|
2025 Quarterly Report
(Unaudited)
|
|
BlackRock Multi-Sector Income Trust (BIT)
|
|
Not FDIC Insured • May Lose Value • No Bank Guarantee
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities
|
|||
|
AGL Core CLO Ltd., Series 2019-2A, Class A1R, (3-mo.
CME Term SOFR + 1.46%), 5.79%, 07/20/37(a)(b)
|
USD
|
1,626
|
$ 1,632,393
|
|
AIMCO CLO Ltd., Series 2018-BA, Class CRR, (3-mo.
CME Term SOFR + 2.40%), 6.72%, 04/16/37(a)(b)
|
|
500
|
503,620
|
|
Anchorage Capital CLO Ltd.(a)(b)
|
|
|
|
|
Series 2015-7A, Class AR3, (3-mo. CME Term SOFR
+ 1.56%), 5.87%, 04/28/37
|
|
919
|
922,599
|
|
Series 2015-7A, Class DR3, (3-mo. CME Term SOFR
+ 3.80%), 8.11%, 04/28/37
|
|
250
|
251,668
|
|
Apidos CLO XVIII-R(a)(b)
|
|
|
|
|
Series 2018-18A, Class A1R2, (3-mo. CME Term
SOFR + 1.33%), 5.66%, 01/22/38
|
|
1,450
|
1,455,991
|
|
Series 2018-18A, Class BR2, (3-mo. CME Term
SOFR + 1.70%), 6.03%, 01/22/38
|
|
870
|
874,376
|
|
Argent Securities Trust, Series 2006-W5, Class A1, (1-
mo. Term SOFR + 0.41%), 4.57%, 06/25/36(a)
|
|
3,591
|
2,384,454
|
|
Atrium XV, Series 15A, Class D1R, (3-mo. CME Term
SOFR + 3.30%), 7.62%, 07/16/37(a)(b)
|
|
550
|
553,087
|
|
Ballyrock CLO Ltd.(a)(b)
|
|
|
|
|
Series 2020-14AR, Class DR, (3-mo. CME Term
SOFR + 5.85%), 10.18%, 07/20/37
|
|
250
|
250,852
|
|
Series 2024-28A, Class A2, (3-mo. CME Term SOFR
+ 1.70%), 6.03%, 01/20/38
|
|
250
|
250,875
|
|
Barings CLO Ltd., Series 2021-2A, Class D, (3-mo.
CME Term SOFR + 3.41%), 7.73%, 07/15/34(a)(b)
|
|
250
|
250,729
|
|
Bear Stearns Asset-Backed Securities I Trust,
Series 2006-HE9, Class 2A, (1-mo. Term SOFR +
0.39%), 4.55%, 11/25/36(a)
|
|
588
|
584,401
|
|
BlueMountain CLO Ltd., Series 2018-3A, Class A1R,
(3-mo. CME Term SOFR + 1.19%), 5.51%,
10/25/30(a)(b)
|
|
522
|
522,352
|
|
BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A,
Class A1AR, (3-mo. CME Term SOFR + 1.26%),
5.59%, 10/20/30(a)(b)
|
|
851
|
851,422
|
|
Bryant Park Funding Ltd., Series 2024-22A, Class C,
(3-mo. CME Term SOFR + 2.60%), 6.92%,
04/15/37(a)(b)
|
|
1,000
|
1,007,223
|
|
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR,
(3-mo. CME Term SOFR + 1.07%), 5.40%,
07/18/34(a)(b)
|
|
2,500
|
2,501,251
|
|
Carlyle Global Market Strategies CLO Ltd., Series 2015-
1A, Class AR3, (3-mo. CME Term SOFR + 1.24%),
5.57%, 07/20/31(a)(b)
|
|
486
|
486,399
|
|
Carrington Mortgage Loan Trust(a)
|
|
|
|
|
Series 2006-FRE2, Class A2, (1-mo. Term SOFR +
0.23%), 4.39%, 10/25/36
|
|
2,487
|
1,905,884
|
|
Series 2006-FRE2, Class A5, (1-mo. Term SOFR +
0.19%), 4.35%, 03/25/35
|
|
5,122
|
3,924,157
|
|
CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo.
CME Term SOFR + 1.02%), 5.35%, 04/20/32(a)(b)
|
|
961
|
961,442
|
|
C-BASS Trust, Series 2006-CB7, Class A4, (1-mo. Term
SOFR + 0.43%), 4.59%, 10/25/36(a)
|
|
3,578
|
2,477,130
|
|
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B,
(3-mo. CME Term SOFR + 1.80%), 6.13%,
04/20/35(a)(b)
|
|
400
|
401,088
|
|
CIFC Funding Ltd.(a)(b)
|
|
|
|
|
Series 2017-1A, Class CRR, (3-mo. CME Term
SOFR + 2.45%), 6.78%, 04/21/37
|
|
700
|
704,948
|
|
Series 2018-1A, Class A1R, (3-mo. CME Term SOFR
+ 1.32%), 5.59%, 01/18/38
|
|
1,160
|
1,163,480
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
CIFC Funding Ltd.(a)(b) (continued)
|
|
|
|
|
Series 2018-1A, Class BR, (3-mo. CME Term SOFR
+ 1.70%), 5.97%, 01/18/38
|
USD
|
1,450
|
$ 1,456,003
|
|
Series 2020-1A, Class DR, (3-mo. CME Term SOFR
+ 3.36%), 7.68%, 07/15/36
|
|
500
|
501,390
|
|
Series 2022-7A, Class ER, (3-mo. CME Term SOFR
+ 5.35%), 9.68%, 01/22/38
|
|
500
|
506,305
|
|
Citigroup Mortgage Loan Trust, Series 2006-FX1,
Class A7, 7.28%, 10/25/36
|
|
292
|
168,058
|
|
Concord Music Royalties LLC, Series 2024-1A, Class A,
5.64%, 10/20/74(b)
|
|
171
|
172,288
|
|
CWABS Asset-Backed Certificates Trust, Series 2006-
26, Class 1A, (1-mo. Term SOFR + 0.39%), 4.55%,
06/25/37(a)
|
|
414
|
390,039
|
|
CWHEQ Revolving Home Equity Loan Trust,
Series 2006-I, Class 1A, (1-mo. Term SOFR +
0.25%), 4.40%, 01/15/37(a)
|
|
265
|
255,516
|
|
Dryden Senior Loan Fund, Series 2015-37A, Class AR,
(3-mo. CME Term SOFR + 1.36%), 5.68%,
01/15/31(a)(b)
|
|
77
|
77,621
|
|
FirstKey Homes Trust, Series 2022-SFR1, Class E1,
5.00%, 05/19/39(b)
|
|
3,800
|
3,761,921
|
|
Fremont Home Loan Trust(a)
|
|
|
|
|
Series 2006-A, Class 2A3, (1-mo. Term SOFR +
0.43%), 4.59%, 05/25/36
|
|
3,778
|
2,445,142
|
|
Series 2006-D, Class 2A3, (1-mo. Term SOFR +
0.41%), 4.57%, 11/25/36
|
|
5,776
|
2,002,521
|
|
GoldenTree Loan Management U.S. CLO Ltd.,
Series 2021-11A, Class AR, (3-mo. CME Term SOFR
+ 1.08%), 5.41%, 10/20/34(a)(b)
|
|
250
|
250,201
|
|
GoodLeap Home Improvement Solutions Trust,
Series 2025-1A, Class B, 6.27%, 02/20/49(b)
|
|
199
|
203,563
|
|
GreenSky Home Improvement Issuer Trust,
Series 2024-2, Class C, 5.55%, 10/27/59(b)
|
|
100
|
101,008
|
|
Home Equity Mortgage Loan Asset-Backed Trust,
Series 2006-E, Class 2A3, (1-mo. Term SOFR +
0.45%), 4.61%, 04/25/37(a)
|
|
2,925
|
2,078,727
|
|
Long Beach Mortgage Loan Trust, Series 2006-7,
Class 2A3, (1-mo. Term SOFR + 0.43%), 4.59%,
08/25/36(a)
|
|
4,661
|
1,847,602
|
|
Lyra Music Assets Delaware LP, Series 2025-1A,
Class A2, 5.60%, 09/20/65(b)
|
|
198
|
200,231
|
|
Madison Park Funding LIX Ltd., Series 2021-59A,
Class A1R, (3-mo. CME Term SOFR + 1.50%),
5.83%, 04/18/37(a)(b)
|
|
1,450
|
1,457,697
|
|
Madison Park Funding XLVIII Ltd., Series 2021-48A,
Class E, (3-mo. CME Term SOFR + 6.51%), 10.84%,
04/19/33(a)(b)
|
|
500
|
500,857
|
|
Madison Park Funding XXXVII Ltd., Series 2019-37A,
Class BR2, (3-mo. CME Term SOFR + 1.95%),
6.27%, 04/15/37(a)(b)
|
|
875
|
879,078
|
|
Mariner Finance Issuance Trust, Series 2024-AA,
Class E, 9.02%, 09/22/36(b)
|
|
470
|
487,892
|
|
Mastr Asset Backed Securities Trust, Series 2006-HE2,
Class A3, (1-mo. Term SOFR + 0.41%), 4.57%,
06/25/36(a)
|
|
6,568
|
2,200,028
|
|
Navient Education Loan Trust, Series 2025-A, Class B,
5.32%, 07/15/55(b)
|
|
667
|
672,733
|
|
Navient Student Loan Trust, Series 2019-BA,
Class A2A, 3.39%, 12/15/59(b)
|
|
124
|
122,288
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
Nelnet Student Loan Trust, Series 2025-BA, Class D,
6.04%, 05/17/55(b)
|
USD
|
471
|
$ 474,294
|
|
Neuberger Berman Loan Advisers CLO Ltd.,
Series 2021-46A, Class BR, (3-mo. CME Term SOFR
+ 1.50%), 5.83%, 01/20/37(a)(b)
|
|
250
|
249,635
|
|
OCP CLO Ltd.(a)(b)
|
|
|
|
|
Series 2017-13A, Class AR2, (3-mo. CME Term
SOFR + 1.34%), 5.67%, 11/26/37
|
|
590
|
591,769
|
|
Series 2024-38A, Class A, (3-mo. CME Term SOFR +
1.33%), 5.66%, 01/21/38
|
|
1,000
|
1,003,018
|
|
Octagon 55 Ltd., Series 2021-1A, Class A1R, (3-mo.
CME Term SOFR + 1.26%), 5.23%, 03/20/38(a)(b)(c)
|
|
1,000
|
1,000,000
|
|
Octagon Investment Partners XVII Ltd., Series 2013-1A,
Class BR2, (3-mo. CME Term SOFR + 1.66%),
5.98%, 01/25/31(a)(b)
|
|
250
|
250,450
|
|
Octagon Investment Partners XXII Ltd., Series 2014-1A,
Class DRR, (3-mo. CME Term SOFR + 3.01%),
7.34%, 01/22/30(a)(b)
|
|
500
|
500,887
|
|
OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME
Term SOFR + 5.80%), 10.13%, 01/20/31(a)(b)
|
|
250
|
240,042
|
|
Palmer Square CLO Ltd., Series 2024-4A, Class B,
(3-mo. CME Term SOFR + 1.65%), 5.97%,
01/15/38(a)(b)
|
|
810
|
814,244
|
|
Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3-
mo. CME Term SOFR + 1.65%), 5.97%,
01/25/38(a)(b)
|
|
1,700
|
1,704,471
|
|
Regatta XVIII Funding Ltd., Series 2021-1A, Class BR,
(3-mo. CME Term SOFR + 1.55%), 5.87%,
04/15/38(a)(b)
|
|
850
|
851,828
|
|
Regional Management Issuance Trust, Series 2021-3,
Class A, 3.88%, 10/17/33(c)
|
|
1,110
|
1,075,368
|
|
Renaissance Home Equity Loan Trust, Series 2007-3,
Class AF2, 7.00%, 09/25/37
|
|
3,466
|
1,354,699
|
|
Republic Finance Issuance Trust11/20/34(b)(d)
|
|
1,015
|
1,014,774
|
|
Rockford Tower CLO Ltd.(a)(b)
|
|
|
|
|
Series 2017-2A, Class DR, (3-mo. CME Term SOFR
+ 3.11%), 7.43%, 10/15/29
|
|
500
|
500,012
|
|
Series 2021-3A, Class A1R, (3-mo. CME Term SOFR
+ 1.40%), 5.72%, 01/15/38
|
|
1,914
|
1,922,095
|
|
RR Ltd.(a)(b)
|
|
|
|
|
Series 2021-16A, Class A1, (3-mo. CME Term SOFR
+ 1.37%), 5.69%, 07/15/36
|
|
1,000
|
1,001,783
|
|
Series 2022-24A, Class A2R2, (3-mo. CME Term
SOFR + 1.70%), 6.02%, 01/15/37
|
|
1,000
|
1,003,540
|
|
Sagard-Halseypoint CLO Ltd., Series 2025-10A,
Class A1, 10/20/38(a)(b)(d)
|
|
1,000
|
1,000,000
|
|
Service Experts Issuer LLC, Series 2024-1A, Class A,
6.39%, 11/20/35(b)
|
|
168
|
171,955
|
|
SMB Private Education Loan Trust, Series 2021-A,
Class B, 2.31%, 01/15/53(b)
|
|
131
|
128,321
|
|
SoFi Personal Loan Term
|
|
|
|
|
Series 2023-1A, Class A, 6.00%, 11/12/30(b)
|
|
75
|
76,495
|
|
Series 2024-1, Class R1, 0.00%, 02/12/31
|
|
10
|
158,260
|
|
Series 2024-1A, Class A, 6.06%, 02/12/31(b)
|
|
231
|
232,364
|
|
Subway Funding LLC, Series 2024-1A, Class A2I,
6.03%, 07/30/54(b)
|
|
293
|
296,830
|
|
Symphony CLO XV Ltd., Series 2014-15A, Class AR3,
(3-mo. CME Term SOFR + 1.34%), 5.62%,
01/17/32(a)(b)
|
|
263
|
263,213
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities (continued)
|
|||
|
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR,
(3-mo. CME Term SOFR + 1.19%), 5.51%,
07/15/30(a)(b)
|
USD
|
874
|
$ 875,021
|
|
Trestles CLO IV Ltd., Series 2021-4A, Class B1, (3-mo.
CME Term SOFR + 1.96%), 6.29%, 07/21/34(a)(b)
|
|
1,000
|
1,003,030
|
|
Trestles CLO Ltd., Series 2017-1A, Class D1RR, (3-mo.
CME Term SOFR + 3.15%), 7.47%, 07/25/37(a)(b)
|
|
250
|
252,249
|
|
Trimaran CAVU Ltd., Series 2023-1, Class E, (3-mo.
CME Term SOFR + 8.94%), 13.27%, 07/20/36(a)(b)
|
|
500
|
501,626
|
|
Unique Pub Finance Co. PLC, Series 02, Class N,
6.46%, 03/30/32(e)
|
GBP
|
35
|
48,832
|
|
Upgrade Master Pass-Thru Trust, Series 2025-ST4,
Class A, 5.50%, 08/16/32(b)
|
USD
|
187
|
188,281
|
|
UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%,
01/25/47(b)
|
|
309
|
310,004
|
|
Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME
Term SOFR + 1.26%), 5.58%, 10/15/30(a)(b)
|
|
84
|
83,811
|
|
WaMu Asset-Backed Certificates WaMu Trust,
Series 2007-HE3, Class 2A3, (1-mo. Term SOFR +
0.35%), 4.51%, 05/25/37(a)
|
|
4,934
|
4,384,461
|
|
Warwick Capital CLO Ltd., Series 2024-5A, Class A1,
(3-mo. CME Term SOFR + 1.36%), 5.69%,
01/20/38(a)(b)
|
|
250
|
250,855
|
|
Whetstone Park CLO Ltd., Series 2021-1A, Class B1,
(3-mo. CME Term SOFR + 1.86%), 6.19%,
01/20/35(a)(b)
|
|
275
|
275,308
|
|
Wireless PropCo Funding LLC, Series 2025-1A,
Class B, 4.30%, 06/25/55(b)
|
|
725
|
692,088
|
|
Total Asset-Backed Securities — 9.5%
(Cost: $82,778,227)
|
76,306,443
|
||
|
|
|
Shares
|
|
|
Common Stocks
|
|||
|
Capital Markets — 0.0%
|
|
||
|
Wom New Holdco(c)(f)
|
|
485
|
11,155
|
|
Health Care Providers & Services — 0.0%
|
|
||
|
Quorum Restructuring Equity(f)
|
|
3,969
|
2,977
|
|
Real Estate Management & Development — 0.0%
|
|
||
|
ADLER Group SA(c)(f)
|
|
33,367
|
—
|
|
Total Common Stocks — 0.0%
(Cost: $14,065)
|
14,132
|
||
|
|
|
Par
(000)
|
|
|
Corporate Bonds
|
|||
|
Advertising Agencies — 1.1%
|
|||
|
Clear Channel Outdoor Holdings, Inc.(b)
|
|
|
|
|
7.75%, 04/15/28(g)
|
USD
|
493
|
492,104
|
|
7.50%, 06/01/29(g)
|
|
1,033
|
1,003,263
|
|
7.88%, 04/01/30(g)
|
|
1,088
|
1,142,428
|
|
7.13%, 02/15/31
|
|
1,192
|
1,232,113
|
|
7.50%, 03/15/33
|
|
2,792
|
2,919,229
|
|
CMG Media Corp., 8.88%, 06/18/29(b)
|
|
245
|
225,013
|
|
Security
|
|
Par
(000)
|
Value
|
|
Advertising Agencies (continued)
|
|||
|
Lamar Media Corp.
|
|
|
|
|
4.00%, 02/15/30
|
USD
|
53
|
$ 50,739
|
|
5.38%, 11/01/33(b)
|
|
317
|
314,668
|
|
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b)
|
|
648
|
636,135
|
|
Outfront Media Capital LLC/Outfront Media Capital
Corp.(b)
|
|
|
|
|
5.00%, 08/15/27
|
|
120
|
119,397
|
|
4.25%, 01/15/29
|
|
326
|
313,120
|
|
4.63%, 03/15/30(g)
|
|
122
|
117,253
|
|
7.38%, 02/15/31
|
|
332
|
350,241
|
|
Stagwell Global LLC, 5.63%, 08/15/29(b)
|
|
129
|
125,313
|
|
|
|
|
9,041,016
|
|
Aerospace & Defense — 2.6%
|
|||
|
AAR Escrow Issuer LLC, 6.75%, 03/15/29(b)
|
|
442
|
455,006
|
|
ATI, Inc.
|
|
|
|
|
5.88%, 12/01/27
|
|
157
|
157,300
|
|
4.88%, 10/01/29
|
|
129
|
126,828
|
|
7.25%, 08/15/30
|
|
444
|
466,060
|
|
5.13%, 10/01/31
|
|
350
|
344,443
|
|
Bombardier, Inc.(b)
|
|
|
|
|
6.00%, 02/15/28
|
|
683
|
684,727
|
|
8.75%, 11/15/30
|
|
531
|
572,626
|
|
7.25%, 07/01/31
|
|
205
|
217,307
|
|
7.00%, 06/01/32
|
|
403
|
421,209
|
|
6.75%, 06/15/33
|
|
460
|
480,037
|
|
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%,
02/15/32(b)
|
|
2,200
|
2,238,720
|
|
Goat Holdco LLC, 6.75%, 02/01/32(b)
|
|
279
|
285,975
|
|
Lockheed Martin Corp., 5.70%, 11/15/54
|
|
451
|
465,304
|
|
Northrop Grumman Corp., 4.75%, 06/01/43
|
|
680
|
629,454
|
|
RTX Corp., 4.35%, 04/15/47
|
|
700
|
599,476
|
|
Spirit AeroSystems, Inc.(b)
|
|
|
|
|
9.38%, 11/30/29
|
|
621
|
654,049
|
|
9.75%, 11/15/30
|
|
531
|
583,991
|
|
TransDigm, Inc.(b)
|
|
|
|
|
6.75%, 08/15/28
|
|
848
|
864,162
|
|
6.38%, 03/01/29
|
|
1,979
|
2,023,331
|
|
6.63%, 03/01/32
|
|
2,013
|
2,072,474
|
|
6.00%, 01/15/33
|
|
1,177
|
1,190,045
|
|
6.38%, 05/31/33
|
|
1,795
|
1,815,181
|
|
6.25%, 01/31/34
|
|
263
|
270,474
|
|
6.75%, 01/31/34
|
|
3,471
|
3,588,872
|
|
|
|
|
21,207,051
|
|
Air Freight & Logistics(b) — 0.1%
|
|||
|
Rand Parent LLC, 8.50%, 02/15/30
|
|
312
|
324,188
|
|
Stonepeak Nile Parent LLC, 7.25%, 03/15/32
|
|
155
|
163,220
|
|
|
|
|
487,408
|
|
Automobile Components — 1.0%
|
|||
|
American Axle & Manufacturing, Inc.(b)(d)
|
|
|
|
|
10/15/32
|
|
229
|
228,613
|
|
10/15/33
|
|
239
|
240,863
|
|
Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49
|
|
280
|
256,029
|
|
Clarios Global LP/Clarios U.S. Finance Co.(b)
|
|
|
|
|
6.75%, 05/15/28
|
|
1,058
|
1,081,368
|
|
6.75%, 02/15/30
|
|
488
|
504,109
|
|
4.75%, 06/15/31
|
EUR
|
380
|
454,546
|
|
6.75%, 09/15/32
|
USD
|
2,006
|
2,050,453
|
|
Dana, Inc.
|
|
|
|
|
4.25%, 09/01/30
|
|
119
|
117,851
|
|
4.50%, 02/15/32
|
|
182
|
179,208
|
|
Security
|
|
Par
(000)
|
Value
|
|
Automobile Components (continued)
|
|||
|
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%,
05/31/32(b)
|
USD
|
151
|
$ 158,399
|
|
Goodyear Tire & Rubber Co.
|
|
|
|
|
5.00%, 07/15/29
|
|
81
|
78,220
|
|
6.63%, 07/15/30
|
|
225
|
228,298
|
|
5.25%, 04/30/31
|
|
18
|
17,010
|
|
5.63%, 04/30/33
|
|
137
|
127,467
|
|
IHO Verwaltungs GmbH, (7.00% PIK), 7.00%,
11/15/31(e)(h)
|
EUR
|
100
|
127,085
|
|
Mahle GmbH, 6.50%, 05/02/31(e)
|
|
100
|
121,532
|
|
Qnity Electronics, Inc.(b)
|
|
|
|
|
5.75%, 08/15/32
|
USD
|
378
|
380,883
|
|
6.25%, 08/15/33
|
|
294
|
300,229
|
|
Schaeffler AG(e)
|
|
|
|
|
4.25%, 04/01/28
|
EUR
|
100
|
119,329
|
|
4.75%, 08/14/29
|
|
100
|
120,557
|
|
Tenneco, Inc., 8.00%, 11/17/28(b)
|
USD
|
527
|
527,962
|
|
ZF Europe Finance BV, 7.00%, 06/12/30(e)
|
EUR
|
100
|
121,870
|
|
ZF Finance GmbH, 2.00%, 05/06/27(e)
|
|
100
|
114,174
|
|
|
|
|
7,656,055
|
|
Automobiles — 1.4%
|
|||
|
Asbury Automotive Group, Inc.
|
|
|
|
|
4.50%, 03/01/28
|
USD
|
22
|
21,731
|
|
5.00%, 02/15/32(b)
|
|
40
|
38,409
|
|
Aston Martin Capital Holdings Ltd.
|
|
|
|
|
10.00%, 03/31/29(b)
|
|
200
|
195,811
|
|
10.38%, 03/31/29(e)
|
GBP
|
100
|
130,770
|
|
Carvana Co.(b)(h)
|
|
|
|
|
(9.00% PIK), 9.00%, 06/01/30
|
USD
|
927
|
970,126
|
|
(9.00% PIK), 9.00%, 06/01/31
|
|
1,890
|
2,139,463
|
|
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b)
|
|
264
|
280,684
|
|
Ford Motor Credit Co. LLC, 6.95%, 06/10/26
|
|
1,250
|
1,266,249
|
|
General Motors Co., 6.25%, 10/02/43(g)
|
|
2,194
|
2,231,147
|
|
Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%,
08/15/29(b)
|
|
200
|
211,000
|
|
Group 1 Automotive, Inc., 6.38%, 01/15/30(b)
|
|
114
|
116,626
|
|
LCM Investments Holdings II LLC(b)
|
|
|
|
|
4.88%, 05/01/29
|
|
257
|
251,796
|
|
8.25%, 08/01/31
|
|
258
|
272,862
|
|
Lithia Motors, Inc., 5.50%, 10/01/30(b)
|
|
237
|
236,704
|
|
Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30(b)
|
|
677
|
677,231
|
|
Nissan Motor Co. Ltd.
|
|
|
|
|
5.25%, 07/17/29(e)
|
EUR
|
100
|
119,651
|
|
7.75%, 07/17/32(b)
|
USD
|
279
|
295,255
|
|
6.38%, 07/17/33(b)
|
EUR
|
200
|
241,749
|
|
8.13%, 07/17/35(b)
|
USD
|
1,269
|
1,362,265
|
|
RCI Banque SA(a)(e)
|
|
|
|
|
(5-year EURIBOR ICE Swap + 2.20%), 4.75%,
03/24/37
|
EUR
|
100
|
119,454
|
|
(5-year EURIBOR ICE Swap + 2.75%), 5.50%,
10/09/34
|
|
100
|
123,496
|
|
Renault SA, 3.88%, 09/30/30(e)
|
|
100
|
117,227
|
|
Wabash National Corp., 4.50%, 10/15/28(b)
|
USD
|
199
|
184,636
|
|
|
|
|
11,604,342
|
|
Banks — 0.2%
|
|||
|
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE
Swap + 2.45%), 4.63%, 12/11/36(a)(e)
|
EUR
|
100
|
120,900
|
|
Bangkok Bank PCL/Hong Kong, 5.30%, 09/21/28(b)
|
USD
|
200
|
204,874
|
|
Intesa Sanpaolo SpA, 5.71%, 01/15/26(b)
|
|
200
|
200,435
|
|
Security
|
|
Par
(000)
|
Value
|
|
Banks (continued)
|
|||
|
National Bank of Greece SA, (5-year EURIBOR ICE
Swap + 3.15%), 5.88%, 06/28/35(a)(e)
|
EUR
|
100
|
$ 126,302
|
|
Standard Chartered PLC, (5-year USD ICE Swap +
1.97%), 4.87%, 03/15/33(a)(b)(g)
|
USD
|
500
|
500,885
|
|
Walker & Dunlop, Inc., 6.63%, 04/01/33(b)
|
|
195
|
199,416
|
|
|
|
|
1,352,812
|
|
Beverages — 0.2%
|
|||
|
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc., 4.90%, 02/01/46(g)
|
|
2,000
|
1,873,660
|
|
Biotechnology — 0.1%
|
|||
|
Amgen, Inc., 4.95%, 10/01/41
|
|
250
|
236,321
|
|
Gilead Sciences, Inc., 4.15%, 03/01/47(g)
|
|
700
|
590,546
|
|
|
|
|
826,867
|
|
Building Materials — 1.5%
|
|||
|
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33(b)
|
|
304
|
316,400
|
|
Builders FirstSource, Inc.(b)
|
|
|
|
|
6.38%, 03/01/34
|
|
77
|
79,318
|
|
6.75%, 05/15/35
|
|
234
|
244,327
|
|
CP Atlas Buyer, Inc., 9.75%, 07/15/30(b)
|
|
92
|
96,352
|
|
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
|
|
|
|
|
6.38%, 12/15/30(b)
|
EUR
|
205
|
251,447
|
|
6.38%, 12/15/30(e)
|
|
100
|
122,657
|
|
6.63%, 12/15/30(b)
|
USD
|
3,248
|
3,338,778
|
|
6.75%, 07/15/31(b)
|
|
299
|
310,558
|
|
Jeld-Wen, Inc.(b)
|
|
|
|
|
4.88%, 12/15/27
|
|
309
|
301,540
|
|
7.00%, 09/01/32(g)
|
|
280
|
236,454
|
|
JH North America Holdings, Inc.(b)
|
|
|
|
|
5.88%, 01/31/31
|
|
325
|
329,977
|
|
6.13%, 07/31/32
|
|
429
|
439,414
|
|
New Enterprise Stone & Lime Co., Inc.(b)
|
|
|
|
|
5.25%, 07/15/28
|
|
103
|
102,049
|
|
9.75%, 07/15/28
|
|
208
|
208,462
|
|
Quikrete Holdings, Inc.(b)
|
|
|
|
|
6.38%, 03/01/32
|
|
1,754
|
1,816,870
|
|
6.75%, 03/01/33
|
|
432
|
449,148
|
|
Smyrna Ready Mix Concrete LLC(b)
|
|
|
|
|
6.00%, 11/01/28
|
|
42
|
42,013
|
|
8.88%, 11/15/31
|
|
323
|
341,070
|
|
Standard Building Solutions, Inc.(b)
|
|
|
|
|
6.50%, 08/15/32
|
|
776
|
796,192
|
|
6.25%, 08/01/33
|
|
855
|
866,444
|
|
Standard Industries, Inc.
|
|
|
|
|
2.25%, 11/21/26(e)
|
EUR
|
96
|
111,930
|
|
4.75%, 01/15/28(b)
|
USD
|
6
|
5,948
|
|
4.38%, 07/15/30(b)
|
|
297
|
284,758
|
|
3.38%, 01/15/31(b)
|
|
125
|
113,196
|
|
Wilsonart LLC, 11.00%, 08/15/32(b)
|
|
475
|
462,388
|
|
|
|
|
11,667,690
|
|
Building Products — 0.6%
|
|||
|
Foundation Building Materials, Inc., 6.00%, 03/01/29(b)
|
|
21
|
21,286
|
|
Lowe’s Cos., Inc., 2.80%, 09/15/41
|
|
400
|
289,629
|
|
Park River Holdings, Inc., 03/15/31(b)(d)
|
|
251
|
254,181
|
|
QXO Building Products, Inc., 6.75%, 04/30/32(b)
|
|
1,855
|
1,920,660
|
|
White Cap Buyer LLC, 6.88%, 10/15/28(b)
|
|
2,336
|
2,329,061
|
|
|
|
|
4,814,817
|
|
Capital Markets — 1.0%
|
|||
|
Apollo Debt Solutions BDC
|
|
|
|
|
5.88%, 08/30/30(b)
|
|
220
|
223,860
|
|
6.70%, 07/29/31
|
|
250
|
264,953
|
|
Security
|
|
Par
(000)
|
Value
|
|
Capital Markets (continued)
|
|||
|
Apollo Debt Solutions BDC (continued)
|
|
|
|
|
6.55%, 03/15/32(b)
|
USD
|
60
|
$ 62,963
|
|
ARES Strategic Income Fund
|
|
|
|
|
5.60%, 02/15/30
|
|
159
|
160,552
|
|
5.80%, 09/09/30(b)
|
|
300
|
304,864
|
|
5.15%, 01/15/31(b)
|
|
239
|
236,154
|
|
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30
|
|
95
|
95,486
|
|
Blackstone Private Credit Fund, 6.00%, 11/22/34
|
|
761
|
779,300
|
|
Blue Owl Capital Corp., 6.20%, 07/15/30
|
|
655
|
673,537
|
|
Blue Owl Capital Corp. II, 8.45%, 11/15/26
|
|
140
|
145,034
|
|
Compass Group Diversified Holdings LLC, 5.25%,
04/15/29(b)
|
|
278
|
256,619
|
|
Focus Financial Partners LLC, 6.75%, 09/15/31(b)
|
|
401
|
410,671
|
|
HA Sustainable Infrastructure Capital, Inc., 6.38%,
07/01/34
|
|
257
|
261,556
|
|
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%,
06/15/27(b)
|
|
72
|
74,958
|
|
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
|
|
|
|
|
5.25%, 05/15/27
|
|
991
|
974,100
|
|
9.75%, 01/15/29
|
|
219
|
221,026
|
|
4.38%, 02/01/29(g)
|
|
158
|
136,387
|
|
10.00%, 11/15/29(b)
|
|
323
|
324,427
|
|
Jane Street Group/JSG Finance, Inc.(b)
|
|
|
|
|
6.13%, 11/01/32
|
|
105
|
106,424
|
|
6.75%, 05/01/33
|
|
181
|
187,993
|
|
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27(i)
|
|
396
|
458,568
|
|
Osaic Holdings, Inc.(b)
|
|
|
|
|
6.75%, 08/01/32
|
|
174
|
179,713
|
|
8.00%, 08/01/33
|
|
547
|
566,909
|
|
Raymond James Financial, Inc., 4.95%, 07/15/46
|
|
400
|
369,220
|
|
SURA Asset Management SA, 6.35%, 05/13/32(b)
|
|
200
|
213,500
|
|
WOM Chile Holdco SpA, (5.00% PIK), 5.00%,
04/01/32(b)(h)(i)
|
|
255
|
227,392
|
|
|
|
|
7,916,166
|
|
Chemicals — 2.2%
|
|||
|
Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK),
9.25%, 11/01/26(b)(h)
|
|
404
|
357,139
|
|
Avient Corp., 6.25%, 11/01/31(b)
|
|
227
|
230,524
|
|
Axalta Coating Systems Dutch Holding B BV, 7.25%,
02/15/31(b)
|
|
358
|
374,547
|
|
Celanese U.S. Holdings LLC, 6.75%, 04/15/33(g)
|
|
245
|
243,966
|
|
Chemours Co.
|
|
|
|
|
5.38%, 05/15/27
|
|
435
|
434,641
|
|
5.75%, 11/15/28(b)
|
|
1,057
|
1,030,971
|
|
8.00%, 01/15/33(b)
|
|
484
|
481,418
|
|
Element Solutions, Inc., 3.88%, 09/01/28(b)
|
|
2,068
|
2,004,165
|
|
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27(e)
|
EUR
|
100
|
118,293
|
|
HB Fuller Co., 4.25%, 10/15/28
|
USD
|
90
|
87,514
|
|
Herens Holdco SARL, 4.75%, 05/15/28(b)
|
|
271
|
237,420
|
|
Inversion Escrow Issuer LLC, 6.75%, 08/01/32(b)
|
|
1,200
|
1,182,136
|
|
Itelyum Regeneration SpA, 5.75%, 04/15/30(e)
|
EUR
|
100
|
119,447
|
|
Kronos International, Inc., Series SEP, 9.50%,
03/15/29(e)
|
|
100
|
123,724
|
|
Mativ Holdings, Inc., 8.00%, 10/01/29(b)
|
USD
|
195
|
193,062
|
|
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b)
|
|
209
|
212,651
|
|
Minerals Technologies, Inc., 5.00%, 07/01/28(b)
|
|
218
|
213,641
|
|
OCP SA, 7.50%, 05/02/54(b)
|
|
200
|
221,938
|
|
Olympus Water U.S. Holding Corp.
|
|
|
|
|
9.63%, 11/15/28(e)
|
EUR
|
100
|
123,137
|
|
9.75%, 11/15/28(b)
|
USD
|
1,086
|
1,139,757
|
|
6.25%, 10/01/29(b)(g)
|
|
400
|
388,398
|
|
7.25%, 06/15/31(b)
|
|
1,105
|
1,120,221
|
|
Security
|
|
Par
(000)
|
Value
|
|
Chemicals (continued)
|
|||
|
Olympus Water U.S. Holding Corp. (continued)
|
|
|
|
|
02/15/33(b)(d)
|
USD
|
1,689
|
$ 1,690,759
|
|
Sherwin-Williams Co., 3.80%, 08/15/49
|
|
310
|
237,290
|
|
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b)
|
|
586
|
573,552
|
|
Solstice Advanced Materials, Inc., 5.63%, 09/30/33(b)
|
|
566
|
567,870
|
|
WR Grace Holdings LLC(b)
|
|
|
|
|
4.88%, 06/15/27
|
|
170
|
168,946
|
|
5.63%, 08/15/29(g)
|
|
3,178
|
2,953,944
|
|
7.38%, 03/01/31
|
|
354
|
361,012
|
|
6.63%, 08/15/32
|
|
659
|
651,606
|
|
|
|
|
17,843,689
|
|
Commercial Services & Supplies — 4.0%
|
|||
|
ADT Security Corp.(b)
|
|
|
|
|
4.88%, 07/15/32
|
|
117
|
113,308
|
|
10/15/33(d)
|
|
687
|
687,000
|
|
Albion Financing 1 SARL/Aggreko Holdings, Inc.
|
|
|
|
|
5.38%, 05/21/30(e)
|
EUR
|
100
|
121,792
|
|
7.00%, 05/21/30(b)
|
USD
|
1,353
|
1,399,408
|
|
Allied Universal Holdco LLC, 7.88%, 02/15/31(b)(g)
|
|
4,040
|
4,235,923
|
|
Allied Universal Holdco LLC/Allied Universal Finance
Corp.(b)
|
|
|
|
|
6.00%, 06/01/29(g)
|
|
2,367
|
2,326,889
|
|
6.88%, 06/15/30
|
|
1,510
|
1,552,023
|
|
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 SARL
|
|
|
|
|
4.63%, 06/01/28(b)
|
|
2,247
|
2,202,969
|
|
4.88%, 06/01/28(e)
|
GBP
|
100
|
131,479
|
|
BCP V Modular Services Finance II PLC, 6.50%,
07/10/31(e)
|
EUR
|
100
|
109,762
|
|
Belron U.K. Finance PLC, 5.75%, 10/15/29(b)
|
USD
|
799
|
809,414
|
|
Boels Topholding BV, 5.75%, 05/15/30(e)
|
EUR
|
100
|
121,765
|
|
Brink’s Co.(b)
|
|
|
|
|
6.50%, 06/15/29
|
USD
|
208
|
214,053
|
|
6.75%, 06/15/32
|
|
313
|
325,565
|
|
Deluxe Corp., 8.13%, 09/15/29(b)
|
|
170
|
177,517
|
|
DP World Salaam, (5-year CMT + 5.75%), 6.00%(a)(e)(j)
|
|
200
|
200,036
|
|
EquipmentShare.com, Inc., 8.00%, 03/15/33(b)
|
|
177
|
189,167
|
|
FTAI Aviation Investors LLC(b)
|
|
|
|
|
5.50%, 05/01/28
|
|
652
|
652,104
|
|
7.88%, 12/01/30
|
|
937
|
995,700
|
|
7.00%, 05/01/31
|
|
1,682
|
1,759,470
|
|
7.00%, 06/15/32
|
|
754
|
789,078
|
|
5.88%, 04/15/33
|
|
582
|
585,650
|
|
Garda World Security Corp.(b)
|
|
|
|
|
4.63%, 02/15/27
|
|
484
|
480,328
|
|
7.75%, 02/15/28
|
|
474
|
485,899
|
|
6.00%, 06/01/29
|
|
86
|
85,262
|
|
8.25%, 08/01/32
|
|
704
|
729,761
|
|
8.38%, 11/15/32
|
|
2,075
|
2,153,905
|
|
Herc Holdings, Inc.(b)
|
|
|
|
|
6.63%, 06/15/29
|
|
170
|
174,676
|
|
7.00%, 06/15/30
|
|
529
|
549,486
|
|
7.25%, 06/15/33
|
|
522
|
544,917
|
|
Hertz Corp., 12.63%, 07/15/29(b)
|
|
195
|
206,729
|
|
ION Platform Finance SARL, 09/30/30(d)
|
EUR
|
100
|
117,405
|
|
Loxam SAS, 6.38%, 05/31/29(e)
|
|
90
|
109,444
|
|
Prime Security Services Borrower LLC/Prime Finance,
Inc., 6.25%, 01/15/28(b)(g)
|
USD
|
217
|
216,810
|
|
RR Donnelley & Sons Co., 9.50%, 08/01/29(b)
|
|
1,503
|
1,540,372
|
|
Service Corp. International
|
|
|
|
|
3.38%, 08/15/30
|
|
13
|
12,045
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Services & Supplies (continued)
|
|||
|
Service Corp. International (continued)
|
|
|
|
|
4.00%, 05/15/31
|
USD
|
503
|
$ 474,251
|
|
5.75%, 10/15/32
|
|
1,065
|
1,078,928
|
|
Sotheby’s, 7.38%, 10/15/27(b)
|
|
1,016
|
1,013,137
|
|
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b)
|
|
490
|
446,479
|
|
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26(b)
|
|
520
|
519,438
|
|
Verisure Holding AB, 9.25%, 10/15/27(e)
|
EUR
|
80
|
96,338
|
|
Veritiv Operating Co., 10.50%, 11/30/30(b)
|
USD
|
221
|
237,183
|
|
Wand NewCo 3, Inc., 7.63%, 01/30/32(b)
|
|
1,053
|
1,109,462
|
|
|
|
|
32,082,327
|
|
Communications Equipment(b) — 0.1%
|
|||
|
CommScope LLC, 4.75%, 09/01/29(g)
|
|
1,114
|
1,106,848
|
|
Viavi Solutions, Inc., 3.75%, 10/01/29
|
|
67
|
63,170
|
|
|
|
|
1,170,018
|
|
Construction & Engineering — 0.4%
|
|||
|
AECOM, 6.00%, 08/01/33(b)
|
|
954
|
975,360
|
|
Arcosa, Inc.(b)
|
|
|
|
|
4.38%, 04/15/29
|
|
477
|
463,828
|
|
6.88%, 08/15/32
|
|
40
|
41,780
|
|
Brand Industrial Services, Inc., 10.38%, 08/01/30(b)
|
|
1,501
|
1,496,216
|
|
Heathrow Finance PLC, 4.13%, 09/01/29(e)(k)
|
GBP
|
100
|
125,039
|
|
IHS Holding Ltd., 6.25%, 11/29/28(b)
|
USD
|
200
|
200,375
|
|
|
|
|
3,302,598
|
|
Consumer Discretionary — 0.6%
|
|||
|
Amber Finco PLC, 6.63%, 07/15/29(e)
|
EUR
|
100
|
123,399
|
|
APi Group DE, Inc.(b)
|
|
|
|
|
4.13%, 07/15/29
|
USD
|
168
|
161,920
|
|
4.75%, 10/15/29
|
|
128
|
125,480
|
|
Arena Luxembourg Finance SARL, (3-mo. EURIBOR +
2.50%), 4.52%, 05/01/30(a)(e)
|
EUR
|
100
|
118,132
|
|
Clarivate Science Holdings Corp.(b)
|
|
|
|
|
3.88%, 07/01/28
|
USD
|
1,412
|
1,358,842
|
|
4.88%, 07/01/29(g)
|
|
1,271
|
1,201,131
|
|
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(b)
|
|
436
|
448,063
|
|
Williams Scotsman, Inc.(b)
|
|
|
|
|
6.63%, 06/15/29
|
|
49
|
50,120
|
|
6.63%, 04/15/30
|
|
693
|
713,281
|
|
7.38%, 10/01/31
|
|
335
|
349,855
|
|
|
|
|
4,650,223
|
|
Consumer Finance — 1.9%
|
|||
|
Block, Inc.
|
|
|
|
|
2.75%, 06/01/26
|
|
534
|
526,985
|
|
5.63%, 08/15/30(b)
|
|
466
|
472,141
|
|
6.50%, 05/15/32
|
|
2,510
|
2,597,865
|
|
6.00%, 08/15/33(b)
|
|
716
|
733,213
|
|
Boost Newco Borrower LLC, 7.50%, 01/15/31(b)
|
|
1,606
|
1,703,796
|
|
Bread Financial Holdings, Inc., (5-year CMT + 4.30%),
8.38%, 06/15/35(a)(b)
|
|
55
|
56,476
|
|
ION Platform Finance U.S., Inc., 09/30/32(b)(d)
|
|
1,613
|
1,603,966
|
|
Navient Corp.
|
|
|
|
|
9.38%, 07/25/30
|
|
148
|
163,580
|
|
7.88%, 06/15/32
|
|
695
|
731,319
|
|
OneMain Finance Corp.
|
|
|
|
|
6.63%, 05/15/29
|
|
438
|
450,207
|
|
5.38%, 11/15/29
|
|
251
|
248,154
|
|
7.88%, 03/15/30
|
|
362
|
383,052
|
|
6.13%, 05/15/30
|
|
447
|
452,670
|
|
4.00%, 09/15/30
|
|
231
|
214,727
|
|
7.50%, 05/15/31
|
|
162
|
169,349
|
|
7.13%, 11/15/31
|
|
141
|
146,215
|
|
Security
|
|
Par
(000)
|
Value
|
|
Consumer Finance (continued)
|
|||
|
OneMain Finance Corp. (continued)
|
|
|
|
|
6.75%, 03/15/32
|
USD
|
431
|
$ 438,982
|
|
7.13%, 09/15/32
|
|
296
|
305,779
|
|
6.50%, 03/15/33
|
|
1,183
|
1,184,869
|
|
Shift4 Payments LLC/Shift4 Payments Finance Sub,
Inc.(b)
|
|
|
|
|
6.75%, 08/15/32(g)
|
|
1,062
|
1,097,992
|
|
5.50%, 05/15/33
|
EUR
|
365
|
446,207
|
|
Shift4 Payments, Inc., 0.00%, 12/15/25(i)(l)
|
USD
|
219
|
224,694
|
|
WEX, Inc., 6.50%, 03/15/33(b)
|
|
518
|
529,025
|
|
|
|
|
14,881,263
|
|
Consumer Staples Distribution & Retail — 0.5%
|
|||
|
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC, 6.25%, 03/15/33(b)
|
|
258
|
263,857
|
|
B&M European Value Retail SA, 6.50%, 11/27/31(e)
|
GBP
|
100
|
136,252
|
|
Bellis Acquisition Co. PLC, 8.00%, 07/01/31(e)
|
EUR
|
104
|
123,917
|
|
Boots Group Finco LP(b)
|
|
|
|
|
5.38%, 08/31/32
|
|
495
|
597,866
|
|
7.38%, 08/31/32
|
GBP
|
215
|
294,567
|
|
BRF GmbH, 4.35%, 09/29/26(e)
|
USD
|
200
|
198,394
|
|
KeHE Distributors LLC/KeHE Finance Corp./NextWave
Distribution, Inc., 9.00%, 02/15/29(b)
|
|
214
|
225,161
|
|
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%),
5.64%, 07/01/29(a)(e)
|
EUR
|
100
|
118,712
|
|
Market Bidco Finco PLC, 6.75%, 01/31/31(e)
|
|
100
|
115,935
|
|
Ocado Group PLC, 11.00%, 06/15/30(e)
|
GBP
|
100
|
135,122
|
|
Performance Food Group, Inc.(b)
|
|
|
|
|
4.25%, 08/01/29
|
USD
|
383
|
372,041
|
|
6.13%, 09/15/32
|
|
428
|
438,405
|
|
U.S. Foods, Inc.(b)
|
|
|
|
|
4.75%, 02/15/29
|
|
191
|
188,144
|
|
7.25%, 01/15/32
|
|
346
|
362,242
|
|
United Natural Foods, Inc., 6.75%, 10/15/28(b)
|
|
334
|
333,973
|
|
|
|
|
3,904,588
|
|
Containers & Packaging — 2.2%
|
|||
|
Ardagh Metal Packaging Finance USA LLC/Ardagh
Metal Packaging Finance PLC(b)
|
|
|
|
|
6.00%, 06/15/27
|
|
400
|
399,904
|
|
3.25%, 09/01/28
|
|
200
|
190,004
|
|
4.00%, 09/01/29(g)
|
|
2,000
|
1,851,033
|
|
Ardagh Packaging Finance PLC/Ardagh Holdings USA,
Inc.
|
|
|
|
|
2.13%, 08/15/26(e)
|
EUR
|
343
|
392,461
|
|
4.13%, 08/15/26(b)(c)
|
|
1,324
|
1,271,040
|
|
Ball Corp.
|
|
|
|
|
4.25%, 07/01/32
|
EUR
|
295
|
354,248
|
|
5.50%, 09/15/33
|
USD
|
268
|
270,881
|
|
Clydesdale Acquisition Holdings, Inc.(b)
|
|
|
|
|
6.63%, 04/15/29
|
|
558
|
564,356
|
|
6.88%, 01/15/30
|
|
627
|
643,182
|
|
8.75%, 04/15/30
|
|
1,024
|
1,051,897
|
|
6.75%, 04/15/32
|
|
1,646
|
1,688,566
|
|
Crown Americas LLC, 5.88%, 06/01/33(b)
|
|
743
|
750,513
|
|
Fedrigoni SpA, 6.13%, 06/15/31(e)
|
EUR
|
100
|
116,702
|
|
Graphic Packaging International LLC, 2.63%,
02/01/29(e)
|
|
195
|
221,652
|
|
LABL, Inc.(b)
|
|
|
|
|
5.88%, 11/01/28
|
USD
|
91
|
70,507
|
|
9.50%, 11/01/28
|
|
632
|
536,908
|
|
8.63%, 10/01/31
|
|
310
|
227,736
|
|
Security
|
|
Par
(000)
|
Value
|
|
Containers & Packaging (continued)
|
|||
|
Magnera Corp., 7.25%, 11/15/31(b)
|
USD
|
183
|
$ 172,199
|
|
Mauser Packaging Solutions Holding Co.(b)
|
|
|
|
|
7.88%, 04/15/27(g)
|
|
4,853
|
4,900,574
|
|
9.25%, 04/15/27
|
|
328
|
328,750
|
|
OI European Group BV
|
|
|
|
|
6.25%, 05/15/28(b)
|
EUR
|
150
|
181,758
|
|
5.25%, 06/01/29(e)
|
|
100
|
120,847
|
|
Owens-Brockway Glass Container, Inc., 6.63%,
05/13/27(b)
|
USD
|
51
|
50,906
|
|
Sealed Air Corp.(b)
|
|
|
|
|
4.00%, 12/01/27
|
|
98
|
96,176
|
|
5.00%, 04/15/29
|
|
77
|
76,570
|
|
6.50%, 07/15/32
|
|
48
|
49,714
|
|
Sealed Air Corp./Sealed Air Corp. U.S., 7.25%,
02/15/31(b)
|
|
28
|
29,381
|
|
Silgan Holdings, Inc., 4.25%, 02/15/31(b)
|
EUR
|
415
|
489,197
|
|
Trivium Packaging Finance BV
|
|
|
|
|
6.63%, 07/15/30(b)
|
|
115
|
141,930
|
|
6.63%, 07/15/30(e)
|
|
110
|
135,760
|
|
8.25%, 07/15/30(b)
|
USD
|
200
|
213,349
|
|
12.25%, 01/15/31(b)
|
|
200
|
216,468
|
|
|
|
|
17,805,169
|
|
Distributors(b) — 0.1%
|
|||
|
Gates Corp./DE, 6.88%, 07/01/29
|
|
344
|
356,952
|
|
Resideo Funding, Inc.
|
|
|
|
|
4.00%, 09/01/29
|
|
77
|
73,551
|
|
6.50%, 07/15/32(g)
|
|
495
|
507,328
|
|
|
|
|
937,831
|
|
Diversified REITs — 0.9%
|
|||
|
American Tower Corp., 2.30%, 09/15/31(g)
|
|
1,000
|
883,558
|
|
Digital Realty Trust LP, 1.88%, 11/15/29(b)(i)
|
|
109
|
114,450
|
|
Iron Mountain Information Management Services, Inc.,
5.00%, 07/15/32(b)
|
|
353
|
340,130
|
|
Iron Mountain, Inc.
|
|
|
|
|
5.25%, 07/15/30(b)
|
|
31
|
30,658
|
|
5.63%, 07/15/32(b)
|
|
89
|
88,525
|
|
6.25%, 01/15/33(b)
|
|
647
|
659,950
|
|
4.75%, 01/15/34(b)
|
EUR
|
285
|
335,342
|
|
4.75%, 01/15/34(e)
|
|
104
|
122,371
|
|
Millrose Properties, Inc.(b)
|
|
|
|
|
6.38%, 08/01/30
|
USD
|
742
|
754,606
|
|
6.25%, 09/15/32
|
|
834
|
836,180
|
|
SBA Communications Corp., 3.13%, 02/01/29(g)
|
|
651
|
608,888
|
|
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC, 10.50%, 02/15/28(b)
|
|
2,320
|
2,443,424
|
|
|
|
|
7,218,082
|
|
Diversified Telecommunication Services — 4.3%
|
|||
|
Altice Financing SA(b)
|
|
|
|
|
5.00%, 01/15/28
|
|
200
|
155,500
|
|
5.75%, 08/15/29
|
|
800
|
602,000
|
|
AT&T, Inc., 4.35%, 06/15/45(g)
|
|
2,656
|
2,244,057
|
|
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%,
09/15/29(b)
|
|
400
|
420,562
|
|
Corning, Inc., 4.38%, 11/15/57(g)
|
|
1,915
|
1,586,294
|
|
EchoStar Corp.
|
|
|
|
|
(6.75% PIK), 6.75%, 11/30/30(h)
|
|
2,625
|
2,706,146
|
|
10.75%, 11/30/29
|
|
1,780
|
1,958,539
|
|
eircom Finance DAC, 5.00%, 04/30/31(e)
|
EUR
|
100
|
120,255
|
|
Eutelsat SA, 1.50%, 10/13/28(e)
|
|
100
|
110,064
|
|
Security
|
|
Par
(000)
|
Value
|
|
Diversified Telecommunication Services (continued)
|
|||
|
Fibercop SpA
|
|
|
|
|
4.75%, 06/30/30(e)
|
EUR
|
100
|
$ 119,253
|
|
5.13%, 06/30/32(e)
|
|
100
|
119,332
|
|
6.00%, 09/30/34(b)
|
USD
|
897
|
854,986
|
|
7.20%, 07/18/36(b)
|
|
358
|
360,641
|
|
Frontier Communications Holdings LLC
|
|
|
|
|
5.88%, 10/15/27(b)
|
|
405
|
404,755
|
|
5.00%, 05/01/28(b)
|
|
1,139
|
1,136,438
|
|
6.75%, 05/01/29(b)
|
|
151
|
152,506
|
|
5.88%, 11/01/29
|
|
241
|
243,593
|
|
6.00%, 01/15/30(b)
|
|
319
|
322,752
|
|
8.75%, 05/15/30(b)
|
|
1,802
|
1,882,450
|
|
8.63%, 03/15/31(b)
|
|
331
|
348,960
|
|
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(e)
|
EUR
|
117
|
139,038
|
|
Level 3 Financing, Inc.(b)
|
|
|
|
|
3.63%, 01/15/29
|
USD
|
83
|
71,833
|
|
4.88%, 06/15/29
|
|
1,474
|
1,385,237
|
|
4.50%, 04/01/30
|
|
674
|
615,563
|
|
3.88%, 10/15/30
|
|
155
|
135,330
|
|
4.00%, 04/15/31
|
|
73
|
63,168
|
|
6.88%, 06/30/33
|
|
2,675
|
2,726,477
|
|
7.00%, 03/31/34(g)
|
|
3,696
|
3,759,975
|
|
Lorca Telecom Bondco SA, 5.75%, 04/30/29(e)
|
EUR
|
100
|
122,185
|
|
Lumen Technologies, Inc.(b)
|
|
|
|
|
4.13%, 04/15/30
|
USD
|
259
|
253,420
|
|
10.00%, 10/15/32
|
|
283
|
285,934
|
|
Maya SAS/Paris France
|
|
|
|
|
5.38%, 04/15/30(e)
|
EUR
|
100
|
119,913
|
|
8.50%, 04/15/31(b)
|
USD
|
850
|
911,619
|
|
7.00%, 04/15/32(b)
|
|
944
|
962,695
|
|
Sable International Finance Ltd., 7.13%, 10/15/32(b)
|
|
857
|
868,163
|
|
SoftBank Group Corp.(e)
|
|
|
|
|
5.25%, 10/10/29
|
EUR
|
100
|
121,057
|
|
3.88%, 07/06/32
|
|
100
|
111,751
|
|
Telecom Italia Capital SA, 7.72%, 06/04/38
|
USD
|
520
|
576,052
|
|
Verizon Communications, Inc.
|
|
|
|
|
4.50%, 08/10/33
|
|
500
|
492,767
|
|
3.00%, 11/20/60(g)
|
|
1,250
|
757,234
|
|
Windstream Services LLC, 10/15/33(b)(d)
|
|
533
|
532,856
|
|
Windstream Services LLC/Windstream Escrow Finance
Corp., 8.25%, 10/01/31(b)
|
|
2,006
|
2,077,968
|
|
Zayo Group Holdings, Inc.(b)(d)
|
|
|
|
|
03/09/30
|
|
900
|
861,861
|
|
09/09/30
|
|
337
|
319,563
|
|
|
|
|
34,120,742
|
|
Electric Utilities — 1.4%
|
|||
|
AES Panama Generation Holdings SRL, 4.38%,
05/31/30(e)
|
|
210
|
198,268
|
|
Alpha Generation LLC, 6.75%, 10/15/32(b)
|
|
440
|
454,208
|
|
California Buyer Ltd./Atlantica Sustainable Infrastructure
PLC
|
|
|
|
|
5.63%, 02/15/32(e)
|
EUR
|
100
|
122,184
|
|
6.38%, 02/15/32(b)
|
USD
|
290
|
297,230
|
|
ContourGlobal Power Holdings SA, 6.75%, 02/28/30(b)
|
|
600
|
623,244
|
|
Duke Energy Corp., 4.80%, 12/15/45(g)
|
|
1,500
|
1,336,924
|
|
Edison International, Series A, (5-year CMT + 4.70%),
5.38%(a)(j)
|
|
3,000
|
2,912,610
|
|
Enel Finance International NV, 3.63%, 05/25/27(b)(g)
|
|
1,250
|
1,239,075
|
|
Minejesa Capital BV, 5.63%, 08/10/37(b)
|
|
200
|
198,800
|
|
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(e)
|
|
169
|
167,494
|
|
Pike Corp., 8.63%, 01/31/31(b)
|
|
117
|
125,511
|
|
Security
|
|
Par
(000)
|
Value
|
|
Electric Utilities (continued)
|
|||
|
Public Power Corp. SA, 4.63%, 10/31/31(e)
|
EUR
|
100
|
$ 120,915
|
|
SCC Power PLC, (4.00% Cash and 4.00% PIK), 8.00%,
12/31/28(b)(h)
|
USD
|
88
|
53,235
|
|
Star Energy Geothermal Wayang Windu Ltd., 6.75%,
04/24/33(e)
|
|
137
|
141,435
|
|
Virginia Electric and Power Co., 6.35%, 11/30/37(g)
|
|
750
|
825,478
|
|
Vistra Operations Co. LLC(b)
|
|
|
|
|
7.75%, 10/15/31
|
|
480
|
507,932
|
|
6.88%, 04/15/32
|
|
438
|
458,094
|
|
XPLR Infrastructure Operating Partners LP(b)
|
|
|
|
|
3.88%, 10/15/26
|
|
86
|
84,766
|
|
8.38%, 01/15/31(g)
|
|
1,010
|
1,058,480
|
|
|
|
|
10,925,883
|
|
Electronic Equipment, Instruments & Components(b) — 0.4%
|
|||
|
Coherent Corp., 5.00%, 12/15/29(g)
|
|
547
|
539,454
|
|
Imola Merger Corp., 4.75%, 05/15/29
|
|
353
|
343,336
|
|
Sensata Technologies, Inc.
|
|
|
|
|
4.38%, 02/15/30
|
|
810
|
781,776
|
|
3.75%, 02/15/31
|
|
26
|
23,995
|
|
6.63%, 07/15/32
|
|
500
|
517,389
|
|
WESCO Distribution, Inc.
|
|
|
|
|
6.63%, 03/15/32
|
|
197
|
204,726
|
|
6.38%, 03/15/33
|
|
353
|
365,930
|
|
Zebra Technologies Corp., 6.50%, 06/01/32
|
|
184
|
188,982
|
|
|
|
|
2,965,588
|
|
Energy Equipment & Services — 1.0%
|
|||
|
Archrock Partners LP/Archrock Partners Finance
Corp.(b)
|
|
|
|
|
6.88%, 04/01/27
|
|
113
|
113,005
|
|
6.25%, 04/01/28
|
|
770
|
771,065
|
|
6.63%, 09/01/32
|
|
639
|
655,475
|
|
Kodiak Gas Services LLC(b)
|
|
|
|
|
7.25%, 02/15/29
|
|
685
|
710,800
|
|
6.50%, 10/01/33
|
|
447
|
455,124
|
|
6.75%, 10/01/35
|
|
873
|
896,358
|
|
Oceaneering International, Inc., 6.00%, 02/01/28
|
|
92
|
93,138
|
|
OEG Finance PLC, 7.25%, 09/27/29(e)
|
EUR
|
100
|
122,709
|
|
Star Holding LLC, 8.75%, 08/01/31(b)
|
USD
|
783
|
776,896
|
|
Tidewater, Inc., 9.13%, 07/15/30(b)
|
|
280
|
300,286
|
|
USA Compression Partners LP/USA Compression
Finance Corp.(b)
|
|
|
|
|
7.13%, 03/15/29
|
|
509
|
524,944
|
|
6.25%, 10/01/33(g)
|
|
1,335
|
1,340,107
|
|
Weatherford International Ltd.(b)
|
|
|
|
|
8.63%, 04/30/30
|
|
632
|
646,063
|
|
10/15/33(d)
|
|
760
|
760,529
|
|
|
|
|
8,166,499
|
|
Entertainment(b) — 0.1%
|
|||
|
Flutter Treasury DAC, 5.88%, 06/04/31
|
|
800
|
812,016
|
|
Scientific Games Holdings LP/Scientific Games
U.S. FinCo, Inc., 6.63%, 03/01/30
|
|
274
|
254,741
|
|
|
|
|
1,066,757
|
|
Environmental, Maintenance & Security Service — 0.7%
|
|||
|
Clean Harbors, Inc., 6.38%, 02/01/31(b)
|
|
53
|
54,274
|
|
GFL Environmental, Inc.(b)
|
|
|
|
|
4.00%, 08/01/28
|
|
567
|
553,551
|
|
4.38%, 08/15/29
|
|
519
|
506,341
|
|
6.75%, 01/15/31
|
|
444
|
464,611
|
|
Luna 1.5 SARL(h)
|
|
|
|
|
(10.50% PIK), 10.50%, 07/01/32(b)
|
EUR
|
145
|
176,413
|
|
Security
|
|
Par
(000)
|
Value
|
|
Environmental, Maintenance & Security Service (continued)
|
|||
|
Luna 1.5 SARL(h) (continued)
|
|
|
|
|
(10.50% PIK), 10.50%, 07/01/32(e)
|
EUR
|
100
|
$ 121,664
|
|
Madison IAQ LLC(b)
|
|
|
|
|
4.13%, 06/30/28
|
USD
|
320
|
312,307
|
|
5.88%, 06/30/29
|
|
726
|
717,215
|
|
Reworld Holding Corp., 4.88%, 12/01/29(b)
|
|
181
|
170,225
|
|
Waste Pro USA, Inc., 7.00%, 02/01/33(b)
|
|
1,900
|
1,968,014
|
|
Wrangler Holdco Corp., 6.63%, 04/01/32(b)
|
|
174
|
181,430
|
|
|
|
|
5,226,045
|
|
Financial Services — 3.7%
|
|||
|
Ally Financial, Inc., Series B, (5-year CMT + 3.87%),
4.70%(a)(j)
|
|
3,000
|
2,921,783
|
|
Azorra Finance Ltd.(b)
|
|
|
|
|
7.75%, 04/15/30
|
|
223
|
233,871
|
|
7.25%, 01/15/31
|
|
155
|
161,400
|
|
BNP Paribas SA, (5-year CMT + 4.90%), 7.75%(a)(b)(j)
|
|
3,000
|
3,176,676
|
|
CrossCountry Intermediate HoldCo LLC, 6.50%,
10/01/30(b)
|
|
373
|
374,373
|
|
Deutsche Bank AG/New York, (1-day SOFR + 3.18%),
6.72%, 01/18/29(a)(g)
|
|
815
|
855,863
|
|
Freedom Mortgage Holdings LLC(b)
|
|
|
|
|
9.25%, 02/01/29
|
|
220
|
231,479
|
|
9.13%, 05/15/31
|
|
517
|
549,856
|
|
8.38%, 04/01/32
|
|
264
|
276,712
|
|
GGAM Finance Ltd.(b)
|
|
|
|
|
7.75%, 05/15/26
|
|
58
|
58,145
|
|
8.00%, 06/15/28
|
|
177
|
187,346
|
|
6.88%, 04/15/29
|
|
341
|
353,621
|
|
5.88%, 03/15/30
|
|
281
|
284,864
|
|
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(b)
|
|
469
|
483,595
|
|
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%,
08/15/28(b)
|
|
415
|
400,967
|
|
JPMorgan Chase & Co.(a)(g)
|
|
|
|
|
(1-day SOFR + 1.13%), 5.00%, 07/22/30
|
|
3,000
|
3,077,230
|
|
(3-mo. CME Term SOFR + 1.21%), 3.51%, 01/23/29
|
|
2,250
|
2,220,359
|
|
Midcap Financial Issuer Trust(b)
|
|
|
|
|
6.50%, 05/01/28
|
|
200
|
198,630
|
|
5.63%, 01/15/30
|
|
400
|
377,164
|
|
Morgan Stanley, (1-day SOFR + 1.26%), 5.66%,
04/18/30(a)(g)
|
|
3,000
|
3,132,644
|
|
Nationstar Mortgage Holdings, Inc.(b)
|
|
|
|
|
6.00%, 01/15/27
|
|
101
|
101,000
|
|
6.50%, 08/01/29
|
|
456
|
467,805
|
|
5.13%, 12/15/30(g)
|
|
269
|
271,367
|
|
5.75%, 11/15/31
|
|
170
|
171,785
|
|
7.13%, 02/01/32(g)
|
|
916
|
956,124
|
|
PennyMac Financial Services, Inc.(b)
|
|
|
|
|
7.88%, 12/15/29
|
|
266
|
282,305
|
|
7.13%, 11/15/30
|
|
319
|
332,163
|
|
6.88%, 05/15/32
|
|
376
|
389,610
|
|
6.75%, 02/15/34
|
|
831
|
847,691
|
|
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(b)
|
|
989
|
1,052,211
|
|
PRA Group Europe Holding II SARL, 6.25%, 09/30/32(e)
|
EUR
|
100
|
115,673
|
|
Rocket Cos., Inc.(b)
|
|
|
|
|
6.13%, 08/01/30
|
USD
|
1,704
|
1,748,849
|
|
6.38%, 08/01/33
|
|
1,351
|
1,394,386
|
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc.(b)
|
|
|
|
|
2.88%, 10/15/26
|
|
333
|
326,183
|
|
3.88%, 03/01/31
|
|
74
|
69,104
|
|
Security
|
|
Par
(000)
|
Value
|
|
Financial Services (continued)
|
|||
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc.(b) (continued)
|
|
|
|
|
4.00%, 10/15/33
|
USD
|
35
|
$ 31,965
|
|
Titanium 2l Bondco SARL, (6.25% PIK), 6.25%,
01/14/31(h)
|
EUR
|
100
|
30,336
|
|
UBS AG/Stamford CT, 5.00%, 07/09/27(g)
|
USD
|
900
|
915,145
|
|
UWM Holdings LLC(b)
|
|
|
|
|
6.63%, 02/01/30
|
|
550
|
559,506
|
|
6.25%, 03/15/31
|
|
417
|
415,014
|
|
|
|
|
30,034,800
|
|
Food Products — 1.1%
|
|||
|
Aramark Services, Inc., 5.00%, 02/01/28(b)
|
|
492
|
489,680
|
|
B&G Foods, Inc., 8.00%, 09/15/28(b)
|
|
118
|
114,332
|
|
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK),
8.75%, 10/01/29(b)(h)
|
|
1,692
|
1,793,230
|
|
Chobani LLC/Chobani Finance Corp., Inc.(b)
|
|
|
|
|
4.63%, 11/15/28
|
|
1,198
|
1,184,621
|
|
7.63%, 07/01/29
|
|
1,528
|
1,593,318
|
|
Darling Global Finance BV
|
|
|
|
|
4.50%, 07/15/32(b)
|
EUR
|
250
|
296,338
|
|
4.50%, 07/15/32(e)
|
|
100
|
118,535
|
|
Darling Ingredients, Inc., 6.00%, 06/15/30(b)
|
USD
|
84
|
84,803
|
|
Fiesta Purchaser, Inc.(b)
|
|
|
|
|
7.88%, 03/01/31
|
|
25
|
26,383
|
|
9.63%, 09/15/32
|
|
117
|
126,312
|
|
Irca SpA/Gallarate, (3-mo. EURIBOR + 3.75%), 5.76%,
12/15/29(a)(e)
|
EUR
|
100
|
118,251
|
|
Lamb Weston Holdings, Inc.(b)
|
|
|
|
|
4.13%, 01/31/30
|
USD
|
368
|
353,362
|
|
4.38%, 01/31/32(g)
|
|
516
|
487,683
|
|
Post Holdings, Inc.(b)
|
|
|
|
|
4.63%, 04/15/30
|
|
397
|
382,713
|
|
4.50%, 09/15/31
|
|
42
|
39,239
|
|
6.25%, 02/15/32
|
|
130
|
133,650
|
|
6.38%, 03/01/33
|
|
758
|
765,056
|
|
6.25%, 10/15/34
|
|
326
|
328,713
|
|
Premier Foods Finance PLC, 3.50%, 10/15/26(e)
|
GBP
|
100
|
133,242
|
|
|
|
|
8,569,461
|
|
Ground Transportation — 0.4%
|
|||
|
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42
|
USD
|
500
|
448,051
|
|
Genesee & Wyoming, Inc., 6.25%, 04/15/32(b)
|
|
568
|
577,169
|
|
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b)
|
|
1,558
|
1,610,550
|
|
Union Pacific Corp., 3.20%, 05/20/41
|
|
275
|
215,615
|
|
Watco Cos. LLC/Watco Finance Corp., 7.13%,
08/01/32(b)
|
|
291
|
301,205
|
|
|
|
|
3,152,590
|
|
Health Care Equipment & Supplies — 0.3%
|
|||
|
Avantor Funding, Inc.
|
|
|
|
|
2.63%, 11/01/25(e)
|
EUR
|
115
|
135,406
|
|
4.63%, 07/15/28(b)(g)
|
USD
|
624
|
613,802
|
|
3.88%, 11/01/29(b)
|
|
31
|
29,480
|
|
Bausch & Lomb Corp., 8.38%, 10/01/28(b)
|
|
1,440
|
1,500,750
|
|
Insulet Corp., 6.50%, 04/01/33(b)
|
|
187
|
194,411
|
|
Neogen Food Safety Corp., 8.63%, 07/20/30(b)
|
|
233
|
243,653
|
|
|
|
|
2,717,502
|
|
Health Care Providers & Services — 2.9%
|
|||
|
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b)(g)
|
|
168
|
174,416
|
|
AHP Health Partners, Inc., 5.75%, 07/15/29(b)
|
|
1,233
|
1,213,452
|
|
Security
|
|
Par
(000)
|
Value
|
|
Health Care Providers & Services (continued)
|
|||
|
Charles River Laboratories International, Inc., 4.00%,
03/15/31(b)
|
USD
|
55
|
$ 51,225
|
|
CHS/Community Health Systems, Inc.(b)
|
|
|
|
|
6.00%, 01/15/29
|
|
633
|
614,415
|
|
5.25%, 05/15/30
|
|
2,571
|
2,325,840
|
|
4.75%, 02/15/31
|
|
601
|
519,714
|
|
10.88%, 01/15/32(g)
|
|
691
|
731,836
|
|
9.75%, 01/15/34
|
|
1,200
|
1,229,400
|
|
Concentra Health Services, Inc., 6.88%, 07/15/32(b)
|
|
522
|
542,035
|
|
DaVita, Inc.(b)
|
|
|
|
|
6.88%, 09/01/32
|
|
237
|
244,829
|
|
6.75%, 07/15/33
|
|
231
|
238,207
|
|
Ephios Subco 3 SARL, 7.88%, 01/31/31(e)
|
EUR
|
100
|
124,986
|
|
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)
|
USD
|
115
|
108,898
|
|
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b)
|
|
200
|
190,016
|
|
HealthEquity, Inc., 4.50%, 10/01/29(b)
|
|
559
|
542,020
|
|
IQVIA, Inc., 6.25%, 06/01/32(b)
|
|
1,220
|
1,254,332
|
|
LifePoint Health, Inc.(b)
|
|
|
|
|
9.88%, 08/15/30
|
|
193
|
209,007
|
|
11.00%, 10/15/30
|
|
949
|
1,045,947
|
|
8.38%, 02/15/32
|
|
260
|
277,084
|
|
10.00%, 06/01/32
|
|
961
|
1,009,011
|
|
Medline Borrower LP(b)
|
|
|
|
|
3.88%, 04/01/29
|
|
888
|
856,426
|
|
5.25%, 10/01/29
|
|
2,001
|
1,983,698
|
|
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%,
04/01/29(b)
|
|
557
|
571,150
|
|
Molina Healthcare, Inc., 6.25%, 01/15/33(b)
|
|
328
|
331,644
|
|
Northwell Healthcare, Inc., 4.26%, 11/01/47
|
|
686
|
562,182
|
|
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b)
|
|
152
|
158,080
|
|
Sotera Health Holdings LLC, 7.38%, 06/01/31(b)
|
|
259
|
271,955
|
|
Star Parent, Inc., 9.00%, 10/01/30(b)
|
|
1,423
|
1,504,386
|
|
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)(g)
|
|
2,000
|
2,054,492
|
|
Tenet Healthcare Corp., 6.75%, 05/15/31
|
|
1,097
|
1,135,701
|
|
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b)
|
|
403
|
412,665
|
|
UnitedHealth Group, Inc., 3.95%, 10/15/42(g)
|
|
750
|
629,409
|
|
|
|
|
23,118,458
|
|
Health Care REITs — 0.3%
|
|||
|
Diversified Healthcare Trust, 7.25%, 10/15/30(b)
|
|
182
|
184,972
|
|
MPT Operating Partnership LP/MPT Finance Corp.
|
|
|
|
|
7.00%, 02/15/32(b)
|
EUR
|
355
|
435,512
|
|
7.00%, 02/15/32(e)
|
|
100
|
122,680
|
|
8.50%, 02/15/32(b)
|
USD
|
1,370
|
1,455,710
|
|
|
|
|
2,198,874
|
|
Hotel & Resort REITs — 0.7%
|
|||
|
Park Intermediate Holdings LLC/PK Domestic Property
LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b)
|
|
295
|
304,114
|
|
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%,
10/15/29(b)
|
|
158
|
160,356
|
|
RHP Hotel Properties LP/RHP Finance Corp.(b)
|
|
|
|
|
4.50%, 02/15/29
|
|
142
|
139,263
|
|
6.50%, 04/01/32
|
|
1,028
|
1,056,877
|
|
6.50%, 06/15/33
|
|
371
|
382,089
|
|
Service Properties Trust
|
|
|
|
|
0.00%, 09/30/27(b)(l)
|
|
1,115
|
982,906
|
|
8.63%, 11/15/31(b)
|
|
1,753
|
1,866,408
|
|
8.88%, 06/15/32
|
|
604
|
607,394
|
|
XHR LP, 6.63%, 05/15/30(b)
|
|
156
|
160,286
|
|
|
|
|
5,659,693
|
|
Security
|
|
Par
(000)
|
Value
|
|
Hotels, Restaurants & Leisure — 3.9%
|
|||
|
Bertrand Franchise Finance SAS, (3-mo. EURIBOR +
3.75%), 5.99%, 07/18/30(a)(e)
|
EUR
|
100
|
$ 112,255
|
|
Boyne USA, Inc., 4.75%, 05/15/29(b)
|
USD
|
397
|
389,494
|
|
Burger King (Restaurant Brands International, Inc.)/New
Red Finance, Inc.(b)
|
|
|
|
|
3.88%, 01/15/28
|
|
69
|
67,347
|
|
4.38%, 01/15/28
|
|
58
|
56,990
|
|
4.00%, 10/15/30
|
|
771
|
726,608
|
|
Caesars Entertainment, Inc.(b)
|
|
|
|
|
7.00%, 02/15/30(g)
|
|
1,631
|
1,677,659
|
|
6.50%, 02/15/32
|
|
882
|
899,629
|
|
Carnival Corp.(b)
|
|
|
|
|
5.88%, 06/15/31
|
|
366
|
375,056
|
|
5.75%, 08/01/32
|
|
706
|
718,481
|
|
6.13%, 02/15/33
|
|
1,133
|
1,161,366
|
|
Carnival PLC, 4.13%, 07/15/31(b)
|
EUR
|
535
|
635,851
|
|
Churchill Downs, Inc.(b)
|
|
|
|
|
4.75%, 01/15/28
|
USD
|
374
|
369,015
|
|
5.75%, 04/01/30
|
|
1,073
|
1,072,033
|
|
6.75%, 05/01/31
|
|
508
|
520,626
|
|
Essendi SA, 5.50%, 11/15/31(e)
|
EUR
|
100
|
120,896
|
|
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc.(b)
|
|
|
|
|
4.63%, 01/15/29
|
USD
|
412
|
392,116
|
|
6.75%, 01/15/30
|
|
172
|
161,410
|
|
Great Canadian Gaming Corp./Raptor LLC, 8.75%,
11/15/29(b)
|
|
1,081
|
1,068,932
|
|
Hilton Domestic Operating Co., Inc.(b)
|
|
|
|
|
6.13%, 04/01/32
|
|
195
|
200,466
|
|
5.88%, 03/15/33
|
|
571
|
582,875
|
|
5.75%, 09/15/33
|
|
185
|
187,470
|
|
Light & Wonder International, Inc.(b)
|
|
|
|
|
7.25%, 11/15/29
|
|
213
|
218,617
|
|
7.50%, 09/01/31
|
|
110
|
114,395
|
|
6.25%, 10/01/33
|
|
449
|
449,763
|
|
Lindblad Expeditions LLC, 7.00%, 09/15/30(b)
|
|
439
|
447,468
|
|
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b)
|
|
352
|
288,455
|
|
Melco Resorts Finance Ltd.(b)
|
|
|
|
|
5.75%, 07/21/28
|
|
200
|
199,900
|
|
5.38%, 12/04/29
|
|
1,000
|
976,950
|
|
7.63%, 04/17/32
|
|
544
|
569,840
|
|
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%,
02/15/31(b)
|
|
600
|
517,021
|
|
MGM China Holdings Ltd.
|
|
|
|
|
5.88%, 05/15/26(e)
|
|
250
|
249,845
|
|
7.13%, 06/26/31(b)
|
|
200
|
211,000
|
|
MGM Resorts International, 6.13%, 09/15/29
|
|
428
|
435,617
|
|
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC, 8.25%, 04/15/30(b)
|
|
342
|
355,352
|
|
NCL Corp. Ltd.(b)
|
|
|
|
|
5.88%, 01/15/31
|
|
587
|
586,978
|
|
6.75%, 02/01/32
|
|
430
|
442,226
|
|
6.25%, 09/15/33
|
|
1,531
|
1,538,924
|
|
Pinewood Finco PLC, 6.00%, 03/27/30(e)
|
GBP
|
100
|
135,265
|
|
Premier Entertainment Sub LLC/Premier Entertainment
Finance Corp.(b)
|
|
|
|
|
5.63%, 09/01/29
|
USD
|
148
|
79,920
|
|
5.88%, 09/01/31
|
|
214
|
110,331
|
|
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b)
|
|
185
|
194,203
|
|
Rivers Enterprise Borrower LLC/Rivers Enterprise
Finance Corp., 6.63%, 02/01/33(b)
|
|
225
|
228,000
|
|
Rivers Enterprise Lender LLC/Rivers Enterprise Lender
Corp., 10/15/30(b)(d)
|
|
213
|
214,899
|
|
Security
|
|
Par
(000)
|
Value
|
|
Hotels, Restaurants & Leisure (continued)
|
|||
|
Sabre GLBL, Inc.(b)
|
|
|
|
|
8.63%, 06/01/27
|
USD
|
232
|
$ 235,322
|
|
10.75%, 11/15/29(g)
|
|
663
|
640,722
|
|
11.13%, 07/15/30
|
|
530
|
513,279
|
|
Starz Capital Holdings 1, Inc., 6.00%, 04/15/30(b)
|
|
303
|
287,347
|
|
Station Casinos LLC(b)
|
|
|
|
|
4.63%, 12/01/31
|
|
354
|
333,933
|
|
6.63%, 03/15/32
|
|
222
|
228,048
|
|
TUI AG, 5.88%, 03/15/29(e)
|
EUR
|
100
|
121,972
|
|
Vail Resorts, Inc.(b)
|
|
|
|
|
5.63%, 07/15/30
|
USD
|
278
|
279,738
|
|
6.50%, 05/15/32
|
|
479
|
495,262
|
|
Viking Cruises Ltd.(b)
|
|
|
|
|
5.88%, 09/15/27
|
|
308
|
308,118
|
|
7.00%, 02/15/29
|
|
66
|
66,334
|
|
9.13%, 07/15/31
|
|
708
|
759,911
|
|
10/15/33(d)
|
|
919
|
919,645
|
|
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b)
|
|
206
|
205,823
|
|
Voyager Parent LLC, 9.25%, 07/01/32(b)
|
|
414
|
437,801
|
|
Warnermedia Holdings, Inc., 5.05%, 03/15/42
|
|
2,672
|
2,133,111
|
|
Wynn Macau Ltd.
|
|
|
|
|
5.63%, 08/26/28(b)
|
|
1,163
|
1,160,686
|
|
5.63%, 08/26/28(e)
|
|
200
|
199,602
|
|
5.13%, 12/15/29(b)
|
|
610
|
596,671
|
|
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp.(b)
|
|
|
|
|
5.13%, 10/01/29
|
|
958
|
959,477
|
|
7.13%, 02/15/31(g)
|
|
275
|
295,995
|
|
6.25%, 03/15/33
|
|
283
|
287,381
|
|
|
|
|
31,527,722
|
|
Household Durables — 0.8%
|
|||
|
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
|
|
|
|
|
4.63%, 04/01/30
|
|
185
|
175,136
|
|
6.88%, 08/01/33
|
|
188
|
189,612
|
|
Beazer Homes USA, Inc., 5.88%, 10/15/27
|
|
74
|
73,954
|
|
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC(b)
|
|
|
|
|
5.00%, 06/15/29
|
|
874
|
832,898
|
|
4.88%, 02/15/30
|
|
656
|
615,223
|
|
Century Communities, Inc., 6.63%, 09/15/33(b)
|
|
411
|
414,600
|
|
Dream Finders Homes, Inc., 8.25%, 08/15/28(b)
|
|
151
|
156,656
|
|
Empire Communities Corp., 9.75%, 05/01/29(b)
|
|
67
|
70,251
|
|
K Hovnanian Enterprises, Inc.(b)
|
|
|
|
|
8.00%, 04/01/31
|
|
801
|
821,372
|
|
8.38%, 10/01/33
|
|
716
|
734,080
|
|
LGI Homes, Inc.(b)
|
|
|
|
|
8.75%, 12/15/28
|
|
116
|
121,779
|
|
7.00%, 11/15/32
|
|
291
|
284,140
|
|
Meritage Homes Corp., 1.75%, 05/15/28(i)
|
|
521
|
533,224
|
|
New Home Co., Inc., 9.25%, 10/01/29(b)
|
|
296
|
310,810
|
|
Newell Brands, Inc., 8.50%, 06/01/28(b)
|
|
272
|
287,704
|
|
Scotts Miracle-Gro Co.
|
|
|
|
|
4.50%, 10/15/29
|
|
64
|
62,179
|
|
4.38%, 02/01/32
|
|
15
|
13,850
|
|
Somnigroup International, Inc., 3.88%, 10/15/31(b)
|
|
66
|
60,447
|
|
STL Holding Co. LLC, 8.75%, 02/15/29(b)
|
|
158
|
165,571
|
|
Whirlpool Corp.
|
|
|
|
|
6.13%, 06/15/30
|
|
109
|
109,854
|
|
6.50%, 06/15/33
|
|
238
|
237,510
|
|
|
|
|
6,270,850
|
|
Security
|
|
Par
(000)
|
Value
|
|
Household Products — 0.0%
|
|||
|
Central Garden & Pet Co., 4.13%, 10/15/30
|
USD
|
159
|
$ 151,027
|
|
Independent Power and Renewable Electricity Producers(b) — 0.8%
|
|||
|
Calpine Corp.
|
|
|
|
|
4.50%, 02/15/28
|
|
10
|
9,958
|
|
5.13%, 03/15/28(g)
|
|
567
|
567,289
|
|
5.00%, 02/01/31
|
|
88
|
87,743
|
|
Clearway Energy Operating LLC, 4.75%, 03/15/28
|
|
53
|
52,360
|
|
Lightning Power LLC, 7.25%, 08/15/32
|
|
126
|
133,398
|
|
NRG Energy, Inc.
|
|
|
|
|
5.75%, 07/15/29
|
|
260
|
260,311
|
|
6.00%, 02/01/33
|
|
1,038
|
1,054,163
|
|
01/15/34(d)
|
|
916
|
915,065
|
|
6.25%, 11/01/34
|
|
847
|
868,252
|
|
01/15/36(d)
|
|
2,444
|
2,444,351
|
|
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(j)
|
|
240
|
245,486
|
|
|
|
|
6,638,376
|
|
Industrial Conglomerates — 0.1%
|
|||
|
Amsted Industries, Inc., 6.38%, 03/15/33(b)
|
|
169
|
173,458
|
|
Axon Enterprise, Inc., 6.25%, 03/15/33(b)
|
|
142
|
146,160
|
|
Enpro, Inc., 6.13%, 06/01/33(b)
|
|
219
|
223,827
|
|
Maxam Prill SARL, 6.00%, 07/15/30(e)
|
EUR
|
100
|
119,192
|
|
|
|
|
662,637
|
|
Insurance — 5.0%
|
|||
|
Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32(b)
|
USD
|
163
|
167,839
|
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer(b)
|
|
|
|
|
4.25%, 10/15/27
|
|
2,111
|
2,075,951
|
|
6.75%, 10/15/27(g)
|
|
1,210
|
1,212,606
|
|
5.88%, 11/01/29
|
|
2,099
|
2,088,054
|
|
7.00%, 01/15/31
|
|
1,268
|
1,310,133
|
|
7.38%, 10/01/32(g)
|
|
1,960
|
2,019,648
|
|
AmWINS Group, Inc.(b)
|
|
|
|
|
6.38%, 02/15/29
|
|
182
|
185,700
|
|
4.88%, 06/30/29
|
|
147
|
142,868
|
|
Amynta Agency Borrower, Inc. and Amynta Warranty
Borrower, Inc., 7.50%, 07/15/33(b)
|
|
460
|
470,877
|
|
APH Somerset Investor 2 LLC/APH2 Somerset Investor
2 LLC/APH3 Somerset Investor 2 LLC, 7.88%,
11/01/29(b)
|
|
339
|
353,787
|
|
Ardonagh Finco Ltd.
|
|
|
|
|
6.88%, 02/15/31(e)
|
EUR
|
375
|
455,071
|
|
7.75%, 02/15/31(b)
|
USD
|
2,329
|
2,437,040
|
|
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(b)
|
|
3,053
|
3,209,601
|
|
Berkshire Hathaway Finance Corp., 5.75%, 01/15/40
|
|
250
|
272,656
|
|
Howden U.K. Refinance PLC/Howden U.K. Refinance
2 PLC/Howden U.S. Refinance LLC(b)
|
|
|
|
|
7.25%, 02/15/31
|
|
2,200
|
2,265,056
|
|
8.13%, 02/15/32
|
|
1,761
|
1,827,034
|
|
HUB International Ltd.(b)(g)
|
|
|
|
|
7.25%, 06/15/30
|
|
4,105
|
4,281,126
|
|
7.38%, 01/31/32
|
|
6,447
|
6,713,513
|
|
Jones Deslauriers Insurance Management, Inc.(b)
|
|
|
|
|
8.50%, 03/15/30
|
|
903
|
948,701
|
|
6.88%, 10/01/33
|
|
996
|
990,779
|
|
Nassau Cos., of New York, 7.88%, 07/15/30(b)
|
|
131
|
133,792
|
|
Panther Escrow Issuer LLC, 7.13%, 06/01/31(b)(g)
|
|
4,270
|
4,441,304
|
|
Ryan Specialty LLC(b)
|
|
|
|
|
4.38%, 02/01/30
|
|
163
|
157,928
|
|
5.88%, 08/01/32
|
|
445
|
449,978
|
|
Security
|
|
Par
(000)
|
Value
|
|
Insurance (continued)
|
|||
|
Teachers Insurance & Annuity Association of America,
4.27%, 05/15/47(b)
|
USD
|
700
|
$ 580,826
|
|
Unipol Assicurazioni SpA, 4.90%, 05/23/34(e)
|
EUR
|
100
|
123,629
|
|
USI, Inc., 7.50%, 01/15/32(b)(g)
|
USD
|
777
|
814,823
|
|
|
|
|
40,130,320
|
|
Interactive Media & Services — 0.2%
|
|||
|
iliad SA, 4.25%, 01/09/32(e)
|
EUR
|
100
|
118,042
|
|
Prosus NV, 4.03%, 08/03/50(e)
|
USD
|
304
|
212,992
|
|
Snap, Inc.(b)
|
|
|
|
|
6.88%, 03/01/33(g)
|
|
637
|
651,077
|
|
6.88%, 03/15/34
|
|
715
|
723,674
|
|
|
|
|
1,705,785
|
|
Internet Software & Services(b) — 0.5%
|
|||
|
Acuris Finance U.S., Inc./Acuris Finance SARL
|
|
|
|
|
5.00%, 05/01/28
|
|
514
|
499,544
|
|
9.00%, 08/01/29
|
|
200
|
209,000
|
|
Cablevision Lightpath LLC
|
|
|
|
|
3.88%, 09/15/27
|
|
418
|
405,812
|
|
5.63%, 09/15/28
|
|
401
|
394,454
|
|
Getty Images, Inc., 11.25%, 02/21/30
|
|
243
|
232,048
|
|
ION Trading Technologies SARL, 9.50%, 05/30/29
|
|
400
|
422,470
|
|
Match Group Holdings II LLC
|
|
|
|
|
4.13%, 08/01/30
|
|
262
|
247,457
|
|
3.63%, 10/01/31
|
|
64
|
58,005
|
|
6.13%, 09/15/33
|
|
468
|
472,111
|
|
Rakuten Group, Inc.
|
|
|
|
|
11.25%, 02/15/27
|
|
283
|
306,728
|
|
9.75%, 04/15/29
|
|
474
|
532,996
|
|
|
|
|
3,780,625
|
|
IT Services — 0.8%
|
|||
|
Almaviva-The Italian Innovation Co. SpA, 5.00%,
10/30/30(e)
|
EUR
|
100
|
119,264
|
|
Amentum Holdings, Inc., 7.25%, 08/01/32(b)
|
USD
|
343
|
356,160
|
|
Atos SE(e)(k)
|
|
|
|
|
5.20%, 12/18/30
|
EUR
|
59
|
65,325
|
|
9.36%, 12/18/29
|
|
54
|
72,405
|
|
CA Magnum Holdings, 5.38%, 10/31/26(b)
|
USD
|
728
|
724,451
|
|
CACI International, Inc., 6.38%, 06/15/33(b)
|
|
464
|
478,639
|
|
Fair Isaac Corp.(b)
|
|
|
|
|
4.00%, 06/15/28
|
|
112
|
108,925
|
|
6.00%, 05/15/33
|
|
1,640
|
1,660,407
|
|
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(b)
|
|
1,161
|
1,215,615
|
|
Insight Enterprises, Inc., 6.63%, 05/15/32(b)
|
|
195
|
199,933
|
|
KBR, Inc., 4.75%, 09/30/28(b)
|
|
204
|
201,750
|
|
McAfee Corp., 7.38%, 02/15/30(b)
|
|
576
|
534,293
|
|
Science Applications International Corp.(b)
|
|
|
|
|
4.88%, 04/01/28
|
|
239
|
236,581
|
|
5.88%, 11/01/33
|
|
533
|
533,166
|
|
|
|
|
6,506,914
|
|
Machinery — 0.9%
|
|||
|
Chart Industries, Inc.(b)
|
|
|
|
|
7.50%, 01/01/30
|
|
742
|
772,225
|
|
9.50%, 01/01/31
|
|
102
|
109,279
|
|
Esab Corp., 6.25%, 04/15/29(b)
|
|
138
|
141,768
|
|
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b)(g)
|
|
170
|
144,925
|
|
Husky Injection Molding Systems Ltd./Titan Co-Borrower
LLC, 9.00%, 02/15/29(b)(g)
|
|
1,602
|
1,674,396
|
|
IMA Industria Macchine Automatiche SpA, (3-mo.
EURIBOR + 3.75%), 5.78%, 04/15/29(a)(e)
|
EUR
|
100
|
118,492
|
|
Security
|
|
Par
(000)
|
Value
|
|
Machinery (continued)
|
|||
|
Manitowoc Co., Inc., 9.25%, 10/01/31(b)
|
USD
|
175
|
$ 183,612
|
|
Terex Corp.(b)
|
|
|
|
|
5.00%, 05/15/29
|
|
42
|
41,362
|
|
6.25%, 10/15/32
|
|
253
|
257,730
|
|
TK Elevator Midco GmbH, 4.38%, 07/15/27(e)
|
EUR
|
372
|
437,237
|
|
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)
|
USD
|
2,566
|
2,556,927
|
|
Vertiv Group Corp., 4.13%, 11/15/28(b)
|
|
687
|
670,841
|
|
|
|
|
7,108,794
|
|
Media — 4.0%
|
|||
|
Allwyn Entertainment Financing U.K. PLC, 4.13%,
02/15/31(e)
|
EUR
|
100
|
114,035
|
|
Cable One, Inc.(i)
|
|
|
|
|
0.00%, 03/15/26(l)
|
USD
|
114
|
111,037
|
|
1.13%, 03/15/28
|
|
1,148
|
979,818
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.(b)
|
|
|
|
|
5.38%, 06/01/29
|
|
76
|
75,493
|
|
6.38%, 09/01/29
|
|
1,243
|
1,260,074
|
|
4.75%, 03/01/30
|
|
229
|
219,741
|
|
4.25%, 02/01/31
|
|
632
|
582,218
|
|
7.38%, 03/01/31
|
|
2,275
|
2,347,311
|
|
4.75%, 02/01/32
|
|
41
|
37,915
|
|
4.50%, 06/01/33
|
|
51
|
45,342
|
|
4.25%, 01/15/34(g)
|
|
3,382
|
2,923,952
|
|
Charter Communications Operating LLC/Charter
Communications Operating Capital, 5.38%, 05/01/47
|
|
3,000
|
2,593,001
|
|
Cinemark USA, Inc., 7.00%, 08/01/32(b)
|
|
101
|
104,975
|
|
CSC Holdings LLC(b)
|
|
|
|
|
5.50%, 04/15/27
|
|
606
|
575,172
|
|
5.38%, 02/01/28
|
|
800
|
701,348
|
|
11.25%, 05/15/28
|
|
1,317
|
1,219,223
|
|
11.75%, 01/31/29
|
|
883
|
742,554
|
|
Directv Financing LLC, 8.88%, 02/01/30(b)
|
|
841
|
830,674
|
|
Directv Financing LLC/Directv Financing Co-Obligor,
Inc., 5.88%, 08/15/27(b)(g)
|
|
647
|
646,274
|
|
DISH DBS Corp.(b)
|
|
|
|
|
5.25%, 12/01/26
|
|
1,405
|
1,380,545
|
|
5.75%, 12/01/28
|
|
1,201
|
1,151,327
|
|
DISH Network Corp., 11.75%, 11/15/27(b)
|
|
2,070
|
2,190,592
|
|
Gray Media, Inc.(b)
|
|
|
|
|
10.50%, 07/15/29
|
|
296
|
320,050
|
|
9.63%, 07/15/32
|
|
574
|
586,420
|
|
7.25%, 08/15/33
|
|
1,046
|
1,036,536
|
|
LCPR Senior Secured Financing DAC, 6.75%,
10/15/27(b)
|
|
580
|
347,283
|
|
Live Nation Entertainment, Inc., 4.75%, 10/15/27(b)(g)
|
|
412
|
409,274
|
|
Midcontinent Communications, 8.00%, 08/15/32(b)
|
|
932
|
960,242
|
|
Odeon Finco PLC, 12.75%, 11/01/27(b)
|
|
400
|
414,300
|
|
Sinclair Television Group, Inc., 8.13%, 02/15/33(b)(g)
|
|
889
|
912,354
|
|
Sirius XM Radio LLC(b)
|
|
|
|
|
3.13%, 09/01/26
|
|
50
|
49,310
|
|
5.00%, 08/01/27
|
|
983
|
978,280
|
|
4.00%, 07/15/28
|
|
96
|
92,762
|
|
Sunrise FinCo I BV, 4.88%, 07/15/31(b)
|
|
794
|
756,404
|
|
Tele Columbus AG, (10.00% PIK), 10.00%,
01/01/29(e)(h)
|
EUR
|
110
|
87,224
|
|
Telenet Finance Luxembourg Notes SARL, 5.50%,
03/01/28(b)
|
USD
|
400
|
397,658
|
|
Univision Communications, Inc.(b)
|
|
|
|
|
8.00%, 08/15/28
|
|
850
|
880,787
|
|
8.50%, 07/31/31
|
|
488
|
503,929
|
|
Security
|
|
Par
(000)
|
Value
|
|
Media (continued)
|
|||
|
Univision Communications, Inc.(b) (continued)
|
|
|
|
|
9.38%, 08/01/32
|
USD
|
1,649
|
$ 1,757,285
|
|
Virgin Media O2 Vendor Financing Notes V DAC,
7.88%, 03/15/32(e)
|
GBP
|
100
|
138,994
|
|
VZ Secured Financing BV, 5.25%, 01/15/33(e)
|
EUR
|
100
|
117,400
|
|
Ziggo Bond Co. BV, 5.13%, 02/28/30(b)
|
USD
|
295
|
267,392
|
|
Ziggo BV, 4.88%, 01/15/30(b)
|
|
217
|
204,817
|
|
|
|
|
32,051,322
|
|
Metals & Mining — 2.0%
|
|||
|
Advanced Drainage Systems, Inc., 6.38%, 06/15/30(b)
|
|
364
|
370,447
|
|
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30
|
|
200
|
190,732
|
|
Arsenal AIC Parent LLC(b)
|
|
|
|
|
8.00%, 10/01/30
|
|
312
|
330,345
|
|
11.50%, 10/01/31
|
|
1,160
|
1,288,327
|
|
BHP Billiton Finance USA Ltd., 5.00%, 09/30/43
|
|
250
|
241,024
|
|
Big River Steel LLC/BRS Finance Corp., 6.63%,
01/31/29(b)
|
|
1,014
|
1,014,397
|
|
Carpenter Technology Corp., 7.63%, 03/15/30
|
|
463
|
475,791
|
|
Cleveland-Cliffs, Inc., 6.88%, 11/01/29(b)
|
|
563
|
573,734
|
|
Constellium SE(b)
|
|
|
|
|
5.63%, 06/15/28
|
|
250
|
249,624
|
|
3.75%, 04/15/29(g)
|
|
1,492
|
1,419,614
|
|
6.38%, 08/15/32
|
|
422
|
431,368
|
|
First Quantum Minerals Ltd.(b)
|
|
|
|
|
9.38%, 03/01/29
|
|
892
|
943,558
|
|
8.00%, 03/01/33
|
|
265
|
279,680
|
|
7.25%, 02/15/34
|
|
253
|
260,653
|
|
Glencore Funding LLC, 6.14%, 04/01/55(b)
|
|
600
|
627,243
|
|
Kaiser Aluminum Corp.(b)
|
|
|
|
|
4.63%, 03/01/28
|
|
351
|
347,069
|
|
4.50%, 06/01/31
|
|
1,209
|
1,139,519
|
|
Navoi Mining & Metallurgical Combinat, 6.95%,
10/17/31(b)
|
|
200
|
213,558
|
|
New Gold, Inc., 6.88%, 04/01/32(b)
|
|
415
|
434,681
|
|
Novelis Corp.(b)
|
|
|
|
|
4.75%, 01/30/30(g)
|
|
618
|
595,545
|
|
6.88%, 01/30/30
|
|
605
|
627,369
|
|
3.88%, 08/15/31
|
|
1,169
|
1,065,763
|
|
6.38%, 08/15/33
|
|
1,230
|
1,242,713
|
|
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(e)
|
EUR
|
300
|
342,913
|
|
Rio Tinto Finance USA PLC, 4.13%, 08/21/42
|
USD
|
400
|
347,225
|
|
Samarco Mineracao SA(h)
|
|
|
|
|
(9.50% PIK), 9.50%, 06/30/31(e)
|
|
42
|
42,587
|
|
(9.50% PIK), 9.50%, 06/30/31(b)
|
|
15
|
14,831
|
|
Vale Overseas Ltd., 6.40%, 06/28/54
|
|
55
|
56,445
|
|
Vallourec SACA, 7.50%, 04/15/32(b)
|
|
555
|
591,333
|
|
Vedanta Resources Finance II PLC, 10.88%,
09/17/29(b)
|
|
200
|
209,375
|
|
Volcan Cia Minera SAA, 8.75%, 01/24/30(b)
|
|
67
|
69,499
|
|
|
|
|
16,036,962
|
|
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.2%
|
|||
|
Arbor Realty SR, Inc., 7.88%, 07/15/30
|
|
197
|
207,134
|
|
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27
|
|
388
|
378,789
|
|
Starwood Property Trust, Inc.
|
|
|
|
|
7.25%, 04/01/29
|
|
226
|
237,310
|
|
6.00%, 04/15/30
|
|
115
|
116,748
|
|
6.50%, 07/01/30
|
|
292
|
302,028
|
|
6.50%, 10/15/30
|
|
323
|
333,648
|
|
|
|
|
1,575,657
|
|
Security
|
|
Par
(000)
|
Value
|
|
Multi-Utilities — 0.0%
|
|||
|
AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%,
06/01/30(b)
|
USD
|
169
|
$ 176,922
|
|
Oil, Gas & Consumable Fuels — 7.5%
|
|||
|
Aethon United BR LP/Aethon United Finance Corp.,
7.50%, 10/01/29(b)
|
|
504
|
525,620
|
|
Antero Midstream Partners LP/Antero Midstream
Finance Corp.(b)
|
|
|
|
|
5.38%, 06/15/29
|
|
263
|
262,036
|
|
6.63%, 02/01/32
|
|
383
|
394,464
|
|
Apache Corp., 5.25%, 02/01/42(g)
|
|
800
|
692,576
|
|
Ascent Resources Utica Holdings LLC/ARU Finance
Corp.(b)
|
|
|
|
|
9.00%, 11/01/27
|
|
214
|
258,544
|
|
6.63%, 07/15/33
|
|
232
|
235,866
|
|
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b)
|
|
|
|
|
7.00%, 07/15/29
|
|
296
|
306,932
|
|
7.25%, 07/15/32
|
|
238
|
250,296
|
|
Buckeye Partners LP
|
|
|
|
|
6.88%, 07/01/29(b)
|
|
27
|
27,982
|
|
6.75%, 02/01/30(b)
|
|
118
|
122,561
|
|
5.85%, 11/15/43
|
|
182
|
169,745
|
|
5.60%, 10/15/44
|
|
117
|
106,357
|
|
Caturus Energy LLC, 8.50%, 02/15/30(b)
|
|
1,225
|
1,275,432
|
|
CD&R Firefly Bidco PLC, 8.63%, 04/30/29(e)
|
GBP
|
100
|
141,300
|
|
Chord Energy Corp., 6.75%, 03/15/33(b)
|
USD
|
149
|
150,965
|
|
CITGO Petroleum Corp., 8.38%, 01/15/29(b)
|
|
939
|
975,801
|
|
Civitas Resources, Inc.(b)
|
|
|
|
|
8.38%, 07/01/28
|
|
300
|
310,965
|
|
8.75%, 07/01/31
|
|
252
|
258,177
|
|
CNX Midstream Partners LP, 4.75%, 04/15/30(b)
|
|
124
|
118,908
|
|
CNX Resources Corp., 7.25%, 03/01/32(b)
|
|
154
|
159,764
|
|
Comstock Resources, Inc.(b)
|
|
|
|
|
6.75%, 03/01/29
|
|
616
|
614,208
|
|
5.88%, 01/15/30
|
|
844
|
812,819
|
|
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%,
06/15/31(b)
|
|
1,938
|
1,919,985
|
|
Crescent Energy Finance LLC(b)
|
|
|
|
|
7.63%, 04/01/32(g)
|
|
540
|
536,270
|
|
7.38%, 01/15/33
|
|
596
|
580,304
|
|
8.38%, 01/15/34
|
|
519
|
525,850
|
|
Delek Logistics Partners LP/Delek Logistics Finance
Corp., 7.38%, 06/30/33(b)
|
|
397
|
403,708
|
|
Diamond Foreign Asset Co./Diamond Finance LLC,
8.50%, 10/01/30(b)
|
|
166
|
175,908
|
|
Ecopetrol SA, 8.88%, 01/13/33
|
|
100
|
108,485
|
|
eG Global Finance PLC, 12.00%, 11/30/28(b)
|
|
391
|
429,457
|
|
Enbridge, Inc.(a)
|
|
|
|
|
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78
|
|
1,865
|
1,883,976
|
|
Series 2020-A, (5-year CMT + 5.31%), 5.75%,
07/15/80
|
|
3,000
|
3,028,839
|
|
Energy Transfer LP
|
|
|
|
|
6.13%, 12/15/45
|
|
500
|
503,388
|
|
5.30%, 04/15/47
|
|
350
|
316,112
|
|
(5-year CMT + 4.02%), 8.00%, 05/15/54(a)
|
|
695
|
742,692
|
|
Series H, (5-year CMT + 5.69%), 6.50%(a)(j)
|
|
4,521
|
4,537,863
|
|
EQT Corp., 4.50%, 01/15/29
|
|
32
|
32,005
|
|
Excelerate Energy LP, 8.00%, 05/15/30(b)
|
|
256
|
272,504
|
|
Genesis Energy LP/Genesis Energy Finance Corp.
|
|
|
|
|
7.75%, 02/01/28
|
|
227
|
228,599
|
|
7.88%, 05/15/32
|
|
400
|
417,182
|
|
8.00%, 05/15/33
|
|
215
|
224,879
|
|
Security
|
|
Par
(000)
|
Value
|
|
Oil, Gas & Consumable Fuels (continued)
|
|||
|
Global Partners LP/GLP Finance Corp., 7.13%,
07/01/33(b)
|
USD
|
170
|
$ 174,247
|
|
Greensaif Pipelines Bidco SARL, 6.10%, 08/23/42(b)
|
|
200
|
210,112
|
|
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b)
|
|
242
|
248,339
|
|
Harvest Midstream I LP, 7.50%, 05/15/32(b)
|
|
147
|
150,161
|
|
Hess Corp., 4.30%, 04/01/27(g)
|
|
750
|
752,477
|
|
Hess Midstream Operations LP(b)
|
|
|
|
|
6.50%, 06/01/29
|
|
365
|
376,437
|
|
4.25%, 02/15/30
|
|
151
|
146,355
|
|
Hilcorp Energy I LP/Hilcorp Finance Co.(b)
|
|
|
|
|
6.25%, 11/01/28
|
|
188
|
188,464
|
|
5.75%, 02/01/29
|
|
206
|
202,930
|
|
6.00%, 04/15/30
|
|
28
|
27,517
|
|
6.25%, 04/15/32
|
|
21
|
20,146
|
|
8.38%, 11/01/33
|
|
444
|
466,323
|
|
6.88%, 05/15/34
|
|
844
|
811,463
|
|
7.25%, 02/15/35
|
|
189
|
184,707
|
|
Howard Midstream Energy Partners LLC(b)
|
|
|
|
|
7.38%, 07/15/32
|
|
152
|
157,780
|
|
6.63%, 01/15/34
|
|
417
|
425,163
|
|
Impulsora Pipeline LLC, 6.05%, 01/01/43
|
|
1,406
|
1,215,130
|
|
ITT Holdings LLC, 6.50%, 08/01/29(b)(g)
|
|
961
|
944,792
|
|
Kinetik Holdings LP, 6.63%, 12/15/28(b)
|
|
76
|
78,008
|
|
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas
Finance Corp., 6.88%, 12/01/32(b)
|
|
190
|
194,981
|
|
Matador Resources Co.(b)
|
|
|
|
|
6.88%, 04/15/28
|
|
332
|
338,819
|
|
6.50%, 04/15/32
|
|
399
|
402,818
|
|
MPLX LP, 1.75%, 03/01/26
|
|
235
|
232,536
|
|
Murphy Oil Corp., 5.88%, 12/01/42
|
|
35
|
30,603
|
|
Nabors Industries, Inc., 7.38%, 05/15/27(b)
|
|
161
|
163,432
|
|
NGL Energy Operating LLC/NGL Energy Finance
Corp.(b)
|
|
|
|
|
8.13%, 02/15/29
|
|
801
|
821,280
|
|
8.38%, 02/15/32
|
|
1,030
|
1,055,385
|
|
Noble Finance II LLC, 8.00%, 04/15/30(b)
|
|
209
|
216,327
|
|
Northern Oil & Gas, Inc.(b)
|
|
|
|
|
8.13%, 03/01/28
|
|
991
|
1,004,992
|
|
10/15/33(d)
|
|
747
|
744,044
|
|
Northriver Midstream Finance LP, 6.75%, 07/15/32(b)
|
|
227
|
232,129
|
|
Parkland Corp., 6.63%, 08/15/32(b)
|
|
253
|
259,973
|
|
PBF Holding Co. LLC/PBF Finance Corp., 7.88%,
09/15/30(b)
|
|
198
|
195,489
|
|
Permian Resources Operating LLC(b)
|
|
|
|
|
8.00%, 04/15/27
|
|
230
|
233,572
|
|
5.88%, 07/01/29
|
|
528
|
530,363
|
|
7.00%, 01/15/32
|
|
288
|
298,696
|
|
6.25%, 02/01/33
|
|
731
|
744,637
|
|
Petrobras Global Finance BV, 6.75%, 01/27/41
|
|
98
|
98,925
|
|
Petroleos Mexicanos
|
|
|
|
|
8.75%, 06/02/29
|
|
146
|
157,334
|
|
5.95%, 01/28/31
|
|
183
|
177,419
|
|
Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%,
07/03/36(b)
|
|
60
|
64,044
|
|
Prairie Acquiror LP, 9.00%, 08/01/29(b)
|
|
253
|
263,400
|
|
Raizen Fuels Finance SA, 6.45%, 03/05/34(b)
|
|
200
|
194,000
|
|
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b)
|
|
66
|
65,465
|
|
Shell Finance U.S., Inc., 4.00%, 05/10/46
|
|
450
|
370,361
|
|
Sunoco LP(b)
|
|
|
|
|
5.63%, 03/15/31
|
|
169
|
167,753
|
|
6.25%, 07/01/33
|
|
346
|
352,173
|
|
Security
|
|
Par
(000)
|
Value
|
|
Oil, Gas & Consumable Fuels (continued)
|
|||
|
Sunoco LP(b) (continued)
|
|
|
|
|
5.88%, 03/15/34
|
USD
|
171
|
$ 169,519
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.(b)
|
|
|
|
|
5.50%, 01/15/28
|
|
178
|
177,094
|
|
7.38%, 02/15/29
|
|
973
|
1,002,037
|
|
6.00%, 12/31/30
|
|
13
|
12,838
|
|
6.00%, 09/01/31
|
|
128
|
125,238
|
|
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b)
|
|
290
|
283,778
|
|
TransMontaigne Partners LLC, 8.50%, 06/15/30(b)
|
|
76
|
79,194
|
|
Transocean International Ltd.(b)
|
|
|
|
|
8.00%, 02/01/27(g)
|
|
554
|
553,230
|
|
8.25%, 05/15/29
|
|
201
|
198,159
|
|
8.75%, 02/15/30
|
|
150
|
157,826
|
|
8.50%, 05/15/31
|
|
311
|
304,790
|
|
10/15/32(d)
|
|
295
|
295,000
|
|
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b)
|
|
78
|
79,626
|
|
Valaris Ltd., 8.38%, 04/30/30(b)
|
|
560
|
581,193
|
|
Venture Global LNG, Inc.(b)
|
|
|
|
|
9.50%, 02/01/29
|
|
2,480
|
2,733,022
|
|
7.00%, 01/15/30
|
|
978
|
1,012,000
|
|
8.38%, 06/01/31
|
|
2,724
|
2,860,119
|
|
9.88%, 02/01/32
|
|
1,460
|
1,589,536
|
|
Venture Global Plaquemines LNG LLC(b)
|
|
|
|
|
7.50%, 05/01/33
|
|
505
|
558,030
|
|
6.50%, 01/15/34
|
|
1,213
|
1,276,873
|
|
7.75%, 05/01/35
|
|
1,187
|
1,339,777
|
|
6.75%, 01/15/36
|
|
1,266
|
1,344,716
|
|
Vista Energy Argentina SAU, 8.50%, 06/10/33(b)
|
|
41
|
41,779
|
|
Vital Energy, Inc.
|
|
|
|
|
7.75%, 07/31/29(b)
|
|
140
|
138,643
|
|
9.75%, 10/15/30
|
|
326
|
340,363
|
|
7.88%, 04/15/32(b)(g)
|
|
671
|
651,365
|
|
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b)
|
|
337
|
340,496
|
|
|
|
|
59,677,066
|
|
Passenger Airlines(b) — 0.2%
|
|||
|
American Airlines, Inc., 8.50%, 05/15/29
|
|
429
|
447,513
|
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.75%, 04/20/29
|
|
67
|
67,256
|
|
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31
|
|
382
|
387,452
|
|
OneSky Flight LLC, 8.88%, 12/15/29
|
|
318
|
334,394
|
|
United Airlines, Inc., 4.63%, 04/15/29(g)
|
|
357
|
351,534
|
|
|
|
|
1,588,149
|
|
Personal Care Products — 0.1%
|
|||
|
Opal Bidco SAS
|
|
|
|
|
5.50%, 03/31/32(e)
|
EUR
|
100
|
121,513
|
|
6.50%, 03/31/32(b)
|
USD
|
431
|
441,665
|
|
Perrigo Finance Unlimited Co., 6.13%, 09/30/32
|
|
434
|
436,910
|
|
|
|
|
1,000,088
|
|
Pharmaceuticals — 1.6%
|
|||
|
1261229 B.C. Ltd., 10.00%, 04/15/32(b)(g)
|
|
4,400
|
4,510,229
|
|
AbbVie, Inc., 5.35%, 03/15/44(g)
|
|
1,500
|
1,504,828
|
|
Amneal Pharmaceuticals LLC, 6.88%, 08/01/32(b)
|
|
239
|
247,177
|
|
Bausch Health Cos., Inc.(b)
|
|
|
|
|
4.88%, 06/01/28
|
|
80
|
71,600
|
|
11.00%, 09/30/28
|
|
1,585
|
1,648,430
|
|
Becton Dickinson & Co., 4.69%, 12/15/44
|
|
600
|
537,336
|
|
CVS Health Corp., 6.00%, 06/01/44(g)
|
|
1,110
|
1,126,109
|
|
Dolcetto Holdco SpA, 5.63%, 07/14/32(e)
|
EUR
|
100
|
120,369
|
|
Security
|
|
Par
(000)
|
Value
|
|
Pharmaceuticals (continued)
|
|||
|
Grifols SA(e)
|
|
|
|
|
2.25%, 11/15/27
|
EUR
|
214
|
$ 247,038
|
|
7.13%, 05/01/30
|
|
100
|
123,672
|
|
Gruenenthal GmbH, 4.63%, 11/15/31(e)
|
|
100
|
119,871
|
|
Nidda Healthcare Holding GmbH, 7.00%, 02/21/30(e)
|
|
100
|
122,390
|
|
Option Care Health, Inc., 4.38%, 10/31/29(b)
|
USD
|
314
|
302,827
|
|
Organon & Co./Organon Foreign Debt Co-Issuer BV,
4.13%, 04/30/28(b)
|
|
600
|
579,686
|
|
Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.88%,
12/31/29(a)(e)
|
EUR
|
42
|
50,456
|
|
Teva Pharmaceutical Finance Netherlands III BV
|
|
|
|
|
3.15%, 10/01/26
|
USD
|
521
|
510,580
|
|
6.75%, 03/01/28
|
|
400
|
413,936
|
|
Viatris, Inc., 2.30%, 06/22/27
|
|
392
|
377,341
|
|
|
|
|
12,613,875
|
|
Real Estate Management & Development — 0.3%
|
|||
|
Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%,
12/31/28(h)
|
EUR
|
151
|
188,564
|
|
Alexandrite Lake Lux Holdings SARL, 6.75%,
07/30/30(e)
|
|
100
|
120,108
|
|
Anywhere Real Estate Group LLC/Anywhere Co-Issuer
Corp.
|
|
|
|
|
7.00%, 04/15/30(b)
|
USD
|
275
|
278,350
|
|
Series AI, 7.00%, 04/15/30
|
|
348
|
352,177
|
|
Anywhere Real Estate Group LLC/Realogy Co-Issuer
Corp., 9.75%, 04/15/30(b)
|
|
535
|
583,863
|
|
Cushman & Wakefield U.S. Borrower LLC, 8.88%,
09/01/31(b)
|
|
399
|
425,861
|
|
Fantasia Holdings Group Co. Ltd.(e)(f)(m)
|
|
|
|
|
11.75%, 04/17/22
|
|
430
|
4,838
|
|
12.25%, 10/18/22
|
|
200
|
4,125
|
|
11.88%, 06/01/23
|
|
200
|
3,000
|
|
9.25%, 07/28/23
|
|
400
|
6,000
|
|
Five Point Operating Co. LP, 8.00%, 10/01/30(b)
|
|
345
|
350,096
|
|
New Immo Holding SA, 3.25%, 07/23/27(e)
|
EUR
|
100
|
115,686
|
|
Sobha Sukuk I Holding Ltd., 7.13%, 09/11/30(e)
|
USD
|
200
|
200,832
|
|
Vivion Investments SARL, (6.50% PIK), 6.50%,
08/31/28(e)(h)
|
EUR
|
101
|
118,886
|
|
|
|
|
2,752,386
|
|
Retail REITs — 0.1%
|
|||
|
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b)
|
USD
|
434
|
426,254
|
|
Semiconductors & Semiconductor Equipment — 0.4%
|
|||
|
Amkor Technology, Inc., 5.88%, 10/01/33(b)
|
|
104
|
105,059
|
|
Broadcom, Inc.(b)(g)
|
|
|
|
|
4.15%, 04/15/32
|
|
1,000
|
980,665
|
|
3.50%, 02/15/41
|
|
800
|
658,342
|
|
Kioxia Holdings Corp., 6.63%, 07/24/33
|
|
371
|
381,399
|
|
QUALCOMM, Inc.
|
|
|
|
|
5.40%, 05/20/33
|
|
400
|
425,024
|
|
4.30%, 05/20/47(g)
|
|
700
|
599,691
|
|
|
|
|
3,150,180
|
|
Software — 3.9%
|
|||
|
AthenaHealth Group, Inc., 6.50%, 02/15/30(b)(g)
|
|
5,803
|
5,755,520
|
|
Camelot Finance SA, 4.50%, 11/01/26(b)
|
|
105
|
104,640
|
|
Capstone Borrower, Inc., 8.00%, 06/15/30(b)
|
|
1,572
|
1,643,983
|
|
Central Parent LLC/CDK Global II LLC/CDK Financing
Co., Inc., 8.00%, 06/15/29(b)
|
|
238
|
209,739
|
|
Security
|
|
Par
(000)
|
Value
|
|
Software (continued)
|
|||
|
Central Parent, Inc./CDK Global, Inc., 7.25%,
06/15/29(b)
|
USD
|
373
|
$ 321,173
|
|
Cloud Software Group, Inc.(b)(g)
|
|
|
|
|
6.50%, 03/31/29
|
|
2,535
|
2,557,866
|
|
9.00%, 09/30/29
|
|
5,813
|
6,029,281
|
|
8.25%, 06/30/32
|
|
3,662
|
3,884,479
|
|
CoreLogic, Inc., 4.50%, 05/01/28(b)
|
|
1,597
|
1,548,455
|
|
CoreWeave, Inc., 9.25%, 06/01/30(b)
|
|
389
|
401,757
|
|
Elastic NV, 4.13%, 07/15/29(b)
|
|
413
|
396,440
|
|
Electronic Arts, Inc., 2.95%, 02/15/51
|
|
236
|
204,667
|
|
Ellucian Holdings, Inc., 6.50%, 12/01/29(b)
|
|
1,361
|
1,382,664
|
|
Helios Software Holdings, Inc./ION Corporate Solutions
Finance SARL
|
|
|
|
|
4.63%, 05/01/28(b)
|
|
200
|
193,431
|
|
7.88%, 05/01/29(e)
|
EUR
|
100
|
122,851
|
|
8.75%, 05/01/29(b)
|
USD
|
217
|
224,911
|
|
IPD 3 BV, 5.50%, 06/15/31(e)
|
EUR
|
100
|
119,228
|
|
Oracle Corp.
|
|
|
|
|
3.95%, 03/25/51
|
USD
|
250
|
185,877
|
|
6.13%, 08/03/65
|
|
600
|
602,321
|
|
Playtika Holding Corp., 4.25%, 03/15/29(b)
|
|
67
|
61,511
|
|
SS&C Technologies, Inc., 6.50%, 06/01/32(b)(g)
|
|
674
|
696,806
|
|
TeamSystem SpA, (3-mo. EURIBOR + 3.50%), 5.53%,
07/31/31(a)(e)
|
EUR
|
100
|
117,746
|
|
Twilio, Inc.
|
|
|
|
|
3.63%, 03/15/29
|
USD
|
206
|
196,300
|
|
3.88%, 03/15/31
|
|
209
|
196,517
|
|
UKG, Inc., 6.88%, 02/01/31(b)(g)
|
|
3,375
|
3,482,443
|
|
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,
3.88%, 02/01/29(b)
|
|
955
|
905,166
|
|
|
|
|
31,545,772
|
|
Specialty Retail — 0.1%
|
|||
|
Advance Auto Parts, Inc., 7.00%, 08/01/30(b)
|
|
229
|
235,607
|
|
Afflelou SAS, 6.00%, 07/25/29(e)
|
EUR
|
100
|
122,466
|
|
Bubbles Bidco SpA, (3-mo. EURIBOR + 4.25%), 6.25%,
09/30/31(a)(e)
|
|
100
|
118,308
|
|
Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.15%,
07/15/31(a)(e)
|
|
100
|
118,108
|
|
Staples, Inc., 10.75%, 09/01/29(b)
|
USD
|
243
|
240,271
|
|
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 5.00%, 06/01/31(b)
|
|
117
|
111,324
|
|
|
|
|
946,084
|
|
Technology Hardware, Storage & Peripherals(b) — 0.2%
|
|||
|
Seagate Data Storage Technology Pte Ltd.
|
|
|
|
|
8.25%, 12/15/29
|
|
341
|
360,983
|
|
5.88%, 07/15/30
|
|
339
|
344,904
|
|
8.50%, 07/15/31
|
|
615
|
651,075
|
|
|
|
|
1,356,962
|
|
Textiles, Apparel & Luxury Goods — 0.5%
|
|||
|
Beach Acquisition Bidco LLC(b)
|
|
|
|
|
5.25%, 07/15/32
|
EUR
|
613
|
737,745
|
|
(10.00% PIK), 10.00%, 07/15/33(g)(h)
|
USD
|
2,346
|
2,530,541
|
|
Hanesbrands, Inc., 9.00%, 02/15/31(b)
|
|
20
|
21,168
|
|
Levi Strauss & Co.(b)
|
|
|
|
|
4.00%, 08/15/30
|
EUR
|
165
|
196,571
|
|
3.50%, 03/01/31
|
USD
|
21
|
19,497
|
|
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%),
5.78%, 07/01/29(a)(e)
|
EUR
|
100
|
118,071
|
|
|
|
|
3,623,593
|
|
Security
|
|
Par
(000)
|
Value
|
|
Tobacco — 0.3%
|
|||
|
Altria Group, Inc., 3.40%, 02/04/41(g)
|
USD
|
750
|
$ 581,330
|
|
BAT Capital Corp.
|
|
|
|
|
7.08%, 08/02/43
|
|
500
|
565,841
|
|
4.54%, 08/15/47(g)
|
|
715
|
599,556
|
|
Philip Morris International, Inc., 3.88%, 08/21/42(g)
|
|
900
|
747,169
|
|
|
|
|
2,493,896
|
|
Transportation Infrastructure — 0.1%
|
|||
|
Edge Finco PLC, 8.13%, 08/15/31(e)
|
GBP
|
100
|
143,400
|
|
FedEx Corp.
|
|
|
|
|
3.90%, 02/01/35
|
USD
|
500
|
455,585
|
|
4.40%, 01/15/47
|
|
500
|
405,194
|
|
Mobico Group PLC, 3.63%, 11/20/28(e)
|
GBP
|
100
|
113,566
|
|
|
|
|
1,117,745
|
|
Wireless Telecommunication Services — 0.8%
|
|||
|
Altice France SA(b)
|
|
|
|
|
5.50%, 01/15/28
|
USD
|
357
|
314,160
|
|
5.13%, 01/15/29
|
|
400
|
344,000
|
|
5.13%, 07/15/29
|
|
2,000
|
1,708,000
|
|
5.50%, 10/15/29
|
|
200
|
172,987
|
|
Digicel International Finance Ltd./Difl U.S. LLC, 8.63%,
08/01/32(b)
|
|
1,459
|
1,496,861
|
|
Telecom Argentina SA, 9.25%, 05/28/33(b)
|
|
35
|
33,871
|
|
Turkcell Iletisim Hizmetleri A/S, 7.65%, 01/24/32(b)
|
|
200
|
209,000
|
|
VF Ukraine PAT via VFU Funding PLC, 9.63%,
02/11/27(e)
|
|
156
|
148,244
|
|
Vmed O2 U.K. Financing I PLC
|
|
|
|
|
4.00%, 01/31/29(e)
|
GBP
|
200
|
256,166
|
|
4.25%, 01/31/31(b)
|
USD
|
800
|
741,733
|
|
4.75%, 07/15/31(b)
|
|
602
|
566,630
|
|
7.75%, 04/15/32(b)
|
|
252
|
264,761
|
|
WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31(b)(h)
|
|
10
|
9,802
|
|
Zegona Finance PLC, 6.75%, 07/15/29(e)
|
EUR
|
90
|
111,864
|
|
|
|
|
6,378,079
|
|
Total Corporate Bonds — 75.3%
(Cost: $591,801,795)
|
603,160,606
|
||
|
Fixed Rate Loan Interests
|
|||
|
Diversified Consumer Services — 0.0%
|
|||
|
Clover Holdings SPV III LLC, 2024 USD Term Loan,
15.00%, 12/09/27
|
USD
|
31
|
31,857
|
|
IT Services — 0.3%
|
|||
|
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%,
12/09/31
|
|
2,333
|
2,346,288
|
|
Software — 0.4%
|
|||
|
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31
|
|
3,230
|
3,238,593
|
|
Total Fixed Rate Loan Interests — 0.7%
(Cost: $5,592,605)
|
5,616,738
|
||
|
Security
|
|
Par
(000)
|
Value
|
|
Floating Rate Loan Interests(a)
|
|||
|
Advertising Agencies — 0.2%
|
|||
|
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 4.11%),
8.28%, 08/23/28
|
USD
|
865
|
$ 864,989
|
|
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-
mo. CME Term SOFR + 5.10%), 9.43%, 04/11/29
|
|
567
|
539,222
|
|
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
|
|
112
|
110,149
|
|
|
|
|
1,514,360
|
|
Aerospace & Defense — 0.1%
|
|||
|
Kaman Corp.
|
|
|
|
|
2025 Delayed Draw Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 2.50%), 6.83%, 02/26/32
|
|
5
|
4,836
|
|
2025 Term Loan B, (6-mo. CME Term SOFR at
0.50% Floor + 2.75%), 6.66%, 02/26/32
|
|
395
|
393,249
|
|
Signia Aerospace LLC, 2025 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 2.75%), 6.91%,
12/11/31
|
|
191
|
191,250
|
|
TransDigm, Inc., 2025 Term Loan M, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.66%, 08/19/32
|
|
581
|
580,256
|
|
|
|
|
1,169,591
|
|
Automobile Components — 0.1%
|
|||
|
Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.91%,
01/28/32
|
|
472
|
471,577
|
|
Tenneco, Inc.
|
|
|
|
|
2022 Term Loan A, (3-mo. CME Term SOFR at 0.50%
Floor + 4.85%), 9.05%, 11/17/28
|
|
39
|
38,343
|
|
2022 Term Loan B, (3-mo. CME Term SOFR +
5.10%), 9.30%, 11/17/28
|
|
314
|
306,882
|
|
|
|
|
816,802
|
|
Beverages — 0.0%
|
|||
|
Sazerac Co., Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.70%, 07/09/32
|
|
169
|
169,940
|
|
Building Products — 0.3%
|
|||
|
Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.16%,
09/08/32
|
|
59
|
59,412
|
|
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 5.25%), 9.41%, 07/08/30
|
|
131
|
128,052
|
|
Foundation Building Materials, Inc.
|
|
|
|
|
2021 Term Loan, (3-mo. CME Term SOFR at 0.50%
Floor + 3.51%), 7.82%, 01/31/28
|
|
200
|
200,234
|
|
2024 Term Loan B2, (3-mo. CME Term SOFR at
0.00% Floor + 4.00%), 8.31%, 01/29/31
|
|
650
|
651,214
|
|
2025 Term Loan, (Prime + 4.25%), 11.50%, 01/29/31
|
|
115
|
114,913
|
|
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
|
|
652
|
651,549
|
|
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 8.25%, 08/05/31
|
|
275
|
264,965
|
|
|
|
|
2,070,339
|
|
Security
|
|
Par
(000)
|
Value
|
|
Capital Markets — 0.1%
|
|||
|
Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.91%,
07/30/31
|
USD
|
61
|
$ 60,893
|
|
Gryphon Acquire NewCo LLC, Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.88%,
09/13/32
|
|
400
|
400,876
|
|
Osaic Holdings, Inc., 2025 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.16%,
07/30/32
|
|
356
|
356,265
|
|
Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-
mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.66%, 10/16/31
|
|
182
|
182,160
|
|
|
|
|
1,000,194
|
|
Chemicals — 0.3%
|
|||
|
Aruba Investments Holdings LLC, 2020 2nd Lien Term
Loan, (1-mo. CME Term SOFR + 7.85%), 12.01%,
11/24/28
|
|
118
|
106,727
|
|
Discovery Purchaser Corp., Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 8.08%,
10/04/29
|
|
684
|
680,177
|
|
Lonza Group AG, USD Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.03%), 8.03%, 07/03/28
|
|
401
|
361,088
|
|
Momentive Performance Materials, Inc., 2023 Term
Loan, (1-mo. CME Term SOFR + 4.00%), 8.16%,
03/29/28
|
|
90
|
90,423
|
|
Olympus Water U.S. Holding Corp., 2025 USD Term
Loan B, 07/23/32(n)
|
|
352
|
349,110
|
|
Oxea Holding Drei GmbH, 2017 USD Term Loan B2,
04/08/31(n)
|
|
46
|
41,845
|
|
Qnity Electronics, Inc., Term Loan B, 08/12/32(n)
|
|
518
|
517,353
|
|
WR Grace Holdings LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.00%,
08/19/32
|
|
194
|
194,324
|
|
|
|
|
2,341,047
|
|
Commercial Services & Supplies — 0.3%
|
|||
|
AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.16%,
08/12/32
|
|
201
|
199,550
|
|
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
|
|
662
|
664,414
|
|
Champions Financing, Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.75%), 8.95%,
02/23/29
|
|
454
|
423,948
|
|
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term
SOFR + 2.00%, 3.75% PIK), 10.06%, 07/31/30(h)
|
|
168
|
152,476
|
|
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.36%), 8.37%,
12/17/28
|
|
169
|
37,248
|
|
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
|
|
578
|
575,883
|
|
|
|
|
2,053,519
|
|
Communications Equipment — 0.0%
|
|||
|
COMMSCOPE, 2024 Term Loan, (1-mo. CME Term
SOFR at 2.00% Floor + 4.75%), 8.91%, 12/17/29
|
|
357
|
360,898
|
|
Security
|
|
Par
(000)
|
Value
|
|
Construction & Engineering — 0.1%
|
|||
|
Brand Industrial Services, Inc., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 4.50%),
8.80%, 08/01/30
|
USD
|
1,119
|
$ 1,011,857
|
|
Consumer Discretionary — 0.1%
|
|||
|
Camelot U.S. Acquisition LLC, 2025 Incremental Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
3.25%), 7.41%, 01/31/31
|
|
367
|
366,196
|
|
Jupiter Buyer, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 4.25%), 8.25%,
11/01/31
|
|
91
|
92,107
|
|
|
|
|
458,303
|
|
Consumer Staples Distribution & Retail — 0.1%
|
|||
|
Boots Group Finco LP, USD Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.70%,
08/30/32
|
|
1,094
|
1,096,275
|
|
Containers & Packaging — 0.1%
|
|||
|
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 5.10%), 9.26%,
10/30/28
|
|
468
|
382,384
|
|
Diversified Telecommunication Services — 0.3%
|
|||
|
Delta Topco, Inc., 2024 2nd Lien Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 5.25%), 9.43%,
11/29/30
|
|
78
|
77,536
|
|
Frontier Communications Holdings LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.65%, 07/01/31
|
|
99
|
98,341
|
|
Lumen Technologies, Inc.
|
|
|
|
|
2024 Extended Term Loan B1, (1-mo. CME Term
SOFR at 2.00% Floor + 2.46%), 6.63%, 04/16/29
|
|
265
|
263,070
|
|
2024 Extended Term Loan B2, (1-mo. CME Term
SOFR at 2.00% Floor + 2.46%), 6.63%, 04/15/30
|
|
136
|
134,960
|
|
2024 Term Loan A, (1-mo. CME Term SOFR +
6.00%), 10.16%, 06/01/28
|
|
82
|
83,630
|
|
Windstream Services LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.85%), 9.01%,
10/01/31(c)
|
|
156
|
155,610
|
|
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
|
|
1,396
|
1,353,023
|
|
|
|
|
2,166,170
|
|
Electronic Equipment, Instruments & Components — 0.1%
|
|||
|
Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
3.50%), 7.66%, 12/02/31
|
|
410
|
410,503
|
|
Pinnacle Buyer LLC(n)
|
|
|
|
|
Delayed Draw Term Loan, 09/10/32
|
|
31
|
31,118
|
|
Term Loan, 09/10/32
|
|
162
|
161,813
|
|
|
|
|
603,434
|
|
Energy Equipment & Services — 0.0%
|
|||
|
Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.66%,
07/31/31
|
|
102
|
101,453
|
|
Financial Services(n) — 0.1%
|
|||
|
ION Platform Finance U.S., Inc., USD Term Loan,
09/30/32(c)
|
|
455
|
451,019
|
|
Orion U.S. Finco, Inc., 1st Lien Term Loan, 05/20/32
|
|
114
|
114,570
|
|
|
|
|
565,589
|
|
Security
|
|
Par
(000)
|
Value
|
|
Food Products — 0.0%
|
|||
|
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.66%,
10/25/27
|
USD
|
18
|
$ 17,906
|
|
Health Care Equipment & Supplies — 0.1%
|
|||
|
Bausch & Lomb Corp.
|
|
|
|
|
2023 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 8.17%, 09/29/28
|
|
262
|
261,333
|
|
2025 Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 4.25%), 8.41%, 01/15/31
|
|
608
|
607,496
|
|
|
|
|
868,829
|
|
Health Care Providers & Services — 0.2%
|
|||
|
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
|
|
440
|
439,181
|
|
2024 Incremental Term Loan B1, (3-mo. CME Term
SOFR at 0.00% Floor + 3.50%), 7.66%, 05/19/31
|
|
201
|
199,988
|
|
Quorum Health Corp., 2020 Term Loan, (3-mo. CME
Term SOFR at 1.00% Floor + 6.60%), 10.60%,
01/28/28
|
|
338
|
241,615
|
|
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 8.00%, 09/27/30
|
|
757
|
756,379
|
|
|
|
|
1,637,163
|
|
Hotels, Restaurants & Leisure — 0.1%
|
|||
|
EOC Borrower LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.16%, 03/24/32
|
|
204
|
204,094
|
|
Great Canadian Gaming Corp., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 4.75%),
8.75%, 11/01/29
|
|
172
|
164,898
|
|
Sabre GLBL, Inc.
|
|
|
|
|
2021 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.78%, 12/17/27
|
|
25
|
23,558
|
|
2021 Term Loan B2, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.78%, 12/17/27
|
|
8
|
7,756
|
|
2022 Term Loan B, (1-mo. CME Term SOFR +
4.35%), 8.51%, 06/30/28
|
|
5
|
4,247
|
|
2024 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.26%, 11/15/29(c)
|
|
71
|
67,087
|
|
2024 Term Loan B2, (1-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.26%, 11/15/29(c)
|
|
35
|
32,651
|
|
|
|
|
504,291
|
|
Household Durables — 0.0%
|
|||
|
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.25%,
01/20/32
|
|
114
|
114,394
|
|
Springs Windows Fashions LLC, 2024 FLFO A1 Term
Loan, (1-mo. CME Term SOFR at 1.00% Floor +
4.50%), 8.66%, 12/19/29
|
|
52
|
51,779
|
|
|
|
|
166,173
|
|
Insurance — 0.2%
|
|||
|
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.94%, 02/15/31
|
|
293
|
291,211
|
|
Asurion LLC, 2025 Term Loan B13, (1-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 8.41%, 09/19/30
|
|
285
|
283,631
|
|
Security
|
|
Par
(000)
|
Value
|
|
Insurance (continued)
|
|||
|
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
|
USD
|
42
|
$ 41,747
|
|
OneDigital Borrower LLC, 2025 Repriced Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.16%, 07/02/31
|
|
50
|
49,812
|
|
Truist Insurance Holdings LLC, 2nd Lien Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 4.75%),
8.75%, 05/06/32
|
|
852
|
866,773
|
|
|
|
|
1,533,174
|
|
Interactive Media & Services — 0.1%
|
|||
|
MH Sub I LLC, 2023 Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 4.25%), 8.25%, 05/03/28
|
|
430
|
413,521
|
|
Internet Software & Services — 0.1%
|
|||
|
Proofpoint, Inc., 2025 Fungible Term Loan, 08/31/28(n)
|
|
72
|
72,188
|
|
StubHub Holdco Sub LLC, 2024 Extended Term Loan B,
(1-mo. CME Term SOFR + 4.75%), 8.91%, 03/15/30
|
|
534
|
528,046
|
|
|
|
|
600,234
|
|
IT Services — 0.2%
|
|||
|
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 6.41%,
09/29/31
|
|
44
|
43,983
|
|
Finastra USA, Inc.
|
|
|
|
|
2025 1st Lien Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 4.00%), 8.04%, 07/30/32
|
|
1,267
|
1,261,121
|
|
2025 2nd Lien Term Loan, (3-mo. CME Term SOFR
at 0.00% Floor + 7.00%), 11.04%, 09/15/33
|
|
219
|
217,467
|
|
Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.25%,
06/27/31
|
|
149
|
149,041
|
|
|
|
|
1,671,612
|
|
Leisure Products — 0.0%
|
|||
|
City Football Group Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.61%), 7.70%,
07/22/30
|
|
292
|
291,526
|
|
Machinery — 0.1%
|
|||
|
GrafTech Global Enterprises, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 2.00% Floor + 6.00%),
10.16%, 12/21/29
|
|
123
|
125,072
|
|
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
|
|
1,050
|
1,052,310
|
|
|
|
|
1,177,382
|
|
Media — 0.4%
|
|||
|
Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3-
mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.57%, 01/31/32
|
|
276
|
273,049
|
|
CSC Holdings LLC
|
|
|
|
|
2019 Term Loan B5, (Prime + 1.50%), 8.75%,
04/15/27
|
|
534
|
516,208
|
|
2022 Term Loan B6, (1-mo. CME Term SOFR at
0.00% Floor + 4.50%), 8.65%, 01/18/28
|
|
548
|
543,955
|
|
Directv Financing LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 5.50%), 9.81%,
02/17/31
|
|
1,191
|
1,162,489
|
|
Security
|
|
Par
(000)
|
Value
|
|
Media (continued)
|
|||
|
Gray Television, Inc.
|
|
|
|
|
2021 Term Loan D, (1-mo. CME Term SOFR +
3.11%), 7.39%, 12/01/28
|
USD
|
145
|
$ 145,238
|
|
2024 Term Loan B, (1-mo. CME Term SOFR +
5.25%), 9.53%, 06/04/29
|
|
1
|
1,242
|
|
OVG Business Services LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 3.00%), 7.16%, 06/25/31
|
|
16
|
15,825
|
|
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(h)
|
|
736
|
593,036
|
|
|
|
|
3,251,042
|
|
Oil, Gas & Consumable Fuels — 0.0%
|
|||
|
Stakeholder Midstream LLC, Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 8.04%,
01/01/31
|
|
330
|
330,585
|
|
Personal Care Products — 0.0%
|
|||
|
ACP Tara Holdings, Inc., 2025 Term Loan B,
09/17/32(c)(n)
|
|
132
|
132,000
|
|
Pharmaceuticals — 0.2%
|
|||
|
Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 3.50%),
7.66%, 08/01/32
|
|
509
|
508,150
|
|
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 4.00%),
8.16%, 04/23/31
|
|
240
|
239,835
|
|
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.10%), 8.10%,
10/01/27
|
|
736
|
723,436
|
|
|
|
|
1,471,421
|
|
Real Estate Management & Development — 0.0%
|
|||
|
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.78%, 06/02/28
|
|
202
|
201,493
|
|
Software — 0.6%
|
|||
|
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.50%,
02/23/32
|
|
201
|
205,327
|
|
Ascend Learning LLC, 2025 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.16%, 12/11/28
|
|
47
|
46,819
|
|
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 6.91%,
02/15/29
|
|
973
|
970,399
|
|
Boxer Parent Co., Inc.
|
|
|
|
|
2024 2nd Lien Term Loan, (3-mo. CME Term SOFR
at 0.00% Floor + 5.75%), 9.95%, 07/30/32
|
|
339
|
329,678
|
|
2025 USD Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 3.00%), 7.20%, 07/30/31
|
|
546
|
544,845
|
|
Central Parent LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.25%,
07/06/29
|
|
94
|
80,917
|
|
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
|
|
723
|
725,414
|
|
2025 Term Loan B (2032), (3-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 7.25%, 08/13/32
|
|
200
|
200,655
|
|
Cloudera, Inc., 2021 Second Lien Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 6.10%), 10.26%,
10/08/29
|
|
329
|
299,915
|
|
Security
|
|
Par
(000)
|
Value
|
|
Software (continued)
|
|||
|
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
|
USD
|
58
|
$ 57,819
|
|
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR
at 0.50% Floor + 4.75%), 8.91%, 11/22/32
|
|
880
|
898,330
|
|
Mitchell International, Inc., 2024 1st Lien Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.25%),
7.41%, 06/17/31
|
|
232
|
231,509
|
|
RealPage, Inc., 2024 Incremental Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.75%), 7.75%,
04/24/28
|
|
201
|
201,492
|
|
|
|
|
4,793,119
|
|
Technology Hardware, Storage & Peripherals — 0.0%
|
|||
|
Cubic Corp.
|
|
|
|
|
2025 Second Out Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.51%), 8.83%, 05/25/29
|
|
205
|
116,621
|
|
2025 Second Out Term Loan C, (3-mo. CME Term
SOFR at 0.75% Floor + 4.51%), 8.57%, 05/25/29
|
|
24
|
13,932
|
|
|
|
|
130,553
|
|
Textiles, Apparel & Luxury Goods — 0.0%
|
|||
|
Beach Acquisition Bidco LLC, USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.31%,
09/12/32
|
|
170
|
170,709
|
|
Wireless Telecommunication Services — 0.4%
|
|||
|
Altice France SA, 2023 USD Term Loan B14, (3-mo.
CME Term SOFR at 0.00% Floor + 5.50%), 9.82%,
08/15/28(c)
|
|
429
|
414,081
|
|
Digicel International Finance Ltd., 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 5.25%),
9.49%, 08/06/32
|
|
386
|
385,518
|
|
Level 3 Financing, Inc., 2025 Repriced Term Loan B4,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.42%, 03/29/32
|
|
1,901
|
1,901,000
|
|
Windstream Services, LLC, 2025 Term Loan B,
09/24/32(c)(n)
|
|
319
|
315,810
|
|
|
|
|
3,016,409
|
|
Total Floating Rate Loan Interests — 5.0%
(Cost: $40,514,661)
|
40,261,297
|
||
|
Foreign Agency Obligations
|
|||
|
Barbados — 0.0%
|
|
||
|
Barbados Government International Bonds, 8.00%,
06/26/35(b)
|
|
55
|
57,282
|
|
Benin — 0.0%
|
|
||
|
Benin Government International Bonds, 7.96%,
02/13/38(b)
|
|
200
|
204,282
|
|
Bulgaria — 0.0%
|
|
||
|
Bulgaria Government International Bonds, 5.00%,
03/05/37(e)
|
|
72
|
72,072
|
|
Chile — 0.0%
|
|
||
|
Chile Government International Bonds, 4.34%,
03/07/42(g)
|
|
200
|
177,000
|
|
Colombia — 0.0%
|
|
||
|
Colombia Government International Bonds, 8.00%,
04/20/33
|
|
200
|
218,000
|
|
Security
|
|
Par
(000)
|
Value
|
|
Dominican Republic — 0.1%
|
|
||
|
Dominican Republic International Bonds(b)
|
|
|
|
|
4.50%, 01/30/30
|
USD
|
200
|
$ 195,800
|
|
7.05%, 02/03/31
|
|
150
|
161,775
|
|
|
|
|
357,575
|
|
Ecuador — 0.0%
|
|
||
|
Ecuador Government International Bonds, 6.90%,
07/31/30(b)(k)
|
|
15
|
12,902
|
|
Egypt — 0.1%
|
|
||
|
Egypt Government International Bonds
|
|
|
|
|
7.63%, 05/29/32(e)
|
|
200
|
196,900
|
|
7.50%, 02/16/61(b)
|
|
200
|
156,600
|
|
|
|
|
353,500
|
|
Guatemala — 0.0%
|
|
||
|
Guatemala Government Bonds, 6.60%, 06/13/36(b)
|
|
200
|
211,800
|
|
Hungary — 0.1%
|
|
||
|
Hungary Government International Bonds
|
|
|
|
|
5.25%, 06/16/29(b)
|
|
200
|
204,150
|
|
Series 10Y, 5.38%, 09/12/33(e)
|
EUR
|
114
|
145,075
|
|
Magyar Export-Import Bank Zrt, 6.00%, 05/16/29(e)
|
|
121
|
153,514
|
|
|
|
|
502,739
|
|
Ivory Coast — 0.0%
|
|
||
|
Ivory Coast Government International Bonds, 5.88%,
10/17/31(e)
|
|
102
|
119,080
|
|
Morocco — 0.0%
|
|
||
|
Morocco Government International Bonds, 5.95%,
03/08/28(b)
|
USD
|
200
|
207,375
|
|
Oman — 0.1%
|
|
||
|
Oman Government International Bonds, 6.75%,
01/17/48(e)
|
|
309
|
339,684
|
|
Panama — 0.0%
|
|
||
|
Panama Government International Bonds, 7.50%,
03/01/31
|
|
200
|
220,700
|
|
Peru — 0.0%
|
|
||
|
Peruvian Government International Bonds
|
|
|
|
|
2.78%, 01/23/31
|
|
117
|
107,903
|
|
1.86%, 12/01/32(g)
|
|
178
|
146,939
|
|
|
|
|
254,842
|
|
Poland — 0.0%
|
|
||
|
Republic of Poland Government International Bonds
|
|
|
|
|
4.88%, 10/04/33(g)
|
|
138
|
139,464
|
|
5.50%, 04/04/53
|
|
71
|
68,555
|
|
|
|
|
208,019
|
|
Romania — 0.1%
|
|
||
|
Romania Government International Bonds
|
|
|
|
|
2.12%, 07/16/31(e)
|
EUR
|
168
|
168,148
|
|
5.88%, 07/11/32(b)
|
|
40
|
48,077
|
|
6.25%, 09/10/34(b)
|
|
97
|
117,126
|
|
6.75%, 07/11/39(b)
|
|
33
|
39,503
|
|
|
|
|
372,854
|
|
Saudi Arabia — 0.1%
|
|
||
|
Saudi Government International Bonds, 4.50%,
04/17/30(e)
|
USD
|
362
|
366,326
|
|
Security
|
|
Par
(000)
|
Value
|
|
Serbia — 0.0%
|
|
||
|
Serbia International Bonds, 6.00%, 06/12/34(b)
|
USD
|
200
|
$ 208,300
|
|
South Africa — 0.1%
|
|
||
|
Republic of South Africa Government International
Bonds
|
|
|
|
|
5.00%, 10/12/46
|
|
200
|
150,192
|
|
5.75%, 09/30/49
|
|
200
|
160,192
|
|
|
|
|
310,384
|
|
Trinidad And Tobago — 0.0%
|
|
||
|
Trinidad & Tobago Government International Bonds,
6.40%, 06/26/34(b)
|
|
200
|
203,650
|
|
Uzbekistan — 0.0%
|
|
||
|
Republic of Uzbekistan International Bonds, 5.38%,
05/29/27(b)
|
EUR
|
100
|
120,843
|
|
Total Foreign Agency Obligations — 0.7%
(Cost: $4,965,639)
|
5,099,209
|
||
|
Municipal Bonds
|
|||
|
Arizona — 0.1%
|
|
||
|
Maricopa County Industrial Development Authority, RB,
7.38%, 10/01/29(b)
|
USD
|
700
|
732,993
|
|
California — 0.1%
|
|
||
|
Golden State Tobacco Securitization Corp., Refunding
RB, Series A-1, 3.71%, 06/01/41
|
|
1,000
|
782,150
|
|
Illinois — 0.1%
|
|
||
|
State of Illinois, GO, 5.10%, 06/01/33
|
|
698
|
706,517
|
|
Massachusetts — 0.1%
|
|
||
|
Massachusetts Educational Financing Authority,
Refunding RB, Series A, 6.35%, 07/01/49
|
|
680
|
711,353
|
|
New York — 0.1%
|
|
||
|
New York City Municipal Water Finance Authority,
Refunding RB, BAB, 6.01%, 06/15/42
|
|
1,000
|
1,054,465
|
|
Texas — 0.1%
|
|
||
|
Port of Beaumont Navigation District, Refunding ARB,
Series B, 10.00%, 07/01/26(b)
|
|
850
|
854,448
|
|
Total Municipal Bonds — 0.6%
(Cost: $4,713,250)
|
4,841,926
|
||
|
Non-Agency Mortgage-Backed Securities
|
|||
|
Collateralized Mortgage Obligations — 12.1%
|
|||
|
A&D Mortgage Trust, Series 2024-NQM5, Class A1,
5.70%, 11/25/69(b)
|
|
1,352
|
1,360,348
|
|
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%,
10/25/64(b)
|
|
431
|
433,229
|
|
Ajax Mortgage Loan Trust, Class B, 0.00%,
12/25/57(a)(b)
|
|
1
|
265
|
|
Alternative Loan Trust
|
|
|
|
|
Series 2005-9CB, Class 1A3, (1-mo. Term SOFR +
0.56%), 4.72%, 05/25/35(a)
|
|
967
|
852,895
|
|
Series 2006-40T1, Class 2A5, (1-mo. Term SOFR +
0.51%), 4.67%, 12/25/36(a)
|
|
2,249
|
459,918
|
|
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36
|
|
1,304
|
524,617
|
|
Security
|
|
Par
(000)
|
Value
|
|
Collateralized Mortgage Obligations (continued)
|
|||
|
Alternative Loan Trust (continued)
|
|
|
|
|
Series 2006-J7, Class 2A1, (1-mo. SOFR US +
1.61%), 2.75%, 11/20/46(a)
|
USD
|
2,286
|
$ 2,014,733
|
|
Series 2006-J8, Class A5, 6.00%, 02/25/37
|
|
1,730
|
652,046
|
|
Series 2006-OA14, Class 3A1, (12-mo. MTA +
0.85%), 5.00%, 11/25/46(a)
|
|
3,578
|
3,261,248
|
|
Series 2006-OA16, Class A2, (1-mo. Term SOFR +
0.49%), 4.65%, 10/25/46(a)
|
|
2,330
|
2,180,962
|
|
Series 2006-OA18, Class A1, (1-mo. Term SOFR +
0.35%), 4.51%, 12/25/46(a)
|
|
1,187
|
1,068,384
|
|
Series 2006-OA6, Class 1A1A, (1-mo. Term SOFR +
0.53%), 4.69%, 07/25/46(a)
|
|
2,580
|
2,360,736
|
|
Series 2006-OA8, Class 1A1, (1-mo. Term SOFR +
0.49%), 4.65%, 07/25/46(a)
|
|
941
|
853,590
|
|
Series 2007-12T1, Class A22, 5.75%, 06/25/37
|
|
3,198
|
1,347,534
|
|
Series 2007-12T1, Class A5, 6.00%, 06/25/37
|
|
1,552
|
680,468
|
|
Series 2007-19, Class 1A1, 6.00%, 08/25/37
|
|
530
|
243,770
|
|
Series 2007-22, Class 2A16, 6.50%, 09/25/37
|
|
6,830
|
2,383,107
|
|
Series 2007-23CB, Class A1, 6.00%, 09/25/37
|
|
3,821
|
1,772,912
|
|
Series 2007-4CB, Class 1A3, (1-mo. Term SOFR +
0.46%), 4.62%, 04/25/37(a)
|
|
1,306
|
976,777
|
|
Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%),
4.99%, 03/25/47(a)
|
|
1,262
|
1,092,974
|
|
Angel Oak Mortgage Trust(b)
|
|
|
|
|
Series 2024-10, Class A1, 5.35%, 10/25/69
|
|
1,544
|
1,551,315
|
|
Series 2025-7, Class A1, 5.51%, 06/25/70(a)
|
|
1,451
|
1,463,559
|
|
Bravo Residential Funding Trust(b)
|
|
|
|
|
Series 2021-NQM1, Class A1, 0.94%, 02/25/49(a)
|
|
390
|
365,699
|
|
Series 2023-NQM3, Class A1, 4.85%, 09/25/62
|
|
313
|
311,300
|
|
Series 2023-NQM4, Class A1, 6.44%, 05/25/63
|
|
946
|
952,602
|
|
Chase Home Lending Mortgage Trust, Series 2019-
ATR1, Class A12, 6.50%, 04/25/49(a)(b)
|
|
295
|
298,313
|
|
CHL Mortgage Pass-Through Trust
|
|
|
|
|
Series 2006-OA5, Class 3A1, (1-mo. Term SOFR +
0.51%), 4.67%, 04/25/46(a)
|
|
3,147
|
3,054,289
|
|
Series 2007-J2, Class 2A1, (1-mo. Term SOFR +
0.76%), 4.92%, 07/25/37(a)
|
|
2,592
|
644,880
|
|
Series 2007-J2, Class 2A8, 6.00%, 07/25/37
|
|
1,431
|
469,810
|
|
CIM Trust(b)
|
|
|
|
|
Series 2023-I1, Class A1, 6.03%, 04/25/58
|
|
928
|
929,680
|
|
Series 2023-I2, Class A1, 6.64%, 12/25/67
|
|
866
|
871,594
|
|
Citigroup Mortgage Loan Trust, Series 2006-AR7,
Class 2A3A, 4.59%, 11/25/36(a)
|
|
298
|
286,095
|
|
COLT Mortgage Loan Trust(b)
|
|
|
|
|
Series 2020-2, Class M1, 5.25%, 03/25/65(a)
|
|
2,550
|
2,550,577
|
|
Series 2020-3, Class M1, 3.36%, 04/27/65(a)
|
|
2,850
|
2,758,417
|
|
Series 2022-1, Class A1, 4.55%, 04/25/67(a)
|
|
1,106
|
1,102,236
|
|
Series 2022-9, Class A1, 6.79%, 12/25/67
|
|
214
|
213,462
|
|
Series 2023-2, Class A1, 6.60%, 07/25/68
|
|
830
|
836,621
|
|
Series 2024-6, Class A1, 5.39%, 11/25/69
|
|
1,106
|
1,112,402
|
|
Series 2024-7, Class A1, 5.54%, 12/26/69
|
|
1,312
|
1,322,115
|
|
Series 2024-INV4, Class A1, 5.61%, 05/25/69
|
|
1,142
|
1,152,345
|
|
Series 2025-6, Class A1, 5.53%, 08/25/70
|
|
1,782
|
1,797,851
|
|
CSMC(a)(b)
|
|
|
|
|
Series 2011-4R, Class 1A2, (1-mo. Term SOFR +
1.61%), 5.97%, 09/27/37
|
|
691
|
578,427
|
|
Series 2021-NQM2, Class M1, 2.28%, 02/25/66
|
|
1,500
|
1,160,480
|
|
CSMC Trust, Series 2022-NQM5, Class A1, 5.17%,
05/25/67(a)(b)
|
|
2,245
|
2,244,301
|
|
Ellington Financial Mortgage Trust(a)(b)
|
|
|
|
|
Series 2020-1, Class M1, 5.24%, 05/25/65
|
|
500
|
513,814
|
|
Series 2021-2, Class A1, 0.93%, 06/25/66
|
|
164
|
138,014
|
|
Security
|
|
Par
(000)
|
Value
|
|
Collateralized Mortgage Obligations (continued)
|
|||
|
Flagstar Mortgage Trust, Series 2021-4, Class A1,
2.50%, 06/01/51(a)(b)
|
USD
|
1,883
|
$ 1,564,120
|
|
GCAT Trust(a)(b)
|
|
|
|
|
Series 2022-NQM3, Class A1, 4.35%, 04/25/67
|
|
824
|
821,507
|
|
Series 2024-INV4, Class A2, 5.50%, 12/25/54
|
|
886
|
889,838
|
|
Homes Trust(b)
|
|
|
|
|
Series 2024-NQM2, Class A1, 5.72%, 10/25/69
|
|
521
|
525,605
|
|
Series 2025-NQM3, Class A1, 5.63%, 02/25/70
|
|
1,239
|
1,249,871
|
|
Homeward Opportunities Fund Trust, Series 2022-1,
Class A1, 5.08%, 07/25/67(b)
|
|
840
|
838,369
|
|
JP Morgan Mortgage Trust(a)(b)
|
|
|
|
|
Series 2022-DSC1, Class A1, 4.75%, 01/25/63
|
|
417
|
411,891
|
|
Series 2023-DSC1, Class A1, 4.63%, 07/25/63
|
|
270
|
265,044
|
|
Series 2024-INV1, Class A3, 5.50%, 04/25/55
|
|
1,655
|
1,663,343
|
|
Series 2025-VIS3, Class A1, 5.06%, 02/25/66
|
|
2,000
|
1,999,989
|
|
MFA Trust(b)
|
|
|
|
|
Series 2021-NQM1, Class M1, 2.31%, 04/25/65(a)
|
|
2,000
|
1,697,900
|
|
Series 2023-NQM3, Class A1, 6.62%, 07/25/68
|
|
1,146
|
1,156,626
|
|
Mill City Mortgage Trust, Series 2023-NQM2, Class A1,
6.24%, 12/25/67(b)
|
|
1,281
|
1,283,056
|
|
Morgan Stanley Re-REMIC Trust, Series 2010-R5,
Class 7B, 3.85%, 05/26/37(b)
|
|
2,442
|
3,054,435
|
|
Morgan Stanley Residential Mortgage Loan Trust(a)(b)
|
|
|
|
|
4.25%, 02/25/65
|
|
4,000
|
3,904,912
|
|
Series 2024-NQM5, Class A1, 5.65%, 10/25/69
|
|
1,300
|
1,308,980
|
|
Nomura Asset Acceptance Corp. Alternative Loan Trust,
Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(a)
|
|
6,400
|
1,136,070
|
|
OBX Trust(b)
|
|
|
|
|
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62
|
|
407
|
406,483
|
|
Series 2023-NQM1, Class A1, 6.12%, 11/25/62(a)
|
|
337
|
336,247
|
|
Series 2023-NQM5, Class A1A, 6.57%, 06/25/63
|
|
982
|
989,596
|
|
Series 2023-NQM6, Class A1, 6.52%, 07/25/63
|
|
944
|
951,697
|
|
Series 2024-NQM17, Class A1, 5.61%, 11/25/64(a)
|
|
1,074
|
1,083,065
|
|
PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%,
10/25/59(a)(b)
|
|
1,762
|
1,773,381
|
|
PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%,
06/25/58(b)
|
|
849
|
851,865
|
|
Provident Funding Mortgage Trust, Series 2024-1,
Class A1, 5.50%, 12/25/54(a)(b)
|
|
1,397
|
1,404,078
|
|
Radian Mortgage Capital Trust, Series 2024-J2,
Class A4, 5.50%, 03/25/55(a)(b)
|
|
635
|
635,091
|
|
Residential Asset Securitization Trust, Series 2006-A8,
Class 2A5, (1-mo. Term SOFR + 0.71%), 4.87%,
08/25/36(a)
|
|
6,300
|
1,191,521
|
|
Sequoia Mortgage Trust, Series 2024-INV1, Class A3,
5.50%, 10/25/54(a)(b)
|
|
879
|
883,395
|
|
SG Residential Mortgage Trust, Series 2022-2,
Class A1, 5.35%, 08/25/62(b)
|
|
565
|
564,844
|
|
Spruce Hill Mortgage Loan Trust, Series 2022-SH1,
Class A1A, 4.10%, 07/25/57(b)
|
|
573
|
568,404
|
|
STAR Trust, Series 2021-1, Class M1, 2.36%,
05/25/65(a)(b)
|
|
1,750
|
1,561,528
|
|
Starwood Mortgage Residential Trust, Series 2020-3,
Class M1, 3.54%, 04/25/65(a)(b)
|
|
1,057
|
953,266
|
|
Towd Point Mortgage Trust, Series 2017-4, Class A1,
2.75%, 06/25/57(a)(b)
|
|
14
|
13,706
|
|
Verus Securitization Trust(b)
|
|
|
|
|
Series 2022-3, Class A1, 4.13%, 02/25/67
|
|
380
|
365,488
|
|
Series 2022-INV2, Class A1, 6.79%, 10/25/67
|
|
349
|
347,368
|
|
Series 2023-1, Class A1, 5.85%, 12/25/67
|
|
221
|
221,274
|
|
Series 2023-5, Class A1, 6.48%, 06/25/68
|
|
705
|
709,354
|
|
Series 2024-8, Class A1, 5.36%, 10/25/69(a)
|
|
1,528
|
1,536,126
|
|
Security
|
|
Par
(000)
|
Value
|
|
Collateralized Mortgage Obligations (continued)
|
|||
|
Verus Securitization Trust(b) (continued)
|
|
|
|
|
Series 2024-R1, Class A1, 5.22%, 09/25/69(a)
|
USD
|
1,508
|
$ 1,509,042
|
|
Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58(b)
|
|
1,196
|
1,206,270
|
|
|
|
|
97,035,356
|
|
Commercial Mortgage-Backed Securities — 3.4%
|
|||
|
Bank, Series 2025-5YR17, Class B, 11/15/58(a)(d)
|
|
409
|
421,725
|
|
Bayview Commercial Asset Trust, Series 2007-2A,
Class A1, (1-mo. Term SOFR + 0.52%), 4.68%,
07/25/37(a)(b)
|
|
951
|
882,856
|
|
BBCMS Mortgage Trust, Series 2025-C35, Class C,
6.32%, 07/15/58(a)
|
|
643
|
653,144
|
|
BFLD Commercial Mortgage Trust(a)(b)
|
|
|
|
|
Series 2024-UNIV, Class D, (1-mo. Term SOFR +
2.69%), 6.84%, 11/15/41
|
|
630
|
632,363
|
|
Series 2025-5MW, Class D, 6.37%, 10/10/42
|
|
968
|
966,765
|
|
BHMS Commercial Mortgage Trust, Series 2025-ATLS,
Class A, (1-mo. Term SOFR + 1.85%), 6.00%,
08/15/42(a)(b)
|
|
435
|
436,226
|
|
BLP Commercial Mortgage Trust, Series 2024-INDS,
Class D, (1-mo. Term SOFR + 2.59%), 6.74%,
03/15/41(a)(b)
|
|
379
|
379,057
|
|
BMO Mortgage Trust, Series 2025-C13, Class A5,
10/15/58(d)
|
|
1,972
|
2,037,738
|
|
BPR Commercial Mortgage Trust, Series 2024-PARK,
Class D, 7.23%, 11/05/39(a)(b)
|
|
200
|
206,353
|
|
BSTN Commercial Mortgage Trust, 04/13/41(a)(b)(d)
|
|
265
|
265,000
|
|
BX Commercial Mortgage Trust(a)(b)
|
|
|
|
|
Series 2021-CIP, Class A, (1-mo. Term SOFR +
1.04%), 5.19%, 12/15/38
|
|
528
|
527,457
|
|
Series 2021-SOAR, Class A, (1-mo. Term SOFR +
0.78%), 4.94%, 06/15/38
|
|
1,447
|
1,445,713
|
|
Series 2022-LP2, Class A, (1-mo. Term SOFR +
1.01%), 5.16%, 02/15/39
|
|
606
|
605,480
|
|
Series 2024-MF, Class C, (1-mo. Term SOFR +
1.94%), 6.09%, 02/15/39
|
|
451
|
452,429
|
|
BX Trust(a)(b)
|
|
|
|
|
10/15/27(d)
|
|
418
|
418,000
|
|
Series 2021-LBA, Class AJV, (1-mo. Term SOFR +
0.91%), 5.07%, 02/15/36
|
|
1,650
|
1,649,484
|
|
Series 2023-DELC, Class A, (1-mo. Term SOFR +
2.69%), 6.84%, 05/15/38
|
|
140
|
140,873
|
|
Series 2024-BIO, Class C, (1-mo. Term SOFR +
2.64%), 6.79%, 02/15/41
|
|
240
|
239,175
|
|
Series 2024-CNYN, Class C, (1-mo. Term SOFR +
1.94%), 6.09%, 04/15/41
|
|
615
|
615,907
|
|
Series 2024-PAT, Class B, (1-mo. Term SOFR +
3.04%), 7.19%, 03/15/41
|
|
170
|
170,000
|
|
Century Plaza Towers, Series 2019-CPT, Class C,
3.10%, 11/13/39(a)(b)
|
|
250
|
220,651
|
|
CONE Trust, Series 2024-DFW1, Class D, (1-mo. Term
SOFR + 3.04%), 7.19%, 08/15/41(a)(b)
|
|
660
|
659,416
|
|
CSMC, Series 2021-BHAR, Class C, (1-mo. Term SOFR
+ 2.11%), 6.27%, 11/15/38(a)(b)
|
|
270
|
266,878
|
|
DC Trust(a)(b)
|
|
|
|
|
Series 2024-HLTN, Class C, 7.29%, 04/13/40
|
|
220
|
219,969
|
|
Series 2025-LXP, Class B, (1-mo. Term SOFR +
1.84%), 5.99%, 08/15/37
|
|
188
|
188,059
|
|
Series 2025-LXP, Class C, (1-mo. Term SOFR +
2.24%), 6.39%, 08/15/37
|
|
202
|
202,189
|
|
Security
|
|
Par
(000)
|
Value
|
|
Commercial Mortgage-Backed Securities (continued)
|
|||
|
Extended Stay America Trust(a)(b)
|
|
|
|
|
Series 2021-ESH, Class D, (1-mo. Term SOFR +
2.36%), 6.51%, 07/15/38
|
USD
|
1,206
|
$ 1,205,885
|
|
Series 2021-ESH, Class F, (1-mo. Term SOFR +
3.81%), 7.96%, 07/15/38
|
|
765
|
764,851
|
|
Series 2025-ESH, Class B, 10/15/42(d)
|
|
1,750
|
1,750,000
|
|
GS Mortgage Securities Corp. Trust(a)(b)
|
|
|
|
|
(1-mo. Term SOFR + 3.45%), 7.59%, 11/25/41
|
|
500
|
499,948
|
|
Series 2023-FUN, Class B, (1-mo. Term SOFR +
2.79%), 6.94%, 03/15/28
|
|
550
|
552,750
|
|
Series 2023-SHIP, Class E, 7.68%, 09/10/38
|
|
275
|
276,975
|
|
Series 2025-800D, Class A, (1-mo. Term SOFR +
2.65%), 6.79%, 11/25/41
|
|
120
|
120,170
|
|
JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2016-NINE, Class B, 2.95%,
09/06/38(a)(b)
|
|
275
|
269,928
|
|
JW Commercial Mortgage Trust, Series 2024-MRCO,
Class C, (1-mo. Term SOFR + 2.39%), 6.54%,
06/15/39(a)(b)
|
|
800
|
801,500
|
|
MCR Mortgage Trust, Series 2024-TWA, Class E,
8.73%, 06/12/39(b)
|
|
790
|
803,304
|
|
MF1 Trust, Series 2021-W10, Class A, (1-mo. Term
SOFR + 1.07%), 5.22%, 12/15/34(a)(b)
|
|
520
|
519,814
|
|
MIC Trust, Series 2023-MIC, Class B, 9.86%,
12/05/38(a)(b)
|
|
233
|
252,462
|
|
MTN Commercial Mortgage Trust, Series 2022-LPFL,
Class A, (1-mo. Term SOFR + 1.40%), 5.56%,
03/15/39(a)(b)
|
|
409
|
408,872
|
|
NRTH Commercial Mortgage Trust, Series 2025-PARK,
Class B, 10/15/40(a)(b)(d)
|
|
234
|
233,415
|
|
SELF Commercial Mortgage Trust, Series 2024-STRG,
Class D, (1-mo. Term SOFR + 2.94%), 7.09%,
11/15/34(a)(b)
|
|
270
|
269,409
|
|
VEGAS, Series 2024-GCS, Class D, 6.42%,
07/10/36(a)(b)
|
|
650
|
643,001
|
|
VRTX Trust, Series 2025-HQ, Class B, 5.67%,
08/05/42(a)(b)
|
|
620
|
626,151
|
|
VTR Commercial Mortgage Trust, Series 2025-STEM,
Class D, 10/13/41(a)(b)(d)
|
|
381
|
381,426
|
|
Wells Fargo Commercial Mortgage Trust
|
|
|
|
|
Series 2016-LC25, Class A4, 3.64%, 12/15/59
|
|
1,600
|
1,582,004
|
|
Series 2024-BPRC, Class D, 7.08%, 07/15/43(b)
|
|
250
|
251,824
|
|
|
|
|
27,116,596
|
|
Total Non-Agency Mortgage-Backed Securities — 15.5%
(Cost: $139,433,323)
|
124,151,952
|
||
|
Preferred Securities
|
|||
|
Capital Trusts — 6.7%(a)
|
|||
|
Banks — 3.5%
|
|
||
|
Bank of America Corp., 6.63%(j)
|
|
3,635
|
3,782,178
|
|
Bank of Montreal, 7.70%, 05/26/84(g)
|
|
3,000
|
3,179,127
|
|
Barclays PLC(j)
|
|
|
|
|
4.38%
|
|
2,835
|
2,719,705
|
|
8.00%
|
|
200
|
211,709
|
|
9.63%
|
|
1,105
|
1,254,464
|
|
Citigroup, Inc., Series BB, 7.20%(j)
|
|
2,500
|
2,580,377
|
|
Credit Agricole SA, 6.70%(b)(j)
|
|
3,000
|
3,011,730
|
|
HSBC Holdings PLC(j)
|
|
|
|
|
4.70%
|
|
465
|
438,678
|
|
6.00%(g)
|
|
230
|
230,893
|
|
Security
|
|
Par
(000)
|
Value
|
|
Banks (continued)
|
|
||
|
JPMorgan Chase & Co.
|
|
|
|
|
Series II, 6.73%(j)
|
USD
|
4,000
|
$ 4,013,044
|
|
Series U, 5.51%, 01/15/87
|
|
358
|
332,932
|
|
Lloyds Banking Group PLC, 6.75%(j)
|
|
515
|
520,433
|
|
NatWest Group PLC, 8.13%(j)
|
|
595
|
669,824
|
|
Nordea Bank Abp, 3.75%(b)(j)
|
|
560
|
519,399
|
|
PNC Financial Services Group, Inc., Series W,
6.25%(g)(j)
|
|
4,156
|
4,264,476
|
|
|
|
|
27,728,969
|
|
Capital Markets — 0.1%
|
|
||
|
State Street Corp., 5.30%, 06/01/77
|
|
624
|
564,655
|
|
Diversified Telecommunication Services(e) — 0.1%
|
|
||
|
British Telecommunications PLC, 8.38%, 12/20/83
|
GBP
|
100
|
144,310
|
|
Telefonica Europe BV, 6.14%(j)
|
EUR
|
100
|
126,653
|
|
|
|
|
270,963
|
|
Electric Utilities — 0.8%
|
|
||
|
NextEra Energy Capital Holdings, Inc., 5.65%,
05/01/79(g)
|
USD
|
4,500
|
4,523,743
|
|
PG&E Corp., 7.38%, 03/15/55
|
|
1,424
|
1,462,947
|
|
|
|
|
5,986,690
|
|
Financial Services(j) — 1.7%
|
|
||
|
Bank of New York Mellon Corp., Series I, 3.75%
|
|
2,845
|
2,788,181
|
|
Goldman Sachs Group, Inc., Series W, 7.50%
|
|
2,500
|
2,653,275
|
|
NatWest Group PLC, 6.00%
|
|
1,185
|
1,186,372
|
|
UBS Group AG(b)
|
|
|
|
|
Series NC10, 9.25%
|
|
5,460
|
6,502,134
|
|
Series NC5, 9.25%
|
|
616
|
678,532
|
|
|
|
|
13,808,494
|
|
Health Care Equipment & Supplies — 0.4%
|
|
||
|
CVS Health Corp.
|
|
|
|
|
6.75%, 12/10/54
|
|
635
|
655,469
|
|
7.00%, 03/10/55
|
|
2,605
|
2,734,581
|
|
|
|
|
3,390,050
|
|
Independent Power and Renewable Electricity Producers(b)(j) — 0.1%
|
|
||
|
NRG Energy, Inc., 10.25%
|
|
625
|
681,479
|
|
Vistra Corp., 7.00%
|
|
267
|
271,077
|
|
|
|
|
952,556
|
|
Real Estate Management & Development — 0.0%
|
|
||
|
Heimstaden Bostad AB, 2.63%(e)(j)
|
EUR
|
100
|
112,989
|
|
Utilities — 0.0%
|
|
||
|
Electricite de France SA, 3.00%(e)(j)
|
|
200
|
230,781
|
|
|
53,046,147
|
||
|
|
|
Shares
|
|
|
Preferred Stocks — 0.3%(f)
|
|||
|
Capital Markets — 0.3%
|
|
||
|
Morgan Stanley, Series F(j)
|
|
100,000
|
2,515,000
|
|
Security
|
|
Shares
|
Value
|
|
IT Services(c) — 0.0%
|
|
||
|
Veritas Kapital Assurance PLC
|
|
|
|
|
Series G
|
|
842
|
$ 19,155
|
|
Series G-1
|
|
582
|
13,241
|
|
|
|
|
32,396
|
|
|
2,547,396
|
||
|
Total Preferred Securities — 7.0%
(Cost: $54,408,795)
|
55,593,543
|
||
|
|
|
Par
(000)
|
|
|
U.S. Government Sponsored Agency Securities
|
|||
|
Collateralized Mortgage Obligations — 0.6%
|
|
||
|
Fannie Mae REMICS
|
|
|
|
|
Series 2025-74, Class AT, 5.00%, 09/25/55
|
USD
|
3,482
|
3,452,998
|
|
Series 5209, Class EQ, 3.00%, 04/25/52
|
|
1,340
|
1,014,624
|
|
Ginnie Mae, Series 2017-136, Class GB, 3.00%,
03/20/47
|
|
443
|
424,675
|
|
|
|
|
4,892,297
|
|
Interest Only Collateralized Mortgage Obligations — 0.4%
|
|
||
|
Fannie Mae REMICS, Series 5112, Class KI, 3.50%,
06/25/51
|
|
4,657
|
870,967
|
|
Ginnie Mae
|
|
|
|
|
Series 2019-151, Class IA, 3.50%, 12/20/49
|
|
8,780
|
1,631,947
|
|
Series 2021-175, Class IE, 4.00%, 09/20/47
|
|
4,219
|
879,270
|
|
|
|
|
3,382,184
|
|
Mortgage-Backed Securities — 11.6%
|
|
||
|
Freddie Mac Mortgage-Backed Securities(g)
|
|
|
|
|
2.50%, 09/01/32
|
|
1,854
|
1,782,607
|
|
4.00%, 05/01/39
|
|
2,745
|
2,700,617
|
|
Ginnie Mae Mortgage-Backed Securities(g)
|
|
|
|
|
5.50%, 07/20/55
|
|
261
|
265,305
|
|
6.00%, 07/20/55
|
|
170
|
176,762
|
|
Uniform Mortgage-Backed Securities
|
|
|
|
|
2.00%, 08/01/31 - 09/01/35(g)
|
|
7,352
|
6,834,502
|
|
2.50%, 12/01/31(g)
|
|
522
|
503,405
|
|
1.50%, 01/01/36 - 06/01/36(g)
|
|
5,878
|
5,287,743
|
|
3.50%, 09/01/42 - 06/01/49(g)
|
|
15,990
|
15,035,035
|
|
4.50%, 06/01/44 - 05/01/53(g)
|
|
9,861
|
9,729,547
|
|
5.00%, 11/01/44 - 11/01/45(g)
|
|
11,441
|
11,594,076
|
|
4.00%, 05/01/52(g)
|
|
24,514
|
23,549,034
|
|
6.50%, 01/01/54(g)
|
|
4,101
|
4,284,676
|
|
5.50%, 08/01/54
|
|
4,981
|
5,039,365
|
|
6.00%, 10/15/54(o)
|
|
6,000
|
6,129,526
|
|
|
|
|
92,912,200
|
|
Total U.S. Government Sponsored Agency Securities — 12.6%
(Cost: $99,573,451)
|
101,186,681
|
||
|
Total Long-Term Investments — 126.9%
(Cost: $1,023,795,811)
|
1,016,232,527
|
||
|
Security
|
|
Shares
|
Value
|
|
Short-Term Securities
|
|||
|
Money Market Funds — 0.8%
|
|
||
|
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.01%(p)(q)
|
|
6,698,506
|
$ 6,698,506
|
|
Total Short-Term Securities — 0.8%
(Cost: $6,698,506)
|
6,698,506
|
||
|
Total Investments — 127.7%
(Cost: $1,030,494,317)
|
1,022,931,033
|
||
|
Liabilities in Excess of Other Assets — (27.7)%
|
(222,059,912
)
|
||
|
Net Assets — 100.0%
|
$ 800,871,121
|
||
|
(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)
|
Security is valued using significant unobservable inputs and is classified as Level
3 in the
fair value hierarchy.
|
|
(d)
|
When-issued security.
|
|
(e)
|
This security may be resold to qualified foreign investors and foreign institutional
buyers
under Regulation S of the Securities Act of 1933.
|
|
(f)
|
Non-income producing security.
|
|
(g)
|
All or a portion of the security has been pledged as collateral in connection with
outstanding reverse repurchase agreements.
|
|
(h)
|
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.
|
|
(i)
|
Convertible security.
|
|
(j)
|
Perpetual security with no stated maturity date.
|
|
(k)
|
Step coupon security. Coupon rate will either increase (step-up bond) or decrease
(step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
|
|
(l)
|
Zero-coupon bond.
|
|
(m)
|
Issuer filed for bankruptcy and/or is in default.
|
|
(n)
|
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.
|
|
(o)
|
Represents or includes a TBA transaction.
|
|
(p)
|
Affiliate of the Fund.
|
|
(q)
|
Annualized 7-day yield as of period end.
|
|
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
|
$ 5,197,114
|
$ 1,501,392
(a)
|
$ —
|
$ —
|
$ —
|
$ 6,698,506
|
6,698,506
|
$ 194,460
|
$ —
|
|
(a)
|
Represents net amount purchased (sold).
|
|
Counterparty
|
Interest
Rate
|
Trade
Date
|
Maturity
Date(a)
|
Face Value
|
Face Value
Including
Accrued Interest
|
Type of Non-Cash Underlying
Collateral
|
Remaining
Contractual Maturity
of the Agreements(a)
|
|
Nomura Securities International, Inc.
|
4.07
%(b)
|
07/01/25
|
Open
|
$ 136,139
|
$ 137,642
|
Foreign Agency Obligations
|
Open/Demand
|
|
Nomura Securities International, Inc.
|
4.07
(b)
|
07/01/25
|
Open
|
228,401
|
230,923
|
Corporate Bonds
|
Open/Demand
|
|
Nomura Securities International, Inc.
|
4.10
(b)
|
07/01/25
|
Open
|
167,873
|
169,784
|
Foreign Agency Obligations
|
Open/Demand
|
|
Nomura Securities International, Inc.
|
4.20
(b)
|
07/01/25
|
Open
|
1,167,650
|
1,180,929
|
Corporate Bonds
|
Open/Demand
|
|
Nomura Securities International, Inc.
|
4.23
(b)
|
07/01/25
|
Open
|
130,730
|
132,227
|
Corporate Bonds
|
Open/Demand
|
|
BNP Paribas SA
|
4.14
(b)
|
07/21/25
|
Open
|
630,190
|
635,723
|
Corporate Bonds
|
Open/Demand
|
|
BNP Paribas SA
|
4.14
(b)
|
07/21/25
|
Open
|
906,840
|
914,802
|
Corporate Bonds
|
Open/Demand
|
|
Goldman Sachs & Co. LLC
|
4.10
(b)
|
08/07/25
|
Open
|
242,688
|
244,300
|
Corporate Bonds
|
Open/Demand
|
|
Morgan Stanley & Co. LLC
|
3.75
(b)
|
08/13/25
|
Open
|
732,139
|
736,125
|
Corporate Bonds
|
Open/Demand
|
|
Morgan Stanley & Co. LLC
|
0.50
(b)
|
08/19/25
|
Open
|
176,050
|
176,208
|
Corporate Bonds
|
Open/Demand
|
|
Morgan Stanley & Co. LLC
|
0.75
(b)
|
08/19/25
|
Open
|
187,425
|
187,649
|
Corporate Bonds
|
Open/Demand
|
|
Morgan Stanley & Co. LLC
|
(0.25
)(b)
|
08/26/25
|
Open
|
110,500
|
110,499
|
Corporate Bonds
|
Open/Demand
|
|
Morgan Stanley & Co. LLC
|
3.50
(b)
|
08/26/25
|
Open
|
499,056
|
500,928
|
Corporate Bonds
|
Open/Demand
|
|
Citigroup Global Markets, Inc.
|
2.25
(b)
|
08/27/25
|
Open
|
906,475
|
908,678
|
Corporate Bonds
|
Open/Demand
|
|
Morgan Stanley & Co. LLC
|
3.25
(b)
|
09/04/25
|
Open
|
300,000
|
300,788
|
Corporate Bonds
|
Open/Demand
|
|
Morgan Stanley & Co. LLC
|
3.75
(b)
|
09/09/25
|
Open
|
418,600
|
419,623
|
Corporate Bonds
|
Open/Demand
|
|
Counterparty
|
Interest
Rate
|
Trade
Date
|
Maturity
Date(a)
|
Face Value
|
Face Value
Including
Accrued Interest
|
Type of Non-Cash Underlying
Collateral
|
Remaining
Contractual Maturity
of the Agreements(a)
|
|
Bank of Montreal
|
4.33
%
|
09/12/25
|
10/14/25
|
$ 9,694,429
|
$ 9,713,086
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
6,253,160
|
6,265,166
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
2,526,075
|
2,530,925
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
96,350
|
96,535
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
4,301,286
|
4,309,545
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
2,312,693
|
2,317,133
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
477,650
|
478,567
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
1,697,062
|
1,700,320
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
5,285,789
|
5,295,937
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
4,131,370
|
4,139,302
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
4,829,326
|
4,838,599
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
5,695,373
|
5,706,308
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
5,036,730
|
5,046,400
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
302,759
|
303,341
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
1,546,979
|
1,549,949
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
22,556,385
|
22,599,693
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
1,300,520
|
1,303,017
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
169,021
|
169,345
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Wells Fargo Securities, LLC
|
4.32
|
09/12/25
|
10/14/25
|
159,861
|
160,168
|
U.S. Government Sponsored
Agency Securities
|
Up to 30 Days
|
|
Barclays Bank PLC
|
4.24
(b)
|
09/18/25
|
Open
|
720,312
|
721,480
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
2,955,000
|
2,959,802
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
3,052,500
|
3,057,460
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
2,123,437
|
2,126,888
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
2,184,560
|
2,188,110
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
1,551,150
|
1,553,671
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
1,191,062
|
1,192,998
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
631,000
|
632,025
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
668,000
|
669,086
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
718,875
|
720,043
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
1,097,512
|
1,099,296
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
843,750
|
845,121
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
952,500
|
954,048
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/18/25
|
Open
|
879,444
|
880,873
|
Corporate Bonds
|
Open/Demand
|
|
TD Securities (USA) LLC
|
4.40
(b)
|
09/18/25
|
Open
|
3,261,094
|
3,266,570
|
Corporate Bonds
|
Open/Demand
|
|
TD Securities (USA) LLC
|
4.40
(b)
|
09/18/25
|
Open
|
4,136,562
|
4,143,508
|
Corporate Bonds
|
Open/Demand
|
|
J.P. Morgan Securities LLC
|
4.05
|
09/19/25
|
10/02/25
|
658,735
|
659,624
|
Corporate Bonds
|
Up to 30 Days
|
|
J.P. Morgan Securities LLC
|
4.15
|
09/19/25
|
10/02/25
|
187,188
|
187,446
|
Corporate Bonds
|
Up to 30 Days
|
|
J.P. Morgan Securities LLC
|
4.20
|
09/19/25
|
10/02/25
|
596,600
|
597,435
|
Corporate Bonds
|
Up to 30 Days
|
|
Barclays Bank PLC
|
4.20
|
09/19/25
|
10/31/25
|
471,800
|
472,461
|
Corporate Bonds
|
Up to 30 Days
|
|
Barclays Capital, Inc.
|
4.15
|
09/19/25
|
10/31/25
|
132,914
|
133,097
|
Foreign Agency Obligations
|
Up to 30 Days
|
|
Barclays Capital, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
217,573
|
217,878
|
Capital Trusts
|
Up to 30 Days
|
|
Barclays Capital, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
148,395
|
148,603
|
Capital Trusts
|
Up to 30 Days
|
|
Barclays Capital, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
1,758,140
|
1,760,601
|
Corporate Bonds
|
Up to 30 Days
|
|
Counterparty
|
Interest
Rate
|
Trade
Date
|
Maturity
Date(a)
|
Face Value
|
Face Value
Including
Accrued Interest
|
Type of Non-Cash Underlying
Collateral
|
Remaining
Contractual Maturity
of the Agreements(a)
|
|
BofA Securities, Inc.
|
3.25
%
|
09/19/25
|
10/31/25
|
$ 1,414,220
|
$ 1,415,752
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
3.70
|
09/19/25
|
10/31/25
|
88,298
|
88,406
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
3.90
|
09/19/25
|
10/31/25
|
1,244,995
|
1,246,614
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
3.90
|
09/19/25
|
10/31/25
|
788,326
|
789,351
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
3.95
|
09/19/25
|
10/31/25
|
966,107
|
967,380
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
3.95
|
09/19/25
|
10/31/25
|
231,800
|
232,105
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.00
|
09/19/25
|
10/31/25
|
411,618
|
412,166
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.05
|
09/19/25
|
10/31/25
|
3,143,230
|
3,147,473
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.10
|
09/19/25
|
10/31/25
|
704,975
|
705,938
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.10
|
09/19/25
|
10/31/25
|
921,157
|
922,416
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.10
|
09/19/25
|
10/31/25
|
245,630
|
245,966
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.10
|
09/19/25
|
10/31/25
|
1,272,180
|
1,273,919
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.15
|
09/19/25
|
10/31/25
|
307,090
|
307,515
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.15
|
09/19/25
|
10/31/25
|
688,975
|
689,928
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.15
|
09/19/25
|
10/31/25
|
1,087,414
|
1,088,919
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.15
|
09/19/25
|
10/31/25
|
164,378
|
164,605
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.15
|
09/19/25
|
10/31/25
|
425,250
|
425,838
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.15
|
09/19/25
|
10/31/25
|
414,269
|
414,842
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.15
|
09/19/25
|
10/31/25
|
463,024
|
463,664
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.15
|
09/19/25
|
10/31/25
|
102,503
|
102,644
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.15
|
09/19/25
|
10/31/25
|
451,913
|
452,538
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
464,145
|
464,795
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
358,440
|
358,942
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
386,719
|
387,260
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
492,083
|
492,771
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
2,185,772
|
2,188,833
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
689,367
|
690,333
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
3,580,500
|
3,585,513
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
797,600
|
798,716
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
3,060,000
|
3,064,284
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
882,812
|
884,048
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
1,152,742
|
1,154,356
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
754,459
|
755,515
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.20
|
09/19/25
|
10/31/25
|
1,372,312
|
1,374,234
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.25
|
09/19/25
|
10/31/25
|
1,430,625
|
1,432,652
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.25
|
09/19/25
|
10/31/25
|
1,291,875
|
1,293,705
|
Corporate Bonds
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.27
|
09/19/25
|
10/31/25
|
4,381,875
|
4,388,112
|
Capital Trusts
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.27
|
09/19/25
|
10/31/25
|
3,026,250
|
3,030,557
|
Capital Trusts
|
Up to 30 Days
|
|
BofA Securities, Inc.
|
4.35
|
09/19/25
|
10/31/25
|
384,750
|
385,308
|
Corporate Bonds
|
Up to 30 Days
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/19/25
|
Open
|
729,375
|
730,408
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/19/25
|
Open
|
582,750
|
583,576
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/19/25
|
Open
|
801,562
|
802,698
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/19/25
|
Open
|
608,438
|
609,299
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/19/25
|
Open
|
555,938
|
556,725
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/19/25
|
Open
|
575,060
|
575,875
|
Corporate Bonds
|
Open/Demand
|
|
RBC Capital Markets, LLC
|
4.25
(b)
|
09/19/25
|
Open
|
563,500
|
564,298
|
Corporate Bonds
|
Open/Demand
|
|
U.S. Bancorp Investments, Inc.
|
4.36
(b)
|
09/22/25
|
Open
|
3,805,000
|
3,809,147
|
Corporate Bonds
|
Open/Demand
|
|
Morgan Stanley & Co. LLC
|
3.75
(b)
|
09/23/25
|
Open
|
131,250
|
131,346
|
Corporate Bonds
|
Open/Demand
|
|
U.S. Bancorp Investments, Inc.
|
4.36
(b)
|
09/24/25
|
Open
|
3,175,562
|
3,178,255
|
Corporate Bonds
|
Open/Demand
|
|
Nomura Securities International, Inc.
|
4.25
(b)
|
09/25/25
|
Open
|
702,229
|
702,726
|
Corporate Bonds
|
Open/Demand
|
|
TD Securities (USA) LLC
|
4.35
(b)
|
09/25/25
|
Open
|
969,615
|
970,318
|
Corporate Bonds
|
Open/Demand
|
|
TD Securities (USA) LLC
|
4.35
(b)
|
09/25/25
|
Open
|
1,697,889
|
1,699,120
|
Corporate Bonds
|
Open/Demand
|
|
TD Securities (USA) LLC
|
4.40
(b)
|
09/26/25
|
Open
|
1,957,500
|
1,958,696
|
Corporate Bonds
|
Open/Demand
|
|
BofA Securities, Inc.
|
4.10
|
09/30/25
|
10/31/25
|
339,750
|
339,789
|
Corporate Bonds
|
Up to 30 Days
|
|
U.S. Bancorp Investments, Inc.
|
4.36
(b)
|
09/30/25
|
Open
|
3,319,462
|
3,319,463
|
Corporate Bonds
|
Open/Demand
|
|
U.S. Bancorp Investments, Inc.
|
4.36
(b)
|
09/30/25
|
Open
|
3,570,450
|
3,570,450
|
Corporate Bonds
|
Open/Demand
|
|
|
|
|
|
$ 182,766,685
|
$ 183,088,390
|
|
|
|
(a)
|
Certain agreements have no stated maturity and can be terminated by either party at
any time.
|
|
(b)
|
Variable rate security. Rate as of period end and maturity is the date the principal
owed can be recovered through demand.
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Notional
Amount (000)
|
Value/
Unrealized
Appreciation
(Depreciation)
|
|
Long Contracts
|
|
|
|
|
|
2-Year U.S. Treasury Note
|
2,935
|
12/31/25
|
$ 611,558
|
$ (97,441
)
|
|
Short Contracts
|
|
|
|
|
|
10-Year U.S. Treasury Note
|
619
|
12/19/25
|
69,638
|
(427,135
)
|
|
10-Year U.S. Ultra Long Treasury Note
|
200
|
12/19/25
|
23,016
|
(325,334
)
|
|
U.S. Long Bond
|
414
|
12/19/25
|
48,283
|
(1,180,983
)
|
|
Ultra U.S. Treasury Bond
|
41
|
12/19/25
|
4,928
|
(153,218
)
|
|
5-Year U.S. Treasury Note
|
876
|
12/31/25
|
95,635
|
(245,207
)
|
|
|
|
|
|
(2,331,877
)
|
|
|
|
|
|
$ (2,429,318
)
|
|
Currency Purchased
|
Currency Sold
|
Counterparty
|
Settlement Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
USD
|
126,990
|
EUR
|
107,012
|
Bank of America N.A.
|
10/16/25
|
$ 1,246
|
|
USD
|
40,346
|
EUR
|
34,225
|
Deutsche Bank AG
|
10/16/25
|
130
|
|
USD
|
117,607
|
EUR
|
100,000
|
Deutsche Bank AG
|
10/16/25
|
101
|
|
USD
|
141,755
|
EUR
|
120,545
|
Deutsche Bank AG
|
10/16/25
|
108
|
|
USD
|
141,888
|
EUR
|
120,658
|
Deutsche Bank AG
|
10/16/25
|
108
|
|
USD
|
383,988
|
EUR
|
326,468
|
Deutsche Bank AG
|
10/16/25
|
371
|
|
USD
|
95,627
|
EUR
|
81,000
|
Deutsche Bank AG
|
12/17/25
|
112
|
|
USD
|
486,711
|
EUR
|
412,000
|
Deutsche Bank AG
|
12/17/25
|
881
|
|
USD
|
16,880,159
|
EUR
|
14,275,000
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
47,096
|
|
USD
|
2,004,396
|
GBP
|
1,478,000
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
16,434
|
|
|
|
|
|
|
|
66,587
|
|
EUR
|
2,531
|
USD
|
2,977
|
Morgan Stanley & Co. International PLC
|
10/16/25
|
(3
)
|
|
USD
|
121,831
|
EUR
|
104,000
|
Deutsche Bank AG
|
12/17/25
|
(806
)
|
|
USD
|
235,081
|
EUR
|
200,000
|
Deutsche Bank AG
|
12/17/25
|
(759
)
|
|
USD
|
241,231
|
EUR
|
205,000
|
State Street Bank and Trust Co.
|
12/17/25
|
(505
)
|
|
|
|
|
|
|
|
(2,073
)
|
|
|
$ 64,514
|
|||||
|
Reference Obligation/Index
|
Financing
Rate Paid
by the Fund
|
Payment
Frequency
|
Termination
Date
|
Notional
Amount (000)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
CDX.NA.HY.45.V1
|
5.00
%
|
Quarterly
|
12/20/30
|
USD
|
6,675
|
$ (524,672
)
|
$ (511,000
)
|
$ (13,672
)
|
|
CDX.NA.IG.45.V1
|
1.00
|
Quarterly
|
12/20/30
|
USD
|
14,075
|
(323,999
)
|
(322,355
)
|
(1,644
)
|
|
|
|
|
|
|
|
$ (848,671
)
|
$ (833,355
)
|
$ (15,316
)
|
|
Reference Obligations/Index
|
Financing
Rate Paid
by the Fund
|
Payment
Frequency
|
Counterparty
|
Termination
Date
|
Notional
Amount (000)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
CMBX.NA.7
|
3.00
%
|
Monthly
|
Deutsche Bank AG
|
01/17/47
|
USD
|
10,087
|
$ 1,240,651
|
$ 617,550
|
$ 623,101
|
|
Reference Obligation/Index
|
Financing
Rate Received
by the Fund
|
Payment
Frequency
|
Counterparty
|
Termination
Date
|
Credit
Rating(a)
|
Notional
Amount (000)(b)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Virgin Media Finance PLC
|
5.00
%
|
Quarterly
|
JPMorgan Chase Bank N.A.
|
12/20/25
|
B-
|
EUR
|
20
|
$ 247
|
$ 366
|
$ (119
)
|
|
CMA CGM SA
|
5.00
|
Quarterly
|
Morgan Stanley & Co.
International PLC
|
06/20/27
|
BB+
|
EUR
|
38
|
3,142
|
3,330
|
(188
)
|
|
Adler Real Estate AG
|
5.00
|
Quarterly
|
Bank of America N.A.
|
12/20/27
|
CCC
|
EUR
|
9
|
594
|
(859
)
|
1,453
|
|
Adler Real Estate AG
|
5.00
|
Quarterly
|
Barclays Bank PLC
|
12/20/27
|
CCC
|
EUR
|
5
|
357
|
(490
)
|
847
|
|
Adler Real Estate AG
|
5.00
|
Quarterly
|
Barclays Bank PLC
|
12/20/27
|
CCC
|
EUR
|
15
|
1,004
|
(1,376
)
|
2,380
|
|
Adler Real Estate AG
|
5.00
|
Quarterly
|
Citibank N.A.
|
12/20/27
|
CCC
|
EUR
|
4
|
291
|
(409
)
|
700
|
|
Adler Real Estate AG
|
5.00
|
Quarterly
|
JPMorgan Chase Bank N.A.
|
12/20/27
|
CCC
|
EUR
|
9
|
610
|
(901
)
|
1,511
|
|
Adler Real Estate AG
|
5.00
|
Quarterly
|
Morgan Stanley & Co.
International PLC
|
12/20/27
|
CCC
|
EUR
|
7
|
442
|
(633
)
|
1,075
|
|
Faurecia SE
|
5.00
|
Quarterly
|
Barclays Bank PLC
|
06/20/29
|
BB-
|
EUR
|
27
|
3,420
|
2,714
|
706
|
|
Faurecia SE
|
5.00
|
Quarterly
|
Bank of America N.A.
|
12/20/29
|
BB-
|
EUR
|
15
|
1,888
|
912
|
976
|
|
iTraxx.XO.42.V3 20-35%
|
5.00
|
Quarterly
|
BNP Paribas SA
|
12/20/29
|
B
|
EUR
|
45
|
7,384
|
5,766
|
1,618
|
|
Zegona Finance PLC
|
5.00
|
Quarterly
|
BNP Paribas SA
|
06/20/30
|
BB
|
EUR
|
10
|
1,814
|
1,676
|
138
|
|
Zegona Finance PLC
|
5.00
|
Quarterly
|
Deutsche Bank AG
|
06/20/30
|
BB
|
EUR
|
10
|
1,830
|
1,333
|
497
|
|
CMBX.NA.7
|
3.00
|
Monthly
|
Barclays Bank PLC
|
01/17/47
|
D
|
USD
|
4,035
|
(496,261
)
|
(172,966
)
|
(323,295
)
|
|
CMBX.NA.7
|
3.00
|
Monthly
|
Barclays Bank PLC
|
01/17/47
|
D
|
USD
|
2,017
|
(248,130
)
|
(86,383
)
|
(161,747
)
|
|
CMBX.NA.7
|
3.00
|
Monthly
|
Barclays Bank PLC
|
01/17/47
|
D
|
USD
|
4,035
|
(496,261
)
|
(85,484
)
|
(410,777
)
|
|
|
|
|
|
|
|
|
|
$ (1,217,629
)
|
$ (333,404
)
|
$ (884,225
)
|
|
(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.
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
|
|
|
|
|
Investments
|
|
|
|
|
|
Long-Term Investments
|
|
|
|
|
|
Asset-Backed Securities
|
$ —
|
$ 74,231,075
|
$ 2,075,368
|
$ 76,306,443
|
|
Common Stocks
|
—
|
2,977
|
11,155
|
14,132
|
|
Corporate Bonds
|
—
|
601,889,566
|
1,271,040
|
603,160,606
|
|
Fixed Rate Loan Interests
|
—
|
5,616,738
|
—
|
5,616,738
|
|
Floating Rate Loan Interests
|
—
|
38,693,039
|
1,568,258
|
40,261,297
|
|
Foreign Agency Obligations
|
—
|
5,099,209
|
—
|
5,099,209
|
|
Municipal Bonds
|
—
|
4,841,926
|
—
|
4,841,926
|
|
Non-Agency Mortgage-Backed Securities
|
—
|
124,151,952
|
—
|
124,151,952
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Preferred Securities
|
|
|
|
|
|
Capital Trusts
|
$ —
|
$ 53,046,147
|
$ —
|
$ 53,046,147
|
|
Preferred Stocks
|
2,515,000
|
—
|
32,396
|
2,547,396
|
|
U.S. Government Sponsored Agency Securities
|
—
|
101,186,681
|
—
|
101,186,681
|
|
Short-Term Securities
|
|
|
|
|
|
Money Market Funds
|
6,698,506
|
—
|
—
|
6,698,506
|
|
Unfunded Floating Rate Loan Interests(a)
|
—
|
1,317
|
—
|
1,317
|
|
Liabilities
|
|
|
|
|
|
Unfunded Floating Rate Loan Interests(a)
|
—
|
(103
)
|
—
|
(103
)
|
|
|
$9,213,506
|
$1,008,760,524
|
$4,958,217
|
$1,022,932,247
|
|
Derivative Financial Instruments(b)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Credit Contracts
|
$ —
|
$ 635,002
|
$ —
|
$ 635,002
|
|
Foreign Currency Exchange Contracts
|
—
|
66,587
|
—
|
66,587
|
|
Liabilities
|
|
|
|
|
|
Credit Contracts
|
—
|
(911,442
)
|
—
|
(911,442
)
|
|
Foreign Currency Exchange Contracts
|
—
|
(2,073
)
|
—
|
(2,073
)
|
|
Interest Rate Contracts
|
(2,429,318
)
|
—
|
—
|
(2,429,318
)
|
|
|
$(2,429,318
)
|
$(211,926
)
|
$—
|
$(2,641,244
)
|
|
(a)
|
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation)
on the commitment.
|
|
(b)
|
Derivative financial instruments are swaps, futures contracts and forward foreign
currency exchange contracts. Swaps, futures contracts and forward foreign currency
exchange
contracts are valued at the unrealized appreciation (depreciation) on the instrument.
|
|
|
Asset-Backed
Securities
|
Common
Stocks
|
Corporate
Bonds
|
Fixed
Rate Loan
Interests
|
Floating
Rate Loan
Interests
|
Preferred
Stocks
|
Total
|
|
Assets
|
|
|
|
|
|
|
|
|
Opening balance, as of December 31, 2024
|
$ 1,482,655
|
$ —
(a)
|
$ 1,229,479
|
$ 3,767,963
|
$ 1,456,688
|
$ 28,400
|
$ 7,965,185
|
|
Transfers into Level 3
|
—
|
—
|
1,011,600
|
—
|
125,228
|
—
|
1,136,828
|
|
Transfers out of Level 3
|
—
|
—
|
(1,229,479
)
|
(2,368,044
)
|
(302,859
)
|
—
|
(3,900,382
)
|
|
Accrued discounts/premiums
|
—
|
—
|
40,019
|
1,144
|
4,782
|
—
|
45,945
|
|
Net realized gain (loss)
|
(23,315
)
|
—
|
—
|
10,264
|
(32,995
)
|
—
|
(46,046
)
|
|
Net change in unrealized appreciation (depreciation)(b)
|
197,728
|
(2,910
)
|
41,421
|
13,337
|
(6,811
)
|
3,996
|
246,761
|
|
Purchases
|
1,000,000
|
14,065
|
178,000
|
152,190
|
1,376,881
|
—
|
2,721,136
|
|
Sales
|
(581,700
)
|
—
|
—
|
(1,576,854
)
|
(1,052,656
)
|
—
|
(3,211,210
)
|
|
Closing balance, as of September 30, 2025
|
$ 2,075,368
|
$ 11,155
|
$ 1,271,040
|
$ —
|
$ 1,568,258
|
$ 32,396
|
$ 4,958,217
|
|
Net change in unrealized appreciation (depreciation) on investments still held at
September 30, 2025(b)
|
$ 36,075
|
$ (2,910
)
|
$ 41,421
|
$ —
|
$ 6,198
|
$ 3,996
|
$ 84,779
|
|
(a)
|
Rounds to less than $1.
|
|
(b)
|
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
|
|
GBP
|
British Pound
|
|
USD
|
United States Dollar
|
|
Portfolio Abbreviation
|
|
|
ARB
|
Airport Revenue Bonds
|
|
BAB
|
Build America Bond
|
|
BMO
|
BMO Capital Markets
|
|
CLO
|
Collateralized Loan Obligation
|
|
CME
|
Chicago Mercantile Exchange
|
|
CMT
|
Constant Maturity Treasury
|
|
DAC
|
Designated Activity Company
|
|
EURIBOR
|
Euro Interbank Offered Rate
|
|
GO
|
General Obligation Bonds
|
|
MTA
|
Month Treasury Average
|
|
MTN
|
Medium-Term Note
|
|
PIK
|
Payment-in-Kind
|
|
RB
|
Revenue Bonds
|
|
REIT
|
Real Estate Investment Trust
|
|
REMIC
|
Real Estate Mortgage Investment Conduit
|
|
SG
|
Syncora Guarantee
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
TBA
|
To-Be-Announced
|