Fund & Benchmark Performance |
||||
Total Return (based on net asset value (“NAV”)) 1 |
0.63 | % | ||
Total Return (based on market value) 1 |
(0.96 | )% | ||
ICE BofA US High Yield Constrained Index (the “Index”) 2 |
1.70 | % |
1 |
Assuming reinvestment of distributions. |
2 |
The ICE BofA US High Yield Constrained Index is an unmanaged index that tracks the performance of below investment grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer’s allocation is limited to 2% of the Index. The Index does not have transaction costs and investors cannot invest directly in the Index. |
John G. Popp | Omar Tariq | |
Chief Investment Officer* | Chief Executive Officer and President** |
* | John G. Popp is a Managing Director of UBS Asset Management (Americas) LLC (“UBS AM”) and Group Head and Chief Investment Officer of Credit Investments Group (“CIG”), with primary responsibility for making investment decisions and monitoring processes for CIG’s global investment strategies. Mr. Popp also serves as Trustee of the Credit Suisse open-end Funds, as well as serving as Director for the Credit Suisse Asset Management Income Fund, Inc. and Trustee of the Credit Suisse High Yield Bond Fund. |
** | Omar Tariq is an Executive Director of UBS AM. Mr. Tariq also serves as Chief Executive Officer and President of other Credit Suisse open-end funds, as well as serving as Chief Executive Officer and President for the Credit Suisse Asset Management Income Fund, Inc. |
6 Months |
1 Year |
3 Years |
5 Years |
10 Years |
||||||||||||||||
Net Asset Value (NAV) |
0.63% | 7.57% | 7.23% | 9.80% | 6.62% | |||||||||||||||
Market Value |
(0.96)% | 10.72% | 8.96% | 11.43% | 6.56% |
BBB |
2.6 | % | ||
BB |
34.2 | |||
B |
37.8 | |||
CCC |
14.2 | |||
CC |
1.1 | |||
NR |
7.7 | |||
Subtotal |
97.6 | |||
Equity and Other |
2.4 | |||
Total |
100.0 | % | ||
* | Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time. |
** | Credit Quality is based on ratings provided by the S&P Global Ratings Division of S&P Global Inc. (“S&P”). S&P is a main provider of ratings for credit assets classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P. |
Derivatives are not reflected in amounts reported above. |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS |
||||||||||||||||||
Aerospace & Defense |
||||||||||||||||||
$ |
600 |
AAR Escrow Issuer LLC, Rule 144A, Company Guaranteed Notes (Callable 03/15/26 @ 103.38) (1) |
(BB, Ba2) |
03/15/29 |
6.750 |
$ |
614,141 |
|||||||||||
2,400 |
Amentum Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/01/27 @ 103.63) (1) |
(B, B3) |
08/01/32 |
7.250 |
2,443,205 |
|||||||||||||
587 |
Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/26 @ 103.75) (1),(2) |
(B+, B1) |
02/01/29 |
7.500 |
605,169 |
|||||||||||||
900 |
Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Callable 11/15/26 @ 104.38) (1) |
(B+, B1) |
11/15/30 |
8.750 |
962,580 |
|||||||||||||
755 |
Goat Holdco LLC, Rule 144A, Senior Secured Notes (Callable 02/01/28 @ 103.38) (1) |
(B, B2) |
02/01/32 |
6.750 |
738,775 |
|||||||||||||
1,260 |
TransDigm, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/26 @ 103.19) (1) |
(BB-, Ba3) |
03/01/29 |
6.375 |
1,283,645 |
|||||||||||||
660 |
TransDigm, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/27 @ 103.31) (1) |
(BB-, Ba3) |
03/01/32 |
6.625 |
676,906 |
|||||||||||||
7,324,421 |
||||||||||||||||||
Air Transportation (0.7%) |
||||||||||||||||||
1,024 |
Stonepeak Nile Parent LLC, Rule 144A, Senior Secured Notes (Callable 03/15/28 @ 103.63) (1) |
(BB, Ba1) |
03/15/32 |
7.250 |
1,042,550 |
|||||||||||||
475 |
VistaJet Malta Finance PLC/Vista Management Holding, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 103.19) (1) |
(B, B3) |
02/01/30 |
6.375 |
410,296 |
|||||||||||||
1,452,846 |
||||||||||||||||||
Auto Parts & Equipment (5.7%) |
||||||||||||||||||
1,934 |
Adient Global Holdings Ltd., Rule 144A, Company Guaranteed Notes (Callable 02/15/28 @ 103.75) (1),(2) |
(BB, B2) |
02/15/33 |
7.500 |
1,835,524 |
|||||||||||||
429 |
Adient Global Holdings Ltd., Rule 144A, Senior Secured Notes (Callable 05/11/25 @ 103.50) (1) |
(BBB-, Ba2) |
04/15/28 |
7.000 |
433,073 |
|||||||||||||
2,918 |
Clarios Global LP/Clarios U.S. Finance Co., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 100.00) (1) |
(B, Caa1) |
05/15/27 |
8.500 |
2,934,023 |
|||||||||||||
893 |
Cougar JV Subsidiary LLC, Rule 144A, Senior Unsecured Notes (Callable 05/15/27 @ 104.00) (1) |
(B+, B2) |
05/15/32 |
8.000 |
926,948 |
|||||||||||||
2,575 |
Dealer Tire LLC/DT Issuer LLC, Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 102.00) (1) |
(CCC, Caa1) |
02/01/28 |
8.000 |
2,501,203 |
|||||||||||||
2,153 |
Garrett Motion Holdings, Inc./Garrett LX I SARL, Rule 144A, Company Guaranteed Notes (Callable 05/31/27 @ 103.88) (1) |
(B, B1) |
05/31/32 |
7.750 |
2,159,234 |
|||||||||||||
1,802 |
Phinia, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/26 @ 103.38) (1) |
(BB+, Baa3) |
04/15/29 |
6.750 |
1,825,289 |
|||||||||||||
12,615,294 |
||||||||||||||||||
Brokerage (0.6%) |
||||||||||||||||||
1,314 |
StoneX Group, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/27 @ 103.94) (1) |
(BB-, Ba3) |
03/01/31 |
7.875 |
1,370,907 |
|||||||||||||
Building & Construction (4.0%) |
||||||||||||||||||
1,500 |
Installed Building Products, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/16/25 @ 100.00) (1) |
(B+, Ba2) |
02/01/28 |
5.750 |
1,475,579 |
|||||||||||||
2,134 |
MasTec, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/11/25 @ 103.31) (1) |
(BBB-, NR) |
08/15/29 |
6.625 |
2,133,210 |
|||||||||||||
2,361 |
Pike Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.38) (1) |
(B-, B3) |
09/01/28 |
5.500 |
2,320,680 |
|||||||||||||
300 |
Pike Corp., Rule 144A, Senior Unsecured Notes (Callable 01/31/27 @ 104.31) (1) |
(B-, B3) |
01/31/31 |
8.625 |
315,058 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS |
||||||||||||||||||
Building & Construction |
||||||||||||||||||
$ |
614 |
Quikrete Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 03/01/28 @ 103.19) (1) |
(BB, Ba3) |
03/01/32 |
6.375 |
$ |
618,555 |
|||||||||||
1,024 |
Quikrete Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 03/01/28 @ 103.38) (1) |
(B+, B2) |
03/01/33 |
6.750 |
1,028,872 |
|||||||||||||
920 |
Standard Building Solutions, Inc., Rule 144A, Senior Unsecured Notes (Callable 08/15/27 @ 103.25) (1) |
(BB, Ba3) |
08/15/32 |
6.500 |
934,328 |
|||||||||||||
8,826,282 |
||||||||||||||||||
Building Materials (5.4%) |
||||||||||||||||||
565 |
Advanced Drainage Systems, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/25 @ 103.19) (1) |
(BB-, Ba2) |
06/15/30 |
6.375 |
574,283 |
|||||||||||||
60 |
Camelot Return Merger Sub, Inc., Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 106.56) (1) |
(B, B3) |
08/01/28 |
8.750 |
52,375 |
|||||||||||||
1,021 |
Cornerstone Building Brands, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/26 @ 104.75) (1) |
(B, B3) |
08/15/29 |
9.500 |
889,495 |
|||||||||||||
2,268 |
Foundation Building Materials, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.50) (1),(2) |
(CCC+, Caa2) |
03/01/29 |
6.000 |
1,913,630 |
|||||||||||||
1,200 |
James Hardie International Finance DAC, Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 100.83) (1) |
(BB+, Ba1) |
01/15/28 |
5.000 |
1,170,813 |
|||||||||||||
1,820 |
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Rule 144A, Senior Secured Notes (Callable 04/01/27 @ 103.38) (1) |
(BB-, B1) |
04/01/32 |
6.750 |
1,822,138 |
|||||||||||||
2,608 |
Oscar AcquisitionCo LLC/Oscar Finance, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 104.75) (1) |
(CCC+, Caa1) |
04/15/30 |
9.500 |
2,376,580 |
|||||||||||||
400 |
Standard Industries, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/15/25 @ 102.19) (1) |
(BB, Ba3) |
07/15/30 |
4.375 |
373,466 |
|||||||||||||
2,721 |
White Cap Buyer LLC, Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 101.72) (1),(2) |
(CCC+, Caa1) |
10/15/28 |
6.875 |
2,653,684 |
|||||||||||||
11,826,464 |
||||||||||||||||||
Cable & Satellite TV (1.7%) |
||||||||||||||||||
2,785 |
Altice France SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.28) (1) |
(CC, Caa2) |
01/15/29 |
5.125 |
2,258,165 |
|||||||||||||
300 |
Altice France SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.28) (1) |
(CC, Caa2) |
07/15/29 |
5.125 |
245,449 |
|||||||||||||
300 |
Altice France SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 102.75) (1) |
(CC, Caa2) |
10/15/29 |
5.500 |
245,903 |
|||||||||||||
1,200 |
Sunrise FinCo I BV, Rule 144A, Senior Secured Notes (Callable 07/15/26 @ 102.44) (1) |
(BB-, B1) |
07/15/31 |
4.875 |
1,097,700 |
|||||||||||||
3,847,217 |
||||||||||||||||||
Chemicals (5.1%) |
||||||||||||||||||
715 |
Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 08/01/25 @ 103.56) (1) |
(BB-, Ba3) |
08/01/30 |
7.125 |
729,664 |
|||||||||||||
600 |
Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 09/15/27 @ 103.13) (1) |
(BB-, Ba3) |
11/01/31 |
6.250 |
594,021 |
|||||||||||||
726 |
Element Solutions, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 100.97) (1) |
(BB, B1) |
09/01/28 |
3.875 |
687,097 |
|||||||||||||
950 |
Herens Holdco SARL, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.88) (1) |
(B-, B2) |
05/15/28 |
4.750 |
829,805 |
|||||||||||||
1,200 |
Herens Midco SARL, Rule 144A, Company Guaranteed Notes (Callable 05/30/25 @ 101.31) (1),(3) |
(CCC, Caa2) |
05/15/29 |
5.250 |
1,012,026 |
|||||||||||||
1,482 |
INEOS Finance PLC, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 103.38) (1) |
(BB, Ba3) |
05/15/28 |
6.750 |
1,448,198 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS |
||||||||||||||||||
Chemicals |
||||||||||||||||||
$ |
875 |
Methanex U.S. Operations, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/31 @ 100.00) (1) |
(BB, Ba2) |
03/15/32 |
6.250 |
$ |
829,021 |
|||||||||||
2,400 |
Tronox, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.16) (1),(2) |
(BB-, B2) |
03/15/29 |
4.625 |
1,934,811 |
|||||||||||||
2,885 |
Vibrantz Technologies, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 104.50) (1),(2) |
(CCC+, Caa2) |
02/15/30 |
9.000 |
2,192,080 |
|||||||||||||
1,041 |
WR Grace Holdings LLC, Rule 144A, Senior Secured Notes (Callable 03/01/26 @ 103.69) (1) |
(B-, B2) |
03/01/31 |
7.375 |
1,047,506 |
|||||||||||||
11,304,229 |
||||||||||||||||||
Diversified Capital Goods (1.6%) |
||||||||||||||||||
483 |
Atkore, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/01/26 @ 102.13) (1) |
(BB+, Ba2) |
06/01/31 |
4.250 |
429,017 |
|||||||||||||
2,100 |
Dornoch Debt Merger Sub, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 103.31) (1),(2) |
(CCC, Caa2) |
10/15/29 |
6.625 |
1,453,888 |
|||||||||||||
900 |
EnerSys, Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ 100.00) (1) |
(BB+, Ba3) |
12/15/27 |
4.375 |
873,672 |
|||||||||||||
750 |
EnerSys, Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 103.31) (1) |
(BB+, Ba3) |
01/15/32 |
6.625 |
766,159 |
|||||||||||||
3,522,736 |
||||||||||||||||||
Electronics (1.2%) |
||||||||||||||||||
1,438 |
Ellucian Holdings, Inc., Rule 144A, Senior Secured Notes (Callable 12/01/26 @ 103.25) (1) |
(B-, B2) |
12/01/29 |
6.500 |
1,440,306 |
|||||||||||||
1,250 |
Sensata Technologies, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/27 @ 103.31) (1) |
(BB+, Ba2) |
07/15/32 |
6.625 |
1,240,496 |
|||||||||||||
2,680,802 |
||||||||||||||||||
Energy - Exploration & Production (6.2%) |
||||||||||||||||||
650 |
Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/01/25 @ 104.19) (1) |
(BB-, B1) |
07/01/28 |
8.375 |
639,392 |
|||||||||||||
905 |
Civitas Resources, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/01/26 @ 104.38) (1) |
(BB-, B1) |
07/01/31 |
8.750 |
861,083 |
|||||||||||||
2,074 |
CNX Midstream Partners LP, Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 102.38) (1) |
(BB, B1) |
04/15/30 |
4.750 |
1,910,368 |
|||||||||||||
550 |
CNX Resources Corp., Rule 144A, Company Guaranteed Notes (Callable 03/01/27 @ 103.63) (1) |
(BB, B1) |
03/01/32 |
7.250 |
550,329 |
|||||||||||||
2,750 |
CQP Holdco LP/BIP-V Chinook Holdco LLC, Rule 144A, Senior Secured Notes (Callable 12/15/28 @ 103.75)(1) |
(BB, Ba2) |
12/15/33 |
7.500 |
2,896,251 |
|||||||||||||
286 |
Excelerate Energy LP, Rule 144A, Senior Unsecured Notes (Callable 05/15/27 @ 104.00) (1) |
(BB+, NR) |
05/15/30 |
8.000 |
291,216 |
|||||||||||||
580 |
Matador Resources Co., Rule 144A, Company Guaranteed Notes (Callable 05/11/25 @ 103.44) (1) |
(BB-, B1) |
04/15/28 |
6.875 |
578,619 |
|||||||||||||
874 |
Matador Resources Co., Rule 144A, Company Guaranteed Notes (Callable 04/15/27 @ 103.25) (1) |
(BB-, B1) |
04/15/32 |
6.500 |
842,978 |
|||||||||||||
800 |
Murphy Oil USA, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/15/26 @ 101.88) (1) |
(BB+, Ba2) |
02/15/31 |
3.750 |
721,878 |
|||||||||||||
3,415 |
Northern Oil & Gas, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 102.03) (1) |
(B+, B1) |
03/01/28 |
8.125 |
3,375,140 |
|||||||||||||
1,080 |
TGNR Intermediate Holdings LLC, Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 102.75) (1) |
(B+, B3) |
10/15/29 |
5.500 |
1,000,443 |
|||||||||||||
13,667,697 |
||||||||||||||||||
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS |
||||||||||||||||||
Environmental (0.4%) |
||||||||||||||||||
$ |
335 |
Clean Harbors, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/26 @ 103.19) (1) |
(BB+, Ba2) |
02/01/31 |
6.375 |
$ |
341,244 |
|||||||||||
555 |
Waste Pro U.S.A., Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/28 @ 103.50) (1) |
(B-, B3) |
02/01/33 |
7.000 |
567,525 |
|||||||||||||
908,769 |
||||||||||||||||||
Food - Wholesale (1.6%) |
||||||||||||||||||
500 |
Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/11/25 @ 100.00) (1) |
(BB+, Ba2) |
04/15/27 |
5.250 |
494,918 |
|||||||||||||
1,700 |
Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/25 @ 103.00) (1) |
(BB+, Ba2) |
06/15/30 |
6.000 |
1,693,554 |
|||||||||||||
1,315 |
Performance Food Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ 103.06) (1) |
(BB, B1) |
09/15/32 |
6.125 |
1,315,737 |
|||||||||||||
3,504,209 |
||||||||||||||||||
Gaming (3.0%) |
||||||||||||||||||
500 |
Boyd Gaming Corp., Rule 144A, Company Guaranteed Notes (Callable 06/15/26 @ 102.38) (1) |
(BB, B1) |
06/15/31 |
4.750 |
466,632 |
|||||||||||||
1,491 |
Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes (Callable 02/15/26 @ 103.50) (1) |
(BB-, Ba3) |
02/15/30 |
7.000 |
1,525,827 |
|||||||||||||
268 |
Caesars Entertainment, Inc., Rule 144A, Senior Secured Notes (Callable 02/15/27 @ 103.25) (1) |
(BB-, Ba3) |
02/15/32 |
6.500 |
269,648 |
|||||||||||||
2,458 |
Light & Wonder International, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/16/25 @ 100.00) (1) |
(B+, B2) |
05/15/28 |
7.000 |
2,460,743 |
|||||||||||||
1,850 |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/27 @ 100.00) (1) |
(BB-, B1) |
05/15/27 |
5.250 |
1,833,055 |
|||||||||||||
6,555,905 |
||||||||||||||||||
Gas Distribution (2.9%) |
||||||||||||||||||
300 |
Blue Racer Midstream LLC/Blue Racer Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 07/15/27 @ 103.63) (1) |
(B+, B2) |
07/15/32 |
7.250 |
307,867 |
|||||||||||||
429 |
Genesis Energy LP/Genesis Energy Finance Corp., Global Company Guaranteed Notes (Callable 04/15/26 @ 104. 44) |
(B, B3) |
04/15/30 |
8.875 |
437,423 |
|||||||||||||
450 |
Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes (Callable 03/01/26 @ 102.94) (1) |
(BB+, Ba2) |
03/01/28 |
5.875 |
451,303 |
|||||||||||||
600 |
Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes (Callable 10/15/25 @ 102.75) (1) |
(BB+, Ba2) |
10/15/30 |
5.500 |
586,515 |
|||||||||||||
914 |
Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes (Callable 03/15/28 @ 103.38) (1) |
(BB, Ba2) |
03/15/33 |
6.750 |
929,853 |
|||||||||||||
915 |
Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes (Callable 02/15/30 @ 100.00) (1) |
(BB, Ba2) |
05/15/30 |
4.800 |
862,165 |
|||||||||||||
900 |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 12/31/25 @ 103.00) (1) |
(B+, B1) |
12/31/30 |
6.000 |
838,998 |
|||||||||||||
1,950 |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 02/15/26 @ 103.69) (1) |
(B+, B1) |
02/15/29 |
7.375 |
1,944,597 |
|||||||||||||
6,358,721 |
||||||||||||||||||
Health Facility (0.2%) |
||||||||||||||||||
513 |
Insulet Corp., Rule 144A, Senior Unsecured Notes (Callable 04/01/28 @ 103.25) (1) |
(B+, B2) |
04/01/33 |
6.500 |
523,722 |
|||||||||||||
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS |
||||||||||||||||||
Health Services (1.8%) |
||||||||||||||||||
$ |
2,600 |
AthenaHealth Group, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 103.25) (1) |
(CCC, Caa2) |
02/15/30 |
6.500 |
$ |
2,487,344 |
|||||||||||
1,569 |
Pediatrix Medical Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 102.69) (1) |
(BB-, Ba3) |
02/15/30 |
5.375 |
1,514,721 |
|||||||||||||
4,002,065 |
||||||||||||||||||
Hotels (0.1%) |
||||||||||||||||||
45 |
Hilton Domestic Operating Co., Inc., Rule 144A, Company Guaranteed Notes (Callable 04/01/26 @ 102.94) (1) |
(BB+, Ba2) |
04/01/29 |
5.875 |
45,491 |
|||||||||||||
247 |
RHP Hotel Properties LP/RHP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 04/01/27 @ 103.25) (1) |
(BB-, Ba3) |
04/01/32 |
6.500 |
246,395 |
|||||||||||||
291,886 |
||||||||||||||||||
Insurance Brokerage (8.1%) |
||||||||||||||||||
1,623 |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 103.38)(1) |
(B, B2) |
04/15/28 |
6.750 |
1,636,714 |
|||||||||||||
249 |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Rule 144A, Senior Secured Notes (Callable 01/15/27 @ 103.50)(1) |
(B, B2) |
01/15/31 |
7.000 |
253,024 |
|||||||||||||
333 |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Rule 144A, Senior Secured Notes (Callable 10/01/27 @ 103.69)(1) |
(B, B2) |
10/01/31 |
6.500 |
333,151 |
|||||||||||||
600 |
AmWINS Group, Inc., Rule 144A, Senior Secured Notes (Callable 02/15/26 @ 103.19) (1) |
(B+, B1) |
02/15/29 |
6.375 |
607,455 |
|||||||||||||
1,093 |
AssuredPartners, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 101.41) (1) |
(CCC+, Caa2) |
01/15/29 |
5.625 |
1,090,278 |
|||||||||||||
1,094 |
AssuredPartners, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/15/27 @ 103.75) (1) |
(CCC+, Caa2) |
02/15/32 |
7.500 |
1,163,866 |
|||||||||||||
2,512 |
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC, Rule 144A, Senior Secured Notes (Callable 02/15/27 @ 103.63) (1) |
(B, B2) |
02/15/31 |
7.250 |
2,582,122 |
|||||||||||||
1,200 |
HUB International Ltd., Rule 144A, Senior Secured Notes (Callable 06/15/26 @ 103.63) (1) |
(B, B1) |
06/15/30 |
7.250 |
1,245,355 |
|||||||||||||
1,500 |
Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Secured Notes (Callable 03/15/26 @ 104.25) (1) |
(B-, B2) |
03/15/30 |
8.500 |
1,582,863 |
|||||||||||||
1,800 |
Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Unsecured Notes (Callable 12/15/25 @ 105.25) (1) |
(CCC, Caa2) |
12/15/30 |
10.500 |
1,937,939 |
|||||||||||||
2,700 |
Panther Escrow Issuer LLC, Rule 144A, Senior Secured Notes (Callable 06/01/27 @ 103.56) (1) |
(B, B2) |
06/01/31 |
7.125 |
2,768,677 |
|||||||||||||
1,200 |
Ryan Specialty LLC, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 102.19) (1) |
(BB-, B1) |
02/01/30 |
4.375 |
1,139,948 |
|||||||||||||
1,500 |
Ryan Specialty LLC, Rule 144A, Senior Secured Notes (Callable 08/01/27 @ 102.94) (1) |
(BB-, B1) |
08/01/32 |
5.875 |
1,483,238 |
|||||||||||||
17,824,630 |
||||||||||||||||||
Investments & Misc. Financial Services (8.9%) |
||||||||||||||||||
3,150 |
Armor Holdco, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 104.25) (1) |
(CCC+, Caa1) |
11/15/29 |
8.500 |
2,903,456 |
|||||||||||||
900 |
Block, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/15/27 @ 103.25) (1) |
(BB+, Ba2) |
05/15/32 |
6.500 |
919,313 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS |
||||||||||||||||||
Investments & Misc. Financial Services |
||||||||||||||||||
$ |
3,000 |
Boost Newco Borrower LLC, Rule 144A, Senior Secured Notes (Callable 01/15/27 @ 103.75) (1) |
(BB, Ba3) |
01/15/31 |
7.500 |
$ |
3,168,189 |
|||||||||||
1,450 |
Compass Group Diversified Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 05/16/25 @ 101.31) (1) |
(B+, B1) |
04/15/29 |
5.250 |
1,369,455 |
|||||||||||||
1,150 |
Compass Group Diversified Holdings LLC, Rule 144A, Senior Unsecured Notes (Callable 01/15/27 @ 102.50) (1) |
(B+, B1) |
01/15/32 |
5.000 |
1,029,710 |
|||||||||||||
1,989 |
Focus Financial Partners LLC, Rule 144A, Senior Secured Notes (Callable 09/15/27 @ 103.38) (1) |
(B, B2) |
09/15/31 |
6.750 |
1,999,180 |
|||||||||||||
415 |
Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes (Callable 05/01/28 @ 103.38) (1) |
(BB, Ba1) |
05/01/33 |
6.750 |
417,401 |
|||||||||||||
2,700 |
Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes (Callable 04/30/27 @ 103.56) (1) |
(BB, Ba1) |
04/30/31 |
7.125 |
2,786,363 |
|||||||||||||
3 |
Jane Street Group/JSG Finance, Inc., Rule 144A, Senior Secured Notes (Callable 11/01/27 @ 103.06) (1) |
(BB, Ba1) |
11/01/32 |
6.125 |
2,950 |
|||||||||||||
300 |
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 102.00) (1),(2) |
(B, B2) |
06/15/29 |
4.000 |
280,914 |
|||||||||||||
600 |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 100.00) (1) |
(NR, Ba3) |
11/01/26 |
4.625 |
592,184 |
|||||||||||||
600 |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ 103.38) (1) |
(BB-, Ba3) |
08/15/32 |
6.750 |
608,875 |
|||||||||||||
2,480 |
VFH Parent LLC/Valor Co-Issuer, Inc., Rule 144A, Senior Secured Notes(Callable 06/15/27 @ 103.75) (1) |
(B+, B1) |
06/15/31 |
7.500 |
2,548,136 |
|||||||||||||
997 |
Walker & Dunlop, Inc., Rule 144A, Company Guaranteed Notes (Callable 04/01/28 @ 103.31) (1) |
(BB, Ba2) |
04/01/33 |
6.625 |
1,015,076 |
|||||||||||||
19,641,202 |
||||||||||||||||||
Machinery |
||||||||||||||||||
2,100 |
Arcosa, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ 103.44) (1) |
(B+, Ba3) |
08/15/32 |
6.875 |
2,145,974 |
|||||||||||||
1,222 |
Chart Industries, Inc., Rule 144A, Senior Secured Notes (Callable 01/01/26 @ 103.75) (1) |
(BB-, Ba2) |
01/01/30 |
7.500 |
1,269,339 |
|||||||||||||
2,071 |
Enviri Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 100.00) (1) |
(B, B3) |
07/31/27 |
5.750 |
1,998,441 |
|||||||||||||
2,356 |
Griffon Corp., Global Company Guaranteed Notes (Callable 05/31/25 @ 100.96) |
(B+, B1) |
03/01/28 |
5.750 |
2,326,250 |
|||||||||||||
1,200 |
Hillenbrand, Inc., Global Company Guaranteed Notes (Callable 02/15/26 @ 103.13) |
(BB+, Ba1) |
02/15/29 |
6.250 |
1,194,384 |
|||||||||||||
226 |
Regal Rexnord Corp., Global Company Guaranteed Notes (Callable 01/15/33 @ 100.00) |
(BB+, Baa3) |
04/15/33 |
6.400 |
230,270 |
|||||||||||||
9,164,658 |
||||||||||||||||||
Media - Diversified |
||||||||||||||||||
67 |
Tech 7 SAS Super Senior (New Money Tranche 1) (3),(4),(5),(6),(7) |
(NR, NR) |
03/31/26 |
0.000 |
8 |
|||||||||||||
40 |
Tech 7 SAS Super Senior (New Money Tranche 2) (3),(4),(5),(6),(7) |
(NR, NR) |
03/31/26 |
0.000 |
5 |
|||||||||||||
20 |
Tech 7 SAS Technicolor Creative Studios Super Senior (3),(4),(5),(6),(7) |
(NR, NR) |
04/01/26 |
0.000 |
2 |
|||||||||||||
20 |
Technicolor Creative Studios (3),(4),(5),(6),(7) |
(NR, NR) |
04/01/26 |
0.000 |
2 |
|||||||||||||
17 |
||||||||||||||||||
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS |
||||||||||||||||||
Media Content |
||||||||||||||||||
$ |
600 |
Sirius XM Radio LLC, Rule 144A, Company Guaranteed Notes (Callable 09/01/26 @ 101.94) (1), (2) |
(BB+, Ba3) |
09/01/31 |
3.875 |
$ |
515,225 |
|||||||||||
Metals & Mining - Excluding Steel |
||||||||||||||||||
913 |
Capstone Copper Corp., Rule 144A, Company Guaranteed Notes (Callable 03/31/28 @ 103.38) (1) |
(BB-, B1) |
03/31/33 |
6.750 |
894,690 |
|||||||||||||
1,959 |
Constellium SE, Rule 144A, Company Guaranteed Notes (Callable 08/15/27 @ 103.19) (1), (2) |
(BB-, Ba3) |
08/15/32 |
6.375 |
1,929,996 |
|||||||||||||
2,700 |
ERO Copper Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 103.25) (1),(2) |
(B+, B1) |
02/15/30 |
6.500 |
2,606,171 |
|||||||||||||
2,300 |
First Quantum Minerals Ltd., Rule 144A, Secured Notes (Callable 03/01/26 @ 104.69) (1) |
(B, NR) |
03/01/29 |
9.375 |
2,415,249 |
|||||||||||||
1,200 |
Kaiser Aluminum Corp., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ 102.25) (1),(2) |
(BB-, B2) |
06/01/31 |
4.500 |
1,079,623 |
|||||||||||||
782 |
Novelis Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 102.38) (1) |
(BB, Ba3) |
01/30/30 |
4.750 |
727,848 |
|||||||||||||
985 |
Novelis, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/30/27 @ 103.44) (1) |
(BB, Ba3) |
01/30/30 |
6.875 |
999,076 |
|||||||||||||
10,652,653 |
||||||||||||||||||
Oil Refining & Marketing |
||||||||||||||||||
1,643 |
Global Partners LP/GLP Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/27 @ 104.13) (1) |
(B+, B2) |
01/15/32 |
8.250 |
1,674,702 |
|||||||||||||
900 |
Sunoco LP, Rule 144A, Company Guaranteed Notes (Callable 05/01/27 @ 103.63) (1) |
(BB+, Ba1) |
05/01/32 |
7.250 |
933,880 |
|||||||||||||
1,100 |
Sunoco LP/Sunoco Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 09/15/25 @ 103.50) (1) |
(BB+, Ba1) |
09/15/28 |
7.000 |
1,128,055 |
|||||||||||||
768 |
TransMontaigne Partners LLC, Rule 144A, Company Guaranteed Notes (Callable 03/15/27 @ 104.25) (1) |
(CCC+, Caa1) |
06/15/30 |
8.500 |
774,183 |
|||||||||||||
4,510,820 |
||||||||||||||||||
Packaging |
||||||||||||||||||
690 |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Rule 144A, Senior Unsecured Notes (Callable 05/30/25 @ 100.75) (1),(3) |
(CCC, Caa2) |
09/01/29 |
3.000 |
665,277 |
|||||||||||||
600 |
Ball Corp., Global Company Guaranteed Notes (Callable 05/16/25 @ 103.44) |
(BB+, Ba1) |
03/15/28 |
6.875 |
614,313 |
|||||||||||||
600 |
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 100.00)(1) |
(B-, B2) |
09/15/28 |
6.000 |
596,878 |
|||||||||||||
1,425 |
Mauser Packaging Solutions Holding Co., Rule 144A, Secured Notes (Callable 05/11/25 @ 102.31) (1) |
(CCC+, Caa2) |
04/15/27 |
9.250 |
1,307,561 |
|||||||||||||
2,550 |
Mauser Packaging Solutions Holding Co., Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 103.94) (1) |
(B, B2) |
04/15/27 |
7.875 |
2,561,432 |
|||||||||||||
418 |
Owens-Brockway Glass Container, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/26 @ 103.63) (1),(2) |
(B+, B2) |
05/15/31 |
7.250 |
415,767 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS |
||||||||||||||||||
Packaging |
||||||||||||||||||
$ |
2,317 |
Trident TPI Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/31/25 @ 106.38) (1) |
(CCC+, Caa3) |
12/31/28 |
12.750 |
$ |
2,436,057 |
|||||||||||
1,077 |
TriMas Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.03) (1) |
(BB-, Ba3) |
04/15/29 |
4.125 |
1,006,555 |
|||||||||||||
462 |
Veritiv Operating Co., Rule 144A, Senior Secured Notes (Callable 11/30/26 @ 105.25) (1) |
(B+, B2) |
11/30/30 |
10.500 |
483,054 |
|||||||||||||
10,086,894 |
||||||||||||||||||
Personal & Household Products |
||||||||||||||||||
600 |
Acushnet Co., Rule 144A, Company Guaranteed Notes (Callable 10/15/25 @ 103.69) (1) |
(BB, Ba3) |
10/15/28 |
7.375 |
621,534 |
|||||||||||||
1,050 |
Amer Sports Co., Rule 144A, Senior Secured Notes (Callable 02/16/27 @ 103.38) (1) |
(BBB-, Ba3) |
02/16/31 |
6.750 |
1,063,384 |
|||||||||||||
1,684,918 |
||||||||||||||||||
Property & Casualty Insurance |
||||||||||||||||||
2,328 |
Ardonagh Finco Ltd., Rule 144A, Senior Secured Notes (Callable 02/15/27 @ 103.88) (1) |
(B-, B3) |
02/15/31 |
7.750 |
2,380,101 |
|||||||||||||
Rail |
||||||||||||||||||
1,385 |
Genesee & Wyoming, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/27 @ 103.13) (1) |
(BB, Ba3) |
04/15/32 |
6.250 |
1,402,988 |
|||||||||||||
Real Estate Investment Trusts |
||||||||||||||||||
1,562 |
Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes (Callable 10/15/29 @ 100.00) (1) |
(BB-, Ba3) |
04/15/30 |
6.000 |
1,544,725 |
|||||||||||||
732 |
Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes (Callable 04/15/30 @ 100.00) (1) |
(BB-, Ba3) |
10/15/30 |
6.500 |
739,320 |
|||||||||||||
2,284,045 |
||||||||||||||||||
Recreation & Travel |
||||||||||||||||||
747 |
SeaWorld Parks & Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/11/25 @ 102.63) (1) |
(B+, B2) |
08/15/29 |
5.250 |
709,883 |
|||||||||||||
2,933 |
Six Flags Entertainment Corp., Rule 144A, Company Guaranteed Notes (Callable 05/15/26 @ 103.63) (1) |
(BB-, B1) |
05/15/31 |
7.250 |
2,974,622 |
|||||||||||||
2,535 |
Speedway Motorsports LLC/Speedway Funding II, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 100.00) (1) |
(BB+, B1) |
11/01/27 |
4.875 |
2,433,372 |
|||||||||||||
1,858 |
Vail Resorts, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/27 @ 103.25) (1), (2) |
(BB-, Ba3) |
05/15/32 |
6.500 |
1,883,204 |
|||||||||||||
8,001,081 |
||||||||||||||||||
Restaurants |
||||||||||||||||||
600 |
1011778 BC ULC/New Red Finance, Inc., Rule 144A, Senior Secured Notes (Callable 06/15/26 @ 103.06) (1) |
(BB+, Ba2) |
06/15/29 |
6.125 |
610,079 |
|||||||||||||
2,377 |
Raising Cane’s Restaurants LLC, Rule 144A, Senior Unsecured Notes (Callable 11/01/25 @ 104.69) (1) |
(B, B3) |
05/01/29 |
9.375 |
2,521,890 |
|||||||||||||
3,131,969 |
||||||||||||||||||
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS |
||||||||||||||||||
Software - Services |
||||||||||||||||||
$ |
2,100 |
CA Magnum Holdings, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.34) (1) |
(NR, B1) |
10/31/26 |
5.375 |
$ |
2,058,379 |
|||||||||||
1,837 |
Cloud Software Group, Inc., Rule 144A, Secured Notes (Callable 09/30/25 @ 104.50) (1) |
(B-, Caa2) |
09/30/29 |
9.000 |
1,852,831 |
|||||||||||||
518 |
CommScope LLC, Rule 144A, Senior Secured Notes (Callable 06/15/26 @ 103.00) (1),(2) |
(B-, B3) |
12/15/31 |
9.500 |
530,198 |
|||||||||||||
2,850 |
Insight Enterprises, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/27 @ 103.31) (1) |
(BB+, Ba3) |
05/15/32 |
6.625 |
2,895,007 |
|||||||||||||
155 |
Open Text Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.94) (1) |
(BB, Ba3) |
12/01/29 |
3.875 |
143,078 |
|||||||||||||
1,200 |
Open Text Corp., Rule 144A, Senior Secured Notes (Callable 11/01/27 @ 100.00) (1) |
(BBB-, Ba1) |
12/01/27 |
6.900 |
1,228,679 |
|||||||||||||
1,250 |
Open Text Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/01/26 @ 102.06) (1) |
(BB, Ba3) |
12/01/31 |
4.125 |
1,119,517 |
|||||||||||||
1,200 |
UKG, Inc., Rule 144A, Senior Secured Notes (Callable 02/01/27 @ 103.44) (1) |
(B-, B2) |
02/01/31 |
6.875 |
1,235,351 |
|||||||||||||
2,938 |
Virtusa Corp., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 101.78) (1) |
(B-, Caa1) |
12/15/28 |
7.125 |
2,797,856 |
|||||||||||||
812 |
VT Topco, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/26 @ 104.25) (1) |
(B, B2) |
08/15/30 |
8.500 |
851,462 |
|||||||||||||
1,788 |
WEX, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/28 @ 103.25) (1) |
(B, B1) |
03/15/33 |
6.500 |
1,740,392 |
|||||||||||||
600 |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 05/11/25 @ 100.97) (1) |
(B+, B1) |
02/01/29 |
3.875 |
555,037 |
|||||||||||||
17,007,787 |
||||||||||||||||||
Specialty Retail |
||||||||||||||||||
2,800 |
Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes, 7.500% Cash, 7.500% PIK (1),(8),(9) |
(NR, Caa3) |
07/18/25 |
7.500 |
2,142,000 |
|||||||||||||
77 |
Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes, 7.500% Cash, 7.500% PIK (1),(6),(7),(8) |
(NR, Caa3) |
07/18/25 |
7.500 |
58,756 |
|||||||||||||
102 |
Eagle Intermediate Global Holding BV/Ruyi U.S. Finance LLC (5),(6),(7) |
(NR, NR) |
05/01/25 |
0.000 |
77,187 |
|||||||||||||
900 |
Group 1 Automotive, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.33) (1) |
(BB+, Ba2) |
08/15/28 |
4.000 |
855,996 |
|||||||||||||
2,275 |
LCM Investments Holdings II LLC, Rule 144A, Senior Unsecured Notes (Callable 08/01/26 @ 104.13) (1) |
(BB-, B2) |
08/01/31 |
8.250 |
2,384,425 |
|||||||||||||
1,064 |
Sonic Automotive, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/15/26 @ 102.44) (1) |
(BB-, B1) |
11/15/31 |
4.875 |
971,096 |
|||||||||||||
6,489,460 |
||||||||||||||||||
Steel Producers/Products |
||||||||||||||||||
1,124 |
TMS International Corp., Rule 144A, Senior Unsecured Notes (Callable 05/11/25 @ 101.56) (1) |
(B, Caa1) |
04/15/29 |
6.250 |
1,041,688 |
|||||||||||||
Support - Services |
||||||||||||||||||
2,946 |
Allied Universal Holdco LLC/Allied Universal Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 05/31/25 @ 100.00) (1) |
(CCC+, Caa2) |
07/15/27 |
9.750 |
2,959,216 |
|||||||||||||
1,014 |
American Builders & Contractors Supply Co., Inc., Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 100.00) (1) |
(BBB-, Ba2) |
01/15/28 |
4.000 |
979,035 |
|||||||||||||
910 |
Beacon Roofing Supply, Inc., Rule 144A, Senior Secured Notes (Callable 04/30/28 @ 103.38) (1) |
(BB-, NR) |
04/30/32 |
6.750 |
914,749 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS |
||||||||||||||||||
Support - Services |
||||||||||||||||||
$ |
1,500 |
Belron U.K. Finance PLC, Rule 144A, Senior Secured Notes (Callable 10/15/26 @ 102.88) (1) |
(BB-, Ba3) |
10/15/29 |
5.750 |
$ |
1,499,301 |
|||||||||||
1,500 |
CoreLogic, Inc., Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 101.13) (1) |
(B-, B2) |
05/01/28 |
4.500 |
1,420,154 |
|||||||||||||
2,340 |
GYP Holdings III Corp., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 101.16) (1) |
(B, Ba2) |
05/01/29 |
4.625 |
2,203,702 |
|||||||||||||
750 |
WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/31/25 @ 102.42) (1) |
(BB, Ba3) |
06/15/28 |
7.250 |
760,584 |
|||||||||||||
600 |
WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/26 @ 103.19) (1) |
(BB, Ba3) |
03/15/29 |
6.375 |
608,565 |
|||||||||||||
374 |
WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/28 @ 103.19) (1) |
(BB, Ba3) |
03/15/33 |
6.375 |
378,750 |
|||||||||||||
605 |
Williams Scotsman, Inc., Rule 144A, Senior Secured Notes (Callable 04/15/27 @ 103.31) (1) |
(BB-, B2) |
04/15/30 |
6.625 |
615,464 |
|||||||||||||
1,918 |
Williams Scotsman, Inc., Rule 144A, Senior Secured Notes (Callable 06/15/26 @ 103.31) (1) |
(BB-, B2) |
06/15/29 |
6.625 |
1,945,387 |
|||||||||||||
1,350 |
ZipRecruiter, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/11/25 @ 102.50) (1) |
(B, B2) |
01/15/30 |
5.000 |
1,128,702 |
|||||||||||||
15,413,609 |
||||||||||||||||||
Tech Hardware & Equipment |
||||||||||||||||||
1,500 |
Zebra Technologies Corp., Rule 144A, Company Guaranteed Notes (Callable 06/01/27 @ 103.25) (1) |
(BB, Ba2) |
06/01/32 |
6.500 |
1,510,102 |
|||||||||||||
Telecom - Wireline Integrated & Services |
||||||||||||||||||
1,500 |
Altice Financing SA, Rule 144A, Senior Secured Notes (Callable 05/31/25 @ 100.00) (1) |
(CCC+, Caa1) |
01/15/28 |
5.000 |
1,153,612 |
|||||||||||||
1,500 |
Level 3 Financing, Inc., Rule 144A, Secured Notes (Callable 03/22/26 @ 102.13) (1) |
(B-, B3) |
04/01/30 |
4.500 |
1,252,500 |
|||||||||||||
900 |
Level 3 Financing, Inc., Rule 144A, Secured Notes (Callable 05/11/25 @ 101.81) (1) |
(B-, B3) |
10/15/30 |
3.875 |
714,330 |
|||||||||||||
300 |
Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes (Callable 08/15/25 @ 102.25) (1) |
(B+, Ba3) |
08/15/30 |
4.500 |
270,036 |
|||||||||||||
600 |
Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes (Callable 01/31/26 @ 102.13) (1) |
(B+, Ba3) |
01/31/31 |
4.250 |
524,455 |
|||||||||||||
290 |
Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes (Callable 07/15/26 @ 102.38) (1) |
(B+, Ba3) |
07/15/31 |
4.750 |
255,098 |
|||||||||||||
4,170,031 |
||||||||||||||||||
Transport Infrastructure/Services |
||||||||||||||||||
300 |
XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ 103.56) (1) |
(BB-, Ba3) |
06/01/31 |
7.125 |
307,124 |
|||||||||||||
600 |
XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/01/27 @ 103.56) (1) |
(BB-, Ba3) |
02/01/32 |
7.125 |
615,484 |
|||||||||||||
1,032 |
XPO, Inc., Rule 144A, Senior Secured Notes (Callable 06/01/25 @ 103.13) (1) |
(BBB-, Ba1) |
06/01/28 |
6.250 |
1,044,127 |
|||||||||||||
1,966,735 |
||||||||||||||||||
TOTAL CORPORATE BONDS |
239,464,785 |
|||||||||||||||||
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
BANK LOANS |
||||||||||||||||||
Advertising |
||||||||||||||||||
$ |
2,807 |
MH Sub I LLC (10),(11) |
(B, B1) |
12/31/31 |
0.000 |
$ |
2,470,054 |
|||||||||||
Aerospace & Defense |
||||||||||||||||||
799 |
Peraton Corp., 3 mo. USD Term SOFR + 7.750% (10) |
(NR, NR) |
02/01/29 |
12.179 |
608,938 |
|||||||||||||
Auto Parts & Equipment |
||||||||||||||||||
252 |
First Brands Group LLC (2021 Term Loan), 3 mo. USD Term SOFR + 5.000% (10) |
(B+, B1) |
03/30/27 |
9.541 |
234,609 |
|||||||||||||
1,244 |
First Brands Group LLC (2022 Incremental Term Loan), 3 mo. USD Term SOFR + 5.000% (10) |
(B+, B1) |
03/30/27 |
9.541 |
1,159,235 |
|||||||||||||
494 |
Jason Group, Inc., 1 mo. USD Term SOFR + 6.000% (9),(10) |
(NR, NR) |
08/28/25 |
10.436 |
446,058 |
|||||||||||||
1,839,902 |
||||||||||||||||||
Building Materials |
||||||||||||||||||
55 |
ARAMSCO, Inc. (12) |
(B-, Caa1) |
10/10/30 |
4.750 |
51,231 |
|||||||||||||
537 |
ARAMSCO, Inc., 3 mo. USD Term SOFR + 4.750% (10) |
(B-, Caa1) |
10/10/30 |
9.049 |
495,968 |
|||||||||||||
784 |
Cornerstone Building Brands, Inc., 1 mo. USD Term SOFR + 5.625% (10) |
(B, B3) |
08/01/28 |
9.947 |
703,162 |
|||||||||||||
251 |
Foundation Building Materials Holding Co. LLC, 1 mo. USD Term SOFR + 3.250%, 3 mo. USD Term SOFR + 3.250% (10) |
(B, B3) |
01/31/28 |
7.686 - 7.791 |
241,689 |
|||||||||||||
1,492,050 |
||||||||||||||||||
Chemicals |
||||||||||||||||||
356 |
Ascend Performance Materials Operations LLC, 3 mo. USD Term SOFR + 1.500% (6), (7),(9),(10) |
(NR, NR) |
10/23/25 |
5.779 |
343,131 |
|||||||||||||
970 |
Ascend Performance Materials Operations LLC (4),(5) |
(NR, C) |
08/27/26 |
0.000 |
102,758 |
|||||||||||||
997 |
CPC Acquisition Corp., 3 mo. USD Term SOFR + 3.750% (10) |
(CCC, Caa2) |
12/29/27 |
8.311 |
851,549 |
|||||||||||||
425 |
PMHC II, Inc., 3 mo. USD Term SOFR + 5.500% (7),(10) |
(B-, B3) |
04/21/29 |
9.803 |
384,872 |
|||||||||||||
1,010 |
Polar U.S. Borrower LLC, 3 mo. USD Term SOFR + 5.500% (10) |
(CCC+, Caa1) |
10/16/28 |
9.883 |
496,353 |
|||||||||||||
1,763 |
Polar U.S. Borrower LLC, 3 mo. USD Term SOFR + 4.750%, 0.750% PIK (8),(9),(10) |
(CCC+, Caa1) |
10/16/28 |
9.883 |
866,413 |
|||||||||||||
235 |
SK Neptune Husky Finance SARL (4),(5),(7),(9) |
(NR, WR) |
04/30/26 |
0.000 |
174,212 |
|||||||||||||
1,085 |
SK Neptune Husky Group SARL (4),(5),(9) |
(NR, WR) |
01/03/29 |
0.000 |
37,653 |
|||||||||||||
3,256,941 |
||||||||||||||||||
Electronics |
||||||||||||||||||
1,240 |
Escape Velocity Holdings, Inc., 3 mo. USD Term SOFR + 4.250% (10) |
(B, B3) |
10/08/28 |
8.811 |
1,213,764 |
|||||||||||||
1,793 |
Idemia Group, 3 mo. USD Term SOFR + 4.250% (10) |
(B, B2) |
09/30/28 |
8.549 |
1,792,012 |
|||||||||||||
3,005,776 |
||||||||||||||||||
Energy - Exploration & Production |
||||||||||||||||||
2,842 |
PES Holdings LLC, 3.000% PIK (4),(8),(9) |
(NR, WR) |
12/31/25 |
3.000 |
24,866 |
|||||||||||||
Food & Drug Retailers |
||||||||||||||||||
1,500 |
WOOF Holdings, Inc., 3 mo. USD Term SOFR + 7.250% (9),(10) |
(CC, Ca) |
12/21/28 |
11.625 |
534,690 |
|||||||||||||
Gas Distribution |
||||||||||||||||||
1,459 |
Traverse Midstream Partners LLC, 3 mo. USD Term SOFR + 3.000% (7),(10) |
(B+, B2) |
02/16/28 |
7.280 |
1,456,937 |
|||||||||||||
Health Facilities |
||||||||||||||||||
429 |
Carestream Health, Inc., 3 mo. USD Term SOFR + 7.500% (9),(10) |
(B-, Caa1) |
09/30/27 |
11.899 |
245,107 |
|||||||||||||
316 |
Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 6.500% (9),(10) |
(B-, B2) |
05/18/28 |
11.061 |
315,367 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
BANK LOANS |
||||||||||||||||||
Health Facilities |
||||||||||||||||||
$ |
1,264 |
Sonrava Health Holdings LLC, 3 mo. USD Term SOFR + 1.000%, 5.500% PIK (8),(9),(10) |
(NR, Caa2) |
08/18/28 |
11.061 |
$ |
477,056 |
|||||||||||
1,037,530 |
||||||||||||||||||
Health Services |
||||||||||||||||||
86 |
MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 4.000% (10) |
(B, Caa1) |
12/15/28 |
8.320 |
83,013 |
|||||||||||||
631 |
MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 4.000% (10) |
(CCC, Ca) |
12/15/28 |
8.434 |
538,914 |
|||||||||||||
38 |
MedAssets Software Intermediate Holdings, Inc., 1 mo. USD Term SOFR + 5.250% (10) |
(B, Caa1) |
12/15/28 |
9.570 |
36,819 |
|||||||||||||
851 |
Radiology Partners, Inc., 3 mo. USD Term SOFR + 3.500%, 1.500% PIK (8) ,(10) |
(B-, B3) |
01/31/29 |
9.590 |
825,040 |
|||||||||||||
1,151 |
U.S. Radiology Specialists, Inc., 3 mo. USD Term SOFR + 4.750% (10) |
(B-, B3) |
12/15/27 |
9.049 |
1,152,857 |
|||||||||||||
2,636,643 |
||||||||||||||||||
Hotels |
||||||||||||||||||
188 |
Aimbridge Acquisition Co., Inc., 1 mo. USD Term SOFR + 7.500% (7),(10) |
(B-, Caa1) |
03/11/30 |
11.935 |
185,311 |
|||||||||||||
216 |
Aimbridge Acquisition Co., Inc., 1 mo. USD Term SOFR + 5.500% (7),(10) |
(B+, B2) |
03/11/30 |
9.935 |
215,859 |
|||||||||||||
401,170 |
||||||||||||||||||
Machinery |
||||||||||||||||||
1,162 |
Madison IAQ LLC (10),(11) |
(B, B1) |
05/06/32 |
0.000 |
1,153,124 |
|||||||||||||
Media - Diversified |
||||||||||||||||||
1,194 |
Cast & Crew Payroll LLC, 1 mo. USD Term SOFR + 3.750% (10) |
(B-, B3) |
12/29/28 |
8.072 |
1,147,025 |
|||||||||||||
315 |
Technicolor Creative Studios, 0.500% PIK (3),(4),(6),(7),(8) |
(NR, NR) |
08/06/33 |
0.500 |
0 |
|||||||||||||
948 |
Twitter, Inc. |
(NR, NR) |
10/26/29 |
9.500 |
925,942 |
|||||||||||||
2,072,967 |
||||||||||||||||||
Packaging |
||||||||||||||||||
2,215 |
Proampac PG Borrower LLC, 3 mo. USD Term SOFR + 4.000% (10) |
(B-, B3) |
09/15/28 |
8.256 - 8.323 |
2,186,002 |
|||||||||||||
Personal & Household Products |
||||||||||||||||||
1,978 |
Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500% (10) |
(NR, NR) |
06/29/28 |
11.914 |
1,814,901 |
|||||||||||||
216 |
Serta Simmons Bedding LLC, 3 mo. USD Term SOFR + 7.500% (7),(10) |
(NR, NR) |
06/29/28 |
11.884 |
215,336 |
|||||||||||||
2,030,237 |
||||||||||||||||||
Software - Services |
||||||||||||||||||
815 |
AQ Carver Buyer, Inc., 6 mo. USD Term SOFR + 5.500% (10) |
(B, B3) |
08/02/29 |
9.817 |
799,178 |
|||||||||||||
2,863 |
Aston FinCo SARL, 1 mo. USD Term SOFR + 4.250% (10) |
(CCC+, B3) |
10/09/26 |
8.686 |
2,719,926 |
|||||||||||||
427 |
Astra Acquisition Corp. (4),(5),(9) |
(CCC+, Caa2) |
02/25/28 |
0.000 |
247,837 |
|||||||||||||
1,193 |
Astra Acquisition Corp. (4),(5),(9) |
(CC, C) |
10/25/28 |
0.000 |
23,856 |
|||||||||||||
798 |
Cloud Software Group, Inc., 3 mo. USD Term SOFR + 3.500% (10) |
(B, B2) |
03/29/29 |
7.799 |
789,929 |
|||||||||||||
900 |
CommerceHub, Inc., 3 mo. USD Term SOFR + 7.000% (9),(10) |
(CCC, Caa3) |
12/29/28 |
11.411 |
817,236 |
|||||||||||||
293 |
DCert Buyer, Inc., 1 mo. USD Term SOFR + 4.000% (10) |
(B-, B2) |
10/16/26 |
8.322 |
284,388 |
|||||||||||||
1,438 |
EagleView Technology Corp., 3 mo. USD Term SOFR + 6.500% (10) |
(NR, NR) |
08/14/28 |
10.803 |
1,371,449 |
|||||||||||||
471 |
Javelin Buyer, Inc., 3 mo. USD Term SOFR + 5.250% (7),(9),(10) |
(CCC+, Caa2) |
12/06/32 |
9.563 |
462,250 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
BANK LOANS |
||||||||||||||||||
Software - Services |
||||||||||||||||||
$ |
550 |
Polaris Newco LLC, 1 mo. GBP SONIA + 5.000% (10),(13) |
(CCC+, B3) |
06/02/28 |
9.459 |
$ |
678,345 |
|||||||||||
1,278 |
Project Boost Purchaser LLC, 3 mo. USD Term SOFR + 3.000% (10) |
(B-, B2) |
07/16/31 |
7.299 |
1,268,472 |
|||||||||||||
474 |
Quest Software U.S. Holdings, Inc. (2022 Term Loan), 3 mo. USD Term SOFR + 4.250% (10) |
(CCC-, Caa1) |
02/01/29 |
8.680 |
254,510 |
|||||||||||||
2,371 |
Quest Software U.S. Holdings, Inc. (2024 Term Loan), 3 mo. USD Term SOFR + 4.250% (10) |
(CCC-, Caa1) |
02/01/29 |
8.680 |
1,470,014 |
|||||||||||||
733 |
Redstone Holdco 2 LP, 3 mo. USD Term SOFR + 4.750% (10) |
(CCC+, B3) |
04/27/28 |
9.291 |
449,091 |
|||||||||||||
596 |
UKG, Inc., 1 mo. USD Term SOFR + 3.000% (10) |
(B-, B2) |
02/10/31 |
7.320 |
594,148 |
|||||||||||||
12,230,629 |
||||||||||||||||||
Steel Producers/Products |
||||||||||||||||||
1,479 |
OPTA, Inc., 3 mo. USD Term SOFR + 6.750% (7),(9),(10) |
(NR, NR) |
11/09/28 |
11.291 |
1,434,552 |
|||||||||||||
Support - Services |
||||||||||||||||||
1,693 |
CoreLogic, Inc., 1 mo. USD Term SOFR + 3.500% (10) |
(B-, B2) |
06/02/28 |
7.936 |
1,674,352 |
|||||||||||||
891 |
Gloves Buyer, Inc., 1 mo. USD Term SOFR + 4.000% (7),(10) |
(B-, B3) |
12/29/27 |
8.436 |
852,864 |
|||||||||||||
477 |
LaserShip, Inc., 3 mo. USD Term SOFR + 4.000% (10) |
(CCC-, Caa2) |
01/02/29 |
8.299 |
248,830 |
|||||||||||||
459 |
LaserShip, Inc., 3 mo. USD Term SOFR + 6.250% (10) |
(B, B2) |
01/02/29 |
10.549 |
447,665 |
|||||||||||||
1,166 |
LaserShip, Inc., 3 mo. USD Term SOFR + 5.500% (10) |
(CCC, Caa2) |
08/10/29 |
10.061 |
579,632 |
|||||||||||||
384 |
LaserShip, Inc., 3 mo. USD Term SOFR + 1.500% (10) |
(CCC-, Caa3) |
08/10/29 |
6.061 |
77,463 |
|||||||||||||
762 |
PODS LLC (10),(11) |
(B-, B3) |
03/31/28 |
0.000 |
707,050 |
|||||||||||||
600 |
TruGreen LP, 3 mo. USD Term SOFR + 8.500% (7),(9),(10) |
(CCC, Caa3) |
11/02/28 |
13.041 |
471,000 |
|||||||||||||
5,058,856 |
||||||||||||||||||
Tech Hardware & Equipment |
||||||||||||||||||
1,324 |
Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250% (10) |
(B-, Caa2) |
05/25/28 |
8.825 |
750,279 |
|||||||||||||
269 |
Atlas CC Acquisition Corp., 3 mo. USD Term SOFR + 4.250% (10) |
(B-, B1) |
05/25/28 |
8.825 |
152,598 |
|||||||||||||
902,877 |
||||||||||||||||||
Telecom - Wireline Integrated & Services |
||||||||||||||||||
1,432 |
Patagonia Holdco LLC, 3 mo. USD Term SOFR + 5.750% (10) |
(NR, B1) |
08/01/29 |
10.052 |
1,223,235 |
|||||||||||||
TOTAL BANK LOANS |
47,057,976 |
|||||||||||||||||
ASSET BACKED SECURITIES |
||||||||||||||||||
Collateralized Debt Obligations |
||||||||||||||||||
1,000 |
Anchorage Capital CLO 15 Ltd., 2020-15A, Rule 144A, 3 mo. USD Term SOFR + 7.662%(1),(10) |
(NR, Ba3) |
07/20/34 |
11.931 |
976,453 |
|||||||||||||
1,500 |
Anchorage Capital CLO 25 Ltd., 2022-25A, Rule 144A, 3 mo. USD Term SOFR + 7.170%(1),(10) |
(NR, Ba3) |
04/20/35 |
11.439 |
1,462,558 |
|||||||||||||
1,170 |
Anchorage Capital Europe CLO 6 DAC, Rule 144A, 3 mo. EURIBOR + 5.000% (1),(3),(10) |
(BBB-, NR) |
01/22/38 |
7.236 |
1,344,491 |
|||||||||||||
1,250 |
Anchorage Credit Funding 4 Ltd., 2016-4A, Rule 144A(1) |
(NR, Ba3) |
04/27/39 |
6.659 |
1,146,685 |
|||||||||||||
1,250 |
Battalion CLO 18 Ltd., 2020-18A, Rule 144A, 3 mo. USD Term SOFR + 6.972%(1),(10) |
(BB-, NR) |
10/15/36 |
11.228 |
1,115,923 |
|||||||||||||
1,250 |
Benefit Street Partners CLO X Ltd., 2016-10A, Rule 144A, 3 mo. USD Term SOFR + 7.012%(1),(10) |
(BB-, NR) |
04/20/34 |
11.281 |
1,236,394 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
ASSET BACKED SECURITIES |
||||||||||||||||||
Collateralized Debt Obligations |
||||||||||||||||||
$ |
1,500 |
Cedar Funding VI CLO Ltd., 2016-6A, Rule 144A, 3 mo. USD Term SOFR + 6.982%(1),(10) |
(BB-, NR) |
04/20/34 |
11.251 |
$ |
1,455,883 |
|||||||||||
1,500 |
KKR CLO 14 Ltd., Rule 144A, 3 mo. USD Term SOFR + 6.412% (1),(10) |
(NR, B1) |
07/15/31 |
10.668 |
1,444,175 |
|||||||||||||
1,500 |
KKR CLO 16 Ltd., Rule 144A, 3 mo. USD Term SOFR + 7.372% (1),(10) |
(BB-, NR) |
10/20/34 |
11.641 |
1,406,186 |
|||||||||||||
1,200 |
KKR CLO 45a Ltd., 2024-45A, Rule 144A, 3 mo. USD Term SOFR + 7.300%(1),(10) |
(NR, NR) |
04/15/35 |
11.556 |
1,200,550 |
|||||||||||||
1,500 |
Marble Point CLO XXIII Ltd., 2021-4A, Rule 144A, 3 mo. USD Term SOFR + 6.012%(1),(10) |
(NR, Ba1) |
01/22/35 |
10.284 |
1,489,031 |
|||||||||||||
600 |
MP CLO III Ltd., 2013-1A, Rule 144A, 3 mo. USD Term SOFR + 3.312%(1),(10) |
(NR, A2) |
10/20/30 |
7.581 |
601,399 |
|||||||||||||
1,500 |
Palmer Square Credit Funding Ltd., 2019-1A, Rule 144A(1) |
(NR, Aa2) |
04/20/37 |
5.459 |
1,480,978 |
|||||||||||||
1,000 |
Venture 41 CLO Ltd., 2021-41A, Rule 144A, 3 mo. USD Term SOFR + 7.972%(1),(10) |
(BB-, NR) |
01/20/34 |
12.241 |
892,964 |
|||||||||||||
TOTAL ASSET BACKED SECURITIES |
17,253,670 |
|||||||||||||||||
Shares |
||||||||||||||||||
COMMON STOCKS |
||||||||||||||||||
Auto Parts & Equipment |
||||||||||||||||||
57 |
Jason, Inc. (5) |
312,070 |
||||||||||||||||
Chemicals |
||||||||||||||||||
89,998 |
Proppants Holdings LLC (6),(7),(9) |
1,800 |
||||||||||||||||
15,074 |
Utex Industries |
547,683 |
||||||||||||||||
549,483 |
||||||||||||||||||
Energy - Exploration & Production |
||||||||||||||||||
111,570 |
PES Energy, Class A (5),(6),(7),(9) |
1,116 |
||||||||||||||||
Hotels |
||||||||||||||||||
10,962 |
Aimbridge Acquisition Co., Inc. (5) |
679,644 |
||||||||||||||||
Personal & Household Products |
||||||||||||||||||
32,039 |
Dream Well, Inc. (5) |
288,351 |
||||||||||||||||
32,039 |
Serta Simmons Bedding Equipment Co. (5),(6),(7) |
0 |
||||||||||||||||
288,351 |
||||||||||||||||||
Pharmaceuticals |
||||||||||||||||||
68,836 |
Akorn, Inc. (5) |
2,065 |
||||||||||||||||
Private Placement |
||||||||||||||||||
102,040,536 |
Technicolor Creative Studios SA (5),(6),(7),(14) |
0 |
||||||||||||||||
Specialty Retail |
||||||||||||||||||
105 |
Eagle Investments Holding Co. LLC, Class B (5),(6),(7) |
1 |
||||||||||||||||
Shares |
Value |
|||||||||||||||||
Support - Services |
||||||||||||||||||
$ |
2,100 |
LTR Holdings, Inc. (5),(6),(7),(9) |
$ |
3,111 |
||||||||||||||
TOTAL COMMON STOCKS |
1,835,841 |
|||||||||||||||||
WARRANT |
||||||||||||||||||
Chemicals |
||||||||||||||||||
22,499 |
Project Investor Holdings LLC, expires 02/08/26 (5),(6),(7),(9) (Cost $11,700) |
0 |
||||||||||||||||
SHORT-TERM INVESTMENTS |
||||||||||||||||||
5,482,352 |
State Street Institutional U.S. Government Money Market Fund - Premier Class, 4.31% |
5,482,352 |
||||||||||||||||
12,650,463 |
State Street Navigator Securities Lending Government Money Market Portfolio, 4.36% (15) |
12,650,463 |
||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS |
18,132,815 |
|||||||||||||||||
TOTAL INVESTMENTS AT VALUE |
323,745,087 |
|||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (-46.4%) |
(102,606,924 |
) | ||||||||||||||||
NET ASSETS |
$ |
221,138,163 |
||||||||||||||||
† | Credit ratings given by the S&P Global Ratings Division of S&P Global Inc. (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) are unaudited. |
(1) |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2025, these securities amounted to a value of $251,838,611 or 113.9% of net assets. |
(2) |
Security or portion thereof is out on loan (See Note 2-K). |
(3) |
This security is denominated in Euro. |
(4) |
Bond is currently in default. |
(5) |
Non-income producing security. |
(6) |
Not readily marketable security; security is valued at fair value as determined in good faith by UBS Asset Management (Americas) LLC as the Fund’s valuation designee under the oversight of the Board of Trustees (See Note 2-A). |
(7) |
Security is valued using significant unobservable inputs. |
(8) |
PIK: Payment-in-kind |
(9) |
Illiquid security. |
(10) |
Variable rate obligation - The interest rate shown is the rate in effect as of April 30, 2025. The rate may be subject to a cap and floor. |
(11) |
Position is unsettled. Contract rate was not determined at April 30, 2025 and does not take effect until settlement. |
(12) |
Unfunded loan commitment (See Note 2-J). |
(13) |
This security is denominated in British Pound. |
(14) |
Security is held through holdings of 100 shares of the CIG Special Purpose SPC - Credit Suisse High Yield Bond Fund Segregated Portfolio, an affiliated entity. |
(15) |
Represents security purchased with cash collateral received for securities on loan. |
INVESTMENT ABBREVIATIONS 1 mo. = 1 month 3 mo. = 3 month 6 mo. = 6 month |
EURIBOR = Euro Interbank Offered Rate |
NR = Not Rated |
SARL = société à responsabilité limitée |
SOFR = Secured Overnight Financing Rate |
SONIA = Sterling Overnight Index Average |
WR = Withdrawn Rating |
Forward Currency to be Purchased |
Forward Currency to be Sold |
Settlement Date |
Counterparty |
Value on Settlement Date |
Current Value/Notional |
Unrealized Appreciation |
||||||||||||||||||||||
EUR |
274,473 | USD | 298,631 | 10/07/25 | Deutsche Bank AG | $ | 298,631 | $ | 314,978 | $ | 16,347 | |||||||||||||||||
EUR |
64,816 | USD | 71,590 | 10/07/25 | JPMorgan Chase | 71,590 | 74,380 | 2,790 | ||||||||||||||||||||
GBP |
37,226 | USD | 48,353 | 10/07/25 | Barclays Bank PLC | 48,353 | 49,745 | 1,392 | ||||||||||||||||||||
GBP |
750,000 | USD | 996,045 | 10/07/25 | JPMorgan Chase | 996,045 | 1,002,221 | 6,176 | ||||||||||||||||||||
USD |
73,753 | EUR | 64,171 | 10/07/25 | JPMorgan Chase | (73,753 | ) | (73,640 | ) | 113 | ||||||||||||||||||
Total Unrealized Appreciation |
$ | 26,818 | ||||||||||||||||||||||||||
Forward Currency to be Purchased |
Forward Currency to be Sold |
Settlement Date |
Counterparty |
Value on Settlement Date |
Current Value/Notional |
Unrealized Depreciation |
||||||||||||||||||||||
GBP |
300,000 | USD | 402,609 | 10/07/25 | Deutsche Bank AG | $ | 402,609 | $ | 400,889 | $ | (1,720 | ) | ||||||||||||||||
USD |
65,226 | EUR | 61,488 | 10/07/25 | Barclays Bank PLC | (65,226 | ) | (70,562 | ) | (5,336 | ) | |||||||||||||||||
USD |
26,855 | EUR | 25,151 | 10/07/25 | Deutsche Bank AG | (26,855 | ) | (28,863 | ) | (2,008 | ) | |||||||||||||||||
USD |
3,312,319 | EUR | 2,959,475 | 10/07/25 | Morgan Stanley | (3,312,319 | ) | (3,396,203 | ) | (83,884 | ) | |||||||||||||||||
USD |
39,344 | GBP | 31,519 | 10/07/25 | Deutsche Bank AG | (39,344 | ) | (42,118 | ) | (2,774 | ) | |||||||||||||||||
USD |
2,049,553 | GBP | 1,568,195 | 10/07/25 | Morgan Stanley | (2,049,553 | ) | (2,095,572 | ) | (46,019 | ) | |||||||||||||||||
Total Unrealized Depreciation |
$ | (141,741 | ) | |||||||||||||||||||||||||
Total Net Unrealized Appreciation/(Depreciation) |
$ | (114,923 | ) | |||||||||||||||||||||||||
EUR = Euro |
GBP = British Pound |
USD = United States Dollar |
Assets |
||||
Investments at value, including collateral for securities on loan of $12,650,463 (Cost $341,345,667) (Note 2) |
$ |
323,745,087 |
1 | |
Foreign currency at value (Cost $96,973) |
102,339 |
|||
Interest receivable |
5,540,016 |
|||
Receivable for investments sold |
1,219,956 |
|||
Unrealized appreciation on forward foreign currency contracts (Note 2) |
26,818 |
|||
Prepaid expenses and other assets |
26,544 |
|||
Total assets |
330,660,760 |
|||
Liabilities |
||||
Investment advisory fee payable (Note 3) |
420,843 |
|||
Administrative services fee payable (Note 3) |
22,669 |
|||
Loan payable (Note 4) |
87,000,000 |
|||
Payable upon return of securities loaned (Note 2) |
12,650,463 |
|||
Payable for investments purchased |
8,060,296 |
|||
Interest payable (Note 4) |
1,021,033 |
|||
Unrealized depreciation on forward foreign currency contracts (Note 2) |
141,741 |
|||
Due to custodian |
60,342 |
|||
Unfunded loan commitments (Note 2) |
55,434 |
|||
Commitment fees payable (Note 4) |
11,070 |
|||
Accrued expenses |
78,706 |
|||
Total liabilities |
109,522,597 |
|||
Net Assets |
||||
Applicable to |
$ |
221,138,163 |
||
Net Assets |
||||
Capital stock, $.001 par value (Note 6) |
103,610 |
|||
Paid-in capital (Note 6) |
290,701,533 |
|||
Total distributable earnings (loss) |
(69,666,980 |
) | ||
Net assets |
$ |
221,138,163 |
||
Net Asset Value Per Share |
$ |
|||
Market Price Per Share |
$ |
|||
1 |
Includes $12,346,552 of securities on loan. |
Investment Income |
||||
Interest |
$ |
12,743,673 |
||
Dividends |
48,482 |
|||
Securities lending (net of rebates) |
13,559 |
|||
Total investment income |
12,805,714 |
|||
Expenses |
||||
Investment advisory fees (Note 3) |
1,462,494 |
|||
Administrative services fees (Note 3) |
38,800 |
|||
Interest expense (Note 4) |
2,238,788 |
|||
Trustees’ fees |
106,325 |
|||
Commitment fees (Note 4) |
50,278 |
|||
Custodian fees |
45,577 |
|||
Legal fees |
42,857 |
|||
Printing fees |
40,846 |
|||
Audit and tax fees |
24,229 |
|||
Stock exchange listing fees |
16,376 |
|||
Transfer agent fees |
14,571 |
|||
Insurance expense |
3,025 |
|||
Miscellaneous expense |
5,617 |
|||
Total expenses |
4,089,783 |
|||
Less: fees waived and expenses reimbursed (Note 3) |
(210,753 |
) | ||
Net expenses |
3,879,030 |
|||
Net investment income |
8,926,684 |
|||
Net Realized and Unrealized Gain (Loss) from Investments, Foreign Currency and Forward Foreign Currency Contracts |
||||
Net realized loss from investments |
(356,073 |
) | ||
Net realized gain from foreign currency transactions |
13,654 |
|||
Net change in unrealized appreciation (depreciation) from investments |
(6,213,580 |
) | ||
Net change in unrealized appreciation (depreciation) from foreign currency translations |
10,232 |
|||
Net change in unrealized appreciation (depreciation) from forward foreign currency contracts |
(199,025 |
) | ||
Net realized and unrealized loss from investments, foreign currency and forward foreign currency contracts |
(6,744,792 |
) | ||
Net increase in net assets resulting from operations |
$ |
2,181,892 |
||
For the Six Months Ended April 30, 2025 (unaudited) |
For the Year Ended October 31, 2024 |
|||||||
From Operations |
||||||||
Net investment income |
$ |
8,926,684 |
$ |
18,212,319 |
||||
Net realized loss from investments, foreign currency transactions and forward foreign currency contracts |
(342,419 |
) |
(5,131,989 |
) | ||||
Net change in unrealized appreciation (depreciation) from investments, foreign currency translations and forward foreign currency contracts |
(6,402,373 |
) |
24,384,345 |
|||||
Net increase in net assets resulting from operations |
2,181,892 |
37,464,675 |
||||||
From Distributions |
||||||||
From distributable earnings |
(9,633,025 |
) |
(18,120,252 |
) | ||||
Return of capital |
— |
(1,133,564 |
) | |||||
Net decrease in net assets resulting from distributions |
(9,633,025 |
) |
(19,253,816 |
) | ||||
From Capital Share Transactions |
||||||||
Reinvestment of distributions |
135,402 |
75,537 |
||||||
Net increase in net assets from capital share transactions |
135,402 |
75,537 |
||||||
Net increase (decrease) in net assets |
(7,315,731 |
) |
18,286,396 |
|||||
Net Assets |
||||||||
Beginning of period |
228,453,894 |
210,167,498 |
||||||
End of period |
$ |
221,138,163 |
$ |
228,453,894 |
||||
Reconciliation of Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities |
||||||||
Net increase in net assets resulting from operations |
$ |
2,181,892 |
||||||
Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities |
||||||||
Increase in interest receivable |
$ |
(121,212 |
) |
|||||
Decrease in accrued expenses |
(93,716 |
) |
||||||
Decrease in interest payable |
(80,311 |
) |
||||||
Decrease in commitment fees payable |
(23,097 |
) |
||||||
Increase in prepaid expenses and other assets |
(14,253 |
) |
||||||
Increase in unfunded loan commitments |
55,434 |
|||||||
Increase in investment advisory fee payable |
206,931 |
|||||||
Net amortization of a premium or accretion of a discount on investments |
(934,979 |
) |
||||||
Purchases of long-term securities, net of change in payable for investments purchased |
(86,907,442 |
) |
||||||
Sales of long-term securities, net of change in receivable for investments sold |
82,676,991 |
|||||||
Net proceeds from sales (purchases) of short-term securities |
(354,980 |
) |
||||||
Net change in unrealized (appreciation) depreciation from investments and forward foreign currency contracts |
6,412,605 |
|||||||
Net realized loss from investments |
356,073 |
|||||||
Total adjustments |
1,178,044 |
|||||||
Net cash provided by operating activities 1 |
$ |
3,359,936 |
||||||
Cash Flows From Financing Activities |
||||||||
Borrowings on revolving credit facility |
17,000,000 |
|||||||
Repayments of credit facility |
(10,000,000 |
) |
||||||
Cash distributions paid |
(9,497,623 |
) |
||||||
Net cash used in financing activities |
(2,497,623 |
) | ||||||
Net increase in cash |
862,313 |
|||||||
Cash — beginning of period |
(820,316 |
) | ||||||
Cash — end of period |
$ |
41,997 |
||||||
Non-Cash Activity: |
||||||||
Issuance of shares through dividend reinvestments |
$ |
135,402 |
||||||
1 |
Included in net cash provided by operating activities is cash of $2,319,099 paid for interest on borrowings. |
For the Six Months Ended April 30, 2025 (unaudited) |
For the Year Ended October 31, |
|||||||||||||||||||||||
2024 |
2023 |
2022 |
2021 |
2020 |
||||||||||||||||||||
Per share operating performance |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ |
2.21 |
$ |
2.03 |
$ |
2.00 |
$ |
2.55 |
$ |
2.39 |
$ |
2.54 |
||||||||||||
INVESTMENT OPERATIONS |
||||||||||||||||||||||||
Net investment income 1 |
0.09 |
0.18 |
0.17 |
0.16 |
0.17 |
0.19 |
||||||||||||||||||
Net gain (loss) from investments, foreign currency transactions and forward foreign currency contracts (both realized and unrealized) |
(0.08 |
) |
0.19 |
0.05 |
(0.52 |
) |
0.18 |
(0.14 |
) | |||||||||||||||
Total from investment activities |
0.01 |
0.37 |
0.22 |
(0.36 |
) |
0.35 |
0.05 |
|||||||||||||||||
LESS DIVIDENDS AND DISTRIBUTIONS |
||||||||||||||||||||||||
Dividends from net investment income |
(0.09 |
) |
(0.18 |
) |
(0.17 |
) |
(0.17 |
) |
(0.17 |
) |
(0.19 |
) | ||||||||||||
Return of capital |
— |
(0.01 |
) |
(0.02 |
) |
(0.02 |
) |
(0.02 |
) |
(0.01 |
) | |||||||||||||
Total dividends and distributions |
(0.09 |
) |
(0.19 |
) |
(0.19 |
) |
(0.19 |
) |
(0.19 |
) |
(0.20 |
) | ||||||||||||
Net asset value, end of period |
$ |
2.13 |
$ |
2.21 |
$ |
2.03 |
$ |
2.00 |
$ |
2.55 |
$ |
2.39 |
||||||||||||
Per share market value, end of period |
$ |
2.03 |
$ |
2.15 |
$ |
1.81 |
$ |
1.78 |
$ |
2.50 |
$ |
2.07 |
||||||||||||
TOTAL INVESTMENT RETURN 2 |
||||||||||||||||||||||||
Net asset value |
0.63 |
% |
19.20 |
% |
12.02 |
% |
(14.19 |
)% |
15.33 |
% |
3.43 |
% | ||||||||||||
Market value |
(0.96 |
)% |
29.46 |
% |
12.23 |
% |
(22.10 |
)% |
30.55 |
% |
(10.07 |
)% | ||||||||||||
RATIOS AND SUPPLEMENTAL DATA |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$ |
221,138 |
$ |
228,454 |
$ |
210,167 |
$ |
206,835 |
$ |
263,514 |
$ |
247,017 |
||||||||||||
Ratio of net expenses to average net assets |
3.45 |
% 3 |
3.68 |
% |
3.80 |
% |
2.20 |
% |
1.58 |
% |
2.00 |
% | ||||||||||||
Ratio of net expenses to average net assets excluding interest expense |
1.46 |
% 3 |
1.44 |
% |
1.44 |
% |
1.43 |
% |
1.29 |
% |
1.37 |
% | ||||||||||||
Ratio of net investment income to average net assets |
7.95 |
% 3 |
8.07 |
% |
8.34 |
% |
7.04 |
% |
6.49 |
% |
8.10 |
% | ||||||||||||
Decrease reflected in above operating expense ratios due to waivers/reimbursements |
0.19 |
% 3 |
0.19 |
% |
0.20 |
% |
0.18 |
% |
0.16 |
% |
0.18 |
% | ||||||||||||
Average debt per share |
$ |
0.81 |
$ |
0.77 |
$ |
0.85 |
$ |
0.93 |
$ |
0.80 |
$ |
0.93 |
||||||||||||
Asset Coverage per $1,000 of Indebtedness |
$ |
3,542 |
$ |
3,856 |
$ |
3,627 |
$ |
3,260 |
$ |
4,214 |
$ |
3,847 |
||||||||||||
Portfolio turnover rate 4 |
27 |
% |
58 |
% |
37 |
% |
46 |
% |
49 |
% |
33 |
% |
1 |
Per share information is calculated using the average shares outstanding method. |
2 |
Total investment return at net asset value is based on changes in the net asset value of Fund shares and assumes reinvestment of distributions, if any, at actual prices pursuant to the fund’s dividend reinvestment program. Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the stock exchange during the period and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and market price. Total returns for periods less than one year are not annualized (See Note 6). |
3 |
Annualized. |
4 |
Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
• | Level 1 — quoted prices in active markets for identical investments |
• | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Investments in Securities |
||||||||||||||||
Corporate Bonds |
$ | — | $ | 239,328,825 | $ | 135,960 | $ | 239,464,785 | ||||||||
Bank Loans |
— | 40,861,652 | 6,196,324 | 47,057,976 | ||||||||||||
Asset Backed Securities |
— | 17,253,670 | — | 17,253,670 | ||||||||||||
Common Stocks |
— | 1,829,813 | 6,028 | 1,835,841 | ||||||||||||
Warrants |
— | — | 0 | 0 | ||||||||||||
Short-term Investments |
18,132,815 | — | — | 18,132,815 | ||||||||||||
$ | 18,132,815 | $ | 299,273,960 | $ | 6,338,312 | $ | 323,745,087 | |||||||||
Other Financial Instruments* |
||||||||||||||||
Forward Foreign Currency Contracts |
$ | — | $ | 26,818 | $ | — | $ | 26,818 | ||||||||
Liabilities |
||||||||||||||||
Other Financial Instruments* |
||||||||||||||||
Forward Foreign Currency Contracts |
$ | — | $ | 141,741 | $ | — | $ | 141,741 | ||||||||
* | Other financial instruments include unrealized appreciation (depreciation) on forward foreign currency contracts. |
Corporate Bonds |
Bank Loans |
Common Stocks |
Warrants |
Total |
||||||||||||||||
Balance as of October 31, 2024 |
$ | 296,483 | $ | 4,930,624 | $ | 6,028 | $ | 0 | $ | 5,233,135 | ||||||||||
Accrued discounts (premiums) |
— | 19,733 | — | — | 19,733 | |||||||||||||||
Purchases |
(36,452 | ) | 1,607,590 | — | — | 1,571,138 | ||||||||||||||
Sales |
— | (837,987 | ) | — | — | (837,987 | ) | |||||||||||||
Realized gain (loss) |
— | (357 | ) | — | — | (357 | ) | |||||||||||||
Change in unrealized appreciation (depreciation) |
(124,071 | ) | (16,203 | ) | — | — | (140,274 | ) | ||||||||||||
Transfers into Level 3 |
— | 2,309,802 | — | — | 2,309,802 | |||||||||||||||
Transfers out of Level 3 |
— | (1,816,878 | ) | — | — | (1,816,878 | ) | |||||||||||||
Balance as of April 30, 2025 |
$ | 135,960 | $ | 6,196,324 | $ | 6,028 | $ | 0 | $ | 6,338,312 | ||||||||||
Net change in unrealized appreciation (depreciation) from investments still held as of April 30, 2025 |
$ | (123,998 | ) | $ | (92,229 | ) | $ | — | $ | — | $ | (216,227 | ) | |||||||
Asset Class |
Fair Value At April 30, 2025 |
Valuation Technique |
Unobservable Input |
Price Range (Weighted Average)* |
||||||||||||
Corporate Bonds |
$ | 135,960 | Income Approach | Expected Remaining Distribution | $0.00 – $0.76 ($0.76) | |||||||||||
Bank Loans |
0 | Income Approach | Expected Remaining Distribution | 0.00 (N/A) | ||||||||||||
6,196,324 | Vendor pricing | Single Broker Quote | 0.74 – 1.00 (0.95) | |||||||||||||
Common Stocks |
6,028 | Income Approach | Expected Remaining Distribution | 0.00 – 1.48 (0.77) | ||||||||||||
Warrants |
0 | Income Approach | Expected Remaining Distribution | 0.00 (N/A) |
* | Weighted by relative fair value |
Primary Underlying Risk |
Derivative Assets 1 |
Derivative Liabilities 1 |
Realized Gain (Loss) |
Net Change in Unrealized Appreciation (Depreciation) |
||||||||||||
Foreign currency exchange risk |
$ | 26,818 | $ | 141,741 | $ | — | $ | (199,025 | ) |
1 |
Generally, the balance sheet location for asset derivatives is unrealized appreciation and for liability derivatives is unrealized depreciation. |
Counterparty |
Gross Amount of Derivative Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Non-Cash Collateral Received |
Cash Collateral Received |
Net Amount of Derivative Assets |
|||||||||||||||
Barclays Bank PLC |
$ | 1,392 | $ | (1,392 | ) | $ | — | $ | — | $ | — | |||||||||
Deutsche Bank AG |
16,347 | (6,502 | ) | — | — | 9,845 | ||||||||||||||
JPMorgan Chase |
9,079 | — | — | — | 9,079 | |||||||||||||||
$ | 26,818 | $ | (7,894 | ) | $ | — | $ | — | $ | 18,924 | ||||||||||
Counterparty |
Gross Amount of Derivative Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Non-Cash Collateral Pledged |
Cash Collateral Pledged |
Net Amount of Derivative Liabilities |
|||||||||||||||
Barclays Bank PLC |
$ | 5,336 | $ | (1,392 | ) | $ | — | $ | — | $ | 3,944 | |||||||||
Deutsche Bank AG |
6,502 | (6,502 | ) | — | — | — | ||||||||||||||
Morgan Stanley |
129,903 | — | — | — | 129,903 | |||||||||||||||
$ | 141,741 | $ | (7,894 | ) | $ | — | $ | — | $ | 133,847 | ||||||||||
Borrower |
Maturity |
Rate |
Unfunded Commitment |
|||||||||
ARAMSCO, Inc. |
10/10/30 | 4.750 | % | $ | 55,434 |
Market Value of Loaned Securities |
Market Value of Cash Collateral |
|||||
$ | 12,346,552 | $ | 12,650,463 |
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (a) |
Collateral Received (b) |
Net Amount |
||||||||
$ | 12,346,552 | $ | (12,346,552 | ) | $ | — |
(a) |
Represents market value of loaned securities at period end. |
(b) |
The actual collateral received is greater than the amount shown here due to collateral requirements of the security lending agreement. |
Average Daily Loan Balance |
Weighted Average Interest Rate % |
Maximum Daily Loan Outstanding |
Interest Expense |
Number of Days Outstanding |
||||||||||||||
$ | 83,392,265 | 5.343 | % | $ | 90,000,000 | $ | 2,238,788 | 181 |
Investment Securities |
U.S. Government/ Agency Obligations |
|||||||||||||
Purchases |
Sales |
Purchases |
Sales |
|||||||||||
$ | 87,800,972 | $ | 82,908,342 | $ | 0 | $ | 0 |
For the Six Months April 30, 2025 |
For the Year Ended October 31, 2024 |
|||||||
Shares issued through reinvestment of dividends |
61,862 | 34,027 | ||||||
Net increase |
61,862 | 34,027 | ||||||
NAME OF TRUSTEE | “FOR” |
WITHHELD | ||
Charles W. Gerber |
62,868,878 | 3,633,999 | ||
Mahendra R. Gupta |
62,395,412 | 4,107,465 | ||
John G. Popp |
63,048,995 | 3,453,880 | ||
Lee M. Shaiman |
62,903,593 | 3,599,282 |
• | The Contractual Advisory Fee and Net Advisory Fee, reviewed along with information provided by Broadridge for the funds in the Fund’s Expense Group and Expense Universe, were reasonable in relation to the services provided by UBS AM (Americas). |
• | The Board was satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by UBS AM (Americas) and that, based on dialogue with management and counsel, the services provided by UBS AM (Americas) under the Advisory Agreement are typical of, and consistent with, those provided to similar mutual funds by other investment advisers. |
• | In light of the costs of providing investment advisory and other services to the Fund and UBS AM (Americas)’s ongoing commitment to the Fund and willingness to waive fees, UBS AM (Americas)’s net profitability based on fees payable under the Advisory Agreement, as well as other ancillary benefits that UBS AM (Americas)and its affiliates received, were considered reasonable. |
• | In light of the information received and considered by the Board, the Fund’s current fee structure was considered reasonable. |
• | Information we receive from you on applications, forms, agreements, questionnaires, UBS AM (Americas) websites and other websites that are part of our investment program, or in the course of establishing or maintaining a customer relationship, such as your name, address, e-mail address, Social Security number, assets, income, financial situation; and |
• | Information we obtain from your transactions and experiences with us, our affiliates, or others, such as your account balances or other investment information, assets purchased and sold, and other parties to a transaction, where applicable. |
• | We do not disclose nonpublic personal information about our individual investors, except as permitted or required by law or regulation. Whether you are an individual investor or institutional investor, we may share the information described above with our affiliates that perform services on our behalf, and with our asset management and private banking affiliates; as well as with unaffiliated third parties that perform services on our behalf, such as our accountants, auditors, attorneys, broker-dealers, fund administrators, and other service providers. |
• | We want our investors to be informed about additional products or services. We do not disclose nonpublic personal information relating to individual investors to our affiliates for marketing purposes, nor do we use such information received from our affiliates to solicit individual investors for such purposes. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates. |
• | In addition, whether you are an individual investor or an institutional investor, we reserve the right to disclose information, including nonpublic personal information, about you to any person or entity, including without limitation any governmental agency, regulatory authority or self-regulatory organization having jurisdiction over us or our affiliates, if (i) we determine in our discretion that such disclosure is necessary or advisable pursuant to or in connection with any United States federal, state or local, or non-U.S., court order (or other legal process), law, rule, regulation, or executive order or policy, including without limitation any anti-money laundering law or the USA PATRIOT Act of 2001; and (ii) such disclosure is not otherwise prohibited by law, rule, regulation, or executive order or policy. |
• | To protect nonpublic personal information about individual investors, we restrict access to those employees and agents who need to know that information to provide products or services to us and to our investors. We maintain physical, electronic, and procedural safeguards to protect nonpublic personal information. |
• | By calling 1-800-293-1232 |
• | On the Fund’s website, www.credit-suisse.com/us/funds |
• | On the website of the Securities and Exchange Commission (“SEC”) at www.sec.gov |
Credit Suisse Commodity Return Strategy Fund | Credit Suisse Strategic Income Fund | |
Credit Suisse Floating Rate High Income Fund | Credit Suisse Trust Commodity Return Strategy Portfolio |
By Internet: | www.computershare.com |
By phone: | (800) 730-6001 (U.S. and Canada) |
(781) 575-3100 (Outside U.S. and Canada) |
By mail: | Credit Suisse High Yield Bond Fund |
c/o Computershare |
P.O. Box 43006 |
Providence, RI 02940-3006 |
Computershare |
150 Royall St., Suite 101 |
Canton, MA 02021 |
Item 2. Code of Ethics.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
(a) | This item is inapplicable to a semi-annual report on Form N-CSR. |
(b) | Not applicable to the Registrant. |
Item 6. Schedule of Investments.
(a) | The complete schedule of investments for the Registrant is disclosed in the Registrant’s semi-annual report, which is included in Item 1 of this Form N-CSR. |
(b) | Not applicable to the Registrant. |
(c) | Not applicable to the Registrant. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Proxy Disclosure for Open-End Management Investment Companies.
Not applicable to the Registrant.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable to the Registrant.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Report to Stockholders filed under Item 1 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
(a) | This item is inapplicable to a semi-annual report on Form N-CSR. |
(b) | There have been no changes in any of the Portfolio Managers since the Registrant’s most recent annual report on Form N-CSR. |
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated March 20, 2025.
Item 16. Controls and Procedures.
(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s most recent fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable to the Registrant.
Item 19. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Not applicable. |
(a)(3) |
(a)(4) | Not applicable. |
(a)(5) | Not applicable. |
(b) |
(c) | Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE HIGH YIELD BOND FUND | ||||
/s/ Omar Tariq | ||||
Name: | Omar Tariq | |||
Title: | Chief Executive Officer and President (Principal Executive Officer) | |||
Date: | July 2, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ Omar Tariq | ||||
Name: | Omar Tariq | |||
Title: | Chief Executive Officer and President (Principal Executive Officer) | |||
Date: | July 2, 2025 | |||
/s/ Rose Ann Bubloski | ||||
Name: | Rose Ann Bubloski | |||
Title: | Chief Financial Officer and Treasurer (Principal Financial Officer) | |||
Date: | July 2, 2025 |