High Income Securities Fund  (NYSE: PCF)

A closed-end fund seeking high current income and capital appreciation by investing primarily in corporate and convertible bonds and preferred stock.

Morningstar ratings as of 08/31/17
Convertibles-Clsd End (funds in category)
Overall
(9)
3 yrs.
(9)
5 yrs.
(9)
10 yrs.
(9)

Objective

Formerly Putnam High Income Bond Fund. The fund seeks to provide high current income as a primary objective and capital appreciation as a secondary objective. The fund pursues its objective by investing in both convertible bonds and convertible preferred stocks, which share many of the same characteristics as convertible bonds, but offer greater potential for capital appreciation.

Daily pricing as of 09/19/17

Ticker NYSE: PCF
Net asset value $9.61
Net asset value change 0.01
Market price $8.84
Market price change -0.01
Discount/Premium -8.01%
Dividend rate at net asset value 3.54%
Dividend rate at market price 3.85%

Fund facts as of 08/31/17

Inception date
07/09/87
Total net assets
$123.58M
Dividend frequency
Monthly
Number of holdings
597
Product status
Trades on secondary market
Common share CUSIP
746779107
Ticker
NYSE: PCF
Fiscal year end
August
Category
Closed End
Turnover (fiscal year end)
26%
Number of common share accounts
573
Outstanding common shares
-
AMT
N/A

Management team


Portfolio Manager

Portfolio Manager


Literature

Fund documents

Annual Report (PDF)
Semiannual Report (PDF)
Analyst Report (PDF)

Using and enhancing ESG investment data
ESG data is having investment impact but is still evolving, and stands to benefit from feedback offered by fundamental analysts.
Why there's nothing wrong with a "just right" market
When assessing the markets and economy the media often looks for drama, but headlines are our least-used investment tool.
Value benefits from an expanding economy
Value stocks have lagged the market in 2017, but if the economy continues to expand, rates rise, and the yield curve steepens, this trend could reverse.

Performance

  • Performance as of 06/30/17

  • Annual performance as of 06/30/17

Last month Last quarter Year to date 1 yr. 3 yrs. 5 yrs. 10 yrs.
Net asset value 0.22% 2.19% 6.07% 14.77% 3.46% 8.07% 5.87%
Market price 0.93% 2.46% 9.50% 19.79% 5.08% 6.69% 6.23%
Comparative index: High Income Securities Blended Index†
Net asset value 0.12% 1.84% 6.29% 17.75% 4.00% 8.73% 7.22%

* Data is historical. Past performance is not a guarantee of future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes.

Performance snapshot

  Net asset value Market price
1 mt. 0.41% -1.69%
as of 08/31/17
YTD 9.00% -
as of 09/19/17

Lipper rankings as of 08/31/17

Convertible Securities Funds Percentile ranking Rank/Funds in category
1 yr. 79% 11/13
3 yrs. 42% 5/11
5 yrs. 59% 7/11
10 yrs. 25% 3/11

Morningstar ratings as of 08/31/17

Convertibles-Clsd End Rating Funds in category
Overall (9)
3 yrs. (9)
5 yrs. (9)
10 yrs. (9)

Distribution history (past 12 mts.)

Ex-distribution date Distribution amount
per common share
08/24/17 $00.0283
07/24/17 $00.0309
06/23/17 $00.0309
05/24/17 $00.0309
04/24/17 $00.0309
03/24/17 $00.0309
02/23/17 $00.0309
01/24/17 $00.0309
12/23/16 $00.0309
11/23/16 $00.0309
10/24/16 $00.0309
09/23/16 $00.0309

The dividend information above, which includes both regular and special distributions, does not address the accounting or tax characteristics of any distribution, and should not be used for tax reporting purposes. Distributions may include investment income, capital gains or returns of capital. For tax-exempt funds, some distributions may have been taxable.

Risk characteristics as of 08/31/17

Average effective maturity 4.42
Average stated maturity N/A
Average effective duration
without leverage
3.39
Average effective duration
with leverage
3.39
Average yield to maturity 5.63
Average price 105.58
Average coupon 6.31

* Data is historical. Past performance is not a guarantee of future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes.

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


Holdings

Top 10 holdings as of 08/31/17

Microchip Technology 2.63%
Micron Technology 2.63%
Dish Network Corp 2.18%
T-Mobile Us 1.43%
Bank of America 1.31%
Allergan 1.17%
American Tower 1.12%
Chesapeake Energy Corp 1.12%
Liberty Interactive Llc 1.12%
Wells Fargo 0.96%
Top 10 holdings, percent of portfolio 15.67%

Full portfolio holdings as of 06/30/17

MICROCHIP TEC P/P 144A CV 01.6250 02/15/2027 2.35%
DISH NETWORK P/P 144A CV 03.3750 08/15/2026 2.21%
MICRON TECH CV 01.6250 02/15/2033 1.56%
AMERICAN TOWER CORP 05.5000 CV PFD 1.27%
ALLERGAN PLC 05.5000 CV PFD 1.26%
HOLOGIC INC CV 02.0000 03/01/2042 1.06%
BANK OF AMERICA CORP 07.2500 CV PFD 1.03%
T-MOBILE US INC 05.5000 CV PFD 1.02%
STARWOOD PROP TR CV 04.0000 01/15/2019 0.98%
BECTON DICKINSON AND CO 06.1250 CV PFD 0.90%
CHESAPEAKE EN P/P 144A CV 05.5000 09/15/2026 0.90%
CINCINNATI BELL INC 06.7500 CUM CV PFD 0.90%
EPR PROPERTIES 05.7500 CUM CV PFD 0.88%
NOVELLUS SYS CV 02.6250 05/15/2041 0.88%
PRICELINE GRP INC/THE CV 01.0000 03/15/2018 0.86%
FELCOR LODGING TRUST INC 01.9500 CUM CV PFD 0.85%
JAZZ INVESTME USD 01.8750 08/15/2021 0.85%
WELLS FARGO & COMPANY 07.5000 CV PFD 0.84%
MICRON TECHNO CV 03.0000 11/15/2043 0.82%
TESLA INC CV 01.2500 03/01/2021 0.80%
NEXTERA ENERGY INC 06.1230 CV PFD 0.78%
LIBERTY INTER P/P 144A CV 01.7500 09/30/2046 0.74%
CIENA CORP CV 04.0000 12/15/2020 0.72%
TCP CAP CORP CV 05.2500 12/15/2019 0.72%
DTE ENERGY CO 06.5000 CV PFD 0.71%
AMG CAPITAL TRUST II 05.1500 CV PFD 0.68%
MACQUARIE INFRASTRUCTU CV 02.0000 10/01/2023 0.66%
VECTOR GROUP LTD CV 01.7500 04/15/2020 0.66%
WELLTOWER INC 06.5000 CUM CV PFD 0.66%
BANC OF CALIFORNIA INC 0.64%
J2 GLOBAL COMM CV 03.2500 06/15/2029 0.64%
BLACKSTONE MORTGAGE TR CV 05.2500 12/01/2018 0.60%
HESS CORP 08.0000 CV PFD 0.60%
MANDATORY EXCH TRUST P/P 144A 05.7500 CV PFD 0.60%
SAFEGUARD SCI CV 05.2500 05/15/2018 0.60%
ARCONIC INC 05.3750 CUM CV PFD 0.59%
ON SEMICONDUC CV 01.0000 12/01/2020 0.58%
EURONET WORLD CV 01.5000 10/01/2044 0.56%
BROOKDALE SNR LIVING CV 02.7500 06/15/2018 0.53%
ANTHEM INC 05.2500 CV PFD 0.52%
SUCAMPO PHARM P/P 144A CV 03.2500 12/15/2021 0.52%
DYCOM IND INC CV 00.7500 09/15/2021 0.51%
NAVISTAR INTL CV 04.7500 04/15/2019 0.51%
STANLEY BLACK & DECKER I 05.3750 CV PFD 0.50%
TTM TECHNOLOGIES INC CV 01.7500 12/15/2020 0.50%
BELDEN INC 06.7500 CV PFD 0.49%
LIBERTY MEDIA CV 01.3750 10/15/2023 0.49%
NVIDIA CORP 0.48%
CALATLANTIC GROUP INC CV 01.6250 05/15/2018 0.47%
PACIRA PHARMA P/P 144A CV 02.3750 04/01/2022 0.47%
REALPAGE INC P/P 144A CV 01.5000 11/15/2022 0.47%
TYSON FOODS INC 04.7500 CV PFD 0.47%
LIBERTY EXPEDIA HOLD INC 144A 0.45%
OSI SYS INC P/P 144A CV 01.2500 09/01/2022 0.44%
REXNORD CORP 05.7500 CUM CV PFD 0.44%
SALESFORCE.CO CV 00.2500 04/01/2018 0.44%
SQUARE INC P/P 144A CV 00.3750 03/01/2022 0.44%
WHITING PETRO CV 01.2500 04/01/2020 0.44%
CEMEX SAB DE CV USD 03.7200 03/15/2020 0.43%
CITRIX SYSTEM CV 00.5000 04/15/2019 0.43%
GREAT PLAINS ENERGY INC 07.0000 CV PFD 0.43%
SEACOR HLDGS CV 03.0000 11/15/2028 0.43%
AEROJET ROCK P/P 144A CV 02.2500 12/15/2023 0.42%
ALEXANDRIA REAL ESTATE E 07.0000 CUM CV PFD 0.42%
TERADYNE INC P/P 144A CV 01.2500 12/15/2023 0.42%
GREENBRIER C P/P 144A CV 02.8750 02/01/2024 0.41%
CYPRESS SEMIC P/P 144A CV 04.5000 01/15/2022 0.40%
HUBSPOT INC P/P 144A CV 00.2500 06/01/2022 0.40%
INTEGRATED DE CV 00.8750 11/15/2022 0.40%
COLONY STARWO P/P 144A CV 03.5000 01/15/2022 0.39%
INTEL CORP CV 03.2500 08/01/2039 0.39%
LIBERTY INTERACTIVE CV 03.5000 01/15/2031 0.39%
NEUROCRINE P/P 144A CV 02.2500 05/15/2024 0.38%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.36%
LIBERTY MEDIA P/P 144A CV 02.2500 09/30/2046 0.36%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.35%
PROOFPOINT IN CV 00.7500 06/15/2020 0.35%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.34%
FINISAR CORP P/P 144A CV 00.5000 12/15/2036 0.34%
SCORPIO TANKERS INC P/P 144A 02.3750 07/01/2019 0.34%
GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 0.33%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.33%
VERINT SYSTEMS INC CV 01.5000 06/01/2021 0.33%
ISTAR INC 04.5000 CUM CV PFD 0.31%
CALATLANTIC GROUP INC CV 01.2500 08/01/2032 0.30%
HORIZON GLOBAL CORP CV 02.7500 07/01/2022 0.30%
JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 0.30%
MEDICINES CO CV 02.7500 07/15/2023 0.30%
MEDIDATA SOL CV 01.0000 08/01/2018 0.30%
TWITTER INC CV 01.0000 09/15/2021 0.30%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.29%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.28%
ATLAS AIR WORLDWIDE HL CV 02.2500 06/01/2022 0.27%
KAMAN CORP P/P 144A CV 03.2500 05/01/2024 0.27%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.27%
HERCULES CAPI P/P 144A CV 04.3750 02/01/2022 0.26%
SPRINT CORP 07.8750 09/15/2023 0.26%
CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 0.25%
CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 0.25%
HCA INC 06.5000 02/15/2020 0.25%
IMPAX LABORAT CV 02.0000 06/15/2022 0.25%
SPRINT CORP 07.2500 09/15/2021 0.25%
TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 0.25%
AES CORP/VA 05.5000 04/15/2025 0.23%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.23%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.23%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.22%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.22%
OASIS PETROLEUM INC CV 02.6250 09/15/2023 0.22%
SERVICE CORP INTL 05.3750 05/15/2024 0.22%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.21%
TELADOC INC P/P 144A CV 03.0000 12/15/2022 0.21%
AVAYA INC P/P 144A 07.0000 04/01/2019 0.20%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.20%
GCP APPLIED TECH P/P 144A 09.5000 02/01/2023 0.20%
MTW FOODSERVICE ESCR 09.5000 02/15/2024 0.20%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.20%
T-MOBILE USA INC 06.3750 03/01/2025 0.20%
TENET HEALTHCARE 06.2500 11/01/2018 0.20%
CALPINE CORP 05.7500 01/15/2025 0.19%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.19%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.19%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.19%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.18%
ASHTEAD CAPITAL INC P/P 144A 05.6250 10/01/2024 0.18%
BLUELINE RENTAL CRP P/P 144A 09.2500 03/15/2024 0.18%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.18%
COVERIS HOLDINGS SA P/P 144A 07.8750 11/01/2019 0.18%
ENCORE CAPITA CV 03.0000 07/01/2020 0.18%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.18%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.18%
NAVISTAR INTERNATIONAL CORP 08.2500 11/01/2021 0.18%
SFR GROUP SA P/P 144A 07.3750 05/01/2026 0.18%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.18%
XILINX INC 0.18%
ADS INC P/P 144A 05.6250 11/15/2024 0.17%
BANK OF AMERICA CORP 0.17%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.17%
CLEARWIRE COM P/P 144A CV 08.2500 12/01/2040 0.17%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.17%
MASTEC INC 04.8750 03/15/2023 0.17%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.17%
RANGE RESOURCES CORP P/P 144A 05.7500 06/01/2021 0.17%
SFR GROUP SA P/P 144A 06.0000 05/15/2022 0.17%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.17%
ALTA MESA HLDGS P/P 144A 07.8750 12/15/2024 0.16%
AVID TECH INC CV 02.0000 06/15/2020 0.16%
CEC ENT INC 08.0000 02/15/2022 0.16%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.16%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.16%
HCA INC 05.5000 06/15/2047 0.16%
KLX INC P/P 144A 05.8750 12/01/2022 0.16%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.16%
VALEANT PHARMA P/P 144A 05.8750 05/15/2023 0.16%
ADVANCED MICRO DEVICES CV 02.1250 09/01/2026 0.15%
AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 0.15%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.15%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.15%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.15%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.15%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.15%
CONCHO RESOURCES INC 05.5000 04/01/2023 0.15%
DYNEGY INC 07.0000 CV PFD 0.15%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.15%
FIRST DATA CORP P/P 144A 07.0000 12/01/2023 0.15%
MERCER INTL INC USD 07.7500 12/01/2022 0.15%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.15%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.15%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.15%
WEST CORP P/P 144A 05.3750 07/15/2022 0.15%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.15%
AES CORP/VA 07.3750 07/01/2021 0.14%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.14%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.14%
BUILDERS FIRSTSOURCE P/P 144A 10.7500 08/15/2023 0.14%
CAESARS GROW PROP HLD/FI 09.3750 05/01/2022 0.14%
DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 0.14%
LOUISIANA-PACIFIC CORP 04.8750 09/15/2024 0.14%
MASONITE INTL C P/P 144A 05.6250 03/15/2023 0.14%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.14%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.14%
PULTEGROUP INC. 07.8750 06/15/2032 0.14%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.14%
SCIENTIFIC GAMES INT P/P 144A 07.0000 01/01/2022 0.14%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.14%
TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 0.14%
AMAG PHARMA INC P/P 144A 07.8750 09/01/2023 0.13%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.13%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.13%
DIAMONDBACK ENER P/P 144A 05.3750 05/31/2025 0.13%
HUB INTL LTD P/P 144A 07.8750 10/01/2021 0.13%
INFOR US INC 06.5000 05/15/2022 0.13%
NORBORD INC P/P 144A 06.2500 04/15/2023 0.13%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.13%
PARK-OHIO IND INC P/P 144A 06.6250 04/15/2027 0.13%
REVLON CONSUMER PRODS 05.7500 02/15/2021 0.13%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.13%
STONE ENERGY CORP 07.5000 05/31/2022 0.13%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.13%
ZF NA CAPITAL P/P 144A 04.7500 04/29/2025 0.13%
BELDEN INC P/P 144A 05.5000 09/01/2022 0.12%
BLUE CUBE SPINCO INC 09.7500 10/15/2023 0.12%
CAESARS ENT OPER TLB6B L+775 11.5000 03/01/2018 0.12%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.12%
DYNEGY INC 07.6250 11/01/2024 0.12%
FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 0.12%
GLP CAP LP / FIN II 04.8750 11/01/2020 0.12%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.12%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.12%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.12%
PATHEON HLDG I BV P/P 144A 07.5000 02/01/2022 0.12%
STEEL DYNAMICS INC 06.3750 08/15/2022 0.12%
T-MOBILE USA INC 06.6250 04/01/2023 0.12%
TENET HEALTHCARE 06.0000 10/01/2020 0.12%
US CONCRETE INC 06.3750 06/01/2024 0.12%
VALEANT PHARMA P/P 144A 06.1250 04/15/2025 0.12%
VALEANT PHARMA P/P 144A 07.0000 03/15/2024 0.12%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.12%
WPX ENERGY INC 06.0000 01/15/2022 0.12%
WPX ENERGY INC 07.5000 08/01/2020 0.12%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.11%
ALLIANT HLDG INT LLC P/P 144A 08.2500 08/01/2023 0.11%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.11%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.11%
DAKOTA MERGER SUB P/P 144A 10.7500 09/01/2024 0.11%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.11%
DYNEGY INC 07.3750 11/01/2022 0.11%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.11%
EMI MUSIC PUBLISHING P/P 144A 07.6250 06/15/2024 0.11%
ENDEAVOR ENERGY P/P 144A 08.1250 09/15/2023 0.11%
ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 0.11%
FRONTIER COMM 10.5000 09/15/2022 0.11%
GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 0.11%
GREAT LAKES D&D P/P 144A 08.0000 05/15/2022 0.11%
GW HONOS SECURITY CO P/P 144A 08.7500 05/15/2025 0.11%
HALYARD HEALTH INC 06.2500 10/15/2022 0.11%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.11%
KRATON POLYMERS P/P 144A 10.5000 04/15/2023 0.11%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.11%
MATTAMY GROUP CORP P/P 144A 06.5000 11/15/2020 0.11%
NATIONSTAR MORT/ 06.5000 07/01/2021 0.11%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.11%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.11%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.11%
SOUTHERN STAR CENT P/P 144A 05.1250 07/15/2022 0.11%
T-MOBILE USA INC 06.1250 01/15/2022 0.11%
ALLEGHENY TECHNOLOGIES INC 09.3750 06/01/2019 0.10%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.10%
AMERICAN AXLE & MFG INC 07.7500 11/15/2019 0.10%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.10%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.10%
CENTENE CORP 06.1250 02/15/2024 0.10%
EVEREST ACQ LLC/FIN 09.3750 05/01/2020 0.10%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.10%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.10%
HILTON WORLDWIDE FIN P/P 144A 04.8750 04/01/2027 0.10%
LIONS GATE ENT P/P 144A 05.8750 11/01/2024 0.10%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.10%
MOOG INC P/P 144A 05.2500 12/01/2022 0.10%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.10%
NRG ENERGY INC 06.6250 01/15/2027 0.10%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.10%
SERVICE CORP INTL 05.3750 01/15/2022 0.10%
SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 0.10%
SEVEN GENS ENER P/P 144A 08.2500 05/15/2020 0.10%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.10%
TENNECO INC 05.3750 12/15/2024 0.10%
TMS INTL CORP P/P 144A 07.6250 10/15/2021 0.10%
A SCHULMAN INC 06.8750 06/01/2023 0.09%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.09%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.09%
ALLISON TRANSMISSION P/P 144A 05.0000 10/01/2024 0.09%
ALLY FINANCIAL INC 0.09%
ARCELORMITTAL USD 06.1250 06/01/2025 0.09%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.09%
CENTENE CORP 04.7500 05/15/2022 0.09%
CHEMOURS CO 06.6250 05/15/2023 0.09%
CHEMOURS CO 07.0000 05/15/2025 0.09%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.09%
CIT GROUP INC. 05.0000 08/15/2022 0.09%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.09%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.09%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.09%
FIRST QUANTUM P/P 144A 07.0000 02/15/2021 0.09%
GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 0.09%
HCA INC 05.2500 06/15/2026 0.09%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.09%
IRON MOUNTAIN INCORPORATED 06.0000 08/15/2023 0.09%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.09%
MICRON TECH INC 05.8750 02/15/2022 0.09%
NIELSEN CO LUX SARL P/P 144A 5.500 10/01/2021 0.09%
NOVA CHEMICALS CORP P/P 144A 05.2500 06/01/2027 0.09%
OSHKOSH CORP 05.3750 03/01/2025 0.09%
REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 0.09%
REYNOLDS GRP ISS/REY P/P 144A 07.0000 07/15/2024 0.09%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.09%
TENET HEALTHCARE COR 04.7456 06/15/2020 0.09%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.09%
TRIBUNE MEDIA CO 05.8750 07/15/2022 0.09%
UNIVAR USA INC P/P 144A 06.7500 07/15/2023 0.09%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.09%
USG CORP P/P 144A 05.5000 03/01/2025 0.09%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.09%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.09%
ALLY FINANCIAL INC 06.2500 12/01/2017 0.08%
ANTERO RESOURCES 05.3750 11/01/2021 0.08%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.08%
BROOKFIELD RESID P/P 144A 06.5000 12/15/2020 0.08%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.08%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.08%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.08%
CHENIERE CORP CHRIST P/P 144A 05.1250 06/30/2027 0.08%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 0.08%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.08%
CONTINENTAL RESOURCES 03.8000 06/01/2024 0.08%
DEAN FOODS CO P/P 144A 06.5000 03/15/2023 0.08%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.08%
GAMING AND LEISURE PROPERTIE 0.08%
HIGH RIDGE BRANDS CO P/P 144A 08.8750 03/15/2025 0.08%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.08%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.08%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.08%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.08%
KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 0.08%
LAREDO PETROLEUM INC 07.3750 05/01/2022 0.08%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.08%
NRG ENERGY INC 07.2500 05/15/2026 0.08%
PARSLEY ENERGY P/P 144A 05.3750 01/15/2025 0.08%
PRECISION DRILLING C P/P 144A 07.7500 12/15/2023 0.08%
PULTEGROUP INC 05.5000 03/01/2026 0.08%
REVLON CONSUMER PROD 06.2500 08/01/2024 0.08%
SEALED AIR CORP P/P 144A 06.8750 07/15/2033 0.08%
SEMGROUP CORP P/P 144A 06.3750 03/15/2025 0.08%
SM ENERGY CO 06.5000 11/15/2021 0.08%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.08%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.08%
TRANSDIGM INC 06.5000 05/15/2025 0.08%
USIS MERGER SUB INC P/P 144A 06.8750 05/01/2025 0.08%
VALEANT PHARMA P/P 144A 05.3750 03/15/2020 0.08%
WINDSTREAM SERVICES LLC 06.3750 08/01/2023 0.08%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.08%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.08%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.07%
1011778 BC / NEW RED P/P 144A 06.0000 04/01/2022 0.07%
BELDEN INC P/P 144A 05.2500 07/15/2024 0.07%
BOYD GAMING CORPORATION 06.8750 05/15/2023 0.07%
BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 0.07%
CONCHO RESOURCES INC 04.3750 01/15/2025 0.07%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.07%
DISH DBS CORP 05.8750 11/15/2024 0.07%
EVOLUTION ESCROW P/P 144A 07.5000 03/15/2022 0.07%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.07%
GENON AMERICAS GENR LLC 09.1250 05/01/2031 0.07%
JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 0.07%
KEANE GROUP INC 0.07%
MGM RESORTS INTL 08.6250 02/01/2019 0.07%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.07%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.07%
REGENCY ENERGY P 04.5000 11/01/2023 0.07%
SABINE PASS LIQUEFAC 05.8750 06/30/2026 0.07%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.07%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.07%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.07%
THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 0.07%
TRANSDIGM INC 06.5000 07/15/2024 0.07%
USG CORP P/P 144A 04.8750 06/01/2027 0.07%
ALLY FINANCIAL INC 08.0000 03/15/2020 0.06%
ALLY FINANCIAL INC 08.0000 12/31/2018 0.06%
AMC ENT HOLDIN P/P 144A 05.8750 11/15/2026 0.06%
AMC ENTERTAINMENT HOLDIN 05.7500 06/15/2025 0.06%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.06%
CBRE SERVICES INC 05.0000 03/15/2023 0.06%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.06%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.06%
CIT GROUP INC 0.06%
CIT GROUP INC 05.0000 08/01/2023 0.06%
CLEAR CHNL WORLD 07.6250 03/15/2020 0.06%
CONTINENTAL RES 04.5000 04/15/2023 0.06%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.06%
EW SCRIPPS CO P/P 144A 05.1250 05/15/2025 0.06%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.06%
HUB HLDG LLC/HUB HOL P/P 144A 08.1250 07/15/2019 0.06%
ICAHN ENTER/FIN 06.0000 08/01/2020 0.06%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.06%
INTL LEASE FINANCE CORP 05.8750 08/15/2022 0.06%
LAMAR MEDIA CORP 05.8750 02/01/2022 0.06%
LANDRY'S INC P/P 144A 06.7500 10/15/2024 0.06%
MGM RESORTS INTL 06.6250 12/15/2021 0.06%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.06%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.06%
NRG ENERGY INC 07.8750 05/15/2021 0.06%
ONEMAIN FIN HLDG INC P/P 144A 07.2500 12/15/2021 0.06%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.06%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.06%
PLATFORM SPECIALTY P/P 144A 06.5000 02/01/2022 0.06%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.06%
ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 0.06%
SHELF DRILL HOLD LTD P/P 144A 09.5000 11/02/2020 0.06%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.06%
SPRINGLEAF FINANCE CORP 06.1250 05/15/2022 0.06%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.06%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.06%
STEEL DYNAMICS INC 05.2500 04/15/2023 0.06%
TARGA RES PRTNRS P/P 144A 05.3750 02/01/2027 0.06%
TRANSDIGM INC 06.3750 06/15/2026 0.06%
VENATOR FIN SARL/VEN P/P 144A 05.7500 07/15/2025 0.06%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.06%
ALLIANCE RES OP/FINA P/P 144A 07.5000 05/01/2025 0.05%
AMC ENT HOLDIN P/P 144A 06.1250 05/15/2027 0.05%
ARCELORMITTAL USD 07.5000 10/15/2039 0.05%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.05%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.05%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.05%
BERRY GLOBAL GROUP INC 0.05%
BERRY PLASTICS CORP 05.5000 05/15/2022 0.05%
CALATLANTIC GROUP INC 05.8750 11/15/2024 0.05%
CANADIAN DOLLAR ACCOUNT 0.05%
CBRE SERVICES INC 05.2500 03/15/2025 0.05%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.05%
CHARTER COMMUNICATIONS INC-A 0.05%
CHEMOURS CO 05.3750 05/15/2027 0.05%
CINEMARK USA INC 04.8750 06/01/2023 0.05%
CINEMARK USA INC 05.1250 12/15/2022 0.05%
CIT GROUP INC P/P 144A 05.5000 02/15/2019 0.05%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.05%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.05%
CREDIT ACCEPTANC 06.1250 02/15/2021 0.05%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.05%
DYNEGY INC. 06.7500 11/01/2019 0.05%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.05%
FREEPORT-MCMORAN INC 06.7500 02/01/2022 0.05%
GENON ENERGY INC. 09.8750 10/15/2020 0.05%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.05%
HCA INC 03.7500 03/15/2019 0.05%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.05%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.05%
INFOR US INC P/P 144A 05.7500 08/15/2020 0.05%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.05%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.05%
LENNAR CORP 04.7500 11/15/2022 0.05%
MURRAY ENERGY CORP P/P 144A 11.2500 04/15/2021 0.05%
NEWFIELD EXPLORATION CO 05.3750 01/01/2026 0.05%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.05%
NOVA CHEMICALS CORP P/P 144A 04.8750 06/01/2024 0.05%
ONEMAIN FIN HLDG INC P/P 144A 06.7500 12/15/2019 0.05%
OSHKOSH CORP 05.3750 03/01/2022 0.05%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.05%
PILGRIM'S PRIDE CORP P/P 144A 05.7500 03/15/2025 0.05%
PRESTIGE BRANDS INC P/P 144A 05.3750 12/15/2021 0.05%
REALOGY GROUP/CO-ISS P/P 144A 04.8750 06/01/2023 0.05%
REGENCY ENERGY PART/FINA 05.0000 10/01/2022 0.05%
SM ENERGY CO 06.7500 09/15/2026 0.05%
STONE ENERGY CORP 0.05%
T-MOBILE USA INC 05.3750 04/15/2027 0.05%
T-MOBILE USA INC 06.5000 01/15/2026 0.05%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.05%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.05%
WIDEOPENWEST FIN 10.2500 07/15/2019 0.05%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.04%
AES CORP/VA 04.8750 05/15/2023 0.04%
AES CORP/VA 08.0000 06/01/2020 0.04%
BERRY PLASTICS ESCRO 06.0000 10/15/2022 0.04%
CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 0.04%
CDK GLOBAL INC P/P 144A 04.8750 06/01/2027 0.04%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 01/15/2025 0.04%
CHINA MEDICAL TECH INC USD 04.0000 08/15/2017 0.04%
CIT GROUP INC 03.8750 02/19/2019 0.04%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.04%
DENBURY RESOURCES INC 06.3750 08/15/2021 0.04%
DFC FINANCE CORP P/P 144A 10.5000 06/15/2020 0.04%
DIAMONDBACK ENER P/P 144A 04.7500 11/01/2024 0.04%
EL PASO ENERGY CAP TRST 04.7500 CUM CV PFD 0.04%
ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 0.04%
EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 0.04%
FRONTIER COMM 11.0000 09/15/2025 0.04%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.04%
IRON MOUNTAIN INC P/P 144A 06.0000 10/01/2020 0.04%
LAMAR MEDIA CORP 05.3750 01/15/2024 0.04%
LIVE NATION ENT P/P 144A 04.8750 11/01/2024 0.04%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.04%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.04%
REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 0.04%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.04%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.04%
SEALED AIR CORP P/P 144A 05.1250 12/01/2024 0.04%
SEVEN GENERATIONS ENERGY - A 0.04%
SM ENERGY CO 05.0000 01/15/2024 0.04%
SM ENERGY CO 06.1250 11/15/2022 0.04%
SPRINGLEAF FINANCE CORP 08.2500 12/15/2020 0.04%
SPRINT COMM P/P 144A 09.0000 11/15/2018 0.04%
TAYLOR MORRISON P/P 144A 05.6250 03/01/2024 0.04%
TECK RESOURCES LIMITED USD 04.7500 01/15/2022 0.04%
TENNECO INC 05.0000 07/15/2026 0.04%
TESORO LOGISTICS LP/CORP 05.2500 01/15/2025 0.04%
TRONOX FINANCE LLC 06.3750 08/15/2020 0.04%
US CONCRETE INC P/P 144A 06.3750 06/01/2024 0.04%
VALEANT PHARMACEUTIC P/P 144A 05.5000 03/01/2023 0.04%
WEATHERFORD BERMUDA P/P 144A 09.8750 02/15/2024 0.04%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.04%
AMC ENTERTAINMENT HOLDIN 05.8750 02/15/2022 0.03%
BERRY PLASTICS CORP 05.1250 07/15/2023 0.03%
BON-TON DEPT STORES 08.0000 06/15/2021 0.03%
BOYD GAMING CORP 06.3750 04/01/2026 0.03%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.03%
CALPINE CORP P/P 144A 06.0000 01/15/2022 0.03%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.03%
CCM MERGER INC P/P 144A 06.0000 03/15/2022 0.03%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 06/15/2027 0.03%
CHS/COMMUNITY HEALTH SYS 07.1250 07/15/2020 0.03%
EAGLE HLDG CO II LLC P/P 144A 07.6250 05/15/2022 0.03%
ELDORADO RESORTS INC P/P 144A 06.0000 04/01/2025 0.03%
GRINDING MEDIA/M P/P 144A 07.3750 12/15/2023 0.03%
HCA INC. 07.5000 02/15/2022 0.03%
ISTAR INC 06.0000 04/01/2022 0.03%
JACOBS ENT INC P/P 144A 07.8750 02/01/2024 0.03%
LAREDO PETROLEUM INC 05.6250 01/15/2022 0.03%
LIVE NATION ENTERTAINMENT IN 0.03%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.03%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.03%
NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 0.03%
NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 0.03%
NEW GOLD INC P/P 144A 06.3750 05/15/2025 0.03%
PETSMART INC P/P 144A 07.1250 03/15/2023 0.03%
SANDRIDGE ENERGY INC 0.03%
SCIENTIFIC GAMES INTERNA 06.2500 09/01/2020 0.03%
SM ENERGY CO 06.5000 01/01/2023 0.03%
SPRINGLEAF FINANCE CORP 05.2500 12/15/2019 0.03%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.03%
T-MOBILE USA INC. 04.0000 04/15/2022 0.03%
TARGA RES PRTNRS P/P 144A 05.1250 02/01/2025 0.03%
TAYLOR MORRISON COMM P/P 144A 05.2500 04/15/2021 0.03%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.03%
TRW AUTOMOTIVE INC P/P 144A 04.5000 03/01/2021 0.03%
VALEANT PHARMA P/P 144A 06.5000 03/15/2022 0.03%
WPX ENERGY INC 08.2500 08/01/2023 0.03%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.02%
ALPINE FIN MERGER P/P 144A 06.8750 08/01/2025 0.02%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.02%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.02%
CALATLANTIC GROUP INC. 06.2500 12/15/2021 0.02%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.02%
CENTENE CORP 04.7500 01/15/2025 0.02%
CENTURYLINK INC 05.6250 04/01/2020 0.02%
CHINA MEDICAL TECH P/P 144A 06.2500 12/15/2017 0.02%
CITIGROUP INC 06.2500 12/29/2049 0.02%
CONCORDIA INTL P/P 144A 07.0000 04/15/2023 0.02%
CONTINENTAL RESOURCES 05.0000 09/15/2022 0.02%
DIAMOND 1 FIN/DIAMON P/P 144A 05.8750 06/15/2021 0.02%
EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 0.02%
FRONTIER COMMUNICATIONS 07.6250 04/15/2024 0.02%
FTS INTL INC P/P 144A 08.7456 06/15/2020 0.02%
HALCON RESOURCES COR P/P 144A 12.0000 02/15/2022 0.02%
HALCON RESOURCES CORP 0.02%
INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 0.02%
INTELSAT LUXEMB USD 08.1250 06/01/2023 0.02%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.02%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.02%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.02%
MERCER INTL INC P/P 144A 06.5000 02/01/2024 0.02%
MGM RESORTS INTL 05.2500 03/31/2020 0.02%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.02%
NINE POINT ENERGY CNV PRF 0.02%
OASIS PETROLEUM INC 06.5000 11/01/2021 0.02%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.02%
TENET HEALTHCARE 04.7500 06/01/2020 0.02%
TENNANT CO P/P 144A 05.6250 05/01/2025 0.02%
WEATHERFORD BERMUDA 08.2500 06/15/2023 0.02%
BAYTEX ENERGY CORP P/P 144A 05.1250 06/01/2021 0.01%
CHS/COMMUNITY HEALTH 08.0000 11/15/2019 0.01%
CONCORDIA INTL P/P 144A 09.0000 04/01/2022 0.01%
EP ENER/EVEREST 07.7500 09/01/2022 0.01%
FREEPORT-MCMORAN COPPER & GOL 03.5500 03/01/2022 0.01%
INTELSAT CONNECT FIN P/P 144A 12.5000 04/01/2022 0.01%
JC PENNEY CORP INC 05.6500 06/01/2020 0.01%
NINE POINT ENERGY COM 0.01%
PACTIV LLC 08.3750 04/15/2027 0.01%
PLATFORM SPECIALTY P P/P 144A 10.3750 05/01/2021 0.01%
TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 0.01%
VALEANT PHARMA P/P 144A 05.6250 12/01/2021 0.01%
ACC CLAIMS HOLDING LLC CLASS A 0.00%
CAD/USD 07/19/2017 CITI 0.00%
CAD/USD 07/19/2017 SSBT 0.00%
CAD/USD 07/19/2017 WPAC 0.00%
CENTURYLINK INC 06.7500 12/01/2023 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
HALCON RESOURCES CORP - WARRA 0.00%
INTELSAT JACKSON HLD P/P 144A 08.0000 02/15/2024 0.00%
INTELSAT LUXEMB USD 07.7500 06/01/2021 0.00%
ISTAR INC. 05.0000 07/01/2019 0.00%
MILAGRO OIL & GAS 0.00%
POWERWAVE TECHNOLOGIES CV 03.8750 10/01/2027 0.00%
PRECISION DRILL USD 05.2500 11/15/2024 0.00%
SMURFIT-STONE CONTAINER CORP ESCROW 0.00%
SPEC BRNDS ESCROW CO 06.6250 11/15/2022 0.00%
TERVITA CORP CLASS A 0.00%
TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 0.00%
TXU TCEH RIGHTS 0.00%

Prior top 10 holdings

Top 10 holdings as of 08/31/17
Microchip Technology
Micron Technology
Dish Network Corp
T-Mobile Us
Bank of America
Allergan
American Tower
Chesapeake Energy Corp
Liberty Interactive Llc
Wells Fargo
Holdings represent 15.67% of portfolio
Top 10 holdings as of 07/31/17
Micron Technology
Microchip Technology
Dish Network Corp
T-Mobile Us
Bank of America
Allergan
Chesapeake Energy Corp
Liberty Interactive Llc
American Tower
Starwood Property Trust
Holdings represent 15.64% of portfolio
Top 10 holdings as of 06/30/17
Micron Technology
Microchip Technology
Dish Network Corp
T-Mobile Us
Bank Of America Corp
American Tower Corp
Allergan
Liberty Interactive Llc
Chesapeake Energy Corp
Hologic
Holdings represent 15.77% of portfolio
Top 10 holdings as of 05/31/17
Micron Technology
Microchip Technology
Dish Network Corp
T-Mobile Us
American Tower Corp
Chesapeake Energy Corp
Allergan
Liberty Interactive Llc
Bank Of America Corp
Hologic
Holdings represent 15.81% of portfolio

Maturity detail

0 - 1 yr. 9.02%
1 - 5 yrs. 43.22%
5 - 10 yrs. 31.25%
10 - 15 yrs. 2.91%
Over 15 yrs. 13.60%

Quality rating

Equity 13.33%
A 0.68%
BBB 6.86%
BB 27.85%
B 24.51%
CCC and Below 8.36%
Not Rated 15.86%
Cash and net other assets 2.55%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. The value of bonds in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. You can lose money by investing in the fund. The fund's shares trade on a stock exchange at market prices, which may be lower than the fund's net asset value.

Credit qualities are shown as a percentage of net assets as of the date indicated above. 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 are included in the net cash 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 net cash category. The fund itself has not been rated by an independent rating agency.

Top Industry Sectors as of 08/31/17

Technology 17.99%
Consumer cyclicals 16.51%
Financials 12.94%
Communication services 10.46%
Health care 10.36%
Energy 7.19%
Capital goods 7.19%
Basic materials 7.11%
Consumer staples 3.60%
 
Other
6.65%
Utilities 3.33%
Cash and net other assets 2.55%
Transportation 0.77%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time. Represents the equity portion of the portfolio.

†The BofA Merrill Lynch All-Convertibles Speculative Quality Index is comprised of approximately 300 issues of only speculative-grade convertible bonds and preferreds. The JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed-income securities issued in developed countries. You cannot invest directly in an index.

Consider these risks before investing: Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. The value of bonds in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. You can lose money by investing in the fund. The fund's shares trade on a stock exchange at market prices, which may be lower than the fund's net asset value.

Credit qualities are shown as a percentage of net assets as of the date indicated above. 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 are included in the net cash 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 net cash category. The fund itself has not been rated by an independent rating agency.

Eric Harthun will retire from Putnam effective 12/31/17.