# Fund grading
4 Star Overall Morningstar Rating™ as of 31 January 2022
★★★★
Source: Fund Administrator: BNY Mellon Fund Services (Ireland) DAC since February 2011, performance data prior to this date is sourced from PGI and/or its affiliates; and the Index.
Data: From December 2018, the performance data shown is based upon the Fund's Net Asset Value (NAV) prices of the last Irish business day of the month. For Funds not open for dealing on this day this will be an indicative NAV. The performance data shown is net of fees and other charges but excludes any potential entry/exit charges- as such the return an investor receives may be lower. Prior to December 2018, the performance data shown is based upon the Fund's month- end market close prices. (See performance note for further details.)
| Fund analysis |  |
| --- | --- |
|  | Fund | Index |
| Average Credit Quality | B+ | BB- |

Current Yield	5.35.4
Yield to Worst	5.55.4
Yield to Maturity	5.85.7
Option Adjusted Duration (Years)	3.84.1
Any yields quoted on the fact sheet are calculated at portfolio level gross of tax and expenses.
| Top 10 holdings (%) |  |  | Credit quality (%) |  |
| --- | --- | --- | --- | --- |
|  | Fund |  |  | Fund | Difference |
| Aethon United Br Lp / Aethon United Finance Corp | 0.8 |  | AAA | 1.7 | 1.7 |
| Aryzta Ag | 0.8 |  | BBB | 1.4 | 0.8 |
| Srm Escrow Issuer Llc | 0.7 |  | BB | 38.3 | -19.0 |
| Ncr Corp | 0.7 |  | B | 43.6 | 11.2 |
| Adler Pelzer Holding Gmbh | 0.7 |  | CCC and Below | 13.1 | 3.4 |
| Mauser Packaging Solutions Holding Co | 0.7 |  | Not Rated | 1.9 | 1.9 |

Deutsche Bank Ag0.7
Tele Columbus Ag0.7
Chs/Community Health Systems Inc0.7
Valcour Packaging Llc0.7
Total7.2
Credit Quality refers to the credit ratings for the underlying securities in the Fund as rated by Standard & Poor's or Moody's Investors Service, and typically range from AAA/Aaa (highest) to C/D (lowest). If Moody's and S&P assign different ratings, the higher rating is used. Ratings methodologies and individual ratings can change over time. Credit Quality: AAA includes cash.
No. of holdings347

Translation (ENFR, 2022-01-31):
# Classement du fonds
4 Star Overall Morningstar Rating™ as of
Rendement courant	5,3	5,4
Yield to Worst	5,5	5,4
Yield to Maturity	5,8	5,7
Option Adjusted Duration (Years)	3,8	4,1 Tous les rendements indiqués sur la fiche d’information sont calculés au niveau du portefeuille, avant impôts et dépenses.
| 31 J ★ | anuar ★ | y 202 ★ | 2 ★ | 10 principales positions (%) | Fonds |  | Répartition par rating (%) | Fonds | Difference |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Aethon United Br Lp / Aethon United Finance Corp | 0,8 |  | AAA | 1,7 | 1,7 |
| Aryzta Ag | 0,8 |  | BBB | 1,4 | 0,8 |
| Srm Escrow Issuer Llc | 0,7 |  | BB | 38,3 | -19,0 |
| Ncr Corp | 0,7 |  | B | 43,6 | 11,2 |
| Adler Pelzer Holding Gmbh | 0,7 |  | CCC and Below | 13,1 | 3,4 |
| Mauser Packaging Solutions Holding Co | 0,7 |  | Not Rated | 1,9 | 1,9 |

Deutsche Bank Ag	0,7
Tele Columbus Ag	0,7
Chs/Community Health Systems Inc	0,7
Valcour Packaging Llc	0,7
Total	7,2
La qualité de crédit désigne la note de crédit attribuée aux titres sous-jacents qui composent le fonds par les agences Standard & Poor's ou Moody's Investors Service et qui oscille généralement entre AAA/Aaa (la plus haute) et C/D (la plus basse). Si Moody's and S&P attribue des notes différentes, c’est la note la plus élevée qui prévaudra. Les méthodes de notation et les notes individuelles peuvent évoluer au fil du temps. Qualité du crédit : AAA comprend les liquidités.
Nombre de positions dans le portefeuille347