Putnam Allstate Advisor Plus
Putnam High Yield Subaccount
The fund seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.
- Highlights
- Performance
- Holdings
- Expenses
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.Active risk management: The managers can adjust the fund's holdings to capitalize on market opportunities, such as emphasizing bonds with higher credit quality when credit risk increases.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
- Robert L. Salvin (Investing since 1986)
- Paul D. Scanlon, CFA (Investing since 1986)
- Norman P. Boucher (Investing since 1985)
Daily pricing as of 08/17/17
| with optional enhanced death benefits | ||
|---|---|---|
| Unit Value | $21.577426 | $21.009942 |
| Unit Value Change | -0.03499 | -0.034157 |
Lipper ranking ‡ as of 07/31/17
Category: High Yield Funds
| Percentile ranking | Rank/Funds in category | |
|---|---|---|
| 10 yrs. | 43% | 33/76 |
| 1 yr. | 44% | 47/107 |
| 3 yrs. | 56% | 58/103 |
| 5 yrs. | 43% | 41/96 |
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.
Performance as of 06/30/17
| Annualized Performance | Last Quarter | Year to Date |
1 yr. | 3 yrs. | 5 yrs. | 10 yrs. | Life of subaccount |
|---|---|---|---|---|---|---|---|
| Restated performance | |||||||
| Unit Value | 1.21% | 3.02% | 9.32% | 1.52% | 4.38% | 4.61% | 5.73% |
| Standardized | -6.79% | -4.98% | 1.32% | -1.13% | 3.35% | 4.61% | 5.73% |
| With optional enhanced death benefit | |||||||
| Unit Value | 1.17% | 2.94% | 9.15% | 1.37% | 4.23% | 4.45% | 5.57% |
| Standardized | -6.83% | -5.06% | 1.15% | -1.30% | 3.19% | 4.45% | 5.57% |
| Actual performance | |||||||
| Unit Value | 1.21% | 3.02% | 9.32% | 1.52% | 4.38% | 4.61% | 4.51% |
| Standardized | -6.79% | -4.98% | 1.32% | -1.13% | 3.35% | 4.61% | 4.51% |
| With optional enhanced death benefit | |||||||
| Unit Value | 1.17% | 2.94% | 9.15% | 1.37% | 4.23% | 4.45% | 4.35% |
| Standardized | -6.83% | -5.06% | 1.15% | -1.30% | 3.19% | 4.45% | 4.35% |
| Cumulative Performance | Last Quarter | Year to Date |
1 yr. | 3 yrs. | 5 yrs. | 10 yrs. | Life of subaccount |
|---|---|---|---|---|---|---|---|
| Restated performance | |||||||
| Unit Value | 1.21% | 3.02% | 9.32% | 4.64% | 23.93% | 56.97% | 414.34% |
| Standardized | -6.79% | -4.98% | 1.32% | -3.36% | 17.93% | 56.97% | 414.34% |
| With optional enhanced death benefit | |||||||
| Unit Value | 1.17% | 2.94% | 9.15% | 4.16% | 22.99% | 54.59% | 391.78% |
| Standardized | -6.83% | -5.06% | 1.15% | -3.84% | 16.99% | 54.59% | 391.78% |
| Actual performance | |||||||
| Unit Value | 1.21% | 3.02% | 9.32% | 4.64% | 23.93% | 56.97% | 114.75% |
| Standardized | -6.79% | -4.98% | 1.32% | -3.36% | 17.93% | 56.97% | 114.75% |
| With optional enhanced death benefit | |||||||
| Unit Value | 1.17% | 2.94% | 9.15% | 4.16% | 22.99% | 54.59% | 109.15% |
| Standardized | -6.83% | -5.06% | 1.15% | -3.84% | 16.99% | 54.59% | 109.15% |
Annual Performance at NAV
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 |
|---|---|---|---|---|---|---|---|---|---|
| 1.14% | -27.25% | 47.78% | 12.22% | 0.13% | 14.15% | 6.13% | -0.07% | -6.87% | 13.70% |
| With optional enhanced death benefit | |||||||||
| 0.99% | -27.36% | 47.56% | 12.05% | -0.02% | 13.97% | 5.97% | -0.22% | -7.01% | 13.53% |
Restated performance
|
|
||||||||||||
With optional enhanced death benefit
|
|
||||||||||||
Unit values and performance information shown apply to the specific annuity product listed, not the underlying Putnam Variable Trust fund. This information should not be used by investors who hold an interest in Putnam Variable Trust funds through a different annuity or other variable product. The unit values and performance of other variable products that offer Putnam Variable Trust funds may be higher or lower due to product charges and expenses or other factors.
Data is historical. Past performance is no guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units.
Returns shown for the subaccounts for periods before their inception are derived from the historical performance of the underlying fund, adjusted to reflect the mortality, expense risk, and surrender charges applicable to this product and do not factor in the annual $30 contract maintenance fee. Additional riders and options for insurance-related charges will increase expenses and lower returns. Please see the prospectus for details. For a portion of the period, subaccounts may have limited expenses, without which returns would have been lower.
Variable annuities are long-term investments designed for retirement purposes. Putnam Hartford products are flexible-premium variable annuities issued by Hartford Life and Annuity Insurance Company, Simsbury, CT.
Putnam Allstate variable annuities are flexible-premium deferred variable annuities issued by Allstate Life Insurance Company (Allstate Life); underwritten by Allstate Distributors, L.L.C., both of Northbrook, IL; and sold through registered representatives or bank employees who are licensed insurance agents. Please check for availability in your specific state.
These policies have limitations and are sold by prospectus only. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information.
Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any variable annuity or variable life product that invests in Putnam Variable Trust funds, contact your financial advisor for a contract prospectus and prospectus for the underlying funds. You may also call Hartford at 1-800-521-0538 or Allstate at 1-800-390-1277. Read the prospectuses carefully before investing.
For the most recent month-end performance, please call Hartford at 1-800-521-0538 or Allstate at 1-800-390-1277.
Maturity detail includes only cash bonds and cash equivalents.
Lower rated bonds may offer higher yields in return for more risk. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.
Credit qualities are shown as a percentage of net assets. A bond rated Baa or higher (Prime-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds rated A-1+ are included in the AAA-rating category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. The fund itself has not been rated by an independent rating agency.
Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.
Top 10 holdings as of 07/31/17
| Scientific Games Int 10.0000 12/01/2022 | 0.76% |
|
|---|---|---|
| Sprint Capital Corporation 06.8750 11/15/2028 | 0.74% |
|
| Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | 0.68% |
|
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.63% |
|
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.61% |
|
| Sprint Corp 07.2500 09/15/2021 | 0.58% |
|
| Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024 | 0.57% |
|
| Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023 | 0.54% |
|
| Ally Financial 08.0000 11/01/2031 | 0.54% |
|
| Jack Ohio Fin Llc/Fi P/P 144a 06.7500 11/15/2021 | 0.53% |
|
| Top 10 holdings, total: | 6.18% |
|
Equity Holdings as of 06/30/17
| AMERICAN TOWER CORP 05.5000 CV PFD | 0.30% |
|---|---|
| ALLERGAN PLC 05.5000 CV PFD | 0.24% |
| ALLY FINANCIAL INC | 0.21% |
| CIT GROUP INC | 0.21% |
| GAMING AND LEISURE PROPERTIE | 0.20% |
| EPR PROPERTIES 05.7500 CUM CV PFD | 0.16% |
| KEANE GROUP INC | 0.16% |
| T-MOBILE US INC 05.5000 CV PFD | 0.16% |
| BERRY GLOBAL GROUP INC | 0.13% |
| BELDEN INC 06.7500 CV PFD | 0.11% |
| ISTAR INC 04.5000 CUM CV PFD | 0.11% |
| TYSON FOODS INC 04.7500 CV PFD | 0.11% |
| CHARTER COMMUNICATIONS INC-A | 0.10% |
| SANDRIDGE ENERGY INC | 0.09% |
| SEVEN GENERATIONS ENERGY - A | 0.09% |
| HALCON RESOURCES CORP | 0.06% |
| LIVE NATION ENTERTAINMENT IN | 0.06% |
| NINE POINT ENERGY CNV PRF | 0.06% |
| NINE POINT ENERGY COM | 0.03% |
| VANTAGE DRILLING INT-UNIT | 0.03% |
| TXU TCEH RIGHTS | 0.02% |
| CHC GROUP LLC P/P | 0.01% |
| MILAGRO OIL & GAS | 0.01% |
| TRIBUNE CLASS 1C LITIGAT | 0.01% |
| ACC CLAIMS HOLDING LLC CLASS A | 0.00% |
| HALCON RESOURCES CORP - WARRA | 0.00% |
| TERVITA CORP CLASS A | 0.00% |
Full Portfolio Holdings as of 06/30/17
| SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 | 0.76% |
|---|---|
| SCIENTIFIC GAMES INT 10.0000 12/01/2022 | 0.75% |
| DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 | 0.68% |
| ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 | 0.63% |
| CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 | 0.61% |
| SPRINT CORP 07.2500 09/15/2021 | 0.58% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 | 0.57% |
| TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 | 0.57% |
| JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 | 0.54% |
| SPRINT CORP 07.8750 09/15/2023 | 0.54% |
| ALLY FINANCIAL INC 08.0000 11/01/2031 | 0.53% |
| CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 | 0.53% |
| ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 | 0.52% |
| GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 | 0.52% |
| CSC HOLDINGS LLC 05.2500 06/01/2024 | 0.50% |
| MTW FOODSERVICE ESCR 09.5000 02/15/2024 | 0.49% |
| CHENIERE CORP CHRIST 05.8750 03/31/2025 | 0.48% |
| SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 | 0.48% |
| CHS/COMMUNITY HEALTH 06.8750 02/01/2022 | 0.45% |
| CONCHO RESOURCES INC 05.5000 04/01/2023 | 0.45% |
| JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 | 0.44% |
| WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 | 0.43% |
| ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 | 0.42% |
| HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 | 0.42% |
| MERCER INTL INC USD 07.7500 12/01/2022 | 0.42% |
| T-MOBILE USA INC 06.3750 03/01/2025 | 0.41% |
| AVAYA INC P/P 144A 07.0000 04/01/2019 | 0.40% |
| CAESARS GROWTH PROP TL L+300 04.2261 05/08/2021 | 0.40% |
| HCA INC 06.5000 02/15/2020 | 0.40% |
| BLUELINE RENTAL CRP P/P 144A 09.2500 03/15/2024 | 0.39% |
| CAESARS ENT OPER TLB6B L+775 11.5000 03/01/2018 | 0.39% |
| CIT GROUP INC 05.0000 08/01/2023 | 0.39% |
| GCP APPLIED TECH P/P 144A 09.5000 02/01/2023 | 0.39% |
| NAVISTAR TLB L+400 05.2300 08/07/2020 | 0.39% |
| ADS INC P/P 144A 05.6250 11/15/2024 | 0.38% |
| ALTA MESA HLDGS P/P 144A 07.8750 12/15/2024 | 0.38% |
| BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 | 0.38% |
| BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 | 0.38% |
| BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 | 0.38% |
| CALPINE CORP 05.7500 01/15/2025 | 0.38% |
| COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 | 0.38% |
| LOUISIANA-PACIFIC CORP 04.8750 09/15/2024 | 0.38% |
| STEEL DYNAMICS INC 06.3750 08/15/2022 | 0.38% |
| WEEKLEY HOMES LLC 06.0000 02/01/2023 | 0.38% |
| CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 | 0.37% |
| WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 | 0.37% |
| BELDEN INC P/P 144A 05.2500 07/15/2024 | 0.36% |
| BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 | 0.36% |
| DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 | 0.36% |
| INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 | 0.36% |
| VALEANT PHARMA P/P 144A 05.3750 03/15/2020 | 0.36% |
| CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 | 0.35% |
| NAVISTAR INTERNATIONAL CORP 08.2500 11/01/2021 | 0.35% |
| PLANTRONICS INC P/P 144A 05.5000 05/31/2023 | 0.35% |
| PULTEGROUP INC. 07.8750 06/15/2032 | 0.35% |
| RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 | 0.35% |
| SERVICE CORP INTL 05.3750 01/15/2022 | 0.35% |
| AES CORP/VA 07.3750 07/01/2021 | 0.34% |
| AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 | 0.34% |
| HCA INC 05.5000 06/15/2047 | 0.34% |
| JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 | 0.34% |
| ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 | 0.34% |
| RANGE RESOURCES CORP P/P 144A 05.7500 06/01/2021 | 0.34% |
| SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 | 0.34% |
| TENET HEALTHCARE 06.0000 10/01/2020 | 0.34% |
| ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 | 0.33% |
| BMC EAST LLC P/P 144A 05.5000 10/01/2024 | 0.33% |
| CAESARS GROW PROP HLD/FI 09.3750 05/01/2022 | 0.33% |
| DIAMONDBACK ENER P/P 144A 05.3750 05/31/2025 | 0.33% |
| MASONITE INTL C P/P 144A 05.6250 03/15/2023 | 0.33% |
| NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 | 0.33% |
| NORBORD INC P/P 144A 06.2500 04/15/2023 | 0.33% |
| RITE AID CORP P/P 144A 06.1250 04/01/2023 | 0.33% |
| WPX ENERGY INC 07.5000 08/01/2020 | 0.33% |
| BEACON ROOFING SUPPL 06.3750 10/01/2023 | 0.32% |
| BRAND ENERGY TL L+425 05.4910 06/21/2024 | 0.32% |
| DEAN FOODS CO P/P 144A 06.5000 03/15/2023 | 0.32% |
| KLX INC P/P 144A 05.8750 12/01/2022 | 0.32% |
| LEGRAND FRANCE USD 08.5000 02/15/2025 | 0.32% |
| SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 | 0.32% |
| SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 | 0.32% |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.32% |
| BUILDERS FIRSTSOURCE P/P 144A 10.7500 08/15/2023 | 0.31% |
| CEC ENT INC 08.0000 02/15/2022 | 0.31% |
| ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 | 0.31% |
| INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 | 0.31% |
| MASTEC INC 04.8750 03/15/2023 | 0.31% |
| SM ENERGY CO 06.5000 11/15/2021 | 0.31% |
| VALEANT PHARMA P/P 144A 06.1250 04/15/2025 | 0.31% |
| AMERICAN TOWER CORP 05.5000 CV PFD | 0.30% |
| BOMBARDIER INC P/P 144A 08.7500 12/01/2021 | 0.30% |
| COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 | 0.30% |
| TENET HEALTHCARE COR 04.7456 06/15/2020 | 0.30% |
| ALTICE FINCO SA P/P 144A 07.6250 02/15/2025 | 0.29% |
| BLUE CUBE SPINCO INC 09.7500 10/15/2023 | 0.29% |
| BROOKFIELD RESID P/P 144A 06.5000 12/15/2020 | 0.29% |
| CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 | 0.29% |
| COVERIS HOLDINGS SA P/P 144A 07.8750 11/01/2019 | 0.29% |
| GETTY IMAGES TLB L+350 04.7500 10/18/2019 | 0.29% |
| IRON MOUNTAIN INCORPORATED 06.0000 08/15/2023 | 0.29% |
| NEWFIELD EXPLORATION CO 05.7500 01/30/2022 | 0.29% |
| AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 | 0.28% |
| ALLISON TRANSMISSION P/P 144A 05.0000 10/01/2024 | 0.28% |
| DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 | 0.28% |
| ELDORADO RESORTS INC 07.0000 08/01/2023 | 0.28% |
| EMI MUSIC PUBLISHING P/P 144A 07.6250 06/15/2024 | 0.28% |
| HUB INTL LTD P/P 144A 07.8750 10/01/2021 | 0.28% |
| MATTAMY GROUP CORP P/P 144A 06.5000 11/15/2020 | 0.28% |
| US CONCRETE INC 06.3750 06/01/2024 | 0.28% |
| ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 | 0.27% |
| DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 | 0.27% |
| ENDEAVOR ENERGY P/P 144A 08.1250 09/15/2023 | 0.27% |
| INFOR US INC 06.5000 05/15/2022 | 0.27% |
| MICRON TECH INC 05.8750 02/15/2022 | 0.27% |
| NOVELIS CORP P/P 144A 05.8750 09/30/2026 | 0.27% |
| OASIS PETROLEUM INC 06.8750 01/15/2023 | 0.27% |
| DAKOTA MERGER SUB P/P 144A 10.7500 09/01/2024 | 0.26% |
| FIRST DATA CORP P/P 144A 05.7500 01/15/2024 | 0.26% |
| FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 | 0.26% |
| FRONTIER COMM 10.5000 09/15/2022 | 0.26% |
| GLP CAP LP / FIN II 04.8750 11/01/2020 | 0.26% |
| GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 | 0.26% |
| NATIONSTAR MORT/ 06.5000 07/01/2021 | 0.26% |
| SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 | 0.26% |
| STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 | 0.26% |
| ZF NA CAPITAL P/P 144A 04.7500 04/29/2025 | 0.26% |
| ALLY FINANCIAL INC 05.7500 11/20/2025 | 0.25% |
| CLEAR CHANNEL COMMUN 09.0000 12/15/2019 | 0.25% |
| DISH NETWORK P/P 144A CV 03.3750 08/15/2026 | 0.25% |
| ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 | 0.25% |
| GREAT LAKES D&D P/P 144A 08.0000 05/15/2022 | 0.25% |
| HILTON WORLDWIDE FIN P/P 144A 04.8750 04/01/2027 | 0.25% |
| HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 | 0.25% |
| NRG ENERGY INC 06.6250 01/15/2027 | 0.25% |
| SEVEN GENS ENER P/P 144A 08.2500 05/15/2020 | 0.25% |
| SFR GROUP SA P/P 144A 07.3750 05/01/2026 | 0.25% |
| SPCM SA P/P 144A 04.8750 09/15/2025 | 0.25% |
| T-MOBILE USA INC 06.6250 04/01/2023 | 0.25% |
| ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 | 0.25% |
| AES CORP/VA 05.5000 04/15/2025 | 0.24% |
| ALLERGAN PLC 05.5000 CV PFD | 0.24% |
| CENTENE CORP 06.1250 02/15/2024 | 0.24% |
| DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 | 0.24% |
| DYNEGY INC 07.3750 11/01/2022 | 0.24% |
| EVEREST ACQ LLC/FIN 09.3750 05/01/2020 | 0.24% |
| EVOLUTION ESCROW P/P 144A 07.5000 03/15/2022 | 0.24% |
| GW HONOS SECURITY CO P/P 144A 08.7500 05/15/2025 | 0.24% |
| REVLON CONS TLB L+350 04.7261 09/07/2023 | 0.24% |
| SCIENTIFIC GAMES INT P/P 144A 07.0000 01/01/2022 | 0.24% |
| SOUTHERN STAR CENT P/P 144A 05.1250 07/15/2022 | 0.24% |
| ALLEGHENY TECHNOLOGIES INC 09.3750 06/01/2019 | 0.23% |
| CLEAR CHANNEL TLD L+675 07.9761 01/30/2019 | 0.23% |
| CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 | 0.23% |
| CREDIT SUISSE GRP AG P/P 144A 06.2500 12/29/2049 | 0.23% |
| FREEPORT-MCMORAN INC 06.8750 02/15/2023 | 0.23% |
| JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 | 0.23% |
| LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 | 0.23% |
| PARK-OHIO IND INC P/P 144A 06.6250 04/15/2027 | 0.23% |
| PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 | 0.23% |
| SABRE GLBL INC P/P 144A 05.3750 04/15/2023 | 0.23% |
| T-MOBILE USA INC 05.3750 04/15/2027 | 0.23% |
| TMS INTL CORP P/P 144A 07.6250 10/15/2021 | 0.23% |
| VALEANT PHARMA P/P 144A 07.0000 03/15/2024 | 0.23% |
| ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 | 0.22% |
| BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 | 0.22% |
| CHEMOURS CO 07.0000 05/15/2025 | 0.22% |
| COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 | 0.22% |
| DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 | 0.22% |
| FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 | 0.22% |
| HCA INC 05.2500 06/15/2026 | 0.22% |
| JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 | 0.22% |
| LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 | 0.22% |
| LIONS GATE ENT P/P 144A 05.8750 11/01/2024 | 0.22% |
| REVLON CONSUMER PRODS 05.7500 02/15/2021 | 0.22% |
| STANDARD IND INC P/P 144A 05.3750 11/15/2024 | 0.22% |
| TENNECO INC 05.3750 12/15/2024 | 0.22% |
| TRI POINTE GROUP / HOMES 05.8750 06/15/2024 | 0.22% |
| ALLY FINANCIAL INC | 0.21% |
| AMERICAN INTL GROUP 08.1750 05/15/2058 | 0.21% |
| AVAYA TLB7 L+525 06.4165 05/29/2020 | 0.21% |
| CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 | 0.21% |
| CENOVUS ENERGY INC USD 06.7500 11/15/2039 | 0.21% |
| CIT GROUP INC | 0.21% |
| NOVA CHEMICALS CORP P/P 144A 05.2500 06/01/2027 | 0.21% |
| UNIVAR USA INC P/P 144A 06.7500 07/15/2023 | 0.21% |
| USG CORP P/P 144A 05.5000 03/01/2025 | 0.21% |
| WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 | 0.21% |
| A SCHULMAN INC 06.8750 06/01/2023 | 0.20% |
| ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 | 0.20% |
| CEMEX FINANCE LLC P/P 144A 09.3750 10/12/2022 | 0.20% |
| CNO FINANCIAL GROUP INC 05.2500 05/30/2025 | 0.20% |
| GAMING AND LEISURE PROPERTIE | 0.20% |
| GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 | 0.20% |
| HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 | 0.20% |
| INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 | 0.20% |
| NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 | 0.20% |
| PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 | 0.20% |
| REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 | 0.20% |
| UNIVISION COMM P/P 144A 05.1250 02/15/2025 | 0.20% |
| ACADEMY SPORTS TLB L+400 05.1964 07/02/2022 | 0.19% |
| AMC ENTERTAINMENT HOLDIN 05.7500 06/15/2025 | 0.19% |
| ASURION LLC 2NDL L+750 08.7261 03/03/2021 | 0.19% |
| CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 | 0.19% |
| DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 | 0.19% |
| KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 | 0.19% |
| KRATON POLYMERS P/P 144A 10.5000 04/15/2023 | 0.19% |
| NEWFIELD EXPLORATION CO 05.3750 01/01/2026 | 0.19% |
| OSHKOSH CORP 05.3750 03/01/2022 | 0.19% |
| PARSLEY ENERGY P/P 144A 05.3750 01/15/2025 | 0.19% |
| PRECISION DRILLING C P/P 144A 07.7500 12/15/2023 | 0.19% |
| SEALED AIR CORP P/P 144A 06.8750 07/15/2033 | 0.19% |
| SM ENERGY CO 05.0000 01/15/2024 | 0.19% |
| USIS MERGER SUB INC P/P 144A 06.8750 05/01/2025 | 0.19% |
| YONKERS RACING CORP L+325 04.4800 05/31/2024 | 0.19% |
| ARCELORMITTAL USD 06.1250 06/01/2025 | 0.18% |
| AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 | 0.18% |
| CINEMARK USA INC 05.1250 12/15/2022 | 0.18% |
| FRAC TECH INTL TLB L+475 05.9761 04/16/2021 | 0.18% |
| JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 | 0.18% |
| KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 | 0.18% |
| KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 | 0.18% |
| LAREDO PETROLEUM INC 07.3750 05/01/2022 | 0.18% |
| PENSKE AUTO GRP INC 05.7500 10/01/2022 | 0.18% |
| SOLENIS 2NDL L+675 07.9518 07/31/2022 | 0.18% |
| TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 | 0.18% |
| TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 | 0.18% |
| VALEANT PHARMA P/P 144A 05.8750 05/15/2023 | 0.18% |
| WINDSTREAM SERVICES LLC 06.3750 08/01/2023 | 0.18% |
| WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 | 0.18% |
| ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 | 0.17% |
| CHENIERE CORP CHRIST P/P 144A 05.1250 06/30/2027 | 0.17% |
| CONCHO RESOURCES INC 04.3750 01/15/2025 | 0.17% |
| CONTINENTAL RES 04.5000 04/15/2023 | 0.17% |
| FIRST DATA CORP P/P 144A 05.3750 08/15/2023 | 0.17% |
| FIRST DATA CORP P/P 144A 07.0000 12/01/2023 | 0.17% |
| GARTNER INC P/P 144A 05.1250 04/01/2025 | 0.17% |
| HIGH RIDGE BRANDS CO P/P 144A 08.8750 03/15/2025 | 0.17% |
| NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 | 0.17% |
| NOVELIS CORP P/P 144A 06.2500 08/15/2024 | 0.17% |
| NRG ENERGY INC 07.2500 05/15/2026 | 0.17% |
| SERVICE CORP INTL 05.3750 05/15/2024 | 0.17% |
| SFR GROUP SA P/P 144A 06.0000 05/15/2022 | 0.17% |
| WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 | 0.17% |
| 1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 | 0.16% |
| BOYD GAMING CORPORATION 06.8750 05/15/2023 | 0.16% |
| CBS OUT AMER CAP LLC 05.8750 03/15/2025 | 0.16% |
| CENTENE CORP 04.7500 05/15/2022 | 0.16% |
| EPR PROPERTIES 05.7500 CUM CV PFD | 0.16% |
| FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 | 0.16% |
| HALYARD HEALTH INC 06.2500 10/15/2022 | 0.16% |
| INTELSAT LUXEMB USD 08.1250 06/01/2023 | 0.16% |
| KEANE GROUP INC | 0.16% |
| LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 | 0.16% |
| MOLINA HEALTHCARE IN 05.3750 11/15/2022 | 0.16% |
| NEW GOLD INC P/P 144A 06.2500 11/15/2022 | 0.16% |
| NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 | 0.16% |
| ON SEMICONDUC CV 01.0000 12/01/2020 | 0.16% |
| REALOGY GROUP/CO-ISS P/P 144A 04.8750 06/01/2023 | 0.16% |
| SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 | 0.16% |
| T-MOBILE US INC 05.5000 CV PFD | 0.16% |
| TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 | 0.16% |
| USG CORP P/P 144A 04.8750 06/01/2027 | 0.16% |
| WEST CORP P/P 144A 05.3750 07/15/2022 | 0.16% |
| DISH DBS CORP 05.8750 11/15/2024 | 0.15% |
| PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 | 0.15% |
| SCHAEFFLER VERWA P/P 144A 04.7500 09/15/2026 | 0.15% |
| SHELF DRILL HOLD LTD P/P 144A 09.5000 11/02/2020 | 0.15% |
| SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 | 0.15% |
| SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 | 0.15% |
| AMAG PHARMA INC P/P 144A 07.8750 09/01/2023 | 0.14% |
| AMC ENT HOLDIN 05.8750 11/15/2026 | 0.14% |
| BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 | 0.14% |
| CALATLANTIC GROUP INC 05.8750 11/15/2024 | 0.14% |
| CBS OUT AMER CAP LLC 05.6250 02/15/2024 | 0.14% |
| CHEMOURS CO 05.3750 05/15/2027 | 0.14% |
| CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 | 0.14% |
| DYNEGY INC 07.6250 11/01/2024 | 0.14% |
| ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 | 0.14% |
| HANESBRANDS INC P/P 144A 04.6250 05/15/2024 | 0.14% |
| ICAHN ENTER/FIN 06.7500 02/01/2024 | 0.14% |
| KRONOS 2NDL L+825 09.4196 11/01/2024 | 0.14% |
| LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 | 0.14% |
| OSHKOSH CORP 05.3750 03/01/2025 | 0.14% |
| POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 | 0.14% |
| SEMGROUP CORP P/P 144A 06.3750 03/15/2025 | 0.14% |
| SPECTRUM BRANDS INC 06.1250 12/15/2024 | 0.14% |
| SPRINGLEAF FINANCE CORP 06.1250 05/15/2022 | 0.14% |
| STANDARD IND INC P/P 144A 05.0000 02/15/2027 | 0.14% |
| STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 | 0.14% |
| TALBOTS INC 1STL L+450 05.7261 03/19/2020 | 0.14% |
| THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 | 0.14% |
| TRANSDIGM INC 06.3750 06/15/2026 | 0.14% |
| TRIBUNE MEDIA CO 05.8750 07/15/2022 | 0.14% |
| WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 | 0.14% |
| ALLIANT HLDG INT LLC P/P 144A 08.2500 08/01/2023 | 0.13% |
| AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 | 0.13% |
| BANK OF AMERICA CORP 06.5000 10/29/2049 | 0.13% |
| BERRY GLOBAL GROUP INC | 0.13% |
| CHESAPEAKE ENERGY CO P/P 144A 08.0000 01/15/2025 | 0.13% |
| CLEAR CHNL WORLD 07.6250 03/15/2020 | 0.13% |
| CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 | 0.13% |
| CONTINENTAL RESOURCES 04.9000 06/01/2044 | 0.13% |
| COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 | 0.13% |
| DYNEGY INC. 06.7500 11/01/2019 | 0.13% |
| EW SCRIPPS CO P/P 144A 05.1250 05/15/2025 | 0.13% |
| FIRST QUANTUM P/P 144A 07.0000 02/15/2021 | 0.13% |
| ICAHN ENTERPRISES/FI 06.2500 02/01/2022 | 0.13% |
| LANDRY'S INC P/P 144A 06.7500 10/15/2024 | 0.13% |
| LLOYDS BANK PLC 13.0000 01/29/2049 | 0.13% |
| MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 | 0.13% |
| NRG ENERGY INC 07.8750 05/15/2021 | 0.13% |
| PILGRIM'S PRIDE CORP P/P 144A 05.7500 03/15/2025 | 0.13% |
| PLATFORM SPECIALTY P/P 144A 06.5000 02/01/2022 | 0.13% |
| ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 | 0.13% |
| T-MOBILE USA INC 06.1250 01/15/2022 | 0.13% |
| TARGA RES PRTNRS P/P 144A 05.3750 02/01/2027 | 0.13% |
| VENATOR FIN SARL/VEN P/P 144A 05.7500 07/15/2025 | 0.13% |
| VIRGIN MEDIA FIN PLC P/P 144A 06.3750 04/15/2023 | 0.13% |
| WIDEOPENWEST FIN 10.2500 07/15/2019 | 0.13% |
| ANGLO AMERICAN CAP P/P 144A 04.7500 04/10/2027 | 0.12% |
| ANTERO RESOURCES FIN 05.1250 12/01/2022 | 0.12% |
| BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 | 0.12% |
| CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 | 0.12% |
| CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 | 0.12% |
| CLEAR CHNL WORLD 06.5000 11/15/2022 | 0.12% |
| CONCORDIA HEALTH TLB L+425 05.5011 10/21/2021 | 0.12% |
| CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 | 0.12% |
| CREDIT ACCEPTANC 07.3750 03/15/2023 | 0.12% |
| FIRST QUANTUM MINERA P/P 144A 07.2500 04/01/2023 | 0.12% |
| KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 | 0.12% |
| MURRAY ENERGY CORP P/P 144A 11.2500 04/15/2021 | 0.12% |
| NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 | 0.12% |
| NOVA CHEMICALS CORP P/P 144A 04.8750 06/01/2024 | 0.12% |
| REYNOLDS GRP ISS/REY P/P 144A 07.0000 07/15/2024 | 0.12% |
| SM ENERGY CO 06.7500 09/15/2026 | 0.12% |
| STANDARD IND INC P/P 144A 06.0000 10/15/2025 | 0.12% |
| STEEL DYNAMICS INC 05.5000 10/01/2024 | 0.12% |
| VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 | 0.12% |
| 1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 | 0.11% |
| AES CORP/VA 04.8750 05/15/2023 | 0.11% |
| AIR METHODS TLB L+350 04.7964 04/13/2024 | 0.11% |
| ALLIANCE RES OP/FINA P/P 144A 07.5000 05/01/2025 | 0.11% |
| ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 | 0.11% |
| BELDEN INC 06.7500 CV PFD | 0.11% |
| CONSTELLIUM NV P/P 144A 06.6250 03/01/2025 | 0.11% |
| CROWN CORK & SEAL CO INC 07.3750 12/15/2026 | 0.11% |
| CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 | 0.11% |
| DEL MONTE 2NDL L+725 08.6900 08/18/2021 | 0.11% |
| FREEPORT-MCMORAN COPPER & GOL 03.5500 03/01/2022 | 0.11% |
| GLP CAPITAL LP / FIN II 05.3750 04/15/2026 | 0.11% |
| HCA INC. 07.5000 02/15/2022 | 0.11% |
| ICAHN ENTERPRISES/FI 05.8750 02/01/2022 | 0.11% |
| ISTAR INC 04.5000 CUM CV PFD | 0.11% |
| KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 | 0.11% |
| ONEMAIN FIN HLDG INC P/P 144A 06.7500 12/15/2019 | 0.11% |
| ONEMAIN FIN HLDG INC P/P 144A 07.2500 12/15/2021 | 0.11% |
| PATHEON HLDG I BV P/P 144A 07.5000 02/01/2022 | 0.11% |
| REVLON CONSUMER PROD 06.2500 08/01/2024 | 0.11% |
| ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 | 0.11% |
| SOLENIS 1STL L+325 04.4518 07/31/2021 | 0.11% |
| SPECTRUM BRANDS INC 05.7500 07/15/2025 | 0.11% |
| THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 | 0.11% |
| TYSON FOODS INC 04.7500 CV PFD | 0.11% |
| US CONCRETE INC P/P 144A 06.3750 06/01/2024 | 0.11% |
| ZUFFA (UFC) 2NDL L+750 08.7156 08/18/2024 | 0.11% |
| 1011778 BC / NEW RED P/P 144A 06.0000 04/01/2022 | 0.10% |
| AES CORP/VA 08.0000 06/01/2020 | 0.10% |
| ALTICE US FIN II CRP P/P 144A 07.7500 07/15/2025 | 0.10% |
| ARCELORMITTAL USD 07.5000 10/15/2039 | 0.10% |
| BANK OF AMERICA CORP 06.1000 12/29/2049 | 0.10% |
| BERRY PLASTICS ESCRO 06.0000 10/15/2022 | 0.10% |
| CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 | 0.10% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 | 0.10% |
| CHARTER COMMUNICATIONS INC-A | 0.10% |
| CHEMOURS CO 06.6250 05/15/2023 | 0.10% |
| CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 | 0.10% |
| CIT GROUP INC. 05.0000 08/15/2022 | 0.10% |
| DENBURY RESOURCES INC 06.3750 08/15/2021 | 0.10% |
| DFC FINANCE CORP P/P 144A 10.5000 06/15/2020 | 0.10% |
| DYNEGY TLC L+325 04.4761 02/07/2024 | 0.10% |
| FRONTIER COMM 11.0000 09/15/2025 | 0.10% |
| GENON AMERICAS GENR LLC 08.5000 10/01/2021 | 0.10% |
| LIVE NATION ENT P/P 144A 04.8750 11/01/2024 | 0.10% |
| MGP ESCROW ISSUER/CO 05.6250 05/01/2024 | 0.10% |
| SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 | 0.10% |
| TMS INTL TLB L+350 04.6717 10/16/2020 | 0.10% |
| UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 | 0.10% |
| VALEANT PHARMACEUTIC P/P 144A 05.5000 03/01/2023 | 0.10% |
| VERTIV TLB L+400 05.2261 11/30/2023 | 0.10% |
| VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 | 0.10% |
| WELLCARE HEALTH PLANS 05.2500 04/01/2025 | 0.10% |
| WILLIAMS COS INC 07.7500 06/15/2031 | 0.10% |
| ALTICE FINANCING SA P/P 144A 06.6250 02/15/2023 | 0.09% |
| AMC ENT HOLDIN 06.1250 05/15/2027 | 0.09% |
| BANCO BILBAO VIZCAYA ARG REGS 09.0000 05/29/2049 | 0.09% |
| BON-TON DEPT STORES 08.0000 06/15/2021 | 0.09% |
| CALIFORNIA RESOURCES 05.0000 01/15/2020 | 0.09% |
| CCC INFO 2NDL L+675 07.9761 03/30/2025 | 0.09% |
| CDK GLOBAL INC P/P 144A 04.8750 06/01/2027 | 0.09% |
| CEMEX SAB DE CV P/P 144A 05.7000 01/11/2025 | 0.09% |
| CITIGROUP INC 06.2500 12/29/2049 | 0.09% |
| CONTINENTAL RESOURCES 03.8000 06/01/2024 | 0.09% |
| CPG INTL TL L+375 05.0464 05/03/2024 | 0.09% |
| CSC HOLDINGS LLC 06.7500 11/15/2021 | 0.09% |
| ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 | 0.09% |
| ENDO PHARMA TLB L+425 05.5000 04/27/2024 | 0.09% |
| EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 | 0.09% |
| HARSCO TLB L+500 06.2500 11/02/2023 | 0.09% |
| IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 | 0.09% |
| MOOG INC P/P 144A 05.2500 12/01/2022 | 0.09% |
| SANDRIDGE ENERGY INC | 0.09% |
| SEVEN GENERATIONS ENERGY - A | 0.09% |
| SPRINGLEAF FINANCE CORP 08.2500 12/15/2020 | 0.09% |
| TENNECO INC 05.0000 07/15/2026 | 0.09% |
| TESORO LOGISTICS LP/CORP 05.2500 01/15/2025 | 0.09% |
| ANTERO RESOURCES 05.3750 11/01/2021 | 0.08% |
| ANTERO RESOURCES COR 05.6250 06/01/2023 | 0.08% |
| BOYD GAMING CORP 06.3750 04/01/2026 | 0.08% |
| CALPINE CORP P/P 144A 06.0000 01/15/2022 | 0.08% |
| CCM MERGER INC P/P 144A 06.0000 03/15/2022 | 0.08% |
| CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 | 0.08% |
| CREDIT ACCEPTANC 06.1250 02/15/2021 | 0.08% |
| DIAMONDBACK ENER P/P 144A 04.7500 11/01/2024 | 0.08% |
| GENON AMERICAS GENR LLC 09.1250 05/01/2031 | 0.08% |
| ISTAR INC 06.0000 04/01/2022 | 0.08% |
| JACOBS ENT INC P/P 144A 07.8750 02/01/2024 | 0.08% |
| MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 | 0.08% |
| OASIS PETROLEUM INC 06.8750 03/15/2022 | 0.08% |
| PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 | 0.08% |
| PRESTIGE BRANDS INC P/P 144A 05.3750 12/15/2021 | 0.08% |
| REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 | 0.08% |
| SCIENTIFIC GAMES INTERNA 06.2500 09/01/2020 | 0.08% |
| TALBOTS INC 2NDL L+850 09.7261 03/19/2021 | 0.08% |
| TRANSDIGM INC 06.5000 05/15/2025 | 0.08% |
| VALEANT PHARMA P/P 144A 06.5000 03/15/2022 | 0.08% |
| WEATHERFORD BERMUDA P/P 144A 09.8750 02/15/2024 | 0.08% |
| CALPINE CORP P/P 144A 05.8750 01/15/2024 | 0.07% |
| CAPITAL AUTO 2NDL L+600 07.2200 03/24/2025 | 0.07% |
| CBS RADIO INC P/P 144A 07.2500 11/01/2024 | 0.07% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 | 0.07% |
| CHESAPEAKE ENERGY CO P/P 144A 08.0000 06/15/2027 | 0.07% |
| CHS/COMMUNITY HEALTH SYS 07.1250 07/15/2020 | 0.07% |
| CINEMARK USA INC 04.8750 06/01/2023 | 0.07% |
| EAGLE HLDG CO II LLC P/P 144A 07.6250 05/15/2022 | 0.07% |
| EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 | 0.07% |
| HALCON RESOURCES COR P/P 144A 12.0000 02/15/2022 | 0.07% |
| J CREW TLB L+300 04.2459 03/05/2021 | 0.07% |
| NIELSEN CO LUX SARL P/P 144A 5.500 10/01/2021 | 0.07% |
| PETSMART INC P/P 144A 07.1250 03/15/2023 | 0.07% |
| PETSMART INC TLB L+300 04.2460 03/11/2022 | 0.07% |
| SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 | 0.07% |
| STEEL DYNAMICS INC 05.0000 12/15/2026 | 0.07% |
| TARGA RES PRTNRS P/P 144A 05.1250 02/01/2025 | 0.07% |
| TECK RESOURCES LIMITED USD 03.7500 02/01/2023 | 0.07% |
| BELDEN INC P/P 144A 05.5000 09/01/2022 | 0.06% |
| CENTENE CORP 04.7500 01/15/2025 | 0.06% |
| ELDORADO RESORTS INC P/P 144A 06.0000 04/01/2025 | 0.06% |
| GRINDING MEDIA/M P/P 144A 07.3750 12/15/2023 | 0.06% |
| HALCON RESOURCES CORP | 0.06% |
| HUB HLDG LLC/HUB HOL P/P 144A 08.1250 07/15/2019 | 0.06% |
| LAREDO PETROLEUM INC 05.6250 01/15/2022 | 0.06% |
| LIVE NATION ENTERTAINMENT IN | 0.06% |
| MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 | 0.06% |
| MEG ENERGY TLB L+350 04.6960 12/31/2023 | 0.06% |
| MERCER INTL INC P/P 144A 06.5000 02/01/2024 | 0.06% |
| MGM RESORTS INTL 06.6250 12/15/2021 | 0.06% |
| NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 | 0.06% |
| NEW GOLD INC P/P 144A 06.3750 05/15/2025 | 0.06% |
| NINE POINT ENERGY CNV PRF | 0.06% |
| OASIS PETROLEUM INC 06.5000 11/01/2021 | 0.06% |
| TRONOX FINANCE LLC 06.3750 08/15/2020 | 0.06% |
| ALPINE FIN MERGER P/P 144A 06.8750 08/01/2025 | 0.05% |
| FRONTIER COMMUNICATIONS 07.6250 04/15/2024 | 0.05% |
| FTS INTL INC P/P 144A 08.7456 06/15/2020 | 0.05% |
| LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 | 0.05% |
| MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 | 0.05% |
| MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 | 0.05% |
| MGM RESORTS INTL 08.6250 02/01/2019 | 0.05% |
| NEW ARCLIN 2NDL L+875 09.7500 02/14/2025 | 0.05% |
| ORTHO-CLINICAL TLB L+375 05.0464 06/30/2021 | 0.05% |
| QUEBECOR MEDIA INC USD 05.7500 01/15/2023 | 0.05% |
| TECK RESOURCES LIMITED USD 04.7500 01/15/2022 | 0.05% |
| WPX ENERGY INC 08.2500 08/01/2023 | 0.05% |
| ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 | 0.04% |
| AMC ENTERTAINMENT HOLDIN 05.8750 02/15/2022 | 0.04% |
| CABLEVISION SYS CORP 08.0000 04/15/2020 | 0.04% |
| CONCORDIA INTL P/P 144A 07.0000 04/15/2023 | 0.04% |
| CONTINENTAL RESOURCES 05.0000 09/15/2022 | 0.04% |
| FREEPORT-MCMORAN INC 06.7500 02/01/2022 | 0.04% |
| GENON ENERGY INC. 09.8750 10/15/2020 | 0.04% |
| INTELSAT LUXEMB USD 07.7500 06/01/2021 | 0.04% |
| LENNAR CORP 04.7500 11/15/2022 | 0.04% |
| MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 | 0.04% |
| PLATFORM SPECIALTY P P/P 144A 10.3750 05/01/2021 | 0.04% |
| TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 | 0.04% |
| TENNANT CO P/P 144A 05.6250 05/01/2025 | 0.04% |
| UFC 1STL L+325 04.4700 08/18/2023 | 0.04% |
| WEATHERFORD BERMUDA 08.2500 06/15/2023 | 0.04% |
| BAYTEX ENERGY CORP P/P 144A 05.1250 06/01/2021 | 0.03% |
| CHS/COMMUNITY HEALTH 08.0000 11/15/2019 | 0.03% |
| CONCORDIA INTL P/P 144A 09.0000 04/01/2022 | 0.03% |
| INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 | 0.03% |
| LENNAR CORPORATION 04.7500 04/01/2021 | 0.03% |
| NINE POINT ENERGY COM | 0.03% |
| PACTIV LLC 08.3750 04/15/2027 | 0.03% |
| VANTAGE DRILLING INT-UNIT | 0.03% |
| CALATLANTIC GROUP INC. 06.2500 12/15/2021 | 0.02% |
| EP ENER/EVEREST 07.7500 09/01/2022 | 0.02% |
| JC PENNEY CORP INC 05.6500 06/01/2020 | 0.02% |
| SM ENERGY CO 06.1250 11/15/2022 | 0.02% |
| TXU TCEH RIGHTS | 0.02% |
| CHC GROUP LLC P/P | 0.01% |
| INTELSAT CONNECT FIN P/P 144A 12.5000 04/01/2022 | 0.01% |
| MILAGRO OIL & GAS | 0.01% |
| PRECISION DRILL USD 05.2500 11/15/2024 | 0.01% |
| PULTEGROUP INC 05.5000 03/01/2026 | 0.01% |
| TRIBUNE CLASS 1C LITIGAT | 0.01% |
| ACC CLAIMS HOLDING LLC CLASS A | 0.00% |
| CAD/USD 07/19/2017 SSBT | 0.00% |
| ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 | 0.00% |
| ESC SEVENTYSEVENERG 06.5000 07/15/2022 | 0.00% |
| GBP/USD 09/20/2017 UBS | 0.00% |
| HALCON RESOURCES CORP - WARRA | 0.00% |
| TERVITA CORP CLASS A | 0.00% |
| TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 | 0.00% |
| CAD/USD 07/19/2017 CITI | -0.01% |
| CAD/USD 07/19/2017 JPMCB | -0.01% |
| CDX CDX.NA.HY.28 500.0 06/20/2022 | -0.10% |
Prior top 10 holdings
| Top 10 holdings as of 07/31/17 | |
|---|---|
| 1: Scientific Games Int 10.0000 12/01/2022 | 0.76% |
| 2: Sprint Capital Corporation 06.8750 11/15/2028 | 0.74% |
| 3: Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | 0.68% |
| 4: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.63% |
| 5: Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.61% |
| 6: Sprint Corp 07.2500 09/15/2021 | 0.58% |
| 7: Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024 | 0.57% |
| 8: Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023 | 0.54% |
| 9: Ally Financial 08.0000 11/01/2031 | 0.54% |
| 10: Jack Ohio Fin Llc/Fi P/P 144a 06.7500 11/15/2021 | 0.53% |
| Holdings represent 6.18% of portfolio | |
| Top 10 holdings as of 06/30/17 | |
|---|---|
| 1: Sprint Capital Corporation 06.8750 11/15/2028 | 0.76% |
| 2: Scientific Games Int 10.0000 12/01/2022 | 0.75% |
| 3: Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | 0.68% |
| 4: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.63% |
| 5: Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.61% |
| 6: Sprint Corp 07.2500 09/15/2021 | 0.58% |
| 7: Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024 | 0.57% |
| 8: Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023 | 0.57% |
| 9: Jack Ohio Fin Llc/Fi P/P 144a 06.7500 11/15/2021 | 0.54% |
| 10: Sprint Corp 07.8750 09/15/2023 | 0.54% |
| Holdings represent 6.23% of portfolio | |
| Top 10 holdings as of 05/31/17 | |
|---|---|
| 1: Scientific Games Int 10.0000 12/01/2022 | 0.77% |
| 2: Sprint Capital Corporation 06.8750 11/15/2028 | 0.75% |
| 3: Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | 0.70% |
| 4: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.61% |
| 5: Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.60% |
| 6: Sprint Corp 07.2500 09/15/2021 | 0.59% |
| 7: Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024 | 0.57% |
| 8: Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023 | 0.56% |
| 9: Sprint Corp 07.8750 09/15/2023 | 0.53% |
| 10: Jack Ohio Fin Llc/Fi P/P 144a 06.7500 11/15/2021 | 0.53% |
| Holdings represent 6.21% of portfolio | |
| Top 10 holdings as of 04/30/17 | |
|---|---|
| 1: Scientific Games Int 10.0000 12/01/2022 | 0.76% |
| 2: Sprint Capital Corporation 06.8750 11/15/2028 | 0.75% |
| 3: Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | 0.68% |
| 4: Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.59% |
| 5: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.59% |
| 6: Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024 | 0.56% |
| 7: Sprint Corp 07.2500 09/15/2021 | 0.56% |
| 8: Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023 | 0.56% |
| 9: Jack Ohio Fin Llc/Fi P/P 144a 06.7500 11/15/2021 | 0.54% |
| 10: Everest Acq Llc/Fin 09.3750 05/01/2020 | 0.53% |
| Holdings represent 6.12% of portfolio | |
Sector Weightings as of 07/31/17
| Cash Investment | Non-Cash Investment | Total Portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread Duration | Weight | Spread Duration | Weight | Spread Duration | |
| High-yield corporate bonds | 81.94% | 3.01 | -1.57% | -0.06 | 80.37% | 2.95 |
| Bank loans | 5.82% | 0.21 | 0.00% | 0.00 | 5.82% | 0.21 |
| Investment-grade corporate bonds | 4.65% | 0.31 | 0.00% | 0.00 | 4.65% | 0.31 |
| Net cash | 3.08% | 0.00 | 0.00% | 0.00 | 3.08% | 0.00 |
| Convertible securities | 1.92% | 0.06 | 0.00% | 0.00 | 1.92% | 0.06 |
| Equity investments | 1.62% | 0.00 | 0.00% | 0.00 | 1.62% | 0.00 |
| Emerging-market bonds | 0.97% | 0.02 | 0.00% | 0.00 | 0.97% | 0.02 |
Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.
Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.
Maturity detail includes only cash bonds and cash equivalents.
Lower rated bonds may offer higher yields in return for more risk. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.
Credit qualities are shown as a percentage of net assets. A bond rated Baa or higher (Prime-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds rated A-1+ are included in the AAA-rating category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. The fund itself has not been rated by an independent rating agency.
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.