EXCHANGE LISTED FUNDS TRUST

High Yield ETF (HYLD)

Semi-Annual Report

December 31, 2022

(Unaudited)

 

Exchange Listed Funds Trust

TABLE OF CONTENTS

  

December 31, 2022  

(Unaudited)  

High Yield ETF

    

Schedule of Investments

  

1

Summary of Investments

  

9

Statement of Assets and Liabilities

  

11

Statement of Operations

  

12

Statements of Changes in Net Assets

  

13

Financial Highlights

  

14

Notes to Financial Statements

  

15

Disclosure of Fund Expenses

  

24

Board Consideration of Advisory and Sub-Advisory Agreements

  

25

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is available in the Fund’s prospectus, a copy of which may be obtained by visiting the Fund’s website at www.hyldetf.com. Please read the Fund’s prospectus carefully before you invest.

There are risks involved with investing, including possible loss of principal, and there is no guarantee the Fund will achieve its investment objective. The Fund is classified as a diversified investment company under the Investment Company Act of 1940 (the “1940 Act”). Concentration in a particular industry or sector will subject the Fund to loss due to adverse occurrences that may affect that industry or sector.

Individual shares of the Fund may be purchased or sold in the secondary market throughout the regular trading day on the NYSE Arca, Inc. (the “Exchange”) through a brokerage account. However, shares are not individually redeemable directly from the Fund. The Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large blocks of shares (“Creation Units”).

Distributor: Foreside Fund Services, LLC

i

High Yield ETF

SCHEDULE OF INVESTMENTS

  

December 31, 2022  

(Unaudited)  

 

Principal
Amount

  

Value

CORPORATE BONDS — 59.9%

ADVERTISING — 0.5%

  

 

  

Lamar Media Corp.,
3.63%, 1/15/2031(a)

  

$

476,000

  

$

394,141

AEROSPACE/DEFENSE — 0.3%

  

 

    

 

  

TransDigm UK Holdings PLC, 6.88%, 5/15/2026(a)

  

 

250,000

  

 

244,516

AIRLINES — 1.5%

  

 

    

 

  

American Airlines, Inc.,
11.75%, 7/15/2025(b)

  

 

316,000

  

 

339,608

United Airlines Holdings, Inc.

  

 

    

 

  

5.00%, 2/1/2024

  

 

476,000

  

 

468,488

4.88%, 1/15/2025

  

 

490,000

  

 

468,793

   

 

    

 

1,276,889

AUTO MANUFACTURERS — 2.6%

  

 

    

 

  

Ford Motor Co.,
4.75%, 1/15/2043

  

 

592,000

  

 

426,530

Ford Motor Credit Co. LLC

  

 

    

 

  

4.27%, 1/9/2027(a)

  

 

212,000

  

 

192,114

4.13%, 8/17/2027(a)

  

 

1,000,000

  

 

897,295

JB Poindexter & Co., Inc.,
7.13%, 4/15/2026(a)(b)

  

 

285,000

  

 

275,476

PM General Purchaser LLC,
9.50%, 10/1/2028(a)(b)

  

 

497,000

  

 

379,823

   

 

    

 

2,171,238

AUTO PARTS & EQUIPMENT — 1.0%

  

 

  

Adient Global Holdings Ltd.,
4.88%, 8/15/2026(a)(b)

  

 

400,000

  

 

372,976

Goodyear Tire & Rubber Co. (The),
4.88%, 3/15/2027(a)

  

 

133,000

  

 

121,853

Real Hero Merger Sub 2, Inc.,
6.25%, 2/1/2029(a)(b)

  

 

326,000

  

 

223,897

Wheel Pros, Inc.,
6.50%, 5/15/2029(a)(b)

  

 

276,000

  

 

97,980

   

 

    

 

816,706

BANKS — 0.2%

  

 

    

 

  

Freedom Mortgage Corp.,
7.63%, 5/1/2026(a)(b)

  

 

204,000

  

 

170,484

CHEMICALS — 1.5%

  

 

    

 

  

Cornerstone Chemical Co.,
6.75%, 8/15/2024(a)(b)

  

 

162,000

  

 

129,856

Olin Corp.,
5.63%, 8/1/2029(a)

  

 

539,000

  

 

513,007

 

Principal
Amount

  

Value

CORPORATE BONDS (Continued)

CHEMICALS (Continued)

  

 

  

Schweitzer-Mauduit International, Inc.,
6.88%, 10/1/2026(a)(b)

  

$

159,000

  

$

140,694

Unifrax Escrow Issuer Corp.,
5.25%, 9/30/2028(a)(b)

  

 

440,000

  

 

354,607

Venator Finance Sarl / Venator Materials LLC,
5.75%, 7/15/2025(a)(b)

  

 

358,000

  

 

122,822

   

 

    

 

1,260,986

COAL — 0.4%

  

 

    

 

  

Alliance Resource Operating Partners LP / Alliance Resource Finance Corp.,
7.50%, 5/1/2025(a)(b)

  

 

331,000

  

 

329,031

COMMERCIAL SERVICES — 2.8%

  

 

  

ADT Security Corp. (The),
4.88%, 7/15/2032(b)

  

 

358,000

  

 

304,874

CoreCivic, Inc.,
4.75%, 10/15/2027(a)

  

 

543,000

  

 

472,149

Korn Ferry,
4.63%, 12/15/2027(a)(b)

  

 

576,000

  

 

531,492

MPH Acquisition Holdings LLC,
5.75%, 11/1/2028(a)(b)

  

 

437,000

  

 

291,572

Sabre GLBL, Inc.,
7.38%, 9/1/2025(a)(b)

  

 

290,000

  

 

277,599

Sotheby’s,
7.38%, 10/15/2027(a)(b)

  

 

94,000

  

 

88,286

United Rentals North America, Inc.,
3.75%, 1/15/2032(a)

  

 

234,000

  

 

191,208

WW International, Inc.,
4.50%, 4/15/2029(a)(b)

  

 

407,000

  

 

203,862

   

 

    

 

2,361,042

COMPUTERS — 0.3%

  

 

    

 

  

Dell International LLC / EMC Corp.,
8.35%, 7/15/2046(a)

  

 

83,000

  

 

95,516

NCR Corp.,
5.25%, 10/1/2030(a)(b)

  

 

198,000

  

 

163,674

   

 

    

 

259,190

COSMETICS/PERSONAL CARE — 0.6%

  

 

  

Coty, Inc.,
6.50%, 4/15/2026(a)(b)

  

 

476,000

  

 

457,698

DISTRIBUTION/WHOLESALE — 0.3%

  

 

  

Wesco Aircraft Holdings, Inc.,
9.00%, 11/15/2026(a)(b)

  

 

312,000

  

 

211,380

See accompanying Notes to Financial Statements.

1

High Yield ETF

SCHEDULE OF INVESTMENTS (Continued)

  

December 31, 2022  

(Unaudited)  

 

Principal
Amount

  

Value

CORPORATE BONDS (Continued)

DIVERSIFIED FINANCIAL SERVICES — 3.1%

  

 

  

Coinbase Global, Inc.,
0.50%, 6/1/2026

  

$

468,000

  

$

266,684

Credit Acceptance Corp.,
6.63%, 3/15/2026(a)

  

 

500,000

  

 

474,694

Enova International, Inc.,
8.50%, 9/1/2024(a)(b)

  

 

406,000

  

 

382,766

LPL Holdings, Inc.,
4.00%, 3/15/2029(a)(b)

  

 

500,000

  

 

435,725

PennyMac Financial Services, Inc.,
4.25%, 2/15/2029(a)(b)

  

 

476,000

  

 

371,936

PRA Group, Inc.,
7.38%, 9/1/2025(a)(b)

  

 

351,000

  

 

339,732

Voyager Aviation Holdings LLC, 8.50%, 5/9/2026(a)(b)

  

 

407,000

  

 

323,056

   

 

    

 

2,594,593

ELECTRIC — 2.1%

  

 

    

 

  

Calpine Corp.

  

 

    

 

  

4.50%, 2/15/2028(a)(b)

  

 

576,000

  

 

514,203

5.00%, 2/1/2031(a)(b)

  

 

412,000

  

 

346,699

NSG Holdings LLC / NSG Holdings, Inc.,
7.75%, 12/15/2025(b)

  

 

92,472

  

 

89,980

PG&E Corp.

  

 

    

 

  

5.00%, 7/1/2028(a)

  

 

371,000

  

 

339,140

5.25%, 7/1/2030(a)

  

 

500,000

  

 

455,768

   

 

    

 

1,745,790

ENGINEERING & CONSTRUCTION — 1.0%

  

 

  

TopBuild Corp.,
4.13%, 2/15/2032(a)(b)

  

 

234,000

  

 

190,489

Tutor Perini Corp.,
6.88%, 5/1/2025(a)(b)

  

 

448,000

  

 

392,706

Weekley Homes LLC / Weekley Finance Corp.,
4.88%, 9/15/2028(a)(b)

  

 

335,000

  

 

282,084

   

 

    

 

865,279

ENTERTAINMENT — 0.9%

  

 

    

 

  

Affinity Gaming,
6.88%, 12/15/2027(a)(b)

  

 

476,000

  

 

404,167

Allen Media LLC / Allen Media
Co.-Issuer, Inc.,
10.50%, 2/15/2028(a)(b)

  

 

294,000

  

 

121,004

Speedway Motorsports LLC / Speedway Funding II, Inc.,
4.88%, 11/1/2027(a)(b)

  

 

292,000

  

 

259,578

   

 

    

 

784,749

 

Principal
Amount

  

Value

CORPORATE BONDS (Continued)

ENVIRONMENTAL CONTROL — 0.5%

  

 

  

Harsco Corp.,
5.75%, 7/31/2027(a)(b)

  

$

218,000

  

$

172,470

Madison IAQ LLC,
5.88%, 6/30/2029(a)(b)

  

 

326,000

  

 

224,053

   

 

    

 

396,523

FOOD — 1.1%

  

 

    

 

  

Kraft Heinz Foods Co.,
6.50%, 2/9/2040

  

 

476,000

  

 

507,809

Land O’Lakes Capital Trust I,
7.45%, 3/15/2028(b)

  

 

391,000

  

 

383,180

   

 

    

 

890,989

HEALTHCARE-PRODUCTS — 0.5%

  

 

  

Teleflex, Inc.,
4.25%, 6/1/2028(a)(b)

  

 

439,000

  

 

401,523

HEALTHCARE-SERVICES — 1.2%

  

 

  

Centene Corp.,
3.00%, 10/15/2030(a)

  

 

500,000

  

 

411,002

CHS/Community Health Systems, Inc.,
8.00%, 12/15/2027(a)(b)

  

 

198,000

  

 

178,653

HCA, Inc.,
7.50%, 11/6/2033

  

 

64,000

  

 

67,658

LifePoint Health, Inc.,
5.38%, 1/15/2029(a)(b)

  

 

326,000

  

 

184,659

Molina Healthcare, Inc.,
3.88%, 5/15/2032(a)(b)

  

 

234,000

  

 

194,661

   

 

    

 

1,036,633

HOME BUILDERS — 1.2%

  

 

    

 

  

Beazer Homes USA, Inc.,
7.25%, 10/15/2029(a)

  

 

100,000

  

 

89,115

M/I Homes, Inc.,
4.95%, 2/1/2028(a)

  

 

292,000

  

 

259,891

MDC Holdings, Inc.,
6.00%, 1/15/2043(a)

  

 

336,000

  

 

277,667

New Home Co., Inc. (The),
7.25%, 10/15/2025(a)(b)

  

 

432,000

  

 

366,513

   

 

    

 

993,186

INSURANCE — 0.3%

  

 

    

 

  

Genworth Holdings, Inc.,
6.50%, 6/15/2034

  

 

325,000

  

 

286,602

INTERNET — 2.0%

  

 

    

 

  

Cars.com, Inc.,
6.38%, 11/1/2028(a)(b)

  

 

476,000

  

 

423,699

Match Group Holdings II LLC,
3.63%, 10/1/2031(a)(b)

  

 

500,000

  

 

384,082

See accompanying Notes to Financial Statements.

2

High Yield ETF

SCHEDULE OF INVESTMENTS (Continued)

  

December 31, 2022  

(Unaudited)  

 

Principal
Amount

  

Value

CORPORATE BONDS (Continued)

INTERNET (Continued)

  

 

  

Netflix, Inc.,
4.88%, 6/15/2030(a)(b)

  

$

519,000

  

$

484,891

Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.,
4.75%, 4/30/2027(a)(b)

  

 

234,000

  

 

206,180

Photo Holdings Merger Sub, Inc.,
8.50%, 10/1/2026(a)(b)

  

 

331,000

  

 

191,418

   

 

    

 

1,690,270

INVESTMENT COMPANIES — 0.4%

  

 

  

Icahn Enterprises LP / Icahn Enterprises Finance Corp.,
5.25%, 5/15/2027(a)

  

 

349,000

  

 

320,312

IRON/STEEL — 0.8%

  

 

    

 

  

Cleveland-Cliffs, Inc.,
6.25%, 10/1/2040

  

 

713,000

  

 

621,743

LEISURE TIME — 0.5%

  

 

    

 

  

Carnival Corp.,
5.75%, 3/1/2027(a)(b)

  

 

570,000

  

 

407,989

LODGING — 0.2%

  

 

    

 

  

Hilton Domestic Operating Co., Inc.,
3.63%, 2/15/2032(a)(b)

  

 

234,000

  

 

187,804

MEDIA — 4.0%

  

 

    

 

  

CCO Holdings LLC / CCO Holdings Capital Corp.

  

 

    

 

  

4.75%, 3/1/2030(a)(b)

  

 

492,000

  

 

420,581

4.25%, 2/1/2031(a)(b)

  

 

500,000

  

 

402,200

4.50%, 6/1/2033(a)(b)

  

 

500,000

  

 

384,622

CSC Holdings LLC,
5.75%, 1/15/2030(a)(b)

  

 

500,000

  

 

283,098

Diamond Sports Group LLC / Diamond Sports Finance Co.,
6.63%, 8/15/2027(a)(b)

  

 

752,000

  

 

8,460

Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,
5.88%, 8/15/2027(a)(b)

  

 

500,000

  

 

448,280

DISH Network Corp.,
3.38%, 8/15/2026

  

 

220,000

  

 

138,380

LCPR Senior Secured Financing DAC,
6.75%, 10/15/2027(a)(b)

  

 

500,000

  

 

468,660

News Corp.,
5.13%, 2/15/2032(a)(b)

  

 

234,000

  

 

213,278

Sinclair Television Group, Inc.,
5.13%, 2/15/2027(a)(b)

  

 

248,000

  

 

202,664

 

Principal
Amount

  

Value

CORPORATE BONDS (Continued)

MEDIA (Continued)

  

 

  

TEGNA, Inc.,
5.00%, 9/15/2029(a)

  

$

260,000

  

$

247,274

Univision Communications, Inc.,
5.13%, 2/15/2025(a)(b)

  

 

157,000

  

 

149,844

   

 

    

 

3,367,341

METAL FABRICATE/HARDWARE — 0.3%

  

 

  

Park-Ohio Industries, Inc.,
6.63%, 4/15/2027(a)

  

 

363,000

  

 

247,174

MINING — 2.3%

  

 

    

 

  

Alcoa Nederland Holding BV,
6.13%, 5/15/2028(a)(b)

  

 

400,000

  

 

394,754

Century Aluminum Co.,
7.50%, 4/1/2028(a)(b)

  

 

560,000

  

 

485,295

Freeport-McMoRan, Inc.,
5.00%, 9/1/2027(a)

  

 

159,000

  

 

155,814

JW Aluminum Continuous Cast Co.,
10.25%, 6/1/2026(a)(b)

  

 

455,000

  

 

463,943

Novelis Corp.,
4.75%, 1/30/2030(a)(b)

  

 

476,000

  

 

423,078

   

 

    

 

1,922,884

MISCELLANEOUS MANUFACTURING — 0.6%

  

 

  

Anagram International, Inc. / Anagram Holdings LLC,
10.00%, 8/15/2026(a)(b)

  

 

97,429

  

 

64,790

LSB Industries, Inc.,
6.25%, 10/15/2028(a)(b)

  

 

476,000

  

 

436,123

   

 

    

 

500,913

OIL & GAS — 6.8%

  

 

    

 

  

Comstock Resources, Inc.,
6.75%, 3/1/2029(a)(b)

  

 

476,000

  

 

430,451

Encino Acquisition Partners Holdings LLC,
8.50%, 5/1/2028(a)(b)

  

 

516,000

  

 

469,040

Gulfport Energy Corp.,
8.00%, 5/17/2026(a)(b)

  

 

500,000

  

 

488,137

Hilcorp Energy I LP / Hilcorp Finance Co.,
5.75%, 2/1/2029(a)(b)

  

 

371,000

  

 

330,751

International Petroleum Corp./Sweden,
7.25%, 2/1/2027(a)(b)

  

 

188,472

  

 

175,279

Laredo Petroleum, Inc.,
7.75%, 7/31/2029(a)(b)

  

 

371,000

  

 

334,413

Marathon Oil Corp.,
6.60%, 10/1/2037

  

 

261,000

  

 

262,184

See accompanying Notes to Financial Statements.

3

High Yield ETF

SCHEDULE OF INVESTMENTS (Continued)

  

December 31, 2022  

(Unaudited)  

 

Principal
Amount

  

Value

CORPORATE BONDS (Continued)

OIL & GAS (Continued)

  

 

  

Marathon Petroleum Corp.,
5.00%, 9/15/2054(a)

  

$

448,000

  

$

378,913

Mesquite Energy, Inc.,
7.25%, 2/15/2023(a)(b)(c)(d)(e)

  

 

1,902,000

  

 

12,363

Moss Creek Resources Holdings, Inc.,
7.50%, 1/15/2026(a)(b)

  

 

560,000

  

 

505,008

Occidental Petroleum Corp.

  

 

    

 

  

7.15%, 5/15/2028

  

 

351,000

  

 

364,489

7.95%, 6/15/2039

  

 

448,000

  

 

486,629

Par Petroleum LLC / Par Petroleum Finance Corp.,
7.75%, 12/15/2025(a)(b)

  

 

533,000

  

 

514,177

PBF Holding Co. LLC / PBF Finance Corp.,
7.25%, 6/15/2025(a)

  

 

234,000

  

 

231,630

Southwestern Energy Co.,
8.38%, 9/15/2028(a)

  

 

351,000

  

 

362,490

Valaris Ltd.,
8.25%, 4/30/2028

  

 

326,000

  

 

328,323

   

 

    

 

5,674,277

OIL & GAS SERVICES — 1.8%

  

 

    

 

  

Basic Energy Services,
10.75%, 10/15/2023(a)(b)(d)

  

 

1,978,000

  

 

83,867

Bristow Group, Inc.,
6.88%, 3/1/2028(a)(b)

  

 

560,000

  

 

516,101

Oil States International, Inc.,
1.50%, 2/15/2023

  

 

560,000

  

 

557,900

Weatherford International Ltd.

  

 

    

 

  

11.00%, 12/1/2024(a)(b)

  

 

23,000

  

 

23,547

8.63%, 4/30/2030(a)(b)

  

 

365,000

  

 

351,164

   

 

    

 

1,532,579

PHARMACEUTICALS — 0.7%

  

 

    

 

  

Bausch Health Cos., Inc.

  

 

    

 

  

11.00%, 9/30/2028(b)

  

 

118,000

  

 

92,611

14.00%, 10/15/2030(a)(b)

  

 

23,000

  

 

13,769

Endo Dac / Endo Finance LLC / Endo Finco, Inc.,
6.00%, 6/30/2028(a)(b)(d)

  

 

468,000

  

 

25,740

Organon & Co. / Organon Foreign Debt Co.-Issuer BV,
4.13%, 4/30/2028(a)(b)

  

 

500,000

  

 

443,575

   

 

    

 

575,695

 

Principal
Amount

  

Value

CORPORATE BONDS (Continued)

PIPELINES — 6.7%

  

 

    

 

  

Antero Midstream Partners LP / Antero Midstream Finance Corp.,
5.75%, 3/1/2027(a)(b)

  

$

218,000

  

$

206,404

Cheniere Energy Partners LP,
3.25%, 1/31/2032(a)

  

 

234,000

  

 

186,365

Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.,
8.00%, 4/1/2029(a)(b)

  

 

560,000

  

 

558,068

EnLink Midstream LLC,
5.63%, 1/15/2028(a)(b)

  

 

500,000

  

 

476,944

EQM Midstream Partners LP,
6.50%, 7/1/2027(a)(b)

  

 

351,000

  

 

336,083

Genesis Energy LP /
Genesis Energy Finance Corp.,
8.00%, 1/15/2027(a)

  

 

560,000

  

 

528,623

Harvest Midstream I LP,
7.50%, 9/1/2028(a)(b)

  

 

351,000

  

 

335,861

Holly Energy Partners LP /
Holly Energy Finance Corp.,
5.00%, 2/1/2028(a)(b)

  

 

283,000

  

 

258,160

ITT Holdings LLC,
6.50%, 8/1/2029(a)(b)

  

 

407,000

  

 

343,514

New Fortress Energy, Inc.,
6.50%, 9/30/2026(a)(b)

  

 

457,000

  

 

425,284

Plains All American Pipeline LP, Series B, 8.72%, (3-Month
US LIBOR + 4.11%)(a)(f)(g)

  

 

422,000

  

 

367,140

Rockies Express Pipeline LLC,
4.80%, 5/15/2030(a)(b)

  

 

323,000

  

 

284,802

Summit Midstream Holdings LLC / Summit Midstream Finance Corp.,
8.50%, 10/15/2026(a)(b)

  

 

351,000

  

 

333,619

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 5.50%, 1/15/2028(a)(b)

  

 

299,000

  

 

265,638

Western Midstream Operating LP, 5.50%, 2/1/2050(a)

  

 

839,000

  

 

685,118

   

 

    

 

5,591,623

See accompanying Notes to Financial Statements.

4

High Yield ETF

SCHEDULE OF INVESTMENTS (Continued)

  

December 31, 2022  

(Unaudited)  

 

Principal
Amount

  

Value

CORPORATE BONDS (Continued)

REAL ESTATE — 0.4%

  

 

    

 

  

Howard Hughes Corp. (The),
4.13%, 2/1/2029(a)(b)

  

$

407,000

  

$

341,451

REITS — 2.4%

  

 

    

 

  

Granite Point Mortgage Trust, Inc.,
6.38%, 10/1/2023

  

 

622,000

  

 

608,938

Iron Mountain, Inc.,
5.25%, 3/15/2028(a)(b)

  

 

331,000

  

 

305,089

Service Properties Trust

  

 

    

 

  

4.35%, 10/1/2024(a)

  

 

198,000

  

 

180,309

4.95%, 2/15/2027(a)

  

 

530,000

  

 

418,265

VICI Properties LP / VICI Note Co., Inc.,
5.75%, 2/1/2027(a)(b)

  

 

500,000

  

 

488,021

   

 

    

 

2,000,622

RETAIL — 2.3%

  

 

    

 

  

Asbury Automotive Group, Inc.,
4.75%, 3/1/2030(a)

  

 

500,000

  

 

418,848

LCM Investments Holdings II LLC,
4.88%, 5/1/2029(a)(b)

  

 

500,000

  

 

401,044

Party City Holdings, Inc.,
8.06%, (6-Month US LIBOR + 5.00%), 7/15/2025(a)(b)(f)

  

 

155,327

  

 

42,327

Patrick Industries, Inc.,
7.50%, 10/15/2027(a)(b)

  

 

279,000

  

 

271,896

Staples, Inc.,
10.75%, 4/15/2027(a)(b)

  

 

464,000

  

 

334,860

Yum! Brands, Inc.,
6.88%, 11/15/2037

  

 

448,000

  

 

455,670

   

 

    

 

1,924,645

SOFTWARE — 1.6%

  

 

    

 

  

Fair Isaac Corp.,
4.00%, 6/15/2028(a)(b)

  

 

356,000

  

 

323,702

MSCI, Inc.

  

 

    

 

  

3.63%, 9/1/2030(a)(b)

  

 

476,000

  

 

396,520

3.88%, 2/15/2031(a)(b)

  

 

376,000

  

 

313,283

Veritas US, Inc. / Veritas Bermuda Ltd.,
7.50%, 9/1/2025(a)(b)

  

 

466,000

  

 

322,637

   

 

    

 

1,356,142

TELECOMMUNICATIONS — 2.0%

  

 

    

 

  

Sprint Capital Corp.

  

 

    

 

  

6.88%, 11/15/2028

  

 

500,000

  

 

521,121

8.75%, 3/15/2032

  

 

468,000

  

 

558,022

T-Mobile USA, Inc.,
2.88%, 2/15/2031(a)

  

 

476,000

  

 

393,785

 

Principal
Amount

  

Value

CORPORATE BONDS (Continued)

TELECOMMUNICATIONS (Continued)

  

 

  

Viasat, Inc.,
6.50%, 7/15/2028(a)(b)

  

$

248,000

  

$

186,459