Past performance is not a reliable indicator of future performance.
Strategy
High Yield Bond
The High Yield Master Bond Composite combines accounts included in the High Yield Core Composite and the High Yield Strategy Composite. The master composite seeks high current income and capital appreciation primarily through investment in fixed income securities rated below investment grade (BB or below) by S&P, Moody's, or another nationally recognized securities rating organization (NRSRO). Emerging market sovereign and corporate securities are excluded from this strategy.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
7.14%
1.37%
Data as of 30-Jun-2021
Data as of 30-Jun-2021
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
14.29%
0.01
Data as of 30-Jun-2021
Data as of 30-Jun-2021
Inception Date 30-Jun-1985
Performance figures calculated in USD
Other Literature
- This product's strategy also available as
- a SICAV
Strategy
Investment Approach
- Focus on BB/B securities, with a measured allocation to lower-quality bonds when valuations are compelling.
- Proprietary fundamental research is key — emphasis on industries that enjoy stable cash flow and rational competitive environments.
- Extensive analyst interaction across sectors and asset classes promotes broad credit perspective.
- Disciplined risk management practices employed in conjunction with broad portfolio diversification to manage risk profile.
Portfolio Construction
- Diversified portfolio structure of high yield corporate bonds: typically 250-350 issuers
- Industry exposure typically will range +/- 3% around benchmark weight
- Conservative exposure guidelines to individual issuers:
- BB issuer: 3% maximum
- B issuer: 2% maximum
- CCC issuer: 1% maximum
Performance
High Yield Master Bond Composite
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 14.86% | 7.68% | 7.50% | 6.86% |
| Composite Net % | 14.29% | 7.14% | 6.97% | 6.33% |
| Benchmark % | 16.28% | 7.23% | 7.48% | 6.70% |
| Excess Return (Gross) % | -1.42% | 0.45% | 0.02% | 0.16% |
Recent Performance
| 3 MonthsData as of 30-Jun-2021 | Year to DateData as of 30-Jun-2021 | |
|---|---|---|
| Composite Gross % | 2.75% | 3.94% |
| Composite Net % | 2.62% | 3.68% |
| Benchmark % | 2.71% | 3.98% |
| Excess Return (Gross) % | 0.04% | -0.04% |
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.
Primary benchmark is JPMorgan Global High Yield Index. Prior to 1 July 2010, the primary benchmark was FTSE All BB&B Rated Index. The benchmark changes were made because the firm viewed the new benchmarks to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Holdings
Holdings
Total
Holdings
544
Largest Holding
iHeartCommunications
1.25%
Was
(31-Mar-2021) 0.92%
Top 10 Holdings 8.53%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB/B Rated | BB Rated |
| By % | 4.59% | -12.05% |
| Portfolio | 18.49% | 24.38% |
| Benchmark | 13.90% | 36.44% |
Average Credit Quality
B+Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 5-7 Years | 3-5 Years |
| By % | 9.21% | -7.22% |
| Portfolio | 34.57% | 24.26% |
| Benchmark | 25.36% | 31.48% |
Weighted Average Maturity
6.30 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | Under 1 Year | 3-5 Years |
| By % | 9.30% | -8.04% |
| Portfolio | 28.68% | 21.94% |
| Benchmark | 19.39% | 29.98% |
Weighted Average Duration
2.93 YearsIndustry
Total
Industries
33
Largest Industry Energy 11.92%
Was (31-Mar-2021)
12.12%
Other
View complete Industry Diversification
Largest Overweight
Cable Operators
By5.51%
Portfolio
9.57%
Benchmark
4.06%
Largest Underweight
Chemicals
By-2.35%
Portfolio
1.73%
Benchmark
4.08%
Currency
Total
Currencies
3
Largest Currency
100.00%
Was (31-Mar-2021)
100.00%
Other
View completeCurrency Diversification
Largest Overweight
U.S. dollar
By
0.00%
Portfolio
100.00%
Benchmark
100.00%
Largest Underweight
British pound sterling
By
-0.01%
Portfolio
-0.01%
Benchmark
0.00%
Team (As of 10-Sep-2021)
Rodney Rayburn is a portfolio manager in the Fixed Income Division, managing the Credit Opportunities and High Yield Bond Strategies. He is president of the Credit Opportunities Fund, Inc. He also is executive vice president of the High Yield Fund, Inc., and Institutional Income Funds, Inc., and chairman of their respective Investment Advisory Committees. He is a member of the Investment Advisory Committee for the Balance Fund. Rodney is a vice president of T. Rowe Price Associates, Inc., T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.
Rodney’s investment experience began in 1999, and he has been with T. Rowe Price since 2014, beginning in the Fixed Income Division as a high yield analyst focused on distressed and special situations. In 2015, he was promoted to portfolio manager on the High Yield team. Prior to T. Rowe Price, Rodney was employed by Värde Partners as a managing director, and he was actively involved in performing and nonperforming loans, bonds, and reorganized equities across a variety of industries. He also was a senior investment analyst at Stark Investments.
Rodney earned a B.S. in economics from the Georgia Institute of Technology and an M.B.A. in finance and economics from The University of Chicago, Booth School of Business. Rodney also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2019
since - Years at7
T. Rowe Price - Years investment22
experience
Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Mike’s investment experience began in 1994, and he has been with T. Rowe Price since 2009, beginning in the Fixed Income department. Prior to this, Mike was cofounder and partner of Four Quarter Capital, a credit hedge fund focusing on below investment-grade European corporate debt. Mike also was employed by Muzinich & Company as a senior analyst and assistant portfolio manager in London.
Mike earned an LL.B. and a B.Com. in finance from the University of New South Wales and a Graduate Diploma in Legal Practice (GDLP) from the University of Technology, Sydney. He also was admitted as a solicitor to the Supreme Court of New South Wales.
- Portfolio manager2010
since - Years at12
T. Rowe Price - Years investment28
experience
Paul Massaro is head of the Global High Yield team and portfolio manager of the Floating Rate Bank Loan Strategy in the Fixed Income Division. He is president and chairman of the Investment Advisory Committees for the Floating Rate and Institutional Income Funds, executive vice president and chairman for the Floating Rate Multi-Sector Account Portfolios, and a vice president and an Investment Advisory Committee member of the Capital Appreciation Fund. Paul is also an Investment Advisory Committee member of the High Yield Fund, High Yield Multi-Sector Account Portfolios, and the Institutional High Yield Fund and a member of the Fixed Income Steering Committee. Paul is a vice president of T. Rowe Price Associates, Inc., T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.
Paul’s investment experience began in 2000, and he has been with T. Rowe Price since 2003, beginning in the Fixed Income Division as a credit analyst covering wireless services, broadcasting, and consumer and forest products. In 2008, he helped launch the Floating Rate Bank Loan Strategy, and in 2013, he assumed full portfolio management responsibility. Prior to T. Rowe Price, Paul was employed by Banc of America Securities in the area of equity research. He was also in credit research at J.P. Morgan Chase.
Paul earned a B.S. in business management from Cornell University and an M.B.A. in finance and strategic management from the University of Pennsylvania, The Wharton School. Paul also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2020
since - Years at18
T. Rowe Price - Years investment21
experience
Michael Lesesne is a global high yield portfolio specialist in the Fixed Income Division. He supports the High Yield, Floating Rate Bank Loan, and Credit Opportunities Strategies, working closely with clients, prospects, and consultants. Michael is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Michael’s investment experience began in 1991, and he has been with T. Rowe Price since 2012, beginning as a global high yield portfolio specialist in the Fixed Income Investment Specialists department. Prior to T. Rowe Price, Michael was employed by Lord Abbett as a partner and director of credit research. Before that, Michael was a senior high yield credit analyst at Weiss, Peck & Greer and at TIAA-CREF.
Michael earned a B.A. in business economics from Brown University and an M.B.A. in finance from Columbia Business School.
- Years at9
T. Rowe Price - Years investment30
experience
Portfolio Characteristics
Representative Portfolio vs Benchmarkas of 30-Jun-2021
| Characteristic | Portfolio | Benchmark |
|---|---|---|
| Weighted Average Coupon | 6.31% | 6.07% |
| Weighted Average Maturity | 6.30 Years | 6.03 Years |
| Weighted Average Duration | 2.93 Years | 3.38 Years |
| Number of Holdings | 552 | 1,799 |
Risks
- Credit risk
- Default risk
- Derivatives risk
- Emerging markets risk
- High yield bond risk
- Interest rate risk
- Liquidity risk
- Sector concentration risk
- Capital risk
- Counterparty risk
- ESG and Sustainability risk
- Geographic concentration risk
- Hedging risk
- Investment portfolio risk
- Management risk
- Operational risk
Risk/Return Characteristics
as of 30-Jun-2021High Yield Master Bond Composite
| Risk/Return (5 Years) | Composite | Benchmark |
|---|---|---|
| Alpha | 0.56% | 0.00% |
| Beta | 0.91 | 1.00 |
| R-Squared | 0.98 | 1.00 |
| Annualized Std. Deviation | 7.37% | 8.03% |
| Information Ratio | 0.01 | 0.00 |
| Sharpe Ratio | 0.86 | 0.78 |
| Tracking Error | 1.37% | 0.00% |
Past performance is not a reliable indicator of future performance.
Figures are calculated using monthly data and are gross of fees. Returns would have been lower as a result of the deduction of applicable fees.
Primary benchmark is JPMorgan Global High Yield Index. Prior to 1 July 2010, the primary benchmark was FTSE All BB&B Rated Index. The benchmark changes were made because the firm viewed the new benchmarks to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Calendar Year Performance
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4.29% | 15.58% | 9.19% | 2.82% | -2.42% | 15.11% | 8.04% | -2.55% | 15.65% | 5.76% | Composite Gross | |
| 3.78% | 15.01% | 8.65% | 2.31% | -2.91% | 14.54% | 7.51% | -3.04% | 15.08% | 5.24% | Composite Net | |
| 5.73% | 16.21% | 7.42% | 1.67% | -4.25% | 18.27% | 8.28% | -2.37% | 14.59% | 5.42% | Benchmark | |
| -1.95% | -1.20% | 1.23% | 0.64% | 1.34% | -3.73% | -0.77% | -0.67% | 0.49% | -0.18% | Value added (Gross) |
- Composite Gross
- Composite Net
- Benchmark
Primary benchmark is JPMorgan Global High Yield Index. Prior to 1 July 2010, the primary benchmark was FTSE All BB&B Rated Index. The benchmark changes were made because the firm viewed the new benchmarks to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Top 10 Issuers (30-Jun-2021)
| Issuer Name | % of Portfolio |
|---|---|
| Charter Communications Inc | 2.14% |
| Intelsat Jackson Holdings SA | 1.85% |
| Bausch Health Cos Inc | 1.76% |
| Targa Resources Corp | 1.70% |
| Occidental Petroleum Corp | 1.66% |
| Asurion LLC | 1.47% |
| Netflix Inc | 1.46% |
| Altice USA Inc | 1.40% |
| iHeartMedia Inc | 1.32% |
| Navient Corp | 1.31% |
Represents 16.07% of Total Net Assets of the representative portfolio
Issuers are as of the date indicated and are subject to change.
The total of the values in the second column in the table may not add up to the Top 10% of Total Net Assets quoted directly below the table due to rounding.
Quality (30-Jun-2021)
Representative Portfolio vs Benchmark
| Quality Rating | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| BBB/BB Rated & Above | 3.18% | 3.92% | |
| BB Rated | 24.38% | 36.44% | |
| BB/B Rated | 18.49% | 13.90% | |
| B Rated | 28.37% | 27.81% | |
| B/CCC Rated | 5.01% | 5.16% | |
| CCC and Below | 12.67% | 11.00% | |
| Not Rated | 2.53% | 0.76% | |
| Equities | 4.34% | 0.00% | |
| Short Term | 0.49% | 0.00% | |
| Credit Default Swaps | 0.01% | 0.00% | |
| Default | 0.51% | 1.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Sources for credit quality: Moody's Investors Service and Standard & Poor's (S&P); split ratings (i.e. BB/B and B/CCC) are assigned when the Moody's and S&P ratings differ. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps. All short-term holdings, regardless of ratings, are included with the cash positions.
Maturity (30-Jun-2021)
Representative Portfolio vs Benchmark
| Bond Maturity | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 0.05% | 0.07% | |
| 1-3 Years | 6.89% | 11.06% | |
| 3-5 Years | 24.26% | 31.48% | |
| 5-7 Years | 34.57% | 25.36% | |
| 7-10 Years | 28.36% | 27.86% | |
| 10+ Years | 5.36% | 4.17% | |
| Cash Equivalents | 0.52% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Duration (30-Jun-2021)
Representative Portfolio vs Benchmark
| Duration | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 28.68% | 19.39% | |
| 1-3 Years | 24.91% | 30.28% | |
| 3-5 Years | 21.94% | 29.98% | |
| 5-7 Years | 13.78% | 13.31% | |
| 7-10 Years | 3.23% | 4.92% | |
| Over 10 Years | 2.11% | 1.75% | |
| Cash Holdings | 0.49% | 0.00% | |
| Default | 0.51% | 0.37% | |
| Equity | 4.34% | 0.00% | |
| Swaps | 0.01% | 0.00% |
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-2021)
| Company | % of Portfolio | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| iHeartCommunications | 1.25% | 0.33 | $107,010,254.38 | 98,614,161 | Corporate Securities | Broadcasting | United States | 8.38% | Caa1 | 01-May-2027 | 0.78 |
| Targa Resources | 1.24% | -0.00 | $105,866,041.50 | 97,775 | Energy | Oil, Gas & Consumable Fuels | United States | 9.50% | NR | 13-May-2170 | 0.61 |
| Clarios Global Lp / Clarios Us Finance | 0.84% | -0.03 | $71,715,262.71 | 65,145,000 | Corporate Securities | Automotive | United States | 8.50% | Caa1 | 15-May-2027 | 0.83 |
| Asurion | 0.82% | -0.03 | $70,207,636.19 | 69,714,061 | Corporate Securities | Wireless Communications | United States | 5.35% | B3 | 31-Jan-2028 | 0.25 |
| Intelsat Jackson Holdings | 0.80% | -0.03 | $68,587,762.11 | 58,236,000 | Corporate Securities | Satellites | United States | 9.50% | NR | 30-Sep-2022 | 1.20 |
| Sprint | 0.78% | -0.03 | $66,416,901.23 | 57,411,120 | Corporate Securities | Wireless Communications | United States | 7.13% | B1 | 15-Jun-2024 | 2.69 |
| Netflix | 0.75% | -0.01 | $64,131,436.35 | 49,980,000 | Corporate Securities | Cable Operators | United States | 6.38% | Ba1 | 15-May-2029 | 6.39 |
| Altice France Holding | 0.74% | 0.22 | $63,157,456.52 | 62,220,000 | Corporate Securities | Cable Operators | France | 6.00% | Caa1 | 15-Feb-2028 | 5.26 |
| CCO Holdings LLC / CCO Holdings Capital | 0.68% | -0.01 | $58,237,892.58 | 54,455,000 | Corporate Securities | Cable Operators | United States | 5.00% | B1 | 01-Feb-2028 | 1.02 |
| Intelsat Jackson Holdings | 0.62% | 0.08 | $53,011,587.78 | 52,270,909 | Corporate Securities | Satellites | United States | 8.00% | NR | 27-Nov-2023 | 0.25 |
| TransDigm | 0.62% | -0.01 | $52,685,011.28 | 49,085,000 | Corporate Securities | Aerospace & Defense | United States | 6.25% | Ba3 | 15-Mar-2026 | 0.67 |
| NGL Energy Operating LLC / NGL Energy Finance | 0.60% | 0.08 | $51,010,441.41 | 47,321,000 | Corporate Securities | Energy | United States | 7.50% | B1 | 01-Feb-2026 | 3.03 |
| BCP Raptor | 0.59% | 0.00 | $50,569,178.56 | 51,094,429 | Corporate Securities | Energy | United States | 5.25% | B3 | 24-Jun-2024 | 0.25 |
| Tenet Healthcare | 0.58% | -0.01 | $49,252,207.31 | 45,700,000 | Corporate Securities | Healthcare | United States | 6.13% | Caa1 | 01-Oct-2028 | 2.05 |
| Vistra Operations | 0.55% | N/A | $46,862,989.81 | 46,345,000 | Corporate Securities | Utilities | United States | 4.38% | Ba2 | 01-May-2029 | 4.28 |
| Stagwell | 0.53% | N/A | $45,118,534.44 | 44,021,000 | Corporate Securities | Broadcasting | United States | 7.50% | B3 | 01-May-2024 | 0.78 |
| UKG | 0.52% | -0.02 | $44,716,836.60 | 44,020,000 | Corporate Securities | Services | United States | 7.50% | Caa1 | 03-May-2027 | 0.25 |
| Occidental Petroleum | 0.52% | 0.03 | $44,533,169.36 | 32,395,000 | Corporate Securities | Energy | United States | 8.88% | Ba2 | 15-Jul-2030 | 6.19 |
| Caesars Entertainment | 0.51% | 0.38 | $43,497,725.00 | 37,640,000 | Corporate Securities | Gaming | United States | 8.13% | Caa1 | 01-Jul-2027 | 1.84 |
| Bausch Health Americas | 0.50% | -0.01 | $42,908,141.17 | 38,210,000 | Corporate Securities | Healthcare | United States | 8.50% | B3 | 31-Jan-2027 | 0.99 |
| Pacific Gas & Electric | 0.48% | -0.01 | $41,347,908.89 | 37,907,500 | Corporate Securities | Utilities | United States | 4.55% | Baa3 | 01-Jul-2030 | 7.06 |
| Hughes Satellite Systems | 0.46% | 0.00 | $39,601,489.67 | 34,475,000 | Corporate Securities | Satellites | United States | 6.63% | B2 | 01-Aug-2026 | 4.24 |
| CSC Holdings | 0.46% | -0.00 | $39,517,998.00 | 34,835,000 | Corporate Securities | Cable Operators | United States | 6.50% | Ba3 | 01-Feb-2029 | 2.32 |
| Netflix | 0.45% | -0.01 | $38,449,924.61 | 31,165,000 | Corporate Securities | Cable Operators | United States | 5.88% | Ba1 | 15-Nov-2028 | 6.11 |
| Uber Technologies | 0.44% | -0.00 | $37,573,508.16 | 33,525,000 | Corporate Securities | Information Technology | United States | 7.50% | B3 | 15-Sep-2027 | 1.12 |
| Ford Motor | 0.42% | -0.01 | $35,772,300.76 | 28,630,000 | Corporate Securities | Automotive | United States | 9.00% | Ba2 | 22-Apr-2025 | 3.21 |
| Freeport-McMoRan | 0.42% | -0.01 | $35,560,618.49 | 29,279,000 | Corporate Securities | Metals & Mining | United States | 5.40% | Ba1 | 14-Nov-2034 | 9.59 |
| Navient | 0.41% | 0.00 | $35,356,034.31 | 32,250,000 | Corporate Securities | Financial | United States | 6.13% | Ba3 | 25-Mar-2024 | 2.48 |
| Scientific Games International | 0.41% | -0.00 | $35,094,782.62 | 32,000,000 | Corporate Securities | Gaming | United States | 8.25% | Caa2 | 15-Mar-2026 | 0.66 |
| Bausch Health Americas | 0.41% | -0.03 | $35,012,756.84 | 31,600,000 | Corporate Securities | Healthcare | United States | 9.25% | B3 | 01-Apr-2026 | 0.71 |
| Photo Holdings Merger Sub | 0.41% | -0.01 | $34,764,221.93 | 31,147,000 | Corporate Securities | Information Technology | United States | 8.50% | B2 | 01-Oct-2026 | 1.16 |
| H&E Equipment Services | 0.40% | -0.01 | $34,446,194.64 | 34,955,000 | Corporate Securities | Services | United States | 3.88% | B2 | 15-Dec-2028 | 6.38 |
| Altice Financing | 0.40% | 0.19 | $34,383,203.93 | 34,150,000 | Corporate Securities | Cable Operators | Luxembourg | 5.00% | B2 | 15-Jan-2028 | 5.37 |
| Altice France SA/France | 0.40% | N/A | $34,278,316.21 | 33,885,000 | Corporate Securities | Cable Operators | France | 5.13% | B2 | 15-Jul-2029 | 4.16 |
| Iridium Satellite | 0.40% | -0.01 | $34,153,446.74 | 34,120,350 | Corporate Securities | Satellites | United States | 3.75% | Ba3 | 04-Nov-2026 | 0.25 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance | 0.40% | 0.04 | $34,119,875.20 | 32,345,000 | Corporate Securities | Energy | United States | 6.00% | B3 | 01-Aug-2026 | 0.07 |
| Chobani Llc / Chobani Finance | 0.40% | -0.02 | $33,983,472.33 | 32,150,000 | Corporate Securities | Food/Tobacco | United States | 7.50% | Caa2 | 15-Apr-2025 | 0.07 |
| Nustar Energy | 0.40% | -0.01 | $33,889,406.25 | 1,199,625 | Energy | Oil, Gas & Consumable Fuels | United States | 10.75% | NR | 15-Sep-2169 | 1.78 |
| Carnival | 0.39% | 0.00 | $33,345,855.97 | 30,000,000 | Corporate Securities | Entertainment & Leisure | United States | 7.63% | B2 | 01-Mar-2026 | 2.35 |
| Hecla Mining | 0.39% | 0.02 | $33,296,052.78 | 29,735,000 | Corporate Securities | Metals & Mining | United States | 7.25% | B3 | 15-Feb-2028 | 1.48 |
| Terrier Media Buyer | 0.38% | -0.02 | $32,809,040.98 | 30,270,000 | Corporate Securities | Broadcasting | United States | 8.88% | Caa1 | 15-Dec-2027 | 1.34 |
| Avantor | 0.38% | -0.11 | $32,776,018.97 | 299,114 | Health Care | Life Sciences Tools & Services | United States | 6.25% | NR | 15-May-2022 | 1.06 |
| UKG | 0.38% | -0.01 | $32,101,574.68 | 32,082,967 | Corporate Securities | Services | United States | 4.00% | B1 | 04-May-2026 | 0.25 |
| Bausch Health | 0.37% | -0.05 | $31,782,850.10 | 30,823,000 | Corporate Securities | Healthcare | United States | 7.25% | B3 | 30-May-2029 | 4.06 |
| Vertical Holdco GmbH | 0.37% | 0.00 | $31,479,347.52 | 28,165,000 | Corporate Securities | Services | Germany | 7.63% | Caa1 | 15-Jul-2028 | 1.82 |
| Commonwealth of Puerto Rico | 0.36% | 0.17 | $31,163,650.00 | 37,660,000 | Tax-Free Gen. Obligations | General Obligations - State | United States | 8.00% | Ca | 01-Jul-2035 | N/A |
| Clear Channel Outdoor Holdings | 0.36% | 0.02 | $30,964,974.00 | 28,775,000 | Corporate Securities | Broadcasting | United States | 7.75% | Caa2 | 15-Apr-2028 | 3.87 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital | 0.36% | -0.00 | $30,536,110.08 | 28,295,000 | Corporate Securities | Gaming | United States | 5.25% | B1 | 15-May-2027 | 4.84 |
| Sirius XM Radio | 0.35% | N/A | $30,308,883.01 | 29,395,000 | Corporate Securities | Broadcasting | United States | 4.00% | Ba3 | 15-Jul-2028 | 4.53 |
| CCO Holdings LLC / CCO Holdings Capital | 0.35% | N/A | $30,029,630.29 | 29,195,000 | Corporate Securities | Cable Operators | United States | 4.50% | B1 | 01-Jun-2033 | 7.24 |
| Organon & Co / Organon Foreign debt Co-Issuer BV | 0.35% | N/A | $30,024,477.80 | 28,875,000 | Corporate Securities | Healthcare | United States | 5.13% | B1 | 30-Apr-2031 | 6.35 |
| Regionalcare Hospital Partners Holdings Inc / Lifepoint Health | 0.35% | -0.02 | $30,004,287.92 | 27,705,000 | Corporate Securities | Healthcare | United States | 9.75% | Caa1 | 01-Dec-2026 | 0.40 |
| American Airlines Inc/AAdvantage Loyalty IP | 0.35% | 0.00 | $29,937,005.64 | 27,295,000 | Corporate Securities | Airlines | United States | 5.75% | Ba2 | 20-Apr-2029 | 5.31 |
| Lumen Technologies | 0.34% | -0.01 | $29,418,301.96 | 29,700,000 | Corporate Securities | Other Telecommunications | United States | 4.50% | B2 | 15-Jan-2029 | 6.12 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.34% | 0.01 | $29,093,452.17 | 29,195,000 | Corporate Securities | Supermarkets | United States | 3.50% | Ba3 | 15-Mar-2029 | 6.61 |
| NextEra Energy | 0.34% | -0.01 | $29,017,923.51 | 593,988 | Utilities | Electric Utilities | United States | 5.28% | NR | 01-Mar-2023 | 1.56 |
| PetSmart Inc / PetSmart Finance | 0.34% | 0.01 | $28,846,976.06 | 25,505,000 | Corporate Securities | Retail | United States | 7.75% | Caa1 | 15-Feb-2029 | 2.30 |
| American Electric Power | 0.34% | -0.01 | $28,838,170.38 | 585,725 | Utilities | Electric Utilities | United States | 6.13% | Baa2 | 15-Mar-2022 | 0.67 |
| Cedar Fair LP / Canada s Wonderland Co / Magnum Management Corp / Millennium Op | 0.34% | -0.01 | $28,803,742.86 | 27,325,000 | Corporate Securities | Entertainment & Leisure | United States | 5.50% | Ba2 | 01-May-2025 | 0.79 |
| SeaWorld Parks & Entertainment | 0.34% | -0.00 | $28,705,888.26 | 25,731,000 | Corporate Securities | Entertainment & Leisure | United States | 9.50% | Caa2 | 01-Aug-2025 | 0.54 |
| Royal Caribbean Cruises | 0.33% | 0.01 | $28,505,780.25 | 26,980,000 | Corporate Securities | Entertainment & Leisure | United States | 5.50% | B2 | 01-Apr-2028 | 5.19 |
| Staples | 0.33% | 0.05 | $28,247,177.77 | 26,818,000 | Corporate Securities | Services | United States | 7.50% | B2 | 15-Apr-2026 | 2.45 |
| Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In | 0.33% | 0.06 | $28,205,178.47 | 26,005,000 | Corporate Securities | Gaming | United States | 8.50% | Caa1 | 15-Nov-2027 | 3.60 |
| Life Time | 0.33% | -0.01 | $28,106,908.62 | 28,036,817 | Corporate Securities | Consumer Products | United States | 5.75% | B3 | 16-Dec-2024 | 0.25 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.33% | -0.00 | $28,003,251.85 | 24,760,000 | Corporate Securities | Healthcare | Israel | 7.13% | Ba2 | 31-Jan-2025 | 2.89 |
| CSC Holdings | 0.33% | -0.00 | $27,769,467.12 | 24,805,000 | Corporate Securities | Cable Operators | United States | 7.50% | B3 | 01-Apr-2028 | 1.60 |
| TRP Institutional Floating Rate - Z | 0.32% | -0.00 | $27,743,980.03 | 2,839,711 | Corporate Securities | Investment Companies - Bonds | United States | N/A | N/A | N/A | N/A |
| CHS/Community Health Systems | 0.32% | -0.01 | $27,713,826.84 | 24,945,000 | Corporate Securities | Healthcare | United States | 8.00% | B2 | 15-Dec-2027 | 1.37 |
| Big River Steel LLC / BRS Finance | 0.32% | 0.01 | $27,592,237.94 | 24,415,000 | Corporate Securities | Metals & Mining | United States | 6.63% | Ba3 | 31-Jan-2029 | 2.00 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance | 0.32% | -0.01 | $27,202,686.53 | 27,180,000 | Corporate Securities | Container | United States | 4.00% | B3 | 01-Sep-2029 | 6.81 |
| HUB International | 0.32% | -0.01 | $27,185,519.70 | 25,975,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 01-May-2026 | 0.02 |
| American Airlines Inc/AAdvantage Loyalty IP | 0.32% | 0.00 | $27,011,449.02 | 25,130,000 | Corporate Securities | Airlines | United States | 5.50% | Ba2 | 20-Apr-2026 | 3.07 |
| Tenneco | 0.31% | 0.01 | $26,855,511.00 | 26,379,000 | Corporate Securities | Automotive | United States | 5.00% | Caa1 | 15-Jul-2026 | 2.71 |
| Vine Energy Holdings | 0.31% | 0.01 | $26,710,020.26 | 25,005,000 | Corporate Securities | Energy | United States | 6.75% | B3 | 15-Apr-2029 | 4.01 |
| CCO Holdings LLC / CCO Holdings Capital | 0.31% | -0.01 | $26,425,844.88 | 24,995,000 | Corporate Securities | Cable Operators | United States | 5.13% | B1 | 01-May-2027 | 0.80 |
| International Game Technology | 0.31% | 0.01 | $26,403,443.57 | 22,638,000 | Corporate Securities | Gaming | Italy | 6.25% | Ba3 | 15-Jan-2027 | 4.26 |
| Midcap Financial Issuer Trust | 0.31% | N/A | $26,256,424.98 | 24,890,000 | Corporate Securities | Financial | United States | 6.50% | B1 | 01-May-2028 | 4.08 |
| American Airlines | 0.30% | 0.00 | $25,948,458.98 | 19,820,000 | Corporate Securities | Airlines | United States | 11.75% | Ba3 | 15-Jul-2025 | 3.19 |
| DISH DBS | 0.30% | 0.01 | $25,917,031.25 | 22,175,000 | Corporate Securities | Cable Operators | United States | 7.75% | B2 | 01-Jul-2026 | 4.18 |
| Danaher | 0.30% | 0.03 | $25,915,506.13 | 17,716 | Health Care | Health Care Equipment & Supplies | United States | 5.00% | NR | 15-Apr-2023 | 1.80 |
| Staples | 0.30% | 0.05 | $25,709,019.84 | 24,658,000 | Corporate Securities | Services | United States | 10.75% | Caa1 | 15-Apr-2027 | 2.31 |
| Occidental Petroleum | 0.30% | 0.01 | $25,425,647.88 | 19,810,000 | Corporate Securities | Energy | United States | 7.95% | Ba2 | 15-Jun-2039 | 10.51 |
| Avantor Funding | 0.30% | -0.00 | $25,347,720.48 | 23,550,000 | Corporate Securities | Healthcare | United States | 4.63% | B2 | 15-Jul-2028 | 1.89 |
| Icahn Enterprises LP / Icahn Enterprises Finance | 0.29% | -0.01 | $25,150,710.57 | 23,605,000 | Corporate Securities | Financial | United States | 6.25% | Ba3 | 15-May-2026 | 0.83 |
| Asurion | 0.29% | -0.01 | $25,041,244.27 | 25,342,054 | Corporate Securities | Wireless Communications | United States | 3.35% | Ba3 | 23-Dec-2026 | 0.25 |
| Acrisure LLC / Acrisure Finance | 0.29% | -0.01 | $24,992,959.43 | 21,370,000 | Corporate Securities | Financial | United States | 10.13% | Caa2 | 01-Aug-2026 | 0.98 |
| CCO Holdings LLC / CCO Holdings Capital | 0.29% | -0.01 | $24,812,749.32 | 23,850,000 | Corporate Securities | Cable Operators | United States | 5.50% | B1 | 01-May-2026 | 0.07 |
| Goodyear Tire & Rubber | 0.29% | N/A | $24,634,859.71 | 23,440,000 | Corporate Securities | Automotive | United States | 5.00% | B2 | 15-Jul-2029 | 6.39 |
| TK Elevator US Newco | 0.29% | N/A | $24,629,961.15 | 22,875,000 | Corporate Securities | Services | Germany | 5.25% | B1 | 15-Jul-2027 | 1.87 |
| Vmed O2 UK Financing I | 0.29% | N/A | $24,598,525.00 | 24,235,000 | Corporate Securities | Cable Operators | United Kingdom | 4.75% | Ba3 | 15-Jul-2031 | 6.63 |
| T-Mobile US | 0.29% | 0.03 | $24,387,923.70 | 168,390 | Communication Services | Wireless Telecommunication Services | United States | N/A | N/A | N/A | N/A |
| Altice France Holding | 0.28% | -0.11 | $24,317,405.57 | 21,622,000 | Corporate Securities | Cable Operators | France | 10.50% | Caa1 | 15-May-2027 | 0.82 |
| Continental Resources Inc/OK | 0.28% | 0.01 | $23,698,984.06 | 19,275,000 | Corporate Securities | Energy | United States | 5.75% | Ba1 | 15-Jan-2031 | 7.03 |
| Banco do Brasil SA/Cayman | 0.28% | -0.01 | $23,606,610.82 | 21,100,000 | Corporate Securities | Banking | Brazil | 9.00% | B2 | 18-Dec-2169 | 2.60 |
| Sprint Capital | 0.28% | -0.01 | $23,578,783.23 | 18,260,000 | Corporate Securities | Wireless Communications | United States | 6.88% | B1 | 15-Nov-2028 | 5.98 |
| Rocket Mortgage | 0.28% | N/A | $23,569,305.33 | 21,961,000 | Corporate Securities | Financial | United States | 5.25% | Ba1 | 15-Jan-2028 | 1.43 |
| C&W Senior Financing DAC | 0.27% | -0.00 | $23,461,735.22 | 21,285,000 | Corporate Securities | Cable Operators | Panama | 6.88% | B2 | 15-Sep-2027 | 1.11 |
| CITGO Petroleum | 0.27% | -0.01 | $23,244,594.53 | 22,285,000 | Corporate Securities | Energy | United States | 7.00% | B3 | 15-Jun-2025 | 2.64 |
| Enact Holdings | 0.27% | 0.00 | $23,229,351.32 | 20,705,000 | Corporate Securities | Financial | United States | 6.50% | Ba3 | 15-Aug-2025 | 3.17 |
| Delta Air Lines | 0.27% | -0.00 | $23,128,848.94 | 19,150,000 | Corporate Securities | Airlines | United States | 7.38% | Baa3 | 15-Jan-2026 | 3.75 |
| Asurion | 0.27% | -0.01 | $23,088,821.88 | 23,361,450 | Corporate Securities | Wireless Communications | United States | 3.35% | Ba3 | 31-Jul-2027 | 0.25 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.27% | -0.00 | $23,066,274.46 | 20,650,000 | Corporate Securities | Supermarkets | United States | 7.50% | Ba3 | 15-Mar-2026 | 0.67 |
| Citgo Holding | 0.27% | 0.00 | $22,976,316.71 | 21,710,000 | Corporate Securities | Energy | United States | 9.25% | Caa1 | 01-Aug-2024 | 1.79 |
| EQT | 0.26% | 0.00 | $22,584,289.97 | 16,946,000 | Corporate Securities | Energy | United States | 8.50% | Ba2 | 01-Feb-2030 | 6.18 |
| Apex Tool | 0.26% | -0.01 | $22,477,243.21 | 22,405,769 | Corporate Securities | Manufacturing | United States | 6.50% | B3 | 01-Aug-2024 | 0.25 |
| Yum Brands | 0.26% | -0.01 | $22,472,999.05 | 17,960,000 | Corporate Securities | Restaurants | United States | 6.88% | Ba3 | 15-Nov-2037 | 10.47 |
| Arconic | 0.26% | -0.00 | $22,456,881.03 | 20,499,000 | Corporate Securities | Metals & Mining | United States | 6.13% | Ba3 | 15-Feb-2028 | 1.50 |
| Intelsat Jackson Holdings | 0.26% | N/A | $22,413,467.64 | 22,287,986 | Corporate Securities | Satellites | United States | 6.50% | NR | 13-Jul-2022 | 0.25 |
| CSC Holdings | 0.26% | -0.00 | $22,406,790.06 | 20,960,000 | Corporate Securities | Cable Operators | United States | 5.75% | B3 | 15-Jan-2030 | 5.28 |
| Occidental Petroleum | 0.26% | 0.01 | $21,990,479.45 | 16,975,000 | Corporate Securities | Energy | United States | 8.50% | Ba2 | 15-Jul-2027 | 4.44 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA | 0.26% | -0.01 | $21,925,288.76 | 21,355,000 | Corporate Securities | Container | United States | 5.25% | Caa1 | 15-Aug-2027 | 2.83 |
| Dcp Midstream Operating | 0.26% | 0.02 | $21,848,787.36 | 17,875,000 | Corporate Securities | Energy | United States | 6.75% | Ba1 | 15-Sep-2037 | 10.27 |
| Netflix | 0.26% | -0.00 | $21,806,552.60 | 17,950,000 | Corporate Securities | Cable Operators | United States | 5.38% | Ba1 | 15-Nov-2029 | 6.90 |
| Continental Resources Inc/OK | 0.26% | 0.02 | $21,778,784.83 | 19,205,000 | Corporate Securities | Energy | United States | 4.90% | Ba1 | 01-Jun-2044 | 14.08 |
| Connect Finco SARL / Connect US Finco | 0.25% | -0.01 | $21,485,655.74 | 20,000,000 | Corporate Securities | Satellites | United Kingdom | 6.75% | B1 | 01-Oct-2026 | 1.16 |
| Triton Water Holdings | 0.25% | 0.09 | $21,438,118.37 | 20,977,000 | Corporate Securities | Food/Tobacco | United States | 6.25% | Caa1 | 01-Apr-2029 | 3.99 |
| Univision Communications | 0.25% | N/A | $21,394,125.00 | 21,130,000 | Corporate Securities | Broadcasting | United States | 4.50% | B1 | 01-May-2029 | 4.27 |
| Bausch Health | 0.25% | N/A | $21,345,642.11 | 20,890,000 | Corporate Securities | Healthcare | United States | 4.88% | Ba2 | 01-Jun-2028 | 4.32 |
| OneMain Finance | 0.25% | -0.00 | $21,289,401.50 | 18,550,000 | Corporate Securities | Financial | United States | 6.88% | Ba3 | 15-Mar-2025 | 3.24 |
| Dave & Buster s | 0.25% | -0.01 | $21,284,538.51 | 19,592,000 | Corporate Securities | Restaurants | United States | 7.63% | Caa1 | 01-Nov-2025 | 1.24 |
| Scientific Games International | 0.25% | -0.00 | $21,043,529.95 | 21,202,549 | Corporate Securities | Gaming | United States | 2.85% | B1 | 14-Aug-2024 | 0.25 |
| Univar Solutions USA Inc/Washington | 0.25% | -0.01 | $21,040,412.09 | 19,935,000 | Corporate Securities | Chemicals | United States | 5.13% | B1 | 01-Dec-2027 | 1.35 |
| Cirsa Finance International Sarl | 0.25% | -0.01 | $21,035,006.15 | 20,600,000 | Corporate Securities | Gaming | Spain | 7.88% | B3 | 20-Dec-2023 | 0.91 |
| NCL | 0.25% | 0.01 | $20,986,061.82 | 19,710,000 | Corporate Securities | Entertainment & Leisure | United States | 5.88% | Caa1 | 15-Mar-2026 | 3.83 |
| Cushman & Wakefield US Borrower | 0.25% | -0.01 | $20,972,282.10 | 19,265,000 | Corporate Securities | Building & Real Estate | United States | 6.75% | Ba3 | 15-May-2028 | 1.74 |
| Amwins | 0.24% | -0.00 | $20,898,225.00 | 19,020,000 | Corporate Securities | Financial | United States | 7.75% | B3 | 01-Jul-2026 | 0.07 |
| Watco Cos LLC / Watco Finance | 0.24% | -0.01 | $20,856,039.34 | 19,440,000 | Corporate Securities | Transportation | United States | 6.50% | Caa1 | 15-Jun-2027 | 1.82 |
| Yum Brands | 0.24% | -0.01 | $20,841,178.19 | 19,590,000 | Corporate Securities | Restaurants | United States | 5.35% | Ba3 | 01-Nov-2043 | 13.05 |
| Gainwell Acquisition | 0.24% | -0.00 | $20,659,587.74 | 20,613,208 | Corporate Securities | Healthcare | United States | 4.75% | B2 | 01-Oct-2027 | 0.25 |
| Cheniere Energy Partners | 0.24% | -0.00 | $20,644,266.39 | 19,050,000 | Corporate Securities | Energy | United States | 4.50% | Ba2 | 01-Oct-2029 | 2.99 |
| CCO Holdings LLC / CCO Holdings Capital | 0.24% | N/A | $20,643,612.75 | 19,850,000 | Corporate Securities | Cable Operators | United States | 4.50% | B1 | 01-May-2032 | 6.52 |
| Adient Global Holdings | 0.24% | -0.00 | $20,641,837.79 | 19,714,000 | Corporate Securities | Automotive | United States | 4.88% | B3 | 15-Aug-2026 | 0.11 |
| TransDigm | 0.24% | -0.01 | $20,615,992.93 | 18,765,000 | Corporate Securities | Aerospace & Defense | United States | 8.00% | Ba3 | 15-Dec-2025 | 0.73 |
| Itau Unibanco Holding SA/Cayman Island | 0.24% | -0.01 | $20,409,183.20 | 19,990,000 | Corporate Securities | Banking | Brazil | 6.13% | B2 | 12-Jun-2170 | 1.36 |
| Centene | 0.24% | -0.00 | $20,357,647.20 | 18,515,000 | Corporate Securities | Healthcare | United States | 4.63% | Ba1 | 15-Dec-2029 | 3.19 |
| Prime Security Services Borrower LLC / Prime Finance | 0.24% | 0.04 | $20,162,453.03 | 18,475,000 | Corporate Securities | Services | United States | 6.25% | B3 | 15-Jan-2028 | 1.41 |
| Calpine | 0.24% | -0.00 | $20,121,550.15 | 19,630,000 | Corporate Securities | Utilities | United States | 5.13% | B2 | 15-Mar-2028 | 4.08 |
| Adient US | 0.23% | -0.01 | $20,028,926.22 | 17,900,000 | Corporate Securities | Automotive | United States | 9.00% | Ba3 | 15-Apr-2025 | 0.75 |
| Terraform Global Operating | 0.23% | -0.00 | $19,962,481.05 | 19,029,000 | Corporate Securities | Utilities | United States | 6.13% | Ba3 | 01-Mar-2026 | 0.07 |
| DISH DBS | 0.23% | 0.00 | $19,957,656.25 | 17,990,000 | Corporate Securities | Cable Operators | United States | 7.38% | B2 | 01-Jul-2028 | 1.84 |
| CCO Holdings LLC / CCO Holdings Capital | 0.23% | -0.00 | $19,622,145.49 | 17,950,000 | Corporate Securities | Cable Operators | United States | 5.38% | B1 | 01-Jun-2029 | 2.69 |
| SS&C Technologies | 0.23% | -0.00 | $19,570,489.34 | 18,245,000 | Corporate Securities | Information Technology | United States | 5.50% | B2 | 30-Sep-2027 | 0.71 |
| Novelis | 0.23% | 0.00 | $19,487,648.79 | 18,235,000 | Corporate Securities | Metals & Mining | United States | 4.75% | B1 | 30-Jan-2030 | 3.21 |
| Alcoa Nederland Holding BV | 0.23% | -0.01 | $19,229,929.99 | 17,725,000 | Corporate Securities | Metals & Mining | United States | 5.50% | Ba1 | 15-Dec-2027 | 1.84 |
| Summit Materials LLC / Summit Materials Finance | 0.22% | -0.00 | $19,204,480.44 | 17,880,000 | Corporate Securities | Building Products | United States | 6.50% | B1 | 15-Mar-2027 | 0.67 |
| Continental Resources Inc/OK | 0.22% | 0.01 | $19,197,879.49 | 17,100,000 | Corporate Securities | Energy | United States | 4.38% | Ba1 | 15-Jan-2028 | 5.43 |
| Dynasty Acquisition | 0.22% | -0.00 | $19,125,934.50 | 19,650,000 | Corporate Securities | Aerospace & Defense | United States | 3.65% | Caa1 | 06-Apr-2026 | 0.25 |
| Iceland Bondco | 0.22% | -0.01 | $19,120,151.28 | 13,935,000 | Corporate Securities | Supermarkets | United Kingdom | 4.63% | B2 | 15-Mar-2025 | 3.32 |
| Cosan Luxembourg | 0.22% | -0.00 | $19,004,417.46 | 17,390,000 | Corporate Securities | Food/Tobacco | Brazil | 7.00% | Ba2 | 20-Jan-2027 | 0.52 |
| Navient | 0.22% | 0.00 | $18,839,458.31 | 18,380,000 | Corporate Securities | Financial | United States | 4.88% | Ba3 | 15-Mar-2028 | 5.01 |
| Joseph T Ryerson & Son | 0.22% | -0.00 | $18,793,178.45 | 16,464,000 | Corporate Securities | Metals & Mining | United States | 8.50% | B3 | 01-Aug-2028 | 1.85 |
| Ziggo Bond Co BV | 0.22% | -0.00 | $18,739,302.97 | 17,490,000 | Corporate Securities | Cable Operators | Netherlands | 6.00% | B3 | 15-Jan-2027 | 0.50 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.22% | N/A | $18,645,932.51 | 17,880,000 | Corporate Securities | Energy | United States | 4.00% | Ba2 | 15-Jan-2032 | 6.73 |
| DAE Funding | 0.22% | -0.00 | $18,572,844.16 | 17,685,000 | Corporate Securities | Financial | United Arab Emirates | 5.00% | Baa3 | 01-Aug-2024 | 1.02 |
| Sirius XM Radio | 0.22% | -0.00 | $18,539,690.12 | 17,535,000 | Corporate Securities | Broadcasting | United States | 5.38% | Ba3 | 15-Jul-2026 | 0.97 |
| Allied Universal Holdco LLC / Allied Universal Finance | 0.22% | 0.02 | $18,394,125.36 | 16,065,000 | Corporate Securities | Services | United States | 9.75% | Caa1 | 15-Jul-2027 | 0.94 |
| Veritas US Inc / Veritas Bermuda | 0.21% | 0.00 | $18,336,953.29 | 17,160,000 | Corporate Securities | Information Technology | United States | 10.50% | Caa2 | 01-Feb-2024 | 0.02 |
| Ford Motor | 0.21% | N/A | $18,324,050.99 | 12,640,000 | Corporate Securities | Automotive | United States | 9.63% | Ba2 | 22-Apr-2030 | 6.27 |
| Vistra | 0.21% | 0.01 | $18,316,270.00 | 987,400 | Utilities | Independent Power & Renewable Electricity Producer | United States | N/A | N/A | N/A | N/A |
| Navient | 0.21% | -0.00 | $18,310,140.69 | 16,535,000 | Corporate Securities | Financial | United States | 6.75% | Ba3 | 25-Jun-2025 | 3.50 |
| Fair Isaac | 0.21% | -0.00 | $18,297,225.89 | 16,150,000 | Corporate Securities | Services | United States | 5.25% | Ba2 | 15-May-2026 | 4.11 |
| FMG Resources August 2006 Pty | 0.21% | -0.01 | $18,174,232.85 | 16,650,000 | Corporate Securities | Metals & Mining | Australia | 5.13% | Ba1 | 15-May-2024 | 2.45 |
| Navient | 0.21% | 0.00 | $18,090,100.68 | 16,090,000 | Corporate Securities | Financial | United States | 7.25% | Ba3 | 25-Sep-2023 | 2.04 |
| Goodyear Tire & Rubber | 0.21% | 0.01 | $17,953,868.36 | 17,000,000 | Corporate Securities | Automotive | United States | 5.25% | B2 | 30-Apr-2031 | 7.43 |
| Mileage Plus Holdings | 0.21% | -0.00 | $17,677,505.40 | 16,565,000 | Corporate Securities | Airlines | United States | 6.25% | Baa3 | 21-Jun-2027 | 0.25 |
| Goodyear Tire & Rubber | 0.21% | N/A | $17,656,280.17 | 16,835,000 | Corporate Securities | Automotive | United States | 5.25% | B2 | 15-Jul-2031 | 7.60 |
| Marriott Ownership Resorts Inc / ILG | 0.21% | -0.00 | $17,644,539.13 | 16,680,000 | Corporate Securities | Lodging | United States | 6.50% | B1 | 15-Sep-2026 | 0.19 |
| Constellium | 0.21% | 0.04 | $17,594,468.60 | 928,468 | Materials | Metals & Mining | France | N/A | N/A | N/A | N/A |
| Adtalem Global Education | 0.20% | 0.00 | $17,503,899.46 | 16,900,000 | Corporate Securities | Services | United States | 5.50% | B1 | 01-Mar-2028 | 4.00 |
| Service Properties Trust | 0.20% | -0.00 | $17,458,990.31 | 17,185,000 | Corporate Securities | Real Estate Investment Trust Securities | United States | 4.35% | Ba2 | 01-Oct-2024 | 2.89 |
| Howard Hughes | 0.20% | 0.00 | $17,436,088.97 | 17,145,000 | Corporate Securities | Building & Real Estate | United States | 4.13% | Ba3 | 01-Feb-2029 | 4.06 |
| Life Time | 0.20% | -0.00 | $17,398,462.54 | 16,388,000 | Corporate Securities | Consumer Products | United States | 5.75% | B3 | 15-Jan-2026 | 3.10 |
| Vistra Operations | 0.20% | -0.00 | $17,259,167.79 | 16,465,000 | Corporate Securities | Utilities | United States | 5.50% | Ba2 | 01-Sep-2026 | 0.15 |
| Clarivate Science Holdings | 0.20% | N/A | $17,164,170.33 | 17,045,000 | Corporate Securities | Services | United States | 3.88% | B1 | 30-Jun-2028 | 4.49 |
| Peraton | 0.20% | -0.00 | $17,137,709.95 | 17,102,138 | Corporate Securities | Aerospace & Defense | United States | 4.50% | B1 | 01-Feb-2028 | N/A |
| General Electric | 0.20% | -0.14 | $17,093,394.33 | 17,415,000 | Corporate Securities | Conglomerates | United States | 3.45% | Baa3 | 15-Jun-2170 | 0.25 |
| Ford Motor Credit | 0.20% | -0.00 | $17,012,213.84 | 15,420,000 | Corporate Securities | Automotive | United States | 5.13% | Ba2 | 16-Jun-2025 | 3.52 |
| Bath & Body Works | 0.20% | N/A | $17,003,365.63 | 12,695,000 | Corporate Securities | Retail | United States | 9.38% | Ba3 | 01-Jul-2025 | 3.46 |
| Apollo Commercial Real Estate Finance | 0.20% | N/A | $16,997,436.07 | 17,230,000 | Corporate Securities | Real Estate Investment Trust Securities | United States | 4.63% | Ba2 | 15-Jun-2029 | 6.56 |
| eG Global Finance | 0.20% | -0.01 | $16,892,054.88 | 15,759,000 | Corporate Securities | Services | United Kingdom | 8.50% | B3 | 30-Oct-2025 | 0.31 |
| Tronox | 0.20% | -0.00 | $16,888,782.07 | 16,520,000 | Corporate Securities | Chemicals | United States | 4.63% | B3 | 15-Mar-2029 | 4.13 |
| Univision Communications | 0.20% | -0.00 | $16,887,012.30 | 15,540,000 | Corporate Securities | Broadcasting | United States | 6.63% | B2 | 01-Jun-2027 | 1.78 |
| Southern | 0.20% | -0.01 | $16,862,380.34 | 335,950 | Utilities | Electric Utilities | United States | 6.75% | Baa3 | 01-Aug-2022 | 1.02 |
| Independence Energy Finance | 0.20% | N/A | $16,782,436.50 | 15,780,000 | Corporate Securities | Energy | United States | 7.25% | B2 | 01-May-2026 | 3.29 |
| Howard Hughes | 0.20% | -0.00 | $16,777,719.21 | 15,520,000 | Corporate Securities | Building & Real Estate | United States | 5.38% | Ba3 | 01-Aug-2028 | 1.91 |
| Carnival | 0.20% | -0.11 | $16,735,809.31 | 13,835,000 | Corporate Securities | Entertainment & Leisure | United States | 9.88% | B1 | 01-Aug-2027 | 2.22 |
| Range Resources | 0.20% | 0.00 | $16,730,253.32 | 14,665,000 | Corporate Securities | Energy | United States | 9.25% | B2 | 01-Feb-2026 | 0.54 |
| SCIH Salt Holdings | 0.20% | N/A | $16,673,225.60 | 16,595,000 | Corporate Securities | Chemicals | United States | 4.88% | B3 | 01-May-2028 | 4.22 |
| NGL Energy Partners LP / NGL Energy Finance | 0.19% | -0.15 | $16,625,314.81 | 16,710,000 | Corporate Securities | Energy | United States | 7.50% | Caa1 | 01-Nov-2023 | 2.06 |
| Radiate Holdco LLC / Radiate Finance | 0.19% | -0.00 | $16,604,695.65 | 15,550,000 | Corporate Securities | Cable Operators | United States | 6.50% | Caa1 | 15-Sep-2028 | 2.00 |
| Altice France SA/France | 0.19% | -0.00 | $16,599,333.62 | 16,643,939 | Corporate Securities | Cable Operators | France | 4.15% | B2 | 14-Aug-2026 | 0.25 |
| Hudbay Minerals | 0.19% | -0.01 | $16,535,811.24 | 15,290,000 | Corporate Securities | Metals & Mining | Peru | 6.13% | B3 | 01-Apr-2029 | 2.48 |
| PG&E | 0.19% | 0.02 | $16,476,652.33 | 16,000,000 | Corporate Securities | Utilities | United States | 5.25% | B1 | 01-Jul-2030 | 5.80 |
| Delta Air Lines | 0.19% | -0.00 | $16,406,910.33 | 13,900,000 | Corporate Securities | Airlines | United States | 7.00% | Baa2 | 01-May-2025 | 3.38 |
| Navistar International | 0.19% | -0.01 | $16,370,179.08 | 15,060,000 | Corporate Securities | Automotive | United States | 9.50% | B2 | 01-May-2025 | 0.00 |
| ADMI | 0.19% | -0.04 | $16,258,456.34 | 16,453,763 | Corporate Securities | Healthcare | United States | 3.25% | B2 | 23-Dec-2027 | 0.25 |
| Oci | 0.19% | -0.03 | $16,097,177.32 | 15,280,000 | Corporate Securities | Chemicals | Netherlands | 4.63% | Ba3 | 15-Oct-2025 | 1.23 |
| RealPage | 0.19% | 0.01 | $15,997,956.96 | 15,550,869 | Corporate Securities | Information Technology | United States | 7.25% | NR | 23-Apr-2029 | 0.25 |
| United Rentals North America | 0.19% | -0.00 | $15,996,899.17 | 15,500,000 | Corporate Securities | Services | United States | 3.88% | Ba2 | 15-Feb-2031 | 6.09 |
| Trivium Packaging Finance BV | 0.19% | -0.00 | $15,940,735.92 | 14,240,000 | Corporate Securities | Container | Netherlands | 8.50% | Caa2 | 15-Aug-2027 | 1.03 |
| CSC Holdings | 0.19% | -0.01 | $15,848,872.75 | 16,110,000 | Corporate Securities | Cable Operators | United States | 4.63% | B3 | 01-Dec-2030 | 7.50 |
| Acrisure LLC / Acrisure Finance | 0.18% | -0.01 | $15,696,483.01 | 15,255,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 15-Nov-2025 | 0.35 |
| Presidio Holdings | 0.18% | -0.00 | $15,665,519.14 | 13,935,000 | Corporate Securities | Services | United States | 8.25% | Caa1 | 01-Feb-2028 | 1.43 |
| GFL Environmental | 0.18% | N/A | $15,641,028.20 | 15,105,000 | Corporate Securities | Services | Canada | 4.75% | B3 | 15-Jun-2029 | 4.36 |
| Occidental Petroleum | 0.18% | 0.01 | $15,629,332.18 | 12,700,000 | Corporate Securities | Energy | United States | 8.00% | Ba2 | 15-Jul-2025 | 3.22 |
| Cedar Fair LP / Canada s Wonderland Co / Magnum Management Corp / Millennium Op | 0.18% | -0.01 | $15,572,762.05 | 14,955,000 | Corporate Securities | Entertainment & Leisure | United States | 5.38% | B3 | 15-Apr-2027 | 0.75 |
| Black Knight InfoServ | 0.18% | 0.00 | $15,564,254.59 | 15,475,000 | Corporate Securities | Services | United States | 3.63% | Ba3 | 01-Sep-2028 | 6.17 |
| Endeavor Energy Resources LP / EER Finance | 0.18% | -0.00 | $15,428,166.49 | 14,198,000 | Corporate Securities | Energy | United States | 5.75% | Ba3 | 30-Jan-2028 | 1.47 |
| Freeport-McMoRan | 0.18% | 0.00 | $15,407,908.25 | 12,466,000 | Corporate Securities | Metals & Mining | United States | 5.45% | Ba1 | 15-Mar-2043 | 13.25 |
| Clear Channel Outdoor Holdings | 0.18% | N/A | $15,397,949.80 | 14,825,000 | Corporate Securities | Broadcasting | United States | 7.50% | Caa2 | 01-Jun-2029 | 4.05 |
| Delta Air Lines Inc / SkyMiles IP | 0.18% | -0.00 | $15,357,190.16 | 13,690,000 | Corporate Securities | Airlines | United States | 4.75% | Baa1 | 20-Oct-2028 | 5.16 |
| Tenet Healthcare | 0.18% | -0.01 | $15,208,126.84 | 13,890,000 | Corporate Securities | Healthcare | United States | 7.50% | B1 | 01-Apr-2025 | 0.71 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.18% | N/A | $15,130,572.59 | 13,540,000 | Corporate Securities | Healthcare | Israel | 6.75% | Ba2 | 01-Mar-2028 | 5.13 |
| eG Global Finance | 0.18% | -0.01 | $15,082,939.20 | 14,610,000 | Corporate Securities | Services | United Kingdom | 6.75% | B3 | 07-Feb-2025 | 0.02 |
| LCM Investments Holdings II | 0.18% | N/A | $14,961,574.30 | 14,475,000 | Corporate Securities | Automotive | United States | 4.88% | B2 | 01-May-2029 | 4.26 |
| GPD | 0.18% | -0.01 | $14,954,212.35 | 13,455,000 | Corporate Securities | Chemicals | United States | 10.13% | B3 | 01-Apr-2026 | 0.70 |
| Tenneco | 0.17% | 0.03 | $14,939,045.58 | 14,350,000 | Corporate Securities | Automotive | United States | 5.13% | Ba3 | 15-Apr-2029 | 4.15 |
| Nextera Energy Operating Partners | 0.17% | -0.00 | $14,873,074.73 | 13,605,000 | Corporate Securities | Utilities | United States | 4.50% | Ba1 | 15-Sep-2027 | 5.17 |
| Telesat Canada / Telesat | 0.17% | -0.02 | $14,859,866.39 | 15,420,000 | Corporate Securities | Satellites | Canada | 6.50% | Caa1 | 15-Oct-2027 | 4.96 |
| Methanex | 0.17% | 0.00 | $14,827,843.67 | 13,625,000 | Corporate Securities | Chemicals | Canada | 5.13% | Ba1 | 15-Oct-2027 | 4.97 |
| GTCR AP Finance | 0.17% | -0.01 | $14,712,560.87 | 13,620,000 | Corporate Securities | Financial | United States | 8.00% | Caa2 | 15-May-2027 | 0.82 |
| New Enterprise Stone & Lime | 0.17% | -0.00 | $14,673,301.63 | 13,980,000 | Corporate Securities | Building Products | United States | 6.25% | B1 | 15-Mar-2026 | 0.07 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.17% | 0.00 | $14,602,025.97 | 13,310,000 | Corporate Securities | Supermarkets | United States | 5.88% | Ba3 | 15-Feb-2028 | 1.06 |
| Comstock Resources | 0.17% | N/A | $14,546,940.12 | 14,255,000 | Corporate Securities | Energy | United States | 5.88% | B3 | 15-Jan-2030 | 5.37 |
| Bath & Body Works | 0.17% | N/A | $14,401,026.10 | 12,280,000 | Corporate Securities | Retail | United States | 6.63% | Ba3 | 01-Oct-2030 | 3.69 |
| Expedia | 0.17% | -0.01 | $14,346,380.46 | 12,225,000 | Corporate Securities | Information Technology | United States | 6.25% | Baa3 | 01-May-2025 | 3.23 |
| SkyMiles IP | 0.17% | -0.00 | $14,330,991.75 | 13,575,000 | Corporate Securities | Airlines | United States | 4.75% | Baa1 | 20-Oct-2027 | 0.25 |
| Consolidated Communications | 0.17% | -0.01 | $14,234,240.31 | 13,060,000 | Corporate Securities | Other Telecommunications | United States | 6.50% | B2 | 01-Oct-2028 | 3.65 |
| PGT Innovations | 0.17% | -0.00 | $14,219,204.31 | 13,145,000 | Corporate Securities | Building Products | United States | 6.75% | B2 | 01-Aug-2026 | 0.07 |
| Altice France SA/France | 0.17% | -0.00 | $14,135,732.46 | 12,580,000 | Corporate Securities | Cable Operators | France | 8.13% | B2 | 01-Feb-2027 | 0.54 |
| Nexstar Media | 0.16% | N/A | $14,089,979.89 | 12,945,000 | Corporate Securities | Broadcasting | United States | 5.63% | B2 | 15-Jul-2027 | 0.97 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.16% | 0.00 | $13,921,045.03 | 12,940,000 | Corporate Securities | Supermarkets | United States | 4.88% | Ba3 | 15-Feb-2030 | 5.55 |
| Exterran Energy Solutions LP / EES Finance | 0.16% | -0.07 | $13,858,870.00 | 15,425,000 | Corporate Securities | Energy | United States | 8.13% | B3 | 01-May-2025 | 3.10 |
| Lithia Motors | 0.16% | N/A | $13,767,798.90 | 13,255,000 | Corporate Securities | Automotive | United States | 3.88% | Ba2 | 01-Jun-2029 | 4.44 |
| NiSource | 0.16% | -0.00 | $13,727,663.49 | 12,860,000 | Corporate Securities | Utilities | United States | 5.65% | NR | 15-Jun-2170 | 1.84 |
| Solera | 0.16% | N/A | $13,717,570.30 | 13,685,000 | Corporate Securities | Information Technology | United States | 4.50% | B2 | 04-Jun-2028 | 0.25 |
| Performance Food | 0.16% | -0.00 | $13,636,070.36 | 12,815,000 | Corporate Securities | Services | United States | 5.50% | B2 | 15-Oct-2027 | 1.22 |
| Prime Security Services Borrower LLC / Prime Finance | 0.16% | 0.00 | $13,633,989.22 | 12,180,000 | Corporate Securities | Services | United States | 5.75% | Ba3 | 15-Apr-2026 | 4.14 |
| US Radiology Specialists | 0.16% | -0.00 | $13,632,507.24 | 13,561,850 | Corporate Securities | Healthcare | United States | 6.25% | B3 | 15-Dec-2027 | 0.25 |
| Jaguar Land Rover Automotive | 0.16% | -0.00 | $13,623,231.63 | 12,245,000 | Corporate Securities | Automotive | United Kingdom | 7.75% | B1 | 15-Oct-2025 | 1.21 |
| Dana | 0.16% | -0.00 | $13,585,884.43 | 12,580,000 | Corporate Securities | Automotive | United States | 5.63% | B2 | 15-Jun-2028 | 1.84 |
| HCA | 0.16% | 0.00 | $13,574,267.41 | 11,520,000 | Corporate Securities | Healthcare | United States | 5.88% | Baa3 | 15-Feb-2026 | 3.64 |
| LPL Holdings | 0.16% | -0.00 | $13,512,463.04 | 13,290,000 | Corporate Securities | Financial | United States | 4.00% | Ba2 | 15-Mar-2029 | 4.20 |
| DaVita | 0.16% | -0.00 | $13,472,017.93 | 13,095,000 | Corporate Securities | Healthcare | United States | 4.63% | Ba3 | 01-Jun-2030 | 5.86 |
| Nielsen Finance Llc / Nielsen Finance | 0.16% | -0.00 | $13,468,574.69 | 12,570,000 | Corporate Securities | Broadcasting | United States | 5.63% | B2 | 01-Oct-2028 | 2.07 |
| Midwest Gaming Borrower LLC / Midwest Gaming Finance | 0.16% | N/A | $13,440,027.94 | 13,340,000 | Corporate Securities | Gaming | United States | 4.88% | B3 | 01-May-2029 | 4.22 |
| CHS/Community Health Systems | 0.16% | -0.00 | $13,412,356.45 | 12,215,000 | Corporate Securities | Healthcare | United States | 6.00% | B2 | 15-Jan-2029 | 2.28 |
| Kraft Heinz Foods | 0.16% | 0.00 | $13,366,584.47 | 9,155,000 | Corporate Securities | Food/Tobacco | United States | 6.88% | Baa3 | 26-Jan-2039 | 11.26 |
| CCI Buyer | 0.16% | -0.00 | $13,315,895.28 | 13,301,663 | Corporate Securities | Wireless Communications | United States | 4.75% | B1 | 17-Dec-2027 | 0.25 |
| CommScope | 0.16% | 0.00 | $13,258,996.88 | 11,845,000 | Corporate Securities | Information Technology | United States | 7.13% | B3 | 01-Jul-2028 | 1.85 |
| Forterra Finance LLC / FRTA Finance | 0.16% | -0.00 | $13,239,997.38 | 11,955,000 | Corporate Securities | Building Products | United States | 6.50% | B2 | 15-Jul-2025 | 0.97 |
| MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer | 0.15% | 0.00 | $13,193,296.11 | 12,700,000 | Corporate Securities | Gaming | United States | 3.88% | B1 | 15-Feb-2029 | 6.22 |
| Alcoa Nederland Holding BV | 0.15% | -0.00 | $13,117,432.56 | 11,935,000 | Corporate Securities | Metals & Mining | United States | 6.13% | Ba1 | 15-May-2028 | 1.75 |
| Intelsat Jackson Holdings | 0.15% | -0.00 | $13,097,142.30 | 12,890,000 | Corporate Securities | Satellites | United States | 8.63% | NR | 02-Jan-2024 | 0.25 |
| Freedom Mortgage | 0.15% | N/A | $13,081,250.00 | 13,000,000 | Corporate Securities | Financial | United States | 6.63% | B2 | 15-Jan-2027 | 3.86 |
| Royal Caribbean Cruises | 0.15% | N/A | $13,041,150.58 | 11,015,000 | Corporate Securities | Entertainment & Leisure | United States | 10.88% | Ba2 | 01-Jun-2023 | 1.48 |
| Carnival | 0.15% | N/A | $12,989,293.98 | 11,235,000 | Corporate Securities | Entertainment & Leisure | United States | 11.50% | Ba2 | 01-Apr-2023 | 1.36 |
| Taylor Morrison Communities Inc / Taylor Morrison Holdings Ii | 0.15% | -0.01 | $12,987,574.47 | 12,055,000 | Corporate Securities | Building & Real Estate | United States | 5.88% | Ba3 | 15-Apr-2023 | 1.46 |
| MGM Resorts International | 0.15% | -0.00 | $12,975,171.74 | 11,930,000 | Corporate Securities | Gaming | United States | 6.00% | Ba3 | 15-Mar-2023 | 1.60 |
| Townsquare Media | 0.15% | 0.03 | $12,938,845.82 | 11,754,000 | Corporate Securities | Broadcasting | United States | 6.88% | B2 | 01-Feb-2026 | 1.44 |
| Wynn Macau | 0.15% | -0.00 | $12,903,429.33 | 12,005,000 | Corporate Securities | Gaming | Macau | 5.50% | B1 | 15-Jan-2026 | 2.65 |
| Gulfport Energy Operating | 0.15% | N/A | $12,866,401.97 | 11,970,000 | Corporate Securities | Energy | United States | 8.00% | B3 | 17-May-2026 | 3.29 |
| Navient | 0.15% | 0.00 | $12,863,308.70 | 12,240,000 | Corporate Securities | Financial | United States | 5.00% | Ba3 | 15-Mar-2027 | 4.49 |
| Midcap Financial Issuer Trust | 0.15% | N/A | $12,860,019.10 | 12,810,000 | Corporate Securities | Financial | United States | 5.63% | B1 | 15-Jan-2030 | 4.69 |
| Lumen Technologies | 0.15% | N/A | $12,853,071.79 | 12,665,000 | Corporate Securities | Other Telecommunications | United States | 5.38% | B2 | 15-Jun-2029 | 4.29 |
| T-Mobile USA | 0.15% | 0.00 | $12,844,531.49 | 12,865,000 | Corporate Securities | Wireless Communications | United States | 2.63% | Ba3 | 15-Feb-2029 | 6.76 |
| United Natural Foods | 0.15% | -0.00 | $12,836,231.66 | 11,785,000 | Corporate Securities | Supermarkets | United States | 6.75% | B3 | 15-Oct-2028 | 2.08 |
| Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | 0.15% | -0.00 | $12,812,647.95 | 12,190,000 | Corporate Securities | Financial | United States | 3.88% | NR | 15-Feb-2026 | 4.00 |
| Metis Merger Sub | 0.15% | N/A | $12,795,164.01 | 12,840,000 | Corporate Securities | Automotive | United States | 6.50% | Caa2 | 15-May-2029 | 6.00 |
| Apache | 0.15% | 0.00 | $12,746,864.73 | 11,735,000 | Corporate Securities | Exploration & Production | United States | 4.88% | Ba1 | 15-Nov-2027 | 5.09 |
| CVR Partners LP / CVR Nitrogen Finance | 0.15% | N/A | $12,639,349.73 | 12,315,000 | Corporate Securities | Chemicals | United States | 6.13% | B2 | 15-Jun-2028 | 4.22 |
| Level 3 Financing | 0.15% | -0.00 | $12,620,351.84 | 12,780,000 | Corporate Securities | Other Telecommunications | United States | 3.75% | Ba3 | 15-Jul-2029 | 6.72 |
| Meritor | 0.15% | -0.01 | $12,611,055.74 | 11,840,000 | Corporate Securities | Automotive | United States | 6.25% | B1 | 01-Jun-2025 | 0.88 |
| Proofpoint | 0.15% | N/A | $12,483,132.80 | 12,560,000 | Corporate Securities | Information Technology | United States | 3.75% | B2 | 10-Jun-2028 | 0.25 |
| Home Point Capital | 0.15% | 0.08 | $12,471,302.19 | 13,060,000 | Corporate Securities | Financial | United States | 5.00% | B2 | 01-Feb-2026 | 3.90 |
| Ascend Learning | 0.14% | -0.00 | $12,376,846.84 | 12,389,732 | Corporate Securities | Services | United States | 4.00% | B1 | 12-Jul-2024 | 0.25 |
| Brookfield Residential Properties Inc / Brookfield Residential US | 0.14% | N/A | $12,347,939.38 | 12,180,000 | Corporate Securities | Building & Real Estate | Canada | 5.00% | B2 | 15-Jun-2029 | 4.32 |
| Bausch Health | 0.14% | N/A | $12,335,036.67 | 12,200,000 | Corporate Securities | Healthcare | United States | 6.25% | B3 | 15-Feb-2029 | 5.83 |
| Tenet Healthcare | 0.14% | -0.00 | $12,332,993.59 | 10,830,000 | Corporate Securities | Healthcare | United States | 6.88% | Caa1 | 15-Nov-2031 | 7.53 |
| Archrock Partners LP / Archrock Partners Finance | 0.14% | -0.00 | $12,330,858.83 | 11,435,000 | Corporate Securities | Energy | United States | 6.88% | B2 | 01-Apr-2027 | 0.70 |
| Mavis Tire Express Services Topco | 0.14% | N/A | $12,285,637.50 | 12,255,000 | Corporate Securities | Automotive | United States | 4.50% | B2 | 04-May-2028 | 0.25 |
| MSCI | 0.14% | -0.00 | $12,233,654.35 | 11,540,000 | Corporate Securities | Services | United States | 4.00% | Ba1 | 15-Nov-2029 | 3.12 |
| Embarq | 0.14% | -0.01 | $12,200,899.45 | 10,735,000 | Corporate Securities | Other Telecommunications | United States | 8.00% | Ba2 | 01-Jun-2036 | 8.99 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.14% | -0.00 | $12,177,735.86 | 10,935,000 | Corporate Securities | Energy | United States | 7.50% | B1 | 01-Oct-2025 | 2.03 |
| Clarivate Science Holdings | 0.14% | N/A | $12,177,252.93 | 11,855,000 | Corporate Securities | Services | United States | 4.88% | Caa1 | 30-Jun-2029 | 4.39 |
| PennyMac Financial Services | 0.14% | -0.00 | $12,173,099.48 | 12,435,000 | Corporate Securities | Financial | United States | 4.25% | B1 | 15-Feb-2029 | 6.30 |
| Tenneco | 0.14% | -0.00 | $12,152,270.45 | 10,365,000 | Corporate Securities | Automotive | United States | 7.88% | Ba3 | 15-Jan-2029 | 2.22 |
| PG&E | 0.14% | -0.01 | $12,137,812.50 | 11,770,000 | Corporate Securities | Utilities | United States | 5.00% | B1 | 01-Jul-2028 | 4.37 |
| T-Mobile USA | 0.14% | 0.00 | $12,098,462.49 | 12,040,000 | Corporate Securities | Wireless Communications | United States | 2.88% | Ba3 | 15-Feb-2031 | 8.22 |
| Post Holdings | 0.14% | -0.00 | $12,073,351.40 | 11,105,000 | Corporate Securities | Food/Tobacco | United States | 5.63% | B2 | 15-Jan-2028 | 1.32 |
| Sirius XM Radio | 0.14% | 0.00 | $12,051,403.13 | 11,665,000 | Corporate Securities | Broadcasting | United States | 4.13% | Ba3 | 01-Jul-2030 | 6.03 |
| Sabre GLBL | 0.14% | -0.00 | $11,925,616.06 | 11,866,285 | Corporate Securities | Services | United States | 4.75% | Ba3 | 17-Dec-2027 | 0.25 |
| Altice France SA/France | 0.14% | -0.00 | $11,908,975.89 | 11,675,000 | Corporate Securities | Cable Operators | France | 5.13% | B2 | 15-Jan-2029 | 3.68 |
| New Albertsons | 0.14% | -0.00 | $11,880,497.54 | 9,945,000 | Corporate Securities | Supermarkets | United States | 7.45% | NR | 01-Aug-2029 | 6.06 |
| Pike | 0.14% | 0.00 | $11,873,382.07 | 11,220,000 | Corporate Securities | Utilities | United States | 5.50% | B3 | 01-Sep-2028 | 3.63 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets | 0.14% | -0.00 | $11,798,648.44 | 10,695,000 | Corporate Securities | Airlines | United States | 6.50% | Baa3 | 20-Jun-2027 | 3.18 |
| Realogy Group LLC / Realogy Co-Issuer | 0.14% | -0.01 | $11,797,751.15 | 10,410,000 | Corporate Securities | Building & Real Estate | United States | 9.38% | B3 | 01-Apr-2027 | 0.71 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital | 0.14% | -0.00 | $11,748,915.12 | 10,965,000 | Corporate Securities | Gaming | United States | 5.13% | B1 | 01-Oct-2029 | 6.48 |
| Madison IAQ | 0.14% | N/A | $11,744,250.90 | 11,615,000 | Corporate Securities | Manufacturing | United States | 4.13% | B1 | 30-Jun-2028 | 4.47 |
| Bellring Brands | 0.14% | -0.01 | $11,742,878.84 | 11,671,334 | Corporate Securities | Food/Tobacco | United States | 4.75% | B2 | 21-Oct-2024 | 0.25 |
| Sabre GLBL | 0.14% | -0.01 | $11,659,176.51 | 9,680,000 | Corporate Securities | Services | United States | 9.25% | Ba3 | 15-Apr-2025 | 3.15 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.14% | 0.00 | $11,623,822.01 | 11,175,000 | Corporate Securities | Energy | United States | 6.00% | B1 | 31-Dec-2030 | 6.01 |
| Specialty Building Products Holdings LLC / SBP Finance | 0.14% | 0.00 | $11,603,245.87 | 10,935,000 | Corporate Securities | Building Products | United States | 6.38% | B3 | 30-Sep-2026 | 2.04 |
| Bath & Body Works | 0.14% | N/A | $11,595,246.72 | 9,820,000 | Corporate Securities | Retail | United States | 7.50% | Ba3 | 15-Jun-2029 | 2.68 |
| Marriott Ownership Resorts | 0.14% | -0.00 | $11,591,594.74 | 10,830,000 | Corporate Securities | Lodging | United States | 6.13% | Ba1 | 15-Sep-2025 | 0.84 |
| Dcp Midstream Operating | 0.14% | 0.00 | $11,582,958.05 | 8,515,000 | Corporate Securities | Energy | United States | 8.13% | Ba1 | 16-Aug-2030 | 6.71 |
| DISH DBS | 0.14% | N/A | $11,571,346.83 | 11,670,000 | Corporate Securities | Cable Operators | United States | 5.13% | B2 | 01-Jun-2029 | 6.38 |
| Molina Healthcare | 0.14% | -0.00 | $11,561,647.13 | 11,070,000 | Corporate Securities | Healthcare | United States | 4.38% | Ba3 | 15-Jun-2028 | 1.85 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.14% | 0.00 | $11,532,460.13 | 9,970,000 | Corporate Securities | Energy | United States | 6.88% | Ba2 | 15-Jan-2029 | 2.28 |
| Legacy LifePoint Health | 0.13% | -0.01 | $11,456,096.72 | 10,640,000 | Corporate Securities | Healthcare | United States | 6.75% | B1 | 15-Apr-2025 | 0.75 |
| Acrisure LLC / Acrisure Finance | 0.13% | -0.00 | $11,448,211.62 | 11,410,000 | Corporate Securities | Financial | United States | 4.25% | B2 | 15-Feb-2029 | 6.33 |
| CSC Holdings | 0.13% | N/A | $11,442,884.18 | 11,325,000 | Corporate Securities | Cable Operators | United States | 5.00% | B3 | 15-Nov-2031 | 6.73 |
| Madison IAQ | 0.13% | N/A | $11,373,227.93 | 11,160,000 | Corporate Securities | Manufacturing | United States | 5.88% | Caa1 | 30-Jun-2029 | 4.27 |
| Methanex | 0.13% | 0.00 | $11,292,203.02 | 10,819,000 | Corporate Securities | Chemicals | Canada | 5.65% | Ba1 | 01-Dec-2044 | 12.96 |
| Sirius XM Radio | 0.13% | -0.00 | $11,291,066.72 | 10,570,000 | Corporate Securities | Broadcasting | United States | 5.00% | Ba3 | 01-Aug-2027 | 1.02 |
| WASH Multifamily Acquisition | 0.13% | N/A | $11,267,191.84 | 10,665,000 | Corporate Securities | Services | United States | 5.75% | B3 | 15-Apr-2026 | 3.34 |
| Yum Brands | 0.13% | -0.01 | $11,239,240.47 | 10,155,000 | Corporate Securities | Restaurants | United States | 7.75% | Ba3 | 01-Apr-2025 | 0.72 |
| HCA | 0.13% | 0.00 | $11,061,958.43 | 8,980,000 | Corporate Securities | Healthcare | United States | 5.88% | Baa3 | 01-Feb-2029 | 5.82 |
| Dcp Midstream | 0.13% | 0.01 | $11,048,062.35 | 11,294,000 | Corporate Securities | Energy | United States | 7.38% | Ba3 | 15-Jun-2170 | 1.33 |
| MGM China Holdings | 0.13% | -0.00 | $11,039,011.64 | 10,685,000 | Corporate Securities | Gaming | Macau | 4.75% | Ba3 | 01-Feb-2027 | 4.04 |
| International Game Technology | 0.13% | 0.00 | $11,036,856.35 | 10,075,000 | Corporate Securities | Gaming | Italy | 5.25% | Ba3 | 15-Jan-2029 | 2.31 |
| Caesars Resort Collection LLC / CRC Finco | 0.13% | -0.00 | $11,034,156.25 | 10,205,000 | Corporate Securities | Gaming | United States | 5.75% | B1 | 01-Jul-2025 | 0.96 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance | 0.13% | -0.00 | $11,031,334.64 | 10,460,000 | Corporate Securities | Lodging | United States | 4.88% | Ba2 | 01-Apr-2027 | 0.72 |
| Constellium | 0.13% | 0.00 | $11,024,240.57 | 10,990,000 | Corporate Securities | Metals & Mining | United States | 3.75% | B2 | 15-Apr-2029 | 6.60 |
| Select Medical | 0.13% | -0.00 | $11,002,746.13 | 10,155,000 | Corporate Securities | Healthcare | United States | 6.25% | B3 | 15-Aug-2026 | 1.05 |
| Cinemark USA | 0.13% | N/A | $10,982,581.19 | 10,730,000 | Corporate Securities | Entertainment & Leisure | United States | 5.25% | Caa1 | 15-Jul-2028 | 4.38 |
| USA Compression Partners LP / USA Compression Finance | 0.13% | -0.00 | $10,965,313.87 | 10,300,000 | Corporate Securities | Energy | United States | 6.88% | B3 | 01-Apr-2026 | 0.71 |
| Prairie Eci Acquiror | 0.13% | -0.00 | $10,940,274.36 | 11,254,500 | Corporate Securities | Energy | United States | 4.85% | B3 | 11-Mar-2026 | 0.25 |
| American Electric Power | 0.13% | 0.00 | $10,930,194.58 | 213,751 | Utilities | Electric Utilities | United States | 6.13% | NR | 15-Aug-2023 | 1.96 |
| Nustar Logistics | 0.13% | -0.00 | $10,762,112.23 | 9,790,000 | Corporate Securities | Energy | United States | 5.75% | Ba3 | 01-Oct-2025 | 3.53 |
| LSF9 Atlantis Holdings LLC / Victra Finance | 0.13% | 0.03 | $10,747,882.17 | 10,120,000 | Corporate Securities | Retail | United States | 7.75% | B2 | 15-Feb-2026 | 3.04 |
| Ford Motor | 0.13% | -0.01 | $10,743,992.15 | 9,485,000 | Corporate Securities | Automotive | United States | 8.50% | Ba2 | 21-Apr-2023 | 1.67 |
| Diamond Sports Group Llc / Diamond Sports Finance | 0.13% | -0.01 | $10,727,722.81 | 20,835,000 | Corporate Securities | Broadcasting | United States | 6.63% | Caa2 | 15-Aug-2027 | 3.95 |
| Stonepeak Lonestar Holdings | 0.13% | -0.01 | $10,710,912.62 | 10,688,040 | Corporate Securities | Energy | United States | 4.69% | B1 | 19-Oct-2026 | 0.25 |
| CHS/Community Health Systems | 0.13% | 0.00 | $10,676,781.99 | 9,900,000 | Corporate Securities | Healthcare | United States | 6.88% | Caa2 | 15-Apr-2029 | 3.95 |
| Occidental Petroleum | 0.12% | 0.01 | $10,579,835.02 | 9,005,000 | Corporate Securities | Energy | United States | 6.38% | Ba2 | 01-Sep-2028 | 5.42 |
| Park Intermediate Holdings LLC / PK domestic Property LLC / PK Finance Co-Issuer | 0.12% | N/A | $10,542,112.11 | 10,160,000 | Corporate Securities | Lodging | United States | 4.88% | B1 | 15-May-2029 | 4.28 |
| Scientific Games International | 0.12% | 0.00 | $10,516,275.00 | 9,240,000 | Corporate Securities | Gaming | United States | 8.63% | Caa2 | 01-Jul-2025 | 0.95 |
| Occidental Petroleum | 0.12% | 0.01 | $10,451,583.28 | 8,685,000 | Corporate Securities | Energy | United States | 6.13% | Ba2 | 01-Jan-2031 | 7.09 |
| Kraft Heinz Foods | 0.12% | 0.00 | $10,381,199.02 | 6,935,000 | Corporate Securities | Food/Tobacco | United States | 7.13% | Baa3 | 01-Aug-2039 | 11.40 |
| Pactiv | 0.12% | -0.00 | $10,336,834.75 | 9,160,000 | Corporate Securities | Container | United States | 7.95% | Caa1 | 15-Dec-2025 | 3.77 |
| Nexstar Media | 0.12% | N/A | $10,296,790.86 | 9,945,000 | Corporate Securities | Broadcasting | United States | 4.75% | B2 | 01-Nov-2028 | 3.85 |
| Viasat | 0.12% | -0.00 | $10,286,666.24 | 9,745,000 | Corporate Securities | Satellites | United States | 5.63% | Ba3 | 15-Apr-2027 | 0.75 |
| Mercer International | 0.12% | -0.00 | $10,261,975.26 | 9,755,000 | Corporate Securities | Forest Products | United States | 5.13% | Ba3 | 01-Feb-2029 | 3.97 |
| Go Daddy Operating Co LLC / GD Finance | 0.12% | -0.01 | $10,247,827.87 | 9,720,000 | Corporate Securities | Information Technology | United States | 5.25% | Ba3 | 01-Dec-2027 | 0.88 |
| SLM | 0.12% | -0.00 | $10,162,135.08 | 9,390,000 | Corporate Securities | Financial | United States | 4.20% | Ba1 | 29-Oct-2025 | 3.86 |
| Banff Merger Sub | 0.12% | -0.00 | $10,135,357.34 | 9,300,000 | Corporate Securities | Information Technology | United States | 9.75% | Caa2 | 01-Sep-2026 | 0.15 |
| Wynn Macau | 0.12% | -0.00 | $9,968,687.46 | 9,430,000 | Corporate Securities | Gaming | Macau | 5.50% | B1 | 01-Oct-2027 | 1.18 |
| Post Holdings | 0.12% | -0.00 | $9,944,692.19 | 9,335,000 | Corporate Securities | Food/Tobacco | United States | 5.75% | B2 | 01-Mar-2027 | 0.63 |
| Comstock Resources | 0.12% | 0.00 | $9,926,944.16 | 9,155,000 | Corporate Securities | Energy | United States | 6.75% | B3 | 01-Mar-2029 | 2.37 |
| LifePoint Health | 0.12% | -0.00 | $9,924,832.11 | 9,953,498 | Corporate Securities | Healthcare | United States | 3.85% | B1 | 16-Nov-2025 | 0.25 |
| Studio City Finance | 0.12% | -0.00 | $9,918,218.98 | 9,590,000 | Corporate Securities | Gaming | Macau | 5.00% | B1 | 15-Jan-2029 | 3.92 |
| MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer | 0.12% | 0.00 | $9,885,535.15 | 8,690,000 | Corporate Securities | Gaming | United States | 5.75% | B1 | 01-Feb-2027 | 4.52 |
| United Airlines | 0.12% | N/A | $9,834,168.44 | 9,420,000 | Corporate Securities | Airlines | United States | 4.63% | Ba1 | 15-Apr-2029 | 6.10 |
| Compass Minerals International | 0.11% | -0.00 | $9,820,878.70 | 9,110,000 | Corporate Securities | Chemicals | United States | 6.75% | B1 | 01-Dec-2027 | 1.33 |
| Presidio Holdings | 0.11% | -0.00 | $9,777,364.58 | 9,310,000 | Corporate Securities | Services | United States | 4.88% | B1 | 01-Feb-2027 | 3.20 |
| Scientific Games International | 0.11% | 0.01 | $9,751,062.90 | 8,559,000 | Corporate Securities | Gaming | United States | 7.25% | Caa2 | 15-Nov-2029 | 2.98 |
| Liberty Broadband | 0.11% | 0.01 | $9,707,594.00 | 55,900 | Communication Services | Media | United States | N/A | N/A | N/A | N/A |
| United Airlines | 0.11% | N/A | $9,662,728.04 | 9,546,075 | Corporate Securities | Airlines | United States | 4.50% | Ba1 | 21-Apr-2028 | 0.25 |
| Sabre GLBL | 0.11% | -0.00 | $9,640,873.64 | 8,680,000 | Corporate Securities | Services | United States | 7.38% | Ba3 | 01-Sep-2025 | 1.09 |
| AAdvantage Loyalty IP | 0.11% | N/A | $9,578,891.25 | 9,195,000 | Corporate Securities | Airlines | United States | 5.50% | Ba2 | 20-Apr-2028 | 0.25 |
| Cheniere Energy | 0.11% | 0.00 | $9,572,669.19 | 11,131,000 | Energy | Oil, Gas & Consumable Fuels | United States | 4.25% | NR | 15-Mar-2045 | 0.19 |
| Park Intermediate Holdings LLC / PK domestic Property LLC / PK Finance Co-Issuer | 0.11% | -0.00 | $9,451,616.04 | 8,775,000 | Corporate Securities | Lodging | United States | 5.88% | B1 | 01-Oct-2028 | 2.06 |
| Howard Hughes | 0.11% | -0.04 | $9,304,469.67 | 9,185,000 | Corporate Securities | Building & Real Estate | United States | 4.38% | Ba3 | 01-Feb-2031 | 7.61 |
| New Gold | 0.11% | 0.00 | $9,220,791.19 | 8,245,000 | Corporate Securities | Metals & Mining | Canada | 7.50% | B3 | 15-Jul-2027 | 1.82 |
| Solaris Midstream Holdings | 0.11% | 0.00 | $9,139,131.25 | 8,490,000 | Corporate Securities | Energy | United States | 7.63% | B3 | 01-Apr-2026 | 3.18 |
| Alliant Services | 0.11% | N/A | $9,127,300.00 | 9,100 | Financials | Insurance | United States | 9.75% | N/A | 02-Jan-2024 | 5.97 |
| Advantage Sales & Marketing | 0.11% | -0.00 | $9,123,127.99 | 8,580,000 | Corporate Securities | Services | United States | 6.50% | B2 | 15-Nov-2028 | 3.76 |
| Clear Channel Worldwide Holdings | 0.11% | -0.09 | $9,115,348.75 | 8,750,000 | Corporate Securities | Broadcasting | United States | 5.13% | B1 | 15-Aug-2027 | 2.80 |
| DISH Network | 0.11% | 0.00 | $9,056,662.53 | 8,735,000 | Communication Services | Media | United States | 3.38% | B1 | 15-Aug-2026 | 4.61 |
| LogMeIn | 0.11% | -0.00 | $9,031,652.85 | 8,565,000 | Corporate Securities | Information Technology | United States | 5.50% | B2 | 01-Sep-2027 | 3.63 |
| Summit Materials LLC / Summit Materials Finance | 0.10% | 0.00 | $8,918,778.21 | 8,245,000 | Corporate Securities | Building Products | United States | 5.25% | B1 | 15-Jan-2029 | 1.88 |
| Brookfield WEC Holdings | 0.10% | -0.02 | $8,873,066.49 | 8,965,229 | Corporate Securities | Utilities | United States | 3.25% | B2 | 01-Aug-2025 | 0.25 |
| Apex Tool Group LLC / BC Mountain Finance | 0.10% | 0.00 | $8,820,950.09 | 8,490,000 | Corporate Securities | Manufacturing | United States | 9.00% | Caa3 | 15-Feb-2023 | 0.07 |
| PennyMac Financial Services | 0.10% | -0.00 | $8,781,735.54 | 8,255,000 | Corporate Securities | Financial | United States | 5.38% | B1 | 15-Oct-2025 | 1.22 |
| Bombardier | 0.10% | N/A | $8,779,409.70 | 8,385,000 | Corporate Securities | Aerospace & Defense | Canada | 7.50% | Caa2 | 15-Mar-2025 | 0.07 |
| Mattel | 0.10% | 0.00 | $8,736,588.34 | 7,015,000 | Corporate Securities | Consumer Products | United States | 6.20% | B1 | 01-Oct-2040 | 11.92 |
| Freeport-McMoRan | 0.10% | -0.00 | $8,662,464.33 | 7,735,000 | Corporate Securities | Metals & Mining | United States | 5.25% | Ba1 | 01-Sep-2029 | 2.88 |
| Mauser Packaging Solutions Holding | 0.10% | -0.31 | $8,658,698.77 | 8,700,000 | Corporate Securities | Container | United States | 7.25% | Caa3 | 15-Apr-2025 | 3.19 |
| MGM China Holdings | 0.10% | -0.00 | $8,649,620.82 | 8,285,000 | Corporate Securities | Gaming | Macau | 5.25% | Ba3 | 18-Jun-2025 | 0.92 |
| WeWork | 0.10% | -0.10 | $8,644,984.54 | 8,190,000 | Corporate Securities | Services | United States | 7.88% | NR | 01-May-2025 | 3.24 |
| Mattel | 0.10% | -0.00 | $8,643,240.98 | 7,920,000 | Corporate Securities | Consumer Products | United States | 5.88% | Ba2 | 15-Dec-2027 | 1.39 |
| Viking Cruises | 0.10% | N/A | $8,630,323.70 | 8,055,000 | Corporate Securities | Entertainment & Leisure | United States | 7.00% | Caa2 | 15-Feb-2029 | 3.81 |
| Vail Resorts | 0.10% | -0.00 | $8,625,368.34 | 8,020,000 | Corporate Securities | Entertainment & Leisure | United States | 6.25% | B1 | 15-May-2025 | 0.84 |
| Hudbay Minerals | 0.10% | -0.00 | $8,621,562.50 | 8,460,000 | Corporate Securities | Metals & Mining | Peru | 4.50% | B3 | 01-Apr-2026 | 3.36 |
| Sigma Holdco BV | 0.10% | -0.08 | $8,580,554.86 | 8,310,000 | Corporate Securities | Food/Tobacco | Netherlands | 7.88% | Caa1 | 15-May-2026 | 1.69 |
| United Wholesale Mortgage | 0.10% | N/A | $8,572,514.00 | 8,485,000 | Corporate Securities | Financial | United States | 5.50% | Ba3 | 15-Apr-2029 | 4.10 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.10% | 0.00 | $8,462,123.91 | 8,060,000 | Corporate Securities | Energy | United States | 6.00% | B1 | 01-Mar-2027 | 3.20 |
| FirstEnergy | 0.10% | -0.00 | $8,429,509.18 | 6,145,000 | Corporate Securities | Utilities | United States | 7.38% | Ba1 | 15-Nov-2031 | 7.72 |
| Post Holdings | 0.10% | -0.10 | $8,398,782.42 | 8,315,000 | Corporate Securities | Food/Tobacco | United States | 4.50% | B2 | 15-Sep-2031 | 5.28 |
| Hawaiian Brand Intellectual Property Ltd / Hawaiianmiles Loyalty | 0.10% | 0.00 | $8,358,257.19 | 7,635,000 | Corporate Securities | Airlines | United States | 5.75% | Ba3 | 20-Jan-2026 | 3.12 |
| New Albertsons | 0.10% | -0.00 | $8,312,178.26 | 6,740,000 | Corporate Securities | Supermarkets | United States | 8.00% | NR | 01-May-2031 | 7.05 |
| USA Compression Partners LP / USA Compression Finance | 0.10% | 0.00 | $8,286,205.34 | 7,635,000 | Corporate Securities | Energy | United States | 6.88% | B3 | 01-Sep-2027 | 1.08 |
| Aethon United BR LP / Aethon United Finance | 0.10% | 0.00 | $8,206,053.21 | 7,350,000 | Corporate Securities | Energy | United States | 8.25% | B3 | 15-Feb-2026 | 1.46 |
| Park Intermediate Holdings LLC / PK domestic Property LLC / PK Finance Co-Issuer | 0.10% | -0.00 | $8,184,121.72 | 7,535,000 | Corporate Securities | Lodging | United States | 7.50% | B1 | 01-Jun-2025 | 0.88 |
| Hilcorp Energy I Lp / Hilcorp Finance | 0.10% | 0.00 | $8,137,041.88 | 7,490,000 | Corporate Securities | Energy | United States | 6.00% | Ba3 | 01-Feb-2031 | 5.94 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 0.10% | -0.01 | $8,119,852.25 | 7,630,000 | Corporate Securities | Financial | United States | 6.75% | NR | 15-Oct-2027 | 2.07 |
| Vtr Finance | 0.09% | -0.00 | $8,110,019.42 | 7,420,000 | Corporate Securities | Cable Operators | Chile | 6.38% | B1 | 15-Jul-2028 | 1.84 |
| Freeport-McMoRan | 0.09% | -0.00 | $8,058,252.17 | 7,520,000 | Corporate Securities | Metals & Mining | United States | 5.00% | Ba1 | 01-Sep-2027 | 1.11 |
| Gartner | 0.09% | N/A | $8,044,401.52 | 7,935,000 | Corporate Securities | Services | United States | 3.63% | Ba3 | 15-Jun-2029 | 4.49 |
| Methanex | 0.09% | 0.00 | $8,033,675.41 | 7,440,000 | Corporate Securities | Chemicals | Canada | 5.25% | Ba1 | 15-Dec-2029 | 6.67 |
| CoreLogic | 0.09% | N/A | $8,019,900.00 | 7,980,000 | Corporate Securities | Services | United States | 7.00% | Caa1 | 04-Jun-2029 | 0.25 |
| Univision Communications | 0.09% | -0.00 | $7,995,468.07 | 7,150,000 | Corporate Securities | Broadcasting | United States | 9.50% | B2 | 01-May-2025 | 0.79 |
| Mueller Water Products | 0.09% | N/A | $7,993,019.19 | 7,770,000 | Corporate Securities | Manufacturing | United States | 4.00% | Ba1 | 15-Jun-2029 | 4.45 |
| Dcp Midstream Operating | 0.09% | 0.00 | $7,969,918.91 | 6,865,000 | Corporate Securities | Energy | United States | 5.63% | Ba1 | 15-Jul-2027 | 4.88 |
| OneMain Finance | 0.09% | -0.00 | $7,963,886.07 | 7,160,000 | Corporate Securities | Financial | United States | 8.88% | Ba3 | 01-Jun-2025 | 0.88 |
| MGM China Holdings | 0.09% | -0.00 | $7,951,238.01 | 7,510,000 | Corporate Securities | Gaming | Macau | 5.88% | Ba3 | 15-May-2026 | 0.83 |
| Tenneco | 0.09% | -0.00 | $7,862,364.62 | 7,805,000 | Corporate Securities | Automotive | United States | 5.38% | Caa1 | 15-Dec-2024 | 1.37 |
| RP Escrow Issuer | 0.09% | -0.00 | $7,798,266.09 | 7,455,000 | Corporate Securities | Healthcare | United States | 5.25% | B3 | 15-Dec-2025 | 1.38 |
| CommScope | 0.09% | -0.00 | $7,743,950.34 | 7,065,000 | Corporate Securities | Information Technology | United States | 8.25% | B3 | 01-Mar-2027 | 0.62 |
| Uber Technologies | 0.09% | -0.00 | $7,743,459.44 | 7,115,000 | Corporate Securities | Information Technology | United States | 7.50% | B3 | 15-May-2025 | 0.83 |
| Trivium Packaging Finance BV | 0.09% | -0.00 | $7,730,186.74 | 7,220,000 | Corporate Securities | Container | Netherlands | 5.50% | B2 | 15-Aug-2026 | 1.05 |
| Renaissance Holdings | 0.09% | -0.00 | $7,710,702.39 | 7,718,421 | Corporate Securities | Services | United States | 7.09% | Caa2 | 29-May-2026 | 0.25 |
| Sempra Energy | 0.09% | -0.00 | $7,710,336.00 | 58,200 | Utilities | Multi-Utilities | United States | N/A | N/A | N/A | N/A |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.09% | 0.00 | $7,539,971.27 | 7,230,000 | Corporate Securities | Energy | United States | 5.50% | B1 | 15-Jan-2028 | 3.87 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA | 0.09% | -0.00 | $7,527,018.44 | 7,100,000 | Corporate Securities | Container | United States | 5.25% | B1 | 30-Apr-2025 | 0.80 |
| Avis Budget Car Rental LLC / Avis Budget Finance | 0.09% | -0.00 | $7,468,537.92 | 6,970,000 | Corporate Securities | Services | United States | 5.75% | B3 | 15-Jul-2027 | 0.97 |
| Arconic | 0.09% | -0.00 | $7,467,748.91 | 6,970,000 | Corporate Securities | Metals & Mining | United States | 6.00% | Ba1 | 15-May-2025 | 0.84 |
| White Cap Buyer | 0.09% | -0.00 | $7,340,353.83 | 6,800,000 | Corporate Securities | Services | United States | 6.88% | Caa1 | 15-Oct-2028 | 2.07 |
| Goodyear Tire & Rubber | 0.09% | -0.00 | $7,312,908.95 | 6,490,000 | Corporate Securities | Automotive | United States | 9.50% | B2 | 31-May-2025 | 0.87 |
| GrafTech Finance | 0.08% | -0.00 | $7,244,175.25 | 7,045,000 | Corporate Securities | Metals & Mining | United States | 4.63% | Ba3 | 15-Dec-2028 | 3.98 |
| Boxer Parent | 0.08% | -0.00 | $7,232,779.09 | 6,680,000 | Corporate Securities | Information Technology | United States | 9.13% | Caa2 | 01-Mar-2026 | 0.15 |
| Clarios Global | 0.08% | -0.01 | $7,232,524.07 | 7,305,580 | Corporate Securities | Automotive | United States | 3.34% | B1 | 30-Apr-2026 | 0.25 |
| Hilcorp Energy I Lp / Hilcorp Finance | 0.08% | 0.00 | $7,105,470.68 | 6,670,000 | Corporate Securities | Energy | United States | 5.75% | Ba3 | 01-Feb-2029 | 4.63 |
| Cleveland-Cliffs | 0.08% | -0.00 | $7,086,354.52 | 5,960,000 | Corporate Securities | Metals & Mining | United States | 9.88% | Ba2 | 17-Oct-2025 | 1.21 |
| International Game Technology | 0.08% | -0.00 | $7,075,260.21 | 6,700,000 | Corporate Securities | Gaming | Italy | 4.13% | Ba3 | 15-Apr-2026 | 1.69 |
| Melco Resorts Finance | 0.08% | -0.00 | $6,988,553.28 | 6,580,000 | Corporate Securities | Gaming | Macau | 5.38% | Ba2 | 04-Dec-2029 | 3.09 |
| OneMain Finance | 0.08% | -0.00 | $6,957,086.01 | 6,358,000 | Corporate Securities | Financial | United States | 6.13% | Ba3 | 15-Mar-2024 | 2.03 |
| OneMain Finance | 0.08% | 0.00 | $6,887,448.10 | 5,820,000 | Corporate Securities | Financial | United States | 7.13% | Ba3 | 15-Mar-2026 | 3.99 |
| Range Resources | 0.08% | 0.00 | $6,851,246.22 | 5,870,000 | Corporate Securities | Energy | United States | 8.25% | B2 | 15-Jan-2029 | 2.22 |
| Asurion | 0.08% | -0.00 | $6,809,207.72 | 6,847,692 | Corporate Securities | Wireless Communications | United States | 3.10% | Ba3 | 03-Nov-2023 | 0.25 |
| OneMain Finance | 0.08% | 0.00 | $6,779,751.68 | 5,755,000 | Corporate Securities | Financial | United States | 6.63% | Ba3 | 15-Jan-2028 | 4.91 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.08% | -0.00 | $6,768,250.82 | 6,310,000 | Corporate Securities | Healthcare | Israel | 6.00% | Ba2 | 15-Apr-2024 | 2.32 |
| Booz Allen Hamilton | 0.08% | N/A | $6,762,489.74 | 6,620,000 | Corporate Securities | Services | United States | 4.00% | Ba2 | 01-Jul-2029 | 4.49 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.08% | -0.00 | $6,756,816.30 | 6,060,000 | Corporate Securities | Energy | United States | 6.50% | Ba2 | 15-Jul-2027 | 0.97 |
| Transocean Pontus | 0.08% | 0.00 | $6,627,370.04 | 6,416,250 | Corporate Securities | Energy | United States | 6.13% | Caa1 | 01-Aug-2025 | 2.36 |
| Veritas US Inc / Veritas Bermuda | 0.08% | -0.00 | $6,596,833.29 | 6,195,000 | Corporate Securities | Information Technology | United States | 7.50% | B2 | 01-Sep-2025 | 0.15 |
| Taylor Morrison Communities | 0.08% | 0.00 | $6,581,842.54 | 5,970,000 | Corporate Securities | Building & Real Estate | United States | 5.13% | Ba3 | 01-Aug-2030 | 6.84 |
| Dana | 0.08% | N/A | $6,511,411.89 | 6,295,000 | Corporate Securities | Automotive | United States | 4.25% | B2 | 01-Sep-2030 | 6.59 |
| GFL Environmental | 0.07% | -0.00 | $6,379,280.01 | 6,378,387 | Corporate Securities | Services | Canada | 3.50% | Ba3 | 30-May-2025 | 0.25 |
| Ziggo Bond Co BV | 0.07% | -0.00 | $6,364,670.60 | 6,055,000 | Corporate Securities | Cable Operators | Netherlands | 5.13% | B3 | 28-Feb-2030 | 5.45 |
| Mauser Packaging Solutions Holding | 0.07% | -0.00 | $6,354,145.97 | 6,035,000 | Corporate Securities | Container | United States | 8.50% | B3 | 15-Apr-2024 | 0.73 |
| Radiology Partners | 0.07% | 0.00 | $6,306,835.12 | 5,528,000 | Corporate Securities | Healthcare | United States | 9.25% | Caa3 | 01-Feb-2028 | 1.42 |
| Teva Pharmaceutical Finance | 0.07% | 0.00 | $6,299,937.01 | 5,610,000 | Corporate Securities | Drugs | Israel | 6.15% | Ba2 | 01-Feb-2036 | 9.61 |
| Nielsen Finance Llc / Nielsen Finance | 0.07% | N/A | $6,234,511.54 | 6,215,000 | Corporate Securities | Broadcasting | United States | 4.75% | B2 | 15-Jul-2031 | 6.58 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub | 0.07% | -0.00 | $6,219,128.25 | 5,915,000 | Corporate Securities | Services | United States | 4.63% | Ba3 | 01-Nov-2026 | 1.27 |
| Rlj Lodging Trust | 0.07% | N/A | $6,209,975.25 | 6,155,000 | Corporate Securities | Lodging | United States | 3.75% | Ba3 | 01-Jul-2026 | 3.67 |
| Gartner | 0.07% | 0.00 | $6,192,025.00 | 5,740,000 | Corporate Securities | Services | United States | 4.50% | Ba3 | 01-Jul-2028 | 1.90 |
| Cheniere Energy Partners | 0.07% | -0.00 | $6,187,993.09 | 5,885,000 | Corporate Securities | Energy | United States | 5.63% | Ba2 | 01-Oct-2026 | 0.24 |
| Viking Cruises | 0.07% | -0.00 | $6,154,126.36 | 5,170,000 | Corporate Securities | Entertainment & Leisure | United States | 13.00% | B2 | 15-May-2025 | 0.82 |
| MGIC Investment | 0.07% | 0.00 | $6,142,046.27 | 5,715,000 | Corporate Securities | Financial | United States | 5.25% | Ba1 | 15-Aug-2028 | 1.96 |
| Scientific Games International | 0.07% | -0.00 | $6,129,100.82 | 5,590,000 | Corporate Securities | Gaming | United States | 7.00% | Caa2 | 15-May-2028 | 1.73 |
| NCL Finance | 0.07% | 0.00 | $6,127,450.00 | 5,740,000 | Corporate Securities | Entertainment & Leisure | United States | 6.13% | Caa1 | 15-Mar-2028 | 5.21 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.07% | -0.00 | $6,108,659.35 | 5,917,000 | Corporate Securities | Energy | United States | 5.50% | B1 | 15-Sep-2024 | 0.19 |
| Outfront Media Capital LLC / Outfront Media Capital | 0.07% | -0.00 | $6,052,260.11 | 5,695,000 | Corporate Securities | Broadcasting | United States | 6.25% | B2 | 15-Jun-2025 | 0.91 |
| Commonwealth of Puerto Rico | 0.07% | N/A | $6,026,000.00 | 6,550,000 | Tax-Free Gen. Obligations | General Obligations - State | United States | 5.25% | Ca | 01-Jul-2025 | N/A |
| LCPR Senior Secured Financing DAC | 0.07% | N/A | $6,018,281.41 | 5,530,000 | Corporate Securities | Cable Operators | United States | 6.75% | B1 | 15-Oct-2027 | 1.21 |
| Scripps Escrow II | 0.07% | -0.03 | $6,011,861.22 | 5,875,000 | Corporate Securities | Broadcasting | United States | 5.38% | Caa1 | 15-Jan-2031 | 5.96 |
| Avis Budget Car Rental LLC / Avis Budget Finance | 0.07% | -0.00 | $6,005,904.59 | 5,605,000 | Corporate Securities | Services | United States | 5.75% | B3 | 15-Jul-2027 | 0.97 |
| iHeartCommunications | 0.07% | -0.00 | $5,918,454.24 | 5,428,949 | Corporate Securities | Broadcasting | United States | 6.38% | B1 | 01-May-2026 | 0.78 |
| CrownRock LP / CrownRock Finance | 0.07% | -0.00 | $5,877,973.01 | 5,615,000 | Corporate Securities | Energy | United States | 5.63% | B2 | 15-Oct-2025 | 0.27 |
| Picasso Finance Sub | 0.07% | -0.01 | $5,861,721.91 | 5,529,000 | Corporate Securities | Services | United States | 6.13% | B3 | 15-Jun-2025 | 0.91 |
| Colfax | 0.07% | -0.02 | $5,834,963.10 | 5,408,000 | Corporate Securities | Manufacturing | United States | 6.38% | Ba2 | 15-Feb-2026 | 0.59 |
| DISH DBS | 0.07% | -0.00 | $5,819,874.58 | 5,395,000 | Corporate Securities | Cable Operators | United States | 5.88% | B2 | 15-Nov-2024 | 3.03 |
| Virgin Media Finance | 0.06% | -0.00 | $5,529,673.34 | 5,405,000 | Corporate Securities | Cable Operators | United Kingdom | 5.00% | B2 | 15-Jul-2030 | 5.74 |
| Occidental Petroleum | 0.06% | N/A | $5,460,817.54 | 4,300,000 | Corporate Securities | Energy | United States | 7.50% | Ba2 | 01-May-2031 | 7.23 |
| Chobani Llc / Chobani Finance | 0.06% | -0.00 | $5,411,414.32 | 5,205,000 | Corporate Securities | Food/Tobacco | United States | 4.63% | B1 | 15-Nov-2028 | 3.91 |
| HCA | 0.06% | 0.00 | $5,380,307.00 | 4,470,000 | Corporate Securities | Healthcare | United States | 5.63% | Baa3 | 01-Sep-2028 | 5.58 |
| ADMI | 0.06% | N/A | $5,300,070.30 | 5,310,000 | Corporate Securities | Healthcare | United States | 4.25% | B2 | 23-Dec-2027 | 0.25 |
| Ambience Merger Sub | 0.06% | N/A | $5,206,550.00 | 5,155,000 | Corporate Securities | Retail | United States | 7.13% | Caa1 | 15-Jul-2029 | 4.16 |
| Kraton Polymers LLC / Kraton Polymers Capital | 0.06% | -0.00 | $5,148,432.87 | 4,210,000 | Corporate Securities | Chemicals | United States | 5.25% | B2 | 15-May-2026 | 0.07 |
| TI Automotive Finance | 0.06% | N/A | $5,120,886.11 | 4,260,000 | Corporate Securities | Automotive | United States | 3.75% | B3 | 15-Apr-2029 | 4.25 |
| Proofpoint | 0.06% | N/A | $5,109,318.75 | 5,065,000 | Corporate Securities | Information Technology | United States | 6.75% | NR | 27-May-2029 | 0.25 |
| Angi | 0.06% | -0.00 | $4,958,633.49 | 4,930,000 | Corporate Securities | Information Technology | United States | 3.88% | Ba3 | 15-Aug-2028 | 6.07 |
| Transocean Proteus | 0.06% | -0.00 | $4,954,004.64 | 4,892,250 | Corporate Securities | Energy | United States | 6.25% | NR | 01-Dec-2024 | 2.21 |
| Navient | 0.06% | -0.00 | $4,890,907.58 | 4,370,000 | Corporate Securities | Financial | United States | 6.75% | Ba3 | 15-Jun-2026 | 4.22 |
| Six Flags theme Parks | 0.06% | -0.00 | $4,889,500.00 | 4,400,000 | Corporate Securities | Entertainment & Leisure | United States | 7.00% | Ba2 | 01-Jul-2025 | 0.96 |
| Occidental Petroleum | 0.06% | N/A | $4,840,398.98 | 3,725,000 | Corporate Securities | Energy | United States | 7.88% | Ba2 | 15-Sep-2031 | 7.31 |
| Bausch Health | 0.06% | -0.38 | $4,822,202.15 | 4,485,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 15-Dec-2025 | 0.44 |
| JetBlue Airways | 0.06% | N/A | $4,808,172.71 | 4,715,050 | Corporate Securities | Airlines | United States | 6.25% | Ba2 | 17-Jun-2024 | 0.25 |
| Weekley Homes LLC / Weekley Finance | 0.06% | -0.00 | $4,778,674.26 | 4,565,000 | Corporate Securities | Building & Real Estate | United States | 4.88% | Ba3 | 15-Sep-2028 | 4.50 |
| Hilton domestic Operating | 0.06% | -0.00 | $4,717,715.63 | 4,340,000 | Corporate Securities | Lodging | United States | 5.75% | Ba2 | 01-May-2028 | 1.72 |
| Affinity Gaming | 0.06% | -0.00 | $4,699,795.08 | 4,400,000 | Corporate Securities | Gaming | United States | 6.88% | B3 | 15-Dec-2027 | 3.77 |
| Nielsen Finance Llc / Nielsen Finance | 0.05% | N/A | $4,585,983.24 | 4,550,000 | Corporate Securities | Broadcasting | United States | 4.50% | B2 | 15-Jul-2029 | 4.44 |
| Mattel | 0.05% | 0.00 | $4,493,285.54 | 3,902,000 | Corporate Securities | Consumer Products | United States | 5.45% | B1 | 01-Nov-2041 | 12.57 |
| EQT | 0.05% | 0.00 | $4,470,437.93 | 3,900,000 | Corporate Securities | Energy | United States | 5.00% | Ba2 | 15-Jan-2029 | 5.81 |
| Realogy Group LLC / Realogy Co-Issuer | 0.05% | -0.00 | $4,451,283.33 | 4,090,000 | Corporate Securities | Building & Real Estate | United States | 7.63% | B1 | 15-Jun-2025 | 0.91 |
| 1011778 BC ULC / New Red Finance | 0.05% | -0.00 | $4,449,523.50 | 4,160,000 | Corporate Securities | Restaurants | Canada | 5.75% | Ba2 | 15-Apr-2025 | 0.76 |
| Boxer Parent | 0.05% | -0.00 | $4,316,162.56 | 3,380,000 | Corporate Securities | Information Technology | United States | 6.50% | B2 | 02-Oct-2025 | 0.86 |
| Delta Air Lines Inc / SkyMiles IP | 0.05% | -0.00 | $4,236,903.49 | 3,895,000 | Corporate Securities | Airlines | United States | 4.50% | Baa1 | 20-Oct-2025 | 2.72 |
| Boxer Parent | 0.05% | -0.00 | $4,225,773.41 | 3,885,000 | Corporate Securities | Information Technology | United States | 7.13% | B2 | 02-Oct-2025 | 0.86 |
| Epicor Software | 0.05% | -0.00 | $4,218,325.44 | 4,088,000 | Corporate Securities | Information Technology | United States | 8.75% | Caa2 | 31-Jul-2028 | 0.25 |
| Transocean Phoenix 2 | 0.05% | N/A | $4,186,006.18 | 4,000,700 | Corporate Securities | Energy | United States | 7.75% | NR | 15-Oct-2024 | 0.27 |
| Commonwealth of Puerto Rico | 0.05% | 0.00 | $4,176,525.00 | 4,660,000 | Tax-Free Gen. Obligations | General Obligations - State | United States | 5.50% | Ca | 01-Jul-2031 | N/A |
| IPD 3 BV | 0.05% | -0.00 | $4,153,065.36 | 3,355,000 | Corporate Securities | Services | Netherlands | 5.50% | B3 | 01-Dec-2025 | 1.31 |
| Rent-A-Center Inc/TX | 0.05% | 0.00 | $4,149,474.47 | 3,790,000 | Corporate Securities | Retail | United States | 6.38% | B2 | 15-Feb-2029 | 2.35 |
| Outfront Media Capital LLC / Outfront Media Capital | 0.05% | 0.00 | $4,035,089.29 | 3,940,000 | Corporate Securities | Broadcasting | United States | 4.25% | B2 | 15-Jan-2029 | 4.00 |
| Diamond Sports Group Llc / Diamond Sports Finance | 0.05% | -0.02 | $3,976,114.04 | 5,955,000 | Corporate Securities | Broadcasting | United States | 5.38% | B2 | 15-Aug-2026 | 3.92 |
| Hilton domestic Operating | 0.05% | -0.00 | $3,974,979.13 | 3,745,000 | Corporate Securities | Lodging | United States | 5.38% | Ba2 | 01-May-2025 | 0.80 |
| Hillenbrand | 0.04% | 0.00 | $3,838,522.80 | 3,830,000 | Corporate Securities | Manufacturing | United States | 3.75% | Ba1 | 01-Mar-2031 | 7.93 |
| Navient | 0.04% | N/A | $3,812,921.01 | 3,567,000 | Corporate Securities | Financial | United States | 7.25% | Ba3 | 25-Jan-2022 | 0.02 |
| Pattern Energy Operations LP / Pattern Energy Operations | 0.04% | N/A | $3,688,662.36 | 3,515,000 | Corporate Securities | Utilities | United States | 4.50% | Ba3 | 15-Aug-2028 | 4.47 |
| Vistra Operations | 0.04% | N/A | $3,631,415.06 | 3,430,000 | Corporate Securities | Utilities | United States | 5.63% | Ba2 | 15-Feb-2027 | 0.59 |
| Alcoa Nederland Holding BV | 0.04% | 0.00 | $3,611,755.91 | 3,395,000 | Corporate Securities | Metals & Mining | United States | 7.00% | Ba1 | 30-Sep-2026 | 0.23 |
| SRS Distribution | 0.04% | N/A | $3,574,220.53 | 3,455,000 | Corporate Securities | Building Products | United States | 6.13% | Caa2 | 01-Jul-2029 | 4.25 |
| PetSmart Inc / PetSmart Finance | 0.04% | 0.00 | $3,513,359.07 | 3,320,000 | Corporate Securities | Retail | United States | 4.75% | B1 | 15-Feb-2028 | 4.05 |
| CP Atlas Buyer | 0.04% | -0.00 | $3,434,434.43 | 3,300,000 | Corporate Securities | Building Products | United States | 7.00% | Caa2 | 01-Dec-2028 | 3.74 |
| TransDigm | 0.04% | -0.00 | $3,365,858.69 | 3,100,000 | Corporate Securities | Aerospace & Defense | United States | 7.50% | B3 | 15-Mar-2027 | 0.66 |
| Pactiv | 0.04% | -0.00 | $3,275,172.80 | 2,805,000 | Corporate Securities | Container | United States | 8.38% | Caa1 | 15-Apr-2027 | 4.60 |
| CCO Holdings LLC / CCO Holdings Capital | 0.04% | 0.00 | $3,178,218.23 | 3,000,000 | Corporate Securities | Cable Operators | United States | 4.50% | B1 | 15-Aug-2030 | 5.61 |
| Endeavor Energy Resources LP / EER Finance | 0.04% | -0.00 | $3,175,123.81 | 2,885,000 | Corporate Securities | Energy | United States | 6.63% | Ba3 | 15-Jul-2025 | 0.97 |
| CD&R Smokey Buyer | 0.04% | -0.00 | $3,023,972.24 | 2,740,000 | Corporate Securities | Consumer Products | United States | 6.75% | B2 | 15-Jul-2025 | 0.97 |
| EQT | 0.03% | 0.00 | $2,955,590.40 | 2,470,000 | Corporate Securities | Energy | United States | 7.63% | Ba2 | 01-Feb-2025 | 3.04 |
| Raptor Acquisition Corp / Raptor Co-Issuer | 0.03% | N/A | $2,806,585.44 | 2,775,000 | Corporate Securities | Gaming | Canada | 4.88% | NR | 01-Nov-2026 | 3.04 |
| Occidental Petroleum | 0.03% | 0.00 | $2,804,176.79 | 2,310,000 | Corporate Securities | Energy | United States | 6.45% | Ba2 | 15-Sep-2036 | 10.01 |
| Match Group Holdings II | 0.03% | N/A | $2,745,536.46 | 2,660,000 | Corporate Securities | Information Technology | United States | 4.13% | Ba3 | 01-Aug-2030 | 5.81 |
| Hillenbrand | 0.03% | 0.03 | $2,637,583.67 | 2,465,000 | Corporate Securities | Manufacturing | United States | 5.75% | Ba1 | 15-Jun-2025 | 0.92 |
| Cablevision Lightpath | 0.03% | -0.00 | $2,459,486.82 | 2,370,000 | Corporate Securities | Cable Operators | United States | 5.63% | Caa1 | 15-Sep-2028 | 3.65 |
| Welbilt | 0.03% | 0.00 | $2,411,463.17 | 2,432,750 | Corporate Securities | Manufacturing | United States | 2.60% | B3 | 23-Oct-2025 | 0.25 |
| Commonwealth of Puerto Rico | 0.03% | N/A | $2,369,250.00 | 2,700,000 | Tax-Free Gen. Obligations | General Obligations - State | United States | 5.25% | Ca | 01-Jul-2023 | N/A |
| Sprint | 0.03% | -0.00 | $2,295,052.30 | 1,885,000 | Corporate Securities | Wireless Communications | United States | 7.63% | B1 | 15-Feb-2025 | 2.95 |
| Mercer International | 0.03% | -0.00 | $2,284,734.25 | 2,170,000 | Corporate Securities | Forest Products | United States | 5.50% | Ba3 | 15-Jan-2026 | 0.51 |
| Bausch Health | 0.03% | -0.00 | $2,262,731.63 | 2,125,000 | Corporate Securities | Healthcare | United States | 7.00% | B3 | 15-Jan-2028 | 3.01 |
| Royal Caribbean Cruises | 0.03% | N/A | $2,136,888.80 | 1,940,000 | Corporate Securities | Entertainment & Leisure | United States | 9.13% | B2 | 15-Jun-2023 | 1.58 |
| VICI Properties LP / VICI Note | 0.02% | N/A | $1,987,034.07 | 1,905,000 | Corporate Securities | Gaming | United States | 4.13% | Ba3 | 15-Aug-2030 | 5.68 |
| Clarios Global Lp / Clarios Us Finance | 0.02% | -0.00 | $1,956,046.80 | 1,823,000 | Corporate Securities | Automotive | United States | 6.25% | B1 | 15-May-2026 | 0.84 |
| Bath & Body Works | 0.02% | N/A | $1,953,527.48 | 1,620,000 | Corporate Securities | Retail | United States | 6.69% | Ba3 | 15-Jan-2027 | 4.59 |
| Cedar Fair | 0.02% | N/A | $1,776,360.05 | 1,685,000 | Corporate Securities | Entertainment & Leisure | United States | 5.25% | B3 | 15-Jul-2029 | 5.02 |
| Outfront Media Capital LLC / Outfront Media Capital | 0.02% | 0.00 | $1,674,210.98 | 1,585,000 | Corporate Securities | Broadcasting | United States | 5.00% | B2 | 15-Aug-2027 | 1.96 |
| LPL Holdings | 0.02% | N/A | $1,588,799.03 | 1,565,000 | Corporate Securities | Financial | United States | 4.38% | Ba2 | 15-May-2031 | 6.57 |
| Nextera Energy Operating Partners | 0.02% | -0.00 | $1,556,375.38 | 1,458,000 | Corporate Securities | Utilities | United States | 4.25% | Ba1 | 15-Sep-2024 | 2.81 |
| Xhr | 0.02% | N/A | $1,503,851.18 | 1,450,000 | Corporate Securities | Lodging | United States | 4.88% | NR | 01-Jun-2029 | 4.32 |
| Calpine | 0.02% | N/A | $1,353,448.13 | 1,305,000 | Corporate Securities | Utilities | United States | 4.50% | Ba2 | 15-Feb-2028 | 4.07 |
| Dana Financing Luxembourg Sarl | 0.02% | -0.00 | $1,288,533.54 | 1,235,000 | Corporate Securities | Automotive | United States | 5.75% | B2 | 15-Apr-2025 | 0.07 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.01% | 0.00 | $1,253,481.08 | 1,180,000 | Corporate Securities | Energy | United States | 5.38% | Ba2 | 01-Feb-2027 | 0.55 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.01% | -0.00 | $1,116,833.52 | 1,055,000 | Corporate Securities | Energy | United States | 5.88% | Ba2 | 15-Apr-2026 | 0.07 |
| Apache | 0.01% | 0.00 | $929,379.35 | 790,000 | Corporate Securities | Exploration & Production | United States | 6.00% | Ba1 | 15-Jan-2037 | 10.20 |
| Intelsat Jackson Holdings | 0.01% | -0.00 | $589,790.40 | 580,000 | Corporate Securities | Satellites | United States | 8.75% | NR | 02-Jan-2024 | 0.25 |
| Hillenbrand | 0.01% | 0.00 | $484,147.28 | 430,000 | Corporate Securities | Manufacturing | United States | 5.00% | Ba1 | 15-Sep-2026 | 4.42 |
| Truck Hero | 0.00% | N/A | $24,795.31 | 24,808 | Corporate Securities | Automotive | United States | 4.50% | B2 | 31-Jan-2028 | 0.25 |
| Escrow Smith Investment Co | 0.00% | 0.00 | $0.00 | 46,680 | Materials | Containers & Packaging | United States | 7.00% | NR | 15-Feb-2027 | N/A |
| New Cotai Participation | 0.00% | 0.00 | $0.00 | 59 | Consumer Discretionary | Hotels Restaurants & Leisure | China | N/A | N/A | N/A | N/A |
| Linens n Things | 0.00% | 0.00 | $0.00 | 9,800,000 | Corporate Securities | Retail | United States | 8.34% | NR | 15-Jan-2023 | N/A |
| CDX HY S36 PAY 104 08/18/2021 | -0.00% | N/A | $-126,237.53 | -118,675,000 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed.
Industry Diversification (30-Jun-2021)
Representative Portfolio vs Benchmark| Industry Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Cable Operators | 9.57% | 4.06% | |
| Satellites | 3.26% | 0.77% | |
| Broadcasting | 5.37% | 2.97% | |
| Automotives | 5.34% | 3.47% | |
| Airlines | 2.67% | 1.74% | |
| Gaming | 4.68% | 3.75% | |
| Utilities | 4.34% | 3.46% | |
| Miscellaneous | 0.84% | 0.00% | |
| Supermarkets | 1.56% | 0.75% | |
| Wireless Communications | 3.28% | 2.77% | |
| Entertainment & Leisure | 2.91% | 2.53% | |
| Healthcare | 7.39% | 7.29% | |
| Lodging | 0.99% | 1.04% | |
| Restaurants | 0.94% | 1.10% | |
| REITs | 0.40% | 0.57% | |
| Manufacturing | 1.21% | 1.68% | |
| Services | 7.31% | 7.89% | |
| Metals & Mining | 3.84% | 4.49% | |
| Container | 1.28% | 2.05% | |
| Aerospace & Defense | 1.43% | 2.20% | |
| Energy | 11.92% | 12.81% | |
| Retail | 1.14% | 2.06% | |
| Building Products | 1.04% | 1.96% | |
| Financial | 6.64% | 7.64% | |
| Consumer Products | 0.82% | 1.95% | |
| Building & Real Estate | 1.38% | 2.51% | |
| Other Telecommunications | 0.95% | 2.22% | |
| Food | 1.81% | 3.08% | |
| Information Technology | 3.10% | 5.04% | |
| Chemicals | 1.73% | 4.08% |
A maximum of 30 largest industries by portfolio rank are displayed and shown in descending order by relative over/underweight.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Industry classification was determined by T. Rowe Price's high yield industry structure.
Currency Diversification (30-Jun-2021)
Representative Portfolio vs Benchmark| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 100.00% | 100.00% | |
| Dollar Bloc Subtotal | 100.00% | 100.00% |
Benchmark : J.P. Morgan Global High Yield Index
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| euro | 0.00% | 0.00% | |
| British pound sterling | -0.01% | 0.00% | |
| European Bloc Subtotal | -0.00% | 0.00% |
Benchmark : J.P. Morgan Global High Yield Index
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Closed and/or capacity constrained.
Strategies with co-portfolio managers display the manager with the longer tenure.
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 2020, Rodney Rayburn assumed portfolio management responsibility for the High Yield Bond Strategy.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright © 2021, J.P. Morgan Chase & Co. All rights reserved.
Rodney Rayburn is a portfolio manager in the Fixed Income Division, managing the Credit Opportunities and High Yield Bond Strategies. He is president of the Credit Opportunities Fund, Inc. He also is executive vice president of the High Yield Fund, Inc., and Institutional Income Funds, Inc., and chairman of their respective Investment Advisory Committees. He is a member of the Investment Advisory Committee for the Balance Fund. Rodney is a vice president of T. Rowe Price Associates, Inc., T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.