco
LP/Sunoco Finance Corp. | ||
5.88%,
03/15/28
(a) |
15,000 |
14,583 |
4.50%,
05/15/29
(a) |
50,000 |
45,267 |
4.50%,
04/30/30
(a) |
25,000 |
22,314 |
Tallgrass
Energy Partners LP/Tallgrass Energy Finance Corp. | ||
6.00%,
03/01/27
(a)(b) |
25,000 |
23,986 |
5.50%,
01/15/28
(a)(b) |
25,000 |
23,250 |
6.00%,
12/31/30
(a)(b) |
25,000 |
22,394 |
6.00%,
09/01/31
(a)(b) |
50,000 |
44,455 |
Talos
Production, Inc. | ||
12.00%,
01/15/26
(a) |
25,000 |
26,088 |
Transocean
Poseidon Ltd. | ||
6.88%,
02/01/27
(a)(b) |
37,500 |
37,301 |
Transocean,
Inc. | ||
11.50%,
01/30/27
(a)(b) |
50,000 |
52,828 |
8.00%,
02/01/27
(a)(b) |
22,000 |
21,483 |
8.75%,
02/15/30
(a)(b) |
42,750 |
43,774 |
6.80%,
03/15/38
|
50,000 |
39,000 |
USA
Compression Partners LP/USA Compression Finance
Corp. | ||
6.88%,
04/01/26
(a) |
25,000 |
24,742 |
6.88%,
09/01/27
(a) |
60,000 |
58,556 |
Valaris
Ltd. | ||
8.38%,
04/30/30
(a)(b) |
30,000 |
30,585 |
Venture
Global Calcasieu Pass LLC | ||
6.25%,
01/15/30
(a)(b) |
50,000 |
48,764 |
4.13%,
08/15/31
(a)(b) |
10,000 |
8,493 |
3.88%,
11/01/33
(a)(b) |
110,000 |
89,485 |
Venture
Global LNG, Inc. | ||
8.13%,
06/01/28
(a)(b) |
75,000 |
75,723 |
8.38%,
06/01/31
(a)(b) |
130,000 |
131,253 |
Vermilion
Energy, Inc. | ||
6.88%,
05/01/30
(a)(b) |
25,000 |
23,694 |
Vital
Energy, Inc. | ||
9.50%,
01/15/25
(a) |
25,000 |
25,151 |
7.75%,
07/31/29
(a)(b) |
15,000 |
13,514 |
W&T
Offshore, Inc. | ||
11.75%,
02/01/26
(a)(b) |
10,000 |
10,134 |
Weatherford
International Ltd. | ||
8.63%,
04/30/30
(a)(b) |
100,000 |
102,517 |
|
|
5,076,550 |
Industrial
Other 1.4%
| ||
AECOM | ||
5.13%,
03/15/27
(a) |
50,000 |
48,019 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
APi
Group DE, Inc. | ||
4.13%,
07/15/29
(a)(b) |
30,000 |
25,929 |
Artera
Services LLC | ||
9.03%,
12/04/25
(a)(b) |
25,000 |
23,285 |
Brand
Industrial Services, Inc. | ||
10.38%,
08/01/30
(a)(b) |
50,000 |
51,626 |
Brundage-Bone
Concrete Pumping Holdings, Inc. | ||
6.00%,
02/01/26
(a)(b) |
50,000 |
48,049 |
Fluor
Corp. | ||
4.25%,
09/15/28
(a) |
50,000 |
46,672 |
Global
Infrastructure Solutions, Inc. | ||
7.50%,
04/15/32
(a)(b) |
20,000 |
17,428 |
Grand
Canyon University | ||
4.13%,
10/01/24
|
90,000 |
85,369 |
Great
Lakes Dredge & Dock Corp. | ||
5.25%,
06/01/29
(a)(b) |
60,000 |
51,460 |
Hillenbrand,
Inc. | ||
4.50%,
09/15/26
(a)(d) |
15,000 |
14,607 |
Pike
Corp. | ||
5.50%,
09/01/28
(a)(b) |
50,000 |
45,048 |
TopBuild
Corp. | ||
4.13%,
02/15/32
(a)(b) |
50,000 |
41,670 |
Vericast
Corp. | ||
11.00%,
09/15/26
(a)(b) |
105,000 |
109,864 |
12.50%,
12/15/27
(a)(b) |
10,000 |
11,337 |
Williams
Scotsman International, Inc. | ||
4.63%,
08/15/28
(a)(b) |
50,000 |
45,670 |
|
|
666,033 |
Technology
6.9%
| ||
Alteryx,
Inc. | ||
8.75%,
03/15/28
(a)(b) |
50,000 |
48,295 |
AthenaHealth
Group, Inc. | ||
6.50%,
02/15/30
(a)(b) |
80,000 |
69,552 |
Block,
Inc. | ||
2.75%,
06/01/26
(a) |
20,000 |
18,206 |
3.50%,
06/01/31
(a) |
50,000 |
41,047 |
Boxer
Parent Co., Inc. | ||
7.13%,
10/02/25
(a)(b) |
25,000 |
25,054 |
Camelot
Finance S.A. | ||
4.50%,
11/01/26
(a)(b) |
25,000 |
23,407 |
Castle
US Holding Corp. | ||
9.50%,
02/15/28
(a)(b) |
10,000 |
5,494 |
Central
Parent, Inc./CDK Global, Inc. | ||
7.25%,
06/15/29
(a)(b) |
25,000 |
24,683 |
Clarivate
Science Holdings Corp. | ||
4.88%,
07/01/29
(a)(b) |
65,000 |
56,743 |
Cloud
Software Group, Inc. | ||
6.50%,
03/31/29
(a)(b) |
155,000 |
138,780 |
9.00%,
09/30/29
(a)(b) |
130,000 |
116,339 |
Coherent
Corp. | ||
5.00%,
12/15/29
(a)(b) |
50,000 |
44,460 |
CommScope
Technologies LLC | ||
6.00%,
06/15/25
(a)(b) |
140,000 |
128,275 |
5.00%,
03/15/27
(a)(b) |
25,000 |
13,925 |
CommScope,
Inc. | ||
4.75%,
09/01/29
(a)(b) |
65,000 |
48,362 |
Conduent
Business Services LLC/Conduent State & Local Solutions,
Inc. | ||
6.00%,
11/01/29
(a)(b) |
25,000 |
20,657 |
Consensus
Cloud Solutions, Inc. | ||
6.50%,
10/15/28
(a)(b) |
50,000 |
45,236 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
CoreLogic,
Inc. | ||
4.50%,
05/01/28
(a)(b) |
25,000 |
20,460 |
Crowdstrike
Holdings, Inc. | ||
3.00%,
02/15/29
(a) |
45,000 |
38,731 |
Entegris
Escrow Corp. | ||
4.75%,
04/15/29
(a)(b) |
25,000 |
23,284 |
5.95%,
06/15/30
(a)(b) |
50,000 |
47,933 |
Entegris,
Inc. | ||
4.38%,
04/15/28
(a)(b) |
25,000 |
22,815 |
3.63%,
05/01/29
(a)(b) |
15,000 |
12,906 |
Fair
Isaac Corp. | ||
4.00%,
06/15/28
(a)(b) |
75,000 |
68,655 |
Gartner,
Inc. | ||
3.75%,
10/01/30
(a)(b) |
100,000 |
86,454 |
Gen
Digital, Inc. | ||
5.00%,
04/15/25
(a)(b) |
20,000 |
19,625 |
6.75%,
09/30/27
(a)(b) |
75,000 |
75,270 |
GoTo
Group, Inc. | ||
5.50%,
09/01/27
(a)(b) |
10,000 |
5,863 |
HealthEquity,
Inc. | ||
4.50%,
10/01/29
(a)(b) |
25,000 |
22,201 |
Imola
Merger Corp. | ||
4.75%,
05/15/29
(a)(b) |
105,000 |
93,437 |
Iron
Mountain Information Management Services, Inc. | ||
5.00%,
07/15/32
(a)(b) |
35,000 |
30,256 |
Iron
Mountain, Inc. | ||
7.00%,
02/15/29
(a)(b) |
125,000 |
124,788 |
5.25%,
07/15/30
(a)(b) |
150,000 |
135,493 |
McAfee
Corp. | ||
7.38%,
02/15/30
(a)(b) |
75,000 |
65,686 |
Mobius
Merger Sub, Inc. | ||
9.00%,
06/01/30
(a)(b) |
15,000 |
13,691 |
NCR
Corp. | ||
5.13%,
04/15/29
(a)(b) |
135,000 |
122,902 |
Neptune
Bidco U.S., Inc. | ||
9.29%,
04/15/29
(a)(b) |
125,000 |
116,840 |
ON
Semiconductor Corp. | ||
3.88%,
09/01/28
(a)(b) |
10,000 |
8,911 |
Open
Text Corp. | ||
3.88%,
02/15/28
(a)(b) |
25,000 |
22,271 |
Open
Text Holdings, Inc. | ||
4.13%,
02/15/30
(a)(b) |
115,000 |
99,206 |
Paysafe
Finance plc/Paysafe Holdings US Corp. | ||
4.00%,
06/15/29
(a)(b) |
15,000 |
12,728 |
Pitney
Bowes, Inc. | ||
6.88%,
03/15/27
(a)(b) |
30,000 |
22,679 |
Presidio
Holdings, Inc. | ||
8.25%,
02/01/28
(a)(b) |
50,000 |
48,495 |
PTC,
Inc. | ||
4.00%,
02/15/28
(a)(b) |
50,000 |
45,983 |
Rackspace
Technology Global, Inc. | ||
3.50%,
02/15/28
(a)(b) |
15,000 |
7,133 |
5.38%,
12/01/28
(a)(b) |
5,000 |
1,458 |
Rocket
Software, Inc. | ||
6.50%,
02/15/29
(a)(b) |
25,000 |
20,773 |
Sabre
Global, Inc. | ||
7.38%,
09/01/25
(a)(b) |
75,000 |
73,781 |
Seagate
HDD Cayman | ||
8.25%,
12/15/29
(a)(b) |
75,000 |
78,751 |
9.63%,
12/01/32
(a)(b) |
100,000 |
110,882 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Sensata
Technologies BV | ||
5.00%,
10/01/25
(b) |
35,000 |
34,145 |
4.00%,
04/15/29
(a)(b) |
35,000 |
30,776 |
Sensata
Technologies, Inc. | ||
3.75%,
02/15/31
(a)(b) |
100,000 |
83,890 |
SS&C
Technologies, Inc. | ||
5.50%,
09/30/27
(a)(b) |
75,000 |
72,270 |
The
Dun & Bradstreet Corp. | ||
5.00%,
12/15/29
(a)(b) |
25,000 |
22,460 |
Twilio,
Inc. | ||
3.88%,
03/15/31
(a) |
40,000 |
33,541 |
Veritas
US, Inc./Veritas Bermuda Ltd. | ||
7.50%,
09/01/25
(a)(b) |
50,000 |
41,016 |
Verscend
Escrow Corp. | ||
9.75%,
08/15/26
(a)(b) |
100,000 |
99,591 |
Western
Digital Corp. | ||
4.75%,
02/15/26
(a) |
100,000 |
95,441 |
Xerox
Corp. | ||
4.80%,
03/01/35
|
15,000 |
10,145 |
6.75%,
12/15/39
|
25,000 |
19,506 |
Xerox
Holdings Corp. | ||
5.00%,
08/15/25
(a)(b) |
50,000 |
47,747 |
Ziff
Davis, Inc. | ||
4.63%,
10/15/30
(a)(b) |
15,000 |
12,916 |
ZoomInfo
Technologies LLC/ZoomInfo Finance Corp. | ||
3.88%,
02/01/29
(a)(b) |
10,000 |
8,510 |
|
|
3,180,810 |
Transportation
2.5%
| ||
Air
Canada | ||
3.88%,
08/15/26
(a)(b) |
50,000 |
46,223 |
Allegiant
Travel Co. | ||
7.25%,
08/15/27
(a)(b) |
50,000 |
48,990 |
American
Airlines Group, Inc. | ||
3.75%,
03/01/25
(b) |
25,000 |
23,948 |
American
Airlines, Inc. | ||
11.75%,
07/15/25
(b) |
175,000 |
191,705 |
7.25%,
02/15/28
(a)(b) |
65,000 |
63,916 |
American
Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||
5.50%,
04/20/26
(b) |
50,417 |
49,526 |
5.75%,
04/20/29
(b) |
15,000 |
14,361 |
Avis
Budget Car Rental LLC/Avis Budget Finance, Inc. | ||
4.75%,
04/01/28
(a)(b) |
75,000 |
68,276 |
Delta
Air Lines, Inc. | ||
2.90%,
10/28/24
(a) |
15,000 |
14,543 |
7.38%,
01/15/26
(a) |
25,000 |
25,747 |
3.75%,
10/28/29
(a) |
50,000 |
44,542 |
First
Student Bidco, Inc./First Transit Parent, Inc. | ||
4.00%,
07/31/29
(a)(b) |
60,000 |
51,085 |
Hawaiian
Brand Intellectual Property Ltd./HawaiianMiles Loyalty
Ltd. | ||
5.75%,
01/20/26
(a)(b) |
60,000 |
55,578 |
Rand
Parent LLC | ||
8.50%,
02/15/30
(a)(b) |
35,000 |
33,369 |
Spirit
Loyalty Cayman Ltd./Spirit IP Cayman Ltd. | ||
8.00%,
09/20/25
(a)(b) |
50,000 |
50,099 |
The
Hertz Corp. | ||
4.63%,
12/01/26
(a)(b) |
10,000 |
9,063 |
5.00%,
12/01/29
(a)(b) |
75,000 |
61,735 |
United
Airlines, Inc. | ||
4.38%,
04/15/26
(a)(b) |
60,000 |
56,606 |
4.63%,
04/15/29
(a)(b) |
80,000 |
71,238 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
VistaJet
Malta Finance plc/Vista Management Holding, Inc. | ||
7.88%,
05/01/27
(a)(b) |
25,000 |
22,650 |
9.50%,
06/01/28
(a)(b) |
85,000 |
78,520 |
Watco
Cos. LLC/Watco Finance Corp. | ||
6.50%,
06/15/27
(a)(b) |
25,000 |
24,155 |
XPO
CNW, Inc. | ||
6.70%,
05/01/34
|
25,000 |
24,876 |
XPO,
Inc. | ||
7.13%,
06/01/31
(a)(b) |
25,000 |
25,160 |
|
|
1,155,911 |
|
|
38,271,958 |
| ||
Utility
3.0%
| ||
Electric
3.0%
| ||
Algonquin
Power & Utilities Corp. | ||
4.75%,
01/18/82
(a)(c) |
35,000 |
28,660 |
Calpine
Corp. | ||
4.50%,
02/15/28
(a)(b) |
130,000 |
120,461 |
5.13%,
03/15/28
(a)(b) |
75,000 |
68,399 |
5.00%,
02/01/31
(a)(b) |
33,000 |
27,953 |
Clearway
Energy Operating LLC | ||
3.75%,
02/15/31
(a)(b) |
100,000 |
82,308 |
DPL,
Inc. | ||
4.13%,
07/01/25
(a) |
50,000 |
47,610 |
Edison
International | ||
8.13%,
06/15/53
(a)(c) |
45,000 |
45,883 |
Emera,
Inc. | ||
6.75%,
06/15/76
(a)(c) |
60,000 |
57,825 |
FirstEnergy
Corp. | ||
4.15%,
07/15/27
(a)(d) |
75,000 |
70,814 |
2.65%,
03/01/30
(a) |
125,000 |
104,863 |
4.85%,
07/15/47
(a)(d) |
25,000 |
21,778 |
NextEra
Energy Operating Partners LP | ||
3.88%,
10/15/26
(a)(b) |
15,000 |
13,875 |
NOVA
Chemicals Corp. | ||
5.00%,
05/01/25
(a)(b) |
22,000 |
20,966 |
5.25%,
06/01/27
(a)(b) |
65,000 |
57,863 |
NRG
Energy, Inc. | ||
5.25%,
06/15/29
(a)(b) |
10,000 |
9,010 |
3.88%,
02/15/32
(a)(b) |
150,000 |
116,193 |
Pattern
Energy Operations LP/Pattern Energy Operations,
Inc. | ||
4.50%,
08/15/28
(a)(b) |
20,000 |
18,226 |
PG&E
Corp. | ||
5.25%,
07/01/30
(a) |
75,000 |
66,701 |
Sunnova
Energy Corp. | ||
5.88%,
09/01/26
(a)(b) |
50,000 |
44,043 |
SECURITY
RATE,
MATURITY DATE |
FACE
AMOUNT
($) |
VALUE
($) |
Talen
Energy Supply LLC | ||
8.63%,
06/01/30
(a)(b) |
60,000 |
62,536 |
Terraform
Global Operating LP | ||
6.13%,
03/01/26
(a)(b) |
25,000 |
24,060 |
TerraForm
Power Operating LLC | ||
4.75%,
01/15/30
(a)(b) |
45,000 |
38,622 |
Topaz
Solar Farms LLC | ||
5.75%,
09/30/39
(b) |
25,000 |
23,662 |
TransAlta
Corp. | ||
6.50%,
03/15/40
|
10,000 |
9,568 |
Vistra
Operations Co. LLC | ||
5.63%,
02/15/27
(a)(b) |
25,000 |
24,090 |
5.00%,
07/31/27
(a)(b) |
185,000 |
174,161 |
|
|
1,380,130 |
Total
Corporates
(Cost
$43,857,795) |
44,040,281 |
SECURITY |
NUMBER
OF
SHARES |
VALUE
($) |
SHORT-TERM
INVESTMENTS
2.0%
OF NET ASSETS
| ||
| ||
Money
Market Funds 2.0%
| ||
State
Street Institutional U.S. Government
Money
Market Fund, Premier Class
5.28%
(g) |
934,921 |
934,921 |
Total
Short-Term Investments
(Cost
$934,921) |
934,921 | |
Total
Investments in Securities
(Cost
$44,792,716) |
44,975,202 |
(a) |
The
effective maturity may be shorter than the final maturity shown because of
the
possibility of interim principal payments and prepayments or as the result
of
embedded
demand features (puts or calls). |
(b) |
Securities
exempt from registration under Rule 144A of the Securities Act of
1933,
as amended. These securities may be resold in transactions exempt from
registrations,
normally to qualified institutional buyers. At the period end, the
value
of these amounted to $34,557,731 or 75.3% of net
assets. |
(c) |
Security
is in a fixed-rate coupon period. Based on index eligibility requirements
and
the fund’s investment objective this security will be removed from the
index
prior
to converting to a floating rate security. |
(d) |
Step
up security that pays an initial coupon rate for a set period and
increased
coupon
rates at one or more preset intervals. Rate shown is as of period
end. |
(e) |
On
October 15, 2023, the issuer filed for bankruptcy. The security was
subsequently
sold. |
(f) |
Security
is in default on interest payments. |
(g) |
The
rate shown is the annualized 7-day
yield. |
DESCRIPTION |
QUOTED
PRICES IN
ACTIVE
MARKETS FOR
IDENTICAL
ASSETS
(LEVEL
1) |
OTHER
SIGNIFICANT
OBSERVABLE
INPUTS
(LEVEL
2) |
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL
3) |
TOTAL |
Assets |
|
|
|
|
Corporates1
|
$— |
$44,040,281 |
$— |
$44,040,281 |
Short-Term
Investments1
|
934,921 |
— |
— |
934,921 |
Total |
$934,921 |
$44,040,281 |
$— |
$44,975,202 |
1
|
As
categorized in the Portfolio
Holdings. |
Assets | ||
Investments
in securities, at value - unaffiliated (cost
$44,792,716) |
|
$44,975,202 |
Receivables: |
|
|
Interest |
|
760,386 |
Investments
sold |
|
183,959 |
Dividends |
+ |
2,029 |
Total
assets |
|
45,921,576 |
| ||
Liabilities | ||
Payables: |
|
|
Management
fees |
+ |
3,823 |
Total
liabilities |
|
3,823 |
Net
assets |
|
$45,917,753 |
| ||
Net
Assets by Source | ||
Capital
received from investors |
|
$45,288,214 |
Total
distributable earnings |
+ |
629,539 |
Net
assets |
|
$45,917,753 |
Net
Asset Value (NAV)
| ||||
Net
Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
$45,917,753 |
|
900,000 |
|
$51.02 |
|
|
|
|
|
|
|
|
|
|
For
the period July 11, 2023* through August 31, 2023
| ||
Investment
Income
| ||
Interest
received from securities - unaffiliated |
|
$465,767 |
Dividends
received from securities - unaffiliated
|
+ |
3,179 |
Total
investment income
|
|
468,946 |
| ||
Expenses | ||
Management
fees |
|
5,879 |
Total
expenses |
– |
5,879 |
Net
investment income |
|
463,067 |
| ||
REALIZED
AND UNREALIZED GAINS (LOSSES) | ||
Net
realized losses on sales of securities -
unaffiliated |
|
(16,014
) |
Net
change in unrealized appreciation (depreciation) on securities -
unaffiliated |
+ |
182,486 |
Net
realized and unrealized gains |
|
166,472 |
Increase
in net assets resulting from operations |
|
$629,539 |
* |
Commencement
of operations. |
OPERATIONS | ||
|
7/11/23*-8/31/23 | |
Net
investment income |
|
$463,067 |
Net
realized losses |
|
(16,014
) |
Net
change in unrealized appreciation (depreciation) |
+ |
182,486 |
Increase
in net assets resulting from operations |
|
$629,539 |
TRANSACTIONS
IN FUND SHARES | |||
|
7/11/23*-8/31/23 | ||
|
|
SHARES |
VALUE |
Shares
sold |
|
900,000 |
$45,288,214 |
Net
transactions in fund shares
|
|
900,000 |
$45,288,214 |
| |||
SHARES
OUTSTANDING AND NET ASSETS | |||
|
7/11/23*-8/31/23 | ||
|
|
SHARES |
NET
ASSETS |
Beginning
of period |
|
— |
$— |
Total
increase |
+ |
900,000 |
45,917,753 |
End
of period |
|
900,000 |
$45,917,753 |
* |
Commencement
of operations. |
SCHWAB
STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009) | |
Schwab
High Yield Bond ETF |
Schwab
U.S. TIPS ETF |
Schwab
Municipal Bond ETF |
Schwab
Short-Term U.S. Treasury ETF |
Schwab
U.S. Broad Market ETF |
Schwab
Intermediate-Term U.S. Treasury ETF |
Schwab
1000 Index®ETF |
Schwab
Long-Term U.S. Treasury ETF |
Schwab
U.S. Large-Cap ETF |
Schwab
U.S. Aggregate Bond ETF |
Schwab
U.S. Large-Cap Growth ETF |
Schwab
1-5 Year Corporate Bond ETF |
Schwab
U.S. Large-Cap Value ETF |
Schwab
5-10 Year Corporate Bond ETF |
Schwab
U.S. Mid-Cap ETF |
Schwab
Fundamental U.S. Broad Market Index ETF |
Schwab
U.S. Small-Cap ETF |
Schwab
Fundamental U.S. Large Company Index ETF |
Schwab
U.S. Dividend Equity ETF |
Schwab
Fundamental U.S. Small Company Index ETF |
Schwab
International Dividend Equity ETF |
Schwab
Fundamental International Large Company Index ETF |
Schwab
International Equity ETF |
Schwab
Fundamental International Small Company Index ETF |
Schwab
International Small-Cap Equity ETF |
Schwab
Fundamental Emerging Markets Large Company Index
ETF |
Schwab
Emerging Markets Equity ETF |
Schwab
Ariel ESG ETF |
Schwab
U.S. REIT ETF |
Schwab
Crypto Thematic ETF |
PURCHASES
OF
SECURITIES
|
SALES/MATURITIES
OF
SECURITIES |
$546,527 |
$813,876 |
IN-KIND
PURCHASES
OF
SECURITIES
|
IN-KIND
SALES
OF
SECURITIES
|
$44,052,143 |
$0 |
|
TAX
COST |
GROSS
UNREALIZED
APPRECIATION |
GROSS
UNREALIZED
DEPRECIATION |
NET
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
$44,792,716 |
$409,980 |
($227,494
) |
$182,486 |
|
|
|
|
|
|
|
|
|
|
UNDISTRIBUTED
ORDINARY
INCOME
|
NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
ON
INVESTMENTS
|
CAPITAL
LOSS
CARRYFORWARDS
AND OTHER LOSSES |
TOTAL
|
$463,067 |
$182,486 |
($16,014
) |
$629,539 |
Independent
Trustees | |||
Name,
Year of Birth, and
Position(s)
with the trust
(Terms
of office, and
length
of Time Served1) |
Principal
Occupations
During
the Past Five Years |
Number
of
Portfolios
in
Fund
Complex
Overseen
by
the
Trustee |
Other
Directorships |
Michael
J. Beer
1961
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2022) |
Retired.
Director, President and Chief Executive Officer
(Dec.
2016 – Sept. 2019), Principal Funds (investment
management). |
106 |
Director
(2016 – 2019),
Principal
Funds, Inc. |
Robert
W. Burns
1959
Trustee
(Trustee
of Schwab Strategic Trust
since
2009; The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios and
Laudus
Trust since 2016) |
Retired/Private
Investor. |
106 |
None
|
Nancy
F. Heller
1956
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2018) |
Retired. |
106 |
None |
David
L. Mahoney
1954
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios and
Laudus
Trust since 2011; Schwab
Strategic
Trust since 2016) |
Private
Investor. |
106 |
Director
(2004
– present),
Corcept
Therapeutics
Incorporated
Director
(2009 – 2021),
Adamas
Pharmaceuticals,
Inc.
Director
(2003 – 2019),
Symantec
Corporation |
Jane
P. Moncreiff
1961
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2019) |
Consultant
(2018 – present), Fulham Advisers LLC (management
consulting);
Chief Investment Officer (2009 – 2017), CareGroup
Healthcare
System, Inc. (healthcare). |
106 |
None |
Independent
Trustees (continued) | |||
Name,
Year of Birth, and
Position(s)
with the trust
(Terms
of office, and
length
of Time Served1) |
Principal
Occupations
During
the Past Five Years |
Number
of
Portfolios
in
Fund
Complex
Overseen
by
the
Trustee |
Other
Directorships |
Kimberly
S. Patmore
1956
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2016) |
Consultant
(2008 – present), Patmore Management Consulting
(management
consulting). |
106 |
None |
J.
Derek Penn
1957
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2021) |
Head
of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services). |
106 |
None |
Interested
Trustees | |||
Name,
Year of Birth, and
Position(s)
with the trust
(Terms
of office, and
length
of Time Served1) |
Principal
Occupations
During
the Past Five Years |
Number
of
Portfolios
in
Fund
Complex
Overseen
by
the
Trustee |
Other
Directorships |
Walter
W. Bettinger II2
1960
Chairman
and Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust
and
Schwab Annuity Portfolios since
2008;
Schwab Strategic Trust since
2009;
Laudus Trust since 2010) |
Co-Chairman
of the Board (July 2022 – present), Director and Chief
Executive
Officer (Oct. 2008 – present) and President
(Feb.
2007 – Oct. 2021), The Charles Schwab Corporation; President and
Chief
Executive Officer (Oct. 2008 – Oct. 2021) and Director
(May
2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director
(Apr.
2006 – present), Charles Schwab Bank, SSB; Director
(Nov.
2017 – present), Charles Schwab Premier Bank, SSB; Director
(July
2019 – present), Charles Schwab Trust Bank; Director
(May
2008 – present), Chief Executive Officer (Aug. 2017 – present) and
President
(Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director
(Oct.
2020 – present), TD Ameritrade Holding Corporation; Director
(July
2016 – Oct. 2021), Charles Schwab Investment Management,
Inc. |
106 |
Director
(2008
– present), The
Charles
Schwab
Corporation
|
Richard
A. Wurster2
1973
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2022) |
President
(Oct. 2021 – present) and Executive Vice President – Schwab
Asset
Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab
Corporation; President, Director (Oct. 2021 – present), Executive
Vice
President – Schwab Asset Management Solutions
(July
2019 – Oct. 2021) and Senior Vice President – Advisory
(May
2016 – July 2019), Charles Schwab & Co., Inc.; President
(Nov.
2021 – present), Schwab Holdings, Inc.; Director
(Oct.
2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022),
Charles
Schwab Investment Management, Inc.; Director, Chief Executive
Officer
and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment
Advisory,
Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President
(Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer
(July 2016 – Apr. 2018), Windhaven Investment Management,
Inc. |
106 |
None |
Officers
of the Trust | |
Name,
Year of Birth, and Position(s) with the trust
(Terms
of office, and length of Time Served3) |
Principal
Occupations During the Past Five Years |
Omar
Aguilar
1970
Chief
Executive Officer and Chief Investment Officer
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2011) |
Chief
Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr.
2011 – present)
and
Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment
Management,
Inc.; Director, Chief Executive Officer and President (Oct. 2022 –
present),
Charles
Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 –
present),
Chief
Investment Officer (June 2011 – present) and Vice President (June 2011 –
Sept. 2023),
Schwab
Funds, Laudus Trust and Schwab ETFs. |
Jonathan
de St. Paer
1973
President
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2018) |
Director
(Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating
Officer
(Jan.
2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019),
Charles Schwab
Investment
Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief
Operating
Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.;
President
(Nov. 2018 – present), Chief Executive Officer (Apr. 2019 – Sept. 2023)
and Trustee
(Apr.
2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing
Director
(May
2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior
Vice
President
– Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles
Schwab
& Co., Inc. |
Mark
Fischer
1970
Chief
Operating Officer
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2013) |
Chief
Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial
Officer
(Jan.
2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing
Director
(Mar.
2023 – present), Chief Financial Officer (Mar. 2020 – present) and Vice
President
(Oct.
2013 – Mar. 2023), Charles Schwab Investment Management,
Inc. |
Officers
of the Trust (continued) | |
Name,
Year of Birth, and Position(s) with the trust
(Terms
of office, and length of Time Served3) |
Principal
Occupations During the Past Five Years |
Dana
Smith
1965
Treasurer
and Chief Financial Officer
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2023) |
Treasurer
and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer
(Dec.
2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing
Director
(Mar.
2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct.
2015 – Mar. 2022), Charles Schwab Investment Management,
Inc. |
Brett
Wander
1961
Vice
President and Chief Investment Officer
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2011) |
Managing
Director (Mar. 2023 – present), Chief Investment Officer (Apr. 2011 –
present) and
Senior
Vice President (Apr. 2011 – Mar. 2023) Charles Schwab Investment
Management, Inc.;
Vice
President and Chief Investment Officer (June 2011 – present), Schwab
Funds, Laudus
Trust
and Schwab ETFs. |
William
P. McMahon, Jr.
1972
Vice
President and Chief Investment Officer
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2021) |
Managing
Director (Mar. 2023 – present), Chief Investment Officer (Jan. 2020 –
present) and
Senior
Vice President (Jan. 2020 – Mar. 2023) Charles Schwab Investment
Management,
Inc.; Vice President and Chief Investment Officer (June 2021 – present),
Schwab
Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief
Investment
Officer
– ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab
Investment
Advisory,
Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr.
2018),
ThomasPartners,
Inc. |
Catherine
MacGregor
1964
Chief
Legal Officer and Secretary, Schwab Funds and
Schwab
ETFs
Chief
Legal Officer, Vice President and Clerk, Laudus Trust
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios
and Laudus Trust since 2005; Schwab Strategic
Trust
since 2009) |
Managing
Director (Mar. 2023 – present), Chief Legal Officer (Mar. 2022 – present)
and Vice
President
(Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing
Director (May 2022 – present) and Vice President (July 2005 – May 2022),
Charles
Schwab
& Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal
Officer and Clerk
(Mar.
2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct.
2021 – present),
Vice
President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 –
Oct. 2021),
Schwab
Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice
President and
Assistant
Secretary (Oct. 2009 – Oct. 2021), Schwab
ETFs. |