Global High Income Bond Fund - Advisor Class
Advisor Class
PAIHX
The fund invests primarily in global, below-investment grade corporate debt securities. The Fund normally invests at least 80% of its net assets in bonds and 50% in foreign securities. The Fund may invest up to 20% of its net assets in bank loans.
Morningstar (Category)
Morningstar
(Overall Rating)1
High Yield Bond
(627 funds)
Data as of 12/31/2020
Data as of 12/31/2020
Fund Manager Tenure2
Net Assets3
(USD)
5yrs
$204.9m
Data as of 12/31/2020
Data as of 12/31/2020
Price
(USD)
Daily Price Change
$10.19
$0.00
Data as of 01/15/2021
Data as of 01/15/2021
Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.
Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.
Strategy
Investment Objective
The fund seeks high income and, secondarily, capital appreciation.Morningstar Fixed Income Style
Low / Limited
Data as of 12/31/2020
The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.
Morningstar Rating
| Period | Rating | Funds In Category (High Yield Bond) |
|---|---|---|
| Overall | 627 | |
| 3 Years | 627 | |
| 5 Years | 554 | |
| 10 Years | N/A | 351 |
The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.
Yields & Dividends (Advisor Class)
30-Day SEC Standardized Yield
with waiver
3.70%Data as of 12/31/2020
without waiver
3.47%Data as of 12/31/2020
30-Day Annualized Dividend Yield
with waiver
4.45%Data as of 01/15/2021
Monthly Dividend
(USD)
$0.045981065
Data as of 12/31/2020
Monthly Dividend
Rate
0.02%
Data as of 01/15/2021
Average Annual Total Returns (Advisor Class)
1 YR
5.64% 5.64%Benchmark
6.61% 6.61%Value
-0.97% -0.97%Data as of 12/31/2020
Data as of 12/31/2020
3 YR
5.72% 5.72%Benchmark
6.20% 6.20%Value
-0.48% -0.48%5 YR
8.08% 8.08%Benchmark
8.50% 8.50%Value
-0.42% -0.42%Since Inception
6.62% 6.62%Benchmark
6.75% 6.75%Value
-0.13% -0.13%Expense Ratio
Gross
1.36%Net
1.00%Limitation Type
Contractual
expires 04/30/2021
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.
The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement. If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above. Expense ratios are as of the most recent prospectus.
Current Year Performance (Advisor Class)
Daily YTD
0.28%Benchmark
0.16%Value
0.12%Data as of 01/15/2021
Monthly YTD
5.64%Benchmark
6.61%Value
-0.97%Data as of 12/31/2020
One Month
1.85%Benchmark
1.89%Value
-0.04%Three Months
6.67%Benchmark
6.59%Value
0.08%Asset Allocation
Net Assets
(USD)
$204.9m
Largest
Global ex-US Bonds
48.13%
$98.6m
Other
View complete Asset Allocation
Holdings
Total
Holdings
291
Largest Holding
General Electric
0.97%
Was (09/30/2020)
0.67%
Other
View complete Full Holdings
Quality
N/A
Maturity
Weighted Average
6.19 YearsDuration
Weighted Average
3.29 YearsTop
B Rated
33.09%
Was
(11/30/2020)
30.63%
Top
3-5 Years
31.39%
Was
(11/30/2020)
31.39%
Top
1-3 Years
34.57%
Was
(11/30/2020)
34.62%
Over
BB/B Rated
By 12.35%
Fund
12.35%
Benchmark
0.00%
Over
7-10 Years
By 8.66%
Fund
25.50%
Benchmark
16.84%
Over
Under 1 Year
By 4.70%
Fund
18.06%
Benchmark
13.36%
Under
BB Rated
By -34.80%
Fund
26.01%
Benchmark
60.81%
Under
1-3 Years
By -12.24%
Fund
6.70%
Benchmark
18.93%
Under
1-3 Years
By -4.17%
Fund
34.57%
Benchmark
38.74%
Industry
Total
Industries
29
Largest Industry
Energy
11.76%
Was (11/30/2020)
11.60%
Other
View complete Industry Diversification
Over
Cable Operators
By 5.03%
Fund
8.16%
Benchmark
3.13%
Under
Other Telecommunications
By -2.79%
Fund
1.28%
Benchmark
4.07%
Team (As of )
Michael Della Vedova
Co-Portfolio Manager
Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
- Fund manager
since 2015 - Years at
T. Rowe Price 11 - Years investment
experience 27
Michael Connelly, CFA
Co-Portfolio Manager
Michael Connelly is a portfolio manager in the Fixed Income Division, co-managing the Global High Income Bond Strategy. He also contributes to the U.S. Core, U.S. Core Plus, and Global Multi-Sector Bond Strategies. He is a cochairman of the Investment Advisory Committee for the Global High Income Bond Fund and a member of the Sector Strategy Advisory Group. Michael is a vice president of T. Rowe Price Associates, Inc., and T. Rowe Price Group, Inc.
- Years at
T. Rowe Price 15 - Years investment
experience 21
Samy Muaddi, CFA
Co-Portfolio Manager
Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the lead manager of the Emerging Markets Corporate Bond and Asia Credit Bond Strategies and co-manages the Emerging Markets Bond and Global High Income Bond Strategies. Samy also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
- Years at
T. Rowe Price 14 - Years investment
experience 14
Gregor T. Dannacher, CFA
Portfolio Specialist
Gregor Dannacher is a global credit portfolio specialist in the Fixed Income Division. He supports the Multi-Asset Credit, Global High Income, Global High Yield, US High Yield, Global Loan, and US Investment-Grade Strategies, working closely with clients, prospects, and consultants. Gregor is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
- Years at
T. Rowe Price 5 - Years investment
experience 28
For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.
How to Invest
View platform information| Share Class | Min Initial Investment (USD) | Min Subsequent Investment (USD) | 12b-1 Fee | Expense Ratio | |||
|---|---|---|---|---|---|---|---|
| Gross | Net | Limitation Type | Limitation Expiration Date | ||||
|
Advisor Class Cusip 77956H542 |
$2,500 | $100 | 0.25% | 1.36% | 1.00% | Contractual | 04/30/2021 |
|
Investor Class Cusip 77956H559 |
$2,500 | $100 | 0.00% | 0.96% | 0.79% |
Contractual |
04/30/2021 |
|
I Class Cusip 77956H476 |
$1,000,000* | N/A | 0.00% | 0.82% | 0.64% |
Contractual |
04/30/2022 |
* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.
Benefits & Risks
- The fund seeks to deliver greater income potential than traditional higher quality fixed income securities in exchange for higher credit risk.
- Provides investors access to a fully global corporate high yield opportunity set.
- Hedges non-U.S. dollar denominated securities to help mitigate potential foreign exchange risk.
- All investments are subject to risk, including the possible loss of principal. Fixed-income securities are subject to credit risk (high-yield bonds carry a greater default risk than higher-rated bonds), liquidity risk, call risk, and interest-rate risk. Yield and share price will vary with interest rate changes.
- The investments in high-yield bonds, bank loans, and foreign securities, including those of emerging markets, involve additional risks. "
- Stable or improving earnings and/or cash flow and sound or improving balance sheet
Investor Profile
- Suitable for investors seeking a high level of current income and some appreciation potential and willing to accept the possibility of fluctuations in principal value. The fund should not represent a significant portion of your assets.
- Appropriate for both regular and tax-deferred accounts, such as IRAs.
Risk/Return Characteristics
Data as of 12/31/2020
| Risk/Return (5 Years) | Fund | ICE BofAML Global High Yield Index Hedged to USD |
|---|---|---|
| Alpha | -1.21% | 0.00% |
| Beta | 1.13 | 1.00 |
| R-Squared | 0.97 | 1.00 |
| Annualized Std. Deviation | 9.07% | 7.94% |
| Information Ratio | -0.23 | 0.00 |
| Sharpe Ratio | 0.76 | 0.92 |
| Tracking Error | 1.80% | 0.00% |
Asset Allocation (12/31/2020)
| Category | % of Total Net Assets | Market Value (USD) |
|---|---|---|
| Convertibles | 2.68% | $5,490,171.19 |
| Global ex-US Bonds | 48.13% | $98,597,738.58 |
| Reserves | 3.02% | $6,186,685.45 |
| US Bonds | 46.16% | $94,562,053.05 |
| US Stock | 0.02% | $40,971.43 |
| Total Allocation | $204,857,133.98 |
Numbers may not total due to rounding; all numbers are percentages.
Holdings (12/31/2020)
| Security Name | % of Fund | Prev Qtr Change | Value | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|
| General Electric | 0.97% | 0.30% | $1,980,548.92 | Corporate Securities | Conglomerates | United States | 5.00% | Baa3 | 06/15/2169 | 0.04 |
| Nexa Resources | 0.89% | -0.05% | $1,823,294.39 | Corporate Securities | Metals & Mining | Peru | 6.50% | Ba2 | 01/18/2028 | 5.45 |
| ABJA Investment Co Pte | 0.82% | 0.13% | $1,686,527.27 | Corporate Securities | Metals & Mining | India | 5.45% | NR | 01/24/2028 | 5.72 |
| Petroleos Mexicanos | 0.82% | -0.01% | $1,671,154.93 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | Ba2 | 03/13/2027 | 5.00 |
| Summer BidCo BV | 0.78% | -0.08% | $1,605,424.86 | Corporate Securities | Wireless Communications | Netherlands | 9.75% | NR | 11/15/2025 | 0.36 |
| OmGrid Funding | 0.78% | 0.60% | $1,603,405.78 | Corporate Securities | Utilities | Oman | 5.20% | Ba3 | 05/16/2027 | 5.27 |
| Jerrold Finco | 0.76% | 0.02% | $1,558,812.20 | Corporate Securities | Financial | United Kingdom | 4.88% | NR | 01/15/2026 | 4.31 |
| Navient | 0.75% | -0.24% | $1,543,273.24 | Corporate Securities | Financial | United States | 6.75% | Ba3 | 06/15/2026 | 4.57 |
| Times China Holdings | 0.75% | -0.03% | $1,534,768.48 | Corporate Securities | Building & Real Estate | China | 6.20% | B1 | 03/22/2026 | 3.24 |
| Csn Resources | 0.75% | -0.10% | $1,532,903.38 | Corporate Securities | Metals & Mining | Brazil | 7.63% | B2 | 02/13/2023 | 0.11 |
| Petrobras Global Finance BV | 0.73% | -0.02% | $1,505,198.94 | Corporate Securities | Energy | Brazil | 6.75% | Ba2 | 06/03/2050 | 14.23 |
| Vivo Energy Investments BV | 0.73% | -0.06% | $1,490,893.48 | Corporate Securities | Energy | Morocco | 5.13% | Baa3 | 09/24/2027 | 2.50 |
| Dave & Buster s | 0.72% | N/A | $1,480,497.60 | Corporate Securities | Restaurants | United States | 7.63% | Caa1 | 11/01/2025 | 3.26 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.72% | -0.02% | $1,467,426.62 | Corporate Securities | Supermarkets | United States | 4.88% | B1 | 02/15/2030 | 3.68 |
| Occidental Petroleum | 0.70% | -0.02% | $1,439,169.71 | Corporate Securities | Energy | United States | 6.63% | Ba2 | 09/01/2030 | 6.78 |
| Asurion | 0.70% | -0.10% | $1,427,350.38 | Corporate Securities | Wireless Communications | United States | 6.65% | B3 | 08/04/2025 | 0.25 |
| Targa Resources | 0.70% | -0.09% | $1,426,737.13 | Energy | Energy | United States | 9.50% | NR | 11/13/2169 | 1.06 |
| Seven Generations Energy | 0.68% | -0.04% | $1,402,775.86 | Corporate Securities | Energy | Canada | 5.38% | Ba3 | 09/30/2025 | 2.50 |
| MDC Partners | 0.68% | 0.17% | $1,402,130.66 | Corporate Securities | Broadcasting | United States | 6.50% | B3 | 05/01/2024 | 1.24 |
| Petroleos Mexicanos | 0.68% | -0.01% | $1,389,280.29 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.75% | Ba2 | 09/21/2047 | 11.64 |
| Genworth Mortgage Holdings | 0.68% | 0.35% | $1,384,866.16 | Corporate Securities | Financial | United States | 6.50% | Ba3 | 08/15/2025 | 3.54 |
| Victoria | 0.67% | -0.02% | $1,380,157.76 | Corporate Securities | Building Products | United Kingdom | 5.25% | B1 | 07/15/2024 | 0.51 |
| Peach Property Finance GmbH | 0.67% | N/A | $1,374,015.70 | Corporate Securities | Financial | United States | 4.38% | Ba3 | 11/15/2025 | 1.75 |
| Iceland Bondco | 0.67% | 0.23% | $1,370,290.67 | Corporate Securities | Supermarkets | United Kingdom | 4.63% | B2 | 03/15/2025 | 1.60 |
| ADMI | 0.65% | N/A | $1,334,666.25 | Corporate Securities | Healthcare | United States | 4.75% | B2 | 12/23/2027 | N/A |
| HTA Group Ltd/Mauritius | 0.65% | -0.09% | $1,328,625.58 | Corporate Securities | Media & Communications | Congo, Democratic Republic Of | 7.00% | B2 | 12/18/2025 | 1.38 |
| Blackstone Mortgage Trust | 0.64% | -0.09% | $1,311,221.91 | Financial | Financial | United States | 4.38% | NR | 05/05/2022 | 1.28 |
| Ford Motor | 0.64% | 0.16% | $1,302,100.39 | Corporate Securities | Automotive | United States | 9.00% | Ba2 | 04/22/2025 | 3.56 |
| Photo Holdings Merger Sub | 0.63% | 0.47% | $1,297,148.55 | Corporate Securities | Information Technology | United States | 8.50% | B2 | 10/01/2026 | 3.13 |
| Leaseplan | 0.63% | -0.03% | $1,294,498.17 | Corporate Securities | Automotive | Netherlands | 7.38% | Ba3 | 11/29/2169 | 2.94 |
| Cheniere Energy | 0.63% | -0.01% | $1,292,097.41 | Corporate Securities | Energy | United States | 4.63% | Ba3 | 10/15/2028 | 2.57 |
| Netflix | 0.63% | -0.01% | $1,290,957.03 | Corporate Securities | Cable Operators | United States | 4.63% | Ba3 | 05/15/2029 | 7.01 |
| Teva Pharmaceutical Finance Netherlands II BV | 0.63% | -0.02% | $1,288,121.00 | Corporate Securities | Healthcare | Israel | 6.00% | Ba2 | 01/31/2025 | 3.30 |
| Matador Resources | 0.63% | 0.30% | $1,285,284.13 | Corporate Securities | Energy | United States | 5.88% | B3 | 09/15/2026 | 4.67 |
| US Renal Care | 0.61% | N/A | $1,248,107.03 | Corporate Securities | Healthcare | United States | 10.63% | Caa2 | 07/15/2027 | 1.35 |
| Altice Financing | 0.60% | -0.01% | $1,231,697.41 | Corporate Securities | Cable Operators | Luxembourg | 3.00% | B2 | 01/15/2028 | 6.07 |
| C&W Senior Financing DAC | 0.59% | -0.09% | $1,212,788.00 | Corporate Securities | Cable Operators | Panama | 7.50% | B2 | 10/15/2026 | 0.75 |
| Banco do Brasil SA/Cayman | 0.59% | -0.09% | $1,201,002.40 | Corporate Securities | Banking | Brazil | 9.00% | B2 | 12/18/2169 | 2.98 |
| Bellring Brands | 0.58% | -0.13% | $1,185,058.82 | Corporate Securities | Food | United States | 6.00% | B2 | 10/21/2024 | 0.25 |
| Hughes Satellite Systems | 0.58% | -0.05% | $1,180,695.04 | Corporate Securities | Satellites | United States | 6.63% | B2 | 08/01/2026 | 4.60 |
| Health & Happiness H&H International Holdings | 0.58% | -0.08% | $1,179,877.95 | Corporate Securities | Consumer Products | China | 5.63% | Ba3 | 10/24/2024 | 0.78 |
| JSW Steel | 0.57% | -0.07% | $1,163,719.45 | Corporate Securities | Metals & Mining | India | 5.95% | Ba2 | 04/18/2024 | 2.95 |
| Kernel Holding | 0.57% | N/A | $1,159,375.69 | Corporate Securities | Food Processing | Ukraine | 6.75% | NR | 10/27/2027 | 4.06 |
| FAGE International SA / FAGE USA Dairy Industry | 0.56% | -0.04% | $1,152,246.26 | Corporate Securities | Food | United States | 5.63% | B2 | 08/15/2026 | 3.18 |
| Intelsat Jackson Holdings | 0.56% | -0.01% | $1,146,138.03 | Corporate Securities | Satellites | United States | 9.50% | NR | 09/30/2022 | 1.59 |
| Adaro Indonesia PT | 0.56% | -0.06% | $1,143,841.35 | Corporate Securities | Metals & Mining | Indonesia | 4.25% | Ba1 | 10/31/2024 | 3.49 |
| EQT | 0.56% | N/A | $1,141,548.07 | Corporate Securities | Energy | United States | 8.75% | Ba3 | 02/01/2030 | 6.24 |
| Terraform Global Operating | 0.56% | -0.07% | $1,139,750.07 | Corporate Securities | Utilities | United States | 6.13% | Ba3 | 03/01/2026 | 1.97 |
| Bausch Health | 0.55% | N/A | $1,125,716.76 | Corporate Securities | Healthcare | United States | 7.25% | B3 | 05/30/2029 | 3.02 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.55% | -0.02% | $1,121,318.94 | Corporate Securities | Supermarkets | United States | 3.50% | B1 | 03/15/2029 | 4.26 |
| Sofima Holding | 0.55% | N/A | $1,121,022.58 | Corporate Securities | Financial | Italy | 3.75% | B2 | 01/15/2028 | 2.80 |
| Virgin Media Secured Finance | 0.55% | -0.01% | $1,118,867.91 | Corporate Securities | Cable Operators | United Kingdom | 4.25% | Ba3 | 01/15/2030 | 4.27 |
| Hyland Software | 0.54% | -0.16% | $1,115,264.30 | Corporate Securities | Information Technology | United States | 7.75% | Caa1 | 07/07/2025 | 0.25 |
| Lorca Telecom Bondco | 0.54% | 0.17% | $1,114,677.17 | Corporate Securities | Wireless Communications | Spain | 4.00% | B1 | 09/18/2027 | 2.53 |
| Tenet Healthcare | 0.54% | -0.02% | $1,095,988.50 | Corporate Securities | Healthcare | United States | 6.88% | Caa1 | 11/15/2031 | 7.64 |
| Cirsa Finance International Sarl | 0.53% | -0.01% | $1,094,911.63 | Corporate Securities | Gaming | Spain | 6.25% | B3 | 12/20/2023 | 1.34 |
| Kaisa Group Holdings | 0.53% | -0.09% | $1,093,343.41 | Corporate Securities | Building & Real Estate | China | 11.25% | B2 | 04/09/2022 | 0.26 |
| Altice Finco | 0.53% | -0.01% | $1,086,503.29 | Corporate Securities | Cable Operators | Luxembourg | 4.75% | Caa1 | 01/15/2028 | 5.61 |
| Vertical Holdco GmbH | 0.53% | -0.03% | $1,083,860.49 | Corporate Securities | Services | Germany | 6.63% | Caa1 | 07/15/2028 | 2.21 |
| Diamond BC BV | 0.53% | -0.03% | $1,079,970.08 | Corporate Securities | Chemicals | United States | 5.63% | Caa2 | 08/15/2025 | 0.58 |
| Pactiv | 0.52% | -0.06% | $1,075,091.52 | Corporate Securities | Container | United States | 8.38% | Caa1 | 04/15/2027 | 4.94 |
| TransDigm | 0.51% | -0.02% | $1,045,683.78 | Corporate Securities | Aerospace & Defense | United States | 6.25% | Ba3 | 03/15/2026 | 1.13 |
| Bausch Health Americas | 0.50% | -0.06% | $1,033,269.68 | Corporate Securities | Healthcare | United States | 8.50% | B3 | 01/31/2027 | 1.44 |
| Chobani Llc / Chobani Finance | 0.50% | N/A | $1,032,107.14 | Corporate Securities | Food | United States | 7.50% | Caa2 | 04/15/2025 | 0.28 |
| Mauser Packaging Solutions Holding | 0.50% | -0.03% | $1,030,535.72 | Corporate Securities | Container | United States | 7.25% | Caa3 | 04/15/2025 | 1.19 |
| Range Resources | 0.50% | N/A | $1,029,442.49 | Corporate Securities | Energy | United States | 9.25% | B3 | 02/01/2026 | 3.25 |
| Terrier Media Buyer | 0.50% | -0.04% | $1,018,113.32 | Corporate Securities | Broadcasting | United States | 8.88% | Caa1 | 12/15/2027 | 1.78 |
| Yanlord Land HK | 0.49% | 0.10% | $1,010,371.64 | Corporate Securities | Building & Real Estate | China | 6.75% | Ba3 | 04/23/2023 | 0.30 |
| Rcs & Rds | 0.48% | -0.02% | $992,623.83 | Corporate Securities | Other Telecommunications | Romania | 3.25% | B1 | 02/05/2028 | 3.69 |
| CCO Holdings LLC / CCO Holdings Capital | 0.48% | -0.06% | $984,617.52 | Corporate Securities | Cable Operators | United States | 4.50% | B1 | 08/15/2030 | 3.69 |
| Adient Global Holdings | 0.48% | -0.01% | $983,438.13 | Corporate Securities | Automotive | United States | 3.50% | B3 | 08/15/2024 | 3.05 |
| Arconic | 0.48% | -0.04% | $982,831.01 | Corporate Securities | Metals & Mining | United States | 6.13% | Ba3 | 02/15/2028 | 1.94 |
| Clear Channel Worldwide Holdings | 0.48% | 0.15% | $982,640.44 | Corporate Securities | Broadcasting | United States | 5.13% | B1 | 08/15/2027 | 3.21 |
| Cano Health | 0.48% | 0.36% | $981,306.25 | Corporate Securities | Healthcare | United States | 5.50% | B3 | 12/15/2027 | 0.25 |
| Ziggo Bond Co BV | 0.48% | -0.02% | $973,320.66 | Corporate Securities | Cable Operators | Netherlands | 6.00% | B3 | 01/15/2027 | 0.97 |
| Liberty Latin America | 0.47% | -0.34% | $970,487.92 | Consumer Services | Cable Operators | Chile | 2.00% | NR | 07/15/2024 | 3.33 |
| Sabre GLBL | 0.47% | N/A | $967,857.15 | Corporate Securities | Services | United States | 9.25% | Ba3 | 04/15/2025 | 3.50 |
| L Brands | 0.47% | -0.00% | $953,578.99 | Corporate Securities | Retail | United States | 6.88% | Ba2 | 07/01/2025 | 1.42 |
| CSC Holdings | 0.46% | -0.05% | $948,647.44 | Corporate Securities | Cable Operators | United States | 7.50% | B3 | 04/01/2028 | 2.04 |
| Kosmos Energy | 0.46% | -0.04% | $947,984.70 | Corporate Securities | Energy | United States | 7.13% | Caa1 | 04/04/2026 | 4.16 |
| Surgery Center Holdings | 0.46% | N/A | $941,892.52 | Corporate Securities | Healthcare | United States | 10.00% | Caa2 | 04/15/2027 | 1.18 |
| Cedar Fair LP / Canada s Wonderland Co / Magnum Management Corp / Millennium Op | 0.46% | N/A | $939,731.64 | Corporate Securities | Entertainment & Leisure | United States | 6.50% | B3 | 10/01/2028 | 2.47 |
| Loxam SAS | 0.45% | -0.01% | $926,276.85 | Corporate Securities | Services | France | 6.00% | NR | 04/15/2025 | 1.18 |
| CCI Buyer | 0.45% | N/A | $923,455.25 | Corporate Securities | Wireless Communications | United States | 4.75% | B1 | 12/17/2027 | 0.25 |
| Wynn Macau | 0.44% | N/A | $911,441.45 | Corporate Securities | Gaming | Macau | 5.50% | B1 | 10/01/2027 | 3.32 |
| Regionalcare Hospital Partners Holdings Inc / Lifepoint Health | 0.44% | -0.06% | $908,162.95 | Corporate Securities | Healthcare | United States | 9.75% | Caa1 | 12/01/2026 | 0.87 |
| Freeport-McMoRan | 0.44% | -0.04% | $902,154.70 | Corporate Securities | Metals & Mining | United States | 5.25% | Ba1 | 09/01/2029 | 3.30 |
| Sigma Holdco BV | 0.44% | -0.05% | $892,646.91 | Corporate Securities | Food | Netherlands | 5.75% | Caa1 | 05/15/2026 | 2.10 |
| Globo Comunicacao E Participacoes | 0.43% | -0.05% | $889,650.51 | Corporate Securities | Telephones | Brazil | 4.88% | Ba1 | 01/22/2030 | 7.20 |
| Amwins | 0.43% | -0.06% | $887,000.00 | Corporate Securities | Financial | United States | 7.75% | B3 | 07/01/2026 | 0.48 |
| Encore Capital | 0.43% | -0.02% | $885,031.87 | Corporate Securities | Financial | United States | 5.38% | Ba3 | 02/15/2026 | 3.44 |
| Ziggo Bond Co BV | 0.43% | -0.02% | $883,921.84 | Corporate Securities | Cable Operators | Netherlands | 3.38% | B3 | 02/28/2030 | 6.10 |
| Lamar Funding | 0.43% | -0.03% | $877,763.83 | Corporate Securities | Utilities | Oman | 3.96% | Ba3 | 05/07/2025 | 3.92 |
| Ultimate Software | 0.43% | -0.04% | $877,443.75 | Corporate Securities | Services | United States | 7.50% | Caa1 | 05/03/2027 | 0.25 |
| Ashland Services BV | 0.43% | -0.01% | $876,753.48 | Corporate Securities | Chemicals | United States | 2.00% | Ba1 | 01/30/2028 | 6.24 |
| IPD 3 BV | 0.42% | N/A | $867,647.12 | Corporate Securities | Services | Netherlands | 5.50% | B3 | 12/01/2025 | 3.40 |
| Golden Eagle Retail | 0.42% | -0.06% | $865,820.14 | Corporate Securities | Retail | China | 4.63% | Ba3 | 05/21/2023 | 2.23 |
| Hecla Mining | 0.42% | -0.06% | $863,066.74 | Corporate Securities | Metals & Mining | United States | 7.25% | Caa1 | 02/15/2028 | 1.91 |
| Times China Holdings | 0.41% | -0.03% | $850,106.85 | Corporate Securities | Building & Real Estate | China | 6.75% | B1 | 07/16/2023 | 1.41 |
| L Brands | 0.41% | -0.00% | $849,710.68 | Corporate Securities | Retail | United States | 9.38% | B2 | 07/01/2025 | 3.78 |
| Encore Capital | 0.41% | -0.02% | $849,398.26 | Corporate Securities | Financial | United States | 4.88% | Ba3 | 10/15/2025 | 3.38 |
| Alcoa Nederland Holding BV | 0.41% | -0.05% | $834,858.79 | Corporate Securities | Metals & Mining | United States | 5.50% | Ba1 | 12/15/2027 | 2.29 |
| CSC Holdings | 0.39% | -0.05% | $795,759.38 | Corporate Securities | Cable Operators | United States | 6.50% | Ba3 | 02/01/2029 | 2.74 |
| Dana | 0.39% | -0.05% | $795,132.39 | Corporate Securities | Automotive | United States | 5.63% | B2 | 06/15/2028 | 2.28 |
| Post Holdings | 0.39% | -0.05% | $791,870.42 | Corporate Securities | Food | United States | 5.63% | B2 | 01/15/2028 | 1.76 |
| eG Global Finance | 0.38% | -0.02% | $783,940.33 | Corporate Securities | Services | United Kingdom | 4.38% | B3 | 02/07/2025 | 3.60 |
| Clarios Global Lp / Clarios Us Finance | 0.38% | -0.03% | $783,665.67 | Corporate Securities | Automotive | United States | 8.50% | Caa1 | 05/15/2027 | 1.27 |
| CIFI Holdings | 0.38% | -0.04% | $783,269.76 | Corporate Securities | Building & Real Estate | China | 6.00% | NR | 07/16/2025 | 1.86 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA | 0.38% | -0.06% | $780,266.11 | Corporate Securities | Container | United States | 5.25% | B1 | 04/30/2025 | 1.27 |
| Vtr Finance | 0.38% | -0.04% | $772,213.11 | Corporate Securities | Cable Operators | Chile | 6.38% | B1 | 07/15/2028 | 2.27 |
| Cleveland-Cliffs | 0.38% | -0.05% | $769,561.19 | Corporate Securities | Metals & Mining | United States | 9.88% | B2 | 10/17/2025 | 1.63 |
| Methanex | 0.37% | -0.01% | $766,258.73 | Corporate Securities | Chemicals | Canada | 5.65% | Ba1 | 12/01/2044 | 13.27 |
| Royal Caribbean Cruises | 0.37% | N/A | $765,768.89 | Corporate Securities | Entertainment & Leisure | United States | 11.50% | Ba2 | 06/01/2025 | 1.25 |
| TML Holdings Pte | 0.37% | -0.06% | $764,052.14 | Corporate Securities | Automotive | India | 5.75% | NR | 05/07/2021 | 0.33 |
| Consus Real Estate | 0.37% | -0.04% | $762,906.09 | Corporate Securities | Real Estate Investment Trust Securities | Germany | 9.63% | NR | 05/15/2024 | 0.36 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.37% | N/A | $760,722.92 | Corporate Securities | Energy | United States | 7.50% | B1 | 10/01/2025 | 2.43 |
| Delta Air Lines Inc / SkyMiles IP | 0.37% | -0.03% | $756,392.54 | Corporate Securities | Airlines | United States | 4.75% | Baa1 | 10/20/2028 | 5.50 |
| Methanex | 0.37% | -0.01% | $755,779.09 | Corporate Securities | Chemicals | Canada | 5.25% | Ba1 | 12/15/2029 | 7.00 |
| Acrisure LLC / Acrisure Finance | 0.36% | -0.04% | $741,369.82 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 11/15/2025 | 83.00 |
| Globo Comunicacao E Participacoes | 0.36% | -0.05% | $737,922.70 | Corporate Securities | Telephones | Brazil | 4.84% | Ba1 | 06/08/2025 | 3.77 |
| Petroleos Mexicanos | 0.36% | -0.01% | $737,904.84 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.50% | Ba2 | 01/23/2026 | 4.39 |
| Victoria | 0.35% | -0.02% | $709,431.46 | Corporate Securities | Building Products | United Kingdom | 5.25% | B1 | 07/15/2024 | 0.51 |
| NGL Energy Partners LP / NGL Energy Finance | 0.34% | -0.01% | $704,906.79 | Corporate Securities | Energy | United States | 7.50% | B3 | 04/15/2026 | 3.73 |
| United Group BV | 0.34% | -0.02% | $699,774.01 | Corporate Securities | Cable Operators | Serbia | 3.63% | B2 | 02/15/2028 | 6.01 |
| Continental Resources Inc/OK | 0.34% | -0.33% | $697,411.74 | Corporate Securities | Energy | United States | 5.75% | Ba1 | 01/15/2031 | 7.39 |
| Townsquare Media | 0.34% | N/A | $694,925.00 | Corporate Securities | Broadcasting | United States | 6.88% | B2 | 02/01/2026 | 3.53 |
| Compass Minerals International | 0.34% | -0.06% | $693,419.13 | Corporate Securities | Chemicals | United States | 6.75% | B1 | 12/01/2027 | 1.78 |
| Howard Hughes | 0.34% | -0.02% | $692,035.20 | Corporate Securities | Building & Real Estate | United States | 5.38% | Ba3 | 08/01/2028 | 2.36 |
| Yuzhou Group Holdings | 0.34% | -0.03% | $688,815.35 | Corporate Securities | Building & Real Estate | China | 7.85% | B1 | 08/12/2026 | 3.75 |
| Ortho-Clinical Diagnostics Inc / Ortho-Clinical Diagnostics | 0.34% | -0.03% | $687,496.24 | Corporate Securities | Healthcare | United States | 7.25% | Caa2 | 02/01/2028 | 3.42 |
| PGT Innovations | 0.34% | -0.05% | $687,055.24 | Corporate Securities | Building Products | United States | 6.75% | B2 | 08/01/2026 | 0.55 |
| Teva Pharmaceutical Finance Netherlands II BV | 0.33% | -0.02% | $678,286.35 | Corporate Securities | Healthcare | Israel | 4.50% | Ba2 | 03/01/2025 | 3.46 |
| Banijay Entertainment SASU | 0.33% | -0.01% | $677,963.89 | Corporate Securities | Entertainment & Leisure | France | 3.50% | B1 | 03/01/2025 | 2.88 |
| United Natural Foods | 0.33% | N/A | $675,622.63 | Corporate Securities | Food | United States | 6.75% | B3 | 10/15/2028 | 4.01 |
| F-Brasile SpA / F-Brasile US | 0.33% | 0.01% | $670,178.25 | Corporate Securities | Aerospace & Defense | Italy | 7.38% | B3 | 08/15/2026 | 4.38 |
| Tacala Investment | 0.33% | 0.21% | $669,235.60 | Corporate Securities | Restaurants | United States | 8.25% | NR | 02/04/2028 | 0.25 |
| Clarios Global Lp / Clarios Us Finance | 0.33% | -0.03% | $667,758.63 | Corporate Securities | Automotive | United States | 4.38% | B1 | 05/15/2026 | 1.29 |
| Consus Real Estate | 0.32% | -0.04% | $663,396.60 | Corporate Securities | Real Estate Investment Trust Securities | Germany | 9.63% | NR | 05/15/2024 | 0.36 |
| NextEra Energy | 0.32% | -0.02% | $659,466.00 | Process Industries | Utilities | United States | 4.87% | NR | 09/01/2022 | 1.62 |
| Navistar International | 0.32% | -0.05% | $653,271.48 | Corporate Securities | Automotive | United States | 6.63% | B3 | 11/01/2025 | 0.79 |
| Altice France Holding | 0.31% | -0.03% | $635,600.30 | Corporate Securities | Cable Operators | Luxembourg | 8.00% | Caa1 | 05/15/2027 | 1.26 |
| CIFI Holdings | 0.31% | -0.04% | $632,808.84 | Corporate Securities | Building & Real Estate | China | 6.45% | NR | 11/07/2024 | 1.72 |
| Barclays | 0.31% | -0.01% | $626,763.34 | Corporate Securities | Banking | United Kingdom | 7.88% | Ba2 | 12/15/2169 | 1.57 |
| Teva Pharmaceutical Finance Netherlands II BV | 0.31% | -0.02% | $624,929.35 | Corporate Securities | Healthcare | Israel | 1.25% | Ba2 | 03/31/2023 | 2.14 |
| Clear Channel Worldwide Holdings | 0.30% | 0.15% | $624,715.41 | Corporate Securities | Broadcasting | United States | 9.25% | Caa2 | 02/15/2024 | 1.83 |
| Vmed O2 UK Financing I | 0.30% | -0.02% | $612,943.42 | Corporate Securities | Financial | United Kingdom | 3.25% | Ba3 | 01/31/2031 | 5.37 |
| Louvre Bidco SAS | 0.30% | -0.01% | $610,585.88 | Corporate Securities | Financial | France | 4.25% | B2 | 09/30/2024 | 1.61 |
| Chobani Llc / Chobani Finance | 0.29% | N/A | $604,079.68 | Corporate Securities | Food | United States | 4.63% | B1 | 11/15/2028 | 4.29 |
| LHMC Finco 2 Sarl | 0.29% | 0.02% | $595,682.62 | Corporate Securities | Gaming | Luxembourg | 7.25% | NR | 10/02/2025 | 4.28 |
| Legacy LifePoint Health | 0.29% | -0.05% | $593,705.36 | Corporate Securities | Healthcare | United States | 6.75% | B1 | 04/15/2025 | 1.21 |
| iHeartCommunications | 0.29% | -0.00% | $593,206.09 | Corporate Securities | Broadcasting | United States | 8.38% | Caa1 | 05/01/2027 | 2.08 |
| Banco BTG Pactual SA/Cayman Islands | 0.29% | -0.02% | $587,754.88 | Corporate Securities | Banking | Brazil | 7.75% | B1 | 02/15/2029 | 2.71 |
| Ultimate Software | 0.29% | -0.04% | $586,122.57 | Corporate Securities | Services | United States | 4.75% | B1 | 05/04/2026 | 0.25 |
| Yanlord Land HK | 0.28% | 0.10% | $583,041.39 | Corporate Securities | Building & Real Estate | China | 6.80% | Ba3 | 02/27/2024 | 1.07 |
| GrafTech Finance | 0.28% | N/A | $581,556.29 | Corporate Securities | Metals & Mining | United States | 4.63% | B1 | 12/15/2028 | 4.38 |
| Occidental Petroleum | 0.28% | -0.02% | $579,020.68 | Corporate Securities | Energy | United States | 8.88% | Ba2 | 07/15/2030 | 6.21 |
| Cabot Financial Luxembourg | 0.28% | N/A | $577,765.05 | Corporate Securities | Financial | United Kingdom | 7.50% | Ba3 | 10/01/2023 | 0.02 |
| Ashland Services BV | 0.28% | -0.01% | $576,327.47 | Corporate Securities | Chemicals | United States | 2.00% | Ba1 | 01/30/2028 | 6.24 |
| Natwest | 0.28% | -0.04% | $575,945.47 | Corporate Securities | Banking | United Kingdom | 8.63% | Ba2 | 09/30/2169 | 0.60 |
| VF Ukraine PAT via VFU Funding | 0.28% | -0.02% | $566,523.51 | Corporate Securities | Wireless Communications | Ukraine | 6.20% | NR | 02/11/2025 | 1.04 |
| Credit Suisse | 0.27% | -0.04% | $557,163.46 | Corporate Securities | Banking | Switzerland | 7.50% | NR | 06/11/2169 | 2.65 |
| Citgo Holding | 0.27% | N/A | $552,859.45 | Corporate Securities | Energy | United States | 9.25% | Caa1 | 08/01/2024 | 2.82 |
| Times China Holdings | 0.27% | -0.03% | $546,233.02 | Corporate Securities | Building & Real Estate | China | 6.75% | B1 | 07/08/2025 | 2.23 |
| Cirsa Finance International Sarl | 0.26% | -0.01% | $541,372.97 | Corporate Securities | Gaming | Spain | 6.25% | B3 | 12/20/2023 | 1.33 |
| CANPACK SA / Eastern PA Land Investment Holding | 0.26% | N/A | $538,994.69 | Corporate Securities | Container | Poland | 2.38% | Ba2 | 11/01/2027 | 2.70 |
| eG Global Finance | 0.26% | -0.02% | $536,697.61 | Corporate Securities | Services | United Kingdom | 4.38% | B3 | 02/07/2025 | 3.60 |
| Vertical Midco GmbH | 0.26% | -0.02% | $530,307.76 | Corporate Securities | Services | Germany | 4.38% | B1 | 07/15/2027 | 2.31 |
| LCPR Senior Secured Financing DAC | 0.26% | 0.14% | $530,200.69 | Corporate Securities | Cable Operators | United States | 6.75% | B1 | 10/15/2027 | 1.66 |
| Standard Chartered | 0.26% | -0.04% | $529,375.00 | Corporate Securities | Banking | United Kingdom | 7.50% | Ba1 | 04/02/2169 | 1.17 |
| Ubs | 0.26% | -0.03% | $527,179.80 | Corporate Securities | Banking | Switzerland | 7.13% | Ba1 | 08/10/2169 | 0.59 |
| CITGO Petroleum | 0.26% | N/A | $526,899.99 | Corporate Securities | Energy | United States | 7.00% | B3 | 06/15/2025 | 3.01 |
| Angi | 0.26% | -0.03% | $526,124.66 | Corporate Securities | Information Technology | United States | 3.88% | Ba3 | 08/15/2028 | 4.13 |
| Caesars Resort Collection LLC / CRC Finco | 0.25% | -0.51% | $520,837.50 | Corporate Securities | Gaming | United States | 5.25% | Caa1 | 10/15/2025 | 1.67 |
| Constellium | 0.25% | -0.01% | $518,709.21 | Corporate Securities | Metals & Mining | United States | 4.25% | B2 | 02/15/2026 | 0.08 |
| Presidio Holdings | 0.25% | -0.01% | $517,812.88 | Corporate Securities | Services | United States | 8.25% | Caa1 | 02/01/2028 | 1.85 |
| Tenet Healthcare | 0.25% | -0.02% | $508,429.04 | Corporate Securities | Healthcare | United States | 6.13% | Caa1 | 10/01/2028 | 4.03 |
| 2020 Cash Mandatory Exchangeable Trust | 0.25% | -0.01% | $506,100.32 | Technology | Wireless Communications | United States | 5.25% | NR | 06/01/2023 | 2.29 |
| Royal Caribbean Cruises | 0.25% | N/A | $505,283.15 | Corporate Securities | Entertainment & Leisure | United States | 5.25% | B2 | 11/15/2022 | 1.75 |
| LHC3 | 0.25% | -0.01% | $502,311.52 | Corporate Securities | Financial | Spain | 4.13% | Ba2 | 08/15/2024 | 0.02 |
| SeaWorld Parks & Entertainment | 0.24% | N/A | $487,663.13 | Corporate Securities | Entertainment & Leisure | United States | 9.50% | Caa2 | 08/01/2025 | 0.98 |
| Ortho-Clinical Diagnostics Inc / Ortho-Clinical Diagnostics | 0.23% | -0.03% | $479,826.40 | Corporate Securities | Healthcare | United States | 7.38% | Caa2 | 06/01/2025 | 1.32 |
| B&G Foods | 0.23% | -0.01% | $469,471.15 | Corporate Securities | Food | United States | 5.25% | B2 | 04/01/2025 | 0.24 |
| Black Knight InfoServ | 0.23% | -0.03% | $464,737.97 | Corporate Securities | Services | United States | 3.63% | Ba3 | 09/01/2028 | 4.21 |
| Banco BTG Pactual SA/Cayman Islands | 0.23% | -0.02% | $464,606.24 | Corporate Securities | Banking | Brazil | 7.75% | B1 | 02/15/2029 | 2.70 |
| Occidental Petroleum | 0.23% | -0.02% | $461,796.81 | Corporate Securities | Energy | United States | 2.90% | Ba2 | 08/15/2024 | 3.35 |
| VF Ukraine PAT via VFU Funding | 0.22% | -0.02% | $458,614.27 | Corporate Securities | Wireless Communications | Ukraine | 6.20% | NR | 02/11/2025 | 1.04 |
| Garfunkelux Holdco 3 | 0.22% | N/A | $455,813.46 | Corporate Securities | Financial | Germany | 6.75% | B2 | 11/01/2025 | 2.46 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance | 0.22% | -0.02% | $455,376.08 | Corporate Securities | Energy | United States | 6.00% | B3 | 08/01/2026 | 3.11 |
| Constellium | 0.22% | -0.01% | $447,215.23 | Corporate Securities | Metals & Mining | United States | 5.63% | B2 | 06/15/2028 | 2.28 |
| Yuzhou Group Holdings | 0.22% | -0.03% | $442,298.08 | Corporate Securities | Building & Real Estate | China | 8.38% | B1 | 10/30/2024 | 1.67 |
| China Evergrande | 0.21% | N/A | $433,771.88 | Corporate Securities | Building & Real Estate | China | 8.25% | B2 | 03/23/2022 | 1.08 |
| EQT | 0.21% | N/A | $429,841.03 | Corporate Securities | Energy | United States | 5.00% | Ba3 | 01/15/2029 | 6.24 |
| Virgin Media Vendor Financing Notes III DAC | 0.21% | -0.01% | $429,239.07 | Corporate Securities | Cable Operators | United Kingdom | 4.88% | B2 | 07/15/2028 | 3.94 |
| Mauser Packaging Solutions Holding | 0.21% | -0.03% | $420,982.14 | Corporate Securities | Container | United States | 5.50% | B3 | 04/15/2024 | 0.28 |
| Bausch Health | 0.20% | N/A | $418,506.10 | Corporate Securities | Healthcare | United States | 7.00% | B3 | 01/15/2028 | 1.84 |
| Melco Resorts Finance | 0.20% | -0.02% | $418,393.60 | Corporate Securities | Gaming | Macau | 5.38% | Ba2 | 12/04/2029 | 5.74 |
| UniCredit | 0.20% | -0.02% | $417,006.62 | Corporate Securities | Banking | Italy | 9.25% | NR | 06/03/2169 | 1.32 |
| Netflix | 0.20% | -0.01% | $416,610.60 | Corporate Securities | Cable Operators | United States | 3.88% | Ba3 | 11/15/2029 | 7.54 |
| BCP Raptor | 0.20% | 0.00% | $414,174.11 | Corporate Securities | Energy | United States | 5.25% | B3 | 06/24/2024 | 0.25 |
| DNB Bank | 0.20% | -0.03% | $409,702.91 | Corporate Securities | Banking | Norway | 6.50% | Baa3 | 03/26/2169 | 1.15 |
| Virgin Media Secured Finance | 0.20% | -0.01% | $407,492.41 | Corporate Securities | Cable Operators | United Kingdom | 5.25% | Ba3 | 05/15/2029 | 3.07 |
| Inter Media & Communication | 0.20% | N/A | $406,273.94 | Corporate High Yield | Broadcasting | Italy | 4.88% | NR | 12/31/2022 | 1.79 |
| Occidental Petroleum | 0.19% | -0.02% | $394,823.34 | Corporate Securities | Energy | United States | 5.50% | Ba2 | 12/01/2025 | 4.08 |
| Contourglobal Power Holdings | 0.19% | N/A | $393,554.57 | Corporate Securities | Utilities | Spain | 3.13% | NR | 01/01/2028 | 4.52 |
| Banco Santander | 0.19% | -0.02% | $391,681.57 | Corporate Securities | Banking | Spain | 6.75% | Ba1 | 07/25/2169 | 1.22 |
| Intesa Sanpaolo | 0.19% | -0.02% | $391,033.29 | Corporate Securities | Banking | Italy | 7.00% | Ba3 | 07/19/2169 | 0.04 |
| Dcp Midstream Operating | 0.19% | -0.00% | $389,981.56 | Corporate Securities | Energy | United States | 5.85% | B1 | 05/21/2043 | 2.10 |
| Wynn Macau | 0.19% | N/A | $379,697.41 | Corporate Securities | Gaming | Macau | 5.63% | B1 | 08/26/2028 | 4.00 |
| Exterran Energy Solutions LP / EES Finance | 0.18% | -0.04% | $377,667.63 | Corporate Securities | Energy | United States | 8.13% | B1 | 05/01/2025 | 3.40 |
| Occidental Petroleum | 0.18% | -0.02% | $369,299.58 | Corporate Securities | Energy | United States | 6.13% | Ba2 | 01/01/2031 | 7.22 |
| Credit Agricole | 0.18% | -0.02% | $362,343.65 | Corporate Securities | Banking | France | 6.50% | NR | 06/23/2169 | 0.46 |
| Arqiva Broadcast Finance | 0.17% | -0.01% | $358,495.56 | Corporate Securities | Wireless Communications | United Kingdom | 6.75% | B1 | 09/30/2023 | 0.07 |
| Methanex | 0.17% | -0.01% | $352,556.22 | Corporate Securities | Chemicals | Canada | 5.13% | Ba1 | 10/15/2027 | 5.33 |
| Shea Homes LP / Shea Homes Funding | 0.17% | -0.01% | $347,528.73 | Corporate Securities | Building & Real Estate | United States | 4.75% | B1 | 04/01/2029 | 5.31 |
| Douglas GmbH | 0.16% | -0.02% | $337,642.79 | Corporate Securities | Retail | Germany | 6.25% | B3 | 07/15/2022 | 1.27 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.16% | N/A | $335,285.96 | Corporate Securities | Energy | United States | 6.00% | B1 | 12/31/2030 | 6.30 |
| Ypf | 0.16% | -0.02% | $333,533.43 | Corporate Securities | Energy | Argentina | 8.50% | Caa3 | 03/23/2021 | 0.21 |
| Hess | 0.16% | -0.00% | $329,064.23 | Corporate Securities | Energy | United States | 7.13% | Ba1 | 03/15/2033 | 8.58 |
| DPL | 0.16% | -0.02% | $318,855.00 | Corporate Securities | Utilities | United States | 4.13% | Ba1 | 07/01/2025 | 3.90 |
| Avantor | 0.16% | 0.01% | $317,992.98 | Process Industries | Healthcare | United States | 6.25% | NR | 05/15/2022 | 1.45 |
| Boxer Parent | 0.15% | -0.01% | $308,492.31 | Corporate Securities | Information Technology | United States | 7.13% | B2 | 10/02/2025 | 1.32 |
| Banijay Entertainment SASU | 0.15% | -0.01% | $308,141.54 | Corporate Securities | Entertainment & Leisure | France | 3.50% | B1 | 03/01/2025 | 2.89 |
| Sabre GLBL | 0.15% | N/A | $300,375.00 | Corporate Securities | Services | United States | 4.75% | Ba3 | 12/17/2027 | 0.25 |
| Shea Homes LP / Shea Homes Funding | 0.15% | -0.01% | $300,088.35 | Corporate Securities | Building & Real Estate | United States | 4.75% | B1 | 02/15/2028 | 4.44 |
| Cheniere Energy | 0.15% | -0.01% | $299,265.66 | Energy | Energy | United States | 4.25% | NR | 03/15/2045 | 13.46 |
| Altice Financing | 0.15% | -0.01% | $297,958.61 | Corporate Securities | Cable Operators | Luxembourg | 2.25% | B2 | 01/15/2025 | 3.72 |
| LHC3 | 0.14% | -0.01% | $295,108.02 | Corporate Securities | Financial | Spain | 4.13% | Ba2 | 08/15/2024 | 0.59 |
| Intelsat Jackson Holdings | 0.14% | -0.01% | $293,977.16 | Corporate Securities | Satellites | United States | 6.50% | NR | 07/13/2022 | 0.25 |
| Applied Systems | 0.14% | -0.02% | $291,087.50 | Corporate Securities | Information Technology | United States | 8.00% | Caa2 | 09/19/2025 | 0.25 |
| Weekley Homes LLC / Weekley Finance | 0.14% | -0.01% | $291,077.43 | Corporate Securities | Building & Real Estate | United States | 4.88% | B1 | 09/15/2028 | 2.48 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub | 0.14% | N/A | $286,861.53 | Corporate Securities | Services | United States | 4.63% | Ba3 | 11/01/2026 | 3.46 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.14% | -0.02% | $284,031.42 | Corporate Securities | Supermarkets | United States | 7.50% | B1 | 03/15/2026 | 1.14 |
| TransDigm | 0.14% | -0.02% | $281,617.45 | Corporate Securities | Aerospace & Defense | United States | 8.00% | Ba3 | 12/15/2025 | 1.19 |
| Woof Holdings | 0.14% | N/A | $279,417.60 | Corporate Securities | Food | United States | 4.50% | B2 | 12/16/2027 | 0.25 |
| Woof Holdings | 0.13% | N/A | $275,687.50 | Corporate Securities | Food | United States | 8.00% | Caa2 | 12/21/2028 | 0.25 |
| Teva Pharmaceutical Finance | 0.13% | -0.01% | $272,018.57 | Corporate Securities | Drugs | Israel | 6.15% | Ba2 | 02/01/2036 | 9.74 |
| Hess | 0.13% | -0.00% | $270,102.54 | Corporate Securities | Energy | United States | 7.30% | Ba1 | 08/15/2031 | 7.70 |
| Brinker International | 0.13% | -0.02% | $266,333.24 | Corporate Securities | Restaurants | United States | 3.88% | B3 | 05/15/2023 | 2.23 |
| B&G Foods | 0.13% | -0.01% | $258,459.12 | Corporate Securities | Food | United States | 5.25% | B2 | 09/15/2027 | 1.11 |
| Continental Resources Inc/OK | 0.13% | -0.33% | $257,185.00 | Corporate Securities | Energy | United States | 4.90% | Ba1 | 06/01/2044 | 13.77 |
| Continental Resources Inc/OK | 0.12% | -0.33% | $249,948.68 | Corporate Securities | Energy | United States | 4.38% | Ba1 | 01/15/2028 | 5.72 |
| Navient | 0.12% | -0.24% | $247,887.50 | Corporate Securities | Financial | United States | 7.25% | Ba3 | 01/25/2022 | 1.00 |
| Loxam SAS | 0.12% | -0.01% | $247,007.16 | Corporate Securities | Services | France | 6.00% | NR | 04/15/2025 | 1.18 |
| Boxer Parent | 0.12% | -0.01% | $242,736.10 | Corporate Securities | Information Technology | United States | 6.50% | B2 | 10/02/2025 | 1.30 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.12% | -0.01% | $241,869.50 | Corporate Securities | Energy | United States | 6.88% | Ba3 | 01/15/2029 | 2.68 |
| Constellium | 0.12% | -0.01% | $240,377.44 | Corporate Securities | Metals & Mining | United States | 4.25% | B2 | 02/15/2026 | 0.07 |
| Boxer Parent | 0.12% | -0.01% | $239,349.35 | Corporate Securities | Information Technology | United States | 9.13% | Caa2 | 03/01/2026 | 0.62 |
| Intelsat Jackson Holdings | 0.11% | -0.01% | $233,532.80 | Corporate Securities | Satellites | United States | 8.63% | NR | 01/02/2024 | 0.25 |
| PG&E | 0.11% | -0.00% | $231,120.42 | Corporate Securities | Utilities | United States | 5.25% | B1 | 07/01/2030 | 4.02 |
| Millicom International Cellular | 0.11% | N/A | $228,775.96 | Corporate Securities | Wireless Communications | Colombia | 4.50% | Ba2 | 04/27/2031 | 4.70 |
| Trivium Packaging Finance BV | 0.11% | -0.00% | $226,171.20 | Corporate Securities | Container | Netherlands | 8.50% | Caa2 | 08/15/2027 | 1.47 |
| Royal Caribbean Cruises | 0.11% | N/A | $221,945.56 | Corporate Securities | Entertainment & Leisure | United States | 7.50% | B2 | 10/15/2027 | 5.29 |
| Presidio Holdings | 0.11% | -0.01% | $220,430.03 | Corporate Securities | Services | United States | 4.88% | B1 | 02/01/2027 | 1.93 |
| Altice France SA/France | 0.11% | -0.01% | $217,313.86 | Corporate Securities | Cable Operators | France | 7.38% | B2 | 05/01/2026 | 0.31 |
| Periama Holdings LLC/DE | 0.11% | N/A | $215,569.23 | Corporate Securities | Energy | India | 5.95% | Ba2 | 04/19/2026 | 4.49 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.10% | -0.01% | $214,571.43 | Corporate Securities | Healthcare | Israel | 6.00% | Ba2 | 04/15/2024 | 2.74 |
| Azul Investments LLP | 0.10% | -0.24% | $213,260.37 | Corporate Securities | Airlines | Brazil | 5.88% | Caa1 | 10/26/2024 | 3.29 |
| Royal Caribbean Cruises | 0.10% | N/A | $210,853.10 | Corporate Securities | Entertainment & Leisure | United States | 3.70% | B2 | 03/15/2028 | 6.08 |
| Tata Motors | 0.10% | -0.02% | $210,465.26 | Corporate Securities | Automotive | India | 5.88% | B1 | 05/20/2025 | 3.82 |
| MGIC Investment | 0.10% | -0.01% | $207,150.42 | Corporate Securities | Financial | United States | 5.25% | Ba1 | 08/15/2028 | 2.39 |
| Tenet Healthcare | 0.10% | -0.02% | $206,081.86 | Corporate Securities | Healthcare | United States | 7.50% | B1 | 04/01/2025 | 1.17 |
| ADES International Holding | 0.10% | -0.01% | $204,269.92 | Corporate Securities | Energy | United Arab Emirates | 8.63% | NR | 04/24/2024 | 2.02 |
| PG&E | 0.10% | -0.00% | $201,855.56 | Corporate Securities | Utilities | United States | 5.00% | B1 | 07/01/2028 | 2.34 |
| NGL Energy Partners LP / NGL Energy Finance | 0.09% | -0.01% | $185,150.63 | Corporate Securities | Energy | United States | 7.50% | B3 | 11/01/2023 | 2.26 |
| Altice France SA/France | 0.09% | -0.01% | $182,342.65 | Corporate Securities | Cable Operators | France | 3.38% | B2 | 01/15/2028 | 6.06 |
| Hudbay Minerals | 0.08% | -0.00% | $171,106.22 | Corporate Securities | Metals & Mining | Peru | 6.13% | B3 | 04/01/2029 | 2.90 |
| Altice France SA/France | 0.08% | -0.01% | $170,073.88 | Corporate Securities | Cable Operators | France | 4.13% | B2 | 01/15/2029 | 4.12 |
| Trivium Packaging Finance BV | 0.08% | -0.00% | $165,431.41 | Corporate Securities | Container | Netherlands | 3.75% | B2 | 08/15/2026 | 1.52 |
| Continental Resources Inc/OK | 0.08% | -0.33% | $156,986.08 | Corporate Securities | Energy | United States | 4.50% | Ba1 | 04/15/2023 | 1.92 |
| Intelsat Jackson Holdings | 0.08% | -0.01% | $156,937.50 | Corporate Securities | Satellites | United States | 8.00% | NR | 11/27/2023 | 0.25 |
| Virgin Media Secured Finance | 0.07% | -0.01% | $148,179.06 | Corporate Securities | Cable Operators | United Kingdom | 5.25% | Ba3 | 05/15/2029 | 3.07 |
| Dcp Midstream Operating | 0.07% | -0.00% | $146,267.95 | Corporate Securities | Energy | United States | 6.75% | Ba2 | 09/15/2037 | 10.07 |
| Ziggo BV | 0.07% | -0.01% | $143,811.02 | Corporate Securities | Cable Operators | Netherlands | 2.88% | B1 | 01/15/2030 | 4.37 |
| ASR Media & Sponsorship | 0.07% | -0.36% | $143,443.45 | Corporate Securities | Entertainment & Leisure | Italy | 5.13% | NR | 08/01/2024 | 3.14 |
| Dcp Midstream | 0.07% | 0.00% | $140,835.54 | Corporate Securities | Energy | United States | 7.38% | B1 | 06/15/2169 | 1.68 |
| Hess | 0.06% | -0.00% | $133,115.38 | Corporate Securities | Energy | United States | 7.88% | Ba1 | 10/01/2029 | 6.59 |
| L Brands | 0.06% | -0.00% | $123,412.06 | Corporate Securities | Retail | United States | 6.63% | B2 | 10/01/2030 | 4.04 |
| Altice France SA/France | 0.06% | -0.01% | $121,561.76 | Corporate Securities | Cable Operators | France | 3.38% | B2 | 01/15/2028 | 6.05 |
| Dcp Midstream Operating | 0.05% | -0.00% | $111,389.85 | Corporate Securities | Energy | United States | 8.13% | Ba2 | 08/16/2030 | 6.88 |
| Nabors Industries | 0.05% | 0.00% | $108,155.81 | Corporate Securities | Energy | United States | 4.63% | Caa2 | 09/15/2021 | 0.63 |
| Occidental Petroleum | 0.04% | -0.02% | $90,460.66 | Corporate Securities | Energy | United States | 6.45% | Ba2 | 09/15/2036 | 9.75 |
| Occidental Petroleum | 0.04% | -0.02% | $72,702.50 | Corporate Securities | Energy | United States | 6.95% | Ba2 | 07/01/2024 | 3.11 |
| Dcp Midstream Operating | 0.03% | -0.00% | $54,775.62 | Corporate Securities | Energy | United States | 6.45% | Ba2 | 11/03/2036 | 9.93 |
| Telecom Argentina | 0.02% | -0.00% | $44,374.49 | Corporate Securities | Cable Operators | Argentina | 8.50% | NR | 08/06/2025 | 3.55 |
| Hess | 0.02% | -0.00% | $43,221.58 | Corporate Securities | Energy | United States | 5.60% | Ba1 | 02/15/2041 | 12.64 |
| iHeartMedia, Inc. | 0.02% | 0.00% | $32,524.00 | Consumer Services | Media & Communications | United States | N/A | N/A | N/A | N/A |
| Occidental Petroleum | 0.02% | -0.02% | $31,199.90 | Corporate Securities | Energy | United States | 2.70% | Ba2 | 02/15/2023 | 1.79 |
| New Albertsons | 0.01% | -0.00% | $24,019.48 | Corporate Securities | Supermarkets | United States | 7.45% | NR | 08/01/2029 | 6.34 |
| iHeartCommunications | 0.01% | -0.00% | $19,369.50 | Corporate Securities | Broadcasting | United States | 6.38% | B1 | 05/01/2026 | 1.24 |
| New Albertsons | 0.01% | -0.00% | $12,447.31 | Corporate Securities | Supermarkets | United States | 8.00% | NR | 05/01/2031 | 7.30 |
| iHeartMedia | 0.00% | 0.00% | $4,776.64 | Consumer Services | Media & Communications | United States | N/A | N/A | N/A | N/A |
Numbers may not total due to rounding; all numbers are percentages.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed. This is done to prevent potential harm to the portfolio while the manager completes a buying or selling program in those securities.
The information shown does not reflect any ETFs that may be held in the portfolio.
Credit Quality (12/31/2020)
| Quality Rating | % of Fund | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| BBB/BB Rated & Above | 4.67% | 0.00% | |
| BB Rated | 26.01% | 60.81% | |
| BB/B Rated | 12.35% | 0.00% | |
| B Rated | 33.09% | 29.10% | |
| B/CCC Rated | 5.66% | 0.00% | |
| CCC and Below | 10.50% | 9.78% | |
| Not Rated | 3.26% | 0.00% | |
| Equities | 1.44% | 0.00% | |
| Short Term | 3.02% | 0.31% |
Benchmark: ICE BofAML Global High Yield Index
Sources for Credit Quality Diversification: Moody’s Investors Service and Standard & Poor’s (S&P); split ratings (i.e. BB/B and B/CCC) are assigned when the Moody’s and S&P ratings differ. Short-Term holdings are not rated.
Numbers may not add due to rounding.
U.S. government agency securities are issued or guaranteed by a U.S. government agency and may include conventional pass-through securities and collateralized mortgage obligations. Unlike Treasuries, government agency securities are not issued directly by the U.S. government and are generally unrated but may have credit support from the U.S. Treasury (e.g., FHLMC and FNMA issues) or a direct government guarantee (e.g., GNMA issues). Therefore, this category may include rated and unrated securities.
Bond Maturity (12/31/2020)
| Bond Maturity | % of Fund | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 3-5 Years | 31.39% | 31.02% | |
| 5-7 Years | 27.86% | 24.80% | |
| 7-10 Years | 25.50% | 16.84% | |
| 1-3 Years | 6.70% | 18.93% | |
| 10+ Years | 4.67% | 7.79% | |
| Cash Equivalents | 3.25% | 0.00% | |
| 0-1 Years | 0.63% | 0.61% |
Benchmark: ICE BofAML Global High Yield Index
Numbers may not total due to rounding; all numbers are percentages.
Duration Analysis (12/31/2020)
| Duration | % of Fund | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 1-3 Years | 34.57% | 38.74% | |
| 3-5 Years | 27.70% | 29.00% | |
| Under 1 Year | 18.06% | 13.36% | |
| 5-7 Years | 9.50% | 9.98% | |
| 7-10 Years | 3.19% | 4.35% | |
| Cash Holdings | 3.02% | 0.00% | |
| Over 10 Years | 2.51% | 4.57% | |
| Equity | 1.44% | 0.00% |
Benchmark: ICE BofAML Global High Yield Index
Duration is a measure of a bond fund's sensitivity to interest rate changes. Numbers may not total 100% due to rounding.
Industry Diversification (12/31/2020)
| Industry | % of Fund | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Cable Operators | 8.16% | 3.13% | |
| Metals & Mining | 6.67% | 3.83% | |
| Wireless Communications | 4.16% | 2.30% | |
| Miscellaneous | 1.85% | 0.00% | |
| Supermarkets | 2.09% | 0.96% | |
| Satellites | 1.47% | 0.48% | |
| Food | 4.28% | 3.30% | |
| Services | 4.49% | 3.55% | |
| Healthcare | 7.30% | 6.56% | |
| Entertainment & Leisure | 2.08% | 1.51% | |
| Restaurants | 1.18% | 0.70% | |
| Broadcasting | 2.82% | 2.46% | |
| Building Products | 1.36% | 1.41% | |
| Chemicals | 2.49% | 2.59% | |
| Airlines | 0.47% | 0.61% | |
| Forest Products | 0.00% | 0.23% | |
| Utilities | 3.62% | 3.88% | |
| Gaming | 2.18% | 2.51% | |
| Container | 2.07% | 2.49% | |
| Consumer Products | 0.58% | 1.03% | |
| Lodging | 0.00% | 0.71% | |
| Retail | 1.53% | 2.32% | |
| Aerospace & Defense | 0.98% | 1.82% | |
| Financial | 10.84% | 11.88% | |
| Building & Real Estate | 4.99% | 6.36% | |
| REITs | 0.70% | 2.29% | |
| Information Technology | 1.96% | 3.73% | |
| Energy | 11.76% | 13.64% | |
| Automotives | 3.64% | 5.67% | |
| Other Telecommunications | 1.28% | 4.07% |
Benchmark: ICE BofAML Global High Yield Index
A maximum of 30 largest industries by portfolio rank are displayed and shown in descending order by relative over/underweight.
Platforms (Advisor Class)
| Platform | Retail Investor | Institutional Investor |
|---|---|---|
| Pershing | N/A | NTF |
| TD Ameritrade | N/A | NTF |
| Schwab | N/A | NTF |
| Fidelity | N/A | NTF |
- NTF No Transaction Fee
- TF Transaction Fee
- N/A Not Available
Calendar Year Performance
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||
|---|---|---|---|---|---|---|---|
| -0.76% | 15.00% | 8.55% | -2.09% | 14.23% | 5.64% | Fund | |
| -2.03% | 16.21% | 8.02% | -1.90% | 14.54% | 6.61% | Benchmark | |
| 1.27% | -1.21% | 0.53% | -0.19% | -0.31% | -0.97% | Value added |
- Fund
- Benchmark
Advisor Class Inception Date: 01/22/2015
Benchmark: ICE BofAML Global High Yield Index Hedged to USD
Monthly Performance
- Fund
- Benchmark
Advisor Class Inception Date: 01/22/2015
Benchmark: ICE BofAML Global High Yield Index Hedged to USD
Distributions (Advisor Class)
| Period | Dividend From Net Income (USD) | Short-Term Capital Gains (USD) | Long-Term Capital Gains (USD) | Declaration/Record Date | Ex-Dividend Date | Payment Date | Sort Column |
|---|---|---|---|---|---|---|---|
| 2020 Year End | - | - | - | 12/15/2020 | 12/16/2020 | 12/17/2020 | 20201217 |
| 2019 Year End | - | $0.045 | - | 12/16/2019 | 12/17/2019 | 12/18/2019 | 20191218 |
| 2018 Year End | - | $0.10 | $0.006 | 12/14/2018 | 12/17/2018 | 12/18/2018 | 20181218 |
| 2017 Year End | - | - | $0.05 | 12/15/2017 | 12/18/2017 | 12/19/2017 | 20171219 |
Future Declarations
| Period | Declaration/Record Date | Ex-Dividend Date | Payment Date | Sort Column |
|---|---|---|---|---|
| 2020 Year End | 12/15/2020 | 12/16/2020 | 12/17/2020 | 20201217 |
Financial Professionals
Client liaisons are available Monday-Thursday from 8 a.m. to 6 p.m. ET and Friday from 8 a.m. to 5 p.m. ET.
Tel: 1-800-564-6958
Contact Advisor Services
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Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global Hi...
Michael Connelly is a portfolio manager in the Fixed Income Division, co-managing the Global High Income Bond Strategy. He also contributes to the U.S. Core, U.S. Core Plus, and Global Multi-...