TEL：03－6432－7746
商 | 品 | 分 | 類 | 追加型投信／海外／資産複合 |
x | 託 | 期 | 間 | 2018年7月26日から2028年7月7日まで |
運 | 用 | 方 | 針 | 投資信託証券への投資を通じて、実質的に米国株式※1、米国投資適格債券、米ドル建て高利回り債券※2 に分散投資を行い、インカム収益の確保と投資信託財産の中長期的な成長を目指して運用を行います。 ※1：米国リートを含める場合があります。 ※2：米ドル建てのハイ・イールド社債および新興国債券を指します。 為替変動リスクの低減を目的に、組入外貨建資産に対して40％程度を基本として 対円での為替ヘッジを行います。 |
主要投資対象 | 投資信託証券を主要投資対象とします。 | |||
主な投資制限 | 株式への直接投資は行いません。 投資信託証券への投資割合には制限を設けません。 外貨建資産への投資割合には制限を設け ません。 | |||
分 | 配 | 方 | 針 | 分配対象額の範囲は、繰越分を含めた経費控除後のxx・配当等収益および売買益(評価損益を含みます｡)等の全額とします。 収益分配金額は、委託者が基準価額水準、市況動向等を勘案して決定します。ただし、必ず分配を行うものではありません。 留保益の運用については特に制限を設けず、運用の基本方針に基づいた運用を行 います。 |
運用報告書(全体版)
楽天・インカム戦略ポートフォリオ
・アルファ(奇数月決算型)
＜愛称：みのたけ＞
第3期(決算日：2019年3月11日)第4期(決算日：2019年5月10日)第5期(決算日：2019年7月10日)
受益者の皆様へ
平素は当ファンドにご投資いただき、厚く御礼申し上げます。
さて、当ファンドは、このたび上記決算を行いましたので、当期間の運用状況につきまして、ご報告申し上げます。
今後とも一層のご愛顧を賜りますよう、お願い申し上げます。
xxxx://xxx.xxxxxxx-xxxxxxx.xx.xx/
楽天投信投資顧問株式会社
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本資料(運用報告書(全体版))の記載内容のお問い合わせ先
TEL：03－6432－7746
受付時間：営業日の午前9時から午後5時まで
※お客様のお取引内容等につきましては販売会社にお問い合わせください。
・金額等の数値は表記未満切捨または四捨五入により表示しております。このため、各項目の合計の値が合計欄と一致しないことがあります。
－ 0 －
・－印は、組入・売買が無いことを示します。
決 算 期 | 基 準 価 額 | 投資信託証券組 入 比 率 | 純資産総額 | |||
(分配落) | 税 込 分 配 金 | 期 x x 落 率 | ||||
第 1 作成 期 | (設 定 日) 2018年7月26日 | 円 10,000 | 円 － | ％ － | ％ － | 百万円 2 |
1期(2018年11月12日) | 9,898 | 45 | △0.6 | 99.3 | 296 | |
2期(2019年 1月10日) | 9,505 | 45 | △3.5 | 100.1 | 331 | |
第 2 作成 期 | 3期(2019年 3月11日) | 9,910 | 46 | 4.7 | 99.2 | 402 |
4期(2019年 5月10日) | 10,021 | 47 | 1.6 | 98.1 | 507 | |
5期(2019年 7月10日) | 10,272 | 48 | 3.0 | 98.9 | 594 | |
(注1) 基準価額の騰落率は分配金込み。
(注2) 当ファンドの運用方針に対応する適切な指数が存在しないため、ベンチマークおよび参考指数を設定しておりません。 (注3) 設定日の基準価額には当初設定価額を、純資産総額には当初設定元本を用いています。
当作成期中の基準価額の推移
決算期 | 年 月 日 | 基 準 価 額 | 投資信託証券 組 入 比 率 | |
騰 落 率 | ||||
第3期 | (期 首)2019年1月10日 | 円 9,505 | ％ － | ％ 100.1 |
1月末 | 9,717 | 2.2 | 99.1 | |
2月末 | 9,958 | 4.8 | 98.9 | |
(期 末)2019年3月11日 | 9,956 | 4.7 | 99.2 | |
第4期 | (期 首)2019年3月11日 | 9,910 | － | 99.2 |
3月末 | 10,137 | 2.3 | 99.4 | |
4月末 | 10,234 | 3.3 | 98.6 | |
(期 末)2019年5月10日 | 10,068 | 1.6 | 98.1 | |
第5期 | (期 首)2019年5月10日 | 10,021 | － | 98.1 |
5月末 | 10,013 | △0.1 | 98.5 | |
6月末 | 10,214 | 1.9 | 98.4 | |
(期 末)2019年7月10日 | 10,320 | 3.0 | 98.9 | |
(注) 期末基準価額は分配金込み、騰落率は期首比。
■基準価額等の推移
(注1) 分配金再投資基準価額は、分配金(税込)を分配時に再投資したものとみなして計算したもので、ファンド運用の実質的なパフォーマンスを示すものです。
(注2) 分配金を再投資するかどうかについてはお客様がご利用のコースにより異なります。また、ファンドの購入金額により課税条件も異なります。従って、各個人のお客様の損益の状況を示すものではありません。
(注3) 分配金再投資基準価額は、期首の基準価額を起点として指数化しています。
■基準価額の主な変動要因
当ファンドは、投資している複数のETF(以下、｢投資先ファンド｣といいます｡)の価格変動の影響を受けます。また、保有する米ドル資産に対して部分的な為替ヘッジを実施しているため、米ドル／円相場の変動や為替ヘッジにかかるコストの影響を受けます。
当作成期の基準価額は大幅に上昇しました。すべての投資先ファンドが上昇し、投資先ファンドからのリターンは大きなプラス寄与となりました。一方、米ドルは対円で小幅に上昇したものの、米ドル建て資産の一部に対して実施している為替ヘッジにかかるコストにより、為替要因はマイナス寄与となり、投資先ファンドからのプラス寄与を一部相殺しました。
■投資環境
米国国債市場では、米中貿易摩擦に対する懸念がくすぶるなかで、FRB(米連邦準備制度理事会)がハト派(利上 げに慎重な)姿勢に転じたことなどから、長期金利は低下基調をたどりました。2018年12月のFOMC(米連邦公開市 場委員会)では利上げが実施されたものの、その後はFRB高官によるハト派発言が相次ぎ、2019年3月のFOMCでは 利上げが見送られ、2017年12月以降続いていた四半期毎の利上げが途切れるかたちとなりました。こうした状況 を受けて、市場参加者の追加利上げ観測は剥落し、インフレ期待が依然として高まらないなか、6月以降は利下 げを織り込む動きが急速に拡大しました。年限別では、中長期ゾーンを中心に国債利回りが大きく低下した結果、長短金利差が縮小し、一部で満期の短い国債の利回りが満期の長い国債の利回りを上回る逆イールドの状態が見 られました。投資適格社債市場は、国債利回り低下を背景に堅調に推移しました。一方、ハイ・イールド社債市 場では、株価が調整した2019年5月にはスプレッド(米国債利回りに対する上乗せ金利)の拡大に合わせて軟化す る局面もありましたが、それ以外の期間は株式市場の上昇や長期金利の低下を背景に堅調に推移しました。
米国株式市場は、一部ハイテク企業の業績頭打ち観測や米中通商問題への懸念などを背景に、2018年年末にかけて大幅に調整しましたが、当作成期がはじまった2019年年初以降は、米中貿易協議に対する楽観的な見通しが広がったことや米国や中国の経済指標の持ち直し、予想を上回る米国企業決算などを背景に上昇に転じ、S&P500指数は4月末にかけて史上最高値を更新する展開となりました。5月上旬以降は、米中が貿易協議で合意に至らなかったことが失望され、調整する展開となりましたが、協議が継続される見通しとなったことや長期金利の大幅な低下が支援材料となり、6月から期末にかけては大幅に持ち直し、S&P500指数が再び史上最高値を更新するなど良好な推移となりました。米国リート市場も、長期金利低下を背景に堅調な推移を続けました。米国リート市場は株式市場が調整した5月も値を保ち、前作成期末比大幅に上昇しました。
米ドル／円相場では、2018年年末にかけて、米中通商問題への警戒や株式市場の調整などを背景に投資家センチメントが悪化するなか、円高／米ドル安が進行しましたが、当作成期がはじまった2019年年初以降は米中貿易協議や米国経済に対する楽観的な見方が拡大するなか、米ドルは対円で上昇する展開となりました。しかし、 2019年5月以降は米中貿易協議が合意に至らず投資家の失望が広がったことやFRBによる利下げ期待の拡大を背景に米ドルは軟化に転じ、期初来の上昇幅を縮小する展開となりました。米ドルの対円ヘッジコスト(3ヵ月フォワードレートを年率化)は米金利の低下に合わせて縮小傾向となり、期初の2.9％台から期末には2.7％台へ低下しました。
■当ファンドのポートフォリオ
当ファンドは主に投資信託証券への投資を通じて、実質的に米国株式(※1)、米国投資適格債券、米ドル建て高利回り債券(※2)に分散投資を行い、インカム収益の確保と投資信託財産の中長期的な成長を目指して運用を行います。また、為替変動リスクの低減を目的に、組入外貨建資産に対して40％程度を基本として対円での為替ヘッジを行います。
当作成期は、米国株式20％、米国投資適格債券35％、米ドル建て高利回り債券45％を基本配分とし、概ねその基本配分に沿うかたちで投資信託証券への組入比率を維持しました。
※1：米国株式に、米国リートを含める場合があります。
※2：米ドル建て高利回り債券は、米ドル建てのハイ・イールド債券および新興国債券を指します。
■当ファンドのベンチマークとの差異
当ファンドは運用の目標となるベンチマークおよび参考指数を設けておりません。
■分配金
分配金額は、繰越分を含めた経費控除後のxx・配当等収益および売買益(評価損益を含みます｡)等の全額を分配対象額とし、委託会社が基準価額水準、市況動向等を勘案して決定しました。なお、分配金に充当しなかった収益につきましては、投資信託財産内に留保し、運用の基本方針にもとづいて運用いたします。
●分配原資の内訳
(1万口当たり・税込)
項 目 | 第3期 | 第4期 | 第5期 | |
2019年1月11日～2019年3月11日 | 2019年3月12日～2019年5月10日 | 2019年5月11日～2019年7月10日 | ||
当期分配金 (円) (対基準価額比率) (％) | 46 (0.5) | 47 (0.5) | 48 (0.5) | |
当期の収益 (円) | 46 | 47 | 48 | |
当期の収益以外 (円) | － | － | － | |
翌期繰越分配対象額 (円) | 83 | 151 | 394 | |
(注1) ｢対基準価額比率｣は｢当期分配金｣の期末基準価額(分配金込み)に対する比率であり、ファンドの収益率とは異なります。
(注2) ｢当期の収益｣は経費控除後の配当等収益および経費控除後の有価証券売買等損益、｢当期の収益以外｣は収益調整金および分配準備積立金です。
(注3) ｢当期の収益｣および｢当期の収益以外｣は、円未満を切捨てて表示しているため、合計した額が｢当期分配金｣と一致しない場合があります。
■今後の運用方針
当面、米国株式20％、米国投資適格債券35％、米ドル建て高利回り債券45％を基本配分(報告書作成日現在の投資対象資産および配分のイメージであり、投資対象資産およびそれらへの配分比率は将来変更される場合があります)とし、概ねその基本配分に沿った投資信託証券への組入比率を維持する方針です。また、為替変動リスクの低減を目的に、組入外貨建資産に対して40％程度を基本として対円での為替ヘッジを行います。
項 目 | 当作成期 | 項 目 の 概 要 | |
2019年1月11日～2019年7月10日 | |||
金額 | 比率 | ||
(a) 信託報酬 | 72円 | 0.717％ | (a) 信託報酬＝期中の平均基準価額×信託報酬率 |
※期中の平均基準価額は10,046円です。 | |||
(投信会社) | (16) | (0.159) | ・委託した資金の運用の対価 |
(販売会社) | (54) | (0.538) | ・購入後の情報提供、交付運用報告書等各種書類の送付、 |
口座内でのファンドの管理等の対価 | |||
(受託会社) | (2) | (0.020) | ・運用財産の管理、委託会社からの指図の実行の対価 |
(b) 売買委託手数料 | 4 | 0.040 | (b) 売買委託手数料＝ 期中の売買委託手数料 期中の平均受益権口数 売買委託手数料は、有価証券等の売買の際、売買仲介人に 支払う手数料 |
(投資信託受益証券) | (4) | (0.040) | |
(c) 有価証券取引税 | － | － | (c) 有価証券取引税＝ 期中の有価証券取引税 期中の平均受益権口数 有価証券取引税は、有価証券の取引の都度発生する取引に 関する税金 |
(d) その他費用 | 17 | 0.169 | (d) その他費用＝ 期中のその他費用 期中の平均受益権口数 ・保管費用は、海外における保管銀行等に支払う有価証券等の保管および資金の送金・資産の移転等に要する費用 ・監査費用は、監査法人等に支払うファンドの監査に係る費用 ・印刷費用は、有価証券届出書、目論見書、運用報告書等の作成､印刷および提出等に係る費用 ・その他は、金銭信託への預入金額に対する手数料等 |
(保管費用) | (5) | (0.050) | |
(監査費用) | (1) | (0.010) | |
(印刷費用) | (11) | (0.109) | |
(その他) | (0) | (0.000) | |
合 計 | 93 | 0.926 | |
(注1) 期中の費用(消費税等のかかるものは消費税等を含む)は、追加・解約により受益権口数に変動があるため、簡便法により算出した結果です。
(注2) 各金額は各項目ごとに円未満は四捨五入してあります。
(注3) 各比率は1万口当たりのそれぞれの費用金額を期中の平均基準価額で除して100を乗じたものです。 (注4) 各項目の費用は、このファンドが組み入れている投資信託証券が支払った費用を含みません。
当該投資信託証券の直近の計算期末時点における｢1万口当たりの費用明細｣が取得できるものについては｢組入ファンドの概要｣に表示することとしております。
■投資信託証券
当 x x 期 | |||||||
買 | 付 | 売 | 付 | ||||
単位数又は口数 | 金 額 | 単位数又は口数 | 金 額 | ||||
外 国 | xx | x米ドル | xx | x米ドル | |||
ｉシェアーズ・コア 米国高配当株ETF | 2.1 | 193 | － | － | |||
米 国 | バンガード・米国長期社債ETF | 7 | 631 | － | － | ||
バンガード米国REIT ETF | 2.1 | 181 | － | － | |||
Xtrackers 米ドル建てハイ・イールド社債ETF | 20 | 990 | － | － | |||
小 | 計 | 31.2 | 1,997 | － | － | ||
(注1) 金額は受渡し代金。 (注2) 金額の単位未満は切捨て。
利害関係人※との取引状況等
該当事項はありません。
※ 利害関係人とは、投資信託及び投資法人に関する法律第11条第1項に規定されている利害関係人です。
自社による当ファンドの設定・解約状況
該当事項はありません。
■ファンド・オブ・ファンズが組入れた外貨建ファンドの明細
ファンド名 | 当 x x 期 末 | ||||
単位数又は口数 | 評 価 額 | 比 率 | |||
外 貨建金 額 | 邦貨換算金額 | ||||
xx | x米ドル | 千円 | ％ | ||
Xtrackers 米ドル建てハイ・イールド社債ETF | 48.755 | 2,434 | 265,420 | 44.6 | |
ｉシェアーズ・コア 米国高配当株ETF | 5.639 | 536 | 58,495 | 9.8 | |
バンガード・米国長期社債ETF | 19.470 | 1,878 | 204,792 | 34.4 | |
バンガード米国REIT ETF | 6.046 | 545 | 59,474 | 10.0 | |
合 計 | 口 数 ・ 金 額 銘 柄 数 <比 率> | 79.910 4 | － － | 588,183 <98.9％> | |
(注1) 邦貨換算金額は期末の時価をわが国の対顧客電信売買相場の仲値により、邦貨換算したものです。 (注2) < >内は純資産総額に対する評価額の比率です。
(注3) 評価額の単位未満は切捨て。
投資信託財産の構成
項 | 目 | 当 | x | x | 期 | 末 | ||||||||||||||||
評 | 価 | 額 | 比 | 率 | ||||||||||||||||||
投 | 資 | 信 | 託 | 証 | 券 | 千円 588,183 | ％ 97.9 | |||||||||||||||
短 | 期 | 金 | 融 | 資 | 産 | 、 | そ | の | 他 | 12,748 | 2.1 | |||||||||||
投 | 資 | 信 | 託 | 財 | 産 | 総 | 額 | 600,931 | 100.0 | |||||||||||||
(注1) 評価額の単位未満は切捨て。
(注2) 外貨建資産は、当作成期末の時価をわが国の対顧客電信売買相場の仲値により邦貨換算したものです。なお、当作成期末における邦貨換算レートは、1米ドル＝109.01円です。
(注3) 当作成期末における外貨建資産(589,975千円)の投資信託財産総額(600,931千円)に対する比率は、98.2％です。
■資産、負債、元本及び基準価額の状況
(2019年3月11日)、 (2019年5月10日)、 (2019年7月10日)現在
項 目 | 第3期末 | 第4期末 | 第5期末 |
(Ａ)資 産 | 564,847,730円 | 710,772,262円 | 833,165,634円 |
コ ー ル ・ ロ ー ン 等 | 6,244,530 | 9,880,894 | 12,747,750 |
未 収 入 金 | 158,350,342 | 202,774,677 | 232,234,450 |
未 収 配 当 金 | 790,234 | － | － |
投 x x 託 受 益 証 券 | 399,462,624 | 498,116,691 | 588,183,434 |
(Ｂ)負 債 | 162,213,310 | 203,041,339 | 238,346,738 |
未 払 金 | 159,316,020 | 199,380,060 | 233,970,100 |
未 払 収 益 分 配 金 | 1,868,982 | 2,381,313 | 2,779,592 |
未 払 解 約 金 | － | 1,317 | 50,009 |
未 払 信 託 報 酬 | 886,131 | 1,103,719 | 1,336,898 |
そ の 他 未 払 費 用 | 142,177 | 174,930 | 210,139 |
(Ｃ)純 資 産 総 額(Ａ－Ｂ) | 402,634,420 | 507,730,923 | 594,818,896 |
元 本 | 406,300,448 | 506,662,529 | 579,081,737 |
次 期 繰 越 損 益 金 | △3,666,028 | 1,068,394 | 15,737,159 |
(Ｄ)受 益 x x 口 数 | 406,300,448口 | 506,662,529口 | 579,081,737口 |
1 万 口 当 た り 基 準 価 額(Ｃ／Ｄ) | 9,910円 | 10,021円 | 10,272円 |
(注) 期首元本額は349,221,301円、第3～5期中追加設定元本額は234,464,448円、第3～5期中一部解約元本額は4,604,012円です。
■損益の状況
第3期(自2019年1月11日 至2019年3月11日)第4期(自2019年3月12日 至2019年5月10日)第5期(自2019年5月11日 至2019年7月10日)
項 目 | 第3期 | 第4期 | 第5期 |
(Ａ)配 当 等 収 益 | 2,390,198円 | 3,511,116円 | 4,252,966円 |
受 取 配 当 金 | 2,391,185 | 3,512,080 | 4,255,111 |
受 取 利 息 | 629 | 761 | 1,005 |
支 払 利 息 | △1,616 | △1,725 | △3,150 |
(Ｂ)有 価 証 券 売 買 損 益 | 15,580,202 | 3,381,230 | 14,152,392 |
売 買 益 | 25,407,750 | 11,737,441 | 23,143,363 |
売 買 損 | △9,827,548 | △8,356,211 | △8,990,971 |
(Ｃ)信 託 報 酬 等 | △1,128,172 | △1,312,528 | △1,645,995 |
(Ｄ)当 期 損 益 金(Ａ＋Ｂ＋Ｃ) | 16,842,228 | 5,579,818 | 16,759,363 |
(Ｅ)前 期 繰 越 損 益 金 | △14,086,178 | 886,536 | 4,078,600 |
(Ｆ)追 加 信 託 差 損 益 金 | △4,553,096 | △3,016,647 | △2,321,212 |
(配 当 等 相 当 額) | (2,490,984) | (3,584,997) | (4,776,056) |
(売 買 損 益 相 当 額) | (△7,044,080) | (△6,601,644) | (△7,097,268) |
(Ｇ) 合 計 (Ｄ＋Ｅ＋Ｆ) | △1,797,046 | 3,449,707 | 18,516,751 |
(Ｈ)収 益 分 配 金 | △1,868,982 | △2,381,313 | △2,779,592 |
次 期 繰 越 損 益 金(Ｇ＋Ｈ) | △3,666,028 | 1,068,394 | 15,737,159 |
追 加 信 託 差 損 益 金 | △4,553,096 | △3,016,647 | △2,321,212 |
(配 当 等 相 当 額) | (2,490,984) | (3,584,997) | (4,776,056) |
(売 買 損 益 相 当 額) | (△7,044,080) | (△6,601,644) | (△7,097,268) |
分 配 準 備 積 立 金 | 887,068 | 4,085,041 | 18,058,371 |
繰 越 損 益 金 | 0 | 0 | 0 |
(注1) 損益の状況の中で(B)有価証券売買損益は期末の評価替えによるものを含みます。
(注2) 損益の状況の中で(C)信託報酬等には信託報酬に対する消費税等相当額を含めて表示しています。
(注3) 損益の状況の中で(F)追加信託差損益金とあるのは、信託の追加設定の際、追加設定をした価額から元本を差し引いた差額分をいいます。
<分配金の計算過程>
項 目 | 第3期 | 第4期 | 第5期 |
(Ａ)配当等収益額（費用控除後） | 2,240,151円 | 2,842,514円 | 3,872,576円 |
(Ｂ)有価証券売買等損益額 （費用控除後・繰越欠損金補填後） | 412,898円 | 2,737,304円 | 12,886,787円 |
(Ｃ)収益調整金額 | 2,490,984円 | 3,584,997円 | 4,776,056円 |
(Ｄ)分配準備積立金額 | 103,001円 | 886,536円 | 4,078,600円 |
(Ｅ)分配対象収益額（Ａ＋Ｂ＋Ｃ＋Ｄ） | 5,247,034円 | 10,051,351円 | 25,614,019円 |
(Ｆ)期末残存口数 | 406,300,448口 | 506,662,529口 | 579,081,737口 |
(Ｇ)収益分配対象額（１万口当たり） (Ｅ／Ｆ×10,000） | 129.14円 | 198.38円 | 442.32円 |
(Ｈ)分配金額（１万口当たり） | 46円 | 47円 | 48円 |
(Ｉ)収益分配金金額 (Ｆ×Ｈ／10,000） | 1,868,982円 | 2,381,313円 | 2,779,592円 |
分配金のお知らせ
第3期 | 第4期 | 第5期 | |
1万口当たり分配金 | 46円 | 47円 | 48円 |
収益分配金の支払いについて
・収益分配金は、取扱い販売会社において決算日から起算して5営業日までに支払いを開始いたします。
・分配金再投資コースを選択されている場合は、各決算日の基準価額に基づき、お客様の口座に繰り入れて再投資いたします。
収益分配金の課税上の取扱いについて
・分配金は、課税扱いとなる｢普通分配金｣と非課税扱いとなる｢元本払戻金(特別分配金)｣の区分があり、分配後の基準価額が個々の受益者の個別元本と同額または上回る場合は、全額普通分配金となります。分配後の基準価額が個々の受益者の個別元本を下回る場合は、その下回る部分の額が元本払戻金(特別分配金)となり、残りの額が普通分配金となります。
・元本払戻金(特別分配金)が発生した場合は、分配金発生時に個々の受益者の個別元本から当該元本払戻金(特別分配金)を控除した額が、その後の個々の受益者の個別元本となります。
受益者別の普通分配金に対する課税について個人の受益者
20.315％(所得税15％、復興特別所得税0.315％、および地方税5％)の税率となります。法人の受益者
個人の受益者とは異なります。
※税法が改正された場合等は、上記の内容が変更される場合があります。
※税金の取扱いの詳細については、税務専門家等にご確認されることをお勧めします。
お知らせ
該当事項はありません。
■組入ファンドの概要
以下は、『楽天・インカム戦略ポートフォリオ・アルファ(奇数月決算型)』が組み入れている投資信託証券 (ファンド)の状況として、当作成期末において入手できる直近の情報を掲げております。
ファンド名 | 運用会社 | 実質的な主要投資対象 | 運用の基本方針 | 決算日 | |
米国株式 | |||||
1 | ｉシェアーズ・コア米国高配当株ETF | ブラックロック・ファンド・アドバイザーズ | 高配当株式 | モーニングスター配当フォーカス指数に連動する投資成果を目指す | 2018年4月30日 |
2 | バンガード米国REIT ETF | ザ・バンガード・グループ・インク | リート | MSCI US Investable Market Real Estate 25/50指数に連動する投資 成果を目指す | 2019年1月31日 |
米国投資適格債券 | |||||
3 | バンガード・米国長期社債ETF | ザ・バンガード・グループ・インク | 社債 | ブルームバーグ・バークレイズ米国社債(10年超)指数に連動する投 資成果を目指す | 2018年8月31日 |
米ドル建て高利回り債券 | |||||
4 | Xtrackers 米ドル建てハイ・イールド社 債ETF | DBX アドバイザーズ・エルエルシー | 米ドル建てハイ・イールド社債 | Solactive USD High Yield Corporates Total Market指数に連動する投資 成果を目指す | 2018年8月31日 |
Year ended April 30, 2018
iShares Core High Dividend ETF | |
NET INVESTMENT INCOME Dividends — unaffiliateda | $ 229,083,389 |
Dividends — affiliated | 137,038 |
Interest — unaffiliated | 6,505 |
Securities lending income — affiliated — net | 35,216 |
Total investment income | 229,262,148 |
EXPENSES Investment advisory fees | 5,159,365 |
Proxy fees | 143,632 |
Total expenses | 5,302,997 |
Net investment income | 223,959,151 |
NET REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: | |
Investments — unaffiliated | (83,194,719) |
Investments — affiliated | (303) |
In-kind redemptions — unaffiliated | 600,455,286 |
In-kind redemptions — affiliated | ― |
Futures contracts | 4,479,238 |
Foreign currency transactions | ― |
Net realized gain | 521,739,502 |
Net change in unrealized appreciation/depreciation on: | |
Investments — unaffiliated | (411,307,515) |
Investments — affiliated | (275) |
Futures contracts | (306,033) |
Translation of assets and liabilities in foreign currencies | ― |
Net change in unrealized appreciation/depreciation | (411,613,823) |
Net realized and unrealized gain | 110,125,679 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 334,084,830 |
a Net of foreign withholding tax of $1,068. |
■組入上位10銘柄
TEN LARGEST FUND HOLDINGS
As of 4/30/18
Percentage of Security Total Investments* Exxon Mobil Corp. 8.75%
AT&T Inc. 6.97
Verizon Communications Inc. 6.31
Chevron Corp. 6.03
Xxxxxxx & Xxxxxxx 5.66
Pfizer Inc. 5.28
Procter & Gamble Co. (The) 4.07
Wells Fargo & Co. 4.03
Coca-Cola Co. (The) 3.59
Cisco Systems Inc. 3.59
TOTAL 54.28%
* Excludes money market funds.
■損益計算書
Year Ended | |
January 31, 2019 ($000) | |
Investment Income | |
Income | |
Dividends Received from Unaffiliated Issuers | 339,484 |
Dividends Received from Affiliated Issuers | 1,337,301 |
Dividends Received from Vanguard Real Estate II Index Fund | 203,421 |
Interest Received from Unaffiliated Issuers | 2,520 |
Securities Lending—Net | 1,942 |
Total Income | 1,884,668 |
Expenses | |
The Vanguard Group | |
Investment Advisory Services | 4,486 |
Management and Administrative—Investor Shares | 4,276 |
Management and Administrative—ETF Shares | 30,339 |
Management and Administrative—Admiral Xxxxxx | 16,964 |
Management and Administrative—Institutional Shares | 6,549 |
Marketing and Distribution—Investor Shares | 318 |
Marketing and Distribution—ETF Shares | 1,493 |
Marketing and Distribution—Admiral Shares | 1,210 |
Marketing and Distribution—Institutional Shares | 233 |
Custodian Fees | 368 |
Auditing Fees | 40 |
Shareholders’ Report—Investor Shares | 160 |
Shareholders’ Reports—ETF Shares | 472 |
Shareholders’ Reports—Admiral Shares | 112 |
Shareholders’ Reports—Institutional Shares | 74 |
Trustees’ Fees and Expenses | 30 |
Total Expenses | 67,124 |
Net Investment Income | 1,817,544 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Unaffiliated Issuers | 70,694 |
Capital Gain Distributions Received from Affiliated Issuers | 305,321 |
Capital Gain Distributions Received from Vanguard Real Estate II Index Fund | ― |
Investment Securities Sold—Unaffiliated Issuers1 | (79,366 ) |
Investment Securities Sold—Affiliated Issuers1 | 597,521 |
Investment Securities Sold—Vanguard Real Estate II Index Fund | ― |
Futures Contracts | 674 |
Swap Contracts | 30,036 |
Statement of Operations (continued) | |
Year Ended January 31, 2019 | |
($000) | |
Realized Net Gain (Loss) | 924,880 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | 470,064 |
Investment Securities—Affiliated Issuers | 1,486,234 |
Investment Securities—Vanguard Real Estate II Index Fund | 389,631 |
Swap Contracts | 59 |
Change in Unrealized Appreciation (Depreciation) | 2,345,988 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,088,412 |
1 Includes $2,469,578,000 of net gain (loss) resulting from in-kind redemptions, such gain (loss) is not taxable to the fund.
■組入銘柄
As of January 31, 2019
Equity Real Estate Investment
Shares
Market Value ($000)
Healthcare Realty Trust
Shares
Market Value ($000)
Trusts (REITs) (96.3%)1
Diversified REITs (4.1%)
Inc. 5,942,121 191,871
Sabra Health Care
WP Carey Inc. | 7,641,080 | 572,240 |
VEREIT Inc. | 41,611,710 | 336,223 |
Liberty Property Trust | 7,020,986 | 330,969 |
STORE Capital Corp. | 8,790,333 | 284,104 |
PS Business Parks Inc. | 974,368 | 141,468 |
Colony Capital Inc. | 22,153,705 | 134,473 |
Empire State Realty |
REIT Inc. 8,501,901 174,629
National Health
Investors Inc. 1,992,666 165,909
Properties Trust | 11,290,044 | 155,464 |
LTC Properties Inc. | 1,886,841 | 89,512 |
CareTrust REIT Inc. | 3,883,629 | 85,362 |
Physicians Realty Trust 8,681,045 157,214 Senior Housing
Trust Inc. | 6,724,508 | 103,961 | ||||
Lexington Realty Trust | 10,273,972 | 98,733 Universal Health Realty | ||||
Washington REIT | 3,709,728 | 94,042 Income Trust 625,523 43,611 | ||||
* Alexander & Baldwin Inc. American Assets Trust | 3,265,667 | New Senior Investment 75,241 Group Inc. 3,905,073 21,166 MedEquities Realty | ||||
Inc. | 1,567,184 | 67,295 | Trust Inc. | 1,364,174 | 15,784 | |
Global Net Lease Inc. | 3,401,251 | 65,950 | 5,159,789 | |||
Armada Hoffler | Hotel & Resort REITs (4.4%) | |||||
Properties Inc. | 2,311,885 | 34,724 | Host Hotels & Resorts | |||
iStar Inc. | 3,227,123 | 30,948 | Inc. | 35,285,764 | 637,261 | |
Essential Properties | Park Hotels & Resorts | |||||
Realty Trust Inc. | 1,768,802 | 28,124 | Inc. | 9,559,177 | 287,444 | |
Gladstone Commercial | Hospitality Properties | |||||
Corp. | 1,351,074 | 26,954 | Trust | 7,812,615 | 208,284 | |
One Liberty Properties | Pebblebrook Hotel Trust | 6,220,145 | 199,356 | |||
Inc. | 688,602 | 18,730 | Ryman Hospitality | |||
§,2 | Winthrop Realty Trust | 1,892,511 | 2,061 | Properties Inc. | 2,205,208 | 177,188 |
2,446,240 | Apple Hospitality REIT | |||||
Health Care REITs (8.7%) | Inc. | 10,352,144 | 169,879 | |||
Welltower Inc. | 17,688,532 | 1,370,684 | Sunstone Hotel | |||
Ventas Inc. | 16,940,788 | 1,092,511 | Investors Inc. | 10,850,491 | 155,162 | |
HCP Inc. | 22,330,266 | 704,297 | RLJ Lodging Trust | 8,352,865 | 154,946 | |
Medical Properties | MGM Growth | |||||
Trust Inc. | 17,385,009 | 316,407 | Properties LLC Class A | 4,077,871 | 126,414 | |
^ Omega Healthcare | DiamondRock | |||||
Investors Inc. | 7,345,954 | 295,234 | Hospitality Co. | 9,897,949 | 100,563 | |
Healthcare Trust of | Xenia Hotels & Resorts | |||||
America Inc. Class A | 9,856,930 | 280,134 | Inc. | 5,337,441 | 100,184 | |
Shares | Market Value ($000) | Shares | Market Value ($000) | ||
Chesapeake Lodging | Piedmont Office Realty | ||||
Trust 2,883,688 | 82,127 | Trust Inc. Class A | 6,061,846 | 117,357 | |
Summit Hotel Properties Inc. 4,979,416 | 55,620 | Mack-Cali Realty Corp. ^ Office Properties Income | 4,301,270 | 88,606 |
Chatham Lodging Trust 2,171,952 43,895 Hersha Hospitality Trust
Class A 1,780,312 32,989
4,488,922 | 22,220 |
1,398,611 | 15,553 |
2,593,308 |
CorePoint Lodging Inc. 1,978,973 24,223 Ashford Hospitality Trust
Inc.
Braemar Hotels & Resorts Inc.
Prologis Inc. | 29,948,788 | 2,071,258 | Liquidating LLC | 1,208 | 17 |
Duke Realty Corp. First Industrial Realty | 16,982,897 | 496,580 | Other (11.4%)3 | 5,239,005 |
Industrial REITs (6.2%)
Trust
2,291,848 | 73,408 |
2,422,922 | 56,939 |
2,861,564 | 51,394 |
5,097,849 | 37,826 |
2,141,242 | 35,952 |
1,625,793 | 18,794 |
Tier REIT Inc.
Easterly Government
Properties Inc.
Franklin Street Properties Corp.
NorthStar Realty Europe Corp.
City Office REIT Inc.
§,^ New York REIT
Trust Inc. 6,005,213 | 196,491 | 4,5 Vanguard Real Estate II | ||||
EastGroup Properties Inc. 1,704,637 | 176,362 | Index Fund 334,289,153 6,719,464 | ||||
Rexford Industrial Realty Inc. 4,356,123 146,366 Residential REITs (12.2%) | ||||||
STAG Industrial Inc. | 4,989,427 | 137,558 | Equity Residential | 17,505,974 | 1,270,233 | |
Americold Realty Trust | 4,554,578 | 133,540 | AvalonBay Communities | |||
Terreno Realty Corp. | 2,781,515 | 112,206 | Inc. | 6,568,107 | 1,267,119 | |
Industrial Logistics | Essex Property Trust Inc. | 3,139,317 | 851,383 | |||
Properties Trust | 3,082,843 | 66,250 | UDR Inc. | 12,718,870 | 556,451 | |
Xxxxxx Xxxxxxxxx | Mid-America Apartment | |||||
Sustainable | Communities Inc. | 5,402,318 | 547,147 | |||
Infrastructure Capital Inc. | 2,574,968 | 58,169 | Camden Property Trust | 4,405,377 | 427,101 | |
Monmouth Real Estate | Equity LifeStyle | |||||
Investment Corp. | 4,028,490 | 55,351 | Properties Inc. | 4,010,542 | 424,636 | |
^ | Innovative Industrial | Sun Communities Inc. | 3,849,285 | 423,075 | ||
Properties Inc. | 431,201 | 26,700 | Apartment Investment | |||
3,676,831 | & Management Co. | 7,480,577 | 370,438 | |||
Office REITs (8.8%) Boston Properties Inc. | 7,350,464 | 969,306 | Invitation Homes Inc. American Campus | 14,845,880 | 333,884 | |
Alexandria Real Estate
Equities Inc. 5,034,143 663,047
Vornado Realty Trust | 8,145,591 | 569,458 |
SL Green Realty Corp. | 4,117,127 | 380,546 |
Xxxxxx Realty Corp. | 4,782,131 | 336,949 |
Douglas Emmett Inc. | 7,661,624 | 289,839 |
Hudson Pacific |
Properties Inc. 7,461,574 242,277 Highwoods Properties
Inc. 4,903,521 217,324
JBG SMITH Properties | 5,428,367 | 209,806 |
Equity Commonwealth | 5,680,529 | 183,822 |
Cousins Properties Inc. | 19,923,083 | 176,319 |
Paramount Group Inc. | 10,223,715 | 148,040 |
Brandywine Realty Trust | 8,475,856 | 127,562 |
Columbia Property Trust |
Inc. 5,595,475 123,492
Corporate Office
Properties Trust 4,897,739 120,925
Communities Inc. American Homes 4 Rent
6,503,121 | 299,274 |
12,646,439 | 279,613 |
4,159,198 | 43,464 |
Class A Independence Realty
Trust Inc.
Trust | 563,979 | 33,201 |
Trust Inc. | 881,106 | 32,962 |
Preferred Apartment Communities Inc. Class A | 1,903,717 | 30,269 |
Corp. | 2,428,398 | 26,275 |
UMH Properties Inc. | 1,570,399 | 22,033 |
7,238,558 |
Investors Real Estate NexPoint Residential
Front Yard Residential
Shares | Market Value ($000) | Shares | Market Value ($000) | ||||
Retail REITs (12.8%) | Public Storage | 7,454,167 | 1,584,160 | ||||
Simon Property Group | Equinix Inc. | 3,781,172 | 1,489,782 | ||||
Inc. 14,705,073 | 2,678,088 | Digital Realty Trust Inc. | 9,801,404 | 1,061,884 | |||
Realty Income Corp. 13,784,199 | 946,837 | * SBA Communications | |||||
Regency Centers Corp. | 6,834,488 | 444,242 | Corp. Class A | 5,463,238 | 997,205 | ||
Federal Realty | Weyerhaeuser Co. | 36,047,329 | 945,882 | ||||
Investment Trust ^ National Retail | 3,235,703 | 428,957 | Extra Space Storage Inc. Iron Mountain Inc. | 6,012,963 12,937,886 | 592,938 481,289 | ||
Properties Inc. | 7,458,662 | 393,146 | Gaming and Leisure | ||||
Kimco Realty Corp. | 19,438,339 | 330,646 | Properties Inc. | 9,635,651 | 361,337 | ||
Brixmor Property Group | Lamar Advertising Co. | ||||||
Inc. 14,001,738 | 239,850 | Class A | 4,029,509 | 299,997 | |||
Macerich Co. 5,030,699 | 232,217 | CubeSmart | 8,826,679 | 273,186 | |||
Weingarten Realty EPR Properties | 3,532,125 | 258,057 | |||||
Investors 5,762,971 165,340 CyrusOne Inc. | 4,718,187 | 255,726 | |||||
Spirit Realty Capital Inc. | 4,069,190 | 161,628 | VICI Properties Inc. | 11,830,370 | 254,708 | ||
Xxxxxxx Centers Inc. | 2,905,610 | 144,699 | Life Storage Inc. | 2,211,358 | 217,310 | ||
2 | Brookfield Property | Rayonier Inc. | 6,154,222 | 187,334 | |||
REIT Inc. Class A | 7,548,711 | 137,387 | CoreSite Realty Corp. | 1,643,658 | 162,377 | ||
Retail Properties of | Uniti Group Inc. | 7,964,458 | 158,572 | ||||
10,434,565 | 131,893 | Outfront Media Inc. | 6,639,296 | 137,765 |
3,890,304 | 111,768 | GEO Group Inc. | 5,795,490 | 130,688 |
5,440,058 | 111,086 | PotlatchDeltic Corp. | 3,059,538 | 112,836 |
America Inc. Acadia Realty Trust
Urban Edge Properties
^ Tanger Factory Outlet
SITE Centers Corp. | 7,497,109 | 97,987 Class A 2,436,349 102,595 | |||
Agree Realty Corp. | 1,474,393 | 97,354 Four Corners Property | |||
Retail Opportunity | Trust Inc. 3,166,467 89,421 | ||||
Investments Corp. | 4,836,807 | 84,983 | National Storage | ||
Kite Realty Group Trust | 3,996,360 | 66,460 | Affiliates Trust | 2,693,042 | 78,368 |
Seritage Growth InfraREIT Inc. 2,067,826 | 43,631 | ||||
Properties Class A | 1,623,289 | 65,272 | CatchXxxx Xxxxxx Trust | ||
Centers Inc. 4,466,889 101,622
CoreCivic Inc. 5,640,094 112,069 QTS Realty Trust Inc.
Getty Realty Corp. | 1,625,884 | 52,126 | |
Washington Prime | |||
Group Inc. | 8,885,084 | 50,467 | ^ |
RPT Realty | 3,816,261 | 49,955 | |
Alexander’s Inc. | 106,788 | 35,567 | ^ |
^
Saul Centers Inc. 645,023 34,160 Urstadt Xxxxxx
^ | Pennsylvania REIT | 3,383,107 | 24,934 (Cost $50,428,158) 57,012,872 | |
Whitestone REIT | 1,707,043 | 24,206 | ||
Retail Value Inc. | 723,755 | 22,009 Real Estate Management & Development (3.1%) | ||
^ | CBL & Associates | Diversified Real Estate Activities (0.2%) | ||
Properties Inc. | 8,218,628 | 20,464 * St. Joe Co. 1,687,717 26,261 | ||
Spirit MTA REIT | 2,062,248 | 16,127 *,^ Five Point Holdings LLC | ||
Cedar Realty Trust Inc. Urstadt Xxxxxx | 4,373,946 | 15,265 Class A 2,819,689 21,627 RMR Group Inc. Class A 290,007 19,143 | ||
Properties Inc. | 45,349 | 785 | * Tejon Ranch Co. | 1,004,443 18,904 |
7,547,698 | 85,935 | |||
Specialized REITs (27.7%) Real Estate Development (0.4%) | ||||
Properties Inc. Class A 1,408,538 30,171
Inc. Class A Jernigan Capital Inc.
2,350,855 | 21,604 |
928,959 | 20,140 |
556,930 | 19,944 |
1,523,957 | 8,549 |
CorEnergy Infrastructure Trust Inc.
Farmland Partners Inc.
16,391,979
Total Equity Real Estate Investment Trusts (REITs)
American Tower Corp. 20,963,253 3,623,289 Crown Castle
International Corp. 19,727,802 2,309,336
* Xxxxxx Xxxxxx Corp. 1,934,012 214,753
* Forestar Group Inc. 489,516 7,837
222,590
Shares
Real Estate Operating Companies (0.2%)
Kennedy-Wilson
Market Value ($000)
1 The fund invests a portion of its assets in investment securities through the use of swap contracts. After giving effect to swap investments, the fund’s effective investment securities and temporary cash investment positions represent 100.0% and 0.8%, respectively, of net assets.
Holdings Inc. 6,104,694 122,033
* FRP Holdings Inc. 331,060 16,791
138,824
Real Estate Services (2.3%)
* | CBRE Group Inc. Class A | 15,339,335 | 701,775 |
Jones Lang LaSalle Inc. | 2,160,804 | 309,881 | |
^ | Realogy Holdings Corp. | 5,897,645 | 104,683 |
HFF Inc. Class A | 1,765,779 | 73,139 | |
Xxxxxxx Group Inc. Class A | 5,935,489 | 62,026 | |
*,^ | Redfin Corp. | 2,324,232 | 41,580 |
* | Marcus & Millichap Inc. | 902,792 | 35,750 |
RE/MAX Holdings Inc.
Class A 835,233 34,846
*,^ Altisource Portfolio
Solutions SA 521,999 12,361
1,376,041
Total Real Estate Management &
Development (Cost $2,027,971) 1,823,390
Total Common Stocks
(Cost $52,456,129) 58,836,262
Temporary Cash Investments (1.4%)1
Money Market Fund (1.4%)
6,7 Vanguard Market Liquidity Fund,
2.572% 8,014,411 801,441
2 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. The total value of affiliated companies is
$139,448,000.
3 “Other” represents securities that are not classified by the fund’s benchmark index.
4 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
5 Represents a wholly owned subsidiary of the fund. See accompanying financial statements for Vanguard Real Estate II Index Fund’s Statement of Net Assets.
6 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
7 Includes $506,034,000 of collateral received for securities on loan.
REIT—Real Estate Investment Trust.
Face Amount
($000)
U.S. Government and Agency Obligations (0.0%)
United States
Treasury Bill, 2.284%,
2/21/19 | 3,000 | 2,996 |
Total Temporary Cash Investments (Cost $804,420) | 804,437 | |
Total Investments (100.8%) (Cost $53,260,549) | 59,640,699 |
* Non-income-producing security.
§ Security value determined using significant unobservable inputs.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $494,877,000.
■損益計算書
Year Ended | |
August 31, 2018 ($000) | |
Investment Income | |
Income | |
Interest1 | 132,316 |
Total Income | 132,316 |
Expenses | |
The Vanguard Group | |
Investment Advisory Services | 96 |
Management and Administrative — ETF Shares | 1,159 |
Management and Administrative — Admiral Shares | 101 |
Management and Administrative — Institutional Shares | 258 |
Marketing and Distribution — ETF Shares | 136 |
Marketing and Distribution — Admiral Shares | 15 |
Marketing and Distribution — Institutional Shares | 17 |
Custodian Fees | 36 |
Auditing Fees | 52 |
Shareholders’ Reports and Proxy — ETF Shares | 142 |
Shareholders’ Reports and Proxy — Admiral Shares | 3 |
Shareholders’ Reports and Proxy — Institutional Shares | ― |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 2,017 |
Net Investment Income | 130,299 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 8,723 |
Futures Contracts | (1,922 ) |
Realized Net Gain (Loss) | 6,801 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (204,019 ) |
Futures Contracts | (38 ) |
Change in Unrealized Appreciation (Depreciation) | (204,057 ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (66,957 ) |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $236,000, ($4,000), and $2,000, respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $20,995,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.
■組入銘柄
As of August 31, 2018 | ||||||
Maturity | Face Amount | Market Value | Percentage of Net | |||
Coupon | Date | ($000) | ($000) | Assets | ||
U.S. Government and Agency Obligations | ||||||
U.S. Government Securities | ||||||
United States Treasury Note/Bond | 2.875% | 8/15/28 | 11,880 | 11,889 | 0.3% | |
U.S. Government Securities — Other † | 2,754 | 0.1% | ||||
Total U.S. Government and Agency Obligations (Cost $14,679) 14,643 0.4% Corporate Bonds | ||||||
Finance Banking | ||||||
1 | Bank of America Corp. | 3.946% – 7.750% | 1/29/37 – 1/23/49 | 29,186 | 32,141 | 0.9% |
Bank of America NA | 6.000% | 10/15/36 | 2,592 | 3,098 | 0.1% | |
Bank One Capital III | 8.750% | 9/1/30 | 453 | 622 | 0.0% | |
1 | Citigroup Inc. | 3.878% – 8.125% | 6/15/32 – 7/23/48 | 31,957 | 35,469 | 1.0% |
Goldman Sachs Capital I | 6.345% | 2/15/34 | 2,422 | 2,849 | 0.1% | |
Goldman Sachs Group Inc. | 6.750% | 10/1/37 | 12,019 | 14,564 | 0.4% | |
1 | Goldman Sachs Group Inc. | 4.017% – 6.450% | 2/15/33 – 10/21/45 | 32,722 | 34,550 | 1.0% |
HSBC Holdings plc | 6.500% | 9/15/37 | 5,610 | 6,701 | 0.2% | |
1 | JPMorgan Chase & Co. | 3.882% – 6.400% | 5/15/38 – 1/23/49 | 45,607 | 47,241 | 1.4% |
Wachovia Corp. | 5.500% – 7.500% | 4/15/35 – 10/15/35 | 2,083 | 2,442 | 0.1% | |
Wells Fargo & Co. | 3.900% – 5.606% | 2/7/35 – 12/7/46 | 32,171 | 32,784 | 0.9% | |
Wells Fargo Bank NA | 5.850% – 6.600% | 8/26/36 – 1/15/38 | 7,496 | 9,108 | 0.3% | |
1 | Wells Fargo Capital X | 5.950% | 2/15/36 | 1,650 | 1,782 | 0.1% |
Banking — Other † | 85,001 | 2.4% | ||||
Brokerage † | 16,903 | 0.5% | ||||
Finance Companies | ||||||
GE Capital International | ||||||
Funding Co. Unlimited Co. | 4.418% | 11/15/35 | 24,687 | 23,680 | 0.7% | |
Finance Companies — Other † | 1,370 | 0.0% | ||||
Insurance | ||||||
Berkshire Hathaway Finance Corp. | 4.200% – 5.750% | 1/15/40 – 8/15/48 | 9,931 | 10,434 | 0.3% | |
Berkshire Hathaway Inc. | 4.500% | 2/11/43 | 1,881 | 1,980 | 0.1% | |
2 | Insurance — Other † | 190,505 | 5.4% | |||
Real Estate Investment Trusts † | 26,499 | 0.8% | ||||
579,723 16.7%
Industrial
Basic Industry
Lubrizol Corp. 6.500% 10/1/34 528 681 0.0%
Vale Overseas Ltd. 6.875% 11/21/36 6,103 7,026 0.2% Basic Industry — Other † 128,784 3.7%
Maturity | Face Amount | Market Value | Percentage of Net | |
Coupon Date | ($000) | ($000) | Assets | |
Capital Goods | ||||
General Electric Co. | 6.750% 3/15/32 | 6,634 | 8,221 | 0.2% |
General Electric Co. | 5.875% 1/14/38 | 6,649 | 7,573 | 0.2% |
General Electric Co. | 4.125% – 6.875% 8/7/37 – 3/11/44 | 15,915 | 16,734 | 0.5% |
Precision Castparts Corp. | 3.900% – 4.375% 1/15/43 – 6/15/45 | 1,630 | 1,638 | 0.1% |
United Technologies Corp. | 4.500% 6/1/42 | 7,955 | 7,900 | 0.2% |
2,3 Capital Goods — Other † | 139,631 | 4.0% | ||
Communication | ||||
AT&T Corp. | 8.250% 11/15/31 | 822 | 1,082 | 0.0% |
AT&T Inc. | 4.500% 3/9/48 | 9,533 | 8,214 | 0.2% |
AT&T Inc. | 5.250% 3/1/37 | 7,489 | 7,412 | 0.2% |
2 AT&T Inc. | 4.300% 2/15/30 | 7,725 | 7,384 | 0.2% |
AT&T Inc. | 4.750% 5/15/46 | 7,549 | 6,810 | 0.2% |
2 AT&T Inc. | 4.300% – 6.550% 5/15/35 – 8/15/58 | 66,945 | 62,985 | 1.8% |
British Telecommunications plc | 9.625% 12/15/30 | 5,785 | 8,233 | 0.2% |
Charter Communications Operating LLC / | ||||
Charter Communications Operating Capital | 6.484% 10/23/45 | 7,370 | 7,867 | 0.2% |
Charter Communications Operating LLC / Charter Communications Operating Capital | 5.375% – 6.834% 10/23/35 – 10/23/55 | 16,660 | 16,594 | 0.5% |
Comcast Corp. | 3.200% – 7.050% 1/15/33 – 11/1/52 | 52,742 | 52,354 | 1.5% |
Deutsche Telekom International Finance BV | 8.750% 6/15/30 | 8,875 | 11,985 | 0.4% |
NBCUniversal Media LLC | 4.450% – 6.400% 4/30/40 – 1/15/43 | 6,107 | 6,701 | 0.2% |
Orange SA | 9.000% 3/1/31 | 5,155 | 7,228 | 0.2% |
Time Warner Cable LLC | 4.500% – 7.300% 5/1/37 – 9/15/42 | 17,983 | 18,459 | 0.5% |
Time Warner Entertainment Co. LP | 8.375% 7/15/33 | 1,748 | 2,199 | 0.1% |
Time Warner Inc. | 3.800% – 6.200% 2/15/27 – 6/1/44 | 10,477 | 10,128 | 0.3% |
Verizon Communications Inc. | 5.012% 8/21/54 | 11,889 | 11,588 | 0.3% |
Verizon Communications Inc. | 4.672% 3/15/55 | 11,369 | 10,378 | 0.3% |
2 Verizon Communications Inc. | 4.329% 9/21/28 | 10,100 | 10,174 | 0.3% |
Verizon Communications Inc. | 4.862% 8/21/46 | 10,179 | 10,002 | 0.3% |
Verizon Communications Inc. | 4.522% 9/15/48 | 9,919 | 9,351 | 0.3% |
Verizon Communications Inc. | 5.012% 4/15/49 | 8,594 | 8,626 | 0.3% |
Verizon Communications Inc. | 4.500% 8/10/33 | 7,541 | 7,431 | 0.2% |
Verizon Communications Inc. | 5.250% 3/16/37 | 7,058 | 7,420 | 0.2% |
Verizon Communications Inc. | 3.850% – 5.850% 11/1/34 – 3/16/47 | 29,485 | 28,238 | 0.8% |
Warner Media LLC | 4.850% – 7.625% 4/15/31 – 7/15/45 | 2,820 | 3,577 | 0.1% |
Communication — Other † | 142,169 | 4.1% |
Maturity | Face Amount | Market Value | Percentage of Net | |||
Coupon | Date | ($000) | ($000) | Assets | ||
Consumer Cyclical | ||||||
Xxxxxx.xxx Inc. | 4.050% | 8/22/47 | 7,320 | 7,164 | 0.2% | |
Home Depot Inc. | 5.875% | 12/16/36 | 6,326 | 7,756 | 0.2% | |
Visa Inc. | 4.300% | 12/14/45 | 7,232 | 7,580 | 0.2% | |
Walmart Inc. | 4.050% | 6/29/48 | 6,625 | 6,685 | 0.2% | |
Consumer Cyclical — Other † | 183,677 | 5.3% | ||||
Consumer Noncyclical | ||||||
Abbott Laboratories | 4.900% | 11/30/46 | 7,475 | 8,078 | 0.2% | |
Amgen Inc. | 4.663% | 6/15/51 | 7,982 | 7,949 | 0.2% | |
Anheuser-Busch InBev Finance Inc. | 4.900% | 2/1/46 | 25,458 | 25,948 | 0.8% | |
Anheuser-Busch InBev Finance Inc. | 4.700% | 2/1/36 | 14,542 | 14,736 | 0.4% | |
Anheuser-Busch InBev Finance Inc. | 4.000% – 4.625% | 1/17/43 – 2/1/44 | 3,015 | 2,835 | 0.1% | |
Anheuser-Busch InBev Worldwide Inc. | 4.600% | 4/15/48 | 6,655 | 6,541 | 0.2% | |
Anheuser-Busch InBev Worldwide Inc. | 3.750% – 8.200% | 6/15/35 – 4/15/58 | 17,312 | 18,143 | 0.5% | |
AstraZeneca plc | 6.450% | 9/15/37 | 5,553 | 6,924 | 0.2% | |
BAT Capital Corp. | 4.390% | 8/15/37 | 7,225 | 6,719 | 0.2% | |
CVS Health Corp. | 5.050% | 3/25/48 | 17,470 | 17,781 | 0.5% | |
CVS Health Corp. | 5.125% | 7/20/45 | 7,385 | 7,549 | 0.2% | |
CVS Health Corp. | 4.780% | 3/25/38 | 6,750 | 6,687 | 0.2% | |
CVS Health Corp. | 4.875% – 6.125% | 7/20/35 – 12/5/43 | 8,713 | 9,372 | 0.3% | |
GlaxoSmithKline Capital Inc. | 6.375% | 5/15/38 | 6,420 | 8,203 | 0.3% | |
Medtronic Inc. | 4.625% | 3/15/45 | 10,193 | 10,886 | 0.3% | |
Pfizer Inc. | 7.200% | 3/15/39 | 5,372 | 7,503 | 0.2% | |
Consumer Noncyclical — Other † | 452,885 | 13.0% | ||||
Energy | ||||||
Baker Hughes a GE Co. LLC | 5.125% | 9/15/40 | 2,300 | 2,436 | 0.1% | |
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc. | 4.080% | 12/15/47 | 3,195 | 2,905 | 0.1% | |
ConocoPhillips | 6.500% | 2/1/39 | 5,400 | 7,025 | 0.2% | |
Kinder Morgan Energy Partners LP | 4.700% – 7.750% | 3/15/31 – 9/1/44 | 18,120 | 19,698 | 0.6% | |
Kinder Morgan Inc. | 5.050% – 7.800% | 8/1/31 – 3/1/48 | 12,785 | 13,758 | 0.4% | |
Shell International Finance BV | 6.375% | 12/15/38 | 5,730 | 7,439 | 0.2% | |
Tennessee Gas Pipeline Co. LLC | 7.000% – 7.625% | 10/15/28 – 4/1/37 | 1,234 | 1,485 | 0.0% | |
Energy — Other † | 342,616 | 9.8% | ||||
Other Industrial † | 18,801 | 0.6% | ||||
Technology | ||||||
Apple Inc. | 4.650% | 2/23/46 | 8,898 | 9,657 | 0.3% | |
Apple Inc. | 3.450% – 4.500% | 2/23/36 – 11/13/47 | 31,302 | 30,795 | 0.9% | |
2
2
2
Maturity | Face Amount | Market Value | Percentage of Net | |||
Coupon | Date | ($000) | ($000) | Assets | ||
Microsoft Corp. | 3.700% | 8/8/46 | 9,196 | 8,858 | 0.3% | |
Microsoft Corp. | 4.250% | 2/6/47 | 7,532 | 7,945 | 0.2% | |
Microsoft Corp. | 4.450% | 11/3/45 | 7,125 | 7,718 | 0.2% | |
Microsoft Corp. | 4.000% | 2/12/55 | 6,834 | 6,759 | 0.2% | |
Microsoft Corp. | 4.100% | 2/6/37 | 6,291 | 6,550 | 0.2% | |
Microsoft Corp. | 3.450% – 5.300% | 2/12/35 – 2/6/57 | 31,503 | 32,041 | 0.9% | |
Oracle Corp. | 3.250% – 6.500% | 5/15/30 – 5/15/55 | 45,579 | 46,857 | 1.3% | |
Technology — Other † | 79,535 | 2.3% | ||||
Transportation | ||||||
Burlington Northern Santa Fe LLC | 3.900% – 6.200% | 8/15/36 – 12/15/48 | 26,638 | 28,129 | 0.8% | |
Transportation — Other † 97,872 2.8% | ||||||
2,413,257 | 69.3% | |||||
2
Utilities
Electric
2 Berkshire Hathaway Energy Co. | 3.800% – 6.125% | 4/1/36 – 1/15/49 | 11,909 | 13,087 | 0.4% |
Duke Energy Carolinas LLC | 3.700% – 6.450% | 12/1/28 – 3/15/48 | 13,067 | 14,097 | 0.4% |
Duke Energy Corp. | 3.750% – 4.800% | 12/15/45 – 9/1/46 | 5,565 | 5,222 | 0.2% |
Duke Energy Florida LLC | 3.400% – 6.400% | 9/15/37 – 7/15/48 | 6,809 | 7,736 | 0.2% |
1 Duke Energy Florida Project Finance LLC | 2.538% – 3.112% | 9/1/29 – 9/1/36 | 1,725 | 1,585 | 0.0% |
Duke Energy Indiana LLC | 3.750% – 6.450% | 10/15/35 – 5/15/46 | 4,757 | 5,408 | 0.2% |
Duke Energy Ohio Inc. | 3.700% | 6/15/46 | 645 | 595 | 0.0% |
Duke Energy Progress LLC | 3.600% – 6.300% | 9/1/28 – 9/15/47 | 10,352 | 10,360 | 0.3% |
MidAmerican Energy Co. | 3.650% – 6.750% | 12/30/31 – 8/1/48 | 7,455 | 8,066 | 0.2% |
Nevada Power Co. | 6.650% – 6.750% | 4/1/36 – 7/1/37 | 1,549 | 2,010 | 0.1% |
Pacific Gas & Electric Co. | 6.050% | 3/1/34 | 6,194 | 6,927 | 0.2% |
PacifiCorp | 4.100% – 7.700% | 11/15/31 – 1/15/49 | 8,801 | 10,338 | 0.3% |
Progress Energy Inc. | 6.000% – 7.750% | 3/1/31 – 12/1/39 | 3,206 | 4,078 | 0.1% |
2 Electric — Other † | 292,892 | 8.4% | |||
Natural Gas | |||||
Piedmont Natural Gas Co. Inc. | 3.640% – 4.650% | 8/1/43 – 11/1/46 | 1,250 | 1,194 | 0.0% |
Natural Gas — Other † | 31,326 | 0.9% | |||
Other Utility † 8,923 0.3% | |||||
423,844 | 12.2% | ||||
Total Corporate Bonds (Cost $3,516,059) | 3,416,824 | 98.2% | |||
Taxable Municipal Bonds (Cost $8,079) † | 7,994 | 0.2% | |||
Coupon
Maturity
Date
Face Amount ($000)
Market Value ($000)
Percentage
of Net Assets
Temporary Cash Investment
Money Market Fund
4 Vanguard Market Liquidity Fund
Shares
(Cost $19,766) 2.153% 197,644 19,769 0.6%
Total Investments (Cost $3,558,583) 3,459,230 99.4%
† Represents the aggregate value, by xxxxxxxx, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called.
2 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2018, the aggregate value of these securities was $68,413,000, representing 2.0% of net assets.
3 Certain of the fund’s securities with a value of $681,000 have been segregated as initial margin for open futures contracts.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
■損益計算書
For the Year Ended August 31, 2018
Xtrackers USD High Yield Corporate Bond ETF
Investment Income
Unaffiliated interest income* ��������������������� $ 53,772,576 Affiliated securities lending income ������������������ 834,471 Unaffiliated securities lending income, net of borrower rebates ������ 70,356 Total Investment Income ���������������������� 54,677,403
Expenses
Investment advisory fees ���������������������� | 1,829,122 |
Other expenses �������������������������� | 855 |
Total Expenses �������������������������� | 1,829,977 |
Less fees waived: Waiver ����������������������������� | (7,524) |
Net Expenses �������������������������� | 1,822,453 |
Net Investment income (loss)���������������������� | 52,854,950 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: Investments ���������������������������� | (3,086,970) |
In-kind redemptions ������������������������� | 1,370,059 |
Payments by Affiliates ������������������������ | 25,000 |
Net realized gain (loss) ������������������������ | (1,691,911) |
Net change in unrealized appreciation (depreciation) on:
Investments ���������������������������� (13,361,568) Net change in unrealized appreciation (depreciation) ����������� (13,361,568) Net realized and unrealized gain (loss) on investments ���������� (15,053,479) Net Increase (Decrease) in Net Assets Resulting from Operations ���� $ 37,801,471
*Unaffiliated foreign tax withheld �������������������� $ —
■組入銘柄
August 31, 2018
Principal
Amount Value
Principal
Amount Value
CORPORATE BONDS — 97.7% | ||
Basic Materials — 4.8% | ||
Chemicals — 2.5% | ||
Ashland LLC | ||
4.75%, 8/15/22 ..................... $ | 1,805,000 | $ 1,827,923 |
Blue Cube Spinco LLC | ||
9.75%, 10/15/23 .................... | 2,800,000 | 3,188,500 |
10.00%, 10/15/25 ................... | 1,098,000 | 1,276,425 |
CF Industries, Inc. | ||
7.125%, 5/01/20 .................... | 1,016,000 | 1,076,960 |
3.45%, 6/01/23 ..................... | 1,132,000 | 1,090,965 |
Chemours Co. | ||
6.625%, 5/15/23 (a) ................. | 1,157,000 | 1,213,404 |
7.00%, 5/15/25 ..................... | 2,250,000 | 2,413,125 |
5.375%, 5/15/27 .................... | 777,000 | 765,345 |
Consolidated Energy Finance SA | ||
6.875%, 6/15/25, 144A .............. | 1,000,000 | 1,035,500 |
6.50%, 5/15/26, 144A ................ | 700,000 | 706,125 |
Hexion, Inc. | ||
6.625%, 4/15/20 .................... | 2,703,000 | 2,564,471 |
10.375%, 2/01/22, 144A ............. | 1,328,000 | 1,313,432 |
Huntsman International LLC | ||
4.875%, 11/15/20 ................... | 1,194,000 | 1,225,939 |
5.125%, 11/15/22 ................... | 1,528,000 | 1,581,480 |
INEOS Group Holdings SA, 144A | ||
5.625%, 8/01/24 (a) ................. | 1,205,000 | 1,192,432 |
Momentive Performance Materials, | ||
Inc. | ||
3.88%, 10/24/21 .................... | 1,791,000 | 1,916,370 |
NOVA Chemicals Corp. | ||
5.25%, 8/01/23, 144A ................ | 1,400,000 | 1,405,250 |
4.875%, 6/01/24, 144A .............. | 1,842,000 | 1,807,462 |
5.00%, 5/01/25, 144A ................ | 1,147,000 | 1,109,722 |
5.25%, 6/01/27, 144A ................ | 1,924,000 | 1,832,610 |
OCI NV, 144A | ||
6.625%, 4/15/23 .................... | 1,510,000 | 1,568,512 |
Olin Corp. | ||
5.125%, 9/15/27 .................... | 666,000 | 661,005 |
5.00%, 2/01/30 ..................... | 625,000 | 599,219 |
Perstorp Holding AB, 144A | ||
11.00%, 9/30/21 .................... | 631,000 | 689,368 |
Platform Specialty Products Corp. | ||
6.50%, 2/01/22, 144A ................ | 2,409,000 | 2,472,236 |
5.875%, 12/01/25, 144A (a) ........... | 1,538,000 | 1,528,388 |
PolyOne Corp. | ||
5.25%, 3/15/23 ..................... | 1,395,000 | 1,442,500 |
PQ Corp., 144A | ||
6.75%, 11/15/22 .................... | 1,257,000 | 1,318,279 |
SPCM SA, 144A | ||
4.875%, 9/15/25 .................... | 1,462,000 | 1,401,225 |
WR Grace & Co.-Conn, 144A | ||
5.125%, 10/01/21 ................... | 1,418,000 | 1,460,540 |
43,684,712 | ||
Iron/Steel — 0.7% | ||
AK Steel Corp. | ||
7.625%, 10/01/21 (a) ................ | 1,045,000 | 1,071,125 |
7.00%, 3/15/27 (a) .................. | 788,000 | 750,570 |
Iron/Steel (Continued) Allegheny Technologies, Inc. 5.95%, 1/15/21 ..................... $ | 810,000 | $ 826,200 |
7.875%, 8/15/23 (a) ................. | 1,081,000 | 1,160,724 |
Cleveland-Cliffs, Inc. 4.875%, 1/15/24, 144A .............. | 572,000 | 559,130 |
5.75%, 3/01/25 (a) .................. | 2,400,000 | 2,365,944 |
Steel Dynamics, Inc. 5.125%, 10/01/21 ................... | 727,000 | 738,087 |
5.25%, 4/15/23 ..................... | 1,913,000 | 1,949,442 |
5.50%, 10/01/24 .................... | 477,000 | 490,117 |
United States Steel Corp. 6.875%, 8/15/25 .................... | 2,116,000 | 2,158,320 |
6.25%, 3/15/26 ..................... | 921,000 | 919,849 |
12,989,508 | ||
Mining — 1.6% Alcoa Nederland Holding BV 6.75%, 9/30/24, 144A ................ | 2,015,000 | 2,145,975 |
7.00%, 9/30/26, 144A ................ | 847,000 | 917,936 |
6.125%, 5/15/28, 144A .............. | 1,035,000 | 1,071,225 |
Aleris International, Inc., 144A 10.75%, 7/15/23 .................... | 500,000 | 533,750 |
Constellium NV 5.75%, 5/15/24, 144A ................ | 799,000 | 799,999 |
6.625%, 3/01/25, 144A (a) ............ | 1,623,000 | 1,655,460 |
5.875%, 2/15/26, 144A .............. | 693,000 | 680,872 |
FMG Xxxxxxxxx Xxxxxx 0000 Xxx Xxx. 0.00%, 0/00/00, 000X ................ | 1,133,000 | 1,116,062 |
5.125%, 3/15/23, 144A (a) ............ | 1,377,000 | 1,349,460 |
5.125%, 5/15/24, 144A (a) ............ | 1,294,000 | 1,256,798 |
Freeport-McMoRan, Inc. 3.10%, 3/15/20 ..................... | 2,000,000 | 1,988,300 |
4.00%, 11/14/21 .................... | 3,144,000 | 3,127,305 |
3.55%, 3/01/22 ..................... | 1,757,000 | 1,699,898 |
6.875%, 2/15/23 .................... | 1,800,000 | 1,930,500 |
3.875%, 3/15/23 .................... | 3,119,000 | 3,005,936 |
4.55%, 11/14/24 (a) ................. | 2,178,000 | 2,107,215 |
Hudbay Minerals, Inc. 7.25%, 1/15/23, 144A ................ | 170,000 | 173,825 |
7.625%, 1/15/25, 144A .............. | 1,779,000 | 1,816,804 |
Xxxxxx X Xxxxxxx & Son, Inc., 144A 11.00%, 5/15/22 .................... | 1,140,000 | 1,259,700 |
Teck Resources Ltd., 144A 8.50%, 6/01/24 ..................... | 470,000 | 517,000 |
29,154,020 | ||
Communications — 22.6% | ||
Advertising — 0.4% Xxxxxx, Inc., 144A 7.75%, 10/01/22 .................... | 1,554,000 | 710,955 |
Lamar Media Corp. 5.00%, 5/01/23 ..................... | 998,000 | 1,020,455 |
5.375%, 1/15/24 .................... | 2,015,000 | 2,060,338 |
5.75%, 2/01/26 ..................... Outfront Media Capital LLC / Outfront Media Capital Corp. 5.25%, 2/15/22 ..................... | 496,000 1,090,000 | 517,080 1,099,527 |
Advertising (Continued) | Amount | Value | Media (Continued) | Amount | Value | |
5.625%, 2/15/24 .................... $ | 1,060,000 | $ | 1,075,900 | CCO Holdings LLC / CCO Holdings | ||
5.875%, 3/15/25 .................... | 675,000 | 683,437 | Capital Corp. | |||
7,167,692 | 5.25%, 3/15/21 ..................... $ 5.25%, 9/30/22 ..................... | 689,000 $ 1,731,000 | 694,598 1,746,146 | |||
Internet — 1.7% | 5.125%, 2/15/23 .................... | 1,937,000 | 1,944,264 | |||
Match Group, Inc., 144A | 4.00%, 3/01/23, 144A ................ | 1,775,000 | 1,697,344 | |||
5.00%, 12/15/27 .................... | 1,000,000 | 987,500 | 5.125%, 5/01/23, 144A .............. | 2,439,000 | 2,445,097 | |
Netflix, Inc. | 5.75%, 9/01/23 ..................... | 1,271,000 | 1,296,420 | |||
5.375%, 2/01/21 .................... | 1,200,000 | 1,240,500 | 5.75%, 1/15/24 ..................... | 1,531,000 1,561,360 | ||
5.50%, 2/15/22 ..................... | 1,734,000 | 1,796,857 | 5.875%, 4/01/24, 144A .............. | 3,051,000 3,119,647 | ||
5.75%, 3/01/24 ..................... | 842,000 | 864,102 | 5.375%, 5/01/25, 144A .............. | 2,100,000 2,092,125 | ||
5.875%, 2/15/25 .................... | 732,000 | 757,620 | 5.75%, 2/15/26, 144A ................ | 4,908,000 4,920,270 | ||
4.375%, 11/15/26 (a) ................ | 3,750,000 | 3,551,963 | 5.50%, 5/01/26, 144A ................ | 2,129,000 2,107,710 | ||
4.875%, 4/15/28, 144A .............. | 2,731,000 | 2,591,036 | 5.125%, 5/01/27, 144A .............. | 5,097,000 4,874,006 | ||
5.875%, 11/15/28, 144A ............. | 3,255,000 | 3,278,794 | 5.875%, 5/01/27, 144A .............. | 1,752,000 1,736,670 | ||
Symantec Corp. 4.20%, 9/15/20 ..................... | 1,263,000 | 1,274,356 | 5.00%, 2/01/28, 144A ................ | 6,041,000 5,687,783 | ||
3.95%, 6/15/22 ..................... | 767,000 | 745,765 | 9.50%, 6/15/24 ..................... | 1,288,000 1,114,893 | ||
5.00%, 4/15/25, 144A ................ | 2,052,000 | 2,040,253 | Cequel Communications Holdings I | |||
VeriSign, Inc. | LLC / Cequel Capital Corp. | |||||
4.625%, 5/01/23 .................... | 1,800,000 | 1,834,560 | 5.125%, 12/15/21, 144A ............. | 1,561,000 1,568,805 | ||
5.25%, 4/01/25 ..................... | 759,000 | 773,269 | 5.125%, 12/15/21, 144A ............. | 2,275,000 2,283,508 | ||
4.75%, 7/15/27 ..................... | 1,225,000 | 1,185,188 | 7.75%, 7/15/25, 144A ................ | 993,000 1,061,269 | ||
Zayo Group LLC / Zayo Capital, Inc. | 7.50%, 4/01/28, 144A ................ | 2,000,000 | 2,095,000 | |||
Principal Principal
Cengage Learning, Inc., 144A
6.00%, 4/01/23 ..................... | 2,542,000 | 2,632,673 | Clear Channel Worldwide Holdings, | ||
6.375%, 5/15/25 .................... | 2,481,000 | 2,601,949 | Inc. | ||
5.75%, 1/15/27, 144A ................ | 2,973,000 | 2,987,865 | Series B, 7.625%, 3/15/20 ............ | 3,576,000 | 3,602,820 |
31,144,250 | Series A, 6.50%, 11/15/22 ............ | 1,600,000 | 1,638,000 | ||
Media — 11.1% | ||
Altice Financing SA | ||
6.625%, 2/15/23, 144A .............. | 4,055,000 | 4,090,441 |
7.50%, 5/15/26, 144A ................ | 5,254,000 | 5,030,705 |
Altice Finco SA, 144A | ||
8.125%, 1/15/24 (a) ................. | 1,000,000 | 1,012,500 |
Altice France SA | ||
6.25%, 5/15/24, 144A ................ | 3,284,000 | 3,255,265 |
7.375%, 5/01/26, 144A .............. | 10,065,000 | 9,926,606 |
8.125%, 2/01/27, 144A .............. | 3,650,000 | 3,713,875 |
Altice Luxembourg SA | ||
7.75%, 5/15/22, 144A (a) ............. | 5,542,000 | 5,361,885 |
7.625%, 2/15/25, 144A (a) ............ | 2,629,000 | 2,439,817 |
Altice US Finance I Corp. | ||
5.375%, 7/15/23, 144A .............. | 1,820,000 | 1,835,925 |
5.50%, 5/15/26, 144A ................ | 3,032,000 | 2,986,520 |
AMC Networks, Inc. | ||
4.75%, 12/15/22 .................... | 465,000 | 466,162 |
5.00%, 4/01/24 ..................... | 2,056,000 | 2,027,730 |
4.75%, 8/01/25 ..................... | 1,900,000 | 1,838,250 |
Cable One, Inc., 144A | ||
5.75%, 6/15/22 ..................... | 1,100,000 | 1,122,000 |
Cablevision Systems Corp. | ||
8.00%, 4/15/20 ..................... | 1,554,000 | 1,639,470 |
5.875%, 9/15/22 .................... | 1,074,000 | 1,095,480 |
CBS Radio, Inc., 144A | ||
7.25%, 11/01/24 (a) ................. | 850,000 | 818,125 |
Series B, 6.50%, 11/15/22 ............ 3,929,000 4,037,047
CSC Holdings LLC | ||
6.75%, 11/15/21 .................... | 1,610,000 | 1,710,625 |
10.125%, 1/15/23, 144A ............. | 3,453,000 | 3,789,668 |
5.25%, 6/01/24 ..................... | 1,231,000 | 1,197,147 |
6.625%, 10/15/25, 144A ............. | 1,994,000 | 2,076,253 |
10.875%, 10/15/25, 144A ............ | 2,831,000 | 3,301,654 |
5.50%, 4/15/27, 144A ................ | 1,752,000 | 1,710,390 |
5.375%, 2/01/28, 144A .............. | 2,857,000 | 2,745,434 |
DISH DBS Corp. | ||
7.875%, 9/01/19 .................... | 1,965,000 | 2,036,231 |
5.125%, 5/01/20 .................... | 3,270,000 | 3,298,612 |
6.75%, 6/01/21 ..................... | 3,902,000 | 3,970,285 |
5.875%, 7/15/22 (a) ................. | 3,800,000 | 3,662,250 |
5.00%, 3/15/23 (a) .................. | 2,443,000 | 2,183,431 |
5.875%, 11/15/24 ................... | 3,944,000 | 3,446,070 |
7.75%, 7/01/26 ..................... | 3,990,000 | 3,615,937 |
Gray Television, Inc. | ||
5.125%, 10/15/24, 144A ............. | 925,000 | 908,813 |
5.875%, 7/15/26, 144A .............. | 1,133,000 | 1,135,833 |
Meredith Corp., 144A | ||
6.875%, 2/01/26 (a) ................. | 2,552,000 | 2,590,280 |
Nexstar Broadcasting, Inc., 144A | ||
5.625%, 8/01/24 .................... | 1,443,500 | 1,422,136 |
Quebecor Media, Inc. | ||
5.75%, 1/15/23 ..................... | 1,700,000 | 1,768,000 |
Sinclair Television Group, Inc. | ||
5.375%, 4/01/21 .................... | 708,000 | 712,425 |
6.125%, 10/01/22 ................... | 919,000 | 945,605 |
Principal Principal
Media (Continued) | Amount | Value | Telecommunications (Continued) | Amount | Value |
5.625%, 8/01/24, 144A $ | 1,300,000 | $ 1,283,750 | Series Y, 7.50%, 4/01/24 (a) $ | 1,895,000 | $ 2,032,387 |
5.125%, 2/15/27, 144A .............. | 850,000 | 790,500 | 5.625%, 4/01/25 (a) ................. | 1,170,000 | 1,146,600 |
Sirius XM Radio, Inc. | Cincinnati Bell, Inc., 144A | ||||
3.875%, 8/01/22, 144A .............. | 3,458,000 | 3,410,280 | 7.00%, 7/15/24 ..................... | 1,300,000 | 1,150,500 |
4.625%, 5/15/23, 144A .............. | 987,000 | 986,013 | CommScope Technologies LLC | ||
6.00%, 7/15/24, 144A ................ | 1,560,000 | 1,624,896 | 6.00%, 6/15/25, 144A ................ | 2,696,000 | 2,803,840 |
5.375%, 4/15/25, 144A .............. | 1,636,000 | 1,664,630 | 5.00%, 3/15/27, 144A ................ | 1,335,000 | 1,301,625 |
5.375%, 7/15/26, 144A .............. | 1,744,000 | 1,744,000 | CommScope, Inc. | ||
5.00%, 8/01/27, 144A ................ | 2,900,000 | 2,816,596 | 5.00%, 6/15/21, 144A ................ | 1,218,000 | 1,228,657 |
TEGNA, Inc. | 5.50%, 6/15/24, 144A ................ | 1,610,000 | 1,636,162 | ||
5.125%, 7/15/20 .................... | 201,000 | 203,010 | Consolidated Communications, Inc. | ||
6.375%, 10/15/23 ................... | 2,304,000 | 2,396,160 | 6.50%, 10/01/22 (a) ................. | 784,000 | 743,820 |
Telenet Finance Luxembourg Notes | DKT Finance ApS, 144A | ||||
Sarl, 144A | 9.375%, 6/17/23 .................... | 700,000 | 742,000 | ||
5.50%, 3/01/28 ..................... | 1,800,000 | 1,692,000 | Frontier Communications Corp. | ||
Tribune Media Co. | 8.75%, 4/15/22 (a) .................. | 1,600,000 | 1,296,000 | ||
5.875%, 7/15/22 .................... | 2,200,000 | 2,244,000 | 10.50%, 9/15/22 (a) ................. | 3,900,000 | 3,451,500 |
Unitymedia GmbH, 144A | 7.125%, 1/15/23 .................... | 2,100,000 | 1,441,125 | ||
6.125%, 1/15/25 .................... | 2,100,000 | 2,205,000 | 7.625%, 4/15/24 .................... | 2,000,000 | 1,270,000 |
Unitymedia Hessen GmbH & Co. KG / | 6.875%, 1/15/25 (a) ................. | 1,650,000 | 973,500 | ||
Unitymedia NRW GmbH, 144A | 11.00%, 9/15/25 (a) ................. | 5,896,000 | 4,539,920 | ||
5.00%, 1/15/25 ..................... | 1,269,000 | 1,295,966 | 8.50%, 4/01/26, 144A ................ | 3,389,000 | 3,201,080 |
Univision Communications, Inc. | GTH Finance BV | ||||
5.125%, 5/15/23, 144A .............. | 2,286,000 | 2,177,415 | 6.25%, 4/26/20, 144A ................ | 500,000 | 507,252 |
5.125%, 2/15/25, 144A .............. | 2,995,000 | 2,755,400 | 7.25%, 4/26/23, 144A ................ | 1,580,000 | 1,647,567 |
UPC Holding BV, 144A | GTT Communications, Inc., 144A | ||||
5.50%, 1/15/28 ..................... | 950,000 | 887,063 | 7.875%, 12/31/24 (a) ................ | 1,425,000 | 1,353,750 |
UPCB Finance IV Ltd., 144A | Hughes Satellite Systems Corp. | ||||
5.375%, 1/15/25 .................... | 2,301,000 | 2,278,220 | 7.625%, 6/15/21 .................... | 1,985,000 | 2,143,800 |
Videotron Ltd. | 5.25%, 8/01/26 ..................... | 1,525,000 | 1,464,000 | ||
5.00%, 7/15/22 ..................... | 1,676,000 | 1,711,615 | 6.625%, 8/01/26 .................... | 1,241,000 | 1,191,360 |
5.375%, 6/15/24, 144A .............. | 1,181,000 | 1,217,906 | Inmarsat Finance PLC | ||
5.125%, 4/15/27, 144A .............. | 1,069,000 | 1,060,983 | 4.875%, 5/15/22, 144A .............. | 2,200,000 | 2,216,500 |
Virgin Media Finance PLC | 6.50%, 10/01/24, 144A .............. | 721,000 | 742,630 | ||
6.375%, 4/15/23, 144A .............. | 600,000 | 621,000 | Intelsat Connect Finance SA, 144A | ||
6.00%, 10/15/24, 144A .............. | 1,085,000 | 1,075,506 | 9.50%, 2/15/23 ..................... | 2,000,000 | 1,995,900 |
5.75%, 1/15/25, 144A ................ | 723,000 | 699,503 | Intelsat Jackson Holdings SA | ||
Virgin Media Secured Finance PLC | 7.25%, 10/15/20 .................... | 5,200,000 | 5,219,500 | ||
5.25%, 1/15/21 ..................... | 275,000 | 282,563 | 7.50%, 4/01/21 ..................... | 2,642,000 | 2,671,722 |
5.50%, 1/15/25, 144A ................ | 590,000 | 583,363 | 9.50%, 9/30/22, 144A ................ | 1,702,000 | 1,982,830 |
5.25%, 1/15/26, 144A ................ | 2,300,000 | 2,245,835 | 5.50%, 8/01/23 ..................... | 3,660,000 | 3,347,802 |
5.50%, 8/15/26, 144A ................ | 1,333,000 | 1,313,005 | 8.00%, 2/15/24, 144A ................ | 1,162,000 | 1,225,910 |
Ziggo Bond Finance BV | 9.75%, 7/15/25, 144A ................ | 2,506,000 | 2,659,492 | ||
5.875%, 1/15/25, 144A .............. | 1,100,000 | 1,032,625 | Intelsat Luxembourg SA | ||
6.00%, 1/15/27, 144A ................ | 1,240,000 | 1,128,400 | 7.75%, 6/01/21 (a) .................. | 3,761,000 | 3,643,469 |
Ziggo BV, 144A | 8.125%, 6/01/23 .................... | 2,539,000 | 2,212,104 | ||
5.50%, 1/15/27 ..................... | 3,598,000 | 3,397,879 | Level 3 Financing, Inc. |
6.125%, 1/15/21 .................... | 819,000 | 824,889 |
5.375%, 8/15/22 .................... | 1,457,000 | 1,475,212 |
199,037,699
Telecommunications — 9.4% | 5.625%, 2/01/23 .................... | 1,960,000 | 1,988,832 | ||
Anixter, Inc. | 5.125%, 5/01/23 .................... | 1,619,000 | 1,621,574 | ||
5.125%, 10/01/21 ................... | 751,500 | 775,924 | 5.375%, 1/15/24 .................... | 1,659,000 | 1,663,148 |
CenturyLink, Inc. | 5.375%, 5/01/25 .................... | 1,102,000 | 1,090,980 | ||
Series V, 5.625%, 4/01/20 ............ | 1,568,000 | 1,607,200 | 5.25%, 3/15/26 ..................... | 1,555,000 | 1,527,943 |
Series S, 6.45%, 6/15/21 ............. | 2,404,000 | 2,512,180 | Xxxxx 0 Xxxxxx XXX | ||
Xxxxxx X, 0.00%, 0/00/00 ............. | 2,942,000 | 3,022,022 | 5.75%, 12/01/22 .................... | 1,301,000 | 1,314,010 |
Series W, 6.75%, 12/01/23 (a) ........ | 1,700,000 | 1,776,500 | |||
Principal
Amount Value
Principal
Amount Value
Telecommunications (Continued) Nokia OYJ 3.375%, 6/12/22 .................... $ | 2,165,000 | $ 2,121,440 |
4.375%, 6/12/27 .................... | 637,000 | 613,909 |
Qwest Corp. 6.75%, 12/01/21 .................... | 1,362,000 | 1,462,509 |
Sable International Finance Ltd., 144A 6.875%, 8/01/22 .................... | 1,508,000 | 1,573,975 |
Sprint Communications, Inc. 7.00%, 3/01/20, 144A ................ | 2,405,000 | 2,504,206 |
7.00%, 8/15/20 ..................... | 3,007,000 | 3,157,350 |
11.50%, 11/15/21 ................... | 2,500,000 | 2,956,250 |
6.00%, 11/15/22 .................... | 3,574,000 | 3,626,502 |
Sprint Corp. 7.25%, 9/15/21 ..................... | 4,562,000 | 4,794,388 |
7.875%, 9/15/23 .................... | 7,576,000 | 8,172,610 |
7.125%, 6/15/24 .................... | 4,313,000 | 4,485,520 |
7.625%, 2/15/25 .................... | 3,500,000 | 3,723,125 |
7.625%, 3/01/26 .................... | 3,200,000 | 3,368,512 |
Telecom Italia SpA, 144A 5.303%, 5/30/24 .................... | 3,146,000 | 3,149,933 |
Telefonaktiebolaget LM Ericsson 4.125%, 5/15/22 .................... | 1,679,000 | 1,662,560 |
T-Mobile USA, Inc. 4.00%, 4/15/22 (a) .................. | 2,868,000 | 2,857,245 |
6.00%, 3/01/23 ..................... | 1,973,000 | 2,035,544 |
6.50%, 1/15/24 ..................... | 1,382,000 | 1,433,825 |
6.00%, 4/15/24 ..................... | 2,102,000 | 2,186,080 |
6.375%, 3/01/25 .................... | 4,158,000 | 4,334,715 |
5.125%, 4/15/25 .................... | 836,000 | 844,745 |
6.50%, 1/15/26 ..................... | 3,123,000 | 3,309,412 |
4.50%, 2/01/26 ..................... | 2,220,000 | 2,120,100 |
5.375%, 4/15/27 .................... | 796,000 | 802,129 |
4.75%, 2/01/28 ..................... | 2,144,000 | 2,021,899 |
VEON Holdings BV 3.95%, 6/16/21, 144A ................ | 700,000 | 675,787 |
7.504%, 3/01/22, 144A .............. | 1,240,000 | 1,324,308 |
5.95%, 2/13/23, 144A ................ | 1,750,000 | 1,753,850 |
4.95%, 6/16/24, 144A ................ | 1,700,000 | 1,615,510 |
Wind Tre SpA, 144A 5.00%, 1/20/26 ..................... | 3,750,000 | 3,373,744 |
Windstream Services LLC / Windstream Finance Corp. 6.375%, 8/01/23 .................... | 179,000 | 96,660 |
10.50%, 6/30/24, 144A .............. | 1,077,000 | 872,370 |
9.00%, 6/30/25, 144A ................ | 2,187,000 | 1,591,043 |
8.625%, 10/31/25, 144A ............. | 1,300,000 | 1,218,750 |
WTT Investment Ltd., 144A 5.50%, 11/21/22 .................... | 1,165,000 | 1,170,112 |
169,395,335 | ||
Consumer, Cyclical — 12.3% | ||
Airlines — 0.3% Air Canada, 144A 7.75%, 4/15/21 ..................... | 944,000 | 1,019,520 |
American Airlines Group, Inc. 5.50%, 10/01/19, 144A .............. | 1,642,000 | 1,670,735 |
4.625%, 3/01/20, 144A .............. | 1,278,000 | 1,290,460 |
Airlines (Continued) | ||
United Continental Holdings, Inc. | ||
4.25%, 10/01/22 .................... $ | 550,000 | $ 541,063 |
Virgin Australia Holdings Ltd. | ||
8.50%, 11/15/19, 144A .............. | 195,000 | 196,999 |
7.875%, 10/15/21, 144A ............. | 300,000 | 296,250 |
5,015,027 | ||
Apparel — 0.2% | ||
Hanesbrands, Inc. | ||
4.625%, 5/15/24, 144A .............. | 1,848,000 | 1,811,040 |
4.875%, 5/15/26, 144A .............. | 1,700,500 | 1,645,234 |
Levi Strauss & Co. | ||
5.00%, 5/01/25 ..................... | 1,015,000 | 1,025,150 |
4,481,424 | ||
Auto Manufacturers — 0.9% | ||
Allison Transmission, Inc. | ||
5.00%, 10/01/24, 144A .............. | 1,076,000 | 1,062,550 |
4.75%, 10/01/27, 144A .............. | 997,000 | 939,672 |
Fiat Chrysler Automobiles NV | ||
4.50%, 4/15/20 ..................... | 3,294,000 | 3,322,822 |
5.25%, 4/15/23 (a) .................. | 2,217,000 | 2,258,569 |
Jaguar Land Rover Automotive PLC | ||
4.25%, 11/15/19, 144A .............. | 1,127,000 | 1,127,000 |
3.50%, 3/15/20, 144A ................ | 497,000 | 491,409 |
5.625%, 2/01/23, 144A (a) ............ | 748,000 | 740,520 |
4.50%, 10/01/27, 144A (a) ............ | 1,200,000 | 1,021,500 |
Navistar International Corp., 144A | ||
6.625%, 11/01/25 ................... | 2,416,000 | 2,524,720 |
Tesla, Inc., 144A | ||
5.30%, 8/15/25 (a) .................. | 3,441,000 | 2,989,369 |
16,478,131 | ||
Auto Parts & Equipment — 0.7% | ||
Adient Global Holdings Ltd., 144A | ||
4.875%, 8/15/26 (a) ................. | 1,885,000 | 1,705,925 |
American Axle & Manufacturing, Inc. | ||
6.625%, 10/15/22 (a) ................ | 577,000 | 592,146 |
6.25%, 4/01/25 (a) .................. | 2,137,000 | 2,134,329 |
6.25%, 3/15/26 ..................... | 627,000 | 619,946 |
6.50%, 4/01/27 (a) .................. | 813,000 | 807,919 |
Dana, Inc. | ||
5.50%, 12/15/24 .................... | 1,000,000 | 996,250 |
Goodyear Tire & Rubber Co. | ||
5.125%, 11/15/23 (a) ................ | 2,114,000 | 2,114,000 |
5.00%, 5/31/26 (a) .................. | 1,358,000 | 1,279,915 |
4.875%, 3/15/27 (a) ................. | 1,246,000 | 1,146,320 |
Tenneco, Inc. | ||
5.00%, 7/15/26 ..................... | 1,171,000 | 1,042,190 |
12,438,940 | ||
Distribution/Wholesale — 0.4% | ||
American Builders & Contractors | ||
Supply Co., Inc., 144A | ||
5.875%, 5/15/26 .................... | 1,263,000 | 1,270,831 |
Core & Main LP, 144A | ||
6.125%, 8/15/25 .................... | 950,000 | 916,750 |
Principal Principal
Distribution/Wholesale (Continued) | Amount | Value | Home Builders (Continued) | Amount | Value |
HD Supply, Inc., 144A | Brookfield Residential Properties, Inc., | ||||
5.75%, 4/15/24 ..................... $ | 1,671,000 | $ 1,760,816 | 144A | ||
KAR Auction Services, Inc., 144A | 6.50%, 12/15/20 .................... $ | 425,000 | $ 428,612 | ||
5.125%, 6/01/25 .................... | 1,617,000 | 1,588,702 | Brookfield Residential Properties, Inc. / | ||
LKQ Corp. | Brookfield Residential US Corp., 144A | ||||
4.75%, 5/15/23 ..................... | 1,093,000 | 1,101,198 | 6.125%, 7/01/22 .................... | 433,000 | 438,412 |
Univar USA, Inc., 144A | K Hovnanian Enterprises, Inc. | ||||
6.75%, 7/15/23 ..................... | 520,000 | 536,900 | 10.00%, 7/15/22, 144A .............. | 1,158,000 | 1,163,790 |
7,175,197
10.50%, 7/15/24, 144A .............. 609,000 605,955
Entertainment — 1.8% AMC Entertainment Holdings, Inc. | 7.00%, 12/15/21 .................... | 1,000,000 | 1,057,500 | ||
5.75%, 6/15/25 (a) .................. | 2,000,000 | 1,948,760 | 4.50%, 11/15/19 .................... | 435,000 | 439,350 |
5.875%, 11/15/26 (a) ................ | 659,000 | 644,172 | 4.75%, 4/01/21 (a) .................. | 962,000 | 977,633 |
6.125%, 5/15/27 (a) ................. | 1,042,000 | 1,026,370 | 4.125%, 1/15/22 .................... | 870,000 | 867,825 |
Caesars Resort Collection LLC / CRC | 4.75%, 11/15/22 .................... | 1,562,000 | 1,569,810 | ||
Finco, Inc., 144A | 4.875%, 12/15/23 ................... | 795,000 | 798,975 | ||
5.25%, 10/15/25 .................... | 3,093,000 | 2,965,414 | 4.50%, 4/30/24 ..................... | 1,097,000 | 1,079,503 |
Cinemark USA, Inc. | 5.875%, 11/15/24 ................... | 1,400,000 | 1,459,640 | ||
5.125%, 12/15/22 ................... | 1,148,000 | 1,159,480 | 4.75%, 5/30/25 ..................... | 505,000 | 498,687 |
4.875%, 6/01/23 .................... Eldorado Resorts, Inc. 6.00%, 4/01/25 ..................... | 1,844,000 1,800,000 | 1,830,170 1,838,250 | 4.75%, 11/29/27 .................... 6.875%, 12/15/23, 144A ............. | 1,783,000 862,000 | 1,709,451 881,395 |
International Game Technology PLC 5.625%, 2/15/20, 144A .............. | 1,700,000 | 1,738,250 | 6.50%, 10/01/25, 144A .............. | 752,000 | 744,630 |
6.25%, 2/15/22, 144A ................ | 3,013,000 | 3,124,481 | 6.00%, 6/01/25 ..................... | 830,000 | 840,375 |
6.50%, 2/15/25, 144A ................ | 2,072,000 | 2,185,960 | PulteGroup, Inc. | ||
LHMC Finco Sarl, 144A | 4.25%, 3/01/21 ..................... | 1,104,000 | 1,112,611 | ||
7.875%, 12/20/23 ................... | 1,125,000 | 1,136,250 | 5.50%, 3/01/26 ..................... | 1,388,000 | 1,382,795 |
Live Nation Entertainment, Inc., 144A | 5.00%, 1/15/27 ..................... | 1,274,000 | 1,218,263 | ||
4.875%, 11/01/24 ................... | 1,117,000 | 1,101,641 | Taylor Morrison Communities, Inc. / | ||
Merlin Entertainments PLC, 144A 5.75%, 6/15/26 ..................... | 405,000 | 413,100 | Taylor Morrison Holdings II, Inc., | ||
Mohegan Gaming & Entertainment, 144A 7.875%, 10/15/24 (a) ................ | 1,116,000 | 1,039,275 | 5.25%, 4/15/21 ..................... 5.875%, 2/15/22 .................... | 1,173,000 1,146,000 | 1,175,933 1,199,003 |
Scientific Games International, Inc. 10.00%, 12/01/22 ................... | 4,580,000 | 4,860,983 | 4.375%, 4/15/23 (a) ................. 4.875%, 3/15/27 .................... | 908,000 542,000 | 907,065 520,320 |
5.00%, 10/15/25, 144A .............. | 2,400,000 | 2,286,000 | 4.35%, 2/15/28 ..................... | 709,000 | 652,280 |
Six Flags Entertainment Corp. 4.875%, 7/31/24, 144A .............. | 1,526,000 | 1,503,110 | Xxxxxxx Xxxx Homes, Inc. 5.875%, 1/31/25 .................... | 900,000 | 856,125 |
5.50%, 4/15/27, 144A ................ | 905,000 | 900,475 31,702,141 | Home Furnishings — 0.1% | 26,856,175 | |
Food Service — 0.3% | Tempur Sealy International, Inc. | ||||
Aramark Services, Inc. | 5.625%, 10/15/23 ................... | 961,000 | 965,805 | ||
KB Home Lennar Corp.
Mattamy Group Corp.
Meritage Homes Corp.
144A
Toll Brothers Finance Corp.
5.125%, 1/15/24 .................... | 1,887,000 | 1,920,947 | 5.50%, 6/15/26 ..................... | 1,083,000 1,0 |
5.00%, 4/01/25, 144A ................ | 1,154,000 | 1,164,098 | ||
4.75%, 6/01/26 ..................... | 1,124,000 | 1,109,950 | 2,0 | |
5.00%, 2/01/28, 144A ................ | 1,600,000 | 1,570,000 | Housewares — 0.0% |
58,632
24,437
5,764,995 | ||
Home Builders — 1.5% Beazer Homes USA, Inc. 8.75%, 3/15/22 ..................... | 1,495,000 | 1,584,237 |
5.875%, 10/15/27 ................... | 800,000 | 686,000 |
Scotts Miracle-Gro Co.
6.00%, 10/15/23 .................... 588,000 599,760
Leisure Time — 0.4%
24 Hour Fitness Worldwide, Inc., 144A
8.00%, 6/01/22 (a) .................. 1,339,000 1,346,123
Carlson Travel, Inc., 144A
6.75%, 12/15/23 (a) ................. 400,000 403,000
Leisure Time (Continued) | Principal Amount | Value | Retail — 3.1% | Principal Amount | Value |
NCL Corp. Ltd., 144A | 1011778 BC ULC / New Red Finance, | ||||
4.75%, 12/15/21 .................... $ | 738,000 | $ 744,458 | Inc. | ||
Sabre GLBL, Inc. | 4.625%, 1/15/22, 144A $ | 2,440,000 | $ 2,446,100 | ||
5.375%, 4/15/23, 144A .............. | 1,609,000 | 1,629,113 | 4.25%, 5/15/24, 144A ................ | 3,035,000 | 2,906,012 |
5.25%, 11/15/23, 144A .............. Viking Cruises Ltd., 144A | 765,000 | 770,454 | 5.00%, 10/15/25, 144A .............. Asbury Automotive Group, Inc. | 5,400,000 | 5,238,000 |
5.875%, 9/15/27 .................... 1,400,000 1,379,000
VOC Escrow Ltd., 144A
5.00%, 2/15/28 ..................... 125,000 121,041
6.00%, 12/15/24 .................... 1,200,000 1,209,000
Beacon Roofing Supply, Inc., 144A
4.875%, 11/01/25 ................... 2,500,000 2,318,750
6,393,189 | 6.50%, 5/01/21 (a) .................. | 1,560,000 | 1,435,200 | |
Lodging — 2.3% | 6.75%, 1/15/22 (a) .................. | 362,000 | 323,990 | |
Boyd Gaming Corp. | 6.75%, 6/15/23 ..................... | 1,285,000 | 1,111,525 |
Ferrellgas LP / Ferrellgas Finance Corp.
6.875%, 5/15/23 .................... | 1,965,000 | 2,073,075 |
6.375%, 4/01/26 .................... | 1,424,000 | 1,461,380 |
6.00%, 8/15/26 ..................... | 1,338,000 | 1,354,725 |
Diamond Resorts International, Inc. | ||
7.75%, 9/01/23, 144A (a) ............. | 1,126,000 | 1,181,951 |
10.75%, 9/01/24, 144A (a) ............ | 1,366,000 | 1,430,885 |
Hilton Domestic Operating Co., Inc. |
Golden Nugget, Inc.
6.75%, 10/15/24, 144A .............. | 2,061,000 | 2,099,644 |
8.75%, 10/01/25, 144A .............. | 1,900,000 | 2,009,250 |
Group 1 Automotive, Inc. | ||
5.00%, 6/01/22 ..................... | 1,200,000 | 1,194,000 |
IRB Holding Corp., 144A | ||
6.75%, 2/15/26 (a) .................. | 1,000,000 | 957,500 |
4.25%, 9/01/24 ..................... | 1,573,000 | 1,533,675 | 5.875%, 7/01/23, 144A (a) ............ | 1,098,000 | 990,945 |
5.125%, 5/01/26, 144A .............. | 2,716,000 | 2,732,975 | 8.625%, 3/15/25, 144A (a) ............ | 667,000 | 496,915 |
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | KFC Holding Co./Pizza Hut Holdings | ||||
4.625%, 4/01/25 .................... | 2,422,000 | 2,397,780 | 5.00%, 6/01/24, 144A ................ | 1,823,000 | 1,823,000 |
4.875%, 4/01/27 .................... | 947,000 | 933,979 | 5.25%, 6/01/26, 144A ................ | 1,744,000 | 1,748,360 |
Jack Ohio Finance LLC / Jack Ohio | 4.75%, 6/01/27, 144A ................ | 1,820,000 | 1,738,100 | ||
Finance 1 Corp., 144A | L Brands, Inc. | ||||
6.75%, 11/15/21 .................... | 1,287,000 | 1,335,262 | 6.625%, 4/01/21 .................... | 885,000 | 933,675 |
Melco Resorts Finance Ltd., 144A | 5.625%, 2/15/22 .................... | 552,000 | 560,970 | ||
4.875%, 6/06/25 .................... | 1,400,000 | 1,332,702 | 6.694%, 1/15/27, 144A .............. | 2,700,000 | 2,558,250 |
MGM Resorts International | 5.25%, 2/01/28 (a) .................. | 75,000 | 64,594 | ||
5.25%, 3/31/20 ..................... | 555,000 | 567,487 | Michaels Stores, Inc., 144A | ||
6.75%, 10/01/20 .................... | 965,000 | 1,016,869 | 5.875%, 12/15/20 ................... | 875,000 | 879,375 |
6.625%, 12/15/21 ................... | 3,417,000 | 3,622,020 | Neiman Marcus Group Ltd. LLC, 144A | ||
7.75%, 3/15/22 ..................... | 1,086,000 | 1,195,957 | 8.00%, 10/15/21 (a) ................. | 1,917,000 | 1,308,352 |
JC Penney Corp., Inc.
LLC/Taco Bell of America LLC
6.00%, 3/15/23 ..................... 1,803,000 1,876,292
5.75%, 6/15/25 ..................... 2,681,000 2,713,172
4.625%, 9/01/26 .................... | 1,140,000 | 1,080,150 |
Station Casinos LLC, 144A | ||
5.00%, 10/01/25 .................... | 1,069,000 | 1,035,594 |
Studio City Co. Ltd., 144A | ||
7.25%, 11/30/21 .................... | 2,132,000 | 2,190,630 |
Studio City Finance Ltd., 144A |
Penske Automotive Group, Inc.
5.75%, 10/01/22 .................... 969,000 988,986
8.50%, 12/01/20 .................... | 1,000,000 | 1,013,500 | 4.375%, 3/15/23 .................... | 1,197,000 | 1,185,093 |
Wyndham Destinations, Inc. | 4.85%, 4/01/24 ..................... | 1,843,000 | 1,845,353 | ||
3.90%, 3/01/23 (a) .................. | 1,400,000 | 1,312,500 | 4.45%, 2/15/25 ..................... | 1,070,000 | 1,028,895 |
4.50%, 4/01/27 ..................... | 800,000 | 768,240 | Rite Aid Corp., 144A | ||
Wynn Las Vegas LLC / Wynn Las Vegas | 6.125%, 4/01/23 .................... | 3,450,000 | 3,112,590 | ||
Capital Corp. | Sears Holdings Corp. | ||||
4.25%, 5/30/23, 144A ................ | 2,005,000 | 1,929,813 | 8.00%, 12/15/19 .................... | 491,000 | 199,469 |
5.50%, 3/01/25, 144A ................ | 1,912,000 | 1,896,513 | Staples, Inc., 144A | ||
5.25%, 5/15/27, 144A ................ | 2,394,000 | 2,241,383 | 8.50%, 9/15/25 (a) .................. | 2,034,000 | 1,927,012 |
42,228,509 | Suburban Propane Partners LP/ Suburban Energy Finance Corp. | ||||
5.50%, 6/01/24 ..................... | 1,178,000 | 1,160,330 |
5.50%, 5/15/26 ..................... 1,069,000 1,050,292
PetSmart, Inc. | ||
7.125%, 3/15/23, 144A .............. | 3,253,000 | 2,203,907 |
5.875%, 6/01/25, 144A .............. | 3,150,000 | 2,571,188 |
8.875%, 6/01/25, 144A .............. | 1,088,000 | 739,840 |
QVC, Inc. | ||
5.125%, 7/02/22 .................... | 601,000 | 613,717 |
54,978,179
Principal
Amount Value
Principal
Amount Value
Storage / Warehousing — 0.1% Algeco Global Finance PLC, 144A 8.00%, 2/15/23 ..................... $ | 1,188,000 | $ | 1,226,610 | Commercial Services (Continued) Service Corp. International 5.375%, 1/15/22 .................... $ | 712,000 | $ | 724,257 |
Toys/Games/Hobbies — 0.2% Mattel, Inc., 144A 6.75%, 12/31/25 (a) ................. | 2,945,000 | 2,891,813 | 5.375%, 5/15/24 .................... 4.625%, 12/15/27 ................... ServiceMaster Co. LLC, 144A | 1,799,000 1,089,000 | 1,841,726 1,048,163 | ||
Consumer, Non-cyclical — 18.4% | Team Health Holdings, Inc., 144A | ||||||
Agriculture — 0.1% | 6.375%, 2/01/25 (a) ................. | 1,649,000 | 1,438,753 | ||||
Vector Group Ltd., 144A | United Rentals North America, Inc. | ||||||
6.125%, 2/01/25 .................... | 1,600,000 | 1,540,000 | 4.625%, 7/15/23 .................... | 2,294,000 | 2,327,263 | ||
5.125%, 11/15/24 ................... 1,600,000 1,576,000
Commercial Services — 3.7% | ||
ADT Corp. | ||
6.25%, 10/15/21 .................... | 3,089,000 | 3,274,340 |
3.50%, 7/15/22 ..................... | 2,173,000 | 2,064,350 |
4.125%, 6/15/23 (a) ................. | 269,000 | 256,559 |
Ahern Rentals, Inc., 144A | ||
7.375%, 5/15/23 .................... | 1,345,000 | 1,329,936 |
APX Group, Inc. | ||
8.75%, 12/01/20 (a) ................. | 2,110,000 | 2,115,275 |
7.875%, 12/01/22 (a) ................ | 1,585,000 | 1,622,644 |
7.625%, 9/01/23 (a) ................. | 780,000 | 706,875 |
5.75%, 11/15/24 .................... | 1,864,000 | 1,931,011 |
5.50%, 7/15/25 ..................... | 2,000,000 | 2,047,500 |
4.625%, 10/15/25 ................... | 1,321,000 | 1,294,580 |
5.875%, 9/15/26 .................... | 3,500,000 | 3,618,125 |
5.50%, 5/15/27 ..................... | 2,164,000 | 2,164,000 |
4.875%, 1/15/28 .................... | 1,173,000 | 1,120,948 |
Verscend Escrow Corp., 144A | ||
9.75%, 8/15/26 ..................... | 2,200,000 | 2,259,840 |
WEX, Inc., 144A | ||
4.75%, 2/01/23 ..................... | 687,000 | 691,294 |
66,742,039 | ||
Cosmetics/Personal Care — 0.5% | ||
Avon Products, Inc. | ||
6.60%, 3/15/20 (a) .................. | 1,200,000 | 1,204,608 |
7.00%, 3/15/23 ..................... | 927,000 | 799,537 |
Coty, Inc., 144A | ||
6.50%, 4/15/26 (a) .................. | 1,200,000 | 1,131,750 |
Edgewell Personal Care Co. | ||
4.70%, 5/19/21 ..................... | 931,000 | 942,638 |
4.70%, 5/24/22 ..................... | 830,000 | 828,174 |
Xxxxx Xxxxxxx Xxxxxxx Xx., Xxx. | ||
0.000%, 0/00/00, 000X .............. | 1,336,000 | 1,325,980 |
5.00%, 7/01/25, 144A ................ | 771,000 | 724,740 |
Revlon Consumer Products Corp. | ||
5.75%, 2/15/21 (a) .................. | 1,257,000 | 1,037,025 |
6.25%, 10/15/22 (a) ................. | 898,000 | 841,875 | |
5.50%, 10/15/24, 144A (a) ............ | 1,800,000 | 1,516,500 | |
Jaguar Holding Co. II / Pharmaceutical | Food — 1.7% |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | ||
5.125%, 6/01/22, 144A (a) ............ | 937,000 | 934,657 |
5.50%, 4/01/23 (a) .................. | 1,234,000 | 1,232,457 |
Brink’s Co., 144A | ||
4.625%, 10/15/27 ................... | 1,063,000 | 996,562 |
Gartner, Inc., 144A | ||
5.125%, 4/01/25 .................... | 1,620,000 | 1,644,300 |
Herc Rentals, Inc. | ||
7.50%, 6/01/22, 144A ................ | 1,000,000 | 1,051,250 |
7.75%, 6/01/24, 144A ................ | 1,105,000 | 1,197,212 |
Hertz Corp. | ||
5.875%, 10/15/20 (a) ................ | 1,097,000 | 1,096,660 |
7.375%, 1/15/21 (a) ................. | 911,000 | 914,416 |
7.625%, 6/01/22, 144A (a) ............ | 2,349,000 | 2,337,255 |
6.25%, 8/01/24 ..................... 600,000 351,000
Product Development LLC, 144A | Albertsons Cos. LLC / Safeway, Inc. / | ||||
6.375%, 8/01/23 .................... | 1,955,000 | 1,969,662 | New Albertsons LP / Albertson’s LLC | ||
Laureate Education, Inc., 144A | 6.625%, 6/15/24 .................... | 1,958,000 | 1,899,260 | ||
8.25%, 5/01/25 ..................... | 1,400,000 | 1,513,750 | 5.75%, 3/15/25 ..................... | 2,800,000 | 2,548,000 |
Monitronics International, Inc. | B&G Foods, Inc. | ||||
9.125%, 4/01/20 (a) ................. Nielsen Co. Luxembourg SARL | 934,000 | 691,160 | 4.625%, 6/01/21 .................... 5.25%, 4/01/25 (a) .................. | 1,487,000 1,271,000 | 1,483,282 1,237,636 |
5.50%, 10/01/21, 144A .............. | 1,072,000 | 1,076,020 | Barry Callebaut Services NV, 144A | ||
5.00%, 2/01/25, 144A ................ | 1,000,000 | 975,000 | 5.50%, 6/15/23 ..................... | 400,000 | 416,400 |
Nielsen Finance LLC / Nielsen Finance | Darling Ingredients, Inc. | ||||
Co. 4.50%, 10/01/20 .................... | 700,000 | 700,000 | 5.375%, 1/15/22 .................... | 663,000 | 672,116 |
5.00%, 4/15/22, 144A ................ | 4,661,000 | 4,537,717 | 4.625%, 11/01/24, 144A ............. | 2,975,000 | 2,937,812 |
Prime Security Services Borrower LLC / | 4.875%, 11/01/26, 144A ............. | 501,000 | 494,738 | ||
Prime Finance, Inc., 144A | Pilgrim’s Pride Corp. | ||||
9.25%, 5/15/23 ..................... | 4,415,000 | 4,740,827 | 5.75%, 3/15/25, 144A ................ | 1,521,000 | 1,475,370 |
RR Donnelley & Sons Co. | 5.875%, 9/30/27, 144A .............. | 2,101,000 | 2,001,203 | ||
7.875%, 3/15/21 (a) ................. | 1,248,000 | 1,321,320 | |||
8,345,452
Lamb Weston Holdings, Inc.
Principal Principal
Food (Continued) | Amount | Value | Healthcare-Services (Continued) | Amount | Value |
Post Holdings, Inc. | 6.125%, 2/15/24 .................... $ | 1,308,000 | $ 1,378,305 | ||
5.50%, 3/01/25, 144A $ | 1,750,000 | $ 1,750,000 | 4.75%, 1/15/25 ..................... | 1,675,000 | 1,687,562 |
5.00%, 8/15/26, 144A ................ | 2,999,000 | 2,886,538 | 5.375%, 6/01/26, 144A .............. | 3,500,000 | 3,621,905 |
5.75%, 3/01/27, 144A ................ | 2,767,000 | 2,739,330 | Charles River Laboratories | ||
5.625%, 1/15/28, 144A .............. | 2,204,000 | 2,137,880 | International, Inc., 144A | ||
Sigma Holdco BV, 144A | 5.50%, 4/01/26 ..................... | 1,000,000 | 1,017,500 | ||
7.875%, 5/15/26 .................... | 1,375,000 | 1,306,250 | CHS/Community Health Systems, Inc. | ||
TreeHouse Foods, Inc. | 5.125%, 8/01/21 (a) ................. | 2,000,000 | 1,940,000 | ||
4.875%, 3/15/22 .................... | 800,000 | 803,000 | 6.875%, 2/01/22 .................... | 5,150,000 | 2,652,250 |
6.00%, 2/15/24, 144A (a) ............. | 1,800,000 | 1,829,250 | 6.25%, 3/31/23 ..................... | 6,450,000 | 6,159,750 |
US Foods, Inc., 144A | 11.00%, 6/30/23, 144A (a) ............ | 3,409,000 | 3,068,100 | ||
5.875%, 6/15/24 .................... | 1,575,000 | 1,594,688 | 8.625%, 1/15/24, 144A .............. | 1,600,000 | 1,672,000 |
30,212,753
8.125%, 6/30/24, 144A (a) ............ 2,552,000 2,111,780
Healthcare-Products — 1.4% | 5.75%, 8/15/22 ..................... | 1,650,000 | 1,676,812 | ||
Avantor, Inc. | 5.125%, 7/15/24 .................... | 3,311,000 | 3,208,756 | ||
6.00%, 10/01/24, 144A .............. | 2,777,000 | 2,825,597 | 5.00%, 5/01/25 ..................... | 3,100,000 | 2,952,750 |
9.00%, 10/01/25, 144A .............. | 4,009,000 | 4,144,304 | Eagle Holding Co. II LLC, 144A | ||
DJO Finance LLC / DJO Finance Corp., 144A 8.125%, 6/15/21 .................... | 1,867,000 | 1,937,573 | 7.625%, 5/15/22 .................... 5.75%, 11/01/24 .................... | 350,000 2,700,000 | 355,250 2,743,875 |
Hill-Rom Holdings, Inc., 144A 5.75%, 9/01/23 ..................... | 516,000 | 534,060 | Envision Healthcare Corp. 5.125%, 7/01/22, 144A .............. | 1,800,000 | 1,836,000 |
Hologic, Inc. | 5.625%, 7/15/22 .................... | 1,950,000 | 2,008,500 | ||
4.375%, 10/15/25, 144A ............. | 1,500,000 | 1,451,250 | 6.25%, 12/01/24, 144A .............. | 1,200,000 | 1,287,000 |
4.625%, 2/01/28, 144A .............. | 1,085,000 | 1,022,612 | HCA Healthcare, Inc. | ||
Kinetic Concepts, Inc. / KCI USA, Inc. 7.875%, 2/15/21, 144A .............. | 900,000 | 931,500 | 6.25%, 2/15/21 ..................... | 3,105,000 | 3,252,488 |
12.50%, 11/01/21, 144A ............. | 1,400,000 | 1,540,000 | 4.25%, 10/15/19 .................... | 1,185,000 | 1,201,187 |
Mallinckrodt International Finance SA | 6.50%, 2/15/20 ..................... | 4,160,000 | 4,328,480 | ||
4.75%, 4/15/23 (a) .................. | 932,000 | 813,170 | 7.50%, 2/15/22 ..................... | 3,979,000 | 4,376,900 |
Mallinckrodt International Finance SA / | 5.875%, 3/15/22 .................... | 3,319,000 | 3,534,735 | ||
Mallinckrodt CB LLC | 4.75%, 5/01/23 ..................... | 1,507,000 | 1,535,256 | ||
4.875%, 4/15/20, 144A (a) ............ | 1,275,000 | 1,276,594 | 5.875%, 5/01/23 .................... | 1,756,000 | 1,848,190 |
5.75%, 8/01/22, 144A ................ | 1,950,000 | 1,828,125 | 5.00%, 3/15/24 ..................... | 3,928,000 | 4,026,200 |
5.625%, 10/15/23, 144A (a) ........... | 1,565,000 | 1,402,631 | 5.375%, 2/01/25 .................... | 5,414,000 | 5,489,417 |
5.50%, 4/15/25, 144A (a) ............. | 1,490,000 | 1,279,538 | 5.25%, 4/15/25 ..................... | 2,743,000 | 2,835,576 |
Ortho-Clinical Diagnostics, Inc. / Ortho- | 5.875%, 2/15/26 .................... | 2,344,000 | 2,428,970 | ||
Clinical Diagnostics SA, 144A | 5.25%, 6/15/26 ..................... | 4,430,000 | 4,573,975 | ||
6.625%, 5/15/22 .................... | 2,600,000 | 2,564,250 | 5.375%, 9/01/26 .................... | 2,190,000 | 2,206,425 |
Sotera Health Holdings LLC, 144A | 4.50%, 2/15/27 ..................... | 1,339,000 | 1,328,958 | ||
6.50%, 5/15/23 ..................... Teleflex, Inc. | 890,000 | 918,391 | 5.625%, 9/01/28 .................... | 2,000,000 | 2,010,000 |
DaVita, Inc.
Encompass Health Corp.
HCA, Inc.
4.875%, 6/01/26 .................... | 511,000 | 505,890 | 5.50%, 12/01/21 .................... | 1,251,000 | 1,276,020 |
4.625%, 11/15/27 ................... | 1,116,000 | 1,067,175 | 5.875%, 12/01/23 ................... | 1,400,000 | 1,472,114 |
26,042,660 | 5.375%, 5/01/24 .................... | 1,164,000 | 1,213,470 |
LifePoint Health, Inc.
Healthcare-Services — 7.9% | ||
Acadia Healthcare Co., Inc. | ||
5.625%, 2/15/23 .................... | 1,400,000 | 1,435,000 |
AHP Health Partners, Inc., 144A | ||
9.75%, 7/15/26 ..................... | 1,110,000 | 1,168,275 |
Catalent Pharma Solutions, Inc., 144A | ||
4.875%, 1/15/26 .................... | 760,000 | 728,650 |
Centene Corp. | ||
5.625%, 2/15/21 .................... | 1,647,000 | 1,684,057 |
4.75%, 5/15/22 ..................... | 4,717,000 | 4,823,132 |
MEDNAX, Inc., 144A
5.25%, 12/01/23 .................... | 1,473,000 | 1,473,000 |
Molina Healthcare, Inc. | ||
5.375%, 11/15/22 ................... | 1,288,000 | 1,320,200 |
MPH Acquisition Holdings LLC, 144A | ||
7.125%, 6/01/24 .................... | 3,254,000 | 3,376,025 |
One Call Corp., 144A | ||
10.00%, 10/01/24 ................... | 800,000 | 684,000 |
Quorum Health Corp. | ||
11.625%, 4/15/23 (a) ................ | 840,000 | 840,000 |
Healthcare-Services (Continued) | Amount | Value | Pharmaceuticals (Continued) | Amount | Value |
RegionalCare Hospital Partners | Horizon Pharma, Inc. | ||||
Holdings, Inc., 144A | 6.625%, 5/01/23 .................... $ | 862,000 | $ 881,395 | ||
8.25%, 5/01/23 ..................... $ Select Medical Corp. | 1,700,000 | $ 1,814,750 | Vizient, Inc., 144A 10.375%, 3/01/24 ................... | 1,475,000 | 1,618,813 |
6.375%, 6/01/21 .................... | 1,594,000 | 1,615,918 | 50,375,636 |
Principal Principal
8.875%, 4/15/21 (a) ................. | 827,000 | 865,249 | Diversified — 0.1% | ||
Tenet Healthcare Corp. | Holding Companies-Diversified — 0.1% | ||||
4.75%, 6/01/20 ..................... | 1,180,000 | 1,197,700 | Spectrum Brands Holdings, Inc. | ||
6.00%, 10/01/20 .................... | 2,485,000 | 2,590,613 | 7.75%, 1/15/22 ..................... | 1,008,000 | 1,038,240 |
4.50%, 4/01/21 ..................... | 2,203,000 | 2,211,261 | Stena AB, 144A | ||
4.375%, 10/01/21 ................... | 2,875,000 | 2,882,188 | 7.00%, 2/01/24 (a) .................. | 736,000 | 693,680 |
7.50%, 1/01/22, 144A ................ | 1,583,000 | 1,663,638 | 1,731,920 |
Surgery Center Holdings, Inc., 144A
8.125%, 4/01/22 .................... 6,089,000 6,454,340
6.75%, 6/15/23 ..................... 3,147,000 3,158,801
4.625%, 7/15/24 .................... 3,518,000 3,454,782
5.125%, 5/01/25 .................... 2,150,000 2,139,250
7.00%, 8/01/25 ..................... 1,015,000 1,016,903
WellCare Health Plans, Inc.
5.25%, 4/01/25 ..................... 1,601,000 1,641,025
5.375%, 8/15/26, 144A .............. 1,500,000 1,548,750
Energy — 13.5%
Coal — 0.1%
Peabody Energy Corp.
6.00%, 3/31/22, 144A ................ 974,000 981,305
6.375%, 3/31/25, 144A (a) ............ 1,195,000 1,215,913
2,197,218
142,103,963 | Energy-Alternate Sources — 0.1% | ||||
Household Products/Wares — 0.3% | 4.25%, 1/31/23, 144A ................ | 775,000 | 757,563 | ||
Prestige Brands, Inc. | 5.00%, 1/31/28, 144A ................ | 1,413,000 | 1,328,220 | ||
5.375%, 12/15/21, 144A ............. | 138,000 | 138,690 | 2,085,783 | ||
6.375%, 3/01/24, 144A (a) ............ Spectrum Brands, Inc. 6.625%, 11/15/22 ................... | 1,600,000 611,000 | 1,622,480 630,094 | Oil & Gas — 9.4% Aker BP ASA | ||
TerraForm Power Operating LLC
5.75%, 7/15/25 ..................... | 2,293,000 | 2,327,395 | 6.00%, 7/01/22, 144A ................ | 670,000 | 691,356 |
4,718,659 | Antero Resources Corp. | ||||
Pharmaceuticals — 2.8% | 5.375%, 11/01/21 ................... | 1,852,000 | 1,889,040 | ||
Bausch Health Cos., Inc. | 5.125%, 12/01/22 ................... | 1,952,000 | 1,981,280 | ||
7.50%, 7/15/21, 144A ................ | 3,000,500 | 3,053,774 | 5.625%, 6/01/23 .................... | 1,213,000 | 1,254,303 |
5.625%, 12/01/21, 144A ............. | 2,800,000 | 2,782,500 | 5.00%, 3/01/25 ..................... | 1,750,500 | 1,772,381 |
6.50%, 3/15/22, 144A ................ | 3,101,000 | 3,217,287 | Ascent Resources Utica Holdings LLC / | ||
5.50%, 3/01/23, 144A ................ | 2,400,000 | 2,274,312 | ARU Finance Corp., 144A | ||
5.875%, 5/15/23, 144A .............. | 5,942,000 | 5,702,834 | 10.00%, 4/01/22 .................... | 3,145,000 | 3,490,950 |
7.00%, 3/15/24, 144A ................ | 2,979,000 | 3,154,016 | Baytex Energy Corp. | ||
6.125%, 4/15/25, 144A .............. | 6,236,000 | 5,822,865 | 5.125%, 6/01/21, 144A .............. | 489,000 | 477,997 |
5.50%, 11/01/25, 144A .............. | 3,774,000 | 3,778,718 | 5.625%, 6/01/24, 144A .............. | 515,000 | 489,250 |
9.00%, 12/15/25, 144A .............. | 3,030,000 | 3,215,588 | Bruin E&P Partners LLC, 144A | ||
9.25%, 4/01/26, 144A ................ | 2,163,000 | 2,299,875 | 8.875%, 8/01/23 .................... | 1,000,000 | 1,037,500 |
8.50%, 1/31/27, 144A ................ | 1,550,000 | 1,596,500 | California Resources Corp., 144A | ||
Elanco Animal Health, Inc. | 8.00%, 12/15/22 (a) ................. | 4,568,000 | 4,116,910 | ||
4.272%, 8/28/23, 144A .............. | 1,800,000 | 1,811,628 | Calumet Specialty Products Partners | ||
4.90%, 8/28/28, 144A ................ | 1,600,000 | 1,614,174 | LP / Calumet Finance Corp. | ||
Endo Dac / Endo Finance LLC / Endo | 6.50%, 4/15/21 ..................... | 1,800,000 | 1,782,000 | ||
Finco, Inc. | Carrizo Oil & Gas, Inc. | ||||
6.00%, 7/15/23, 144A ................ 6.00%, 2/01/25, 144A ................ Endo Finance LLC, 144A | 3,154,000 1,887,000 | 2,728,210 1,570,927 | 6.25%, 4/15/23 (a) .................. Chesapeake Energy Corp. 6.625%, 8/15/20 (a) ................. | 1,627,000 417,000 | 1,671,742 434,722 |
5.75%, 1/15/22 (a) .................. | 1,900,000 | 1,767,000 | 6.125%, 2/15/21 .................... | 1,545,000 | 1,583,625 |
Endo Finance LLC / Endo Finco, Inc., | 4.875%, 4/15/22 (a) ................. | 1,176,000 | 1,140,720 | ||
144A | 8.00%, 12/15/22, 144A .............. | 2,619,000 | 2,756,497 | ||
5.375%, 1/15/23 .................... | 1,727,000 | 1,485,220 | 8.00%, 1/15/25 ..................... | 2,215,000 | 2,267,606 |
8.00%, 6/15/27 ..................... | 2,529,000 | 2,566,935 | |||
5.875%, 3/31/25, 144A .............. 765,000 796,556
Principal Principal
Oil & Gas (Continued) | Amount | Value | Oil & Gas (Continued) | Amount | Value |
Citgo Holding, Inc., 144A | Murphy Oil Corp. | ||||
10.75%, 2/15/20 .................... $ | 3,152,000 | $ 3,380,520 | 4.00%, 6/01/22 (a) $ | 903,000 | $ 892,953 |
CITGO Petroleum Corp., 144A | 4.45%, 12/01/22 .................... | 1,441,000 | 1,441,893 | ||
6.25%, 8/15/22 ..................... | 1,588,000 | 1,607,850 | 6.875%, 8/15/24 .................... | 693,000 | 733,975 |
CNX Resources Corp. | 5.75%, 8/15/25 ..................... | 852,000 | 856,050 | ||
5.875%, 4/15/22 .................... | 1,902,000 | 1,906,660 | Nabors Industries, Inc. | ||
Continental Resources, Inc. | 5.00%, 9/15/20 ..................... | 1,150,000 | 1,159,939 | ||
5.00%, 9/15/22 ..................... | 3,060,000 | 3,101,278 | 4.625%, 9/15/21 .................... | 1,057,000 | 1,055,427 |
4.50%, 4/15/23 ..................... | 2,510,000 | 2,570,536 | 5.50%, 1/15/23 (a) .................. | 1,999,000 | 2,003,736 |
3.80%, 6/01/24 ..................... | 1,608,000 | 1,585,614 | 5.75%, 2/01/25, 144A ................ | 1,206,000 | 1,163,295 |
4.375%, 1/15/28 .................... | 2,070,000 | 2,060,830 | Newfield Exploration Co. | ||
CrownRock LP / CrownRock Finance, | 5.75%, 1/30/22 ..................... | 1,673,000 | 1,773,380 | ||
Inc., 144A | 5.625%, 7/01/24 .................... | 2,000,000 | 2,142,500 | ||
5.625%, 10/15/25 ................... | 2,068,000 | 2,016,300 | 5.375%, 1/01/26 .................... | 1,273,000 | 1,333,468 |
Denbury Resources, Inc. | Noble Holding International Ltd. | ||||
9.00%, 5/15/21, 144A ................ | 1,325,000 | 1,431,000 | 7.75%, 1/15/24 (a) .................. | 1,500,000 | 1,473,750 |
9.25%, 3/31/22, 144A ................ | 793,000 | 849,501 | 7.95%, 4/01/25 (a) .................. | 991,000 | 946,405 |
Diamond Offshore Drilling, Inc. | 7.875%, 2/01/26, 144A (a) ............ | 1,423,000 | 1,463,911 | ||
7.875%, 8/15/25 (a) ................. | 1,015,000 | 1,037,837 | Oasis Petroleum, Inc. | ||
Diamondback Energy, Inc. | 6.875%, 3/15/22 (a) ................. | 1,283,000 | 1,308,660 | ||
4.75%, 11/01/24 .................... | 958,000 | 967,580 | 6.25%, 5/01/26, 144A ................ | 800,000 | 815,000 |
5.375%, 5/31/25 .................... | 1,012,000 | 1,038,565 | Parkland Fuel Corp., 144A | ||
Endeavor Energy Resources LP / EER | 6.00%, 4/01/26 ..................... | 1,050,000 | 1,052,625 | ||
Xxxxxxx, Xxx. | Xxxxxxx Xxxxxx XXX / Xxxxxxx Xxxxxxx | ||||
0.00%, 0/00/00, 000X ................ | 1,000,000 | 1,002,500 | Corp. | ||
5.75%, 1/30/28, 144A ................ | 1,148,000 | 1,149,435 | 6.25%, 6/01/24, 144A ................ | 569,000 | 594,605 |
Ensco PLC | 5.375%, 1/15/25, 144A .............. | 2,759,000 | 2,793,212 | ||
4.50%, 10/01/24 .................... | 1,171,000 | 976,321 | 5.25%, 8/15/25, 144A ................ | 1,022,000 | 1,019,445 |
5.20%, 3/15/25 (a) .................. | 2,135,000 | 1,793,400 | 5.625%, 10/15/27, 144A ............. | 414,000 | 420,210 |
7.75%, 2/01/26 ..................... | 1,438,000 | 1,378,682 | PBF Holding Co LLC / PBF Finance | ||
EP Energy LLC / Everest Acquisition | Corp. | ||||
Finance, Inc. | 7.25%, 6/15/25 ..................... | 807,000 | 853,403 | ||
9.375%, 5/01/24, 144A .............. | 2,066,000 | 1,637,305 | PBF Holding Co. LLC / PBF Finance | ||
8.00%, 11/29/24, 144A (a) ............ | 1,277,000 | 1,286,577 | Corp. | ||
8.00%, 2/15/25, 144A ................ | 1,942,000 | 1,412,805 | 7.00%, 11/15/23 .................... | 1,741,000 | 1,828,050 |
7.75%, 5/15/26, 144A ................ | 1,755,000 | 1,798,875 | PDC Energy, Inc. | ||
Extraction Oil & Gas, Inc. | 6.125%, 9/15/24 .................... | 1,900,000 | 1,900,000 | ||
7.375%, 5/15/24, 144A .............. | 1,915,000 | 1,958,087 | 5.75%, 5/15/26 ..................... | 330,000 | 321,338 |
5.625%, 2/01/26, 144A .............. | 666,000 | 626,872 | Precision Drilling Corp., 144A | ||
Gulfport Energy Corp. | 7.125%, 1/15/26 .................... | 744,000 | 767,250 | ||
6.00%, 10/15/24 .................... | 1,679,000 | 1,666,407 | Puma International Financing SA | ||
6.375%, 5/15/25 .................... | 1,700,000 | 1,691,500 | 5.125%, 10/06/24, 144A (a) ........... | 1,000,000 | 902,240 |
6.375%, 1/15/26 .................... | 151,000 | 147,603 | 5.00%, 1/24/26, 144A ................ | 1,300,000 | 1,149,616 |
Hilcorp Energy I LP / Hilcorp Finance | QEP Resources, Inc. | ||||
Co. | 5.375%, 10/01/22 ................... | 701,000 | 708,220 | ||
5.00%, 12/01/24, 144A .............. | 1,200,000 | 1,165,500 | 5.25%, 5/01/23 ..................... | 1,370,000 | 1,342,600 |
5.75%, 10/01/25, 144A .............. | 1,475,000 | 1,471,313 | 5.625%, 3/01/26 .................... | 1,164,000 | 1,117,440 |
Jones Energy Holdings LLC / Jones | Range Resources Corp. | ||||
Energy Finance Corp. | 5.75%, 6/01/21 ..................... | 1,221,000 | 1,254,578 | ||
6.75%, 4/01/22 (a) .................. | 1,000,000 | 615,000 | 5.00%, 8/15/22 ..................... | 1,107,000 | 1,095,930 |
9.25%, 3/15/23, 144A ................ | 729,000 | 741,758 | 5.00%, 3/15/23 ..................... | 1,600,000 | 1,573,280 |
Jupiter Resources, Inc., 144A | 4.875%, 5/15/25 (a) ................. | 1,428,000 | 1,374,450 | ||
8.50%, 10/01/22 (a) ................. | 2,000,000 | 1,015,000 | Rowan Cos., Inc. | ||
MEG Energy Corp. | 4.875%, 6/01/22 .................... | 1,200,000 | 1,122,000 | ||
6.375%, 1/30/23, 144A .............. | 1,597,000 | 1,457,263 | 7.375%, 6/15/25 (a) ................. | 1,036,000 | 999,740 |
7.00%, 3/31/24, 144A ................ | 1,700,000 | 1,551,250 | |||
6.50%, 1/15/25, 144A ................ | 2,150,000 | 2,147,313 |
Principal Principal
Oil & Gas (Continued) | Amount | Value | Oil & Gas Services (Continued) | Amount | Value |
Sable Permian Resources Land LLC / | McDermott Technology Americas, | ||||
AEPB Finance Corp. | Inc. / McDermott Technology US, Inc., | ||||
7.125%, 11/01/20, 144A $ | 1,110,000 | $ 715,950 | 144A | ||
13.00%, 11/30/20, 144A ............. | 780,000 | 865,800 | 10.625%, 5/01/24 ................... $ | 2,287,000 | $ 2,439,200 |
7.375%, 11/01/21, 144A (a) ........... | 1,205,000 | 759,150 | SESI LLC | ||
Sanchez Energy Corp. | 7.125%, 12/15/21 ................... | 755,000 | 767,269 | ||
7.75%, 6/15/21 (a) .................. | 886,000 | 620,200 | 7.75%, 9/15/24 ..................... | 1,376,000 | 1,427,600 |
6.125%, 1/15/23 .................... | 2,400,000 | 1,367,160 | Transocean Phoenix 2 Ltd., 144A | ||
7.25%, 2/15/23, 144A (a) ............. | 1,131,000 | 1,105,553 | 7.75%, 10/15/24 .................... | 170,000 | 180,200 |
Seven Generations Energy Ltd. | Transocean Proteus Ltd., 144A | ||||
6.75%, 5/01/23, 144A (a) ............. | 750,000 | 778,125 | 6.25%, 12/01/24 .................... | 170,000 | 174,797 |
6.875%, 6/30/23, 144A .............. | 1,016,000 | 1,061,720 | Weatherford International Ltd. | ||
5.375%, 9/30/25, 144A .............. | 1,045,000 | 1,016,263 | 7.75%, 6/15/21 (a) .................. | 1,855,000 | 1,824,856 |
SM Energy Co. | 4.50%, 4/15/22 (a) .................. | 1,097,000 | 959,875 | ||
6.125%, 11/15/22 ................... | 760,000 | 785,650 | 8.25%, 6/15/23 (a) .................. | 1,232,000 | 1,148,840 |
5.00%, 1/15/24 (a) .................. | 1,200,000 | 1,170,000 | 9.875%, 2/15/24 (a) ................. | 1,610,000 | 1,529,500 |
5.625%, 6/01/25 (a) ................. | 1,022,000 | 1,016,890 |
6.75%, 9/15/26 (a) .................. | 955,000 | 994,394 |
6.625%, 1/15/27 .................... | 1,000,000 | 1,032,540 |
Southwestern Energy Co. | ||
4.10%, 3/15/22 (a) .................. | 1,560,000 | 1,528,800 |
Pipelines — 3.2%
6.20%, 1/23/25 ..................... | 1,350,000 | 1,356,750 | 6.125%, 11/15/22 ................... | 1,582,000 | 1,621,518 |
7.50%, 4/01/26 ..................... | 2,377,000 | 2,501,793 | Cheniere Corpus Christi Holdings LLC | ||
7.75%, 10/01/27 (a) ................. | 974,000 | 1,034,875 | 7.00%, 6/30/24 ..................... | 3,914,000 | 4,344,540 |
Sunoco LP / Sunoco Finance Corp. | 5.875%, 3/31/25 .................... | 2,358,000 | 2,514,217 | ||
4.875%, 1/15/23, 144A .............. 5.50%, 2/15/26, 144A ................ 5.875%, 3/15/28, 144A .............. | 1,900,000 1,600,000 775,000 | 1,879,176 1,536,000 744,000 | 5.125%, 6/30/27 .................... Cheniere Energy Partners LP 5.25%, 10/01/25 .................... | 2,660,000 2,458,000 | 2,716,525 2,464,145 |
Transocean, Inc. 5.80%, 10/15/22 (a) ................. 9.00%, 7/15/23, 144A ................ | 1,424,000 2,008,000 | 1,413,320 2,171,150 | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 6.25%, 4/01/23 ..................... | 1,300,000 | 1,347,125 |
7.50%, 1/15/26, 144A ................ Ultra Resources, Inc. 6.875%, 4/15/22, 144A (a) ............ | 1,201,000 1,382,000 | 1,226,521 680,635 | 5.75%, 4/01/25 ..................... DCP Midstream Operating LP 5.35%, 3/15/20, 144A ................ | 1,275,000 674,000 | 1,306,875 690,850 |
7.125%, 4/15/25, 144A (a) ............ | 860,000 | 384,850 | 4.75%, 9/30/21, 144A ................ | 983,000 | 1,000,202 |
Whiting Petroleum Corp. | 3.875%, 3/15/23 .................... | 989,000 | 966,747 | ||
5.75%, 3/15/21 ..................... | 2,100,000 | 2,157,750 | 5.375%, 7/15/25 .................... | 1,175,000 | 1,207,312 |
6.25%, 4/01/23 ..................... | 496,950 | 513,101 | Energy Transfer Equity LP | ||
6.625%, 1/15/26 (a) ................. | 1,987,000 | 2,073,931 | 7.50%, 10/15/20 .................... | 1,996,000 | 2,153,185 |
WildHorse Resource Development | 4.25%, 3/15/23 ..................... | 2,168,000 | 2,179,490 | ||
Corp., 144A | 5.875%, 1/15/24 .................... | 2,347,000 | 2,499,555 | ||
6.875%, 2/01/25 .................... WPX Energy, Inc. 6.00%, 1/15/22 ..................... | 880,000 289,000 | 891,000 299,838 | 5.50%, 6/01/27 ..................... EnLink Midstream Partners LP 4.40%, 4/01/24 ..................... | 1,909,000 2,500,000 | 2,006,836 2,440,370 |
8.25%, 8/01/23 ..................... | 1,350,000 | 1,539,000 | 4.85%, 7/15/26 ..................... | 1,000,000 | 973,045 |
5.25%, 9/15/24 ..................... | 2,023,000 | 2,048,288 | Genesis Energy LP / Genesis Energy |
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A
12,871,512
5.75%, 6/01/26 ..................... 500,000 506,250
Finance Corp.
168,977,204 | 6.75%, 8/01/22 ..................... 6.00%, 5/15/23 ..................... | 2,907,000 552,000 | 2,979,675 545,790 | ||
Oil & Gas Services — 0.7% | 6.50%, 10/01/25 .................... | 700,000 | 680,750 | ||
Bristow Group, Inc. | 6.25%, 5/15/26 ..................... | 623,000 | 588,735 | ||
6.25%, 10/15/22 (a) ................. | 885,000 | 628,350 | NGPL PipeCo LLC | ||
KCA Deutag UK Finance PLC | 4.375%, 8/15/22, 144A .............. | 1,900,000 | 1,921,375 | ||
9.875%, 4/01/22, 144A .............. | 920,000 | 922,300 | 4.875%, 8/15/27, 144A .............. | 1,146,000 | 1,159,168 |
9.625%, 4/01/23, 144A .............. | 891,000 | 868,725 | NuStar Logistics LP | ||
4.80%, 9/01/20 ..................... | 1,092,000 | 1,104,285 | |||
5.625%, 4/28/27 .................... | 925,000 | 925,000 | |||
Principal Principal
Pipelines (Continued) | Amount | Value | Diversified Financial Services (Continued) | Amount | Value |
Rockies Express Pipeline LLC, 144A | Jefferies Finance LLC / JFIN Co-Issuer | ||||
5.625%, 4/15/20 .................... $ | 1,023,000 | $ 1,060,084 | Corp. | ||
Tallgrass Energy Partners LP / | 7.375%, 4/01/20, 144A $ | 1,774,000 | $ 1,813,915 | ||
Tallgrass Energy Finance Corp. | 6.875%, 4/15/22, 144A .............. | 896,000 | 909,440 | ||
5.50%, 9/15/24, 144A ................ | 2,233,000 | 2,294,408 | 7.25%, 8/15/24, 144A ................ | 801,000 | 790,987 |
5.50%, 1/15/28, 144A ................ | 1,281,000 | 1,297,013 | Ladder Capital Finance Holdings LLLP / | ||
Targa Resources Partners LP / Targa | Ladder Capital Finance Corp. | ||||
Resources Partners Finance Corp. | 5.25%, 3/15/22, 144A ................ | 283,000 | 284,769 | ||
4.125%, 11/15/19 ................... | 245,000 | 245,809 | 5.25%, 10/01/25, 144A .............. | 950,000 | 894,187 |
5.25%, 5/01/23 ..................... | 1,727,000 | 1,752,905 | Lincoln Finance Ltd., 144A | ||
4.25%, 11/15/23 .................... | 1,108,000 | 1,077,530 | 7.375%, 4/15/21 .................... | 445,000 | 460,019 |
6.75%, 3/15/24 ..................... | 997,000 | 1,049,343 | Lions Gate Capital Holdings LLC, 144A | ||
5.125%, 2/01/25 .................... | 106,000 | 106,795 | 5.875%, 11/01/24 ................... | 1,100,000 | 1,139,875 |
5.875%, 4/15/26, 144A .............. | 2,424,000 | 2,487,630 | LPL Holdings, Inc., 144A | ||
5.375%, 2/01/27 .................... | 1,132,000 | 1,129,170 | 5.75%, 9/15/25 ..................... | 1,510,000 | 1,479,800 |
5.00%, 1/15/28, 144A ................ | 1,500,000 | 1,460,625 | Nationstar Mortgage Holdings, Inc. |
8.125%, 7/15/23, 144A .............. | 1,000,000 | 1,040,000 |
9.125%, 7/15/26, 144A .............. | 1,800,000 | 1,878,750 |
56,298,627
Financial — 8.9% | Nationstar Mortgage LLC / Nationstar | ||||
Banks — 0.9% | Capital Corp. | ||||
CIT Group, Inc. | 6.50%, 7/01/21 ..................... | 1,489,000 | 1,492,722 | ||
5.375%, 5/15/20 .................... | 1,000,000 | 1,032,500 | Navient Corp. | ||
4.125%, 3/09/21 .................... | 1,225,000 | 1,232,656 | Series MTN, 8.00%, 3/25/20 .......... | 2,562,000 | 2,722,766 |
5.00%, 8/15/22 ..................... | 1,570,000 | 1,605,325 | 5.00%, 10/26/20 .................... | 1,300,000 | 1,306,773 |
5.00%, 8/01/23 ..................... | 2,174,000 | 2,214,762 | 5.875%, 3/25/21 .................... | 1,800,000 | 1,847,790 |
4.75%, 2/16/24 ..................... | 800,000 | 803,000 | 6.625%, 7/26/21 .................... | 895,000 | 934,156 |
5.25%, 3/07/25 ..................... | 957,000 | 975,542 | Series MTN, 7.25%, 1/25/22 .......... | 2,756,000 | 2,924,805 |
6.125%, 3/09/28 .................... | 544,000 | 569,840 | 6.50%, 6/15/22 ..................... | 790,000 | 817,887 |
Freedom Mortgage Corp. | 5.50%, 1/25/23 ..................... | 1,869,000 | 1,854,964 | ||
8.125%, 11/15/24, 144A ............. | 1,032,000 | 1,002,330 | 7.25%, 9/25/23 ..................... | 1,200,000 | 1,272,000 |
8.25%, 4/15/25, 144A ................ | 1,250,000 | 1,214,063 | Series MTN, 6.125%, 3/25/24 ........ | 1,779,000 | 1,774,553 |
Intesa Sanpaolo SpA | 5.875%, 10/25/24 ................... | 1,568,000 | 1,524,880 | ||
5.017%, 6/26/24, 144A .............. | 3,753,000 | 3,400,079 | 6.75%, 6/25/25 ..................... | 422,000 | 422,000 |
5.71%, 1/15/26, 144A ................ | 2,972,000 | 2,702,387 | 6.75%, 6/15/26 ..................... | 1,000,000 | 983,750 |
16,752,484 | NFP Corp., 144A 6.875%, 7/15/25 .................... | 1,580,000 | 1,556,300 | ||
Diversified Financial Services — 3.9% | Quicken Loans, Inc. | ||||
Ally Financial, Inc. 3.75%, 11/18/19 .................... | 682,000 | 686,262 | 5.75%, 5/01/25, 144A ................ 5.25%, 1/15/28, 144A ................ | 3,000,000 1,664,000 | 2,985,000 1,530,880 |
8.00%, 3/15/20 ..................... | 2,260,000 | 2,404,075 | Springleaf Finance Corp. | ||
4.125%, 3/30/20 .................... | 1,523,000 | 1,532,519 | 5.25%, 12/15/19 .................... | 1,013,000 | 1,029,461 |
7.50%, 9/15/20 ..................... | 1,198,000 | 1,281,860 | 8.25%, 12/15/20 .................... | 1,370,000 | 1,484,738 |
4.25%, 4/15/21 ..................... | 1,125,000 | 1,130,827 | 7.75%, 10/01/21 .................... | 1,226,000 | 1,328,678 |
4.125%, 2/13/22 .................... | 1,508,000 | 1,504,230 | 6.125%, 5/15/22 .................... | 4,085,000 | 4,217,763 |
4.625%, 5/19/22 .................... | 970,000 | 978,487 | 5.625%, 3/15/23 .................... | 1,955,000 | 1,955,000 |
5.125%, 9/30/24 .................... | 1,132,000 | 1,160,300 | 6.875%, 3/15/25 .................... | 1,777,000 | 1,781,976 |
4.625%, 3/30/25 .................... | 1,400,000 | 1,403,500 | 7.125%, 3/15/26 .................... | 2,400,000 | 2,392,668 |
5.75%, 11/20/25 .................... | 1,935,000 | 2,012,400 | Vantiv LLC / Vanitv Issuer Corp., 144A | ||
Blackstone CQP Holdco LP, 144A
4.375%, 11/15/25 ................... 1,068,000 1,021,275
6.50%, 3/20/21 ..................... Curo Group Holdings Corp., 144A | 2,521,000 | 2,540,796 | 70,432,083 | ||
8.25%, 9/01/25 ..................... | 1,300,000 | 1,290,250 | Insurance — 0.6% | ||
Jefferies Finance LLC / JFIN Co.-Issuer | Alliant Holdings Intermediate LLC / | ||||
Corp., 144A | Alliant Holdings Co-Issuer, 144A | ||||
7.50%, 4/15/21 ..................... | 630,000 | 652,050 | 8.25%, 8/01/23 ..................... | 1,539,000 | 1,600,560 |
Ardonagh Midco 3 PLC, 144A | |||||
8.625%, 7/15/23 .................... | 1,448,000 | 1,476,960 |
Principal Principal
Insurance (Continued) | Amount | Value | Real Estate Investment Trusts (Continued) | Amount | Value |
AssuredPartners, Inc., 144A | 5.25%, 8/01/26 ..................... $ | 1,871,000 | $ 1,880,355 | ||
7.00%, 8/15/25 ..................... $ | 1,071,000 | $ 1,052,257 | 5.00%, 10/15/27 .................... | 1,966,000 | 1,931,595 |
Genworth Holdings, Inc. | SBA Communications Corp. | ||||
7.625%, 9/24/21 .................... | 1,400,000 | 1,456,000 | 4.875%, 7/15/22 .................... | 1,596,000 | 1,619,940 |
4.90%, 8/15/23 ..................... | 969,000 | 874,523 | 4.00%, 10/01/22 .................... | 2,189,000 | 2,151,218 |
4.80%, 2/15/24 (a) .................. | 700,000 | 626,500 | 4.875%, 9/01/24 .................... | 1,662,000 | 1,644,050 |
HUB International Ltd., 144A | Starwood Property Trust, Inc. | ||||
7.00%, 5/01/26 ..................... | 2,360,000 | 2,350,678 | 3.625%, 2/01/21, 144A .............. | 1,206,000 | 1,178,865 |
Radian Group, Inc. | 5.00%, 12/15/21 .................... | 987,000 | 996,870 | ||
4.50%, 10/01/24 .................... | 1,040,000 | 1,029,600 | 4.75%, 3/15/25 ..................... | 973,000 | 926,783 |
Real Estate — 0.4% | 10,467,078 | Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A 7.125%, 12/15/24 ................... | 1,094,000 | 993,833 | |
Xxxxxx Xxxxxx Corp., 144A | Uniti Group LP / Uniti Group Finance, | ||||
5.375%, 3/15/25 .................... Kennedy-Wilson, Inc. | 2,197,000 | 2,175,030 | Inc. / CSL Capital LLC 6.00%, 4/15/23, 144A ................ | 750,000 | 721,875 |
5.875%, 4/01/24 .................... Realogy Group LLC / Realogy Co.- | 1,900,000 | 1,892,875 | 8.25%, 10/15/23 .................... | 2,500,000 | 2,367,975 |
Issuer Corp. | 45,366,240 | ||||
5.25%, 12/01/21, 144A (a) ............ | 540,000 | 540,675 | Venture Capital — 0.6% | ||
4.875%, 6/01/23, 144A .............. | 1,618,000 | 1,520,920 | Xxxxx Enterprises LP / Xxxxx | ||
WeWork Cos., Inc., 144A | Enterprises Finance Corp. | ||||
7.875%, 5/01/25 (a) ................. | 1,300,000 | 1,266,070 | 6.00%, 8/01/20 ..................... | 1,186,000 | 1,207,882 |
7,395,570 | 5.875%, 2/01/22 .................... | 3,842,000 | 3,921,875 | ||
6.25%, 2/01/22 ..................... | 1,914,000 | 1,971,229 | |||
Real Estate Investment Trusts — 2.5% | 6.75%, 2/01/24 ..................... | 1,402,000 | 1,452,822 | ||
CBL & Associates LP | 6.375%, 12/15/25 ................... | 1,375,000 | 1,395,625 |
5.25%, 12/01/23 (a) ................. | 750,000 | 635,700 | |
5.95%, 12/15/26 (a) ................. | 1,175,000 | 957,625 | |
CyrusOne LP / CyrusOne Finance Corp. | Industrial — 8.0% | ||
5.00%, 3/15/24 ..................... | 1,237,000 | 1,255,555 | Aerospace/Defense — 2.1% |
5.375%, 3/15/27 .................... | 1,325,000 | 1,334,937 | Arconic, Inc. |
Equinix, Inc. | 6.15%, 8/15/20 ..................... | 1,600,000 | 1,670,000 | ||
5.375%, 1/01/22 .................... | 1,572,000 | 1,622,776 | 5.40%, 4/15/21 ..................... | 2,721,000 | 2,803,746 |
5.375%, 4/01/23 .................... | 2,000,000 | 2,052,500 | 5.87%, 2/23/22 ..................... | 1,223,000 | 1,277,546 |
5.75%, 1/01/25 ..................... | 1,975,000 | 2,044,125 | 5.125%, 10/01/24 ................... | 2,500,000 | 2,519,062 |
5.875%, 1/15/26 .................... | 1,624,000 | 1,688,960 | Bombardier, Inc. | ||
5.375%, 5/15/27 .................... | 1,887,000 | 1,924,740 | 7.75%, 3/15/20, 144A ................ | 1,671,000 | 1,760,816 |
ESH Hospitality, Inc., 144A | 8.75%, 12/01/21, 144A .............. | 3,697,000 | 4,085,185 | ||
5.25%, 5/01/25 ..................... | 2,145,000 | 2,083,331 | 5.75%, 3/15/22, 144A (a) ............. | 759,000 | 764,692 |
Iron Mountain, Inc. | 6.00%, 10/15/22, 144A .............. | 2,508,000 | 2,526,810 | ||
4.375%, 6/01/21, 144A (a) ............ | 199,000 | 199,995 | 6.125%, 1/15/23, 144A .............. | 2,950,000 | 2,986,875 |
6.00%, 8/15/23 ..................... | 1,274,000 | 1,310,628 | 7.50%, 12/01/24, 144A .............. | 1,641,000 | 1,729,204 |
5.75%, 8/15/24 ..................... | 2,204,000 | 2,190,225 | 7.50%, 3/15/25, 144A ................ | 2,426,000 | 2,504,845 |
4.875%, 9/15/27, 144A .............. | 2,100,000 | 1,956,360 | KLX, Inc., 144A | ||
5.25%, 3/15/28, 144A ................ iStar, Inc. 4.625%, 9/15/20 .................... | 1,767,000 1,095,000 | 1,680,859 1,092,262 | 5.875%, 12/01/22 ................... 5.50%, 10/15/20 .................... | 2,332,000 953,000 | 2,419,450 956,574 |
5.25%, 9/15/22 ..................... | 700,000 | 694,750 | 6.00%, 7/15/22 ..................... | 2,498,000 | 2,529,225 |
MGM Growth Properties Operating | 6.50%, 7/15/24 ..................... | 2,388,000 | 2,432,775 | ||
Partnership LP / MGP Finance | 6.50%, 5/15/25 ..................... | 1,270,000 | 1,295,400 | ||
Co-Issuer, Inc. | 6.375%, 6/15/26 .................... | 1,959,000 | 1,984,712 | ||
9,949,433
TransDigm, Inc.
5.625%, 5/01/24 .................... | 2,700,000 | 2,787,750 | Triumph Group, Inc. | ||
4.50%, 9/01/26 ..................... | 539,000 | 516,093 | 7.75%, 8/15/25 ..................... | 1,000,000 | 973,750 |
MPT Operating Partnership LP / MPT Finance Corp.
6.375%, 3/01/24 .................... 872,000 923,710
37,220,667
Principal
Amount Value
Principal
Amount Value
Building Materials — 0.9% Builders FirstSource, Inc., 144A 5.625%, 9/01/24 .................... $ | 1,575,000 | $ | 1,535,625 | Environmental Control (Continued) GFL Environmental, Inc., 144A 5.375%, 3/01/23 .................... $ | 1,023,000 | $ | 974,408 |
Griffon Corp. 5.25%, 3/01/22 ..................... | 1,984,000 | 1,964,755 | 5,544,770 | ||||
Jeld-Wen, Inc. | Machinery-Construction & Mining — 0.2% | ||||||
4.625%, 12/15/25, 144A ............. | 502,000 | 469,370 | BlueLine Rental Finance Corp. / | ||||
4.875%, 12/15/27, 144A ............. | 655,000 | 612,425 | BlueLine Rental LLC, 144A | ||||
Standard Industries, Inc. | 9.25%, 3/15/24 ..................... | 2,451,000 | 2,579,677 | ||||
5.50%, 2/15/23, 144A ................ | 1,281,000 | 1,313,410 | Vertiv Group Corp., 144A | ||||
5.375%, 11/15/24, 144A ............. | 2,600,000 | 2,616,250 | 9.25%, 10/15/24 .................... | 1,430,000 | 1,476,475 | ||
6.00%, 10/15/25, 144A .............. | 2,068,000 | 2,125,242 | 4,056,152 | ||||
5.00%, 2/15/27, 144A ................ Standard Industries, Inc./NJ, 144A | 920,000 | 876,300 |
4.75%, 1/15/28 ..................... Summit Materials LLC / Summit Materials Finance Corp. | 1,622,000 | 1,517,057 |
6.125%, 7/15/23 .................... | 1,675,000 | 1,706,406 |
USG Corp., 144A 4.875%, 6/01/27 .................... | 1,000,000 | 1,014,710 |
Machinery-Diversified — 0.1%
Cloud Crane LLC, 144A
10.125%, 8/01/24 ................... 678,000 739,020
Welbilt, Inc.
9.50%, 2/15/24 ..................... 516,000 567,600
1,306,620
Electrical Components & Equipment — 0.1%
Energizer Gamma Acquisition, Inc., 144A
15,751,550
Metal Fabricate/Hardware — 0.3%
Novelis Corp.
6.25%, 8/15/24, 144A ................ 1,964,000 1,993,460
5.875%, 9/30/26, 144A .............. 3,035,000 2,963,070
4,956,530
6.375%, 7/15/26 .................... 1,015,000 1,051,794
Energizer Holdings, Inc., 144A
1,252,000 2,303,794 | Ardagh Holdings USA, Inc. 4.25%, 9/15/22, 144A ................ | 1,167,000 | 1,153,871 |
4.625%, 5/15/23, 144A .............. | 2,242,000 | 2,227,987 | |
7.25%, 5/15/24, 144A ................ | 3,512,000 | 3,705,160 | |
573,420 | 6.00%, 2/15/25, 144A ................ Ball Corp. | 2,901,000 | 2,842,980 |
4.375%, 12/15/20 ................... | 1,275,000 | 1,295,719 | |
5.00%, 3/15/22 ..................... | 1,753,000 | 1,816,546 |
5.50%, 6/15/25 ..................... 1,252,000
Electronics — 0.0%
Itron, Inc., 144A
5.00%, 1/15/26 ..................... 600,000
Engineering & Construction — 0.5%
AECOM
Packaging & Containers — 2.8%
Ardagh Packaging Finance PLC /
5.875%, 10/15/24 ................... | 2,185,000 | 2,343,172 | 4.00%, 11/15/23 .................... | 1,935,000 | 1,898,719 |
5.125%, 3/15/27 .................... | 1,203,000 | 1,184,955 | 5.25%, 7/01/25 ..................... | 2,209,000 | 2,286,315 |
Brand Industrial Services, Inc., 144A | 4.875%, 3/15/26 .................... | 1,531,000 | 1,527,172 | ||
8.50%, 7/15/25 ..................... | 2,113,000 | 2,179,031 | Berry Global, Inc. | ||
MasTec, Inc. | 5.50%, 5/15/22 ..................... | 220,000 | 224,400 | ||
4.875%, 3/15/23 .................... Pisces Midco, Inc., 144A | 910,000 | 898,625 | 6.00%, 10/15/22 .................... 5.125%, 7/15/23 .................... | 917,000 1,630,000 | 946,802 1,627,962 |
8.00%, 4/15/26 ..................... | 1,359,000 | 1,399,770 | 4.50%, 2/15/26, 144A ................ | 1,350,000 | 1,269,000 |
StandardAero Aviation Holdings, Inc., | BWAY Holding Co. | ||||
144A | 5.50%, 4/15/24, 144A ................ | 2,073,000 | 2,065,226 |
10.00%, 7/15/23 .................... | 500,000 | 540,000 | 7.25%, 4/15/25, 144A ................ | 3,028,000 | 2,959,870 |
8,545,553 | Crown Americas LLC / Crown Americas |
Environmental Control — 0.3% | ||
Advanced Disposal Services, Inc., 144A | ||
5.625%, 11/15/24 ................... | 645,000 | 646,612 |
Clean Harbors, Inc. | ||
5.125%, 6/01/21 .................... | 1,751,000 | 1,759,755 |
Covanta Holding Corp. | ||
6.375%, 10/01/22 ................... | 700,000 | 714,000 |
5.875%, 3/01/24 .................... | 642,000 | 648,420 |
5.875%, 7/01/25 .................... | 802,000 | 801,575 |
Capital Corp. IV
4.50%, 1/15/23 ..................... | 1,347,000 | 1,350,368 |
Crown Americas LLC / Crown Americas | ||
Capital Corp. VI, 144A | ||
4.75%, 2/01/26 ..................... | 150,000 | 144,375 |
Flex Acquisition Co., Inc. | ||
6.875%, 1/15/25, 144A .............. | 1,394,000 | 1,348,695 |
7.875%, 7/15/26, 144A .............. | 775,000 | 777,906 |
Graphic Packaging International LLC | ||
4.75%, 4/15/21 ..................... | 645,000 | 655,068 |
Principal Principal
Packaging & Containers (Continued) | Amount | Value | Computers (Continued) | Amount | Value |
Multi-Color Corp., 144A | Harland Clarke Holdings Corp. | ||||
4.875%, 11/01/25 ................... $ | 1,331,000 | $ 1,244,485 | 9.25%, 3/01/21, 144A (a) $ | 1,500,000 | $ 1,372,500 |
Owens-Brockway Glass Container, Inc. | 8.375%, 8/15/22, 144A .............. | 1,700,000 | 1,602,250 | ||
5.00%, 1/15/22, 144A ................ | 1,431,000 | 1,439,944 | Leidos Holdings, Inc. | ||
5.875%, 8/15/23, 144A .............. | 1,267,000 | 1,303,426 | 4.45%, 12/01/20 .................... | 1,454,000 | 1,483,516 |
Reynolds Group Issuer, Inc. / Reynolds | NCR Corp. | ||||
Group Issuer LLC / Reynolds Group | 4.625%, 2/15/21 .................... | 1,044,000 | 1,028,340 | ||
Issuer Lu | 5.00%, 7/15/22 ..................... | 1,366,000 | 1,338,680 | ||
5.75%, 10/15/20 .................... | 4,053,337 | 4,063,470 | 6.375%, 12/15/23 ................... | 1,272,000 | 1,279,950 |
6.875%, 2/15/21 .................... | 1,905 | 1,932 | Sungard Availability Services Capital, | ||
5.125%, 7/15/23, 144A .............. | 3,413,000 | 3,404,468 | Inc., 144A | ||
Reynolds Group Issuer, Inc. / Reynolds | 8.75%, 4/01/22 ..................... | 900,000 | 459,000 | ||
Group Issuer LLC / Reynolds Group | West Corp., 144A | ||||
Issuer Luxembourg, 144A | 8.50%, 10/15/25 .................... | 2,276,000 | 2,082,540 | ||
7.00%, 7/15/24 ..................... | 1,073,000 | 1,092,180 | Western Digital Corp. | ||
Sealed Air Corp. | 4.75%, 2/15/26 ..................... | 4,230,000 | 4,155,150 |
6.50%, 12/01/20, 144A .............. | 1,055,000 | 1,115,663 |
4.875%, 12/01/22, 144A ............. | 1,600,000 | 1,614,000 |
5.25%, 4/01/23, 144A ................ | 710,000 | 724,200 |
5.125%, 12/01/24, 144A ............. | 783,000 | 796,703 |
Office/Business Equipment — 0.4%
CDW LLC / CDW Finance Corp.
33,367,575
5.50%, 9/15/25, 144A ................ 458,000 466,015
5.00%, 9/01/23 ..................... 571,000 583,848
49,390,627 | 5.50%, 12/01/24 .................... 5.00%, 9/01/25 ..................... | 1,340,000 1,300,000 | 1,400,300 1,298,375 | ||
Transportation — 0.3% | Pitney Bowes, Inc. | ||||
Hornbeck Offshore Services, Inc. | 3.625%, 10/01/21 ................... | 546,000 | 520,406 | ||
5.00%, 3/01/21 ..................... | 638,000 | 462,550 | 4.375%, 5/15/22 .................... | 1,404,000 | 1,286,415 |
Kenan Advantage Group, Inc., 144A | 4.70%, 4/01/23 ..................... | 586,000 | 525,935 | ||
7.875%, 7/31/23 .................... | 864,000 | 891,000 | 4.625%, 3/15/24 (a) ................. | 910,000 | 820,547 |
XPO Logistics, Inc. | 6,435,826 | ||||
6.50%, 6/15/22, 144A ................ | 1,687,000 | 1,748,947 | |||
6.125%, 9/01/23, 144A .............. | 2,200,000 | 2,274,250 | Semiconductors — 0.9% | ||
5,376,747 | Amkor Technology, Inc. 6.375%, 10/01/22 ................... | 1,000,000 | 1,020,000 | ||
Trucking & Leasing — 0.4% | Micron Technology, Inc. | ||||
Park Aerospace Holdings Ltd. | 5.50%, 2/01/25 ..................... | 1,402,000 | 1,457,940 | ||
5.25%, 8/15/22, 144A ................ | 3,303,000 | 3,377,318 | NXP BV / NXP Funding LLC | ||
4.50%, 3/15/23, 144A ................ | 2,100,000 | 2,081,625 | 4.125%, 6/15/20, 144A .............. | 1,503,000 | 1,519,909 |
5.50%, 2/15/24, 144A ................ | 2,457,000 | 2,530,710 | 4.125%, 6/01/21, 144A .............. | 2,655,000 | 2,664,956 |
4.625%, 6/15/22, 144A .............. | 1,410,540 | 1,431,289 |
3.875%, 9/01/22, 144A .............. | 1,892,000 | 1,880,175 |
7,989,653
Technology — 6.2% | 4.625%, 6/01/23, 144A .............. | 1,430,000 | 1,455,025 | ||
Computers — 1.8% | Qorvo, Inc., 144A | ||||
Banff Merger Sub, Inc., 144A | 5.50%, 7/15/26 ..................... | 875,000 | 881,562 | ||
9.75%, 9/01/26 ..................... | 3,000,000 | 3,015,000 | Sensata Technologies BV | ||
Dell International LLC / EMC Corp. | 4.875%, 10/15/23, 144A ............. | 1,128,000 | 1,132,230 | ||
5.875%, 6/15/21, 144A .............. | 5,503,000 | 5,675,877 | 5.625%, 11/01/24, 144A ............. | 501,000 | 520,414 |
7.125%, 6/15/24, 144A .............. | 2,335,000 | 2,496,703 | 5.00%, 10/01/25, 144A .............. | 1,279,000 | 1,282,197 |
Dell, Inc. | Sensata Technologies UK Financing | ||||
4.625%, 4/01/21 (a) ................. | 1,319,000 | 1,345,380 | Co. PLC, 144A | ||
Diebold Xxxxxxx, Inc. | 6.25%, 2/15/26 ..................... | 350,000 | 369,688 | ||
8.50%, 4/15/24 (a) .................. | 830,000 | 590,337 | STATS ChipPAC Pte Ltd., 144A | ||
EMC Corp. | 8.50%, 11/24/20 .................... | 553,000 | 561,295 |
2.65%, 6/01/20 ..................... | 1,379,000 | 1,349,115 |
3.375%, 6/01/23 (a) ................. | 2,104,000 | 1,988,237 |
Exela Intermediate LLC / Exela Finance, Inc., 144A | Software — 3.1% BMC Software Finance, Inc., 144A |
16,176,680
10.00%, 7/15/23 .................... 2,000,000 2,105,000
8.125%, 7/15/21 .................... 2,680,000 2,742,873
Software (Continued) | Amount | Value | Electric (Continued) | Amount | Value |
CDK Global, Inc. | DPL, Inc. | ||||
5.00%, 10/15/24 .................... $ | 569,000 | $ 584,647 | 7.25%, 10/15/21 ..................... $ | 817,000 $ | 887,466 |
5.875%, 6/15/26 .................... | 500,000 | 514,570 | InterGen NV, 144A | ||
4.875%, 6/01/27 .................... | 1,775,000 | 1,752,812 | 7.00%, 6/30/23 ...................... | 900,000 | 895,950 |
Change Healthcare Holdings LLC / | NextEra Energy Operating Partners LP | ||||
Change Healthcare Finance, Inc., 144A | 4.25%, 9/15/24, 144A ................ | 1,243,000 | 1,215,033 | ||
Principal Principal
5.75%, 3/01/25 ..................... 1,900,000 1,864,375
First Data Corp.
5.375%, 8/15/23, 144A .............. | 1,164,000 | 1,187,455 |
7.00%, 12/01/23, 144A .............. | 6,544,000 | 6,825,392 |
5.00%, 1/15/24, 144A ................ | 4,519,000 | 4,545,210 |
5.75%, 1/15/24, 144A ................ | 4,700,000 | 4,811,625 |
5.75%, 8/15/20, 144A ................ | 675,000 | 685,969 | 5.75%, 1/15/28, 144A (a) .............. | 1,210,000 | 1,225,125 |
6.50%, 5/15/22 ..................... | 3,800,000 | 3,868,286 | NRG Yield Operating LLC |
Infor US, Inc.
4.50%, 9/15/27, 144A ................ 1,050,000 1,001,438
NRG Energy, Inc. | ||
6.25%, 7/15/22 ...................... | 1,054,000 | 1,090,890 |
6.25%, 5/01/24 ...................... | 2,400,000 | 2,496,000 |
7.25%, 5/15/26 ...................... | 2,130,000 | 2,300,400 |
6.625%, 1/15/27 ..................... | 2,144,000 | 2,253,880 |
Informatica LLC, 144A 7.125%, 7/15/23 .................... | 1,260,000 | 1,288,350 | 5.375%, 8/15/24 ..................... Talen Energy Supply LLC | 1,162,000 | 1,173,620 |
IQVIA, Inc. | 4.60%, 12/15/21 (a) .................. | 1,400,000 | 1,221,500 | ||
4.875%, 5/15/23, 144A .............. | 1,611,000 | 1,623,083 | 9.50%, 7/15/22, 144A (a) .............. | 1,227,000 | 1,190,190 |
5.00%, 10/15/26, 144A .............. | 2,122,000 | 2,103,432 | 6.50%, 6/01/25 ...................... | 1,071,000 | 803,250 |
MSCI, Inc. | 10.50%, 1/15/26, 144A (a) ............. | 1,010,000 | 888,800 | ||
5.25%, 11/15/24, 144A .............. | 2,116,000 | 2,184,770 | Vistra Energy Corp. | ||
5.75%, 8/15/25, 144A ................ | 1,162,000 | 1,220,100 | 7.375%, 11/01/22 .................... | 1,720,000 | 1,795,250 |
4.75%, 8/01/26, 144A ................ | 921,000 | 916,395 | 5.875%, 6/01/23 ..................... | 2,155,000 | 2,227,731 |
5.375%, 5/15/27, 144A .............. | 809,000 | 833,270 | 7.625%, 11/01/24 .................... | 3,891,000 | 4,202,280 |
Nuance Communications, Inc. | Vistra Operations Co. LLC, 144A | ||||
5.375%, 8/15/20, 144A .............. | 369,000 | 369,231 | 5.50%, 9/01/26 ...................... | 1,000,000 | 1,014,700 |
5.625%, 12/15/26 ................... | 1,300,000 | 1,301,625 | |
Open Text Corp. | |||
5.625%, 1/15/23, 144A .............. | 1,734,000 | 1,799,025 | Gas — 0.3% |
5.875%, 6/01/26, 144A .............. Rackspace Hosting, Inc., 144A | 1,218,000 | 1,260,630 | AmeriGas Partners LP / AmeriGas Finance Corp. |
46,128,001
8.625%, 11/15/24 (a) ................ | 2,387,000 | 2,355,671 | 5.625%, 5/20/24 ..................... | 1,459,000 | 1,455,352 |
Riverbed Technology, Inc., 144A | 5.50%, 5/20/25 ...................... | 1,452,000 | 1,430,220 |
8.875%, 3/01/23 (a) ................. 1,132,000 1,051,345
Solera LLC / Solera Finance, Inc., 144A
10.50%, 3/01/24 .................... 3,842,000 4,235,805
TIBCO Software, Inc., 144A
11.375%, 12/01/21 .................. 1,762,000 1,887,542
Veritas US, Inc. / Veritas Bermuda Ltd.
7.50%, 2/01/23, 144A ................ 762,000 733,425
10.50%, 2/01/24, 144A (a) ............ 1,375,000 1,189,375
55,736,288
5.875%, 8/20/26 ..................... 1,066,000 1,063,335
5.75%, 5/20/27 ...................... 939,000 931,958
NGL Energy Partners LP / NGL Energy Finance Corp.
7.50%, 11/01/23 ..................... 1,397,000 1,433,671
6,314,536
TOTAL CORPORATE BONDS
(Cost $1,765,849,206) ................ 1,754,609,046
Utilities — 2.9% Electric — 2.6% | Number | |||
AES Corp. | of Shares | |||
4.00%, 3/15/21 ..................... | 391,000 | 393,033 | SECURITIES LENDING COLLATERAL — 6.2% | |
4.50%, 3/15/23 ..................... 4.875%, 5/15/23 .................... 5.50%, 4/15/25 ..................... 6.00%, 5/15/26 ..................... 5.125%, 9/01/27 .................... | 1,465,000 1,292,000 1,110,000 1,684,000 920,000 | 1,470,494 1,314,610 1,146,075 1,789,250 931,500 | DWS Government & Agency Securities Institutional Shares”, 1.85% (b)(c) (Cost $111,668,629) 111,668,629 | 111,668,629 |
Portfolio “DWS Government Cash
Calpine Corp. | ||||
6.00%, 1/15/22, 144A ................ | 1,595,000 | 1,628,894 | TOTAL INVESTMENTS — 103.9% | |
5.375%, 1/15/23 (a) ................. | 2,491,000 | 2,375,791 | (Cost $1,877,517,835) ................. | $1,866,277,675 |
5.875%, 1/15/24, 144A .............. | 1,017,000 | 1,028,441 | Other assets and liabilities, | |
5.50%, 2/01/24 ..................... | 1,359,000 | 1,252,631 | net — (3.9%) ........................ | (70,659,634) |
5.75%, 1/15/25 (a) .................. | 2,730,000 | 2,491,125 |
5.25%, 6/01/26, 144A ................ | 2,556,000 | 2,422,654 |
NET ASSETS — 100.0% ............... $1,795,618,041