UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-23145
Global Income Builder Portfolio
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
Common Stocks — 58.9% |
Security | Shares | Value | |
Aerospace & Defense — 0.5% | |||
Safran S.A. | 7,792 | $ 1,211,810 | |
$ 1,211,810 | |||
Air Freight & Logistics — 0.4% | |||
Deutsche Post AG | 9,598 | $ 461,660 | |
GXO Logistics, Inc.(1) | 9,836 | 522,586 | |
$ 984,246 | |||
Automobiles — 2.7% | |||
Bayerische Motoren Werke AG | 13,342 | $ 1,495,430 | |
Mercedes-Benz Group AG | 27,888 | 2,174,874 | |
Stellantis NV(2) | 8,961 | 148,632 | |
Stellantis NV(2) | 127,329 | 2,117,481 | |
Tesla, Inc.(1) | 1,216 | 199,801 | |
$ 6,136,218 | |||
Banks — 5.2% | |||
Banco Bilbao Vizcaya Argentaria S.A. | 145,764 | $ 1,067,136 | |
Banco Santander S.A. | 413,527 | 1,452,752 | |
Barclays PLC | 219,630 | 442,425 | |
BNP Paribas S.A. | 12,631 | 816,132 | |
CaixaBank S.A. | 474,776 | 1,757,434 | |
Citigroup, Inc. | 6,428 | 302,566 | |
DNB Bank ASA | 108,975 | 1,916,879 | |
HDFC Bank, Ltd. | 47,533 | 982,492 | |
HSBC Holdings PLC | 120,224 | 866,496 | |
ING Groep NV | 21,302 | 264,194 | |
Skandinaviska Enskilda Banken AB, Class A | 58,963 | 670,455 | |
Svenska Handelsbanken AB, Class A | 76,473 | 676,005 | |
Swedbank AB, Class A | 22,720 | 394,792 | |
U.S. Bancorp | 8,721 | 298,956 | |
$ 11,908,714 | |||
Beverages — 1.4% | |||
Coca-Cola Co. (The) | 31,612 | $ 2,027,910 | |
Diageo PLC | 24,243 | 1,105,871 | |
$ 3,133,781 | |||
Biotechnology — 0.2% | |||
CSL, Ltd. | 2,774 | $ 553,792 | |
$ 553,792 |
Security | Shares | Value | |
Broadline Retail — 1.1% | |||
Amazon.com, Inc.(1) | 23,900 | $ 2,520,255 | |
$ 2,520,255 | |||
Building Products — 0.2% | |||
Assa Abloy AB, Class B | 14,836 | $ 353,483 | |
Daikin Industries, Ltd. | 1,270 | 230,671 | |
$ 584,154 | |||
Capital Markets — 1.2% | |||
Bank of New York Mellon Corp. (The) | 3,693 | $ 157,285 | |
Intercontinental Exchange, Inc. | 3,548 | 386,484 | |
State Street Corp. | 26,629 | 1,924,211 | |
Stifel Financial Corp. | 3,692 | 221,409 | |
$ 2,689,389 | |||
Chemicals — 1.3% | |||
BASF SE | 43,378 | $ 2,243,689 | |
Sika AG | 2,412 | 666,250 | |
$ 2,909,939 | |||
Commercial Services & Supplies — 0.1% | |||
Waste Management, Inc. | 2,199 | $ 365,144 | |
$ 365,144 | |||
Construction & Engineering — 0.1% | |||
Skanska AB, Class B | 13,351 | $ 218,375 | |
$ 218,375 | |||
Consumer Staples Distribution & Retail — 0.7% | |||
Dollar Tree, Inc.(1) | 10,176 | $ 1,564,153 | |
$ 1,564,153 | |||
Diversified Telecommunication Services — 0.9% | |||
Elisa Oyj | 4,559 | $ 283,120 | |
Proximus SADP | 100,052 | 852,901 | |
Swisscom AG | 1,260 | 865,054 | |
$ 2,001,075 | |||
Electric Utilities — 0.7% | |||
Iberdrola S.A. | 64,468 | $ 835,383 | |
NextEra Energy, Inc. | 11,358 | 870,363 | |
$ 1,705,746 | |||
Electrical Equipment — 1.3% | |||
AMETEK, Inc. | 7,267 | $ 1,002,337 |
Security | Shares | Value | |
Electrical Equipment (continued) | |||
Schneider Electric SE | 11,379 | $ 1,984,405 | |
$ 2,986,742 | |||
Electronic Equipment, Instruments & Components — 1.4% | |||
CDW Corp. | 9,833 | $ 1,667,578 | |
Halma PLC | 10,518 | 305,899 | |
Keyence Corp. | 1,151 | 519,050 | |
Keysight Technologies, Inc.(1) | 2,171 | 314,013 | |
Riverbed Technology, Inc.(3) | 3,977 | 1,999 | |
TE Connectivity, Ltd. | 2,677 | 327,585 | |
$ 3,136,124 | |||
Entertainment — 0.3% | |||
Walt Disney Co. (The)(1) | 6,521 | $ 668,402 | |
$ 668,402 | |||
Financial Services — 1.3% | |||
Berkshire Hathaway, Inc., Class B(1) | 4,661 | $ 1,531,371 | |
Fidelity National Information Services, Inc. | 2,924 | 171,697 | |
Visa, Inc., Class A | 5,435 | 1,264,888 | |
$ 2,967,956 | |||
Food Products — 2.0% | |||
Mondelez International, Inc., Class A | 23,216 | $ 1,781,131 | |
Nestle S.A. | 18,010 | 2,310,495 | |
Orkla ASA | 58,616 | 421,319 | |
$ 4,512,945 | |||
Ground Transportation — 0.1% | |||
Union Pacific Corp. | 1,727 | $ 337,974 | |
$ 337,974 | |||
Health Care Equipment & Supplies — 1.8% | |||
Alcon, Inc. | 4,123 | $ 300,222 | |
Boston Scientific Corp.(1) | 37,678 | 1,963,777 | |
Intuitive Surgical, Inc.(1) | 3,354 | 1,010,292 | |
Straumann Holding AG | 5,681 | 854,710 | |
$ 4,129,001 | |||
Health Care Providers & Services �� 0.8% | |||
Elevance Health, Inc. | 4,127 | $ 1,934,119 | |
$ 1,934,119 |
Security | Shares | Value | |
Health Care REITs — 0.1% | |||
Healthpeak Properties, Inc. | 6,888 | $ 151,329 | |
$ 151,329 | |||
Hotels, Restaurants & Leisure — 1.3% | |||
Amadeus IT Group S.A.(1) | 8,195 | $ 575,986 | |
Compass Group PLC | 65,010 | 1,715,026 | |
InterContinental Hotels Group PLC | 9,043 | 621,767 | |
$ 2,912,779 | |||
Industrial Conglomerates — 0.6% | |||
Siemens AG | 9,149 | $ 1,508,051 | |
$ 1,508,051 | |||
Insurance — 5.4% | |||
AIA Group, Ltd. | 44,797 | $ 487,708 | |
Allianz SE | 5,126 | 1,287,174 | |
Allstate Corp. (The) | 1,257 | 145,510 | |
Assurant, Inc. | 1,241 | 152,804 | |
Aviva PLC | 148,282 | 789,504 | |
AXA S.A. | 35,341 | 1,153,537 | |
Baloise Holding AG | 6,309 | 1,056,084 | |
RenaissanceRe Holdings, Ltd. | 5,720 | 1,232,145 | |
Sampo Oyj, Class A | 25,139 | 1,274,923 | |
Storebrand ASA | 33,214 | 256,263 | |
Swiss Life Holding AG(1) | 2,112 | 1,394,040 | |
Swiss Re AG | 14,004 | 1,410,258 | |
Topdanmark A/S | 11,456 | 604,759 | |
Zurich Insurance Group AG | 2,546 | 1,234,688 | |
$ 12,479,397 | |||
Interactive Media & Services — 1.8% | |||
Alphabet, Inc., Class C(1) | 39,100 | $ 4,231,402 | |
$ 4,231,402 | |||
Leisure Products — 0.1% | |||
Yamaha Corp. | 6,770 | $ 266,803 | |
$ 266,803 | |||
Life Sciences Tools & Services — 0.4% | |||
Danaher Corp. | 1,023 | $ 242,359 | |
Lonza Group AG | 961 | 599,318 | |
$ 841,677 | |||
Machinery — 1.1% | |||
Ingersoll Rand, Inc. | 23,257 | $ 1,326,114 |
Security | Shares | Value | |
Machinery (continued) | |||
Volvo AB, Class B | 59,158 | $ 1,216,330 | |
$ 2,542,444 | |||
Marine Transportation — 0.5% | |||
Kuehne & Nagel International AG | 4,228 | $ 1,252,570 | |
$ 1,252,570 | |||
Media — 0.3% | |||
Dentsu Group, Inc. | 5,763 | $ 207,669 | |
ITV PLC | 594,739 | 605,336 | |
$ 813,005 | |||
Metals & Mining — 0.7% | |||
Anglo American PLC | 4,690 | $ 144,519 | |
Outokumpu Oyj | 80,332 | 437,935 | |
Rio Tinto, Ltd. | 13,256 | 994,261 | |
$ 1,576,715 | |||
Multi-Utilities — 0.2% | |||
CMS Energy Corp. | 6,337 | $ 394,542 | |
$ 394,542 | |||
Oil, Gas & Consumable Fuels — 2.7% | |||
Chevron Corp. | 13,558 | $ 2,285,608 | |
EOG Resources, Inc. | 30,347 | 3,625,556 | |
Phillips 66 | 2,171 | 214,929 | |
$ 6,126,093 | |||
Paper and Forest Products — 0.2% | |||
Stora Enso Oyj, Class R | 29,484 | $ 374,059 | |
$ 374,059 | |||
Personal Care Products — 0.3% | |||
Kose Corp. | 6,007 | $ 700,988 | |
$ 700,988 | |||
Pharmaceuticals — 5.5% | |||
AstraZeneca PLC | 4,659 | $ 685,632 | |
Bayer AG | 11,581 | 764,303 | |
Eli Lilly & Co. | 10,732 | 4,248,370 | |
Novo Nordisk A/S, Class B | 24,134 | 4,014,796 | |
Roche Holding AG PC | 1,259 | 394,243 | |
Sanofi | 7,078 | 762,784 | |
Zoetis, Inc. | 9,931 | 1,745,671 | |
$ 12,615,799 |
Security | Shares | Value | |
Professional Services — 1.4% | |||
Randstad NV | 9,870 | $ 536,294 | |
Recruit Holdings Co., Ltd. | 8,494 | 238,287 | |
RELX PLC | 37,839 | 1,260,746 | |
SGS S.A. | 7,225 | 653,829 | |
Verisk Analytics, Inc. | 3,071 | 596,112 | |
$ 3,285,268 | |||
Semiconductors & Semiconductor Equipment — 2.7% | |||
ASML Holding NV | 4,097 | $ 2,600,007 | |
Infineon Technologies AG | 42,053 | 1,531,434 | |
Micron Technology, Inc. | 8,441 | 543,263 | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 17,702 | 1,492,279 | |
$ 6,166,983 | |||
Software — 3.3% | |||
Adobe, Inc.(1) | 1,368 | $ 516,502 | |
Dassault Systemes SE | 1,794 | 72,828 | |
Intuit, Inc. | 2,724 | 1,209,320 | |
Microsoft Corp.(4) | 19,085 | 5,864,057 | |
$ 7,662,707 | |||
Specialized REITs — 0.3% | |||
American Tower Corp. | 2,955 | $ 603,972 | |
$ 603,972 | |||
Specialty Retail — 1.3% | |||
Lowe's Cos., Inc. | 6,848 | $ 1,423,220 | |
TJX Cos., Inc. (The) | 20,379 | 1,606,273 | |
$ 3,029,493 | |||
Technology Hardware, Storage & Peripherals — 1.7% | |||
Apple, Inc.(4) | 23,190 | $ 3,934,879 | |
$ 3,934,879 | |||
Textiles, Apparel & Luxury Goods — 0.7% | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,625 | $ 1,563,057 | |
$ 1,563,057 | |||
Trading Companies & Distributors — 0.6% | |||
Ashtead Group PLC | 8,805 | $ 507,662 |
Security | Shares | Value | |
Trading Companies & Distributors (continued) | |||
IMCD NV | 2,140 | $ 322,154 | |
Rexel S.A.(1) | 20,316 | 470,592 | |
$ 1,300,408 | |||
Total Common Stocks (identified cost $89,926,094) | $135,494,474 |
Convertible Bonds — 0.2% |
Security | Principal Amount (000's omitted) | Value | |
Leisure Products — 0.1% | |||
Peloton Interactive, Inc., 0.00%, 2/15/26 | $ | 310 | $ 231,250 |
$ 231,250 | |||
Transportation — 0.1% | |||
CryoPort, Inc., 0.75%, 12/1/26(5) | $ | 334 | $ 263,235 |
$ 263,235 | |||
Total Convertible Bonds (identified cost $548,759) | $ 494,485 |
Convertible Preferred Stocks — 0.0%(6) |
Security | Shares | Value | |
Software — 0.0%(6) | |||
Riverbed Technology, Inc., Series A, 6.50%, (1.50% cash, 5.00% PIK)(3) | 2,480 | $ 632 | |
Total Convertible Preferred Stocks (identified cost $74,393) | $ 632 |
Corporate Bonds — 35.7% |
Security | Principal Amount (000's omitted)* | Value | |
Aerospace & Defense — 1.0% | |||
Moog, Inc., 4.25%, 12/15/27(5) | 170 | $ 160,089 | |
Rolls-Royce PLC, 5.75%, 10/15/27(5) | 492 | 491,527 | |
Spirit AeroSystems, Inc.: | |||
4.60%, 6/15/28 | 69 | 58,613 | |
9.375%, 11/30/29(5) | 133 | 143,130 | |
TransDigm UK Holdings PLC, 6.875%, 5/15/26 | 200 | 201,513 |
Security | Principal Amount (000's omitted)* | Value | |
Aerospace & Defense (continued) | |||
TransDigm, Inc.: | |||
4.625%, 1/15/29 | 185 | $ 167,656 | |
5.50%, 11/15/27 | 106 | 101,894 | |
6.25%, 3/15/26(5) | 419 | 421,636 | |
6.75%, 8/15/28(5) | 221 | 224,711 | |
7.50%, 3/15/27 | 327 | 329,088 | |
$ 2,299,857 | |||
Airlines — 0.0%(6) | |||
American Airlines, Inc., 7.25%, 2/15/28(5) | 57 | $ 55,491 | |
$ 55,491 | |||
Auto Components — 0.1% | |||
Faurecia SE: | |||
2.75%, 2/15/27(7) | EUR | 100 | $ 98,137 |
3.75%, 6/15/28(7) | EUR | 100 | 97,943 |
$ 196,080 | |||
Automobile Components — 0.6% | |||
Clarios Global, L.P./Clarios US Finance Co.: | |||
4.375%, 5/15/26(7) | EUR | 578 | $ 610,927 |
8.50%, 5/15/27(5) | 194 | 195,498 | |
IHO Verwaltungs GmbH, 6.375%, (6.375% cash or 7.125% PIK), 5/15/29(5)(8) | 200 | 180,259 | |
Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(5) | 94 | 70,829 | |
TI Automotive Finance PLC, 3.75%, 4/15/29(7) | EUR | 200 | 167,723 |
Wheel Pros, Inc., 6.50%, 5/15/29(5) | 213 | 101,175 | |
$ 1,326,411 | |||
Automobiles — 0.6% | |||
Ford Motor Co.: | |||
3.25%, 2/12/32 | 364 | $ 282,616 | |
4.75%, 1/15/43 | 197 | 148,248 | |
9.625%, 4/22/30 | 26 | 30,268 | |
Ford Motor Credit Co., LLC: | |||
3.37%, 11/17/23 | 200 | 196,865 | |
4.125%, 8/17/27 | 555 | 509,942 | |
5.125%, 6/16/25 | 200 | 194,993 | |
$ 1,362,932 | |||
Automotives — 0.1% | |||
Goodyear Tire & Rubber Co. (The): | |||
5.00%, 7/15/29 | 281 | $ 248,719 |
Security | Principal Amount (000's omitted)* | Value | |
Automotives (continued) | |||
Goodyear Tire & Rubber Co. (The): (continued) | |||
5.25%, 7/15/31 | 120 | $ 103,608 | |
$ 352,327 | |||
Banks — 1.4% | |||
Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28(5)(9)(10) | 200 | $ 182,200 | |
Bank of America Corp., Series TT, 6.125% to 4/27/27(9)(10) | 89 | 86,514 | |
Bank of Nova Scotia (The), 8.625% to 10/27/27, 10/27/82(10) | 200 | 205,210 | |
Barclays PLC, 8.00% to 3/15/29(9)(10) | 200 | 175,680 | |
BNP Paribas S.A., 7.75% to 8/16/29(5)(9)(10) | 200 | 191,500 | |
Citigroup, Inc., Series W, 4.00% to 12/10/25(9)(10) | 176 | 153,754 | |
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(5)(9)(10) | 220 | 195,250 | |
HSBC Holdings PLC, 4.60% to 12/17/30(9)(10) | 200 | 151,625 | |
Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(9)(10) | 125 | 112,128 | |
JPMorgan Chase & Co.: | |||
Series KK, 3.65% to 6/1/26(9)(10) | 251 | 220,679 | |
Series S, 6.75% to 2/1/24(9)(10) | 215 | 214,876 | |
Lloyds Banking Group PLC, 7.50% to 9/27/25(9)(10) | 200 | 190,118 | |
PNC Financial Services Group, Inc. (The), Series V, 6.20% to 9/15/27(9)(10) | 100 | 94,421 | |
Societe Generale S.A., 5.375% to 11/18/30(5)(9)(10) | 200 | 140,500 | |
Toronto-Dominion Bank (The), 8.125% to 10/31/27, 10/31/82(10) | 200 | 204,206 | |
Truist Financial Corp., Series Q, 5.10% to 3/1/30(9)(10) | 77 | 68,304 | |
UBS Group AG, 4.375% to 2/10/31(5)(9)(10) | 200 | 138,451 | |
UniCredit SpA, 7.296% to 4/2/29, 4/2/34(5)(10) | 200 | 191,580 | |
Vivion Investments S.a.r.l., 3.00%, 8/8/24(7) | EUR | 100 | 80,729 |
Wells Fargo & Co., Series BB, 3.90% to 3/15/26(9)(10) | 167 | 145,426 | |
Zions Bancorp NA, 5.80% to 6/15/23(9)(10) | 43 | 33,823 | |
$ 3,176,974 | |||
Biotechnology — 0.4% | |||
Grifols Escrow Issuer S.A.: | |||
3.875%, 10/15/28(7) | EUR | 925 | $ 792,473 |
4.75%, 10/15/28(5) | 280 | 224,803 | |
$ 1,017,276 | |||
Building Products — 0.9% | |||
Builders FirstSource, Inc.: | |||
4.25%, 2/1/32(5) | 204 | $ 178,977 | |
5.00%, 3/1/30(5) | 90 | 84,186 |
Security | Principal Amount (000's omitted)* | Value | |
Building Products (continued) | |||
KB Home: | |||
4.00%, 6/15/31 | 11 | $ 9,530 | |
4.80%, 11/15/29 | 71 | 66,323 | |
Standard Industries, Inc.: | |||
2.25%, 11/21/26(7) | EUR | 400 | 388,127 |
4.375%, 7/15/30(5) | 275 | 237,706 | |
5.00%, 2/15/27(5) | 78 | 74,715 | |
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(5) | 196 | 194,493 | |
Victoria PLC, 3.625%, 8/24/26(7) | EUR | 666 | 591,147 |
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(5) | 346 | 324,735 | |
$ 2,149,939 | |||
Capital Markets — 0.2% | |||
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(10) | 150 | $ 139,351 | |
Charles Schwab Corp. (The), Series I, 4.00% to 6/1/26(9)(10) | 259 | 217,565 | |
$ 356,916 | |||
Casino & Gaming — 0.1% | |||
Cinemark USA, Inc.: | |||
5.875%, 3/15/26(5) | 67 | $ 64,084 | |
8.75%, 5/1/25(5) | 29 | 29,619 | |
Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(5) | 250 | 232,359 | |
$ 326,062 | |||
Chemicals — 0.5% | |||
ASP Unifrax Holdings, Inc., 5.25%, 9/30/28(5) | 139 | $ 114,675 | |
Avient Corp., 7.125%, 8/1/30(5) | 102 | 104,341 | |
Diamond BC B.V., 4.625%, 10/1/29(5) | 274 | 269,467 | |
Herens Holdco S.a.r.l., 4.75%, 5/15/28(5) | 201 | 166,850 | |
NOVA Chemicals Corp.: | |||
4.25%, 5/15/29(5) | 203 | 164,365 | |
4.875%, 6/1/24(5) | 56 | 55,191 | |
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30(5) | 172 | 153,042 | |
Valvoline, Inc., 3.625%, 6/15/31(5) | 128 | 106,547 | |
$ 1,134,478 | |||
Commercial Services & Supplies — 1.7% | |||
Adtalem Global Education, Inc., 5.50%, 3/1/28(5) | 290 | $ 275,800 | |
APi Group DE, Inc., 4.75%, 10/15/29(5) | 55 | 49,880 | |
Clean Harbors, Inc.: | |||
4.875%, 7/15/27(5) | 101 | 97,913 | |
5.125%, 7/15/29(5) | 61 | 58,696 |
Security | Principal Amount (000's omitted)* | Value | |
Commercial Services & Supplies (continued) | |||
Clean Harbors, Inc.: (continued) | |||
6.375%, 2/1/31(5) | 38 | $ 38,812 | |
EC Finance PLC, 3.00%, 10/15/26(7) | EUR | 274 | 284,307 |
Gartner, Inc.: | |||
3.75%, 10/1/30(5) | 187 | 163,506 | |
4.50%, 7/1/28(5) | 151 | 142,164 | |
GFL Environmental, Inc.: | |||
3.50%, 9/1/28(5) | 265 | 241,166 | |
3.75%, 8/1/25(5) | 130 | 125,834 | |
4.75%, 6/15/29(5) | 343 | 319,570 | |
HealthEquity, Inc., 4.50%, 10/1/29(5) | 153 | 137,004 | |
Hertz Corp. (The): | |||
4.625%, 12/1/26(5) | 29 | 26,149 | |
5.00%, 12/1/29(5) | 230 | 188,375 | |
Korn Ferry, 4.625%, 12/15/27(5) | 233 | 221,612 | |
Madison IAQ, LLC, 5.875%, 6/30/29(5) | 323 | 253,138 | |
Metis Merger Sub, LLC, 6.50%, 5/15/29(5) | 390 | 330,938 | |
NESCO Holdings II, Inc., 5.50%, 4/15/29(5) | 206 | 186,325 | |
Paprec Holding S.A., 3.50%, 7/1/28(7) | EUR | 352 | 346,965 |
PROG Holdings, Inc., 6.00%, 11/15/29(5) | 139 | 125,234 | |
Team Health Holdings, Inc., 6.375%, 2/1/25(5) | 235 | 121,478 | |
Tervita Corp., 11.00%, 12/1/25(5) | 123 | 131,653 | |
$ 3,866,519 | |||
Construction & Engineering — 0.1% | |||
TopBuild Corp., 4.125%, 2/15/32(5) | 263 | $ 226,383 | |
$ 226,383 | |||
Construction Materials — 0.2% | |||
Smyrna Ready Mix Concrete, LLC, 6.00%, 11/1/28(5) | 454 | $ 425,476 | |
$ 425,476 | |||
Consumer Finance — 0.3% | |||
CPUK Finance, Ltd., 4.875%, 2/28/47(7) | GBP | 278 | $ 331,685 |
PRA Group, Inc., 7.375%, 9/1/25(5) | 261 | 260,416 | |
$ 592,101 | |||
Containers & Packaging — 0.7% | |||
Ardagh Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 9/1/29(7) | EUR | 400 | $ 325,011 |
Canpack S.A./Canpack US, LLC, 3.875%, 11/15/29(5) | 312 | 250,582 | |
Kleopatra Finco S.a.r.l., 4.25%, 3/1/26(7) | EUR | 479 | 430,429 |
LABL, Inc., 5.875%, 11/1/28(5) | 66 | 61,009 |
Security | Principal Amount (000's omitted)* | Value | |
Containers & Packaging (continued) | |||
Schoeller Packaging B.V., 6.375%, 11/1/24(7) | EUR | 450 | $ 356,573 |
Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 2/1/28(5) | 78 | 79,249 | |
$ 1,502,853 | |||
Cosmetics/Personal Care — 0.1% | |||
Edgewell Personal Care Co.: | |||
4.125%, 4/1/29(5) | 74 | $ 65,628 | |
5.50%, 6/1/28(5) | 180 | 172,522 | |
$ 238,150 | |||
Distributors — 0.6% | |||
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(5) | 346 | $ 317,809 | |
Parts Europe S.A., 7.20%, (3 mo. EURIBOR + 4.00%), 7/20/27(7)(11) | EUR | 350 | 384,247 |
Performance Food Group, Inc.: | |||
4.25%, 8/1/29(5) | 315 | 287,045 | |
5.50%, 10/15/27(5) | 169 | 165,797 | |
Ritchie Bros Holdings, Inc.: | |||
6.75%, 3/15/28(5) | 71 | 73,574 | |
7.75%, 3/15/31(5) | 132 | 140,415 | |
$ 1,368,887 | |||
Diversified Consumer Services — 0.3% | |||
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(7) | 750 | $ 731,889 | |
$ 731,889 | |||
Diversified Financial Services — 0.1% | |||
Alpha Holding S.A. de CV, 9.00%, 2/10/25(5)(12) | 189 | $ 2,595 | |
American AgCredit Corp., Series QIB, 5.25% to 6/15/26(5)(9)(10) | 250 | 218,437 | |
VistaJet Malta Finance PLC/XO Management Holding, Inc., 7.875%, 5/1/27(5) | 101 | 96,056 | |
$ 317,088 | |||
Diversified REITs — 0.3% | |||
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 4.50%, 4/1/27(5) | 245 | $ 202,914 | |
CTR Partnership, L.P./CareTrust Capital Corp., 3.875%, 6/30/28(5) | 250 | 218,624 | |
HAT Holdings I, LLC/HAT Holdings II, LLC, 3.375%, 6/15/26(5) | 200 | 177,741 | |
$ 599,279 |
Security | Principal Amount (000's omitted)* | Value | |
Diversified Telecommunication Services — 0.4% | |||
Level 3 Financing, Inc., 4.25%, 7/1/28(5) | 324 | $ 189,247 | |
Lorca Telecom Bondco S.A., 4.00%, 9/18/27(7) | EUR | 650 | 660,050 |
$ 849,297 | |||
Electric Utilities — 1.5% | |||
Dominion Energy, Inc., Series C, 4.35% to 1/15/27(9)(10) | 93 | $ 78,585 | |
Electricite de France S.A., 7.50% to 9/6/28(7)(9)(10) | EUR | 200 | 215,862 |
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(5) | 435 | 371,481 | |
FirstEnergy Corp.: | |||
2.65%, 3/1/30 | 53 | 45,832 | |
Series B, 4.15%, 7/15/27 | 257 | 250,301 | |
Imola Merger Corp., 4.75%, 5/15/29(5) | 370 | 320,811 | |
NextEra Energy Operating Partners, L.P.: | |||
4.25%, 9/15/24(5) | 9 | 8,672 | |
4.50%, 9/15/27(5) | 205 | 193,035 | |
NRG Energy, Inc.: | |||
3.375%, 2/15/29(5) | 106 | 89,856 | |
3.625%, 2/15/31(5) | 177 | 143,536 | |
3.875%, 2/15/32(5) | 195 | 157,703 | |
5.25%, 6/15/29(5) | 122 | 112,675 | |
Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(5) | 199 | 185,314 | |
Sempra Energy, 4.125% to 1/1/27, 4/1/52(10) | 167 | 135,540 | |
Southern California Edison Co., Series E, 9.498%, (3 mo. USD LIBOR + 4.199%)(9)(11) | 101 | 99,990 | |
Southern Co. (The): | |||
Series 21-A, 3.75% to 6/15/26, 9/15/51(10) | 120 | 102,417 | |
Series B, 4.00% to 10/15/25, 1/15/51(10) | 56 | 52,758 | |
TerraForm Power Operating, LLC, 5.00%, 1/31/28(5) | 237 | 227,188 | |
TransAlta Corp., 7.75%, 11/15/29 | 166 | 174,514 | |
Vistra Operations Co., LLC: | |||
4.375%, 5/1/29(5) | 173 | 154,828 | |
5.00%, 7/31/27(5) | 232 | 220,847 | |
$ 3,341,745 | |||
Electronic Equipment, Instruments & Components — 0.3% | |||
Coherent Corp., 5.00%, 12/15/29(5) | 195 | $ 175,757 | |
Energizer Gamma Acquisition B.V., 3.50%, 6/30/29(7) | EUR | 250 | 218,763 |
Sensata Technologies B.V., 5.00%, 10/1/25(5) | 57 | 56,204 | |
WESCO Distribution, Inc., 7.25%, 6/15/28(5) | 153 | 157,258 | |
$ 607,982 |
Security | Principal Amount (000's omitted)* | Value | |
Entertainment — 1.3% | |||
Allwyn Entertainment Financing UK PLC, 7.25%, 4/30/30(7) | EUR | 275 | $ 307,289 |
Banijay Entertainment SASU, 5.375%, 3/1/25(5) | 200 | 195,248 | |
Boyne USA, Inc., 4.75%, 5/15/29(5) | 141 | 127,845 | |
Caesars Entertainment, Inc.: | |||
6.25%, 7/1/25(5) | 417 | 417,884 | |
7.00%, 2/15/30(5) | 100 | 100,983 | |
8.125%, 7/1/27(5) | 56 | 57,189 | |
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(5) | 233 | 224,874 | |
Cinemark USA, Inc., 5.25%, 7/15/28(5) | 206 | 183,890 | |
Jacobs Entertainment, Inc., 6.75%, 2/15/29(5) | 278 | 242,110 | |
LHMC Finco 2 S.a.r.l., 7.25%, (7.25% cash or 8.00% PIK), 10/2/25(7)(8) | EUR | 564 | 584,558 |
Lottomatica SpA, 6.25%, 7/15/25(7) | EUR | 200 | 223,256 |
Scientific Games International, Inc., 7.00%, 5/15/28(5) | 216 | 215,748 | |
SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29(5) | 65 | 58,561 | |
$ 2,939,435 | |||
Financial Services — 1.8% | |||
AG TTMT Escrow Issuer, LLC, 8.625%, 9/30/27(5) | 145 | $ 149,208 | |
Allied Universal Holdco, LLC/Allied Universal Finance Corp.: | |||
6.625%, 7/15/26(5) | 485 | 468,169 | |
9.75%, 7/15/27(5) | 203 | 189,102 | |
Ally Financial, Inc., Series B, 4.70% to 5/15/26(9)(10) | 270 | 199,969 | |
Compass Group Diversified Holdings, LLC, 5.25%, 4/15/29(5) | 210 | 189,209 | |
Encore Capital Group, Inc.: | |||
5.375%, 2/15/26(7) | GBP | 180 | 201,784 |
7.427%, (3 mo. EURIBOR + 4.25%), 1/15/28(7)(11) | EUR | 200 | 211,848 |
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.: | |||
6.25%, 5/15/26 | 99 | 97,545 | |
6.375%, 12/15/25 | 120 | 119,172 | |
Intrum AB, 9.25%, 3/15/28(7) | EUR | 125 | 131,884 |
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29(5) | 305 | 273,269 | |
Jefferson Capital Holdings, LLC, 6.00%, 8/15/26(5) | 343 | 293,159 | |
Louvre Bidco S.A.S., 6.50%, 9/30/24(7) | EUR | 310 | 332,025 |
Oxford Finance, LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/27(5) | 160 | 148,815 | |
Rocket Mortgage, LLC/Rocket Mortgage Co.-Issuer, Inc.: | |||
2.875%, 10/15/26(5) | 156 | 139,076 | |
3.625%, 3/1/29(5) | 202 | 170,995 | |
4.00%, 10/15/33(5) | 30 | 23,510 |
Security | Principal Amount (000's omitted)* | Value | |
Financial Services (continued) | |||
Sherwood Financing PLC, 6.00%, 11/15/26(7) | GBP | 420 | $ 438,576 |
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.375%, 2/1/30(5) | 348 | 301,450 | |
$ 4,078,765 | |||
Food Products — 0.7% | |||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC: | |||
4.875%, 2/15/30(5) | 138 | $ 128,870 | |
5.875%, 2/15/28(5) | 181 | 179,411 | |
Chobani, LLC/Chobani Finance Corp., Inc., 7.50%, 4/15/25(5) | 253 | 248,350 | |
Darling Ingredients, Inc., 6.00%, 6/15/30(5) | 110 | 108,921 | |
Land O' Lakes, Inc., 8.00%(5)(9) | 235 | 217,333 | |
Nomad Foods Bondco PLC, 2.50%, 6/24/28(7) | EUR | 571 | 546,835 |
Pilgrim's Pride Corp., 3.50%, 3/1/32 | 252 | 203,098 | |
$ 1,632,818 | |||
Gas Utilities — 0.1% | |||
NiSource, Inc., 5.65% to 6/15/23(9)(10) | 280 | $ 267,092 | |
$ 267,092 | |||
Health Care Equipment & Supplies — 1.4% | |||
Centene Corp.: | |||
3.375%, 2/15/30 | 39 | $ 34,471 | |
4.625%, 12/15/29 | 140 | 132,076 | |
Compass Minerals International, Inc., 6.75%, 12/1/27(5) | 399 | 383,043 | |
LifePoint Health, Inc., 5.375%, 1/15/29(5) | 200 | 125,566 | |
Medline Borrower, L.P., 5.25%, 10/1/29(5) | 531 | 459,818 | |
ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29(5) | 101 | 81,557 | |
Molina Healthcare, Inc.: | |||
3.875%, 11/15/30(5) | 245 | 216,343 | |
3.875%, 5/15/32(5) | 189 | 162,161 | |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26(5) | 240 | 199,908 | |
Tenet Healthcare Corp.: | |||
4.375%, 1/15/30 | 17 | 15,641 | |
4.625%, 9/1/24 | 49 | 48,754 | |
4.875%, 1/1/26 | 290 | 286,021 | |
5.125%, 11/1/27 | 138 | 134,069 | |
6.125%, 10/1/28 | 289 | 280,737 | |
6.875%, 11/15/31 | 133 | 130,462 | |
US Acute Care Solutions, LLC, 6.375%, 3/1/26(5) | 400 | 357,432 | |
Varex Imaging Corp., 7.875%, 10/15/27(5) | 179 | 177,401 | |
$ 3,225,460 |
Security | Principal Amount (000's omitted)* | Value | |
Health Care Providers & Services — 0.5% | |||
AMN Healthcare, Inc., 4.00%, 4/15/29(5) | 290 | $ 255,544 | |
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(5) | 194 | 164,677 | |
Chrome Bidco SASU, 3.50%, 5/31/28(7) | EUR | 300 | 268,236 |
IQVIA, Inc., 2.875%, 6/15/28(7) | EUR | 150 | 146,448 |
Legacy LifePoint Health, LLC, 4.375%, 2/15/27(5) | 173 | 147,438 | |
ModivCare, Inc., 5.875%, 11/15/25(5) | 235 | 224,780 | |
$ 1,207,123 | |||
Hotels, Restaurants & Leisure — 0.4% | |||
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.: | |||
3.875%, 1/15/28(5) | 286 | $ 268,648 | |
4.375%, 1/15/28(5) | 182 | 170,371 | |
5.75%, 4/15/25(5) | 66 | 66,216 | |
Lithia Motors, Inc., 4.625%, 12/15/27(5) | 91 | 84,964 | |
MGM Resorts International, 4.75%, 10/15/28 | 184 | 172,239 | |
Viking Cruises, Ltd., 5.875%, 9/15/27(5) | 279 | 239,685 | |
$ 1,002,123 | |||
Household Products — 0.1% | |||
CD&R Smokey Buyer, Inc., 6.75%, 7/15/25(5) | 49 | $ 43,243 | |
Tempur Sealy International, Inc., 3.875%, 10/15/31(5) | 301 | 249,969 | |
$ 293,212 | |||
Housewares — 0.1% | |||
ProGroup AG, 3.00%, 3/31/26(7) | EUR | 163 | $ 168,874 |
$ 168,874 | |||
Independent Power and Renewable Electricity Producers — 0.3% | |||
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, 1/18/82(10) | 113 | $ 91,517 | |
Calpine Corp.: | |||
5.125%, 3/15/28(5) | 273 | 252,529 | |
5.25%, 6/1/26(5) | 50 | 48,700 | |
NRG Energy, Inc.: | |||
5.75%, 1/15/28 | 210 | 205,005 | |
10.25% to 3/15/28(5)(9)(10) | 174 | 170,904 | |
$ 768,655 | |||
Industrial Conglomerates — 0.2% | |||
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(5) | 162 | $ 152,448 | |
Gatwick Airport Finance PLC, 4.375%, 4/7/26(7) | GBP | 245 | 285,564 |
Paprec Holding S.A., 4.00%, 3/31/25(7) | EUR | 115 | 124,521 |
$ 562,533 |
Security | Principal Amount (000's omitted)* | Value | |
Insurance — 0.6% | |||
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(5) | 96 | $ 89,742 | |
Corebridge Financial, Inc., 6.875% to 9/15/27, 12/15/52(5)(10) | 187 | 169,653 | |
Galaxy Finco, Ltd., 9.25%, 7/31/27(7) | GBP | 525 | 583,918 |
Jones DesLauriers Insurance Management, Inc., 10.50%, 12/15/30(5) | 169 | 171,928 | |
Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51(5)(10) | 216 | 174,466 | |
Lincoln National Corp., 9.25% to 12/1/27(9)(10) | 38 | 38,332 | |
Prudential Financial, Inc., 5.125% to 11/28/31, 3/1/52(10) | 60 | 54,408 | |
QBE Insurance Group, Ltd., 5.875% to 5/12/25(5)(9)(10) | 222 | 210,164 | |
$ 1,492,611 | |||
Internet & Direct Marketing Retail — 0.2% | |||
Arches Buyer, Inc.: | |||
4.25%, 6/1/28(5) | 82 | $ 70,662 | |
6.125%, 12/1/28(5) | 151 | 131,145 | |
Match Group Holdings II, LLC, 3.625%, 10/1/31(5) | 273 | 223,333 | |
$ 425,140 | |||
Leisure Products — 0.7% | |||
Life Time, Inc.: | |||
5.75%, 1/15/26(5) | 199 | $ 194,518 | |
8.00%, 4/15/26(5) | 278 | 276,707 | |
Lindblad Expeditions Holdings, Inc., 9.00%, 5/15/28(5) | 114 | 114,453 | |
Lindblad Expeditions, LLC, 6.75%, 2/15/27(5) | 154 | 144,901 | |
NCL Corp., Ltd.: | |||
3.625%, 12/15/24(5) | 54 | 50,688 | |
5.875%, 3/15/26(5) | 106 | ��� 91,419 | |
5.875%, 2/15/27(5) | 67 | 63,264 | |
7.75%, 2/15/29(5) | 56 | 47,468 | |
NCL Finance, Ltd., 6.125%, 3/15/28(5) | 136 | 109,948 | |
Royal Caribbean Cruises, Ltd., 11.625%, 8/15/27(5) | 201 | 214,021 | |
Sabre GLBL, Inc.: | |||
9.25%, 4/15/25(5) | 125 | 115,437 | |
11.25%, 12/15/27(5) | 124 | 109,043 | |
Viking Cruises, Ltd., 7.00%, 2/15/29(5) | 104 | 87,978 | |
Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29(5) | 66 | 55,841 | |
$ 1,675,686 | |||
Life Sciences Tools & Services — 0.1% | |||
W.R. Grace Holdings, LLC: | |||
4.875%, 6/15/27(5) | 245 | $ 232,983 |
Security | Principal Amount (000's omitted)* | Value | |
Life Sciences Tools & Services (continued) | |||
W.R. Grace Holdings, LLC: (continued) | |||
7.375%, 3/1/31(5) | 73 | $ 73,237 | |
$ 306,220 | |||
Machinery — 0.2% | |||
Chart Industries, Inc., 9.50%, 1/1/31(5) | 140 | $ 148,389 | |
IMA Industria Macchine Automatiche SpA, 3.75%, 1/15/28(7) | EUR | 236 | 227,797 |
$ 376,186 | |||
Media — 2.0% | |||
Altice France S.A., 8.125%, 2/1/27(5) | 458 | $ 409,373 | |
Audacy Capital Corp., 6.75%, 3/31/29(5) | 261 | 19,810 | |
Beasley Mezzanine Holdings, LLC, 8.625%, 2/1/26(5) | 308 | 200,585 | |
CCO Holdings, LLC/CCO Holdings Capital Corp.: | |||
4.25%, 2/1/31(5) | 338 | 277,199 | |
4.50%, 8/15/30(5) | 343 | 288,394 | |
4.75%, 3/1/30(5) | 322 | 277,489 | |
4.75%, 2/1/32(5) | 139 | 115,174 | |
5.375%, 6/1/29(5) | 110 | 101,009 | |
6.375%, 9/1/29(5) | 253 | 240,669 | |
Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28(5) | 237 | 180,099 | |
CMG Media Corp., 8.875%, 12/15/27(5) | 308 | 239,171 | |
DISH Network Corp., 11.75%, 11/15/27(5) | 160 | 151,320 | |
LCPR Senior Secured Financing DAC, 5.125%, 7/15/29(5) | 205 | 175,814 | |
McGraw-Hill Education, Inc.: | |||
5.75%, 8/1/28(5) | 84 | 74,686 | |
8.00%, 8/1/29(5) | 275 | 236,748 | |
National CineMedia, LLC: | |||
5.75%, 8/15/26(12) | 189 | 5,902 | |
5.875%, 4/15/28(5)(12) | 245 | 88,506 | |
Outfront Media Capital, LLC/Outfront Media Capital Corp.: | |||
4.625%, 3/15/30(5) | 54 | 45,639 | |
6.25%, 6/15/25(5) | 137 | 137,290 | |
Sirius XM Radio, Inc.: | |||
3.125%, 9/1/26(5) | 125 | 112,004 | |
3.875%, 9/1/31(5) | 126 | 95,356 | |
5.00%, 8/1/27(5) | 218 | 200,770 | |
Summer (BC) Holdco A S.a.r.l., 9.25%, 10/31/27(7) | EUR | 129 | 115,150 |
Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26(7) | EUR | 400 | 384,851 |
Townsquare Media, Inc., 6.875%, 2/1/26(5) | 141 | 131,611 |
Security | Principal Amount (000's omitted)* | Value | |
Media (continued) | |||
Univision Communications, Inc., 7.375%, 6/30/30(5) | 142 | $ 136,398 | |
Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(7) | GBP | 200 | 207,293 |
$ 4,648,310 | |||
Metals & Mining — 1.5% | |||
Allegheny Ludlum, LLC, 6.95%, 12/15/25 | 598 | $ 605,254 | |
BWX Technologies, Inc.: | |||
4.125%, 6/30/28(5) | 159 | 146,302 | |
4.125%, 4/15/29(5) | 118 | 106,921 | |
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(5) | 460 | 468,424 | |
Constellium SE, 3.125%, 7/15/29(7) | EUR | 100 | 91,001 |
Eldorado Gold Corp., 6.25%, 9/1/29(5) | 251 | 233,660 | |
Freeport-McMoRan, Inc., 5.45%, 3/15/43 | 267 | 251,038 | |
Hudbay Minerals, Inc.: | |||
4.50%, 4/1/26(5) | 204 | 190,162 | |
6.125%, 4/1/29(5) | 96 | 89,878 | |
New Gold, Inc., 7.50%, 7/15/27(5) | 347 | 334,817 | |
Novelis Corp., 3.25%, 11/15/26(5) | 89 | 81,574 | |
Novelis Sheet Ingot GmbH, 3.375%, 4/15/29(7) | EUR | 200 | 190,741 |
Permian Resources Operating, LLC, 5.375%, 1/15/26(5) | 225 | 215,004 | |
Roller Bearing Co. of America, Inc., 4.375%, 10/15/29(5) | 253 | 229,804 | |
TMS International Corp., 6.25%, 4/15/29(5) | 196 | 152,146 | |
$ 3,386,726 | |||
Oil and Gas — 0.0%(6) | |||
Petroleos Mexicanos, 6.50%, 3/13/27 | 100 | $ 89,843 | |
$ 89,843 | |||
Oil, Gas & Consumable Fuels — 2.3% | |||
Aethon United BR, L.P./Aethon United Finance Corp., 8.25%, 2/15/26(5) | ���555 | $ 539,530 | |
CrownRock, L.P./CrownRock Finance, Inc., 5.00%, 5/1/29(5) | 173 | 163,612 | |
CVR Energy, Inc., 5.75%, 2/15/28(5) | 439 | 392,848 | |
EnLink Midstream Partners, L.P., Series C, 8.976%, (3 mo. USD LIBOR + 4.11%)(9)(11) | 145 | 121,989 | |
EQT Corp.: | |||
5.00%, 1/15/29 | 53 | 50,798 | |
6.125%, 2/1/25 | 69 | 69,287 | |
7.00%, 2/1/30 | 102 | 107,741 | |
Nabors Industries, Ltd., 7.50%, 1/15/28(5) | 118 | 107,528 | |
Neptune Energy Bondco PLC, 6.625%, 5/15/25(5) | 200 | 197,414 | |
Occidental Petroleum Corp., 6.625%, 9/1/30 | 254 | 271,396 | |
Odebrecht Oil & Gas Finance, Ltd., 0.00%(5)(9) | 862 | 862 |
Security | Principal Amount (000's omitted)* | Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Parkland Corp.: | |||
4.50%, 10/1/29(5) | 110 | $ 96,512 | |
4.625%, 5/1/30(5) | 202 | 175,999 | |
Permian Resources Operating, LLC: | |||
5.875%, 7/1/29(5) | 260 | 246,304 | |
7.75%, 2/15/26(5) | 190 | 192,344 | |
Plains All American Pipeline, L.P., Series B, 8.974%, (3 mo. USD LIBOR + 4.11%)(9)(11) | 327 | 291,030 | |
Precision Drilling Corp.: | |||
6.875%, 1/15/29(5) | 152 | 139,608 | |
7.125%, 1/15/26(5) | 99 | 96,269 | |
Shelf Drilling Holdings, Ltd.: | |||
8.25%, 2/15/25(5) | 245 | 223,253 | |
8.875%, 11/15/24(5) | 71 | 71,071 | |
Southwestern Energy Co., 4.75%, 2/1/32 | 194 | 171,334 | |
Sunoco, L.P./Sunoco Finance Corp.: | |||
4.50%, 5/15/29 | 209 | 188,531 | |
4.50%, 4/30/30 | 226 | 201,962 | |
Tap Rock Resources, LLC, 7.00%, 10/1/26(5) | 292 | 280,847 | |
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp.: | |||
4.00%, 1/15/32 | 169 | 148,690 | |
4.875%, 2/1/31 | 37 | 34,903 | |
5.50%, 3/1/30 | 36 | 35,103 | |
Transocean Poseidon, Ltd., 6.875%, 2/1/27(5) | 147 | 143,619 | |
Transocean, Inc., 8.75%, 2/15/30(5) | 88 | 88,880 | |
Wintershall Dea Finance 2 B.V., 2.499% to 4/20/26(7)(9)(10) | EUR | 500 | 466,151 |
$ 5,315,415 | |||
Passenger Airlines — 0.6% | |||
Air Canada, 3.875%, 8/15/26(5) | 101 | $ 93,621 | |
Air France-KLM: | |||
7.25%, 5/31/26(7) | EUR | 200 | 224,895 |
8.125%, 5/31/28(7) | EUR | 300 | 335,406 |
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.: | |||
5.50%, 4/20/26(5) | 314 | 308,707 | |
5.75%, 4/20/29(5) | 144 | 137,027 | |
United Airlines, Inc., 4.625%, 4/15/29(5) | 193 | 174,873 | |
$ 1,274,529 | |||
Pharmaceuticals — 0.9% | |||
BellRing Brands, Inc., 7.00%, 3/15/30(5) | 336 | $ 344,527 | |
Cheplapharm Arzneimittel GmbH, 8.024%, (3 mo. EURIBOR + 4.75%), 5/15/30(7)(11)(13) | EUR | 300 | 327,264 |
Security | Principal Amount (000's omitted)* | Value | |
Pharmaceuticals (continued) | |||
Endo DAC/Endo Finance, LLC/Endo Finco, Inc., 5.875%, 10/15/24(5)(12) | 200 | $ 142,500 | |
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29(5)(12) | 247 | 173,295 | |
Gruenenthal GmbH, 6.75%, 5/15/30(7) | EUR | 200 | 221,616 |
Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25(5) | 217 | 207,995 | |
Option Care Health, Inc., 4.375%, 10/31/29(5) | 140 | 126,006 | |
P&L Development, LLC/PLD Finance Corp., 7.75%, 11/15/25(5) | 253 | 202,670 | |
Perrigo Finance Unlimited Co., 4.40%, 6/15/30 | 400 | 361,647 | |
$ 2,107,520 | |||
Pipelines — 1.1% | |||
Antero Midstream Partners, L.P./Antero Midstream Finance Corp.: | |||
5.75%, 3/1/27(5) | 102 | $ 98,801 | |
7.875%, 5/15/26(5) | 109 | 112,028 | |
Cheniere Energy Partners, L.P., 4.00%, 3/1/31 | 233 | 208,692 | |
Cheniere Energy, Inc., 4.625%, 10/15/28 | 239 | 228,030 | |
DT Midstream, Inc., 4.125%, 6/15/29(5) | 172 | 152,627 | |
Energy Transfer, L.P.: | |||
5.00%, 5/15/50 | 136 | 115,610 | |
Series B, 6.625% to 2/15/28(9)(10) | 147 | 112,866 | |
EQM Midstream Partners, L.P.: | |||
4.50%, 1/15/29(5) | 364 | 309,814 | |
6.00%, 7/1/25(5) | 43 | 42,301 | |
6.50%, 7/1/27(5) | 116 | 113,255 | |
7.50%, 6/1/30(5) | 126 | 122,435 | |
Kinetik Holdings, L.P., 5.875%, 6/15/30(5) | 237 | 227,292 | |
New Fortress Energy, Inc., 6.50%, 9/30/26(5) | 307 | 283,088 | |
Venture Global Calcasieu Pass, LLC, 3.875%, 8/15/29(5) | 146 | 131,298 | |
Western Midstream Operating, L.P.: | |||
4.30%, 2/1/30 | 207 | 189,138 | |
4.50%, 3/1/28 | 27 | 25,793 | |
4.75%, 8/15/28 | 24 | 23,057 | |
$ 2,496,125 | |||
Real Estate Investment Trusts (REITs) — 0.6% | |||
HAT Holdings I, LLC/HAT Holdings II, LLC: | |||
3.75%, 9/15/30(5) | 151 | $ 118,823 | |
6.00%, 4/15/25(5) | 127 | 123,600 | |
Heimstaden Bostad AB: | |||
3.00% to 10/29/27(7)(9)(10) | EUR | 315 | 193,661 |
3.375% to 1/15/26(7)(9)(10) | EUR | 100 | 62,705 |
Security | Principal Amount (000's omitted)* | Value | |
Real Estate Investment Trusts (REITs) (continued) | |||
VICI Properties, L.P./VICI Note Co., Inc.: | |||
3.75%, 2/15/27(5) | 27 | $ 25,268 | |
4.125%, 8/15/30(5) | 198 | 176,793 | |
4.25%, 12/1/26(5) | 300 | 286,229 | |
4.50%, 9/1/26(5) | 100 | 95,226 | |
4.625%, 12/1/29(5) | 66 | 61,378 | |
5.625%, 5/1/24(5) | 200 | 199,212 | |
$ 1,342,895 | |||
Semiconductors & Semiconductor Equipment — 0.1% | |||
ON Semiconductor Corp., 3.875%, 9/1/28(5) | 258 | $ 232,522 | |
$ 232,522 | |||
Software — 0.6% | |||
Athenahealth Group, Inc., 6.50%, 2/15/30(5) | 306 | $ 251,626 | |
Black Knight InfoServ, LLC, 3.625%, 9/1/28(5) | 152 | 137,560 | |
Clarivate Science Holdings Corp., 4.875%, 7/1/29(5) | 182 | 164,123 | |
Cloud Software Group, Inc., 9.00%, 9/30/29(5) | 169 | 145,376 | |
Fair Isaac Corp., 4.00%, 6/15/28(5) | 165 | 153,950 | |
Open Text Corp., 3.875%, 2/15/28(5) | 37 | 32,851 | |
Open Text Holdings, Inc., 4.125%, 2/15/30(5) | 37 | 31,651 | |
Playtika Holding Corp., 4.25%, 3/15/29(5) | 303 | 257,823 | |
SS&C Technologies, Inc., 5.50%, 9/30/27(5) | 296 | 286,903 | |
$ 1,461,863 | |||
Specialty Retail — 2.3% | |||
Arko Corp., 5.125%, 11/15/29(5) | 259 | $ 210,101 | |
Asbury Automotive Group, Inc.: | |||
4.625%, 11/15/29(5) | 27 | 24,062 | |
4.75%, 3/1/30 | 228 | 202,609 | |
5.00%, 2/15/32(5) | 28 | 24,153 | |
Bath & Body Works, Inc.: | |||
6.625%, 10/1/30(5) | 45 | 43,250 | |
6.75%, 7/1/36 | 80 | 71,312 | |
6.95%, 3/1/33 | 168 | 148,398 | |
7.60%, 7/15/37 | 75 | 66,707 | |
9.375%, 7/1/25(5) | 31 | 33,211 | |
Dave & Buster's, Inc., 7.625%, 11/1/25(5) | 457 | 465,098 | |
Dufry One B.V., 3.375%, 4/15/28(7) | EUR | 479 | 468,762 |
Evergreen AcqCo 1, L.P./TVI, Inc., 9.75%, 4/26/28(5) | 204 | 204,467 | |
Ferrellgas, L.P./Ferrellgas Finance Corp., 5.875%, 4/1/29(5) | 151 | 127,736 | |
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(5) | 100 | 87,647 | |
Group 1 Automotive, Inc., 4.00%, 8/15/28(5) | 203 | 180,333 |
Security | Principal Amount (000's omitted)* | Value | |
Specialty Retail (continued) | |||
IRB Holding Corp., 7.00%, 6/15/25(5) | 98 | $ 99,298 | |
Ken Garff Automotive, LLC, 4.875%, 9/15/28(5) | 155 | 135,526 | |
Kohl's Corp., 3.625%, 5/1/31 | 169 | 115,441 | |
LCM Investments Holdings II, LLC, 4.875%, 5/1/29(5) | 257 | 219,353 | |
Lithia Motors, Inc., 3.875%, 6/1/29(5) | 86 | 74,565 | |
Macy's Retail Holdings, LLC, 5.875%, 4/1/29(5) | 73 | 66,936 | |
Midco GB SASU, 7.75%, (7.75% cash or 8.50% PIK), 11/1/27(7)(8) | EUR | 285 | 287,725 |
Patrick Industries, Inc., 7.50%, 10/15/27(5) | 30 | 29,521 | |
PetSmart, Inc./PetSmart Finance Corp.: | |||
4.75%, 2/15/28(5) | 250 | 236,577 | |
7.75%, 2/15/29(5) | 264 | 260,577 | |
Punch Finance PLC, 6.125%, 6/30/26(7) | GBP | 340 | 368,681 |
Sonic Automotive, Inc.: | |||
4.625%, 11/15/29(5) | 172 | 144,487 | |
4.875%, 11/15/31(5) | 143 | 115,611 | |
SRS Distribution, Inc., 6.00%, 12/1/29(5) | 77 | 62,818 | |
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., 5.00%, 6/1/31(5) | 135 | 118,358 | |
Superior Plus, L.P./Superior General Partner, Inc., 4.50%, 3/15/29(5) | 254 | 225,240 | |
Victoria's Secret & Co., 4.625%, 7/15/29(5) | 132 | 106,892 | |
Yum! Brands, Inc., 3.625%, 3/15/31 | 340 | 300,767 | |
$ 5,326,219 | |||
Technology Hardware, Storage & Peripherals — 0.7% | |||
Almaviva-The Italian Innovation Co. SpA, 4.875%, 10/30/26(7) | EUR | 305 | $ 317,175 |
Booz Allen Hamilton, Inc.: | |||
3.875%, 9/1/28(5) | 410 | �� 376,101 | |
4.00%, 7/1/29(5) | 97 | 88,198 | |
NCR Corp.: | |||
5.125%, 4/15/29(5) | 69 | 59,761 | |
5.25%, 10/1/30(5) | 104 | 87,543 | |
Presidio Holdings, Inc., 8.25%, 2/1/28(5) | 158 | 148,939 | |
Science Applications International Corp., 4.875%, 4/1/28(5) | 260 | 245,658 | |
Seagate HDD Cayman: | |||
4.091%, 6/1/29 | 52 | 45,163 | |
9.625%, 12/1/32(5) | 248 | 272,678 | |
$ 1,641,216 | |||
Telecommunications — 1.4% | |||
Ciena Corp., 4.00%, 1/31/30(5) | 117 | $ 102,916 |
Security | Principal Amount (000's omitted)* | Value | |
Telecommunications (continued) | |||
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(5) | 421 | $ 401,791 | |
Rogers Communications, Inc., 5.25% to 3/15/27, 3/15/82(5)(10) | 25 | 22,614 | |
Sprint Capital Corp., 6.875%, 11/15/28 | 305 | 329,090 | |
Sprint, LLC, 7.875%, 9/15/23 | 375 | 378,373 | |
Telecom Italia SpA: | |||
2.75%, 4/15/25(7) | EUR | 140 | 146,362 |
4.00%, 4/11/24(7) | EUR | 200 | 217,901 |
6.875%, 2/15/28(7) | EUR | 100 | 110,916 |
Telefonica Europe B.V., 7.125% to 8/23/28(7)(9)(10) | EUR | 200 | 224,750 |
T-Mobile USA, Inc.: | |||
2.25%, 2/15/26 | 132 | 122,962 | |
2.625%, 2/15/29 | 74 | 65,462 | |
2.875%, 2/15/31 | 99 | 85,884 | |
4.75%, 2/1/28 | 170 | 169,312 | |
Viasat, Inc., 5.625%, 4/15/27(5) | 61 | 56,639 | |
Vodafone Group PLC: | |||
2.625% to 5/27/26, 8/27/80(7)(10) | EUR | 220 | 218,450 |
4.875% to 7/3/25, 10/3/78(7)(10) | GBP | 215 | 257,548 |
Wp/ap Telecom Holdings III B.V., 5.50%, 1/15/30(7) | EUR | 259 | 234,086 |
$ 3,145,056 | |||
Transportation — 0.2% | |||
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(5) | 249 | $ 223,774 | |
Seaspan Corp., 5.50%, 8/1/29(5) | 213 | 170,664 | |
$ 394,438 | |||
Wireless Telecommunication Services — 0.2% | |||
Iliad Holding SASU, 6.50%, 10/15/26(5) | 258 | $ 248,482 | |
Sprint, LLC, 7.625%, 3/1/26 | 157 | 166,391 | |
$ 414,873 | |||
Total Corporate Bonds (identified cost $91,334,592) | $ 82,121,875 |
Preferred Stocks — 1.0% |
Security | Shares | Value | |
Banks — 0.1% | |||
Farm Credit Bank of Texas, 6.75% to 9/15/23(5)(10) | 669 | $ 65,478 | |
JPMorgan Chase & Co., Series LL, 4.625% | 4,150 | 89,059 | |
$ 154,537 |
Security | Shares | Value | |
Capital Markets — 0.1% | |||
Affiliated Managers Group, Inc., 4.75% | 5,486 | $ 109,391 | |
KKR Group Finance Co. IX, LLC, 4.625% | 7,175 | 136,827 | |
Stifel Financial Corp., Series D, 4.50% | 4,600 | 75,348 | |
$ 321,566 | |||
Electric Utilities — 0.1% | |||
Brookfield BRP Holdings Canada, Inc., 4.625% | 7,000 | $ 112,840 | |
SCE Trust III, Series H, 5.75% to 3/15/24(10) | 4,892 | 104,689 | |
SCE Trust IV, Series J, 5.375% to 9/15/25(10) | 1,911 | 38,889 | |
SCE Trust V, Series K, 5.45% to 3/15/26(10) | 3,551 | 79,116 | |
SCE Trust VI, 5.00% | 357 | 7,065 | |
$ 342,599 | |||
Insurance — 0.1% | |||
American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(10) | 2,718 | $ 64,906 | |
Arch Capital Group, Ltd., Series G, 4.55% | 7,143 | 137,002 | |
$ 201,908 | |||
Oil, Gas & Consumable Fuels — 0.2% | |||
Energy Transfer, L.P.: | |||
Series C, 7.375% to 5/30/23(10) | 3,000 | $ 71,760 | |
Series E, 7.60% to 5/15/24(10) | 4,970 | 114,907 | |
NuStar Energy, L.P., Series B, 10.945% (3 mo. USD LIBOR + 5.643%)(11) | 11,260 | 259,768 | |
$ 446,435 | |||
Real Estate Management & Development — 0.1% | |||
Brookfield Property Partners, L.P.: | |||
Series A, 5.75% | 6,429 | $ 80,363 | |
Series A2, 6.375% | 8,191 | 113,691 | |
$ 194,054 | |||
Retail REITs — 0.0%(6) | |||
SITE Centers Corp., Series A, 6.375% | 4,730 | $ 115,128 | |
$ 115,128 | |||
Trading Companies & Distributors — 0.2% | |||
WESCO International, Inc., Series A, 10.625% to 6/22/25(10) | 12,788 | $ 347,834 | |
$ 347,834 |
Security | Shares | Value | |
Wireless Telecommunication Services — 0.1% | |||
United States Cellular Corp., 5.50% | 11,360 | $ 171,877 | |
$ 171,877 | |||
Total Preferred Stocks (identified cost $2,836,261) | $ 2,295,938 |
Senior Floating-Rate Loans — 1.2%(14) |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Airlines — 0.3% | |||
Air Canada, Term Loan, 8.369%, (3 mo. USD LIBOR + 3.50%), 8/11/28 | $ | 202 | $ 202,375 |
Mileage Plus Holdings, LLC, Term Loan, 10.213%, (3 mo. USD LIBOR + 5.25%), 6/21/27 | 362 | 377,576 | |
$ 579,951 | |||
Apparel & Luxury Goods — 0.1% | |||
Hanesbrands, Inc., Term Loan, 3/8/30(15) | $ | 175 | $ 174,344 |
$ 174,344 | |||
Auto Components — 0.0%(6) | |||
Clarios Global, L.P., Term Loan, 4/26/30(15) | $ | 58 | $ 57,927 |
$ 57,927 | |||
Health Care — 0.1% | |||
Pluto Acquisition I, Inc., Term Loan, 8.953%, (3 mo. USD LIBOR + 4.00%), 6/22/26 | $ | 189 | $ 137,971 |
$ 137,971 | |||
Health Care Technology — 0.1% | |||
Verscend Holding Corp., Term Loan, 9.025%, (1 mo. USD LIBOR + 4.00%), 8/27/25 | $ | 255 | $ 254,700 |
$ 254,700 | |||
Hotels, Restaurants & Leisure — 0.1% | |||
Spectacle Gary Holdings, LLC, Term Loan, 9.275%, (1 mo. USD LIBOR + 4.25%), 12/10/28 | $ | 195 | $ 189,515 |
$ 189,515 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
IT Services — 0.1% | |||
Travelport Finance (Luxembourg) S.a.r.l., Term Loan, 13.775%, (1 mo. USD LIBOR + 8.75%), 6.525% cash, 7.25% PIK, 2/28/25 | $ | 241 | $ 244,167 |
$ 244,167 | |||
Leisure Products — 0.1% | |||
Peloton Interactive, Inc., Term Loan, 11.757%, (SOFR + 6.50%), 5/25/27 | $ | 139 | $ 139,019 |
$ 139,019 | |||
Software — 0.0%(6) | |||
GoTo Group, Inc., Term Loan, 9.775%, (1 mo. USD LIBOR + 4.75%), 8/31/27 | $ | 0 (16) | $ 58 |
Riverbed Technology, Inc., Term Loan, 12.84%, (3 mo. USD LIBOR + 8.00%), 10.84% cash, 2.00% PIK, 12/7/26 | 137 | 43,727 | |
$ 43,785 | |||
Specialty Retail — 0.2% | |||
Michaels Companies, Inc., Term Loan, 9.409%, (3 mo. USD LIBOR + 4.25%), 4/15/28 | $ | 181 | $ 166,001 |
PetSmart, Inc., Term Loan, 8.832%, (SOFR + 3.75%), 2/11/28 | 380 | 378,292 | |
$ 544,293 | |||
Trading Companies & Distributors — 0.1% | |||
Spin Holdco, Inc., Term Loan, 8.986%, (3 mo. USD LIBOR + 4.00%), 3/4/28 | $ | 294 | $ 245,716 |
$ 245,716 | |||
Total Senior Floating-Rate Loans (identified cost $2,764,287) | $ 2,611,388 |
Miscellaneous — 0.0%(6) |
Security | Principal Amount/ Shares | Value | |
Diversified Financial Services — 0.0% | |||
Alpha Holding S.A., Escrow Certificates(1)(17) | 400,000 | $ 0 | |
$ 0 | |||
Transportation — 0.0%(6) | |||
Hertz Corp., Escrow Certificates(1) | $ | 58,000 | $ 4,640 |
Security | Principal Amount/ Shares | Value | |
Transportation (continued) | |||
Hertz Corp., Escrow Certificates(1) | $ | 167,000 | $ 5,845 |
Hertz Corp., Escrow Certificates(1) | $ | 110,000 | 3,850 |
$ 14,335 | |||
Total Miscellaneous (identified cost $61,182) | $ 14,335 |
Short-Term Investments — 1.2% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.78%(18) | 2,855,589 | $ 2,855,589 | |
Total Short-Term Investments (identified cost $2,855,589) | $ 2,855,589 | ||
Total Investments — 98.2% (identified cost $190,401,157) | $225,888,716 | ||
Other Assets, Less Liabilities — 1.8% | $ 4,034,399 | ||
Net Assets — 100.0% | $229,923,115 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
* | In U.S. dollars unless otherwise indicated. |
(1) | Non-income producing security. |
(2) | Securities are traded on separate exchanges for the same entity. |
(3) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(4) | Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts. |
(5) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2023, the aggregate value of these securities is $50,189,492 or 21.8% of the Portfolio's net assets. |
(6) | Amount is less than 0.05%. |
(7) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At April 30, 2023, the aggregate value of these securities is $17,569,490 or 7.6% of the Portfolio's net assets. |
(8) | Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
(9) | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
(10) | Security converts to variable rate after the indicated fixed-rate coupon period. |
(11) | Variable rate security. The stated interest rate represents the rate in effect at April 30, 2023. |
(12) | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. |
(13) | When-issued security. |
(14) | Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
(15) | This Senior Loan will settle after April 30, 2023, at which time the interest rate will be determined. |
(16) | Principal amount is less than $500. |
(17) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8). |
(18) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of April 30, 2023. |
Country Concentration of Portfolio | ||
Country | Percentage of Total Investments | Value |
United States | 59.7% | $134,778,594 |
United Kingdom | 6.6 | 14,935,812 |
Germany | 5.5 | 12,364,628 |
Switzerland | 4.4 | 9,881,484 |
France | 4.1 | 9,189,021 |
Spain | 3.4 | 7,590,767 |
Netherlands | 2.1 | 4,779,459 |
Denmark | 2.0 | 4,619,555 |
Canada | 2.0 | 4,448,815 |
Sweden | 1.7 | 3,917,690 |
Norway | 1.1 | 2,594,461 |
Finland | 1.0 | 2,370,037 |
Japan | 1.0 | 2,163,468 |
Luxembourg | 0.9 | 2,006,734 |
Taiwan | 0.7 | 1,492,279 |
Italy | 0.6 | 1,434,987 |
Australia | 0.6 | 1,357,467 |
Bermuda | 0.5 | 1,232,145 |
United Arab Emirates | 0.4 | 1,026,213 |
India | 0.4 | 982,492 |
Belgium | 0.4 | 852,901 |
Hong Kong | 0.3 | 658,372 |
Mexico | 0.1 | 274,638 |
Poland | 0.1 | 250,582 |
Turkey | 0.1 | 233,660 |
China | 0.1 | 167,723 |
South Africa | 0.1 | 144,519 |
Ireland | 0.1 | 139,351 |
Brazil | 0.0 (1) | 862 |
Total Investments | 100.0% | $225,888,716 |
(1) | Amount is less than 0.05%. |
Futures Contracts | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
E-Mini S&P 500 Index | 81 | Long | 6/16/23 | $16,963,425 | $ 1,194,393 |
Nikkei 225 Index | 12 | Long | 6/8/23 | 2,550,938 | 126,190 |
STOXX Europe 600 Bank Index | (436) | Short | 6/16/23 | (3,541,960) | (77,336) |
STOXX Europe 600 Index | (375) | Short | 6/16/23 | (9,588,600) | (482,938) |
STOXX Europe 600 Insurance Index | (331) | Short | 6/16/23 | (5,994,322) | (218,160) |
$ 542,149 |
Abbreviations: | |
ADR | – American Depositary Receipt |
EURIBOR | – Euro Interbank Offered Rate |
LIBOR | – London Interbank Offered Rate |
PC | – Participation Certificate |
PIK | – Payment In Kind |
REITs | – Real Estate Investment Trusts |
SOFR | – Secured Overnight Financing Rate |
Currency Abbreviations: | |
EUR | – Euro |
GBP | – British Pound Sterling |
USD | – United States Dollar |
April 30, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $187,545,568) | $ 223,033,127 |
Affiliated investment, at value (identified cost $2,855,589) | 2,855,589 |
Foreign currency, at value (identified cost $674,822) | 673,541 |
Interest and dividends receivable | 2,067,362 |
Dividends receivable from affiliated investment | 10,789 |
Receivable for investments sold | 1,016,738 |
Receivable for variation margin on open futures contracts | 363,004 |
Tax reclaims receivable | 1,236,160 |
Total assets | $231,256,310 |
Liabilities | |
Payable for investments purchased | $ 477,393 |
Payable for when-issued securities | 327,264 |
Due to custodian | 235,898 |
Payable to affiliate: | |
Investment adviser fee | 102,981 |
Trustees' fees | 1,244 |
Accrued foreign capital gains taxes | 35,127 |
Accrued expenses | 153,288 |
Total liabilities | $ 1,333,195 |
Net Assets applicable to investors' interest in Portfolio | $229,923,115 |
Six Months Ended | |
April 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $530,508) | $ 3,463,447 |
Dividend income from affiliated investment | 49,456 |
Interest and other income (net of foreign taxes withheld of $5,995) | 2,656,828 |
Total investment income | $ 6,169,731 |
Expenses | |
Investment adviser fee | $ 619,250 |
Trustees’ fees and expenses | 7,273 |
Custodian fee | 54,654 |
Legal and accounting services | 34,307 |
Miscellaneous | 13,097 |
Total expenses | $ 728,581 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 1,862 |
Total expense reductions | $ 1,862 |
Net expenses | $ 726,719 |
Net investment income | $ 5,443,012 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions (net of foreign capital gains taxes of $15,926) | $ (971,599) |
Futures contracts | (165,131) |
Foreign currency transactions | (8,577) |
Forward foreign currency exchange contracts | 8,642 |
Net realized loss | $ (1,136,665) |
Change in unrealized appreciation (depreciation): | |
Investments (including net increase in accrued foreign capital gains taxes of $3,291) | $ 18,951,478 |
Futures contracts | 542,149 |
Foreign currency | 132,348 |
Net change in unrealized appreciation (depreciation) | $19,625,975 |
Net realized and unrealized gain | $18,489,310 |
Net increase in net assets from operations | $23,932,322 |
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 5,443,012 | $ 10,362,002 |
Net realized loss | (1,136,665) | (4,517,226) |
Net change in unrealized appreciation (depreciation) | 19,625,975 | (56,620,025) |
Net increase (decrease) in net assets from operations | $ 23,932,322 | $ (50,775,249) |
Capital transactions: | ||
Contributions | $ 1,463,630 | $ 6,061,895 |
Withdrawals | (16,877,164) | (40,558,475) |
Portfolio transaction fee | 14,600 | 116,357 |
Net decrease in net assets from capital transactions | $ (15,398,934) | $ (34,380,223) |
Net increase (decrease) in net assets | $ 8,533,388 | $ (85,155,472) |
Net Assets | ||
At beginning of period | $ 221,389,727 | $ 306,545,199 |
At end of period | $229,923,115 | $221,389,727 |
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, | |||||
Ratios/Supplemental Data | 2022 | 2021 | 2020 | 2019 | 2018 | |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 0.65% (1)(2) | 0.64% (2) | 0.65% | 0.66% | 0.70% | 0.75% |
Net investment income | 4.83% (1) | 3.94% | 3.01% | 4.12% | 4.72% | 3.47% |
Portfolio Turnover | 36% (3) | 59% | 60% | 118% | 86% | 102% |
Total Return | 11.26% (3) | (17.42)% | 29.74% | 2.64% | 11.57% | (1.00)% |
Net assets, end of period (000’s omitted) | $229,923 | $221,390 | $306,545 | $263,095 | $302,020 | $323,437 |
(1) | Annualized. |
(2) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended April 30, 2023 and the year ended October 31, 2022). |
(3) | Not annualized. |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.550% |
$500 million but less than $1 billion | 0.525% |
$1 billion but less than $2.5 billion | 0.500% |
$2.5 billion and over | 0.475% |
Aggregate cost | $ 192,092,860 |
Gross unrealized appreciation | $ 46,539,449 |
Gross unrealized depreciation | (12,201,444) |
Net unrealized appreciation | $ 34,338,005 |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative |
Futures contracts | $1,320,583 (1) | $(778,434) (1) |
(1) | Only the current day's variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
Risk | Derivative | Realized Gain (Loss) on Derivatives Recognized in Income(1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
Equity Price | Futures contracts | $ (165,131) | $ 542,149 |
Foreign Exchange | Forward foreign currency exchange contracts | 8,642 | — |
Total | $(156,489) | $542,149 |
(1) | Statement of Operations location: Net realized gain (loss): Futures contracts and Forward foreign currency exchange contracts, respectively. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts. |
Futures Contracts — Long | Futures Contracts — Short | Forward Foreign Currency Exchange Contracts* |
$8,133,000 | $8,129,000 | $124,000 |
* | The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $1,319,217 | $31,402,069 | $(29,865,697) | $ — | $ — | $2,855,589 | $49,456 | 2,855,589 |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3* | Total |
Common Stocks: | ||||
Communication Services | $ 4,899,804 | $ 2,814,080 | $ — | $ 7,713,884 |
Consumer Discretionary | 7,867,030 | 8,561,575 | — | 16,428,605 |
Consumer Staples | 5,373,194 | 4,538,673 | — | 9,911,867 |
Energy | 6,126,093 | — | — | 6,126,093 |
Financials | 7,789,326 | 22,256,130 | — | 30,045,456 |
Health Care | 11,144,588 | 8,929,800 | — | 20,074,388 |
Industrials | 4,150,267 | 12,426,919 | — | 16,577,186 |
Information Technology | 15,869,476 | 5,031,217 | — | 20,900,693 |
Materials | — | 4,860,713 | — | 4,860,713 |
Real Estate | 755,301 | — | — | 755,301 |
Utilities | 1,264,905 | 835,383 | — | 2,100,288 |
Total Common Stocks | $ 65,239,984 | $ 70,254,490** | $ — | $ 135,494,474 |
Convertible Bonds | $ — | $ 494,485 | $ — | $ 494,485 |
Convertible Preferred Stocks | — | 632 | — | 632 |
Corporate Bonds | — | 82,121,875 | — | 82,121,875 |
Preferred Stocks: | ||||
Communication Services | 171,877 | — | — | 171,877 |
Energy | 446,435 | — | — | 446,435 |
Financials | 612,533 | 65,478 | — | 678,011 |
Asset Description (continued) | Level 1 | Level 2 | Level 3* | Total |
Industrials | $ 347,834 | $ — | $ — | $ 347,834 |
Real Estate | 309,182 | — | — | 309,182 |
Utilities | 342,599 | — | — | 342,599 |
Total Preferred Stocks | $ 2,230,460 | $ 65,478 | $ — | $ 2,295,938 |
Senior Floating-Rate Loans | $ — | $ 2,611,388 | $ — | $ 2,611,388 |
Miscellaneous | — | 14,335 | 0 | 14,335 |
Short-Term Investments | 2,855,589 | — | — | 2,855,589 |
Total Investments | $ 70,326,033 | $ 155,562,683 | $ 0 | $ 225,888,716 |
Futures Contracts | $ 1,194,393 | $ 126,190 | $ — | $ 1,320,583 |
Total | $ 71,520,426 | $ 155,688,873 | $ 0 | $ 227,209,299 |
Liability Description | ||||
Futures Contracts | $ (778,434) | $ — | $ — | $ (778,434) |
Total | $ (778,434) | $ — | $ — | $ (778,434) |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio. |
** | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Officers of Eaton Vance Global Income Builder Fund | |
Eric A. Stein President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer | |
Officers of Global Income Builder Portfolio | |
R. Kelly Williams, Jr. President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees of Eaton Vance Global Income Builder Fund and Global Income Builder Portfolio |
George J. Gorman Chairperson | |
Alan C. Bowser | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Anchal Pachnanda*(1) | |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
(1) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
125 Old Broad St.
London, EC2N 1AR
United Kingdom
Two International Place
Boston, MA 02110
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Global Income Builder Portfolio | ||
By: | /s/ R. Kelly Williams | |
R. Kelly Williams | ||
President | ||
Date: | June 23, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Global Income Builder Portfolio | ||
By: | /s/ R. Kelly Williams | |
R. Kelly Williams | ||
President | ||
Date: | June 23, 2023 | |
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | June 23, 2023 |