Putnam Allstate Advisor

Putnam High Yield Subaccount

The subaccount 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 10/11/19

with optional enhanced death benefits
Unit Value $24.483191 $23.7348
Unit Value Change 0.078655 0.076153

Lipper ranking ‡ as of 08/31/19

Category: High Yield Funds

  Percentile ranking Rank/Funds in category
10 yrs. 69% 49/71
1 yr. 63% 64/102
3 yrs. 59% 58/98
5 yrs. 66% 62/94

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 09/30/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor
Subaccount Status Open to new investors
Number of issues 515
Turnover (fiscal year end) 31%
Net Assets $182M
Inception Date 02/01/88

Performance

Performance as of 09/30/19

Annualized Performance Last Quarter Year
to Date		 1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 0.99% 10.46% 4.24% 3.94% 3.07% 5.61% 5.89%
Standardized -7.82% 0.99% -4.80% -0.76% -0.69% 3.14% 4.23%
With optional enhanced death benefit
Unit Value 0.95% 10.33% 4.08% 3.78% 2.91% 5.45% 5.73%
Standardized -7.86% 0.87% -4.94% -0.92% -0.86% 2.96% 4.03%
Actual performance
Unit Value 0.99% 10.46% 4.24% 3.94% 3.07% 5.61% 4.49%
Standardized -7.82% 0.99% -4.80% -0.76% -0.69% 3.14% 1.76%
With optional enhanced death benefit
Unit Value 0.95% 10.33% 4.08% 3.78% 2.91% 5.45% 4.33%
Standardized -7.86% 0.87% -4.94% -0.92% -0.86% 2.96% 1.56%

Annual Performance at NAV

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
48.31% 12.62% 0.49% 14.56% 6.51% 0.29% -6.54% 14.11% 5.65% -5.27%
With optional enhanced death benefit
48.08% 12.45% 0.33% 14.38% 6.35% 0.14% -6.68% 13.94% 5.49% -5.41%

Restated performance

Monthly as of 09/30/19

Unit Value 0.22%
Standardized -8.54%

YTD as of 10/11/19

Unit Value 10.42%
Standardized 0.95%

With optional enhanced death benefit

Monthly as of 09/30/19

Unit Value 0.21%
Standardized -8.55%

YTD as of 10/11/19

Unit Value 10.29%
Standardized 0.83%

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 Capital Manager products are flexible-premium variable annuities held by Talcott Resolution Life, Inc., 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 Talcott Resolution 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 Talcott Resolution 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 08/31/19

Avg. Eff. Maturity 3.88
Avg. Eff. Duration 2.91
Avg. Coupon 6.02
Avg. Yield to Maturity 5.64
Alpha (%) --
Beta 1.04
R Squared 0.98
Standard Deviation (3 yrs.) 4.28

Maturity Details

0 to 1 yr. 19.14%
1 to 5 yrs. 53.61%
5 to 10 yrs. 23.35%
10 to 15 yrs. 2.11%
Over 15 yrs. 1.79%

Quality Ratings

A 0.23%
BBB 10.24%
BB 41.59%
B 32.96%
CCC and Below 8.73%
Not Rated 1.48%
Net cash 4.77%

Holdings

Top 10 holdings as of 08/31/19

Bausch Health 2.14%
Sprint Communications 2.02%
Altice USA 1.94%
Charter Communications 1.82%
Tenet Healthcare 1.40%
Ally Financial 1.32%
Community Health Systems 1.07%
T-Mobile 0.99%
DELL Technologies 0.91%
Intelsat 0.89%
Top 10 holdings, total: 14.50%

 
Full portfolio  |  Prior top 10 holdings

Full Portfolio Holdings as of 09/30/19
CCO HOLDINGS LLC P/P 144A 05.3750 06/01/2029 1.10%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.96%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.80%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.71%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.68%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.64%
SPRINT CORP 07.8750 09/15/2023 0.64%
DISH DBS CORP 05.8750 11/15/2024 0.56%
REFINITIV TLB L+375 05.7935 10/01/2025 0.55%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.51%
SPRINT CORP 07.2500 09/15/2021 0.50%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 0.48%
BAUSCH HLTH COS INC P/P 144A 06.1250 04/15/2025 0.48%
TENET HEALTHCARE P/P 144A 04.8750 01/01/2026 0.48%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.46%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.46%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.45%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.44%
INTELSAT CONNECT FIN P/P 144A 09.5000 02/15/2023 0.44%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.43%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.43%
NAVISTAR INTL TLB L+350 05.5300 11/06/2024 0.43%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.43%
PULTEGROUP INC. 07.8750 06/15/2032 0.42%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.42%
TRANSDIGM INC 06.3750 06/15/2026 0.42%
STAPLES INC P/P 144A 07.5000 04/15/2026 0.41%
LEVEL 3 FINANCING INC 05.2500 03/15/2026 0.41%
GFL ENVIRONMENTAL P/P 144A 07.0000 06/01/2026 0.40%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.40%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.40%
CSC HOLDINGS LLC P/P 144A 07.5000 04/01/2028 0.39%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.39%
STEVENS HLDG CO INC P/P 144A 06.1250 10/01/2026 0.39%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.39%
CALPINE CORPORATION 05.7500 01/15/2025 0.38%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.38%
GRAY TELEVISION INC P/P 144A 07.0000 05/15/2027 0.38%
EQUINIX INC 05.3750 05/15/2027 0.38%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.38%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.37%
SS&C TECH INC P/P 144A 05.5000 09/30/2027 0.37%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.36%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.36%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.36%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.36%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.36%
STARFRUIT US/STAR FI P/P 144A 08.0000 10/01/2026 0.35%
TENET HEALTHCARE COR P/P 144A 05.1250 11/01/2027 0.35%
TENET HEALTHCARE CORP 08.1250 04/01/2022 0.35%
AKER BP ASA P/P 144A 05.8750 03/31/2025 0.35%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.35%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.35%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.35%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.35%
ALTICE FINCO S.A. P/P 144A 07.6250 02/15/2025 0.34%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.34%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.34%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.34%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.33%
DIAMOND SPORTS GR/DI P/P 144A 06.6250 08/15/2027 0.33%
SERVICE CORP INTL 05.3750 05/15/2024 0.33%
ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 0.32%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.31%
BANFF MERGER SUB INC P/P 144A 09.7500 09/01/2026 0.31%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.31%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.31%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.31%
GREAT LAKES D&D 08.0000 05/15/2022 0.31%
TRANSDIGM INC P/P 144A 06.2500 03/15/2026 0.31%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 0.31%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 0.30%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.30%
T-MOBILE USA INC 04.7500 02/01/2028 0.30%
ALTICE FRANCE P/P 144A 07.3750 05/01/2026 0.30%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.30%
AES CORP/THE 05.5000 04/15/2025 0.30%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.30%
MEREDITH CORP 06.8750 02/01/2026 0.29%
T-MOBILE USA INC 06.3750 03/01/2025 0.29%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.29%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.29%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.29%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.29%
BAUSCH HLTH COS INC P/P 144A 07.0000 03/15/2024 0.29%
HCA INC 05.2500 06/15/2026 0.29%
CENTENE CORP 06.1250 02/15/2024 0.29%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.28%
USA COMPRESSION PART 06.8750 04/01/2026 0.28%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.28%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.28%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.28%
LIONS GATE CAP HOLD P/P 144A 05.8750 11/01/2024 0.27%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.27%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.27%
ITRON INC P/P 144A 05.0000 01/15/2026 0.27%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.27%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.27%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.27%
BRAND ENERGY TL L+425 06.4076 06/21/2024 0.27%
CEC ENTERTAINMENT INC L+650 08.5435 08/30/2026 0.27%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.27%
ARCELORMITTAL USD 07.0000 10/15/2039 0.26%
NETFLIX INC. 05.8750 11/15/2028 0.26%
SCIENTIFIC GAMES P/P 144A 08.2500 03/15/2026 0.26%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.26%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.26%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.26%
TEVA PHARMACEUTICALS NE USD 06.0000 04/15/2024 0.26%
CIT GROUP INC 05.0000 08/01/2023 0.26%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.26%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.26%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.26%
SERVICE CORP INTL 05.1250 06/01/2029 0.26%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.26%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.25%
VISTRA OPERATIONS CO P/P 144A 05.5000 09/01/2026 0.25%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.25%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.25%
STAPLES INC. P/P 144A 10.7500 04/15/2027 0.25%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.25%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.25%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.25%
PQ CORP P/P 144A 05.7500 12/15/2025 0.25%
BAUSCH HLTH AMERICAS P/P 144A 08.5000 01/31/2027 0.24%
TMS INTL HLDG CORP P/P 144A 07.2500 08/15/2025 0.24%
EPR PROPERTIES 05.7500 CUM CV PFD 0.24%
TOPBUILD CORP P/P 144A 05.6250 05/01/2026 0.24%
USI INC/NY P/P 144A 06.8750 05/01/2025 0.24%
STARWOOD PROP TR 04.7500 03/15/2025 0.24%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.24%
CORNERSTONE BUILDING P/P 144A 08.0000 04/15/2026 0.24%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.24%
NABORS INDUSTRIES INC. 05.7500 02/01/2025 0.23%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.23%
HUB INTL LTD P/P 144A 07.0000 05/01/2026 0.23%
BAUSCH HLTH AMERICAS P/P 144A 09.2500 04/01/2026 0.23%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.23%
GREIF INC P/P 144A 06.5000 03/01/2027 0.23%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.23%
ZIGGO BOND CO BV P/P 144A 06.0000 01/15/2027 0.23%
CF INDUSTRIES INC 04.9500 06/01/2043 0.23%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.23%
ON SEMICONDUC CV 01.0000 12/01/2020 0.23%
PRECISION DRILL P/P 144A 07.1250 01/15/2026 0.23%
DIAMOND SPORTS P/P 144A 05.3750 08/15/2026 0.23%
SYNGENTA FINANCE NV P/P 144A 05.1820 04/24/2028 0.23%
SYNGENTA FINANCE NV P/P 144A 04.8920 04/24/2025 0.23%
WESTERN DIGITAL CORPORATION 04.7500 02/15/2026 0.23%
ALLY FINANCIAL INC SEDOL B72XK05 0.23%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.23%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.22%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.22%
DCP MIDSTREAM P/P 144A 06.7500 09/15/2037 0.22%
ATOTECH ALPHA 3 BV P/P 144A 06.2500 02/01/2025 0.22%
AMC ENTERTAINMENT HLDGS 05.7500 06/15/2025 0.22%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.22%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.22%
US CONCRETE INC 06.3750 06/01/2024 0.22%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.22%
ISTAR INC 04.7500 10/01/2024 0.22%
CCO HLDGS LLC/CAP CO P/P 144A 05.0000 02/01/2028 0.22%
ALTICE LUXEMBOURG SA P/P 144A 10.5000 05/15/2027 0.21%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.21%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.21%
ENTERCOM MEDIA CORP P/P 144A 07.2500 11/01/2024 0.21%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.21%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.21%
TEVA PHARMACEUTICALS NE USD 06.7500 03/01/2028 0.21%
BEACON ROOFING SUPP P/P 144A 04.8750 11/01/2025 0.21%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.20%
ASURION 2NDL L+650 08.5435 08/04/2025 0.20%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.20%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.20%
IHEARTCOMMUNICATIONS INC 08.3750 05/01/2027 0.20%
TALBOTS TLB L+700 09.0435 11/28/2022 0.20%
VERTIV TLB L+400 06.0435 11/15/2023 0.20%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 0.20%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.20%
CLEAR CHANNEL TLB L+350 05.5435 08/09/2026 0.20%
INFOR US INC 06.5000 05/15/2022 0.20%
BAUSCH HLTH COS INC P/P 144A 09.0000 12/15/2025 0.20%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.20%
GFL ENVIRONMENTA P/P 144A 08.5000 05/01/2027 0.20%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.20%
MICROCHIP TEC CV 01.6250 02/15/2027 0.20%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.20%
BOMBARDIER INC P/P 144A 07.8750 04/15/2027 0.20%
LOUISIANA-PACIFIC CORPORATION 04.8750 09/15/2024 0.20%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.20%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.20%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.20%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.19%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.19%
HCA INC 05.0000 03/15/2024 0.19%
NRG ENERGY INC P/P 144A 05.2500 06/15/2029 0.19%
ALLEGHENY TECHNOLOGIES INC 07.8750 08/15/2023 0.19%
APERGY CORP 06.3750 05/01/2026 0.19%
NRG ENERGY INC 06.6250 01/15/2027 0.19%
ENTERCOM MEDIA CORP P/P 144A 06.5000 05/01/2027 0.19%
LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 0.19%
NETFLIX INC 04.8750 04/15/2028 0.19%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.19%
FIRST QUANTUM MINERA P/P 144A 06.8750 03/01/2026 0.19%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.19%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.19%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.19%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.19%
NATIONSTAR MTG P/P 144A 09.1250 07/15/2026 0.18%
CARRIAGE SVCS INC P/P 144A 06.6250 06/01/2026 0.18%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.18%
ARDAGH PKG FIN/HLDGS P/P 144A 05.2500 08/15/2027 0.18%
ENERGY TRANSFER OPERA 05.8750 01/15/2024 0.18%
ARDAGH PKG FIN/HLDGS P/P 144A 04.1250 08/15/2026 0.18%
LIONS GATE CAP HOLD P/P 144A 06.3750 02/01/2024 0.18%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.18%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.18%
CHEMOURS CO 07.0000 05/15/2025 0.18%
GLP CAPITAL LP / FIN II 05.2500 06/01/2025 0.18%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.18%
CONSTELLIUM SE P/P 144A 05.7500 05/15/2024 0.18%
SM ENERGY CO 05.0000 01/15/2024 0.18%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.18%
BAUSCH HLTH COS INC P/P 144A 07.2500 05/30/2029 0.17%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.17%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.17%
KRONOS 2NDL L+825 10.5031 11/01/2024 0.17%
PANTHER BF AGGRE 2 P/P 144A 08.5000 05/15/2027 0.17%
TMX FIN LLC/TITLEMAX P/P 144A 11.1250 04/01/2023 0.17%
WYNN RESORTS FIN LLC P/P 144A 05.1250 10/01/2029 0.17%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.17%
NATIONSTAR MTG P/P 144A 08.1250 07/15/2023 0.17%
ALBERTSONS COS LLC P/P 144A 07.5000 03/15/2026 0.17%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.17%
NEWELL BRANDS INC 04.2000 04/01/2026 0.17%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.17%
ATOTECH ALPHA 2 BV P/P 144A 08.7500 06/01/2023 0.17%
TENNANT CO 05.6250 05/01/2025 0.17%
TRAVELPORT TLB L+500 07.5413 05/30/2026 0.17%
BAUSCH HEALTH COS INC REGS 04.5000 05/15/2023 0.17%
HUSKY TLB L+300 05.0435 03/28/2025 0.17%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.16%
LIVE NATION ENT P/P 144A 04.8750 11/01/2024 0.16%
ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 0.16%
CPG INTL TL L+375 05.9333 05/05/2024 0.16%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.16%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.16%
ICAHN ENTER/FIN P/P 144A 06.2500 05/15/2026 0.16%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.16%
CIT GROUP INC SEDOL B4Z73G0 0.16%
WPX ENERGY INC 08.2500 08/01/2023 0.16%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.16%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.16%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.15%
NRG ENERGY INC. 07.2500 05/15/2026 0.15%
WIDEOPENWEST TLB L+325 05.2935 08/19/2023 0.15%
CSC HOLDINGS LLC P/P 144A 05.7500 01/15/2030 0.15%
LENNAR CORP 05.8750 11/15/2024 0.15%
T-MOBILE US INC SEDOL B94Q9V0 0.15%
WPX ENERGY INC 05.2500 10/15/2027 0.15%
AIR METHODS TLB L+350 05.6044 04/21/2024 0.15%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.15%
CSC HOLDINGS LLC P/P 144A 07.7500 07/15/2025 0.15%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.15%
SPRINGLEAF FINANCE CORP 06.6250 01/15/2028 0.15%
CENTURYLINK TLB L+275 05.2724 01/31/2025 0.15%
PETSMART INC TLB L+300 06.0400 03/11/2022 0.15%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.15%
FREEDOM MTGE CORP P/P 144A 08.2500 04/15/2025 0.15%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.15%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.15%
QORVO INC 05.5000 07/15/2026 0.15%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 0.15%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.15%
MERCER INTL INC USD 06.5000 02/01/2024 0.14%
CONSTELLIUM SE P/P 144A 05.8750 02/15/2026 0.14%
CONSTELLIUM SE P/P 144A 06.6250 03/01/2025 0.14%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.14%
FRONTIER COMM 11.0000 09/15/2025 0.14%
ORYX TLB L+400 06.0536 05/09/2026 0.14%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.14%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.14%
IHEARTMEDIA TL L+400 06.0315 05/01/2026 0.14%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.14%
TRANSOCEAN SENTR P/P 144A 05.3750 05/15/2023 0.14%
BUILDERS FIRSTSOURCE P/P 144A 06.7500 06/01/2027 0.14%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.14%
LIVE NATION ENTERTAINMENT IN SEDOL B0T7YX2 0.14%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.14%
LLOYDS BANK PLC 13.0000 01/29/2049 0.14%
TRIVIUM PACK FIN P/P 144A 05.5000 08/15/2026 0.14%
ROBERTSHAW US HOLDING L+325 05.3125 02/28/2025 0.14%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.13%
AMSTED INDUSTRIES P/P 144A 05.6250 07/01/2027 0.13%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.13%
MASTEC INC 04.8750 03/15/2023 0.13%
RESIDEO FUNDING INC P/P 144A 06.1250 11/01/2026 0.13%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.13%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.13%
VISTRA ENERGY CORP P/P 144A 08.1250 01/30/2026 0.13%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.13%
CIT GROUP INC. 05.2500 03/07/2025 0.13%
IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 0.13%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.13%
CHS/COMMUNITY HEALT P/P 144A 08.1250 06/30/2024 0.13%
ARD SECURITIES FIN P/P 144A 08.7500 01/31/2023 0.13%
HCA INC. 07.5000 02/15/2022 0.13%
BWAY CORP TLB L+325 05.5895 04/03/2024 0.13%
CALIFORNIA RESOURCES L+1038 12.4185 12/31/2021 0.13%
CNO FINANCIAL GROUP INC 05.2500 05/30/2029 0.13%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.13%
CROWN AMER/CAP 04.7500 02/01/2026 0.13%
TRANSOCEAN PONTUS LT P/P 144A 06.1250 08/01/2025 0.13%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.13%
ASCEND LEARNING TLB L+300 05.0435 07/12/2024 0.12%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.12%
ROBERTSHAW TL 2L L+800 10.0625 02/28/2026 0.12%
TRIVIUM PACKAGING P/P 144A 08.5000 08/15/2027 0.12%
CLEAN HARBORS INC P/P 144A 04.8750 07/15/2027 0.12%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.12%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.12%
T-MOBILE USA INC 05.3750 04/15/2027 0.12%
THE AES CORPORATION 04.8750 05/15/2023 0.12%
FAIRFAX FINL HLDGS USD 04.8500 04/17/2028 0.12%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.12%
CHESAPEAKE ENERGY CORPORATION 08.0000 01/15/2025 0.12%
WPX ENERGY INC 05.7500 06/01/2026 0.12%
CLEAR CHANNEL WORLDW P/P 144A 05.1250 08/15/2027 0.12%
NRG ENERGY INC P/P 144A 04.4500 06/15/2029 0.12%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.12%
TARGA RESOURCES PART 05.0000 01/15/2028 0.12%
TRAVERSE TLB L+400 06.0500 09/27/2024 0.12%
OSHKOSH CORP 05.3750 03/01/2025 0.12%
CLEAR CHANNEL WORLD P/P 144A 09.2500 02/15/2024 0.12%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.12%
ALTICE FRANCE SA P/P 144A 06.2500 05/15/2024 0.11%
JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 0.11%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.11%
CEMEX P/P 144A 05.7000 01/11/2025 0.11%
VISTRA OPERATION P/P 144A 05.0000 07/31/2027 0.11%
ZIGGO BV P/P 144A 05.5000 01/15/2027 0.11%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.11%
ALTICE FRANCE SA P/P 144A 05.5000 01/15/2028 0.11%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.11%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.11%
AMC ENT HOLDIN 05.8750 11/15/2026 0.11%
TENET HEALTHCARE 04.6250 07/15/2024 0.11%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.11%
VISTRA OPERATIONS CO P/P 144A 05.6250 02/15/2027 0.11%
REVLON CONS TLB L+350 05.6241 09/07/2023 0.11%
AES CORP/THE 05.1250 09/01/2027 0.10%
IHEARTMEDIA INC - CLASS A SEDOL BJVR9Y9 0.10%
AVAYA TLB L+425 06.3343 12/15/2024 0.10%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.10%
NETFLIX INC. P/P 144A 06.3750 05/15/2029 0.10%
GFL ENVIRONMENTAL TLB L+300 05.0435 05/31/2025 0.10%
LEVEL 3 FINANCING INC 05.6250 02/01/2023 0.10%
TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 0.10%
CHEMOURS CO 05.3750 05/15/2027 0.10%
IHS MARKIT LTD USD 04.7500 08/01/2028 0.10%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.10%
AMC ENTERTAINMENT HLDGS 06.1250 05/15/2027 0.10%
IHEARTCOMMUNICATIONS INC 06.3750 05/01/2026 0.10%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.10%
BOYD GAMING CORP 06.3750 04/01/2026 0.10%
CINEWORLD TLB L+225 04.2935 02/28/2025 0.10%
ICAHN ENTER P/P 144A 04.7500 09/15/2024 0.10%
MAUSER PACKAGING SOL P/P 144A 05.5000 04/15/2024 0.10%
CENTENE CORP 04.7500 05/15/2022 0.10%
MERCER INTL INC USD 05.5000 01/15/2026 0.10%
SPRINGLEAF FINANCE CORP 07.1250 03/15/2026 0.10%
TRANSOCEAN POSEIDON P/P 144A 06.8750 02/01/2027 0.10%
HOLOGIC INC P/P 144A 04.3750 10/15/2025 0.10%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.10%
VERTIV GROUP CORP P/P 144A 09.2500 10/15/2024 0.10%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.10%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.10%
BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 0.09%
CALIFORNIA RESOURC TL L+475 06.7935 12/31/2022 0.09%
MERCER INTL INC USD 07.7500 12/01/2022 0.09%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.09%
AES CORP/THE 04.5000 03/15/2023 0.09%
BOYD GAMING CORPORATION 06.0000 08/15/2026 0.09%
DUN & BRADSTREET COR P/P 144A 06.8750 08/15/2026 0.09%
TARGA RESOURCES PART P/P 144A 06.5000 07/15/2027 0.09%
TAYLOR MORRISON COMM P/P 144A 05.7500 01/15/2028 0.09%
AKER BP ASA P/P 144A 04.7500 06/15/2024 0.09%
CENTENE ESCROW I CO P/P 144A 05.3750 06/01/2026 0.09%
NRG ENERGY INC 05.7500 01/15/2028 0.09%
CREDIT ACCEPTANC P/P 144A 06.6250 03/15/2026 0.09%
T-MOBILE USA INC 04.5000 02/01/2026 0.09%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.09%
CINEMARK USA INC 04.8750 06/01/2023 0.09%
TENET HEALTHCARE P/P 144A 06.2500 02/01/2027 0.09%
SESI LLC 07.1250 12/15/2021 0.09%
ANTERO MIDSTREAM P/P 144A 05.7500 01/15/2028 0.09%
GO DADDY OPCO/FINCO P/P 144A 05.2500 12/01/2027 0.09%
BAUSCH HLTH COS INC P/P 144A 07.0000 01/15/2028 0.09%
MGM GROWTH/MGM FINANCE 04.5000 01/15/2028 0.09%
REFINITIV US HLDG P/P 144A 06.2500 05/15/2026 0.09%
TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 0.09%
BERRY GLOBAL INC P/P 144A 05.6250 07/15/2027 0.08%
CHS/COMMUNITY HEALTH P/P 144A 08.0000 03/15/2026 0.08%
DISH NETWORK CV 03.3750 08/15/2026 0.08%
YUM! BRANDS INC P/P 144A 04.7500 01/15/2030 0.08%
BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 0.08%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.08%
DIGICEL LTD P/P 144A 06.7500 03/01/2023 0.08%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.08%
SPECTRUM BRANDS INC P/P 144A 05.0000 10/01/2029 0.08%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.08%
AVAYA HOLDINGS CORP SEDOL BD9G9B3 0.08%
EP ENER/EVEREST ACQ P/P 144A 07.7500 05/15/2026 0.08%
LEVEL 3 FIN INC P/P 144A 04.6250 09/15/2027 0.08%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.08%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.08%
BROOKFIELD RESID P/P 144A 06.2500 09/15/2027 0.08%
COMMSCOPE INC P/P 144A 06.0000 03/01/2026 0.08%
DUN & BRADSTREET TLB L+500 07.2411 02/08/2026 0.08%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.08%
NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 0.08%
NRG P/P 144A 03.7500 06/15/2024 0.08%
VISTRA OPERATION P/P 144A 04.3000 07/15/2029 0.08%
WELLCARE HLTH PLANS P/P 144A 05.3750 08/15/2026 0.08%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.08%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 0.08%
JO-ANN STORES TL L+500 07.2516 10/16/2023 0.08%
WEWORK COS INC P/P 144A 07.8750 05/01/2025 0.08%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.07%
JO-ANN STORES 2NDL L+925 11.5094 05/21/2024 0.07%
CLEAN HARBORS INC P/P 144A 05.1250 07/15/2029 0.07%
MASONITE INTL C P/P 144A 05.3750 02/01/2028 0.07%
NEXSTAR ESCROW INC P/P 144A 05.6250 07/15/2027 0.07%
SERVICE CORPORATION INTL 04.6250 12/15/2027 0.07%
NINE ENERGY SERVICE P/P 144A 08.7500 11/01/2023 0.07%
BEACON ROOFING SUPPL P/P 144A 04.5000 11/15/2026 0.07%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.07%
ORTHO-CLINICAL TLB L+325 05.3064 06/01/2025 0.07%
ANTERO RESOURCES 05.3750 11/01/2021 0.07%
BAUSCH HLTH COS INC P/P 144A 05.5000 11/01/2025 0.07%
VERTIV INT HOLD CORP P/P 144A 12.0000 02/15/2022 0.07%
BAUSCH HLTH COS INC P/P 144A 05.7500 08/15/2027 0.07%
ENERGIZER HLDG INC P/P 144A 06.3750 07/15/2026 0.07%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.07%
TRANSOCEAN INC 07.5000 04/15/2031 0.07%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.06%
COMSTOCK RESOURCES 09.7500 08/15/2026 0.06%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.06%
SM ENERGY CO 06.6250 01/15/2027 0.06%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.06%
ABC SUPPLY CO INC P/P 144A 05.8750 05/15/2026 0.06%
CHESAPEAKE ENERGY CORP 08.0000 06/15/2027 0.06%
TARGA RESOURCES PART P/P 144A 06.8750 01/15/2029 0.06%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.06%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.06%
COMMSCOPE INC P/P 144A 05.5000 03/01/2024 0.05%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.05%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.05%
USA COM PART/USA COM P/P 144A 06.8750 09/01/2027 0.05%
FREEPORT-MCMORAN INC 05.4500 03/15/2043 0.05%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.05%
EAGLE HLDG CO II LLC P/P 144A 07.7500 05/15/2022 0.05%
FRAC TECH INTL TLB L+475 06.7935 04/16/2021 0.05%
GENON 939CER907 0.05%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.05%
ARCELORMITTAL USD 06.1250 06/01/2025 0.05%
ACADEMY SPORTS TLB L+400 06.0244 07/02/2022 0.05%
CINEMARK USA INC 05.1250 12/15/2022 0.05%
RACKSPACE HOSTING INC L+300 05.2868 11/03/2023 0.05%
REALOGY GRP / CO P/P 144A 09.3750 04/01/2027 0.05%
OASIS PETROLEUM INC P/P 144A 06.2500 05/01/2026 0.04%
VALARIS PLC USD 07.7500 02/01/2026 0.04%
VISTRA OPERATION P/P 144A 03.5500 07/15/2024 0.04%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.04%
MERCER INTL INC USD 07.3750 01/15/2025 0.04%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.04%
CLEAR CHANNEL OUTDOOR HOLDIN SEDOL BJHVCH9 0.04%
TRANSDIGM INC 06.5000 05/15/2025 0.04%
ASCENT RESOURCES/AR P/P 144A 07.0000 11/01/2026 0.04%
LENNAR CORPORATION 04.7500 04/01/2021 0.04%
SESI LLC 07.7500 09/15/2024 0.04%
DIVERSEY TL L+300 05.2555 09/06/2024 0.04%
ELDORADO RESORTS INC 06.0000 09/15/2026 0.04%
PANTHER BF AGGREGA P/P 144A 06.2500 05/15/2026 0.04%
INSTALLED BUILDI P/P 144A 05.7500 02/01/2028 0.03%
STEEL DYNAMICS INC 04.1250 09/15/2025 0.03%
CIT GROUP INC. 05.0000 08/15/2022 0.03%
1011778 BC / NEW RED P/P 144A 03.8750 01/15/2028 0.03%
TRIBUNE CLASS 1C LITIGAT 0.03%
ISTAR INC. 05.2500 09/15/2022 0.02%
VALARIS PLC USD 08.0000 01/31/2024 0.02%
NABORS INDUSTRIES INC. 05.5000 01/15/2023 0.02%
ENERGIZER HLDG INC P/P 144A 07.7500 01/15/2027 0.02%
STANDARD IND INC P/P 144A 04.7500 01/15/2028 0.02%
CHC GRP LLC P/P CV 00.0000 10/01/2020 0.02%
NINE POINT ENERGY CNV PRF 0.02%
TXU TCEH RIGHTS 0.02%
ADVANZ PHARMA CORP SEDOL BH4P601 0.01%
NINE POINT ENERGY COM 0.01%
TRANSOCEAN INC P/P 144A 09.0000 07/15/2023 0.01%
SM ENERGY CO 06.1250 11/15/2022 0.01%
MWO HOLDINGS LLC 0.00%
HCA INC 05.6250 09/01/2028 0.00%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.00%
EUR/USD 12/18/2019 BANKAM 0.00%
IHEARTMEDIA INC WT 0.00%
TERVITA CORP SEDOL BD1DCC4 0.00%
CAD/USD 10/16/2019 JPMCB 0.00%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2020 0.00%
CAD/USD 10/16/2019 SSBT 0.00%
CAD/USD 10/16/2019 WPAC 0.00%
CHC GROUP LLC P/P SEDOL BYXD3K4 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 0.00%
GBP/USD 12/18/2019 UBS -0.00%

Prior top 10 holdings

Top 10 holdings as of 08/31/19
1: Bausch Health 2.14%
2: Sprint Communications 2.02%
3: Altice USA 1.94%
4: Charter Communications 1.82%
5: Tenet Healthcare 1.40%
6: Ally Financial 1.32%
7: Community Health Systems 1.07%
8: T-Mobile 0.99%
9: DELL Technologies 0.91%
10: Intelsat 0.89%
Holdings represent 14.50% of portfolio
Top 10 holdings as of 07/31/19
1: Bausch Health 2.08%
2: Sprint Communications 1.95%
3: Altice USA 1.86%
4: Charter Communications 1.74%
5: Ally Financial 1.25%
6: Community Health Systems 1.13%
7: ARD Holdings 1.03%
8: T-Mobile 0.96%
9: Tenet Healthcare 0.95%
10: DELL Technologies 0.87%
Holdings represent 13.82% of portfolio
Top 10 holdings as of 06/30/19
1: Bausch Health 2.05%
2: Sprint Communications 1.85%
3: Altice USA 1.85%
4: Charter Communications 1.68%
5: Ally Financial 1.21%
6: Community Health Systems 1.12%
7: T-Mobile 0.94%
8: Tenet Healthcare 0.93%
9: DELL Technologies 0.86%
10: Intelsat 0.86%
Holdings represent 13.35% of portfolio
Top 10 holdings as of 05/31/19
1: Bausch Health 2.07%
2: Sprint Communications 1.92%
3: Altice USA 1.90%
4: Charter Communications 1.62%
5: Altice Numericable 1.23%
6: Ally Financial 1.21%
7: Community Health Systems 1.15%
8: T-Mobile 0.96%
9: DELL Technologies 0.91%
10: Intelsat 0.90%
Holdings represent 13.87% of portfolio

Sector Weightings as of 08/31/19

Cash Investment Non-Cash Investment Total Portfolio
Weight Spread Duration Weight Spread Duration Weight Spread Duration
High-yield corporate bonds 76.68% 2.19 0.00% 0.00 76.68% 2.19
Investment-grade corporate bonds 8.94% 0.52 0.00% 0.00 8.94% 0.52
Bank loans 5.67% 0.23 0.00% 0.00 5.67% 0.23
Net cash 4.77% 0.00 0.00% 0.00 4.77% 0.00
Emerging-market bonds 1.25% 0.04 0.00% 0.00 1.25% 0.04
Equity investments 1.22% 0.00 0.00% 0.00 1.22% 0.00
Convertible securities 1.00% 0.01 0.00% 0.00 1.00% 0.01
International Treasury/agency 0.47% 0.03 0.00% 0.00 0.47% 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 08/31/19

Consumer cyclicals 20.09%
Communication services 13.24%
Basic materials 12.07%
Energy 10.03%
Financials 9.40%
Health care 8.78%
Capital goods 7.80%
Consumer staples 5.72%
Net Cash 4.77%
 
Other		 8.10%
Technology 4.66%
Utilities 3.17%
Transportation 0.27%

Country Allocation as of 08/31/19

United States 83.87%
Canada 5.26%
United Kingdom 1.78%
Luxembourg 1.71%
France 1.44%
Netherlands 1.36%
Ireland 1.20%
Switzerland 0.76%
Israel 0.50%
 
Other		 2.12%
Mexico 0.47%
Bermuda 0.45%
Norway 0.45%
Indonesia 0.28%
Cayman Islands 0.27%
Germany 0.12%
Jamaica 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%