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THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
|
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JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
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J.P. Morgan Distribution Services, Inc., member FINRA.
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© J.P. Morgan Chase & Co., 2022.
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — 96.0%
|
||
|
Aerospace & Defense — 3.2%
|
||
|
Bombardier, Inc. (Canada)
|
|
|
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7.13%, 6/15/2026 (a)
|
855,000
|
840,029
|
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7.88%, 4/15/2027 (a)
|
1,186,000
|
1,166,716
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BWX Technologies, Inc. 4.13%, 6/30/2028 (a)
|
327,000
|
291,030
|
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Howmet Aerospace, Inc.
|
|
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6.88%, 5/1/2025
|
313,000
|
319,749
|
|
5.90%, 2/1/2027
|
500,000
|
495,000
|
|
5.95%, 2/1/2037
|
783,000
|
740,046
|
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Moog, Inc. 4.25%, 12/15/2027 (a)
|
207,000
|
185,783
|
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Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027 (a)
|
800,000
|
761,152
|
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Spirit AeroSystems, Inc.
|
|
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7.50%, 4/15/2025 (a)
|
849,000
|
839,873
|
|
4.60%, 6/15/2028
|
232,000
|
179,892
|
|
9.38%, 11/30/2029 (a)
|
524,000
|
551,510
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TransDigm, Inc.
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|
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6.25%, 3/15/2026 (a)
|
2,900,000
|
2,885,906
|
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5.50%, 11/15/2027
|
1,517,000
|
1,429,772
|
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Triumph Group, Inc.
|
|
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8.88%, 6/1/2024 (a)
|
317,000
|
324,133
|
|
6.25%, 9/15/2024 (a)
|
136,000
|
129,200
|
|
7.75%, 8/15/2025
|
326,000
|
279,545
|
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Wesco Aircraft Holdings, Inc.
|
|
|
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8.50%, 11/15/2024 (a)
|
1,588,000
|
786,060
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|
9.00%, 11/15/2026 (a)
|
1,791,000
|
1,137,285
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13,342,681
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Airlines — 1.9%
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Air Canada (Canada) 3.88%, 8/15/2026 (a)
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496,000
|
453,841
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Allegiant Travel Co. 7.25%, 8/15/2027 (a)
|
198,000
|
192,880
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American Airlines, Inc.
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|
5.50%, 4/20/2026 (a)
|
1,878,009
|
1,821,327
|
|
5.75%, 4/20/2029 (a)
|
1,822,009
|
1,696,198
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Delta Air Lines, Inc.
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7.38%, 1/15/2026
|
396,000
|
409,100
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3.75%, 10/28/2029
|
517,000
|
442,660
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Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (a)
|
437,111
|
414,268
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Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025 (a)
|
231,850
|
234,447
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United Airlines, Inc.
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4.38%, 4/15/2026 (a)
|
1,416,000
|
1,318,332
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4.63%, 4/15/2029 (a)
|
1,043,000
|
928,496
|
|
|
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7,911,549
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Auto Components — 2.3%
|
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Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a)
|
350,000
|
326,693
|
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Allison Transmission, Inc. 5.88%, 6/1/2029 (a)
|
576,000
|
544,459
|
|
American Axle & Manufacturing, Inc. 6.50%, 4/1/2027
|
728,000
|
684,320
|
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Clarios Global LP
|
|
|
|
6.25%, 5/15/2026 (a)
|
508,000
|
503,240
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|
8.50%, 5/15/2027 (a)
|
916,000
|
896,404
|
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
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Auto Components — continued
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Cooper-Standard Automotive, Inc.
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13.00%, 6/1/2024 (a)
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192,000
|
200,855
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5.63%, 11/15/2026 (a)
|
205,000
|
85,712
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Dana, Inc. 5.38%, 11/15/2027
|
863,000
|
790,784
|
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Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a)
|
313,000
|
208,291
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Goodyear Tire & Rubber Co. (The)
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5.00%, 5/31/2026
|
259,000
|
248,876
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4.88%, 3/15/2027
|
1,390,000
|
1,300,109
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5.25%, 4/30/2031
|
575,000
|
491,625
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Icahn Enterprises LP
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6.25%, 5/15/2026
|
984,000
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971,277
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5.25%, 5/15/2027
|
1,015,000
|
934,805
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IHO Verwaltungs GmbH (Germany) 6.38% (Cash), 5/15/2029 (a) (b)
|
600,000
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510,000
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JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (a)
|
223,000
|
215,487
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Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029 (a)
|
232,000
|
160,080
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ZF North America Capital, Inc. (Germany) 4.75%, 4/29/2025 (a)
|
500,000
|
483,220
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9,556,237
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Automobiles — 0.1%
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PM General Purchaser LLC 9.50%, 10/1/2028 (a)
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256,000
|
224,567
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Banks — 0.6%
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Intesa Sanpaolo SpA (Italy) 5.71%, 1/15/2026 (a)
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1,600,000
|
1,545,836
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UniCredit SpA (Italy) (USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (c)
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1,225,000
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1,066,682
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2,612,518
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Beverages — 0.1%
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Primo Water Holdings, Inc. (Canada) 4.38%, 4/30/2029 (a)
|
296,000
|
255,792
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Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a)
|
324,000
|
252,164
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|
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|
507,956
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Biotechnology — 0.0% ^
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Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)
|
188,000
|
84,600
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Building Products — 1.3%
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Advanced Drainage Systems, Inc. 6.38%, 6/15/2030 (a)
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473,000
|
455,192
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Builders FirstSource, Inc. 5.00%, 3/1/2030 (a)
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1,056,000
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936,729
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Griffon Corp. 5.75%, 3/1/2028
|
416,000
|
386,942
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James Hardie International Finance DAC 5.00%, 1/15/2028 (a)
|
300,000
|
275,989
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JELD-WEN, Inc. 4.88%, 12/15/2027 (a)
|
472,000
|
369,732
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Masonite International Corp. 5.38%, 2/1/2028 (a)
|
405,000
|
366,989
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MIWD Holdco II LLC 5.50%, 2/1/2030 (a)
|
254,000
|
208,280
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PGT Innovations, Inc. 4.38%, 10/1/2029 (a)
|
230,000
|
193,724
|
|
Standard Industries, Inc. 4.75%, 1/15/2028 (a)
|
1,761,000
|
1,596,021
|
|
Summit Materials LLC 5.25%, 1/15/2029 (a)
|
475,000
|
438,496
|
|
|
|
5,228,094
|
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Capital Markets — 0.8%
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||
|
Coinbase Global, Inc.
|
|
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3.38%, 10/1/2028 (a)
|
718,000
|
419,656
|
|
3.63%, 10/1/2031 (a)
|
201,000
|
108,540
|
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INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Capital Markets — continued
|
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|
Dresdner Funding Trust I 8.15%, 6/30/2031 (a)
|
400,000
|
404,800
|
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LPL Holdings, Inc. 4.63%, 11/15/2027 (a)
|
652,000
|
602,324
|
|
MSCI, Inc.
|
|
|
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4.00%, 11/15/2029 (a)
|
1,733,000
|
1,530,291
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|
3.88%, 2/15/2031 (a)
|
497,000
|
431,784
|
|
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3,497,395
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Chemicals — 2.7%
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||
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Ashland LLC 3.38%, 9/1/2031 (a)
|
254,000
|
203,421
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Avient Corp.
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5.75%, 5/15/2025 (a)
|
228,000
|
222,295
|
|
7.13%, 8/1/2030 (a)
|
687,000
|
670,718
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Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)
|
675,000
|
618,885
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|
Chemours Co. (The) 5.75%, 11/15/2028 (a)
|
1,229,000
|
1,079,388
|
|
Consolidated Energy Finance SA (Switzerland) 5.63%, 10/15/2028 (a)
|
200,000
|
174,750
|
|
CVR Partners LP 6.13%, 6/15/2028 (a)
|
388,000
|
350,337
|
|
Element Solutions, Inc. 3.88%, 9/1/2028 (a)
|
600,000
|
512,796
|
|
Gates Global LLC 6.25%, 1/15/2026 (a)
|
223,000
|
215,019
|
|
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a)
|
300,000
|
266,724
|
|
Ingevity Corp. 3.88%, 11/1/2028 (a)
|
391,000
|
333,327
|
|
Koppers, Inc. 6.00%, 2/15/2025 (a)
|
165,000
|
153,656
|
|
LSB Industries, Inc. 6.25%, 10/15/2028 (a)
|
441,000
|
411,859
|
|
Methanex Corp. (Canada) 5.25%, 12/15/2029
|
679,000
|
606,442
|
|
Nufarm Australia Ltd. (Australia) 5.00%, 1/27/2030 (a)
|
134,000
|
114,738
|
|
Olin Corp.
|
|
|
|
5.13%, 9/15/2027
|
223,000
|
209,063
|
|
5.63%, 8/1/2029
|
300,000
|
282,390
|
|
Olympus Water US Holding Corp. 4.25%, 10/1/2028 (a)
|
450,000
|
364,594
|
|
Rain CII Carbon LLC 7.25%, 4/1/2025 (a)
|
360,000
|
327,614
|
|
SCIH Salt Holdings, Inc.
|
|
|
|
4.88%, 5/1/2028 (a)
|
411,000
|
366,817
|
|
6.63%, 5/1/2029 (a)
|
186,000
|
155,310
|
|
Scotts Miracle-Gro Co. (The)
|
|
|
|
4.50%, 10/15/2029
|
263,000
|
215,003
|
|
4.38%, 2/1/2032
|
324,000
|
249,247
|
|
SK Invictus Intermediate II Sarl (Luxembourg) 5.00%, 10/30/2029 (a)
|
268,000
|
214,400
|
|
Trinseo Materials Operating SCA
|
|
|
|
5.38%, 9/1/2025 (a)
|
413,000
|
330,916
|
|
5.13%, 4/1/2029 (a)
|
285,000
|
181,331
|
|
Tronox, Inc. 4.63%, 3/15/2029 (a)
|
743,000
|
598,256
|
|
Valvoline, Inc. 4.25%, 2/15/2030 (a)
|
323,000
|
313,927
|
|
Venator Finance SARL
|
|
|
|
9.50%, 7/1/2025 (a)
|
134,000
|
98,155
|
|
5.75%, 7/15/2025 (a)
|
158,000
|
54,510
|
|
WR Grace Holdings LLC
|
|
|
|
4.88%, 6/15/2027 (a)
|
548,000
|
490,981
|
|
5.63%, 8/15/2029 (a)
|
914,000
|
753,538
|
|
|
|
11,140,407
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Commercial Services & Supplies — 2.7%
|
||
|
ACCO Brands Corp. 4.25%, 3/15/2029 (a)
|
230,000
|
192,144
|
|
Allied Universal Holdco LLC
|
|
|
|
6.63%, 7/15/2026 (a)
|
1,426,000
|
1,354,700
|
|
9.75%, 7/15/2027 (a)
|
398,000
|
359,155
|
|
APi Group DE, Inc. 4.13%, 7/15/2029 (a)
|
330,000
|
274,270
|
|
Aramark Services, Inc.
|
|
|
|
6.38%, 5/1/2025 (a)
|
564,000
|
562,883
|
|
5.00%, 2/1/2028 (a)
|
693,000
|
648,073
|
|
Brink's Co. (The) 4.63%, 10/15/2027 (a)
|
458,000
|
421,124
|
|
CoreCivic, Inc. 8.25%, 4/15/2026
|
441,000
|
450,503
|
|
Covanta Holding Corp. 4.88%, 12/1/2029 (a)
|
313,000
|
264,485
|
|
Garda World Security Corp. (Canada)
|
|
|
|
4.63%, 2/15/2027 (a)
|
235,000
|
211,051
|
|
9.50%, 11/1/2027 (a)
|
566,000
|
523,603
|
|
GEO Group, Inc. (The) 10.50%, 6/30/2028
|
268,000
|
271,457
|
|
GFL Environmental, Inc. (Canada)
|
|
|
|
5.13%, 12/15/2026 (a)
|
780,000
|
751,109
|
|
4.75%, 6/15/2029 (a)
|
1,145,000
|
1,002,826
|
|
Harsco Corp. 5.75%, 7/31/2027 (a)
|
190,000
|
153,425
|
|
Interface, Inc. 5.50%, 12/1/2028 (a)
|
188,000
|
151,765
|
|
KAR Auction Services, Inc. 5.13%, 6/1/2025 (a)
|
60,000
|
58,333
|
|
Madison IAQ LLC
|
|
|
|
4.13%, 6/30/2028 (a)
|
184,000
|
159,122
|
|
5.88%, 6/30/2029 (a)
|
684,000
|
505,975
|
|
Prime Security Services Borrower LLC
|
|
|
|
5.75%, 4/15/2026 (a)
|
1,915,000
|
1,895,850
|
|
6.25%, 1/15/2028 (a)
|
573,000
|
532,890
|
|
Stericycle, Inc. 3.88%, 1/15/2029 (a)
|
386,000
|
335,820
|
|
Waste Pro USA, Inc. 5.50%, 2/15/2026 (a)
|
188,000
|
173,503
|
|
|
|
11,254,066
|
|
Communications Equipment — 1.0%
|
||
|
Ciena Corp. 4.00%, 1/31/2030 (a)
|
190,000
|
159,362
|
|
CommScope Technologies LLC
|
|
|
|
6.00%, 6/15/2025 (a)
|
506,000
|
474,198
|
|
5.00%, 3/15/2027 (a)
|
263,000
|
200,622
|
|
CommScope, Inc.
|
|
|
|
6.00%, 3/1/2026 (a)
|
1,497,000
|
1,448,288
|
|
8.25%, 3/1/2027 (a)
|
1,244,000
|
1,067,856
|
|
Nokia OYJ (Finland)
|
|
|
|
4.38%, 6/12/2027
|
190,000
|
179,550
|
|
6.63%, 5/15/2039
|
162,000
|
153,612
|
|
Viasat, Inc.
|
|
|
|
5.63%, 4/15/2027 (a)
|
232,000
|
213,215
|
|
6.50%, 7/15/2028 (a)
|
362,000
|
278,468
|
|
Viavi Solutions, Inc. 3.75%, 10/1/2029 (a)
|
136,000
|
112,200
|
|
|
|
4,287,371
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Construction & Engineering — 0.3%
|
||
|
AECOM 5.13%, 3/15/2027
|
418,000
|
406,664
|
|
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)
|
254,000
|
218,145
|
|
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a)
|
330,000
|
255,750
|
|
Pike Corp. 5.50%, 9/1/2028 (a)
|
431,000
|
385,030
|
|
Weekley Homes LLC 4.88%, 9/15/2028 (a)
|
175,000
|
141,834
|
|
|
|
1,407,423
|
|
Consumer Finance — 5.2%
|
||
|
Ally Financial, Inc. 5.75%, 11/20/2025
|
396,000
|
390,720
|
|
Credit Acceptance Corp. 6.63%, 3/15/2026
|
232,000
|
219,240
|
|
Curo Group Holdings Corp. 7.50%, 8/1/2028 (a)
|
381,000
|
156,210
|
|
Enova International, Inc. 8.50%, 9/15/2025 (a)
|
209,000
|
192,280
|
|
FirstCash, Inc. 5.63%, 1/1/2030 (a)
|
314,000
|
285,627
|
|
Ford Motor Credit Co. LLC
|
|
|
|
5.13%, 6/16/2025
|
3,950,000
|
3,824,832
|
|
4.13%, 8/17/2027
|
7,700,000
|
7,025,249
|
|
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 6.50% (Cash), 9/15/2024 (a) (b)
|
1,798,557
|
1,473,841
|
|
Navient Corp.
|
|
|
|
7.25%, 9/25/2023
|
210,000
|
210,018
|
|
5.88%, 10/25/2024
|
1,056,000
|
1,025,997
|
|
5.00%, 3/15/2027
|
536,000
|
468,324
|
|
OneMain Finance Corp.
|
|
|
|
6.13%, 3/15/2024
|
1,737,000
|
1,694,096
|
|
7.13%, 3/15/2026
|
3,258,000
|
3,156,334
|
|
3.88%, 9/15/2028
|
550,000
|
436,370
|
|
SLM Corp. 4.20%, 10/29/2025
|
303,000
|
278,003
|
|
VistaJet Malta Finance plc (Switzerland) 6.38%, 2/1/2030 (a)
|
790,000
|
647,800
|
|
|
|
21,484,941
|
|
Containers & Packaging — 2.6%
|
||
|
Ardagh Metal Packaging Finance USA LLC
|
|
|
|
3.25%, 9/1/2028 (a)
|
350,000
|
295,149
|
|
4.00%, 9/1/2029 (a)
|
550,000
|
440,000
|
|
Ardagh Packaging Finance plc
|
|
|
|
4.13%, 8/15/2026 (a)
|
800,000
|
704,000
|
|
5.25%, 8/15/2027 (a)
|
500,000
|
378,150
|
|
Ball Corp.
|
|
|
|
4.88%, 3/15/2026
|
881,000
|
854,570
|
|
3.13%, 9/15/2031
|
1,266,000
|
1,005,836
|
|
Berry Global, Inc. 5.63%, 7/15/2027 (a)
|
272,000
|
266,560
|
|
Crown Americas LLC
|
|
|
|
4.75%, 2/1/2026
|
382,000
|
369,933
|
|
5.25%, 4/1/2030 (a)
|
247,000
|
228,475
|
|
Graphic Packaging International LLC
|
|
|
|
4.75%, 7/15/2027 (a)
|
394,000
|
367,149
|
|
3.50%, 3/15/2028 (a)
|
1,008,000
|
876,281
|
|
LABL, Inc.
|
|
|
|
6.75%, 7/15/2026 (a)
|
528,000
|
504,240
|
|
10.50%, 7/15/2027 (a)
|
404,000
|
371,680
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Containers & Packaging — continued
|
||
|
Mauser Packaging Solutions Holding Co.
|
|
|
|
5.50%, 4/15/2024 (a)
|
835,000
|
823,578
|
|
7.25%, 4/15/2025 (a)
|
605,000
|
552,062
|
|
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)
|
675,000
|
649,369
|
|
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a)
|
745,000
|
654,762
|
|
Pactiv LLC 7.95%, 12/15/2025
|
140,000
|
131,129
|
|
Sealed Air Corp.
|
|
|
|
5.50%, 9/15/2025 (a)
|
212,000
|
210,295
|
|
6.88%, 7/15/2033 (a)
|
423,000
|
414,397
|
|
Silgan Holdings, Inc. 4.13%, 2/1/2028
|
221,000
|
207,508
|
|
TriMas Corp. 4.13%, 4/15/2029 (a)
|
190,000
|
161,975
|
|
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (d)
|
600,000
|
563,802
|
|
|
|
11,030,900
|
|
Distributors — 0.1%
|
||
|
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a)
|
488,000
|
441,645
|
|
Diversified Consumer Services — 0.3%
|
||
|
Metis Merger Sub LLC 6.50%, 5/15/2029 (a)
|
232,000
|
191,052
|
|
Service Corp. International
|
|
|
|
5.13%, 6/1/2029
|
599,000
|
567,364
|
|
3.38%, 8/15/2030
|
396,000
|
329,670
|
|
|
|
1,088,086
|
|
Diversified Financial Services — 0.4%
|
||
|
MPH Acquisition Holdings LLC
|
|
|
|
5.50%, 9/1/2028 (a)
|
374,000
|
298,740
|
|
5.75%, 11/1/2028 (a)
|
374,000
|
262,735
|
|
Oxford Finance LLC 6.38%, 2/1/2027 (a)
|
231,000
|
215,407
|
|
Sabre GLBL, Inc. 9.25%, 4/15/2025 (a)
|
458,000
|
456,855
|
|
Verscend Escrow Corp. 9.75%, 8/15/2026 (a)
|
307,000
|
307,071
|
|
|
|
1,540,808
|
|
Diversified Telecommunication Services — 5.9%
|
||
|
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (a)
|
750,000
|
592,500
|
|
Altice France SA (France) 5.50%, 1/15/2028 (a)
|
2,550,000
|
2,125,195
|
|
CCO Holdings LLC
|
|
|
|
5.13%, 5/1/2027 (a)
|
926,000
|
876,450
|
|
5.38%, 6/1/2029 (a)
|
3,662,000
|
3,323,155
|
|
4.75%, 3/1/2030 (a)
|
4,903,000
|
4,215,222
|
|
Consolidated Communications, Inc. 6.50%, 10/1/2028 (a)
|
324,000
|
266,587
|
|
Frontier Communications Holdings LLC
|
|
|
|
5.88%, 10/15/2027 (a)
|
788,000
|
749,798
|
|
5.00%, 5/1/2028 (a)
|
508,000
|
452,120
|
|
6.75%, 5/1/2029 (a)
|
779,000
|
654,461
|
|
8.75%, 5/15/2030 (a)
|
324,000
|
335,178
|
|
Iliad Holding SASU (France) 6.50%, 10/15/2026 (a)
|
550,000
|
523,185
|
|
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a)
|
1,298,000
|
1,194,160
|
|
Level 3 Financing, Inc.
|
|
|
|
4.63%, 9/15/2027 (a)
|
1,060,000
|
893,050
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Diversified Telecommunication Services — continued
|
||
|
4.25%, 7/1/2028 (a)
|
603,000
|
472,143
|
|
Lumen Technologies, Inc.
|
|
|
|
4.00%, 2/15/2027 (a)
|
1,432,000
|
1,220,780
|
|
5.38%, 6/15/2029 (a)
|
461,000
|
325,581
|
|
Qwest Corp. 7.25%, 9/15/2025
|
140,000
|
139,300
|
|
Sprint Capital Corp.
|
|
|
|
6.88%, 11/15/2028
|
1,546,000
|
1,638,157
|
|
8.75%, 3/15/2032
|
871,000
|
1,041,411
|
|
Telecom Italia Capital SA (Italy) 6.38%, 11/15/2033
|
600,000
|
492,750
|
|
Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)
|
926,000
|
896,831
|
|
Telesat Canada (Canada) 5.63%, 12/6/2026 (a)
|
313,000
|
147,622
|
|
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (a)
|
1,400,000
|
1,293,404
|
|
Windstream Escrow LLC 7.75%, 8/15/2028 (a)
|
423,000
|
370,125
|
|
Zayo Group Holdings, Inc.
|
|
|
|
4.00%, 3/1/2027 (a)
|
421,000
|
301,550
|
|
6.13%, 3/1/2028 (a)
|
323,000
|
175,227
|
|
|
|
24,715,942
|
|
Electric Utilities — 1.9%
|
||
|
FirstEnergy Corp.
|
|
|
|
2.65%, 3/1/2030
|
1,361,000
|
1,125,220
|
|
Series C, 5.35%, 7/15/2047 (d)
|
213,000
|
187,679
|
|
NextEra Energy Operating Partners LP 4.50%, 9/15/2027 (a)
|
846,000
|
796,298
|
|
NRG Energy, Inc.
|
|
|
|
5.75%, 1/15/2028
|
313,000
|
299,698
|
|
5.25%, 6/15/2029 (a)
|
1,444,000
|
1,330,870
|
|
3.63%, 2/15/2031 (a)
|
505,000
|
403,823
|
|
PG&E Corp. 5.25%, 7/1/2030
|
1,060,000
|
959,814
|
|
Terraform Global Operating LP 6.13%, 3/1/2026 (a)
|
184,000
|
172,174
|
|
Vistra Operations Co. LLC
|
|
|
|
5.63%, 2/15/2027 (a)
|
2,322,000
|
2,246,426
|
|
4.38%, 5/1/2029 (a)
|
416,000
|
372,182
|
|
|
|
7,894,184
|
|
Electrical Equipment — 0.2%
|
||
|
Atkore, Inc. 4.25%, 6/1/2031 (a)
|
184,000
|
155,020
|
|
Sensata Technologies BV 5.00%, 10/1/2025 (a)
|
480,000
|
469,032
|
|
Vertiv Group Corp. 4.13%, 11/15/2028 (a)
|
357,000
|
307,020
|
|
|
|
931,072
|
|
Electronic Equipment, Instruments & Components — 0.5%
|
||
|
Coherent Corp. 5.00%, 12/15/2029 (a)
|
494,000
|
435,955
|
|
Sensata Technologies, Inc. 4.38%, 2/15/2030 (a)
|
1,687,000
|
1,494,016
|
|
|
|
1,929,971
|
|
Energy Equipment & Services — 1.0%
|
||
|
Archrock Partners LP
|
|
|
|
6.88%, 4/1/2027 (a)
|
512,000
|
495,360
|
|
6.25%, 4/1/2028 (a)
|
133,000
|
123,358
|
|
Nabors Industries Ltd. 7.25%, 1/15/2026 (a)
|
236,000
|
226,855
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Energy Equipment & Services — continued
|
||
|
Nabors Industries, Inc.
|
|
|
|
5.75%, 2/1/2025
|
499,000
|
479,040
|
|
7.38%, 5/15/2027 (a)
|
539,000
|
524,177
|
|
Oceaneering International, Inc. 4.65%, 11/15/2024
|
225,000
|
218,050
|
|
Patterson-UTI Energy, Inc. 3.95%, 2/1/2028
|
285,000
|
252,983
|
|
Precision Drilling Corp. (Canada)
|
|
|
|
7.13%, 1/15/2026 (a)
|
245,000
|
239,889
|
|
6.88%, 1/15/2029 (a)
|
164,000
|
154,955
|
|
Transocean Guardian Ltd. 5.88%, 1/15/2024 (a)
|
278,997
|
271,768
|
|
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a)
|
236,880
|
229,774
|
|
Transocean, Inc. 11.50%, 1/30/2027 (a)
|
189,000
|
191,356
|
|
USA Compression Partners LP 6.88%, 4/1/2026
|
415,000
|
397,362
|
|
Weatherford International Ltd. 6.50%, 9/15/2028 (a)
|
161,000
|
154,963
|
|
|
|
3,959,890
|
|
Entertainment — 1.5%
|
||
|
Banijay Entertainment SASU (France) 5.38%, 3/1/2025 (a)
|
250,000
|
237,012
|
|
Cinemark USA, Inc.
|
|
|
|
8.75%, 5/1/2025 (a)
|
243,000
|
247,866
|
|
5.25%, 7/15/2028 (a)
|
474,000
|
378,607
|
|
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (a)
|
296,000
|
192,400
|
|
Live Nation Entertainment, Inc.
|
|
|
|
4.88%, 11/1/2024 (a)
|
372,000
|
366,186
|
|
6.50%, 5/15/2027 (a)
|
770,000
|
771,458
|
|
4.75%, 10/15/2027 (a)
|
232,000
|
209,378
|
|
Netflix, Inc. 5.88%, 11/15/2028
|
2,915,000
|
2,944,762
|
|
ROBLOX Corp. 3.88%, 5/1/2030 (a)
|
282,000
|
230,755
|
|
WMG Acquisition Corp.
|
|
|
|
3.88%, 7/15/2030 (a)
|
433,000
|
375,268
|
|
3.00%, 2/15/2031 (a)
|
231,000
|
191,454
|
|
|
|
6,145,146
|
|
Equity Real Estate Investment Trusts (REITs) — 2.8%
|
||
|
Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (a)
|
509,000
|
489,317
|
|
Global Net Lease, Inc. 3.75%, 12/15/2027 (a)
|
134,000
|
110,860
|
|
HAT Holdings I LLC
|
|
|
|
3.38%, 6/15/2026 (a)
|
423,000
|
367,930
|
|
3.75%, 9/15/2030 (a)
|
232,000
|
165,847
|
|
Iron Mountain, Inc.
|
|
|
|
4.88%, 9/15/2027 (a)
|
811,000
|
762,575
|
|
5.00%, 7/15/2028 (a)
|
1,381,000
|
1,255,861
|
|
4.88%, 9/15/2029 (a)
|
1,661,000
|
1,460,471
|
|
iStar, Inc. 4.75%, 10/1/2024
|
541,000
|
532,266
|
|
MPT Operating Partnership LP 4.63%, 8/1/2029
|
1,633,000
|
1,284,322
|
|
Park Intermediate Holdings LLC 5.88%, 10/1/2028 (a)
|
1,792,000
|
1,659,517
|
|
RHP Hotel Properties LP 4.75%, 10/15/2027
|
986,000
|
900,659
|
|
SBA Communications Corp.
|
|
|
|
3.88%, 2/15/2027
|
416,000
|
384,069
|
|
3.13%, 2/1/2029
|
518,000
|
432,456
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Equity Real Estate Investment Trusts (REITs) — continued
|
||
|
Service Properties Trust 7.50%, 9/15/2025
|
416,000
|
402,480
|
|
Uniti Group LP
|
|
|
|
7.88%, 2/15/2025 (a)
|
905,000
|
908,804
|
|
6.50%, 2/15/2029 (a)
|
687,000
|
503,227
|
|
|
|
11,620,661
|
|
Food & Staples Retailing — 1.0%
|
||
|
Albertsons Cos., Inc.
|
|
|
|
4.63%, 1/15/2027 (a)
|
784,000
|
725,271
|
|
5.88%, 2/15/2028 (a)
|
695,000
|
664,573
|
|
4.88%, 2/15/2030 (a)
|
539,000
|
480,917
|
|
Performance Food Group, Inc. 5.50%, 10/15/2027 (a)
|
1,068,000
|
1,030,620
|
|
Rite Aid Corp. 8.00%, 11/15/2026 (a)
|
713,000
|
443,621
|
|
US Foods, Inc.
|
|
|
|
6.25%, 4/15/2025 (a)
|
432,000
|
436,035
|
|
4.75%, 2/15/2029 (a)
|
598,000
|
532,890
|
|
|
|
4,313,927
|
|
Food Products — 1.0%
|
||
|
B&G Foods, Inc. 5.25%, 9/15/2027
|
441,000
|
354,740
|
|
Darling Ingredients, Inc.
|
|
|
|
5.25%, 4/15/2027 (a)
|
188,000
|
181,956
|
|
6.00%, 6/15/2030 (a)
|
338,000
|
329,614
|
|
Lamb Weston Holdings, Inc. 4.88%, 5/15/2028 (a)
|
962,000
|
906,791
|
|
Post Holdings, Inc. 5.50%, 12/15/2029 (a)
|
2,485,000
|
2,282,386
|
|
|
|
4,055,487
|
|
Gas Utilities — 0.4%
|
||
|
AmeriGas Partners LP 5.88%, 8/20/2026
|
1,374,000
|
1,308,735
|
|
Suburban Propane Partners LP 5.00%, 6/1/2031 (a)
|
323,000
|
276,212
|
|
Superior Plus LP (Canada) 4.50%, 3/15/2029 (a)
|
294,000
|
251,061
|
|
|
|
1,836,008
|
|
Health Care Equipment & Supplies — 0.9%
|
||
|
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)
|
890,000
|
818,800
|
|
Hologic, Inc. 3.25%, 2/15/2029 (a)
|
508,000
|
446,334
|
|
Medline Borrower LP
|
|
|
|
3.88%, 4/1/2029 (a)
|
1,727,000
|
1,484,806
|
|
5.25%, 10/1/2029 (a)
|
957,000
|
779,955
|
|
Teleflex, Inc. 4.25%, 6/1/2028 (a)
|
327,000
|
303,619
|
|
|
|
3,833,514
|
|
Health Care Providers & Services — 3.7%
|
||
|
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)
|
328,000
|
308,377
|
|
AdaptHealth LLC 6.13%, 8/1/2028 (a)
|
416,000
|
381,213
|
|
Community Health Systems, Inc.
|
|
|
|
8.00%, 3/15/2026 (a)
|
692,000
|
638,640
|
|
5.63%, 3/15/2027 (a)
|
2,068,000
|
1,755,298
|
|
6.00%, 1/15/2029 (a)
|
416,000
|
347,085
|
|
6.88%, 4/15/2029 (a)
|
1,115,000
|
596,525
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Health Care Providers & Services — continued
|
||
|
DaVita, Inc.
|
|
|
|
4.63%, 6/1/2030 (a)
|
1,256,000
|
1,016,707
|
|
3.75%, 2/15/2031 (a)
|
388,000
|
285,180
|
|
Encompass Health Corp.
|
|
|
|
4.50%, 2/1/2028
|
525,000
|
472,109
|
|
4.75%, 2/1/2030
|
416,000
|
369,200
|
|
Envision Healthcare Corp. 8.75%, 10/15/2026 (a)
|
229,000
|
66,410
|
|
Global Medical Response, Inc. 6.50%, 10/1/2025 (a)
|
230,000
|
173,093
|
|
HealthEquity, Inc. 4.50%, 10/1/2029 (a)
|
169,000
|
148,061
|
|
Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a)
|
399,000
|
330,754
|
|
Molina Healthcare, Inc. 4.38%, 6/15/2028 (a)
|
825,000
|
757,003
|
|
Owens & Minor, Inc. 6.63%, 4/1/2030 (a)
|
528,000
|
469,218
|
|
Pediatrix Medical Group, Inc. 5.38%, 2/15/2030 (a)
|
131,000
|
110,539
|
|
Radiology Partners, Inc. 9.25%, 2/1/2028 (a)
|
228,000
|
136,913
|
|
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026 (a)
|
554,000
|
445,992
|
|
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a)
|
275,000
|
230,267
|
|
Select Medical Corp. 6.25%, 8/15/2026 (a)
|
327,000
|
316,490
|
|
Surgery Center Holdings, Inc. 6.75%, 7/1/2025 (a)
|
282,000
|
276,042
|
|
Tenet Healthcare Corp.
|
|
|
|
6.25%, 2/1/2027 (a)
|
1,018,000
|
975,193
|
|
5.13%, 11/1/2027 (a)
|
3,556,000
|
3,347,583
|
|
4.63%, 6/15/2028 (a)
|
967,000
|
865,484
|
|
6.13%, 10/1/2028 (a)
|
413,000
|
364,473
|
|
6.88%, 11/15/2031
|
405,000
|
354,375
|
|
|
|
15,538,224
|
|
Health Care Technology — 0.2%
|
||
|
IQVIA, Inc. 5.00%, 10/15/2026 (a)
|
800,000
|
770,000
|
|
Hotels, Restaurants & Leisure — 9.9%
|
||
|
1011778 BC ULC (Canada)
|
|
|
|
3.88%, 1/15/2028 (a)
|
1,497,000
|
1,336,054
|
|
4.38%, 1/15/2028 (a)
|
1,001,000
|
910,800
|
|
Bloomin' Brands, Inc. 5.13%, 4/15/2029 (a)
|
190,000
|
164,071
|
|
Boyd Gaming Corp. 4.75%, 12/1/2027
|
776,000
|
721,680
|
|
Boyne USA, Inc. 4.75%, 5/15/2029 (a)
|
279,000
|
248,288
|
|
Caesars Entertainment, Inc.
|
|
|
|
6.25%, 7/1/2025 (a)
|
508,000
|
502,058
|
|
8.13%, 7/1/2027 (a)
|
1,408,000
|
1,413,350
|
|
4.63%, 10/15/2029 (a)
|
830,000
|
695,125
|
|
Caesars Resort Collection LLC 5.75%, 7/1/2025 (a)
|
407,000
|
402,057
|
|
Carnival Corp.
|
|
|
|
7.63%, 3/1/2026 (a)
|
2,067,000
|
1,741,447
|
|
5.75%, 3/1/2027 (a)
|
1,170,000
|
869,994
|
|
9.88%, 8/1/2027 (a)
|
2,311,000
|
2,255,709
|
|
4.00%, 8/1/2028 (a)
|
508,000
|
422,910
|
|
CCM Merger, Inc. 6.38%, 5/1/2026 (a)
|
136,000
|
125,899
|
|
CDI Escrow Issuer, Inc. 5.75%, 4/1/2030 (a)
|
471,000
|
436,914
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Hotels, Restaurants & Leisure — continued
|
||
|
Cedar Fair LP
|
|
|
|
5.50%, 5/1/2025 (a)
|
605,000
|
603,076
|
|
5.25%, 7/15/2029
|
410,000
|
358,167
|
|
Churchill Downs, Inc. 5.50%, 4/1/2027 (a)
|
313,000
|
297,677
|
|
Everi Holdings, Inc. 5.00%, 7/15/2029 (a)
|
136,000
|
117,821
|
|
Fertitta Entertainment LLC 4.63%, 1/15/2029 (a)
|
303,000
|
267,519
|
|
Hilton Domestic Operating Co., Inc. 4.88%, 1/15/2030
|
1,428,000
|
1,321,471
|
|
Hilton Grand Vacations Borrower Escrow LLC 5.00%, 6/1/2029 (a)
|
416,000
|
360,227
|
|
Hilton Worldwide Finance LLC 4.88%, 4/1/2027
|
1,013,000
|
974,374
|
|
International Game Technology plc
|
|
|
|
6.50%, 2/15/2025 (a)
|
631,000
|
634,245
|
|
5.25%, 1/15/2029 (a)
|
600,000
|
565,038
|
|
IRB Holding Corp. 7.00%, 6/15/2025 (a)
|
409,000
|
410,104
|
|
Jacobs Entertainment, Inc. 6.75%, 2/15/2029 (a)
|
202,000
|
181,800
|
|
Las Vegas Sands Corp. 2.90%, 6/25/2025
|
1,012,000
|
934,458
|
|
Life Time, Inc.
|
|
|
|
5.75%, 1/15/2026 (a)
|
307,000
|
295,202
|
|
8.00%, 4/15/2026 (a)
|
190,000
|
171,579
|
|
Marriott Ownership Resorts, Inc.
|
|
|
|
6.13%, 9/15/2025 (a)
|
161,000
|
159,020
|
|
4.75%, 1/15/2028
|
348,000
|
305,276
|
|
Melco Resorts Finance Ltd. (Hong Kong)
|
|
|
|
4.88%, 6/6/2025 (a)
|
500,000
|
432,500
|
|
5.75%, 7/21/2028 (a)
|
750,000
|
611,250
|
|
MGM China Holdings Ltd. (Macau) 5.88%, 5/15/2026 (a)
|
800,000
|
734,000
|
|
MGM Resorts International
|
|
|
|
5.75%, 6/15/2025
|
736,000
|
718,744
|
|
4.63%, 9/1/2026
|
736,000
|
679,002
|
|
Midwest Gaming Borrower LLC 4.88%, 5/1/2029 (a)
|
314,000
|
271,142
|
|
NCL Corp. Ltd.
|
|
|
|
3.63%, 12/15/2024 (a)
|
223,000
|
194,590
|
|
5.88%, 3/15/2026 (a)
|
754,000
|
618,492
|
|
5.88%, 2/15/2027 (a)
|
296,000
|
263,538
|
|
Papa John's International, Inc. 3.88%, 9/15/2029 (a)
|
232,000
|
193,823
|
|
Penn Entertainment, Inc. 4.13%, 7/1/2029 (a)
|
376,000
|
306,440
|
|
Premier Entertainment Sub LLC 5.63%, 9/1/2029 (a)
|
423,000
|
338,400
|
|
Resorts World Las Vegas LLC 4.63%, 4/16/2029 (a)
|
300,000
|
204,000
|
|
Royal Caribbean Cruises Ltd.
|
|
|
|
11.50%, 6/1/2025 (a)
|
1,330,000
|
1,426,425
|
|
5.50%, 8/31/2026 (a)
|
2,354,000
|
2,042,095
|
|
11.63%, 8/15/2027 (a)
|
396,000
|
406,890
|
|
Sands China Ltd. (Macau)
|
|
|
|
5.63%, 8/8/2025 (d)
|
1,000,000
|
955,000
|
|
5.90%, 8/8/2028 (d)
|
1,000,000
|
922,500
|
|
Scientific Games International, Inc.
|
|
|
|
8.63%, 7/1/2025 (a)
|
416,000
|
429,000
|
|
7.25%, 11/15/2029 (a)
|
575,000
|
563,145
|
|
Six Flags Entertainment Corp. 5.50%, 4/15/2027 (a)
|
416,000
|
375,623
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Hotels, Restaurants & Leisure — continued
|
||
|
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)
|
405,000
|
406,003
|
|
Station Casinos LLC 4.50%, 2/15/2028 (a)
|
494,000
|
435,723
|
|
Travel + Leisure Co.
|
|
|
|
6.63%, 7/31/2026 (a)
|
307,000
|
300,813
|
|
6.00%, 4/1/2027 (d)
|
511,000
|
479,145
|
|
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)
|
235,000
|
234,756
|
|
Viking Cruises Ltd. 5.88%, 9/15/2027 (a)
|
515,000
|
431,956
|
|
VOC Escrow Ltd. 5.00%, 2/15/2028 (a)
|
592,000
|
510,233
|
|
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a)
|
214,000
|
191,372
|
|
Wynn Las Vegas LLC 5.50%, 3/1/2025 (a)
|
1,120,000
|
1,075,122
|
|
Wynn Macau Ltd. (Macau) 5.63%, 8/26/2028 (a)
|
1,300,000
|
1,079,000
|
|
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)
|
659,000
|
572,742
|
|
Yum! Brands, Inc.
|
|
|
|
4.75%, 1/15/2030 (a)
|
2,338,000
|
2,139,270
|
|
6.88%, 11/15/2037
|
413,000
|
407,187
|
|
|
|
41,153,331
|
|
Household Durables — 1.2%
|
||
|
Beazer Homes USA, Inc. 5.88%, 10/15/2027
|
282,000
|
246,468
|
|
Brookfield Residential Properties, Inc. (Canada) 6.25%, 9/15/2027 (a)
|
416,000
|
370,232
|
|
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)
|
273,000
|
241,946
|
|
Century Communities, Inc. 3.88%, 8/15/2029 (a)
|
324,000
|
261,468
|
|
KB Home 4.80%, 11/15/2029
|
402,000
|
347,730
|
|
M/I Homes, Inc. 4.95%, 2/1/2028
|
232,000
|
201,834
|
|
Mattamy Group Corp. (Canada) 5.25%, 12/15/2027 (a)
|
313,000
|
280,886
|
|
Meritage Homes Corp. 5.13%, 6/6/2027
|
326,000
|
308,070
|
|
Newell Brands, Inc.
|
|
|
|
4.45%, 4/1/2026 (d)
|
1,187,000
|
1,119,768
|
|
5.75%, 4/1/2046 (d)
|
330,000
|
254,100
|
|
Taylor Morrison Communities, Inc. 5.88%, 6/15/2027 (a)
|
554,000
|
530,060
|
|
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a)
|
600,000
|
497,444
|
|
Tri Pointe Homes, Inc. 5.70%, 6/15/2028
|
323,000
|
291,391
|
|
|
|
4,951,397
|
|
Household Products — 0.3%
|
||
|
Central Garden & Pet Co.
|
|
|
|
5.13%, 2/1/2028
|
232,000
|
213,140
|
|
4.13%, 10/15/2030
|
175,000
|
145,688
|
|
Energizer Holdings, Inc. 4.75%, 6/15/2028 (a)
|
596,000
|
519,676
|
|
Spectrum Brands, Inc. 5.50%, 7/15/2030 (a)
|
622,000
|
532,668
|
|
|
|
1,411,172
|
|
Independent Power and Renewable Electricity Producers — 0.5%
|
||
|
Calpine Corp.
|
|
|
|
4.50%, 2/15/2028 (a)
|
1,231,000
|
1,126,061
|
|
5.13%, 3/15/2028 (a)
|
423,000
|
378,860
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Independent Power and Renewable Electricity Producers — continued
|
||
|
Clearway Energy Operating LLC
|
|
|
|
4.75%, 3/15/2028 (a)
|
245,000
|
226,322
|
|
3.75%, 2/15/2031 (a)
|
423,000
|
358,362
|
|
|
|
2,089,605
|
|
Insurance — 0.9%
|
||
|
Alliant Holdings Intermediate LLC
|
|
|
|
4.25%, 10/15/2027 (a)
|
323,000
|
290,700
|
|
6.75%, 10/15/2027 (a)
|
603,000
|
555,420
|
|
AmWINS Group, Inc. 4.88%, 6/30/2029 (a)
|
314,000
|
271,338
|
|
HUB International Ltd.
|
|
|
|
7.00%, 5/1/2026 (a)
|
603,000
|
597,006
|
|
5.63%, 12/1/2029 (a)
|
161,000
|
140,976
|
|
Liberty Mutual Group, Inc. 4.30%, 2/1/2061 (a)
|
659,000
|
386,148
|
|
NFP Corp.
|
|
|
|
4.88%, 8/15/2028 (a)
|
390,000
|
337,908
|
|
6.88%, 8/15/2028 (a)
|
752,000
|
636,064
|
|
Ryan Specialty Group LLC 4.38%, 2/1/2030 (a)
|
164,000
|
140,220
|
|
USI, Inc. 6.88%, 5/1/2025 (a)
|
230,000
|
225,426
|
|
|
|
3,581,206
|
|
Interactive Media & Services — 0.1%
|
||
|
TripAdvisor, Inc. 7.00%, 7/15/2025 (a)
|
232,000
|
229,127
|
|
Internet & Direct Marketing Retail — 0.5%
|
||
|
ANGI Group LLC 3.88%, 8/15/2028 (a)
|
245,000
|
184,056
|
|
Go Daddy Operating Co. LLC
|
|
|
|
5.25%, 12/1/2027 (a)
|
233,000
|
220,821
|
|
3.50%, 3/1/2029 (a)
|
176,000
|
148,734
|
|
Match Group Holdings II LLC 4.63%, 6/1/2028 (a)
|
667,000
|
596,564
|
|
Millennium Escrow Corp. 6.63%, 8/1/2026 (a)
|
314,000
|
226,080
|
|
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)
|
228,000
|
140,333
|
|
QVC, Inc. 4.75%, 2/15/2027
|
908,000
|
681,604
|
|
|
|
2,198,192
|
|
IT Services — 1.1%
|
||
|
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)
|
225,000
|
183,829
|
|
Arches Buyer, Inc.
|
|
|
|
4.25%, 6/1/2028 (a)
|
374,000
|
307,671
|
|
6.13%, 12/1/2028 (a)
|
232,000
|
186,433
|
|
Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)
|
318,000
|
286,000
|
|
Block, Inc.
|
|
|
|
2.75%, 6/1/2026
|
536,000
|
479,023
|
|
3.50%, 6/1/2031
|
525,000
|
426,043
|
|
Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (a)
|
557,000
|
501,991
|
|
Cablevision Lightpath LLC 3.88%, 9/15/2027 (a)
|
250,000
|
215,545
|
|
Cogent Communications Group, Inc. 3.50%, 5/1/2026 (a)
|
284,000
|
256,850
|
|
Conduent Business Services LLC 6.00%, 11/1/2029 (a)
|
245,000
|
200,900
|
|
Gartner, Inc. 4.50%, 7/1/2028 (a)
|
697,000
|
656,170
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
IT Services — continued
|
||
|
Northwest Fiber LLC
|
|
|
|
4.75%, 4/30/2027 (a)
|
129,000
|
114,172
|
|
10.75%, 6/1/2028 (a)
|
136,000
|
127,840
|
|
Presidio Holdings, Inc.
|
|
|
|
4.88%, 2/1/2027 (a)
|
302,000
|
281,835
|
|
8.25%, 2/1/2028 (a)
|
308,000
|
275,650
|
|
|
|
4,499,952
|
|
Leisure Products — 0.2%
|
||
|
Mattel, Inc.
|
|
|
|
5.88%, 12/15/2027 (a)
|
324,000
|
316,820
|
|
3.75%, 4/1/2029 (a)
|
190,000
|
166,377
|
|
5.45%, 11/1/2041
|
219,000
|
172,463
|
|
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a)
|
188,000
|
142,880
|
|
|
|
798,540
|
|
Life Sciences Tools & Services — 0.2%
|
||
|
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a)
|
516,000
|
448,982
|
|
Syneos Health, Inc. 3.63%, 1/15/2029 (a)
|
296,000
|
234,024
|
|
|
|
683,006
|
|
Machinery — 0.5%
|
||
|
EnPro Industries, Inc. 5.75%, 10/15/2026
|
190,000
|
184,536
|
|
Hillenbrand, Inc. 3.75%, 3/1/2031
|
512,000
|
416,000
|
|
Mueller Water Products, Inc. 4.00%, 6/15/2029 (a)
|
245,000
|
210,741
|
|
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a)
|
190,000
|
166,392
|
|
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (a)
|
190,000
|
191,598
|
|
Terex Corp. 5.00%, 5/15/2029 (a)
|
232,000
|
209,772
|
|
TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)
|
800,000
|
726,016
|
|
Wabash National Corp. 4.50%, 10/15/2028 (a)
|
182,000
|
153,895
|
|
|
|
2,258,950
|
|
Media — 7.0%
|
||
|
Altice Financing SA (Luxembourg)
|
|
|
|
5.00%, 1/15/2028 (a)
|
850,000
|
693,498
|
|
5.75%, 8/15/2029 (a)
|
250,000
|
204,440
|
|
AMC Networks, Inc.
|
|
|
|
5.00%, 4/1/2024
|
159,000
|
151,730
|
|
4.75%, 8/1/2025
|
323,000
|
287,851
|
|
4.25%, 2/15/2029
|
133,000
|
99,134
|
|
Audacy Capital Corp. 6.50%, 5/1/2027 (a)
|
269,000
|
68,514
|
|
Block Communications, Inc. 4.88%, 3/1/2028 (a)
|
133,000
|
115,852
|
|
Cable One, Inc. 4.00%, 11/15/2030 (a)
|
254,000
|
204,650
|
|
Clear Channel Outdoor Holdings, Inc.
|
|
|
|
5.13%, 8/15/2027 (a)
|
599,000
|
516,248
|
|
7.50%, 6/1/2029 (a)
|
934,000
|
693,495
|
|
CSC Holdings LLC
|
|
|
|
7.50%, 4/1/2028 (a)
|
1,100,000
|
856,801
|
|
6.50%, 2/1/2029 (a)
|
2,200,000
|
2,004,904
|
|
5.75%, 1/15/2030 (a)
|
1,350,000
|
919,350
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Media — continued
|
||
|
Directv Financing LLC 5.88%, 8/15/2027 (a)
|
1,402,000
|
1,286,447
|
|
DISH DBS Corp.
|
|
|
|
5.88%, 11/15/2024
|
2,030,000
|
1,929,028
|
|
7.75%, 7/1/2026
|
538,000
|
450,629
|
|
5.25%, 12/1/2026 (a)
|
758,000
|
650,743
|
|
5.75%, 12/1/2028 (a)
|
684,000
|
554,758
|
|
DISH Network Corp. 11.75%, 11/15/2027 (a)
|
628,000
|
645,477
|
|
Gannett Holdings LLC 6.00%, 11/1/2026 (a)
|
190,000
|
151,052
|
|
GCI LLC 4.75%, 10/15/2028 (a)
|
186,000
|
159,352
|
|
Gray Television, Inc.
|
|
|
|
7.00%, 5/15/2027 (a)
|
681,000
|
625,785
|
|
4.75%, 10/15/2030 (a)
|
930,000
|
688,098
|
|
iHeartCommunications, Inc.
|
|
|
|
6.38%, 5/1/2026
|
918,417
|
868,646
|
|
8.38%, 5/1/2027
|
573,864
|
510,739
|
|
Lamar Media Corp.
|
|
|
|
3.75%, 2/15/2028
|
416,000
|
375,960
|
|
4.00%, 2/15/2030
|
231,000
|
201,707
|
|
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (a)
|
638,000
|
603,503
|
|
Liberty Interactive LLC 8.25%, 2/1/2030
|
307,000
|
153,500
|
|
McGraw-Hill Education, Inc.
|
|
|
|
5.75%, 8/1/2028 (a)
|
285,000
|
253,294
|
|
8.00%, 8/1/2029 (a)
|
232,000
|
196,857
|
|
National CineMedia LLC 5.88%, 4/15/2028 (a)
|
164,000
|
57,364
|
|
News Corp. 3.88%, 5/15/2029 (a)
|
658,000
|
584,797
|
|
Nexstar Media, Inc.
|
|
|
|
5.63%, 7/15/2027 (a)
|
870,000
|
820,340
|
|
4.75%, 11/1/2028 (a)
|
359,000
|
319,481
|
|
Outfront Media Capital LLC
|
|
|
|
5.00%, 8/15/2027 (a)
|
490,000
|
446,512
|
|
4.25%, 1/15/2029 (a)
|
152,000
|
126,920
|
|
Paramount Global (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.37%, 3/30/2062 (c)
|
416,000
|
344,044
|
|
Radiate Holdco LLC
|
|
|
|
4.50%, 9/15/2026 (a)
|
314,000
|
256,758
|
|
6.50%, 9/15/2028 (a)
|
211,000
|
113,877
|
|
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)
|
173,000
|
145,419
|
|
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)
|
422,000
|
375,580
|
|
Sinclair Television Group, Inc.
|
|
|
|
5.50%, 3/1/2030 (a)
|
320,000
|
244,800
|
|
4.13%, 12/1/2030 (a)
|
232,000
|
177,899
|
|
Sirius XM Radio, Inc.
|
|
|
|
5.00%, 8/1/2027 (a)
|
875,000
|
816,585
|
|
5.50%, 7/1/2029 (a)
|
1,722,000
|
1,603,354
|
|
4.13%, 7/1/2030 (a)
|
664,000
|
560,296
|
|
Stagwell Global LLC 5.63%, 8/15/2029 (a)
|
421,000
|
361,008
|
|
Summer BC Bidco B LLC 5.50%, 10/31/2026 (a)
|
350,000
|
281,750
|
|
TEGNA, Inc. 5.00%, 9/15/2029
|
1,010,000
|
944,387
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Media — continued
|
||
|
Univision Communications, Inc.
|
|
|
|
5.13%, 2/15/2025 (a)
|
726,000
|
700,590
|
|
6.63%, 6/1/2027 (a)
|
412,000
|
401,507
|
|
4.50%, 5/1/2029 (a)
|
756,000
|
643,545
|
|
UPC Broadband Finco BV (Netherlands) 4.88%, 7/15/2031 (a)
|
500,000
|
427,558
|
|
Urban One, Inc. 7.38%, 2/1/2028 (a)
|
230,000
|
194,350
|
|
Virgin Media Vendor Financing Notes IV DAC (United Kingdom) 5.00%, 7/15/2028 (a)
|
550,000
|
471,493
|
|
Ziggo Bond Co. BV (Netherlands) 5.13%, 2/28/2030 (a)
|
1,000,000
|
811,270
|
|
|
|
29,353,526
|
|
Metals & Mining — 2.0%
|
||
|
Arconic Corp.
|
|
|
|
6.00%, 5/15/2025 (a)
|
165,000
|
162,514
|
|
6.13%, 2/15/2028 (a)
|
619,000
|
581,210
|
|
ATI, Inc. 5.88%, 12/1/2027
|
790,000
|
736,304
|
|
Big River Steel LLC 6.63%, 1/31/2029 (a)
|
1,182,000
|
1,135,562
|
|
Carpenter Technology Corp. 6.38%, 7/15/2028
|
494,000
|
466,149
|
|
Cleveland-Cliffs, Inc.
|
|
|
|
5.88%, 6/1/2027
|
390,000
|
369,174
|
|
4.63%, 3/1/2029 (a)
|
92,000
|
80,500
|
|
4.88%, 3/1/2031 (a)
|
323,000
|
280,202
|
|
Commercial Metals Co. 4.13%, 1/15/2030
|
286,000
|
246,116
|
|
Constellium SE 5.63%, 6/15/2028 (a)
|
350,000
|
320,058
|
|
FMG Resources August 2006 Pty. Ltd. (Australia)
|
|
|
|
5.13%, 5/15/2024 (a)
|
223,000
|
221,188
|
|
4.50%, 9/15/2027 (a)
|
1,049,000
|
959,835
|
|
5.88%, 4/15/2030 (a)
|
158,000
|
147,975
|
|
Kaiser Aluminum Corp.
|
|
|
|
4.63%, 3/1/2028 (a)
|
508,000
|
446,740
|
|
4.50%, 6/1/2031 (a)
|
224,000
|
189,139
|
|
Novelis Corp.
|
|
|
|
3.25%, 11/15/2026 (a)
|
184,000
|
164,416
|
|
4.75%, 1/30/2030 (a)
|
1,968,000
|
1,749,745
|
|
United States Steel Corp. 6.88%, 3/1/2029
|
117,000
|
114,122
|
|
|
|
8,370,949
|
|
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
|
||
|
Starwood Property Trust, Inc. 3.63%, 7/15/2026 (a)
|
692,000
|
617,360
|
|
Multiline Retail — 0.5%
|
||
|
Macy's Retail Holdings LLC 5.88%, 4/1/2029 (a)
|
673,000
|
625,991
|
|
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a)
|
622,000
|
598,961
|
|
Nordstrom, Inc.
|
|
|
|
4.38%, 4/1/2030
|
619,000
|
497,023
|
|
5.00%, 1/15/2044
|
323,000
|
213,180
|
|
|
|
1,935,155
|
|
Oil, Gas & Consumable Fuels — 11.0%
|
||
|
Aethon United BR LP 8.25%, 2/15/2026 (a)
|
246,000
|
244,751
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
Antero Midstream Partners LP
|
|
|
|
5.75%, 3/1/2027 (a)
|
781,000
|
745,783
|
|
5.75%, 1/15/2028 (a)
|
877,000
|
828,765
|
|
Antero Resources Corp. 8.38%, 7/15/2026 (a)
|
485,000
|
510,200
|
|
Apache Corp.
|
|
|
|
4.25%, 1/15/2030
|
817,000
|
734,205
|
|
5.10%, 9/1/2040
|
633,000
|
520,643
|
|
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026 (a)
|
500,000
|
490,125
|
|
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a)
|
170,000
|
175,265
|
|
Blue Racer Midstream LLC 7.63%, 12/15/2025 (a)
|
464,000
|
468,215
|
|
Buckeye Partners LP
|
|
|
|
3.95%, 12/1/2026
|
628,000
|
554,210
|
|
4.50%, 3/1/2028 (a)
|
973,000
|
863,537
|
|
California Resources Corp. 7.13%, 2/1/2026 (a)
|
323,000
|
314,118
|
|
Callon Petroleum Co.
|
|
|
|
6.38%, 7/1/2026
|
268,000
|
257,280
|
|
8.00%, 8/1/2028 (a)
|
268,000
|
264,776
|
|
Cheniere Energy Partners LP 4.50%, 10/1/2029
|
732,000
|
671,976
|
|
Chesapeake Energy Corp.
|
|
|
|
5.50%, 2/1/2026 (a)
|
772,000
|
744,935
|
|
6.75%, 4/15/2029 (a)
|
515,000
|
510,494
|
|
Chord Energy Corp. 6.38%, 6/1/2026 (a)
|
184,000
|
179,860
|
|
CNX Resources Corp.
|
|
|
|
7.25%, 3/14/2027 (a)
|
30,000
|
29,888
|
|
7.38%, 1/15/2031 (a)
|
387,000
|
387,209
|
|
Colgate Energy Partners III LLC 7.75%, 2/15/2026 (a)
|
276,000
|
273,605
|
|
Comstock Resources, Inc. 6.75%, 3/1/2029 (a)
|
1,135,000
|
1,108,498
|
|
CQP Holdco LP 5.50%, 6/15/2031 (a)
|
500,000
|
458,790
|
|
Crestwood Midstream Partners LP
|
|
|
|
5.63%, 5/1/2027 (a)
|
505,000
|
475,189
|
|
8.00%, 4/1/2029 (a)
|
324,000
|
326,430
|
|
CrownRock LP
|
|
|
|
5.63%, 10/15/2025 (a)
|
161,000
|
157,176
|
|
5.00%, 5/1/2029 (a)
|
323,000
|
297,370
|
|
DT Midstream, Inc. 4.13%, 6/15/2029 (a)
|
1,125,000
|
991,237
|
|
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a)
|
420,000
|
401,910
|
|
Endeavor Energy Resources LP 5.75%, 1/30/2028 (a)
|
326,000
|
320,849
|
|
EnLink Midstream LLC 5.38%, 6/1/2029
|
664,000
|
632,460
|
|
EnLink Midstream Partners LP
|
|
|
|
4.15%, 6/1/2025
|
166,000
|
158,389
|
|
4.85%, 7/15/2026
|
416,000
|
397,280
|
|
5.45%, 6/1/2047
|
407,000
|
329,670
|
|
EQM Midstream Partners LP
|
|
|
|
4.00%, 8/1/2024
|
461,000
|
440,255
|
|
6.00%, 7/1/2025 (a)
|
164,000
|
160,720
|
|
5.50%, 7/15/2028
|
2,610,000
|
2,418,374
|
|
4.50%, 1/15/2029 (a)
|
422,000
|
370,896
|
|
6.50%, 7/15/2048
|
496,000
|
384,231
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
Genesis Energy LP
|
|
|
|
6.50%, 10/1/2025
|
531,000
|
511,167
|
|
8.00%, 1/15/2027
|
968,000
|
923,870
|
|
Gulfport Energy Corp. 8.00%, 5/17/2026
|
295,999
|
295,043
|
|
Hess Infrastructure Partners LP 5.63%, 2/15/2026 (a)
|
25,000
|
24,575
|
|
Hess Midstream Operations LP
|
|
|
|
5.63%, 2/15/2026 (a)
|
173,000
|
170,057
|
|
5.13%, 6/15/2028 (a)
|
1,100,000
|
1,035,606
|
|
Hilcorp Energy I LP
|
|
|
|
6.25%, 11/1/2028 (a)
|
696,000
|
662,809
|
|
6.00%, 2/1/2031 (a)
|
755,000
|
693,717
|
|
Holly Energy Partners LP
|
|
|
|
6.38%, 4/15/2027 (a)
|
190,000
|
185,893
|
|
5.00%, 2/1/2028 (a)
|
265,000
|
241,458
|
|
ITT Holdings LLC 6.50%, 8/1/2029 (a)
|
359,000
|
307,251
|
|
Kinetik Holdings LP 5.88%, 6/15/2030 (a)
|
556,000
|
522,479
|
|
Laredo Petroleum, Inc. 10.13%, 1/15/2028
|
416,000
|
420,930
|
|
MEG Energy Corp. (Canada) 5.88%, 2/1/2029 (a)
|
324,000
|
307,476
|
|
Murphy Oil Corp.
|
|
|
|
5.75%, 8/15/2025
|
184,000
|
183,182
|
|
5.88%, 12/1/2027
|
198,000
|
191,168
|
|
6.13%, 12/1/2042 (d)
|
236,000
|
183,368
|
|
New Fortress Energy, Inc. 6.75%, 9/15/2025 (a)
|
876,000
|
855,615
|
|
NuStar Logistics LP
|
|
|
|
6.00%, 6/1/2026
|
287,000
|
278,137
|
|
5.63%, 4/28/2027
|
893,000
|
839,743
|
|
Occidental Petroleum Corp.
|
|
|
|
5.88%, 9/1/2025
|
1,184,000
|
1,194,804
|
|
8.88%, 7/15/2030
|
717,000
|
821,861
|
|
6.45%, 9/15/2036
|
3,486,000
|
3,494,715
|
|
PDC Energy, Inc.
|
|
|
|
6.13%, 9/15/2024
|
136,000
|
134,640
|
|
5.75%, 5/15/2026
|
190,000
|
181,482
|
|
Permian Resources Operating LLC 6.88%, 4/1/2027 (a)
|
215,000
|
208,013
|
|
Range Resources Corp. 8.25%, 1/15/2029
|
613,000
|
639,525
|
|
Rockcliff Energy II LLC 5.50%, 10/15/2029 (a)
|
231,000
|
211,943
|
|
Rockies Express Pipeline LLC
|
|
|
|
4.95%, 7/15/2029 (a)
|
409,000
|
367,778
|
|
4.80%, 5/15/2030 (a)
|
582,000
|
495,009
|
|
6.88%, 4/15/2040 (a)
|
162,000
|
134,460
|
|
SM Energy Co.
|
|
|
|
5.63%, 6/1/2025
|
416,000
|
404,700
|
|
6.75%, 9/15/2026
|
441,000
|
432,180
|
|
Southwestern Energy Co.
|
|
|
|
7.75%, 10/1/2027
|
150,000
|
154,320
|
|
8.38%, 9/15/2028
|
330,000
|
342,683
|
|
5.38%, 3/15/2030
|
1,704,000
|
1,602,101
|
|
Summit Midstream Holdings LLC 8.50%, 10/15/2026 (a)
|
391,000
|
375,273
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Oil, Gas & Consumable Fuels — continued
|
||
|
Sunoco LP
|
|
|
|
6.00%, 4/15/2027
|
663,000
|
653,642
|
|
4.50%, 4/30/2030
|
726,000
|
629,885
|
|
Tallgrass Energy Partners LP 5.50%, 1/15/2028 (a)
|
2,021,000
|
1,834,057
|
|
TerraForm Power Operating LLC 5.00%, 1/31/2028 (a)
|
378,000
|
350,595
|
|
Venture Global Calcasieu Pass LLC 3.88%, 8/15/2029 (a)
|
1,156,000
|
998,495
|
|
Viper Energy Partners LP 5.38%, 11/1/2027 (a)
|
190,000
|
180,083
|
|
Western Midstream Operating LP
|
|
|
|
4.75%, 8/15/2028
|
1,294,000
|
1,196,950
|
|
5.45%, 4/1/2044
|
692,000
|
568,575
|
|
|
|
46,040,877
|
|
Paper & Forest Products — 0.1%
|
||
|
Glatfelter Corp. 4.75%, 11/15/2029 (a)
|
190,000
|
123,975
|
|
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (a)
|
190,000
|
158,182
|
|
|
|
282,157
|
|
Personal Products — 0.4%
|
||
|
BellRing Brands, Inc. 7.00%, 3/15/2030 (a)
|
370,000
|
357,453
|
|
Coty, Inc.
|
|
|
|
5.00%, 4/15/2026 (a)
|
423,000
|
405,547
|
|
6.50%, 4/15/2026 (a)
|
136,000
|
129,880
|
|
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)
|
424,000
|
399,526
|
|
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (a)
|
313,000
|
284,987
|
|
Prestige Brands, Inc. 5.13%, 1/15/2028 (a)
|
293,000
|
276,153
|
|
|
|
1,853,546
|
|
Pharmaceuticals — 1.8%
|
||
|
Bausch Health Cos., Inc.
|
|
|
|
5.50%, 11/1/2025 (a)
|
1,241,000
|
1,048,508
|
|
5.75%, 8/15/2027 (a)
|
1,241,000
|
806,454
|
|
5.00%, 1/30/2028 (a)
|
2,982,000
|
1,220,442
|
|
5.25%, 1/30/2030 (a)
|
2,514,000
|
1,046,912
|
|
Catalent Pharma Solutions, Inc.
|
|
|
|
5.00%, 7/15/2027 (a)
|
340,000
|
323,935
|
|
3.13%, 2/15/2029 (a)
|
222,000
|
181,485
|
|
Elanco Animal Health, Inc. 6.40%, 8/28/2028 (d)
|
232,000
|
214,259
|
|
Jazz Securities DAC 4.38%, 1/15/2029 (a)
|
450,000
|
408,384
|
|
Mallinckrodt International Finance SA 11.50%, 12/15/2028 (a)
|
445,000
|
383,363
|
|
Organon & Co.
|
|
|
|
4.13%, 4/30/2028 (a)
|
825,000
|
742,484
|
|
5.13%, 4/30/2031 (a)
|
625,000
|
554,631
|
|
Perrigo Finance Unlimited Co. 4.40%, 6/15/2030 (d)
|
750,000
|
641,048
|
|
|
|
7,571,905
|
|
Professional Services — 0.2%
|
||
|
AMN Healthcare, Inc. 4.63%, 10/1/2027 (a)
|
279,000
|
257,925
|
|
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a)
|
214,000
|
184,115
|
|
Science Applications International Corp. 4.88%, 4/1/2028 (a)
|
226,000
|
208,202
|
|
|
|
650,242
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Real Estate Management & Development — 0.3%
|
||
|
Forestar Group, Inc. 5.00%, 3/1/2028 (a)
|
202,000
|
172,205
|
|
Kennedy-Wilson, Inc. 4.75%, 3/1/2029
|
603,000
|
489,485
|
|
Realogy Group LLC 5.75%, 1/15/2029 (a)
|
586,000
|
448,243
|
|
|
|
1,109,933
|
|
Road & Rail — 1.1%
|
||
|
AerCap Global Aviation Trust (Ireland) (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (a) (c)
|
300,000
|
277,113
|
|
Avis Budget Car Rental LLC
|
|
|
|
5.75%, 7/15/2027 (a)
|
678,000
|
627,088
|
|
5.38%, 3/1/2029 (a)
|
245,000
|
215,710
|
|
First Student Bidco, Inc. 4.00%, 7/31/2029 (a)
|
511,000
|
424,130
|
|
Hertz Corp. (The)
|
|
|
|
4.63%, 12/1/2026 (a)
|
323,000
|
280,193
|
|
5.00%, 12/1/2029 (a)
|
422,000
|
334,891
|
|
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a)
|
509,000
|
447,772
|
|
Uber Technologies, Inc.
|
|
|
|
8.00%, 11/1/2026 (a)
|
836,000
|
845,517
|
|
4.50%, 8/15/2029 (a)
|
836,000
|
727,759
|
|
Williams Scotsman International, Inc. 4.63%, 8/15/2028 (a)
|
323,000
|
293,672
|
|
XPO Escrow Sub LLC 7.50%, 11/15/2027 (a)
|
312,000
|
316,680
|
|
|
|
4,790,525
|
|
Semiconductors & Semiconductor Equipment — 0.4%
|
||
|
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)
|
284,000
|
282,575
|
|
ams-OSRAM AG (Austria) 7.00%, 7/31/2025 (a)
|
200,000
|
183,789
|
|
Entegris Escrow Corp. 5.95%, 6/15/2030 (a)
|
600,000
|
560,429
|
|
Entegris, Inc. 4.38%, 4/15/2028 (a)
|
344,000
|
303,989
|
|
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)
|
345,000
|
305,908
|
|
Synaptics, Inc. 4.00%, 6/15/2029 (a)
|
190,000
|
158,310
|
|
|
|
1,795,000
|
|
Software — 1.7%
|
||
|
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a)
|
214,000
|
204,370
|
|
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a)
|
722,000
|
540,707
|
|
Clarivate Science Holdings Corp.
|
|
|
|
3.88%, 7/1/2028 (a)
|
584,000
|
524,888
|
|
4.88%, 7/1/2029 (a)
|
654,000
|
559,987
|
|
Elastic NV 4.13%, 7/15/2029 (a)
|
204,000
|
165,838
|
|
Fair Isaac Corp.
|
|
|
|
5.25%, 5/15/2026 (a)
|
417,000
|
413,312
|
|
4.00%, 6/15/2028 (a)
|
233,000
|
213,195
|
|
Gen Digital, Inc.
|
|
|
|
5.00%, 4/15/2025 (a)
|
314,000
|
304,580
|
|
6.75%, 9/30/2027 (a)
|
536,000
|
538,310
|
|
GoTo Group, Inc. 5.50%, 9/1/2027 (a)
|
245,000
|
143,325
|
|
NCR Corp.
|
|
|
|
5.75%, 9/1/2027 (a)
|
330,000
|
320,925
|
|
6.13%, 9/1/2029 (a)
|
1,244,000
|
1,206,680
|
|
Open Text Corp. (Canada) 3.88%, 2/15/2028 (a)
|
223,000
|
188,089
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Software — continued
|
||
|
Open Text Holdings, Inc. (Canada) 4.13%, 2/15/2030 (a)
|
843,000
|
682,653
|
|
PTC, Inc. 4.00%, 2/15/2028 (a)
|
323,000
|
294,754
|
|
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)
|
668,000
|
638,452
|
|
ZoomInfo Technologies LLC 3.88%, 2/1/2029 (a)
|
194,000
|
163,866
|
|
|
|
7,103,931
|
|
Specialty Retail — 2.3%
|
||
|
Abercrombie & Fitch Management Co. 8.75%, 7/15/2025 (a)
|
133,000
|
132,335
|
|
Asbury Automotive Group, Inc.
|
|
|
|
4.50%, 3/1/2028
|
423,000
|
382,692
|
|
4.63%, 11/15/2029 (a)
|
528,000
|
460,680
|
|
Bath & Body Works, Inc.
|
|
|
|
7.50%, 6/15/2029
|
830,000
|
832,768
|
|
6.88%, 11/1/2035
|
1,074,000
|
971,970
|
|
Gap, Inc. (The) 3.63%, 10/1/2029 (a)
|
729,000
|
560,051
|
|
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)
|
232,000
|
196,794
|
|
Ken Garff Automotive LLC 4.88%, 9/15/2028 (a)
|
133,000
|
112,545
|
|
LCM Investments Holdings II LLC 4.88%, 5/1/2029 (a)
|
329,000
|
275,077
|
|
Lithia Motors, Inc.
|
|
|
|
4.63%, 12/15/2027 (a)
|
220,000
|
203,500
|
|
3.88%, 6/1/2029 (a)
|
504,000
|
422,856
|
|
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026 (a)
|
303,000
|
279,636
|
|
Michaels Cos., Inc. (The)
|
|
|
|
5.25%, 5/1/2028 (a)
|
307,000
|
224,857
|
|
7.88%, 5/1/2029 (a)
|
285,000
|
168,506
|
|
Murphy Oil USA, Inc. 5.63%, 5/1/2027
|
416,000
|
400,629
|
|
Park River Holdings, Inc. 5.63%, 2/1/2029 (a)
|
232,000
|
158,340
|
|
Penske Automotive Group, Inc. 3.75%, 6/15/2029
|
321,000
|
270,112
|
|
PetSmart, Inc.
|
|
|
|
4.75%, 2/15/2028 (a)
|
450,000
|
411,133
|
|
7.75%, 2/15/2029 (a)
|
650,000
|
601,250
|
|
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a)
|
352,000
|
290,400
|
|
SRS Distribution, Inc.
|
|
|
|
4.63%, 7/1/2028 (a)
|
324,000
|
289,559
|
|
6.13%, 7/1/2029 (a)
|
501,000
|
415,539
|
|
Staples, Inc.
|
|
|
|
7.50%, 4/15/2026 (a)
|
1,060,000
|
945,663
|
|
10.75%, 4/15/2027 (a)
|
495,000
|
361,899
|
|
White Cap Buyer LLC 6.88%, 10/15/2028 (a)
|
295,000
|
254,278
|
|
|
|
9,623,069
|
|
Technology Hardware, Storage & Peripherals — 0.6%
|
||
|
Seagate HDD Cayman
|
|
|
|
4.88%, 6/1/2027
|
1,145,000
|
1,071,805
|
|
4.13%, 1/15/2031
|
966,000
|
755,228
|
|
Xerox Corp. 6.75%, 12/15/2039
|
304,000
|
233,950
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Technology Hardware, Storage & Peripherals — continued
|
||
|
Xerox Holdings Corp.
|
|
|
|
5.00%, 8/15/2025 (a)
|
279,000
|
259,439
|
|
5.50%, 8/15/2028 (a)
|
162,000
|
130,378
|
|
|
|
2,450,800
|
|
Textiles, Apparel & Luxury Goods — 0.3%
|
||
|
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a)
|
111,000
|
107,531
|
|
Hanesbrands, Inc.
|
|
|
|
4.63%, 5/15/2024 (a)
|
315,000
|
305,550
|
|
4.88%, 5/15/2026 (a)
|
285,000
|
259,350
|
|
Kontoor Brands, Inc. 4.13%, 11/15/2029 (a)
|
133,000
|
108,302
|
|
Under Armour, Inc. 3.25%, 6/15/2026
|
190,000
|
167,200
|
|
William Carter Co. (The) 5.63%, 3/15/2027 (a)
|
220,000
|
210,979
|
|
Wolverine World Wide, Inc. 4.00%, 8/15/2029 (a)
|
190,000
|
140,600
|
|
|
|
1,299,512
|
|
Thrifts & Mortgage Finance — 1.7%
|
||
|
Ladder Capital Finance Holdings LLLP 4.25%, 2/1/2027 (a)
|
1,526,000
|
1,331,435
|
|
MGIC Investment Corp. 5.25%, 8/15/2028
|
324,000
|
294,809
|
|
Nationstar Mortgage Holdings, Inc. 5.50%, 8/15/2028 (a)
|
2,185,000
|
1,832,290
|
|
NMI Holdings, Inc. 7.38%, 6/1/2025 (a)
|
164,000
|
164,881
|
|
PennyMac Financial Services, Inc. 5.75%, 9/15/2031 (a)
|
637,000
|
509,421
|
|
Rocket Mortgage LLC
|
|
|
|
2.88%, 10/15/2026 (a)
|
1,989,000
|
1,696,139
|
|
3.88%, 3/1/2031 (a)
|
1,139,000
|
881,068
|
|
4.00%, 10/15/2033 (a)
|
600,000
|
441,000
|
|
|
|
7,151,043
|
|
Tobacco — 0.1%
|
||
|
Vector Group Ltd. 5.75%, 2/1/2029 (a)
|
410,000
|
356,114
|
|
Trading Companies & Distributors — 1.6%
|
||
|
Beacon Roofing Supply, Inc. 4.50%, 11/15/2026 (a)
|
292,000
|
269,362
|
|
Boise Cascade Co. 4.88%, 7/1/2030 (a)
|
164,000
|
140,739
|
|
Fortress Transportation and Infrastructure Investors LLC
|
|
|
|
6.50%, 10/1/2025 (a)
|
255,000
|
244,915
|
|
5.50%, 5/1/2028 (a)
|
465,000
|
404,564
|
|
H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a)
|
659,000
|
569,897
|
|
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)
|
593,000
|
560,521
|
|
Imola Merger Corp. 4.75%, 5/15/2029 (a)
|
1,192,000
|
1,063,860
|
|
United Rentals North America, Inc.
|
|
|
|
4.88%, 1/15/2028
|
1,160,000
|
1,112,510
|
|
5.25%, 1/15/2030
|
1,286,000
|
1,212,055
|
|
WESCO Distribution, Inc.
|
|
|
|
7.13%, 6/15/2025 (a)
|
405,000
|
410,062
|
|
7.25%, 6/15/2028 (a)
|
850,000
|
861,092
|
|
|
|
6,849,577
|
|
Wireless Telecommunication Services — 0.8%
|
||
|
Connect Finco SARL (United Kingdom) 6.75%, 10/1/2026 (a)
|
700,000
|
661,500
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
|
Corporate Bonds — continued
|
||
|
Wireless Telecommunication Services — continued
|
||
|
Hughes Satellite Systems Corp.
|
|
|
|
5.25%, 8/1/2026
|
159,000
|
151,777
|
|
6.63%, 8/1/2026
|
424,000
|
394,178
|
|
Sprint LLC
|
|
|
|
7.13%, 6/15/2024
|
685,000
|
699,510
|
|
7.63%, 3/1/2026
|
208,000
|
218,760
|
|
United States Cellular Corp. 6.70%, 12/15/2033
|
131,000
|
114,595
|
|
Vodafone Group plc (United Kingdom)
|
|
|
|
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (c)
|
876,000
|
872,680
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.07%), 5.12%, 6/4/2081 (c)
|
249,000
|
177,622
|
|
|
|
3,290,622
|
|
Total Corporate Bonds
(Cost $448,249,053)
|
|
400,535,591
|
|
|
SHARES
|
|
|
Short-Term Investments — 2.4%
|
||
|
Investment Companies — 2.4%
|
||
|
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.59% (e) (f)
(Cost $10,153,299)
|
10,153,299
|
10,153,299
|
|
Total Investments — 98.4%
(Cost $458,402,352)
|
|
410,688,890
|
|
Other Assets Less Liabilities — 1.6%
|
|
6,511,520
|
|
NET ASSETS — 100.0%
|
|
417,200,410
|
|
Percentages indicated are based on net assets.
|
|
Abbreviations
|
|
|
ICE
|
Intercontinental Exchange
|
|
LIBOR
|
London Interbank Offered Rate
|
|
OYJ
|
Public Limited Company
|
|
SCA
|
Limited partnership with share capital
|
|
USD
|
United States Dollar
|
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
|
(a)
|
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
|
|
|
(b)
|
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
|
|
|
(c)
|
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of
November 30, 2022.
|
|
|
(d)
|
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future
contingent upon a
predetermined trigger. The interest rate shown is the current rate as of November 30, 2022.
|
|
|
(e)
|
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised
by J.P. Morgan
Investment Management Inc.
|
|
|
(f)
|
The rate shown is the current yield as of November 30, 2022.
|
|
|
|
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Corporate Bonds
|
$—
|
$400,535,591
|
$—
|
$400,535,591
|
|
Short-Term Investments
|
|
|
|
|
|
Investment Companies
|
10,153,299
|
—
|
—
|
10,153,299
|
|
Total Investments in Securities
|
$10,153,299
|
$400,535,591
|
$—
|
$410,688,890
|
|
|
|||||||||
|
For the period ended November 30, 2022
|
|||||||||
|
Security Description
|
Value at
February 28,
2022
|
Purchases at
Cost
|
Proceeds from
Sales
|
Net Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation/
(Depreciation)
|
Value at
November 30,
2022
|
Shares at
November 30,
2022
|
Dividend
Income
|
Capital Gain
Distributions
|
|
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 3.59% (a) (b)
|
$20,697,667
|
$237,299,075
|
$247,843,443
|
$—
|
$—
|
$10,153,299
|
10,153,299
|
$105,885
|
$—
|
|
|
|
|
(a)
|
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised
by J.P. Morgan
Investment Management Inc.
|
|
(b)
|
The rate shown is the current yield as of November 30, 2022.
|