Strategy
Floating Rate Bank Loan
The Floating Rate Bank Loan Composite seeks high current income and capital appreciation primarily through investment in floating rate bank loans and floating rate debt securities rated below investment grade (BB or below) by S&P, Moody's, or another nationally recognized securities rating organization (NRSRO).
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
2.25%
1.61%
Data as of 30-Jun-2020
Data as of 30-Jun-2020
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
-1.28%
0.22
Data as of 30-Jun-2020
Data as of 30-Jun-2020
Inception Date 29-Feb-2008
Performance figures calculated in USD
Other Literature
Strategy
Investment Approach
- Managing Bank Loan securities since 2002
- Invest primarily in BB- and B-rated loans, with the ability to invest in lower-quality loans and high yield bonds when compelling valuation opportunities arise.
- Proprietary and independent fundamental research is key — disciplined and consistently applied investment process with emphasis on industries that enjoy stable cash flow and rational competitive environments.
- Holistic fundamental research – close collaboration between fixed income and equity research analysts provides a complete capital structure perspective and an information advantage
- Disciplined risk management practices employed in conjunction with broad portfolio diversification to manage risk profile.
Portfolio Construction
- Diversified portfolio structure: typically 200-300 issuers
- At least 80% floating rate bank loans and corporate senior floating rate notes
- Up to 20% in fixed-rate securities including high yield bonds and reserves for liquidity
- 15% industry exposure maximum
- Industry exposure typically will range +/- 5% around benchmark weight
Performance
Floating Rate Bank Loan Composite
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | -0.78% | 2.76% | 3.46% | 4.72% |
| Composite Net % | -1.28% | 2.25% | 2.95% | 4.20% |
| Benchmark % | -1.95% | 2.17% | 3.11% | 4.39% |
| Excess Return (Gross) % | 1.17% | 0.59% | 0.35% | 0.33% |
Recent Performance
| 3 MonthsData as of 30-Jun-2020 | Year to DateData as of 30-Jun-2020 | |
|---|---|---|
| Composite Gross % | 8.10% | -3.91% |
| Composite Net % | 7.97% | -4.15% |
| Benchmark % | 10.32% | -4.60% |
| Excess Return (Gross) % | -2.22% | 0.69% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Holdings
Holdings
Total
Holdings
279
Largest Holding
Asurion
2.58%
Was
(31-Mar-2020) 2.43%
Top 10 Holdings 18.88%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | Short Term | BB Rated |
| By % | 7.53% | -8.30% |
| Portfolio | 7.53% | 9.85% |
| Benchmark | 0.00% | 18.15% |
Average Credit Quality
BIndustry
Total
Industries
30
Largest Industry
Services
14.34%
Was (31-Mar-2020)
12.86%
Other
View complete Industry Diversification
Largest Overweight
Financial
By4.03%
Portfolio
9.60%
Benchmark
5.57%
Largest Underweight
Building Products
By-2.29%
Portfolio
0.00%
Benchmark
2.29%
Team (As of 01-Oct-2020)
Paul Massaro is head of the Global High Yield team and portfolio manager of the Floating Rate Bank Loan Strategy in the Fixed Income Division. He is president and chairman of the Investment Advisory Committees for the Floating Rate and Institutional Income Funds, executive vice president and chairman for the Floating Rate Multi-Sector Account Portfolios, and a vice president and an Investment Advisory Committee member of the Capital Appreciation Fund. Paul is also an Investment Advisory Committee member of the High Yield Fund, High Yield Multi-Sector Account Portfolios, and the Institutional High Yield Fund and a member of the Fixed Income Steering Committee. Paul is a vice president of T. Rowe Price Associates, Inc., T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.
Paul’s investment experience began in 2000, and he has been with T. Rowe Price since 2003, beginning in the Fixed Income Division as a credit analyst covering wireless services, broadcasting, and consumer and forest products. In 2008, he helped launch the Floating Rate Bank Loan Strategy, and in 2013, he assumed full portfolio management responsibility. Prior to T. Rowe Price, Paul was employed by Banc of America Securities in the area of equity research. He was also in credit research at J.P. Morgan Chase.
Paul earned a B.S. in business management from Cornell University and an M.B.A. in finance and strategic management from the University of Pennsylvania, The Wharton School. Paul also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2010
since - Years at17
T. Rowe Price - Years investment20
experience
Steve Finamore is a portfolio manager in the Fixed Income Division. He manages the Floating Rate Strategies, with a focus on floating rate separate accounts, and the bank loan sleeves of several multi-sector portfolios. He is a vice president and member of the Investment Advisory Committees for the Floating Rate Bank Loan and High Yield Bond Strategies and a member of the LIBOR Replacement Committee. Steve is a vice president of T. Rowe Price Associates, Inc., and T. Rowe Price Group, Inc.
Steve’s investment experience began in 2000, and he has been with T. Rowe Price since 2005, beginning in the Fixed Income Division as a high yield credit analyst. After that, he became an associate portfolio manager. Prior to T. Rowe Price, Steve was employed by Mellon Ventures, Inc., and Deutsche Bank Alex. Brown as an analyst.
Steve earned a B.A. in finance and business economics and computer applications from the University of Notre Dame and an M.B.A. in finance and accounting from The University of Chicago, Booth School of Business. Steve also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at15
T. Rowe Price - Years investment20
experience
Michael Lesesne is a global high yield portfolio specialist in the Fixed Income Division. He supports the High Yield, Floating Rate Bank Loan, and Credit Opportunities Strategies, working closely with clients, prospects, and consultants. Michael is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Michael’s investment experience began in 1991, and he has been with T. Rowe Price since 2012, beginning as a global high yield portfolio specialist in the Fixed Income Investment Specialists department. Prior to T. Rowe Price, Michael was employed by Lord Abbett as a partner and director of credit research. Before that, Michael was a senior high yield credit analyst at Weiss, Peck & Greer and at TIAA-CREF.
Michael earned a B.A. in business economics from Brown University and an M.B.A. in finance from Columbia Business School.
- Years at8
T. Rowe Price - Years investment29
experience
Portfolio Characteristics
Representative Portfolio vs Benchmarkas of 30-Jun-2020
| Characteristic | Portfolio | Benchmark |
|---|---|---|
| Weighted Average Coupon | 4.67% | N/A |
| Weighted Average Maturity | 4.97 Years | 4.73 Years |
| Weighted Average Duration | 0.43 Years | N/A |
| Number of Holdings | 283 | 1,308 |
Risks
- Capital risk
- Counterparty risk
- Geographic concentration risk
- Hedging risk
- Investment portfolio risk
- Management risk
- Operational risk
Risk/Return Characteristics
as of 30-Jun-2020Floating Rate Bank Loan Composite
| Risk/Return (5 Years) | Composite | Benchmark |
|---|---|---|
| Alpha | 0.69% | 0.00% |
| Beta | 0.80 | 1.00 |
| R-Squared | 0.99 | 1.00 |
| Annualized Std. Deviation | 5.76% | 7.14% |
| Information Ratio | 0.22 | 0.00 |
| Sharpe Ratio | 0.40 | 0.27 |
| Tracking Error | 1.61% | 0.00% |
Past performance is not a reliable indicator of future performance.
Statistics based on monthly gross returns. Returns would have been lower as a result of the deduction of applicable fees.
Calendar Year Performance
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 10.26% | 2.19% | 8.81% | 5.41% | 2.15% | 2.37% | 8.57% | 4.32% | 0.82% | 9.36% | Composite Gross | |
| 9.72% | 1.68% | 8.27% | 4.89% | 1.64% | 1.86% | 8.03% | 3.80% | 0.31% | 8.82% | Composite Net | |
| 10.38% | 1.50% | 9.76% | 5.41% | 1.82% | 0.10% | 10.36% | 4.32% | 0.60% | 8.70% | Benchmark | |
| -0.66% | 0.18% | -1.49% | -0.52% | -0.18% | 1.76% | -2.33% | -0.52% | -0.29% | 0.12% | Value added (Gross) |
- Composite Gross
- Composite Net
- Benchmark
Top 10 Issuers (30-Jun-2020)
| Issuer Name | % of Portfolio |
|---|---|
| Hellman & Friedman LLC | 4.17% |
| Kronos Inc/MA | 4.15% |
| Asurion LLC | 3.89% |
| Refinitiv US Holdings Inc | 2.50% |
| HUB International Ltd | 2.50% |
| UFC Holdings LLC | 2.37% |
| USI Advantage Corp | 1.86% |
| Versant Health Inc | 1.72% |
| Solera LLC | 1.35% |
| CCC Information Services Inc | 1.34% |
Represents 25.85% of Total Net Assets of the representative portfolio
Issuers are as of the date indicated and are subject to change.
The total of the values in the second column in the table may not add up to the Top 10% of Total Net Assets quoted in the table due to rounding.
Quality (30-Jun-2020)
Representative Portfolio vs Benchmark
| Quality Rating | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| BBB/BB Rated & Above | 3.13% | 0.61% | |
| BB Rated | 9.85% | 18.15% | |
| BB/B Rated | 7.22% | 10.77% | |
| B Rated | 55.76% | 56.47% | |
| B/CCC Rated | 2.89% | 6.37% | |
| CCC and Below | 10.11% | 6.25% | |
| Not Rated | 2.24% | 1.38% | |
| Equities | 1.27% | 0.00% | |
| Short Term | 7.53% | 0.00% | |
| Credit Default Swaps | -0.01% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
The source of credit quality for the S&P/LSTA Performance Loan Index is Standard & Poor's.
Sources for credit quality: 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. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps. Short-Term holdings are not rated.
Maturity (30-Jun-2020)
Representative Portfolio
| Bond Maturity | % of Portfolio |
|---|---|
| 0-1 Years | 0.16% |
| 1-3 Years | 4.94% |
| 3-5 Years | 39.99% |
| 5-7 Years | 45.21% |
| 7-10 Years | 1.95% |
| 10+ Years | 0.12% |
| Cash Equivalents | 7.63% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Duration (30-Jun-2020)
Representative Portfolio
| Duration | % of Portfolio |
|---|---|
| Under 1 Year | 85.55% |
| 1-3 Years | 2.32% |
| 3-5 Years | 3.11% |
| 5-7 Years | 0.23% |
| Cash Holdings | 7.53% |
| Equity | 1.27% |
| Swaps | -0.01% |
Duration is a measure of a bond portfolio's sensitivity to interest rate changes.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings (30-Jun-2020)
| Company | % of Portfolio | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asurion | 2.58% | 0.15 | $71,643,612.50 | 72,185,000 | Corporate Securities | Wireless Communications | United States | 6.67% | B3 | 04-Aug-2025 | 0.25 |
| Ultimate Software | 2.36% | N/A | $65,563,925.00 | 64,595,000 | Corporate Securities | Services | United States | 7.50% | Caa1 | 03-May-2027 | 0.25 |
| Kronos Inc/MA | 2.31% | 0.06 | $64,215,161.90 | 64,255,000 | Corporate Securities | Services | United States | 9.25% | Caa2 | 01-Nov-2024 | 0.25 |
| UFC Holdings | 2.22% | -0.20 | $61,651,472.44 | 64,669,603 | Corporate Securities | Entertainment & Leisure | United States | 4.25% | B2 | 29-Apr-2026 | 0.25 |
| Kronos Inc/MA | 1.84% | -0.00 | $51,045,483.45 | 51,157,518 | Corporate Securities | Services | United States | 3.18% | B2 | 01-Nov-2023 | 0.25 |
| Ultimate Software | 1.81% | N/A | $50,316,774.10 | 51,010,000 | Corporate Securities | Services | United States | 4.75% | B1 | 03-May-2026 | 0.25 |
| Refinitiv US Holdings | 1.73% | -0.51 | $48,073,768.73 | 49,268,531 | Corporate Securities | Information Technology | United States | 3.43% | B2 | 01-Oct-2025 | 0.25 |
| USI Inc/NY | 1.35% | 0.14 | $37,556,305.53 | 39,658,190 | Corporate Securities | Financial | United States | 3.31% | B2 | 16-May-2024 | 0.25 |
| CCC Information Services | 1.34% | 0.00 | $37,089,727.47 | 38,451,686 | Corporate Securities | Information Technology | United States | 4.00% | B3 | 29-Apr-2024 | 0.25 |
| HUB International | 1.33% | -0.12 | $37,013,068.72 | 38,995,194 | Corporate Securities | Financial | United States | 4.02% | B2 | 25-Apr-2025 | 0.25 |
| Ascend Learning | 1.22% | -0.14 | $33,866,972.70 | 35,672,726 | Corporate Securities | Services | United States | 4.00% | Ba3 | 12-Jul-2024 | 0.25 |
| PG&E | 1.12% | N/A | $30,992,781.25 | 31,585,000 | Corporate Securities | Utilities | United States | 5.50% | B1 | 18-Jun-2025 | 0.25 |
| Versant Health Holdco | 1.10% | 0.31 | $30,511,686.33 | 31,928,347 | Corporate Securities | Healthcare | United States | 4.00% | B2 | 02-Dec-2024 | 0.25 |
| Loire Finco Luxembourg Sarl | 1.09% | N/A | $30,349,231.25 | 31,655,000 | Corporate Securities | Healthcare | United Kingdom | 3.68% | B3 | 24-Jan-2027 | 0.25 |
| Solera | 1.05% | -0.04 | $29,193,019.45 | 30,305,221 | Corporate Securities | Information Technology | United States | 2.93% | Ba3 | 03-Mar-2023 | 0.25 |
| Iridium Satellite | 0.99% | -0.38 | $27,626,670.23 | 28,219,275 | Corporate Securities | Satellites | United States | 4.75% | B1 | 04-Nov-2026 | 0.25 |
| Clarios Global | 0.99% | -0.03 | $27,473,343.22 | 28,919,309 | Corporate Securities | Automotive | United States | 3.67% | B1 | 30-Apr-2026 | 0.25 |
| HUB International | 0.98% | -0.16 | $27,155,454.17 | 27,681,401 | Corporate Securities | Financial | United States | 5.69% | B2 | 25-Apr-2025 | 0.25 |
| GFL Environmental | 0.86% | -0.35 | $23,932,543.01 | 24,667,384 | Corporate Securities | Services | Canada | 4.00% | Ba3 | 30-May-2025 | 0.25 |
| Vertical US Newco | 0.84% | N/A | $23,333,800.00 | 23,810,000 | Corporate Securities | Services | Germany | 4.42% | B1 | 30-Jun-2027 | 0.25 |
| Filtration | 0.83% | 0.25 | $22,929,847.31 | 24,136,681 | Corporate Securities | Manufacturing | United States | 3.18% | B2 | 31-Mar-2025 | 0.25 |
| LifePoint Health | 0.80% | -0.24 | $22,309,519.57 | 23,863,767 | Corporate Securities | Healthcare | United States | 3.92% | B1 | 16-Nov-2025 | 0.25 |
| Eastern Power | 0.79% | 0.10 | $21,872,196.99 | 22,601,082 | Corporate Securities | Utilities | United States | 4.75% | Ba3 | 02-Oct-2025 | 0.25 |
| Azalea Topco | 0.79% | N/A | $21,838,401.14 | 22,571,991 | Corporate Securities | Healthcare | United States | 4.26% | B2 | 24-Jul-2026 | 0.25 |
| Applied Systems | 0.78% | 0.06 | $21,766,715.42 | 21,876,096 | Corporate Securities | Information Technology | United States | 8.00% | Caa2 | 19-Sep-2025 | 0.25 |
| BCP Raptor | 0.74% | 0.27 | $20,468,508.67 | 28,627,285 | Corporate Securities | Energy | United States | 5.25% | B3 | 24-Jun-2024 | 0.25 |
| Aldevron | 0.73% | -0.03 | $20,297,996.58 | 20,633,288 | Corporate Securities | Healthcare | United States | 4.43% | B1 | 12-Oct-2026 | 0.25 |
| Bausch Health Americas | 0.72% | -0.20 | $19,864,585.17 | 20,470,934 | Corporate Securities | Healthcare | United States | 3.19% | Ba2 | 02-Jun-2025 | 0.25 |
| Asurion | 0.71% | -0.04 | $19,738,232.70 | 20,436,550 | Corporate Securities | Wireless Communications | United States | 3.17% | Ba3 | 03-Nov-2023 | 0.25 |
| Alliant Holdings Intermediate | 0.68% | 0.26 | $18,878,432.36 | 19,962,601 | Corporate Securities | Financial | United States | 3.15% | B2 | 09-May-2025 | 0.25 |
| Refinitiv US Holdings | 0.67% | -0.01 | $18,652,824.33 | 16,968,864 | Corporate Securities | Information Technology | United States | 3.25% | B2 | 01-Oct-2025 | 0.25 |
| Uber Technologies | 0.67% | 0.18 | $18,596,639.21 | 19,575,410 | Corporate Securities | Information Technology | United States | 3.90% | B1 | 13-Jul-2023 | 0.25 |
| Diamond BC BV | 0.63% | N/A | $17,609,910.58 | 19,210,742 | Corporate Securities | Chemicals | United States | 3.76% | B1 | 06-Sep-2024 | 0.25 |
| Encapsys | 0.63% | 0.01 | $17,496,745.30 | 18,321,199 | Corporate Securities | Chemicals | United States | 4.25% | B2 | 07-Nov-2024 | 0.25 |
| Caesars Resort Collection | 0.62% | -0.01 | $17,352,021.31 | 19,572,303 | Corporate Securities | Gaming | United States | 3.15% | B1 | 23-Dec-2024 | 0.25 |
| Versant Health Holdco | 0.62% | 0.13 | $17,180,940.23 | 18,022,028 | Corporate Securities | Healthcare | United States | 8.21% | Caa1 | 01-Dec-2025 | 0.25 |
| CSC Holdings | 0.60% | -0.23 | $16,702,540.75 | 17,698,056 | Corporate Securities | Cable Operators | United States | 2.43% | Ba3 | 17-Jul-2025 | 0.25 |
| CSC Holdings | 0.60% | -0.14 | $16,677,198.90 | 17,617,814 | Corporate Securities | Cable Operators | United States | 2.68% | Ba3 | 15-Apr-2027 | 0.25 |
| CityCenter Holdings | 0.59% | 0.45 | $16,440,120.68 | 18,120,827 | Corporate Securities | Gaming | United States | 3.00% | B2 | 18-Apr-2024 | 0.25 |
| Pathway Vet Alliance | 0.59% | N/A | $16,342,480.28 | 16,810,000 | Corporate Securities | Healthcare | United States | 4.18% | B2 | 31-Mar-2027 | 0.25 |
| CPI Holdco | 0.59% | 0.02 | $16,260,048.00 | 16,937,550 | Corporate Securities | Manufacturing | United States | 4.43% | B2 | 04-Nov-2026 | 0.25 |
| Charter NEX US | 0.57% | -0.00 | $15,930,323.62 | 16,689,705 | Corporate Securities | Container | United States | 3.43% | B2 | 16-May-2024 | 0.25 |
| Targa Resources | 0.55% | 0.22 | $15,407,599.40 | 14,780 | Energy | Oil, Gas & Consumable Fuels | United States | 9.50% | NR | 14-May-2169 | 9.98 |
| Applied Systems | 0.54% | -0.06 | $15,093,874.97 | 15,555,243 | Corporate Securities | Information Technology | United States | 4.25% | B2 | 19-Sep-2024 | 0.25 |
| Reynolds Group Holdings | 0.54% | -0.02 | $14,894,445.25 | 15,630,649 | Corporate Securities | Container | United States | 3.15% | B1 | 05-Feb-2023 | 0.25 |
| Atkins Nutritionals Holdings | 0.52% | -0.08 | $14,415,504.79 | 14,823,141 | Corporate Securities | Food/Tobacco | United States | 4.75% | B1 | 07-Jul-2024 | 0.25 |
| Hyland Software | 0.51% | 0.20 | $14,146,573.18 | 14,386,394 | Corporate Securities | Information Technology | United States | 7.75% | Caa1 | 07-Jul-2025 | 0.25 |
| Prairie Eci Acquiror | 0.51% | 0.27 | $14,069,484.50 | 15,550,000 | Corporate Securities | Energy | United States | 6.20% | B2 | 11-Mar-2026 | 0.25 |
| Asurion | 0.50% | -0.02 | $13,972,191.27 | 14,379,564 | Corporate Securities | Wireless Communications | United States | 3.40% | Ba3 | 04-Aug-2022 | 0.25 |
| Scientific Games International | 0.50% | 0.09 | $13,890,772.50 | 15,749,175 | Corporate Securities | Gaming | United States | 3.48% | B1 | 14-Aug-2024 | 0.25 |
| Charter NEX US | 0.50% | 0.17 | $13,839,840.95 | 14,494,105 | Corporate Securities | Container | United States | 3.75% | B2 | 16-May-2024 | 0.25 |
| Life Time | 0.50% | 0.33 | $13,773,884.90 | 15,596,667 | Corporate Securities | Consumer Products | United States | 3.75% | B2 | 10-Jun-2022 | 0.25 |
| Intelsat Jackson Holdings | 0.48% | N/A | $13,446,980.20 | 13,540,000 | Corporate Securities | Satellites | United States | 6.50% | NR | 27-Nov-2023 | 0.25 |
| Envision Healthcare | 0.48% | 0.08 | $13,391,470.86 | 20,523,327 | Corporate Securities | Healthcare | United States | 3.93% | Caa1 | 10-Oct-2025 | 0.25 |
| Delta 2 Lux Sarl | 0.45% | N/A | $12,518,693.77 | 13,186,178 | Corporate Securities | Entertainment & Leisure | Luxembourg | 3.50% | B2 | 01-Feb-2024 | 0.25 |
| Avantor Funding | 0.44% | -0.33 | $12,353,931.99 | 12,703,272 | Corporate Securities | Healthcare | United States | 3.25% | NR | 21-Nov-2024 | 0.25 |
| Telesat | 0.44% | -0.15 | $12,208,191.48 | 12,727,870 | Corporate Securities | Satellites | Canada | 2.93% | Ba3 | 07-Dec-2026 | 0.25 |
| Ortho-Clinical Diagnostics | 0.44% | N/A | $12,199,938.70 | 13,074,211 | Corporate Securities | Healthcare | United States | 3.43% | B2 | 30-Jun-2025 | 0.25 |
| Vertafore | 0.44% | N/A | $12,175,078.70 | 12,410,000 | Corporate Securities | Information Technology | United States | 7.68% | Caa2 | 02-Jul-2026 | 0.25 |
| Gentiva Health Services | 0.43% | 0.05 | $12,052,356.39 | 12,473,331 | Corporate Securities | Healthcare | United States | 3.44% | B1 | 02-Jul-2025 | 0.25 |
| BCP Raptor II | 0.43% | 0.04 | $11,964,210.47 | 18,549,164 | Corporate Securities | Energy | United States | 4.92% | B3 | 03-Nov-2025 | 0.25 |
| Bausch Health Americas | 0.43% | -0.32 | $11,958,933.20 | 12,390,879 | Corporate Securities | Healthcare | United States | 2.94% | Ba2 | 27-Nov-2025 | 0.25 |
| Amwins | 0.43% | 0.10 | $11,900,768.98 | 12,272,756 | Corporate Securities | Financial | United States | 3.75% | Ba3 | 25-Jan-2024 | 0.25 |
| Alliant Holdings Intermediate | 0.41% | -0.01 | $11,324,705.19 | 11,905,078 | Corporate Securities | Financial | United States | 3.44% | B2 | 09-May-2025 | 0.25 |
| TransDigm | 0.41% | -0.35 | $11,322,158.42 | 12,620,280 | Corporate Securities | Aerospace & Defense | United States | 2.43% | Ba3 | 09-Dec-2025 | 0.25 |
| Avantor | 0.40% | 0.07 | $11,231,413.76 | 196,295 | Health Care | Life Sciences Tools & Services | United States | 6.25% | NR | 15-May-2022 | 1.77 |
| Wand NewCo 3 | 0.40% | -0.06 | $11,103,976.68 | 11,719,237 | Corporate Securities | Automotive | United States | 4.07% | B1 | 05-Feb-2026 | 0.25 |
| GoodRx | 0.40% | -0.01 | $11,005,528.24 | 11,558,122 | Corporate Securities | Healthcare | United States | 2.93% | B2 | 10-Oct-2025 | 0.25 |
| Big River Steel | 0.40% | 0.01 | $10,969,958.19 | 11,701,289 | Corporate Securities | Metals & Mining | United States | 6.45% | Caa1 | 23-Aug-2023 | 0.25 |
| Bellring Brands | 0.39% | -0.01 | $10,814,459.71 | 10,889,269 | Corporate Securities | Food/Tobacco | United States | 6.00% | B2 | 21-Oct-2024 | 0.25 |
| Brookfield WEC Holdings | 0.39% | -0.21 | $10,705,333.37 | 11,110,419 | Corporate Securities | Utilities | United States | 3.18% | B2 | 01-Aug-2025 | 0.25 |
| Caesars Resort Collection | 0.38% | N/A | $10,671,228.75 | 11,375,000 | Corporate Securities | Gaming | United States | 4.69% | B1 | 19-Jun-2025 | 0.25 |
| Altice France SA/France | 0.38% | 0.02 | $10,648,379.99 | 11,098,305 | Corporate Securities | Cable Operators | France | 4.18% | B2 | 14-Aug-2026 | 0.25 |
| Terrier Media Buyer | 0.38% | -0.05 | $10,587,528.33 | 11,125,210 | Corporate Securities | Broadcasting | United States | 4.43% | B1 | 17-Dec-2026 | 0.25 |
| WW International | 0.38% | -0.07 | $10,492,035.29 | 10,712,936 | Corporate Securities | Services | United States | 5.50% | Ba2 | 29-Nov-2024 | 0.25 |
| Dun & Bradstreet | 0.38% | -0.05 | $10,457,341.13 | 10,753,050 | Corporate Securities | Services | United States | 4.18% | B2 | 06-Feb-2026 | 0.25 |
| T-Mobile USA | 0.37% | N/A | $10,337,622.40 | 10,360,000 | Corporate Securities | Wireless Communications | United States | 3.18% | Baa3 | 01-Apr-2027 | 0.25 |
| Camelot Finance | 0.35% | -0.38 | $9,706,401.87 | 10,038,890 | Corporate Securities | Services | United States | 3.17% | B2 | 30-Oct-2026 | 0.25 |
| Intelsat Jackson Holdings | 0.35% | 0.02 | $9,690,862.89 | 8,575,000 | Corporate Securities | Satellites | United States | 9.50% | NR | 30-Sep-2022 | 1.99 |
| Hyland Software | 0.35% | 0.07 | $9,619,352.58 | 9,921,666 | Corporate Securities | Information Technology | United States | 4.00% | B1 | 01-Jul-2024 | 0.25 |
| Ceridian HCM Holding | 0.34% | -0.38 | $9,565,544.46 | 10,022,784 | Corporate Securities | Services | United States | 2.61% | B2 | 30-Apr-2025 | 0.25 |
| Acrisure | 0.34% | -0.05 | $9,546,022.10 | 10,128,405 | Corporate Securities | Financial | United States | 3.68% | B2 | 15-Feb-2027 | 0.25 |
| Navistar International | 0.34% | N/A | $9,503,983.88 | 8,725,000 | Corporate Securities | Automotive | United States | 9.50% | B2 | 01-May-2025 | 3.15 |
| Citadel Securities | 0.34% | -0.17 | $9,493,474.20 | 9,778,719 | Corporate Securities | Financial | United States | 2.93% | Ba1 | 27-Feb-2026 | 0.25 |
| USI Inc/NY | 0.33% | -0.04 | $9,121,028.47 | 9,411,175 | Corporate Securities | Financial | United States | 4.31% | B2 | 02-Dec-2026 | 0.25 |
| Tacala Investment | 0.32% | N/A | $8,975,127.01 | 10,046,821 | Corporate Securities | Restaurants | United States | 7.68% | NR | 04-Feb-2028 | 0.25 |
| Nexstar Broadcasting | 0.32% | -0.06 | $8,882,561.36 | 9,358,832 | Corporate Securities | Broadcasting | United States | 2.92% | Ba3 | 18-Sep-2026 | 0.25 |
| Flex Acquisition | 0.32% | N/A | $8,789,450.10 | 9,219,155 | Corporate Securities | Container | United States | 4.00% | B2 | 29-Dec-2023 | 0.25 |
| Amer Sports Holding Oy | 0.31% | N/A | $8,505,854.92 | 8,415,000 | Corporate Securities | Consumer Products | Finland | 4.50% | B3 | 30-Mar-2026 | 0.25 |
| Dino Grandparent | 0.30% | -0.03 | $8,457,400.00 | 8,630,000 | Corporate Securities | Healthcare | United States | 2.44% | NR | 20-Feb-2023 | 0.25 |
| TIBCO Software | 0.30% | 0.15 | $8,378,846.85 | 8,745,000 | Corporate Securities | Information Technology | United States | 7.43% | Caa2 | 03-Mar-2028 | 0.25 |
| Pike | 0.30% | -0.01 | $8,348,667.51 | 8,616,556 | Corporate Securities | Utilities | United States | 4.25% | B2 | 24-Jul-2026 | 0.25 |
| Altice France Holding | 0.30% | 0.12 | $8,327,874.91 | 7,480,000 | Corporate Securities | Cable Operators | France | 10.50% | NR | 15-May-2027 | 1.67 |
| Univar Solutions USA Inc/Washington | 0.30% | -0.09 | $8,306,737.95 | 8,647,177 | Corporate Securities | Chemicals | United States | 2.43% | Ba3 | 01-Jul-2024 | 0.25 |
| Solera LLC / Solera Finance | 0.30% | -0.03 | $8,285,530.83 | 7,855,000 | Corporate Securities | Information Technology | United States | 10.50% | Caa1 | 01-Mar-2024 | 1.44 |
| Radiate Holdco | 0.30% | N/A | $8,277,784.29 | 8,690,587 | Corporate Securities | Cable Operators | United States | 3.75% | B1 | 01-Feb-2024 | 0.25 |
| Xplornet Communications | 0.30% | N/A | $8,239,125.00 | 8,650,000 | Corporate Securities | Cable Operators | United States | 4.92% | B3 | 10-Jun-2027 | 0.25 |
| SS&C European Holdings Sarl | 0.29% | N/A | $7,992,860.23 | 8,366,771 | Corporate Securities | Information Technology | United States | 2.15% | Ba3 | 16-Apr-2025 | 0.25 |
| 1232743 BC | 0.29% | N/A | $7,976,602.11 | 11,755,000 | Corporate Securities | Entertainment & Leisure | Canada | 4.67% | B3 | 07-Feb-2027 | 0.25 |
| Dynasty Acquisition | 0.29% | N/A | $7,935,257.35 | 9,321,888 | Corporate Securities | Aerospace & Defense | United States | 3.81% | B2 | 06-Apr-2026 | 0.25 |
| PetVet Care Centers | 0.28% | 0.02 | $7,812,112.10 | 8,230,467 | Corporate Securities | Healthcare | United States | 2.93% | B2 | 14-Feb-2025 | 0.25 |
| Stars Group Holdings BV | 0.28% | -0.09 | $7,757,540.03 | 7,812,540 | Corporate Securities | Gaming | Canada | 3.81% | Ba1 | 10-Jul-2025 | 0.25 |
| Uber Technologies | 0.27% | -0.05 | $7,615,715.17 | 7,957,489 | Corporate Securities | Information Technology | United States | 5.00% | B1 | 04-Apr-2025 | 0.25 |
| EG America | 0.27% | 0.08 | $7,464,311.74 | 7,968,988 | Corporate Securities | Services | United Kingdom | 5.07% | B2 | 07-Feb-2025 | 0.25 |
| Mileage Plus Holdings | 0.27% | N/A | $7,371,154.40 | 7,430,000 | Corporate Securities | Airlines | United States | 6.25% | Baa3 | 20-Jun-2027 | 0.25 |
| AssuredPartners | 0.26% | -0.03 | $7,356,580.18 | 7,708,957 | Corporate Securities | Financial | United States | 3.68% | B2 | 12-Feb-2027 | 0.25 |
| Jaguar Holding Co II | 0.26% | -0.52 | $7,346,735.62 | 7,446,821 | Corporate Securities | Healthcare | United States | 3.50% | Ba2 | 18-Aug-2022 | 0.25 |
| ABG Intermediate Holdings 2 | 0.26% | -0.18 | $7,209,229.32 | 7,737,300 | Corporate Securities | Consumer Products | United States | 3.68% | B2 | 27-Sep-2024 | 0.25 |
| VetCor Professional Practices | 0.26% | N/A | $7,208,735.37 | 7,588,142 | Corporate Securities | Healthcare | United States | 4.37% | B2 | 02-Jul-2025 | 0.25 |
| BJ s Wholesale Club | 0.26% | -0.21 | $7,161,677.97 | 7,415,972 | Corporate Securities | Retail | United States | 2.43% | B1 | 03-Feb-2024 | 0.25 |
| Sunshine Luxembourg VII Sarl | 0.26% | -0.50 | $7,128,368.39 | 7,460,979 | Corporate Securities | Healthcare | Luxembourg | 5.32% | B2 | 01-Oct-2026 | 0.25 |
| K-MAC Holdings | 0.25% | N/A | $7,025,616.54 | 7,879,167 | Corporate Securities | Restaurants | United States | 6.92% | Caa2 | 16-Mar-2026 | 0.25 |
| Airbnb | 0.25% | N/A | $6,970,725.00 | 6,735,000 | Corporate Securities | Information Technology | United States | 8.72% | NR | 17-Apr-2025 | 0.25 |
| Stonepeak Lonestar Holdings | 0.25% | 0.02 | $6,951,223.51 | 7,273,056 | Corporate Securities | Energy | United States | 5.63% | B1 | 19-Oct-2026 | 0.25 |
| Solenis International | 0.25% | N/A | $6,929,552.70 | 7,245,000 | Corporate Securities | Chemicals | United States | 4.33% | B3 | 26-Jun-2025 | 0.25 |
| VFH Parent | 0.25% | -0.06 | $6,878,554.43 | 7,070,010 | Corporate Securities | Financial | United States | 3.19% | Ba3 | 01-Mar-2026 | 0.25 |
| McAfee | 0.25% | N/A | $6,861,630.00 | 6,910,000 | Corporate Securities | Information Technology | United States | 9.50% | Caa1 | 29-Sep-2025 | 0.25 |
| Vertafore | 0.25% | N/A | $6,844,523.96 | 7,276,532 | Corporate Securities | Information Technology | United States | 3.43% | B2 | 02-Jul-2025 | 0.25 |
| MH Sub I | 0.25% | 0.25 | $6,815,725.04 | 7,095,501 | Corporate Securities | Information Technology | United States | 4.82% | B2 | 13-Sep-2024 | 0.25 |
| Acrisure LLC / Acrisure Finance | 0.24% | -0.04 | $6,747,673.04 | 6,288,000 | Corporate Securities | Financial | United States | 8.13% | B2 | 15-Feb-2024 | 2.26 |
| Fiserv Investment Solutions | 0.24% | 0.00 | $6,735,037.50 | 6,855,000 | Corporate Securities | Financial | United States | 5.14% | B2 | 18-Feb-2027 | 0.25 |
| Bristol-Myers Squibb | 0.24% | -0.01 | $6,678,263.34 | 6,645,000 | Corporate Securities | Drugs | United States | 0.77% | A2 | 16-May-2022 | 0.25 |
| Select Medical | 0.24% | -0.02 | $6,617,596.13 | 6,981,176 | Corporate Securities | Healthcare | United States | 2.68% | Ba2 | 06-Mar-2025 | 0.25 |
| Surgery Center Holdings | 0.24% | N/A | $6,604,047.81 | 7,550,590 | Corporate Securities | Healthcare | United States | 4.25% | B2 | 03-Sep-2024 | 0.25 |
| AI Alpine US Bidco | 0.24% | N/A | $6,571,930.66 | 7,302,145 | Corporate Securities | Utilities | United States | 4.20% | B3 | 31-Oct-2025 | 0.25 |
| Playtika Holding | 0.23% | -0.00 | $6,496,717.50 | 6,513,000 | Corporate Securities | Gaming | United States | 7.07% | B1 | 10-Dec-2024 | 0.25 |
| Renaissance Holdings | 0.23% | 0.08 | $6,449,880.00 | 7,080,000 | Corporate Securities | Services | United States | 7.76% | Caa2 | 29-May-2026 | 0.25 |
| Cedar Fair LP / Canada s Wonderland Co / Magnum Management Corp / Millennium Op | 0.23% | N/A | $6,301,406.65 | 6,210,000 | Corporate Securities | Entertainment & Leisure | United States | 5.50% | Ba2 | 01-May-2025 | 3.37 |
| PetVet Care Centers | 0.23% | 0.04 | $6,262,362.58 | 6,493,667 | Corporate Securities | Healthcare | United States | 6.43% | Caa2 | 13-Feb-2026 | 0.25 |
| Altice France SA/France | 0.22% | -0.13 | $6,125,877.89 | 6,482,685 | Corporate Securities | Cable Operators | France | 2.93% | B2 | 31-Jul-2025 | 0.25 |
| Navistar | 0.22% | 0.00 | $5,989,553.42 | 6,340,970 | Corporate Securities | Automotive | United States | 3.70% | Ba2 | 06-Nov-2024 | 0.25 |
| Messer Industries USA | 0.22% | -0.00 | $5,977,660.10 | 6,284,005 | Corporate Securities | Chemicals | United States | 2.81% | B1 | 02-Mar-2026 | 0.25 |
| TIBCO Software | 0.22% | N/A | $5,970,737.50 | 6,335,000 | Corporate Securities | Information Technology | United States | 3.93% | B2 | 30-Jun-2026 | 0.25 |
| SRAM | 0.21% | -0.04 | $5,922,037.89 | 6,089,499 | Corporate Securities | Manufacturing | United States | 3.75% | B1 | 15-Mar-2024 | 0.25 |
| Prime Security Services Borrower | 0.21% | -0.18 | $5,907,010.90 | 6,157,113 | Corporate Securities | Services | United States | 4.25% | Ba3 | 23-Sep-2026 | 0.25 |
| Townsquare Media | 0.21% | -0.09 | $5,905,738.65 | 6,184,020 | Corporate Securities | Broadcasting | United States | 4.00% | Ba2 | 01-Apr-2022 | 0.25 |
| Zekelman Industries | 0.21% | -0.21 | $5,847,157.97 | 6,114,675 | Corporate Securities | Metals & Mining | United States | 2.43% | Ba3 | 24-Jan-2027 | 0.25 |
| Four Seasons Hotels | 0.21% | -0.00 | $5,823,264.68 | 6,162,185 | Corporate Securities | Lodging | Canada | 2.17% | Ba3 | 30-Nov-2023 | 0.25 |
| Charter Communications Operating LLC / Charter Communications Operating Capital | 0.20% | -0.13 | $5,569,640.61 | 5,540,000 | Corporate Securities | Cable Operators | United States | 2.34% | Ba1 | 01-Feb-2024 | 0.25 |
| PetSmart | 0.20% | N/A | $5,567,442.01 | 5,650,275 | Corporate Securities | Retail | United States | 5.00% | B2 | 11-Mar-2022 | 0.25 |
| Univision Communications | 0.20% | -0.38 | $5,532,346.52 | 5,997,124 | Corporate Securities | Broadcasting | United States | 3.75% | B2 | 15-Mar-2024 | 0.25 |
| Flex Acquisition | 0.20% | N/A | $5,489,600.00 | 5,840,000 | Corporate Securities | Container | United States | 4.43% | B2 | 29-Jun-2025 | 0.25 |
| Nep | 0.20% | N/A | $5,427,131.50 | 6,650,000 | Corporate Securities | Broadcasting | United States | 3.57% | Caa2 | 20-Oct-2025 | 0.25 |
| AppLovin | 0.20% | -0.02 | $5,425,424.90 | 5,602,868 | Corporate Securities | Information Technology | United States | 3.68% | B1 | 15-Aug-2025 | 0.25 |
| AssuredPartners | 0.19% | N/A | $5,404,700.00 | 5,515,000 | Corporate Securities | Financial | United States | 5.50% | B2 | 12-Feb-2027 | 0.25 |
| Med Parentco | 0.19% | -0.03 | $5,299,106.25 | 6,135,000 | Corporate Securities | Healthcare | United States | 8.61% | Caa3 | 30-Aug-2027 | 0.25 |
| Clarios Global Lp / Clarios Us Finance | 0.19% | N/A | $5,294,888.76 | 5,095,000 | Corporate Securities | Automotive | United States | 6.25% | B1 | 15-May-2026 | 3.38 |
| HUB International | 0.18% | N/A | $5,132,594.57 | 5,080,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 01-May-2026 | 2.49 |
| Sedgwick Claims Management Services | 0.18% | -0.13 | $5,127,806.03 | 5,444,745 | Corporate Securities | Financial | United States | 3.43% | B2 | 31-Dec-2025 | 0.25 |
| USI Inc/NY | 0.18% | N/A | $5,107,525.90 | 5,270,000 | Corporate Securities | Financial | United States | 4.50% | B2 | 02-Dec-2026 | 0.25 |
| VeriFone Systems | 0.18% | -0.00 | $5,021,399.07 | 6,047,255 | Corporate Securities | Services | United States | 4.38% | B3 | 20-Aug-2025 | 0.25 |
| Mauser Packaging Solutions Holding | 0.18% | N/A | $4,980,633.80 | 5,562,344 | Corporate Securities | Container | United States | 4.56% | B3 | 03-Apr-2024 | 0.25 |
| Upfield USA | 0.18% | N/A | $4,942,124.84 | 5,171,155 | Corporate Securities | Food/Tobacco | Netherlands | 4.45% | B1 | 02-Jul-2025 | 0.25 |
| Boxer Parent | 0.18% | -0.01 | $4,902,852.75 | 5,195,076 | Corporate Securities | Information Technology | United States | 4.43% | B2 | 02-Oct-2025 | 0.25 |
| Nexstar Broadcasting | 0.17% | N/A | $4,836,307.83 | 5,097,558 | Corporate Securities | Broadcasting | United States | 2.43% | Ba3 | 17-Jan-2024 | 0.25 |
| Deerfield Dakota Holding | 0.17% | -0.05 | $4,830,600.00 | 4,980,000 | Corporate Securities | Financial | United States | 4.75% | B2 | 09-Apr-2027 | 0.25 |
| NGL Energy Partners LP / NGL Energy Finance | 0.17% | N/A | $4,818,610.69 | 5,720,000 | Corporate Securities | Energy | United States | 7.50% | B2 | 01-Nov-2023 | 2.73 |
| Altice Financing | 0.17% | -0.11 | $4,782,354.64 | 5,066,268 | Corporate Securities | Cable Operators | Luxembourg | 2.93% | B2 | 15-Jul-2025 | 0.25 |
| Zayo Group Holdings | 0.17% | -0.14 | $4,748,817.80 | 5,015,015 | Corporate Securities | Other Telecommunications | United States | 3.18% | B1 | 09-Mar-2027 | 0.25 |
| Clear Channel Outdoor Holdings | 0.17% | 0.00 | $4,634,557.30 | 5,126,723 | Corporate Securities | Broadcasting | United States | 4.26% | B1 | 21-Aug-2026 | 0.25 |
| Vungle | 0.17% | 0.01 | $4,582,673.46 | 4,700,178 | Corporate Securities | Information Technology | United States | 5.68% | B2 | 30-Sep-2026 | 0.25 |
| CVS Health | 0.16% | -0.01 | $4,508,541.92 | 4,500,000 | Corporate Securities | Retail | United States | 1.03% | Baa2 | 09-Mar-2021 | 0.25 |
| Nascar Holdings | 0.16% | -0.02 | $4,418,267.44 | 4,627,330 | Corporate Securities | Entertainment & Leisure | United States | 2.93% | Ba3 | 19-Oct-2026 | 0.25 |
| Virtus Investment Partners | 0.16% | -0.03 | $4,396,030.31 | 4,508,749 | Corporate Securities | Financial | United States | 3.00% | Ba2 | 03-Jun-2024 | 0.25 |
| EIG Management | 0.16% | -0.02 | $4,382,038.90 | 4,588,522 | Corporate Securities | Financial | United States | 4.50% | Ba2 | 24-Feb-2025 | 0.25 |
| SS&C Technologies | 0.16% | -0.01 | $4,334,547.94 | 4,552,714 | Corporate Securities | Information Technology | United States | 2.15% | Ba2 | 16-Apr-2025 | 0.25 |
| Adient US | 0.16% | N/A | $4,329,798.40 | 4,520,000 | Corporate Securities | Automotive | United States | 4.61% | Ba3 | 06-May-2024 | 0.25 |
| UFC Holdings | 0.15% | N/A | $4,260,875.00 | 4,450,000 | Corporate Securities | Entertainment & Leisure | United States | 4.25% | B2 | 29-Apr-2026 | 0.25 |
| Citizens Bank NA/Providence RI | 0.15% | -0.01 | $4,251,195.67 | 4,250,000 | Corporate Securities | Banking | United States | 1.14% | Baa1 | 14-Feb-2022 | 0.25 |
| GTT Communications | 0.15% | -0.00 | $4,217,581.75 | 5,754,491 | Corporate Securities | Other Telecommunications | United States | 2.92% | B2 | 31-May-2025 | 0.25 |
| Cologix Holdings | 0.15% | -0.01 | $4,206,324.63 | 4,394,956 | Corporate Securities | Other Telecommunications | United States | 4.00% | B2 | 20-Mar-2024 | 0.25 |
| Expedia | 0.15% | N/A | $4,175,835.47 | 3,955,000 | Corporate Securities | Information Technology | United States | 7.00% | Baa3 | 01-May-2025 | 3.30 |
| Goldman Sachs | 0.15% | -0.08 | $4,175,764.80 | 4,170,000 | Corporate Securities | Banking | United States | 1.54% | A3 | 31-Oct-2022 | 0.25 |
| Tesla | 0.15% | N/A | $4,166,694.84 | 4,095,000 | Corporate Securities | Automotive | United States | 5.30% | Caa1 | 15-Aug-2025 | 2.78 |
| Buzz Merger Sub | 0.15% | -0.07 | $4,162,212.50 | 4,330,000 | Corporate Securities | Information Technology | United States | 2.92% | B1 | 29-Jan-2027 | 0.25 |
| Conservice Midco | 0.15% | N/A | $4,157,437.50 | 4,275,000 | Corporate Securities | Information Technology | United States | 4.47% | B2 | 13-May-2027 | 0.25 |
| SAM Bidco SASU | 0.15% | N/A | $4,140,700.00 | 4,405,000 | Corporate Securities | Healthcare | France | 4.57% | B2 | 13-Dec-2024 | 0.25 |
| Univision Communications | 0.15% | N/A | $4,112,335.54 | 3,820,000 | Corporate Securities | Broadcasting | United States | 9.50% | B2 | 01-May-2025 | 3.15 |
| SCS Holdings I | 0.15% | -0.06 | $4,107,428.28 | 4,245,404 | Corporate Securities | Services | United States | 3.90% | Ba3 | 01-Jul-2026 | 0.25 |
| Sabre GLBL | 0.15% | N/A | $4,028,661.70 | 3,760,000 | Corporate Securities | Services | United States | 9.25% | Ba3 | 15-Apr-2025 | 3.72 |
| PQ | 0.14% | -0.02 | $3,965,769.52 | 4,123,836 | Corporate Securities | Chemicals | United States | 2.43% | NR | 07-Feb-2027 | 0.25 |
| Nexus Buyer | 0.14% | -0.02 | $3,942,603.00 | 4,033,353 | Corporate Securities | Financial | United States | 3.93% | B1 | 09-Nov-2026 | 0.25 |
| Aristocrat International Pty | 0.14% | N/A | $3,925,350.00 | 3,965,000 | Corporate Securities | Entertainment & Leisure | Australia | 4.75% | Ba1 | 19-Oct-2024 | 0.25 |
| American Electric Power | 0.14% | N/A | $3,889,806.25 | 79,750 | Utilities | Electric Utilities | United States | 6.13% | Baa2 | 15-Mar-2022 | 1.58 |
| Diamond BC BV | 0.14% | N/A | $3,880,675.00 | 3,970,000 | Corporate Securities | Chemicals | United States | 6.00% | B1 | 06-Sep-2024 | 0.25 |
| Exgen Renewables IV | 0.14% | 0.11 | $3,858,054.35 | 3,987,653 | Corporate Securities | Utilities | United States | 4.00% | B2 | 28-Nov-2024 | 0.25 |
| Nep | 0.14% | -0.04 | $3,810,600.00 | 5,220,000 | Corporate Securities | Broadcasting | United States | 7.18% | Ca | 19-Oct-2026 | 0.25 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.14% | -0.01 | $3,803,215.85 | 3,700,000 | Corporate Securities | Supermarkets | United States | 6.63% | B2 | 15-Jun-2024 | 0.91 |
| Nustar Energy | 0.13% | N/A | $3,717,590.50 | 140,075 | Energy | Oil, Gas & Consumable Fuels | United States | 10.75% | NR | 15-Sep-2168 | 2.50 |
| USIC Holdings | 0.13% | 0.01 | $3,698,460.91 | 3,888,001 | Corporate Securities | Services | United States | 4.25% | B2 | 08-Dec-2023 | 0.25 |
| Berry Global | 0.13% | -0.03 | $3,670,498.06 | 3,848,491 | Corporate Securities | Container | United States | 2.18% | Ba2 | 01-Jul-2026 | 0.25 |
| Expedia | 0.13% | N/A | $3,654,703.01 | 3,385,000 | Corporate Securities | Information Technology | United States | 6.25% | Baa3 | 01-May-2025 | 3.93 |
| Aramark Services | 0.13% | N/A | $3,627,954.09 | 3,480,000 | Corporate Securities | Services | United States | 6.38% | B1 | 01-May-2025 | 3.33 |
| Rhp Hotel Properties | 0.13% | N/A | $3,622,215.01 | 3,862,419 | Corporate Securities | Lodging | United States | 2.18% | Ba3 | 11-May-2024 | 0.25 |
| Ortho-Clinical Diagnostics Inc / Ortho-Clinical Diagnostics | 0.13% | N/A | $3,606,118.31 | 3,530,000 | Corporate Securities | Healthcare | United States | 7.38% | Caa2 | 01-Jun-2025 | 3.34 |
| Microchip Technology | 0.13% | -0.03 | $3,577,217.90 | 3,715,393 | Corporate Securities | Information Technology | United States | 2.18% | Baa3 | 29-May-2025 | 0.25 |
| Apollo Commercial Real Estate Finance | 0.13% | -0.00 | $3,505,037.85 | 3,809,824 | Corporate Securities | Financial | United States | 2.93% | Ba2 | 15-May-2026 | 0.25 |
| Renaissance Holdings | 0.12% | 0.01 | $3,433,301.05 | 3,575,126 | Corporate Securities | Services | United States | 4.01% | B2 | 30-May-2025 | 0.25 |
| GTCR AP Finance | 0.12% | N/A | $3,415,160.05 | 3,295,000 | Corporate Securities | Financial | United States | 8.00% | Caa2 | 15-May-2027 | 3.25 |
| CSC Holdings | 0.12% | -0.19 | $3,411,159.25 | 3,613,095 | Corporate Securities | Cable Operators | United States | 2.43% | Ba3 | 15-Jan-2026 | 0.25 |
| Boyd Gaming | 0.12% | 0.00 | $3,411,040.33 | 3,637,240 | Corporate Securities | Gaming | United States | 2.36% | Ba3 | 15-Sep-2023 | 0.25 |
| Civitas Solutions | 0.12% | N/A | $3,401,298.11 | 3,535,359 | Corporate Securities | Healthcare | United States | 4.82% | B1 | 09-Mar-2026 | 0.25 |
| Marriott Ownership Resorts | 0.12% | 0.00 | $3,352,251.32 | 3,580,509 | Corporate Securities | Lodging | United States | 2.15% | NR | 29-Aug-2025 | 0.25 |
| Gemini HDPE | 0.12% | -0.01 | $3,346,745.23 | 3,507,494 | Corporate Securities | Chemicals | United States | 3.27% | Ba3 | 07-Aug-2024 | 0.25 |
| InSite Issuer | 0.12% | 0.01 | $3,317,516.05 | 3,330,000 | Corporate Securities | Wireless Communications | United States | 6.41% | NR | 15-Nov-2046 | N/A |
| Delta Air Lines | 0.12% | N/A | $3,303,242.59 | 3,155,000 | Corporate Securities | Airlines | United States | 7.00% | Baa2 | 01-May-2025 | 4.01 |
| Citgo Holding | 0.12% | -0.12 | $3,218,346.04 | 3,395,166 | Corporate Securities | Energy | United States | 8.00% | Caa1 | 01-Aug-2023 | 0.25 |
| TransDigm | 0.11% | N/A | $3,185,288.98 | 2,985,000 | Corporate Securities | Aerospace & Defense | United States | 8.00% | Ba3 | 15-Dec-2025 | 3.17 |
| Jane Street | 0.11% | -0.03 | $3,137,658.61 | 3,231,568 | Corporate Securities | Financial | United States | 3.18% | Ba3 | 31-Jan-2025 | 0.25 |
| NGL Energy Partners LP / NGL Energy Finance | 0.11% | N/A | $3,131,058.42 | 3,850,000 | Corporate Securities | Energy | United States | 7.50% | B2 | 15-Apr-2026 | 4.25 |
| PetVet Care Centers | 0.11% | 0.02 | $3,128,081.01 | 3,258,418 | Corporate Securities | Healthcare | United States | 3.43% | B2 | 14-Feb-2025 | 0.25 |
| CCM Merger | 0.11% | 0.00 | $3,127,380.44 | 3,229,931 | Corporate Securities | Gaming | United States | 3.00% | Ba3 | 06-Aug-2021 | 0.25 |
| Intelsat Jackson Holdings | 0.11% | N/A | $3,117,108.50 | 3,076,711 | Corporate Securities | Satellites | United States | 6.50% | NR | 13-Jul-2021 | 0.25 |
| Project Boost Purchaser | 0.11% | N/A | $3,101,806.23 | 3,277,999 | Corporate Securities | Services | United States | 3.68% | B2 | 01-Jun-2026 | 0.25 |
| Comstock Resources | 0.11% | N/A | $3,083,710.71 | 3,295,000 | Corporate Securities | Energy | United States | 9.75% | Caa1 | 15-Aug-2026 | 4.42 |
| Intelsat Jackson Holdings | 0.11% | 0.00 | $3,047,800.38 | 3,054,000 | Corporate Securities | Satellites | United States | 8.63% | NR | 02-Jan-2024 | 0.25 |
| Phoenix Guarantor | 0.11% | N/A | $3,016,092.23 | 3,141,763 | Corporate Securities | Healthcare | United States | 4.08% | NR | 05-Mar-2026 | N/A |
| Kontoor Brands | 0.11% | 0.00 | $3,005,304.75 | 3,180,217 | Corporate Securities | Consumer Products | United States | 4.43% | Ba2 | 15-May-2026 | 0.25 |
| Prestige Brands | 0.11% | -0.01 | $2,980,309.82 | 3,038,032 | Corporate Securities | Consumer Products | United States | 2.18% | Ba3 | 26-Jan-2024 | 0.25 |
| Nielsen Finance | 0.11% | N/A | $2,976,137.50 | 3,010,000 | Corporate Securities | Broadcasting | United States | 4.75% | Ba1 | 04-Jun-2025 | 0.25 |
| Tenet Healthcare | 0.11% | N/A | $2,925,163.24 | 2,715,000 | Corporate Securities | Healthcare | United States | 7.50% | B1 | 01-Apr-2025 | 2.43 |
| KAR Auction Services | 0.10% | -0.02 | $2,877,752.04 | 3,041,217 | Corporate Securities | Automotive | United States | 2.50% | Ba3 | 19-Sep-2026 | 0.25 |
| ASP Chromaflo Intermediate Holdings | 0.10% | N/A | $2,858,159.61 | 3,081,574 | Corporate Securities | Chemicals | United States | 4.50% | B2 | 20-Nov-2023 | 0.25 |
| Med Parentco | 0.10% | N/A | $2,851,222.80 | 3,159,250 | Corporate Securities | Healthcare | United States | 4.59% | B2 | 31-Aug-2026 | 0.25 |
| Tacala Investment | 0.10% | N/A | $2,825,742.00 | 3,011,459 | Corporate Securities | Restaurants | United States | 3.68% | NR | 05-Feb-2027 | 0.25 |
| Cushman & Wakefield US Borrower | 0.10% | N/A | $2,825,507.42 | 2,685,000 | Corporate Securities | Building & Real Estate | United States | 6.75% | Ba3 | 15-May-2028 | 4.79 |
| Presidio Holdings | 0.10% | -0.00 | $2,798,459.70 | 2,910,000 | Corporate Securities | Services | United States | 4.27% | B1 | 22-Jan-2027 | 0.25 |
| S2P Acquisition Borrower | 0.10% | -0.01 | $2,788,033.68 | 2,904,202 | Corporate Securities | Information Technology | United States | 5.07% | B2 | 14-Aug-2026 | 0.25 |
| Huskies Parent | 0.10% | -0.01 | $2,778,435.57 | 2,849,678 | Corporate Securities | Information Technology | United States | 4.18% | B2 | 31-Jul-2026 | 0.25 |
| Acrisure LLC / Acrisure Finance | 0.10% | N/A | $2,762,641.95 | 2,815,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 15-Nov-2025 | 4.32 |
| Altice Financing | 0.10% | N/A | $2,745,272.46 | 2,915,323 | Corporate Securities | Cable Operators | Luxembourg | 2.93% | B2 | 31-Jan-2026 | 0.25 |
| Occidental Petroleum | 0.10% | N/A | $2,725,411.67 | 2,930,000 | Corporate Securities | Petroleum | United States | 2.70% | Ba2 | 15-Feb-2023 | 2.43 |
| Asurion | 0.10% | -0.02 | $2,720,039.93 | 2,824,167 | Corporate Securities | Wireless Communications | United States | 3.17% | Ba3 | 03-Nov-2024 | 0.25 |
| Refinitiv US Holdings | 0.10% | N/A | $2,705,265.79 | 2,475,000 | Corporate Securities | Information Technology | United States | 8.25% | Caa2 | 15-Nov-2026 | 1.27 |
| AlixPartners LLP | 0.10% | N/A | $2,703,484.05 | 2,802,758 | Corporate Securities | Services | United States | 2.68% | B2 | 04-Apr-2024 | 0.25 |
| Avantor | 0.10% | -0.17 | $2,691,865.90 | 2,453,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 01-Oct-2025 | 0.23 |
| Becton Dickinson And | 0.10% | -0.35 | $2,675,662.68 | 2,670,000 | Corporate Securities | Healthcare | United States | 1.35% | Ba1 | 06-Jun-2022 | 0.25 |
| Fleet US Bidco | 0.10% | -0.04 | $2,674,892.12 | 2,815,676 | Corporate Securities | Information Technology | United States | 4.32% | B2 | 07-Oct-2026 | 0.25 |
| Surgery Center Holdings | 0.10% | N/A | $2,668,312.50 | 2,668,313 | Corporate Securities | Healthcare | United States | 9.00% | B2 | 03-Sep-2024 | 0.25 |
| Boxer Parent | 0.10% | N/A | $2,665,996.41 | 2,525,000 | Corporate Securities | Information Technology | United States | 7.13% | B2 | 02-Oct-2025 | 3.37 |
| EG America | 0.10% | N/A | $2,639,000.00 | 2,900,000 | Corporate Securities | Services | United Kingdom | 5.07% | Caa1 | 20-Apr-2026 | 0.25 |
| LifePoint Health | 0.09% | N/A | $2,637,545.05 | 2,525,000 | Corporate Securities | Healthcare | United States | 6.75% | B1 | 15-Apr-2025 | 3.26 |
| T-Mobile USA | 0.09% | N/A | $2,628,120.70 | 2,500,000 | Corporate Securities | Wireless Communications | United States | 6.50% | Ba3 | 15-Jan-2024 | 0.01 |
| iHeartCommunications | 0.09% | -0.14 | $2,623,830.72 | 2,854,565 | Corporate Securities | Broadcasting | United States | 3.18% | B1 | 01-May-2026 | 0.25 |
| Boxer Parent | 0.09% | N/A | $2,568,811.43 | 2,485,000 | Corporate Securities | Information Technology | United States | 9.13% | Caa2 | 01-Mar-2026 | 2.69 |
| Blackstone Mortgage Trust | 0.09% | -0.01 | $2,555,332.91 | 2,725,688 | Corporate Securities | Financial | United States | 2.42% | Ba2 | 23-Apr-2026 | 0.25 |
| Navitas Midstream Midland Basin | 0.09% | 0.03 | $2,497,051.41 | 2,793,904 | Corporate Securities | Energy | United States | 5.50% | B3 | 13-Dec-2024 | 0.25 |
| mon Holding | 0.09% | -0.01 | $2,420,001.47 | 2,534,033 | Corporate Securities | Manufacturing | United States | 4.75% | B2 | 30-Oct-2024 | 0.25 |
| Vertical US Newco | 0.09% | N/A | $2,400,000.00 | 2,400,000 | Corporate Securities | Services | Luxembourg | 5.25% | N/A | 15-Jul-2027 | 4.35 |
| Froneri US | 0.09% | -0.00 | $2,368,750.00 | 2,500,000 | Corporate Securities | Food/Tobacco | United States | 5.75% | B3 | 31-Jan-2028 | 0.25 |
| Merrill Communications | 0.09% | -0.11 | $2,360,694.38 | 2,421,225 | Corporate Securities | Services | United States | 6.20% | B2 | 05-Oct-2026 | 0.25 |
| Lions Gate Capital Holdings | 0.08% | -0.07 | $2,354,065.82 | 2,496,014 | Corporate Securities | Broadcasting | United States | 2.43% | Ba2 | 24-Mar-2025 | 0.25 |
| AssuredPartners | 0.08% | N/A | $2,343,426.77 | 2,272,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 15-Aug-2025 | 1.88 |
| Welbilt | 0.08% | -0.19 | $2,332,726.52 | 2,712,473 | Corporate Securities | Manufacturing | United States | 2.68% | B2 | 23-Oct-2025 | 0.25 |
| K-MAC Holdings | 0.08% | N/A | $2,317,114.16 | 2,484,841 | Corporate Securities | Restaurants | United States | 3.17% | B2 | 14-Mar-2025 | 0.25 |
| Big River Steel LLC / BRS Finance | 0.08% | 0.00 | $2,286,047.49 | 2,335,000 | Corporate Securities | Metals & Mining | United States | 7.25% | Caa1 | 01-Sep-2025 | 4.07 |
| Engineered Machinery Holdings | 0.08% | N/A | $2,235,475.00 | 2,420,000 | Corporate Securities | Manufacturing | United States | 8.25% | Caa2 | 19-Jul-2025 | 0.25 |
| Hilton domestic Operating | 0.07% | N/A | $2,030,828.66 | 2,005,000 | Corporate Securities | Lodging | United States | 5.38% | Ba2 | 01-May-2025 | 4.15 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets | 0.07% | N/A | $1,857,318.75 | 1,855,000 | Corporate Securities | Airlines | United States | 6.50% | Baa3 | 20-Jun-2027 | 3.83 |
| Synlab Bondco | 0.06% | N/A | $1,793,204.48 | 1,590,000 | Corporate Securities | Healthcare | United Kingdom | 4.75% | B2 | 01-Jul-2025 | 0.25 |
| Six Flags theme Parks | 0.06% | N/A | $1,760,162.32 | 1,675,000 | Corporate Securities | Entertainment & Leisure | United States | 7.00% | Ba2 | 01-Jul-2025 | 3.42 |
| MH Sub I | 0.05% | N/A | $1,491,875.00 | 1,550,000 | Corporate Securities | Information Technology | United States | 4.75% | B2 | 13-Sep-2024 | 0.25 |
| MH Sub I | 0.05% | N/A | $1,387,179.20 | 1,465,000 | Corporate Securities | Information Technology | United States | 7.81% | Caa2 | 15-Sep-2025 | 0.25 |
| L Brands | 0.04% | N/A | $1,133,250.79 | 1,095,000 | Corporate Securities | Retail | United States | 6.88% | Ba2 | 01-Jul-2025 | 3.45 |
| Yum Brands | 0.04% | -0.00 | $1,125,469.60 | 1,025,000 | Corporate Securities | Restaurants | United States | 7.75% | B1 | 01-Apr-2025 | 1.60 |
| Adient US | 0.04% | N/A | $1,110,871.10 | 1,015,000 | Corporate Securities | Automotive | United States | 9.00% | Ba3 | 15-Apr-2025 | 2.41 |
| Realogy Group LLC / Realogy Co-Issuer | 0.04% | N/A | $1,098,421.56 | 1,095,000 | Corporate Securities | Building & Real Estate | United States | 7.63% | B3 | 15-Jun-2025 | 3.34 |
| IntelSat | 0.04% | N/A | $1,002,697.62 | 1,002,698 | Communication Services | Media | United States | N/A | N/A | N/A | N/A |
| Marriott International Inc/MD | 0.04% | N/A | $985,077.18 | 895,000 | Corporate Securities | Lodging | United States | 5.75% | Baa3 | 01-May-2025 | 4.12 |
| NMI Holdings | 0.04% | N/A | $974,094.68 | 930,000 | Corporate Securities | Financial | United States | 7.38% | Ba2 | 01-Jun-2025 | 3.96 |
| Engineered Machinery Holdings | 0.03% | N/A | $951,130.40 | 1,002,953 | Corporate Securities | Manufacturing | United States | 4.00% | B2 | 19-Jul-2024 | 0.25 |
| 1011778 BC ULC / New Red Finance | 0.03% | N/A | $893,225.04 | 840,000 | Corporate Securities | Restaurants | Canada | 5.75% | Ba2 | 15-Apr-2025 | 1.66 |
| eG Global Finance | 0.03% | N/A | $825,018.61 | 790,000 | Corporate Securities | Services | United Kingdom | 8.50% | B2 | 30-Oct-2025 | 2.82 |
| Trivium Packaging Finance BV | 0.03% | 0.00 | $784,315.91 | 720,000 | Corporate Securities | Container | Netherlands | 3.75% | B2 | 15-Aug-2026 | 0.25 |
| Edelman Financial Center | 0.03% | 0.00 | $712,882.05 | 785,000 | Corporate Securities | Financial | United States | 6.93% | Caa2 | 20-Jul-2026 | 0.25 |
| Sedgwick Claims Management Services | 0.02% | N/A | $687,514.30 | 710,000 | Corporate Securities | Financial | United States | 5.25% | B2 | 03-Sep-2026 | 0.25 |
| GFL Environmental | 0.02% | N/A | $548,666.88 | 540,000 | Corporate Securities | Services | Canada | 4.25% | Ba3 | 01-Jun-2025 | 3.54 |
| Ultimate Software | 0.00% | -1.56 | $0.00 | -0 | Corporate Securities | Services | United States | 3.93% | B1 | 04-May-2026 | 0.25 |
| Caesars Entertainment | 0.00% | N/A | $-0.02 | -0 | Corporate Securities | Gaming | United States | 3.25% | Ba1 | 17-Apr-2024 | 0.25 |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed.
Industry Diversification (30-Jun-2020)
Representative Portfolio vs Benchmark| Industry Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Financial | 9.60% | 5.57% | |
| Wireless Communications | 4.48% | 1.63% | |
| Satellites | 2.53% | 0.53% | |
| Services | 14.34% | 13.53% | |
| Entertainment & Leisure | 3.70% | 3.00% | |
| Energy | 3.31% | 2.79% | |
| Healthcare | 13.25% | 12.74% | |
| Gaming | 2.85% | 2.66% | |
| Metals & Mining | 0.69% | 0.69% | |
| Container | 2.46% | 2.50% | |
| Forest Products | 0.00% | 0.06% | |
| Utilities | 3.11% | 3.17% | |
| Lodging | 0.57% | 0.65% | |
| Supermarkets | 0.14% | 0.31% | |
| Cable Operators | 3.30% | 3.56% | |
| Airlines | 0.45% | 0.79% | |
| Automotives | 2.59% | 3.06% | |
| Building & Real Estate | 0.14% | 0.64% | |
| Restaurants | 0.83% | 1.36% | |
| Consumer Products | 1.28% | 1.94% | |
| Publishing | 0.11% | 1.11% | |
| Aerospace & Defense | 0.81% | 1.85% | |
| Broadcasting | 2.11% | 3.21% | |
| Information Technology | 13.10% | 14.20% | |
| Food | 1.17% | 2.65% | |
| Retail | 0.66% | 2.20% | |
| Other Telecommunications | 0.47% | 2.06% | |
| Chemicals | 2.53% | 4.36% | |
| Manufacturing | 1.91% | 3.91% | |
| Building Products | 0.00% | 2.29% |
A maximum of 30 largest industries by portfolio rank are displayed and shown in descending order by relative over/underweight.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings information and other breakdowns (such as country and currency) are related to those of representative portfolio ("Portfolio"). The Portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS® Disclosure page for additional information on the composite.
The specific securities identified and described above do not represent all of the securities purchased, sold or recommended for advisory clients and no assumptions should be made that investments in the securities identified and discussed were or will be profitable.
Paul Massaro is head of the Global High Yield team and portfolio manager of the Floating Rate Bank Loan Strategy in the Fixed Income Division. He is president and chairman of the Investment Advisory Committees for the Floating Rate and Institutional Income Funds, executive vice president and chairman for the Floating Rate Multi-Sector Account Portfolios, and a vice president and an Investment Advisory Committee member of the Capital Appreciation Fund. Paul is also an Investment Advisory Committee member of the High Yield Fund, High Yield Multi-Sector Account Portfolios, and the Institutional High Yield Fund and a member of the Fixed Income Steering Committee. Paul is a vice president of T. Rowe Price Associates, Inc., T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.