TEL：03－6432－7746

商

品

分

類

追加型投信／海外／資産複合

信

託

期

間

2018年7月26日から2028年6月9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65％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。

■当ファンドの仕組みは次の通りです。

運用報告書(全体版)

楽天・インカム戦略ポートフォリオ

(偶数月決算型)

＜愛称：みのたけ＞


第3期(決算日：2019年2月12日)第4期(決算日：2019年4月10日)第5期(決算日：2019年6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


xxxxxxxxxxxx00x0x

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。


■本資料の表記に関する注記

・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

7

1期(2018年10月10日)

9,895

35

△0.7

97.0

87

2期(2018年12月10日)

9,765

35

△1.0

98.6

156

第 2

作成

期

3期(2019年 2月12日)

9,930

36

2.1

99.3

289

4期(2019年 4月10日)

10,144

37

2.5

98.4

309

5期(2019年 6月10日)

10,208

38

1.0

98.0

349

(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)2018年12月10日

円

9,765

％

－

％

98.6

12月末

9,628

△1.4

97.0

2019年 1月末

9,840

0.8

99.2

(期 末)2019年 2月12日

9,966

2.1

99.3


第4期

(期 首)2019年 2月12日

9,930

－

99.3

2月末

9,970

0.4

99.1

3月末

10,193

2.6

99.2

(期 末)2019年 4月10日

10,181

2.5

98.4


第5期

(期 首)2019年 4月10日

10,144

－

98.4

4月末

10,177

0.3

98.8

5月末

10,147

0.0

98.5

(期 末)2019年 6月10日

10,246

1.0

98.0

(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った一方、米ドルが対円で下落したことや、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、一部では利下げを織り込む動きも見られました。年限別では、短期ゾーンを除く年限の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2018年年末や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する展開となりました。年明け以降は、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、再び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、期末にかけては再び持ち直しの動きとなりました。米国リート市場は、株式市場同様、2018年年末にかけて調整したものの、長期金利低下を背景にその後は堅調な展開となりました。

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、安全資産としての需要から円が買われる動きとなり、米ドルは大きく下落しました。その後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、米ドルは対円での下げ幅を縮小する展開となりましたが、米中貿易協議が合意に至らず投資家の失望が広がった2019年5月には再び米ドルが軟化し、前作成期末対比で円高／米ドル安が進行しました。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、前作成期末の3.2％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65％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10％、米国投資適格債券50％、米ドル建て高利回り債券40％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

2018年12月11日～

2019年2月12日

2019年2月13日～

2019年4月10日

2019年4月11日～

2019年6月10日

当期分配金 (円) (対基準価額比率) (％)

36

(0.4)

37

(0.4)

38

(0.4)


当期の収益 (円)

36

37

38

当期の収益以外 (円)

－

－

－

翌期繰越分配対象額 (円)

168

373

440

(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10％、米国投資適格債券50％、米ドル建て高利回り債券40％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65％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

2018年12月11日～2019年6月10日

金額

比率

(a) 信託報酬

72円

0.720％

(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9,993円です。

(投信会社)

(16)

(0.160)

・委託した資金の運用の対価

(販売会社)

(54)

(0.540)

・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

5

0.050

(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)

(5)

(0.050)

(c) 有価証券取引税

0

0.000

(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

(投資信託受益証券)

(0)

(0.000)

(d) その他費用

19

0.190

(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)

(7)

(0.070)

(監査費用)

(2)

(0.020)

(印刷費用)

(10)

(0.100)

(その他)

(0)

(0.000)

合 計

96

0.960


(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

2.11

180

0.1

8

米 国

バンガード・米国長期社債ETF

バンガード・米国長期国債ETF

3.49

4.03

300

300

0.1

－

8

－


バンガード・米国トータル債券市場ETF

2.01

159

－

－


Xtrackers 米ドル建てハイ・イールド社債ETF

14.22

676

0.2

9


小

計

25.86

1,617

0.4

27

(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

25.367

1,256

136,347

39.0

ｉシェアーズ・コア 米国高配当株ETF

3.498

328

35,682

10.2

バンガード・米国トータル債券市場ETF

3.764

309

33,633

9.6

バンガード・米国長期社債ETF

6.671

625

67,890

19.4

バンガード・米国長期国債ETF

7.888

638

69,267

19.8

合 計

口 数 ・ 金 額

銘 柄 数 <比 率>

47.188

5

－

－

342,822

<98.0％>


(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

342,822

％

97.4

短

期

金


融

資

産

、


そ

の

他

9,309

2.6

投

資


信


託

財


産


総

額

352,131

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＝108.52円です。

(注3) 当作成期末における外貨建資産(343,893千円)の投資信託財産総額(352,131千円)に対する比率は、97.7％です。

■資産、負債、元本及び基準価額の状況


(2019年2月12日)、 (2019年4月10日)、 (2019年6月10日)現在

項 目

第3期末

第4期末

第5期末

(Ａ)資 産

480,475,558円

509,353,759円

570,849,476円

コ ー ル ・ ロ ー ン 等

7,187,436

6,885,907

6,972,275

未 収 入 金

184,905,129

197,686,032

220,475,236

未 収 配 当 金

533,131

－

579,623

投 x x 託 受 益 証 券

287,849,862

304,781,820

342,822,342

(Ｂ)負 債

190,713,815

199,570,637

220,977,512

未 払 金

188,805,000

197,658,500

218,746,500

未 払 収 益 分 配 金

1,050,537

1,129,888

1,302,364

未 払 解 約 金

111,085

－

－

未 払 信 託 報 酬

638,827

662,546

788,479

そ の 他 未 払 費 用

108,366

119,703

140,169

(Ｃ)純 資 産 総 額(Ａ－Ｂ)

289,761,743

309,783,122

349,871,964

元 本

291,816,095

305,375,284

342,727,550

次 期 繰 越 損 益 金

△2,054,352

4,407,838

7,144,414

(Ｄ)受 益 x x 口 数

291,816,095口

305,375,284口

342,727,550口

1 万 口 当 た り 基 準 価 額(Ｃ／Ｄ)

9,930円

10,144円

10,208円

(注) 期首元本額は160,240,602円、第3～5期中追加設定元本額は185,492,651円、第3～5期中一部解約元本額は3,005,703円です。

■損益の状況

第3期(自2018年12月11日 至2019年2月12日)第4期(自2019年 2月13日 至2019年4月10日)第5期(自2019年 4月11日 至2019年6月10日)

項 目

第3期

第4期

第5期

(Ａ)配 当 等 収 益

1,622,198円

2,040,588円

1,919,873円

受 取 配 当 金

1,621,168

2,048,261

1,920,402

受 取 利 息

1,750

2,189

1,048

支 払 利 息

△720

△9,862

△1,577

(Ｂ)有 価 証 券 売 買 損 益

6,468,389

6,148,568

2,582,703

売 買 益

15,085,947

12,188,739

12,476,825

売 買 損

△8,617,558

△6,040,171

△9,894,122

(Ｃ)信 託 報 酬 等

△865,773

△849,938

△961,870

(Ｄ)当 期 損 益 金(Ａ＋Ｂ＋Ｃ)

7,224,814

7,339,218

3,540,706

(Ｅ)前 期 繰 越 損 益 金

△2,459,381

3,688,584

9,874,860

(Ｆ)追 加 信 託 差 損 益 金

△5,769,248

△5,490,076

△4,968,788

(配 当 等 相 当 額)

(1,202,764)

(1,507,043)

(2,966,946)

(売 買 損 益 相 当 額)

(△6,972,012)

(△6,997,119)

(△7,935,734)

(Ｇ) 合 計 (Ｄ＋Ｅ＋Ｆ)

△1,003,815

5,537,726

8,446,778

(Ｈ)収 益 分 配 金

△1,050,537

△1,129,888

△1,302,364

次 期 繰 越 損 益 金(Ｇ＋Ｈ)

△2,054,352

4,407,838

7,144,414

追 加 信 託 差 損 益 金

△5,769,248

△5,490,076

△4,968,788

(配 当 等 相 当 額)

(1,202,764)

(1,507,043)

(2,966,946)

(売 買 損 益 相 当 額)

(△6,972,012)

(△6,997,119)

(△7,935,734)

分 配 準 備 積 立 金

3,714,896

9,897,914

12,113,202

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）

1,448,610円

1,828,783円

1,509,731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）

3,300,553円

5,510,435円

2,030,975円

(Ｃ)収益調整金額

1,202,764円

1,507,043円

2,966,946円

(Ｄ)分配準備積立金額

16,270円

3,688,584円

9,874,860円

(Ｅ)分配対象収益額（Ａ＋Ｂ＋Ｃ＋Ｄ）

5,968,197円

12,534,845円

16,382,512円

(Ｆ)期末残存口数

291,816,095口

305,375,284口

342,727,550口

(Ｇ)収益分配対象額（１万口当たり） (Ｅ／Ｆ×10,000）

204.51円

410.47円

478.00円

(Ｈ)分配金額（１万口当たり）

36円

37円

38円

(Ｉ)収益分配金金額 (Ｆ×Ｈ／10,000）

1,050,537円

1,129,888円

1,302,364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

36円

37円

38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(偶数月決算型)』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

米国投資適格債券






2


バンガード・米国長期国債ETF


ザ・バンガード・グループ・インク


国債

ブルームバーグ・バークレイズ米国国債浮動調整(10年超)指数に連動する投資成果を目指す


2018年8月31日


3


バンガード・米国 トータル債券市場ETF


ザ・バンガード・グループ・インク


債券総合

ブルームバーグ・バークレイズ米国総合浮動調整指数に連動する投

資成果を目指す


2018年12月31日


4


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






5

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

■損益計算書


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

Johnson & Johnson 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

August 31, 2018

($000)

Investment Income


Income


Interest1

41,694

Total Income

41,694

Expenses


The Vanguard Group


Investment Advisory Services

47

Management and Administrative — ETF Shares

301

Management and Administrative — Admiral Shares

257

Management and Administrative — Institutional Shares

139

Marketing and Distribution — ETF Shares

38

Marketing and Distribution — Admiral Shares

41

Marketing and Distribution — Institutional Shares

11

Custodian Fees

18

Auditing Fees

50

Shareholders’ Reports and Proxy — ETF Shares

46

Shareholders’ Reports and Proxy — Admiral Shares

21

Shareholders’ Reports and Proxy — Institutional Shares

―

Trustees’ Fees and Expenses

1

Total Expenses

970

Net Investment Income

40,724

Realized Net Gain (Loss) on Investment Securities Sold1,2

(5,090 )

Change in Unrealized Appreciation (Depreciation) of Investment Securities1

(69,891 )

Net Increase (Decrease) in Net Assets Resulting from Operations

(34,257 )

1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $55,000, $6,000, and $2,000, respectively. Purchases and sales are for temporary cash investment purposes.

2 Includes $4,056,000 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

Coupon

Date

($000)

($000)

U.S. Government and Agency Obligations (99.4%)





U.S. Government Securities (99.4%)





United States Treasury Note/Bond

5.250%

11/15/28

9,764

11,801

United States Treasury Note/Bond

5.250%

2/15/29

8,112

9,841

United States Treasury Note/Bond

6.125%

8/15/29

6,397

8,335

United States Treasury Note/Bond

6.250%

5/15/30

11,373

15,149

United States Treasury Note/Bond

5.375%

2/15/31

17,850

22,457

United States Treasury Note/Bond

4.500%

2/15/36

18,957

23,071

United States Treasury Note/Bond

4.750%

2/15/37

5,901

7,437

United States Treasury Note/Bond

5.000%

5/15/37

6,520

8,463

United States Treasury Note/Bond

4.375%

2/15/38

9,244

11,203

United States Treasury Note/Bond

4.500%

5/15/38

10,515

12,952

United States Treasury Note/Bond

3.500%

2/15/39

16,426

17,789

United States Treasury Note/Bond

4.250%

5/15/39

20,492

24,552

United States Treasury Note/Bond

4.500%

8/15/39

16,614

20,565

United States Treasury Note/Bond

4.375%

11/15/39

19,456

23,727

United States Treasury Note/Bond

4.625%

2/15/40

25,895

32,632

United States Treasury Note/Bond

4.375%

5/15/40

22,836

27,888

United States Treasury Note/Bond

3.875%

8/15/40

17,018

19,438

United States Treasury Note/Bond

4.250%

11/15/40

20,330

24,459

United States Treasury Note/Bond

4.750%

2/15/41

23,233

29,876

United States Treasury Note/Bond

4.375%

5/15/41

18,530

22,711

United States Treasury Note/Bond

3.750%

8/15/41

20,988

23,575

United States Treasury Note/Bond

3.125%

11/15/41

20,056

20,451

United States Treasury Note/Bond

3.125%

2/15/42

25,606

26,102

United States Treasury Note/Bond

3.000%

5/15/42

20,057

20,013

United States Treasury Note/Bond

2.750%

8/15/42

29,664

28,311

United States Treasury Note/Bond

2.750%

11/15/42

37,064

35,344

United States Treasury Note/Bond

3.125%

2/15/43

37,704

38,375

United States Treasury Note/Bond

2.875%

5/15/43

52,896

51,532

United States Treasury Note/Bond

3.625%

8/15/43

44,157

48,786

United States Treasury Note/Bond

3.750%

11/15/43

53,248

60,046

United States Treasury Note/Bond

3.625%

2/15/44

53,271

58,948






Maturity

Face

Amount

Market

Value

Coupon

Date

($000)

($000)

United States Treasury Note/Bond

3.375%

5/15/44

50,233

53,381

United States Treasury Note/Bond

3.125%

8/15/44

54,948

55,944

United States Treasury Note/Bond

3.000%

11/15/44

54,650

54,419

United States Treasury Note/Bond

2.500%

2/15/45

52,914

47,846

United States Treasury Note/Bond

3.000%

5/15/45

53,808

53,581

United States Treasury Note/Bond

2.875%

8/15/45

58,495

56,868

United States Treasury Note/Bond

3.000%

11/15/45

59,226

58,957

United States Treasury Note/Bond

2.500%

2/15/46

53,892

48,587

United States Treasury Note/Bond

2.500%

5/15/46

51,792

46,669

United States Treasury Note/Bond

2.250%

8/15/46

46,261

39,495

United States Treasury Note/Bond

2.875%

11/15/46

51,467

49,996

United States Treasury Note/Bond

3.000%

2/15/47

47,378

47,178

United States Treasury Note/Bond

3.000%

5/15/47

50,860

50,606

United States Treasury Note/Bond

2.750%

8/15/47

50,249

47,572

United States Treasury Note/Bond

2.750%

11/15/47

49,563

46,907

United States Treasury Note/Bond

3.000%

2/15/48

54,515

54,225

United States Treasury Note/Bond

3.125%

5/15/48

55,340

56,447

United States Treasury Note/Bond

3.000%

8/15/48

23,200

23,088

Total U.S. Government and Agency Obligations (Cost $1,746,036)


1,677,595



Shares


Temporary Cash Investment (0.9%)



Money Market Fund (0.9%)



1 Vanguard Market Liquidity Fund



(Cost $14,358) 2.153%

143,566

14,360

Total Investments (100.3%) (Cost $1,760,394)


1,691,955

1 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



Year Ended

December 31, 2018

($000)

Investment Income


Income


Interest1

5,610,114

Total Income

5,610,114

Expenses


The Vanguard Group


Investment Advisory Services

6,089

Management and Administrative — Investor Shares

5,876

Management and Administrative — ETF Shares

9,217

Management and Administrative — Admiral Shares

32,922

Management and Administrative — Institutional Shares

11,180

Management and Administrative — Institutional Plus Shares

4,900

Management and Administrative — Institutional Select Shares

874

Marketing and Distribution — Investor Shares

928

Marketing and Distribution — ETF Shares

1,488

Marketing and Distribution — Admiral Shares

5,847

Marketing and Distribution — Institutional Shares

1,061

Marketing and Distribution — Institutional Plus Shares

241

Marketing and Distribution — Institutional Select Shares

1

Custodian Fees

469

Auditing Fees

53

Shareholders’ Reports — Investor Shares

77

Shareholders’ Reports — ETF Shares

799

Shareholders’ Reports — Admiral Shares

476

Shareholders’ Reports — Institutional Shares

315

Shareholders’ Reports — Institutional Plus Shares

70

Shareholders’ Reports — Institutional Select Shares

2

Trustees’ Fees and Expenses

128

Total Expenses

83,013

Net Investment Income

5,527,101

Realized Net Gain (Loss) on Investment Securities Sold1,2

(601,872)

Change in Unrealized Appreciation (Depreciation) of Investment Securities1

(4,895,191)

Net Increase (Decrease) in Net Assets Resulting from Operations

30,038

1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $59,526,000, ($263,000), and ($99,000), respectively. Purchases and sales are for temporary cash investment purposes.

2 Includes $13,790,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.

■組入銘柄



As of December 31, 2018



Coupon


Maturity

Date

Face Amount ($000)

Market Value ($000)

Percentage

of Net Assets

U.S.        Government        and       Agency        Obligations                            

U.S. Government Securities


United States Treasury Note/Bond

2.125%

5/15/25

975,222

949,164

0.5%

United States Treasury Note/Bond

2.875%

8/15/28

915,238

929,680

0.5%

1

United States Treasury Note/Bond

2.625%

11/15/20

853,684

855,152

0.4%


United States Treasury Note/Bond

2.125%

12/31/22

867,125

854,933

0.4%


United States Treasury Note/Bond

1.375%

2/15/20

858,024

846,226

0.4%


United States Treasury Note/Bond

1.750%

5/15/23

827,153

801,437

0.4%


United States Treasury Note/Bond

1.625%

3/15/20

796,130

787,301

0.4%


United States Treasury Note/Bond

2.250%

11/15/27

813,084

785,642

0.4%


United States Treasury Note/Bond

2.875%

11/15/21

771,193

779,746

0.4%


United States Treasury Note/Bond

2.875%

5/15/28

755,131

767,047

0.4%


United States Treasury Note/Bond

1.750%

2/28/22

781,447

764,474

0.4%


United States Treasury Note/Bond

2.250%

11/15/25

772,537

755,634

0.4%


United States Treasury Note/Bond

2.750%

8/15/21

741,294

746,394

0.4%


United States Treasury Note/Bond

2.250%

2/15/27

748,740

727,213

0.4%


United States Treasury Note/Bond

2.000%

11/30/22

722,075

709,099

0.3%


United States Treasury Note/Bond

2.500%

5/15/46

776,992

702,937

0.3%


United States Treasury Note/Bond

1.250%

3/31/21

709,298

690,459

0.3%


United States Treasury Note/Bond

1.625%

5/15/26

716,160

668,936

0.3%


United States Treasury Note/Bond

2.500%

5/15/24

657,918

656,892

0.3%


United States Treasury Note/Bond

3.125%

11/15/28

623,793

647,379

0.3%


United States Treasury Note/Bond

2.750%

8/31/23

640,016

647,216

0.3%


United States Treasury Note/Bond

2.000%

8/15/25

670,570

646,577

0.3%


United States Treasury Note/Bond

2.125%

2/29/24

653,624

641,166

0.3%


United States Treasury Note/Bond

2.875%

11/15/46

656,620

640,205

0.3%


United States Treasury Note/Bond

2.000%

1/15/21

641,473

635,058

0.3%


United States Treasury Note/Bond

1.625%

2/15/26

678,000

634,778

0.3%


United States Treasury Note/Bond

2.750%

11/15/42

647,150

619,646

0.3%


United States Treasury Note/Bond

2.250%

11/15/24

616,889

606,476

0.3%


United States Treasury Note/Bond

2.750%

2/15/28

597,871

601,141

0.3%


United States Treasury Note/Bond

3.000%

2/15/48

600,541

599,226

0.3%


United States Treasury Note/Bond

2.125%

11/30/24

610,580

596,079

0.3%


United States Treasury Note/Bond

1.500%

8/15/20

603,474

593,480

0.3%


United States Treasury Note/Bond

1.125%

9/30/21

596,186

574,950

0.3%


United States Treasury Note/Bond

1.750%

11/15/20

570,670

562,732

0.3%


United States Treasury Note/Bond

1.500%

8/15/26

607,414

560,339

0.3%


United States Treasury Note/Bond

3.000%

5/15/45

559,279

559,452

0.3%







Maturity

Face

Amount

Market

Value

Percentage

of Net



Coupon

Date

($000)

($000)

Assets


United States Treasury Note/Bond

3.125%

5/15/48

543,609

556,009

0.3%


United States Treasury Note/Bond

2.750%

9/15/21

546,412

550,253

0.3%


United States Treasury Note/Bond

1.250%

1/31/20

553,500

545,458

0.3%


United States Treasury Note/Bond

1.125%

7/31/21

554,910

536,182

0.3%


United States Treasury Note/Bond

2.625%

5/15/21

524,973

526,611

0.3%


United States Treasury Note/Bond

1.875%

2/28/22

531,386

521,837

0.3%


United States Treasury Note/Bond

2.500%

3/31/23

520,701

520,701

0.3%


United States Treasury Note/Bond

1.875%

7/31/22

530,907

519,960

0.2%


United States Treasury Note/Bond

3.000%

8/15/48

518,899

518,333

0.2%


United States Treasury Note/Bond

3.500%

5/15/20

501,005

507,112

0.2%


United States Treasury Note/Bond

2.125%

9/30/24

515,058

503,387

0.2%


United States Treasury Note/Bond

2.375%

3/15/21

503,983

502,642

0.2%


United States Treasury Note/Bond

1.250%

10/31/21

514,864

497,729

0.2%


United States Treasury Note/Bond

2.750%

8/15/42

515,324

493,825

0.2%


United States Treasury






Note/Bond

1.125% – 8.750%

8/15/19 – 11/15/48

51,796,168   52,135,731    25.6%





84,580,036

41.5%

Agency Bonds and Notes






2 Federal Home Loan Mortgage Corp.

1.125% – 6.750%

1/17/20 – 7/15/32

724,526

756,824

0.4%

2 Federal National Mortgage Assn.

1.250% – 7.250%

1/21/20 – 7/15/37

924,823

951,809

0.4%

1


1


3 Agency Bonds and Notes — Other †  1,228,490     0.6%

2,937,123 1.4%

Conventional Mortgage-Backed Securities

2,4,5

Fannie Mae Pool

2.000% – 9.500%

1/1/19 – 2/1/49

18,680,541

18,875,107

9.2%

2,4,5

Freddie Mac Gold Pool

2.000% – 10.000%

0/0/0 – 1/1/49

12,052,757

12,152,997

6.0%

2,4

Freddie Mac Non Gold Pool

9.500%

3/1/20

1

1

0.0%

4,5

Ginnie Mae I Pool

3.000% – 10.500%

4/15/19 – 1/1/49

1,202,583

1,242,657

0.6%

4,5

Ginnie Mae II Pool

2.500% – 8.500%

12/20/20 – 1/1/49

12,828,055   13,020,777     6.4%





45,291,539

22.2%

Nonconventional Mortgage-Backed Securities






2,4, Fannie Mae Pool

2.130% – 4.810%

11/1/32 – 12/1/43

94,215

97,006

0.1%

2,4, Freddie Mac Non Gold Pool

2.407% – 4.909%

4/1/33 – 11/1/43

26,357

27,364

0.0%

4

Ginnie Mae II Pool

3.125% – 4.250%

6/20/29 – 1/20/44

32,463     33,381     0.0%


157,751

0.1%

Total U.S. Government and Agency Obligations (Cost $134,506,789)

132,966,449

65.2%

3,6Asset-Backed/Commercial Mortgage-Backed Securities (Cost $5,508,915) †

5,435,914

2.6%




Market

Value

Percentage

of Net

($000)

Assets

Corporate Bonds



Finance

6 Banking †


12,526,888


6.1%

6 Brokerage †

505,874

0.3%

Finance Companies †

515,688

0.3%

6 Insurance †

2,533,498

1.2%

Other Finance †

17,620

0.0%

Real Estate Investment Trusts †  1,376,669     0.7%

17,476,237 8.6%

Industrial

6

Basic Industry †

1,617,915

0.8%

6

Capital Goods †

2,766,946

1.3%

6

Communication †

4,869,422

2.4%

6

Consumer Cyclical †

3,846,761

1.9%

6

Consumer Noncyclical †

8,608,662

4.2%

6

Energy †

4,867,915

2.4%

6

Other Industrial †

188,871

0.1%

6

Technology †

4,260,714

2.1%

Transportation †  1,281,764     0.6%


Utilities

32,308,970

15.8%

6 Electric †

3,522,069

1.7%

6 Natural Gas †

299,323

0.2%

Other Utility †  64,034     0.0%




3,885,426

1.9%

3Total Corporate Bonds (Cost $54,983,190)



53,670,633

26.3%

6Sovereign Bonds (Cost $9,325,253) †



9,198,706

4.5%

Taxable Municipal Bonds (Cost $1,273,728) †



1,378,758

0.7%



Coupon


Shares



Temporary Cash Investment





Money Market Fund

7 Vanguard Market Liquidity Fund

(Cost $2,431,854)


2.530%


24,320,089


2,432,009


1.2%

Total Investments (Cost $208,029,729)



205,082,469

100.5%


† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. 1 Securities with a value of $1,786,000 have been segregated as collateral for certain open To Be Announced (TBA) transactions.

2 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.

3 Certain of the fund’s securities are valued using significant unobservable inputs.

4 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.

5 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2018.

6 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 December 31, 2018, the aggregate value of these securities was $1,280,195,000, representing 0.6% of net assets.

7 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



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







Amazon.com 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 category, 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 Resources August 2006 Pty Ltd.

4.75%, 5/15/22, 144A ................


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

Joseph T Ryerson & 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%

Acosta, 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 ..................... $

689,000 $

694,598





5.25%, 9/30/22 .....................

1,731,000

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

Level 3 Parent LLC



Series T, 5.80%, 3/15/22 .............

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 ..............

Six Flags Entertainment Corp.

4.875%, 7/31/24, 144A ..............

2,400,000


1,526,000

2,286,000


1,503,110

4.35%, 2/15/28 .....................


5.875%, 1/31/25 ....................

709,000


900,000

652,280


856,125

KB Home Lennar Corp.


Mattamy Group Corp.


Meritage Homes Corp.


144A


Toll Brothers Finance Corp.



5.50%, 4/15/27, 144A ................ 905,000 900,475

31,702,141

Food Service — 0.3%

William Lyon Homes, Inc.


Home Furnishings — 0.1%

Tempur Sealy International, Inc.



26,856,175


Aramark Services, Inc.

5.125%, 1/15/24 .................... 1,887,000 1,920,947

5.00%, 4/01/25, 144A ................ 1,154,000 1,164,098

4.75%, 6/01/26 ..................... 1,124,000 1,109,950

5.00%, 2/01/28, 144A ................ 1,600,000 1,570,000


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

5.625%, 10/15/23 ................... 961,000 965,805

5.50%, 6/15/26 ..................... 1,083,000 1,058,632

2,024,437

Housewares — 0.0%

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



8.50%, 12/01/20 .................... 1,000,000 1,013,500

Wyndham Destinations, Inc.

3.90%, 3/01/23 (a) .................. 1,400,000 1,312,500

4.50%, 4/01/27 ..................... 800,000 768,240

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.

4.25%, 5/30/23, 144A ................ 2,005,000 1,929,813

5.50%, 3/01/25, 144A ................ 1,912,000 1,896,513

5.25%, 5/15/27, 144A ................ 2,394,000 2,241,383

42,228,509

Penske Automotive Group, Inc.

5.75%, 10/01/22 .................... 969,000 988,986

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

4.375%, 3/15/23 .................... 1,197,000 1,185,093

4.85%, 4/01/24 ..................... 1,843,000 1,845,353

4.45%, 2/15/25 ..................... 1,070,000 1,028,895

Rite Aid Corp., 144A

6.125%, 4/01/23 .................... 3,450,000 3,112,590

Sears Holdings Corp.

8.00%, 12/15/19 .................... 491,000 199,469

Staples, Inc., 144A

8.50%, 9/15/25 (a) .................. 2,034,000 1,927,012

Suburban Propane Partners LP/ Suburban Energy Finance Corp.

5.50%, 6/01/24 ..................... 1,178,000 1,160,330

54,978,179



Principal

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%




5.375%, 5/15/24 ....................

1,799,000


1,841,726

Mattel, Inc., 144A

6.75%, 12/31/25 (a) .................


2,945,000



2,891,813

4.625%, 12/15/27 ...................

ServiceMaster Co. LLC, 144A

5.125%, 11/15/24 ...................

1,089,000


1,600,000


1,048,163


1,576,000

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

Amount Value

Principal

Amount Value



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

First Quality Finance Co., Inc.



4.625%, 5/15/21, 144A ..............

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

8.25%, 5/01/25 .....................


1,400,000


1,513,750

6.625%, 6/15/24 ....................

5.75%, 3/15/25 .....................

1,958,000

2,800,000

1,899,260

2,548,000

Monitronics International, Inc.



B&G Foods, Inc.



9.125%, 4/01/20 (a) .................

934,000

691,160

4.625%, 6/01/21 ....................

1,487,000

1,483,282

Nielsen Co. Luxembourg SARL

5.50%, 10/01/21, 144A ..............


1,072,000


1,076,020

5.25%, 4/01/25 (a) ..................

1,271,000

1,237,636

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 .....................

RR Donnelley & Sons Co.

4,415,000

4,740,827

5.75%, 3/15/25, 144A ................

5.875%, 9/30/27, 144A ..............

1,521,000

2,101,000

1,475,370

2,001,203

7.875%, 3/15/21 (a) .................

1,248,000

1,321,320




8,345,452


Barry Callebaut Services NV, 144A


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

Finance, Inc.



Parsley Energy LLC / Parsley Finance



5.50%, 1/30/26, 144A ................

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









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



6.875%, 7/15/25 .................... 1,580,000 1,556,300



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

Howard Hughes 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

Icahn Enterprises LP / Icahn



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 ....................

6.25%, 2/01/22 .....................

3,842,000

1,914,000

3,921,875

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.







5,544,770

5.25%, 3/01/22 .....................

1,984,000


1,964,755





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

8.50%, 7/15/25 .....................


2,113,000


2,179,031

4.875%, 3/15/26 ....................

1,531,000

1,527,172

MasTec, Inc.



5.50%, 5/15/22 .....................

220,000

224,400

4.875%, 3/15/23 ....................

910,000

898,625

6.00%, 10/15/22 ....................

917,000

946,802

Pisces Midco, Inc., 144A



5.125%, 7/15/23 ....................

1,630,000

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

Berry Global, Inc.


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.

6.50%, 6/15/22, 144A ................


1,687,000


1,748,947



6,435,826

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 Nixdorf, 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

Infor US, Inc.

5.75%, 8/15/20, 144A ................ 675,000 685,969

6.50%, 5/15/22 ..................... 3,800,000 3,868,286

Informatica LLC, 144A

7.125%, 7/15/23 .................... 1,260,000 1,288,350

IQVIA, Inc.

4.875%, 5/15/23, 144A .............. 1,611,000 1,623,083

5.00%, 10/15/26, 144A .............. 2,122,000 2,103,432 MSCI, Inc.

5.25%, 11/15/24, 144A .............. 2,116,000 2,184,770

5.75%, 8/15/25, 144A ................ 1,162,000 1,220,100

4.75%, 8/01/26, 144A ................ 921,000 916,395

5.375%, 5/15/27, 144A .............. 809,000 833,270

Nuance Communications, Inc.

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.

5.375%, 8/15/20, 144A .............. 369,000 369,231


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

5.75%, 1/15/28, 144A (a) .............. 1,210,000 1,225,125

NRG Yield Operating LLC

5.375%, 8/15/24 ..................... 1,162,000 1,173,620

Talen Energy Supply LLC

4.60%, 12/15/21 (a) .................. 1,400,000 1,221,500

9.50%, 7/15/22, 144A (a) .............. 1,227,000 1,190,190

6.50%, 6/01/25 ...................... 1,071,000 803,250

10.50%, 1/15/26, 144A (a) ............. 1,010,000 888,800

Vistra Energy Corp.

7.375%, 11/01/22 .................... 1,720,000 1,795,250

5.875%, 6/01/23 ..................... 2,155,000 2,227,731

7.625%, 11/01/24 .................... 3,891,000 4,202,280

Vistra Operations Co. LLC, 144A

5.50%, 9/01/26 ...................... 1,000,000 1,014,700

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 .....................

1,465,000

1,470,494

DWS Government & Agency Securities


4.875%, 5/15/23 ....................

5.50%, 4/15/25 .....................

6.00%, 5/15/26 .....................

5.125%, 9/01/27 ....................

1,292,000

1,110,000

1,684,000

920,000

1,314,610

1,146,075

1,789,250

931,500

Portfolio “DWS Government Cash


(Cost $111,668,629) 111,668,629


111,668,629

Institutional Shares”, 1.85% (b)(c)




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

Document Metadata

Filed: June 14th, 2018