Putnam Allstate Advisor

Putnam High Yield Subaccount

The fund seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.

Putnam High Yield Subaccount

Fund description

The subaccount seeks high current income by investing principally in corporate bonds rated below investment grade. It offers the potential for higher income than investment-grade bond funds in exchange for the increased risk that accompanies high-yield bond investments. The subaccount is diversified across a range of industries and the management team conducts intensive research to select companies that appear capable of servicing their outstanding debt obligations.

Sales story

Seeking a high level of income for investorsIncome-focused: The portfolio managers strive for a higher level of income than most bonds offer by investing in higher-yielding, lower rated corporate bonds.Focus on performance: The managers can invest across a range of industries and companies, and can adjust the fund's holdings to capitalize on market opportunities.Leading research: The fund's managers, supported by Putnam's fixed-income research division, analyze a range of bonds to build a diversified portfolio.

Management team

Daily pricing as of 04/24/18

with optional enhanced death benefits
Unit Value $23.165679 $22.507246
Unit Value Change -0.077004 -0.074909

Lipper ranking ‡ as of 03/31/18

Category: High Yield Funds

  Percentile ranking Rank/Funds in category
10 yrs. 43% 33/76
1 yr. 45% 49/108
3 yrs. 47% 49/105
5 yrs. 44% 43/99

Maturity detail includes only cash bonds and cash equivalents.

Lower rated bonds may offer higher yields in return for more risk. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

Credit qualities are shown as a percentage of net assets. A bond rated Baa or higher (Prime-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds rated A-1+ are included in the AAA-rating category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. The fund itself has not been rated by an independent rating agency.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Quick facts as of 03/31/18

Fiscal Year End December
Asset Class Putnam Allstate Advisor
Subaccount Status Open to new investors
Number of issues 525
Turnover (fiscal year end) 43%
Net Assets $208M
Inception Date 02/01/88

Performance

Performance as of 03/31/18

Annualized Performance Last Quarter Year
to Date		 1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value -1.43% -1.43% 2.22% 2.84% 2.93% 5.54% 5.98%
Standardized -10.07% -10.07% -6.68% -1.98% -0.79% 2.91% 4.26%
With optional enhanced death benefit
Unit Value -1.47% -1.47% 2.06% 2.69% 2.78% 5.38% 5.82%
Standardized -10.10% -10.10% -6.82% -2.14% -0.96% 2.73% 4.07%
Actual performance
Unit Value -1.43% -1.43% 2.22% 2.84% 2.93% 5.54% 4.52%
Standardized -10.07% -10.07% -6.68% -1.98% -0.79% 2.91% 1.69%
With optional enhanced death benefit
Unit Value -1.47% -1.47% 2.06% 2.69% 2.78% 5.38% 4.36%
Standardized -10.10% -10.10% -6.82% -2.14% -0.96% 2.73% 1.49%

Annual Performance at NAV

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-26.99% 48.31% 12.62% 0.49% 14.56% 6.51% 0.29% -6.54% 14.11% 5.65%
With optional enhanced death benefit
-27.10% 48.08% 12.45% 0.33% 14.38% 6.35% 0.14% -6.68% 13.94% 5.49%

Restated performance

Monthly as of 03/31/18

Unit Value -0.76%
Standardized -9.45%

YTD as of 04/24/18

Unit Value -1.03%
Standardized -9.70%

With optional enhanced death benefit

Monthly as of 03/31/18

Unit Value -0.78%
Standardized -9.46%

YTD as of 04/24/18

Unit Value -1.08%
Standardized -9.74%

Unit values and performance information shown apply to the specific annuity product listed, not the underlying Putnam Variable Trust fund. This information should not be used by investors who hold an interest in Putnam Variable Trust funds through a different annuity or other variable product. The unit values and performance of other variable products that offer Putnam Variable Trust funds may be higher or lower due to product charges and expenses or other factors.

Data is historical. Past performance is no guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units.

Returns shown for the subaccounts for periods before their inception are derived from the historical performance of the underlying fund, adjusted to reflect the mortality, expense risk, and surrender charges applicable to this product and do not factor in the annual $30 contract maintenance fee. Additional riders and options for insurance-related charges will increase expenses and lower returns. Please see the prospectus for details. For a portion of the period, subaccounts may have limited expenses, without which returns would have been lower.

Variable annuities are long-term investments designed for retirement purposes. Putnam Hartford products are flexible-premium variable annuities issued by Hartford Life and Annuity Insurance Company, Simsbury, CT.

Putnam Allstate variable annuities are flexible-premium deferred variable annuities issued by Allstate Life Insurance Company (Allstate Life); underwritten by Allstate Distributors, L.L.C., both of Northbrook, IL; and sold through registered representatives or bank employees who are licensed insurance agents. Please check for availability in your specific state.

These policies have limitations and are sold by prospectus only. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any variable annuity or variable life product that invests in Putnam Variable Trust funds, contact your financial advisor for a contract prospectus and prospectus for the underlying funds. You may also call Hartford at 1-800-521-0538 or Allstate at 1-800-390-1277. Read the prospectuses carefully before investing.

For the most recent month-end performance, please call Hartford at 1-800-521-0538 or Allstate at 1-800-390-1277.

Maturity detail includes only cash bonds and cash equivalents.

Lower rated bonds may offer higher yields in return for more risk. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

Credit qualities are shown as a percentage of net assets. A bond rated Baa or higher (Prime-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds rated A-1+ are included in the AAA-rating category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. The fund itself has not been rated by an independent rating agency.

Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Risk Characteristics as of 03/31/18

Avg. Eff. Maturity 5.15
Avg. Price 102.25
Avg. Eff. Duration 3.97
Avg. Coupon 6.22
Avg. Yield to Maturity 6.29
Alpha (%) --
Beta 0.99
R Squared 0.99
Standard Deviation (3 yrs.) 5.50

Maturity Details

0 to 1 yr. 11.17%
1 to 5 yrs. 42.68%
5 to 10 yrs. 40.77%
10 to 15 yrs. 2.85%
Over 15 yrs. 2.53%

Quality Ratings

A 0.19%
BBB 6.46%
BB 37.92%
B 36.33%
CCC and Below 14.26%
Not Rated 2.73%
Net cash 2.11%

Holdings

Top 10 holdings as of 03/31/18

Cequel Communications 1.91%
Sprint Communications 1.78%
Valeant Pharmaceuticals International 1.40%
Charter Communications 1.16%
Hca 1.12%
Ally Financial 1.11%
T-Mobile 1.09%
Jack Ohio 1.02%
Altice Numericable 1.00%
DELL Technologies 0.84%
Top 10 holdings, total: 12.43%

 
Equity Holdings  | Full portfolio  |  Prior top 10 holdings

Equity Holdings as of 12/31/17
ALLY FINANCIAL INC 0.31%
AVAYA HOLDINGS CORP 0.31%
CIT GROUP INC 0.22%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.21%
GAMING AND LEISURE PROPERTIE 0.21%
KEANE GROUP INC 0.21%
AMERICAN TOWER CORP 05.5000 CV PFD 0.20%
ALLERGAN PLC 05.5000 CV PFD 0.17%
BERRY GLOBAL GROUP INC 0.16%
CHARTER COMMUNICATIONS INC-A 0.16%
EPR PROPERTIES 05.7500 CUM CV PFD 0.16%
ELDORADO RESORTS INC 0.13%
HALCON RESOURCES CORP 0.11%
ISTAR INC 04.5000 CUM CV PFD 0.11%
SANDRIDGE ENERGY INC 0.11%
T-MOBILE US INC 0.10%
BELDEN INC 06.7500 CV PFD 0.08%
SEVEN GENERATIONS ENERGY - A 0.08%
LIVE NATION ENTERTAINMENT IN 0.07%
NINE POINT ENERGY CNV PRF 0.07%
CAESARS ENTERTAINMENT CORP 0.03%
NINE POINT ENERGY COM 0.03%
VANTAGE DRILLING INT-UNIT 0.03%
CHC GROUP LLC P/P 0.01%
MILAGRO OIL & GAS 0.01%
TRIBUNE CLASS 1C LITIGAT 0.01%
TXU TCEH RIGHTS 0.01%
ACC CLAIMS HOLDING LLC CLASS A 0.00%
HALCON RESOURCES CORP - WARRA 0.00%
TERVITA CORP CLASS A 0.00%

Full Portfolio Holdings as of 12/31/17
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.72%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.71%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.70%
CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 0.64%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.60%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.59%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.58%
SPRINT CORP 07.2500 09/15/2021 0.58%
GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 0.56%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.54%
SPRINT CORP 07.8750 09/15/2023 0.52%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.50%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.50%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.50%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.49%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.48%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.48%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.47%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.47%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.45%
NAVISTAR TLB L+350 04.7500 11/06/2024 0.45%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.44%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.43%
CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 0.43%
ENERGY TRANSFER PARTNERS 06.6250 02/15/2028 0.43%
T-MOBILE USA INC 06.3750 03/01/2025 0.43%
BLUELINE RENTAL CRP P/P 144A 09.2500 03/15/2024 0.42%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.41%
HCA INC 06.5000 02/15/2020 0.41%
PULTEGROUP INC. 07.8750 06/15/2032 0.41%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.41%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.40%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.40%
CIT GROUP INC 05.0000 08/01/2023 0.40%
LOUISIANA-PACIFIC CORP 04.8750 09/15/2024 0.40%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.40%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.40%
ADS INC P/P 144A 05.6250 11/15/2024 0.39%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.39%
BELDEN INC P/P 144A 05.2500 07/15/2024 0.38%
CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 0.38%
DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 0.38%
MASONITE INTL C P/P 144A 05.6250 03/15/2023 0.38%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.38%
TARGA RESOURCES PART P/P 144A 05.0000 01/15/2028 0.38%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.37%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.37%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.37%
JONAH NRG LLC/FINANC P/P 144A 07.2500 10/15/2025 0.36%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.36%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.36%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.36%
AES CORP/VA 07.3750 07/01/2021 0.35%
AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 0.35%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.35%
BRAND ENERGY TL L+425 05.6150 06/21/2024 0.35%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.35%
HCA INC 05.5000 06/15/2047 0.35%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.35%
PLATFORM SPECIALTY P/P 144A 05.8750 12/01/2025 0.35%
TENET HEALTHCARE 06.0000 10/01/2020 0.35%
TRANSDIGM INC 06.3750 06/15/2026 0.35%
VALEANT PHARMA P/P 144A 06.1250 04/15/2025 0.35%
ALTA MESA HLDGS 07.8750 12/15/2024 0.34%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.34%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.34%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.34%
AVAYA TLB-EXIT L+475 06.2270 11/09/2024 0.33%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.33%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.33%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.32%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.32%
DEAN FOODS CO P/P 144A 06.5000 03/15/2023 0.32%
GREAT LAKES D&D 08.0000 05/15/2022 0.32%
ALLY FINANCIAL INC 0.31%
AVAYA HOLDINGS CORP 0.31%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.31%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.31%
FRAC TECH INTL TLB L+475 06.3190 04/16/2021 0.31%
GCP APPLIED TECH P/P 144A 09.5000 02/01/2023 0.31%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.31%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.31%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.31%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.31%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.30%
ALLISON TRANSMISSION P/P 144A 05.0000 10/01/2024 0.30%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.30%
BROOKFIELD RESID P/P 144A 06.5000 12/15/2020 0.30%
CALPINE CORP 05.7500 01/15/2025 0.30%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.30%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.30%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.30%
MTW FOODSERVICE ESCR 09.5000 02/15/2024 0.30%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.29%
CEC ENT INC 08.0000 02/15/2022 0.29%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.29%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.29%
GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 0.29%
INFOR US INC 06.5000 05/15/2022 0.29%
US CONCRETE INC 06.3750 06/01/2024 0.29%
ALTICE FINCO SA P/P 144A 07.6250 02/15/2025 0.28%
ARCELORMITTAL USD 07.5000 10/15/2039 0.28%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.28%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.28%
NRG ENERGY INC 06.6250 01/15/2027 0.28%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.27%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.27%
DAKOTA MERGER SUB P/P 144A 10.7500 09/01/2024 0.27%
DYNEGY INC 07.3750 11/01/2022 0.27%
REVLON CONS TLB L+350 05.0690 09/07/2023 0.27%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.27%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.27%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.26%
CORNERSTONE CHEM CO P/P 144A 06.7500 08/15/2024 0.26%
GW HONOS SECURITY CO P/P 144A 08.7500 05/15/2025 0.26%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.26%
MASTEC INC 04.8750 03/15/2023 0.26%
RANGE RESOURCES CORP 05.7500 06/01/2021 0.26%
SERVICE CORP INTL 05.3750 01/15/2022 0.26%
SM ENERGY CO 06.5000 11/15/2021 0.26%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.26%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 0.26%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.26%
AES CORP/VA 05.5000 04/15/2025 0.25%
CENTENE CORP 06.1250 02/15/2024 0.25%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.25%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.25%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.25%
FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 0.25%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.25%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.25%
MERCER INTL INC USD 06.5000 02/01/2024 0.25%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.25%
SCIENTIFIC GAMES INT P/P 144A 07.0000 01/01/2022 0.25%
SFR GROUP SA P/P 144A 07.3750 05/01/2026 0.25%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.25%
VALEANT PHARMA P/P 144A 07.0000 03/15/2024 0.25%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.24%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.24%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.24%
EVEREST ACQ LLC/FIN 09.3750 05/01/2020 0.24%
FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 0.24%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.24%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.24%
LIONS GATE ENT P/P 144A 05.8750 11/01/2024 0.24%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.24%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.24%
T-MOBILE USA INC 05.3750 04/15/2027 0.24%
USG CORP P/P 144A 04.8750 06/01/2027 0.24%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.24%
WPX ENERGY INC 07.5000 08/01/2020 0.24%
WRANGLER BUYER CORP P/P 144A 06.0000 10/01/2025 0.24%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.23%
BEACON ESCROW CORP P/P 144A 04.8750 11/01/2025 0.23%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.23%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.23%
DISH NETWORK CV 03.3750 08/15/2026 0.23%
HCA INC 05.2500 06/15/2026 0.23%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.23%
JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 0.23%
TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 0.23%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.23%
UNIVAR USA INC P/P 144A 06.7500 07/15/2023 0.23%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.22%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.22%
CIT GROUP INC 0.22%
CLEAR CHANNEL TLD L+675 08.4434 01/30/2019 0.22%
DIAMOND BC BV P/P 144A 05.6250 08/15/2025 0.22%
NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 0.22%
REVLON CONSUMER PROD 06.2500 08/01/2024 0.22%
ASURION 2NDL L+600 07.3000 08/04/2025 0.21%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.21%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 01/15/2025 0.21%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.21%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.21%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.21%
FXI HOLDINGS INC P/P 144A 07.8750 11/01/2024 0.21%
GAMING AND LEISURE PROPERTIE 0.21%
KEANE GROUP INC 0.21%
NEWFIELD EXPLORATION CO 05.3750 01/01/2026 0.21%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.21%
ON SEMICONDUC CV 01.0000 12/01/2020 0.21%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.21%
PRECISION DRILLING CORP USD 07.7500 12/15/2023 0.21%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.21%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.21%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.20%
AMERICAN TOWER CORP 05.5000 CV PFD 0.20%
ARCELORMITTAL USD 06.1250 06/01/2025 0.20%
CALIFORNIA RESOURC TL L+475 06.2408 11/17/2022 0.20%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.20%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.20%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.20%
KRATON POLYMERS P/P 144A 10.5000 04/15/2023 0.20%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.20%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.20%
USIS MERGER SUB INC P/P 144A 06.8750 05/01/2025 0.20%
VALEANT PHARMA P/P 144A 05.8750 05/15/2023 0.20%
AMC ENTERTAINMENT HOLDIN 05.7500 06/15/2025 0.19%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.19%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.19%
CONTINENTAL RES 04.5000 04/15/2023 0.19%
CROWNROCK LP/CROWNRO P/P 144A 05.6250 10/15/2025 0.19%
FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 0.19%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.19%
KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 0.19%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.19%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.19%
NRG ENERGY INC 07.2500 05/15/2026 0.19%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.19%
STARWOOD PROP TR P/P 144A 04.7500 03/15/2025 0.19%
WEATHERFORD BERMUDA 09.8750 02/15/2024 0.19%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.19%
ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 0.18%
CF INDUSTRIES INC 04.9500 06/01/2043 0.18%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.18%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.18%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.18%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.18%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.18%
SERVICE CORP INTL 05.3750 05/15/2024 0.18%
SOLENIS 2NDL L+675 08.2288 07/31/2022 0.18%
TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 0.18%
TRIDENT MERGER SUB P/P 144A 06.6250 11/01/2025 0.18%
WPX ENERGY INC 08.2500 08/01/2023 0.18%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.17%
ALLERGAN PLC 05.5000 CV PFD 0.17%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.17%
BOYD GAMING CORPORATION 06.8750 05/15/2023 0.17%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.17%
CENTENE CORP 04.7500 05/15/2022 0.17%
CHEMOURS CO 07.0000 05/15/2025 0.17%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.17%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.17%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.17%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.17%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.17%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.17%
SESI LLC P/P 144A 07.7500 09/15/2024 0.17%
SFR GROUP SA P/P 144A 06.0000 05/15/2022 0.17%
SHELF DRILL HOLD LTD P/P 144A 09.5000 11/02/2020 0.17%
SM ENERGY CO 05.0000 01/15/2024 0.17%
SPCM SA P/P 144A 04.8750 09/15/2025 0.17%
TENNECO INC 05.3750 12/15/2024 0.17%
USG CORP P/P 144A 05.5000 03/01/2025 0.17%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.17%
BERRY GLOBAL GROUP INC 0.16%
BLUE CUBE SPINCO INC 09.7500 10/15/2023 0.16%
CHARTER COMMUNICATIONS INC-A 0.16%
DYNEGY INC 07.6250 11/01/2024 0.16%
EPR PROPERTIES 05.7500 CUM CV PFD 0.16%
FIRST DATA CORP P/P 144A 07.0000 12/01/2023 0.16%
GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 0.16%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.16%
NOVA CHEMICALS CORP P/P 144A 05.2500 06/01/2027 0.16%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.16%
QEP RESOURCES INC 05.6250 03/01/2026 0.16%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.16%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.16%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.16%
TENNANT CO P/P 144A 05.6250 05/01/2025 0.16%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.16%
AMAG PHARMA INC P/P 144A 07.8750 09/01/2023 0.15%
CALATLANTIC GROUP INC 05.8750 11/15/2024 0.15%
CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 0.15%
CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 0.15%
DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 0.15%
ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 0.15%
GLP CAP LP / FIN II 04.8750 11/01/2020 0.15%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.15%
JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 0.15%
KRONOS 2NDL L+825 09.6268 11/01/2024 0.15%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.15%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.15%
NETFLIX INC P/P 144A 04.8750 04/15/2028 0.15%
OSHKOSH CORP 05.3750 03/01/2025 0.15%
SCHAEFFLER VERWA P/P 144A 04.7500 09/15/2026 0.15%
SEMGROUP CORP P/P 144A 06.3750 03/15/2025 0.15%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.15%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.15%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.15%
TALBOTS INC 1STL L+450 06.0690 03/19/2020 0.15%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.15%
VALEANT PHARMA P/P 144A 09.0000 12/15/2025 0.15%
VENATOR FIN SARL/VEN P/P 144A 05.7500 07/15/2025 0.15%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.15%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.15%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.14%
AMC ENT HOLDIN 05.8750 11/15/2026 0.14%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.14%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.14%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.14%
CHEMOURS CO 05.3750 05/15/2027 0.14%
COVERIS HOLDINGS SA P/P 144A 07.8750 11/01/2019 0.14%
DISH DBS CORP 05.8750 11/15/2024 0.14%
FRONTIER COMM 10.5000 09/15/2022 0.14%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.14%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.14%
KCA DEUTAG TL L+525 07.1959 05/16/2020 0.14%
LLOYDS BANK PLC 13.0000 01/29/2049 0.14%
PILGRIM'S PRIDE CORP P/P 144A 05.7500 03/15/2025 0.14%
PLATFORM SPECIALTY P/P 144A 06.5000 02/01/2022 0.14%
REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 0.14%
SEVEN GENERATIONS P/P 144A 05.3750 09/30/2025 0.14%
SPRINGLEAF FINANCE CORP 06.1250 05/15/2022 0.14%
TARGA RES PRTNRS 05.3750 02/01/2027 0.14%
TR OP / TR FIN P/P 144A 05.3750 09/01/2025 0.14%
WINDSTREAM SRVC / FIN 06.3750 08/01/2023 0.14%
WYNDHAM WORLDWIDE CORP 04.5000 04/01/2027 0.14%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.13%
ASHTEAD CAPITAL INC P/P 144A 04.1250 08/15/2025 0.13%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.13%
CHS/COMMUNITY HEALTH SYS 07.1250 07/15/2020 0.13%
CINEMARK USA INC 05.1250 12/15/2022 0.13%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.13%
CLEAR CHNL WORLD 07.6250 03/15/2020 0.13%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.13%
ELDORADO RESORTS INC 0.13%
FIRST QUANTUM MINERA P/P 144A 07.2500 04/01/2023 0.13%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.13%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.13%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.13%
MICRON TECH INC P/P 144A 05.2500 01/15/2024 0.13%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.13%
REYNOLDS GRP ISS/REY P/P 144A 07.0000 07/15/2024 0.13%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 0.13%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.13%
THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 0.13%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.12%
BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 0.12%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.12%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.12%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 0.12%
CONSTELLIUM NV P/P 144A 05.8750 02/15/2026 0.12%
CONSTELLIUM NV P/P 144A 06.6250 03/01/2025 0.12%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.12%
DYNEGY INC P/P 144A 08.1250 01/30/2026 0.12%
GENON AMERICAS GENR LLC 08.5000 10/01/2021 0.12%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 0.12%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.12%
MERCER INTL INC P/P 144A 05.5000 01/15/2026 0.12%
NOVA CHEMICALS CORP P/P 144A 04.8750 06/01/2024 0.12%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.12%
SOUTHERN STAR CENT P/P 144A 05.1250 07/15/2022 0.12%
TENET HEALTHCARE CORP 08.1250 04/01/2022 0.12%
THE AES CORPORATION 04.8750 05/15/2023 0.12%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.12%
TRAVERSE TLB L+400 05.0000 09/27/2024 0.12%
TRIBUNE MEDIA CO 05.8750 07/15/2022 0.12%
ZUFFA (UFC) 2NDL L+750 09.0521 08/18/2024 0.12%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.11%
AIR METHODS TLB L+350 04.7964 04/21/2024 0.11%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.11%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.11%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.11%
CIT GROUP INC. 05.0000 08/15/2022 0.11%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.11%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.11%
FORTERRA TL L+300 04.5690 10/25/2023 0.11%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.11%
HALCON RESOURCES CORP 0.11%
HCA INC. 07.5000 02/15/2022 0.11%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.11%
ISTAR INC 04.5000 CUM CV PFD 0.11%
ITRON INC P/P 144A 05.0000 01/15/2026 0.11%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.11%
LIVE NATION ENT P/P 144A 04.8750 11/01/2024 0.11%
MURRAY ENERGY CORP P/P 144A 11.2500 04/15/2021 0.11%
ONEMAIN FIN HLDG INC P/P 144A 06.7500 12/15/2019 0.11%
ONEMAIN FIN HLDG INC P/P 144A 07.2500 12/15/2021 0.11%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.11%
SANDRIDGE ENERGY INC 0.11%
SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 0.11%
SFR GROUP SA P/P 144A 06.2500 05/15/2024 0.11%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.11%
TENNECO INC 05.0000 07/15/2026 0.11%
VALEANT PHARMACEUTIC P/P 144A 05.5000 03/01/2023 0.11%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.11%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.11%
WHITING PETROLEUM C P/P 144A 06.6250 01/15/2026 0.11%
WILLIAMS COS INC 07.7500 06/15/2031 0.11%
A SCHULMAN INC 06.8750 06/01/2023 0.10%
ACADEMY SPORTS TLB L+400 05.5463 07/02/2022 0.10%
AK STEEL CORP 06.3750 10/15/2025 0.10%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.10%
BIOSCRIP INC 08.8750 02/15/2021 0.10%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.10%
CEMEX SAB DE CV P/P 144A 05.7000 01/11/2025 0.10%
CONTINENTAL RESOURCES 03.8000 06/01/2024 0.10%
DENBURY RESOURCES INC 06.3750 08/15/2021 0.10%
ENDEAVOR ENERGY P/P 144A 05.5000 01/30/2026 0.10%
GETTY IMAGES TLB L+350 04.7500 10/18/2019 0.10%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.10%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.10%
T-MOBILE US INC 0.10%
TALBOTS INC 2NDL L+850 10.0690 03/19/2021 0.10%
UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 0.10%
WABASH NATIONAL CORP P/P 144A 05.5000 10/01/2025 0.10%
AES CORP/VA 05.1250 09/01/2027 0.09%
AMC ENT HOLDIN 06.1250 05/15/2027 0.09%
ANTERO RESOURCES 05.3750 11/01/2021 0.09%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.09%
BANCO BILBAO VIZCAYA ARG REGS 09.0000 05/29/2049 0.09%
CCC INFO 2NDL L+675 08.3190 03/30/2025 0.09%
CPG INTL TL L+375 05.0828 05/05/2024 0.09%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.09%
DIAMONDBACK ENERGY INC 04.7500 11/01/2024 0.09%
ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 0.09%
EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 0.09%
GENON AMERICAS GENR LLC 09.1250 05/01/2031 0.09%
ISTAR INC 06.0000 04/01/2022 0.09%
JACOBS ENT INC P/P 144A 07.8750 02/01/2024 0.09%
JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 0.09%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.09%
ROBERTSHAW 1STL L+450 05.7500 08/10/2024 0.09%
SPRINGLEAF FINANCE CORP 08.2500 12/15/2020 0.09%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.08%
BELDEN INC 06.7500 CV PFD 0.08%
BOYD GAMING CORP 06.3750 04/01/2026 0.08%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.08%
COMMSCOPE TECH LLC P/P 144A 05.0000 03/15/2027 0.08%
DEL MONTE 2NDL L+725 09.0641 08/18/2021 0.08%
ENERGY TRANSFER EQUITY 05.5000 06/01/2027 0.08%
ISTAR INC 05.2500 09/15/2022 0.08%
MERCER INTL INC USD 07.7500 12/01/2022 0.08%
NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 0.08%
NORTHWEST ACQ/DOMIN P/P 144A 07.1250 11/01/2022 0.08%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.08%
REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 0.08%
SESI LLC 07.1250 12/15/2021 0.08%
SEVEN GENERATIONS ENERGY - A 0.08%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.08%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.08%
TRANSDIGM INC 06.5000 05/15/2025 0.08%
TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 0.08%
VALEANT PHARMA P/P 144A 06.5000 03/15/2022 0.08%
BAYTEX ENERGY CORP P/P 144A 05.1250 06/01/2021 0.07%
BON-TON DEPT STORES 08.0000 06/15/2021 0.07%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.07%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.07%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.07%
CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 0.07%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 06/15/2027 0.07%
CINEMARK USA INC 04.8750 06/01/2023 0.07%
EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 0.07%
J. CREW GROUP TL L+322 04.4895 03/05/2021 0.07%
LIVE NATION ENTERTAINMENT IN 0.07%
MGM GROWTH/MGM FIN P/P 144A 04.5000 01/15/2028 0.07%
NINE POINT ENERGY CNV PRF 0.07%
NRG ENERGY INC P/P 144A 05.7500 01/15/2028 0.07%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.07%
TARGA RES PRTNRS 05.1250 02/01/2025 0.07%
CENTENE CORP 04.7500 01/15/2025 0.06%
GENON ENERGY INC. 09.8750 10/15/2020 0.06%
HUB HLDG LLC/HUB HOL P/P 144A 08.1250 07/15/2019 0.06%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.06%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.06%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.06%
MGM RESORTS INTL 06.6250 12/15/2021 0.06%
NEW GOLD INC P/P 144A 06.3750 05/15/2025 0.06%
PETSMART INC TLB L+300 04.2460 03/11/2022 0.06%
SERVICE CORP INTL 04.6250 12/15/2027 0.06%
STEEL DYNAMICS INC P/P 144A 04.1250 09/15/2025 0.06%
T-MOBILE USA INC 06.6250 04/01/2023 0.06%
VALEANT PHARMA P/P 144A 05.3750 03/15/2020 0.06%
VALEANT PHARMA P/P 144A 05.5000 11/01/2025 0.06%
CONTINENTAL RESOURCES 05.0000 09/15/2022 0.05%
FRONTIER COMM 11.0000 09/15/2025 0.05%
MGM RESORTS INTL 08.6250 02/01/2019 0.05%
NEW ARCLIN 2NDL L+875 10.4434 02/14/2025 0.05%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.05%
PETSMART INC P/P 144A 07.1250 03/15/2023 0.05%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.05%
REVLON CONSUMER PRODS 05.7500 02/15/2021 0.05%
ROBERTSHAW 2NDL L+900 10.5000 02/04/2025 0.05%
TECK RESOURCES LIMITED USD 04.7500 01/15/2022 0.05%
ALLEGHENY TECHNOLOGIES 07.8750 08/15/2023 0.04%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 0.04%
AMC ENTERTAINMENT HOLDIN 05.8750 02/15/2022 0.04%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.04%
FREEPORT-MCMORAN INC 06.7500 02/01/2022 0.04%
FTS INTL INC P/P 144A 09.0885 06/15/2020 0.04%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.04%
INTELSAT LUXEMB USD 07.7500 06/01/2021 0.04%
MEG ENERGY TLB L+350 05.2000 12/31/2023 0.04%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.04%
RANGE RESOURCES CORP 05.0000 03/15/2023 0.04%
TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 0.04%
WEATHERFORD BERMUDA 08.2500 06/15/2023 0.04%
WHITING PETROLEUM CORP 05.0000 03/15/2019 0.04%
CAESARS ENTERTAINMENT CORP 0.03%
CD&R WATERWORKS MERGER 144A 6.125000 08/15/2025 0.03%
CREDIT ACCEPTANC 06.1250 02/15/2021 0.03%
INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 0.03%
LENNAR CORPORATION 04.7500 04/01/2021 0.03%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.03%
NINE POINT ENERGY COM 0.03%
NORBORD INC P/P 144A 06.2500 04/15/2023 0.03%
PACTIV LLC 08.3750 04/15/2027 0.03%
VANTAGE DRILLING INT-UNIT 0.03%
CONCORDIA INTL P/P 144A 07.0000 04/15/2023 0.02%
HALYARD HEALTH INC 06.2500 10/15/2022 0.02%
CHC GROUP LLC P/P 0.01%
INTELSAT CONNECT FIN P/P 144A 12.5000 04/01/2022 0.01%
MILAGRO OIL & GAS 0.01%
PRECISION DRILL USD 05.2500 11/15/2024 0.01%
SM ENERGY CO 06.1250 11/15/2022 0.01%
SM ENERGY CO 06.7500 09/15/2026 0.01%
TRIBUNE CLASS 1C LITIGAT 0.01%
TXU TCEH RIGHTS 0.01%
VICI PROP 1 / VICI FC 08.0000 10/15/2023 0.01%
ACC CLAIMS HOLDING LLC CLASS A 0.00%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2019 0.00%
CAD/USD 01/17/2018 CITI 0.00%
CAD/USD 01/17/2018 JPMCB 0.00%
CAD/USD 01/17/2018 SSBT 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
EUR/USD 03/21/2018 BANKAM 0.00%
GBP/USD 03/21/2018 UBS 0.00%
HALCON RESOURCES CORP - WARRA 0.00%
TERVITA CORP CLASS A 0.00%
TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 0.00%
CDX CDX.NA.HY.29 500.0 12/20/2022 -0.13%

Prior top 10 holdings

Top 10 holdings as of 03/31/18
1: Cequel Communications 1.91%
2: Sprint Communications 1.78%
3: Valeant Pharmaceuticals International 1.40%
4: Charter Communications 1.16%
5: Hca 1.12%
6: Ally Financial 1.11%
7: T-Mobile 1.09%
8: Jack Ohio 1.02%
9: Altice Numericable 1.00%
10: DELL Technologies 0.84%
Holdings represent 12.43% of portfolio
Top 10 holdings as of 02/28/18
1: Sprint Communications 1.80%
2: Cequel Communications 1.74%
3: Valeant Pharmaceuticals 1.28%
4: Charter Communications 1.16%
5: Hca 1.10%
6: Ally Financial 1.09%
7: T-Mobile 1.08%
8: Jack Ohio 0.99%
9: Altice Numericable 0.98%
10: Landry's 0.82%
Holdings represent 12.04% of portfolio
Top 10 holdings as of 01/31/18
1: Sprint Communications 1.76%
2: Cequel Communications 1.56%
3: Valeant Pharmaceuticals International 1.22%
4: Ally Financial 1.13%
5: Charter Communications 1.12%
6: Hca 1.07%
7: T-Mobile 1.04%
8: Altice Numericable 0.97%
9: Jack Ohio 0.94%
10: Scientific Games 0.92%
Holdings represent 11.73% of portfolio
Top 10 holdings as of 12/31/17
1: Sprint Communications 1.90%
2: Cequel Communications 1.48%
3: Valeant Pharmaceuticals International 1.27%
4: Ally Financial 1.17%
5: Charter Communications 1.13%
6: Hca 1.10%
7: Altice Numericable 1.03%
8: Jack Ohio 0.96%
9: Scientific Games 0.95%
10: Chesapeake Energy 0.90%
Holdings represent 11.89% of portfolio

Sector Weightings as of 03/31/18

Cash Investment Non-Cash Investment Total Portfolio
Weight Spread Duration Weight Spread Duration Weight Spread Duration
High-yield corporate bonds 82.65% 3.38 -1.72% -0.07 80.93% 3.31
Investment-grade corporate bonds 6.66% 0.44 0.00% 0.00 6.66% 0.44
Bank loans 4.66% 0.20 0.00% 0.00 4.66% 0.20
Net cash 2.11% 0.00 0.00% 0.00 2.11% 0.00
Equity investments 1.91% 0.00 0.00% 0.00 1.91% 0.00
Convertible securities 1.39% 0.05 0.00% 0.00 1.39% 0.05
Emerging-market bonds 0.62% 0.02 0.00% 0.00 0.62% 0.02

Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Maturity detail includes only cash bonds and cash equivalents.

Lower rated bonds may offer higher yields in return for more risk. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

Credit qualities are shown as a percentage of net assets. A bond rated Baa or higher (Prime-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds rated A-1+ are included in the AAA-rating category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. The fund itself has not been rated by an independent rating agency.

Top Industry Sectors as of 03/31/18

Consumer cyclicals 19.14%
Basic materials 14.94%
Energy 13.83%
Communication services 10.78%
Financials 8.35%
Health care 7.71%
Capital goods 7.07%
Consumer staples 6.80%
Technology 6.36%
 
Other		 3.30%
Utilities 2.57%
Net Cash 2.11%
Transportation 0.34%
Non-cash investments -1.72%

Country Allocation as of 03/31/18

United States 84.86%
Canada 6.42%
United Kingdom 1.92%
Ireland 1.31%
Luxembourg 1.30%
France 1.18%
Netherlands 1.05%
Bermuda 0.51%
Mexico 0.41%
 
Other		 1.04%
Switzerland 0.25%
Jamaica 0.23%
Indonesia 0.21%
Germany 0.10%
Spain 0.10%
Cayman Islands 0.08%
Norway 0.07%

Expenses

Sales Charges/Fees

Breakpoint Sales Charge Dealer Allowance CDSC Liab
$0 - $0 0.00% 0.00% N

Maturity detail includes only cash bonds and cash equivalents.

Lower rated bonds may offer higher yields in return for more risk. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

Credit qualities are shown as a percentage of net assets. A bond rated Baa or higher (Prime-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds rated A-1+ are included in the AAA-rating category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. The fund itself has not been rated by an independent rating agency.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

CDSC

Year Percent
1 7.00%
2 7.00%
3 6.00%
4 5.00%
5 4.00%
6 3.00%
7 2.00%
8+ 0.00%