Past performance is not a reliable indicator of future performance.
Strategy
Global Multi-Sector Bond
The Global Multi-Sector Bond Composite seeks high income and some capital appreciation primarily through investment in sectors and securities within the Bloomberg Barclays Global Aggregate Bond USD Hedged Index. The strategy may also invest in bank loans, non-agency MBS, and convertible bonds.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
5.30%
4.58%
Data as of 30-Sep-2020
Data as of 30-Sep-2020
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
5.56%
0.44
Data as of 30-Sep-2020
Data as of 30-Sep-2020
Inception Date 31-Dec-2008
Performance figures calculated in USD
Other Literature
Strategy
Investment Approach
- Designed to generate alpha through effective combination of top-down sector allocation, currency positioning, and interest rate management with high-conviction, bottom-up security selection from our specialized global research platform.
- Flexible investment mandate seeks to increase the potential for excess return in a diversified, multi-sector portfolio by tactically allocating across a global opportunity set of 15 sectors, including below-investment grade and non-U.S. dollar-denominated securities.
- Actively diversify risk across both quantitative risk factors and qualitative investment themes
- Our Global Multi-Sector Bond Strategy offers flexibility to incorporate a wide range of strategy designs and customized benchmarks, including both total return and flexible duration mandates.
Portfolio Construction
- Base strategy target tracking error range: 200-500 basis points
- Up to 50% of assets may be unhedged to exploit currency valuation opportunities Profile can be tailored to specific client risk tolerances
- Benchmark Details:
- Base strategy: Bloomberg Barclays Global Aggregate USD Hedged Index
- Ability to create custom benchmarks in a variety of base currencies and flexible duration mandates
Performance
Global Multi-Sector Bond Composite
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 5.95% | 5.69% | 6.47% | 5.31% |
| Composite Net % | 5.56% | 5.30% | 6.07% | 4.92% |
| Benchmark % | 4.14% | 5.13% | 4.47% | 4.05% |
| Excess Return (Gross) % | 1.81% | 0.56% | 2.00% | 1.26% |
Recent Performance
| 3 MonthsData as of 30-Sep-2020 | Year to DateData as of 30-Sep-2020 | |
|---|---|---|
| Composite Gross % | 3.66% | 4.46% |
| Composite Net % | 3.56% | 4.17% |
| Benchmark % | 0.73% | 4.65% |
| Excess Return (Gross) % | 2.93% | -0.19% |
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.
Effective 1 October 2018, the benchmark for the composite was changed to Bloomberg Barclays Global Aggregate USD Hedged Index. Prior to this change the benchmark was Bloomberg Barclays Multiverse USD Hedged Index effective 1 February 2017 through 30 September 2018 and Bloomberg Barclays Global Aggregate ex Treasury Bond USD Hedged Index effective since composite inception through 31 January 2017. The change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Holdings
Holdings
Total
Holdings
534
Largest Holding
U.S. Treasury Inflation Indexed Bonds
3.22%
Was
(30-Jun-2020) 3.04%
Top 10 Holdings 14.95%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB | A |
| By % | 18.60% | -11.95% |
| Portfolio | 18.94% | 11.91% |
| Benchmark | 0.34% | 23.87% |
Average Credit Quality
BBBMaturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 0-1 Years | 10+ Years |
| By % | 7.74% | -11.31% |
| Portfolio | 7.74% | 14.55% |
| Benchmark | 0.00% | 25.86% |
Weighted Average Maturity
6.55 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | Under 1 Year | Over 10 Years |
| By % | 12.60% | -10.82% |
| Portfolio | 15.20% | 12.57% |
| Benchmark | 2.60% | 23.39% |
Weighted Average Duration
5.26 YearsSectors
Total
Sectors
7
Largest Sector Global Sovereign 33.92%
Was (30-Jun-2020)
32.58%
Other
View complete Sector Diversification
Largest Overweight
Global High Yield
By19.31%
Portfolio
19.31%
Benchmark
0.00%
Largest Underweight
Global Sovereign
By-33.55%
Portfolio
33.92%
Benchmark
67.47%
Currency
Total
Currencies
22
Largest Currency
87.17%
Was (30-Jun-2020)
88.41%
Other
View completeCurrency Diversification
Largest Overweight
U.S. dollar
By
45.04%
Portfolio
87.17%
Benchmark
42.13%
Largest Underweight
euro
By
-24.12%
Portfolio
-0.05%
Benchmark
24.07%
Team (As of 15-Jan-2021)
Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Kenneth’s investment experience began in 2003, and he has been with T. Rowe Price since 2010, beginning in the Fixed Income Division, with responsibility for cochairing the Fixed Income Sector Strategy Advisory Group. He is the portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategies. Prior to this, Kenneth was employed by Moody’s Investors Service in the area of sovereign rating methodology. Before that, Kenneth was employed by Emerging Market Economics as a consulting senior economist. Kenneth also was employed by HSBC Asset Management as an assistant portfolio manager.
Kenneth earned a B.A. in international relations from the University of British Columbia and an M.Sc. in public financial policy from the London School of Economics. Kenneth also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2018
since - Years at10
T. Rowe Price - Years investment17
experience
Keir Joyce is a portfolio manager in the Fixed Income Division. He manages the US GNMA Bond Strategy and the MBS Multi-Sector Account Portfolio. He is president of the GNMA Fund, executive vice president of the MBS Multi-Sector Account Portfolio, and chairman of their respective Investment Advisory Committees. He is also a vice president of the Institutional Income and U.S. Treasury Funds and the Fixed Income Series, Inc. He is an Investment Advisory Committee member of the US Core Plus Bond, US Short-Term Bond, US Treasury Intermediate-Term Bond, and US Treasury Long-Term Bond Strategies. Keir is a vice president of T. Rowe Price Associates, Inc., and T. Rowe Price Group, Inc.
Keir’s investment experience began in 1998, and he has been with T. Rowe Price since 2001, beginning in the Fixed Income Division as a mortgage-backed securities trader. After that, he was an associate portfolio manager on the U.S. Taxable Bond team before advancing to his current role. Prior to T. Rowe Price, Keir was employed by State Street Global Advisors as a fixed income investment associate and by Lehman Brothers as an institutional money markets sales assistant.
Keir earned a B.A. in business administration from Franklin & Marshall College and an M.B.A. from the University of Maryland, Robert H. Smith School of Business. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2008
since - Years at19
T. Rowe Price - Years investment22
experience
Sue Troll is a sector portfolio manager of Securitized Products in the Fixed Income Division. She is a vice president and member of the Investment Advisory Committees for the US Core Bond, US Inflation Protected Bond, US Short-Term Inflation Focused Bond, Global Multi-Sector Bond, and Financial Services Equity Strategies. She is also an Investment Advisory Committee member for the US Core Plus Bond Strategy. Sue is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Sue’s investment experience began in 1994, and she has been with T. Rowe Price since 1998, beginning as a credit analyst and team leader for the Securitized Products team, as well as a member of the Fixed Income Research Advisory Council, in the Fixed Income Division. Prior to this, Sue was employed by Merrill Lynch Asset Management as a vice president, responsible for asset-backed research.
Sue earned a B.S. in accounting from Drexel University. She is a certified public accountant.
- Portfolio manager2013
since - Years at23
T. Rowe Price - Years investment23
experience
Howard Woodward is a portfolio manager and analyst in the Fixed Income Division in London. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Howard’s investment experience began in 2000 when he joined T. Rowe Price, beginning in the Fixed Income Division. Prior to this, Howard was employed by Baring Asset Management as an analyst.
Howard earned a B.Sc. in economics and accounting from Bristol University. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2008
since - Years at
T. Rowe Price - Years investment
experience
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.
Michael’s investment experience began in 1999, 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 this, Michael was an equity research analyst for Robert W. Baird & Co., Inc., in Milwaukee, Wisconsin.
Michael earned a B.B.A. in finance and marketing from Marquette University and an M.S. in finance from the University of Wisconsin, Madison. Michael also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2018
since - Years at15
T. Rowe Price - Years investment21
experience
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.
Samy's investment experience began in 2006 when he joined T. Rowe Price, beginning as an associate analyst in the Fixed Income Division. After that, he was a credit analyst and then an associate portfolio manager on the Emerging Markets team before assuming his current role.
Samy earned a B.A., summa cum laude, in economics from the University of Maryland. He also has earned the Chartered Financial Analyst® designation. Samy is an adjunct professor at Georgetown University in the Walsh Graduate School of Foreign Service.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2018
since - Years at14
T. Rowe Price - Years investment14
experience
Michael Conelius is a portfolio manager in the International Fixed Income Division. He co-manages the Emerging Markets Bond and the Institutional Emerging Markets Bond Funds and is chairman of each fund’s Investment Advisory Committee. Michael is an executive vice president of the Global Funds and International Funds, a vice president and an Investment Advisory Committee member of the Global Multi-Sector Bond Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a member of the Distressed Advisory Committee. He also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.
Michael has been with T. Rowe Price since 1988, beginning as a financial analyst in the Corporate Finance department. After that, he was a credit analyst and portfolio manager on the Emerging Markets team before assuming his current role. Prior to T. Rowe Price, he was employed by Booz Allen Hamilton as a consultant.
Michael earned a B.S. in finance from Towson University and an M.S. in finance from Loyola University Maryland. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2018
since - Years at32
T. Rowe Price - Years investment26
experience
Terry Moore is a portfolio specialist in the Fixed Income Division. He is a member of the Global Multi-Sector, Dynamic Global Bond, Dynamic Credit Strategy, International Bond, and Customized Fixed Income Solutions teams, working closely with clients, consultants, and prospects. Terry is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Terry’s investment experience began in 1994, and he has been with T. Rowe Price since 2009, beginning in the Fixed Income Division. Prior to this, Terry was employed by Smith Breeden Associates as a portfolio manager and principal, where he led the Financial Institutions Group and managed fixed income portfolios with a focus on residential mortgage-backed securities. He also was employed by Goldman Sachs & Co., where he traded asset-backed securities.
Terry earned a B.A. in economics and political science from the University of North Carolina, Chapel Hill and an M.B.A. from Duke University, The Fuqua School of Business, where he was a Fuqua Scholar. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at11
T. Rowe Price - Years investment25
experience
Portfolio Characteristics
Representative Portfolio vs Benchmarkas of 30-Sep-2020
| Characteristic | Portfolio | Benchmark |
|---|---|---|
| Weighted Average Coupon | 3.42% | 2.57% |
| Weighted Average Maturity | 6.55 Years | 8.98 Years |
| Weighted Average Duration | 5.26 Years | 7.25 Years |
| Number of Holdings | 534 | 26,264 |
Risks
- ABS/MBS risk
- China Interbank Bond Market risk
- Contingent convertible bond risk
- Country risk (China)
- Country risk (Russia and Ukraine)
- Credit risk
- Currency risk
- Default risk
- Derivatives risk
- Emerging markets risk
- High yield bond risk
- Interest rate risk
- Issuer concentration risk
- Liquidity risk
- Prepayment and extension risk
- Sector concentration risk
- Capital risk
- Counterparty risk
- Geographic concentration risk
- Hedging risk
- Investment portfolio risk
- Management risk
- Operational risk
Risk/Return Characteristics
as of 30-Sep-2020Global Multi-Sector Bond Composite
| Risk/Return (5 Years) | Composite | Benchmark |
|---|---|---|
| Alpha | 0.73% | 0.00% |
| Beta | 1.40 | 1.00 |
| R-Squared | 0.41 | 1.00 |
| Annualized Std. Deviation | 5.71% | 2.65% |
| Information Ratio | 0.44 | 0.00 |
| Sharpe Ratio | 0.92 | 1.24 |
| Tracking Error | 4.58% | 0.00% |
Past performance is not a reliable indicator of future performance.
Figures are calculated using monthly data and are gross of fees. Returns would have been lower as a result of the deduction of applicable fees.
Effective 1 October 2018, the benchmark for the composite was changed to Bloomberg Barclays Global Aggregate USD Hedged Index. Prior to this change the benchmark was Bloomberg Barclays Multiverse USD Hedged Index effective 1 February 2017 through 30 September 2018 and Bloomberg Barclays Global Aggregate ex Treasury Bond USD Hedged Index effective since composite inception through 31 January 2017. The change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Calendar Year Performance
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 11.21% | 2.63% | 11.66% | 0.97% | 4.98% | 0.70% | 7.62% | 7.26% | 0.83% | 11.18% | Composite Gross | |
| 10.80% | 2.25% | 11.25% | 0.59% | 4.59% | 0.32% | 7.22% | 6.86% | 0.45% | 10.77% | Composite Net | |
| 5.67% | 5.25% | 7.18% | -0.38% | 6.94% | 0.58% | 4.09% | 3.69% | 1.78% | 8.22% | Benchmark | |
| 5.13% | -3.00% | 4.07% | 0.97% | -2.35% | -0.26% | 3.13% | 3.17% | -1.33% | 2.55% | Value added (Gross) |
- Composite Gross
- Composite Net
- Benchmark
Effective 1 October 2018, the benchmark for the composite was changed to Bloomberg Barclays Global Aggregate USD Hedged Index. Prior to this change the benchmark was Bloomberg Barclays Multiverse USD Hedged Index effective 1 February 2017 through 30 September 2018 and Bloomberg Barclays Global Aggregate ex Treasury Bond USD Hedged Index effective since composite inception through 31 January 2017. The change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Top 10 Issuers (30-Sep-2020)
| Issuer Name | % of Portfolio | Sector | Industry | Country |
|---|---|---|---|---|
| Republic of Chile | 2.74% | N/A | N/A | N/A |
| China Development Bank | 2.23% | N/A | N/A | N/A |
| State of Israel | 2.06% | N/A | N/A | N/A |
| Republic of India | 1.75% | N/A | N/A | N/A |
| Republic of Cyprus | 1.52% | N/A | N/A | N/A |
| Romania | 1.35% | N/A | N/A | N/A |
| Republic of Ireland | 1.30% | N/A | N/A | N/A |
| Commonwealth of Australia | 1.26% | N/A | N/A | N/A |
| People's Republic of China | 0.88% | N/A | N/A | N/A |
| Republic of Italy | 0.80% | N/A | N/A | N/A |
Represents 15.89% 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 directly below the table due to rounding.
N/A indicates Not Available.
Quality (30-Sep-2020)
Representative Portfolio vs Benchmark
| Quality Rating | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| US Government Agency Securities | 4.43% | 10.48% | |
| US Treasury | 4.71% | 14.22% | |
| AAA | 3.73% | 11.60% | |
| AA | 3.50% | 14.62% | |
| A | 11.91% | 23.87% | |
| BBB | 20.82% | 16.29% | |
| BB | 18.94% | 0.34% | |
| B | 12.96% | 0.00% | |
| CCC | 2.78% | 0.00% | |
| C | 0.00% | 0.00% | |
| Not Rated | 13.82% | 8.58% | |
| Reserves | 2.41% | 0.00% | |
| D | 0.00% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Sources for Credit Quality: Moody’s Investors Service; if Moody’s does not rate a security, then Standard & Poor’s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. 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.
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.
U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government.
Maturity (30-Sep-2020)
Representative Portfolio vs Benchmark
| Bond Maturity | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 7.74% | 0.00% | |
| 1-3 Years | 20.85% | 22.68% | |
| 3-5 Years | 23.08% | 24.85% | |
| 5-7 Years | 17.93% | 12.85% | |
| 7-10 Years | 15.84% | 13.76% | |
| 10+ Years | 14.55% | 25.86% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
(30-Sep-2020)
Representative Portfolio vs Benchmark
| Duration | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 15.20% | 2.60% | |
| 1-3 Years | 26.65% | 26.97% | |
| 3-5 Years | 23.15% | 21.11% | |
| 5-7 Years | 12.59% | 13.13% | |
| 7-10 Years | 9.84% | 12.81% | |
| Over 10 Years | 12.57% | 23.39% |
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-Sep-2020)
| Company | % of Portfolio | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. Treasury Inflation Indexed Bonds | 3.22% | 0.18 | $38,581,890.07 | 36,250,028 | US Govt & Agencies | U S Treasury Obligations | United States | 0.13% | Aaa | 15-Apr-2025 | 2.08 |
| Bonos de la Tesoreria de la Republica en pesos | 2.74% | -0.15 | $32,773,624.23 | 21,830,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Chile | 4.70% | NR | 01-Sep-2030 | 8.08 |
| China development Bank | 1.74% | 0.72 | $20,857,666.58 | 140,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 3.43% | NR | 14-Jan-2027 | 5.55 |
| Israel Government Bond - Fixed | 1.55% | -0.10 | $18,587,613.69 | 35,807,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 5.50% | NR | 31-Jan-2042 | 14.74 |
| Australia Government Bond | 1.26% | 0.04 | $15,045,389.00 | 16,383,000 | Government | Foreign Govt & Muni (Excl Canadian) | Australia | 3.00% | Aaa | 21-Mar-2047 | 20.10 |
| Cyprus Government International Bond | 1.17% | -0.01 | $14,023,972.19 | 10,363,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 2.38% | Ba2 | 25-Sep-2028 | 7.42 |
| Ireland Government Bond | 1.03% | N/A | $12,340,056.59 | 8,350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ireland | 1.70% | A2 | 15-May-2037 | 14.99 |
| India Government Bond | 0.82% | -0.02 | $9,833,094.38 | 621,320,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 9.15% | NR | 14-Nov-2024 | 3.37 |
| Brazil Notas do Tesouro Nacional Serie F | 0.71% | -0.11 | $8,531,194.52 | 41,396,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 10.00% | Ba2 | 01-Jan-2025 | 3.45 |
| European Bank for Reconstruction & development | 0.70% | -0.09 | $8,436,210.60 | 123,500,000,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | SNAT (Supe Natl Wrld Global) | 6.25% | NR | 25-Jul-2022 | 1.71 |
| Malaysia Government Bond | 0.61% | 0.01 | $7,313,436.87 | 28,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.07% | NR | 15-Jun-2050 | 17.75 |
| Republic of South Africa Government Bond | 0.60% | 0.01 | $7,226,823.34 | 101,930,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 10.50% | Ba1 | 21-Dec-2026 | 4.74 |
| Tobacco Settlement Financing Corp/VA | 0.60% | 0.02 | $7,128,307.33 | 6,760,000 | Tax-Free Revenue | Other Revenue | United States | 6.71% | B3 | 01-Jun-2046 | 5.44 |
| HPS Loan Management 11-2017 | 0.59% | -0.01 | $7,017,471.28 | 7,190,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.45% | A2 | 06-May-2030 | 0.22 |
| Cemex SAB de CV | 0.58% | 0.03 | $6,926,079.49 | 6,700,000 | Corporate Securities | Building Products | Mexico | 5.45% | NR | 19-Nov-2029 | 5.75 |
| Benefit Street Partners CLO XI | 0.58% | -0.01 | $6,887,608.23 | 6,995,000 | Asst Backed Securities | Coll Debt Obligation | United States | 1.78% | Aa1 | 15-Apr-2029 | 0.17 |
| Eskom Holdings SOC | 0.55% | -0.03 | $6,579,435.19 | 6,650,000 | Corporate Securities | Utilities | South Africa | 5.75% | Caa1 | 26-Jan-2021 | 0.30 |
| 1MDB Global Investments | 0.55% | -0.01 | $6,532,916.21 | 6,500,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.40% | NR | 09-Mar-2023 | 2.28 |
| Federal National Mortgage Assn. | 0.53% | -0.10 | $6,386,207.92 | 5,749,978 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Sep-2048 | 3.11 |
| BBVA Bancomer SA/Texas | 0.53% | -0.02 | $6,326,611.88 | 6,200,000 | Corporate Securities | Banking | Mexico | 5.88% | Baa3 | 13-Sep-2034 | 6.90 |
| Romanian Government International Bond | 0.53% | 0.02 | $6,288,398.88 | 4,680,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 3.62% | Baa3 | 26-May-2030 | 8.27 |
| Italy Buoni Poliennali del Tesoro | 0.52% | 0.00 | $6,262,902.94 | 5,193,032 | Government | Foreign Govt & Muni (Excl Canadian) | Italy | 0.65% | Baa3 | 15-May-2026 | 5.54 |
| Romanian Government International Bond | 0.51% | 0.01 | $6,147,555.20 | 5,218,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.12% | Baa3 | 16-Jul-2031 | 9.67 |
| Navient Private Education Refi Loan Trust 2020-F | 0.51% | N/A | $6,099,259.57 | 6,090,000 | Asst Backed Securities | Student Loans | United States | 2.69% | NR | 15-Jul-2069 | 6.51 |
| China Government Bond | 0.50% | -0.01 | $6,034,922.84 | 40,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 3.12% | NR | 05-Dec-2026 | 5.52 |
| Braskem Finance | 0.50% | -0.03 | $6,030,633.53 | 5,900,000 | Corporate Securities | Chemicals | Brazil | 7.38% | Ba1 | 04-Jan-2169 | 0.02 |
| State of Illinois | 0.50% | -0.04 | $5,986,890.00 | 5,200,000 | Tax-Free Gen. Obligations | General Obligations - State | United States | 7.35% | Baa3 | 01-Jul-2035 | 6.04 |
| Montgomery County IDA/PA | 0.49% | N/A | $5,898,834.39 | 5,890,000 | Tax-Free Revenue | Life Care/Nursing Home Revenue | United States | 2.94% | NR | 15-Nov-2027 | 6.38 |
| China development Bank | 0.49% | -0.02 | $5,897,281.00 | 40,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 3.65% | NR | 21-May-2029 | 7.37 |
| Times China Holdings | 0.49% | -0.04 | $5,812,332.57 | 5,600,000 | Corporate Securities | Building & Real Estate | China | 6.75% | B1 | 16-Jul-2023 | 2.49 |
| ICICI Bank Ltd/Dubai | 0.48% | N/A | $5,783,796.16 | 5,500,000 | Corporate Securities | Banking | India | 3.80% | Baa3 | 14-Dec-2027 | 6.25 |
| Aes Gener | 0.48% | -0.04 | $5,724,809.36 | 5,500,000 | Corporate Securities | Utilities | Chile | 7.13% | Ba2 | 26-Mar-2079 | 3.09 |
| Country Garden Holdings | 0.48% | -0.04 | $5,714,015.89 | 5,250,000 | Corporate Securities | Building & Real Estate | China | 8.00% | NR | 27-Jan-2024 | 1.06 |
| India Government Bond | 0.48% | N/A | $5,709,955.10 | 400,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 6.45% | NR | 07-Oct-2029 | 6.59 |
| Shimao Group Holdings | 0.47% | -0.03 | $5,677,534.42 | 5,300,000 | Corporate Securities | Building & Real Estate | China | 6.13% | NR | 21-Feb-2024 | 1.42 |
| Brf | 0.47% | 0.01 | $5,597,805.38 | 5,400,000 | Corporate Securities | Food/Tobacco | Brazil | 4.88% | Ba2 | 24-Jan-2030 | 6.58 |
| Bermuda Government International Bond | 0.46% | -0.01 | $5,542,725.53 | 4,610,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 4.75% | A2 | 15-Feb-2029 | 6.94 |
| Adani Ports & Special Economic Zone | 0.46% | -0.02 | $5,501,842.54 | 5,400,000 | Corporate Securities | Transportation | India | 4.38% | Baa3 | 03-Jul-2029 | 7.19 |
| India Government Bond | 0.45% | -0.02 | $5,420,144.20 | 355,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.24% | Baa3 | 15-Feb-2027 | 4.97 |
| Citigroup Commercial Mortgage Trust 2019-C7 | 0.45% | 0.00 | $5,371,787.52 | 6,110,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.92% | Ba3 | 15-Dec-2072 | 7.70 |
| Great Wolf Trust 2019-WOLF | 0.45% | -0.01 | $5,332,286.65 | 6,150,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.28% | B3 | 15-Dec-2036 | 0.48 |
| China Evergrande | 0.44% | -0.03 | $5,279,849.72 | 5,500,000 | Corporate Securities | Building & Real Estate | China | 6.25% | B2 | 28-Jun-2021 | 0.68 |
| Honeywell International | 0.44% | 0.01 | $5,278,360.05 | 4,455,000 | Corporate Securities | Manufacturing | United States | 0.75% | A2 | 10-Mar-2032 | 10.92 |
| Navient Private Education Refi Loan Trust 2020 | 0.44% | -0.02 | $5,264,885.04 | 5,390,000 | Asst Backed Securities | Student Loans | United States | 2.83% | NR | 15-Nov-2068 | 8.35 |
| State Board of Administration Finance | 0.44% | N/A | $5,252,018.79 | 5,170,000 | Tax-Free Revenue | Dedicated Tax Revenue | United States | 1.26% | Aa3 | 01-Jul-2025 | 4.61 |
| Globo Comunicacao E Participacoes | 0.43% | -0.01 | $5,181,047.03 | 5,100,000 | Corporate Securities | Telephones | Brazil | 5.13% | NR | 31-Mar-2027 | 5.42 |
| ICTSI Treasury BV | 0.43% | -0.02 | $5,106,694.69 | 4,600,000 | Corporate Securities | Transportation | Philippines | 5.88% | NR | 17-Sep-2025 | 4.33 |
| Tobacco Settlement Finance Authority | 0.42% | 0.01 | $5,065,901.25 | 4,625,000 | Tax-Free Revenue | Other Revenue | United States | 7.47% | B3 | 01-Jun-2047 | 6.16 |
| Summit Materials | 0.41% | -0.01 | $4,864,962.01 | 4,924,051 | Corporate Securities | Building Products | United States | 2.14% | Ba1 | 21-Nov-2024 | 0.13 |
| Charter Communications Operating | 0.40% | -0.02 | $4,806,196.48 | 4,924,937 | Corporate Securities | Cable Operators | United States | 1.90% | Ba1 | 01-Feb-2027 | 0.02 |
| Kfc Holding | 0.40% | -0.02 | $4,800,102.28 | 4,924,242 | Corporate Securities | Restaurants | United States | 1.90% | Ba1 | 03-Apr-2025 | -0.05 |
| ABJA Investment Co Pte | 0.40% | N/A | $4,790,134.77 | 4,600,000 | Corporate Securities | Metals & Mining | India | 5.95% | NR | 31-Jul-2024 | 3.37 |
| Solera LLC / Solera Finance | 0.40% | -0.03 | $4,788,223.55 | 4,555,000 | Corporate Securities | Information Technology | United States | 10.50% | Caa1 | 01-Mar-2024 | 0.53 |
| Clarios Global Lp / Clarios Us Finance | 0.40% | 0.00 | $4,767,222.42 | 3,995,000 | Corporate Securities | Automotive | United States | 4.38% | B1 | 15-May-2026 | 3.34 |
| Adler | 0.39% | N/A | $4,724,604.44 | 4,200,000 | Corporate Securities | Real Estate Investment Trust Securities | Germany | 1.50% | Ba2 | 26-Jul-2024 | 3.64 |
| Manila Water | 0.39% | N/A | $4,715,686.24 | 4,800,000 | Corporate Securities | Utilities | Philippines | 4.38% | NR | 30-Jul-2030 | 7.82 |
| Marriott Ownership Resorts | 0.39% | -0.02 | $4,709,260.15 | 4,937,625 | Corporate Securities | Lodging | United States | 1.91% | NR | 29-Aug-2025 | -0.11 |
| Emirates Airline | 0.39% | -0.06 | $4,661,823.32 | 4,617,734 | Corporate Securities | Airlines | United Arab Emirates | 4.50% | NR | 06-Feb-2025 | 2.16 |
| Freddie Mac Stacr Trust 2019-HQA1 | 0.39% | -0.02 | $4,655,954.98 | 4,698,964 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.50% | NR | 25-Feb-2049 | 0.06 |
| Microchip Technology | 0.38% | -0.01 | $4,594,271.65 | 4,617,358 | Corporate Securities | Information Technology | United States | 2.16% | Baa3 | 29-May-2025 | 0.16 |
| COMM 2017-PANW Mortgage Trust | 0.38% | -0.01 | $4,538,537.27 | 4,340,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.71% | NR | 10-Oct-2029 | 3.76 |
| Seven Generations Energy | 0.38% | 0.01 | $4,522,702.87 | 4,760,000 | Corporate Securities | Energy | Canada | 5.38% | Ba3 | 30-Sep-2025 | 3.81 |
| T-Mobile USA | 0.37% | -0.02 | $4,437,107.83 | 4,443,863 | Corporate Securities | Wireless Communications | United States | 3.15% | Baa3 | 01-Apr-2027 | -0.00 |
| Indonesia Treasury Bond | 0.37% | -0.04 | $4,378,732.95 | 57,493,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 9.00% | Baa2 | 15-Mar-2029 | 6.17 |
| CCC Information Services | 0.36% | -0.01 | $4,323,394.16 | 4,360,634 | Corporate Securities | Information Technology | United States | 4.00% | B3 | 29-Apr-2024 | 3.45 |
| C&W Senior Financing DAC | 0.35% | -0.01 | $4,239,426.51 | 4,015,000 | Corporate Securities | Cable Operators | Panama | 6.88% | B2 | 15-Sep-2027 | 3.43 |
| Summer BidCo BV | 0.35% | 0.03 | $4,224,244.60 | 3,460,875 | Corporate Securities | Wireless Communications | Netherlands | 9.75% | NR | 15-Nov-2025 | 5.08 |
| Avis Budget Rental Car Funding AESOP | 0.35% | 0.01 | $4,193,253.21 | 4,125,000 | Asst Backed Securities | Auto Backed | United States | 4.83% | NR | 20-Nov-2022 | 0.91 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 0.35% | -0.01 | $4,189,937.57 | 4,065,000 | Corporate Securities | Financial | Ireland | 4.50% | Baa3 | 15-Sep-2023 | 2.70 |
| Singapore Government Bond | 0.35% | -0.01 | $4,176,319.71 | 4,830,000 | Government | Foreign Govt & Muni (Excl Canadian) | Singapore | 2.88% | NR | 01-Jul-2029 | 7.81 |
| Petrobras Global Finance BV | 0.35% | -0.21 | $4,155,318.57 | 3,700,000 | Corporate Securities | Energy | Brazil | 6.00% | Ba2 | 27-Jan-2028 | 5.93 |
| Banco De Bogota | 0.35% | -0.01 | $4,133,509.64 | 3,900,000 | Corporate Securities | Banking | Colombia | 4.38% | Baa2 | 03-Aug-2027 | 5.79 |
| RHP Hotel Properties LP / RHP Finance | 0.35% | -0.00 | $4,132,266.84 | 4,135,000 | Corporate Securities | Lodging | United States | 5.00% | B1 | 15-Apr-2023 | 1.81 |
| Landsbankinn HF | 0.34% | 0.01 | $4,096,416.45 | 3,450,000 | Corporate Securities | Banking | Iceland | 1.00% | NR | 30-May-2023 | 2.62 |
| Guatemala Government Bond | 0.34% | N/A | $4,088,622.08 | 3,350,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Guatemala | 6.13% | Ba1 | 01-Jun-2050 | 14.55 |
| Scientific Games International | 0.34% | 0.00 | $4,087,956.25 | 4,355,330 | Corporate Securities | Gaming | United States | 3.46% | B1 | 14-Aug-2024 | -0.07 |
| Cheniere Energy | 0.34% | N/A | $4,073,621.05 | 3,965,000 | Corporate Securities | Energy | United States | 4.63% | Ba3 | 15-Oct-2028 | 4.71 |
| Bangkok Bank PCL/Hong Kong | 0.34% | -0.01 | $4,048,589.53 | 4,120,000 | Corporate Securities | Banking | Thailand | 3.73% | Baa3 | 25-Sep-2034 | 7.54 |
| Islandsbanki HF | 0.33% | 0.00 | $3,991,717.87 | 3,350,000 | Corporate Securities | Banking | Iceland | 1.13% | NR | 12-Apr-2022 | 1.51 |
| Cigna | 0.33% | -0.02 | $3,983,943.38 | 3,435,000 | Corporate Securities | Insurance | United States | 4.13% | Baa2 | 15-Nov-2025 | 4.51 |
| VNdo Trust 2016-350P | 0.33% | -0.03 | $3,922,490.45 | 3,825,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.90% | NR | 10-Jan-2035 | 5.60 |
| Morgan Stanley | 0.33% | -0.02 | $3,918,491.45 | 3,575,000 | Corporate Securities | Banking | United States | 4.10% | Baa2 | 22-May-2023 | 2.49 |
| Starwood Mortgage Residential Trust 2020-1 | 0.33% | 0.02 | $3,916,801.80 | 3,940,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.88% | NR | 25-Feb-2050 | 2.33 |
| Ziggo BV | 0.33% | -0.01 | $3,892,388.76 | 3,355,000 | Corporate Securities | Cable Operators | Netherlands | 2.88% | B1 | 15-Jan-2030 | 6.36 |
| QUALCOMM | 0.32% | -0.01 | $3,890,155.75 | 3,455,000 | Corporate Securities | Information Technology | United States | 3.25% | A2 | 20-May-2050 | 19.84 |
| DRIVEN BRANDS FUNDING | 0.32% | -0.02 | $3,816,344.06 | 3,597,200 | Asst Backed Securities | Asset Backed Other | United States | 4.74% | NR | 20-Apr-2048 | 6.01 |
| Telecom Argentina | 0.32% | N/A | $3,787,998.09 | 4,281,000 | Corporate Securities | Cable Operators | Argentina | 8.50% | NR | 06-Aug-2025 | 3.02 |
| SBA Tower Trust | 0.32% | -0.01 | $3,775,281.45 | 3,585,000 | Corporate Securities | Wireless Communications | United States | 2.84% | A2 | 15-Jan-2025 | 4.02 |
| BLUEMOUNTAIN CLO 2012-2 | 0.31% | -0.01 | $3,716,567.92 | 3,730,000 | Asst Backed Securities | Coll Debt Obligation | United States | 1.30% | Aaa | 20-Nov-2028 | 0.25 |
| Mexico City Airport Trust | 0.30% | -0.05 | $3,640,191.74 | 4,400,000 | Corporate Securities | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 12.50 |
| Freddie Mac Structured Agency Credit Risk debt Notes | 0.30% | N/A | $3,533,284.40 | 3,427,007 | Mortgage Backed Securities | Whole Loans Backed | United States | 5.30% | A3 | 25-Nov-2028 | -1.53 |
| Brixmor Operating Partnership | 0.29% | -0.00 | $3,517,472.42 | 3,200,000 | Corporate Securities | Real Estate Investment Trust Securities | United States | 4.13% | Baa3 | 15-Jun-2026 | 4.93 |
| Arion Banki HF | 0.29% | 0.00 | $3,501,356.07 | 2,949,000 | Corporate Securities | Banking | Iceland | 1.00% | NR | 20-Mar-2023 | 2.43 |
| Westlake Chemical | 0.29% | 0.00 | $3,467,295.12 | 3,000,000 | Corporate Securities | Chemicals | United States | 1.63% | Baa2 | 17-Jul-2029 | 8.10 |
| Minejesa Capital BV | 0.29% | N/A | $3,461,668.71 | 3,325,000 | Corporate Securities | Utilities | Indonesia | 5.63% | Baa3 | 10-Aug-2037 | 9.78 |
| Vivo Energy Investments BV | 0.29% | N/A | $3,446,411.20 | 3,395,000 | Corporate Securities | Energy | Morocco | 5.13% | Baa3 | 24-Sep-2027 | 4.61 |
| Mauser Packaging Solutions Holding | 0.28% | 0.00 | $3,411,543.72 | 3,500,000 | Corporate Securities | Container | United States | 7.25% | Caa3 | 15-Apr-2025 | 3.02 |
| State of Israel | 0.28% | -0.07 | $3,407,231.89 | 2,825,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 3.80% | A1 | 13-May-2060 | 22.30 |
| Citigroup Commercial Mortgage Trust 2013-375P | 0.28% | N/A | $3,377,775.94 | 3,350,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.52% | A1 | 10-May-2035 | 2.49 |
| Taconic Park CLO | 0.28% | -0.01 | $3,376,841.03 | 3,460,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.17% | A2 | 20-Jan-2029 | 0.07 |
| Italy Buoni Poliennali del Tesoro | 0.28% | 0.02 | $3,365,909.35 | 2,310,000 | Government | Foreign Govt & Muni (Excl Canadian) | Italy | 2.80% | Baa3 | 01-Mar-2067 | 28.41 |
| Targa Resources | 0.28% | -0.01 | $3,303,026.56 | 3,130 | Energy | Oil, Gas & Consumable Fuels | United States | 9.50% | NR | 14-Aug-2169 | 10.01 |
| City of Houston TX Airport System Revenue | 0.27% | N/A | $3,275,232.00 | 3,270,000 | Tax-Free Revenue | Air & Sea Transportation | United States | 1.37% | A1 | 01-Jul-2025 | 4.54 |
| Level 3 Financing | 0.27% | -0.01 | $3,264,692.56 | 3,373,278 | Corporate Securities | Other Telecommunications | United States | 1.90% | Ba1 | 01-Mar-2027 | 0.01 |
| Banco Comercial Portugues | 0.27% | -0.01 | $3,262,466.65 | 2,800,000 | Corporate Securities | Banking | Portugal | 4.50% | Ba3 | 07-Dec-2027 | 2.00 |
| Petroleos Mexicanos | 0.27% | -0.01 | $3,238,033.07 | 3,455,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | Ba2 | 13-Mar-2027 | 5.11 |
| Aib | 0.27% | -0.01 | $3,194,166.75 | 2,920,000 | Corporate Securities | Banking | Ireland | 4.26% | Baa2 | 10-Apr-2025 | 3.23 |
| Homeward Opportunities Fund I Trust 2019-3 | 0.26% | 0.01 | $3,150,461.72 | 3,135,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.52% | NR | 25-Nov-2059 | 2.08 |
| VTR Comunicaciones | 0.26% | -0.01 | $3,138,707.90 | 2,994,000 | Corporate Securities | Cable Operators | Chile | 5.13% | Ba3 | 15-Jan-2028 | 4.20 |
| Leaseplan | 0.26% | 0.01 | $3,131,713.15 | 2,590,000 | Corporate Securities | Automotive | Netherlands | 7.38% | Ba3 | 29-Nov-2168 | 3.06 |
| Woodside Finance | 0.26% | -0.01 | $3,129,912.09 | 2,785,000 | Corporate Securities | Exploration & Production | Australia | 4.50% | Baa1 | 04-Mar-2029 | 7.00 |
| Avolon Holdings Funding | 0.26% | 0.00 | $3,123,484.38 | 3,400,000 | Corporate Securities | Financial | Ireland | 2.88% | Baa3 | 15-Feb-2025 | 4.01 |
| Petroleos Mexicanos | 0.26% | -0.02 | $3,119,700.00 | 3,450,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.84% | Ba2 | 23-Jan-2030 | 6.52 |
| JPMorgan Chase | 0.26% | -0.01 | $3,105,551.94 | 2,875,000 | Corporate Securities | Banking | United States | 2.96% | A3 | 13-May-2031 | 8.39 |
| Benchmark 2018-B1 Mortgage Trust | 0.26% | -0.01 | $3,099,407.99 | 2,714,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.88% | NR | 15-Jan-2051 | 6.40 |
| Netflix | 0.26% | 0.01 | $3,092,742.75 | 2,250,000 | Corporate Securities | Cable Operators | United States | 4.63% | Ba3 | 15-May-2029 | 7.14 |
| L Brands | 0.26% | 0.22 | $3,078,050.55 | 2,815,000 | Corporate Securities | Retail | United States | 6.88% | Ba2 | 01-Jul-2025 | 2.16 |
| State of Illinois | 0.26% | -0.02 | $3,068,171.10 | 2,655,000 | Tax-Free Gen. Obligations | General Obligations - State | United States | 7.10% | Baa3 | 01-Jul-2035 | 7.30 |
| Freddie Mac Structured Agency Credit Risk debt Notes | 0.25% | -0.04 | $3,043,854.43 | 2,927,865 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.80% | Baa1 | 25-Oct-2028 | 0.15 |
| Blackstone Mortgage Trust | 0.25% | -0.01 | $3,018,092.18 | 3,050,000 | Financials | Mortgage Real Estate Investment Trusts (REITs) | United States | 4.38% | NR | 05-May-2022 | 1.45 |
| CCO Holdings LLC / CCO Holdings Capital | 0.25% | N/A | $3,015,140.94 | 2,900,000 | Corporate Securities | Cable Operators | United States | 4.25% | B1 | 01-Feb-2031 | 6.46 |
| Sigma Holdco BV | 0.25% | 0.00 | $3,011,499.81 | 2,555,000 | Corporate Securities | Food/Tobacco | Netherlands | 5.75% | B3 | 15-May-2026 | 3.06 |
| Leviathan Bond | 0.25% | N/A | $3,008,709.72 | 2,900,000 | Corporate Securities | Energy | Israel | 6.13% | Ba3 | 30-Jun-2025 | 3.88 |
| FWD Securitization Trust 2020-INV1 | 0.25% | -0.00 | $3,005,246.12 | 3,135,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.85% | NR | 25-Jan-2050 | 11.61 |
| Federal National Mortgage Assn. | 0.25% | N/A | $3,003,462.82 | 2,789,945 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Oct-2047 | 2.84 |
| Aker BP | 0.25% | -0.12 | $2,987,230.59 | 2,961,000 | Corporate Securities | Petroleum | Norway | 3.00% | Ba1 | 15-Jan-2025 | 3.95 |
| Altice France SA/France | 0.25% | -0.01 | $2,975,045.65 | 3,068,766 | Corporate Securities | Cable Operators | France | 4.15% | B2 | 14-Aug-2026 | 0.03 |
| Great Lakes Water Authority Sewage Disposal System Revenue | 0.25% | -0.01 | $2,965,412.38 | 2,805,000 | Tax-Free Revenue | Water & Sewer Revenue | United States | 2.37% | A1 | 01-Jul-2032 | 10.33 |
| Mount Sinai Hospitals | 0.25% | N/A | $2,964,291.31 | 3,030,000 | Corporate Securities | Healthcare | United States | 3.39% | A3 | 01-Jul-2050 | 18.85 |
| China Government Bond | 0.25% | -0.01 | $2,956,491.44 | 20,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 3.13% | NR | 21-Nov-2029 | 7.86 |
| Diamondback Energy | 0.25% | -0.01 | $2,955,577.87 | 2,800,000 | Corporate Securities | Energy | United States | 5.38% | Ba1 | 31-May-2025 | 1.08 |
| Angel Oak Mortgage Trust I LLC 2019-2 | 0.24% | -0.01 | $2,920,343.77 | 2,815,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.07% | NR | 25-Mar-2049 | 1.44 |
| Allianz | 0.24% | -0.01 | $2,912,253.03 | 2,300,000 | Corporate Securities | Insurance | Germany | 3.38% | A2 | 18-Sep-2169 | 3.76 |
| Bulgaria Government International Bond | 0.24% | N/A | $2,852,685.71 | 2,493,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bulgaria | 1.38% | Baa2 | 23-Sep-2050 | 24.99 |
| Occidental Petroleum | 0.24% | N/A | $2,848,358.72 | 3,070,000 | Corporate Securities | Energy | United States | 6.63% | Ba2 | 01-Sep-2030 | 6.96 |
| Takeda Pharmaceutical | 0.24% | 0.00 | $2,835,573.51 | 2,368,000 | Corporate Securities | Drugs | Japan | 1.00% | Baa2 | 09-Jul-2029 | 8.32 |
| Southwick Park CLO | 0.24% | -0.01 | $2,814,872.42 | 2,820,000 | Asst Backed Securities | Coll Debt Obligation | United States | 1.57% | Aaa | 20-Jul-2032 | 0.06 |
| Serbia International Bond | 0.23% | 0.00 | $2,803,084.50 | 2,460,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 1.50% | Ba3 | 26-Jun-2029 | 8.16 |
| Navistar International | 0.23% | 0.09 | $2,797,203.75 | 2,405,000 | Corporate Securities | Automotive | United States | 9.50% | B2 | 01-May-2025 | 2.09 |
| Kernel Holding | 0.23% | -0.01 | $2,789,528.93 | 2,700,000 | Corporate Securities | Food Processing | Ukraine | 6.50% | NR | 17-Oct-2024 | 3.15 |
| Cyprus Government International Bond | 0.23% | 0.01 | $2,762,159.16 | 1,784,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 2.75% | Ba2 | 03-May-2049 | 21.35 |
| Government National Mortgage Assn. | 0.23% | -0.03 | $2,756,585.64 | 2,543,680 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 20-Feb-2048 | 2.39 |
| Arconic | 0.23% | -0.01 | $2,747,308.38 | 2,660,000 | Corporate Securities | Metals & Mining | United States | 6.13% | Ba3 | 15-Feb-2028 | 3.99 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.23% | -0.01 | $2,733,986.11 | 2,515,000 | Corporate Securities | Energy | United States | 6.88% | Ba3 | 15-Jan-2029 | 4.27 |
| Israel Government International Bond | 0.23% | 0.07 | $2,725,847.41 | 2,255,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 3.88% | A1 | 03-Jul-2050 | 19.13 |
| T-Mobile USA | 0.23% | -0.01 | $2,718,425.50 | 2,350,000 | Corporate Securities | Wireless Communications | United States | 3.88% | Baa3 | 15-Apr-2030 | 7.91 |
| Transcanada Trust | 0.23% | -0.00 | $2,715,060.42 | 3,585,000 | Corporate Securities | Gas & Gas Transmission | Canada | 4.65% | Baa3 | 18-May-2077 | 5.17 |
| Mexico Government International Bond | 0.22% | N/A | $2,680,762.50 | 2,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.60% | Baa1 | 10-Feb-2048 | 16.12 |
| Santander Drive Auto Receivables Trust 2020-2 | 0.22% | N/A | $2,628,171.34 | 2,595,000 | Asst Backed Securities | Auto Backed | United States | 1.46% | Aa2 | 15-Sep-2025 | 2.35 |
| CD 2016-CD1 Mortgage Trust | 0.22% | -0.01 | $2,619,741.53 | 2,490,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 2.93% | Aa3 | 10-Aug-2049 | 5.42 |
| CSC Holdings | 0.22% | -0.01 | $2,594,592.87 | 2,315,000 | Corporate Securities | Cable Operators | United States | 6.50% | Ba3 | 01-Feb-2029 | 3.83 |
| LHC3 | 0.22% | -0.01 | $2,583,181.14 | 2,205,000 | Corporate Securities | Financial | Spain | 4.13% | Ba2 | 15-Aug-2024 | 3.54 |
| Spain Government Bond | 0.22% | -0.00 | $2,581,343.03 | 2,174,000 | Government | Foreign Govt & Muni (Excl Canadian) | Spain | 0.00% | NR | 31-Jan-2025 | 4.34 |
| Hasbro | 0.21% | -0.01 | $2,544,520.61 | 2,375,000 | Corporate Securities | Consumer Products | United States | 3.55% | Baa3 | 19-Nov-2026 | 5.40 |
| Range Resources | 0.21% | N/A | $2,528,706.39 | 2,425,000 | Corporate Securities | Energy | United States | 9.25% | B3 | 01-Feb-2026 | 3.24 |
| BCP Raptor | 0.21% | 0.01 | $2,527,831.96 | 3,244,262 | Corporate Securities | Energy | United States | 5.25% | B3 | 24-Jun-2024 | 3.28 |
| Credit Suisse Mortgage Capital Certificates 2019-ICE4 | 0.21% | -0.01 | $2,522,352.16 | 2,555,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 2.30% | Ba3 | 15-May-2036 | 0.70 |
| Altice Financing | 0.21% | -0.02 | $2,520,267.40 | 2,580,000 | Corporate Securities | Cable Operators | Luxembourg | 5.00% | B2 | 15-Jan-2028 | 4.89 |
| Great Lakes Water Authority Sewage Disposal System Revenue | 0.21% | -0.01 | $2,516,354.65 | 2,330,000 | Tax-Free Revenue | Water & Sewer Revenue | United States | 3.06% | A1 | 01-Jul-2039 | 14.02 |
| Ford Credit Floorplan Master Owner Trust | 0.21% | N/A | $2,500,917.69 | 2,500,000 | Asst Backed Securities | Auto Backed | United States | 1.87% | A1 | 15-Sep-2027 | 4.74 |
| Navient | 0.21% | N/A | $2,482,647.41 | 2,440,000 | Corporate Securities | Financial | United States | 6.75% | Ba3 | 15-Jun-2026 | 4.58 |
| Takeda Pharmaceutical | 0.21% | 0.00 | $2,481,817.04 | 2,042,000 | Corporate Securities | Drugs | Japan | 1.38% | Baa2 | 09-Jul-2032 | 10.87 |
| Banco Santander | 0.21% | 0.00 | $2,476,750.94 | 2,000,000 | Corporate Securities | Banking | Spain | 6.75% | Ba1 | 25-Jul-2169 | 1.45 |
| SM Investments | 0.21% | -0.01 | $2,472,663.21 | 2,300,000 | Corporate Securities | Retail | Philippines | 4.88% | NR | 10-Jun-2024 | 3.34 |
| Federal National Mortgage Assn. | 0.21% | N/A | $2,462,164.88 | 2,301,644 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-May-2047 | 3.10 |
| Ultimate Software | 0.21% | -0.01 | $2,460,341.40 | 2,420,000 | Corporate Securities | Services | United States | 7.50% | Caa1 | 03-May-2027 | 4.94 |
| FNMA 30 YR TBA OCT | 0.21% | N/A | $2,456,871.53 | 2,375,000 | Mortgage Backed Securities | Mortgages | United States | 2.00% | NR | 01-Jan-2050 | 4.08 |
| Freddie Mac Stacr Remic Trust 2019-Hqa4 | 0.20% | -0.02 | $2,452,219.67 | 2,483,788 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.20% | NR | 25-Nov-2049 | 0.16 |
| Credit Agricole SA/London | 0.20% | -0.01 | $2,432,146.62 | 2,225,000 | Corporate Securities | Banking | France | 3.25% | Baa1 | 04-Oct-2024 | 3.73 |
| Edison International | 0.20% | -0.01 | $2,421,733.54 | 2,270,000 | Corporate Securities | Utilities | United States | 3.55% | Baa3 | 15-Nov-2024 | 3.75 |
| Florida development Finance | 0.20% | -0.01 | $2,406,999.40 | 2,340,000 | Tax-Free Revenue | Educational Revenue | United States | 2.60% | Baa1 | 01-Apr-2026 | 5.12 |
| Navient Private Education Refi Loan Trust 2020 | 0.20% | -0.00 | $2,397,318.23 | 2,365,000 | Asst Backed Securities | Student Loans | United States | 2.77% | NR | 15-Jan-2069 | 8.21 |
| Freddie Mac STACR REMIC Trust 2020-HQA3 | 0.20% | N/A | $2,388,375.97 | 2,375,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.75% | Baa3 | 25-Jul-2050 | -0.17 |
| Madison Park Funding XXXIII | 0.20% | -0.01 | $2,384,528.61 | 2,385,000 | Asst Backed Securities | Coll Debt Obligation | United States | 1.61% | NR | 15-Oct-2032 | 0.20 |
| United Airlines 2018-1 Class AA Pass Through Trust | 0.20% | -0.02 | $2,367,499.13 | 2,525,827 | Corporate Securities | Airlines | United States | 3.50% | A1 | 01-Mar-2030 | 5.87 |
| Bellring Brands | 0.20% | -0.01 | $2,354,300.89 | 2,353,313 | Corporate Securities | Food/Tobacco | United States | 6.00% | B2 | 21-Oct-2024 | 3.37 |
| Ford Motor Credit | 0.20% | -0.01 | $2,354,148.76 | 2,310,000 | Corporate Securities | Automotive | United States | 3.81% | Ba2 | 12-Oct-2021 | 0.99 |
| Legacy LifePoint Health | 0.20% | N/A | $2,346,952.18 | 2,165,000 | Corporate Securities | Healthcare | United States | 6.75% | B1 | 15-Apr-2025 | 2.30 |
| Federal National Mortgage Assn. | 0.19% | N/A | $2,329,248.57 | 2,019,350 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2047 | 4.29 |
| Vistra Operations | 0.19% | -0.01 | $2,302,808.64 | 2,180,000 | Corporate Securities | Utilities | United States | 3.70% | Baa3 | 30-Jan-2027 | 5.56 |
| Homeward Opportunities Fund I Trust 2020-2 | 0.19% | N/A | $2,297,441.53 | 2,235,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.64% | NR | 25-May-2065 | 3.85 |
| LCPR Senior Secured Financing DAC | 0.19% | N/A | $2,292,344.53 | 2,140,000 | Corporate Securities | Cable Operators | United States | 6.75% | B1 | 15-Oct-2027 | 3.31 |
| MercadoLibre | 0.19% | 0.01 | $2,279,685.91 | 900,000 | Consumer Discretionary | Internet & Direct Marketing Retail | Argentina | 2.00% | NR | 15-Aug-2028 | 0.05 |
| Avolon Holdings Funding | 0.19% | 0.00 | $2,274,318.07 | 2,540,000 | Corporate Securities | Financial | Ireland | 3.25% | Baa3 | 15-Feb-2027 | 5.60 |
| Federal National Mortgage Assn. | 0.19% | N/A | $2,271,993.41 | 1,970,414 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2045 | 4.16 |
| New Residential Mortgage Loan Trust 2019-NQM5 | 0.19% | -0.00 | $2,253,968.03 | 2,300,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.44% | NR | 25-Nov-2059 | 4.17 |
| Victoria | 0.19% | 0.00 | $2,220,009.56 | 1,890,000 | Corporate Securities | Building Products | United Kingdom | 5.25% | B1 | 15-Jul-2024 | 2.61 |
| Asurion | 0.19% | -0.02 | $2,217,435.26 | 2,216,970 | Corporate Securities | Wireless Communications | United States | 6.65% | B3 | 04-Aug-2025 | 0.03 |
| Egypt Government International Bond | 0.18% | N/A | $2,210,953.50 | 2,205,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 5.25% | NR | 06-Oct-2025 | 4.37 |
| Magnetite XXIII | 0.18% | -0.01 | $2,199,527.02 | 2,205,000 | Asst Backed Securities | Coll Debt Obligation | United States | 1.54% | NR | 25-Oct-2032 | 0.23 |
| FirstRand Bank | 0.18% | -0.10 | $2,190,486.93 | 2,060,000 | Corporate Securities | Banking | South Africa | 6.25% | Ba3 | 23-Apr-2028 | 2.29 |
| HDFC Bank | 0.18% | -0.00 | $2,188,753.54 | 150,000,000 | Corporate Securities | Banking | India | 8.10% | Baa3 | 22-Mar-2025 | 3.70 |
| Ashland Services BV | 0.18% | 0.00 | $2,185,555.98 | 1,955,000 | Corporate Securities | Chemicals | United States | 2.00% | Ba1 | 30-Jan-2028 | 6.67 |
| Government National Mortgage Assn. | 0.18% | -0.04 | $2,151,818.71 | 1,994,071 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-May-2047 | 0.31 |
| Altice France SA/France | 0.18% | -0.01 | $2,124,523.53 | 1,700,000 | Corporate Securities | Cable Operators | France | 5.88% | B2 | 01-Feb-2027 | 2.38 |
| Guatemala Government Bond | 0.18% | -0.00 | $2,121,772.57 | 1,805,000 | Government | Foreign Govt & Muni (Excl Canadian) | Guatemala | 5.38% | Ba1 | 24-Apr-2032 | 8.63 |
| CBAM 2019-9 | 0.18% | -0.01 | $2,120,278.58 | 2,120,000 | Asst Backed Securities | Coll Debt Obligation | United States | 1.56% | Aaa | 12-Feb-2030 | 0.19 |
| Bausch Health | 0.17% | -0.00 | $2,087,249.39 | 1,890,000 | Corporate Securities | Healthcare | United States | 7.25% | B3 | 30-May-2029 | 4.47 |
| Bermuda Government International Bond | 0.17% | -0.01 | $2,079,212.55 | 1,870,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 3.72% | A2 | 25-Jan-2027 | 5.52 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.17% | -0.01 | $2,075,036.11 | 1,885,000 | Corporate Securities | Supermarkets | United States | 7.50% | B2 | 15-Mar-2026 | 1.94 |
| Verus Securitization Trust 2018-3 | 0.17% | 0.01 | $2,072,662.07 | 2,050,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.60% | NR | 25-Oct-2058 | 0.15 |
| Southern California Edison | 0.17% | -0.01 | $2,069,526.04 | 2,050,000 | Corporate Securities | Utilities | United States | 2.25% | A3 | 01-Jun-2030 | 8.55 |
| BX Commercial Mortgage Trust 2020-BXLP | 0.17% | -0.00 | $2,066,211.79 | 2,093,084 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 2.65% | NR | 15-Dec-2036 | 0.70 |
| Navient Private Education Refi Loan Trust 2020-D | 0.17% | -0.01 | $2,065,446.94 | 2,005,000 | Asst Backed Securities | Student Loans | United States | 3.33% | NR | 15-May-2069 | 10.56 |
| Delta Air Lines Inc / SkyMiles IP | 0.17% | N/A | $2,058,779.87 | 1,980,000 | Corporate Securities | Airlines | United States | 4.75% | Baa1 | 20-Oct-2028 | 5.68 |
| FNMA 30 YR TBA OCT | 0.17% | N/A | $2,044,813.67 | 1,950,000 | Mortgage Backed Securities | Mortgages | United States | 3.00% | NR | 01-Jan-2042 | 1.46 |
| Sri Lanka Government International Bond | 0.17% | -0.00 | $2,041,475.41 | 2,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | Caa1 | 04-Oct-2020 | 0.00 |
| Hilton Orlando Trust 2018-ORL | 0.17% | -0.01 | $2,022,648.11 | 2,145,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.20% | NR | 15-Dec-2034 | 0.63 |
| Metropolitan Pier & Exposition Authority | 0.17% | N/A | $2,022,142.76 | 2,020,000 | Tax-Free Revenue | Dedicated Tax Revenue | United States | 3.96% | NR | 15-Dec-2026 | 5.47 |
| Santander Consumer Auto Receivables Trust 2020 | 0.17% | N/A | $2,010,110.97 | 2,010,000 | Asst Backed Securities | Auto Backed | United States | 2.14% | NR | 15-Dec-2026 | 3.54 |
| Becton Dickinson And | 0.17% | -0.01 | $2,000,642.48 | 1,785,000 | Corporate Securities | Healthcare | United States | 3.79% | Ba1 | 20-May-2050 | 18.57 |
| Albania Government International Bond | 0.17% | 0.00 | $1,994,144.23 | 1,635,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 16-Jun-2027 | 5.96 |
| DRIVEN BRANDS FUNDING | 0.17% | -0.00 | $1,986,897.12 | 1,910,000 | Asst Backed Securities | Asset Backed Other | United States | 3.79% | NR | 20-Jul-2050 | 5.82 |
| Marsh & McLennan | 0.17% | -0.01 | $1,980,497.46 | 1,880,000 | Corporate Securities | Insurance | United States | 2.25% | Baa1 | 15-Nov-2030 | 8.98 |
| Starwood Mortgage Residential Trust 2019-1 | 0.16% | -0.00 | $1,971,177.41 | 1,942,139 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.30% | NR | 25-Jun-2049 | 3.84 |
| InTown Hotel Portfolio Trust 2018-STAY | 0.16% | -0.00 | $1,968,999.48 | 2,030,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.40% | NR | 15-Jan-2033 | 0.57 |
| Golub Capital Partners CLO 39B | 0.16% | -0.01 | $1,940,623.06 | 1,940,000 | Asst Backed Securities | Coll Debt Obligation | United States | 1.42% | Aaa | 20-Oct-2028 | 0.25 |
| Vista Point Securitization Trust 2020-2 | 0.16% | N/A | $1,936,368.83 | 1,920,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.90% | NR | 25-Apr-2065 | 2.69 |
| Energy Transfer Operating | 0.16% | -0.01 | $1,936,341.37 | 1,970,000 | Corporate Securities | Oil Field Serv | United States | 3.75% | Baa3 | 15-May-2030 | 7.87 |
| Government National Mortgage Assn. | 0.16% | N/A | $1,934,141.67 | 1,860,000 | Mortgage Backed Securities | Mortgages | United States | 2.00% | NR | 01-Jan-2050 | 2.50 |
| Diamondback Energy | 0.16% | -0.01 | $1,926,627.09 | 1,885,000 | Corporate Securities | Energy | United States | 2.88% | Ba1 | 01-Dec-2024 | 3.84 |
| Federal National Mortgage Assn. | 0.16% | N/A | $1,908,115.23 | 1,805,965 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Feb-2050 | 1.99 |
| Bulgaria Government International Bond | 0.16% | N/A | $1,901,531.00 | 1,625,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bulgaria | 0.38% | Baa2 | 23-Sep-2030 | 9.85 |
| Cheniere Energy | 0.16% | N/A | $1,892,432.09 | 2,615,000 | Energy | Oil, Gas & Consumable Fuels | United States | 4.25% | NR | 15-Mar-2045 | 8.60 |
| HTA Group Ltd/Mauritius | 0.16% | -0.00 | $1,885,544.26 | 1,760,000 | Corporate Securities | Media & Communications | Congo, Democratic Republic Of | 7.00% | B2 | 18-Dec-2025 | 2.66 |
| Apple | 0.16% | -0.01 | $1,876,730.07 | 1,790,000 | Corporate Securities | Computer Service & Software | United States | 2.65% | Aa1 | 11-May-2050 | 21.05 |
| Albania Government International Bond | 0.16% | 0.00 | $1,868,878.85 | 1,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 09-Oct-2025 | 4.48 |
| HSBC Holdings | 0.16% | -0.01 | $1,862,772.93 | 1,550,000 | Corporate Securities | Banking | United Kingdom | 4.95% | A2 | 31-Mar-2030 | 7.85 |
| Fannie Mae Connecticut Avenue Securities | 0.16% | -0.03 | $1,856,598.33 | 1,892,032 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.50% | NR | 25-Jan-2031 | 0.33 |
| Albania Government International Bond | 0.16% | 0.00 | $1,856,419.65 | 1,490,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 09-Oct-2025 | 4.48 |
| Sabre GLBL | 0.15% | 0.00 | $1,856,072.82 | 1,625,000 | Corporate Securities | Services | United States | 9.25% | Ba3 | 15-Apr-2025 | 3.55 |
| MDC Partners | 0.15% | -0.01 | $1,836,947.69 | 1,950,000 | Corporate Securities | Broadcasting | United States | 6.50% | B3 | 01-May-2024 | 2.83 |
| Verus Securitization Trust 2019-2 | 0.15% | -0.01 | $1,825,183.64 | 1,785,516 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.35% | NR | 25-May-2059 | 1.76 |
| Volkswagen Group of America Finance | 0.15% | -0.01 | $1,823,331.71 | 1,760,000 | Corporate Securities | Automotive | Germany | 2.70% | A3 | 26-Sep-2022 | 1.94 |
| New Residential Mortgage Loan Trust 2019-NQM2 | 0.15% | -0.02 | $1,823,059.24 | 1,798,358 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.70% | NR | 25-Apr-2049 | 0.46 |
| Diamond BC BV | 0.15% | N/A | $1,819,228.01 | 1,580,000 | Corporate Securities | Chemicals | United States | 5.63% | Caa2 | 15-Aug-2025 | 2.88 |
| Victoria | 0.15% | 0.00 | $1,803,023.64 | 1,535,000 | Corporate Securities | Building Products | United Kingdom | 5.25% | B1 | 15-Jul-2024 | 2.66 |
| Medtronic Global Holdings SCA | 0.15% | N/A | $1,784,110.58 | 1,516,000 | Corporate Securities | Healthcare | United States | 0.38% | A3 | 15-Oct-2028 | 7.84 |
| Danske Bank | 0.15% | -0.01 | $1,773,322.60 | 1,745,000 | Corporate Securities | Banking | Denmark | 2.00% | A3 | 08-Sep-2021 | 0.93 |
| Federal National Mortgage Assn. | 0.15% | N/A | $1,769,657.66 | 1,630,761 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Mar-2049 | 1.64 |
| Deephaven Residential Mortgage Trust 2018-3 | 0.14% | -0.01 | $1,704,281.43 | 1,680,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.36% | NR | 25-Aug-2058 | 0.07 |
| Freddie Mac STACR REMIC Trust 2020-DNA3 | 0.14% | -0.01 | $1,703,955.20 | 1,700,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 1.65% | NR | 25-Jun-2050 | 0.08 |
| BFLD 2019-DPLO | 0.14% | -0.01 | $1,689,103.67 | 1,830,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.69% | NR | 15-Oct-2034 | 0.60 |
| Dcp Midstream Operating | 0.14% | -0.00 | $1,688,410.42 | 1,635,000 | Corporate Securities | Energy | United States | 5.63% | Ba2 | 15-Jul-2027 | 5.46 |
| Louvre Bidco SAS | 0.14% | -0.00 | $1,679,548.07 | 1,515,000 | Corporate Securities | Financial | France | 4.25% | B2 | 30-Sep-2024 | 3.23 |
| HUB International | 0.14% | -0.00 | $1,677,952.40 | 1,575,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 01-May-2026 | 1.65 |
| Alcoa Nederland Holding BV | 0.14% | N/A | $1,646,357.56 | 1,565,000 | Corporate Securities | Metals & Mining | United States | 5.50% | Ba1 | 15-Dec-2027 | 4.03 |
| OZLM VIII | 0.14% | -0.00 | $1,643,908.05 | 1,670,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.07% | Aa2 | 17-Oct-2029 | 0.19 |
| Navient | 0.14% | -0.01 | $1,635,474.87 | 1,575,000 | Corporate Securities | Financial | United States | 7.25% | Ba3 | 25-Jan-2022 | 1.24 |
| Pacific Gas & Electric | 0.14% | -0.01 | $1,630,031.34 | 1,675,000 | Corporate Securities | Utilities | United States | 2.10% | Baa3 | 01-Aug-2027 | 6.27 |
| Romanian Government International Bond | 0.14% | 0.01 | $1,629,319.29 | 1,387,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.00% | Baa3 | 28-Jan-2032 | 10.07 |
| Altice France Holding | 0.13% | -0.00 | $1,612,423.34 | 1,505,000 | Corporate Securities | Cable Operators | France | 4.00% | Caa1 | 15-Feb-2028 | 5.37 |
| Altice Financing | 0.13% | -0.01 | $1,610,095.11 | 1,500,000 | Corporate Securities | Cable Operators | Luxembourg | 7.50% | B2 | 15-May-2026 | 0.88 |
| Freddie Mac STACR Trust 2019-HQA2 | 0.13% | -0.01 | $1,604,713.47 | 1,630,161 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.20% | NR | 25-Apr-2049 | 0.21 |
| COMM 2015-PC1 Mortgage Trust | 0.13% | -0.00 | $1,600,060.54 | 1,500,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.43% | NR | 10-Jul-2050 | 4.27 |
| B&G Foods | 0.13% | -0.00 | $1,599,800.00 | 1,520,000 | Corporate Securities | Food/Tobacco | United States | 5.25% | B2 | 01-Apr-2025 | 1.56 |
| COLT 2020-3 Mortgage Loan Trust | 0.13% | -0.01 | $1,593,675.90 | 1,562,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.36% | NR | 27-Apr-2065 | 5.18 |
| Vista Point Securitization Trust 2020-1 | 0.13% | -0.00 | $1,584,981.32 | 1,560,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 5.38% | NR | 25-Mar-2065 | 2.56 |
| C&W Senior Financing DAC | 0.13% | -0.00 | $1,573,302.42 | 1,450,000 | Corporate Securities | Cable Operators | Panama | 7.50% | B2 | 15-Oct-2026 | 2.02 |
| New York City IDA | 0.13% | N/A | $1,568,892.00 | 1,560,000 | Tax-Free Revenue | Other Revenue | United States | 2.68% | A2 | 01-Mar-2033 | 10.63 |
| Hilton Grand Vacations Trust 2020 | 0.13% | -0.01 | $1,557,412.04 | 1,421,139 | Asst Backed Securities | Asset Backed Other | United States | 6.42% | NR | 25-Feb-2039 | 2.95 |
| Tenet Healthcare | 0.13% | -0.00 | $1,557,168.75 | 1,395,000 | Corporate Securities | Healthcare | United States | 7.50% | B1 | 01-Apr-2025 | 1.90 |
| United Airlines 2019-2 Class AA Pass Through Trust | 0.13% | -0.00 | $1,542,673.64 | 1,630,000 | Corporate Securities | Airlines | United States | 2.70% | A1 | 01-May-2032 | 6.93 |
| Verus Securitization Trust 2019-1 | 0.13% | -0.03 | $1,541,736.58 | 1,516,295 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.84% | NR | 25-Feb-2059 | 0.45 |
| Becton Dickinson And | 0.13% | -0.00 | $1,523,609.26 | 1,405,000 | Corporate Securities | Healthcare | United States | 2.82% | Ba1 | 20-May-2030 | 8.37 |
| COMM 2014-CR14 Mortgage Trust | 0.13% | -0.00 | $1,519,813.83 | 1,390,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.77% | Aa3 | 10-Feb-2047 | 3.05 |
| Barings CLO Ltd 2016-II | 0.13% | -0.01 | $1,512,778.09 | 1,520,000 | Asst Backed Securities | Coll Debt Obligation | United States | 1.35% | Aaa | 20-Jul-2028 | 0.16 |
| Buckeye Partners | 0.13% | -0.00 | $1,511,405.00 | 1,542,250 | Corporate Securities | Energy | United States | 2.90% | Ba1 | 01-Nov-2026 | 0.06 |
| China Government Bond | 0.12% | -0.01 | $1,486,947.81 | 10,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 4.00% | NR | 24-Jun-2069 | 21.48 |
| Applebee S Funding Llc / Ihop Funding | 0.12% | -0.00 | $1,478,009.49 | 1,590,000 | Asst Backed Securities | Asset Backed Other | United States | 4.19% | NR | 07-Jun-2049 | 3.34 |
| Occidental Petroleum | 0.12% | -0.00 | $1,472,460.31 | 1,410,000 | Corporate Securities | Energy | United States | 8.88% | Ba2 | 15-Jul-2030 | 6.31 |
| Intesa Sanpaolo | 0.12% | -0.00 | $1,458,832.06 | 1,215,000 | Corporate Securities | Banking | Italy | 7.00% | Ba3 | 19-Jul-2169 | 0.30 |
| Syngenta Finance | 0.12% | -0.01 | $1,458,600.49 | 1,420,000 | Corporate Securities | Diversified Chemicals | Switzerland | 3.93% | Ba2 | 23-Apr-2021 | 0.55 |
| Methanex | 0.12% | N/A | $1,449,912.94 | 1,585,000 | Corporate Securities | Chemicals | Canada | 5.65% | Ba1 | 01-Dec-2044 | 12.34 |
| WW International | 0.12% | -0.14 | $1,448,156.25 | 1,355,000 | Corporate Securities | Services | United States | 8.63% | B2 | 01-Dec-2025 | 0.64 |
| Sigma Holdco BV | 0.12% | -0.00 | $1,438,251.94 | 1,375,000 | Corporate Securities | Food/Tobacco | Netherlands | 7.88% | B3 | 15-May-2026 | 2.41 |
| DC office Trust 2019-MTC | 0.12% | 0.00 | $1,427,424.74 | 1,455,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.17% | Baa3 | 15-Sep-2045 | 7.93 |
| TransDigm | 0.12% | -0.00 | $1,426,774.44 | 1,270,000 | Corporate Securities | Aerospace & Defense | United States | 8.00% | Ba3 | 15-Dec-2025 | 1.94 |
| Sri Lanka Government International Bond | 0.12% | -0.01 | $1,425,934.78 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | Caa1 | 27-Jul-2021 | 0.72 |
| Cigna | 0.12% | -0.01 | $1,420,778.94 | 1,375,000 | Corporate Securities | Insurance | United States | 2.40% | Baa2 | 15-Mar-2030 | 8.43 |
| Starwood Mortgage Residential Trust 2019-IMC1 | 0.12% | 0.01 | $1,418,182.33 | 1,425,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.09% | NR | 25-Feb-2049 | 0.56 |
| CVS Health | 0.12% | -0.01 | $1,410,392.86 | 1,215,000 | Corporate Securities | Retail | United States | 3.75% | Baa2 | 01-Apr-2030 | 8.06 |
| Government National Mortgage Assn. | 0.12% | N/A | $1,398,110.13 | 1,358,131 | Mortgage Backed Securities | Mortgages | United States | 3.00% | NR | 20-Sep-2049 | 0.45 |
| Centene | 0.12% | -0.01 | $1,396,352.23 | 1,315,000 | Corporate Securities | Healthcare | United States | 5.38% | Ba1 | 15-Aug-2026 | 1.40 |
| Freddie Mac STACR REMIC Trust 2020-DNA4 | 0.12% | N/A | $1,392,476.51 | 1,375,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.90% | NR | 25-Aug-2050 | -0.27 |
| American Airlines 2016-3 Class AA Pass Through Trust | 0.11% | -0.00 | $1,376,875.40 | 1,435,360 | Corporate Securities | Airlines | United States | 3.00% | Baa1 | 15-Oct-2028 | 5.22 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.11% | -0.04 | $1,369,555.03 | 1,328,000 | Corporate Securities | Supermarkets | United States | 5.75% | B2 | 15-Mar-2025 | 0.08 |
| Ellington Financial Mortgage Trust 2020-1 | 0.11% | -0.01 | $1,358,545.62 | 1,280,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 5.24% | NR | 25-May-2065 | 2.56 |
| Federal National Mortgage Assn. | 0.11% | N/A | $1,348,692.85 | 1,270,763 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Nov-2048 | 1.94 |
| Tenet Healthcare | 0.11% | 0.01 | $1,344,556.90 | 1,350,000 | Corporate Securities | Healthcare | United States | 6.88% | Caa1 | 15-Nov-2031 | 7.51 |
| Americredit Automobile Receivables Trust 2018-1 | 0.11% | -0.00 | $1,332,266.05 | 1,265,000 | Asst Backed Securities | Auto Backed | United States | 3.82% | NR | 18-Mar-2024 | 2.21 |
| Cyprus Government International Bond | 0.11% | 0.00 | $1,331,187.75 | 917,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 2.75% | Ba2 | 26-Feb-2034 | 11.53 |
| Genworth Mortgage Holdings | 0.11% | N/A | $1,328,967.89 | 1,260,000 | Corporate Securities | Financial | United States | 6.50% | Ba3 | 15-Aug-2025 | 3.91 |
| EQT | 0.11% | 0.01 | $1,290,064.40 | 1,080,000 | Corporate Securities | Energy | United States | 8.75% | Ba3 | 01-Feb-2030 | 6.48 |
| Romanian Government International Bond | 0.10% | 0.00 | $1,227,569.32 | 1,045,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.00% | Baa3 | 28-Jan-2032 | 10.07 |
| 2020 Cash Mandatory Exchangeable Trust | 0.10% | -0.00 | $1,222,136.30 | 1,128 | Communication Services | Wireless Telecommunication Services | United States | 5.25% | NR | 01-Jun-2023 | 0.54 |
| Mohawk Capital Finance | 0.10% | -0.01 | $1,221,595.61 | 1,100,000 | Corporate Securities | Building Products | United States | 1.75% | Baa1 | 12-Jun-2027 | 6.21 |
| Federal National Mortgage Assn. | 0.10% | -0.01 | $1,220,314.05 | 1,114,890 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Aug-2047 | 3.34 |
| Navistar International | 0.10% | N/A | $1,218,628.48 | 1,155,000 | Corporate Securities | Automotive | United States | 6.63% | B3 | 01-Nov-2025 | 1.62 |
| Fannie Mae Connecticut Avenue Securities | 0.10% | -0.02 | $1,211,176.38 | 1,232,576 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.70% | NR | 25-Dec-2030 | 0.08 |
| Deephave Residential Mortgage Trust 2019-2 | 0.10% | -0.00 | $1,199,180.86 | 1,190,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.92% | NR | 25-Apr-2059 | 0.56 |
| GNMA II TBA OCT | 0.10% | N/A | $1,187,165.28 | 1,115,000 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Jan-2040 | 0.54 |
| NextEra Energy | 0.10% | 0.01 | $1,186,695.73 | 21,925 | Utilities | Electric Utilities | United States | 4.87% | NR | 01-Sep-2022 | 0.40 |
| Intelsat Jackson Holdings | 0.10% | -0.01 | $1,182,933.16 | 1,085,000 | Corporate Securities | Satellites | United States | 9.50% | NR | 30-Sep-2022 | 1.79 |
| EQT | 0.10% | -0.04 | $1,172,337.09 | 1,045,000 | Corporate Securities | Energy | United States | 7.88% | Ba3 | 01-Feb-2025 | 3.62 |
| Boston Scientific | 0.10% | 0.00 | $1,162,833.52 | 10,427 | Health Care | Health Care Equipment & Supplies | United States | 5.50% | NR | 01-Jun-2023 | 0.57 |
| Argentine Republic Government International Bond | 0.10% | N/A | $1,158,010.78 | 2,759,844 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 0.13% | NR | 09-Jul-2030 | 9.09 |
| Angel Oak Mortgage Trust I LLC 2019-1 | 0.10% | -0.02 | $1,155,695.80 | 1,127,539 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.92% | NR | 25-Nov-2048 | 1.47 |
| Manhattan West 2020-1MW Mortgage Trust | 0.10% | N/A | $1,154,347.22 | 1,185,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 2.33% | Baa3 | 10-Sep-2039 | 6.43 |
| eG Global Finance | 0.10% | 0.00 | $1,145,684.80 | 1,015,000 | Corporate Securities | Services | United Kingdom | 4.38% | B2 | 07-Feb-2025 | 3.45 |
| Towd Point Mortgage Trust 2017-1 | 0.09% | -0.00 | $1,132,002.28 | 1,035,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.75% | Aa1 | 25-Oct-2056 | 4.70 |
| NGL Energy Partners LP / NGL Energy Finance | 0.09% | -0.03 | $1,128,104.51 | 1,750,000 | Corporate Securities | Energy | United States | 7.50% | B3 | 15-Apr-2026 | 3.78 |
| Federal National Mortgage Assn. | 0.09% | N/A | $1,126,269.78 | 1,065,876 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Oct-2049 | 1.82 |
| MVW 2020-1 | 0.09% | N/A | $1,117,161.34 | 1,074,398 | Asst Backed Securities | Asset Backed Other | United States | 4.21% | NR | 20-Oct-2037 | 3.15 |
| CSAIL 2016-C6 Commercial Mortgage Trust | 0.09% | 0.01 | $1,114,151.35 | 1,065,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 5.09% | NR | 15-Jan-2049 | 4.88 |
| B&G Foods | 0.09% | -0.00 | $1,110,071.27 | 1,065,000 | Corporate Securities | Food/Tobacco | United States | 5.25% | B2 | 15-Sep-2027 | 3.18 |
| Occidental Petroleum | 0.09% | -0.01 | $1,106,252.13 | 1,175,000 | Corporate Securities | Energy | United States | 3.13% | Ba2 | 15-Feb-2022 | 1.30 |
| Vertical Holdco GmbH | 0.09% | 0.00 | $1,100,609.08 | 890,000 | Corporate Securities | Services | Germany | 6.63% | Caa1 | 15-Jul-2028 | 3.95 |
| Bank Leumi Le-Israel BM | 0.09% | N/A | $1,099,911.13 | 1,085,000 | Corporate Securities | Financial | Israel | 3.28% | NR | 29-Jan-2031 | 4.78 |
| Homeward Opportunities Fund I Trust 2019-1 | 0.09% | -0.00 | $1,095,301.16 | 1,075,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.95% | NR | 25-Jan-2059 | 0.56 |
| COLT 2019-2 Mortgage Loan Trust | 0.09% | -0.02 | $1,082,702.95 | 1,069,845 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.54% | NR | 25-May-2049 | 2.03 |
| Avolon Holdings Funding | 0.09% | 0.01 | $1,074,572.28 | 1,120,000 | Corporate Securities | Financial | Ireland | 4.38% | Baa3 | 01-May-2026 | 4.75 |
| New Residential Mortgage Loan Trust 2018-NQM1 | 0.09% | -0.01 | $1,070,150.07 | 1,038,401 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.09% | NR | 25-Nov-2048 | 1.38 |
| Banco De Bogota | 0.09% | -0.00 | $1,059,874.26 | 1,000,000 | Corporate Securities | Banking | Colombia | 4.38% | Baa2 | 03-Aug-2027 | 5.80 |
| COLT 2019-1 Mortgage Loan Trust | 0.09% | -0.02 | $1,058,262.85 | 1,046,167 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.01% | NR | 25-Mar-2049 | 1.41 |
| Bahamas Government International Bond | 0.09% | -0.00 | $1,039,320.67 | 1,140,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Ba2 | 21-Nov-2028 | 5.46 |
| Cantor Commercial Real Estate Lending 2019-CF1 | 0.09% | -0.00 | $1,036,910.20 | 1,055,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.14% | NR | 15-May-2052 | 3.30 |
| Consolidated Energy Finance | 0.09% | -0.03 | $1,029,986.62 | 1,145,000 | Corporate Securities | Chemicals | Switzerland | 6.50% | B2 | 15-May-2026 | 4.24 |
| Health & Happiness H&H International Holdings | 0.09% | -0.00 | $1,029,928.41 | 980,000 | Corporate Securities | Consumer Products | China | 5.63% | Ba3 | 24-Oct-2024 | 2.24 |
| Towd Point Mortgage Trust 2019-1 | 0.09% | -0.01 | $1,029,689.62 | 947,921 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.75% | Aa1 | 25-Mar-2058 | 3.45 |
| DPL | 0.09% | -0.00 | $1,027,819.13 | 975,000 | Corporate Securities | Utilities | United States | 4.13% | Ba1 | 01-Jul-2025 | 4.13 |
| Centene | 0.09% | -0.00 | $1,023,389.75 | 970,000 | Corporate Securities | Healthcare | United States | 4.25% | Ba1 | 15-Dec-2027 | 3.30 |
| Altice France SA/France | 0.08% | 0.00 | $1,013,638.44 | 885,000 | Corporate Securities | Cable Operators | France | 3.38% | B2 | 15-Jan-2028 | 4.87 |
| Methanex | 0.08% | N/A | $1,010,541.22 | 1,005,000 | Corporate Securities | Chemicals | Canada | 5.25% | Ba1 | 15-Dec-2029 | 7.09 |
| Avis Budget Rental Car Funding AESOP | 0.08% | 0.00 | $1,007,173.60 | 990,000 | Asst Backed Securities | Auto Backed | United States | 4.53% | Ba2 | 20-Mar-2023 | 1.23 |
| General Electric | 0.08% | -0.00 | $1,000,046.31 | 1,235,000 | Corporate Securities | Conglomerates | United States | 5.00% | Baa3 | 15-Jun-2169 | -0.92 |
| Orlando Health Obligated | 0.08% | N/A | $990,000.00 | 990,000 | Corporate Securities | Healthcare | United States | 2.29% | A2 | 01-Oct-2028 | 7.31 |
| 280 Park Avenue 2017-280P Mortgage Trust | 0.08% | -0.00 | $988,047.86 | 995,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.23% | NR | 15-Sep-2034 | 0.72 |
| BX Trust 2018-GW | 0.08% | -0.00 | $978,043.40 | 1,040,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.37% | NR | 15-May-2035 | 0.62 |
| Perrigo Finance Unlimited | 0.08% | -0.00 | $976,970.74 | 935,000 | Corporate Securities | Drugs | United States | 3.15% | Baa3 | 15-Jun-2030 | 8.27 |
| Bausch Health Americas | 0.08% | -0.00 | $972,843.07 | 875,000 | Corporate Securities | Healthcare | United States | 8.50% | B3 | 31-Jan-2027 | 2.27 |
| Centene | 0.08% | -0.00 | $971,121.32 | 890,000 | Corporate Securities | Healthcare | United States | 4.63% | Ba1 | 15-Dec-2029 | 5.18 |
| Federal National Mortgage Assn. | 0.08% | N/A | $952,012.06 | 824,606 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Dec-2041 | 4.25 |
| Freddie Mac STACR REMIC Trust 2020-HQA4 | 0.08% | N/A | $940,172.43 | 940,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.30% | Ba1 | 25-Sep-2050 | 0.08 |
| Acwa Power Management & Investments One | 0.08% | N/A | $927,097.40 | 800,000 | Corporate Securities | Energy | United Arab Emirates | 5.95% | Baa3 | 15-Dec-2039 | 7.30 |
| Guatemala Government Bond | 0.08% | -0.00 | $921,414.59 | 755,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Guatemala | 6.13% | Ba1 | 01-Jun-2050 | 14.64 |
| Energy Transfer Operating | 0.08% | -0.01 | $908,159.90 | 895,000 | Corporate Securities | Oil Field Serv | United States | 2.90% | Baa3 | 15-May-2025 | 4.23 |
| Romanian Government International Bond | 0.08% | 0.00 | $903,795.06 | 696,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.88% | Baa3 | 11-Mar-2029 | 7.51 |
| Expedia | 0.07% | -0.00 | $894,836.27 | 795,000 | Corporate Securities | Information Technology | United States | 6.25% | Baa3 | 01-May-2025 | 3.79 |
| Vertical Midco GmbH | 0.07% | 0.00 | $889,649.42 | 740,000 | Corporate Securities | Services | Germany | 4.38% | B1 | 15-Jul-2027 | 4.16 |
| Federal National Mortgage Assn. | 0.07% | -0.02 | $878,093.72 | 820,806 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Dec-2045 | 2.55 |
| City of Houston TX Airport System Revenue | 0.07% | N/A | $873,132.00 | 870,000 | Tax-Free Revenue | Air & Sea Transportation | United States | 1.27% | A1 | 01-Jul-2024 | 3.60 |
| State Street | 0.07% | -0.00 | $864,581.77 | 760,000 | Corporate Securities | Banking | United States | 3.15% | A1 | 30-Mar-2031 | 8.38 |
| Federal National Mortgage Assn. | 0.07% | N/A | $863,277.35 | 807,528 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Jan-2050 | 3.05 |
| Homeward Opportunities Fund I Trust 2019-1 | 0.07% | -0.00 | $851,532.95 | 836,962 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.61% | NR | 25-Jan-2059 | 0.54 |
| Intelsat Jackson Holdings | 0.07% | N/A | $847,824.32 | 834,612 | Corporate Securities | Satellites | United States | 6.50% | NR | 13-Jul-2022 | 0.89 |
| New Residential Mortgage Loan Trust 2019-NQM1 | 0.07% | -0.01 | $836,039.43 | 826,901 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.93% | NR | 25-Jan-2049 | 0.31 |
| NTPC | 0.07% | -0.01 | $827,100.97 | 60,000,000 | Corporate Securities | Utilities | India | 7.38% | NR | 10-Aug-2021 | 0.83 |
| Navient Private Education Loan Trust 2017 | 0.07% | -0.00 | $821,731.66 | 805,000 | Asst Backed Securities | Student Loans | United States | 3.91% | NR | 16-Dec-2058 | 5.83 |
| Government National Mortgage Assn. | 0.07% | -0.01 | $821,656.97 | 739,132 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Nov-2047 | 1.23 |
| Bausch Health | 0.07% | -0.00 | $796,551.03 | 715,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 15-Dec-2025 | 1.50 |
| Intelsat Jackson Holdings | 0.07% | -0.00 | $786,825.00 | 780,000 | Corporate Securities | Satellites | United States | 8.63% | NR | 02-Jan-2024 | 2.95 |
| Seasoned Credit Risk Transfer Trust Series 2017-2 | 0.06% | -0.00 | $744,795.97 | 740,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.00% | Ba2 | 25-Aug-2056 | 4.63 |
| Export-Import Bank of India | 0.06% | -0.01 | $741,558.48 | 49,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.38% | NR | 24-Jul-2025 | 4.06 |
| Great Lakes Water Authority Sewage Disposal System Revenue | 0.06% | -0.00 | $740,742.17 | 720,000 | Tax-Free Revenue | Water & Sewer Revenue | United States | 1.83% | A1 | 01-Jul-2026 | 5.44 |
| Continental Resources Inc/OK | 0.06% | -0.00 | $739,693.57 | 760,000 | Corporate Securities | Energy | United States | 4.50% | Ba1 | 15-Apr-2023 | 2.26 |
| SG Residential Mortgage Trust 2019-3 | 0.06% | -0.01 | $739,688.15 | 747,819 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.08% | NR | 25-Sep-2059 | 1.44 |
| JPMCC Commercial Mortgage Securities Trust 2017-JP5 | 0.06% | -0.00 | $739,614.06 | 655,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.88% | Aa2 | 15-Mar-2050 | 5.72 |
| Altice France SA/France | 0.06% | 0.00 | $733,026.67 | 640,000 | Corporate Securities | Cable Operators | France | 3.38% | B2 | 15-Jan-2028 | 4.83 |
| Expedia | 0.06% | -0.00 | $729,492.98 | 660,000 | Corporate Securities | Information Technology | United States | 7.00% | Baa3 | 01-May-2025 | 1.94 |
| NTPC | 0.06% | -0.00 | $707,913.39 | 50,000,000 | Corporate Securities | Utilities | India | 7.25% | NR | 03-May-2022 | 1.48 |
| Madison Park Funding XXXVII | 0.06% | -0.00 | $698,960.98 | 700,000 | Asst Backed Securities | Coll Debt Obligation | United States | 1.58% | NR | 15-Jul-2032 | 0.04 |
| Government National Mortgage Assn. | 0.06% | -0.01 | $692,168.60 | 641,618 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Jun-2047 | 0.31 |
| PLT VII Finance Sarl | 0.06% | N/A | $681,891.25 | 565,000 | Corporate Securities | Wireless Communications | Lithuania | 4.63% | B2 | 05-Jan-2026 | 3.07 |
| Federal National Mortgage Assn. | 0.05% | -0.01 | $654,894.12 | 613,071 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Jan-2046 | 2.55 |
| Government National Mortgage Assn. | 0.05% | N/A | $651,339.32 | 596,692 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Jun-2049 | 0.54 |
| ICTSI Treasury BV | 0.05% | -0.00 | $633,415.38 | 600,000 | Corporate Securities | Transportation | Philippines | 4.63% | NR | 16-Jan-2023 | 2.16 |
| CarMax Auto Owner Trust 2017-1 | 0.05% | -0.00 | $631,954.78 | 625,000 | Asst Backed Securities | Auto Backed | United States | 3.43% | A2 | 17-Jul-2023 | 1.40 |
| Towd Point Mortgage Trust 2017-6 | 0.05% | -0.01 | $620,708.15 | 595,636 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.75% | Aaa | 25-Oct-2057 | 2.11 |
| Avantor Funding | 0.05% | N/A | $617,729.81 | 590,000 | Corporate Securities | Healthcare | United States | 4.63% | B3 | 15-Jul-2028 | 4.27 |
| Citigroup Commercial Mortgage Trust 2015-P1 | 0.05% | 0.00 | $613,971.95 | 560,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.46% | NR | 15-Sep-2048 | 4.43 |
| Brinker International | 0.05% | 0.01 | $605,195.35 | 610,000 | Corporate Securities | Restaurants | United States | 3.88% | B3 | 15-May-2023 | 2.42 |
| Hess | 0.05% | N/A | $585,346.10 | 485,000 | Corporate Securities | Energy | United States | 7.13% | Ba1 | 15-Mar-2033 | 8.68 |
| Verus Securitization Trust 2020-INV1 | 0.05% | 0.00 | $567,007.43 | 530,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 5.50% | NR | 25-Mar-2060 | 7.02 |
| Pacific Gas & Electric | 0.05% | N/A | $548,025.33 | 502,000 | Corporate Securities | Utilities | United States | 4.55% | Baa3 | 01-Jul-2030 | 7.72 |
| Federal National Mortgage Assn. | 0.05% | N/A | $544,468.38 | 514,255 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-May-2050 | 3.00 |
| Galton Funding Mortgage Trust 2017-1 | 0.05% | -0.01 | $541,189.24 | 529,887 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.50% | NR | 25-Nov-2057 | 2.51 |
| Continental Resources Inc/OK | 0.05% | N/A | $539,937.92 | 700,000 | Corporate Securities | Energy | United States | 4.90% | Ba1 | 01-Jun-2044 | 12.21 |
| Sequoia Mortgage Trust 2018-CH3 | 0.04% | -0.01 | $537,310.65 | 513,266 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.50% | Aa1 | 25-Aug-2048 | 2.38 |
| MGIC Investment | 0.04% | N/A | $536,699.88 | 515,000 | Corporate Securities | Financial | United States | 5.25% | Ba1 | 15-Aug-2028 | 4.45 |
| Ashland Services BV | 0.04% | 0.00 | $536,607.10 | 480,000 | Corporate Securities | Chemicals | United States | 2.00% | Ba1 | 30-Jan-2028 | 6.67 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 | 0.04% | 0.00 | $521,066.76 | 535,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.32% | NR | 15-Nov-2052 | 6.09 |
| Sequoia Mortgage Trust 2018-CH4 | 0.04% | -0.01 | $518,755.35 | 501,429 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.50% | Aaa | 25-Oct-2048 | 2.32 |
| SMART ABS Series 2016-2US Trust | 0.04% | -0.02 | $505,467.74 | 503,851 | Asst Backed Securities | Auto Backed | Australia | 2.05% | Aaa | 14-Dec-2022 | 0.39 |
| Edison International | 0.04% | -0.00 | $494,780.75 | 475,000 | Corporate Securities | Utilities | United States | 3.13% | Baa3 | 15-Nov-2022 | 1.97 |
| Freddie Mac Structured Agency Credit Risk debt Notes | 0.04% | -0.03 | $485,480.11 | 488,070 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.14% | NR | 25-Aug-2048 | 1.54 |
| Deephave Residential Mortgage Trust 2019-2 | 0.04% | -0.01 | $480,201.72 | 474,399 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.76% | NR | 25-Apr-2059 | 1.43 |
| Hess | 0.04% | -0.00 | $480,151.48 | 395,000 | Corporate Securities | Energy | United States | 7.30% | Ba1 | 15-Aug-2031 | 7.84 |
| Federal National Mortgage Assn. | 0.04% | -0.00 | $465,409.93 | 393,786 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-May-2044 | 4.06 |
| Ashford Hospitality Trust 2018-ASHF | 0.04% | -0.00 | $451,782.02 | 500,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.55% | NR | 15-Apr-2035 | 0.55 |
| Continental Resources Inc/OK | 0.04% | N/A | $448,941.71 | 515,000 | Corporate Securities | Energy | United States | 4.38% | Ba1 | 15-Jan-2028 | 5.97 |
| Amwins | 0.04% | -0.00 | $446,643.75 | 410,000 | Corporate Securities | Financial | United States | 7.75% | B3 | 01-Jul-2026 | 1.62 |
| CVS Health | 0.04% | -0.00 | $437,596.61 | 400,000 | Corporate Securities | Retail | United States | 3.00% | Baa2 | 15-Aug-2026 | 5.31 |
| Federal National Mortgage Assn. | 0.04% | -0.01 | $436,690.18 | 406,003 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Aug-2047 | 2.84 |
| Federal National Mortgage Assn. | 0.04% | N/A | $432,098.32 | 404,444 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Sep-2046 | 2.55 |
| Continental Resources Inc/OK | 0.04% | -0.00 | $421,689.24 | 425,000 | Corporate Securities | Energy | United States | 5.00% | Ba1 | 15-Sep-2022 | 1.20 |
| Federal National Mortgage Assn. | 0.03% | -0.01 | $403,878.99 | 377,952 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Nov-2045 | 2.55 |
| Dcp Midstream Operating | 0.03% | -0.00 | $401,861.32 | 535,000 | Corporate Securities | Energy | United States | 5.85% | B1 | 21-May-2043 | -0.05 |
| Federal National Mortgage Assn. | 0.03% | -0.01 | $390,361.75 | 364,965 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Jan-2046 | 2.55 |
| Federal National Mortgage Assn. | 0.03% | N/A | $377,427.62 | 346,057 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-May-2050 | 3.03 |
| Federal National Mortgage Assn. | 0.03% | N/A | $369,881.35 | 345,723 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Jul-2050 | 2.42 |
| Occidental Petroleum | 0.03% | -0.00 | $364,681.58 | 515,000 | Corporate Securities | Energy | United States | 4.40% | Ba2 | 15-Aug-2049 | 13.73 |
| Federal National Mortgage Assn. | 0.03% | -0.00 | $360,332.15 | 303,753 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-May-2035 | 4.06 |
| Government National Mortgage Assn. | 0.03% | N/A | $342,581.55 | 317,725 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Jan-2049 | 0.41 |
| Dcp Midstream Operating | 0.03% | -0.00 | $338,309.12 | 355,000 | Corporate Securities | Energy | United States | 6.75% | Ba2 | 15-Sep-2037 | 9.95 |
| Government National Mortgage Assn. | 0.03% | -0.01 | $316,319.94 | 288,815 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Aug-2047 | 0.76 |
| Trivium Packaging Finance BV | 0.03% | -0.00 | $313,957.79 | 270,000 | Corporate Securities | Container | Netherlands | 3.75% | B2 | 15-Aug-2026 | 3.92 |
| Federal National Mortgage Assn. | 0.03% | -0.00 | $302,581.39 | 263,757 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jun-2040 | 4.16 |
| Federal National Mortgage Assn. | 0.03% | N/A | $301,357.09 | 277,745 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2048 | 3.49 |
| Government National Mortgage Assn. | 0.02% | N/A | $283,167.37 | 263,467 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Dec-2049 | 0.62 |
| Occidental Petroleum | 0.02% | -0.00 | $278,805.43 | 350,000 | Corporate Securities | Energy | United States | 3.20% | Ba2 | 15-Aug-2026 | 5.12 |
| Seven Generations Energy | 0.02% | -0.00 | $277,217.56 | 275,000 | Corporate Securities | Energy | Canada | 6.75% | Ba3 | 01-May-2023 | 1.66 |
| Government National Mortgage Assn. | 0.02% | -0.01 | $274,253.54 | 250,517 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Nov-2040 | 2.63 |
| City of Houston TX Airport System Revenue | 0.02% | N/A | $265,312.70 | 265,000 | Tax-Free Revenue | Air & Sea Transportation | United States | 1.05% | A1 | 01-Jul-2023 | 2.65 |
| Government National Mortgage Assn. | 0.02% | -0.00 | $259,599.54 | 237,480 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Sep-2047 | 0.76 |
| Hess | 0.02% | -0.00 | $247,528.13 | 195,000 | Corporate Securities | Energy | United States | 7.88% | Ba1 | 01-Oct-2029 | 6.79 |
| Federal National Mortgage Assn. | 0.02% | -0.00 | $239,920.96 | 215,588 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jul-2046 | 3.91 |
| Government National Mortgage Assn. | 0.02% | -0.00 | $228,104.80 | 208,283 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-May-2048 | 0.63 |
| Federal National Mortgage Assn. | 0.02% | N/A | $220,450.57 | 203,183 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jan-2050 | 3.40 |
| Government National Mortgage Assn. | 0.02% | -0.00 | $213,931.68 | 194,203 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Jan-2048 | 0.96 |
| Federal Home Loan Mortgage | 0.02% | -0.00 | $207,856.36 | 187,820 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2041 | 3.18 |
| Freddie Mac REMICS | 0.02% | -0.00 | $192,804.40 | 1,211,813 | Mortgage Backed Securities | Agency Bkd CMO | United States | 4.50% | NR | 25-May-2050 | -2.63 |
| Edison International | 0.01% | -0.00 | $179,561.86 | 160,000 | Corporate Securities | Utilities | United States | 4.95% | Baa3 | 15-Apr-2025 | 3.95 |
| Occidental Petroleum | 0.01% | -0.00 | $178,178.99 | 194,000 | Corporate Securities | Energy | United States | 2.70% | Ba2 | 15-Feb-2023 | 2.23 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $170,931.53 | 159,226 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Dec-2045 | 2.55 |
| Hilton Grand Vacations Trust 2017 | 0.01% | -0.00 | $161,871.82 | 160,875 | Asst Backed Securities | Asset Backed Other | United States | 2.96% | NR | 26-Dec-2028 | 1.67 |
| Nabors Industries | 0.01% | -0.00 | $160,585.19 | 208,000 | Corporate Securities | Energy | United States | 4.63% | B3 | 15-Sep-2021 | 0.81 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $145,029.38 | 125,780 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2035 | 3.91 |
| Cyprus Government International Bond | 0.01% | 0.00 | $144,640.56 | 120,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 1.25% | Ba2 | 21-Jan-2040 | 17.32 |
| MVW Owner Trust 2017-1 | 0.01% | -0.00 | $107,755.94 | 107,249 | Asst Backed Securities | Asset Backed Other | United States | 2.99% | NR | 20-Dec-2034 | 2.46 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $98,953.13 | 85,979 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Oct-2034 | 3.77 |
| Government National Mortgage Assn. | 0.01% | -0.00 | $95,890.50 | 87,831 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Mar-2047 | 0.80 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $94,699.08 | 86,526 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Jan-2046 | 3.41 |
| MVW Owner Trust 2017-1 | 0.01% | -0.00 | $89,942.99 | 88,816 | Asst Backed Securities | Asset Backed Other | United States | 2.75% | NR | 20-Dec-2034 | 2.48 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $89,772.32 | 79,856 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Mar-2046 | 3.98 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $89,596.50 | 79,933 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jan-2044 | 3.98 |
| Federal National Mortgage Assn. | 0.01% | N/A | $80,121.26 | 74,828 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2049 | 2.06 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $77,222.64 | 68,457 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-May-2041 | 3.71 |
| Federal Home Loan Mortgage | 0.01% | -0.00 | $76,096.00 | 68,277 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2040 | 3.54 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $75,413.26 | 65,277 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Apr-2040 | 4.16 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $75,251.32 | 66,714 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Feb-2040 | 3.56 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $65,011.60 | 55,778 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Jun-2038 | 4.16 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $62,446.23 | 52,489 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Apr-2035 | 3.91 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $60,181.11 | 54,445 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2041 | 3.32 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $53,909.22 | 46,731 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2035 | 3.91 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $48,442.19 | 40,789 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Oct-2038 | 4.07 |
| Government National Mortgage Assn. | 0.00% | -0.00 | $48,344.86 | 43,507 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Aug-2047 | 1.23 |
| Towd Point Mortgage Trust 2015-3 | 0.00% | -0.00 | $43,851.87 | 43,454 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.00% | Aaa | 25-Mar-2054 | 0.57 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $43,494.65 | 37,646 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Nov-2035 | 4.03 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $42,033.66 | 37,331 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2040 | 3.71 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $41,959.16 | 35,724 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Apr-2036 | 4.06 |
| Antero Resources | 0.00% | -0.13 | $41,854.17 | 50,000 | Corporate Securities | Energy | United States | 5.13% | B3 | 01-Dec-2022 | 1.89 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $40,732.81 | 36,783 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Jan-2041 | 3.32 |
| MVW Owner Trust 2014-1 | 0.00% | -0.00 | $37,254.91 | 37,144 | Asst Backed Securities | Asset Backed Other | United States | 2.25% | NR | 22-Sep-2031 | 0.68 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $34,799.38 | 31,480 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Mar-2041 | 3.49 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $32,996.16 | 28,527 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Aug-2040 | 4.11 |
| Venezuela Government International Bond | 0.00% | 0.00 | $32,000.00 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 7.75% | NR | 13-Oct-2020 | 0.36 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $31,909.21 | 27,674 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2037 | 3.77 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $31,884.92 | 26,842 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Feb-2037 | 4.07 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $31,097.07 | 27,626 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Dec-2039 | 3.56 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $30,819.28 | 27,345 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Sep-2039 | 3.56 |
| Government National Mortgage Assn. | 0.00% | -0.00 | $29,544.29 | 27,101 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Jul-2047 | 0.80 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $28,513.35 | 25,788 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2042 | 3.49 |
| Argentine Republic Government International Bond | 0.00% | N/A | $27,747.90 | 60,486 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 1.00% | NR | 09-Jul-2029 | 7.77 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $27,457.86 | 23,419 | Mortgage Backed Securities | Mortgages | United States | 6.50% | NR | 01-Aug-2037 | 4.03 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $24,847.22 | 22,071 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-May-2040 | 3.71 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $24,183.72 | 22,069 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2041 | 3.33 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $23,860.14 | 20,661 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Nov-2036 | 4.02 |
| Petroleos De Venezuela | 0.00% | -0.00 | $23,100.00 | 770,000 | Corporate Securities | Energy | Venezuela | 6.00% | NR | 16-May-2024 | 0.16 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $22,802.91 | 19,366 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Nov-2035 | 4.06 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $22,670.65 | 19,655 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Feb-2034 | 3.77 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $22,491.67 | 20,296 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-May-2042 | 2.91 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $22,215.99 | 19,256 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jun-2035 | 3.91 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $22,033.54 | 19,911 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2041 | 3.32 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $20,911.62 | 18,132 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Mar-2034 | 3.77 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $20,699.48 | 18,404 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2039 | 3.56 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $20,225.19 | 17,147 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Feb-2038 | 4.06 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $20,017.27 | 17,050 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Mar-2036 | 4.06 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $16,424.39 | 14,603 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Nov-2039 | 3.56 |
| Venezuela Government International Bond | 0.00% | 0.00 | $16,400.00 | 205,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 6.00% | C | 09-Dec-2020 | 0.29 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $16,232.05 | 14,399 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jul-2039 | 3.56 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $15,775.39 | 12,988 | Mortgage Backed Securities | Mortgages | United States | 6.50% | NR | 01-Sep-2036 | 4.03 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $15,587.68 | 13,844 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jun-2039 | 3.55 |
| Petroleos De Venezuela | 0.00% | -0.00 | $15,300.00 | 510,000 | Corporate Securities | Energy | Venezuela | 9.00% | NR | 17-Nov-2021 | 0.00 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $15,158.19 | 13,135 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jun-2040 | 4.16 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $15,103.67 | 12,785 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Dec-2035 | 3.97 |
| Government National Mortgage Assn. | 0.00% | -0.00 | $15,070.77 | 13,766 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Sep-2040 | 2.63 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $14,795.90 | 13,364 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2041 | 3.32 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $14,123.77 | 12,505 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Sep-2042 | 3.16 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $14,105.38 | 12,496 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-May-2042 | 3.88 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $13,152.80 | 11,055 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Mar-2037 | 4.07 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $12,887.38 | 11,196 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2033 | 3.77 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $12,860.16 | 11,625 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Oct-2040 | 3.30 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $11,891.31 | 9,992 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Aug-2037 | 4.07 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $11,479.82 | 10,584 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Nov-2049 | 3.44 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $11,060.58 | 9,698 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Feb-2039 | 4.10 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $10,698.77 | 9,500 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2040 | 3.71 |
| Government National Mortgage Association | 0.00% | 0.00 | $10,139.03 | 68,586 | Mortgage Backed Securities | Agency Bkd CMO | United States | 4.00% | NR | 20-Feb-2043 | -12.90 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $9,103.76 | 7,890 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Aug-2040 | 4.11 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $9,102.24 | 7,693 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-May-2038 | 4.10 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $8,834.31 | 7,828 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Dec-2039 | 3.57 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $8,811.98 | 7,956 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Nov-2040 | 3.30 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $8,267.51 | 7,574 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Oct-2040 | 3.30 |
| Government National Mortgage Assn. | 0.00% | -0.00 | $7,654.27 | 6,682 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Mar-2041 | 2.86 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $7,398.08 | 6,577 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jan-2042 | 3.56 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $7,142.52 | 6,144 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Oct-2038 | 4.29 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $7,019.02 | 6,080 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Feb-2042 | 4.27 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $6,652.34 | 5,898 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Oct-2039 | 3.55 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $6,072.74 | 5,273 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jun-2041 | 4.16 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $6,028.12 | 5,108 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Feb-2038 | 4.06 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $5,367.77 | 4,641 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2040 | 4.11 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $4,697.91 | 4,251 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Jan-2041 | 3.30 |
| Mriya Farming | 0.00% | 0.00 | $4,377.34 | 292,700 | Corporate Securities | Industrial - Other | United Kingdom | 0.00% | NR | 31-Dec-2025 | 1.19 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $3,084.01 | 2,613 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Apr-2035 | 4.06 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $2,916.58 | 2,635 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2040 | 3.30 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $2,814.36 | 2,499 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2040 | 3.71 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $2,524.43 | 2,167 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Jan-2039 | 4.16 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $1,803.67 | 1,529 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Aug-2037 | 4.06 |
| Mriya Farming | 0.00% | 0.00 | $1,495.89 | 127,586 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $914.13 | 773 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Aug-2037 | 4.06 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $853.53 | 738 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Apr-2040 | 4.11 |
| Government National Mortgage Association | 0.00% | 0.00 | $555.78 | 15,727 | Mortgage Backed Securities | Agency Bkd CMO | United States | 4.50% | NR | 20-Dec-2039 | -14.55 |
| Petroleos De Venezuela | 0.00% | -0.00 | $450.00 | 15,000 | Corporate Securities | Energy | Venezuela | 12.75% | NR | 17-Feb-2022 | 0.17 |
| Mriya Farming | 0.00% | 0.00 | $9.97 | 773 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
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.
Sector Diversification (30-Sep-2020)
Representative Portfolio vs Benchmark| Sector Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Global High Yield | 19.31% | 0.00% | |
| Securitized | 17.15% | 3.27% | |
| Emerging Market Corporates | 11.87% | 0.71% | |
| Cash & Equivalents | 2.41% | 0.00% | |
| U.S. Mortgage | 4.42% | 10.23% | |
| Global Investment Grade | 10.92% | 18.32% | |
| Global Sovereign | 33.92% | 67.47% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Currency Diversification (30-Sep-2020)
Representative Portfolio vs Benchmark| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 87.17% | 42.13% | |
| Canadian dollar | 1.51% | 2.67% | |
| Mexican peso | 1.26% | 0.25% | |
| Australian dollar | 1.01% | 1.37% | |
| New Zealand dollar | 0.00% | 0.14% | |
| Dollar Bloc Subtotal | 90.96% | 46.56% |
Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Czech koruna | 1.11% | 0.11% | |
| Danish krone | 0.00% | 0.22% | |
| Hungarian forint | 0.00% | 0.08% | |
| Norwegian krone | 0.00% | 0.09% | |
| Swedish krona | 0.00% | 0.44% | |
| Swiss franc | 0.00% | 0.54% | |
| British pound sterling | -0.00% | 4.90% | |
| Polish zloty | -0.01% | 0.19% | |
| euro | -0.05% | 24.07% | |
| European Bloc Subtotal | 1.05% | 30.64% |
Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Japanese yen | 2.00% | 14.40% | |
| Malaysian ringgit | 1.62% | 0.30% | |
| Korean won | 0.05% | 1.14% | |
| Singapore dollar | 0.00% | 0.19% | |
| Hong Kong dollar | 0.00% | 0.02% | |
| Thai baht | 0.00% | 0.32% | |
| Far East Bloc Subtotal | 3.67% | 16.37% |
Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Chinese renminbi | 3.11% | 5.55% | |
| Serbia dinar | 1.00% | 0.00% | |
| Indonesian rupiah | 0.99% | 0.32% | |
| Chilean peso | 0.50% | 0.04% | |
| South African rand | 0.50% | 0.00% | |
| Egyptian pound | 0.35% | 0.00% | |
| Israeli shekel | 0.00% | 0.13% | |
| Colombian peso | 0.00% | 0.09% | |
| New Romanian leu | 0.00% | 0.06% | |
| Peruvian nuevo sol | 0.00% | 0.06% | |
| Russian ruble | 0.00% | 0.16% | |
| Brazilian real | -0.00% | 0.00% | |
| Indian rupee | -0.01% | 0.00% | |
| Offshore Chinese renminbi | -2.13% | 0.00% | |
| Emerging Markets Bloc Subtotal | 4.32% | 6.43% |
Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Number of years managing the strategy. In the case of co-portfolio management, the longer tenure is displayed.
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.
Effective 1 January 2019, Ken Orchard assumed portfolio management responsibility for the Global Multi-Sector Bond Strategy.
Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.