DBX ETF Trust
SCHEDULE OF INVESTMENTS
Xtrackers USD High Yield BB-B ex Financials ETF
November 30, 2023 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS - 97.6% | ||||||||
Basic Materials - 5.3% | ||||||||
Chemicals - 2.7% | ||||||||
Ashland, Inc. | ||||||||
144A,3.375%, 9/1/31 | $ | 74,000 | $ | 60,109 | ||||
6.875%, 5/15/43 | 47,000 | 44,446 | ||||||
ASP Unifrax Holdings, Inc.,144A,5.25%, 9/30/28 | 138,000 | 94,863 | ||||||
Avient Corp. | ||||||||
144A,5.75%, 5/15/25 | 108,000 | 107,622 | ||||||
144A,7.125%, 8/1/30 | 120,000 | 120,694 | ||||||
Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31 | 84,000 | 86,528 | ||||||
Axalta Coating Systems LLC,144A,3.375%, 2/15/29 | 116,000 | 101,063 | ||||||
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV,144A,4.75%, 6/15/27 | 83,000 | 78,685 | ||||||
Cerdia Finanz GmbH,144A,10.50%, 2/15/27 | 96,000 | 97,246 | ||||||
Chemours Co. | ||||||||
5.375%, 5/15/27 | 82,000 | 77,937 | ||||||
144A,5.75%, 11/15/28 | 129,000 | 116,768 | ||||||
144A,4.625%, 11/15/29 | 103,000 | 86,543 | ||||||
CVR Partners LP / CVR Nitrogen Finance Corp.,144A,6.125%, 6/15/28 | 91,000 | 83,488 | ||||||
Element Solutions, Inc.,144A,3.875%, 9/1/28 | 132,000 | 117,301 | ||||||
HB Fuller Co. | ||||||||
4.00%, 2/15/27 | 50,000 | 47,625 | ||||||
4.25%, 10/15/28 | 50,000 | 44,780 | ||||||
Herens Holdco SARL,144A,4.75%, 5/15/28 | 58,000 | 44,985 | ||||||
INEOS Finance PLC,144A,6.75%, 5/15/28 | 79,000 | 75,271 | ||||||
INEOS Quattro Finance 2 PLC | ||||||||
144A,3.375%, 1/15/26 | 26,000 | 24,413 | ||||||
144A,9.625%, 3/15/29 | 51,000 | 52,653 | ||||||
Ingevity Corp.,144A,3.875%, 11/1/28 | 91,000 | 77,123 | ||||||
Mativ Holdings, Inc.,144A,6.875%, 10/1/26 | 58,000 | 53,514 | ||||||
Methanex Corp. | ||||||||
4.25%, 12/1/24 | 80,000 | 79,168 | ||||||
5.125%, 10/15/27 | 116,000 | 109,318 | ||||||
5.25%, 12/15/29 | 116,000 | 106,791 | ||||||
5.65%, 12/1/44 | 50,000 | 40,303 | ||||||
Minerals Technologies, Inc.,144A,5.00%, 7/1/28 | 66,000 | 60,530 | ||||||
NOVA Chemicals Corp. | ||||||||
144A,5.00%, 5/1/25 | 95,000 | 92,089 | ||||||
144A,5.25%, 6/1/27 | 174,000 | 156,626 | ||||||
144A,8.50%, 11/15/28 | 82,000 | 84,706 | ||||||
144A,4.25%, 5/15/29 | 95,000 | 75,003 | ||||||
Nufarm Australia Ltd. / Nufarm Americas, Inc.,144A,5.00%, 1/27/30 | 58,000 | 51,383 | ||||||
Olin Corp. | ||||||||
5.125%, 9/15/27 | 83,000 | 79,020 | ||||||
5.625%, 8/1/29 | 111,000 | 105,944 | ||||||
5.00%, 2/1/30 | 85,000 | 78,049 | ||||||
Olympus Water US Holding Corp. | ||||||||
144A,7.125%, 10/1/27 | 53,000 | 50,863 | ||||||
144A,4.25%, 10/1/28 | 135,000 | 117,118 | ||||||
144A,9.75%, 11/15/28 | 293,000 | 301,366 | ||||||
Rain Carbon, Inc.,144A,12.25%, 9/1/29 | 74,000 | 75,480 | ||||||
SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28 | 182,000 | 164,826 | ||||||
SCIL IV LLC / SCIL USA Holdings LLC,144A,5.375%, 11/1/26 | 126,000 | 118,280 | ||||||
SK Invictus Intermediate II SARL,144A,5.00%, 10/30/29 | 112,000 | 91,015 | ||||||
SNF Group SACA | ||||||||
144A,3.125%, 3/15/27 | 58,000 | 51,658 | ||||||
144A,3.375%, 3/15/30 | 58,000 | 47,682 | ||||||
TPC Group, Inc.,144A,13.00%, 12/16/27 | 58,000 | 58,705 | ||||||
Tronox, Inc.,144A,4.625%, 3/15/29 | 178,000 | 151,346 | ||||||
Valvoline, Inc.,144A,3.625%, 6/15/31 | 81,000 | 66,420 | ||||||
WR Grace Holdings LLC | ||||||||
144A,4.875%, 6/15/27 | 123,000 | 117,133 | ||||||
144A,7.375%, 3/1/31 | 58,000 | 56,547 | ||||||
|
| |||||||
(Cost $4,103,102) | 4,281,026 | |||||||
|
| |||||||
Forest Products & Paper - 0.2% | ||||||||
Ahlstrom Holding 3 Oy,144A,4.875%, 2/4/28 | 50,000 | 42,218 | ||||||
Domtar Corp.,144A,6.75%, 10/1/28 | 106,000 | 92,235 | ||||||
Mercer International, Inc. | ||||||||
5.50%, 1/15/26 | 50,000 | 46,978 | ||||||
5.125%, 2/1/29 | 144,000 | 120,258 | ||||||
|
| |||||||
(Cost $287,184) | 301,689 | |||||||
|
| |||||||
Iron/Steel - 1.1% | ||||||||
ATI, Inc. | ||||||||
5.875%, 12/1/27 | 58,000 | 56,051 | ||||||
4.875%, 10/1/29 | 54,000 | 48,330 | ||||||
7.25%, 8/15/30 | 70,000 | 70,329 | ||||||
5.125%, 10/1/31 | 58,000 | 51,053 | ||||||
Big River Steel LLC / BRS Finance Corp.,144A,6.625%, 1/31/29 | 119,000 | 118,796 |
Carpenter Technology Corp. | ||||||||
6.375%, 7/15/28 | 66,000 | 64,840 | ||||||
7.625%, 3/15/30 | 50,000 | 50,754 | ||||||
Cleveland-Cliffs, Inc. | ||||||||
144A,6.75%, 3/15/26 | 137,000 | 137,186 | ||||||
5.875%, 6/1/27 | 92,000 | 90,311 | ||||||
144A,4.625%, 3/1/29 | 61,000 | 54,820 | ||||||
144A,6.75%, 4/15/30 | 124,000 | 120,631 | ||||||
144A,4.875%, 3/1/31 | 54,000 | 46,418 | ||||||
Commercial Metals Co. | ||||||||
4.125%, 1/15/30 | 50,000 | 43,771 | ||||||
3.875%, 2/15/31 | 50,000 | 42,428 | ||||||
4.375%, 3/15/32 | 50,000 | 42,780 | ||||||
Mineral Resources Ltd. | ||||||||
144A,8.125%, 5/1/27 | 116,000 | 116,365 | ||||||
144A,8.00%, 11/1/27 | 103,000 | 103,198 | ||||||
144A,9.25%, 10/1/28 | 182,000 | 188,224 | ||||||
144A,8.50%, 5/1/30 | 116,000 | 117,271 | ||||||
TMS International Corp.,144A,6.25%, 4/15/29 | 58,000 | 45,991 | ||||||
United States Steel Corp. | ||||||||
6.875%, 3/1/29 | 79,000 | 78,515 | ||||||
6.65%, 6/1/37 | 45,000 | 44,297 | ||||||
|
| |||||||
(Cost $1,673,221) | 1,732,359 | |||||||
|
| |||||||
Mining - 1.3% | ||||||||
Arsenal AIC Parent LLC,144A,8.00%, 10/1/30 | 116,000 | 118,356 | ||||||
Century Aluminum Co.,144A,7.50%, 4/1/28 | 45,000 | 42,527 | ||||||
Compass Minerals International, Inc.,144A,6.75%, 12/1/27 | 83,000 | 80,788 | ||||||
Constellium SE | ||||||||
144A,5.875%, 2/15/26 | 28,000 | 27,649 | ||||||
144A,5.625%, 6/15/28 | 54,000 | 51,595 | ||||||
144A,3.75%, 4/15/29 | 83,000 | 72,702 | ||||||
Eldorado Gold Corp.,144A,6.25%, 9/1/29 | 83,000 | 74,826 | ||||||
FMG Resources August 2006 Pty Ltd. | ||||||||
144A,4.50%, 9/15/27 | 99,000 | 93,439 | ||||||
144A,5.875%, 4/15/30 | 128,000 | 123,059 | ||||||
144A,4.375%, 4/1/31 | 248,000 | 216,385 | ||||||
144A,6.125%, 4/15/32 | 132,000 | 127,573 | ||||||
Hecla Mining Co.,7.25%, 2/15/28 | 79,000 | 78,089 | ||||||
Hudbay Minerals, Inc. | ||||||||
144A,4.50%, 4/1/26 | 99,000 | 94,049 | ||||||
144A,6.125%, 4/1/29 | 99,000 | 93,315 | ||||||
JW Aluminum Continuous Cast Co.,144A,10.25%, 6/1/26 | 47,000 | 46,765 | ||||||
Kaiser Aluminum Corp. | ||||||||
144A,4.625%, 3/1/28 | 83,000 | 73,520 | ||||||
144A,4.50%, 6/1/31 | 91,000 | 73,460 | ||||||
New Gold, Inc.,144A,7.50%, 7/15/27 | 66,000 | 64,626 | ||||||
Novelis Corp. | ||||||||
144A,3.25%, 11/15/26 | 124,000 | 113,769 | ||||||
144A,4.75%, 1/30/30 | 265,000 | 240,580 | ||||||
144A,3.875%, 8/15/31 | 130,000 | 109,422 | ||||||
Perenti Finance Pty Ltd.,144A,6.50%, 10/7/25 | 72,000 | 70,470 | ||||||
Taseko Mines Ltd.,144A,7.00%, 2/15/26 | 66,000 | 61,709 | ||||||
|
| |||||||
(Cost $2,039,735) | 2,148,673 | |||||||
|
| |||||||
Communications - 16.1% | ||||||||
Advertising - 0.9% | ||||||||
Advantage Sales & Marketing, Inc.,144A,6.50%, 11/15/28 | 128,000 | 114,085 | ||||||
Clear Channel International BV,144A,6.625%, 8/1/25 | 100,000 | 98,447 | ||||||
Clear Channel Outdoor Holdings, Inc. | ||||||||
144A,5.125%, 8/15/27 | 207,000 | 191,599 | ||||||
144A,9.00%, 9/15/28 | 124,000 | 125,240 | ||||||
Lamar Media Corp. | ||||||||
3.75%, 2/15/28 | 98,000 | 90,238 | ||||||
4.875%, 1/15/29 | 66,000 | 62,535 | ||||||
4.00%, 2/15/30 | 91,000 | 81,132 | ||||||
3.625%, 1/15/31 | 91,000 | 77,888 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | ||||||||
144A,5.00%, 8/15/27 | 123,000 | 115,977 | ||||||
144A,4.25%, 1/15/29 | 83,000 | 71,686 | ||||||
144A,4.625%, 3/15/30 | 83,000 | 71,273 | ||||||
144A,7.375%, 2/15/31 | 76,000 | 77,938 | ||||||
Stagwell Global LLC,144A,5.625%, 8/15/29 | 182,000 | 159,478 | ||||||
Summer BC Bidco B LLC,144A,5.50%, 10/31/26 | 70,000 | 62,661 | ||||||
|
| |||||||
(Cost $1,337,962) | 1,400,177 | |||||||
|
| |||||||
Internet - 1.9% | ||||||||
ANGI Group LLC,144A,3.875%, 8/15/28 | 83,000 | 68,292 | ||||||
Arches Buyer, Inc.,144A,4.25%, 6/1/28 | 157,000 | 136,792 | ||||||
Cablevision Lightpath LLC,144A,3.875%, 9/15/27 | 84,000 | 71,177 | ||||||
Cars.com, Inc.,144A,6.375%, 11/1/28 | 66,000 | 62,480 | ||||||
Cogent Communications Group, Inc. | ||||||||
144A,3.50%, 5/1/26 | 83,000 | 77,409 | ||||||
144A,7.00%, 6/15/27 | 74,000 | 72,705 | ||||||
EquipmentShare.com, Inc.,144A,9.00%, 5/15/28 | 172,000 | 169,420 | ||||||
Gen Digital, Inc. | ||||||||
144A,5.00%, 4/15/25 | 182,000 | 180,526 | ||||||
144A,6.75%, 9/30/27 | 149,000 | 149,996 | ||||||
144A,7.125%, 9/30/30 | 99,000 | 101,157 |
Getty Images, Inc.,144A,9.75%, 3/1/27 | 50,000 | 50,060 | ||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc. | ||||||||
144A,5.25%, 12/1/27 | 99,000 | 95,770 | ||||||
144A,3.50%, 3/1/29 | 132,000 | 116,239 | ||||||
GrubHub Holdings, Inc.,144A,5.50%, 7/1/27 | 84,000 | 67,515 | ||||||
ION Trading Technologies SARL,144A,5.75%, 5/15/28 | 74,000 | 62,897 | ||||||
Match Group Holdings II LLC | ||||||||
144A,5.00%, 12/15/27 | 74,000 | 70,859 | ||||||
144A,4.625%, 6/1/28 | 83,000 | 77,371 | ||||||
144A,5.625%, 2/15/29 | 58,000 | 54,665 | ||||||
144A,4.125%, 8/1/30 | 83,000 | 72,226 | ||||||
144A,3.625%, 10/1/31 | 83,000 | 67,853 | ||||||
Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28 | 85,000 | 87,334 | ||||||
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.,144A,4.75%, 4/30/27 | 58,000 | 53,078 | ||||||
Rakuten Group, Inc. | ||||||||
144A,5.125%, Perpetual (a) | 124,000 | 91,827 | ||||||
144A,6.25%, Perpetual (a) | 171,000 | 109,611 | ||||||
144A,10.25%, 11/30/24 | 160,000 | 162,800 | ||||||
TripAdvisor, Inc.,144A,7.00%, 7/15/25 | 83,000 | 83,280 | ||||||
Uber Technologies, Inc. | ||||||||
144A,7.50%, 5/15/25 | 120,000 | 122,250 | ||||||
144A,7.50%, 9/15/27 | 199,000 | 202,648 | ||||||
144A,6.25%, 1/15/28 | 83,000 | 82,378 | ||||||
144A,4.50%, 8/15/29 | 248,000 | 228,181 | ||||||
Ziff Davis, Inc.,144A,4.625%, 10/15/30 | 76,000 | 66,984 | ||||||
|
| |||||||
(Cost $3,010,715) | 3,115,780 | |||||||
|
| |||||||
Media - 8.6% | ||||||||
Altice Financing SA | ||||||||
144A,5.00%, 1/15/28 | 199,000 | 170,395 | ||||||
144A,5.75%, 8/15/29 | 350,000 | 287,729 | ||||||
AMC Networks, Inc. | ||||||||
4.75%, 8/1/25 | 151,000 | 143,294 | ||||||
4.25%, 2/15/29 | 168,000 | 117,630 | ||||||
Block Communications, Inc.,144A,4.875%, 3/1/28 | 50,000 | 42,499 | ||||||
Cable One, Inc.,144A,4.00%, 11/15/30 | 108,000 | 84,298 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
144A,5.50%, 5/1/26 | 73,000 | 71,417 | ||||||
144A,5.125%, 5/1/27 | 437,000 | 415,786 | ||||||
144A,5.00%, 2/1/28 | 335,000 | 313,921 | ||||||
144A,5.375%, 6/1/29 | 201,000 | 186,392 | ||||||
144A,6.375%, 9/1/29 | 201,000 | 193,931 | ||||||
144A,4.75%, 3/1/30 | 399,000 | 349,190 | ||||||
144A,4.50%, 8/15/30 | 360,000 | 308,885 | ||||||
144A,4.25%, 2/1/31 | 390,000 | 325,337 | ||||||
144A,7.375%, 3/1/31 | 147,000 | 147,070 | ||||||
144A,4.75%, 2/1/32 | 161,000 | 135,238 | ||||||
4.50%, 5/1/32 | 380,000 | 312,978 | ||||||
144A,4.50%, 6/1/33 | 226,000 | 180,815 | ||||||
144A,4.25%, 1/15/34 | 259,000 | 202,038 | ||||||
CSC Holdings LLC | ||||||||
144A,5.50%, 4/15/27 | 217,000 | 191,848 | ||||||
144A,5.375%, 2/1/28 | 165,000 | 140,289 | ||||||
144A,11.25%, 5/15/28 | 165,000 | 164,710 | ||||||
144A,6.50%, 2/1/29 | 290,000 | 245,276 | ||||||
144A,4.125%, 12/1/30 | 182,000 | 129,531 | ||||||
144A,3.375%, 2/15/31 | 165,000 | 112,554 | ||||||
144A,4.50%, 11/15/31 | 248,000 | 175,505 | ||||||
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27 | 612,000 | 550,703 | ||||||
DISH DBS Corp. | ||||||||
144A,5.25%, 12/1/26 | 473,000 | 380,316 | ||||||
144A,5.75%, 12/1/28 | 414,000 | 306,644 | ||||||
DISH Network Corp.,144A,11.75%, 11/15/27 | 579,000 | 574,731 | ||||||
Gannett Holdings LLC,144A,6.00%, 11/1/26 | 51,000 | 44,783 | ||||||
GCI LLC,144A,4.75%, 10/15/28 | 99,000 | 88,880 | ||||||
Gray Escrow II, Inc.,144A,5.375%, 11/15/31 | 215,000 | 153,274 | ||||||
Gray Television, Inc. | ||||||||
144A,5.875%, 7/15/26 | 116,000 | 108,460 | ||||||
144A,7.00%, 5/15/27 | 140,000 | 127,225 | ||||||
144A,4.75%, 10/15/30 | 132,000 | 94,236 | ||||||
iHeartCommunications, Inc. | ||||||||
6.375%, 5/1/26 | 134,000 | 114,033 | ||||||
144A,5.25%, 8/15/27 | 124,000 | 95,029 | ||||||
144A,4.75%, 1/15/28 | 89,000 | 67,912 | ||||||
LCPR Senior Secured Financing DAC | ||||||||
144A,6.75%, 10/15/27 | 192,000 | 180,542 | ||||||
144A,5.125%, 7/15/29 | 136,000 | 114,163 | ||||||
McGraw-Hill Education, Inc.,144A,5.75%, 8/1/28 | 137,000 | 125,013 | ||||||
Midcontinent Communications / Midcontinent Finance Corp.,144A,5.375%, 8/15/27 | 58,000 | 53,963 | ||||||
News Corp. | ||||||||
144A,3.875%, 5/15/29 | 165,000 | 145,965 | ||||||
144A,5.125%, 2/15/32 | 83,000 | 74,995 | ||||||
Nexstar Media, Inc. | ||||||||
144A,5.625%, 7/15/27 | 284,000 | 268,897 | ||||||
144A,4.75%, 11/1/28 | 165,000 | 146,049 |
Paramount Global | ||||||||
6.25%, 2/28/57 | 108,000 | 84,780 | ||||||
6.375%, 3/30/62 | 165,000 | 132,825 | ||||||
Scripps Escrow II, Inc. | ||||||||
144A,3.875%, 1/15/29 | 94,000 | 79,012 | ||||||
144A,5.375%, 1/15/31 | 65,000 | 44,525 | ||||||
Scripps Escrow, Inc.,144A,5.875%, 7/15/27 | 72,000 | 60,660 | ||||||
Sinclair Television Group, Inc. | ||||||||
144A,5.125%, 2/15/27 | 46,000 | 40,146 | ||||||
144A,5.50%, 3/1/30 | 75,000 | 55,380 | ||||||
144A,4.125%, 12/1/30 | 134,000 | 94,135 | ||||||
Sirius XM Radio, Inc. | ||||||||
144A,3.125%, 9/1/26 | 165,000 | 151,800 | ||||||
144A,5.00%, 8/1/27 | 268,000 | 254,624 | ||||||
144A,4.00%, 7/15/28 | 331,000 | 295,746 | ||||||
144A,5.50%, 7/1/29 | 207,000 | 192,336 | ||||||
144A,4.125%, 7/1/30 | 248,000 | 209,250 | ||||||
144A,3.875%, 9/1/31 | 248,000 | 200,661 | ||||||
TEGNA, Inc. | ||||||||
144A,4.75%, 3/15/26 | 91,000 | 87,603 | ||||||
4.625%, 3/15/28 | 165,000 | 150,056 | ||||||
5.00%, 9/15/29 | 182,000 | 161,743 | ||||||
Townsquare Media, Inc.,144A,6.875%, 2/1/26 | 83,000 | 80,004 | ||||||
Univision Communications, Inc. | ||||||||
144A,5.125%, 2/15/25 | 172,000 | 169,850 | ||||||
144A,6.625%, 6/1/27 | 248,000 | 244,395 | ||||||
144A,8.00%, 8/15/28 | 83,000 | 83,900 | ||||||
144A,4.50%, 5/1/29 | 174,000 | 152,672 | ||||||
144A,7.375%, 6/30/30 | 149,000 | 146,229 | ||||||
UPC Broadband Finco BV,144A,4.875%, 7/15/31 | 207,000 | 174,656 | ||||||
UPC Holding BV,144A,5.50%, 1/15/28 | 75,000 | 68,104 | ||||||
Urban One, Inc.,144A,7.375%, 2/1/28 | 120,000 | 101,727 | ||||||
Videotron Ltd. | ||||||||
144A,5.125%, 4/15/27 | 99,000 | 95,784 | ||||||
144A,3.625%, 6/15/29 | 83,000 | 72,843 | ||||||
Virgin Media Finance PLC,144A,5.00%, 7/15/30 | 153,000 | 127,759 | ||||||
Virgin Media Secured Finance PLC | ||||||||
144A,5.50%, 5/15/29 | 236,000 | 222,089 | ||||||
144A,4.50%, 8/15/30 | 171,000 | 146,742 | ||||||
Virgin Media Vendor Financing Notes IV DAC,144A,5.00%, 7/15/28 | 83,000 | 74,504 | ||||||
VZ Secured Financing BV,144A,5.00%, 1/15/32 | 252,000 | 206,682 | ||||||
Ziggo Bond Co. BV | ||||||||
144A,6.00%, 1/15/27 | 103,000 | 98,119 | ||||||
144A,5.125%, 2/28/30 | 83,000 | 64,868 | ||||||
Ziggo BV,144A,4.875%, 1/15/30 | 164,000 | 140,276 | ||||||
|
| |||||||
(Cost $13,056,663) | 13,730,854 | |||||||
|
| |||||||
Telecommunications - 4.7% | ||||||||
Altice France SA | ||||||||
144A,8.125%, 2/1/27 | 290,000 | 249,449 | ||||||
144A,5.50%, 1/15/28 | 182,000 | 139,259 | ||||||
144A,5.125%, 1/15/29 | 85,000 | 61,703 | ||||||
144A,5.125%, 7/15/29 | 421,000 | 301,103 | ||||||
144A,5.50%, 10/15/29 | 339,000 | 244,598 | ||||||
British Telecommunications PLC | ||||||||
144A,4.25%, 11/23/81 | 83,000 | 74,975 | ||||||
144A,4.875%, 11/23/81 | 83,000 | 68,517 | ||||||
C&W Senior Financing DAC,144A,6.875%, 9/15/27 | 202,000 | 184,319 | ||||||
Ciena Corp.,144A,4.00%, 1/31/30 | 66,000 | 58,180 | ||||||
CommScope, Inc. | ||||||||
144A,6.00%, 3/1/26 | 248,000 | 212,660 | ||||||
144A,4.75%, 9/1/29 | 107,000 | 67,142 | ||||||
Connect Finco SARL / Connect US Finco LLC,144A,6.75%, 10/1/26 | 343,000 | 329,231 | ||||||
Consolidated Communications, Inc. | ||||||||
144A,5.00%, 10/1/28 | 66,000 | 51,645 | ||||||
144A,6.50%, 10/1/28 | 124,000 | 102,300 | ||||||
Frontier Communications Holdings LLC | ||||||||
144A,5.875%, 10/15/27 | 190,000 | 178,501 | ||||||
144A,5.00%, 5/1/28 | 256,000 | 229,675 | ||||||
144A,6.75%, 5/1/29 | 174,000 | 147,354 | ||||||
5.875%, 11/1/29 | 127,000 | 101,649 | ||||||
144A,6.00%, 1/15/30 | 165,000 | 132,207 | ||||||
144A,8.75%, 5/15/30 | 199,000 | 198,435 | ||||||
144A,8.625%, 3/15/31 | 124,000 | 122,113 | ||||||
Frontier Florida LLC, Series E, 6.86%, 2/1/28 | 50,000 | 47,560 | ||||||
Hughes Satellite Systems Corp.,5.25%, 8/1/26 | 124,000 | 105,875 | ||||||
Iliad Holding SASU | ||||||||
144A,6.50%, 10/15/26 | 199,000 | 194,147 | ||||||
144A,7.00%, 10/15/28 | 141,000 | 135,303 | ||||||
Intelsat Jackson Holdings SA,144A,6.50%, 3/15/30 | 496,000 | 459,624 | ||||||
Level 3 Financing, Inc. | ||||||||
144A,3.40%, 3/1/27 | 142,000 | 119,635 | ||||||
144A,3.875%, 11/15/29 | 124,000 | 95,083 | ||||||
144A,10.50%, 5/15/30 | 153,000 | 141,908 | ||||||
Millicom International Cellular SA | ||||||||
144A,5.125%, 1/15/28 | 74,700 | 67,466 | ||||||
144A,6.25%, 3/25/29 | 111,600 | 103,135 | ||||||
144A,4.50%, 4/27/31 | 134,000 | 107,303 | ||||||
Qwest Corp.,7.25%, 9/15/25 | 42,000 | 39,695 |
Rogers Communications, Inc.,144A,5.25%, 3/15/82 | 124,000 | 114,045 | ||||||
Sable International Finance Ltd.,144A,5.75%, 9/7/27 | 82,000 | 75,387 | ||||||
Telecom Italia Capital SA | ||||||||
6.375%, 11/15/33 | 172,000 | 161,240 | ||||||
6.00%, 9/30/34 | 171,000 | 154,323 | ||||||
7.20%, 7/18/36 | 165,000 | 160,295 | ||||||
7.721%, 6/4/38 | 165,000 | 164,614 | ||||||
United States Cellular Corp.,6.70%, 12/15/33 | 90,000 | 88,229 | ||||||
Viasat, Inc. | ||||||||
144A,5.625%, 9/15/25 | 103,000 | 98,365 | ||||||
144A,5.625%, 4/15/27 | 116,000 | 107,445 | ||||||
144A,6.50%, 7/15/28 | 67,000 | 51,088 | ||||||
144A,7.50%, 5/30/31 | 123,000 | 87,945 | ||||||
Viavi Solutions, Inc.,144A,3.75%, 10/1/29 | 66,000 | 55,118 | ||||||
Vmed O2 UK Financing I PLC | ||||||||
144A,4.25%, 1/31/31 | 223,000 | 187,412 | ||||||
144A,4.75%, 7/15/31 | 232,000 | 198,223 | ||||||
Vodafone Group PLC | ||||||||
7.00%, 4/4/79 | 331,000 | 334,315 | ||||||
3.25%, 6/4/81 | 83,000 | 75,685 | ||||||
4.125%, 6/4/81 | 172,000 | 138,272 | ||||||
5.125%, 6/4/81 | 157,000 | 107,497 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp.,144A,7.75%, 8/15/28 | 232,000 | 191,270 | ||||||
Zayo Group Holdings, Inc.,144A,4.00%, 3/1/27 | 244,000 | 186,164 | ||||||
|
| |||||||
(Cost $7,326,133) | 7,608,681 | |||||||
|
| |||||||
Consumer, Cyclical - 21.9% | ||||||||
Airlines - 1.8% | ||||||||
Air Canada,144A,3.875%, 8/15/26 | 199,000 | 185,749 | ||||||
Allegiant Travel Co.,144A,7.25%, 8/15/27 | 91,000 | 86,450 | ||||||
American Airlines Group, Inc.,144A,3.75%, 3/1/25 | 81,000 | 77,496 | ||||||
American Airlines Inc/AAdvantage Loyalty IP Ltd. | ||||||||
144A,5.50%, 4/20/26 | 482,500 | 475,001 | ||||||
144A,5.75%, 4/20/29 | 496,000 | 475,188 | ||||||
American Airlines, Inc. | ||||||||
144A,11.75%, 7/15/25 | 325,000 | 355,664 | ||||||
144A,7.25%, 2/15/28 | 142,000 | 140,246 | ||||||
144A,8.50%, 5/15/29 | 168,000 | 173,299 | ||||||
Delta Air Lines, Inc. | ||||||||
7.375%, 1/15/26 | 133,000 | 136,204 | ||||||
4.375%, 4/19/28 | 68,000 | 64,860 | ||||||
3.75%, 10/28/29 | 78,000 | 69,766 | ||||||
United Airlines Holdings, Inc.,4.875%, 1/15/25 | 58,000 | 56,985 | ||||||
United Airlines, Inc. | ||||||||
144A,4.375%, 4/15/26 | 331,000 | 314,758 | ||||||
144A,4.625%, 4/15/29 | 331,000 | 295,487 | ||||||
VistaJet Malta Finance PLC / Vista Management Holding, Inc.,144A,6.375%, 2/1/30 | 65,000 | 45,457 | ||||||
|
| |||||||
(Cost $2,857,255) | 2,952,610 | |||||||
|
| |||||||
Apparel - 0.4% | ||||||||
Crocs, Inc. | ||||||||
144A,4.25%, 3/15/29 | 58,000 | 50,750 | ||||||
144A,4.125%, 8/15/31 | 58,000 | 47,415 | ||||||
Hanesbrands, Inc. | ||||||||
144A,4.875%, 5/15/26 | 149,000 | 140,401 | ||||||
144A,9.00%, 2/15/31 | 99,000 | 93,328 | ||||||
Kontoor Brands, Inc.,144A,4.125%, 11/15/29 | 66,000 | 57,090 | ||||||
Levi Strauss & Co.,144A,3.50%, 3/1/31 | 83,000 | 69,513 | ||||||
Under Armour, Inc.,3.25%, 6/15/26 | 99,000 | 92,803 | ||||||
William Carter Co.,144A,5.625%, 3/15/27 | 83,000 | 80,490 | ||||||
|
| |||||||
(Cost $609,368) | 631,790 | |||||||
|
| |||||||
Auto Manufacturers - 0.5% | ||||||||
Allison Transmission, Inc. | ||||||||
144A,4.75%, 10/1/27 | 66,000 | 62,255 | ||||||
144A,5.875%, 6/1/29 | 83,000 | 80,333 | ||||||
144A,3.75%, 1/30/31 | 165,000 | 137,812 | ||||||
Jaguar Land Rover Automotive PLC | ||||||||
144A,7.75%, 10/15/25 | 116,000 | 117,178 | ||||||
144A,4.50%, 10/1/27 | 83,000 | 76,687 | ||||||
144A,5.875%, 1/15/28 | 92,000 | 89,616 | ||||||
144A,5.50%, 7/15/29 | 68,000 | 63,453 | ||||||
JB Poindexter & Co., Inc.,144A,7.125%, 4/15/26 | 91,000 | 89,546 | ||||||
Wabash National Corp.,144A,4.50%, 10/15/28 | 66,000 | 56,428 | ||||||
|
| |||||||
(Cost $738,865) | 773,308 | |||||||
|
| |||||||
Auto Parts & Equipment - 1.7% | ||||||||
Adient Global Holdings Ltd. | ||||||||
144A,4.875%, 8/15/26 | 131,000 | 126,120 | ||||||
144A,7.00%, 4/15/28 | 83,000 | 84,334 | ||||||
144A,8.25%, 4/15/31 | 83,000 | 84,388 | ||||||
American Axle & Manufacturing, Inc. | ||||||||
6.50%, 4/1/27 | 83,000 | 80,067 | ||||||
6.875%, 7/1/28 | 66,000 | 60,732 | ||||||
5.00%, 10/1/29 | 99,000 | 81,933 | ||||||
Clarios Global LP,144A,6.75%, 5/15/25 | 74,000 | 74,184 |
Clarios Global LP / Clarios US Finance Co. | ||||||||
144A,6.25%, 5/15/26 | 148,000 | 147,185 | ||||||
144A,6.75%, 5/15/28 | 124,000 | 125,113 | ||||||
Dana, Inc. | ||||||||
5.375%, 11/15/27 | 66,000 | 62,651 | ||||||
5.625%, 6/15/28 | 66,000 | 62,905 | ||||||
4.25%, 9/1/30 | 66,000 | 56,017 | ||||||
4.50%, 2/15/32 | 58,000 | 47,557 | ||||||
Goodyear Tire & Rubber Co. | ||||||||
9.50%, 5/31/25 | 89,000 | 90,557 | ||||||
5.00%, 5/31/26 | 219,000 | 212,210 | ||||||
4.875%, 3/15/27 | 116,000 | 109,549 | ||||||
5.00%, 7/15/29 | 140,000 | 127,729 | ||||||
5.25%, 4/30/31 | 91,000 | 79,929 | ||||||
5.25%, 7/15/31 | 99,000 | 85,882 | ||||||
5.625%, 4/30/33 | 74,000 | 63,691 | ||||||
IHO Verwaltungs GmbH | ||||||||
144A,4.75%, 9/15/26, 4.75% Cash or 5.50% PIK, PIK, | 82,000 | 77,203 | ||||||
144A,6.00%, 5/15/27, 6.00% Cash or 6.75% PIK, PIK | 74,000 | 70,502 | ||||||
144A,6.3750%, 5/15/29, 6.3750% Cash or 7.125% PIK, PIK | 66,000 | 60,601 | ||||||
Tenneco, Inc.,144A,8.00%, 11/17/28 | 321,000 | 264,282 | ||||||
Titan International, Inc.,7.00%, 4/30/28 | 66,000 | 63,732 | ||||||
ZF North America Capital, Inc. | ||||||||
144A,4.75%, 4/29/25 | 178,000 | 173,953 | ||||||
144A,6.875%, 4/14/28 | 99,000 | 100,411 | ||||||
144A,7.125%, 4/14/30 | 99,000 | 101,624 | ||||||
|
| |||||||
(Cost $2,677,864) | 2,775,041 | |||||||
|
| |||||||
Distribution/Wholesale - 0.5% | ||||||||
American Builders & Contractors Supply Co., Inc. | ||||||||
144A,4.00%, 1/15/28 | 116,000 | 106,771 | ||||||
144A,3.875%, 11/15/29 | 66,000 | 57,148 | ||||||
G-III Apparel Group Ltd.,144A,7.875%, 8/15/25 | 66,000 | 65,647 | ||||||
H&E Equipment Services, Inc.,144A,3.875%, 12/15/28 | 207,000 | 183,284 | ||||||
Resideo Funding, Inc.,144A,4.00%, 9/1/29 | 50,000 | 41,759 | ||||||
Ritchie Bros Holdings, Inc. | ||||||||
144A,6.75%, 3/15/28 | 91,000 | 92,680 | ||||||
144A,7.75%, 3/15/31 | 132,000 | 136,963 | ||||||
Windsor Holdings III LLC,144A,8.50%, 6/15/30 | 132,000 | 135,777 | ||||||
|
| |||||||
(Cost $789,175) | 820,029 | |||||||
|
| |||||||
Entertainment - 4.1% | ||||||||
Affinity Interactive,144A,6.875%, 12/15/27 | 90,000 | 78,351 | ||||||
Banijay Entertainment SASU,144A,8.125%, 5/1/29 | 66,000 | 66,549 | ||||||
Boyne USA, Inc.,144A,4.75%, 5/15/29 | 114,000 | 103,058 | ||||||
Caesars Entertainment, Inc. | ||||||||
144A,6.25%, 7/1/25 | 562,000 | 558,765 | ||||||
144A,8.125%, 7/1/27 | 267,000 | 272,007 | ||||||
144A,4.625%, 10/15/29 | 213,000 | 187,164 | ||||||
144A,7.00%, 2/15/30 | 331,000 | 331,298 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc.,144A,5.75%, 7/1/25 | 164,000 | 163,119 | ||||||
CCM Merger, Inc.,144A,6.375%, 5/1/26 | 44,000 | 42,244 | ||||||
CDI Escrow Issuer, Inc.,144A,5.75%, 4/1/30 | 199,000 | 186,840 | ||||||
Cedar Fair LP,5.25%, 7/15/29 | 83,000 | 75,891 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op | ||||||||
144A,5.50%, 5/1/25 | 165,000 | 164,296 | ||||||
5.375%, 4/15/27 | 83,000 | 80,946 | ||||||
6.50%, 10/1/28 | 50,000 | 49,260 | ||||||
Churchill Downs, Inc. | ||||||||
144A,5.50%, 4/1/27 | 99,000 | 95,528 | ||||||
144A,4.75%, 1/15/28 | 116,000 | 107,844 | ||||||
144A,6.75%, 5/1/31 | 99,000 | 97,276 | ||||||
Cinemark USA, Inc. | ||||||||
144A,5.875%, 3/15/26 | 67,000 | 65,003 | ||||||
144A,5.25%, 7/15/28 | 127,000 | 114,313 | ||||||
Everi Holdings, Inc.,144A,5.00%, 7/15/29 | 66,000 | 57,856 | ||||||
Golden Entertainment, Inc.,144A,7.625%, 4/15/26 | 122,000 | 122,260 | ||||||
International Game Technology PLC | ||||||||
144A,6.50%, 2/15/25 | 84,000 | 83,984 | ||||||
144A,4.125%, 4/15/26 | 120,000 | 114,451 | ||||||
144A,6.25%, 1/15/27 | 124,000 | 123,755 | ||||||
144A,5.25%, 1/15/29 | 124,000 | 116,979 | ||||||
Jacobs Entertainment, Inc.,144A,6.75%, 2/15/29 | 83,000 | 74,386 | ||||||
Light & Wonder International, Inc. | ||||||||
144A,7.00%, 5/15/28 | 116,000 | 116,110 | ||||||
144A,7.25%, 11/15/29 | 83,000 | 83,207 | ||||||
144A,7.50%, 9/1/31 | 91,000 | 92,335 | ||||||
Live Nation Entertainment, Inc. | ||||||||
144A,5.625%, 3/15/26 | 50,000 | 48,643 | ||||||
144A,6.50%, 5/15/27 | 199,000 | 198,942 | ||||||
144A,4.75%, 10/15/27 | 157,000 | 147,580 | ||||||
144A,3.75%, 1/15/28 | 83,000 | 75,073 | ||||||
Merlin Entertainments Ltd.,144A,5.75%, 6/15/26 | 66,000 | 63,692 |
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.,144A,4.875%, 5/1/29 | 124,000 | 110,463 | ||||||
Mohegan Tribal Gaming Authority,144A,8.00%, 2/1/26 | 194,000 | 181,632 | ||||||
Odeon Finco PLC,144A,12.75%, 11/1/27 | 66,000 | 66,538 | ||||||
Ontario Gaming GTA LP,144A,8.00%, 8/1/30 | 66,000 | 66,667 | ||||||
Penn Entertainment, Inc. | ||||||||
144A,5.625%, 1/15/27 | 66,000 | 62,791 | ||||||
144A,4.125%, 7/1/29 | 66,000 | 54,780 | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | ||||||||
144A,5.625%, 9/1/29 | 131,000 | 94,807 | ||||||
144A,5.875%, 9/1/31 | 122,000 | 86,754 | ||||||
Raptor Acquisition Corp. / Raptor Co.-Issuer LLC,144A,4.875%, 11/1/26 | 58,000 | 54,083 | ||||||
Resorts World Las Vegas LLC / RWLV Capital, Inc. | ||||||||
144A,4.625%, 4/16/29 | 160,000 | 135,910 | ||||||
144A,8.45%, 7/27/30 | 100,000 | 98,929 | ||||||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,144A,6.625%, 3/1/30 | 132,000 | 118,140 | ||||||
SeaWorld Parks & Entertainment, Inc.,144A,5.25%, 8/15/29 | 120,000 | 110,024 | ||||||
Six Flags Entertainment Corp. | ||||||||
144A,5.50%, 4/15/27 | 83,000 | 79,346 | ||||||
144A,7.25%, 5/15/31 | 132,000 | 127,282 | ||||||
Six Flags Theme Parks, Inc.,144A,7.00%, 7/1/25 | 60,000 | 60,208 | ||||||
Speedway Motorsports LLC / Speedway Funding II, Inc.,144A,4.875%, 11/1/27 | 58,000 | 52,702 | ||||||
Vail Resorts, Inc.,144A,6.25%, 5/15/25 | 99,000 | 98,717 | ||||||
WMG Acquisition Corp. | ||||||||
144A,3.75%, 12/1/29 | 89,000 | 77,812 | ||||||
144A,3.875%, 7/15/30 | 89,000 | 77,521 | ||||||
144A,3.00%, 2/15/31 | 132,000 | 109,095 | ||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | ||||||||
144A,5.125%, 10/1/29 | 124,000 | 111,677 | ||||||
144A,7.125%, 2/15/31 | 108,000 | 107,517 | ||||||
|
| |||||||
(Cost $6,270,761) | 6,502,400 | |||||||
|
| |||||||
Food Service - 0.2% | ||||||||
Aramark Services, Inc. | ||||||||
144A,5.00%, 4/1/25 | 61,000 | 60,534 | ||||||
144A,5.00%, 2/1/28 | 203,000 | 192,109 | ||||||
TKC Holdings, Inc.,144A,6.875%, 5/15/28 | 70,000 | 63,175 | ||||||
|
| |||||||
(Cost $307,147) | 315,818 | |||||||
|
| |||||||
Home Builders - 1.3% | ||||||||
Adams Homes, Inc.,144A,9.25%, 10/15/28 | 43,000 | 42,225 | ||||||
Ashton Woods USA LLC / Ashton Woods Finance Co. | ||||||||
144A,6.625%, 1/15/28 | 46,000 | 43,409 | ||||||
144A,4.625%, 8/1/29 | 62,000 | 52,163 | ||||||
144A,4.625%, 4/1/30 | 66,000 | 55,064 | ||||||
Beazer Homes USA, Inc. | ||||||||
5.875%, 10/15/27 | 59,000 | 55,165 | ||||||
7.25%, 10/15/29 | 58,000 | 56,067 | ||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC | ||||||||
144A,6.25%, 9/15/27 | 99,000 | 93,414 | ||||||
144A,5.00%, 6/15/29 | 58,000 | 48,909 | ||||||
144A,4.875%, 2/15/30 | 83,000 | 70,092 | ||||||
Century Communities, Inc. | ||||||||
6.75%, 6/1/27 | 82,000 | 82,014 | ||||||
144A,3.875%, 8/15/29 | 83,000 | 72,042 | ||||||
Dream Finders Homes, Inc.,144A,8.25%, 8/15/28 | 50,000 | 51,500 | ||||||
Empire Communities Corp.,144A,7.00%, 12/15/25 | 79,000 | 75,449 | ||||||
Forestar Group, Inc. | ||||||||
144A,3.85%, 5/15/26 | 66,000 | 61,430 | ||||||
144A,5.00%, 3/1/28 | 50,000 | 46,267 | ||||||
Installed Building Products, Inc.,144A,5.75%, 2/1/28 | 50,000 | 47,049 | ||||||
KB Home | ||||||||
6.875%, 6/15/27 | 50,000 | 50,964 | ||||||
4.80%, 11/15/29 | 50,000 | 45,597 | ||||||
7.25%, 7/15/30 | 58,000 | 58,282 | ||||||
4.00%, 6/15/31 | 65,000 | 54,978 | ||||||
LGI Homes, Inc. | ||||||||
144A,8.75%, 12/15/28 | 67,000 | 68,916 | ||||||
144A,4.00%, 7/15/29 | 50,000 | 41,159 | ||||||
M/I Homes, Inc. | ||||||||
4.95%, 2/1/28 | 66,000 | 62,737 | ||||||
3.95%, 2/15/30 | 50,000 | 42,672 | ||||||
Mattamy Group Corp. | ||||||||
144A,5.25%, 12/15/27 | 83,000 | 77,882 | ||||||
144A,4.625%, 3/1/30 | 99,000 | 87,167 | ||||||
Shea Homes LP / Shea Homes Funding Corp. | ||||||||
4.75%, 2/15/28 | 80,000 | 74,594 | ||||||
4.75%, 4/1/29 | 50,000 | 44,499 | ||||||
Taylor Morrison Communities, Inc. | ||||||||
144A,5.875%, 6/15/27 | 83,000 | 81,395 | ||||||
144A,5.75%, 1/15/28 | 74,000 | 72,011 | ||||||
144A,5.125%, 8/1/30 | 83,000 | 76,567 |
Thor Industries, Inc.,144A,4.00%, 10/15/29 | 83,000 | 71,227 | ||||||
Tri Pointe Homes, Inc. | ||||||||
5.25%, 6/1/27 | 50,000 | 48,000 | ||||||
5.70%, 6/15/28 | 58,000 | 55,108 | ||||||
Winnebago Industries, Inc.,144A,6.25%, 7/15/28 | 50,000 | 47,934 | ||||||
|
| |||||||
(Cost $2,003,459) | 2,113,948 | |||||||
|
| |||||||
Home Furnishings - 0.1% | ||||||||
Tempur Sealy International, Inc. | ||||||||
144A,4.00%, 4/15/29 | 132,000 | 114,254 | ||||||
144A,3.875%, 10/15/31 | 132,000 | 106,063 | ||||||
|
| |||||||
(Cost $207,310) | 220,317 | |||||||
|
| |||||||
Housewares - 0.7% | ||||||||
CD&R Smokey Buyer, Inc.,144A,6.75%, 7/15/25 | 116,000 | 112,199 | ||||||
Newell Brands, Inc. | ||||||||
4.875%, 6/1/25 | 83,000 | 81,001 | ||||||
5.20%, 4/1/26 | 328,000 | 316,634 | ||||||
6.375%, 9/15/27 | 93,000 | 90,754 | ||||||
6.625%, 9/15/29 | 83,000 | 80,892 | ||||||
6.375%, 4/1/36 | 76,000 | 67,119 | ||||||
6.50%, 4/1/46 | 110,000 | 88,008 | ||||||
Scotts Miracle-Gro Co. | ||||||||
5.25%, 12/15/26 | 28,000 | 26,676 | ||||||
4.50%, 10/15/29 | 68,000 | 57,980 | ||||||
4.00%, 4/1/31 | 79,000 | 63,400 | ||||||
4.375%, 2/1/32 | 66,000 | 52,411 | ||||||
|
| |||||||
(Cost $987,256) | 1,037,074 | |||||||
|
| |||||||
Leisure Time - 2.9% | ||||||||
Acushnet Co.,144A,7.375%, 10/15/28 | 58,000 | 59,567 | ||||||
Carnival Corp. | ||||||||
144A,7.625%, 3/1/26 | 224,000 | 225,237 | ||||||
144A,5.75%, 3/1/27 | 513,000 | 487,645 | ||||||
144A,9.875%, 8/1/27 | 90,000 | 94,053 | ||||||
144A,4.00%, 8/1/28 | 417,000 | 377,745 | ||||||
144A,6.00%, 5/1/29 | 337,000 | 310,042 | ||||||
144A,7.00%, 8/15/29 | 70,000 | 71,369 | ||||||
144A,10.50%, 6/1/30 | 165,000 | 175,937 | ||||||
Carnival Holdings Bermuda Ltd.,144A,10.375%, 5/1/28 | 349,000 | 379,503 | ||||||
Life Time, Inc. | ||||||||
144A,5.75%, 1/15/26 | 153,000 | 149,936 | ||||||
144A,8.00%, 4/15/26 | 79,000 | 79,000 | ||||||
Lindblad Expeditions Holdings, Inc.,144A,9.00%, 5/15/28 | 46,000 | 46,421 | ||||||
Lindblad Expeditions LLC,144A,6.75%, 2/15/27 | 60,000 | 58,500 | ||||||
NCL Corp. Ltd. | ||||||||
144A,5.875%, 2/15/27 | 165,000 | 159,739 | ||||||
144A,8.375%, 2/1/28 | 99,000 | 102,410 | ||||||
144A,8.125%, 1/15/29 | 131,000 | 133,392 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
144A,4.25%, 7/1/26 | 108,000 | 102,288 | ||||||
144A,5.50%, 8/31/26 | 165,000 | 160,511 | ||||||
144A,5.375%, 7/15/27 | 165,000 | 158,748 | ||||||
144A,11.625%, 8/15/27 | 207,000 | 224,502 | ||||||
7.50%, 10/15/27 | 50,000 | 51,645 | ||||||
3.70%, 3/15/28 | 83,000 | 74,206 | ||||||
144A,5.50%, 4/1/28 | 269,000 | 256,981 | ||||||
144A,8.25%, 1/15/29 | 165,000 | 172,571 | ||||||
144A,9.25%, 1/15/29 | 165,000 | 175,590 | ||||||
144A,7.25%, 1/15/30 | 116,000 | 118,155 | ||||||
Viking Ocean Cruises Ship VII Ltd.,144A,5.625%, 2/15/29 | 58,000 | 53,650 | ||||||
Vista Outdoor, Inc.,144A,4.50%, 3/15/29 | 83,000 | 78,642 | ||||||
VOC Escrow Ltd.,144A,5.00%, 2/15/28 | 112,000 | 104,520 | ||||||
|
| |||||||
(Cost $4,463,146) | 4,642,505 | |||||||
|
| |||||||
Lodging - 2.2% | ||||||||
Boyd Gaming Corp. | ||||||||
4.75%, 12/1/27 | 165,000 | 156,204 | ||||||
144A,4.75%, 6/15/31 | 149,000 | 131,851 | ||||||
Genting New York LLC / GENNY Capital, Inc.,144A,3.30%, 2/15/26 | 216,000 | 195,469 | ||||||
Hilton Domestic Operating Co., Inc. | ||||||||
144A,5.375%, 5/1/25 | 56,000 | 55,605 | ||||||
144A,5.75%, 5/1/28 | 83,000 | 81,778 | ||||||
144A,3.75%, 5/1/29 | 132,000 | 118,542 | ||||||
4.875%, 1/15/30 | 165,000 | 155,299 | ||||||
144A,4.00%, 5/1/31 | 190,000 | 167,164 | ||||||
144A,3.625%, 2/15/32 | 248,000 | 208,281 | ||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | ||||||||
144A,5.00%, 6/1/29 | 141,000 | 124,529 | ||||||
144A,4.875%, 7/1/31 | 83,000 | 69,678 | ||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.,4.875%, 4/1/27 | 122,000 | 118,641 | ||||||
Las Vegas Sands Corp. | ||||||||
2.90%, 6/25/25 | 83,000 | 78,954 | ||||||
3.50%, 8/18/26 | 165,000 | 154,698 | ||||||
3.90%, 8/8/29 | 124,000 | 110,682 | ||||||
Marriott Ownership Resorts, Inc. | ||||||||
4.75%, 1/15/28 | 58,000 | 51,041 | ||||||
144A,4.50%, 6/15/29 | 83,000 | 69,785 |
MGM Resorts International | ||||||||
6.75%, 5/1/25 | 83,000 | 83,166 | ||||||
5.75%, 6/15/25 | 112,000 | 111,368 | ||||||
4.625%, 9/1/26 | 66,000 | 63,375 | ||||||
5.50%, 4/15/27 | 112,000 | 108,506 | ||||||
4.75%, 10/15/28 | 124,000 | 114,707 | ||||||
Station Casinos LLC | ||||||||
144A,4.50%, 2/15/28 | 114,000 | 103,107 | ||||||
144A,4.625%, 12/1/31 | 83,000 | 70,523 | ||||||
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp.,144A,5.875%, 5/15/25 | 44,000 | 43,168 | ||||||
Travel + Leisure Co. | ||||||||
6.60%, 10/1/25 | 64,000 | 63,819 | ||||||
144A,6.625%, 7/31/26 | 108,000 | 107,953 | ||||||
6.00%, 4/1/27 | 66,000 | 63,989 | ||||||
144A,4.50%, 12/1/29 | 108,000 | 93,004 | ||||||
144A,4.625%, 3/1/30 | 58,000 | 49,735 | ||||||
Wyndham Hotels & Resorts, Inc.,144A,4.375%, 8/15/28 | 83,000 | 76,395 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | ||||||||
144A,5.50%, 3/1/25 | 232,000 | 229,205 | ||||||
144A,5.25%, 5/15/27 | 149,000 | 141,905 | ||||||
|
| |||||||
(Cost $3,439,725) | 3,572,126 | |||||||
|
| |||||||
Office Furnishings - 0.1% | ||||||||
Interface, Inc.,144A,5.50%, 12/1/28 | 50,000 | 44,934 | ||||||
Steelcase, Inc.,5.125%, 1/18/29 | 74,000 | 67,836 | ||||||
|
| |||||||
(Cost $107,157) | 112,770 | |||||||
|
| |||||||
Retail - 5.4% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | ||||||||
144A,5.75%, 4/15/25 | 83,000 | 82,724 | ||||||
144A,3.875%, 1/15/28 | 256,000 | 235,631 | ||||||
144A,4.375%, 1/15/28 | 124,000 | 115,084 | ||||||
144A,3.50%, 2/15/29 | 124,000 | 110,431 | ||||||
144A,4.00%, 10/15/30 | 499,000 | 430,179 | ||||||
Academy Ltd.,144A,6.00%, 11/15/27 | 66,000 | 64,401 | ||||||
Arko Corp.,144A,5.125%, 11/15/29 | 74,000 | 61,605 | ||||||
Asbury Automotive Group, Inc. | ||||||||
4.50%, 3/1/28 | 67,000 | 61,639 | ||||||
144A,4.625%, 11/15/29 | 132,000 | 118,879 | ||||||
4.75%, 3/1/30 | 74,000 | 66,339 | ||||||
144A,5.00%, 2/15/32 | 99,000 | 86,354 | ||||||
Bath & Body Works, Inc. | ||||||||
144A,9.375%, 7/1/25 | 52,000 | 54,336 | ||||||
6.694%, 1/15/27 | 53,000 | 53,230 | ||||||
5.25%, 2/1/28 | 79,000 | 75,905 | ||||||
7.50%, 6/15/29 | 105,000 | 107,811 | ||||||
144A,6.625%, 10/1/30 | 159,000 | 157,377 | ||||||
6.95%, 3/1/33 | 40,000 | 37,407 | ||||||
6.875%, 11/1/35 | 150,000 | 141,916 | ||||||
6.75%, 7/1/36 | 102,000 | 94,854 | ||||||
Beacon Roofing Supply, Inc. | ||||||||
144A,4.50%, 11/15/26 | 50,000 | 47,686 | ||||||
144A,4.125%, 5/15/29 | 58,000 | 51,221 | ||||||
144A,6.50%, 8/1/30 | 99,000 | 98,889 | ||||||
Bloomin’ Brands, Inc. / OSI Restaurant Partners LLC,144A,5.125%, 4/15/29 | 50,000 | 44,308 | ||||||
BlueLinx Holdings, Inc.,144A,6.00%, 11/15/29 | 50,000 | 44,918 | ||||||
Brinker International, Inc.,144A,8.25%, 7/15/30 | 58,000 | 58,226 | ||||||
CEC Entertainment LLC,144A,6.75%, 5/1/26 | 108,000 | 104,382 | ||||||
Dave & Buster’s, Inc.,144A,7.625%, 11/1/25 | 73,000 | 73,203 | ||||||
eG Global Finance PLC,144A,12.00%, 11/30/28 | 185,000 | 192,437 | ||||||
Evergreen Acqco 1 LP / TVI, Inc.,144A,9.75%, 4/26/28 | 82,000 | 85,075 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. | ||||||||
144A,5.375%, 4/1/26 | 108,000 | 103,181 | ||||||
144A,5.875%, 4/1/29 | 136,000 | 125,184 | ||||||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,144A,4.625%, 1/15/29 | 165,000 | 146,594 | ||||||
Foot Locker, Inc.,144A,4.00%, 10/1/29 | 66,000 | 53,277 | ||||||
Gap, Inc. | ||||||||
144A,3.625%, 10/1/29 | 124,000 | 102,084 | ||||||
144A,3.875%, 10/1/31 | 124,000 | 97,940 | ||||||
Group 1 Automotive, Inc.,144A,4.00%, 8/15/28 | 124,000 | 111,747 | ||||||
GYP Holdings III Corp.,144A,4.625%, 5/1/29 | 58,000 | 50,306 | ||||||
IRB Holding Corp.,144A,7.00%, 6/15/25 | 133,000 | 132,751 | ||||||
Ken Garff Automotive LLC,144A,4.875%, 9/15/28 | 66,000 | 58,693 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,144A,4.75%, 6/1/27 | 124,000 | 120,280 | ||||||
Kohl’s Corp. | ||||||||
4.25%, 7/17/25 | 95,000 | 91,390 | ||||||
4.625%, 5/1/31 | 78,000 | 57,037 | ||||||
5.55%, 7/17/45 | 71,000 | 44,129 | ||||||
LCM Investments Holdings II LLC | ||||||||
144A,4.875%, 5/1/29 | 165,000 | 144,183 | ||||||
144A,8.25%, 8/1/31 | 83,000 | 83,433 | ||||||
Lithia Motors, Inc. | ||||||||
144A,4.625%, 12/15/27 | 66,000 | 61,344 | ||||||
144A,3.875%, 6/1/29 | 132,000 | 116,361 | ||||||
144A,4.375%, 1/15/31 | 91,000 | 78,421 |
LSF9 Atlantis Holdings LLC / Victra Finance Corp.,144A,7.75%, 2/15/26 | 136,000 | 127,409 | ||||||
Macy’s Retail Holdings LLC | ||||||||
144A,5.875%, 4/1/29 | 83,000 | 78,012 | ||||||
144A,5.875%, 3/15/30 | 70,000 | 63,525 | ||||||
144A,6.125%, 3/15/32 | 70,000 | 62,776 | ||||||
4.50%, 12/15/34 | 61,000 | 45,445 | ||||||
5.125%, 1/15/42 | 56,000 | 39,480 | ||||||
4.30%, 2/15/43 | 28,000 | 17,640 | ||||||
Marks & Spencer PLC,144A,7.125%, 12/1/37 | 50,000 | 48,094 | ||||||
Michaels Cos., Inc.,144A,5.25%, 5/1/28 | 141,000 | 102,920 | ||||||
Murphy Oil USA, Inc. | ||||||||
5.625%, 5/1/27 | 50,000 | 48,751 | ||||||
4.75%, 9/15/29 | 86,000 | 79,600 | ||||||
144A,3.75%, 2/15/31 | 83,000 | 70,437 | ||||||
Nordstrom, Inc. | ||||||||
4.00%, 3/15/27 | 58,000 | 54,533 | ||||||
6.95%, 3/15/28 | 50,000 | 50,574 | ||||||
4.375%, 4/1/30 | 83,000 | 69,009 | ||||||
4.25%, 8/1/31 | 79,000 | 62,370 | ||||||
5.00%, 1/15/44 | 160,000 | 106,151 | ||||||
Papa John’s International, Inc.,144A,3.875%, 9/15/29 | 66,000 | 55,647 | ||||||
Patrick Industries, Inc. | ||||||||
144A,7.50%, 10/15/27 | 50,000 | 49,640 | ||||||
144A,4.75%, 5/1/29 | 58,000 | 50,124 | ||||||
Penske Automotive Group, Inc. | ||||||||
3.50%, 9/1/25 | 91,000 | 87,526 | ||||||
3.75%, 6/15/29 | 83,000 | 71,985 | ||||||
PetSmart, Inc. / PetSmart Finance Corp. | ||||||||
144A,4.75%, 2/15/28 | 199,000 | 181,987 | ||||||
144A,7.75%, 2/15/29 | 190,000 | 179,105 | ||||||
QVC, Inc. | ||||||||
4.45%, 2/15/25 | 98,000 | 90,881 | ||||||
4.75%, 2/15/27 | 97,000 | 74,216 | ||||||
4.375%, 9/1/28 | 84,000 | 56,698 | ||||||
5.45%, 8/15/34 | 67,000 | 37,004 | ||||||
5.95%, 3/15/43 | 50,000 | 25,853 | ||||||
Raising Cane’s Restaurants LLC,144A,9.375%, 5/1/29 | 84,000 | 88,204 | ||||||
Sally Holdings LLC / Sally Capital, Inc.,5.625%, 12/1/25 | 113,000 | 111,231 | ||||||
Sizzling Platter LLC / Sizzling Platter Finance Corp.,144A,8.50%, 11/28/25 | 58,000 | 58,180 | ||||||
Sonic Automotive, Inc. | ||||||||
144A,4.625%, 11/15/29 | 108,000 | 95,200 | ||||||
144A,4.875%, 11/15/31 | 83,000 | 69,830 | ||||||
Specialty Building Products Holdings LLC / SBP Finance Corp.,144A,6.375%, 9/30/26 | 120,000 | 116,396 | ||||||
SRS Distribution, Inc.,144A,4.625%, 7/1/28 | 108,000 | 98,591 | ||||||
Staples, Inc.,144A,7.50%, 4/15/26 | 200,000 | 176,999 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||||
5.875%, 3/1/27 | 58,000 | 57,244 | ||||||
144A,5.00%, 6/1/31 | 108,000 | 95,580 | ||||||
Superior Plus LP / Superior General Partner, Inc.,144A,4.50%, 3/15/29 | 99,000 | 87,179 | ||||||
Victoria’s Secret & Co.,144A,4.625%, 7/15/29 | 99,000 | 80,337 | ||||||
Yum! Brands, Inc. | ||||||||
144A,4.75%, 1/15/30 | 132,000 | 122,688 | ||||||
3.625%, 3/15/31 | 174,000 | 149,449 | ||||||
4.625%, 1/31/32 | 182,000 | 163,658 | ||||||
5.375%, 4/1/32 | 186,000 | 176,015 | ||||||
6.875%, 11/15/37 | 54,000 | 57,109 | ||||||
5.35%, 11/1/43 | 46,000 | 42,032 | ||||||
|
| |||||||
(Cost $8,289,696) | 8,668,096 | |||||||
|
| |||||||
Consumer, Non-cyclical - 15.6% | ||||||||
Agriculture - 0.3% | ||||||||
Darling Ingredients, Inc. | ||||||||
144A,5.25%, 4/15/27 | 83,000 | 80,598 | ||||||
144A,6.00%, 6/15/30 | 165,000 | 159,305 | ||||||
Turning Point Brands, Inc.,144A,5.625%, 2/15/26 | 51,000 | 47,557 | ||||||
Vector Group Ltd.,144A,5.75%, 2/1/29 | 145,000 | 129,069 | ||||||
|
| |||||||
(Cost $402,771) | 416,529 | |||||||
|
| |||||||
Beverages - 0.1% | ||||||||
Primo Water Holdings, Inc.,144A,4.375%, 4/30/29 | ||||||||
(Cost $105,338) | 124,000 | 110,020 | ||||||
|
| |||||||
Commercial Services - 4.4% | ||||||||
ADT Security Corp. | ||||||||
144A,4.125%, 8/1/29 | 165,000 | 146,657 | ||||||
144A,4.875%, 7/15/32 | 132,000 | 115,674 | ||||||
Adtalem Global Education, Inc.,144A,5.50%, 3/1/28 | 67,000 | 62,856 | ||||||
Albion Financing 1 SARL / Aggreko Holdings, Inc.,144A,6.125%, 10/15/26 | 93,000 | 90,787 | ||||||
Albion Financing 2 SARL,144A,8.75%, 4/15/27 | 74,000 | 70,388 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp.,144A,6.625%, 7/15/26 | 321,000 | 311,910 |
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28 | 216,000 | 187,373 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 SARL,144A,4.625%, 6/1/28 | 128,000 | 111,100 | ||||||
Alta Equipment Group, Inc.,144A,5.625%, 4/15/26 | 52,000 | 48,585 | ||||||
AMN Healthcare, Inc. | ||||||||
144A,4.625%, 10/1/27 | 83,000 | 77,056 | ||||||
144A,4.00%, 4/15/29 | 58,000 | 51,421 | ||||||
APi Group DE, Inc. | ||||||||
144A,4.125%, 7/15/29 | 56,000 | 48,894 | ||||||
144A,4.75%, 10/15/29 | 50,000 | 44,748 | ||||||
APX Group, Inc. | ||||||||
144A,6.75%, 2/15/27 | 99,000 | 98,443 | ||||||
144A,5.75%, 7/15/29 | 132,000 | 117,867 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | ||||||||
144A,5.75%, 7/15/27 | 76,000 | 71,713 | ||||||
144A,5.75%, 7/15/27 | 58,000 | 54,357 | ||||||
144A,4.75%, 4/1/28 | 83,000 | 75,212 | ||||||
144A,5.375%, 3/1/29 | 99,000 | 89,102 | ||||||
144A,8.00%, 2/15/31 | 84,000 | 82,101 | ||||||
Brink’s Co. | ||||||||
144A,5.50%, 7/15/25 | 66,000 | 65,234 | ||||||
144A,4.625%, 10/15/27 | 99,000 | 92,806 | ||||||
Carriage Services, Inc.,144A,4.25%, 5/15/29 | 66,000 | 55,849 | ||||||
CoreCivic, Inc.,8.25%, 4/15/26 | 99,000 | 100,971 | ||||||
CoreLogic, Inc.,144A,4.50%, 5/1/28 | 124,000 | 103,850 | ||||||
Garda World Security Corp. | ||||||||
144A,4.625%, 2/15/27 | 94,000 | 89,377 | ||||||
144A,7.75%, 2/15/28 | 66,000 | 66,633 | ||||||
GEO Group, Inc.,10.50%, 6/30/28 | 47,000 | 47,393 | ||||||
Graham Holdings Co.,144A,5.75%, 6/1/26 | 66,000 | 64,275 | ||||||
Grand Canyon University,5.125%, 10/1/28 | 66,000 | 58,527 | ||||||
Herc Holdings, Inc.,144A,5.50%, 7/15/27 | 199,000 | 193,235 | ||||||
Hertz Corp. | ||||||||
144A,4.625%, 12/1/26 | 83,000 | 73,153 | ||||||
144A,5.00%, 12/1/29 | 165,000 | 126,640 | ||||||
Korn Ferry,144A,4.625%, 12/15/27 | 66,000 | 62,258 | ||||||
Legends Hospitality Holding Co. LLC / Legends Hospitality Co.-Issuer, Inc.,144A,5.00%, 2/1/26 | 66,000 | 65,010 | ||||||
Matthews International Corp.,144A,5.25%, 12/1/25 | 50,000 | 48,259 | ||||||
MPH Acquisition Holdings LLC,144A,5.50%, 9/1/28 | 174,000 | 151,162 | ||||||
Neptune Bidco US, Inc.,144A,9.29%, 4/15/29 | 440,000 | 408,623 | ||||||
NESCO Holdings II, Inc.,144A,5.50%, 4/15/29 | 152,000 | 136,285 | ||||||
Port of Newcastle Investments Financing Pty Ltd.,144A,5.90%, 11/24/31 | 50,000 | 43,755 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||
144A,5.75%, 4/15/26 | 223,000 | 220,563 | ||||||
144A,3.375%, 8/31/27 | 165,000 | 149,275 | ||||||
144A,6.25%, 1/15/28 | 215,000 | 206,457 | ||||||
RR Donnelley & Sons Co.,144A,9.75%, 7/31/28 | 47,000 | 46,635 | ||||||
Service Corp. International | ||||||||
4.625%, 12/15/27 | 91,000 | 86,109 | ||||||
5.125%, 6/1/29 | 124,000 | 118,420 | ||||||
3.375%, 8/15/30 | 141,000 | 118,444 | ||||||
4.00%, 5/15/31 | 132,000 | 112,464 | ||||||
Sotheby’s,144A,7.375%, 10/15/27 | 127,000 | 116,466 | ||||||
Sotheby’s/Bidfair Holdings, Inc.,144A,5.875%, 6/1/29 | 50,000 | 40,625 | ||||||
StoneMor, Inc.,144A,8.50%, 5/15/29 | 66,000 | 52,800 | ||||||
TriNet Group, Inc. | ||||||||
144A,3.50%, 3/1/29 | 83,000 | 72,210 | ||||||
144A,7.125%, 8/15/31 | 66,000 | 66,660 | ||||||
United Rentals North America, Inc. | ||||||||
5.50%, 5/15/27 | 83,000 | 81,775 | ||||||
3.875%, 11/15/27 | 124,000 | 116,488 | ||||||
4.875%, 1/15/28 | 276,000 | 265,454 | ||||||
5.25%, 1/15/30 | 124,000 | 118,471 | ||||||
4.00%, 7/15/30 | 124,000 | 110,491 | ||||||
3.875%, 2/15/31 | 202,000 | 175,948 | ||||||
3.75%, 1/15/32 | 124,000 | 105,030 | ||||||
Upbound Group, Inc.,144A,6.375%, 2/15/29 | 74,000 | 67,384 | ||||||
VT Topco, Inc.,144A,8.50%, 8/15/30 | 83,000 | 84,986 | ||||||
WASH Multifamily Acquisition, Inc.,144A,5.75%, 4/15/26 | 141,000 | 132,524 | ||||||
Williams Scotsman, Inc. | ||||||||
144A,6.125%, 6/15/25 | 109,000 | 108,227 | ||||||
144A,4.625%, 8/15/28 | 83,000 | 76,297 | ||||||
144A,7.375%, 10/1/31 | 83,000 | 85,001 | ||||||
ZipRecruiter, Inc.,144A,5.00%, 1/15/30 | 91,000 | 76,895 | ||||||
|
| |||||||
(Cost $6,746,580) | 7,021,638 | |||||||
|
| |||||||
Cosmetics/Personal Care - 0.3% | ||||||||
Coty, Inc. | ||||||||
144A,5.00%, 4/15/26 | 149,000 | 145,431 | ||||||
144A,6.50%, 4/15/26 | 30,000 | 29,850 |
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC | ||||||||
144A,4.75%, 1/15/29 | 83,000 | 77,274 | ||||||
144A,6.625%, 7/15/30 | 124,000 | 124,646 | ||||||
Edgewell Personal Care Co. | ||||||||
144A,5.50%, 6/1/28 | 124,000 | 118,110 | ||||||
144A,4.125%, 4/1/29 | 83,000 | 73,226 | ||||||
|
| |||||||
(Cost $545,846) | 568,537 | |||||||
|
| |||||||
Food - 2.4% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | ||||||||
144A,3.25%, 3/15/26 | 149,000 | 140,109 | ||||||
144A,7.50%, 3/15/26 | 67,000 | 68,136 | ||||||
144A,4.625%, 1/15/27 | 223,000 | 214,237 | ||||||
144A,5.875%, 2/15/28 | 124,000 | 122,334 | ||||||
144A,6.50%, 2/15/28 | 124,000 | 124,513 | ||||||
144A,3.50%, 3/15/29 | 223,000 | 197,643 | ||||||
144A,4.875%, 2/15/30 | 165,000 | 154,277 | ||||||
B&G Foods, Inc.,144A,8.00%, 9/15/28 | 91,000 | 93,002 | ||||||
C&S Group Enterprises LLC,144A,5.00%, 12/15/28 | 66,000 | 53,130 | ||||||
Chobani LLC / Chobani Finance Corp., Inc.,144A,4.625%, 11/15/28 | 70,000 | 63,252 | ||||||
Ingles Markets, Inc.,144A,4.00%, 6/15/31 | 58,000 | 48,720 | ||||||
Lamb Weston Holdings, Inc. | ||||||||
144A,4.875%, 5/15/28 | 83,000 | 79,365 | ||||||
144A,4.125%, 1/31/30 | 160,000 | 143,234 | ||||||
144A,4.375%, 1/31/32 | 116,000 | 101,105 | ||||||
Performance Food Group, Inc. | ||||||||
144A,6.875%, 5/1/25 | 46,000 | 46,024 | ||||||
144A,5.50%, 10/15/27 | 175,000 | 169,381 | ||||||
144A,4.25%, 8/1/29 | 165,000 | 147,571 | ||||||
Pilgrim’s Pride Corp. | ||||||||
4.25%, 4/15/31 | 162,000 | 140,291 | ||||||
3.50%, 3/1/32 | 147,000 | 118,996 | ||||||
6.25%, 7/1/33 | 177,000 | 174,281 | ||||||
6.875%, 5/15/34 | 83,000 | 84,665 | ||||||
Post Holdings, Inc. | ||||||||
144A,5.75%, 3/1/27 | 76,000 | 74,693 | ||||||
144A,5.625%, 1/15/28 | 156,000 | 151,786 | ||||||
144A,5.50%, 12/15/29 | 204,000 | 191,767 | ||||||
144A,4.625%, 4/15/30 | 246,000 | 219,776 | ||||||
144A,4.50%, 9/15/31 | 174,000 | 151,489 | ||||||
Safeway, Inc.,7.25%, 2/1/31 | 44,000 | 46,277 | ||||||
SEG Holding LLC / SEG Finance Corp.,144A,5.625%, 10/15/28 | 60,000 | 60,000 | ||||||
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed,144A,4.625%, 3/1/29 | 141,000 | 117,037 | ||||||
US Foods, Inc. | ||||||||
144A,6.875%, 9/15/28 | 83,000 | 84,152 | ||||||
144A,4.75%, 2/15/29 | 149,000 | 138,114 | ||||||
144A,4.625%, 6/1/30 | 83,000 | 74,885 | ||||||
144A,7.25%, 1/15/32 | 83,000 | 84,921 | ||||||
|
| |||||||
(Cost $3,707,832) | 3,879,163 | |||||||
|
| |||||||
Healthcare-Products - 1.3% | ||||||||
Avantor Funding, Inc. | ||||||||
144A,4.625%, 7/15/28 | 256,000 | 239,455 | ||||||
144A,3.875%, 11/1/29 | 132,000 | 116,931 | ||||||
Bausch & Lomb Escrow Corp.,144A,8.375%, 10/1/28 | 232,000 | 237,220 | ||||||
Embecta Corp.,144A,5.00%, 2/15/30 | 83,000 | 69,781 | ||||||
Garden Spinco Corp.,144A,8.625%, 7/20/30 | 58,000 | 60,880 | ||||||
Hologic, Inc. | ||||||||
144A,4.625%, 2/1/28 | 66,000 | 62,212 | ||||||
144A,3.25%, 2/15/29 | 157,000 | 137,854 | ||||||
Medline Borrower LP | ||||||||
144A,3.875%, 4/1/29 | 745,000 | 661,222 | ||||||
144A,5.25%, 10/1/29 | 414,000 | 374,656 | ||||||
Teleflex, Inc. | ||||||||
4.625%, 11/15/27 | 83,000 | 78,642 | ||||||
144A,4.25%, 6/1/28 | 83,000 | 76,441 | ||||||
|
| |||||||
(Cost $2,014,730) | 2,115,294 | |||||||
|
| |||||||
Healthcare-Services - 4.7% | ||||||||
Acadia Healthcare Co., Inc. | ||||||||
144A,5.50%, 7/1/28 | 74,000 | 70,895 | ||||||
144A,5.00%, 4/15/29 | 79,000 | 73,748 | ||||||
Catalent Pharma Solutions, Inc. | ||||||||
144A,5.00%, 7/15/27 | 83,000 | 78,370 | ||||||
144A,3.125%, 2/15/29 | 91,000 | 76,213 | ||||||
144A,3.50%, 4/1/30 | 108,000 | 90,315 | ||||||
Charles River Laboratories International, Inc. | ||||||||
144A,4.25%, 5/1/28 | 83,000 | 76,916 | ||||||
144A,3.75%, 3/15/29 | 83,000 | 73,788 | ||||||
144A,4.00%, 3/15/31 | 83,000 | 71,380 | ||||||
CHS/Community Health Systems, Inc. | ||||||||
144A,8.00%, 3/15/26 | 348,000 | 335,041 | ||||||
144A,5.625%, 3/15/27 | 314,000 | 280,169 | ||||||
144A,8.00%, 12/15/27 | 133,000 | 126,049 | ||||||
144A,6.00%, 1/15/29 | 155,000 | 130,588 | ||||||
144A,5.25%, 5/15/30 | 254,000 | 199,902 | ||||||
144A,4.75%, 2/15/31 | 175,000 | 128,394 |
DaVita, Inc. | ||||||||
144A,4.625%, 6/1/30 | 455,000 | 384,573 | ||||||
144A,3.75%, 2/15/31 | 263,000 | 205,887 | ||||||
Encompass Health Corp. | ||||||||
5.75%, 9/15/25 | 58,000 | 57,562 | ||||||
4.50%, 2/1/28 | 132,000 | 123,371 | ||||||
4.75%, 2/1/30 | 132,000 | 119,947 | ||||||
4.625%, 4/1/31 | 66,000 | 57,932 | ||||||
Fortrea Holdings, Inc.,144A,7.50%, 7/1/30 | 94,000 | 93,060 | ||||||
HealthEquity, Inc.,144A,4.50%, 10/1/29 | 99,000 | 89,148 | ||||||
Heartland Dental LLC / Heartland Dental Finance Corp.,144A,10.50%, 4/30/28 | 116,000 | 117,740 | ||||||
IQVIA, Inc. | ||||||||
144A,5.00%, 10/15/26 | 174,000 | 169,703 | ||||||
144A,5.00%, 5/15/27 | 182,000 | 176,178 | ||||||
144A,6.50%, 5/15/30 | 83,000 | 83,701 | ||||||
Kedrion SpA,144A,6.50%, 9/1/29 | 131,000 | 115,935 | ||||||
Legacy LifePoint Health LLC,144A,4.375%, 2/15/27 | 99,000 | 86,691 | ||||||
LifePoint Health, Inc. | ||||||||
144A,9.875%, 8/15/30 | 132,000 | 128,363 | ||||||
144A,11.00%, 10/15/30 | 189,000 | 189,504 | ||||||
ModivCare Escrow Issuer, Inc.,144A,5.00%, 10/1/29 | 83,000 | 63,495 | ||||||
ModivCare, Inc.,144A,5.875%, 11/15/25 | 83,000 | 80,805 | ||||||
Molina Healthcare, Inc. | ||||||||
144A,4.375%, 6/15/28 | 132,000 | 122,392 | ||||||
144A,3.875%, 11/15/30 | 108,000 | 93,800 | ||||||
144A,3.875%, 5/15/32 | 124,000 | 103,990 | ||||||
Pediatrix Medical Group, Inc.,144A,5.375%, 2/15/30 | 66,000 | 55,597 | ||||||
Prime Healthcare Services, Inc.,144A,7.25%, 11/1/25 | 145,000 | 136,166 | ||||||
Select Medical Corp.,144A,6.25%, 8/15/26 | 203,000 | 201,538 | ||||||
Star Parent, Inc.,144A,9.00%, 10/1/30 | 165,000 | 171,362 | ||||||
Tenet Healthcare Corp. | ||||||||
4.875%, 1/1/26 | 347,000 | 340,957 | ||||||
6.25%, 2/1/27 | 285,000 | 283,775 | ||||||
5.125%, 11/1/27 | 248,000 | 237,917 | ||||||
4.625%, 6/15/28 | 113,000 | 105,247 | ||||||
6.125%, 10/1/28 | 414,000 | 401,373 | ||||||
4.25%, 6/1/29 | 232,000 | 207,918 | ||||||
4.375%, 1/15/30 | 240,000 | 214,530 | ||||||
6.125%, 6/15/30 | 331,000 | 322,431 | ||||||
144A,6.75%, 5/15/31 | 223,000 | 223,250 | ||||||
6.875%, 11/15/31 | 69,000 | 68,224 | ||||||
Toledo Hospital | ||||||||
Series B, 5.325%, 11/15/28 | 53,000 | 46,940 | ||||||
4.982%, 11/15/45 | 49,000 | 31,360 | ||||||
6.015%, 11/15/48 | 66,000 | 49,573 | ||||||
|
| |||||||
(Cost $7,180,314) | 7,573,703 | |||||||
|
| |||||||
Household Products/Wares - 0.3% | ||||||||
ACCO Brands Corp.,144A,4.25%, 3/15/29 | 95,000 | 82,248 | ||||||
Central Garden & Pet Co. | ||||||||
5.125%, 2/1/28 | 50,000 | 47,545 | ||||||
4.125%, 10/15/30 | 83,000 | 71,108 | ||||||
144A,4.125%, 4/30/31 | 66,000 | 55,692 | ||||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.,144A,5.00%, 12/31/26 | 79,000 | 74,698 | ||||||
Spectrum Brands, Inc. | ||||||||
144A,5.00%, 10/1/29 | 49,000 | 45,212 | ||||||
144A,5.50%, 7/15/30 | 48,000 | 44,807 | ||||||
144A,3.875%, 3/15/31 | 75,000 | 64,022 | ||||||
|
| |||||||
(Cost $463,349) | 485,332 | |||||||
|
| |||||||
Pharmaceuticals - 1.8% | ||||||||
180 Medical, Inc.,144A,3.875%, 10/15/29 | 83,000 | 72,377 | ||||||
AdaptHealth LLC | ||||||||
144A,6.125%, 8/1/28 | 58,000 | 49,832 | ||||||
144A,4.625%, 8/1/29 | 83,000 | 65,548 | ||||||
144A,5.125%, 3/1/30 | 99,000 | 78,825 | ||||||
Bausch Health Cos., Inc.,144A,5.50%, 11/1/25 | 278,000 | 242,208 | ||||||
BellRing Brands, Inc.,144A,7.00%, 3/15/30 | 139,000 | 141,384 | ||||||
Cheplapharm Arzneimittel GmbH,144A,5.50%, 1/15/28 | 83,000 | 76,960 | ||||||
Elanco Animal Health, Inc.,6.65%, 8/28/28 | 121,000 | 120,849 | ||||||
Grifols SA,144A,4.75%, 10/15/28 | 117,000 | 103,358 | ||||||
Herbalife Nutrition Ltd / HLF Financing, Inc.,144A,7.875%, 9/1/25 | 99,000 | 97,100 | ||||||
HLF Financing Sarl LLC / Herbalife International, Inc.,144A,4.875%, 6/1/29 | 99,000 | 70,217 | ||||||
Jazz Securities DAC,144A,4.375%, 1/15/29 | 248,000 | 223,107 | ||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC,144A,14.75%, 11/14/28 | 120,000 | 129,900 | ||||||
Option Care Health, Inc.,144A,4.375%, 10/31/29 | 83,000 | 73,226 | ||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV | ||||||||
144A,4.125%, 4/30/28 | 347,000 | 308,125 | ||||||
144A,5.125%, 4/30/31 | 341,000 | 268,293 | ||||||
Owens & Minor, Inc. | ||||||||
144A,4.50%, 3/31/29 | 79,000 | 67,644 | ||||||
144A,6.625%, 4/1/30 | 91,000 | 85,227 |
Perrigo Finance Unlimited Co. | ||||||||
3.90%, 12/15/24 | 78,000 | 76,538 | ||||||
4.375%, 3/15/26 | 148,000 | 142,119 | ||||||
4.65%, 6/15/30 | 124,000 | 110,599 | ||||||
4.90%, 12/15/44 | 50,000 | 37,624 | ||||||
PRA Health Sciences, Inc.,144A,2.875%, 7/15/26 | 83,000 | 76,622 | ||||||
Prestige Brands, Inc. | ||||||||
144A,5.125%, 1/15/28 | 66,000 | 62,720 | ||||||
144A,3.75%, 4/1/31 | 99,000 | 82,567 | ||||||
|
| |||||||
(Cost $2,769,435) | 2,862,969 | |||||||
|
| |||||||
Diversified - 0.1% | ||||||||
Holding Companies-Diversified - 0.1% | ||||||||
Benteler International AG,144A,10.50%, 5/15/28 | 83,000 | 85,490 | ||||||
Stena International SA,144A,6.125%, 2/1/25 | 39,000 | 38,579 | ||||||
|
| |||||||
(Cost $121,934) | 124,069 | |||||||
|
| |||||||
Energy - 14.2% | ||||||||
Coal - 0.1% | ||||||||
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp.,144A,7.50%, 5/1/25 | 47,000 | 46,765 | ||||||
SunCoke Energy, Inc.,144A,4.875%, 6/30/29 | 83,000 | 71,392 | ||||||
|
| |||||||
(Cost $115,659) | 118,157 | |||||||
|
| |||||||
Energy-Alternate Sources - 0.2% | ||||||||
TerraForm Power Operating LLC | ||||||||
144A,5.00%, 1/31/28 | 116,000 | 109,910 | ||||||
144A,4.75%, 1/15/30 | 116,000 | 104,400 | ||||||
Topaz Solar Farms LLC,144A,5.75%, 9/30/39 | 90,000 | 87,080 | ||||||
|
| |||||||
(Cost $284,935) | 301,390 | |||||||
|
| |||||||
Oil & Gas - 7.2% | ||||||||
Aethon United BR LP / Aethon United Finance Corp.,144A,8.25%, 2/15/26 | 124,000 | 124,620 | ||||||
Antero Resources Corp. | ||||||||
144A,7.625%, 2/1/29 | 67,000 | 68,616 | ||||||
144A,5.375%, 3/1/30 | 99,000 | 92,725 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | ||||||||
144A,7.00%, 11/1/26 | 99,000 | 97,636 | ||||||
144A,8.25%, 12/31/28 | 80,000 | 80,071 | ||||||
144A,5.875%, 6/30/29 | 66,000 | 60,653 | ||||||
Baytex Energy Corp. | ||||||||
144A,8.75%, 4/1/27 | 68,000 | 69,757 | ||||||
144A,8.50%, 4/30/30 | 132,000 | 134,985 | ||||||
Berry Petroleum Co. LLC,144A,7.00%, 2/15/26 | 66,000 | 63,335 | ||||||
Borr IHC Ltd / Borr Finance LLC | ||||||||
144A,10.00%, 11/15/28 | 180,000 | 182,250 | ||||||
144A,10.375%, 11/15/30 | 85,000 | 85,850 | ||||||
California Resources Corp.,144A,7.125%, 2/1/26 | 103,000 | 103,623 | ||||||
Callon Petroleum Co. | ||||||||
6.375%, 7/1/26 | 54,000 | 53,470 | ||||||
144A,8.00%, 8/1/28 | 108,000 | 109,517 | ||||||
144A,7.50%, 6/15/30 | 99,000 | 97,738 | ||||||
Chesapeake Energy Corp. | ||||||||
144A,5.50%, 2/1/26 | 83,000 | 81,362 | ||||||
144A,5.875%, 2/1/29 | 83,000 | 79,694 | ||||||
144A,6.75%, 4/15/29 | 157,000 | 156,442 | ||||||
Chord Energy Corp.,144A,6.375%, 6/1/26 | 66,000 | 65,574 | ||||||
CITGO Petroleum Corp. | ||||||||
144A,7.00%, 6/15/25 | 186,000 | 183,997 | ||||||
144A,6.375%, 6/15/26 | 108,000 | 107,017 | ||||||
144A,8.375%, 1/15/29 | 182,000 | 183,474 | ||||||
Civitas Resources, Inc. | ||||||||
144A,5.00%, 10/15/26 | 66,000 | 62,940 | ||||||
144A,8.375%, 7/1/28 | 223,000 | 228,395 | ||||||
144A,8.625%, 11/1/30 | 165,000 | 170,894 | ||||||
144A,8.75%, 7/1/31 | 238,000 | 246,323 | ||||||
CNX Resources Corp. | ||||||||
144A,7.25%, 3/14/27 | 58,000 | 57,947 | ||||||
144A,6.00%, 1/15/29 | 83,000 | 79,148 | ||||||
144A,7.375%, 1/15/31 | 83,000 | 82,493 | ||||||
Comstock Resources, Inc. | ||||||||
144A,6.75%, 3/1/29 | 212,000 | 195,181 | ||||||
144A,5.875%, 1/15/30 | 160,000 | 138,790 | ||||||
Crescent Energy Finance LLC | ||||||||
144A,7.25%, 5/1/26 | 116,000 | 115,130 | ||||||
144A,9.25%, 2/15/28 | 141,000 | 145,709 | ||||||
CrownRock LP / CrownRock Finance, Inc. | ||||||||
144A,5.625%, 10/15/25 | 133,000 | 131,670 | ||||||
144A,5.00%, 5/1/29 | 67,000 | 64,320 | ||||||
CVR Energy, Inc. | ||||||||
144A,5.25%, 2/15/25 | 99,000 | 97,541 | ||||||
144A,5.75%, 2/15/28 | 66,000 | 61,031 | ||||||
Diamond Foreign Asset Co. / Diamond Finance LLC,144A,8.50%, 10/1/30 | 91,000 | 91,262 | ||||||
Encino Acquisition Partners Holdings LLC,144A,8.50%, 5/1/28 | 116,000 | 113,041 | ||||||
Endeavor Energy Resources LP / EER Finance, Inc.,144A,5.75%, 1/30/28 | 150,000 | 146,321 | ||||||
Energean PLC,144A,6.50%, 4/30/27 | 74,000 | 65,083 | ||||||
EnQuest PLC,144A,11.625%, 11/1/27 | 50,000 | 47,012 |
Gran Tierra Energy, Inc.,144A,9.50%, 10/15/29 | 81,000 | 69,458 | ||||||
Gulfport Energy Corp.,144A,8.00%, 5/17/26 | 73,000 | 73,903 | ||||||
Harbour Energy PLC,144A,5.50%, 10/15/26 | 83,000 | 78,104 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||
144A,6.25%, 11/1/28 | 99,000 | 96,324 | ||||||
144A,5.75%, 2/1/29 | 99,000 | 93,044 | ||||||
144A,6.00%, 4/15/30 | 83,000 | 77,423 | ||||||
144A,6.00%, 2/1/31 | 99,000 | 91,391 | ||||||
144A,6.25%, 4/15/32 | 83,000 | 76,659 | ||||||
144A,8.375%, 11/1/33 | 101,000 | 104,037 | ||||||
Ithaca Energy North Sea PLC,144A,9.00%, 7/15/26 | 103,000 | 99,620 | ||||||
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144A,6.00%, 8/1/26 | 66,000 | 64,027 | ||||||
Matador Resources Co. | ||||||||
5.875%, 9/15/26 | 116,000 | 113,842 | ||||||
144A,6.875%, 4/15/28 | 83,000 | 83,185 | ||||||
MEG Energy Corp. | ||||||||
144A,7.125%, 2/1/27 | 100,000 | 101,157 | ||||||
144A,5.875%, 2/1/29 | 99,000 | 94,631 | ||||||
Moss Creek Resources Holdings, Inc. | ||||||||
144A,7.50%, 1/15/26 | 112,000 | 109,479 | ||||||
144A,10.50%, 5/15/27 | 66,000 | 66,752 | ||||||
Murphy Oil Corp. | ||||||||
5.875%, 12/1/27 | 90,000 | 88,698 | ||||||
6.375%, 7/15/28 | 64,000 | 63,571 | ||||||
5.875%, 12/1/42 | 56,000 | 47,547 | ||||||
Nabors Industries, Inc. | ||||||||
144A,7.375%, 5/15/27 | 116,000 | 112,157 | ||||||
144A,9.125%, 1/31/30 | 112,000 | 112,291 | ||||||
Neptune Energy Bondco PLC,144A,6.625%, 5/15/25 | 144,000 | 143,323 | ||||||
Noble Finance II LLC,144A,8.00%, 4/15/30 | 99,000 | 101,602 | ||||||
Northern Oil and Gas, Inc. | ||||||||
144A,8.125%, 3/1/28 | 117,000 | 118,207 | ||||||
144A,8.75%, 6/15/31 | 83,000 | 86,113 | ||||||
Parkland Corp. | ||||||||
144A,5.875%, 7/15/27 | 83,000 | 81,361 | ||||||
144A,4.50%, 10/1/29 | 132,000 | 117,593 | ||||||
144A,4.625%, 5/1/30 | 132,000 | 117,810 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | ||||||||
6.00%, 2/15/28 | 137,000 | 131,598 | ||||||
144A,7.875%, 9/15/30 | 83,000 | 83,000 | ||||||
Permian Resources Operating LLC | ||||||||
144A,5.375%, 1/15/26 | 48,000 | 46,431 | ||||||
144A,7.75%, 2/15/26 | 50,000 | 50,507 | ||||||
144A,6.875%, 4/1/27 | 59,000 | 58,525 | ||||||
144A,8.00%, 4/15/27 | 91,000 | 92,939 | ||||||
144A,5.875%, 7/1/29 | 116,000 | 110,855 | ||||||
144A,9.875%, 7/15/31 | 83,000 | 90,738 | ||||||
144A,7.00%, 1/15/32 | 83,000 | 83,227 | ||||||
Precision Drilling Corp. | ||||||||
144A,7.125%, 1/15/26 | 53,000 | 52,678 | ||||||
144A,6.875%, 1/15/29 | 66,000 | 62,371 | ||||||
Range Resources Corp. | ||||||||
4.875%, 5/15/25 | 114,000 | 112,195 | ||||||
8.25%, 1/15/29 | 99,000 | 102,595 | ||||||
144A,4.75%, 2/15/30 | 83,000 | 75,701 | ||||||
Rockcliff Energy II LLC,144A,5.50%, 10/15/29 | 116,000 | 107,712 | ||||||
Seadrill Finance Ltd.,144A,8.375%, 8/1/30 | 95,000 | 97,332 | ||||||
Sitio Royalties Operating Partnership LP / Sitio Finance Corp.,144A,7.875%, 11/1/28 | 99,000 | 99,388 | ||||||
SM Energy Co. | ||||||||
5.625%, 6/1/25 | 58,000 | 57,185 | ||||||
6.75%, 9/15/26 | 69,000 | 68,098 | ||||||
6.625%, 1/15/27 | 69,000 | 67,881 | ||||||
6.50%, 7/15/28 | 66,000 | 64,242 | ||||||
Southwestern Energy Co. | ||||||||
5.70%, 1/23/25 | 43,000 | 42,889 | ||||||
8.375%, 9/15/28 | 50,000 | 51,711 | ||||||
5.375%, 2/1/29 | 127,000 | 120,841 | ||||||
5.375%, 3/15/30 | 199,000 | 188,684 | ||||||
4.75%, 2/1/32 | 190,000 | 169,453 | ||||||
Strathcona Resources Ltd/Alberta,144A,6.875%, 8/1/26 | 83,000 | 79,058 | ||||||
Sunoco LP / Sunoco Finance Corp. | ||||||||
6.00%, 4/15/27 | 99,000 | 98,424 | ||||||
5.875%, 3/15/28 | 66,000 | 64,637 | ||||||
144A,7.00%, 9/15/28 | 83,000 | 83,716 | ||||||
4.50%, 5/15/29 | 132,000 | 120,310 | ||||||
4.50%, 4/30/30 | 132,000 | 118,634 | ||||||
Talos Production, Inc.,12.00%, 1/15/26 | 120,000 | 124,190 | ||||||
Teine Energy Ltd.,144A,6.875%, 4/15/29 | 66,000 | 62,370 | ||||||
Transocean Aquila Ltd.,144A,8.00%, 9/30/28 | 54,000 | 54,106 | ||||||
Transocean Poseidon Ltd.,144A,6.875%, 2/1/27 | 68,250 | 67,388 | ||||||
Transocean Titan Financing Ltd.,144A,8.375%, 2/1/28 | 87,000 | 88,740 | ||||||
Transocean, Inc.,144A,8.75%, 2/15/30 | 194,750 | 198,896 | ||||||
Valaris Ltd.,144A,8.375%, 4/30/30 | 182,000 | 183,087 |
Vermilion Energy, Inc. | ||||||||
144A,5.625%, 3/15/25 | 50,000 | 48,634 | ||||||
144A,6.875%, 5/1/30 | 66,000 | 62,609 | ||||||
Viper Energy, Inc. | ||||||||
144A,5.375%, 11/1/27 | 71,000 | 67,761 | ||||||
144A,7.375%, 11/1/31 | 66,000 | 66,792 | ||||||
Vital Energy, Inc. | ||||||||
9.50%, 1/15/25 | 90,000 | 90,349 | ||||||
10.125%, 1/15/28 | 116,000 | 118,115 | ||||||
144A,7.75%, 7/31/29 | 49,000 | 44,918 | ||||||
9.75%, 10/15/30 | 83,000 | 83,169 | ||||||
W&T Offshore, Inc.,144A,11.75%, 2/1/26 | 46,000 | 47,058 | ||||||
|
| |||||||
(Cost $11,323,828) | 11,567,683 | |||||||
|
| |||||||
Oil & Gas Services - 0.7% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | ||||||||
144A,6.875%, 4/1/27 | 83,000 | 82,241 | ||||||
144A,6.25%, 4/1/28 | 132,000 | 128,865 | ||||||
Bristow Group, Inc.,144A,6.875%, 3/1/28 | 66,000 | 62,859 | ||||||
CGG SA,144A,8.75%, 4/1/27 | 83,000 | 75,322 | ||||||
CSI Compressco LP / CSI Compressco Finance, Inc.,144A,7.50%, 4/1/25 | 58,000 | 57,330 | ||||||
Enerflex Ltd.,144A,9.00%, 10/15/27 | 103,000 | 96,982 | ||||||
Helix Energy Solutions Group, Inc.,144A,9.75%, 3/1/29 | 50,000 | 49,887 | ||||||
Oceaneering International, Inc.,6.00%, 2/1/28 | 50,000 | 48,479 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. | ||||||||
6.875%, 4/1/26 | 120,000 | 119,322 | ||||||
6.875%, 9/1/27 | 124,000 | 122,404 | ||||||
Weatherford International Ltd. | ||||||||
144A,6.50%, 9/15/28 | 45,000 | 45,450 | ||||||
144A,8.625%, 4/30/30 | 265,000 | 273,989 | ||||||
Welltec International ApS,144A,8.25%, 10/15/26 | 53,000 | 53,464 | ||||||
|
| |||||||
(Cost $1,182,847) | 1,216,594 | |||||||
|
| |||||||
Pipelines - 6.0% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | ||||||||
144A,7.875%, 5/15/26 | 91,000 | 92,785 | ||||||
144A,5.75%, 3/1/27 | 108,000 | 105,671 | ||||||
144A,5.75%, 1/15/28 | 108,000 | 104,471 | ||||||
144A,5.375%, 6/15/29 | 124,000 | 116,119 | ||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp. | ||||||||
144A,7.625%, 12/15/25 | 99,000 | 99,995 | ||||||
144A,6.625%, 7/15/26 | 53,000 | 52,017 | ||||||
Buckeye Partners LP | ||||||||
144A,4.125%, 3/1/25 | 74,000 | 72,079 | ||||||
3.95%, 12/1/26 | 99,000 | 93,307 | ||||||
4.125%, 12/1/27 | 66,000 | 60,959 | ||||||
144A,4.50%, 3/1/28 | 83,000 | 75,729 | ||||||
5.85%, 11/15/43 | 66,000 | 49,873 | ||||||
5.60%, 10/15/44 | 56,000 | 39,689 | ||||||
CNX Midstream Partners LP,144A,4.75%, 4/15/30 | 66,000 | 57,468 | ||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC,144A,5.50%, 6/15/31 | 232,000 | 214,585 | ||||||
Delek Logistics Partners LP / Delek Logistics Finance Corp.,144A,7.125%, 6/1/28 | 66,000 | 62,182 | ||||||
DT Midstream, Inc. | ||||||||
144A,4.125%, 6/15/29 | 182,000 | 163,394 | ||||||
144A,4.375%, 6/15/31 | 165,000 | 144,783 | ||||||
EnLink Midstream LLC | ||||||||
144A,5.625%, 1/15/28 | 83,000 | 80,531 | ||||||
5.375%, 6/1/29 | 83,000 | 80,099 | ||||||
144A,6.50%, 9/1/30 | 165,000 | 166,072 | ||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 6/1/25 | 70,000 | 68,630 | ||||||
4.85%, 7/15/26 | 81,000 | 78,820 | ||||||
5.60%, 4/1/44 | 58,000 | 49,423 | ||||||
5.05%, 4/1/45 | 82,000 | 65,113 | ||||||
5.45%, 6/1/47 | 83,000 | 69,825 | ||||||
EQM Midstream Partners LP | ||||||||
144A,6.00%, 7/1/25 | 66,000 | 65,489 | ||||||
4.125%, 12/1/26 | 83,000 | 78,435 | ||||||
144A,7.50%, 6/1/27 | 83,000 | 84,833 | ||||||
144A,6.50%, 7/1/27 | 149,000 | 149,237 | ||||||
5.50%, 7/15/28 | 141,000 | 137,049 | ||||||
144A,4.50%, 1/15/29 | 132,000 | 120,434 | ||||||
144A,7.50%, 6/1/30 | 83,000 | 85,649 | ||||||
144A,4.75%, 1/15/31 | 195,000 | 173,673 | ||||||
6.50%, 7/15/48 | 91,000 | 83,715 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | ||||||||
6.50%, 10/1/25 | 88,000 | 87,278 | ||||||
6.25%, 5/15/26 | 56,000 | 54,834 | ||||||
8.00%, 1/15/27 | 162,000 | 162,149 | ||||||
7.75%, 2/1/28 | 129,000 | 127,420 | ||||||
8.875%, 4/15/30 | 83,000 | 84,386 | ||||||
Global Partners LP / GLP Finance Corp. | ||||||||
7.00%, 8/1/27 | 66,000 | 63,260 | ||||||
6.875%, 1/15/29 | 58,000 | 54,008 | ||||||
Harvest Midstream I LP,144A,7.50%, 9/1/28 | 132,000 | 130,071 |
Hess Midstream Operations LP | ||||||||
144A,5.625%, 2/15/26 | 132,000 | 130,350 | ||||||
144A,5.125%, 6/15/28 | 91,000 | 87,086 | ||||||
144A,4.25%, 2/15/30 | 124,000 | 110,899 | ||||||
144A,5.50%, 10/15/30 | 66,000 | 62,286 | ||||||
Holly Energy Partners LP / Holly Energy Finance Corp. | ||||||||
144A,6.375%, 4/15/27 | 66,000 | 64,872 | ||||||
144A,5.00%, 2/1/28 | 83,000 | 77,005 | ||||||
Howard Midstream Energy Partners LLC | ||||||||
144A,6.75%, 1/15/27 | 66,000 | 63,995 | ||||||
144A,8.875%, 7/15/28 | 91,000 | 94,632 | ||||||
ITT Holdings LLC,144A,6.50%, 8/1/29 | 202,000 | 176,245 | ||||||
Kinetik Holdings LP,144A,5.875%, 6/15/30 | 165,000 | 157,177 | ||||||
Martin Midstream Partners LP / Martin Midstream Finance Corp.,144A,11.50%, 2/15/28 | 66,000 | 67,013 | ||||||
New Fortress Energy, Inc. | ||||||||
144A,6.75%, 9/15/25 | 207,000 | 200,625 | ||||||
144A,6.50%, 9/30/26 | 248,000 | 235,550 | ||||||
NGL Energy Operating LLC / NGL Energy Finance Corp.,144A,7.50%, 2/1/26 | 339,000 | 340,274 | ||||||
Northriver Midstream Finance LP,144A,5.625%, 2/15/26 | 87,000 | 84,607 | ||||||
NuStar Logistics LP | ||||||||
5.75%, 10/1/25 | 99,000 | 98,324 | ||||||
6.00%, 6/1/26 | 83,000 | 82,725 | ||||||
5.625%, 4/28/27 | 91,000 | 89,581 | ||||||
6.375%, 10/1/30 | 99,000 | 96,525 | ||||||
Rockies Express Pipeline LLC | ||||||||
144A,3.60%, 5/15/25 | 66,000 | 63,196 | ||||||
144A,4.95%, 7/15/29 | 91,000 | 83,997 | ||||||
144A,4.80%, 5/15/30 | 58,000 | 51,929 | ||||||
144A,7.50%, 7/15/38 | 43,000 | 42,020 | ||||||
144A,6.875%, 4/15/40 | 83,000 | 75,659 | ||||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.,144A,9.00%, 10/15/26 | 130,000 | 129,199 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | ||||||||
144A,7.50%, 10/1/25 | 99,000 | 99,569 | ||||||
144A,6.00%, 3/1/27 | 71,000 | 68,284 | ||||||
144A,5.50%, 1/15/28 | 124,000 | 114,396 | ||||||
144A,6.00%, 12/31/30 | 130,000 | 117,380 | ||||||
144A,6.00%, 9/1/31 | 77,000 | 69,042 | ||||||
Venture Global Calcasieu Pass LLC | ||||||||
144A,3.875%, 8/15/29 | 207,000 | 181,509 | ||||||
144A,6.25%, 1/15/30 | 189,000 | 185,478 | ||||||
144A,4.125%, 8/15/31 | 207,000 | 178,553 | ||||||
144A,3.875%, 11/1/33 | 207,000 | 169,424 | ||||||
Venture Global LNG, Inc. | ||||||||
144A,8.125%, 6/1/28 | 372,000 | 368,826 | ||||||
144A,9.50%, 2/1/29 | 503,000 | 518,993 | ||||||
144A,8.375%, 6/1/31 | 372,000 | 366,542 | ||||||
144A,9.875%, 2/1/32 | 336,000 | 344,347 | ||||||
|
| |||||||
(Cost $9,180,874) | 9,553,653 | |||||||
|
| |||||||
Financial - 4.5% | ||||||||
Diversified Financial Services - 0.1% | ||||||||
GN Bondco LLC,144A,9.50%, 10/15/31 (Cost $117,240) | 120,000 | 113,982 | ||||||
|
| |||||||
Real Estate - 0.6% | ||||||||
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 | 106,000 | 91,558 | ||||||
Cushman & Wakefield US Borrower LLC | ||||||||
144A,6.75%, 5/15/28 | 108,000 | 102,600 | ||||||
144A,8.875%, 9/1/31 | 66,000 | 66,162 | ||||||
Five Point Operating Co. LP / Five Point Capital Corp.,144A,7.875%, 11/15/25 | 103,000 | 98,599 | ||||||
Greystar Real Estate Partners LLC,144A,7.75%, 9/1/30 | 66,000 | 67,143 | ||||||
Howard Hughes Corp. | ||||||||
144A,5.375%, 8/1/28 | 124,000 | 116,250 | ||||||
144A,4.125%, 2/1/29 | 108,000 | 92,610 | ||||||
144A,4.375%, 2/1/31 | 108,000 | 89,640 | ||||||
Hunt Cos., Inc.,144A,5.25%, 4/15/29 | 105,000 | 90,106 | ||||||
Kennedy-Wilson, Inc. | ||||||||
4.75%, 3/1/29 | 99,000 | 79,371 | ||||||
4.75%, 2/1/30 | 99,000 | 75,676 | ||||||
5.00%, 3/1/31 | 109,000 | 81,798 | ||||||
|
| |||||||
(Cost $994,977) | 1,051,513 | |||||||
|
| |||||||
Real Estate Investment Trusts - 3.8% | ||||||||
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 | 83,000 | 67,441 | ||||||
Blackstone Mortgage Trust, Inc.,144A,3.75%, 1/15/27 | 61,000 | 53,693 | ||||||
Brandywine Operating Partnership LP | ||||||||
3.95%, 11/15/27 | 74,000 | 64,075 | ||||||
7.80%, 3/15/28 | 58,000 | 55,554 | ||||||
4.55%, 10/1/29 | 58,000 | 47,871 | ||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | ||||||||
144A,5.75%, 5/15/26 | 156,000 | 147,942 | ||||||
144A,4.50%, 4/1/27 | 124,000 | 108,723 | ||||||
CTR Partnership LP / CareTrust Capital Corp.,144A,3.875%, 6/30/28 | 66,000 | 59,697 |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27 | 83,000 | 67,690 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC | ||||||||
144A,6.00%, 4/15/25 | 66,000 | 65,062 | ||||||
144A,3.375%, 6/15/26 | 165,000 | 149,363 | ||||||
144A,3.75%, 9/15/30 | 62,000 | 48,860 | ||||||
Iron Mountain Information Management Services, Inc.,144A,5.00%, 7/15/32 | 124,000 | 107,693 | ||||||
Iron Mountain, Inc. | ||||||||
144A,4.875%, 9/15/27 | 165,000 | 156,194 | ||||||
144A,5.25%, 3/15/28 | 136,000 | 128,874 | ||||||
144A,5.00%, 7/15/28 | 83,000 | 77,506 | ||||||
144A,7.00%, 2/15/29 | 165,000 | 166,310 | ||||||
144A,4.875%, 9/15/29 | 165,000 | 150,254 | ||||||
144A,5.25%, 7/15/30 | 237,000 | 217,341 | ||||||
144A,4.50%, 2/15/31 | 182,000 | 157,517 | ||||||
144A,5.625%, 7/15/32 | 99,000 | 89,881 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | ||||||||
144A,5.25%, 10/1/25 | 54,000 | 52,171 | ||||||
144A,4.25%, 2/1/27 | 101,000 | 93,191 | ||||||
144A,4.75%, 6/15/29 | 105,000 | 91,417 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. | ||||||||
5.25%, 8/1/26 | 83,000 | 72,222 | ||||||
5.00%, 10/15/27 | 232,000 | 184,887 | ||||||
4.625%, 8/1/29 | 149,000 | 106,428 | ||||||
3.50%, 3/15/31 | 225,000 | 138,697 | ||||||
Necessity Retail REIT Inc/The / American Finance Operating Partner LP,144A, 4.50%, 9/30/28 | 83,000 | 66,993 | ||||||
Office Properties Income Trust,3.45%, 10/15/31 | 69,000 | 36,722 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | ||||||||
144A,7.50%, 6/1/25 | 108,000 | 108,650 | ||||||
144A,5.875%, 10/1/28 | 120,000 | 113,542 | ||||||
144A,4.875%, 5/15/29 | 124,000 | 110,338 | ||||||
RHP Hotel Properties LP / RHP Finance Corp. | ||||||||
4.75%, 10/15/27 | 116,000 | 110,169 | ||||||
144A,7.25%, 7/15/28 | 66,000 | 67,025 | ||||||
144A,4.50%, 2/15/29 | 99,000 | 89,297 | ||||||
Rithm Capital Corp.,144A,6.25%, 10/15/25 | 91,000 | 87,588 | ||||||
RLJ Lodging Trust LP | ||||||||
144A,3.75%, 7/1/26 | 83,000 | 77,338 | ||||||
144A,4.00%, 9/15/29 | 83,000 | 71,744 | ||||||
SBA Communications Corp. | ||||||||
3.875%, 2/15/27 | 247,000 | 232,512 | ||||||
3.125%, 2/1/29 | 248,000 | 215,967 | ||||||
Service Properties Trust | ||||||||
4.50%, 3/15/25 | 66,000 | 63,642 | ||||||
7.50%, 9/15/25 | 151,000 | 151,612 | ||||||
5.25%, 2/15/26 | 66,000 | 62,040 | ||||||
4.75%, 10/1/26 | 74,000 | 67,387 | ||||||
4.95%, 2/15/27 | 66,000 | 57,660 | ||||||
5.50%, 12/15/27 | 74,000 | 65,886 | ||||||
3.95%, 1/15/28 | 66,000 | 52,719 | ||||||
4.95%, 10/1/29 | 70,000 | 54,507 | ||||||
4.375%, 2/15/30 | 66,000 | 48,294 | ||||||
144A,8.625%, 11/15/31 | 168,000 | 172,290 | ||||||
Starwood Property Trust, Inc. | ||||||||
144A,3.75%, 12/31/24 | 66,000 | 63,830 | ||||||
4.75%, 3/15/25 | 83,000 | 81,700 | ||||||
144A,3.625%, 7/15/26 | 66,000 | 60,548 | ||||||
144A,4.375%, 1/15/27 | 83,000 | 75,945 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | ||||||||
144A,10.50%, 2/15/28 | 430,000 | 422,957 | ||||||
144A,4.75%, 4/15/28 | 106,000 | 87,871 | ||||||
XHR LP | ||||||||
144A,6.375%, 8/15/25 | 77,000 | 76,231 | ||||||
144A,4.875%, 6/1/29 | 83,000 | 74,363 | ||||||
|
| |||||||
(Cost $5,813,573) | 6,053,921 | |||||||
|
| |||||||
Industrial - 11.9% | ||||||||
Aerospace/Defense - 2.7% | ||||||||
Bombardier, Inc. | ||||||||
144A,7.50%, 3/15/25 | 63,000 | 62,981 | ||||||
144A,7.125%, 6/15/26 | 199,000 | 198,983 | ||||||
144A,7.875%, 4/15/27 | 313,000 | 313,227 | ||||||
144A,6.00%, 2/15/28 | 124,000 | 116,889 | ||||||
144A,7.50%, 2/1/29 | 124,000 | 122,862 | ||||||
144A,8.75%, 11/15/30 | 120,000 | 122,856 | ||||||
144A,7.45%, 5/1/34 | 84,000 | 95,521 | ||||||
Moog, Inc.,144A,4.25%, 12/15/27 | 83,000 | 77,019 | ||||||
Rolls-Royce PLC | ||||||||
144A,3.625%, 10/14/25 | 165,000 | 157,938 | ||||||
144A,5.75%, 10/15/27 | 166,000 | 164,039 | ||||||
Spirit AeroSystems, Inc. | ||||||||
3.85%, 6/15/26 | 50,000 | 47,318 | ||||||
144A,9.375%, 11/30/29 | 149,000 | 161,112 | ||||||
144A,9.75%, 11/15/30 | 202,000 | 212,718 |
TransDigm, Inc. | ||||||||
144A,6.25%, 3/15/26 | 728,000 | 722,977 | ||||||
7.50%, 3/15/27 | 91,000 | 91,032 | ||||||
5.50%, 11/15/27 | 438,000 | 421,544 | ||||||
144A,6.75%, 8/15/28 | 347,000 | 347,621 | ||||||
4.625%, 1/15/29 | 199,000 | 179,534 | ||||||
4.875%, 5/1/29 | 124,000 | 112,367 | ||||||
144A,6.875%, 12/15/30 | 240,000 | 240,300 | ||||||
144A,7.125%, 12/1/31 | 175,000 | 177,999 | ||||||
Triumph Group, Inc.,144A,9.00%, 3/15/28 | 199,000 | 204,280 | ||||||
|
| |||||||
(Cost $4,219,370) | 4,351,117 | |||||||
|
| |||||||
Building Materials - 1.9% | ||||||||
AmeriTex HoldCo Intermediate LLC,144A,10.25%, 10/15/28 | 88,000 | 86,020 | ||||||
Boise Cascade Co.,144A,4.875%, 7/1/30 | 66,000 | 60,060 | ||||||
Builders FirstSource, Inc. | ||||||||
144A,5.00%, 3/1/30 | 91,000 | 84,747 | ||||||
144A,4.25%, 2/1/32 | 215,000 | 184,430 | ||||||
144A,6.375%, 6/15/32 | 116,000 | 114,139 | ||||||
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28 | 117,000 | 115,391 | ||||||
Eco Material Technologies, Inc.,144A,7.875%, 1/31/27 | 87,000 | 85,515 | ||||||
Emerald Debt Merger Sub LLC,144A,6.625%, 12/15/30 | 376,000 | 375,060 | ||||||
Griffon Corp.,5.75%, 3/1/28 | 161,000 | 152,166 | ||||||
James Hardie International Finance DAC,144A,5.00%, 1/15/28 | 66,000 | 61,875 | ||||||
JELD-WEN, Inc.,144A,4.875%, 12/15/27 | 66,000 | 60,876 | ||||||
Knife River Corp.,144A,7.75%, 5/1/31 | 70,000 | 71,894 | ||||||
Louisiana-Pacific Corp.,144A,3.625%, 3/15/29 | 58,000 | 50,303 | ||||||
Masonite International Corp. | ||||||||
144A,5.375%, 2/1/28 | 83,000 | 78,850 | ||||||
144A,3.50%, 2/15/30 | 62,000 | 52,400 | ||||||
MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30 | 83,000 | 70,322 | ||||||
New Enterprise Stone & Lime Co., Inc.,144A,5.25%, 7/15/28 | 97,000 | 90,287 | ||||||
PGT Innovations, Inc.,144A,4.375%, 10/1/29 | 95,000 | 89,904 | ||||||
Smyrna Ready Mix Concrete LLC | ||||||||
144A,6.00%, 11/1/28 | 196,000 | 186,244 | ||||||
144A,8.875%, 11/15/31 | 185,000 | 188,164 | ||||||
Standard Industries, Inc. | ||||||||
144A,5.00%, 2/15/27 | 141,000 | 135,010 | ||||||
144A,4.75%, 1/15/28 | 165,000 | 155,070 | ||||||
144A,4.375%, 7/15/30 | 281,000 | 246,306 | ||||||
144A,3.375%, 1/15/31 | 182,000 | 149,432 | ||||||
Summit Materials LLC / Summit Materials Finance Corp. | ||||||||
144A,6.50%, 3/15/27 | 53,000 | 52,603 | ||||||
144A,5.25%, 1/15/29 | 116,000 | 108,460 | ||||||
|
| |||||||
(Cost $2,958,328) | 3,105,528 | |||||||
|
| |||||||
Electrical Components & Equipment - 0.5% | ||||||||
Energizer Holdings, Inc. | ||||||||
144A,6.50%, 12/31/27 | 50,000 | 48,550 | ||||||
144A,4.75%, 6/15/28 | 97,000 | 86,705 | ||||||
144A,4.375%, 3/31/29 | 131,000 | 112,986 | ||||||
EnerSys,144A,4.375%, 12/15/27 | 50,000 | 45,758 | ||||||
WESCO Distribution, Inc. | ||||||||
144A,7.125%, 6/15/25 | 248,000 | 248,353 | ||||||
144A,7.25%, 6/15/28 | 219,000 | 222,688 | ||||||
|
| |||||||
(Cost $745,005) | 765,040 | |||||||
|
| |||||||
Electronics - 0.7% | ||||||||
Atkore, Inc.,144A,4.25%, 6/1/31 | 66,000 | 56,093 | ||||||
Coherent Corp.,144A,5.00%, 12/15/29 | 164,000 | 148,424 | ||||||
Imola Merger Corp.,144A,4.75%, 5/15/29 | 331,000 | 300,743 | ||||||
Sensata Technologies BV | ||||||||
144A,5.625%, 11/1/24 | 66,000 | 66,590 | ||||||
144A,5.00%, 10/1/25 | 116,000 | 114,120 | ||||||
144A,4.00%, 4/15/29 | 165,000 | 148,090 | ||||||
144A,5.875%, 9/1/30 | 83,000 | 79,650 | ||||||
Sensata Technologies, Inc. | ||||||||
144A,4.375%, 2/15/30 | 82,000 | 73,082 | ||||||
144A,3.75%, 2/15/31 | 124,000 | 104,836 | ||||||
TTM Technologies, Inc.,144A,4.00%, 3/1/29 | 83,000 | 73,789 | ||||||
|
| |||||||
(Cost $1,112,466) | 1,165,417 | |||||||
|
| |||||||
Engineering & Construction - 0.9% | ||||||||
AECOM,5.125%, 3/15/27 | 165,000 | 160,415 | ||||||
Arcosa, Inc.,144A,4.375%, 4/15/29 | 66,000 | 58,865 | ||||||
ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par,144A,4.05%, 4/27/26 | 62,000 | 54,923 | ||||||
Brand Industrial Services, Inc.,144A,10.375%, 8/1/30 | 229,000 | 237,434 | ||||||
Brundage-Bone Concrete Pumping Holdings, Inc.,144A,6.00%, 2/1/26 | 62,000 | 59,852 | ||||||
Cellnex Finance Co. SA,144A,3.875%, 7/7/41 | 99,000 | 71,597 | ||||||
Dycom Industries, Inc.,144A,4.50%, 4/15/29 | 83,000 | 75,033 | ||||||
Fluor Corp. | ||||||||
3.50%, 12/15/24 | 44,000 | 42,900 | ||||||
4.25%, 9/15/28 | 99,000 | 92,442 |
Global Infrastructure Solutions, Inc. | ||||||||
144A,5.625%, 6/1/29 | 66,000 | 55,160 | ||||||
144A,7.50%, 4/15/32 | 50,000 | 43,661 | ||||||
HTA Group Ltd/Mauritius,144A,7.00%, 12/18/25 | 108,000 | 105,548 | ||||||
Railworks Holdings LP / Railworks Rally, Inc.,144A,8.25%, 11/15/28 | 54,000 | 53,062 | ||||||
TopBuild Corp. | ||||||||
144A,3.625%, 3/15/29 | 66,000 | 57,670 | ||||||
144A,4.125%, 2/15/32 | 83,000 | 70,929 | ||||||
VM Consolidated, Inc.,144A,5.50%, 4/15/29 | 58,000 | 52,560 | ||||||
Weekley Homes LLC / Weekley Finance Corp.,144A,4.875%, 9/15/28 | 66,000 | 60,471 | ||||||
|
| |||||||
(Cost $1,300,002) | 1,352,522 | |||||||
|
| |||||||
Environmental Control - 0.9% | ||||||||
Clean Harbors, Inc. | ||||||||
144A,4.875%, 7/15/27 | 90,000 | 86,676 | ||||||
144A,5.125%, 7/15/29 | 50,000 | 47,015 | ||||||
144A,6.375%, 2/1/31 | 83,000 | 82,364 | ||||||
Covanta Holding Corp. | ||||||||
144A,4.875%, 12/1/29 | 127,000 | 105,410 | ||||||
5.00%, 9/1/30 | 73,000 | 59,567 | ||||||
Enviri Corp.,144A,5.75%, 7/31/27 | 79,000 | 68,755 | ||||||
GFL Environmental, Inc. | ||||||||
144A,4.25%, 6/1/25 | 106,000 | 103,536 | ||||||
144A,3.75%, 8/1/25 | 124,000 | 119,766 | ||||||
144A,5.125%, 12/15/26 | 83,000 | 80,518 | ||||||
144A,4.00%, 8/1/28 | 124,000 | 110,633 | ||||||
144A,3.50%, 9/1/28 | 124,000 | 111,058 | ||||||
144A,4.75%, 6/15/29 | 124,000 | 113,254 | ||||||
144A,4.375%, 8/15/29 | 91,000 | 80,359 | ||||||
Madison IAQ LLC,144A,4.125%, 6/30/28 | 116,000 | 103,051 | ||||||
Stericycle, Inc.,144A,3.875%, 1/15/29 | 83,000 | 73,185 | ||||||
|
| |||||||
(Cost $1,295,877) | 1,345,147 | |||||||
|
| |||||||
Machinery-Construction & Mining - 0.3% | ||||||||
BWX Technologies, Inc. | ||||||||
144A,4.125%, 6/30/28 | 66,000 | 59,649 | ||||||
144A,4.125%, 4/15/29 | 66,000 | 59,482 | ||||||
Manitowoc Co., Inc.,144A,9.00%, 4/1/26 | 50,000 | 49,875 | ||||||
Terex Corp.,144A,5.00%, 5/15/29 | 99,000 | 90,776 | ||||||
Vertiv Group Corp.,144A,4.125%, 11/15/28 | 141,000 | 127,630 | ||||||
|
| |||||||
(Cost $374,054) | 387,412 | |||||||
|
| |||||||
Machinery-Diversified - 0.4% | ||||||||
ATS Corp.,144A,4.125%, 12/15/28 | 58,000 | 51,185 | ||||||
Chart Industries, Inc. | ||||||||
144A,7.50%, 1/1/30 | 242,000 | 246,817 | ||||||
144A,9.50%, 1/1/31 | 84,000 | 89,658 | ||||||
Mueller Water Products, Inc.,144A,4.00%, 6/15/29 | 74,000 | 65,305 | ||||||
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27 | 258,000 | 245,123 | ||||||
|
| |||||||
(Cost $671,575) | 698,088 | |||||||
|
| |||||||
Metal Fabricate/Hardware - 0.1% | ||||||||
Advanced Drainage Systems, Inc. | ||||||||
144A,5.00%, 9/30/27 | 58,000 | 55,081 | ||||||
144A,6.375%, 6/15/30 | 83,000 | 81,547 | ||||||
Roller Bearing Co. of America, Inc.,144A,4.375%, 10/15/29 | 83,000 | 74,538 | ||||||
|
| |||||||
(Cost $202,377) | 211,166 | |||||||
|
| |||||||
Miscellaneous Manufacturing - 0.4% | ||||||||
Amsted Industries, Inc. | ||||||||
144A,5.625%, 7/1/27 | 66,000 | 62,959 | ||||||
144A,4.625%, 5/15/30 | 66,000 | 56,802 | ||||||
Calderys Financing LLC,144A,11.25%, 6/1/28 | 91,000 | 92,758 | ||||||
Enpro Industries, Inc.,5.75%, 10/15/26 | 57,000 | 55,290 | ||||||
Gates Global LLC / Gates Corp.,144A,6.25%, 1/15/26 | 94,000 | 92,979 | ||||||
Hillenbrand, Inc. | ||||||||
5.75%, 6/15/25 | 44,000 | 43,455 | ||||||
5.00%, 9/15/26 | 62,000 | 60,910 | ||||||
3.75%, 3/1/31 | 58,000 | 48,123 | ||||||
LSB Industries, Inc.,144A,6.25%, 10/15/28 | 95,000 | 88,547 | ||||||
Trinity Industries, Inc.,144A,7.75%, 7/15/28 | 66,000 | 67,320 | ||||||
|
| |||||||
(Cost $648,468) | 669,143 | |||||||
|
| |||||||
Packaging & Containers - 2.8% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | ||||||||
144A,6.00%, 6/15/27 | 99,000 | 96,079 | ||||||
144A,3.25%, 9/1/28 | 99,000 | 85,148 | ||||||
144A,4.00%, 9/1/29 | 184,000 | 146,218 | ||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | ||||||||
144A,5.25%, 4/30/25 | 116,000 | 113,040 | ||||||
144A,4.125%, 8/15/26 | 201,000 | 177,814 | ||||||
Ball Corp. | ||||||||
5.25%, 7/1/25 | 165,000 | 164,117 | ||||||
4.875%, 3/15/26 | 124,000 | 121,512 | ||||||
6.875%, 3/15/28 | 124,000 | 126,660 | ||||||
6.00%, 6/15/29 | 165,000 | 164,642 | ||||||
2.875%, 8/15/30 | 227,000 | 188,056 | ||||||
3.125%, 9/15/31 | 141,000 | 116,439 |
Berry Global, Inc. | ||||||||
144A,4.50%, 2/15/26 | 52,000 | 49,765 | ||||||
144A,5.625%, 7/15/27 | 83,000 | 81,142 | ||||||
Cascades, Inc./Cascades USA, Inc.,144A,5.375%, 1/15/28 | 74,000 | 69,749 | ||||||
Clearwater Paper Corp.,144A,4.75%, 8/15/28 | 43,000 | 38,373 | ||||||
Clydesdale Acquisition Holdings, Inc.,144A,6.625%, 4/15/29 | 83,000 | 79,864 | ||||||
Crown Americas LLC,5.25%, 4/1/30 | 83,000 | 78,511 | ||||||
Crown Americas LLC / Crown Americas Capital Corp.V,4.25%, 9/30/26 | 66,000 | 63,113 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. VI,4.75%, 2/1/26 | 145,000 | 141,387 | ||||||
Crown Cork & Seal Co., Inc.,7.375%, 12/15/26 | 58,000 | 59,818 | ||||||
Graphic Packaging International LLC | ||||||||
144A,4.75%, 7/15/27 | 50,000 | 47,458 | ||||||
144A,3.50%, 3/15/28 | 74,000 | 66,973 | ||||||
144A,3.50%, 3/1/29 | 58,000 | 50,428 | ||||||
144A,3.75%, 2/1/30 | 66,000 | 57,331 | ||||||
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC,144A,6.00%, 9/15/28 | 113,000 | 101,301 | ||||||
LABL, Inc. | ||||||||
144A,6.75%, 7/15/26 | 116,000 | 110,260 | ||||||
144A,5.875%, 11/1/28 | 83,000 | 72,503 | ||||||
144A,9.50%, 11/1/28 | 50,000 | 48,250 | ||||||
Mauser Packaging Solutions Holding Co.,144A,7.875%, 8/15/26 | 475,000 | 471,856 | ||||||
OI European Group BV,144A,4.75%, 2/15/30 | 66,000 | 59,400 | ||||||
Owens-Brockway Glass Container, Inc. | ||||||||
144A,6.375%, 8/15/25 | 50,000 | 49,643 | ||||||
144A,6.625%, 5/13/27 | 101,000 | 99,960 | ||||||
144A,7.25%, 5/15/31 | 114,000 | 113,146 | ||||||
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 144A,4.375%, 10/15/28 | 83,000 | 75,426 | ||||||
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,4.00%, 10/15/27 | 165,000 | 150,975 | ||||||
Sealed Air Corp. | ||||||||
144A,5.50%, 9/15/25 | 66,000 | 65,505 | ||||||
144A,4.00%, 12/1/27 | 70,000 | 64,330 | ||||||
144A,6.125%, 2/1/28 | 128,000 | 126,618 | ||||||
144A,5.00%, 4/15/29 | 70,000 | 65,257 | ||||||
144A,7.25%, 2/15/31 | 71,000 | 72,683 | ||||||
144A,6.875%, 7/15/33 | 83,000 | 83,159 | ||||||
Silgan Holdings, Inc.,4.125%, 2/1/28 | 94,000 | 86,502 | ||||||
TriMas Corp.,144A, 4.125%, 4/15/29 | 66,000 | 57,373 | ||||||
Trivium Packaging Finance BV,144A,5.50%, 8/15/26 | 174,000 | 167,210 | ||||||
|
| |||||||
(Cost $4,350,286) | 4,524,994 | |||||||
|
| |||||||
Transportation - 0.3% | ||||||||
Danaos Corp.,144A,8.50%, 3/1/28 | 44,000 | 43,998 | ||||||
First Student Bidco, Inc. / First Transit Parent, Inc.,144A,4.00%, 7/31/29 | 103,000 | 87,615 | ||||||
Rand Parent LLC,144A,8.50%, 2/15/30 | 141,000 | 133,279 | ||||||
RXO, Inc.,144A,7.50%, 11/15/27 | 59,000 | 60,570 | ||||||
XPO CNW, Inc.,6.70%, 5/1/34 | 50,000 | 49,804 | ||||||
XPO, Inc.,144A,7.125%, 6/1/31 | 74,000 | 74,797 | ||||||
|
| |||||||
(Cost $432,256) | 450,063 | |||||||
|
| |||||||
Technology - 4.4% | ||||||||
Computers - 1.4% | ||||||||
ASGN, Inc.,144A,4.625%, 5/15/28 | 91,000 | 84,683 | ||||||
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 144A,6.00%, 11/1/29 | 86,000 | 71,810 | ||||||
Crane NXT Co.,4.20%, 3/15/48 | 61,000 | 41,633 | ||||||
Crowdstrike Holdings, Inc.,3.00%, 2/15/29 | 124,000 | 108,873 | ||||||
KBR, Inc.,144A,4.75%, 9/30/28 | 50,000 | 44,629 | ||||||
NCR Atleos Corp.,144A,9.50%, 4/1/29 | 223,000 | 230,290 | ||||||
NCR Voyix Corp. | ||||||||
144A,5.00%, 10/1/28 | 108,000 | 98,318 | ||||||
144A,5.125%, 4/15/29 | 199,000 | 182,254 | ||||||
144A,5.25%, 10/1/30 | 74,000 | 65,049 | ||||||
Presidio Holdings, Inc.,144A,4.875%, 2/1/27 | 87,000 | 84,138 | ||||||
Science Applications International Corp.,144A,4.875%, 4/1/28 | 66,000 | 61,498 | ||||||
Seagate HDD Cayman | ||||||||
4.75%, 1/1/25 | 79,000 | 77,943 | ||||||
4.875%, 6/1/27 | 84,000 | 81,397 | ||||||
4.091%, 6/1/29 | 82,000 | 73,563 | ||||||
144A,8.25%, 12/15/29 | 83,000 | 88,149 | ||||||
4.125%, 1/15/31 | 46,000 | 39,390 | ||||||
144A,8.50%, 7/15/31 | 83,000 | 88,696 | ||||||
144A,9.625%, 12/1/32 | 124,000 | 139,279 | ||||||
5.75%, 12/1/34 | 88,000 | 80,702 | ||||||
Tempo Acquisition LLC / Tempo Acquisition Finance Corp.,144A,5.75%, 6/1/25 | 33,000 | 32,580 | ||||||
Unisys Corp.,144A,6.875%, 11/1/27 | 88,000 | 73,849 | ||||||
Western Digital Corp.,4.75%, 2/15/26 | 381,000 | 367,576 | ||||||
|
| |||||||
(Cost $2,121,463) | 2,216,299 | |||||||
|
|
Office/Business Equipment - 0.2% | ||||||||
Pitney Bowes, Inc. | ||||||||
144A,6.875%, 3/15/27 | 63,000 | 55,755 | ||||||
144A,7.25%, 3/15/29 | 58,000 | 47,528 | ||||||
Xerox Corp. | ||||||||
4.80%, 3/1/35 | 44,000 | 30,789 | ||||||
6.75%, 12/15/39 | 58,000 | 43,689 | ||||||
Xerox Holdings Corp. | ||||||||
144A,5.00%, 8/15/25 | 124,000 | 118,697 | ||||||
144A,5.50%, 8/15/28 | 123,000 | 102,510 | ||||||
|
| |||||||
(Cost $370,078) | 398,968 | |||||||
|
| |||||||
Semiconductors - 0.6% | ||||||||
Amkor Technology, Inc.,144A,6.625%, 9/15/27 | 87,000 | 87,397 | ||||||
ams-OSRAM AG | ||||||||
144A,7.00%, 7/31/25 | 74,000 | 75,254 | ||||||
144A,12.25%, 3/30/29 | 72,000 | 73,427 | ||||||
Entegris Escrow Corp. | ||||||||
144A,4.75%, 4/15/29 | 265,000 | 250,365 | ||||||
144A,5.95%, 6/15/30 | 148,000 | 142,962 | ||||||
Entegris, Inc. | ||||||||
144A,4.375%, 4/15/28 | 66,000 | 61,587 | ||||||
144A,3.625%, 5/1/29 | 66,000 | 57,699 | ||||||
ON Semiconductor Corp.,144A,3.875%, 9/1/28 | 116,000 | 104,867 | ||||||
Synaptics, Inc.,144A,4.00%, 6/15/29 | 66,000 | 57,110 | ||||||
|
| |||||||
(Cost $870,602) | 910,668 | |||||||
|
| |||||||
Software - 2.2% | ||||||||
Alteryx, Inc.,144A,8.75%, 3/15/28 | 74,000 | 74,415 | ||||||
Boxer Parent Co., Inc.,144A,7.125%, 10/2/25 | 99,000 | 98,876 | ||||||
Camelot Finance SA,144A,4.50%, 11/1/26 | 116,000 | 109,987 | ||||||
Capstone Borrower, Inc.,144A,8.00%, 6/15/30 | 66,000 | 66,000 | ||||||
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29 | 125,000 | 128,224 | ||||||
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29 | 124,000 | 123,893 | ||||||
Clarivate Science Holdings Corp. | ||||||||
144A,3.875%, 7/1/28 | 152,000 | 137,139 | ||||||
144A,4.875%, 7/1/29 | 152,000 | 136,021 | ||||||
Cloud Software Group, Inc.,144A,6.50%, 3/31/29 | 673,000 | 619,751 | ||||||
Consensus Cloud Solutions, Inc. | ||||||||
144A,6.00%, 10/15/26 | 50,000 | 47,263 | ||||||
144A,6.50%, 10/15/28 | 83,000 | 74,966 | ||||||
Dun & Bradstreet Corp.,144A,5.00%, 12/15/29 | 76,000 | 68,674 | ||||||
Elastic NV,144A,4.125%, 7/15/29 | 95,000 | 84,811 | ||||||
Fair Isaac Corp. | ||||||||
144A,5.25%, 5/15/26 | 66,000 | 64,597 | ||||||
144A,4.00%, 6/15/28 | 149,000 | 137,075 | ||||||
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL, 144A,4.625%, 5/1/28 | 58,000 | 50,354 | ||||||
MicroStrategy, Inc.,144A,6.125%, 6/15/28 | 83,000 | 76,537 | ||||||
Open Text Corp. | ||||||||
144A,3.875%, 2/15/28 | 149,000 | 135,606 | ||||||
144A,3.875%, 12/1/29 | 141,000 | 123,323 | ||||||
Open Text Holdings, Inc. | ||||||||
144A,4.125%, 2/15/30 | 149,000 | 131,866 | ||||||
144A,4.125%, 12/1/31 | 108,000 | 92,240 | ||||||
PTC, Inc. | ||||||||
144A,3.625%, 2/15/25 | 83,000 | 80,721 | ||||||
144A,4.00%, 2/15/28 | 83,000 | 76,355 | ||||||
RingCentral, Inc.,144A,8.50%, 8/15/30 | 66,000 | 65,749 | ||||||
ROBLOX Corp.,144A,3.875%, 5/1/30 | 165,000 | 141,694 | ||||||
SS&C Technologies, Inc.,144A,5.50%, 9/30/27 | 331,000 | 320,329 | ||||||
Twilio, Inc. | ||||||||
3.625%, 3/15/29 | 83,000 | 73,484 | ||||||
3.875%, 3/15/31 | 83,000 | 71,607 | ||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,144A,3.875%, 2/1/29 | 108,000 | 92,999 | ||||||
|
| |||||||
(Cost $3,351,940) | 3,504,556 | |||||||
|
| |||||||
Utilities - 3.6% | ||||||||
Electric - 3.3% | ||||||||
Algonquin Power & Utilities Corp.,4.75%, 1/18/82 | 124,000 | 101,990 | ||||||
Atlantica Sustainable Infrastructure PLC,144A,4.125%, 6/15/28 | 66,000 | 59,201 | ||||||
Calpine Corp. | ||||||||
144A,5.25%, 6/1/26 | 69,000 | 67,745 | ||||||
144A,4.50%, 2/15/28 | 207,000 | 195,360 | ||||||
144A,5.125%, 3/15/28 | 232,000 | 218,343 | ||||||
144A,4.625%, 2/1/29 | 108,000 | 97,818 | ||||||
144A,5.00%, 2/1/31 | 141,000 | 124,664 | ||||||
144A,3.75%, 3/1/31 | 149,000 | 127,671 | ||||||
Clearway Energy Operating LLC | ||||||||
144A,4.75%, 3/15/28 | 141,000 | 131,949 | ||||||
144A,3.75%, 2/15/31 | 153,000 | 128,011 | ||||||
144A,3.75%, 1/15/32 | 58,000 | 46,626 | ||||||
DPL, Inc. | ||||||||
4.125%, 7/1/25 | 68,000 | 65,620 | ||||||
4.35%, 4/15/29 | 66,000 | 59,808 | ||||||
Drax Finco PLC,144A,6.625%, 11/1/25 | 83,000 | 82,012 | ||||||
Edison International,8.125%, 6/15/53 | 83,000 | 83,961 |
Electricite de France SA,144A,9.125%, Perpetual (a) | 248,000 | 263,775 | ||||||
Emera, Inc., Series 16-A, 6.75%, 6/15/76 | 199,000 | 192,438 | ||||||
FirstEnergy Corp. | ||||||||
2.05%, 3/1/25 | 50,000 | 47,852 | ||||||
Series A, 1.60%, 1/15/26 | 60,000 | 55,280 | ||||||
Series B, 4.15%, 7/15/27 | 248,000 | 235,927 | ||||||
2.65%, 3/1/30 | 99,000 | 83,743 | ||||||
Series B, 2.25%, 9/1/30 | 74,000 | 60,198 | ||||||
Series C, 7.375%, 11/15/31 | 77,000 | 89,555 | ||||||
Series C, 5.10%, 7/15/47 | 100,000 | 86,062 | ||||||
Series C, 3.40%, 3/1/50 | 141,000 | 92,782 | ||||||
Leeward Renewable Energy Operations LLC,144A,4.25%, 7/1/29 | 62,000 | 52,162 | ||||||
NextEra Energy Operating Partners LP | ||||||||
144A,3.875%, 10/15/26 | 83,000 | 76,665 | ||||||
144A,4.50%, 9/15/27 | 91,000 | 84,012 | ||||||
NRG Energy, Inc. | ||||||||
6.625%, 1/15/27 | 62,000 | 61,530 | ||||||
5.75%, 1/15/28 | 136,000 | 132,675 | ||||||
144A,3.375%, 2/15/29 | 83,000 | 71,036 | ||||||
144A,5.25%, 6/15/29 | 121,000 | 112,726 | ||||||
144A,3.625%, 2/15/31 | 170,000 | 139,002 | ||||||
144A,3.875%, 2/15/32 | 93,000 | 76,027 | ||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc.,144A,4.50%, 8/15/28 | 106,000 | 97,207 | ||||||
PG&E Corp. | ||||||||
5.00%, 7/1/28 | 165,000 | 156,958 | ||||||
5.25%, 7/1/30 | 165,000 | 154,995 | ||||||
Talen Energy Supply LLC,144A,8.625%, 6/1/30 | 199,000 | 208,477 | ||||||
TransAlta Corp. | ||||||||
7.75%, 11/15/29 | 66,000 | 67,970 | ||||||
6.50%, 3/15/40 | 50,000 | 47,125 | ||||||
Vistra Operations Co. LLC | ||||||||
144A,5.50%, 9/1/26 | 165,000 | 161,960 | ||||||
144A,5.625%, 2/15/27 | 215,000 | 209,133 | ||||||
144A,5.00%, 7/31/27 | 215,000 | 204,613 | ||||||
144A,4.375%, 5/1/29 | 207,000 | 186,875 | ||||||
144A,7.75%, 10/15/31 | 199,000 | 203,663 | ||||||
|
| |||||||
(Cost $5,050,795) | 5,303,202 | |||||||
|
| |||||||
Gas - 0.3% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | ||||||||
5.50%, 5/20/25 | 116,000 | 113,607 | ||||||
5.875%, 8/20/26 | 112,000 | 109,369 | ||||||
5.75%, 5/20/27 | 87,000 | 83,093 | ||||||
144A,9.375%, 6/1/28 | 83,000 | 85,149 | ||||||
|
| |||||||
(Cost $378,741) | 391,218 | |||||||
|
| |||||||
Water - 0.0% | ||||||||
Solaris Midstream Holdings LLC,144A,7.625%, 4/1/26 (Cost $62,958) | 66,000 | 64,092 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $150,171,602) | 156,405,858 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
CASH EQUIVALENTS - 1.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) (Cost $1,767,588) | 1,767,588 | 1,767,588 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 98.7% (Cost $151,939,190) | $ | 158,173,446 | ||||||
Other assets and liabilities, net - 1.3% | 2,061,898 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 160,235,344 | ||||||
|
|
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent prospectus.
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:
Value ($) at 10/27/2023 (Commencement of Operations) | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2023 | Value ($) at 11/30/2023 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
CASH EQUIVALENTS — 1.1% | ||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) | ||||||||||||||||
— | 2,164,934 | (397,346) | — | — | 4,335 | — | 1,767,588 | 1,767,588 |
(a) | Perpetual, callable security with no stated maturity date. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
PIK: | Denotes that all or a portion of the income is paid in-kind in the form of additional principal. |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) | $ | — | $ | 156,405,858 | $ | — | $ | 156,405,858 | ||||||||
Short-Term Investments (a) | 1,767,588 | — | — | 1,767,588 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,767,588 | $ | 156,405,858 | $ | — | $ | 158,173,446 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
OBTAIN A FUND PROSPECTUS
To obtain a summary prospectus, or prospectus, download one from www.Xtrackers.com, talk to your financial representative or call (855) 329-3837. Investing involves risk, including the possible loss of principal. We advise you to carefully consider the product’s objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest. Xtrackers ETFs (“ETFs”) are managed by DBX Advisors LLC (the “Adviser”), and distributed by ALPS Distributors, Inc. (“ALPS”). The Adviser is a subsidiary of DWS Group GmbH & Co. KGaA, and is not affiliated with ALPS. Shares are not individually redeemable, and owners of Shares may acquire those Shares from the Fund, or tender such Shares for redemption to the Fund, in Creation Units only.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
BHYB-PH1
R-089711-1 (5/24) DBX005195 (5/24)