High Yield Advantage Fund (PHYIX)
Seeking a high level of income for investors since 1986
Paul D. Scanlon, CFA®
(investing since 1986)
Summary
Fund price |
Yesterday's close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$6.28
-0.16% ( $-0.01 ) |
$6.36
(05/10/13) |
$5.99
(06/25/13) |
Management team
- Paul D. Scanlon, CFA® (Investing since 1986)
- Norman P. Boucher (Investing since 1985)
- Robert L. Salvin (Investing since 1986)
Seeking a high level of income for investors since 1986
- 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.
Fund manager commentary
Interest-rate movement remains a wild card
Paul Scanlon, Co-Head of Fixed Income, and Portfolio Manager Norm Boucher discuss their outlook for the high-yield market in 2014.
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). 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.
Objective
The fund seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.
Fund facts as of 02/28/14
| Fiscal year end | November |
|---|---|
| Asset Class | Taxable Income |
| Inception date | 03/25/86 |
| Total net assets | $988.84M |
| Dividend frequency | Monthly |
| View distribution rate | |
| Number of holdings | 620 |
| Open to new investors | |
| CUSIP | 74678J104 |
| Fund code | 0019 |
| Turnover (fiscal year end) | 49% |
| Ticker | PHYIX |
Literature
- Prospectuses/SAI
- Fact Sheet (PDF)
- Annual Fund Report (PDF)
- Semiannual Fund Report (PDF)
- Quarterly commentary (PDF)
Related topics
Performance
Total return (%) as of 12/31/13
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 6.81% | 8.24% | 16.35% | 7.97% |
| After sales charge | 2.53% | 6.78% | 15.40% | 7.53% |
| JPMorgan Developed High Yield Index | 8.42% | 10.16% | 19.51% | 8.85% |
| Cumulative performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 6.81% | 26.81% | 113.20% | 115.26% |
| After sales charge | 2.53% | 21.74% | 104.67% | 106.65% |
Annual performance as of 12/31/13
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Before sales charge | 11.29% | 3.25% | 12.11% | 3.44% | -24.22% | 48.32% | 13.34% | 3.15% | 15.11% | 6.81% |
| JPMorgan Developed High Yield Index | 11.25% | 2.62% | 11.58% | 2.69% | -26.80% | 58.76% | 14.86% | 6.59% | 15.67% | 8.42% |
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). 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 snapshot
| Before sales charge | After sales charge | |
|---|---|---|
| 1 mt. | 1.73 % | -2.34 % |
| as of 02/28/14 | ||
| YTD | 2.17 % | -1.92 % |
| as of 03/07/14 | ||
Yield
| Distribution rate before sales charge as of 03/07/14 |
5.16% |
|---|---|
| Distribution rate after sales charge as of 03/07/14 |
4.95% |
| 30-day SEC yield as of 02/28/14 (after sales charge) |
4.10% |
Lipper rankings as of 01/31/14
| High Yield | Percentile ranking | Rank/Funds in category |
|---|---|---|
| 1 yr. | 43% | 240/566 |
| 3 yrs. | 41% | 188/460 |
| 5 yrs. | 54% | 212/395 |
| 10 yrs. | 19% | 49/270 |
Morningstar ratings as of 01/31/14
| High Yield Bond | Rating | Number of funds in category |
|---|---|---|
| Overall | 3 | (541) |
| 3 yrs. | 2 | (541) |
| 5 yrs. | 3 | (468) |
| 10 yrs. | 3 | (328) |
Distributions
| Record/Ex dividend date | 02/19/14 |
|---|---|
| Payable date | 02/25/14 |
| Income | $0.027 |
| Extra income | -- |
| Short-term cap. gain | -- |
| Long-term cap. gain | -- |
Volatility as of 01/31/14
| Standard deviation (3 yrs.) | 6.48% |
|---|
Capture ratio as of 01/31/14
| Up-market (3 yrs.) | 94.63 |
|---|---|
| Down-market (3 yrs.) | 121.51 |
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 01/31/14
| Intelsat Luxemb P/P 144a 07.7500 06/01/2021 | 0.71% |
|
|---|---|---|
| First Data Corp P/P 144a 08.2500 01/15/2021 | 0.67% |
|
| Hca 06.5000 02/15/2020 | 0.59% |
|
| Aguila 3 P/P 144a 07.8750 01/31/2018 | 0.57% |
|
| Ads Waste Holdings 08.2500 10/01/2020 | 0.53% |
|
| Mtr Gaming Group 11.5000 08/01/2019 | 0.52% |
|
| Lightstream P/P 144A 08.6250 02/01/2020 | 0.51% |
|
| Linn Energy Llc P/P 144a 07.0000 11/01/2019 | 0.50% |
|
| Wideopenwest Fin 10.2500 07/15/2019 | 0.49% |
|
| Caesars Ent Oper Tlb6 L+525 05.4886 01/28/2018 | 0.47% |
|
| Top 10 holdings, percent of portfolio | 5.56% |
|
Full portfolio holdings as of 12/31/13
| INTELSAT LUXEMB P/P 144A 07.7500 06/01/2021 | 0.78 % |
|---|---|
| FIRST DATA CORP P/P 144A 08.2500 01/15/2021 | 0.67 % |
| AGUILA 3 SA P/P 144A 07.8750 01/31/2018 | 0.56 % |
| HCA INC 06.5000 02/15/2020 | 0.56 % |
| ADS WASTE HOLDINGS INC 08.2500 10/01/2020 | 0.51 % |
| MTR GAMING GROUP INC 11.5000 08/01/2019 | 0.49 % |
| FIRST DATA CORP 12.6250 01/15/2021 | 0.48 % |
| PETROBAKKEN ENER P/P 144A 08.6250 02/01/2020 | 0.48 % |
| WIDEOPENWEST FIN 10.2500 07/15/2019 | 0.48 % |
| LINN ENERGY LLC P/P 144A 07.0000 11/01/2019 | 0.47 % |
| CONTINENTAL RESOURCES 05.0000 09/15/2022 | 0.46 % |
| AMERICAN AXLE & MFG INC 07.7500 11/15/2019 | 0.45 % |
| CAESARS ENT OPER TLB6 L+525 05.4883 01/28/2018 | 0.45 % |
| SPRINT CORP P/P 144A 07.8750 09/15/2023 | 0.44 % |
| KINETICS CONCEPT/KCI 10.5000 11/01/2018 | 0.43 % |
| SPRINT COMM P/P 144A 09.0000 11/15/2018 | 0.43 % |
| AVAYA INC P/P 144A 07.0000 04/01/2019 | 0.42 % |
| CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 | 0.42 % |
| HALCON RESOURCES COR 08.8750 05/15/2021 | 0.42 % |
| CLEAR CHANNEL TLD L+675 06.9190 01/31/2019 | 0.41 % |
| ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 | 0.41 % |
| TRAVELPORT TL1 2NDL L+800 09.5000 01/31/2016 | 0.41 % |
| ASHTEAD CAPITAL INC P/P 144A 06.5000 07/15/2022 | 0.39 % |
| DINEEQUITY INC 09.5000 10/30/2018 | 0.39 % |
| EUR/USD 03/19/2014 BANKAM | 0.39 % |
| LANDRY'S INC P/P 144A 09.3750 05/01/2020 | 0.39 % |
| CARRIZO OIL & GAS 08.6250 10/15/2018 | 0.38 % |
| LEGRAND FRANCE USD 08.5000 02/15/2025 | 0.38 % |
| DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 | 0.37 % |
| KODIAK OIL & GAS 08.1250 12/01/2019 | 0.37 % |
| SPRINGLEAF FINANCE CORP 06.9000 12/15/2017 | 0.37 % |
| INTELSAT LUXEMB P/P 144A 08.1250 06/01/2023 | 0.36 % |
| REYNOLDS GROUP 09.8750 08/15/2019 | 0.36 % |
| WHITING PETROLEUM CORP 05.7500 03/15/2021 | 0.36 % |
| CLEAR CHANNEL COMMUN 09.0000 12/15/2019 | 0.35 % |
| NEEDLE MERGER SUB CO P/P 144A 08.1250 03/15/2019 | 0.35 % |
| ROC FIN LLC/ROC FIN P/P 144A 12.1250 09/01/2018 | 0.35 % |
| SAMSON INV COMPAN P/P 144A 10.5000 02/15/2020 | 0.35 % |
| LLOYDS BANK PLC 13.0000 01/29/2049 | 0.34 % |
| SOFTBANK CORP P/P 144A 04.5000 04/15/2020 | 0.34 % |
| SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 | 0.34 % |
| EP ENERGY/EP FIN INC 09.3750 05/01/2020 | 0.33 % |
| NRG ENERGY INC 07.8750 05/15/2021 | 0.33 % |
| DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 | 0.32 % |
| FIRST DATA CORP P/P 144A 11.7500 08/15/2021 | 0.32 % |
| HEALTH NET INC. 06.3750 06/01/2017 | 0.32 % |
| RITE AID CORP 09.2500 03/15/2020 | 0.32 % |
| SABINE PASS LNG LP 07.5000 11/30/2016 | 0.32 % |
| SPRINT CORP P/P 144A 07.2500 09/15/2021 | 0.32 % |
| TAMINCO GLOBAL CHEM P/P 144A 09.7500 03/31/2020 | 0.32 % |
| CELANESE US HOLDINGS LLC 05.8750 06/15/2021 | 0.31 % |
| GBP/USD 03/19/2014 BCAP-FX | 0.31 % |
| SLM CORP 08.4500 06/15/2018 | 0.31 % |
| E*TRADE FINANCIAL CORP 06.3750 11/15/2019 | 0.30 % |
| GOODRICH PETROLEUM 08.8750 03/15/2019 | 0.30 % |
| ASHLAND INC 04.7500 08/15/2022 | 0.29 % |
| CCO HLDGS LLC/CAP CORP 05.2500 09/30/2022 | 0.29 % |
| CRTX ENRG/CRTX ENRG 08.8750 02/15/2018 | 0.29 % |
| ENERGY FUTURE/EFIH FINAN 10.0000 12/01/2020 | 0.29 % |
| JM HUBER CORP P/P 144A 09.8750 11/01/2019 | 0.29 % |
| M/I HOMES INC 08.6250 11/15/2018 | 0.29 % |
| METROPCS WIRELES P/P 144A 06.6250 04/01/2023 | 0.29 % |
| ROSETTA RESOURCES 09.5000 04/15/2018 | 0.29 % |
| TEXAS COMP ELEC TL EXT L+450 04.7304 10/10/2017 | 0.29 % |
| ARCELORMITTAL USD 10.3500 06/01/2019 | 0.28 % |
| CROWN CASTLE INT 05.2500 01/15/2023 | 0.28 % |
| NEXSTAR BROADCASTING 06.8750 11/15/2020 | 0.28 % |
| ALLY FINANCIAL INC. 07.5000 09/15/2020 | 0.27 % |
| CAESARS ENTERTAINMENT OP 09.0000 02/15/2020 | 0.27 % |
| CHC HELICOPTER SA USD 09.2500 10/15/2020 | 0.27 % |
| LAREDO PETROLEUM INC 09.5000 02/15/2019 | 0.27 % |
| MANITOWOC COMPANY INC 05.8750 10/15/2022 | 0.27 % |
| MASTEC INC 04.8750 03/15/2023 | 0.27 % |
| NAVISTAR INTERNATIONAL CORP 08.2500 11/01/2021 | 0.27 % |
| OFFSHORE GROUP I USD 07.5000 11/01/2019 | 0.27 % |
| THE AES CORPORATION 08.0000 10/15/2017 | 0.27 % |
| ATHLON HLDS LP / FIN P/P 144A 07.3750 04/15/2021 | 0.26 % |
| ENERGY FUTURE P/P 144A 12.2500 03/01/2022 | 0.26 % |
| INEOS GROUP HLDG SA P/P 144A 06.1250 08/15/2018 | 0.26 % |
| JBS USA LLC/JBS P/P 144A 07.2500 06/01/2021 | 0.26 % |
| MGM RESORTS INTERNATIONAL 07.6250 01/15/2017 | 0.26 % |
| NUVEEN INVESTMENTS 2ND L+525 06.5000 02/28/2019 | 0.26 % |
| SABRE INC P/P 144A 08.5000 05/15/2019 | 0.26 % |
| STEARNS HOLDINGS INC P/P 144A 09.3750 08/15/2020 | 0.26 % |
| TEREX CORP 06.0000 05/15/2021 | 0.26 % |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.26 % |
| WEEKLEY HOMES LLC P/P 144A 06.0000 02/01/2023 | 0.26 % |
| WINDSTREAM CORPORATION 07.8750 11/01/2017 | 0.26 % |
| AES CORPORATION 07.3750 07/01/2021 | 0.25 % |
| AIR MEDICAL GRP HLDG 09.2500 11/01/2018 | 0.25 % |
| BRIGGS & STRATTON CORP 06.8750 12/15/2020 | 0.25 % |
| CLEAR CHNL WORLD 07.6250 03/15/2020 | 0.25 % |
| CONSTELLATION BRANDS INC. 07.2500 09/01/2016 | 0.25 % |
| DOLPHIN SUB II IN 06.5000 10/15/2016 | 0.25 % |
| EXCO RESOURCES INC 07.5000 09/15/2018 | 0.25 % |
| IGLOO HOLDINGS CORP P/P 144A 08.2500 12/15/2017 | 0.25 % |
| METROPCS WIRELES P/P 144A 06.2500 04/01/2021 | 0.25 % |
| NEIMAN MARCUS TL L+400 05.0000 10/18/2020 | 0.25 % |
| ONEX USI ACQ COR P/P 144A 07.7500 01/15/2021 | 0.25 % |
| PAR PHARMACEUTICAL 07.3750 10/15/2020 | 0.25 % |
| SHELF DRILL HOLD LTD P/P 144A 08.6250 11/01/2018 | 0.25 % |
| SHELF DRILL MIDCO TL L+900 10.0000 10/08/2018 | 0.25 % |
| WPX ENERGY INC 05.2500 01/15/2017 | 0.25 % |
| BOISE CASCADE 06.3750 11/01/2020 | 0.24 % |
| CLAIRE'S STORES INC P/P 144A 09.0000 03/15/2019 | 0.24 % |
| CST BRANDS INC 05.0000 05/01/2023 | 0.24 % |
| FIELDWOOD ENERGY 2NDL L+713 08.3750 09/30/2020 | 0.24 % |
| HD SUPPLY INC 07.5000 07/15/2020 | 0.24 % |
| LENDER PROCESS SERVICES 05.7500 04/15/2023 | 0.24 % |
| LIBBEY GLASS INC 06.8750 05/15/2020 | 0.24 % |
| NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 | 0.24 % |
| NORTEK INC 10.0000 12/01/2018 | 0.24 % |
| OASIS PETROLEUM INC P/P 144A 06.8750 03/15/2022 | 0.24 % |
| PITTSBURGH GLASS P/P 144A 08.0000 11/15/2018 | 0.24 % |
| PULTE GROUP INC 07.6250 10/15/2017 | 0.24 % |
| REVLON CONSUMER PRODS 05.7500 02/15/2021 | 0.24 % |
| SIX FLAGS ENT P/P 144A 05.2500 01/15/2021 | 0.24 % |
| WELLCARE HEALTH PLANS IN 05.7500 11/15/2020 | 0.24 % |
| ALCATEL-LUCENT USA I P/P 144A 06.7500 11/15/2020 | 0.23 % |
| AMERICAN INTL GROUP 08.1750 05/15/2058 | 0.23 % |
| ATKORE INTL INC 09.8750 01/01/2018 | 0.23 % |
| BIOMET INC 06.5000 08/01/2020 | 0.23 % |
| CIT GROUP INC P/P 144A 05.5000 02/15/2019 | 0.23 % |
| CONSOL ENERGY INC 08.2500 04/01/2020 | 0.23 % |
| EUR/USD 03/19/2014 SSBT | 0.23 % |
| GARDA WORLD SECURITY P/P 144A 07.2500 11/15/2021 | 0.23 % |
| GRAY TELEVISION INC 07.5000 10/01/2020 | 0.23 % |
| HEXION FIN/ESCRO 08.8750 02/01/2018 | 0.23 % |
| L BRANDS INC 06.6250 04/01/2021 | 0.23 % |
| MASONITE INTL C P/P 144A 08.2500 04/15/2021 | 0.23 % |
| SYNIVERSE HOLDINGS INC 09.1250 01/15/2019 | 0.23 % |
| TENET HEALTHCARE 06.2500 11/01/2018 | 0.23 % |
| CAPSUGEL FINANCE P/P 144A 09.8750 08/01/2019 | 0.22 % |
| CONSOL ENERGY INC 08.0000 04/01/2017 | 0.22 % |
| FMG RES AUG 2006 P/P 144A 06.8750 02/01/2018 | 0.22 % |
| HUNTSMAN INTL L 08.6250 03/15/2021 | 0.22 % |
| PHH CORP 06.3750 08/15/2021 | 0.22 % |
| SABRE HOLDINGS CORPORATION 08.3500 03/15/2016 | 0.22 % |
| SERVICE CORPORATION INTL 06.7500 04/01/2016 | 0.22 % |
| SIRIUS XM HLDG INC P/P 144A 05.8750 10/01/2020 | 0.22 % |
| TRANSDIGM INC 07.7500 12/15/2018 | 0.22 % |
| BOE MERGER CORP P/P 144A 09.5000 11/01/2017 | 0.21 % |
| CHAPARRAL ENERGY INC 08.2500 09/01/2021 | 0.21 % |
| CHRYSLER GP/CG CO 08.2500 06/15/2021 | 0.21 % |
| DAVE & BUSTER'S INC 11.0000 06/01/2018 | 0.21 % |
| GIBSON BRANDS INC P/P 144A 08.8750 08/01/2018 | 0.21 % |
| HAWK ACQ SUB INC P/P 144A 04.2500 10/15/2020 | 0.21 % |
| HD SUPPLY INC 11.5000 07/15/2020 | 0.21 % |
| HUNTSMAN INTERNATION 08.6250 03/15/2020 | 0.21 % |
| HUNTSMAN INTERNATIONAL LLC 04.8750 11/15/2020 | 0.21 % |
| ISTAR FINANCIAL INC CV 03.0000 11/15/2016 | 0.21 % |
| MICHAELS FINCO HLDG P/P 144A 07.5000 08/01/2018 | 0.21 % |
| PENSKE AUTO GRP INC 05.7500 10/01/2022 | 0.21 % |
| PERSTORP HOLDING AB P/P 144A 08.7500 05/15/2017 | 0.21 % |
| PHH CORPORATION 07.3750 09/01/2019 | 0.21 % |
| PQ CORP P/P 144A 08.7500 05/01/2018 | 0.21 % |
| SPRINT COMMUNICATIONS INC. 08.3750 08/15/2017 | 0.21 % |
| ACADIA HEALTH P/P 144A 06.1250 03/15/2021 | 0.20 % |
| BURLINGTON COAT FACT 10.0000 02/15/2019 | 0.20 % |
| CALPINE CORP P/P 144A 07.8750 07/31/2020 | 0.20 % |
| CAPELLA HEALTHCARE 09.2500 07/01/2017 | 0.20 % |
| CB RICHARD ELLIS 06.6250 10/15/2020 | 0.20 % |
| CCO HLDGS LLC/CAP CORP 05.1250 02/15/2023 | 0.20 % |
| DEAN FOODS COMPANY 07.0000 06/01/2016 | 0.20 % |
| HBOS PLC P/P 144A 06.7500 05/21/2018 | 0.20 % |
| HUB INTL LTD P/P 144A 07.8750 10/01/2021 | 0.20 % |
| HUGHES SATELLITE SYSTEMS 07.6250 06/15/2021 | 0.20 % |
| LAMAR MEDIA CORP 05.8750 02/01/2022 | 0.20 % |
| MEG ENERGY CORP P/P 144A 06.5000 03/15/2021 | 0.20 % |
| SCHAEFFLER FIN BV P/P 144A 04.7500 05/15/2021 | 0.20 % |
| SUGAR HSP GAMING P/P 144A 06.3750 06/01/2021 | 0.20 % |
| SWIFT SVCS HLDGS INC 10.0000 11/15/2018 | 0.20 % |
| TAYLOR MORRISON COMM P/P 144A 07.7500 04/15/2020 | 0.20 % |
| UNIVISION COMM INC. P/P 144A 08.5000 05/15/2021 | 0.20 % |
| VALEANT PHARMA P/P 144A 06.7500 08/15/2018 | 0.20 % |
| AIR MEDICAL TL 07.6250 05/20/2018 | 0.19 % |
| BROOKFIELD RESID P/P 144A 06.5000 12/15/2020 | 0.19 % |
| CHESAPEAKE MIDSTREAM 06.1250 07/15/2022 | 0.19 % |
| CHS/COMMUNITY HEALTH SYS 05.1250 08/15/2018 | 0.19 % |
| CONCHO RESOURCES INC 06.5000 01/15/2022 | 0.19 % |
| CUMULUS MEDIA HLDG 07.7500 05/01/2019 | 0.19 % |
| DEMATIC SA / DH P/P 144A 07.7500 12/15/2020 | 0.19 % |
| DISH DBS CORP 07.8750 09/01/2019 | 0.19 % |
| FIRST DATA CORP P/P 144A 11.2500 01/15/2021 | 0.19 % |
| FRAC TECH INTL TLB L+700 08.5000 04/19/2016 | 0.19 % |
| FREESCALE SEMICO P/P 144A 06.0000 01/15/2022 | 0.19 % |
| FRONTIER COMMUNICATIONS 08.1250 10/01/2018 | 0.19 % |
| HUGHES SATELITE SYSTEMS 06.5000 06/15/2019 | 0.19 % |
| KEY ENERGY SERVICES INC 06.7500 03/01/2021 | 0.19 % |
| LOUISIANA PACIF 07.5000 06/01/2020 | 0.19 % |
| MOMENTIVE PERFORM 08.8750 10/15/2020 | 0.19 % |
| SINCLAIR TELEVISION P/P 144A 06.3750 11/01/2021 | 0.19 % |
| TPC GROUP INC P/P 144A 08.7500 12/15/2020 | 0.19 % |
| UNIT CORP 06.6250 05/15/2021 | 0.19 % |
| A-S CO-ISS SUB I P/P 144A 07.8750 12/15/2020 | 0.18 % |
| ACI WORLDWIDE INC P/P 144A 06.3750 08/15/2020 | 0.18 % |
| BIOMET INC 06.5000 10/01/2020 | 0.18 % |
| CAPSUGEL SA P/P 144A 07.0000 05/15/2019 | 0.18 % |
| CHAPARRAL ENERGY INC 09.8750 10/01/2020 | 0.18 % |
| CLEAR CHNL WORLD 06.5000 11/15/2022 | 0.18 % |
| COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 | 0.18 % |
| CONSTELLATION BRANDS INC 06.0000 05/01/2022 | 0.18 % |
| CSC HOLDINGS LLC 06.7500 11/15/2021 | 0.18 % |
| ENTERCOM RADIO LLC 10.5000 12/01/2019 | 0.18 % |
| FELCOR LODGING LP 06.7500 06/01/2019 | 0.18 % |
| FORUM ENERGY TEC P/P 144A 06.2500 10/01/2021 | 0.18 % |
| HCA INC 08.5000 04/15/2019 | 0.18 % |
| JELD-WEN INC P/P 144A 12.2500 10/15/2017 | 0.18 % |
| MOTOR CITY TLB L+375 05.0000 03/01/2017 | 0.18 % |
| NORTHERN OIL 08.0000 06/01/2020 | 0.18 % |
| REYNOLDS GRP ISS/REY 05.7500 10/15/2020 | 0.18 % |
| SCHAEFFLER HLDG FIN P/P 144A 06.8750 08/15/2018 | 0.18 % |
| STEEL DYNAMICS INC 06.1250 08/15/2019 | 0.18 % |
| THERMADYNE HLDG CORP 09.0000 12/15/2017 | 0.18 % |
| TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 | 0.18 % |
| TRAVELPORT LLC P/P 144A 13.8750 03/01/2016 | 0.18 % |
| XM SATELLITE P/P 144A CV 07.0000 12/01/2014 | 0.18 % |
| AVIV HEALTHCARE P/P 144A 06.0000 10/15/2021 | 0.17 % |
| BBVA INTL PREF UNIPERSON USD 05.9190 04/29/2049 | 0.17 % |
| CCO HLDGS LLC/CAP CORP 07.0000 01/15/2019 | 0.17 % |
| CCO HOLDINGS 06.5000 04/30/2021 | 0.17 % |
| CENTURYLINK INC 06.7500 12/01/2023 | 0.17 % |
| CHESAP OIL OP/FN 06.6250 11/15/2019 | 0.17 % |
| CHINOS INT HLDS P/P 144A 07.7500 05/01/2019 | 0.17 % |
| CIT GROUP INC 05.3750 05/15/2020 | 0.17 % |
| CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 | 0.17 % |
| DISH DBS CORPORATION 06.7500 06/01/2021 | 0.17 % |
| EPICOR SOFTWARE CORP 08.6250 05/01/2019 | 0.17 % |
| FREESCALE SEMICO 10.7500 08/01/2020 | 0.17 % |
| GLP CAP LP / FIN II P/P 144A 04.8750 11/01/2020 | 0.17 % |
| GULFPORT ENERGY CORP 07.7500 11/01/2020 | 0.17 % |
| HOWARD HUGHES CORP P/P 144A 06.8750 10/01/2021 | 0.17 % |
| IASIS HEALTHCARE 08.3750 05/15/2019 | 0.17 % |
| IRON MOUNTAIN INCORPORATED 06.0000 08/15/2023 | 0.17 % |
| MGM RESORTS INTL 08.6250 02/01/2019 | 0.17 % |
| MICHAELS STORES INC 11.3750 11/01/2016 | 0.17 % |
| NIELSEN CO LUX SARL P/P 144A 5.500 10/01/2021 | 0.17 % |
| PLAINS EXPLORATION & PRO 06.7500 02/01/2022 | 0.17 % |
| POLYPORE INTL I 07.5000 11/15/2017 | 0.17 % |
| TENNECO INC 06.8750 12/15/2020 | 0.17 % |
| ACCESS MIDSTREAM PARTNER 04.8750 05/15/2023 | 0.16 % |
| ALLY FINANCIAL INC 08.0000 12/31/2018 | 0.16 % |
| AMC ENTERTAINMENT INC 09.7500 12/01/2020 | 0.16 % |
| CEMEX SAB DE CV P/P 144A 06.5000 12/10/2019 | 0.16 % |
| ELIZABETH ARDEN INC 07.3750 03/15/2021 | 0.16 % |
| EUR/USD 03/19/2014 CSI-FX | 0.16 % |
| GESTAMP FUND LUX SA P/P 144A 05.6250 05/31/2020 | 0.16 % |
| ICAHN ENTER/FIN P/P 144A 06.0000 08/01/2020 | 0.16 % |
| INTL LEASE FINANCE CORP 06.2500 05/15/2019 | 0.16 % |
| LANDRY'S HLDG II INC P/P 144A 10.2500 01/01/2018 | 0.16 % |
| NATIONSTAR MORT/ 06.5000 07/01/2021 | 0.16 % |
| NORTEK INC 08.5000 04/15/2021 | 0.16 % |
| PROVIDENT FDG/PFG P/P 144A 06.7500 06/15/2021 | 0.16 % |
| QWEST CORP 06.7500 12/01/2021 | 0.16 % |
| RYERSON INC / JOSEPH 09.0000 10/15/2017 | 0.16 % |
| SBA TELECOM INC 05.7500 07/15/2020 | 0.16 % |
| TERVITA CORP TLB L+500 06.2500 01/24/2018 | 0.16 % |
| VALEANT PHARMA P/P 144A 06.8750 12/01/2018 | 0.16 % |
| ALCATEL-LUCENT USA INC. 06.4500 03/15/2029 | 0.15 % |
| AMSURG CORP 05.6250 11/30/2020 | 0.15 % |
| ARDAGH PKG FIN P/P 144A 07.0000 11/15/2020 | 0.15 % |
| BUILDING MATERIALS P/P 144A 07.5000 03/15/2020 | 0.15 % |
| CIT GROUP INC P/P 144A 06.6250 04/01/2018 | 0.15 % |
| CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 | 0.15 % |
| HILAND PART LP/CORP P/P 144A 07.2500 10/01/2020 | 0.15 % |
| NII INTL TELECOM P/P 144A 07.8750 08/15/2019 | 0.15 % |
| OFFSHORE GROUP I USD 07.1250 04/01/2023 | 0.15 % |
| REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 | 0.15 % |
| ROOFING SUPPLY/FIN P/P 144A 10.0000 06/01/2020 | 0.15 % |
| TRAVELPORT TL2 2ND 08.3750 12/01/2016 | 0.15 % |
| WIND ACQ FIN SA P/P 144A 07.2500 02/15/2018 | 0.15 % |
| WINDSTREAM CORP 07.7500 10/01/2021 | 0.15 % |
| ANTERO RESOURCES FIN P/P 144A 05.3750 11/01/2021 | 0.14 % |
| ARCELORMITTAL USD 07.5000 10/15/2039 | 0.14 % |
| AURORA USA OIL & GAS P/P 144A 09.8750 02/15/2017 | 0.14 % |
| CABLEVISION SYSTEMS 08.6250 09/15/2017 | 0.14 % |
| CEMEX SAB DE CV P/P 144A 05.8750 03/25/2019 | 0.14 % |
| CLAIRE'S STORES INC 08.8750 03/15/2019 | 0.14 % |
| COMMUNITY CHOICE 10.7500 05/01/2019 | 0.14 % |
| CONVATEC FIN INTL SA P/P 144A 08.2500 01/15/2019 | 0.14 % |
| DENBURY RESOURCES INC 08.2500 02/15/2020 | 0.14 % |
| EUR/USD 03/19/2014 JPMCB | 0.14 % |
| EXOPACK HOLDINGS SA P/P 144A 07.8750 11/01/2019 | 0.14 % |
| FRESENIUS MED CARE P/P 144A 05.6250 07/31/2019 | 0.14 % |
| GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 | 0.14 % |
| GRIFFEY INTR INC P/P 144A 07.0000 10/15/2020 | 0.14 % |
| KRATOS DEFENSE & SEC 10.0000 06/01/2017 | 0.14 % |
| LENNAR CORP 04.7500 11/15/2022 | 0.14 % |
| LEVEL 3 FIN INC 08.6250 07/15/2020 | 0.14 % |
| NEUBERGER BERMAN P/P 144A 05.8750 03/15/2022 | 0.14 % |
| NEWFIELD EXPLORATION CO 05.7500 01/30/2022 | 0.14 % |
| POST HOLDINGS INC 07.3750 02/15/2022 | 0.14 % |
| PRESTIGE BRANDS INC P/P 144A 05.3750 12/15/2021 | 0.14 % |
| QWEST CORP 07.2500 09/15/2025 | 0.14 % |
| RENT-A-CENTER INC 04.7500 05/01/2021 | 0.14 % |
| SABINE PASS LIQU P/P 144A 06.2500 03/15/2022 | 0.14 % |
| SOFTBRANDS/ATLAN 11.5000 07/15/2018 | 0.14 % |
| TENET HEALTHCARE 04.3750 10/01/2021 | 0.14 % |
| TRIUMPH GROUP INC 04.8750 04/01/2021 | 0.14 % |
| TRONOX FINANCE LLC 06.3750 08/15/2020 | 0.14 % |
| UNIVISION COMM P/P 144A 07.8750 11/01/2020 | 0.14 % |
| WALTER INV MGMT P/P 144A 07.8750 12/15/2021 | 0.14 % |
| WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 | 0.14 % |
| AFFINION GROUP INC 07.8750 12/15/2018 | 0.13 % |
| ASURION TL L+950 11.0000 09/02/2019 | 0.13 % |
| AVIV HLTH PROP/AVIV 07.7500 02/15/2019 | 0.13 % |
| CAD/USD 01/16/2014 SSBT | 0.13 % |
| CEMEX FINANCE LLC P/P 144A 09.3750 10/12/2022 | 0.13 % |
| CITYCENTER TLB L+400 05.0000 09/30/2020 | 0.13 % |
| CONCHO RESOURCES INC 05.5000 10/01/2022 | 0.13 % |
| CROWN AMER/CAP CORP 04.5000 01/15/2023 | 0.13 % |
| DIGICEL LIMITED P/P 144A 08.2500 09/01/2017 | 0.13 % |
| EL PASO LLC 07.0000 06/15/2017 | 0.13 % |
| IAMGOLD CORP P/P 144A 06.7500 10/01/2020 | 0.13 % |
| INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 | 0.13 % |
| ISLE OF CAPRI 07.7500 03/15/2019 | 0.13 % |
| MATTAMY GROUP CORP P/P 144A 06.5000 11/15/2020 | 0.13 % |
| MIRANT AMERICAS GENR LLC 09.1250 05/01/2031 | 0.13 % |
| NUVEEN INVESTMENTS P/P 144A 09.5000 10/15/2020 | 0.13 % |
| QUEBECOR MEDIA INC USD 05.7500 01/15/2023 | 0.13 % |
| RIVERS PITTSBURGH LP P/P 144A 09.5000 06/15/2019 | 0.13 % |
| SMITHFIELD FOODS INC. 06.6250 08/15/2022 | 0.13 % |
| SUN MERGER SUB INC P/P 144A 05.2500 08/01/2018 | 0.13 % |
| TEREX CORP 06.5000 04/01/2020 | 0.13 % |
| TITAN INTL INC P/P 144A 06.8750 10/01/2020 | 0.13 % |
| TRW AUTOMOTIVE INC. P/P 144A 07.2500 03/15/2017 | 0.13 % |
| UNITED RENTALS NORTH 07.6250 04/15/2022 | 0.13 % |
| UNITED SURGICAL PART 09.0000 04/01/2020 | 0.13 % |
| ALLY FINANCIAL INC 08.0000 11/01/2031 | 0.12 % |
| ALPHA NATURAL RESOURCES 06.2500 06/01/2021 | 0.12 % |
| ARDENT HEALTH 1STL L+525 06.7500 05/02/2018 | 0.12 % |
| CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 | 0.12 % |
| CCM MERGER INC P/P 144A 09.1250 05/01/2019 | 0.12 % |
| CONVATEC HEALTHCARE P/P 144A 10.5000 12/15/2018 | 0.12 % |
| ENERGY TRANSFER EQUITY 07.5000 10/15/2020 | 0.12 % |
| ESAL GMBH P/P 144A 06.2500 02/05/2023 | 0.12 % |
| EVEREST ACQ LLC/FIN 06.8750 05/01/2019 | 0.12 % |
| EXIDE TECHNOLOGIES 08.6250 02/01/2018 | 0.12 % |
| FELCOR LODGING LP 10.0000 10/01/2014 | 0.12 % |
| FIRST DATA CORP P/P 144A 07.3750 06/15/2019 | 0.12 % |
| GANNETT CO INC P/P 144A 05.1250 10/15/2019 | 0.12 % |
| HANESBRANDS INC. 06.3750 12/15/2020 | 0.12 % |
| HBOS CAP FUNDING NO2 P/P 144A 06.0710 06/29/2049 | 0.12 % |
| ICAHN ENTERPRISES 08.0000 01/15/2018 | 0.12 % |
| ISTAR FINANCIAL INC. 07.1250 02/15/2018 | 0.12 % |
| LEVEL 3 FINANCING 09.3750 04/01/2019 | 0.12 % |
| MEDIACOM LLC/CAPTL 07.2500 02/15/2022 | 0.12 % |
| MGM RESORTS INTL 06.7500 10/01/2020 | 0.12 % |
| PULTEGROUP INC. 07.8750 06/15/2032 | 0.12 % |
| RESIDENTIAL CAPITAL LLC 09.6250 05/15/2015 | 0.12 % |
| SCHAEFFLER HLDG FIN P/P 144A 06.8750 08/15/2018 | 0.12 % |
| SMURFIT KAPPA ACQ P/P 144A 04.8750 09/15/2018 | 0.12 % |
| SPECTRUM BRANDS HLDG 06.7500 03/15/2020 | 0.12 % |
| SPRINGLEAF FIN CORP 07.7500 10/01/2021 | 0.12 % |
| STEWART ENTERPRISES 06.5000 04/15/2019 | 0.12 % |
| TELEFLEX INC 06.8750 06/01/2019 | 0.12 % |
| THE NEIMAN MARCUS GROUP INC. 07.1250 06/01/2028 | 0.12 % |
| WILLIAMS COS INC 07.7500 06/15/2031 | 0.12 % |
| ACADEMY LTD/ACADEMY P/P 144A 09.2500 08/01/2019 | 0.11 % |
| ATWOOD OCEANICS INC 06.5000 02/01/2020 | 0.11 % |
| BARRY CALLE SVCS P/P 144A 05.5000 06/15/2023 | 0.11 % |
| BEAZER HOMES USA 08.1250 06/15/2016 | 0.11 % |
| CAD/USD 01/16/2014 WPAC | 0.11 % |
| CERIDIAN CORP P/P 144A 08.8750 07/15/2019 | 0.11 % |
| EPE HLD/EP BOND P/P 144A 08.8750 12/15/2017 | 0.11 % |
| GRAPHIC PACKAGING INTL 04.7500 04/15/2021 | 0.11 % |
| HEALTHCARE TECH IN P/P 144A 07.3750 09/01/2018 | 0.11 % |
| HEXION US FIN CORP 06.6250 04/15/2020 | 0.11 % |
| KINETICS/KCI USA 12.5000 11/01/2019 | 0.11 % |
| LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 | 0.11 % |
| MOMENTIVE PERFORM 10.0000 10/15/2020 | 0.11 % |
| MULTIPLAN INC P/P 144A 09.8750 09/01/2018 | 0.11 % |
| NEWFIELD EXPLORATION CO 05.6250 07/01/2024 | 0.11 % |
| NOVELIS INC 08.7500 12/15/2020 | 0.11 % |
| OMEGA HLTHCRE INVEST 06.7500 10/15/2022 | 0.11 % |
| PENN NATL GAMING P/P 144A 05.8750 11/01/2021 | 0.11 % |
| REGENCY ENERGY PARTNERS 05.5000 04/15/2023 | 0.11 % |
| REYNOLDS GRP ISS/REY 07.8750 08/15/2019 | 0.11 % |
| SUNGARD DATA SYS INC 06.6250 11/01/2019 | 0.11 % |
| T-MOBILE USA INC 06.1250 01/15/2022 | 0.11 % |
| TOWNSQUARE RADIO P/P 144A 09.0000 04/01/2019 | 0.11 % |
| UNITED CONTINENTAL HLDGS 06.0000 12/01/2020 | 0.11 % |
| ALLEGION US HLDG CO P/P 144A 05.7500 10/01/2021 | 0.10 % |
| ALLY FINANCIAL INC 08.0000 03/15/2020 | 0.10 % |
| AVAYA INC P/P 144A 10.5000 03/01/2021 | 0.10 % |
| BON-TON DEPT STORES 10.6250 07/15/2017 | 0.10 % |
| CHESAPEAKE MIDSTREAM 05.8750 04/15/2021 | 0.10 % |
| CIT GROUP INC 05.0000 08/01/2023 | 0.10 % |
| CNO FIN GRP INC P/P 144A 06.3750 10/01/2020 | 0.10 % |
| CONCHO RESOURCES INC 05.5000 04/01/2023 | 0.10 % |
| CONNACHER OIL AND GA P/P 144A 08.5000 08/01/2019 | 0.10 % |
| DEL MONTE 2NDL L+725 08.2500 05/26/2021 | 0.10 % |
| DFC GLOBAL CORP CV 03.2500 04/15/2017 | 0.10 % |
| EL PASO NATURAL GAS 08.6250 01/15/2022 | 0.10 % |
| FERRO CORP 07.8750 08/15/2018 | 0.10 % |
| FMG RES AUG 2006 P/P 144A 08.2500 11/01/2019 | 0.10 % |
| FORBES ENERGY SVCS 09.0000 06/15/2019 | 0.10 % |
| HERTZ CORP 05.8750 10/15/2020 | 0.10 % |
| HEXION US FIN/NOVA 09.0000 11/15/2020 | 0.10 % |
| INFOR GLOBAL SOLUT 09.3750 04/01/2019 | 0.10 % |
| ISLE OF CAPRI 08.8750 06/15/2020 | 0.10 % |
| KINDER MORGAN P/P 144A 05.0000 02/15/2021 | 0.10 % |
| MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 | 0.10 % |
| MGM RESORTS INTL 07.7500 03/15/2022 | 0.10 % |
| MPH INTERMEDIATE HLD P/P 144A 08.3750 08/01/2018 | 0.10 % |
| NATIONSTAR MORT/ 07.8750 10/01/2020 | 0.10 % |
| NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 | 0.10 % |
| NEW GOLD INC P/P 144A 07.0000 04/15/2020 | 0.10 % |
| OASIS PETROLEUM INC 06.8750 01/15/2023 | 0.10 % |
| OXEA SARL 2NDL L+725 08.2500 06/01/2020 | 0.10 % |
| PETCO HOLDINGS INC P/P 144A 08.5000 10/15/2017 | 0.10 % |
| PROVIDENT FDG/PFG P/P 144A 10.1250 02/15/2019 | 0.10 % |
| QUEBECOR MEDIA 07.3750 01/15/2021 | 0.10 % |
| ROSETTA RESOURCES INC 05.6250 05/01/2021 | 0.10 % |
| ROYAL BK SCOTLND GRP PLC USD 06.0000 12/19/2023 | 0.10 % |
| ROYAL BK SCOTLND GRP PLC USD 07.6400 03/29/2049 | 0.10 % |
| SCHAEFFLER FIN BV P/P 144A 08.5000 02/15/2019 | 0.10 % |
| SEALED AIR CORP P/P 144A 05.2500 04/01/2023 | 0.10 % |
| SINCLAIR TELEVISION 06.1250 10/01/2022 | 0.10 % |
| SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 | 0.10 % |
| SPRINT COMMUNICATIONS 07.0000 08/15/2020 | 0.10 % |
| STANDARD PACIFIC CORP 06.2500 12/15/2021 | 0.10 % |
| SUNGARD DATA SYSTEMS INC. 07.6250 11/15/2020 | 0.10 % |
| TRANSDIGM INC 05.5000 10/15/2020 | 0.10 % |
| TRAVELPORT LLC 11.8750 09/01/2016 | 0.10 % |
| WPX ENERGY INC 06.0000 01/15/2022 | 0.10 % |
| B&G FOODS INC 04.6250 06/01/2021 | 0.09 % |
| BOMBARDIER INC P/P 144A 07.7500 03/15/2020 | 0.09 % |
| BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 | 0.09 % |
| CEDAR FAIR LP/CA 05.2500 03/15/2021 | 0.09 % |
| CELANESE US HOLDINGS LLC 04.6250 11/15/2022 | 0.09 % |
| CHESAPEAKE ENERGY CORP 06.8750 11/15/2020 | 0.09 % |
| CINEMARK USA INC 07.3750 06/15/2021 | 0.09 % |
| CONVATEC HEALTHCARE P/P 144A 07.3750 12/15/2017 | 0.09 % |
| DELPHI CORP 05.0000 02/15/2023 | 0.09 % |
| DENBURY RESOURCES INC 06.3750 08/15/2021 | 0.09 % |
| EMERGENCY MEDICAL TLB L+300 04.0000 05/25/2018 | 0.09 % |
| GANNETT CO INC P/P 144A 05.1250 07/15/2020 | 0.09 % |
| HERTZ CORP 06.2500 10/15/2022 | 0.09 % |
| HJ HEINZ TLB2 L+250 03.5000 03/27/2020 | 0.09 % |
| INEOS FINANCE PLC P/P 144A 08.3750 02/15/2019 | 0.09 % |
| JAGUAR HLD/MERGE P/P 144A 09.5000 12/01/2019 | 0.09 % |
| NATIONSTAR MORT/CAP CORP 06.5000 08/01/2018 | 0.09 % |
| NUFARM AUSTRALIA LTD P/P 144A 06.3750 10/15/2019 | 0.09 % |
| NUVEEN INVESTMENTS P/P 144A 09.1250 10/15/2017 | 0.09 % |
| PAR PHARMACEUTICAL TLB L+325 04.2500 09/28/2019 | 0.09 % |
| PETCO ANIMAL SUP P/P 144A 09.2500 12/01/2018 | 0.09 % |
| REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 | 0.09 % |
| REGENCY ENERGY P 04.5000 11/01/2023 | 0.09 % |
| SBA TELECOMMUNICATIONS 08.2500 08/15/2019 | 0.09 % |
| SPRINGLEAF FIN CORP 06.0000 06/01/2020 | 0.09 % |
| TAYLOR MORRISON COMM P/P 144A 05.2500 04/15/2021 | 0.09 % |
| TENET HEALTHCARE P/P 144A 06.0000 10/01/2020 | 0.09 % |
| TERVITA CORP P/P 144A 09.0000 11/15/2018 | 0.09 % |
| YONKERS RACING 1STL L+325 04.2500 07/22/2019 | 0.09 % |
| AFFINION INV LLC P/P 144A 13.5000 08/15/2018 | 0.08 % |
| ARDAGH PKG FIN P/P 144A 04.8750 11/15/2022 | 0.08 % |
| BEAZER HOMES USA 07.2500 02/01/2023 | 0.08 % |
| BERRY PLASTICS CORP 09.7500 01/15/2021 | 0.08 % |
| BUILDING MATERIALS P/P 144A 06.7500 05/01/2021 | 0.08 % |
| CCO HLDGS LLC/CAP CORP 06.6250 01/31/2022 | 0.08 % |
| CHURCHILL DOWNS INC P/P 144A 05.3750 12/15/2021 | 0.08 % |
| CIT GROUP INC 05.0000 08/15/2022 | 0.08 % |
| CITIGROUP INC 04.7500 02/10/2019 | 0.08 % |
| CLEAR CHANNEL COMM 09.0000 03/01/2021 | 0.08 % |
| COMMERZBANK AG P/P 144A 08.1250 09/19/2023 | 0.08 % |
| CYRUSONE LP/CYRU 06.3750 11/15/2022 | 0.08 % |
| ENDO FINANCE CO P/P 144A 05.7500 01/15/2022 | 0.08 % |
| FIRST DATA CORP P/P 144A 11.7500 08/15/2021 | 0.08 % |
| FMG RES AUG 2006 P/P 144A 06.8750 04/01/2022 | 0.08 % |
| GENON ENERGY INC 09.8750 10/15/2020 | 0.08 % |
| IMS HEALTH INC P/P 144A 06.0000 11/01/2020 | 0.08 % |
| MPT OPER PARTNERSP/FINL 06.3750 02/15/2022 | 0.08 % |
| NATIONSTAR MORT/CAP 09.6250 05/01/2019 | 0.08 % |
| NIELSEN FIN LLC/CO 04.5000 10/01/2020 | 0.08 % |
| RITE AID 2NDL L+387.5 04.8750 06/07/2021 | 0.08 % |
| SERVICE CORP INTL P/P 144A 05.3750 01/15/2022 | 0.08 % |
| SM ENERGY CO 06.6250 02/15/2019 | 0.08 % |
| TENET HEALTHCARE 04.5000 04/01/2021 | 0.08 % |
| UNITYMEDIA HESSEN P/P 144A 07.5000 03/15/2019 | 0.08 % |
| VALEANT PHARMA P/P 144A 06.7500 10/01/2017 | 0.08 % |
| VIRGIN MEDIA FIN PLC P/P 144A 06.3750 04/15/2023 | 0.08 % |
| WINDSTREAM CORP 06.3750 08/01/2023 | 0.08 % |
| AVIS BUDGET CAR 05.5000 04/01/2023 | 0.07 % |
| BEV PACK HLDS LU/ISS P/P 144A 06.0000 06/15/2017 | 0.07 % |
| BJ'S WHOLESALE 2NDL L+750 08.5000 03/31/2020 | 0.07 % |
| BUILDING MAT P/P 144A 07.0000 02/15/2020 | 0.07 % |
| CEMEX SAB DE CV P/P 144A 07.2500 01/15/2021 | 0.07 % |
| CERIDIAN CORP 11.2500 11/15/2015 | 0.07 % |
| CHESAPEAKE ENERGY CORP 06.2500 01/15/2017 | 0.07 % |
| CHESAPEAKE ENERGY CORP 09.5000 02/15/2015 | 0.07 % |
| CHS/COMMUNITY HEALTH 08.0000 11/15/2019 | 0.07 % |
| EL PASO LLC 07.8000 08/01/2031 | 0.07 % |
| EMERGENCY MEDICA 08.1250 06/01/2019 | 0.07 % |
| GLP CAP LP / FIN II P/P 144A 04.3750 11/01/2018 | 0.07 % |
| HERCULES OFFSHORE P/P 144A 08.7500 07/15/2021 | 0.07 % |
| HUNTSMAN INTL L P/P 144A 05.1250 04/15/2021 | 0.07 % |
| IRON MOUNTAIN INC 07.7500 10/01/2019 | 0.07 % |
| ISLE OF CAPRI CASINO 05.8750 03/15/2021 | 0.07 % |
| JAZZ TECH INC 08.0000 06/30/2015 | 0.07 % |
| JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 | 0.07 % |
| L BRANDS INC 05.6250 02/15/2022 | 0.07 % |
| LEVEL 3 FIN INC P/P 144A 06.1250 01/15/2021 | 0.07 % |
| LIN TELEVISION CORP 06.3750 01/15/2021 | 0.07 % |
| MPT OP PARTNERSHIP 06.8750 05/01/2021 | 0.07 % |
| NEUBERGER BERMAN P/P 144A 05.6250 03/15/2020 | 0.07 % |
| RANGE RESOURCES CORP 06.7500 08/01/2020 | 0.07 % |
| REALOGY GROUP LLC P/P 144A 07.8750 02/15/2019 | 0.07 % |
| REYNOLDS GRP ISS/REY 09.0000 04/15/2019 | 0.07 % |
| SABINE PASS LNG LP 06.5000 11/01/2020 | 0.07 % |
| SCHAEFFLER FIN BV P/P 144A 07.7500 02/15/2017 | 0.07 % |
| SERVICE CORP INTL 07.0000 05/15/2019 | 0.07 % |
| SEVEN GENS ENER P/P 144A 08.2500 05/15/2020 | 0.07 % |
| SM ENERGY CO 06.5000 11/15/2021 | 0.07 % |
| T-MOBILE USA INC 06.6330 04/28/2021 | 0.07 % |
| T-MOBILE USA INC P/P 144A 05.2500 09/01/2018 | 0.07 % |
| USG CORPORATION 09.7500 01/15/2018 | 0.07 % |
| VIRGIN MEDIA SEC P/P 144A 05.3750 04/15/2021 | 0.07 % |
| WIND ACQUISITION HLD P/P 144A 12.2500 07/15/2017 | 0.07 % |
| AES CORPORATION 04.8750 05/15/2023 | 0.06 % |
| AES CORPORATION 08.0000 06/01/2020 | 0.06 % |
| AINSWORTH LUMBER LTD P/P 144A 07.5000 12/15/2017 | 0.06 % |
| AUTONATION INC 06.7500 04/15/2018 | 0.06 % |
| AVIS BUDGET CAR 09.7500 03/15/2020 | 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 % |
| BURGER KING CORP 09.8750 10/15/2018 | 0.06 % |
| CABLEVISION SYSTEMS CORP 07.7500 04/15/2018 | 0.06 % |
| CAESARS ENTERTAINMENT OP 11.2500 06/01/2017 | 0.06 % |
| CROWN CASTLE INTL CORP 07.1250 11/01/2019 | 0.06 % |
| ENERGY FUTURE P/P 144A 10.0000 12/01/2020 | 0.06 % |
| EUR/USD 03/19/2014 DEUTB-L | 0.06 % |
| HBOS PLC P/P 144A 06.0000 11/01/2033 | 0.06 % |
| HERCULES OFFSHORE P/P 144A 07.5000 10/01/2021 | 0.06 % |
| INTL LEASE FINANCE CORP 04.6250 04/15/2021 | 0.06 % |
| JBS USA LLC/JBS USA P/P 144A 08.2500 02/01/2020 | 0.06 % |
| JC PENNEY TL L+500 06.0000 05/01/2018 | 0.06 % |
| MGM RESORTS INTL 06.8750 04/01/2016 | 0.06 % |
| NATIONAL MONEY MART USD 10.3750 12/15/2016 | 0.06 % |
| PEABODY ENERGY CORPORATION 07.3750 11/01/2016 | 0.06 % |
| RANGE RESOURCES CORP 05.0000 08/15/2022 | 0.06 % |
| REXEL SA P/P 144A 06.1250 12/15/2019 | 0.06 % |
| RITE AID CORP 10.2500 10/15/2019 | 0.06 % |
| SALIX PHARMA LT P/P 144A 06.0000 01/15/2021 | 0.06 % |
| SINCLAIR TELE 05.3750 04/01/2021 | 0.06 % |
| TEXAS COMP/TCEH P/P 144A 11.5000 10/01/2020 | 0.06 % |
| THE HERTZ CORPORATION 07.5000 10/15/2018 | 0.06 % |
| VANTAGE DRILLING TLB L+450 05.7500 03/28/2019 | 0.06 % |
| WIND ACQUISITION FIN P/P 144A 11.7500 07/15/2017 | 0.06 % |
| AUTONATION INC 05.5000 02/01/2020 | 0.05 % |
| B/E AEROSPACE INC 05.2500 04/01/2022 | 0.05 % |
| B/E AEROSPACE INC. 06.8750 10/01/2020 | 0.05 % |
| CABLEVISION SYS CORP 08.0000 04/15/2020 | 0.05 % |
| CAD/USD 01/16/2014 BANKAM | 0.05 % |
| CAD/USD 01/16/2014 JPMCB | 0.05 % |
| CALPINE CORP P/P 144A 06.0000 01/15/2022 | 0.05 % |
| CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 | 0.05 % |
| CINEMARK USA INC 05.1250 12/15/2022 | 0.05 % |
| CLAIRE'S STORES INC P/P 144A 06.1250 03/15/2020 | 0.05 % |
| CPG INTL TLB L+375 04.7500 09/30/2020 | 0.05 % |
| ELDORADO GOLD CORP P/P 144A 06.1250 12/15/2020 | 0.05 % |
| EP ENER/EVEREST 07.7500 09/01/2022 | 0.05 % |
| GETTY IMAGES TLB L+350 04.7500 10/18/2019 | 0.05 % |
| HARRAHS-INCR TLB L+750 09.5000 10/31/2016 | 0.05 % |
| HCA INC 07.5000 02/15/2022 | 0.05 % |
| JBS USA LLC/JBS USA P/P 144A 07.2500 06/01/2021 | 0.05 % |
| K HOVNANIAN ENTR P/P 144A 07.2500 10/15/2020 | 0.05 % |
| KODIAK OIL & GAS COR 05.5000 02/01/2022 | 0.05 % |
| LEVEL 3 FIN INC 07.0000 06/01/2020 | 0.05 % |
| NEW GOLD INC P/P 144A 06.2500 11/15/2022 | 0.05 % |
| OWENS CORNING INC 09.0000 06/15/2019 | 0.05 % |
| RITE AID CORP 08.0000 08/15/2020 | 0.05 % |
| TERVITA CORP P/P 144A 10.8750 02/15/2018 | 0.05 % |
| TMS INTL CORP P/P 144A 07.6250 10/15/2021 | 0.05 % |
| TRW AUTOMOTIVE INC P/P 144A 04.5000 03/01/2021 | 0.05 % |
| CALPINE CORP P/P 144A 05.8750 01/15/2024 | 0.04 % |
| CENTURYLINK INC 05.6250 04/01/2020 | 0.04 % |
| CONSTELLATION BRANDS INC 04.2500 05/01/2023 | 0.04 % |
| CORRECTIONS CORP 04.1250 04/01/2020 | 0.04 % |
| CORRECTIONS CORP 04.6250 05/01/2023 | 0.04 % |
| D.R. HORTON INC 05.7500 08/15/2023 | 0.04 % |
| FELCOR LODGING LP 05.6250 03/01/2023 | 0.04 % |
| FQM AKUBRA INC P/P 144A 07.5000 06/01/2021 | 0.04 % |
| GEN MOTORS FIN P/P 144A 04.2500 05/15/2023 | 0.04 % |
| GENON ENERGY INC 09.5000 10/15/2018 | 0.04 % |
| GOLDEN NUGGET TLB L+450 05.5000 10/21/2019 | 0.04 % |
| HERCULES OFFSHORE P/P 144A 07.1250 04/01/2017 | 0.04 % |
| INEOS FINANCE PLC P/P 144A 07.5000 05/01/2020 | 0.04 % |
| MGM RESORTS INTL 06.6250 12/15/2021 | 0.04 % |
| NEWFIELD EXPLORATION CO 07.1250 05/15/2018 | 0.04 % |
| SANDRIDGE ENERGY INC 07.5000 03/15/2021 | 0.04 % |
| SHERIDAN HOLD 2NDL L+725 08.2500 12/31/2021 | 0.04 % |
| SUN MERGER SUB INC P/P 144A 05.8750 08/01/2021 | 0.04 % |
| TAYLOR MORRISON COMM P/P 144A 07.7500 04/15/2020 | 0.04 % |
| TENNESSEE GAS PIPELINE 07.0000 10/15/2028 | 0.04 % |
| TRINIDAD DRILLING P/P 144A 07.8750 01/15/2019 | 0.04 % |
| WESCO DISTRIBUTION P/P 144A 05.3750 12/15/2021 | 0.04 % |
| WILLIAMS COS INC 07.8750 09/01/2021 | 0.04 % |
| WIND ACQ FIN S.A. REGS 07.3750 02/15/2018 | 0.04 % |
| ACADEMY LTD TLB L+300 04.5000 08/03/2018 | 0.03 % |
| CBRE SERVICES INC 05.0000 03/15/2023 | 0.03 % |
| CEDAR FAIR LP/CA W 09.1250 08/01/2018 | 0.03 % |
| CHESAPEAKE ENERGY CORP 06.5000 08/15/2017 | 0.03 % |
| CONS CNT CO/CONS CNT P/P 144A 10.1250 07/15/2020 | 0.03 % |
| DEMATIC TL L+400 05.2500 11/30/2019 | 0.03 % |
| ISTAR FINANCIAL TLA2 L+575 07.0000 03/19/2017 | 0.03 % |
| LEVEL 3 FINANCING 08.1250 07/01/2019 | 0.03 % |
| NEWFIELD EXPLORATION CO 06.8750 02/01/2020 | 0.03 % |
| NRG ENERGY INC 07.6250 01/15/2018 | 0.03 % |
| SCHAEFFLER FINANCE BV REGS 08.7500 02/15/2019 | 0.03 % |
| SM ENERGY CO 06.5000 01/01/2023 | 0.03 % |
| STEEL DYNAMICS INC 06.3750 08/15/2022 | 0.03 % |
| T-MOBILE USA INC 06.8360 04/28/2023 | 0.03 % |
| USG CORP P/P 144A 05.8750 11/01/2021 | 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 % |
| VIDEOTRON LTD 06.8750 07/15/2021 | 0.03 % |
| WELLS ENTERPRISE P/P 144A 06.7500 02/01/2020 | 0.03 % |
| BURLINGTON COAT TLB2 L+325 04.2500 02/23/2017 | 0.02 % |
| CCO HLDGS LLC/CAP CORP 07.3750 06/01/2020 | 0.02 % |
| CINEMARK USA INC 04.8750 06/01/2023 | 0.02 % |
| GOLDEN NUGGET DD L+450 05.5000 10/21/2019 | 0.02 % |
| LIBERTY MUTUAL GROUP P/P 144A 07.0000 03/15/2037 | 0.02 % |
| PEABODY ENERGY CORP 06.0000 11/15/2018 | 0.02 % |
| POST HOLDINGS INC P/P 144A 07.3750 02/15/2022 | 0.02 % |
| PPDI TLB L+300 04.0000 12/05/2018 | 0.02 % |
| PULTEGROUP INC. 06.0000 02/15/2035 | 0.02 % |
| QUIKSILVER INC/QS WH 10.0000 08/01/2020 | 0.02 % |
| QUIKSILVER INC/QS WH P/P 144A 07.8750 08/01/2018 | 0.02 % |
| REYNOLDS GROUP HLDG 08.2500 02/15/2021 | 0.02 % |
| SERVICE CORP INTL 07.0000 06/15/2017 | 0.02 % |
| STEEL DYNAMICS INC 05.2500 04/15/2023 | 0.02 % |
| LONE PINE RESOUR USD 10.3750 02/15/2017 | 0.01 % |
| SPEC BND ES CORP P/P 144A 06.3750 11/15/2020 | 0.01 % |
| SPEC BRNDS ESCROW CO P/P 144A 06.6250 11/15/2022 | 0.01 % |
| STEEL DYNAMICS INC 07.6250 03/15/2020 | 0.01 % |
| CERIDIAN CORP 12.2500 11/15/2015 | 0.00 % |
| EUR/USD 03/19/2014 UBS | 0.00 % |
| ISTAR FINANCIAL TL L+350 04.5000 10/15/2017 | 0.00 % |
| EUR/USD 03/19/2014 UBS | -0.01 % |
| CAD/USD 01/16/2014 BANKAM | -0.05 % |
| CAD/USD 01/16/2014 JPMCB | -0.05 % |
| EUR/USD 03/19/2014 DEUTB-L | -0.06 % |
| CAD/USD 01/16/2014 WPAC | -0.11 % |
| CAD/USD 01/16/2014 SSBT | -0.13 % |
| EUR/USD 03/19/2014 JPMCB | -0.14 % |
| EUR/USD 03/19/2014 CSI-FX | -0.17 % |
| EUR/USD 03/19/2014 SSBT | -0.23 % |
| GBP/USD 03/19/2014 BCAP-FX | -0.31 % |
| EUR/USD 03/19/2014 BANKAM | -0.40 % |
Prior top 10 holdings
| Top 10 holdings as of 01/31/14 |
|---|
| Intelsat Luxemb P/P 144a 07.7500 06/01/2021 |
| First Data Corp P/P 144a 08.2500 01/15/2021 |
| Hca 06.5000 02/15/2020 |
| Aguila 3 P/P 144a 07.8750 01/31/2018 |
| Ads Waste Holdings 08.2500 10/01/2020 |
| Mtr Gaming Group 11.5000 08/01/2019 |
| Lightstream P/P 144A 08.6250 02/01/2020 |
| Linn Energy Llc P/P 144a 07.0000 11/01/2019 |
| Wideopenwest Fin 10.2500 07/15/2019 |
| Caesars Ent Oper Tlb6 L+525 05.4886 01/28/2018 |
| Holdings represent 5.56% of portfolio |
| Top 10 holdings as of 12/31/13 |
|---|
| Intelsat Luxemb P/P 144a 07.7500 06/01/2021 |
| First Data Corp P/P 144a 08.2500 01/15/2021 |
| Aguila 3 P/P 144a 07.8750 01/31/2018 |
| Hca 06.5000 02/15/2020 |
| Ads Waste Holdings 08.2500 10/01/2020 |
| Mtr Gaming Group 11.5000 08/01/2019 |
| Petrobakken Ener P/P 144a 08.6250 02/01/2020 |
| Wideopenwest Fin 10.2500 07/15/2019 |
| First Data Corp 12.6250 01/15/2021 |
| Linn Energy Llc P/P 144a 07.0000 11/01/2019 |
| Holdings represent 5.48% of portfolio |
| Top 10 holdings as of 11/30/13 |
|---|
| Intelsat Luxemb P/P 144a 07.7500 06/01/2021 |
| First Data Corp P/P 144a 08.2500 01/15/2021 |
| Hca 06.5000 02/15/2020 |
| Ads Waste Hldg P/P 144a 08.2500 10/01/2020 |
| Mtr Gaming Group 11.5000 08/01/2019 |
| Wideopenwest Fin 10.2500 07/15/2019 |
| Aguila 3 P/P 144a 07.8750 01/31/2018 |
| First Data Corp 12.6250 01/15/2021 |
| Linn Energy Llc P/P 144a 07.0000 11/01/2019 |
| Continental Resources 05.0000 09/15/2022 |
| Holdings represent 5.29% of portfolio |
| Top 10 holdings as of 10/31/13 |
|---|
| Intelsat Luxemb P/P 144a 07.7500 06/01/2021 |
| First Data Corp P/P 144a 08.2500 01/15/2021 |
| Hca 06.5000 02/15/2020 |
| Kinetics Concept/Kci 10.5000 11/01/2018 |
| Linn Energy Llc P/P 144a 07.0000 11/01/2019 |
| Mtr Gaming Group 11.5000 08/01/2019 |
| Wideopenwest Fin 10.2500 07/15/2019 |
| First Data Corp 12.6250 01/15/2021 |
| Continental Resources 05.0000 09/15/2022 |
| American Axle Mfg 07.7500 11/15/2019 |
| Holdings represent 5.34% of portfolio |
Fixed income statistics as of 01/31/14
| Average effective maturity | 6.68 yrs. |
|---|---|
| Average effective duration | 3.41 yrs. |
| Average yield to maturity | 6.09% |
| Average coupon | 7.31% |
| Average price | $107.94 |
Sector weightings as of 01/31/14
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| High-yield corporate bonds | 85.56% | 3.40 | 0.00% | 0.00 | 85.56% | 3.40 |
| Bank loans | 5.33% | 0.21 | 0.00% | 0.00 | 5.33% | 0.21 |
| Investment-grade corporate bonds | 5.09% | 0.33 | 0.00% | 0.00 | 5.09% | 0.33 |
| Net cash | 2.93% | 0.00 | 0.00% | 0.00 | 2.93% | 0.00 |
| Emerging-market bonds | 1.09% | 0.05 | 0.00% | 0.00 | 1.09% | 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 01/31/14
| 0 - 1 yr. | 3.39% |
|---|---|
| 1 - 5 yrs. | 23.05% |
| 5 - 10 yrs. | 69.27% |
| 10 - 15 yrs. | 1.50% |
| Over 15 yrs. | 2.79% |
Quality rating as of 01/31/14
| A | 0.40% |
|---|---|
| BBB | 4.69% |
| BB | 38.92% |
| B | 38.60% |
| CCC and Below | 14.29% |
| Not Rated | 0.17% |
| Net cash | 2.93% |
Top Industry Sectors as of 01/31/14
| Consumer cyclicals | 21.50% |
|---|---|
| Energy | 13.38% |
| Communication services | 10.66% |
| Financials | 10.37% |
| Basic materials | 9.00% |
| Health care | 8.47% |
| Consumer staples | 6.84% |
| Capital goods | 6.46% |
| Technology | 4.60% |
| 8.72% |
| Utilities | 4.16% |
|---|---|
| Net Cash | 2.93% |
| Transportation | 1.63% |
0
The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.
Sectors will vary over time. Represents the equity portion of the portfolio.
Country Allocation as of 01/31/14
| United States | 83.93% |
|---|---|
| Canada | 3.97% |
| Luxembourg | 3.65% |
| United Kingdom | 1.59% |
| France | 0.88% |
| Netherlands | 0.88% |
| Germany | 0.70% |
| Mexico | 0.58% |
| Jamaica | 0.52% |
| 3.30% |
| Australia | 0.51% |
|---|---|
| Brazil | 0.51% |
| Cayman Islands | 0.50% |
| Belgium | 0.45% |
| Ireland | 0.40% |
| Japan | 0.36% |
| Sweden | 0.22% |
| Spain | 0.18% |
| Bermuda | 0.14% |
| New Zealand | 0.02% |
| European Community | 0.01% |
0
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% | -- | -- | 3.25% | -- | -- |
| $50,000-$99,999 | 4.00% | -- | -- | 2.25% | -- | -- |
| $100,000-$249,999 | 3.25% | -- | -- | 1.25% | -- | -- |
| $250,000-$499,999 | 2.50% | -- | -- | 1.00% | -- | -- |
| $500,000-$999,999 | -- | -- | -- | -- | -- | -- |
| $1M-$4M | -- | -- | -- | -- | -- | -- |
| $4M-$50M | -- | -- | -- | -- | -- | -- |
| $50M+ | -- | -- | -- | -- | -- | -- |
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. | -- | 5.00% | 1.00% | -- | -- | -- |
| 2 yrs. | -- | 4.00% | -- | -- | -- | -- |
| 3 yrs. | -- | 3.00% | -- | -- | -- | -- |
| 4 yrs. | -- | 3.00% | -- | -- | -- | -- |
| 5 yrs. | -- | 2.00% | -- | -- | -- | -- |
| 6 yrs. | -- | 1.00% | -- | -- | -- | -- |
| 7+ yrs. | -- | -- | -- | -- | -- | -- |
Yield more closely reflects current performance than total return.
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: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 greater for longer-term bonds, and credit risk is 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. Bond prices may fall or fail to rise over time for reasons, including general financial market conditions and factors related to a specific issuer or industry. 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 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 are included in the net cash 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 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.