Putnam Allstate Advisor Preferred

Putnam High Yield Subaccount

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

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 02/15/19

with optional enhanced death benefits
Unit Value $22.155902 $21.530358
Unit Value Change 0.034729 0.03366

Lipper ranking ‡ as of 01/31/19

Category: High Yield Funds

  Percentile ranking Rank/Funds in category
10 yrs. 57% 44/77
1 yr. 91% 99/109
3 yrs. 31% 32/103
5 yrs. 64% 63/98

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 01/31/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Preferred
Subaccount Status Open to new investors
Number of issues 520
Turnover (fiscal year end) 31%
Net Assets $182M
Inception Date 02/01/88

Performance

Performance as of 12/31/18

Annualized Performance Last Quarter Year
to Date
1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value -5.73% -5.66% -5.66% 4.10% 0.96% 7.73% 5.26%
Standardized -7.61% -7.55% -7.55% 4.10% 0.96% 7.73% 5.26%
With optional enhanced death benefit
Unit Value -5.76% -5.80% -5.80% 3.94% 0.81% 7.56% 5.10%
Standardized -7.65% -7.68% -7.68% 3.94% 0.81% 7.56% 5.10%
Actual performance
Unit Value -5.73% -5.66% -5.66% 4.10% 0.96% 7.73% 4.14%
Standardized -7.61% -7.55% -7.55% 4.10% 0.96% 7.73% 4.14%
With optional enhanced death benefit
Unit Value -5.76% -5.80% -5.80% 3.94% 0.81% 7.56% 3.55%
Standardized -7.65% -7.68% -7.68% 3.94% 0.81% 7.56% 3.55%

Annual Performance at NAV

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
47.71% 12.16% 0.08% 14.09% 6.08% -0.12% -6.91% 13.65% 5.22% -5.66%
With optional enhanced death benefit
47.48% 11.99% -0.07% 13.92% 5.91% -0.27% -7.06% 13.47% 5.06% -5.80%

Restated performance

Monthly as of 01/31/19

Unit Value 4.62%
Standardized 2.62%

YTD as of 02/15/19

Unit Value 5.40%
Standardized 3.40%

With optional enhanced death benefit

Monthly as of 01/31/19

Unit Value 4.61%
Standardized 2.61%

YTD as of 02/15/19

Unit Value 5.38%
Standardized 3.38%

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 01/31/19

Avg. Eff. Maturity 5.00
Avg. Price 99.76
Avg. Eff. Duration 3.79
Avg. Coupon 6.24
Avg. Yield to Maturity 6.76
Alpha (%) --
Beta 1.01
R Squared 0.98
Standard Deviation (3 yrs.) 5.00

Maturity Details

0 to 1 yr. 10.46%
1 to 5 yrs. 41.68%
5 to 10 yrs. 43.97%
10 to 15 yrs. 2.17%
Over 15 yrs. 1.72%

Quality Ratings

A 0.22%
BBB 7.68%
BB 40.35%
B 33.89%
CCC and Below 12.56%
Not Rated 2.46%
Net cash 2.84%

Holdings

Top 10 holdings as of 01/31/19

Cequel Communications 2.02%
Valeant Pharmaceuticals International 1.87%
Sprint Communications 1.86%
Charter Communications 1.40%
Ally Financial 1.16%
Community Health Systems 1.05%
Altice Numericable 1.00%
T-Mobile 0.93%
Intelsat 0.90%
Navistar International 0.88%
Top 10 holdings, total: 13.07%

Equity Holdings as of 12/31/18

CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.25%
ALLY FINANCIAL INC 0.20%
EPR PROPERTIES 05.7500 CUM CV PFD 0.20%
CHARTER COMMUNICATIONS INC-A 0.17%
FORTIVE CORPORATION 05.0000 CUM CV PFD 0.16%
BERRY GLOBAL GROUP INC 0.15%
CIT GROUP INC 0.14%
T-MOBILE US INC 0.13%
AVAYA HOLDINGS CORP 0.12%
ISTAR INC 04.5000 CUM CV PFD 0.12%
CAESARS ENTERTAINMENT CORP 0.11%
LIVE NATION ENTERTAINMENT IN 0.11%
CROWN HOLDINGS INC 0.10%
NINE POINT ENERGY CNV PRF 0.10%
NINE POINT ENERGY COM 0.06%
SEVEN GENERATIONS ENERGY - A 0.06%
US CONCRETE INC 0.06%
HALCON RESOURCES CORP 0.03%
TRIBUNE CLASS 1C LITIGAT 0.03%
ADVANZ PHARMA CORP 0.02%
CHC GROUP LLC P/P 0.01%
MWO HOLDINGS LLC 0.01%
TXU TCEH RIGHTS 0.01%
HALCON RESOURCES CORP - WARRA 0.00%
TERVITA CORP 0.00%

Full Portfolio Holdings as of 12/31/18

ALLY FINANCIAL INC 08.0000 11/01/2031 0.81%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.72%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.70%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.67%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.66%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.63%
SPRINT CORP 07.8750 09/15/2023 0.63%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.58%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.57%
REFINITIV TLB L+375 06.2724 10/01/2025 0.53%
SPRINT CORP 07.2500 09/15/2021 0.50%
HCA INC 06.5000 02/15/2020 0.49%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 0.48%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.48%
DISH DBS CORP 05.8750 11/15/2024 0.47%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.47%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.46%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.45%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.45%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.44%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.44%
NAVISTAR TLB L+350 04.7500 11/06/2024 0.43%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.43%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.43%
BAUSCH HLTH COS INC P/P 144A 06.1250 04/15/2025 0.42%
INTELSAT CONNECT FIN P/P 144A 09.5000 02/15/2023 0.42%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.42%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.42%
TENET HEALTHCARE 06.0000 10/01/2020 0.42%
TRAVELPORT CORP FIN P/P 144A 06.0000 03/15/2026 0.42%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.41%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.41%
HCA INC 05.5000 06/15/2047 0.41%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.41%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.41%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.41%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.40%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.40%
TRANSDIGM INC 06.3750 06/15/2026 0.40%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.39%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.39%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.39%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.38%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.38%
CEQUEL COM & CAP P/P 144A 07.5000 04/01/2028 0.38%
LEVEL 3 FINANCING INC 05.2500 03/15/2026 0.38%
PULTEGROUP INC. 07.8750 06/15/2032 0.37%
CALPINE CORPORATION 05.7500 01/15/2025 0.36%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.36%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.36%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.36%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.36%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.36%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.35%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.35%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.35%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.35%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.35%
STARFRUIT US/STAR FI P/P 144A 08.0000 10/01/2026 0.35%
CEC ENT INC 08.0000 02/15/2022 0.34%
CIT GROUP INC 05.0000 08/01/2023 0.34%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.34%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.34%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.34%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.34%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.34%
TRINIDAD DRILLING LT P/P 144A 06.6250 02/15/2025 0.34%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.33%
GREAT LAKES D&D 08.0000 05/15/2022 0.33%
NRG ENERGY INC 06.6250 01/15/2027 0.33%
SERVICE CORP INTL 05.3750 05/15/2024 0.33%
BANFF MERGER SUB INC P/P 144A 09.7500 09/01/2026 0.32%
DEAN FOODS CO P/P 144A 06.5000 03/15/2023 0.32%
SERVICE CORP INTL 05.3750 01/15/2022 0.32%
WEWORK COS INC P/P 144A 07.8750 05/01/2025 0.32%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.31%
GFL ENVIRONMENTAL P/P 144A 07.0000 06/01/2026 0.31%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.31%
AES CORP/THE 05.5000 04/15/2025 0.30%
CENTENE CORP 06.1250 02/15/2024 0.30%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.30%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.30%
CSC HOLDINGS LLC P/P 144A 07.7500 07/15/2025 0.30%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.30%
MEREDITH CORP P/P 144A 06.8750 02/01/2026 0.30%
T-MOBILE USA INC 06.3750 03/01/2025 0.30%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 0.30%
ALTICE FINCO S.A. P/P 144A 07.6250 02/15/2025 0.29%
ASURION 2NDL L+600 07.5734 08/04/2025 0.29%
BAUSCH HLTH COS INC P/P 144A 07.0000 03/15/2024 0.29%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.29%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.29%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.29%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.29%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.29%
USG CORP P/P 144A 04.8750 06/01/2027 0.29%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.29%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.28%
ALTA MESA HLDGS 07.8750 12/15/2024 0.28%
ALTICE FRANCE SA P/P 144A 07.3750 05/01/2026 0.28%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.28%
INFOR US INC 06.5000 05/15/2022 0.28%
LIONS GATE CAP HOLD P/P 144A 05.8750 11/01/2024 0.28%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.28%
STEVENS HLDG CO INC P/P 144A 06.1250 10/01/2026 0.28%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.28%
USA COMPRESSION PART 06.8750 04/01/2026 0.28%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.28%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.27%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 0.27%
APERGY CORP 06.3750 05/01/2026 0.27%
CALIFORNIA RESOURC TL L+475 07.0365 11/17/2022 0.27%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.27%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.27%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.27%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.27%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.27%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.27%
HCA INC 05.2500 06/15/2026 0.27%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.27%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.27%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.27%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.27%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.26%
BRAND ENERGY TL L+425 06.7324 06/21/2024 0.26%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.26%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.26%
ITRON INC P/P 144A 05.0000 01/15/2026 0.26%
NABORS IND INC 05.7500 02/01/2025 0.26%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.26%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.26%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.26%
TEVA PHARMACEUTICALS NE USD 06.7500 03/01/2028 0.26%
WABASH NATIONAL CORP P/P 144A 05.5000 10/01/2025 0.26%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.25%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.25%
CHS/COMMUNITY HEALT P/P 144A 08.1250 06/30/2024 0.25%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.25%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.25%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.25%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.24%
ARCELORMITTAL USD 07.0000 10/15/2039 0.24%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.24%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.24%
CLEAR CHANNEL TLD L+675 09.2724 01/30/2019 0.24%
COMSTOCK ESCROW CORP P/P 144A 09.7500 08/15/2026 0.24%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.24%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.24%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.24%
NEWFIELD EXPLORATION CO 05.3750 01/01/2026 0.24%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.24%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.24%
VISTRA OPERATIONS CO P/P 144A 05.5000 09/01/2026 0.24%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.23%
CHESAPEAKE ENERGY CORP 08.0000 01/15/2025 0.23%
DIAMOND BC BV P/P 144A 05.6250 08/15/2025 0.23%
KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 0.23%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.23%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.23%
PQ CORP P/P 144A 05.7500 12/15/2025 0.23%
TALBOTS TLB L+700 09.5056 11/28/2022 0.23%
TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 0.23%
USIS MERGER SUB INC P/P 144A 06.8750 05/01/2025 0.23%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.22%
BIOSCRIP INC 08.8750 02/15/2021 0.22%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.22%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.22%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.22%
JO-ANN STORES 2NDL L+925 11.6038 05/21/2024 0.22%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.22%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.22%
NRG ENERGY INC 07.2500 05/15/2026 0.22%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.22%
ON SEMICONDUC CV 01.0000 12/01/2020 0.22%
STARWOOD PROP TR 04.7500 03/15/2025 0.22%
TOPBUILD CORP P/P 144A 05.6250 05/01/2026 0.22%
US CONCRETE INC 06.3750 06/01/2024 0.22%
VALEANT PHARMA INTL P/P 144A 09.2500 04/01/2026 0.22%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.22%
AMC ENTERTAINMENT HLDGS 05.7500 06/15/2025 0.21%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.21%
BEACON ROOFING SUPP P/P 144A 04.8750 11/01/2025 0.21%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.21%
CROWNROCK LP/CROWNRO P/P 144A 05.6250 10/15/2025 0.21%
CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 0.21%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.21%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.21%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.21%
HUB INTL LTD P/P 144A 07.0000 05/01/2026 0.21%
JAGGED PEAK ENERGY P/P 144A 05.8750 05/01/2026 0.21%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.21%
SESI LLC 07.7500 09/15/2024 0.21%
SYNGENTA FINANCE NV P/P 144A 04.8920 04/24/2025 0.21%
SYNGENTA FINANCE NV P/P 144A 05.1820 04/24/2028 0.21%
TARGA RESOURCES PART 05.0000 01/15/2028 0.21%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.21%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.20%
ALLY FINANCIAL INC 0.20%
CENTENE CORP 04.7500 05/15/2022 0.20%
CHEMOURS CO 07.0000 05/15/2025 0.20%
EPR PROPERTIES 05.7500 CUM CV PFD 0.20%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.20%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.20%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.20%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.20%
T-MOBILE USA INC 04.7500 02/01/2028 0.20%
T-MOBILE USA INC 05.3750 04/15/2027 0.20%
USG CORP P/P 144A 05.5000 03/01/2025 0.20%
VERTIV GROUP CORP P/P 144A 09.2500 10/15/2024 0.20%
VISTRA ENERGY CORP 07.6250 11/01/2024 0.20%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.20%
ALLEGHENY TECHNOLOGIES 07.8750 08/15/2023 0.19%
CF INDUSTRIES INC 04.9500 06/01/2043 0.19%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.19%
EAGLECLAW MID TL L+425 06.8690 06/30/2024 0.19%
LOUISIANA-PACIFIC CORPORATION 04.8750 09/15/2024 0.19%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.19%
NCI BUILDING SYS INC P/P 144A 08.0000 04/15/2026 0.19%
SM ENERGY CO 05.0000 01/15/2024 0.19%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.19%
VALEANT PHARMA INTL P/P 144A 08.5000 01/31/2027 0.19%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.19%
AMC ENT HOLDIN 05.8750 11/15/2026 0.18%
BAUSCH HLTH COS INC P/P 144A 09.0000 12/15/2025 0.18%
CARRIAGE SVCS INC P/P 144A 06.6250 06/01/2026 0.18%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.18%
ENERGY TRANSFER LP 05.8750 01/15/2024 0.18%
KRONOS 2NDL L+825 09.2500 11/01/2024 0.18%
LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 0.18%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.18%
NETFLIX INC 04.8750 04/15/2028 0.18%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.18%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.18%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.18%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.18%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.18%
ALPHA 2 BV P/P 144A 08.7500 06/01/2023 0.17%
BAUSCH HEALTH COS INC REGS 04.5000 05/15/2023 0.17%
CHARTER COMMUNICATIONS INC-A 0.17%
CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 0.17%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.17%
DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 0.17%
EP ENER/EVEREST ACQ P/P 144A 07.7500 05/15/2026 0.17%
FIRST QUANTUM MINERA P/P 144A 06.8750 03/01/2026 0.17%
GLP CAPITAL LP / FIN II 05.2500 06/01/2025 0.17%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.17%
HUSKY TLB L+300 05.5224 03/28/2025 0.17%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.17%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.17%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.17%
NATIONSTAR MTG P/P 144A 08.1250 07/15/2023 0.17%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 0.17%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.17%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.17%
TEVA PHARMACEUTICALS NE USD 06.0000 04/15/2024 0.17%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.17%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.16%
AMC ENTERTAINMENT HLDGS 06.1250 05/15/2027 0.16%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.16%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.16%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.16%
FOREST CITY TLB L+400 06.5204 12/07/2025 0.16%
FORTIVE CORPORATION 05.0000 CUM CV PFD 0.16%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.16%
LIVE NATION ENT P/P 144A 04.8750 11/01/2024 0.16%
OASIS PETROLEUM INC P/P 144A 06.2500 05/01/2026 0.16%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.16%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.16%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.16%
TENNANT CO 05.6250 05/01/2025 0.16%
TMX FIN LLC/TITLEMAX P/P 144A 11.1250 04/01/2023 0.16%
WHITING PETROLEUM CORP 06.6250 01/15/2026 0.16%
WPX ENERGY INC 08.2500 08/01/2023 0.16%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.16%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.15%
ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 0.15%
BERRY GLOBAL GROUP INC 0.15%
CALIFORNIA RESOURCES L+1038 12.8974 12/31/2021 0.15%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.15%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.15%
EQUINIX INC 05.3750 05/15/2027 0.15%
FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 0.15%
FREEDOM MTGE CORP P/P 144A 08.2500 04/15/2025 0.15%
GRAY ESCROW INC P/P 144A 07.0000 05/15/2027 0.15%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.15%
MERCER INTL INC USD 06.5000 02/01/2024 0.15%
ORYX TLB L+325 05.7724 02/28/2025 0.15%
ROBERTSHAW 1STL L+350 05.3725 02/15/2025 0.15%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.15%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.14%
CIT GROUP INC 0.14%
CONSTELLIUM NV P/P 144A 06.6250 03/01/2025 0.14%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.14%
FLEX ACQ CO INC P/P 144A 07.8750 07/15/2026 0.14%
FRONTIER COMM 10.5000 09/15/2022 0.14%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.14%
LENNAR CORP 05.8750 11/15/2024 0.14%
LEVEL 3 FINANCING INC 05.6250 02/01/2023 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%
MASTEC INC 04.8750 03/15/2023 0.14%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.14%
ROBERTSHAW 2NDL L+800 09.8725 02/15/2026 0.14%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 0.14%
TENET HEALTHCARE CORP 08.1250 04/01/2022 0.14%
THE AES CORPORATION 04.8750 05/15/2023 0.14%
TRANSOCEAN PONTUS LT P/P 144A 06.1250 08/01/2025 0.14%
TRAVERSE TLB L+400 05.0000 09/27/2024 0.14%
VISTRA ENERGY CORP P/P 144A 08.1250 01/30/2026 0.14%
WEATHERFORD BERMUDA 09.8750 02/15/2024 0.14%
WILLIAMS COS INC 07.7500 06/15/2031 0.14%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.13%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.13%
ALTICE FRANCE SA P/P 144A 06.2500 05/15/2024 0.13%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.13%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.13%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.13%
CONSTELLIUM NV P/P 144A 05.8750 02/15/2026 0.13%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.13%
DENBURY RESOURCES INC 06.3750 08/15/2021 0.13%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.13%
ENSCO PLC USD 07.7500 02/01/2026 0.13%
HCA INC. 07.5000 02/15/2022 0.13%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.13%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.13%
NETFLIX INC P/P 144A 05.8750 11/15/2028 0.13%
PRECISION DRILL P/P 144A 07.1250 01/15/2026 0.13%
RESIDEO FUNDING INC P/P 144A 06.1250 11/01/2026 0.13%
T-MOBILE US INC 0.13%
TRIDENT MERGER SUB P/P 144A 06.6250 11/01/2025 0.13%
VALEANT PHARMA TLB L+300 05.3789 06/01/2025 0.13%
AKER BP ASA P/P 144A 05.8750 03/31/2025 0.12%
AVAYA HOLDINGS CORP 0.12%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.12%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.12%
CIT GROUP INC. 05.2500 03/07/2025 0.12%
CONTINENTAL RESOURCES 03.8000 06/01/2024 0.12%
CROWN AMER/CAP P/P 144A 04.7500 02/01/2026 0.12%
DCP MIDSTREAM P/P 144A 06.7500 09/15/2037 0.12%
ENDEAVOR ENERGY P/P 144A 05.5000 01/30/2026 0.12%
EVEREST ACQ LLC/FIN 09.3750 05/01/2020 0.12%
ISTAR INC 04.5000 CUM CV PFD 0.12%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.12%
NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 0.12%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.12%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.12%
OSHKOSH CORP 05.3750 03/01/2025 0.12%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.12%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.12%
SPRINGLEAF FINANCE CORP 06.1250 05/15/2022 0.12%
UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 0.12%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.12%
WPX ENERGY INC 05.7500 06/01/2026 0.12%
AIR METHODS TLB L+350 04.7964 04/21/2024 0.11%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.11%
AVAYA TLB L+425 06.7010 12/15/2024 0.11%
CAESARS ENTERTAINMENT CORP 0.11%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.11%
CCC INFO 2NDL L+675 09.0946 04/27/2025 0.11%
CEMEX P/P 144A 05.7000 01/11/2025 0.11%
CHEMOURS CO 05.3750 05/15/2027 0.11%
CIRSA FINANCE INTER P/P 144A 07.8750 12/20/2023 0.11%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.11%
DIAMONDBACK ENERGY INC 04.7500 11/01/2024 0.11%
EP ENER/EVEREST ACQ P/P 144A 09.3750 05/01/2024 0.11%
FAIRFAX FINL HLDGS P/P 144A 04.8500 04/17/2028 0.11%
FORTERRA TL L+300 05.5224 10/25/2023 0.11%
FRONTIER COMM 11.0000 09/15/2025 0.11%
GFL ENVIRONMENTAL P/P 144A 05.3750 03/01/2023 0.11%
J. CREW GROUP TL L+322 05.9753 03/05/2021 0.11%
JO-ANN STORES TL L+500 07.4772 10/16/2023 0.11%
LIVE NATION ENTERTAINMENT IN 0.11%
TARGA RES PRTNRS 05.3750 02/01/2027 0.11%
VERMILION ENERGY INC P/P 144A 05.6250 03/15/2025 0.11%
AES CORP/THE 05.1250 09/01/2027 0.10%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.10%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.10%
ARD SECURITIES FIN P/P 144A 08.7500 01/31/2023 0.10%
BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 0.10%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.10%
BOYD GAMING CORP 06.3750 04/01/2026 0.10%
CROWN HOLDINGS INC 0.10%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.10%
ENERGY TRANSFER LP 05.5000 06/01/2027 0.10%
FTS INTL INC 06.2500 05/01/2022 0.10%
GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 0.10%
ISTAR INC 06.0000 04/01/2022 0.10%
JACOBS ENT INC P/P 144A 07.8750 02/01/2024 0.10%
JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 0.10%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.10%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.10%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.10%
MERCER INTL INC USD 05.5000 01/15/2026 0.10%
MERCER INTL INC USD 07.7500 12/01/2022 0.10%
MICROCHIP TEC CV 01.6250 02/15/2027 0.10%
NETFLIX INC P/P 144A 06.3750 05/15/2029 0.10%
NINE POINT ENERGY CNV PRF 0.10%
NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 0.10%
REVLON CONS TLB L+350 06.2066 09/07/2023 0.10%
AES CORP/THE 04.5000 03/15/2023 0.09%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.09%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.09%
BOYD GAMING CORPORATION 06.0000 08/15/2026 0.09%
CENTENE ESCROW I CO P/P 144A 05.3750 06/01/2026 0.09%
CINEMARK USA INC 04.8750 06/01/2023 0.09%
COVANTA HOLDING CORP 06.0000 01/01/2027 0.09%
DCP MIDSTREAM OPERATING 05.3750 07/15/2025 0.09%
IHS MARKIT LTD USD 04.7500 08/01/2028 0.09%
IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 0.09%
KCA DEUTAG US FIN LLC L+675 09.5530 03/21/2023 0.09%
NINE ENERGY SERVICE P/P 144A 08.7500 11/01/2023 0.09%
NRG ENERGY INC 05.7500 01/15/2028 0.09%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.09%
RACKSPACE HOSTING INC L+300 05.5815 11/03/2023 0.09%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.09%
T-MOBILE USA INC 04.5000 02/01/2026 0.09%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.09%
TRANSDIGM INC 06.5000 05/15/2025 0.09%
BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 0.08%
CAESARS ENTERTAIN CORP CV 05.0000 10/01/2024 0.08%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.08%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.08%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.08%
COMMSCOPE TECH LLC P/P 144A 05.0000 03/15/2027 0.08%
DENBURY RESOURCES P/P 144A 07.5000 02/15/2024 0.08%
DISH NETWORK CV 03.3750 08/15/2026 0.08%
FREEPORT-MCMORAN INC 05.4500 03/15/2043 0.08%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.08%
MGM GROWTH/MGM FINANCE 04.5000 01/15/2028 0.08%
NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 0.08%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.08%
REFINITIV US HLDG P/P 144A 06.2500 05/15/2026 0.08%
SESI LLC 07.1250 12/15/2021 0.08%
SPRINGLEAF FINANCE CORP 07.1250 03/15/2026 0.08%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.08%
TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 0.08%
VERTIV INT HOLD CORP P/P 144A 12.0000 02/15/2022 0.08%
ASCENT RESOURCES/AR P/P 144A 07.0000 11/01/2026 0.07%
CHESAPEAKE ENERGY CORP 08.0000 06/15/2027 0.07%
ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 0.07%
EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 0.07%
EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 0.07%
FRAC TECH INTL TLB L+475 07.2724 04/16/2021 0.07%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 0.07%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.07%
ORTHO-CLINICAL TLB L+325 06/01/2025 0.07%
QORVO INC P/P 144A 05.5000 07/15/2026 0.07%
SERVICE CORP INTL 04.6250 12/15/2027 0.07%
SM ENERGY CO 06.6250 01/15/2027 0.07%
STEEL DYNAMICS INC 04.1250 09/15/2025 0.07%
THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 0.07%
TRANSOCEAN INC 07.5000 04/15/2031 0.07%
WELLCARE HLTH PLANS P/P 144A 05.3750 08/15/2026 0.07%
BAUSCH HLTH COS INC P/P 144A 05.5000 11/01/2025 0.06%
BAUSCH HLTH COS INC P/P 144A 05.8750 05/15/2023 0.06%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.06%
CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 0.06%
CLEVELAND-CLIFFS INC 05.7500 03/01/2025 0.06%
ENERGIZER GAMM P/P 144A 06.3750 07/15/2026 0.06%
MGM RESORTS INTL 08.6250 02/01/2019 0.06%
NINE POINT ENERGY COM 0.06%
OASIS PETROLEUM INC 06.8750 03/15/2022 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%
SEVEN GENERATIONS ENERGY - A 0.06%
US CONCRETE INC 0.06%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.06%
ABC SUPPLY CO INC P/P 144A 05.8750 05/15/2026 0.05%
ACADEMY SPORTS TLB L+400 06.3492 07/02/2022 0.05%
ARCELORMITTAL USD 06.1250 06/01/2025 0.05%
CINEMARK USA INC 05.1250 12/15/2022 0.05%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.05%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.05%
NATIONSTAR MTG P/P 144A 09.1250 07/15/2026 0.05%
NAVISTAR INTL CORP TLB L+375 06.3125 07/30/2025 0.05%
RANGE RESOURCES CORP 05.0000 03/15/2023 0.05%
TRANSOCEAN INC P/P 144A 09.0000 07/15/2023 0.05%
VERTIV TLB L+400 06.7066 11/15/2023 0.05%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.04%
CORNERSTONE CHEM CO P/P 144A 06.7500 08/15/2024 0.04%
CREDIT ACCEPTANC 06.1250 02/15/2021 0.04%
LENNAR CORPORATION 04.7500 04/01/2021 0.04%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.04%
MERCER INTL INC P/P 144A 07.3750 01/15/2025 0.04%
CIT GROUP INC. 05.0000 08/15/2022 0.03%
ELDORADO RESORTS INC P/P 144A 06.0000 09/15/2026 0.03%
GENON ENERGY INC. 09.8750 10/15/2020 0.03%
HALCON RESOURCES CORP 0.03%
TRIBUNE CLASS 1C LITIGAT 0.03%
WPX ENERGY INC 06.0000 01/15/2022 0.03%
ADVANZ PHARMA CORP 0.02%
CAD/USD 01/16/2019 JPMCB 0.02%
GENON ENERGY/NRG AMER 09.3923 12/01/2023 0.02%
ISTAR INC 05.2500 09/15/2022 0.02%
NABORS INDUSTRIES INC. 05.5000 01/15/2023 0.02%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.02%
CHC GROUP LLC P/P 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%
CAD/USD 01/16/2019 CITI 0.00%
CAD/USD 01/16/2019 SSBT 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
EUR/USD 03/20/2019 BANKAM 0.00%
GBP/USD 03/20/2019 UBS 0.00%
HALCON RESOURCES CORP - WARRA 0.00%
KEANE GROUP TLB L+375 06.3125 05/25/2025 0.00%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.00%
TERVITA CORP 0.00%
TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 0.00%

Prior top 10 holdings

Top 10 holdings as of 01/31/19
1: Cequel Communications 2.02%
2: Valeant Pharmaceuticals International 1.87%
3: Sprint Communications 1.86%
4: Charter Communications 1.40%
5: Ally Financial 1.16%
6: Community Health Systems 1.05%
7: Altice Numericable 1.00%
8: T-Mobile 0.93%
9: Intelsat 0.90%
10: Navistar International 0.88%
Holdings represent 13.07% of portfolio
Top 10 holdings as of 12/31/18
1: Cequel Communications 2.06%
2: Sprint Communications 1.85%
3: Valeant Pharmaceuticals International 1.83%
4: Charter Communications 1.38%
5: Hca 1.30%
6: Ally Financial 1.10%
7: Altice Numericable 0.98%
8: Community Health Systems 0.98%
9: T-Mobile 0.91%
10: Intelsat 0.89%
Holdings represent 13.28% of portfolio
Top 10 holdings as of 11/30/18
1: Sprint Communications 2.06%
2: Cequel Communications 2.04%
3: Valeant Pharmaceuticals International 1.84%
4: Charter Communications 1.36%
5: Ally Financial 1.33%
6: Hca 1.28%
7: T-Mobile 1.09%
8: Community Health Systems 0.98%
9: Altice Numericable 0.98%
10: Intelsat 0.91%
Holdings represent 13.87% of portfolio
Top 10 holdings as of 10/31/18
1: Sprint Communications 1.98%
2: Cequel Communications 1.93%
3: Bausch Health 1.65%
4: Ally Financial 1.30%
5: Charter Communications 1.28%
6: Hca 1.21%
7: T-Mobile 1.03%
8: Community Health Systems 0.92%
9: Altice Numericable 0.90%
10: Intelsat 0.87%
Holdings represent 13.07% of portfolio

Sector Weightings as of 01/31/19

Cash Investment Non-Cash Investment Total Portfolio
Weight Spread Duration Weight Spread Duration Weight Spread Duration
High-yield corporate bonds 80.31% 3.09 0.00% 0.00 80.31% 3.09
Investment-grade corporate bonds 7.21% 0.45 0.00% 0.00 7.21% 0.45
Bank loans 5.10% 0.20 0.00% 0.00 5.10% 0.20
Net cash 2.84% 0.00 0.00% 0.00 2.84% 0.00
Equity investments 1.48% 0.00 0.00% 0.00 1.48% 0.00
Convertible securities 1.41% 0.01 0.00% 0.00 1.41% 0.01
Emerging-market bonds 1.23% 0.05 0.00% 0.00 1.23% 0.05
International Treasury/agency 0.42% 0.03 0.00% 0.00 0.42% 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 01/31/19

Consumer cyclicals 18.56%
Energy 14.01%
Basic materials 12.59%
Communication services 12.56%
Financials 10.41%
Health care 8.90%
Capital goods 6.34%
Technology 5.49%
Consumer staples 4.94%
 
Other
6.20%
Utilities 3.10%
Net Cash 2.84%
Transportation 0.26%

Country Allocation as of 01/31/19

United States 84.26%
Canada 5.43%
United Kingdom 2.15%
Luxembourg 1.81%
Ireland 1.24%
Netherlands 1.18%
France 0.91%
Switzerland 0.69%
Mexico 0.46%
 
Other
1.87%
Bermuda 0.45%
Israel 0.44%
Indonesia 0.32%
Jamaica 0.24%
Cayman Islands 0.19%
Norway 0.12%
Germany 0.11%

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 2.00%
2 1.00%
3+ 0.00%