Putnam Allstate Advisor Plus

Putnam High Yield Subaccount

The subaccount seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.

Putnam High Yield Subaccount

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.Focus on performance: The managers can invest across a range of industries and companies, and can adjust the fund's holdings to capitalize on market opportunities.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

Daily pricing as of 07/15/19

with optional enhanced death benefits
Unit Value $22.649557 $21.99074
Unit Value Change -0.003003 -0.003187

Lipper ranking ‡ as of 06/30/19

Category: High Yield Funds

  Percentile ranking Rank/Funds in category
10 yrs. 73% 54/73
1 yr. 70% 73/104
3 yrs. 61% 61/100
5 yrs. 63% 61/96

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.

Quick facts as of 06/30/19

Fiscal Year End December
Asset Class Putnam Allstate Advisor Plus
Subaccount Status Open to new investors
Number of issues 514
Turnover (fiscal year end) 31%
Net Assets $187M
Inception Date 02/01/88

Performance

Performance as of 06/30/19

Annualized Performance Last Quarter Year
to Date		 1 yr. 3 yrs. 5 yrs. 10 yrs. Life of
subaccount
Restated performance
Unit Value 2.12% 9.18% 4.56% 4.81% 1.96% 6.38% 5.53%
Standardized -5.88% 1.18% -3.44% 2.32% 0.83% 6.38% 5.53%
With optional enhanced death benefit
Unit Value 2.08% 9.10% 4.40% 4.65% 1.81% 6.22% 5.37%
Standardized -5.92% 1.10% -3.60% 2.16% 0.67% 6.22% 5.37%
Actual performance
Unit Value 2.12% 9.18% 4.56% 4.81% 1.96% 6.38% 4.31%
Standardized -5.88% 1.18% -3.44% 2.32% 0.83% 6.38% 4.31%
With optional enhanced death benefit
Unit Value 2.08% 9.10% 4.40% 4.65% 1.81% 6.22% 4.15%
Standardized -5.92% 1.10% -3.60% 2.16% 0.67% 6.22% 4.15%

Annual Performance at NAV

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
47.78% 12.22% 0.13% 14.15% 6.13% -0.07% -6.87% 13.70% 5.27% -5.61%
With optional enhanced death benefit
47.56% 12.05% -0.02% 13.97% 5.97% -0.22% -7.01% 13.53% 5.11% -5.75%

Restated performance

Monthly as of 06/30/19

Unit Value 2.06%
Standardized -5.94%

YTD as of 07/15/19

Unit Value 9.28%
Standardized 1.28%

With optional enhanced death benefit

Monthly as of 06/30/19

Unit Value 2.05%
Standardized -5.95%

YTD as of 07/15/19

Unit Value 9.19%
Standardized 1.19%

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 Capital Manager products are flexible-premium variable annuities held by Talcott Resolution Life, Inc., 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 Talcott Resolution 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 Talcott Resolution 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.

Risk Characteristics as of 06/30/19

Avg. Eff. Maturity 4.11
Avg. Price 103.61
Avg. Eff. Duration 3.13
Avg. Coupon 5.99
Avg. Yield to Maturity 5.74
Alpha (%) --
Beta 1.03
R Squared 0.98
Standard Deviation (3 yrs.) 4.50

Maturity Details

0 to 1 yr. 17.34%
1 to 5 yrs. 51.03%
5 to 10 yrs. 27.74%
10 to 15 yrs. 2.20%
Over 15 yrs. 1.69%

Quality Ratings

A 0.22%
BBB 8.51%
BB 41.42%
B 32.34%
CCC and Below 9.23%
Not Rated 1.98%
Net cash 6.30%

Holdings

Top 10 holdings as of 06/30/19

Bausch Health 2.05%
Sprint Communications 1.85%
Altice USA 1.85%
Charter Communications 1.68%
Ally Financial 1.21%
Community Health Systems 1.12%
T-Mobile 0.94%
Tenet Healthcare 0.93%
DELL Technologies 0.86%
Intelsat 0.86%
Top 10 holdings, total: 13.35%

 
Full portfolio  |  Prior top 10 holdings

Full Portfolio Holdings as of 03/31/19
ALLY FINANCIAL INC 08.0000 11/01/2031 0.86%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.70%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.70%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.68%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.65%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.60%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.59%
SPRINT CORP 07.8750 09/15/2023 0.59%
REFINITIV TLB L+375 06.2486 10/01/2025 0.52%
CEQUEL COM & CAP P/P 144A 07.5000 04/01/2028 0.51%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 0.48%
SPRINT CORP 07.2500 09/15/2021 0.48%
DISH DBS CORP 05.8750 11/15/2024 0.47%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.47%
BAUSCH HLTH COS INC P/P 144A 06.1250 04/15/2025 0.46%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.45%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.44%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.43%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.43%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.43%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.43%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.42%
INTELSAT CONNECT FIN P/P 144A 09.5000 02/15/2023 0.42%
NAVISTAR INTL TLB L+350 05.8900 11/06/2024 0.42%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.42%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.42%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.42%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.41%
TENET HEALTHCARE 06.0000 10/01/2020 0.41%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.41%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.40%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.40%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.40%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.40%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.40%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.39%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.39%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.39%
LEVEL 3 FINANCING INC 05.2500 03/15/2026 0.39%
PULTEGROUP INC. 07.8750 06/15/2032 0.39%
TRANSDIGM INC 06.3750 06/15/2026 0.39%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.38%
CALPINE CORPORATION 05.7500 01/15/2025 0.38%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.37%
EQUINIX INC 05.3750 05/15/2027 0.37%
GRAY TELEVISION INC P/P 144A 07.0000 05/15/2027 0.37%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.37%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.36%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.36%
GFL ENVIRONMENTAL P/P 144A 07.0000 06/01/2026 0.36%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.36%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.36%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.36%
STARFRUIT US/STAR FI P/P 144A 08.0000 10/01/2026 0.36%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.35%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.35%
SS&C TECH INC P/P 144A 05.5000 09/30/2027 0.35%
CIT GROUP INC 05.0000 08/01/2023 0.34%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.34%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.34%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.34%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.34%
CEC ENT INC 08.0000 02/15/2022 0.33%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.33%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.33%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.33%
NRG ENERGY INC 06.6250 01/15/2027 0.33%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.33%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.32%
LEVEL 3 FINANCING INC 05.6250 02/01/2023 0.32%
SERVICE CORP INTL 05.3750 05/15/2024 0.32%
WEWORK COS INC P/P 144A 07.8750 05/01/2025 0.32%
ALTICE FINCO S.A. P/P 144A 07.6250 02/15/2025 0.31%
BANFF MERGER SUB INC P/P 144A 09.7500 09/01/2026 0.31%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.31%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.31%
FRONTIER COMM 11.0000 09/15/2025 0.31%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.31%
ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 0.31%
AES CORP/THE 05.5000 04/15/2025 0.30%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.30%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.30%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.30%
GREAT LAKES D&D 08.0000 05/15/2022 0.30%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.30%
MEREDITH CORP 06.8750 02/01/2026 0.30%
SERVICE CORP INTL 05.3750 01/15/2022 0.30%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 0.30%
BAUSCH HLTH COS INC P/P 144A 07.0000 03/15/2024 0.29%
T-MOBILE USA INC 06.3750 03/01/2025 0.29%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.28%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 0.28%
ASURION 2NDL L+650 08.9986 08/04/2025 0.28%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.28%
CENTENE CORP 06.1250 02/15/2024 0.28%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.28%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.28%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.28%
NABORS INDUSTRIES INC. 05.7500 02/01/2025 0.28%
STEVENS HLDG CO INC P/P 144A 06.1250 10/01/2026 0.28%
USA COMPRESSION PART 06.8750 04/01/2026 0.28%
USG CORP P/P 144A 04.8750 06/01/2027 0.28%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.28%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.27%
ALTICE FRANCE SA P/P 144A 07.3750 05/01/2026 0.27%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.27%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.27%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.27%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.27%
HCA INC 05.2500 06/15/2026 0.27%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.27%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.27%
LIONS GATE CAP HOLD P/P 144A 05.8750 11/01/2024 0.27%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.27%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.27%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.27%
AKER BP ASA P/P 144A 05.8750 03/31/2025 0.26%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.26%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.26%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.26%
ITRON INC P/P 144A 05.0000 01/15/2026 0.26%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.26%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.26%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.26%
ARCELORMITTAL USD 07.0000 10/15/2039 0.25%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.25%
BRAND ENERGY TL L+425 06.9561 06/21/2024 0.25%
CHESAPEAKE ENERGY CORPORATION 08.0000 01/15/2025 0.25%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.25%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.25%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.25%
SCIENTIFIC GAMES P/P 144A 08.2500 03/15/2026 0.25%
TEVA PHARMACEUTICALS NE USD 06.7500 03/01/2028 0.25%
TRANSDIGM INC P/P 144A 06.2500 03/15/2026 0.25%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.24%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.24%
CLEAR CHANNEL TLD L+875 11.2430 01/30/2020 0.24%
COMSTOCK RESOURCES P/P 144A 09.7500 08/15/2026 0.24%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.24%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.24%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.24%
ON SEMICONDUC CV 01.0000 12/01/2020 0.24%
VISTRA OPERATIONS CO P/P 144A 05.5000 09/01/2026 0.24%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.24%
APERGY CORP 06.3750 05/01/2026 0.23%
BAUSCH HLTH AMERICAS P/P 144A 08.5000 01/31/2027 0.23%
BAUSCH HLTH AMERICAS P/P 144A 09.2500 04/01/2026 0.23%
DIAMOND BC BV P/P 144A 05.6250 08/15/2025 0.23%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.23%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.23%
KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 0.23%
NRG ENERGY INC 07.2500 05/15/2026 0.23%
PQ CORP P/P 144A 05.7500 12/15/2025 0.23%
STARWOOD PROP TR 04.7500 03/15/2025 0.23%
TOPBUILD CORP P/P 144A 05.6250 05/01/2026 0.23%
TRAVELPORT CORP FIN P/P 144A 06.0000 03/15/2026 0.23%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.23%
USI INC/NY P/P 144A 06.8750 05/01/2025 0.23%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.23%
ALLY FINANCIAL INC 0.22%
AMC ENTERTAINMENT HLDGS 05.7500 06/15/2025 0.22%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.22%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.22%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.22%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.22%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.22%
EPR PROPERTIES 05.7500 CUM CV PFD 0.22%
HUB INTL LTD P/P 144A 07.0000 05/01/2026 0.22%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.22%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.22%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.22%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.22%
PRECISION DRILL P/P 144A 07.1250 01/15/2026 0.22%
SYNGENTA FINANCE NV P/P 144A 04.8920 04/24/2025 0.22%
SYNGENTA FINANCE NV P/P 144A 05.1820 04/24/2028 0.22%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.22%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.22%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.21%
DCP MIDSTREAM P/P 144A 06.7500 09/15/2037 0.21%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.21%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.21%
JO-ANN STORES 2NDL L+925 11.7272 05/21/2024 0.21%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.21%
TALBOTS TLB L+700 09.4986 11/28/2022 0.21%
US CONCRETE INC 06.3750 06/01/2024 0.21%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.21%
ZIGGO BOND CO BV P/P 144A 06.0000 01/15/2027 0.21%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.20%
BEACON ROOFING SUPP P/P 144A 04.8750 11/01/2025 0.20%
CF INDUSTRIES INC 04.9500 06/01/2043 0.20%
CHEMOURS CO 07.0000 05/15/2025 0.20%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.20%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.20%
INFOR US INC 06.5000 05/15/2022 0.20%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.20%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.20%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.20%
T-MOBILE USA INC 04.7500 02/01/2028 0.20%
T-MOBILE USA INC 05.3750 04/15/2027 0.20%
VERTIV TLB L+400 06.6289 11/15/2023 0.20%
ALLEGHENY TECHNOLOGIES 07.8750 08/15/2023 0.19%
BAUSCH HLTH COS INC P/P 144A 09.0000 12/15/2025 0.19%
CENTENE CORP 04.7500 05/15/2022 0.19%
CHARTER COMMUNICATIONS INC-A 0.19%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.19%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.19%
LOUISIANA-PACIFIC CORPORATION 04.8750 09/15/2024 0.19%
NETFLIX INC 04.8750 04/15/2028 0.19%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.19%
SM ENERGY CO 05.0000 01/15/2024 0.19%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.19%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.19%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.19%
CARRIAGE SVCS INC P/P 144A 06.6250 06/01/2026 0.18%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.18%
ENERGY TRANSFER OPERA 05.8750 01/15/2024 0.18%
FIRST QUANTUM MINERA P/P 144A 06.8750 03/01/2026 0.18%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.18%
HCA INC 05.0000 03/15/2024 0.18%
LIONS GATE CAP HOLD P/P 144A 06.3750 02/01/2024 0.18%
LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 0.18%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.18%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.18%
NCI BUILDING SYS INC P/P 144A 08.0000 04/15/2026 0.18%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.18%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.18%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 0.18%
TMX FIN LLC/TITLEMAX P/P 144A 11.1250 04/01/2023 0.18%
USG CORP P/P 144A 05.5000 03/01/2025 0.18%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.18%
ALPHA 2 BV P/P 144A 08.7500 06/01/2023 0.17%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.17%
BAUSCH HEALTH COS INC REGS 04.5000 05/15/2023 0.17%
CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 0.17%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.17%
GLP CAPITAL LP / FIN II 05.2500 06/01/2025 0.17%
GREIF INC P/P 144A 06.5000 03/01/2027 0.17%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.17%
KRONOS 2NDL L+825 10.9862 11/01/2024 0.17%
MICROCHIP TEC CV 01.6250 02/15/2027 0.17%
NATIONSTAR MTG P/P 144A 08.1250 07/15/2023 0.17%
OASIS PETROLEUM INC P/P 144A 06.2500 05/01/2026 0.17%
PANTHER BF AGGRE 2 P/P 144A 08.5000 05/15/2027 0.17%
PAR PHARMA INC P/P 144A 07.5000 04/01/2027 0.17%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.17%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.17%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.17%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.17%
TEVA PHARMACEUTICALS NE USD 06.0000 04/15/2024 0.17%
VISTRA ENERGY CORP 07.6250 11/01/2024 0.17%
WHITING PETROLEUM CORP 06.6250 01/15/2026 0.17%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.17%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.17%
ALBERTSONS COS LLC P/P 144A 07.5000 03/15/2026 0.16%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.16%
BOMBARDIER INC P/P 144A 07.8750 04/15/2027 0.16%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.16%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.16%
CIT GROUP INC 0.16%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.16%
EAGLECLAW MID TL L+425 06.8789 06/30/2024 0.16%
FOREST CITY TLB L+400 06.5122 12/07/2025 0.16%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.16%
HUSKY TLB L+300 05.4986 03/28/2025 0.16%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.16%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.16%
LIVE NATION ENT P/P 144A 04.8750 11/01/2024 0.16%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.16%
TENNANT CO 05.6250 05/01/2025 0.16%
WPX ENERGY INC 08.2500 08/01/2023 0.16%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.15%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.15%
ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 0.15%
CALIFORNIA RESOURC TL L+475 07.2455 12/31/2022 0.15%
CALIFORNIA RESOURCES L+1038 12.8705 12/31/2021 0.15%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.15%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.15%
CSC HOLDINGS LLC P/P 144A 07.7500 07/15/2025 0.15%
FREEDOM MTGE CORP P/P 144A 08.2500 04/15/2025 0.15%
LENNAR CORP 05.8750 11/15/2024 0.15%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.15%
ORYX TLB L+325 05.7486 02/28/2025 0.15%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 0.15%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.15%
TENET HEALTHCARE CORP 08.1250 04/01/2022 0.15%
WEATHERFORD BERMUDA 09.8750 02/15/2024 0.15%
WIDEOPENWEST TLB L+325 05.7406 08/19/2023 0.15%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.14%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.14%
CONSTELLIUM NV P/P 144A 06.6250 03/01/2025 0.14%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.14%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.14%
LLOYDS BANK PLC 13.0000 01/29/2049 0.14%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.14%
MERCER INTL INC USD 06.5000 02/01/2024 0.14%
QORVO INC P/P 144A 05.5000 07/15/2026 0.14%
ROBERTSHAW US HOLDING L+350 06.0000 02/28/2025 0.14%
SESI LLC 07.7500 09/15/2024 0.14%
TARGA RESOURCES PART 05.0000 01/15/2028 0.14%
THE AES CORPORATION 04.8750 05/15/2023 0.14%
TRAVELPORT TLB L+500 07.6326 03/18/2026 0.14%
WILLIAMS COS INC 07.7500 06/15/2031 0.14%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.13%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.13%
ALTICE FRANCE SA P/P 144A 06.2500 05/15/2024 0.13%
AVAYA HOLDINGS CORP 0.13%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.13%
BAUSCH HEALTH TLB L+300 05.4809 06/01/2025 0.13%
CIT GROUP INC. 05.2500 03/07/2025 0.13%
CLEAR CHANNEL WORLD P/P 144A 09.2500 02/15/2024 0.13%
CONSTELLIUM NV P/P 144A 05.8750 02/15/2026 0.13%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.13%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.13%
HCA INC. 07.5000 02/15/2022 0.13%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.13%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.13%
LIVE NATION ENTERTAINMENT IN 0.13%
MASTEC INC 04.8750 03/15/2023 0.13%
NETFLIX INC. P/P 144A 05.8750 11/15/2028 0.13%
RESIDEO FUNDING INC P/P 144A 06.1250 11/01/2026 0.13%
ROBERTSHAW TL 2L L+800 10.5000 02/28/2026 0.13%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.13%
T-MOBILE US INC 0.13%
TRANSOCEAN PONTUS LT P/P 144A 06.1250 08/01/2025 0.13%
TRAVERSE TLB L+400 06.6000 09/27/2024 0.13%
VISTRA ENERGY CORP P/P 144A 08.1250 01/30/2026 0.13%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.13%
WPX ENERGY INC 05.7500 06/01/2026 0.13%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.12%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.12%
CHEMOURS CO 05.3750 05/15/2027 0.12%
CHS/COMMUNITY HEALT P/P 144A 08.1250 06/30/2024 0.12%
CROWN AMER/CAP 04.7500 02/01/2026 0.12%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.12%
ENSCO PLC USD 07.7500 02/01/2026 0.12%
JAGGED PEAK ENERGY 05.8750 05/01/2026 0.12%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.12%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.12%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.12%
SPRINGLEAF FINANCE CORP 06.1250 05/15/2022 0.12%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.11%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.11%
AMC ENT HOLDIN 05.8750 11/15/2026 0.11%
ARD SECURITIES FIN P/P 144A 08.7500 01/31/2023 0.11%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.11%
AVAYA TLB L+425 06.7775 12/15/2024 0.11%
CEMEX P/P 144A 05.7000 01/11/2025 0.11%
CINEWORLD TLB L+250 04.9986 02/28/2025 0.11%
CIRSA FINANCE INTER P/P 144A 07.8750 12/20/2023 0.11%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.11%
DIAMONDBACK ENERGY INC 04.7500 11/01/2024 0.11%
DIGICEL LTD P/P 144A 06.7500 03/01/2023 0.11%
ENDEAVOR ENERGY P/P 144A 05.5000 01/30/2026 0.11%
ENERGY TRANSFER OPERATNG 05.5000 06/01/2027 0.11%
FAIRFAX FINL HLDGS USD 04.8500 04/17/2028 0.11%
GFL ENVIRONMENTAL P/P 144A 05.3750 03/01/2023 0.11%
JACOBS ENT INC P/P 144A 07.8750 02/01/2024 0.11%
JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 0.11%
JO-ANN STORES TL L+500 07.7610 10/16/2023 0.11%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.11%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.11%
OSHKOSH CORP 05.3750 03/01/2025 0.11%
TENET HEALTHCARE 04.6250 07/15/2024 0.11%
UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 0.11%
AES CORP/THE 05.1250 09/01/2027 0.10%
AIR METHODS TLB L+350 06.1010 04/21/2024 0.10%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.10%
ASCEND LEARNING TLB L+300 05.4986 07/12/2024 0.10%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.10%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.10%
BOYD GAMING CORP 06.3750 04/01/2026 0.10%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.10%
DCP MIDSTREAM OPERATING 05.3750 07/15/2025 0.10%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.10%
GFL ENVIRONMENTAL TLB L+300 05.4986 05/31/2025 0.10%
GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 0.10%
ISTAR INC 06.0000 04/01/2022 0.10%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.10%
MERCER INTL INC USD 05.5000 01/15/2026 0.10%
NETFLIX INC P/P 144A 06.3750 05/15/2029 0.10%
NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 0.10%
REVLON CONS TLB L+350 06.1289 09/07/2023 0.10%
SESI LLC 07.1250 12/15/2021 0.10%
TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 0.10%
VERMILION ENERGY INC P/P 144A 05.6250 03/15/2025 0.10%
VERTIV GROUP CORP P/P 144A 09.2500 10/15/2024 0.10%
VISTRA OPERATIONS CO P/P 144A 05.6250 02/15/2027 0.10%
ZIGGO BV P/P 144A 05.5000 01/15/2027 0.10%
AES CORP/THE 04.5000 03/15/2023 0.09%
BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 0.09%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.09%
BOYD GAMING CORPORATION 06.0000 08/15/2026 0.09%
CENTENE ESCROW I CO P/P 144A 05.3750 06/01/2026 0.09%
CINEMARK USA INC 04.8750 06/01/2023 0.09%
CREDIT ACCEPTANC P/P 144A 06.6250 03/15/2026 0.09%
EP ENER/EVEREST ACQ P/P 144A 07.7500 05/15/2026 0.09%
HOLOGIC INC P/P 144A 04.3750 10/15/2025 0.09%
IHS MARKIT LTD USD 04.7500 08/01/2028 0.09%
J. CREW GROUP TL L+322 05.9666 03/05/2021 0.09%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.09%
MERCER INTL INC USD 07.7500 12/01/2022 0.09%
NINE ENERGY SERVICE P/P 144A 08.7500 11/01/2023 0.09%
NINE POINT ENERGY CNV PRF 0.09%
NRG ENERGY INC 05.7500 01/15/2028 0.09%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.09%
SPRINGLEAF FINANCE CORP 07.1250 03/15/2026 0.09%
STAR MERGER SUB INC P/P 144A 06.8750 08/15/2026 0.09%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.09%
T-MOBILE USA INC 04.5000 02/01/2026 0.09%
TARGA RESOURCES PART P/P 144A 06.5000 07/15/2027 0.09%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.09%
TENET HEALTHCARE P/P 144A 06.2500 02/01/2027 0.09%
BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 0.08%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.08%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.08%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.08%
CHESAPEAKE ENERGY CORP 08.0000 06/15/2027 0.08%
CHS/COMMUNITY HEALTH P/P 144A 08.0000 03/15/2026 0.08%
DISH NETWORK CV 03.3750 08/15/2026 0.08%
DUN & BRADSTREET TLB L+500 07.4791 02/08/2026 0.08%
EP ENER/EVEREST ACQ P/P 144A 09.3750 05/01/2024 0.08%
FREEPORT-MCMORAN INC 05.4500 03/15/2043 0.08%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.08%
MGM GROWTH/MGM FINANCE 04.5000 01/15/2028 0.08%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.08%
REFINITIV US HLDG P/P 144A 06.2500 05/15/2026 0.08%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.08%
TRANSOCEAN INC 07.5000 04/15/2031 0.08%
TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 0.08%
ASCENT RESOURCES/AR P/P 144A 07.0000 11/01/2026 0.07%
BAUSCH HLTH COS INC P/P 144A 05.5000 11/01/2025 0.07%
BAUSCH HLTH COS INC P/P 144A 05.8750 05/15/2023 0.07%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.07%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 0.07%
KCA DEUTAG US FIN LLC L+675 09.5530 03/21/2023 0.07%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.07%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.07%
ORTHO-CLINICAL TLB L+325 05.7486 06/01/2025 0.07%
SERVICE CORP INTL 04.6250 12/15/2027 0.07%
SM ENERGY CO 06.6250 01/15/2027 0.07%
STEEL DYNAMICS INC 04.1250 09/15/2025 0.07%
TRANSDIGM INC 06.5000 05/15/2025 0.07%
VERTIV INT HOLD CORP P/P 144A 12.0000 02/15/2022 0.07%
WELLCARE HLTH PLANS P/P 144A 05.3750 08/15/2026 0.07%
ABC SUPPLY CO INC P/P 144A 05.8750 05/15/2026 0.06%
ANTERO RESOURCES CORP 05.0000 03/01/2025 0.06%
BAUSCH HLTH COS INC P/P 144A 05.7500 08/15/2027 0.06%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.06%
CLEVELAND-CLIFFS INC 05.7500 03/01/2025 0.06%
DENBURY RESOURCES P/P 144A 07.5000 02/15/2024 0.06%
ENERGIZER HLDG INC P/P 144A 06.3750 07/15/2026 0.06%
FRAC TECH INTL TLB L+475 07.2430 04/16/2021 0.06%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.06%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.06%
TARGA RESOURCES PART P/P 144A 06.8750 01/15/2029 0.06%
TRANSOCEAN POSEIDON P/P 144A 06.8750 02/01/2027 0.06%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.06%
ACADEMY SPORTS TLB L+400 06.4896 07/02/2022 0.05%
ALTA MESA HLDGS 07.8750 12/15/2024 0.05%
AMC ENTERTAINMENT HLDGS 06.1250 05/15/2027 0.05%
ARCELORMITTAL USD 06.1250 06/01/2025 0.05%
CINEMARK USA INC 05.1250 12/15/2022 0.05%
COMMSCOPE FIN LLC P/P 144A 05.5000 03/01/2024 0.05%
CPG INTL TL L+375 06.6330 05/05/2024 0.05%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.05%
IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 0.05%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.05%
NATIONSTAR MTG P/P 144A 09.1250 07/15/2026 0.05%
NAVISTAR FIN CORP TLB L+375 06.3125 07/30/2025 0.05%
NINE POINT ENERGY COM 0.05%
RACKSPACE HOSTING INC L+300 05.7375 11/03/2023 0.05%
RANGE RESOURCES CORP 05.0000 03/15/2023 0.05%
REALOGY GRP / CO P/P 144A 09.3750 04/01/2027 0.05%
SEVEN GENERATIONS ENERGY - A 0.05%
USA COM PART/USA COM P/P 144A 06.8750 09/01/2027 0.05%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.04%
COMMSCOPE FIN LLC P/P 144A 06.0000 03/01/2026 0.04%
LENNAR CORPORATION 04.7500 04/01/2021 0.04%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.04%
MERCER INTL INC P/P 144A 07.3750 01/15/2025 0.04%
CIT GROUP INC. 05.0000 08/15/2022 0.03%
ELDORADO RESORTS INC 06.0000 09/15/2026 0.03%
NABORS INDUSTRIES INC. 05.5000 01/15/2023 0.03%
PANTHER BF AGGREGA P/P 144A 06.2500 05/15/2026 0.03%
TRIBUNE CLASS 1C LITIGAT 0.03%
ADVANZ PHARMA CORP 0.02%
CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 0.02%
COMMSCOPE TECH LLC P/P 144A 05.0000 03/15/2027 0.02%
ENERGIZER HLDG INC P/P 144A 07.7500 01/15/2027 0.02%
GENON ENERGY/NRG AMER 09.3923 12/01/2023 0.02%
ISTAR INC. 05.2500 09/15/2022 0.02%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.02%
STANDARD IND INC P/P 144A 04.7500 01/15/2028 0.02%
WPX ENERGY INC 06.0000 01/15/2022 0.02%
GBP/USD 06/19/2019 UBS 0.01%
MWO HOLDINGS LLC 0.01%
SM ENERGY CO 06.1250 11/15/2022 0.01%
TRANSOCEAN INC P/P 144A 09.0000 07/15/2023 0.01%
TXU TCEH RIGHTS 0.01%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2020 0.00%
CHC GROUP LLC P/P 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
EUR/USD 06/19/2019 BANKAM 0.00%
GENON 939CER907 0.00%
KEANE GROUP TLB L+375 06.3125 05/25/2025 0.00%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.00%
TERVITA CORP 0.00%
TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 0.00%
CAD/USD 04/17/2019 JPMCB -0.01%

Prior top 10 holdings

Top 10 holdings as of 06/30/19
1: Bausch Health 2.05%
2: Sprint Communications 1.85%
3: Altice USA 1.85%
4: Charter Communications 1.68%
5: Ally Financial 1.21%
6: Community Health Systems 1.12%
7: T-Mobile 0.94%
8: Tenet Healthcare 0.93%
9: DELL Technologies 0.86%
10: Intelsat 0.86%
Holdings represent 13.35% of portfolio
Top 10 holdings as of 05/31/19
1: Bausch Health 2.07%
2: Sprint Communications 1.92%
3: Altice USA 1.90%
4: Charter Communications 1.62%
5: Altice Numericable 1.23%
6: Ally Financial 1.21%
7: Community Health Systems 1.15%
8: T-Mobile 0.96%
9: DELL Technologies 0.91%
10: Intelsat 0.90%
Holdings represent 13.87% of portfolio
Top 10 holdings as of 04/30/19
1: Bausch Health 1.97%
2: Altice USA 1.83%
3: Sprint Communications 1.76%
4: Charter Communications 1.40%
5: Ally Financial 1.19%
6: Community Health Systems 1.10%
7: Altice Numericable 1.01%
8: T-Mobile 0.92%
9: Intelsat 0.89%
10: Navistar International 0.88%
Holdings represent 12.95% of portfolio
Top 10 holdings as of 03/31/19
1: Bausch Health 1.98%
2: Cequel Communications 1.85%
3: Sprint Communications 1.78%
4: Charter Communications 1.41%
5: Ally Financial 1.19%
6: Community Health 1.10%
7: Altice Numericable 0.99%
8: T-Mobile 0.91%
9: Navistar International 0.88%
10: Intelsat 0.86%
Holdings represent 12.95% of portfolio

Sector Weightings as of 06/30/19

Cash Investment Non-Cash Investment Total Portfolio
Weight Spread Duration Weight Spread Duration Weight Spread Duration
High-yield corporate bonds 76.51% 2.44 0.00% 0.00 76.51% 2.44
Investment-grade corporate bonds 8.13% 0.46 0.00% 0.00 8.13% 0.46
Net cash 6.30% 0.00 0.00% 0.00 6.30% 0.00
Bank loans 5.04% 0.21 0.00% 0.00 5.04% 0.21
Equity investments 1.46% 0.00 0.00% 0.00 1.46% 0.00
Emerging-market bonds 1.16% 0.04 0.00% 0.00 1.16% 0.04
Convertible securities 0.96% 0.01 0.00% 0.00 0.96% 0.01
International Treasury/agency 0.44% 0.03 0.00% 0.00 0.44% 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.

Top Industry Sectors as of 06/30/19

Consumer cyclicals 18.92%
Communication services 12.78%
Basic materials 11.84%
Energy 11.28%
Financials 9.39%
Health care 8.67%
Capital goods 7.27%
Net Cash 6.30%
Consumer staples 5.18%
 
Other		 8.37%
Technology 5.06%
Utilities 3.05%
Transportation 0.26%

Country Allocation as of 06/30/19

United States 84.55%
Canada 5.26%
United Kingdom 1.75%
Luxembourg 1.52%
France 1.39%
Ireland 1.20%
Netherlands 1.07%
Switzerland 0.72%
Mexico 0.46%
 
Other		 2.08%
Bermuda 0.45%
Norway 0.44%
Israel 0.39%
Indonesia 0.32%
Cayman Islands 0.27%
Germany 0.11%
Jamaica 0.10%

Expenses

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.

CDSC

Year Percent
1 8.00%
2 8.00%
3 8.00%
4 7.00%
5 6.00%
6 5.00%
7 4.00%
8 3.00%
9+ 0.00%