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 06/23/17
| with optional enhanced death benefits | ||
|---|---|---|
| Unit Value | $21.45933 | $20.899676 |
| Unit Value Change | 0.033171 | 0.03222 |
Lipper ranking ‡ as of 05/31/17
Category: High Yield Funds
| Percentile ranking | Rank/Funds in category | |
|---|---|---|
| 10 yrs. | 42% | 32/76 |
| 1 yr. | 40% | 43/107 |
| 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 03/31/17
| Annualized Performance | Last Quarter | Year to Date |
1 yr. | 3 yrs. | 5 yrs. | 10 yrs. | Life of subaccount |
|---|---|---|---|---|---|---|---|
| Restated performance | |||||||
| Unit Value | 1.79% | 1.79% | 13.03% | 1.77% | 4.37% | 4.49% | 5.73% |
| Standardized | -6.21% | -6.21% | 5.03% | -0.88% | 3.34% | 4.49% | 5.73% |
| With optional enhanced death benefit | |||||||
| Unit Value | 1.75% | 1.75% | 12.86% | 1.61% | 4.21% | 4.33% | 5.57% |
| Standardized | -6.25% | -6.25% | 4.86% | -1.04% | 3.18% | 4.33% | 5.57% |
| Actual performance | |||||||
| Unit Value | 1.79% | 1.79% | 13.03% | 1.77% | 4.37% | 4.49% | 4.50% |
| Standardized | -6.21% | -6.21% | 5.03% | -0.88% | 3.34% | 4.49% | 4.50% |
| With optional enhanced death benefit | |||||||
| Unit Value | 1.75% | 1.75% | 12.86% | 1.61% | 4.21% | 4.33% | 4.34% |
| Standardized | -6.25% | -6.25% | 4.86% | -1.04% | 3.18% | 4.33% | 4.34% |
| Cumulative Performance | Last Quarter | Year to Date |
1 yr. | 3 yrs. | 5 yrs. | 10 yrs. | Life of subaccount |
|---|---|---|---|---|---|---|---|
| Restated performance | |||||||
| Unit Value | 1.79% | 1.79% | 13.03% | 5.40% | 23.87% | 55.10% | 408.21% |
| Standardized | -6.21% | -6.21% | 5.03% | -2.60% | 17.87% | 55.10% | 408.21% |
| With optional enhanced death benefit | |||||||
| Unit Value | 1.75% | 1.75% | 12.86% | 4.92% | 22.92% | 52.75% | 386.11% |
| Standardized | -6.25% | -6.25% | 4.86% | -3.08% | 16.92% | 52.75% | 386.11% |
| Actual performance | |||||||
| Unit Value | 1.79% | 1.79% | 13.03% | 5.40% | 23.87% | 55.10% | 112.19% |
| Standardized | -6.21% | -6.21% | 5.03% | -2.60% | 17.87% | 55.10% | 112.19% |
| With optional enhanced death benefit | |||||||
| Unit Value | 1.75% | 1.75% | 12.86% | 4.92% | 22.92% | 52.75% | 106.74% |
| Standardized | -6.25% | -6.25% | 4.86% | -3.08% | 16.92% | 52.75% | 106.74% |
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
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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.
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 05/31/17
| Scientific Games Int 10.0000 12/01/2022 | 0.77% |
|
|---|---|---|
| Sprint Capital Corporation 06.8750 11/15/2028 | 0.75% |
|
| Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | 0.70% |
|
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.61% |
|
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.60% |
|
| Sprint Corp 07.2500 09/15/2021 | 0.59% |
|
| 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 | 0.56% |
|
| Sprint Corp 07.8750 09/15/2023 | 0.53% |
|
| Jack Ohio Fin Llc/Fi P/P 144a 06.7500 11/15/2021 | 0.53% |
|
| Top 10 holdings, total: | 6.21% |
|
Equity Holdings as of 03/31/17
| AMERICAN TOWER CORP 05.5000 CV PFD | 0.27% |
|---|---|
| ALLERGAN PLC 05.5000 CV PFD | 0.23% |
| T-MOBILE US INC 05.5000 CV PFD | 0.23% |
| ALLY FINANCIAL INC | 0.21% |
| ELDORADO RESORTS INC | 0.19% |
| CIT GROUP INC | 0.18% |
| GAMING AND LEISURE PROPERTIE | 0.18% |
| EPR PROPERTIES 05.7500 CUM CV PFD | 0.17% |
| GENERAL MOTORS CO | 0.12% |
| BERRY PLASTICS GROUP INC | 0.11% |
| TYSON FOODS INC 04.7500 CV PFD | 0.11% |
| BELDEN INC 06.7500 CV PFD | 0.10% |
| HALCON RESOURCES CORP | 0.10% |
| KEANE GROUP INC | 0.10% |
| SANDRIDGE ENERGY INC | 0.09% |
| ISTAR INC 04.5000 CUM CV PFD | 0.08% |
| LIVE NATION ENTERTAINMENT IN | 0.05% |
| VANTAGE DRILLING INT-UNIT | 0.03% |
| TXU TCEH RIGHTS | 0.02% |
| CHC GROUP LLC P/P | 0.01% |
| HALCON RESOURCES CORP - WARRA | 0.01% |
| MILAGRO OIL & GAS | 0.01% |
| TRIBUNE CLASS 1C LITIGAT | 0.01% |
| ACC CLAIMS HOLDING LLC CLASS A | 0.00% |
| TERVITA CORP CLASS A | 0.00% |
Full Portfolio Holdings as of 03/31/17
| SCIENTIFIC GAMES INT 10.0000 12/01/2022 | 0.74% |
|---|---|
| SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 | 0.73% |
| DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 | 0.63% |
| ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 | 0.61% |
| CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 | 0.59% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 | 0.57% |
| SPRINT CORP 07.2500 09/15/2021 | 0.56% |
| JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 | 0.54% |
| EVEREST ACQ LLC/FIN 09.3750 05/01/2020 | 0.53% |
| ALLY FINANCIAL INC 08.0000 11/01/2031 | 0.52% |
| GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 | 0.52% |
| CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 | 0.51% |
| SUGAR HSP GAMING P/P 144A 06.3750 06/01/2021 | 0.51% |
| ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 | 0.50% |
| CSC HOLDINGS LLC 05.2500 06/01/2024 | 0.50% |
| SPRINT CORP 07.8750 09/15/2023 | 0.50% |
| CHENIERE CORP CHRIST P/P 144A 05.8750 03/31/2025 | 0.48% |
| MTW FOODSERVICE ESCR 09.5000 02/15/2024 | 0.48% |
| TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 | 0.48% |
| CENOVUS ENERGY INC USD 06.7500 11/15/2039 | 0.46% |
| CONCHO RESOURCES INC 05.5000 04/01/2023 | 0.46% |
| SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 | 0.46% |
| JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 | 0.44% |
| CHS/COMMUNITY HEALTH 06.8750 02/01/2022 | 0.43% |
| MERCER INTL INC USD 07.7500 12/01/2022 | 0.43% |
| ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 | 0.42% |
| WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 | 0.42% |
| ALTA MESA HLDGS P/P 144A 07.8750 12/15/2024 | 0.41% |
| CALPINE CORP 05.7500 01/15/2025 | 0.41% |
| CAESARS GROWTH PROP TL L+525 06.2500 05/08/2021 | 0.40% |
| GCP APPLIED TECH P/P 144A 09.5000 02/01/2023 | 0.40% |
| HCA INC 06.5000 02/15/2020 | 0.40% |
| LAREDO PETROLEUM INC 07.3750 05/01/2022 | 0.40% |
| T-MOBILE USA INC 06.3750 03/01/2025 | 0.40% |
| WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 | 0.40% |
| AVAYA INC P/P 144A 07.0000 04/01/2019 | 0.39% |
| BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 | 0.39% |
| KLX INC P/P 144A 05.8750 12/01/2022 | 0.39% |
| NAVISTAR TLB L+400 05.0000 08/07/2020 | 0.39% |
| BLUELINE RENTAL CRP P/P 144A 09.2500 03/15/2024 | 0.38% |
| STEEL DYNAMICS INC 06.3750 08/15/2022 | 0.38% |
| ADS INC P/P 144A 05.6250 11/15/2024 | 0.37% |
| CAESARS ENT OPER TLB6B L+775 11.5000 03/01/2018 | 0.37% |
| CIT GROUP INC 05.0000 08/01/2023 | 0.37% |
| COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 | 0.37% |
| WEEKLEY HOMES LLC 06.0000 02/01/2023 | 0.37% |
| CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 | 0.36% |
| LOUISIANA-PACIFIC CORP 04.8750 09/15/2024 | 0.36% |
| BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 | 0.35% |
| CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 | 0.35% |
| 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% |
| SERVICE CORP INTL 05.3750 01/15/2022 | 0.35% |
| UNIVISION COMM P/P 144A 05.1250 02/15/2025 | 0.35% |
| BELDEN INC P/P 144A 05.2500 07/15/2024 | 0.34% |
| BUILDERS FIRSTSOURCE P/P 144A 10.7500 08/15/2023 | 0.34% |
| DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 | 0.34% |
| ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 | 0.34% |
| PLANTRONICS INC P/P 144A 05.5000 05/31/2023 | 0.34% |
| PROVIDENT FDG/PFG P/P 144A 06.7500 06/15/2021 | 0.34% |
| TENET HEALTHCARE 06.0000 10/01/2020 | 0.34% |
| AES CORP/VA 07.3750 07/01/2021 | 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% |
| JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 | 0.33% |
| NEWFIELD EXPLORATION CO 05.7500 01/30/2022 | 0.33% |
| NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 | 0.33% |
| RITE AID CORP P/P 144A 06.1250 04/01/2023 | 0.33% |
| SM ENERGY CO 06.5000 11/15/2021 | 0.33% |
| SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 | 0.33% |
| VALEANT PHARMA P/P 144A 05.3750 03/15/2020 | 0.33% |
| WPX ENERGY INC 07.5000 08/01/2020 | 0.33% |
| ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 | 0.32% |
| BEACON ROOFING SUPPL 06.3750 10/01/2023 | 0.32% |
| BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 | 0.32% |
| DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 | 0.32% |
| GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 | 0.32% |
| INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 | 0.32% |
| NORBORD INC P/P 144A 06.2500 04/15/2023 | 0.32% |
| BOMBARDIER INC P/P 144A 08.7500 12/01/2021 | 0.31% |
| DEAN FOODS CO P/P 144A 06.5000 03/15/2023 | 0.31% |
| ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 | 0.31% |
| LEGRAND FRANCE USD 08.5000 02/15/2025 | 0.31% |
| MASONITE INTL C P/P 144A 05.6250 03/15/2023 | 0.31% |
| REGENCY ENERGY PART/FINA 05.8750 03/01/2022 | 0.31% |
| RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 | 0.31% |
| SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 | 0.31% |
| SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 | 0.31% |
| TMS INTL CORP P/P 144A 07.6250 10/15/2021 | 0.31% |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.31% |
| AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 | 0.30% |
| BLUE CUBE SPINCO INC 09.7500 10/15/2023 | 0.30% |
| CEC ENT INC 08.0000 02/15/2022 | 0.30% |
| COVERIS HOLDINGS SA P/P 144A 07.8750 11/01/2019 | 0.30% |
| MASTEC INC 04.8750 03/15/2023 | 0.30% |
| TENET HEALTHCARE COR 04.6312 06/15/2020 | 0.30% |
| 1011778 BC / NEW RED P/P 144A 06.0000 04/01/2022 | 0.29% |
| AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 | 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% |
| CONTINENTAL RESOURCES 05.0000 09/15/2022 | 0.29% |
| ALLISON TRANSMISSION P/P 144A 05.0000 10/01/2024 | 0.28% |
| ALTICE FINCO SA P/P 144A 07.6250 02/15/2025 | 0.28% |
| CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 | 0.28% |
| CLEAR CHANNEL COMMUN 09.0000 12/15/2019 | 0.28% |
| FIRST DATA CORP P/P 144A 07.0000 12/01/2023 | 0.28% |
| HUB INTL LTD P/P 144A 07.8750 10/01/2021 | 0.28% |
| INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 | 0.28% |
| IRON MOUNTAIN INCORPORATED 06.0000 08/15/2023 | 0.28% |
| MATTAMY GROUP CORP P/P 144A 06.5000 11/15/2020 | 0.28% |
| NOVELIS CORP P/P 144A 05.8750 09/30/2026 | 0.28% |
| OASIS PETROLEUM INC 06.8750 01/15/2023 | 0.28% |
| PULTEGROUP INC. 07.8750 06/15/2032 | 0.28% |
| AMERICAN TOWER CORP 05.5000 CV PFD | 0.27% |
| DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 | 0.27% |
| ELDORADO RESORTS INC 07.0000 08/01/2023 | 0.27% |
| EMI MUSIC PUBLISHING P/P 144A 07.6250 06/15/2024 | 0.27% |
| ENDEAVOR ENERGY P/P 144A 08.1250 09/15/2023 | 0.27% |
| FRONTIER COMM 10.5000 09/15/2022 | 0.27% |
| GETTY IMAGES TLB L+350 04.7500 10/18/2019 | 0.27% |
| INFOR US INC 06.5000 05/15/2022 | 0.27% |
| MICRON TECH INC 05.8750 02/15/2022 | 0.27% |
| RANGE RESOURCES CORP P/P 144A 05.7500 06/01/2021 | 0.27% |
| US CONCRETE INC 06.3750 06/01/2024 | 0.27% |
| ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 | 0.26% |
| BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 | 0.26% |
| DEVON FINANCING CORP LLC 07.8750 09/30/2031 | 0.26% |
| FIRST DATA CORP P/P 144A 05.7500 01/15/2024 | 0.26% |
| GLP CAP LP / FIN II 04.8750 11/01/2020 | 0.26% |
| HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 | 0.26% |
| NATIONSTAR MORT/ 06.5000 07/01/2021 | 0.26% |
| REVLON CONS TLB L+350 04.4822 09/07/2023 | 0.26% |
| SEVEN GENS ENER P/P 144A 08.2500 05/15/2020 | 0.26% |
| SM ENERGY CO 05.0000 01/15/2024 | 0.26% |
| T-MOBILE USA INC 06.6250 04/01/2023 | 0.26% |
| ZF NA CAPITAL P/P 144A 04.7500 04/29/2025 | 0.26% |
| CHEMOURS CO 07.0000 05/15/2025 | 0.25% |
| DAKOTA MERGER SUB P/P 144A 10.7500 09/01/2024 | 0.25% |
| DISH NETWORK P/P 144A CV 03.3750 08/15/2026 | 0.25% |
| DYNEGY INC 07.3750 11/01/2022 | 0.25% |
| FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 | 0.25% |
| GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 | 0.25% |
| SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 | 0.25% |
| STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 | 0.25% |
| ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 | 0.25% |
| ALLEGHENY TECHNOLOGIES INC 09.3750 06/01/2019 | 0.24% |
| ALLY FINANCIAL INC 05.7500 11/20/2025 | 0.24% |
| CLEAR CHANNEL TLD L+675 07.7322 01/30/2019 | 0.24% |
| CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 | 0.24% |
| DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 | 0.24% |
| ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 | 0.24% |
| EVOLUTION ESCROW P/P 144A 07.5000 03/15/2022 | 0.24% |
| MURPHY OIL CORP 06.8750 08/15/2024 | 0.24% |
| NRG ENERGY INC P/P 144A 06.6250 01/15/2027 | 0.24% |
| ONEX USI AC P/P 144A 07.7500 01/15/2021 | 0.24% |
| SCIENTIFIC GAMES INT P/P 144A 07.0000 01/01/2022 | 0.24% |
| AES CORP/VA 05.5000 04/15/2025 | 0.23% |
| ALLERGAN PLC 05.5000 CV PFD | 0.23% |
| CAD/USD 04/19/2017 JPMCB | 0.23% |
| CENTENE CORP 06.1250 02/15/2024 | 0.23% |
| HILTON WORLDWIDE FIN P/P 144A 04.8750 04/01/2027 | 0.23% |
| JC PENNEY CORP INC 08.1250 10/01/2019 | 0.23% |
| NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 | 0.23% |
| NEWFIELD EXPLORATION CO 05.3750 01/01/2026 | 0.23% |
| REVLON CONSUMER PRODS 05.7500 02/15/2021 | 0.23% |
| SABRE GLBL INC P/P 144A 05.3750 04/15/2023 | 0.23% |
| SFR GROUP SA P/P 144A 07.3750 05/01/2026 | 0.23% |
| SOUTHERN STAR CENT P/P 144A 05.1250 07/15/2022 | 0.23% |
| T-MOBILE US INC 05.5000 CV PFD | 0.23% |
| WIDEOPENWEST FIN 10.2500 07/15/2019 | 0.23% |
| ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 | 0.22% |
| ARCELORMITTAL USD 10.6000 06/01/2019 | 0.22% |
| CREDIT SUISSE GRP AG P/P 144A 06.2500 12/29/2049 | 0.22% |
| FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 | 0.22% |
| FREEPORT-MCMORAN INC P/P 144A 06.8750 02/15/2023 | 0.22% |
| HCA INC 05.2500 06/15/2026 | 0.22% |
| JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 | 0.22% |
| JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 | 0.22% |
| JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 | 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% |
| LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 | 0.22% |
| TENNECO INC 05.3750 12/15/2024 | 0.22% |
| TRI POINTE GROUP / HOMES 05.8750 06/15/2024 | 0.22% |
| VALEANT PHARMA P/P 144A 07.0000 03/15/2024 | 0.22% |
| ALLY FINANCIAL INC | 0.21% |
| AMERICAN INTL GROUP 08.1750 05/15/2058 | 0.21% |
| BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 | 0.21% |
| CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 | 0.21% |
| CEMEX FINANCE LLC P/P 144A 09.3750 10/12/2022 | 0.21% |
| COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 | 0.21% |
| ENERGY TRANSFER EQUITY 07.5000 10/15/2020 | 0.21% |
| EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 | 0.21% |
| INTELSAT LUXEMB USD 08.1250 06/01/2023 | 0.21% |
| UNIVAR USA INC P/P 144A 06.7500 07/15/2023 | 0.21% |
| WINDSTREAM SERVICES LLC 06.3750 08/01/2023 | 0.21% |
| ACADEMY SPORTS TLB L+400 05.0550 07/02/2022 | 0.20% |
| AVAYA TLB7 L+525 06.2818 05/29/2020 | 0.20% |
| CNO FINANCIAL GROUP INC 05.2500 05/30/2025 | 0.20% |
| DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 | 0.20% |
| FRAC TECH INTL TLB L+475 05.7500 04/16/2021 | 0.20% |
| HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 | 0.20% |
| HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 | 0.20% |
| PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 | 0.20% |
| PRECISION DRILLING C P/P 144A 07.7500 12/15/2023 | 0.20% |
| REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 | 0.20% |
| USG CORP P/P 144A 05.5000 03/01/2025 | 0.20% |
| AMC ENTERTAINMENT HOLDIN 05.7500 06/15/2025 | 0.19% |
| ASURION LLC 2NDL L+750 08.5000 03/03/2021 | 0.19% |
| DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 | 0.19% |
| ELDORADO RESORTS INC | 0.19% |
| KRATON POLYMERS P/P 144A 10.5000 04/15/2023 | 0.19% |
| OSHKOSH CORP 05.3750 03/01/2022 | 0.19% |
| YONKERS RACING 1STL L+325 04.2500 08/20/2019 | 0.19% |
| ARCELORMITTAL USD 06.1250 06/01/2025 | 0.18% |
| CINEMARK USA INC 05.1250 12/15/2022 | 0.18% |
| CIT GROUP INC | 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% |
| PARSLEY ENERGY P/P 144A 05.3750 01/15/2025 | 0.18% |
| PENSKE AUTO GRP INC 05.7500 10/01/2022 | 0.18% |
| SEALED AIR CORP P/P 144A 06.8750 07/15/2033 | 0.18% |
| SOLENIS 2NDL L+675 07.8040 07/31/2022 | 0.18% |
| STANDARD IND INC P/P 144A 05.3750 11/15/2024 | 0.18% |
| VALEANT PHARMA P/P 144A 06.1250 04/15/2025 | 0.18% |
| AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 | 0.17% |
| CONTINENTAL RES 04.5000 04/15/2023 | 0.17% |
| EPR PROPERTIES 05.7500 CUM CV PFD | 0.17% |
| FIRST DATA CORP P/P 144A 05.3750 08/15/2023 | 0.17% |
| FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 | 0.17% |
| GENERAL MOTORS FINL CO 04.0000 10/06/2026 | 0.17% |
| HIGH RIDGE BRANDS CO P/P 144A 08.8750 03/15/2025 | 0.17% |
| NEW GOLD INC P/P 144A 07.0000 04/15/2020 | 0.17% |
| NOVELIS CORP P/P 144A 06.2500 08/15/2024 | 0.17% |
| NRG ENERGY INC 07.2500 05/15/2026 | 0.17% |
| ON SEMICONDUC CV 01.0000 12/01/2020 | 0.17% |
| SERVICE CORP INTL 05.3750 05/15/2024 | 0.17% |
| TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 | 0.17% |
| VALEANT PHARMA P/P 144A 05.8750 05/15/2023 | 0.17% |
| WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 | 0.17% |
| ANTERO RESOURCES FIN 05.1250 12/01/2022 | 0.16% |
| ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 | 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% |
| CREDIT ACCEPTANC 06.1250 02/15/2021 | 0.16% |
| EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 | 0.16% |
| HALYARD HEALTH INC 06.2500 10/15/2022 | 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% |
| SFR GROUP SA P/P 144A 06.0000 05/15/2022 | 0.16% |
| THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 | 0.16% |
| WEST CORP P/P 144A 05.3750 07/15/2022 | 0.16% |
| DISH DBS CORP 05.8750 11/15/2024 | 0.15% |
| HESS CORP 07.3000 08/15/2031 | 0.15% |
| LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 | 0.15% |
| OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 | 0.15% |
| PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 | 0.15% |
| REALOGY GROUP/CO-ISS P/P 144A 04.8750 06/01/2023 | 0.15% |
| SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 | 0.15% |
| TALBOTS INC 1STL L+450 05.5000 03/19/2020 | 0.15% |
| TRIBUNE MEDIA CO 05.8750 07/15/2022 | 0.15% |
| AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 | 0.14% |
| CBS OUT AMER CAP LLC 05.6250 02/15/2024 | 0.14% |
| DENBURY RESOURCES INC 06.3750 08/15/2021 | 0.14% |
| DYNEGY INC 07.6250 11/01/2024 | 0.14% |
| HANESBRANDS INC P/P 144A 04.6250 05/15/2024 | 0.14% |
| ICAHN ENTER/FIN P/P 144A 06.7500 02/01/2024 | 0.14% |
| KRONOS 2NDL L+825 09.2500 11/01/2024 | 0.14% |
| LANDRY'S INC P/P 144A 06.7500 10/15/2024 | 0.14% |
| MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 | 0.14% |
| OSHKOSH CORP 05.3750 03/01/2025 | 0.14% |
| POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 | 0.14% |
| SCHAEFFLER VERWA P/P 144A 04.7500 09/15/2026 | 0.14% |
| SEMGROUP CORP P/P 144A 06.3750 03/15/2025 | 0.14% |
| SPECTRUM BRANDS INC 06.1250 12/15/2024 | 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% |
| TRANSDIGM INC 06.3750 06/15/2026 | 0.14% |
| WHITING PETROLEUM CORP 05.0000 03/15/2019 | 0.14% |
| A SCHULMAN INC 06.8750 06/01/2023 | 0.13% |
| AMAG PHARMA INC P/P 144A 07.8750 09/01/2023 | 0.13% |
| BANK OF AMERICA CORP 06.5000 10/29/2049 | 0.13% |
| CALATLANTIC GROUP INC 05.8750 11/15/2024 | 0.13% |
| CALATLANTIC GROUP INC. 06.2500 12/15/2021 | 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% |
| COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 | 0.13% |
| CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 | 0.13% |
| CONTINENTAL RESOURCES 04.9000 06/01/2044 | 0.13% |
| DYNEGY INC. 06.7500 11/01/2019 | 0.13% |
| ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 | 0.13% |
| FIRST QUANTUM P/P 144A 07.0000 02/15/2021 | 0.13% |
| ICAHN ENTERPRISES/FI P/P 144A 06.2500 02/01/2022 | 0.13% |
| KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 | 0.13% |
| LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 | 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% |
| T-MOBILE USA INC 06.1250 01/15/2022 | 0.13% |
| TARGA RES PRTNRS P/P 144A 05.3750 02/01/2027 | 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% |
| WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 | 0.13% |
| ALLIANT HLDG INT LLC P/P 144A 08.2500 08/01/2023 | 0.12% |
| BOARDWALK PIPELINES LP 05.9500 06/01/2026 | 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 05.2500 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% |
| FREEPORT-MCMORAN COPPER & GOL 03.5500 03/01/2022 | 0.12% |
| GENERAL MOTORS CO | 0.12% |
| INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 | 0.12% |
| KRATON POLYMERS TLB L+400 05.0000 01/06/2022 | 0.12% |
| NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 | 0.12% |
| REYNOLDS GRP ISS/REY P/P 144A 07.0000 07/15/2024 | 0.12% |
| ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 | 0.12% |
| SM ENERGY CO 06.7500 09/15/2026 | 0.12% |
| STEEL DYNAMICS INC 05.5000 10/01/2024 | 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% |
| ANTERO RESOURCES COR 05.6250 06/01/2023 | 0.11% |
| ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 | 0.11% |
| BERRY PLASTICS GROUP INC | 0.11% |
| BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 | 0.11% |
| CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 | 0.11% |
| CALIFORNIA RESOURCES 05.0000 01/15/2020 | 0.11% |
| CCO HLDGS LLC/CAP CORP 05.2500 09/30/2022 | 0.11% |
| CONCHO RESOURCES INC 04.3750 01/15/2025 | 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 08.3100 08/18/2021 | 0.11% |
| DFC FINANCE CORP P/P 144A 10.5000 06/15/2020 | 0.11% |
| GARTNER INC P/P 144A 05.1250 04/01/2025 | 0.11% |
| GENON AMERICAS GENR LLC 08.5000 10/01/2021 | 0.11% |
| HCA INC. 07.5000 02/15/2022 | 0.11% |
| KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 | 0.11% |
| LLOYDS BANK PLC 13.0000 01/29/2049 | 0.11% |
| MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 | 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% |
| STANDARD IND INC P/P 144A 06.0000 10/15/2025 | 0.11% |
| T-MOBILE USA INC 05.3750 04/15/2027 | 0.11% |
| THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 | 0.11% |
| TMS INTL TLB L+350 04.5565 10/16/2020 | 0.11% |
| TYSON FOODS INC 04.7500 CV PFD | 0.11% |
| US CONCRETE INC P/P 144A 06.3750 06/01/2024 | 0.11% |
| ZEKELMAN TLB L+375 04.7500 06/14/2021 | 0.11% |
| ZUFFA (UFC) 2NDL L+750 08.5000 08/18/2024 | 0.11% |
| 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% |
| BANK OF AMERICA CORP 06.1000 12/29/2049 | 0.10% |
| BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 | 0.10% |
| BELDEN INC 06.7500 CV PFD | 0.10% |
| BERRY PLASTICS ESCRO 06.0000 10/15/2022 | 0.10% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 | 0.10% |
| CHEMOURS CO 06.6250 05/15/2023 | 0.10% |
| CIT GROUP INC. 05.0000 08/15/2022 | 0.10% |
| DYNEGY TLC L+325 04.2500 02/07/2024 | 0.10% |
| FRONTIER COMM 11.0000 09/15/2025 | 0.10% |
| GLP CAPITAL LP / FIN II 05.3750 04/15/2026 | 0.10% |
| HALCON RESOURCES CORP | 0.10% |
| ICAHN ENTERPRISES/FI 05.8750 02/01/2022 | 0.10% |
| ISLE OF CAPRI CASINO 05.8750 03/15/2021 | 0.10% |
| JLL/DELTA DUTCH NEW P/P 144A 07.5000 02/01/2022 | 0.10% |
| KEANE GROUP INC | 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% |
| OLIN CORP 05.1250 09/15/2027 | 0.10% |
| REVLON CONSUMER PROD 06.2500 08/01/2024 | 0.10% |
| SCHAEFFLER VERWA P/P 144A 04.5000 09/15/2023 | 0.10% |
| SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 | 0.10% |
| SOLENIS 1STL L+325 04.3040 07/31/2021 | 0.10% |
| SPECTRUM BRANDS INC 05.7500 07/15/2025 | 0.10% |
| VERTIV TLB L+400 05.0304 11/30/2023 | 0.10% |
| VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 | 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% |
| AMAG PHARMA TLB L+375 04.7500 08/17/2021 | 0.09% |
| ANTERO RESOURCES 05.3750 11/01/2021 | 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% |
| CEMEX SAB DE CV P/P 144A 05.7000 01/11/2025 | 0.09% |
| CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 | 0.09% |
| CONTINENTAL RESOURCES 03.8000 06/01/2024 | 0.09% |
| CPG INTL TLB L+375 04.8968 09/30/2020 | 0.09% |
| CSC HOLDINGS LLC 06.7500 11/15/2021 | 0.09% |
| DIAMONDBACK ENER P/P 144A 04.7500 11/01/2024 | 0.09% |
| ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 | 0.09% |
| FIRST QUANTUM P/P 144A 07.2500 10/15/2019 | 0.09% |
| GENON AMERICAS GENR LLC 09.1250 05/01/2031 | 0.09% |
| HARSCO TLB L+500 06.0000 11/02/2023 | 0.09% |
| IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 | 0.09% |
| KCA DEUTAG UK FIN PL P/P 144A 09.8750 04/01/2022 | 0.09% |
| MOOG INC P/P 144A 05.2500 12/01/2022 | 0.09% |
| PARSLEY ENERGY LLC/F P/P 144A 05.2500 08/15/2025 | 0.09% |
| SANDRIDGE ENERGY INC | 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% |
| WEATHERFORD BERMUDA P/P 144A 09.8750 02/15/2024 | 0.09% |
| 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% |
| CENOVUS ENERGY INC USD 04.4500 09/15/2042 | 0.08% |
| CITIGROUP INC 06.2500 12/29/2049 | 0.08% |
| ISTAR INC 04.5000 CUM CV PFD | 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 TLB L+350 04.5400 12/31/2023 | 0.08% |
| NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 | 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% |
| ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 | 0.08% |
| SPRINGLEAF FINANCE CORP 05.2500 12/15/2019 | 0.08% |
| SPRINGLEAF FINANCE CORP 08.2500 12/15/2020 | 0.08% |
| TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 | 0.08% |
| TRANSDIGM INC P/P 144A 06.5000 05/15/2025 | 0.08% |
| AMC ENT HOLDIN P/P 144A 05.8750 11/15/2026 | 0.07% |
| CALPINE CORP P/P 144A 05.8750 01/15/2024 | 0.07% |
| CAPITAL AUTO 2NDL L+600 07.0000 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% |
| CHS/COMMUNITY HEALTH SYS 07.1250 07/15/2020 | 0.07% |
| CINEMARK USA INC 04.8750 06/01/2023 | 0.07% |
| INTELSAT LUXEMB USD 07.7500 06/01/2021 | 0.07% |
| J CREW TLB L+300 04.0778 03/05/2021 | 0.07% |
| MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 | 0.07% |
| NIELSEN CO LUX SARL P/P 144A 5.500 10/01/2021 | 0.07% |
| PQ CORP P/P 144A 06.7500 11/15/2022 | 0.07% |
| REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 | 0.07% |
| SCIENTIFIC GAMES INTERNA 06.2500 09/01/2020 | 0.07% |
| SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 | 0.07% |
| STEEL DYNAMICS INC P/P 144A 05.0000 12/15/2026 | 0.07% |
| TALBOTS INC 2NDL L+850 09.5000 03/19/2021 | 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% |
| TEMPUR SEALY INTL 05.5000 06/15/2026 | 0.07% |
| TESORO LOGISTICS LP/CORP 05.2500 01/15/2025 | 0.07% |
| VALEANT PHARMA P/P 144A 06.5000 03/15/2022 | 0.07% |
| WESTERN REFINING TLB2 L+450 05.5000 06/23/2023 | 0.07% |
| ZF NA CAPITAL P/P 144A 04.5000 04/29/2022 | 0.07% |
| BELDEN INC P/P 144A 05.5000 09/01/2022 | 0.06% |
| CENTENE CORP 04.7500 01/15/2025 | 0.06% |
| EAGLE II ACQ CO 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 COR P/P 144A 12.0000 02/15/2022 | 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% |
| MGM RESORTS INTL 06.6250 12/15/2021 | 0.06% |
| OASIS PETROLEUM INC 06.5000 11/01/2021 | 0.06% |
| WHITING PETROLEUM CORP 05.7500 03/15/2021 | 0.06% |
| BAYTEX ENERGY CORP P/P 144A 05.1250 06/01/2021 | 0.05% |
| CONCORDIA INTL P/P 144A 07.0000 04/15/2023 | 0.05% |
| FRONTIER COMMUNICATIONS 07.6250 04/15/2024 | 0.05% |
| GBP/USD 06/21/2017 UBS | 0.05% |
| GENERAL MOTORS CO 05.2000 04/01/2045 | 0.05% |
| GENON ENERGY INC 09.8750 10/15/2020 | 0.05% |
| LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 | 0.05% |
| LIVE NATION ENTERTAINMENT IN | 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% |
| MERCER INTL INC P/P 144A 06.5000 02/01/2024 | 0.05% |
| MGM RESORTS INTL 08.6250 02/01/2019 | 0.05% |
| QUEBECOR MEDIA INC USD 05.7500 01/15/2023 | 0.05% |
| TECK RESOURCES LIMITED USD 04.7500 01/15/2022 | 0.05% |
| TRONOX FINANCE LLC 06.3750 08/15/2020 | 0.05% |
| WEATHERFORD BERMUDA 08.2500 06/15/2023 | 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% |
| FREEPORT-MCMORAN INC P/P 144A 06.7500 02/01/2022 | 0.04% |
| FRONTIER COMM 08.8750 09/15/2020 | 0.04% |
| JC PENNEY CORP INC 05.6500 06/01/2020 | 0.04% |
| LENNAR CORP 04.7500 11/15/2022 | 0.04% |
| NEW ARCLIN 2NDL L+875 09.7500 02/14/2025 | 0.04% |
| PLATFORM SPECIALTY P P/P 144A 10.3750 05/01/2021 | 0.04% |
| RITCHIE BROS AUC P/P 144A 05.3750 01/15/2025 | 0.04% |
| SM ENERGY CO 06.1250 11/15/2022 | 0.04% |
| TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 | 0.04% |
| TRIANGLE USA PETRO P/P 144A 06.7500 07/15/2022 | 0.04% |
| UFC 1STL L+325 04.2500 08/18/2023 | 0.04% |
| CHS/COMMUNITY HEALTH 08.0000 11/15/2019 | 0.03% |
| CONCORDIA INTL P/P 144A 09.0000 04/01/2022 | 0.03% |
| EP ENER/EVEREST 07.7500 09/01/2022 | 0.03% |
| LENNAR CORPORATION 04.7500 04/01/2021 | 0.03% |
| PACTIV LLC 08.3750 04/15/2027 | 0.03% |
| VANTAGE DRILLING INT-UNIT | 0.03% |
| TXU TCEH RIGHTS | 0.02% |
| CHC GROUP LLC P/P | 0.01% |
| HALCON RESOURCES CORP - WARRA | 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% |
| ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 | 0.00% |
| ESC SEVENTYSEVENERG 06.5000 07/15/2022 | 0.00% |
| TERVITA CORP CLASS A | 0.00% |
| TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 | 0.00% |
| GBP/USD 06/21/2017 UBS | -0.05% |
| CDX CDX.NA.HY.27 500.0 12/20/2021 | -0.12% |
| CAD/USD 04/19/2017 JPMCB | -0.23% |
Prior top 10 holdings
| 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 | |
| Top 10 holdings as of 03/31/17 | |
|---|---|
| 1: Scientific Games Int 10.0000 12/01/2022 | 0.74% |
| 2: Sprint Capital Corporation 06.8750 11/15/2028 | 0.73% |
| 3: Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | 0.63% |
| 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 | 0.59% |
| 6: Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024 | 0.57% |
| 7: Sprint Corp 07.2500 09/15/2021 | 0.56% |
| 8: Jack Ohio Fin Llc/Fi P/P 144a 06.7500 11/15/2021 | 0.54% |
| 9: Everest Acq Llc/Fin 09.3750 05/01/2020 | 0.53% |
| 10: Ally Financial 08.0000 11/01/2031 | 0.52% |
| Holdings represent 6.02% of portfolio | |
| Top 10 holdings as of 02/28/17 | |
|---|---|
| 1: Scientific Games Int 10.0000 12/01/2022 | 0.73% |
| 2: Sprint Capital Corporation 06.8750 11/15/2028 | 0.68% |
| 3: Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.61% |
| 4: Altice Luxembourg P/P 144a 07.7500 05/15/2022 | 0.58% |
| 5: Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | 0.58% |
| 6: Csc Holdings Llc P/P 144a 10.1250 01/15/2023 | 0.57% |
| 7: Csc Holdings Llc 05.2500 06/01/2024 | 0.56% |
| 8: Gates Global Llc P/P 144a 06.0000 07/15/2022 | 0.56% |
| 9: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.56% |
| 10: Sprint Corp 07.2500 09/15/2021 | 0.54% |
| Holdings represent 5.97% of portfolio | |
Sector Weightings as of 05/31/17
| Cash Investment | Non-Cash Investment | Total Portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread Duration | Weight | Spread Duration | Weight | Spread Duration | |
| High-yield corporate bonds | 83.12% | 3.14 | -1.58% | -0.07 | 81.54% | 3.07 |
| Bank loans | 5.99% | 0.21 | 0.00% | 0.00 | 5.99% | 0.21 |
| Investment-grade corporate bonds | 5.07% | 0.33 | 0.00% | 0.00 | 5.07% | 0.33 |
| Convertible securities | 2.06% | 0.05 | 0.00% | 0.00 | 2.06% | 0.05 |
| Net cash | 1.46% | 0.00 | 0.00% | 0.00 | 1.46% | 0.00 |
| Equity investments | 1.35% | 0.00 | 0.00% | 0.00 | 1.35% | 0.00 |
| Emerging-market bonds | 0.95% | 0.03 | 0.00% | 0.00 | 0.95% | 0.03 |
Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.
Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.
Maturity detail includes only cash bonds and cash equivalents.
Lower rated bonds may offer higher yields in return for more risk. Variable annuities are long-term investments designed for retirement purposes. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.
Credit qualities are shown as a percentage of net assets. A bond rated Baa or higher (Prime-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds rated A-1+ are included in the AAA-rating category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. The fund itself has not been rated by an independent rating agency.
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.