UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: | 811-08915 | |
Exact name of registrant as specified in charter: | Prudential Investment Portfolios 16 | |
Address of principal executive offices: | 655 Broad Street, 17th Floor, | |
Newark, New Jersey 07102 | ||
Name and address of agent for service: | Deborah A. Docs | |
655 Broad Street, 17th Floor, | ||
Newark, New Jersey 07102 | ||
Registrants telephone number, including area code: | 800-225-1852 | |
Date of fiscal year end: | 10/31/2017 | |
Date of reporting period: | 7/31/2017 |
Item 1. Schedule of Investments
Prudential Income Builder Fund
Schedule of Investments
as of July 31, 2017 (unaudited)
Shares | Value | |||||||
LONG-TERM INVESTMENTS 95.3% |
||||||||
AFFILIATED MUTUAL FUNDS 5.9% |
||||||||
Prudential Absolute Return Bond Fund (Class Q) |
889,218 | $ | 8,767,690 | |||||
Prudential Short Duration High Yield Income Fund (Class Q) |
1,440,839 | 13,097,226 | ||||||
Prudential Total Return Bond Fund (Class Q) |
301,174 | 4,373,046 | ||||||
|
|
|||||||
TOTAL AFFILIATED MUTUAL FUNDS |
|
26,237,962 | ||||||
|
|
|||||||
COMMON STOCKS 38.1% |
||||||||
Aerospace & Defense 1.0% |
||||||||
General Dynamics Corp. |
7,711 | 1,513,901 | ||||||
Lockheed Martin Corp. |
4,941 | 1,443,414 | ||||||
Safran SA (France) |
14,729 | 1,393,517 | ||||||
|
|
|||||||
4,350,832 | ||||||||
|
|
|||||||
Banks 2.6% |
||||||||
Allied Irish Banks PLC (Ireland), 144A |
17,448 | 102,463 | ||||||
Bank of America Corp. |
115,714 | 2,791,022 | ||||||
BB&T Corp. |
43,893 | 2,077,017 | ||||||
Citigroup, Inc. |
19,209 | 1,314,856 | ||||||
JPMorgan Chase & Co. |
37,320 | 3,425,976 | ||||||
PNC Financial Services Group, Inc. (The) |
14,755 | 1,900,444 | ||||||
|
|
|||||||
11,611,778 | ||||||||
|
|
|||||||
Beverages 0.2% |
||||||||
Coca-Cola Co. (The) |
20,630 | 945,679 | ||||||
|
|
|||||||
Biotechnology 0.1% |
||||||||
AbbVie, Inc. |
8,713 | 609,126 | ||||||
|
|
|||||||
Capital Markets 0.3% |
||||||||
Goldman Sachs Group, Inc. (The) |
6,715 | 1,513,091 | ||||||
|
|
|||||||
Chemicals 0.7% |
||||||||
Air Products & Chemicals, Inc. |
7,072 | 1,005,285 | ||||||
Dow Chemical Co. (The) |
20,790 | 1,335,550 | ||||||
FMC Corp. |
12,169 | 929,468 | ||||||
|
|
|||||||
3,270,303 | ||||||||
|
|
|||||||
Communications Equipment 0.2% |
||||||||
Cisco Systems, Inc. |
20,930 | 658,249 | ||||||
|
|
|||||||
Electric Utilities 0.5% |
||||||||
Exelon Corp. |
31,504 | 1,207,863 | ||||||
PG&E Corp. |
14,053 | 951,248 | ||||||
|
|
|||||||
2,159,111 | ||||||||
|
|
|||||||
Energy Equipment & Services 0.2% |
||||||||
USA Compression Partners LP, MLP |
44,604 | 729,722 | ||||||
|
|
|||||||
Equity Real Estate Investment Trusts (REITs) 9.2% |
||||||||
Ascendas Real Estate Investment Trust (Singapore) |
294,800 | 586,891 | ||||||
Cache Logistics Trust (Singapore) |
3,225,937 | 2,106,116 | ||||||
CBL & Associates Properties, Inc.(a) |
160,199 | 1,408,149 | ||||||
Community Healthcare Trust, Inc. |
114,283 | 2,899,360 | ||||||
CubeSmart |
19,107 | 471,179 | ||||||
CyrusOne, Inc. |
37,268 | 2,225,272 | ||||||
DDR Corp. |
103,569 | 1,055,368 | ||||||
Eurocommercial Properties NV (Netherlands), CVA |
21,332 | 863,473 | ||||||
Frasers Logistics & Industrial Trust (Singapore) |
700,445 | 566,015 |
Gramercy Property Trust |
54,386 | 1,643,545 | ||||||
Invincible Investment Corp. (Japan) |
3,849 | 1,723,963 | ||||||
Keppel REIT (Singapore) |
533,178 | 456,300 | ||||||
Lexington Realty Trust |
92,485 | 941,497 | ||||||
MedEquities Realty Trust, Inc. |
213,227 | 2,569,385 | ||||||
Medical Properties Trust, Inc. |
226,491 | 2,939,853 | ||||||
MGM Growth Properties LLC (Class A Stock) |
56,401 | 1,688,082 | ||||||
NewRiver REIT PLC (United Kingdom) |
130,159 | 606,837 | ||||||
Omega Healthcare Investors, Inc. |
50,631 | 1,599,433 | ||||||
Park Hotels & Resorts, Inc. |
83,739 | 2,255,091 | ||||||
Physicians Realty Trust |
52,597 | 979,356 | ||||||
Prologis Property Mexico SA de CV (Mexico) |
130,257 | 256,892 | ||||||
QTS Realty Trust, Inc. (Class A Stock) |
13,691 | 732,058 | ||||||
Retail Properties of America, Inc. (Class A Stock) |
71,191 | 941,857 | ||||||
Sabra Health Care REIT, Inc. |
43,093 | 999,758 | ||||||
Senior Housing Properties Trust |
60,742 | 1,181,432 | ||||||
Slate Retail REIT (Canada)(Class U Stock) |
52,012 | 564,863 | ||||||
STAG Industrial, Inc. |
60,108 | 1,640,347 | ||||||
Starhill Global REIT (Singapore) |
980,621 | 564,445 | ||||||
Suntec Real Estate Investment Trust (Singapore) |
334,644 | 469,148 | ||||||
Ventas, Inc. |
6,810 | 458,654 | ||||||
Vicinity Centres (Australia) |
469,000 | 1,032,195 | ||||||
Washington Prime Group, Inc. |
155,035 | 1,398,416 | ||||||
Wereldhave NV (Netherlands) |
15,536 | 752,159 | ||||||
|
|
|||||||
40,577,389 | ||||||||
|
|
|||||||
Food & Staples Retailing 0.2% |
||||||||
Wal-Mart Stores, Inc. |
12,170 | 973,478 | ||||||
|
|
|||||||
Food Products 1.0% |
||||||||
Conagra Brands, Inc. |
37,205 | 1,273,899 | ||||||
Hershey Co. (The) |
9,274 | 976,645 | ||||||
Kraft Heinz Co. (The) |
25,402 | 2,221,659 | ||||||
|
|
|||||||
4,472,203 | ||||||||
|
|
|||||||
Health Care Providers & Services 0.3% |
||||||||
Aetna, Inc. |
7,702 | 1,188,496 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure 1.0% |
||||||||
Dunkin Brands Group, Inc. |
21,200 | 1,124,236 | ||||||
McDonalds Corp. |
12,693 | 1,969,192 | ||||||
Starbucks Corp. |
24,000 | 1,295,520 | ||||||
|
|
|||||||
4,388,948 | ||||||||
|
|
|||||||
Independent Power & Renewable Electricity Producers 0.1% |
||||||||
NextEra Energy Partners LP, MLP |
15,737 | 648,679 | ||||||
|
|
|||||||
Industrial Conglomerates 0.3% |
||||||||
Honeywell International, Inc. |
9,035 | 1,229,844 | ||||||
|
|
|||||||
IT Services 0.6% |
||||||||
DXC Technology Co. |
32,003 | 2,508,395 | ||||||
|
|
|||||||
Life Sciences Tools & Services 0.4% |
||||||||
Thermo Fisher Scientific, Inc. |
9,421 | 1,653,668 | ||||||
|
|
|||||||
Machinery 0.3% |
||||||||
Caterpillar, Inc. |
10,458 | 1,191,689 | ||||||
|
|
|||||||
Media 0.4% |
||||||||
CBS Corp. (Class B Stock) |
8,490 | 558,897 | ||||||
Time Warner, Inc. |
4,684 | 479,735 |
Twenty-First Century Fox, Inc. (Class A Stock) |
25,936 | 754,738 | ||||||
|
|
|||||||
1,793,370 | ||||||||
|
|
|||||||
Mortgage Real Estate Investment Trusts (REITs) 0.7% |
||||||||
MFA Financial, Inc. |
167,210 | 1,419,613 | ||||||
Starwood Property Trust, Inc. |
82,728 | 1,823,325 | ||||||
|
|
|||||||
3,242,938 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels 13.1% |
||||||||
Antero Midstream GP LP* |
34,669 | 736,023 | ||||||
Antero Midstream Partners LP, MLP |
53,787 | 1,865,871 | ||||||
Boardwalk Pipeline Partners LP, MLP |
88,770 | 1,486,010 | ||||||
Buckeye Partners LP, MLP |
31,577 | 2,001,666 | ||||||
Cheniere Energy Partners LP Holdings LLC |
104,392 | 2,731,939 | ||||||
Cheniere Energy Partners LP, MLP |
94,879 | 2,784,699 | ||||||
Enbridge, Inc. (Canada) |
28,316 | 1,173,981 | ||||||
Energy Transfer Equity LP, MLP |
88,412 | 1,562,240 | ||||||
Energy Transfer Partners LP, MLP |
174,866 | 3,617,977 | ||||||
EnLink Midstream LLC |
38,130 | 669,181 | ||||||
EnLink Midstream Partners LP, MLP |
53,656 | 886,934 | ||||||
Enterprise Products Partners LP, MLP |
86,228 | 2,345,402 | ||||||
EQT GP Holdings LP, MLP |
20,294 | 592,585 | ||||||
EQT Midstream Partners LP, MLP |
32,643 | 2,537,340 | ||||||
Frontera Energy Corp. (Colombia)* |
1,116 | 30,802 | ||||||
Hess Midstream Partners LP, MLP* |
21,724 | 459,245 | ||||||
Kinder Morgan, Inc. |
82,068 | 1,676,649 | ||||||
Marathon Petroleum Corp. |
9,949 | 557,045 | ||||||
MPLX LP, MLP |
102,767 | 3,735,580 | ||||||
Noble Midstream Partners LP, MLP |
32,737 | 1,486,260 | ||||||
NuStar Energy LP, MLP |
28,004 | 1,212,013 | ||||||
ONEOK, Inc. |
30,146 | 1,705,359 | ||||||
Plains All American Pipeline LP, MLP |
85,096 | 2,243,982 | ||||||
Royal Dutch Shell PLC (Class A Stock) (Netherlands), ADR |
52,742 | 2,981,505 | ||||||
SemGroup Corp. (Class A Stock) |
53,007 | 1,433,839 | ||||||
Tallgrass Energy GP LP |
20,992 | 544,742 | ||||||
Tallgrass Energy Partners LP, MLP |
50,899 | 2,601,957 | ||||||
Targa Resources Corp. |
74,056 | 3,436,939 | ||||||
TC PipeLines LP, MLP |
12,785 | 732,453 | ||||||
TransCanada Corp. (Canada) |
29,938 | 1,529,617 | ||||||
Williams Cos., Inc. (The) |
90,424 | 2,873,675 | ||||||
Williams Partners LP, MLP |
87,831 | 3,638,838 | ||||||
|
|
|||||||
57,872,348 | ||||||||
|
|
|||||||
Pharmaceuticals 1.2% |
||||||||
Bristol-Myers Squibb Co. |
34,915 | 1,986,664 | ||||||
Eli Lilly & Co. |
22,540 | 1,863,156 | ||||||
Pfizer, Inc. |
41,620 | 1,380,119 | ||||||
|
|
|||||||
5,229,939 | ||||||||
|
|
|||||||
Road & Rail 0.6% |
||||||||
CSX Corp. |
27,183 | 1,341,209 | ||||||
Ryder System, Inc. |
5,127 | 373,040 | ||||||
Union Pacific Corp. |
8,908 | 917,168 | ||||||
|
|
|||||||
2,631,417 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment 0.5% |
||||||||
Analog Devices, Inc. |
11,560 | 913,356 |
Texas Instruments, Inc. |
18,051 | 1,468,990 | ||||||
|
|
|||||||
2,382,346 | ||||||||
|
|
|||||||
Software 1.0% |
||||||||
Microsoft Corp. |
37,352 | 2,715,490 | ||||||
Oracle Corp. |
36,721 | 1,833,480 | ||||||
|
|
|||||||
4,548,970 | ||||||||
|
|
|||||||
Specialty Retail 0.3% |
||||||||
Home Depot, Inc. (The) |
7,769 | 1,162,242 | ||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 0.5% |
||||||||
Apple, Inc. |
14,587 | 2,169,525 | ||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods 0.3% |
||||||||
Coach, Inc. |
29,803 | 1,404,913 | ||||||
|
|
|||||||
Tobacco 0.1% |
||||||||
Philip Morris International, Inc. |
3,968 | 463,105 | ||||||
|
|
|||||||
Transportation Infrastructure 0.2% |
||||||||
EcoRodovias Infraestrutura e Logistica SA (Brazil) |
307,493 | 1,062,004 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
168,643,797 | |||||||
|
|
|||||||
UNAFFILIATED EXCHANGE TRADED FUNDS 12.0% |
||||||||
PowerShares Preferred Portfolio ETF |
861,988 | 13,050,498 | ||||||
SPDR Bloomberg Barclays Convertible Securities ETF |
788,842 | 40,207,277 | ||||||
|
|
|||||||
TOTAL UNAFFILIATED EXCHANGE TRADED FUNDS |
53,257,775 | |||||||
|
|
|||||||
PREFERRED STOCKS 4.4% |
||||||||
Electric Utilities 0.2% |
||||||||
NextEra Energy, Inc., CVT, 6.123% |
17,249 | 958,354 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components 0.2% |
||||||||
Belden, Inc., CVT, Series B, 6.750% |
9,707 | 970,506 | ||||||
|
|
|||||||
Equity Real Estate Investment Trusts (REITs) 2.3% |
||||||||
American Homes 4 Rent, Series G, 5.875%, (PRFC)(a)* |
55,000 | 1,383,250 | ||||||
American Tower Corp., CVT, Series B, 5.500%(a) |
7,917 | 947,665 | ||||||
Cedar Realty Trust, Inc., Series B, 7.250%, (PRFC)(a) |
31,800 | 808,960 | ||||||
DDR Corp., Series A, 6.375%, (PRFC) |
50,000 | 1,345,000 | ||||||
Monmouth Real Estate Investment Corp., Series C, 6.125%, (PRFC) |
27,050 | 685,988 | ||||||
Pebblebrook Hotel Trust, Series D, 6.375%, (PRFC)(a) |
17,822 | 453,748 | ||||||
Pennsylvania Real Estate Investment Trust, Series C, 7.200%, (PRFC) |
42,300 | 1,133,640 | ||||||
Rexford Industrial Realty, Inc., Series A, 5.875%, (PRFC) |
18,250 | 469,208 | ||||||
STAG Industrial, Inc., Series C, 6.875%, (PRFC)(a) |
25,220 | 675,644 | ||||||
Sunstone Hotel Investors, Inc., Series E, 6.950%, (PRFC)(a) |
43,700 | 1,166,790 | ||||||
UMH Properties, Inc., Series C, 6.750%, (PRFC)* |
40,590 | 1,025,709 | ||||||
|
|
|||||||
10,095,602 | ||||||||
|
|
|||||||
Internet Software & Services 0.7% |
||||||||
Mandatory Exchangeable Trust, CVT, 5.750%, 144A |
17,907 | 3,199,265 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels 0.3% |
||||||||
Anadarko Petroleum Corp., CVT, 7.500%(a) |
38,773 | 1,546,267 | ||||||
|
|
|||||||
Pharmaceuticals 0.7% |
||||||||
Allergan PLC, CVT, Series A, 5.500% |
3,221 | 2,879,606 | ||||||
|
|
|||||||
TOTAL PREFERRED STOCKS |
|
19,649,600 | ||||||
|
|
Interest Rate |
Maturity Date | Principal Amount (000)# |
||||||||||||||
ASSET-BACKED SECURITIES 0.7% |
||||||||||||||||
Collateralized Loan Obligations |
||||||||||||||||
Adams Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A |
2.404 | %(c) | 07/15/26 | 500 | 500,239 | |||||||||||
ALM XII Ltd. (Cayman Islands), Series 2015-12A, Class A1R, 144A |
2.354 | %(c) | 04/16/27 | 500 | 500,270 | |||||||||||
ALM XVI Ltd./ALM XVI LLC (Cayman Islands), Series 2015-16A, Class A1R, 144A |
2.354 | %(c) | 07/15/27 | 500 | 499,938 | |||||||||||
Regatta IV Funding Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A |
2.334 | %(c) | 07/25/26 | 700 | 700,360 | |||||||||||
Silver Spring CLO Ltd. (Cayman Islands), Series 2014-1A, Class AR, 144A |
2.554 | %(c) | 10/15/26 | 500 | 500,111 | |||||||||||
Silvermore CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A |
2.477 | %(c) | 05/15/26 | 297 | 297,363 | |||||||||||
|
|
|||||||||||||||
TOTAL ASSET-BACKED SECURITIES |
2,998,281 | |||||||||||||||
|
|
|||||||||||||||
CONVERTIBLE BOND 0.2% |
||||||||||||||||
Banks |
||||||||||||||||
Goldman Sachs DXC Technology Co., Sr. Unsecd. Notes, 144A^ |
2.850 | % | 11/08/17 | 1,215 | 948,575 | |||||||||||
|
|
|||||||||||||||
CORPORATE BONDS 23.9% |
||||||||||||||||
Advertising 0.0% |
||||||||||||||||
Acosta, Inc., Sr. Unsecd. Notes, 144A |
7.750 | % | 10/01/22 | 275 | 207,625 | |||||||||||
|
|
|||||||||||||||
Aerospace & Defense 0.1% |
||||||||||||||||
Arconic, Inc., Sr. Unsecd. Notes(a) |
5.125 | % | 10/01/24 | 70 | 74,463 | |||||||||||
DAE Funding LLC (United Arab Emirates), Gtd. Notes, 144A |
5.000 | % | 08/01/24 | 150 | 153,187 | |||||||||||
Orbital ATK, Inc., Gtd. Notes |
5.250 | % | 10/01/21 | 75 | 77,344 | |||||||||||
StandardAero Aviation Holdings, Inc., Gtd. Notes, 144A |
10.000 | % | 07/15/23 | 150 | 166,125 | |||||||||||
TransDigm, Inc., Gtd. Notes |
6.375 | % | 06/15/26 | 50 | 52,250 | |||||||||||
TransDigm, Inc., Gtd. Notes |
6.500 | % | 07/15/24 | 125 | 132,344 | |||||||||||
|
|
|||||||||||||||
655,713 | ||||||||||||||||
|
|
|||||||||||||||
Agriculture 0.0% |
||||||||||||||||
Vector Group Ltd., Sr. Secd. Notes, 144A |
6.125 | % | 02/01/25 | 125 | 128,750 | |||||||||||
|
|
|||||||||||||||
Auto Manufacturers 0.1% |
||||||||||||||||
Fiat Chrysler Automobiles NV (United Kingdom), Sr. Unsecd. Notes |
5.250 | % | 04/15/23 | 200 | 207,750 | |||||||||||
Mclaren Finance PLC (United Kingdom), Sr. Secd. Notes, 144A |
5.750 | % | 08/01/22 | 200 | 205,000 | |||||||||||
|
|
|||||||||||||||
412,750 | ||||||||||||||||
|
|
|||||||||||||||
Auto Parts & Equipment 0.4% |
||||||||||||||||
Adient Global Holdings Ltd., Gtd. Notes, 144A |
4.875 | % | 08/15/26 | 200 | 202,850 | |||||||||||
Allison Transmission, Inc., Sr. Unsecd. Notes, 144A |
5.000 | % | 10/01/24 | 100 | 103,500 | |||||||||||
American Axle & Manufacturing, Inc., Gtd. Notes |
7.750 | % | 11/15/19 | 150 | 164,625 | |||||||||||
American Axle & Manufacturing, Inc., Gtd. Notes, 144A(a) |
6.250 | % | 04/01/25 | 50 | 49,812 | |||||||||||
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A |
5.625 | % | 11/15/26 | 125 | 126,094 | |||||||||||
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A |
5.750 | % | 04/15/25 | 125 | 130,000 |
Dana, Inc., Sr. Unsecd. Notes |
5.500 | % | 12/15/24 | 100 | 103,625 | |||||||||||
Meritor, Inc., Gtd. Notes |
6.750 | % | 06/15/21 | 150 | 154,995 | |||||||||||
Nemak SAB de CV (Mexico), Sr. Unsecd. Notes, 144A |
5.500 | % | 02/28/23 | 200 | 206,000 | |||||||||||
Schaeffler Finance BV (Germany), Sr. Secd. Notes, 144A |
4.750 | % | 05/15/23 | 200 | 206,750 | |||||||||||
TI Group Automotive Systems LLC (United Kingdom), Gtd. Notes, 144A |
8.750 | % | 07/15/23 | 150 | 158,625 | |||||||||||
ZF North America Capital, Inc. (Germany), Gtd. Notes, 144A |
4.750 | % | 04/29/25 | 250 | 261,250 | |||||||||||
|
|
|||||||||||||||
1,868,126 | ||||||||||||||||
|
|
|||||||||||||||
Banks 0.4% |
||||||||||||||||
Banco de Costa Rica (Costa Rica), Govt. Gtd. Notes |
5.250 | % | 08/12/18 | 200 | 203,620 | |||||||||||
Banco Nacional de Desenvolvimento Economico e Social (Brazil), Sr. Unsecd. Notes |
6.500 | % | 06/10/19 | 100 | 106,155 | |||||||||||
Bank of America Corp., Series M, Jr. Sub. Notes |
8.125 | %(c) | 12/29/49 | 25 | 26,116 | |||||||||||
Banque Centrale de Tunisie International Bond (Tunisia), Sr. Unsecd. Notes |
5.750 | % | 01/30/25 | 200 | 192,088 | |||||||||||
BBVA Bancomer SA (Mexico), Sub. Notes, 144A |
6.750 | % | 09/30/22 | 200 | 227,000 | |||||||||||
Citigroup, Inc., Series Q, Jr. Sub. Notes |
5.950 | %(c) | 12/29/49 | 100 | 105,222 | |||||||||||
National Savings Bank (Sri Lanka), Sr. Unsecd. Notes |
8.875 | % | 09/18/18 | 200 | 211,500 | |||||||||||
Oschadbank Via SSB #1 PLC (Ukraine), Sr. Unsecd. Notes |
9.625 | %(c) | 03/20/25 | 200 | 209,400 | |||||||||||
Vnesheconombank Via VEB Finance PLC (Russia), Sr. Unsecd. Notes |
5.942 | % | 11/21/23 | 200 | 213,514 | |||||||||||
Vnesheconombank Via VEB Finance PLC (Russia), Sr. Unsecd. Notes |
6.025 | % | 07/05/22 | 200 | 213,477 | |||||||||||
|
|
|||||||||||||||
1,708,092 | ||||||||||||||||
|
|
|||||||||||||||
Beverages 0.0% |
||||||||||||||||
Cott Holdings, Inc. (Canada), Gtd. Notes, 144A |
5.500 | % | 04/01/25 | 200 | 210,250 | |||||||||||
|
|
|||||||||||||||
Building Materials 0.4% |
||||||||||||||||
BMC East LLC, Sr. Secd. Notes, 144A |
5.500 | % | 10/01/24 | 150 | 157,875 | |||||||||||
Builders FirstSource, Inc., Gtd. Notes, 144A |
10.750 | % | 08/15/23 | 175 | 201,687 | |||||||||||
Builders FirstSource, Inc., Sr. Secd. Notes, 144A |
5.625 | % | 09/01/24 | 75 | 78,750 | |||||||||||
Cemex SAB de CV (Mexico), Sr. Secd. Notes, 144A |
5.700 | % | 01/11/25 | 200 | 213,000 | |||||||||||
Griffon Corp., Gtd. Notes |
5.250 | % | 03/01/22 | 280 | 286,300 | |||||||||||
James Hardie International Finance Ltd. (Ireland), Gtd. Notes, 144A |
5.875 | % | 02/15/23 | 200 | 210,750 | |||||||||||
Standard Industries, Inc., Sr. Unsecd. Notes, 144A |
5.125 | % | 02/15/21 | 50 | 51,875 | |||||||||||
Standard Industries, Inc., Sr. Unsecd. Notes, 144A |
5.375 | % | 11/15/24 | 100 | 105,250 | |||||||||||
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes |
6.125 | % | 07/15/23 | 150 | 157,125 | |||||||||||
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes |
8.500 | % | 04/15/22 | 100 | 112,500 | |||||||||||
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes, 144A |
5.125 | % | 06/01/25 | 50 | 51,375 | |||||||||||
US Concrete, Inc., Gtd. Notes |
6.375 | % | 06/01/24 | 100 | 106,750 | |||||||||||
US Concrete, Inc., Gtd. Notes, 144A |
6.375 | % | 06/01/24 | 175 | 186,813 | |||||||||||
|
|
|||||||||||||||
1,920,050 | ||||||||||||||||
|
|
|||||||||||||||
Chemicals 1.2% |
||||||||||||||||
A Schulman, Inc., Gtd. Notes |
6.875 | % | 06/01/23 | 395 | 412,775 | |||||||||||
Alpha 3 BV/Alpha US Bidco, Inc. (United Kingdom), Gtd. Notes, 144A |
6.250 | % | 02/01/25 | 200 | 206,000 | |||||||||||
Ashland LLC, Gtd. Notes |
6.875 | % | 05/15/43 | 100 | 109,000 | |||||||||||
Blue Cube Spinco, Inc., Gtd. Notes |
9.750 | % | 10/15/23 | 70 | 85,400 | |||||||||||
Blue Cube Spinco, Inc., Gtd. Notes |
10.000 | % | 10/15/25 | 125 | 155,000 |
Chemours Co. (The), Gtd. Notes |
5.375 | % | 05/15/27 | 100 | 105,375 | |||||||||||
Chemours Co. (The), Gtd. Notes |
6.625 | % | 05/15/23 | 200 | 214,772 | |||||||||||
Chemours Co. (The), Gtd. Notes |
7.000 | % | 05/15/25 | 110 | 122,650 | |||||||||||
CVR Partners LP/CVR Nitrogen Finance Corp., Secd. Notes, 144A |
9.250 | % | 06/15/23 | 100 | 101,875 | |||||||||||
Eco Services Operations LLC/Eco Finance Corp., Sr. Unsecd. Notes, 144A |
8.500 | % | 11/01/22 | 145 | 151,888 | |||||||||||
GCP Applied Technologies, Inc., Gtd. Notes, 144A |
9.500 | % | 02/01/23 | 75 | 85,406 | |||||||||||
Hexion, Inc., Secd. Notes, 144A |
13.750 | % | 02/01/22 | 220 | 201,300 | |||||||||||
Hexion, Inc., Sr. Secd. Notes, 144A(a) |
10.375 | % | 02/01/22 | 480 | 486,000 | |||||||||||
Hexion, Inc./Hexion Nova Scotia Finance ULC, Secd. Notes |
9.000 | % | 11/15/20 | 175 | 124,906 | |||||||||||
Kraton Polymers LLC/Kraton Polymers Capital Corp., Gtd. Notes, 144A |
7.000 | % | 04/15/25 | 50 | 53,750 | |||||||||||
Mexichem SAB de CV (Mexico), Gtd. Notes, 144A |
6.750 | % | 09/19/42 | 200 | 219,250 | |||||||||||
NOVA Chemicals Corp. (Canada), Sr. Unsecd. Notes, 144A |
5.000 | % | 05/01/25 | 100 | 100,500 | |||||||||||
NOVA Chemicals Corp. (Canada), Sr. Unsecd. Notes, 144A |
5.250 | % | 06/01/27 | 350 | 350,875 | |||||||||||
Platform Specialty Products Corp., Sr. Unsecd. Notes, 144A(a) |
6.500 | % | 02/01/22 | 90 | 93,375 | |||||||||||
Platform Specialty Products Corp., Sr. Unsecd. Notes, 144A |
10.375 | % | 05/01/21 | 175 | 192,938 | |||||||||||
PQ Corp., Sr. Secd. Notes, 144A |
6.750 | % | 11/15/22 | 50 | 54,151 | |||||||||||
Rain CII Carbon LLC/CII Carbon Corp., Secd. Notes, 144A |
7.250 | % | 04/01/25 | 290 | 301,600 | |||||||||||
TPC Group, Inc., Sr. Secd. Notes, 144A |
8.750 | % | 12/15/20 | 650 | 607,750 | |||||||||||
Tronox Finance LLC, Gtd. Notes |
6.375 | % | 08/15/20 | 285 | 286,425 | |||||||||||
Tronox Finance LLC, Gtd. Notes, 144A(a) |
7.500 | % | 03/15/22 | 285 | 298,537 | |||||||||||
Venator Finance Sarl/Venator Materials Corp. (Luxembourg), Sr. Unsecd. Notes, 144A |
5.750 | % | 07/15/25 | 50 | 51,375 | |||||||||||
|
|
|||||||||||||||
5,172,873 | ||||||||||||||||
|
|
|||||||||||||||
Coal 0.3% |
||||||||||||||||
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., Gtd. Notes, 144A |
7.500 | % | 05/01/25 | 200 | 211,250 | |||||||||||
CONSOL Energy, Inc., Gtd. Notes |
5.875 | % | 04/15/22 | 475 | 477,078 | |||||||||||
CONSOL Energy, Inc., Gtd. Notes |
8.000 | % | 04/01/23 | 225 | 239,063 | |||||||||||
Peabody Energy Corp., Sr. Secd. Notes, 144A |
6.375 | % | 03/31/25 | 182 | 183,820 | |||||||||||
|
|
|||||||||||||||
1,111,211 | ||||||||||||||||
|
|
|||||||||||||||
Commercial Services 0.5% |
||||||||||||||||
Ahern Rentals, Inc., Secd. Notes, 144A |
7.375 | % | 05/15/23 | 175 | 154,875 | |||||||||||
Ashtead Capital, Inc. (United Kingdom), Secd. Notes, 144A |
6.500 | % | 07/15/22 | 200 | 207,500 | |||||||||||
Laureate Education, Inc., Gtd. Notes, 144A |
8.250 | % | 05/01/25 | 750 | 815,625 | |||||||||||
RR Donnelley & Sons Co., Sr. Unsecd. Notes(a) |
6.500 | % | 11/15/23 | 61 | 61,000 | |||||||||||
United Rentals North America, Inc., Gtd. Notes(a) |
5.500 | % | 07/15/25 | 75 | 79,125 | |||||||||||
United Rentals North America, Inc., Gtd. Notes |
5.500 | % | 05/15/27 | 150 | 158,250 | |||||||||||
United Rentals North America, Inc., Gtd. Notes(a) |
5.750 | % | 11/15/24 | 275 | 292,187 | |||||||||||
United Rentals North America, Inc., Gtd. Notes |
5.875 | % | 09/15/26 | 200 | 215,250 | |||||||||||
United Rentals North America, Inc., Gtd. Notes |
7.625 | % | 04/15/22 | 19 | 19,855 | |||||||||||
|
|
|||||||||||||||
2,003,667 | ||||||||||||||||
|
|
|||||||||||||||
Computers 0.4% |
||||||||||||||||
Dell International LLC/EMC Corp., Gtd. Notes, 144A |
5.875 | % | 06/15/21 | 100 | 104,875 | |||||||||||
Dell International LLC/EMC Corp., Gtd. Notes, 144A(a) |
7.125 | % | 06/15/24 | 100 | 111,280 | |||||||||||
Dell International LLC/EMC Corp., Sr. Secd. Notes, 144A |
5.450 | % | 06/15/23 | 85 | 93,687 |
Exela Intermediate LLC/Exela Finance, Inc., Sr. Secd. Notes, 144A |
10.000 | % | 07/15/23 | 370 | 359,825 | |||||||||||
NCR Corp., Gtd. Notes |
6.375 | % | 12/15/23 | 100 | 106,750 | |||||||||||
Western Digital Corp., Gtd. Notes |
10.500 | % | 04/01/24 | 660 | 781,275 | |||||||||||
|
|
|||||||||||||||
1,557,692 | ||||||||||||||||
|
|
|||||||||||||||
Distribution/Wholesale 0.2% |
||||||||||||||||
Beacon Roofing Supply, Inc., Gtd. Notes |
6.375 | % | 10/01/23 | 125 | 134,687 | |||||||||||
Global Partners LP/GLP Finance Corp., Gtd. Notes |
6.250 | % | 07/15/22 | 50 | 50,375 | |||||||||||
Global Partners LP/GLP Finance Corp., Gtd. Notes |
7.000 | % | 06/15/23 | 350 | 353,500 | |||||||||||
H&E Equipment Services, Inc., Gtd. Notes |
7.000 | % | 09/01/22 | 250 | 258,750 | |||||||||||
|
|
|||||||||||||||
797,312 | ||||||||||||||||
|
|
|||||||||||||||
Diversified Financial Services 0.3% |
||||||||||||||||
Ally Financial, Inc., Gtd. Notes |
8.000 | % | 03/15/20 | 100 | 113,500 | |||||||||||
Ally Financial, Inc., Sr. Unsecd. Notes |
4.250 | % | 04/15/21 | 25 | 25,719 | |||||||||||
CIT Group, Inc., Sr. Unsecd. Notes |
5.000 | % | 08/15/22 | 150 | 162,090 | |||||||||||
FBM Finance, Inc., Sr. Secd. Notes, 144A |
8.250 | % | 08/15/21 | 100 | 107,250 | |||||||||||
LPL Holdings, Inc., Gtd. Notes, 144A |
5.750 | % | 09/15/25 | 125 | 130,937 | |||||||||||
Navient Corp., Sr. Unsecd. Notes |
5.875 | % | 10/25/24 | 200 | 203,750 | |||||||||||
Navient Corp., Sr. Unsecd. Notes, MTN |
6.125 | % | 03/25/24 | 25 | 25,937 | |||||||||||
Navient Corp., Sr. Unsecd. Notes |
6.625 | % | 07/26/21 | 50 | 53,625 | |||||||||||
Navient Corp., Sr. Unsecd. Notes |
7.250 | % | 09/25/23 | 75 | 82,054 | |||||||||||
Navient Corp., Sr. Unsecd. Notes, MTN |
8.000 | % | 03/25/20 | 100 | 110,600 | |||||||||||
OneMain Financial Holdings LLC, Gtd. Notes, 144A |
6.750 | % | 12/15/19 | 25 | 26,175 | |||||||||||
Springleaf Finance Corp., Gtd. Notes |
6.000 | % | 06/01/20 | 50 | 52,750 | |||||||||||
Orchestra Borrower LLC/Orchestra Co.-Issuer, Inc., Secd. Notes, 144A |
6.750 | % | 06/15/22 | 150 | 157,521 | |||||||||||
|
|
|||||||||||||||
1,251,908 | ||||||||||||||||
|
|
|||||||||||||||
Diversified Machinery 0.1% |
||||||||||||||||
ATS Automation Tooling Systems, Inc. (Canada), Gtd. Notes, 144A |
6.500 | % | 06/15/23 | 275 | 289,438 | |||||||||||
Cleaver-Brooks, Inc., Sr. Secd. Notes, 144A |
8.750 | % | 12/15/19 | 25 | 25,750 | |||||||||||
Cloud Crane LLC, Secd. Notes, 144A |
10.125 | % | 08/01/24 | 275 | 309,375 | |||||||||||
|
|
|||||||||||||||
624,563 | ||||||||||||||||
|
|
|||||||||||||||
Electric 1.4% |
||||||||||||||||
AES Corp., Sr. Unsecd. Notes |
5.500 | % | 04/15/25 | 150 | 157,125 | |||||||||||
AES Corp., Sr. Unsecd. Notes |
7.375 | % | 07/01/21 | 175 | 199,938 | |||||||||||
Calpine Corp., Sr. Unsecd. Notes(a) |
5.375 | % | 01/15/23 | 550 | 532,125 | |||||||||||
Calpine Corp., Sr. Unsecd. Notes |
5.500 | % | 02/01/24 | 150 | 140,813 | |||||||||||
Calpine Corp., Sr. Unsecd. Notes |
5.750 | % | 01/15/25 | 200 | 186,750 | |||||||||||
Comision Federal de Electricidad (Mexico), Sr. Unsecd. Notes |
5.750 | % | 02/14/42 | 200 | 205,750 | |||||||||||
DPL, Inc., Sr. Unsecd. Notes |
6.750 | % | 10/01/19 | 250 | 262,500 | |||||||||||
DPL, Inc., Sr. Unsecd. Notes |
7.250 | % | 10/15/21 | 175 | 191,406 | |||||||||||
Dynegy, Inc., Gtd. Notes(a) |
5.875 | % | 06/01/23 | 300 | 288,000 | |||||||||||
Dynegy, Inc., Gtd. Notes |
6.750 | % | 11/01/19 | 268 | 277,882 | |||||||||||
Dynegy, Inc., Gtd. Notes(a) |
7.625 | % | 11/01/24 | 1,025 | 1,010,906 | |||||||||||
Dynegy, Inc., Gtd. Notes |
8.034 | % | 02/02/24 | 325 | 313,625 | |||||||||||
Dynegy, Inc., Gtd. Notes, 144A |
8.000 | % | 01/15/25 | 25 | 24,750 | |||||||||||
Eskom Holdings SOC Ltd. (South Africa), Sr. Unsecd. Notes |
5.750 | % | 01/26/21 | 400 | 402,220 | |||||||||||
Eskom Holdings SOC Ltd. (South Africa), Sr. Unsecd. Notes, EMTN |
6.750 | % | 08/06/23 | 200 | 202,806 | |||||||||||
GenOn Energy, Inc., Sr. Unsecd. Notes(d)(dd) |
7.875 | % | 06/15/17 | 400 | 269,000 | |||||||||||
GenOn Energy, Inc., Sr. Unsecd. Notes(d)(dd) |
9.875 | % | 10/15/20 | 275 | 182,875 |
Listrindo Capital BV (Indonesia), Gtd. Notes, 144A |
4.950 | % | 09/14/26 | 200 | 200,800 | |||||||||||
Majapahit Holding BV (Indonesia), Gtd. Notes |
7.875 | % | 06/29/37 | 100 | 131,330 | |||||||||||
NRG Energy, Inc., Gtd. Notes(a) |
6.250 | % | 05/01/24 | 244 | 253,150 | |||||||||||
NRG Energy, Inc., Gtd. Notes(a) |
6.625 | % | 03/15/23 | 217 | 224,731 | |||||||||||
NRG Energy, Inc., Gtd. Notes(a) |
7.250 | % | 05/15/26 | 150 | 158,625 | |||||||||||
NRG Energy, Inc., Gtd. Notes |
7.875 | % | 05/15/21 | 49 | 50,470 | |||||||||||
NRG REMA LLC, Series C, Pass-Through Certificates |
9.681 | % | 07/02/26 | 225 | 166,500 | |||||||||||
|
|
|||||||||||||||
6,034,077 | ||||||||||||||||
|
|
|||||||||||||||
Electrical Components & Equipment 0.0% |
||||||||||||||||
Belden, Inc., Gtd. Notes, 144A |
5.250 | % | 07/15/24 | 75 | 78,000 | |||||||||||
|
|
|||||||||||||||
Engineering & Construction 0.2% |
||||||||||||||||
AECOM, Gtd. Notes |
5.125 | % | 03/15/27 | 125 | 125,938 | |||||||||||
AECOM, Gtd. Notes(a) |
5.875 | % | 10/15/24 | 225 | 245,531 | |||||||||||
Delhi International Airport Ltd. (India), Sr. Secd. Notes, 144A |
6.125 | % | 10/31/26 | 200 | 213,500 | |||||||||||
Mexico City Airport Trust (Mexico), Sr. Secd. Notes, 144A |
4.250 | % | 10/31/26 | 200 | 205,750 | |||||||||||
Odebrecht Finance Ltd. (Brazil), Gtd. Notes |
7.125 | % | 06/26/42 | 200 | 82,500 | |||||||||||
|
|
|||||||||||||||
873,219 | ||||||||||||||||
|
|
|||||||||||||||
Entertainment 0.9% |
||||||||||||||||
AMC Entertainment Holdings, Inc., Gtd. Notes |
5.750 | % | 06/15/25 | 300 | 307,218 | |||||||||||
AMC Entertainment Holdings, Inc., Gtd. Notes |
5.875 | % | 11/15/26 | 50 | 50,995 | |||||||||||
Carmike Cinemas, Inc., Secd. Notes, 144A |
6.000 | % | 06/15/23 | 125 | 132,187 | |||||||||||
Cinemark USA, Inc., Gtd. Notes |
4.875 | % | 06/01/23 | 350 | 355,950 | |||||||||||
Eldorado Resorts, Inc., Gtd. Notes |
6.000 | % | 04/01/25 | 50 | 53,500 | |||||||||||
Eldorado Resorts, Inc., Gtd. Notes |
7.000 | % | 08/01/23 | 200 | 216,000 | |||||||||||
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes |
5.375 | % | 11/01/23 | 75 | 81,019 | |||||||||||
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes |
5.375 | % | 04/15/26 | 75 | 81,750 | |||||||||||
International Game Technology PLC, Sr. Secd. Notes, 144A |
6.500 | % | 02/15/25 | 400 | 441,500 | |||||||||||
Jacobs Entertainment, Inc., Secd. Notes, 144A |
7.875 | % | 02/01/24 | 50 | 54,250 | |||||||||||
National CineMedia LLC, Sr. Secd. Notes |
6.000 | % | 04/15/22 | 100 | 102,750 | |||||||||||
National CineMedia LLC, Sr. Unsecd. Notes |
5.750 | % | 08/15/26 | 200 | 192,000 | |||||||||||
Penn National Gaming, Inc., Sr. Unsecd. Notes, 144A |
5.625 | % | 01/15/27 | 150 | 154,500 | |||||||||||
Pinnacle Entertainment, Inc., Sr. Unsecd. Notes, 144A |
5.625 | % | 05/01/24 | 350 | 363,125 | |||||||||||
Regal Entertainment Group, Sr. Unsecd. Notes |
5.750 | % | 06/15/23 | 75 | 78,375 | |||||||||||
Scientific Games International, Inc., Gtd. Notes |
6.625 | % | 05/15/21 | 800 | 826,000 | |||||||||||
Scientific Games International, Inc., Gtd. Notes |
10.000 | % | 12/01/22 | 250 | 278,750 | |||||||||||
Scientific Games International, Inc., Sr. Secd. Notes, 144A |
7.000 | % | 01/01/22 | 150 | 159,750 | |||||||||||
|
|
|||||||||||||||
3,929,619 | ||||||||||||||||
|
|
|||||||||||||||
Environmental Control 0.1% |
||||||||||||||||
Advanced Disposal Services, Inc., Gtd. Notes, 144A |
5.625 | % | 11/15/24 | 125 | 129,688 | |||||||||||
CD&R Waterworks Merger Sub LLC, Sr. Unsecd. Notes, 144A |
6.125 | % | 08/15/25 | 50 | 51,000 | |||||||||||
Clean Harbors, Inc., Gtd. Notes |
5.125 | % | 06/01/21 | 150 | 153,000 | |||||||||||
|
|
|||||||||||||||
333,688 | ||||||||||||||||
|
|
|||||||||||||||
Foods 0.5% |
||||||||||||||||
Albertsons Cos. LLC/Safeway, Inc./New Albertsons, Inc./Albertsons LLC, Gtd. Notes, 144A |
5.750 | % | 03/15/25 | 400 | 358,000 | |||||||||||
ESAL GmbH (Brazil), Gtd. Notes, 144A |
6.250 | % | 02/05/23 | 200 | 186,750 | |||||||||||
Hearthside Group Holdings LLC/Hearthside Finance Co., Gtd. Notes, 144A |
6.500 | % | 05/01/22 | 225 | 230,625 | |||||||||||
Ingles Markets, Inc., Sr. Unsecd. Notes |
5.750 | % | 06/15/23 | 135 | 134,325 |
JBS USA LLC/JBS USA Finance, Inc. (Brazil), Gtd. Notes, 144A |
5.750 | % | 06/15/25 | 250 | 247,500 | |||||||||||
JBS USA LLC/JBS USA Finance, Inc. (Brazil), Gtd. Notes, 144A(a) |
5.875 | % | 07/15/24 | 250 | 248,125 | |||||||||||
JBS USA LLC/JBS USA Finance, Inc. (Brazil), Gtd. Notes, 144A |
7.250 | % | 06/01/21 | 350 | 355,687 | |||||||||||
Pilgrims Pride Corp., Gtd. Notes, 144A |
5.750 | % | 03/15/25 | 150 | 153,750 | |||||||||||
Shearers Foods LLC/Chip Finance Corp., Sr. Secd. Notes, 144A |
9.000 | % | 11/01/19 | 150 | 155,250 | |||||||||||
SUPERVALU, Inc., Sr. Unsecd. Notes(a) |
7.750 | % | 11/15/22 | 300 | 297,750 | |||||||||||
|
|
|||||||||||||||
2,367,762 | ||||||||||||||||
|
|
|||||||||||||||
Forest Products & Paper 0.0% |
||||||||||||||||
Mercer International, Inc. (Canada), Sr. Unsecd. Notes, 144A |
6.500 | % | 02/01/24 | 25 | 26,188 | |||||||||||
|
|
|||||||||||||||
Gas 0.1% |
||||||||||||||||
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsecd. Notes |
5.625 | % | 05/20/24 | 75 | 77,813 | |||||||||||
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsecd. Notes |
5.875 | % | 08/20/26 | 225 | 230,625 | |||||||||||
NGL Energy Partners LP/NGL Energy Finance Corp., Gtd. Notes, 144A |
7.500 | % | 11/01/23 | 100 | 96,500 | |||||||||||
|
|
|||||||||||||||
404,938 | ||||||||||||||||
|
|
|||||||||||||||
Hand/Machine Tools 0.0% |
||||||||||||||||
Apex Tool Group LLC, Gtd. Notes, 144A |
7.000 | % | 02/01/21 | 100 | 93,750 | |||||||||||
|
|
|||||||||||||||
Healthcare-Products 0.2% |
||||||||||||||||
Greatbatch Ltd., Gtd. Notes, 144A |
9.125 | % | 11/01/23 | 275 | 301,711 | |||||||||||
Mallinckrodt International Finance SA, Gtd. Notes(a) |
4.750 | % | 04/15/23 | 450 | 398,250 | |||||||||||
|
|
|||||||||||||||
699,961 | ||||||||||||||||
|
|
|||||||||||||||
Healthcare-Services 1.3% |
||||||||||||||||
Acadia Healthcare Co., Inc., Gtd. Notes |
5.625 | % | 02/15/23 | 368 | 383,640 | |||||||||||
Acadia Healthcare Co., Inc., Gtd. Notes |
6.500 | % | 03/01/24 | 50 | 53,625 | |||||||||||
Centene Corp., Sr. Unsecd. Notes |
4.750 | % | 05/15/22 | 125 | 131,563 | |||||||||||
CHS/Community Health Systems, Inc., Gtd. Notes(a) |
6.875 | % | 02/01/22 | 1,000 | 857,500 | |||||||||||
CHS/Community Health Systems, Inc., Gtd. Notes(a) |
7.125 | % | 07/15/20 | 300 | 289,125 | |||||||||||
CHS/Community Health Systems, Inc., Sr. Secd. Notes |
6.250 | % | 03/31/23 | 225 | 230,625 | |||||||||||
HCA, Inc., Gtd. Notes |
5.375 | % | 02/01/25 | 1,070 | 1,139,550 | |||||||||||
HealthSouth Corp., Gtd. Notes |
5.125 | % | 03/15/23 | 25 | 25,625 | |||||||||||
HealthSouth Corp., Gtd. Notes |
5.750 | % | 11/01/24 | 150 | 153,000 | |||||||||||
HealthSouth Corp., Gtd. Notes |
5.750 | % | 09/15/25 | 75 | 78,000 | |||||||||||
Kindred Healthcare, Inc., Gtd. Notes |
8.000 | % | 01/15/20 | 320 | 321,600 | |||||||||||
Kindred Healthcare, Inc., Gtd. Notes |
8.750 | % | 01/15/23 | 25 | 24,906 | |||||||||||
Select Medical Corp., Gtd. Notes |
6.375 | % | 06/01/21 | 425 | 437,750 | |||||||||||
Surgery Center Holdings, Inc., Gtd. Notes, 144A |
6.750 | % | 07/01/25 | 50 | 51,375 | |||||||||||
Surgery Center Holdings, Inc., Gtd. Notes, 144A |
8.875 | % | 04/15/21 | 100 | 108,500 | |||||||||||
Tenet Healthcare Corp., Sr. Secd. Notes |
4.750 | % | 06/01/20 | 150 | 155,438 | |||||||||||
Tenet Healthcare Corp., Sr. Unsecd. Notes |
6.750 | % | 02/01/20 | 475 | 496,375 | |||||||||||
Tenet Healthcare Corp., Sr. Unsecd. Notes(a) |
6.750 | % | 06/15/23 | 475 | 469,062 | |||||||||||
Tenet Healthcare Corp., Sr. Unsecd. Notes |
8.125 | % | 04/01/22 | 300 | 322,800 | |||||||||||
THC Escrow Corp. III, Sr. Unsecd. Notes, 144A(a) |
7.000 | % | 08/01/25 | 150 | 148,125 | |||||||||||
|
|
|||||||||||||||
5,878,184 | ||||||||||||||||
|
|
Home Builders 0.9% |
||||||||||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsecd. Notes, 144A |
6.750 | % | 08/01/25 | 100 | 101,000 | |||||||||||
AV Homes, Inc., Sr. Unsecd. Notes, 144A |
6.625 | % | 05/15/22 | 75 | 77,625 | |||||||||||
Beazer Homes USA, Inc., Gtd. Notes |
5.750 | % | 06/15/19 | 50 | 52,125 | |||||||||||
Beazer Homes USA, Inc., Gtd. Notes |
6.750 | % | 03/15/25 | 100 | 105,375 | |||||||||||
Beazer Homes USA, Inc., Gtd. Notes |
7.250 | % | 02/01/23 | 100 | 104,750 | |||||||||||
Beazer Homes USA, Inc., Gtd. Notes |
8.750 | % | 03/15/22 | 225 | 251,116 | |||||||||||
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A |
6.375 | % | 05/15/25 | 150 | 158,250 | |||||||||||
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A |
6.500 | % | 12/15/20 | 125 | 129,375 | |||||||||||
CalAtlantic Group, Inc., Gtd. Notes |
5.250 | % | 06/01/26 | 75 | 78,000 | |||||||||||
CalAtlantic Group, Inc., Gtd. Notes |
5.375 | % | 10/01/22 | 25 | 27,125 | |||||||||||
CalAtlantic Group, Inc., Gtd. Notes |
8.375 | % | 01/15/21 | 200 | 234,500 | |||||||||||
KB Home, Gtd. Notes |
7.500 | % | 09/15/22 | 100 | 113,750 | |||||||||||
KB Home, Gtd. Notes |
7.625 | % | 05/15/23 | 125 | 140,625 | |||||||||||
Lennar Corp., Gtd. Notes |
4.750 | % | 05/30/25 | 185 | 194,250 | |||||||||||
Lennar Corp., Gtd. Notes |
4.875 | % | 12/15/23 | 65 | 69,063 | |||||||||||
M/I Homes, Inc., Gtd. Notes |
6.750 | % | 01/15/21 | 75 | 78,562 | |||||||||||
M/I Homes, Inc., Gtd. Notes, 144A^ |
5.625 | % | 08/01/25 | 75 | 75,000 | |||||||||||
Mattamy Group Corp. (Canada), Sr. Unsecd. Notes, 144A |
6.875 | % | 12/15/23 | 225 | 228,937 | |||||||||||
Meritage Homes Corp., Gtd. Notes |
6.000 | % | 06/01/25 | 50 | 53,938 | |||||||||||
Meritage Homes Corp., Gtd. Notes |
7.000 | % | 04/01/22 | 50 | 56,750 | |||||||||||
Meritage Homes Corp., Gtd. Notes, 144A |
5.125 | % | 06/06/27 | 75 | 76,031 | |||||||||||
New Home Co., Inc. (The), Gtd. Notes, 144A |
7.250 | % | 04/01/22 | 50 | 51,750 | |||||||||||
PulteGroup, Inc., Gtd. Notes |
5.000 | % | 01/15/27 | 125 | 129,375 | |||||||||||
PulteGroup, Inc., Gtd. Notes |
5.500 | % | 03/01/26 | 275 | 295,969 | |||||||||||
Shea Homes LP/Shea Homes Funding Corp., Gtd. Notes, 144A |
5.875 | % | 04/01/23 | 75 | 77,250 | |||||||||||
Shea Homes LP/Shea Homes Funding Corp., Gtd. Notes, 144A |
6.125 | % | 04/01/25 | 150 | 154,875 | |||||||||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A |
5.875 | % | 04/15/23 | 425 | 452,625 | |||||||||||
WCI Communities, Inc./Lennar Corp., Gtd. Notes |
6.875 | % | 08/15/21 | 75 | 77,765 | |||||||||||
William Lyon Homes, Inc., Gtd. Notes |
5.750 | % | 04/15/19 | 100 | 101,500 | |||||||||||
William Lyon Homes, Inc., Gtd. Notes |
5.875 | % | 01/31/25 | 225 | 232,672 | |||||||||||
William Lyon Homes, Inc., Gtd. Notes |
7.000 | % | 08/15/22 | 150 | 155,250 | |||||||||||
|
|
|||||||||||||||
4,135,178 | ||||||||||||||||
|
|
|||||||||||||||
Home Furnishings 0.0% |
||||||||||||||||
Tempur Sealy International, Inc., Gtd. Notes |
5.500 | % | 06/15/26 | 200 | 206,000 | |||||||||||
|
|
|||||||||||||||
Housewares 0.0% |
||||||||||||||||
Scotts Miracle-Gro Co. (The), Gtd. Notes |
6.000 | % | 10/15/23 | 50 | 53,800 | |||||||||||
|
|
|||||||||||||||
Internet 0.0% |
||||||||||||||||
Zayo Group LLC/Zayo Capital, Inc., Gtd. Notes, 144A |
5.750 | % | 01/15/27 | 125 | 132,500 | |||||||||||
|
|
|||||||||||||||
Iron/Steel 0.1% |
||||||||||||||||
Cliffs Natural Resources, Inc., Gtd. Notes, 144A(a) |
5.750 | % | 03/01/25 | 175 | 170,625 | |||||||||||
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., Gtd. Notes, 144A |
6.375 | % | 05/01/22 | 225 | 235,125 | |||||||||||
|
|
|||||||||||||||
405,750 | ||||||||||||||||
|
|
|||||||||||||||
Leisure Time 0.1% |
||||||||||||||||
Silversea Cruise Finance Ltd., Sr. Secd. Notes, 144A |
7.250 | % | 02/01/25 | 100 | 107,625 | |||||||||||
Viking Cruises Ltd., Sr. Unsecd. Notes, 144A |
6.250 | % | 05/15/25 | 150 | 153,000 |
Viking Cruises Ltd., Sr. Unsecd. Notes, 144A |
8.500 | % | 10/15/22 | 125 | 131,250 | |||||||||||
|
|
|||||||||||||||
391,875 | ||||||||||||||||
|
|
|||||||||||||||
Lodging 0.4% |
||||||||||||||||
Boyd Gaming Corp., Gtd. Notes |
6.375 | % | 04/01/26 | 50 | 54,500 | |||||||||||
Boyd Gaming Corp., Gtd. Notes |
6.875 | % | 05/15/23 | 400 | 430,000 | |||||||||||
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties, Sr. Secd. Notes |
8.000 | % | 10/01/20 | 325 | 333,937 | |||||||||||
Golden Nugget, Inc., Sr. Unsecd. Notes, 144A |
8.500 | % | 12/01/21 | 425 | 449,969 | |||||||||||
Interval Acquisition Corp., Gtd. Notes |
5.625 | % | 04/15/23 | 75 | 78,000 | |||||||||||
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Secd. Notes, 144A |
10.250 | % | 11/15/22 | 100 | 110,000 | |||||||||||
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sr. Secd. Notes, 144A |
6.750 | % | 11/15/21 | 200 | 208,500 | |||||||||||
MGM Resorts International, Gtd. Notes |
6.625 | % | 12/15/21 | 225 | 253,125 | |||||||||||
MGM Resorts International, Gtd. Notes |
6.750 | % | 10/01/20 | 50 | 55,500 | |||||||||||
|
|
|||||||||||||||
1,973,531 | ||||||||||||||||
|
|
|||||||||||||||
Media 2.0% |
||||||||||||||||
Block Communications, Inc., Sr. Unsecd. Notes, 144A |
6.875 | % | 02/15/25 | 100 | 107,750 | |||||||||||
Cablevision SA (Argentina), Sr. Unsecd. Notes |
6.500 | % | 06/15/21 | 150 | 158,973 | |||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsecd. Notes |
5.750 | % | 01/15/24 | 275 | 289,438 | |||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsecd. Notes, 144A |
5.375 | % | 05/01/25 | 50 | 53,188 | |||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsecd. Notes, 144A |
5.500 | % | 05/01/26 | 100 | 106,250 | |||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsecd. Notes, 144A |
5.750 | % | 02/15/26 | 50 | 53,750 | |||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsecd. Notes, 144A |
5.875 | % | 05/01/27 | 425 | 457,138 | |||||||||||
Cequel Communications Holdings I LLC/Cequel Capital Corp., Sr. Unsecd. Notes, 144A |
5.125 | % | 12/15/21 | 305 | 311,765 | |||||||||||
Cequel Communications Holdings I LLC/Cequel Capital Corp., Sr. Unsecd. Notes, 144A |
5.125 | % | 12/15/21 | 425 | 434,426 | |||||||||||
Cequel Communications Holdings I LLC/Cequel Capital Corp., Sr. Unsecd. Notes, 144A |
6.375 | % | 09/15/20 | 74 | 75,295 | |||||||||||
Cequel Communications Holdings I LLC/Cequel Capital Corp., Sr. Unsecd. Notes, 144A |
7.750 | % | 07/15/25 | 1,000 | 1,116,250 | |||||||||||
Clear Channel Worldwide Holdings, Inc., Series A, Gtd. Notes |
6.500 | % | 11/15/22 | 87 | 89,610 | |||||||||||
Clear Channel Worldwide Holdings, Inc., Series A, Gtd. Notes |
7.625 | % | 03/15/20 | 405 | 406,012 | |||||||||||
Clear Channel Worldwide Holdings, Inc., Series B, Gtd. Notes |
7.625 | % | 03/15/20 | 440 | 443,300 | |||||||||||
CSC Holdings LLC, Sr. Unsecd. Notes |
7.875 | % | 02/15/18 | 350 | 360,063 | |||||||||||
DISH DBS Corp., Gtd. Notes |
6.750 | % | 06/01/21 | 200 | 221,000 | |||||||||||
DISH DBS Corp., Gtd. Notes |
7.750 | % | 07/01/26 | 615 | 736,462 | |||||||||||
Gray Television, Inc., Gtd. Notes, 144A |
5.875 | % | 07/15/26 | 225 | 232,875 | |||||||||||
Mediacom Broadband LLC/Mediacom Broadband Corp., Sr. Unsecd. Notes |
6.375 | % | 04/01/23 | 355 | 371,862 | |||||||||||
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A |
6.875 | % | 08/15/23 | 180 | 195,102 | |||||||||||
Nexstar Broadcasting, Inc., Gtd. Notes, 144A(a) |
5.625 | % | 08/01/24 | 175 | 180,906 | |||||||||||
Quebecor Media, Inc. (Canada), Sr. Unsecd. Notes |
5.750 | % | 01/15/23 | 275 | 296,313 | |||||||||||
SFR Group SA (France), Sr. Secd. Notes, 144A |
7.375 | % | 05/01/26 | 700 | 757,750 | |||||||||||
Sinclair Television Group, Inc., Gtd. Notes, 144A |
5.125 | % | 02/15/27 | 250 | 247,500 | |||||||||||
Sinclair Television Group, Inc., Gtd. Notes, 144A |
5.625 | % | 08/01/24 | 80 | 83,200 |
Sinclair Television Group, Inc., Gtd. Notes, 144A |
5.875 | % | 03/15/26 | 50 | 52,125 | |||||||||||
TEGNA, Inc., Gtd. Notes(a) |
6.375 | % | 10/15/23 | 200 | 211,750 | |||||||||||
Tribune Media Co., Gtd. Notes |
5.875 | % | 07/15/22 | 175 | 183,313 | |||||||||||
Univision Communications, Inc., Sr. Secd. Notes, 144A |
6.750 | % | 09/15/22 | 200 | 207,750 | |||||||||||
UPCB Finance IV Ltd. (Netherlands), Sr. Secd. Notes, 144A |
5.375 | % | 01/15/25 | 75 | 78,188 | |||||||||||
VTR Finance BV (Chile), Sr. Secd. Notes, 144A |
6.875 | % | 01/15/24 | 200 | 213,250 | |||||||||||
Ziggo Bond Finance BV (Netherlands), Sr. Unsecd. Notes, 144A |
6.000 | % | 01/15/27 | 150 | 155,079 | |||||||||||
|
|
|||||||||||||||
8,887,633 | ||||||||||||||||
|
|
|||||||||||||||
Metal Fabricate & Hardware 0.1% |
||||||||||||||||
Novelis Corp., Gtd. Notes, 144A |
5.875 | % | 09/30/26 | 125 | 131,563 | |||||||||||
Zekelman Industries, Inc., Sr. Secd. Notes, 144A |
9.875 | % | 06/15/23 | 200 | 226,500 | |||||||||||
|
|
|||||||||||||||
358,063 | ||||||||||||||||
|
|
|||||||||||||||
Metals & Mining 0.1% |
||||||||||||||||
VM Holding SA (Peru), Gtd. Notes, 144A |
5.375 | % | 05/04/27 | 210 | 217,875 | |||||||||||
|
|
|||||||||||||||
Mining 1.0% |
||||||||||||||||
Constellium NV (Netherlands), Sr. Unsecd. Notes, 144A(a) |
6.625 | % | 03/01/25 | 500 | 500,000 | |||||||||||
Corp. Nacional del Cobre de Chile (Chile), Sr. Unsecd. Notes |
4.875 | % | 11/04/44 | 400 | 424,588 | |||||||||||
Eldorado Gold Corp. (Canada), Gtd. Notes, 144A |
6.125 | % | 12/15/20 | 140 | 142,800 | |||||||||||
First Quantum Minerals Ltd. (Zambia), Gtd. Notes, 144A |
7.250 | % | 05/15/22 | 200 | 207,366 | |||||||||||
First Quantum Minerals Ltd. (Zambia), Gtd. Notes, 144A |
7.250 | % | 04/01/23 | 200 | 206,000 | |||||||||||
FMG Resources August 2006 Pty Ltd. (Australia), Gtd. Notes, 144A |
5.125 | % | 05/15/24 | 75 | 77,813 | |||||||||||
Freeport-McMoRan, Inc., Gtd. Notes |
2.375 | % | 03/15/18 | 100 | 99,875 | |||||||||||
Freeport-McMoRan, Inc., Gtd. Notes(a) |
3.550 | % | 03/01/22 | 150 | 145,500 | |||||||||||
Freeport-McMoRan, Inc., Gtd. Notes(a) |
3.875 | % | 03/15/23 | 420 | 405,825 | |||||||||||
Freeport-McMoRan, Inc., Gtd. Notes |
6.625 | % | 05/01/21 | 102 | 104,422 | |||||||||||
Freeport-McMoRan, Inc., Gtd. Notes |
6.750 | % | 02/01/22 | 100 | 105,000 | |||||||||||
IAMGOLD Corp. (Canada), Gtd. Notes, 144A |
7.000 | % | 04/15/25 | 200 | 206,900 | |||||||||||
International Wire Group, Inc., Secd. Notes, 144A (original cost $239,983; purchased 07/12/16 - 09/26/16)(f) |
10.750 | % | 08/01/21 | 250 | 219,375 | |||||||||||
Kinross Gold Corp. (Canada), Gtd. Notes |
5.950 | % | 03/15/24 | 150 | 163,500 | |||||||||||
Lundin Mining Corp. (Canada), Sr. Secd. Notes, 144A |
7.500 | % | 11/01/20 | 75 | 78,675 | |||||||||||
Lundin Mining Corp. (Canada), Sr. Secd. Notes, 144A |
7.875 | % | 11/01/22 | 100 | 109,000 | |||||||||||
New Gold, Inc. (Canada), Gtd. Notes, 144A(a) |
6.250 | % | 11/15/22 | 400 | 414,000 | |||||||||||
Southern Copper Corp. (Peru), Sr. Unsecd. Notes |
6.750 | % | 04/16/40 | 100 | 118,103 | |||||||||||
Teck Resources Ltd. (Canada), Gtd. Notes |
4.750 | % | 01/15/22 | 720 | 757,519 | |||||||||||
|
|
|||||||||||||||
4,486,261 | ||||||||||||||||
|
|
|||||||||||||||
Miscellaneous Manufacturing 0.2% |
||||||||||||||||
Amsted Industries, Inc., Gtd. Notes, 144A |
5.000 | % | 03/15/22 | 166 | 171,810 | |||||||||||
Bombardier, Inc. (Canada), Sr. Unsecd. Notes, 144A |
8.750 | % | 12/01/21 | 400 | 454,000 | |||||||||||
EnPro Industries, Inc., Gtd. Notes |
5.875 | % | 09/15/22 | 75 | 78,281 | |||||||||||
Gates Global LLC/Gates Global Co., Gtd. Notes, 144A |
6.000 | % | 07/15/22 | 75 | 76,594 | |||||||||||
|
|
|||||||||||||||
780,685 | ||||||||||||||||
|
|
|||||||||||||||
Office/Business Equipment 0.0% |
||||||||||||||||
CDW LLC/CDW Finance Corp., Gtd. Notes |
5.500 | % | 12/01/24 | 150 | 164,250 | |||||||||||
CDW LLC/CDW Finance Corp., Gtd. Notes |
5.000 | % | 09/01/25 | 50 | 52,219 | |||||||||||
|
|
|||||||||||||||
216,469 | ||||||||||||||||
|
|
Oil & Gas 3.2% |
||||||||||||||||
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes, 144A |
7.875 | % | 12/15/24 | 125 | 131,250 | |||||||||||
Antero Resources Corp., Gtd. Notes |
5.000 | % | 03/01/25 | 275 | 270,875 | |||||||||||
Antero Resources Corp., Gtd. Notes |
5.375 | % | 11/01/21 | 100 | 102,719 | |||||||||||
Antero Resources Corp., Gtd. Notes(a) |
5.625 | % | 06/01/23 | 175 | 179,375 | |||||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Notes, 144A |
10.000 | % | 04/01/22 | 341 | 349,525 | |||||||||||
California Resources Corp., Gtd. Notes |
6.000 | % | 11/15/24 | 13 | 6,825 | |||||||||||
California Resources Corp., Secd. Notes, 144A |
8.000 | % | 12/15/22 | 227 | 144,713 | |||||||||||
Carrizo Oil & Gas, Inc., Gtd. Notes |
8.250 | % | 07/15/25 | 50 | 52,688 | |||||||||||
Chesapeake Energy Corp., Gtd. Notes, 144A(a) |
8.000 | % | 06/15/27 | 275 | 275,000 | |||||||||||
Citgo Holding, Inc., Sr. Secd. Notes, 144A |
10.750 | % | 02/15/20 | 225 | 236,812 | |||||||||||
Concho Resources, Inc., Gtd. Notes |
5.500 | % | 04/01/23 | 100 | 103,250 | |||||||||||
Diamondback Energy, Inc., Gtd. Notes |
5.375 | % | 05/31/25 | 225 | 232,875 | |||||||||||
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsecd. Notes, 144A |
7.000 | % | 08/15/21 | 215 | 221,987 | |||||||||||
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsecd. Notes, 144A |
8.125 | % | 09/15/23 | 275 | 294,250 | |||||||||||
Extraction Oil & Gas, Inc., Gtd. Notes, 144A |
7.375 | % | 05/15/24 | 100 | 103,125 | |||||||||||
Gazprom OAO Via Gaz Capital SA (Russia), Sr. Unsecd. Notes |
6.510 | % | 03/07/22 | 100 | 110,492 | |||||||||||
Gazprom OAO Via Gaz Capital SA (Russia), Sr. Unsecd. Notes, EMTN |
8.625 | % | 04/28/34 | 340 | 453,900 | |||||||||||
Halcon Resources Corp., Gtd. Notes, 144A(a) |
6.750 | % | 02/15/25 | 450 | 458,860 | |||||||||||
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsecd. Notes, 144A |
5.750 | % | 10/01/25 | 250 | 243,750 | |||||||||||
KazMunayGas National Co. JSC (Kazakhstan), Sr. Unsecd. Notes |
7.000 | % | 05/05/20 | 100 | 109,250 | |||||||||||
KazMunayGas National Co. JSC (Kazakhstan), Sr. Unsecd. Notes, EMTN |
6.375 | % | 04/09/21 | 600 | 655,324 | |||||||||||
KazMunayGas National Co. JSC (Kazakhstan), Sr. Unsecd. Notes, 144A |
3.875 | % | 04/19/22 | 200 | 199,000 | |||||||||||
MEG Energy Corp. (Canada), Gtd. Notes, 144A |
6.375 | % | 01/30/23 | 275 | 230,312 | |||||||||||
MEG Energy Corp. (Canada), Gtd. Notes, 144A |
7.000 | % | 03/31/24 | 100 | 82,250 | |||||||||||
MEG Energy Corp. (Canada), Secd. Notes, 144A(a) |
6.500 | % | 01/15/25 | 175 | 169,313 | |||||||||||
Newfield Exploration Co., Sr. Unsecd. Notes |
5.375 | % | 01/01/26 | 175 | 182,438 | |||||||||||
Noble Holding International Ltd. (United Kingdom), Gtd. Notes(a) |
7.750 | % | 01/15/24 | 100 | 79,585 | |||||||||||
Pertamina Persero PT (Indonesia), Sr. Unsecd. Notes, EMTN |
4.300 | % | 05/20/23 | 200 | 208,294 | |||||||||||
Pertamina Persero PT (Indonesia), Sr. Unsecd. Notes |
4.875 | % | 05/03/22 | 200 | 214,144 | |||||||||||
Pertamina Persero PT (Indonesia), Sr. Unsecd. Notes |
6.500 | % | 05/27/41 | 200 | 234,371 | |||||||||||
Petrobras Global Finance BV (Brazil), Gtd. Notes |
6.750 | % | 01/27/41 | 170 | 163,200 | |||||||||||
Petrobras Global Finance BV (Brazil), Gtd. Notes |
7.375 | % | 01/17/27 | 550 | 595,375 | |||||||||||
Petrobras Global Finance BV (Brazil), Gtd. Notes |
8.375 | % | 05/23/21 | 250 | 281,250 | |||||||||||
Petrobras Global Finance BV (Brazil), Gtd. Notes |
8.750 | % | 05/23/26 | 150 | 176,250 | |||||||||||
Petroleos de Venezuela SA (Venezuela), Gtd. Notes |
5.375 | % | 04/12/27 | 625 | 203,687 | |||||||||||
Petroleos de Venezuela SA (Venezuela), Gtd. Notes |
6.000 | % | 11/15/26 | 500 | 162,550 | |||||||||||
Petroleos de Venezuela SA (Venezuela), Gtd. Notes(a) |
8.500 | % | 11/02/17 | 213 | 161,109 | |||||||||||
Petroleos de Venezuela SA (Venezuela), Gtd. Notes |
9.000 | % | 11/17/21 | 150 | 58,875 | |||||||||||
Petroleos de Venezuela SA (Venezuela), Gtd. Notes |
9.750 | % | 05/17/35 | 200 | 77,100 | |||||||||||
Petroleos de Venezuela SA (Venezuela), Sr. Secd. Notes, 144A |
8.500 | % | 10/27/20 | 500 | 331,250 | |||||||||||
Petroleos Mexicanos (Mexico), Gtd. Notes |
5.375 | % | 03/13/22 | 100 | 106,550 | |||||||||||
Petroleos Mexicanos (Mexico), Gtd. Notes |
5.500 | % | 01/21/21 | 260 | 278,720 | |||||||||||
Petroleos Mexicanos (Mexico), Gtd. Notes |
5.500 | % | 06/27/44 | 350 | 320,250 | |||||||||||
Petroleos Mexicanos (Mexico), Gtd. Notes |
6.500 | % | 06/02/41 | 690 | 708,975 | |||||||||||
Petroleos Mexicanos (Mexico), Gtd. Notes, MTN |
6.875 | % | 08/04/26 | 80 | 90,472 |
Petroleum Co. of Trinidad & Tobago Ltd. (Trinidad And Tobago), Sr. Unsecd. Notes |
6.000 | % | 05/08/22 | 125 | 122,500 | |||||||||||
Precision Drilling Corp. (Canada), Gtd. Notes |
7.750 | % | 12/15/23 | 150 | 150,375 | |||||||||||
Range Resources Corp., Gtd. Notes(a) |
4.875 | % | 05/15/25 | 150 | 145,500 | |||||||||||
Range Resources Corp., Gtd. Notes, 144A |
5.000 | % | 08/15/22 | 25 | 24,750 | |||||||||||
Range Resources Corp., Gtd. Notes, 144A |
5.000 | % | 03/15/23 | 75 | 74,063 | |||||||||||
Range Resources Corp., Gtd. Notes, 144A |
5.875 | % | 07/01/22 | 360 | 367,650 | |||||||||||
Rice Energy, Inc., Gtd. Notes |
6.250 | % | 05/01/22 | 75 | 78,375 | |||||||||||
Rice Energy, Inc., Gtd. Notes |
7.250 | % | 05/01/23 | 175 | 187,906 | |||||||||||
RSP Permian, Inc., Gtd. Notes, 144A |
5.250 | % | 01/15/25 | 175 | 177,625 | |||||||||||
Saka Energi Indonesia PT (Indonesia), Sr. Unsecd. Notes, 144A |
4.450 | % | 05/05/24 | 200 | 203,158 | |||||||||||
Sinopec Group Overseas Development 2012 Ltd. (China), Gtd. Notes |
4.875 | % | 05/17/42 | 400 | 438,995 | |||||||||||
Sinopec Group Overseas Development 2015 Ltd. (China), Gtd. Notes |
3.250 | % | 04/28/25 | 550 | 546,524 | |||||||||||
State Oil Co. of the Azerbaijan Republic (Azerbaijan), Sr. Unsecd. Notes, EMTN |
4.750 | % | 03/13/23 | 400 | 394,504 | |||||||||||
Sunoco LP/Sunoco Finance Corp., Gtd. Notes |
5.500 | % | 08/01/20 | 100 | 102,500 | |||||||||||
Sunoco LP/Sunoco Finance Corp., Gtd. Notes |
6.375 | % | 04/01/23 | 361 | 379,952 | |||||||||||
Tesoro Corp., Gtd. Notes, 144A |
4.750 | % | 12/15/23 | 100 | 107,889 | |||||||||||
Tesoro Corp., Gtd. Notes, 144A(a) |
5.125 | % | 12/15/26 | 150 | 163,916 | |||||||||||
Western Refining Logistics LP/WNRL Finance Corp., Gtd. Notes |
7.500 | % | 02/15/23 | 125 | 134,688 | |||||||||||
WPX Energy, Inc., Sr. Unsecd. Notes(a) |
7.500 | % | 08/01/20 | 50 | 53,500 | |||||||||||
WPX Energy, Inc., Sr. Unsecd. Notes |
6.000 | % | 01/15/22 | 115 | 118,163 | |||||||||||
WPX Energy, Inc., Sr. Unsecd. Notes |
8.250 | % | 08/01/23 | 100 | 110,000 | |||||||||||
YPF SA (Argentina), Sr. Unsecd. Notes |
8.500 | % | 03/23/21 | 150 | 166,500 | |||||||||||
YPF SA (Argentina), Sr. Unsecd. Notes, 144A |
8.500 | % | 03/23/21 | 50 | 55,500 | |||||||||||
|
|
|||||||||||||||
14,356,698 | ||||||||||||||||
|
|
|||||||||||||||
Oil & Gas Services 0.0% |
||||||||||||||||
SESI LLC, Gtd. Notes |
6.375 | % | 05/01/19 | 50 | 49,875 | |||||||||||
|
|
|||||||||||||||
Packaging & Containers 0.5% |
||||||||||||||||
ARD Finance SA (Luxembourg), Sr. Secd. Notes, PIK |
7.125 | % | 09/15/23 | 200 | 214,832 | |||||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland), Gtd. Notes, 144A |
6.000 | % | 02/15/25 | 200 | 213,000 | |||||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland), Gtd. Notes, 144A |
7.250 | % | 05/15/24 | 450 | 496,687 | |||||||||||
Coveris Holdings SA (Luxembourg), Gtd. Notes, 144A(a) |
7.875 | % | 11/01/19 | 400 | 396,000 | |||||||||||
Owens-Brockway Glass Container, Inc., Gtd. Notes, 144A |
6.375 | % | 08/15/25 | 50 | 56,375 | |||||||||||
PaperWorks Industries, Inc., Sr. Secd. Notes, 144A |
9.500 | % | 08/15/19 | 125 | 91,563 | |||||||||||
Plastipak Holdings, Inc., Sr. Unsecd. Notes, 144A |
6.500 | % | 10/01/21 | 300 | 310,500 | |||||||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC (New Zealand), Gtd. Notes, 144A(a) |
7.000 | % | 07/15/24 | 350 | 378,437 | |||||||||||
Sealed Air Corp., Gtd. Notes, 144A |
4.875 | % | 12/01/22 | 25 | 26,500 | |||||||||||
|
|
|||||||||||||||
2,183,894 | ||||||||||||||||
|
|
|||||||||||||||
Pharmaceuticals 0.7% |
||||||||||||||||
Endo DAC/Endo Finance LLC/Endo Finco, Inc., Gtd. Notes, 144A(a) |
6.000 | % | 07/15/23 | 400 | 346,750 | |||||||||||
Endo DAC/Endo Finance LLC/Endo Finco, Inc., Gtd. Notes, 144A |
6.000 | % | 02/01/25 | 200 | 169,250 | |||||||||||
Endo Finance LLC, Gtd. Notes, 144A |
5.750 | % | 01/15/22 | 175 | 161,612 | |||||||||||
Endo Finance LLC/Endo Finco, Inc., Gtd. Notes, 144A |
5.375 | % | 01/15/23 | 200 | 171,000 | |||||||||||
Horizon Pharma, Inc., Gtd. Notes |
6.625 | % | 05/01/23 | 200 | 189,500 |
Horizon Pharma, Inc./Horizon Pharma USA, Inc., Gtd. Notes, 144A |
8.750 | % | 11/01/24 | 75 | 76,594 | |||||||||||
Natures Bounty Co. (The), Sr. Unsecd. Notes, 144A |
7.625 | % | 05/15/21 | 275 | 296,312 | |||||||||||
Valeant Pharmaceuticals International, Inc., Gtd. Notes, 144A(a) |
5.375 | % | 03/15/20 | 200 | 193,000 | |||||||||||
Valeant Pharmaceuticals International, Inc., Gtd. Notes, 144A |
5.500 | % | 03/01/23 | 25 | 21,313 | |||||||||||
Valeant Pharmaceuticals International, Inc., Gtd. Notes, 144A |
6.125 | % | 04/15/25 | 375 | 319,219 | |||||||||||
Valeant Pharmaceuticals International, Inc., Gtd. Notes, 144A |
7.500 | % | 07/15/21 | 650 | 632,125 | |||||||||||
Valeant Pharmaceuticals International, Inc., Sr. Secd. Notes, 144A |
6.500 | % | 03/15/22 | 75 | 79,125 | |||||||||||
Vizient, Inc., Sr. Unsecd. Notes, 144A |
10.375 | % | 03/01/24 | 400 | 462,500 | |||||||||||
|
|
|||||||||||||||
3,118,300 | ||||||||||||||||
|
|
|||||||||||||||
Pipelines 0.4% |
||||||||||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes |
5.375 | % | 09/15/24 | 50 | 51,625 | |||||||||||
Energy Transfer Equity LP, Sr. Secd. Notes |
7.500 | % | 10/15/20 | 75 | 84,750 | |||||||||||
Fermaca Enterprises S de RL de CV (Mexico), Sr. Secd. Notes, 144A |
6.375 | % | 03/30/38 | 236 | 251,694 | |||||||||||
Genesis Energy LP/Genesis Energy Finance Corp., Gtd. Notes |
6.750 | % | 08/01/22 | 175 | 177,625 | |||||||||||
NGPL PipeCo LLC, Sr. Unsecd. Notes, 144A |
4.875 | % | 08/15/27 | 125 | 128,594 | |||||||||||
Rockies Express Pipeline LLC, Sr. Unsecd. Notes, 144A |
5.625 | % | 04/15/20 | 75 | 79,337 | |||||||||||
Rockies Express Pipeline LLC, Sr. Unsecd. Notes, 144A |
6.000 | % | 01/15/19 | 150 | 156,187 | |||||||||||
Southern Gas Corridor CJSC (Azerbaijan), Govt. Gtd. Notes, 144A |
6.875 | % | 03/24/26 | 250 | 274,875 | |||||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A |
5.500 | % | 09/15/24 | 125 | 127,969 | |||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes |
6.750 | % | 03/15/24 | 100 | 108,250 | |||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes, 144A |
5.125 | % | 02/01/25 | 50 | 51,438 | |||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes, 144A(a) |
5.375 | % | 02/01/27 | 50 | 51,875 | |||||||||||
Tesoro Logistics LP/Tesoro Logistics Finance Corp., Gtd. Notes |
6.375 | % | 05/01/24 | 125 | 136,562 | |||||||||||
|
|
|||||||||||||||
1,680,781 | ||||||||||||||||
|
|
|||||||||||||||
Real Estate 0.1% |
||||||||||||||||
Crescent Communities LLC/Crescent Venture, Inc., Sr. Secd. Notes, 144A |
8.875 | % | 10/15/21 | 225 | 236,250 | |||||||||||
Greystar Real Estate Partners LLC, Sr. Secd. Notes, 144A |
8.250 | % | 12/01/22 | 100 | 107,875 | |||||||||||
Realogy Group LLC/Realogy Co-Issuer Corp., Gtd. Notes, 144A |
4.875 | % | 06/01/23 | 125 | 126,250 | |||||||||||
|
|
|||||||||||||||
470,375 | ||||||||||||||||
|
|
|||||||||||||||
Real Estate Investment Trusts (REITs) 0.2% |
||||||||||||||||
FelCor Lodging LP, Gtd. Notes |
6.000 | % | 06/01/25 | 100 | 107,500 | |||||||||||
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., Gtd. Notes |
4.500 | % | 09/01/26 | 125 | 125,937 | |||||||||||
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., Gtd. Notes |
5.625 | % | 05/01/24 | 50 | 54,375 | |||||||||||
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes |
6.375 | % | 02/15/22 | 75 | 77,438 |
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes |
5.250 | % | 08/01/26 | 75 | 78,375 | |||||||||||
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes |
6.375 | % | 03/01/24 | 75 | 81,750 | |||||||||||
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes |
5.000 | % | 04/15/21 | 200 | 204,250 | |||||||||||
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes |
5.375 | % | 06/01/23 | 50 | 51,750 | |||||||||||
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes |
5.500 | % | 02/01/21 | 100 | 103,825 | |||||||||||
|
|
|||||||||||||||
885,200 | ||||||||||||||||
|
|
|||||||||||||||
Retail 1.2% |
||||||||||||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), Secd. Notes, 144A |
6.000 | % | 04/01/22 | 75 | 77,438 | |||||||||||
Brinker International, Inc., Gtd. Notes, 144A |
5.000 | % | 10/01/24 | 75 | 75,000 | |||||||||||
Caleres, Inc., Gtd. Notes |
6.250 | % | 08/15/23 | 125 | 130,313 | |||||||||||
CEC Entertainment, Inc., Gtd. Notes |
8.000 | % | 02/15/22 | 175 | 183,313 | |||||||||||
Claires Stores, Inc., Sr. Secd. Notes, 144A |
9.000 | % | 03/15/19 | 100 | 50,750 | |||||||||||
Cumberland Farms, Inc., Sr. Unsecd. Notes, 144A |
6.750 | % | 05/01/25 | 50 | 53,375 | |||||||||||
Dollar Tree, Inc., Gtd. Notes |
5.750 | % | 03/01/23 | 50 | 52,938 | |||||||||||
Ferrellgas LP/Ferrellgas Finance Corp., Gtd. Notes |
6.750 | % | 06/15/23 | 50 | 47,125 | |||||||||||
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., Sr. Unsecd. Notes |
8.625 | % | 06/15/20 | 200 | 175,000 | |||||||||||
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., Sr. Unsecd. Notes, 144A |
8.625 | % | 06/15/20 | 175 | 153,125 | |||||||||||
Hot Topic, Inc., Sr. Secd. Notes, 144A |
9.250 | % | 06/15/21 | 275 | 259,187 | |||||||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Gtd. Notes, 144A |
5.250 | % | 06/01/26 | 100 | 106,000 | |||||||||||
L Brands, Inc., Gtd. Notes |
6.750 | % | 07/01/36 | 350 | 332,500 | |||||||||||
L Brands, Inc., Gtd. Notes |
6.875 | % | 11/01/35 | 300 | 288,000 | |||||||||||
Landrys, Inc., Sr. Unsecd. Notes, 144A |
6.750 | % | 10/15/24 | 375 | 384,487 | |||||||||||
Mens Wearhouse, Inc. (The), Gtd. Notes(a) |
7.000 | % | 07/01/22 | 375 | 339,375 | |||||||||||
Neiman Marcus Group Ltd. LLC, Gtd. Notes, 144A(a) |
8.000 | % | 10/15/21 | 377 | 208,292 | |||||||||||
PetSmart, Inc., Gtd. Notes, 144A(a) |
8.875 | % | 06/01/25 | 225 | 213,187 | |||||||||||
PetSmart, Inc., Sr. Secd. Notes, 144A |
5.875 | % | 06/01/25 | 200 | 192,000 | |||||||||||
PetSmart, Inc., Sr. Unsecd. Notes, 144A(a) |
7.125 | % | 03/15/23 | 625 | 565,625 | |||||||||||
PF Changs China Bistro, Inc., Gtd. Notes, 144A (original cost $166,750; purchased 11/03/15 - 03/01/17)(f) |
10.250 | % | 06/30/20 | 175 | 175,000 | |||||||||||
Rite Aid Corp., Gtd. Notes, 144A(a) |
6.125 | % | 04/01/23 | 575 | 569,969 | |||||||||||
Ruby Tuesday, Inc., Gtd. Notes |
7.625 | % | 05/15/20 | 300 | 290,250 | |||||||||||
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes |
5.625 | % | 12/01/25 | 150 | 153,000 | |||||||||||
Tops Holding LLC/Tops Markets II Corp., Sr. Secd. Notes, 144A |
8.000 | % | 06/15/22 | 100 | 81,000 | |||||||||||
|
|
|||||||||||||||
5,156,249 | ||||||||||||||||
|
|
|||||||||||||||
Semiconductors 0.2% |
||||||||||||||||
Micron Technology, Inc., Sr. Secd. Notes |
7.500 | % | 09/15/23 | 100 | 111,539 | |||||||||||
NXP BV/NXP Funding LLC (Netherlands), Gtd. Notes, 144A |
4.625 | % | 06/15/22 | 200 | 214,750 | |||||||||||
Sensata Technologies BV, Gtd. Notes, 144A |
5.000 | % | 10/01/25 | 325 | 342,062 | |||||||||||
|
|
|||||||||||||||
668,351 | ||||||||||||||||
|
|
|||||||||||||||
Software 1.2% |
||||||||||||||||
BMC Software Finance, Inc., Sr. Unsecd. Notes, 144A |
8.125 | % | 07/15/21 | 1,880 | 1,945,800 | |||||||||||
BMC Software, Inc., Sr. Unsecd. Notes |
7.250 | % | 06/01/18 | 68 | 70,380 | |||||||||||
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., Sr. Unsecd. Notes, 144A |
5.750 | % | 03/01/25 | 120 | 124,050 | |||||||||||
First Data Corp., Gtd. Notes, 144A |
7.000 | % | 12/01/23 | 1,425 | 1,537,219 | |||||||||||
Infor Software Parent LLC/Infor Software Parent, Inc., Gtd. Notes, PIK, 144A |
7.125 | % | 05/01/21 | 590 | 610,650 |
Infor US, Inc., Gtd. Notes |
6.500 | % | 05/15/22 | 215 | 223,869 | |||||||||||
Informatica LLC, Sr. Unsecd. Notes, 144A |
7.125 | % | 07/15/23 | 275 | 280,156 | |||||||||||
Nuance Communications, Inc., Gtd. Notes |
6.000 | % | 07/01/24 | 120 | 128,250 | |||||||||||
Nuance Communications, Inc., Gtd. Notes, 144A |
5.375 | % | 08/15/20 | 48 | 48,720 | |||||||||||
Rackspace Hosting, Inc., Gtd. Notes, 144A(a) |
8.625 | % | 11/15/24 | 75 | 81,000 | |||||||||||
RP Crown Parent LLC, Sr. Secd. Notes, 144A |
7.375 | % | 10/15/24 | 80 | 83,600 | |||||||||||
|
|
|||||||||||||||
5,133,694 | ||||||||||||||||
|
|
|||||||||||||||
Telecommunications 1.9% |
||||||||||||||||
Aegis Merger Sub, Inc., Sr. Unsecd. Notes, 144A |
10.250 | % | 02/15/23 | 143 | 158,194 | |||||||||||
Avaya, Inc., Secd. Notes, 144A(d) |
10.500 | % | 03/01/21 | 240 | 21,600 | |||||||||||
Bharti Airtel International Netherlands BV (India), Gtd. Notes |
5.125 | % | 03/11/23 | 200 | 210,735 | |||||||||||
CenturyLink, Inc., Series G, Sr. Unsecd. Notes |
6.875 | % | 01/15/28 | 75 | 74,625 | |||||||||||
CenturyLink, Inc., Series S, Sr. Unsecd. Notes |
6.450 | % | 06/15/21 | 125 | 134,961 | |||||||||||
Columbus Cable Barbados Ltd. (Barbados), Gtd. Notes |
7.375 | % | 03/30/21 | 200 | 213,500 | |||||||||||
CommScope Technologies LLC, Gtd. Notes, 144A |
6.000 | % | 06/15/25 | 260 | 279,500 | |||||||||||
Digicel Group Ltd. (Jamaica), Sr. Unsecd. Notes, 144A |
8.250 | % | 09/30/20 | 200 | 191,750 | |||||||||||
Digicel Ltd. (Jamaica), Gtd. Notes, 144A |
6.750 | % | 03/01/23 | 200 | 191,250 | |||||||||||
Digicel Ltd. (Jamaica), Sr. Unsecd. Notes |
6.000 | % | 04/15/21 | 200 | 194,400 | |||||||||||
Frontier Communications Corp., Sr. Unsecd. Notes(a) |
6.875 | % | 01/15/25 | 100 | 79,282 | |||||||||||
Frontier Communications Corp., Sr. Unsecd. Notes |
9.250 | % | 07/01/21 | 50 | 47,500 | |||||||||||
Frontier Communications Corp., Sr. Unsecd. Notes |
10.500 | % | 09/15/22 | 225 | 211,500 | |||||||||||
Frontier Communications Corp., Sr. Unsecd. Notes(a) |
11.000 | % | 09/15/25 | 1,090 | 998,712 | |||||||||||
GTT Communications, Inc., Gtd. Notes, 144A |
7.875 | % | 12/31/24 | 185 | 198,875 | |||||||||||
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes |
5.500 | % | 08/01/23 | 475 | 409,687 | |||||||||||
Intelsat Jackson Holdings SA (Luxembourg), Sr. Unsecd. Notes, 144A |
9.750 | % | 07/15/25 | 350 | 361,375 | |||||||||||
Intelsat Luxembourg SA (Luxembourg), Gtd. Notes |
7.750 | % | 06/01/21 | 235 | 150,165 | |||||||||||
Intelsat Luxembourg SA (Luxembourg), Gtd. Notes |
8.125 | % | 06/01/23 | 205 | 126,895 | |||||||||||
Level 3 Financing, Inc., Gtd. Notes |
5.250 | % | 03/15/26 | 270 | 286,875 | |||||||||||
Level 3 Financing, Inc., Gtd. Notes |
5.375 | % | 01/15/24 | 25 | 26,313 | |||||||||||
MTN Mauritius Investment Ltd. (South Africa), Gtd. Notes, 144A |
6.500 | % | 10/13/26 | 200 | 208,320 | |||||||||||
ORBCOMM, Inc., Sr. Secd. Notes, 144A |
8.000 | % | 04/01/24 | 200 | 212,500 | |||||||||||
Sprint Capital Corp., Gtd. Notes |
6.875 | % | 11/15/28 | 305 | 332,450 | |||||||||||
Sprint Communications, Inc., Gtd. Notes, 144A |
9.000 | % | 11/15/18 | 75 | 81,188 | |||||||||||
Sprint Communications, Inc., Sr. Unsecd. Notes |
6.000 | % | 11/15/22 | 200 | 211,000 | |||||||||||
Sprint Corp., Gtd. Notes |
7.250 | % | 09/15/21 | 500 | 555,000 | |||||||||||
Sprint Corp., Gtd. Notes(a) |
7.625 | % | 02/15/25 | 640 | 721,600 | |||||||||||
T-Mobile USA, Inc., Gtd. Notes |
6.500 | % | 01/15/26 | 50 | 55,625 | |||||||||||
T-Mobile USA, Inc., Gtd. Notes |
6.625 | % | 04/01/23 | 250 | 264,375 | |||||||||||
Trilogy International Partners LLC/Trilogy International Finance, Inc. (New Zealand), Sr. Secd. Notes, 144A |
8.875 | % | 05/01/22 | 40 | 42,000 | |||||||||||
Wind Acquisition Finance SA (Italy), Secd. Notes, 144A |
7.375 | % | 04/23/21 | 615 | 640,276 | |||||||||||
Wind Acquisition Finance SA (Italy), Sr. Secd. Notes, 144A |
6.500 | % | 04/30/20 | 200 | 206,750 | |||||||||||
Xplornet Communications, Inc. (Canada), Sr. Unsecd. Notes, PIK, 144A |
9.625 | % | 06/01/22 | 250 | 259,375 | |||||||||||
|
|
|||||||||||||||
8,358,153 | ||||||||||||||||
|
|
|||||||||||||||
Textiles 0.1% |
||||||||||||||||
Springs Industries, Inc., Sr. Secd. Notes |
6.250 | % | 06/01/21 | 350 | 359,625 | |||||||||||
|
|
|||||||||||||||
Transportation 0.2% |
||||||||||||||||
Georgian Railway JSC (Georgia), Sr. Unsecd. Notes |
7.750 | % | 07/11/22 | 200 | 219,500 | |||||||||||
Hornbeck Offshore Services, Inc., Gtd. Notes (original cost $17,063; purchased 02/07/17)(f) |
5.000 | % | 03/01/21 | 25 | 13,625 |
Hornbeck Offshore Services, Inc., Gtd. Notes (original cost $93,750; purchased 01/10/17)(f) |
5.875 | % | 04/01/20 | 125 | 75,000 | |||||||||||
Kazakhstan Temir Zholy Finance BV (Kazakhstan), Gtd. Notes |
6.950 | % | 07/10/42 | 200 | 215,871 | |||||||||||
XPO Logistics, Inc., Gtd. Notes, 144A |
6.125 | % | 09/01/23 | 75 | 78,000 | |||||||||||
XPO Logistics, Inc., Gtd. Notes, 144A(a) |
6.500 | % | 06/15/22 | 375 | 389,531 | |||||||||||
|
|
|||||||||||||||
991,527 | ||||||||||||||||
|
|
|||||||||||||||
TOTAL CORPORATE BONDS |
106,008,310 | |||||||||||||||
|
|
|||||||||||||||
FOREIGN GOVERNMENT BONDS 10.0% |
||||||||||||||||
Angolan Government International Bond (Angola), Sr. Unsecd. Notes |
9.500 | % | 11/12/25 | 400 | 425,860 | |||||||||||
Argentina Bonar Bonds (Argentina), Bonds |
8.750 | % | 05/07/24 | 300 | 338,799 | |||||||||||
Argentine Bonos del Tesoro (Argentina), Bonds |
22.750 | % | 03/05/18 | ARS | 1,199 | 67,419 | ||||||||||
Argentine Republic Government International Bond (Argentina), Sr. Unsecd. Notes |
2.260 | %(c) | 12/31/38 | EUR | 200 | 145,630 | ||||||||||
Argentine Republic Government International Bond (Argentina), Sr. Unsecd. Notes |
2.500 | %(c) | 12/31/38 | 180 | 116,910 | |||||||||||
Argentine Republic Government International Bond (Argentina), Sr. Unsecd. Notes |
5.625 | % | 01/26/22 | 150 | 153,750 | |||||||||||
Argentine Republic Government International Bond (Argentina), Sr. Unsecd. Notes |
7.500 | % | 04/22/26 | 480 | 516,720 | |||||||||||
Argentine Republic Government International Bond (Argentina), Sr. Unsecd. Notes |
7.820 | % | 12/31/33 | EUR | 550 | 683,409 | ||||||||||
Argentine Republic Government International Bond (Argentina), Sr. Unsecd. Notes |
8.280 | % | 12/31/33 | 631 | 686,122 | |||||||||||
Bahrain Government International Bond (Bahrain), Sr. Unsecd. Notes |
7.000 | % | 10/12/28 | 200 | 205,549 | |||||||||||
Brazil Loan Trust 1 (Brazil), Govt. Gtd. Notes |
5.477 | % | 07/24/23 | 115 | 118,486 | |||||||||||
Brazil Minas SPE via State of Minas Gerais (Brazil), Govt. Gtd. Notes |
5.333 | % | 02/15/28 | 500 | 497,500 | |||||||||||
Brazilian Government International Bond (Brazil), Sr. Unsecd. Notes |
2.625 | % | 01/05/23 | 200 | 188,300 | |||||||||||
Brazilian Government International Bond (Brazil), Sr. Unsecd. Notes |
5.625 | % | 01/07/41 | 150 | 147,450 | |||||||||||
Brazilian Government International Bond (Brazil), Sr. Unsecd. Notes |
7.125 | % | 01/20/37 | 100 | 116,250 | |||||||||||
Brazilian Government International Bond (Brazil), Sr. Unsecd. Notes |
8.250 | % | 01/20/34 | 348 | 443,178 | |||||||||||
City of Buenos Aires Argentina (Argentina), Sr. Unsecd. Notes, EMTN |
8.950 | % | 02/19/21 | 200 | 221,390 | |||||||||||
Colombia Government International Bond (Colombia), Sr. Unsecd. Notes |
6.125 | % | 01/18/41 | 355 | 411,090 | |||||||||||
Colombia Government International Bond (Colombia), Sr. Unsecd. Notes |
7.375 | % | 09/18/37 | 540 | 700,650 | |||||||||||
Colombia Government International Bond (Colombia), Sr. Unsecd. Notes |
10.375 | % | 01/28/33 | 200 | 307,500 | |||||||||||
Congolese International Bond (Congo), Sr. Unsecd. Notes |
6.000 | % | 06/30/29 | 163 | 114,223 | |||||||||||
Costa Rica Government International Bond (Costa Rica), Sr. Unsecd. Notes |
4.250 | % | 01/26/23 | 400 | 392,000 | |||||||||||
Costa Rica Government International Bond (Costa Rica), Sr. Unsecd. Notes |
7.000 | % | 04/04/44 | 200 | 209,500 | |||||||||||
Costa Rica Government International Bond (Costa Rica), Sr. Unsecd. Notes |
7.158 | % | 03/12/45 | 200 | 212,000 | |||||||||||
Croatia Government International Bond (Croatia), Sr. Unsecd. Notes |
5.500 | % | 04/04/23 | 250 | 277,500 |
Croatia Government International Bond (Croatia), Sr. Unsecd. Notes |
6.375 | % | 03/24/21 | 500 | 556,830 | |||||||||||
Dominican Republic International Bond (Dominican Republic), Sr. Unsecd. Notes |
5.875 | % | 04/18/24 | 300 | 322,500 | |||||||||||
Dominican Republic International Bond (Dominican Republic), Sr. Unsecd. Notes |
6.850 | % | 01/27/45 | 200 | 219,000 | |||||||||||
Dominican Republic International Bond (Dominican Republic), Sr. Unsecd. Notes |
7.450 | % | 04/30/44 | 550 | 644,875 | |||||||||||
Dominican Republic International Bond (Dominican Republic), Sr. Unsecd. Notes |
7.500 | % | 05/06/21 | 245 | 271,338 | |||||||||||
Ecuador Government International Bond (Ecuador), Sr. Unsecd. Notes |
7.950 | % | 06/20/24 | 200 | 191,500 | |||||||||||
Ecuador Government International Bond (Ecuador), Sr. Unsecd. Notes, 144A |
8.750 | % | 06/02/23 | 265 | 265,000 | |||||||||||
Ecuador Government International Bond (Ecuador), Sr. Unsecd. Notes, 144A |
9.650 | % | 12/13/26 | 200 | 205,000 | |||||||||||
Ecuador Government International Bond (Ecuador), Sr. Unsecd. Notes |
10.500 | % | 03/24/20 | 400 | 424,000 | |||||||||||
Ecuador Government International Bond (Ecuador), Sr. Unsecd. Notes |
10.750 | % | 03/28/22 | 200 | 216,500 | |||||||||||
Egypt Government International Bond (Egypt), Sr. Unsecd. Notes |
5.875 | % | 06/11/25 | 200 | 197,856 | |||||||||||
Egypt Government International Bond (Egypt), Sr. Unsecd. Notes |
6.875 | % | 04/30/40 | 100 | 95,750 | |||||||||||
Egypt Government International Bond (Egypt), Sr. Unsecd. Notes, MTN |
7.500 | % | 01/31/27 | 400 | 429,872 | |||||||||||
Egypt Government International Bond (Egypt), Sr. Unsecd. Notes, MTN |
8.500 | % | 01/31/47 | 200 | 217,347 | |||||||||||
Egypt Government International Bond (Egypt), Sr. Unsecd. Notes, 144A, MTN |
8.500 | % | 01/31/47 | 455 | 494,465 | |||||||||||
El Salvador Government International Bond (El Salvador), Sr. Unsecd. Notes |
6.375 | % | 01/18/27 | 200 | 181,000 | |||||||||||
El Salvador Government International Bond (El Salvador), Sr. Unsecd. Notes |
7.375 | % | 12/01/19 | 205 | 207,050 | |||||||||||
El Salvador Government International Bond (El Salvador), Sr. Unsecd. Notes |
7.625 | % | 02/01/41 | 300 | 275,250 | |||||||||||
El Salvador Government International Bond (El Salvador), Sr. Unsecd. Notes |
7.750 | % | 01/24/23 | 300 | 303,375 | |||||||||||
El Salvador Government International Bond (El Salvador), Sr. Unsecd. Notes |
8.250 | % | 04/10/32 | 80 | 79,400 | |||||||||||
El Salvador Government International Bond (El Salvador), Sr. Unsecd. Notes, 144A |
8.625 | % | 02/28/29 | 50 | 51,750 | |||||||||||
Ethiopia International Bond (Ethiopia), Sr. Unsecd. Notes |
6.625 | % | 12/11/24 | 200 | 201,000 | |||||||||||
Export Credit Bank of Turkey (Turkey), Sr. Unsecd. Notes, 144A |
5.000 | % | 09/23/21 | 200 | 204,671 | |||||||||||
Export-Import Bank of India (India), Sr. Unsecd. Notes, 144A |
3.375 | % | 08/05/26 | 200 | 195,708 | |||||||||||
Gabon Government International Bond (Gabon), Bonds |
6.375 | % | 12/12/24 | 200 | 195,224 | |||||||||||
Gabon Government International Bond (Gabon), Sr. Unsecd. Notes |
6.950 | % | 06/16/25 | 200 | 199,000 | |||||||||||
Ghana Government International Bond (Ghana), Sr. Unsecd. Notes |
7.875 | % | 08/07/23 | 300 | 309,375 | |||||||||||
Ghana Government International Bond (Ghana), Sr. Unsecd. Notes |
9.250 | % | 09/15/22 | 200 | 218,158 | |||||||||||
Guatemala Government Bond (Guatemala), Sr. Unsecd. Notes |
5.750 | % | 06/06/22 | 200 | 218,456 | |||||||||||
Hellenic Republic Government Bond (Greece), Bonds |
3.000 | % | 02/24/38 | EUR | 240 | 202,459 | ||||||||||
Honduras Government International Bond (Honduras), Sr. Unsecd. Notes |
8.750 | % | 12/16/20 | 200 | 229,076 |
Hungary Government International Bond (Hungary), Sr. Unsecd. Notes |
5.375 | % | 02/21/23 | 218 | 244,394 | |||||||||||
Hungary Government International Bond (Hungary), Sr. Unsecd. Notes |
5.375 | % | 03/25/24 | 222 | 252,157 | |||||||||||
Hungary Government International Bond (Hungary), Sr. Unsecd. Notes |
5.750 | % | 11/22/23 | 200 | 230,500 | |||||||||||
Hungary Government International Bond (Hungary), Sr. Unsecd. Notes |
7.625 | % | 03/29/41 | 372 | 564,307 | |||||||||||
Indonesia Government International Bond (Indonesia), Sr. Unsecd. Notes, 144A |
4.350 | % | 01/08/27 | 200 | 210,024 | |||||||||||
Indonesia Government International Bond (Indonesia), Sr. Unsecd. Notes, EMTN |
5.125 | % | 01/15/45 | 200 | 216,880 | |||||||||||
Indonesia Government International Bond (Indonesia), Sr. Unsecd. Notes, EMTN |
5.250 | % | 01/17/42 | 200 | 218,945 | |||||||||||
Indonesia Government International Bond (Indonesia), Sr. Unsecd. Notes, 144A, MTN |
5.950 | % | 01/08/46 | 200 | 241,136 | |||||||||||
Indonesia Government International Bond (Indonesia), Sr. Unsecd. Notes |
7.750 | % | 01/17/38 | 200 | 282,733 | |||||||||||
Indonesia Government International Bond (Indonesia), Sr. Unsecd. Notes |
8.500 | % | 10/12/35 | 200 | 292,744 | |||||||||||
Iraq International Bond (Iraq), Unsecd. Notes |
5.800 | % | 01/15/28 | 1,000 | 916,018 | |||||||||||
Ivory Coast Government International Bond (Cote Dlvoire), Sr. Unsecd. Notes, 144A |
5.125 | % | 06/15/25 | EUR | 165 | 199,135 | ||||||||||
Ivory Coast Government International Bond (Cote Dlvoire), Sr. Unsecd. Notes |
6.375 | % | 03/03/28 | 600 | 615,000 | |||||||||||
Jamaica Government International Bond (Jamaica), Sr. Unsecd. Notes |
7.625 | % | 07/09/25 | 200 | 233,902 | |||||||||||
Jamaica Government International Bond (Jamaica), Sr. Unsecd. Notes |
7.875 | % | 07/28/45 | 200 | 237,598 | |||||||||||
Jamaica Government International Bond (Jamaica), Sr. Unsecd. Notes |
8.000 | % | 03/15/39 | 100 | 119,005 | |||||||||||
Jamaica Government International Bond (Jamaica), Sr. Unsecd. Notes |
9.250 | % | 10/17/25 | 200 | 257,000 | |||||||||||
Jordan Government International Bond (Jordan), Sr. Unsecd. Notes |
5.750 | % | 01/31/27 | 200 | 198,688 | |||||||||||
KazAgro National Management Holding JSC (Kazakhstan), Sr. Unsecd. Notes, EMTN |
4.625 | % | 05/24/23 | 200 | 196,821 | |||||||||||
Kazakhstan Government International Bond (Kazakhstan), Sr. Unsecd. Notes, EMTN |
6.500 | % | 07/21/45 | 400 | 481,969 | |||||||||||
Kenya Government International Bond (Kenya), Sr. Unsecd. Notes |
6.875 | % | 06/24/24 | 400 | 408,128 | |||||||||||
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes |
6.000 | % | 01/27/23 | 90 | 88,794 | |||||||||||
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes, EMTN |
6.100 | % | 10/04/22 | 255 | 253,725 | |||||||||||
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes, EMTN |
6.250 | % | 05/27/22 | 110 | 110,523 | |||||||||||
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes, GMTN |
6.250 | % | 11/04/24 | 110 | 108,657 | |||||||||||
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes, GMTN |
6.375 | % | 03/09/20 | 120 | 121,974 | |||||||||||
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes |
6.400 | % | 05/26/23 | 325 | 326,830 | |||||||||||
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes, GMTN |
6.600 | % | 11/27/26 | 120 | 119,679 | |||||||||||
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes |
6.650 | % | 04/22/24 | 185 | 186,834 | |||||||||||
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes, GMTN |
6.650 | % | 11/03/28 | 173 | 170,152 |
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes |
6.850 | % | 05/25/29 | 80 | 79,800 | |||||||||||
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes |
7.250 | % | 03/23/37 | 55 | 55,077 | |||||||||||
Lebanon Government International Bond (Lebanon), Sr. Unsecd. Notes, EMTN |
8.250 | % | 04/12/21 | 285 | 305,616 | |||||||||||
Malaysia Sukuk Global Bhd (Malaysia), Govt. Gtd. Notes, 144A |
4.080 | % | 04/27/46 | 250 | 254,000 | |||||||||||
Mexican Bonos (Mexico), Series M, Bonds |
6.500 | % | 06/09/22 | MXN | 710 | 39,469 | ||||||||||
Mexico Government International Bond (Mexico), Sr. Unsecd. Notes, MTN |
6.050 | % | 01/11/40 | 530 | 629,110 | |||||||||||
Mexico Government International Bond (Mexico), Sr. Unsecd. Notes, MTN |
6.750 | % | 09/27/34 | 203 | 260,449 | |||||||||||
Mongolia Government International Bond (Mongolia), Sr. Unsecd. Notes, EMTN |
4.125 | % | 01/05/18 | 200 | 200,260 | |||||||||||
Mongolia Government International Bond (Mongolia), Sr. Unsecd. Notes, EMTN |
5.125 | % | 12/05/22 | 200 | 191,944 | |||||||||||
Mongolia Government International Bond (Mongolia), Sr. Unsecd. Notes, 144A, MTN |
8.750 | % | 03/09/24 | 200 | 223,396 | |||||||||||
Mongolia Government International Bond (Mongolia), Sr. Unsecd. Notes, EMTN |
10.875 | % | 04/06/21 | 200 | 231,714 | |||||||||||
Morocco Government International Bond (Morocco), Sr. Unsecd. Notes |
4.250 | % | 12/11/22 | 200 | 211,290 | |||||||||||
Nigeria Government International Bond (Nigeria), Sr. Unsecd. Notes |
6.375 | % | 07/12/23 | 200 | 208,046 | |||||||||||
Nigeria Government International Bond (Nigeria), Sr. Unsecd. Notes |
6.750 | % | 01/28/21 | 200 | 213,500 | |||||||||||
Nigeria Government International Bond (Nigeria), Sr. Unsecd. Notes |
7.875 | % | 02/16/32 | 200 | 220,660 | |||||||||||
Oman Government International Bond (Oman), Sr. Unsecd. Notes |
4.750 | % | 06/15/26 | 400 | 398,000 | |||||||||||
Oman Government International Bond (Oman), Sr. Unsecd. Notes |
6.500 | % | 03/08/47 | 200 | 208,484 | |||||||||||
Oman Government International Bond (Oman), Sr. Unsecd. Notes, 144A |
6.500 | % | 03/08/47 | 205 | 213,697 | |||||||||||
Pakistan Government International Bond (Pakistan), Sr. Unsecd. Notes |
7.250 | % | 04/15/19 | 300 | 313,474 | |||||||||||
Pakistan Government International Bond (Pakistan), Sr. Unsecd. Notes |
8.250 | % | 04/15/24 | 200 | 223,271 | |||||||||||
Panama Government International Bond (Panama), Sr. Unsecd. Notes |
4.300 | % | 04/29/53 | 250 | 249,375 | |||||||||||
Panama Government International Bond (Panama), Sr. Unsecd. Notes |
6.700 | % | 01/26/36 | 100 | 130,350 | |||||||||||
Panama Government International Bond (Panama), Sr. Unsecd. Notes |
7.125 | % | 01/29/26 | 335 | 428,633 | |||||||||||
Panama Government International Bond (Panama), Sr. Unsecd. Notes |
9.375 | % | 04/01/29 | 100 | 149,000 | |||||||||||
Paraguay Government International Bond (Paraguay), Sr. Unsecd. Notes |
6.100 | % | 08/11/44 | 200 | 224,476 | |||||||||||
Perusahaan Penerbit SBSN Indonesia III (Indonesia), Sr. Unsecd. Notes, 144A |
4.325 | % | 05/28/25 | 200 | 208,500 | |||||||||||
Peruvian Government International Bond (Peru), Sr. Unsecd. Notes |
5.625 | % | 11/18/50 | 195 | 240,143 | |||||||||||
Peruvian Government International Bond (Peru), Sr. Unsecd. Notes |
6.550 | % | 03/14/37 | 655 | 869,512 | |||||||||||
Philippine Government International Bond (Philippines), Sr. Unsecd. Notes |
3.950 | % | 01/20/40 | 100 | 104,115 | |||||||||||
Philippine Government International Bond (Philippines), Sr. Unsecd. Notes |
7.750 | % | 01/14/31 | 460 | 665,262 | |||||||||||
Provincia de Buenos Aires (Argentina), Sr. Unsecd. Notes |
3.000 | %(c) | 05/01/20 | EUR | 90 | 105,157 |
Provincia de Buenos Aires (Argentina), Sr. Unsecd. Notes |
9.125 | % | 03/16/24 | 150 | 166,800 | |||||||||||
Provincia de Buenos Aires (Argentina), Sr. Unsecd. Notes |
9.950 | % | 06/09/21 | 150 | 169,977 | |||||||||||
Republic of Armenia International Bond (Armenia), Sr. Unsecd. Notes |
6.000 | % | 09/30/20 | 200 | 210,500 | |||||||||||
Republic of Belarus International Bond (Belarus), Sr. Unsecd. Notes, 144A |
6.875 | % | 02/28/23 | 225 | 239,063 | |||||||||||
Republic of Cameroon International Bond (Cameroon), Sr. Unsecd. Notes |
9.500 | % | 11/19/25 | 200 | 235,032 | |||||||||||
Romanian Government International Bond (Romania), Sr. Unsecd. Notes, EMTN |
3.875 | % | 10/29/35 | EUR | 150 | 186,226 | ||||||||||
Romanian Government International Bond (Romania), Sr. Unsecd. Notes, EMTN |
6.125 | % | 01/22/44 | 242 | 306,269 | |||||||||||
Russian Foreign Bond - Eurobond (Russia), Sr. Unsecd. Notes, 144A |
4.250 | % | 06/23/27 | 200 | 201,790 | |||||||||||
Russian Foreign Bond - Eurobond (Russia), Sr. Unsecd. Notes |
4.750 | % | 05/27/26 | 400 | 419,000 | |||||||||||
Russian Foreign Bond - Eurobond (Russia), Sr. Unsecd. Notes |
5.625 | % | 04/04/42 | 200 | 217,958 | |||||||||||
Russian Foreign Bond - Eurobond (Russia), Sr. Unsecd. Notes |
12.750 | % | 06/24/28 | 290 | 508,878 | |||||||||||
Senegal Government International Bond (Senegal), Sr. Unsecd. Notes |
8.750 | % | 05/13/21 | 200 | 229,290 | |||||||||||
Senegal Government International Bond (Senegal), Unsecd. Notes, 144A |
6.250 | % | 05/23/33 | 205 | 210,638 | |||||||||||
Serbia International Bond (Serbia), Sr. Unsecd. Notes |
4.875 | % | 02/25/20 | 600 | 629,315 | |||||||||||
South Africa Government International Bond (South Africa), Sr. Unsecd. Notes |
4.665 | % | 01/17/24 | 150 | 153,188 | |||||||||||
South Africa Government International Bond (South Africa), Sr. Unsecd. Notes |
4.875 | % | 04/14/26 | 400 | 404,182 | |||||||||||
South Africa Government International Bond (South Africa), Sr. Unsecd. Notes |
5.875 | % | 09/16/25 | 200 | 216,740 | |||||||||||
South Africa Government International Bond (South Africa), Sr. Unsecd. Notes |
6.250 | % | 03/08/41 | 100 | 109,110 | |||||||||||
Sri Lanka Government International Bond (Sri Lanka), Sr. Unsecd. Notes |
5.875 | % | 07/25/22 | 210 | 220,015 | |||||||||||
Sri Lanka Government International Bond (Sri Lanka), Sr. Unsecd. Notes |
6.250 | % | 10/04/20 | 120 | 127,591 | |||||||||||
Sri Lanka Government International Bond (Sri Lanka), Sr. Unsecd. Notes |
6.250 | % | 07/27/21 | 230 | 244,950 | |||||||||||
Sri Lanka Government International Bond (Sri Lanka), Sr. Unsecd. Notes |
6.850 | % | 11/03/25 | 400 | 431,473 | |||||||||||
Third Pakistan International Sukuk Co. Ltd. (The) (Pakistan), Sr. Unsecd. Notes, 144A |
5.500 | % | 10/13/21 | 200 | 204,967 | |||||||||||
Turkey Government International Bond (Turkey), Sr. Unsecd. Notes |
3.250 | % | 03/23/23 | 200 | 189,536 | |||||||||||
Turkey Government International Bond (Turkey), Sr. Unsecd. Notes |
4.875 | % | 04/16/43 | 200 | 180,168 | |||||||||||
Turkey Government International Bond (Turkey), Sr. Unsecd. Notes |
5.625 | % | 03/30/21 | 200 | 213,136 | |||||||||||
Turkey Government International Bond (Turkey), Sr. Unsecd. Notes |
5.750 | % | 03/22/24 | 200 | 213,494 | |||||||||||
Turkey Government International Bond (Turkey), Sr. Unsecd. Notes |
5.750 | % | 05/11/47 | 200 | 198,715 | |||||||||||
Turkey Government International Bond (Turkey), Sr. Unsecd. Notes |
6.000 | % | 01/14/41 | 400 | 413,443 | |||||||||||
Turkey Government International Bond (Turkey), Sr. Unsecd. Notes |
6.250 | % | 09/26/22 | 300 | 328,979 | |||||||||||
Turkey Government International Bond (Turkey), Sr. Unsecd. Notes |
6.875 | % | 03/17/36 | 459 | 520,892 |
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes, 144A |
4.925 | %(s) | 05/31/40 | 35 | 15,330 | |||||||||||
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes |
4.994 | %(s) | 05/31/40 | 50 | 21,900 | |||||||||||
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes, 144A |
7.750 | % | 09/01/19 | 150 | 155,841 | |||||||||||
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes |
7.750 | % | 09/01/20 | 100 | 103,750 | |||||||||||
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes, 144A |
7.750 | % | 09/01/20 | 206 | 213,725 | |||||||||||
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes, 144A |
7.750 | % | 09/01/21 | 104 | 107,380 | |||||||||||
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes |
7.750 | % | 09/01/22 | 100 | 102,500 | |||||||||||
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes, 144A |
7.750 | % | 09/01/22 | 104 | 106,600 | |||||||||||
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes |
7.750 | % | 09/01/23 | 400 | 404,668 | |||||||||||
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes |
7.750 | % | 09/01/24 | 200 | 199,794 | |||||||||||
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes |
7.750 | % | 09/01/25 | 500 | 495,750 | |||||||||||
Ukraine Government International Bond (Ukraine), Sr. Unsecd. Notes |
7.750 | % | 09/01/27 | 300 | 294,417 | |||||||||||
Ukreximbank Via Biz Finance PLC (Ukraine), Sr. Unsecd. Notes |
9.625 | % | 04/27/22 | 200 | 209,400 | |||||||||||
Uruguay Government International Bond (Uruguay), Sr. Unsecd. Notes |
5.100 | % | 06/18/50 | 255 | 263,288 | |||||||||||
Uruguay Government International Bond (Uruguay), Sr. Unsecd. Notes |
7.625 | % | 03/21/36 | 300 | 410,400 | |||||||||||
Venezuela Government International Bond (Venezuela), Sr. Unsecd. Notes |
7.000 | % | 03/31/38 | 620 | 235,600 | |||||||||||
Venezuela Government International Bond (Venezuela), Sr. Unsecd. Notes |
7.750 | % | 10/13/19 | 110 | 47,025 | |||||||||||
Venezuela Government International Bond (Venezuela), Sr. Unsecd. Notes |
9.000 | % | 05/07/23 | 100 | 39,000 | |||||||||||
Venezuela Government International Bond (Venezuela), Sr. Unsecd. Notes |
11.950 | % | 08/05/31 | 300 | 124,500 | |||||||||||
Vietnam Government International Bond (Vietnam), Sr. Unsecd. Notes |
4.800 | % | 11/19/24 | 200 | 210,329 | |||||||||||
Zambia Government International Bond (Zambia), Sr. Unsecd. Notes |
8.500 | % | 04/14/24 | 200 | 212,466 | |||||||||||
Zambia Government International Bond (Zambia), Sr. Unsecd. Notes |
8.970 | % | 07/30/27 | 200 | 216,748 | |||||||||||
|
|
|||||||||||||||
TOTAL FOREIGN GOVERNMENT BONDS |
44,371,728 | |||||||||||||||
|
|
|||||||||||||||
U.S. TREASURY OBLIGATION 0.1% |
||||||||||||||||
U.S. Treasury Notes(h)(k) |
2.250 | % | 11/15/24 | 300 | 302,320 | |||||||||||
|
|
|||||||||||||||
TOTAL LONG-TERM INVESTMENTS |
422,418,348 | |||||||||||||||
|
|
SHORT-TERM INVESTMENTS 9.3% |
||||||||||||
Shares | ||||||||||||
AFFILIATED MUTUAL FUNDS 9.3% |
||||||||||||
Prudential Investment Portfolios 2 Prudential Core Ultra Short Bond Fund |
20,798,326 | 20,798,326 | ||||||||||
Prudential Investment Portfolios 2 Prudential Institutional Money Market Fund |
20,122,861 | 20,124,873 | ||||||||||
|
|
|||||||||||
TOTAL AFFILIATED MUTUAL FUNDS |
40,923,199 | |||||||||||
|
|
|||||||||||
Counterparty |
Notional Amount (000)# |
|||||||||||
OPTIONS PURCHASED* 0.0% |
||||||||||||
Call Options |
||||||||||||
Currency Option Euro vs Brazilian Real, expiring 04/04/18, Strike Price 3.40 |
|
Citigroup Global Markets |
|
EUR | 400 | 61,046 | ||||||
Currency Option Euro vs South African Rand, expiring 04/04/18, Strike Price 15.00 |
|
Goldman Sachs & Co. |
|
EUR | 200 | 24,001 | ||||||
Currency Option United States Dollar vs Mexican Peso, expiring 03/23/18, Strike Price 19.25 |
|
Citigroup Global Markets |
|
600 | 14,078 | |||||||
|
|
|||||||||||
TOTAL OPTIONS PURCHASED |
99,125 | |||||||||||
|
|
|||||||||||
TOTAL SHORT-TERM INVESTMENTS |
41,022,324 | |||||||||||
|
|
|||||||||||
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 104.6% |
463,440,672 | |||||||||||
|
|
|||||||||||
OPTIONS WRITTEN* 0.0% |
||||||||||||
Call Options 0.0% |
||||||||||||
Currency Option Euro vs Brazilian Real, expiring 04/04/18, Strike Price 3.80 |
|
Citigroup Global Markets |
|
EUR | 400 | (26,320 | ) | |||||
Currency Option Euro vs South African Rand, expiring 04/04/18, Strike Price 17.00 |
|
Goldman Sachs & Co. |
|
EUR | 200 | (8,923 | ) | |||||
Currency Option United States Dollar vs Mexican Peso, expiring 03/23/18, Strike Price 21.25 |
|
Citigroup Global Markets |
|
600 | (4,850 | ) | ||||||
|
|
|||||||||||
(40,093 | ) | |||||||||||
|
|
|||||||||||
Put Options 0.0% |
||||||||||||
Currency Option Euro vs Brazilian Real, expiring 04/04/18, Strike Price 3.20 |
|
Citigroup Global Markets |
|
EUR | 400 | (648 | ) | |||||
Currency Option Euro vs South African Rand, expiring 04/04/18, Strike Price 14.00 |
|
Goldman Sachs & Co. |
|
EUR | 200 | (903 | ) | |||||
Currency Option United States Dollar vs Mexican Peso, expiring 03/23/18, Strike Price 17.75 |
|
Citigroup Global Markets |
|
600 | (11,084 | ) | ||||||
|
|
|||||||||||
(12,635 | ) | |||||||||||
|
|
|||||||||||
TOTAL OPTIONS WRITTEN |
(52,728 | ) | ||||||||||
|
|
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 104.6% |
463,387,944 | |||
Liabilities in excess of other assets(z) (4.6)% |
(20,241,555 | ) | ||
|
|
|||
NET ASSETS 100.0% |
$ | 443,146,389 | ||
|
|
See Glossary for abbreviations used in the quarterly schedule of portfolio holdings:
* | Non-income producing security. |
# | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
^ | Indicates a Level 3 security. The aggregate value of Level 3 securities is $1,023,575 and 0.2% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $19,378,285; cash collateral of $20,104,315 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. |
(b) | Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at July 31, 2017. |
(d) | Represents issuer in default on interest payments and/or principal repayments. Non-income producing security. Such securities may be post maturity. |
(dd) | On June 14, 2017, GenOn Energy, Inc. and its subsidiaries filed for bankruptcy under Chapter 11. In connection with the Chapter 11 plan of reorganization (the GenOn Reorganization Plan) GenOn Energy, Inc. and its subsidiaries will issue a 144A high yield bond offering for the exit financing of the bankruptcy. As part of the GenOn Reorganization Plan and restructuring of the existing bond, PGIM, Inc. has agreed to participate in a backstop commitment of $548,000 for the new bond offering. Under the commitment agreement, the Fund will be obligated to purchase all of the unsubscribed shares of the bond offering. The Fund has received a backstop fee of $27,400 in conjunction with this commitment. The offering is expected to close by December 31, 2017. |
(f) | Indicates a restricted security; the aggregate original cost of the restricted securities is $517,546. The aggregate value of $483,000 is approximately 0.1% of net assets. |
(h) | Represents security, or a portion thereof, segregated as collateral for OTC swap agreements. |
(k) | Represents security, or a portion thereof, segregated as collateral for futures contracts. |
(s) | Represents zero coupon bond or principal only securities. Rate represents yield to maturity at purchase date. |
(w) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 Prudential Core Ultra Short Bond Fund and Prudential Institutional Money Market Fund. |
(x) | The United States federal income tax basis of investments and the net unrealized appreciation were as follows: |
Tax Basis |
$ | 440,718,507 | ||
|
|
|||
Appreciation |
26,653,318 | |||
Depreciation |
(3,931,153 | ) | ||
|
|
|||
Net Unrealized Appreciation |
$ | 22,722,165 | ||
|
|
The book basis may differ from tax basis due to certain tax-related adjustments.
(z) | Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end: |
Futures contracts outstanding at July 31, 2017:
Number of |
Type |
Expiration |
Value at Trade Date |
Value at July 31, 2017 |
Unrealized Appreciation (Depreciation) |
|||||||||||
Long Positions: |
||||||||||||||||
9 | 2 Year U.S. Treasury Notes |
Sep. 2017 | $ | 1,948,079 | $ | 1,947,094 | $ | (985 | ) | |||||||
42 | 10 Year U.S. Treasury Notes |
Sep. 2017 | 5,293,148 | 5,287,406 | (5,742 | ) | ||||||||||
9 | 20 Year U.S. Treasury Bonds |
Sep. 2017 | 1,375,211 | 1,376,719 | 1,508 | |||||||||||
4 | 30 Year U.S. Ultra Treasury Bonds |
Sep. 2017 | 648,492 | 658,000 | 9,508 | |||||||||||
|
|
|||||||||||||||
$ | 4,289 | |||||||||||||||
|
|
Cash of $100,000 and a security with a market value of $120,920 have been segregated with Citigroup Global Markets to cover requirements for open futures contracts at July 31, 2017.
Forward foreign currency exchange contracts outstanding at July 31, 2017:
Purchase Contracts |
Counterparty |
Notional Amount (000) |
Value at Settlement Date |
Current Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
OTC forward foreign currency exchange contracts: |
||||||||||||||||||||||
Argentine Peso, |
||||||||||||||||||||||
Expiring 08/02/17 |
Citigroup Global Markets | ARS | 1,656 | $ | 104,089 | $ | 93,733 | $ | (10,356 | ) | ||||||||||||
Expiring 08/17/17 |
Citigroup Global Markets | ARS | 1,301 | 78,438 | 72,866 | (5,572 | ) | |||||||||||||||
Expiring 08/17/17 |
Goldman Sachs & Co. | ARS | 3,024 | 187,000 | 169,421 | (17,579 | ) | |||||||||||||||
Expiring 09/25/17 |
Citigroup Global Markets | ARS | 2,020 | 118,520 | 110,579 | (7,941 | ) | |||||||||||||||
Brazilian Real, |
||||||||||||||||||||||
Expiring 08/02/17 |
Citigroup Global Markets | BRL | 934 | 291,539 | 294,527 | 2,988 | ||||||||||||||||
Expiring 08/02/17 |
Citigroup Global Markets | BRL | 795 | 238,619 | 254,773 | 16,154 | ||||||||||||||||
Expiring 08/02/17 |
UBS AG | BRL | 448 | 133,307 | 143,673 | 10,366 | ||||||||||||||||
Expiring 08/02/17 |
UBS AG | BRL | 221 | 66,663 | 70,849 | 4,186 | ||||||||||||||||
Expiring 11/03/17 |
Citigroup Global Markets | BRL | 299 | 93,571 | 94,247 | 676 | ||||||||||||||||
Expiring 11/03/17 |
UBS AG | BRL | 257 | 79,898 | 80,981 | 1,083 | ||||||||||||||||
Chilean Peso, |
||||||||||||||||||||||
Expiring 10/12/17 |
Citigroup Global Markets | CLP | 153,331 | 233,541 | 235,563 | 2,022 | ||||||||||||||||
Expiring 10/12/17 |
Citigroup Global Markets | CLP | 52,230 | 79,733 | 80,240 | 507 | ||||||||||||||||
Czech Koruna, |
||||||||||||||||||||||
Expiring 10/06/17 |
UBS AG | CZK | 4,979 | 218,802 | 227,100 | 8,298 | ||||||||||||||||
Expiring 10/06/17 |
UBS AG | CZK | 4,979 | 218,802 | 227,100 | 8,298 | ||||||||||||||||
Expiring 10/06/17 |
UBS AG | CZK | 2,960 | 132,261 | 135,007 | 2,746 | ||||||||||||||||
Expiring 10/06/17 |
UBS AG | CZK | 1,605 | 72,295 | 73,217 | 922 | ||||||||||||||||
Euro, |
||||||||||||||||||||||
Expiring 10/27/17 |
UBS AG | EUR | 159 | 187,142 | 188,608 | 1,466 | ||||||||||||||||
Expiring 10/27/17 |
UBS AG | EUR | 125 | 147,000 | 148,151 | 1,151 | ||||||||||||||||
Expiring 10/27/17 |
UBS AG | EUR | 112 | 133,548 | 133,706 | 158 | ||||||||||||||||
Expiring 10/27/17 |
UBS AG | EUR | 87 | 102,000 | 103,520 | 1,520 | ||||||||||||||||
Hungarian Forint, |
||||||||||||||||||||||
Expiring 10/20/17 |
Citigroup Global Markets | HUF | 89,371 | 337,606 | 349,244 | 11,638 | ||||||||||||||||
Expiring 10/20/17 |
UBS AG | HUF | 89,371 | 337,441 | 349,244 | 11,803 | ||||||||||||||||
Indian Rupee, |
||||||||||||||||||||||
Expiring 08/08/17 |
Citigroup Global Markets | INR | 39,849 | 615,375 | 620,454 | 5,079 | ||||||||||||||||
Expiring 08/08/17 |
Citigroup Global Markets | INR | 26,566 | 409,649 | 413,636 | 3,987 | ||||||||||||||||
Expiring 08/08/17 |
Citigroup Global Markets | INR | 2,311 | 36,000 | 35,976 | (24 | ) | |||||||||||||||
Expiring 08/08/17 |
UBS AG | INR | 39,849 | 614,355 | 620,454 | 6,099 | ||||||||||||||||
Indonesian Rupiah, |
||||||||||||||||||||||
Expiring 08/21/17 |
Citigroup Global Markets | IDR | 548,088 | 41,000 | 41,037 | 37 | ||||||||||||||||
Expiring 08/21/17 |
Goldman Sachs & Co. | IDR | 1,112,061 | 83,104 | 83,264 | 160 | ||||||||||||||||
Expiring 08/21/17 |
UBS AG | IDR | 2,114,079 | 158,275 | 158,289 | 14 | ||||||||||||||||
Expiring 10/17/17 |
Barclays Capital Group | IDR | 2,448,745 | 181,241 | 182,208 | 967 |
Expiring 10/17/17 |
Barclays Capital Group | IDR | 2,286,898 | 168,713 | 170,165 | 1,452 | ||||||||||||||||
Expiring 10/17/17 |
Citigroup Global Markets | IDR | 2,448,745 | 180,400 | 182,208 | 1,808 | ||||||||||||||||
Japanese Yen, |
||||||||||||||||||||||
Expiring 10/27/17 |
UBS AG | JPY | 14,159 | 128,000 | 128,968 | 968 | ||||||||||||||||
Mexican Peso, |
||||||||||||||||||||||
Expiring 08/08/17 |
Citigroup Global Markets | MXN | 7,519 | 404,545 | 421,722 | 17,177 | ||||||||||||||||
Expiring 08/08/17 |
Citigroup Global Markets | MXN | 2,459 | 132,636 | 137,942 | 5,306 | ||||||||||||||||
Expiring 08/08/17 |
Goldman Sachs & Co. | MXN | 7,633 | 413,523 | 428,112 | 14,589 | ||||||||||||||||
Expiring 08/08/17 |
UBS AG | MXN | 7,633 | 413,621 | 428,112 | 14,491 | ||||||||||||||||
Expiring 03/27/18 |
Citigroup Global Markets | MXN | 4,973 | 250,000 | 269,057 | 19,057 | ||||||||||||||||
New Taiwanese Dollar, |
||||||||||||||||||||||
Expiring 08/08/17 |
UBS AG | TWD | 6,301 | 210,000 | 208,738 | (1,262 | ) | |||||||||||||||
Peruvian Nuevo Sol, |
||||||||||||||||||||||
Expiring 10/24/17 |
Citigroup Global Markets | PEN | 423 | 129,327 | 129,346 | 19 | ||||||||||||||||
Expiring 10/24/17 |
Citigroup Global Markets | PEN | 371 | 113,322 | 113,495 | 173 | ||||||||||||||||
Philippine Peso, |
||||||||||||||||||||||
Expiring 10/12/17 |
Citigroup Global Markets | PHP | 13,753 | 269,400 | 271,701 | 2,301 | ||||||||||||||||
Expiring 10/12/17 |
Citigroup Global Markets | PHP | 3,875 | 75,550 | 76,554 | 1,004 | ||||||||||||||||
Expiring 10/12/17 |
Citigroup Global Markets | PHP | 2,354 | 46,000 | 46,502 | 502 | ||||||||||||||||
Polish Zloty, |
||||||||||||||||||||||
Expiring 10/20/17 |
JPMorgan Chase | PLN | 1,373 | 375,602 | 381,700 | 6,098 | ||||||||||||||||
Russian Ruble, |
||||||||||||||||||||||
Expiring 08/25/17 |
Citigroup Global Markets | RUB | 3,962 | 66,417 | 65,907 | (510 | ) | |||||||||||||||
Expiring 10/06/17 |
Barclays Capital Group | RUB | 23,794 | 394,250 | 392,387 | (1,863 | ) | |||||||||||||||
Expiring 10/06/17 |
Citigroup Global Markets | RUB | 3,986 | 66,664 | 65,734 | (930 | ) | |||||||||||||||
Singapore Dollar, |
||||||||||||||||||||||
Expiring 08/11/17 |
Goldman Sachs & Co. | SGD | 417 | 305,184 | 307,858 | 2,674 | ||||||||||||||||
Expiring 08/11/17 |
UBS AG | SGD | 368 | 265,400 | 271,892 | 6,492 | ||||||||||||||||
South Korean Won, |
||||||||||||||||||||||
Expiring 08/21/17 |
Citigroup Global Markets | KRW | 230,081 | 206,000 | 205,636 | (364 | ) | |||||||||||||||
Expiring 08/21/17 |
Citigroup Global Markets | KRW | 213,557 | 191,000 | 190,868 | (132 | ) | |||||||||||||||
Expiring 08/21/17 |
UBS AG | KRW | 61,886 | 55,500 | 55,311 | (189 | ) | |||||||||||||||
Thai Baht, |
||||||||||||||||||||||
Expiring 08/11/17 |
Citigroup Global Markets | THB | 7,397 | 221,600 | 222,293 | 693 | ||||||||||||||||
Expiring 08/11/17 |
Citigroup Global Markets | THB | 7,345 | 218,500 | 220,730 | 2,230 | ||||||||||||||||
Expiring 08/11/17 |
Citigroup Global Markets | THB | 1,235 | 35,737 | 37,117 | 1,380 | ||||||||||||||||
Turkish Lira, |
||||||||||||||||||||||
Expiring 09/22/17 |
UBS AG | TRY | 2,211 | 603,112 | 618,189 | 15,077 | ||||||||||||||||
Expiring 09/22/17 |
UBS AG | TRY | 288 | 80,163 | 80,379 | 216 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
$ | 11,750,980 | $ | 11,920,290 | 169,310 | ||||||||||||||||||
|
|
|
|
|
|
Sale Contracts |
Counterparty |
Notional Amount (000) |
Value at Settlement Date |
Current Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
OTC forward foreign currency exchange contracts: |
|
|||||||||||||||||||||
Argentine Peso, |
||||||||||||||||||||||
Expiring 08/17/17 |
Citigroup Global Markets | ARS | 2,956 | $ | 165,520 | $ | 165,607 | $ | (87 | ) | ||||||||||||
Brazilian Real, |
||||||||||||||||||||||
Expiring 08/02/17 |
UBS AG | BRL | 530 | 158,708 | 169,990 | (11,282 | ) | |||||||||||||||
Expiring 11/03/17 |
Citigroup Global Markets | BRL | 934 | 296,106 | 299,304 | (3,198 | ) | |||||||||||||||
Canadian Dollar, |
||||||||||||||||||||||
Expiring 10/13/17 |
UBS AG | CAD | 1 | 775 | 801 | (26 | ) | |||||||||||||||
Chilean Peso, |
||||||||||||||||||||||
Expiring 10/12/17 |
Citigroup Global Markets | CLP | 423,503 | 633,502 | 650,626 | (17,124 | ) | |||||||||||||||
Expiring 10/12/17 |
Citigroup Global Markets | CLP | 43,866 | 65,550 | 67,391 | (1,841 | ) | |||||||||||||||
Colombian Peso, |
||||||||||||||||||||||
Expiring 10/12/17 |
Barclays Capital Group | COP | 309,000 | 100,000 | 102,588 | (2,588 | ) | |||||||||||||||
Expiring 10/12/17 |
Citigroup Global Markets | COP | 238,518 | 76,274 | 79,188 | (2,914 | ) | |||||||||||||||
Expiring 10/12/17 |
UBS AG | COP | 169,540 | 55,500 | 56,287 | (787 | ) | |||||||||||||||
Euro, |
||||||||||||||||||||||
Expiring 10/27/17 |
Goldman Sachs & Co. | EUR | 380 | 439,688 | 451,628 | (11,940 | ) | |||||||||||||||
Expiring 10/27/17 |
JPMorgan Chase | EUR | 1,914 | 2,241,938 | 2,276,654 | (34,716 | ) | |||||||||||||||
Expiring 10/27/17 |
UBS AG | EUR | 114 | 133,605 | 135,627 | (2,022 | ) | |||||||||||||||
Indian Rupee, |
||||||||||||||||||||||
Expiring 08/08/17 |
UBS AG | INR | 15,086 | 233,000 | 234,887 | (1,887 | ) | |||||||||||||||
Israeli Shekel, |
||||||||||||||||||||||
Expiring 10/20/17 |
Goldman Sachs & Co. | ILS | 475 | 133,754 | 133,903 | (149 | ) | |||||||||||||||
Japanese Yen, |
||||||||||||||||||||||
Expiring 10/27/17 |
Citigroup Global Markets | JPY | 174 | 1,565 | 1,584 | (19 | ) | |||||||||||||||
Mexican Peso, |
||||||||||||||||||||||
Expiring 08/08/17 |
Citigroup Global Markets | MXN | 13,853 | 759,000 | 777,042 | (18,042 | ) | |||||||||||||||
Expiring 08/08/17 |
Citigroup Global Markets | MXN | 1,204 | 66,255 | 67,516 | (1,261 | ) | |||||||||||||||
Expiring 08/08/17 |
Goldman Sachs & Co. | MXN | 1,207 | 66,653 | 67,728 | (1,075 | ) | |||||||||||||||
New Taiwanese Dollar, |
||||||||||||||||||||||
Expiring 08/08/17 |
UBS AG | TWD | 43,389 | 1,442,081 | 1,437,476 | 4,605 | ||||||||||||||||
Philippine Peso, |
||||||||||||||||||||||
Expiring 10/12/17 |
Citigroup Global Markets | PHP | 13,707 | 270,000 | 270,786 | (786 | ) | |||||||||||||||
Expiring 10/12/17 |
Citigroup Global Markets | PHP | 12,080 | 237,000 | 238,650 | (1,650 | ) | |||||||||||||||
Expiring 10/12/17 |
Citigroup Global Markets | PHP | 3,777 | 74,000 | 74,625 | (625 | ) | |||||||||||||||
Polish Zloty, |
||||||||||||||||||||||
Expiring 10/20/17 |
UBS AG | PLN | 264 | 72,295 | 73,319 | (1,024 | ) | |||||||||||||||
Singapore Dollar, |
||||||||||||||||||||||
Expiring 08/11/17 |
Citigroup Global Markets | SGD | 122 | 87,725 | 89,720 | (1,995 | ) | |||||||||||||||
Expiring 08/11/17 |
UBS AG | SGD | 1,206 | 875,051 | 890,257 | (15,206 | ) | |||||||||||||||
Expiring 08/11/17 |
UBS AG | SGD | 108 | 77,931 | 79,688 | (1,757 | ) | |||||||||||||||
Expiring 08/11/17 |
UBS AG | SGD | 92 | 66,817 | 68,198 | (1,381 | ) |
South African Rand, |
||||||||||||||||||||||
Expiring 09/22/17 |
Citigroup Global Markets | ZAR | 4,197 | 309,514 | 315,628 | (6,114 | ) | |||||||||||||||
Expiring 09/22/17 |
Citigroup Global Markets | ZAR | 1,063 | 78,000 | 79,919 | (1,919 | ) | |||||||||||||||
Expiring 09/22/17 |
Goldman Sachs & Co. | ZAR | 4,197 | 307,484 | 315,628 | (8,144 | ) | |||||||||||||||
Expiring 09/22/17 |
UBS AG | ZAR | 904 | 65,802 | 67,974 | (2,172 | ) | |||||||||||||||
South Korean Won, |
||||||||||||||||||||||
Expiring 08/21/17 |
Barclays Capital Group | KRW | 361,190 | 323,227 | 322,816 | 411 | ||||||||||||||||
Expiring 08/21/17 |
Citigroup Global Markets | KRW | 75,590 | 66,817 | 67,559 | (742 | ) | |||||||||||||||
Swiss Franc, |
||||||||||||||||||||||
Expiring 10/27/17 |
Goldman Sachs & Co. | CHF | 127 | 135,442 | 132,566 | 2,876 | ||||||||||||||||
Thai Baht, |
||||||||||||||||||||||
Expiring 08/11/17 |
Citigroup Global Markets | THB | 9,002 | 263,175 | 270,551 | (7,376 | ) | |||||||||||||||
Expiring 08/11/17 |
Citigroup Global Markets | THB | 6,985 | 205,000 | 209,923 | (4,923 | ) | |||||||||||||||
Turkish Lira, |
||||||||||||||||||||||
Expiring 09/22/17 |
Citigroup Global Markets | TRY | 369 | 100,000 | 103,265 | (3,265 | ) | |||||||||||||||
Expiring 09/22/17 |
Citigroup Global Markets | TRY | 243 | 65,550 | 67,946 | (2,396 | ) | |||||||||||||||
Expiring 09/22/17 |
UBS AG | TRY | 244 | 65,802 | 68,118 | (2,316 | ) | |||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
$ | 10,816,106 | $ | 10,982,963 | (166,857 | ) | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
$ | 2,453 | |||||||||||||||||||||
|
|
Cross currency exchange contracts outstanding at July 31, 2017:
Settlement |
Type | Notional Amount (000) |
In Exchange For (000) |
Unrealized Appreciation (Depreciation) |
Counterparty | |||||||||||||||||||
OTC cross currency exchange contracts: |
|
|||||||||||||||||||||||
04/06/2018 |
Buy | BRL | 603 | EUR | 166 | $ | (13,306 | ) | Citigroup Global Markets | |||||||||||||||
04/06/2018 |
Buy | ZAR | 1,369 | EUR | 86 | (3,381 | ) | Goldman Sachs & Co. | ||||||||||||||||
08/08/2017 |
Buy | MXN | 2,459 | EUR | 118 | (1,788 | ) | Goldman Sachs & Co. | ||||||||||||||||
08/11/2017 |
Buy | EUR | 68 | SGD | 108 | 1,218 | UBS AG | |||||||||||||||||
10/20/2017 |
Buy | EUR | 121 | ILS | 496 | 3,909 | UBS AG | |||||||||||||||||
10/20/2017 |
Buy | EUR | 81 | PLN | 343 | 360 | Citigroup Global Markets | |||||||||||||||||
10/27/2017 |
Buy | EUR | 116 | CHF | 128 | 4,577 | Goldman Sachs & Co. | |||||||||||||||||
10/27/2017 |
Buy | EUR | 114 | CHF | 126 | 4,447 | Citigroup Global Markets | |||||||||||||||||
|
|
|||||||||||||||||||||||
$ | (3,964 | ) | ||||||||||||||||||||||
|
|
Credit default swap agreements outstanding at July 31, 2017:
Reference Entity/Obligation |
Termination Date |
Fixed Rate |
Notional Amount (000)#(3) |
Fair Value(4) |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
Counterparty | |||||||||||||||||||
OTC credit default swaps on credit indicesSell Protection(2): |
|
|||||||||||||||||||||||||
CDX.EM.22.V2 |
12/20/19 | 1.000% | 3,552 | $ | (135,452 | ) | $ | (400,865 | ) | $ | 265,413 | Deutsche Bank AG | ||||||||||||||
CDX.EM.22.V2 |
12/20/19 | 1.000% | 1,248 | (47,591 | ) | (155,790 | ) | 108,199 | Barclays Capital Group | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||
$ | (183,043 | ) | $ | (556,655 | ) | $ | 373,612 | |||||||||||||||||||
|
|
|
|
|
|
The Fund entered into credit default swaps (CDS) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuers default or the reference entitys credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | The fair value of credit default swap agreements on credit indices and asset-backed securities serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entitys credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
(5) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of the reporting date serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Fair Value Measurements:
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 - unadjusted quoted prices generally in active markets for identical securities.
Level 2 - quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3 - unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of July 31, 2017 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities |
||||||||||||
Affiliated Mutual Funds |
$ | 67,161,161 | $ | | $ | | ||||||
Common Stocks |
157,420,275 | 11,223,522 | | |||||||||
Unaffiliated Exchange Traded Funds |
53,257,775 | | | |||||||||
Preferred Stocks |
19,649,600 | | | |||||||||
Asset-Backed Securities |
||||||||||||
Collateralized Loan Obligations |
| 2,998,281 | | |||||||||
Convertible Bond |
| | 948,575 | |||||||||
Corporate Bonds |
| 105,933,310 | 75,000 | |||||||||
Foreign Government Bonds |
| 44,371,728 | | |||||||||
U.S. Treasury Obligation |
| 302,320 | | |||||||||
Options Purchased |
| 99,125 | | |||||||||
Options Written |
| (52,728 | ) | | ||||||||
Other Financial Instruments* |
||||||||||||
Futures Contracts |
4,289 | | | |||||||||
OTC Forward Foreign Currency Exchange Contracts |
| 2,453 | | |||||||||
OTC Cross Currency Exchange Contracts |
| (3,964 | ) | | ||||||||
OTC Credit Default Swap Agreements |
| (183,043 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Total |
$ | 297,493,100 | $ | 164,691,004 | $ | 1,023,575 | ||||||
|
|
|
|
|
|
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.
Prudential QMA Defensive Equity Fund
Schedule of Investments
as of July 31, 2017 (unaudited)
Shares | Value | |||||||||||||||
LONG-TERM INVESTMENTS 95.3% |
||||||||||||||||
COMMON STOCKS 95.3% |
||||||||||||||||
Aerospace & Defense 2.8% |
||||||||||||||||
Arconic, Inc. |
5,433 | $ | 134,684 | |||||||||||||
Boeing Co. (The) |
6,990 | 1,694,795 | ||||||||||||||
General Dynamics Corp. |
3,530 | 693,045 | ||||||||||||||
L3 Technologies, Inc. |
970 | 169,721 | ||||||||||||||
Lockheed Martin Corp. |
3,100 | 905,603 | ||||||||||||||
Northrop Grumman Corp. |
2,180 | 573,623 | ||||||||||||||
Raytheon Co. |
3,630 | 623,525 | ||||||||||||||
Rockwell Collins, Inc. |
2,020 | 215,191 | ||||||||||||||
Textron, Inc. |
3,300 | 162,129 | ||||||||||||||
TransDigm Group, Inc.(a) |
610 | 172,105 | ||||||||||||||
United Technologies Corp. |
9,280 | 1,100,330 | ||||||||||||||
|
|
|||||||||||||||
6,444,751 | ||||||||||||||||
|
|
|||||||||||||||
Air Freight & Logistics 0.8% |
||||||||||||||||
C.H. Robinson Worldwide, Inc. |
1,800 | 118,080 | ||||||||||||||
Expeditors International of Washington, Inc. |
2,200 | 129,536 | ||||||||||||||
FedEx Corp. |
3,070 | 638,652 | ||||||||||||||
United Parcel Service, Inc. (Class B Stock) |
8,580 | 946,288 | ||||||||||||||
|
|
|||||||||||||||
1,832,556 | ||||||||||||||||
|
|
|||||||||||||||
Airlines 0.7% |
||||||||||||||||
Alaska Air Group, Inc. |
1,600 | 136,368 | ||||||||||||||
American Airlines Group, Inc. |
6,100 | 307,684 | ||||||||||||||
Delta Air Lines, Inc. |
9,200 | 454,112 | ||||||||||||||
Southwest Airlines Co. |
7,500 | 416,325 | ||||||||||||||
United Continental Holdings, Inc.* |
3,500 | 236,880 | ||||||||||||||
|
|
|||||||||||||||
1,551,369 | ||||||||||||||||
|
|
|||||||||||||||
Auto Components 0.3% |
||||||||||||||||
BorgWarner, Inc. |
2,760 | 129,002 | ||||||||||||||
Delphi Automotive PLC |
3,800 | 343,596 | ||||||||||||||
Goodyear Tire & Rubber Co. (The) |
3,500 | 110,285 | ||||||||||||||
|
|
|||||||||||||||
582,883 | ||||||||||||||||
|
|
|||||||||||||||
Automobiles 0.6% |
||||||||||||||||
Ford Motor Co. |
54,600 | 612,612 | ||||||||||||||
General Motors Co. |
19,100 | 687,218 | ||||||||||||||
Harley-Davidson, Inc.(a) |
2,400 | 116,808 | ||||||||||||||
|
|
|||||||||||||||
1,416,638 | ||||||||||||||||
|
|
|||||||||||||||
Banks 8.5% |
||||||||||||||||
Bank of America Corp. |
143,500 | 3,461,220 | ||||||||||||||
BB&T Corp. |
11,900 | 563,108 | ||||||||||||||
Citigroup, Inc. |
39,700 | 2,717,465 | ||||||||||||||
Citizens Financial Group, Inc. |
7,500 | 263,100 | ||||||||||||||
Comerica, Inc. |
2,700 | 195,237 | ||||||||||||||
Fifth Third Bancorp |
11,100 | 296,370 | ||||||||||||||
Huntington Bancshares, Inc. |
16,300 | 215,975 | ||||||||||||||
JPMorgan Chase & Co. |
51,200 | 4,700,160 | ||||||||||||||
KeyCorp |
16,300 | 294,052 | ||||||||||||||
M&T Bank Corp. |
2,280 | 371,982 | ||||||||||||||
Peoples United Financial, Inc. |
5,500 | 95,920 | ||||||||||||||
PNC Financial Services Group, Inc. (The) |
7,040 | 906,752 | ||||||||||||||
Regions Financial Corp. |
17,900 | 261,340 | ||||||||||||||
SunTrust Banks, Inc. |
7,100 | 406,759 | ||||||||||||||
U.S. Bancorp |
23,000 | 1,213,940 | ||||||||||||||
Wells Fargo & Co. |
64,800 | 3,495,312 |
Zions Bancorporation |
3,100 | 140,492 | ||||||||||||||
|
|
|||||||||||||||
19,599,184 | ||||||||||||||||
|
|
|||||||||||||||
Beverages 3.4% |
||||||||||||||||
Brown-Forman Corp. (Class B Stock) |
3,100 | 153,140 | ||||||||||||||
Coca-Cola Co. (The) |
67,800 | 3,107,952 | ||||||||||||||
Constellation Brands, Inc. (Class A Stock) |
3,030 | 585,851 | ||||||||||||||
Dr. Pepper Snapple Group, Inc. |
3,300 | 300,828 | ||||||||||||||
Molson Coors Brewing Co. (Class B Stock) |
3,240 | 288,295 | ||||||||||||||
Monster Beverage Corp.* |
7,100 | 374,525 | ||||||||||||||
PepsiCo, Inc. |
25,210 | 2,939,738 | ||||||||||||||
|
|
|||||||||||||||
7,750,329 | ||||||||||||||||
|
|
|||||||||||||||
Biotechnology 0.5% |
||||||||||||||||
AbbVie, Inc. |
2,700 | 188,757 | ||||||||||||||
Alexion Pharmaceuticals, Inc.* |
390 | 53,563 | ||||||||||||||
Amgen, Inc. |
1,260 | 219,882 | ||||||||||||||
Biogen, Inc.* |
370 | 107,148 | ||||||||||||||
Celgene Corp.* |
1,330 | 180,095 | ||||||||||||||
Gilead Sciences, Inc. |
2,270 | 172,724 | ||||||||||||||
Incyte Corp.* |
290 | 38,654 | ||||||||||||||
Regeneron Pharmaceuticals, Inc.* |
130 | 63,911 | ||||||||||||||
Vertex Pharmaceuticals, Inc.* |
430 | 65,283 | ||||||||||||||
|
|
|||||||||||||||
1,090,017 | ||||||||||||||||
|
|
|||||||||||||||
Building Products 0.4% |
||||||||||||||||
Allegion PLC |
1,166 | 94,726 | ||||||||||||||
Fortune Brands Home & Security, Inc. |
1,900 | 124,773 | ||||||||||||||
Johnson Controls International PLC |
11,678 | 454,858 | ||||||||||||||
Masco Corp. |
3,900 | 148,707 | ||||||||||||||
|
|
|||||||||||||||
823,064 | ||||||||||||||||
|
|
|||||||||||||||
Capital Markets 4.0% |
||||||||||||||||
Affiliated Managers Group, Inc. |
880 | 163,530 | ||||||||||||||
Ameriprise Financial, Inc. |
2,270 | 328,878 | ||||||||||||||
Bank of New York Mellon Corp. (The) |
15,100 | 800,753 | ||||||||||||||
BlackRock, Inc. |
1,770 | 754,958 | ||||||||||||||
CBOE Holdings, Inc. |
1,400 | 132,342 | ||||||||||||||
Charles Schwab Corp. (The) |
17,700 | 759,330 | ||||||||||||||
CME Group, Inc. |
4,970 | 609,422 | ||||||||||||||
E*TRADE Financial Corp.* |
4,200 | 172,200 | ||||||||||||||
Franklin Resources, Inc. |
5,090 | 227,930 | ||||||||||||||
Goldman Sachs Group, Inc. (The) |
5,310 | 1,196,502 | ||||||||||||||
Intercontinental Exchange, Inc. |
8,630 | 575,707 | ||||||||||||||
Invesco Ltd. |
6,100 | 212,097 | ||||||||||||||
Moodys Corp. |
2,480 | 326,443 | ||||||||||||||
Morgan Stanley |
20,700 | 970,830 | ||||||||||||||
Nasdaq, Inc. |
1,800 | 133,866 | ||||||||||||||
Northern Trust Corp. |
3,200 | 280,032 | ||||||||||||||
Raymond James Financial, Inc. |
2,000 | 166,380 | ||||||||||||||
S&P Global, Inc. |
3,780 | 580,570 | ||||||||||||||
State Street Corp. |
5,200 | 484,796 | ||||||||||||||
T. Rowe Price Group, Inc. |
3,600 | 297,792 | ||||||||||||||
|
|
|||||||||||||||
9,174,358 | ||||||||||||||||
|
|
|||||||||||||||
Chemicals 1.7% |
||||||||||||||||
Air Products & Chemicals, Inc. |
1,900 | 270,085 | ||||||||||||||
Albemarle Corp. |
970 | 112,326 | ||||||||||||||
CF Industries Holdings, Inc. |
1,950 | 57,233 | ||||||||||||||
Dow Chemical Co. (The) |
9,800 | 629,552 |
E.I. du Pont de Nemours & Co. |
7,600 | 624,796 | ||||||||||||||
Eastman Chemical Co. |
1,300 | 108,108 | ||||||||||||||
Ecolab, Inc. |
2,270 | 298,891 | ||||||||||||||
FMC Corp. |
1,200 | 91,656 | ||||||||||||||
International Flavors & Fragrances, Inc. |
690 | 91,894 | ||||||||||||||
LyondellBasell Industries NV (Class A Stock) |
2,860 | 257,657 | ||||||||||||||
Monsanto Co. |
3,820 | 446,252 | ||||||||||||||
Mosaic Co. (The) |
3,000 | 72,420 | ||||||||||||||
PPG Industries, Inc. |
2,230 | 234,708 | ||||||||||||||
Praxair, Inc. |
2,490 | 324,098 | ||||||||||||||
Sherwin-Williams Co. (The) |
710 | 239,462 | ||||||||||||||
|
|
|||||||||||||||
3,859,138 | ||||||||||||||||
|
|
|||||||||||||||
Commercial Services & Supplies 0.3% |
||||||||||||||||
Cintas Corp. |
1,080 | 145,638 | ||||||||||||||
Republic Services, Inc. |
2,900 | 186,238 | ||||||||||||||
Stericycle, Inc.* |
1,070 | 82,476 | ||||||||||||||
Waste Management, Inc. |
5,100 | 383,265 | ||||||||||||||
|
|
|||||||||||||||
797,617 | ||||||||||||||||
|
|
|||||||||||||||
Communications Equipment 0.4% |
||||||||||||||||
Cisco Systems, Inc. |
19,600 | 616,420 | ||||||||||||||
F5 Networks, Inc.* |
260 | 31,395 | ||||||||||||||
Harris Corp. |
480 | 54,946 | ||||||||||||||
Juniper Networks, Inc. |
1,400 | 39,130 | ||||||||||||||
Motorola Solutions, Inc. |
700 | 63,476 | ||||||||||||||
|
|
|||||||||||||||
805,367 | ||||||||||||||||
|
|
|||||||||||||||
Construction & Engineering 0.1% |
||||||||||||||||
Fluor Corp. |
1,700 | 73,831 | ||||||||||||||
Jacobs Engineering Group, Inc. |
1,500 | 79,080 | ||||||||||||||
Quanta Services, Inc.* |
1,800 | 60,714 | ||||||||||||||
|
|
|||||||||||||||
213,625 | ||||||||||||||||
|
|
|||||||||||||||
Construction Materials 0.1% |
||||||||||||||||
Martin Marietta Materials, Inc. |
550 | 124,536 | ||||||||||||||
Vulcan Materials Co. |
1,150 | 141,588 | ||||||||||||||
|
|
|||||||||||||||
266,124 | ||||||||||||||||
|
|
|||||||||||||||
Consumer Finance 1.0% |
||||||||||||||||
American Express Co. |
10,900 | 929,007 | ||||||||||||||
Capital One Financial Corp. |
7,100 | 611,878 | ||||||||||||||
Discover Financial Services |
5,600 | 341,264 | ||||||||||||||
Navient Corp. |
4,700 | 69,325 | ||||||||||||||
Synchrony Financial |
11,401 | 345,678 | ||||||||||||||
|
|
|||||||||||||||
2,297,152 | ||||||||||||||||
|
|
|||||||||||||||
Containers & Packaging 0.3% |
||||||||||||||||
Avery Dennison Corp. |
800 | 74,344 | ||||||||||||||
Ball Corp. |
3,000 | 125,700 | ||||||||||||||
International Paper Co. |
3,600 | 197,928 | ||||||||||||||
Sealed Air Corp. |
1,700 | 73,967 | ||||||||||||||
WestRock Co. |
2,136 | 122,649 | ||||||||||||||
|
|
|||||||||||||||
594,588 | ||||||||||||||||
|
|
|||||||||||||||
Distributors 0.1% |
||||||||||||||||
Genuine Parts Co. |
2,060 | 174,956 | ||||||||||||||
LKQ Corp.* |
4,300 | 148,608 | ||||||||||||||
|
|
|||||||||||||||
323,564 | ||||||||||||||||
|
|
Diversified Consumer Services 0.0% |
||||||||||||||||
H&R Block, Inc. |
2,800 | 85,400 | ||||||||||||||
|
|
|||||||||||||||
Diversified Financial Services 2.1% |
||||||||||||||||
Berkshire Hathaway, Inc. (Class B Stock)* |
27,370 | 4,788,929 | ||||||||||||||
Leucadia National Corp. |
5,000 | 130,150 | ||||||||||||||
|
|
|||||||||||||||
4,919,079 | ||||||||||||||||
|
|
|||||||||||||||
Diversified Telecommunication Services 7.2% |
||||||||||||||||
AT&T, Inc. |
217,294 | 8,474,466 | ||||||||||||||
CenturyLink, Inc.(a) |
19,400 | 451,438 | ||||||||||||||
Level 3 Communications, Inc.* |
10,300 | 604,404 | ||||||||||||||
Verizon Communications, Inc. |
144,200 | 6,979,280 | ||||||||||||||
|
|
|||||||||||||||
16,509,588 | ||||||||||||||||
|
|
|||||||||||||||
Electric Utilities 5.6% |
||||||||||||||||
Alliant Energy Corp. |
6,900 | 279,657 | ||||||||||||||
American Electric Power Co., Inc. |
14,900 | 1,051,046 | ||||||||||||||
Duke Energy Corp. |
21,200 | 1,804,544 | ||||||||||||||
Edison International |
9,900 | 778,932 | ||||||||||||||
Entergy Corp. |
5,400 | 414,288 | ||||||||||||||
Eversource Energy |
9,600 | 583,584 | ||||||||||||||
Exelon Corp. |
28,000 | 1,073,520 | ||||||||||||||
FirstEnergy Corp. |
13,400 | 427,594 | ||||||||||||||
NextEra Energy, Inc. |
14,160 | 2,068,634 | ||||||||||||||
PG&E Corp. |
15,400 | 1,042,426 | ||||||||||||||
Pinnacle West Capital Corp. |
3,400 | 294,882 | ||||||||||||||
PPL Corp. |
20,600 | 789,598 | ||||||||||||||
Southern Co. (The) |
30,100 | 1,442,693 | ||||||||||||||
Xcel Energy, Inc. |
15,300 | 723,843 | ||||||||||||||
|
|
|||||||||||||||
12,775,241 | ||||||||||||||||
|
|
|||||||||||||||
Electrical Equipment 0.6% |
||||||||||||||||
Acuity Brands, Inc. |
550 | 111,458 | ||||||||||||||
AMETEK, Inc. |
2,900 | 178,582 | ||||||||||||||
Eaton Corp. PLC |
5,600 | 438,200 | ||||||||||||||
Emerson Electric Co. |
8,000 | 476,880 | ||||||||||||||
Rockwell Automation, Inc. |
1,610 | 265,698 | ||||||||||||||
|
|
|||||||||||||||
1,470,818 | ||||||||||||||||
|
|
|||||||||||||||
Electronic Equipment, Instruments & Components 0.1% |
||||||||||||||||
Amphenol Corp. (Class A Stock) |
1,240 | 95,009 | ||||||||||||||
Corning, Inc. |
3,600 | 104,904 | ||||||||||||||
FLIR Systems, Inc. |
500 | 18,660 | ||||||||||||||
TE Connectivity Ltd. |
1,400 | 112,546 | ||||||||||||||
|
|
|||||||||||||||
331,119 | ||||||||||||||||
|
|
|||||||||||||||
Energy Equipment & Services 0.5% |
||||||||||||||||
Baker Hughes a GE Co. |
2,900 | 106,981 | ||||||||||||||
Halliburton Co. |
6,000 | 254,640 | ||||||||||||||
Helmerich & Payne, Inc.(a) |
770 | 38,977 | ||||||||||||||
National Oilwell Varco, Inc. |
2,600 | 85,046 | ||||||||||||||
Schlumberger Ltd. |
9,619 | 659,864 | ||||||||||||||
TechnipFMC PLC (United Kingdom)* |
3,200 | 91,328 | ||||||||||||||
Transocean Ltd.*(a) |
2,700 | 23,355 | ||||||||||||||
|
|
|||||||||||||||
1,260,191 | ||||||||||||||||
|
|
|||||||||||||||
Equity Real Estate Investment Trusts (REITs) 1.9% |
||||||||||||||||
Alexandria Real Estate Equities, Inc. |
650 | 78,813 | ||||||||||||||
American Tower Corp. |
3,040 | 414,443 | ||||||||||||||
Apartment Investment & Management Co. (Class A Stock) |
1,100 | 50,105 |
AvalonBay Communities, Inc. |
990 | 190,426 | ||||||||||||||
Boston Properties, Inc. |
1,100 | 133,001 | ||||||||||||||
Crown Castle International Corp. |
2,630 | 264,525 | ||||||||||||||
Digital Realty Trust, Inc. |
1,140 | 131,488 | ||||||||||||||
Equinix, Inc. |
561 | 252,860 | ||||||||||||||
Equity Residential |
2,600 | 176,956 | ||||||||||||||
Essex Property Trust, Inc. |
470 | 122,999 | ||||||||||||||
Extra Space Storage, Inc. |
900 | 71,550 | ||||||||||||||
Federal Realty Investment Trust |
520 | 68,968 | ||||||||||||||
GGP, Inc. |
4,100 | 92,701 | ||||||||||||||
HCP, Inc. |
3,300 | 104,445 | ||||||||||||||
Host Hotels & Resorts, Inc. |
5,200 | 97,032 | ||||||||||||||
Iron Mountain, Inc. |
1,738 | 63,315 | ||||||||||||||
JBG SMITH Properties* |
645 | 22,885 | ||||||||||||||
Kimco Realty Corp. |
3,000 | 60,540 | ||||||||||||||
Macerich Co. (The) |
800 | 45,912 | ||||||||||||||
Mid-America Apartment Communities, Inc. |
810 | 83,859 | ||||||||||||||
Prologis, Inc. |
3,800 | 231,078 | ||||||||||||||
Public Storage |
1,070 | 219,960 | ||||||||||||||
Realty Income Corp. |
1,900 | 108,414 | ||||||||||||||
Regency Centers Corp. |
1,000 | 66,220 | ||||||||||||||
Simon Property Group, Inc. |
2,230 | 353,455 | ||||||||||||||
SL Green Realty Corp. |
730 | 75,387 | ||||||||||||||
UDR, Inc. |
1,900 | 74,271 | ||||||||||||||
Ventas, Inc. |
2,500 | 168,375 | ||||||||||||||
Vornado Realty Trust |
1,290 | 102,361 | ||||||||||||||
Welltower, Inc. |
2,600 | 190,814 | ||||||||||||||
Weyerhaeuser Co. |
5,340 | 176,327 | ||||||||||||||
|
|
|||||||||||||||
4,293,485 | ||||||||||||||||
|
|
|||||||||||||||
Food & Staples Retailing 3.1% |
||||||||||||||||
Costco Wholesale Corp. |
7,740 | 1,226,867 | ||||||||||||||
CVS Health Corp. |
17,990 | 1,437,941 | ||||||||||||||
Kroger Co. (The) |
16,100 | 394,772 | ||||||||||||||
Sysco Corp. |
8,700 | 457,794 | ||||||||||||||
Wal-Mart Stores, Inc. |
26,100 | 2,087,739 | ||||||||||||||
Walgreens Boots Alliance, Inc. |
15,100 | 1,218,117 | ||||||||||||||
Whole Foods Market, Inc. |
5,600 | 233,856 | ||||||||||||||
|
|
|||||||||||||||
7,057,086 | ||||||||||||||||
|
|
|||||||||||||||
Food Products 2.2% |
||||||||||||||||
Archer-Daniels-Midland Co. |
10,000 | 421,800 | ||||||||||||||
Campbell Soup Co. |
3,400 | 179,622 | ||||||||||||||
Conagra Brands, Inc. |
7,100 | 243,104 | ||||||||||||||
General Mills, Inc. |
10,200 | 567,732 | ||||||||||||||
Hershey Co. (The) |
2,470 | 260,116 | ||||||||||||||
Hormel Foods Corp. |
4,700 | 160,599 | ||||||||||||||
J.M. Smucker Co. (The) |
2,060 | 251,114 | ||||||||||||||
Kellogg Co. |
4,500 | 306,000 | ||||||||||||||
Kraft Heinz Co. (The) |
10,500 | 918,330 | ||||||||||||||
McCormick & Co., Inc. |
2,040 | 194,412 | ||||||||||||||
Mondelez International, Inc. (Class A Stock) |
26,800 | 1,179,736 | ||||||||||||||
Tyson Foods, Inc. (Class A Stock) |
5,100 | 323,136 | ||||||||||||||
|
|
|||||||||||||||
5,005,701 | ||||||||||||||||
|
|
|||||||||||||||
Health Care Equipment & Supplies 0.4% |
||||||||||||||||
Abbott Laboratories |
2,957 | 145,425 | ||||||||||||||
Align Technology, Inc.* |
130 | 21,740 | ||||||||||||||
Baxter International, Inc. |
800 | 48,384 | ||||||||||||||
Becton, Dickinson and Co. |
395 | 79,553 |
Boston Scientific Corp.* |
2,300 | 61,226 | ||||||||||||||
C.R. Bard, Inc. |
130 | 41,678 | ||||||||||||||
Cooper Cos., Inc. (The) |
90 | 21,948 | ||||||||||||||
Danaher Corp. |
1,100 | 89,639 | ||||||||||||||
DENTSPLY SIRONA, Inc. |
400 | 24,812 | ||||||||||||||
Edwards Lifesciences Corp.* |
360 | 41,465 | ||||||||||||||
Hologic, Inc.* |
500 | 22,105 | ||||||||||||||
IDEXX Laboratories, Inc.* |
150 | 24,969 | ||||||||||||||
Intuitive Surgical, Inc.* |
70 | 65,678 | ||||||||||||||
Medtronic PLC |
2,388 | 200,521 | ||||||||||||||
Stryker Corp. |
530 | 77,963 | ||||||||||||||
Varian Medical Systems, Inc.* |
160 | 15,539 | ||||||||||||||
Zimmer Biomet Holdings, Inc. |
350 | 42,462 | ||||||||||||||
|
|
|||||||||||||||
1,025,107 | ||||||||||||||||
|
|
|||||||||||||||
Health Care Providers & Services 0.4% |
||||||||||||||||
Aetna, Inc. |
570 | 87,957 | ||||||||||||||
AmerisourceBergen Corp. |
250 | 23,455 | ||||||||||||||
Anthem, Inc. |
460 | 85,657 | ||||||||||||||
Cardinal Health, Inc. |
500 | 38,630 | ||||||||||||||
Centene Corp.* |
300 | 23,826 | ||||||||||||||
Cigna Corp. |
440 | 76,366 | ||||||||||||||
DaVita, Inc.* |
280 | 18,138 | ||||||||||||||
Envision Healthcare Corp.* |
200 | 11,286 | ||||||||||||||
Express Scripts Holding Co.* |
1,000 | 62,640 | ||||||||||||||
HCA Healthcare, Inc.* |
500 | 40,170 | ||||||||||||||
Henry Schein, Inc.* |
140 | 25,509 | ||||||||||||||
Humana, Inc. |
250 | 57,800 | ||||||||||||||
Laboratory Corp. of America Holdings* |
180 | 28,604 | ||||||||||||||
McKesson Corp. |
360 | 58,273 | ||||||||||||||
Patterson Cos., Inc. |
100 | 4,172 | ||||||||||||||
Quest Diagnostics, Inc. |
240 | 25,994 | ||||||||||||||
UnitedHealth Group, Inc. |
1,650 | 316,487 | ||||||||||||||
Universal Health Services, Inc. (Class B Stock) |
150 | 16,625 | ||||||||||||||
|
|
|||||||||||||||
1,001,589 | ||||||||||||||||
|
|
|||||||||||||||
Health Care Technology 0.0% |
||||||||||||||||
Cerner Corp.* |
500 | 32,185 | ||||||||||||||
|
|
|||||||||||||||
Hotels, Restaurants & Leisure 2.2% |
||||||||||||||||
Carnival Corp. |
5,800 | 387,324 | ||||||||||||||
Chipotle Mexican Grill, Inc.* |
400 | 137,508 | ||||||||||||||
Darden Restaurants, Inc. |
1,700 | 142,596 | ||||||||||||||
Hilton Worldwide Holdings, Inc. |
2,900 | 181,337 | ||||||||||||||
Marriott International, Inc. (Class A Stock) |
4,340 | 452,185 | ||||||||||||||
McDonalds Corp. |
11,390 | 1,767,045 | ||||||||||||||
Royal Caribbean Cruises Ltd. |
2,350 | 265,714 | ||||||||||||||
Starbucks Corp. |
20,200 | 1,090,396 | ||||||||||||||
Wyndham Worldwide Corp. |
1,460 | 152,380 | ||||||||||||||
Wynn Resorts Ltd. |
1,120 | 144,861 | ||||||||||||||
Yum! Brands, Inc. |
4,600 | 347,208 | ||||||||||||||
|
|
|||||||||||||||
5,068,554 | ||||||||||||||||
|
|
|||||||||||||||
Household Durables 0.6% |
||||||||||||||||
D.R. Horton, Inc. |
4,700 | 167,743 | ||||||||||||||
Garmin Ltd. |
1,600 | 80,304 | ||||||||||||||
Leggett & Platt, Inc. |
1,800 | 86,724 | ||||||||||||||
Lennar Corp. (Class A Stock) |
2,800 | 146,832 | ||||||||||||||
Mohawk Industries, Inc.* |
890 | 221,601 | ||||||||||||||
Newell Brands, Inc. |
6,700 | 353,224 |
PulteGroup, Inc. |
3,900 | 95,238 | ||||||||||||||
Whirlpool Corp. |
1,040 | 184,995 | ||||||||||||||
|
|
|||||||||||||||
1,336,661 | ||||||||||||||||
|
|
|||||||||||||||
Household Products 2.8% |
||||||||||||||||
Church & Dwight Co., Inc. |
4,340 | 231,539 | ||||||||||||||
Clorox Co. (The) |
2,280 | 304,357 | ||||||||||||||
Colgate-Palmolive Co. |
15,600 | 1,126,320 | ||||||||||||||
Kimberly-Clark Corp. |
6,270 | 772,213 | ||||||||||||||
Procter & Gamble Co. (The) |
45,200 | 4,105,064 | ||||||||||||||
|
|
|||||||||||||||
6,539,493 | ||||||||||||||||
|
|
|||||||||||||||
Independent Power & Renewable Electricity Producers 0.2% |
||||||||||||||||
AES Corp. |
19,900 | 222,482 | ||||||||||||||
NRG Energy, Inc. |
9,500 | 233,890 | ||||||||||||||
|
|
|||||||||||||||
456,372 | ||||||||||||||||
|
|
|||||||||||||||
Industrial Conglomerates 2.6% |
||||||||||||||||
3M Co. |
7,440 | 1,496,705 | ||||||||||||||
General Electric Co. |
108,420 | 2,776,636 | ||||||||||||||
Honeywell International, Inc. |
9,500 | 1,293,140 | ||||||||||||||
Roper Technologies, Inc. |
1,270 | 295,224 | ||||||||||||||
|
|
|||||||||||||||
5,861,705 | ||||||||||||||||
|
|
|||||||||||||||
Insurance 3.5% |
||||||||||||||||
Aflac, Inc. |
5,800 | 462,550 | ||||||||||||||
Allstate Corp. (The) |
5,400 | 491,400 | ||||||||||||||
American International Group, Inc. |
12,800 | 837,760 | ||||||||||||||
Aon PLC |
3,850 | 531,955 | ||||||||||||||
Arthur J. Gallagher & Co. |
2,800 | 164,612 | ||||||||||||||
Assurant, Inc. |
890 | 93,690 | ||||||||||||||
Chubb Ltd. |
6,787 | 994,024 | ||||||||||||||
Cincinnati Financial Corp. |
2,300 | 175,168 | ||||||||||||||
Everest Re Group Ltd. |
630 | 165,306 | ||||||||||||||
Hartford Financial Services Group, Inc. (The) |
5,500 | 302,500 | ||||||||||||||
Lincoln National Corp. |
3,400 | 248,404 | ||||||||||||||
Loews Corp. |
4,200 | 204,456 | ||||||||||||||
Marsh & McLennan Cos., Inc. |
7,600 | 592,572 | ||||||||||||||
MetLife, Inc. |
15,700 | 863,500 | ||||||||||||||
Principal Financial Group, Inc. |
4,000 | 267,000 | ||||||||||||||
Progressive Corp. (The) |
8,600 | 405,318 | ||||||||||||||
Torchmark Corp. |
1,700 | 134,249 | ||||||||||||||
Travelers Cos., Inc. (The) |
4,100 | 525,169 | ||||||||||||||
Unum Group |
3,500 | 175,455 | ||||||||||||||
Willis Towers Watson PLC |
1,900 | 282,872 | ||||||||||||||
XL Group Ltd. (Bermuda) |
4,000 | 177,600 | ||||||||||||||
|
|
|||||||||||||||
8,095,560 | ||||||||||||||||
|
|
|||||||||||||||
Internet & Direct Marketing Retail 3.6% |
||||||||||||||||
Amazon.com, Inc.* |
5,550 | 5,482,179 | ||||||||||||||
Expedia, Inc. |
1,700 | 265,999 | ||||||||||||||
Netflix, Inc.* |
6,020 | 1,093,593 | ||||||||||||||
Priceline Group, Inc. (The)* |
690 | 1,399,665 | ||||||||||||||
TripAdvisor, Inc.* |
1,490 | 58,140 | ||||||||||||||
|
|
|||||||||||||||
8,299,576 | ||||||||||||||||
|
|
|||||||||||||||
Internet Software & Services 1.7% |
||||||||||||||||
Akamai Technologies, Inc.* |
700 | 32,998 | ||||||||||||||
Alphabet, Inc. (Class A Stock)* |
1,170 | 1,106,235 | ||||||||||||||
Alphabet, Inc. (Class C Stock)* |
1,171 | 1,089,616 |
eBay, Inc.* |
3,900 | 139,347 | ||||||||||||||
Facebook, Inc. (Class A Stock)* |
9,270 | 1,568,947 | ||||||||||||||
VeriSign, Inc.* |
400 | 40,468 | ||||||||||||||
|
|
|||||||||||||||
3,977,611 | ||||||||||||||||
|
|
|||||||||||||||
IT Services 1.4% |
||||||||||||||||
Accenture PLC (Class A Stock) |
2,430 | 313,033 | ||||||||||||||
Alliance Data Systems Corp. |
220 | 53,115 | ||||||||||||||
Automatic Data Processing, Inc. |
1,760 | 209,282 | ||||||||||||||
Cognizant Technology Solutions Corp. (Class A Stock) |
2,320 | 160,822 | ||||||||||||||
CSRA, Inc. |
500 | 16,305 | ||||||||||||||
DXC Technology Co. |
1,159 | 90,842 | ||||||||||||||
Fidelity National Information Services, Inc. |
1,300 | 118,586 | ||||||||||||||
Fiserv, Inc.* |
840 | 107,940 | ||||||||||||||
Gartner, Inc.* |
360 | 46,195 | ||||||||||||||
Global Payments, Inc. |
600 | 56,622 | ||||||||||||||
International Business Machines Corp. |
3,360 | 486,091 | ||||||||||||||
Mastercard, Inc. (Class A Stock) |
3,680 | 470,304 | ||||||||||||||
Paychex, Inc. |
1,200 | 69,420 | ||||||||||||||
PayPal Holdings, Inc.* |
4,400 | 257,620 | ||||||||||||||
Total System Services, Inc. |
600 | 38,076 | ||||||||||||||
Visa, Inc. (Class A Stock) |
7,260 | 722,806 | ||||||||||||||
Western Union Co. (The) |
1,800 | 35,550 | ||||||||||||||
|
|
|||||||||||||||
3,252,609 | ||||||||||||||||
|
|
|||||||||||||||
Leisure Products 0.1% |
||||||||||||||||
Hasbro, Inc. |
1,570 | 166,232 | ||||||||||||||
Mattel, Inc. |
4,700 | 94,094 | ||||||||||||||
|
|
|||||||||||||||
260,326 | ||||||||||||||||
|
|
|||||||||||||||
Life Sciences Tools & Services 0.1% |
||||||||||||||||
Agilent Technologies, Inc. |
500 | 29,895 | ||||||||||||||
Illumina, Inc.* |
250 | 43,462 | ||||||||||||||
Mettler-Toledo International, Inc.* |
50 | 28,654 | ||||||||||||||
PerkinElmer, Inc. |
200 | 13,166 | ||||||||||||||
Thermo Fisher Scientific, Inc. |
670 | 117,605 | ||||||||||||||
Waters Corp.* |
140 | 24,282 | ||||||||||||||
|
|
|||||||||||||||
257,064 | ||||||||||||||||
|
|
|||||||||||||||
Machinery 1.8% |
||||||||||||||||
Caterpillar, Inc. |
7,340 | 836,393 | ||||||||||||||
Cummins, Inc. |
1,930 | 324,047 | ||||||||||||||
Deere & Co. |
3,670 | 470,787 | ||||||||||||||
Dover Corp. |
1,900 | 159,600 | ||||||||||||||
Flowserve Corp. |
1,600 | 65,808 | ||||||||||||||
Fortive Corp. |
3,750 | 242,775 | ||||||||||||||
Illinois Tool Works, Inc. |
3,870 | 544,548 | ||||||||||||||
Ingersoll-Rand PLC |
3,200 | 281,216 | ||||||||||||||
PACCAR, Inc. |
4,400 | 301,180 | ||||||||||||||
Parker-Hannifin Corp. |
1,660 | 275,527 | ||||||||||||||
Pentair PLC (United Kingdom) |
2,100 | 132,447 | ||||||||||||||
Snap-on, Inc. |
720 | 111,024 | ||||||||||||||
Stanley Black & Decker, Inc. |
1,910 | 268,718 | ||||||||||||||
Xylem, Inc. |
2,200 | 124,806 | ||||||||||||||
|
|
|||||||||||||||
4,138,876 | ||||||||||||||||
|
|
|||||||||||||||
Media 4.0% |
||||||||||||||||
CBS Corp. (Class B Stock) |
5,100 | 335,733 | ||||||||||||||
Charter Communications, Inc. (Class A Stock)* |
3,020 | 1,183,568 | ||||||||||||||
Comcast Corp. (Class A Stock) |
66,100 | 2,673,745 |
Discovery Communications, Inc. (Class A Stock)*(a) |
2,100 | 51,660 | ||||||||||||||
Discovery Communications, Inc. (Class C Stock)* |
2,900 | 67,077 | ||||||||||||||
DISH Network Corp. (Class A Stock)* |
3,200 | 204,896 | ||||||||||||||
Interpublic Group of Cos., Inc. (The) |
5,500 | 118,855 | ||||||||||||||
News Corp. (Class A Stock) |
5,250 | 75,127 | ||||||||||||||
News Corp. (Class B Stock) |
1,600 | 23,520 | ||||||||||||||
Omnicom Group, Inc. |
3,300 | 259,842 | ||||||||||||||
Scripps Networks Interactive, Inc. (Class A Stock) |
1,300 | 113,633 | ||||||||||||||
Time Warner, Inc. |
10,840 | 1,110,233 | ||||||||||||||
Twenty-First Century Fox, Inc. (Class A Stock) |
14,700 | 427,770 | ||||||||||||||
Twenty-First Century Fox, Inc. (Class B Stock) |
6,800 | 195,092 | ||||||||||||||
Viacom, Inc. (Class B Stock) |
4,900 | 171,108 | ||||||||||||||
Walt Disney Co. (The) |
20,320 | 2,233,778 | ||||||||||||||
|
|
|||||||||||||||
9,245,637 | ||||||||||||||||
|
|
|||||||||||||||
Metals & Mining 0.2% |
||||||||||||||||
Freeport-McMoRan, Inc.* |
11,500 | 168,130 | ||||||||||||||
Newmont Mining Corp. |
4,600 | 170,982 | ||||||||||||||
Nucor Corp. |
2,800 | 161,476 | ||||||||||||||
|
|
|||||||||||||||
500,588 | ||||||||||||||||
|
|
|||||||||||||||
Multi-Utilities 2.9% |
||||||||||||||||
Ameren Corp. |
7,300 | 409,530 | ||||||||||||||
CenterPoint Energy, Inc. |
13,000 | 366,470 | ||||||||||||||
CMS Energy Corp. |
8,500 | 393,040 | ||||||||||||||
Consolidated Edison, Inc. |
9,200 | 762,312 | ||||||||||||||
Dominion Energy, Inc. |
19,000 | 1,466,420 | ||||||||||||||
DTE Energy Co. |
5,430 | 581,336 | ||||||||||||||
NiSource, Inc. |
9,700 | 252,782 | ||||||||||||||
Public Service Enterprise Group, Inc. |
15,300 | 688,041 | ||||||||||||||
SCANA Corp. |
4,300 | 276,791 | ||||||||||||||
Sempra Energy |
7,590 | 857,746 | ||||||||||||||
WEC Energy Group, Inc. |
9,584 | 603,504 | ||||||||||||||
|
|
|||||||||||||||
6,657,972 | ||||||||||||||||
|
|
|||||||||||||||
Multiline Retail 0.5% |
||||||||||||||||
Dollar General Corp. |
3,500 | 263,060 | ||||||||||||||
Dollar Tree, Inc.* |
3,300 | 237,864 | ||||||||||||||
Kohls Corp. |
2,300 | 95,105 | ||||||||||||||
Macys, Inc. |
4,200 | 99,750 | ||||||||||||||
Nordstrom, Inc. |
1,500 | 72,855 | ||||||||||||||
Target Corp. |
7,700 | 436,359 | ||||||||||||||
|
|
|||||||||||||||
1,204,993 | ||||||||||||||||
|
|
|||||||||||||||
Oil, Gas & Consumable Fuels 3.3% |
||||||||||||||||
Anadarko Petroleum Corp. |
3,830 | 174,916 | ||||||||||||||
Apache Corp. |
2,600 | 128,648 | ||||||||||||||
Cabot Oil & Gas Corp. |
3,200 | 79,584 | ||||||||||||||
Chesapeake Energy Corp.*(a) |
5,200 | 25,792 | ||||||||||||||
Chevron Corp. |
13,130 | 1,433,665 | ||||||||||||||
Cimarex Energy Co. |
630 | 62,389 | ||||||||||||||
Concho Resources, Inc.* |
1,030 | 134,168 | ||||||||||||||
ConocoPhillips |
8,500 | 385,645 | ||||||||||||||
Devon Energy Corp. |
3,600 | 119,916 | ||||||||||||||
EOG Resources, Inc. |
4,010 | 381,511 | ||||||||||||||
EQT Corp. |
1,170 | 74,529 | ||||||||||||||
Exxon Mobil Corp. |
29,420 | 2,354,777 | ||||||||||||||
Hess Corp. |
1,830 | 81,508 | ||||||||||||||
Kinder Morgan, Inc. |
13,300 | 271,719 | ||||||||||||||
Marathon Oil Corp. |
5,800 | 70,934 |
Marathon Petroleum Corp. |
3,580 | 200,444 | ||||||||||||||
Murphy Oil Corp. |
1,100 | 29,238 | ||||||||||||||
Newfield Exploration Co.* |
1,300 | 37,349 | ||||||||||||||
Noble Energy, Inc. |
3,100 | 89,621 | ||||||||||||||
Occidental Petroleum Corp. |
5,300 | 328,229 | ||||||||||||||
ONEOK, Inc. |
2,600 | 147,082 | ||||||||||||||
Phillips 66 |
3,100 | 259,625 | ||||||||||||||
Pioneer Natural Resources Co. |
1,180 | 192,458 | ||||||||||||||
Range Resources Corp. |
1,300 | 27,443 | ||||||||||||||
Tesoro Corp. |
1,100 | 109,483 | ||||||||||||||
Valero Energy Corp. |
3,100 | 213,807 | ||||||||||||||
Williams Cos., Inc. (The) |
5,700 | 181,146 | ||||||||||||||
|
|
|||||||||||||||
7,595,626 | ||||||||||||||||
|
|
|||||||||||||||
Personal Products 0.2% |
||||||||||||||||
Coty, Inc. (Class A Stock) |
8,300 | 169,984 | ||||||||||||||
Estee Lauder Cos., Inc. (The) (Class A Stock) |
4,000 | 395,960 | ||||||||||||||
|
|
|||||||||||||||
565,944 | ||||||||||||||||
|
|
|||||||||||||||
Pharmaceuticals 0.8% |
||||||||||||||||
Allergan PLC |
578 | 145,847 | ||||||||||||||
Bristol-Myers Squibb Co. |
2,800 | 159,320 | ||||||||||||||
Eli Lilly & Co. |
1,700 | 140,522 | ||||||||||||||
Johnson & Johnson |
4,600 | 610,512 | ||||||||||||||
Mallinckrodt PLC* |
170 | 7,786 | ||||||||||||||
Merck & Co., Inc. |
4,700 | 300,236 | ||||||||||||||
Mylan NV* |
700 | 27,293 | ||||||||||||||
Perrigo Co. PLC |
250 | 18,730 | ||||||||||||||
Pfizer, Inc. |
10,100 | 334,916 | ||||||||||||||
Zoetis, Inc. |
800 | 50,016 | ||||||||||||||
|
|
|||||||||||||||
1,795,178 | ||||||||||||||||
|
|
|||||||||||||||
Professional Services 0.4% |
||||||||||||||||
Equifax, Inc. |
1,500 | 218,160 | ||||||||||||||
IHS Markit Ltd.* |
3,900 | 181,935 | ||||||||||||||
Nielsen Holdings PLC |
4,100 | 176,341 | ||||||||||||||
Robert Half International, Inc. |
1,600 | 72,400 | ||||||||||||||
Verisk Analytics, Inc.* |
1,900 | 165,794 | ||||||||||||||
|
|
|||||||||||||||
814,630 | ||||||||||||||||
|
|
|||||||||||||||
Real Estate Management & Development 0.0% |
||||||||||||||||
CBRE Group, Inc. (Class A Stock)* |
2,100 | 79,779 | ||||||||||||||
|
|
|||||||||||||||
Road & Rail 1.0% |
||||||||||||||||
CSX Corp. |
11,500 | 567,410 | ||||||||||||||
J.B. Hunt Transport Services, Inc. |
1,100 | 99,781 | ||||||||||||||
Kansas City Southern |
1,320 | 136,211 | ||||||||||||||
Norfolk Southern Corp. |
3,610 | 406,414 | ||||||||||||||
Union Pacific Corp. |
10,060 | 1,035,777 | ||||||||||||||
|
|
|||||||||||||||
2,245,593 | ||||||||||||||||
|
|
|||||||||||||||
Semiconductors & Semiconductor Equipment 1.3% |
||||||||||||||||
Advanced Micro Devices, Inc.*(a) |
3,000 | 40,830 | ||||||||||||||
Analog Devices, Inc. |
1,448 | 114,406 | ||||||||||||||
Applied Materials, Inc. |
4,200 | 186,102 | ||||||||||||||
Broadcom Ltd. |
1,582 | 390,216 | ||||||||||||||
Intel Corp. |
18,400 | 652,648 | ||||||||||||||
KLA-Tencor Corp. |
650 | 60,210 | ||||||||||||||
Lam Research Corp. |
640 | 102,054 | ||||||||||||||
Microchip Technology, Inc. |
900 | 72,036 |
Micron Technology, Inc.* |
4,000 | 112,480 | ||||||||||||||
NVIDIA Corp. |
2,340 | 380,273 | ||||||||||||||
Qorvo, Inc.* |
500 | 34,280 | ||||||||||||||
QUALCOMM, Inc. |
5,800 | 308,502 | ||||||||||||||
Skyworks Solutions, Inc. |
750 | 78,653 | ||||||||||||||
Texas Instruments, Inc. |
3,900 | 317,382 | ||||||||||||||
Xilinx, Inc. |
1,000 | 63,260 | ||||||||||||||
|
|
|||||||||||||||
2,913,332 | ||||||||||||||||
|
|
|||||||||||||||
Software 1.8% |
||||||||||||||||
Activision Blizzard, Inc. |
2,700 | 166,806 | ||||||||||||||
Adobe Systems, Inc.* |
1,940 | 284,190 | ||||||||||||||
ANSYS, Inc.* |
340 | 44,047 | ||||||||||||||
Autodesk, Inc.* |
760 | 84,200 | ||||||||||||||
CA, Inc. |
1,200 | 37,248 | ||||||||||||||
Citrix Systems, Inc.* |
600 | 47,388 | ||||||||||||||
Electronic Arts, Inc.* |
1,220 | 142,423 | ||||||||||||||
Intuit, Inc. |
960 | 131,722 | ||||||||||||||
Microsoft Corp. |
30,300 | 2,202,810 | ||||||||||||||
Oracle Corp. |
11,800 | 589,174 | ||||||||||||||
Red Hat, Inc.* |
700 | 69,209 | ||||||||||||||
salesforce.com, Inc.* |
2,600 | 236,080 | ||||||||||||||
Symantec Corp. |
2,300 | 71,277 | ||||||||||||||
Synopsys, Inc.* |
600 | 45,942 | ||||||||||||||
|
|
|||||||||||||||
4,152,516 | ||||||||||||||||
|
|
|||||||||||||||
Specialty Retail 2.8% |
||||||||||||||||
Advance Auto Parts, Inc. |
1,030 | 115,370 | ||||||||||||||
AutoNation, Inc.* |
900 | 38,142 | ||||||||||||||
AutoZone, Inc.* |
400 | 215,928 | ||||||||||||||
Bed Bath & Beyond, Inc. |
2,000 | 59,800 | ||||||||||||||
Best Buy Co., Inc. |
3,700 | 215,858 | ||||||||||||||
CarMax, Inc.*(a) |
2,600 | 172,250 | ||||||||||||||
Foot Locker, Inc. |
1,800 | 84,942 | ||||||||||||||
Gap, Inc. (The) |
3,000 | 71,490 | ||||||||||||||
Home Depot, Inc. (The) |
16,700 | 2,498,320 | ||||||||||||||
L Brands, Inc. |
3,400 | 157,726 | ||||||||||||||
Lowes Cos., Inc. |
12,000 | 928,800 | ||||||||||||||
OReilly Automotive, Inc.* |
1,270 | 259,461 | ||||||||||||||
Ross Stores, Inc. |
5,480 | 303,154 | ||||||||||||||
Signet Jewelers Ltd. |
970 | 59,325 | ||||||||||||||
Staples, Inc. |
9,100 | 92,365 | ||||||||||||||
Tiffany & Co. |
1,540 | 147,086 | ||||||||||||||
TJX Cos., Inc. (The) |
9,000 | 632,790 | ||||||||||||||
Tractor Supply Co. |
1,800 | 101,016 | ||||||||||||||
Ulta Beauty, Inc.* |
820 | 205,992 | ||||||||||||||
|
|
|||||||||||||||
6,359,815 | ||||||||||||||||
|
|
|||||||||||||||
Technology Hardware, Storage & Peripherals 1.5% |
||||||||||||||||
Apple, Inc. |
20,450 | 3,041,528 | ||||||||||||||
Hewlett Packard Enterprise Co. |
6,500 | 113,815 | ||||||||||||||
HP, Inc. |
6,600 | 126,060 | ||||||||||||||
NetApp, Inc. |
1,000 | 43,420 | ||||||||||||||
Seagate Technology PLC |
1,100 | 36,256 | ||||||||||||||
Western Digital Corp. |
1,132 | 96,356 | ||||||||||||||
Xerox Corp. |
750 | 23,003 | ||||||||||||||
|
|
|||||||||||||||
3,480,438 | ||||||||||||||||
|
|
|||||||||||||||
Textiles, Apparel & Luxury Goods 0.9% |
||||||||||||||||
Coach, Inc. |
3,900 | 183,846 |
Hanesbrands, Inc. |
5,000 | 114,600 | ||||||||||||
Michael Kors Holdings Ltd.* |
2,100 | 76,524 | ||||||||||||
NIKE, Inc. (Class B Stock) |
18,520 | 1,093,606 | ||||||||||||
PVH Corp. |
1,090 | 130,026 | ||||||||||||
Ralph Lauren Corp. |
770 | 58,251 | ||||||||||||
Under Armour, Inc. (Class A Stock)*(a) |
2,500 | 50,050 | ||||||||||||
Under Armour, Inc. (Class C Stock)*(a) |
2,511 | 45,474 | ||||||||||||
VF Corp. |
4,420 | 274,880 | ||||||||||||
|
|
|||||||||||||
2,027,257 | ||||||||||||||
|
|
|||||||||||||
Tobacco 2.6% |
||||||||||||||
Altria Group, Inc. |
34,100 | 2,215,477 | ||||||||||||
British American Tobacco PLC (United Kingdom), ADR |
7,695 | 481,091 | ||||||||||||
Philip Morris International, Inc. |
27,410 | 3,199,021 | ||||||||||||
|
|
|||||||||||||
5,895,589 | ||||||||||||||
|
|
|||||||||||||
Trading Companies & Distributors 0.2% |
||||||||||||||
Fastenal Co. |
3,600 | 154,656 | ||||||||||||
United Rentals, Inc.* |
1,050 | 124,908 | ||||||||||||
W.W. Grainger, Inc. |
670 | 111,716 | ||||||||||||
|
|
|||||||||||||
391,280 | ||||||||||||||
|
|
|||||||||||||
Water Utilities 0.2% |
||||||||||||||
American Water Works Co., Inc. |
5,400 | 437,940 | ||||||||||||
|
|
|||||||||||||
TOTAL COMMON STOCKS |
|
219,097,427 | ||||||||||||
|
|
|||||||||||||
Units | ||||||||||||||
RIGHTS* 0.0% |
||||||||||||||
Food & Staples Retailing |
||||||||||||||
Safeway Casa Ley, expiring 01/30/19, CVR^(g) |
2,400 | 1,133 | ||||||||||||
Safeway PDC, CVR^(g) |
2,400 | 41 | ||||||||||||
|
|
|||||||||||||
TOTAL RIGHTS |
|
1,174 | ||||||||||||
|
|
|||||||||||||
TOTAL LONG-TERM INVESTMENTS |
|
219,098,601 | ||||||||||||
|
|
|||||||||||||
SHORT-TERM INVESTMENTS 5.3% |
||||||||||||||
Shares | ||||||||||||||
AFFILIATED MUTUAL FUNDS 5.0% |
||||||||||||||
Prudential Investment Portfolios 2 Prudential Core Ultra Short Bond Fund(w) |
10,489,815 | 10,489,815 | ||||||||||||
Prudential Investment Portfolios 2 Prudential Institutional Money Market Fund (cost $1,081,879; includes $1,081,006 of
cash collateral for securities on |
1,081,782 | 1,081,891 | ||||||||||||
|
|
|||||||||||||
TOTAL AFFILIATED MUTUAL FUNDS |
|
11,571,706 | ||||||||||||
|
|
Interest Rate |
Maturity Date |
Principal Amount (000)# |
||||||||||||
U.S. TREASURY OBLIGATION(k)(n) 0.3% |
||||||||||||||
U.S. Treasury Bills |
0.960% | 09/21/17 | 600 | 599,165 | ||||||||||
|
|
|||||||||||||
TOTAL SHORT-TERM INVESTMENTS |
|
12,170,871 | ||||||||||||
|
|
|||||||||||||
TOTAL INVESTMENTS 100.6% |
|
231,269,472 | ||||||||||||
Liabilities in excess of other assets(z) (0.6)% |
|
(1,452,926 | ) | |||||||||||
|
|
|||||||||||||
NET ASSETS 100.0% |
|
$ | 229,816,546 | |||||||||||
|
|
See Glossary for abbreviations used in the quarterly schedule of portfolio holdings:
^ | Indicates a Level 3 security. The aggregate value of Level 3 securities is $1,174 and 0.0% of net assets. |
# | Principal amount is shown in U.S. dollars unless otherwise stated. |
* | Non-income producing security. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,054,580; cash collateral of $1,081,006 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. |
(b) | Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(g) | Indicates a security that has been deemed illiquid; the aggregate value of $1,174 is approximately 0.0% of net assets. |
(k) | Represents security, or a portion thereof, segregated as collateral for futures contracts. |
(n) | Rates shown reflect yield to maturity at purchase date. |
(w) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 Prudential Core Ultra Short Bond Fund and Prudential Institutional Money Market Fund. |
(x) | The United States federal income tax basis of investments and the net unrealized appreciation were as follows: |
Tax Basis |
$ | 178,188,436 | ||
|
|
|||
Appreciation |
53,740,003 | |||
Depreciation |
(658,967 | ) | ||
|
|
|||
Net Unrealized Appreciation |
$ | 53,081,036 | ||
|
|
The book basis may differ from tax basis due to certain tax-related adjustments.
(z) | Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end: |
Futures contracts outstanding at July 31, 2017:
Number of |
Type |
Expiration |
Value at Trade Date |
Value at July 31, 2017 |
Unrealized Appreciation (Depreciation) |
|||||||||||
Long Position: |
||||||||||||||||
78 | S&P 500 E-Mini Index |
Sep. 2017 | $ | 9,456,417 | $ | 9,625,200 | $ | 168,783 | ||||||||
|
|
A security with a market value of $599,165 has been segregated with Goldman Sachs & Co. to cover requirements for open futures contracts at July 31, 2017.
Fair Value Measurements:
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels listed below.
Level 1 - unadjusted quoted prices generally in active markets for identical securities.
Level 2 - quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3 - unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of July 31, 2017 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities |
||||||||||||
Common Stocks |
||||||||||||
Aerospace & Defense |
$ | 6,444,751 | $ | | $ | | ||||||
Air Freight & Logistics |
1,832,556 | | | |||||||||
Airlines |
1,551,369 | | | |||||||||
Auto Components |
582,883 | | | |||||||||
Automobiles |
1,416,638 | | | |||||||||
Banks |
19,599,184 | | | |||||||||
Beverages |
7,750,329 | | | |||||||||
Biotechnology |
1,090,017 | | | |||||||||
Building Products |
823,064 | | | |||||||||
Capital Markets |
9,174,358 | | | |||||||||
Chemicals |
3,859,138 | | | |||||||||
Commercial Services & Supplies |
797,617 | | | |||||||||
Communications Equipment |
805,367 | | | |||||||||
Construction & Engineering |
213,625 | | | |||||||||
Construction Materials |
266,124 | | | |||||||||
Consumer Finance |
2,297,152 | | | |||||||||
Containers & Packaging |
594,588 | | | |||||||||
Distributors |
323,564 | | | |||||||||
Diversified Consumer Services |
85,400 | | | |||||||||
Diversified Financial Services |
4,919,079 | | | |||||||||
Diversified Telecommunication Services |
16,509,588 | | | |||||||||
Electric Utilities |
12,775,241 | | | |||||||||
Electrical Equipment |
1,470,818 | | | |||||||||
Electronic Equipment, Instruments & Components |
331,119 | | | |||||||||
Energy Equipment & Services |
1,260,191 | | | |||||||||
Equity Real Estate Investment Trusts (REITs) |
4,293,485 | | | |||||||||
Food & Staples Retailing |
7,057,086 | | | |||||||||
Food Products |
5,005,701 | | | |||||||||
Health Care Equipment & Supplies |
1,025,107 | | | |||||||||
Health Care Providers & Services |
1,001,589 | | | |||||||||
Health Care Technology |
32,185 | | | |||||||||
Hotels, Restaurants & Leisure |
5,068,554 | | | |||||||||
Household Durables |
1,336,661 | | | |||||||||
Household Products |
6,539,493 | | | |||||||||
Independent Power & Renewable Electricity Producers |
456,372 | | | |||||||||
Industrial Conglomerates |
5,861,705 | | | |||||||||
Insurance |
8,095,560 | | | |||||||||
Internet & Direct Marketing Retail |
8,299,576 | | | |||||||||
Internet Software & Services |
3,977,611 | | | |||||||||
IT Services |
3,252,609 | | | |||||||||
Leisure Products |
260,326 | | | |||||||||
Life Sciences Tools & Services |
257,064 | | | |||||||||
Machinery |
4,138,876 | | | |||||||||
Media |
9,245,637 | | | |||||||||
Metals & Mining |
500,588 | | | |||||||||
Multi-Utilities |
6,657,972 | | | |||||||||
Multiline Retail |
1,204,993 | | | |||||||||
Oil, Gas & Consumable Fuels |
7,595,626 | | | |||||||||
Personal Products |
565,944 | | | |||||||||
Pharmaceuticals |
1,795,178 | | |
Professional Services |
814,630 | | | |||||||||
Real Estate Management & Development |
79,779 | | | |||||||||
Road & Rail |
2,245,593 | | | |||||||||
Semiconductors & Semiconductor Equipment |
2,913,332 | | | |||||||||
Software |
4,152,516 | | | |||||||||
Specialty Retail |
6,359,815 | | | |||||||||
Technology Hardware, Storage & Peripherals |
3,480,438 | | | |||||||||
Textiles, Apparel & Luxury Goods |
2,027,257 | | | |||||||||
Tobacco |
5,895,589 | | | |||||||||
Trading Companies & Distributors |
391,280 | | | |||||||||
Water Utilities |
437,940 | | | |||||||||
Rights |
||||||||||||
Food & Staples Retailing |
| | 1,174 | |||||||||
Affiliated Mutual Funds |
11,571,706 | | | |||||||||
U.S. Treasury Obligation |
| 599,165 | | |||||||||
Other Financial Instruments* |
||||||||||||
Futures Contracts |
168,783 | | | |||||||||
|
|
|
|
|
|
|||||||
Total |
$ | 230,837,916 | $ | 599,165 | $ | 1,174 | ||||||
|
|
|
|
|
|
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.
Glossary:
The following abbreviations are used in the quarterly schedules of portfolio holdings:
144A | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. | |
ADR | American Depositary Receipt | |
CDX | Credit Derivative Index | |
CLO | Collateralized Loan Obligation | |
CVA | Certificate Van Aandelen (Bearer) | |
CVR | Contingent Value Rights | |
CVT | Convertible Security | |
EMTN | Euro Medium Term Note | |
ETF | Exchange Traded Fund | |
GMTN | Global Medium Term Note | |
MLP | Master Limited Partnership | |
MTN | Medium Term Note | |
OTC | Over-the-counter | |
PIK | Payment-in-Kind | |
PRFC | Preference Shares | |
REIT | Real Estate Investment Trust | |
SPDR | Standard & Poors Depository Receipts | |
ARS | Argentine Peso | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CLP | Chilean Peso | |
COP | Colombian Peso | |
CZK | Czech Koruna | |
EUR | Euro | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
ILS | Israeli Shekel | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
PEN | Peruvian Nuevo Sol | |
PHP | Philippine Peso | |
PLN | Polish Zloty | |
RUB | Russian Ruble | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TRY | Turkish Lira | |
TWD | New Taiwanese Dollar | |
ZAR | South African Rand |
Notes to Schedules of Investments (unaudited)
Securities Valuation: Each Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (NYSE) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Trustees (the Board) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (PGIM Investments or the Manager) (formerly known as Prudential Investments LLC). Under the current valuation procedures, the Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committees actions is subject to the Boards review, approval, and ratification at its next regularly scheduled quarterly meeting.
Various inputs determine how each Funds investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments.
Common and preferred stocks, exchange-traded funds, and derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.
Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.
Investments in open-end, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.
Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. Each Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing recent transaction prices for identical or comparable securities. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
OTC derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. Each Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing OTC derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors valuation techniques used to derive the evaluated OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.
Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.
When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuers financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a securitys most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.
Each Fund may invest up to 15% of its net assets in illiquid securities, including those that are restricted as to disposition under securities law (restricted securities). Restricted securities are valued pursuant to the valuation procedures noted above.
The Funds may invest their overnight sweep cash in the Prudential Core Ultra Short Bond Fund and their securities lending cash collateral in the Prudential Institutional Money Market Fund, each a series of the Prudential Investment Portfolios 2, registered under the Investment Company Act of 1940, as amended, and managed by PGIM Investments.
Other information regarding the Funds is available in the Funds most recent Report to Shareholders. This information is available on the Securities and Exchange Commissions website (www.sec.gov)
Item 2. Controls and Procedures
(a) | It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
(b) | There have been no significant changes in the registrants internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. |
Item 3. Exhibits
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 Attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Prudential Investment Portfolios 16
By (Signature and Title)* | /s/ Deborah A. Docs | |
Deborah A. Docs | ||
Secretary of the Fund | ||
Date September 18, 2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Stuart S. Parker | |
Stuart S. Parker | ||
President and Principal Executive Officer | ||
Date September 18, 2017 | ||
By (Signature and Title)* | /s/ M. Sadiq Peshimam | |
M. Sadiq Peshimam | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date September 18, 2017 |
* | Print the name and title of each signing officer under his or her signature. |
Exhibit 99_CERT
CERTIFICATIONS
I, Stuart S. Parker, certify that:
1. | I have reviewed this report on Form N-Q of Prudential Investment Portfolios 16; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: September 18, 2017 | /s/ Stuart S. Parker | |||||
Stuart S. Parker | ||||||
President and Principal | ||||||
Executive Officer |
CERTIFICATIONS
I, M. Sadiq Peshimam, certify that:
1. | I have reviewed this report on Form N-Q of Prudential Investment Portfolios 16; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: September 18, 2017 | /s/ M. Sadiq Peshimam | |||||
M. Sadiq Peshimam | ||||||
Treasurer and Principal | ||||||
Financial and Accounting Officer |