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)
3.05%
1.55%
Data as of 30-Jun-2020
Data as of 30-Jun-2020
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
-0.34%
0.10
Data as of 30-Jun-2020
Data as of 30-Jun-2020
Inception Date 30-Jun-1985
Performance figures calculated in USD
Other Literature
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 % | 0.16% | 3.57% | 4.77% | 6.96% |
| Composite Net % | -0.34% | 3.05% | 4.25% | 6.43% |
| Benchmark % | -1.87% | 2.84% | 4.61% | 6.66% |
| Excess Return (Gross) % | 2.03% | 0.73% | 0.16% | 0.30% |
Recent Performance
| 3 MonthsData as of 30-Jun-2020 | Year to DateData as of 30-Jun-2020 | |
|---|---|---|
| Composite Gross % | 10.34% | -4.30% |
| Composite Net % | 10.21% | -4.54% |
| Benchmark % | 10.82% | -5.74% |
| Excess Return (Gross) % | -0.48% | 1.44% |
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
519
Largest Holding
Asurion
1.63%
Was
(31-Mar-2020) 1.75%
Top 10 Holdings 10.16%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | B Rated | BB Rated |
| By % | 3.78% | -12.23% |
| Portfolio | 29.19% | 24.71% |
| Benchmark | 25.41% | 36.94% |
Average Credit Quality
B+Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 5-7 Years | 1-3 Years |
| By % | 8.90% | -9.04% |
| Portfolio | 40.04% | 6.78% |
| Benchmark | 31.14% | 15.82% |
Weighted Average Maturity
5.99 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | Under 1 Year | 3-5 Years |
| By % | 15.00% | -8.27% |
| Portfolio | 19.83% | 35.67% |
| Benchmark | 4.83% | 43.94% |
Weighted Average Duration
3.22 YearsIndustry
Total
Industries
31
Largest Industry
Energy
11.10%
Was (31-Mar-2020)
7.66%
Other
View complete Industry Diversification
Largest Overweight
Cable Operators
By5.87%
Portfolio
10.48%
Benchmark
4.61%
Largest Underweight
Building & Real Estate
By-2.10%
Portfolio
1.35%
Benchmark
3.45%
Currency
Total
Currencies
3
Largest Currency
U.S. dollar
99.98%
Was (31-Mar-2020)
99.92%
Other
View complete Currency Diversification
Largest Overweight
British pound sterling
By
0.01%
Portfolio
0.01%
Benchmark
0.00%
Largest Underweight
U.S. dollar
By
-0.02%
Portfolio
99.98%
Benchmark
100.00%
Team (As of 01-Oct-2020)
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 at6
T. Rowe Price - Years investment21
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 at11
T. Rowe Price - Years investment27
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 at17
T. Rowe Price - Years investment20
experience
Michael Lesesne is a global high yield portfolio specialist in the Fixed Income Division. He supports the High Yield, Floating Rate Bank Loan, and Credit Opportunities Strategies, working closely with clients, prospects, and consultants. Michael is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Michael’s investment experience began in 1991, and he has been with T. Rowe Price since 2012, beginning as a global high yield portfolio specialist in the Fixed Income Investment Specialists department. Prior to T. Rowe Price, Michael was employed by Lord Abbett as a partner and director of credit research. Before that, Michael was a senior high yield credit analyst at Weiss, Peck & Greer and at TIAA-CREF.
Michael earned a B.A. in business economics from Brown University and an M.B.A. in finance from Columbia Business School.
- Years at8
T. Rowe Price - Years investment29
experience
Portfolio Characteristics
Representative Portfolio vs Benchmarkas of 30-Jun-2020
| Characteristic | Portfolio | Benchmark |
|---|---|---|
| Weighted Average Coupon | 6.43% | 6.36% |
| Weighted Average Maturity | 5.99 Years | 5.66 Years |
| Weighted Average Duration | 3.22 Years | 3.88 Years |
| Number of Holdings | 521 | 1,644 |
Risks
- Country risk (Russia and Ukraine)
- 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
- Geographic concentration risk
- Hedging risk
- Investment portfolio risk
- Management risk
- Operational risk
Risk/Return Characteristics
as of 30-Jun-2020High Yield Master Bond Composite
| Risk/Return (5 Years) | Composite | Benchmark |
|---|---|---|
| Alpha | 0.51% | 0.00% |
| Beta | 0.89 | 1.00 |
| R-Squared | 0.98 | 1.00 |
| Annualized Std. Deviation | 7.64% | 8.53% |
| Information Ratio | 0.10 | 0.00 |
| Sharpe Ratio | 0.47 | 0.40 |
| Tracking Error | 1.55% | 0.00% |
Past performance is not a reliable indicator of future performance.
Statistics based on monthly gross returns. Returns would have been lower as a result of the deduction of applicable fees.
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
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 14.95% | 4.29% | 15.58% | 9.19% | 2.82% | -2.42% | 15.11% | 8.04% | -2.55% | 15.65% | Composite Gross | |
| 14.38% | 3.78% | 15.01% | 8.65% | 2.31% | -2.91% | 14.54% | 7.51% | -3.04% | 15.08% | Composite Net | |
| 13.88% | 5.73% | 16.21% | 7.42% | 1.67% | -4.25% | 18.27% | 8.28% | -2.37% | 14.59% | Benchmark | |
| 0.50% | -1.95% | -1.20% | 1.23% | 0.64% | 1.34% | -3.73% | -0.77% | -0.67% | 0.49% | 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-2020)
| Issuer Name | % of Portfolio |
|---|---|
| Charter Communications Inc | 2.20% |
| Bausch Health Cos Inc | 2.16% |
| Avantor Inc | 2.14% |
| Asurion LLC | 2.02% |
| PG&E Corp | 1.94% |
| Netflix Inc | 1.77% |
| Intelsat Jackson Holdings SA | 1.75% |
| Altice USA Inc | 1.54% |
| Targa Resources Corp | 1.48% |
| Sprint Capital Corp | 1.47% |
Represents 18.47% of Total Net Assets of the representative portfolio
Issuers are as of the date indicated and are subject to change.
The total of the values in the second column in the table may not add up to the Top 10% of Total Net Assets quoted in the table due to rounding.
Quality (30-Jun-2020)
Representative Portfolio vs Benchmark
| Quality Rating | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| BBB/BB Rated & Above | 4.90% | 3.11% | |
| BB Rated | 24.71% | 36.94% | |
| BB/B Rated | 15.46% | 14.35% | |
| B Rated | 29.19% | 25.41% | |
| B/CCC Rated | 7.16% | 6.71% | |
| CCC and Below | 9.22% | 10.73% | |
| Not Rated | 3.06% | 0.96% | |
| Equities | 3.53% | 0.00% | |
| Short Term | 1.51% | 0.00% | |
| Credit Default Swaps | -0.00% | 0.00% | |
| Default | 1.25% | 1.80% |
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. Short-Term holdings are not rated.
Maturity (30-Jun-2020)
Representative Portfolio vs Benchmark
| Bond Maturity | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 1.39% | 0.00% | |
| 1-3 Years | 6.78% | 15.82% | |
| 3-5 Years | 25.23% | 29.86% | |
| 5-7 Years | 40.04% | 31.14% | |
| 7-10 Years | 19.88% | 19.20% | |
| 10+ Years | 5.09% | 3.98% | |
| Cash Equivalents | 1.59% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Duration (30-Jun-2020)
Representative Portfolio vs Benchmark
| Duration | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 19.83% | 4.83% | |
| 1-3 Years | 22.23% | 30.38% | |
| 3-5 Years | 35.67% | 43.94% | |
| 5-7 Years | 12.14% | 15.17% | |
| 7-10 Years | 2.95% | 3.88% | |
| Over 10 Years | 0.89% | 1.35% | |
| Cash Holdings | 1.51% | 0.00% | |
| Default | 1.25% | 0.45% | |
| Equity | 3.53% | 0.00% | |
| Swaps | -0.00% | 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-2020)
| Company | % of Portfolio | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asurion | 1.63% | -0.12 | $135,411,737.50 | 136,435,000 | Corporate Securities | Wireless Communications | United States | 6.67% | B3 | 04-Aug-2025 | 0.25 |
| Avantor | 1.54% | -0.25 | $127,920,145.26 | 116,569,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 01-Oct-2025 | 0.23 |
| Targa Resources | 1.23% | 0.41 | $101,926,795.09 | 97,775 | Energy | Oil, Gas & Consumable Fuels | United States | 9.50% | NR | 14-May-2169 | 9.98 |
| Pacific Gas & Electric | 0.91% | 0.45 | $75,825,112.50 | 63,585,000 | Corporate Securities | Utilities | United States | 6.05% | NR | 01-Mar-2034 | N/A |
| Intelsat Jackson Holdings | 0.84% | 0.10 | $69,888,847.21 | 61,841,000 | Corporate Securities | Satellites | United States | 9.50% | NR | 30-Sep-2022 | 1.99 |
| Sprint | 0.83% | -0.12 | $69,005,402.43 | 60,966,120 | Corporate Securities | Wireless Communications | United States | 7.13% | B1 | 15-Jun-2024 | 3.46 |
| iHeartCommunications | 0.82% | -0.14 | $67,802,112.49 | 72,993,209 | Corporate Securities | Broadcasting | United States | 8.38% | Caa1 | 01-May-2027 | 4.94 |
| Clarios Global Lp / Clarios Us Finance | 0.81% | N/A | $67,063,832.95 | 65,855,000 | Corporate Securities | Automotive | United States | 8.50% | Caa1 | 15-May-2027 | 3.20 |
| NRG Energy | 0.79% | -0.14 | $65,670,133.14 | 61,705,000 | Corporate Securities | Utilities | United States | 7.25% | Ba2 | 15-May-2026 | 0.82 |
| Netflix | 0.75% | -0.08 | $62,131,823.29 | 53,075,000 | Corporate Securities | Cable Operators | United States | 6.38% | Ba3 | 15-May-2029 | 6.87 |
| CCO Holdings LLC / CCO Holdings Capital | 0.73% | -0.09 | $60,903,704.67 | 57,825,000 | Corporate Securities | Cable Operators | United States | 5.00% | B1 | 01-Feb-2028 | 4.37 |
| Refinitiv US Holdings | 0.73% | -0.12 | $60,761,909.33 | 55,590,000 | Corporate Securities | Information Technology | United States | 8.25% | Caa2 | 15-Nov-2026 | 1.27 |
| Solera LLC / Solera Finance | 0.64% | -0.06 | $53,463,033.82 | 50,685,000 | Corporate Securities | Information Technology | United States | 10.50% | Caa1 | 01-Mar-2024 | 1.44 |
| TransDigm | 0.64% | -0.10 | $52,950,648.15 | 52,125,000 | Corporate Securities | Aerospace & Defense | United States | 6.25% | Ba3 | 15-Mar-2026 | 3.19 |
| Constellium | 0.62% | -0.01 | $51,328,492.39 | 49,799,000 | Corporate Securities | Metals & Mining | United States | 6.63% | B2 | 01-Mar-2025 | 1.52 |
| Bausch Health | 0.59% | -0.08 | $48,770,597.43 | 46,095,000 | Corporate Securities | Healthcare | United States | 7.00% | Ba2 | 15-Mar-2024 | 0.66 |
| Tesla | 0.56% | 0.07 | $46,438,066.02 | 45,641,000 | Corporate Securities | Automotive | United States | 5.30% | Caa1 | 15-Aug-2025 | 2.78 |
| Seven Generations Energy | 0.55% | 0.15 | $45,796,302.13 | 53,035,000 | Corporate Securities | Energy | Canada | 5.38% | Ba3 | 30-Sep-2025 | 4.33 |
| Altice France Holding | 0.54% | -0.04 | $44,876,348.36 | 46,605,000 | Corporate Securities | Cable Operators | France | 6.00% | NR | 15-Feb-2028 | 5.82 |
| Ultimate Software | 0.54% | N/A | $44,680,300.00 | 44,020,000 | Corporate Securities | Services | United States | 7.50% | Caa1 | 03-May-2027 | 0.25 |
| Kronos Inc/MA | 0.53% | 0.00 | $43,992,534.27 | 44,019,827 | Corporate Securities | Services | United States | 9.25% | Caa2 | 01-Nov-2024 | 0.25 |
| MDC Partners | 0.53% | 0.18 | $43,977,602.56 | 46,746,000 | Corporate Securities | Broadcasting | United States | 6.50% | B3 | 01-May-2024 | 3.25 |
| Intelsat Jackson Holdings | 0.53% | N/A | $43,955,933.80 | 44,260,000 | Corporate Securities | Satellites | United States | 6.50% | NR | 27-Nov-2023 | 0.25 |
| Laureate Education | 0.51% | -0.07 | $41,994,452.11 | 39,950,000 | Corporate Securities | Services | United States | 8.25% | B3 | 01-May-2025 | 2.46 |
| Hughes Satellite Systems | 0.47% | -0.05 | $39,080,546.43 | 36,610,000 | Corporate Securities | Satellites | United States | 6.63% | B2 | 01-Aug-2026 | 4.85 |
| Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | 0.46% | -0.07 | $38,096,000.03 | 36,770,000 | Corporate Securities | Container | United States | 7.00% | Caa1 | 15-Jul-2024 | 0.95 |
| Clear Channel Worldwide Holdings | 0.46% | N/A | $38,095,372.65 | 39,480,000 | Corporate Securities | Broadcasting | United States | 9.25% | Caa2 | 15-Feb-2024 | 2.85 |
| Bausch Health | 0.46% | -0.07 | $37,964,803.29 | 35,025,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 15-Dec-2025 | 1.34 |
| Netflix | 0.46% | -0.05 | $37,811,149.92 | 33,095,000 | Corporate Securities | Cable Operators | United States | 5.88% | Ba3 | 15-Nov-2028 | 6.67 |
| T-Mobile USA | 0.45% | -0.07 | $37,688,625.00 | 35,100,000 | Corporate Securities | Wireless Communications | United States | 6.50% | Ba3 | 15-Jan-2026 | 0.50 |
| Altice Financing | 0.45% | -0.03 | $37,273,464.41 | 34,445,000 | Corporate Securities | Cable Operators | Luxembourg | 7.50% | B2 | 15-May-2026 | 0.80 |
| Bausch Health Americas | 0.45% | -0.07 | $37,178,894.17 | 33,555,000 | Corporate Securities | Healthcare | United States | 9.25% | B3 | 01-Apr-2026 | 1.57 |
| Uber Technologies | 0.44% | -0.06 | $36,294,586.97 | 35,600,000 | Corporate Securities | Information Technology | United States | 7.50% | B3 | 15-Sep-2027 | 4.15 |
| Bausch Health Americas | 0.42% | -0.05 | $35,152,434.89 | 31,870,000 | Corporate Securities | Healthcare | United States | 8.50% | B3 | 31-Jan-2027 | 3.32 |
| CSC Holdings | 0.42% | -0.06 | $34,928,219.63 | 31,042,000 | Corporate Securities | Cable Operators | United States | 10.88% | B3 | 15-Oct-2025 | 0.26 |
| Occidental Petroleum | 0.41% | N/A | $34,400,000.00 | 34,400,000 | Corporate Securities | Petroleum | United States | 8.88% | Ba2 | 15-Jul-2030 | 6.54 |
| Iridium Satellite | 0.41% | -0.05 | $33,656,881.91 | 34,378,838 | Corporate Securities | Satellites | United States | 4.75% | B1 | 04-Nov-2026 | 0.25 |
| Chobani Llc / Chobani Finance | 0.41% | -0.04 | $33,654,484.43 | 34,140,000 | Corporate Securities | Food/Tobacco | United States | 7.50% | Caa2 | 15-Apr-2025 | 3.87 |
| Altice France Holding | 0.40% | -0.06 | $33,510,310.58 | 30,097,000 | Corporate Securities | Cable Operators | France | 10.50% | NR | 15-May-2027 | 1.67 |
| Navient | 0.40% | -0.06 | $33,262,550.04 | 34,245,000 | Corporate Securities | Financial | United States | 6.13% | Ba3 | 25-Mar-2024 | 3.20 |
| Refinitiv US Holdings | 0.39% | -0.06 | $32,493,362.60 | 30,425,000 | Corporate Securities | Information Technology | United States | 6.25% | B2 | 15-May-2026 | 1.29 |
| Kronos Inc/MA | 0.39% | -0.03 | $32,277,999.21 | 32,348,843 | Corporate Securities | Services | United States | 3.18% | B2 | 01-Nov-2023 | 0.25 |
| General Electric | 0.39% | -0.09 | $32,077,778.52 | 40,945,000 | Corporate Securities | Conglomerates | United States | 5.00% | Baa3 | 15-Jun-2169 | 0.42 |
| B&G Foods | 0.39% | -0.06 | $31,966,872.95 | 31,400,000 | Corporate Securities | Food/Tobacco | United States | 5.25% | B2 | 01-Apr-2025 | 2.49 |
| Ultimate Software | 0.38% | N/A | $31,885,703.25 | 32,325,000 | Corporate Securities | Services | United States | 4.75% | B1 | 03-May-2026 | 0.25 |
| Nustar Energy | 0.38% | N/A | $31,838,047.50 | 1,199,625 | Energy | Oil, Gas & Consumable Fuels | United States | 10.75% | NR | 15-Sep-2168 | 2.50 |
| Freeport-McMoRan | 0.38% | -0.04 | $31,502,280.94 | 31,089,000 | Corporate Securities | Metals & Mining | United States | 5.40% | Ba1 | 14-Nov-2034 | 9.62 |
| H&E Equipment Services | 0.38% | -0.03 | $31,386,144.54 | 30,475,000 | Corporate Securities | Services | United States | 5.63% | B2 | 01-Sep-2025 | 2.81 |
| Avantor | 0.38% | 0.04 | $31,133,493.83 | 544,130 | Health Care | Life Sciences Tools & Services | United States | 6.25% | NR | 15-May-2022 | 1.77 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.37% | -0.07 | $30,970,511.75 | 30,130,000 | Corporate Securities | Supermarkets | United States | 6.63% | B2 | 15-Jun-2024 | 0.91 |
| Stars Group Holdings BV / Stars Group US Co-Borrower | 0.37% | -0.01 | $30,944,139.42 | 28,525,000 | Corporate Securities | Gaming | Canada | 7.00% | Ba2 | 15-Jul-2026 | 0.96 |
| Scientific Games International | 0.37% | 0.07 | $30,937,497.30 | 33,980,000 | Corporate Securities | Gaming | United States | 8.25% | Caa2 | 15-Mar-2026 | 4.24 |
| CVR Partners LP / CVR Nitrogen Finance | 0.37% | 0.01 | $30,638,201.09 | 31,135,000 | Corporate Securities | Chemicals | United States | 9.25% | B2 | 15-Jun-2023 | 2.50 |
| Matador Resources | 0.37% | 0.21 | $30,573,639.60 | 40,375,000 | Corporate Securities | Energy | United States | 5.88% | Caa1 | 15-Sep-2026 | 4.70 |
| Regionalcare Hospital Partners Holdings Inc / Lifepoint Health | 0.37% | -0.04 | $30,537,718.87 | 29,420,000 | Corporate Securities | Healthcare | United States | 9.75% | Caa1 | 01-Dec-2026 | 2.84 |
| American Electric Power | 0.37% | 0.15 | $30,275,861.88 | 620,725 | Utilities | Electric Utilities | United States | 6.13% | Baa2 | 15-Mar-2022 | 1.58 |
| Altice France SA/France | 0.36% | -0.04 | $30,207,331.76 | 28,125,000 | Corporate Securities | Cable Operators | France | 7.38% | B2 | 01-May-2026 | 1.63 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance | 0.36% | 0.08 | $29,752,386.54 | 30,835,000 | Corporate Securities | Energy | United States | 6.00% | B3 | 01-Aug-2026 | 4.86 |
| Tenet Healthcare | 0.36% | -0.04 | $29,555,312.50 | 29,500,000 | Corporate Securities | Healthcare | United States | 4.88% | B1 | 01-Jan-2026 | 4.75 |
| Cedar Fair LP / Canada s Wonderland Co / Magnum Management Corp / Millennium Op | 0.36% | N/A | $29,442,079.53 | 29,015,000 | Corporate Securities | Entertainment & Leisure | United States | 5.50% | Ba2 | 01-May-2025 | 3.37 |
| Sprint Communications | 0.35% | -0.07 | $29,430,214.08 | 26,255,000 | Corporate Securities | Wireless Communications | United States | 11.50% | B1 | 15-Nov-2021 | 1.26 |
| CSC Holdings | 0.35% | -0.04 | $28,733,505.36 | 25,610,000 | Corporate Securities | Cable Operators | United States | 6.50% | Ba3 | 01-Feb-2029 | 3.11 |
| NRG Energy | 0.34% | -0.05 | $28,464,291.85 | 26,495,000 | Corporate Securities | Utilities | United States | 6.63% | Ba2 | 15-Jan-2027 | 0.96 |
| Howard Hughes | 0.34% | -0.06 | $28,198,777.65 | 29,855,000 | Corporate Securities | Building & Real Estate | United States | 5.38% | Ba3 | 15-Mar-2025 | 3.97 |
| HUB International | 0.34% | 0.08 | $27,871,068.13 | 27,585,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 01-May-2026 | 2.49 |
| CCO Holdings LLC / CCO Holdings Capital | 0.33% | -0.05 | $27,699,581.26 | 26,545,000 | Corporate Securities | Cable Operators | United States | 5.13% | B1 | 01-May-2027 | 4.22 |
| Refinitiv US Holdings | 0.33% | -0.05 | $27,197,514.78 | 27,873,446 | Corporate Securities | Information Technology | United States | 3.43% | B2 | 01-Oct-2025 | 0.25 |
| NextEra Energy | 0.32% | 0.04 | $26,706,019.09 | 628,988 | Utilities | Electric Utilities | United States | 5.28% | NR | 01-Mar-2023 | 2.38 |
| AES | 0.32% | -0.05 | $26,641,676.09 | 25,460,000 | Corporate Securities | Utilities | United States | 6.00% | Ba1 | 15-May-2026 | 0.83 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital | 0.32% | -0.06 | $26,641,056.62 | 30,045,000 | Corporate Securities | Gaming | United States | 5.25% | B1 | 15-May-2027 | 5.52 |
| CCO Holdings LLC / CCO Holdings Capital | 0.32% | -0.05 | $26,442,259.17 | 25,325,000 | Corporate Securities | Cable Operators | United States | 5.50% | B1 | 01-May-2026 | 0.79 |
| Hecla Mining | 0.32% | 0.00 | $26,344,331.97 | 25,295,000 | Corporate Securities | Metals & Mining | United States | 7.25% | Caa1 | 15-Feb-2028 | 4.44 |
| CSC Holdings | 0.31% | -0.05 | $26,054,150.50 | 24,365,000 | Corporate Securities | Cable Operators | United States | 6.63% | Ba3 | 15-Oct-2025 | 0.26 |
| DISH DBS | 0.31% | -0.18 | $26,004,268.47 | 23,550,000 | Corporate Securities | Cable Operators | United States | 7.75% | B2 | 01-Jul-2026 | 4.78 |
| NGL Energy Partners LP / NGL Energy Finance | 0.31% | 0.15 | $25,782,633.36 | 30,605,000 | Corporate Securities | Energy | United States | 7.50% | B2 | 01-Nov-2023 | 2.73 |
| Icahn Enterprises LP / Icahn Enterprises Finance | 0.30% | -0.10 | $25,265,077.28 | 25,065,000 | Corporate Securities | Financial | United States | 6.25% | Ba3 | 15-May-2026 | 3.36 |
| International Game Technology | 0.30% | 0.01 | $25,212,234.85 | 24,038,000 | Corporate Securities | Gaming | Italy | 6.25% | Ba3 | 15-Jan-2027 | 4.84 |
| TRP Institutional Floating Rate - Z | 0.30% | -0.02 | $25,157,111.46 | 2,710,896 | Corporate Securities | Investment Companies - Bonds | United States | N/A | N/A | N/A | N/A |
| American Builders & Contractors Supply | 0.30% | -0.04 | $24,816,971.58 | 24,755,000 | Corporate Securities | Building Products | United States | 5.88% | B3 | 15-May-2026 | 2.58 |
| Quicken Loans | 0.30% | -0.03 | $24,812,796.62 | 23,321,000 | Corporate Securities | Financial | United States | 5.25% | Ba1 | 15-Jan-2028 | 4.66 |
| NGL Energy Partners LP / NGL Energy Finance | 0.30% | 0.13 | $24,552,883.60 | 30,190,000 | Corporate Securities | Energy | United States | 7.50% | B2 | 15-Apr-2026 | 4.25 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.29% | -0.02 | $24,445,779.55 | 22,070,000 | Corporate Securities | Healthcare | Israel | 7.13% | Ba2 | 31-Jan-2025 | 3.56 |
| LPL Holdings | 0.29% | -0.03 | $24,396,187.51 | 23,700,000 | Corporate Securities | Financial | United States | 5.75% | B1 | 15-Sep-2025 | 2.43 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.29% | -0.04 | $24,221,923.37 | 21,930,000 | Corporate Securities | Supermarkets | United States | 7.50% | B2 | 15-Mar-2026 | 1.55 |
| Caesars Resort Collection LLC / CRC Finco | 0.29% | 0.17 | $24,167,396.86 | 27,430,000 | Corporate Securities | Gaming | United States | 5.25% | Caa1 | 15-Oct-2025 | 4.39 |
| Citgo Holding | 0.29% | 0.02 | $23,824,397.28 | 23,055,000 | Corporate Securities | Energy | United States | 9.25% | Caa1 | 01-Aug-2024 | 3.20 |
| Sprint Capital | 0.29% | -0.03 | $23,753,342.77 | 19,390,000 | Corporate Securities | Wireless Communications | United States | 6.88% | B1 | 15-Nov-2028 | 6.53 |
| CSC Holdings | 0.29% | -0.03 | $23,685,496.15 | 22,260,000 | Corporate Securities | Cable Operators | United States | 5.75% | B3 | 15-Jan-2030 | 5.94 |
| Caesars Entertainment | 0.28% | N/A | $23,571,163.91 | 21,475,000 | Corporate Securities | Gaming | United States | 6.00% | B2 | 15-Sep-2026 | 0.05 |
| C&W Senior Financing DAC | 0.28% | -0.00 | $23,172,968.02 | 22,605,000 | Corporate Securities | Cable Operators | Panama | 6.88% | B2 | 15-Sep-2027 | 5.41 |
| Continental Resources Inc/OK | 0.28% | N/A | $23,056,007.82 | 23,905,000 | Corporate Securities | Energy | United States | 4.50% | Ba1 | 15-Apr-2023 | 2.54 |
| Jagged Peak Energy | 0.28% | 0.02 | $23,027,221.18 | 23,624,000 | Corporate Securities | Energy | United States | 5.88% | Ba3 | 01-May-2026 | 4.79 |
| DaVita | 0.28% | -0.04 | $22,909,264.25 | 22,225,000 | Corporate Securities | Healthcare | United States | 5.00% | Ba3 | 01-May-2025 | 0.79 |
| Banco do Brasil SA/Cayman | 0.28% | -0.04 | $22,817,626.64 | 22,405,000 | Corporate Securities | Banking | Brazil | 9.00% | B2 | 18-Dec-2168 | 3.26 |
| Asurion | 0.27% | -0.04 | $22,439,021.35 | 23,093,253 | Corporate Securities | Wireless Communications | United States | 3.40% | Ba3 | 04-Aug-2022 | 0.25 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA | 0.27% | -0.06 | $22,401,883.32 | 22,675,000 | Corporate Securities | Container | United States | 5.25% | Caa1 | 15-Aug-2027 | 5.81 |
| Arconic | 0.27% | 0.08 | $22,246,560.40 | 21,769,000 | Corporate Securities | Metals & Mining | United States | 6.13% | Ba3 | 15-Feb-2028 | 3.87 |
| EQT | 0.27% | 0.05 | $22,186,777.72 | 21,010,000 | Corporate Securities | Energy | United States | 7.00% | Ba3 | 01-Feb-2030 | 6.18 |
| Cheniere Corpus Christi Holdings | 0.27% | 0.02 | $22,037,298.60 | 19,360,000 | Corporate Securities | Energy | United States | 7.00% | Ba1 | 30-Jun-2024 | 3.13 |
| CCO Holdings LLC / CCO Holdings Capital | 0.27% | -0.03 | $22,000,743.44 | 21,275,000 | Corporate Securities | Cable Operators | United States | 4.50% | B1 | 15-Aug-2030 | 6.30 |
| CCO Holdings LLC / CCO Holdings Capital | 0.26% | -0.03 | $21,640,457.57 | 21,080,000 | Corporate Securities | Cable Operators | United States | 4.50% | B1 | 01-May-2032 | 7.14 |
| Prestige Brands | 0.26% | -0.03 | $21,600,814.21 | 20,550,000 | Corporate Securities | Consumer Products | United States | 6.38% | B3 | 01-Mar-2024 | 0.63 |
| Cushman & Wakefield US Borrower | 0.26% | N/A | $21,530,682.20 | 20,460,000 | Corporate Securities | Building & Real Estate | United States | 6.75% | Ba3 | 15-May-2028 | 4.79 |
| Univar Solutions USA Inc/Washington | 0.26% | 0.08 | $21,417,706.35 | 21,170,000 | Corporate Securities | Chemicals | United States | 5.13% | B2 | 01-Dec-2027 | 3.89 |
| Sensata Technologies UK Financing | 0.26% | 0.01 | $21,285,629.92 | 20,085,000 | Corporate Securities | Manufacturing | United States | 6.25% | Ba3 | 15-Feb-2026 | 0.58 |
| TransDigm | 0.26% | N/A | $21,261,937.31 | 19,925,000 | Corporate Securities | Aerospace & Defense | United States | 8.00% | Ba3 | 15-Dec-2025 | 3.17 |
| Pacific Gas & Electric | 0.25% | -0.03 | $21,054,200.00 | 21,160,000 | Corporate Securities | Utilities | United States | 2.44% | NR | 31-Dec-2020 | 0.25 |
| Calpine | 0.25% | -0.02 | $20,920,363.33 | 20,845,000 | Corporate Securities | Utilities | United States | 5.13% | B2 | 15-Mar-2028 | 6.11 |
| Netflix | 0.25% | -0.03 | $20,915,485.79 | 19,060,000 | Corporate Securities | Cable Operators | United States | 5.38% | Ba3 | 15-Nov-2029 | 7.40 |
| Centene | 0.25% | N/A | $20,781,049.73 | 19,660,000 | Corporate Securities | Healthcare | United States | 4.63% | Ba1 | 15-Dec-2029 | 4.00 |
| Acrisure LLC / Acrisure Finance | 0.25% | -0.01 | $20,753,374.14 | 19,340,000 | Corporate Securities | Financial | United States | 8.13% | B2 | 15-Feb-2024 | 2.26 |
| Yum Brands | 0.25% | -0.02 | $20,667,695.49 | 19,070,000 | Corporate Securities | Restaurants | United States | 6.88% | B1 | 15-Nov-2037 | 10.29 |
| Yum Brands | 0.25% | -0.01 | $20,651,421.81 | 20,805,000 | Corporate Securities | Restaurants | United States | 5.35% | B1 | 01-Nov-2043 | 13.11 |
| OneMain Finance | 0.25% | N/A | $20,614,604.62 | 19,700,000 | Corporate Securities | Financial | United States | 6.88% | Ba3 | 15-Mar-2025 | 3.90 |
| Connect Finco SARL / Connect US Finco | 0.25% | -0.01 | $20,507,916.39 | 21,240,000 | Corporate Securities | Satellites | United Kingdom | 6.75% | B1 | 01-Oct-2026 | 4.88 |
| Amwins | 0.25% | -0.02 | $20,495,718.75 | 18,825,000 | Corporate Securities | Financial | United States | 7.75% | B3 | 01-Jul-2026 | 3.41 |
| Cirsa Finance International Sarl | 0.25% | -0.01 | $20,395,523.82 | 21,875,000 | Corporate Securities | Gaming | Spain | 7.88% | B2 | 20-Dec-2023 | 2.91 |
| Terraform Global Operating | 0.25% | -0.03 | $20,316,223.05 | 20,209,000 | Corporate Securities | Utilities | United States | 6.13% | Ba3 | 01-Mar-2026 | 4.61 |
| Joseph T Ryerson & Son | 0.24% | -0.03 | $20,264,256.55 | 19,597,000 | Corporate Securities | Metals & Mining | United States | 11.00% | B3 | 15-May-2022 | 0.80 |
| Tenet Healthcare | 0.24% | -0.02 | $20,259,636.02 | 18,975,000 | Corporate Securities | Healthcare | United States | 8.13% | Caa1 | 01-Apr-2022 | 1.59 |
| Danaher | 0.24% | N/A | $20,229,573.33 | 18,716 | Health Care | Health Care Equipment & Supplies | United States | 5.00% | NR | 15-Apr-2023 | 2.59 |
| Hudbay Minerals | 0.24% | 0.03 | $20,109,916.26 | 20,205,000 | Corporate Securities | Metals & Mining | Peru | 7.63% | B3 | 15-Jan-2025 | 3.60 |
| Cosan Luxembourg | 0.24% | -0.01 | $20,078,954.62 | 18,465,000 | Corporate Securities | Food/Tobacco | Brazil | 7.00% | Ba2 | 20-Jan-2027 | 1.41 |
| SS&C Technologies | 0.24% | -0.04 | $20,030,362.02 | 19,375,000 | Corporate Securities | Information Technology | United States | 5.50% | B2 | 30-Sep-2027 | 4.08 |
| Itau Unibanco Holding SA/Cayman Island | 0.24% | -0.05 | $19,873,066.09 | 21,225,000 | Corporate Securities | Banking | Brazil | 6.13% | B2 | 12-Jun-2169 | 2.18 |
| Cheniere Energy Partners | 0.24% | N/A | $19,825,139.30 | 20,230,000 | Corporate Securities | Energy | United States | 4.50% | NR | 01-Oct-2029 | 7.36 |
| Avolon Holdings Funding | 0.24% | -0.02 | $19,796,907.69 | 20,560,000 | Corporate Securities | Financial | Ireland | 5.50% | Baa3 | 15-Jan-2023 | 2.23 |
| Delta Air Lines | 0.24% | N/A | $19,751,851.98 | 20,335,000 | Corporate Securities | Airlines | United States | 7.38% | Baa3 | 15-Jan-2026 | 4.42 |
| Summit Materials LLC / Summit Materials Finance | 0.24% | 0.03 | $19,726,857.68 | 18,985,000 | Corporate Securities | Building Products | United States | 6.50% | B3 | 15-Mar-2027 | 3.20 |
| Sirius XM Radio | 0.24% | -0.03 | $19,710,344.22 | 18,620,000 | Corporate Securities | Broadcasting | United States | 5.38% | Ba3 | 15-Jul-2026 | 0.97 |
| Altice Financing | 0.23% | -0.01 | $19,465,195.12 | 19,280,000 | Corporate Securities | Cable Operators | Luxembourg | 5.00% | B2 | 15-Jan-2028 | 6.07 |
| Bausch Health | 0.23% | -0.04 | $19,427,708.37 | 18,395,000 | Corporate Securities | Healthcare | United States | 7.25% | B3 | 30-May-2029 | 4.75 |
| Exterran Energy Solutions LP / EES Finance | 0.23% | 0.01 | $19,414,728.19 | 23,155,000 | Corporate Securities | Energy | United States | 8.13% | B1 | 01-May-2025 | 3.69 |
| American Woodmark | 0.23% | -0.02 | $19,385,201.78 | 19,570,000 | Corporate Securities | Building Products | United States | 4.88% | Ba2 | 15-Mar-2026 | 4.83 |
| Ziggo Bond Co BV | 0.23% | -0.02 | $19,321,572.11 | 18,575,000 | Corporate Securities | Cable Operators | Netherlands | 6.00% | B3 | 15-Jan-2027 | 3.82 |
| Occidental Petroleum | 0.23% | N/A | $19,206,537.43 | 18,838,000 | Corporate Securities | Petroleum | United States | 4.10% | Ba2 | 01-Feb-2021 | 0.31 |
| Townsquare Media | 0.23% | -0.07 | $19,175,448.09 | 21,700,000 | Corporate Securities | Broadcasting | United States | 6.50% | B3 | 01-Apr-2023 | 2.35 |
| DISH DBS | 0.23% | N/A | $19,105,000.00 | 19,105,000 | Corporate Securities | Cable Operators | United States | 7.38% | B2 | 01-Jul-2028 | 4.11 |
| Petrobras Global Finance BV | 0.23% | -0.01 | $19,073,268.13 | 16,595,000 | Corporate Securities | Energy | Brazil | 7.38% | Ba2 | 17-Jan-2027 | 5.08 |
| Terrier Media Buyer | 0.23% | -0.02 | $18,968,023.09 | 19,730,000 | Corporate Securities | Broadcasting | United States | 8.88% | Caa1 | 15-Dec-2027 | 5.28 |
| Occidental Petroleum | 0.23% | 0.12 | $18,952,017.75 | 21,035,000 | Corporate Securities | Petroleum | United States | 7.95% | Ba2 | 15-Jun-2039 | 9.34 |
| Novelis | 0.23% | -0.02 | $18,915,923.29 | 19,365,000 | Corporate Securities | Metals & Mining | United States | 4.75% | B2 | 30-Jan-2030 | 7.38 |
| Fair Isaac | 0.23% | -0.02 | $18,851,368.56 | 17,150,000 | Corporate Securities | Services | United States | 5.25% | Ba2 | 15-May-2026 | 4.86 |
| Air Canada | 0.23% | 0.01 | $18,845,349.98 | 18,543,000 | Corporate Securities | Airlines | Canada | 7.75% | Ba3 | 15-Apr-2021 | 0.73 |
| Change Healthcare Holdings LLC / Change Healthcare Finance | 0.23% | 0.03 | $18,732,159.29 | 18,610,000 | Corporate Securities | Healthcare | United States | 5.75% | Caa1 | 01-Mar-2025 | 3.95 |
| Watco Cos LLC / Watco Finance | 0.23% | N/A | $18,687,375.74 | 18,235,000 | Corporate Securities | Transportation | United States | 6.50% | Caa1 | 15-Jun-2027 | 4.18 |
| Cheniere Corpus Christi Holdings | 0.22% | 0.01 | $18,594,009.18 | 16,940,000 | Corporate Securities | Energy | United States | 5.13% | Ba1 | 30-Jun-2027 | 5.55 |
| Avantor | 0.22% | -0.04 | $18,473,093.00 | 17,470,000 | Corporate Securities | Healthcare | United States | 6.00% | Ba2 | 01-Oct-2024 | 2.89 |
| FMG Resources August 2006 Pty | 0.22% | -0.03 | $18,392,424.73 | 17,680,000 | Corporate Securities | Metals & Mining | Australia | 5.13% | Ba1 | 15-May-2024 | 3.27 |
| Vertical US Newco | 0.22% | N/A | $18,240,000.00 | 18,240,000 | Corporate Securities | Services | Luxembourg | 5.25% | N/A | 15-Jul-2027 | 4.35 |
| Vistra Operations | 0.22% | -0.04 | $18,197,228.66 | 17,485,000 | Corporate Securities | Utilities | United States | 5.50% | Ba2 | 01-Sep-2026 | 2.82 |
| Minerva Luxembourg | 0.22% | -0.04 | $18,137,537.77 | 17,630,000 | Corporate Securities | Food/Tobacco | Brazil | 6.50% | NR | 20-Sep-2026 | 3.57 |
| DAE Funding | 0.22% | -0.03 | $18,054,279.91 | 18,780,000 | Corporate Securities | Financial | United Arab Emirates | 5.00% | Baa3 | 01-Aug-2024 | 3.52 |
| Marriott Ownership Resorts Inc / ILG | 0.22% | -0.00 | $18,047,837.50 | 17,710,000 | Corporate Securities | Lodging | United States | 6.50% | B1 | 15-Sep-2026 | 2.80 |
| Occidental Petroleum | 0.22% | N/A | $18,002,919.38 | 18,025,000 | Corporate Securities | Petroleum | United States | 8.50% | Ba2 | 15-Jul-2027 | 5.19 |
| HD Supply | 0.21% | -0.02 | $17,692,882.36 | 17,135,000 | Corporate Securities | Services | United States | 5.38% | Ba2 | 15-Oct-2026 | 2.95 |
| Pacific Gas & Electric | 0.21% | 0.00 | $17,625,000.00 | 15,000,000 | Corporate Securities | Utilities | United States | 4.75% | Baa3 | 15-Feb-2044 | N/A |
| Dcp Midstream Operating | 0.21% | 0.08 | $17,457,989.67 | 18,980,000 | Corporate Securities | Energy | United States | 6.75% | Ba2 | 15-Sep-2037 | 9.54 |
| Ford Motor Credit | 0.21% | -0.02 | $17,457,564.31 | 16,982,000 | Corporate Securities | Automotive | United States | 5.75% | Ba2 | 01-Feb-2021 | 0.49 |
| Navistar International | 0.21% | N/A | $17,417,712.31 | 15,990,000 | Corporate Securities | Automotive | United States | 9.50% | B2 | 01-May-2025 | 3.15 |
| Oci | 0.21% | -0.02 | $17,351,931.71 | 16,905,000 | Corporate Securities | Chemicals | Netherlands | 6.63% | Ba3 | 15-Apr-2023 | 1.63 |
| Constellium | 0.21% | -0.01 | $17,283,883.60 | 17,265,000 | Corporate Securities | Metals & Mining | United States | 5.75% | B2 | 15-May-2024 | 1.73 |
| Nextera Energy Operating Partners | 0.21% | -0.03 | $17,274,837.50 | 17,020,000 | Corporate Securities | Utilities | United States | 4.25% | Ba1 | 15-Sep-2024 | 3.63 |
| Allied Universal Holdco LLC / Allied Universal Finance | 0.21% | -0.00 | $17,258,187.50 | 15,725,000 | Corporate Securities | Services | United States | 9.75% | Caa2 | 15-Jul-2027 | 3.17 |
| SBA Communications | 0.21% | 0.07 | $17,183,177.02 | 17,000,000 | Corporate Securities | Wireless Communications | United States | 3.88% | B1 | 15-Feb-2027 | 4.12 |
| Ascend Learning | 0.21% | -0.01 | $17,078,788.36 | 16,485,000 | Corporate Securities | Services | United States | 6.88% | Caa2 | 01-Aug-2025 | 1.85 |
| Altice France SA/France | 0.21% | -0.02 | $17,060,236.34 | 16,700,000 | Corporate Securities | Cable Operators | France | 5.50% | B2 | 15-Jan-2028 | 3.66 |
| Level 3 Financing | 0.21% | -0.03 | $17,039,550.41 | 16,770,000 | Corporate Securities | Other Telecommunications | United States | 4.63% | Ba3 | 15-Sep-2027 | 3.72 |
| Dynasty Acquisition | 0.20% | N/A | $16,897,312.50 | 19,850,000 | Corporate Securities | Aerospace & Defense | United States | 3.81% | B2 | 06-Apr-2026 | 0.25 |
| Tempur Sealy International | 0.20% | -0.02 | $16,875,588.79 | 16,515,000 | Corporate Securities | Consumer Products | United States | 5.63% | B1 | 15-Oct-2023 | 1.21 |
| Clearway Energy Operating | 0.20% | -0.03 | $16,831,591.38 | 16,113,000 | Corporate Securities | Utilities | United States | 5.75% | Ba2 | 15-Oct-2025 | 2.94 |
| CCO Holdings LLC / CCO Holdings Capital | 0.20% | -0.03 | $16,750,605.33 | 15,830,000 | Corporate Securities | Cable Operators | United States | 5.38% | B1 | 01-Jun-2029 | 3.49 |
| Clear Channel Worldwide Holdings | 0.20% | -0.02 | $16,701,776.43 | 17,055,000 | Corporate Securities | Broadcasting | United States | 5.13% | B1 | 15-Aug-2027 | 5.75 |
| Navient | 0.20% | -0.03 | $16,681,566.23 | 16,735,000 | Corporate Securities | Financial | United States | 7.25% | Ba3 | 25-Sep-2023 | 2.76 |
| Trivium Packaging Finance BV | 0.20% | 0.01 | $16,661,353.03 | 15,120,000 | Corporate Securities | Container | Netherlands | 8.50% | Caa2 | 15-Aug-2027 | 3.32 |
| Iceland Bondco | 0.20% | -0.01 | $16,509,896.45 | 14,800,000 | Corporate Securities | Supermarkets | United Kingdom | 4.63% | B2 | 15-Mar-2025 | 4.06 |
| Ford Motor Credit | 0.20% | N/A | $16,394,778.73 | 16,375,000 | Corporate Securities | Automotive | United States | 5.13% | Ba2 | 16-Jun-2025 | 4.31 |
| Telesat Canada / Telesat | 0.20% | -0.03 | $16,353,300.88 | 16,375,000 | Corporate Securities | Satellites | Canada | 6.50% | B3 | 15-Oct-2027 | 5.62 |
| Lions Gate Capital Holdings | 0.20% | -0.00 | $16,261,994.51 | 16,320,000 | Corporate Securities | Broadcasting | United States | 6.38% | B2 | 01-Feb-2024 | 3.05 |
| Prime Security Services Borrower LLC / Prime Finance | 0.20% | -0.02 | $16,254,038.70 | 15,595,000 | Corporate Securities | Services | United States | 5.25% | Ba3 | 15-Apr-2024 | 3.33 |
| DAE Funding | 0.20% | -0.02 | $16,169,752.68 | 16,305,000 | Corporate Securities | Financial | United Arab Emirates | 5.25% | Baa3 | 15-Nov-2021 | 1.28 |
| Life Time | 0.20% | N/A | $16,168,287.43 | 18,307,936 | Corporate Securities | Consumer Products | United States | 3.75% | B2 | 10-Jun-2022 | 0.25 |
| Nexstar Broadcasting | 0.19% | -0.02 | $16,156,184.57 | 15,635,000 | Corporate Securities | Broadcasting | United States | 5.63% | B3 | 01-Aug-2024 | 1.89 |
| Altice France SA/France | 0.19% | -0.03 | $16,132,980.69 | 16,814,646 | Corporate Securities | Cable Operators | France | 4.18% | B2 | 14-Aug-2026 | 0.25 |
| Prairie Eci Acquiror | 0.19% | 0.07 | $16,032,426.41 | 17,719,500 | Corporate Securities | Energy | United States | 6.20% | B2 | 11-Mar-2026 | 0.25 |
| AES | 0.19% | -0.02 | $15,937,655.91 | 15,150,000 | Corporate Securities | Utilities | United States | 5.13% | Ba1 | 01-Sep-2027 | 4.44 |
| Acrisure LLC / Acrisure Finance | 0.19% | -0.01 | $15,899,331.52 | 16,200,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 15-Nov-2025 | 4.32 |
| Tenet Healthcare | 0.19% | N/A | $15,891,770.83 | 14,750,000 | Corporate Securities | Healthcare | United States | 7.50% | B1 | 01-Apr-2025 | 2.43 |
| Univision Communications | 0.19% | N/A | $15,713,760.57 | 16,500,000 | Corporate Securities | Broadcasting | United States | 6.63% | B2 | 01-Jun-2027 | 5.40 |
| CDW LLC / CDW Finance | 0.19% | -0.03 | $15,617,146.86 | 15,340,000 | Corporate Securities | Services | United States | 4.25% | Ba2 | 01-Apr-2028 | 3.81 |
| Sigma Holdco BV | 0.19% | -0.01 | $15,555,315.81 | 15,535,000 | Corporate Securities | Food/Tobacco | Netherlands | 7.88% | B3 | 15-May-2026 | 4.57 |
| Tempur Sealy International | 0.19% | -0.01 | $15,543,260.46 | 15,315,000 | Corporate Securities | Consumer Products | United States | 5.50% | B1 | 15-Jun-2026 | 3.51 |
| Delta Air Lines | 0.19% | N/A | $15,453,734.40 | 14,760,000 | Corporate Securities | Airlines | United States | 7.00% | Baa2 | 01-May-2025 | 4.01 |
| Berry Petroleum | 0.19% | 0.08 | $15,430,586.54 | 18,450,000 | Corporate Securities | Energy | United States | 7.00% | B3 | 15-Feb-2026 | 4.21 |
| Mauser Packaging Solutions Holding | 0.19% | -0.00 | $15,385,398.43 | 16,810,000 | Corporate Securities | Container | United States | 7.25% | Caa3 | 15-Apr-2025 | 3.82 |
| Shimao Group Holdings | 0.19% | N/A | $15,351,105.29 | 14,220,000 | Corporate Securities | Building & Real Estate | China | 6.13% | NR | 21-Feb-2024 | 1.51 |
| Country Garden Holdings | 0.18% | -0.02 | $15,308,502.03 | 13,860,000 | Corporate Securities | Building & Real Estate | China | 8.00% | NR | 27-Jan-2024 | 1.15 |
| Nextera Energy Operating Partners | 0.18% | -0.01 | $15,285,793.21 | 14,445,000 | Corporate Securities | Utilities | United States | 4.50% | Ba1 | 15-Sep-2027 | 5.88 |
| Avolon Holdings Funding | 0.18% | -0.01 | $15,284,615.49 | 16,290,000 | Corporate Securities | Financial | Ireland | 5.13% | Baa3 | 01-Oct-2023 | 2.87 |
| eG Global Finance | 0.18% | -0.00 | $15,222,091.13 | 15,515,000 | Corporate Securities | Services | United Kingdom | 6.75% | B2 | 07-Feb-2025 | 3.84 |
| New Enterprise Stone & Lime | 0.18% | -0.01 | $15,210,074.05 | 14,845,000 | Corporate Securities | Building Products | United States | 6.25% | B1 | 15-Mar-2026 | 2.41 |
| Presidio Holdings | 0.18% | 0.01 | $15,208,463.39 | 14,800,000 | Corporate Securities | Services | United States | 8.25% | Caa1 | 01-Feb-2028 | 3.62 |
| GCI | 0.18% | -0.00 | $15,176,059.00 | 14,530,000 | Corporate Securities | Cable Operators | United States | 6.88% | B3 | 15-Apr-2025 | 0.74 |
| Intelsat Jackson Holdings | 0.18% | N/A | $15,164,384.97 | 14,967,857 | Corporate Securities | Satellites | United States | 6.50% | NR | 13-Jul-2021 | 0.25 |
| Qorvo | 0.18% | -0.03 | $15,100,070.19 | 14,190,000 | Corporate Securities | Information Technology | United States | 5.50% | Ba1 | 15-Jul-2026 | 0.97 |
| Altice France SA/France | 0.18% | -0.02 | $15,079,503.57 | 13,360,000 | Corporate Securities | Cable Operators | France | 8.13% | B2 | 01-Feb-2027 | 1.85 |
| Avon International Operations | 0.18% | -0.01 | $15,022,545.50 | 14,525,000 | Corporate Securities | Consumer Products | Brazil | 7.88% | Ba1 | 15-Aug-2022 | 1.01 |
| GTCR AP Finance | 0.18% | -0.01 | $14,992,500.82 | 14,465,000 | Corporate Securities | Financial | United States | 8.00% | Caa2 | 15-May-2027 | 3.25 |
| CrownRock LP / CrownRock Finance | 0.18% | 0.04 | $14,978,845.85 | 16,495,000 | Corporate Securities | Energy | United States | 5.63% | B2 | 15-Oct-2025 | 4.36 |
| GCI | 0.18% | -0.02 | $14,978,649.46 | 14,260,000 | Corporate Securities | Cable Operators | United States | 6.63% | B3 | 15-Jun-2024 | 0.91 |
| Kraton Polymers LLC / Kraton Polymers Capital | 0.18% | -0.00 | $14,901,361.53 | 14,435,000 | Corporate Securities | Chemicals | United States | 7.00% | B3 | 15-Apr-2025 | 1.59 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.18% | -0.02 | $14,871,602.42 | 14,135,000 | Corporate Securities | Supermarkets | United States | 5.88% | B2 | 15-Feb-2028 | 4.29 |
| BCP Raptor | 0.18% | 0.06 | $14,858,243.09 | 20,780,760 | Corporate Securities | Energy | United States | 5.25% | B3 | 24-Jun-2024 | 0.25 |
| Virgin Media Vendor Financing Notes IV DAC | 0.18% | N/A | $14,820,648.78 | 15,000,000 | Corporate Securities | Wireless Communications | United Kingdom | 5.00% | B1 | 15-Jul-2028 | 6.52 |
| Sirius XM Radio | 0.18% | -0.02 | $14,816,261.54 | 14,160,000 | Corporate Securities | Broadcasting | United States | 4.63% | Ba3 | 15-Jul-2024 | 2.75 |
| Endeavor Energy Resources LP / EER Finance | 0.18% | 0.03 | $14,801,604.53 | 15,078,000 | Corporate Securities | Energy | United States | 5.75% | B1 | 30-Jan-2028 | 5.87 |
| Scientific Games International | 0.18% | -0.01 | $14,783,816.63 | 16,761,697 | Corporate Securities | Gaming | United States | 3.48% | B1 | 14-Aug-2024 | 0.25 |
| Nextera Energy Operating Partners | 0.18% | -0.02 | $14,682,738.46 | 14,330,000 | Corporate Securities | Utilities | United States | 4.25% | Ba1 | 15-Jul-2024 | 3.39 |
| PGT Innovations | 0.18% | -0.01 | $14,664,999.18 | 13,960,000 | Corporate Securities | Building Products | United States | 6.75% | B2 | 01-Aug-2026 | 3.43 |
| Cedar Fair LP / Canada s Wonderland Co / Magnum Management Corp / Millennium Op | 0.18% | -0.02 | $14,511,272.01 | 15,880,000 | Corporate Securities | Entertainment & Leisure | United States | 5.38% | B3 | 15-Apr-2027 | 5.43 |
| Neon Holdings | 0.17% | -0.02 | $14,453,251.54 | 14,290,000 | Corporate Securities | Chemicals | United States | 10.13% | B3 | 01-Apr-2026 | 2.97 |
| Radiate Holdco LLC / Radiate Finance | 0.17% | -0.00 | $14,409,030.81 | 13,910,000 | Corporate Securities | Cable Operators | United States | 6.88% | NR | 15-Feb-2023 | 1.47 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.17% | -0.02 | $14,388,512.79 | 13,740,000 | Corporate Securities | Supermarkets | United States | 4.88% | B2 | 15-Feb-2030 | 6.20 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.17% | -0.02 | $14,352,348.46 | 14,990,000 | N/A | N/A | Israel | 2.80% | Ba2 | 21-Jul-2023 | 2.83 |
| New Gold | 0.17% | -0.02 | $14,264,169.19 | 14,010,000 | Corporate Securities | Metals & Mining | Canada | 6.38% | Caa1 | 15-May-2025 | 2.56 |
| PG&E | 0.17% | N/A | $14,118,603.94 | 14,015,000 | Corporate Securities | Utilities | United States | 5.25% | B1 | 01-Jul-2030 | 6.48 |
| Hudbay Minerals | 0.17% | -0.01 | $14,110,180.77 | 13,805,000 | Corporate Securities | Metals & Mining | Peru | 7.25% | B3 | 15-Jan-2023 | 2.18 |
| Weekley Homes LLC / Weekley Finance | 0.17% | 0.04 | $14,101,274.85 | 13,625,000 | Corporate Securities | Building & Real Estate | United States | 6.63% | B1 | 15-Aug-2025 | 2.71 |
| CSC Holdings | 0.17% | -0.02 | $14,071,617.39 | 12,640,000 | Corporate Securities | Cable Operators | United States | 7.50% | B3 | 01-Apr-2028 | 2.43 |
| Nexstar Broadcasting | 0.17% | -0.02 | $14,033,116.35 | 13,745,000 | Corporate Securities | Broadcasting | United States | 5.63% | B3 | 15-Jul-2027 | 5.58 |
| Solera | 0.17% | -0.02 | $14,016,045.09 | 14,550,031 | Corporate Securities | Information Technology | United States | 2.93% | Ba3 | 03-Mar-2023 | 0.25 |
| Expedia | 0.17% | N/A | $14,014,193.52 | 12,980,000 | Corporate Securities | Information Technology | United States | 6.25% | Baa3 | 01-May-2025 | 3.93 |
| Range Resources | 0.17% | 0.04 | $14,004,685.42 | 14,935,000 | Corporate Securities | Energy | United States | 9.25% | B3 | 01-Feb-2026 | 3.98 |
| Centene | 0.17% | N/A | $14,000,034.49 | 13,535,000 | Corporate Securities | Healthcare | United States | 4.25% | NR | 15-Dec-2027 | 4.83 |
| Antero Resources | 0.17% | 0.02 | $13,872,066.71 | 19,155,000 | Corporate Securities | Energy | United States | 5.13% | Caa1 | 01-Dec-2022 | 2.04 |
| Vistra | 0.17% | N/A | $13,705,777.24 | 12,730,000 | Corporate Securities | Utilities | United States | 8.13% | Ba2 | 30-Jan-2026 | 0.07 |
| HCA | 0.17% | -0.02 | $13,683,158.47 | 12,235,000 | Corporate Securities | Healthcare | United States | 5.88% | Ba2 | 15-Feb-2026 | 4.35 |
| Continental Resources Inc/OK | 0.16% | N/A | $13,574,566.18 | 13,647,000 | Corporate Securities | Energy | United States | 5.00% | Ba1 | 15-Sep-2022 | 2.02 |
| Ford Motor Credit | 0.16% | -0.02 | $13,527,317.48 | 13,219,000 | Corporate Securities | Automotive | United States | 5.09% | Ba2 | 07-Jan-2021 | 0.40 |
| Occidental Petroleum | 0.16% | N/A | $13,518,712.50 | 13,485,000 | Corporate Securities | Petroleum | United States | 8.00% | Ba2 | 15-Jul-2025 | 4.05 |
| NiSource | 0.16% | -0.01 | $13,518,039.59 | 13,655,000 | Corporate Securities | Utilities | United States | 5.65% | NR | 15-Jun-2169 | 2.66 |
| Netflix | 0.16% | N/A | $13,494,115.26 | 13,310,000 | Corporate Securities | Cable Operators | United States | 3.63% | Ba3 | 15-Jun-2025 | 4.26 |
| GFL Environmental | 0.16% | -0.02 | $13,362,282.75 | 12,130,000 | Corporate Securities | Services | Canada | 8.50% | B3 | 01-May-2027 | 1.66 |
| Taylor Morrison Communities Inc / Taylor Morrison Holdings Ii | 0.16% | -0.02 | $13,310,207.65 | 12,800,000 | Corporate Securities | Building & Real Estate | United States | 5.88% | Ba3 | 15-Apr-2023 | 2.31 |
| Performance Food | 0.16% | -0.02 | $13,291,131.83 | 13,610,000 | Corporate Securities | Services | United States | 5.50% | B2 | 15-Oct-2027 | 5.82 |
| Dana | 0.16% | N/A | $13,284,480.69 | 13,360,000 | Corporate Securities | Automotive | United States | 5.63% | B2 | 15-Jun-2028 | 6.31 |
| Alcoa Nederland Holding BV | 0.16% | -0.01 | $13,091,027.60 | 12,675,000 | Corporate Securities | Metals & Mining | United States | 6.13% | Ba1 | 15-May-2028 | 4.86 |
| MGM Resorts International | 0.16% | -0.01 | $13,003,964.67 | 12,670,000 | Corporate Securities | Gaming | United States | 6.00% | Ba3 | 15-Mar-2023 | 2.42 |
| Intelsat Jackson Holdings | 0.16% | 0.01 | $12,863,833.30 | 12,890,000 | Corporate Securities | Satellites | United States | 8.63% | NR | 02-Jan-2024 | 0.25 |
| Bellring Brands | 0.15% | -0.02 | $12,786,424.61 | 12,874,875 | Corporate Securities | Food/Tobacco | United States | 6.00% | B2 | 21-Oct-2024 | 0.25 |
| PetSmart | 0.15% | N/A | $12,766,256.88 | 12,660,000 | Corporate Securities | Retail | United States | 7.13% | Caa2 | 15-Mar-2023 | 2.35 |
| Meritor | 0.15% | N/A | $12,750,417.46 | 12,575,000 | Corporate Securities | Automotive | United States | 6.25% | B1 | 01-Jun-2025 | 3.41 |
| RHP Hotel Properties LP / RHP Finance | 0.15% | N/A | $12,749,177.70 | 14,245,000 | Corporate Securities | Lodging | United States | 4.75% | B1 | 15-Oct-2027 | 5.90 |
| HCA | 0.15% | 0.03 | $12,699,955.31 | 11,600,000 | Corporate Securities | Healthcare | United States | 5.38% | Ba2 | 01-Feb-2025 | 3.98 |
| Wynn Macau | 0.15% | N/A | $12,681,002.26 | 12,750,000 | Corporate Securities | Gaming | Macau | 5.50% | B1 | 15-Jan-2026 | 4.69 |
| Vistra Operations | 0.15% | -0.02 | $12,651,548.66 | 12,228,000 | Corporate Securities | Utilities | United States | 5.00% | Ba2 | 31-Jul-2027 | 3.57 |
| MSCI | 0.15% | -0.02 | $12,562,707.06 | 12,255,000 | Corporate Securities | Services | United States | 4.00% | Ba2 | 15-Nov-2029 | 6.31 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA | 0.15% | -0.02 | $12,555,989.01 | 12,000,000 | Corporate Securities | Container | United States | 6.00% | Caa1 | 15-Feb-2025 | 2.35 |
| Prime Security Services Borrower LLC / Prime Finance | 0.15% | -0.01 | $12,535,195.50 | 12,935,000 | Corporate Securities | Services | United States | 6.25% | B3 | 15-Jan-2028 | 5.70 |
| Post Holdings | 0.15% | -0.02 | $12,484,553.85 | 11,795,000 | Corporate Securities | Food/Tobacco | United States | 5.63% | B2 | 15-Jan-2028 | 4.51 |
| PG&E | 0.15% | N/A | $12,435,474.54 | 12,500,000 | Corporate Securities | Utilities | United States | 5.00% | B1 | 01-Jul-2028 | 6.51 |
| Synlab Unsecured Bondco | 0.15% | N/A | $12,431,887.78 | 10,400,000 | Corporate Securities | Healthcare | Germany | 8.25% | Caa1 | 01-Jul-2023 | 0.04 |
| Cabot Financial Luxembourg | 0.15% | -0.02 | $12,396,143.74 | 9,825,000 | Corporate Securities | Financial | United Kingdom | 7.50% | B1 | 01-Oct-2023 | 1.15 |
| Kraft Heinz Foods | 0.15% | -0.01 | $12,343,102.77 | 9,720,000 | Corporate Securities | Food/Tobacco | United States | 6.88% | Baa3 | 26-Jan-2039 | 11.10 |
| T-Mobile US | 0.15% | N/A | $12,320,945.00 | 118,300 | Communication Services | Wireless Telecommunication Services | United States | N/A | N/A | N/A | N/A |
| Big River Steel LLC / BRS Finance | 0.15% | -0.01 | $12,296,683.69 | 12,560,000 | Corporate Securities | Metals & Mining | United States | 7.25% | Caa1 | 01-Sep-2025 | 4.07 |
| Sirius XM Radio | 0.15% | N/A | $12,227,050.78 | 12,385,000 | Corporate Securities | Broadcasting | United States | 4.13% | Ba3 | 01-Jul-2030 | 8.09 |
| MPT Operating Partnership LP / MPT Finance | 0.15% | -0.02 | $12,166,881.97 | 11,575,000 | Corporate Securities | Healthcare | United States | 6.38% | Ba1 | 01-Mar-2024 | 0.63 |
| eG Global Finance | 0.15% | 0.02 | $12,083,532.57 | 11,570,000 | Corporate Securities | Services | United Kingdom | 8.50% | B2 | 30-Oct-2025 | 2.82 |
| Ford Motor | 0.15% | N/A | $12,066,224.63 | 10,985,000 | Corporate Securities | Automotive | United States | 9.00% | Ba2 | 22-Apr-2025 | 3.79 |
| Netflix | 0.14% | -0.01 | $11,997,464.37 | 10,175,000 | Corporate Securities | Cable Operators | United States | 3.88% | Ba3 | 15-Nov-2029 | 7.72 |
| United Rentals North America | 0.14% | -0.02 | $11,949,751.36 | 11,350,000 | Corporate Securities | Services | United States | 6.50% | Ba3 | 15-Dec-2026 | 1.36 |
| Ascend Learning | 0.14% | -0.01 | $11,884,772.36 | 12,518,457 | Corporate Securities | Services | United States | 4.00% | Ba3 | 12-Jul-2024 | 0.25 |
| Stonepeak Lonestar Holdings | 0.14% | 0.02 | $11,856,705.96 | 12,405,656 | Corporate Securities | Energy | United States | 5.63% | B1 | 19-Oct-2026 | 0.25 |
| Boyd Gaming | 0.14% | -0.01 | $11,842,616.62 | 12,335,000 | Corporate Securities | Gaming | United States | 6.00% | Caa1 | 15-Aug-2026 | 4.87 |
| Yum Brands | 0.14% | -0.02 | $11,842,136.27 | 10,785,000 | Corporate Securities | Restaurants | United States | 7.75% | B1 | 01-Apr-2025 | 1.60 |
| Molina Healthcare | 0.14% | N/A | $11,825,181.61 | 11,755,000 | Corporate Securities | Healthcare | United States | 4.38% | B2 | 15-Jun-2028 | 4.39 |
| Nustar Logistics | 0.14% | 0.01 | $11,815,421.32 | 12,245,000 | Corporate Securities | Energy | United States | 6.00% | Ba2 | 01-Jun-2026 | 4.86 |
| Marriott Ownership Resorts | 0.14% | N/A | $11,809,436.47 | 11,500,000 | Corporate Securities | Lodging | United States | 6.13% | Ba1 | 15-Sep-2025 | 3.38 |
| LifePoint Health | 0.14% | N/A | $11,803,666.97 | 11,300,000 | Corporate Securities | Healthcare | United States | 6.75% | B1 | 15-Apr-2025 | 3.26 |
| Sirius XM Radio | 0.14% | -0.02 | $11,682,326.24 | 11,225,000 | Corporate Securities | Broadcasting | United States | 5.00% | Ba3 | 01-Aug-2027 | 4.36 |
| New Albertsons | 0.14% | -0.01 | $11,678,359.12 | 10,560,000 | Corporate Securities | Supermarkets | United States | 7.45% | NR | 01-Aug-2029 | 6.46 |
| Energizer Gamma Acquisition BV | 0.14% | -0.00 | $11,676,147.60 | 10,020,000 | Corporate Securities | Consumer Products | United States | 4.63% | B2 | 15-Jul-2026 | 0.96 |
| Cheniere Corpus Christi Holdings | 0.14% | 0.02 | $11,634,625.08 | 10,375,000 | Corporate Securities | Energy | United States | 5.88% | Ba1 | 31-Mar-2025 | 3.79 |
| Archrock Partners LP / Archrock Partners Finance | 0.14% | 0.01 | $11,623,901.52 | 12,145,000 | Corporate Securities | Energy | United States | 6.88% | B2 | 01-Apr-2027 | 5.16 |
| Virgin Media Secured Finance | 0.14% | -0.02 | $11,475,525.96 | 10,974,000 | Corporate Securities | Cable Operators | United Kingdom | 5.50% | Ba3 | 15-Aug-2026 | 1.94 |
| Expedia | 0.14% | N/A | $11,461,111.04 | 10,855,000 | Corporate Securities | Information Technology | United States | 7.00% | Baa3 | 01-May-2025 | 3.30 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.14% | 0.01 | $11,423,694.07 | 10,585,000 | Corporate Securities | Energy | United States | 6.88% | Ba3 | 15-Jan-2029 | 5.09 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets | 0.14% | N/A | $11,369,193.75 | 11,355,000 | Corporate Securities | Airlines | United States | 6.50% | Baa3 | 20-Jun-2027 | 3.83 |
| FMG Resources August 2006 Pty | 0.14% | -0.02 | $11,292,798.30 | 10,845,000 | Corporate Securities | Metals & Mining | Australia | 5.13% | Ba1 | 15-Mar-2023 | 2.26 |
| Navient | 0.13% | -0.02 | $11,131,823.71 | 13,000,000 | Corporate Securities | Financial | United States | 5.00% | Ba3 | 15-Mar-2027 | 5.32 |
| Pacific Gas & Electric | 0.13% | N/A | $11,120,062.50 | 9,325,000 | Corporate Securities | Utilities | United States | 5.80% | NR | 01-Mar-2037 | N/A |
| Select Medical | 0.13% | -0.02 | $11,092,624.35 | 10,785,000 | Corporate Securities | Healthcare | United States | 6.25% | B3 | 15-Aug-2026 | 4.22 |
| HCA | 0.13% | -0.01 | $11,018,851.64 | 9,535,000 | Corporate Securities | Healthcare | United States | 5.88% | Ba2 | 01-Feb-2029 | 6.38 |
| WR Grace & Co-Conn | 0.13% | N/A | $11,011,198.16 | 10,895,000 | Corporate Securities | Chemicals | United States | 4.88% | Ba3 | 15-Jun-2027 | 4.35 |
| Aramark Services | 0.13% | N/A | $10,951,627.53 | 10,505,000 | Corporate Securities | Services | United States | 6.38% | B1 | 01-May-2025 | 3.33 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance | 0.13% | 0.06 | $10,920,374.51 | 11,105,000 | Corporate Securities | Lodging | United States | 4.88% | Ba2 | 01-Apr-2027 | 5.59 |
| DAE Funding | 0.13% | -0.02 | $10,907,093.52 | 11,195,000 | Corporate Securities | Financial | United Arab Emirates | 4.50% | Baa3 | 01-Aug-2022 | 1.90 |
| Caesars Resort Collection LLC / CRC Finco | 0.13% | N/A | $10,889,175.00 | 10,835,000 | Corporate Securities | Gaming | United States | 5.75% | B1 | 01-Jul-2025 | 3.52 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.13% | -0.02 | $10,825,948.27 | 10,545,000 | Corporate Securities | Supermarkets | United States | 3.50% | B2 | 15-Feb-2023 | 2.30 |
| Ford Motor | 0.13% | N/A | $10,813,761.91 | 10,070,000 | Corporate Securities | Automotive | United States | 8.50% | Ba2 | 21-Apr-2023 | 2.44 |
| USA Compression Partners LP / USA Compression Finance | 0.13% | 0.03 | $10,812,478.76 | 10,940,000 | Corporate Securities | Energy | United States | 6.88% | B3 | 01-Apr-2026 | 4.57 |
| Acrisure LLC / Acrisure Finance | 0.13% | -0.00 | $10,775,299.97 | 9,690,000 | Corporate Securities | Financial | United States | 10.13% | Caa2 | 01-Aug-2026 | 3.82 |
| LifePoint Health | 0.13% | 0.00 | $10,752,610.08 | 11,501,717 | Corporate Securities | Healthcare | United States | 3.92% | B1 | 16-Nov-2025 | 0.25 |
| ViaSat | 0.13% | -0.02 | $10,731,232.07 | 10,350,000 | Corporate Securities | Satellites | United States | 5.63% | Ba3 | 15-Apr-2027 | 3.34 |
| CommScope | 0.13% | N/A | $10,605,081.25 | 10,645,000 | Corporate Securities | Information Technology | United States | 7.13% | B3 | 01-Jul-2028 | 6.00 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital | 0.13% | -0.03 | $10,556,105.01 | 11,645,000 | Corporate Securities | Gaming | United States | 5.13% | B1 | 01-Oct-2029 | 7.01 |
| Go Daddy Operating Co LLC / GD Finance | 0.13% | -0.02 | $10,545,009.84 | 10,320,000 | Corporate Securities | Information Technology | United States | 5.25% | B1 | 01-Dec-2027 | 4.27 |
| International Game Technology | 0.13% | N/A | $10,450,868.33 | 10,700,000 | Corporate Securities | Gaming | Italy | 5.25% | Ba3 | 15-Jan-2029 | 6.76 |
| Pactiv | 0.13% | -0.02 | $10,439,548.36 | 9,725,000 | Corporate Securities | Container | United States | 7.95% | Caa1 | 15-Dec-2025 | 4.40 |
| Post Holdings | 0.13% | -0.02 | $10,438,635.94 | 9,915,000 | Corporate Securities | Food/Tobacco | United States | 5.75% | B2 | 01-Mar-2027 | 3.98 |
| Compass Minerals International | 0.13% | -0.01 | $10,369,498.47 | 9,675,000 | Corporate Securities | Chemicals | United States | 6.75% | B1 | 01-Dec-2027 | 2.20 |
| Zayo Group Holdings | 0.12% | -0.02 | $10,326,004.02 | 10,415,000 | Corporate Securities | Other Telecommunications | United States | 6.13% | Caa1 | 01-Mar-2028 | 5.89 |
| WW International | 0.12% | -0.02 | $10,231,003.78 | 10,446,409 | Corporate Securities | Services | United States | 5.50% | Ba2 | 29-Nov-2024 | 0.25 |
| Cleveland-Cliffs | 0.12% | N/A | $10,189,023.18 | 9,565,000 | Corporate Securities | Metals & Mining | United States | 9.88% | Ba3 | 17-Oct-2025 | 3.71 |
| VICI Properties LP / VICI Note | 0.12% | -0.01 | $10,126,922.95 | 10,320,000 | Corporate Securities | Gaming | United States | 4.63% | Ba3 | 01-Dec-2029 | 7.49 |
| Wynn Macau | 0.12% | -0.01 | $10,080,897.33 | 10,015,000 | Corporate Securities | Gaming | Macau | 5.50% | B1 | 01-Oct-2027 | 5.81 |
| Dcp Midstream Operating | 0.12% | 0.05 | $10,037,628.59 | 9,040,000 | Corporate Securities | Energy | United States | 8.13% | Ba2 | 16-Aug-2030 | 6.82 |
| GFL Environmental | 0.12% | 0.01 | $9,984,703.63 | 9,548,000 | Corporate Securities | Services | Canada | 7.00% | B3 | 01-Jun-2026 | 2.60 |
| Comstock Resources | 0.12% | N/A | $9,920,283.33 | 10,600,000 | Corporate Securities | Energy | United States | 9.75% | Caa1 | 15-Aug-2026 | 4.42 |
| Live Nation Entertainment | 0.12% | -0.03 | $9,892,966.19 | 11,355,000 | Corporate Securities | Entertainment & Leisure | United States | 4.75% | B1 | 15-Oct-2027 | 5.86 |
| Asurion | 0.12% | -0.02 | $9,855,996.24 | 10,204,691 | Corporate Securities | Wireless Communications | United States | 3.17% | Ba3 | 03-Nov-2023 | 0.25 |
| F-Brasile SpA / F-Brasile US | 0.12% | -0.06 | $9,853,612.81 | 12,390,000 | Corporate Securities | Aerospace & Defense | Italy | 7.38% | B3 | 15-Aug-2026 | 4.41 |
| L Brands | 0.12% | N/A | $9,834,006.11 | 9,765,000 | Corporate Securities | Retail | United States | 9.38% | B2 | 01-Jul-2025 | 3.90 |
| RHP Hotel Properties LP / RHP Finance | 0.12% | N/A | $9,829,095.03 | 10,300,000 | Corporate Securities | Lodging | United States | 5.00% | B1 | 15-Apr-2023 | 2.50 |
| Brookfield WEC Holdings | 0.12% | -0.02 | $9,818,303.98 | 10,189,825 | Corporate Securities | Utilities | United States | 3.18% | B2 | 01-Aug-2025 | 0.25 |
| MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer | 0.12% | 0.00 | $9,796,288.39 | 9,230,000 | Corporate Securities | Gaming | United States | 5.75% | NR | 01-Feb-2027 | 5.14 |
| Churchill downs | 0.12% | -0.02 | $9,758,054.64 | 9,920,000 | Corporate Securities | Gaming | United States | 5.50% | B1 | 01-Apr-2027 | 5.47 |
| GFL Environmental | 0.12% | -0.02 | $9,745,255.30 | 10,044,480 | Corporate Securities | Services | Canada | 4.00% | Ba3 | 30-May-2025 | 0.25 |
| Kraft Heinz Foods | 0.12% | -0.01 | $9,581,283.33 | 7,365,000 | Corporate Securities | Food/Tobacco | United States | 7.13% | Baa3 | 01-Aug-2039 | 11.15 |
| Cno Financial | 0.11% | -0.01 | $9,509,689.08 | 8,561,000 | Corporate Securities | Financial | United States | 5.25% | Baa3 | 30-May-2025 | 4.13 |
| Element Solutions | 0.11% | -0.02 | $9,446,431.14 | 9,320,000 | Corporate Securities | Chemicals | United States | 5.88% | B2 | 01-Dec-2025 | 2.21 |
| Scientific Games International | 0.11% | N/A | $9,172,350.00 | 9,810,000 | Corporate Securities | Gaming | United States | 8.63% | Caa2 | 01-Jul-2025 | 3.92 |
| MGM China Holdings | 0.11% | N/A | $9,036,409.84 | 8,800,000 | Corporate Securities | Gaming | Macau | 5.25% | Ba3 | 18-Jun-2025 | 3.53 |
| New Gold | 0.11% | N/A | $9,008,281.08 | 8,755,000 | Corporate Securities | Metals & Mining | Canada | 7.50% | Caa1 | 15-Jul-2027 | 4.15 |
| Vail Resorts | 0.11% | N/A | $8,992,801.27 | 8,515,000 | Corporate Securities | Entertainment & Leisure | United States | 6.25% | B2 | 15-May-2025 | 3.38 |
| Level 3 Financing | 0.11% | -0.01 | $8,801,260.54 | 8,450,000 | Corporate Securities | Other Telecommunications | United States | 5.38% | Ba3 | 01-May-2025 | 0.07 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.11% | 0.00 | $8,746,236.68 | 9,495,000 | Corporate Securities | Energy | United States | 5.50% | B1 | 15-Sep-2024 | 3.57 |
| DISH Network | 0.11% | N/A | $8,727,120.53 | 9,275,000 | Communication Services | Media | United States | 3.38% | B1 | 15-Aug-2026 | 5.32 |
| Mattel | 0.10% | -0.02 | $8,683,899.45 | 8,410,000 | Corporate Securities | Consumer Products | United States | 5.88% | B1 | 15-Dec-2027 | 4.62 |
| Microchip Technology | 0.10% | N/A | $8,664,696.14 | 8,600,000 | Corporate Securities | Information Technology | United States | 4.25% | Ba2 | 01-Sep-2025 | 3.76 |
| NRG Energy | 0.10% | -0.02 | $8,649,865.57 | 8,220,000 | Corporate Securities | Utilities | United States | 5.25% | Ba2 | 15-Jun-2029 | 5.08 |
| Freeport-McMoRan | 0.10% | -0.00 | $8,604,431.18 | 8,215,000 | Corporate Securities | Metals & Mining | United States | 5.25% | Ba1 | 01-Sep-2029 | 5.83 |
| Mauser Packaging Solutions Holding | 0.10% | -0.01 | $8,568,318.75 | 9,569,050 | Corporate Securities | Container | United States | 4.56% | B3 | 03-Apr-2024 | 0.25 |
| Cit | 0.10% | -0.01 | $8,477,996.94 | 8,055,000 | Corporate Securities | Financial | United States | 5.25% | Ba1 | 07-Mar-2025 | 3.87 |
| United Airlines Holdings | 0.10% | -0.14 | $8,477,517.55 | 10,370,000 | Corporate Securities | Airlines | United States | 4.88% | Ba3 | 15-Jan-2025 | 3.74 |
| Becton, Dickinson & Company | 0.10% | N/A | $8,470,158.00 | 35,400 | Health Care | Health Care Equipment & Supplies | United States | N/A | N/A | N/A | N/A |
| Diamond Sports Group Llc / Diamond Sports Finance | 0.10% | -0.03 | $8,458,844.18 | 11,275,000 | Corporate Securities | Broadcasting | United States | 5.38% | Ba3 | 15-Aug-2026 | 4.70 |
| Uber Technologies | 0.10% | -0.02 | $8,418,861.48 | 8,295,000 | Corporate Securities | Information Technology | United States | 7.50% | B3 | 01-Nov-2023 | 2.07 |
| Dcp Midstream | 0.10% | 0.05 | $8,359,506.68 | 11,994,000 | Corporate Securities | Energy | United States | 7.38% | B1 | 15-Jun-2169 | 1.98 |
| MGM China Holdings | 0.10% | -0.00 | $8,290,358.59 | 7,975,000 | Corporate Securities | Gaming | Macau | 5.88% | Ba3 | 15-May-2026 | 3.41 |
| Adient US | 0.10% | N/A | $8,263,129.86 | 7,550,000 | Corporate Securities | Automotive | United States | 9.00% | Ba3 | 15-Apr-2025 | 2.41 |
| MGM China Holdings | 0.10% | -0.01 | $8,236,737.27 | 8,040,000 | Corporate Securities | Gaming | Macau | 5.38% | Ba3 | 15-May-2024 | 2.61 |
| Park Intermediate Holdings LLC / PK domestic Property LLC / PK Finance Co-Issuer | 0.10% | N/A | $8,233,817.20 | 8,000,000 | Corporate Securities | Lodging | United States | 7.50% | B1 | 01-Jun-2025 | 3.33 |
| OneMain Finance | 0.10% | N/A | $8,216,045.35 | 7,605,000 | Corporate Securities | Financial | United States | 8.88% | Ba3 | 01-Jun-2025 | 3.26 |
| Colfax | 0.10% | 0.05 | $8,184,433.67 | 7,656,000 | Corporate Securities | Manufacturing | United States | 6.38% | Ba2 | 15-Feb-2026 | 2.33 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 0.10% | -0.01 | $8,174,526.64 | 8,100,000 | Corporate Securities | Financial | United States | 6.75% | Caa2 | 15-Oct-2027 | 5.59 |
| Univision Communications | 0.10% | N/A | $8,170,844.71 | 7,590,000 | Corporate Securities | Broadcasting | United States | 9.50% | B2 | 01-May-2025 | 3.15 |
| Freeport-McMoRan | 0.10% | -0.01 | $8,157,285.05 | 7,985,000 | Corporate Securities | Metals & Mining | United States | 5.00% | Ba1 | 01-Sep-2027 | 4.43 |
| Vtr Finance | 0.10% | N/A | $8,126,407.60 | 7,880,000 | Corporate Securities | Cable Operators | Chile | 6.38% | B1 | 15-Jul-2028 | 4.27 |
| New Albertsons | 0.10% | -0.00 | $8,108,481.52 | 7,155,000 | Corporate Securities | Supermarkets | United States | 8.00% | NR | 01-May-2031 | 7.31 |
| Edgewell Personal Care | 0.10% | N/A | $8,094,172.67 | 7,870,000 | Corporate Securities | Consumer Products | United States | 5.50% | Ba3 | 01-Jun-2028 | 4.24 |
| International Game Technology | 0.10% | N/A | $8,078,339.07 | 7,835,000 | Corporate Securities | Gaming | Italy | 6.25% | Ba3 | 15-Feb-2022 | 1.04 |
| Mileage Plus Holdings | 0.10% | N/A | $8,060,650.00 | 8,125,000 | Corporate Securities | Airlines | United States | 6.25% | Baa3 | 20-Jun-2027 | 0.25 |
| Cit | 0.10% | -0.00 | $8,017,016.68 | 7,295,000 | Corporate Securities | Financial | United States | 6.13% | Ba1 | 09-Mar-2028 | 6.05 |
| USA Compression Partners LP / USA Compression Finance | 0.10% | 0.02 | $7,970,444.09 | 8,110,000 | Corporate Securities | Energy | United States | 6.88% | B3 | 01-Sep-2027 | 5.40 |
| Trivium Packaging Finance BV | 0.10% | -0.01 | $7,948,225.96 | 7,665,000 | Corporate Securities | Container | Netherlands | 5.50% | B2 | 15-Aug-2026 | 3.55 |
| Steel Dynamics | 0.10% | -0.02 | $7,928,742.53 | 7,491,000 | Corporate Securities | Metals & Mining | United States | 5.00% | Baa3 | 15-Dec-2026 | 1.39 |
| United Airlines Holdings | 0.10% | -0.02 | $7,919,350.82 | 7,920,000 | Corporate Securities | Airlines | United States | 6.00% | Ba3 | 01-Dec-2020 | 0.39 |
| CommScope | 0.10% | N/A | $7,911,986.59 | 7,500,000 | Corporate Securities | Information Technology | United States | 8.25% | B3 | 01-Mar-2027 | 3.04 |
| Videotron | 0.10% | -0.01 | $7,898,805.66 | 7,535,000 | Corporate Securities | Cable Operators | Canada | 5.13% | Ba1 | 15-Apr-2027 | 1.67 |
| Park Aerospace Holdings | 0.09% | -0.00 | $7,863,876.90 | 8,495,000 | Corporate Securities | Financial | Ireland | 4.50% | Baa3 | 15-Mar-2023 | 2.43 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA | 0.09% | N/A | $7,828,940.67 | 7,540,000 | Corporate Securities | Container | United States | 5.25% | B1 | 30-Apr-2025 | 3.40 |
| Diamond BC BV | 0.09% | N/A | $7,812,334.74 | 7,190,000 | Corporate Securities | Chemicals | United States | 5.63% | Caa2 | 15-Aug-2025 | 4.13 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.09% | 0.03 | $7,782,407.83 | 8,560,000 | Corporate Securities | Energy | United States | 6.00% | B1 | 01-Mar-2027 | 5.16 |
| Arconic | 0.09% | N/A | $7,699,633.69 | 7,400,000 | Corporate Securities | Metals & Mining | United States | 6.00% | Ba1 | 15-May-2025 | 3.39 |
| Uber Technologies | 0.09% | N/A | $7,674,586.62 | 7,555,000 | Corporate Securities | Information Technology | United States | 7.50% | B3 | 15-May-2025 | 3.27 |
| Park Aerospace Holdings | 0.09% | -0.01 | $7,672,435.81 | 8,015,000 | Corporate Securities | Financial | Ireland | 5.25% | Baa3 | 15-Aug-2022 | 1.90 |
| Marriott International Inc/MD | 0.09% | N/A | $7,671,494.89 | 6,970,000 | Corporate Securities | Lodging | United States | 5.75% | Baa3 | 01-May-2025 | 4.12 |
| Tenet Healthcare | 0.09% | -0.02 | $7,643,512.91 | 8,600,000 | Corporate Securities | Healthcare | United States | 6.88% | Caa1 | 15-Nov-2031 | 7.39 |
| Constellium | 0.09% | 0.05 | $7,591,434.24 | 988,468 | Materials | Metals & Mining | France | N/A | N/A | N/A | N/A |
| Kosmos Energy | 0.09% | -0.03 | $7,585,332.17 | 8,385,000 | Corporate Securities | Energy | United States | 7.13% | Caa1 | 04-Apr-2026 | 4.46 |
| Clarios Global | 0.09% | -0.01 | $7,580,715.00 | 7,979,700 | Corporate Securities | Automotive | United States | 3.67% | B1 | 30-Apr-2026 | 0.25 |
| Prime Security Services Borrower LLC / Prime Finance | 0.09% | -0.01 | $7,540,375.00 | 7,160,000 | Corporate Securities | Services | United States | 5.75% | Ba3 | 15-Apr-2026 | 4.81 |
| iHeartCommunications | 0.09% | -0.02 | $7,529,950.00 | 10,315,000 | Corporate Securities | Broadcasting | United States | 8.44% | NR | 30-Sep-2020 | 0.25 |
| Goodyear Tire & Rubber | 0.09% | N/A | $7,459,280.39 | 6,890,000 | Corporate Securities | Automotive | United States | 9.50% | B2 | 31-May-2025 | 3.22 |
| Sempra Energy | 0.09% | N/A | $7,408,936.00 | 63,200 | Utilities | Multi-Utilities | United States | N/A | N/A | N/A | N/A |
| Picasso Finance Sub | 0.09% | N/A | $7,405,350.07 | 7,250,000 | Corporate Securities | Services | United States | 6.13% | B3 | 15-Jun-2025 | 3.46 |
| Boxer Parent | 0.09% | N/A | $7,334,291.88 | 7,095,000 | Corporate Securities | Information Technology | United States | 9.13% | Caa2 | 01-Mar-2026 | 2.69 |
| Dcp Midstream Operating | 0.09% | N/A | $7,334,267.86 | 7,290,000 | Corporate Securities | Energy | United States | 5.63% | Ba2 | 15-Jul-2027 | 5.57 |
| B&G Foods | 0.09% | -0.01 | $7,323,845.24 | 7,195,000 | Corporate Securities | Food/Tobacco | United States | 5.25% | B2 | 15-Sep-2027 | 4.02 |
| Zayo Group Holdings | 0.09% | -0.01 | $7,299,643.11 | 7,585,000 | Corporate Securities | Other Telecommunications | United States | 4.00% | B1 | 01-Mar-2027 | 5.67 |
| iHeartMedia | 0.09% | -0.00 | $7,249,002.40 | 868,144 | Communication Services | Media | United States | N/A | N/A | N/A | N/A |
| Level 3 Financing | 0.09% | -0.01 | $7,131,403.69 | 6,875,000 | Corporate Securities | Other Telecommunications | United States | 5.25% | Ba3 | 15-Mar-2026 | 3.30 |
| Renaissance Holdings | 0.08% | N/A | $7,031,481.36 | 7,718,421 | Corporate Securities | Services | United States | 7.76% | Caa2 | 29-May-2026 | 0.25 |
| Banff Merger Sub | 0.08% | 0.00 | $7,015,566.47 | 6,755,000 | Corporate Securities | Information Technology | United States | 9.75% | Caa2 | 01-Sep-2026 | 2.58 |
| OneMain Finance | 0.08% | N/A | $6,984,125.10 | 6,753,000 | Corporate Securities | Financial | United States | 6.13% | Ba3 | 15-Mar-2024 | 2.82 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.08% | -0.01 | $6,952,073.77 | 6,700,000 | Corporate Securities | Healthcare | Israel | 6.00% | Ba2 | 15-Apr-2024 | 3.12 |
| Videotron | 0.08% | -0.01 | $6,948,637.02 | 6,575,000 | Corporate Securities | Cable Operators | Canada | 5.00% | Ba1 | 15-Jul-2022 | 1.88 |
| Servicemaster | 0.08% | 0.02 | $6,922,705.08 | 6,785,000 | Corporate Securities | Services | United States | 5.13% | B1 | 15-Nov-2024 | 2.19 |
| Diamond Sports Group Llc / Diamond Sports Finance | 0.08% | -0.03 | $6,842,402.68 | 12,220,000 | Corporate Securities | Broadcasting | United States | 6.63% | B3 | 15-Aug-2027 | 4.54 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.08% | 0.02 | $6,833,701.92 | 7,675,000 | Corporate Securities | Energy | United States | 5.50% | B1 | 15-Jan-2028 | 5.73 |
| IAA | 0.08% | -0.01 | $6,809,670.77 | 6,580,000 | Corporate Securities | Automotive | United States | 5.50% | B2 | 15-Jun-2027 | 4.29 |
| Sabre GLBL | 0.08% | N/A | $6,766,223.12 | 6,315,000 | Corporate Securities | Services | United States | 9.25% | Ba3 | 15-Apr-2025 | 3.72 |
| Welbilt | 0.08% | 0.02 | $6,757,216.45 | 6,820,000 | Corporate Securities | Manufacturing | United States | 9.50% | Caa2 | 15-Feb-2024 | 2.86 |
| Scientific Games International | 0.08% | 0.00 | $6,713,159.51 | 8,360,000 | Corporate Securities | Gaming | United States | 7.25% | Caa2 | 15-Nov-2029 | 6.22 |
| WPX Energy | 0.08% | N/A | $6,658,748.23 | 6,920,000 | Corporate Securities | Energy | United States | 5.88% | B1 | 15-Jun-2028 | 6.21 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.08% | 0.00 | $6,644,150.62 | 6,435,000 | Corporate Securities | Energy | United States | 6.50% | Ba3 | 15-Jul-2027 | 4.11 |
| Vertical Holdco GmbH | 0.08% | N/A | $6,540,000.00 | 6,540,000 | Corporate Securities | Services | Germany | 7.63% | N/A | 15-Jul-2028 | 4.09 |
| Nabors Industries | 0.08% | 0.03 | $6,531,574.10 | 10,000,000 | Corporate Securities | Energy | United States | 7.50% | Ba3 | 15-Jan-2028 | 4.68 |
| OneMain Finance | 0.08% | N/A | $6,502,350.82 | 6,180,000 | Corporate Securities | Financial | United States | 7.13% | Ba3 | 15-Mar-2026 | 4.56 |
| Caesars Entertainment | 0.08% | N/A | $6,442,812.50 | 6,625,000 | Corporate Securities | Gaming | United States | 8.13% | Caa1 | 01-Jul-2027 | 5.21 |
| Ziggo Bond Co BV | 0.08% | -0.01 | $6,429,636.15 | 6,430,000 | Corporate Securities | Cable Operators | Netherlands | 5.13% | B3 | 28-Feb-2030 | 7.38 |
| Cheniere Energy Partners | 0.08% | -0.01 | $6,290,535.35 | 6,250,000 | Corporate Securities | Energy | United States | 5.63% | NR | 01-Oct-2026 | 5.12 |
| Cargo Aircraft Management | 0.08% | -0.01 | $6,245,219.18 | 6,175,000 | Corporate Securities | Financial | United States | 4.75% | Ba3 | 01-Feb-2028 | 6.16 |
| OneMain Finance | 0.07% | N/A | $6,205,175.00 | 6,110,000 | Corporate Securities | Financial | United States | 6.63% | Ba3 | 15-Jan-2028 | 5.67 |
| Filtration | 0.07% | -0.00 | $6,178,718.03 | 6,503,914 | Corporate Securities | Manufacturing | United States | 3.18% | B2 | 31-Mar-2025 | 0.25 |
| Gartner | 0.07% | N/A | $6,155,046.01 | 6,095,000 | Corporate Securities | Services | United States | 4.50% | Ba3 | 01-Jul-2028 | 4.42 |
| Pacific Gas & Electric | 0.07% | N/A | $6,145,312.50 | 5,175,000 | Corporate Securities | Utilities | United States | 6.25% | NR | 01-Mar-2039 | N/A |
| Outfront Media Capital LLC / Outfront Media Capital | 0.07% | N/A | $6,128,693.59 | 6,050,000 | Corporate Securities | Broadcasting | United States | 6.25% | B2 | 15-Jun-2025 | 3.43 |
| LCPR Senior Secured Financing DAC | 0.07% | N/A | $6,075,929.82 | 5,875,000 | Corporate Securities | Cable Operators | United States | 6.75% | B1 | 15-Oct-2027 | 3.63 |
| Darling Ingredients | 0.07% | -0.01 | $6,066,043.95 | 5,855,000 | Corporate Securities | Food/Tobacco | United States | 5.25% | Ba3 | 15-Apr-2027 | 3.37 |
| iHeartCommunications | 0.07% | -0.00 | $6,044,350.72 | 6,185,000 | Corporate Securities | Broadcasting | United States | 5.25% | B1 | 15-Aug-2027 | 5.70 |
| Cirsa Finance International Sarl | 0.07% | 0.01 | $5,991,301.65 | 5,890,000 | Corporate Securities | Gaming | Spain | 6.25% | B2 | 20-Dec-2023 | 2.88 |
| Consolidated Energy Finance | 0.07% | -0.06 | $5,919,078.14 | 6,980,000 | Corporate Securities | Chemicals | Switzerland | 6.88% | B2 | 15-Jun-2025 | 3.98 |
| Presidio Holdings | 0.07% | -0.00 | $5,853,992.14 | 5,860,000 | Corporate Securities | Services | United States | 4.88% | B1 | 01-Feb-2027 | 5.42 |
| DISH DBS | 0.07% | -0.01 | $5,744,344.46 | 5,730,000 | Corporate Securities | Cable Operators | United States | 5.88% | B2 | 15-Nov-2024 | 3.77 |
| ABG Intermediate Holdings 2 | 0.07% | 0.00 | $5,695,502.09 | 6,112,693 | Corporate Securities | Consumer Products | United States | 3.68% | B2 | 27-Sep-2024 | 0.25 |
| Colfax | 0.07% | -0.01 | $5,638,003.43 | 5,350,000 | Corporate Securities | Manufacturing | United States | 6.00% | Ba2 | 15-Feb-2024 | 2.35 |
| Virgin Media Finance | 0.07% | N/A | $5,619,326.89 | 5,740,000 | Corporate Securities | Cable Operators | United Kingdom | 5.00% | B2 | 15-Jul-2030 | 7.75 |
| Energizer Holdings | 0.07% | -0.01 | $5,450,150.00 | 4,940,000 | Corporate Securities | Consumer Products | United States | 7.75% | B2 | 15-Jan-2027 | 1.38 |
| VICI Properties LP / VICI Note | 0.07% | -0.01 | $5,395,525.71 | 5,560,000 | Corporate Securities | Gaming | United States | 4.13% | Ba3 | 15-Aug-2030 | 7.97 |
| Cabot Financial Luxembourg | 0.06% | -0.01 | $5,387,433.47 | 4,270,000 | Corporate Securities | Financial | United Kingdom | 7.50% | B1 | 01-Oct-2023 | 1.16 |
| HCA | 0.06% | -0.01 | $5,379,160.23 | 4,745,000 | Corporate Securities | Healthcare | United States | 5.63% | Ba2 | 01-Sep-2028 | 6.18 |
| Boyd Gaming | 0.06% | N/A | $5,373,290.85 | 5,095,000 | Corporate Securities | Gaming | United States | 8.63% | Caa1 | 01-Jun-2025 | 3.26 |
| Las Vegas Sands | 0.06% | -0.00 | $5,371,122.16 | 5,350,000 | Corporate Securities | Gaming | United States | 3.20% | Baa3 | 08-Aug-2024 | 3.76 |
| iHeartCommunications | 0.06% | -0.01 | $5,273,440.82 | 5,143,838 | Corporate Securities | Broadcasting | United States | 6.38% | B1 | 01-May-2026 | 3.25 |
| CDW LLC / CDW Finance | 0.06% | N/A | $5,267,431.91 | 5,200,000 | Corporate Securities | Services | United States | 4.13% | Ba2 | 01-May-2025 | 3.48 |
| Petrobras Global Finance BV | 0.06% | N/A | $5,144,553.93 | 4,965,000 | Corporate Securities | Energy | Brazil | 6.75% | Ba2 | 03-Jun-2050 | 12.86 |
| Kraton Polymers LLC / Kraton Polymers Capital | 0.06% | 0.01 | $5,131,024.27 | 4,470,000 | Corporate Securities | Chemicals | United States | 5.25% | B3 | 15-May-2026 | 2.57 |
| Cedar Fair | 0.06% | -0.01 | $5,068,953.85 | 5,455,000 | Corporate Securities | Entertainment & Leisure | United States | 5.25% | B3 | 15-Jul-2029 | 6.78 |
| Six Flags theme Parks | 0.06% | N/A | $4,907,437.63 | 4,670,000 | Corporate Securities | Entertainment & Leisure | United States | 7.00% | Ba2 | 01-Jul-2025 | 3.42 |
| Scientific Games International | 0.06% | -0.02 | $4,786,222.70 | 5,935,000 | Corporate Securities | Gaming | United States | 7.00% | Caa2 | 15-May-2028 | 5.58 |
| Teleflex | 0.06% | N/A | $4,763,825.33 | 4,635,000 | Corporate Securities | Healthcare | United States | 4.25% | Ba3 | 01-Jun-2028 | 4.39 |
| Melco Resorts Finance | 0.06% | 0.00 | $4,732,248.11 | 4,755,000 | Corporate Securities | Gaming | Hong Kong | 5.38% | Ba2 | 04-Dec-2029 | 6.03 |
| Hilton domestic Operating | 0.06% | N/A | $4,718,825.77 | 4,610,000 | Corporate Securities | Lodging | United States | 5.75% | Ba2 | 01-May-2028 | 4.12 |
| 1011778 BC ULC / New Red Finance | 0.06% | N/A | $4,694,748.30 | 4,415,000 | Corporate Securities | Restaurants | Canada | 5.75% | Ba2 | 15-Apr-2025 | 1.66 |
| Yum Brands | 0.05% | -0.00 | $4,511,096.15 | 4,340,000 | Corporate Securities | Restaurants | United States | 4.75% | B1 | 15-Jan-2030 | 7.32 |
| Moog | 0.05% | -0.00 | $4,481,161.99 | 4,605,000 | Corporate Securities | Aerospace & Defense | United States | 4.25% | Ba3 | 15-Dec-2027 | 6.28 |
| Realogy Group LLC / Realogy Co-Issuer | 0.05% | N/A | $4,358,576.88 | 4,345,000 | Corporate Securities | Building & Real Estate | United States | 7.63% | B3 | 15-Jun-2025 | 3.34 |
| Boxer Parent | 0.05% | N/A | $4,355,340.68 | 4,125,000 | Corporate Securities | Information Technology | United States | 7.13% | B2 | 02-Oct-2025 | 3.37 |
| Navient | 0.05% | -0.01 | $4,328,891.80 | 4,640,000 | Corporate Securities | Financial | United States | 6.75% | Ba3 | 15-Jun-2026 | 4.76 |
| Ortho-Clinical Diagnostics Inc / Ortho-Clinical Diagnostics | 0.05% | N/A | $4,270,021.26 | 4,180,000 | Corporate Securities | Healthcare | United States | 7.38% | Caa2 | 01-Jun-2025 | 3.34 |
| Boxer Parent | 0.05% | N/A | $4,216,168.27 | 3,590,000 | Corporate Securities | Information Technology | United States | 6.50% | B2 | 02-Oct-2025 | 3.31 |
| Vistra | 0.05% | N/A | $4,195,086.00 | 225,300 | Utilities | Independent Power & Renewable Electricity Producer | United States | N/A | N/A | N/A | N/A |
| Catalent Pharma Solutions | 0.05% | -0.00 | $4,104,432.69 | 3,870,000 | Corporate Securities | Healthcare | United States | 5.00% | B3 | 15-Jul-2027 | 3.55 |
| Marriott International Inc/MD | 0.05% | N/A | $4,050,934.08 | 3,885,000 | Corporate Securities | Lodging | United States | 4.63% | Baa3 | 15-Jun-2030 | 7.77 |
| Berry Global | 0.05% | -0.01 | $4,039,052.89 | 3,825,000 | Corporate Securities | Container | United States | 5.63% | B2 | 15-Jul-2027 | 3.49 |
| Hilton domestic Operating | 0.05% | N/A | $4,026,206.44 | 3,975,000 | Corporate Securities | Lodging | United States | 5.38% | Ba2 | 01-May-2025 | 4.15 |
| Steel Dynamics | 0.05% | -0.01 | $4,008,523.22 | 3,850,000 | Corporate Securities | Metals & Mining | United States | 5.50% | Baa3 | 01-Oct-2024 | 0.01 |
| Navient | 0.05% | 0.04 | $3,915,611.81 | 3,787,000 | Corporate Securities | Financial | United States | 7.25% | Ba3 | 25-Jan-2022 | 1.40 |
| Alcoa Nederland Holding BV | 0.05% | -0.00 | $3,785,594.74 | 3,605,000 | Corporate Securities | Metals & Mining | United States | 7.00% | Ba1 | 30-Sep-2026 | 3.58 |
| Jaguar Holding Co Ii / Ppd Development | 0.04% | N/A | $3,710,565.68 | 3,635,000 | Corporate Securities | Healthcare | United States | 4.63% | B2 | 15-Jun-2025 | 3.57 |
| Consolidated Energy Finance | 0.04% | -0.01 | $3,702,836.61 | 4,365,000 | Corporate Securities | Chemicals | Switzerland | 6.50% | B2 | 15-May-2026 | 4.58 |
| Cheniere Energy | 0.04% | 0.02 | $3,690,585.15 | 5,671,000 | Energy | Oil, Gas & Consumable Fuels | United States | 4.25% | NR | 15-Mar-2045 | 12.19 |
| Jaguar Holding Co Ii / Ppd Development | 0.04% | N/A | $3,616,843.80 | 3,525,000 | Corporate Securities | Healthcare | United States | 5.00% | B2 | 15-Jun-2028 | 4.34 |
| Nabors Industries | 0.04% | 0.02 | $3,602,844.44 | 5,505,000 | Corporate Securities | Energy | United States | 7.25% | Ba3 | 15-Jan-2026 | 3.81 |
| Alcoa Nederland Holding BV | 0.04% | -0.00 | $3,587,040.47 | 3,455,000 | Corporate Securities | Metals & Mining | United States | 6.75% | Ba1 | 30-Sep-2024 | 2.02 |
| CCO Holdings LLC / CCO Holdings Capital | 0.04% | -0.01 | $3,467,125.70 | 3,295,000 | Corporate Securities | Cable Operators | United States | 5.88% | B1 | 01-May-2027 | 0.79 |
| CCO Holdings LLC / CCO Holdings Capital | 0.04% | -0.01 | $3,427,818.75 | 3,240,000 | Corporate Securities | Cable Operators | United States | 5.75% | B1 | 15-Feb-2026 | 0.58 |
| IntelSat | 0.04% | N/A | $3,416,133.04 | 3,416,133 | Communication Services | Media | United States | N/A | N/A | N/A | N/A |
| MSCI | 0.04% | -0.00 | $3,410,090.62 | 3,400,000 | Corporate Securities | Services | United States | 3.63% | Ba2 | 01-Sep-2030 | 8.33 |
| Lamb Weston Holdings | 0.04% | N/A | $3,397,203.21 | 3,200,000 | Corporate Securities | Food/Tobacco | United States | 4.88% | Ba2 | 15-May-2028 | 6.14 |
| Hess | 0.04% | N/A | $3,354,100.90 | 2,795,000 | Corporate Securities | Energy | United States | 7.30% | Ba1 | 15-Aug-2031 | 7.69 |
| Endeavor Energy Resources LP / EER Finance | 0.04% | N/A | $3,102,390.80 | 3,065,000 | Corporate Securities | Energy | United States | 6.63% | B1 | 15-Jul-2025 | 3.48 |
| L Brands | 0.04% | -0.00 | $3,025,358.40 | 3,430,000 | Corporate Securities | Retail | United States | 7.50% | B2 | 15-Jun-2029 | 6.17 |
| CD&R Smokey Buyer | 0.04% | N/A | $3,011,850.00 | 2,910,000 | Corporate Securities | Consumer Products | United States | 6.75% | B2 | 15-Jul-2025 | 3.50 |
| Pacific Gas & Electric | 0.03% | N/A | $2,879,800.00 | 2,420,000 | Corporate Securities | Utilities | United States | 6.35% | NR | 15-Feb-2038 | N/A |
| Big River Steel | 0.03% | -0.01 | $2,847,711.31 | 3,037,559 | Corporate Securities | Metals & Mining | United States | 6.45% | Caa1 | 23-Aug-2023 | 0.25 |
| TransDigm | 0.03% | -0.12 | $2,833,334.19 | 2,900,000 | Corporate Securities | Aerospace & Defense | United States | 7.50% | B3 | 15-Mar-2027 | 5.03 |
| Navient | 0.03% | -0.00 | $2,723,679.41 | 2,845,000 | Corporate Securities | Financial | United States | 6.75% | Ba3 | 25-Jun-2025 | 4.12 |
| Hillenbrand | 0.03% | N/A | $2,717,873.62 | 2,620,000 | Corporate Securities | Manufacturing | United States | 5.75% | Ba1 | 15-Jun-2025 | 3.50 |
| Kleopatra Holdings 1 SCA | 0.03% | 0.02 | $2,619,634.98 | 2,800,176 | Corporate Securities | Container | Luxembourg | 9.25% | NR | 30-Jun-2023 | 2.50 |
| Energizer Holdings | 0.03% | N/A | $2,542,620.83 | 2,400,000 | Corporate Securities | Consumer Products | United States | 6.38% | B2 | 15-Jul-2026 | 3.43 |
| Clarios Global Lp / Clarios Us Finance | 0.03% | N/A | $2,234,349.52 | 2,150,000 | Corporate Securities | Automotive | United States | 6.25% | B1 | 15-May-2026 | 3.38 |
| Occidental Petroleum | 0.03% | N/A | $2,157,870.24 | 2,455,000 | Corporate Securities | Petroleum | United States | 6.45% | Ba2 | 15-Sep-2036 | 9.33 |
| Welbilt | 0.03% | -0.06 | $2,092,164.77 | 2,432,750 | Corporate Securities | Manufacturing | United States | 2.68% | B2 | 23-Oct-2025 | 0.25 |
| Brinker International | 0.03% | N/A | $2,075,480.88 | 2,220,000 | Corporate Securities | Restaurants | United States | 3.88% | B3 | 15-May-2023 | 2.62 |
| Trivium Packaging Finance BV | 0.02% | -0.00 | $1,847,489.13 | 1,650,000 | Corporate Securities | Container | Netherlands | 3.75% | B2 | 15-Aug-2026 | 5.21 |
| Kleopatra Holdings 1 SCA | 0.02% | 0.01 | $1,692,852.04 | 1,809,520 | Corporate Securities | Container | Luxembourg | 9.25% | NR | 30-Jun-2023 | 2.50 |
| Hess | 0.02% | N/A | $1,670,935.18 | 1,370,000 | Corporate Securities | Energy | United States | 7.88% | Ba1 | 01-Oct-2029 | 6.71 |
| EIG Investors | 0.02% | 0.00 | $1,614,030.19 | 1,590,000 | Corporate Securities | Information Technology | United States | 10.88% | NR | 01-Feb-2024 | 2.76 |
| L Brands | 0.02% | N/A | $1,604,144.96 | 1,550,000 | Corporate Securities | Retail | United States | 6.88% | Ba2 | 01-Jul-2025 | 3.45 |
| Outfront Media Capital LLC / Outfront Media Capital | 0.02% | -0.00 | $1,548,209.48 | 1,685,000 | Corporate Securities | Broadcasting | United States | 5.00% | B2 | 15-Aug-2027 | 5.71 |
| L Brands | 0.02% | -0.00 | $1,532,360.26 | 1,720,000 | Corporate Securities | Retail | United States | 6.69% | B2 | 15-Jan-2027 | 4.87 |
| Ortho-Clinical Diagnostics Inc / Ortho-Clinical Diagnostics | 0.02% | N/A | $1,495,737.89 | 1,430,000 | Corporate Securities | Healthcare | United States | 7.25% | Caa2 | 01-Feb-2028 | 3.73 |
| American Airlines 2013-1 Class B Pass Through Trust | 0.02% | -0.00 | $1,448,082.33 | 1,596,882 | Corporate Securities | Airlines | United States | 5.63% | NR | 15-Jan-2021 | 0.29 |
| Crown Cork & Seal | 0.02% | -0.00 | $1,431,333.33 | 1,220,000 | Corporate Securities | Container | United States | 7.38% | B1 | 15-Dec-2026 | 5.22 |
| Cit | 0.02% | -0.00 | $1,399,235.77 | 1,385,000 | Corporate Securities | Financial | United States | 4.13% | Ba1 | 09-Mar-2021 | 0.57 |
| CSI Compressco LP / CSI Compressco Finance | 0.02% | N/A | $1,352,911.85 | 2,026,000 | Corporate Securities | Energy | United States | 10.75% | NR | 01-Apr-2026 | 4.09 |
| Dana Financing Luxembourg Sarl | 0.02% | N/A | $1,345,583.04 | 1,310,000 | Corporate Securities | Automotive | United States | 5.75% | B2 | 15-Apr-2025 | 2.51 |
| Hughes Satellite Systems | 0.02% | N/A | $1,291,666.66 | 1,250,000 | Corporate Securities | Satellites | United States | 7.63% | B2 | 15-Jun-2021 | 0.91 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.01% | N/A | $1,239,131.61 | 1,255,000 | Corporate Securities | Energy | United States | 5.38% | Ba3 | 01-Feb-2027 | 5.32 |
| Hess | 0.01% | N/A | $1,198,286.81 | 1,120,000 | Corporate Securities | Energy | United States | 5.60% | Ba1 | 15-Feb-2041 | 12.13 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.01% | N/A | $1,122,643.17 | 1,120,000 | Corporate Securities | Energy | United States | 5.88% | Ba3 | 15-Apr-2026 | 4.77 |
| Occidental Petroleum | 0.01% | N/A | $1,055,340.00 | 1,040,000 | Corporate Securities | Petroleum | United States | 6.95% | Ba2 | 01-Jul-2024 | 3.42 |
| United Airlines Holdings | 0.01% | N/A | $1,038,942.24 | 1,245,000 | Corporate Securities | Airlines | United States | 5.00% | Ba3 | 01-Feb-2024 | 3.03 |
| Bausch Health | 0.01% | N/A | $798,259.51 | 755,000 | Corporate Securities | Healthcare | United States | 7.00% | B3 | 15-Jan-2028 | 3.73 |
| Occidental Petroleum | 0.01% | N/A | $769,697.10 | 790,000 | Corporate Securities | Petroleum | United States | 3.13% | Ba2 | 15-Feb-2022 | 1.52 |
| CDK Global | 0.01% | N/A | $717,647.13 | 690,000 | Corporate Securities | Information Technology | United States | 5.88% | Ba1 | 15-Jun-2026 | 0.91 |
| CSI Compressco LP / CSI Compressco Finance | 0.01% | N/A | $622,764.75 | 652,000 | Corporate Securities | Energy | United States | 7.50% | NR | 01-Apr-2025 | 3.77 |
| Hillenbrand | 0.01% | N/A | $472,056.45 | 455,000 | Corporate Securities | Manufacturing | United States | 4.50% | Ba1 | 15-Sep-2026 | 5.11 |
| Molina Healthcare | 0.00% | N/A | $320,653.09 | 310,000 | Corporate Securities | Healthcare | United States | 5.38% | B2 | 15-Nov-2022 | 1.97 |
| Arcelormittal | 0.00% | N/A | $244,273.97 | 210,000 | Corporate Securities | Metals & Mining | Luxembourg | 7.00% | Ba1 | 01-Mar-2041 | 11.44 |
| Sunshine Luxembourg VII Sarl | 0.00% | N/A | $30,037.45 | 31,439 | Corporate Securities | Healthcare | Luxembourg | 5.32% | B2 | 01-Oct-2026 | 0.25 |
| T-Mobile US | 0.00% | N/A | $6,686.40 | 39,800 | Communication Services | Wireless Telecommunication Services | United States | N/A | N/A | N/A | N/A |
| Escrow Smith Investment Co | 0.00% | N/A | $0.00 | 46,680 | Materials | Containers & Packaging | United States | 7.00% | NR | 15-Feb-2027 | 0.00 |
| Linens n Things | 0.00% | N/A | $0.00 | 9,800,000 | Corporate Securities | Retail | United States | 8.34% | NR | 15-Jan-2021 | N/A |
| New Cotai Participation | 0.00% | N/A | $0.00 | 59 | Consumer Discretionary | Hotels Restaurants & Leisure | China | N/A | N/A | N/A | N/A |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed.
Industry Diversification (30-Jun-2020)
Representative Portfolio vs Benchmark| Industry Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Cable Operators | 10.48% | 4.61% | |
| Utilities | 7.00% | 3.61% | |
| Satellites | 3.22% | 1.08% | |
| Broadcasting | 4.61% | 3.24% | |
| Wireless Communications | 4.34% | 3.04% | |
| Supermarkets | 1.59% | 0.66% | |
| Gaming | 4.75% | 3.98% | |
| Healthcare | 8.76% | 8.14% | |
| Airlines | 1.11% | 0.77% | |
| Miscellaneous | 0.30% | 0.00% | |
| Lodging | 1.11% | 0.83% | |
| Services | 7.17% | 7.39% | |
| Restaurants | 0.78% | 1.05% | |
| Aerospace & Defense | 1.31% | 1.66% | |
| Energy | 11.10% | 11.47% | |
| Automotives | 3.15% | 3.70% | |
| Entertainment & Leisure | 0.88% | 1.46% | |
| Container | 1.83% | 2.42% | |
| Metals & Mining | 4.40% | 5.05% | |
| Consumer Products | 1.57% | 2.33% | |
| Building Products | 1.13% | 1.89% | |
| Manufacturing | 0.89% | 1.68% | |
| Information Technology | 4.08% | 4.90% | |
| Transportation | 0.23% | 1.29% | |
| Retail | 0.35% | 1.52% | |
| Food | 2.34% | 3.58% | |
| Other Telecommunications | 0.76% | 2.22% | |
| Financial | 6.08% | 7.57% | |
| Chemicals | 1.84% | 3.45% | |
| Building & Real Estate | 1.35% | 3.45% |
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.
Currency Diversification (30-Jun-2020)
Representative Portfolio vs Benchmark| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 99.98% | 100.00% | |
| Dollar Bloc Subtotal | 99.98% | 100.00% |
Benchmark : J.P. Morgan Global High Yield Index
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| British pound sterling | 0.01% | 0.00% | |
| euro | 0.01% | 0.00% | |
| European Bloc Subtotal | 0.02% | 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.
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.
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.