SICAV
Global High Yield Bond Fund
Seeks to capture enhanced returns from a diversified global portfolio of income bearing, high yield securities.
ISIN LU0860350221
Bloomberg TRPGHBQ:LX
3YR Return Annualised
(View Total Returns)
Total Assets
(USD)
1.32%
$1.2b
Data as of 30-Apr-2020
Data as of 30-Apr-2020
1YR Return
(View Total Returns)
Manager Tenure
-3.86%
4yrs
Data as of 30-Apr-2020
Data as of 21-May-2020
Information Ratio
(5 Years)
Tracking Error
(5 Years)
-0.25
1.40%
Data as of 30-Apr-2020
Data as of 30-Apr-2020
Inception Date 14-Jan-2013
Performance figures calculated in USD
Other Literature
- This product's strategy also available as
- a Strategy
Strategy
Manager's Outlook
Significant market volatility in early 2020 at one point wiped out the gains of the previous five years. Throughout March, the market was in price discovery mode, with certain bonds experiencing double-digit declines and securities in the secondary market taking time to catch up, price discrepancies across high yield benchmarks were evident.
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Initial market panic and losses gave way to more rational trading activity toward the end of March, partly due to the Fed's supportive policies. Certain industries are better suited to endure the unique attributes of this crisis, and the investment team continues to review credit by credit to evaluate how companies can emerge intact. Our analysts have been speaking with management teams daily to assess changing market and economic conditions and the ramifications for companies.
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History tells us that at today's spread levels 12-month forward returns have never been negative and, moreover, have typically been rewarding for high yield investors. Furthermore, current market levels have historically presented attractive buying opportunities. We acknowledge that risks remain, and volatility will likely endure along with liquidity challenges. Downgrades and default activity will increase.
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As always, we aim to deliver high current income while seeking to contain the volatility inherent in this market. Our team maintains a commitment to credit research and risk-conscious investing that has led to favorable returns for our high yield clients over various market cycles.
Investment Objective
To maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of high yield corporate bonds from issuers around the world, including emerging markets.Investment Approach
- Focus on BB/B securities, with a measured allocation to lower-quality bonds when valuations are compelling.
- Proprietary fundamental research is key — emphasis on industries that enjoy stable cash flow and rational competitive environments.
- Extensive analyst interaction across sectors and asset classes promotes broad credit perspective.
- Disciplined risk management practices employed in conjunction with broad portfolio diversification to manage risk profile.
Portfolio Construction
- Diversified portfolio structure of high yield corporate bonds: 250-350 issuers
- Industry exposure typically will range +/- 3% around benchmark weight
- Conservative exposure guidelines to individual issuers:
- BB issuer: 3% maximum
- B issuer: 2% maximum
- CCC issuer: 1% maximum
Performance (Class Q)
Annualised Performance
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
Since Manager Inception | |
|---|---|---|---|---|---|
| Fund % | -3.86% | 1.32% | 2.78% | 3.62% | -9.50% |
| Indicative Benchmark % | -6.55% | 0.98% | 3.13% | 3.76% | -11.47% |
| Excess Return % | 2.69% | 0.34% | -0.35% | -0.14% | 1.97% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Fund % | -6.87% | 0.00% | 2.03% | 2.95% |
| Indicative Benchmark % | -8.95% | 0.06% | 2.64% | 3.23% |
| Excess Return % | 2.08% | -0.06% | -0.61% | -0.28% |
Recent Performance
| Month to DateData as of 26-May-2020 | Quarter to DateData as of 26-May-2020 | Year to DateData as of 26-May-2020 | 1 MonthData as of 30-Apr-2020 | 3 MonthsData as of 30-Apr-2020 | |
|---|---|---|---|---|---|
| Fund % | 2.85% | 8.11% | -6.91% | 5.11% | -9.69% |
| Indicative Benchmark % | 3.91% | 8.15% | -8.01% | 4.08% | -11.68% |
| Excess Return % | -1.06% | -0.04% | 1.10% | 1.03% | 1.99% |
Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
30-Apr-2020
-
Mike Della Vedova,
Portfolio Manager,
High yield bonds rebounded from first-quarter weakness with solid gains in April as recently downgraded issuers significantly increased the size of the market and drove buying activity. The U.S. Federal Reserve’s decision to begin purchasing eligible fallen angels - those bonds being downgraded to high yield - and high yield exchange-traded funds was also supportive. Strong positive flows helped offset steady new issuance, and credit spreads compressed across the ratings spectrum. The energy segment fared best as most below investment-grade industries advanced, and BB rated bonds outperformed lower qualities. Within the portfolio, credit selection in energy was the top contributor to relative performance, although our underweight allocation partly offset the positive impact. Security selection in the health care and financials segments also aided relative results. However, our allocation to reserves, which is necessary for portfolio liquidity, weighed on performance. Credit selection in the entertainment and leisure space also hurt.
Holdings
Holdings
Total
Holdings
410
Largest Holding
Avantor
2.12%
Was
(31-Dec-2019) 1.80%
Top 10 Holdings 11.00%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | B Rated | BB Rated |
| By % | 4.49% | -10.16% |
| Fund | 30.02% | 26.89% |
| Indicative Benchmark | 25.52% | 37.05% |
Average Credit Quality
B+Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 5-7 Years | 1-3 Years |
| By % | 8.38% | -10.27% |
| Fund | 40.42% | 5.78% |
| Indicative Benchmark | 32.05% | 16.05% |
Weighted Average Maturity
6.14 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | Under 1 Year | 1-3 Years |
| By % | 6.34% | -7.09% |
| Fund | 11.19% | 23.17% |
| Indicative Benchmark | 4.86% | 30.27% |
Weighted Average Duration
3.65 Years
31-Mar-2020
-
Mike Della Vedova,
Portfolio Manager,
Our fundamental credit research capabilities enabled us to avoid many of the market's weakest names while seeking opportunities to upgrade the portfolio at attractive prices. While the overall portfolio's credit quality did not change, the investment team added to names in more defensive sectors such as cable operators and wireless communications.
Defensive Positions Augmented
In the cable operators segment, we purchased Charter Communications, a blue chip cross-over credit with potential for further positive credit migration. The company should continue generating steady growth in earnings and free cash flow, and benefits from significant scale as the second-largest U.S. cable operator. Charter Communications is led by a high-quality management team and backed by Liberty, a quasi-sponsor with a significant equity investment and an impressive track record.
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In the wireless industry, as the merger between Sprint and T-Mobile looked to be coming together after being delayed in the courts, we took the opportunity to add to both bond complexes at attractive levels. The new company will be called T-Mobile and issue bonds rated investment grade with its stated intent of obtaining investment-grade status at the issuer level. While integration risk exists, the new entity will have breadth and depth in its spectrum network, positioning itself to be a strong competitor in the wireless space in the coming years.
Attractive Opportunities in Fallen Angels
We added exposure to fallen angels including Kraft Heinz at a discount. These companies were downgraded for a reason. In the case of Kraft Heinz, an over-levered balance sheet and underinvestment in the business resulted in declining profitability. However, its size and scale are unique in the high yield market. Kraft Heinz had a market cap of USD 32.8 billion and generated USD 25 billion in revenues in 2019. We are continually assessing the market for higher quality fallen angels.
Energy Positioning Adjusted
We reduced our energy exposure over the quarter. The industry was completely repriced as energy index spreads widened beyond 2000 basis points alongside a 65% decline in oil prices after Saudi Arabia boosted production in early March despite waning demand. We sold names that we believe may not be able to survive in an energy landscape that had dramatically changed in a short period of time, and we used the opportunity to upgrade the credit quality within our energy allocation. Our analysts communicated with management teams throughout the period, and many energy issuers took quick prudent steps to cut expenses.�
Industry
Total
Industries
30
Largest Industry
Cable Operators
13.23%
Was (31-Mar-2020)
13.68%
Other
View complete Industry Diversification
Largest Overweight
Cable Operators
By8.28%
Fund
13.23%
Indicative Benchmark
4.95%
Largest Underweight
Building & Real Estate
By-2.75%
Fund
0.76%
Indicative Benchmark
3.51%
30-Apr-2020
-
Mike Della Vedova,
Portfolio Manager,
We are currently overweight cable operators, relative to the market index, because these issuers generally exhibit more defensive characteristics due to subscription-based, recurring-revenue business models. Potential M&A activity within cable and wireless could also create further opportunities, in our view. We are also overweight utilities, a more defensive industry given current market conditions. Conversely, we are underweight energy as weaker global demand is keeping oil prices suppressed.
Countries
Total
Countries
20
Largest Country
United States
79.19%
Was (31-Mar-2020)
79.33%
Other
View complete Country Diversification
Largest Overweight
United States
By7.56%
Fund
79.19%
Indicative Benchmark
71.63%
Largest Underweight
Brazil
By-2.35%
Fund
2.06%
Indicative Benchmark
4.41%
Currency
Total
Currencies
4
Largest Currency
U.S. dollar
99.91%
Was (31-Mar-2020)
99.82%
Other
View complete Currency Diversification
Largest Overweight
British pound sterling
By
0.04%
Fund
0.04%
Indicative Benchmark
0.00%
Largest Underweight
U.S. dollar
By
-0.09%
Fund
99.91%
Indicative Benchmark
100.00%
Team (As of 21-May-2020)
Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Mike’s investment experience began in 1994, and he has been with T. Rowe Price since 2009, beginning in the Fixed Income department. Prior to this, Mike was cofounder and partner of Four Quarter Capital, a credit hedge fund focusing on below investment-grade European corporate debt. Mike also was employed by Muzinich & Company as a senior analyst and assistant portfolio manager in London.
Mike earned an LL.B. and a B.Com. in finance from the University of New South Wales and a Graduate Diploma in Legal Practice (GDLP) from the University of Technology, Sydney. He also was admitted as a solicitor to the Supreme Court of New South Wales.
- Fund manager2015
since - Years at10
T. Rowe Price - Years investment26
experience
Rodney Rayburn is a portfolio manager in the Fixed Income Division, managing the Credit Opportunities and High Yield Bond Strategies. He is president of the Credit Opportunities Fund, Inc. He also is executive vice president of the High Yield Fund, Inc., and Institutional Income Funds, Inc., and chairman of their respective Investment Advisory Committees. He is a member of the Investment Advisory Committee for the Balance Fund. Rodney is a vice president of T. Rowe Price Associates, Inc., T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.
Rodney’s investment experience began in 1999, and he has been with T. Rowe Price since 2014, beginning in the Fixed Income Division as a high yield analyst focused on distressed and special situations. In 2015, he was promoted to portfolio manager on the High Yield team. Prior to T. Rowe Price, Rodney was employed by Värde Partners as a managing director, and he was actively involved in performing and nonperforming loans, bonds, and reorganized equities across a variety of industries. He also was a senior investment analyst at Stark Investments.
Rodney earned a B.S. in economics from the Georgia Institute of Technology and an M.B.A. in finance and economics from The University of Chicago, Booth School of Business. Rodney also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Fund manager2020
since - Years at5
T. Rowe Price - Years investment20
experience
Fee Schedule
| Share Class | Minimum Initial Investment and Holding Amount (USD) | Minimum Subsequent Investment (USD) | Minimum Redemption Amount (USD) | Sales Charge (up to) | Investment Management Fee (up to) | Ongoing Charges |
|---|---|---|---|---|---|---|
| Class A | $1,000 | $100 | $100 | 5.00% | 115 basis points | 1.24% |
| Class I | $2,500,000 | $100,000 | $0 | 0.00% | 60 basis points | 0.64% |
| Class Jd | $10,000,000 | $0 | $0 | 0.00% | 0 basis points | 0.02% |
| Class Q | $1,000 | $100 | $100 | 0.00% | 60 basis points | 0.68% |
| Class Sd | $10,000,000 | $0 | $0 | 0.00% | 0 basis points | 0.10% |
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.
Portfolio Characteristics
as of 30-Apr-2020
| Characteristic | Fund | Indicative Benchmark |
|---|---|---|
| Weighted Average Coupon | 6.58% | 6.32% |
| Weighted Average Maturity | 6.14 Years | 5.61 Years |
| Weighted Average Duration | 3.65 Years | 3.93 Years |
| Number of Holdings | 416 | 1,611 |
Risks
The following risks are materially relevant to the fund (refer to prospectus for further details):
- Capital risk
- Counterparty risk
- Country risk (Russia and Ukraine)
- Credit risk
- Default risk
- Derivatives risk
- Emerging markets risk
- Geographic concentration risk
- Hedging risk
- Interest rate risk
- Investment fund risk
- Liquidity risk
- Management risk
- Market risk
- Operational risk
- Sector concentration risk
Risk/Return Characteristics
as of 30-Apr-2020| Risk/Return (5 Years) | Fund | Indicative Benchmark |
|---|---|---|
| Alpha | -0.23% | 0.00% |
| Beta | 0.93 | 1.00 |
| R-Squared | 0.97 | 1.00 |
| Annualized Std. Deviation | 7.86% | 8.30% |
| Information Ratio | -0.25 | 0.00 |
| Sharpe Ratio | 0.21 | 0.24 |
| Tracking Error | 1.40% | 0.00% |
Past performance is not a reliable indicator of future performance.
Statistics based on monthly net returns of the Fund's Class I shares.
Calendar Year Performance (Class Q)
| 2013^ | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||
|---|---|---|---|---|---|---|---|---|
| 6.60% | 1.59% | -3.23% | 14.69% | 7.40% | -4.03% | 15.58% | Fund | |
| 6.00% | 1.67% | -4.25% | 18.27% | 8.28% | -2.37% | 14.59% | Indicative Benchmark | |
| 0.60% | -0.08% | 1.02% | -3.58% | -0.88% | -1.66% | 0.99% | Value added |
- Fund
- Indicative Benchmark
Monthly Performance (Class Q)
- Fund
- Indicative Benchmark
- Exceptional Commentary
- Monthly Commentary
Click chart to display commentary.
Quality (30-Apr-2020)
| Quality Rating | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| BBB/BB Rated & Above | 4.42% | 2.60% | |
| BB Rated | 26.89% | 37.05% | |
| BB/B Rated | 16.21% | 14.55% | |
| B Rated | 30.02% | 25.52% | |
| B/CCC Rated | 8.65% | 7.65% | |
| CCC and Below | 7.32% | 10.20% | |
| Not Rated | 0.52% | 0.96% | |
| Equities | 1.30% | 0.00% | |
| Short Term | 3.42% | 0.00% | |
| Default | 1.26% | 1.48% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Sources for Credit Quality Diversification: Moody's Investors Service and Standard & Poor's (S&P) split ratings (i.e. BB/B and B/CCC) are assigned when the Moody's and S&P ratings differ. Short-Term holdings are not rated.
Maturity (30-Apr-2020)
| Bond Maturity | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 0.93% | 0.00% | |
| 1-3 Years | 5.78% | 16.05% | |
| 3-5 Years | 22.39% | 27.83% | |
| 5-7 Years | 40.42% | 32.05% | |
| 7-10 Years | 22.89% | 21.06% | |
| 10+ Years | 4.06% | 3.01% | |
| Cash Equivalents | 3.53% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Duration (30-Apr-2020)
| Duration | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 11.19% | 4.86% | |
| 1-3 Years | 23.17% | 30.27% | |
| 3-5 Years | 39.63% | 42.01% | |
| 5-7 Years | 16.00% | 17.57% | |
| 7-10 Years | 3.59% | 3.93% | |
| Over 10 Years | 0.42% | 1.09% | |
| Cash Holdings | 3.42% | 0.00% | |
| Default | 1.28% | 0.27% | |
| Equity | 1.30% | 0.00% | |
| Swaps | -0.00% | 0.00% |
Duration is a measure of a bond's sensitivity to interest rate changes.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings (31-Mar-2020)
| Company | % of Fund | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Avantor | 2.12% | 0.32 | $23,380,968.00 | 21,372,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 01-Oct-2025 | 2.98 |
| iHeartCommunications | 1.21% | 0.13 | $13,323,054.51 | 15,141,627 | Corporate Securities | Broadcasting | United States | 8.38% | Caa1 | 01-May-2027 | 4.85 |
| NRG Energy | 1.06% | 0.18 | $11,762,822.92 | 10,875,000 | Corporate Securities | Utilities | United States | 7.25% | Ba2 | 15-May-2026 | 1.04 |
| Refinitiv US Holdings | 1.04% | 0.16 | $11,453,831.00 | 10,470,000 | Corporate Securities | Information Technology | United States | 8.25% | Caa2 | 15-Nov-2026 | 3.03 |
| Netflix | 1.01% | 0.16 | $11,117,554.65 | 9,990,000 | Corporate Securities | Cable Operators | United States | 6.38% | Ba3 | 15-May-2029 | 6.84 |
| Sprint | 0.95% | 0.21 | $10,476,888.13 | 9,399,860 | Corporate Securities | Wireless Communications | United States | 7.13% | B3 | 15-Jun-2024 | 3.58 |
| Intelsat Jackson Holdings | 0.95% | 0.07 | $10,476,766.95 | 10,265,000 | Corporate Securities | Satellites | United States | 9.50% | B1 | 30-Sep-2022 | 2.19 |
| Solera LLC / Solera Finance | 0.92% | 0.10 | $10,141,041.70 | 10,130,000 | Corporate Securities | Information Technology | United States | 10.50% | Caa1 | 01-Mar-2024 | 3.10 |
| CCO Holdings LLC / CCO Holdings Capital | 0.89% | 0.12 | $9,849,600.00 | 9,720,000 | Corporate Securities | Cable Operators | United States | 5.00% | B1 | 01-Feb-2028 | 4.59 |
| Altice Financing | 0.87% | 0.09 | $9,563,217.35 | 9,535,000 | Corporate Securities | Cable Operators | Luxembourg | 7.50% | B2 | 15-May-2026 | 4.72 |
| Constellium | 0.79% | 0.04 | $8,748,096.45 | 9,610,000 | Corporate Securities | Metals & Mining | United States | 6.63% | B2 | 01-Mar-2025 | 4.02 |
| Panther BF Aggregator 2 LP / Panther Finance | 0.78% | 0.15 | $8,618,968.75 | 9,610,000 | Corporate Securities | Automotive | United States | 8.50% | B3 | 15-May-2027 | 4.88 |
| TransDigm | 0.72% | 0.11 | $7,968,009.00 | 7,965,000 | Corporate Securities | Aerospace & Defense | United States | 6.25% | Ba3 | 15-Mar-2026 | 4.88 |
| Bausch Health | 0.71% | 0.23 | $7,853,948.78 | 7,695,000 | Corporate Securities | Healthcare | United States | 7.00% | Ba2 | 15-Mar-2024 | 1.81 |
| Bausch Health Americas | 0.70% | 0.09 | $7,758,480.60 | 7,115,000 | Corporate Securities | Healthcare | United States | 9.25% | B3 | 01-Apr-2026 | 3.31 |
| Bausch Health Americas | 0.69% | 0.05 | $7,651,729.75 | 7,395,000 | Corporate Securities | Healthcare | United States | 8.50% | B3 | 31-Jan-2027 | 3.54 |
| Hughes Satellite Systems | 0.68% | 0.05 | $7,526,585.63 | 7,515,000 | Corporate Securities | Satellites | United States | 6.63% | B2 | 01-Aug-2026 | 5.08 |
| T-Mobile USA | 0.68% | 0.11 | $7,526,395.53 | 7,065,000 | Corporate Securities | Wireless Communications | United States | 6.50% | Ba2 | 15-Jan-2026 | 3.29 |
| Netflix | 0.67% | 0.11 | $7,440,613.22 | 6,815,000 | Corporate Securities | Cable Operators | United States | 5.88% | Ba3 | 15-Nov-2028 | 6.65 |
| B&G Foods | 0.61% | 0.10 | $6,732,416.25 | 6,615,000 | Corporate Securities | Food | United States | 5.25% | B2 | 01-Apr-2025 | 4.33 |
| Altice France Holding | 0.61% | N/A | $6,701,644.38 | 7,565,000 | Corporate Securities | Cable Operators | France | 6.00% | Caa1 | 15-Feb-2028 | 5.95 |
| Laureate Education | 0.59% | 0.08 | $6,475,097.03 | 6,245,000 | Corporate Securities | Services | United States | 8.25% | B3 | 01-May-2025 | 3.94 |
| Sigma Holdco BV | 0.59% | 0.06 | $6,469,720.14 | 6,290,000 | Corporate Securities | Food | Netherlands | 5.75% | B3 | 15-May-2026 | 4.73 |
| CSC Holdings | 0.58% | 0.08 | $6,400,681.83 | 5,764,000 | Corporate Securities | Cable Operators | United States | 10.88% | B3 | 15-Oct-2025 | 0.51 |
| Altice France SA/France | 0.57% | 0.06 | $6,277,965.55 | 6,175,000 | Corporate Securities | Cable Operators | France | 7.38% | B2 | 01-May-2026 | 4.75 |
| CSC Holdings | 0.57% | 0.08 | $6,270,295.11 | 5,950,000 | Corporate Securities | Cable Operators | United States | 7.75% | B3 | 15-Jul-2025 | 2.83 |
| Chobani Llc / Chobani Finance | 0.56% | 0.05 | $6,239,504.33 | 6,820,000 | Corporate Securities | Food | United States | 7.50% | Caa2 | 15-Apr-2025 | 3.87 |
| DISH DBS | 0.55% | 0.22 | $6,094,996.46 | 5,855,000 | Corporate Securities | Cable Operators | United States | 7.75% | B1 | 01-Jul-2026 | 4.82 |
| CSC Holdings | 0.55% | 0.09 | $6,034,677.94 | 5,620,000 | Corporate Securities | Cable Operators | United States | 6.63% | Ba3 | 15-Oct-2025 | 0.51 |
| MTN Mauritius Investments | 0.53% | 0.05 | $5,906,320.77 | 5,935,000 | Corporate Securities | Wireless Communications | South Africa | 6.50% | Ba1 | 13-Oct-2026 | 4.98 |
| General Electric | 0.53% | 0.03 | $5,903,705.17 | 7,010,000 | Corporate Securities | Conglomerates | United States | 5.00% | Baa3 | 15-Jun-2168 | 0.67 |
| Mauser Packaging Solutions Holding | 0.53% | 0.08 | $5,871,532.72 | 5,870,000 | Corporate Securities | Container | United States | 5.50% | B2 | 15-Apr-2024 | 3.43 |
| H&E Equipment Services | 0.53% | 0.04 | $5,839,909.08 | 6,190,000 | Corporate Securities | Services | United States | 5.63% | B2 | 01-Sep-2025 | 4.54 |
| Uber Technologies | 0.52% | 0.32 | $5,775,833.33 | 5,800,000 | Corporate Securities | Information Technology | United States | 7.50% | B3 | 15-Sep-2027 | 5.57 |
| CSC Holdings | 0.52% | 0.08 | $5,753,694.83 | 5,260,000 | Corporate Securities | Cable Operators | United States | 6.50% | Ba3 | 01-Feb-2029 | 3.36 |
| Tesla | 0.51% | 0.19 | $5,660,911.97 | 5,995,000 | Corporate Securities | Automotive | United States | 5.30% | Caa1 | 15-Aug-2025 | 4.53 |
| Banco do Brasil SA/Cayman | 0.51% | 0.02 | $5,644,892.00 | 5,885,000 | Corporate Securities | Banking | Brazil | 9.00% | B2 | 18-Dec-2168 | 3.29 |
| AES | 0.51% | N/A | $5,638,302.05 | 5,365,000 | Corporate Securities | Utilities | United States | 6.00% | Ba1 | 15-May-2026 | 3.53 |
| Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | 0.51% | 0.11 | $5,586,502.00 | 5,490,000 | Corporate Securities | Container | United States | 7.00% | Caa1 | 15-Jul-2024 | 1.20 |
| Altice France Holding | 0.50% | N/A | $5,499,787.50 | 4,980,000 | Corporate Securities | Cable Operators | France | 10.50% | NR | 15-May-2027 | 3.19 |
| Pacific Gas & Electric | 0.50% | N/A | $5,488,875.00 | 5,355,000 | Corporate Securities | Utilities | United States | 6.05% | NR | 01-Mar-2034 | N/A |
| Freeport-McMoRan | 0.50% | 0.15 | $5,487,895.60 | 5,830,000 | Corporate Securities | Metals & Mining | United States | 5.40% | Ba1 | 14-Nov-2034 | 9.58 |
| Seven Generations Energy | 0.50% | -0.24 | $5,474,310.90 | 9,755,000 | Corporate Securities | Energy | Canada | 5.38% | Ba3 | 30-Sep-2025 | 4.16 |
| Refinitiv US Holdings | 0.49% | 0.08 | $5,401,859.22 | 5,060,000 | Corporate Securities | Information Technology | United States | 6.25% | B2 | 15-May-2026 | 3.16 |
| Clear Channel Worldwide Holdings | 0.49% | -0.31 | $5,371,471.69 | 6,658,000 | Corporate Securities | Broadcasting | United States | 9.25% | Caa2 | 15-Feb-2024 | 3.03 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.47% | 0.08 | $5,206,134.72 | 5,000,000 | Corporate Securities | Supermarkets | United States | 6.63% | B2 | 15-Jun-2024 | 1.99 |
| CVR Partners LP / CVR Nitrogen Finance | 0.47% | -0.02 | $5,202,090.07 | 6,385,000 | Corporate Securities | Chemicals | United States | 9.25% | B2 | 15-Jun-2023 | 2.51 |
| Bausch Health | 0.47% | 0.06 | $5,191,954.00 | 4,880,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 15-Dec-2025 | 3.05 |
| Howard Hughes | 0.46% | N/A | $5,108,495.06 | 5,350,000 | Corporate Securities | Building & Real Estate | United States | 5.38% | Ba3 | 15-Mar-2025 | 4.25 |
| Nextera Energy Operating Partners | 0.46% | 0.06 | $5,041,682.63 | 5,150,000 | Corporate Securities | Utilities | United States | 4.50% | Ba1 | 15-Sep-2027 | 6.22 |
| Stars Group Holdings BV / Stars Group US Co-Borrower | 0.46% | 0.02 | $5,028,833.33 | 5,275,000 | Corporate Securities | Gaming | Canada | 7.00% | Caa1 | 15-Jul-2026 | 4.88 |
| Regionalcare Hospital Partners Holdings Inc / Lifepoint Health | 0.45% | 0.07 | $5,025,631.20 | 5,010,000 | Corporate Securities | Healthcare | United States | 9.75% | Caa1 | 01-Dec-2026 | 4.60 |
| NRG Energy | 0.45% | 0.06 | $4,961,043.89 | 4,760,000 | Corporate Securities | Utilities | United States | 6.63% | Ba2 | 15-Jan-2027 | 1.21 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance | 0.45% | -0.15 | $4,921,250.00 | 7,750,000 | Corporate Securities | Energy | United States | 6.00% | B3 | 01-Aug-2026 | 4.63 |
| Tenet Healthcare | 0.44% | 0.05 | $4,910,937.50 | 5,000,000 | Corporate Securities | Healthcare | United States | 4.88% | Ba3 | 01-Jan-2026 | 4.85 |
| CCO Holdings LLC / CCO Holdings Capital | 0.44% | 0.07 | $4,826,737.50 | 4,680,000 | Corporate Securities | Cable Operators | United States | 5.13% | B1 | 01-May-2027 | 5.74 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.43% | -0.04 | $4,801,390.83 | 6,285,000 | Corporate Securities | Energy | United States | 5.50% | Ba3 | 01-Mar-2030 | 6.94 |
| Itau Unibanco Holding SA/Cayman Island | 0.43% | 0.04 | $4,738,519.81 | 4,980,000 | Corporate Securities | Banking | Brazil | 6.13% | B2 | 12-Jun-2168 | 2.37 |
| Icahn Enterprises LP / Icahn Enterprises Finance | 0.42% | -0.01 | $4,690,418.37 | 4,830,000 | Corporate Securities | Financial | United States | 6.25% | Ba3 | 15-May-2026 | 4.84 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital | 0.41% | 0.02 | $4,575,836.25 | 4,995,000 | Corporate Securities | Gaming | United States | 5.25% | B1 | 15-May-2027 | 5.66 |
| MDC Partners | 0.41% | 0.02 | $4,546,660.42 | 5,795,000 | Corporate Securities | Broadcasting | United States | 6.50% | B3 | 01-May-2024 | 3.21 |
| Navient | 0.40% | 0.01 | $4,419,166.82 | 4,785,000 | Corporate Securities | Financial | United States | 6.13% | Ba3 | 25-Mar-2024 | 3.43 |
| Prestige Brands | 0.40% | 0.06 | $4,372,039.06 | 4,285,000 | Corporate Securities | Consumer Products | United States | 6.38% | B3 | 01-Mar-2024 | 1.77 |
| CCO Holdings LLC / CCO Holdings Capital | 0.39% | 0.07 | $4,333,302.08 | 4,175,000 | Corporate Securities | Cable Operators | United States | 5.50% | B1 | 01-May-2026 | 3.54 |
| DaVita | 0.38% | 0.07 | $4,253,279.60 | 4,155,000 | Corporate Securities | Healthcare | United States | 5.00% | Ba3 | 01-May-2025 | 4.34 |
| Minerva Luxembourg | 0.38% | 0.02 | $4,245,867.30 | 4,590,000 | Corporate Securities | Food | Brazil | 6.50% | NR | 20-Sep-2026 | 5.11 |
| DaVita | 0.38% | 0.06 | $4,162,559.79 | 4,155,000 | Corporate Securities | Healthcare | United States | 5.13% | Ba3 | 15-Jul-2024 | 3.75 |
| Terraform Global Operating | 0.37% | 0.05 | $4,053,703.65 | 4,115,000 | Corporate Securities | Utilities | United States | 6.13% | Ba3 | 01-Mar-2026 | 4.87 |
| International Game Technology | 0.37% | 0.05 | $4,043,477.30 | 4,555,000 | Corporate Securities | Gaming | Italy | 6.25% | Ba3 | 15-Jan-2027 | 5.22 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.36% | 0.05 | $4,031,774.83 | 3,705,000 | Corporate Securities | Supermarkets | United States | 7.50% | B2 | 15-Mar-2026 | 4.13 |
| Avantor | 0.36% | -0.07 | $3,979,053.50 | 91,895 | Process Industries | Healthcare | United States | 6.25% | NR | 15-May-2022 | 1.90 |
| Cirsa Finance International Sarl | 0.36% | -0.00 | $3,957,360.20 | 4,603,000 | Corporate Securities | Gaming | Spain | 7.88% | B2 | 20-Dec-2023 | 3.09 |
| Sensata Technologies UK Financing | 0.36% | 0.03 | $3,935,592.29 | 3,975,000 | Corporate Securities | Manufacturing | United States | 6.25% | Ba3 | 15-Feb-2026 | 4.79 |
| Exterran Energy Solutions LP / EES Finance | 0.35% | -0.07 | $3,861,213.02 | 5,585,000 | Corporate Securities | Energy | United States | 8.13% | B1 | 01-May-2025 | 3.51 |
| LPL Holdings | 0.35% | 0.04 | $3,848,909.32 | 3,955,000 | Corporate Securities | Financial | United States | 5.75% | B1 | 15-Sep-2025 | 4.58 |
| Joseph T Ryerson & Son | 0.35% | 0.03 | $3,846,306.22 | 4,000,000 | Corporate Securities | Metals & Mining | United States | 11.00% | B3 | 15-May-2022 | 1.73 |
| Springleaf Finance | 0.34% | 0.00 | $3,806,854.85 | 4,005,000 | Corporate Securities | Financial | United States | 6.88% | Ba3 | 15-Mar-2025 | 4.11 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA | 0.34% | 0.05 | $3,794,771.56 | 3,775,000 | Corporate Securities | Container | United States | 5.25% | B3 | 15-Aug-2027 | 5.93 |
| Vistra Operations | 0.34% | 0.05 | $3,787,323.18 | 3,655,000 | Corporate Securities | Utilities | United States | 5.50% | Ba2 | 01-Sep-2026 | 3.08 |
| Acrisure LLC / Acrisure Finance | 0.34% | 0.03 | $3,748,742.52 | 3,765,000 | Corporate Securities | Financial | United States | 8.13% | B2 | 15-Feb-2024 | 3.21 |
| CSC Holdings | 0.34% | 0.04 | $3,725,696.25 | 3,645,000 | Corporate Securities | Cable Operators | United States | 5.75% | B3 | 15-Jan-2030 | 6.14 |
| Cosan Luxembourg | 0.33% | 0.01 | $3,698,551.54 | 3,910,000 | Corporate Securities | Food | Brazil | 7.00% | Ba2 | 20-Jan-2027 | 5.19 |
| Hecla Mining | 0.33% | N/A | $3,693,022.29 | 4,145,000 | Corporate Securities | Metals & Mining | United States | 7.25% | Caa1 | 15-Feb-2028 | 5.68 |
| Sprint Capital | 0.33% | N/A | $3,662,867.36 | 3,155,000 | Corporate Securities | Wireless Communications | United States | 6.88% | B3 | 15-Nov-2028 | 6.50 |
| Yum Brands | 0.33% | 0.01 | $3,641,139.91 | 3,725,000 | Corporate Securities | Restaurants | United States | 6.88% | B1 | 15-Nov-2037 | 9.88 |
| Aleris International | 0.33% | 0.03 | $3,610,104.17 | 3,750,000 | Corporate Securities | Metals & Mining | United States | 10.75% | Caa2 | 15-Jul-2023 | 2.60 |
| Cabot Financial Luxembourg | 0.33% | 0.02 | $3,598,208.84 | 2,970,000 | Corporate Securities | Financial | United Kingdom | 7.50% | B1 | 01-Oct-2023 | 2.99 |
| Avolon Holdings Funding | 0.32% | -0.00 | $3,562,820.47 | 3,995,000 | Corporate Securities | Financial | Ireland | 5.50% | Baa3 | 15-Jan-2023 | 2.45 |
| Oci | 0.32% | 0.04 | $3,544,711.65 | 3,610,000 | Corporate Securities | Chemicals | Netherlands | 6.63% | Ba3 | 15-Apr-2023 | 2.59 |
| Avantor | 0.32% | 0.06 | $3,529,311.00 | 3,270,000 | Corporate Securities | Healthcare | United States | 6.00% | Ba2 | 01-Oct-2024 | 3.14 |
| Townsquare Media | 0.32% | 0.05 | $3,511,366.22 | 3,507,000 | Corporate Securities | Broadcasting | United States | 6.50% | B3 | 01-Apr-2023 | 2.66 |
| HD Supply | 0.32% | 0.03 | $3,488,590.48 | 3,590,000 | Corporate Securities | Services | United States | 5.38% | Ba2 | 15-Oct-2026 | 5.28 |
| Ubs | 0.32% | -0.04 | $3,487,874.33 | 3,350,000 | Corporate Securities | Banking | Switzerland | 7.13% | Ba1 | 10-Aug-2168 | 1.23 |
| CCO Holdings LLC / CCO Holdings Capital | 0.31% | N/A | $3,433,500.00 | 3,500,000 | Corporate Securities | Cable Operators | United States | 4.50% | B1 | 15-Aug-2030 | 8.12 |
| Sprint Communications | 0.31% | 0.16 | $3,427,813.33 | 3,000,000 | Corporate Securities | Wireless Communications | United States | 11.50% | B3 | 15-Nov-2021 | 1.44 |
| CCO Holdings LLC / CCO Holdings Capital | 0.31% | N/A | $3,399,788.71 | 3,465,000 | Corporate Securities | Cable Operators | United States | 4.50% | B1 | 01-May-2032 | 9.17 |
| Nextera Energy Operating Partners | 0.31% | 0.04 | $3,396,272.17 | 3,490,000 | Corporate Securities | Utilities | United States | 4.25% | Ba1 | 15-Sep-2024 | 3.99 |
| Constellium | 0.30% | 0.02 | $3,332,285.28 | 3,635,000 | Corporate Securities | Metals & Mining | United States | 5.75% | B2 | 15-May-2024 | 3.46 |
| Scientific Games International | 0.30% | -0.13 | $3,324,527.50 | 5,145,000 | Corporate Securities | Gaming | United States | 8.25% | Caa2 | 15-Mar-2026 | 4.09 |
| HUB International | 0.30% | 0.04 | $3,324,270.83 | 3,290,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 01-May-2026 | 4.67 |
| Tenet Healthcare | 0.30% | -0.07 | $3,314,905.53 | 3,265,000 | Corporate Securities | Healthcare | United States | 8.13% | Caa1 | 01-Apr-2022 | 1.78 |
| SS&C Technologies | 0.30% | 0.05 | $3,304,725.00 | 3,170,000 | Corporate Securities | Information Technology | United States | 5.50% | B2 | 30-Sep-2027 | 4.34 |
| Yum Brands | 0.30% | 0.03 | $3,287,645.46 | 3,635,000 | Corporate Securities | Restaurants | United States | 5.35% | B1 | 01-Nov-2043 | 12.54 |
| Netflix | 0.30% | 0.05 | $3,285,621.86 | 3,140,000 | Corporate Securities | Cable Operators | United States | 5.38% | Ba3 | 15-Nov-2029 | 7.42 |
| Amwins | 0.30% | 0.01 | $3,275,159.07 | 3,375,000 | Corporate Securities | Financial | United States | 7.75% | B3 | 01-Jul-2026 | 4.78 |
| Marriott Ownership Resorts Inc / ILG | 0.30% | -0.01 | $3,271,941.11 | 3,770,000 | Corporate Securities | Lodging | United States | 6.50% | Ba3 | 15-Sep-2026 | 5.03 |
| Tempur Sealy International | 0.30% | 0.03 | $3,267,718.92 | 3,405,000 | Corporate Securities | Consumer Products | United States | 5.63% | B1 | 15-Oct-2023 | 3.04 |
| Centene | 0.30% | 0.05 | $3,260,312.17 | 3,220,000 | Corporate Securities | Healthcare | United States | 4.63% | Ba1 | 15-Dec-2029 | 6.33 |
| Ziggo Bond Co BV | 0.29% | 0.03 | $3,223,800.00 | 3,240,000 | Corporate Securities | Cable Operators | Netherlands | 6.00% | B3 | 15-Jan-2027 | 5.41 |
| DAE Funding | 0.29% | 0.03 | $3,218,565.71 | 3,455,000 | Corporate Securities | Financial | United Arab Emirates | 5.25% | Baa3 | 15-Nov-2021 | 1.45 |
| Bausch Health | 0.29% | 0.03 | $3,216,709.28 | 3,110,000 | Corporate Securities | Healthcare | United States | 7.25% | B3 | 30-May-2029 | 6.44 |
| NextEra Energy | 0.29% | N/A | $3,213,982.89 | 72,731 | Process Industries | Utilities | United States | 5.28% | NR | 01-Mar-2023 | 2.60 |
| American Builders & Contractors Supply | 0.29% | 0.03 | $3,205,192.94 | 3,295,000 | Corporate Securities | Building Products | United States | 5.88% | B3 | 15-May-2026 | 4.94 |
| Ford Motor Credit | 0.29% | 0.03 | $3,203,089.17 | 3,338,000 | Corporate Securities | Automotive | United States | 5.75% | Ba2 | 01-Feb-2021 | 0.79 |
| Eldorado Resorts | 0.29% | 0.09 | $3,199,235.83 | 3,515,000 | Corporate Securities | Gaming | United States | 6.00% | B2 | 15-Sep-2026 | 5.17 |
| Citgo Holding | 0.29% | 0.05 | $3,191,447.92 | 3,775,000 | Corporate Securities | Energy | United States | 9.25% | Caa1 | 01-Aug-2024 | 3.27 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.29% | 0.05 | $3,172,174.69 | 3,150,000 | Corporate Securities | Healthcare | Israel | 7.13% | Ba2 | 31-Jan-2025 | 3.92 |
| Cheniere Corpus Christi Holdings | 0.28% | -0.01 | $3,144,685.16 | 3,505,000 | Corporate Securities | Energy | United States | 7.00% | Ba1 | 30-Jun-2024 | 3.46 |
| Calpine | 0.28% | 0.03 | $3,142,545.70 | 3,340,000 | Corporate Securities | Utilities | United States | 5.13% | B2 | 15-Mar-2028 | 6.30 |
| Iceland Bondco | 0.28% | 0.02 | $3,142,261.83 | 3,095,000 | Corporate Securities | Supermarkets | United Kingdom | 4.63% | B2 | 15-Mar-2025 | 4.12 |
| Credit Suisse | 0.28% | 0.02 | $3,133,206.86 | 3,170,000 | Corporate Securities | Banking | Switzerland | 7.50% | NR | 11-Jun-2168 | 3.08 |
| DAE Funding | 0.28% | 0.02 | $3,092,701.39 | 3,350,000 | Corporate Securities | Financial | United Arab Emirates | 5.00% | Baa3 | 01-Aug-2024 | 3.75 |
| Connect Finco SARL / Connect US Finco | 0.28% | -0.00 | $3,057,906.25 | 3,500,000 | Corporate Securities | Satellites | United Kingdom | 6.75% | B1 | 01-Oct-2026 | 4.98 |
| Avis Budget Car Rental LLC / Avis Budget Finance | 0.28% | -0.01 | $3,055,653.71 | 3,635,000 | Corporate Securities | Services | United States | 6.38% | B1 | 01-Apr-2024 | 3.30 |
| Change Healthcare Holdings LLC / Change Healthcare Finance | 0.28% | 0.02 | $3,044,827.80 | 3,240,000 | Corporate Securities | Healthcare | United States | 5.75% | Caa1 | 01-Mar-2025 | 4.15 |
| Jagged Peak Energy | 0.28% | -0.16 | $3,040,208.52 | 4,045,000 | Corporate Securities | Energy | United States | 5.88% | Ba3 | 01-May-2026 | 4.60 |
| Altice Financing | 0.28% | N/A | $3,039,904.63 | 3,270,000 | Corporate Securities | Cable Operators | Luxembourg | 5.00% | B2 | 15-Jan-2028 | 6.17 |
| Ascend Learning | 0.27% | 0.03 | $3,035,807.29 | 3,125,000 | Corporate Securities | Services | United States | 6.88% | Caa2 | 01-Aug-2025 | 4.31 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.27% | -0.02 | $3,013,281.25 | 3,750,000 | Corporate Securities | Energy | United States | 5.13% | Ba3 | 01-Feb-2025 | 4.03 |
| Altice France SA/France | 0.27% | 0.03 | $3,012,257.80 | 2,780,000 | Corporate Securities | Cable Operators | France | 8.13% | B2 | 01-Feb-2027 | 3.56 |
| Mauser Packaging Solutions Holding | 0.27% | 0.00 | $3,011,552.70 | 3,135,000 | Corporate Securities | Container | United States | 4.75% | B2 | 15-Apr-2024 | 3.29 |
| FMG Resources August 2006 Pty | 0.27% | 0.04 | $3,007,498.73 | 2,940,000 | Corporate Securities | Metals & Mining | Australia | 5.13% | Ba1 | 15-May-2024 | 3.41 |
| Cheniere Corpus Christi Holdings | 0.27% | -0.02 | $2,984,916.00 | 3,520,000 | Corporate Securities | Energy | United States | 5.13% | Ba1 | 30-Jun-2027 | 5.78 |
| Novelis | 0.26% | N/A | $2,924,799.32 | 3,205,000 | Corporate Securities | Metals & Mining | United States | 4.75% | B2 | 30-Jan-2030 | 7.51 |
| Royal Bank Of Scotland | 0.26% | 0.01 | $2,909,109.10 | 2,930,000 | Corporate Securities | Banking | United Kingdom | 8.63% | Ba2 | 30-Sep-2168 | 1.24 |
| Petrobras Global Finance BV | 0.26% | -0.43 | $2,874,249.82 | 2,760,000 | Corporate Securities | Energy | Brazil | 7.38% | Ba2 | 17-Jan-2027 | 5.20 |
| Ford Motor Credit | 0.26% | 0.04 | $2,870,550.50 | 2,900,000 | Corporate Securities | Automotive | United States | 5.09% | Ba2 | 07-Jan-2021 | 0.73 |
| Lions Gate Capital Holdings | 0.26% | 0.00 | $2,870,531.25 | 3,350,000 | Corporate Securities | Broadcasting | United States | 6.38% | B2 | 01-Feb-2024 | 3.20 |
| Navient | 0.26% | 0.01 | $2,864,807.71 | 2,965,000 | Corporate Securities | Financial | United States | 7.25% | Ba3 | 25-Sep-2023 | 3.01 |
| CCO Holdings LLC / CCO Holdings Capital | 0.26% | 0.04 | $2,862,917.95 | 2,755,000 | Corporate Securities | Cable Operators | United States | 5.38% | B1 | 01-Jun-2029 | 5.81 |
| Radiate Holdco LLC / Radiate Finance | 0.26% | 0.02 | $2,849,875.87 | 3,085,000 | Corporate Securities | Cable Operators | United States | 6.88% | NR | 15-Feb-2023 | 2.48 |
| Qorvo | 0.26% | 0.04 | $2,836,785.00 | 2,700,000 | Corporate Securities | Information Technology | United States | 5.50% | Ba1 | 15-Jul-2026 | 1.22 |
| Kraton Polymers LLC / Kraton Polymers Capital | 0.26% | -0.02 | $2,835,429.50 | 3,210,000 | Corporate Securities | Chemicals | United States | 5.25% | B3 | 15-May-2026 | 4.61 |
| United Airlines Holdings | 0.26% | 0.05 | $2,832,728.16 | 3,245,000 | Corporate Securities | Airlines | United States | 4.88% | Ba3 | 15-Jan-2025 | 4.06 |
| Jerrold Finco | 0.25% | N/A | $2,815,358.07 | 2,580,000 | Corporate Securities | Financial | United Kingdom | 4.88% | NR | 15-Jan-2026 | 4.83 |
| Tempur Sealy International | 0.25% | 0.01 | $2,793,894.58 | 3,135,000 | Corporate Securities | Consumer Products | United States | 5.50% | B1 | 15-Jun-2026 | 4.99 |
| Vistra Energy | 0.25% | 0.04 | $2,782,650.21 | 2,645,000 | Corporate Securities | Utilities | United States | 8.13% | Ba2 | 30-Jan-2026 | 2.08 |
| Cheniere Energy Partners | 0.25% | 0.01 | $2,782,341.38 | 3,215,000 | Corporate Securities | Energy | United States | 4.50% | Ba2 | 01-Oct-2029 | 7.48 |
| Big River Steel LLC / BRS Finance | 0.25% | 0.02 | $2,770,263.74 | 2,965,000 | Corporate Securities | Metals & Mining | United States | 7.25% | B3 | 01-Sep-2025 | 4.31 |
| New Gold | 0.25% | 0.00 | $2,752,002.92 | 2,915,000 | Corporate Securities | Metals & Mining | Canada | 6.38% | Caa1 | 15-May-2025 | 4.14 |
| Clearway Energy Operating | 0.25% | 0.04 | $2,750,936.90 | 2,693,000 | Corporate Securities | Utilities | United States | 5.75% | Ba2 | 15-Oct-2025 | 4.55 |
| Prime Security Services Borrower LLC / Prime Finance | 0.25% | 0.03 | $2,750,155.01 | 2,785,000 | Corporate Securities | Services | United States | 5.25% | Ba3 | 15-Apr-2024 | 3.56 |
| Terrier Media Buyer | 0.25% | 0.01 | $2,747,983.65 | 3,105,000 | Corporate Securities | Broadcasting | United States | 8.88% | Caa1 | 15-Dec-2027 | 5.10 |
| CSC Holdings | 0.25% | 0.03 | $2,745,238.18 | 2,620,000 | Corporate Securities | Cable Operators | United States | 7.50% | B3 | 01-Apr-2028 | 3.42 |
| Level 3 Financing | 0.25% | 0.04 | $2,735,027.78 | 2,750,000 | Corporate Securities | Other Telecommunications | United States | 4.63% | Ba3 | 15-Sep-2027 | 6.22 |
| Credit Suisse | 0.25% | -0.02 | $2,721,595.12 | 2,890,000 | Corporate Securities | Banking | Switzerland | 7.13% | Ba2 | 29-Jul-2168 | 2.04 |
| Telesat Canada / Telesat | 0.25% | 0.04 | $2,713,640.97 | 2,705,000 | Corporate Securities | Satellites | Canada | 6.50% | B3 | 15-Oct-2027 | 5.67 |
| HCA | 0.25% | 0.03 | $2,713,274.81 | 2,565,000 | Corporate Securities | Healthcare | United States | 5.88% | Ba2 | 15-Feb-2026 | 4.56 |
| Cedar Fair LP / Canada s Wonderland Co / Magnum Management Corp / Millennium Op | 0.25% | -0.01 | $2,712,894.70 | 3,165,000 | Corporate Securities | Entertainment & Leisure | United States | 5.38% | B2 | 15-Apr-2027 | 5.46 |
| Altice France SA/France | 0.24% | 0.03 | $2,670,533.79 | 2,705,000 | Corporate Securities | Cable Operators | France | 5.50% | B2 | 15-Jan-2028 | 6.02 |
| AMC Entertainment Holdings | 0.24% | -0.24 | $2,658,510.41 | 5,985,000 | Corporate Securities | Entertainment & Leisure | United States | 5.75% | Caa1 | 15-Jun-2025 | 3.52 |
| Avolon Holdings Funding | 0.24% | -0.00 | $2,641,632.39 | 3,035,000 | Corporate Securities | Financial | Ireland | 5.13% | Baa3 | 01-Oct-2023 | 3.04 |
| Element Solutions | 0.24% | 0.03 | $2,618,908.33 | 2,620,000 | Corporate Securities | Chemicals | United States | 5.88% | B2 | 01-Dec-2025 | 4.66 |
| EQT | 0.24% | N/A | $2,610,533.32 | 3,500,000 | Corporate Securities | Energy | United States | 7.00% | Ba1 | 01-Feb-2030 | 6.10 |
| Sigma Holdco BV | 0.23% | 0.01 | $2,577,497.81 | 3,050,000 | Corporate Securities | Food | Netherlands | 7.88% | B3 | 15-May-2026 | 4.52 |
| ASR Media & Sponsorship | 0.23% | -0.00 | $2,575,134.72 | 2,680,000 | Corporate Securities | Entertainment & Leisure | Italy | 5.13% | NR | 01-Aug-2024 | 3.54 |
| Acrisure LLC / Acrisure Finance | 0.23% | 0.02 | $2,569,007.78 | 2,965,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 15-Nov-2025 | 4.29 |
| Level 3 Financing | 0.23% | 0.04 | $2,559,866.24 | 2,535,000 | Corporate Securities | Other Telecommunications | United States | 5.38% | Ba3 | 01-May-2025 | 2.80 |
| Clear Channel Worldwide Holdings | 0.23% | 0.01 | $2,558,964.75 | 2,810,000 | Corporate Securities | Broadcasting | United States | 5.13% | B1 | 15-Aug-2027 | 5.95 |
| Neon Holdings | 0.23% | 0.03 | $2,539,949.90 | 2,680,000 | Corporate Securities | Chemicals | United States | 10.13% | B3 | 01-Apr-2026 | 4.28 |
| CDW LLC / CDW Finance | 0.23% | 0.03 | $2,539,200.69 | 2,500,000 | Corporate Securities | Services | United States | 4.25% | Ba2 | 01-Apr-2028 | 4.06 |
| Air Canada | 0.23% | N/A | $2,529,291.88 | 2,475,000 | Corporate Securities | Airlines | Canada | 7.75% | Ba2 | 15-Apr-2021 | 0.93 |
| FMG Resources August 2006 Pty | 0.23% | 0.03 | $2,528,318.60 | 2,530,000 | Corporate Securities | Metals & Mining | Australia | 5.13% | Ba1 | 15-Mar-2023 | 2.67 |
| Nexstar Broadcasting | 0.23% | 0.02 | $2,526,819.30 | 2,610,000 | Corporate Securities | Broadcasting | United States | 5.63% | B3 | 01-Aug-2024 | 3.72 |
| Intelsat Jackson Holdings | 0.23% | 0.01 | $2,515,936.04 | 3,575,000 | Corporate Securities | Satellites | United States | 8.50% | Caa2 | 15-Oct-2024 | 3.06 |
| Pacific Gas & Electric | 0.23% | N/A | $2,500,000.00 | 2,500,000 | Corporate Securities | Utilities | United States | 4.75% | NR | 15-Feb-2044 | N/A |
| Post Holdings | 0.23% | 0.02 | $2,488,302.70 | 2,470,000 | Corporate Securities | Food | United States | 5.63% | B2 | 15-Jan-2028 | 6.15 |
| NiSource | 0.22% | 0.01 | $2,483,513.65 | 2,800,000 | Corporate Securities | Utilities | United States | 5.65% | NR | 15-Jun-2168 | 2.76 |
| Allied Universal Holdco LLC / Allied Universal Finance | 0.22% | 0.01 | $2,478,305.00 | 2,580,000 | Corporate Securities | Services | United States | 9.75% | Caa2 | 15-Jul-2027 | 4.94 |
| Avon International Operations | 0.22% | 0.01 | $2,461,223.37 | 2,675,000 | Corporate Securities | Consumer Products | Brazil | 7.88% | Ba1 | 15-Aug-2022 | 2.05 |
| Standard Chartered | 0.22% | 0.03 | $2,459,843.20 | 2,425,000 | Corporate Securities | Banking | United Kingdom | 7.50% | Ba1 | 02-Apr-2169 | 1.81 |
| EQT | 0.22% | N/A | $2,450,028.08 | 3,185,000 | Corporate Securities | Energy | United States | 6.13% | Ba1 | 01-Feb-2025 | 3.78 |
| Virgin Media Secured Finance | 0.22% | 0.03 | $2,447,778.25 | 2,390,000 | Corporate Securities | Cable Operators | United Kingdom | 5.50% | Ba3 | 15-Aug-2026 | 3.82 |
| Nextera Energy Operating Partners | 0.22% | 0.03 | $2,430,588.60 | 2,430,000 | Corporate Securities | Utilities | United States | 4.25% | Ba1 | 15-Jul-2024 | 3.83 |
| United Rentals North America | 0.22% | 0.03 | $2,421,936.84 | 2,345,000 | Corporate Securities | Services | United States | 6.50% | Ba3 | 15-Dec-2026 | 3.94 |
| Danaher | 0.22% | -0.07 | $2,418,387.80 | 2,333 | Capital Equipment | Manufacturing | United States | 4.75% | NR | 15-Apr-2022 | 1.93 |
| Sirius XM Radio | 0.22% | 0.03 | $2,401,543.96 | 2,355,000 | Corporate Securities | Broadcasting | United States | 4.63% | Ba3 | 15-Jul-2024 | 2.99 |
| Ineos Group Holdings | 0.22% | 0.01 | $2,401,483.36 | 2,380,000 | Corporate Securities | Chemicals | United Kingdom | 5.38% | B1 | 01-Aug-2024 | 3.59 |
| Boyd Gaming | 0.21% | -0.00 | $2,352,495.07 | 2,680,000 | Corporate Securities | Gaming | United States | 6.00% | Caa1 | 15-Aug-2026 | 5.01 |
| American Electric Power | 0.21% | -0.01 | $2,346,876.00 | 46,900 | Process Industries | Utilities | United States | 6.13% | Baa2 | 15-Mar-2022 | 1.79 |
| GTCR AP Finance | 0.21% | 0.02 | $2,299,537.78 | 2,420,000 | Corporate Securities | Financial | United States | 8.00% | Caa2 | 15-May-2027 | 5.06 |
| MGM Resorts International | 0.21% | -0.01 | $2,294,933.33 | 2,600,000 | Corporate Securities | Gaming | United States | 6.00% | Ba3 | 15-Mar-2023 | 2.63 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.21% | 0.02 | $2,279,825.40 | 2,290,000 | Corporate Securities | Supermarkets | United States | 5.88% | B2 | 15-Feb-2028 | 6.17 |
| GCI | 0.21% | 0.02 | $2,274,439.97 | 2,300,000 | Corporate Securities | Cable Operators | United States | 6.63% | B3 | 15-Jun-2024 | 3.54 |
| Hudbay Minerals | 0.21% | -0.00 | $2,271,774.48 | 2,660,000 | Corporate Securities | Metals & Mining | Canada | 7.25% | B3 | 15-Jan-2023 | 2.27 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.20% | 0.04 | $2,264,624.83 | 2,450,000 | Corporate Securities | Healthcare | Israel | 2.80% | Ba2 | 21-Jul-2023 | 3.06 |
| Centene | 0.20% | 0.03 | $2,227,983.98 | 2,220,000 | Corporate Securities | Healthcare | United States | 4.25% | Ba1 | 15-Dec-2027 | 6.40 |
| Nexstar Broadcasting | 0.20% | 0.02 | $2,212,312.50 | 2,300,000 | Corporate Securities | Broadcasting | United States | 5.63% | B3 | 15-Jul-2027 | 5.80 |
| Banco Santander | 0.20% | -0.00 | $2,208,419.11 | 2,200,000 | Corporate Securities | Banking | Spain | 6.75% | Ba1 | 25-Jul-2168 | 1.70 |
| Consolidated Energy Finance | 0.20% | 0.01 | $2,174,502.60 | 2,450,000 | Corporate Securities | Chemicals | Switzerland | 6.88% | B1 | 15-Jun-2025 | 4.09 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.20% | N/A | $2,167,183.34 | 2,200,000 | Corporate Securities | Supermarkets | United States | 4.88% | B2 | 15-Feb-2030 | 7.68 |
| GFL Environmental | 0.20% | -0.06 | $2,162,062.43 | 2,087,000 | Corporate Securities | Services | Canada | 8.50% | B3 | 01-May-2027 | 3.29 |
| Kraton Polymers LLC / Kraton Polymers Capital | 0.19% | 0.01 | $2,148,847.22 | 2,375,000 | Corporate Securities | Chemicals | United States | 7.00% | B3 | 15-Apr-2025 | 3.98 |
| Energizer Gamma Acquisition BV | 0.19% | 0.00 | $2,143,210.29 | 2,130,000 | Corporate Securities | Consumer Products | United States | 4.63% | B2 | 15-Jul-2026 | 5.11 |
| Matador Resources | 0.19% | -0.37 | $2,142,496.88 | 7,405,000 | Corporate Securities | Energy | United States | 5.88% | Caa1 | 15-Sep-2026 | 3.73 |
| Dcp Midstream Operating | 0.19% | -0.12 | $2,117,280.00 | 4,010,000 | Corporate Securities | Energy | United States | 6.75% | Ba2 | 15-Sep-2037 | 8.54 |
| HCA | 0.19% | 0.02 | $2,099,241.67 | 1,960,000 | Corporate Securities | Healthcare | United States | 5.88% | Ba2 | 01-Feb-2029 | 6.52 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.19% | -0.10 | $2,095,288.33 | 3,810,000 | Corporate Securities | Energy | United States | 5.50% | B1 | 15-Sep-2024 | 3.43 |
| NGL Energy Partners LP / NGL Energy Finance | 0.19% | -0.21 | $2,089,370.00 | 5,375,000 | Corporate Securities | Energy | United States | 7.50% | B2 | 01-Nov-2023 | 2.18 |
| Performance Food | 0.19% | 0.01 | $2,087,313.33 | 2,190,000 | Corporate Securities | Services | United States | 5.50% | B1 | 15-Oct-2027 | 5.84 |
| eG Global Finance | 0.19% | -0.01 | $2,084,904.06 | 2,597,000 | Corporate Securities | Services | United Kingdom | 6.75% | B2 | 07-Feb-2025 | 3.75 |
| Vistra Operations | 0.19% | 0.06 | $2,077,685.60 | 2,040,000 | Corporate Securities | Utilities | United States | 5.00% | Ba2 | 31-Jul-2027 | 3.82 |
| Hudbay Minerals | 0.19% | 0.13 | $2,075,159.57 | 2,315,000 | Corporate Securities | Metals & Mining | Canada | 7.63% | B3 | 15-Jan-2025 | 3.77 |
| Zekelman Industries | 0.19% | 0.03 | $2,068,987.63 | 2,034,000 | Corporate Securities | Metals & Mining | United States | 9.88% | B2 | 15-Jun-2023 | 2.61 |
| Trivium Packaging Finance BV | 0.19% | 0.02 | $2,068,483.33 | 2,000,000 | Corporate Securities | Container | Netherlands | 8.50% | Caa2 | 15-Aug-2027 | 3.51 |
| MSCI | 0.19% | 0.03 | $2,064,480.00 | 2,040,000 | Corporate Securities | Services | United States | 4.00% | Ba2 | 15-Nov-2029 | 6.41 |
| PGT Innovations | 0.19% | N/A | $2,061,881.25 | 2,145,000 | Corporate Securities | Building Products | United States | 6.75% | B2 | 01-Aug-2026 | 4.98 |
| F-Brasile SpA / F-Brasile US | 0.19% | 0.02 | $2,053,760.16 | 2,035,000 | Corporate Securities | Aerospace & Defense | Italy | 7.38% | B2 | 15-Aug-2026 | 4.96 |
| C&W Senior Financing DAC | 0.18% | -0.00 | $2,038,531.85 | 2,280,000 | Corporate Securities | Cable Operators | Panama | 6.88% | B2 | 15-Sep-2027 | 5.48 |
| Apex Tool Group LLC / BC Mountain Finance | 0.18% | -0.13 | $2,027,695.00 | 2,830,000 | Corporate Securities | Manufacturing | United States | 9.00% | Caa1 | 15-Feb-2023 | 2.32 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA | 0.18% | 0.03 | $2,025,000.00 | 2,000,000 | Corporate Securities | Container | United States | 6.00% | B3 | 15-Feb-2025 | 2.58 |
| Barclays | 0.18% | -0.02 | $2,018,349.97 | 1,860,000 | Corporate Securities | Banking | United Kingdom | 7.88% | Ba2 | 15-Dec-2168 | 2.07 |
| ViaSat | 0.18% | 0.03 | $1,984,394.81 | 1,915,000 | Corporate Securities | Satellites | United States | 5.63% | B1 | 15-Apr-2027 | 5.59 |
| Taylor Morrison Communities Inc / Taylor Morrison Holdings Ii | 0.18% | 0.02 | $1,984,051.46 | 2,010,000 | Corporate Securities | Building & Real Estate | United States | 5.88% | Ba3 | 15-Apr-2023 | 2.66 |
| Sirius XM Radio | 0.18% | 0.03 | $1,969,070.99 | 1,910,000 | Corporate Securities | Broadcasting | United States | 5.38% | Ba3 | 15-Jul-2026 | 3.76 |
| Sirius XM Radio | 0.18% | 0.02 | $1,960,362.26 | 1,945,000 | Corporate Securities | Broadcasting | United States | 5.00% | Ba3 | 01-Aug-2027 | 4.60 |
| Summit Materials LLC / Summit Materials Finance | 0.18% | 0.11 | $1,956,326.53 | 2,045,000 | Corporate Securities | Building Products | United States | 6.50% | B3 | 15-Mar-2027 | 5.44 |
| VTR Finance BV | 0.18% | 0.02 | $1,946,355.16 | 2,045,000 | Corporate Securities | Cable Operators | Chile | 6.88% | B1 | 15-Jan-2024 | 3.15 |
| Univar Solutions USA Inc/Washington | 0.17% | N/A | $1,932,666.36 | 2,150,000 | Corporate Securities | Chemicals | United States | 5.13% | B2 | 01-Dec-2027 | 6.03 |
| Erste Group Bank | 0.17% | -0.00 | $1,924,611.25 | 1,800,000 | Corporate Securities | Banking | Austria | 6.50% | Ba1 | 15-Oct-2168 | 3.22 |
| NGL Energy Partners LP / NGL Energy Finance | 0.17% | N/A | $1,912,508.33 | 5,140,000 | Corporate Securities | Energy | United States | 7.50% | B2 | 15-Apr-2026 | 3.14 |
| Arconic | 0.17% | N/A | $1,899,665.63 | 1,950,000 | Corporate Securities | Metals & Mining | United States | 6.13% | Ba3 | 15-Feb-2028 | 4.14 |
| MPT Operating Partnership LP / MPT Finance | 0.17% | 0.02 | $1,891,093.75 | 1,900,000 | Corporate Securities | Healthcare | United States | 6.38% | Ba1 | 01-Mar-2024 | 1.77 |
| Prime Security Services Borrower LLC / Prime Finance | 0.17% | N/A | $1,882,617.08 | 2,190,000 | Corporate Securities | Services | United States | 6.25% | B3 | 15-Jan-2028 | 5.81 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.17% | N/A | $1,878,848.96 | 2,265,000 | Corporate Securities | Energy | United States | 6.88% | Ba3 | 15-Jan-2029 | 6.07 |
| Navient | 0.17% | N/A | $1,868,083.33 | 2,175,000 | Corporate Securities | Financial | United States | 5.00% | Ba3 | 15-Mar-2027 | 5.58 |
| VTR Finance BV | 0.17% | 0.01 | $1,848,757.89 | 1,979,000 | Corporate Securities | Cable Operators | Chile | 6.88% | B1 | 15-Jan-2024 | 3.17 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital | 0.17% | 0.01 | $1,832,501.97 | 1,965,000 | Corporate Securities | Gaming | United States | 5.13% | B1 | 01-Oct-2029 | 7.38 |
| Weekley Homes LLC / Weekley Finance | 0.17% | 0.01 | $1,829,834.51 | 1,995,000 | Corporate Securities | Building & Real Estate | United States | 6.63% | B1 | 15-Aug-2025 | 4.34 |
| Netflix | 0.16% | 0.02 | $1,822,912.82 | 1,680,000 | Corporate Securities | Cable Operators | United States | 3.88% | Ba3 | 15-Nov-2029 | 7.70 |
| Diamond Sports Group Llc / Diamond Sports Finance | 0.16% | -0.21 | $1,801,244.20 | 2,185,000 | Corporate Securities | Broadcasting | United States | 5.38% | Ba2 | 15-Aug-2026 | 5.04 |
| Ryman Hospitality Properties | 0.16% | -0.02 | $1,796,158.16 | 2,330,000 | Corporate Securities | Lodging | United States | 4.75% | B1 | 15-Oct-2027 | 5.74 |
| TransDigm | 0.16% | N/A | $1,780,566.67 | 1,820,000 | Corporate Securities | Aerospace & Defense | United States | 7.50% | B3 | 15-Mar-2027 | 5.29 |
| Welbilt | 0.16% | -0.01 | $1,771,695.42 | 2,055,000 | Corporate Securities | Manufacturing | United States | 9.50% | Caa1 | 15-Feb-2024 | 3.01 |
| DNB Bank | 0.16% | -0.10 | $1,771,223.47 | 1,960,000 | Corporate Securities | Banking | Norway | 6.50% | Baa3 | 26-Mar-2169 | 1.81 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.16% | N/A | $1,754,069.01 | 1,770,000 | Corporate Securities | Supermarkets | United States | 3.50% | B2 | 15-Feb-2023 | 2.68 |
| Churchill downs | 0.16% | 0.02 | $1,738,143.75 | 1,785,000 | Corporate Securities | Gaming | United States | 5.50% | B1 | 01-Apr-2027 | 5.69 |
| New Albertsons | 0.16% | 0.02 | $1,737,793.75 | 1,725,000 | Corporate Securities | Supermarkets | United States | 7.45% | NR | 01-Aug-2029 | 6.56 |
| Select Medical | 0.16% | 0.02 | $1,735,184.03 | 1,690,000 | Corporate Securities | Healthcare | United States | 6.25% | B3 | 15-Aug-2026 | 4.47 |
| FAGE International SA / FAGE USA Dairy Industry | 0.16% | 0.01 | $1,730,372.91 | 2,175,000 | Corporate Securities | Food | United States | 5.63% | B2 | 15-Aug-2026 | 5.08 |
| Endeavor Energy Resources LP / EER Finance | 0.16% | -0.04 | $1,730,208.33 | 2,500,000 | Corporate Securities | Energy | United States | 5.75% | B1 | 30-Jan-2028 | 5.66 |
| Cheniere Corpus Christi Holdings | 0.15% | -0.01 | $1,696,187.46 | 1,985,000 | Corporate Securities | Energy | United States | 5.88% | Ba1 | 31-Mar-2025 | 4.08 |
| MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer | 0.15% | N/A | $1,670,533.33 | 1,870,000 | Corporate Securities | Gaming | United States | 5.75% | NR | 01-Feb-2027 | 5.38 |
| RegionalCare Hospital Partners Holdings | 0.15% | N/A | $1,663,516.67 | 1,510,000 | Corporate Securities | Healthcare | United States | 11.50% | Caa1 | 01-May-2024 | 0.96 |
| CrownRock LP / CrownRock Finance | 0.15% | -0.30 | $1,660,109.91 | 3,055,000 | Corporate Securities | Energy | United States | 5.63% | B2 | 15-Oct-2025 | 3.90 |
| Live Nation Entertainment | 0.15% | 0.01 | $1,654,341.81 | 1,795,000 | Corporate Securities | Entertainment & Leisure | United States | 4.75% | B1 | 15-Oct-2027 | 6.00 |
| Go Daddy Operating Co LLC / GD Finance | 0.15% | 0.01 | $1,636,537.50 | 1,755,000 | Corporate Securities | Information Technology | United States | 5.25% | B1 | 01-Dec-2027 | 2.03 |
| Antero Resources | 0.15% | 0.05 | $1,633,529.17 | 3,050,000 | Corporate Securities | Energy | United States | 5.13% | B1 | 01-Dec-2022 | 2.05 |
| Videotron | 0.15% | 0.02 | $1,632,433.83 | 1,560,000 | Corporate Securities | Cable Operators | Canada | 5.13% | Ba1 | 15-Apr-2027 | 4.31 |
| SBA Communications | 0.15% | N/A | $1,622,872.34 | 1,605,000 | Corporate Securities | Wireless Communications | United States | 3.88% | B1 | 15-Feb-2027 | 5.94 |
| Credit Agricole | 0.15% | -0.05 | $1,609,079.13 | 1,535,000 | Corporate Securities | Banking | France | 6.50% | NR | 23-Jun-2168 | 1.07 |
| Refinitiv US Holdings | 0.15% | 0.01 | $1,608,264.77 | 1,405,000 | Corporate Securities | Information Technology | United States | 6.88% | Caa2 | 15-Nov-2026 | 3.00 |
| Quicken Loans | 0.14% | N/A | $1,597,193.92 | 1,649,000 | Corporate Securities | Financial | United States | 5.25% | Ba1 | 15-Jan-2028 | 6.22 |
| Cno Financial | 0.14% | 0.02 | $1,594,604.17 | 1,565,000 | Corporate Securities | Financial | United States | 5.25% | Baa3 | 30-May-2025 | 4.24 |
| Zayo Group Holdings | 0.14% | N/A | $1,591,169.48 | 1,695,000 | Corporate Securities | Other Telecommunications | United States | 6.13% | Caa1 | 01-Mar-2028 | 6.07 |
| Nustar Logistics | 0.14% | -0.02 | $1,584,600.00 | 2,085,000 | Corporate Securities | Energy | United States | 6.00% | Ba2 | 01-Jun-2026 | 4.65 |
| Post Holdings | 0.14% | 0.02 | $1,583,931.29 | 1,565,000 | Corporate Securities | Food | United States | 5.75% | B2 | 01-Mar-2027 | 4.22 |
| Kosmos Energy | 0.14% | -0.06 | $1,579,742.97 | 2,620,000 | Corporate Securities | Energy | United States | 7.13% | Caa1 | 04-Apr-2026 | 3.91 |
| Archrock Partners LP / Archrock Partners Finance | 0.14% | -0.03 | $1,555,846.88 | 2,115,000 | Corporate Securities | Energy | United States | 6.88% | B2 | 01-Apr-2027 | 5.04 |
| Acrisure LLC / Acrisure Finance | 0.14% | 0.01 | $1,540,697.89 | 1,615,000 | Corporate Securities | Financial | United States | 10.13% | Caa2 | 01-Aug-2026 | 4.46 |
| Transocean Guardian | 0.14% | -0.02 | $1,532,882.61 | 1,899,625 | Corporate Securities | Energy | Switzerland | 5.88% | B2 | 15-Jan-2024 | 2.29 |
| Cit | 0.14% | 0.01 | $1,517,437.70 | 1,590,000 | Corporate Securities | Financial | United States | 5.25% | Ba1 | 07-Mar-2025 | 4.25 |
| Range Resources | 0.14% | N/A | $1,503,975.70 | 2,500,000 | Corporate Securities | Energy | United States | 9.25% | B1 | 01-Feb-2026 | 3.73 |
| Wynn Macau | 0.13% | -0.01 | $1,487,710.62 | 1,845,000 | Corporate Securities | Gaming | Macau | 5.50% | B1 | 01-Oct-2027 | 5.93 |
| Pactiv | 0.13% | 0.02 | $1,478,275.44 | 1,405,000 | Corporate Securities | Container | United States | 7.95% | Caa1 | 15-Dec-2025 | 4.43 |
| USA Compression Partners LP / USA Compression Finance | 0.13% | -0.04 | $1,461,991.88 | 2,225,000 | Corporate Securities | Energy | United States | 6.88% | B3 | 01-Apr-2026 | 4.37 |
| eG Global Finance | 0.13% | 0.01 | $1,458,343.80 | 1,555,000 | Corporate Securities | Services | United Kingdom | 8.50% | B2 | 30-Oct-2025 | 4.08 |
| GCI | 0.13% | N/A | $1,456,096.49 | 1,435,000 | Corporate Securities | Cable Operators | United States | 6.88% | B3 | 15-Apr-2025 | 4.05 |
| VICI Properties LP / VICI Note | 0.13% | 0.01 | $1,455,665.63 | 1,620,000 | Corporate Securities | Gaming | United States | 4.63% | Ba3 | 01-Dec-2029 | 7.43 |
| Compass Minerals International | 0.13% | 0.04 | $1,445,291.06 | 1,515,000 | Corporate Securities | Chemicals | United States | 6.75% | B1 | 01-Dec-2027 | 5.63 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance | 0.13% | 0.00 | $1,438,476.04 | 1,675,000 | Corporate Securities | Financial | United States | 5.88% | Ba2 | 01-Aug-2021 | 1.18 |
| Caesars Resort Collection LLC / CRC Finco | 0.13% | -0.02 | $1,426,672.08 | 1,930,000 | Corporate Securities | Gaming | United States | 5.25% | B3 | 15-Oct-2025 | 4.31 |
| NRG Energy | 0.13% | 0.02 | $1,418,988.67 | 1,400,000 | Corporate Securities | Utilities | United States | 5.25% | Ba2 | 15-Jun-2029 | 5.85 |
| LHC3 | 0.13% | -0.00 | $1,412,232.69 | 1,520,000 | Corporate Securities | Financial | Spain | 4.13% | Ba2 | 15-Aug-2024 | 3.71 |
| Steel Dynamics | 0.13% | 0.02 | $1,396,848.19 | 1,370,000 | Corporate Securities | Metals & Mining | United States | 5.00% | Baa3 | 15-Dec-2026 | 4.10 |
| Park Aerospace Holdings | 0.13% | -0.00 | $1,389,351.56 | 1,585,000 | Corporate Securities | Financial | Ireland | 5.25% | Baa3 | 15-Aug-2022 | 2.13 |
| Presidio Holdings | 0.13% | N/A | $1,389,100.94 | 1,555,000 | Corporate Securities | Services | United States | 8.25% | Caa1 | 01-Feb-2028 | 5.44 |
| Videotron | 0.12% | 0.02 | $1,375,851.56 | 1,360,000 | Corporate Securities | Cable Operators | Canada | 5.00% | Ba1 | 15-Jul-2022 | 2.11 |
| Dcp Midstream Operating | 0.12% | -0.10 | $1,373,274.47 | 2,425,000 | Corporate Securities | Energy | United States | 8.13% | Ba2 | 16-Aug-2030 | 5.41 |
| Scripps Escrow | 0.12% | 0.00 | $1,370,178.19 | 1,510,000 | Corporate Securities | Broadcasting | United States | 5.88% | B3 | 15-Jul-2027 | 5.63 |
| Cit | 0.12% | -0.00 | $1,361,610.80 | 1,440,000 | Corporate Securities | Financial | United States | 6.13% | Ba1 | 09-Mar-2028 | 6.18 |
| Diamond Sports Group Llc / Diamond Sports Finance | 0.12% | -0.02 | $1,346,753.58 | 1,985,000 | Corporate Securities | Broadcasting | United States | 6.63% | B2 | 15-Aug-2027 | 5.09 |
| New Enterprise Stone & Lime | 0.12% | 0.01 | $1,345,757.80 | 1,445,000 | Corporate Securities | Building Products | United States | 6.25% | B1 | 15-Mar-2026 | 4.81 |
| Summit Materials LLC / Summit Materials Finance | 0.12% | 0.01 | $1,316,180.58 | 1,405,000 | Corporate Securities | Building Products | United States | 5.13% | B3 | 01-Jun-2025 | 4.35 |
| Berry Petroleum | 0.12% | -0.11 | $1,313,694.35 | 3,305,000 | Corporate Securities | Energy | United States | 7.00% | B3 | 15-Feb-2026 | 3.64 |
| Mattel | 0.12% | 0.01 | $1,307,985.94 | 1,350,000 | Corporate Securities | Consumer Products | United States | 5.88% | B1 | 15-Dec-2027 | 5.95 |
| GFL Environmental | 0.12% | 0.08 | $1,285,471.08 | 1,296,000 | Corporate Securities | Services | Canada | 7.00% | B3 | 01-Jun-2026 | 4.81 |
| Hertz | 0.12% | -0.05 | $1,278,722.76 | 2,120,000 | Corporate Securities | Services | United States | 5.50% | Caa1 | 15-Oct-2024 | 3.37 |
| Mauser Packaging Solutions Holding | 0.12% | 0.01 | $1,272,026.32 | 1,385,000 | Corporate Securities | Container | United States | 7.25% | Caa2 | 15-Apr-2025 | 3.75 |
| Trivium Packaging Finance BV | 0.11% | 0.02 | $1,268,069.15 | 1,255,000 | Corporate Securities | Container | Netherlands | 5.50% | B2 | 15-Aug-2026 | 3.78 |
| Freeport-McMoRan | 0.11% | 0.01 | $1,245,288.00 | 1,320,000 | Corporate Securities | Metals & Mining | United States | 5.25% | Ba1 | 01-Sep-2029 | 7.18 |
| Tenet Healthcare | 0.11% | N/A | $1,244,981.11 | 1,400,000 | Corporate Securities | Healthcare | United States | 6.88% | Caa1 | 15-Nov-2031 | 7.31 |
| Springleaf Finance | 0.11% | 0.00 | $1,233,540.42 | 1,270,000 | Corporate Securities | Financial | United States | 7.13% | Ba3 | 15-Mar-2026 | 4.73 |
| Alcoa Nederland Holding BV | 0.11% | N/A | $1,233,503.38 | 1,300,000 | Corporate Securities | Metals & Mining | United States | 6.13% | Ba1 | 15-May-2028 | 6.02 |
| Springleaf Finance | 0.11% | -0.15 | $1,227,484.44 | 1,280,000 | Corporate Securities | Financial | United States | 6.13% | Ba3 | 15-Mar-2024 | 3.42 |
| MGM China Holdings | 0.11% | 0.01 | $1,222,008.13 | 1,300,000 | Corporate Securities | Gaming | Macau | 5.38% | Ba3 | 15-May-2024 | 3.52 |
| United Airlines Holdings | 0.11% | N/A | $1,219,200.00 | 1,270,000 | Corporate Securities | Airlines | United States | 6.00% | Ba3 | 01-Dec-2020 | 0.60 |
| Zayo Group Holdings | 0.11% | N/A | $1,199,631.11 | 1,240,000 | Corporate Securities | Other Telecommunications | United States | 4.00% | B1 | 01-Mar-2027 | 5.92 |
| Freeport-McMoRan | 0.11% | 0.01 | $1,193,278.85 | 1,285,000 | Corporate Securities | Metals & Mining | United States | 5.00% | Ba1 | 01-Sep-2027 | 5.99 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 0.11% | 0.01 | $1,175,250.00 | 1,200,000 | Corporate Securities | Financial | United States | 6.75% | Caa2 | 15-Oct-2027 | 5.61 |
| Alcoa Nederland Holding BV | 0.10% | 0.00 | $1,152,309.75 | 1,245,000 | Corporate Securities | Metals & Mining | United States | 7.00% | Ba1 | 30-Sep-2026 | 5.04 |
| Enlink Midstream Partners | 0.10% | -0.06 | $1,151,782.85 | 2,155,000 | Corporate Securities | Energy | United States | 4.40% | Ba1 | 01-Apr-2024 | 3.19 |
| Prime Security Services Borrower LLC / Prime Finance | 0.10% | 0.01 | $1,142,553.95 | 1,205,000 | Corporate Securities | Services | United States | 5.75% | Ba3 | 15-Apr-2026 | 5.01 |
| Envision Healthcare | 0.10% | -0.01 | $1,137,605.56 | 2,320,000 | Corporate Securities | Healthcare | United States | 8.75% | Caa2 | 15-Oct-2026 | 2.34 |
| New Albertsons | 0.10% | 0.02 | $1,125,553.33 | 1,084,000 | Corporate Securities | Supermarkets | United States | 8.00% | NR | 01-May-2031 | 6.98 |
| Colfax | 0.10% | 0.01 | $1,118,576.77 | 1,105,000 | Corporate Securities | Manufacturing | United States | 6.00% | Ba2 | 15-Feb-2024 | 2.58 |
| Kraft Heinz Foods | 0.10% | N/A | $1,116,580.46 | 965,000 | Corporate Securities | Food | United States | 6.88% | Baa3 | 26-Jan-2039 | 11.02 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.10% | 0.02 | $1,111,266.23 | 1,095,000 | Corporate Securities | Healthcare | Israel | 6.00% | Ba2 | 15-Apr-2024 | 3.43 |
| B&G Foods | 0.10% | -0.09 | $1,109,465.83 | 1,125,000 | Corporate Securities | Food | United States | 5.25% | B2 | 15-Sep-2027 | 6.06 |
| MGM China Holdings | 0.10% | -0.00 | $1,104,493.16 | 1,290,000 | Corporate Securities | Gaming | Macau | 5.88% | Ba3 | 15-May-2026 | 4.74 |
| Cheniere Energy Partners | 0.10% | 0.01 | $1,102,141.43 | 1,155,000 | Corporate Securities | Energy | United States | 5.63% | NR | 01-Oct-2026 | 5.29 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.10% | N/A | $1,088,788.67 | 1,290,000 | Corporate Securities | Energy | United States | 6.50% | Ba3 | 15-Jul-2027 | 5.43 |
| IAA | 0.10% | 0.01 | $1,077,145.42 | 1,095,000 | Corporate Securities | Automotive | United States | 5.50% | B2 | 15-Jun-2027 | 5.74 |
| Energizer Holdings | 0.10% | 0.01 | $1,057,145.14 | 1,025,000 | Corporate Securities | Consumer Products | United States | 7.75% | B2 | 15-Jan-2027 | 3.89 |
| HCA | 0.09% | 0.01 | $1,045,023.44 | 985,000 | Corporate Securities | Healthcare | United States | 5.63% | Ba2 | 01-Sep-2028 | 6.35 |
| Callon Petroleum | 0.09% | N/A | $1,036,753.29 | 4,155,000 | Corporate Securities | Energy | United States | 6.25% | Caa1 | 15-Apr-2023 | 1.66 |
| InSite Issuer | 0.09% | 0.00 | $1,018,378.63 | 1,190,000 | Corporate Securities | Wireless Communications | United States | 6.41% | NR | 15-Nov-2046 | N/A |
| USA Compression Partners LP / USA Compression Finance | 0.09% | -0.03 | $1,015,555.73 | 1,585,000 | Corporate Securities | Energy | United States | 6.88% | B3 | 01-Sep-2027 | 5.06 |
| Ziggo Bond Co BV | 0.09% | N/A | $1,015,014.72 | 1,040,000 | Corporate Securities | Cable Operators | Netherlands | 5.13% | B3 | 28-Feb-2030 | 7.58 |
| Cargo Aircraft Management | 0.09% | N/A | $1,007,977.50 | 1,080,000 | Corporate Securities | Financial | United States | 4.75% | Ba3 | 01-Feb-2028 | 6.33 |
| Intelsat Jackson Holdings | 0.09% | -0.04 | $1,004,891.11 | 1,465,000 | Corporate Securities | Satellites | United States | 9.75% | Caa2 | 15-Jul-2025 | 3.42 |
| Darling Ingredients | 0.09% | 0.01 | $981,175.83 | 1,000,000 | Corporate Securities | Food | United States | 5.25% | Ba3 | 15-Apr-2027 | 5.65 |
| LCPR Senior Secured Financing DAC | 0.09% | N/A | $972,464.06 | 945,000 | Corporate Securities | Cable Operators | United States | 6.75% | B1 | 15-Oct-2027 | 5.66 |
| Banff Merger Sub | 0.09% | N/A | $968,056.25 | 1,090,000 | Corporate Securities | Information Technology | United States | 9.75% | Caa2 | 01-Sep-2026 | 4.45 |
| Garfunkelux Holdco 3 | 0.09% | -0.02 | $964,604.97 | 1,075,000 | Corporate Securities | Financial | Germany | 8.50% | B3 | 01-Nov-2022 | 1.98 |
| Cirsa Finance International Sarl | 0.09% | -0.02 | $961,523.08 | 1,250,000 | Corporate Securities | Gaming | Spain | 6.25% | B2 | 20-Dec-2023 | 2.71 |
| iHeartCommunications | 0.09% | 0.01 | $954,919.04 | 1,025,000 | Corporate Securities | Broadcasting | United States | 5.25% | B1 | 15-Aug-2027 | 5.84 |
| DISH DBS | 0.08% | -0.19 | $938,186.22 | 950,000 | Corporate Securities | Cable Operators | United States | 5.88% | B1 | 15-Nov-2024 | 3.88 |
| RegionalCare Hospital Partners Holdings | 0.08% | 0.02 | $934,271.25 | 870,000 | Corporate Securities | Healthcare | United States | 8.25% | B1 | 01-May-2023 | 0.08 |
| Virgin Australia Holdings | 0.08% | -0.05 | $929,912.52 | 1,770,000 | Corporate Securities | Airlines | Australia | 8.13% | Caa1 | 15-Nov-2024 | 2.91 |
| Archrock Partners LP / Archrock Partners Finance | 0.08% | -0.01 | $927,606.77 | 1,275,000 | Corporate Securities | Energy | United States | 6.25% | B2 | 01-Apr-2028 | 5.62 |
| Springleaf Finance | 0.08% | -0.00 | $920,181.71 | 975,000 | Corporate Securities | Financial | United States | 6.63% | Ba3 | 15-Jan-2028 | 5.83 |
| Navient | 0.08% | 0.00 | $911,816.50 | 980,000 | Corporate Securities | Financial | United States | 6.75% | Ba3 | 15-Jun-2026 | 4.79 |
| Virgin Media Secured Finance | 0.08% | 0.00 | $904,971.91 | 790,000 | Corporate Securities | Cable Operators | United Kingdom | 4.25% | Ba3 | 15-Jan-2030 | 7.64 |
| Scientific Games International | 0.08% | -0.03 | $901,136.98 | 1,365,000 | Corporate Securities | Gaming | United States | 7.25% | Caa2 | 15-Nov-2029 | 5.68 |
| Scientific Games International | 0.08% | -0.03 | $899,670.14 | 1,375,000 | Corporate Securities | Gaming | United States | 7.00% | Caa2 | 15-May-2028 | 5.07 |
| VICI Properties LP / VICI Note | 0.08% | N/A | $880,638.55 | 925,000 | Corporate Securities | Gaming | United States | 4.13% | Ba3 | 15-Aug-2030 | 8.24 |
| VB-S1 Issuer | 0.08% | 0.01 | $861,762.67 | 860,000 | Corporate Securities | Wireless Communications | United States | 6.90% | NR | 15-Jun-2046 | N/A |
| Melco Resorts Finance | 0.08% | 0.02 | $853,467.48 | 985,000 | Corporate Securities | Gaming | Hong Kong | 5.38% | Ba2 | 04-Dec-2029 | 7.04 |
| Presidio Holdings | 0.08% | N/A | $839,508.13 | 940,000 | Corporate Securities | Services | United States | 4.88% | B1 | 01-Feb-2027 | 5.61 |
| AMC Entertainment Holdings | 0.07% | -0.05 | $817,366.79 | 1,873,000 | Corporate Securities | Entertainment & Leisure | United States | 5.88% | Caa1 | 15-Nov-2026 | 4.12 |
| iHeartCommunications | 0.07% | 0.00 | $805,331.25 | 834,000 | Corporate Securities | Broadcasting | United States | 6.38% | B1 | 01-May-2026 | 4.86 |
| William Carter | 0.07% | -0.02 | $795,781.25 | 825,000 | Corporate Securities | Retail | United States | 5.63% | Ba2 | 15-Mar-2027 | 5.64 |
| Cedar Fair | 0.07% | -0.00 | $782,610.82 | 905,000 | Corporate Securities | Entertainment & Leisure | United States | 5.25% | B2 | 15-Jul-2029 | 6.92 |
| iHeartMedia, Inc. | 0.07% | N/A | $780,942.00 | 130,157 | Consumer Services | Media & Communications | United States | N/A | N/A | N/A | N/A |
| Callon Petroleum | 0.07% | N/A | $779,528.46 | 4,025,000 | Corporate Securities | Energy | United States | 8.25% | Caa1 | 15-Jul-2025 | 1.94 |
| Dcp Midstream | 0.07% | -0.16 | $761,016.34 | 2,785,000 | Corporate Securities | Energy | United States | 7.38% | B1 | 15-Jun-2168 | 1.79 |
| Hertz | 0.07% | -0.04 | $757,435.00 | 1,330,000 | Corporate Securities | Services | United States | 7.13% | Caa1 | 01-Aug-2026 | 4.15 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.07% | N/A | $733,126.67 | 1,385,000 | Corporate Securities | Energy | United States | 6.00% | B1 | 01-Mar-2027 | 4.75 |
| Virgin Media Secured Finance | 0.07% | 0.00 | $721,934.85 | 605,000 | Corporate Securities | Cable Operators | United Kingdom | 5.25% | Ba3 | 15-May-2029 | 6.95 |
| Colfax | 0.06% | 0.01 | $714,388.20 | 720,000 | Corporate Securities | Manufacturing | United States | 6.38% | Ba2 | 15-Feb-2026 | 4.76 |
| Steel Dynamics | 0.06% | 0.01 | $693,036.92 | 698,000 | Corporate Securities | Metals & Mining | United States | 5.50% | Baa3 | 01-Oct-2024 | 3.92 |
| Alcoa Nederland Holding BV | 0.06% | 0.01 | $687,600.00 | 720,000 | Corporate Securities | Metals & Mining | United States | 6.75% | Ba1 | 30-Sep-2024 | 3.75 |
| Yum Brands | 0.06% | 0.00 | $668,720.00 | 720,000 | Corporate Securities | Restaurants | United States | 4.75% | B1 | 15-Jan-2030 | 7.57 |
| Berry Global | 0.06% | 0.01 | $662,527.88 | 645,000 | Corporate Securities | Container | United States | 5.63% | B2 | 15-Jul-2027 | 3.74 |
| Moog | 0.06% | 0.01 | $659,931.25 | 725,000 | Corporate Securities | Aerospace & Defense | United States | 4.25% | Ba3 | 15-Dec-2027 | 6.32 |
| Constellium | 0.06% | -0.07 | $649,237.86 | 125,094 | Basic Materials | Metals & Mining | Netherlands | N/A | N/A | N/A | N/A |
| Catalent Pharma Solutions | 0.06% | 0.01 | $621,977.08 | 645,000 | Corporate Securities | Healthcare | United States | 5.00% | B3 | 15-Jul-2027 | 5.94 |
| Navient | 0.05% | 0.00 | $557,100.00 | 600,000 | Corporate Securities | Financial | United States | 6.75% | Ba3 | 25-Jun-2025 | 4.19 |
| Nabors Industries | 0.05% | N/A | $549,462.50 | 1,695,000 | Corporate Securities | Energy | United States | 7.50% | Ba3 | 15-Jan-2028 | 3.66 |
| MSCI | 0.05% | N/A | $536,322.50 | 560,000 | Corporate Securities | Services | United States | 3.63% | Ba2 | 01-Sep-2030 | 8.48 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance | 0.05% | N/A | $525,252.75 | 550,000 | Corporate Securities | Lodging | United States | 4.88% | Ba2 | 01-Apr-2027 | 5.81 |
| Kleopatra Holdings 1 SCA | 0.05% | 0.01 | $504,249.56 | 950,571 | Corporate Securities | Container | Luxembourg | 9.25% | NR | 30-Jun-2023 | 2.11 |
| Sprint | 0.04% | N/A | $480,586.26 | 475,000 | Corporate Securities | Wireless Communications | United States | 7.25% | B1 | 01-Feb-2028 | 5.64 |
| QEP Resources | 0.04% | -0.12 | $473,259.38 | 1,185,000 | Corporate Securities | Energy | United States | 5.25% | B2 | 01-May-2023 | 2.09 |
| L Brands | 0.04% | N/A | $445,504.58 | 550,000 | Corporate Securities | Retail | United States | 7.50% | Ba3 | 15-Jun-2029 | 5.99 |
| QEP Resources | 0.04% | -0.11 | $404,803.13 | 1,110,000 | Corporate Securities | Energy | United States | 5.63% | B2 | 01-Mar-2026 | 3.84 |
| Jaguar Holding Co II / Pharmaceutical Product development | 0.03% | N/A | $386,221.88 | 375,000 | Corporate Securities | Healthcare | United States | 6.38% | B2 | 01-Aug-2023 | 0.32 |
| Trivium Packaging Finance BV | 0.03% | N/A | $374,325.00 | 360,000 | Corporate Securities | Container | Netherlands | 8.50% | Caa2 | 15-Aug-2027 | 3.51 |
| American Airlines 2013-1 Class B Pass Through Trust | 0.03% | -0.00 | $363,802.74 | 360,521 | Corporate Securities | Airlines | United States | 5.63% | NR | 15-Jan-2021 | 0.61 |
| Altice France SA/France | 0.03% | 0.00 | $355,082.80 | 340,000 | Corporate Securities | Cable Operators | France | 3.38% | B2 | 15-Jan-2028 | 6.47 |
| Chesapeake Energy | 0.03% | N/A | $345,003.50 | 1,662,000 | Corporate Securities | Energy | United States | 11.50% | Caa2 | 01-Jan-2025 | 1.38 |
| Whiting Petroleum | 0.03% | -0.17 | $343,371.67 | 2,550,000 | Corporate Securities | Energy | United States | 5.75% | Caa2 | 15-Mar-2021 | N/A |
| Panther BF Aggregator 2 LP / Panther Finance | 0.03% | N/A | $338,953.13 | 350,000 | Corporate Securities | Automotive | United States | 6.25% | Ba3 | 15-May-2026 | 4.82 |
| Cheniere Energy | 0.03% | 0.00 | $329,375.76 | 497,000 | Energy | Energy | United States | 4.25% | NR | 15-Mar-2045 | 12.71 |
| Nabors Industries | 0.03% | N/A | $321,680.56 | 950,000 | Corporate Securities | Energy | United States | 7.25% | Ba3 | 15-Jan-2026 | 3.24 |
| AMC Entertainment Holdings | 0.03% | N/A | $293,784.21 | 670,000 | Corporate Securities | Entertainment & Leisure | United States | 6.13% | Caa1 | 15-May-2027 | 4.18 |
| CSI Compressco LP / CSI Compressco Finance | 0.03% | -0.03 | $283,543.82 | 545,000 | Corporate Securities | Energy | United States | 7.25% | Caa2 | 15-Aug-2022 | 1.79 |
| Summit Midstream Holdings LLC / Summit Midstream Finance | 0.03% | -0.06 | $278,986.89 | 1,220,000 | Corporate Securities | Energy | United States | 5.50% | B1 | 15-Aug-2022 | 1.38 |
| Trivium Packaging Finance BV | 0.02% | 0.00 | $269,065.09 | 265,000 | Corporate Securities | Container | Netherlands | 3.75% | B2 | 15-Aug-2026 | 5.35 |
| Outfront Media Capital LLC / Outfront Media Capital | 0.02% | -0.12 | $266,950.63 | 285,000 | Corporate Securities | Broadcasting | United States | 5.00% | B1 | 15-Aug-2027 | 5.97 |
| EIG Investors | 0.02% | 0.00 | $249,907.96 | 285,000 | Corporate Securities | Information Technology | United States | 10.88% | NR | 01-Feb-2024 | 2.86 |
| PQ | 0.02% | N/A | $249,125.04 | 240,000 | Corporate Securities | Chemicals | United States | 6.75% | B1 | 15-Nov-2022 | 1.04 |
| Crown Cork & Seal | 0.02% | 0.00 | $235,183.00 | 225,000 | Corporate Securities | Container | United States | 7.38% | B1 | 15-Dec-2026 | 5.19 |
| L Brands | 0.02% | N/A | $209,735.43 | 275,000 | Corporate Securities | Retail | United States | 6.69% | Ba3 | 15-Jan-2027 | 4.91 |
| Hughes Satellite Systems | 0.02% | N/A | $201,084.27 | 195,000 | Corporate Securities | Satellites | United States | 7.63% | B2 | 15-Jun-2021 | 1.12 |
| United Airlines Holdings | 0.02% | -0.00 | $188,613.33 | 220,000 | Corporate Securities | Airlines | United States | 5.00% | Ba3 | 01-Feb-2024 | 3.32 |
| Elanco Animal Health | 0.02% | N/A | $186,376.65 | 4,470 | Consumer Nondurables | Consumer Products | United States | 5.00% | NR | 01-Feb-2023 | 2.53 |
| Summit Midstream Holdings LLC / Summit Midstream Finance | 0.01% | -0.05 | $157,196.11 | 1,160,000 | Corporate Securities | Energy | United States | 5.75% | B1 | 15-Apr-2025 | 1.85 |
| Bausch Health | 0.01% | N/A | $129,063.47 | 125,000 | Corporate Securities | Healthcare | United States | 7.00% | B3 | 15-Jan-2028 | 3.97 |
| iHeartMedia | 0.01% | -0.01 | $123,159.42 | 17,322 | Consumer Services | Media & Communications | United States | N/A | N/A | N/A | N/A |
| CDK Global | 0.01% | N/A | $113,027.63 | 105,000 | Corporate Securities | Information Technology | United States | 5.88% | Ba1 | 15-Jun-2026 | 1.13 |
| Bruin E&P Partners | 0.01% | -0.03 | $88,046.88 | 735,000 | Corporate Securities | Energy | United States | 8.88% | C | 01-Aug-2023 | 0.44 |
| T-Mobile USA Inc | 0.01% | N/A | $59,895.60 | 4,625,000 | Technology | Wireless Communications | United States | N/A | N/A | N/A | N/A |
| Summit Midstream Partners | 0.00% | -0.03 | $43,632.54 | 1,025,000 | Corporate Securities | Energy | United States | 9.50% | B3 | 15-Dec-2168 | 0.17 |
| T-Mobile USA Inc | 0.00% | N/A | $13,585.76 | 4,360,000 | Technology | Wireless Communications | United States | N/A | N/A | N/A | N/A |
| T-Mobile USA Inc | 0.00% | N/A | $13,294.11 | 1,405,000 | Technology | Wireless Communications | United States | N/A | N/A | N/A | N/A |
| T-Mobile USA Inc | 0.00% | N/A | $10,653.53 | 3,660,000 | Technology | Wireless Communications | United States | N/A | N/A | N/A | N/A |
| ANVIL CL B 2/12 WTS | 0.00% | N/A | $26.84 | 2,684 | Consumer Nondurables | Textiles & Apparel | United States | N/A | N/A | N/A | N/A |
| CDX HY S33 V3 PAY 88 05/20/2020 | -0.01% | N/A | $-135,262.30 | -6,200,000 | Corporate Securities | Miscellaneous | United States | N/A | NR | N/A | N/A |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Industry Diversification (30-Apr-2020)
| Industry Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Cable Operators | 13.23% | 4.95% | |
| Utilities | 7.05% | 3.52% | |
| Healthcare | 10.32% | 8.74% | |
| Supermarkets | 1.85% | 0.70% | |
| Satellites | 2.33% | 1.25% | |
| Broadcasting | 4.43% | 3.37% | |
| Gaming | 4.19% | 3.79% | |
| Airlines | 0.77% | 0.44% | |
| Metals & Mining | 5.46% | 5.18% | |
| Food | 3.46% | 3.22% | |
| Lodging | 0.75% | 0.78% | |
| Entertainment & Leisure | 1.19% | 1.25% | |
| Restaurants | 0.91% | 1.07% | |
| Container | 2.47% | 2.64% | |
| Wireless Communications | 2.80% | 3.07% | |
| Aerospace & Defense | 1.14% | 1.74% | |
| Financial | 7.15% | 7.83% | |
| Manufacturing | 0.99% | 1.71% | |
| Forest Products | 0.00% | 0.77% | |
| Consumer Products | 1.56% | 2.40% | |
| Publishing | 0.00% | 0.89% | |
| Chemicals | 2.39% | 3.39% | |
| Building Products | 0.87% | 2.04% | |
| Automotives | 2.51% | 3.71% | |
| Energy | 8.76% | 10.02% | |
| Retail | 0.05% | 1.36% | |
| Other Telecommunications | 0.69% | 2.29% | |
| Information Technology | 3.73% | 5.36% | |
| Services | 4.78% | 7.33% | |
| Building & Real Estate | 0.76% | 3.51% |
A maximum of 30 largest industries are displayed.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Country Diversification (30-Apr-2020)
| Country Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| United States | 79.19% | 71.63% | |
| France | 2.13% | 0.92% | |
| Netherlands | 1.92% | 1.00% | |
| Ireland | 0.67% | 0.11% | |
| Luxembourg | 1.16% | 0.67% | |
| United Kingdom | 2.00% | 1.52% | |
| United Arab Emirates | 0.52% | 0.12% | |
| Spain | 0.56% | 0.22% | |
| Chile | 0.34% | 0.32% | |
| Australia | 0.47% | 0.46% | |
| Switzerland | 0.27% | 0.25% | |
| Costa Rica | 0.00% | 0.03% | |
| Barbados | 0.00% | 0.04% | |
| Dominican Republic | 0.00% | 0.06% | |
| Cyprus | 0.00% | 0.06% | |
| Congo, Democratic Republic Of | 0.00% | 0.06% | |
| Israel | 0.56% | 0.63% | |
| Denmark | 0.00% | 0.08% | |
| Panama | 0.19% | 0.31% | |
| Germany | 0.10% | 0.22% | |
| Cayman Islands | 0.00% | 0.13% | |
| Macau | 0.37% | 0.51% | |
| Hong Kong | 0.08% | 0.26% | |
| South Africa | 0.31% | 0.56% | |
| Italy | 0.81% | 1.09% | |
| Colombia | 0.00% | 0.65% | |
| Argentina | 0.00% | 0.70% | |
| Canada | 2.85% | 3.88% | |
| China | 0.00% | 1.54% | |
| Brazil | 2.06% | 4.41% |
A maximum of 30 largest countries are displayed.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Currency Diversification (30-Apr-2020)
| Currency Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 99.91% | 100.00% | |
| Dollar Bloc Subtotal | 99.91% | 100.00% |
Indicative Benchmark : J.P. Morgan Global High Yield Index
| Currency Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| British pound sterling | 0.04% | 0.00% | |
| euro | 0.04% | 0.00% | |
| Norwegian krone | 0.00% | 0.00% | |
| European Bloc Subtotal | 0.09% | 0.00% |
Indicative Benchmark : J.P. Morgan Global High Yield Index
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Indicative Benchmark Data Source: JP Morgan
Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Daily performance data is based on the latest available NAV. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.
Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.
The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.
Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class. The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.
Net Asset figure applies to all share classes.
Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.
The specific securities identified and described in this report do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.
A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.
Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.