|
|
Par Value
|
Value
|
|
Convertible Bonds and Notes—82.5%
|
||
|
Aerospace & Defense—2.2%
|
|
|
|
AeroVironment, Inc.
0.000%, 7/15/30
|
$2,050
|
$2,863
|
|
Intuitive Machines, Inc. 144A
2.500%, 10/1/30(1)
|
1,280
|
1,532
|
|
Rocket Lab USA, Inc. 144A
4.250%, 2/1/29(1)
|
170
|
2,085
|
|
|
|
6,480
|
|
|
|
|
|
|
||
|
Auto Manufacturers—0.8%
|
|
|
|
Rivian Automotive, Inc.
4.625%, 3/15/29
|
2,385
|
2,349
|
|
Automotive Parts & Equipment—0.4%
|
|
|
|
indie Semiconductor, Inc. 144A
4.500%, 11/15/27(1)
|
1,070
|
1,177
|
|
Biotechnology—5.3%
|
|
|
|
Alnylam Pharmaceuticals, Inc.
|
|
|
|
1.000%, 9/15/27 |
2,125
|
3,496
|
|
144A 0.000%, 9/15/28(1) |
715
|
714
|
|
Bridgebio Pharma, Inc.
|
|
|
|
2.500%, 3/15/27 |
1,410
|
2,272
|
|
144A 1.750%, 3/1/31(1) |
1,010
|
1,526
|
|
Celcuity, Inc.
2.750%, 8/1/31
|
505
|
907
|
|
Cytokinetics, Inc. 144A
1.750%, 10/1/31(1)
|
1,750
|
2,167
|
|
Ionis Pharmaceuticals, Inc.
1.750%, 6/15/28(2)
|
1,640
|
2,496
|
|
Ligand Pharmaceuticals, Inc. 144A
0.750%, 10/1/30(1)
|
2,005
|
2,349
|
|
|
|
15,927
|
|
|
|
|
|
|
||
|
Commercial Services—1.1%
|
|
|
|
Affirm Holdings, Inc. 144A
0.750%, 12/15/29(1)
|
1,740
|
1,889
|
|
Shift4 Payments, Inc.
0.500%, 8/1/27
|
1,370
|
1,346
|
|
|
|
3,235
|
|
|
|
|
|
|
||
|
Computers—9.5%
|
|
|
|
CyberArk Software Ltd. 144A
0.000%, 6/15/30(1)
|
3,145
|
3,667
|
|
Lumentum Holdings, Inc. 144A
0.375%, 3/15/32(1)
|
4,875
|
6,459
|
|
Parsons Corp.
2.625%, 3/1/29(2)
|
2,455
|
2,801
|
|
Seagate HDD Cayman
3.500%, 6/1/28
|
1,155
|
3,616
|
|
Super Micro Computer, Inc.
3.500%, 3/1/29
|
2,105
|
2,240
|
|
Western Digital Corp.
3.000%, 11/15/28
|
1,845
|
7,389
|
|
Zscaler, Inc. 144A
0.000%, 7/15/28(1)(3)
|
2,250
|
2,321
|
|
|
|
28,493
|
|
|
|
|
|
|
||
|
|
Par Value
|
Value
|
|
|
|
|
|
Diversified REITs—1.0%
|
|
|
|
Digital Realty Trust LP 144A
1.875%, 11/15/29(1)
|
$2,940
|
$3,101
|
|
Electric Utilities—4.2%
|
|
|
|
NextEra Energy Capital Holdings, Inc.
3.000%, 3/1/27
|
3,420
|
4,282
|
|
Southern Co. (The) 144A
3.250%, 6/15/28(1)
|
4,765
|
4,848
|
|
WEC Energy Group, Inc. 144A
3.375%, 6/1/28(1)
|
3,335
|
3,437
|
|
|
|
12,567
|
|
|
|
|
|
|
||
|
Electronics—1.9%
|
|
|
|
Mirion Technologies, Inc. 144A
0.250%, 6/1/30(1)
|
2,070
|
2,981
|
|
OSI Systems, Inc.
2.250%, 8/1/29
|
1,795
|
2,827
|
|
|
|
5,808
|
|
|
|
|
|
|
||
|
Engineering & Construction—0.9%
|
|
|
|
Granite Construction, Inc.
3.250%, 6/15/30
|
1,830
|
2,666
|
|
Entertainment—2.7%
|
|
|
|
IMAX Corp.
0.500%, 4/1/26
|
1,965
|
2,300
|
|
Live Nation Entertainment, Inc. 144A
2.875%, 1/15/30(1)
|
5,585
|
5,931
|
|
|
|
8,231
|
|
|
|
|
|
|
||
|
Financial Services—4.9%
|
|
|
|
Coinbase Global, Inc.
|
|
|
|
0.500%, 6/1/26(2) |
4,175
|
4,685
|
|
144A 0.000%, 10/1/29(1) |
2,265
|
2,448
|
|
Galaxy Digital Holdings LP 144A
0.500%, 5/1/31(1)
|
1,935
|
1,908
|
|
SoFi Technologies, Inc. 144A
0.000%, 10/15/26(1)
|
2,820
|
4,004
|
|
Upstart Holdings, Inc. 144A
1.000%, 11/15/30(1)(2)
|
415
|
368
|
|
WisdomTree, Inc. 144A
4.625%, 8/15/30(1)
|
1,340
|
1,370
|
|
|
|
14,783
|
|
|
|
|
|
|
||
|
Health Care REITs—2.4%
|
|
|
|
Welltower OP LLC 144A
3.125%, 7/15/29(1)
|
4,840
|
7,180
|
|
Healthcare-Products—4.3%
|
|
|
|
Alphatec Holdings, Inc. 144A
0.750%, 3/15/30(1)
|
2,055
|
2,932
|
|
Exact Sciences Corp. 144A
1.750%, 4/15/31(1)
|
1,610
|
1,622
|
|
Guardant Health, Inc.
1.250%, 2/15/31(2)
|
2,180
|
3,717
|
|
iRhythm Technologies, Inc.
1.500%, 9/1/29
|
1,695
|
2,459
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Healthcare-Products—continued
|
|
|
|
Repligen Corp.
1.000%, 12/15/28(2)
|
$1,025
|
$1,086
|
|
Tempus AI, Inc. 144A
0.750%, 7/15/30(1)
|
725
|
986
|
|
|
|
12,802
|
|
|
|
|
|
|
||
|
Healthcare-Services—0.5%
|
|
|
|
Oscar Health, Inc. 144A
2.250%, 9/1/30(1)
|
1,350
|
1,458
|
|
Home Builders—0.5%
|
|
|
|
Meritage Homes Corp.
1.750%, 5/15/28(2)
|
1,395
|
1,390
|
|
Industrial REITs—0.7%
|
|
|
|
Rexford Industrial Realty LP 144A
4.375%, 3/15/27(1)
|
2,110
|
2,110
|
|
Internet—6.3%
|
|
|
|
Alibaba Group Holding Ltd.
0.500%, 6/1/31
|
1,510
|
2,670
|
|
DoorDash, Inc. 144A
0.000%, 5/15/30(1)
|
2,940
|
3,246
|
|
Opendoor Technologies, Inc. 144A
7.000%, 5/15/30(1)
|
125
|
637
|
|
Spotify USA, Inc.
0.000%, 3/15/26
|
1,510
|
1,947
|
|
Trip.com Group Ltd.
0.750%, 6/15/29
|
1,630
|
1,989
|
|
Uber Technologies, Inc.
|
|
|
|
0.000%, 12/15/25 |
3,695
|
4,396
|
|
0.875%, 12/1/28 |
530
|
772
|
|
Wayfair, Inc.
3.250%, 9/15/27
|
1,850
|
3,166
|
|
|
|
18,823
|
|
|
|
|
|
|
||
|
Investment Companies—3.4%
|
|
|
|
Cipher Mining, Inc. 144A
0.000%, 10/1/31(1)
|
2,170
|
3,065
|
|
IREN Ltd. 144A
0.000%, 7/1/31(1)
|
2,945
|
3,101
|
|
Riot Platforms, Inc. 144A
0.750%, 1/15/30(1)
|
1,695
|
2,638
|
|
Terawulf, Inc. 144A
0.000%, 5/1/32(1)
|
1,210
|
1,251
|
|
|
|
10,055
|
|
|
|
|
|
|
||
|
Leisure Time—1.7%
|
|
|
|
Carnival Corp.
5.750%, 12/1/27
|
765
|
1,703
|
|
NCL Corp., Ltd. 144A
0.750%, 9/15/30(1)
|
3,685
|
3,533
|
|
|
|
5,236
|
|
|
|
|
|
|
||
|
Machinery-Construction & Mining—1.8%
|
|
|
|
Bloom Energy Corp.
|
|
|
|
3.000%, 6/1/29 |
430
|
2,760
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Machinery-Construction & Mining—continued
|
|
|
|
144A 0.000%, 11/15/30(1)(4) |
$2,530
|
$2,572
|
|
|
|
5,332
|
|
|
|
|
|
|
||
|
Media—0.5%
|
|
|
|
Liberty Media Corp.-Liberty Formula One
2.250%, 8/15/27
|
1,075
|
1,375
|
|
Metal Fabricate/Hardware—0.4%
|
|
|
|
Xometry, Inc. 144A
0.750%, 6/15/30(1)
|
860
|
1,121
|
|
Mining—1.6%
|
|
|
|
Centrus Energy Corp. 144A
0.000%, 8/15/32(1)
|
1,910
|
3,393
|
|
MP Materials Corp. 144A
3.000%, 3/1/30(1)
|
515
|
1,557
|
|
|
|
4,950
|
|
|
|
|
|
|
||
|
Miscellaneous Manufacturing—1.0%
|
|
|
|
Axon Enterprise, Inc.
0.500%, 12/15/27
|
425
|
1,359
|
|
JBT Marel Corp. 144A
0.375%, 9/15/30(1)
|
1,705
|
1,590
|
|
|
|
2,949
|
|
|
|
|
|
|
||
|
Office REITs—0.5%
|
|
|
|
Boston Properties LP 144A
2.000%, 10/1/30(1)
|
1,500
|
1,468
|
|
Oil, Gas & Consumable Fuels—0.7%
|
|
|
|
Solaris Energy Infrastructure, Inc.
0.250%, 10/1/31
|
1,890
|
2,247
|
|
Personal Care Product—0.5%
|
|
|
|
Oddity Finance LLC 144A
0.000%, 6/15/30(1)(3)
|
1,680
|
1,483
|
|
Pharmaceuticals—0.8%
|
|
|
|
Jazz Investments I Ltd.
3.125%, 9/15/30(2)
|
2,060
|
2,515
|
|
Retail—0.6%
|
|
|
|
Burlington Stores, Inc.
1.250%, 12/15/27
|
1,240
|
1,771
|
|
Semiconductors—5.6%
|
|
|
|
Cohu, Inc. 144A
1.500%, 1/15/31(1)
|
1,510
|
1,705
|
|
Impinj, Inc. 144A
0.000%, 9/15/29(1)
|
1,290
|
1,406
|
|
MACOM Technology Solutions Holdings, Inc. 144A
0.000%, 12/15/29(1)(3)
|
2,150
|
2,382
|
|
MKS, Inc.
1.250%, 6/1/30
|
1,880
|
2,256
|
|
Nova Ltd. 144A
0.000%, 9/15/30(1)
|
1,445
|
1,850
|
|
ON Semiconductor Corp.
0.000%, 5/1/27
|
935
|
1,082
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Semiconductors—continued
|
|
|
|
Semtech Corp. 144A
0.000%, 10/15/30(1)
|
$2,460
|
$2,495
|
|
Synaptics, Inc. 144A
0.750%, 12/1/31(1)
|
1,495
|
1,504
|
|
Veeco Instruments, Inc.
2.875%, 6/1/29
|
1,425
|
1,769
|
|
Wolfspeed, Inc.
2.500%, 6/15/31
|
151
|
328
|
|
|
|
16,777
|
|
|
|
|
|
|
||
|
Software—10.0%
|
|
|
|
Alignment Healthcare, Inc. 144A
4.250%, 11/15/29(1)(2)
|
1,410
|
1,953
|
|
Bitfarms Ltd. 144A
1.375%, 1/15/31(1)
|
190
|
172
|
|
Cloudflare, Inc.
0.000%, 8/15/26
|
3,605
|
5,023
|
|
Datadog, Inc. 144A
0.000%, 12/1/29(1)(3)
|
3,695
|
3,919
|
|
Guidewire Software, Inc. 144A
1.250%, 11/1/29(1)
|
2,235
|
2,635
|
|
Nebius Group N.V. 144A
1.000%, 9/15/30(1)
|
1,260
|
1,606
|
|
Nutanix, Inc. 144A
0.500%, 12/15/29(1)(2)
|
1,925
|
2,121
|
|
Snowflake, Inc.
0.000%, 10/1/29
|
2,705
|
4,984
|
|
Strategy, Inc.
|
|
|
|
144A 0.000%, 12/1/29(1)(3) |
4,860
|
4,228
|
|
144A 0.000%, 3/1/30(1) |
1,465
|
1,443
|
|
Unity Software, Inc. 144A
0.000%, 3/15/30(1)(2)
|
1,360
|
1,770
|
|
|
|
29,854
|
|
|
|
|
|
|
||
|
Telecommunications—3.0%
|
|
|
|
AST SpaceMobile, Inc. 144A
2.000%, 1/15/36(1)
|
1,790
|
1,902
|
|
GDS Holdings Ltd. 144A
2.250%, 6/1/32(1)(2)
|
1,200
|
1,607
|
|
InterDigital, Inc.
3.500%, 6/1/27
|
590
|
2,766
|
|
Viavi Solutions, Inc. 144A
0.625%, 3/1/31(1)
|
1,980
|
2,779
|
|
|
|
9,054
|
|
|
|
|
|
|
||
|
Water Utilities—0.8%
|
|
|
|
American Water Capital Corp.
3.625%, 6/15/26
|
2,560
|
2,550
|
|
Total Convertible Bonds and Notes
(Identified Cost $204,658)
|
247,317
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Corporate Bonds and Notes—47.6%
|
||
|
Aerospace & Defense—2.6%
|
|
|
|
AAR Escrow Issuer LLC 144A
6.750%, 3/15/29(1)
|
1,585
|
1,637
|
|
Bombardier, Inc. 144A
6.750%, 6/15/33(1)
|
2,330
|
2,446
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Aerospace & Defense—continued
|
|
|
|
TransDigm, Inc.
|
|
|
|
144A 6.375%, 5/31/33(1) |
$1,620
|
$1,651
|
|
144A 6.750%, 1/31/34(1) |
1,915
|
1,984
|
|
|
|
7,718
|
|
|
|
|
|
|
||
|
Auto Components—0.4%
|
|
|
|
Goodyear Tire & Rubber Co. (The)
6.625%, 7/15/30(2)
|
1,190
|
1,182
|
|
Automotive Parts & Equipment—2.3%
|
|
|
|
Adient Global Holdings Ltd. 144A
7.500%, 2/15/33(1)(2)
|
1,565
|
1,618
|
|
American Axle & Manufacturing, Inc. 144A
7.750%, 10/15/33(1)
|
1,210
|
1,212
|
|
Clarios Global LP 144A
6.750%, 9/15/32(1)
|
1,605
|
1,642
|
|
Garrett Motion Holdings, Inc. 144A
7.750%, 5/31/32(1)
|
1,160
|
1,221
|
|
Tenneco, Inc. 144A
8.000%, 11/17/28(1)
|
1,220
|
1,216
|
|
|
|
6,909
|
|
|
|
|
|
|
||
|
Building Materials—1.7%
|
|
|
|
AmeriTex HoldCo Intermediate LLC 144A
7.625%, 8/15/33(1)
|
1,275
|
1,334
|
|
Builders FirstSource, Inc. 144A
6.375%, 6/15/32(1)
|
1,270
|
1,316
|
|
Quikrete Holdings, Inc. 144A
6.750%, 3/1/33(1)
|
2,340
|
2,435
|
|
|
|
5,085
|
|
|
|
|
|
|
||
|
Chemicals—0.8%
|
|
|
|
Celanese U.S. Holdings LLC
6.750%, 4/15/33(2)
|
775
|
763
|
|
Chemours Co. (The) 144A
8.000%, 1/15/33(1)
|
1,700
|
1,643
|
|
|
|
2,406
|
|
|
|
|
|
|
||
|
Commercial Services—2.8%
|
|
|
|
Avis Budget Car Rental LLC 144A
8.000%, 2/15/31(1)(2)
|
2,075
|
2,109
|
|
EquipmentShare.com, Inc. 144A
8.625%, 5/15/32(1)
|
1,180
|
1,191
|
|
Herc Holdings, Inc. 144A
7.250%, 6/15/33(1)(2)
|
1,905
|
2,008
|
|
Shift4 Payments LLC 144A
6.750%, 8/15/32(1)
|
1,370
|
1,415
|
|
Williams Scotsman, Inc. 144A
6.625%, 4/15/30(1)
|
1,550
|
1,603
|
|
|
|
8,326
|
|
|
|
|
|
|
||
|
Computers—1.7%
|
|
|
|
CACI International, Inc. 144A
6.375%, 6/15/33(1)
|
795
|
826
|
|
McAfee Corp. 144A
7.375%, 2/15/30(1)
|
1,835
|
1,680
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Computers—continued
|
|
|
|
Seagate Data Storage Technology Pte Ltd. 144A
8.500%, 7/15/31(1)
|
$2,375
|
$2,528
|
|
|
|
5,034
|
|
|
|
|
|
|
||
|
Containers & Packaging—1.1%
|
|
|
|
Mauser Packaging Solutions Holding Co. 144A
7.875%, 4/15/27(1)
|
2,030
|
2,036
|
|
Owens-Brockway Glass Container, Inc. 144A
7.250%, 5/15/31(1)(2)
|
1,195
|
1,171
|
|
|
|
3,207
|
|
|
|
|
|
|
||
|
Diversified REITs—1.1%
|
|
|
|
Iron Mountain, Inc.
|
|
|
|
144A 7.000%, 2/15/29(1) |
1,175
|
1,210
|
|
144A 6.250%, 1/15/33(1) |
1,935
|
1,979
|
|
|
|
3,189
|
|
|
|
|
|
|
||
|
Electric Utilities—1.2%
|
|
|
|
NRG Energy, Inc. 144A
6.250%, 11/1/34(1)
|
1,925
|
1,982
|
|
Talen Energy Supply LLC 144A
6.500%, 2/1/36(1)
|
1,570
|
1,626
|
|
|
|
3,608
|
|
|
|
|
|
|
||
|
Electronic Equipment, Instruments & Components—0.4%
|
|
|
|
WESCO Distribution, Inc. 144A
6.375%, 3/15/33(1)
|
1,230
|
1,285
|
|
Entertainment—2.0%
|
|
|
|
Caesars Entertainment, Inc. 144A
6.000%, 10/15/32(1)(2)
|
2,095
|
1,999
|
|
Churchill Downs, Inc. 144A
6.750%, 5/1/31(1)
|
790
|
808
|
|
Light & Wonder International, Inc. 144A
6.250%, 10/1/33(1)
|
1,630
|
1,623
|
|
SeaWorld Parks & Entertainment, Inc. 144A
5.250%, 8/15/29(1)
|
810
|
794
|
|
Starz Capital Holdings 1, Inc. 144A
6.000%, 4/15/30(1)(2)
|
735
|
691
|
|
|
|
5,915
|
|
|
|
|
|
|
||
|
Environmental Services—0.9%
|
|
|
|
GFL Environmental, Inc. 144A
6.750%, 1/15/31(1)
|
1,100
|
1,151
|
|
Waste Pro USA, Inc. 144A
7.000%, 2/1/33(1)
|
1,460
|
1,517
|
|
|
|
2,668
|
|
|
|
|
|
|
||
|
Financial Services—4.3%
|
|
|
|
Navient Corp.
|
|
|
|
9.375%, 7/25/30(2) |
1,045
|
1,148
|
|
7.875%, 6/15/32(2) |
1,235
|
1,276
|
|
OneMain Finance Corp.
|
|
|
|
7.125%, 11/15/31(2) |
1,975
|
2,046
|
|
7.125%, 9/15/32 |
1,590
|
1,641
|
|
PennyMac Financial Services, Inc.
|
|
|
|
144A 7.875%, 12/15/29(1) |
1,510
|
1,605
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Financial Services—continued
|
|
|
|
144A 6.875%, 2/15/33(1) |
$765
|
$791
|
|
PRA Group, Inc. 144A
8.375%, 2/1/28(1)
|
1,120
|
1,137
|
|
Rocket Cos., Inc.
|
|
|
|
144A 7.125%, 2/1/32(1) |
1,520
|
1,596
|
|
144A 6.375%, 8/1/33(1) |
1,525
|
1,589
|
|
|
|
12,829
|
|
|
|
|
|
|
||
|
Food & Beverage—1.2%
|
|
|
|
Performance Food Group, Inc. 144A
6.125%, 9/15/32(1)
|
1,690
|
1,735
|
|
Post Holdings, Inc. 144A
6.375%, 3/1/33(1)
|
1,960
|
1,985
|
|
|
|
3,720
|
|
|
|
|
|
|
||
|
Healthcare-Products—0.8%
|
|
|
|
Insulet Corp. 144A
6.500%, 4/1/33(1)
|
1,140
|
1,188
|
|
Medline Borrower LP 144A
5.250%, 10/1/29(1)
|
1,175
|
1,170
|
|
|
|
2,358
|
|
|
|
|
|
|
||
|
Healthcare-Services—1.9%
|
|
|
|
Concentra Health Services, Inc. 144A
6.875%, 7/15/32(1)
|
1,585
|
1,653
|
|
DaVita, Inc. 144A
6.750%, 7/15/33(1)
|
1,505
|
1,560
|
|
Global Medical Response, Inc. 144A
7.375%, 10/1/32(1)
|
1,230
|
1,287
|
|
Tenet Healthcare Corp.
6.125%, 10/1/28
|
1,195
|
1,197
|
|
|
|
5,697
|
|
|
|
|
|
|
||
|
Housewares—0.5%
|
|
|
|
Newell Brands, Inc. 144A
8.500%, 6/1/28(1)
|
1,335
|
1,370
|
|
Insurance—0.8%
|
|
|
|
Panther Escrow Issuer LLC 144A
7.125%, 6/1/31(1)
|
2,370
|
2,449
|
|
Internet—1.3%
|
|
|
|
Gen Digital, Inc. 144A
6.250%, 4/1/33(1)
|
2,340
|
2,409
|
|
Snap, Inc. 144A
6.875%, 3/1/33(1)
|
1,560
|
1,595
|
|
|
|
4,004
|
|
|
|
|
|
|
||
|
Iron & Steel—0.6%
|
|
|
|
Cleveland-Cliffs, Inc. 144A
7.625%, 1/15/34(1)
|
1,620
|
1,684
|
|
Leisure Time—1.5%
|
|
|
|
Amer Sports Co. 144A
6.750%, 2/16/31(1)
|
1,170
|
1,217
|
|
Carnival Corp. 144A
5.750%, 8/1/32(1)
|
810
|
832
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Leisure Time—continued
|
|
|
|
NCL Corp., Ltd. 144A
6.750%, 2/1/32(1)
|
$2,390
|
$2,456
|
|
|
|
4,505
|
|
|
|
|
|
|
||
|
Lodging—0.3%
|
|
|
|
Station Casinos LLC 144A
6.625%, 3/15/32(1)
|
820
|
834
|
|
Machinery-Diversified—0.5%
|
|
|
|
Chart Industries, Inc. 144A
7.500%, 1/1/30(1)
|
1,545
|
1,611
|
|
Media—3.5%
|
|
|
|
CCO Holdings LLC
|
|
|
|
4.500%, 5/1/32 |
865
|
769
|
|
144A 6.375%, 9/1/29(1) |
1,245
|
1,255
|
|
144A 7.375%, 3/1/31(1) |
1,520
|
1,543
|
|
DIRECTV Financing LLC 144A
8.875%, 2/1/30(1)
|
1,605
|
1,595
|
|
Gray Media, Inc. 144A
9.625%, 7/15/32(1)
|
1,195
|
1,201
|
|
Nexstar Media, Inc. 144A
5.625%, 7/15/27(1)
|
1,140
|
1,140
|
|
Sirius XM Radio LLC 144A
5.500%, 7/1/29(1)
|
1,445
|
1,447
|
|
Versant Media Group, Inc. 144A
7.250%, 1/30/31(1)
|
1,580
|
1,611
|
|
|
|
10,561
|
|
|
|
|
|
|
||
|
Mining—1.2%
|
|
|
|
Arsenal AIC Parent LLC 144A
8.000%, 10/1/30(1)
|
1,170
|
1,243
|
|
Capstone Copper Corp. 144A
6.750%, 3/31/33(1)
|
1,160
|
1,200
|
|
Hudbay Minerals, Inc. 144A
6.125%, 4/1/29(1)
|
1,235
|
1,251
|
|
|
|
3,694
|
|
|
|
|
|
|
||
|
Miscellaneous Manufacturing—0.4%
|
|
|
|
Axon Enterprise, Inc. 144A
6.250%, 3/15/33(1)
|
1,225
|
1,266
|
|
Oil, Gas & Consumable Fuels—3.5%
|
|
|
|
CITGO Petroleum Corp. 144A
8.375%, 1/15/29(1)
|
1,240
|
1,289
|
|
Civitas Resources, Inc. 144A
8.750%, 7/1/31(1)(2)
|
1,170
|
1,203
|
|
CNX Resources Corp. 144A
7.375%, 1/15/31(1)
|
1,555
|
1,610
|
|
Northern Oil & Gas, Inc. 144A
8.750%, 6/15/31(1)
|
1,195
|
1,218
|
|
Permian Resources Operating LLC 144A
6.250%, 2/1/33(1)
|
1,190
|
1,211
|
|
SM Energy Co. 144A
7.000%, 8/1/32(1)
|
805
|
787
|
|
Sunoco LP 144A
6.250%, 7/1/33(1)
|
1,605
|
1,639
|
|
|
Par Value
|
Value
|
|
|
|
|
|
Oil, Gas & Consumable Fuels—continued
|
|
|
|
Transocean Titan Financing Ltd. 144A
8.375%, 2/1/28(1)
|
$1,396
|
$1,435
|
|
|
|
10,392
|
|
|
|
|
|
|
||
|
Paper & Forest Products—0.2%
|
|
|
|
Mercer International, Inc. 144A
5.125%, 2/1/29(1)
|
1,135
|
734
|
|
Pipelines—0.5%
|
|
|
|
Venture Global Plaquemines LNG LLC 144A
6.750%, 1/15/36(1)
|
1,545
|
1,636
|
|
Retail—1.3%
|
|
|
|
Advance Auto Parts, Inc. 144A
7.375%, 8/1/33(1)
|
1,620
|
1,640
|
|
Bath & Body Works, Inc.
6.875%, 11/1/35
|
770
|
805
|
|
New Red Finance, Inc. 144A
6.125%, 6/15/29(1)
|
1,535
|
1,578
|
|
|
|
4,023
|
|
|
|
|
|
|
||
|
Software—0.9%
|
|
|
|
Cloud Software Group, Inc. 144A
6.500%, 3/31/29(1)
|
1,600
|
1,612
|
|
UKG, Inc. 144A
6.875%, 2/1/31(1)
|
1,170
|
1,205
|
|
|
|
2,817
|
|
|
|
|
|
|
||
|
Telecommunications—1.5%
|
|
|
|
Frontier Communications Holdings LLC 144A
8.750%, 5/15/30(1)
|
750
|
784
|
|
Vmed O2 UK Financing I plc 144A
7.750%, 4/15/32(1)(2)
|
1,905
|
1,975
|
|
WULF Compute LLC 144A
7.750%, 10/15/30(1)
|
1,560
|
1,621
|
|
|
|
4,380
|
|
|
|
|
|
|
||
|
Transportation—1.9%
|
|
|
|
FTAI Aviation Investors LLC 144A
7.875%, 12/1/30(1)
|
1,820
|
1,934
|
|
Stonepeak Nile Parent LLC 144A
7.250%, 3/15/32(1)
|
1,610
|
1,703
|
|
XPO, Inc. 144A
7.125%, 6/1/31(1)
|
1,915
|
1,999
|
|
|
|
5,636
|
|
|
|
|
|
|
||
|
Total Corporate Bonds and Notes
(Identified Cost $140,004)
|
142,732
|
|
|
|
Shares
|
|
|
Convertible Preferred Stocks—10.8%
|
||
|
Aerospace & Defense—2.1%
|
|
|
|
Boeing Co. (The), 6.000%
|
95,355
|
6,171
|
|
Banks—2.5%
|
|
|
|
Wells Fargo & Co. Series L, 7.500%
|
6,170
|
7,634
|
|
|
Shares
|
Value
|
|
Capital Markets—1.4%
|
|
|
|
Ares Management Corp. Series B, 6.750%
|
32,190
|
$1,522
|
|
KKR & Co., Inc. Series D, 6.250%
|
52,815
|
2,589
|
|
|
|
4,111
|
|
|
|
|
|
|
||
|
Electric Utilities—1.5%
|
|
|
|
NextEra Energy, Inc., 7.299%
|
14,580
|
766
|
|
PG&E Corp. Series A, 6.000%
|
88,635
|
3,643
|
|
|
|
4,409
|
|
|
|
|
|
|
||
|
Financial Services—0.3%
|
|
|
|
Shift4 Payments, Inc., 6.000%
|
9,275
|
793
|
|
Healthcare Providers & Services—0.9%
|
|
|
|
BrightSpring Health Services, Inc., 6.750%
|
25,670
|
2,833
|
|
Semiconductors & Semiconductor Equipment—0.9%
|
|
|
|
Microchip Technology, Inc., 7.500%(2)
|
45,035
|
2,608
|
|
Software—0.2%
|
|
|
|
Strategy, Inc., 8.000%(2)
|
7,200
|
619
|
|
Technology Hardware, Storage & Peripherals—0.5%
|
|
|
|
Hewlett Packard Enterprise Co., 7.625%
|
24,745
|
1,672
|
|
Trading Companies & Distributors—0.5%
|
|
|
|
QXO, Inc., 5.500%
|
29,815
|
1,522
|
|
Total Convertible Preferred Stocks
(Identified Cost $25,040)
|
32,372
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Preferred Stock—0.0%
|
||
|
Entertainment—0.0%
|
|
|
|
LiveStyle, Inc. Series B(4)(5)(6)
|
4,196
|
2
|
|
Total Preferred Stock
(Identified Cost $411)
|
2
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Common Stocks—0.2%
|
||
|
Banks—0.2%
|
|
|
|
CCF Holdings LLC(4)(5)
|
6,367,079
|
382
|
|
CCF Holdings LLC Class M(4)(5)
|
879,959
|
53
|
|
|
|
435
|
|
|
|
|
|
|
||
|
Consumer Finance—0.0%
|
|
|
|
Erickson, Inc.(4)(5)
|
6,354
|
—
|
|
Entertainment—0.0%
|
|
|
|
LiveStyle, Inc. (4)(5)(6)
|
90,407
|
—
|
|
IT Services—0.0%
|
|
|
|
Shopify, Inc. Class A(5)
|
45
|
8
|
|
Total Common Stocks
(Identified Cost $22,676)
|
443
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
Shares
|
Value
|
|
|
|
|
|
|
|
|
|
Warrant—0.0%
|
||
|
Banks—0.0%
|
|
|
|
CCF Holdings LLC, 3/25/26(4)(5)
|
1,455,681
|
$—
|
|
Total Warrant
(Identified Cost $—)
|
—
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Total Long-Term Investments—141.1%
(Identified Cost $392,789)
|
422,866
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Short-Term Investment—6.4%
|
||
|
Money Market Mutual Fund—6.4%
|
||
|
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 3.982%)(7)
|
19,053,377
|
19,053
|
|
Total Short-Term Investment
(Identified Cost $19,053)
|
19,053
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
Securities Lending Collateral—2.2%
|
||
|
Dreyfus Government Cash Management Fund -
Institutional Shares (seven-day effective yield
4.004%)(7)(8)
|
6,629,674
|
6,630
|
|
Total Securities Lending Collateral
(Identified Cost $6,630)
|
6,630
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
TOTAL INVESTMENTS—149.7%
(Identified Cost $418,472)
|
$448,549
|
|
|
Other assets and liabilities, net—(13.3)%
|
(39,827
)
|
|
|
Cumulative Preferred Shares—(36.4)%
|
(109,000
)
|
|
|
NET ASSETS—100.0%
|
$299,722
|
|
|
Abbreviations:
|
|
|
LLC
|
Limited Liability Company
|
|
LP
|
Limited Partnership
|
|
OP
|
Operating Partnership
|
|
plc
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
Footnote Legend:
|
|
|
(1)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. At October 31, 2025, these securities amounted
to
a value of $272,607 or 91.0% of net assets.
|
|
(2)
|
All or a portion of security is on loan pursuant to the Liquidity Facility and/or
securities lending.
|
|
(3)
|
Issued with a zero coupon. Income is recognized through the accretion of
discount.
|
|
(4)
|
The value of this security was determined using significant unobservable inputs
and is reported as a Level 3 security in the Fair Value Hierarchy table located after
the Schedule of Investments.
|
|
(5)
|
Non-income producing.
|
|
(6)
|
Security is restricted from resale.
|
|
(7)
|
Shares of this fund are publicly offered, and its prospectus and annual report are
publicly available.
|
|
(8)
|
Represents security purchased with cash collateral received for securities on loan.
|
|
Country Weightings†
|
|
|
United States
|
89
%
|
|
Cayman Islands
|
3
|
|
Canada
|
2
|
|
Bermuda
|
2
|
|
Israel
|
1
|
|
Australia
|
1
|
|
Panama
|
1
|
|
Other
|
1
|
|
Total
|
100
%
|
|
† % of total investments as of October 31, 2025.
|
|
|
|
Total
Value at
October 31, 2025
|
Level 1
Quoted Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Assets:
|
|
|
|
|
|
Debt Instruments:
|
|
|
|
|
|
Convertible Bonds and Notes
|
$247,317
|
$—
|
$244,745
|
$2,572
|
|
Corporate Bonds and Notes
|
142,732
|
—
|
142,732
|
—
|
|
Equity Securities:
|
|
|
|
|
|
Convertible Preferred Stocks
|
32,372
|
32,372
|
—
|
—
|
|
Preferred Stock
|
2
|
—
|
—
|
2
|
|
Common Stocks
|
443
|
8
|
—
|
435
(1)
|
|
Warrant
|
—
|
—
|
—
|
—
(1)
|
|
Money Market Mutual Fund
|
19,053
|
19,053
|
—
|
—
|
|
Securities Lending Collateral
|
6,630
|
6,630
|
—
|
—
|
|
Total Investments
|
$448,549
|
$58,063
|
$387,477
|
$3,009
|
|
(1)
|
Includes internally fair valued securities currently priced at zero ($0).
|
|
|
Total
|
Convertible
Bonds
and Notes
|
Preferred
Stock
|
Common
Stocks
|
Warrant
|
|
Investments in Securities
|
|
|
|
|
|
|
Balance as of January 31, 2025:
|
$811
|
$—
|
$420
|
$362
(a)
|
$29
|
|
Net change in unrealized appreciation (depreciation)(b)
|
(335
)
|
39
|
(418
)
|
73
|
(29
)
|
|
Purchases
|
2,533
|
2,533
|
—
|
—
|
—
|
|
Balance as of October 31, 2025
|
$3,009
|
$2,572
|
$2
|
$435
(a)
|
$—
(a)
|
|
Investments in
Securities – Assets
|
Ending
Balance
at October 31, 2025
|
Valuation Technique
Used
|
Unobservable
Inputs
|
Input
Values
|
Impact to Valuation
from an Increase in
Unobservable Inputs(a)
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Preferred Stock:
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LiveStyle, Inc.
Series B
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$2
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Discounted cash flows
liquidation approach
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Discount rate
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25.07% (24.79% - 25.31%)
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Decrease
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Common Stocks:
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CCF Holdings LLC
|
$382
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OPM and Last transaction
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Volatility
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41.57% (40.00% - 44.70%)
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Increase
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CCF Holdings LLC
Class M
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$53
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OPM and Last transaction
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Volatility
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41.57% (40.00% - 44.70%)
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Increase
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Warrant:
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CCF Holdings LLC
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$—
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Black-Scholes Model
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Volatility
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41.57% (40.00% - 44.70%)
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Increase
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