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)
4.64%
4.52%
Data as of 30-Jun-2020
Data as of 30-Jun-2020
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
4.01%
0.19
Data as of 30-Jun-2020
Data as of 30-Jun-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 % | 4.40% | 5.03% | 5.34% | 5.39% |
| Composite Net % | 4.01% | 4.64% | 4.95% | 5.00% |
| Benchmark % | 6.07% | 5.18% | 4.47% | 4.22% |
| Excess Return (Gross) % | -1.67% | -0.15% | 0.87% | 1.17% |
Recent Performance
| 3 MonthsData as of 30-Jun-2020 | Year to DateData as of 30-Jun-2020 | |
|---|---|---|
| Composite Gross % | 10.59% | 0.76% |
| Composite Net % | 10.49% | 0.57% |
| Benchmark % | 2.42% | 3.90% |
| Excess Return (Gross) % | 8.17% | -3.14% |
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
527
Largest Holding
U.S. Treasury Inflation Indexed Bonds
3.04%
Was
(31-Mar-2020) 0.00%
Top 10 Holdings 14.51%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB | A |
| By % | 20.63% | -14.85% |
| Portfolio | 20.99% | 9.79% |
| Benchmark | 0.36% | 24.65% |
Average Credit Quality
BBBMaturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 1-3 Years | 10+ Years |
| By % | 9.41% | -8.00% |
| Portfolio | 32.14% | 17.67% |
| Benchmark | 22.74% | 25.66% |
Weighted Average Maturity
7.43 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | 3-5 Years | Over 10 Years |
| By % | 9.11% | -11.30% |
| Portfolio | 30.79% | 11.96% |
| Benchmark | 21.68% | 23.27% |
Weighted Average Duration
5.24 YearsSectors
Total
Sectors
7
Largest Sector
Global Sovereign
32.58%
Was (31-Mar-2020)
31.50%
Other
View complete Sector Diversification
Largest Overweight
Global High Yield
By19.80%
Portfolio
19.80%
Benchmark
0.00%
Largest Underweight
Global Sovereign
By-34.12%
Portfolio
32.58%
Benchmark
66.70%
Currency
Total
Currencies
22
Largest Currency
U.S. dollar
88.41%
Was (31-Mar-2020)
83.44%
Other
View complete Currency Diversification
Largest Overweight
U.S. dollar
By
44.80%
Portfolio
88.41%
Benchmark
43.61%
Largest Underweight
euro
By
-23.84%
Portfolio
-0.23%
Benchmark
23.61%
Team (As of 05-Aug-2020)
Kenneth Orchard is a senior portfolio manager in the Fixed Income Division of T. Rowe Price and a member of the Global Fixed Income Investment team, 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 . He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Orchard has 15 years of investment experience, eight of which have been with T. Rowe Price. Prior to joining the firm in 2010, he worked as a senior credit officer for the Sovereign Risk Group at Moody's Investors Service, where he helped design and review its sovereign rating methodology. Mr. Orchard also worked as a senior economist for Emerging Market Economics in London and as an assistant portfolio manager for HSBC Asset Management in Vancouver.
Mr. Orchard 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. He also has earned the Chartered Financial Analyst designation.
- Portfolio manager2018
since - Years at9
T. Rowe Price - Years investment16
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 an associate 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 Associates, Inc., and T. Rowe Price Group, Inc.
Sue’s investment experience began in 1994, and she has been with T. Rowe Price since 1998, beginning in the Fixed Income Division as a credit analyst and team leader for the Securitized Products team, as well as a member of the Fixed Income Research Advisory Council. 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 at22
T. Rowe Price - Years investment22
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 of T. Rowe Price. He is a member of the Global Multi-Sector, Dynamic Global Bond, International Bond, and Customized Fixed Income Solutions teams, working closely with clients, consultants, and prospects. Mr. Moore is a vice president of T. Rowe Price Group, Inc.
Mr. Moore has 23 years of investment experience, nine of which have been at T. Rowe Price. Prior to joining the firm in 2009, he was a portfolio manager and principal with Smith Breeden Associates, where he managed a variety of fixed income portfolios with a focus on residential mortgage-backed securities. He also worked at Goldman Sachs & Co. trading asset-backed securities.
Mr. Moore earned a B.A. in economics and political science from the University of North Carolina at 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.
- Years at10
T. Rowe Price - Years investment24
experience
Portfolio Characteristics
Representative Portfolio vs Benchmarkas of 30-Jun-2020
| Characteristic | Portfolio | Benchmark |
|---|---|---|
| Weighted Average Coupon | 4.29% | 2.65% |
| Weighted Average Maturity | 7.43 Years | 8.96 Years |
| Weighted Average Duration | 5.24 Years | 7.20 Years |
| Number of Holdings | 524 | 25,702 |
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-Jun-2020Global Multi-Sector Bond Composite
| Risk/Return (5 Years) | Composite | Benchmark |
|---|---|---|
| Alpha | -0.52% | 0.00% |
| Beta | 1.45 | 1.00 |
| R-Squared | 0.43 | 1.00 |
| Annualized Std. Deviation | 5.71% | 2.61% |
| Information Ratio | 0.19 | 0.00 |
| Sharpe Ratio | 0.73 | 1.26 |
| Tracking Error | 4.52% | 0.00% |
Past performance is not a reliable indicator of future performance.
Statistics based on monthly gross returns. Returns would have been lower as a result of the deduction of applicable fees.
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-Jun-2020)
| Issuer Name | % of Portfolio | Sector | Industry | Country |
|---|---|---|---|---|
| Republic of Chile | 2.88% | N/A | N/A | N/A |
| State of Israel | 2.17% | N/A | N/A | N/A |
| Romania | 1.87% | N/A | N/A | N/A |
| Republic of Cyprus | 1.78% | N/A | N/A | N/A |
| China Development Bank | 1.54% | N/A | N/A | N/A |
| Republic of India | 1.32% | N/A | N/A | N/A |
| Commonwealth of Australia | 1.22% | N/A | N/A | N/A |
| Republic of Indonesia | 1.13% | N/A | N/A | N/A |
| French Republic | 1.05% | N/A | N/A | N/A |
| T-Mobile US | 0.93% | 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 in the table due to rounding.
N/A indicates Not Available.
Quality (30-Jun-2020)
Representative Portfolio vs Benchmark
| Quality Rating | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| US Government Agency Securities | 5.03% | 10.89% | |
| US Treasury | 4.56% | 14.79% | |
| AAA | 4.19% | 11.51% | |
| AA | 4.13% | 14.40% | |
| A | 9.79% | 24.65% | |
| BBB | 20.27% | 16.32% | |
| BB | 20.99% | 0.36% | |
| B | 15.23% | 0.00% | |
| CCC | 2.87% | 0.00% | |
| CC | 0.09% | 0.00% | |
| C | 0.00% | 0.00% | |
| Not Rated | 12.83% | 7.09% | |
| Reserves | 0.02% | 0.00% | |
| D | 0.01% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Sources: 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.
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-Jun-2020)
Representative Portfolio vs Benchmark
| Bond Maturity | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | -4.63% | 0.00% | |
| 1-3 Years | 32.14% | 22.74% | |
| 3-5 Years | 24.03% | 24.40% | |
| 5-7 Years | 19.83% | 13.43% | |
| 7-10 Years | 10.95% | 13.78% | |
| 10+ Years | 17.67% | 25.66% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Duration (30-Jun-2020)
Representative Portfolio vs Benchmark
| Duration | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | -2.35% | 2.50% | |
| 1-3 Years | 35.47% | 26.76% | |
| 3-5 Years | 30.79% | 21.68% | |
| 5-7 Years | 14.50% | 13.03% | |
| 7-10 Years | 9.62% | 12.77% | |
| Over 10 Years | 11.96% | 23.27% |
Duration is a measure of a bond portfolio's sensitivity to interest rate changes.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings (30-Jun-2020)
| Company | % of Portfolio | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. Treasury Inflation Indexed Bonds | 3.04% | N/A | $34,376,791.46 | 32,765,726 | US Govt & Agencies | U S Treasury Obligations | United States | 0.13% | Aaa | 15-Apr-2025 | 4.78 |
| Bonos de la Tesoreria de la Republica en pesos | 2.88% | 0.35 | $32,577,367.96 | 21,830,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Chile | 4.70% | NR | 01-Sep-2030 | 8.20 |
| Israel Government Bond - Fixed | 1.65% | 0.16 | $18,679,036.64 | 35,807,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 5.50% | NR | 31-Jan-2042 | 15.07 |
| Australia Government Bond | 1.22% | -0.02 | $13,788,318.48 | 15,736,000 | Government | Foreign Govt & Muni (Excl Canadian) | Australia | 3.00% | Aaa | 21-Mar-2047 | 20.01 |
| Cyprus Government International Bond | 1.18% | 0.03 | $13,288,007.03 | 10,363,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 2.38% | Ba2 | 25-Sep-2028 | 7.50 |
| French Republic Government Bond OAT | 1.05% | N/A | $11,867,046.41 | 9,056,000 | Government | Foreign Govt & Muni (Excl Canadian) | France | 1.25% | Aa2 | 25-May-2036 | 14.84 |
| China development Bank | 1.03% | N/A | $11,586,874.57 | 80,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 3.43% | NR | 14-Jan-2027 | 5.83 |
| India Government Bond | 0.85% | -0.02 | $9,545,027.13 | 621,320,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 9.15% | NR | 14-Nov-2024 | 3.62 |
| Brazil Notas do Tesouro Nacional Serie F | 0.82% | -0.01 | $9,277,345.54 | 41,396,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 10.00% | Ba2 | 01-Jan-2025 | 3.71 |
| European Bank for Reconstruction & development | 0.79% | 0.08 | $8,921,149.28 | 123,500,000,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | SNAT (Supe Natl Wrld Global) | 6.25% | NR | 25-Jul-2022 | 1.83 |
| Indonesia Treasury Bond | 0.73% | 0.08 | $8,230,764.73 | 110,000,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 8.13% | NR | 15-May-2024 | 3.31 |
| Federal National Mortgage Assn. | 0.63% | -0.34 | $7,099,781.27 | 6,430,253 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Sep-2048 | 3.07 |
| Malaysia Government Bond | 0.60% | N/A | $6,785,352.99 | 28,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.07% | NR | 15-Jun-2050 | 17.87 |
| HPS Loan Management 11-2017 | 0.60% | 0.07 | $6,732,057.97 | 7,190,000 | Asst Backed Securities | Coll Debt Obligation | United States | 3.70% | A2 | 06-May-2030 | 0.17 |
| Republic of South Africa Government Bond | 0.60% | -0.49 | $6,721,574.71 | 101,930,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 10.50% | Ba1 | 21-Dec-2026 | 4.97 |
| Benefit Street Partners CLO XI | 0.59% | -0.04 | $6,664,298.45 | 6,995,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.72% | Aa1 | 15-Apr-2029 | 0.17 |
| Eskom Holdings SOC | 0.58% | 0.06 | $6,519,997.99 | 6,650,000 | Corporate Securities | Utilities | South Africa | 5.75% | Caa1 | 26-Jan-2021 | 0.52 |
| Tobacco Settlement Financing Corp/VA | 0.58% | 0.03 | $6,509,925.44 | 6,760,000 | Tax-Free Revenue | Other Revenue | United States | 6.71% | B3 | 01-Jun-2046 | 6.20 |
| Neuberger Berman CLO XVII | 0.58% | 0.06 | $6,505,221.74 | 6,900,000 | Asst Backed Securities | Coll Debt Obligation | United States | 3.10% | NR | 22-Apr-2029 | 0.15 |
| Petrobras Global Finance BV | 0.56% | 0.04 | $6,344,457.09 | 5,900,000 | Corporate Securities | Energy | Brazil | 6.00% | Ba2 | 27-Jan-2028 | 5.93 |
| Romanian Government International Bond | 0.56% | -0.01 | $6,305,605.68 | 5,470,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.38% | Baa3 | 19-Apr-2027 | 6.28 |
| 1MDB Global Investments | 0.55% | 0.04 | $6,266,221.52 | 6,500,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.40% | NR | 09-Mar-2023 | 2.44 |
| Cemex SAB de CV | 0.55% | 0.05 | $6,237,754.99 | 6,700,000 | Corporate Securities | Building Products | Mexico | 5.45% | NR | 19-Nov-2029 | 7.10 |
| Telecom Argentina | 0.55% | 0.03 | $6,171,161.74 | 6,596,000 | Corporate Securities | Cable Operators | Argentina | 6.50% | Caa3 | 15-Jun-2021 | 0.88 |
| BBVA Bancomer SA/Texas | 0.55% | 0.07 | $6,164,357.08 | 6,200,000 | Corporate Securities | Banking | Mexico | 5.88% | Baa3 | 13-Sep-2034 | 6.84 |
| Oztel Holdings SPC | 0.54% | 0.13 | $6,129,345.53 | 6,100,000 | Corporate Securities | Wireless Communications | Oman | 6.63% | Ba3 | 24-Apr-2028 | 6.16 |
| State of Illinois | 0.54% | N/A | $6,090,240.00 | 5,200,000 | Tax-Free Gen. Obligations | General Obligations - State | United States | 7.35% | Baa3 | 01-Jul-2035 | 6.30 |
| Braskem Finance | 0.53% | 0.06 | $5,984,515.56 | 5,900,000 | Corporate Securities | Chemicals | Brazil | 7.38% | Ba1 | 04-Jan-2169 | 0.78 |
| Times China Holdings | 0.52% | N/A | $5,880,296.85 | 5,600,000 | Corporate Securities | Building & Real Estate | China | 6.75% | B1 | 16-Jul-2023 | 2.64 |
| Aes Gener | 0.52% | 0.12 | $5,879,013.97 | 5,500,000 | Corporate Securities | Utilities | Chile | 7.13% | Ba2 | 26-Mar-2079 | 3.21 |
| Italy Buoni Poliennali del Tesoro | 0.52% | N/A | $5,858,062.68 | 5,200,936 | Government | Foreign Govt & Muni (Excl Canadian) | Italy | 0.65% | NR | 15-May-2026 | 5.80 |
| China Government Bond | 0.52% | N/A | $5,850,817.56 | 40,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 3.12% | NR | 05-Dec-2026 | 5.79 |
| Country Garden Holdings | 0.51% | 0.03 | $5,798,675.00 | 5,250,000 | Corporate Securities | Building & Real Estate | China | 8.00% | NR | 27-Jan-2024 | 1.45 |
| China development Bank | 0.51% | -0.03 | $5,792,849.97 | 40,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 3.65% | NR | 21-May-2029 | 7.68 |
| Shimao Group Holdings | 0.51% | N/A | $5,721,579.33 | 5,300,000 | Corporate Securities | Building & Real Estate | China | 6.13% | NR | 21-Feb-2024 | 1.88 |
| Romanian Government International Bond | 0.51% | N/A | $5,713,970.33 | 5,218,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.12% | Baa3 | 16-Jul-2031 | 9.67 |
| Romanian Government International Bond | 0.51% | N/A | $5,705,692.07 | 4,680,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 3.62% | Baa3 | 26-May-2030 | 8.46 |
| Adani Ports & Special Economic Zone | 0.48% | N/A | $5,415,806.31 | 5,400,000 | Corporate Securities | Transportation | India | 4.38% | Baa3 | 03-Jul-2029 | 7.24 |
| India Government Bond | 0.47% | 0.01 | $5,360,060.68 | 355,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.24% | Baa3 | 15-Feb-2027 | 5.04 |
| China Evergrande | 0.47% | 0.03 | $5,300,005.12 | 5,500,000 | Corporate Securities | Building & Real Estate | China | 6.25% | B2 | 28-Jun-2021 | 0.93 |
| Bermuda Government International Bond | 0.47% | 0.04 | $5,289,688.01 | 4,610,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 4.75% | A2 | 15-Feb-2029 | 6.99 |
| Navient Private Education Refi Loan Trust 2020 | 0.46% | -0.02 | $5,220,964.63 | 5,390,000 | Asst Backed Securities | Student Loans | United States | 2.83% | NR | 15-Nov-2068 | 8.50 |
| Brf | 0.46% | 0.05 | $5,211,241.08 | 5,400,000 | Corporate Securities | Food/Tobacco | Brazil | 4.88% | Ba2 | 24-Jan-2030 | 7.33 |
| Great Wolf Trust 2019-WOLF | 0.46% | 0.09 | $5,173,941.91 | 6,150,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.32% | B3 | 15-Dec-2036 | 0.45 |
| ICTSI Treasury BV | 0.45% | 0.00 | $5,077,730.87 | 4,600,000 | Corporate Securities | Transportation | Philippines | 5.88% | NR | 17-Sep-2025 | 4.45 |
| Citigroup Commercial Mortgage Trust 2019-C7 | 0.45% | 0.14 | $5,036,815.93 | 6,110,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.92% | Ba3 | 15-Dec-2072 | 7.80 |
| Emirates Airline | 0.45% | -0.00 | $5,027,942.83 | 5,130,840 | Corporate Securities | Airlines | United Arab Emirates | 4.50% | NR | 06-Feb-2025 | 2.08 |
| Globo Comunicacao E Participacoes | 0.44% | 0.03 | $4,987,911.01 | 5,100,000 | Corporate Securities | Telephones | Brazil | 5.13% | NR | 31-Mar-2027 | 5.49 |
| Honeywell International | 0.43% | 0.03 | $4,902,171.31 | 4,455,000 | Corporate Securities | Manufacturing | United States | 0.75% | A2 | 10-Mar-2032 | 11.19 |
| Solera LLC / Solera Finance | 0.43% | 0.02 | $4,804,658.56 | 4,555,000 | Corporate Securities | Information Technology | United States | 10.50% | Caa1 | 01-Mar-2024 | 1.61 |
| Charter Communications Operating | 0.42% | -0.01 | $4,740,520.33 | 4,937,373 | Corporate Securities | Cable Operators | United States | 1.93% | Ba1 | 01-Feb-2027 | -0.03 |
| Summit Materials | 0.42% | 0.03 | $4,733,069.61 | 4,936,709 | Corporate Securities | Building Products | United States | 2.18% | Ba2 | 21-Nov-2024 | 0.07 |
| Kfc Holding | 0.42% | -0.00 | $4,720,880.68 | 4,936,869 | Corporate Securities | Restaurants | United States | 1.94% | Ba1 | 03-Apr-2025 | -0.10 |
| Tobacco Settlement Finance Authority | 0.41% | N/A | $4,686,006.03 | 4,625,000 | Tax-Free Revenue | Other Revenue | United States | 7.47% | B3 | 01-Jun-2047 | 7.12 |
| Marriott Ownership Resorts | 0.41% | 0.02 | $4,634,496.17 | 4,950,063 | Corporate Securities | Lodging | United States | 2.15% | NR | 29-Aug-2025 | -0.17 |
| Freddie Mac Stacr Trust 2019-HQA1 | 0.41% | N/A | $4,600,760.29 | 4,698,964 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.53% | NR | 25-Feb-2049 | 0.04 |
| Indonesia Treasury Bond | 0.41% | 0.07 | $4,574,539.28 | 57,493,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 9.00% | Baa2 | 15-Mar-2029 | 6.10 |
| Ado Properties | 0.40% | 0.03 | $4,528,445.44 | 4,200,000 | Corporate Securities | Real Estate Investment Trust Securities | Germany | 1.50% | Ba2 | 26-Jul-2024 | 3.83 |
| Clarios Global Lp / Clarios Us Finance | 0.39% | N/A | $4,451,724.96 | 3,995,000 | Corporate Securities | Automotive | United States | 4.38% | B1 | 15-May-2026 | 3.78 |
| Microchip Technology | 0.39% | -0.01 | $4,445,638.88 | 4,617,358 | Corporate Securities | Information Technology | United States | 2.18% | Baa3 | 29-May-2025 | 0.09 |
| T-Mobile USA | 0.39% | N/A | $4,445,377.20 | 4,455,000 | Corporate Securities | Wireless Communications | United States | 3.18% | Baa3 | 01-Apr-2027 | -0.00 |
| COMM 2017-PANW Mortgage Trust | 0.39% | N/A | $4,424,754.19 | 4,340,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.71% | NR | 10-Oct-2029 | 3.98 |
| CIFI Holdings | 0.39% | 0.02 | $4,373,189.05 | 4,239,000 | Corporate Securities | Building & Real Estate | China | 5.50% | NR | 23-Jan-2022 | 1.45 |
| CCC Information Services | 0.37% | 0.01 | $4,217,049.00 | 4,371,902 | Corporate Securities | Information Technology | United States | 4.00% | B3 | 29-Apr-2024 | 3.64 |
| Aker BP | 0.37% | 0.06 | $4,195,901.42 | 4,254,000 | Corporate Securities | Petroleum | Norway | 3.00% | Ba1 | 15-Jan-2025 | 4.13 |
| Versant Health Holdco | 0.37% | 0.04 | $4,169,142.43 | 4,362,716 | Corporate Securities | Healthcare | United States | 4.00% | B2 | 02-Dec-2024 | 3.95 |
| C&W Senior Financing DAC | 0.36% | 0.04 | $4,115,879.98 | 4,015,000 | Corporate Securities | Cable Operators | Panama | 6.88% | B2 | 15-Sep-2027 | 4.19 |
| Seven Generations Energy | 0.36% | 0.13 | $4,110,312.02 | 4,760,000 | Corporate Securities | Energy | Canada | 5.38% | Ba3 | 30-Sep-2025 | 4.21 |
| Singapore Government Bond | 0.36% | N/A | $4,104,442.92 | 4,830,000 | Government | Foreign Govt & Muni (Excl Canadian) | Singapore | 2.88% | NR | 01-Jul-2029 | 8.05 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 0.36% | N/A | $4,054,971.65 | 4,065,000 | Corporate Securities | Financial | Ireland | 4.50% | Baa3 | 15-Sep-2023 | 2.92 |
| Banco De Bogota | 0.36% | 0.26 | $4,039,545.98 | 3,900,000 | Corporate Securities | Banking | Colombia | 4.38% | Baa2 | 03-Aug-2027 | 5.89 |
| Egypt Government International Bond | 0.36% | N/A | $4,023,260.99 | 3,985,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 5.75% | B2 | 29-May-2024 | 3.45 |
| Mexico City Airport Trust | 0.35% | 0.24 | $3,986,721.91 | 4,400,000 | Corporate Securities | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 12.91 |
| VNdo Trust 2016-350P | 0.35% | N/A | $3,986,371.08 | 3,825,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.03% | NR | 10-Jan-2035 | 5.81 |
| Bangkok Bank PCL/Hong Kong | 0.35% | N/A | $3,984,086.06 | 4,120,000 | Corporate Securities | Banking | Thailand | 3.73% | Baa3 | 25-Sep-2034 | 7.62 |
| State of Israel | 0.35% | N/A | $3,966,834.26 | 3,425,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 3.80% | A1 | 13-May-2060 | 22.17 |
| Cigna | 0.35% | 0.02 | $3,949,650.06 | 3,435,000 | Corporate Securities | Insurance | United States | 4.13% | Baa2 | 15-Nov-2025 | 4.77 |
| RHP Hotel Properties LP / RHP Finance | 0.35% | N/A | $3,945,952.37 | 4,135,000 | Corporate Securities | Lodging | United States | 5.00% | B1 | 15-Apr-2023 | 2.34 |
| Paraguay Government International Bond | 0.35% | 0.04 | $3,937,729.83 | 3,350,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.40% | Ba1 | 30-Mar-2050 | 15.60 |
| Federal National Mortgage Assn. | 0.35% | N/A | $3,937,223.41 | 3,775,000 | Mortgage Backed Securities | Mortgages | United States | 2.50% | NR | 01-Jan-2044 | 2.76 |
| Avis Budget Rental Car Funding AESOP | 0.34% | -0.03 | $3,885,364.86 | 4,125,000 | Asst Backed Securities | Auto Backed | United States | 4.83% | NR | 20-Nov-2022 | 1.14 |
| Morgan Stanley | 0.34% | 0.00 | $3,868,684.55 | 3,575,000 | Corporate Securities | Banking | United States | 4.10% | Baa2 | 22-May-2023 | 2.73 |
| Scientific Games International | 0.34% | 0.02 | $3,851,250.77 | 4,366,497 | Corporate Securities | Gaming | United States | 3.48% | B1 | 14-Aug-2024 | -0.22 |
| DRIVEN BRANDS FUNDING | 0.34% | N/A | $3,850,495.02 | 3,606,400 | Asst Backed Securities | Asset Backed Other | United States | 4.74% | NR | 20-Apr-2048 | 6.01 |
| Landsbankinn HF | 0.34% | 0.00 | $3,804,995.24 | 3,450,000 | Corporate Securities | Banking | Iceland | 1.00% | NR | 30-May-2023 | 2.86 |
| Islandsbanki HF | 0.33% | -0.00 | $3,760,642.05 | 3,350,000 | Corporate Securities | Banking | Iceland | 1.13% | NR | 12-Apr-2022 | 1.75 |
| QUALCOMM | 0.33% | N/A | $3,758,865.56 | 3,455,000 | Corporate Securities | Information Technology | United States | 3.25% | A2 | 20-May-2050 | 19.99 |
| Ziggo BV | 0.33% | 0.07 | $3,735,583.00 | 3,355,000 | Corporate Securities | Cable Operators | Netherlands | 2.88% | B1 | 15-Jan-2030 | 6.49 |
| SBA Tower Trust | 0.33% | 0.02 | $3,697,227.11 | 3,585,000 | Corporate Securities | Wireless Communications | United States | 2.84% | A2 | 15-Jan-2025 | 4.23 |
| Summer BidCo BV | 0.33% | 0.02 | $3,694,453.13 | 3,460,875 | Corporate Securities | Wireless Communications | Netherlands | 9.75% | NR | 15-Nov-2025 | 5.30 |
| BLUEMOUNTAIN CLO 2012-2 | 0.32% | -0.01 | $3,655,586.25 | 3,730,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.74% | Aaa | 20-Nov-2028 | 0.26 |
| Federal National Mortgage Assn. | 0.32% | N/A | $3,591,045.41 | 3,355,546 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Oct-2047 | 2.85 |
| CVS Health | 0.32% | 0.01 | $3,566,310.51 | 3,290,000 | Corporate Securities | Retail | United States | 3.70% | Baa2 | 09-Mar-2023 | 2.49 |
| Danske Bank | 0.31% | 0.01 | $3,540,281.75 | 3,120,000 | Corporate Securities | Banking | Denmark | 5.38% | Baa3 | 12-Jan-2024 | 3.18 |
| UniCredit | 0.31% | 0.03 | $3,498,754.90 | 2,915,000 | Corporate Securities | Banking | Italy | 9.25% | NR | 03-Jun-2169 | 1.75 |
| Starwood Mortgage Residential Trust 2020-1 | 0.31% | 0.00 | $3,491,989.82 | 3,940,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.88% | NR | 25-Feb-2050 | 2.55 |
| Nissan Master Owner Trust Receivables | 0.31% | N/A | $3,475,538.45 | 3,495,000 | Asst Backed Securities | Auto Backed | United States | 0.74% | Aaa | 15-Feb-2024 | 0.06 |
| Yanlord Land HK | 0.30% | -0.28 | $3,427,314.80 | 3,350,000 | Corporate Securities | Building & Real Estate | China | 6.75% | Ba3 | 23-Apr-2023 | 2.19 |
| T-Mobile USA | 0.30% | N/A | $3,409,214.62 | 2,960,000 | Corporate Securities | Wireless Communications | United States | 4.38% | Baa3 | 15-Apr-2040 | 13.85 |
| Brixmor Operating Partnership | 0.30% | -0.01 | $3,363,623.29 | 3,200,000 | Corporate Securities | Real Estate Investment Trust Securities | United States | 4.13% | Baa3 | 15-Jun-2026 | 5.17 |
| Turk Telekomunikasyon | 0.30% | 0.03 | $3,348,534.24 | 3,100,000 | Corporate Securities | Wireline Communications | Turkey | 6.88% | NR | 28-Feb-2025 | 3.90 |
| Taconic Park CLO | 0.30% | 0.02 | $3,333,011.63 | 3,460,000 | Asst Backed Securities | Coll Debt Obligation | United States | 3.04% | A2 | 20-Jan-2029 | 0.05 |
| Freddie Mac Structured Agency Credit Risk debt Notes | 0.29% | N/A | $3,280,137.39 | 3,148,774 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.83% | Baa1 | 25-Oct-2028 | 0.16 |
| Arion Banki HF | 0.29% | 0.00 | $3,265,382.42 | 2,949,000 | Corporate Securities | Banking | Iceland | 1.00% | NR | 20-Mar-2023 | 2.67 |
| Westlake Chemical | 0.29% | 0.02 | $3,264,244.62 | 3,000,000 | Corporate Securities | Chemicals | United States | 1.63% | Baa2 | 17-Jul-2029 | 8.22 |
| Targa Resources | 0.29% | 0.12 | $3,262,908.40 | 3,130 | Energy | Oil, Gas & Consumable Fuels | United States | 9.50% | NR | 14-May-2169 | 9.95 |
| Banco Comercial Portugues | 0.29% | 0.07 | $3,225,847.45 | 2,800,000 | Corporate Securities | Banking | Portugal | 4.50% | Ba3 | 07-Dec-2027 | 2.31 |
| FirstRand Bank | 0.28% | 0.02 | $3,206,323.14 | 3,100,000 | Corporate Securities | Banking | South Africa | 6.25% | Ba3 | 23-Apr-2028 | 2.53 |
| Mauser Packaging Solutions Holding | 0.28% | 0.03 | $3,203,384.56 | 3,500,000 | Corporate Securities | Container | United States | 7.25% | Caa3 | 15-Apr-2025 | 3.45 |
| Petroleos Mexicanos | 0.28% | 0.05 | $3,190,413.85 | 3,455,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | Ba2 | 13-Mar-2027 | 5.15 |
| Level 3 Financing | 0.28% | -0.00 | $3,184,138.67 | 3,373,278 | Corporate Securities | Other Telecommunications | United States | 1.98% | Ba1 | 01-Mar-2027 | -0.07 |
| Petroleos Mexicanos | 0.28% | N/A | $3,134,843.75 | 3,450,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.84% | Ba2 | 23-Jan-2030 | 6.48 |
| Aib | 0.28% | 0.02 | $3,119,254.91 | 2,920,000 | Corporate Securities | Banking | Ireland | 4.26% | Baa2 | 10-Apr-2025 | 3.46 |
| State of Illinois | 0.28% | N/A | $3,118,881.60 | 2,655,000 | Tax-Free Gen. Obligations | General Obligations - State | United States | 7.10% | Baa3 | 01-Jul-2035 | 7.54 |
| VTR Comunicaciones | 0.27% | N/A | $3,070,347.00 | 2,994,000 | Corporate Securities | Cable Operators | Chile | 5.13% | Ba3 | 15-Jan-2028 | 4.64 |
| JPMorgan Chase | 0.27% | N/A | $3,063,852.94 | 2,875,000 | Corporate Securities | Banking | United States | 2.96% | A3 | 13-May-2031 | 8.61 |
| Woodside Finance | 0.27% | 0.04 | $3,043,148.98 | 2,785,000 | Corporate Securities | Exploration & Production | Australia | 4.50% | Baa1 | 04-Mar-2029 | 7.07 |
| Benchmark 2018-B1 Mortgage Trust | 0.27% | N/A | $3,011,597.06 | 2,714,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.88% | NR | 15-Jan-2051 | 6.58 |
| Shriram Transport Finance | 0.26% | -0.17 | $2,988,398.71 | 3,300,000 | Corporate Securities | Financial | India | 5.10% | NR | 16-Jul-2023 | 2.64 |
| WW International | 0.26% | 0.04 | $2,984,432.17 | 2,830,000 | Corporate Securities | Services | United States | 8.63% | B2 | 01-Dec-2025 | 1.17 |
| Cyprus Government International Bond | 0.26% | 0.01 | $2,965,422.30 | 2,155,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 4.25% | Ba2 | 04-Nov-2025 | 4.82 |
| Altice France SA/France | 0.26% | -0.00 | $2,951,850.00 | 3,076,574 | Corporate Securities | Cable Operators | France | 4.18% | B2 | 14-Aug-2026 | 0.00 |
| Blackstone Mortgage Trust | 0.26% | N/A | $2,936,107.73 | 3,050,000 | Financials | Mortgage Real Estate Investment Trusts (REITs) | United States | 4.38% | NR | 05-May-2022 | 1.49 |
| Government National Mortgage Assn. | 0.26% | -0.22 | $2,923,192.51 | 2,710,542 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 20-Feb-2048 | 2.56 |
| Connecticut Avenue Securities Trust 2019-R06 | 0.26% | 0.05 | $2,906,068.12 | 2,995,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.28% | NR | 25-Sep-2039 | 0.30 |
| Avolon Holdings Funding | 0.26% | 0.02 | $2,905,451.56 | 3,400,000 | Corporate Securities | Financial | Ireland | 2.88% | Baa3 | 15-Feb-2025 | 4.13 |
| Diamondback Energy | 0.26% | 0.07 | $2,903,747.27 | 2,800,000 | Corporate Securities | Energy | United States | 5.38% | Ba1 | 31-May-2025 | 1.64 |
| Great Lakes Water Authority Sewage Disposal System Revenue | 0.26% | N/A | $2,903,527.33 | 2,805,000 | Tax-Free Revenue | Water & Sewer Revenue | United States | 2.37% | A1 | 01-Jul-2032 | 10.53 |
| China Government Bond | 0.26% | -0.01 | $2,898,905.10 | 20,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 3.13% | NR | 21-Nov-2029 | 8.16 |
| Italy Buoni Poliennali del Tesoro | 0.26% | 0.01 | $2,898,369.55 | 2,310,000 | Government | Foreign Govt & Muni (Excl Canadian) | Italy | 2.80% | Baa3 | 01-Mar-2067 | 27.18 |
| Tacala Investment | 0.26% | N/A | $2,882,195.44 | 3,071,622 | Corporate Securities | Restaurants | United States | 3.68% | NR | 05-Feb-2027 | -0.15 |
| FWD Securitization Trust 2020-INV1 | 0.26% | 0.03 | $2,882,039.68 | 3,135,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.85% | NR | 25-Jan-2050 | 12.21 |
| Homeward Opportunities Fund I Trust 2019-3 | 0.25% | 0.00 | $2,856,685.26 | 3,135,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.52% | NR | 25-Nov-2059 | 1.45 |
| Leaseplan | 0.25% | 0.04 | $2,849,074.06 | 2,590,000 | Corporate Securities | Automotive | Netherlands | 7.38% | Ba3 | 29-Nov-2168 | 3.21 |
| Csn Resources | 0.25% | -0.14 | $2,822,000.00 | 3,200,000 | Corporate Securities | Metals & Mining | Brazil | 7.63% | B2 | 17-Apr-2026 | 4.40 |
| Angel Oak Mortgage Trust I LLC 2019-2 | 0.25% | 0.01 | $2,821,438.75 | 2,815,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.07% | NR | 25-Mar-2049 | 1.68 |
| Netflix | 0.25% | 0.02 | $2,815,247.60 | 2,250,000 | Corporate Securities | Cable Operators | United States | 4.63% | Ba3 | 15-May-2029 | 7.34 |
| Sigma Holdco BV | 0.25% | 0.01 | $2,809,282.18 | 2,555,000 | Corporate Securities | Food/Tobacco | Netherlands | 5.75% | B3 | 15-May-2026 | 3.37 |
| Allianz | 0.25% | -0.33 | $2,804,236.57 | 2,300,000 | Corporate Securities | Insurance | Germany | 3.38% | A2 | 18-Sep-2168 | 3.88 |
| Southwick Park CLO | 0.25% | 0.00 | $2,782,602.60 | 2,820,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.44% | Aaa | 20-Jul-2032 | 0.02 |
| Constellium | 0.25% | 0.03 | $2,777,772.39 | 2,695,000 | Corporate Securities | Metals & Mining | United States | 6.63% | B2 | 01-Mar-2025 | 1.71 |
| Federal National Mortgage Assn. | 0.24% | N/A | $2,746,868.73 | 2,568,052 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-May-2047 | 3.07 |
| Kernel Holding | 0.24% | N/A | $2,725,845.25 | 2,700,000 | Corporate Securities | Food Processing | Ukraine | 6.50% | NR | 17-Oct-2024 | 3.38 |
| Arconic | 0.24% | 0.11 | $2,718,362.72 | 2,660,000 | Corporate Securities | Metals & Mining | United States | 6.13% | Ba3 | 15-Feb-2028 | 4.50 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.24% | 0.05 | $2,714,268.35 | 2,515,000 | Corporate Securities | Energy | United States | 6.88% | Ba3 | 15-Jan-2029 | 4.63 |
| Egypt Government International Bond | 0.24% | N/A | $2,685,290.31 | 2,725,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.63% | B2 | 29-May-2032 | 7.67 |
| Takeda Pharmaceutical | 0.24% | N/A | $2,655,193.96 | 2,368,000 | Corporate Securities | Drugs | Japan | 1.00% | Baa2 | 09-Jul-2029 | 8.56 |
| T-Mobile USA | 0.23% | N/A | $2,624,198.51 | 2,350,000 | Corporate Securities | Wireless Communications | United States | 3.88% | Baa3 | 15-Apr-2030 | 8.11 |
| Transcanada Trust | 0.23% | 0.02 | $2,615,760.77 | 3,585,000 | Corporate Securities | Gas & Gas Transmission | Canada | 4.65% | Baa3 | 18-May-2077 | 5.38 |
| Altice Financing | 0.23% | 0.02 | $2,604,782.32 | 2,580,000 | Corporate Securities | Cable Operators | Luxembourg | 5.00% | B2 | 15-Jan-2028 | 4.68 |
| Serbia International Bond | 0.23% | 0.00 | $2,597,652.21 | 2,460,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 1.50% | Ba3 | 26-Jun-2029 | 8.40 |
| CSC Holdings | 0.23% | 0.00 | $2,597,347.32 | 2,315,000 | Corporate Securities | Cable Operators | United States | 6.50% | Ba3 | 01-Feb-2029 | 4.22 |
| CD 2016-CD1 Mortgage Trust | 0.23% | N/A | $2,584,433.33 | 2,490,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 2.93% | Aa3 | 10-Aug-2049 | 5.63 |
| Freddie Mac Stacr Remic Trust 2019-Hqa4 | 0.23% | N/A | $2,561,637.19 | 2,640,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.23% | NR | 25-Nov-2049 | 0.79 |
| Aker BP | 0.22% | 0.05 | $2,513,165.87 | 2,615,000 | Corporate Securities | Petroleum | Norway | 3.75% | Ba1 | 15-Jan-2030 | 7.74 |
| Hasbro | 0.22% | 0.01 | $2,507,546.61 | 2,375,000 | Corporate Securities | Consumer Products | United States | 3.55% | Baa3 | 19-Nov-2026 | 5.65 |
| LHC3 | 0.22% | 0.04 | $2,499,417.79 | 2,205,000 | Corporate Securities | Financial | Spain | 4.13% | Ba2 | 15-Aug-2024 | 3.72 |
| Government National Mortgage Assn. | 0.22% | -0.03 | $2,492,336.96 | 2,312,282 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-May-2047 | 0.29 |
| Great Lakes Water Authority Sewage Disposal System Revenue | 0.22% | N/A | $2,488,411.43 | 2,330,000 | Tax-Free Revenue | Water & Sewer Revenue | United States | 3.06% | A1 | 01-Jul-2039 | 14.27 |
| Cyprus Government International Bond | 0.22% | 0.08 | $2,483,155.32 | 1,784,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 2.75% | Ba2 | 03-May-2049 | 21.33 |
| Federal National Mortgage Assn. | 0.22% | N/A | $2,471,290.35 | 2,148,343 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2047 | 4.33 |
| Spain Government Bond | 0.22% | N/A | $2,457,156.37 | 2,174,000 | Government | Foreign Govt & Muni (Excl Canadian) | Spain | 0.00% | NR | 31-Jan-2025 | 4.59 |
| Ultimate Software | 0.22% | N/A | $2,456,300.00 | 2,420,000 | Corporate Securities | Services | United States | 7.50% | Caa1 | 03-May-2027 | 4.91 |
| United Airlines 2018-1 Class AA Pass Through Trust | 0.22% | N/A | $2,452,949.61 | 2,594,747 | Corporate Securities | Airlines | United States | 3.50% | A1 | 01-Mar-2030 | 5.82 |
| Credit Suisse Mortgage Capital Certificates 2019-ICE4 | 0.22% | 0.02 | $2,442,538.78 | 2,555,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 2.33% | Ba3 | 15-May-2036 | 0.69 |
| SM Investments | 0.21% | -0.01 | $2,421,309.09 | 2,300,000 | Corporate Securities | Retail | Philippines | 4.88% | NR | 10-Jun-2024 | 3.57 |
| Kronos Inc/MA | 0.21% | 0.01 | $2,418,499.60 | 2,420,000 | Corporate Securities | Services | United States | 9.25% | Caa2 | 01-Nov-2024 | 3.54 |
| Federal National Mortgage Assn. | 0.21% | N/A | $2,406,974.26 | 2,094,986 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2045 | 4.14 |
| Edison International | 0.21% | 0.01 | $2,403,144.51 | 2,270,000 | Corporate Securities | Utilities | United States | 3.55% | Baa3 | 15-Nov-2024 | 3.99 |
| Credit Agricole SA/London | 0.21% | 0.01 | $2,399,718.60 | 2,225,000 | Corporate Securities | Banking | France | 3.25% | Baa1 | 04-Oct-2024 | 3.97 |
| Virgin Media Secured Finance | 0.21% | 0.01 | $2,381,914.16 | 1,880,000 | Corporate Securities | Cable Operators | United Kingdom | 4.88% | Ba3 | 15-Jan-2027 | 0.54 |
| Bellring Brands | 0.21% | 0.01 | $2,367,497.78 | 2,383,875 | Corporate Securities | Food/Tobacco | United States | 6.00% | B2 | 21-Oct-2024 | 3.53 |
| Madison Park Funding XXXIII | 0.21% | -0.00 | $2,348,020.43 | 2,385,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.55% | NR | 15-Oct-2032 | 0.23 |
| Florida development Finance | 0.21% | N/A | $2,344,728.37 | 2,340,000 | Tax-Free Revenue | Educational Revenue | United States | 2.60% | Baa1 | 01-Apr-2026 | 5.33 |
| Asurion | 0.21% | 0.01 | $2,342,300.00 | 2,360,000 | Corporate Securities | Wireless Communications | United States | 6.67% | B3 | 04-Aug-2025 | 0.01 |
| Banco Santander | 0.21% | 0.02 | $2,328,272.62 | 2,000,000 | Corporate Securities | Banking | Spain | 6.75% | Ba1 | 25-Jul-2168 | 1.66 |
| BCP Raptor | 0.21% | 0.08 | $2,325,641.56 | 3,252,646 | Corporate Securities | Energy | United States | 5.25% | B3 | 24-Jun-2024 | 3.43 |
| Navient Private Education Refi Loan Trust 2020 | 0.20% | -0.01 | $2,304,310.58 | 2,365,000 | Asst Backed Securities | Student Loans | United States | 2.77% | NR | 15-Jan-2069 | 8.37 |
| Ford Credit Auto Owner Trust 2019-REV1 | 0.20% | 0.00 | $2,300,085.81 | 2,170,000 | Asst Backed Securities | Auto Backed | United States | 3.82% | Aa1 | 15-Jul-2030 | 3.32 |
| Ford Motor Credit | 0.20% | 0.00 | $2,296,785.47 | 2,310,000 | Corporate Securities | Automotive | United States | 3.81% | Ba2 | 12-Oct-2021 | 1.23 |
| Takeda Pharmaceutical | 0.20% | N/A | $2,291,652.21 | 2,042,000 | Corporate Securities | Drugs | Japan | 1.38% | Baa2 | 09-Jul-2032 | 11.10 |
| Barclays | 0.20% | 0.01 | $2,278,971.20 | 2,235,000 | Corporate Securities | Banking | United Kingdom | 7.88% | Ba2 | 15-Dec-2168 | 1.55 |
| Netflix | 0.20% | N/A | $2,276,054.75 | 2,245,000 | Corporate Securities | Cable Operators | United States | 3.63% | Ba3 | 15-Jun-2025 | 4.39 |
| Vistra Operations | 0.20% | 0.02 | $2,274,272.46 | 2,180,000 | Corporate Securities | Utilities | United States | 3.70% | Baa3 | 30-Jan-2027 | 5.66 |
| LifePoint Health | 0.20% | N/A | $2,261,499.03 | 2,165,000 | Corporate Securities | Healthcare | United States | 6.75% | B1 | 15-Apr-2025 | 3.00 |
| LCPR Senior Secured Financing DAC | 0.20% | N/A | $2,213,189.75 | 2,140,000 | Corporate Securities | Cable Operators | United States | 6.75% | B1 | 15-Oct-2027 | 3.97 |
| Magnetite XXIII | 0.19% | -0.00 | $2,164,241.05 | 2,205,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.29% | NR | 25-Oct-2032 | 0.26 |
| New Residential Mortgage Loan Trust 2019-NQM5 | 0.19% | 0.02 | $2,161,212.48 | 2,300,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.44% | NR | 25-Nov-2059 | 4.37 |
| Fannie Mae Connecticut Avenue Securities | 0.19% | 0.01 | $2,137,923.94 | 2,185,690 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.53% | NR | 25-Jan-2031 | 0.55 |
| Avolon Holdings Funding | 0.19% | 0.00 | $2,095,609.38 | 2,540,000 | Corporate Securities | Financial | Ireland | 3.25% | Baa3 | 15-Feb-2027 | 5.66 |
| CBAM 2019-9 | 0.19% | 0.00 | $2,090,804.37 | 2,120,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.50% | Aaa | 12-Feb-2030 | 0.23 |
| Southern California Edison | 0.18% | 0.03 | $2,084,685.12 | 2,050,000 | Corporate Securities | Utilities | United States | 2.25% | A3 | 01-Jun-2030 | 8.79 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.18% | 0.00 | $2,082,002.99 | 1,885,000 | Corporate Securities | Supermarkets | United States | 7.50% | B2 | 15-Mar-2026 | 2.65 |
| HDFC Bank | 0.18% | 0.00 | $2,077,889.21 | 150,000,000 | Corporate Securities | Banking | India | 8.10% | Baa3 | 22-Mar-2025 | 3.94 |
| QVC | 0.18% | 0.03 | $2,076,298.25 | 2,010,000 | Corporate Securities | Retail | United States | 5.13% | Ba2 | 02-Jul-2022 | 1.84 |
| MercadoLibre | 0.18% | 0.08 | $2,070,230.85 | 900,000 | Consumer Discretionary | Internet & Direct Marketing Retail | Argentina | 2.00% | NR | 15-Aug-2028 | 0.09 |
| Victoria | 0.18% | 0.04 | $2,066,543.05 | 1,890,000 | Corporate Securities | Building Products | United Kingdom | 5.25% | B1 | 15-Jul-2024 | 3.23 |
| Altice France SA/France | 0.18% | 0.01 | $2,066,310.51 | 1,700,000 | Corporate Securities | Cable Operators | France | 5.88% | B2 | 01-Feb-2027 | 2.75 |
| Ashland Services BV | 0.18% | 0.01 | $2,051,187.04 | 1,955,000 | Corporate Securities | Chemicals | United States | 2.00% | Ba1 | 30-Jan-2028 | 6.85 |
| Federal National Mortgage Assn. | 0.18% | N/A | $2,046,733.27 | 1,898,948 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Mar-2049 | 1.63 |
| Bermuda Government International Bond | 0.18% | N/A | $2,031,068.52 | 1,870,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 3.72% | A2 | 25-Jan-2027 | 5.66 |
| Hilton Orlando Trust 2018-ORL | 0.18% | 0.11 | $2,028,046.83 | 2,145,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.24% | NR | 15-Dec-2034 | 0.67 |
| Federal National Mortgage Assn. | 0.18% | N/A | $2,023,728.27 | 1,919,503 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Feb-2050 | 2.08 |
| Guatemala Government Bond | 0.18% | N/A | $2,017,062.84 | 1,805,000 | Government | Foreign Govt & Muni (Excl Canadian) | Guatemala | 5.38% | Ba1 | 24-Apr-2032 | 8.78 |
| Navient Private Education Refi Loan Trust 2020-D | 0.18% | N/A | $2,011,873.01 | 2,005,000 | Asst Backed Securities | Student Loans | United States | 3.33% | NR | 15-May-2069 | 8.08 |
| Bausch Health | 0.18% | -0.00 | $1,996,105.94 | 1,890,000 | Corporate Securities | Healthcare | United States | 7.25% | B3 | 30-May-2029 | 5.02 |
| BX Commercial Mortgage Trust 2020-BXLP | 0.18% | 0.02 | $1,992,539.25 | 2,095,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 2.68% | NR | 15-Dec-2036 | 0.67 |
| Becton Dickinson And | 0.17% | N/A | $1,967,937.70 | 1,785,000 | Corporate Securities | Healthcare | United States | 3.79% | Ba1 | 20-May-2050 | 18.77 |
| Connecticut Avenue Securities Trust 2018-R07 | 0.17% | -0.02 | $1,962,794.95 | 1,984,312 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.58% | NR | 25-Apr-2031 | 0.23 |
| Energy Transfer Operating | 0.17% | 0.03 | $1,959,735.12 | 1,970,000 | Corporate Securities | Oil Field Serv | United States | 3.75% | Baa3 | 15-May-2030 | 8.13 |
| Marsh & McLennan | 0.17% | N/A | $1,956,312.74 | 1,880,000 | Corporate Securities | Insurance | United States | 2.25% | Baa1 | 15-Nov-2030 | 9.20 |
| Sri Lanka Government International Bond | 0.17% | 0.04 | $1,942,554.65 | 2,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | B2 | 04-Oct-2020 | 0.23 |
| Golub Capital Partners CLO 39B | 0.17% | -0.00 | $1,916,346.38 | 1,940,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.29% | Aaa | 20-Oct-2028 | 0.25 |
| DRIVEN BRANDS FUNDING | 0.17% | N/A | $1,910,000.00 | 1,910,000 | Asst Backed Securities | Asset Backed Other | United States | 3.79% | NR | 20-Jul-2050 | 6.03 |
| Starwood Mortgage Residential Trust 2019-1 | 0.17% | -0.03 | $1,905,747.13 | 1,942,139 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.30% | NR | 25-Jun-2049 | 3.60 |
| New Residential Mortgage Loan Trust 2019-NQM2 | 0.17% | -0.01 | $1,892,567.18 | 1,859,705 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.70% | NR | 25-Apr-2049 | 0.67 |
| Diamondback Energy | 0.17% | 0.05 | $1,891,798.36 | 1,885,000 | Corporate Securities | Energy | United States | 2.88% | Ba1 | 01-Dec-2024 | 4.09 |
| Government National Mortgage Assn. | 0.17% | N/A | $1,886,243.42 | 1,817,521 | Mortgage Backed Securities | Mortgages | United States | 3.00% | NR | 20-Sep-2049 | -0.54 |
| InTown Hotel Portfolio Trust 2018-STAY | 0.17% | 0.01 | $1,883,600.39 | 2,030,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.43% | NR | 15-Jan-2033 | 0.60 |
| HSBC Holdings | 0.17% | 0.01 | $1,872,481.57 | 1,550,000 | Corporate Securities | Banking | United Kingdom | 4.95% | A2 | 31-Mar-2030 | 7.92 |
| Apple | 0.16% | N/A | $1,856,282.90 | 1,790,000 | Corporate Securities | Computer Service & Software | United States | 2.65% | Aa1 | 11-May-2050 | 21.34 |
| Verus Securitization Trust 2018-3 | 0.16% | -0.01 | $1,849,740.76 | 2,050,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.60% | NR | 25-Oct-2058 | 0.40 |
| Albania Government International Bond | 0.16% | N/A | $1,837,259.52 | 1,635,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 16-Jun-2027 | 6.19 |
| MDC Partners | 0.16% | 0.03 | $1,834,510.19 | 1,950,000 | Corporate Securities | Broadcasting | United States | 6.50% | B3 | 01-May-2024 | 2.97 |
| Volkswagen Group of America Finance | 0.16% | 0.01 | $1,829,639.41 | 1,760,000 | Corporate Securities | Automotive | Germany | 2.70% | A3 | 26-Sep-2022 | 2.16 |
| Verus Securitization Trust 2019-1 | 0.16% | -0.01 | $1,824,904.06 | 1,784,527 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.84% | NR | 25-Feb-2059 | 0.66 |
| Israel Government International Bond | 0.16% | 0.01 | $1,816,416.35 | 1,530,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 3.88% | A1 | 03-Jul-2050 | 19.13 |
| DISH Network | 0.16% | N/A | $1,801,879.88 | 1,915,000 | Communication Services | Media | United States | 3.38% | B1 | 15-Aug-2026 | 3.60 |
| Energizer Gamma Acquisition BV | 0.16% | 0.02 | $1,788,711.23 | 1,535,000 | Corporate Securities | Consumer Products | United States | 4.63% | B2 | 15-Jul-2026 | 2.42 |
| HTA Group Ltd/Mauritius | 0.16% | N/A | $1,784,175.96 | 1,760,000 | Corporate Securities | Media & Communications | Congo, Democratic Republic Of | 7.00% | B2 | 18-Dec-2025 | 3.44 |
| Verus Securitization Trust 2019-2 | 0.16% | N/A | $1,782,185.57 | 1,785,516 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.35% | NR | 25-May-2059 | 1.76 |
| Danske Bank | 0.16% | 0.00 | $1,779,725.50 | 1,745,000 | Corporate Securities | Banking | Denmark | 2.00% | A3 | 08-Sep-2021 | 1.17 |
| Albania Government International Bond | 0.16% | -0.00 | $1,753,322.44 | 1,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 09-Oct-2025 | 4.72 |
| Comcast | 0.15% | 0.01 | $1,747,332.43 | 1,525,000 | Corporate Securities | Cable Operators | United States | 3.40% | A3 | 01-Apr-2030 | 8.29 |
| Albania Government International Bond | 0.15% | -0.00 | $1,741,633.63 | 1,490,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 09-Oct-2025 | 4.72 |
| Sabre GLBL | 0.15% | N/A | $1,741,110.43 | 1,625,000 | Corporate Securities | Services | United States | 9.25% | Ba3 | 15-Apr-2025 | 3.76 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.15% | 0.00 | $1,721,212.50 | 1,660,000 | Corporate Securities | Supermarkets | United States | 5.75% | B2 | 15-Mar-2025 | 1.59 |
| Freddie Mac STACR REMIC Trust 2020-DNA3 | 0.15% | N/A | $1,700,000.00 | 1,700,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 1.67% | NR | 25-Jun-2050 | 0.06 |
| Deephaven Residential Mortgage Trust 2018-3 | 0.15% | 0.00 | $1,688,346.46 | 1,680,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.36% | NR | 25-Aug-2058 | 0.32 |
| Victoria | 0.15% | 0.03 | $1,678,299.34 | 1,535,000 | Corporate Securities | Building Products | United Kingdom | 5.25% | B1 | 15-Jul-2024 | 3.16 |
| BFLD 2019-DPLO | 0.15% | 0.02 | $1,675,667.97 | 1,830,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.72% | NR | 15-Oct-2034 | 0.62 |
| Pacific Gas & Electric | 0.15% | N/A | $1,654,974.67 | 1,675,000 | Corporate Securities | Utilities | United States | 2.10% | Baa3 | 01-Aug-2027 | 6.53 |
| Connecticut Avenue Securities Trust 2019-R04 | 0.15% | N/A | $1,653,396.24 | 1,702,481 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.28% | NR | 25-Jun-2039 | 0.02 |
| Dcp Midstream Operating | 0.15% | N/A | $1,644,928.39 | 1,635,000 | Corporate Securities | Energy | United States | 5.63% | Ba2 | 15-Jul-2027 | 5.70 |
| Navient | 0.14% | 0.13 | $1,628,489.17 | 1,575,000 | Corporate Securities | Financial | United States | 7.25% | Ba3 | 25-Jan-2022 | 1.42 |
| Navistar International | 0.14% | N/A | $1,628,485.30 | 1,495,000 | Corporate Securities | Automotive | United States | 9.50% | B2 | 01-May-2025 | 2.95 |
| Altice Financing | 0.14% | 0.01 | $1,623,173.07 | 1,500,000 | Corporate Securities | Cable Operators | Luxembourg | 7.50% | B2 | 15-May-2026 | 1.74 |
| Federal National Mortgage Assn. | 0.14% | N/A | $1,608,946.65 | 1,517,204 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Nov-2048 | 1.92 |
| Louvre Bidco SAS | 0.14% | 0.01 | $1,600,739.70 | 1,515,000 | Corporate Securities | Financial | France | 4.25% | B2 | 30-Sep-2024 | 3.41 |
| Freddie Mac STACR Trust 2019-HQA2 | 0.14% | N/A | $1,597,280.36 | 1,630,161 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.23% | NR | 25-Apr-2049 | 0.23 |
| HUB International | 0.14% | N/A | $1,591,389.75 | 1,575,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 01-May-2026 | 3.10 |
| OZLM VIII | 0.14% | -0.00 | $1,589,545.47 | 1,670,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.93% | Aa2 | 17-Oct-2029 | 0.17 |
| COLT 2020-3 Mortgage Loan Trust | 0.14% | N/A | $1,573,528.76 | 1,562,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.36% | NR | 27-Apr-2065 | 5.83 |
| Altice France Holding | 0.14% | 0.01 | $1,560,867.82 | 1,505,000 | Corporate Securities | Cable Operators | France | 4.00% | NR | 15-Feb-2028 | 5.46 |
| Antero Resources | 0.14% | 0.03 | $1,557,031.77 | 2,150,000 | Corporate Securities | Energy | United States | 5.13% | Caa1 | 01-Dec-2022 | 2.06 |
| COMM 2015-PC1 Mortgage Trust | 0.14% | 0.00 | $1,550,289.41 | 1,500,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.58% | NR | 10-Jul-2050 | 4.46 |
| B&G Foods | 0.14% | -0.00 | $1,547,440.98 | 1,520,000 | Corporate Securities | Food/Tobacco | United States | 5.25% | B2 | 01-Apr-2025 | 2.67 |
| Hilton Grand Vacations Trust 2020 | 0.14% | N/A | $1,537,574.42 | 1,518,780 | Asst Backed Securities | Asset Backed Other | United States | 6.42% | NR | 25-Feb-2039 | 2.74 |
| Vista Point Securitization Trust 2020-1 | 0.14% | N/A | $1,530,957.43 | 1,560,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 5.38% | NR | 25-Mar-2065 | 2.26 |
| EQT | 0.14% | 0.03 | $1,524,842.26 | 1,490,000 | Corporate Securities | Energy | United States | 6.13% | Ba3 | 01-Feb-2025 | 3.67 |
| C&W Senior Financing DAC | 0.13% | 0.01 | $1,509,716.35 | 1,450,000 | Corporate Securities | Cable Operators | Panama | 7.50% | B2 | 15-Oct-2026 | 3.16 |
| Barings CLO Ltd 2016-II | 0.13% | -0.00 | $1,506,023.02 | 1,520,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.22% | Aaa | 20-Jul-2028 | 0.19 |
| Tenet Healthcare | 0.13% | N/A | $1,502,984.43 | 1,395,000 | Corporate Securities | Healthcare | United States | 7.50% | B1 | 01-Apr-2025 | 2.48 |
| Becton Dickinson And | 0.13% | N/A | $1,480,070.42 | 1,405,000 | Corporate Securities | Healthcare | United States | 2.82% | Ba1 | 20-May-2030 | 8.58 |
| Buckeye Partners | 0.13% | 0.00 | $1,478,868.56 | 1,546,125 | Corporate Securities | Energy | United States | 3.12% | Ba1 | 01-Nov-2026 | -0.02 |
| China Government Bond | 0.13% | -0.02 | $1,475,689.85 | 10,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 4.00% | NR | 24-Jun-2069 | 22.27 |
| FNMA 30 YR TBA JUL | 0.13% | N/A | $1,473,946.25 | 1,440,000 | Mortgage Backed Securities | Mortgages | United States | 2.00% | NR | 01-Jan-2050 | 4.83 |
| Romanian Government International Bond | 0.13% | N/A | $1,472,309.37 | 1,387,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.00% | Baa3 | 28-Jan-2032 | 10.26 |
| COMM 2014-CR14 Mortgage Trust | 0.13% | 0.00 | $1,463,022.36 | 1,390,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.77% | Aa3 | 10-Feb-2047 | 3.25 |
| United Airlines 2019-2 Class AA Pass Through Trust | 0.13% | -0.02 | $1,458,117.15 | 1,630,000 | Corporate Securities | Airlines | United States | 2.70% | A1 | 01-May-2032 | 7.07 |
| Syngenta Finance | 0.13% | 0.00 | $1,444,611.74 | 1,420,000 | Corporate Securities | Diversified Chemicals | Switzerland | 3.93% | Ba2 | 23-Apr-2021 | 0.79 |
| Cigna | 0.13% | 0.01 | $1,431,382.44 | 1,375,000 | Corporate Securities | Insurance | United States | 2.40% | Baa2 | 15-Mar-2030 | 8.56 |
| NGL Energy Partners LP / NGL Energy Finance | 0.13% | 0.07 | $1,423,237.70 | 1,750,000 | Corporate Securities | Energy | United States | 7.50% | B2 | 15-Apr-2026 | 4.23 |
| Sri Lanka Government International Bond | 0.13% | 0.03 | $1,418,845.92 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | B2 | 27-Jul-2021 | 0.92 |
| Applebee S Funding Llc / Ihop Funding | 0.13% | -0.01 | $1,413,976.11 | 1,590,000 | Asst Backed Securities | Asset Backed Other | United States | 4.19% | NR | 07-Jun-2049 | 3.54 |
| Occidental Petroleum | 0.12% | N/A | $1,410,000.00 | 1,410,000 | Corporate Securities | Petroleum | United States | 8.88% | Ba2 | 15-Jul-2030 | 6.48 |
| CVS Health | 0.12% | 0.01 | $1,407,660.23 | 1,215,000 | Corporate Securities | Retail | United States | 3.75% | Baa2 | 01-Apr-2030 | 8.17 |
| Fannie Mae Connecticut Avenue Securities | 0.12% | 0.00 | $1,404,181.06 | 1,426,267 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.73% | NR | 25-Dec-2030 | 0.08 |
| Intesa Sanpaolo | 0.12% | 0.02 | $1,399,565.74 | 1,215,000 | Corporate Securities | Banking | Italy | 7.00% | Ba3 | 19-Jul-2168 | 0.50 |
| Centene | 0.12% | 0.00 | $1,394,268.08 | 1,315,000 | Corporate Securities | Healthcare | United States | 5.38% | Ba1 | 15-Aug-2026 | 2.71 |
| Sigma Holdco BV | 0.12% | N/A | $1,376,823.96 | 1,375,000 | Corporate Securities | Food/Tobacco | Netherlands | 7.88% | B3 | 15-May-2026 | 3.20 |
| TransDigm | 0.12% | N/A | $1,355,215.07 | 1,270,000 | Corporate Securities | Aerospace & Defense | United States | 8.00% | Ba3 | 15-Dec-2025 | 2.80 |
| Ellington Financial Mortgage Trust 2020-1 | 0.12% | N/A | $1,347,789.01 | 1,280,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 5.24% | NR | 25-Jun-2065 | 2.78 |
| Angel Oak Mortgage Trust I LLC 2019-1 | 0.12% | -0.01 | $1,336,877.60 | 1,305,598 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.92% | NR | 25-Nov-2048 | 0.69 |
| DC office Trust 2019-MTC | 0.12% | -0.00 | $1,324,111.60 | 1,455,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.17% | Baa3 | 15-Sep-2045 | 8.06 |
| American Airlines 2016-3 Class AA Pass Through Trust | 0.12% | N/A | $1,313,667.42 | 1,435,360 | Corporate Securities | Airlines | United States | 3.00% | Baa1 | 15-Oct-2028 | 5.42 |
| Federal National Mortgage Assn. | 0.12% | -0.01 | $1,313,000.63 | 1,209,230 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Aug-2047 | 3.36 |
| Americredit Automobile Receivables Trust 2018-1 | 0.12% | 0.01 | $1,311,787.48 | 1,265,000 | Asst Backed Securities | Auto Backed | United States | 3.82% | NR | 18-Mar-2024 | 2.40 |
| COLT 2019-2 Mortgage Loan Trust | 0.11% | -0.02 | $1,291,157.27 | 1,279,777 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.54% | NR | 25-May-2049 | 2.03 |
| Government National Mortgage Assn. | 0.11% | -0.02 | $1,284,492.68 | 1,202,320 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Oct-2048 | 0.15 |
| Federal National Mortgage Assn. | 0.11% | N/A | $1,282,442.44 | 1,216,662 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Oct-2049 | 1.97 |
| Consolidated Energy Finance | 0.11% | -0.00 | $1,276,693.95 | 1,505,000 | Corporate Securities | Chemicals | Switzerland | 6.50% | B2 | 15-May-2026 | 4.51 |
| Mohawk Capital Finance | 0.11% | N/A | $1,269,929.73 | 1,100,000 | Corporate Securities | Building Products | United States | 1.75% | Baa1 | 12-Jun-2027 | 6.49 |
| COLT 2019-1 Mortgage Loan Trust | 0.11% | -0.01 | $1,253,429.86 | 1,232,447 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.01% | NR | 25-Mar-2049 | 0.89 |
| Starwood Mortgage Residential Trust 2019-IMC1 | 0.11% | 0.01 | $1,244,185.70 | 1,425,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.09% | NR | 25-Feb-2049 | 0.80 |
| Cyprus Government International Bond | 0.11% | 0.00 | $1,237,083.78 | 917,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 2.75% | Ba2 | 26-Feb-2034 | 11.74 |
| Intelsat Jackson Holdings | 0.11% | 0.01 | $1,226,190.80 | 1,085,000 | Corporate Securities | Satellites | United States | 9.50% | NR | 30-Sep-2022 | 2.00 |
| Kraton Polymers LLC / Kraton Polymers Capital | 0.11% | -0.00 | $1,221,344.48 | 1,064,000 | Corporate Securities | Chemicals | United States | 5.25% | B3 | 15-May-2026 | 2.39 |
| Tenet Healthcare | 0.11% | -0.00 | $1,199,853.77 | 1,350,000 | Corporate Securities | Healthcare | United States | 6.88% | Caa1 | 15-Nov-2031 | 7.53 |
| New Residential Mortgage Loan Trust 2018-NQM1 | 0.10% | -0.01 | $1,175,958.65 | 1,130,394 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.09% | NR | 25-Nov-2048 | 0.60 |
| Deephave Residential Mortgage Trust 2019-2 | 0.10% | 0.00 | $1,159,210.30 | 1,190,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.92% | NR | 25-Apr-2059 | 0.81 |
| 2020 Cash Mandatory Exchangeable Trust | 0.10% | N/A | $1,153,436.40 | 1,128 | Communication Services | Wireless Telecommunication Services | United States | 5.25% | NR | 01-Jun-2023 | 0.61 |
| Occidental Petroleum | 0.10% | N/A | $1,144,787.78 | 1,175,000 | Corporate Securities | Petroleum | United States | 3.13% | Ba2 | 15-Feb-2022 | 1.52 |
| EQT | 0.10% | 0.03 | $1,140,491.19 | 1,080,000 | Corporate Securities | Energy | United States | 7.00% | Ba3 | 01-Feb-2030 | 6.26 |
| Freddie Mac STACR Trust 2019-DNA3 | 0.10% | -0.01 | $1,125,157.29 | 1,150,507 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.23% | NR | 25-Jul-2049 | 0.44 |
| Romanian Government International Bond | 0.10% | 0.00 | $1,109,274.19 | 1,045,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.00% | Baa3 | 28-Jan-2032 | 10.27 |
| Towd Point Mortgage Trust 2017-1 | 0.10% | 0.01 | $1,106,513.23 | 1,035,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.75% | Aa1 | 25-Oct-2056 | 4.92 |
| Boston Scientific | 0.10% | N/A | $1,085,610.00 | 10,427 | Health Care | Health Care Equipment & Supplies | United States | 5.50% | NR | 01-Jun-2023 | 0.61 |
| B&G Foods | 0.10% | 0.00 | $1,084,071.60 | 1,065,000 | Corporate Securities | Food/Tobacco | United States | 5.25% | B2 | 15-Sep-2027 | 4.38 |
| Towd Point Mortgage Trust 2019-1 | 0.10% | -0.00 | $1,076,652.85 | 997,257 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.75% | Aa1 | 25-Mar-2058 | 3.48 |
| eG Global Finance | 0.10% | 0.02 | $1,073,348.85 | 1,015,000 | Corporate Securities | Services | United Kingdom | 4.38% | B2 | 07-Feb-2025 | 3.67 |
| NextEra Energy | 0.09% | N/A | $1,058,574.80 | 21,925 | Utilities | Electric Utilities | United States | 4.87% | NR | 01-Sep-2022 | 0.53 |
| Argentine Republic Government International Bond | 0.09% | 0.03 | $1,054,554.20 | 2,400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 3.38% | Ca | 15-Jan-2023 | 2.11 |
| Federal National Mortgage Assn. | 0.09% | N/A | $1,044,519.10 | 983,218 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Jan-2050 | 2.92 |
| Homeward Opportunities Fund I Trust 2019-1 | 0.09% | 0.00 | $1,038,487.31 | 1,075,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.95% | NR | 25-Jan-2059 | 0.81 |
| Banco De Bogota | 0.09% | 0.01 | $1,035,728.65 | 1,000,000 | Corporate Securities | Banking | Colombia | 4.38% | Baa2 | 03-Aug-2027 | 5.90 |
| CIFI Holdings | 0.09% | 0.01 | $1,035,181.83 | 961,000 | Corporate Securities | Building & Real Estate | China | 7.63% | NR | 28-Feb-2023 | 1.15 |
| Federal National Mortgage Assn. | 0.09% | N/A | $1,027,859.10 | 892,791 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Dec-2041 | 4.26 |
| Benefit Street Partners CLO IV | 0.09% | 0.00 | $1,022,107.08 | 1,050,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.89% | NR | 20-Jan-2029 | 0.24 |
| Health & Happiness H&H International Holdings | 0.09% | 0.01 | $1,017,038.27 | 980,000 | Corporate Securities | Consumer Products | China | 5.63% | Ba3 | 24-Oct-2024 | 2.49 |
| Bahamas Government International Bond | 0.09% | -0.00 | $1,016,520.67 | 1,140,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Ba2 | 21-Nov-2028 | 5.70 |
| Federal National Mortgage Assn. | 0.09% | -0.01 | $1,013,616.66 | 946,648 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Dec-2045 | 2.59 |
| Cantor Commercial Real Estate Lending 2019-CF1 | 0.09% | 0.01 | $1,008,388.38 | 1,055,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.14% | NR | 15-May-2052 | 3.51 |
| Centene | 0.09% | N/A | $1,003,327.19 | 970,000 | Corporate Securities | Healthcare | United States | 4.25% | NR | 15-Dec-2027 | 4.07 |
| Vertical Holdco GmbH | 0.09% | N/A | $999,910.12 | 890,000 | Corporate Securities | Services | Germany | 6.63% | N/A | 15-Jul-2028 | N/A |
| CSAIL 2016-C6 Commercial Mortgage Trust | 0.09% | 0.00 | $987,823.54 | 1,065,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 5.09% | NR | 15-Jan-2049 | 5.04 |
| 280 Park Avenue 2017-280P Mortgage Trust | 0.09% | 0.00 | $978,125.51 | 995,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.26% | NR | 15-Sep-2034 | 0.74 |
| DPL | 0.09% | N/A | $976,313.27 | 975,000 | Corporate Securities | Utilities | United States | 4.13% | Ba1 | 01-Jul-2025 | 4.39 |
| General Electric | 0.09% | -0.01 | $967,543.21 | 1,235,000 | Corporate Securities | Conglomerates | United States | 5.00% | Baa3 | 15-Jun-2169 | -0.77 |
| Bausch Health Americas | 0.09% | 0.00 | $965,120.20 | 875,000 | Corporate Securities | Healthcare | United States | 8.50% | B3 | 31-Jan-2027 | 3.00 |
| BX Trust 2018-GW | 0.08% | 0.01 | $957,326.59 | 1,040,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.40% | NR | 15-May-2035 | 0.61 |
| Avolon Holdings Funding | 0.08% | 0.00 | $954,522.28 | 1,120,000 | Corporate Securities | Financial | Ireland | 4.38% | Baa3 | 01-May-2026 | 4.92 |
| Altice France SA/France | 0.08% | 0.00 | $954,123.63 | 885,000 | Corporate Securities | Cable Operators | France | 3.38% | B2 | 15-Jan-2028 | 5.16 |
| Perrigo Finance Unlimited | 0.08% | N/A | $946,524.26 | 935,000 | Corporate Securities | Drugs | United States | 3.15% | Baa3 | 15-Jun-2030 | 8.48 |
| Centene | 0.08% | N/A | $940,749.46 | 890,000 | Corporate Securities | Healthcare | United States | 4.63% | Ba1 | 15-Dec-2029 | 5.67 |
| Avis Budget Rental Car Funding AESOP | 0.08% | -0.01 | $931,150.61 | 990,000 | Asst Backed Securities | Auto Backed | United States | 4.53% | Ba1 | 20-Mar-2023 | 1.46 |
| Energy Transfer Operating | 0.08% | 0.01 | $919,571.15 | 895,000 | Corporate Securities | Oil Field Serv | United States | 2.90% | Baa3 | 15-May-2025 | 4.48 |
| New Residential Mortgage Loan Trust 2019-NQM1 | 0.08% | -0.01 | $900,242.54 | 911,104 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.93% | NR | 25-Jan-2049 | 0.53 |
| Government National Mortgage Assn. | 0.08% | -0.00 | $881,493.12 | 794,107 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Nov-2047 | 1.15 |
| Guatemala Government Bond | 0.08% | N/A | $880,722.97 | 755,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Guatemala | 6.13% | Ba1 | 01-Jun-2050 | 14.63 |
| Crown Castle International | 0.08% | 0.01 | $879,614.13 | 800,000 | Corporate Securities | Wireless Communications | United States | 3.30% | Baa3 | 01-Jul-2030 | 8.54 |
| Refinitiv US Holdings | 0.08% | N/A | $877,496.42 | 730,000 | Corporate Securities | Information Technology | United States | 6.88% | Caa2 | 15-Nov-2026 | 2.03 |
| State Street | 0.08% | 0.01 | $859,928.34 | 760,000 | Corporate Securities | Banking | United States | 3.15% | A1 | 30-Mar-2031 | 8.49 |
| Expedia | 0.08% | N/A | $858,342.36 | 795,000 | Corporate Securities | Information Technology | United States | 6.25% | Baa3 | 01-May-2025 | 4.02 |
| Homeward Opportunities Fund I Trust 2019-1 | 0.08% | -0.01 | $850,919.13 | 836,962 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.61% | NR | 25-Jan-2059 | 0.73 |
| NTPC | 0.08% | 0.00 | $847,171.33 | 60,000,000 | Corporate Securities | Utilities | India | 7.38% | NR | 10-Aug-2021 | 1.01 |
| Intelsat Jackson Holdings | 0.07% | N/A | $845,570.87 | 834,612 | Corporate Securities | Satellites | United States | 6.50% | NR | 13-Jul-2021 | 1.13 |
| Vertical Midco GmbH | 0.07% | N/A | $831,385.94 | 740,000 | Corporate Securities | Services | Germany | 4.38% | N/A | 15-Jul-2027 | N/A |
| Navient Private Education Loan Trust 2017 | 0.07% | -0.00 | $821,018.27 | 805,000 | Asst Backed Securities | Student Loans | United States | 3.91% | NR | 16-Dec-2058 | 6.02 |
| Romanian Government International Bond | 0.07% | -0.00 | $817,684.98 | 696,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.88% | Baa3 | 11-Mar-2029 | 7.71 |
| Government National Mortgage Assn. | 0.07% | -0.01 | $809,201.34 | 750,955 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Jun-2047 | 0.29 |
| SG Residential Mortgage Trust 2019-3 | 0.07% | -0.01 | $796,927.34 | 788,541 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.08% | NR | 25-Sep-2059 | 1.56 |
| Freddie Mac Structured Agency Credit Risk debt Notes | 0.07% | 0.00 | $796,059.42 | 804,813 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.14% | NR | 25-Aug-2048 | 2.11 |
| Intelsat Jackson Holdings | 0.07% | 0.00 | $778,416.60 | 780,000 | Corporate Securities | Satellites | United States | 8.63% | NR | 02-Jan-2024 | 3.13 |
| Federal National Mortgage Assn. | 0.07% | -0.01 | $775,300.57 | 722,262 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Jan-2046 | 2.59 |
| Export-Import Bank of India | 0.07% | 0.00 | $775,249.90 | 49,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.38% | NR | 24-Jul-2025 | 4.02 |
| Bausch Health | 0.07% | -0.00 | $775,013.11 | 715,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 15-Dec-2025 | 2.15 |
| Jaguar Holding Co Ii / Ppd Development | 0.07% | N/A | $769,541.24 | 750,000 | Corporate Securities | Healthcare | United States | 5.00% | B2 | 15-Jun-2028 | 4.70 |
| Government National Mortgage Assn. | 0.07% | N/A | $769,066.23 | 705,373 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Jun-2049 | 0.64 |
| Great Lakes Water Authority Sewage Disposal System Revenue | 0.07% | N/A | $735,514.85 | 720,000 | Tax-Free Revenue | Water & Sewer Revenue | United States | 1.83% | A1 | 01-Jul-2026 | 5.69 |
| Continental Resources Inc/OK | 0.06% | N/A | $733,008.44 | 760,000 | Corporate Securities | Energy | United States | 4.50% | Ba1 | 15-Apr-2023 | 2.49 |
| Seasoned Credit Risk Transfer Trust Series 2017-2 | 0.06% | 0.00 | $731,216.82 | 740,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.00% | Ba2 | 25-Aug-2056 | 2.52 |
| JPMCC Commercial Mortgage Securities Trust 2017-JP5 | 0.06% | 0.00 | $714,134.10 | 655,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.88% | Aa2 | 15-Mar-2050 | 5.91 |
| Expedia | 0.06% | N/A | $696,852.43 | 660,000 | Corporate Securities | Information Technology | United States | 7.00% | Baa3 | 01-May-2025 | 2.76 |
| Altice France SA/France | 0.06% | 0.00 | $689,987.72 | 640,000 | Corporate Securities | Cable Operators | France | 3.38% | B2 | 15-Jan-2028 | 5.24 |
| Madison Park Funding XXXVII | 0.06% | 0.00 | $686,159.89 | 700,000 | Asst Backed Securities | Coll Debt Obligation | United States | 2.52% | NR | 15-Jul-2032 | -0.01 |
| NTPC | 0.06% | -0.00 | $669,781.98 | 50,000,000 | Corporate Securities | Utilities | India | 7.25% | NR | 03-May-2022 | 1.71 |
| Government National Mortgage Assn. | 0.06% | N/A | $668,750.00 | 625,000 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jan-2038 | 0.59 |
| Towd Point Mortgage Trust 2017-6 | 0.06% | -0.00 | $663,005.80 | 638,600 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.75% | Aaa | 25-Oct-2057 | 2.20 |
| SMART ABS Series 2016-2US Trust | 0.06% | -0.02 | $650,767.01 | 648,802 | Asst Backed Securities | Auto Backed | Australia | 2.05% | Aaa | 14-Dec-2022 | 0.55 |
| Comcast | 0.06% | 0.00 | $637,120.00 | 575,000 | Corporate Securities | Cable Operators | United States | 3.10% | A3 | 01-Apr-2025 | 4.36 |
| ICTSI Treasury BV | 0.06% | 0.00 | $635,090.46 | 600,000 | Corporate Securities | Transportation | Philippines | 4.63% | NR | 16-Jan-2023 | 2.35 |
| CarMax Auto Owner Trust 2017-1 | 0.06% | -0.00 | $633,994.72 | 625,000 | Asst Backed Securities | Auto Backed | United States | 3.43% | A2 | 17-Jul-2023 | 1.72 |
| Sequoia Mortgage Trust 2018-CH3 | 0.06% | -0.01 | $626,487.51 | 598,405 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.50% | Aa1 | 25-Aug-2048 | 2.50 |
| Galton Funding Mortgage Trust 2017-1 | 0.06% | -0.01 | $624,423.27 | 612,104 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.50% | NR | 25-Nov-2057 | 2.61 |
| 1011778 BC ULC / New Red Finance | 0.05% | N/A | $600,800.18 | 565,000 | Corporate Securities | Restaurants | Canada | 5.75% | Ba2 | 15-Apr-2025 | 2.56 |
| Sequoia Mortgage Trust 2018-CH4 | 0.05% | -0.01 | $598,704.64 | 577,127 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.50% | Aaa | 25-Oct-2048 | 2.43 |
| Pacific Gas & Electric | 0.05% | N/A | $594,427.17 | 610,000 | Corporate Securities | Utilities | United States | 3.30% | Baa3 | 01-Aug-2040 | 14.87 |
| Citigroup Commercial Mortgage Trust 2015-P1 | 0.05% | 0.00 | $569,702.45 | 560,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.46% | NR | 15-Sep-2048 | 4.62 |
| Verus Securitization Trust 2020-INV1 | 0.05% | N/A | $530,144.71 | 530,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 5.50% | NR | 25-Apr-2060 | 7.94 |
| Deephave Residential Mortgage Trust 2019-2 | 0.05% | -0.01 | $526,260.91 | 522,749 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.76% | NR | 25-Apr-2059 | 2.04 |
| Federal National Mortgage Assn. | 0.05% | N/A | $514,975.08 | 481,236 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Sep-2046 | 2.59 |
| Federal National Mortgage Assn. | 0.05% | -0.01 | $513,169.99 | 477,497 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Aug-2047 | 2.85 |
| Ashland Services BV | 0.04% | 0.00 | $503,613.24 | 480,000 | Corporate Securities | Chemicals | United States | 2.00% | Ba1 | 30-Jan-2028 | 6.85 |
| Globo Comunicacao E Participacoes | 0.04% | 0.00 | $501,349.21 | 500,000 | Corporate Securities | Telephones | Brazil | 4.84% | Ba1 | 08-Jun-2025 | 4.25 |
| Brinker International | 0.04% | N/A | $500,172.13 | 535,000 | Corporate Securities | Restaurants | United States | 3.88% | B3 | 15-May-2023 | 2.64 |
| Lamb Weston Holdings | 0.04% | N/A | $498,964.22 | 470,000 | Corporate Securities | Food/Tobacco | United States | 4.88% | Ba2 | 15-May-2028 | 6.35 |
| Edison International | 0.04% | -0.00 | $489,274.31 | 475,000 | Corporate Securities | Utilities | United States | 3.13% | Baa3 | 15-Nov-2022 | 2.22 |
| Federal National Mortgage Assn. | 0.04% | -0.00 | $479,724.68 | 416,228 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-May-2044 | 4.12 |
| Federal National Mortgage Assn. | 0.04% | -0.01 | $474,223.84 | 442,564 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Nov-2045 | 2.59 |
| Hess | 0.04% | N/A | $474,014.24 | 395,000 | Corporate Securities | Energy | United States | 7.30% | Ba1 | 15-Aug-2031 | 7.73 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 | 0.04% | 0.00 | $464,579.43 | 535,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.32% | NR | 15-Nov-2052 | 6.22 |
| L Brands | 0.04% | N/A | $460,544.84 | 445,000 | Corporate Securities | Retail | United States | 6.88% | Ba2 | 01-Jul-2025 | 3.07 |
| Ashford Hospitality Trust 2018-ASHF | 0.04% | 0.00 | $450,260.62 | 500,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 1.58% | NR | 15-Apr-2035 | 0.57 |
| Federal National Mortgage Assn. | 0.04% | -0.01 | $449,472.40 | 418,662 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Jan-2046 | 2.59 |
| Amwins | 0.04% | 0.00 | $446,387.50 | 410,000 | Corporate Securities | Financial | United States | 7.75% | B3 | 01-Jul-2026 | 2.75 |
| CVS Health | 0.04% | 0.00 | $440,359.68 | 400,000 | Corporate Securities | Retail | United States | 3.00% | Baa2 | 15-Aug-2026 | 5.50 |
| Continental Resources Inc/OK | 0.04% | N/A | $422,744.23 | 425,000 | Corporate Securities | Energy | United States | 5.00% | Ba1 | 15-Sep-2022 | 1.54 |
| Federal National Mortgage Assn. | 0.04% | N/A | $421,757.23 | 388,448 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-May-2050 | 3.03 |
| Dcp Midstream Operating | 0.03% | 0.01 | $379,324.45 | 535,000 | Corporate Securities | Energy | United States | 5.85% | B1 | 21-May-2043 | -0.36 |
| Six Flags theme Parks | 0.03% | N/A | $378,303.54 | 360,000 | Corporate Securities | Entertainment & Leisure | United States | 7.00% | Ba2 | 01-Jul-2025 | 3.04 |
| Federal National Mortgage Assn. | 0.03% | -0.00 | $374,801.68 | 323,670 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-May-2035 | 4.12 |
| Federal National Mortgage Assn. | 0.03% | N/A | $371,261.75 | 344,576 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2048 | 3.44 |
| Government National Mortgage Assn. | 0.03% | -0.00 | $368,165.73 | 336,758 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Aug-2047 | 0.78 |
| Occidental Petroleum | 0.03% | 0.01 | $363,878.63 | 515,000 | Corporate Securities | Petroleum | United States | 4.40% | Ba2 | 15-Aug-2049 | 13.42 |
| CD&R Smokey Buyer | 0.03% | N/A | $341,550.00 | 330,000 | Corporate Securities | Consumer Products | United States | 6.75% | B2 | 15-Jul-2025 | 3.06 |
| Dcp Midstream Operating | 0.03% | 0.01 | $326,532.47 | 355,000 | Corporate Securities | Energy | United States | 6.75% | Ba2 | 15-Sep-2037 | 9.54 |
| Federal National Mortgage Assn. | 0.03% | N/A | $326,345.29 | 284,996 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jun-2040 | 4.14 |
| Government National Mortgage Assn. | 0.03% | -0.00 | $316,098.53 | 285,901 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Nov-2040 | 2.50 |
| Trivium Packaging Finance BV | 0.03% | 0.00 | $302,316.40 | 270,000 | Corporate Securities | Container | Netherlands | 3.75% | B2 | 15-Aug-2026 | 4.06 |
| Federal National Mortgage Assn. | 0.03% | N/A | $299,772.51 | 278,108 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jan-2050 | 3.34 |
| Government National Mortgage Assn. | 0.03% | -0.00 | $297,914.09 | 272,230 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Sep-2047 | 0.78 |
| Occidental Petroleum | 0.03% | 0.01 | $288,590.38 | 350,000 | Corporate Securities | Petroleum | United States | 3.20% | Ba2 | 15-Aug-2026 | 5.29 |
| Seven Generations Energy | 0.02% | 0.01 | $267,076.93 | 275,000 | Corporate Securities | Energy | Canada | 6.75% | Ba3 | 01-May-2023 | 1.97 |
| Federal National Mortgage Assn. | 0.02% | -0.00 | $265,509.07 | 239,036 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jul-2046 | 3.90 |
| Government National Mortgage Assn. | 0.02% | -0.00 | $258,594.23 | 236,327 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-May-2048 | 0.74 |
| Government National Mortgage Assn. | 0.02% | -0.00 | $242,474.66 | 220,396 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Jan-2048 | 0.96 |
| Hess | 0.02% | N/A | $237,833.84 | 195,000 | Corporate Securities | Energy | United States | 7.88% | Ba1 | 01-Oct-2029 | 6.74 |
| Federal Home Loan Mortgage | 0.02% | -0.00 | $221,906.50 | 201,781 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2041 | 3.26 |
| Hughes Satellite Systems | 0.02% | -0.00 | $216,999.99 | 210,000 | Corporate Securities | Satellites | United States | 7.63% | B2 | 15-Jun-2021 | 0.92 |
| Freddie Mac REMICS | 0.02% | N/A | $208,516.77 | 1,301,656 | Mortgage Backed Securities | Agency Bkd CMO | United States | 4.50% | NR | 25-May-2050 | -3.20 |
| Occidental Petroleum | 0.02% | N/A | $199,987.55 | 215,000 | Corporate Securities | Petroleum | United States | 2.70% | Ba2 | 15-Feb-2023 | 2.45 |
| Federal National Mortgage Assn. | 0.02% | -0.00 | $197,369.12 | 185,592 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Dec-2045 | 2.59 |
| Edison International | 0.02% | 0.00 | $177,469.80 | 160,000 | Corporate Securities | Utilities | United States | 4.95% | Baa3 | 15-Apr-2025 | 4.20 |
| Hilton Grand Vacations Trust 2017 | 0.01% | -0.00 | $161,500.20 | 174,709 | Asst Backed Securities | Asset Backed Other | United States | 2.96% | NR | 26-Dec-2028 | 1.71 |
| Nabors Industries | 0.01% | 0.00 | $160,383.27 | 208,000 | Corporate Securities | Energy | United States | 4.63% | B3 | 15-Sep-2021 | 1.02 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $154,401.53 | 134,129 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2035 | 3.98 |
| Cyprus Government International Bond | 0.01% | 0.00 | $131,818.63 | 120,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 1.25% | Ba2 | 21-Jan-2040 | 17.53 |
| Government National Mortgage Assn. | 0.01% | -0.00 | $112,866.56 | 103,006 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Mar-2047 | 0.66 |
| MVW Owner Trust 2017-1 | 0.01% | -0.00 | $112,222.12 | 117,990 | Asst Backed Securities | Asset Backed Other | United States | 2.99% | NR | 20-Dec-2034 | 2.46 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $104,214.10 | 95,618 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Jan-2046 | 3.48 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $104,025.45 | 90,719 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Oct-2034 | 3.85 |
| ITRX XOVER S33 REC 350 07/15/2020 | 0.01% | N/A | $103,462.34 | 25,000,000 | Corporate Securities | Miscellaneous | Europe | N/A | NR | N/A | 1.00 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $101,267.84 | 90,735 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jan-2044 | 3.96 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $96,093.03 | 86,086 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Mar-2046 | 3.96 |
| MVW Owner Trust 2017-1 | 0.01% | -0.00 | $94,981.50 | 97,711 | Asst Backed Securities | Asset Backed Other | United States | 2.75% | NR | 20-Dec-2034 | 2.50 |
| Federal National Mortgage Assn. | 0.01% | N/A | $91,009.81 | 85,669 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2049 | 2.16 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $84,023.17 | 75,272 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-May-2041 | 3.74 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $82,471.77 | 73,874 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Feb-2040 | 3.58 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $80,744.08 | 70,162 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Apr-2040 | 4.14 |
| Federal Home Loan Mortgage | 0.01% | -0.00 | $79,396.49 | 71,764 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2040 | 3.61 |
| Hilton Grand Vacations Trust 2014 | 0.01% | -0.00 | $69,093.26 | 69,283 | Asst Backed Securities | Asset Backed Other | United States | 1.77% | NR | 25-Nov-2026 | 0.69 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $68,073.16 | 59,079 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Jun-2038 | 4.20 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $66,006.17 | 59,949 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2041 | 3.32 |
| Towd Point Mortgage Trust 2015-3 | 0.01% | -0.00 | $65,393.80 | 64,744 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.00% | Aaa | 25-Mar-2054 | 0.79 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $64,841.77 | 55,352 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Apr-2035 | 3.99 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $57,309.19 | 49,775 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2035 | 3.98 |
| Government National Mortgage Assn. | 0.00% | -0.00 | $54,454.54 | 49,051 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Aug-2047 | 1.15 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $48,864.81 | 41,714 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Oct-2038 | 4.15 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $45,569.09 | 40,812 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2040 | 3.74 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $45,491.81 | 39,493 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Nov-2035 | 4.09 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $43,937.97 | 39,890 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Jan-2041 | 3.32 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $43,867.13 | 38,022 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Apr-2036 | 4.12 |
| MVW Owner Trust 2014-1 | 0.00% | -0.00 | $41,570.78 | 41,860 | Asst Backed Securities | Asset Backed Other | United States | 2.25% | NR | 22-Sep-2031 | 0.91 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $38,480.40 | 34,939 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Mar-2041 | 3.54 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $35,389.57 | 30,702 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Aug-2040 | 4.11 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $34,300.45 | 30,721 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Dec-2039 | 3.58 |
| Government National Mortgage Assn. | 0.00% | -0.00 | $33,996.90 | 31,100 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Jul-2047 | 0.66 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $33,693.26 | 29,274 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2037 | 3.85 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $33,664.60 | 28,726 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Feb-2037 | 4.15 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $32,456.82 | 29,461 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2042 | 3.54 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $32,051.29 | 28,740 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Sep-2039 | 3.58 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $28,945.71 | 24,557 | Mortgage Backed Securities | Mortgages | United States | 6.50% | NR | 01-Aug-2037 | 4.11 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $28,831.89 | 26,210 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2041 | 3.38 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $26,970.16 | 24,153 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-May-2040 | 3.74 |
| Venezuela Government International Bond | 0.00% | -0.00 | $26,000.00 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 7.75% | NR | 13-Oct-2020 | 0.27 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $25,547.55 | 22,189 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Nov-2036 | 4.08 |
| US 10YR FUT OPTN Aug20P 135 | 0.00% | N/A | $25,312.50 | 810 | Financial Futures | Taxable Futures | United States | N/A | NR | N/A | 6.44 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $23,997.22 | 21,802 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2041 | 3.32 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $23,963.19 | 20,818 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Feb-2034 | 3.85 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $23,873.51 | 21,679 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-May-2042 | 2.95 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $23,670.75 | 20,560 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jun-2035 | 3.98 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $23,637.97 | 20,485 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Nov-2035 | 4.12 |
| MVW Owner Trust 2013-1 | 0.00% | -0.00 | $23,508.11 | 23,478 | Asst Backed Securities | Asset Backed Other | United States | 2.15% | NR | 22-Apr-2030 | 1.03 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $22,866.15 | 20,498 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2039 | 3.58 |
| Petroleos De Venezuela | 0.00% | -0.00 | $22,330.00 | 770,000 | Corporate Securities | Energy | Venezuela | 6.00% | NR | 16-May-2024 | 0.46 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $22,329.30 | 19,399 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Mar-2034 | 3.85 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $21,249.44 | 18,413 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Mar-2036 | 4.12 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $20,877.51 | 18,097 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Feb-2038 | 4.12 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $17,918.43 | 16,061 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Nov-2039 | 3.58 |
| Government National Mortgage Assn. | 0.00% | -0.00 | $17,526.40 | 15,852 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Sep-2040 | 2.50 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $17,489.31 | 15,679 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jul-2039 | 3.58 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $17,012.35 | 15,254 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jun-2039 | 3.57 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $16,461.02 | 14,272 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jun-2040 | 4.16 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $16,162.98 | 14,674 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2041 | 3.32 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $15,914.42 | 13,653 | Mortgage Backed Securities | Mortgages | United States | 6.50% | NR | 01-Sep-2036 | 4.11 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $15,705.52 | 13,638 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Dec-2035 | 4.02 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $15,146.35 | 13,570 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-May-2042 | 3.91 |
| Petroleos De Venezuela | 0.00% | -0.00 | $14,790.00 | 510,000 | Corporate Securities | Energy | Venezuela | 9.00% | NR | 17-Nov-2021 | 0.22 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $14,731.19 | 13,191 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Sep-2042 | 3.19 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $13,589.04 | 11,598 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Mar-2037 | 4.15 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $13,535.40 | 11,778 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2033 | 3.85 |
| Federal National Mortgage Assn. | 0.00% | N/A | $13,196.67 | 12,250 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Nov-2049 | 3.37 |
| Venezuela Government International Bond | 0.00% | -0.00 | $12,812.50 | 205,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 6.00% | C | 09-Dec-2020 | 0.44 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $12,808.70 | 11,716 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Oct-2040 | 3.30 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $12,423.38 | 10,600 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Aug-2037 | 4.15 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $11,936.55 | 10,705 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2040 | 3.75 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $11,917.95 | 10,170 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Feb-2039 | 4.17 |
| Government National Mortgage Association | 0.00% | -0.00 | $11,770.89 | 78,402 | Mortgage Backed Securities | Agency Bkd CMO | United States | 4.00% | NR | 20-Feb-2043 | -14.28 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $10,607.97 | 9,647 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Oct-2040 | 3.30 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $10,395.11 | 9,020 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Aug-2040 | 4.11 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $9,902.15 | 8,878 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Dec-2039 | 3.63 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $9,462.70 | 8,600 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Nov-2040 | 3.30 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $9,454.94 | 8,067 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-May-2038 | 4.17 |
| Government National Mortgage Assn. | 0.00% | N/A | $8,351.84 | 7,382 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Mar-2041 | 2.95 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $8,094.24 | 7,255 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jan-2042 | 3.58 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $7,611.33 | 6,615 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Oct-2038 | 4.33 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $7,360.55 | 6,393 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Feb-2042 | 4.27 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $7,109.56 | 6,368 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Oct-2039 | 3.57 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $6,527.24 | 5,669 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jun-2041 | 4.14 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $6,222.22 | 5,393 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Feb-2038 | 4.12 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $5,850.94 | 5,075 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2040 | 4.11 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $5,231.74 | 4,758 | 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 | 1.07 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $3,289.80 | 2,855 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Apr-2035 | 4.12 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $3,142.83 | 2,819 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2040 | 3.75 |
| Federal Home Loan Mortgage | 0.00% | 0.00 | $3,131.48 | 2,848 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2040 | 3.30 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $2,712.71 | 2,352 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Jan-2039 | 4.20 |
| Federal National Mortgage Assn. | 0.00% | 0.00 | $1,866.92 | 1,618 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Aug-2037 | 4.12 |
| Mriya Farming | 0.00% | 0.00 | $1,433.42 | 127,586 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $942.25 | 817 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Aug-2037 | 4.12 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $926.21 | 803 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Apr-2040 | 4.11 |
| Government National Mortgage Association | 0.00% | 0.00 | $871.79 | 24,400 | Mortgage Backed Securities | Agency Bkd CMO | United States | 4.50% | NR | 20-Dec-2039 | -13.30 |
| Petroleos De Venezuela | 0.00% | -0.00 | $435.00 | 15,000 | Corporate Securities | Energy | Venezuela | 12.75% | NR | 17-Feb-2022 | 0.37 |
| Government National Mortgage Association | 0.00% | -0.00 | $12.71 | 1,655 | Mortgage Backed Securities | Agency Bkd CMO | United States | 4.50% | NR | 20-Nov-2039 | -2.59 |
| Mriya Farming | 0.00% | 0.00 | $9.58 | 773 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
| ITRX EUR S33 REC 62.5 07/15/2020 | -0.01% | N/A | $-105,262.21 | -100,050,000 | Corporate Securities | Miscellaneous | Europe | N/A | NR | N/A | 1.00 |
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-Jun-2020)
Representative Portfolio vs Benchmark| Sector Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Global High Yield | 19.80% | 0.00% | |
| Securitized | 17.08% | 3.39% | |
| Emerging Market Corporates | 12.69% | 0.68% | |
| Cash & Equivalents | 0.02% | 0.00% | |
| Global Investment Grade | 12.81% | 18.49% | |
| U.S. Mortgage | 5.02% | 10.74% | |
| Global Sovereign | 32.58% | 66.70% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Currency Diversification (30-Jun-2020)
Representative Portfolio vs Benchmark| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 88.41% | 43.61% | |
| Australian dollar | 2.02% | 1.26% | |
| Mexican peso | 1.51% | 0.25% | |
| Canadian dollar | 0.76% | 2.67% | |
| New Zealand dollar | 0.00% | 0.11% | |
| Dollar Bloc Subtotal | 92.69% | 47.90% |
Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Czech koruna | 1.13% | 0.10% | |
| Polish zloty | 0.01% | 0.20% | |
| Danish krone | 0.00% | 0.22% | |
| Hungarian forint | 0.00% | 0.07% | |
| Norwegian krone | 0.00% | 0.09% | |
| Swedish krona | 0.00% | 0.43% | |
| Swiss franc | 0.00% | 0.54% | |
| British pound sterling | -0.00% | 4.76% | |
| euro | -0.23% | 23.61% | |
| European Bloc Subtotal | 0.91% | 30.01% |
Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Thai baht | 1.02% | 0.34% | |
| Japanese yen | 1.00% | 14.76% | |
| Malaysian ringgit | 0.61% | 0.29% | |
| Singapore dollar | 0.01% | 0.20% | |
| Hong Kong dollar | 0.00% | 0.02% | |
| Korean won | -0.02% | 1.15% | |
| Far East Bloc Subtotal | 2.60% | 16.76% |
Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Chinese renminbi | 2.51% | 4.63% | |
| Serbia dinar | 1.02% | 0.00% | |
| Chilean peso | 0.51% | 0.05% | |
| South African rand | 0.25% | 0.00% | |
| Brazilian real | 0.04% | 0.00% | |
| Russian ruble | 0.00% | 0.18% | |
| Israeli shekel | -0.00% | 0.12% | |
| Indonesian rupiah | -0.01% | 0.33% | |
| Indian rupee | -0.01% | 0.00% | |
| Offshore Chinese renminbi | -0.50% | 0.00% | |
| Emerging Markets Bloc Subtotal | 3.80% | 5.32% |
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.
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.
Kenneth Orchard is a senior portfolio manager in the Fixed Income Division of T. Rowe Price and a member of the Global Fixed Income Investment team, 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 . He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.