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)
5.88%
$1.4b
Data as of 31-Oct-2019
Data as of 31-Oct-2019
1YR Return
(View Total Returns)
Manager Tenure
10.12%
4yrs
Data as of 31-Oct-2019
Data as of 31-Aug-2019
Information Ratio
(5 Years)
Tracking Error
(5 Years)
-0.38
1.28%
Data as of 30-Sep-2019
Data as of 30-Sep-2019
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
High yield bonds are best structured to outperform amid a backdrop of low interest rates and steady economic growth, as these companies are typically more sensitive to macroeconomic factors. The Federal Reserve's pivot from an outlook that called for multiple rate hikes in 2019 to rate cuts significantly improved sentiment toward risk assets. Company fundamentals are largely solid outside of a few troubled industries, and maturities have been extended. We expect additional bouts of volatility this year and in 2020. However, as dedicated long-term high yield investors, we believe volatility can create opportunities for those who remain invested in the asset class.
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As always, we aim to deliver high current income while seeking to contain 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 Annualised |
|
|---|---|---|---|---|---|
| Fund % | 10.12% | 5.88% | 4.85% | 5.12% | 5.37% |
| Indicative Benchmark % | 8.97% | 6.35% | 5.37% | 5.54% | 6.26% |
| Excess Return % | 1.15% | -0.47% | -0.52% | -0.42% | -0.89% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Fund % | 7.95% | 5.90% | 4.98% | 5.13% |
| Indicative Benchmark % | 6.88% | 6.40% | 5.47% | 5.54% |
| Excess Return % | 1.07% | -0.50% | -0.49% | -0.41% |
Recent Performance
| Month to DateData as of 08-Nov-2019 | Quarter to DateData as of 08-Nov-2019 | Year to DateData as of 08-Nov-2019 | 1 MonthData as of 31-Oct-2019 | 3 MonthsData as of 31-Oct-2019 | |
|---|---|---|---|---|---|
| Fund % | 0.07% | 0.43% | 13.40% | 0.36% | 1.81% |
| Indicative Benchmark % | 0.18% | 0.64% | 11.99% | 0.46% | 0.93% |
| Excess Return % | -0.11% | -0.21% | 1.41% | -0.10% | 0.88% |
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-Sep-2019
-
Mark Vaselkiv,
Portfolio Manager,
High yield bonds posted modest gains in September. The market’s elevated cash balances and positive flows drove steady demand, which helped offset an increase in new issuance. The U.S. Federal Reserve’s second rate cut of the year engendered a muted market reaction. Although oil supply disruption fears temporarily bolstered energy sector performance, the industry ultimately produced the month’s weakest results. Most high yield segments advanced, and B rated bonds outperformed other qualities by a wide margin. Within the portfolio, credit selection in the energy industry was a top relative performance contributor. Security selection in the metals and mining segment also aided relative results. However, our choice of credits in the cable operators and financials segments weighed on relative performance.
Holdings
Holdings
Total
Holdings
391
Largest Holding
U.S. Treasury Notes
1.90%
Was
(30-Jun-2019) 1.91%
Top 10 Holdings 11.25%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | B/CCC Rated | BB Rated |
| By % | 6.95% | -13.98% |
| Fund | 9.44% | 25.79% |
| Indicative Benchmark | 2.49% | 39.78% |
Average Credit Quality
B+Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 5-7 Years | 1-3 Years |
| By % | 8.06% | -9.60% |
| Fund | 42.70% | 5.11% |
| Indicative Benchmark | 34.64% | 14.71% |
Weighted Average Maturity
6.11 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | Equity | 3-5 Years |
| By % | 2.50% | -2.83% |
| Fund | 2.50% | 32.23% |
| Indicative Benchmark | 0.00% | 35.07% |
Weighted Average Duration
3.02 Years
30-Sep-2019
-
Mark Vaselkiv,
Portfolio Manager,
We have moved toward a more defensive positioning, as there is currently less relative value in the market than in early 2019. Nevertheless, our analysts continue to find idiosyncratic situations that we believe have the potential to generate meaningful gains.
Utilities exposure augmented
As part of our defensive positioning, we have increased our allocation to utilities throughout the year. In our view, utilities is one of the most attractive and defensive industries in a slowing economy. For example, we initiated a modest allocation to the investment-grade utility space through Edison International, which, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in the U.S. We invested at lower dollar prices, and our holdings have since appreciated.
Remaining underweight to energy
Our long-term bearish outlook for oil prices is driven by oversupply concerns as shale oil technology in the U.S. increases productivity and breakevens decline. The market has had zero tolerance for lower-rated energy names whose performance falls short of expectations and little room for operational errors. As such, we have maintained an underweight to the energy sector and, in our view, are under-risk relative to benchmarks.
Industry
Total
Industries
31
Largest Industry
Energy
12.57%
Was (30-Sep-2019)
12.64%
Other
View complete Industry Diversification
Largest Overweight
Cable Operators
By6.84%
Fund
11.77%
Indicative Benchmark
4.93%
Largest Underweight
Building & Real Estate
By-2.95%
Fund
0.31%
Indicative Benchmark
3.26%
30-Sep-2019
-
Mark Vaselkiv,
Portfolio Manager,
We are currently overweight cable operators, relative to the market index, because these issuers generally exhibit 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 financials in the portfolio, largely due to high yield-rated hybrid securities issued by investment-grade banks. Conversely, we remain underweight retail as traditional retailers have struggled to adapt to changes in consumer behaviour, such as increased internet shopping and price competition from online retailers.
Countries
Total
Countries
22
Largest Country
United States
77.79%
Was (30-Sep-2019)
79.34%
Other
View complete Country Diversification
Largest Overweight
United States
By7.92%
Fund
77.79%
Indicative Benchmark
69.86%
Largest Underweight
Brazil
By-2.38%
Fund
2.45%
Indicative Benchmark
4.83%
Currency
Total
Currencies
4
Largest Currency
U.S. dollar
99.94%
Was (30-Sep-2019)
99.91%
Other
View complete Currency Diversification
Largest Overweight
euro
By
0.07%
Fund
0.07%
Indicative Benchmark
0.00%
Largest Underweight
U.S. dollar
By
-0.06%
Fund
99.94%
Indicative Benchmark
100.00%
Team (As of 31-Aug-2019)
Mark Vaselkiv is chief investment officer of Fixed Income at T. Rowe Price. He is lead portfolio manager of the firm's Global High Yield and Global High Income Strategies as well as head of the Global High Yield team in the Fixed Income Division. He is additionally a member of both the Fixed Income Steering Committee and the firm's Asset Allocation Committee. Mr. Vaselkiv is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.
Mr. Vaselkiv has 35 years of investment experience, 31 of which have been at T. Rowe Price. He started at the firm in 1988 as a high yield corporate credit analyst with a special focus on forest products and gaming and was appointed to the high yield portfolio management team in 1996. He began his investment career in 1984 as a credit analyst for Prudential Insurance Company. In 1986, he became a credit analyst and vice president at Shenkman Capital Management.
Mr. Vaselkiv earned a B.A. in political science from Wheaton College, Illinois, and an M.B.A. in finance from New York University, Leonard N. Stern School of Business.
- Fund manager2015
since - Years at31
T. Rowe Price - Years investment35
experience
Michael Della Vedova is a global high yield portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Della Vedova is a portfolio manager of the European High Yield Strategy and co-portfolio manager for the firm's Global High Yield Strategy. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Della Vedova has 26 years of investment experience, 10 of which have been with T. Rowe Price. Prior to joining the firm in 2009, he was a cofounder and partner of Four Quarter Capital, a credit hedge fund focusing on below investment-grade European corporate debt. Mr. Della Vedova also spent six years as a senior analyst and assistant portfolio manager with Muzinich & Company Limited in London.
Mr. Della Vedova earned both an LL.B. and a B.Com. in finance from the University of New South Wales and a G.D.L.P. from the University of Technology, Sydney, Australia. He also was admitted as a solicitor to the Supreme Court of New South Wales, Sydney.
- Fund manager2015
since - Years at10
T. Rowe Price - Years investment26
experience
Fee Schedule
| Share Class | Minimum Initial Investment and Holding Amount | Minimum Subsequent Investment | Minimum Redemption Amount | Sales Charge (up to) | Investment Management Fee (up to) | Ongoing Charges |
|---|---|---|---|---|---|---|
| Class A | $15,000 | $100 | $100 | 5.00% | 115 basis points | 1.25% |
| Class I | $2,500,000 | $100,000 | $0 | 0.00% | 60 basis points | 0.66% |
| Class Jd | $10,000,000 | $0 | $0 | 0.00% | 0 basis points | 0.03% |
| Class Q | $15,000 | $100 | $100 | 0.00% | 60 basis points | 0.71% |
| 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 31-Oct-2019
| Characteristic | Fund | Indicative Benchmark |
|---|---|---|
| Weighted Average Coupon | 6.77% | 6.44% |
| Weighted Average Maturity | 6.11 Years | 5.65 Years |
| Weighted Average Duration | 3.02 Years | 3.26 Years |
| Number of Holdings | 404 | 1,614 |
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-Sep-2019| Risk/Return (5 Years) | Fund | Indicative Benchmark |
|---|---|---|
| Alpha | -0.05% | 0.00% |
| Beta | 0.91 | 1.00 |
| R-Squared | 0.94 | 1.00 |
| Annualized Std. Deviation | 4.98% | 5.34% |
| Information Ratio | -0.38 | 0.00 |
| Sharpe Ratio | 0.80 | 0.84 |
| Tracking Error | 1.28% | 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 | ||
|---|---|---|---|---|---|---|---|
| 6.60% | 1.59% | -3.23% | 14.69% | 7.40% | -4.03% | Fund | |
| 6.00% | 1.67% | -4.25% | 18.27% | 8.28% | -2.37% | Indicative Benchmark | |
| 0.60% | -0.08% | 1.02% | -3.58% | -0.88% | -1.66% | Value added |
- Fund
- Indicative Benchmark
- Annual Report
Monthly Performance (Class Q)
- Fund
- Indicative Benchmark
- Exceptional Commentary
- Monthly Commentary
Click chart to display commentary.
Quality (31-Oct-2019)
| Quality Rating | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| BBB/BB Rated & Above | 5.23% | 3.76% | |
| BB Rated | 25.79% | 39.78% | |
| BB/B Rated | 14.51% | 20.91% | |
| B Rated | 33.33% | 33.02% | |
| B/CCC Rated | 9.44% | 2.49% | |
| CCC and Below | 6.90% | 0.03% | |
| Not Rated | 0.60% | 0.02% | |
| Equities | 2.50% | 0.00% | |
| Short Term | 1.52% | 0.00% | |
| Credit Default Swaps | -0.04% | 0.00% |
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 (31-Oct-2019)
| Bond Maturity | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 0.00% | 0.03% | |
| 1-3 Years | 5.11% | 14.71% | |
| 3-5 Years | 24.11% | 28.26% | |
| 5-7 Years | 42.70% | 34.64% | |
| 7-10 Years | 23.32% | 18.90% | |
| 10+ Years | 3.12% | 3.46% | |
| Cash Equivalents | 1.64% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Duration (31-Oct-2019)
| Duration | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 16.52% | 14.14% | |
| 1-3 Years | 33.84% | 36.00% | |
| 3-5 Years | 32.23% | 35.07% | |
| 5-7 Years | 10.11% | 11.58% | |
| 7-10 Years | 2.38% | 1.82% | |
| Over 10 Years | 0.93% | 1.25% | |
| Cash Holdings | 1.52% | 0.00% | |
| Default | 0.00% | 0.14% | |
| Equity | 2.50% | 0.00% | |
| Swaps | -0.04% | 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 (30-Sep-2019)
| Company | % of Fund | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. Treasury Notes | 1.90% | -0.01 | $26,004,242.12 | 25,400,000 | US Govt & Agencies | U S Treasury Obligations | United States | 2.13% | Aaa | 31-Mar-2024 | 4.28 |
| Avantor | 1.83% | 0.05 | $25,005,240.00 | 21,372,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 01-Oct-2025 | 0.96 |
| Sprint | 1.35% | 0.95 | $18,532,655.09 | 16,790,000 | Corporate Securities | Wireless Communications | United States | 7.13% | B3 | 15-Jun-2024 | 3.92 |
| Altice Luxembourg | 1.15% | 0.12 | $15,707,047.14 | 14,538,000 | Corporate Securities | Cable Operators | Luxembourg | 7.63% | Caa1 | 15-Feb-2025 | 0.36 |
| NRG Energy | 0.90% | 0.01 | $12,247,234.69 | 10,875,000 | Corporate Securities | Utilities | United States | 7.25% | Ba3 | 15-May-2026 | 1.50 |
| Intelsat Jackson Holdings | 0.87% | -0.03 | $11,907,400.00 | 10,265,000 | Corporate Securities | Satellites | United States | 9.50% | B1 | 30-Sep-2022 | 2.65 |
| Refinitiv US Holdings | 0.87% | 0.51 | $11,857,353.53 | 10,470,000 | Corporate Securities | Information Technology | United States | 8.25% | Caa2 | 15-Nov-2026 | 1.89 |
| Netflix | 0.83% | -0.02 | $11,308,692.49 | 9,990,000 | Corporate Securities | Cable Operators | United States | 6.38% | Ba3 | 15-May-2029 | 7.13 |
| Solera LLC / Solera Finance | 0.79% | -0.05 | $10,798,157.92 | 10,130,000 | Corporate Securities | Information Technology | United States | 10.50% | Caa1 | 01-Mar-2024 | 1.29 |
| Clear Channel Worldwide Holdings | 0.77% | -0.15 | $10,545,388.68 | 9,478,000 | Corporate Securities | Broadcasting | United States | 9.25% | Caa2 | 15-Feb-2024 | 1.27 |
| Altice Financing | 0.75% | 0.02 | $10,299,743.95 | 9,535,000 | Corporate Securities | Cable Operators | Luxembourg | 7.50% | B2 | 15-May-2026 | 1.49 |
| CCO Holdings LLC / CCO Holdings Capital | 0.74% | -0.00 | $10,146,702.60 | 9,720,000 | Corporate Securities | Cable Operators | United States | 5.00% | B1 | 01-Feb-2028 | 4.99 |
| Constellium | 0.74% | -0.02 | $10,097,340.45 | 9,610,000 | Corporate Securities | Metals & Mining | United States | 6.63% | B2 | 01-Mar-2025 | 0.41 |
| Seven Generations Energy | 0.71% | 0.01 | $9,726,027.65 | 9,755,000 | Corporate Securities | Energy | Canada | 5.38% | Ba3 | 30-Sep-2025 | 5.06 |
| Petrobras Global Finance BV | 0.67% | 0.01 | $9,166,461.46 | 7,500,000 | Corporate Securities | Energy | Brazil | 7.38% | Ba2 | 17-Jan-2027 | 5.73 |
| LPL Holdings | 0.66% | -0.01 | $9,006,663.54 | 8,630,000 | Corporate Securities | Financial | United States | 5.75% | B1 | 15-Sep-2025 | 3.11 |
| iHeartCommunications | 0.66% | 0.02 | $8,985,287.90 | 8,031,627 | Corporate Securities | Broadcasting | United States | 8.38% | Caa1 | 01-May-2027 | 3.69 |
| Panther BF Aggregator 2 LP / Panther Finance | 0.62% | -0.00 | $8,482,361.13 | 8,030,000 | Corporate Securities | Automotive | United States | 8.50% | B3 | 15-May-2027 | 3.61 |
| Bausch Health Americas | 0.61% | -0.00 | $8,407,055.05 | 7,395,000 | Corporate Securities | Healthcare | United States | 8.50% | B3 | 31-Jan-2027 | 2.49 |
| Bausch Health Americas | 0.61% | 0.01 | $8,405,647.17 | 7,115,000 | Corporate Securities | Healthcare | United States | 9.25% | B3 | 01-Apr-2026 | 2.24 |
| Hughes Satellite Systems | 0.60% | 0.01 | $8,249,874.11 | 7,515,000 | Corporate Securities | Satellites | United States | 6.63% | B2 | 01-Aug-2026 | 5.46 |
| Zayo Group LLC / Zayo Capital | 0.59% | 0.01 | $8,136,812.45 | 7,720,000 | Corporate Securities | Other Telecommunications | United States | 6.38% | B3 | 15-May-2025 | 3.13 |
| TransDigm | 0.59% | -0.00 | $8,079,004.16 | 7,495,000 | Corporate Securities | Aerospace & Defense | United States | 6.25% | Ba3 | 15-Mar-2026 | 2.26 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance | 0.58% | -0.01 | $7,943,388.33 | 7,750,000 | Corporate Securities | Energy | United States | 6.00% | B3 | 01-Aug-2026 | 4.11 |
| T-Mobile USA | 0.56% | -0.02 | $7,686,131.26 | 7,065,000 | Corporate Securities | Wireless Communications | United States | 6.50% | Ba2 | 15-Jan-2026 | 1.22 |
| Netflix | 0.55% | -0.01 | $7,560,501.37 | 6,815,000 | Corporate Securities | Cable Operators | United States | 5.88% | Ba3 | 15-Nov-2028 | 6.97 |
| Intelsat Jackson Holdings | 0.55% | 0.02 | $7,553,457.82 | 7,205,000 | Corporate Securities | Satellites | United States | 8.50% | Caa2 | 15-Oct-2024 | 3.24 |
| Matador Resources | 0.54% | -0.02 | $7,431,161.25 | 7,405,000 | Corporate Securities | Energy | United States | 5.88% | B2 | 15-Sep-2026 | 4.23 |
| Intelsat Jackson Holdings | 0.54% | 0.20 | $7,363,312.50 | 6,920,000 | Corporate Securities | Satellites | United States | 9.75% | Caa2 | 15-Jul-2025 | 3.08 |
| Kissner Holdings LP / Kissner Milling Co Ltd / BSC Holding Inc / Kissner USA | 0.53% | 0.01 | $7,218,391.27 | 6,745,000 | Corporate Securities | Chemicals | United States | 8.38% | B3 | 01-Dec-2022 | 0.08 |
| Laureate Education | 0.51% | 0.00 | $7,004,678.23 | 6,245,000 | Corporate Securities | Services | United States | 8.25% | B3 | 01-May-2025 | 0.55 |
| Sigma Holdco BV | 0.51% | 0.00 | $6,961,296.96 | 6,290,000 | Corporate Securities | Food | Netherlands | 5.75% | B3 | 15-May-2026 | 5.17 |
| B&G Foods | 0.51% | 0.01 | $6,948,754.31 | 6,615,000 | Corporate Securities | Food | United States | 5.25% | B2 | 01-Apr-2025 | 3.17 |
| AMC Entertainment Holdings | 0.50% | 0.02 | $6,890,310.10 | 7,085,000 | Corporate Securities | Entertainment & Leisure | United States | 5.75% | B3 | 15-Jun-2025 | 4.68 |
| CVR Partners LP / CVR Nitrogen Finance | 0.50% | 0.01 | $6,860,549.48 | 6,385,000 | Corporate Securities | Chemicals | United States | 9.25% | B2 | 15-Jun-2023 | 0.66 |
| Chobani Llc / Chobani Finance | 0.50% | 0.02 | $6,823,648.70 | 6,820,000 | Corporate Securities | Food | United States | 7.50% | Caa2 | 15-Apr-2025 | 4.26 |
| General Electric | 0.49% | -0.00 | $6,758,504.57 | 7,010,000 | Corporate Securities | Conglomerates | United States | 5.00% | Baa3 | 15-Jun-2168 | 1.20 |
| Altice France SA/France | 0.49% | 0.01 | $6,722,225.93 | 6,175,000 | Corporate Securities | Cable Operators | France | 7.38% | B2 | 01-May-2026 | 1.46 |
| MTN Mauritius Investments | 0.49% | 0.01 | $6,702,233.94 | 5,935,000 | Corporate Securities | Wireless Communications | South Africa | 6.50% | Ba1 | 13-Oct-2026 | 5.52 |
| CSC Holdings | 0.49% | -0.02 | $6,658,320.63 | 5,764,000 | Corporate Securities | Cable Operators | United States | 10.88% | B3 | 15-Oct-2025 | 0.97 |
| Zayo Group LLC / Zayo Capital | 0.48% | -0.01 | $6,612,476.15 | 6,425,000 | Corporate Securities | Other Telecommunications | United States | 5.75% | B3 | 15-Jan-2027 | 4.47 |
| CSC Holdings | 0.47% | -0.02 | $6,487,379.21 | 5,950,000 | Corporate Securities | Cable Operators | United States | 7.75% | B3 | 15-Jul-2025 | 0.76 |
| Bausch Health | 0.47% | -0.02 | $6,482,479.25 | 6,150,000 | Corporate Securities | Healthcare | United States | 7.00% | Ba2 | 15-Mar-2024 | 0.44 |
| Iridium Communications | 0.47% | 0.00 | $6,460,620.83 | 5,720,000 | Corporate Securities | Satellites | United States | 10.25% | Caa1 | 15-Apr-2023 | 0.50 |
| H&E Equipment Services | 0.47% | -0.01 | $6,390,223.29 | 6,190,000 | Corporate Securities | Services | United States | 5.63% | B2 | 01-Sep-2025 | 3.47 |
| Banco do Brasil SA/Cayman | 0.45% | 0.01 | $6,215,531.00 | 5,425,000 | Corporate Securities | Banking | Brazil | 9.00% | B2 | 18-Dec-2167 | 3.79 |
| Mauser Packaging Solutions Holding | 0.45% | N/A | $6,196,479.62 | 5,870,000 | Corporate Securities | Container | United States | 5.50% | B2 | 15-Apr-2024 | 2.30 |
| Clearway Energy Operating | 0.45% | 0.02 | $6,158,099.58 | 5,708,000 | Corporate Securities | Utilities | United States | 5.75% | Ba2 | 15-Oct-2025 | 1.86 |
| CrownRock LP / CrownRock Finance | 0.45% | 0.00 | $6,109,386.53 | 5,940,000 | Corporate Securities | Energy | United States | 5.63% | B2 | 15-Oct-2025 | 3.48 |
| CSC Holdings | 0.45% | -0.01 | $6,093,637.21 | 5,620,000 | Corporate Securities | Cable Operators | United States | 6.63% | Ba3 | 15-Oct-2025 | 0.99 |
| SS&C Technologies | 0.44% | -0.01 | $6,082,016.40 | 5,820,000 | Corporate Securities | Information Technology | United States | 5.50% | B2 | 30-Sep-2027 | 4.72 |
| CSC Holdings | 0.43% | -0.00 | $5,905,364.01 | 5,260,000 | Corporate Securities | Cable Operators | United States | 6.50% | Ba3 | 01-Feb-2029 | 3.76 |
| Jagged Peak Energy | 0.43% | 0.01 | $5,838,700.89 | 5,675,000 | Corporate Securities | Energy | United States | 5.88% | B3 | 01-May-2026 | 3.11 |
| AES Corp/VA | 0.43% | 0.00 | $5,827,623.95 | 5,365,000 | Corporate Securities | Utilities | United States | 6.00% | Ba1 | 15-May-2026 | 1.51 |
| Exterran Energy Solutions LP / EES Finance | 0.42% | -0.00 | $5,751,871.27 | 5,585,000 | Corporate Securities | Energy | United States | 8.13% | B1 | 01-May-2025 | 4.27 |
| Stars Group Holdings BV / Stars Group US Co-Borrower | 0.42% | -0.01 | $5,688,208.33 | 5,275,000 | Corporate Securities | Gaming | Canada | 7.00% | Caa1 | 15-Jul-2026 | 2.49 |
| NGL Energy Partners LP / NGL Energy Finance | 0.41% | -0.01 | $5,649,348.96 | 5,375,000 | Corporate Securities | Energy | United States | 7.50% | B2 | 01-Nov-2023 | 1.85 |
| Bausch Health | 0.41% | 0.01 | $5,617,538.80 | 4,880,000 | Corporate Securities | Healthcare | United States | 9.00% | B3 | 15-Dec-2025 | 1.96 |
| Tesla Energy Operations Inc/DE | 0.41% | 0.01 | $5,610,044.08 | 5,654,000 | Consumer Cyclicals | Automotive | United States | 1.63% | NR | 01-Nov-2019 | 0.08 |
| Refinitiv US Holdings | 0.41% | 0.20 | $5,569,858.25 | 5,060,000 | Corporate Securities | Information Technology | United States | 6.25% | B2 | 15-May-2026 | 1.94 |
| Scientific Games International | 0.40% | -0.01 | $5,488,518.79 | 5,145,000 | Corporate Securities | Gaming | United States | 8.25% | Caa1 | 15-Mar-2026 | 3.70 |
| Icahn Enterprises LP / Icahn Enterprises Finance | 0.40% | 0.13 | $5,479,242.25 | 5,095,000 | Corporate Securities | Financial | United States | 6.25% | Ba3 | 15-May-2026 | 3.90 |
| MDC Partners | 0.40% | 0.00 | $5,465,570.35 | 5,795,000 | Corporate Securities | Broadcasting | United States | 6.50% | B3 | 01-May-2024 | 3.72 |
| Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | 0.39% | -0.01 | $5,356,377.98 | 5,085,000 | Corporate Securities | Container | United States | 7.00% | Caa1 | 15-Jul-2024 | 0.08 |
| NGL Energy Partners LP / NGL Energy Finance | 0.39% | 0.17 | $5,348,812.50 | 5,140,000 | Corporate Securities | Energy | United States | 7.50% | B2 | 15-Apr-2026 | 3.66 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.39% | N/A | $5,346,314.58 | 5,000,000 | Corporate Securities | Supermarkets | United States | 6.63% | B3 | 15-Jun-2024 | 0.67 |
| Nextera Energy Operating Partners | 0.39% | 0.01 | $5,288,406.25 | 5,150,000 | Corporate Securities | Utilities | United States | 4.50% | Ba1 | 15-Sep-2027 | 6.47 |
| NRG Energy | 0.38% | -0.01 | $5,232,011.52 | 4,760,000 | Corporate Securities | Utilities | United States | 6.63% | Ba3 | 15-Jan-2027 | 1.67 |
| Diamond Sports Group Llc / Diamond Sports Finance | 0.38% | N/A | $5,188,701.21 | 4,955,000 | Corporate Securities | Broadcasting | United States | 5.38% | Ba2 | 15-Aug-2026 | 4.23 |
| Tenet Healthcare | 0.38% | N/A | $5,154,070.83 | 5,000,000 | Corporate Securities | Healthcare | United States | 4.88% | Ba3 | 01-Jan-2026 | 3.92 |
| PDC Energy | 0.38% | 0.00 | $5,148,669.93 | 5,110,000 | Corporate Securities | Energy | United States | 5.75% | B1 | 15-May-2026 | 5.31 |
| Itau Unibanco Holding SA/Cayman Island | 0.38% | -0.00 | $5,134,255.51 | 4,980,000 | Corporate Securities | Banking | Brazil | 6.13% | B2 | 12-Jun-2168 | 2.82 |
| Regionalcare Hospital Partners Holdings Inc / Lifepoint Health | 0.37% | 0.01 | $5,018,168.46 | 4,550,000 | Corporate Securities | Healthcare | United States | 9.75% | Caa1 | 01-Dec-2026 | 3.31 |
| Tenet Healthcare | 0.37% | N/A | $5,000,328.41 | 4,450,000 | Corporate Securities | Healthcare | United States | 8.13% | Caa1 | 01-Apr-2022 | 2.26 |
| Cirsa Finance International Sarl | 0.37% | -0.03 | $4,998,443.73 | 4,603,000 | Corporate Securities | Gaming | Spain | 7.88% | B2 | 20-Dec-2023 | 0.68 |
| CCO Holdings LLC / CCO Holdings Capital | 0.36% | 0.00 | $4,987,952.45 | 4,680,000 | Corporate Securities | Cable Operators | United States | 5.13% | B1 | 01-May-2027 | 3.98 |
| Navient | 0.36% | -0.00 | $4,986,140.81 | 4,785,000 | Corporate Securities | Financial | United States | 6.13% | Ba3 | 25-Mar-2024 | 3.89 |
| Bombardier | 0.36% | 0.00 | $4,879,164.48 | 4,370,000 | Corporate Securities | Aerospace & Defense | Canada | 8.75% | Caa1 | 01-Dec-2021 | 1.93 |
| Consolidated Energy Finance | 0.36% | -0.03 | $4,867,347.92 | 4,760,000 | Corporate Securities | Chemicals | Switzerland | 6.88% | B1 | 15-Jun-2025 | 3.16 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital | 0.35% | 0.10 | $4,848,532.93 | 4,610,000 | Corporate Securities | Gaming | United States | 5.25% | B1 | 15-May-2027 | 5.96 |
| Avantor | 0.35% | -0.09 | $4,806,108.50 | 91,895 | Process Industries | Healthcare | United States | 6.25% | NR | 15-May-2022 | 2.39 |
| Minerva Luxembourg | 0.35% | -0.01 | $4,779,248.25 | 4,590,000 | Corporate Securities | Food | Brazil | 6.50% | NR | 20-Sep-2026 | 4.21 |
| Ubs | 0.35% | N/A | $4,763,961.10 | 4,490,000 | Corporate Securities | Banking | Switzerland | 7.13% | Ba1 | 10-Aug-2168 | 1.75 |
| Eagle Holding Co II | 0.34% | 0.00 | $4,608,842.16 | 4,435,000 | Corporate Securities | Healthcare | United States | 7.75% | Caa1 | 15-May-2022 | 0.58 |
| Prestige Brands | 0.33% | -0.01 | $4,494,988.21 | 4,285,000 | Corporate Securities | Consumer Products | United States | 6.38% | Caa1 | 01-Mar-2024 | 0.41 |
| Parsley Energy LLC / Parsley Finance | 0.33% | -0.00 | $4,483,634.21 | 4,210,000 | Corporate Securities | Energy | United States | 5.63% | B1 | 15-Oct-2027 | 4.97 |
| Kraton Polymers LLC / Kraton Polymers Capital | 0.33% | 0.00 | $4,478,151.47 | 4,220,000 | Corporate Securities | Chemicals | United States | 7.00% | B3 | 15-Apr-2025 | 2.28 |
| CCO Holdings LLC / CCO Holdings Capital | 0.33% | 0.00 | $4,476,367.74 | 4,175,000 | Corporate Securities | Cable Operators | United States | 5.50% | B1 | 01-May-2026 | 1.47 |
| Springleaf Finance | 0.33% | -0.00 | $4,454,099.01 | 4,005,000 | Corporate Securities | Financial | United States | 6.88% | Ba3 | 15-Mar-2025 | 4.56 |
| Freeport-McMoRan | 0.33% | 0.00 | $4,451,404.50 | 4,530,000 | Corporate Securities | Metals & Mining | United States | 5.40% | Ba1 | 14-Nov-2034 | 9.91 |
| Joseph T Ryerson & Son | 0.32% | 0.00 | $4,380,000.00 | 4,000,000 | Corporate Securities | Metals & Mining | United States | 11.00% | Caa1 | 15-May-2022 | 0.08 |
| GFL Environmental | 0.32% | 0.04 | $4,379,494.18 | 3,820,000 | Corporate Securities | Services | Canada | 8.50% | Caa2 | 01-May-2027 | 2.25 |
| Cosan Luxembourg | 0.32% | -0.01 | $4,325,168.14 | 3,910,000 | Corporate Securities | Food | Brazil | 7.00% | Ba2 | 20-Jan-2027 | 2.10 |
| DISH DBS | 0.32% | 0.00 | $4,319,038.25 | 4,155,000 | Corporate Securities | Cable Operators | United States | 7.75% | B1 | 01-Jul-2026 | 5.11 |
| Avolon Holdings Funding | 0.31% | -0.01 | $4,298,453.54 | 3,995,000 | Corporate Securities | Financial | Ireland | 5.50% | Baa3 | 15-Jan-2023 | 2.91 |
| Yum Brands | 0.31% | 0.02 | $4,275,019.54 | 3,725,000 | Corporate Securities | Restaurants | United States | 6.88% | B1 | 15-Nov-2037 | 10.52 |
| DaVita | 0.31% | -0.00 | $4,268,647.91 | 4,155,000 | Corporate Securities | Healthcare | United States | 5.13% | Ba3 | 15-Jul-2024 | 2.55 |
| Sensata Technologies UK Financing | 0.31% | -0.01 | $4,259,460.94 | 3,975,000 | Corporate Securities | Manufacturing | United States | 6.25% | Ba3 | 15-Feb-2026 | 1.30 |
| Terraform Global Operating | 0.31% | -0.00 | $4,248,466.02 | 4,115,000 | Corporate Securities | Utilities | United States | 6.13% | Ba3 | 01-Mar-2026 | 3.04 |
| DaVita | 0.31% | 0.00 | $4,233,444.10 | 4,155,000 | Corporate Securities | Healthcare | United States | 5.00% | Ba3 | 01-May-2025 | 4.72 |
| International Game Technology | 0.31% | 0.07 | $4,232,315.53 | 3,760,000 | Corporate Securities | Gaming | Italy | 6.25% | Ba2 | 15-Jan-2027 | 5.51 |
| Dcp Midstream Operating | 0.31% | -0.01 | $4,231,803.13 | 4,010,000 | Corporate Securities | Energy | United States | 6.75% | Ba2 | 15-Sep-2037 | 10.51 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.30% | N/A | $4,168,365.83 | 3,705,000 | Corporate Securities | Supermarkets | United States | 7.50% | B3 | 15-Mar-2026 | 2.24 |
| Apex Tool Group LLC / BC Mountain Finance | 0.30% | -0.01 | $4,156,718.75 | 4,625,000 | Corporate Securities | Manufacturing | United States | 9.00% | Caa1 | 15-Feb-2023 | 2.74 |
| Silversea Cruise Finance | 0.30% | -0.01 | $4,103,551.39 | 3,800,000 | Corporate Securities | Entertainment & Leisure | United States | 7.25% | Baa2 | 01-Feb-2025 | 0.33 |
| Marriott Ownership Resorts Inc / ILG | 0.30% | -0.00 | $4,095,552.07 | 3,770,000 | Corporate Securities | Lodging | United States | 6.50% | Ba3 | 15-Sep-2026 | 1.83 |
| Cheniere Corpus Christi Holdings | 0.30% | -0.01 | $4,086,900.10 | 3,505,000 | Corporate Securities | Energy | United States | 7.00% | Ba2 | 30-Jun-2024 | 4.03 |
| Carrizo Oil & Gas | 0.30% | 0.14 | $4,076,536.29 | 4,155,000 | Corporate Securities | Energy | United States | 6.25% | B2 | 15-Apr-2023 | 3.00 |
| Tesla | 0.30% | 0.00 | $4,055,362.80 | 4,470,000 | Corporate Securities | Automotive | United States | 5.30% | Caa1 | 15-Aug-2025 | 4.85 |
| Carrizo Oil & Gas | 0.29% | -0.01 | $4,020,602.69 | 4,025,000 | Corporate Securities | Energy | United States | 8.25% | B2 | 15-Jul-2025 | 4.44 |
| Cabot Financial Luxembourg | 0.29% | -0.01 | $3,938,022.71 | 2,970,000 | Corporate Securities | Financial | United Kingdom | 7.50% | B1 | 01-Oct-2023 | 0.02 |
| Avis Budget Car Rental LLC / Avis Budget Finance | 0.29% | 0.00 | $3,909,253.18 | 3,635,000 | Corporate Securities | Services | United States | 6.38% | B1 | 01-Apr-2024 | 0.08 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.28% | -0.01 | $3,897,841.15 | 3,750,000 | Corporate Securities | Energy | United States | 5.13% | Ba3 | 01-Feb-2025 | 3.02 |
| Cheniere Corpus Christi Holdings | 0.28% | -0.00 | $3,889,573.60 | 3,520,000 | Corporate Securities | Energy | United States | 5.13% | Ba2 | 30-Jun-2027 | 6.02 |
| Oci | 0.28% | 0.00 | $3,883,221.35 | 3,610,000 | Corporate Securities | Chemicals | Netherlands | 6.63% | B1 | 15-Apr-2023 | 0.51 |
| Fair Isaac | 0.28% | 0.01 | $3,881,259.38 | 3,570,000 | Corporate Securities | Services | United States | 5.25% | Ba2 | 15-May-2026 | 5.33 |
| HD Supply | 0.28% | 0.00 | $3,866,916.15 | 3,590,000 | Corporate Securities | Services | United States | 5.38% | Ba2 | 15-Oct-2026 | 1.88 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA | 0.28% | N/A | $3,862,768.75 | 3,775,000 | Corporate Securities | Container | Ireland | 5.25% | B3 | 15-Aug-2027 | 4.22 |
| Vistra Operations | 0.28% | -0.01 | $3,852,682.71 | 3,655,000 | Corporate Securities | Utilities | United States | 5.50% | Ba3 | 01-Sep-2026 | 3.49 |
| Danaher | 0.28% | 0.01 | $3,847,294.18 | 3,358 | Capital Equipment | Manufacturing | United States | 4.75% | NR | 15-Apr-2022 | 2.40 |
| Constellium | 0.28% | 0.00 | $3,822,429.69 | 3,635,000 | Corporate Securities | Metals & Mining | United States | 5.75% | B2 | 15-May-2024 | 0.08 |
| CSC Holdings | 0.28% | N/A | $3,815,859.38 | 3,645,000 | Corporate Securities | Cable Operators | United States | 5.75% | B3 | 15-Jan-2030 | 6.50 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.28% | -0.02 | $3,805,682.00 | 3,810,000 | Corporate Securities | Energy | United States | 5.50% | Ba3 | 15-Sep-2024 | 4.27 |
| Kraton Polymers LLC / Kraton Polymers Capital | 0.27% | -0.01 | $3,760,515.00 | 3,210,000 | Corporate Securities | Chemicals | United States | 5.25% | B3 | 15-May-2026 | 1.50 |
| Altice Luxembourg | 0.27% | 0.03 | $3,725,105.00 | 3,180,000 | Corporate Securities | Cable Operators | Luxembourg | 10.50% | Caa1 | 15-May-2027 | 2.22 |
| Gulfport Energy | 0.27% | -0.02 | $3,709,896.09 | 5,055,000 | Corporate Securities | Energy | United States | 6.38% | B1 | 15-May-2025 | 4.21 |
| DAE Funding | 0.27% | 0.00 | $3,661,220.31 | 3,455,000 | Corporate Securities | Financial | United Arab Emirates | 5.25% | NR | 15-Nov-2021 | 1.89 |
| DISH DBS | 0.27% | N/A | $3,642,526.19 | 3,590,000 | Corporate Securities | Cable Operators | United States | 5.88% | B1 | 15-Nov-2024 | 4.26 |
| Townsquare Media | 0.26% | 0.00 | $3,624,026.64 | 3,507,000 | Corporate Securities | Broadcasting | United States | 6.50% | B3 | 01-Apr-2023 | 1.40 |
| Mauser Packaging Solutions Holding | 0.26% | N/A | $3,618,563.96 | 3,135,000 | Corporate Securities | Container | United States | 4.75% | B2 | 15-Apr-2024 | 0.52 |
| Nextera Energy Operating Partners | 0.26% | 0.00 | $3,618,330.21 | 3,490,000 | Corporate Securities | Utilities | United States | 4.25% | Ba1 | 15-Sep-2024 | 4.30 |
| Avantor | 0.26% | 0.00 | $3,604,384.75 | 3,270,000 | Corporate Securities | Healthcare | United States | 6.00% | Ba2 | 01-Oct-2024 | 0.97 |
| Tempur Sealy International | 0.26% | 0.00 | $3,600,825.81 | 3,405,000 | Corporate Securities | Consumer Products | United States | 5.63% | B1 | 15-Oct-2023 | 0.08 |
| Univision Communications | 0.26% | 0.01 | $3,588,040.22 | 3,525,000 | Corporate Securities | Broadcasting | United States | 5.13% | B2 | 15-May-2023 | 3.20 |
| Credit Suisse | 0.26% | 0.00 | $3,583,663.86 | 3,170,000 | Corporate Securities | Banking | Switzerland | 7.50% | NR | 11-Jun-2168 | 3.55 |
| Lions Gate Capital Holdings | 0.26% | -0.00 | $3,575,280.52 | 3,350,000 | Corporate Securities | Broadcasting | United States | 6.38% | B2 | 01-Feb-2024 | 1.26 |
| Connect Finco SARL / Connect US Finco | 0.26% | N/A | $3,574,375.00 | 3,500,000 | Corporate Securities | Satellites | United Kingdom | 6.75% | B1 | 01-Oct-2026 | 4.19 |
| Yum Brands | 0.26% | 0.02 | $3,570,090.01 | 3,635,000 | Corporate Securities | Restaurants | United States | 5.35% | B1 | 01-Nov-2043 | 12.99 |
| Credit Suisse | 0.26% | -0.01 | $3,549,639.95 | 3,290,000 | Corporate Securities | Banking | Switzerland | 7.13% | Ba2 | 29-Jul-2168 | 2.53 |
| DAE Funding | 0.26% | -0.00 | $3,540,763.89 | 3,350,000 | Corporate Securities | Financial | United Arab Emirates | 5.00% | Ba2 | 01-Aug-2024 | 0.80 |
| American Builders & Contractors Supply | 0.26% | 0.00 | $3,539,822.62 | 3,295,000 | Corporate Securities | Building Products | United States | 5.88% | B3 | 15-May-2026 | 1.50 |
| Springleaf Finance | 0.26% | -0.01 | $3,507,474.62 | 3,235,000 | Corporate Securities | Financial | United States | 6.13% | Ba3 | 15-Mar-2024 | 3.51 |
| Scientific Games International | 0.26% | 0.00 | $3,502,280.73 | 3,262,000 | Corporate Securities | Gaming | United States | 10.00% | Caa1 | 01-Dec-2022 | 0.16 |
| Diamond Sports Group Llc / Diamond Sports Finance | 0.26% | N/A | $3,497,509.92 | 3,335,000 | Corporate Securities | Broadcasting | United States | 6.63% | B2 | 15-Aug-2027 | 4.09 |
| Cedar Fair LP / Canada s Wonderland Co / Magnum Management Corp / Millennium Op | 0.25% | 0.01 | $3,482,134.32 | 3,165,000 | Corporate Securities | Entertainment & Leisure | United States | 5.38% | B1 | 15-Apr-2027 | 2.31 |
| Ford Motor Credit | 0.25% | -0.01 | $3,481,979.99 | 3,338,000 | Corporate Securities | Automotive | United States | 5.75% | Ba1 | 01-Feb-2021 | 1.27 |
| TransMontaigne Partners LP / TLP Finance | 0.25% | -0.01 | $3,476,610.28 | 3,565,000 | Corporate Securities | Energy | United States | 6.13% | B3 | 15-Feb-2026 | 5.13 |
| New Gold | 0.25% | 0.03 | $3,471,868.59 | 3,615,000 | Corporate Securities | Metals & Mining | Canada | 6.38% | Caa1 | 15-May-2025 | 4.48 |
| HUB International | 0.25% | 0.05 | $3,467,568.61 | 3,290,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 01-May-2026 | 3.05 |
| Bausch Health | 0.25% | 0.01 | $3,466,150.29 | 3,110,000 | Corporate Securities | Healthcare | United States | 7.25% | B3 | 30-May-2029 | 5.19 |
| DNB Bank | 0.25% | -0.00 | $3,464,567.14 | 3,200,000 | Corporate Securities | Banking | Norway | 6.50% | Baa3 | 26-Mar-2168 | 2.26 |
| TEGNA | 0.25% | N/A | $3,459,141.89 | 3,410,000 | Corporate Securities | Broadcasting | United States | 5.00% | Ba3 | 15-Sep-2029 | 6.49 |
| Big River Steel LLC / BRS Finance | 0.25% | 0.05 | $3,438,043.19 | 3,220,000 | Corporate Securities | Metals & Mining | United States | 7.25% | B3 | 01-Sep-2025 | 0.88 |
| Royal Bank Of Scotland | 0.25% | -0.01 | $3,380,898.00 | 3,155,000 | Corporate Securities | Banking | United Kingdom | 8.63% | Ba2 | 30-Sep-2168 | 1.71 |
| Prime Security Services Borrower LLC / Prime Finance | 0.24% | 0.00 | $3,349,417.44 | 3,082,000 | Corporate Securities | Services | United States | 9.25% | B3 | 15-May-2023 | 0.08 |
| Netflix | 0.24% | -0.00 | $3,348,166.73 | 3,140,000 | Corporate Securities | Cable Operators | United States | 5.38% | Ba3 | 15-Nov-2029 | 7.63 |
| Tempur Sealy International | 0.24% | 0.00 | $3,328,732.56 | 3,135,000 | Corporate Securities | Consumer Products | United States | 5.50% | B1 | 15-Jun-2026 | 1.59 |
| Change Healthcare Holdings LLC / Change Healthcare Finance | 0.24% | -0.00 | $3,313,019.70 | 3,240,000 | Corporate Securities | Healthcare | United States | 5.75% | Caa1 | 01-Mar-2025 | 2.22 |
| Cheniere Energy Partners | 0.24% | N/A | $3,307,624.15 | 3,215,000 | Corporate Securities | Energy | United States | 4.50% | Ba2 | 01-Oct-2029 | 6.66 |
| Zekelman Industries | 0.24% | -0.16 | $3,304,773.29 | 3,051,000 | Corporate Securities | Metals & Mining | United States | 9.88% | B3 | 15-Jun-2023 | 0.08 |
| Avolon Holdings Funding | 0.24% | 0.00 | $3,300,060.47 | 3,035,000 | Corporate Securities | Financial | Ireland | 5.13% | Baa3 | 01-Oct-2023 | 3.47 |
| Dcp Midstream | 0.24% | -0.00 | $3,294,498.20 | 3,360,000 | Corporate Securities | Energy | United States | 7.38% | B1 | 15-Jun-2168 | 2.73 |
| Iceland Bondco | 0.24% | -0.03 | $3,285,471.84 | 3,095,000 | Corporate Securities | Supermarkets | United Kingdom | 4.63% | B2 | 15-Mar-2025 | 4.51 |
| Ascend Learning | 0.24% | -0.00 | $3,285,210.51 | 3,125,000 | Corporate Securities | Services | United States | 6.88% | Caa2 | 01-Aug-2025 | 2.53 |
| Navient | 0.24% | 0.04 | $3,232,863.87 | 2,965,000 | Corporate Securities | Financial | United States | 7.25% | Ba3 | 25-Sep-2023 | 3.46 |
| Radiate Holdco LLC / Radiate Finance | 0.23% | 0.00 | $3,200,205.47 | 3,085,000 | Corporate Securities | Cable Operators | United States | 6.88% | NR | 15-Feb-2023 | 2.15 |
| Berry Petroleum | 0.23% | -0.01 | $3,193,456.25 | 3,305,000 | Corporate Securities | Energy | United States | 7.00% | B3 | 15-Feb-2026 | 4.97 |
| Ziggo Bond Co BV | 0.23% | 0.00 | $3,169,833.55 | 2,990,000 | Corporate Securities | Cable Operators | Netherlands | 6.00% | B3 | 15-Jan-2027 | 4.46 |
| Sigma Holdco BV | 0.23% | 0.02 | $3,144,401.31 | 3,050,000 | Corporate Securities | Food | Netherlands | 7.88% | B3 | 15-May-2026 | 3.01 |
| American Electric Power | 0.23% | -0.09 | $3,122,353.50 | 56,350 | Process Industries | Utilities | United States | 6.13% | Baa2 | 15-Mar-2022 | 2.26 |
| Altice France SA/France | 0.23% | 0.01 | $3,114,117.00 | 2,780,000 | Corporate Securities | Cable Operators | France | 8.13% | B2 | 01-Feb-2027 | 2.50 |
| FMG Resources August 2006 Pty | 0.23% | 0.00 | $3,112,148.03 | 2,940,000 | Corporate Securities | Metals & Mining | Australia | 5.13% | Ba1 | 15-May-2024 | 3.83 |
| ASR Media & Sponsorship | 0.23% | N/A | $3,099,639.42 | 2,680,000 | Corporate Securities | Entertainment & Leisure | Italy | 5.13% | NR | 01-Aug-2024 | 1.70 |
| Dcp Midstream Operating | 0.22% | 0.00 | $3,061,394.10 | 2,425,000 | Corporate Securities | Energy | United States | 8.13% | Ba2 | 16-Aug-2030 | 7.58 |
| Aleris International | 0.22% | 0.03 | $3,058,078.65 | 2,845,000 | Corporate Securities | Metals & Mining | United States | 10.75% | Caa2 | 15-Jul-2023 | 0.73 |
| Chesapeake Energy | 0.22% | N/A | $3,055,228.50 | 4,275,000 | Corporate Securities | Energy | United States | 8.00% | B2 | 15-Jun-2027 | 4.90 |
| Sprint Communications | 0.22% | 0.00 | $3,052,216.06 | 2,535,000 | Corporate Securities | Wireless Communications | United States | 11.50% | B3 | 15-Nov-2021 | 1.85 |
| NextEra Energy | 0.22% | N/A | $3,029,871.57 | 13,011 | Utilities | Electric Utilities | United States | N/A | N/A | N/A | N/A |
| Ford Motor Credit | 0.22% | -0.01 | $3,007,919.88 | 2,900,000 | Corporate Securities | Automotive | United States | 5.09% | Ba1 | 07-Jan-2021 | 1.21 |
| CCO Holdings LLC / CCO Holdings Capital | 0.22% | 0.01 | $2,991,177.35 | 2,755,000 | Corporate Securities | Cable Operators | United States | 5.38% | B1 | 01-Jun-2029 | 4.04 |
| Southern | 0.22% | N/A | $2,980,638.38 | 55,583 | Process Industries | Utilities | United States | 6.75% | Baa3 | 01-Aug-2022 | 2.55 |
| Archrock Partners LP / Archrock Partners Finance | 0.22% | 0.00 | $2,973,428.75 | 2,850,000 | Corporate Securities | Energy | United States | 6.00% | B3 | 01-Oct-2022 | 0.49 |
| CSC Holdings | 0.22% | 0.00 | $2,972,062.50 | 2,620,000 | Corporate Securities | Cable Operators | United States | 7.50% | B3 | 01-Apr-2028 | 3.09 |
| Sempra Energy | 0.22% | 0.01 | $2,961,533.52 | 25,068 | Process Industries | Utilities | United States | 6.00% | NR | 15-Jan-2021 | 1.27 |
| Sprint Capital | 0.22% | 0.01 | $2,959,502.00 | 2,400,000 | Corporate Securities | Wireless Communications | United States | 8.75% | B3 | 15-Mar-2032 | 8.03 |
| Clear Channel Worldwide Holdings | 0.22% | N/A | $2,947,387.53 | 2,810,000 | Corporate Securities | Broadcasting | United States | 5.13% | B1 | 15-Aug-2027 | 4.27 |
| CSI Compressco LP / CSI Compressco Finance | 0.21% | 0.00 | $2,913,531.25 | 2,850,000 | Corporate Securities | Energy | United States | 7.50% | B1 | 01-Apr-2025 | 4.42 |
| Acrisure LLC / Acrisure Finance | 0.21% | 0.00 | $2,903,575.78 | 2,685,000 | Corporate Securities | Financial | United States | 8.13% | B2 | 15-Feb-2024 | 1.28 |
| HCA | 0.21% | -0.00 | $2,892,778.15 | 2,565,000 | Corporate Securities | Healthcare | United States | 5.88% | Ba2 | 15-Feb-2026 | 4.98 |
| AES Corp/VA | 0.21% | -0.00 | $2,886,660.38 | 2,700,000 | Corporate Securities | Utilities | United States | 5.13% | Ba1 | 01-Sep-2027 | 2.69 |
| Qorvo | 0.21% | -0.00 | $2,883,825.00 | 2,700,000 | Corporate Securities | Information Technology | United States | 5.50% | Ba1 | 15-Jul-2026 | 1.68 |
| Prime Security Services Borrower LLC / Prime Finance | 0.21% | -0.00 | $2,879,891.91 | 2,785,000 | Corporate Securities | Services | United States | 5.25% | Ba3 | 15-Apr-2024 | 3.98 |
| Vistra Energy | 0.21% | -0.01 | $2,879,192.71 | 2,645,000 | Corporate Securities | Utilities | United States | 8.13% | Ba3 | 30-Jan-2026 | 0.79 |
| MGM Resorts International | 0.21% | -0.00 | $2,872,506.00 | 2,600,000 | Corporate Securities | Gaming | United States | 6.00% | Ba3 | 15-Mar-2023 | 3.13 |
| NiSource | 0.21% | 0.00 | $2,858,027.65 | 2,800,000 | Corporate Securities | Utilities | United States | 5.65% | NR | 15-Jun-2168 | 3.25 |
| Boyd Gaming | 0.21% | -0.00 | $2,855,620.40 | 2,680,000 | Corporate Securities | Gaming | United States | 6.00% | B3 | 15-Aug-2026 | 1.75 |
| Amwins | 0.21% | 0.00 | $2,839,344.48 | 2,595,000 | Corporate Securities | Financial | United States | 7.75% | Caa1 | 01-Jul-2026 | 3.90 |
| Neon Holdings | 0.21% | 0.01 | $2,836,528.75 | 2,680,000 | Corporate Securities | Chemicals | United States | 10.13% | B3 | 01-Apr-2026 | 3.55 |
| Acrisure LLC / Acrisure Finance | 0.21% | 0.01 | $2,835,281.25 | 2,965,000 | Corporate Securities | Financial | United States | 7.00% | Caa2 | 15-Nov-2025 | 4.71 |
| Avon International Operations | 0.21% | -0.01 | $2,821,707.03 | 2,675,000 | Corporate Securities | Consumer Products | Brazil | 7.88% | Ba1 | 15-Aug-2022 | 0.83 |
| Hudbay Minerals | 0.20% | -0.00 | $2,791,707.68 | 2,660,000 | Corporate Securities | Metals & Mining | Canada | 7.25% | B3 | 15-Jan-2023 | 0.75 |
| Kosmos Energy | 0.20% | 0.01 | $2,790,688.63 | 2,620,000 | Corporate Securities | Energy | United States | 7.13% | B2 | 04-Apr-2026 | 3.69 |
| Element Solutions | 0.20% | 0.00 | $2,785,505.76 | 2,620,000 | Corporate Securities | Chemicals | United States | 5.88% | B2 | 01-Dec-2025 | 1.10 |
| Level 3 Financing | 0.20% | N/A | $2,782,222.74 | 2,750,000 | Corporate Securities | Other Telecommunications | United States | 4.63% | Ba3 | 15-Sep-2027 | 4.38 |
| NextEra Energy | 0.20% | N/A | $2,771,316.00 | 55,200 | Process Industries | Utilities | United States | 4.87% | NR | 01-Sep-2022 | 2.68 |
| UPCB Finance IV | 0.20% | -0.00 | $2,757,038.90 | 2,640,000 | Corporate Securities | Cable Operators | Netherlands | 5.38% | Ba3 | 15-Jan-2025 | 0.28 |
| Telesat Canada / Telesat | 0.20% | N/A | $2,752,337.50 | 2,705,000 | Corporate Securities | Satellites | Canada | 6.50% | B3 | 15-Oct-2027 | 4.24 |
| Nexstar Broadcasting | 0.20% | -0.00 | $2,751,510.94 | 2,610,000 | Corporate Securities | Broadcasting | United States | 5.63% | B3 | 01-Aug-2024 | 0.03 |
| United Airlines Holdings | 0.20% | N/A | $2,748,561.02 | 2,565,000 | Corporate Securities | Airlines | United States | 4.88% | Ba3 | 15-Jan-2025 | 4.57 |
| Altice France SA/France | 0.20% | N/A | $2,746,814.79 | 2,705,000 | Corporate Securities | Cable Operators | France | 5.50% | B2 | 15-Jan-2028 | 4.29 |
| Eskom Holdings SOC | 0.20% | -0.01 | $2,740,676.68 | 2,635,000 | Corporate Securities | Utilities | South Africa | 6.75% | B3 | 06-Aug-2023 | 3.32 |
| Ineos Group Holdings | 0.20% | -0.01 | $2,685,937.33 | 2,380,000 | Corporate Securities | Chemicals | United Kingdom | 5.38% | B1 | 01-Aug-2024 | 0.02 |
| Endeavor Energy Resources LP / EER Finance | 0.20% | -0.01 | $2,667,708.33 | 2,500,000 | Corporate Securities | Energy | United States | 5.75% | B1 | 30-Jan-2028 | 2.99 |
| Eldorado Resorts | 0.19% | -0.00 | $2,659,180.65 | 2,415,000 | Corporate Securities | Gaming | United States | 6.00% | B2 | 15-Sep-2026 | 1.84 |
| Standard Chartered | 0.19% | 0.00 | $2,656,656.20 | 2,425,000 | Corporate Securities | Banking | United Kingdom | 7.50% | Ba1 | 02-Apr-2168 | 2.27 |
| B&G Foods | 0.19% | N/A | $2,653,619.03 | 2,590,000 | Corporate Securities | Food | United States | 5.25% | B2 | 15-Sep-2027 | 4.67 |
| Post Holdings | 0.19% | 0.00 | $2,647,256.46 | 2,470,000 | Corporate Securities | Food | United States | 5.63% | B2 | 15-Jan-2028 | 2.85 |
| Uber Technologies | 0.19% | N/A | $2,642,218.34 | 2,645,000 | Corporate Securities | Information Technology | United States | 7.50% | B3 | 15-Sep-2027 | 5.88 |
| Banco Santander | 0.19% | -0.01 | $2,639,650.41 | 2,200,000 | Corporate Securities | Banking | Spain | 6.75% | Ba1 | 25-Jul-2168 | 2.29 |
| Level 3 Financing | 0.19% | -0.00 | $2,638,440.33 | 2,535,000 | Corporate Securities | Other Telecommunications | United States | 5.38% | Ba3 | 01-May-2025 | 0.56 |
| FMG Resources August 2006 Pty | 0.19% | -0.00 | $2,622,029.80 | 2,530,000 | Corporate Securities | Metals & Mining | Australia | 5.13% | Ba1 | 15-Mar-2023 | 2.93 |
| Credit Agricole | 0.19% | -0.01 | $2,611,068.88 | 2,210,000 | Corporate Securities | Banking | France | 6.50% | NR | 23-Jun-2168 | 1.62 |
| eG Global Finance | 0.19% | -0.00 | $2,598,785.44 | 2,597,000 | Corporate Securities | Services | United Kingdom | 6.75% | B2 | 07-Feb-2025 | 4.29 |
| United Rentals North America | 0.19% | 0.00 | $2,598,056.77 | 2,345,000 | Corporate Securities | Services | United States | 6.50% | Ba3 | 15-Dec-2026 | 2.02 |
| Pinnacle Bidco | 0.19% | -0.01 | $2,582,826.19 | 1,950,000 | Corporate Securities | Entertainment & Leisure | United Kingdom | 6.38% | B2 | 15-Feb-2025 | 1.30 |
| GTCR AP Finance | 0.19% | 0.01 | $2,560,225.56 | 2,420,000 | Corporate Securities | Financial | United States | 8.00% | Caa2 | 15-May-2027 | 3.72 |
| CDW LLC / CDW Finance | 0.19% | N/A | $2,556,018.06 | 2,500,000 | Corporate Securities | Services | United States | 4.25% | Ba2 | 01-Apr-2028 | 4.47 |
| Nextera Energy Operating Partners | 0.19% | 0.01 | $2,545,350.08 | 2,430,000 | Corporate Securities | Utilities | United States | 4.25% | Ba1 | 15-Jul-2024 | 4.07 |
| Virgin Media Secured Finance | 0.18% | -0.00 | $2,527,448.90 | 2,390,000 | Corporate Securities | Cable Operators | United Kingdom | 5.50% | Ba3 | 15-Aug-2026 | 1.76 |
| GCI | 0.18% | 0.01 | $2,526,502.09 | 2,300,000 | Corporate Securities | Cable Operators | United States | 6.63% | B3 | 15-Jun-2024 | 1.58 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.18% | -0.01 | $2,519,977.66 | 2,265,000 | Corporate Securities | Energy | United States | 6.88% | Ba3 | 15-Jan-2029 | 3.67 |
| Harsco | 0.18% | 0.10 | $2,494,064.68 | 2,370,000 | Corporate Securities | Services | United States | 5.75% | Ba2 | 31-Jul-2027 | 4.14 |
| Energizer Gamma Acquisition BV | 0.18% | -0.01 | $2,483,703.50 | 2,130,000 | Corporate Securities | Consumer Products | United States | 4.63% | B2 | 15-Jul-2026 | 1.68 |
| Allied Universal Holdco LLC / Allied Universal Finance | 0.18% | N/A | $2,475,775.53 | 2,305,000 | Corporate Securities | Services | United States | 6.63% | B3 | 15-Jul-2026 | 4.03 |
| Sirius XM Radio | 0.18% | 0.00 | $2,470,266.79 | 2,355,000 | Corporate Securities | Broadcasting | United States | 4.63% | Ba3 | 15-Jul-2024 | 3.42 |
| Nexstar Broadcasting | 0.18% | N/A | $2,449,635.13 | 2,300,000 | Corporate Securities | Broadcasting | United States | 5.63% | B3 | 15-Jul-2027 | 4.86 |
| Barclays | 0.18% | -0.01 | $2,448,405.68 | 1,860,000 | Corporate Securities | Banking | United Kingdom | 7.88% | Ba3 | 15-Dec-2167 | 2.59 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons | 0.18% | N/A | $2,448,396.44 | 2,290,000 | Corporate Securities | Supermarkets | United States | 5.88% | B3 | 15-Feb-2028 | 4.92 |
| C&W Senior Financing DAC | 0.18% | -0.00 | $2,403,872.21 | 2,280,000 | Corporate Securities | Cable Operators | Panama | 6.88% | B2 | 15-Sep-2027 | 4.79 |
| USA Compression Partners LP / USA Compression Finance | 0.18% | -0.00 | $2,403,832.21 | 2,225,000 | Corporate Securities | Energy | United States | 6.88% | B3 | 01-Apr-2026 | 3.84 |
| NFP | 0.17% | -0.11 | $2,391,204.43 | 2,375,000 | Corporate Securities | Financial | United States | 6.88% | Caa2 | 15-Jul-2025 | 4.63 |
| Virgin Media Secured Finance | 0.17% | -0.00 | $2,350,450.85 | 2,260,000 | Corporate Securities | Cable Operators | United Kingdom | 5.25% | Ba3 | 15-Jan-2026 | 1.22 |
| PGT Escrow Issuer | 0.17% | -0.00 | $2,334,966.56 | 2,145,000 | Corporate Securities | Building Products | United States | 6.75% | B2 | 01-Aug-2026 | 1.70 |
| Erste Group Bank | 0.17% | -0.01 | $2,327,980.25 | 1,800,000 | Corporate Securities | Banking | Austria | 6.50% | Ba1 | 15-Oct-2167 | 3.84 |
| Wynn Macau | 0.17% | -0.05 | $2,323,062.50 | 2,250,000 | Corporate Securities | Gaming | Macau | 5.50% | B1 | 01-Oct-2027 | 5.06 |
| Archrock Partners LP / Archrock Partners Finance | 0.17% | 0.00 | $2,316,123.28 | 2,115,000 | Corporate Securities | Energy | United States | 6.88% | B2 | 01-Apr-2027 | 4.57 |
| Nustar Logistics | 0.17% | 0.01 | $2,303,796.43 | 2,085,000 | Corporate Securities | Energy | United States | 6.00% | Ba2 | 01-Jun-2026 | 5.24 |
| Performance Food | 0.17% | N/A | $2,302,179.10 | 2,190,000 | Corporate Securities | Services | United States | 5.50% | B1 | 15-Oct-2027 | 4.38 |
| Citgo Holding | 0.17% | N/A | $2,295,415.21 | 2,130,000 | Corporate Securities | Energy | United States | 9.25% | Caa1 | 01-Aug-2024 | 3.17 |
| GTT Communications | 0.17% | -0.12 | $2,271,039.06 | 3,835,000 | Corporate Securities | Other Telecommunications | United States | 7.88% | Caa1 | 31-Dec-2024 | 3.53 |
| Cheniere Corpus Christi Holdings | 0.16% | -0.00 | $2,241,844.11 | 1,985,000 | Corporate Securities | Energy | United States | 5.88% | Ba2 | 31-Mar-2025 | 4.31 |
| HCA | 0.16% | 0.00 | $2,234,210.81 | 1,960,000 | Corporate Securities | Healthcare | United States | 5.88% | Ba2 | 01-Feb-2029 | 6.93 |
| Welbilt | 0.16% | -0.00 | $2,230,959.38 | 2,055,000 | Corporate Securities | Manufacturing | United States | 9.50% | Caa1 | 15-Feb-2024 | 0.08 |
| Taylor Morrison Communities Inc / Taylor Morrison Holdings Ii | 0.16% | 0.00 | $2,204,823.44 | 2,010,000 | Corporate Securities | Building & Real Estate | United States | 5.88% | Ba3 | 15-Apr-2023 | 2.92 |
| Gogo Intermediate Holdings LLC / Gogo Finance | 0.16% | 0.01 | $2,188,423.02 | 1,960,000 | Corporate Securities | Satellites | United States | 9.88% | B3 | 01-May-2024 | 2.89 |
| Novelis | 0.16% | 0.03 | $2,184,723.54 | 2,065,000 | Corporate Securities | Metals & Mining | United States | 6.25% | B2 | 15-Aug-2024 | 0.08 |
| Hertz | 0.16% | N/A | $2,177,999.67 | 2,120,000 | Corporate Securities | Services | United States | 5.50% | B3 | 15-Oct-2024 | 2.69 |
| Edison International | 0.16% | 0.00 | $2,171,527.35 | 2,190,000 | Corporate Securities | Utilities | United States | 2.40% | Baa3 | 15-Sep-2022 | 2.82 |
| F-Brasile SpA / F-Brasile US | 0.16% | N/A | $2,147,836.51 | 2,035,000 | Corporate Securities | Aerospace & Defense | Italy | 7.38% | B2 | 15-Aug-2026 | 4.02 |
| VTR Finance BV | 0.16% | -0.00 | $2,133,748.74 | 2,045,000 | Corporate Securities | Cable Operators | Chile | 6.88% | B1 | 15-Jan-2024 | 0.28 |
| DPL | 0.15% | 0.00 | $2,113,524.09 | 1,904,000 | Corporate Securities | Utilities | United States | 7.25% | Ba1 | 15-Oct-2021 | 1.63 |
| MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer | 0.15% | 0.00 | $2,111,872.55 | 1,870,000 | Corporate Securities | Gaming | United States | 5.75% | B1 | 01-Feb-2027 | 5.83 |
| Liberty Broadband | 0.15% | 0.00 | $2,105,621.80 | 20,260 | Consumer Services | Cable Operators | United States | N/A | N/A | N/A | N/A |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA | 0.15% | N/A | $2,105,000.00 | 2,000,000 | Corporate Securities | Container | Ireland | 6.00% | B3 | 15-Feb-2025 | 3.02 |
| Inter Media & Communication | 0.15% | -0.01 | $2,094,701.26 | 1,835,938 | Corporate High Yield | Broadcasting | Italy | 4.88% | NR | 31-Dec-2022 | 0.24 |
| ViaSat | 0.15% | 0.00 | $2,081,688.78 | 1,915,000 | Corporate Securities | Satellites | United States | 5.63% | B1 | 15-Apr-2027 | 3.89 |
| Transocean Guardian | 0.15% | -0.01 | $2,081,057.46 | 2,024,750 | Corporate Securities | Energy | Switzerland | 5.88% | B1 | 15-Jan-2024 | 2.79 |
| VTR Finance BV | 0.15% | -0.00 | $2,069,248.17 | 1,979,000 | Corporate Securities | Cable Operators | Chile | 6.88% | B1 | 15-Jan-2024 | 0.28 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital | 0.15% | N/A | $2,050,455.13 | 1,965,000 | Corporate Securities | Gaming | United States | 5.13% | B1 | 01-Oct-2029 | 7.65 |
| Endeavor Energy Resources LP / EER Finance | 0.15% | -0.00 | $2,035,371.68 | 1,935,000 | Corporate Securities | Energy | United States | 5.50% | B1 | 30-Jan-2026 | 3.80 |
| Sirius XM Radio | 0.15% | -0.00 | $2,032,397.49 | 1,945,000 | Corporate Securities | Broadcasting | United States | 5.00% | Ba3 | 01-Aug-2027 | 4.99 |
| Sirius XM Radio | 0.15% | -0.00 | $2,030,536.12 | 1,910,000 | Corporate Securities | Broadcasting | United States | 5.38% | Ba3 | 15-Jul-2026 | 1.68 |
| Weekley Homes LLC / Weekley Finance | 0.15% | -0.00 | $2,021,496.09 | 1,995,000 | Corporate Securities | Building & Real Estate | United States | 6.63% | B3 | 15-Aug-2025 | 3.34 |
| Caesars Resort Collection LLC / CRC Finco | 0.15% | -0.25 | $2,015,339.78 | 1,930,000 | Corporate Securities | Gaming | United States | 5.25% | B3 | 15-Oct-2025 | 2.72 |
| MPT Operating Partnership LP / MPT Finance | 0.15% | -0.00 | $2,003,560.29 | 1,900,000 | Corporate Securities | Healthcare | United States | 6.38% | Ba1 | 01-Mar-2024 | 0.41 |
| Outfront Media Capital LLC / Outfront Media Capital | 0.15% | 0.00 | $1,998,407.30 | 1,875,000 | Corporate Securities | Broadcasting | United States | 5.00% | B1 | 15-Aug-2027 | 4.25 |
| Netflix | 0.14% | -0.01 | $1,977,013.31 | 1,680,000 | Corporate Securities | Cable Operators | United States | 3.88% | Ba3 | 15-Nov-2029 | 8.14 |
| FAGE International SA / FAGE USA Dairy Industry | 0.14% | -0.19 | $1,973,445.47 | 2,175,000 | Corporate Securities | Food | United States | 5.63% | B1 | 15-Aug-2026 | 5.47 |
| Vine Oil & Gas LP / Vine Oil & Gas Finance | 0.14% | 0.00 | $1,964,954.69 | 3,745,000 | Corporate Securities | Energy | United States | 9.75% | Caa1 | 15-Apr-2023 | 2.18 |
| Harland Clarke Holdings | 0.14% | -0.14 | $1,952,467.19 | 2,330,000 | Corporate Securities | Publishing | United States | 8.38% | B2 | 15-Aug-2022 | 2.36 |
| Churchill downs | 0.14% | 0.00 | $1,945,041.12 | 1,785,000 | Corporate Securities | Gaming | United States | 5.50% | Ba3 | 01-Apr-2027 | 2.32 |
| Virgin Media Secured Finance | 0.14% | 0.00 | $1,894,829.82 | 1,405,000 | Corporate Securities | Cable Operators | United Kingdom | 5.25% | Ba3 | 15-May-2029 | 4.79 |
| Go Daddy Operating Co LLC / GD Finance | 0.14% | 0.00 | $1,878,739.20 | 1,755,000 | Corporate Securities | Information Technology | United States | 5.25% | B1 | 01-Dec-2027 | 2.43 |
| Consolidated Energy Finance | 0.14% | -0.00 | $1,873,506.25 | 1,870,000 | Corporate Securities | Chemicals | Switzerland | 6.50% | B1 | 15-May-2026 | 5.17 |
| VICI Properties 1 LLC / VICI FC | 0.14% | 0.00 | $1,854,921.35 | 1,642,281 | Corporate Securities | Gaming | United States | 8.00% | B1 | 15-Oct-2023 | 0.97 |
| iHeartMedia, Inc. | 0.14% | N/A | $1,854,737.25 | 130,157 | Consumer Services | Media & Communications | United States | N/A | N/A | N/A | N/A |
| Ryman Hospitality Properties | 0.13% | N/A | $1,819,417.40 | 1,765,000 | Corporate Securities | Lodging | United States | 4.75% | B1 | 15-Oct-2027 | 5.21 |
| Nustar Logistics | 0.13% | 0.01 | $1,806,013.15 | 1,670,000 | Corporate Securities | Energy | United States | 5.63% | Ba2 | 28-Apr-2027 | 5.87 |
| New Albertsons | 0.13% | 0.00 | $1,771,936.77 | 1,725,000 | Corporate Securities | Supermarkets | United States | 7.45% | NR | 01-Aug-2029 | 6.82 |
| Calpine | 0.13% | -0.00 | $1,759,473.79 | 1,700,000 | Corporate Securities | Utilities | United States | 5.88% | Ba2 | 15-Jan-2024 | 0.08 |
| Refinitiv US Holdings | 0.13% | 0.01 | $1,759,304.07 | 1,405,000 | Corporate Securities | Information Technology | United States | 6.88% | Caa2 | 15-Nov-2026 | 1.93 |
| Cit | 0.13% | -0.00 | $1,743,073.28 | 1,590,000 | Corporate Securities | Financial | United States | 5.25% | Ba1 | 07-Mar-2025 | 4.54 |
| LHC3 | 0.13% | -0.01 | $1,732,330.88 | 1,520,000 | Corporate Securities | Financial | Spain | 4.13% | Ba2 | 15-Aug-2024 | 0.85 |
| Cno Financial | 0.13% | 0.00 | $1,729,755.38 | 1,565,000 | Corporate Securities | Financial | United States | 5.25% | Baa3 | 30-May-2025 | 4.65 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance | 0.13% | -0.00 | $1,716,755.19 | 1,675,000 | Corporate Securities | Financial | United States | 5.88% | Ba3 | 01-Aug-2021 | 0.08 |
| Acrisure LLC / Acrisure Finance | 0.12% | N/A | $1,706,398.91 | 1,615,000 | Corporate Securities | Financial | United States | 10.13% | Caa2 | 01-Aug-2026 | 4.30 |
| Constellium | 0.12% | 0.02 | $1,699,256.25 | 133,275 | Basic Materials | Metals & Mining | Netherlands | N/A | N/A | N/A | N/A |
| Vistra Operations | 0.12% | -0.00 | $1,698,196.33 | 1,625,000 | Corporate Securities | Utilities | United States | 5.00% | Ba3 | 31-Jul-2027 | 4.21 |
| Cit | 0.12% | 0.00 | $1,697,713.80 | 1,440,000 | Corporate Securities | Financial | United States | 6.13% | Ba1 | 09-Mar-2028 | 6.72 |
| WPX Energy | 0.12% | N/A | $1,693,165.38 | 1,675,000 | Corporate Securities | Energy | United States | 5.25% | B1 | 15-Oct-2027 | 5.12 |
| Videotron | 0.12% | 0.00 | $1,691,811.55 | 1,560,000 | Corporate Securities | Cable Operators | Canada | 5.13% | Ba1 | 15-Apr-2027 | 2.32 |
| Park Aerospace Holdings | 0.12% | -0.00 | $1,686,467.74 | 1,585,000 | Corporate Securities | Financial | Ireland | 5.25% | Baa3 | 15-Aug-2022 | 2.57 |
| Post Holdings | 0.12% | 0.00 | $1,667,166.24 | 1,565,000 | Corporate Securities | Food | United States | 5.75% | B2 | 01-Mar-2027 | 2.23 |
| Post Holdings | 0.12% | -0.00 | $1,666,425.00 | 1,530,000 | Corporate Securities | Food | United States | 8.00% | B2 | 15-Jul-2025 | 0.75 |
| Post Holdings | 0.12% | -0.00 | $1,659,066.51 | 1,575,000 | Corporate Securities | Food | United States | 5.50% | B2 | 01-Mar-2025 | 0.41 |
| USA Compression Partners LP / USA Compression Finance | 0.12% | -0.01 | $1,646,994.42 | 1,585,000 | Corporate Securities | Energy | United States | 6.88% | B3 | 01-Sep-2027 | 4.80 |
| ADT Security | 0.12% | -0.14 | $1,585,350.33 | 1,780,000 | Corporate Securities | Services | United States | 4.88% | Ba3 | 15-Jul-2032 | 9.02 |
| Noble Holding International | 0.12% | -0.03 | $1,574,783.94 | 2,840,000 | Corporate Securities | Energy | United States | 8.95% | Caa2 | 01-Apr-2045 | 6.08 |
| Pactiv | 0.11% | 0.00 | $1,563,494.54 | 1,405,000 | Corporate Securities | Container | United States | 7.95% | Caa1 | 15-Dec-2025 | 4.82 |
| Scripps Escrow | 0.11% | N/A | $1,554,453.56 | 1,510,000 | Corporate Securities | Broadcasting | United States | 5.88% | B3 | 15-Jul-2027 | 4.81 |
| NRG Energy | 0.11% | 0.00 | $1,535,440.67 | 1,400,000 | Corporate Securities | Utilities | United States | 5.25% | Ba3 | 15-Jun-2029 | 4.09 |
| New Enterprise Stone & Lime | 0.11% | -0.00 | $1,484,888.02 | 1,445,000 | Corporate Securities | Building Products | United States | 6.25% | B1 | 15-Mar-2026 | 3.07 |
| Cirsa Finance International Sarl | 0.11% | -0.01 | $1,476,848.29 | 1,250,000 | Corporate Securities | Gaming | Spain | 6.25% | B2 | 20-Dec-2023 | 0.69 |
| Summit Materials LLC / Summit Materials Finance | 0.11% | 0.00 | $1,460,414.57 | 1,405,000 | Corporate Securities | Building Products | United States | 5.13% | B3 | 01-Jun-2025 | 2.43 |
| Steel Dynamics | 0.11% | 0.00 | $1,455,910.42 | 1,370,000 | Corporate Securities | Metals & Mining | United States | 5.00% | Ba1 | 15-Dec-2026 | 2.05 |
| Videotron | 0.11% | -0.00 | $1,447,266.67 | 1,360,000 | Corporate Securities | Cable Operators | Canada | 5.00% | Ba1 | 15-Jul-2022 | 2.58 |
| Targa Resources Partners LP / Targa Resources Partners Finance | 0.10% | -0.00 | $1,428,290.15 | 1,290,000 | Corporate Securities | Energy | United States | 6.50% | Ba3 | 15-Jul-2027 | 2.51 |
| Springleaf Finance | 0.10% | -0.00 | $1,415,083.21 | 1,270,000 | Corporate Securities | Financial | United States | 7.13% | Ba3 | 15-Mar-2026 | 5.20 |
| Hertz | 0.10% | N/A | $1,404,961.57 | 1,330,000 | Corporate Securities | Services | United States | 7.13% | B3 | 01-Aug-2026 | 4.02 |
| Clear Channel Outdoor Holdings | 0.10% | -0.02 | $1,386,072.17 | 542,494 | Broadcasting | Media & Advertising | United States | N/A | N/A | N/A | N/A |
| MGM China Holdings | 0.10% | 0.00 | $1,373,383.09 | 1,290,000 | Corporate Securities | Gaming | Macau | 5.88% | Ba3 | 15-May-2026 | 3.95 |
| Mauser Packaging Solutions Holding | 0.10% | N/A | $1,371,135.00 | 1,385,000 | Corporate Securities | Container | United States | 7.25% | Caa2 | 15-Apr-2025 | 4.29 |
| MGM China Holdings | 0.10% | 0.00 | $1,369,240.53 | 1,300,000 | Corporate Securities | Gaming | Macau | 5.38% | Ba3 | 15-May-2024 | 3.21 |
| Targa Resources | 0.10% | 0.00 | $1,355,262.75 | 33,975 | Energy | Energy Services | United States | N/A | N/A | N/A | N/A |
| Alcoa Nederland Holding BV | 0.10% | -0.00 | $1,347,419.93 | 1,245,000 | Corporate Securities | Metals & Mining | United States | 7.00% | Ba1 | 30-Sep-2026 | 1.86 |
| Trivium Packaging Finance BV | 0.10% | N/A | $1,332,008.19 | 1,255,000 | Corporate Securities | Container | Netherlands | 5.50% | B2 | 15-Aug-2026 | 4.23 |
| Freeport-McMoRan | 0.10% | N/A | $1,329,738.30 | 1,320,000 | Corporate Securities | Metals & Mining | United States | 5.25% | Ba1 | 01-Sep-2029 | 7.60 |
| Freeport-McMoRan | 0.09% | N/A | $1,295,164.35 | 1,285,000 | Corporate Securities | Metals & Mining | United States | 5.00% | Ba1 | 01-Sep-2027 | 6.43 |
| Garfunkelux Holdco 3 | 0.09% | 0.00 | $1,294,934.05 | 1,075,000 | Corporate Securities | Financial | Germany | 8.50% | B3 | 01-Nov-2022 | 2.53 |
| Virgin Media Finance | 0.09% | -0.00 | $1,274,076.00 | 1,200,000 | Corporate Securities | Cable Operators | United Kingdom | 6.00% | B2 | 15-Oct-2024 | 0.03 |
| Cheniere Energy Partners | 0.09% | N/A | $1,257,822.44 | 1,155,000 | Corporate Securities | Energy | United States | 5.63% | NR | 01-Oct-2026 | 1.88 |
| Prime Security Services Borrower LLC / Prime Finance | 0.09% | N/A | $1,256,779.86 | 1,205,000 | Corporate Securities | Services | United States | 5.75% | Ba3 | 15-Apr-2026 | 5.41 |
| InSite Issuer | 0.09% | -0.00 | $1,247,604.57 | 1,190,000 | Corporate Securities | Wireless Communications | United States | 6.41% | NR | 15-Nov-2046 | N/A |
| William Carter | 0.09% | 0.00 | $1,183,615.13 | 1,100,000 | Corporate Securities | Retail | United States | 5.63% | Ba2 | 15-Mar-2027 | 2.28 |
| Colfax | 0.09% | -0.00 | $1,180,256.03 | 1,105,000 | Corporate Securities | Manufacturing | United States | 6.00% | Ba2 | 15-Feb-2024 | 1.30 |
| IAA | 0.09% | 0.00 | $1,179,771.26 | 1,095,000 | Corporate Securities | Automotive | United States | 5.50% | B2 | 15-Jun-2027 | 2.46 |
| Energizer Holdings | 0.08% | 0.00 | $1,155,063.11 | 1,025,000 | Corporate Securities | Consumer Products | United States | 7.75% | B2 | 15-Jan-2027 | 2.07 |
| Eagle Holding Co II | 0.08% | 0.00 | $1,147,889.20 | 1,105,000 | Corporate Securities | Healthcare | United States | 7.63% | Caa1 | 15-May-2022 | 0.08 |
| New Albertsons | 0.08% | 0.00 | $1,140,217.44 | 1,084,000 | Corporate Securities | Supermarkets | United States | 8.00% | NR | 01-May-2031 | 7.26 |
| Summit Midstream Holdings LLC / Summit Midstream Finance | 0.08% | -0.01 | $1,118,587.50 | 1,220,000 | Corporate Securities | Energy | United States | 5.50% | B1 | 15-Aug-2022 | 2.55 |
| HCA | 0.08% | 0.00 | $1,107,737.16 | 985,000 | Corporate Securities | Healthcare | United States | 5.63% | Ba2 | 01-Sep-2028 | 6.75 |
| GrubHub Holdings | 0.08% | -0.00 | $1,096,040.09 | 1,055,000 | Corporate Securities | Information Technology | United States | 5.50% | Ba3 | 01-Jul-2027 | 4.81 |
| Kleopatra Holdings 1 SCA | 0.08% | -0.00 | $1,088,981.68 | 1,735,003 | Corporate Securities | Container | Luxembourg | 9.25% | NR | 30-Jun-2023 | 2.91 |
| Springleaf Finance | 0.08% | 0.00 | $1,080,658.72 | 975,000 | Corporate Securities | Financial | United States | 6.63% | Ba3 | 15-Jan-2028 | 5.97 |
| Darling Ingredients | 0.08% | 0.00 | $1,078,367.50 | 1,000,000 | Corporate Securities | Food | United States | 5.25% | Ba3 | 15-Apr-2027 | 3.93 |
| iHeartCommunications | 0.08% | N/A | $1,074,824.39 | 1,025,000 | Corporate Securities | Broadcasting | United States | 5.25% | B1 | 15-Aug-2027 | 4.25 |
| Navient | 0.08% | -0.04 | $1,028,228.25 | 980,000 | Corporate Securities | Financial | United States | 6.75% | Ba3 | 15-Jun-2026 | 5.25 |
| Summit Midstream Holdings LLC / Summit Midstream Finance | 0.07% | -0.00 | $1,010,463.43 | 1,160,000 | Corporate Securities | Energy | United States | 5.75% | B1 | 15-Apr-2025 | 4.39 |
| TerraForm Power Operating | 0.07% | 0.00 | $1,001,688.28 | 970,000 | Corporate Securities | Utilities | United States | 4.25% | B1 | 31-Jan-2023 | 2.85 |
| AMC Entertainment Holdings | 0.07% | 0.00 | $985,103.88 | 1,053,000 | Corporate Securities | Entertainment & Leisure | United States | 5.88% | B3 | 15-Nov-2026 | 5.50 |
| Cedar Fair | 0.07% | 0.00 | $983,121.87 | 905,000 | Corporate Securities | Entertainment & Leisure | United States | 5.25% | B1 | 15-Jul-2029 | 4.18 |
| RegionalCare Hospital Partners Holdings | 0.07% | 0.00 | $957,888.13 | 870,000 | Corporate Securities | Healthcare | United States | 8.25% | B1 | 01-May-2023 | 0.08 |
| iHeartCommunications | 0.07% | 0.00 | $926,595.20 | 834,000 | Corporate Securities | Broadcasting | United States | 6.38% | B1 | 01-May-2026 | 2.33 |
| Hecla Mining | 0.07% | 0.00 | $923,149.65 | 905,000 | Corporate Securities | Metals & Mining | United States | 6.88% | Caa2 | 01-May-2021 | 1.43 |
| Summit Materials LLC / Summit Materials Finance | 0.07% | 0.00 | $911,802.08 | 850,000 | Corporate Securities | Building Products | United States | 6.50% | B3 | 15-Mar-2027 | 2.25 |
| Covey Park Energy LLC / Covey Park Finance | 0.07% | -0.23 | $908,106.25 | 1,090,000 | Corporate Securities | Energy | United States | 7.50% | B3 | 15-May-2025 | 4.16 |
| VB-S1 Issuer | 0.07% | -0.00 | $895,851.52 | 860,000 | Corporate Securities | Wireless Communications | United States | 6.90% | NR | 15-Jun-2046 | N/A |
| Colfax | 0.06% | -0.00 | $784,946.70 | 720,000 | Corporate Securities | Manufacturing | United States | 6.38% | Ba2 | 15-Feb-2026 | 2.18 |
| Trivium Packaging Finance BV | 0.06% | N/A | $767,336.11 | 700,000 | Corporate Securities | Container | Netherlands | 8.50% | Caa2 | 15-Aug-2027 | 3.95 |
| Summit Midstream Partners | 0.06% | -0.05 | $766,401.04 | 1,025,000 | Corporate Securities | Energy | United States | 9.50% | B3 | 15-Dec-2167 | 2.39 |
| Vistra Energy | 0.06% | -0.00 | $761,770.83 | 710,000 | Corporate Securities | Utilities | United States | 8.00% | Ba3 | 15-Jan-2025 | 0.28 |
| First Quantum Minerals | 0.06% | -0.05 | $760,676.67 | 745,000 | Corporate Securities | Metals & Mining | Zambia | 7.25% | Caa1 | 15-May-2022 | 2.28 |
| Alcoa Nederland Holding BV | 0.06% | -0.00 | $759,171.60 | 720,000 | Corporate Securities | Metals & Mining | United States | 6.75% | Ba1 | 30-Sep-2024 | 0.08 |
| Yum Brands | 0.05% | N/A | $744,528.20 | 720,000 | Corporate Securities | Restaurants | United States | 4.75% | B1 | 15-Jan-2030 | 7.93 |
| Steel Dynamics | 0.05% | -0.00 | $736,217.05 | 698,000 | Corporate Securities | Metals & Mining | United States | 5.50% | Ba1 | 01-Oct-2024 | 0.08 |
| CSI Compressco LP / CSI Compressco Finance | 0.05% | -0.05 | $733,250.00 | 800,000 | Corporate Securities | Energy | United States | 7.25% | Caa2 | 15-Aug-2022 | 2.47 |
| Select Medical | 0.05% | N/A | $732,254.26 | 690,000 | Corporate Securities | Healthcare | United States | 6.25% | B3 | 15-Aug-2026 | 4.85 |
| Frontera Energy | 0.05% | -0.02 | $705,255.27 | 70,852 | Energy | Energy | Canada | N/A | N/A | N/A | N/A |
| Park-Ohio Industries | 0.05% | -0.08 | $685,249.74 | 685,000 | Corporate Securities | Manufacturing | United States | 6.63% | B3 | 15-Apr-2027 | 5.63 |
| Hudbay Minerals | 0.05% | N/A | $682,516.18 | 660,000 | Corporate Securities | Metals & Mining | Canada | 7.63% | B3 | 15-Jan-2025 | 2.83 |
| Berry Global | 0.05% | N/A | $680,732.19 | 645,000 | Corporate Securities | Container | United States | 5.63% | B2 | 15-Jul-2027 | 4.10 |
| Catalent Pharma Solutions | 0.05% | 0.00 | $679,708.53 | 645,000 | Corporate Securities | Healthcare | United States | 5.00% | B3 | 15-Jul-2027 | 4.18 |
| Navient | 0.05% | -0.03 | $636,043.50 | 600,000 | Corporate Securities | Financial | United States | 6.75% | Ba3 | 25-Jun-2025 | 4.64 |
| Bruin E&P Partners | 0.04% | -0.11 | $569,290.68 | 735,000 | Corporate Securities | Energy | United States | 8.88% | Caa1 | 01-Aug-2023 | 2.91 |
| American Airlines 2013-1 Class B Pass Through Trust | 0.03% | -0.00 | $466,145.16 | 448,942 | Corporate Securities | Airlines | United States | 5.63% | NR | 15-Jan-2021 | 0.92 |
| GFL Environmental | 0.03% | 0.01 | $435,633.75 | 405,000 | Corporate Securities | Services | Canada | 7.00% | Caa2 | 01-Jun-2026 | 3.15 |
| Cheniere Energy | 0.03% | -0.00 | $390,224.93 | 497,000 | Energy | Energy | United States | 4.25% | NR | 15-Mar-2045 | 13.91 |
| Altice France SA/France | 0.03% | N/A | $377,358.87 | 340,000 | Corporate Securities | Cable Operators | France | 3.38% | B2 | 15-Jan-2028 | 4.47 |
| QEP Resources | 0.02% | N/A | $338,618.23 | 355,000 | Corporate Securities | Energy | United States | 5.25% | Ba3 | 01-May-2023 | 3.11 |
| Trivium Packaging Finance BV | 0.02% | N/A | $307,955.63 | 265,000 | Corporate Securities | Container | Netherlands | 3.75% | B2 | 15-Aug-2026 | 2.68 |
| EIG Investors | 0.02% | -0.00 | $301,479.53 | 285,000 | Corporate Securities | Information Technology | United States | 10.88% | NR | 01-Feb-2024 | 2.00 |
| Altice Luxembourg | 0.02% | -0.00 | $296,034.61 | 287,000 | Corporate Securities | Cable Operators | Luxembourg | 7.75% | Caa1 | 15-May-2022 | 0.03 |
| Crown Cork & Seal | 0.02% | 0.00 | $278,901.09 | 225,000 | Corporate Securities | Container | United States | 7.38% | B1 | 15-Dec-2026 | 5.66 |
| iHeartMedia | 0.02% | -0.00 | $253,767.30 | 17,322 | Consumer Services | Media & Communications | United States | N/A | N/A | N/A | N/A |
| United Airlines Holdings | 0.02% | N/A | $234,313.08 | 220,000 | Corporate Securities | Airlines | United States | 5.00% | Ba3 | 01-Feb-2024 | 3.86 |
| Vine Oil & Gas LP / Vine Oil & Gas Finance | 0.01% | -0.00 | $196,390.10 | 385,000 | Corporate Securities | Energy | United States | 8.75% | Caa1 | 15-Apr-2023 | 2.24 |
| NVA Holdings | 0.01% | N/A | $120,772.74 | 110,000 | Corporate Securities | Healthcare | United States | 6.88% | Caa2 | 01-Apr-2026 | 1.41 |
| QEP Resources | 0.01% | N/A | $95,553.15 | 110,000 | Corporate Securities | Energy | United States | 5.63% | Ba3 | 01-Mar-2026 | 5.14 |
| Edison International | 0.00% | 0.00 | $40,018.53 | 40,000 | Corporate Securities | Utilities | United States | 2.95% | Baa3 | 15-Mar-2023 | 3.25 |
| Lands' End | 0.00% | -0.00 | $13,864.12 | 1,228 | Consumer Services | Retail | 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 |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Industry Diversification (31-Oct-2019)
| Industry Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Cable Operators | 11.77% | 4.93% | |
| Utilities | 6.83% | 3.22% | |
| Satellites | 3.80% | 1.37% | |
| Broadcasting | 5.14% | 3.23% | |
| Miscellaneous | 0.93% | 0.00% | |
| Financial | 9.21% | 8.39% | |
| Supermarkets | 1.34% | 0.69% | |
| Entertainment & Leisure | 1.81% | 1.22% | |
| Wireless Communications | 3.02% | 2.69% | |
| Gaming | 3.95% | 3.65% | |
| Food/Tobacco | 3.36% | 3.08% | |
| Healthcare | 8.13% | 8.11% | |
| Lodging | 0.48% | 0.84% | |
| Chemicals | 2.79% | 3.17% | |
| Airlines | 0.38% | 0.78% | |
| Aerospace & Defense | 1.11% | 1.53% | |
| Container | 2.08% | 2.52% | |
| Restaurants | 0.65% | 1.09% | |
| Manufacturing | 1.23% | 1.80% | |
| Consumer Products | 1.31% | 1.90% | |
| Other Telecommunications | 1.51% | 2.15% | |
| Energy | 12.57% | 13.33% | |
| Publishing | 0.14% | 1.04% | |
| Metals & Mining | 4.23% | 5.14% | |
| Automotives | 1.92% | 2.96% | |
| Building Products | 0.72% | 1.93% | |
| Information Technology | 3.28% | 4.95% | |
| Retail | 0.09% | 1.81% | |
| Services | 4.38% | 6.75% | |
| Building & Real Estate | 0.31% | 3.26% |
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 (31-Oct-2019)
| Country Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| United States | 77.79% | 69.86% | |
| Luxembourg | 2.22% | 0.98% | |
| Switzerland | 1.45% | 0.36% | |
| Netherlands | 1.77% | 0.95% | |
| Ireland | 1.20% | 0.46% | |
| Spain | 0.80% | 0.27% | |
| United Kingdom | 2.61% | 2.12% | |
| France | 1.15% | 0.83% | |
| United Arab Emirates | 0.53% | 0.31% | |
| Austria | 0.17% | 0.00% | |
| South Africa | 0.68% | 0.56% | |
| Australia | 0.55% | 0.45% | |
| Norway | 0.26% | 0.21% | |
| Costa Rica | 0.00% | 0.03% | |
| Cyprus | 0.00% | 0.03% | |
| Barbados | 0.00% | 0.03% | |
| Panama | 0.18% | 0.23% | |
| Congo, Democratic Republic Of | 0.00% | 0.06% | |
| Chile | 0.31% | 0.39% | |
| Macau | 0.34% | 0.44% | |
| Germany | 0.10% | 0.20% | |
| Zambia | 0.06% | 0.20% | |
| Cayman Islands | 0.00% | 0.17% | |
| Italy | 0.86% | 1.07% | |
| Israel | 0.17% | 0.51% | |
| Colombia | 0.00% | 0.66% | |
| Argentina | 0.00% | 0.86% | |
| Canada | 2.83% | 4.08% | |
| China | 0.00% | 1.33% | |
| Brazil | 2.45% | 4.83% |
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 (31-Oct-2019)
| Currency Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 99.94% | 100.00% | |
| Canadian dollar | -0.00% | 0.00% | |
| Dollar Bloc Subtotal | 99.93% | 100.00% |
Indicative Benchmark : J.P. Morgan Global High Yield Index
| Currency Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| euro | 0.07% | 0.00% | |
| British pound sterling | -0.01% | 0.00% | |
| European Bloc Subtotal | 0.07% | 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.
Mark Vaselkiv is chief investment officer of Fixed Income at T. Rowe Price. He is lead portfolio manager of the firm's Global High Yield and Global High Income Strategies as well as head of the Global High Yield team in the Fixed Income Division. He is additionally a member of both the Fixed Income Steering Committee and the firm's Asset Allocation Committee. Mr. Vaselkiv is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.