|
2025 Quarterly Report
(Unaudited)
|
|
BlackRock Debt Strategies Fund, Inc. (DSU)
|
|
Not FDIC Insured • May Lose Value • No Bank Guarantee
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities
|
|||
|
Bryant Park Funding Ltd., Series 2024-23A, Class D1,
(3-mo. CME Term SOFR + 3.85%), 8.06%,
05/15/37(a)(b)
|
USD
|
1,000
|
$ 1,021,503
|
|
Eaton Vance CLO Ltd., Series 2019-1A, Class D1R2,
(3-mo. CME Term SOFR + 3.35%), 7.67%,
07/15/37(a)(b)
|
|
2,000
|
2,008,155
|
|
Golub Capital Partners CLO Ltd., Series 2024-74A,
Class D1, (3-mo. CME Term SOFR + 3.20%), 7.52%,
07/25/37(a)(b)
|
|
1,500
|
1,515,846
|
|
Madison Park Funding LXIX Ltd., Series 2024-69A,
Class D1, (3-mo. CME Term SOFR + 3.35%), 7.67%,
07/25/37(a)(b)
|
|
1,090
|
1,103,726
|
|
Oaktree CLO Ltd., Series 2024-26A, Class D1, (3-mo.
CME Term SOFR + 3.45%), 7.78%, 04/20/37(a)(b)
|
|
1,500
|
1,520,539
|
|
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R,
(3-mo. CME Term SOFR + 4.25%), 8.58%,
04/20/37(a)(b)
|
|
1,590
|
1,612,980
|
|
Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-
mo. CME Term SOFR + 2.65%), 6.97%, 01/05/38(a)(b)
|
|
1,000
|
1,010,544
|
|
Total Asset-Backed Securities — 1.6%
(Cost: $9,680,000)
|
9,793,293
|
||
|
|
|
Shares
|
|
|
Common Stocks
|
|||
|
Construction & Engineering — 0.0%
|
|
||
|
Mcdermott International Ltd.(c)
|
|
1,131
|
22,507
|
|
Electrical Equipment — 0.0%
|
|
||
|
SunPower Corp.(c)(d)
|
|
1,707
|
—
|
|
Entertainment — 0.0%
|
|
||
|
Learfield Communications LLC, (Acquired 09/06/23,
Cost: $31,736)(c)(d)(e)
|
|
2,526
|
265,230
|
|
Financial Services — 0.1%
|
|
||
|
Aimbridge Acquisition Co., Inc.(c)(d)
|
|
8,773
|
565,902
|
|
Ground Transportation — 0.0%
|
|
||
|
Sirva BGRS Holdings, Inc.(c)
|
|
1,661
|
1,383
|
|
Industrial Conglomerates(c) — 0.0%
|
|
||
|
Ameriforge Group, Inc.(d)
|
|
1,664
|
—
|
|
SVP Singer
|
|
15,566
|
68,101
|
|
|
|
|
68,101
|
|
IT Services — 0.1%
|
|
||
|
Travelport LLC(c)(d)
|
|
230
|
694,193
|
|
Semiconductors & Semiconductor Equipment — 0.0%
|
|
||
|
Maxeon Solar Technologies Ltd.(c)
|
|
2
|
7
|
|
Security
|
|
Shares
|
Value
|
|
Trading Companies & Distributors — 0.1%
|
|
||
|
TMK Hawk Midco Corp.(c)(d)
|
|
24,798
|
$ 272,776
|
|
Total Common Stocks — 0.3%
(Cost: $3,105,165)
|
1,890,099
|
||
|
|
|
Par
(000)
|
|
|
Corporate Bonds
|
|||
|
Advertising Agencies — 0.3%
|
|||
|
Clear Channel Outdoor Holdings, Inc.(b)
|
|
|
|
|
7.75%, 04/15/28
|
USD
|
188
|
187,658
|
|
7.50%, 06/01/29
|
|
96
|
93,237
|
|
7.88%, 04/01/30
|
|
505
|
530,263
|
|
7.13%, 02/15/31
|
|
275
|
284,254
|
|
7.50%, 03/15/33
|
|
320
|
334,582
|
|
CMG Media Corp., 8.88%, 06/18/29(b)
|
|
47
|
43,166
|
|
Lamar Media Corp.
|
|
|
|
|
4.00%, 02/15/30
|
|
15
|
14,360
|
|
5.38%, 11/01/33(b)
|
|
67
|
66,507
|
|
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b)
|
|
254
|
249,349
|
|
Outfront Media Capital LLC/Outfront Media Capital
Corp.(b)
|
|
|
|
|
5.00%, 08/15/27
|
|
24
|
23,879
|
|
4.25%, 01/15/29
|
|
98
|
94,128
|
|
4.63%, 03/15/30
|
|
22
|
21,144
|
|
7.38%, 02/15/31
|
|
140
|
147,692
|
|
Stagwell Global LLC, 5.63%, 08/15/29(b)
|
|
32
|
31,086
|
|
|
|
|
2,121,305
|
|
Aerospace & Defense — 0.6%
|
|||
|
AAR Escrow Issuer LLC, 6.75%, 03/15/29(b)
|
|
80
|
82,354
|
|
ATI, Inc.
|
|
|
|
|
5.88%, 12/01/27
|
|
19
|
19,036
|
|
4.88%, 10/01/29
|
|
32
|
31,461
|
|
7.25%, 08/15/30
|
|
103
|
108,118
|
|
5.13%, 10/01/31
|
|
88
|
86,603
|
|
Bombardier, Inc.(b)
|
|
|
|
|
6.00%, 02/15/28
|
|
105
|
105,265
|
|
8.75%, 11/15/30
|
|
44
|
47,449
|
|
7.25%, 07/01/31
|
|
112
|
118,724
|
|
7.00%, 06/01/32
|
|
62
|
64,801
|
|
6.75%, 06/15/33
|
|
106
|
110,617
|
|
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%,
02/15/32(b)
|
|
444
|
451,814
|
|
Goat Holdco LLC, 6.75%, 02/01/32(b)
|
|
85
|
87,125
|
|
Spirit AeroSystems, Inc.(b)
|
|
|
|
|
9.38%, 11/30/29
|
|
111
|
116,907
|
|
9.75%, 11/15/30
|
|
128
|
140,774
|
|
TransDigm, Inc.(b)
|
|
|
|
|
6.75%, 08/15/28
|
|
129
|
131,459
|
|
6.38%, 03/01/29
|
|
181
|
185,055
|
|
6.63%, 03/01/32
|
|
286
|
294,450
|
|
6.00%, 01/15/33
|
|
432
|
436,788
|
|
Security
|
|
Par
(000)
|
Value
|
|
Aerospace & Defense (continued)
|
|||
|
TransDigm, Inc.(b) (continued)
|
|
|
|
|
6.38%, 05/31/33
|
USD
|
384
|
$ 388,317
|
|
6.25%, 01/31/34
|
|
61
|
62,734
|
|
6.75%, 01/31/34
|
|
428
|
442,535
|
|
|
|
|
3,512,386
|
|
Air Freight & Logistics(b) — 0.0%
|
|||
|
Rand Parent LLC, 8.50%, 02/15/30
|
|
57
|
59,227
|
|
Stonepeak Nile Parent LLC, 7.25%, 03/15/32
|
|
30
|
31,591
|
|
|
|
|
90,818
|
|
Automobile Components — 0.2%
|
|||
|
American Axle & Manufacturing, Inc.(b)(f)
|
|
|
|
|
10/15/32
|
|
48
|
47,919
|
|
10/15/33
|
|
50
|
50,390
|
|
Clarios Global LP/Clarios U.S. Finance Co.(b)
|
|
|
|
|
6.75%, 05/15/28
|
|
85
|
86,877
|
|
6.75%, 02/15/30
|
|
280
|
289,243
|
|
4.75%, 06/15/31
|
EUR
|
100
|
119,617
|
|
6.75%, 09/15/32
|
USD
|
216
|
220,787
|
|
Dana, Inc.
|
|
|
|
|
4.25%, 09/01/30
|
|
21
|
20,797
|
|
4.50%, 02/15/32
|
|
33
|
32,494
|
|
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%,
05/31/32(b)
|
|
90
|
94,410
|
|
Goodyear Tire & Rubber Co.
|
|
|
|
|
5.00%, 07/15/29
|
|
26
|
25,108
|
|
6.63%, 07/15/30
|
|
52
|
52,762
|
|
5.25%, 04/30/31
|
|
3
|
2,835
|
|
5.63%, 04/30/33
|
|
30
|
27,912
|
|
Qnity Electronics, Inc.(b)
|
|
|
|
|
5.75%, 08/15/32
|
|
88
|
88,671
|
|
6.25%, 08/15/33
|
|
68
|
69,441
|
|
Tenneco, Inc., 8.00%, 11/17/28(b)
|
|
159
|
159,290
|
|
|
|
|
1,388,553
|
|
Automobiles — 0.3%
|
|||
|
Asbury Automotive Group, Inc.
|
|
|
|
|
4.50%, 03/01/28
|
|
39
|
38,523
|
|
5.00%, 02/15/32(b)
|
|
25
|
24,006
|
|
Carvana Co.(b)(g)
|
|
|
|
|
(9.00% PIK), 9.00%, 06/01/30
|
|
170
|
178,034
|
|
(9.00% PIK), 9.00%, 06/01/31
|
|
631
|
714,414
|
|
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b)
|
|
50
|
53,160
|
|
Group 1 Automotive, Inc., 6.38%, 01/15/30(b)
|
|
34
|
34,783
|
|
Ken Garff Automotive LLC, 4.88%, 09/15/28(b)
|
|
25
|
24,477
|
|
LCM Investments Holdings II LLC(b)
|
|
|
|
|
4.88%, 05/01/29
|
|
91
|
89,157
|
|
8.25%, 08/01/31
|
|
55
|
58,168
|
|
Lithia Motors, Inc., 5.50%, 10/01/30(b)
|
|
55
|
54,931
|
|
Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30(b)
|
|
142
|
142,049
|
|
Nissan Motor Co. Ltd.(b)
|
|
|
|
|
6.38%, 07/17/33
|
EUR
|
100
|
120,875
|
|
8.13%, 07/17/35
|
USD
|
200
|
214,699
|
|
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC,
10.00%, 01/15/31(b)
|
|
73
|
67,955
|
|
Venture Holdings Trust, 12.00%, 07/01/49(c)(d)(h)
|
|
5,150
|
1
|
|
Wabash National Corp., 4.50%, 10/15/28(b)
|
|
44
|
40,824
|
|
|
|
|
1,856,056
|
|
Banks — 0.0%
|
|||
|
Banco Espirito Santo SA(c)(h)
|
|
|
|
|
2.63%, 05/08/17(i)
|
EUR
|
100
|
25,829
|
|
Security
|
|
Par
(000)
|
Value
|
|
Banks (continued)
|
|||
|
Banco Espirito Santo SA(c)(h) (continued)
|
|
|
|
|
4.75%, 01/15/22(a)
|
EUR
|
200
|
$ 51,658
|
|
4.00%, 01/21/22
|
|
100
|
25,829
|
|
Walker & Dunlop, Inc., 6.63%, 04/01/33(b)
|
USD
|
37
|
37,838
|
|
|
|
|
141,154
|
|
Building Materials — 0.5%
|
|||
|
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33(b)
|
|
70
|
72,855
|
|
Builders FirstSource, Inc.(b)
|
|
|
|
|
6.38%, 03/01/34
|
|
38
|
39,144
|
|
6.75%, 05/15/35
|
|
52
|
54,295
|
|
CP Atlas Buyer, Inc., 9.75%, 07/15/30(b)
|
|
22
|
23,041
|
|
EMRLD Borrower LP/Emerald Co-Issuer, Inc.(b)
|
|
|
|
|
6.63%, 12/15/30
|
|
632
|
649,664
|
|
6.75%, 07/15/31
|
|
309
|
320,944
|
|
Jeld-Wen, Inc.(b)
|
|
|
|
|
4.88%, 12/15/27
|
|
54
|
52,696
|
|
7.00%, 09/01/32
|
|
53
|
44,757
|
|
JH North America Holdings, Inc.(b)
|
|
|
|
|
5.88%, 01/31/31
|
|
75
|
76,149
|
|
6.13%, 07/31/32
|
|
67
|
68,626
|
|
New Enterprise Stone & Lime Co., Inc.(b)
|
|
|
|
|
5.25%, 07/15/28
|
|
26
|
25,760
|
|
9.75%, 07/15/28
|
|
59
|
59,131
|
|
Quikrete Holdings, Inc.(b)
|
|
|
|
|
6.38%, 03/01/32
|
|
411
|
425,732
|
|
6.75%, 03/01/33
|
|
80
|
83,176
|
|
Smyrna Ready Mix Concrete LLC(b)
|
|
|
|
|
6.00%, 11/01/28
|
|
9
|
9,003
|
|
8.88%, 11/15/31
|
|
71
|
74,972
|
|
Standard Building Solutions, Inc.(b)
|
|
|
|
|
6.50%, 08/15/32
|
|
270
|
277,026
|
|
6.25%, 08/01/33
|
|
198
|
200,650
|
|
Standard Industries, Inc.
|
|
|
|
|
2.25%, 11/21/26(i)
|
EUR
|
73
|
85,443
|
|
4.38%, 07/15/30(b)
|
USD
|
141
|
135,188
|
|
3.38%, 01/15/31(b)
|
|
34
|
30,789
|
|
Wilsonart LLC, 11.00%, 08/15/32(b)
|
|
177
|
172,300
|
|
|
|
|
2,981,341
|
|
Building Products(b) — 0.2%
|
|||
|
Foundation Building Materials, Inc., 6.00%, 03/01/29
|
|
5
|
5,068
|
|
Park River Holdings, Inc., 03/15/31(f)
|
|
53
|
53,672
|
|
QXO Building Products, Inc., 6.75%, 04/30/32
|
|
270
|
279,557
|
|
White Cap Buyer LLC, 6.88%, 10/15/28
|
|
737
|
734,811
|
|
|
|
|
1,073,108
|
|
Capital Markets — 0.3%
|
|||
|
Apollo Debt Solutions BDC
|
|
|
|
|
5.88%, 08/30/30(b)
|
|
51
|
51,895
|
|
6.70%, 07/29/31
|
|
35
|
37,093
|
|
6.55%, 03/15/32(b)
|
|
9
|
9,445
|
|
ARES Strategic Income Fund
|
|
|
|
|
5.60%, 02/15/30
|
|
29
|
29,283
|
|
5.80%, 09/09/30(b)
|
|
60
|
60,973
|
|
5.15%, 01/15/31(b)
|
|
55
|
54,345
|
|
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30
|
|
15
|
15,077
|
|
Blackstone Private Credit Fund, 6.00%, 11/22/34
|
|
139
|
142,343
|
|
Blue Owl Capital Corp., 6.20%, 07/15/30
|
|
135
|
138,821
|
|
Blue Owl Capital Corp. II, 8.45%, 11/15/26
|
|
28
|
29,007
|
|
Blue Owl Technology Finance Corp., 6.75%, 04/04/29
|
|
16
|
16,507
|
|
Compass Group Diversified Holdings LLC, 5.25%,
04/15/29(b)
|
|
66
|
61,099
|
|
Security
|
|
Par
(000)
|
Value
|
|
Capital Markets (continued)
|
|||
|
Focus Financial Partners LLC, 6.75%, 09/15/31(b)
|
USD
|
202
|
$ 206,872
|
|
HA Sustainable Infrastructure Capital, Inc., 6.38%,
07/01/34
|
|
39
|
39,691
|
|
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%,
06/15/27(b)
|
|
15
|
15,616
|
|
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
|
|
|
|
|
5.25%, 05/15/27
|
|
170
|
167,101
|
|
9.75%, 01/15/29
|
|
42
|
42,389
|
|
4.38%, 02/01/29
|
|
31
|
26,760
|
|
10.00%, 11/15/29(b)
|
|
158
|
158,698
|
|
Jane Street Group/JSG Finance, Inc.(b)
|
|
|
|
|
6.13%, 11/01/32
|
|
24
|
24,325
|
|
6.75%, 05/01/33
|
|
40
|
41,545
|
|
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27(j)
|
|
100
|
115,800
|
|
Osaic Holdings, Inc.(b)
|
|
|
|
|
6.75%, 08/01/32
|
|
40
|
41,313
|
|
8.00%, 08/01/33
|
|
68
|
70,475
|
|
|
|
|
1,596,473
|
|
Chemicals — 0.7%
|
|||
|
Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK),
9.25%, 11/01/26(b)(g)
|
|
100
|
88,209
|
|
Avient Corp., 6.25%, 11/01/31(b)
|
|
37
|
37,574
|
|
Axalta Coating Systems Dutch Holding B BV, 7.25%,
02/15/31(b)
|
|
300
|
313,866
|
|
Celanese U.S. Holdings LLC, 6.75%, 04/15/33
|
|
47
|
46,802
|
|
Chemours Co.
|
|
|
|
|
5.38%, 05/15/27
|
|
96
|
95,921
|
|
5.75%, 11/15/28(b)
|
|
184
|
179,469
|
|
8.00%, 01/15/33(b)
|
|
73
|
72,610
|
|
Element Solutions, Inc., 3.88%, 09/01/28(b)
|
|
590
|
571,788
|
|
Herens Holdco SARL, 4.75%, 05/15/28(b)
|
|
200
|
175,218
|
|
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%,
07/01/28(b)
|
|
77
|
77,243
|
|
Ingevity Corp., 3.88%, 11/01/28(b)
|
|
23
|
22,099
|
|
Mativ Holdings, Inc., 8.00%, 10/01/29(b)
|
|
35
|
34,652
|
|
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b)
|
|
51
|
51,891
|
|
Minerals Technologies, Inc., 5.00%, 07/01/28(b)
|
|
55
|
53,900
|
|
Olympus Water U.S. Holding Corp.(b)
|
|
|
|
|
9.75%, 11/15/28
|
|
200
|
209,900
|
|
7.25%, 06/15/31
|
|
400
|
405,510
|
|
02/15/33(f)
|
|
484
|
484,504
|
|
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b)
|
|
185
|
181,070
|
|
Solstice Advanced Materials, Inc., 5.63%, 09/30/33(b)
|
|
131
|
131,433
|
|
WR Grace Holdings LLC(b)
|
|
|
|
|
4.88%, 06/15/27
|
|
49
|
48,696
|
|
5.63%, 08/15/29
|
|
1,071
|
995,492
|
|
7.38%, 03/01/31
|
|
148
|
150,932
|
|
6.63%, 08/15/32
|
|
169
|
167,104
|
|
|
|
|
4,595,883
|
|
Commercial Services & Supplies — 1.1%
|
|||
|
ADT Security Corp.(b)
|
|
|
|
|
4.88%, 07/15/32
|
|
55
|
53,264
|
|
10/15/33(f)
|
|
144
|
144,000
|
|
Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%,
05/21/30(b)
|
|
200
|
206,860
|
|
Allied Universal Holdco LLC, 7.88%, 02/15/31(b)
|
|
980
|
1,027,526
|
|
Allied Universal Holdco LLC/Allied Universal Finance
Corp.(b)
|
|
|
|
|
6.00%, 06/01/29
|
|
515
|
506,273
|
|
6.88%, 06/15/30
|
|
220
|
226,123
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Services & Supplies (continued)
|
|||
|
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(b)
|
USD
|
400
|
$ 392,146
|
|
Belron U.K. Finance PLC, 5.75%, 10/15/29(b)
|
|
200
|
202,607
|
|
Brink’s Co.(b)
|
|
|
|
|
6.50%, 06/15/29
|
|
39
|
40,135
|
|
6.75%, 06/15/32
|
|
193
|
200,748
|
|
Deluxe Corp., 8.13%, 09/15/29(b)
|
|
31
|
32,371
|
|
EquipmentShare.com, Inc., 8.00%, 03/15/33(b)
|
|
76
|
81,224
|
|
FTAI Aviation Investors LLC(b)
|
|
|
|
|
5.50%, 05/01/28
|
|
248
|
248,039
|
|
7.88%, 12/01/30
|
|
161
|
171,086
|
|
7.00%, 05/01/31
|
|
248
|
259,422
|
|
7.00%, 06/15/32
|
|
528
|
552,564
|
|
5.88%, 04/15/33
|
|
107
|
107,671
|
|
Garda World Security Corp.(b)
|
|
|
|
|
4.63%, 02/15/27
|
|
70
|
69,469
|
|
7.75%, 02/15/28
|
|
123
|
126,088
|
|
6.00%, 06/01/29
|
|
16
|
15,863
|
|
8.25%, 08/01/32
|
|
224
|
232,197
|
|
8.38%, 11/15/32
|
|
631
|
654,995
|
|
Herc Holdings, Inc.(b)
|
|
|
|
|
7.00%, 06/15/30
|
|
120
|
124,647
|
|
7.25%, 06/15/33
|
|
61
|
63,678
|
|
Hertz Corp., 12.63%, 07/15/29(b)
|
|
36
|
38,165
|
|
RR Donnelley & Sons Co., 9.50%, 08/01/29(b)
|
|
262
|
268,515
|
|
Service Corp. International
|
|
|
|
|
3.38%, 08/15/30
|
|
2
|
1,853
|
|
4.00%, 05/15/31
|
|
49
|
46,199
|
|
5.75%, 10/15/32
|
|
420
|
425,493
|
|
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b)
|
|
202
|
184,059
|
|
Veritiv Operating Co., 10.50%, 11/30/30(b)
|
|
41
|
44,002
|
|
Wand NewCo 3, Inc., 7.63%, 01/30/32(b)
|
|
188
|
198,080
|
|
|
|
|
6,945,362
|
|
Communications Equipment(b) — 0.0%
|
|||
|
CommScope LLC, 4.75%, 09/01/29
|
|
203
|
201,697
|
|
Viavi Solutions, Inc., 3.75%, 10/01/29
|
|
31
|
29,227
|
|
|
|
|
230,924
|
|
Construction & Engineering(b) — 0.2%
|
|||
|
AECOM, 6.00%, 08/01/33
|
|
220
|
224,926
|
|
Arcosa, Inc.
|
|
|
|
|
4.38%, 04/15/29
|
|
117
|
113,769
|
|
6.88%, 08/15/32
|
|
125
|
130,562
|
|
Brand Industrial Services, Inc., 10.38%, 08/01/30
|
|
586
|
584,132
|
|
Dycom Industries, Inc., 4.50%, 04/15/29
|
|
37
|
36,136
|
|
|
|
|
1,089,525
|
|
Consumer Discretionary(b) — 0.2%
|
|||
|
APi Group DE, Inc.
|
|
|
|
|
4.13%, 07/15/29
|
|
67
|
64,575
|
|
4.75%, 10/15/29
|
|
32
|
31,370
|
|
Clarivate Science Holdings Corp.
|
|
|
|
|
3.88%, 07/01/28
|
|
328
|
315,651
|
|
4.88%, 07/01/29
|
|
180
|
170,105
|
|
Raven Acquisition Holdings LLC, 6.88%, 11/15/31
|
|
106
|
108,933
|
|
Williams Scotsman, Inc.
|
|
|
|
|
6.63%, 06/15/29
|
|
71
|
72,623
|
|
6.63%, 04/15/30
|
|
222
|
228,497
|
|
7.38%, 10/01/31
|
|
49
|
51,173
|
|
|
|
|
1,042,927
|
|
Consumer Finance — 0.5%
|
|||
|
Block, Inc.
|
|
|
|
|
2.75%, 06/01/26
|
|
63
|
62,172
|
|
Security
|
|
Par
(000)
|
Value
|
|
Consumer Finance (continued)
|
|||
|
Block, Inc. (continued)
|
|
|
|
|
5.63%, 08/15/30(b)
|
USD
|
108
|
$ 109,423
|
|
6.50%, 05/15/32
|
|
438
|
453,333
|
|
6.00%, 08/15/33(b)
|
|
166
|
169,991
|
|
Boost Newco Borrower LLC, 7.50%, 01/15/31(b)
|
|
400
|
424,358
|
|
Bread Financial Holdings, Inc., (5-year CMT + 4.30%),
8.38%, 06/15/35(a)(b)
|
|
11
|
11,295
|
|
ION Platform Finance U.S., Inc., 09/30/32(b)(f)
|
|
295
|
293,062
|
|
Navient Corp.
|
|
|
|
|
9.38%, 07/25/30
|
|
49
|
54,158
|
|
7.88%, 06/15/32
|
|
74
|
77,867
|
|
OneMain Finance Corp.
|
|
|
|
|
6.63%, 05/15/29
|
|
113
|
116,149
|
|
5.38%, 11/15/29
|
|
70
|
69,206
|
|
7.88%, 03/15/30
|
|
72
|
76,187
|
|
6.13%, 05/15/30
|
|
104
|
105,319
|
|
4.00%, 09/15/30
|
|
95
|
88,308
|
|
7.50%, 05/15/31
|
|
21
|
21,953
|
|
7.13%, 11/15/31
|
|
52
|
53,923
|
|
6.75%, 03/15/32
|
|
160
|
162,963
|
|
7.13%, 09/15/32
|
|
68
|
70,247
|
|
6.50%, 03/15/33
|
|
136
|
136,215
|
|
Shift4 Payments LLC/Shift4 Payments Finance Sub,
Inc.(b)
|
|
|
|
|
6.75%, 08/15/32
|
|
262
|
270,880
|
|
5.50%, 05/15/33
|
EUR
|
100
|
122,248
|
|
WEX, Inc., 6.50%, 03/15/33(b)
|
USD
|
176
|
179,746
|
|
|
|
|
3,129,003
|
|
Consumer Staples Distribution & Retail(b) — 0.1%
|
|||
|
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC, 6.25%, 03/15/33
|
|
246
|
251,584
|
|
Boots Group Finco LP, 5.38%, 08/31/32
|
EUR
|
115
|
138,898
|
|
KeHE Distributors LLC/KeHE Finance Corp./NextWave
Distribution, Inc., 9.00%, 02/15/29
|
USD
|
39
|
41,034
|
|
Performance Food Group, Inc.
|
|
|
|
|
4.25%, 08/01/29
|
|
41
|
39,827
|
|
6.13%, 09/15/32
|
|
190
|
194,619
|
|
U.S. Foods, Inc., 7.25%, 01/15/32
|
|
60
|
62,817
|
|
United Natural Foods, Inc., 6.75%, 10/15/28
|
|
65
|
64,995
|
|
|
|
|
793,774
|
|
Containers & Packaging — 0.6%
|
|||
|
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal
Packaging Finance PLC(b)
|
|
|
|
|
6.00%, 06/15/27
|
|
200
|
199,952
|
|
4.00%, 09/01/29
|
|
285
|
263,772
|
|
Ardagh Packaging Finance PLC/Ardagh Holdings USA,
Inc.
|
|
|
|
|
2.13%, 08/15/26(i)
|
EUR
|
100
|
114,168
|
|
4.13%, 08/15/26(b)(d)
|
USD
|
200
|
192,000
|
|
Ball Corp.
|
|
|
|
|
4.25%, 07/01/32
|
EUR
|
100
|
120,084
|
|
5.50%, 09/15/33
|
USD
|
62
|
62,666
|
|
Clydesdale Acquisition Holdings, Inc.(b)
|
|
|
|
|
6.63%, 04/15/29
|
|
49
|
49,558
|
|
6.88%, 01/15/30
|
|
143
|
146,691
|
|
8.75%, 04/15/30
|
|
189
|
194,149
|
|
6.75%, 04/15/32
|
|
411
|
421,629
|
|
Crown Americas LLC, 5.88%, 06/01/33(b)
|
|
165
|
166,668
|
|
LABL, Inc.(b)
|
|
|
|
|
5.88%, 11/01/28
|
|
83
|
64,309
|
|
9.50%, 11/01/28
|
|
131
|
111,290
|
|
Security
|
|
Par
(000)
|
Value
|
|
Containers & Packaging (continued)
|
|||
|
LABL, Inc.(b) (continued)
|
|
|
|
|
8.63%, 10/01/31
|
USD
|
148
|
$ 108,726
|
|
Magnera Corp., 7.25%, 11/15/31(b)
|
|
33
|
31,052
|
|
Mauser Packaging Solutions Holding Co.(b)
|
|
|
|
|
7.88%, 04/15/27
|
|
1,062
|
1,072,411
|
|
9.25%, 04/15/27
|
|
65
|
65,149
|
|
Sealed Air Corp.(b)
|
|
|
|
|
4.00%, 12/01/27
|
|
19
|
18,646
|
|
5.00%, 04/15/29
|
|
15
|
14,916
|
|
6.50%, 07/15/32
|
|
23
|
23,821
|
|
Silgan Holdings, Inc., 02/15/31(b)(f)
|
EUR
|
100
|
117,879
|
|
|
|
|
3,559,536
|
|
Distributors(b) — 0.0%
|
|||
|
Gates Corp./DE, 6.88%, 07/01/29
|
USD
|
74
|
76,786
|
|
Resideo Funding, Inc.
|
|
|
|
|
4.00%, 09/01/29
|
|
18
|
17,194
|
|
6.50%, 07/15/32
|
|
91
|
93,266
|
|
|
|
|
187,246
|
|
Diversified REITs — 0.2%
|
|||
|
Digital Realty Trust LP, 1.88%, 11/15/29(b)(j)
|
|
20
|
21,000
|
|
Global Net Lease, Inc./Global Net Lease Operating
Partnership LP, 3.75%, 12/15/27(b)
|
|
35
|
33,971
|
|
Iron Mountain Information Management Services, Inc.,
5.00%, 07/15/32(b)
|
|
138
|
132,969
|
|
Iron Mountain, Inc.(b)
|
|
|
|
|
5.25%, 07/15/30
|
|
6
|
5,934
|
|
5.63%, 07/15/32
|
|
44
|
43,765
|
|
6.25%, 01/15/33
|
|
130
|
132,602
|
|
4.75%, 01/15/34
|
EUR
|
100
|
117,664
|
|
Millrose Properties, Inc.(b)
|
|
|
|
|
6.38%, 08/01/30
|
USD
|
172
|
174,922
|
|
6.25%, 09/15/32
|
|
88
|
88,230
|
|
SBA Communications Corp., 3.13%, 02/01/29
|
|
170
|
159,003
|
|
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC, 10.50%, 02/15/28(b)
|
|
451
|
474,993
|
|
|
|
|
1,385,053
|
|
Diversified Telecommunication Services — 1.0%
|
|||
|
Altice Financing SA, 5.75%, 08/15/29(b)
|
|
200
|
150,500
|
|
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%,
09/15/29(b)
|
|
200
|
210,281
|
|
EchoStar Corp.
|
|
|
|
|
(6.75% PIK), 6.75%, 11/30/30(g)
|
|
698
|
719,917
|
|
10.75%, 11/30/29
|
|
334
|
367,216
|
|
Frontier Communications Holdings LLC
|
|
|
|
|
5.88%, 10/15/27(b)
|
|
12
|
11,993
|
|
5.00%, 05/01/28(b)
|
|
21
|
20,953
|
|
6.75%, 05/01/29(b)
|
|
28
|
28,279
|
|
5.88%, 11/01/29
|
|
46
|
46,824
|
|
6.00%, 01/15/30(b)
|
|
59
|
59,694
|
|
8.75%, 05/15/30(b)
|
|
494
|
516,055
|
|
8.63%, 03/15/31(b)
|
|
98
|
103,317
|
|
Level 3 Financing, Inc.(b)
|
|
|
|
|
3.63%, 01/15/29
|
|
18
|
15,578
|
|
4.88%, 06/15/29
|
|
250
|
235,025
|
|
4.50%, 04/01/30
|
|
135
|
123,019
|
|
3.88%, 10/15/30
|
|
33
|
28,812
|
|
4.00%, 04/15/31
|
|
17
|
14,716
|
|
6.88%, 06/30/33
|
|
616
|
628,324
|
|
7.00%, 03/31/34
|
|
585
|
595,126
|
|
Lumen Technologies, Inc.(b)
|
|
|
|
|
4.13%, 04/15/29
|
|
50
|
48,961
|
|
Security
|
|
Par
(000)
|
Value
|
|
Diversified Telecommunication Services (continued)
|
|||
|
Lumen Technologies, Inc.(b) (continued)
|
|
|
|
|
4.13%, 04/15/30
|
USD
|
50
|
$ 48,942
|
|
10.00%, 10/15/32
|
|
51
|
51,597
|
|
Maya SAS/Paris France(b)
|
|
|
|
|
7.00%, 10/15/28
|
|
200
|
203,206
|
|
8.50%, 04/15/31
|
|
250
|
268,123
|
|
Sable International Finance Ltd., 7.13%, 10/15/32(b)
|
|
200
|
202,605
|
|
Telecom Italia Capital SA, 7.72%, 06/04/38
|
|
110
|
121,857
|
|
Windstream Services LLC, 10/15/33(b)(f)
|
|
112
|
111,970
|
|
Windstream Services LLC/Windstream Escrow Finance
Corp., 8.25%, 10/01/31(b)
|
|
460
|
476,503
|
|
Zayo Group Holdings, Inc.(b)(f)
|
|
|
|
|
03/09/30
|
|
467
|
447,210
|
|
09/09/30
|
|
112
|
105,749
|
|
|
|
|
5,962,352
|
|
Electric Utilities — 0.2%
|
|||
|
Alpha Generation LLC, 6.75%, 10/15/32(b)
|
|
69
|
71,228
|
|
ContourGlobal Power Holdings SA, 6.75%, 02/28/30(b)
|
|
200
|
207,748
|
|
Edison International, Series A, (5-year CMT + 4.70%),
5.38%(a)(k)
|
|
98
|
95,145
|
|
NextEra Energy Capital Holdings, Inc., (5-year CMT +
2.46%), 6.75%, 06/15/54(a)
|
|
33
|
35,466
|
|
Pattern Energy Operations LP/Pattern Energy
Operations, Inc., 4.50%, 08/15/28(b)
|
|
8
|
7,797
|
|
Pike Corp., 8.63%, 01/31/31(b)
|
|
23
|
24,673
|
|
Texas Competitive Electric Holdings Co. LLC, 1.00%,
11/10/17(c)(d)(h)
|
|
2,375
|
—
|
|
Vistra Operations Co. LLC(b)
|
|
|
|
|
7.75%, 10/15/31
|
|
148
|
156,613
|
|
6.88%, 04/15/32
|
|
82
|
85,762
|
|
XPLR Infrastructure Operating Partners LP, 8.38%,
01/15/31(b)
|
|
304
|
318,592
|
|
|
|
|
1,003,024
|
|
Electronic Equipment, Instruments & Components(b) — 0.1%
|
|||
|
Coherent Corp., 5.00%, 12/15/29
|
|
45
|
44,379
|
|
Sensata Technologies BV, 4.00%, 04/15/29
|
|
36
|
34,548
|
|
Sensata Technologies, Inc.
|
|
|
|
|
4.38%, 02/15/30
|
|
146
|
140,913
|
|
3.75%, 02/15/31
|
|
145
|
133,817
|
|
6.63%, 07/15/32
|
|
200
|
206,956
|
|
WESCO Distribution, Inc., 6.38%, 03/15/33
|
|
73
|
75,674
|
|
Zebra Technologies Corp., 6.50%, 06/01/32
|
|
29
|
29,785
|
|
|
|
|
666,072
|
|
Energy Equipment & Services — 0.2%
|
|||
|
Archrock Partners LP/Archrock Partners Finance Corp.(b)
|
|
|
|
|
6.88%, 04/01/27
|
|
77
|
77,004
|
|
6.25%, 04/01/28
|
|
18
|
18,025
|
|
6.63%, 09/01/32
|
|
115
|
117,965
|
|
Enerflex Ltd., 9.00%, 10/15/27(b)
|
|
31
|
31,563
|
|
Kodiak Gas Services LLC(b)
|
|
|
|
|
7.25%, 02/15/29
|
|
133
|
138,009
|
|
6.50%, 10/01/33
|
|
101
|
102,836
|
|
6.75%, 10/01/35
|
|
76
|
78,033
|
|
Oceaneering International, Inc., 6.00%, 02/01/28
|
|
18
|
18,223
|
|
Star Holding LLC, 8.75%, 08/01/31(b)
|
|
127
|
126,010
|
|
Tidewater, Inc., 9.13%, 07/15/30(b)
|
|
65
|
69,709
|
|
Security
|
|
Par
(000)
|
Value
|
|
Energy Equipment & Services (continued)
|
|||
|
USA Compression Partners LP/USA Compression
Finance Corp.(b)
|
|
|
|
|
7.13%, 03/15/29
|
USD
|
96
|
$ 99,007
|
|
6.25%, 10/01/33
|
|
177
|
177,677
|
|
Weatherford International Ltd.(b)
|
|
|
|
|
8.63%, 04/30/30
|
|
137
|
140,048
|
|
10/15/33(f)
|
|
159
|
159,111
|
|
|
|
|
1,353,220
|
|
Entertainment(b) — 0.0%
|
|||
|
Flutter Treasury DAC, 5.88%, 06/04/31
|
|
200
|
203,004
|
|
Scientific Games Holdings LP/Scientific Games
U.S. FinCo, Inc., 6.63%, 03/01/30
|
|
58
|
53,923
|
|
|
|
|
256,927
|
|
Environmental, Maintenance & Security Service(b) — 0.4%
|
|||
|
Clean Harbors, Inc., 6.38%, 02/01/31
|
|
7
|
7,168
|
|
GFL Environmental, Inc.
|
|
|
|
|
4.00%, 08/01/28
|
|
8
|
7,810
|
|
4.75%, 06/15/29
|
|
164
|
161,756
|
|
4.38%, 08/15/29
|
|
65
|
63,415
|
|
6.75%, 01/15/31
|
|
108
|
113,014
|
|
Madison IAQ LLC, 5.88%, 06/30/29
|
|
1,203
|
1,188,444
|
|
Reworld Holding Corp., 4.88%, 12/01/29
|
|
43
|
40,440
|
|
Waste Pro USA, Inc., 7.00%, 02/01/33
|
|
448
|
464,037
|
|
Wrangler Holdco Corp., 6.63%, 04/01/32
|
|
152
|
158,490
|
|
|
|
|
2,204,574
|
|
Financial Services(b) — 0.5%
|
|||
|
Azorra Finance Ltd.
|
|
|
|
|
7.75%, 04/15/30
|
|
40
|
41,950
|
|
7.25%, 01/15/31
|
|
36
|
37,486
|
|
CrossCountry Intermediate HoldCo LLC, 6.50%,
10/01/30
|
|
78
|
78,287
|
|
Freedom Mortgage Holdings LLC
|
|
|
|
|
9.25%, 02/01/29
|
|
42
|
44,191
|
|
9.13%, 05/15/31
|
|
102
|
108,482
|
|
8.38%, 04/01/32
|
|
50
|
52,408
|
|
GGAM Finance Ltd.
|
|
|
|
|
8.00%, 06/15/28
|
|
29
|
30,695
|
|
6.88%, 04/15/29
|
|
65
|
67,406
|
|
5.88%, 03/15/30
|
|
209
|
211,874
|
|
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27
|
|
89
|
91,770
|
|
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%,
08/15/28
|
|
200
|
193,237
|
|
Midcap Financial Issuer Trust, 5.63%, 01/15/30
|
|
200
|
188,582
|
|
Nationstar Mortgage Holdings, Inc.
|
|
|
|
|
6.50%, 08/01/29
|
|
172
|
176,453
|
|
5.13%, 12/15/30
|
|
21
|
21,185
|
|
5.75%, 11/15/31
|
|
79
|
79,830
|
|
7.13%, 02/01/32
|
|
164
|
171,184
|
|
PennyMac Financial Services, Inc.
|
|
|
|
|
7.88%, 12/15/29
|
|
52
|
55,187
|
|
7.13%, 11/15/30
|
|
172
|
179,097
|
|
6.88%, 05/15/32
|
|
83
|
86,004
|
|
6.75%, 02/15/34
|
|
51
|
52,024
|
|
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30
|
|
137
|
145,756
|
|
Rocket Cos., Inc.
|
|
|
|
|
6.13%, 08/01/30
|
|
385
|
395,133
|
|
6.38%, 08/01/33
|
|
311
|
320,987
|
|
Security
|
|
Par
(000)
|
Value
|
|
Financial Services (continued)
|
|||
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
|
|
|
|
|
2.88%, 10/15/26
|
USD
|
75
|
$ 73,465
|
|
3.88%, 03/01/31
|
|
20
|
18,677
|
|
4.00%, 10/15/33
|
|
9
|
8,220
|
|
UWM Holdings LLC
|
|
|
|
|
6.63%, 02/01/30
|
|
187
|
190,232
|
|
6.25%, 03/15/31
|
|
56
|
55,733
|
|
|
|
|
3,175,535
|
|
Food Products(b) — 0.3%
|
|||
|
Aramark Services, Inc., 5.00%, 02/01/28
|
|
41
|
40,807
|
|
B&G Foods, Inc., 8.00%, 09/15/28
|
|
22
|
21,316
|
|
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK),
8.75%, 10/01/29(g)
|
|
439
|
465,552
|
|
Chobani LLC/Chobani Finance Corp., Inc.
|
|
|
|
|
4.63%, 11/15/28
|
|
258
|
255,119
|
|
7.63%, 07/01/29
|
|
273
|
284,670
|
|
Darling Global Finance BV, 4.50%, 07/15/32
|
EUR
|
100
|
118,535
|
|
Darling Ingredients, Inc., 6.00%, 06/15/30
|
USD
|
151
|
152,444
|
|
Fiesta Purchaser, Inc.
|
|
|
|
|
7.88%, 03/01/31
|
|
5
|
5,277
|
|
9.63%, 09/15/32
|
|
80
|
86,367
|
|
Lamb Weston Holdings, Inc., 4.13%, 01/31/30
|
|
248
|
238,135
|
|
Post Holdings, Inc.
|
|
|
|
|
4.63%, 04/15/30
|
|
36
|
34,704
|
|
4.50%, 09/15/31
|
|
28
|
26,159
|
|
6.38%, 03/01/33
|
|
76
|
76,707
|
|
6.25%, 10/15/34
|
|
95
|
95,791
|
|
|
|
|
1,901,583
|
|
Ground Transportation(b) — 0.0%
|
|||
|
Genesee & Wyoming, Inc., 6.25%, 04/15/32
|
|
106
|
107,711
|
|
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32
|
|
26
|
26,912
|
|
|
|
|
134,623
|
|
Health Care Equipment & Supplies(b) — 0.1%
|
|||
|
Bausch & Lomb Corp., 8.38%, 10/01/28
|
|
533
|
555,486
|
|
Insulet Corp., 6.50%, 04/01/33
|
|
144
|
149,707
|
|
Neogen Food Safety Corp., 8.63%, 07/20/30
|
|
60
|
62,743
|
|
|
|
|
767,936
|
|
Health Care Providers & Services — 0.8%
|
|||
|
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b)
|
|
32
|
33,222
|
|
AHP Health Partners, Inc., 5.75%, 07/15/29(b)
|
|
110
|
108,256
|
|
CHS/Community Health Systems, Inc.(b)
|
|
|
|
|
6.00%, 01/15/29
|
|
149
|
144,625
|
|
5.25%, 05/15/30
|
|
202
|
182,738
|
|
4.75%, 02/15/31
|
|
100
|
86,475
|
|
10.88%, 01/15/32
|
|
209
|
221,351
|
|
9.75%, 01/15/34
|
|
292
|
299,154
|
|
Concentra Health Services, Inc., 6.88%, 07/15/32(b)
|
|
86
|
89,301
|
|
DaVita, Inc.(b)
|
|
|
|
|
6.88%, 09/01/32
|
|
43
|
44,420
|
|
6.75%, 07/15/33
|
|
53
|
54,653
|
|
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)
|
|
23
|
21,780
|
|
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b)
|
|
38
|
36,103
|
|
HealthEquity, Inc., 4.50%, 10/01/29(b)
|
|
496
|
480,934
|
|
IQVIA, Inc., 6.25%, 06/01/32(b)
|
|
281
|
288,908
|
|
LifePoint Health, Inc.(b)
|
|
|
|
|
9.88%, 08/15/30
|
|
22
|
23,825
|
|
11.00%, 10/15/30
|
|
314
|
346,077
|
|
8.38%, 02/15/32
|
|
49
|
52,220
|
|
10.00%, 06/01/32
|
|
218
|
228,891
|
|
Security
|
|
Par
(000)
|
Value
|
|
Health Care Providers & Services (continued)
|
|||
|
Medline Borrower LP(b)
|
|
|
|
|
3.88%, 04/01/29
|
USD
|
157
|
$ 151,418
|
|
5.25%, 10/01/29
|
|
458
|
454,040
|
|
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%,
04/01/29(b)
|
|
275
|
281,986
|
|
Molina Healthcare, Inc., 6.25%, 01/15/33(b)
|
|
194
|
196,155
|
|
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b)
|
|
28
|
29,120
|
|
Sotera Health Holdings LLC, 7.38%, 06/01/31(b)
|
|
94
|
98,702
|
|
Star Parent, Inc., 9.00%, 10/01/30(b)
|
|
181
|
191,352
|
|
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)
|
|
292
|
299,956
|
|
Tenet Healthcare Corp., 6.75%, 05/15/31
|
|
437
|
452,417
|
|
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b)
|
|
164
|
167,933
|
|
|
|
|
5,066,012
|
|
Health Care REITs(b) — 0.1%
|
|||
|
Diversified Healthcare Trust, 7.25%, 10/15/30
|
|
43
|
43,702
|
|
MPT Operating Partnership LP/MPT Finance Corp.,
8.50%, 02/15/32
|
|
211
|
224,201
|
|
|
|
|
267,903
|
|
Hotel & Resort REITs — 0.3%
|
|||
|
Park Intermediate Holdings LLC/PK Domestic Property
LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b)
|
|
173
|
178,345
|
|
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%,
10/15/29(b)
|
|
29
|
29,432
|
|
RHP Hotel Properties LP/RHP Finance Corp.(b)
|
|
|
|
|
4.50%, 02/15/29
|
|
39
|
38,248
|
|
6.50%, 04/01/32
|
|
326
|
335,158
|
|
6.50%, 06/15/33
|
|
84
|
86,511
|
|
RLJ Lodging Trust LP, 4.00%, 09/15/29(b)
|
|
74
|
69,879
|
|
Service Properties Trust
|
|
|
|
|
0.00%, 09/30/27(b)(l)
|
|
83
|
73,167
|
|
8.63%, 11/15/31(b)
|
|
556
|
591,970
|
|
8.88%, 06/15/32
|
|
113
|
113,635
|
|
XHR LP, 6.63%, 05/15/30(b)
|
|
28
|
28,769
|
|
|
|
|
1,545,114
|
|
Hotels, Restaurants & Leisure — 1.2%
|
|||
|
Boyne USA, Inc., 4.75%, 05/15/29(b)
|
|
165
|
161,880
|
|
Burger King (Restaurant Brands International Inc.)/New
Red Finance, Inc., 5.63%, 09/15/29(b)
|
|
29
|
29,349
|
|
Burger King (Restaurant Brands International, Inc.)/New
Red Finance, Inc., 4.00%, 10/15/30(b)
|
|
193
|
181,888
|
|
Caesars Entertainment, Inc.(b)
|
|
|
|
|
4.63%, 10/15/29
|
|
338
|
323,208
|
|
7.00%, 02/15/30
|
|
342
|
351,784
|
|
6.50%, 02/15/32
|
|
162
|
165,238
|
|
Carnival Corp.(b)
|
|
|
|
|
5.88%, 06/15/31
|
|
66
|
67,633
|
|
5.75%, 08/01/32
|
|
45
|
45,795
|
|
6.13%, 02/15/33
|
|
142
|
145,555
|
|
Carnival PLC, 4.13%, 07/15/31(b)
|
EUR
|
125
|
148,563
|
|
Churchill Downs, Inc.(b)
|
|
|
|
|
4.75%, 01/15/28
|
USD
|
47
|
46,373
|
|
5.75%, 04/01/30
|
|
292
|
291,737
|
|
6.75%, 05/01/31
|
|
188
|
192,673
|
|
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc.(b)
|
|
|
|
|
4.63%, 01/15/29
|
|
139
|
132,292
|
|
6.75%, 01/15/30
|
|
586
|
549,922
|
|
Great Canadian Gaming Corp./Raptor LLC, 8.75%,
11/15/29(b)
|
|
94
|
92,951
|
|
Hilton Domestic Operating Co., Inc.(b)
|
|
|
|
|
5.88%, 03/15/33
|
|
304
|
310,322
|
|
Security
|
|
Par
(000)
|
Value
|
|
Hotels, Restaurants & Leisure (continued)
|
|||
|
Hilton Domestic Operating Co., Inc.(b) (continued)
|
|
|
|
|
5.75%, 09/15/33
|
USD
|
11
|
$ 11,147
|
|
Light & Wonder International, Inc.(b)
|
|
|
|
|
7.50%, 09/01/31
|
|
41
|
42,638
|
|
6.25%, 10/01/33
|
|
77
|
77,131
|
|
Lindblad Expeditions LLC, 7.00%, 09/15/30(b)
|
|
102
|
103,968
|
|
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b)
|
|
78
|
63,919
|
|
Melco Resorts Finance Ltd.(b)
|
|
|
|
|
5.38%, 12/04/29
|
|
200
|
195,390
|
|
7.63%, 04/17/32
|
|
200
|
209,500
|
|
MGM Resorts International, 6.13%, 09/15/29
|
|
97
|
98,726
|
|
Midwest Gaming Borrower LLC/Midwest Gaming
Finance Corp., 4.88%, 05/01/29(b)
|
|
40
|
38,884
|
|
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC, 8.25%, 04/15/30(b)
|
|
70
|
72,733
|
|
NCL Corp. Ltd.(b)
|
|
|
|
|
5.88%, 01/15/31
|
|
139
|
138,995
|
|
6.75%, 02/01/32
|
|
76
|
78,161
|
|
6.25%, 09/15/33
|
|
218
|
219,128
|
|
Premier Entertainment Sub LLC/Premier Entertainment
Finance Corp.(b)
|
|
|
|
|
5.63%, 09/01/29
|
|
34
|
18,360
|
|
5.88%, 09/01/31
|
|
49
|
25,263
|
|
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b)
|
|
36
|
37,791
|
|
Rivers Enterprise Borrower LLC/Rivers Enterprise
Finance Corp., 6.63%, 02/01/33(b)
|
|
43
|
43,573
|
|
Rivers Enterprise Lender LLC/Rivers Enterprise Lender
Corp., 10/15/30(b)(f)
|
|
45
|
45,401
|
|
Sabre GLBL, Inc.(b)
|
|
|
|
|
8.63%, 06/01/27
|
|
25
|
25,358
|
|
10.75%, 11/15/29
|
|
88
|
85,043
|
|
11.13%, 07/15/30
|
|
121
|
117,182
|
|
Starz Capital Holdings 1, Inc., 6.00%, 04/15/30(b)
|
|
54
|
51,210
|
|
Station Casinos LLC(b)
|
|
|
|
|
4.50%, 02/15/28
|
|
69
|
67,838
|
|
4.63%, 12/01/31
|
|
175
|
165,080
|
|
6.63%, 03/15/32
|
|
43
|
44,171
|
|
Vail Resorts, Inc.(b)
|
|
|
|
|
5.63%, 07/15/30
|
|
59
|
59,369
|
|
6.50%, 05/15/32
|
|
90
|
93,055
|
|
Viking Cruises Ltd.(b)
|
|
|
|
|
5.88%, 09/15/27
|
|
58
|
58,022
|
|
7.00%, 02/15/29
|
|
13
|
13,066
|
|
9.13%, 07/15/31
|
|
177
|
189,978
|
|
10/15/33(f)
|
|
192
|
192,135
|
|
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b)
|
|
27
|
26,977
|
|
Voyager Parent LLC, 9.25%, 07/01/32(b)
|
|
92
|
97,289
|
|
Warnermedia Holdings, Inc., 5.05%, 03/15/42
|
|
566
|
451,849
|
|
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(b)
|
|
44
|
42,952
|
|
Wynn Macau Ltd., 5.63%, 08/26/28(b)
|
|
400
|
399,204
|
|
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp.(b)
|
|
|
|
|
5.13%, 10/01/29
|
|
190
|
190,293
|
|
7.13%, 02/15/31
|
|
313
|
336,896
|
|
6.25%, 03/15/33
|
|
45
|
45,697
|
|
|
|
|
7,510,535
|
|
Household Durables — 0.2%
|
|||
|
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
|
|
|
|
|
4.63%, 08/01/29
|
|
32
|
30,642
|
|
4.63%, 04/01/30
|
|
46
|
43,547
|
|
6.88%, 08/01/33
|
|
44
|
44,377
|
|
Security
|
|
Par
(000)
|
Value
|
|
Household Durables (continued)
|
|||
|
Beazer Homes USA, Inc., 5.88%, 10/15/27
|
USD
|
14
|
$ 13,991
|
|
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC(b)
|
|
|
|
|
5.00%, 06/15/29
|
|
67
|
63,849
|
|
4.88%, 02/15/30
|
|
56
|
52,519
|
|
Century Communities, Inc., 6.63%, 09/15/33(b)
|
|
55
|
55,482
|
|
Dream Finders Homes, Inc., 8.25%, 08/15/28(b)
|
|
26
|
26,974
|
|
Empire Communities Corp., 9.75%, 05/01/29(b)
|
|
13
|
13,631
|
|
K Hovnanian Enterprises, Inc.(b)
|
|
|
|
|
8.00%, 04/01/31
|
|
93
|
95,365
|
|
8.38%, 10/01/33
|
|
103
|
105,601
|
|
LGI Homes, Inc.(b)
|
|
|
|
|
8.75%, 12/15/28
|
|
33
|
34,644
|
|
7.00%, 11/15/32
|
|
62
|
60,538
|
|
Mattamy Group Corp., 4.63%, 03/01/30(b)
|
|
72
|
69,491
|
|
Meritage Homes Corp., 1.75%, 05/15/28(j)
|
|
98
|
100,299
|
|
New Home Co., Inc., 9.25%, 10/01/29(b)
|
|
56
|
58,802
|
|
Newell Brands, Inc., 8.50%, 06/01/28(b)
|
|
61
|
64,522
|
|
Scotts Miracle-Gro Co.
|
|
|
|
|
4.50%, 10/15/29
|
|
5
|
4,858
|
|
4.38%, 02/01/32
|
|
97
|
89,562
|
|
Somnigroup International, Inc.(b)
|
|
|
|
|
4.00%, 04/15/29
|
|
89
|
85,418
|
|
3.88%, 10/15/31
|
|
23
|
21,065
|
|
STL Holding Co. LLC, 8.75%, 02/15/29(b)
|
|
31
|
32,486
|
|
SWF Holdings I Corp., 6.50%, 10/06/29(b)
|
|
285
|
142,528
|
|
Whirlpool Corp.
|
|
|
|
|
6.13%, 06/15/30
|
|
29
|
29,227
|
|
6.50%, 06/15/33
|
|
55
|
54,887
|
|
|
|
|
1,394,305
|
|
Household Products — 0.0%
|
|||
|
Central Garden & Pet Co., 4.13%, 10/15/30
|
|
26
|
24,696
|
|
Independent Power and Renewable Electricity Producers(b) — 0.3%
|
|||
|
Calpine Corp.
|
|
|
|
|
4.50%, 02/15/28
|
|
2
|
1,992
|
|
4.63%, 02/01/29
|
|
47
|
46,538
|
|
5.00%, 02/01/31
|
|
19
|
18,944
|
|
Clearway Energy Operating LLC
|
|
|
|
|
4.75%, 03/15/28
|
|
8
|
7,904
|
|
3.75%, 01/15/32
|
|
202
|
181,323
|
|
Lightning Power LLC, 7.25%, 08/15/32
|
|
23
|
24,350
|
|
NRG Energy, Inc.
|
|
|
|
|
5.75%, 07/15/29
|
|
131
|
131,157
|
|
6.00%, 02/01/33
|
|
186
|
188,896
|
|
01/15/34(f)
|
|
192
|
191,804
|
|
6.25%, 11/01/34
|
|
381
|
390,560
|
|
01/15/36(f)
|
|
510
|
510,073
|
|
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(k)
|
|
44
|
45,006
|
|
XPLR Infrastructure LP(j)
|
|
|
|
|
0.00%, 11/15/25(l)
|
|
204
|
202,470
|
|
2.50%, 06/15/26
|
|
179
|
174,525
|
|
|
|
|
2,115,542
|
|
Industrial Conglomerates — 0.0%
|
|||
|
Amsted Industries, Inc., 6.38%, 03/15/33(b)
|
|
32
|
32,844
|
|
Axon Enterprise, Inc., 6.25%, 03/15/33(b)
|
|
81
|
83,373
|
|
Enpro, Inc., 6.13%, 06/01/33(b)
|
|
49
|
50,080
|
|
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(c)(d)(h)
|
|
5,125
|
1
|
|
|
|
|
166,298
|
|
Security
|
|
Par
(000)
|
Value
|
|
Insurance(b) — 1.3%
|
|||
|
Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32
|
USD
|
38
|
$ 39,128
|
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer
|
|
|
|
|
4.25%, 10/15/27
|
|
275
|
270,434
|
|
6.75%, 10/15/27
|
|
589
|
590,269
|
|
6.75%, 04/15/28
|
|
37
|
37,656
|
|
5.88%, 11/01/29
|
|
373
|
371,055
|
|
7.00%, 01/15/31
|
|
299
|
308,935
|
|
7.38%, 10/01/32
|
|
528
|
544,068
|
|
AmWINS Group, Inc.
|
|
|
|
|
6.38%, 02/15/29
|
|
36
|
36,732
|
|
4.88%, 06/30/29
|
|
88
|
85,526
|
|
Amynta Agency Borrower, Inc. and Amynta Warranty
Borrower, Inc., 7.50%, 07/15/33
|
|
106
|
108,507
|
|
APH Somerset Investor 2 LLC/APH2 Somerset Investor
2 LLC/APH3 Somerset Investor 2 LLC, 7.88%,
11/01/29
|
|
63
|
65,748
|
|
Ardonagh Finco Ltd., 7.75%, 02/15/31
|
|
400
|
418,556
|
|
Ardonagh Group Finance Ltd., 8.88%, 02/15/32
|
|
600
|
630,777
|
|
Howden U.K. Refinance PLC/Howden U.K. Refinance
2 PLC/Howden U.S. Refinance LLC
|
|
|
|
|
7.25%, 02/15/31
|
|
400
|
411,828
|
|
8.13%, 02/15/32
|
|
245
|
254,187
|
|
HUB International Ltd.
|
|
|
|
|
7.25%, 06/15/30
|
|
1,007
|
1,050,205
|
|
7.38%, 01/31/32
|
|
1,195
|
1,244,400
|
|
Jones Deslauriers Insurance Management, Inc.
|
|
|
|
|
8.50%, 03/15/30
|
|
136
|
142,883
|
|
6.88%, 10/01/33
|
|
112
|
111,413
|
|
Nassau Cos., of New York, 7.88%, 07/15/30
|
|
31
|
31,661
|
|
Panther Escrow Issuer LLC, 7.13%, 06/01/31
|
|
796
|
827,934
|
|
Ryan Specialty LLC, 5.88%, 08/01/32
|
|
265
|
267,964
|
|
USI, Inc., 7.50%, 01/15/32
|
|
119
|
124,793
|
|
|
|
|
7,974,659
|
|
Interactive Media & Services(b) — 0.1%
|
|||
|
Snap, Inc.
|
|
|
|
|
6.88%, 03/01/33
|
|
239
|
244,282
|
|
6.88%, 03/15/34
|
|
103
|
104,249
|
|
|
|
|
348,531
|
|
Internet Software & Services(b) — 0.2%
|
|||
|
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%,
05/01/28
|
|
200
|
194,375
|
|
ANGI Group LLC, 3.88%, 08/15/28
|
|
80
|
75,188
|
|
Getty Images, Inc., 11.25%, 02/21/30
|
|
393
|
375,288
|
|
Match Group Holdings II LLC
|
|
|
|
|
4.13%, 08/01/30
|
|
137
|
129,395
|
|
3.63%, 10/01/31
|
|
65
|
58,911
|
|
6.13%, 09/15/33
|
|
108
|
108,949
|
|
Rakuten Group, Inc., 9.75%, 04/15/29
|
|
200
|
224,893
|
|
Uber Technologies, Inc., 4.50%, 08/15/29
|
|
330
|
329,064
|
|
|
|
|
1,496,063
|
|
IT Services(b) — 0.2%
|
|||
|
Amentum Holdings, Inc., 7.25%, 08/01/32
|
|
63
|
65,417
|
|
CA Magnum Holdings, 5.38%, 10/31/26
|
|
201
|
200,020
|
|
CACI International, Inc., 6.38%, 06/15/33
|
|
105
|
108,313
|
|
Fair Isaac Corp., 6.00%, 05/15/33
|
|
346
|
350,305
|
|
Fortress Intermediate 3, Inc., 7.50%, 06/01/31
|
|
210
|
219,879
|
|
Security
|
|
Par
(000)
|
Value
|
|
IT Services (continued)
|
|||
|
KBR, Inc., 4.75%, 09/30/28
|
USD
|
75
|
$ 74,173
|
|
McAfee Corp., 7.38%, 02/15/30
|
|
133
|
123,370
|
|
Science Applications International Corp., 5.88%,
11/01/33
|
|
75
|
75,023
|
|
|
|
|
1,216,500
|
|
Machinery — 0.4%
|
|||
|
ATS Corp., 4.13%, 12/15/28(b)
|
|
35
|
33,533
|
|
Chart Industries, Inc., 7.50%, 01/01/30(b)
|
|
213
|
221,677
|
|
Esab Corp., 6.25%, 04/15/29(b)
|
|
66
|
67,802
|
|
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b)
|
|
35
|
29,837
|
|
Husky Injection Molding Systems Ltd./Titan Co-Borrower
LLC, 9.00%, 02/15/29(b)
|
|
586
|
612,482
|
|
Manitowoc Co., Inc., 9.25%, 10/01/31(b)
|
|
32
|
33,575
|
|
Terex Corp., 6.25%, 10/15/32(b)
|
|
43
|
43,804
|
|
TK Elevator Midco GmbH, 4.38%, 07/15/27(i)
|
EUR
|
200
|
235,074
|
|
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)
|
USD
|
515
|
513,179
|
|
Vertiv Group Corp., 4.13%, 11/15/28(b)
|
|
781
|
762,630
|
|
|
|
|
2,553,593
|
|
Media — 1.0%
|
|||
|
Adelphia Communications Corp., 10.50%,
12/31/49(c)(d)(h)
|
|
400
|
—
|
|
Cable One, Inc.(j)
|
|
|
|
|
0.00%, 03/15/26(l)
|
|
28
|
27,272
|
|
1.13%, 03/15/28
|
|
111
|
94,738
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.
|
|
|
|
|
5.38%, 06/01/29(b)
|
|
376
|
373,493
|
|
6.38%, 09/01/29(b)
|
|
227
|
230,118
|
|
4.75%, 03/01/30(b)
|
|
129
|
123,784
|
|
4.50%, 08/15/30(b)
|
|
22
|
20,777
|
|
4.25%, 02/01/31(b)
|
|
102
|
93,966
|
|
7.38%, 03/01/31(b)
|
|
627
|
646,929
|
|
4.75%, 02/01/32(b)
|
|
37
|
34,216
|
|
4.50%, 05/01/32
|
|
7
|
6,370
|
|
4.50%, 06/01/33(b)
|
|
9
|
8,001
|
|
4.25%, 01/15/34(b)
|
|
218
|
188,475
|
|
Cinemark USA, Inc., 7.00%, 08/01/32(b)
|
|
19
|
19,748
|
|
CSC Holdings LLC(b)
|
|
|
|
|
5.50%, 04/15/27
|
|
200
|
189,826
|
|
5.38%, 02/01/28
|
|
200
|
175,337
|
|
11.25%, 05/15/28
|
|
400
|
370,303
|
|
Directv Financing LLC, 8.88%, 02/01/30(b)
|
|
154
|
152,109
|
|
Directv Financing LLC/Directv Financing Co-Obligor,
Inc.(b)
|
|
|
|
|
5.88%, 08/15/27
|
|
95
|
94,893
|
|
10.00%, 02/15/31
|
|
171
|
170,749
|
|
DISH DBS Corp.(b)
|
|
|
|
|
5.25%, 12/01/26
|
|
219
|
215,188
|
|
5.75%, 12/01/28
|
|
215
|
206,108
|
|
DISH Network Corp., 11.75%, 11/15/27(b)
|
|
593
|
627,546
|
|
Gray Media, Inc.(b)
|
|
|
|
|
10.50%, 07/15/29
|
|
101
|
109,206
|
|
9.63%, 07/15/32
|
|
133
|
135,878
|
|
7.25%, 08/15/33
|
|
167
|
165,489
|
|
LCPR Senior Secured Financing DAC, 6.75%,
10/15/27(b)
|
|
180
|
107,778
|
|
Live Nation Entertainment, Inc.(b)
|
|
|
|
|
4.75%, 10/15/27
|
|
58
|
57,616
|
|
3.75%, 01/15/28
|
|
35
|
34,148
|
|
Security
|
|
Par
(000)
|
Value
|
|
Media (continued)
|
|||
|
Midcontinent Communications, 8.00%, 08/15/32(b)
|
USD
|
111
|
$ 114,364
|
|
Odeon Finco PLC, 12.75%, 11/01/27(b)
|
|
519
|
537,555
|
|
Sinclair Television Group, Inc., 8.13%, 02/15/33(b)
|
|
169
|
173,440
|
|
Sirius XM Radio LLC(b)
|
|
|
|
|
3.13%, 09/01/26
|
|
8
|
7,890
|
|
5.00%, 08/01/27
|
|
24
|
23,885
|
|
4.00%, 07/15/28
|
|
53
|
51,212
|
|
Univision Communications, Inc.(b)
|
|
|
|
|
8.00%, 08/15/28
|
|
341
|
353,351
|
|
8.50%, 07/31/31
|
|
202
|
208,594
|
|
9.38%, 08/01/32
|
|
127
|
135,340
|
|
|
|
|
6,285,692
|
|
Metals & Mining — 0.6%
|
|||
|
Advanced Drainage Systems, Inc., 6.38%, 06/15/30(b)
|
|
184
|
187,259
|
|
Arsenal AIC Parent LLC(b)
|
|
|
|
|
8.00%, 10/01/30
|
|
46
|
48,704
|
|
11.50%, 10/01/31
|
|
426
|
473,127
|
|
Big River Steel LLC/BRS Finance Corp., 6.63%,
01/31/29(b)
|
|
296
|
296,116
|
|
Carpenter Technology Corp., 7.63%, 03/15/30
|
|
65
|
66,796
|
|
Cleveland-Cliffs, Inc., 6.88%, 11/01/29(b)
|
|
165
|
168,146
|
|
Constellium SE(b)
|
|
|
|
|
3.75%, 04/15/29
|
|
250
|
237,871
|
|
6.38%, 08/15/32
|
|
250
|
255,550
|
|
ERO Copper Corp., 6.50%, 02/15/30(b)
|
|
105
|
104,386
|
|
Kaiser Aluminum Corp.(b)
|
|
|
|
|
4.63%, 03/01/28
|
|
63
|
62,294
|
|
4.50%, 06/01/31
|
|
468
|
441,104
|
|
New Gold, Inc., 6.88%, 04/01/32(b)
|
|
164
|
171,777
|
|
Novelis Corp.(b)
|
|
|
|
|
4.75%, 01/30/30
|
|
195
|
187,915
|
|
6.88%, 01/30/30
|
|
123
|
127,548
|
|
3.88%, 08/15/31
|
|
81
|
73,847
|
|
6.38%, 08/15/33
|
|
176
|
177,819
|
|
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(i)
|
EUR
|
100
|
114,304
|
|
Vallourec SACA, 7.50%, 04/15/32(b)
|
USD
|
200
|
213,093
|
|
|
|
|
3,407,656
|
|
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1%
|
|||
|
Arbor Realty SR, Inc., 7.88%, 07/15/30
|
|
46
|
48,366
|
|
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27
|
|
124
|
121,057
|
|
Starwood Property Trust, Inc.
|
|
|
|
|
7.25%, 04/01/29
|
|
43
|
45,152
|
|
6.00%, 04/15/30
|
|
21
|
21,319
|
|
6.50%, 07/01/30
|
|
41
|
42,408
|
|
6.50%, 10/15/30
|
|
182
|
188,000
|
|
|
|
|
466,302
|
|
Multi-Utilities — 0.0%
|
|||
|
AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%,
06/01/30(b)
|
|
38
|
39,781
|
|
Oil, Gas & Consumable Fuels — 1.4%
|
|||
|
Aethon United BR LP/Aethon United Finance Corp.,
7.50%, 10/01/29(b)
|
|
93
|
96,989
|
|
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 5.38%, 06/15/29(b)
|
|
66
|
65,758
|
|
Ascent Resources Utica Holdings LLC/ARU Finance
Corp.(b)
|
|
|
|
|
9.00%, 11/01/27
|
|
38
|
45,910
|
|
5.88%, 06/30/29
|
|
89
|
88,817
|
|
6.63%, 07/15/33
|
|
54
|
54,900
|
|
Security
|
|
Par
(000)
|
Value
|
|
Oil, Gas & Consumable Fuels (continued)
|
|||
|
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b)
|
|
|
|
|
7.00%, 07/15/29
|
USD
|
56
|
$ 58,068
|
|
7.25%, 07/15/32
|
|
45
|
47,325
|
|
Buckeye Partners LP
|
|
|
|
|
6.88%, 07/01/29(b)
|
|
4
|
4,145
|
|
6.75%, 02/01/30(b)
|
|
23
|
23,889
|
|
5.85%, 11/15/43
|
|
16
|
14,923
|
|
5.60%, 10/15/44
|
|
1
|
909
|
|
Caturus Energy LLC, 8.50%, 02/15/30(b)
|
|
176
|
183,246
|
|
Chord Energy Corp., 6.75%, 03/15/33(b)
|
|
30
|
30,396
|
|
CITGO Petroleum Corp., 8.38%, 01/15/29(b)
|
|
130
|
135,095
|
|
Civitas Resources, Inc.(b)
|
|
|
|
|
8.38%, 07/01/28
|
|
57
|
59,083
|
|
8.75%, 07/01/31
|
|
48
|
49,177
|
|
CNX Midstream Partners LP, 4.75%, 04/15/30(b)
|
|
32
|
30,686
|
|
CNX Resources Corp., 7.25%, 03/01/32(b)
|
|
29
|
30,085
|
|
Comstock Resources, Inc.(b)
|
|
|
|
|
6.75%, 03/01/29
|
|
350
|
349,280
|
|
5.88%, 01/15/30
|
|
2
|
1,926
|
|
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%,
06/15/31(b)
|
|
250
|
247,676
|
|
Crescent Energy Finance LLC(b)
|
|
|
|
|
7.63%, 04/01/32
|
|
171
|
169,819
|
|
7.38%, 01/15/33
|
|
147
|
143,129
|
|
8.38%, 01/15/34
|
|
120
|
121,584
|
|
Delek Logistics Partners LP/Delek Logistics Finance
Corp., 7.38%, 06/30/33(b)
|
|
92
|
93,554
|
|
Diamond Foreign Asset Co./Diamond Finance LLC,
8.50%, 10/01/30(b)
|
|
35
|
37,089
|
|
eG Global Finance PLC, 12.00%, 11/30/28(b)
|
|
415
|
455,818
|
|
Enbridge, Inc.(a)
|
|
|
|
|
(5-year CMT + 2.97%), 7.20%, 06/27/54
|
|
40
|
42,417
|
|
(5-year CMT + 3.12%), 7.38%, 03/15/55
|
|
54
|
57,131
|
|
Energy Transfer LP(a)
|
|
|
|
|
(5-year CMT + 2.83%), 7.13%, 10/01/54
|
|
75
|
77,630
|
|
(5-year CMT + 4.02%), 8.00%, 05/15/54
|
|
127
|
135,715
|
|
Series H, (5-year CMT + 5.69%), 6.50%(k)
|
|
129
|
129,481
|
|
Excelerate Energy LP, 8.00%, 05/15/30(b)
|
|
57
|
60,675
|
|
Genesis Energy LP/Genesis Energy Finance Corp.
|
|
|
|
|
7.75%, 02/01/28
|
|
29
|
29,204
|
|
7.88%, 05/15/32
|
|
67
|
69,878
|
|
8.00%, 05/15/33
|
|
43
|
44,976
|
|
Global Partners LP/GLP Finance Corp., 7.13%,
07/01/33(b)
|
|
39
|
39,974
|
|
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b)
|
|
45
|
46,179
|
|
Harvest Midstream I LP, 7.50%, 05/15/32(b)
|
|
25
|
25,538
|
|
Hess Midstream Operations LP(b)
|
|
|
|
|
6.50%, 06/01/29
|
|
70
|
72,193
|
|
4.25%, 02/15/30
|
|
34
|
32,954
|
|
Hilcorp Energy I LP/Hilcorp Finance Co.(b)
|
|
|
|
|
6.25%, 11/01/28
|
|
3
|
3,007
|
|
5.75%, 02/01/29
|
|
54
|
53,195
|
|
6.00%, 04/15/30
|
|
5
|
4,914
|
|
6.25%, 04/15/32
|
|
5
|
4,797
|
|
8.38%, 11/01/33
|
|
144
|
151,240
|
|
6.88%, 05/15/34
|
|
97
|
93,261
|
|
7.25%, 02/15/35
|
|
34
|
33,228
|
|
Howard Midstream Energy Partners LLC(b)
|
|
|
|
|
7.38%, 07/15/32
|
|
27
|
28,027
|
|
6.63%, 01/15/34
|
|
97
|
98,899
|
|
ITT Holdings LLC, 6.50%, 08/01/29(b)
|
|
149
|
146,487
|
|
Kinetik Holdings LP, 5.88%, 06/15/30(b)
|
|
6
|
6,035
|
|
Security
|
|
Par
(000)
|
Value
|
|
Oil, Gas & Consumable Fuels (continued)
|
|||
|
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas
Finance Corp., 6.88%, 12/01/32(b)
|
USD
|
82
|
$ 84,150
|
|
Matador Resources Co.(b)
|
|
|
|
|
6.88%, 04/15/28
|
|
64
|
65,314
|
|
6.50%, 04/15/32
|
|
75
|
75,718
|
|
Nabors Industries, Inc., 7.38%, 05/15/27(b)
|
|
36
|
36,544
|
|
NGL Energy Operating LLC/NGL Energy Finance
Corp.(b)
|
|
|
|
|
8.13%, 02/15/29
|
|
79
|
81,000
|
|
8.38%, 02/15/32
|
|
200
|
204,929
|
|
Noble Finance II LLC, 8.00%, 04/15/30(b)
|
|
37
|
38,297
|
|
Northern Oil & Gas, Inc.(b)
|
|
|
|
|
8.13%, 03/01/28
|
|
207
|
209,923
|
|
10/15/33(f)
|
|
157
|
156,379
|
|
Northriver Midstream Finance LP, 6.75%, 07/15/32(b)
|
|
42
|
42,949
|
|
Parkland Corp., 6.63%, 08/15/32(b)
|
|
45
|
46,240
|
|
PBF Holding Co. LLC/PBF Finance Corp., 7.88%,
09/15/30(b)
|
|
34
|
33,569
|
|
Permian Resources Operating LLC(b)
|
|
|
|
|
8.00%, 04/15/27
|
|
70
|
71,087
|
|
7.00%, 01/15/32
|
|
57
|
59,117
|
|
6.25%, 02/01/33
|
|
135
|
137,518
|
|
Prairie Acquiror LP, 9.00%, 08/01/29(b)
|
|
50
|
52,055
|
|
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b)
|
|
14
|
13,886
|
|
Sunoco LP(b)
|
|
|
|
|
5.63%, 03/15/31
|
|
40
|
39,705
|
|
6.25%, 07/01/33
|
|
66
|
67,178
|
|
5.88%, 03/15/34
|
|
40
|
39,654
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.(b)
|
|
|
|
|
5.50%, 01/15/28
|
|
35
|
34,822
|
|
7.38%, 02/15/29
|
|
149
|
153,447
|
|
6.00%, 12/31/30
|
|
2
|
1,975
|
|
6.00%, 09/01/31
|
|
32
|
31,310
|
|
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b)
|
|
135
|
132,103
|
|
TransMontaigne Partners LLC, 8.50%, 06/15/30(b)
|
|
15
|
15,630
|
|
Transocean International Ltd.(b)
|
|
|
|
|
8.00%, 02/01/27
|
|
89
|
88,876
|
|
8.25%, 05/15/29
|
|
53
|
52,251
|
|
8.75%, 02/15/30
|
|
35
|
37,089
|
|
8.50%, 05/15/31
|
|
63
|
61,742
|
|
10/15/32(f)
|
|
62
|
62,000
|
|
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b)
|
|
11
|
10,783
|
|
Valaris Ltd., 8.38%, 04/30/30(b)
|
|
139
|
144,260
|
|
Venture Global LNG, Inc.(b)
|
|
|
|
|
9.50%, 02/01/29
|
|
540
|
595,093
|
|
8.38%, 06/01/31
|
|
233
|
244,643
|
|
9.88%, 02/01/32
|
|
205
|
223,188
|
|
Venture Global Plaquemines LNG LLC(b)
|
|
|
|
|
7.50%, 05/01/33
|
|
91
|
100,556
|
|
6.50%, 01/15/34
|
|
280
|
294,744
|
|
7.75%, 05/01/35
|
|
81
|
91,425
|
|
6.75%, 01/15/36
|
|
292
|
310,156
|
|
Vital Energy, Inc.
|
|
|
|
|
7.75%, 07/31/29(b)
|
|
27
|
26,738
|
|
9.75%, 10/15/30
|
|
66
|
68,908
|
|
7.88%, 04/15/32(b)
|
|
128
|
124,254
|
|
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b)
|
|
71
|
71,737
|
|
|
|
|
8,659,253
|
|
Security
|
|
Par
(000)
|
Value
|
|
Passenger Airlines(b) — 0.0%
|
|||
|
American Airlines, Inc., 8.50%, 05/15/29
|
USD
|
74
|
$ 77,193
|
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.75%, 04/20/29
|
|
12
|
11,544
|
|
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31
|
|
75
|
76,071
|
|
OneSky Flight LLC, 8.88%, 12/15/29
|
|
59
|
62,042
|
|
United Airlines, Inc., 4.63%, 04/15/29
|
|
31
|
30,525
|
|
|
|
|
257,375
|
|
Personal Care Products — 0.1%
|
|||
|
Opal Bidco SAS, 6.50%, 03/31/32(b)
|
|
200
|
204,949
|
|
Perrigo Finance Unlimited Co., 6.13%, 09/30/32
|
|
236
|
237,583
|
|
|
|
|
442,532
|
|
Pharmaceuticals — 0.4%
|
|||
|
1261229 B.C. Ltd., 10.00%, 04/15/32(b)
|
|
1,655
|
1,697,297
|
|
Amneal Pharmaceuticals LLC, 6.88%, 08/01/32(b)
|
|
56
|
57,916
|
|
Bausch Health Cos., Inc.(b)
|
|
|
|
|
4.88%, 06/01/28
|
|
17
|
15,215
|
|
11.00%, 09/30/28
|
|
386
|
401,447
|
|
Option Care Health, Inc., 4.38%, 10/31/29(b)
|
|
79
|
76,189
|
|
Teva Pharmaceutical Finance Netherlands III BV, 3.15%,
10/01/26
|
|
130
|
127,400
|
|
|
|
|
2,375,464
|
|
Real Estate Management & Development — 0.1%
|
|||
|
Anywhere Real Estate Group LLC/Anywhere Co-Issuer
Corp.
|
|
|
|
|
7.00%, 04/15/30(b)
|
|
37
|
37,842
|
|
Series AI, 7.00%, 04/15/30
|
|
80
|
80,960
|
|
Anywhere Real Estate Group LLC/Realogy Co-Issuer
Corp., 9.75%, 04/15/30(b)
|
|
42
|
45,836
|
|
Cushman & Wakefield U.S. Borrower LLC, 8.88%,
09/01/31(b)
|
|
208
|
222,003
|
|
Five Point Operating Co. LP, 8.00%, 10/01/30(b)
|
|
27
|
27,399
|
|
Howard Hughes Corp., 4.38%, 02/01/31(b)
|
|
53
|
49,691
|
|
|
|
|
463,731
|
|
Retail REITs — 0.0%
|
|||
|
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b)
|
|
97
|
95,269
|
|
Semiconductors & Semiconductor Equipment — 0.0%
|
|||
|
Amkor Technology, Inc., 5.88%, 10/01/33(b)
|
|
25
|
25,255
|
|
MKS, Inc., 1.25%, 06/01/30(j)
|
|
134
|
146,730
|
|
ON Semiconductor Corp., 0.50%, 03/01/29(j)
|
|
61
|
56,283
|
|
|
|
|
228,268
|
|
Software — 1.2%
|
|||
|
AthenaHealth Group, Inc., 6.50%, 02/15/30(b)
|
|
1,274
|
1,263,576
|
|
Camelot Finance SA, 4.50%, 11/01/26(b)
|
|
21
|
20,928
|
|
Capstone Borrower, Inc., 8.00%, 06/15/30(b)
|
|
280
|
292,822
|
|
Central Parent LLC/CDK Global II LLC/CDK Financing
Co., Inc., 8.00%, 06/15/29(b)
|
|
219
|
192,995
|
|
Central Parent, Inc./CDK Global, Inc., 7.25%,
06/15/29(b)
|
|
68
|
58,552
|
|
Cloud Software Group, Inc.(b)
|
|
|
|
|
6.50%, 03/31/29
|
|
688
|
694,206
|
|
9.00%, 09/30/29
|
|
1,603
|
1,662,642
|
|
8.25%, 06/30/32
|
|
669
|
709,644
|
|
CoreLogic, Inc., 4.50%, 05/01/28(b)
|
|
345
|
334,513
|
|
CoreWeave, Inc., 9.25%, 06/01/30(b)
|
|
89
|
91,919
|
|
Electronic Arts, Inc., 2.95%, 02/15/51
|
|
49
|
42,494
|
|
Ellucian Holdings, Inc., 6.50%, 12/01/29(b)
|
|
302
|
306,807
|
|
Security
|
|
Par
(000)
|
Value
|
|
Software (continued)
|
|||
|
Playtika Holding Corp., 4.25%, 03/15/29(b)
|
USD
|
21
|
$ 19,279
|
|
SS&C Technologies, Inc., 6.50%, 06/01/32(b)
|
|
342
|
353,572
|
|
Twilio, Inc.
|
|
|
|
|
3.63%, 03/15/29
|
|
22
|
20,964
|
|
3.88%, 03/15/31
|
|
43
|
40,432
|
|
UKG, Inc., 6.88%, 02/01/31(b)
|
|
861
|
888,410
|
|
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,
3.88%, 02/01/29(b)
|
|
162
|
153,546
|
|
|
|
|
7,147,301
|
|
Specialty Retail(b) — 0.0%
|
|||
|
Advance Auto Parts, Inc., 7.00%, 08/01/30
|
|
53
|
54,529
|
|
Staples, Inc., 10.75%, 09/01/29
|
|
45
|
44,495
|
|
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 5.00%, 06/01/31
|
|
29
|
27,593
|
|
|
|
|
126,617
|
|
Technology Hardware, Storage & Peripherals(b) — 0.0%
|
|||
|
Seagate Data Storage Technology Pte Ltd.
|
|
|
|
|
8.25%, 12/15/29
|
|
54
|
57,164
|
|
5.88%, 07/15/30
|
|
76
|
77,324
|
|
8.50%, 07/15/31
|
|
76
|
80,458
|
|
|
|
|
214,946
|
|
Textiles, Apparel & Luxury Goods(b) — 0.1%
|
|||
|
Beach Acquisition Bidco LLC
|
|
|
|
|
5.25%, 07/15/32
|
EUR
|
200
|
240,700
|
|
(10.00% PIK), 10.00%, 07/15/33(g)
|
USD
|
239
|
257,800
|
|
Crocs, Inc.
|
|
|
|
|
4.25%, 03/15/29
|
|
57
|
54,625
|
|
4.13%, 08/15/31
|
|
13
|
11,910
|
|
Hanesbrands, Inc., 9.00%, 02/15/31
|
|
3
|
3,175
|
|
|
|
|
568,210
|
|
Wireless Telecommunication Services — 0.2%
|
|||
|
Altice France SA(b)
|
|
|
|
|
5.13%, 07/15/29
|
|
400
|
341,600
|
|
5.50%, 10/15/29
|
|
200
|
172,987
|
|
Digicel International Finance Ltd./Difl U.S. LLC, 8.63%,
08/01/32(b)
|
|
235
|
241,098
|
|
T-Mobile USA, Inc.
|
|
|
|
|
3.38%, 04/15/29
|
|
67
|
65,053
|
|
3.50%, 04/15/31
|
|
26
|
24,732
|
|
Vmed O2 U.K. Financing I PLC(b)
|
|
|
|
|
4.25%, 01/31/31
|
|
200
|
185,433
|
|
4.75%, 07/15/31
|
|
200
|
188,249
|
|
|
|
|
1,219,152
|
|
Total Corporate Bonds — 19.1%
(Cost: $125,472,874)
|
118,823,573
|
||
|
Fixed Rate Loan Interests
|
|||
|
Distributors — 0.0%
|
|||
|
TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%,
12/15/31(d)
|
|
64
|
—
|
|
Diversified Consumer Services — 0.0%
|
|||
|
Clover Holdings SPV III LLC, 2024 USD Term Loan,
15.00%, 12/09/27
|
|
10
|
9,675
|
|
Security
|
|
Par
(000)
|
Value
|
|
IT Services — 0.3%
|
|||
|
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%,
12/09/31
|
USD
|
1,668
|
$ 1,677,210
|
|
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29
|
|
169
|
169,399
|
|
|
|
|
1,846,609
|
|
Software — 0.2%
|
|||
|
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31
|
|
1,037
|
1,040,129
|
|
Total Fixed Rate Loan Interests — 0.5%
(Cost: $2,944,732)
|
2,896,413
|
||
|
Floating Rate Loan Interests(a)
|
|||
|
Advertising Agencies — 0.4%
|
|||
|
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 4.11%),
8.28%, 08/23/28
|
|
643
|
643,912
|
|
Outfront Media Capital LLC, 2025 Term Loan B,
09/24/32(m)
|
|
738
|
737,542
|
|
Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR + 3.00%), 7.20%, 02/07/31
|
|
695
|
697,548
|
|
Summer BC Holdco B SARL, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 5.26%),
9.26%, 02/15/29
|
|
248
|
243,204
|
|
|
|
|
2,322,206
|
|
Aerospace & Defense — 2.4%
|
|||
|
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.50%,
10/31/30
|
|
1,212
|
1,211,325
|
|
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-
mo. CME Term SOFR + 4.18%), 8.37%, 08/03/29
|
|
1,108
|
1,107,768
|
|
Dynasty Acquisition Co., Inc.
|
|
|
|
|
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.16%, 10/31/31
|
|
2,302
|
2,302,146
|
|
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.16%, 10/31/31
|
|
875
|
874,623
|
|
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.91%, 01/27/32
|
|
550
|
550,532
|
|
Kaman Corp.
|
|
|
|
|
2025 Delayed Draw Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 2.50%), 6.83%, 02/26/32
|
|
5
|
5,306
|
|
2025 Term Loan B, (6-mo. CME Term SOFR at 0.50%
Floor + 2.75%), 6.67%, 02/26/32
|
|
604
|
601,587
|
|
Propulsion BC Finco SARL, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 7.04%,
09/14/29
|
|
193
|
193,631
|
|
TransDigm, Inc.
|
|
|
|
|
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.50%, 02/28/31
|
|
4,102
|
4,099,543
|
|
2024 Term Loan L, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.50%, 01/19/32
|
|
835
|
833,994
|
|
2025 Term Loan K, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.25%, 03/22/30
|
|
98
|
97,626
|
|
2025 Term Loan M, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.66%, 08/19/32
|
|
3,005
|
3,001,154
|
|
|
|
|
14,879,235
|
|
Security
|
|
Par
(000)
|
Value
|
|
Air Freight & Logistics — 0.4%
|
|||
|
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.00%, 03/18/30
|
USD
|
1,769
|
$ 1,759,422
|
|
Stonepeak Nile Parent LLC, 2025 Term Loan B,
04/09/32(m)
|
|
515
|
514,356
|
|
|
|
|
2,273,778
|
|
Automobile Components — 1.0%
|
|||
|
Clarios Global LP
|
|
|
|
|
2024 USD Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.66%, 05/06/30
|
|
2,903
|
2,900,220
|
|
2025 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.75%), 6.91%, 01/28/32
|
|
1,460
|
1,459,547
|
|
Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.00%), 6.31%,
01/30/32
|
|
101
|
101,236
|
|
RealTruck Group, Inc., 2023 Incremental Term Loan,
(1-mo. CME Term SOFR + 5.11%), 9.28%, 01/31/28
|
|
415
|
385,284
|
|
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term
SOFR + 5.10%), 9.30%, 11/17/28
|
|
1,361
|
1,329,956
|
|
|
|
|
6,176,243
|
|
Beverages — 0.6%
|
|||
|
Naked Juice LLC
|
|
|
|
|
2025 FLFO Term Loan, (3-mo. CME Term SOFR at
1.00% Floor + 5.50%), 9.50%, 01/24/29
|
|
1,510
|
1,517,407
|
|
2025 FLSO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.35%), 7.35%, 01/24/29
|
|
829
|
623,565
|
|
2025 FLTO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.10%, 01/24/30
|
|
563
|
228,887
|
|
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.25%), 6.25%,
03/31/28
|
|
824
|
823,435
|
|
Sazerac Co., Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.70%, 07/09/32
|
|
741
|
745,120
|
|
|
|
|
3,938,414
|
|
Building Products — 3.9%
|
|||
|
Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.16%,
09/08/32
|
|
2,947
|
2,947,949
|
|
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 5.25%), 9.41%, 07/08/30
|
|
1,175
|
1,148,562
|
|
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term
SOFR + 3.50%), 7.66%, 10/02/28
|
|
1,471
|
1,468,912
|
|
EMRLD Borrower LP
|
|
|
|
|
2024 Term Loan B, (6-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.12%, 08/04/31
|
|
1,793
|
1,784,658
|
|
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor
+ 2.25%), 6.45%, 05/31/30
|
|
2,813
|
2,804,009
|
|
Foundation Building Materials, Inc., 2024 Term Loan B2,
(3-mo. CME Term SOFR at 0.00% Floor + 4.00%),
8.31%, 01/29/31
|
|
2,148
|
2,150,402
|
|
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.00%, 06/17/31
|
|
473
|
473,233
|
|
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 6.00%), 10.16%, 03/08/29
|
|
431
|
396,987
|
|
Potters Borrower LP, 2025 Repriced Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 3.00%), 7.16%,
12/14/27
|
|
464
|
465,024
|
|
Quikrete Holdings, Inc.
|
|
|
|
|
2024 Term Loan B1, (1-mo. CME Term SOFR +
2.25%), 6.41%, 03/19/29
|
|
1,009
|
1,009,736
|
|
Security
|
|
Par
(000)
|
Value
|
|
Building Products (continued)
|
|||
|
Quikrete Holdings, Inc. (continued)
|
|
|
|
|
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.41%, 02/10/32
|
USD
|
2,217
|
$ 2,215,353
|
|
QXO, Inc., Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 3.00%), 7.16%, 04/30/32
|
|
420
|
422,897
|
|
Standard Industries, Inc., 2021 Term Loan B, (1-mo.
CME Term SOFR + 1.75%), 5.89%, 09/22/28
|
|
455
|
455,652
|
|
White Cap Supply Holdings LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.42%, 10/19/29
|
|
3,471
|
3,470,189
|
|
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 8.25%, 08/05/31
|
|
2,852
|
2,751,916
|
|
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR +
2.11%), 6.28%, 10/04/28
|
|
98
|
98,270
|
|
|
|
|
24,063,749
|
|
Capital Markets — 2.1%
|
|||
|
Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.91%,
07/30/31
|
|
391
|
391,308
|
|
Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.81%,
11/01/30
|
|
607
|
608,100
|
|
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.16%,
08/02/28
|
|
1,897
|
1,893,772
|
|
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.66%,
08/09/30
|
|
541
|
540,495
|
|
Citadel Securities LP, 2024 First Lien Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.16%,
10/31/31
|
|
1,340
|
1,342,112
|
|
Edelman Financial Engines Center LLC, 2024 Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
3.00%), 7.16%, 04/07/28
|
|
1,244
|
1,244,898
|
|
Focus Financial Partners LLC, 2025 Incremental Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.75%), 6.91%, 09/15/31
|
|
1,725
|
1,725,461
|
|
Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.88%,
09/13/32
|
|
727
|
728,592
|
|
GTCR Everest Borrower LLC, Add on Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.75%, 09/05/31
|
|
469
|
468,787
|
|
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.50%), 7.50%,
01/31/30
|
|
288
|
287,481
|
|
Jane Street Group LLC, 2024 Term Loan B1, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.20%,
12/15/31
|
|
1,967
|
1,950,917
|
|
Osaic Holdings, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.16%, 07/30/32
|
|
1,837
|
1,835,641
|
|
Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.66%,
10/16/31
|
|
108
|
108,315
|
|
|
|
|
13,125,879
|
|
Chemicals — 3.8%
|
|||
|
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term
Loan B7, (3-mo. CME Term SOFR at 0.50% Floor +
1.75%), 5.75%, 12/20/29
|
|
1,058
|
1,061,064
|
|
Chemours Co., 2023 USD Term Loan B, (1-mo. CME
Term SOFR + 3.00%), 7.16%, 08/18/28
|
|
608
|
606,746
|
|
Security
|
|
Par
(000)
|
Value
|
|
Chemicals (continued)
|
|||
|
Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.18%,
11/01/30
|
USD
|
1,661
|
$ 1,662,755
|
|
Discovery Purchaser Corp., Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 8.08%,
10/04/29
|
|
325
|
322,976
|
|
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.31%, 06/12/31
|
|
1,360
|
1,357,817
|
|
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME
Term SOFR + 1.75%), 5.91%, 12/18/30
|
|
1,381
|
1,388,065
|
|
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.50%), 7.50%, 03/29/32
|
|
509
|
505,332
|
|
HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.91%, 02/15/30
|
|
259
|
259,893
|
|
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.41%, 02/18/30
|
|
604
|
545,366
|
|
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 4.25%),
8.41%, 10/07/31
|
|
523
|
448,355
|
|
Lonza Group AG, USD Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.03%), 8.03%, 07/03/28
|
|
1,215
|
1,093,663
|
|
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.16%,
11/26/31(d)
|
|
862
|
862,483
|
|
Momentive Performance Materials, Inc., 2023 Term
Loan, (1-mo. CME Term SOFR + 4.00%), 8.16%,
03/29/28
|
|
1,275
|
1,278,459
|
|
Nouryon Finance BV, 2024 USD Term Loan B1, (1-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.50%,
04/03/28
|
|
1,093
|
1,094,235
|
|
Olympus Water U.S. Holding Corp.
|
|
|
|
|
2024 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.00%), 7.00%, 06/20/31
|
|
1,946
|
1,924,612
|
|
2025 USD Term Loan B, 07/23/32(m)
|
|
1,551
|
1,538,266
|
|
Oxea Holding Drei GmbH, 2017 USD Term Loan B2,
(3-mo. CME Term SOFR at 0.00% Floor + 4.35%),
8.64%, 04/08/31
|
|
1,444
|
1,325,863
|
|
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.24%,
10/09/31
|
|
505
|
503,473
|
|
Qnity Electronics, Inc., Term Loan B, 08/12/32(m)
|
|
1,717
|
1,714,854
|
|
Solstice Advanced Materials, Inc., Term Loan B,
09/17/32(m)
|
|
841
|
841,530
|
|
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 3.00%), 7.28%,
08/02/30
|
|
1,810
|
1,784,051
|
|
WR Grace Holdings LLC, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.00%,
08/19/32
|
|
1,227
|
1,229,049
|
|
|
|
|
23,348,907
|
|
Commercial Services & Supplies — 4.9%
|
|||
|
Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.21%,
05/21/31
|
|
1,737
|
1,740,689
|
|
AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.16%,
08/12/32
|
|
2,552
|
2,533,450
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Services & Supplies (continued)
|
|||
|
Allied Universal Holdco LLC, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.35%),
7.51%, 08/20/32
|
USD
|
4,174
|
$ 4,186,952
|
|
Belron Finance LLC, 2025 Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.74%,
10/16/31
|
|
3,137
|
3,151,169
|
|
Bright Horizons Family Solutions LLC, 2025 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
5.91%, 08/23/32
|
|
1,139
|
1,142,988
|
|
Champions Financing, Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.75%), 8.95%,
02/23/29
|
|
156
|
145,417
|
|
CHG Healthcare Services, Inc., 2025 Term Loan B1,
(3-mo. CME Term SOFR at 0.50% Floor + 2.75%),
7.05%, 09/29/28
|
|
874
|
873,846
|
|
Creative Artists Agency LLC, 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.66%, 10/01/31
|
|
2,981
|
2,984,104
|
|
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.31%,
08/01/29
|
|
1,393
|
1,396,363
|
|
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term
SOFR + 2.00%), 10.06%, 07/31/30
|
|
435
|
393,822
|
|
Garda World Security Corp., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.17%,
02/01/29
|
|
1,882
|
1,881,659
|
|
Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.66%,
06/02/31
|
|
566
|
562,060
|
|
Herc Holdings, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.25%, 06/02/32
|
|
277
|
278,039
|
|
Hertz Corp.
|
|
|
|
|
2021 Term Loan B, (3-mo. CME Term SOFR +
3.76%), 8.07%, 06/30/28
|
|
1,010
|
904,816
|
|
2021 Term Loan C, (3-mo. CME Term SOFR +
3.76%), 8.07%, 06/30/28
|
|
199
|
178,092
|
|
Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term
SOFR + 4.51%), 8.71%, 03/06/28
|
|
689
|
213,729
|
|
KUEHG Corp., 2025 Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 2.75%), 6.75%, 06/12/30
|
|
496
|
495,144
|
|
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan
B, (3-mo. CME Term SOFR + 4.00%), 8.29%,
08/11/28(d)
|
|
195
|
191,134
|
|
Mavis Tire Express Services Topco Corp., 2025 Repriced
Term Loan, (3-mo. CME Term SOFR at 0.75% Floor +
3.00%), 7.20%, 05/04/28
|
|
2,960
|
2,958,731
|
|
Prime Security Services Borrower LLC
|
|
|
|
|
2024 1st Lien Term Loan B, (6-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.13%, 10/13/30
|
|
869
|
866,531
|
|
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.00%, 03/07/32
|
|
1,220
|
1,207,790
|
|
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.50%), 7.66%, 11/14/30
|
|
74
|
73,967
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Services & Supplies (continued)
|
|||
|
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.36%), 8.37%,
12/17/28
|
USD
|
572
|
$ 125,773
|
|
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.66%, 01/30/31
|
|
1,852
|
1,844,325
|
|
|
|
|
30,330,590
|
|
Communications Equipment — 0.3%
|
|||
|
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.89%,
10/24/30
|
|
1,233
|
1,233,953
|
|
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR
at 0.75% Floor + 4.51%), 8.62%, 09/01/28
|
|
505
|
453,752
|
|
|
|
|
1,687,705
|
|
Construction & Engineering — 1.6%
|
|||
|
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.66%, 09/23/31
|
|
2,839
|
2,838,042
|
|
Brand Industrial Services, Inc., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 4.50%),
8.80%, 08/01/30
|
|
2,501
|
2,260,918
|
|
Brown Group Holding LLC
|
|
|
|
|
2022 Incremental Term Loan B2, (1-mo. CME Term
SOFR at 0.50% Floor + 2.75%), 7.01%, 07/01/31
|
|
1,252
|
1,253,729
|
|
Term Loan B, 07/01/31(m)
|
|
1,225
|
1,225,514
|
|
Construction Partners, Inc., Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.66%,
11/03/31
|
|
373
|
373,997
|
|
Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.58%,
10/17/31
|
|
193
|
193,513
|
|
Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 3.00%), 7.16%,
12/18/28
|
|
257
|
257,561
|
|
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.92%,
01/25/31
|
|
1,349
|
1,352,919
|
|
|
|
|
9,756,193
|
|
Consumer Discretionary — 1.0%
|
|||
|
APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.91%, 01/03/29
|
|
2,407
|
2,404,936
|
|
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 2.75%), 6.91%, 01/31/31
|
|
823
|
817,773
|
|
Element Materials Technology Group U.S. Holdings, Inc.,
2022 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.68%), 7.68%, 07/06/29
|
|
447
|
448,910
|
|
Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.54%,
02/21/31(d)
|
|
356
|
356,307
|
|
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.81%,
07/25/30
|
|
589
|
588,956
|
|
PG Polaris BidCo SARL, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.91%, 03/26/31
|
|
544
|
544,978
|
|
Security
|
|
Par
(000)
|
Value
|
|
Consumer Discretionary (continued)
|
|||
|
Raven Acquisition Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.16%,
11/19/31
|
USD
|
508
|
$ 507,903
|
|
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR
+ 4.10%), 8.26%, 11/02/27
|
|
250
|
244,708
|
|
|
|
|
5,914,471
|
|
Consumer Finance — 1.9%
|
|||
|
Boost Newco Borrower LLC, 2025 USD Term Loan B2,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.00%, 01/31/31
|
|
3,442
|
3,443,457
|
|
Citrin Cooperman Advisors LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.00%, 04/01/32
|
|
736
|
732,255
|
|
Corpay Technologies Operating Co. LLC, Term Loan B5,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.91%, 04/28/28
|
|
2,529
|
2,523,957
|
|
Shift4 Payments LLC, 2025 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.50%,
06/30/32
|
|
674
|
678,772
|
|
Trans Union LLC
|
|
|
|
|
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.91%, 06/24/31
|
|
1,873
|
1,871,199
|
|
2024 Term Loan B9, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.91%, 06/24/31
|
|
1,589
|
1,587,389
|
|
WEX, Inc.
|
|
|
|
|
2024 Term Loan B2, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.91%, 03/31/28
|
|
322
|
322,037
|
|
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.91%, 03/05/32
|
|
423
|
420,892
|
|
|
|
|
11,579,958
|
|
Consumer Staples Distribution & Retail — 0.3%
|
|||
|
Boots Group Finco LP, USD Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.70%,
08/30/32
|
|
1,157
|
1,159,407
|
|
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.91%,
10/03/31
|
|
619
|
622,856
|
|
|
|
|
1,782,263
|
|
Containers & Packaging — 2.0%
|
|||
|
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.85%), 6.01%,
09/07/27
|
|
1,819
|
1,817,790
|
|
Charter Next Generation, Inc., 2024 Term Loan B1, (1-
mo. CME Term SOFR at 0.75% Floor + 2.75%),
6.93%, 11/29/30
|
|
3,418
|
3,427,215
|
|
Clydesdale Acquisition Holdings, Inc.
|
|
|
|
|
2025 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 7.41%, 04/01/32
|
|
1
|
763
|
|
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 3.25%), 7.41%, 04/01/32
|
|
1,454
|
1,451,240
|
|
Term Loan B, (1-mo. CME Term SOFR + 3.18%),
7.34%, 04/13/29
|
|
190
|
189,679
|
|
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 5.10%), 9.26%,
10/30/28
|
|
1,634
|
1,336,053
|
|
Security
|
|
Par
(000)
|
Value
|
|
Containers & Packaging (continued)
|
|||
|
Mauser Packaging Solutions Holding Co., 2024 Term
Loan B, (1-mo. CME Term SOFR + 3.00%), 7.28%,
04/15/27
|
USD
|
938
|
$ 937,870
|
|
Pregis TopCo Corp., 2025 Refinancing Term Loan, (1-
mo. CME Term SOFR at 0.00% Floor + 4.00%),
8.16%, 02/01/29
|
|
1,471
|
1,480,556
|
|
Proampac PG Borrower LLC, 2024 Term Loan, (3-mo.
CME Term SOFR + 4.00%), 8.26%, 09/15/28
|
|
179
|
178,949
|
|
Ring Container Technologies Group LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.50%), 6.66%, 09/15/32
|
|
520
|
518,960
|
|
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo.
CME Term SOFR at 0.50% Floor + 3.75%), 7.75%,
09/15/28
|
|
1,115
|
1,093,983
|
|
|
|
|
12,433,058
|
|
Distributors — 1.6%
|
|||
|
American Builders & Contractors Supply Co., Inc.,
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.91%, 01/31/31
|
|
1,433
|
1,435,803
|
|
Core & Main LP
|
|
|
|
|
2024 Term Loan D, (1-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.17%, 07/27/28
|
|
2,981
|
2,979,639
|
|
2024 Term Loan E, (1-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.17%, 02/09/31
|
|
695
|
693,280
|
|
Dealer Tire Financial LLC, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.16%, 07/02/31
|
|
1,170
|
1,162,710
|
|
Gates Corp./DE, 2024 Term Loan B5, (1-mo. CME Term
SOFR + 1.75%), 5.91%, 06/04/31
|
|
1,756
|
1,752,269
|
|
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term
SOFR + 4.01%), 8.32%, 10/28/27
|
|
363
|
302,397
|
|
Resideo Funding, Inc., 2025 Incremental Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.04%, 08/13/32
|
|
1,016
|
1,015,370
|
|
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo.
CME Term SOFR at 1.00% Floor + 2.00%, 3.25%
PIK), 9.41%, 06/30/29(g)
|
|
1,930
|
680,311
|
|
|
|
|
10,021,779
|
|
Diversified Consumer Services — 0.1%
|
|||
|
Anticimex International AB, 2024 Term Loan B6, (3-mo.
SOFR + 3.40%), 7.76%, 11/16/28
|
|
607
|
607,838
|
|
Diversified Telecommunication Services — 1.8%
|
|||
|
Altice Financing SA, USD 2017 1st Lien Term Loan,
(Prime + 1.75%), 9.00%, 01/31/26(d)
|
|
1,673
|
1,605,905
|
|
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 6.41%,
09/20/30
|
|
572
|
540,807
|
|
Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.42%,
03/27/32
|
|
2,873
|
2,873,000
|
|
Lumen Technologies, Inc.
|
|
|
|
|
2024 Extended Term Loan B1, (1-mo. CME Term
SOFR at 2.00% Floor + 2.46%), 6.63%, 04/16/29
|
|
1,061
|
1,053,110
|
|
2024 Extended Term Loan B2, (1-mo. CME Term
SOFR at 2.00% Floor + 2.46%), 6.63%, 04/15/30
|
|
1,240
|
1,230,926
|
|
Security
|
|
Par
(000)
|
Value
|
|
Diversified Telecommunication Services (continued)
|
|||
|
Lumen Technologies, Inc. (continued)
|
|
|
|
|
2024 Term Loan A, (1-mo. CME Term SOFR +
6.00%), 10.16%, 06/01/28
|
USD
|
121
|
$ 122,547
|
|
Zayo Group Holdings, Inc., 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.61%,
03/11/30
|
|
3,973
|
3,908,264
|
|
|
|
|
11,334,559
|
|
Electric Utilities — 0.6%
|
|||
|
Constellation Renewables LLC, 2020 Term Loan, (3-mo.
CME Term SOFR at 1.00% Floor + 2.25%), 6.45%,
12/15/27
|
|
957
|
954,705
|
|
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME
Term SOFR + 3.11%), 7.28%, 01/21/28
|
|
921
|
925,581
|
|
Talen Energy Supply LLC, 2024-1 Incremental Term
Loan, (3-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.73%, 12/15/31
|
|
607
|
607,538
|
|
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-
mo. CME Term SOFR + 1.75%), 5.91%, 12/20/30
|
|
1,282
|
1,282,460
|
|
|
|
|
3,770,284
|
|
Electronic Equipment, Instruments & Components — 0.7%
|
|||
|
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.92%, 06/20/31(d)
|
|
831
|
835,632
|
|
Coherent Corp., 2025 1st Lien Term Loan B2, (1-mo.
CME Term SOFR at 0.50% Floor + 1.75%), 5.94%,
07/02/29
|
|
783
|
781,408
|
|
Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term
Loan B, 12/02/31(m)
|
|
657
|
657,414
|
|
Pinnacle Buyer LLC(m)
|
|
|
|
|
Delayed Draw Term Loan, 09/10/32
|
|
168
|
168,099
|
|
Term Loan, 09/10/32
|
|
873
|
874,113
|
|
Project Aurora U.S. Finco, Inc., USD Term Loan,
09/24/32(d)(m)
|
|
240
|
240,300
|
|
Sanmina Corp., Term Loan B, 08/06/32(d)(m)
|
|
1,032
|
1,029,420
|
|
|
|
|
4,586,386
|
|
Energy Equipment & Services — 0.0%
|
|||
|
Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.00%,
09/22/32
|
|
267
|
266,666
|
|
Entertainment — 0.5%
|
|||
|
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 3.51%), 7.84%, 10/02/28
|
|
803
|
778,019
|
|
Delta 2 Lux SARL, 2024 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 6.00%,
09/30/31
|
|
2,568
|
2,567,263
|
|
|
|
|
3,345,282
|
|
Environmental, Maintenance & Security Service — 2.4%
|
|||
|
Action Environmental Group, Inc., 2023 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.25%),
7.25%, 10/24/30(d)
|
|
803
|
801,773
|
|
Clean Harbors, Inc.
|
|
|
|
|
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.91%, 10/09/28
|
|
904
|
904,200
|
|
2025 Term Loan, 09/24/32(m)
|
|
548
|
548,685
|
|
Filtration Group Corp., 2025 USD Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 6.91%,
10/21/28
|
|
3,054
|
3,065,453
|
|
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.67%, 03/03/32
|
|
2,456
|
2,452,783
|
|
Security
|
|
Par
(000)
|
Value
|
|
Environmental, Maintenance & Security Service (continued)
|
|||
|
JFL-Tiger Acquisition Co., Inc., Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.75%), 7.89%,
10/17/30
|
USD
|
623
|
$ 623,727
|
|
Madison IAQ LLC
|
|
|
|
|
2025 Term Loan B, (6-mo. CME Term SOFR at 0.50%
Floor + 3.25%), 7.45%, 05/06/32
|
|
1,451
|
1,457,386
|
|
Term Loan, (6-mo. CME Term SOFR at 0.50% Floor +
2.50%), 6.70%, 06/21/28
|
|
3,179
|
3,179,348
|
|
Packers Holdings LLC, 2021 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 3.35%), 7.66%,
03/09/28
|
|
799
|
249,364
|
|
Reworld Holding Corp.
|
|
|
|
|
2025 1st Lien Term Loan B, 01/15/31(m)
|
|
365
|
363,861
|
|
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 6.39%, 11/30/28
|
|
967
|
967,047
|
|
Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 6.39%, 11/30/28
|
|
75
|
74,857
|
|
|
|
|
14,688,484
|
|
Financial Services — 1.4%
|
|||
|
Apex Group Treasury LLC, 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.75%, 02/27/32
|
|
1,493
|
1,457,561
|
|
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term
SOFR + 2.00%), 6.16%, 05/19/31
|
|
2,492
|
2,489,053
|
|
ION Platform Finance U.S., Inc., USD Term Loan,
09/30/32(d)(m)
|
|
3,364
|
3,334,565
|
|
Orion U.S. Finco, Inc., 1st Lien Term Loan, 05/20/32(m)
|
|
908
|
912,540
|
|
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.75%,
11/05/28
|
|
411
|
413,133
|
|
|
|
|
8,606,852
|
|
Food Products — 1.7%
|
|||
|
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.17%,
06/22/30
|
|
946
|
947,132
|
|
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.66%,
10/25/27
|
|
3,640
|
3,648,629
|
|
Froneri U.S., Inc.
|
|
|
|
|
2024 USD Term Loan B4, (6-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.20%, 09/30/31
|
|
3,141
|
3,115,077
|
|
2025 USD Term Loan, 08/02/32(m)
|
|
323
|
322,141
|
|
H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME
Term SOFR at 2.00% Floor + 6.50%), 10.81%,
03/29/30
|
|
146
|
146,981
|
|
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.54%,
11/12/29
|
|
893
|
893,494
|
|
UTZ Quality Foods LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.50%,
01/29/32
|
|
1,411
|
1,410,176
|
|
Security
|
|
Par
(000)
|
Value
|
|
Food Products (continued)
|
|||
|
Wellness Pet LLC
|
|
|
|
|
2025 First Out Exchange Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.95%), 7.95%,
12/31/29
|
USD
|
229
|
$ 181,462
|
|
2025 Second Out Exchange Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 4.01%), 8.01%,
12/31/29
|
|
128
|
54,976
|
|
|
|
|
10,720,068
|
|
Ground Transportation — 0.6%
|
|||
|
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.75%,
04/10/31
|
|
3,486
|
3,471,331
|
|
Health Care Equipment & Supplies — 0.6%
|
|||
|
Avantor Funding, Inc., 2024 Term Loan B6, (1-mo. CME
Term SOFR at 0.50% Floor + 2.10%), 6.26%,
11/08/27
|
|
100
|
100,035
|
|
Bausch & Lomb Corp.
|
|
|
|
|
2023 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 8.17%, 09/29/28
|
|
835
|
833,916
|
|
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 4.25%), 8.41%, 01/15/31
|
|
1,872
|
1,870,629
|
|
QuidelOrtho Corp., Term Loan, (3-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 8.00%, 08/20/32
|
|
699
|
694,925
|
|
|
|
|
3,499,505
|
|
Health Care Providers & Services — 3.2%
|
|||
|
AHP Health Partners, Inc., 2025 Term Loan B,
09/20/32(m)
|
|
199
|
199,656
|
|
Concentra Health Services, Inc., 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 6.16%, 07/26/31
|
|
611
|
612,992
|
|
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 2.75%), 6.91%,
11/01/28
|
|
2,014
|
2,016,878
|
|
EyeCare Partners LLC
|
|
|
|
|
2024 Second Out Term Loan B, (6-mo. CME Term
SOFR at 0.00% Floor + 1.00%, 3.61% PIK), 8.84%,
11/30/28(g)
|
|
476
|
298,846
|
|
2024 Superpriority New Money 1st Out Term Loan A,
(6-mo. CME Term SOFR at 0.00% Floor + 5.75%),
9.88%, 08/31/28
|
|
684
|
687,903
|
|
2024 Third Out Term Loan C, (3-mo. CME Term SOFR
at 0.00% Floor + 6.85%), 10.98%, 11/30/28(c)(h)
|
|
44
|
9,465
|
|
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.00%, 07/03/28
|
|
489
|
488,258
|
|
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 8.07%,
05/19/31
|
|
1,060
|
1,057,542
|
|
Medical Solutions Holdings, Inc.
|
|
|
|
|
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.60%), 7.91%, 11/01/28
|
|
537
|
184,224
|
|
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 7.10%), 11.41%, 11/01/29
|
|
536
|
108,095
|
|
Medline Borrower LP
|
|
|
|
|
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.00%), 6.16%, 10/23/30
|
|
244
|
244,236
|
|
Security
|
|
Par
(000)
|
Value
|
|
Health Care Providers & Services (continued)
|
|||
|
Medline Borrower LP (continued)
|
|
|
|
|
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 2.00%), 6.16%, 10/23/28
|
USD
|
7,115
|
$ 7,114,787
|
|
Parexel International Corp., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.66%,
11/15/28
|
|
2,507
|
2,508,471
|
|
Sotera Health Holdings LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.66%,
05/30/31
|
|
1,877
|
1,877,923
|
|
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 8.00%, 09/27/30
|
|
874
|
873,418
|
|
Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.66%,
12/19/30
|
|
1,314
|
1,314,093
|
|
Team Health Holdings, Inc., 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.80%,
06/30/28
|
|
473
|
471,534
|
|
|
|
|
20,068,321
|
|
Hotel & Resort REITs — 0.1%
|
|||
|
RHP Hotel Properties LP, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.16%, 05/20/30
|
|
437
|
436,684
|
|
Hotels, Restaurants & Leisure — 6.0%
|
|||
|
Aimbridge Acquisition Co., Inc.
|
|
|
|
|
2025 1st Lien Second Out Term Loan, (1-mo. CME
Term SOFR at 1.00% Floor + 1.61%), 11.76%,
03/11/30
|
|
186
|
185,434
|
|
2025 First Out Term Loan, (1-mo. CME Term SOFR at
1.00% Floor + 5.61%), 9.76%, 03/11/30
|
|
203
|
202,493
|
|
Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.66%,
05/31/30
|
|
924
|
924,325
|
|
Burger King (Restaurant Brands International Inc.)/New
Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.91%,
09/20/30
|
|
1,846
|
1,837,885
|
|
Caesars Entertainment, Inc.
|
|
|
|
|
2024 Term Loan B1, (1-mo. CME Term SOFR +
2.25%), 6.41%, 02/06/31
|
|
2,872
|
2,862,310
|
|
Term Loan B, (1-mo. CME Term SOFR + 2.25%),
6.41%, 02/06/30
|
|
922
|
918,640
|
|
EOC Borrower LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.16%, 03/24/32
|
|
3,112
|
3,110,644
|
|
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 3.25%),
7.41%, 01/27/29
|
|
3,925
|
3,918,246
|
|
Flutter Financing BV
|
|
|
|
|
2024 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 5.75%, 11/30/30
|
|
3,454
|
3,439,670
|
|
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 2.00%), 6.00%, 06/04/32
|
|
1,203
|
1,200,651
|
|
Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 1.75%), 5.91%,
09/22/32
|
|
2,790
|
2,792,960
|
|
Great Canadian Gaming Corp., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 4.75%),
8.75%, 11/01/29
|
|
750
|
720,956
|
|
Herschend Entertainment Co. LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.41%, 05/27/32
|
|
826
|
828,168
|
|
Security
|
|
Par
(000)
|
Value
|
|
Hotels, Restaurants & Leisure (continued)
|
|||
|
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4,
(1-mo. CME Term SOFR + 1.75%), 5.91%, 11/08/30
|
USD
|
696
|
$ 696,445
|
|
IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 2.50%), 6.66%,
12/15/27
|
|
1,674
|
1,673,890
|
|
Light & Wonder International, Inc., 2024 Term Loan B2,
(1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
6.39%, 04/14/29
|
|
978
|
978,439
|
|
Motion Finco SARL, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.50%,
11/12/29
|
|
1,731
|
1,547,874
|
|
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 4.25%), 8.24%, 08/01/30
|
|
503
|
490,549
|
|
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.66%,
05/03/29
|
|
1,246
|
1,244,333
|
|
Sabre GLBL, Inc.
|
|
|
|
|
2021 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.78%, 12/17/27
|
|
168
|
159,057
|
|
2021 Term Loan B2, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.78%, 12/17/27
|
|
55
|
51,726
|
|
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR
+ 5.10%), 9.26%, 06/30/28
|
|
28
|
25,793
|
|
2024 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.26%, 11/15/29(d)
|
|
460
|
432,220
|
|
2024 Term Loan B2, (1-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.26%, 11/15/29(d)
|
|
234
|
220,453
|
|
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan
B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.16%, 12/04/31
|
|
460
|
458,637
|
|
Six Flags Entertainment Corp., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.16%, 05/01/31
|
|
299
|
297,043
|
|
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.16%,
03/14/31
|
|
1,874
|
1,873,389
|
|
Turquoise Topco Ltd., Term Loan B, 08/13/32(m)
|
|
734
|
734,462
|
|
Voyager Parent LLC, Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.75%), 8.75%, 07/01/32
|
|
1,038
|
1,039,422
|
|
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.66%,
08/03/28
|
|
1,092
|
1,092,382
|
|
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.91%, 05/24/30
|
|
1,134
|
1,137,184
|
|
|
|
|
37,095,680
|
|
Household Durables — 1.2%
|
|||
|
AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.28%, 07/31/28
|
|
1,959
|
1,963,074
|
|
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.25%,
01/20/32
|
|
1,978
|
1,977,779
|
|
Somnigroup International, Inc., Term Loan B, (1-mo.
SOFR + 2.25%), 6.37%, 10/24/31
|
|
423
|
424,744
|
|
Springs Windows Fashions LLC
|
|
|
|
|
2024 First Lien Second Out Term Loan A2, (1-mo.
CME Term SOFR at 1.00% Floor + 4.11%), 8.28%,
10/06/28
|
|
658
|
535,160
|
|
Security
|
|
Par
(000)
|
Value
|
|
Household Durables (continued)
|
|||
|
Springs Windows Fashions LLC (continued)
|
|
|
|
|
2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at
1.00% Floor + 4.50%), 8.66%, 12/19/29
|
USD
|
153
|
$ 153,324
|
|
Weber-Stephen Products LLC
|
|
|
|
|
2025 Term Loan B, 09/17/32(m)
|
|
1,428
|
1,411,935
|
|
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor
+ 3.25%), 7.53%, 10/30/27
|
|
813
|
804,211
|
|
|
|
|
7,270,227
|
|
Household Products — 0.2%
|
|||
|
Lavender U.S. HoldCo 1, Inc., USD Term Loan,
09/27/32(d)(m)
|
|
859
|
859,000
|
|
Reynolds Consumer Products LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.91%, 03/04/32
|
|
260
|
260,085
|
|
|
|
|
1,119,085
|
|
Independent Power and Renewable Electricity Producers — 0.8%
|
|||
|
Calpine Construction Finance Co. LP, 2023 Refinancing
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor
+ 2.00%), 6.16%, 07/31/30
|
|
1,647
|
1,646,250
|
|
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.91%, 01/31/31
|
|
697
|
696,547
|
|
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.06%, 04/16/31
|
|
2,813
|
2,811,871
|
|
|
|
|
5,154,668
|
|
Industrial Conglomerates — 0.0%
|
|||
|
Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo.
CME Term SOFR + 7.50%), 11.76%, 12/31/29
|
|
211
|
172,247
|
|
Insurance — 7.0%
|
|||
|
Alliant Holdings Intermediate LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.67%, 09/19/31
|
|
6,750
|
6,730,784
|
|
AmWINS Group, Inc., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 6.25%,
01/30/32
|
|
2,577
|
2,574,829
|
|
Amynta Agency Borrower, Inc., 2025 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.91%, 12/29/31
|
|
2,417
|
2,406,838
|
|
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan
B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.94%, 02/15/31
|
|
2,451
|
2,436,795
|
|
Asurion LLC
|
|
|
|
|
2021 2nd Lien Term Loan B3, (1-mo. CME Term
SOFR + 5.36%), 9.53%, 01/31/28
|
|
985
|
958,286
|
|
2021 Second Lien Term Loan B4, (1-mo. CME Term
SOFR + 5.36%), 9.53%, 01/20/29
|
|
953
|
910,248
|
|
2023 Term Loan B11, (1-mo. CME Term SOFR at
0.00% Floor + 4.35%), 8.51%, 08/19/28
|
|
1,348
|
1,351,690
|
|
2024 Term Loan B12, (1-mo. CME Term SOFR at
0.00% Floor + 4.25%), 8.41%, 09/19/30
|
|
732
|
729,256
|
|
2025 Term Loan B13, (1-mo. CME Term SOFR at
0.00% Floor + 4.25%), 8.41%, 09/19/30
|
|
1,691
|
1,678,690
|
|
Baldwin Insurance Group Holdings LLC, 2025 Term Loan
B2, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.64%, 05/26/31
|
|
955
|
954,246
|
|
Howden Group Holdings Ltd., 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 3.50%),
7.66%, 04/18/30
|
|
170
|
169,968
|
|
Security
|
|
Par
(000)
|
Value
|
|
Insurance (continued)
|
|||
|
HUB International Ltd., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.58%,
06/20/30
|
USD
|
4,289
|
$ 4,294,333
|
|
Hyperion Refinance SARL, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.91%, 02/15/31
|
|
1,682
|
1,681,804
|
|
Jones Deslauriers Insurance Management, Inc.,
2025 Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 7.06%, 03/15/30
|
|
1,107
|
1,100,887
|
|
OneDigital Borrower LLC, 2025 Repriced Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.16%, 07/02/31
|
|
214
|
214,193
|
|
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.16%,
09/15/31
|
|
1,870
|
1,869,070
|
|
Sedgwick Claims Management Services, Inc., 2023 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.66%, 07/31/31
|
|
3,562
|
3,556,501
|
|
Truist Insurance Holdings LLC
|
|
|
|
|
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 6.75%, 05/06/31
|
|
3,701
|
3,694,735
|
|
2nd Lien Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 4.75%), 8.75%, 05/06/32
|
|
476
|
483,968
|
|
USI, Inc.
|
|
|
|
|
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.25%, 09/29/30
|
|
1,761
|
1,758,303
|
|
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.25%, 11/21/29
|
|
3,612
|
3,607,374
|
|
|
|
|
43,162,798
|
|
Interactive Media & Services — 0.5%
|
|||
|
MH Sub I LLC
|
|
|
|
|
2023 Term Loan, (3-mo. CME Term SOFR at 0.50%
Floor + 4.25%), 8.25%, 05/03/28
|
|
613
|
588,718
|
|
2024 Term Loan B4, (1-mo. CME Term SOFR at
0.50% Floor + 4.25%), 8.41%, 12/31/31
|
|
527
|
483,996
|
|
Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.24%,
12/10/31
|
|
2,151
|
2,152,559
|
|
|
|
|
3,225,273
|
|
Internet Software & Services — 2.3%
|
|||
|
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 8.81%,
08/15/29
|
|
1,063
|
887,298
|
|
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 6.56%,
11/08/32
|
|
1,325
|
1,323,561
|
|
Gen Digital, Inc.
|
|
|
|
|
2024 Term Loan B, (1-mo. CME Term SOFR +
1.75%), 5.91%, 09/12/29
|
|
2,845
|
2,836,531
|
|
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 5.91%, 04/16/32
|
|
289
|
287,627
|
|
Go Daddy Operating Co. LLC
|
|
|
|
|
2024 Term Loan B7, (1-mo. CME Term SOFR +
1.75%), 5.91%, 05/30/31
|
|
2,289
|
2,284,953
|
|
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.91%, 11/09/29
|
|
1,239
|
1,237,435
|
|
Proofpoint, Inc.
|
|
|
|
|
2024 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 3.00%), 7.16%, 08/31/28
|
|
3,081
|
3,089,137
|
|
Security
|
|
Par
(000)
|
Value
|
|
Internet Software & Services (continued)
|
|||
|
Proofpoint, Inc. (continued)
|
|
|
|
|
2025 Fungible Term Loan, 08/31/28(m)
|
USD
|
318
|
$ 318,830
|
|
StubHub Holdco Sub LLC, 2024 Extended Term Loan B,
(1-mo. CME Term SOFR + 4.75%), 8.91%, 03/15/30
|
|
2,222
|
2,198,691
|
|
|
|
|
14,464,063
|
|
IT Services — 3.7%
|
|||
|
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.41%,
09/29/31
|
|
1,255
|
1,253,706
|
|
Avalara, Inc., 2025 Term Loan, 03/26/32(m)
|
|
111
|
110,691
|
|
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.75%,
06/17/30
|
|
1,134
|
1,130,907
|
|
Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.75%), 7.94%, 12/09/31
|
|
2,991
|
2,990,448
|
|
Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.31%, 03/01/31(d)
|
|
1,658
|
1,658,075
|
|
Finastra USA, Inc., 2025 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 4.00%), 8.04%,
07/30/32
|
|
3,638
|
3,621,120
|
|
Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.25%,
06/27/31
|
|
563
|
564,267
|
|
Magenta Security Holdings LLC
|
|
|
|
|
2024 First Out Term Loan, (3-mo. CME Term SOFR at
0.75% Floor + 7.01%), 11.32%, 07/27/28
|
|
307
|
251,174
|
|
2024 Second Out Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 7.26%), 11.57%, 07/27/28
|
|
466
|
201,647
|
|
2024 Third Out Term Loan, (3-mo. CME Term SOFR
at 0.75% Floor + 6.51%), 10.82%, 07/27/28(c)(h)
|
|
976
|
194,378
|
|
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.22%,
03/01/29
|
|
1,749
|
1,667,659
|
|
Peraton Corp., Term Loan B, (1-mo. CME Term SOFR at
0.75% Floor + 3.85%), 8.01%, 02/01/28
|
|
1,628
|
1,370,361
|
|
Polaris Newco LLC, USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.26%), 8.57%,
06/02/28
|
|
1,511
|
1,454,224
|
|
Project Alpha Intermediate Holding, Inc., 2024 1st Lien
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor
+ 3.25%), 7.25%, 10/26/30
|
|
856
|
857,793
|
|
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.25%,
06/28/30
|
|
1,469
|
1,462,588
|
|
Skopima Consilio Parent LLC, 2024 Repriced Term
Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.75%), 7.91%, 05/12/28
|
|
815
|
688,467
|
|
Tempo Acquisition LLC, 2025 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.91%, 08/31/28
|
|
982
|
958,327
|
|
X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50%
Floor + 6.65%), 10.96%, 10/26/29
|
|
2,438
|
2,389,372
|
|
|
|
|
22,825,204
|
|
Security
|
|
Par
(000)
|
Value
|
|
Leisure Products — 0.3%
|
|||
|
Bombardier Recreational Products, Inc., 2024 Term Loan
B4, 01/22/31(m)
|
USD
|
556
|
$ 556,350
|
|
City Football Group Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.61%), 7.70%,
07/22/30
|
|
1,189
|
1,188,443
|
|
|
|
|
1,744,793
|
|
Machinery — 2.8%
|
|||
|
Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME
Term SOFR at 0.75% Floor + 3.50%), 7.58%,
06/24/30
|
|
799
|
798,374
|
|
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR + 2.50%), 6.79%, 03/15/30
|
|
506
|
507,707
|
|
Columbus McKinnon Corp., 2024 Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.50%,
05/14/28(d)
|
|
267
|
267,170
|
|
Generac Power Systems, Inc., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.03%, 07/03/31
|
|
287
|
288,177
|
|
GrafTech Global Enterprises, Inc., 2024 Term Loan, (1-
mo. CME Term SOFR at 2.00% Floor + 6.00%),
10.16%, 12/21/29
|
|
25
|
25,750
|
|
Husky Injection Molding Systems Ltd., 2024 Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.75%, 02/15/29
|
|
3,878
|
3,885,823
|
|
Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 6.75%,
11/22/29
|
|
791
|
792,150
|
|
Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.91%,
09/26/31
|
|
487
|
487,488
|
|
SPX Flow, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 2.75%), 6.91%, 04/05/29
|
|
2,506
|
2,515,260
|
|
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.20%, 04/30/30
|
|
2,467
|
2,471,998
|
|
Vertiv Group Corp., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.03%, 08/12/32
|
|
3,493
|
3,496,053
|
|
WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.53%,
01/27/31
|
|
1,837
|
1,837,076
|
|
|
|
|
17,373,026
|
|
Media — 3.6%
|
|||
|
Charter Communications Operating LLC
|
|
|
|
|
2023 Term Loan B4, (3-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.29%, 12/07/30
|
|
1,231
|
1,229,150
|
|
2024 Term Loan B5, (3-mo. CME Term SOFR at
0.00% Floor + 2.25%), 6.54%, 12/15/31
|
|
859
|
858,625
|
|
Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.78%,
12/02/31
|
|
905
|
901,961
|
|
CSC Holdings LLC
|
|
|
|
|
2019 Term Loan B5, (Prime + 1.50%), 8.75%,
04/15/27
|
|
2,466
|
2,383,860
|
|
2022 Term Loan B6, (1-mo. CME Term SOFR at
0.00% Floor + 4.50%), 8.65%, 01/18/28
|
|
373
|
370,353
|
|
DirecTV Financing LLC, Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 5.26%), 9.57%, 08/02/27
|
|
91
|
91,071
|
|
Security
|
|
Par
(000)
|
Value
|
|
Media (continued)
|
|||
|
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.00%,
03/04/32
|
USD
|
1,935
|
$ 1,931,161
|
|
ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.16%,
08/30/30
|
|
942
|
940,243
|
|
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR + 5.25%), 9.53%, 06/04/29
|
|
4
|
4,398
|
|
GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032),
07/31/32(m)
|
|
329
|
328,341
|
|
Learfield Communications LLC, 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 4.50%),
8.66%, 06/30/28
|
|
542
|
546,550
|
|
Live Nation Entertainment, Inc., Term Loan B4, (1-mo.
CME Term SOFR at 0.00% Floor + 1.85%), 5.99%,
10/19/26
|
|
1,651
|
1,647,054
|
|
NEP Group, Inc., 2018 1st Lien Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 3.36%), 7.53%,
08/19/26
|
|
145
|
142,102
|
|
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.61%, 1.50%
PIK), 9.28%, 09/25/29(g)
|
|
2,938
|
2,366,127
|
|
Scientific Games Holdings LP, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.29%, 04/04/29
|
|
685
|
679,377
|
|
Telenet Financing USD LLC, 2020 USD Term Loan AR,
04/30/28(m)
|
|
325
|
322,088
|
|
UFC Holdings LLC, 1st Lien Term Loan B5, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.04%,
11/21/31
|
|
3,068
|
3,071,804
|
|
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-
mo. CME Term SOFR + 3.36%), 7.51%, 01/31/29
|
|
1,212
|
1,210,836
|
|
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.95%,
01/24/31
|
|
2,657
|
2,658,718
|
|
Ziggo Financing Partnership, USD Term Loan I, (1-mo.
CME Term SOFR at 0.00% Floor + 2.61%), 6.76%,
04/30/28
|
|
979
|
975,577
|
|
|
|
|
22,659,396
|
|
Metals & Mining — 0.4%
|
|||
|
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR +
1.75%), 5.91%, 05/13/29
|
|
112
|
112,415
|
|
Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.95%,
02/26/32
|
|
299
|
300,372
|
|
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.75%,
03/11/32
|
|
2,216
|
2,218,704
|
|
|
|
|
2,631,491
|
|
Oil, Gas & Consumable Fuels — 1.6%
|
|||
|
Buckeye Partners LP
|
|
|
|
|
2025 Term Loan B, 0.00%, 09/24/32
|
|
130
|
130,452
|
|
2025 Term Loan B2, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.91%, 11/22/30
|
|
348
|
348,375
|
|
Colossus Acquireco LLC, Term Loan B, (3-mo. SOFR +
1.75%), 5.87%, 07/30/32
|
|
1,591
|
1,580,802
|
|
EG America LLC, 2025 USD Repriced Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.70%,
02/07/28
|
|
326
|
327,227
|
|
Security
|
|
Par
(000)
|
Value
|
|
Oil, Gas & Consumable Fuels (continued)
|
|||
|
Freeport LNG Investments LLLP, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.25%),
7.58%, 12/21/28
|
USD
|
2,017
|
$ 2,015,450
|
|
GIP Pilot Acquisition Partners LP, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.29%, 10/04/30
|
|
241
|
240,196
|
|
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.15%, 02/11/30
|
|
689
|
688,540
|
|
M6 ETX Holdings II Midco LLC, 2025 Term Loan B,
(Prime + 2.00%), 9.25%, 04/01/32
|
|
540
|
539,648
|
|
Murphy USA, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 6.03%, 04/07/32
|
|
313
|
315,282
|
|
Oryx Midstream Services Permian Basin LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.25%), 6.42%, 10/05/28
|
|
2,614
|
2,611,982
|
|
Stakeholder Midstream LLC, Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 8.04%,
01/01/31
|
|
625
|
626,214
|
|
Whitewater Matterhorn Holdings LLC, 2025 Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.25%, 06/16/32
|
|
248
|
247,730
|
|
|
|
|
9,671,898
|
|
Passenger Airlines — 1.0%
|
|||
|
AAdvantage Loyalty IP Ltd., 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.58%,
05/28/32
|
|
629
|
631,783
|
|
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.17%, 03/21/31
|
|
1,459
|
1,456,905
|
|
American Airlines, Inc.
|
|
|
|
|
Series AA, 2017 1st Lien Term Loan, (6-mo. CME
Term SOFR at 0.00% Floor + 1.85%), 5.98%,
01/29/27
|
|
143
|
142,260
|
|
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at
0.00% Floor + 2.25%), 6.26%, 06/04/29
|
|
1,262
|
1,259,605
|
|
2025 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.58%, 04/20/28
|
|
814
|
812,129
|
|
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.75%), 8.75%,
08/27/29
|
|
934
|
894,172
|
|
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.20%,
02/22/31
|
|
1,205
|
1,207,514
|
|
|
|
|
6,404,368
|
|
Personal Care Products — 0.3%
|
|||
|
ACP Tara Holdings, Inc., 2025 Term Loan B,
09/17/32(d)(m)
|
|
257
|
257,000
|
|
Opal U.S. LLC, USD Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 7.25%, 04/28/32
|
|
1,775
|
1,778,550
|
|
|
|
|
2,035,550
|
|
Pharmaceuticals — 1.5%
|
|||
|
Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.50%), 7.66%,
08/01/32
|
|
2,052
|
2,048,573
|
|
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME
Term SOFR + 1.85%), 6.13%, 08/01/27
|
|
751
|
749,959
|
|
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan,
04/23/31(m)
|
|
645
|
645,942
|
|
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.10%), 8.10%,
10/01/27
|
|
818
|
803,860
|
|
Security
|
|
Par
(000)
|
Value
|
|
Pharmaceuticals (continued)
|
|||
|
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2,
(1-mo. CME Term SOFR + 2.25%), 6.41%, 05/05/28
|
USD
|
1,591
|
$ 1,591,976
|
|
Option Care Health, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.89%,
09/16/32
|
|
1,533
|
1,530,124
|
|
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 6.41%, 05/19/31
|
|
467
|
454,556
|
|
Perrigo Investments LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.16%,
04/20/29
|
|
897
|
895,233
|
|
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.00%, 07/03/28
|
|
122
|
121,650
|
|
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 1.75%), 5.91%, 08/01/31
|
|
316
|
316,827
|
|
|
|
|
9,158,700
|
|
Professional Services — 0.0%
|
|||
|
Deep Blue Operating I LLC, Term Loan, 09/17/32(m)
|
|
321
|
321,000
|
|
Real Estate Management & Development — 0.4%
|
|||
|
CoreLogic, Inc.
|
|
|
|
|
2nd Lien Term Loan, (1-mo. CME Term SOFR +
6.61%), 10.78%, 06/04/29
|
|
488
|
484,189
|
|
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.61%), 7.78%, 06/02/28
|
|
1,625
|
1,623,276
|
|
Cushman & Wakefield U.S. Borrower LLC, 2025 Term
Loan B3, (1-mo. CME Term SOFR at 0.50% Floor +
2.75%), 6.91%, 01/31/30
|
|
550
|
551,532
|
|
|
|
|
2,658,997
|
|
Semiconductors & Semiconductor Equipment — 0.3%
|
|||
|
Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.79%, 07/06/29
|
|
672
|
675,779
|
|
MKS Instruments, Inc., 2025 USD Repriced Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.17%, 08/17/29
|
|
1,469
|
1,467,336
|
|
|
|
|
2,143,115
|
|
Software — 10.4%
|
|||
|
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 6.25%,
02/24/31
|
|
3,402
|
3,402,562
|
|
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 6.91%,
02/15/29
|
|
4,092
|
4,082,310
|
|
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.16%,
11/25/31
|
|
1,213
|
1,214,476
|
|
Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.20%,
07/30/31
|
|
3,027
|
3,020,004
|
|
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME
Term SOFR + 2.00%), 6.16%, 01/23/32
|
|
2,280
|
2,276,939
|
|
Central Parent LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.25%,
07/06/29
|
|
2,763
|
2,383,445
|
|
Clearwater Analytics LLC, 2025 Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 6.46%,
04/21/32
|
|
961
|
961,000
|
|
Cloud Software Group, Inc.
|
|
|
|
|
2025 Term Loan B (2031), (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 7.25%, 03/21/31
|
|
2,713
|
2,721,893
|
|
Security
|
|
Par
(000)
|
Value
|
|
Software (continued)
|
|||
|
Cloud Software Group, Inc. (continued)
|
|
|
|
|
2025 Term Loan B (2032), (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 7.25%, 08/13/32
|
USD
|
3,573
|
$ 3,582,782
|
|
Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.85%), 8.01%, 10/08/28
|
|
647
|
635,785
|
|
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR +
2.75%), 7.03%, 05/01/31
|
|
2,000
|
1,962,903
|
|
DS Admiral Bidco LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR + 4.25%), 8.41%, 06/26/31
|
|
640
|
638,792
|
|
Ellucian Holdings, Inc.
|
|
|
|
|
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 2.75%), 6.91%, 10/09/29
|
|
2,862
|
2,859,952
|
|
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 4.75%), 8.91%, 11/22/32
|
|
513
|
523,686
|
|
Epicor Software Corp., 2024 Term Loan F, (1-mo. CME
Term SOFR at 0.75% Floor + 2.50%), 6.66%,
05/30/31
|
|
2,615
|
2,616,993
|
|
Genesys Cloud Services, Inc., 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.66%, 01/30/32
|
|
5,145
|
5,107,404
|
|
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.41%, 10/27/28
|
|
1,410
|
1,412,087
|
|
Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.41%,
03/20/32
|
|
2,732
|
2,734,247
|
|
Mitchell International, Inc.
|
|
|
|
|
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.25%), 7.41%, 06/17/31
|
|
2,200
|
2,196,821
|
|
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR +
5.25%), 9.41%, 06/17/32
|
|
474
|
467,838
|
|
Modena Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.50%), 8.81%, 07/01/31
|
|
607
|
598,799
|
|
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.50%,
12/17/27
|
|
299
|
293,882
|
|
PointClickCare Technologies, Inc., 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.75%, 11/03/31
|
|
711
|
711,275
|
|
Project Boost Purchaser LLC, 2025 Refinancing Term
Loan, (3-mo. CME Term SOFR at 0.00% Floor +
2.75%), 7.07%, 07/16/31
|
|
2,205
|
2,198,310
|
|
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term
SOFR + 3.26%), 7.26%, 04/24/28
|
|
1,641
|
1,636,486
|
|
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.16%,
05/09/31
|
|
2,632
|
2,637,395
|
|
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 2.50%), 6.81%, 02/10/31
|
|
3,930
|
3,925,089
|
|
VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.56%, 04/12/31
|
|
2,364
|
2,357,641
|
|
Waystar Technologies, Inc.
|
|
|
|
|
2025 Add-on Term Loan B, 10/22/29(m)
|
|
468
|
468,028
|
|
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.16%, 10/22/29
|
|
1,331
|
1,330,663
|
|
X.AI Corp., Term Loan, (6-mo. CME Term SOFR at
0.00% Floor + 7.25%), 11.12%, 06/28/30
|
|
1,006
|
971,750
|
|
Security
|
|
Par
(000)
|
Value
|
|
Software (continued)
|
|||
|
Zelis Payments Buyer, Inc.
|
|
|
|
|
5th Amendment Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 7.41%, 11/26/31
|
USD
|
1,723
|
$ 1,722,478
|
|
Term Loan B, (1-mo. CME Term SOFR + 2.75%),
6.91%, 09/28/29
|
|
977
|
973,942
|
|
|
|
|
64,627,657
|
|
Specialty Retail — 0.3%
|
|||
|
LS Group OpCo Acquistion LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.70%, 04/23/31
|
|
788
|
786,037
|
|
Peer Holding III BV, 1st Lien Term Loan B, 09/25/32(m)
|
|
335
|
335,000
|
|
Restoration Hardware, Inc., 2022 Incremental Term
Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.35%), 7.51%, 10/20/28
|
|
280
|
273,920
|
|
Serta Simmons Bedding LLC, 2023 New Term Loan,
(3-mo. CME Term SOFR + 7.61%), 11.62%, 06/29/28
|
|
440
|
410,564
|
|
|
|
|
1,805,521
|
|
Technology Hardware, Storage & Peripherals — 0.3%
|
|||
|
Cubic Corp.
|
|
|
|
|
2025 Second Out Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.51%), 8.83%, 05/25/29
|
|
3,017
|
1,718,973
|
|
2025 Second Out Term Loan C, (3-mo. CME Term
SOFR at 0.75% Floor + 4.51%), 8.57%, 05/25/29
|
|
432
|
246,145
|
|
|
|
|
1,965,118
|
|
Textiles, Apparel & Luxury Goods — 0.4%
|
|||
|
ABG Intermediate Holdings 2 LLC
|
|
|
|
|
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 6.41%, 12/21/28
|
|
1,256
|
1,252,885
|
|
2025 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.41%, 02/13/32
|
|
631
|
629,852
|
|
Beach Acquisition Bidco LLC, USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.31%,
09/12/32
|
|
301
|
302,255
|
|
|
|
|
2,184,992
|
|
Transportation Infrastructure — 0.2%
|
|||
|
OLA Netherlands BV, Term Loan, (1-mo. CME Term
SOFR at 0.75% Floor + 6.35%), 10.51%, 12/15/26
|
|
719
|
713,501
|
|
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 2.00% Floor + 8.00%), 12.20%,
08/20/29
|
|
1,059
|
402,423
|
|
|
|
|
1,115,924
|
|
Wireless Telecommunication Services — 0.8%
|
|||
|
Altice France SA, 2023 USD Term Loan B14, (3-mo.
CME Term SOFR at 0.00% Floor + 5.50%), 9.82%,
08/15/28(d)
|
|
2,042
|
1,970,602
|
|
Digicel International Finance Ltd., 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 5.25%),
9.49%, 08/06/32
|
|
689
|
688,139
|
|
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR + 3.86%), 8.03%, 04/30/28
|
|
812
|
804,650
|
|
Security
|
|
Par
(000)
|
Value
|
|
Wireless Telecommunication Services (continued)
|
|||
|
Level 3 Financing, Inc., 2025 Repriced Term Loan B4,
03/29/32(m)
|
USD
|
459
|
$ 459,000
|
|
Windstream Services, LLC, 2025 Term Loan B,
09/24/32(d)(m)
|
|
1,289
|
1,276,110
|
|
|
|
|
5,198,501
|
|
Total Floating Rate Loan Interests — 88.2%
(Cost: $552,673,916)
|
547,225,980
|
||
|
|
|
Shares
|
|
|
Investment Companies
|
|||
|
Equity Funds — 2.3%
|
|
||
|
Hearthside Equity
|
|
8,393
|
160,969
|
|
Janus Henderson AAA CLO ETF
|
|
135,000
|
6,855,300
|
|
SPDR Blackstone Senior Loan ETF
|
|
175,000
|
7,276,500
|
|
|
|
|
14,292,769
|
|
Fixed Income Funds — 5.2%
|
|
||
|
Invesco Senior Loan ETF
|
|
1,021,200
|
21,373,716
|
|
iShares Broad USD High Yield Corporate Bond ETF(n)
|
|
285,000
|
10,767,300
|
|
|
|
|
32,141,016
|
|
Total Investment Companies — 7.5%
(Cost: $46,306,429)
|
46,433,785
|
||
|
|
|
Benefical
Interest (000)
|
|
|
Other Interests
|
|||
|
Capital Markets — 0.0%
|
|
||
|
Millennium Lender Claim Trust(d)(o)
|
USD
|
1,156
|
—
|
|
Industrial Conglomerates — 0.0%
|
|
||
|
Millennium Corp.(d)(o)
|
|
1,084
|
—
|
|
Total Other Interests — 0.0%
(Cost: $ — )
|
—
|
||
|
|
|
Par
(000)
|
|
|
Preferred Securities
|
|||
|
Capital Trusts — 0.7%(a)
|
|||
|
Banks(k) — 0.2%
|
|
||
|
Bank of America Corp.
|
|
|
|
|
6.25%
|
USD
|
155
|
156,980
|
|
6.63%
|
|
365
|
379,779
|
|
Barclays PLC
|
|
|
|
|
4.38%
|
|
200
|
191,866
|
|
9.63%
|
|
200
|
227,052
|
|
Citigroup, Inc.
|
|
|
|
|
6.88%, 12/31/99
|
|
60
|
61,834
|
|
Series CC, 7.13%
|
|
180
|
185,962
|
|
Series DD, 7.00%
|
|
45
|
47,797
|
|
Series EE, 6.75%
|
|
100
|
101,527
|
|
Series FF, 6.95%
|
|
40
|
41,080
|
|
Security
|
|
Par
(000)
|
Value
|
|
Banks (continued)
|
|
||
|
PNC Financial Services Group, Inc., Series W, 6.25%
|
USD
|
30
|
$ 30,783
|
|
Wells Fargo & Co., 6.85%
|
|
44
|
46,239
|
|
|
|
|
1,470,899
|
|
Capital Markets — 0.0%
|
|
||
|
Goldman Sachs Group, Inc., Series Y, 6.13%(k)
|
|
205
|
208,057
|
|
Electric Utilities — 0.0%
|
|
||
|
AES Corp., 7.60%, 01/15/55
|
|
71
|
73,546
|
|
CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55
|
|
19
|
20,153
|
|
Dominion Energy, Inc., 6.63%, 05/15/55
|
|
15
|
15,524
|
|
Duke Energy Corp., 6.45%, 09/01/54
|
|
33
|
34,857
|
|
NextEra Energy Capital Holdings, Inc., 6.38%, 08/15/55
|
|
55
|
57,110
|
|
|
|
|
201,190
|
|
Financial Services — 0.2%
|
|
||
|
Apollo Global Management, Inc., 6.00%, 12/15/54
|
|
84
|
83,446
|
|
Brookfield Finance, Inc., 6.30%, 01/15/55
|
|
125
|
123,933
|
|
Corebridge Financial, Inc., 6.38%, 09/15/54
|
|
59
|
60,558
|
|
Goldman Sachs Group, Inc., 6.85%(k)
|
|
85
|
88,292
|
|
UBS Group AG(b)(k)
|
|
|
|
|
7.00%
|
|
200
|
203,886
|
|
7.75%
|
|
200
|
215,842
|
|
Series NC10, 9.25%
|
|
200
|
238,173
|
|
|
|
|
1,014,130
|
|
Independent Power and Renewable Electricity Producers(b)(k) — 0.1%
|
|
||
|
NRG Energy, Inc., 10.25%
|
|
145
|
158,103
|
|
Vistra Corp., 7.00%
|
|
228
|
231,482
|
|
|
|
|
389,585
|
|
Multi-Utilities — 0.0%
|
|
||
|
AltaGas Ltd., 7.20%, 10/15/54(b)
|
|
52
|
53,790
|
|
Oil, Gas & Consumable Fuels(k) — 0.2%
|
|
||
|
Energy Transfer LP, Series G, 7.13%
|
|
62
|
64,064
|
|
Sunoco LP, 7.88%(b)
|
|
480
|
487,541
|
|
Venture Global LNG, Inc., 9.00%(b)
|
|
715
|
708,622
|
|
|
|
|
1,260,227
|
|
|
4,597,878
|
||
|
|
|
Shares
|
|
|
Preferred Stocks — 0.0%(c)
|
|||
|
Ground Transportation — 0.0%
|
|
||
|
Sirva BGRS Holdings, Inc., 07/21/30
|
|
382
|
66,794
|
|
IT Services(d) — 0.0%
|
|
||
|
Veritas Kapital Assurance PLC
|
|
|
|
|
Series G
|
|
1,882
|
42,821
|
|
Series G-1
|
|
1,301
|
29,598
|
|
|
|
|
72,419
|
|
|
139,213
|
||
|
Total Preferred Securities — 0.7%
(Cost: $4,796,542)
|
4,737,091
|
||
|
Security
|
|
Shares
|
Value
|
|
Warrants
|
|||
|
Energy Equipment & Services — 0.0%
|
|
||
|
Turbo Cayman Ltd., (Strike Price GBP 0.01)(c)(d)
|
|
1
|
$ —
|
|
Financial Services — 0.0%
|
|
||
|
Service King (Carnelian Point), (Exercisable 01/14/23,
1 Share for 1 Warrant, Expires 06/30/27, Strike Price
USD 10.00)(c)
|
|
2,435
|
—
|
|
Total Warrants — 0.0%
(Cost: $ — )
|
—
|
||
|
Total Investments — 117.9%
(Cost: $744,979,658)
|
731,800,234
|
||
|
Liabilities in Excess of Other Assets — (17.9)%
|
(111,259,124
)
|
||
|
Net Assets — 100.0%
|
$ 620,541,110
|
||
|
(a)
|
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate
and
spread if published and available.
|
|
(b)
|
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933,
as amended. These securities may be resold in transactions exempt from registration
to
qualified institutional investors.
|
|
(c)
|
Non-income producing security.
|
|
(d)
|
Security is valued using significant unobservable inputs and is classified as Level
3 in the
fair value hierarchy.
|
|
(e)
|
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $265,230, representing less than 0.05% of its net
assets
as of period end, and an original cost of $31,736.
|
|
(f)
|
When-issued security.
|
|
(g)
|
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
|
|
(h)
|
Issuer filed for bankruptcy and/or is in default.
|
|
(i)
|
This security may be resold to qualified foreign investors and foreign institutional
buyers
under Regulation S of the Securities Act of 1933.
|
|
(j)
|
Convertible security.
|
|
(k)
|
Perpetual security with no stated maturity date.
|
|
(l)
|
Zero-coupon bond.
|
|
(m)
|
Represents an unsettled loan commitment at period end. Certain details associated
with
this purchase are not known prior to the settlement date, including coupon rate.
|
|
(n)
|
Affiliate of the Fund.
|
|
(o)
|
Other interests represent beneficial interests in liquidation trusts and other reorganization
or private entities.
|
|
Affiliated Issuer
|
Value at
12/31/24
|
Purchases
at Cost
|
Proceeds
from Sales
|
Net
Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Value at
09/30/25
|
Shares
Held at
09/30/25
|
Income
|
Capital Gain
Distributions
from
Underlying
Funds
|
|
BlackRock Liquidity Funds, T-Fund, Institutional Shares(a)
|
$ —
|
$ —
(b)
|
$ —
|
$ —
|
$ —
|
$ —
|
—
|
$ 55,532
|
$ —
|
|
iShares Broad USD High Yield Corporate Bond ETF
|
—
|
10,581,811
|
—
|
—
|
185,489
|
10,767,300
|
285,000
|
151,189
|
—
|
|
|
|
|
|
$ —
|
$ 185,489
|
$ 10,767,300
|
|
$ 206,721
|
$ —
|
|
(a)
|
As of period end, the entity is no longer held.
|
|
(b)
|
Represents net amount purchased (sold).
|
|
Currency Purchased
|
Currency Sold
|
Counterparty
|
Settlement Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
USD
|
27,124
|
EUR
|
23,000
|
BNP Paribas SA
|
12/17/25
|
$ 3
|
|
USD
|
118,079
|
EUR
|
100,000
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
159
|
|
USD
|
1,714,872
|
EUR
|
1,450,000
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
5,034
|
|
|
|
|
|
|
|
5,196
|
|
USD
|
183,755
|
EUR
|
155,934
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
(123
)
|
|
|
$ 5,073
|
|||||
|
Reference Obligation/Index
|
Financing
Rate Received
by the Fund
|
Payment
Frequency
|
Termination
Date
|
Credit
Rating(a)
|
Notional
Amount (000)(b)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
CDX.NA.HY.44.V1
|
5.00
%
|
Quarterly
|
06/20/30
|
B
|
USD
|
500
|
$ 40,616
|
$ 25,835
|
$ 14,781
|
|
(a)
|
Using the rating of the issuer or the underlying securities of the index, as applicable,
provided by S&P Global Ratings.
|
|
(b)
|
The maximum potential amount the Fund may pay should a negative credit event take
place as defined under the terms of the agreement.
|
|
Paid by the Fund
|
Received by the Fund
|
|
|
|
|
|
|
|
|
||
|
Rate/Reference
|
Frequency
|
Rate/Reference
|
Frequency
|
Counterparty
|
Effective
Date
|
Termination
Date
|
Notional
Amount (000)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
1-day SOFR, 4.24%
|
Quarterly
|
Markit iBoxx USD
Liquid Leveraged
Loan Index
|
At Termination
|
Morgan Stanley &
Co. International
PLC
|
N/A
|
12/20/25
|
USD
|
4,000
|
$ 95,590
|
$ (43,905
)
|
$ 139,495
|
|
1-day SOFR, 4.24%
|
Quarterly
|
Markit iBoxx USD
Liquid Leveraged
Loan Index
|
At Termination
|
Morgan Stanley &
Co. International
PLC
|
N/A
|
03/20/26
|
USD
|
4,000
|
94,248
|
(43,905
)
|
138,153
|
|
1-day SOFR, 4.24%
|
Quarterly
|
Markit iBoxx USD
Liquid Leveraged
Loan Index
|
At Termination
|
Morgan Stanley &
Co. International
PLC
|
N/A
|
06/20/26
|
USD
|
10,000
|
(679
)
|
(108,112
)
|
107,433
|
|
|
|
|
|
|
|
|
|
|
$ 189,159
|
$ (195,922
)
|
$ 385,081
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
|
|
|
|
|
Investments
|
|
|
|
|
|
Long-Term Investments
|
|
|
|
|
|
Asset-Backed Securities
|
$ —
|
$ 9,793,293
|
$ —
|
$ 9,793,293
|
|
Common Stocks
|
|
|
|
|
|
Construction & Engineering
|
22,507
|
—
|
—
|
22,507
|
|
Electrical Equipment
|
—
|
—
|
—
|
—
|
|
Entertainment
|
—
|
—
|
265,230
|
265,230
|
|
Financial Services
|
—
|
—
|
565,902
|
565,902
|
|
Ground Transportation
|
—
|
1,383
|
—
|
1,383
|
|
Industrial Conglomerates
|
—
|
68,101
|
—
|
68,101
|
|
IT Services
|
—
|
—
|
694,193
|
694,193
|
|
Semiconductors & Semiconductor Equipment
|
7
|
—
|
—
|
7
|
|
Trading Companies & Distributors
|
—
|
—
|
272,776
|
272,776
|
|
Corporate Bonds
|
—
|
118,631,571
|
192,002
|
118,823,573
|
|
Fixed Rate Loan Interests
|
—
|
2,896,413
|
—
|
2,896,413
|
|
Floating Rate Loan Interests
|
—
|
531,027,831
|
16,198,149
|
547,225,980
|
|
Investment Companies
|
|
|
|
|
|
Equity Funds
|
14,131,800
|
160,969
|
—
|
14,292,769
|
|
Fixed Income Funds
|
32,141,016
|
—
|
—
|
32,141,016
|
|
Other Interests
|
—
|
—
|
—
|
—
|
|
Preferred Securities
|
|
|
|
|
|
Capital Trusts
|
—
|
4,597,878
|
—
|
4,597,878
|
|
Preferred Stocks
|
—
|
66,794
|
72,419
|
139,213
|
|
Warrants
|
—
|
—
|
—
|
—
|
|
Unfunded Floating Rate Loan Interests(a)
|
—
|
640
|
—
|
640
|
|
Liabilities
|
|
|
|
|
|
Unfunded Floating Rate Loan Interests(a)
|
—
|
(199
)
|
—
|
(199
)
|
|
|
$46,295,330
|
$667,244,674
|
$18,260,671
|
$731,800,675
|
|
Derivative Financial Instruments(b)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Credit Contracts
|
$ —
|
$ 14,781
|
$ —
|
$ 14,781
|
|
Foreign Currency Exchange Contracts
|
—
|
5,196
|
—
|
5,196
|
|
Interest Rate Contracts
|
—
|
385,081
|
—
|
385,081
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Liabilities
|
|
|
|
|
|
Foreign Currency Exchange Contracts
|
$ —
|
$ (123
)
|
$ —
|
$ (123
)
|
|
|
$—
|
$404,935
|
$—
|
$404,935
|
|
(a)
|
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation)
on the commitment.
|
|
(b)
|
Derivative financial instruments are swaps and forward foreign currency exchange contracts.
Swaps and forward foreign currency exchange contracts are valued at the unrealized
appreciation (depreciation) on the instrument.
|
|
|
Common
Stocks
|
Corporate
Bonds
|
Fixed
Rate Loan
Interests
|
Floating
Rate Loan
Interests
|
Other
Interests
|
Preferred
Stocks
|
Warrants
|
|
Assets
|
|
|
|
|
|
|
|
|
Opening balance, as of December 31, 2024
|
$ 1,426,241
|
$ 205,241
|
$ 2,375,848
|
$ 22,428,208
|
$ —
(a)
|
$ 63,638
|
$ —
|
|
Transfers into Level 3(b)
|
—
|
180,000
|
31,366
|
3,493,908
|
—
|
—
|
—
|
|
Transfers out of Level 3(c)
|
—
|
—
|
(1,722,486
)
|
(11,054,016
)
|
—
|
—
|
—
|
|
Accrued discounts/premiums
|
—
|
6,738
|
516
|
28,453
|
—
|
—
|
—
|
|
Net realized gain (loss)
|
295,448
|
102
|
4,660
|
20,214
|
—
|
(20
)
|
—
|
|
Net change in unrealized appreciation (depreciation)(d)(e)
|
(151,974
)
|
27,555
|
(29,980
)
|
257,799
|
—
|
8,801
|
—
|
|
Purchases
|
1,016,762
|
—
|
5,075
|
9,836,365
|
—
|
—
|
—
|
|
Sales
|
(788,376
)
|
(227,634
)
|
(664,999
)
|
(8,812,782
)
|
—
|
—
|
—
|
|
Closing balance, as of September 30, 2025
|
$ 1,798,101
|
$ 192,002
|
$ —
|
$ 16,198,149
|
$ —
(a)
|
$ 72,419
|
$ —
|
|
Net change in unrealized appreciation (depreciation) on investments still held at
September 30,
2025(e)
|
$ (151,974
)
|
$ 5,927
|
$ (36,441
)
|
$ 317,803
|
$ —
(a)
|
$ 8,801
|
$ —
|
|
|
Total
|
|
Assets
|
|
|
Opening balance, as of December 31, 2024
|
$ 26,499,176
|
|
Transfers into Level 3(b)
|
3,705,274
|
|
Transfers out of Level 3(c)
|
(12,776,502
)
|
|
Accrued discounts/premiums
|
35,707
|
|
Net realized gain (loss)
|
320,404
|
|
Net change in unrealized appreciation (depreciation)(d)(e)
|
112,201
|
|
Purchases
|
10,858,202
|
|
Sales
|
(10,493,791
)
|
|
Closing balance, as of September 30, 2025
|
$ 18,260,671
|
|
Net change in unrealized appreciation (depreciation) on investments still held at
September 30, 2025(e)
|
$ 144,116
|
|
(a)
|
Rounds to less than $1.
|
|
(b)
|
As of December 31, 2024, the Fund used observable inputs in determining the value
of certain investments. As of September 30, 2025, the Fund used significant unobservable
inputs
in determining the value of the same investments. As a result, investments at beginning
of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.
|
|
(c)
|
As of December 31, 2024, the Fund used significant unobservable inputs in determining
the value of certain investments. As of September 30, 2025, the Fund used observable
inputs
indetermining the value of the same investments. As a result, investments at beginning
of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.
|
|
(d)
|
Included in the related net change in unrealized appreciation (depreciation) in the
Statements of Operations.
|
|
(e)
|
Any difference between net change in unrealized appreciation (depreciation) and net
change in unrealized appreciation (depreciation) on investments still held at September
30, 2025 is
generally due to investments no longer held or categorized as Level 3 at period end.
|
|
Currency Abbreviation
|
|
|
EUR
|
Euro
|
|
USD
|
United States Dollar
|
|
Portfolio Abbreviation
|
|
|
CLO
|
Collateralized Loan Obligation
|
|
CME
|
Chicago Mercantile Exchange
|
|
CMT
|
Constant Maturity Treasury
|
|
DAC
|
Designated Activity Company
|
|
ETF
|
Exchange-Traded Fund
|
|
GO
|
General Obligation Bonds
|
|
PIK
|
Payment-in-Kind
|
|
REIT
|
Real Estate Investment Trust
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
SPDR
|
Standard & Poor’s Depository Receipt
|