Eaton Vance
High Income Opportunities Fund
January 31, 2024 (Unaudited)
Eaton Vance High Income Opportunities Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in High Income Opportunities Portfolio (the Portfolio) and owns a pro rata interest in the Portfolioβs net assets. At January 31, 2024, the value of the Fundβs investment in the Portfolio was $906,065,997 and the Fund owned 72.6% of the Portfolioβs outstanding interests. The Portfolioβs Portfolio of Investments is set forth below.
1
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)
Asset-Backed Securities β 1.6% |
Security | Principal Amount (000's omitted) | Value | |
ARES LVIII CLO Ltd., Series 2020-58A, Class ER, 12.014%, (3 mo. SOFR + 6.70%), 1/15/35(1)(2) | $ | βββββ2,000 | $ββββ1,958,130 |
Atlas Senior Loan Fund XX Ltd., Series 2022-20A, Class B1, 8.46%, (3 mo. SOFR + 3.15%), 10/19/35(1)(2) | Β | βββββ2,500 | ββββ2,519,907 |
Benefit Street Partners CLO XVII Ltd., Series 2019-17A, Class ER, 11.926%, (3 mo. SOFR + 6.612%), 7/15/32(1)(2) | Β | βββββ1,000 | ββββββ986,108 |
Benefit Street Partners CLO XXV Ltd., Series 2021-25A, Class E, 12.426%, (3 mo. SOFR + 7.112%), 1/15/35(1)(2) | Β | βββββ2,000 | ββββ2,008,844 |
Canyon Capital CLO Ltd., Series 2022-1A, Class E, 11.717%, (3 mo. SOFR + 6.40%), 4/15/35(1)(2) | Β | βββββ2,000 | ββββ1,897,606 |
Carlyle U.S. CLO Ltd., Series 2019-4A, Class DR, 11.914%, (3 mo. SOFR + 6.60%), 4/15/35(1)(2) | Β | βββββ2,000 | ββββ1,941,672 |
Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class ER, 12.418%, (3 mo. SOFR + 7.10%), 4/20/35(1)(2) | Β | βββββ2,000 | ββββ2,009,830 |
Madison Park Funding LIX Ltd., Series 2021-59A, Class E, 12.16%, (3 mo. SOFR + 6.862%), 1/18/34(1)(2) | Β | βββββ2,000 | ββββ2,009,778 |
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class ER, 11.726%, (3 mo. SOFR + 6.412%), 7/15/33(1)(2) | Β | βββββ1,000 | ββββ1,002,571 |
Wellfleet CLO Ltd.:β | Β | Β | Β |
Series 2021-2A, Class E, 12.536%, (3 mo. SOFR + 7.222%), 7/15/34(1)(2) | Β | βββββ2,000 | ββββ1,819,718 |
Series 2021-3A, Class E, 12.676%, (3 mo. SOFR + 7.362%), 1/15/35(1)(2) | Β | βββββ2,000 | ββββ1,860,468 |
Total Asset-Backed Securities (identified cost $20,417,026) | Β | Β | $βββ20,014,632 |
Β Β Β Β
Common Stocks β 0.7% |
Security | Shares | Value | |
Diversified Media β 0.1% | |||
National CineMedia, Inc.(3) | Β | βββ151,041 | $ββββββ617,758 |
Β | Β | Β | $ββββββ617,758 |
Energy β 0.1% | |||
Ascent CNR Corp., Class A(4)(5) | Β | β6,273,462 | $ββββ1,380,162 |
Β | Β | Β | $ββββ1,380,162 |
Entertainment & Film β 0.2% | |||
SeaWorld Entertainment, Inc.(3) | Β | ββββ50,000 | $ββββ2,470,000 |
Β | Β | Β | $ββββ2,470,000 |
Security | Shares | Value | |
Environmental β 0.3% | |||
GFL Environmental, Inc. | Β | βββ105,500 | $ββββ3,583,835 |
Β | Β | Β | $ββββ3,583,835 |
Gaming β 0.0% | |||
New Cotai Participation Corp., Class B(3)(4)(5) | Β | βββββββββ7 | $ββββββββββββ0 |
Β | Β | Β | $ββββββββββββ0 |
Leisure β 0.0% | |||
iFIT Health and Fitness, Inc.(3)(4)(5) | Β | βββ514,080 | $ββββββββββββ0 |
Β | Β | Β | $ββββββββββββ0 |
Total Common Stocks (identified cost $7,401,029) | Β | Β | $ββββ8,051,755 |
Β Β Β Β
Convertible Bonds β 0.7% |
Security | Principal Amount (000's omitted) | Value | |
Containers β 0.3% | |||
CryoPort, Inc., 0.75%, 12/1/26(1) | $ | βββββ4,643 | $ββββ3,813,296 |
Β | Β | Β | $ββββ3,813,296 |
Leisure β 0.2% | |||
Peloton Interactive, Inc., 0.00%, 2/15/26 | $ | βββββ2,611 | $ββββ2,088,687 |
Β | Β | Β | $ββββ2,088,687 |
Utility β 0.2% | |||
NextEra Energy Partners LP, 2.50%, 6/15/26(1) | $ | βββββ3,386 | $ββββ3,055,865 |
Β | Β | Β | $ββββ3,055,865 |
Total Convertible Bonds (identified cost $9,362,807) | Β | Β | $ββββ8,957,848 |
Β Β Β Β
Corporate Bonds β 86.2% |
Security | Principal Amount* (000's omitted) | Value | |
Aerospace β 2.8% | |||
Bombardier, Inc.:β | Β | Β | Β |
7.125%, 6/15/26(1) | Β | βββββ2,033 | $ββββ2,051,740 |
7.875%, 4/15/27(1) | Β | βββββ1,357 | ββββ1,356,410 |
8.75%, 11/15/30(1) | Β | βββββ2,575 | ββββ2,705,573 |
BWX Technologies, Inc.:β | Β | Β | Β |
4.125%, 6/30/28(1) | Β | βββββ1,501 | β βββ1,410,595 |
Β
2
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Security | Principal Amount* (000's omitted) | Value | |
Aerospace (continued) | |||
BWX Technologies, Inc.:β(continued) | Β | Β | Β |
4.125%, 4/15/29(1) | Β | βββββ1,266 | $ββββ1,174,063 |
Moog, Inc., 4.25%, 12/15/27(1) | Β | βββββ2,796 | ββββ2,620,551 |
Rolls-Royce PLC, 5.75%, 10/15/27(1) | Β | βββββ5,391 | ββββ5,398,996 |
Science Applications International Corp., 4.875%, 4/1/28(1) | Β | βββββ4,042 | ββββ3,818,801 |
Spirit AeroSystems, Inc.:β | Β | Β | Β |
4.60%, 6/15/28 | Β | βββββ1,081 | ββββββ925,828 |
9.375%, 11/30/29(1) | Β | βββββββ403 | ββββββ437,145 |
TransDigm, Inc.:β | Β | Β | Β |
4.625%, 1/15/29 | Β | βββββ1,677 | ββββ1,569,898 |
5.50%, 11/15/27 | Β | βββββ4,164 | ββββ4,054,731 |
6.25%, 3/15/26(1) | Β | βββββ4,436 | ββββ4,409,423 |
6.75%, 8/15/28(1) | Β | βββββ3,504 | ββββ3,565,716 |
Β | Β | Β | $βββ35,499,470 |
Air Transportation β 0.8% | |||
American Airlines, Inc., 7.25%, 2/15/28(1) | Β | βββββββ908 | $ββββββ921,048 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) | Β | βββββ2,085 | ββββ2,063,902 |
United Airlines, Inc.:β | Β | Β | Β |
4.375%, 4/15/26(1) | Β | βββββ1,156 | ββββ1,116,182 |
4.625%, 4/15/29(1) | Β | βββββ1,799 | ββββ1,665,618 |
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30(1) | Β | βββββ5,300 | ββββ3,842,129 |
Β | Β | Β | $ββββ9,608,879 |
Automotive & Auto Parts β 3.1% | |||
Dana Financing Luxembourg SARL, 8.50%, 7/15/31(6) | EUR | βββββ2,500 | $ββββ2,959,481 |
Ford Motor Co.:β | Β | Β | Β |
3.25%, 2/12/32 | Β | βββββ6,249 | ββββ5,176,272 |
4.75%, 1/15/43 | Β | βββββ2,651 | ββββ2,187,082 |
6.10%, 8/19/32 | Β | βββββ2,830 | ββββ2,837,142 |
7.45%, 7/16/31 | Β | βββββββ794 | ββββββ862,958 |
9.625%, 4/22/30 | Β | βββββββ350 | ββββββ410,724 |
Ford Motor Credit Co. LLC:β | Β | Β | Β |
2.90%, 2/16/28 | Β | βββββββ568 | ββββββ511,385 |
3.625%, 6/17/31 | Β | βββββ2,065 | ββββ1,777,850 |
3.815%, 11/2/27 | Β | βββββ4,294 | ββββ4,033,430 |
4.00%, 11/13/30 | Β | βββββ1,461 | ββββ1,304,063 |
4.125%, 8/17/27 | Β | βββββ6,184 | ββββ5,877,226 |
4.271%, 1/9/27 | Β | βββββββ752 | ββββββ724,194 |
5.584%, 3/18/24 | Β | βββββββ403 | ββββββ402,873 |
Goodyear Tire & Rubber Co., 5.00%, 7/15/29 | Β | βββββ3,271 | ββββ3,072,807 |
Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(1) | Β | βββββ3,629 | β βββ3,151,460 |
Security | Principal Amount* (000's omitted) | Value | |
Automotive & Auto Parts (continued) | |||
Wand NewCo 3, Inc., 7.625%, 1/30/32(1) | Β | βββββ2,815 | $ββββ2,909,105 |
Wheel Pros, Inc., 6.50%, 5/15/29(1) | Β | βββββ2,705 | ββββββ686,394 |
Β | Β | Β | $βββ38,884,446 |
Banking & Thrifts β 0.2% | |||
JPMorgan Chase & Co., Series HH, 4.60% to 2/1/25(7)(8) | Β | βββββ2,385 | $ββββ2,329,500 |
Β | Β | Β | $ββββ2,329,500 |
Broadcasting β 0.7% | |||
Audacy Capital Corp., 6.75%, 3/31/29(1)(9) | Β | βββββ2,316 | $ββββββ102,773 |
Playtika Holding Corp., 4.25%, 3/15/29(1) | Β | βββββ3,549 | ββββ3,050,525 |
Townsquare Media, Inc., 6.875%, 2/1/26(1) | Β | βββββ2,038 | ββββ1,996,353 |
Univision Communications, Inc.:β | Β | Β | Β |
4.50%, 5/1/29(1) | Β | βββββ1,183 | ββββ1,052,103 |
7.375%, 6/30/30(1) | Β | βββββ1,089 | ββββ1,068,703 |
8.00%, 8/15/28(1) | Β | βββββ1,066 | ββββ1,085,433 |
Β | Β | Β | $ββββ8,355,890 |
Building Materials β 2.7% | |||
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28(1) | Β | βββββ3,920 | $ββββ4,030,387 |
Builders FirstSource, Inc.:β | Β | Β | Β |
4.25%, 2/1/32(1) | Β | βββββ4,805 | ββββ4,301,961 |
5.00%, 3/1/30(1) | Β | βββββ2,685 | ββββ2,579,839 |
CP Atlas Buyer, Inc., 7.00%, 12/1/28(1) | Β | βββββ2,505 | ββββ2,235,036 |
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30(1) | Β | βββββ1,774 | ββββ1,616,354 |
PGT Innovations, Inc., 4.375%, 10/1/29(1) | Β | βββββ3,160 | ββββ3,186,744 |
Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(1) | Β | βββββ6,410 | ββββ6,271,734 |
Standard Industries, Inc.:β | Β | Β | Β |
2.25%, 11/21/26(6) | EUR | βββββ2,443 | ββββ2,487,484 |
3.375%, 1/15/31(1) | Β | βββββββ863 | ββββββ734,620 |
4.375%, 7/15/30(1) | Β | βββββ2,932 | ββββ2,667,086 |
5.00%, 2/15/27(1) | Β | βββββββ690 | ββββββ670,887 |
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 1/15/31(1) | Β | βββββ2,982 | ββββ3,100,883 |
Β | Β | Β | $βββ33,883,015 |
Cable & Satellite TV β 2.0% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.:β | Β | Β | Β |
4.25%, 2/1/31(1) | Β | βββββββ500 | $ββββββ423,103 |
4.50%, 8/15/30(1) | Β | βββββ7,232 | ββββ6,294,372 |
4.50%, 5/1/32 | Β | βββββ2,500 | ββββ2,087,224 |
4.75%, 3/1/30(1) | Β | βββββ4,255 | β βββ3,784,066 |
Β
3
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Security | Principal Amount* (000's omitted) | Value | |
Cable & Satellite TV (continued) | |||
CCO Holdings LLC/CCO Holdings Capital Corp.:β (continued) | Β | Β | Β |
4.75%, 2/1/32(1) | Β | βββββ1,825 | $ββββ1,566,936 |
5.00%, 2/1/28(1) | Β | βββββ1,895 | ββββ1,782,266 |
5.375%, 6/1/29(1) | Β | βββββββ868 | ββββββ807,730 |
6.375%, 9/1/29(1) | Β | βββββ3,715 | ββββ3,619,829 |
CSC Holdings LLC, 11.75%, 1/31/29(1) | Β | βββββ2,524 | ββββ2,565,281 |
DISH Network Corp., 11.75%, 11/15/27(1) | Β | βββββ2,454 | ββββ2,563,181 |
Β | Β | Β | $βββ25,493,988 |
Capital Goods β 2.0% | |||
Calderys Financing LLC, 11.25%, 6/1/28(1) | Β | βββββ5,117 | $ββββ5,445,374 |
Chart Industries, Inc., 9.50%, 1/1/31(1) | Β | βββββ4,318 | ββββ4,609,087 |
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29(1) | Β | βββββ3,505 | ββββ3,185,935 |
Emerald Debt Merger Sub LLC, 6.625%, 12/15/30(1) | Β | βββββ2,826 | ββββ2,857,990 |
Madison IAQ LLC, 5.875%, 6/30/29(1) | Β | βββββ6,151 | ββββ5,471,098 |
Patrick Industries, Inc.:β | Β | Β | Β |
4.75%, 5/1/29(1) | Β | βββββ3,392 | ββββ3,128,628 |
7.50%, 10/15/27(1) | Β | βββββββ415 | ββββββ417,432 |
Β | Β | Β | $βββ25,115,544 |
Chemicals β 3.1% | |||
ASP Unifrax Holdings, Inc., 5.25%, 9/30/28(1) | Β | βββββ2,220 | $ββββ1,477,010 |
Avient Corp., 7.125%, 8/1/30(1) | Β | βββββ3,831 | ββββ3,933,088 |
Compass Minerals International, Inc., 6.75%, 12/1/27(1) | Β | βββββ5,098 | ββββ5,033,357 |
Herens Holdco SARL, 4.75%, 5/15/28(1) | Β | βββββ2,171 | ββββ1,831,158 |
Herens Midco SARL, 5.25%, 5/15/29(6) | EUR | βββββ3,000 | ββββ2,283,282 |
NOVA Chemicals Corp.:β | Β | Β | Β |
4.25%, 5/15/29(1) | Β | βββββ2,428 | ββββ2,047,018 |
4.875%, 6/1/24(1) | Β | βββββ2,442 | ββββ2,432,315 |
Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30(1) | Β | βββββ3,643 | ββββ3,336,806 |
Olympus Water U.S. Holding Corp., 9.75%, 11/15/28(1) | Β | βββββ5,764 | ββββ6,105,370 |
SNF Group SACA:β | Β | Β | Β |
2.625%, 2/1/29(6) | EUR | βββββ2,960 | ββββ2,963,196 |
2.625%, 2/1/29(1) | EUR | βββββββ250 | ββββββ250,270 |
Valvoline, Inc., 3.625%, 6/15/31(1) | Β | βββββ3,557 | ββββ3,045,023 |
WR Grace Holdings LLC:β | Β | Β | Β |
4.875%, 6/15/27(1) | Β | βββββ1,829 | ββββ1,751,226 |
7.375%, 3/1/31(1) | Β | βββββ2,211 | ββββ2,254,590 |
Β | Β | Β | $βββ38,743,709 |
Security | Principal Amount* (000's omitted) | Value | |
Consumer Products β 1.5% | |||
Acushnet Co., 7.375%, 10/15/28(1) | Β | βββββ2,388 | $ββββ2,485,788 |
CD&R Smokey Buyer, Inc., 6.75%, 7/15/25(1) | Β | βββββ1,160 | ββββ1,137,989 |
Edgewell Personal Care Co., 4.125%, 4/1/29(1) | Β | βββββ2,936 | ββββ2,649,006 |
Energizer Gamma Acquisition BV, 3.50%, 6/30/29(6) | EUR | βββββ2,600 | ββββ2,499,822 |
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 7.00%, 12/31/27(1) | Β | βββββ3,296 | ββββ3,220,637 |
Spectrum Brands, Inc., 3.875%, 3/15/31(1) | Β | βββββ2,321 | ββββ2,152,182 |
Tempur Sealy International, Inc., 3.875%, 10/15/31(1) | Β | βββββ5,315 | ββββ4,489,743 |
Β | Β | Β | $βββ18,635,167 |
Containers β 2.0% | |||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 9/1/29(6) | EUR | βββββ1,150 | $ββββββ976,680 |
Ball Corp.:β | Β | Β | Β |
3.125%, 9/15/31 | Β | βββββ3,800 | ββββ3,221,640 |
6.875%, 3/15/28 | Β | βββββ1,239 | ββββ1,280,549 |
Berry Global, Inc., 5.625%, 7/15/27(1) | Β | βββββ2,026 | ββββ2,010,557 |
Canpack SA/Canpack U.S. LLC, 3.875%, 11/15/29(1) | Β | βββββ3,826 | ββββ3,375,947 |
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26 | Β | βββββ2,415 | ββββ2,329,956 |
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26 | Β | βββββ2,500 | ββββ2,450,031 |
Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31(1) | Β | βββββ4,733 | ββββ4,762,912 |
Trivium Packaging Finance BV:β | Β | Β | Β |
5.50%, 8/15/26(1) | Β | βββββ2,613 | ββββ2,553,583 |
8.50%, 8/15/27(1) | Β | βββββ1,500 | ββββ1,465,287 |
Β | Β | Β | $βββ24,427,142 |
Diversified Financial Services β 3.1% | |||
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/27(1) | Β | βββββ2,152 | $ββββ2,235,826 |
Ally Financial, Inc., Series B, 4.70% to 5/15/26(7)(8) | Β | βββββ3,182 | ββββ2,588,834 |
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(1) | Β | βββββ3,714 | ββββ3,393,519 |
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1) | Β | βββββ3,332 | ββββ3,176,212 |
Fiesta Purchaser, Inc., 7.875%, 3/1/31(1)(10) | Β | βββββββ705 | ββββββ705,000 |
GTCR W-2 Merger Sub LLC, 7.50%, 1/15/31(1) | Β | βββββ2,784 | ββββ2,894,079 |
Husky Injection Molding Systems Ltd./Titan Co.-Borrower LLC, 9.00%, 2/15/29(1)(10) | Β | βββββ1,290 | ββββ1,290,000 |
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29(1) | Β | βββββ3,591 | ββββ3,286,405 |
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1) | Β | βββββ3,288 | ββββ3,166,259 |
Macquarie Airfinance Holdings Ltd., 8.125%, 3/30/29(1) | Β | βββββ2,503 | ββββ2,599,303 |
MSCI, Inc.:β | Β | Β | Β |
3.625%, 9/1/30(1) | Β | βββββββ867 | β βββββ779,290 |
Β
4
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Security | Principal Amount* (000's omitted) | Value | |
Diversified Financial Services (continued) | |||
MSCI, Inc.:β(continued) | Β | Β | Β |
3.875%, 2/15/31(1) | Β | βββββ2,176 | $ββββ1,966,487 |
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc., 6.375%, 2/1/27(1) | Β | βββββ2,355 | ββββ2,236,555 |
PRA Group, Inc., 7.375%, 9/1/25(1) | Β | βββββ1,906 | ββββ1,919,552 |
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.:β | Β | Β | Β |
2.875%, 10/15/26(1) | Β | βββββ2,036 | ββββ1,869,924 |
3.625%, 3/1/29(1) | Β | βββββ5,288 | ββββ4,705,142 |
4.00%, 10/15/33(1) | Β | βββββββ425 | ββββββ361,178 |
Β | Β | Β | $βββ39,173,565 |
Diversified Media β 1.3% | |||
Arches Buyer, Inc.:β | Β | Β | Β |
4.25%, 6/1/28(1) | Β | βββββ1,901 | $ββββ1,701,761 |
6.125%, 12/1/28(1) | Β | βββββ4,809 | ββββ4,158,414 |
Cars.com, Inc., 6.375%, 11/1/28(1) | Β | βββββ3,521 | ββββ3,440,299 |
Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28(1) | Β | βββββ4,167 | ββββ3,615,695 |
Stagwell Global LLC, 5.625%, 8/15/29(1) | Β | βββββ3,410 | ββββ3,123,577 |
Urban One, Inc., 7.375%, 2/1/28(1) | Β | βββββββ542 | ββββββ481,006 |
Β | Β | Β | $βββ16,520,752 |
Energy β 8.7% | |||
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 2/15/26(1) | Β | βββββ3,619 | $ββββ3,590,048 |
Antero Midstream Partners LP/Antero Midstream Finance Corp.:β | Β | Β | Β |
5.75%, 3/1/27(1) | Β | βββββ3,242 | ββββ3,220,498 |
7.875%, 5/15/26(1) | Β | βββββ1,283 | ββββ1,313,688 |
Callon Petroleum Co.:β | Β | Β | Β |
7.50%, 6/15/30(1) | Β | βββββ1,757 | ββββ1,852,047 |
8.00%, 8/1/28(1) | Β | βββββ3,002 | ββββ3,107,089 |
Cheniere Energy Partners LP:β | Β | Β | Β |
4.00%, 3/1/31 | Β | βββββ2,552 | ββββ2,317,307 |
4.50%, 10/1/29 | Β | βββββ1,896 | ββββ1,810,302 |
Civitas Resources, Inc.:β | Β | Β | Β |
8.625%, 11/1/30(1) | Β | βββββ3,563 | ββββ3,802,592 |
8.75%, 7/1/31(1) | Β | βββββββ738 | ββββββ785,493 |
CrownRock LP/CrownRock Finance, Inc., 5.00%, 5/1/29(1) | Β | βββββ2,637 | ββββ2,606,609 |
CVR Energy, Inc., 5.75%, 2/15/28(1) | Β | βββββ1,139 | ββββ1,053,119 |
DT Midstream, Inc., 4.125%, 6/15/29(1) | Β | βββββ2,690 | ββββ2,473,960 |
Energy Transfer LP, 5.00%, 5/15/50 | Β | βββββ2,087 | ββββ1,860,510 |
EQM Midstream Partners LP:β | Β | Β | Β |
4.50%, 1/15/29(1) | Β | βββββ2,111 | β βββ1,987,757 |
Security | Principal Amount* (000's omitted) | Value | |
Energy (continued) | |||
EQM Midstream Partners LP:β(continued) | Β | Β | Β |
4.75%, 1/15/31(1) | Β | βββββ2,377 | $ββββ2,217,730 |
6.00%, 7/1/25(1) | Β | βββββββ410 | ββββββ409,416 |
6.50%, 7/1/27(1) | Β | βββββ1,121 | ββββ1,135,485 |
7.50%, 6/1/30(1) | Β | βββββ3,031 | ββββ3,253,030 |
Global Partners LP/GLP Finance Corp., 8.25%, 1/15/32(1) | Β | βββββ1,554 | ββββ1,595,200 |
Kinetik Holdings LP, 5.875%, 6/15/30(1) | Β | βββββ5,259 | ββββ5,169,808 |
Kodiak Gas Services LLC, 7.25%, 2/15/29(1)(10) | Β | βββββββ828 | ββββββ838,939 |
Nabors Industries Ltd., 7.50%, 1/15/28(1) | Β | βββββ1,118 | ββββ1,024,217 |
Neptune Energy Bondco PLC, 6.625%, 5/15/25(1) | Β | βββββ5,066 | ββββ5,032,260 |
Occidental Petroleum Corp., 8.50%, 7/15/27 | Β | βββββ3,859 | ββββ4,219,315 |
Parkland Corp.:β | Β | Β | Β |
4.50%, 10/1/29(1) | Β | βββββ2,371 | ββββ2,182,523 |
4.625%, 5/1/30(1) | Β | βββββ2,389 | ββββ2,203,052 |
Permian Resources Operating LLC:β | Β | Β | Β |
5.875%, 7/1/29(1) | Β | βββββ4,933 | ββββ4,829,454 |
7.00%, 1/15/32(1) | Β | βββββ2,551 | ββββ2,635,369 |
7.75%, 2/15/26(1) | Β | βββββ1,675 | ββββ1,702,960 |
Plains All American Pipeline LP, Series B, 9.751%, (3 mo. SOFR + 4.372%)(2)(7) | Β | βββββ4,380 | ββββ4,352,748 |
Precision Drilling Corp.:β | Β | Β | Β |
6.875%, 1/15/29(1) | Β | βββββ1,307 | ββββ1,286,853 |
7.125%, 1/15/26(1) | Β | βββββ1,000 | ββββββ994,585 |
Southwestern Energy Co.:β | Β | Β | Β |
4.75%, 2/1/32 | Β | βββββ3,253 | ββββ3,015,599 |
5.375%, 2/1/29(6) | Β | βββββ2,500 | ββββ1,983,869 |
Sunoco LP/Sunoco Finance Corp., 4.50%, 4/30/30 | Β | βββββ2,670 | ββββ2,470,335 |
Superior Plus LP/Superior General Partner, Inc., 4.50%, 3/15/29(1) | Β | βββββ2,921 | ββββ2,649,960 |
Transocean Poseidon Ltd., 6.875%, 2/1/27(1) | Β | βββββ1,162 | ββββ1,162,714 |
Transocean, Inc., 8.75%, 2/15/30(1) | Β | βββββ1,275 | ββββ1,322,103 |
Venture Global Calcasieu Pass LLC, 3.875%, 11/1/33(1) | Β | βββββ1,117 | ββββββ946,926 |
Venture Global LNG, Inc.:β | Β | Β | Β |
8.125%, 6/1/28(1) | Β | βββββ2,233 | ββββ2,258,330 |
8.375%, 6/1/31(1) | Β | βββββ3,572 | ββββ3,609,440 |
9.50%, 2/1/29(1) | Β | βββββ3,383 | ββββ3,594,992 |
9.875%, 2/1/32(1) | Β | βββββ3,217 | ββββ3,385,095 |
Vital Energy, Inc., 9.75%, 10/15/30 | Β | βββββ2,151 | ββββ2,286,599 |
Weatherford International Ltd., 8.625%, 4/30/30(1) | Β | βββββ2,338 | ββββ2,391,259 |
Western Midstream Operating LP:β | Β | Β | Β |
4.50%, 3/1/28 | Β | βββββββ224 | ββββββ217,501 |
4.75%, 8/15/28 | Β | βββββββ224 | ββββββ219,658 |
Β | Β | Β | $ββ108,378,343 |
Β
5
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Security | Principal Amount* (000's omitted) | Value | |
Entertainment & Film β 0.4% | |||
Cinemark USA, Inc.:β | Β | Β | Β |
5.25%, 7/15/28(1) | Β | βββββ4,366 | $ββββ4,030,909 |
5.875%, 3/15/26(1) | Β | βββββββ588 | ββββββ583,102 |
8.75%, 5/1/25(1) | Β | βββββββ247 | ββββββ249,369 |
Β | Β | Β | $ββββ4,863,380 |
Environmental β 1.7% | |||
Clean Harbors, Inc.:β | Β | Β | Β |
4.875%, 7/15/27(1) | Β | βββββ1,029 | $ββββββ996,661 |
5.125%, 7/15/29(1) | Β | βββββ1,117 | ββββ1,069,597 |
6.375%, 2/1/31(1) | Β | βββββββ585 | ββββββ593,171 |
Covanta Holding Corp.:β | Β | Β | Β |
4.875%, 12/1/29(1) | Β | βββββ5,939 | ββββ5,135,133 |
5.00%, 9/1/30 | Β | βββββββ804 | ββββββ685,241 |
GFL Environmental, Inc.:β | Β | Β | Β |
3.50%, 9/1/28(1) | Β | βββββ5,074 | ββββ4,597,621 |
3.75%, 8/1/25(1) | Β | βββββββ669 | ββββββ651,318 |
4.75%, 6/15/29(1) | Β | βββββ8,593 | ββββ8,075,633 |
Β | Β | Β | $βββ21,804,375 |
Food & Drug Retail β 1.0% | |||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC:β | Β | Β | Β |
4.875%, 2/15/30(1) | Β | βββββ3,142 | $ββββ3,005,531 |
5.875%, 2/15/28(1) | Β | βββββ1,807 | ββββ1,806,623 |
Arko Corp., 5.125%, 11/15/29(1) | Β | βββββ4,001 | ββββ3,529,642 |
Ingles Markets, Inc., 4.00%, 6/15/31(1) | Β | βββββ4,110 | ββββ3,636,199 |
Β | Β | Β | $βββ11,977,995 |
Food, Beverage & Tobacco β 2.3% | |||
BellRing Brands, Inc., 7.00%, 3/15/30(1) | Β | βββββ3,553 | $ββββ3,640,350 |
Chobani LLC/Chobani Finance Corp., Inc.:β | Β | Β | Β |
4.625%, 11/15/28(1) | Β | βββββ1,650 | ββββ1,545,686 |
7.625%, 7/1/29(1) | Β | βββββ3,655 | ββββ3,705,119 |
Darling Ingredients, Inc., 6.00%, 6/15/30(1) | Β | βββββ3,685 | ββββ3,665,220 |
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.875%, 9/1/25(1) | Β | βββββ2,154 | ββββ2,139,923 |
Performance Food Group, Inc.:β | Β | Β | Β |
4.25%, 8/1/29(1) | Β | βββββ5,135 | ββββ4,709,974 |
5.50%, 10/15/27(1) | Β | βββββ1,504 | ββββ1,468,151 |
6.875%, 5/1/25(1) | Β | βββββββ890 | ββββββ893,075 |
Pilgrim's Pride Corp., 3.50%, 3/1/32 | Β | βββββ3,553 | ββββ3,000,366 |
U.S. Foods, Inc., 4.75%, 2/15/29(1) | Β | βββββ3,511 | ββββ3,333,914 |
Β | Β | Β | $βββ28,101,778 |
Security | Principal Amount* (000's omitted) | Value | |
Gaming β 3.1% | |||
Allwyn Entertainment Financing U.K. PLC, 7.875%, 4/30/29(1) | Β | βββββ4,554 | $ββββ4,716,806 |
Caesars Entertainment, Inc.:β | Β | Β | Β |
4.625%, 10/15/29(1) | Β | βββββββ784 | ββββββ717,288 |
6.25%, 7/1/25(1) | Β | βββββ4,206 | ββββ4,222,992 |
6.50%, 2/15/32(1)(10) | Β | βββββ2,354 | ββββ2,381,568 |
7.00%, 2/15/30(1) | Β | βββββ2,735 | ββββ2,812,329 |
8.125%, 7/1/27(1) | Β | βββββ2,617 | ββββ2,687,321 |
Churchill Downs, Inc., 5.75%, 4/1/30(1) | Β | βββββ4,102 | ββββ3,971,596 |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1) | Β | βββββ1,303 | ββββ1,193,255 |
International Game Technology PLC:β | Β | Β | Β |
4.125%, 4/15/26(1) | Β | βββββ1,237 | ββββ1,198,850 |
5.25%, 1/15/29(1) | Β | βββββββ750 | ββββββ732,482 |
6.25%, 1/15/27(1) | Β | βββββ1,848 | ββββ1,860,078 |
6.50%, 2/15/25(1) | Β | βββββ1,009 | ββββ1,011,106 |
Jacobs Entertainment, Inc., 6.75%, 2/15/29(1) | Β | βββββ3,759 | ββββ3,569,208 |
Light & Wonder International, Inc., 7.00%, 5/15/28(1) | Β | βββββ2,834 | ββββ2,832,555 |
MGM Resorts International, 5.50%, 4/15/27 | Β | βββββββ779 | ββββββ766,911 |
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.875%, 11/1/26(1) | Β | βββββ3,500 | ββββ3,361,877 |
Β | Β | Β | $βββ38,036,222 |
Healthcare β 8.7% | |||
AHP Health Partners, Inc., 5.75%, 7/15/29(1) | Β | βββββ1,193 | $ββββ1,070,324 |
AMN Healthcare, Inc.:β | Β | Β | Β |
4.00%, 4/15/29(1) | Β | βββββ2,663 | ββββ2,419,269 |
4.625%, 10/1/27(1) | Β | βββββββ323 | ββββββ308,174 |
athenahealth Group, Inc., 6.50%, 2/15/30(1) | Β | βββββ4,738 | ββββ4,237,279 |
Avantor Funding, Inc., 3.875%, 7/15/28(6) | EUR | βββββ4,400 | ββββ4,654,235 |
Bausch & Lomb Escrow Corp., 8.375%, 10/1/28(1) | Β | βββββ2,780 | ββββ2,887,920 |
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1) | Β | βββββ2,831 | ββββ2,490,388 |
Encompass Health Corp.:β | Β | Β | Β |
4.625%, 4/1/31 | Β | βββββ2,543 | ββββ2,337,914 |
4.75%, 2/1/30 | Β | βββββ1,044 | ββββββ980,014 |
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 5.875%, 10/15/24(1)(9) | Β | βββββ1,153 | ββββββ760,707 |
Endo Luxembourg Finance Co. I SARL/Endo U.S., Inc., 6.125%, 4/1/29(1)(9) | Β | βββββ2,774 | ββββ1,823,945 |
Fortrea Holdings, Inc., 7.50%, 7/1/30(1) | Β | βββββ3,977 | ββββ4,046,876 |
Grifols SA, 4.75%, 10/15/28(1) | Β | βββββ5,584 | ββββ4,807,768 |
HealthEquity, Inc., 4.50%, 10/1/29(1) | Β | βββββ5,380 | ββββ5,029,761 |
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 4/30/28(1) | Β | βββββ6,200 | ββββ6,471,684 |
IQVIA, Inc.:β | Β | Β | Β |
2.25%, 3/15/29(6) | EUR | βββββ1,816 | β βββ1,788,699 |
Β
6
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Security | Principal Amount* (000's omitted) | Value | |
Healthcare (continued) | |||
IQVIA, Inc.:β(continued) | Β | Β | Β |
5.00%, 5/15/27(1) | Β | βββββ1,329 | $ββββ1,300,074 |
6.50%, 5/15/30(1) | Β | βββββ1,662 | ββββ1,697,434 |
Jazz Securities DAC, 4.375%, 1/15/29(1) | Β | βββββ1,910 | ββββ1,763,729 |
Legacy LifePoint Health LLC, 4.375%, 2/15/27(1) | Β | βββββ2,687 | ββββ2,504,929 |
LifePoint Health, Inc.:β | Β | Β | Β |
5.375%, 1/15/29(1) | Β | βββββ4,397 | ββββ3,480,594 |
9.875%, 8/15/30(1) | Β | βββββ1,665 | ββββ1,704,660 |
Medline Borrower LP, 5.25%, 10/1/29(1) | Β | ββββ10,777 | βββ10,058,165 |
ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29(1) | Β | βββββ1,586 | ββββ1,288,157 |
ModivCare, Inc., 5.875%, 11/15/25(1) | Β | βββββ2,104 | ββββ2,079,794 |
Molina Healthcare, Inc.:β | Β | Β | Β |
3.875%, 11/15/30(1) | Β | βββββ2,889 | ββββ2,534,802 |
3.875%, 5/15/32(1) | Β | βββββ2,207 | ββββ1,890,521 |
Option Care Health, Inc., 4.375%, 10/31/29(1) | Β | βββββ4,735 | ββββ4,325,636 |
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(1) | Β | βββββ2,307 | ββββ1,885,361 |
Perrigo Finance Unlimited Co.:β | Β | Β | Β |
4.65%, 6/15/30 | Β | βββββ4,350 | ββββ3,988,145 |
4.90%, 12/15/44 | Β | βββββ1,242 | ββββββ984,583 |
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26(1) | Β | βββββ1,328 | ββββ1,327,013 |
Team Health Holdings, Inc., 6.375%, 2/1/25(1) | Β | βββββ3,962 | ββββ3,414,828 |
Tenet Healthcare Corp.:β | Β | Β | Β |
4.375%, 1/15/30 | Β | βββββββ272 | ββββββ251,915 |
5.125%, 11/1/27 | Β | βββββ2,855 | ββββ2,774,665 |
6.125%, 10/1/28 | Β | βββββ4,735 | ββββ4,721,576 |
6.875%, 11/15/31 | Β | βββββ2,033 | ββββ2,087,779 |
U.S. Acute Care Solutions LLC, 6.375%, 3/1/26(1) | Β | βββββ5,799 | ββββ5,072,849 |
Varex Imaging Corp., 7.875%, 10/15/27(1) | Β | βββββ1,511 | ββββ1,536,559 |
Β | Β | Β | $ββ108,788,725 |
Homebuilders & Real Estate β 3.8% | |||
Ashton Woods USA LLC/Ashton Woods Finance Co.:β | Β | Β | Β |
4.625%, 8/1/29(1) | Β | βββββ1,516 | $ββββ1,365,954 |
4.625%, 4/1/30(1) | Β | βββββ1,009 | ββββββ914,154 |
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(1) | Β | βββββ1,227 | ββββ1,210,012 |
CTR Partnership LP/CareTrust Capital Corp., 3.875%, 6/30/28(1) | Β | βββββ3,770 | ββββ3,439,333 |
Cushman & Wakefield U.S. Borrower LLC:β | Β | Β | Β |
6.75%, 5/15/28(1) | Β | βββββ1,049 | ββββ1,035,321 |
8.875%, 9/1/31(1) | Β | βββββ1,873 | ββββ1,956,246 |
Dycom Industries, Inc., 4.50%, 4/15/29(1) | Β | βββββ1,923 | ββββ1,795,025 |
Greystar Real Estate Partners LLC, 7.75%, 9/1/30(1) | Β | βββββ4,348 | β βββ4,573,400 |
Security | Principal Amount* (000's omitted) | Value | |
Homebuilders & Real Estate (continued) | |||
HAT Holdings I LLC/HAT Holdings II LLC:β | Β | Β | Β |
3.375%, 6/15/26(1) | Β | βββββ2,442 | $ββββ2,271,693 |
3.75%, 9/15/30(1) | Β | βββββ3,492 | ββββ2,888,610 |
KB Home:β | Β | Β | Β |
4.00%, 6/15/31 | Β | βββββββ162 | ββββββ143,025 |
4.80%, 11/15/29 | Β | βββββ1,044 | ββββββ988,955 |
M/I Homes, Inc., 4.95%, 2/1/28 | Β | βββββ1,537 | ββββ1,479,124 |
Meritage Homes Corp., 3.875%, 4/15/29(1) | Β | βββββ2,282 | ββββ2,104,027 |
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., 5.625%, 5/1/24 | Β | βββββββ585 | ββββββ583,956 |
National Health Investors, Inc., 3.00%, 2/1/31 | Β | βββββ3,117 | ββββ2,482,342 |
Outfront Media Capital LLC/Outfront Media Capital Corp.:β | Β | Β | Β |
4.25%, 1/15/29(1) | Β | βββββ1,850 | ββββ1,651,079 |
4.625%, 3/15/30(1) | Β | βββββ1,687 | ββββ1,494,918 |
7.375%, 2/15/31(1) | Β | βββββ4,404 | ββββ4,616,823 |
TopBuild Corp., 4.125%, 2/15/32(1) | Β | βββββ2,753 | ββββ2,408,627 |
VICI Properties LP/VICI Note Co., Inc.:β | Β | Β | Β |
3.75%, 2/15/27(1) | Β | βββββββ543 | ββββββ514,084 |
4.125%, 8/15/30(1) | Β | βββββ1,859 | ββββ1,693,196 |
4.625%, 12/1/29(1) | Β | βββββ4,004 | ββββ3,792,088 |
5.625%, 5/1/24(1) | Β | βββββ2,505 | ββββ2,502,703 |
Β | Β | Β | $βββ47,904,695 |
Hotels β 0.3% | |||
Resorts World Las Vegas LLC/RWLV Capital, Inc.:β | Β | Β | Β |
4.625%, 4/16/29(6) | Β | βββββββ500 | $ββββββ444,625 |
4.625%, 4/6/31(6) | Β | βββββ1,000 | ββββββ848,335 |
8.45%, 7/27/30(1) | Β | βββββ1,900 | ββββ1,979,544 |
Β | Β | Β | $ββββ3,272,504 |
Insurance β 1.4% | |||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer:β | Β | Β | Β |
6.75%, 10/15/27(1) | Β | βββββ4,758 | $ββββ4,649,232 |
7.00%, 1/15/31(1) | Β | βββββ1,797 | ββββ1,817,405 |
AmWINS Group, Inc., 4.875%, 6/30/29(1) | Β | βββββ2,866 | ββββ2,677,540 |
BroadStreet Partners, Inc., 5.875%, 4/15/29(1) | Β | βββββ4,700 | ββββ4,460,774 |
Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/30(1) | Β | βββββ3,802 | ββββ4,009,570 |
Β | Β | Β | $βββ17,614,521 |
Leisure β 3.1% | |||
Boyne USA, Inc., 4.75%, 5/15/29(1) | Β | βββββ3,280 | $ββββ3,007,100 |
Carnival Corp., 5.75%, 3/1/27(1) | Β | βββββ3,536 | β βββ3,486,008 |
Β
7
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Security | Principal Amount* (000's omitted) | Value | |
Leisure (continued) | |||
Life Time, Inc.:β | Β | Β | Β |
5.75%, 1/15/26(1) | Β | βββββ1,452 | $ββββ1,436,512 |
8.00%, 4/15/26(1) | Β | βββββ3,820 | ββββ3,827,984 |
Lindblad Expeditions Holdings, Inc., 9.00%, 5/15/28(1) | Β | βββββ1,430 | ββββ1,487,145 |
Lindblad Expeditions LLC, 6.75%, 2/15/27(1) | Β | βββββββ764 | ββββββ757,907 |
NCL Corp. Ltd.:β | Β | Β | Β |
3.625%, 12/15/24(1) | Β | βββββββ842 | ββββββ825,747 |
5.875%, 3/15/26(1) | Β | βββββ2,292 | ββββ2,236,293 |
5.875%, 2/15/27(1) | Β | βββββββ946 | ββββββ932,653 |
7.75%, 2/15/29(1) | Β | βββββ1,792 | ββββ1,810,914 |
NCL Finance Ltd., 6.125%, 3/15/28(1) | Β | βββββ3,432 | ββββ3,284,470 |
Royal Caribbean Cruises Ltd., 11.625%, 8/15/27(1) | Β | βββββ3,713 | ββββ4,041,140 |
SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29(1) | Β | βββββ1,753 | ββββ1,634,111 |
Speedway Motorsports LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(1) | Β | βββββ2,674 | ββββ2,538,976 |
Viking Cruises Ltd.:β | Β | Β | Β |
5.875%, 9/15/27(1) | Β | βββββ5,004 | ββββ4,828,360 |
6.25%, 5/15/25(1) | Β | βββββ1,820 | ββββ1,810,618 |
7.00%, 2/15/29(1) | Β | βββββββ753 | ββββββ752,413 |
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1) | Β | βββββββ521 | ββββββ507,733 |
Β | Β | Β | $βββ39,206,084 |
Metals & Mining β 1.9% | |||
Eldorado Gold Corp., 6.25%, 9/1/29(1) | Β | βββββ2,968 | $ββββ2,833,830 |
First Quantum Minerals Ltd., 7.50%, 4/1/25(1) | Β | βββββ1,695 | ββββ1,676,474 |
Freeport-McMoRan, Inc., 5.45%, 3/15/43 | Β | βββββ2,400 | ββββ2,311,281 |
Hudbay Minerals, Inc.:β | Β | Β | Β |
4.50%, 4/1/26(1) | Β | βββββ3,109 | ββββ3,015,819 |
6.125%, 4/1/29(1) | Β | βββββ2,069 | ββββ2,045,039 |
New Gold, Inc., 7.50%, 7/15/27(1) | Β | βββββ3,006 | ββββ2,994,024 |
Novelis Corp.:β | Β | Β | Β |
3.25%, 11/15/26(1) | Β | βββββ1,755 | ββββ1,645,030 |
4.75%, 1/30/30(1) | Β | βββββ3,948 | ββββ3,666,095 |
Roller Bearing Co. of America, Inc., 4.375%, 10/15/29(1) | Β | βββββ3,847 | ββββ3,540,750 |
Β | Β | Β | $βββ23,728,342 |
Paper β 0.1% | |||
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 1/15/26(1) | Β | βββββ4,583 | $ββββ1,716,298 |
Β | Β | Β | $ββββ1,716,298 |
Security | Principal Amount* (000's omitted) | Value | |
Publishing & Printing β 0.4% | |||
McGraw-Hill Education, Inc.:β | Β | Β | Β |
5.75%, 8/1/28(1) | Β | βββββ1,405 | $ββββ1,331,196 |
8.00%, 8/1/29(1) | Β | βββββ4,116 | ββββ3,820,759 |
Β | Β | Β | $ββββ5,151,955 |
Railroad β 0.4% | |||
Watco Cos. LLC/Watco Finance Corp., 6.50%, 6/15/27(1) | Β | βββββ4,400 | $ββββ4,377,054 |
Β | Β | Β | $ββββ4,377,054 |
Restaurant β 1.8% | |||
1011778 BC ULC/New Red Finance, Inc.:β | Β | Β | Β |
3.875%, 1/15/28(1) | Β | βββββ1,761 | $ββββ1,658,706 |
4.00%, 10/15/30(1) | Β | βββββ5,316 | ββββ4,755,798 |
5.75%, 4/15/25(1) | Β | βββββββ581 | ββββββ580,347 |
Dave & Buster's, Inc., 7.625%, 11/1/25(1) | Β | βββββ5,483 | ββββ5,550,139 |
IRB Holding Corp., 7.00%, 6/15/25(1) | Β | βββββ2,978 | ββββ2,962,500 |
Raising Cane's Restaurants LLC, 9.375%, 5/1/29(1) | Β | βββββ4,136 | ββββ4,436,925 |
Yum! Brands, Inc., 3.625%, 3/15/31 | Β | βββββ3,102 | ββββ2,740,215 |
Β | Β | Β | $βββ22,684,630 |
Services β 6.4% | |||
Adtalem Global Education, Inc., 5.50%, 3/1/28(1) | Β | βββββ3,652 | $ββββ3,450,337 |
Allied Universal Holdco LLC/Allied Universal Finance Corp.:β | Β | Β | Β |
6.625%, 7/15/26(1) | Β | βββββ3,962 | ββββ3,907,617 |
9.75%, 7/15/27(1) | Β | βββββ2,000 | ββββ1,957,722 |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL:β | Β | Β | Β |
4.625%, 6/1/28(1) | Β | βββββ1,076 | ββββββ970,502 |
4.625%, 6/1/28(1) | Β | βββββ1,231 | ββββ1,109,020 |
APi Group DE, Inc., 4.75%, 10/15/29(1) | Β | βββββ4,707 | ββββ4,412,224 |
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1) | Β | βββββ5,163 | ββββ4,937,274 |
Clarivate Science Holdings Corp., 4.875%, 7/1/29(1) | Β | βββββ5,249 | ββββ4,904,620 |
Gartner, Inc.:β | Β | Β | Β |
3.625%, 6/15/29(1) | Β | βββββββ605 | ββββββ550,447 |
3.75%, 10/1/30(1) | Β | βββββ2,100 | ββββ1,880,606 |
4.50%, 7/1/28(1) | Β | βββββ1,449 | ββββ1,384,008 |
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 7/31/26(1) | Β | βββββ5,546 | ββββ5,497,334 |
Hertz Corp.:β | Β | Β | Β |
4.625%, 12/1/26(1) | Β | βββββββ372 | ββββββ334,917 |
5.00%, 12/1/29(1) | Β | βββββ2,980 | ββββ2,357,558 |
Imola Merger Corp., 4.75%, 5/15/29(1) | Β | βββββ4,502 | ββββ4,195,388 |
Korn Ferry, 4.625%, 12/15/27(1) | Β | βββββ4,099 | β βββ3,923,501 |
Β
8
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Security | Principal Amount* (000's omitted) | Value | |
Services (continued) | |||
NESCO Holdings II, Inc., 5.50%, 4/15/29(1) | Β | βββββ2,776 | $ββββ2,604,915 |
Ritchie Bros Holdings, Inc.:β | Β | Β | Β |
6.75%, 3/15/28(1) | Β | βββββ1,788 | ββββ1,826,120 |
7.75%, 3/15/31(1) | Β | βββββ1,495 | ββββ1,577,330 |
SRS Distribution, Inc.:β | Β | Β | Β |
6.00%, 12/1/29(1) | Β | βββββ1,481 | ββββ1,386,090 |
6.125%, 7/1/29(1) | Β | βββββ2,668 | ββββ2,527,263 |
Summer BC Bidco B LLC, 5.50%, 10/31/26(1) | Β | βββββ3,354 | ββββ3,235,285 |
VT Topco, Inc., 8.50%, 8/15/30(1) | Β | βββββ5,167 | ββββ5,404,088 |
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(1) | Β | βββββ5,051 | ββββ4,860,249 |
WESCO Distribution, Inc., 7.25%, 6/15/28(1) | Β | βββββ1,743 | ββββ1,791,684 |
White Cap Buyer LLC, 6.875%, 10/15/28(1) | Β | βββββ3,243 | ββββ3,177,021 |
White Cap Parent LLC, 8.25%, (8.25% cash or 9.00% PIK), 3/15/26(1)(11) | Β | βββββ1,481 | ββββ1,480,682 |
Windsor Holdings III LLC, 8.50%, 6/15/30(1) | Β | βββββ4,082 | ββββ4,207,539 |
Β | Β | Β | $βββ79,851,341 |
Steel β 0.8% | |||
Allegheny Ludlum LLC, 6.95%, 12/15/25 | Β | βββββ2,155 | $ββββ2,197,941 |
ATI, Inc., 5.875%, 12/1/27 | Β | ββββββββ86 | βββββββ83,945 |
Big River Steel LLC/BRS Finance Corp., 6.625%, 1/31/29(1) | Β | βββββ1,292 | ββββ1,311,102 |
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(1) | Β | βββββ3,792 | ββββ3,806,292 |
TMS International Corp., 6.25%, 4/15/29(1) | Β | βββββ2,504 | ββββ2,156,507 |
Β | Β | Β | $ββββ9,555,787 |
Super Retail β 3.3% | |||
Asbury Automotive Group, Inc.:β | Β | Β | Β |
4.625%, 11/15/29(1) | Β | βββββββ839 | $ββββββ773,735 |
4.75%, 3/1/30 | Β | βββββββ743 | ββββββ688,134 |
5.00%, 2/15/32(1) | Β | βββββ2,334 | ββββ2,111,158 |
Bath & Body Works, Inc.:β | Β | Β | Β |
6.75%, 7/1/36 | Β | βββββββ694 | ββββββ684,354 |
6.875%, 11/1/35 | Β | βββββ2,146 | ββββ2,142,464 |
6.95%, 3/1/33 | Β | βββββ1,621 | ββββ1,596,263 |
9.375%, 7/1/25(1) | Β | βββββββ289 | ββββββ301,811 |
Evergreen AcqCo 1 LP/TVI, Inc., 9.75%, 4/26/28(1) | Β | βββββ4,608 | ββββ4,952,310 |
Group 1 Automotive, Inc., 4.00%, 8/15/28(1) | Β | βββββ1,497 | ββββ1,381,294 |
Ken Garff Automotive LLC, 4.875%, 9/15/28(1) | Β | βββββ2,048 | ββββ1,916,744 |
LCM Investments Holdings II LLC:β | Β | Β | Β |
4.875%, 5/1/29(1) | Β | βββββ2,840 | ββββ2,562,798 |
8.25%, 8/1/31(1) | Β | βββββββ529 | ββββββ543,339 |
Lithia Motors, Inc.:β | Β | Β | Β |
3.875%, 6/1/29(1) | Β | βββββββ905 | β βββββ813,070 |
Security | Principal Amount* (000's omitted) | Value | |
Super Retail (continued) | |||
Lithia Motors, Inc.:β(continued) | Β | Β | Β |
4.375%, 1/15/31(1) | Β | βββββ3,144 | $ββββ2,821,835 |
Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29(1) | Β | βββββ6,882 | ββββ6,331,891 |
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.125%, 4/1/26(1) | Β | βββββββ473 | ββββββ461,768 |
PetSmart, Inc./PetSmart Finance Corp.:β | Β | Β | Β |
4.75%, 2/15/28(1) | Β | βββββ2,825 | ββββ2,641,399 |
7.75%, 2/15/29(1) | Β | βββββ1,886 | ββββ1,824,596 |
Sonic Automotive, Inc.:β | Β | Β | Β |
4.625%, 11/15/29(1) | Β | βββββ1,961 | ββββ1,778,062 |
4.875%, 11/15/31(1) | Β | βββββ1,634 | ββββ1,419,856 |
William Carter Co., 5.625%, 3/15/27(1) | Β | βββββ1,510 | ββββ1,484,781 |
Wolverine World Wide, Inc., 4.00%, 8/15/29(1) | Β | βββββ1,890 | ββββ1,524,568 |
Β | Β | Β | $βββ40,756,230 |
Technology β 4.9% | |||
Black Knight InfoServ LLC, 3.625%, 9/1/28(1) | Β | βββββ2,048 | $ββββ1,940,480 |
Booz Allen Hamilton, Inc.:β | Β | Β | Β |
3.875%, 9/1/28(1) | Β | βββββ2,659 | ββββ2,518,645 |
4.00%, 7/1/29(1) | Β | βββββ1,006 | ββββββ943,336 |
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 6/15/29(1) | Β | βββββ2,168 | ββββ2,227,089 |
Ciena Corp., 4.00%, 1/31/30(1) | Β | βββββ1,543 | ββββ1,422,916 |
Clarios Global LP, 6.75%, 5/15/25(1) | Β | βββββββ653 | ββββββ653,038 |
Clarios Global LP/Clarios U.S. Finance Co.:β | Β | Β | Β |
4.375%, 5/15/26(6) | EUR | βββββ2,958 | ββββ3,175,162 |
8.50%, 5/15/27(1) | Β | βββββ4,819 | ββββ4,814,827 |
Cloud Software Group, Inc.:β | Β | Β | Β |
6.50%, 3/31/29(1) | Β | βββββ3,276 | ββββ3,061,368 |
9.00%, 9/30/29(1) | Β | βββββ4,217 | ββββ3,994,982 |
Coherent Corp., 5.00%, 12/15/29(1) | Β | βββββ2,385 | ββββ2,235,508 |
Fair Isaac Corp., 4.00%, 6/15/28(1) | Β | βββββ2,227 | ββββ2,075,744 |
McAfee Corp., 7.375%, 2/15/30(1) | Β | βββββ3,642 | ββββ3,304,377 |
NCR Voyix Corp.:β | Β | Β | Β |
5.125%, 4/15/29(1) | Β | βββββ1,782 | ββββ1,668,900 |
5.25%, 10/1/30(1) | Β | βββββ1,566 | ββββ1,442,353 |
ON Semiconductor Corp., 3.875%, 9/1/28(1) | Β | βββββ3,132 | ββββ2,864,731 |
Open Text Corp., 3.875%, 2/15/28(1) | Β | βββββ1,596 | ββββ1,483,801 |
Open Text Holdings, Inc., 4.125%, 2/15/30(1) | Β | βββββ1,481 | ββββ1,341,706 |
Presidio Holdings, Inc.:β | Β | Β | Β |
4.875%, 2/1/27(1) | Β | βββββββ412 | ββββββ399,724 |
8.25%, 2/1/28(1) | Β | βββββ5,081 | ββββ5,044,702 |
Seagate HDD Cayman:β | Β | Β | Β |
4.091%, 6/1/29 | Β | βββββββ803 | β βββββ740,781 |
Β
9
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Security | Principal Amount* (000's omitted) | Value | |
Technology (continued) | |||
Seagate HDD Cayman:β(continued) | Β | Β | Β |
9.625%, 12/1/32 | Β | βββββ2,132 | $ββββ2,451,138 |
Sensata Technologies BV, 5.00%, 10/1/25(1) | Β | βββββββ842 | ββββββ838,880 |
Sensata Technologies, Inc., 3.75%, 2/15/31(1) | Β | βββββ3,219 | ββββ2,797,961 |
SS&C Technologies, Inc., 5.50%, 9/30/27(1) | Β | βββββββ961 | ββββββ944,277 |
Viavi Solutions, Inc., 3.75%, 10/1/29(1) | Β | βββββ2,295 | ββββ2,001,871 |
VM Consolidated, Inc., 5.50%, 4/15/29(1) | Β | βββββ4,657 | ββββ4,445,828 |
Β | Β | Β | $βββ60,834,125 |
Telecommunications β 2.6% | |||
Altice Financing SA:β | Β | Β | Β |
5.00%, 1/15/28(1) | Β | βββββ1,945 | $ββββ1,749,105 |
5.75%, 8/15/29(1) | Β | βββββ1,253 | ββββ1,093,301 |
Altice France SA:β | Β | Β | Β |
5.50%, 1/15/28(1) | Β | βββββ1,052 | ββββββ822,193 |
8.125%, 2/1/27(1) | Β | βββββ2,563 | ββββ2,292,716 |
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/1/26(1) | Β | βββββ5,756 | ββββ5,629,786 |
Iliad Holding SASU:β | Β | Β | Β |
6.50%, 10/15/26(1) | Β | βββββ3,437 | ββββ3,371,465 |
7.00%, 10/15/28(1) | Β | βββββ1,592 | ββββ1,580,550 |
LCPR Senior Secured Financing DAC:β | Β | Β | Β |
5.125%, 7/15/29(1) | Β | βββββ2,163 | ββββ1,905,149 |
6.75%, 10/15/27(1) | Β | βββββββ425 | ββββββ409,707 |
Level 3 Financing, Inc., 4.25%, 7/1/28(1) | Β | βββββ2,084 | ββββ1,177,460 |
Sprint Capital Corp., 6.875%, 11/15/28 | Β | βββββ1,985 | ββββ2,145,886 |
Sprint LLC, 7.625%, 2/15/25 | Β | βββββ1,145 | ββββ1,165,408 |
Viasat, Inc., 5.625%, 4/15/27(1) | Β | βββββββ888 | ββββββ834,649 |
Virgin Media Finance PLC, 5.00%, 7/15/30(1) | Β | βββββ2,529 | ββββ2,260,369 |
Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(6) | GBP | βββββ1,106 | ββββ1,283,687 |
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28(1) | Β | βββββ2,420 | ββββ2,280,047 |
Ziggo BV, 4.875%, 1/15/30(1) | Β | βββββ2,756 | ββββ2,467,127 |
Β | Β | Β | $βββ32,468,605 |
Transport Excluding Air & Rail β 0.3% | |||
Seaspan Corp., 5.50%, 8/1/29(1) | Β | βββββ4,486 | $ββββ3,822,521 |
Β | Β | Β | $ββββ3,822,521 |
Utility β 3.5% | |||
Calpine Corp.:β | Β | Β | Β |
4.50%, 2/15/28(1) | Β | βββββ1,810 | $ββββ1,722,644 |
4.625%, 2/1/29(1) | Β | βββββ2,060 | ββββ1,906,361 |
5.00%, 2/1/31(1) | Β | βββββββ420 | β βββββ381,408 |
Security | Principal Amount* (000's omitted) | Value | |
Utility (continued) | |||
Calpine Corp.:β(continued) | Β | Β | Β |
5.125%, 3/15/28(1) | Β | βββββ4,304 | $ββββ4,110,841 |
Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 4/1/29(1) | Β | βββββ5,178 | ββββ5,078,510 |
FirstEnergy Corp.:β | Β | Β | Β |
2.65%, 3/1/30 | Β | βββββββ750 | ββββββ652,331 |
Series B, 4.15%, 7/15/27 | Β | βββββ2,275 | ββββ2,186,390 |
Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29(1) | Β | βββββ2,400 | ββββ2,170,114 |
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1) | Β | βββββ1,628 | ββββ1,530,258 |
NRG Energy, Inc.:β | Β | Β | Β |
3.875%, 2/15/32(1) | Β | βββββ3,164 | ββββ2,716,167 |
5.25%, 6/15/29(1) | Β | βββββ3,247 | ββββ3,116,276 |
10.25% to 3/15/28(1)(7)(8) | Β | βββββ2,762 | ββββ2,913,300 |
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28(1) | Β | βββββ2,196 | ββββ2,048,618 |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 6/1/31(1) | Β | βββββ2,345 | ββββ2,109,668 |
TerraForm Power Operating LLC, 5.00%, 1/31/28(1) | Β | βββββ3,331 | ββββ3,213,349 |
TransAlta Corp., 7.75%, 11/15/29 | Β | βββββ3,684 | ββββ3,876,194 |
Vistra Operations Co. LLC:β | Β | Β | Β |
4.375%, 5/1/29(1) | Β | βββββ2,094 | ββββ1,924,508 |
5.00%, 7/31/27(1) | Β | βββββ2,344 | ββββ2,272,961 |
Β | Β | Β | $βββ43,929,898 |
Total Corporate Bonds (identified cost $1,105,606,765) | Β | Β | $1,075,496,475 |
Β Β Β Β
Exchange-Traded Funds β 0.5% |
Security | Shares | Value | |
Fixed Income Funds β 0.5% | |||
iShares Broad USD High Yield Corporate Bond ETF | Β | βββ171,504 | $ββββ6,258,181 |
Total Exchange-Traded Funds (identified cost $6,119,103) | Β | Β | $ββββ6,258,181 |
Β Β Β Β
Β
10
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Preferred Stocks β 0.3% |
Security | Shares | Value | |
Services β 0.3% | |||
WESCO International, Inc., Series A, 10.625% to 6/22/25(8) | Β | βββ147,488 | $ββββ3,954,153 |
Total Preferred Stocks (identified cost $4,129,729) | Β | Β | $ββββ3,954,153 |
Β Β Β Β
Senior Floating-Rate Loans β 4.8%(12) |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Aerospace β 0.1% | |||
TransDigm, Inc., Term Loan, 8.598%, (SOFR + 3.25%), 8/24/28 | $ | βββββ1,691 | $ββββ1,694,610 |
Β | Β | Β | $ββββ1,694,610 |
Air Transportation β 0.5% | |||
Air Canada, Term Loan, 9.139%, (SOFR + 3.50%), 8/11/28 | $ | βββββ2,662 | $ββββ2,668,560 |
Mileage Plus Holdings LLC, Term Loan, 10.77%, (SOFR + 5.25%), 6/21/27 | Β | βββββ3,040 | ββββ3,137,191 |
Β | Β | Β | $ββββ5,805,751 |
Broadcasting β 0.2% | |||
ABG Intermediate Holdings 2 LLC, Term Loan, 8.933%, (SOFR + 3.50%), 12/21/28 | $ | βββββ2,269 | $ββββ2,278,472 |
Β | Β | Β | $ββββ2,278,472 |
Capital Goods β 0.3% | |||
DexKo Global, Inc., Term Loan, 9.598%, (SOFR + 4.25%), 10/4/28 | $ | βββββ1,501 | $ββββ1,501,563 |
EMRLD Borrower LP, Term Loan, 8.313%, (SOFR + 3.00%), 5/31/30 | Β | βββββ2,527 | ββββ2,530,763 |
Β | Β | Β | $ββββ4,032,326 |
Diversified Financial Services β 0.2% | |||
Peninsula Pacific Entertainment LLC, Term Loan, 13.00%, 12/24/29(4)(13) | $ | βββββ2,428 | $ββββ2,427,543 |
Β | Β | Β | $ββββ2,427,543 |
Gaming β 0.3% | |||
Spectacle Gary Holdings LLC, Term Loan, 9.748%, (SOFR + 4.25%), 12/11/28 | $ | βββββ4,126 | $ββββ4,051,386 |
Β | Β | Β | $ββββ4,051,386 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Healthcare β 1.2% | |||
athenahealth Group, Inc., Term Loan, 8.583%, (SOFR + 3.25%), 2/15/29 | $ | βββββ1,768 | $ββββ1,746,550 |
Bausch & Lomb Corp., Term Loan, 8.683%, (SOFR + 3.25%), 5/10/27 | Β | βββββ2,212 | ββββ2,164,902 |
Jazz Financing Lux SARL, Term Loan, 8.447%, (SOFR + 3.00%), 5/5/28 | Β | βββββ2,592 | ββββ2,593,304 |
Pluto Acquisition I, Inc., Term Loan, 9.65%, (SOFR + 4.00%), 6/22/26 | Β | βββββ4,167 | ββββ3,396,120 |
Verscend Holding Corp., Term Loan, 9.447%, (SOFR + 4.00%), 8/27/25 | Β | βββββ5,095 | ββββ5,105,323 |
Β | Β | Β | $βββ15,006,199 |
Leisure β 0.2% | |||
Peloton Interactive, Inc., Term Loan, 12.477%, (SOFR + 7.00%), 5/25/27 | $ | βββββ2,056 | $ββββ2,079,679 |
Β | Β | Β | $ββββ2,079,679 |
Restaurant β 0.5% | |||
IRB Holding Corp., Term Loan, 8.083%, (SOFR + 2.75%), 12/15/27 | $ | βββββ6,946 | $ββββ6,932,667 |
Β | Β | Β | $ββββ6,932,667 |
Services β 0.6% | |||
AlixPartners LLP, Term Loan, 8.197%, (SOFR + 2.75%), 2/4/28 | $ | βββββ7,117 | $ββββ7,123,405 |
Β | Β | Β | $ββββ7,123,405 |
Super Retail β 0.4% | |||
Mavis Tire Express Services Corp., Term Loan, 9.083%, (SOFR + 3.75%), 5/4/28 | $ | βββββ2,359 | $ββββ2,358,903 |
PetSmart, Inc., Term Loan, 9.183%, (SOFR + 3.75%), 2/11/28 | Β | βββββ2,317 | ββββ2,309,168 |
Β | Β | Β | $ββββ4,668,071 |
Technology β 0.3% | |||
Clarios Global LP, Term Loan, 8.333%, (SOFR + 3.00%), 5/6/30 | $ | βββββ1,416 | $ββββ1,418,212 |
Riverbed Technology, Inc., Term Loan, 9.85%, (SOFR + 4.50%), 7.85% cash, 2.00% PIK, 7/1/28 | Β | βββββββ503 | ββββββ345,142 |
Travelport Finance (Luxembourg) SARL, Term Loan, 13.61%, (SOFR + 7.00%), 9/30/28 | Β | βββββ2,436 | ββββ2,333,864 |
Β | Β | Β | $ββββ4,097,218 |
Total Senior Floating-Rate Loans (identified cost $60,586,926) | Β | Β | $βββ60,197,327 |
Β Β Β Β
Β
11
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Miscellaneous β 0.4% |
Security | Principal Amount/ Shares | Value | |
Cable & Satellite TV β 0.0% | |||
ACC Claims Holdings LLC(4) | Β | β8,415,190 | $ββββββββββββ0 |
Β | Β | Β | $ββββββββββββ0 |
Diversified Media β 0.0% | |||
National CineMedia, Inc., Escrow Certificates(3)(4) | $ | β1,660,000 | $ββββββββββββ0 |
Β | Β | Β | $ββββββββββββ0 |
Gaming β 0.4% | |||
PGP Investors, LLC, Membership Interests(3)(4)(5) | Β | ββββ15,849 | $ββββ4,616,453 |
Β | Β | Β | $ββββ4,616,453 |
Services β 0.0%(14) | |||
Hertz Corp., Escrow Certificates(1)(3) | $ | βββ502,000 | $βββββββ47,690 |
Β | Β | Β | $βββββββ47,690 |
Total Miscellaneous (identified cost $0) | Β | Β | $ββββ4,664,143 |
Β Β Β Β
Short-Term Investments β 3.9% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(15) | Β | 48,799,024 | $βββ48,799,024 |
Total Short-Term Investments (identified cost $48,799,024) | Β | Β | $βββ48,799,024 |
Total Investments β 99.1% (identified cost $1,262,422,409) | Β | Β | $1,236,393,538 |
Other Assets, Less Liabilities β 0.9% | Β | Β | $βββ11,635,396 |
Net Assets β 100.0% | Β | Β | $1,248,028,934 |
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) | 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 January 31, 2024, the aggregate value of these securities is $945,374,094 or 75.7% of the Portfolio's net assets. |
(2) | Variable rate security. The stated interest rate represents the rate in effect at January 31, 2024. |
(3) | Non-income producing security. |
(4) | For fair value measurement disclosure purposes, security is categorized as Level 3. |
(5) | Restricted security. |
(6) | 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 January 31, 2024, the aggregate value of these securities is $28,348,557 or 2.3% of the Portfolio's net assets. |
(7) | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
(8) | Security converts to variable rate after the indicated fixed-rate coupon period. |
(9) | Issuer is in default with respect to interest and/or principal payments. |
(10) | When-issued security. |
(11) | Represents a payment-in-kind security which may pay interest in additional principal at the issuerβs discretion. |
(12) | 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 Secured Overnight Financing Rate (βSOFRβ) (or the London Interbank Offered Rate (βLIBORβ) for those loans whose rates reset prior to the discontinuance of LIBOR on June 30, 2023) and secondarily, the prime rate offered by one or more major United States banks (the βPrime Rateβ). 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. |
(13) | Fixed-rate loan. |
(14) | Amount is less than 0.05%. |
(15) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2024. |
Β
12
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Forward Foreign Currency Exchange Contracts (OTC)β | |||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 7,870,067 | EUR | 7,256,220 | Goldman Sachs International | 4/30/24 | $ββ | $(1,211) |
USD | 7,999,030 | EUR | 7,376,552 | Goldman Sachs International | 4/30/24 | ββ | (2,780) |
USD | 8,394,702 | EUR | 7,740,130 | HSBC Bank USA, N.A. | 4/30/24 | ββ | (1,504) |
USD | 1,291,638 | GBP | 1,018,534 | HSBC Bank USA, N.A. | 4/30/24 | 50 | ββββ |
Β | Β | Β | Β | Β | Β | $50 | $(5,495) |
Abbreviations: | |
OTC | ββOver-the-counter |
PIK | ββPayment In Kind |
SOFR | ββSecured Overnight Financing Rate |
Currency Abbreviations: | |
EUR | ββEuro |
GBP | ββBritish Pound Sterling |
USD | ββUnited States Dollar |
Β
At January 31, 2024, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.
The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.
Restricted Securities
At January 31, 2024, the Portfolio owned the following securities (representing 0.5% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trusteesβ valuation designee.
Description | Date(s) of Acquisition | Shares | Cost | Value |
Common Stocks | Β | Β | Β | Β |
Ascent CNR Corp., Class A | 4/25/16, 11/16/16 | 6,273,462 | $ββββββββ0 | $1,380,162 |
iFIT Health and Fitness, Inc. | 10/6/22 | ββ514,080 | 1,799,280 | ββββββββ0 |
New Cotai Participation Corp., Class B | 4/12/13 | ββββββββ7 | ββ216,125 | ββββββββ0 |
Total Common Stocks | Β | Β | $2,015,405 | $1,380,162 |
Miscellaneous | Β | Β | Β | Β |
PGP Investors, LLC, Membership Interests | 2/18/15, 4/23/18, 12/17/21 | βββ15,849 | $ββββββββ0 | $4,616,453 |
Total Miscellaneous | Β | Β | $0 | $4,616,453 |
Total Restricted Securities | Β | Β | $2,015,405 | $5,996,615 |
13
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Affiliated Investments
At January 31, 2024, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $48,799,024, which represents 3.9% of the Portfolio'sΒ net assets. Transactions in such investments by the Portfolio for the fiscal year to date ended January 31, 2024 were as follows:
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 Investmentsβ | ||||||||
Liquidity Fund, Institutional Class(1) | $37,843,239 | $156,727,389 | $(145,771,604) | $ββ | $ββ | $48,799,024 | $586,651 | 48,799,024 |
(1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
β’ | Level 1 β quoted prices in active markets for identical investments |
β’ | Level 2 β other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
β’ | Level 3 β significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At January 31, 2024, the hierarchy of inputs used in valuing the Portfolioβs investments and open derivative instruments, which are carried at fair value, were as follows:
Asset Descriptionβ | Level 1 | Level 2 | Level 3* | Total |
Asset-Backed Securities | $ββββββββ | $βββ20,014,632 | $βββββββ | $βββ20,014,632 |
Common Stocks | β6,671,593 | βββββββββββ | 1,380,162 | ββββ8,051,755 |
Convertible Bonds | ββββββββ | ββββ8,957,848 | βββββββ | ββββ8,957,848 |
Corporate Bonds | ββββββββ | 1,075,496,475 | βββββββ | 1,075,496,475 |
Exchange-Traded Funds | β6,258,181 | βββββββββββ | βββββββ | ββββ6,258,181 |
Preferred Stocks | β3,954,153 | βββββββββββ | βββββββ | ββββ3,954,153 |
Senior Floating-Rate Loans | ββββββββ | βββ57,769,784 | 2,427,543 | βββ60,197,327 |
Miscellaneous | ββββββββ | βββββββ47,690 | 4,616,453 | ββββ4,664,143 |
Short-Term Investments | 48,799,024 | βββββββββββ | βββββββ | βββ48,799,024 |
Total Investments | $65,682,951 | $1,162,286,429 | $8,424,158 | $1,236,393,538 |
Forward Foreign Currency Exchange Contracts | $ββββββββ | $βββββββββββ50 | $βββββββ | $βββββββββββ50 |
Total | $65,682,951 | $1,162,286,479 | $8,424,158 | $1,236,393,588 |
Liability Descriptionβ | Β | Β | Β | Β |
Forward Foreign Currency Exchange Contracts | $ββββββββ | $βββββββ(5,495) | $βββββββ | $βββββββ(5,495) |
Total | $ββββββββ | $βββββββ(5,495) | $βββββββ | $βββββββ(5,495) |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio. |
14
High Income Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)Β βΒ continued
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended January 31, 2024 is not presented.
For information on the Portfolioβs policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolioβs most recent financial statements included in its semiannual or annual report to shareholders.
15