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 09/26/16
| with optional enhanced death benefits | ||
|---|---|---|
| Unit Value | $20.457395 | $19.94623 |
| Unit Value Change | -0.035237 | -0.034607 |
‡ Lipper Ranking as of 08/31/16
Category: High Yield Funds
| Percentile ranking | Rank/Funds in category | |
|---|---|---|
| 10 yrs. | 39% | 30/76 |
| 1 yr. | 38% | 41/109 |
| 3 yrs. | 55% | 57/103 |
| 5 yrs. | 48% | 46/96 |
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.
You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.
‡ 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 06/30/16
| Annualized Performance | Last Quarter | Year to Date |
1 yr. | 3 yrs. | 5 yrs. | 10 yrs. | Life of subaccount |
|---|---|---|---|---|---|---|---|
| Restated performance | |||||||
| Unit Value | 4.64% | 7.15% | -1.95% | 1.64% | 3.19% | 4.64% | 5.60% |
| Standardized | -3.36% | -0.85% | -9.79% | -1.01% | 2.11% | 4.64% | 5.60% |
| With optional enhanced death benefit | |||||||
| Unit Value | 4.60% | 7.07% | -2.09% | 1.48% | 3.03% | 4.48% | 5.44% |
| Standardized | -3.40% | -0.93% | -9.93% | -1.17% | 1.94% | 4.48% | 5.44% |
| Actual performance | |||||||
| Unit Value | 4.64% | 7.15% | -1.95% | 1.64% | 3.19% | 4.64% | 4.22% |
| Standardized | -3.36% | -0.85% | -9.79% | -1.01% | 2.11% | 4.64% | 4.22% |
| With optional enhanced death benefit | |||||||
| Unit Value | 4.60% | 7.07% | -2.09% | 1.48% | 3.03% | 4.48% | 4.06% |
| Standardized | -3.40% | -0.93% | -9.93% | -1.17% | 1.94% | 4.48% | 4.06% |
| Cumulative Performance | Last Quarter | Year to Date |
1 yr. | 3 yrs. | 5 yrs. | 10 yrs. | Life of subaccount |
|---|---|---|---|---|---|---|---|
| Restated performance | |||||||
| Unit Value | 4.64% | 7.15% | -1.95% | 5.00% | 16.99% | 57.35% | 370.49% |
| Standardized | -3.36% | -0.85% | -9.79% | -3.00% | 10.99% | 57.35% | 370.49% |
| With optional enhanced death benefit | |||||||
| Unit Value | 4.60% | 7.07% | -2.09% | 4.52% | 16.10% | 54.97% | 350.54% |
| Standardized | -3.40% | -0.93% | -9.93% | -3.48% | 10.10% | 54.97% | 350.54% |
| Actual performance | |||||||
| Unit Value | 4.64% | 7.15% | -1.95% | 5.00% | 16.99% | 57.35% | 96.45% |
| Standardized | -3.36% | -0.85% | -9.79% | -3.00% | 10.99% | 57.35% | 96.45% |
| With optional enhanced death benefit | |||||||
| Unit Value | 4.60% | 7.07% | -2.09% | 4.52% | 16.10% | 54.97% | 91.61% |
| Standardized | -3.40% | -0.93% | -9.93% | -3.48% | 10.10% | 54.97% | 91.61% |
Annual Performance at NAV
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
|---|---|---|---|---|---|---|---|---|---|
| 8.76% | 1.14% | -27.25% | 47.78% | 12.22% | 0.13% | 14.15% | 6.13% | -0.07% | -6.87% |
| With optional enhanced death benefit | |||||||||
| 8.59% | 0.99% | -27.36% | 47.56% | 12.05% | -0.02% | 13.97% | 5.97% | -0.22% | -7.01% |
Restated performance
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With optional enhanced death benefit
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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.
You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.
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 08/31/16
| Sprint Capital Corporation 06.8750 11/15/2028 | 0.65% |
|
|---|---|---|
| Scientific Games Int 10.0000 12/01/2022 | 0.64% |
|
| Caesars Ent Oper Tlb6b L+775 11.2500 03/01/2017 | 0.62% |
|
| Advanced Disposal Srvces 08.2500 10/01/2020 | 0.58% |
|
| Gates Global Llc P/P 144a 06.0000 07/15/2022 | 0.58% |
|
| Altice Luxembourg P/P 144a 07.7500 05/15/2022 | 0.57% |
|
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.55% |
|
| Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024 | 0.54% |
|
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.54% |
|
| Nrg Energy 07.8750 05/15/2021 | 0.54% |
|
| Top 10 holdings, total: | 5.81% |
|
Equity Holdings as of 06/30/16
| TMUS 5.5 CV PFD 05.5000 CV PFD | 0.31% |
|---|---|
| AMERICAN TOWER CORP 05.5000 CV PFD | 0.28% |
| BERRY PLASTICS GROUP INC | 0.26% |
| EPR PROPERTIES 05.7500 CUM CV PFD | 0.24% |
| ALLERGAN PLC 05.5000 CV PFD | 0.23% |
| ALLY FINANCIAL INC | 0.23% |
| PENN NATIONAL GAMING INC | 0.21% |
| CROWN CASTLE INTL 04.5000 CUM CV PFD | 0.20% |
| DISH NETWORK CORP-A | 0.19% |
| GAMING AND LEISURE PROPERTIE | 0.18% |
| SERVICE CORP INTERNATIONAL | 0.18% |
| LIVE NATION ENTERTAINMENT IN | 0.17% |
| BOISE CASCADE CO | 0.14% |
| ELDORADO RESORTS INC | 0.14% |
| CIT GROUP INC | 0.13% |
| TYSON FOODS INC 04.7500 CV PFD | 0.12% |
| GENERAL MOTORS CO | 0.10% |
| TRIBUNE CLASS 1C LITIGAT | 0.01% |
| VANTAGE DRILLING INT-UNIT | 0.01% |
| ACC CLAIMS HOLDING LLC CLASS A | 0.00% |
| LONE PINE RESOURCES CANADA L | 0.00% |
| LONE PINE RESOURCES INC-CL A | 0.00% |
Full Portfolio Holdings as of 06/30/16
| ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 | 0.78% |
|---|---|
| CAESARS ENT OPER TLB6B L+675 07.0052 03/01/2017 | 0.62% |
| INFOR US INC 06.5000 05/15/2022 | 0.61% |
| ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 | 0.60% |
| SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 | 0.60% |
| ADVANCED DISPOSAL SRVCES 08.2500 10/01/2020 | 0.59% |
| GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 | 0.59% |
| SCIENTIFIC GAMES INT 10.0000 12/01/2022 | 0.59% |
| NRG ENERGY INC 07.8750 05/15/2021 | 0.57% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 | 0.55% |
| CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 | 0.55% |
| LEGRAND FRANCE USD 08.5000 02/15/2025 | 0.55% |
| HCA INC 06.5000 02/15/2020 | 0.52% |
| ALLY FINANCIAL INC 08.0000 11/01/2031 | 0.51% |
| HOWARD HUGHES CORP P/P 144A 06.8750 10/01/2021 | 0.50% |
| WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 | 0.50% |
| SUGAR HSP GAMING P/P 144A 06.3750 06/01/2021 | 0.49% |
| NEWFIELD EXPLORATION CO 05.7500 01/30/2022 | 0.48% |
| WPX ENERGY INC 06.0000 01/15/2022 | 0.48% |
| COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 | 0.47% |
| ROC FIN LLC/ROC FIN P/P 144A 12.1250 09/01/2018 | 0.47% |
| WIDEOPENWEST FIN 10.2500 07/15/2019 | 0.47% |
| SERVICE CORP INTL 05.3750 01/15/2022 | 0.46% |
| GBP/USD 09/21/2016 UBS | 0.45% |
| CALPINE CORP 05.7500 01/15/2025 | 0.44% |
| AES CORP/VA 07.3750 07/01/2021 | 0.43% |
| SPRINT CORP 07.8750 09/15/2023 | 0.43% |
| TENET HEALTHCARE 06.0000 10/01/2020 | 0.43% |
| WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 | 0.43% |
| DYNEGY INC. 06.7500 11/01/2019 | 0.42% |
| HUB INTL LTD P/P 144A 07.8750 10/01/2021 | 0.42% |
| CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 | 0.41% |
| GCP APPLIED TECH P/P 144A 09.5000 02/01/2023 | 0.41% |
| REVLON CONSUMER PRODS 05.7500 02/15/2021 | 0.41% |
| BEACON ROOFING SUPPL 06.3750 10/01/2023 | 0.40% |
| CORRECTIONS CORP 04.6250 05/01/2023 | 0.40% |
| T-MOBILE USA INC 06.3750 03/01/2025 | 0.40% |
| ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 | 0.39% |
| CHIRON MERGER SUB 10.5000 11/01/2018 | 0.39% |
| JO-ANN STORES INC P/P 144A 08.1250 03/15/2019 | 0.39% |
| MANITOWOC FOODSERVIC P/P 144A 09.5000 02/15/2024 | 0.39% |
| MASTEC INC 04.8750 03/15/2023 | 0.39% |
| STEEL DYNAMICS INC 06.3750 08/15/2022 | 0.39% |
| 1011778 BC / NEW RED P/P 144A 06.0000 04/01/2022 | 0.38% |
| BOISE CASCADE 06.3750 11/01/2020 | 0.38% |
| BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 | 0.38% |
| JLL/DELTA DUTCH NEW P/P 144A 07.5000 02/01/2022 | 0.38% |
| PULTEGROUP INC. 07.8750 06/15/2032 | 0.38% |
| SIX FLAGS ENT P/P 144A 05.2500 01/15/2021 | 0.38% |
| TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 | 0.38% |
| LAREDO PETROLEUM INC 07.3750 05/01/2022 | 0.37% |
| NAVISTAR TLB L+550 06.5000 08/07/2020 | 0.37% |
| AVAYA INC P/P 144A 07.0000 04/01/2019 | 0.36% |
| CLEAR CHNL WORLD 06.5000 11/15/2022 | 0.36% |
| CONCHO RESOURCES INC 05.5000 04/01/2023 | 0.36% |
| KLX INC P/P 144A 05.8750 12/01/2022 | 0.36% |
| ROC FINANCE TL L+375 05.0000 06/20/2019 | 0.36% |
| CRIMSON MERGER P/P 144A 06.6250 05/15/2022 | 0.35% |
| MERCER INTL INC USD 07.7500 12/01/2022 | 0.35% |
| NOVELIS INC 08.7500 12/15/2020 | 0.35% |
| SOUTHERN STAR CENT P/P 144A 05.1250 07/15/2022 | 0.35% |
| UNIVISION COMM P/P 144A 05.1250 02/15/2025 | 0.35% |
| WINDSTREAM SERVICES LLC 06.3750 08/01/2023 | 0.35% |
| EVEREST ACQ LLC/FIN 09.3750 05/01/2020 | 0.34% |
| SPRINT CORP 07.2500 09/15/2021 | 0.34% |
| WEEKLEY HOMES LLC 06.0000 02/01/2023 | 0.34% |
| ZF NA CAPITAL P/P 144A 04.7500 04/29/2025 | 0.34% |
| ACADIA HEALTH 06.1250 03/15/2021 | 0.33% |
| BUILDERS FIRSTSOURCE P/P 144A 10.7500 08/15/2023 | 0.33% |
| PLANTRONICS INC P/P 144A 05.5000 05/31/2023 | 0.33% |
| ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 | 0.32% |
| FRONTIER COMM 10.5000 09/15/2022 | 0.32% |
| RITE AID CORP P/P 144A 06.1250 04/01/2023 | 0.32% |
| SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 | 0.32% |
| ZEBRA TECH CORP 07.2500 10/15/2022 | 0.32% |
| ASHTEAD CAPITAL INC P/P 144A 06.5000 07/15/2022 | 0.31% |
| DEAN FOODS CO P/P 144A 06.5000 03/15/2023 | 0.31% |
| NORBORD INC P/P 144A 06.2500 04/15/2023 | 0.31% |
| NORTEK INC 08.5000 04/15/2021 | 0.31% |
| REGENCY ENERGY PART/FINA 05.8750 03/01/2022 | 0.31% |
| TMUS 5.5 CV PFD 05.5000 CV PFD | 0.31% |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.31% |
| WEST CORP P/P 144A 05.3750 07/15/2022 | 0.31% |
| CAESARS GROWTH PROP TL L+525 06.2500 04/10/2021 | 0.30% |
| DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 | 0.30% |
| EXTERRAN PARTNERS/EX 06.0000 10/01/2022 | 0.30% |
| MOOG INC P/P 144A 05.2500 12/01/2022 | 0.30% |
| NXP BV/NXP FUNDING L P/P 144A 04.6250 06/01/2023 | 0.30% |
| SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 | 0.30% |
| TENET HEALTHCARE COR 04.1525 06/15/2020 | 0.30% |
| CALATLANTIC GROUP INC. 06.2500 12/15/2021 | 0.29% |
| CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 | 0.29% |
| FIAT CHRYSLER AUTOMOBILE USD 05.2500 04/15/2023 | 0.29% |
| GENON AMERICAS GENR LLC 08.5000 10/01/2021 | 0.29% |
| IRON MOUNTAIN INCORPORATED 06.0000 08/15/2023 | 0.29% |
| NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 | 0.29% |
| NIELSEN CO LUX SARL P/P 144A 5.500 10/01/2021 | 0.29% |
| PERSTORP HOLDING AB P/P 144A 08.7500 05/15/2017 | 0.29% |
| STANDARD IND INC P/P 144A 05.3750 11/15/2024 | 0.29% |
| AES CORP/VA 05.5000 04/15/2025 | 0.28% |
| AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 | 0.28% |
| AMERICAN TOWER CORP 05.5000 CV PFD | 0.28% |
| BROOKFIELD RESID P/P 144A 06.5000 12/15/2020 | 0.28% |
| CEC ENT INC 08.0000 02/15/2022 | 0.28% |
| DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 | 0.28% |
| FRONTIER COMM 11.0000 09/15/2025 | 0.28% |
| PENN NATL GAMING 05.8750 11/01/2021 | 0.28% |
| PROVIDENT FDG/PFG P/P 144A 06.7500 06/15/2021 | 0.28% |
| REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 | 0.28% |
| AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 | 0.27% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 | 0.27% |
| CLEAR CHNL WORLD 07.6250 03/15/2020 | 0.27% |
| DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 | 0.27% |
| ELDORADO RESORTS INC 07.0000 08/01/2023 | 0.27% |
| JLL/DELTA DUTCH PLED P/P 144A 08.7500 05/01/2020 | 0.27% |
| BERRY PLASTICS GROUP INC | 0.26% |
| CONVATEC HEALTHCARE P/P 144A 10.5000 12/15/2018 | 0.26% |
| DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 | 0.26% |
| FIRST DATA CORP P/P 144A 07.0000 12/01/2023 | 0.26% |
| GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 | 0.26% |
| HUDBAY MINERALS INC USD 09.5000 10/01/2020 | 0.26% |
| MATTAMY GROUP CORP P/P 144A 06.5000 11/15/2020 | 0.26% |
| TEXAS COMP ELEC TL EXT L+450 04.9430 10/10/2017 | 0.26% |
| A SCHULMAN INC P/P 144A 06.8750 06/01/2023 | 0.25% |
| ACADEMY SPORTS TLB L+400 05.0000 07/02/2022 | 0.25% |
| ANTERO RESOURCES FIN 05.1250 12/01/2022 | 0.25% |
| BELDEN INC P/P 144A 05.2500 07/15/2024 | 0.25% |
| COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 | 0.25% |
| CREDIT ACCEPTANC 06.1250 02/15/2021 | 0.25% |
| FIRST DATA CORP P/P 144A 05.7500 01/15/2024 | 0.25% |
| GLP CAP LP / FIN II 04.8750 11/01/2020 | 0.25% |
| ICAHN ENTERPRISES/FI 05.8750 02/01/2022 | 0.25% |
| MICRON TECH INC 05.8750 02/15/2022 | 0.25% |
| NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 | 0.25% |
| OASIS PETROLEUM INC 06.8750 01/15/2023 | 0.25% |
| ONEMAIN FIN HLDG INC P/P 144A 07.2500 12/15/2021 | 0.25% |
| SEVEN GENS ENER P/P 144A 08.2500 05/15/2020 | 0.25% |
| T-MOBILE USA INC 06.6250 04/01/2023 | 0.25% |
| WILLIAMS PARTNERS/ACMP 04.8750 05/15/2023 | 0.25% |
| ALLY FINANCIAL INC 05.7500 11/20/2025 | 0.24% |
| ALTICE FINCO SA P/P 144A 07.6250 02/15/2025 | 0.24% |
| BOMBARDIER INC P/P 144A 04.7500 04/15/2019 | 0.24% |
| CAD/USD 07/21/2016 SSBT | 0.24% |
| CLEAR CHANNEL COMMUN 09.0000 12/15/2019 | 0.24% |
| DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 | 0.24% |
| E*TRADE FINANCIAL CORP 04.6250 09/15/2023 | 0.24% |
| EPR PROPERTIES 05.7500 CUM CV PFD | 0.24% |
| ONEX USI AC P/P 144A 07.7500 01/15/2021 | 0.24% |
| SM ENERGY CO 05.0000 01/15/2024 | 0.24% |
| T-MOBILE USA INC 06.1250 01/15/2022 | 0.24% |
| ALLERGAN PLC 05.5000 CV PFD | 0.23% |
| ALLY FINANCIAL INC | 0.23% |
| AMAG PHARMA INC P/P 144A 07.8750 09/01/2023 | 0.23% |
| CENTENE CORP P/P 144A 06.1250 02/15/2024 | 0.23% |
| COVERIS HOLDINGS SA P/P 144A 07.8750 11/01/2019 | 0.23% |
| DEVON FINANCING CORP LLC 07.8750 09/30/2031 | 0.23% |
| KINETICS/KCI USA P/P 144A 07.8750 02/15/2021 | 0.23% |
| KRATON POLYMERS P/P 144A 10.5000 04/15/2023 | 0.23% |
| NEPTUNE FINCO CORP P/P 144A 10.1250 01/15/2023 | 0.23% |
| OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 | 0.23% |
| PRESTIGE BRANDS INC P/P 144A 05.3750 12/15/2021 | 0.23% |
| SABRE GLBL INC P/P 144A 05.3750 04/15/2023 | 0.23% |
| STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 | 0.23% |
| T-MOBILE USA INC 06.2500 04/01/2021 | 0.23% |
| TMS INTL CORP P/P 144A 07.6250 10/15/2021 | 0.23% |
| ARCELORMITTAL USD 06.1250 06/01/2025 | 0.22% |
| ARCELORMITTAL USD 10.8500 06/01/2019 | 0.22% |
| CENTENE CORP 04.7500 05/15/2022 | 0.22% |
| CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 | 0.22% |
| COMMSCOPE TECH FIN L P/P 144A 06.0000 06/15/2025 | 0.22% |
| FIRST DATA CORP P/P 144A 05.3750 08/15/2023 | 0.22% |
| JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 | 0.22% |
| JC PENNEY CORP INC 08.1250 10/01/2019 | 0.22% |
| LAMAR MEDIA CORP 05.8750 02/01/2022 | 0.22% |
| NEWFIELD EXPLORATION CO 05.3750 01/01/2026 | 0.22% |
| NUMERICABLE-SFR SA P/P 144A 06.2500 05/15/2024 | 0.22% |
| NUMERICABLE-SFR SA P/P 144A 07.3750 05/01/2026 | 0.22% |
| SERVICE CORP INTL 05.3750 05/15/2024 | 0.22% |
| VALEANT PHARMA P/P 144A 05.8750 05/15/2023 | 0.22% |
| ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 | 0.21% |
| ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 | 0.21% |
| CCO HLDGS LLC/CAP CORP 05.2500 09/30/2022 | 0.21% |
| CEMEX FINANCE LLC P/P 144A 09.3750 10/12/2022 | 0.21% |
| ESAL GMBH P/P 144A 06.2500 02/05/2023 | 0.21% |
| FREEPORT-MCMORAN OIL&GAS 06.8750 02/15/2023 | 0.21% |
| HCA INC 05.2500 06/15/2026 | 0.21% |
| KRATON POLYMERS TLB L+500 06.0000 01/06/2022 | 0.21% |
| PENN NATIONAL GAMING INC | 0.21% |
| TRI POINTE GROUP / HOMES 05.8750 06/15/2024 | 0.21% |
| AMERICAN INTL GROUP 08.1750 05/15/2058 | 0.20% |
| BLUELINE RENTAL FIN P/P 144A 07.0000 02/01/2019 | 0.20% |
| CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 | 0.20% |
| CHS/COMMUNITY HEALTH 06.8750 02/01/2022 | 0.20% |
| CLEAR CHANNEL TLD L+675 07.2103 01/30/2019 | 0.20% |
| CONCORDIA INTL P/P 144A 07.0000 04/15/2023 | 0.20% |
| CROWN CASTLE INTL 04.5000 CUM CV PFD | 0.20% |
| EMI MUSIC PUBLISHING P/P 144A 07.6250 06/15/2024 | 0.20% |
| ENERGY TRANSFER EQUITY 07.5000 10/15/2020 | 0.20% |
| EUR/USD 09/21/2016 CSI-FX | 0.20% |
| GBP/USD 09/21/2016 GSFX | 0.20% |
| GETTY IMAGES TLB L+350 04.7500 10/18/2019 | 0.20% |
| JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 | 0.20% |
| JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 | 0.20% |
| LINN ENERGY LLC/FIN P/P 144A 12.0000 12/15/2020 | 0.20% |
| MEG ENERGY TLB L+275 03.7500 03/31/2020 | 0.20% |
| NRG ENERGY INC P/P 144A 07.2500 05/15/2026 | 0.20% |
| OASIS PETROLEUM INC 06.8750 03/15/2022 | 0.20% |
| REGENCY ENERGY PART/FINA 05.5000 04/15/2023 | 0.20% |
| REYNOLDS GRP ISS/REY P/P 144A 07.0000 07/15/2024 | 0.20% |
| USG CORP P/P 144A 05.5000 03/01/2025 | 0.20% |
| ACADIA HEALTHCARE CO 05.1250 07/01/2022 | 0.19% |
| AMC ENT INC 05.8750 02/15/2022 | 0.19% |
| ASURION LLC 2NDL L+750 08.5000 03/03/2021 | 0.19% |
| DISH NETWORK CORP-A | 0.19% |
| EL PASO NATURAL GAS 08.6250 01/15/2022 | 0.19% |
| HUNTSMAN INTL L 05.1250 11/15/2022 | 0.19% |
| JELD-WEN INC TLB L+425 05.2500 10/15/2021 | 0.19% |
| JELD-WEN TLB L+375 05.0000 07/01/2022 | 0.19% |
| JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 | 0.19% |
| NATIONSTAR MORT/ 07.8750 10/01/2020 | 0.19% |
| NEUBERGER BERMAN P/P 144A 05.8750 03/15/2022 | 0.19% |
| OSHKOSH CORP 05.3750 03/01/2022 | 0.19% |
| PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 | 0.19% |
| TENET HEALTHCARE 04.5000 04/01/2021 | 0.19% |
| THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 | 0.19% |
| TRANSDIGM INC. 07.5000 07/15/2021 | 0.19% |
| TRIBUNE MEDIA CO 05.8750 07/15/2022 | 0.19% |
| WILLIAMS COS INC 07.7500 06/15/2031 | 0.19% |
| YONKERS RACING 1STL L+325 04.2500 08/20/2019 | 0.19% |
| AMC ENT INC 05.7500 06/15/2025 | 0.18% |
| AVAYA TLB7 L+525 06.2500 05/29/2020 | 0.18% |
| CINEMARK USA INC 05.1250 12/15/2022 | 0.18% |
| CIT GROUP INC 05.3750 05/15/2020 | 0.18% |
| CONTINENTAL RESOURCES 05.0000 09/15/2022 | 0.18% |
| CSC HOLDINGS LLC 05.2500 06/01/2024 | 0.18% |
| DFC FINANCE CORP P/P 144A 10.5000 06/15/2020 | 0.18% |
| GAMING AND LEISURE PROPERTIE | 0.18% |
| KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 | 0.18% |
| KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 | 0.18% |
| PETCO TLB1 L+400 05.0000 01/26/2023 | 0.18% |
| QWEST CORP 07.2500 09/15/2025 | 0.18% |
| SEALED AIR CORP P/P 144A 06.8750 07/15/2033 | 0.18% |
| SERVICE CORP INTERNATIONAL | 0.18% |
| VALEANT PHARMA P/P 144A 06.1250 04/15/2025 | 0.18% |
| WHITING PETROLEUM CORP 05.0000 03/15/2019 | 0.18% |
| ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 | 0.18% |
| ALTICE LUXEMBOURG SA P/P 144A 07.6250 02/15/2025 | 0.17% |
| BANCO BILBAO VIZCAYA ARG REGS 09.0000 05/29/2049 | 0.17% |
| BUILDERS FIRSTSOURCE P/P 144A 07.6250 06/01/2021 | 0.17% |
| CELANESE US HOLDINGS LLC 04.6250 11/15/2022 | 0.17% |
| CEMEX SAB DE CV P/P 144A 05.7000 01/11/2025 | 0.17% |
| CHESAP OIL OP/FN 06.6250 11/15/2019 | 0.17% |
| DIAMOND 1 FIN/DIAMON P/P 144A 05.8750 06/15/2021 | 0.17% |
| DISH DBS CORP 05.8750 11/15/2024 | 0.17% |
| FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 | 0.17% |
| GBP/USD 09/21/2016 JPMCB | 0.17% |
| LIVE NATION ENTERTAINMENT IN | 0.17% |
| NATIONSTAR MORT/ 06.5000 07/01/2021 | 0.17% |
| NEW GOLD INC P/P 144A 07.0000 04/15/2020 | 0.17% |
| PENSKE AUTO GRP INC 05.7500 10/01/2022 | 0.17% |
| RANGE RESOURCES CORP 05.7500 06/01/2021 | 0.17% |
| REYNOLDS GROUP HLDG 08.2500 02/15/2021 | 0.17% |
| SABINE PASS LIQU 06.2500 03/15/2022 | 0.17% |
| SABINE PASS LIQUEFAC P/P 144A 05.8750 06/30/2026 | 0.17% |
| TEREX CORP 06.0000 05/15/2021 | 0.17% |
| US CONCRETE INC P/P 144A 06.3750 06/01/2024 | 0.17% |
| BLUE CUBE SPINCO INC P/P 144A 09.7500 10/15/2023 | 0.16% |
| BOYD GAMING CORPORATION 06.8750 05/15/2023 | 0.16% |
| CBS OUT AMER CAP LLC 05.8750 03/15/2025 | 0.16% |
| CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 | 0.16% |
| CIT GROUP INC 05.0000 08/01/2023 | 0.16% |
| CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 | 0.16% |
| CONCORDIA HEALTH TLB L+425 05.2500 10/21/2021 | 0.16% |
| CONSTELLATION BRANDS INC 06.0000 05/01/2022 | 0.16% |
| CONTINENTAL RES 04.5000 04/15/2023 | 0.16% |
| FIRST QUANTUM P/P 144A 07.0000 02/15/2021 | 0.16% |
| LOUISIANA PACIF 07.5000 06/01/2020 | 0.16% |
| MPT OPER PARTNERSP/FINL 06.3750 02/15/2022 | 0.16% |
| NUMERICABLE-SFR SA P/P 144A 06.0000 05/15/2022 | 0.16% |
| SABINE PASS LIQUEFAC 05.7500 05/15/2024 | 0.16% |
| SCIENTIFIC GAMES TLB2 L+500 06.0000 10/01/2021 | 0.16% |
| SPRINT COMM P/P 144A 09.0000 11/15/2018 | 0.16% |
| TALBOTS INC 1STL L+450 05.5000 03/19/2020 | 0.16% |
| TENNECO INC 05.3750 12/15/2024 | 0.16% |
| WIND ACQ FIN SA P/P 144A 07.3750 04/23/2021 | 0.16% |
| CIT GROUP INC 05.0000 08/15/2022 | 0.15% |
| HALYARD HEALTH INC 06.2500 10/15/2022 | 0.15% |
| HESS CORP 07.3000 08/15/2031 | 0.15% |
| L BRANDS INC 05.6250 02/15/2022 | 0.15% |
| LENNAR CORPORATION 04.7500 04/01/2021 | 0.15% |
| MOLINA HEALTHCARE IN P/P 144A 05.3750 11/15/2022 | 0.15% |
| SABINE PASS LIQUEFACTION 05.6250 04/15/2023 | 0.15% |
| SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 | 0.15% |
| TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 | 0.15% |
| VALEANT PHARMA P/P 144A 05.3750 03/15/2020 | 0.15% |
| ANADARKO PETROLEUM CORP 05.5500 03/15/2026 | 0.14% |
| BOISE CASCADE CO | 0.14% |
| CAESARS ENT OPER TLB7 L+825 11.7500 03/01/2017 | 0.14% |
| CBS OUT AMER CAP LLC 05.6250 02/15/2024 | 0.14% |
| CNO FINANCIAL GROUP INC 05.2500 05/30/2025 | 0.14% |
| DH SERVICES LUX SARL P/P 144A 07.7500 12/15/2020 | 0.14% |
| ELDORADO RESORTS INC | 0.14% |
| ENERGY FUTURE P/P 144A 11.7500 03/01/2022 | 0.14% |
| HANESBRANDS INC P/P 144A 04.6250 05/15/2024 | 0.14% |
| ISTAR INC CV 03.0000 11/15/2016 | 0.14% |
| LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 | 0.14% |
| OSHKOSH CORP 05.3750 03/01/2025 | 0.14% |
| RIVERS PITTSBURGH LP P/P 144A 09.5000 06/15/2019 | 0.14% |
| SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 | 0.14% |
| SINCLAIR TELEVISION 06.3750 11/01/2021 | 0.14% |
| SPECTRUM BRANDS INC 06.1250 12/15/2024 | 0.14% |
| STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 | 0.14% |
| TRANSDIGM INC P/P 144A 06.3750 06/15/2026 | 0.14% |
| ZF NA CAPITAL P/P 144A 04.5000 04/29/2022 | 0.14% |
| ANTERO RESOURCES 05.3750 11/01/2021 | 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% |
| BON-TON DEPT STORES 10.6250 07/15/2017 | 0.13% |
| CALATLANTIC GROUP INC 05.8750 11/15/2024 | 0.13% |
| CINEMARK USA INC 04.8750 06/01/2023 | 0.13% |
| CIT GROUP INC | 0.13% |
| ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 | 0.13% |
| ENTERCOM RADIO LLC 10.5000 12/01/2019 | 0.13% |
| ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 | 0.13% |
| HALCON RESOURCES COR 08.8750 05/15/2021 | 0.13% |
| HALCON RESOURCES COR P/P 144A 08.6250 02/01/2020 | 0.13% |
| MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 | 0.13% |
| MILAGRO OIL & GAS 10.5000 05/15/2017 | 0.13% |
| PETCO TLB1 L+400 05.0000 01/26/2023 | 0.13% |
| PHH CORP 06.3750 08/15/2021 | 0.13% |
| PILGRIM'S PRIDE CORP P/P 144A 05.7500 03/15/2025 | 0.13% |
| QUORUM HEALTH TL L+575 06.7500 04/29/2022 | 0.13% |
| SABINE PASS LNG LP 06.5000 11/01/2020 | 0.13% |
| SM ENERGY CO 06.5000 11/15/2021 | 0.13% |
| T-MOBILE USA INC 06.6330 04/28/2021 | 0.13% |
| TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 | 0.13% |
| VIRGIN MEDIA FIN PLC P/P 144A 06.3750 04/15/2023 | 0.13% |
| WHITEWAVE FOODS CO 05.3750 10/01/2022 | 0.13% |
| WPX ENERGY INC 07.5000 08/01/2020 | 0.13% |
| BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 | 0.12% |
| CHEMOURS CO 06.6250 05/15/2023 | 0.12% |
| CNO FINANCIAL GROUP INC 04.5000 05/30/2020 | 0.12% |
| DEL MONTE 2NDL L+725 08.2500 08/18/2021 | 0.12% |
| FREEPORT-MCMORAN OIL&GAS 06.7500 02/01/2022 | 0.12% |
| HD SUPPLY INC P/P 144A 05.7500 04/15/2024 | 0.12% |
| LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 | 0.12% |
| MANITOWOC FOODSERVICE L+475 05.7500 03/03/2023 | 0.12% |
| MICRON TECH INC P/P 144A 07.5000 09/15/2023 | 0.12% |
| NAVISTAR INTERNATIONAL CORP 08.2500 11/01/2021 | 0.12% |
| ONEMAIN FIN HLDG INC P/P 144A 06.7500 12/15/2019 | 0.12% |
| REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 | 0.12% |
| SANDRIDGE ENERGY INC P/P 144A 08.7500 06/01/2020 | 0.12% |
| STEEL DYNAMICS INC 05.5000 10/01/2024 | 0.12% |
| TAYLOR MORRISON P/P 144A 05.6250 03/01/2024 | 0.12% |
| TYSON FOODS INC 04.7500 CV PFD | 0.12% |
| UNIVAR USA INC P/P 144A 06.7500 07/15/2023 | 0.12% |
| UNIVISION COMM INC. P/P 144A 08.5000 05/15/2021 | 0.12% |
| VALEANT PHARMA P/P 144A 07.0000 10/01/2020 | 0.12% |
| VIRGIN MEDIA SEC P/P 144A 05.3750 04/15/2021 | 0.12% |
| WAYNE MERGER SUB LLC P/P 144A 08.2500 08/01/2023 | 0.12% |
| WILLIAMS PARTNERS/ACMP 06.1250 07/15/2022 | 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% |
| AMSTED INDUSTRIES P/P 144A 05.0000 03/15/2022 | 0.11% |
| ANTERO RESOURCES COR 05.6250 06/01/2023 | 0.11% |
| CABLEVISION SYSTEMS CORP 07.7500 04/15/2018 | 0.11% |
| CCO HLDGS LLC/CAP CORP 06.6250 01/31/2022 | 0.11% |
| COVERIS HOLDING CORP P/P 144A 10.0000 06/01/2018 | 0.11% |
| CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 | 0.11% |
| CREDIT ACCEPTANC 07.3750 03/15/2023 | 0.11% |
| E*TRADE FINANCIAL CORP 05.3750 11/15/2022 | 0.11% |
| GIBSON BRANDS INC P/P 144A 08.8750 08/01/2018 | 0.11% |
| HCA INC. 07.5000 02/15/2022 | 0.11% |
| ISLE OF CAPRI CASINO 05.8750 03/15/2021 | 0.11% |
| LEVEL 3 FINANCING IN 05.3750 08/15/2022 | 0.11% |
| LLOYDS BANK PLC 13.0000 01/29/2049 | 0.11% |
| MASONITE INTL C P/P 144A 05.6250 03/15/2023 | 0.11% |
| MPT OPER PARTNERSP/FINL 06.3750 03/01/2024 | 0.11% |
| NEPTUNE FINCO CORP P/P 144A 10.8750 10/15/2025 | 0.11% |
| NEW GOLD INC P/P 144A 06.2500 11/15/2022 | 0.11% |
| STANDARD IND INC P/P 144A 06.0000 10/15/2025 | 0.11% |
| TEMPUR SEALY INTL P/P 144A 05.5000 06/15/2026 | 0.11% |
| TRAVELPORT TLB L+400 05.0000 09/02/2021 | 0.11% |
| WINDSTREAM CORP 07.7500 10/01/2021 | 0.11% |
| ZEKELMAN IND TLB L+500 06.0000 06/08/2021 | 0.11% |
| AES CORP/VA 08.0000 06/01/2020 | 0.10% |
| BANK OF AMERICA CORP 06.1000 12/29/2049 | 0.10% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 | 0.10% |
| CROWN CORK & SEAL CO INC 07.3750 12/15/2026 | 0.10% |
| ENDO FIN LLC/ENDO FI P/P 144A 05.8750 01/15/2023 | 0.10% |
| FAMILY TREE ESCROW L P/P 144A 05.7500 03/01/2023 | 0.10% |
| GENERAL MOTORS CO | 0.10% |
| GLP CAPITAL LP / FIN II 05.3750 04/15/2026 | 0.10% |
| IRON MOUNTAIN INC P/P 144A 06.0000 10/01/2020 | 0.10% |
| ISTAR INC. 05.0000 07/01/2019 | 0.10% |
| LEVEL 3 FINANCING IN 05.3750 01/15/2024 | 0.10% |
| OASIS PETROLEUM INC 06.5000 11/01/2021 | 0.10% |
| ON SEMICONDUC CV 01.0000 12/01/2020 | 0.10% |
| ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 | 0.10% |
| ROYAL BK SCOTLND GRP PLC USD 08.0000 12/29/2049 | 0.10% |
| SM ENERGY CO 06.5000 01/01/2023 | 0.10% |
| SPECTRUM BRANDS INC 05.7500 07/15/2025 | 0.10% |
| WILLIAMS COS INC 07.8750 09/01/2021 | 0.10% |
| ALTICE FINANCING SA P/P 144A 06.6250 02/15/2023 | 0.09% |
| AMAG PHARMA TLB L+375 04.7500 08/17/2021 | 0.09% |
| BERRY PLASTICS ESCRO 06.0000 10/15/2022 | 0.09% |
| BOARDWALK PIPELINES LP 05.9500 06/01/2026 | 0.09% |
| BON-TON DEPT STORES 08.0000 06/15/2021 | 0.09% |
| CEDAR FAIR LP/CA 05.2500 03/15/2021 | 0.09% |
| CELANESE US HOLDINGS LLC 05.8750 06/15/2021 | 0.09% |
| CPG INTL TLB L+375 04.7500 09/30/2020 | 0.09% |
| DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 | 0.09% |
| FRONTIER COMM 08.8750 09/15/2020 | 0.09% |
| INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 | 0.09% |
| JBS USA LLC/JBS USA P/P 144A 07.2500 06/01/2021 | 0.09% |
| LEVEL 3 COMMUNICATIONS INC. 05.7500 12/01/2022 | 0.09% |
| MARATHON OIL CORP 03.8500 06/01/2025 | 0.09% |
| MEDNAX INC P/P 144A 05.2500 12/01/2023 | 0.09% |
| MGP ESCROW ISSUER/CO P/P 144A 05.6250 05/01/2024 | 0.09% |
| MULTIPLAN TLB L+400 05.0000 05/25/2023 | 0.09% |
| TENNECO INC 05.0000 07/15/2026 | 0.09% |
| UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 | 0.09% |
| VALEANT PHARMACEUTIC P/P 144A 05.5000 03/01/2023 | 0.09% |
| WESTERN REFINING TLB2 L+450 05.5000 05/27/2023 | 0.09% |
| BOYD GAMING CORP P/P 144A 06.3750 04/01/2026 | 0.08% |
| CALPINE CORP P/P 144A 06.0000 01/15/2022 | 0.08% |
| CENOVUS ENERGY INC USD 04.4500 09/15/2042 | 0.08% |
| CHEMOURS CO 07.0000 05/15/2025 | 0.08% |
| CITIGROUP INC 05.9500 12/29/2049 | 0.08% |
| CREDIT SUISSE GRP AG P/P 144A 06.2500 12/29/2049 | 0.08% |
| CSC HOLDINGS LLC 06.7500 11/15/2021 | 0.08% |
| GOODYEAR TIRE & RUBBER 05.0000 05/31/2026 | 0.08% |
| HD SUPPLY INC. 07.5000 07/15/2020 | 0.08% |
| J CREW TLB L+300 04.0000 03/05/2021 | 0.08% |
| LEAR CORP 05.3750 03/15/2024 | 0.08% |
| MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 | 0.08% |
| SPRINGLEAF FINANCE CORP 08.2500 12/15/2020 | 0.08% |
| TALBOTS INC 2NDL L+850 09.5000 03/19/2021 | 0.08% |
| TEGNA INC 05.1250 10/15/2019 | 0.08% |
| WR GRACE & CO-CONN P/P 144A 05.1250 10/01/2021 | 0.08% |
| CALPINE CORP P/P 144A 05.8750 01/15/2024 | 0.07% |
| CENTENE CORP P/P 144A 05.6250 02/15/2021 | 0.07% |
| EP ENER/EVEREST AC 06.3750 06/15/2023 | 0.07% |
| FAMILY TREE ESCROW L P/P 144A 05.2500 03/01/2020 | 0.07% |
| FIRST QUANTUM P/P 144A 06.7500 02/15/2020 | 0.07% |
| FRONTIER COMMUNICATIONS 07.6250 04/15/2024 | 0.07% |
| GENON AMERICAS GENR LLC 09.1250 05/01/2031 | 0.07% |
| GENON ENERGY INC 09.5000 10/15/2018 | 0.07% |
| GENON ENERGY INC 09.8750 10/15/2020 | 0.07% |
| HCA INC 05.3750 02/01/2025 | 0.07% |
| PATHEON INC TLB L+325 04.2500 03/11/2021 | 0.07% |
| PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 | 0.07% |
| PHH CORPORATION 07.3750 09/01/2019 | 0.07% |
| PQ CORP P/P 144A 06.7500 11/15/2022 | 0.07% |
| REYNOLDS GROUP 09.8750 08/15/2019 | 0.07% |
| SCIENTIFIC GAMES INT P/P 144A 07.0000 01/01/2022 | 0.07% |
| SPRINGLEAF FIN CORP 07.7500 10/01/2021 | 0.07% |
| TRANSDIGM INC 06.5000 07/15/2024 | 0.07% |
| WESTERN GAS PARTNERS LP 04.6500 07/01/2026 | 0.07% |
| CHC HELICOPTER SA USD 09.2500 10/15/2020 | 0.06% |
| HUB HLDG LLC/HUB HOL P/P 144A 08.1250 07/15/2019 | 0.06% |
| LANDRY'S HLDG II INC P/P 144A 10.2500 01/01/2018 | 0.06% |
| MEG ENERGY CORP P/P 144A 06.5000 03/15/2021 | 0.06% |
| MGM RESORTS INTL 06.6250 12/15/2021 | 0.06% |
| MUSTANG MERGER CORP P/P 144A 08.5000 08/15/2021 | 0.06% |
| NAVISTAR INTL CV 04.5000 10/15/2018 | 0.06% |
| REGAL ENTERTAINMENT GRP 05.7500 03/15/2022 | 0.06% |
| ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 | 0.06% |
| SM ENERGY CO 06.1250 11/15/2022 | 0.06% |
| SPRINGLEAF FINANCE CORP 05.2500 12/15/2019 | 0.06% |
| TEXAS COMP/TCEH P/P 144A 11.5000 10/01/2020 | 0.06% |
| USG CORP P/P 144A 05.8750 11/01/2021 | 0.06% |
| WHITING PETROLEUM CORP 05.7500 03/15/2021 | 0.06% |
| CHS/COMMUNITY HEALTH 05.1250 08/01/2021 | 0.05% |
| CORRECTIONS CORP 04.1250 04/01/2020 | 0.05% |
| DIAMOND 1 FIN/DIAMON P/P 144A 08.3500 07/15/2046 | 0.05% |
| GENERAL MOTORS CO 05.2000 04/01/2045 | 0.05% |
| JC PENNEY CORP INC P/P 144A 05.8750 07/01/2023 | 0.05% |
| LAMAR MEDIA CORP 05.3750 01/15/2024 | 0.05% |
| MGM RESORTS INTL 08.6250 02/01/2019 | 0.05% |
| NUMERICABLE-SFR SA P/P 144A 05.6250 05/15/2024 | 0.05% |
| QUEBECOR MEDIA INC USD 05.7500 01/15/2023 | 0.05% |
| SCIENTIFIC GAMES INTERNA 06.2500 09/01/2020 | 0.05% |
| TECK RESOURCES LTD P/P 144A 08.0000 06/01/2021 | 0.05% |
| UNIT CORP 06.6250 05/15/2021 | 0.05% |
| WALTER INV MGMT 07.8750 12/15/2021 | 0.05% |
| AVAYA INC P/P 144A 10.5000 03/01/2021 | 0.04% |
| BAYTEX ENERGY CORP P/P 144A 05.1250 06/01/2021 | 0.04% |
| CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 | 0.04% |
| CONTINENTAL RESOURCES 03.8000 06/01/2024 | 0.04% |
| DENBURY RESOURCES INC 06.3750 08/15/2021 | 0.04% |
| GENWORTH HOLDINGS INC 06.1500 11/15/2066 | 0.04% |
| JC PENNEY CORP INC 05.6500 06/01/2020 | 0.04% |
| LENNAR CORP 04.7500 11/15/2022 | 0.04% |
| OCWEN FINANCIAL CORP 06.6250 05/15/2019 | 0.04% |
| SOLENIS 2NDL L+675 07.7500 07/31/2022 | 0.04% |
| VANDER INTERMED P/P 144A 09.7500 02/01/2019 | 0.04% |
| VEREIT OPERATING PARTNER 04.8750 06/01/2026 | 0.04% |
| WMG ACQUISITION CORP P/P 144A 06.7500 04/15/2022 | 0.04% |
| ARCHROCK PARTNERS LP/FIN 06.0000 04/01/2021 | 0.03% |
| CABLEVISION SYS CORP 08.0000 04/15/2020 | 0.03% |
| CENOVUS ENERGY INC USD 06.7500 11/15/2039 | 0.03% |
| DPL INC. 06.5000 10/15/2016 | 0.03% |
| DYNEGY INC 07.3750 11/01/2022 | 0.03% |
| FRONTIER COMMUNICATIONS 06.2500 09/15/2021 | 0.03% |
| KEY ENERGY SERVICES INC 06.7500 03/01/2021 | 0.03% |
| MEDIA GENERAL FI 05.8750 11/15/2022 | 0.03% |
| PACTIV LLC 08.3750 04/15/2027 | 0.03% |
| SINCLAIR TELE 05.3750 04/01/2021 | 0.03% |
| STANDARD IND INC P/P 144A 05.1250 02/15/2021 | 0.03% |
| TAYLOR MORRISON COMM P/P 144A 05.2500 04/15/2021 | 0.03% |
| TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 | 0.03% |
| TRIANGLE USA PETRO P/P 144A 06.7500 07/15/2022 | 0.03% |
| VALEANT PHARMA P/P 144A 06.3750 10/15/2020 | 0.03% |
| DYNEGY INC 07.6250 11/01/2024 | 0.02% |
| FREEPORT-MCMORAN COPPER & GOL 03.5500 03/01/2022 | 0.02% |
| INTELSAT LUXEMB USD 08.1250 06/01/2023 | 0.02% |
| L BRANDS INC 06.6250 04/01/2021 | 0.02% |
| LIGHTSTREAM P/P 144A 08.6250 02/01/2020 | 0.02% |
| SPEC BND ES CORP 06.3750 11/15/2020 | 0.02% |
| T-MOBILE USA INC 06.8360 04/28/2023 | 0.02% |
| TERVITA CORP P/P 144A 10.8750 02/15/2018 | 0.02% |
| INTELSAT LUXEMB USD 07.7500 06/01/2021 | 0.01% |
| PULTEGROUP INC 05.5000 03/01/2026 | 0.01% |
| SAMSON INVESTMENT CO 09.7500 02/15/2020 | 0.01% |
| SEVENTY SEVEN ENERGY 06.5000 07/15/2022 | 0.01% |
| TRIBUNE CLASS 1C LITIGAT | 0.01% |
| VANTAGE DRILLING INT-UNIT | 0.01% |
| ACC CLAIMS HOLDING LLC CLASS A | 0.00% |
| LONE PINE RES ESCROW 10.3750 02/15/2017 | 0.00% |
| LONE PINE RESOURCES CANADA L | 0.00% |
| LONE PINE RESOURCES INC-CL A | 0.00% |
| TEXAS COMP ELEC PP L+450 04.9430 10/10/2017 | 0.00% |
| CDX CDX.NA.HY.26 500.0 06/20/2021 | -0.10% |
| GBP/USD 09/21/2016 JPMCB | -0.19% |
| EUR/USD 09/21/2016 CSI-FX | -0.20% |
| GBP/USD 09/21/2016 GSFX | -0.21% |
| CAD/USD 07/21/2016 SSBT | -0.24% |
| GBP/USD 09/21/2016 UBS | -0.42% |
Prior top 10 holdings
| Top 10 holdings as of 08/31/16 | |
|---|---|
| 1: Sprint Capital Corporation 06.8750 11/15/2028 | 0.65% |
| 2: Scientific Games Int 10.0000 12/01/2022 | 0.64% |
| 3: Caesars Ent Oper Tlb6b L+775 11.2500 03/01/2017 | 0.62% |
| 4: Advanced Disposal Srvces 08.2500 10/01/2020 | 0.58% |
| 5: Gates Global Llc P/P 144a 06.0000 07/15/2022 | 0.58% |
| 6: Altice Luxembourg P/P 144a 07.7500 05/15/2022 | 0.57% |
| 7: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.55% |
| 8: Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024 | 0.54% |
| 9: Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.54% |
| 10: Nrg Energy 07.8750 05/15/2021 | 0.54% |
| Holdings represent 5.81% of portfolio | |
| Top 10 holdings as of 07/31/16 | |
|---|---|
| 1: Sprint Capital Corporation 06.8750 11/15/2028 | 0.62% |
| 2: Scientific Games Int 10.0000 12/01/2022 | 0.61% |
| 3: Caesars Ent Oper Tlb6b L+675 07.0052 03/01/2017 | 0.60% |
| 4: Advanced Disposal Srvces 08.2500 10/01/2020 | 0.57% |
| 5: Altice Luxembourg P/P 144a 07.7500 05/15/2022 | 0.57% |
| 6: Gates Global Llc P/P 144a 06.0000 07/15/2022 | 0.55% |
| 7: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.55% |
| 8: Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024 | 0.53% |
| 9: Nrg Energy 07.8750 05/15/2021 | 0.53% |
| 10: Legrand France Usd 08.5000 02/15/2025 | 0.52% |
| Holdings represent 5.65% of portfolio | |
| Top 10 holdings as of 06/30/16 | |
|---|---|
| 1: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.78% |
| 2: Caesars Ent Oper Tlb6b L+675 07.0052 03/01/2017 | 0.62% |
| 3: Infor Us 06.5000 05/15/2022 | 0.61% |
| 4: Altice Luxembourg P/P 144a 07.7500 05/15/2022 | 0.60% |
| 5: Sprint Capital Corporation 06.8750 11/15/2028 | 0.60% |
| 6: Advanced Disposal Srvces 08.2500 10/01/2020 | 0.59% |
| 7: Gates Global Llc P/P 144a 06.0000 07/15/2022 | 0.59% |
| 8: Scientific Games Int 10.0000 12/01/2022 | 0.59% |
| 9: Nrg Energy 07.8750 05/15/2021 | 0.57% |
| 10: Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024 | 0.55% |
| Holdings represent 6.10% of portfolio | |
| Top 10 holdings as of 05/31/16 | |
|---|---|
| 1: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.95% |
| 2: Nrg Energy 07.8750 05/15/2021 | 0.61% |
| 3: Caesars Ent Oper Tlb6b L+675 07.0052 03/01/2017 | 0.59% |
| 4: Advanced Disposal Srvces 08.2500 10/01/2020 | 0.58% |
| 5: Altice Luxembourg P/P 144a 07.7500 05/15/2022 | 0.58% |
| 6: Scientific Games Int 10.0000 12/01/2022 | 0.58% |
| 7: Infor Us 06.5000 05/15/2022 | 0.57% |
| 8: Gates Global Llc P/P 144a 06.0000 07/15/2022 | 0.56% |
| 9: Sprint Capital Corporation 06.8750 11/15/2028 | 0.55% |
| 10: Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.54% |
| Holdings represent 6.11% of portfolio | |
Sector Weightings as of 08/31/16
| Cash Investment | Non-Cash Investment | Total Portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread Duration | Weight | Spread Duration | Weight | Spread Duration | |
| High-yield corporate bonds | 75.48% | 2.86 | -2.83% | -0.11 | 72.65% | 2.75 |
| Investment-grade corporate bonds | 9.27% | 0.59 | 0.00% | 0.00 | 9.27% | 0.59 |
| Bank loans | 6.71% | 0.24 | 0.00% | 0.00 | 6.71% | 0.24 |
| Net cash | 3.96% | 0.00 | 0.00% | 0.00 | 3.96% | 0.00 |
| Equity investments | 3.36% | 0.03 | 0.00% | 0.00 | 3.36% | 0.03 |
| Emerging-market bonds | 1.22% | 0.05 | 0.00% | 0.00 | 1.22% | 0.05 |
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.
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 sector 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 fund's interest-rate sensitivity. The longer a fund's duration, the more sensitive the fund is to shifts in interest rates.
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.
You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.
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.
You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.
‡ 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.