High Yield Advantage Fund (PHYIX)
Seeking a high level of income for investors since 1986
- Highlights
- Performance
- Holdings
- Expenses
Summary
Fund price |
Yesterday's close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$5.82
0.17% ( $0.01 ) |
$5.86
(09/08/16) |
$5.08
(02/11/16) |
Management team
Norman P. Boucher (industry since 1985)
Robert L. Salvin (industry since 1986)
Strategy and process
- Income-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.
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com.
Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Performance
Consistency of positive performance over five years
Performance represents 5-year returns in rolling quarter-end periods since inception.
18.71%
Best 5-year annualized return
(for period ending 12/31/95)
-2.91%
Worst 5-year annualized return
(for period ending 09/30/02)
7.85%
Average 5-year annualized return
Dots represent 5-year returns in rolling quarter-end periods since inception.
97 positive 5-year periods
5 negative 5-year periods
| 95% | |
| 5% |
Performance shown above does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.
Total return (%) as of 06/30/16
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | -0.19% | 3.26% | 4.92% | 6.50% |
| After sales charge | -4.18% | 1.87% | 4.07% | 6.06% |
| JPMorgan Developed High Yield Index | 1.49% | 4.32% | 6.20% | 7.76% |
| Cumulative performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | -0.19% | 10.11% | 27.16% | 87.64% |
| After sales charge | -4.18% | 5.71% | 22.08% | 80.14% |
Annual performance as of 06/30/16
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Before sales charge | 12.11% | 3.44% | -24.22% | 48.32% | 13.34% | 3.15% | 15.11% | 6.81% | 1.94% | -5.42% |
| JPMorgan Developed High Yield Index | 11.58% | 2.69% | -26.80% | 58.76% | 14.86% | 6.59% | 15.67% | 8.42% | 2.15% | -4.53% |
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com.
Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. Data is historical. Past performance is no guarantee of future results.
The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.
Holdings
Top 10 holdings as of 08/31/16
| Ally Financial 08.0000 11/01/2031 | 0.66% |
|
|---|---|---|
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.66% |
|
| Advanced Disposal Srvces 08.2500 10/01/2020 | 0.64% |
|
| Caesars Ent Oper Tlb6b L+775 11.2500 03/01/2017 | 0.63% |
|
| Scientific Games Int 10.0000 12/01/2022 | 0.63% |
|
| Nrg Energy 07.8750 05/15/2021 | 0.57% |
|
| Sprint Corp 07.8750 09/15/2023 | 0.56% |
|
| Roc Fin Llc/Roc Fin P/P 144a 12.1250 09/01/2018 | 0.56% |
|
| Manitowoc Foodservic P/P 144a 09.5000 02/15/2024 | 0.54% |
|
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.54% |
|
| Top 10 holdings, percent of portfolio | 5.99% |
|
Full portfolio holdings as of 06/30/16
| ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 | 0.70% |
|---|---|
| CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 | 0.64% |
| ADVANCED DISPOSAL SRVCES 08.2500 10/01/2020 | 0.63% |
| ALLY FINANCIAL INC 08.0000 11/01/2031 | 0.62% |
| CAESARS ENT OPER TLB6B L+675 07.0052 03/01/2017 | 0.60% |
| NRG ENERGY INC 07.8750 05/15/2021 | 0.58% |
| ROC FIN LLC/ROC FIN P/P 144A 12.1250 09/01/2018 | 0.57% |
| SCIENTIFIC GAMES INT 10.0000 12/01/2022 | 0.56% |
| LEGRAND FRANCE USD 08.5000 02/15/2025 | 0.55% |
| GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 | 0.51% |
| INFOR US INC 06.5000 05/15/2022 | 0.49% |
| MANITOWOC FOODSERVIC P/P 144A 09.5000 02/15/2024 | 0.49% |
| WIDEOPENWEST FIN 10.2500 07/15/2019 | 0.49% |
| ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 | 0.48% |
| SPRINT CORP 07.8750 09/15/2023 | 0.48% |
| SPRINT CORP 07.2500 09/15/2021 | 0.47% |
| WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 | 0.47% |
| WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 | 0.47% |
| BOISE CASCADE 06.3750 11/01/2020 | 0.46% |
| AES CORP/VA 05.5000 04/15/2025 | 0.44% |
| GCP APPLIED TECH P/P 144A 09.5000 02/01/2023 | 0.44% |
| HCA INC 06.5000 02/15/2020 | 0.44% |
| WPX ENERGY INC 06.0000 01/15/2022 | 0.44% |
| T-MOBILE USA INC 06.1250 01/15/2022 | 0.43% |
| AVAYA INC P/P 144A 07.0000 04/01/2019 | 0.42% |
| CLEAR CHNL WORLD 06.5000 11/15/2022 | 0.42% |
| PENN NATL GAMING 05.8750 11/01/2021 | 0.42% |
| SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 | 0.42% |
| CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 | 0.41% |
| NUMERICABLE-SFR SA P/P 144A 06.0000 05/15/2022 | 0.41% |
| TENET HEALTHCARE 06.0000 10/01/2020 | 0.41% |
| WEST CORP P/P 144A 05.3750 07/15/2022 | 0.41% |
| SIX FLAGS ENT P/P 144A 05.2500 01/15/2021 | 0.39% |
| COVERIS HOLDINGS SA P/P 144A 07.8750 11/01/2019 | 0.38% |
| HOWARD HUGHES CORP P/P 144A 06.8750 10/01/2021 | 0.38% |
| 1011778 BC / NEW RED P/P 144A 06.0000 04/01/2022 | 0.37% |
| ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 | 0.37% |
| CALPINE CORP 05.7500 01/15/2025 | 0.37% |
| FRONTIER COMM 10.5000 09/15/2022 | 0.37% |
| NOVELIS INC 08.7500 12/15/2020 | 0.37% |
| SERVICE CORP INTL 05.3750 01/15/2022 | 0.37% |
| STEEL DYNAMICS INC 06.3750 08/15/2022 | 0.37% |
| HUB INTL LTD P/P 144A 07.8750 10/01/2021 | 0.36% |
| SUGAR HSP GAMING P/P 144A 06.3750 06/01/2021 | 0.36% |
| TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 | 0.36% |
| WEEKLEY HOMES LLC 06.0000 02/01/2023 | 0.36% |
| AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 | 0.35% |
| ASHTEAD CAPITAL INC P/P 144A 06.5000 07/15/2022 | 0.35% |
| BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 | 0.35% |
| DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 | 0.35% |
| JLL/DELTA DUTCH NEW P/P 144A 07.5000 02/01/2022 | 0.35% |
| SERVICE CORP INTL 05.3750 05/15/2024 | 0.35% |
| CAESARS GROWTH PROP TL L+525 06.2500 04/10/2021 | 0.34% |
| CHIRON MERGER SUB 10.5000 11/01/2018 | 0.34% |
| KLX INC P/P 144A 05.8750 12/01/2022 | 0.34% |
| NUMERICABLE-SFR SA P/P 144A 06.2500 05/15/2024 | 0.34% |
| CORRECTIONS CORP 04.6250 05/01/2023 | 0.33% |
| CRIMSON MERGER P/P 144A 06.6250 05/15/2022 | 0.33% |
| ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 | 0.33% |
| GRAY TELEVISION INC 07.5000 10/01/2020 | 0.33% |
| JO-ANN STORES INC P/P 144A 08.1250 03/15/2019 | 0.33% |
| PENSKE AUTO GRP INC 05.7500 10/01/2022 | 0.33% |
| ACADIA HEALTH 06.1250 03/15/2021 | 0.32% |
| BUILDERS FIRSTSOURCE P/P 144A 10.7500 08/15/2023 | 0.32% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 | 0.32% |
| IRON MOUNTAIN INCORPORATED 06.0000 08/15/2023 | 0.32% |
| LAREDO PETROLEUM INC 07.3750 05/01/2022 | 0.32% |
| REVLON CONSUMER PRODS 05.7500 02/15/2021 | 0.32% |
| RITE AID CORP P/P 144A 06.1250 04/01/2023 | 0.32% |
| EVEREST ACQ LLC/FIN 09.3750 05/01/2020 | 0.31% |
| HUDBAY MINERALS INC USD 09.5000 10/01/2020 | 0.31% |
| NATIONSTAR MORT/ 06.5000 07/01/2021 | 0.31% |
| NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 | 0.31% |
| NORTEK INC 08.5000 04/15/2021 | 0.31% |
| WINDSTREAM SERVICES LLC 06.3750 08/01/2023 | 0.31% |
| ZEBRA TECH CORP 07.2500 10/15/2022 | 0.31% |
| FIRST DATA CORP P/P 144A 07.0000 12/01/2023 | 0.30% |
| GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 | 0.30% |
| NAVISTAR TLB L+550 06.5000 08/07/2020 | 0.30% |
| PERSTORP HOLDING AB P/P 144A 08.7500 05/15/2017 | 0.30% |
| SPRINT COMM P/P 144A 09.0000 11/15/2018 | 0.30% |
| AMERICAN INTL GROUP 08.1750 05/15/2058 | 0.29% |
| CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 | 0.29% |
| CONSTELLATION BRANDS INC 06.0000 05/01/2022 | 0.29% |
| EXTERRAN PARTNERS/EX 06.0000 10/01/2022 | 0.29% |
| HALYARD HEALTH INC 06.2500 10/15/2022 | 0.29% |
| LOUISIANA PACIF 07.5000 06/01/2020 | 0.29% |
| NEWFIELD EXPLORATION CO 05.7500 01/30/2022 | 0.29% |
| OASIS PETROLEUM INC 06.8750 03/15/2022 | 0.29% |
| PULTEGROUP INC. 07.8750 06/15/2032 | 0.29% |
| SINCLAIR TELEVISION 06.3750 11/01/2021 | 0.29% |
| T-MOBILE USA INC 06.6250 04/01/2023 | 0.29% |
| CALATLANTIC GROUP INC. 06.2500 12/15/2021 | 0.28% |
| FIAT CHRYSLER AUTOMOBILE USD 05.2500 04/15/2023 | 0.28% |
| NIELSEN CO LUX SARL P/P 144A 5.500 10/01/2021 | 0.28% |
| NXP BV/NXP FUNDING L P/P 144A 04.6250 06/01/2023 | 0.28% |
| SABINE PASS LIQU 06.2500 03/15/2022 | 0.28% |
| SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 | 0.28% |
| SOUTHERN STAR CENT P/P 144A 05.1250 07/15/2022 | 0.28% |
| ZF NA CAPITAL P/P 144A 04.7500 04/29/2025 | 0.28% |
| BEACON ROOFING SUPPL 06.3750 10/01/2023 | 0.27% |
| CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 | 0.27% |
| CLEAR CHNL WORLD 07.6250 03/15/2020 | 0.27% |
| COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 | 0.27% |
| ELDORADO RESORTS INC 07.0000 08/01/2023 | 0.27% |
| MICRON TECH INC 05.8750 02/15/2022 | 0.27% |
| MOOG INC P/P 144A 05.2500 12/01/2022 | 0.27% |
| PROVIDENT FDG/PFG P/P 144A 06.7500 06/15/2021 | 0.27% |
| TMS INTL CORP P/P 144A 07.6250 10/15/2021 | 0.27% |
| UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 | 0.27% |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.27% |
| ACADEMY SPORTS TLB L+400 05.0000 07/02/2022 | 0.26% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 | 0.26% |
| CONCORDIA INTL P/P 144A 07.0000 04/15/2023 | 0.26% |
| DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 | 0.26% |
| GENON AMERICAS GENR LLC 08.5000 10/01/2021 | 0.26% |
| PLANTRONICS INC P/P 144A 05.5000 05/31/2023 | 0.26% |
| PRESTIGE BRANDS INC P/P 144A 05.3750 12/15/2021 | 0.26% |
| TRANSDIGM INC. 07.5000 07/15/2021 | 0.26% |
| AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 | 0.25% |
| CEC ENT INC 08.0000 02/15/2022 | 0.25% |
| DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 | 0.25% |
| DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 | 0.25% |
| DYNEGY INC. 06.7500 11/01/2019 | 0.25% |
| FRONTIER COMM 11.0000 09/15/2025 | 0.25% |
| GLP CAP LP / FIN II 04.8750 11/01/2020 | 0.25% |
| JLL/DELTA DUTCH PLED P/P 144A 08.7500 05/01/2020 | 0.25% |
| LEVEL 3 FINANCING IN 05.3750 08/15/2022 | 0.25% |
| MASTEC INC 04.8750 03/15/2023 | 0.25% |
| MATTAMY GROUP CORP P/P 144A 06.5000 11/15/2020 | 0.25% |
| REGENCY ENERGY PART/FINA 05.8750 03/01/2022 | 0.25% |
| ROC FINANCE TL L+375 05.0000 06/20/2019 | 0.25% |
| T-MOBILE USA INC 06.3750 03/01/2025 | 0.25% |
| AES CORP/VA 07.3750 07/01/2021 | 0.24% |
| AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 | 0.24% |
| BELDEN INC P/P 144A 05.2500 07/15/2024 | 0.24% |
| CAD/USD 07/21/2016 SSBT | 0.24% |
| FIRST DATA CORP P/P 144A 05.7500 01/15/2024 | 0.24% |
| ICAHN ENTER/FIN 06.0000 08/01/2020 | 0.24% |
| MERCER INTL INC USD 07.7500 12/01/2022 | 0.24% |
| ONEX USI AC P/P 144A 07.7500 01/15/2021 | 0.24% |
| TENET HEALTHCARE COR 04.1525 06/15/2020 | 0.24% |
| ALLY FINANCIAL INC 05.7500 11/20/2025 | 0.23% |
| BOMBARDIER INC P/P 144A 04.7500 04/15/2019 | 0.23% |
| CEMEX FINANCE LLC P/P 144A 09.3750 10/12/2022 | 0.23% |
| CENTENE CORP P/P 144A 06.1250 02/15/2024 | 0.23% |
| ESAL GMBH P/P 144A 06.2500 02/05/2023 | 0.23% |
| HILAND PART LP/CORP P/P 144A 07.2500 10/01/2020 | 0.23% |
| KINETICS/KCI USA P/P 144A 07.8750 02/15/2021 | 0.23% |
| KRATON POLYMERS P/P 144A 10.5000 04/15/2023 | 0.23% |
| NEUBERGER BERMAN P/P 144A 05.8750 03/15/2022 | 0.23% |
| SABRE GLBL INC P/P 144A 05.3750 04/15/2023 | 0.23% |
| T-MOBILE USA INC 06.2500 04/01/2021 | 0.23% |
| A SCHULMAN INC P/P 144A 06.8750 06/01/2023 | 0.22% |
| AMAG PHARMA INC P/P 144A 07.8750 09/01/2023 | 0.22% |
| AMSTED INDUSTRIES P/P 144A 05.3750 09/15/2024 | 0.22% |
| CIT GROUP INC 05.3750 05/15/2020 | 0.22% |
| COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 | 0.22% |
| DEVON FINANCING CORP LLC 07.8750 09/30/2031 | 0.22% |
| FIRST DATA CORP P/P 144A 05.3750 08/15/2023 | 0.22% |
| ISLE OF CAPRI CASINO 05.8750 03/15/2021 | 0.22% |
| JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 | 0.22% |
| NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 | 0.22% |
| STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 | 0.22% |
| WILLIAMS PARTNERS/ACMP 04.8750 05/15/2023 | 0.22% |
| CCO HLDGS LLC/CAP CORP 05.2500 09/30/2022 | 0.21% |
| CENTENE CORP 04.7500 05/15/2022 | 0.21% |
| CLEAR CHANNEL TLD L+675 07.2103 01/30/2019 | 0.21% |
| DEAN FOODS CO P/P 144A 06.5000 03/15/2023 | 0.21% |
| ICAHN ENTERPRISES/FI 05.8750 02/01/2022 | 0.21% |
| JC PENNEY CORP INC 08.1250 10/01/2019 | 0.21% |
| JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 | 0.21% |
| NORBORD INC P/P 144A 06.2500 04/15/2023 | 0.21% |
| NUMERICABLE-SFR SA P/P 144A 07.3750 05/01/2026 | 0.21% |
| OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 | 0.21% |
| REGENCY ENERGY PART/FINA 05.5000 04/15/2023 | 0.21% |
| TEREX CORP 06.0000 05/15/2021 | 0.21% |
| US CONCRETE INC P/P 144A 06.3750 06/01/2024 | 0.21% |
| USG CORP P/P 144A 05.5000 03/01/2025 | 0.21% |
| ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 | 0.20% |
| BLUELINE RENTAL FIN P/P 144A 07.0000 02/01/2019 | 0.20% |
| CHS/COMMUNITY HEALTH 06.8750 02/01/2022 | 0.20% |
| CONVATEC HEALTHCARE P/P 144A 10.5000 12/15/2018 | 0.20% |
| DYNEGY INC 07.6250 11/01/2024 | 0.20% |
| ENERGY TRANSFER EQUITY 07.5000 10/15/2020 | 0.20% |
| FREEPORT-MCMORAN OIL&GAS 06.8750 02/15/2023 | 0.20% |
| GBP/USD 09/21/2016 UBS | 0.20% |
| HCA INC 05.2500 06/15/2026 | 0.20% |
| HUNTSMAN INTL L 05.1250 11/15/2022 | 0.20% |
| KRATON POLYMERS TLB L+500 06.0000 01/06/2022 | 0.20% |
| NEWFIELD EXPLORATION CO 05.6250 07/01/2024 | 0.20% |
| ONEMAIN FIN HLDG INC P/P 144A 07.2500 12/15/2021 | 0.20% |
| OSHKOSH CORP 05.3750 03/01/2025 | 0.20% |
| REYNOLDS GRP ISS/REY P/P 144A 07.0000 07/15/2024 | 0.20% |
| SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 | 0.20% |
| SPRINGLEAF FIN CORP 07.7500 10/01/2021 | 0.20% |
| TEXAS COMP ELEC TL EXT L+450 04.9430 10/10/2017 | 0.20% |
| THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 | 0.20% |
| TRI POINTE GROUP / HOMES 05.8750 06/15/2024 | 0.20% |
| TRIBUNE MEDIA CO 05.8750 07/15/2022 | 0.20% |
| UNIVISION COMM P/P 144A 05.1250 02/15/2025 | 0.20% |
| VALEANT PHARMA P/P 144A 05.8750 05/15/2023 | 0.20% |
| ANTERO RESOURCES 05.3750 11/01/2021 | 0.19% |
| AVAYA TLB7 L+525 06.2500 05/29/2020 | 0.19% |
| BERRY PLASTICS CORP 05.1250 07/15/2023 | 0.19% |
| EMI MUSIC PUBLISHING P/P 144A 07.6250 06/15/2024 | 0.19% |
| GETTY IMAGES TLB L+350 04.7500 10/18/2019 | 0.19% |
| JELD-WEN TLB L+375 05.0000 07/01/2022 | 0.19% |
| JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 | 0.19% |
| LINN ENERGY LLC/FIN P/P 144A 12.0000 12/15/2020 | 0.19% |
| MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 | 0.19% |
| NRG ENERGY INC P/P 144A 07.2500 05/15/2026 | 0.19% |
| PULTEGROUP INC 05.5000 03/01/2026 | 0.19% |
| REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 | 0.19% |
| TEGNA INC P/P 144A 04.8750 09/15/2021 | 0.19% |
| WAYNE MERGER SUB LLC P/P 144A 08.2500 08/01/2023 | 0.19% |
| ASURION LLC 2NDL L+750 08.5000 03/03/2021 | 0.18% |
| BOYD GAMING CORPORATION 06.8750 05/15/2023 | 0.18% |
| BROOKFIELD RESID P/P 144A 06.5000 12/15/2020 | 0.18% |
| CBS OUT AMER CAP LLC 05.8750 03/15/2025 | 0.18% |
| CIT GROUP INC 05.0000 08/01/2023 | 0.18% |
| COMMSCOPE TECH FIN L P/P 144A 06.0000 06/15/2025 | 0.18% |
| CONCHO RESOURCES INC 05.5000 10/01/2022 | 0.18% |
| CREDIT ACCEPTANC 06.1250 02/15/2021 | 0.18% |
| DIAMOND 1 FIN/DIAMON P/P 144A 05.8750 06/15/2021 | 0.18% |
| LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 | 0.18% |
| MEG ENERGY TLB L+275 03.7500 03/31/2020 | 0.18% |
| REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 | 0.18% |
| STANDARD IND INC P/P 144A 05.3750 11/15/2024 | 0.18% |
| TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 | 0.18% |
| VALEANT PHARMA P/P 144A 06.1250 04/15/2025 | 0.18% |
| WILLIAMS COS INC 07.7500 06/15/2031 | 0.18% |
| AMC ENT INC 05.8750 02/15/2022 | 0.17% |
| BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 | 0.17% |
| CELANESE US HOLDINGS LLC 04.6250 11/15/2022 | 0.17% |
| CINEMARK USA INC 04.8750 06/01/2023 | 0.17% |
| COMMERZBANK AG P/P 144A 08.1250 09/19/2023 | 0.17% |
| EL PASO NATURAL GAS 08.6250 01/15/2022 | 0.17% |
| KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 | 0.17% |
| KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 | 0.17% |
| PETCO TLB1 L+400 05.0000 01/26/2023 | 0.17% |
| QWEST CORP 07.2500 09/15/2025 | 0.17% |
| SABINE PASS LIQUEFAC P/P 144A 05.8750 06/30/2026 | 0.17% |
| SEALED AIR CORP P/P 144A 06.8750 07/15/2033 | 0.17% |
| UNIVAR USA INC P/P 144A 06.7500 07/15/2023 | 0.17% |
| WIND ACQ FIN SA P/P 144A 07.3750 04/23/2021 | 0.17% |
| ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 | 0.17% |
| ACADIA HEALTHCARE CO 05.1250 07/01/2022 | 0.16% |
| ANTERO RESOURCES FIN 05.1250 12/01/2022 | 0.16% |
| BLUE CUBE SPINCO INC P/P 144A 09.7500 10/15/2023 | 0.16% |
| BUILDERS FIRSTSOURCE P/P 144A 07.6250 06/01/2021 | 0.16% |
| CINEMARK USA INC 05.1250 12/15/2022 | 0.16% |
| CIT GROUP INC 05.0000 08/15/2022 | 0.16% |
| CONCORDIA HEALTH TLB L+425 05.2500 10/21/2021 | 0.16% |
| CONTINENTAL RESOURCES 05.0000 09/15/2022 | 0.16% |
| CROWN CORK & SEAL CO INC 07.3750 12/15/2026 | 0.16% |
| CSC HOLDINGS LLC 05.2500 06/01/2024 | 0.16% |
| DFC FINANCE CORP P/P 144A 10.5000 06/15/2020 | 0.16% |
| ENDO FIN LLC/ENDO FI P/P 144A 05.8750 01/15/2023 | 0.16% |
| FIRST QUANTUM P/P 144A 06.7500 02/15/2020 | 0.16% |
| J CREW TLB L+300 04.0000 03/05/2021 | 0.16% |
| NEPTUNE FINCO CORP P/P 144A 10.1250 01/15/2023 | 0.16% |
| NEW GOLD INC P/P 144A 07.0000 04/15/2020 | 0.16% |
| RANGE RESOURCES CORP 05.7500 06/01/2021 | 0.16% |
| REGENCY ENERGY PART/FINA 05.0000 10/01/2022 | 0.16% |
| SABINE PASS LIQUEFAC 05.7500 05/15/2024 | 0.16% |
| SEVEN GENS ENER P/P 144A 08.2500 05/15/2020 | 0.16% |
| SM ENERGY CO 06.5000 01/01/2023 | 0.16% |
| SPECTRUM BRANDS INC 05.7500 07/15/2025 | 0.16% |
| TALBOTS INC 1STL L+450 05.5000 03/19/2020 | 0.16% |
| TENNECO INC 05.3750 12/15/2024 | 0.16% |
| WHITING PETROLEUM CORP 05.0000 03/15/2019 | 0.16% |
| ZF NA CAPITAL P/P 144A 04.5000 04/29/2022 | 0.16% |
| BANCO BILBAO VIZCAYA ARG REGS 09.0000 05/29/2049 | 0.15% |
| CAESARS ENT OPER TLB7 L+825 11.7500 03/01/2017 | 0.15% |
| CCO HLDGS LLC/CAP CORP 06.6250 01/31/2022 | 0.15% |
| CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 | 0.15% |
| CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 | 0.15% |
| CNO FINANCIAL GROUP INC 04.5000 05/30/2020 | 0.15% |
| DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 | 0.15% |
| JELD-WEN INC TLB L+425 05.2500 10/15/2021 | 0.15% |
| LENNAR CORP 04.5000 06/15/2019 | 0.15% |
| LLOYDS BANK PLC 13.0000 01/29/2049 | 0.15% |
| MASONITE INTL C P/P 144A 05.6250 03/15/2023 | 0.15% |
| MOLINA HEALTHCARE IN P/P 144A 05.3750 11/15/2022 | 0.15% |
| NEWFIELD EXPLORATION CO 05.3750 01/01/2026 | 0.15% |
| SCIENTIFIC GAMES TLB2 L+500 06.0000 10/01/2021 | 0.15% |
| SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 | 0.15% |
| VALEANT PHARMA P/P 144A 05.3750 03/15/2020 | 0.15% |
| YONKERS RACING 1STL L+325 04.2500 08/20/2019 | 0.15% |
| BON-TON DEPT STORES 10.6250 07/15/2017 | 0.14% |
| CEMEX SAB DE CV P/P 144A 05.7000 01/11/2025 | 0.14% |
| CNO FINANCIAL GROUP INC 05.2500 05/30/2025 | 0.14% |
| CONTINENTAL RES 04.5000 04/15/2023 | 0.14% |
| DH SERVICES LUX SARL P/P 144A 07.7500 12/15/2020 | 0.14% |
| HALCON RESOURCES COR 08.8750 05/15/2021 | 0.14% |
| HESS CORP 07.3000 08/15/2031 | 0.14% |
| LENNAR CORPORATION 04.7500 04/01/2021 | 0.14% |
| NEPTUNE FINCO CORP P/P 144A 10.8750 10/15/2025 | 0.14% |
| PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 | 0.14% |
| SEALED AIR CORP P/P 144A 05.2500 04/01/2023 | 0.14% |
| STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 | 0.14% |
| T-MOBILE USA INC 06.6330 04/28/2021 | 0.14% |
| ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 | 0.13% |
| ARCELORMITTAL USD 06.1250 06/01/2025 | 0.13% |
| ARCELORMITTAL USD 10.8500 06/01/2019 | 0.13% |
| BANK OF AMERICA CORP 06.5000 10/29/2049 | 0.13% |
| CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 | 0.13% |
| DAVID'S BRIDAL TLB L+400 05.0000 10/11/2019 | 0.13% |
| DEL MONTE 2NDL L+725 08.2500 08/18/2021 | 0.13% |
| HALCON RESOURCES COR P/P 144A 08.6250 02/01/2020 | 0.13% |
| HANESBRANDS INC P/P 144A 04.6250 05/15/2024 | 0.13% |
| ISTAR INC CV 03.0000 11/15/2016 | 0.13% |
| MPT OPER PARTNERSP/FINL 06.3750 02/15/2022 | 0.13% |
| OASIS PETROLEUM INC 06.8750 01/15/2023 | 0.13% |
| PHH CORP 06.3750 08/15/2021 | 0.13% |
| SABINE PASS LNG LP 06.5000 11/01/2020 | 0.13% |
| SM ENERGY CO 06.1250 11/15/2022 | 0.13% |
| SPECTRUM BRANDS INC 06.1250 12/15/2024 | 0.13% |
| STEEL DYNAMICS INC 05.5000 10/01/2024 | 0.13% |
| TAYLOR MORRISON P/P 144A 05.6250 03/01/2024 | 0.13% |
| TRANSDIGM INC P/P 144A 06.3750 06/15/2026 | 0.13% |
| VIRGIN MEDIA SEC P/P 144A 05.3750 04/15/2021 | 0.13% |
| WHITEWAVE FOODS CO 05.3750 10/01/2022 | 0.13% |
| WPX ENERGY INC 07.5000 08/01/2020 | 0.13% |
| AES CORP/VA 04.8750 05/15/2023 | 0.12% |
| AMC ENT INC 05.7500 06/15/2025 | 0.12% |
| ANADARKO PETROLEUM CORP 05.5500 03/15/2026 | 0.12% |
| AVIS BUDGET CAR/FINA P/P 144A 05.1250 06/01/2022 | 0.12% |
| BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 | 0.12% |
| CALPINE CORP P/P 144A 06.0000 01/15/2022 | 0.12% |
| CHEMOURS CO 06.6250 05/15/2023 | 0.12% |
| CREDIT SUISSE GRP AG P/P 144A 06.2500 12/29/2049 | 0.12% |
| ENTERCOM RADIO LLC 10.5000 12/01/2019 | 0.12% |
| FIRST QUANTUM P/P 144A 07.0000 02/15/2021 | 0.12% |
| JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 | 0.12% |
| L BRANDS INC 05.6250 02/15/2022 | 0.12% |
| MANITOWOC FOODSERVICE L+475 05.7500 03/03/2023 | 0.12% |
| ONEMAIN FIN HLDG INC P/P 144A 06.7500 12/15/2019 | 0.12% |
| PILGRIM'S PRIDE CORP P/P 144A 05.7500 03/15/2025 | 0.12% |
| QUORUM HEALTH TL L+575 06.7500 04/29/2022 | 0.12% |
| REYNOLDS GROUP HLDG 08.2500 02/15/2021 | 0.12% |
| RIVERS PITTSBURGH LP P/P 144A 09.5000 06/15/2019 | 0.12% |
| SANDRIDGE ENERGY INC P/P 144A 08.7500 06/01/2020 | 0.12% |
| UNIVISION COMM INC. P/P 144A 08.5000 05/15/2021 | 0.12% |
| WILLIAMS PARTNERS/ACMP 06.1250 07/15/2022 | 0.12% |
| 1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 | 0.11% |
| AES CORP/VA 08.0000 06/01/2020 | 0.11% |
| ALTICE FINANCING SA P/P 144A 06.6250 02/15/2023 | 0.11% |
| ALTICE FINCO SA P/P 144A 07.6250 02/15/2025 | 0.11% |
| ANTERO RESOURCES COR 05.6250 06/01/2023 | 0.11% |
| CALATLANTIC GROUP INC 05.8750 11/15/2024 | 0.11% |
| CBS OUT AMER CAP LLC 05.6250 02/15/2024 | 0.11% |
| CHS/COMMUNITY HEALTH 05.1250 08/01/2021 | 0.11% |
| CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 | 0.11% |
| CREDIT ACCEPTANC 07.3750 03/15/2023 | 0.11% |
| DISH DBS CORP 05.8750 11/15/2024 | 0.11% |
| E*TRADE FINANCIAL CORP 04.6250 09/15/2023 | 0.11% |
| E*TRADE FINANCIAL CORP 05.3750 11/15/2022 | 0.11% |
| ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 | 0.11% |
| ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 | 0.11% |
| FREEPORT-MCMORAN OIL&GAS 06.7500 02/01/2022 | 0.11% |
| GBP/USD 09/21/2016 JPMCB | 0.11% |
| GENON AMERICAS GENR LLC 09.1250 05/01/2031 | 0.11% |
| GIBSON BRANDS INC P/P 144A 08.8750 08/01/2018 | 0.11% |
| HD SUPPLY INC P/P 144A 05.7500 04/15/2024 | 0.11% |
| LEVEL 3 COMMUNICATIONS INC. 05.7500 12/01/2022 | 0.11% |
| MICRON TECH INC P/P 144A 07.5000 09/15/2023 | 0.11% |
| NAVISTAR INTERNATIONAL CORP 08.2500 11/01/2021 | 0.11% |
| OSHKOSH CORP 05.3750 03/01/2022 | 0.11% |
| PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 | 0.11% |
| REYNOLDS GROUP 09.8750 08/15/2019 | 0.11% |
| TRAVELPORT TLB L+400 05.0000 09/02/2021 | 0.11% |
| CABLEVISION SYSTEMS CORP 07.7500 04/15/2018 | 0.10% |
| CHESAP OIL OP/FN 06.6250 11/15/2019 | 0.10% |
| CLEAR CHANNEL COMMUN 09.0000 12/15/2019 | 0.10% |
| CONCHO RESOURCES INC 05.5000 04/01/2023 | 0.10% |
| FAMILY TREE ESCROW L P/P 144A 05.7500 03/01/2023 | 0.10% |
| FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 | 0.10% |
| GENON ENERGY INC 09.8750 10/15/2020 | 0.10% |
| GLP CAPITAL LP / FIN II 05.3750 04/15/2026 | 0.10% |
| HD SUPPLY INC. 07.5000 07/15/2020 | 0.10% |
| MPT OPER PARTNERSP/FINL 06.3750 03/01/2024 | 0.10% |
| NATIONSTAR MORT/ 07.8750 10/01/2020 | 0.10% |
| ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 | 0.10% |
| ROYAL BK SCOTLND GRP PLC USD 08.0000 12/29/2049 | 0.10% |
| SM ENERGY CO 05.0000 01/15/2024 | 0.10% |
| TEMPUR SEALY INTL P/P 144A 05.5000 06/15/2026 | 0.10% |
| TENET HEALTHCARE 04.5000 04/01/2021 | 0.10% |
| VALEANT PHARMACEUTIC P/P 144A 05.5000 03/01/2023 | 0.10% |
| VIRGIN MEDIA FIN PLC P/P 144A 06.3750 04/15/2023 | 0.10% |
| WINDSTREAM CORP 07.7500 10/01/2021 | 0.10% |
| ZEKELMAN IND TLB L+500 06.0000 06/08/2021 | 0.10% |
| AMAG PHARMA TLB L+375 04.7500 08/17/2021 | 0.09% |
| AMERICAN AXLE & MFG INC 07.7500 11/15/2019 | 0.09% |
| AMSTED INDUSTRIES P/P 144A 05.0000 03/15/2022 | 0.09% |
| ARCELORMITTAL USD 08.0000 10/15/2039 | 0.09% |
| BERRY PLASTICS ESCRO 06.0000 10/15/2022 | 0.09% |
| CABLEVISION SYS CORP 08.0000 04/15/2020 | 0.09% |
| CAD/USD 07/21/2016 BCAP-FX | 0.09% |
| CELANESE US HOLDINGS LLC 05.8750 06/15/2021 | 0.09% |
| CIT GROUP INC P/P 144A 05.5000 02/15/2019 | 0.09% |
| DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 | 0.09% |
| ENERGY FUTURE P/P 144A 11.7500 03/01/2022 | 0.09% |
| HCA INC. 07.5000 02/15/2022 | 0.09% |
| JBS USA LLC/JBS USA P/P 144A 07.2500 06/01/2021 | 0.09% |
| LENNAR CORP 04.7500 11/15/2022 | 0.09% |
| LEVEL 3 FINANCING IN 05.3750 01/15/2024 | 0.09% |
| MARATHON OIL CORP 03.8500 06/01/2025 | 0.09% |
| MEDNAX INC P/P 144A 05.2500 12/01/2023 | 0.09% |
| MGP ESCROW ISSUER/CO P/P 144A 05.6250 05/01/2024 | 0.09% |
| MULTIPLAN TLB L+400 05.0000 05/25/2023 | 0.09% |
| ON SEMICONDUC CV 01.0000 12/01/2020 | 0.09% |
| SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 | 0.09% |
| SM ENERGY CO 06.5000 11/15/2021 | 0.09% |
| WESTERN REFINING TLB2 L+450 05.5000 05/27/2023 | 0.09% |
| ASHTEAD CAPITAL INC P/P 144A 05.6250 10/01/2024 | 0.08% |
| BOARDWALK PIPELINES LP 05.9500 06/01/2026 | 0.08% |
| CHEMOURS CO 07.0000 05/15/2025 | 0.08% |
| CPG INTL TLB L+375 04.7500 09/30/2020 | 0.08% |
| HCA INC 05.3750 02/01/2025 | 0.08% |
| HILAND PART LP/CORP P/P 144A 05.5000 05/15/2022 | 0.08% |
| INFOR US INC P/P 144A 05.7500 08/15/2020 | 0.08% |
| INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 | 0.08% |
| LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 | 0.08% |
| MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 | 0.08% |
| OASIS PETROLEUM INC 06.5000 11/01/2021 | 0.08% |
| ROYAL BK SCOTLND GRP PLC USD 07.5000 12/29/2049 | 0.08% |
| T-MOBILE USA INC 06.0000 03/01/2023 | 0.08% |
| TALBOTS INC 2NDL L+850 09.5000 03/19/2021 | 0.08% |
| TENNECO INC 05.0000 07/15/2026 | 0.08% |
| TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 | 0.08% |
| BON-TON DEPT STORES 08.0000 06/15/2021 | 0.07% |
| BOYD GAMING CORP P/P 144A 06.3750 04/01/2026 | 0.07% |
| CALPINE CORP P/P 144A 05.8750 01/15/2024 | 0.07% |
| CENOVUS ENERGY INC USD 04.4500 09/15/2042 | 0.07% |
| CENTENE CORP P/P 144A 05.6250 02/15/2021 | 0.07% |
| CORRECTIONS CORP 04.1250 04/01/2020 | 0.07% |
| FAMILY TREE ESCROW L P/P 144A 05.2500 03/01/2020 | 0.07% |
| FRONTIER COMM 08.8750 09/15/2020 | 0.07% |
| GOODYEAR TIRE & RUBBER 05.0000 05/31/2026 | 0.07% |
| LEAR CORP 05.3750 03/15/2024 | 0.07% |
| MGM RESORTS INTL 08.6250 02/01/2019 | 0.07% |
| SEALED AIR CORP P/P 144A 05.5000 09/15/2025 | 0.07% |
| SPRINGLEAF FIN CORP 06.0000 06/01/2020 | 0.07% |
| SPRINGLEAF FINANCE CORP 08.2500 12/15/2020 | 0.07% |
| WESTERN GAS PARTNERS LP 04.6500 07/01/2026 | 0.07% |
| WILLIAMS COS INC 07.8750 09/01/2021 | 0.07% |
| AUST & NZ BANKING GR P/P 144A 06.7500 12/29/2049 | 0.06% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 | 0.06% |
| CSC HOLDINGS LLC 06.7500 11/15/2021 | 0.06% |
| EUR/USD 09/21/2016 BANKAM | 0.06% |
| GENON ENERGY INC 09.5000 10/15/2018 | 0.06% |
| HUB HLDG LLC/HUB HOL P/P 144A 08.1250 07/15/2019 | 0.06% |
| LANDRY'S HLDG II INC P/P 144A 10.2500 01/01/2018 | 0.06% |
| NAVISTAR INTL CV 04.5000 10/15/2018 | 0.06% |
| NUMERICABLE-SFR SA P/P 144A 05.6250 05/15/2024 | 0.06% |
| PATHEON INC TLB L+325 04.2500 03/11/2021 | 0.06% |
| PQ CORP P/P 144A 06.7500 11/15/2022 | 0.06% |
| ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 | 0.06% |
| SCIENTIFIC GAMES INT P/P 144A 07.0000 01/01/2022 | 0.06% |
| SCIENTIFIC GAMES INTERNA 06.2500 09/01/2020 | 0.06% |
| SPRINT COMMUNICATIONS 07.0000 08/15/2020 | 0.06% |
| TENET HEALTHCARE 04.7500 06/01/2020 | 0.06% |
| TERVITA CORP P/P 144A 09.0000 11/15/2018 | 0.06% |
| USG CORP P/P 144A 05.8750 11/01/2021 | 0.06% |
| CEMEX SAB DE CV P/P 144A 06.1250 05/05/2025 | 0.05% |
| CHC HELICOPTER SA USD 09.2500 10/15/2020 | 0.05% |
| DIAMOND 1 FIN/DIAMON P/P 144A 08.3500 07/15/2046 | 0.05% |
| GENERAL MOTORS CO 05.2000 04/01/2045 | 0.05% |
| JC PENNEY CORP INC P/P 144A 05.8750 07/01/2023 | 0.05% |
| MEDIA GENERAL FI 05.8750 11/15/2022 | 0.05% |
| MEG ENERGY CORP P/P 144A 06.5000 03/15/2021 | 0.05% |
| MGM RESORTS INTL 05.2500 03/31/2020 | 0.05% |
| MUSTANG MERGER CORP P/P 144A 08.5000 08/15/2021 | 0.05% |
| QUEBECOR MEDIA INC USD 05.7500 01/15/2023 | 0.05% |
| SIRIUS XM RADIO INC P/P 144A 05.8750 10/01/2020 | 0.05% |
| STANDARD IND INC P/P 144A 06.0000 10/15/2025 | 0.05% |
| STEEL DYNAMICS INC 05.1250 10/01/2021 | 0.05% |
| TECK RESOURCES LTD P/P 144A 08.0000 06/01/2021 | 0.05% |
| UNIT CORP 06.6250 05/15/2021 | 0.05% |
| WALTER INV MGMT 07.8750 12/15/2021 | 0.05% |
| WHITING PETROLEUM CORP 05.7500 03/15/2021 | 0.05% |
| ALTICE LUXEMBOURG SA P/P 144A 07.6250 02/15/2025 | 0.04% |
| ARCHROCK PARTNERS LP/FIN 06.0000 04/01/2021 | 0.04% |
| AVAYA INC P/P 144A 10.5000 03/01/2021 | 0.04% |
| CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 | 0.04% |
| CONTINENTAL RESOURCES 03.8000 06/01/2024 | 0.04% |
| GENWORTH HOLDINGS INC 06.1500 11/15/2066 | 0.04% |
| JC PENNEY CORP INC 05.6500 06/01/2020 | 0.04% |
| SOLENIS 2NDL L+675 07.7500 07/31/2022 | 0.04% |
| SYNIVERSE HOLDINGS INC 09.1250 01/15/2019 | 0.04% |
| TENET HEALTHCARE 06.2500 11/01/2018 | 0.04% |
| TRANSDIGM INC 06.5000 07/15/2024 | 0.04% |
| VANDER INTERMED P/P 144A 09.7500 02/01/2019 | 0.04% |
| BAYTEX ENERGY CORP P/P 144A 05.1250 06/01/2021 | 0.03% |
| CBRE SERVICES INC 05.0000 03/15/2023 | 0.03% |
| DENBURY RESOURCES INC 06.3750 08/15/2021 | 0.03% |
| DPL INC. 06.5000 10/15/2016 | 0.03% |
| DYNEGY INC 07.3750 11/01/2022 | 0.03% |
| FRONTIER COMMUNICATIONS 06.2500 09/15/2021 | 0.03% |
| KEY ENERGY SERVICES INC 06.7500 03/01/2021 | 0.03% |
| LEAR CORP 05.2500 01/15/2025 | 0.03% |
| NEIMAN MARCUS TL L+325 04.2500 10/25/2020 | 0.03% |
| OCWEN FINANCIAL CORP 06.6250 05/15/2019 | 0.03% |
| PACTIV LLC 08.3750 04/15/2027 | 0.03% |
| REGAL ENTERTAINMENT GRP 05.7500 03/15/2022 | 0.03% |
| SABINE PASS LIQUEFACTION 05.6250 04/15/2023 | 0.03% |
| SPRINGLEAF FINANCE CORP 05.2500 12/15/2019 | 0.03% |
| STANDARD IND INC P/P 144A 05.1250 02/15/2021 | 0.03% |
| TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 | 0.03% |
| TRIANGLE USA PETRO P/P 144A 06.7500 07/15/2022 | 0.03% |
| VALEANT PHARMA P/P 144A 06.3750 10/15/2020 | 0.03% |
| VALEANT PHARMA P/P 144A 07.0000 10/01/2020 | 0.03% |
| VEREIT OPERATING PARTNER 04.8750 06/01/2026 | 0.03% |
| WMG ACQUISITION CORP P/P 144A 06.7500 04/15/2022 | 0.03% |
| CENOVUS ENERGY INC USD 06.7500 11/15/2039 | 0.02% |
| FREEPORT-MCMORAN COPPER & GOL 03.5500 03/01/2022 | 0.02% |
| INTELSAT LUXEMB USD 08.1250 06/01/2023 | 0.02% |
| L BRANDS INC 06.6250 04/01/2021 | 0.02% |
| LAMAR MEDIA CORP 05.3750 01/15/2024 | 0.02% |
| LIGHTSTREAM P/P 144A 08.6250 02/01/2020 | 0.02% |
| SPEC BND ES CORP 06.3750 11/15/2020 | 0.02% |
| SPEC BRNDS ESCROW CO 06.6250 11/15/2022 | 0.02% |
| T-MOBILE USA INC 06.8360 04/28/2023 | 0.02% |
| TAYLOR MORRISON COMM P/P 144A 05.2500 04/15/2021 | 0.02% |
| TERVITA CORP P/P 144A 10.8750 02/15/2018 | 0.02% |
| VALEANT PHARMA P/P 144A 05.6250 12/01/2021 | 0.02% |
| WR GRACE & CO-CONN P/P 144A 05.1250 10/01/2021 | 0.02% |
| EP ENER/EVEREST AC 06.3750 06/15/2023 | 0.01% |
| INTELSAT LUXEMB USD 07.7500 06/01/2021 | 0.01% |
| SAMSON INVESTMENT CO 09.7500 02/15/2020 | 0.01% |
| SEVENTY SEVEN ENERGY 06.5000 07/15/2022 | 0.01% |
| TEXAS COMP ELEC PP L+450 04.9430 10/10/2017 | 0.00% |
| THE WILLIAMS COMPANIES INC. 04.5500 06/24/2024 | 0.00% |
| WILLIAMS COMPANIES INC 03.7000 01/15/2023 | 0.00% |
| EUR/USD 09/21/2016 BANKAM | -0.06% |
| CAD/USD 07/21/2016 BCAP-FX | -0.09% |
| CDX CDX.NA.HY.26 500.0 06/20/2021 | -0.10% |
| GBP/USD 09/21/2016 JPMCB | -0.12% |
| GBP/USD 09/21/2016 UBS | -0.19% |
| CAD/USD 07/21/2016 SSBT | -0.25% |
Prior top 10 holdings
| Top 10 holdings as of 08/31/16 | |
|---|---|
| Ally Financial 08.0000 11/01/2031 | |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | |
| Advanced Disposal Srvces 08.2500 10/01/2020 | |
| Caesars Ent Oper Tlb6b L+775 11.2500 03/01/2017 | |
| Scientific Games Int 10.0000 12/01/2022 | |
| Nrg Energy 07.8750 05/15/2021 | |
| Sprint Corp 07.8750 09/15/2023 | |
| Roc Fin Llc/Roc Fin P/P 144a 12.1250 09/01/2018 | |
| Manitowoc Foodservic P/P 144a 09.5000 02/15/2024 | |
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | |
| Holdings represent 5.99% of portfolio | |
| Top 10 holdings as of 07/31/16 | |
|---|---|
| Ally Financial 08.0000 11/01/2031 | |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | |
| Advanced Disposal Srvces 08.2500 10/01/2020 | |
| Caesars Ent Oper Tlb6b L+775 11.25 03/01/2017 | |
| Scientific Games Int 10.0000 12/01/2022 | |
| Nrg Energy 07.8750 05/15/2021 | |
| Manitowoc Foodservic P/P 144a 09.5000 02/15/2024 | |
| Roc Fin Llc/Roc Fin P/P 144a 12.1250 09/01/2018 | |
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | |
| Sprint Corp 07.8750 09/15/2023 | |
| Holdings represent 6.05% of portfolio | |
| Top 10 holdings as of 06/30/16 | |
|---|---|
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | |
| Advanced Disposal Srvces 08.2500 10/01/2020 | |
| Ally Financial 08.0000 11/01/2031 | |
| Caesars Ent Oper Tlb6b L+675 07.0052 03/01/2017 | |
| Nrg Energy 07.8750 05/15/2021 | |
| Roc Fin Llc/Roc Fin P/P 144a 12.1250 09/01/2018 | |
| Scientific Games Int 10.0000 12/01/2022 | |
| Legrand France Usd 08.5000 02/15/2025 | |
| Gates Global Llc P/P 144a 06.0000 07/15/2022 | |
| Holdings represent 5.96% of portfolio | |
| Top 10 holdings as of 05/31/16 | |
|---|---|
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | |
| Advanced Disposal Srvces 08.2500 10/01/2020 | |
| Ally Financial 08.0000 11/01/2031 | |
| Caesars Ent Oper Tlb6b L+675 07.0052 03/01/2017 | |
| Nrg Energy 07.8750 05/15/2021 | |
| Roc Fin Llc/Roc Fin P/P 144a 12.1250 09/01/2018 | |
| Scientific Games Int 10.0000 12/01/2022 | |
| Legrand France Usd 08.5000 02/15/2025 | |
| Gates Global Llc P/P 144a 06.0000 07/15/2022 | |
| Holdings represent 5.93% of portfolio | |
Fixed income statistics as of 08/31/16
| Average effective maturity | 4.67 yrs. |
|---|---|
| Average effective duration | 3.40 yrs. |
| Average yield to maturity | 5.97% |
| Average coupon | 6.11% |
| Average price | $103.54 |
Sector weightings as of 08/31/16
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| High-yield corporate bonds | 77.15% | 2.94 | -2.97% | -0.12 | 74.18% | 2.82 |
| Investment-grade corporate bonds | 9.64% | 0.58 | 0.00% | 0.00 | 9.64% | 0.58 |
| Bank loans | 6.60% | 0.23 | 0.00% | 0.00 | 6.60% | 0.23 |
| Net cash | 5.32% | 0.00 | 0.00% | 0.00 | 5.32% | 0.00 |
| Emerging-market bonds | 1.30% | 0.05 | 0.00% | 0.00 | 1.30% | 0.05 |
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 as of 08/31/16
| 0 - 1 yr. | 16.01% |
|---|---|
| 1 - 5 yrs. | 41.39% |
| 5 - 10 yrs. | 37.70% |
| 10 - 15 yrs. | 1.71% |
| Over 15 yrs. | 3.19% |
Quality rating as of 08/31/16
| A | 0.43% |
|---|---|
| BBB | 7.79% |
| BB | 37.47% |
| B | 37.91% |
| CCC and Below | 10.56% |
| Not Rated | 0.52% |
| Net cash | 5.32% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Expenses
Expense ratio |
Class A | Class B | Class C | Class M | Class R | Class Y |
|---|---|---|---|---|---|---|
| Total expense ratio | 1.04% | 1.79% | 1.79% | 1.29% | 1.29% | 0.79% |
| What you pay | 1.04% | 1.79% | 1.79% | 1.29% | 1.29% | 0.79% |
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class M | Class R | Class Y |
|---|---|---|---|---|---|---|
| $0-$49,999 | 4.00% | 0.00% | 0.00% | 3.25% | -- | -- |
| $50,000-$99,999 | 4.00% | 0.00% | 0.00% | 2.25% | -- | -- |
| $100,000-$249,999 | 3.25% | -- | 0.00% | 1.25% | -- | -- |
| $250,000-$499,999 | 2.50% | -- | 0.00% | 1.00% | -- | -- |
| $500,000-$999,999 | 0.00% | -- | -- | -- | -- | -- |
| $1M-$4M | 0.00% | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% | -- | -- | -- | -- | -- |
| $50M+ | 0.00% | -- | -- | -- | -- | -- |
CDSC
|
Class A
(sales for $500,000+) |
Class B | Class C | Class M | Class R | Class Y | |
|---|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- |
| 9 to 12 mts. | 0.00% | 5.00% | 1.00% | -- | -- | -- |
| 2 yrs. | -- | 4.00% | 0.00% | -- | -- | -- |
| 3 yrs. | -- | 3.00% | 0.00% | -- | -- | -- |
| 4 yrs. | -- | 3.00% | 0.00% | -- | -- | -- |
| 5 yrs. | -- | 2.00% | 0.00% | -- | -- | -- |
| 6 yrs. | -- | 1.00% | 0.00% | -- | -- | -- |
| 7+ yrs. | -- | 0.00% | 0.00% | -- | -- | -- |
The JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed-income securities issued in developed countries. You cannot invest directly in an index.
Consider these risks before investing:Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer or industry. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. You can lose money by investing in the fund.
Credit qualities are shown as a percentage of net assets as of the date indicated above. A bond rated BBB or higher (A-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 are included in the net cash category. Ratings and portfolio credit quality will vary over time. 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 net cash category. Cash is also shown in the net cash 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.