Top 10 Fixed-Income Holdings
Portfolio %
1) U.S. Treasury Notes 2.25%, 02/15/27
1.07 %
2) Bausch Health Cos., Inc. 11.00%, 09/30/28
0.53 %
3) Altice France SA 6.50%, 10/15/31 – 03/15/32
0.48 %
4) Warnermedia Holdings 5.05%, 03/15/42
0.46 %
5) DaVita, Inc. 4.625%, 06/01/30
0.46 %
6) Societe Generale SA 5.512%, 05/22/31
0.43 %
7) Advance Auto Parts, Inc. 7.00%, 08/01/30
0.43 %
8) Dominican Republic Intl Bond 8.625%, 04/20/27
0.40 %
9) Millennium Escrow Corp. 6.625%, 08/01/26
0.38 %
10) TransDigm, Inc. 6.00%, 01/15/33
0.38 %
Investment Type
Portfolio %
Corporates – Non-Investment Grade
Industrial
Consumer Non-Cyclical
7.16 %
Energy
6.52 %
Communications – Media
6.47 %
Capital Goods
4.94 %
Consumer Cyclical – Retailers
4.85 %
Consumer Cyclical – Other
4.35 %
Basic
3.86 %
Communications – Telecommunications
3.27 %
Services
3.19 %
Consumer Cyclical – Automotive
2.65 %
Technology
2.38 %
Transportation – Services
1.75 %
Consumer Cyclical – Entertainment
0.91 %
Consumer Cyclical – Restaurants
0.71 %
Transportation – Airlines
0.54 %
Other Industrial
0.51 %
Transportation – Railroads
0.06 %
SUBTOTAL
54.12 %
Credit Default Swaps
13.22 %
Financial Institutions
Finance
2.24 %
REITs
1.41 %
Brokerage
1.12 %
Financial Services
0.78 %
Banking
0.68 %
Insurance
0.60 %
SUBTOTAL
6.83 %
Utility
Electric
1.17 %
Natural Gas
0.05 %
SUBTOTAL
1.22 %
SUBTOTAL
75.39 %
Corporates – Investment Grade
Industrial
Energy
1.73 %
Consumer Cyclical – Other
1.42 %
Communications – Media
0.86 %
Consumer Cyclical – Automotive
0.77 %
Basic
0.67 %
Consumer Cyclical – Entertainment
0.59 %
Consumer Non-Cyclical
0.38 %
Transportation – Services
0.27 %
Consumer Cyclical – Retailers
0.21 %
Communications – Telecommunications
0.20 %
Transportation – Airlines
0.11 %
Services
0.09 %
Other Industrial
0.07 %
Transportation – Railroads
0.03 %
SUBTOTAL
7.40 %
Financial Institutions
Banking
3.54 %
Insurance
0.68 %
REITs
0.53 %
Finance
0.47 %
Brokerage
0.13 %
SUBTOTAL
5.35 %
Utility
Electric
0.91 %
Other Utility
0.05 %
SUBTOTAL
0.96 %
SUBTOTAL
13.71 %
Emerging Markets – Corporate Bonds
Industrial
Basic
1.64 %
Energy
0.99 %
Consumer Cyclical – Other
0.85 %
Consumer Non-Cyclical
0.58 %
Transportation – Services
0.19 %
Capital Goods
0.16 %
Communications – Telecommunications
0.16 %
Communications – Media
0.07 %
Services
0.02 %
SUBTOTAL
4.66 %
Utility
Electric
0.49 %
Other Utility
0.10 %
SUBTOTAL
0.59 %
Financial Institutions
Banking
0.22 %
Finance
0.05 %
SUBTOTAL
0.27 %
SUBTOTAL
5.52 %
Bank Loans
Industrial
Technology
1.49 %
Consumer Non-Cyclical
0.85 %
Communications – Media
0.73 %
Communications – Telecommunications
0.35 %
Capital Goods
0.21 %
Other Industrial
0.20 %
Transportation – Airlines
0.17 %
Transportation – Services
0.17 %
Consumer Cyclical – Retailers
0.13 %
Consumer Cyclical – Other
0.12 %
Consumer Cyclical – Automotive
0.09 %
Basic
0.06 %
Consumer Cyclical – Restaurants
0.02 %
SUBTOTAL
4.59 %
Financial Institutions
Insurance
0.29 %
Financial Services
0.19 %
Brokerage
0.15 %
Finance
0.15 %
Banking
0.02 %
SUBTOTAL
0.80 %
SUBTOTAL
5.39 %
Emerging Markets – Sovereigns
Emerging Markets – Sovereigns
3.32 %
Credit Default Swaps
-0.25 %
SUBTOTAL
3.07 %
Interest Rate Futures
2.17 %
U.S. Govt & Agency Securities
1.64 %
Collateralized Mortgage Obligations
Risk Share Floating Rate
0.89 %
Non-Agency Fixed Rate
0.29 %
Non-Agency Floating Rate
0.25 %
Agency Fixed Rate
0.17 %
SUBTOTAL
1.60 %
Quasi-Sovereigns
Quasi-Sovereign Bonds
1.41 %
SUBTOTAL
1.41 %
EM Governments
0.79 %
Local Governments – US Municipal Bonds
0.38 %
Common Stocks
0.32 %
Inflation-Linked Securities
0.28 %
Emerging Markets – Treasuries
0.27 %
Collateralized Loan Obligations
CLO – Floating Rate
0.21 %
SUBTOTAL
0.21 %
Commercial Mortgage-Backed Securities
Non-Agency Fixed Rate CMBS
0.19 %
SUBTOTAL
0.19 %
Forward Currency Exchange Contracts
Currency Instruments
0.15 %
SUBTOTAL
0.15 %
Asset-Backed Securities
Other ABS – Floating Rate
0.12 %
Autos – Fixed Rate
0.03 %
SUBTOTAL
0.15 %
Governments – Sovereign Agencies
0.05 %
Preferred Stocks
Industrials
0.03 %
SUBTOTAL
0.03 %
Rights
Industrial
0.01 %
SUBTOTAL
0.01 %
Reverse Repurchase Agreements
-0.39 %
Cash & Cash Equivalents
Funds and Investment Trusts
2.45 %
Cash
0.50 %
SUBTOTAL
2.95 %
Derivative Offsets
Futures Offsets
-2.18 %
Swap Offsets
-13.11 %
SUBTOTAL
-15.29 %
TOTAL
100.00 %
Country Breakdown
Portfolio %
United States
65.77 %
France
3.03 %
Canada
2.96 %
United Kingdom
2.94 %
Brazil
1.47 %
Mexico
1.44 %
Italy
1.25 %
Spain
1.22 %
Colombia
1.20 %
Germany
1.10 %
India
1.02 %
Turkey
0.90 %
Luxembourg
0.84 %
Australia
0.74 %
South Africa
0.67 %
Nigeria
0.62 %
Hong Kong
0.61 %
Chile
0.55 %
Israel
0.53 %
Japan
0.46 %
Netherlands
0.44 %
Ireland
0.41 %
Angola
0.40 %
Dominican Republic
0.40 %
Finland
0.38 %
Indonesia
0.36 %
Peru
0.36 %
Argentina
0.35 %
Senegal
0.35 %
China
0.34 %
Macau
0.34 %
Norway
0.34 %
Romania
0.33 %
Switzerland
0.28 %
Puerto Rico
0.27 %
Egypt
0.26 %
El Salvador
0.22 %
Jersey (Channel Islands)
0.22 %
Slovenia
0.22 %
Ecuador
0.21 %
Guatemala
0.21 %
Panama
0.19 %
Kazakhstan
0.16 %
Zambia
0.16 %
Kenya
0.15 %
Uzbekistan
0.13 %
Azerbaijan
0.11 %
Poland
0.09 %
Ukraine
0.09 %
Malaysia
0.08 %
Cayman Islands
0.07 %
Greece
0.07 %
Trinidad and Tobago
0.06 %
Jamaica
0.05 %
Morocco
0.05 %
Kuwait
0.04 %
Serbia
0.03 %
Cash & Cash Equivalents
2.46 %
Total Investments
100.00 %
Net Currency Exposure Breakdown
Portfolio %
US Dollar
100.26 %
Canadian Dollar
0.17 %
Pound Sterling
0.15 %
Norwegian Krone
0.02 %
Indonesian Rupiah
0.01 %
South Korean Won
0.01 %
South African Rand
0.01 %
Swiss Franc
-0.01 %
Chinese Yuan Renminbi (Offshore)
-0.01 %
Czech Koruna
-0.01 %
New Zealand Dollar
-0.01 %
Euro
-0.59 %
Total Net Assets
100.00 %
Credit Rating
Portfolio %
AAA
2.54 %
AA
-1.03 %
A
0.90 %
BBB
14.60 %
BB
44.64 %
B
24.17 %
CCC
8.28 %
CC
0.08 %
D
0.06 %
Not Rated
2.14 %
Short Term Investments
2.45 %
Reverse Repurchase Agreements
-0.39 %
N/A
1.56 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
11.30 %
1 to 5 Years
69.10 %
5 to 10 Years
15.34 %
10 to 20 Years
2.75 %
20 to 30 Years
0.86 %
More than 30 Years
0.33 %
Other
0.32 %
Total Net Assets
100.00 %
Portfolio Statistics:
Average Coupon:
7.26 %
Average Bond Price:
97.82
Percentage of Leverage(based on gross assets):
Bank Borrowing:
0.00 %
Investment Operations:*
13.63 %
Preferred Stock:
0.00 %
Tender Option Bonds:
0.00 %
VMTP Shares:
0.00 %
VRDP Shares:
0.00 %
Total Fund Leverage:
13.63 %
Average Maturity:
4.14 Years
Effective Duration:
2.95 Years
Total Net Assets:
$991.10 Million
Net Asset Value:
$11.49
Total Number of Holdings:
1,244
Portfolio Turnover:
68.00 %