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 10/22/18

with optional enhanced death benefits
Unit Value $23.211376 $22.534787
Unit Value Change -0.040266 -0.039373

Lipper ranking ‡ as of 09/30/18

Category: High Yield Funds

  Percentile ranking Rank/Funds in category
10 yrs. 51% 39/77
1 yr. 52% 57/109
3 yrs. 42% 43/103
5 yrs. 55% 54/98

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 09/30/18

Fiscal Year End December
Asset Class Putnam Allstate Advisor
Subaccount Status Open to new investors
Number of issues 531
Turnover (fiscal year end) 43%
Net Assets $205M
Inception Date 02/01/88

Performance

Performance as of 09/30/18

Annualized Performance Last Quarter Year
to Date		 1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 1.66% 0.38% 1.00% 5.57% 3.20% 6.50% 5.94%
Standardized -7.20% -8.39% -7.81% 0.93% -0.51% 4.19% 4.26%
With optional enhanced death benefit
Unit Value 1.62% 0.27% 0.85% 5.41% 3.04% 6.34% 5.78%
Standardized -7.24% -8.49% -7.95% 0.77% -0.67% 4.01% 4.06%
Actual performance
Unit Value 1.66% 0.38% 1.00% 5.57% 3.20% 6.50% 4.50%
Standardized -7.20% -8.39% -7.81% 0.93% -0.51% 4.19% 1.63%
With optional enhanced death benefit
Unit Value 1.62% 0.27% 0.85% 5.41% 3.04% 6.34% 4.34%
Standardized -7.24% -8.49% -7.95% 0.77% -0.67% 4.01% 1.43%

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 09/30/18

Unit Value 0.23%
Standardized -8.53%

YTD as of 10/22/18

Unit Value -0.83%
Standardized -9.52%

With optional enhanced death benefit

Monthly as of 09/30/18

Unit Value 0.22%
Standardized -8.54%

YTD as of 10/22/18

Unit Value -0.96%
Standardized -9.63%

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 09/30/18

Avg. Eff. Maturity 5.07
Avg. Price 101.92
Avg. Eff. Duration 3.80
Avg. Coupon 6.16
Avg. Yield to Maturity 6.24
Alpha (%) --
Beta 0.97
R Squared 0.98
Standard Deviation (3 yrs.) 4.78

Maturity Details

0 to 1 yr. 10.53%
1 to 5 yrs. 41.63%
5 to 10 yrs. 42.81%
10 to 15 yrs. 2.88%
Over 15 yrs. 2.15%

Quality Ratings

A 0.19%
BBB 6.94%
BB 41.85%
B 33.21%
CCC and Below 12.60%
Not Rated 2.51%
Net cash 2.70%

Holdings

Top 10 holdings as of 09/30/18

Cequel Communications 1.96%
Sprint Communications 1.89%
Bausch Health 1.61%
Ally Financial 1.33%
Charter Communications 1.24%
Hca 1.16%
T-Mobile 1.05%
Community Health Systems 0.92%
DELL Technologies 0.91%
Altice Numericable 0.89%
Top 10 holdings, total: 12.96%

 
Equity Holdings  | Full portfolio  |  Prior top 10 holdings

Equity Holdings as of 06/30/18
ALLY FINANCIAL INC 0.24%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.22%
BERRY GLOBAL GROUP INC 0.17%
EPR PROPERTIES 05.7500 CUM CV PFD 0.17%
AVAYA HOLDINGS CORP 0.16%
CIT GROUP INC 0.16%
BELDEN INC 06.7500 CV PFD 0.15%
CHARTER COMMUNICATIONS INC-A 0.15%
FORTIVE CORPORATION 05.0000 CUM CV PFD 0.15%
ISTAR INC 04.5000 CUM CV PFD 0.11%
SANDRIDGE ENERGY INC 0.10%
T-MOBILE US INC 0.10%
CROWN HOLDINGS INC 0.09%
LIVE NATION ENTERTAINMENT IN 0.09%
US CONCRETE INC 0.09%
NINE POINT ENERGY CNV PRF 0.08%
HALCON RESOURCES CORP 0.07%
SEVEN GENERATIONS ENERGY - A 0.07%
NINE POINT ENERGY COM 0.05%
CAESARS ENTERTAINMENT CORP 0.03%
TRIBUNE CLASS 1C LITIGAT 0.02%
MWO HOLDINGS LLC 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 06/30/18
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.63%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.63%
SPRINT CORP 07.2500 09/15/2021 0.62%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.61%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.61%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.60%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.59%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.56%
SPRINT CORP 07.8750 09/15/2023 0.55%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.54%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.51%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.50%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.48%
CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 0.46%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.45%
ENERGY TRANSFER PARTNERS 06.6250 02/15/2028 0.45%
T-MOBILE USA INC 06.3750 03/01/2025 0.45%
HCA INC 06.5000 02/15/2020 0.43%
NAVISTAR TLB L+350 04.7500 11/06/2024 0.43%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.42%
BLUELINE RENTAL CRP P/P 144A 09.2500 03/15/2024 0.41%
LOUISIANA-PACIFIC CORPORATION 04.8750 09/15/2024 0.41%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.40%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.40%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.40%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.40%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.39%
PULTEGROUP INC. 07.8750 06/15/2032 0.39%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.38%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.38%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.38%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.38%
VALEANT PHARMA P/P 144A 06.1250 04/15/2025 0.38%
BRAND ENERGY TL L+425 06.6108 06/21/2024 0.37%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.37%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.37%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.37%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.37%
TENET HEALTHCARE 06.0000 10/01/2020 0.37%
TRANSDIGM INC 06.3750 06/15/2026 0.37%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.37%
ALTA MESA HLDGS 07.8750 12/15/2024 0.36%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.36%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.36%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.35%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.35%
HCA INC 05.5000 06/15/2047 0.35%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.35%
DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 0.34%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.34%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.34%
DEAN FOODS CO P/P 144A 06.5000 03/15/2023 0.33%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.32%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.32%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.32%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.31%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.31%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.31%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.31%
CALPINE CORPORATION 05.7500 01/15/2025 0.31%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.31%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.31%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 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%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.31%
CIT GROUP INC 05.0000 08/01/2023 0.30%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.30%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.30%
GREAT LAKES D&D 08.0000 05/15/2022 0.30%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.30%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.30%
US CONCRETE INC 06.3750 06/01/2024 0.30%
WEWORK COS INC P/P 144A 07.8750 05/01/2025 0.30%
CEC ENT INC 08.0000 02/15/2022 0.29%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.29%
DISH DBS CORP 05.8750 11/15/2024 0.29%
GFL ENVIRONMENTAL P/P 144A 07.0000 06/01/2026 0.29%
GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 0.29%
NRG ENERGY INC 06.6250 01/15/2027 0.29%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.29%
SM ENERGY CO 06.5000 11/15/2021 0.29%
WYNDHAM DESTINATIONS INC 04.5000 04/01/2027 0.29%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.28%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.28%
SERVICE CORP INTL 05.3750 01/15/2022 0.28%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.28%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.28%
TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 0.28%
WEATHERFORD BERMUDA 09.8750 02/15/2024 0.28%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.27%
ALTICE FINCO S.A. P/P 144A 07.6250 02/15/2025 0.27%
ALTICE US FIN II CRP P/P 144A 07.7500 07/15/2025 0.27%
ARCELORMITTAL USD 07.0000 10/15/2039 0.27%
CENTENE CORP 06.1250 02/15/2024 0.27%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.27%
GW HONOS SECURITY CO P/P 144A 08.7500 05/15/2025 0.27%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.27%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.27%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.27%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.27%
WRANGLER BUYER CORP P/P 144A 06.0000 10/01/2025 0.27%
AES CORP/THE 05.5000 04/15/2025 0.26%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.26%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.26%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.26%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.26%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.26%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.26%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.26%
HOUSTON FUEL TLB L+275 05.0900 06/19/2025 0.26%
MEREDITH CORP P/P 144A 06.8750 02/01/2026 0.26%
USG CORP P/P 144A 04.8750 06/01/2027 0.26%
VALEANT PHARMA P/P 144A 07.0000 03/15/2024 0.26%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 0.26%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.25%
ALTICE FRANCE SA P/P 144A 07.3750 05/01/2026 0.25%
APERGY CORP P/P 144A 06.3750 05/01/2026 0.25%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.25%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.25%
CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 0.25%
CLEAR CHANNEL TLD L+675 08.8435 01/30/2019 0.25%
CORNERSTONE CHEM CO P/P 144A 06.7500 08/15/2024 0.25%
FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 0.25%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.25%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.25%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.25%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.25%
INFOR US INC 06.5000 05/15/2022 0.25%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.25%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.25%
NABORS IND INC P/P 144A 05.7500 02/01/2025 0.25%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.25%
REVLON CONS TLB L+350 05.5935 09/07/2023 0.25%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.25%
WABASH NATIONAL CORP P/P 144A 05.5000 10/01/2025 0.25%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.25%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.24%
ALLY FINANCIAL INC 0.24%
AMER WOODMARK CORP P/P 144A 04.8750 03/15/2026 0.24%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.24%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.24%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.24%
DAKOTA MERGER SUB P/P 144A 10.7500 09/01/2024 0.24%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.24%
LIONS GATE CAP HOLD P/P 144A 05.8750 11/01/2024 0.24%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.24%
SESI LLC 07.7500 09/15/2024 0.24%
T-MOBILE USA INC 05.3750 04/15/2027 0.24%
TEVA PHARMACEUTICALS NE USD 06.7500 03/01/2028 0.24%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.23%
CHESAPEAKE ENERGY CORP 08.0000 01/15/2025 0.23%
HCA INC 05.2500 06/15/2026 0.23%
HUSKY TLB L+300 05.2018 03/28/2025 0.23%
ITRON INC P/P 144A 05.0000 01/15/2026 0.23%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.23%
ON SEMICONDUC CV 01.0000 12/01/2020 0.23%
SPRINGLEAF FINANCE CORP 06.1250 05/15/2022 0.23%
TARGA RESOURCES PART P/P 144A 05.0000 01/15/2028 0.23%
TOPBUILD CORP P/P 144A 05.6250 05/01/2026 0.23%
ASURION 2NDL L+600 07.5734 08/04/2025 0.22%
CALIFORNIA RESOURC TL L+475 06.8379 11/17/2022 0.22%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.22%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.22%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.22%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.22%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.22%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.22%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.22%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.22%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 0.22%
NEWFIELD EXPLORATION CO 05.3750 01/01/2026 0.22%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.22%
REVLON CONSUMER PROD 06.2500 08/01/2024 0.22%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.22%
TRAVELPORT CORP FIN P/P 144A 06.0000 03/15/2026 0.22%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.22%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.22%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.21%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.21%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.21%
DIAMOND BC BV P/P 144A 05.6250 08/15/2025 0.21%
KCA DEUTAG US FIN LLC L+675 09.0211 03/21/2023 0.21%
KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 0.21%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.21%
USIS MERGER SUB INC P/P 144A 06.8750 05/01/2025 0.21%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.20%
ALLISON TRANSMISSION P/P 144A 05.0000 10/01/2024 0.20%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.20%
AMC ENTERTAINMENT HOLDIN 05.7500 06/15/2025 0.20%
ARCELORMITTAL USD 06.1250 06/01/2025 0.20%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.20%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.20%
CONTINENTAL RES 04.5000 04/15/2023 0.20%
CROWNROCK LP/CROWNRO P/P 144A 05.6250 10/15/2025 0.20%
EXTRACTION OIL & GAS P/P 144A 05.6250 02/01/2026 0.20%
HUB INTL LTD P/P 144A 07.0000 05/01/2026 0.20%
JO-ANN STORES 2NDL L+925 11.6038 05/21/2024 0.20%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.20%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.20%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.20%
NRG ENERGY INC 07.2500 05/15/2026 0.20%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.20%
STARWOOD PROP TR P/P 144A 04.7500 03/15/2025 0.20%
TR OP / TR FIN P/P 144A 05.3750 09/01/2025 0.20%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.20%
TRINIDAD DRILLING LT P/P 144A 06.6250 02/15/2025 0.20%
UNIVAR USA INC P/P 144A 06.7500 07/15/2023 0.20%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.20%
ALTICE FRANCE SA P/P 144A 06.0000 05/15/2022 0.19%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.19%
BEACON ROOFING SUPP P/P 144A 04.8750 11/01/2025 0.19%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.19%
CEQUEL COM & CAP P/P 144A 07.5000 04/01/2028 0.19%
CHS/COMMUNITY HEALT P/P 144A 08.1250 06/30/2024 0.19%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.19%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.19%
SERVICE CORP INTL 05.3750 05/15/2024 0.19%
SYNGENTA FINANCE NV P/P 144A 04.8920 04/24/2025 0.19%
SYNGENTA FINANCE NV P/P 144A 05.1820 04/24/2028 0.19%
TRIDENT MERGER SUB P/P 144A 06.6250 11/01/2025 0.19%
VALEANT PHARMA P/P 144A 09.2500 04/01/2026 0.19%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.18%
ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 0.18%
AVAYA TLB L+425 06.3232 12/15/2024 0.18%
BOYD GAMING CORPORATION 06.8750 05/15/2023 0.18%
CF INDUSTRIES INC 04.9500 06/01/2043 0.18%
CHEMOURS CO 07.0000 05/15/2025 0.18%
EAGLECLAW MID TL L+425 06.4211 06/30/2024 0.18%
FIRST DATA CORP P/P 144A 07.0000 12/01/2023 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%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.18%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.18%
PISCES MIDCO INC P/P 144A 08.0000 04/15/2026 0.18%
SM ENERGY CO 05.0000 01/15/2024 0.18%
T-MOBILE USA INC 04.7500 02/01/2028 0.18%
VISTRA ENERGY CORP 07.6250 11/01/2024 0.18%
ADS INC P/P 144A 05.6250 11/15/2024 0.17%
ALLEGHENY TECHNOLOGIES 07.8750 08/15/2023 0.17%
BERRY GLOBAL GROUP INC 0.17%
CENTENE CORP 04.7500 05/15/2022 0.17%
EP ENER/EVEREST ACQ P/P 144A 07.7500 05/15/2026 0.17%
EP ENER/EVEREST ACQ P/P 144A 09.3750 05/01/2024 0.17%
EPR PROPERTIES 05.7500 CUM CV PFD 0.17%
FIRST QUANTUM MINERA P/P 144A 06.8750 03/01/2026 0.17%
FXI HOLDINGS INC P/P 144A 07.8750 11/01/2024 0.17%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.17%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.17%
QEP RESOURCES INC 05.6250 03/01/2026 0.17%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.17%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.17%
TENNANT CO 05.6250 05/01/2025 0.17%
TMX FIN LLC/TITLEMAX P/P 144A 11.1250 04/01/2023 0.17%
USG CORP P/P 144A 05.5000 03/01/2025 0.17%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.17%
AVAYA HOLDINGS CORP 0.16%
CARRIAGE SVCS INC P/P 144A 06.6250 06/01/2026 0.16%
CIT GROUP INC 0.16%
COMMSCOPE TECH LLC P/P 144A 05.0000 03/15/2027 0.16%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.16%
FRONTIER COMM 10.5000 09/15/2022 0.16%
GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 0.16%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.16%
KRONOS 2NDL L+825 10.6080 11/01/2024 0.16%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.16%
MERCER INTL INC USD 06.5000 02/01/2024 0.16%
NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 0.16%
NETFLIX INC P/P 144A 04.8750 04/15/2028 0.16%
NOVA CHEMICALS CORP P/P 144A 05.2500 06/01/2027 0.16%
OASIS PETROLEUM INC P/P 144A 06.2500 05/01/2026 0.16%
OSHKOSH CORP 05.3750 03/01/2025 0.16%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.16%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.16%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 0.16%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.16%
TALBOTS INC 1STL L+450 06.5935 03/19/2020 0.16%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.16%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.16%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.16%
TRONOX INC P/P 144A 06.5000 04/15/2026 0.16%
VALEANT PHARMA P/P 144A 08.5000 01/31/2027 0.16%
VALEANT PHARMA P/P 144A 09.0000 12/15/2025 0.16%
VERTIV GROUP CORP P/P 144A 09.2500 10/15/2024 0.16%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.16%
ALPHA 2 BV P/P 144A 08.7500 06/01/2023 0.15%
AMC ENT HOLDIN 05.8750 11/15/2026 0.15%
BELDEN INC 06.7500 CV PFD 0.15%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.15%
CHARTER COMMUNICATIONS INC-A 0.15%
CLEAR CHNL WORLD 07.6250 03/15/2020 0.15%
CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 0.15%
ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 0.15%
ENSCO PLC USD 07.7500 02/01/2026 0.15%
FORTIVE CORPORATION 05.0000 CUM CV PFD 0.15%
FREEDOM MTGE CORP P/P 144A 08.2500 04/15/2025 0.15%
GLP CAPITAL LP / FIN II 05.2500 06/01/2025 0.15%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.15%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.15%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.15%
JAGGED PEAK ENERGY P/P 144A 05.8750 05/01/2026 0.15%
LENNAR CORP 05.8750 11/15/2024 0.15%
LEVEL 3 FINANCING INC 05.6250 02/01/2023 0.15%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.15%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.15%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 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%
TEVA PHARMACEUTICALS NE USD 06.0000 04/15/2024 0.15%
USA COMPRESSION PART P/P 144A 06.8750 04/01/2026 0.15%
VERMILION ENERGY INC P/P 144A 05.6250 03/15/2025 0.15%
WASTE PRO USA INC P/P 144A 05.5000 02/15/2026 0.15%
WINDSTREAM SRVC / FIN 06.3750 08/01/2023 0.15%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.15%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.15%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.14%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.14%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.14%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.14%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.14%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.14%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.14%
DENBURY RESOURCES INC 06.3750 08/15/2021 0.14%
LLOYDS BANK PLC 13.0000 01/29/2049 0.14%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.14%
ORYX TLB L+325 05.2672 02/28/2025 0.14%
RANGE RESOURCES CORP 05.7500 06/01/2021 0.14%
ROBERTSHAW 1STL L+350 05.3725 02/15/2025 0.14%
SEVEN GENERATIONS P/P 144A 05.3750 09/30/2025 0.14%
TARGA RES PRTNRS 05.3750 02/01/2027 0.14%
VALEANT PHARMA P/P 144A 05.8750 05/15/2023 0.14%
ASHTEAD CAPITAL INC P/P 144A 04.1250 08/15/2025 0.13%
BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 0.13%
CONSTELLIUM NV P/P 144A 06.6250 03/01/2025 0.13%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.13%
DISH NETWORK CV 03.3750 08/15/2026 0.13%
EVEREST ACQ LLC/FIN 09.3750 05/01/2020 0.13%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.13%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.13%
PQ CORP P/P 144A 05.7500 12/15/2025 0.13%
ROBERTSHAW 2NDL L+800 09.8725 02/15/2026 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%
TENET HEALTHCARE CORP 08.1250 04/01/2022 0.13%
THE AES CORPORATION 04.8750 05/15/2023 0.13%
TRAVERSE TLB L+400 05.0000 09/27/2024 0.13%
VALEANT PHARMA TLB L+300 05.0921 05/28/2025 0.13%
WHITING PETROLEUM C P/P 144A 06.6250 01/15/2026 0.13%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.12%
ACADEMY SPORTS TLB L+400 06.0916 07/02/2022 0.12%
AIR METHODS TLB L+350 04.7964 04/21/2024 0.12%
AMC ENT HOLDIN 06.1250 05/15/2027 0.12%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.12%
BIOSCRIP INC 08.8750 02/15/2021 0.12%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.12%
CONSTELLIUM NV P/P 144A 05.8750 02/15/2026 0.12%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.12%
FORTERRA TL L+300 05.0935 10/25/2023 0.12%
FRAC TECH INTL TLB L+475 06.8435 04/16/2021 0.12%
HCA INC. 07.5000 02/15/2022 0.12%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.12%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.12%
MASTEC INC 04.8750 03/15/2023 0.12%
NETFLIX INC P/P 144A 05.8750 11/15/2028 0.12%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.12%
PRECISION DRILL P/P 144A 07.1250 01/15/2026 0.12%
VISTRA ENERGY CORP P/P 144A 08.1250 01/30/2026 0.12%
WILLIAMS COS INC 07.7500 06/15/2031 0.12%
A SCHULMAN INC 06.8750 06/01/2023 0.11%
ALTICE FRANCE SA P/P 144A 06.2500 05/15/2024 0.11%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.11%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.11%
CIT GROUP INC. 05.2500 03/07/2025 0.11%
CONTINENTAL RESOURCES 03.8000 06/01/2024 0.11%
CROWN AMER/CAP P/P 144A 04.7500 02/01/2026 0.11%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.11%
EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 0.11%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.11%
ISTAR INC 04.5000 CUM CV PFD 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%
LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 0.11%
NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 0.11%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.11%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.11%
WPX ENERGY INC 08.2500 08/01/2023 0.11%
ALCOA NEDERLAND HLDG P/P 144A 06.1250 05/15/2028 0.10%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.10%
ANTERO RESOURCES 05.3750 11/01/2021 0.10%
ARD SECURITIES FIN P/P 144A 08.7500 01/31/2023 0.10%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.10%
CCC INFO 2NDL L+675 08.8435 03/30/2025 0.10%
CEMEX P/P 144A 05.7000 01/11/2025 0.10%
CHEMOURS CO 05.3750 05/15/2027 0.10%
ENDEAVOR ENERGY P/P 144A 05.5000 01/30/2026 0.10%
ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 0.10%
FAIRFAX FINL HLDGS P/P 144A 04.8500 04/17/2028 0.10%
FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 0.10%
GFL ENVIRONMENTAL P/P 144A 05.3750 03/01/2023 0.10%
J. CREW GROUP TL L+322 04.4895 03/05/2021 0.10%
JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 0.10%
JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 0.10%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.10%
JO-ANN STORES TL L+500 07.5094 10/16/2023 0.10%
LHMC FINCO SARL P/P 144A 07.8750 12/20/2023 0.10%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.10%
RACKSPACE HOSTING INC L+300 05.3631 11/03/2023 0.10%
SANDRIDGE ENERGY INC 0.10%
T-MOBILE US INC 0.10%
TALBOTS INC 2NDL L+850 10.5935 03/19/2021 0.10%
UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 0.10%
AES CORP/THE 05.1250 09/01/2027 0.09%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.09%
BOYD GAMING CORP 06.3750 04/01/2026 0.09%
CAESARS ENTERTAIN CORP CV 05.0000 10/01/2024 0.09%
CROWN HOLDINGS INC 0.09%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.09%
DIAMONDBACK ENERGY INC 04.7500 11/01/2024 0.09%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.09%
ENERGY TRANSFER EQUITY 05.5000 06/01/2027 0.09%
ISTAR INC 06.0000 04/01/2022 0.09%
JACOBS ENT INC P/P 144A 07.8750 02/01/2024 0.09%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.09%
LIVE NATION ENTERTAINMENT IN 0.09%
MERCER INTL INC P/P 144A 05.5000 01/15/2026 0.09%
MERCER INTL INC USD 07.7500 12/01/2022 0.09%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.09%
PLATFORM SPECIALTY P/P 144A 05.8750 12/01/2025 0.09%
TENNECO INC 05.3750 12/15/2024 0.09%
TRANSDIGM INC 06.5000 05/15/2025 0.09%
US CONCRETE INC 0.09%
VALEANT PHARMA P/P 144A 06.5000 03/15/2022 0.09%
WEATHERFORD INTL LLC P/P 144A 09.8750 03/01/2025 0.09%
AES CORP/THE 04.5000 03/15/2023 0.08%
AKER BP ASA P/P 144A 05.8750 03/31/2025 0.08%
BOYD GAMING CORP P/P 144A 06.0000 08/15/2026 0.08%
BOYNE USA INC P/P 144A 07.2500 05/01/2025 0.08%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.08%
CENTENE CORP P/P 144A 05.3750 06/01/2026 0.08%
CHESAPEAKE ENERGY CORP 08.0000 06/15/2027 0.08%
CINEMARK USA INC 04.8750 06/01/2023 0.08%
EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 0.08%
IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 0.08%
ISTAR INC 05.2500 09/15/2022 0.08%
NINE POINT ENERGY CNV PRF 0.08%
NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 0.08%
NRG ENERGY INC P/P 144A 05.7500 01/15/2028 0.08%
SESI LLC 07.1250 12/15/2021 0.08%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.08%
T-MOBILE USA INC 04.5000 02/01/2026 0.08%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.08%
TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 0.08%
WPX ENERGY INC 05.7500 06/01/2026 0.08%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.07%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.07%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.07%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.07%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.07%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 0.07%
CPG INTL TL L+375 04.7500 05/05/2024 0.07%
FLEX ACQ CO INC P/P 144A 07.8750 07/15/2026 0.07%
GENON ENERGY INC. 09.8750 10/15/2020 0.07%
HALCON RESOURCES CORP 0.07%
JONAH NRG LLC/FINANC P/P 144A 07.2500 10/15/2025 0.07%
MGM GROWTH/MGM FINANCE 04.5000 01/15/2028 0.07%
ORTHO-CLINICAL TLB L+325 06/01/2025 0.07%
SEMGROUP CORP 06.3750 03/15/2025 0.07%
SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 0.07%
SEVEN GENERATIONS ENERGY - A 0.07%
THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 0.07%
VERTIV INT HOLD CORP P/P 144A 12.0000 02/15/2022 0.07%
CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 0.06%
ENERGIZER GAMM P/P 144A 06.3750 07/15/2026 0.06%
FRONTIER COMM 11.0000 09/15/2025 0.06%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 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%
NEW GOLD INC P/P 144A 06.3750 05/15/2025 0.06%
PETSMART INC P/P 144A 07.1250 03/15/2023 0.06%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.06%
SERVICE CORP INTL 04.6250 12/15/2027 0.06%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.06%
STEEL DYNAMICS INC 04.1250 09/15/2025 0.06%
VALEANT PHARMA P/P 144A 05.5000 11/01/2025 0.06%
WAND MERGER CORP P/P 144A 08.1250 07/15/2023 0.06%
ABC SUPPLY CO INC P/P 144A 05.8750 05/15/2026 0.05%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 0.05%
CONTINENTAL RESOURCES 05.0000 09/15/2022 0.05%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.05%
MGM RESORTS INTL 08.6250 02/01/2019 0.05%
NINE POINT ENERGY COM 0.05%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.05%
RANGE RESOURCES CORP 05.0000 03/15/2023 0.05%
TECK RESOURCES LIMITED USD 04.7500 01/15/2022 0.05%
VERTIV TLB L+400 06.0999 11/15/2023 0.05%
WAND MERGER CORP P/P 144A 09.1250 07/15/2026 0.05%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.05%
ASURION 2NDL L+650 08.8358 08/04/2025 0.04%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.04%
CINEMARK USA INC 05.1250 12/15/2022 0.04%
INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 0.04%
LENNAR CORPORATION 04.7500 04/01/2021 0.04%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.04%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.04%
TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 0.04%
AMC ENTERTAINMENT HOLDIN 05.8750 02/15/2022 0.03%
CAESARS ENTERTAINMENT CORP 0.03%
CIT GROUP INC. 05.0000 08/15/2022 0.03%
CREDIT ACCEPTANC 06.1250 02/15/2021 0.03%
CONCORDIA INTL P/P 144A 07.0000 04/15/2023 0.02%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.02%
TRIBUNE CLASS 1C LITIGAT 0.02%
WPX ENERGY INC 06.0000 01/15/2022 0.02%
CAD/USD 07/18/2018 CITI 0.01%
CAD/USD 07/18/2018 JPMCB 0.01%
CHC GROUP LLC P/P 0.01%
INTELSAT CONNECT FIN P/P 144A 12.5000 04/01/2022 0.01%
MWO HOLDINGS LLC 0.01%
SM ENERGY CO 06.1250 11/15/2022 0.01%
STANDARD IND INC P/P 144A 04.7500 01/15/2028 0.01%
TXU TCEH RIGHTS 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 07/18/2018 SSBT 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
EUR/USD 09/19/2018 BANKAM 0.00%
GBP/USD 09/19/2018 UBS 0.00%
HALCON RESOURCES CORP - WARRA 0.00%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.00%
TERVITA CORP CLASS A 0.00%
TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 0.00%
CDX CDX.NA.HY.30 500.0 06/20/2023 -0.10%

Prior top 10 holdings

Top 10 holdings as of 09/30/18
1: Cequel Communications 1.96%
2: Sprint Communications 1.89%
3: Bausch Health 1.61%
4: Ally Financial 1.33%
5: Charter Communications 1.24%
6: Hca 1.16%
7: T-Mobile 1.05%
8: Community Health Systems 0.92%
9: DELL Technologies 0.91%
10: Altice Numericable 0.89%
Holdings represent 12.96% of portfolio
Top 10 holdings as of 08/31/18
1: Sprint Communications 1.97%
2: Cequel Communications 1.94%
3: Bausch Health 1.59%
4: Ally Financial 1.33%
5: Charter Communications 1.22%
6: Hca 1.15%
7: T-Mobile 1.05%
8: Community Health Systems 0.90%
9: DELL Technologies 0.90%
10: Altice Numericable 0.87%
Holdings represent 12.92% of portfolio
Top 10 holdings as of 07/31/18
1: Cequel Communications 1.91%
2: Sprint Communications 1.87%
3: Bausch Health 1.59%
4: Charter Communications 1.16%
5: Hca 1.13%
6: Ally Financial 1.10%
7: T-Mobile 1.04%
8: Altice Numericable 0.91%
9: Community Health Systems 0.89%
10: DELL Technologies 0.84%
Holdings represent 12.44% of portfolio
Top 10 holdings as of 06/30/18
1: Cequel Communications 1.95%
2: Sprint Communications 1.86%
3: Valeant Pharmaceuticals International 1.58%
4: Charter Communications 1.16%
5: Hca 1.13%
6: Ally Financial 1.10%
7: Altice Numericable 1.09%
8: T-Mobile 1.04%
9: DELL Technologies 0.84%
10: Community Health Systems 0.81%
Holdings represent 12.56% of portfolio

Sector Weightings as of 09/30/18

Cash Investment Non-Cash Investment Total Portfolio
Weight Spread Duration Weight Spread Duration Weight Spread Duration
High-yield corporate bonds 80.98% 3.23 -1.77% -0.08 79.21% 3.15
Investment-grade corporate bonds 6.44% 0.44 0.00% 0.00 6.44% 0.44
Bank loans 5.80% 0.23 0.00% 0.00 5.80% 0.23
Net cash 2.70% 0.00 0.00% 0.00 2.70% 0.00
Equity investments 1.66% 0.00 0.00% 0.00 1.66% 0.00
Convertible securities 1.33% 0.01 0.00% 0.00 1.33% 0.01
Emerging-market bonds 0.71% 0.03 0.00% 0.00 0.71% 0.03
International Treasury/agency 0.38% 0.02 0.00% 0.00 0.38% 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 09/30/18

Consumer cyclicals 18.66%
Energy 14.54%
Basic materials 13.73%
Communication services 11.94%
Financials 9.39%
Health care 8.43%
Capital goods 6.34%
Technology 6.07%
Consumer staples 5.20%
 
Other		 3.93%
Net Cash 2.70%
Utilities 2.69%
Transportation 0.31%
Non-cash investments -1.77%

Country Allocation as of 09/30/18

United States 84.87%
Canada 5.42%
Luxembourg 1.87%
United Kingdom 1.81%
Netherlands 1.57%
Ireland 1.14%
France 1.04%
Switzerland 0.62%
Bermuda 0.42%
 
Other		 1.24%
Mexico 0.42%
Indonesia 0.29%
Jamaica 0.21%
Cayman Islands 0.14%
Germany 0.10%
Norway 0.08%

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%