Strategy
Global Multi-Sector Bond
The Global Multi-Sector Bond Composite seeks high income and some capital appreciation primarily through investment in sectors and securities within the Bloomberg Barclays Global Aggregate Bond USD Hedged Index. The strategy may also invest in bank loans, non-agency MBS, and convertible bonds.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
4.94%
2.11%
Data as of 30-Jun-2019
Data as of 30-Jun-2019
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
8.86%
0.36
Data as of 30-Jun-2019
Data as of 30-Jun-2019
Inception Date 31-Dec-2008
Performance figures calculated in USD
Other Literature
- This product's strategy also available as
- a SICAV
Strategy
Investment Approach
- Designed to generate alpha through effective combination of top-down sector allocation, currency positioning, and interest rate management with high-conviction, bottom-up security selection from our specialized global research platform.
- Flexible investment mandate seeks to increase the potential for excess return in a diversified, multi-sector portfolio by tactically allocating across a global opportunity set of 15 sectors, including below-investment grade and non-U.S. dollar-denominated securities.
- Actively diversify risk across both quantitative risk factors and qualitative investment themes
- Our Global Multi-Sector Bond Strategy offers flexibility to incorporate a wide range of strategy designs and customized benchmarks, including both total return and flexible duration mandates.
Portfolio Construction
- Base strategy target excess return: 200-300 basis points above the benchmark over a full market cycle. (Not a formal objective and it can be changed without prior notice.)
- Base strategy target tracking error range: 200-500 basis points
- Up to 50% of assets may be unhedged to exploit currency valuation opportunities Profile can be tailored to specific client risk tolerances
- Benchmark Details
- Base strategy: Bloomberg Barclays Global Aggregate USD Hedged Index
- Ability to create custom benchmarks in a variety of base currencies and flexible duration mandates
Performance
Global Multi-Sector Bond Composite
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 9.26% | 5.33% | 4.47% | 6.33% |
| Composite Net % | 8.86% | 4.94% | 4.08% | 5.94% |
| Benchmark % | 7.91% | 3.53% | 3.70% | 4.58% |
| Excess Return (Gross) % | 1.35% | 1.80% | 0.77% | 1.75% |
Recent Performance
| 3 MonthsData as of 30-Jun-2019 | Year to DateData as of 30-Jun-2019 | |
|---|---|---|
| Composite Gross % | 3.36% | 7.31% |
| Composite Net % | 3.26% | 7.11% |
| Benchmark % | 2.92% | 6.00% |
| Excess Return (Gross) % | 0.44% | 1.31% |
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Effective October 1, 2018, the benchmark for the composite was changed to Bloomberg Barclays Global Aggregate USD Hedged Index. Prior to this change the benchmark was Bloomberg Barclays Multiverse USD Hedged Index effective 1 February 2017 through 30 September 2018 and Bloomberg Barclays Global Aggregate ex Treasury Bond USD Hedged Index effective since composite inception through 31 January 2017. The change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Holdings
Holdings
Total
Holdings
427
Largest Holding
FNMA 15 YR TBA JUL
2.84%
Was
(31-Mar-2019) 0.00%
Top 10 Holdings 17.70%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB | US Treasury |
| By % | 14.43% | -14.29% |
| Portfolio | 14.92% | 2.94% |
| Benchmark | 0.49% | 17.23% |
Average Credit Quality
BBB+Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 0-1 Years | 10+ Years |
| By % | 16.28% | -17.33% |
| Portfolio | 16.28% | 7.24% |
| Benchmark | 0.00% | 24.56% |
Weighted Average Maturity
5.69 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | 3-5 Years | Over 10 Years |
| By % | 15.15% | -9.76% |
| Portfolio | 41.08% | 12.38% |
| Benchmark | 25.93% | 22.15% |
Weighted Average Duration
6.72 YearsSectors
Total
Sectors
7
Largest Sector
Global Sovereign
46.40%
Was (31-Mar-2019)
40.66%
Other
View complete Sector Diversification
Largest Overweight
Global High Yield
By12.86%
Portfolio
12.86%
Benchmark
0.00%
Largest Underweight
Global Sovereign
By-19.86%
Portfolio
46.40%
Benchmark
66.26%
Currency
Total
Currencies
26
Largest Currency
U.S. dollar
78.95%
Was (31-Mar-2019)
84.56%
Other
View complete Currency Diversification
Largest Overweight
U.S. dollar
By
34.01%
Portfolio
78.95%
Benchmark
44.94%
Largest Underweight
euro
By
-22.96%
Portfolio
1.38%
Benchmark
24.34%
Team (As of 31-Aug-2019)
Kenneth Orchard is a senior portfolio manager in the Fixed Income Division of T. Rowe Price and a member of the Global Fixed Income Investment team, with responsibility for cochairing the Fixed Income Sector Strategy Advisory Group . He is the portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategies . He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Orchard has 15 years of investment experience, eight of which have been with T. Rowe Price. Prior to joining the firm in 2010, he worked as a senior credit officer for the Sovereign Risk Group at Moody's Investors Service, where he helped design and review its sovereign rating methodology. Mr. Orchard also worked as a senior economist for Emerging Market Economics in London and as an assistant portfolio manager for HSBC Asset Management in Vancouver.
Mr. Orchard earned a B.A. in international relations from the University of British Columbia and an M.Sc. in public financial policy from the London School of Economics. He also has earned the Chartered Financial Analyst designation.
- Portfolio manager2018
since - Years at8
T. Rowe Price - Years investment15
experience
Keir Joyce is the lead portfolio manager of the US GNMA Bond Strategy as well as the MBS Multi-Sector Account Portfolio (MAP), which can be used as a building block in multi-sector bond separate account portfolios. Mr. Joyce also is a member of the U.S. Taxable Bond team, focusing on mortgage-backed securities and securitized products. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Mr. Joyce has 21 years of investment experience, 18 of which have been with T. Rowe Price. Prior to his current role, Mr. Joyce was an associate portfolio manager on the U.S. Taxable Bond team and spent eight years as a mortgage-backed securities trader. Prior to joining the firm in 2001, Mr. Joyce was a fixed income investment associate at State Street Global Advisors and an institutional money market sales assistant at Lehman Brothers.
Mr. Joyce earned a B.A. in business administration from Franklin & Marshall College and an M.B.A. from the University of Maryland, Robert H. Smith School of Business. He also has earned the Chartered Financial Analyst designation.
- Portfolio manager2008
since - Years at18
T. Rowe Price - Years investment21
experience
- Portfolio manager2018
since - Years at
T. Rowe Price - Years investment
experience
Samy Muaddi is a portfolio manager in the Fixed Income Division of T. Rowe Price. Mr. Muaddi is the lead manager and executive vice president of the Emerging Markets Corporate Bond Strategy and chairman of the strategy's Investment Advisory Committee. He also manages the Asia Credit Strategy and is co-portfolio manager of the Global High Income Strategy. Mr. Muaddi is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Mr. Muaddi has 13 years of investment experience, all of which have been with T. Rowe Price. He joined the firm in 2006.
Mr. Muaddi earned a B.A., summa cum laude, in economics from the University of Maryland. He also has earned the Chartered Financial Analyst designation. Mr. Muaddi is an adjunct professor at Georgetown University in the Walsh Graduate School of Foreign Service.
- Portfolio manager2018
since - Years at13
T. Rowe Price - Years investment13
experience
Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.
Mr. Conelius has 31 years of investment experience, all of them at T. Rowe Price. Prior to joining the firm in 1988, he was a consultant for Booz Allen Hamilton.
Mr. Conelius earned a B.S. in finance from Towson University and an M.S. in finance from Loyola University Maryland. Mr. Conelius has also earned the Chartered Financial Analyst designation.
- Portfolio manager2018
since - Years at31
T. Rowe Price - Years investment31
experience
Terry Moore is a portfolio specialist in the Fixed Income Division of T. Rowe Price. He is a member of the Global Multi-Sector, Dynamic Global Bond, International Bond, and Customized Fixed Income Solutions teams, working closely with clients, consultants, and prospects. Mr. Moore is a vice president of T. Rowe Price Group, Inc.
Mr. Moore has 22 years of investment experience, eight of which have been at T. Rowe Price. Prior to joining the firm in 2009, he was a portfolio manager and principal with Smith Breeden Associates, where he managed a variety of fixed income portfolios with a focus on residential mortgage-backed securities. He also worked at Goldman Sachs & Co. trading asset-backed securities.
Mr. Moore earned a B.A. in economics and political science from the University of North Carolina at Chapel Hill and an M.B.A. from Duke University, The Fuqua School of Business, where he was a Fuqua Scholar. He also has earned the Chartered Financial Analyst designation.
- Years at9
T. Rowe Price - Years investment23
experience
Portfolio Characteristics
Representative Portfolio vs Benchmarkas of 30-Jun-2019
| Characteristic | Portfolio | Benchmark |
|---|---|---|
| Weighted Average Coupon | 3.33% | 2.75% |
| Weighted Average Maturity | 5.69 Years | 8.77 Years |
| Weighted Average Duration | 6.72 Years | 6.98 Years |
| Number of Holdings | 415 | 23,706 |
Risks
- China Interbank Bond Market risk
- Country risk (Russia and Ukraine)
- Credit risk
- Currency risk
- Default risk
- Derivatives risk
- Emerging markets risk
- High yield bond risk
- Interest rate risk
- Issuer concentration risk
- Liquidity risk
- Prepayment and extension risk
- Sector concentration risk
- Capital risk
- Counterparty risk
- Geographic concentration risk
- Hedging risk
- Investment portfolio risk
- Management risk
- Operational risk
Risk/Return Characteristics
as of 30-Jun-2019Global Multi-Sector Bond Composite
| Risk/Return (5 Years) | Composite | Benchmark |
|---|---|---|
| Alpha | 0.91% | 0.00% |
| Beta | 0.95 | 1.00 |
| R-Squared | 0.53 | 1.00 |
| Annualized Std. Deviation | 3.08% | 2.37% |
| Information Ratio | 0.36 | 0.00 |
| Sharpe Ratio | 1.17 | 1.20 |
| Tracking Error | 2.11% | 0.00% |
Past performance is not a reliable indicator of future performance.
Past performance is not a reliable indicator of future performance.
Statistics based on monthly gross returns. Returns would have been lower as a result of the deduction of applicable fees.
Effective October 1, 2018, the benchmark for the composite was changed to Bloomberg Barclays Global Aggregate USD Hedged Index. Prior to this change the benchmark was Bloomberg Barclays Multiverse USD Hedged Index effective 1 February 2017 through 30 September 2018 and Bloomberg Barclays Global Aggregate ex Treasury Bond USD Hedged Index effective since composite inception through 31 January 2017. The change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Calendar Year Performance
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 20.72% | 11.21% | 2.63% | 11.66% | 0.97% | 4.98% | 0.70% | 7.62% | 7.26% | 0.83% | Composite Gross | |
| 20.27% | 10.80% | 2.25% | 11.25% | 0.59% | 4.59% | 0.32% | 7.22% | 6.86% | 0.45% | Composite Net | |
| 9.14% | 5.67% | 5.25% | 7.18% | -0.38% | 6.94% | 0.58% | 4.09% | 3.69% | 1.78% | Benchmark | |
| 11.13% | 5.13% | -3.00% | 4.07% | 0.97% | -2.35% | -0.26% | 3.13% | 3.17% | -1.33% | Value added (Gross) |
- Composite Gross
- Composite Net
- Benchmark
Effective October 1, 2018, the benchmark for the composite was changed to Bloomberg Barclays Global Aggregate USD Hedged Index. Prior to this change the benchmark was Bloomberg Barclays Multiverse USD Hedged Index effective 1 February 2017 through 30 September 2018 and Bloomberg Barclays Global Aggregate ex Treasury Bond USD Hedged Index effective since composite inception through 31 January 2017. The change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Top 10 Issuers (30-Jun-2019)
| Issuer Name | % of Portfolio | Sector | Industry | Country |
|---|---|---|---|---|
| Japan | 4.2% | N/A | N/A | N/A |
| Romania | 2.8% | N/A | N/A | N/A |
| United Mexican States | 2.8% | N/A | N/A | N/A |
| Republic of Chile | 2.5% | N/A | N/A | N/A |
| Republic of South Africa | 2.1% | N/A | N/A | N/A |
| Republic of Cyprus | 2.0% | N/A | N/A | N/A |
| Federation of Malaysia | 1.9% | N/A | N/A | N/A |
| Republic of India | 1.9% | N/A | N/A | N/A |
| Federative Republic of Brazil | 1.8% | N/A | N/A | N/A |
| Republic of Italy | 1.7% | N/A | N/A | N/A |
Issuers are as of the date indicated and are subject to change.
The total of the values in the second column in the table may not add up to the Top 10% of Total Net Assets quoted in the table due to rounding.
N/A indicates Not Available.
Quality (30-Jun-2019)
Representative Portfolio
vs Benchmark
| Quality Rating | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| US Government Agency Securities | 8.18% | 5.54% | |
| US Treasury | 2.94% | 17.23% | |
| AAA | 4.26% | 12.65% | |
| AA | 5.14% | 15.79% | |
| A | 13.96% | 27.04% | |
| BBB | 19.63% | 17.18% | |
| BB | 14.92% | 0.49% | |
| B | 8.90% | 0.00% | |
| CCC | 0.42% | 0.00% | |
| C | 0.01% | 0.00% | |
| Not Rated | 12.35% | 4.08% | |
| Reserves | 9.26% | 0.00% | |
| D | 0.02% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Sources: Moody's Investors Service; if Moody's does not rate a security, then Standard & Poor's (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moodys or S&P. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency.
U.S. government agency securities are issued or guaranteed by a U.S. government agency and may include conventional pass-through securities and collateralized mortgage obligations. Unlike Treasuries, government agency securities are not issued directly by the U.S. government and are generally unrated but may have credit support from the U.S. Treasury (e.g., FHLMC and FNMA issues) or a direct government guarantee (e.g., GNMA issues). Therefore, this category may include rated and unrated securities.
U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government.
Maturity (30-Jun-2019)
Representative Portfolio
vs Benchmark
| Bond Maturity | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 16.28% | 0.00% | |
| 1-3 Years | 9.70% | 22.15% | |
| 3-5 Years | 29.58% | 20.80% | |
| 5-7 Years | 21.96% | 18.37% | |
| 7-10 Years | 15.25% | 14.12% | |
| 10+ Years | 7.24% | 24.56% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Duration (30-Jun-2019)
Representative Portfolio
vs Benchmark
| Duration | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 5.70% | 0.35% | |
| 1-3 Years | 20.81% | 25.92% | |
| 3-5 Years | 41.08% | 25.93% | |
| 5-7 Years | 13.48% | 13.01% | |
| 7-10 Years | 6.55% | 12.65% | |
| Over 10 Years | 12.38% | 22.15% |
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-2019)
| Company | % of Portfolio | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FNMA 15 YR TBA JUL | 2.84% | N/A | $31,134,321.22 | 30,500,000 | Mortgage Backed Securities | Mortgages | United States | 3.00% | NR | 01-Jan-2027 | 2.51 |
| Mexican Bonos | 2.77% | -0.03 | $30,365,342.89 | 568,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 8.00% | A3 | 07-Dec-2023 | 3.67 |
| Brazil Notas do Tesouro Nacional Serie F | 1.76% | 0.60 | $19,292,923.92 | 64,530,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 10.00% | Ba2 | 01-Jan-2023 | 2.98 |
| U.S. Treasury Notes | 1.69% | N/A | $18,532,115.78 | 18,000,000 | US Govt & Agencies | U S Treasury Obligations | United States | 2.25% | NR | 31-Mar-2026 | 6.23 |
| Korea Treasury Bond | 1.55% | N/A | $17,000,290.81 | 19,200,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Korea | 1.88% | NR | 10-Mar-2024 | 4.46 |
| Japan Government Five Year Bond | 1.54% | -0.16 | $16,850,066.73 | 1,800,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Japan | 0.10% | A1 | 20-Mar-2022 | 2.72 |
| Malaysia Government Bond | 1.52% | -0.02 | $16,709,866.76 | 67,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Malaysia | 3.80% | A3 | 17-Aug-2023 | 3.75 |
| Bonos de la Tesoreria de la Republica en pesos | 1.45% | N/A | $15,937,542.45 | 10,200,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Chile | 4.00% | NR | 01-Mar-2023 | 3.36 |
| Republic of South Africa Government Bond | 1.40% | -0.03 | $15,366,048.66 | 190,860,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 10.50% | Baa3 | 21-Dec-2026 | 5.38 |
| Cyprus Government International Bond | 1.18% | -0.05 | $12,943,606.66 | 9,713,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 2.38% | Ba2 | 25-Sep-2028 | 8.38 |
| India Government Bond | 1.17% | N/A | $12,872,877.83 | 800,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 9.15% | NR | 14-Nov-2024 | 4.22 |
| Federal National Mortgage Assn. | 1.14% | N/A | $12,513,720.53 | 11,678,860 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Sep-2048 | 2.07 |
| China development Bank | 1.07% | N/A | $11,779,227.81 | 80,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 3.68% | NR | 26-Feb-2026 | 5.88 |
| Bonos de la Tesoreria de la Republica en pesos | 1.05% | 0.17 | $11,552,926.93 | 6,875,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Chile | 4.70% | NR | 01-Sep-2030 | 8.71 |
| Canadian Government Bond | 0.97% | -0.11 | $10,688,969.40 | 13,930,000 | Government | Canadian Govts & Municipalities | Canada | 1.50% | Aaa | 01-Jun-2023 | 3.78 |
| Israel Government Bond - Fixed | 0.97% | 0.09 | $10,584,291.84 | 24,775,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 5.50% | NR | 31-Jan-2042 | 14.79 |
| Romania Government Bond | 0.94% | -0.14 | $10,363,580.38 | 42,795,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 4.25% | Baa3 | 28-Jun-2023 | 3.68 |
| Italy Buoni Poliennali del Tesoro | 0.94% | -0.12 | $10,356,793.79 | 8,765,000 | Government | Foreign Govt & Muni (Excl Canadian) | Italy | 2.15% | Baa3 | 15-Dec-2021 | 2.40 |
| Japan Government Twenty Year Bond | 0.88% | -0.08 | $9,688,491.37 | 970,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Japan | 0.60% | A1 | 20-Jun-2037 | 17.42 |
| European Bank for Reconstruction & development | 0.83% | -0.07 | $9,123,923.96 | 123,500,000,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | SNAT (Supe Natl Wrld Global) | 6.25% | NR | 25-Jul-2022 | 2.64 |
| European Investment Bank | 0.82% | -0.10 | $8,947,156.43 | 78,000,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | SNAT (Supe Natl Wrld Global) | 1.25% | Aaa | 12-May-2025 | 5.71 |
| Serbia Treasury Bonds | 0.80% | -0.20 | $8,754,980.42 | 786,110,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 5.75% | NR | 21-Jul-2023 | 3.47 |
| Romania Government Bond | 0.79% | -0.08 | $8,670,791.97 | 31,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 5.80% | NR | 26-Jul-2027 | 6.27 |
| Italy Buoni Poliennali del Tesoro | 0.77% | N/A | $8,403,614.18 | 7,850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Italy | 2.80% | Baa3 | 01-Mar-2067 | 25.40 |
| Israel Government Bond - Fixed | 0.73% | -0.01 | $8,001,324.50 | 27,145,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 1.75% | NR | 31-Aug-2025 | 5.79 |
| El Salvador Government International Bond | 0.69% | 0.24 | $7,574,266.61 | 7,450,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 7.38% | B3 | 01-Dec-2019 | 0.41 |
| Republic of South Africa Government Bond | 0.68% | N/A | $7,484,277.33 | 101,180,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 7.75% | Baa3 | 28-Feb-2023 | 3.09 |
| Romania Government Bond | 0.68% | 0.28 | $7,454,896.92 | 29,660,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 5.00% | NR | 12-Feb-2029 | 7.58 |
| Indonesia Treasury Bond | 0.65% | -0.09 | $7,170,824.18 | 95,000,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 8.13% | NR | 15-May-2024 | 3.98 |
| French Republic Government Bond OAT | 0.62% | -0.07 | $6,757,422.42 | 5,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | France | 0.00% | NR | 25-Mar-2024 | 4.75 |
| Serbia Treasury Bonds | 0.54% | -0.05 | $5,926,112.52 | 507,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 10.00% | NR | 05-Feb-2022 | 2.33 |
| Government National Mortgage Assn. | 0.51% | -0.08 | $5,585,499.13 | 5,400,383 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 20-Feb-2048 | 4.62 |
| Thailand Government Bond | 0.50% | 0.04 | $5,536,671.21 | 168,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Thailand | 2.13% | Baa1 | 17-Dec-2026 | 6.87 |
| Thailand Government Bond | 0.50% | 0.08 | $5,518,634.57 | 135,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Thailand | 4.88% | Baa1 | 22-Jun-2029 | 8.16 |
| Bundesobligation | 0.48% | N/A | $5,274,962.19 | 4,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Germany | 0.00% | Aaa | 13-Oct-2023 | 4.30 |
| Danske Bank | 0.47% | -0.20 | $5,201,188.80 | 5,255,000 | Corporate Securities | Banking | Denmark | 2.00% | A2 | 08-Sep-2021 | 2.11 |
| Bermuda Government International Bond | 0.47% | 0.31 | $5,182,332.22 | 4,610,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 4.75% | A2 | 15-Feb-2029 | 7.62 |
| Fidelity National Information Services | 0.46% | N/A | $5,088,151.46 | 3,890,000 | Corporate Securities | Services | United States | 2.60% | Baa2 | 21-May-2025 | 5.35 |
| Marriott Ownership Resorts | 0.46% | N/A | $4,995,850.00 | 5,000,000 | Corporate Securities | Lodging | United States | 4.65% | Baa3 | 29-Aug-2025 | 0.16 |
| Charter Communications Operating | 0.45% | N/A | $4,979,860.76 | 4,987,342 | Corporate Securities | Cable Operators | United States | 4.33% | Ba1 | 30-Apr-2025 | 0.09 |
| Level 3 Parent | 0.45% | N/A | $4,957,500.00 | 5,000,000 | Corporate Securities | Other Telecommunications | United States | 4.65% | Ba1 | 22-Feb-2024 | 0.15 |
| Summit Materials | 0.45% | N/A | $4,956,170.88 | 4,987,342 | Corporate Securities | Building Products | United States | 4.40% | Ba2 | 21-Nov-2024 | 0.10 |
| Kfc Holding | 0.45% | N/A | $4,955,296.22 | 4,974,747 | Corporate Securities | Restaurants | United States | 4.13% | Ba1 | 03-Apr-2025 | 0.03 |
| LHC3 | 0.44% | 0.21 | $4,847,172.30 | 4,125,000 | Corporate Securities | Financial | Spain | 4.13% | Ba2 | 15-Aug-2024 | 4.56 |
| French Republic Government Bond OAT | 0.44% | 0.03 | $4,842,593.65 | 3,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | France | 2.00% | Aa2 | 25-May-2048 | 23.60 |
| Woodside Finance | 0.44% | -0.04 | $4,788,516.23 | 4,485,000 | Corporate Securities | Exploration & Production | Australia | 4.50% | Baa1 | 04-Mar-2029 | 7.71 |
| Ado Properties | 0.43% | 0.13 | $4,755,392.61 | 4,200,000 | Corporate Securities | Real Estate Investment Trust Securities | Germany | 1.50% | Baa3 | 26-Jul-2024 | 4.74 |
| Eskom Holdings SOC | 0.43% | 0.22 | $4,712,259.95 | 4,550,000 | Corporate Securities | Utilities | South Africa | 5.75% | B3 | 26-Jan-2021 | 1.45 |
| Becton Dickinson Euro Finance Sarl | 0.43% | N/A | $4,707,348.70 | 4,060,000 | Corporate Securities | Healthcare | United States | 1.21% | Ba1 | 04-Jun-2026 | 6.57 |
| Bunge Finance Europe BV | 0.43% | -0.05 | $4,684,546.38 | 3,980,000 | Corporate Securities | Food Processing | United States | 1.85% | Baa3 | 16-Jun-2023 | 3.66 |
| Microchip Technology | 0.42% | N/A | $4,635,480.76 | 4,666,090 | Corporate Securities | Information Technology | United States | 4.41% | Baa3 | 29-May-2025 | 0.19 |
| Eni | 0.42% | N/A | $4,607,824.62 | 4,365,000 | Corporate Securities | Exploration & Production | Italy | 4.25% | Baa1 | 09-May-2029 | 7.98 |
| Altria | 0.42% | -0.04 | $4,607,724.10 | 3,950,000 | Corporate Securities | Food/Tobacco | United States | 1.00% | A3 | 15-Feb-2023 | 3.50 |
| China Government Bond | 0.40% | 0.04 | $4,425,657.37 | 30,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 3.13% | NR | 13-Apr-2022 | 2.66 |
| 1MDB Global Investments | 0.40% | -0.04 | $4,339,128.81 | 4,500,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.40% | NR | 09-Mar-2023 | 3.29 |
| Bristol-Myers Squibb | 0.38% | N/A | $4,212,798.26 | 4,050,000 | Corporate Securities | Drugs | United States | 3.20% | A2 | 15-Jun-2026 | 6.14 |
| Avantor | 0.38% | 0.12 | $4,204,892.89 | 3,705,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 01-Oct-2025 | 1.49 |
| Ge Capital European Funding Unlimited | 0.38% | -0.04 | $4,123,757.60 | 3,330,000 | Corporate Securities | Financial | United States | 2.63% | Baa1 | 15-Mar-2023 | 3.55 |
| Malaysia Government Bond | 0.37% | 0.05 | $4,017,389.20 | 15,475,000 | Government | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.74% | A3 | 15-Mar-2046 | 15.21 |
| Sigma Holdco BV | 0.35% | 0.11 | $3,863,873.45 | 3,580,000 | Corporate Securities | Food/Tobacco | Netherlands | 5.75% | B3 | 15-May-2026 | 4.73 |
| Morgan Stanley | 0.34% | -0.04 | $3,766,117.80 | 3,575,000 | Corporate Securities | Banking | United States | 4.10% | Baa2 | 22-May-2023 | 3.58 |
| BlueMountain CLO 2012-2 | 0.34% | -0.05 | $3,729,867.28 | 3,730,000 | Asst Backed Securities | Coll Debt Obligation | United States | 3.57% | Aaa | 20-Nov-2028 | 0.14 |
| Egypt Government Bond | 0.34% | -0.01 | $3,711,641.02 | 54,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 17.15% | NR | 05-Jul-2026 | 3.77 |
| Cigna | 0.33% | -0.04 | $3,666,489.27 | 3,435,000 | Corporate Securities | Insurance | United States | 4.13% | Baa2 | 15-Nov-2025 | 5.51 |
| Cyprus Government International Bond | 0.33% | -0.05 | $3,633,944.05 | 2,870,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 3.88% | Ba2 | 06-May-2022 | 2.74 |
| Argentine Republic Government International Bond | 0.33% | -0.05 | $3,582,644.48 | 3,950,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 3.38% | B2 | 15-Jan-2023 | 3.15 |
| Government National Mortgage Assn. | 0.32% | N/A | $3,535,610.41 | 3,378,410 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-May-2047 | 1.90 |
| India Government Bond | 0.32% | -0.03 | $3,512,553.99 | 220,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.24% | Baa2 | 15-Feb-2027 | 5.52 |
| Petroleos Mexicanos | 0.32% | -0.04 | $3,483,086.90 | 3,455,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | Baa3 | 13-Mar-2027 | 5.87 |
| CVS Health | 0.31% | -0.03 | $3,432,578.59 | 3,290,000 | Corporate Securities | Retail | United States | 3.70% | Baa2 | 09-Mar-2023 | 3.35 |
| Federal National Mortgage Assn. | 0.31% | -0.05 | $3,422,276.27 | 3,315,875 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Feb-2047 | 3.71 |
| Ford Motor Credit | 0.31% | -0.03 | $3,421,546.25 | 3,375,000 | Corporate Securities | Automotive | United States | 3.34% | Baa3 | 18-Mar-2021 | 1.64 |
| Vistra Operations | 0.31% | N/A | $3,397,636.85 | 3,404,002 | Corporate Securities | Utilities | United States | 4.40% | Ba1 | 04-Aug-2023 | 0.05 |
| United Kingdom Gilt | 0.31% | -0.04 | $3,392,059.16 | 2,415,000 | Government | Foreign Govt & Muni (Excl Canadian) | United Kingdom | 1.63% | NR | 22-Oct-2071 | 35.87 |
| Cabot Financial Luxembourg | 0.31% | -0.04 | $3,390,669.34 | 2,540,000 | Corporate Securities | Financial | United Kingdom | 7.50% | B1 | 01-Oct-2023 | 1.19 |
| U.S. Treasury Inflation Indexed Bonds | 0.31% | -0.03 | $3,363,744.65 | 3,391,281 | US Govt & Agencies | U S Treasury Obligations | United States | 0.75% | Aaa | 15-Feb-2045 | 3.48 |
| Banco Comercial Portugues | 0.30% | -0.02 | $3,296,772.15 | 2,800,000 | Corporate Securities | Banking | Portugal | 4.50% | B1 | 07-Dec-2027 | 3.18 |
| FirstRand Bank | 0.30% | 0.07 | $3,283,479.54 | 3,100,000 | Corporate Securities | Banking | South Africa | 6.25% | Ba2 | 23-Apr-2028 | 3.34 |
| Globo Comunicacao E Participacoes | 0.30% | -0.02 | $3,273,477.65 | 3,200,000 | Corporate Securities | Telephones | Brazil | 5.13% | NR | 31-Mar-2027 | 6.21 |
| MTN Mauritius Investments | 0.30% | 0.15 | $3,265,586.68 | 3,225,000 | Corporate Securities | Wireless Communications | South Africa | 4.76% | Ba1 | 11-Nov-2024 | 4.66 |
| Federal National Mortgage Assn. | 0.30% | -0.07 | $3,260,038.20 | 3,062,711 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Sep-2048 | 2.26 |
| SASOL Financing USA | 0.30% | N/A | $3,242,489.52 | 2,950,000 | Corporate Securities | Chemicals | South Africa | 5.88% | Baa3 | 27-Mar-2024 | 4.05 |
| Turk Telekomunikasyon | 0.29% | 0.04 | $3,201,597.39 | 3,100,000 | Corporate Securities | Wireline Communications | Turkey | 6.88% | NR | 28-Feb-2025 | 4.54 |
| Suzano Austria GmbH | 0.29% | N/A | $3,164,590.68 | 2,825,000 | Corporate Securities | Forest Products | Brazil | 6.00% | NR | 15-Jan-2029 | 7.10 |
| Comcast | 0.29% | -0.03 | $3,142,998.22 | 2,970,000 | Corporate Securities | Cable Operators | United States | 3.38% | A3 | 15-Aug-2025 | 5.34 |
| Cyprus Government International Bond | 0.28% | -0.02 | $3,120,450.11 | 2,155,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 4.25% | Ba2 | 04-Nov-2025 | 5.66 |
| China development Bank | 0.28% | N/A | $3,109,795.36 | 20,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 4.24% | NR | 24-Aug-2027 | 6.75 |
| Avantor | 0.28% | 0.14 | $3,064,429.88 | 2,490,000 | Corporate Securities | Healthcare | United States | 4.75% | Ba2 | 01-Oct-2024 | 1.41 |
| Argentine Republic Government International Bond | 0.28% | -0.05 | $3,031,707.26 | 3,532,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 7.50% | B2 | 22-Apr-2026 | 4.95 |
| Aib | 0.28% | N/A | $3,031,249.03 | 2,920,000 | Corporate Securities | Banking | Ireland | 4.26% | Baa3 | 10-Apr-2025 | 4.26 |
| Verus Securitization Trust 2019-1 | 0.28% | -0.06 | $3,026,346.68 | 2,970,968 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.84% | NR | 25-Feb-2059 | 1.99 |
| Romania Government Bond | 0.28% | -0.04 | $3,024,413.83 | 11,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 5.85% | NR | 26-Apr-2023 | 3.44 |
| Shimao Property Holdings | 0.27% | 0.12 | $3,013,039.73 | 2,800,000 | Corporate Securities | Building & Real Estate | China | 6.13% | NR | 21-Feb-2024 | 2.97 |
| Indonesia Treasury Bond | 0.27% | -0.02 | $2,971,674.19 | 37,052,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 9.00% | Baa2 | 15-Mar-2029 | 6.50 |
| Empresa Nacional De Telecomunicaciones | 0.27% | -0.03 | $2,929,993.54 | 2,750,000 | Corporate Securities | Wireless Communications | Chile | 4.88% | Baa3 | 30-Oct-2024 | 3.86 |
| Douglas GmbH | 0.27% | N/A | $2,910,812.66 | 2,645,000 | Corporate Securities | Retail | Germany | 6.25% | B1 | 15-Jul-2022 | 2.49 |
| Angel Oak Mortgage Trust I LLC 2019-2 | 0.27% | -0.03 | $2,909,221.43 | 2,815,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.07% | NR | 25-Mar-2049 | 3.62 |
| Netflix | 0.27% | -0.02 | $2,909,132.15 | 2,250,000 | Corporate Securities | Cable Operators | United States | 4.63% | Ba3 | 15-May-2029 | 8.07 |
| Minerva Luxembourg | 0.26% | -0.02 | $2,871,025.92 | 2,700,000 | Corporate Securities | Food/Tobacco | Brazil | 6.50% | NR | 20-Sep-2026 | 4.33 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.26% | -0.03 | $2,864,168.46 | 2,515,000 | Corporate Securities | Energy | United States | 6.88% | Ba3 | 15-Jan-2029 | 4.84 |
| Constellium | 0.26% | -0.03 | $2,861,991.14 | 2,695,000 | Corporate Securities | Metals & Mining | United States | 6.63% | B2 | 01-Mar-2025 | 1.25 |
| Israel Chemicals | 0.26% | -0.03 | $2,821,313.69 | 2,500,000 | Corporate Securities | Chemicals | Israel | 6.38% | NR | 31-May-2038 | 11.38 |
| Serbia International Bond | 0.26% | N/A | $2,797,221.43 | 2,460,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 1.50% | Ba3 | 26-Jun-2029 | 9.40 |
| Fiserv | 0.25% | N/A | $2,792,560.13 | 2,173,000 | Corporate Securities | Information Technology | United States | 3.00% | Baa2 | 01-Jul-2031 | 10.18 |
| Emirates Airline | 0.25% | -0.03 | $2,761,898.48 | 2,671,389 | Corporate Securities | Airlines | United Arab Emirates | 4.50% | NR | 06-Feb-2025 | 2.57 |
| New Residential Mortgage Loan Trust 2019-NQM2 | 0.25% | -0.04 | $2,743,609.88 | 2,696,888 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.70% | NR | 25-Apr-2049 | 3.22 |
| Intelsat Jackson Holdings | 0.24% | -0.03 | $2,675,286.40 | 2,255,000 | Corporate Securities | Satellites | United States | 9.50% | B1 | 30-Sep-2022 | 2.79 |
| Housing development Finance | 0.24% | -0.04 | $2,641,702.72 | 180,000,000 | Corporate Securities | Financial | India | 6.88% | NR | 30-Apr-2020 | 0.79 |
| Transcanada Trust | 0.24% | -0.21 | $2,619,591.25 | 3,585,000 | Corporate Securities | Gas & Gas Transmission | Canada | 4.65% | Baa3 | 18-May-2077 | 6.21 |
| CSC Holdings | 0.24% | -0.02 | $2,583,225.37 | 2,315,000 | Corporate Securities | Cable Operators | United States | 6.50% | Ba3 | 01-Feb-2029 | 5.05 |
| Credit Suisse Mortgage Capital Certificates 2019-ICE4 | 0.23% | N/A | $2,568,382.44 | 2,555,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.55% | Ba3 | 15-May-2036 | 0.05 |
| Federal National Mortgage Assn. | 0.23% | N/A | $2,536,510.23 | 2,476,459 | Mortgage Backed Securities | Mortgages | United States | 3.00% | NR | 01-Feb-2033 | 3.24 |
| Kraton Polymers LLC / Kraton Polymers Capital | 0.23% | -0.03 | $2,533,631.19 | 2,145,000 | Corporate Securities | Chemicals | United States | 5.25% | B3 | 15-May-2026 | 3.27 |
| ICTSI Treasury BV | 0.23% | 0.13 | $2,516,771.20 | 2,300,000 | Corporate Securities | Transportation | Philippines | 5.88% | NR | 17-Sep-2025 | 5.15 |
| Peru LNG Srl | 0.23% | N/A | $2,514,401.26 | 2,300,000 | Corporate Securities | Energy | Peru | 5.38% | Baa3 | 22-Mar-2030 | 6.41 |
| Japan Government Thirty Year Bond | 0.23% | -0.56 | $2,507,360.64 | 252,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Japan | 0.60% | A1 | 20-Dec-2046 | 26.09 |
| Virgin Media Secured Finance | 0.23% | -0.03 | $2,505,843.65 | 1,880,000 | Corporate Securities | Cable Operators | United Kingdom | 4.88% | Ba3 | 15-Jan-2027 | 2.96 |
| COLT 2019-2 Mortgage Loan Trust | 0.23% | -0.04 | $2,489,907.73 | 2,444,404 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.54% | NR | 25-May-2049 | 2.03 |
| COLT 2019-1 Mortgage Loan Trust | 0.23% | -0.05 | $2,481,085.83 | 2,432,590 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.01% | NR | 25-Mar-2049 | 1.00 |
| ABJA Investment Co Pte | 0.22% | -0.02 | $2,458,571.94 | 2,500,000 | Corporate Securities | Metals & Mining | India | 5.45% | NR | 24-Jan-2028 | 6.55 |
| India Government Bond | 0.22% | -0.03 | $2,434,483.65 | 163,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.12% | NR | 10-Dec-2020 | 1.34 |
| Axtel SAB de CV | 0.22% | -0.03 | $2,422,439.26 | 2,350,000 | Corporate Securities | Wireline Communications | Mexico | 6.38% | Ba3 | 14-Nov-2024 | 3.38 |
| Verus Securitization Trust 2019-INV1 | 0.22% | -0.03 | $2,410,048.68 | 2,365,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.99% | NR | 25-Dec-2059 | 2.64 |
| SM Investments | 0.22% | -0.03 | $2,401,801.13 | 2,300,000 | Corporate Securities | Retail | Philippines | 4.88% | NR | 10-Jun-2024 | 4.37 |
| LSF10 Wolverine Investments SCA | 0.22% | -0.02 | $2,399,487.02 | 2,035,000 | Corporate Securities | Building Products | Denmark | 5.00% | B2 | 15-Mar-2024 | 1.84 |
| Odyssey Europe Holdco Sarl | 0.22% | -0.03 | $2,398,063.96 | 2,150,000 | Corporate Securities | Gaming | Luxembourg | 8.00% | B2 | 15-May-2023 | 3.00 |
| Asurion | 0.22% | -0.03 | $2,390,986.80 | 2,360,000 | Corporate Securities | Wireless Communications | United States | 8.90% | B3 | 04-Aug-2025 | 0.17 |
| Ford Motor Credit | 0.22% | -0.03 | $2,361,005.78 | 2,310,000 | Corporate Securities | Automotive | United States | 3.81% | Baa3 | 12-Oct-2021 | 2.15 |
| Japan Government Twenty Year Bond | 0.21% | -0.02 | $2,323,560.76 | 213,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Japan | 1.20% | A1 | 20-Dec-2034 | 14.48 |
| Zayo Group LLC / Zayo Capital | 0.21% | N/A | $2,322,639.37 | 2,230,000 | Corporate Securities | Other Telecommunications | United States | 5.75% | B3 | 15-Jan-2027 | 4.18 |
| Federal National Mortgage Assn. | 0.21% | -0.04 | $2,315,121.97 | 2,224,249 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Aug-2046 | 3.94 |
| Santander Drive Auto Receivables Trust 2018-2 | 0.21% | -0.03 | $2,303,733.34 | 2,245,000 | Asst Backed Securities | Auto Backed | United States | 3.88% | A2 | 15-Feb-2024 | 1.51 |
| Perusahaan Gas Negara | 0.21% | 0.08 | $2,301,091.86 | 2,125,000 | Corporate Securities | Utilities | Indonesia | 5.13% | Baa2 | 16-May-2024 | 4.30 |
| Credit Agricole SA/London | 0.21% | -0.02 | $2,277,161.15 | 2,225,000 | Corporate Securities | Banking | France | 3.25% | Baa2 | 04-Oct-2024 | 4.78 |
| Ford Credit Auto Owner Trust 2019-REV1 | 0.21% | -0.02 | $2,266,064.77 | 2,170,000 | Asst Backed Securities | Auto Backed | United States | 3.82% | Aa1 | 15-Jul-2030 | 4.25 |
| Croatia Government International Bond | 0.21% | N/A | $2,252,911.59 | 1,775,000 | Government | Foreign Govt & Muni (Excl Canadian) | Croatia | 3.88% | Ba2 | 30-May-2022 | 2.81 |
| Government National Mortgage Assn. | 0.21% | N/A | $2,250,083.10 | 2,163,724 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Oct-2048 | 0.96 |
| HDFC Bank | 0.20% | -0.02 | $2,220,596.41 | 150,000,000 | Corporate Securities | Banking | India | 8.10% | Baa2 | 22-Mar-2025 | 4.55 |
| CBAM 2019-9 | 0.20% | -0.02 | $2,154,124.24 | 2,120,000 | Asst Backed Securities | Coll Debt Obligation | United States | 4.01% | Aaa | 12-Feb-2030 | 0.30 |
| Angel Oak Mortgage Trust I LLC 2019-1 | 0.20% | -0.05 | $2,143,220.27 | 2,094,831 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.92% | NR | 25-Nov-2048 | 1.14 |
| Verus Securitization Trust 2018-3 | 0.20% | -0.03 | $2,138,920.53 | 2,050,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.60% | NR | 25-Oct-2058 | 2.24 |
| Baidu | 0.19% | 0.07 | $2,133,900.61 | 2,000,000 | Corporate Securities | Information Technology | China | 4.38% | A3 | 29-Mar-2028 | 7.13 |
| QVC | 0.19% | -0.03 | $2,129,770.71 | 2,010,000 | Corporate Securities | Retail | United States | 5.13% | Ba2 | 02-Jul-2022 | 2.70 |
| Applebee S Funding Llc / Ihop Funding | 0.19% | N/A | $2,121,481.22 | 2,100,000 | Asst Backed Securities | Asset Backed Other | United States | 4.19% | NR | 07-Jun-2049 | 4.33 |
| Perusahaan Listrik Negara PT | 0.19% | N/A | $2,119,627.74 | 1,900,000 | Corporate Securities | Energy | Indonesia | 5.45% | Baa2 | 21-May-2028 | 7.11 |
| NRG Energy | 0.19% | -0.03 | $2,109,968.07 | 1,900,000 | Corporate Securities | Utilities | United States | 7.25% | Ba3 | 15-May-2026 | 1.98 |
| U.S. Treasury Bonds | 0.19% | N/A | $2,090,458.22 | 1,900,000 | US Govt & Agencies | U S Treasury Obligations | United States | 3.13% | Aaa | 15-Nov-2028 | 8.20 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 0.19% | -0.01 | $2,071,038.52 | 1,950,000 | Corporate Securities | Financial | Ireland | 4.45% | Baa3 | 03-Apr-2026 | 5.71 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.19% | N/A | $2,069,056.37 | 1,885,000 | Corporate Securities | Supermarkets | United States | 7.50% | B3 | 15-Mar-2026 | 3.84 |
| Bank of East Asia | 0.19% | 0.03 | $2,056,699.25 | 2,050,000 | Corporate Securities | Banking | Hong Kong | 5.50% | Ba2 | 02-Jun-2168 | 1.34 |
| Bausch Health Americas | 0.19% | -0.00 | $2,056,509.38 | 1,815,000 | Corporate Securities | Healthcare | United States | 8.50% | B3 | 31-Jan-2027 | 3.50 |
| Capital One Financial | 0.18% | N/A | $2,002,989.75 | 1,750,000 | Corporate Securities | Banking | United States | 0.80% | Baa1 | 12-Jun-2024 | 4.86 |
| Kronos Inc/MA | 0.18% | -0.02 | $2,001,847.20 | 1,940,000 | Corporate Securities | Services | United States | 10.83% | Caa2 | 01-Nov-2024 | 0.21 |
| Golub Capital Partners CLO 39B | 0.18% | -0.03 | $1,950,372.87 | 1,940,000 | Asst Backed Securities | Coll Debt Obligation | United States | 3.74% | Aaa | 20-Oct-2028 | 0.25 |
| Slovenia Government Bond | 0.18% | -0.01 | $1,949,645.11 | 1,525,000 | Government | Foreign Govt & Muni (Excl Canadian) | Slovenia | 1.50% | Baa1 | 25-Mar-2035 | 14.40 |
| Cheniere Corpus Christi Holdings | 0.18% | -0.02 | $1,943,821.45 | 1,690,000 | Corporate Securities | Energy | United States | 7.00% | Ba2 | 30-Jun-2024 | 3.95 |
| Vistra Energy | 0.17% | -0.02 | $1,896,588.40 | 1,710,000 | Corporate Securities | Utilities | United States | 8.13% | Ba3 | 30-Jan-2026 | 1.19 |
| SLIde 2018-FUN | 0.17% | -0.02 | $1,870,859.01 | 1,851,946 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.69% | NR | 15-Jun-2031 | 0.05 |
| Zayo Group LLC / Zayo Capital | 0.17% | -0.02 | $1,868,943.43 | 1,820,000 | Corporate Securities | Other Telecommunications | United States | 6.38% | B3 | 15-May-2025 | 2.46 |
| Energizer Gamma Acquisition BV | 0.17% | -0.01 | $1,864,342.42 | 1,535,000 | Corporate Securities | Consumer Products | United States | 4.63% | B2 | 15-Jul-2026 | 3.00 |
| Albania Government International Bond | 0.17% | -0.02 | $1,843,536.71 | 1,490,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 09-Oct-2025 | 5.58 |
| Virgin Media Receivables Financing Notes II DAC | 0.17% | -0.02 | $1,836,124.25 | 1,365,000 | Corporate Securities | Cable Operators | Ireland | 5.75% | B1 | 15-Apr-2023 | 0.21 |
| Virgin Media Secured Finance | 0.17% | -0.02 | $1,815,525.85 | 1,350,000 | Corporate Securities | Cable Operators | United Kingdom | 5.13% | Ba3 | 15-Jan-2025 | 0.73 |
| Eskom Holdings SOC | 0.16% | -0.01 | $1,806,193.12 | 1,675,000 | Corporate Securities | Utilities | South Africa | 7.13% | B3 | 11-Feb-2025 | 4.49 |
| Lebanon Government International Bond | 0.16% | -0.02 | $1,801,304.35 | 1,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Lebanon | 6.38% | NR | 09-Mar-2020 | 0.64 |
| Mauser Packaging Solutions Holding | 0.16% | N/A | $1,799,145.85 | 1,525,000 | Corporate Securities | Container | United States | 4.75% | B2 | 15-Apr-2024 | 1.72 |
| Consolidated Energy Finance | 0.16% | -0.03 | $1,786,430.91 | 1,785,000 | Corporate Securities | Chemicals | Switzerland | 6.50% | B1 | 15-May-2026 | 4.43 |
| Santander Drive Auto Receivables Trust 2015-2 | 0.16% | -0.02 | $1,758,651.42 | 1,750,000 | Asst Backed Securities | Auto Backed | United States | 4.02% | Aaa | 15-Sep-2022 | 0.63 |
| Oci | 0.16% | -0.02 | $1,754,330.41 | 1,445,000 | Corporate Securities | Chemicals | Netherlands | 5.00% | B1 | 15-Apr-2023 | 0.78 |
| C&W Senior Financing DAC | 0.16% | -0.01 | $1,726,966.51 | 1,615,000 | Corporate Securities | Cable Operators | Panama | 6.88% | B2 | 15-Sep-2027 | 4.44 |
| First Abu Dhabi Bank PJSC | 0.16% | -0.02 | $1,721,586.94 | 1,700,000 | Corporate Securities | Banking | United Arab Emirates | 5.25% | Baa3 | 17-Dec-2167 | 0.93 |
| Seven Generations Energy | 0.16% | -0.02 | $1,717,779.23 | 1,760,000 | Corporate Securities | Energy | Canada | 5.38% | Ba3 | 30-Sep-2025 | 4.51 |
| Deephaven Residential Mortgage Trust 2018-3 | 0.16% | -0.02 | $1,713,460.28 | 1,680,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.36% | NR | 25-Aug-2058 | 3.67 |
| New Residential Mortgage Loan Trust 2018-NQM1 | 0.16% | -0.03 | $1,710,019.31 | 1,657,003 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.09% | NR | 25-Nov-2048 | 0.85 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.15% | N/A | $1,698,352.46 | 1,660,000 | Corporate Securities | Supermarkets | United States | 5.75% | B3 | 15-Mar-2025 | 3.03 |
| Tesla Energy Operations Inc/DE | 0.15% | -0.02 | $1,684,977.93 | 1,737,000 | Industrials & Business Services | Electrical Equipment | United States | 1.63% | NR | 01-Nov-2019 | 0.35 |
| OZLM VIII | 0.15% | -0.06 | $1,678,586.58 | 1,670,000 | Asst Backed Securities | Coll Debt Obligation | United States | 4.39% | Aa2 | 17-Oct-2029 | 0.06 |
| Sri Lanka Government International Bond | 0.15% | N/A | $1,665,376.78 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | B2 | 27-Jul-2021 | 1.87 |
| BX Commercial Mortgage Trust 2019-IMC | 0.15% | N/A | $1,664,167.22 | 1,655,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.54% | NR | 15-Apr-2034 | 0.10 |
| Federal National Mortgage Assn. | 0.15% | -0.02 | $1,646,874.09 | 1,568,480 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Aug-2047 | 3.13 |
| Enel Chile | 0.15% | -0.02 | $1,646,296.11 | 1,500,000 | Corporate Securities | Utilities | Chile | 4.88% | Baa2 | 12-Jun-2028 | 7.32 |
| New Residential Mortgage Loan Trust 2019-NQM1 | 0.15% | -0.03 | $1,636,986.11 | 1,598,089 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.93% | NR | 25-Jan-2049 | 2.43 |
| Petroleos Mexicanos | 0.15% | -0.02 | $1,632,259.07 | 1,400,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 2.50% | Baa3 | 21-Aug-2021 | 2.04 |
| Eskom Holdings SOC | 0.15% | N/A | $1,615,567.11 | 1,500,000 | Corporate Securities | Utilities | South Africa | 6.75% | B3 | 06-Aug-2023 | 3.47 |
| Ge Capital International Funding Co Unlimited | 0.15% | -0.10 | $1,611,696.78 | 1,620,000 | Corporate Securities | Conglomerates | United States | 4.42% | Baa1 | 15-Nov-2035 | 11.57 |
| Arqiva Broadcast Finance | 0.15% | -0.02 | $1,605,342.91 | 1,160,000 | Corporate Securities | Wireless Communications | United Kingdom | 6.75% | B2 | 30-Sep-2023 | 1.33 |
| China development Bank | 0.15% | N/A | $1,597,886.22 | 10,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 4.88% | NR | 09-Feb-2028 | 7.08 |
| COMM 2015-PC1 Mortgage Trust | 0.15% | -0.02 | $1,596,374.19 | 1,500,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.59% | NR | 10-Jul-2050 | 5.22 |
| Government National Mortgage Assn. | 0.14% | N/A | $1,587,337.58 | 1,505,000 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Jun-2049 | 1.27 |
| Export-Import Bank of India | 0.14% | -0.02 | $1,569,385.40 | 1,550,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 3.88% | Baa2 | 02-Oct-2019 | 0.25 |
| Latvia Government International Bond | 0.14% | N/A | $1,559,695.66 | 1,224,000 | Government | Foreign Govt & Muni (Excl Canadian) | Latvia | 1.88% | A3 | 19-Feb-2049 | 23.68 |
| Altice Financing | 0.14% | N/A | $1,559,429.64 | 1,500,000 | Corporate Securities | Cable Operators | Luxembourg | 7.50% | B2 | 15-May-2026 | 3.73 |
| B&G Foods | 0.14% | -0.01 | $1,555,040.98 | 1,520,000 | Corporate Securities | Food/Tobacco | United States | 5.25% | B2 | 01-Apr-2025 | 3.31 |
| C&W Senior Financing DAC | 0.14% | 0.07 | $1,538,156.85 | 1,450,000 | Corporate Securities | Cable Operators | Panama | 7.50% | B2 | 15-Oct-2026 | 3.50 |
| Altice Luxembourg | 0.14% | N/A | $1,537,167.41 | 1,605,000 | Corporate Securities | Cable Operators | Luxembourg | 7.63% | Caa1 | 15-Feb-2025 | 3.87 |
| Ctrip.com International | 0.14% | -0.02 | $1,533,420.29 | 1,530,000 | Consumer Discretionary | Internet & Direct Marketing Retail | China | 1.25% | NR | 15-Sep-2022 | 0.45 |
| Saudi Arabian Oil | 0.14% | N/A | $1,530,770.84 | 1,500,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 3.50% | A1 | 16-Apr-2029 | 8.24 |
| China Government Bond | 0.14% | 0.04 | $1,530,317.03 | 10,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 3.60% | NR | 06-Sep-2025 | 5.45 |
| Barings CLO Ltd 2016-II | 0.14% | -0.02 | $1,528,458.61 | 1,520,000 | Asst Backed Securities | Coll Debt Obligation | United States | 3.67% | Aaa | 20-Jul-2028 | 0.06 |
| Vietnam Government International Bond | 0.14% | -0.02 | $1,524,391.62 | 1,450,000 | Government | Foreign Govt & Muni (Excl Canadian) | Vietnam | 6.75% | Ba3 | 29-Jan-2020 | 0.56 |
| India Government Bond | 0.14% | -0.01 | $1,508,661.05 | 94,540,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.40% | NR | 28-Jul-2024 | 3.99 |
| COMM 2014-CR14 Mortgage Trust | 0.14% | N/A | $1,491,234.10 | 1,390,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.79% | Aa3 | 10-Feb-2047 | 4.06 |
| CSC Holdings | 0.14% | -0.02 | $1,490,011.16 | 1,248,000 | Corporate Securities | Cable Operators | United States | 10.88% | B3 | 15-Oct-2025 | 1.18 |
| Starwood Mortgage Residential Trust 2019-IMC1 | 0.14% | -0.01 | $1,484,949.57 | 1,425,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.09% | NR | 25-Feb-2049 | 3.62 |
| Federal National Mortgage Assn. | 0.14% | N/A | $1,484,816.13 | 1,449,259 | Mortgage Backed Securities | Mortgages | United States | 3.00% | NR | 01-Dec-2032 | 3.39 |
| Syngenta Finance | 0.13% | -0.02 | $1,455,443.50 | 1,420,000 | Corporate Securities | Diversified Chemicals | Switzerland | 3.93% | Ba2 | 23-Apr-2021 | 1.73 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 0.13% | -0.01 | $1,445,208.56 | 1,320,000 | Corporate Securities | Financial | Ireland | 4.88% | Baa3 | 16-Jan-2024 | 3.95 |
| Colfax | 0.13% | -0.01 | $1,415,089.77 | 1,290,000 | Corporate Securities | Manufacturing | United States | 6.38% | Ba2 | 15-Feb-2026 | 3.18 |
| Sirius XM Radio | 0.13% | N/A | $1,380,375.00 | 1,350,000 | Corporate Securities | Broadcasting | United States | 4.63% | Ba3 | 15-Jul-2024 | 3.24 |
| Homeward Opportunities Fund I Trust 2019-1 | 0.12% | -0.02 | $1,347,319.57 | 1,326,432 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.61% | NR | 25-Jan-2059 | 2.40 |
| Great Wolf Trust 2017-WOLF | 0.12% | -0.02 | $1,327,169.39 | 1,325,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.71% | NR | 15-Sep-2034 | 0.04 |
| Freddie Mac Whole Loan Securities Trust | 0.12% | -0.02 | $1,308,363.33 | 1,296,555 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.60% | A3 | 25-Dec-2046 | 2.07 |
| Americredit Automobile Receivables Trust 2018-1 | 0.12% | -0.01 | $1,302,475.30 | 1,265,000 | Asst Backed Securities | Auto Backed | United States | 3.82% | NR | 18-Mar-2024 | 2.78 |
| Federal National Mortgage Assn. | 0.12% | -0.02 | $1,294,331.42 | 1,251,815 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Dec-2045 | 3.51 |
| Cyprus Government International Bond | 0.12% | 0.00 | $1,286,537.98 | 917,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 2.75% | Ba2 | 26-Feb-2034 | 12.57 |
| AppLovin | 0.12% | N/A | $1,267,836.49 | 1,271,805 | Corporate Securities | Information Technology | United States | 5.90% | B1 | 15-Aug-2025 | 0.06 |
| Bahamas Government International Bond | 0.11% | -0.01 | $1,242,892.24 | 1,140,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Baa3 | 21-Nov-2028 | 6.58 |
| Yanlord Land HK | 0.11% | -0.02 | $1,241,823.06 | 1,200,000 | Corporate Securities | Building & Real Estate | China | 6.75% | Ba3 | 23-Apr-2023 | 2.89 |
| Sequoia Mortgage Trust 2018-CH4 | 0.11% | -0.03 | $1,240,126.88 | 1,178,757 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.50% | Aa1 | 25-Oct-2048 | 3.29 |
| Towd Point Mortgage Trust 2019-1 | 0.11% | -0.02 | $1,237,662.79 | 1,182,094 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.75% | NR | 25-Mar-2058 | 4.17 |
| DAE Funding | 0.11% | -0.01 | $1,224,119.53 | 1,155,000 | Corporate Securities | Financial | United Arab Emirates | 5.75% | Ba2 | 15-Nov-2023 | 1.82 |
| Deephave Residential Mortgage Trust 2019-2 | 0.11% | N/A | $1,220,232.43 | 1,190,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.92% | NR | 25-Apr-2059 | 3.70 |
| Baidu | 0.11% | -0.25 | $1,209,971.42 | 1,155,000 | Corporate Securities | Information Technology | China | 3.88% | A3 | 29-Sep-2023 | 3.82 |
| Panther BF Aggregator 2 LP / Panther Finance | 0.11% | -0.01 | $1,187,461.62 | 1,125,000 | Corporate Securities | Automotive | United States | 6.25% | Ba3 | 15-May-2026 | 4.00 |
| Government National Mortgage Assn. | 0.11% | -0.02 | $1,177,770.38 | 1,101,404 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Nov-2047 | 2.57 |
| Avolon Holdings Funding | 0.11% | N/A | $1,162,612.04 | 1,120,000 | Corporate Securities | Financial | Ireland | 4.38% | Baa3 | 01-May-2026 | 5.77 |
| eG Global Finance | 0.11% | N/A | $1,155,953.46 | 1,015,000 | Corporate Securities | Services | United Kingdom | 4.38% | B2 | 07-Feb-2025 | 3.82 |
| Sequoia Mortgage Trust 2018-CH3 | 0.11% | -0.03 | $1,154,548.76 | 1,111,558 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.50% | Aa1 | 25-Aug-2048 | -0.32 |
| JPMBB Commercial Mortgage Securities Trust 2015-C28 | 0.11% | -0.01 | $1,153,177.30 | 1,105,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.99% | NR | 15-Oct-2048 | 5.10 |
| Government National Mortgage Assn. | 0.10% | -0.02 | $1,144,612.39 | 1,093,853 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Jun-2047 | 1.90 |
| CSAIL 2016-C6 Commercial Mortgage Trust | 0.10% | -0.01 | $1,139,550.07 | 1,065,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.91% | NR | 15-Jan-2049 | 5.82 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA | 0.10% | -0.01 | $1,106,582.48 | 900,000 | Corporate Securities | Container | Ireland | 6.75% | B3 | 15-May-2024 | 0.03 |
| Republic of Lithuania | 0.10% | N/A | $1,095,813.68 | 918,000 | Government | Foreign Govt & Muni (Excl Canadian) | Lithuania | 1.63% | A3 | 19-Jun-2049 | 24.56 |
| Homeward Opportunities Fund I Trust 2019-1 | 0.10% | -0.01 | $1,094,171.34 | 1,075,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.95% | NR | 25-Jan-2059 | 4.53 |
| Cantor Commercial Real Estate Lending 2019-CF1 | 0.10% | N/A | $1,081,125.46 | 1,055,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.14% | NR | 15-May-2052 | 4.33 |
| Towd Point Mortgage Trust 2017-1 | 0.10% | -0.01 | $1,072,505.09 | 1,035,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.75% | Aa2 | 25-Oct-2056 | 5.47 |
| Benefit Street Partners CLO IV | 0.10% | N/A | $1,058,937.84 | 1,050,000 | Asst Backed Securities | Coll Debt Obligation | United States | 4.34% | NR | 20-Jan-2029 | 0.08 |
| Banco De Bogota | 0.10% | -0.01 | $1,049,146.74 | 1,000,000 | Corporate Securities | Banking | Colombia | 4.38% | Baa2 | 03-Aug-2027 | 6.70 |
| BX Trust 2018-GW | 0.09% | -0.01 | $1,041,655.72 | 1,040,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.61% | NR | 15-May-2035 | 0.03 |
| Altice Luxembourg | 0.09% | -0.39 | $1,040,862.48 | 869,627 | Corporate Securities | Cable Operators | Luxembourg | 7.25% | Caa1 | 15-May-2022 | 0.07 |
| Constellium | 0.09% | -0.01 | $1,038,761.73 | 1,005,000 | Corporate Securities | Metals & Mining | United States | 5.75% | B2 | 15-May-2024 | 1.00 |
| Vereit Operating Partnership | 0.09% | -0.01 | $1,034,722.04 | 990,000 | Corporate Securities | Real Estate Investment Trust Securities | United States | 3.95% | Baa3 | 15-Aug-2027 | 6.76 |
| Saudi Arabian Oil | 0.09% | N/A | $1,023,596.56 | 1,000,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 4.38% | A1 | 16-Apr-2049 | 16.78 |
| Avis Budget Rental Car Funding AESOP | 0.09% | -0.01 | $1,019,209.82 | 990,000 | Asst Backed Securities | Auto Backed | United States | 4.53% | Baa3 | 20-Mar-2023 | 2.36 |
| 280 Park Avenue 2017-280P Mortgage Trust | 0.09% | -0.01 | $997,149.81 | 995,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.47% | NR | 15-Sep-2034 | 0.04 |
| COMM 2015-CCRE25 Mortgage Trust | 0.09% | -0.01 | $991,089.20 | 950,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.69% | NR | 10-Aug-2048 | 5.32 |
| Deephave Residential Mortgage Trust 2019-2 | 0.09% | N/A | $961,329.43 | 948,314 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.76% | NR | 25-Apr-2059 | 2.51 |
| Galton Funding Mortgage Trust 2017-1 | 0.09% | -0.02 | $958,903.71 | 954,450 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.50% | NR | 25-Nov-2057 | 3.17 |
| Hilton Orlando Trust 2018-ORL | 0.09% | -0.01 | $941,127.32 | 940,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.44% | NR | 15-Dec-2034 | 0.03 |
| Colfax | 0.08% | -0.01 | $925,927.32 | 855,000 | Corporate Securities | Manufacturing | United States | 6.00% | Ba2 | 15-Feb-2024 | 2.08 |
| Federal National Mortgage Assn. | 0.08% | -0.01 | $922,264.05 | 891,978 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Jan-2046 | 3.51 |
| NTPC | 0.08% | -0.01 | $921,367.46 | 60,000,000 | Corporate Securities | Utilities | India | 7.38% | NR | 10-Aug-2021 | 1.84 |
| Freddie Mac Structured Agency Credit Risk debt Notes | 0.08% | -0.01 | $905,987.54 | 920,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.16% | NR | 25-Aug-2048 | 4.99 |
| Romanian Government International Bond | 0.08% | N/A | $885,549.71 | 696,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.88% | Baa3 | 11-Mar-2029 | 8.60 |
| Fiserv | 0.08% | N/A | $865,751.68 | 760,000 | Corporate Securities | Information Technology | United States | 0.38% | Baa2 | 01-Jul-2023 | 3.93 |
| SMART ABS Series 2016-2US Trust | 0.08% | -0.01 | $836,166.87 | 840,000 | Asst Backed Securities | Auto Backed | Australia | 2.05% | Aaa | 14-Dec-2022 | 1.44 |
| China Government Bond | 0.08% | N/A | $832,082.52 | 5,710,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 4.00% | NR | 24-Jun-2069 | 22.12 |
| Navient Private Education Loan Trust 2017 | 0.08% | -0.01 | $830,932.81 | 805,000 | Asst Backed Securities | Student Loans | United States | 3.91% | NR | 16-Dec-2058 | 5.41 |
| Bausch Health | 0.07% | -0.01 | $800,038.11 | 715,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 15-Dec-2025 | 2.73 |
| General Electric | 0.07% | -0.01 | $792,798.83 | 700,000 | Corporate Securities | Conglomerates | United States | 0.88% | Baa1 | 17-May-2025 | 5.64 |
| Export-Import Bank of India | 0.07% | -0.01 | $786,576.45 | 49,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.38% | NR | 24-Jul-2025 | 4.51 |
| Towd Point Mortgage Trust 2017-4 | 0.07% | -0.01 | $777,138.31 | 771,946 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.75% | NR | 25-Jun-2057 | 2.56 |
| Towd Point Mortgage Trust 2017-6 | 0.07% | -0.01 | $776,965.35 | 769,485 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.75% | Aaa | 25-Oct-2057 | 2.38 |
| Mill City Mortgage Loan Trust 2018-1 | 0.07% | -0.01 | $765,953.86 | 753,633 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.25% | NR | 25-May-2062 | 2.98 |
| Seasoned Credit Risk Transfer Trust Series 2017-2 | 0.07% | -0.01 | $744,784.20 | 740,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 4.00% | B1 | 25-Aug-2056 | 3.39 |
| InTown Hotel Portfolio Trust 2018-STAY | 0.07% | -0.01 | $742,608.23 | 745,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.64% | NR | 15-Jan-2033 | 0.06 |
| Government National Mortgage Assn. | 0.07% | -0.01 | $730,507.47 | 698,119 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 20-Jul-2042 | 4.01 |
| NTPC | 0.07% | -0.01 | $723,284.63 | 50,000,000 | Corporate Securities | Utilities | India | 7.25% | NR | 03-May-2022 | 2.55 |
| Madison Park Funding XXXVII | 0.06% | N/A | $699,643.99 | 700,000 | Asst Backed Securities | Coll Debt Obligation | United States | 3.60% | NR | 15-Jul-2032 | 5.95 |
| JPMCC Commercial Mortgage Securities Trust 2017-JP5 | 0.06% | -0.01 | $694,393.84 | 655,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.88% | Aa2 | 15-Mar-2050 | 6.61 |
| FNMA 30 YR TBA JUL | 0.06% | N/A | $688,190.68 | 650,000 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jan-2034 | 1.99 |
| Federal National Mortgage Assn. | 0.06% | -0.45 | $687,479.10 | 657,699 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Aug-2047 | 2.57 |
| GNMA II TBA JUL | 0.06% | N/A | $658,318.01 | 630,000 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jan-2038 | 0.42 |
| Freddie Mac Structured Agency Credit Risk debt Notes | 0.06% | -0.01 | $657,302.50 | 675,000 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.98% | Ba3 | 25-Sep-2047 | 3.60 |
| FNMA 30 YR TBA JUL | 0.06% | N/A | $657,133.78 | 635,000 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Jan-2041 | 1.76 |
| FNMA 30 YR TBA JUL | 0.06% | N/A | $654,971.11 | 640,000 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Jan-2041 | 2.58 |
| Government National Mortgage Assn. | 0.06% | N/A | $638,738.08 | 611,059 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 20-Jun-2043 | 4.15 |
| CarMax Auto Owner Trust 2017-1 | 0.06% | -0.01 | $632,168.91 | 625,000 | Asst Backed Securities | Auto Backed | United States | 3.43% | Baa2 | 17-Jul-2023 | 2.52 |
| ICTSI Treasury BV | 0.06% | N/A | $629,518.75 | 600,000 | Corporate Securities | Transportation | Philippines | 4.63% | NR | 16-Jan-2023 | 3.19 |
| Federal National Mortgage Assn. | 0.05% | -0.01 | $599,335.84 | 579,649 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Nov-2045 | 3.51 |
| GNMA ll 30 YR | 0.05% | N/A | $594,603.27 | 571,782 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Dec-2048 | 0.96 |
| Citigroup Commercial Mortgage Trust 2015-P1 | 0.05% | -0.01 | $594,328.48 | 560,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.43% | NR | 15-Sep-2048 | 5.39 |
| Americredit Automobile Receivables Trust 2016-4 | 0.05% | -0.01 | $568,088.83 | 565,000 | Asst Backed Securities | Auto Backed | United States | 2.74% | NR | 08-Dec-2022 | 1.89 |
| Federal National Mortgage Assn. | 0.05% | -0.01 | $561,331.88 | 542,893 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Jan-2046 | 3.51 |
| Federal National Mortgage Assn. | 0.05% | -0.01 | $558,020.95 | 501,009 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-May-2044 | 3.81 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 | 0.05% | -0.00 | $557,838.95 | 535,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 4.33% | NR | 15-Nov-2052 | 7.01 |
| CGGS Commercial Mortgage Trust 2018-WSS | 0.05% | -0.01 | $550,844.53 | 550,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.50% | Aa3 | 15-Feb-2037 | 0.03 |
| Post Holdings | 0.05% | -0.01 | $543,608.97 | 490,000 | Corporate Securities | Food/Tobacco | United States | 8.00% | B2 | 15-Jul-2025 | 1.19 |
| Federal National Mortgage Assn. | 0.05% | N/A | $535,703.61 | 522,889 | Mortgage Backed Securities | Mortgages | United States | 3.00% | NR | 01-Sep-2032 | 3.24 |
| Bausch Health | 0.05% | -0.01 | $527,663.04 | 500,000 | Corporate Securities | Healthcare | United States | 6.50% | Ba2 | 15-Mar-2022 | 0.07 |
| Government National Mortgage Assn. | 0.05% | N/A | $525,534.53 | 498,769 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Aug-2047 | 1.71 |
| Globo Comunicacao E Participacoes | 0.05% | -0.00 | $516,526.71 | 500,000 | Corporate Securities | Telephones | Brazil | 4.84% | Ba1 | 08-Jun-2025 | 5.02 |
| Dcp Midstream Operating | 0.05% | N/A | $505,049.45 | 535,000 | Corporate Securities | Energy | United States | 5.85% | B1 | 21-May-2043 | 3.00 |
| Ashford Hospitality Trust 2018-ASHF | 0.05% | -0.01 | $500,840.47 | 500,000 | Mortgage Backed Securities | Commercial Mortgage Backed Securities | United States | 3.80% | NR | 15-Apr-2035 | 0.03 |
| Cyprus Government International Bond | 0.04% | N/A | $493,327.58 | 350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 2.75% | Ba2 | 03-May-2049 | 21.96 |
| Federal National Mortgage Assn. | 0.04% | -0.01 | $437,130.83 | 390,175 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-May-2035 | 3.81 |
| Government National Mortgage Assn. | 0.04% | -0.01 | $429,400.71 | 407,531 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Sep-2047 | 1.71 |
| Freddie Mac Whole Loan Securities Trust 2017-SC02 | 0.04% | -0.01 | $427,766.44 | 422,524 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.86% | A3 | 25-May-2047 | 1.78 |
| Prime Security Services Borrower LLC / Prime Finance | 0.04% | -0.07 | $401,365.64 | 378,000 | Corporate Securities | Services | United States | 9.25% | B3 | 15-May-2023 | 0.07 |
| Bausch Health | 0.04% | -0.00 | $388,995.66 | 360,000 | Corporate Securities | Healthcare | United States | 7.00% | Ba2 | 15-Mar-2024 | 0.70 |
| Dcp Midstream Operating | 0.04% | N/A | $386,873.00 | 355,000 | Corporate Securities | Energy | United States | 6.75% | Ba2 | 15-Sep-2037 | 10.56 |
| Government National Mortgage Assn. | 0.03% | -0.01 | $378,758.50 | 356,513 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Nov-2040 | 3.68 |
| Federal National Mortgage Assn. | 0.03% | N/A | $352,113.74 | 343,360 | Mortgage Backed Securities | Mortgages | United States | 3.00% | NR | 01-Nov-2033 | 3.71 |
| Government National Mortgage Assn. | 0.03% | N/A | $350,823.94 | 334,154 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Jan-2048 | 2.01 |
| Federal National Mortgage Assn. | 0.03% | -0.01 | $333,724.39 | 312,774 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jul-2046 | 3.46 |
| NRG Energy | 0.03% | -0.00 | $320,167.61 | 290,000 | Corporate Securities | Utilities | United States | 5.75% | Ba3 | 15-Jan-2028 | 4.28 |
| Seven Generations Energy | 0.03% | -0.00 | $282,889.43 | 275,000 | Corporate Securities | Energy | Canada | 6.75% | Ba3 | 01-May-2023 | 1.65 |
| Federal Home Loan Mortgage | 0.02% | -0.00 | $254,579.18 | 240,551 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2041 | 2.75 |
| Federal National Mortgage Assn. | 0.02% | -0.00 | $253,974.38 | 245,632 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Dec-2045 | 3.51 |
| Hilton Grand Vacations Trust 2017 | 0.02% | -0.00 | $245,512.58 | 244,319 | Asst Backed Securities | Asset Backed Other | United States | 2.96% | NR | 26-Dec-2028 | 2.12 |
| Perusahaan Gas Negara | 0.02% | -0.00 | $216,573.35 | 200,000 | Corporate Securities | Utilities | Indonesia | 5.13% | Baa2 | 16-May-2024 | 4.30 |
| Bayview Opportunity Master Fund IVa Trust 2017-SPL5 | 0.02% | -0.00 | $211,808.48 | 208,037 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.50% | NR | 28-Jun-2057 | 1.98 |
| ITRX XOVER S31 PAY 262.5 09/18/2019 | 0.02% | N/A | $208,055.60 | 19,300,000 | Corporate Securities | Miscellaneous | Europe | N/A | NR | N/A | N/A |
| Federal National Mortgage Assn. | 0.02% | -0.00 | $178,523.41 | 163,188 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2035 | 3.74 |
| MVW Owner Trust 2017-1 | 0.02% | -0.00 | $176,566.69 | 177,751 | Asst Backed Securities | Asset Backed Other | United States | 2.99% | NR | 20-Dec-2034 | 2.73 |
| Government National Mortgage Assn. | 0.01% | -0.00 | $154,464.31 | 145,613 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Mar-2047 | 2.03 |
| Freddie Mac Structured Agency Credit Risk debt Notes | 0.01% | -0.01 | $149,685.11 | 147,809 | Mortgage Backed Securities | Whole Loans Backed | United States | 5.30% | Aa3 | 25-Jul-2028 | -0.41 |
| MVW Owner Trust 2017-1 | 0.01% | -0.00 | $146,807.75 | 147,200 | Asst Backed Securities | Asset Backed Other | United States | 2.75% | NR | 20-Dec-2034 | 2.75 |
| Towd Point Mortgage Trust 2015-3 | 0.01% | -0.00 | $132,200.04 | 131,500 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.00% | Aaa | 25-Mar-2054 | 1.34 |
| Petroleos De Venezuela | 0.01% | -0.01 | $123,200.00 | 770,000 | Corporate Securities | Energy | Venezuela | 6.00% | NR | 16-May-2024 | 1.75 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $122,928.92 | 114,858 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jan-2044 | 3.55 |
| Petroleos De Venezuela | 0.01% | -0.00 | $122,400.00 | 510,000 | Corporate Securities | Energy | Venezuela | 9.00% | NR | 17-Nov-2021 | 0.77 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $121,564.98 | 117,015 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 01-Jan-2046 | 3.99 |
| Hilton Grand Vacations Trust 2014 | 0.01% | -0.00 | $118,141.50 | 118,696 | Asst Backed Securities | Asset Backed Other | United States | 1.77% | NR | 25-Nov-2026 | 0.69 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $116,834.09 | 109,258 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Mar-2046 | 3.55 |
| Venezuela Government International Bond | 0.01% | -0.00 | $106,500.00 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 7.75% | C | 13-Oct-2019 | 0.54 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $100,529.81 | 93,281 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-May-2041 | 2.92 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $97,541.97 | 90,509 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Feb-2040 | 2.80 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $96,447.63 | 88,436 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Apr-2040 | 3.39 |
| Federal Home Loan Mortgage | 0.01% | -0.00 | $94,353.27 | 89,109 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2040 | 3.76 |
| Altice Luxembourg | 0.01% | -0.03 | $88,856.11 | 85,000 | Corporate Securities | Cable Operators | Luxembourg | 7.75% | Caa1 | 15-May-2022 | 0.85 |
| Mill City Mortgage Loan Trust 2016-1 | 0.01% | -0.00 | $81,487.55 | 81,399 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.50% | Aaa | 25-Apr-2057 | 1.66 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $78,581.99 | 71,036 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Jun-2038 | 3.77 |
| ITRX XOVER S31 PAY 262.5 09/18/2019 | 0.01% | N/A | $77,777.80 | 7,214,953 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $77,760.44 | 73,515 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2041 | 3.05 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $75,587.98 | 66,371 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Apr-2035 | 3.73 |
| Government National Mortgage Assn. | 0.01% | -0.00 | $72,809.14 | 68,076 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Aug-2047 | 2.57 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $70,928.66 | 65,090 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Oct-2034 | 3.61 |
| ITRX XOVER S31 PAY 262.5 09/18/2019 | 0.01% | N/A | $68,055.21 | 6,313,084 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $66,358.90 | 60,497 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2035 | 3.74 |
| Government National Mortgage Assn. | 0.01% | -0.00 | $64,283.42 | 61,765 | Mortgage Backed Securities | Mortgages | United States | 3.50% | NR | 15-Sep-2041 | 3.87 |
| MVW Owner Trust 2014-1 | 0.01% | -0.00 | $62,684.31 | 62,816 | Asst Backed Securities | Asset Backed Other | United States | 2.25% | NR | 22-Sep-2031 | 1.51 |
| ITRX XOVER S31 PAY 262.5 09/18/2019 | 0.01% | N/A | $62,222.25 | 5,771,963 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
| COLT 2018-1 Mortgage Loan Trust | 0.01% | -0.00 | $59,914.31 | 59,910 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.08% | NR | 25-Feb-2048 | 1.48 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $57,478.46 | 50,536 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Oct-2038 | 3.69 |
| Venezuela Government International Bond | 0.01% | -0.00 | $55,606.25 | 205,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 6.00% | C | 09-Dec-2020 | 0.79 |
| Federal National Mortgage Assn. | 0.01% | -0.00 | $55,502.49 | 51,501 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2040 | 2.92 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $51,506.88 | 46,184 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Apr-2036 | 3.81 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $50,209.43 | 47,468 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Jan-2041 | 3.05 |
| Government National Mortgage Assn. | 0.00% | -0.00 | $47,344.76 | 44,934 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 20-Jul-2047 | 1.71 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $44,951.48 | 42,499 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Mar-2041 | 3.20 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $42,493.46 | 37,309 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Feb-2037 | 3.69 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $41,811.03 | 38,796 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Dec-2039 | 2.80 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $39,601.62 | 36,285 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Aug-2040 | 3.34 |
| MVW Owner Trust 2013-1 | 0.00% | -0.00 | $39,532.58 | 39,651 | Asst Backed Securities | Asset Backed Other | United States | 2.15% | NR | 22-Apr-2030 | 1.03 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $38,222.36 | 35,484 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Sep-2039 | 2.80 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $36,985.71 | 34,966 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2042 | 3.20 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $36,530.19 | 30,762 | Mortgage Backed Securities | Mortgages | United States | 6.50% | NR | 01-Aug-2037 | 3.70 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $35,243.04 | 33,298 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2041 | 3.05 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $33,365.92 | 30,961 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-May-2040 | 2.92 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $30,005.31 | 27,339 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Nov-2036 | 3.75 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $29,254.95 | 26,845 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2037 | 3.61 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $29,019.93 | 27,436 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Feb-2041 | 3.05 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $28,450.19 | 26,413 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2039 | 2.80 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $28,082.79 | 25,601 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Nov-2035 | 3.79 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $27,658.06 | 24,692 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Nov-2035 | 3.81 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $27,542.16 | 25,258 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Feb-2034 | 3.61 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $27,366.22 | 25,872 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-May-2042 | 3.13 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $25,527.34 | 23,411 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Mar-2034 | 3.61 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $25,442.36 | 22,809 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Mar-2036 | 3.81 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $24,337.87 | 21,822 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Feb-2038 | 3.81 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $22,365.97 | 20,764 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Nov-2039 | 2.80 |
| T-Mobile USA Inc | 0.00% | N/A | $22,338.75 | 1,725,000 | Communication Services | Wireless Telecommunication Services | United States | N/A | N/A | N/A | N/A |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $21,512.18 | 19,971 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jul-2039 | 2.80 |
| Government National Mortgage Assn. | 0.00% | -0.00 | $21,022.15 | 19,788 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 20-Sep-2040 | 3.68 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $20,459.55 | 18,973 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jun-2039 | 2.79 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $19,484.45 | 16,317 | Mortgage Backed Securities | Mortgages | United States | 6.50% | NR | 01-Sep-2036 | 3.70 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $18,883.33 | 17,314 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jun-2040 | 3.15 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $18,386.36 | 17,385 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2041 | 3.05 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $18,273.44 | 16,383 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Dec-2035 | 3.77 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $17,694.71 | 16,420 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Sep-2042 | 2.71 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $17,355.24 | 16,397 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Oct-2040 | 3.00 |
| Mriya Farming | 0.00% | N/A | $17,101.00 | 292,700 | Corporate Securities | Industrial - Other | United Kingdom | 0.00% | NR | 31-Dec-2025 | 0.71 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $17,042.84 | 15,801 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-May-2042 | 3.87 |
| Government National Mortgage Association | 0.00% | -0.00 | $16,293.91 | 96,380 | Mortgage Backed Securities | Agency Bkd CMO | United States | 4.00% | NR | 20-Feb-2043 | -13.96 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $15,973.95 | 14,027 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Mar-2037 | 3.69 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $15,429.17 | 14,160 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2033 | 3.61 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $14,434.09 | 12,679 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Aug-2037 | 3.69 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $14,375.29 | 13,330 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2040 | 2.92 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $13,867.35 | 12,641 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jun-2035 | 3.74 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $13,587.34 | 11,930 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-Feb-2039 | 3.72 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $11,970.02 | 10,967 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Aug-2040 | 3.34 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $11,822.87 | 10,966 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Dec-2039 | 3.05 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $11,653.21 | 11,010 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Oct-2040 | 3.00 |
| Sierra Timeshare 2015-1 Receivables Funding | 0.00% | -0.00 | $11,525.09 | 11,541 | Asst Backed Securities | Asset Backed Other | United States | 2.40% | NR | 22-Mar-2032 | 0.82 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $11,274.83 | 10,653 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Nov-2040 | 3.00 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $11,139.23 | 9,780 | Mortgage Backed Securities | Mortgages | United States | 6.00% | NR | 01-May-2038 | 3.72 |
| Altice Finco | 0.00% | -0.00 | $10,612.33 | 10,000 | Corporate Securities | Cable Operators | Luxembourg | 8.13% | Caa1 | 15-Jan-2024 | 1.05 |
| Government National Mortgage Assn. | 0.00% | -0.00 | $9,869.76 | 8,969 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 20-Mar-2041 | 3.86 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $9,774.36 | 9,075 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Jan-2042 | 2.80 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $8,661.14 | 7,936 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Oct-2038 | 3.91 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $8,513.51 | 7,898 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Oct-2039 | 2.79 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $8,279.72 | 7,597 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Feb-2042 | 3.60 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $8,251.51 | 7,572 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jun-2041 | 3.39 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $7,286.71 | 6,533 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Feb-2038 | 3.81 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $6,926.15 | 6,346 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Jul-2040 | 3.34 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $6,225.57 | 5,882 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Jan-2041 | 3.00 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $3,945.80 | 3,522 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Apr-2035 | 3.81 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $3,774.79 | 3,500 | Mortgage Backed Securities | Mortgages | United States | 4.50% | NR | 01-Aug-2040 | 2.92 |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $3,759.95 | 3,552 | Mortgage Backed Securities | Mortgages | United States | 4.00% | NR | 01-Dec-2040 | 3.00 |
| Petroleos De Venezuela | 0.00% | -0.00 | $3,750.00 | 15,000 | Corporate Securities | Energy | Venezuela | 12.75% | NR | 17-Feb-2022 | 0.19 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $3,116.18 | 2,805 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Jan-2039 | 3.77 |
| Government National Mortgage Association | 0.00% | -0.00 | $2,754.51 | 59,768 | Mortgage Backed Securities | Agency Bkd CMO | United States | 4.50% | NR | 20-Dec-2039 | -20.72 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $2,195.98 | 1,969 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Aug-2037 | 3.81 |
| Mriya Farming | 0.00% | N/A | $1,450.78 | 127,586 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
| Federal Home Loan Mortgage | 0.00% | -0.00 | $1,107.87 | 1,015 | Mortgage Backed Securities | Mortgages | United States | 5.00% | NR | 01-Apr-2040 | 3.34 |
| Federal National Mortgage Assn. | 0.00% | -0.00 | $1,089.42 | 977 | Mortgage Backed Securities | Mortgages | United States | 5.50% | NR | 01-Aug-2037 | 3.81 |
| Government National Mortgage Association | 0.00% | -0.00 | $249.44 | 9,237 | Mortgage Backed Securities | Agency Bkd CMO | United States | 4.50% | NR | 20-Nov-2039 | -17.89 |
| Mriya Farming | 0.00% | N/A | $9.82 | 773 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
| ITRX XOVER S31 REC 237.5 09/18/2019 | -0.00% | N/A | $-14,865.57 | -5,771,963 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
| ITRX XOVER S31 REC 237.5 09/18/2019 | -0.00% | N/A | $-16,259.36 | -6,313,084 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
| ITRX XOVER S31 REC 237.5 09/18/2019 | -0.00% | N/A | $-18,581.97 | -7,214,953 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
| ITRX XOVER S31 PAY 312.5 09/18/2019 | -0.00% | N/A | $-23,985.07 | -5,771,963 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
| ITRX XOVER S31 PAY 312.5 09/18/2019 | -0.00% | N/A | $-26,233.50 | -6,313,084 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
| ITRX XOVER S31 PAY 312.5 09/18/2019 | -0.00% | N/A | $-29,981.34 | -7,214,953 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
| ITRX XOVER S31 REC 237.5 09/18/2019 | -0.00% | N/A | $-49,706.78 | -19,300,000 | Corporate Securities | Miscellaneous | Europe | N/A | NR | N/A | N/A |
| ITRX XOVER S31 PAY 312.5 09/18/2019 | -0.01% | N/A | $-80,200.08 | -19,300,000 | Corporate Securities | Miscellaneous | Europe | N/A | NR | N/A | N/A |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed.
Sector Diversification (30-Jun-2019)
Representative Portfolio vs Benchmark| Sector Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Global High Yield | 12.86% | 0.00% | |
| Cash & Equivalents | 9.26% | 0.00% | |
| Emerging Market Corporates | 6.42% | 0.00% | |
| Securitized | 8.48% | 3.69% | |
| U.S. Mortgage | 8.19% | 11.13% | |
| Global Investment Grade | 8.39% | 18.92% | |
| Global Sovereign | 46.40% | 66.26% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Currency Diversification (30-Jun-2019)
Representative Portfolio vs Benchmark| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 78.95% | 44.94% | |
| Mexican peso | 1.00% | 0.29% | |
| Canadian dollar | 0.02% | 2.68% | |
| Australian dollar | 0.01% | 1.25% | |
| New Zealand dollar | 0.00% | 0.10% | |
| Dollar Bloc Subtotal | 79.98% | 49.26% |
Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| euro | 1.38% | 24.34% | |
| British pound sterling | 0.00% | 4.63% | |
| Swedish krona | 0.00% | 0.45% | |
| Danish krone | 0.00% | 0.24% | |
| Hungarian forint | 0.00% | 0.08% | |
| Norwegian krone | 0.00% | 0.10% | |
| Swiss franc | 0.00% | 0.57% | |
| Polish zloty | -0.02% | 0.22% | |
| Czech koruna | -0.03% | 0.09% | |
| European Bloc Subtotal | 1.34% | 30.72% |
Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Japanese yen | 6.98% | 16.46% | |
| Malaysian ringgit | 1.49% | 0.29% | |
| Thai baht | 0.49% | 0.33% | |
| Korean won | 0.02% | 1.23% | |
| Hong Kong dollar | 0.00% | 0.02% | |
| Singapore dollar | 0.00% | 0.20% | |
| Far East Bloc Subtotal | 8.99% | 18.53% |
Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Chinese renminbi | 3.43% | 0.91% | |
| New Romanian leu | 1.50% | 0.00% | |
| Egyptian pound | 1.47% | 0.00% | |
| Indonesian rupiah | 1.09% | 0.30% | |
| South African rand | 1.01% | 0.00% | |
| Serbia dinar | 1.00% | 0.00% | |
| Sri Lanka rupee | 0.59% | 0.00% | |
| Indian rupee | 0.03% | 0.00% | |
| Brazilian real | 0.01% | 0.00% | |
| Chilean peso | 0.01% | 0.01% | |
| Israeli shekel | 0.00% | 0.12% | |
| Russian ruble | 0.00% | 0.16% | |
| Offshore Chinese renminbi | -0.45% | 0.00% | |
| Emerging Markets Bloc Subtotal | 9.69% | 1.50% |
Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings information and other breakdowns (such as country and currency) are related to those of representative portfolio ("Portfolio"). The Portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Please see the GIPS® Disclosure page for additional information on the composite.
The specific securities identified and described above do not represent all of the securities purchased, sold or recommended for advisory clients and no assumptions should be made that investments in the securities identified and discussed were or will be profitable.
Effective 1 January 2019, Ken Orchard assumed portfolio management responsibility for the Global Multi-Sector Bond Strategy.
Kenneth Orchard is a senior portfolio manager in the Fixed Income Division of T. Rowe Price and a member of the Global Fixed Income Investment team, with responsibility for cochairing the Fixed Income Sector Strategy Advisory Group . He is the portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategies . He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.