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 02/27/15
| with optional enhanced death benefits | ||
|---|---|---|
| Unit Value | $20.1989 | $19.741674 |
| Unit Value Change | 0.028215 | 0.027494 |
‡ Lipper Ranking as of 01/31/15
Category: High Yield
| Percentile ranking | Rank/Funds in category | |
|---|---|---|
| 10 yrs. | 36% | 26/73 |
| 1 yr. | 45% | 50/112 |
| 3 yrs. | 26% | 27/105 |
| 5 yrs. | 48% | 43/90 |
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 12/31/14
| Annualized Performance | Last Quarter | Year to Date |
1 yr. | 3 yrs. | 5 yrs. | 10 yrs. | Life of subaccount |
|---|---|---|---|---|---|---|---|
| Restated performance | |||||||
| Unit Value | -1.43% | -0.07% | -0.07% | 6.58% | 6.35% | 5.02% | 5.93% |
| Standardized | -9.31% | -8.06% | -8.06% | 4.18% | 5.39% | 5.02% | 5.93% |
| With optional enhanced death benefit | |||||||
| Unit Value | -1.47% | -0.22% | -0.22% | 6.42% | 6.19% | 4.86% | 5.77% |
| Standardized | -9.35% | -8.20% | -8.20% | 4.01% | 5.22% | 4.86% | 5.77% |
| Actual performance | |||||||
| Unit Value | -1.43% | -0.07% | -0.07% | 6.58% | 6.35% | 5.02% | 4.67% |
| Standardized | -9.31% | -8.06% | -8.06% | 4.18% | 5.39% | 5.02% | 4.67% |
| With optional enhanced death benefit | |||||||
| Unit Value | -1.47% | -0.22% | -0.22% | 6.42% | 6.19% | 4.86% | 4.51% |
| Standardized | -9.35% | -8.20% | -8.20% | 4.01% | 5.22% | 4.86% | 4.51% |
| Cumulative Performance | Last Quarter | Year to Date |
1 yr. | 3 yrs. | 5 yrs. | 10 yrs. | Life of subaccount |
|---|---|---|---|---|---|---|---|
| Restated performance | |||||||
| Unit Value | -1.43% | -0.07% | -0.07% | 21.06% | 36.03% | 63.21% | 371.48% |
| Standardized | -9.31% | -8.06% | -8.06% | 13.06% | 30.03% | 63.21% | 371.48% |
| With optional enhanced death benefit | |||||||
| Unit Value | -1.47% | -0.22% | -0.22% | 20.51% | 35.00% | 60.74% | 352.52% |
| Standardized | -9.35% | -8.20% | -8.20% | 12.51% | 29.00% | 60.74% | 352.52% |
| Actual performance | |||||||
| Unit Value | -1.43% | -0.07% | -0.07% | 21.06% | 36.03% | 63.21% | 96.86% |
| Standardized | -9.31% | -8.06% | -8.06% | 13.06% | 30.03% | 63.21% | 96.86% |
| With optional enhanced death benefit | |||||||
| Unit Value | -1.47% | -0.22% | -0.22% | 20.51% | 35.00% | 60.74% | 92.45% |
| Standardized | -9.35% | -8.20% | -8.20% | 12.51% | 29.00% | 60.74% | 92.45% |
Annual Performance at NAV
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
|---|---|---|---|---|---|---|---|---|---|
| 1.45% | 8.76% | 1.14% | -27.25% | 47.78% | 12.22% | 0.13% | 14.15% | 6.13% | -0.07% |
| With optional enhanced death benefit | |||||||||
| 1.30% | 8.59% | 0.99% | -27.36% | 47.56% | 12.05% | -0.02% | 13.97% | 5.97% | -0.22% |
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 01/31/15
| Intelsat Luxemb Usd 07.7500 06/01/2021 | 0.78% |
|
|---|---|---|
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.75% |
|
| Altice P/P 144a 07.7500 05/15/2022 | 0.56% |
|
| Avaya P/P 144a 07.0000 04/01/2019 | 0.55% |
|
| Nrg Energy 07.8750 05/15/2021 | 0.54% |
|
| Hca 06.5000 02/15/2020 | 0.53% |
|
| Legrand France Usd 08.5000 02/15/2025 | 0.53% |
|
| Sprint Capital Corporation 06.8750 11/15/2028 | 0.53% |
|
| Clear Channel Commun 09.0000 12/15/2019 | 0.51% |
|
| Sprint Corp 07.8750 09/15/2023 | 0.49% |
|
| Top 10 holdings, total: | 5.77% |
|
Equity Holdings as of 12/31/14
| ALLY FINANCIAL INC P/P 144A PCT 07.0000 | 0.35% |
|---|---|
| EPR PROPERTIES 05.7500 CUM CV PFD | 0.27% |
| MEADWESTVACO CORP | 0.27% |
| ALLY FINANCIAL INC | 0.24% |
| GENERAL MOTORS CO | 0.23% |
| DISH NETWORK CORP-A | 0.22% |
| PENN NATIONAL GAMING INC | 0.21% |
| AMERICAN TOWER CORP 05.2500 CV PFD | 0.15% |
| CIT GROUP INC | 0.15% |
| UNITED TECHNOLOGIES CORP 07.5000 CUM CV PFD | 0.15% |
| CROWN CASTLE INTL 04.5000 CUM CV PFD | 0.13% |
| HUNTSMAN CORP | 0.13% |
| LEVEL 3 COMMUNICATIONS INC | 0.13% |
| TYSON FOODS INC 04.7500 CV PFD | 0.13% |
| M/I HOMES INC PCT 09.7500 | 0.12% |
| EP ENERGY CORP-CL A | 0.11% |
| CITIGROUP INC PCT 06.8750 | 0.06% |
| LIVE NATION ENTERTAINMENT IN | 0.06% |
| ALCOA INC 05.3750 CUM CV PFD | 0.05% |
| GENERAL MOTORS-CW16 | 0.05% |
| GENERAL MOTORS-CW19 | 0.03% |
| SEVENTY SEVEN ENERGY INC | 0.03% |
| VANTAGE DRILLING CO | 0.03% |
| TRIBUNE CLASS 1C LITIGAT | 0.01% |
| LONE PINE RESOURCES CANADA L | 0.00% |
| LONE PINE RESOURCES INC-CL A | 0.00% |
| TOWER SEMI LTD-CW15 P/P 144A | 0.00% |
Full Portfolio Holdings as of 12/31/14
| INTELSAT LUXEMB USD 07.7500 06/01/2021 | 0.79% |
|---|---|
| ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 | 0.74% |
| HCA INC 06.5000 02/15/2020 | 0.58% |
| AVAYA INC P/P 144A 07.0000 04/01/2019 | 0.55% |
| NRG ENERGY INC 07.8750 05/15/2021 | 0.55% |
| ALTICE SA P/P 144A 07.7500 05/15/2022 | 0.54% |
| CLEAR CHANNEL COMMUN 09.0000 12/15/2019 | 0.52% |
| LEGRAND FRANCE USD 08.5000 02/15/2025 | 0.52% |
| SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 | 0.51% |
| NUMERICABLE-SFR P/P 144A 06.0000 05/15/2022 | 0.49% |
| SOFTBANK CORP P/P 144A 04.5000 04/15/2020 | 0.48% |
| SPRINT CORP 07.8750 09/15/2023 | 0.48% |
| CALPINE CORP 05.7500 01/15/2025 | 0.47% |
| SABINE PASS LNG LP 07.5000 11/30/2016 | 0.47% |
| ADS WASTE HOLDINGS INC 08.2500 10/01/2020 | 0.46% |
| KINETICS CONCEPT/KCI 10.5000 11/01/2018 | 0.46% |
| MTR GAMING GROUP INC 11.5000 08/01/2019 | 0.46% |
| LLOYDS BANK PLC 13.0000 01/29/2049 | 0.44% |
| SPRINT CORP 07.2500 09/15/2021 | 0.44% |
| EUR/USD 03/18/2015 CSI-FX | 0.43% |
| GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 | 0.43% |
| 1011778 BC / NEW RED P/P 144A 06.0000 04/01/2022 | 0.42% |
| ALLY FINANCIAL INC 08.0000 11/01/2031 | 0.42% |
| DYNEGY FIN I/II INC P/P 144A 06.7500 11/01/2019 | 0.42% |
| WIDEOPENWEST FIN 10.2500 07/15/2019 | 0.42% |
| CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 | 0.41% |
| IGLOO HOLDINGS CORP P/P 144A 08.2500 12/15/2017 | 0.41% |
| NIELSEN CO LUX SARL P/P 144A 5.500 10/01/2021 | 0.41% |
| WHITING PETROLEUM CORP 05.7500 03/15/2021 | 0.41% |
| CELANESE US HOLDINGS LLC 05.8750 06/15/2021 | 0.40% |
| FELCOR LODGING LP 06.7500 06/01/2019 | 0.40% |
| COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 | 0.39% |
| DANA HOLDING CORP 06.0000 09/15/2023 | 0.38% |
| SERVICE CORP INTL 05.3750 01/15/2022 | 0.38% |
| SIX FLAGS ENT P/P 144A 05.2500 01/15/2021 | 0.38% |
| TEXAS COMP ELEC TL EXT L+450 04.6612 10/10/2017 | 0.38% |
| AES CORP/VA 07.3750 07/01/2021 | 0.37% |
| AMERICAN AXLE & MFG INC 07.7500 11/15/2019 | 0.37% |
| CAESARS ENT OPER TLB6 L+675 07.0052 03/01/2017 | 0.37% |
| GBP/USD 03/18/2015 UBS | 0.37% |
| HALCON RESOURCES COR 08.8750 05/15/2021 | 0.37% |
| HOWARD HUGHES CORP P/P 144A 06.8750 10/01/2021 | 0.37% |
| ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 | 0.36% |
| DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 | 0.36% |
| ACCESS MIDSTREAM PARTNER 06.1250 07/15/2022 | 0.35% |
| ALLY FINANCIAL INC P/P 144A PCT 07.0000 | 0.35% |
| ELIZABETH ARDEN INC 07.3750 03/15/2021 | 0.35% |
| LIGHTSTREAM P/P 144A 08.6250 02/01/2020 | 0.34% |
| WELLCARE HEALTH PLANS IN 05.7500 11/15/2020 | 0.34% |
| BUILDING MATERIALS P/P 144A 05.3750 11/15/2024 | 0.33% |
| CORRECTIONS CORP 04.6250 05/01/2023 | 0.33% |
| HUB INTL LTD P/P 144A 07.8750 10/01/2021 | 0.33% |
| JM HUBER CORP P/P 144A 09.8750 11/01/2019 | 0.33% |
| TENET HEALTHCARE 06.0000 10/01/2020 | 0.33% |
| CCOH SAFARI LLC 05.5000 12/01/2022 | 0.32% |
| MANITOWOC COMPANY INC 05.8750 10/15/2022 | 0.32% |
| NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 | 0.32% |
| ROC FIN LLC/ROC FIN P/P 144A 12.1250 09/01/2018 | 0.32% |
| TEREX CORP 06.0000 05/15/2021 | 0.32% |
| WEST CORP P/P 144A 05.3750 07/15/2022 | 0.32% |
| ASURION LLC 2NDL L+750 08.5000 02/18/2021 | 0.31% |
| BRIGGS & STRATTON CORP 06.8750 12/15/2020 | 0.31% |
| CAESARS GROWTH PROP TL L+525 06.2500 04/10/2021 | 0.31% |
| CHRYSLER GP/CG CO 08.2500 06/15/2021 | 0.31% |
| RITE AID CORP 09.2500 03/15/2020 | 0.31% |
| TRI POINTE HLDG INC P/P 144A 05.8750 06/15/2024 | 0.31% |
| WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 | 0.31% |
| CCO HLDGS LLC/CAP CORP 05.1250 02/15/2023 | 0.30% |
| CLEAR CHANNEL TLD L+675 06.9192 01/31/2019 | 0.30% |
| CONCHO RESOURCES INC 06.5000 01/15/2022 | 0.30% |
| INTELSAT LUXEMB USD 08.1250 06/01/2023 | 0.30% |
| PAR PHARMACEUTICAL 07.3750 10/15/2020 | 0.30% |
| RYERSON INC / JOSEPH 09.0000 10/15/2017 | 0.30% |
| SCIENTIFIC GAMES INT P/P 144A 10.0000 12/01/2022 | 0.30% |
| BLUELINE RENTAL FIN P/P 144A 07.0000 02/01/2019 | 0.29% |
| CCO HLDGS LLC/CAP CORP 05.2500 09/30/2022 | 0.29% |
| CRIMSON MERGER P/P 144A 06.6250 05/15/2022 | 0.29% |
| ENDO FINANCE LLC P/P 144A 05.7500 01/15/2022 | 0.29% |
| EVEREST ACQ LLC/FIN 09.3750 05/01/2020 | 0.29% |
| GARDA WORLD SECURITY P/P 144A 07.2500 11/15/2021 | 0.29% |
| GRAY TELEVISION INC 07.5000 10/01/2020 | 0.29% |
| T-MOBILE USA INC 06.1250 01/15/2022 | 0.29% |
| T-MOBILE USA INC 06.3750 03/01/2025 | 0.29% |
| T-MOBILE USA INC 06.6250 04/01/2023 | 0.29% |
| TENET HEALTHCARE 04.5000 04/01/2021 | 0.29% |
| WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 | 0.29% |
| ALCATEL-LUCENT USA I P/P 144A 06.7500 11/15/2020 | 0.28% |
| FIRST DATA CORP P/P 144A 08.2500 01/15/2021 | 0.28% |
| HD SUPPLY INC 07.5000 07/15/2020 | 0.28% |
| JLL/DELTA DUTCH NEW P/P 144A 07.5000 02/01/2022 | 0.28% |
| LINN ENERGY LLC 06.2500 11/01/2019 | 0.28% |
| PERSTORP HOLDING AB P/P 144A 08.7500 05/15/2017 | 0.28% |
| WEEKLEY HOMES LLC 06.0000 02/01/2023 | 0.28% |
| ARCELORMITTAL USD 10.3500 06/01/2019 | 0.27% |
| CONCHO RESOURCES INC 05.5000 04/01/2023 | 0.27% |
| DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 | 0.27% |
| EPR PROPERTIES 05.7500 CUM CV PFD | 0.27% |
| HJ HEINZ CO 04.2500 10/15/2020 | 0.27% |
| MEADWESTVACO CORP | 0.27% |
| PQ CORP P/P 144A 08.7500 05/01/2018 | 0.27% |
| SOUTHERN STAR CENT P/P 144A 05.1250 07/15/2022 | 0.27% |
| CLEAR CHNL WORLD 06.5000 11/15/2022 | 0.26% |
| ICAHN ENTERPRISES/FI 05.8750 02/01/2022 | 0.26% |
| JAGUAR HLD/MERGE P/P 144A 09.5000 12/01/2019 | 0.26% |
| SERVICE CORP INTL 05.3750 05/15/2024 | 0.26% |
| THE AES CORPORATION 08.0000 10/15/2017 | 0.26% |
| TRAVELPORT TLB L+500 06.0000 08/15/2021 | 0.26% |
| ACCESS MIDSTREAM PARTNER 04.8750 05/15/2023 | 0.25% |
| AIR MEDICAL TL 07.6250 05/31/2018 | 0.25% |
| BOISE CASCADE 06.3750 11/01/2020 | 0.25% |
| CCO HOLDINGS 06.5000 04/30/2021 | 0.25% |
| CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 | 0.25% |
| FIRST DATA CORP 11.7500 08/15/2021 | 0.25% |
| ISTAR FINANCIAL INC CV 03.0000 11/15/2016 | 0.25% |
| MGM RESORTS INTL 05.2500 03/31/2020 | 0.25% |
| PENSKE AUTO GRP INC 05.7500 10/01/2022 | 0.25% |
| SBA COMM CORP P/P 144A 04.8750 07/15/2022 | 0.25% |
| SUNGARD DATA SYS INC 06.6250 11/01/2019 | 0.25% |
| TAYLOR MORRISON COMM P/P 144A 07.7500 04/15/2020 | 0.25% |
| ALLY FINANCIAL INC | 0.24% |
| ASHTEAD CAPITAL INC P/P 144A 06.5000 07/15/2022 | 0.24% |
| CROWN CASTLE INT 05.2500 01/15/2023 | 0.24% |
| JO-ANN STORES INC P/P 144A 08.1250 03/15/2019 | 0.24% |
| MASONITE INTL C P/P 144A 08.2500 04/15/2021 | 0.24% |
| MGM RESORTS INTL 06.7500 10/01/2020 | 0.24% |
| MPT OPER PARTNERSP/FINL 06.3750 02/15/2022 | 0.24% |
| REVLON CONSUMER PRODS 05.7500 02/15/2021 | 0.24% |
| TENET HEALTHCARE 06.2500 11/01/2018 | 0.24% |
| A-S CO-ISS SUB I P/P 144A 07.8750 12/15/2020 | 0.23% |
| AVIV HLTH PROP/AVIV 07.7500 02/15/2019 | 0.23% |
| CATAMARAN CORP 04.7500 03/15/2021 | 0.23% |
| CONVATEC FIN INTL SA P/P 144A 08.2500 01/15/2019 | 0.23% |
| CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 | 0.23% |
| GENERAL MOTORS CO | 0.23% |
| MOMENTIVE PERFORMANCE 03.8800 10/24/2021 | 0.23% |
| OSHKOSH CORP 05.3750 03/01/2022 | 0.23% |
| QUEBECOR MEDIA INC USD 05.7500 01/15/2023 | 0.23% |
| REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 | 0.23% |
| REYNOLDS GROUP HLDG 08.2500 02/15/2021 | 0.23% |
| SCHAEFFLER HLDG FIN P/P 144A 06.8750 08/15/2018 | 0.23% |
| SUGAR HSP GAMING P/P 144A 06.3750 06/01/2021 | 0.23% |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.23% |
| ANTERO RESOURCES FIN 05.3750 11/01/2021 | 0.22% |
| AVIS BUDGET CAR 05.5000 04/01/2023 | 0.22% |
| AVIV HEALTHCARE 06.0000 10/15/2021 | 0.22% |
| BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 | 0.22% |
| CAD/USD 01/21/2015 SSBT | 0.22% |
| CHC HELICOPTER SA USD 09.2500 10/15/2020 | 0.22% |
| CIT GROUP INC P/P 144A 05.5000 02/15/2019 | 0.22% |
| CLEAR CHNL WORLD 07.6250 03/15/2020 | 0.22% |
| CSC HOLDINGS LLC P/P 144A 05.2500 06/01/2024 | 0.22% |
| DH SERVICES LUX SARL P/P 144A 07.7500 12/15/2020 | 0.22% |
| DISH NETWORK CORP-A | 0.22% |
| EXTERRAN PARTNERS/EX P/P 144A 06.0000 10/01/2022 | 0.22% |
| FRESENIUS MED CARE P/P 144A 05.6250 07/31/2019 | 0.22% |
| GLP CAP LP / FIN II 04.8750 11/01/2020 | 0.22% |
| ISLE OF CAPRI 07.7500 03/15/2019 | 0.22% |
| KODIAK OIL & GAS 08.1250 12/01/2019 | 0.22% |
| LANDRY'S INC P/P 144A 09.3750 05/01/2020 | 0.22% |
| LENNAR CORP 04.7500 11/15/2022 | 0.22% |
| M/I HOMES INC 08.6250 11/15/2018 | 0.22% |
| PARAGON OFFSHORE PLC P/P 144A 07.2500 08/15/2024 | 0.22% |
| QWEST CORP 07.2500 09/15/2025 | 0.22% |
| REGENCY ENERGY PART/FIN 05.8750 03/01/2022 | 0.22% |
| ROSETTA RESOURCES INC 05.6250 05/01/2021 | 0.22% |
| DISH DBS CORP P/P 144A 05.8750 11/15/2024 | 0.21% |
| FIRST QUANTUM P/P 144A 07.0000 02/15/2021 | 0.21% |
| HUDBAY MINERALS INC P/P 144A 09.5000 10/01/2020 | 0.21% |
| IASIS HEALTHCARE 08.3750 05/15/2019 | 0.21% |
| IRON MOUNTAIN INCORPORATED 06.0000 08/15/2023 | 0.21% |
| JC PENNEY ABL TL L+400 05.0000 06/14/2019 | 0.21% |
| LEND PROC SER/BLK KNGHT 05.7500 04/15/2023 | 0.21% |
| LEVEL 3 FIN INC 08.6250 07/15/2020 | 0.21% |
| MICRON TECH INC P/P 144A 05.8750 02/15/2022 | 0.21% |
| MILAGRO OIL & GAS 10.5000 05/15/2016 | 0.21% |
| NEIMAN MARCUS TL L+325 04.2500 10/25/2020 | 0.21% |
| NEWFIELD EXPLORATION CO 05.7500 01/30/2022 | 0.21% |
| PENN NATIONAL GAMING INC | 0.21% |
| PENN NATL GAMING 05.8750 11/01/2021 | 0.21% |
| BON-TON DEPT STORES 10.6250 07/15/2017 | 0.20% |
| BROOKFIELD RESID P/P 144A 06.5000 12/15/2020 | 0.20% |
| COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 | 0.20% |
| CONVATEC HEALTHCARE P/P 144A 10.5000 12/15/2018 | 0.20% |
| CREDIT ACCEPTANC P/P 144A 06.1250 02/15/2021 | 0.20% |
| DFC FINANCE CORP P/P 144A 10.5000 06/15/2020 | 0.20% |
| LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 | 0.20% |
| NORTEK INC 08.5000 04/15/2021 | 0.20% |
| PHH CORP 06.3750 08/15/2021 | 0.20% |
| PITTSBURGH GLASS P/P 144A 08.0000 11/15/2018 | 0.20% |
| SAMSON INVESTMENT CO 09.7500 02/15/2020 | 0.20% |
| SINCLAIR TELEVISION 06.3750 11/01/2021 | 0.20% |
| SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 | 0.20% |
| T-MOBILE USA INC 06.2500 04/01/2021 | 0.20% |
| ACADIA HEALTH 06.1250 03/15/2021 | 0.19% |
| CABLEVISION SYSTEMS 08.6250 09/15/2017 | 0.19% |
| CBS OUT AMER CAP LLC P/P 144A 05.6250 02/15/2024 | 0.19% |
| CCM MERGER INC P/P 144A 09.1250 05/01/2019 | 0.19% |
| CCOH SAFARI LLC 05.7500 12/01/2024 | 0.19% |
| CHESAP OIL OP/FN 06.6250 11/15/2019 | 0.19% |
| CONSTELLATION BRANDS INC 04.2500 05/01/2023 | 0.19% |
| CROWN CORK & SEAL CO INC 07.3750 12/15/2026 | 0.19% |
| CUMULUS MEDIA HLDG 07.7500 05/01/2019 | 0.19% |
| MASTEC INC 04.8750 03/15/2023 | 0.19% |
| OASIS PETROLEUM INC 06.8750 01/15/2023 | 0.19% |
| OFFSHORE GROUP I USD 07.5000 11/01/2019 | 0.19% |
| PROVIDENT FDG/PFG P/P 144A 06.7500 06/15/2021 | 0.19% |
| QWEST CORP 06.7500 12/01/2021 | 0.19% |
| TENNECO INC 05.3750 12/15/2024 | 0.19% |
| TRANSDIGM INC 07.5000 07/15/2021 | 0.19% |
| UNIT CORP 06.6250 05/15/2021 | 0.19% |
| UNITED RENTALS NORTH AM 05.7500 11/15/2024 | 0.19% |
| WINDSTREAM CORPORATION 07.8750 11/01/2017 | 0.19% |
| AMSTED INDUSTRIES P/P 144A 05.0000 03/15/2022 | 0.18% |
| CALIFORNIA RESOURCES P/P 144A 06.0000 11/15/2024 | 0.18% |
| CHUCK E CHEESE'S TLB L+300 04.0000 02/14/2021 | 0.18% |
| CIT GROUP INC 05.3750 05/15/2020 | 0.18% |
| GETTY IMAGES TLB L+350 04.7500 10/18/2019 | 0.18% |
| GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 | 0.18% |
| GULFPORT ENERGY CORP 07.7500 11/01/2020 | 0.18% |
| HILAND PART LP/CORP P/P 144A 07.2500 10/01/2020 | 0.18% |
| JBS USA LLC/JBS P/P 144A 07.2500 06/01/2021 | 0.18% |
| OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 | 0.18% |
| ONEX USI AC P/P 144A 07.7500 01/15/2021 | 0.18% |
| SEVEN GENS ENER P/P 144A 08.2500 05/15/2020 | 0.18% |
| SPRINGLEAF FINANCE CORP 06.9000 12/15/2017 | 0.18% |
| TERVITA CORP TLB L+500 06.2500 01/24/2018 | 0.18% |
| UNITED RENTALS NORTH 07.6250 04/15/2022 | 0.18% |
| AIR MEDICAL GRP HLDG 09.2500 11/01/2018 | 0.17% |
| ALLY FINANCIAL INC 08.0000 03/15/2020 | 0.17% |
| ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 | 0.17% |
| KEY ENERGY SERVICES INC 06.7500 03/01/2021 | 0.17% |
| LAMAR MEDIA CORP 05.8750 02/01/2022 | 0.17% |
| LENNAR CORP 04.5000 06/15/2019 | 0.17% |
| LEVEL 3 FINANCING IN P/P 144A 05.3750 08/15/2022 | 0.17% |
| NEUBERGER BERMAN P/P 144A 05.8750 03/15/2022 | 0.17% |
| OWENS-BROCKWAY P/P 144A 05.3750 01/15/2025 | 0.17% |
| PAR PHARMA TLB L+300 04.0000 09/28/2019 | 0.17% |
| PRESTIGE BRANDS INC P/P 144A 05.3750 12/15/2021 | 0.17% |
| REYNOLDS GROUP 09.8750 08/15/2019 | 0.17% |
| SCIENTIFIC GAMES INT P/P 144A 07.0000 01/01/2022 | 0.17% |
| SHELF DRILL HOLD LTD P/P 144A 08.6250 11/01/2018 | 0.17% |
| SHELF DRILL MIDCO TL L+900 10.0000 10/08/2018 | 0.17% |
| WHITEWAVE FOODS CO 05.3750 10/01/2022 | 0.17% |
| ACI WORLDWIDE INC P/P 144A 06.3750 08/15/2020 | 0.16% |
| AMERICAN INTL GROUP 08.1750 05/15/2058 | 0.16% |
| ANTERO RESOURCES FIN P/P 144A 05.1250 12/01/2022 | 0.16% |
| BBVA INTL PREF UNIPERSON USD 05.9190 04/29/2049 | 0.16% |
| CEMEX FINANCE LLC P/P 144A 09.3750 10/12/2022 | 0.16% |
| CHAPARRAL ENERGY INC 08.2500 09/01/2021 | 0.16% |
| CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 | 0.16% |
| ENERGY TRANSFER EQUITY 07.5000 10/15/2020 | 0.16% |
| ESAL GMBH P/P 144A 06.2500 02/05/2023 | 0.16% |
| GANNETT CO INC 05.1250 10/15/2019 | 0.16% |
| HD SUPPLY INC 11.5000 07/15/2020 | 0.16% |
| HEXION FIN/ESCRO 08.8750 02/01/2018 | 0.16% |
| HUGHES SATELITE SYSTEMS 06.5000 06/15/2019 | 0.16% |
| ICAHN ENTER/FIN 06.0000 08/01/2020 | 0.16% |
| OCWEN FINANCIAL CORP P/P 144A 06.6250 05/15/2019 | 0.16% |
| OMEGA HLTHCRE INVEST 06.7500 10/15/2022 | 0.16% |
| PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 | 0.16% |
| SEALED AIR CORP P/P 144A 06.5000 12/01/2020 | 0.16% |
| THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 | 0.16% |
| WR GRACE & CO-CONN P/P 144A 05.1250 10/01/2021 | 0.16% |
| ZEBRA TECH CORP P/P 144A 07.2500 10/15/2022 | 0.16% |
| ACADIA HEALTHCARE CO 05.1250 07/01/2022 | 0.15% |
| AMC ENTERTAINMENT INC 09.7500 12/01/2020 | 0.15% |
| AMERICAN TOWER CORP 05.2500 CV PFD | 0.15% |
| AMSTED INDUSTRIES P/P 144A 05.3750 09/15/2024 | 0.15% |
| ARDAGH FINANCE HLDG P/P 144A 08.6250 06/15/2019 | 0.15% |
| AVAYA INC P/P 144A 10.5000 03/01/2021 | 0.15% |
| CIT GROUP INC | 0.15% |
| E*TRADE FINANCIAL CORP 05.3750 11/15/2022 | 0.15% |
| EL PASO NATURAL GAS 08.6250 01/15/2022 | 0.15% |
| ISTAR FINANCIAL INC. 07.1250 02/15/2018 | 0.15% |
| JAZZ TECH INC P/P 144A CV 08.0000 12/31/2018 | 0.15% |
| NATIONSTAR MORT/ 07.8750 10/01/2020 | 0.15% |
| NOVELIS INC 08.7500 12/15/2020 | 0.15% |
| NUMERICABLE-SFR P/P 144A 06.2500 05/15/2024 | 0.15% |
| PETCO ANIMAL SUP P/P 144A 09.2500 12/01/2018 | 0.15% |
| PROVIDENT FDG/PFG P/P 144A 10.1250 02/15/2019 | 0.15% |
| REGENCY ENERGY PARTNERS 05.5000 04/15/2023 | 0.15% |
| ROC FINANCE TL L+375 05.0000 06/20/2019 | 0.15% |
| ROSETTA RESOURCES INC 05.8750 06/01/2024 | 0.15% |
| SABRE GLBL IN P/P 144A 08.5000 05/15/2019 | 0.15% |
| STEARNS HOLDINGS INC P/P 144A 09.3750 08/15/2020 | 0.15% |
| TPC GROUP INC P/P 144A 08.7500 12/15/2020 | 0.15% |
| UNITED TECHNOLOGIES CORP 07.5000 CUM CV PFD | 0.15% |
| WALTER INV MGMT 07.8750 12/15/2021 | 0.15% |
| WILLIAMS COS INC 07.7500 06/15/2031 | 0.15% |
| AES CORP/VA 08.0000 06/01/2020 | 0.14% |
| AMC ENT INC 05.8750 02/15/2022 | 0.14% |
| CNO FIN GRP INC P/P 144A 06.3750 10/01/2020 | 0.14% |
| CONSOL ENERGY INC P/P 144A 05.8750 04/15/2022 | 0.14% |
| DIGICEL LIMITED P/P 144A 08.2500 09/01/2017 | 0.14% |
| DISH DBS CORP 07.8750 09/01/2019 | 0.14% |
| ENERGY FUTURE P/P 144A 11.7500 03/01/2022 | 0.14% |
| GIBSON BRANDS INC P/P 144A 08.8750 08/01/2018 | 0.14% |
| NAVISTAR INTERNATIONAL CORP 08.2500 11/01/2021 | 0.14% |
| NEW GOLD INC P/P 144A 07.0000 04/15/2020 | 0.14% |
| RIVERS PITTSBURGH LP P/P 144A 09.5000 06/15/2019 | 0.14% |
| ROYAL BK SCOTLND GRP PLC USD 06.0000 12/19/2023 | 0.14% |
| SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 | 0.14% |
| TOWNSQUARE RADIO P/P 144A 09.0000 04/01/2019 | 0.14% |
| UNITYMEDIA HESSEN P/P 144A 07.5000 03/15/2019 | 0.14% |
| WINDSTREAM CORP 06.3750 08/01/2023 | 0.14% |
| YONKERS RACING 1STL L+325 04.2500 07/22/2019 | 0.14% |
| BOMBARDIER INC P/P 144A 07.7500 03/15/2020 | 0.13% |
| CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 | 0.13% |
| CAPSUGEL SA P/P 144A 07.0000 05/15/2019 | 0.13% |
| CBRE SERVICES INC 05.0000 03/15/2023 | 0.13% |
| CEC ENT INC 08.0000 02/15/2022 | 0.13% |
| CEMEX SAB DE CV P/P 144A 05.7000 01/11/2025 | 0.13% |
| CINEMARK USA INC 05.1250 12/15/2022 | 0.13% |
| COMMUNITY HEALTH TLD L+325 04.2500 01/27/2021 | 0.13% |
| CROWN CASTLE INTL 04.5000 CUM CV PFD | 0.13% |
| CSC HOLDINGS LLC 06.7500 11/15/2021 | 0.13% |
| DAVITA HEALTHCARE PARTNE 05.1250 07/15/2024 | 0.13% |
| DENBURY RESOURCES INC 06.3750 08/15/2021 | 0.13% |
| HCA INC 03.7500 03/15/2019 | 0.13% |
| HUDBAY MINERALS INC USD 09.5000 10/01/2020 | 0.13% |
| HUNTSMAN CORP | 0.13% |
| INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 | 0.13% |
| KINDER MORGAN P/P 144A 05.0000 02/15/2021 | 0.13% |
| LEVEL 3 COMMUNICATIONS INC | 0.13% |
| LEVEL 3 FIN INC 07.0000 06/01/2020 | 0.13% |
| MGM RESORTS INTL 08.6250 02/01/2019 | 0.13% |
| NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 | 0.13% |
| OASIS PETROLEUM INC 06.8750 03/15/2022 | 0.13% |
| PULTEGROUP INC. 07.8750 06/15/2032 | 0.13% |
| SABINE PASS LIQU 06.2500 03/15/2022 | 0.13% |
| SPECTRUM BRANDS HLDG 06.7500 03/15/2020 | 0.13% |
| SPRINT COMM P/P 144A 09.0000 11/15/2018 | 0.13% |
| TYSON FOODS INC 04.7500 CV PFD | 0.13% |
| CARRIZO OIL & GAS 08.6250 10/15/2018 | 0.12% |
| CBS OUT AMER CAP LLC P/P 144A 05.8750 03/15/2025 | 0.12% |
| CHESAPEAKE ENERGY CORP 04.8750 04/15/2022 | 0.12% |
| CIT GROUP INC 05.0000 08/01/2023 | 0.12% |
| CONSTELLATION BRANDS INC 06.0000 05/01/2022 | 0.12% |
| FREESCALE SEMICO P/P 144A 06.0000 01/15/2022 | 0.12% |
| GANNETT CO INC 05.1250 07/15/2020 | 0.12% |
| HALYARD HEALTH INC P/P 144A 06.2500 10/15/2022 | 0.12% |
| LOUISIANA PACIF 07.5000 06/01/2020 | 0.12% |
| M/I HOMES INC PCT 09.7500 | 0.12% |
| NAVIENT CORP 08.4500 06/15/2018 | 0.12% |
| NEW GOLD INC P/P 144A 06.2500 11/15/2022 | 0.12% |
| NORTEK INC 10.0000 12/01/2018 | 0.12% |
| ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 | 0.12% |
| SABINE PASS LIQUEFAC 05.7500 05/15/2024 | 0.12% |
| TMS INTL CORP P/P 144A 07.6250 10/15/2021 | 0.12% |
| TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 | 0.12% |
| TRANSDIGM INC 06.5000 07/15/2024 | 0.12% |
| UNIVISION COMMUNI TLC4 L+300 04.0000 03/01/2020 | 0.12% |
| VANDER INTERMED P/P 144A 09.7500 02/01/2019 | 0.12% |
| WIND ACQ FIN SA P/P 144A 07.3750 04/23/2021 | 0.12% |
| ACCESS MIDSTREAM PARTNER 05.8750 04/15/2021 | 0.11% |
| BELDEN INC P/P 144A 05.2500 07/15/2024 | 0.11% |
| BERRY PLASTICS CORP 09.7500 01/15/2021 | 0.11% |
| BURGER KING TLB L+350 04.5000 09/25/2021 | 0.11% |
| CALIFORNIA RESOURCES P/P 144A 05.0000 01/15/2020 | 0.11% |
| CENTENE CORP 04.7500 05/15/2022 | 0.11% |
| COVERIS HOLDINGS SA P/P 144A 07.8750 11/01/2019 | 0.11% |
| CROWN CASTLE INTL CORP 04.8750 04/15/2022 | 0.11% |
| DANA HOLDING CORP 05.5000 12/15/2024 | 0.11% |
| DEL MONTE 2NDL L+725 08.2500 08/18/2021 | 0.11% |
| EP ENERGY CORP-CL A | 0.11% |
| EXCO RESOURCES INC 07.5000 09/15/2018 | 0.11% |
| FORMULA ONE 1STL L+375 04.7500 07/15/2021 | 0.11% |
| GENERAL MOTORS CO 05.2000 04/01/2045 | 0.11% |
| HILCORP ENERGY I/HIL P/P 144A 05.0000 12/01/2024 | 0.11% |
| HUGHES SATELLITE SYSTEMS 07.6250 06/15/2021 | 0.11% |
| INTL LEASE FINANCE CORP 05.8750 08/15/2022 | 0.11% |
| IRON MOUNTAIN INC 07.7500 10/01/2019 | 0.11% |
| L BRANDS INC 05.6250 02/15/2022 | 0.11% |
| LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 | 0.11% |
| MATTAMY GROUP CORP P/P 144A 06.5000 11/15/2020 | 0.11% |
| NEXSTAR BROADCASTING 06.8750 11/15/2020 | 0.11% |
| NRG YIELD OPERATING P/P 144A 05.3750 08/15/2024 | 0.11% |
| OFFSHORE GROUP I USD 07.1250 04/01/2023 | 0.11% |
| ONEMAIN FIN HLDG INC P/P 144A 07.2500 12/15/2021 | 0.11% |
| PATHEON INC TLB L+325 04.2500 01/09/2021 | 0.11% |
| REGENCY ENERGY P 04.5000 11/01/2023 | 0.11% |
| REGENCY ENERGY PART/FINA 05.0000 10/01/2022 | 0.11% |
| ASHTEAD CAPITAL INC P/P 144A 05.6250 10/01/2024 | 0.10% |
| AUTONATION INC 06.7500 04/15/2018 | 0.10% |
| BUILDING MATERIALS P/P 144A 06.7500 05/01/2021 | 0.10% |
| CLEAR CHANNEL COMM 09.0000 03/01/2021 | 0.10% |
| COMMUNITY CHOICE 10.7500 05/01/2019 | 0.10% |
| DENBURY RESOURCES INC 05.5000 05/01/2022 | 0.10% |
| FRONTIER COMMUNICATIONS 08.1250 10/01/2018 | 0.10% |
| GATES GLOBAL TL L+325 04.2500 06/04/2021 | 0.10% |
| GENON AMERICAS GENR LLC 08.5000 10/01/2021 | 0.10% |
| GULFPORT ENERGY CORP P/P 144A 07.7500 11/01/2020 | 0.10% |
| HUNT INGALLS IND P/P 144A 05.0000 12/15/2021 | 0.10% |
| MEDIACOM LLC/CAPTL 07.2500 02/15/2022 | 0.10% |
| MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 | 0.10% |
| PHH CORPORATION 07.3750 09/01/2019 | 0.10% |
| RITE AID 2NDL L+387.5 04.8750 06/07/2021 | 0.10% |
| SABINE PASS LNG LP 06.5000 11/01/2020 | 0.10% |
| SCHAEFFLER FIN BV P/P 144A 07.7500 02/15/2017 | 0.10% |
| SM ENERGY CO 06.5000 11/15/2021 | 0.10% |
| SM ENERGY CO 06.6250 02/15/2019 | 0.10% |
| SPECTRUM BRANDS INC P/P 144A 06.1250 12/15/2024 | 0.10% |
| TEXAS COMP/TCEH P/P 144A 11.5000 10/01/2020 | 0.10% |
| VIRGIN MEDIA FIN PLC P/P 144A 06.3750 04/15/2023 | 0.10% |
| VIRGIN MEDIA SEC P/P 144A 05.3750 04/15/2021 | 0.10% |
| AVIS BUDGET CAR/FINA P/P 144A 05.1250 06/01/2022 | 0.09% |
| BANK OF AMERICA CORP 06.5000 10/29/2049 | 0.09% |
| CABLEVISION SYSTEMS CORP 07.7500 04/15/2018 | 0.09% |
| CBRE SERVICES INC 05.2500 03/15/2025 | 0.09% |
| CHESAPEAKE ENERGY CORP 06.2500 01/15/2017 | 0.09% |
| CHRYSLER GP/CG CO-ISSUER 08.0000 06/15/2019 | 0.09% |
| CINEMARK USA INC 04.8750 06/01/2023 | 0.09% |
| FIELDWOOD ENERGY 2NDL L+713 08.3750 09/30/2020 | 0.09% |
| FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 | 0.09% |
| FTS INTL INC P/P 144A 06.2500 05/01/2022 | 0.09% |
| HD SUPPLY INC P/P 144A 05.2500 12/15/2021 | 0.09% |
| INEOS FINANCE PLC P/P 144A 08.3750 02/15/2019 | 0.09% |
| ISLE OF CAPRI 08.8750 06/15/2020 | 0.09% |
| LEVEL 3 FIN INC 06.1250 01/15/2021 | 0.09% |
| LIN TELEVISION CORP 06.3750 01/15/2021 | 0.09% |
| NATIONSTAR MORT/ 06.5000 07/01/2021 | 0.09% |
| REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 | 0.09% |
| REYNOLDS GRP ISS/REY 07.8750 08/15/2019 | 0.09% |
| SEALED AIR CORP P/P 144A 05.1250 12/01/2024 | 0.09% |
| SEALED AIR CORP P/P 144A 05.2500 04/01/2023 | 0.09% |
| SEALED AIR CORP P/P 144A 08.3750 09/15/2021 | 0.09% |
| STANDARD PACIFIC CORP 05.8750 11/15/2024 | 0.09% |
| T-MOBILE USA INC 06.6330 04/28/2021 | 0.09% |
| TAYLOR MORRISON P/P 144A 05.6250 03/01/2024 | 0.09% |
| UNIVISION COMM INC. P/P 144A 08.5000 05/15/2021 | 0.09% |
| UNIVISION COMM P/P 144A 07.8750 11/01/2020 | 0.09% |
| WINDSTREAM CORP 07.7500 10/01/2021 | 0.09% |
| AES CORP/VA 04.8750 05/15/2023 | 0.08% |
| AVIS BUDGET CAR 09.7500 03/15/2020 | 0.08% |
| BARRY CALLE SVCS P/P 144A 05.5000 06/15/2023 | 0.08% |
| CAESARS ENT OPER TLB7 L+875 09.7500 03/01/2017 | 0.08% |
| CCO HLDGS LLC/CAP CORP 06.6250 01/31/2022 | 0.08% |
| CIT GROUP INC 05.0000 08/15/2022 | 0.08% |
| COMMERZBANK AG P/P 144A 08.1250 09/19/2023 | 0.08% |
| CPG INTL TLB L+375 04.7500 09/30/2020 | 0.08% |
| ELDORADO GOLD CORP P/P 144A 06.1250 12/15/2020 | 0.08% |
| GENWORTH HOLDINGS INC 06.1500 11/15/2066 | 0.08% |
| GLP CAP LP / FIN II 04.3750 11/01/2018 | 0.08% |
| GRIFFEY INTR INC P/P 144A 07.0000 10/15/2020 | 0.08% |
| HCA INC 07.5000 02/15/2022 | 0.08% |
| INEOS GROUP HLDG SA P/P 144A 06.1250 08/15/2018 | 0.08% |
| ISLE OF CAPRI CASINO 05.8750 03/15/2021 | 0.08% |
| ISTAR FINANCIAL INC 05.0000 07/01/2019 | 0.08% |
| JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 | 0.08% |
| MEDIA GENERAL FI P/P 144A 05.8750 11/15/2022 | 0.08% |
| MOOG INC P/P 144A 05.2500 12/01/2022 | 0.08% |
| ONEMAIN FIN HLDG INC P/P 144A 06.7500 12/15/2019 | 0.08% |
| RITE AID CORP 08.0000 08/15/2020 | 0.08% |
| SALIX PHARMA LT P/P 144A 06.0000 01/15/2021 | 0.08% |
| SIRIUS XM RADIO INC P/P 144A 05.8750 10/01/2020 | 0.08% |
| SPRINGLEAF FINANCE CORP 05.2500 12/15/2019 | 0.08% |
| STANDARD PACIFIC CORP. 06.2500 12/15/2021 | 0.08% |
| WILLIAMS COS INC 07.8750 09/01/2021 | 0.08% |
| WPX ENERGY INC 06.0000 01/15/2022 | 0.08% |
| ARCELORMITTAL USD 07.5000 10/15/2039 | 0.07% |
| AVAYA INC TL B3-EXT 04.5000 10/26/2017 | 0.07% |
| BANCO BILBAO VIZCAYA ARG REGS 09.0000 05/29/2049 | 0.07% |
| CONVATEC HEALTHCARE P/P 144A 07.3750 12/15/2017 | 0.07% |
| CREDIT SUISSE GRP AG P/P 144A 07.5000 12/29/2049 | 0.07% |
| E*TRADE FINANCIAL CORP 06.3750 11/15/2019 | 0.07% |
| FRESENIUS MED CARE P/P 144A 04.7500 10/15/2024 | 0.07% |
| GENON ENERGY INC 09.8750 10/15/2020 | 0.07% |
| INEOS GROUP HLDG SA P/P 144A 05.8750 02/15/2019 | 0.07% |
| INTL LEASE FINANCE CORP 06.2500 05/15/2019 | 0.07% |
| LANDRY'S HLDG II INC P/P 144A 10.2500 01/01/2018 | 0.07% |
| LEVEL 3 COMM P/P 144A 05.7500 12/01/2022 | 0.07% |
| MERCER INTL INC P/P 144A 07.7500 12/01/2022 | 0.07% |
| PARAGON OFFSHORE PLC P/P 144A 06.7500 07/15/2022 | 0.07% |
| SBA TELECOM INC 05.7500 07/15/2020 | 0.07% |
| SCHAEFFLER HLDG FIN P/P 144A 06.7500 11/15/2022 | 0.07% |
| SEVENTY SEVEN ENERGY 06.5000 07/15/2022 | 0.07% |
| T-MOBILE USA INC 06.0000 03/01/2023 | 0.07% |
| TELEFLEX INC P/P 144A 05.2500 06/15/2024 | 0.07% |
| TRIANGLE USA PETRO P/P 144A 06.7500 07/15/2022 | 0.07% |
| UNITED SURGICAL PART 09.0000 04/01/2020 | 0.07% |
| ALPHA NATURAL RESOURCES 06.2500 06/01/2021 | 0.06% |
| BOMBARDIER INC P/P 144A 06.1250 01/15/2023 | 0.06% |
| BON-TON DEPT STORES 08.0000 06/15/2021 | 0.06% |
| CALPINE CORP P/P 144A 06.0000 01/15/2022 | 0.06% |
| CEDAR FAIR LP/CA 05.2500 03/15/2021 | 0.06% |
| CEDAR FAIR LP/CANADA P/P 144A 05.3750 06/01/2024 | 0.06% |
| CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 | 0.06% |
| CITIGROUP INC PCT 06.8750 | 0.06% |
| CONNACHER OIL AND GA P/P 144A 08.5000 08/01/2019 | 0.06% |
| DPL INC. 06.5000 10/15/2016 | 0.06% |
| EP ENER/EVEREST 07.7500 09/01/2022 | 0.06% |
| FIRST QUANTUM P/P 144A 06.7500 02/15/2020 | 0.06% |
| FRONTIER COMMUNICATIONS 07.6250 04/15/2024 | 0.06% |
| GANNETT CO INC P/P 144A 04.8750 09/15/2021 | 0.06% |
| GENON AMERICAS GENR LLC 09.1250 05/01/2031 | 0.06% |
| GENON ENERGY INC 09.5000 10/15/2018 | 0.06% |
| HUNTSMAN INTERNATIONAL L 05.1250 04/15/2021 | 0.06% |
| HUNTSMAN INTL L 08.6250 03/15/2021 | 0.06% |
| JBS USA LLC/JBS USA P/P 144A 07.2500 06/01/2021 | 0.06% |
| LIVE NATION ENTERTAINMENT IN | 0.06% |
| MOTOR CITY TLB L+350 04.5000 07/18/2021 | 0.06% |
| NAVISTAR TLB L+450 05.7500 08/17/2017 | 0.06% |
| NII INTL TELECOM P/P 144A 07.8750 08/15/2019 | 0.06% |
| OXEA SARL 2NDL L+725 08.2500 06/01/2020 | 0.06% |
| REGIONS BANK 07.5000 05/15/2018 | 0.06% |
| SCIENTIFIC GAMES CORP 08.1250 09/15/2018 | 0.06% |
| SEALED AIR CORP P/P 144A 04.8750 12/01/2022 | 0.06% |
| SEALED AIR CORP P/P 144A 06.8750 07/15/2033 | 0.06% |
| SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 | 0.06% |
| SPRINGLEAF FIN CORP 06.0000 06/01/2020 | 0.06% |
| SPRINGLEAF FIN CORP 07.7500 10/01/2021 | 0.06% |
| SPRINT COMMUNICATIONS 07.0000 08/15/2020 | 0.06% |
| STEEL DYNAMICS INC 07.6250 03/15/2020 | 0.06% |
| STEEL DYNAMICS INC P/P 144A 05.5000 10/01/2024 | 0.06% |
| TAYLOR MORRISON COMM P/P 144A 05.2500 04/15/2021 | 0.06% |
| TENNESSEE GAS PIPELINE 07.0000 10/15/2028 | 0.06% |
| TRANSDIGM INC 05.5000 10/15/2020 | 0.06% |
| VALEANT PHARMA P/P 144A 06.8750 12/01/2018 | 0.06% |
| VANTAGE DRILLING TLB L+450 05.7500 03/28/2019 | 0.06% |
| ACADEMY LTD/ACADEMY P/P 144A 09.2500 08/01/2019 | 0.05% |
| ALCOA INC 05.3750 CUM CV PFD | 0.05% |
| BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 | 0.05% |
| CAD/USD 01/21/2015 JPMCB | 0.05% |
| CALPINE CORP P/P 144A 05.8750 01/15/2024 | 0.05% |
| CENTURYLINK INC 05.6250 04/01/2020 | 0.05% |
| CENTURYLINK INC 06.7500 12/01/2023 | 0.05% |
| CHS/COMMUNITY HEALTH 06.8750 02/01/2022 | 0.05% |
| CORRECTIONS CORP 04.1250 04/01/2020 | 0.05% |
| EUR/USD 03/18/2015 UBS | 0.05% |
| GENERAL MOTORS-CW16 | 0.05% |
| HILAND PART LP/CORP P/P 144A 05.5000 05/15/2022 | 0.05% |
| HUNTSMAN INTL L P/P 144A 05.1250 11/15/2022 | 0.05% |
| NUMERICABLE-SFR P/P 144A 05.6250 05/15/2024 | 0.05% |
| STEEL DYNAMICS INC 06.1250 08/15/2019 | 0.05% |
| TAYLOR MORRISON COMM P/P 144A 07.7500 04/15/2020 | 0.05% |
| TEREX CORP 06.5000 04/01/2020 | 0.05% |
| VALEANT PHARMA P/P 144A 07.0000 10/01/2020 | 0.05% |
| ALCOA INC 05.1250 10/01/2024 | 0.04% |
| CHS/COMMUNITY HEALTH 05.1250 08/01/2021 | 0.04% |
| CHS/COMMUNITY HEALTH SYS 05.1250 08/15/2018 | 0.04% |
| HUB HLDG LLC/HUB HOL P/P 144A 08.1250 07/15/2019 | 0.04% |
| ISTAR FINANCIAL TLA2 L+575 07.0000 03/19/2017 | 0.04% |
| LAMAR MEDIA CORP 05.3750 01/15/2024 | 0.04% |
| LINN ENERGY LLC/FIN 06.5000 05/15/2019 | 0.04% |
| LINN ENERGY LLC/FIN CORP 06.5000 09/15/2021 | 0.04% |
| NEUBERGER BERMAN P/P 144A 05.6250 03/15/2020 | 0.04% |
| OMNICARE INC 05.0000 12/01/2024 | 0.04% |
| REGAL ENTERTAINMENT GRP 05.7500 03/15/2022 | 0.04% |
| REYNOLDS GRP ISS/REY 05.7500 10/15/2020 | 0.04% |
| ROOFING SUPPLY/FIN P/P 144A 10.0000 06/01/2020 | 0.04% |
| SCIENTIFIC GAMES INTERNA 06.2500 09/01/2020 | 0.04% |
| SM ENERGY CO 06.5000 01/01/2023 | 0.04% |
| STEEL DYNAMICS INC 06.3750 08/15/2022 | 0.04% |
| STEEL DYNAMICS INC P/P 144A 05.1250 10/01/2021 | 0.04% |
| T-MOBILE USA INC 06.8360 04/28/2023 | 0.04% |
| TERVITA CORP P/P 144A 10.8750 02/15/2018 | 0.04% |
| USG CORP P/P 144A 05.8750 11/01/2021 | 0.04% |
| VALEANT PHARMA P/P 144A 06.3750 10/15/2020 | 0.04% |
| CABLEVISION SYS CORP 08.0000 04/15/2020 | 0.03% |
| CINEMARK USA INC 07.3750 06/15/2021 | 0.03% |
| GENERAL MOTORS-CW19 | 0.03% |
| OMNICARE INC 04.7500 12/01/2022 | 0.03% |
| SABINE PASS LIQUEFACTION 05.6250 04/15/2023 | 0.03% |
| SEVENTY SEVEN ENERGY INC | 0.03% |
| SINCLAIR TELE 05.3750 04/01/2021 | 0.03% |
| SINCLAIR TELEVISION 06.1250 10/01/2022 | 0.03% |
| STEEL DYNAMICS INC 05.2500 04/15/2023 | 0.03% |
| TELEFLEX INC 06.8750 06/01/2019 | 0.03% |
| VANTAGE DRILLING CO | 0.03% |
| CIT GROUP INC P/P 144A 06.6250 04/01/2018 | 0.02% |
| CONSTELLATION BRANDS INC 03.8750 11/15/2019 | 0.02% |
| CONSTELLATION BRANDS INC 04.7500 11/15/2024 | 0.02% |
| DYNEGY FIN I/II INC P/P 144A 07.3750 11/01/2022 | 0.02% |
| EXTERRAN PARTNERS/EXLP 06.0000 04/01/2021 | 0.02% |
| FRONTIER COMMUNICATIONS 06.2500 09/15/2021 | 0.02% |
| SPEC BND ES CORP 06.3750 11/15/2020 | 0.02% |
| TESORO LOGISTICS LP/ P/P 144A 06.2500 10/15/2022 | 0.02% |
| VALEANT PHARMA P/P 144A 05.6250 12/01/2021 | 0.02% |
| CITIGROUP INC 05.9000 12/29/2049 | 0.01% |
| DYNEGY FIN I/II INC P/P 144A 07.6250 11/01/2024 | 0.01% |
| EUR/USD 03/18/2015 BANKAM | 0.01% |
| HEXION US FIN CORP 06.6250 04/15/2020 | 0.01% |
| MOMENTIVE PERFORMANCE ESCROW 08.8750 10/15/2020 | 0.01% |
| SPEC BRNDS ESCROW CO 06.6250 11/15/2022 | 0.01% |
| TESORO LOGISTICS LP/ P/P 144A 05.5000 10/15/2019 | 0.01% |
| TRIBUNE CLASS 1C LITIGAT | 0.01% |
| ADELPHIA COMM ESCROW 0.000 11/15/2012 | 0.00% |
| ADELPHIA COMMUNICATION ESCROW 00.0000 03/01/2015 | 0.00% |
| ADELPHIA COMMUNICATION ESCROW 00.0000 10/01/2013 | 0.00% |
| ADELPHIA COMMUNICATION ESCROW 00.0000 11/01/2015 | 0.00% |
| DYNEGY HOLDINGS ESCROW 07.7500 06/01/2019 | 0.00% |
| GENERAL MOTORS ESCROW 08.2500 07/15/2023 | 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% |
| MOTORS LIQUIDATION CO ESCROW 08.3750 07/15/2033 | 0.00% |
| TEXAS COMP ELEC PP L+450 04.6612 10/10/2017 | 0.00% |
| TOWER SEMI LTD-CW15 P/P 144A | 0.00% |
| EUR/USD 03/18/2015 BANKAM | -0.01% |
| CAD/USD 01/21/2015 JPMCB | -0.05% |
| EUR/USD 03/18/2015 UBS | -0.05% |
| CAD/USD 01/21/2015 SSBT | -0.21% |
| GBP/USD 03/18/2015 UBS | -0.37% |
| EUR/USD 03/18/2015 CSI-FX | -0.42% |
Prior top 10 holdings
| Top 10 holdings as of 01/31/15 | |
|---|---|
| 1: Intelsat Luxemb Usd 07.7500 06/01/2021 | 0.78% |
| 2: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.75% |
| 3: Altice P/P 144a 07.7500 05/15/2022 | 0.56% |
| 4: Avaya P/P 144a 07.0000 04/01/2019 | 0.55% |
| 5: Nrg Energy 07.8750 05/15/2021 | 0.54% |
| 6: Hca 06.5000 02/15/2020 | 0.53% |
| 7: Legrand France Usd 08.5000 02/15/2025 | 0.53% |
| 8: Sprint Capital Corporation 06.8750 11/15/2028 | 0.53% |
| 9: Clear Channel Commun 09.0000 12/15/2019 | 0.51% |
| 10: Sprint Corp 07.8750 09/15/2023 | 0.49% |
| Holdings represent 5.77% of portfolio | |
| Top 10 holdings as of 12/31/14 | |
|---|---|
| 1: Intelsat Luxemb Usd 07.7500 06/01/2021 | 0.79% |
| 2: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.74% |
| 3: Hca 06.5000 02/15/2020 | 0.58% |
| 4: Avaya P/P 144a 07.0000 04/01/2019 | 0.55% |
| 5: Nrg Energy 07.8750 05/15/2021 | 0.55% |
| 6: Altice P/P 144a 07.7500 05/15/2022 | 0.54% |
| 7: Clear Channel Commun 09.0000 12/15/2019 | 0.52% |
| 8: Legrand France Usd 08.5000 02/15/2025 | 0.52% |
| 9: Sprint Capital Corporation 06.8750 11/15/2028 | 0.51% |
| 10: Numericable-Sfr P/P 144a 06.0000 05/15/2022 | 0.49% |
| Holdings represent 5.79% of portfolio | |
| Top 10 holdings as of 11/30/14 | |
|---|---|
| 1: Intelsat Luxemb Usd 07.7500 06/01/2021 | 0.78% |
| 2: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.69% |
| 3: Hca 06.5000 02/15/2020 | 0.64% |
| 4: Clear Channel Commun 09.0000 12/15/2019 | 0.54% |
| 5: Altice P/P 144a 07.7500 05/15/2022 | 0.51% |
| 6: American Axle Mfg 07.7500 11/15/2019 | 0.51% |
| 7: Avaya P/P 144a 07.0000 04/01/2019 | 0.51% |
| 8: Nrg Energy 07.8750 05/15/2021 | 0.51% |
| 9: Sprint Capital Corporation 06.8750 11/15/2028 | 0.50% |
| 10: Legrand France Usd 08.5000 02/15/2025 | 0.47% |
| Holdings represent 5.66% of portfolio | |
| Top 10 holdings as of 10/31/14 | |
|---|---|
| 1: Hca 06.5000 02/15/2020 | 0.79% |
| 2: Intelsat Luxemb Usd 07.7500 06/01/2021 | 0.76% |
| 3: Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.67% |
| 4: Clear Channel Commun 09.0000 12/15/2019 | 0.53% |
| 5: Sprint Capital Corporation 06.8750 11/15/2028 | 0.52% |
| 6: American Axle Mfg 07.7500 11/15/2019 | 0.51% |
| 7: Nrg Energy 07.8750 05/15/2021 | 0.51% |
| 8: Altice P/P 144a 07.7500 05/15/2022 | 0.50% |
| 9: Avaya P/P 144a 07.0000 04/01/2019 | 0.50% |
| 10: Lightstream P/P 144a 08.6250 02/01/2020 | 0.48% |
| Holdings represent 5.77% of portfolio | |
Sector Weightings as of 01/31/15
| Cash Investment | Non-Cash Investment | Total Portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread Duration | Weight | Spread Duration | Weight | Spread Duration | |
| High-yield corporate bonds | 80.72% | 3.51 | 0.00% | 0.00 | 80.72% | 3.51 |
| Investment-grade corporate bonds | 5.85% | 0.37 | 0.00% | 0.00 | 5.85% | 0.37 |
| Bank loans | 5.25% | 0.21 | 0.00% | 0.00 | 5.25% | 0.21 |
| Net cash | 4.66% | 0.00 | 0.00% | 0.00 | 4.66% | 0.00 |
| Equity investments | 2.60% | 0.02 | 0.00% | 0.00 | 2.60% | 0.02 |
| Emerging-market bonds | 0.92% | 0.05 | 0.00% | 0.00 | 0.92% | 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.