|
2025 Quarterly Report
(Unaudited)
|
|
BlackRock ESG Capital Allocation Term Trust (ECAT)
|
|
Not FDIC Insured • May Lose Value • No Bank Guarantee
|
|
Security
|
|
Par
(000)
|
Value
|
|
Asset-Backed Securities
|
|||
|
Cayman Islands(a)(b) — 0.4%
|
|
||
|
Apidos CLO XXXVI, Series 2021-36A, Class B, (3-mo.
CME Term SOFR + 1.86%), 6.19%, 07/20/34
|
USD
|
250
|
$ 250,655
|
|
CarVal CLO VC Ltd.
|
|
|
|
|
Series 2021-2A, Class D, (3-mo. CME Term SOFR +
3.51%), 7.83%, 10/15/34
|
|
250
|
250,765
|
|
Series 2021-2A, Class E, (3-mo. CME Term SOFR +
7.01%), 11.33%, 10/15/34
|
|
250
|
250,565
|
|
Elmwood CLO I Ltd., Series 19-1A, Class 1RR, (3-mo.
CME Term SOFR + 1.52%), 5.85%, 04/20/37
|
|
250
|
251,259
|
|
Elmwood CLO VII Ltd., Series 2020-4A, Class SUB,
0.00%, 10/17/37
|
|
1,000
|
425,575
|
|
Madison Park Funding XXXVIII Ltd., Series 2021-38A,
Class B, (3-mo. CME Term SOFR + 1.91%), 6.19%,
07/17/34
|
|
500
|
500,950
|
|
Marble Point CLO XXIII Ltd., Series 2021-4A,
Class D1, (3-mo. CME Term SOFR + 3.91%),
8.24%, 01/22/35
|
|
250
|
250,531
|
|
Neuberger Berman Loan Advisers CLO Ltd.,
Series 2021-46A, Class BR, (3-mo. CME Term
SOFR + 1.50%), 5.83%, 01/20/37
|
|
250
|
249,635
|
|
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo.
CME Term SOFR + 3.31%), 7.63%, 07/15/34
|
|
1,500
|
1,499,897
|
|
OHA Loan Funding Ltd., Series 2013-2A, Class AR,
(3-mo. CME Term SOFR + 1.30%), 5.50%,
05/23/31
|
|
124
|
124,221
|
|
Palmer Square CLO Ltd., Series 2020-3ARR,
Class A2R2, (3-mo. CME Term SOFR + 2.30%),
6.51%, 11/15/36
|
|
500
|
502,235
|
|
Regatta XXIV Funding Ltd., Series 2021-5A,
Class D1R, (3-mo. CME Term SOFR + 2.80%),
7.13%, 01/20/38
|
|
250
|
252,453
|
|
RR Ltd., Series 2024-28RA, Class A1R, (3-mo. CME
Term SOFR + 1.55%), 5.87%, 04/15/37
|
|
500
|
501,887
|
|
RRX Ltd., Series 2022-7A, Class D, (3-mo. CME Term
SOFR + 6.85%), 11.17%, 07/15/35
|
|
250
|
249,862
|
|
Stratus CLO Ltd., Series 2021-1A, Class SUB, 0.00%,
12/29/29(c)
|
|
1,250
|
—
|
|
Trimaran CAVU Ltd., Series 2021-2A, Class D1, (3-mo.
CME Term SOFR + 3.51%), 7.83%, 10/25/34
|
|
550
|
552,532
|
|
Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo.
CME Term SOFR + 1.91%), 6.19%, 10/17/32
|
|
250
|
250,250
|
|
|
|
|
6,363,272
|
|
Ireland(a)(d) — 0.6%
|
|
||
|
AB Carval Euro CLO II-C DAC, Series 2X, Class D,
(3-mo. EURIBOR + 3.75%), 5.79%, 02/15/37
|
EUR
|
270
|
320,836
|
|
Arbour CLO VI DAC, Series 6X, Class DR, (3-mo.
EURIBOR + 3.20%), 5.24%, 11/15/37
|
|
300
|
354,195
|
|
Arcano Euro CLO I DAC, Series 1X, Class D, (3-mo.
EURIBOR + 3.40%), 5.59%, 04/25/39
|
|
350
|
417,446
|
|
Arcano Euro CLO II DAC, Series 2X, Class D, (3-mo.
EURIBOR + 3.30%), 0.00%, 07/25/39
|
|
160
|
189,550
|
|
Arini European CLO IV DAC, Series 4X, Class D, (3-
mo. EURIBOR + 3.50%), 5.53%, 01/15/38
|
|
430
|
513,884
|
|
Arini European CLO V DAC, Series 5X, Class D, (3-
mo. EURIBOR + 2.80%), 5.17%, 01/15/39
|
|
230
|
269,972
|
|
Aurium CLO VII DAC, Series 7X, Class DR, (3-mo.
EURIBOR + 3.15%), 5.28%, 10/15/38
|
|
110
|
130,647
|
|
Aurium CLO XIII DAC, Series 13X, Class D, (3-mo.
EURIBOR + 2.80%), 5.17%, 04/15/38
|
|
160
|
187,398
|
|
Security
|
|
Par
(000)
|
Value
|
|
Ireland (continued)
|
|
||
|
Avoca CLO XVIII DAC, Series 18X, Class DR, (3-mo.
EURIBOR + 3.05%), 5.08%, 01/15/38
|
EUR
|
170
|
$ 200,716
|
|
Avoca Static CLO I DAC, Series 1X, Class DR, (3-mo.
EURIBOR + 2.90%), 4.93%, 01/15/35
|
|
150
|
177,018
|
|
Capital Four CLO VIII DAC, Series 8X, Class D, (3-mo.
EURIBOR + 3.25%), 5.19%, 10/25/37
|
|
350
|
415,103
|
|
Contego CLO V DAC, Series 5X, Class DR, (3-mo.
EURIBOR + 3.10%), 5.13%, 10/15/37
|
|
230
|
271,830
|
|
Contego CLO VII DAC, Series 7X, Class DR, (3-mo.
EURIBOR + 3.45%), 5.42%, 01/23/38
|
|
290
|
344,288
|
|
Contego CLO XI DAC, Series 11X, Class DR, (3-mo.
EURIBOR + 3.20%), 5.23%, 11/20/38
|
|
220
|
261,114
|
|
CVC Cordatus Opportunity Loan Fund-R DAC,
Series 1X, Class DR, (3-mo. EURIBOR + 2.80%),
4.84%, 08/15/33
|
|
700
|
823,006
|
|
Fidelity Grand Harbour CLO DAC, Series 2023-1X,
Class DR, (3-mo. EURIBOR + 2.70%), 4.74%,
02/15/38
|
|
300
|
350,333
|
|
Hambridge Euro CLO 1 DAC, Series 1X, Class D, (3-
mo. EURIBOR + 3.30%), 1.00%, 10/20/38
|
|
210
|
246,551
|
|
Harvest CLO XXXII DAC, Series 2032X, Class D, (3-
mo. EURIBOR + 3.60%), 5.54%, 07/25/37
|
|
230
|
274,330
|
|
Henley CLO XI DAC, Series 11X, Class D, (3-mo.
EURIBOR + 2.60%), 4.96%, 04/25/39
|
|
330
|
389,869
|
|
Henley CLO XII DAC, Series 12X, Class D, (3-mo.
EURIBOR + 3.10%), 5.13%, 01/15/38
|
|
220
|
261,937
|
|
Jubilee CLO XXIX DAC, Series 2024-29X, Class D,
(3-mo. EURIBOR + 3.20%), 5.23%, 01/15/39
|
|
370
|
438,936
|
|
Palmer Square European Loan Funding DAC
|
|
|
|
|
Series 2024-2X, Class D, (3-mo. EURIBOR +
3.15%), 5.19%, 05/15/34
|
|
270
|
317,823
|
|
Series 2024-3X, Class D, (3-mo. EURIBOR +
3.05%), 5.09%, 05/15/34
|
|
220
|
260,434
|
|
Penta CLO DAC, Series 2024-17X, Class D, (3-mo.
EURIBOR + 3.25%), 5.29%, 08/15/38
|
|
253
|
299,042
|
|
Providus CLO II DAC, Series 2X, Class DRR, (3-mo.
EURIBOR + 3.20%), 5.23%, 10/15/38
|
|
238
|
281,875
|
|
Rockford Tower Europe CLO DAC, Series 2025-1X,
Class D, (3-mo. EURIBOR + 3.00%), 5.21%,
10/25/37
|
|
290
|
342,457
|
|
Signal Harmonic CLO I DAC, Series 1X, Class DR,
(3-mo. EURIBOR + 3.50%), 5.42%, 07/15/38
|
|
190
|
225,634
|
|
Sona Fios CLO III DAC, Series 3X, Class D, (3-mo.
EURIBOR + 3.25%), 5.27%, 04/20/37
|
|
470
|
557,687
|
|
Sona Fios CLO V DAC, Series 5X, Class D, (3-mo.
EURIBOR + 3.30%), 5.33%, 08/25/38
|
|
180
|
213,733
|
|
Texas Debt Capital Euro CLO DAC, Series 2025-1X,
Class D, (3-mo. EURIBOR + 3.00%), 5.20%,
04/16/39
|
|
350
|
415,820
|
|
Tikehau CLO XII DAC, Series 12X, Class D, (3-mo.
EURIBOR + 3.25%), 5.27%, 10/20/38
|
|
380
|
448,396
|
|
Victory Street CLO I DAC, Series 1X, Class D, (3-mo.
EURIBOR + 3.45%), 5.48%, 01/15/38
|
|
320
|
381,919
|
|
|
|
|
10,583,779
|
|
United Kingdom — 0.0%
|
|
||
|
Unique Pub Finance Co. PLC, Series 02, Class N,
6.46%, 03/30/32(d)
|
GBP
|
302
|
424,566
|
|
United States(b) — 2.2%
|
|
||
|
FirstKey Homes Trust, Series 2022-SFR1, Class E1,
5.00%, 05/19/39
|
USD
|
3,000
|
2,969,937
|
|
Security
|
|
Par
(000)
|
Value
|
|
United States (continued)
|
|
||
|
Home Partners of America Trust
|
|
|
|
|
Series 2021-2, Class F, 3.80%, 12/17/26
|
USD
|
2,399
|
$ 2,337,103
|
|
Series 2021-3, Class F, 4.24%, 01/17/41
|
|
3,596
|
3,316,051
|
|
Mariner Finance Issuance Trust, Series 2021-BA,
Class E, 4.68%, 11/20/36
|
|
470
|
437,396
|
|
Mill City Solar Loan Ltd.
|
|
|
|
|
Series 2019-1A, Class C, 5.92%, 03/20/43
|
|
988
|
743,805
|
|
Series 2019-1A, Class D, 7.14%, 03/20/43
|
|
1,512
|
1,036,883
|
|
Mosaic Solar Loan Trust, Series 2018-2GS, Class C,
5.97%, 02/22/44
|
|
265
|
234,805
|
|
New Residential Mortgage Loan Trust, Series 2022-
SFR1, Class F, 4.44%, 02/17/39
|
|
3,000
|
2,936,671
|
|
Progress Residential Trust
|
|
|
|
|
Series 2021-SFR10, Class F, 4.61%, 12/17/40
|
|
2,521
|
2,466,036
|
|
Series 2021-SFR11, Class G, 4.69%, 01/17/39
|
|
3,000
|
2,890,646
|
|
Series 2021-SFR9, Class F, 4.05%, 11/17/40
|
|
2,400
|
2,280,058
|
|
Series 2022-SFR1, Class F, 4.88%, 02/17/41
|
|
2,000
|
1,949,203
|
|
Series 2022-SFR1, Class G, 5.52%, 02/17/41
|
|
2,000
|
1,958,218
|
|
Series 2022-SFR3, Class E1, 5.20%, 04/17/39
|
|
2,700
|
2,683,477
|
|
Republic Finance Issuance Trust, Series 2021-A,
Class D, 5.23%, 12/22/31
|
|
800
|
783,386
|
|
RMF Buyout Issuance Trust, Series 2021-HB1,
Class M4, 4.70%, 11/25/31(a)
|
|
3,500
|
3,325,346
|
|
Tricon Residential Trust
|
|
|
|
|
Series 2021-SFR1, Class F, 3.69%, 07/17/38
|
|
1,375
|
1,356,094
|
|
Series 2021-SFR1, Class G, 4.13%, 07/17/38
|
|
887
|
874,112
|
|
Series 2022-SFR1, Class E2, 5.74%, 04/17/39
|
|
1,200
|
1,193,628
|
|
|
|
|
35,772,855
|
|
Total Asset-Backed Securities — 3.2%
(Cost: $55,529,910)
|
53,144,472
|
||
|
|
|
Shares
|
|
|
Common Stocks
|
|||
|
Canada — 1.0%
|
|
||
|
Cameco Corp.
|
|
173,002
|
14,507,948
|
|
Enbridge, Inc.
|
|
22,000
|
1,109,880
|
|
|
|
|
15,617,828
|
|
China — 0.5%
|
|
||
|
Alibaba Group Holding Ltd., ADR
|
|
1,170
|
209,114
|
|
BYD Co. Ltd., Class H
|
|
567,000
|
8,014,362
|
|
Tencent Holdings Ltd.
|
|
3,110
|
265,002
|
|
|
|
|
8,488,478
|
|
Denmark — 0.7%
|
|
||
|
DSV A/S
|
|
37,087
|
7,408,890
|
|
Novo Nordisk A/S, Class B
|
|
74,568
|
4,152,067
|
|
|
|
|
11,560,957
|
|
France — 3.1%
|
|
||
|
Arkema SA
|
|
23,768
|
1,507,083
|
|
Cie de Saint-Gobain SA
|
|
165,453
|
17,927,098
|
|
EssilorLuxottica SA
|
|
48,240
|
15,714,362
|
|
Hermes International SCA
|
|
4,896
|
12,039,458
|
|
Societe Generale SA
|
|
12,293
|
818,422
|
|
TotalEnergies SE, ADR
|
|
44,000
|
2,626,360
|
|
|
|
|
50,632,783
|
|
Security
|
|
Shares
|
Value
|
|
Germany — 0.3%
|
|
||
|
SAP SE
|
|
19,981
|
$ 5,350,259
|
|
Israel — 0.0%
|
|
||
|
Deep Instinct Ltd.(c)(e)
|
|
52,360
|
3,142
|
|
Italy — 1.8%
|
|
||
|
Intesa Sanpaolo SpA
|
|
2,509,747
|
16,612,462
|
|
UniCredit SpA
|
|
177,194
|
13,483,592
|
|
|
|
|
30,096,054
|
|
Netherlands — 1.6%
|
|
||
|
ASML Holding NV
|
|
25,630
|
24,994,041
|
|
ING Groep NV
|
|
63,116
|
1,654,634
|
|
|
|
|
26,648,675
|
|
Norway — 0.0%
|
|
||
|
Equinor ASA, ADR(f)
|
|
24,000
|
585,120
|
|
Spain — 0.4%
|
|
||
|
CaixaBank SA
|
|
86,464
|
913,226
|
|
Cellnex Telecom SA(b)
|
|
179,638
|
6,222,199
|
|
|
|
|
7,135,425
|
|
Sweden — 0.0%
|
|
||
|
Volta Trucks, Series C, (Acquired 02/22/22, Cost:
$293,944)(c)(e)(g)
|
|
2,492
|
—
|
|
Taiwan — 2.2%
|
|
||
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
|
|
126,557
|
35,346,105
|
|
United Kingdom — 2.1%
|
|
||
|
AstraZeneca PLC
|
|
4,000
|
612,804
|
|
Compass Group PLC
|
|
251,482
|
8,571,949
|
|
National Grid PLC
|
|
930,323
|
13,367,495
|
|
RELX PLC
|
|
259,440
|
12,395,732
|
|
Teya Services Ltd., (Acquired 11/16/21, Cost:
$1,099,370)(c)(e)(g)
|
|
566
|
185,167
|
|
|
|
|
35,133,147
|
|
United States — 53.1%
|
|
||
|
Advanced Micro Devices, Inc.(e)
|
|
2,700
|
436,833
|
|
Air Products and Chemicals, Inc.
|
|
13,543
|
3,693,447
|
|
Alphabet, Inc., Class C
|
|
155,868
|
37,961,651
|
|
Amazon.com, Inc.(e)
|
|
104,579
|
22,962,411
|
|
Apollo Global Management, Inc.
|
|
38,791
|
5,169,677
|
|
Apple, Inc.
|
|
169,738
|
43,220,387
|
|
Autodesk, Inc.(e)
|
|
22,844
|
7,256,854
|
|
Bank of America Corp.
|
|
297,627
|
15,354,577
|
|
Boston Scientific Corp.(e)
|
|
282,038
|
27,535,370
|
|
Broadcom, Inc.
|
|
72,012
|
23,757,479
|
|
Cadence Design Systems, Inc.(e)
|
|
28,626
|
10,055,169
|
|
Capital One Financial Corp.
|
|
61,492
|
13,071,969
|
|
Carrier Global Corp.
|
|
6,100
|
364,170
|
|
Cheniere Energy, Inc.
|
|
1,540
|
361,869
|
|
Cisco Systems, Inc.
|
|
160,051
|
10,950,689
|
|
Citigroup, Inc.
|
|
175,998
|
17,863,797
|
|
Coinbase Global, Inc., Class A(e)
|
|
796
|
268,642
|
|
Confluent, Inc., Class A(e)
|
|
169,815
|
3,362,337
|
|
CoreWeave, Inc.(e)
|
|
10,353
|
1,416,808
|
|
Costco Wholesale Corp.
|
|
20,100
|
18,605,163
|
|
CRH PLC
|
|
133,231
|
15,974,397
|
|
Delta Air Lines, Inc.
|
|
127,300
|
7,224,275
|
|
DF Residential III Equity Fund(e)
|
|
577,125
|
577,125
|
|
DF Residential III LP(c)(e)
|
|
2,270,079
|
2,383,583
|
|
DR Horton, Inc.
|
|
32,218
|
5,459,985
|
|
Security
|
|
Shares
|
Value
|
|
United States (continued)
|
|
||
|
Eaton Corp. PLC
|
|
16,339
|
$ 6,114,871
|
|
Eli Lilly & Co.
|
|
34,490
|
26,315,870
|
|
Figma, Inc., Class A(e)(f)
|
|
4,658
|
241,610
|
|
Flyr AS(c)(e)
|
|
392,187
|
4
|
|
Freeport-McMoRan, Inc.
|
|
42,231
|
1,656,300
|
|
Freewire Equity(c)(e)
|
|
63
|
—
|
|
General Electric Co.
|
|
9,190
|
2,764,536
|
|
Hilton Worldwide Holdings, Inc.
|
|
18,228
|
4,729,072
|
|
HNG Hospitality Offshore LP, (Acquired 02/16/24, Cost:
$2,660,000)(c)(e)(g)
|
|
2,660,000
|
1,915,200
|
|
Home Depot, Inc.
|
|
41,491
|
16,811,738
|
|
Intel Corp.
|
|
29,000
|
972,950
|
|
Intuit, Inc.
|
|
17,553
|
11,987,119
|
|
Intuitive Surgical, Inc.(e)
|
|
40,040
|
17,907,089
|
|
JPMorgan Chase & Co.
|
|
60,882
|
19,204,009
|
|
Lam Research Corp.
|
|
6,049
|
809,961
|
|
Linde PLC
|
|
16,945
|
8,048,875
|
|
Lionsgate Studios Corp.(e)
|
|
66,792
|
460,865
|
|
Live Nation Entertainment, Inc.(e)
|
|
35,038
|
5,725,209
|
|
Lumen Technologies, Inc.(e)
|
|
29,588
|
181,079
|
|
Marsh & McLennan Cos., Inc.
|
|
87,149
|
17,563,138
|
|
Mastercard, Inc., Class A
|
|
47,980
|
27,291,504
|
|
McDonald’s Corp.
|
|
7,356
|
2,235,415
|
|
McKesson Corp.
|
|
23,968
|
18,516,239
|
|
Medtronic PLC
|
|
98,129
|
9,345,806
|
|
Meta Platforms, Inc., Class A
|
|
33,425
|
24,546,652
|
|
Micron Technology, Inc.
|
|
61,251
|
10,248,517
|
|
Microsoft Corp.(h)
|
|
134,059
|
69,435,859
|
|
MNTN, Inc., (Acquired 11/05/21, Cost:
$1,239,070)(e)(g)
|
|
53,954
|
1,000,847
|
|
MongoDB, Inc., Class A(e)
|
|
2,986
|
926,795
|
|
Netflix, Inc.(e)
|
|
7,770
|
9,315,608
|
|
NextEra Energy, Inc.
|
|
215,933
|
16,300,782
|
|
NRG Energy, Inc.
|
|
5,008
|
811,046
|
|
NVIDIA Corp.
|
|
386,874
|
72,182,951
|
|
Oracle Corp.
|
|
47,743
|
13,427,241
|
|
Progressive Corp.
|
|
57,989
|
14,320,384
|
|
Salesforce, Inc.
|
|
58,469
|
13,857,153
|
|
Sanofi SA
|
|
53,836
|
5,097,944
|
|
Schneider Electric SE
|
|
62,857
|
17,692,503
|
|
Screaming Eagle Acquisition Crop., Pipe, (Acquired
05/14/24, Cost: $1,168,975)(e)(g)
|
|
115,000
|
785,273
|
|
ServiceNow, Inc.(e)
|
|
5,893
|
5,423,210
|
|
ServiceTitan, Inc., Class A(e)
|
|
11,422
|
1,151,680
|
|
Sonder Holdings, Inc., Class A(e)
|
|
15,727
|
19,973
|
|
Source Global PBC(c)(e)
|
|
4,243
|
339
|
|
Starz Entertainment Corp.(e)
|
|
1,506
|
22,183
|
|
Stryker Corp.
|
|
31,261
|
11,556,254
|
|
Tesla, Inc.(e)
|
|
26,535
|
11,800,645
|
|
Thermo Fisher Scientific, Inc.
|
|
5,205
|
2,524,529
|
|
TJX Cos., Inc.
|
|
32,465
|
4,692,491
|
|
Toll Brothers, Inc.
|
|
4,174
|
576,596
|
|
Trane Technologies PLC
|
|
41,849
|
17,658,604
|
|
TransDigm Group, Inc.
|
|
1,885
|
2,484,468
|
|
Uber Technologies, Inc.(e)
|
|
21,274
|
2,084,214
|
|
Union Pacific Corp.
|
|
38,783
|
9,167,138
|
|
United Airlines Holdings, Inc.(e)
|
|
32,465
|
3,132,873
|
|
UnitedHealth Group, Inc.
|
|
3,864
|
1,334,239
|
|
Vertex Pharmaceuticals, Inc.(e)
|
|
10,586
|
4,145,901
|
|
Vertiv Holdings Co., Class A
|
|
7,240
|
1,092,226
|
|
Security
|
|
Shares
|
Value
|
|
United States (continued)
|
|
||
|
Walmart, Inc.
|
|
205,522
|
$ 21,181,097
|
|
Walt Disney Co.
|
|
75,443
|
8,638,224
|
|
Wolfspeed, Inc.
|
|
397
|
11,363
|
|
|
|
|
874,734,925
|
|
Total Common Stocks — 66.8%
(Cost: $739,080,698)
|
1,101,332,898
|
||
|
|
|
Par
(000)
|
|
|
Corporate Bonds
|
|||
|
Australia — 0.5%
|
|||
|
Fortescue Treasury Pty. Ltd.(b)
|
|
|
|
|
5.88%, 04/15/30
|
USD
|
67
|
68,667
|
|
6.13%, 04/15/32
|
|
100
|
103,335
|
|
Mineral Resources Ltd.(b)
|
|
|
|
|
8.00%, 11/01/27
|
|
57
|
58,100
|
|
9.25%, 10/01/28
|
|
393
|
411,789
|
|
Oceana Australian Fixed Income Trust, A Note
Upsize(c)
|
|
|
|
|
10.50%, 07/31/28
|
AUD
|
3,541
|
2,381,272
|
|
Class A, 12.50%, 07/31/26
|
|
2,524
|
1,705,704
|
|
Class A, 12.50%, 07/31/27
|
|
4,206
|
2,908,350
|
|
|
|
|
7,637,217
|
|
Belgium — 0.2%
|
|||
|
Anheuser-Busch InBev Worldwide, Inc., 8.20%,
01/15/39
|
USD
|
2,189
|
2,824,785
|
|
Telenet Finance Luxembourg Notes SARL, 5.50%,
03/01/28(b)
|
|
600
|
596,487
|
|
|
|
|
3,421,272
|
|
Canada — 0.2%
|
|||
|
Air Canada, 3.88%, 08/15/26(b)
|
|
182
|
180,348
|
|
Alexandrite Lake Lux Holdings SARL, 6.75%,
07/30/30(d)
|
EUR
|
403
|
484,034
|
|
Bombardier, Inc.(b)
|
|
|
|
|
8.75%, 11/15/30
|
USD
|
83
|
89,507
|
|
6.75%, 06/15/33
|
|
100
|
104,356
|
|
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC, 4.88%, 02/15/30(b)
|
|
37
|
34,700
|
|
Burger King (Restaurant Brands International Inc.)/New
Red Finance, Inc.(b)
|
|
|
|
|
6.13%, 06/15/29
|
|
114
|
116,565
|
|
5.63%, 09/15/29
|
|
100
|
101,203
|
|
Burger King (Restaurant Brands International,
Inc.)/New Red Finance, Inc., 4.00%, 10/15/30(b)
|
|
166
|
156,442
|
|
Garda World Security Corp.(b)
|
|
|
|
|
8.25%, 08/01/32
|
|
100
|
103,659
|
|
8.38%, 11/15/32
|
|
200
|
207,605
|
|
Husky Injection Molding Systems Ltd./Titan Co-
Borrower LLC, 9.00%, 02/15/29(b)
|
|
144
|
150,507
|
|
Mattamy Group Corp., 4.63%, 03/01/30(b)
|
|
100
|
96,515
|
|
NOVA Chemicals Corp.(b)
|
|
|
|
|
5.25%, 06/01/27
|
|
169
|
169,486
|
|
4.25%, 05/15/29
|
|
106
|
102,585
|
|
9.00%, 02/15/30
|
|
159
|
170,471
|
|
Open Text Corp., 3.88%, 12/01/29(b)
|
|
250
|
236,313
|
|
Parkland Corp., 6.63%, 08/15/32(b)
|
|
109
|
112,004
|
|
Security
|
|
Par
(000)
|
Value
|
|
Canada (continued)
|
|||
|
RB Global Holdings, Inc., 6.75%, 03/15/28(b)
|
USD
|
147
|
$ 150,285
|
|
Rogers Communications, Inc.(a)
|
|
|
|
|
(5-year CMT + 2.62%), 7.13%, 04/15/55
|
|
114
|
120,859
|
|
(5-year CMT + 2.65%), 7.00%, 04/15/55
|
|
131
|
136,568
|
|
|
|
|
3,024,012
|
|
Czech Republic — 0.0%
|
|||
|
Czechoslovak Group A/S, 5.25%, 01/10/31(d)
|
EUR
|
225
|
274,728
|
|
Denmark — 0.0%
|
|||
|
SGL Group ApS, (3-mo. EURIBOR + 4.25%), 6.28%,
02/24/31(a)
|
|
148
|
169,194
|
|
Finland(d) — 0.0%
|
|||
|
Citycon Treasury BV
|
|
|
|
|
5.00%, 03/11/30
|
|
100
|
117,451
|
|
5.38%, 07/08/31
|
|
100
|
118,058
|
|
Mehilainen Yhtiot OYJ, 5.13%, 06/30/32
|
|
162
|
194,230
|
|
|
|
|
429,739
|
|
France — 0.4%
|
|||
|
Afflelou SAS, 6.00%, 07/25/29(d)
|
|
299
|
366,173
|
|
Atos SE(d)(i)
|
|
|
|
|
5.20%, 12/18/30
|
|
305
|
337,847
|
|
1.04%, 12/18/32
|
|
250
|
151,673
|
|
9.36%, 12/18/29
|
|
339
|
457,641
|
|
Bertrand Franchise Finance SAS, (3-mo. EURIBOR +
3.75%), 5.99%, 07/18/30(a)(d)
|
|
337
|
378,299
|
|
ELO SACA, 2.88%, 01/29/26(d)
|
|
100
|
116,894
|
|
Forvia SE, 5.50%, 06/15/31(d)
|
|
360
|
434,557
|
|
Goldstory SAS, 6.75%, 02/01/30(d)
|
|
328
|
399,858
|
|
iliad SA, 4.25%, 01/09/32(d)
|
|
300
|
354,127
|
|
IPD 3 BV, 5.50%, 06/15/31(d)
|
|
282
|
336,222
|
|
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%),
5.64%, 07/01/29(a)(d)
|
|
312
|
370,381
|
|
Loxam SAS, 6.38%, 05/31/29(d)
|
|
596
|
724,520
|
|
Lune Holdings SARL, 5.63%, 11/15/28(d)
|
|
315
|
114,233
|
|
Maya SAS/Paris France(b)
|
|
|
|
|
8.50%, 04/15/31
|
USD
|
232
|
248,818
|
|
7.00%, 04/15/32
|
|
200
|
203,961
|
|
New Immo Holding SA(d)
|
|
|
|
|
5.88%, 04/17/28
|
EUR
|
100
|
121,225
|
|
4.88%, 12/08/28
|
|
300
|
356,409
|
|
RCI Banque SA(a)(d)
|
|
|
|
|
(5-year EURIBOR ICE Swap + 2.20%), 4.75%,
03/24/37
|
|
200
|
238,908
|
|
(5-year EURIBOR ICE Swap + 2.75%), 5.50%,
10/09/34
|
|
600
|
740,978
|
|
Worldline SA, 5.50%, 06/10/30(d)
|
|
100
|
90,994
|
|
|
|
|
6,543,718
|
|
Germany — 0.7%
|
|||
|
Adler Pelzer Holding GmbH, 9.50%, 04/01/27(b)
|
|
177
|
197,674
|
|
Alstria Office AG, 5.50%, 03/20/31(d)
|
|
100
|
122,080
|
|
APCOA Group GmbH, (3-mo. EURIBOR + 4.13%),
6.15%, 04/15/31(a)(d)
|
|
315
|
372,212
|
|
Aroundtown Finance SARL(a)(j)
|
|
|
|
|
(5-year EURIBOR ICE Swap + 4.51%), 7.13%
|
|
274
|
339,226
|
|
(5-year UK Government Bond + 4.49%), 8.63%
|
GBP
|
420
|
581,683
|
|
BRANICKS Group AG, 2.25%, 09/22/26(d)
|
EUR
|
100
|
92,739
|
|
Commerzbank AG(a)(d)(j)
|
|
|
|
|
(5-year EUR Swap + 4.39%), 4.25%
|
|
200
|
232,462
|
|
(5-year EURIBOR ICE Swap + 5.13%), 7.88%
|
|
200
|
265,073
|
|
Security
|
|
Par
(000)
|
Value
|
|
Germany (continued)
|
|||
|
DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%,
12/31/27(d)(i)
|
EUR
|
440
|
$ 486,325
|
|
Deutsche Bank AG, (5-year EURIBOR ICE Swap +
4.75%), 4.63%(a)(d)(j)
|
|
800
|
925,340
|
|
Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap
+ 2.86%), 5.25%, 01/15/55(a)(d)
|
|
500
|
605,733
|
|
Dynamo Newco II GmbH, 6.25%, 10/15/31(d)
|
|
121
|
147,297
|
|
Fressnapf Holding SE, 5.25%, 10/31/31(d)
|
|
138
|
164,199
|
|
IHO Verwaltungs GmbH, (7.00% PIK), 7.00%,
11/15/31(d)(k)
|
|
250
|
317,713
|
|
Lanxess AG, (6-mo. EURIBOR at 0.00% Floor +
9.50%, 13.41% Cash or 13.41% PIK), 11.62%,
04/01/31(c)
|
|
3,632
|
3,896,410
|
|
Mahle GmbH, 6.50%, 05/02/31(d)
|
|
499
|
606,446
|
|
PCF GmbH(d)
|
|
|
|
|
4.75%, 04/15/29
|
|
101
|
91,542
|
|
(3-mo. EURIBOR + 4.75%), 6.78%, 04/15/29(a)
|
|
131
|
118,455
|
|
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%),
5.78%, 07/01/29(a)(d)
|
|
242
|
285,732
|
|
Schaeffler AG(d)
|
|
|
|
|
4.25%, 04/01/28
|
|
100
|
119,329
|
|
5.38%, 04/01/31
|
|
100
|
122,936
|
|
TAG Immobilien AG, 0.63%, 03/11/31(d)(l)
|
|
100
|
122,692
|
|
Tele Columbus AG, (10.00% PIK), 10.00%,
01/01/29(d)(k)
|
|
309
|
244,212
|
|
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)
|
USD
|
400
|
398,586
|
|
TUI Cruises GmbH, 5.00%, 05/15/30(d)
|
EUR
|
108
|
130,182
|
|
Vonovia SE, Series B, 0.88%, 05/20/32(d)(l)
|
|
200
|
235,528
|
|
ZF Europe Finance BV, 7.00%, 06/12/30(d)
|
|
100
|
121,870
|
|
ZF North America Capital, Inc.(b)
|
|
|
|
|
7.13%, 04/14/30
|
USD
|
270
|
267,352
|
|
6.88%, 04/23/32
|
|
150
|
143,611
|
|
|
|
|
11,754,639
|
|
Greece(a)(d) — 0.1%
|
|||
|
Eurobank SA, (1-year EURIBOR ICE Swap + 1.70%),
4.00%, 02/07/36
|
EUR
|
325
|
383,483
|
|
National Bank of Greece SA, (5-year EURIBOR ICE
Swap + 3.15%), 5.88%, 06/28/35
|
|
246
|
310,702
|
|
|
|
|
694,185
|
|
Ireland — 0.1%
|
|||
|
AIB Group PLC, (5-year EURIBOR ICE Swap +
3.71%), 6.00%(a)(d)(j)
|
|
300
|
359,728
|
|
Cedacri SpA, (3-mo. EURIBOR + 4.63%), 6.66%,
05/15/28(a)(d)
|
|
102
|
120,439
|
|
GGAM Finance Ltd., 8.00%, 02/15/27(b)
|
USD
|
141
|
144,308
|
|
Virgin Media O2 Vendor Financing Notes V DAC,
7.88%, 03/15/32(d)
|
GBP
|
617
|
857,594
|
|
|
|
|
1,482,069
|
|
Israel — 0.1%
|
|||
|
Teva Pharmaceutical Finance Netherlands II BV,
4.13%, 06/01/31
|
EUR
|
261
|
309,108
|
|
Teva Pharmaceutical Finance Netherlands III BV
|
|
|
|
|
3.15%, 10/01/26
|
USD
|
112
|
109,760
|
|
6.75%, 03/01/28
|
|
200
|
206,968
|
|
|
|
|
625,836
|
|
Italy — 0.4%
|
|||
|
A2A SpA, (5-year EURIBOR ICE Swap + 2.26%),
5.00%(a)(d)(j)
|
EUR
|
200
|
244,539
|
|
Security
|
|
Par
(000)
|
Value
|
|
Italy (continued)
|
|||
|
Bubbles Bidco SpA(d)
|
|
|
|
|
6.50%, 09/30/31
|
EUR
|
241
|
$ 289,803
|
|
(3-mo. EURIBOR + 4.25%), 6.25%, 09/30/31(a)
|
|
235
|
278,023
|
|
Dolcetto Holdco SpA(d)
|
|
|
|
|
5.63%, 07/14/32
|
|
166
|
199,813
|
|
(3-mo. EURIBOR + 3.63%), 5.64%, 07/14/32(a)
|
|
100
|
118,339
|
|
Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.15%,
07/15/31(a)(d)
|
|
305
|
360,228
|
|
Engineering - Ingegneria Informatica - SpA, 11.13%,
05/15/28(d)
|
|
456
|
570,500
|
|
Eni SpA, (5-year EUR Swap + 2.40%), 4.88%(a)(d)(j)
|
|
225
|
268,500
|
|
Fedrigoni SpA, 6.13%, 06/15/31(d)
|
|
410
|
478,479
|
|
Fiber Midco SpA, (10.75% PIK), 10.75%, 06/15/29(d)(k)
|
|
197
|
213,810
|
|
Fibercop SpA
|
|
|
|
|
4.75%, 06/30/30(d)
|
|
100
|
119,253
|
|
5.13%, 06/30/32(d)
|
|
100
|
119,332
|
|
7.20%, 07/18/36(b)
|
USD
|
200
|
201,476
|
|
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27(d)
|
EUR
|
263
|
311,111
|
|
IMA Industria Macchine Automatiche SpA, (3-mo.
EURIBOR + 3.75%), 5.78%, 04/15/29(a)(d)
|
|
411
|
487,002
|
|
Intesa Sanpaolo SpA, (5-year EUR Swap + 5.85%),
5.50%(a)(d)(j)
|
|
250
|
303,372
|
|
Itelyum Regeneration SpA, 5.75%, 04/15/30(d)
|
|
100
|
119,447
|
|
Nexi SpA, 0.00%, 02/24/28(d)(l)(m)
|
|
200
|
215,004
|
|
Pachelbel Bidco SpA(d)
|
|
|
|
|
7.13%, 05/17/31
|
|
137
|
173,297
|
|
(3-mo. EURIBOR + 4.25%), 6.27%, 05/17/31(a)
|
|
125
|
147,851
|
|
Rossini SARL(d)
|
|
|
|
|
6.75%, 12/31/29
|
|
149
|
184,553
|
|
(3-mo. EURIBOR + 3.88%), 5.88%, 12/31/29(a)
|
|
90
|
106,967
|
|
TeamSystem SpA(d)
|
|
|
|
|
5.00%, 07/01/31
|
|
100
|
119,049
|
|
(3-mo. EURIBOR + 3.25%), 5.19%, 07/01/32(a)
|
|
125
|
146,919
|
|
(3-mo. EURIBOR + 3.50%), 5.53%, 07/31/31(a)
|
|
222
|
261,396
|
|
Telecom Italia Capital SA, 7.72%, 06/04/38
|
USD
|
78
|
86,408
|
|
Unipol Assicurazioni SpA, 4.90%, 05/23/34(d)
|
EUR
|
100
|
123,629
|
|
|
|
|
6,248,100
|
|
Japan — 0.3%
|
|||
|
Kioxia Holdings Corp., 6.63%, 07/24/33
|
USD
|
200
|
205,606
|
|
Mizuho Financial Group, Inc., (1-year CMT + 1.25%),
3.26%, 05/22/30(a)
|
|
2,040
|
1,966,654
|
|
Nissan Motor Co. Ltd.
|
|
|
|
|
5.25%, 07/17/29(d)
|
EUR
|
231
|
276,393
|
|
4.81%, 09/17/30(b)
|
USD
|
200
|
188,417
|
|
7.75%, 07/17/32(b)
|
|
200
|
211,653
|
|
SoftBank Group Corp.(d)
|
|
|
|
|
5.38%, 01/08/29
|
EUR
|
282
|
342,969
|
|
3.38%, 07/06/29
|
|
100
|
114,142
|
|
5.25%, 10/10/29
|
|
100
|
121,057
|
|
5.88%, 07/10/31
|
|
111
|
137,286
|
|
5.75%, 07/08/32
|
|
386
|
473,530
|
|
6.38%, 07/10/33
|
|
100
|
124,834
|
|
|
|
|
4,162,541
|
|
Jersey(d) — 0.0%
|
|||
|
Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29
|
GBP
|
296
|
387,079
|
|
Deepocean Ltd., 6.00%, 04/08/31
|
EUR
|
100
|
118,991
|
|
|
|
|
506,070
|
|
Luxembourg — 0.3%
|
|||
|
Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%,
12/31/28(k)
|
|
797
|
995,145
|
|
Security
|
|
Par
(000)
|
Value
|
|
Luxembourg (continued)
|
|||
|
Albion Financing 1 SARL/Aggreko Holdings, Inc.,
5.38%, 05/21/30(d)
|
EUR
|
186
|
$ 226,534
|
|
Encore Issuances SA, Series 155, (3-mo. EURIBOR +
10.00%), 12.05%, 11/06/25(a)
|
|
49
|
56,377
|
|
Garfunkelux Holdco 3 SA, 9.00%, 09/01/28(d)
|
|
179
|
213,645
|
|
INEOS Finance PLC
|
|
|
|
|
6.38%, 04/15/29(d)
|
|
393
|
456,932
|
|
7.50%, 04/15/29(b)
|
USD
|
200
|
194,579
|
|
7.25%, 03/31/31(d)
|
EUR
|
201
|
235,649
|
|
ION Platform Finance SARL
|
|
|
|
|
6.50%, 09/30/30
|
|
128
|
150,278
|
|
6.88%, 09/30/32
|
|
100
|
117,405
|
|
ION Trading Technologies SARL(b)
|
|
|
|
|
5.75%, 05/15/28
|
USD
|
400
|
392,531
|
|
9.50%, 05/30/29
|
|
200
|
211,235
|
|
Kleopatra Finco SARL, 4.25%, 03/01/26(d)
|
EUR
|
416
|
274,929
|
|
Luna 1.5 SARL, (10.50% PIK), 10.50%, 07/01/32(d)(k)
|
|
100
|
121,664
|
|
Luna 2 5SARL, 5.50%, 07/01/32(d)
|
|
100
|
119,445
|
|
Maxam Prill SARL, 6.00%, 07/15/30(d)
|
|
326
|
388,564
|
|
SES SA, 4.88%, 06/24/33(d)
|
|
100
|
122,238
|
|
Summer BC Holdco B SARL(d)
|
|
|
|
|
5.88%, 02/15/30
|
|
201
|
230,489
|
|
(3-mo. EURIBOR + 4.25%), 6.29%, 02/15/30(a)
|
|
131
|
151,036
|
|
Vivion Investments SARL, (6.50% PIK), 6.50%,
08/31/28(d)(k)
|
|
542
|
634,855
|
|
|
|
|
5,293,530
|
|
Mexico — 0.0%
|
|||
|
Fomento Economico Mexicano SAB de C.V., 2.63%,
02/24/26(d)(l)
|
|
500
|
586,067
|
|
Netherlands — 0.2%
|
|||
|
Boels Topholding BV, 5.75%, 05/15/30(d)
|
|
335
|
407,913
|
|
Q-Park Holding I BV, 5.13%, 02/15/30(d)
|
|
463
|
561,467
|
|
Sunrise FinCo I BV, 4.88%, 07/15/31(b)
|
USD
|
780
|
743,067
|
|
Trivium Packaging Finance BV
|
|
|
|
|
6.63%, 07/15/30(d)
|
EUR
|
100
|
123,418
|
|
12.25%, 01/15/31(b)
|
USD
|
404
|
437,266
|
|
VZ Secured Financing BV, 5.25%, 01/15/33(d)
|
EUR
|
258
|
302,891
|
|
Ziggo BV, 4.88%, 01/15/30(b)
|
USD
|
200
|
188,771
|
|
|
|
|
2,764,793
|
|
Portugal — 0.0%
|
|||
|
EDP SA, (5-year EURIBOR ICE Swap + 2.40%),
4.63%, 09/16/54(a)(d)
|
EUR
|
200
|
241,407
|
|
Slovenia — 0.0%
|
|||
|
United Group BV, 6.50%, 10/31/31(d)
|
|
104
|
123,645
|
|
South Africa — 0.0%
|
|||
|
Sappi Papier Holding GmbH, 4.50%, 03/15/32(d)
|
|
152
|
176,039
|
|
Spain(d) — 0.1%
|
|||
|
Arena Luxembourg Finance SARL, (3-mo. EURIBOR +
2.50%), 4.52%, 05/01/30(a)
|
|
194
|
229,177
|
|
Banco Bilbao Vizcaya Argentaria SA(a)(j)
|
|
|
|
|
(5-year EUR Swap + 4.27%), 6.88%
|
|
400
|
506,991
|
|
(5-year EURIBOR ICE Swap + 5.54%), 8.38%
|
|
200
|
260,405
|
|
Bankinter SA, (5-year EURIBOR ICE Swap + 4.71%),
7.38%(a)(j)
|
|
200
|
254,954
|
|
CaixaBank SA, (5-year EURIBOR ICE Swap + 3.94%),
6.25%(a)(j)
|
|
200
|
245,636
|
|
Grifols SA, 7.13%, 05/01/30
|
|
230
|
284,445
|
|
Security
|
|
Par
(000)
|
Value
|
|
Spain (continued)
|
|||
|
Iberdrola Finanzas SA, Series IBE, 1.50%, 03/27/30(l)
|
EUR
|
100
|
$ 120,530
|
|
Kaixo Bondco Telecom SA, 5.13%, 09/30/29
|
|
190
|
225,788
|
|
|
|
|
2,127,926
|
|
Sweden — 0.1%
|
|||
|
Intrum Investments And Financing AB
|
|
|
|
|
7.75%, 09/11/27
|
|
69
|
74,320
|
|
8.00%, 09/11/27(d)
|
|
141
|
168,580
|
|
8.50%, 09/11/29
|
|
86
|
88,175
|
|
8.50%, 09/11/30(b)(d)
|
|
70
|
71,986
|
|
Series 1, 7.75%, 09/11/28(b)(d)
|
|
118
|
122,581
|
|
Preem Holdings AB, 12.00%, 06/30/27(d)
|
|
138
|
167,040
|
|
Stena International SA
|
|
|
|
|
7.25%, 01/15/31(d)
|
USD
|
727
|
741,190
|
|
7.63%, 02/15/31(b)
|
|
200
|
205,999
|
|
Verisure Holding AB, 9.25%, 10/15/27(d)
|
EUR
|
515
|
620,416
|
|
|
|
|
2,260,287
|
|
Switzerland — 0.0%
|
|||
|
gategroup Finance Luxembourg SA, 3.00%,
02/28/27(d)
|
CHF
|
270
|
335,518
|
|
United Kingdom — 0.8%
|
|||
|
Amber Finco PLC, 6.63%, 07/15/29(d)
|
EUR
|
586
|
723,119
|
|
Ardonagh Finco Ltd., 6.88%, 02/15/31(d)
|
|
1,052
|
1,276,625
|
|
BCP V Modular Services Finance II PLC(d)
|
|
|
|
|
6.13%, 11/30/28
|
GBP
|
606
|
760,879
|
|
6.50%, 07/10/31
|
EUR
|
555
|
609,178
|
|
Bellis Acquisition Co. PLC, 8.00%, 07/01/31(d)
|
|
356
|
424,179
|
|
Bracken MidCo1 PLC, (6.75% PIK), 6.75%,
11/01/27(d)(k)
|
GBP
|
123
|
164,774
|
|
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC
|
|
|
|
|
5.63%, 02/15/32(d)
|
EUR
|
202
|
246,811
|
|
6.38%, 02/15/32(b)
|
USD
|
150
|
153,740
|
|
CD&R Firefly Bidco PLC, 8.63%, 04/30/29(d)
|
GBP
|
100
|
141,299
|
|
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%,
09/15/29(b)
|
USD
|
200
|
210,281
|
|
Deuce Finco PLC, 5.50%, 06/15/27(b)
|
GBP
|
337
|
452,385
|
|
Edge Finco PLC, 8.13%, 08/15/31(d)
|
|
503
|
721,302
|
|
Froneri Lux FinCo SARL, 4.75%, 08/01/32(d)
|
EUR
|
162
|
191,871
|
|
Gatwick Airport Finance PLC, 4.38%, 04/07/26(d)
|
GBP
|
245
|
327,917
|
|
Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.38%,
01/15/29(b)
|
USD
|
400
|
391,339
|
|
Global Switch Finance BV, 1.38%, 10/07/30(d)
|
EUR
|
224
|
248,399
|
|
Heathrow Finance PLC, 6.63%, 03/01/31(d)
|
GBP
|
756
|
1,021,609
|
|
Howden U.K. Refinance PLC/Howden U.K. Refinance
2 PLC/Howden U.S. Refinance LLC, 7.25%,
02/15/31(b)
|
USD
|
200
|
205,914
|
|
INEOS Quattro Finance 2 PLC, 6.75%, 04/15/30(d)
|
EUR
|
178
|
195,853
|
|
Jaguar Land Rover Automotive PLC, 5.88%,
01/15/28(b)
|
USD
|
200
|
199,663
|
|
Mobico Group PLC(d)
|
|
|
|
|
4.88%, 09/26/31
|
EUR
|
196
|
181,145
|
|
(5-year UK Government Bond + 4.14%), 4.25%(a)(j)
|
GBP
|
165
|
135,483
|
|
Motion Finco SARL, 7.38%, 06/15/30(d)
|
EUR
|
204
|
215,755
|
|
Nationwide Building Society, (5-year UK Government
Bond + 5.63%), 5.75%(a)(d)(j)
|
GBP
|
200
|
267,635
|
|
Ocado Group PLC, 11.00%, 06/15/30(d)
|
|
146
|
197,278
|
|
OEG Finance PLC, 7.25%, 09/27/29(d)
|
EUR
|
290
|
355,857
|
|
Pinnacle Bidco PLC, 10.00%, 10/11/28(d)
|
GBP
|
181
|
256,822
|
|
Stonegate Pub Co. Financing PLC(d)
|
|
|
|
|
10.75%, 07/31/29
|
|
155
|
209,030
|
|
Security
|
|
Par
(000)
|
Value
|
|
United Kingdom (continued)
|
|||
|
Stonegate Pub Co. Financing PLC(d) (continued)
|
|
|
|
|
(3-mo. EURIBOR + 6.63%), 8.66%, 07/31/29(a)
|
EUR
|
125
|
$ 144,623
|
|
Virgin Media Secured Finance PLC
|
|
|
|
|
4.25%, 01/15/30(d)
|
GBP
|
292
|
364,214
|
|
4.50%, 08/15/30(b)
|
USD
|
200
|
188,568
|
|
Vmed O2 U.K. Financing I PLC
|
|
|
|
|
4.50%, 07/15/31(d)
|
GBP
|
165
|
203,024
|
|
4.75%, 07/15/31(b)
|
USD
|
200
|
188,249
|
|
5.63%, 04/15/32(d)
|
EUR
|
683
|
822,011
|
|
Vodafone Group PLC, (5-year CMT + 2.77%), 4.13%,
06/04/81(a)
|
USD
|
160
|
149,679
|
|
Zegona Finance PLC, 6.75%, 07/15/29(d)
|
EUR
|
760
|
944,259
|
|
|
|
|
13,490,769
|
|
United States — 8.3%
|
|||
|
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b)
|
USD
|
102
|
105,895
|
|
Acrisure LLC/Acrisure Finance, Inc.(b)
|
|
|
|
|
4.25%, 02/15/29
|
|
26
|
25,049
|
|
7.50%, 11/06/30
|
|
200
|
208,350
|
|
Adient Global Holdings Ltd., 7.50%, 02/15/33(b)
|
|
148
|
153,249
|
|
ADT Security Corp., 4.13%, 08/01/29(b)
|
|
100
|
96,702
|
|
Advance Auto Parts, Inc., 7.38%, 08/01/33(b)
|
|
143
|
147,469
|
|
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC(b)
|
|
|
|
|
5.88%, 02/15/28
|
|
92
|
91,980
|
|
6.25%, 03/15/33
|
|
100
|
102,270
|
|
Alcoa Nederland Holding BV, 4.13%, 03/31/29(b)
|
|
200
|
193,399
|
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer(b)
|
|
|
|
|
6.75%, 04/15/28
|
|
145
|
147,570
|
|
7.38%, 10/01/32
|
|
386
|
397,747
|
|
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 6.00%, 06/01/29(b)
|
|
600
|
589,832
|
|
Allison Transmission, Inc., 3.75%, 01/30/31(b)
|
|
86
|
79,455
|
|
Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%,
01/17/40(a)
|
|
99
|
98,966
|
|
AMC Networks, Inc.(b)
|
|
|
|
|
10.25%, 01/15/29
|
|
41
|
43,204
|
|
10.50%, 07/15/32
|
|
183
|
193,511
|
|
American Airlines, Inc., 8.50%, 05/15/29(b)
|
|
281
|
293,126
|
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.75%, 04/20/29(b)
|
|
177
|
177,677
|
|
American Axle & Manufacturing, Inc., 5.00%, 10/01/29
|
|
178
|
169,150
|
|
American Tower Corp., 2.95%, 01/15/51
|
|
2,500
|
1,619,680
|
|
Amgen, Inc., 2.77%, 09/01/53
|
|
2,025
|
1,228,558
|
|
AmWINS Group, Inc., 6.38%, 02/15/29(b)
|
|
127
|
129,582
|
|
Arches Buyer, Inc., 4.25%, 06/01/28(b)
|
|
143
|
140,132
|
|
Arcosa, Inc., 6.88%, 08/15/32(b)
|
|
100
|
104,449
|
|
Ardagh Metal Packaging Finance USA LLC/Ardagh
Metal Packaging Finance PLC, 6.00%, 06/15/27(b)
|
|
200
|
199,952
|
|
Ardagh Packaging Finance PLC/Ardagh Holdings USA,
Inc., 2.13%, 08/15/26(d)
|
EUR
|
718
|
822,026
|
|
Aretec Group, Inc., 10.00%, 08/15/30(b)
|
|
247
|
269,107
|
|
Arsenal AIC Parent LLC(b)
|
|
|
|
|
8.00%, 10/01/30
|
|
92
|
97,409
|
|
11.50%, 10/01/31
|
|
119
|
132,165
|
|
Asbury Automotive Group, Inc.(b)
|
|
|
|
|
4.63%, 11/15/29
|
|
100
|
97,048
|
|
5.00%, 02/15/32
|
|
100
|
96,023
|
|
Ashton Woods USA LLC/Ashton Woods Finance Co.,
6.88%, 08/01/33(b)
|
|
81
|
81,695
|
|
Security
|
|
Par
(000)
|
Value
|
|
United States (continued)
|
|||
|
AT&T, Inc., 6.05%, 08/15/56
|
USD
|
718
|
$ 744,224
|
|
ATI, Inc., 7.25%, 08/15/30
|
|
220
|
230,931
|
|
Avantor Funding, Inc.(b)
|
|
|
|
|
4.63%, 07/15/28
|
|
112
|
110,170
|
|
3.88%, 11/01/29
|
|
135
|
128,380
|
|
Avient Corp., 6.25%, 11/01/31(b)
|
|
100
|
101,552
|
|
Avis Budget Car Rental LLC/Avis Budget Finance,
Inc.(b)
|
|
|
|
|
5.38%, 03/01/29
|
|
78
|
76,063
|
|
8.00%, 02/15/31
|
|
46
|
47,588
|
|
8.38%, 06/15/32
|
|
100
|
104,595
|
|
Axalta Coating Systems LLC, 3.38%, 02/15/29(b)
|
|
150
|
142,111
|
|
Axon Enterprise, Inc., 6.13%, 03/15/30(b)
|
|
104
|
106,811
|
|
Azorra Finance Ltd., 7.75%, 04/15/30(b)
|
|
31
|
32,511
|
|
Ball Corp.
|
|
|
|
|
6.00%, 06/15/29
|
|
86
|
88,033
|
|
4.25%, 07/01/32
|
EUR
|
181
|
217,352
|
|
5.50%, 09/15/33
|
USD
|
71
|
71,763
|
|
Bank of America Corp., (1-day SOFR + 1.37%), 1.92%,
10/24/31(a)
|
|
119
|
105,692
|
|
Bausch & Lomb Corp., 8.38%, 10/01/28(b)
|
|
235
|
244,914
|
|
Bausch & Lomb Netherlands BV & Bausch & Lomb,
Inc., (3-mo. EURIBOR + 3.88%), 5.87%,
01/15/31(a)(d)
|
EUR
|
100
|
118,956
|
|
BCPE Flavor Debt Merger Sub LLC & BCPE Flavor
Issuer, Inc., 9.50%, 07/01/32(b)
|
USD
|
158
|
165,366
|
|
Beach Acquisition Bidco LLC
|
|
|
|
|
5.25%, 07/15/32(d)
|
EUR
|
137
|
164,879
|
|
(10.00% PIK), 10.00%, 07/15/33(b)(k)
|
USD
|
200
|
215,732
|
|
Block, Inc.
|
|
|
|
|
2.75%, 06/01/26
|
|
102
|
100,660
|
|
5.63%, 08/15/30(b)
|
|
123
|
124,621
|
|
Boost Newco Borrower LLC, 7.50%, 01/15/31(b)
|
|
200
|
212,179
|
|
Brink’s Co., 6.50%, 06/15/29(b)
|
|
78
|
80,270
|
|
Builders FirstSource, Inc.(b)
|
|
|
|
|
5.00%, 03/01/30
|
|
37
|
36,624
|
|
6.75%, 05/15/35
|
|
200
|
208,827
|
|
Burford Capital Global Finance LLC(b)
|
|
|
|
|
6.25%, 04/15/28
|
|
200
|
200,356
|
|
9.25%, 07/01/31
|
|
200
|
212,513
|
|
Calpine Corp.(b)
|
|
|
|
|
4.50%, 02/15/28
|
|
100
|
99,578
|
|
4.63%, 02/01/29
|
|
39
|
38,617
|
|
3.75%, 03/01/31
|
|
89
|
84,766
|
|
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b)
|
|
139
|
134,483
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.(b)
|
|
|
|
|
5.13%, 05/01/27
|
|
177
|
175,811
|
|
4.50%, 08/15/30
|
|
100
|
94,441
|
|
4.25%, 02/01/31
|
|
289
|
266,236
|
|
7.38%, 03/01/31
|
|
115
|
118,655
|
|
4.75%, 02/01/32
|
|
360
|
332,914
|
|
4.50%, 06/01/33
|
|
59
|
52,455
|
|
4.25%, 01/15/34
|
|
232
|
200,579
|
|
Central Parent LLC/CDK Global II LLC/CDK Financing
Co., Inc., 8.00%, 06/15/29(b)
|
|
243
|
214,145
|
|
Central Parent, Inc./CDK Global, Inc., 7.25%,
06/15/29(b)
|
|
104
|
89,550
|
|
Century Communities, Inc., 6.63%, 09/15/33(b)
|
|
100
|
100,876
|
|
Charles River Laboratories International, Inc.(b)
|
|
|
|
|
3.75%, 03/15/29
|
|
42
|
39,774
|
|
4.00%, 03/15/31
|
|
100
|
93,136
|
|
Chemours Co.(b)
|
|
|
|
|
4.63%, 11/15/29
|
|
100
|
90,346
|
|
Security
|
|
Par
(000)
|
Value
|
|
United States (continued)
|
|||
|
Chemours Co.(b) (continued)
|
|
|
|
|
8.00%, 01/15/33
|
USD
|
116
|
$ 115,381
|
|
Chobani LLC/Chobani Finance Corp., Inc., 7.63%,
07/01/29(b)
|
|
126
|
131,386
|
|
CHS/Community Health Systems, Inc.(b)
|
|
|
|
|
5.25%, 05/15/30
|
|
95
|
85,941
|
|
4.75%, 02/15/31
|
|
115
|
99,446
|
|
10.88%, 01/15/32
|
|
318
|
336,793
|
|
9.75%, 01/15/34
|
|
58
|
59,421
|
|
Cinemark USA, Inc.(b)
|
|
|
|
|
5.25%, 07/15/28
|
|
100
|
99,448
|
|
7.00%, 08/01/32
|
|
100
|
103,935
|
|
Citigroup, Inc.(a)
|
|
|
|
|
0.00%, 09/09/30
|
|
2,000
|
2,000,000
|
|
(3-mo. CME Term SOFR + 1.65%), 3.67%,
07/24/28
|
|
1,000
|
991,177
|
|
Clarios Global LP/Clarios U.S. Finance Co.
|
|
|
|
|
6.75%, 05/15/28(b)
|
|
77
|
78,701
|
|
6.75%, 02/15/30(b)
|
|
100
|
103,301
|
|
4.75%, 06/15/31(d)
|
EUR
|
231
|
276,316
|
|
6.75%, 09/15/32(b)
|
USD
|
57
|
58,263
|
|
Clarivate Science Holdings Corp., 3.88%, 07/01/28(b)
|
|
79
|
76,026
|
|
Clear Channel Outdoor Holdings, Inc., 7.88%,
04/01/30(b)
|
|
172
|
180,604
|
|
Cleveland-Cliffs, Inc.(b)
|
|
|
|
|
6.88%, 11/01/29
|
|
100
|
101,907
|
|
7.50%, 09/15/31
|
|
21
|
21,645
|
|
7.00%, 03/15/32
|
|
220
|
222,192
|
|
Cloud Software Group, Inc.(b)
|
|
|
|
|
6.50%, 03/31/29
|
|
93
|
93,839
|
|
9.00%, 09/30/29
|
|
354
|
367,171
|
|
8.25%, 06/30/32
|
|
170
|
180,328
|
|
Clydesdale Acquisition Holdings, Inc.(b)
|
|
|
|
|
8.75%, 04/15/30
|
|
100
|
102,724
|
|
6.75%, 04/15/32
|
|
100
|
102,586
|
|
Cogent Communications Group LLC/Cogent Finance,
Inc., 6.50%, 07/01/32(b)
|
|
100
|
97,149
|
|
CommScope LLC, 9.50%, 12/15/31(b)
|
|
120
|
124,212
|
|
CoreWeave, Inc.(b)
|
|
|
|
|
9.25%, 06/01/30
|
|
209
|
215,854
|
|
9.00%, 02/01/31
|
|
100
|
102,488
|
|
Cornerstone Building Brands, Inc., 9.50%, 08/15/29(b)
|
|
218
|
211,818
|
|
CP Atlas Buyer, Inc., 9.75%, 07/15/30(b)
|
|
182
|
190,609
|
|
Credit Acceptance Corp., 6.63%, 03/15/30(b)
|
|
190
|
190,315
|
|
CSC Holdings LLC(b)
|
|
|
|
|
5.38%, 02/01/28
|
|
1,294
|
1,134,430
|
|
7.50%, 04/01/28
|
|
1,264
|
915,360
|
|
Cushman & Wakefield U.S. Borrower LLC, 6.75%,
05/15/28(b)
|
|
100
|
100,910
|
|
Dana, Inc., 5.38%, 11/15/27
|
|
100
|
99,864
|
|
Darling Global Finance BV, 4.50%, 07/15/32(d)
|
EUR
|
210
|
248,924
|
|
Darling Ingredients, Inc., 6.00%, 06/15/30(b)
|
USD
|
263
|
265,515
|
|
Dell International LLC/EMC Corp., 5.30%, 10/01/29
|
|
750
|
774,453
|
|
Directv Financing LLC, 8.88%, 02/01/30(b)
|
|
100
|
99,171
|
|
Directv Financing LLC/Directv Financing Co-Obligor,
Inc., 10.00%, 02/15/31(b)
|
|
420
|
419,383
|
|
Discovery Communications LLC, 6.35%, 06/01/40
|
|
200
|
183,534
|
|
Duke Energy Florida LLC, 2.40%, 12/15/31
|
|
1,500
|
1,348,336
|
|
EchoStar Corp., 10.75%, 11/30/29
|
|
100
|
110,017
|
|
Edgewell Personal Care Co., 4.13%, 04/01/29(b)
|
|
100
|
95,115
|
|
Eli Lilly & Co., 5.00%, 02/09/54
|
|
2,640
|
2,497,712
|
|
EMRLD Borrower LP/Emerald Co-Issuer, Inc.(b)
|
|
|
|
|
6.63%, 12/15/30
|
|
207
|
212,785
|
|
Security
|
|
Par
(000)
|
Value
|
|
United States (continued)
|
|||
|
EMRLD Borrower LP/Emerald Co-Issuer,
Inc.(b) (continued)
|
|
|
|
|
6.75%, 07/15/31
|
USD
|
100
|
$ 103,865
|
|
Encompass Health Corp., 4.63%, 04/01/31
|
|
100
|
97,299
|
|
Encore Capital Group, Inc., 9.25%, 04/01/29(b)
|
|
200
|
211,032
|
|
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b)
|
|
248
|
266,072
|
|
Energizer Holdings, Inc., 4.75%, 06/15/28(b)
|
|
100
|
98,260
|
|
Entegris, Inc., 3.63%, 05/01/29(b)
|
|
131
|
124,505
|
|
EquipmentShare.com, Inc., 8.63%, 05/15/32(b)
|
|
159
|
171,663
|
|
Fair Isaac Corp., 4.00%, 06/15/28(b)
|
|
177
|
172,140
|
|
Flyr Secured Notes, (1-mo. CME Term SOFR at 0.50%
Floor + 5.00%, 9.44% Cash and 3.75% PIK),
10.00%, 01/20/27(c)
|
|
1,111
|
339,688
|
|
Focus Financial Partners LLC, 6.75%, 09/15/31(b)
|
|
83
|
85,002
|
|
Ford Motor Credit Co. LLC, 4.54%, 08/01/26
|
|
1,915
|
1,913,364
|
|
Freedom Mortgage Corp., 12.25%, 10/01/30(b)
|
|
57
|
63,586
|
|
Freedom Mortgage Holdings LLC(b)
|
|
|
|
|
9.25%, 02/01/29
|
|
200
|
210,435
|
|
8.38%, 04/01/32
|
|
112
|
117,393
|
|
Frontier Communications Holdings LLC(b)
|
|
|
|
|
5.88%, 10/15/27
|
|
81
|
80,951
|
|
5.00%, 05/01/28
|
|
200
|
199,550
|
|
6.75%, 05/01/29
|
|
515
|
520,137
|
|
6.00%, 01/15/30
|
|
40
|
40,471
|
|
8.75%, 05/15/30
|
|
1,250
|
1,305,806
|
|
8.63%, 03/15/31
|
|
350
|
368,991
|
|
Frontier Florida LLC, Series E, 6.86%, 02/01/28
|
|
500
|
521,650
|
|
FTAI Aviation Investors LLC(b)
|
|
|
|
|
5.50%, 05/01/28
|
|
200
|
200,032
|
|
7.00%, 05/01/31
|
|
40
|
41,842
|
|
Gap, Inc., 3.88%, 10/01/31(b)
|
|
78
|
70,872
|
|
Gen Digital, Inc., 6.75%, 09/30/27(b)
|
|
123
|
124,885
|
|
General Motors Financial Co., Inc., 5.55%, 07/15/29
|
|
2,575
|
2,658,981
|
|
Gilead Sciences, Inc.
|
|
|
|
|
3.65%, 03/01/26
|
|
1,729
|
1,726,105
|
|
5.50%, 11/15/54
|
|
1,198
|
1,206,859
|
|
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
3.50%, 03/01/29(b)
|
|
78
|
73,903
|
|
Goldman Sachs Bank USA/New York, Series BKNT,
6.60%, 09/12/30(a)
|
|
2,000
|
2,000,000
|
|
Goodyear Tire & Rubber Co.
|
|
|
|
|
6.63%, 07/15/30
|
|
100
|
101,466
|
|
5.25%, 07/15/31
|
|
119
|
111,784
|
|
GoTo Group, Inc., 5.50%, 05/01/28(b)
|
|
310
|
117,271
|
|
Graphic Packaging International LLC, 6.38%,
07/15/32(b)
|
|
100
|
101,547
|
|
Gray Media, Inc.(b)
|
|
|
|
|
10.50%, 07/15/29
|
|
100
|
108,125
|
|
9.63%, 07/15/32
|
|
311
|
317,729
|
|
GS Finance Corp., 8.75%, 02/14/30(a)
|
|
2,890
|
2,918,842
|
|
HCA, Inc.
|
|
|
|
|
5.88%, 02/01/29
|
|
1,515
|
1,577,354
|
|
5.95%, 09/15/54
|
|
1,301
|
1,298,147
|
|
Healthpeak OP LLC, 5.25%, 12/15/32
|
|
3,000
|
3,084,936
|
|
Helios Software Holdings, Inc./ION Corporate Solutions
Finance SARL, 7.88%, 05/01/29(d)
|
EUR
|
292
|
358,724
|
|
Herc Holdings, Inc.(b)
|
|
|
|
|
6.63%, 06/15/29
|
USD
|
100
|
102,750
|
|
7.25%, 06/15/33
|
|
226
|
235,922
|
|
Hilton Domestic Operating Co., Inc.(b)
|
|
|
|
|
5.88%, 04/01/29
|
|
184
|
187,803
|
|
4.00%, 05/01/31
|
|
100
|
94,623
|
|
5.88%, 03/15/33
|
|
44
|
44,915
|
|
Security
|
|
Par
(000)
|
Value
|
|
United States (continued)
|
|||
|
Hilton Grand Vacations Borrower LLC/Hilton Grand
Vacations Borrower, Inc., 6.63%, 01/15/32(b)
|
USD
|
100
|
$ 101,565
|
|
Howard Hughes Corp.(b)
|
|
|
|
|
5.38%, 08/01/28
|
|
100
|
99,605
|
|
4.13%, 02/01/29
|
|
102
|
97,847
|
|
HUB International Ltd.(b)
|
|
|
|
|
5.63%, 12/01/29
|
|
127
|
126,872
|
|
7.25%, 06/15/30
|
|
72
|
75,089
|
|
7.38%, 01/31/32
|
|
300
|
312,402
|
|
Huntsman International LLC
|
|
|
|
|
4.50%, 05/01/29
|
|
82
|
78,476
|
|
2.95%, 06/15/31
|
|
100
|
84,373
|
|
iHeartCommunications, Inc.(b)
|
|
|
|
|
9.13%, 05/01/29
|
|
112
|
100,731
|
|
7.75%, 08/15/30
|
|
182
|
150,640
|
|
Imola Merger Corp., 4.75%, 05/15/29(b)
|
|
40
|
38,905
|
|
IQVIA, Inc., 5.00%, 10/15/26(b)
|
|
200
|
199,756
|
|
Iron Mountain Information Management Services, Inc.,
5.00%, 07/15/32(b)
|
|
100
|
96,354
|
|
Iron Mountain, Inc.
|
|
|
|
|
7.00%, 02/15/29(b)
|
|
145
|
149,427
|
|
5.25%, 07/15/30(b)
|
|
231
|
228,451
|
|
4.75%, 01/15/34(d)
|
EUR
|
296
|
348,286
|
|
Jane Street Group/JSG Finance, Inc., 6.13%,
11/01/32(b)
|
USD
|
337
|
341,569
|
|
Jazz Securities DAC, 4.38%, 01/15/29(b)
|
|
200
|
194,847
|
|
Jefferson Capital Holdings LLC, 8.25%, 05/15/30(b)
|
|
141
|
147,461
|
|
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31(b)
|
|
255
|
258,639
|
|
JPMorgan Chase & Co., (1-day SOFR + 1.62%),
5.34%, 01/23/35(a)
|
|
547
|
568,538
|
|
Kaiser Aluminum Corp., 4.50%, 06/01/31(b)
|
|
61
|
57,494
|
|
KeHE Distributors LLC/KeHE Finance Corp./NextWave
Distribution, Inc., 9.00%, 02/15/29(b)
|
|
166
|
174,657
|
|
Kohl’s Corp., 5.13%, 05/01/31
|
|
228
|
179,995
|
|
Kronos International, Inc.(d)
|
|
|
|
|
9.50%, 03/15/29
|
EUR
|
100
|
123,724
|
|
Series SEP, 9.50%, 03/15/29
|
|
100
|
123,724
|
|
Lamar Media Corp., 3.75%, 02/15/28
|
USD
|
100
|
97,220
|
|
Lamb Weston Holdings, Inc., 4.38%, 01/31/32(b)
|
|
149
|
140,823
|
|
LBM Acquisition LLC, 6.25%, 01/15/29(b)
|
|
87
|
80,529
|
|
LCM Investments Holdings II LLC, 8.25%, 08/01/31(b)
|
|
224
|
236,903
|
|
Lessen Holdings, Inc., 12.48%, 01/05/28(b)(c)
|
|
1,927
|
1,792,460
|
|
Level 3 Financing, Inc., 6.88%, 06/30/33(b)
|
|
148
|
150,839
|
|
LGI Homes, Inc., 7.00%, 11/15/32(b)
|
|
218
|
212,861
|
|
Liberty Mutual Group, Inc., (5-year CMT + 3.32%),
4.13%, 12/15/51(a)(b)
|
|
60
|
58,932
|
|
LifePoint Health, Inc.(b)
|
|
|
|
|
11.00%, 10/15/30
|
|
100
|
110,216
|
|
8.38%, 02/15/32
|
|
78
|
83,125
|
|
Lithia Motors, Inc., 4.38%, 01/15/31(b)
|
|
47
|
44,632
|
|
Live Nation Entertainment, Inc., 3.75%, 01/15/28(b)
|
|
137
|
133,665
|
|
Magnera Corp.(b)
|
|
|
|
|
4.75%, 11/15/29
|
|
100
|
88,530
|
|
7.25%, 11/15/31
|
|
100
|
94,098
|
|
Marriott Ownership Resorts, Inc., 6.50%, 10/01/33(b)
|
|
100
|
99,542
|
|
Match Group Holdings II LLC(b)
|
|
|
|
|
4.63%, 06/01/28
|
|
89
|
87,427
|
|
4.13%, 08/01/30
|
|
100
|
94,449
|
|
Mauser Packaging Solutions Holding Co.(b)
|
|
|
|
|
7.88%, 04/15/27
|
|
637
|
643,245
|
|
9.25%, 04/15/27
|
|
748
|
749,711
|
|
McAfee Corp., 7.38%, 02/15/30(b)
|
|
313
|
290,336
|
|
Security
|
|
Par
(000)
|
Value
|
|
United States (continued)
|
|||
|
McGraw-Hill Education, Inc., 7.38%, 09/01/31(b)
|
USD
|
68
|
$ 70,649
|
|
Medline Borrower LP(b)
|
|
|
|
|
3.88%, 04/01/29
|
|
100
|
96,444
|
|
5.25%, 10/01/29
|
|
238
|
235,942
|
|
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%,
04/01/29(b)
|
|
100
|
102,540
|
|
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b)
|
|
133
|
135,323
|
|
Microsoft Corp., 2.53%, 06/01/50
|
|
3,342
|
2,115,727
|
|
Miter Brands Acquisition Holdco, Inc./MIWD Borrower
LLC, 6.75%, 04/01/32(b)
|
|
74
|
76,017
|
|
Molina Healthcare, Inc.(b)
|
|
|
|
|
4.38%, 06/15/28
|
|
11
|
10,728
|
|
3.88%, 05/15/32
|
|
53
|
48,094
|
|
6.25%, 01/15/33
|
|
100
|
101,111
|
|
Morgan Stanley(a)
|
|
|
|
|
(1-day SOFR + 1.03%), 1.79%, 02/13/32
|
|
119
|
103,789
|
|
(1-day SOFR + 1.14%), 2.70%, 01/22/31
|
|
2,500
|
2,336,086
|
|
MPT Operating Partnership LP/MPT Finance Corp.,
7.00%, 02/15/32(d)
|
EUR
|
204
|
250,266
|
|
Nationstar Mortgage Holdings, Inc.(b)
|
|
|
|
|
6.50%, 08/01/29
|
USD
|
200
|
205,178
|
|
7.13%, 02/01/32
|
|
95
|
99,161
|
|
NCL Corp. Ltd., 5.88%, 01/15/31(b)
|
|
119
|
118,996
|
|
NCR Atleos Corp., 9.50%, 04/01/29(b)
|
|
478
|
517,446
|
|
Newell Brands, Inc., 6.38%, 05/15/30
|
|
168
|
166,453
|
|
NextEra Energy Operating Partners LP, 7.25%,
01/15/29(b)
|
|
193
|
198,158
|
|
Nissan Motor Acceptance Co. LLC, 7.05%, 09/15/28(b)
|
|
133
|
138,478
|
|
Nordstrom, Inc., 4.25%, 08/01/31
|
|
100
|
90,834
|
|
Northern States Power Co., 2.90%, 03/01/50
|
|
1,225
|
822,281
|
|
Novelis Corp., 4.75%, 01/30/30(b)
|
|
187
|
180,205
|
|
NRG Energy, Inc.(b)
|
|
|
|
|
3.38%, 02/15/29
|
|
100
|
94,532
|
|
3.63%, 02/15/31
|
|
292
|
269,961
|
|
Olympus Water U.S. Holding Corp.
|
|
|
|
|
6.25%, 10/01/29(b)
|
|
400
|
388,398
|
|
7.25%, 06/15/31(b)
|
|
258
|
261,554
|
|
6.13%, 02/15/33(d)
|
EUR
|
246
|
289,504
|
|
Organon & Co./Organon Foreign Debt Co-Issuer BV(b)
|
|
|
|
|
5.13%, 04/30/31
|
USD
|
200
|
175,210
|
|
7.88%, 05/15/34
|
|
200
|
185,280
|
|
Outfront Media Capital LLC/Outfront Media Capital
Corp., 7.38%, 02/15/31(b)
|
|
26
|
27,429
|
|
Owens-Brockway Glass Container, Inc., 7.25%,
05/15/31(b)
|
|
100
|
101,798
|
|
Panther Escrow Issuer LLC, 7.13%, 06/01/31(b)
|
|
204
|
212,184
|
|
Paramount Global, (3-mo. SOFR US + 4.16%), 6.25%,
02/28/57(a)
|
|
400
|
394,272
|
|
Park Intermediate Holdings LLC/PK Domestic Property
LLC/PK Finance Co-Issuer, 4.88%, 05/15/29(b)
|
|
100
|
97,500
|
|
PennyMac Financial Services, Inc.(b)
|
|
|
|
|
7.88%, 12/15/29
|
|
100
|
106,130
|
|
7.13%, 11/15/30
|
|
108
|
112,456
|
|
6.75%, 02/15/34
|
|
104
|
106,089
|
|
PetSmart LLC/PetSmart Finance Corp., 10.00%,
09/15/33(b)
|
|
250
|
252,290
|
|
Pitney Bowes, Inc., 6.88%, 03/15/27(b)
|
|
1,071
|
1,070,152
|
|
Post Holdings, Inc.(b)
|
|
|
|
|
5.50%, 12/15/29
|
|
100
|
99,601
|
|
6.25%, 02/15/32
|
|
100
|
102,808
|
|
6.38%, 03/01/33
|
|
100
|
100,931
|
|
Prestige Brands, Inc., 5.13%, 01/15/28(b)
|
|
100
|
99,183
|
|
Security
|
|
Par
(000)
|
Value
|
|
United States (continued)
|
|||
|
Prime Security Services Borrower LLC/Prime Finance,
Inc., 3.38%, 08/31/27(b)
|
USD
|
154
|
$ 149,699
|
|
Primo Water Holdings, Inc./Triton Water Holdings, Inc.,
4.38%, 04/30/29(b)
|
|
140
|
135,786
|
|
Prologis LP, 2.25%, 01/15/32
|
|
119
|
104,746
|
|
Public Service Electric and Gas Co., 4.65%, 03/15/33
|
|
2,650
|
2,663,931
|
|
Qnity Electronics, Inc., 5.75%, 08/15/32(b)
|
|
57
|
57,435
|
|
Quikrete Holdings, Inc.(b)
|
|
|
|
|
6.38%, 03/01/32
|
|
244
|
252,746
|
|
6.75%, 03/01/33
|
|
76
|
79,017
|
|
QXO Building Products, Inc., 6.75%, 04/30/32(b)
|
|
75
|
77,655
|
|
Republic Services, Inc., 1.45%, 02/15/31
|
|
4,000
|
3,465,030
|
|
Resort Communities Loanco LP, 12.00%, 11/21/28(b)(c)
|
|
4,426
|
4,531,461
|
|
Reworld Holding Corp., 4.88%, 12/01/29(b)
|
|
100
|
94,047
|
|
RHP Hotel Properties LP/RHP Finance Corp., 6.50%,
04/01/32(b)
|
|
200
|
205,618
|
|
RingCentral, Inc., 8.50%, 08/15/30(b)
|
|
1,115
|
1,186,397
|
|
RLJ Lodging Trust LP, 3.75%, 07/01/26(b)
|
|
280
|
277,175
|
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc.(b)
|
|
|
|
|
3.63%, 03/01/29
|
|
67
|
63,900
|
|
3.88%, 03/01/31
|
|
267
|
249,336
|
|
4.00%, 10/15/33
|
|
88
|
80,369
|
|
RR Donnelley & Sons Co., 10.88%, 08/01/29(b)
|
|
278
|
277,254
|
|
Ryan Specialty LLC, 4.38%, 02/01/30(b)
|
|
94
|
91,075
|
|
Sabre GLBL, Inc.(b)
|
|
|
|
|
10.75%, 11/15/29
|
|
1,197
|
1,156,779
|
|
11.13%, 07/15/30
|
|
140
|
135,583
|
|
SBA Communications Corp., 3.88%, 02/15/27
|
|
260
|
256,081
|
|
Schneider Electric SE, Series SUFP, 1.25%,
09/23/33(d)(l)
|
EUR
|
400
|
474,284
|
|
SCIH Salt Holdings, Inc., 4.88%, 05/01/28(b)
|
USD
|
181
|
176,875
|
|
Scotts Miracle-Gro Co., 4.38%, 02/01/32
|
|
57
|
52,629
|
|
Seagate Data Storage Technology Pte Ltd.(b)
|
|
|
|
|
8.25%, 12/15/29
|
|
453
|
479,547
|
|
8.50%, 07/15/31
|
|
100
|
105,866
|
|
Sealed Air Corp., 5.00%, 04/15/29(b)
|
|
100
|
99,442
|
|
Sensata Technologies, Inc.(b)
|
|
|
|
|
4.38%, 02/15/30
|
|
120
|
115,819
|
|
3.75%, 02/15/31
|
|
74
|
68,293
|
|
Service Corp. International
|
|
|
|
|
4.63%, 12/15/27
|
|
20
|
19,903
|
|
3.38%, 08/15/30
|
|
111
|
102,849
|
|
Shift4 Payments LLC/Shift4 Payments Finance Sub,
Inc.
|
|
|
|
|
6.75%, 08/15/32(b)
|
|
67
|
69,271
|
|
5.50%, 05/15/33(d)
|
EUR
|
139
|
169,925
|
|
Sirius XM Radio LLC(b)
|
|
|
|
|
5.00%, 08/01/27
|
USD
|
138
|
137,337
|
|
4.00%, 07/15/28
|
|
153
|
147,840
|
|
4.13%, 07/01/30
|
|
98
|
91,915
|
|
3.88%, 09/01/31
|
|
139
|
125,973
|
|
Six Flags Entertainment Corp., 7.25%, 05/15/31(b)
|
|
71
|
71,028
|
|
Six Flags Entertainment Corp. /Six Flags Theme Parks,
Inc./Canada’s Wonderland Co., 6.63%, 05/01/32(b)
|
|
122
|
124,295
|
|
SLM Corp., 3.13%, 11/02/26
|
|
169
|
165,560
|
|
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31(b)
|
|
193
|
203,797
|
|
Snap, Inc., 6.88%, 03/01/33(b)
|
|
89
|
90,967
|
|
Somnigroup International, Inc., 3.88%, 10/15/31(b)
|
|
100
|
91,587
|
|
Sonder Holdings, Inc., (7.00% PIK), 7.00%, 12/10/27(c)
|
|
6,533
|
4,899,631
|
|
Sonic Automotive, Inc., 4.88%, 11/15/31(b)
|
|
62
|
59,285
|
|
Stagwell Global LLC, 5.63%, 08/15/29(b)
|
|
57
|
55,371
|
|
Security
|
|
Par
(000)
|
Value
|
|
United States (continued)
|
|||
|
Standard Building Solutions, Inc., 6.50%, 08/15/32(b)
|
USD
|
186
|
$ 190,840
|
|
Standard Industries, Inc.(b)
|
|
|
|
|
4.38%, 07/15/30
|
|
38
|
36,434
|
|
3.38%, 01/15/31
|
|
114
|
103,235
|
|
Star Parent, Inc., 9.00%, 10/01/30(b)
|
|
204
|
215,667
|
|
Starwood Property Trust, Inc., 3.63%, 07/15/26(b)
|
|
199
|
196,720
|
|
Starz Capital Holdings 1, Inc., 6.00%, 04/15/30(b)
|
|
1,171
|
1,110,506
|
|
Steel Dynamics, Inc., 3.45%, 04/15/30
|
|
3,060
|
2,946,526
|
|
Stem, Inc., 0.50%, 12/01/28(b)(l)
|
|
275
|
78,375
|
|
Synchrony Financial, 7.25%, 02/02/33
|
|
100
|
106,709
|
|
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(b)
|
|
100
|
101,212
|
|
Team Health Holdings, Inc., (9% Cash and 4.5% PIK),
13.50%, 06/30/28(b)(k)
|
|
200
|
216,000
|
|
TEGNA, Inc., 4.63%, 03/15/28
|
|
72
|
70,607
|
|
Teleflex, Inc., 4.25%, 06/01/28(b)
|
|
100
|
97,619
|
|
Tenet Healthcare Corp.
|
|
|
|
|
4.25%, 06/01/29
|
|
202
|
197,279
|
|
4.38%, 01/15/30
|
|
90
|
87,529
|
|
6.13%, 06/15/30
|
|
234
|
236,985
|
|
Tenneco, Inc., 8.00%, 11/17/28(b)
|
|
259
|
259,473
|
|
Terex Corp., 6.25%, 10/15/32(b)
|
|
151
|
153,823
|
|
TKC Holdings, Inc., 10.50%, 05/15/29(b)
|
|
290
|
296,985
|
|
T-Mobile USA, Inc.
|
|
|
|
|
3.75%, 04/15/27
|
|
2,750
|
2,733,651
|
|
3.38%, 04/15/29
|
|
2,180
|
2,116,627
|
|
5.25%, 06/15/55
|
|
1,310
|
1,219,460
|
|
TransDigm, Inc.
|
|
|
|
|
6.75%, 08/15/28(b)
|
|
100
|
101,906
|
|
4.63%, 01/15/29
|
|
100
|
97,997
|
|
7.13%, 12/01/31(b)
|
|
100
|
104,309
|
|
6.63%, 03/01/32(b)
|
|
399
|
410,788
|
|
6.00%, 01/15/33(b)
|
|
100
|
101,108
|
|
6.38%, 05/31/33(b)
|
|
130
|
131,462
|
|
Travel & Leisure Co., 6.63%, 07/31/26(b)
|
|
148
|
149,100
|
|
Tronox, Inc., 4.63%, 03/15/29(b)
|
|
454
|
296,120
|
|
Twilio, Inc., 3.63%, 03/15/29
|
|
54
|
51,457
|
|
U.S. Foods, Inc.(b)
|
|
|
|
|
6.88%, 09/15/28
|
|
65
|
66,992
|
|
4.75%, 02/15/29
|
|
100
|
98,505
|
|
4.63%, 06/01/30
|
|
133
|
129,979
|
|
UKG, Inc., 6.88%, 02/01/31(b)
|
|
194
|
200,176
|
|
United Rentals North America, Inc.
|
|
|
|
|
4.88%, 01/15/28
|
|
145
|
144,557
|
|
4.00%, 07/15/30
|
|
123
|
117,649
|
|
United Wholesale Mortgage LLC(b)
|
|
|
|
|
5.75%, 06/15/27
|
|
161
|
160,910
|
|
5.50%, 04/15/29
|
|
104
|
102,570
|
|
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC(b)
|
|
|
|
|
10.50%, 02/15/28
|
|
594
|
625,601
|
|
4.75%, 04/15/28
|
|
233
|
228,168
|
|
Univision Communications, Inc.(b)
|
|
|
|
|
7.38%, 06/30/30
|
|
100
|
100,479
|
|
9.38%, 08/01/32
|
|
237
|
252,563
|
|
UWM Holdings LLC, 6.25%, 03/15/31(b)
|
|
100
|
99,524
|
|
Verizon Communications, Inc., 3.88%, 02/08/29
|
|
1,500
|
1,489,196
|
|
Viasat, Inc., 5.63%, 04/15/27(b)
|
|
146
|
145,412
|
|
Viking Cruises Ltd., 5.88%, 09/15/27(b)
|
|
100
|
100,038
|
|
VOC Escrow Ltd., 5.00%, 02/15/28(b)
|
|
100
|
99,728
|
|
Voyager Parent LLC, 9.25%, 07/01/32(b)
|
|
143
|
151,221
|
|
Warnermedia Holdings, Inc., 4.28%, 03/15/32
|
|
100
|
91,625
|
|
Wayfair LLC, 7.25%, 10/31/29(b)
|
|
100
|
103,104
|
|
Security
|
|
Par
(000)
|
Value
|
|
United States (continued)
|
|||
|
WESCO Distribution, Inc., 6.38%, 03/15/29(b)
|
USD
|
200
|
$ 205,916
|
|
Westbay, 11.00%, 02/06/30(c)
|
|
9,276
|
9,404,009
|
|
Whirlpool Corp., 6.50%, 06/15/33
|
|
65
|
64,866
|
|
Williams Scotsman, Inc., 7.38%, 10/01/31(b)
|
|
107
|
111,745
|
|
Windstream Services LLC, 7.50%, 10/15/33(b)
|
|
65
|
64,982
|
|
Wolfspeed, Inc.
|
|
|
|
|
2.50%, 06/15/31(c)(l)
|
|
4
|
3,808
|
|
2.50%, 06/15/31(b)(l)
|
|
3
|
2,740
|
|
(7.00% Cash or 12.00% PIK), 7.00%, 06/15/31(c)(k)
|
|
5
|
17,758
|
|
Xerox Corp.(b)
|
|
|
|
|
10.25%, 10/15/30
|
|
672
|
682,642
|
|
13.50%, 04/15/31
|
|
737
|
713,496
|
|
Xerox Holdings Corp., 8.88%, 11/30/29(b)
|
|
44
|
23,771
|
|
XPLR Infrastructure Operating Partners LP(b)
|
|
|
|
|
8.38%, 01/15/31
|
|
118
|
123,664
|
|
8.63%, 03/15/33
|
|
102
|
106,966
|
|
XPO, Inc., 7.13%, 02/01/32(b)
|
|
37
|
38,859
|
|
Xylem, Inc./New York, 2.25%, 01/30/31
|
|
3,000
|
2,695,030
|
|
Yum! Brands, Inc., 3.63%, 03/15/31
|
|
217
|
202,622
|
|
|
|
|
135,950,151
|
|
Total Corporate Bonds — 12.8%
(Cost: $207,249,939)
|
210,323,452
|
||
|
Fixed Rate Loan Interests
|
|||
|
United States — 0.2%
|
|||
|
AMF MF Portfolio, Term Loan, 7.29%, 11/01/28(c)
|
|
3,242
|
3,326,367
|
|
Total Fixed Rate Loan Interests — 0.2%
(Cost: $3,214,353)
|
3,326,367
|
||
|
Floating Rate Loan Interests(a)
|
|||
|
France — 0.3%
|
|||
|
Hestiafloor 2 SASU, 2025 EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 3.50%), 5.50%,
02/27/30
|
EUR
|
588
|
694,865
|
|
HomeVi SASU, 2025 EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 4.75%), 6.78%,
10/31/29
|
|
1,000
|
1,176,540
|
|
Obol France 2.5 SAS, 2024 EUR Term Loan B, (6-mo.
EURIBOR at 0.00% Floor + 5.00%), 7.19%,
12/31/28
|
|
1,000
|
1,151,063
|
|
Parts Europe SA, 2025 EUR Repriced Term Loan B,
(1-mo. EURIBOR at 0.00% Floor + 3.00%), 4.92%,
02/03/31
|
|
1,000
|
1,177,537
|
|
Ramsay Generale de Sante SA, 2025 EUR Term Loan
B4, (3-mo. EURIBOR at 0.00% Floor + 3.25%),
5.25%, 08/13/31
|
|
900
|
1,058,093
|
|
|
|
|
5,258,098
|
|
Germany — 0.4%
|
|||
|
AVIV Group GmbH, EUR Term Loan B, (6-mo.
EURIBOR at 0.00% Floor + 4.00%), 6.10%,
04/23/32
|
|
1,147
|
1,354,457
|
|
IFCO Management GmbH, 2024 EUR 1st Lien Term
Loan B, (1-mo. EURIBOR at 0.00% Floor + 3.50%),
5.40%, 11/29/29
|
|
1,000
|
1,177,819
|
|
Nidda Healthcare Holding GmbH, 2025 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor + 3.50%),
5.53%, 02/21/30
|
|
1,439
|
1,692,675
|
|
Security
|
|
Par
(000)
|
Value
|
|
Germany (continued)
|
|||
|
Schoen Klinik SE, 2025 EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 3.00%), 5.00%,
01/12/31
|
EUR
|
667
|
$ 783,921
|
|
Speedster Bidco GmbH, 2024 EUR Term Loan B, (6-
mo. EURIBOR at 0.00% Floor + 3.50%), 5.62%,
12/10/31
|
|
660
|
778,748
|
|
TK Elevator Midco GmbH, 2025 EUR Term Loan B1,
(6-mo. EURIBOR at 0.00% Floor + 3.25%), 5.33%,
04/30/30
|
|
1,000
|
1,177,479
|
|
|
|
|
6,965,099
|
|
Ireland — 0.2%
|
|||
|
Applegreen Finance Ireland DAC, 2025 EUR Term
Loan B, (3-mo. EURIBOR at 0.00% Floor + 5.00%),
7.03%, 01/30/32
|
|
570
|
675,036
|
|
ION Trading Finance Ltd., 2025 EUR Term Loan B,
(1-mo. EURIBOR at 0.00% Floor + 3.75%), 5.66%,
04/01/28
|
|
1,000
|
1,169,648
|
|
Promontoria Beech Designated Activity Co., EUR Term
Loan, (1-mo. EURIBOR + 3.75%), 5.63%,
05/17/27(c)
|
|
1,036
|
1,216,556
|
|
|
|
|
3,061,240
|
|
Luxembourg — 0.6%
|
|||
|
INEOS Finance PLC, 2024 EUR 1st Lien Term Loan B,
(1-mo. EURIBOR at 0.00% Floor + 3.50%), 5.41%,
06/23/31
|
|
1,000
|
1,097,374
|
|
Matterhorn Telecom SA, EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 2.50%), 4.50%,
01/30/32
|
|
1,000
|
1,176,669
|
|
Speed Midco 3 SARL
|
|
|
|
|
2024 EUR Term Loan B2, (1-mo. EURIBOR at
0.00% Floor + 4.95%), 6.87%, 05/16/29(c)
|
|
2,488
|
2,921,019
|
|
2025 EUR Term Loan, 09/23/32(n)
|
|
1,000
|
1,174,051
|
|
Tackle SARL
|
|
|
|
|
2025 EUR Add on Term Loan B3, (3-mo. EURIBOR
at 0.00% Floor + 3.25%), 5.28%, 05/22/28
|
|
594
|
697,964
|
|
2025 EUR Repriced Term Loan B2, (6-mo.
EURIBOR at 0.00% Floor + 3.25%), 5.37%,
05/22/28
|
|
656
|
772,543
|
|
Traviata BV, 2025 EUR PIK Term Loan, (1-mo.
EURIBOR at 0.00% Floor + 8.00%), 9.93%,
01/22/33(c)
|
|
1,043
|
1,214,387
|
|
|
|
|
9,054,007
|
|
Netherlands — 0.2%
|
|||
|
Median BV, 2021 EUR Term Loan B1, (3-mo.
EURIBOR at 0.00% Floor + 4.93%), 6.93%,
10/14/27
|
|
982
|
1,153,062
|
|
Peer Holding III BV, 2025 EUR Term Loan B6B, (3-mo.
EURIBOR at 0.00% Floor + 2.75%), 4.75%,
07/01/31
|
|
1,400
|
1,646,169
|
|
Stage Entertainment BV, 2024 EUR Term Loan B, (3-
mo. EURIBOR at 0.00% Floor + 4.00%), 6.03%,
06/02/29
|
|
1,000
|
1,182,492
|
|
|
|
|
3,981,723
|
|
New Zealand — 0.1%
|
|||
|
FNZ NZ Finco Ltd., 2024 GBP Term Loan B, (1-mo.
SONIA at 0.00% Floor + 6.00%), 9.97%, 11/05/31
|
GBP
|
1,000
|
1,075,920
|
|
Security
|
|
Par
(000)
|
Value
|
|
Norway — 0.0%
|
|||
|
Sector Alarm Holding A/S, 2025 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor + 3.50%), 5.53%,
06/14/29
|
EUR
|
407
|
$ 479,804
|
|
Spain — 0.3%
|
|||
|
Aernnova Aerospace SAU, 2024 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor + 4.00%), 5.98%,
02/27/30
|
|
1,303
|
1,519,656
|
|
Cervantes Bidco SL, 2024 EUR 1st Lien Term Loan B,
(6-mo. EURIBOR at 0.00% Floor + 3.25%), 5.29%,
10/30/31
|
|
741
|
874,906
|
|
Financiere Pax SAS, 2025 EUR Term Loan B, (6-mo.
EURIBOR at 0.00% Floor + 4.00%), 6.04%,
12/31/29
|
|
1,000
|
1,180,531
|
|
HBX Group International PLC, EUR Term Loan B, (6-
mo. EURIBOR at 0.00% Floor + 2.75%), 4.87%,
02/13/32
|
|
1,011
|
1,188,295
|
|
|
|
|
4,763,388
|
|
Sweden — 0.1%
|
|||
|
Platea BC Bidco AB
|
|
|
|
|
EUR Delayed Draw Term Loan, (3-mo. EURIBOR at
0.00% Floor + 3.50%), 5.50%, 04/03/31
|
|
65
|
77,155
|
|
EUR Term Loan, (3-mo. EURIBOR at 0.00% Floor +
3.50%), 5.50%, 04/03/31
|
|
833
|
983,727
|
|
Quimper AB, 2024 EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 3.75%), 5.69%,
03/29/30
|
|
1,009
|
1,191,828
|
|
|
|
|
2,252,710
|
|
United Kingdom — 0.5%
|
|||
|
Belron U.K. Finance PLC, 2024 EUR Incremental Term
Loan B, (3-mo. EURIBOR at 0.00% Floor + 3.00%),
4.97%, 10/16/31
|
|
1,325
|
1,560,561
|
|
Boots Group Bidco Ltd., GBP Term Loan B, (1-mo.
SONIA at 0.00% Floor + 4.75%), 8.72%, 08/30/32
|
GBP
|
1,160
|
1,570,031
|
|
CD&R Firefly Bidco PLC, 2025 GBP Term Loan, (3-mo.
SONIA at 0.00% Floor + 4.75%), 8.97%, 04/29/29
|
|
1,000
|
1,345,599
|
|
Froneri Lux FinCo SARL, 2024 EUR Term Loan B3,
(6-mo. EURIBOR at 0.00% Floor + 2.50%), 4.58%,
09/30/31
|
EUR
|
1,000
|
1,173,076
|
|
Inspired Finco Holdings Ltd., 2025 EUR Term Loan B6,
(1-mo. EURIBOR at 0.00% Floor + 3.25%), 5.16%,
02/28/31
|
|
719
|
847,034
|
|
Masorange Finco PLC, 2025 EUR Term Loan B, (6-mo.
EURIBOR at 0.00% Floor + 2.50%), 4.56%,
03/25/31
|
|
1,000
|
1,172,795
|
|
|
|
|
7,669,096
|
|
United States — 1.6%
|
|||
|
Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12-mo.
CME Term SOFR at 0.50% Floor + 5.60%), 9.58%,
02/01/30
|
USD
|
3,108
|
2,941,736
|
|
Clarios Global LP, 2025 EUR Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 3.25%), 5.16%,
01/28/32
|
EUR
|
1,000
|
1,178,723
|
|
Coreweave Compute Acquisition Co. II LLC, Delayed
Draw Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 9.62%), 14.35%, 07/31/28(c)
|
USD
|
5,263
|
5,236,461
|
|
Security
|
|
Par
(000)
|
Value
|
|
United States (continued)
|
|||
|
Coreweave Compute Acquisition Co. IV LLC
|
|
|
|
|
2024 Delayed Draw Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 6.00%), 9.97%,
05/16/29(c)
|
USD
|
383
|
$ 377,325
|
|
2025 5th Amendment Delayed Draw Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor +
4.25%), 8.25%, 09/30/30
|
|
94
|
94,406
|
|
EIS Group, Inc.(c)
|
|
|
|
|
Revolver, (1-mo. CME Term SOFR at 0.75% Floor +
7.00%), 11.16%, 07/10/28
|
|
341
|
329,152
|
|
Term Loan, (1-mo. CME Term SOFR at 0.75% Floor
+ 7.00%), 11.16%, 07/10/28
|
|
3,406
|
3,291,517
|
|
Galaxy Universal LLC, 1st Lien Term Loan, (6-mo.
CME Term SOFR at 1.00% Floor + 6.50%), 10.75%,
11/12/26(c)
|
|
6,052
|
6,021,972
|
|
GoTo Group, Inc.
|
|
|
|
|
2024 First Out Term Loan, (3-mo. CME Term SOFR
at 0.00% Floor + 4.90%), 9.22%, 04/28/28
|
|
150
|
126,179
|
|
2024 Second Out Term Loan, (3-mo. CME Term
SOFR + 4.90%), 9.22%, 04/28/28
|
|
115
|
37,326
|
|
Hydrofarm Holdings LLC, 2021 Term Loan, (3-mo.
CME Term SOFR at 1.00% Floor + 5.76%), 10.07%,
10/25/28(c)
|
|
1,037
|
850,661
|
|
Indy U.S. Bidco LLC, 2025 EUR Term Loan B, (1-mo.
EURIBOR at 0.00% Floor + 3.00%), 4.91%,
10/31/30
|
EUR
|
884
|
1,038,122
|
|
Montage Hotels & Resorts LLC(c)
|
|
|
|
|
Revolver, (Prime + 6.00%), 12.55%, 02/16/29
|
USD
|
257
|
247,385
|
|
Term Loan, (Prime + 6.00%), 13.25%, 02/16/29
|
|
1,284
|
1,235,342
|
|
Pitney Bowes, Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.75%), 7.91%,
03/19/32
|
|
562
|
561,373
|
|
Polaris Newco LLC, EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 4.00%), 6.03%,
06/02/28
|
EUR
|
992
|
1,083,135
|
|
Redstone Holdco 2 LP, 2021 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 5.01%), 9.32%,
04/27/28
|
USD
|
1,297
|
658,413
|
|
Verifone Systems, Inc., 2025 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 5.51%), 9.82%,
08/18/28
|
|
1,858
|
1,794,543
|
|
Xerox Holdings Corp., 2023 Term Loan B, (3-mo. CME
Term SOFR + 4.00%), 8.10%, 11/19/29
|
|
40
|
37,050
|
|
|
|
|
27,140,821
|
|
Total Floating Rate Loan Interests — 4.3%
(Cost: $69,125,051)
|
71,701,906
|
||
|
Foreign Agency Obligations
|
|||
|
Canada — 0.1%
|
|
||
|
Canadian Government Bonds, 2.75%, 03/01/30
|
CAD
|
2,226
|
1,603,530
|
|
France — 0.0%
|
|
||
|
French Republic Government Bond OAT, 3.20%,
05/25/35(b)(d)
|
EUR
|
400
|
459,516
|
|
Ireland — 0.4%
|
|
||
|
Ireland Government Bonds, 2.60%, 10/18/34(d)
|
|
5,800
|
6,621,688
|
|
Security
|
|
Par
(000)
|
Value
|
|
Italy — 0.2%
|
|
||
|
Italy Buoni Poliennali Del Tesoro, Series 5Y, 2.95%,
07/01/30(d)
|
EUR
|
2,578
|
$ 3,054,542
|
|
Spain — 0.8%
|
|
||
|
Spain Government Bonds
|
|
|
|
|
2.70%, 01/31/30
|
|
2,869
|
3,395,190
|
|
3.20%, 10/31/35(b)(d)
|
|
8,000
|
9,350,985
|
|
|
|
|
12,746,175
|
|
United Kingdom — 0.2%
|
|
||
|
U.K. Gilts, 4.38%, 03/07/30(d)
|
GBP
|
2,534
|
3,439,964
|
|
Total Foreign Agency Obligations — 1.7%
(Cost: $27,031,407)
|
27,925,415
|
||
|
|
|
Shares
|
|
|
Investment Companies
|
|||
|
United States — 2.5%
|
|
||
|
iShares China Large-Cap ETF(o)
|
|
91,382
|
3,759,455
|
|
KraneShares CSI China Internet ETF
|
|
52,473
|
2,204,391
|
|
SPDR Gold Shares(e)(h)(p)
|
|
79,338
|
28,202,279
|
|
SPDR S&P Biotech ETF(f)
|
|
40,000
|
4,008,000
|
|
SPDR S&P Homebuilders ETF
|
|
4,200
|
465,360
|
|
SPDR S&P Regional Banking ETF
|
|
37,784
|
2,391,727
|
|
Total Investment Companies — 2.5%
(Cost: $34,101,135)
|
41,031,212
|
||
|
|
|
Par
(000)
|
|
|
Municipal Bonds
|
|||
|
Arizona — 0.0%
|
|
||
|
Maricopa County Industrial Development Authority, RB,
7.38%, 10/01/29(b)
|
USD
|
325
|
340,318
|
|
Puerto Rico — 0.2%
|
|
||
|
Commonwealth of Puerto Rico, RB, 0.00%,
11/01/51(a)(e)(q)
|
|
4,218
|
2,477,084
|
|
Total Municipal Bonds — 0.2%
(Cost: $2,259,739)
|
2,817,402
|
||
|
Non-Agency Mortgage-Backed Securities
|
|||
|
United States(a)(b) — 1.8%
|
|||
|
Barclays Mortgage Loan Trust, Series 2021-NQM1,
Class B1, 4.38%, 09/25/51
|
|
2,047
|
1,812,197
|
|
CHNGE Mortgage Trust
|
|
|
|
|
Series 2022-1, Class M1, 3.99%, 01/25/67
|
|
2,000
|
1,726,227
|
|
Series 2022-2, Class M1, 4.61%, 03/25/67
|
|
5,000
|
4,477,089
|
|
FREMF Trust, Series 2018-W5FX, Class CFX, 3.79%,
04/25/28
|
|
1,923
|
1,790,688
|
|
Grace Trust, Series 2020-GRCE, Class D, 2.77%,
12/10/40
|
|
2,000
|
1,745,127
|
|
GS Mortgage Securities Corp. Trust
|
|
|
|
|
Series 2021-DM, Class E, (1-mo. Term SOFR +
3.05%), 7.20%, 11/15/36
|
|
1,440
|
1,429,658
|
|
Security
|
|
Par
(000)
|
Value
|
|
United States (continued)
|
|||
|
GS Mortgage Securities Corp. Trust (continued)
|
|
|
|
|
Series 2021-DM, Class F, (1-mo. Term SOFR +
3.55%), 7.70%, 11/15/36
|
USD
|
2,150
|
$ 2,132,272
|
|
Hudson Yards Mortgage Trust, Series 2019-55HY,
Class F, 3.04%, 12/10/41
|
|
2,000
|
1,703,741
|
|
JP Morgan Chase Commercial Mortgage Securities
Trust
|
|
|
|
|
Series 2021-MHC, Class E, (1-mo. Term SOFR +
2.81%), 6.97%, 04/15/38
|
|
2,114
|
2,116,642
|
|
Series 2021-NYAH, Class E, (1-mo. Term SOFR +
2.20%), 6.36%, 06/15/38
|
|
2,000
|
1,767,274
|
|
Series 2022-NLP, Class F, (1-mo. Term SOFR +
3.79%), 7.94%, 04/15/37
|
|
1,730
|
1,634,959
|
|
Series 2022-OPO, Class D, 3.56%, 01/05/39
|
|
860
|
696,719
|
|
MFRA Trust, Series 2022-CHM1, Class M1, 4.57%,
09/25/56
|
|
4,000
|
3,581,295
|
|
MHC Commercial Mortgage Trust, Series 2021-MHC,
Class F, (1-mo. Term SOFR + 2.72%), 6.87%,
04/15/38
|
|
811
|
810,907
|
|
SUMIT Mortgage Trust, Series 2022-BVUE, Class D,
2.99%, 02/12/41
|
|
650
|
516,839
|
|
Velocity Commercial Capital Loan Trust,
Series 2021-4, Class M4, 4.48%, 12/26/51
|
|
2,258
|
1,862,206
|
|
Total Non-Agency Mortgage-Backed Securities — 1.8%
(Cost: $32,458,613)
|
29,803,840
|
||
|
Preferred Securities
|
|||
|
Capital Trusts — 0.6%(a)
|
|||
|
Canada — 0.0%
|
|
||
|
Bell Telephone Co. of Canada or Bell Canada, 6.88%,
09/15/55
|
|
184
|
190,887
|
|
TELUS Corp., 7.00%, 10/15/55
|
|
88
|
92,789
|
|
|
|
|
283,676
|
|
France(j) — 0.1%
|
|
||
|
Air France-KLM, 5.75%(d)
|
EUR
|
200
|
239,606
|
|
Electricite de France SA(d)
|
|
|
|
|
4.38%
|
|
100
|
116,525
|
|
5.13%
|
|
200
|
242,311
|
|
5.63%
|
|
200
|
246,539
|
|
7.38%
|
GBP
|
200
|
274,330
|
|
RCI Banque SA, 6.13%(d)
|
EUR
|
200
|
234,693
|
|
Societe Generale SA, 8.13%(b)
|
USD
|
289
|
302,731
|
|
Unibail-Rodamco-Westfield SE, 4.75%(d)
|
EUR
|
200
|
238,510
|
|
Veolia Environnement SA, 4.32%(d)
|
|
100
|
117,638
|
|
|
|
|
2,012,883
|
|
Germany(d) — 0.1%
|
|
||
|
Bayer AG, 5.38%, 03/25/82
|
|
300
|
361,917
|
|
Commerzbank AG, 6.50%(j)
|
|
200
|
251,427
|
|
Deutsche Bank AG, 7.13%(j)
|
|
200
|
247,725
|
|
Volkswagen International Finance NV(j)
|
|
|
|
|
5.49%
|
|
100
|
121,189
|
|
5.99%
|
|
100
|
121,839
|
|
|
|
|
1,104,097
|
|
Security
|
|
Par
(000)
|
Value
|
|
Italy(d)(j) — 0.1%
|
|
||
|
BPER Banca SpA, 6.50%
|
EUR
|
200
|
$ 245,694
|
|
Prysmian SpA, 5.25%
|
|
275
|
336,792
|
|
|
|
|
582,486
|
|
Japan — 0.0%
|
|
||
|
Rakuten Group, Inc., 8.13%(b)(j)
|
USD
|
400
|
415,798
|
|
Netherlands(j) — 0.1%
|
|
||
|
ING Groep NV
|
|
|
|
|
3.88%
|
|
200
|
191,741
|
|
7.25%(d)
|
|
300
|
317,625
|
|
NN Group NV, 5.75%(d)
|
EUR
|
200
|
237,914
|
|
|
|
|
747,280
|
|
Spain — 0.0%
|
|
||
|
CaixaBank SA, 5.88%(d)(j)
|
|
200
|
243,251
|
|
Switzerland — 0.0%
|
|
||
|
UBS Group AG, 6.85%(b)(j)
|
USD
|
500
|
515,592
|
|
United Kingdom — 0.1%
|
|
||
|
British Telecommunications PLC, 4.88%, 11/23/81(b)
|
|
380
|
364,489
|
|
Centrica PLC, 6.50%, 05/21/55(d)
|
GBP
|
505
|
695,305
|
|
Nationwide Building Society, 7.50%(d)(j)
|
|
440
|
606,656
|
|
NatWest Group PLC, 7.50%(j)
|
|
200
|
273,686
|
|
Vodafone Group PLC, 7.00%, 04/04/79
|
USD
|
76
|
80,297
|
|
|
|
|
2,020,433
|
|
United States — 0.1%
|
|
||
|
CVS Health Corp., 7.00%, 03/10/55
|
|
72
|
75,581
|
|
DENTSPLY SIRONA, Inc., 8.38%, 09/12/55
|
|
118
|
121,615
|
|
Edison International
|
|
|
|
|
8.13%, 06/15/53
|
|
172
|
175,785
|
|
7.88%, 06/15/54
|
|
63
|
64,190
|
|
FMC Corp., 8.45%, 11/01/55
|
|
86
|
90,763
|
|
Global Atlantic Fin Co., 7.95%, 10/15/54(b)
|
|
111
|
117,448
|
|
PG&E Corp., 7.38%, 03/15/55
|
|
326
|
334,916
|
|
|
|
|
980,298
|
|
|
|
|
8,905,794
|
|
|
|
Shares
|
|
|
Preferred Stocks — 1.7%(c)
|
|||
|
Finland — 0.1%
|
|
||
|
Aiven, Series D(e)
|
|
35,053
|
1,949,648
|
|
United States — 1.6%
|
|
||
|
Anthropic PBC, Series F, (Acquired 08/18/25, Cost:
$693,843)(e)(g)
|
|
4,922
|
693,854
|
|
Bright Machines, Inc.(e)
|
|
|
|
|
Series C
|
|
472,895
|
132,411
|
|
Series C-1
|
|
985,055
|
108,356
|
|
Cap Hill Brands, Series B-2(e)
|
|
1,088,268
|
11
|
|
Clarify Health, Series D-1(e)
|
|
318,926
|
959,967
|
|
CoreWeave, Inc., Series C, 03/25/49
|
|
1,594,000
|
4,367,560
|
|
Davidson Homes, Inc.(e)
|
|
7,258
|
7,876,962
|
|
Insight M, Inc., Series D(e)
|
|
2,854,422
|
574,595
|
|
Lessen Holdings, Inc.(e)
|
|
|
|
|
Series BX
|
|
456,729
|
168,990
|
|
Series CX
|
|
24,168
|
12,084
|
|
Security
|
|
Shares
|
Value
|
|
United States (continued)
|
|
||
|
RapidSOS, Series C-1(e)
|
|
1,707,127
|
$ 1,980,267
|
|
Verger Capital Fund LLC(e)
|
|
317,866
|
60,395
|
|
Veritas Kapital Assurance PLC(e)
|
|
|
|
|
Series G
|
|
973
|
22,136
|
|
Series G-1
|
|
672
|
15,288
|
|
Versa Networks, Inc., Series E, (Acquired 10/14/22,
Cost: $4,623,422), 10/07/32(e)(g)
|
|
1,584,337
|
9,426,805
|
|
|
|
|
26,399,681
|
|
|
|
|
28,349,329
|
|
Total Preferred Securities — 2.3%
(Cost: $44,946,212)
|
37,255,123
|
||
|
|
|
Par
(000)
|
|
|
U.S. Government Sponsored Agency Securities
|
|||
|
Mortgage-Backed Securities — 7.5%
|
|
||
|
Uniform Mortgage-Backed Securities(r)
|
|
|
|
|
5.50%, 10/15/54
|
USD
|
32,500
|
32,767,734
|
|
3.50%, 10/14/55
|
|
18,006
|
16,448,862
|
|
4.50%, 10/14/55
|
|
76,345
|
74,043,798
|
|
Total U.S. Government Sponsored Agency Securities — 7.5%
(Cost: $123,659,752)
|
123,260,394
|
||
|
|
|
Shares
|
|
|
Warrants
|
|||
|
Israel — 0.0%
|
|
||
|
Deep Instinct Ltd., Series D, (Acquired 09/20/22, Cost:
$0), (Exercisable 09/20/22, 1 Share for 1 Warrant,
Expires 09/20/32, Strike Price USD 0.01)(c)(e)(g)
|
|
36,915
|
369
|
|
United States(e) — 0.1%
|
|
||
|
Davidson Homes, Inc., Class A, (Issued 05/16/24,
Expires 05/16/34, Strike Price USD 8.47)(c)
|
|
50,374
|
308,289
|
|
Flyr AS, Series D-X, (Expires 12/31/49)(c)
|
|
5,576
|
—
|
|
Insight M, Inc., (Issued 01/31/24, Expires 12/31/49,
Strike Price USD 0.34)(c)
|
|
2,957,679
|
207,925
|
|
RapidSOS, Inc., Series C-1, (Issued 12/13/23, Expires
12/13/33, Strike Price USD 0.01)(c)
|
|
946,544
|
1,088,526
|
|
Sonder Holdings, Inc., (Expires 04/11/30, Strike Price
USD 1.00)(c)
|
|
155,888
|
85,738
|
|
Sonder Holdings, Inc., (Expires 12/30/29, Strike Price
USD 0.01)(c)
|
|
15,626
|
20,158
|
|
Versa Networks, Inc., Series E, (Acquired 10/14/22,
Cost: $0), (Exercisable 10/14/22, 1 Share for
1 Warrant, Expires 10/07/32, Strike Price USD
0.01)(c)(g)
|
|
195,273
|
933,405
|
|
Volato Group, Inc., (Acquired 12/03/23, Cost: $41,409),
(Issued 12/04/23, Expires 12/03/28, Strike Price
USD 11.50)(g)
|
|
41,409
|
414
|
|
|
|
|
2,644,455
|
|
Total Warrants — 0.1%
(Cost: $41,411)
|
2,644,824
|
||
|
Total Long-Term Investments — 103.4%
(Cost: $1,338,698,220)
|
1,704,567,305
|
||
|
Security
|
|
Shares
|
Value
|
|
Short-Term Securities
|
|||
|
Money Market Funds — 2.5%
|
|
||
|
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.26%(o)(s)(t)
|
|
1,825,210
|
$ 1,826,123
|
|
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 4.01%(o)(s)
|
|
40,410,747
|
40,410,747
|
|
Total Short-Term Securities — 2.5%
(Cost: $42,236,634)
|
42,236,870
|
||
|
Options Purchased — 0.4%
(Cost: $5,172,400)
|
6,382,847
|
||
|
Total Investments Before Options Written — 106.3%
(Cost: $1,386,107,254)
|
1,753,187,022
|
||
|
Options Written — (0.3)%
(Premiums Received: $(4,197,386))
|
(5,559,084
)
|
||
|
Total Investments, Net of Options Written — 106.0%
(Cost: $1,381,909,868)
|
1,747,627,938
|
||
|
Liabilities in Excess of Other Assets — (6.0)%
|
(99,525,003
)
|
||
|
Net Assets — 100.0%
|
$ 1,648,102,935
|
||
|
(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)
|
This security may be resold to qualified foreign investors and foreign institutional
buyers
under Regulation S of the Securities Act of 1933.
|
|
(e)
|
Non-income producing security.
|
|
(f)
|
All or a portion of this security is on loan.
|
|
(g)
|
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $14,941,334, representing 0.9% of its net assets
as of
period end, and an original cost of $11,820,033.
|
|
(h)
|
All or a portion of the security has been pledged and/or segregated as collateral
in
connection with outstanding exchange-traded options written.
|
|
(i)
|
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.
|
|
(j)
|
Perpetual security with no stated maturity date.
|
|
(k)
|
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.
|
|
(l)
|
Convertible security.
|
|
(m)
|
Zero-coupon bond.
|
|
(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)
|
Affiliate of the Trust.
|
|
(p)
|
All or a portion of the security is held by a wholly-owned subsidiary.
|
|
(q)
|
Issuer filed for bankruptcy and/or is in default.
|
|
(r)
|
Represents or includes a TBA transaction.
|
|
(s)
|
Annualized 7-day yield as of period end.
|
|
(t)
|
All or a portion of this security was purchased with the cash collateral from loaned
securities.
|
|
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 Cash Funds: Institutional, SL Agency
Shares
|
$ 3,960,134
|
$ —
|
$ (2,133,923
)(a)
|
$ 66
|
$ (154
)
|
$ 1,826,123
|
1,825,210
|
$ 31,043
(b)
|
$ —
|
|
BlackRock Liquidity Funds, T-Fund, Institutional
Shares
|
207,553,773
|
—
|
(167,143,026
)(a)
|
—
|
—
|
40,410,747
|
40,410,747
|
3,660,231
|
—
|
|
iShares Biotechnology ETF(c)
|
925,472
|
—
|
(929,458
)
|
(72,135
)
|
76,121
|
—
|
—
|
848
|
—
|
|
iShares China Large-Cap ETF
|
—
|
7,287,225
|
(3,887,761
)
|
68,875
|
291,116
|
3,759,455
|
91,382
|
—
|
—
|
|
iShares iBoxx $ High Yield Corporate Bond ETF(c)
|
2,276,445
|
—
|
(2,306,771
)
|
17,736
|
12,590
|
—
|
—
|
10,424
|
—
|
|
iShares JP Morgan USD Emerging Markets Bond
ETF(c)
|
5,895,071
|
—
|
(5,979,855
)
|
263,592
|
(178,808
)
|
—
|
—
|
54,720
|
—
|
|
iShares Russell 2000 ETF(c)
|
—
|
11,736,098
|
(11,720,580
)
|
(15,518
)
|
—
|
—
|
—
|
—
|
—
|
|
iShares Russell Mid-Cap Growth ETF(c)
|
248,176
|
—
|
(235,559
)
|
48,860
|
(61,477
)
|
—
|
—
|
194
|
—
|
|
|
|
|
|
$ 311,476
|
$ 139,388
|
$ 45,996,325
|
|
$ 3,757,460
|
$ —
|
|
(a)
|
Represents net amount purchased (sold).
|
|
(b)
|
All or a portion represents securities lending income earned from the reinvestment
of cash collateral from loaned securities, net of collateral investment fees, and
other payments to and
from borrowers of securities.
|
|
(c)
|
As of period end, the entity is no longer held.
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Notional
Amount (000)
|
Value/
Unrealized
Appreciation
(Depreciation)
|
|
Long Contracts
|
|
|
|
|
|
NSE IFSC Nifty 50 Index
|
43
|
10/28/25
|
$ 2,130
|
$ (4,644
)
|
|
Euro BOBL
|
154
|
12/08/25
|
21,300
|
5,249
|
|
Euro BTP
|
25
|
12/08/25
|
3,517
|
39,013
|
|
Euro Bund
|
72
|
12/08/25
|
10,868
|
36,434
|
|
Euro-Schatz
|
38
|
12/08/25
|
4,773
|
(4,944
)
|
|
KOSPI 200 Index
|
43
|
12/11/25
|
3,646
|
260,793
|
|
Nikkei 225 Index
|
28
|
12/11/25
|
8,504
|
283,136
|
|
10-Year Australian Treasury Bonds
|
70
|
12/15/25
|
5,250
|
(4,934
)
|
|
E-mini Russell 2000 Index
|
59
|
12/19/25
|
7,244
|
(33,714
)
|
|
Euro Stoxx 50 Index
|
74
|
12/19/25
|
4,814
|
126,764
|
|
Euro Stoxx Banks Index
|
312
|
12/19/25
|
4,258
|
69,847
|
|
NASDAQ 100 E-Mini Index
|
95
|
12/19/25
|
47,313
|
667,952
|
|
S&P 500 E-Mini Index
|
43
|
12/19/25
|
14,488
|
106,543
|
|
U.S. Long Bond
|
10
|
12/19/25
|
1,166
|
29,592
|
|
Ultra U.S. Treasury Bond
|
60
|
12/19/25
|
7,211
|
(23,287
)
|
|
Long Gilt
|
35
|
12/29/25
|
4,276
|
16,673
|
|
2-Year U.S. Treasury Note
|
152
|
12/31/25
|
31,672
|
(52,397
)
|
|
5-Year U.S. Treasury Note
|
1,026
|
12/31/25
|
112,010
|
146,303
|
|
3-Month SOFR
|
13
|
03/17/26
|
3,130
|
10,807
|
|
|
|
|
|
1,675,186
|
|
Short Contracts
|
|
|
|
|
|
Euro OAT
|
20
|
12/08/25
|
2,849
|
(32,188
)
|
|
10-Year Japanese Government Treasury Bonds
|
6
|
12/15/25
|
5,509
|
53,135
|
|
10-Year U.S. Treasury Note
|
414
|
12/19/25
|
46,575
|
(249,840
)
|
|
10-Year U.S. Ultra Long Treasury Note
|
356
|
12/19/25
|
40,968
|
(579,095
)
|
|
|
|
|
|
(807,988
)
|
|
|
|
|
|
$ 867,198
|
|
Currency Purchased
|
Currency Sold
|
Counterparty
|
Settlement Date
|
Unrealized
Appreciation
(Depreciation)
|
||
|
BRL
|
21,044,971
|
USD
|
3,807,212
|
Deutsche Bank AG
|
12/17/25
|
$ 76,851
|
|
CHF
|
1,352,973
|
USD
|
1,713,206
|
Societe Generale
|
12/17/25
|
1,552
|
|
DKK
|
5,671,938
|
USD
|
895,442
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
1,235
|
|
EUR
|
291,659
|
USD
|
342,553
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
1,370
|
|
EUR
|
955,848
|
USD
|
1,121,012
|
The Bank of New York Mellon
|
12/17/25
|
6,123
|
|
GBP
|
1,630,787
|
USD
|
2,177,256
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
16,211
|
|
GBP
|
1,629,837
|
USD
|
2,192,146
|
Societe Generale
|
12/17/25
|
43
|
|
MXN
|
29,895,650
|
USD
|
1,592,737
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
26,536
|
|
MXN
|
36,396,424
|
USD
|
1,939,077
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
32,305
|
|
USD
|
5,492,264
|
AUD
|
8,280,234
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
8,296
|
|
USD
|
1,557,051
|
CAD
|
2,148,365
|
Citibank N.A.
|
12/17/25
|
7,800
|
|
USD
|
958,285
|
EUR
|
808,484
|
Deutsche Bank AG
|
12/17/25
|
4,921
|
|
USD
|
1,431,655
|
EUR
|
1,213,349
|
Deutsche Bank AG
|
12/17/25
|
876
|
|
USD
|
8,279,398
|
EUR
|
7,000,000
|
JPMorgan Chase Bank N.A.
|
12/17/25
|
25,007
|
|
USD
|
289,773
|
EUR
|
245,343
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
464
|
|
USD
|
1,509,304
|
GBP
|
1,113,882
|
JPMorgan Chase Bank N.A.
|
12/17/25
|
11,093
|
|
USD
|
56,205,683
|
GBP
|
41,504,462
|
JPMorgan Chase Bank N.A.
|
12/17/25
|
380,704
|
|
USD
|
1,978,639
|
GBP
|
1,460,910
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
13,663
|
|
USD
|
2,627,134
|
HKD
|
20,408,825
|
JPMorgan Chase Bank N.A.
|
12/17/25
|
399
|
|
USD
|
2,963,526
|
HKD
|
23,022,072
|
JPMorgan Chase Bank N.A.
|
12/17/25
|
450
|
|
USD
|
2,219,119
|
KRW
|
3,065,145,008
|
Goldman Sachs International
|
12/17/25
|
28,538
|
|
USD
|
1,256,758
|
SEK
|
11,680,252
|
JPMorgan Chase Bank N.A.
|
12/17/25
|
10,176
|
|
USD
|
25,585,368
|
TWD
|
765,539,800
|
Deutsche Bank AG
|
12/17/25
|
310,880
|
|
ZAR
|
33,712,048
|
USD
|
1,916,366
|
The Bank of New York Mellon
|
12/17/25
|
25,123
|
|
|
|
|
|
|
|
990,616
|
|
DKK
|
695,704
|
USD
|
110,210
|
UBS AG
|
12/17/25
|
(226
)
|
|
EUR
|
239,015
|
USD
|
282,815
|
The Bank of New York Mellon
|
12/17/25
|
(969
)
|
|
EUR
|
265,895
|
USD
|
314,406
|
The Bank of New York Mellon
|
12/17/25
|
(864
)
|
|
EUR
|
531,677
|
USD
|
627,612
|
The Bank of New York Mellon
|
12/17/25
|
(659
)
|
|
EUR
|
571,833
|
USD
|
681,067
|
The Bank of New York Mellon
|
12/17/25
|
(6,762
)
|
|
EUR
|
1,274,520
|
USD
|
1,504,112
|
The Bank of New York Mellon
|
12/17/25
|
(1,199
)
|
|
EUR
|
2,304,018
|
USD
|
2,722,427
|
The Bank of New York Mellon
|
12/17/25
|
(5,532
)
|
|
EUR
|
2,358,132
|
USD
|
2,787,753
|
The Bank of New York Mellon
|
12/17/25
|
(7,046
)
|
|
EUR
|
1,299,687
|
USD
|
1,547,349
|
UBS AG
|
12/17/25
|
(14,760
)
|
|
GBP
|
2,264,139
|
USD
|
3,066,515
|
Citibank N.A.
|
12/17/25
|
(21,168
)
|
|
GBP
|
187,732
|
USD
|
254,573
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
(2,066
)
|
|
GBP
|
161,654
|
USD
|
218,836
|
The Bank of New York Mellon
|
12/17/25
|
(1,405
)
|
|
GBP
|
237,698
|
USD
|
321,943
|
The Bank of New York Mellon
|
12/17/25
|
(2,230
)
|
|
IDR
|
14,481,001,656
|
USD
|
877,950
|
JPMorgan Chase Bank N.A.
|
12/17/25
|
(11,872
)
|
|
INR
|
76,522,374
|
USD
|
864,395
|
UBS AG
|
12/17/25
|
(6,911
)
|
|
JPY
|
27,326,152
|
USD
|
186,511
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
(311
)
|
|
JPY
|
47,772,925
|
USD
|
327,067
|
Morgan Stanley & Co. International PLC
|
12/17/25
|
(1,543
)
|
|
JPY
|
25,508,056
|
USD
|
174,362
|
Standard Chartered Bank
|
12/17/25
|
(550
)
|
|
JPY
|
36,673,418
|
USD
|
251,498
|
The Bank of New York Mellon
|
12/17/25
|
(1,606
)
|
|
JPY
|
1,019,349,101
|
USD
|
6,990,567
|
The Bank of New York Mellon
|
12/17/25
|
(44,740
)
|
|
SEK
|
23,275,774
|
USD
|
2,503,448
|
Barclays Bank PLC
|
12/17/25
|
(19,326
)
|
|
USD
|
1,115,411
|
CHF
|
880,736
|
Barclays Bank PLC
|
12/17/25
|
(834
)
|
|
USD
|
16,969,272
|
DKK
|
107,480,750
|
JPMorgan Chase Bank N.A.
|
12/17/25
|
(22,353
)
|
|
USD
|
198,924
|
EUR
|
169,262
|
Deutsche Bank AG
|
12/17/25
|
(670
)
|
|
USD
|
5,968,219
|
EUR
|
5,067,853
|
Deutsche Bank AG
|
12/17/25
|
(7,787
)
|
|
USD
|
1,242,189
|
EUR
|
1,053,751
|
JPMorgan Chase Bank N.A.
|
12/17/25
|
(393
)
|
|
USD
|
97,126,736
|
EUR
|
82,501,315
|
Standard Chartered Bank
|
12/17/25
|
(158,717
)
|
|
USD
|
163,731,184
|
EUR
|
139,076,413
|
Standard Chartered Bank
|
12/17/25
|
(267,557
)
|
|
USD
|
208,693
|
JPY
|
30,681,040
|
Societe Generale
|
12/17/25
|
(368
)
|
|
|
|
|
|
|
|
(610,424
)
|
|
|
$ 380,192
|
|||||
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Exercise Price
|
Notional
Amount (000)
|
Value
|
||
|
Call
|
|
|
|
|
|
|
|
|
SPDR S&P 500 ETF Trust
|
1,169
|
10/03/25
|
USD
|
670.00
|
USD
|
77,876
|
$ 97,612
|
|
SPDR S&P 500 ETF Trust
|
296
|
10/03/25
|
USD
|
672.00
|
USD
|
19,719
|
12,580
|
|
SPDR S&P 500 ETF Trust
|
117
|
10/10/25
|
USD
|
667.00
|
USD
|
7,794
|
52,358
|
|
Alphabet, Inc., Class C
|
94
|
10/17/25
|
USD
|
225.00
|
USD
|
2,289
|
190,585
|
|
Alphabet, Inc., Class C
|
125
|
10/17/25
|
USD
|
240.00
|
USD
|
3,044
|
109,062
|
|
Apple, Inc.
|
198
|
10/17/25
|
USD
|
240.00
|
USD
|
5,042
|
317,790
|
|
Apple, Inc.
|
64
|
10/17/25
|
USD
|
245.00
|
USD
|
1,630
|
75,040
|
|
ASML Holding N.V., ADR
|
20
|
10/17/25
|
USD
|
840.00
|
USD
|
1,936
|
271,600
|
|
Freeport-McMoRan, Inc.
|
100
|
10/17/25
|
USD
|
48.00
|
USD
|
392
|
550
|
|
iShares China Large-Cap ETF
|
2,864
|
10/17/25
|
USD
|
42.00
|
USD
|
11,782
|
144,632
|
|
Meta Platforms, Inc., Class A
|
20
|
10/17/25
|
USD
|
820.00
|
USD
|
1,469
|
2,210
|
|
Microsoft Corp.
|
35
|
10/17/25
|
USD
|
560.00
|
USD
|
1,813
|
1,015
|
|
SPDR S&P Regional Banking ETF
|
269
|
10/17/25
|
USD
|
67.00
|
USD
|
1,703
|
9,953
|
|
Tesla, Inc.
|
40
|
10/17/25
|
USD
|
360.00
|
USD
|
1,779
|
348,400
|
|
Wells Fargo & Co.
|
219
|
10/17/25
|
USD
|
85.00
|
USD
|
1,836
|
43,691
|
|
Alphabet, Inc., Class C
|
122
|
11/21/25
|
USD
|
240.00
|
USD
|
2,971
|
192,760
|
|
Alphabet, Inc., Class C
|
26
|
11/21/25
|
USD
|
250.00
|
USD
|
633
|
28,145
|
|
Amazon.com, Inc.
|
136
|
11/21/25
|
USD
|
240.00
|
USD
|
2,986
|
63,920
|
|
Apple, Inc.
|
97
|
11/21/25
|
USD
|
235.00
|
USD
|
2,470
|
231,587
|
|
Apple, Inc.
|
45
|
11/21/25
|
USD
|
250.00
|
USD
|
1,146
|
58,388
|
|
Citigroup, Inc.
|
128
|
11/21/25
|
USD
|
105.00
|
USD
|
1,299
|
41,280
|
|
DR Horton, Inc.
|
32
|
11/21/25
|
USD
|
175.00
|
USD
|
542
|
23,840
|
|
DR Horton, Inc.
|
32
|
11/21/25
|
USD
|
185.00
|
USD
|
542
|
13,120
|
|
Euro Stoxx Banks
|
394
|
11/21/25
|
EUR
|
240.00
|
EUR
|
4,599
|
114,488
|
|
Intuit, Inc.
|
15
|
11/21/25
|
USD
|
700.00
|
USD
|
1,024
|
37,425
|
|
McDonald’s Corp.
|
53
|
11/21/25
|
USD
|
330.00
|
USD
|
1,611
|
9,010
|
|
MongoDB, Inc., Class A
|
29
|
11/21/25
|
USD
|
360.00
|
USD
|
900
|
16,530
|
|
SPDR Gold Shares
|
1,565
|
11/21/25
|
USD
|
360.00
|
USD
|
55,631
|
1,295,037
|
|
Walt Disney Co.
|
65
|
11/21/25
|
USD
|
120.00
|
USD
|
744
|
21,125
|
|
Booking Holdings, Inc.
|
5
|
12/19/25
|
USD
|
5,900.00
|
USD
|
2,700
|
57,225
|
|
Broadcom, Inc.
|
83
|
12/19/25
|
USD
|
350.00
|
USD
|
2,738
|
176,997
|
|
Delta Air Lines, Inc.
|
1,277
|
12/19/25
|
USD
|
62.50
|
USD
|
7,247
|
323,719
|
|
NVIDIA Corp.
|
194
|
12/19/25
|
USD
|
185.00
|
USD
|
3,620
|
309,915
|
|
SPDR Gold Shares
|
733
|
12/19/25
|
USD
|
345.00
|
USD
|
26,056
|
1,378,040
|
|
United Airlines Holdings, Inc.
|
319
|
12/19/25
|
USD
|
105.00
|
USD
|
3,078
|
181,830
|
|
|
|
|
|
|
|
|
6,251,459
|
|
Put
|
|
|
|
|
|
|
|
|
SPDR S&P 500 ETF Trust
|
176
|
10/10/25
|
USD
|
655.00
|
USD
|
11,725
|
38,192
|
|
Alphabet, Inc., Class C
|
26
|
11/21/25
|
USD
|
245.00
|
USD
|
633
|
33,865
|
|
|
|
|
|
|
|
|
72,057
|
|
|
|
|
|
|
|
|
$ 6,323,516
|
|
|
Paid by the Trust
|
Received by the Trust
|
|
|
|
|
|
|
||
|
Description
|
Rate
|
Frequency
|
Rate
|
Frequency
|
Counterparty
|
Expiration
Date
|
Exercise
Rate
|
Notional
Amount (000)
|
Value
|
|
|
Call
|
|
|
|
|
|
|
|
|
|
|
|
30-Year Interest Rate Swap, 11/01/55
|
1-day SOFR,
4.24%
|
Annual
|
3.80%
|
Annual
|
JPMorgan Chase
Bank N.A.
|
10/30/25
|
3.80
%
|
USD
|
3,891
|
$ 26,685
|
|
30-Year Interest Rate Swap, 11/28/55
|
1-day SOFR,
4.24%
|
Annual
|
3.65%
|
Annual
|
Goldman Sachs
International
|
11/26/25
|
3.65
|
USD
|
5,770
|
32,646
|
|
|
|
|
|
|
|
|
|
|
|
$ 59,331
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Exercise Price
|
Notional
Amount (000)
|
Value
|
||
|
Call
|
|
|
|
|
|
|
|
|
Alphabet, Inc., Class C
|
22
|
10/17/25
|
USD
|
260.00
|
USD
|
536
|
$ (3,443
)
|
|
Apollo Global Management, Inc.
|
5
|
10/17/25
|
USD
|
145.00
|
USD
|
67
|
(413
)
|
|
Apple, Inc.
|
23
|
10/17/25
|
USD
|
255.00
|
USD
|
586
|
(11,270
)
|
|
Autodesk, Inc.
|
6
|
10/17/25
|
USD
|
330.00
|
USD
|
191
|
(1,530
)
|
|
Bank of America Corp.
|
124
|
10/17/25
|
USD
|
52.50
|
USD
|
640
|
(12,090
)
|
|
Bank of America Corp.
|
44
|
10/17/25
|
USD
|
55.00
|
USD
|
227
|
(1,210
)
|
|
Cameco Corp.
|
12
|
10/17/25
|
USD
|
90.00
|
USD
|
101
|
(1,806
)
|
|
Capital One Financial Corp.
|
8
|
10/17/25
|
USD
|
240.00
|
USD
|
170
|
(300
)
|
|
Citigroup, Inc.
|
78
|
10/17/25
|
USD
|
110.00
|
USD
|
792
|
(4,446
)
|
|
Hilton Worldwide Holdings, Inc.
|
10
|
10/17/25
|
USD
|
300.00
|
USD
|
259
|
(900
)
|
|
Intel Corp.
|
290
|
10/17/25
|
USD
|
35.00
|
USD
|
973
|
(38,715
)
|
|
Intuit, Inc.
|
1
|
10/17/25
|
USD
|
730.00
|
USD
|
68
|
(228
)
|
|
iShares China Large-Cap ETF
|
2,864
|
10/17/25
|
USD
|
45.00
|
USD
|
11,782
|
(21,480
)
|
|
JPMorgan Chase & Co.
|
80
|
10/17/25
|
USD
|
315.00
|
USD
|
2,523
|
(63,000
)
|
|
JPMorgan Chase & Co.
|
31
|
10/17/25
|
USD
|
325.00
|
USD
|
978
|
(11,625
)
|
|
Live Nation Entertainment, Inc.
|
23
|
10/17/25
|
USD
|
185.00
|
USD
|
376
|
(1,265
)
|
|
McKesson Corp.
|
5
|
10/17/25
|
USD
|
780.00
|
USD
|
386
|
(6,100
)
|
|
Micron Technology, Inc.
|
5
|
10/17/25
|
USD
|
160.00
|
USD
|
84
|
(5,663
)
|
|
Tesla, Inc.
|
25
|
10/17/25
|
USD
|
420.00
|
USD
|
1,112
|
(89,562
)
|
|
TJX Cos., Inc.
|
28
|
10/17/25
|
USD
|
150.00
|
USD
|
405
|
(1,050
)
|
|
Trane Technologies PLC
|
3
|
10/17/25
|
USD
|
450.00
|
USD
|
127
|
(405
)
|
|
Alphabet, Inc., Class C
|
26
|
11/21/25
|
USD
|
280.00
|
USD
|
633
|
(7,930
)
|
|
Apple, Inc.
|
97
|
11/21/25
|
USD
|
255.00
|
USD
|
2,470
|
(97,727
)
|
|
NVIDIA Corp.
|
41
|
11/21/25
|
USD
|
200.00
|
USD
|
765
|
(28,495
)
|
|
SPDR Gold Shares
|
2,348
|
11/21/25
|
USD
|
380.00
|
USD
|
83,464
|
(650,396
)
|
|
Alphabet, Inc., Class C
|
109
|
12/19/25
|
USD
|
220.00
|
USD
|
2,655
|
(337,627
)
|
|
Alphabet, Inc., Class C
|
50
|
12/19/25
|
USD
|
210.00
|
USD
|
1,218
|
(196,500
)
|
|
Amazon.com, Inc.
|
64
|
12/19/25
|
USD
|
260.00
|
USD
|
1,405
|
(17,664
)
|
|
Apple, Inc.
|
197
|
12/19/25
|
USD
|
240.00
|
USD
|
5,016
|
(436,847
)
|
|
Apple, Inc.
|
54
|
12/19/25
|
USD
|
250.00
|
USD
|
1,375
|
(83,295
)
|
|
Bank of America Corp.
|
59
|
12/19/25
|
USD
|
52.50
|
USD
|
304
|
(12,921
)
|
|
Broadcom, Inc.
|
59
|
12/19/25
|
USD
|
380.00
|
USD
|
1,946
|
(72,127
)
|
|
Broadcom, Inc.
|
14
|
12/19/25
|
USD
|
370.00
|
USD
|
462
|
(20,685
)
|
|
Broadcom, Inc.
|
97
|
12/19/25
|
USD
|
410.00
|
USD
|
3,200
|
(66,445
)
|
|
Cameco Corp.
|
19
|
12/19/25
|
USD
|
100.00
|
USD
|
159
|
(5,406
)
|
|
Capital One Financial Corp.
|
30
|
12/19/25
|
USD
|
250.00
|
USD
|
638
|
(7,650
)
|
|
Citigroup, Inc.
|
50
|
12/19/25
|
USD
|
100.00
|
USD
|
508
|
(33,750
)
|
|
CRH PLC
|
34
|
12/19/25
|
USD
|
110.00
|
USD
|
408
|
(46,920
)
|
|
Delta Air Lines, Inc.
|
6
|
12/19/25
|
USD
|
70.00
|
USD
|
34
|
(618
)
|
|
Delta Air Lines, Inc.
|
2,554
|
12/19/25
|
USD
|
72.50
|
USD
|
14,494
|
(204,320
)
|
|
JPMorgan Chase & Co.
|
16
|
12/19/25
|
USD
|
325.00
|
USD
|
505
|
(17,080
)
|
|
Mastercard, Inc., Class A
|
16
|
12/19/25
|
USD
|
650.00
|
USD
|
910
|
(5,336
)
|
|
Meta Platforms, Inc., Class A
|
10
|
12/19/25
|
USD
|
860.00
|
USD
|
734
|
(11,925
)
|
|
Micron Technology, Inc.
|
14
|
12/19/25
|
USD
|
150.00
|
USD
|
234
|
(37,485
)
|
|
Microsoft Corp.
|
105
|
12/19/25
|
USD
|
580.00
|
USD
|
5,438
|
(52,762
)
|
|
NVIDIA Corp.
|
249
|
12/19/25
|
USD
|
220.00
|
USD
|
4,646
|
(102,090
)
|
|
NVIDIA Corp.
|
194
|
12/19/25
|
USD
|
210.00
|
USD
|
3,620
|
(121,250
)
|
|
Oracle Corp.
|
12
|
12/19/25
|
USD
|
280.00
|
USD
|
337
|
(35,280
)
|
|
Oracle Corp.
|
457
|
12/19/25
|
USD
|
330.00
|
USD
|
12,853
|
(571,250
)
|
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
|
24
|
12/19/25
|
USD
|
270.00
|
USD
|
670
|
(61,140
)
|
|
Tesla, Inc.
|
5
|
12/19/25
|
USD
|
460.00
|
USD
|
222
|
(22,162
)
|
|
Tesla, Inc.
|
2
|
12/19/25
|
USD
|
500.00
|
USD
|
89
|
(6,220
)
|
|
United Airlines Holdings, Inc.
|
8
|
12/19/25
|
USD
|
115.00
|
USD
|
77
|
(2,436
)
|
|
United Airlines Holdings, Inc.
|
638
|
12/19/25
|
USD
|
125.00
|
USD
|
6,157
|
(97,295
)
|
|
Alphabet, Inc., Class C
|
55
|
01/16/26
|
USD
|
250.00
|
USD
|
1,340
|
(85,937
)
|
|
Amazon.com, Inc.
|
60
|
01/16/26
|
USD
|
270.00
|
USD
|
1,317
|
(15,960
)
|
|
Apollo Global Management, Inc.
|
13
|
01/16/26
|
USD
|
170.00
|
USD
|
173
|
(1,625
)
|
|
Apple, Inc.
|
49
|
01/16/26
|
USD
|
270.00
|
USD
|
1,248
|
(38,832
)
|
|
Autodesk, Inc.
|
6
|
01/16/26
|
USD
|
350.00
|
USD
|
191
|
(4,740
)
|
|
Bank of America Corp.
|
124
|
01/16/26
|
USD
|
60.00
|
USD
|
640
|
(6,510
)
|
|
Broadcom, Inc.
|
26
|
01/16/26
|
USD
|
380.00
|
USD
|
858
|
(39,910
)
|
|
Cameco Corp.
|
30
|
01/16/26
|
USD
|
95.00
|
USD
|
252
|
(15,225
)
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Exercise Price
|
Notional
Amount (000)
|
Value
|
||
|
Call (continued)
|
|
|
|
|
|
|
|
|
Capital One Financial Corp.
|
23
|
01/16/26
|
USD
|
260.00
|
USD
|
489
|
$ (5,233
)
|
|
CRH PLC
|
25
|
01/16/26
|
USD
|
135.00
|
USD
|
300
|
(7,313
)
|
|
DR Horton, Inc.
|
7
|
01/16/26
|
USD
|
210.00
|
USD
|
119
|
(1,715
)
|
|
Eli Lilly & Co.
|
9
|
01/16/26
|
USD
|
900.00
|
USD
|
687
|
(16,267
)
|
|
Intuitive Surgical, Inc.
|
4
|
01/16/26
|
USD
|
575.00
|
USD
|
179
|
(1,960
)
|
|
iShares iBoxx $ High Yield Corporate Bond ETF
|
658
|
01/16/26
|
USD
|
82.00
|
USD
|
5,342
|
(11,844
)
|
|
JPMorgan Chase & Co.
|
22
|
01/16/26
|
USD
|
350.00
|
USD
|
694
|
(11,550
)
|
|
Live Nation Entertainment, Inc.
|
17
|
01/16/26
|
USD
|
195.00
|
USD
|
278
|
(3,358
)
|
|
McKesson Corp.
|
5
|
01/16/26
|
USD
|
840.00
|
USD
|
386
|
(8,925
)
|
|
Meta Platforms, Inc., Class A
|
13
|
01/16/26
|
USD
|
920.00
|
USD
|
955
|
(10,855
)
|
|
Micron Technology, Inc.
|
17
|
01/16/26
|
USD
|
155.00
|
USD
|
284
|
(43,477
)
|
|
Microsoft Corp.
|
34
|
01/16/26
|
USD
|
605.00
|
USD
|
1,761
|
(13,005
)
|
|
Netflix, Inc.
|
2
|
01/16/26
|
USD
|
1,500.00
|
USD
|
240
|
(2,790
)
|
|
NVIDIA Corp.
|
102
|
01/16/26
|
USD
|
230.00
|
USD
|
1,903
|
(40,545
)
|
|
Salesforce, Inc.
|
13
|
01/16/26
|
USD
|
310.00
|
USD
|
308
|
(3,621
)
|
|
Tesla, Inc.
|
10
|
01/16/26
|
USD
|
480.00
|
USD
|
445
|
(44,625
)
|
|
Walt Disney Co.
|
19
|
01/16/26
|
USD
|
140.00
|
USD
|
218
|
(1,520
)
|
|
|
|
|
|
|
|
|
(4,184,877
)
|
|
Put
|
|
|
|
|
|
|
|
|
SPDR S&P 500 ETF Trust
|
264
|
10/10/25
|
USD
|
645.00
|
USD
|
17,587
|
(29,568
)
|
|
Circle Internet Group, Inc., Class A
|
129
|
10/17/25
|
USD
|
110.00
|
USD
|
1,710
|
(19,285
)
|
|
Costco Wholesale Corp.
|
5
|
10/17/25
|
USD
|
850.00
|
USD
|
463
|
(408
)
|
|
Freeport-McMoRan, Inc.
|
100
|
10/17/25
|
USD
|
40.00
|
USD
|
392
|
(20,450
)
|
|
Hilton Worldwide Holdings, Inc.
|
7
|
10/17/25
|
USD
|
230.00
|
USD
|
182
|
(420
)
|
|
Intuitive Surgical, Inc.
|
4
|
10/17/25
|
USD
|
410.00
|
USD
|
179
|
(660
)
|
|
Live Nation Entertainment, Inc.
|
17
|
10/17/25
|
USD
|
135.00
|
USD
|
278
|
(2,083
)
|
|
McKesson Corp.
|
5
|
10/17/25
|
USD
|
590.00
|
USD
|
386
|
(2,500
)
|
|
Meta Platforms, Inc., Class A
|
39
|
10/17/25
|
USD
|
700.00
|
USD
|
2,864
|
(23,302
)
|
|
SPDR S&P Regional Banking ETF
|
269
|
10/17/25
|
USD
|
59.00
|
USD
|
1,703
|
(8,339
)
|
|
Walt Disney Co.
|
19
|
10/17/25
|
USD
|
105.00
|
USD
|
218
|
(475
)
|
|
Alphabet, Inc., Class C
|
26
|
11/21/25
|
USD
|
210.00
|
USD
|
633
|
(6,721
)
|
|
Amazon.com, Inc.
|
136
|
11/21/25
|
USD
|
200.00
|
USD
|
2,986
|
(52,360
)
|
|
Apple, Inc.
|
45
|
11/21/25
|
USD
|
230.00
|
USD
|
1,146
|
(9,923
)
|
|
Citigroup, Inc.
|
128
|
11/21/25
|
USD
|
90.00
|
USD
|
1,299
|
(15,488
)
|
|
DR Horton, Inc.
|
32
|
11/21/25
|
USD
|
145.00
|
USD
|
542
|
(5,920
)
|
|
DR Horton, Inc.
|
32
|
11/21/25
|
USD
|
155.00
|
USD
|
542
|
(12,160
)
|
|
Euro Stoxx Banks
|
197
|
11/21/25
|
EUR
|
205.00
|
EUR
|
2,300
|
(18,214
)
|
|
Intel Corp.
|
724
|
11/21/25
|
USD
|
25.00
|
USD
|
2,429
|
(20,634
)
|
|
Intuit, Inc.
|
15
|
11/21/25
|
USD
|
630.00
|
USD
|
1,024
|
(17,550
)
|
|
McDonald’s Corp.
|
53
|
11/21/25
|
USD
|
285.00
|
USD
|
1,611
|
(13,303
)
|
|
MongoDB, Inc., Class A
|
29
|
11/21/25
|
USD
|
260.00
|
USD
|
900
|
(11,237
)
|
|
SPDR Gold Shares
|
1,565
|
11/21/25
|
USD
|
335.00
|
USD
|
55,631
|
(346,647
)
|
|
Walt Disney Co.
|
65
|
11/21/25
|
USD
|
100.00
|
USD
|
744
|
(6,598
)
|
|
Alphabet, Inc., Class C
|
98
|
12/19/25
|
USD
|
200.00
|
USD
|
2,387
|
(24,304
)
|
|
Booking Holdings, Inc.
|
5
|
12/19/25
|
USD
|
4,900.00
|
USD
|
2,700
|
(56,125
)
|
|
Broadcom, Inc.
|
97
|
12/19/25
|
USD
|
300.00
|
USD
|
3,200
|
(142,590
)
|
|
NVIDIA Corp.
|
194
|
12/19/25
|
USD
|
160.00
|
USD
|
3,620
|
(86,330
)
|
|
SPDR Gold Shares
|
488
|
12/19/25
|
USD
|
310.00
|
USD
|
17,347
|
(34,160
)
|
|
Amazon.com, Inc.
|
60
|
01/16/26
|
USD
|
180.00
|
USD
|
1,317
|
(15,900
)
|
|
Apollo Global Management, Inc.
|
13
|
01/16/26
|
USD
|
110.00
|
USD
|
173
|
(3,575
)
|
|
Boston Scientific Corp.
|
41
|
01/16/26
|
USD
|
90.00
|
USD
|
400
|
(8,918
)
|
|
Costco Wholesale Corp.
|
5
|
01/16/26
|
USD
|
840.00
|
USD
|
463
|
(6,025
)
|
|
CRH PLC
|
25
|
01/16/26
|
USD
|
90.00
|
USD
|
300
|
(2,625
)
|
|
Intuit, Inc.
|
2
|
01/16/26
|
USD
|
560.00
|
USD
|
137
|
(1,350
)
|
|
Intuitive Surgical, Inc.
|
4
|
01/16/26
|
USD
|
380.00
|
USD
|
179
|
(3,780
)
|
|
Live Nation Entertainment, Inc.
|
17
|
01/16/26
|
USD
|
130.00
|
USD
|
278
|
(2,975
)
|
|
McKesson Corp.
|
5
|
01/16/26
|
USD
|
580.00
|
USD
|
386
|
(1,100
)
|
|
Meta Platforms, Inc., Class A
|
13
|
01/16/26
|
USD
|
600.00
|
USD
|
955
|
(12,870
)
|
|
Microsoft Corp.
|
34
|
01/16/26
|
USD
|
420.00
|
USD
|
1,761
|
(9,333
)
|
|
Netflix, Inc.
|
2
|
01/16/26
|
USD
|
970.00
|
USD
|
240
|
(2,780
)
|
|
NextEra Energy, Inc.
|
50
|
01/16/26
|
USD
|
60.00
|
USD
|
377
|
(2,300
)
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Exercise Price
|
Notional
Amount (000)
|
Value
|
||
|
Put (continued)
|
|
|
|
|
|
|
|
|
NVIDIA Corp.
|
102
|
01/16/26
|
USD
|
140.00
|
USD
|
1,903
|
$ (24,939
)
|
|
Salesforce, Inc.
|
13
|
01/16/26
|
USD
|
195.00
|
USD
|
308
|
(5,298
)
|
|
Walt Disney Co.
|
19
|
01/16/26
|
USD
|
95.00
|
USD
|
218
|
(2,071
)
|
|
|
|
|
|
|
|
|
(1,093,593
)
|
|
|
|
|
|
|
|
|
$ (5,278,470
)
|
|
|
Paid by the Trust
|
Received by the Trust
|
|
|
|
|
|
|
||
|
Description
|
Rate
|
Frequency
|
Rate
|
Frequency
|
Counterparty
|
Expiration
Date
|
Exercise
Rate
|
Notional
Amount (000)
|
Value
|
|
|
Call
|
|
|
|
|
|
|
|
|
|
|
|
30-Year Interest Rate Swap, 11/01/55
|
3.50%
|
Annual
|
1-day SOFR,
4.24%
|
Annual
|
JPMorgan Chase
Bank N.A.
|
10/30/25
|
3.50
%
|
USD
|
3,891
|
$ (2,650
)
|
|
5-Year Interest Rate Swap, 11/16/30
|
3.10%
|
Annual
|
1-day SOFR,
4.24%
|
Annual
|
Goldman Sachs
International
|
11/14/25
|
3.10
|
USD
|
9,625
|
(13,157
)
|
|
5-Year Interest Rate Swap, 11/20/30
|
3.10%
|
Annual
|
1-day SOFR,
4.24%
|
Annual
|
JPMorgan Chase
Bank N.A.
|
11/18/25
|
3.10
|
USD
|
12,010
|
(18,322
)
|
|
5-Year Interest Rate Swap, 11/22/30
|
3.05%
|
Annual
|
1-day SOFR,
4.24%
|
Annual
|
Morgan Stanley & Co.
International PLC
|
11/20/25
|
3.05
|
USD
|
11,870
|
(15,000
)
|
|
5-Year Interest Rate Swap, 11/23/30
|
3.07%
|
Annual
|
1-day SOFR,
4.24%
|
Annual
|
Goldman Sachs
International
|
11/21/25
|
3.07
|
USD
|
12,010
|
(17,165
)
|
|
30-Year Interest Rate Swap, 11/28/55
|
3.15%
|
Annual
|
1-day SOFR,
4.24%
|
Annual
|
Goldman Sachs
International
|
11/26/25
|
3.15
|
USD
|
5,770
|
(2,288
)
|
|
2-Year Interest Rate Swap, 12/24/27
|
2.85%
|
Annual
|
1-day SOFR,
4.24%
|
Annual
|
Morgan Stanley & Co.
International PLC
|
12/22/25
|
2.85
|
USD
|
54,780
|
(36,625
)
|
|
10-Year Interest Rate Swap, 01/01/36
|
3.30%
|
Annual
|
1-day SOFR,
4.24%
|
Annual
|
JPMorgan Chase
Bank N.A.
|
12/30/25
|
3.30
|
USD
|
4,594
|
(17,255
)
|
|
|
|
|
|
|
|
|
|
|
|
(122,462
)
|
|
Put
|
|
|
|
|
|
|
|
|
|
|
|
5-Year Interest Rate Swap, 12/14/30
|
1-day SOFR,
4.24%
|
Annual
|
3.55%
|
Annual
|
Goldman Sachs
International
|
12/12/25
|
3.55
|
USD
|
12,873
|
(39,889
)
|
|
10-Year Interest Rate Swap, 01/01/36
|
1-day SOFR,
4.24%
|
Annual
|
4.00%
|
Annual
|
JPMorgan Chase
Bank N.A.
|
12/30/25
|
4.00
|
USD
|
4,594
|
(16,396
)
|
|
2-Year Interest Rate Swap, 09/22/29
|
1-day SOFR,
4.24%
|
Annual
|
4.30%
|
Annual
|
Goldman Sachs
International
|
09/20/27
|
4.30
|
USD
|
36,643
|
(101,867
)
|
|
|
|
|
|
|
|
|
|
|
|
(158,152
)
|
|
|
|
|
|
|
|
|
|
|
|
$ (280,614
)
|
|
Reference Obligation/Index
|
Financing
Rate Paid
by the Trust
|
Payment
Frequency
|
Termination
Date
|
Notional
Amount (000)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
CDX.NA.HY.44.V1
|
5.00
%
|
Quarterly
|
06/20/30
|
USD
|
4,266
|
$ (346,539
)
|
$ (281,325
)
|
$ (65,214
)
|
|
Reference Obligation/Index
|
Financing
Rate Received
by the Trust
|
Payment
Frequency
|
Termination
Date
|
Credit
Rating(a)
|
Notional
Amount (000)(b)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
CDX.NA.HY.41.V2
|
5.00
%
|
Quarterly
|
12/20/28
|
B
|
USD
|
3,316
|
$ 264,168
|
$ 67,710
|
$ 196,458
|
|
Reference Obligation/Index
|
Financing
Rate Received
by the Trust
|
Payment
Frequency
|
Termination
Date
|
Credit
Rating(a)
|
Notional
Amount (000)(b)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
iTraxx.XO.42.V3
|
5.00
%
|
Quarterly
|
12/20/29
|
B
|
EUR
|
7,141
|
$ 859,821
|
$ 582,423
|
$ 277,398
|
|
iTraxx.XO.43.V2
|
5.00
|
Quarterly
|
06/20/30
|
B
|
EUR
|
955
|
122,137
|
88,919
|
33,218
|
|
|
|
|
|
|
|
|
$ 1,246,126
|
$ 739,052
|
$ 507,074
|
|
(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 Trust may pay should a negative credit event take
place as defined under the terms of the agreement.
|
|
Paid by the Trust
|
Received by the Trust
|
Effective
Date
|
Termination
Date
|
Notional
Amount (000)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|||
|
Rate
|
Frequency
|
Rate
|
Frequency
|
|||||||
|
1-day SOFR, 4.24%
|
Annual
|
5.00%
|
Annual
|
N/A
|
10/02/25
|
USD
|
84,698
|
$ 424,395
|
$ 20
|
$ 424,375
|
|
0.28%
|
Annual
|
Tokyo Overnight Average
Rate, 0.48%
|
Annual
|
N/A
|
03/09/26
|
JPY
|
2,930,801
|
53,222
|
21
|
53,201
|
|
1-day SOFR, 4.24%
|
Annual
|
4.40%
|
Annual
|
N/A
|
04/08/26
|
USD
|
21,824
|
58,467
|
26
|
58,441
|
|
1-day SOFR, 4.24%
|
Annual
|
4.45%
|
Annual
|
N/A
|
04/09/26
|
USD
|
7,990
|
25,579
|
10
|
25,569
|
|
1-day SOFR, 4.24%
|
Annual
|
4.05%
|
Annual
|
N/A
|
04/18/26
|
USD
|
12,579
|
(7,214
)
|
16
|
(7,230
)
|
|
1-day SOFR, 4.24%
|
Annual
|
4.30%
|
Annual
|
N/A
|
04/24/26
|
USD
|
15,182
|
31,059
|
20
|
31,039
|
|
1-day SOFR, 4.24%
|
Annual
|
4.50%
|
Annual
|
N/A
|
05/08/26
|
USD
|
12,488
|
54,560
|
17
|
54,543
|
|
1-day SOFR, 4.24%
|
Annual
|
4.35%
|
Annual
|
N/A
|
07/22/26
|
USD
|
5,619
|
26,931
|
10
|
26,921
|
|
1-day SOFR, 4.24%
|
At Termination
|
4.17%
|
At Termination
|
10/23/25
(a)
|
10/23/26
|
USD
|
9,509
|
54,664
|
17
|
54,647
|
|
1-day SOFR, 4.24%
|
At Termination
|
4.21%
|
At Termination
|
10/27/25
(a)
|
10/27/26
|
USD
|
18,989
|
119,044
|
35
|
119,009
|
|
1-day SOFR, 4.24%
|
Annual
|
4.00%
|
Annual
|
N/A
|
10/28/26
|
USD
|
19,216
|
(7,651
)
|
48
|
(7,699
)
|
|
1-day SOFR, 4.24%
|
Annual
|
4.07%
|
Annual
|
N/A
|
01/14/27
|
USD
|
18,545
|
76,606
|
55
|
76,551
|
|
1-day SOFR, 4.24%
|
Annual
|
3.47%
|
Annual
|
N/A
|
03/10/27
|
USD
|
4,700
|
(26,926
)
|
15
|
(26,941
)
|
|
1-day MIBOR, 5.74%
|
Semi-Annual
|
6.34%
|
Semi-Annual
|
N/A
|
03/20/27
|
INR
|
103,211
|
15,268
|
8
|
15,260
|
|
1-day SOFR, 4.24%
|
Annual
|
4.10%
|
Annual
|
N/A
|
05/30/27
|
USD
|
15,272
|
142,431
|
57
|
142,374
|
|
1-day SOFR, 4.24%
|
Annual
|
4.15%
|
Annual
|
N/A
|
05/30/27
|
USD
|
15,272
|
157,275
|
60
|
157,215
|
|
1-day SOFR, 4.24%
|
Annual
|
3.30%
|
Annual
|
10/23/25
(a)
|
10/23/27
|
USD
|
3,403
|
(4,173
)
|
15
|
(4,188
)
|
|
1-day SOFR, 4.24%
|
Annual
|
4.20%
|
Annual
|
10/23/25
(a)
|
10/23/27
|
USD
|
4,949
|
79,691
|
23
|
79,668
|
|
1-day SOFR, 4.24%
|
Annual
|
3.92%
|
Annual
|
11/03/25
(a)
|
11/03/27
|
USD
|
2,364
|
26,065
|
11
|
26,054
|
|
1-day SOFR, 4.24%
|
Annual
|
3.95%
|
Annual
|
11/03/25
(a)
|
11/03/27
|
USD
|
2,364
|
27,427
|
11
|
27,416
|
|
1-day SOFR, 4.24%
|
Annual
|
3.99%
|
Annual
|
11/03/25
(a)
|
11/03/27
|
USD
|
4,728
|
58,030
|
22
|
58,008
|
|
1-day SOFR, 4.24%
|
Annual
|
4.07%
|
Annual
|
11/03/25
(a)
|
11/03/27
|
USD
|
9,541
|
132,710
|
43
|
132,667
|
|
1-day SOFR, 4.24%
|
Annual
|
3.86%
|
Annual
|
11/10/25
(a)
|
11/10/27
|
USD
|
9,919
|
99,930
|
45
|
99,885
|
|
1-day SOFR, 4.24%
|
Annual
|
3.48%
|
Annual
|
01/23/26
(a)
|
01/23/28
|
USD
|
13,665
|
55,678
|
59
|
55,619
|
|
3.45%
|
Annual
|
1-day SOFR, 4.24%
|
Annual
|
01/26/26
(a)
|
01/26/28
|
USD
|
11,825
|
(40,741
)
|
51
|
(40,792
)
|
|
1-day SOFR, 4.24%
|
Annual
|
4.00%
|
Annual
|
01/26/26
(a)
|
01/26/28
|
USD
|
11,825
|
164,683
|
51
|
164,632
|
|
3.27%
|
Annual
|
1-day SOFR, 4.24%
|
Annual
|
02/05/26
(a)
|
02/05/28
|
USD
|
11,933
|
(2,828
)
|
52
|
(2,880
)
|
|
1-day SOFR, 4.24%
|
Annual
|
3.87%
|
Annual
|
02/05/26
(a)
|
02/05/28
|
USD
|
11,933
|
139,504
|
52
|
139,452
|
|
1-day SONIA, 3.97%
|
Annual
|
4.86%
|
Annual
|
N/A
|
06/20/28
|
GBP
|
6,370
|
255,476
|
(11
)
|
255,487
|
|
1-day SOFR, 4.24%
|
Annual
|
3.50%
|
Annual
|
N/A
|
08/20/28
|
USD
|
11,416
|
36,406
|
49
|
36,357
|
|
1-day SOFR, 4.24%
|
Annual
|
4.42%
|
Annual
|
N/A
|
10/02/28
|
USD
|
135,611
|
4,041,805
|
20,175
|
4,021,630
|
|
1-day SOFR, 4.24%
|
Annual
|
4.40%
|
Annual
|
N/A
|
10/31/28
|
USD
|
6,490
|
195,867
|
39
|
195,828
|
|
1-day SONIA, 3.97%
|
Annual
|
4.12%
|
Annual
|
N/A
|
11/17/28
|
GBP
|
3,004
|
29,990
|
92
|
29,898
|
|
1-day SONIA, 3.97%
|
Annual
|
4.12%
|
Annual
|
N/A
|
11/21/28
|
GBP
|
3,004
|
30,430
|
93
|
30,337
|
|
1-day SOFR, 4.24%
|
Annual
|
3.25%
|
Annual
|
12/15/26
(a)
|
12/15/28
|
USD
|
21,109
|
18,467
|
96
|
18,371
|
|
6-mo. EURIBOR, 2.10%
|
Semi-Annual
|
3.00%
|
Annual
|
N/A
|
03/05/29
|
EUR
|
7,713
|
354,761
|
58
|
354,703
|
|
1-day MIBOR, 5.74%
|
Semi-Annual
|
6.26%
|
Semi-Annual
|
N/A
|
03/20/29
|
INR
|
31,938
|
7,450
|
4
|
7,446
|
|
1-day MIBOR, 5.74%
|
Semi-Annual
|
6.30%
|
Semi-Annual
|
N/A
|
03/20/29
|
INR
|
39,035
|
9,624
|
5
|
9,619
|
|
1-day SOFR, 4.24%
|
Annual
|
3.79%
|
Annual
|
N/A
|
03/29/29
|
USD
|
17,015
|
194,449
|
111
|
194,338
|
|
1-day SOFR, 4.24%
|
Annual
|
4.00%
|
Annual
|
N/A
|
04/08/29
|
USD
|
10,561
|
207,555
|
71
|
207,484
|
|
1-day SOFR, 4.24%
|
Annual
|
4.05%
|
Annual
|
N/A
|
04/09/29
|
USD
|
7,990
|
172,298
|
54
|
172,244
|
|
1-day SOFR, 4.24%
|
Annual
|
4.00%
|
Annual
|
N/A
|
04/18/29
|
USD
|
12,579
|
250,212
|
85
|
250,127
|
|
1-day SOFR, 4.24%
|
Annual
|
4.00%
|
Annual
|
N/A
|
04/24/29
|
USD
|
6,326
|
126,919
|
43
|
126,876
|
|
6-mo. EURIBOR, 2.10%
|
Semi-Annual
|
2.90%
|
Annual
|
N/A
|
04/30/29
|
EUR
|
8,865
|
251,582
|
68
|
251,514
|
|
1-day SOFR, 4.24%
|
Annual
|
4.00%
|
Annual
|
N/A
|
05/06/29
|
USD
|
12,652
|
258,074
|
87
|
257,987
|
|
6-mo. EURIBOR, 2.10%
|
Semi-Annual
|
2.87%
|
Annual
|
N/A
|
06/11/29
|
EUR
|
6,519
|
175,307
|
53
|
175,254
|
|
Paid by the Trust
|
Received by the Trust
|
Effective
Date
|
Termination
Date
|
Notional
Amount (000)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|||
|
Rate
|
Frequency
|
Rate
|
Frequency
|
|||||||
|
1-day SOFR, 4.24%
|
Annual
|
3.66%
|
Annual
|
N/A
|
10/10/29
|
USD
|
6,443
|
$ 19,867
|
$ 50
|
$ 19,817
|
|
1-day TIIEFONDEO, 7.85%
|
Monthly
|
9.04%
|
Monthly
|
N/A
|
11/14/29
|
MXN
|
81,548
|
291,100
|
31
|
291,069
|
|
1-day SONIA, 3.97%
|
Annual
|
4.00%
|
Annual
|
N/A
|
01/16/30
|
GBP
|
6,913
|
44,938
|
211
|
44,727
|
|
1-day SOFR, 4.24%
|
Annual
|
4.00%
|
Annual
|
N/A
|
01/23/30
|
USD
|
6,913
|
155,364
|
57
|
155,307
|
|
1-day SOFR, 4.24%
|
Annual
|
3.23%
|
Annual
|
N/A
|
02/19/30
|
USD
|
7,173
|
(94,733
)
|
60
|
(94,793
)
|
|
1-day SOFR, 4.24%
|
Annual
|
3.90%
|
Annual
|
N/A
|
02/24/30
|
USD
|
12,279
|
227,776
|
103
|
227,673
|
|
6-mo. EURIBOR, 2.10%
|
Semi-Annual
|
2.20%
|
Annual
|
N/A
|
06/04/30
|
EUR
|
1,506
|
(11,798
)
|
16
|
(11,814
)
|
|
1-day SOFR, 4.24%
|
Annual
|
3.14%
|
Annual
|
05/12/28
(a)
|
05/12/33
|
USD
|
6,701
|
(140,824
)
|
62
|
(140,886
)
|
|
1-day SOFR, 4.24%
|
Annual
|
4.31%
|
Annual
|
N/A
|
09/29/33
|
USD
|
26,166
|
1,380,781
|
1,886
|
1,378,895
|
|
1-day SOFR, 4.24%
|
Annual
|
4.00%
|
Annual
|
N/A
|
01/12/34
|
USD
|
4,817
|
134,145
|
65
|
134,080
|
|
1-day SOFR, 4.24%
|
Annual
|
4.00%
|
Annual
|
N/A
|
01/17/34
|
USD
|
1,389
|
38,708
|
19
|
38,689
|
|
1-day MIBOR, 5.74%
|
Semi-Annual
|
6.34%
|
Semi-Annual
|
N/A
|
03/20/34
|
INR
|
13,127
|
4,225
|
3
|
4,222
|
|
1-day MIBOR, 5.74%
|
Semi-Annual
|
6.35%
|
Semi-Annual
|
N/A
|
03/20/34
|
INR
|
13,127
|
4,321
|
3
|
4,318
|
|
1-day SOFR, 4.24%
|
Annual
|
3.66%
|
Annual
|
N/A
|
10/10/34
|
USD
|
4,339
|
(19,859
)
|
66
|
(19,925
)
|
|
1-day SOFR, 4.24%
|
Annual
|
3.67%
|
Annual
|
N/A
|
12/26/34
|
USD
|
7,165
|
(15,357
)
|
111
|
(15,468
)
|
|
1-day SOFR, 4.24%
|
Annual
|
3.70%
|
Annual
|
N/A
|
01/06/35
|
USD
|
5,610
|
3,177
|
87
|
3,090
|
|
1-day SOFR, 4.24%
|
Annual
|
3.75%
|
Annual
|
N/A
|
03/27/35
|
USD
|
5,561
|
34,216
|
88
|
34,128
|
|
1-day SOFR, 4.24%
|
Annual
|
3.75%
|
Annual
|
N/A
|
07/09/35
|
USD
|
2,731
|
19,263
|
43
|
19,220
|
|
3.46%
|
Annual
|
1-day SOFR, 4.24%
|
Annual
|
12/15/26
(a)
|
12/15/36
|
USD
|
4,824
|
112,995
|
80
|
112,915
|
|
3.65%
|
Annual
|
1-day SOFR, 4.24%
|
Annual
|
N/A
|
11/03/53
|
USD
|
2,577
|
152,541
|
80
|
152,461
|
|
1-day SOFR, 4.24%
|
Annual
|
4.00%
|
Annual
|
N/A
|
11/03/53
|
USD
|
2,577
|
9,431
|
80
|
9,351
|
|
1-day SONIA, 3.97%
|
Annual
|
4.10%
|
Annual
|
N/A
|
11/07/54
|
GBP
|
2,400
|
(291,754
)
|
11,304
|
(303,058
)
|
|
|
|
|
$ 10,608,881
|
$ 36,547
|
$ 10,572,334
|
|||||
|
(a)
|
Forward Swap.
|
|
Reference Obligations/Index
|
Financing
Rate Paid
by the Trust
|
Payment
Frequency
|
Counterparty
|
Termination
Date
|
Notional
Amount (000)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
TIM S.p.A.
|
1.00
%
|
Quarterly
|
Goldman Sachs International
|
12/20/29
|
EUR
|
190
|
$ (164
)
|
$ 8,048
|
$ (8,212
)
|
|
Reference Obligation/Index
|
Financing
Rate Received
by the Trust
|
Payment
Frequency
|
Counterparty
|
Termination
Date
|
Credit
Rating(a)
|
Notional
Amount (000)(b)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
ZF Europe Finance B.V.
|
5.00
%
|
Quarterly
|
Deutsche Bank AG
|
12/20/28
|
BB-
|
EUR
|
156
|
$ 11,184
|
$ 12,091
|
$ (907
)
|
|
Eutelsat S.A.
|
5.00
|
Quarterly
|
Deutsche Bank AG
|
12/20/29
|
NR
|
EUR
|
103
|
13,825
|
(8,948
)
|
22,773
|
|
Faurecia SE
|
5.00
|
Quarterly
|
Goldman Sachs International
|
12/20/29
|
BB-
|
EUR
|
107
|
13,472
|
6,632
|
6,840
|
|
iTraxx.XO.42 10-20%
|
5.00
|
Quarterly
|
BNP Paribas SA
|
12/20/29
|
B
|
EUR
|
310
|
23,469
|
19,734
|
3,735
|
|
iTraxx.XO.42 10-20%
|
5.00
|
Quarterly
|
BNP Paribas SA
|
12/20/29
|
B
|
EUR
|
310
|
23,467
|
20,203
|
3,264
|
|
iTraxx.XO.42.V3 20-35%
|
5.00
|
Quarterly
|
BNP Paribas SA
|
12/20/29
|
B
|
EUR
|
682
|
111,911
|
85,279
|
26,632
|
|
Eutelsat S.A.
|
5.00
|
Quarterly
|
JPMorgan Chase Bank N.A.
|
06/20/30
|
NR
|
EUR
|
95
|
12,807
|
2,934
|
9,873
|
|
Eutelsat S.A.
|
5.00
|
Quarterly
|
BNP Paribas SA
|
12/20/30
|
NR
|
EUR
|
154
|
20,858
|
20,739
|
119
|
|
|
|
|
|
|
|
|
|
$ 230,993
|
$ 158,664
|
$ 72,329
|
|
(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 Trust may pay should a negative credit event take
place as defined under the terms of the agreement.
|
|
Paid by the Trust
|
Received by the Trust
|
|
|
|
|
|
|
|
|
||
|
Rate
|
Frequency
|
Rate
|
Frequency
|
Counterparty
|
Effective
Date
|
Termination
Date
|
Notional
Amount (000)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
1-day BZDIOVER,
0.06%
|
At Termination
|
10.06%
|
At Termination
|
JPMorgan Chase Bank N.A.
|
N/A
|
01/04/27
|
BRL
|
14,158
|
$ (289,438
)
|
$ —
|
$ (289,438
)
|
|
1-day BZDIOVER,
0.06%
|
At Termination
|
9.99%
|
At Termination
|
Citibank N.A.
|
N/A
|
01/04/27
|
BRL
|
14,191
|
(297,375
)
|
—
|
(297,375
)
|
|
1-day BZDIOVER,
0.06%
|
At Termination
|
10.00%
|
At Termination
|
Bank of America N.A.
|
N/A
|
01/04/27
|
BRL
|
14,578
|
(300,093
)
|
—
|
(300,093
)
|
|
1-day BZDIOVER,
0.06%
|
At Termination
|
10.03%
|
At Termination
|
Morgan Stanley & Co.
International PLC
|
N/A
|
01/04/27
|
BRL
|
14,173
|
(293,139
)
|
—
|
(293,139
)
|
|
1-day BZDIOVER,
0.06%
|
At Termination
|
12.95%
|
At Termination
|
Bank of America N.A.
|
N/A
|
01/02/29
|
BRL
|
6,346
|
(13,328
)
|
—
|
(13,328
)
|
|
1-day BZDIOVER,
0.06%
|
At Termination
|
13.00%
|
At Termination
|
Barclays Bank PLC
|
N/A
|
01/02/29
|
BRL
|
11,362
|
(20,009
)
|
—
|
(20,009
)
|
|
1-day BZDIOVER,
0.06%
|
At Termination
|
13.00%
|
At Termination
|
Bank of America N.A.
|
N/A
|
01/02/29
|
BRL
|
7,385
|
(13,006
)
|
—
|
(13,006
)
|
|
1-day BZDIOVER,
0.06%
|
At Termination
|
13.12%
|
At Termination
|
Bank of America N.A.
|
N/A
|
01/02/29
|
BRL
|
29,662
|
(31,164
)
|
—
|
(31,164
)
|
|
|
|
|
|
$ (1,257,552
)
|
$ —
|
$ (1,257,552
)
|
|||||
|
Paid by the Trust
|
Received by the Trust
|
|
|
|
|
|
|
|
|
||
|
Rate/Reference
|
Frequency
|
Rate/Reference
|
Frequency
|
Counterparty
|
Effective
Date
|
Termination
Date
|
Notional
Amount (000)
|
Value
|
Upfront
Premium
Paid
(Received)
|
Unrealized
Appreciation
(Depreciation)
|
|
|
iShares iBoxx $
Investment Grade
Corporate Bond
ETF
|
At Termination
|
1-day SOFR minus
0.69%, 4.24%
|
At Termination
|
Goldman Sachs
International
|
N/A
|
12/19/25
|
USD
|
7,531
|
$ 24,717
|
$ —
|
$ 24,717
|
|
iShares iBoxx $
Investment Grade
Corporate Bond
ETF
|
At Termination
|
1-day SOFR minus
0.50%, 4.24%
|
At Termination
|
JPMorgan Chase
Bank N.A.
|
N/A
|
12/19/25
|
USD
|
5,878
|
19,572
|
—
|
19,572
|
|
1-day SOFR minus
0.25%, 4.24%
|
At Termination
|
iShares iBoxx $ High
Yield Corporate
Bond ETF
|
At Termination
|
BNP Paribas SA
|
N/A
|
12/19/25
|
USD
|
4,404
|
(8,091
)
|
—
|
(8,091
)
|
|
1-day SOFR minus
0.20%, 4.24%
|
At Termination
|
iShares iBoxx $ High
Yield Corporate
Bond ETF
|
At Termination
|
JPMorgan Chase
Bank N.A.
|
N/A
|
12/19/25
|
USD
|
2,852
|
(5,276
)
|
—
|
(5,276
)
|
|
1-day SOFR minus
0.15%, 4.24%
|
At Termination
|
iShares iBoxx $ High
Yield Corporate
Bond ETF
|
At Termination
|
JPMorgan Chase
Bank N.A.
|
N/A
|
12/19/25
|
USD
|
5,331
|
7,367
|
—
|
7,367
|
|
1-day SOFR plus
0.25%, 4.24%
|
At Termination
|
iShares Broad USD
High Yield
Corporate Bond
ETF
|
At Termination
|
BNP Paribas SA
|
N/A
|
12/19/25
|
USD
|
2,581
|
(4,195
)
|
—
|
(4,195
)
|
|
|
|
|
|
|
|
|
|
|
$ 34,094
|
$ —
|
$ 34,094
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
|
|
|
|
|
Investments
|
|
|
|
|
|
Long-Term Investments
|
|
|
|
|
|
Asset-Backed Securities
|
$ —
|
$ 53,144,472
|
$ —
|
$ 53,144,472
|
|
Common Stocks
|
|
|
|
|
|
Canada
|
15,617,828
|
—
|
—
|
15,617,828
|
|
China
|
209,114
|
8,279,364
|
—
|
8,488,478
|
|
Denmark
|
—
|
11,560,957
|
—
|
11,560,957
|
|
France
|
2,626,360
|
48,006,423
|
—
|
50,632,783
|
|
Germany
|
—
|
5,350,259
|
—
|
5,350,259
|
|
Israel
|
—
|
—
|
3,142
|
3,142
|
|
Italy
|
—
|
30,096,054
|
—
|
30,096,054
|
|
Netherlands
|
—
|
26,648,675
|
—
|
26,648,675
|
|
Norway
|
585,120
|
—
|
—
|
585,120
|
|
Spain
|
—
|
7,135,425
|
—
|
7,135,425
|
|
Sweden
|
—
|
—
|
—
|
—
|
|
Taiwan
|
35,346,105
|
—
|
—
|
35,346,105
|
|
United Kingdom
|
—
|
34,947,980
|
185,167
|
35,133,147
|
|
United States
|
843,845,326
|
26,590,473
|
4,299,126
|
874,734,925
|
|
Corporate Bonds
|
|
|
|
|
|
Australia
|
—
|
641,891
|
6,995,326
|
7,637,217
|
|
Belgium
|
—
|
3,421,272
|
—
|
3,421,272
|
|
Canada
|
—
|
3,024,012
|
—
|
3,024,012
|
|
Czech Republic
|
—
|
274,728
|
—
|
274,728
|
|
Denmark
|
—
|
169,194
|
—
|
169,194
|
|
Finland
|
—
|
429,739
|
—
|
429,739
|
|
France
|
—
|
6,543,718
|
—
|
6,543,718
|
|
Germany
|
358,220
|
7,500,009
|
3,896,410
|
11,754,639
|
|
Greece
|
—
|
694,185
|
—
|
694,185
|
|
Ireland
|
—
|
1,482,069
|
—
|
1,482,069
|
|
Israel
|
—
|
625,836
|
—
|
625,836
|
|
Italy
|
215,004
|
6,033,096
|
—
|
6,248,100
|
|
Japan
|
—
|
4,162,541
|
—
|
4,162,541
|
|
Jersey
|
—
|
506,070
|
—
|
506,070
|
|
Luxembourg
|
—
|
5,293,530
|
—
|
5,293,530
|
|
Mexico
|
586,067
|
—
|
—
|
586,067
|
|
Netherlands
|
—
|
2,764,793
|
—
|
2,764,793
|
|
Portugal
|
—
|
241,407
|
—
|
241,407
|
|
Slovenia
|
—
|
123,645
|
—
|
123,645
|
|
South Africa
|
—
|
176,039
|
—
|
176,039
|
|
Spain
|
—
|
2,127,926
|
—
|
2,127,926
|
|
Sweden
|
—
|
2,260,287
|
—
|
2,260,287
|
|
Switzerland
|
—
|
335,518
|
—
|
335,518
|
|
United Kingdom
|
—
|
13,490,769
|
—
|
13,490,769
|
|
United States
|
474,284
|
114,487,052
|
20,988,815
|
135,950,151
|
|
Fixed Rate Loan Interests
|
—
|
—
|
3,326,367
|
3,326,367
|
|
Floating Rate Loan Interests
|
—
|
48,760,129
|
22,941,777
|
71,701,906
|
|
Foreign Agency Obligations
|
—
|
27,925,415
|
—
|
27,925,415
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investment Companies
|
$ 41,031,212
|
$ —
|
$ —
|
$ 41,031,212
|
|
Municipal Bonds
|
—
|
2,817,402
|
—
|
2,817,402
|
|
Non-Agency Mortgage-Backed Securities
|
—
|
29,803,840
|
—
|
29,803,840
|
|
Preferred Securities
|
|
|
|
|
|
Capital Trusts
|
—
|
8,905,794
|
—
|
8,905,794
|
|
Preferred Stocks
|
—
|
—
|
28,349,329
|
28,349,329
|
|
U.S. Government Sponsored Agency Securities
|
—
|
123,260,394
|
—
|
123,260,394
|
|
Warrants
|
—
|
414
|
2,644,410
|
2,644,824
|
|
Short-Term Securities
|
|
|
|
|
|
Money Market Funds
|
42,236,870
|
—
|
—
|
42,236,870
|
|
Options Purchased
|
|
|
|
|
|
Equity Contracts
|
6,323,516
|
—
|
—
|
6,323,516
|
|
Interest Rate Contracts
|
—
|
59,331
|
—
|
59,331
|
|
Unfunded Floating Rate Loan Interests(a)
|
—
|
8,996
|
—
|
8,996
|
|
Liabilities
|
|
|
|
|
|
Unfunded Floating Rate Loan Interests(a)
|
—
|
—
|
(10,359
)
|
(10,359
)
|
|
|
$ 989,455,026
|
$ 670,111,123
|
$ 93,619,510
|
$ 1,753,185,659
|
|
Derivative Financial Instruments(b)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Credit Contracts
|
$ —
|
$ 580,310
|
$ —
|
$ 580,310
|
|
Equity Contracts
|
1,231,899
|
334,792
|
—
|
1,566,691
|
|
Foreign Currency Exchange Contracts
|
—
|
990,616
|
—
|
990,616
|
|
Interest Rate Contracts
|
337,206
|
11,248,008
|
—
|
11,585,214
|
|
Liabilities
|
|
|
|
|
|
Credit Contracts
|
—
|
(74,333
)
|
—
|
(74,333
)
|
|
Equity Contracts
|
(5,312,184
)
|
(22,206
)
|
—
|
(5,334,390
)
|
|
Foreign Currency Exchange Contracts
|
—
|
(610,424
)
|
—
|
(610,424
)
|
|
Interest Rate Contracts
|
(946,685
)
|
(2,213,840
)
|
—
|
(3,160,525
)
|
|
|
$ (4,689,764
)
|
$ 10,232,923
|
$ —
|
$ 5,543,159
|
|
(a)
|
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation)
on the commitment.
|
|
(b)
|
Derivative financial instruments are swaps, futures contracts, forward foreign currency
exchange contracts and options written. Swaps, futures contracts and forward foreign
currency
exchange contracts are valued at the unrealized appreciation (depreciation) on the
instrument and options written are shown at value.
|
|
|
Asset-Backed
Securities
|
Common
Stocks
|
Corporate
Bonds
|
Fixed
Rate Loan
Interests
|
Floating
Rate Loan
Interests
|
Preferred
Stocks
|
Unfunded Floating
Rate Loan
Interests
|
|
Assets
|
|
|
|
|
|
|
|
|
Opening balance, as of December 31, 2024
|
$ —
|
$ 4,762,535
|
$ 41,318,921
|
$ 4,051,489
|
$ 24,162,482
|
$ 38,482,155
|
$ (6,140
)
|
|
Transfers into Level 3
|
2,525
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Transfers out of Level 3
|
—
|
—
|
—
|
—
|
(1,195,564
)
|
—
|
—
|
|
Accrued discounts/premiums
|
14,828
|
—
|
97,308
|
6,684
|
28,016
|
—
|
—
|
|
Net realized gain (loss)
|
—
|
(18
)
|
(924,554
)
|
6,572
|
14,181
|
(3,688,440
)
|
—
|
|
Net change in unrealized appreciation (depreciation)(a)
|
(17,353
)
|
(3,268,717
)
|
(1,897,740
)
|
40,323
|
516,287
|
(2,852,567
)
|
(4,219
)
|
|
Purchases
|
—
|
3,836,684
|
9,686,253
|
2,414
|
1,683,971
|
6,835,356
|
—
|
|
Sales
|
—
|
(843,049
)
|
(16,399,637
)
|
(781,115
)
|
(2,267,596
)
|
(10,427,175
)
|
—
|
|
Closing balance, as of September 30, 2025
|
$ —
|
$ 4,487,435
|
$ 31,880,551
|
$ 3,326,367
|
$ 22,941,777
|
$ 28,349,329
|
$ (10,359
)
|
|
Net change in unrealized appreciation (depreciation) on investments still held at
September 30, 2025(a)
|
$ (17,353
)
|
$ (3,268,717
)
|
$ (1,325,900
)
|
$ 41,880
|
$ 517,134
|
$ (3,874,436
)
|
$ (4,219
)
|
|
|
Warrants
|
Total
|
|
Assets
|
|
|
|
Opening balance, as of December 31, 2024
|
$ 2,476,096
|
$ 115,247,538
|
|
Transfers into Level 3
|
—
|
2,525
|
|
Transfers out of Level 3
|
—
|
(1,195,564
)
|
|
Accrued discounts/premiums
|
—
|
146,836
|
|
|
Warrants
|
Total
|
|
Net realized gain (loss)
|
$ —
|
$ (4,592,259
)
|
|
Net change in unrealized appreciation (depreciation)(a)
|
168,314
|
(7,315,672
)
|
|
Purchases
|
—
|
22,044,678
|
|
Sales
|
—
|
(30,718,572
)
|
|
Closing balance, as of September 30, 2025
|
$ 2,644,410
|
$ 93,619,510
|
|
Net change in unrealized appreciation (depreciation) on investments still held at
September 30, 2025(a)
|
$ 195,686
|
$ (7,735,925
)
|
|
(a)
|
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.
|
|
|
Value
|
Valuation
Approach
|
Unobservable
Inputs
|
Range of
Unobservable
Inputs
Utilized(a)
|
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
|
|
Assets
|
|
|
|
|
|
|
Common Stocks
|
$4,487,431
|
Market
|
Revenue Multiple
|
2.61x - 10.00x
|
9.99x
|
|
|
|
|
EBITDA
|
16.00x
|
—
|
|
|
|
|
Gross Profit Multiple
|
8.25x
|
—
|
|
|
|
|
Volatility
|
56% - 70%
|
69%
|
|
|
|
|
Time to Exit
|
0.3 - 2.0 years
|
0.5 years
|
|
|
|
Income
|
Discount Rate
|
15%
|
-
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
31,519,297
|
Income
|
Discount Rate
|
10%- 21%
|
13%
|
|
|
|
Market
|
Revenue Multiple
|
1.00x
|
|
|
|
|
|
|
|
|
|
Floating Rate Loan Interests
|
22,091,116
|
Income
|
Discount Rate
|
6%- 14%
|
11%
|
|
|
|
|
|
|
|
|
Fixed Rate Loan Interests
|
3,326,367
|
Income
|
Discount Rate
|
8%
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stocks
|
28,311,894
|
Market
|
Revenue Multiple
|
2.00x - 20.80x
|
8.95x
|
|
|
|
|
Time to Exit
|
1.0 - 3.0 years
|
2.9 years
|
|
|
|
|
Volatility
|
42% - 80%
|
68%
|
|
|
|
Income
|
Discount Rate
|
15%
|
—
|
|
|
|
|
|
|
|
|
Warrants
|
2,644,409
|
Market
|
Revenue Multiple
|
4.50x -10.50x
|
8.18x
|
|
|
|
|
Volatility
|
30% - 70%
|
64%
|
|
|
|
|
Time to Exit
|
0.3 - 4.5 years
|
3.1 years
|
|
|
$92,380,514
|
|
|
|
|
|
(a)
|
A significant change in unobservable input could result in a correlated or inverse
change in value.
|
|
Currency Abbreviation
|
|
|
AUD
|
Australian Dollar
|
|
BRL
|
Brazilian Real
|
|
CAD
|
Canadian Dollar
|
|
CHF
|
Swiss Franc
|
|
DKK
|
Danish Krone
|
|
EUR
|
Euro
|
|
GBP
|
British Pound
|
|
HKD
|
Hong Kong Dollar
|
|
Currency Abbreviation (continued)
|
|
|
IDR
|
Indonesian Rupiah
|
|
INR
|
Indian Rupee
|
|
JPY
|
Japanese Yen
|
|
KRW
|
South Korean Won
|
|
MXN
|
Mexican Peso
|
|
SEK
|
Swedish Krona
|
|
TWD
|
New Taiwan Dollar
|
|
USD
|
United States Dollar
|
|
Currency Abbreviation (continued)
|
|
|
ZAR
|
South African Rand
|
|
Portfolio Abbreviation
|
|
|
ADR
|
American Depositary Receipt
|
|
BZDIOVER
|
Overnight Brazil Interbank Deposit (CETIP)
|
|
CLO
|
Collateralized Loan Obligation
|
|
CME
|
Chicago Mercantile Exchange
|
|
CMT
|
Constant Maturity Treasury
|
|
DAC
|
Designated Activity Company
|
|
ETF
|
Exchange-Traded Fund
|
|
EURIBOR
|
Euro Interbank Offered Rate
|
|
FREMF
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Freddie Mac Multifamily Securities
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KOSPI
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Korea Composite Stock Price Index
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MIBOR
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Mumbai Interbank Offered Rate
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PIK
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Payment-in-Kind
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PIPE
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Private Investment in Public Equity
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RB
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Revenue Bonds
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S&P
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Standard & Poor’s
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SAB
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Special Assessment Bonds
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SCA
|
Societe en Commandite par Actions
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SOFR
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Secured Overnight Financing Rate
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SONIA
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Sterling Overnight Interbank Average Rate
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SPDR
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Standard & Poor’s Depository Receipt
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TIIEFONDEO
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MXN - Overnight TIIE Funding Rate
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