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 06/22/18

with optional enhanced death benefits
Unit Value $23.232831 $22.566988
Unit Value Change -0.000798 -0.000869

Lipper ranking ‡ as of 05/31/18

Category: High Yield Funds

  Percentile ranking Rank/Funds in category
10 yrs. 44% 34/77
1 yr. 50% 54/109
3 yrs. 55% 58/105
5 yrs. 45% 45/100

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 05/31/18

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 $204M
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 05/31/18

Unit Value -0.11%
Standardized -8.84%

YTD as of 06/22/18

Unit Value -0.74%
Standardized -9.43%

With optional enhanced death benefit

Monthly as of 05/31/18

Unit Value -0.12%
Standardized -8.85%

YTD as of 06/22/18

Unit Value -0.81%
Standardized -9.50%

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 05/31/18

Avg. Eff. Maturity 5.22
Avg. Price 101.46
Avg. Eff. Duration 3.96
Avg. Coupon 6.17
Avg. Yield to Maturity 6.35
Alpha (%) --
Beta 0.99
R Squared 0.98
Standard Deviation (3 yrs.) 5.48

Maturity Details

0 to 1 yr. 10.99%
1 to 5 yrs. 38.00%
5 to 10 yrs. 46.26%
10 to 15 yrs. 2.82%
Over 15 yrs. 1.93%

Quality Ratings

A 0.20%
BBB 6.70%
BB 38.30%
B 35.74%
CCC and Below 13.86%
Not Rated 2.41%
Net cash 2.79%

Holdings

Top 10 holdings as of 05/31/18

Cequel Communications 1.95%
Sprint Communications 1.85%
Valeant Pharmaceuticals 1.66%
Hca 1.14%
Charter Communications 1.13%
Ally Financial 1.09%
Altice Numericable 1.07%
T-Mobile 1.03%
Jack Ohio 1.01%
DELL Technologies 0.87%
Top 10 holdings, total: 12.80%

 
Equity Holdings  | Full portfolio  |  Prior top 10 holdings

Equity Holdings as of 03/31/18
AVAYA HOLDINGS CORP 0.34%
ALLY FINANCIAL INC 0.24%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.22%
BERRY GLOBAL GROUP INC 0.20%
GAMING AND LEISURE PROPERTIE 0.20%
CIT GROUP INC 0.16%
CHARTER COMMUNICATIONS INC-A 0.15%
EPR PROPERTIES 05.7500 CUM CV PFD 0.15%
ISTAR INC 04.5000 CUM CV PFD 0.11%
CROWN HOLDINGS INC 0.10%
T-MOBILE US INC 0.10%
BELDEN INC 06.7500 CV PFD 0.08%
LIVE NATION ENTERTAINMENT IN 0.08%
NINE POINT ENERGY CNV PRF 0.08%
SANDRIDGE ENERGY INC 0.08%
SEVEN GENERATIONS ENERGY - A 0.08%
HALCON RESOURCES CORP 0.07%
NINE POINT ENERGY COM 0.04%
CAESARS ENTERTAINMENT CORP 0.03%
CHC GROUP LLC P/P 0.01%
MILAGRO OIL & GAS 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%
TRIBUNE CLASS 1C LITIGAT 0.00%

Full Portfolio Holdings as of 03/31/18
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.74%
CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 0.65%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.63%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.61%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.61%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.60%
SPRINT CORP 07.2500 09/15/2021 0.59%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.57%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.54%
SPRINT CORP 07.8750 09/15/2023 0.52%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.51%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.51%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.51%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.51%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.49%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.48%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.48%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.47%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.47%
BLUELINE RENTAL CRP P/P 144A 09.2500 03/15/2024 0.44%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.44%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.44%
CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 0.44%
ENERGY TRANSFER PARTNERS 06.6250 02/15/2028 0.44%
T-MOBILE USA INC 06.3750 03/01/2025 0.43%
HCA INC 06.5000 02/15/2020 0.42%
NAVISTAR TLB L+350 04.7500 11/06/2024 0.42%
PULTEGROUP INC. 07.8750 06/15/2032 0.41%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.41%
TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 0.41%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.40%
DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 0.40%
LOUISIANA-PACIFIC CORP 04.8750 09/15/2024 0.40%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.39%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.39%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.38%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.38%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.38%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.37%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.37%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.37%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.37%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.37%
TENET HEALTHCARE 06.0000 10/01/2020 0.37%
TRANSDIGM INC 06.3750 06/15/2026 0.37%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.37%
AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 0.36%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.36%
BRAND ENERGY TL L+425 06.0026 06/21/2024 0.36%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.36%
HCA INC 05.5000 06/15/2047 0.36%
PLATFORM SPECIALTY P/P 144A 05.8750 12/01/2025 0.36%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.36%
VALEANT PHARMA P/P 144A 06.1250 04/15/2025 0.36%
ALTA MESA HLDGS 07.8750 12/15/2024 0.35%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.35%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.35%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.35%
AVAYA HOLDINGS CORP 0.34%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.34%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.34%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.33%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.33%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.32%
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%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.32%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.32%
CALPINE CORP 05.7500 01/15/2025 0.31%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.31%
DEAN FOODS CO P/P 144A 06.5000 03/15/2023 0.31%
GCP APPLIED TECH P/P 144A 09.5000 02/01/2023 0.31%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.31%
TARGA RESOURCES PART P/P 144A 05.0000 01/15/2028 0.31%
ADS INC P/P 144A 05.6250 11/15/2024 0.30%
ALTICE FINCO SA P/P 144A 07.6250 02/15/2025 0.30%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.30%
CIT GROUP INC 05.0000 08/01/2023 0.30%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.30%
GREAT LAKES D&D 08.0000 05/15/2022 0.30%
INFOR US INC 06.5000 05/15/2022 0.30%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.30%
REVLON CONS TLB L+350 05.3769 09/07/2023 0.30%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.30%
US CONCRETE INC 06.3750 06/01/2024 0.30%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.29%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.29%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.29%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.29%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.29%
GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 0.29%
WYNDHAM WORLDWIDE CORP 04.5000 04/01/2027 0.29%
ARCELORMITTAL USD 07.2500 10/15/2039 0.28%
AVAYA TLB-EXIT L+475 06.5364 12/15/2024 0.28%
CEC ENT INC 08.0000 02/15/2022 0.28%
FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 0.28%
NRG ENERGY INC 06.6250 01/15/2027 0.28%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.28%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.28%
SM ENERGY CO 06.5000 11/15/2021 0.28%
WPX ENERGY INC 07.5000 08/01/2020 0.28%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.27%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.27%
CORNERSTONE CHEM CO P/P 144A 06.7500 08/15/2024 0.27%
GW HONOS SECURITY CO P/P 144A 08.7500 05/15/2025 0.27%
RANGE RESOURCES CORP 05.7500 06/01/2021 0.27%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.27%
SERVICE CORP INTL 05.3750 01/15/2022 0.27%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.27%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 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%
ALTICE US FIN II CRP P/P 144A 07.7500 07/15/2025 0.26%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.26%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.26%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.26%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.26%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.26%
MERCER INTL INC USD 06.5000 02/01/2024 0.26%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.26%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.26%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.26%
CENTENE CORP 06.1250 02/15/2024 0.25%
CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 0.25%
CLEAR CHANNEL TLD L+675 09.0520 01/30/2019 0.25%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.25%
FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 0.25%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.25%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.25%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.25%
JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 0.25%
LIONS GATE CAP HOLD P/P 05.8750 11/01/2024 0.25%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.25%
ON SEMICONDUC CV 01.0000 12/01/2020 0.25%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.25%
USG CORP P/P 144A 04.8750 06/01/2027 0.25%
VALEANT PHARMA P/P 144A 07.0000 03/15/2024 0.25%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 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%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.24%
ALLY FINANCIAL INC 0.24%
AMER WOODMARK CORP P/P 144A 04.8750 03/15/2026 0.24%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.24%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.24%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.24%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.24%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.24%
NABORS IND INC P/P 144A 05.7500 02/01/2025 0.24%
SFR GROUP SA P/P 144A 07.3750 05/01/2026 0.24%
T-MOBILE USA INC 05.3750 04/15/2027 0.24%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.24%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.23%
BEACON ESCROW CORP P/P 144A 04.8750 11/01/2025 0.23%
DAKOTA MERGER SUB P/P 144A 10.7500 09/01/2024 0.23%
DIAMOND BC BV P/P 144A 05.6250 08/15/2025 0.23%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.23%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.23%
HCA INC 05.2500 06/15/2026 0.23%
HUSKY TLB L+300 05.2018 03/16/2025 0.23%
REVLON CONSUMER PROD 06.2500 08/01/2024 0.23%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.23%
ASURION 2NDL 07.5734 08/04/2025 0.22%
CALIFORNIA RESOURC TL L+475 06.5721 11/17/2022 0.22%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.22%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.22%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.22%
DISH NETWORK CV 03.3750 08/15/2026 0.22%
EXTRACTION OIL & GAS P/P 144A 05.6250 02/01/2026 0.22%
FXI HOLDINGS INC P/P 144A 07.8750 11/01/2024 0.22%
MEREDITH CORP P/P 144A 06.8750 02/01/2026 0.22%
MTW FOODSERVICE ESCR 09.5000 02/15/2024 0.22%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.22%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.22%
TEVA PHARMA NE P/P 144A 06.7500 03/01/2028 0.22%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 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%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.21%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.21%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.21%
KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 0.21%
NEWFIELD EXPLORATION CO 05.3750 01/01/2026 0.21%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.21%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.21%
USIS MERGER SUB INC P/P 144A 06.8750 05/01/2025 0.21%
VALEANT PHARMA P/P 144A 05.8750 05/15/2023 0.21%
WEATHERFORD BERMUDA 09.8750 02/15/2024 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%
AMC ENTERTAINMENT HOLDIN 05.7500 06/15/2025 0.20%
ARCELORMITTAL USD 06.1250 06/01/2025 0.20%
BERRY GLOBAL GROUP INC 0.20%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.20%
CONTINENTAL RESOURCES INC. 04.5000 04/15/2023 0.20%
CROWNROCK LP/CROWNRO P/P 144A 05.6250 10/15/2025 0.20%
GAMING AND LEISURE PROPERTIE 0.20%
KCA DEUTAG TL L+525 07.6539 05/16/2020 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%
NRG ENERGY INC 07.2500 05/15/2026 0.20%
OASIS PETROLEUM INC 06.8750 01/15/2023 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%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.20%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.19%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.19%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.19%
SERVICE CORP INTL 05.3750 05/15/2024 0.19%
SOLENIS 2NDL L+675 08.7342 07/31/2022 0.19%
TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 0.19%
UNIVAR USA INC P/P 144A 06.7500 07/15/2023 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%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.18%
BOYD GAMING CORPORATION 06.8750 05/15/2023 0.18%
CEQUEL COM & CAP P/P 144A 07.5000 04/01/2028 0.18%
CF INDUSTRIES INC 04.9500 06/01/2043 0.18%
CHEMOURS CO 07.0000 05/15/2025 0.18%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.18%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.18%
DYNEGY INC 07.6250 11/01/2024 0.18%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 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%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.18%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.18%
ITRON INC P/P 144A 05.0000 01/15/2026 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%
T-MOBILE USA INC 04.7500 02/01/2028 0.18%
THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 0.18%
TRIDENT MERGER SUB P/P 144A 06.6250 11/01/2025 0.18%
VALEANT PHARMA P/P 144A 09.2500 04/01/2026 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%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.17%
CENTENE CORP 04.7500 05/15/2022 0.17%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.17%
FIRST QUANTUM MINERA P/P 144A 06.8750 03/01/2026 0.17%
GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 0.17%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.17%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 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%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 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%
SM ENERGY CO 05.0000 01/15/2024 0.17%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.17%
TENNANT CO 05.6250 05/01/2025 0.17%
TENNECO INC 05.3750 12/15/2024 0.17%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.17%
USG CORP P/P 144A 05.5000 03/01/2025 0.17%
CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 0.16%
CIT GROUP INC 0.16%
FRAC TECH INTL TLB L+475 06.6269 04/16/2021 0.16%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 0.16%
GLP CAP LP / FIN II 04.8750 11/01/2020 0.16%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.16%
KRONOS 2NDL L+825 10.0234 11/01/2024 0.16%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 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%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.16%
QEP RESOURCES INC 05.6250 03/01/2026 0.16%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.16%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 0.16%
TALBOTS INC 1STL L+450 06.3769 03/19/2020 0.16%
TRINIDAD DRILLING LT P/P 144A 06.6250 02/15/2025 0.16%
TRONOX INC P/P 144A 06.5000 04/15/2026 0.16%
VALEANT PHARMA P/P 144A 09.0000 12/15/2025 0.16%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.16%
AMC ENT HOLDIN 05.8750 11/15/2026 0.15%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.15%
CHARTER COMMUNICATIONS INC-A 0.15%
COMMSCOPE TECH LLC P/P 144A 05.0000 03/15/2027 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%
EP ENER/EVEREST ACQ P/P 144A 09.3750 05/01/2024 0.15%
EPR PROPERTIES 05.7500 CUM CV PFD 0.15%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.15%
GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 0.15%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.15%
MASTEC INC 04.8750 03/15/2023 0.15%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.15%
NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 0.15%
OSHKOSH CORP 05.3750 03/01/2025 0.15%
REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 0.15%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.15%
SPRINGLEAF FINANCE CORP 06.1250 05/15/2022 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%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.15%
TR OP / TR FIN P/P 144A 05.3750 09/01/2025 0.15%
WASTE PRO USA INC P/P 144A 05.5000 02/15/2026 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%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.14%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.14%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.14%
CHS/COMMUNITY HEALTH SYS 07.1250 07/15/2020 0.14%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.14%
CLEAR CHNL WORLD 07.6250 03/15/2020 0.14%
DISH DBS CORP 05.8750 11/15/2024 0.14%
ENSCO PLC USD 07.7500 02/01/2026 0.14%
FRONTIER COMM 10.5000 09/15/2022 0.14%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.14%
LENNAR CORP P/P 144A 05.8750 11/15/2024 0.14%
LLOYDS BANK PLC 13.0000 01/29/2049 0.14%
ORYX TLB L+325 05.2672 02/26/2025 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%
TEVA PHARMA NE P/P 144A 06.0000 04/15/2024 0.14%
WINDSTREAM SRVC / FIN 06.3750 08/01/2023 0.14%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.14%
ALLEGHENY TECHNOLOGIES 07.8750 08/15/2023 0.13%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.13%
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%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.13%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.13%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.13%
FIRST QUANTUM MINERA P/P 144A 07.2500 04/01/2023 0.13%
JONAH NRG LLC/FINANC P/P 144A 07.2500 10/15/2025 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%
NOVA CHEMICALS CORP P/P 144A 04.8750 06/01/2024 0.13%
ROBERTSHAW 2NDL L+800 09.8725 02/15/2026 0.13%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 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%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.12%
AIR METHODS TLB L+350 04.7964 04/21/2024 0.12%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.12%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.12%
CHEMOURS CO 05.3750 05/15/2027 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%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.12%
DENBURY RESOURCES INC 06.3750 08/15/2021 0.12%
DYNEGY INC P/P 144A 08.1250 01/30/2026 0.12%
FORTERRA TL L+300 04.8769 10/25/2023 0.12%
JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 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%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.12%
TRAVERSE TLB L+400 05.0000 09/27/2024 0.12%
WHITING PETROLEUM C P/P 144A 06.6250 01/15/2026 0.12%
WILLIAMS COS INC 07.7500 06/15/2031 0.12%
A SCHULMAN INC 06.8750 06/01/2023 0.11%
ACADEMY SPORTS TLB L+400 05.9267 07/02/2022 0.11%
AK STEEL CORP 06.3750 10/15/2025 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%
BIOSCRIP INC 08.8750 02/15/2021 0.11%
CIT GROUP INC 05.2500 03/07/2025 0.11%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.11%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 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%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.11%
KRATON POLYMERS P/P 144A 10.5000 04/15/2023 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%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.11%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.11%
TENNECO INC 05.0000 07/15/2026 0.11%
TRAVELPORT CORP FIN P/P 144A 06.0000 03/15/2026 0.11%
VALEANT PHARMACEUTIC P/P 144A 05.5000 03/01/2023 0.11%
WABASH NATIONAL CORP P/P 144A 05.5000 10/01/2025 0.11%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.11%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.10%
AMC ENT HOLDIN 06.1250 05/15/2027 0.10%
ARD SECURITIES FIN P/P 144A 08.7500 01/31/2023 0.10%
BANCO BILBAO VIZCAYA ARG REGS 09.0000 05/29/2049 0.10%
CCC INFO 2NDL L+675 08.6269 03/30/2025 0.10%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.10%
CEMEX P/P 144A 05.7000 01/11/2025 0.10%
CONTINENTAL RESOURCES 03.8000 06/01/2024 0.10%
CROWN AMER/CAP P/P 144A 04.7500 02/01/2026 0.10%
CROWN HOLDINGS INC 0.10%
ENDEAVOR ENERGY P/P 144A 05.5000 01/30/2026 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%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.10%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.10%
NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 0.10%
SFR GROUP SA P/P 144A 06.2500 05/15/2024 0.10%
T-MOBILE US INC 0.10%
TALBOTS INC 2NDL L+850 10.3769 03/19/2021 0.10%
TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 0.10%
UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 0.10%
USA COMPRESSION PART P/P 144A 06.8750 04/01/2026 0.10%
AES CORP/THE 05.1250 09/01/2027 0.09%
ANTERO RESOURCES 05.3750 11/01/2021 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%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 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%
ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 0.09%
ENERGY TRANSFER EQUITY 05.5000 06/01/2027 0.09%
EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 0.09%
FIRST QUANTUM MINERA P/P 144A 06.5000 03/01/2024 0.09%
ISTAR INC 06.0000 04/01/2022 0.09%
J. CREW GROUP TL L+322 04.4895 03/05/2021 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%
MERCER INTL INC USD 07.7500 12/01/2022 0.09%
MURRAY ENERGY CORP P/P 144A 11.2500 04/15/2021 0.09%
NORTHWEST ACQ/DOMIN P/P 144A 07.1250 11/01/2022 0.09%
SPRINGLEAF FINANCE CORP 08.2500 12/15/2020 0.09%
VERMILION ENERGY INC P/P 144A 05.6250 03/15/2025 0.09%
AES CORP/THE 04.5000 03/15/2023 0.08%
BELDEN INC 06.7500 CV PFD 0.08%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 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%
EVEREST ACQ LLC/FIN 09.3750 05/01/2020 0.08%
IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 0.08%
ISTAR INC 05.2500 09/15/2022 0.08%
LIVE NATION ENTERTAINMENT IN 0.08%
NINE POINT ENERGY CNV PRF 0.08%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.08%
PISCES MIDCO INC P/P 144A 08.0000 04/15/2026 0.08%
SANDRIDGE ENERGY INC 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%
AKER BP ASA P/P 144A 05.8750 03/31/2025 0.07%
BAYTEX ENERGY CORP P/P 144A 05.1250 06/01/2021 0.07%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.07%
BOYNE USA INC P/P 144A 07.2500 05/01/2025 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%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 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%
GENON AMERICAS GENR LLC 08.5000 10/01/2021 0.07%
HALCON RESOURCES CORP 0.07%
MGM GROWTH/MGM FINANCE 04.5000 01/15/2028 0.07%
MGM RESORTS INTL 06.6250 12/15/2021 0.07%
NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 0.07%
NRG ENERGY INC P/P 144A 05.7500 01/15/2028 0.07%
SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 0.07%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.07%
T-MOBILE USA INC 04.5000 02/01/2026 0.07%
TARGA RES PRTNRS 05.1250 02/01/2025 0.07%
WEATHERFORD INTL LLC P/P 144A 09.8750 03/01/2025 0.07%
CENTENE CORP 04.7500 01/15/2025 0.06%
GENON ENERGY INC. 09.8750 10/15/2020 0.06%
GETTY IMAGES TLB L+350 04.7500 10/18/2019 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%
NEW GOLD INC P/P 144A 06.3750 05/15/2025 0.06%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.06%
SEMGROUP CORP 06.3750 03/15/2025 0.06%
SERVICE CORP INTL 04.6250 12/15/2027 0.06%
STEEL DYNAMICS INC 04.1250 09/15/2025 0.06%
T-MOBILE USA INC 06.6250 04/01/2023 0.06%
VALEANT PHARMA P/P 144A 05.5000 11/01/2025 0.06%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 0.05%
CONTINENTAL RESOURCES 05.0000 09/15/2022 0.05%
FRONTIER COMM 11.0000 09/15/2025 0.05%
GENON AMERICAS GENR LLC 09.1250 05/01/2031 0.05%
MGM RESORTS INTL 08.6250 02/01/2019 0.05%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.05%
PETSMART INC P/P 144A 07.1250 03/15/2023 0.05%
REVLON CONSUMER PRODS 05.7500 02/15/2021 0.05%
TECK RESOURCES LIMITED USD 04.7500 01/15/2022 0.05%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.05%
AMC ENTERTAINMENT HOLDIN 05.8750 02/15/2022 0.04%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.04%
CINEMARK USA INC 05.1250 12/15/2022 0.04%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.04%
LENNAR CORPORATION 04.7500 04/01/2021 0.04%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.04%
NINE POINT ENERGY COM 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%
CAESARS ENTERTAINMENT CORP 0.03%
CIT GROUP INC. 05.0000 08/15/2022 0.03%
CREDIT ACCEPTANC 06.1250 02/15/2021 0.03%
INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 0.03%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.03%
NEW ARCLIN 2NDL L+875 11.0520 02/14/2025 0.03%
CONCORDIA INTL P/P 144A 07.0000 04/15/2023 0.02%
CAD/USD 04/18/2018 CITI 0.01%
CAD/USD 04/18/2018 JPMCB 0.01%
CHC GROUP LLC P/P 0.01%
INTELSAT CONNECT FIN P/P 144A 12.5000 04/01/2022 0.01%
MILAGRO OIL & GAS 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 04/18/2018 SSBT 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
EUR/USD 06/20/2018 BANKAM 0.00%
GBP/USD 06/20/2018 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%
TRIBUNE CLASS 1C LITIGAT 0.00%
CDX CDX.NA.HY.30 500.0 06/20/2023 -0.10%

Prior top 10 holdings

Top 10 holdings as of 05/31/18
1: Cequel Communications 1.95%
2: Sprint Communications 1.85%
3: Valeant Pharmaceuticals 1.66%
4: Hca 1.14%
5: Charter Communications 1.13%
6: Ally Financial 1.09%
7: Altice Numericable 1.07%
8: T-Mobile 1.03%
9: Jack Ohio 1.01%
10: DELL Technologies 0.87%
Holdings represent 12.80% of portfolio
Top 10 holdings as of 04/30/18
1: Cequel Communications 1.90%
2: Sprint Communications 1.89%
3: Valeant Pharmaceuticals International 1.44%
4: Charter Communications 1.12%
5: Hca 1.12%
6: Ally Financial 1.10%
7: Altice Numericable 1.03%
8: T-Mobile 1.03%
9: Jack Ohio 1.03%
10: DELL Technologies 0.84%
Holdings represent 12.50% of portfolio
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

Sector Weightings as of 05/31/18

Cash Investment Non-Cash Investment Total Portfolio
Weight Spread Duration Weight Spread Duration Weight Spread Duration
High-yield corporate bonds 81.47% 3.40 -1.77% -0.08 79.70% 3.32
Investment-grade corporate bonds 6.54% 0.43 0.00% 0.00 6.54% 0.43
Bank loans 5.31% 0.21 0.00% 0.00 5.31% 0.21
Net cash 2.79% 0.00 0.00% 0.00 2.79% 0.00
Equity investments 1.60% 0.00 0.00% 0.00 1.60% 0.00
Convertible securities 1.29% 0.01 0.00% 0.00 1.29% 0.01
Emerging-market bonds 0.62% 0.02 0.00% 0.00 0.62% 0.02
International Treasury/agency 0.38% 0.03 0.00% 0.00 0.38% 0.03

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 05/31/18

Consumer cyclicals 18.56%
Basic materials 14.47%
Energy 13.92%
Communication services 10.98%
Financials 9.26%
Health care 8.04%
Capital goods 6.72%
Consumer staples 6.27%
Technology 6.05%
 
Other		 3.94%
Net Cash 2.79%
Utilities 2.61%
Transportation 0.31%
Non-cash investments -1.77%

Country Allocation as of 05/31/18

United States 84.67%
Canada 6.11%
United Kingdom 1.74%
Luxembourg 1.33%
Netherlands 1.32%
Ireland 1.31%
France 1.21%
Switzerland 0.63%
Bermuda 0.58%
 
Other		 1.10%
Mexico 0.41%
Indonesia 0.22%
Jamaica 0.22%
Germany 0.10%
Norway 0.08%
Cayman Islands 0.06%
European Community 0.01%

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%