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 |
$6.12
0.16% ( $0.01 ) |
$6.36
(06/16/14) |
$5.86
(12/16/14) |
Management team
(Investing since 1986)
(Investing since 1985)
(Investing 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.
Fund manager commentary
Liquidity slowly evaporating for bonds
Paul Scanlon, Co-Head of Fixed Income, and Norm Boucher, Portfolio Manager, talk about liquidity conditions in the high-yield market.
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
Total return (%) as of 12/31/14
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 1.94% | 7.81% | 7.94% | 7.02% |
| After sales charge | -2.14% | 6.36% | 7.06% | 6.59% |
| JPMorgan Developed High Yield Index | 2.15% | 8.61% | 9.42% | 7.92% |
| Cumulative performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 1.94% | 25.32% | 46.52% | 97.17% |
| After sales charge | -2.14% | 20.31% | 40.66% | 89.28% |
Annual performance as of 12/31/14
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Before sales charge | 3.25% | 12.11% | 3.44% | -24.22% | 48.32% | 13.34% | 3.15% | 15.11% | 6.81% | 1.94% |
| JPMorgan Developed High Yield Index | 2.62% | 11.58% | 2.69% | -26.80% | 58.76% | 14.86% | 6.59% | 15.67% | 8.42% | 2.15% |
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.
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 01/31/15
| Intelsat Luxemb Usd 07.7500 06/01/2021 | 0.80% |
|
|---|---|---|
| Altice P/P 144a 07.7500 05/15/2022 | 0.64% |
|
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.62% |
|
| Ads Waste Holdings 08.2500 10/01/2020 | 0.55% |
|
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.53% |
|
| Legrand France Usd 08.5000 02/15/2025 | 0.53% |
|
| Hca 06.5000 02/15/2020 | 0.51% |
|
| Sprint Corp 07.8750 09/15/2023 | 0.51% |
|
| Wideopenwest Fin 10.2500 07/15/2019 | 0.50% |
|
| Avaya P/P 144a 07.0000 04/01/2019 | 0.50% |
|
| Top 10 holdings, percent of portfolio | 5.69% |
|
Full portfolio holdings as of 12/31/14
| INTELSAT LUXEMB USD 07.7500 06/01/2021 | 0.80 % |
|---|---|
| CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 | 0.62 % |
| ALTICE SA P/P 144A 07.7500 05/15/2022 | 0.61 % |
| ADS WASTE HOLDINGS INC 08.2500 10/01/2020 | 0.54 % |
| HCA INC 06.5000 02/15/2020 | 0.54 % |
| ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 | 0.52 % |
| WIDEOPENWEST FIN 10.2500 07/15/2019 | 0.52 % |
| KINETICS CONCEPT/KCI 10.5000 11/01/2018 | 0.51 % |
| LEGRAND FRANCE USD 08.5000 02/15/2025 | 0.51 % |
| AVAYA INC P/P 144A 07.0000 04/01/2019 | 0.50 % |
| EUR/USD 03/18/2015 BANKAM | 0.50 % |
| FIRST DATA CORP P/P 144A 08.2500 01/15/2021 | 0.49 % |
| SPRINT CORP 07.8750 09/15/2023 | 0.49 % |
| LINN ENERGY LLC 06.2500 11/01/2019 | 0.48 % |
| MTR GAMING GROUP INC 11.5000 08/01/2019 | 0.45 % |
| NRG ENERGY INC 07.8750 05/15/2021 | 0.45 % |
| DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 | 0.44 % |
| MANITOWOC COMPANY INC 05.8750 10/15/2022 | 0.43 % |
| ROC FIN LLC/ROC FIN P/P 144A 12.1250 09/01/2018 | 0.43 % |
| SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 | 0.43 % |
| GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 | 0.42 % |
| LANDRY'S INC P/P 144A 09.3750 05/01/2020 | 0.42 % |
| LLOYDS BANK PLC 13.0000 01/29/2049 | 0.42 % |
| CAESARS ENT OPER TLB6 L+675 07.0052 03/01/2017 | 0.41 % |
| CHRYSLER GP/CG CO 08.2500 06/15/2021 | 0.41 % |
| DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 | 0.41 % |
| SIX FLAGS ENT P/P 144A 05.2500 01/15/2021 | 0.41 % |
| SPRINT CORP 07.2500 09/15/2021 | 0.41 % |
| ALLY FINANCIAL INC 08.0000 11/01/2031 | 0.40 % |
| CALPINE CORP 05.7500 01/15/2025 | 0.40 % |
| PITTSBURGH GLASS P/P 144A 08.0000 11/15/2018 | 0.39 % |
| CELANESE US HOLDINGS LLC 05.8750 06/15/2021 | 0.38 % |
| HALCON RESOURCES COR 08.8750 05/15/2021 | 0.38 % |
| ALLY FINANCIAL INC. 07.5000 09/15/2020 | 0.37 % |
| CLEAR CHANNEL COMMUN 09.0000 12/15/2019 | 0.37 % |
| CLEAR CHNL WORLD 06.5000 11/15/2022 | 0.37 % |
| IGLOO HOLDINGS CORP P/P 144A 08.2500 12/15/2017 | 0.37 % |
| ASURION LLC 2NDL L+750 08.5000 02/18/2021 | 0.36 % |
| BUILDING MATERIALS P/P 144A 05.3750 11/15/2024 | 0.36 % |
| NIELSEN CO LUX SARL P/P 144A 5.500 10/01/2021 | 0.36 % |
| PAR PHARMACEUTICAL 07.3750 10/15/2020 | 0.36 % |
| WHITING PETROLEUM CORP 05.7500 03/15/2021 | 0.36 % |
| AES CORP/VA 07.3750 07/01/2021 | 0.35 % |
| AMERICAN AXLE & MFG INC 07.7500 11/15/2019 | 0.35 % |
| CCOH SAFARI LLC 05.7500 12/01/2024 | 0.35 % |
| CROWN CASTLE INT 05.2500 01/15/2023 | 0.35 % |
| DANA HOLDING CORP 06.0000 09/15/2023 | 0.35 % |
| EVEREST ACQ LLC/FIN 09.3750 05/01/2020 | 0.35 % |
| GBP/USD 03/18/2015 UBS | 0.35 % |
| LIGHTSTREAM P/P 144A 08.6250 02/01/2020 | 0.35 % |
| MASONITE INTL C P/P 144A 08.2500 04/15/2021 | 0.35 % |
| NUMERICABLE-SFR P/P 144A 06.0000 05/15/2022 | 0.35 % |
| WEEKLEY HOMES LLC 06.0000 02/01/2023 | 0.35 % |
| BLUELINE RENTAL FIN P/P 144A 07.0000 02/01/2019 | 0.34 % |
| ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 | 0.33 % |
| INTELSAT LUXEMB USD 08.1250 06/01/2023 | 0.33 % |
| JC PENNEY ABL TL L+400 05.0000 06/14/2019 | 0.33 % |
| NUMERICABLE-SFR P/P 144A 06.2500 05/15/2024 | 0.33 % |
| SABINE PASS LNG LP 07.5000 11/30/2016 | 0.33 % |
| AMERICAN INTL GROUP 08.1750 05/15/2058 | 0.32 % |
| ASHTEAD CAPITAL INC P/P 144A 06.5000 07/15/2022 | 0.32 % |
| CAESARS GROWTH PROP TL L+525 06.2500 04/10/2021 | 0.32 % |
| ELIZABETH ARDEN INC 07.3750 03/15/2021 | 0.32 % |
| ENDO FINANCE LLC P/P 144A 05.7500 01/15/2022 | 0.32 % |
| NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 | 0.32 % |
| ONEX USI AC P/P 144A 07.7500 01/15/2021 | 0.32 % |
| SOFTBANK CORP P/P 144A 04.5000 04/15/2020 | 0.32 % |
| TEREX CORP 06.0000 05/15/2021 | 0.32 % |
| CORRECTIONS CORP 04.6250 05/01/2023 | 0.31 % |
| GULFPORT ENERGY CORP 07.7500 11/01/2020 | 0.31 % |
| T-MOBILE USA INC 06.1250 01/15/2022 | 0.31 % |
| TENET HEALTHCARE 06.0000 10/01/2020 | 0.31 % |
| WELLCARE HEALTH PLANS IN 05.7500 11/15/2020 | 0.31 % |
| BRIGGS & STRATTON CORP 06.8750 12/15/2020 | 0.30 % |
| CLEAR CHANNEL TLD L+675 06.9192 01/31/2019 | 0.30 % |
| REVLON CONSUMER PRODS 05.7500 02/15/2021 | 0.30 % |
| ARCELORMITTAL USD 10.3500 06/01/2019 | 0.29 % |
| CCO HLDGS LLC/CAP CORP 05.1250 02/15/2023 | 0.29 % |
| PENN NATL GAMING 05.8750 11/01/2021 | 0.29 % |
| SERVICE CORPORATION INTL 06.7500 04/01/2016 | 0.29 % |
| T-MOBILE USA INC 06.6250 04/01/2023 | 0.29 % |
| TEXAS COMP ELEC TL EXT L+450 04.6612 10/10/2017 | 0.29 % |
| WEST CORP P/P 144A 05.3750 07/15/2022 | 0.29 % |
| ALCATEL-LUCENT USA I P/P 144A 06.7500 11/15/2020 | 0.28 % |
| BOISE CASCADE 06.3750 11/01/2020 | 0.28 % |
| GARDA WORLD SECURITY P/P 144A 07.2500 11/15/2021 | 0.28 % |
| GRAY TELEVISION INC 07.5000 10/01/2020 | 0.28 % |
| HUB INTL LTD P/P 144A 07.8750 10/01/2021 | 0.28 % |
| PHH CORP 06.3750 08/15/2021 | 0.28 % |
| REYNOLDS GROUP 09.8750 08/15/2019 | 0.28 % |
| RYERSON INC / JOSEPH 09.0000 10/15/2017 | 0.28 % |
| SCIENTIFIC GAMES INT P/P 144A 10.0000 12/01/2022 | 0.28 % |
| SERVICE CORP INTL 05.3750 01/15/2022 | 0.28 % |
| TRAVELPORT TLB L+500 06.0000 08/15/2021 | 0.28 % |
| WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 | 0.28 % |
| 1011778 BC / NEW RED P/P 144A 06.0000 04/01/2022 | 0.27 % |
| AIR MEDICAL TL 07.6250 05/31/2018 | 0.27 % |
| CRIMSON MERGER P/P 144A 06.6250 05/15/2022 | 0.27 % |
| HJ HEINZ CO 04.2500 10/15/2020 | 0.27 % |
| ISTAR FINANCIAL INC CV 03.0000 11/15/2016 | 0.27 % |
| KODIAK OIL & GAS 08.1250 12/01/2019 | 0.27 % |
| NEIMAN MARCUS TL L+325 04.2500 10/25/2020 | 0.27 % |
| PERSTORP HOLDING AB P/P 144A 08.7500 05/15/2017 | 0.27 % |
| CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 | 0.26 % |
| FIRST DATA CORP 11.7500 08/15/2021 | 0.26 % |
| HOWARD HUGHES CORP P/P 144A 06.8750 10/01/2021 | 0.26 % |
| JLL/DELTA DUTCH NEW P/P 144A 07.5000 02/01/2022 | 0.26 % |
| NORTEK INC 10.0000 12/01/2018 | 0.26 % |
| OFFSHORE GROUP I USD 07.5000 11/01/2019 | 0.26 % |
| TMS INTL CORP P/P 144A 07.6250 10/15/2021 | 0.26 % |
| BURGER KING TLB L+350 04.5000 09/25/2021 | 0.25 % |
| CALIFORNIA RESOURCES P/P 144A 06.0000 11/15/2024 | 0.25 % |
| ICAHN ENTER/FIN 06.0000 08/01/2020 | 0.25 % |
| MOMENTIVE PERFORMANCE 03.8800 10/24/2021 | 0.25 % |
| PENSKE AUTO GRP INC 05.7500 10/01/2022 | 0.25 % |
| PQ CORP P/P 144A 08.7500 05/01/2018 | 0.25 % |
| QWEST CORP 06.7500 12/01/2021 | 0.25 % |
| ROYAL BK SCOTLND GRP PLC USD 07.6400 03/29/2049 | 0.25 % |
| SBA COMM CORP P/P 144A 04.8750 07/15/2022 | 0.25 % |
| SUGAR HSP GAMING P/P 144A 06.3750 06/01/2021 | 0.25 % |
| ACADIA HEALTH 06.1250 03/15/2021 | 0.24 % |
| AIR MEDICAL GRP HLDG 09.2500 11/01/2018 | 0.24 % |
| GLP CAP LP / FIN II 04.8750 11/01/2020 | 0.24 % |
| HALYARD HEALTH INC P/P 144A 06.2500 10/15/2022 | 0.24 % |
| JO-ANN STORES INC P/P 144A 08.1250 03/15/2019 | 0.24 % |
| MGM RESORTS INTL 06.7500 10/01/2020 | 0.24 % |
| NORTEK INC 08.5000 04/15/2021 | 0.24 % |
| SPRINT COMM P/P 144A 09.0000 11/15/2018 | 0.24 % |
| TENET HEALTHCARE 06.2500 11/01/2018 | 0.24 % |
| TRI POINTE HLDG INC P/P 144A 05.8750 06/15/2024 | 0.24 % |
| WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 | 0.24 % |
| CIT GROUP INC 05.3750 05/15/2020 | 0.23 % |
| CLEAR CHANNEL COMM 09.0000 03/01/2021 | 0.23 % |
| COVERIS HOLDINGS SA P/P 144A 07.8750 11/01/2019 | 0.23 % |
| DH SERVICES LUX SARL P/P 144A 07.7500 12/15/2020 | 0.23 % |
| DYNEGY FIN I/II INC P/P 144A 06.7500 11/01/2019 | 0.23 % |
| IRON MOUNTAIN INCORPORATED 06.0000 08/15/2023 | 0.23 % |
| MATTAMY GROUP CORP P/P 144A 06.5000 11/15/2020 | 0.23 % |
| SHELF DRILL MIDCO TL L+900 10.0000 10/08/2018 | 0.23 % |
| ACCESS MIDSTREAM PARTNER 04.8750 05/15/2023 | 0.22 % |
| BROOKFIELD RESID P/P 144A 06.5000 12/15/2020 | 0.22 % |
| CAPSUGEL SA P/P 144A 07.0000 05/15/2019 | 0.22 % |
| CBS OUT AMER CAP LLC P/P 144A 05.6250 02/15/2024 | 0.22 % |
| CCO HLDGS LLC/CAP CORP 05.2500 09/30/2022 | 0.22 % |
| CLEAR CHNL WORLD 07.6250 03/15/2020 | 0.22 % |
| CONSTELLATION BRANDS INC 06.0000 05/01/2022 | 0.22 % |
| DAVITA HEALTHCARE PARTNE 05.1250 07/15/2024 | 0.22 % |
| ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 | 0.22 % |
| HD SUPPLY INC 07.5000 07/15/2020 | 0.22 % |
| ICAHN ENTERPRISES/FI 05.8750 02/01/2022 | 0.22 % |
| LEND PROC SER/BLK KNGHT 05.7500 04/15/2023 | 0.22 % |
| LOUISIANA PACIF 07.5000 06/01/2020 | 0.22 % |
| MASTEC INC 04.8750 03/15/2023 | 0.22 % |
| MICRON TECH INC P/P 144A 05.8750 02/15/2022 | 0.22 % |
| OSHKOSH CORP 05.3750 03/01/2022 | 0.22 % |
| PARAGON OFFSHORE PLC P/P 144A 07.2500 08/15/2024 | 0.22 % |
| RITE AID CORP 09.2500 03/15/2020 | 0.22 % |
| SINCLAIR TELEVISION 06.3750 11/01/2021 | 0.22 % |
| TENNECO INC 06.8750 12/15/2020 | 0.22 % |
| A-S CO-ISS SUB I P/P 144A 07.8750 12/15/2020 | 0.21 % |
| ACCESS MIDSTREAM PARTNER 06.1250 07/15/2022 | 0.21 % |
| BON-TON DEPT STORES 10.6250 07/15/2017 | 0.21 % |
| CAD/USD 01/21/2015 SSBT | 0.21 % |
| CCOH SAFARI LLC 05.5000 12/01/2022 | 0.21 % |
| COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 | 0.21 % |
| CONCHO RESOURCES INC 06.5000 01/15/2022 | 0.21 % |
| CUMULUS MEDIA HLDG 07.7500 05/01/2019 | 0.21 % |
| EXTERRAN PARTNERS/EX P/P 144A 06.0000 10/01/2022 | 0.21 % |
| LENNAR CORP 04.7500 11/15/2022 | 0.21 % |
| NATIONSTAR MORT/ 06.5000 07/01/2021 | 0.21 % |
| PROVIDENT FDG/PFG P/P 144A 06.7500 06/15/2021 | 0.21 % |
| QWEST CORP 07.2500 09/15/2025 | 0.21 % |
| SERVICE CORP INTL 05.3750 05/15/2024 | 0.21 % |
| TAYLOR MORRISON COMM P/P 144A 07.7500 04/15/2020 | 0.21 % |
| TENNECO INC 05.3750 12/15/2024 | 0.21 % |
| UNIT CORP 06.6250 05/15/2021 | 0.21 % |
| AVIV HEALTHCARE 06.0000 10/15/2021 | 0.20 % |
| CHC HELICOPTER SA USD 09.2500 10/15/2020 | 0.20 % |
| FELCOR LODGING LP 06.7500 06/01/2019 | 0.20 % |
| HCA INC 03.7500 03/15/2019 | 0.20 % |
| HD SUPPLY INC 11.5000 07/15/2020 | 0.20 % |
| HD SUPPLY INC P/P 144A 05.2500 12/15/2021 | 0.20 % |
| HUDBAY MINERALS INC USD 09.5000 10/01/2020 | 0.20 % |
| HUNTSMAN INTERNATIONAL LLC 04.8750 11/15/2020 | 0.20 % |
| IASIS HEALTHCARE 08.3750 05/15/2019 | 0.20 % |
| M/I HOMES INC 08.6250 11/15/2018 | 0.20 % |
| SABINE PASS LIQU 06.2500 03/15/2022 | 0.20 % |
| SCHAEFFLER HLDG FIN P/P 144A 06.8750 08/15/2018 | 0.20 % |
| SIRIUS XM RADIO INC P/P 144A 05.8750 10/01/2020 | 0.20 % |
| TERVITA CORP TLB L+500 06.2500 01/24/2018 | 0.20 % |
| TRANSDIGM INC 07.5000 07/15/2021 | 0.20 % |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.20 % |
| CHUCK E CHEESE'S TLB L+300 04.0000 02/14/2021 | 0.19 % |
| DISH DBS CORP P/P 144A 05.8750 11/15/2024 | 0.19 % |
| FREESCALE SEMICO P/P 144A 06.0000 01/15/2022 | 0.19 % |
| HUDBAY MINERALS INC P/P 144A 09.5000 10/01/2020 | 0.19 % |
| OWENS-BROCKWAY P/P 144A 05.3750 01/15/2025 | 0.19 % |
| PAR PHARMA TLB L+300 04.0000 09/28/2019 | 0.19 % |
| PRESTIGE BRANDS INC P/P 144A 05.3750 12/15/2021 | 0.19 % |
| QUEBECOR MEDIA INC USD 05.7500 01/15/2023 | 0.19 % |
| ROSETTA RESOURCES INC 05.6250 05/01/2021 | 0.19 % |
| SCIENTIFIC GAMES INT P/P 144A 07.0000 01/01/2022 | 0.19 % |
| SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 | 0.19 % |
| T-MOBILE USA INC 06.2500 04/01/2021 | 0.19 % |
| AVIV HLTH PROP/AVIV 07.7500 02/15/2019 | 0.18 % |
| BELDEN INC P/P 144A 05.2500 07/15/2024 | 0.18 % |
| CABLEVISION SYSTEMS 08.6250 09/15/2017 | 0.18 % |
| CCO HOLDINGS 06.5000 04/30/2021 | 0.18 % |
| CEMEX FINANCE LLC P/P 144A 09.3750 10/12/2022 | 0.18 % |
| COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 | 0.18 % |
| CSC HOLDINGS LLC P/P 144A 05.2500 06/01/2024 | 0.18 % |
| FORMULA ONE 1STL L+375 04.7500 07/15/2021 | 0.18 % |
| LENNAR CORP 04.5000 06/15/2019 | 0.18 % |
| LEVEL 3 FIN INC 08.6250 07/15/2020 | 0.18 % |
| LEVEL 3 FINANCING IN P/P 144A 05.3750 08/15/2022 | 0.18 % |
| MGM RESORTS INTL 05.2500 03/31/2020 | 0.18 % |
| MGM RESORTS INTL 08.6250 02/01/2019 | 0.18 % |
| NEUBERGER BERMAN P/P 144A 05.8750 03/15/2022 | 0.18 % |
| OMNICARE INC 04.7500 12/01/2022 | 0.18 % |
| PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 | 0.18 % |
| PULTEGROUP INC. 07.8750 06/15/2032 | 0.18 % |
| SHELF DRILL HOLD LTD P/P 144A 08.6250 11/01/2018 | 0.18 % |
| SPRINGLEAF FIN CORP 07.7500 10/01/2021 | 0.18 % |
| T-MOBILE USA INC 06.3750 03/01/2025 | 0.18 % |
| VANDER INTERMED P/P 144A 09.7500 02/01/2019 | 0.18 % |
| WR GRACE & CO-CONN P/P 144A 05.1250 10/01/2021 | 0.18 % |
| ACI WORLDWIDE INC P/P 144A 06.3750 08/15/2020 | 0.17 % |
| ANTERO RESOURCES FIN P/P 144A 05.1250 12/01/2022 | 0.17 % |
| AVAYA INC P/P 144A 10.5000 03/01/2021 | 0.17 % |
| BBVA INTL PREF UNIPERSON USD 05.9190 04/29/2049 | 0.17 % |
| BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 | 0.17 % |
| CALPINE CORP P/P 144A 06.0000 01/15/2022 | 0.17 % |
| CHAPARRAL ENERGY INC 08.2500 09/01/2021 | 0.17 % |
| DFC FINANCE CORP P/P 144A 10.5000 06/15/2020 | 0.17 % |
| DIGICEL LIMITED P/P 144A 08.2500 09/01/2017 | 0.17 % |
| E*TRADE FINANCIAL CORP 05.3750 11/15/2022 | 0.17 % |
| ESAL GMBH P/P 144A 06.2500 02/05/2023 | 0.17 % |
| FRESENIUS MED CARE P/P 144A 05.6250 07/31/2019 | 0.17 % |
| INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 | 0.17 % |
| JBS USA LLC/JBS P/P 144A 07.2500 06/01/2021 | 0.17 % |
| LEVEL 3 FIN INC 06.1250 01/15/2021 | 0.17 % |
| REGENCY ENERGY PART/FIN 05.8750 03/01/2022 | 0.17 % |
| SAMSON INVESTMENT CO 09.7500 02/15/2020 | 0.17 % |
| SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 | 0.17 % |
| STEARNS HOLDINGS INC P/P 144A 09.3750 08/15/2020 | 0.17 % |
| TENET HEALTHCARE 04.3750 10/01/2021 | 0.17 % |
| THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 | 0.17 % |
| VALEANT PHARMA P/P 144A 06.7500 08/15/2018 | 0.17 % |
| AMSTED INDUSTRIES P/P 144A 05.3750 09/15/2024 | 0.16 % |
| CEMEX SAB DE CV P/P 144A 06.5000 12/10/2019 | 0.16 % |
| CONVATEC HEALTHCARE P/P 144A 10.5000 12/15/2018 | 0.16 % |
| DISH DBS CORP 07.8750 09/01/2019 | 0.16 % |
| DYNEGY FIN I/II INC P/P 144A 07.6250 11/01/2024 | 0.16 % |
| E*TRADE FINANCIAL CORP 06.3750 11/15/2019 | 0.16 % |
| GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 | 0.16 % |
| HILAND PART LP/CORP P/P 144A 07.2500 10/01/2020 | 0.16 % |
| NOVELIS INC 08.7500 12/15/2020 | 0.16 % |
| OASIS PETROLEUM INC 06.8750 03/15/2022 | 0.16 % |
| OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 | 0.16 % |
| REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 | 0.16 % |
| ROC FINANCE TL L+375 05.0000 06/20/2019 | 0.16 % |
| ROSETTA RESOURCES INC 05.8750 06/01/2024 | 0.16 % |
| T-MOBILE USA INC 06.0000 03/01/2023 | 0.16 % |
| TPC GROUP INC P/P 144A 08.7500 12/15/2020 | 0.16 % |
| UNIVISION COMMUNI TLC4 L+300 04.0000 03/01/2020 | 0.16 % |
| WINDSTREAM CORP 06.3750 08/01/2023 | 0.16 % |
| AMSTED INDUSTRIES P/P 144A 05.0000 03/15/2022 | 0.15 % |
| ANTERO RESOURCES FIN 05.3750 11/01/2021 | 0.15 % |
| ARCELORMITTAL USD 07.5000 10/15/2039 | 0.15 % |
| CATAMARAN CORP 04.7500 03/15/2021 | 0.15 % |
| CCM MERGER INC P/P 144A 09.1250 05/01/2019 | 0.15 % |
| CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 | 0.15 % |
| CONVATEC FIN INTL SA P/P 144A 08.2500 01/15/2019 | 0.15 % |
| ENERGY TRANSFER EQUITY 07.5000 10/15/2020 | 0.15 % |
| HEXION FIN/ESCRO 08.8750 02/01/2018 | 0.15 % |
| HUGHES SATELITE SYSTEMS 06.5000 06/15/2019 | 0.15 % |
| ISTAR FINANCIAL INC. 07.1250 02/15/2018 | 0.15 % |
| MEDIACOM LLC/CAPTL 07.2500 02/15/2022 | 0.15 % |
| NEWFIELD EXPLORATION CO 05.6250 07/01/2024 | 0.15 % |
| NEWFIELD EXPLORATION CO 05.7500 01/30/2022 | 0.15 % |
| PETCO ANIMAL SUP P/P 144A 09.2500 12/01/2018 | 0.15 % |
| REGENCY ENERGY PARTNERS 05.5000 04/15/2023 | 0.15 % |
| REYNOLDS GRP ISS/REY 07.8750 08/15/2019 | 0.15 % |
| ROYAL BK SCOTLND GRP PLC USD 06.0000 12/19/2023 | 0.15 % |
| SCHAEFFLER FIN BV P/P 144A 07.7500 02/15/2017 | 0.15 % |
| TAYLOR MORRISON COMM P/P 144A 05.2500 04/15/2021 | 0.15 % |
| UNITED SURGICAL PART 09.0000 04/01/2020 | 0.15 % |
| WALTER INV MGMT 07.8750 12/15/2021 | 0.15 % |
| WINDSTREAM CORP 07.7500 10/01/2021 | 0.15 % |
| ZEBRA TECH CORP P/P 144A 07.2500 10/15/2022 | 0.15 % |
| ACCESS MIDSTREAM PARTNER 05.8750 04/15/2021 | 0.14 % |
| ASHTEAD CAPITAL INC P/P 144A 05.6250 10/01/2024 | 0.14 % |
| CEMEX SAB DE CV P/P 144A 05.7000 01/11/2025 | 0.14 % |
| CIT GROUP INC 05.0000 08/01/2023 | 0.14 % |
| CREDIT ACCEPTANC P/P 144A 06.1250 02/15/2021 | 0.14 % |
| EL PASO NATURAL GAS 08.6250 01/15/2022 | 0.14 % |
| ELDORADO GOLD CORP P/P 144A 06.1250 12/15/2020 | 0.14 % |
| FIELDWOOD ENERGY 2NDL L+713 08.3750 09/30/2020 | 0.14 % |
| GANNETT CO INC P/P 144A 04.8750 09/15/2021 | 0.14 % |
| GIBSON BRANDS INC P/P 144A 08.8750 08/01/2018 | 0.14 % |
| HUNTSMAN INTL L P/P 144A 05.1250 11/15/2022 | 0.14 % |
| KEY ENERGY SERVICES INC 06.7500 03/01/2021 | 0.14 % |
| KINDER MORGAN P/P 144A 05.0000 02/15/2021 | 0.14 % |
| LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 | 0.14 % |
| MOOG INC P/P 144A 05.2500 12/01/2022 | 0.14 % |
| NAVIENT CORP 08.4500 06/15/2018 | 0.14 % |
| OCWEN FINANCIAL CORP P/P 144A 06.6250 05/15/2019 | 0.14 % |
| OMEGA HLTHCRE INVEST 06.7500 10/15/2022 | 0.14 % |
| PROVIDENT FDG/PFG P/P 144A 10.1250 02/15/2019 | 0.14 % |
| SABRE GLBL IN P/P 144A 08.5000 05/15/2019 | 0.14 % |
| SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 | 0.14 % |
| TELEFLEX INC 06.8750 06/01/2019 | 0.14 % |
| TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 | 0.14 % |
| TOWNSQUARE RADIO P/P 144A 09.0000 04/01/2019 | 0.14 % |
| TRANSDIGM INC 05.5000 10/15/2020 | 0.14 % |
| UNITED RENTALS NORTH 07.6250 04/15/2022 | 0.14 % |
| WILLIAMS COS INC 07.7500 06/15/2031 | 0.14 % |
| ALLY FINANCIAL INC 08.0000 03/15/2020 | 0.13 % |
| AMC ENT INC 05.8750 02/15/2022 | 0.13 % |
| BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 | 0.13 % |
| CBS OUT AMER CAP LLC P/P 144A 05.8750 03/15/2025 | 0.13 % |
| CIT GROUP INC P/P 144A 05.5000 02/15/2019 | 0.13 % |
| CNO FIN GRP INC P/P 144A 06.3750 10/01/2020 | 0.13 % |
| CONCHO RESOURCES INC 05.5000 10/01/2022 | 0.13 % |
| CONSOL ENERGY INC P/P 144A 05.8750 04/15/2022 | 0.13 % |
| DANA HOLDING CORP 05.5000 12/15/2024 | 0.13 % |
| EUR/USD 03/18/2015 SSBT | 0.13 % |
| FIRST QUANTUM P/P 144A 06.7500 02/15/2020 | 0.13 % |
| GANNETT CO INC 05.1250 07/15/2020 | 0.13 % |
| GANNETT CO INC 05.1250 10/15/2019 | 0.13 % |
| GETTY IMAGES TLB L+350 04.7500 10/18/2019 | 0.13 % |
| INTL LEASE FINANCE CORP 06.2500 05/15/2019 | 0.13 % |
| ISLE OF CAPRI 07.7500 03/15/2019 | 0.13 % |
| ISLE OF CAPRI 08.8750 06/15/2020 | 0.13 % |
| NATIONSTAR MORT/ 07.8750 10/01/2020 | 0.13 % |
| NAVISTAR INTERNATIONAL CORP 08.2500 11/01/2021 | 0.13 % |
| NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 | 0.13 % |
| NEW GOLD INC P/P 144A 07.0000 04/15/2020 | 0.13 % |
| ONEMAIN FIN HLDG INC P/P 144A 07.2500 12/15/2021 | 0.13 % |
| PATHEON INC TLB L+325 04.2500 01/09/2021 | 0.13 % |
| REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 | 0.13 % |
| SBA TELECOM INC 05.7500 07/15/2020 | 0.13 % |
| SUNGARD DATA SYS INC 06.6250 11/01/2019 | 0.13 % |
| WIND ACQ FIN SA P/P 144A 07.3750 04/23/2021 | 0.13 % |
| ACADIA HEALTHCARE CO 05.1250 07/01/2022 | 0.12 % |
| CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 | 0.12 % |
| CALIFORNIA RESOURCES P/P 144A 05.0000 01/15/2020 | 0.12 % |
| CHESAPEAKE ENERGY CORP 04.8750 04/15/2022 | 0.12 % |
| CHESAPEAKE ENERGY CORP 06.8750 11/15/2020 | 0.12 % |
| CINEMARK USA INC 04.8750 06/01/2023 | 0.12 % |
| CIT GROUP INC 05.0000 08/15/2022 | 0.12 % |
| COMMERZBANK AG P/P 144A 08.1250 09/19/2023 | 0.12 % |
| CROWN CORK & SEAL CO INC 07.3750 12/15/2026 | 0.12 % |
| DEL MONTE 2NDL L+725 08.2500 08/18/2021 | 0.12 % |
| DENBURY RESOURCES INC 05.5000 05/01/2022 | 0.12 % |
| FIRST CASH FIN SER 06.7500 04/01/2021 | 0.12 % |
| FIRST QUANTUM P/P 144A 07.0000 02/15/2021 | 0.12 % |
| HUGHES SATELLITE SYSTEMS 07.6250 06/15/2021 | 0.12 % |
| INEOS FINANCE PLC P/P 144A 08.3750 02/15/2019 | 0.12 % |
| JAGUAR HOLDING CO I P/P 144A 09.3750 10/15/2017 | 0.12 % |
| KINDER MORGAN INC/DELAWA 07.8000 08/01/2031 | 0.12 % |
| MERCER INTL INC P/P 144A 07.7500 12/01/2022 | 0.12 % |
| ONEMAIN FIN HLDG INC P/P 144A 06.7500 12/15/2019 | 0.12 % |
| REGENCY ENERGY P 04.5000 11/01/2023 | 0.12 % |
| RIVERS PITTSBURGH LP P/P 144A 09.5000 06/15/2019 | 0.12 % |
| SABINE PASS LIQUEFAC 05.7500 05/15/2024 | 0.12 % |
| TRANSDIGM INC 06.5000 07/15/2024 | 0.12 % |
| WINDSTREAM CORPORATION 07.8750 11/01/2017 | 0.12 % |
| WPX ENERGY INC 06.0000 01/15/2022 | 0.12 % |
| AMC ENTERTAINMENT INC 09.7500 12/01/2020 | 0.11 % |
| BERRY PLASTICS CORP 09.7500 01/15/2021 | 0.11 % |
| CCO HLDGS LLC/CAP CORP 06.6250 01/31/2022 | 0.11 % |
| CEC ENT INC 08.0000 02/15/2022 | 0.11 % |
| CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 | 0.11 % |
| CENTENE CORP 04.7500 05/15/2022 | 0.11 % |
| CHESAP OIL OP/FN 06.6250 11/15/2019 | 0.11 % |
| CINEMARK USA INC 05.1250 12/15/2022 | 0.11 % |
| DENBURY RESOURCES INC 06.3750 08/15/2021 | 0.11 % |
| EXCO RESOURCES INC 07.5000 09/15/2018 | 0.11 % |
| FRONTIER COMMUNICATIONS 08.1250 10/01/2018 | 0.11 % |
| GATES GLOBAL TL L+325 04.2500 06/04/2021 | 0.11 % |
| GENERAL MOTORS CO 05.2000 04/01/2045 | 0.11 % |
| GULFPORT ENERGY CORP P/P 144A 07.7500 11/01/2020 | 0.11 % |
| HUNT INGALLS IND P/P 144A 05.0000 12/15/2021 | 0.11 % |
| JAGUAR HLD/MERGE P/P 144A 09.5000 12/01/2019 | 0.11 % |
| MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 | 0.11 % |
| NEW GOLD INC P/P 144A 06.2500 11/15/2022 | 0.11 % |
| NRG YIELD OPERATING P/P 144A 05.3750 08/15/2024 | 0.11 % |
| PETCO HOLDINGS INC P/P 144A 08.5000 10/15/2017 | 0.11 % |
| REGENCY ENERGY PART/FINA 05.0000 10/01/2022 | 0.11 % |
| RITE AID 2NDL L+387.5 04.8750 06/07/2021 | 0.11 % |
| SEVEN GENS ENER P/P 144A 08.2500 05/15/2020 | 0.11 % |
| STANDARD PACIFIC CORP. 06.2500 12/15/2021 | 0.11 % |
| TENET HEALTHCARE 04.5000 04/01/2021 | 0.11 % |
| UNITED RENTALS NA 06.1250 06/15/2023 | 0.11 % |
| UNITYMEDIA HESSEN P/P 144A 07.5000 03/15/2019 | 0.11 % |
| VIRGIN MEDIA SEC P/P 144A 05.3750 04/15/2021 | 0.11 % |
| YONKERS RACING 1STL L+325 04.2500 07/22/2019 | 0.11 % |
| BOMBARDIER INC P/P 144A 07.7500 03/15/2020 | 0.10 % |
| BUILDING MATERIALS P/P 144A 06.7500 05/01/2021 | 0.10 % |
| CBRE SERVICES INC 05.2500 03/15/2025 | 0.10 % |
| CHRYSLER GP/CG CO-ISSUER 08.0000 06/15/2019 | 0.10 % |
| CIT GROUP INC P/P 144A 06.6250 04/01/2018 | 0.10 % |
| COGECO CABLE INC P/P 144A 04.8750 05/01/2020 | 0.10 % |
| CONVATEC HEALTHCARE P/P 144A 07.3750 12/15/2017 | 0.10 % |
| CROWN AMER/CAP CORP 04.5000 01/15/2023 | 0.10 % |
| FTS INTL INC P/P 144A 06.2500 05/01/2022 | 0.10 % |
| GENON ENERGY INC 09.8750 10/15/2020 | 0.10 % |
| HILCORP ENERGY I/HIL P/P 144A 05.0000 12/01/2024 | 0.10 % |
| LINN ENERGY LLC/FIN CORP 06.5000 09/15/2021 | 0.10 % |
| MEDIA GENERAL FI P/P 144A 05.8750 11/15/2022 | 0.10 % |
| MPT OPER PARTNERSP/FINL 06.3750 02/15/2022 | 0.10 % |
| OFFSHORE GROUP I USD 07.1250 04/01/2023 | 0.10 % |
| PHH CORPORATION 07.3750 09/01/2019 | 0.10 % |
| REYNOLDS GROUP HLDG 08.2500 02/15/2021 | 0.10 % |
| ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 | 0.10 % |
| SABINE PASS LNG LP 06.5000 11/01/2020 | 0.10 % |
| SEALED AIR CORP P/P 144A 05.1250 12/01/2024 | 0.10 % |
| SEALED AIR CORP P/P 144A 05.2500 04/01/2023 | 0.10 % |
| SEALED AIR CORP P/P 144A 06.5000 12/01/2020 | 0.10 % |
| SEALED AIR CORP P/P 144A 08.3750 09/15/2021 | 0.10 % |
| SOUTHERN STAR CENT P/P 144A 05.1250 07/15/2022 | 0.10 % |
| T-MOBILE USA INC 06.6330 04/28/2021 | 0.10 % |
| WHITEWAVE FOODS CO 05.3750 10/01/2022 | 0.10 % |
| AES CORP/VA 04.8750 05/15/2023 | 0.09 % |
| AVIS BUDGET CAR/FINA P/P 144A 05.1250 06/01/2022 | 0.09 % |
| BANK OF AMERICA CORP 06.5000 10/29/2049 | 0.09 % |
| CAESARS ENT OPER TLB7 L+875 09.7500 03/01/2017 | 0.09 % |
| CHESAPEAKE ENERGY CORP 06.2500 01/15/2017 | 0.09 % |
| COMMUNITY CHOICE 10.7500 05/01/2019 | 0.09 % |
| FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 | 0.09 % |
| GENON AMERICAS GENR LLC 09.1250 05/01/2031 | 0.09 % |
| GENWORTH HOLDINGS INC 06.1500 11/15/2066 | 0.09 % |
| GLP CAP LP / FIN II 04.3750 11/01/2018 | 0.09 % |
| ISLE OF CAPRI CASINO 05.8750 03/15/2021 | 0.09 % |
| JAZZ TECH INC P/P 144A CV 08.0000 12/31/2018 | 0.09 % |
| L BRANDS INC 05.6250 02/15/2022 | 0.09 % |
| MPT OP PARTNERSHIP 06.8750 05/01/2021 | 0.09 % |
| OASIS PETROLEUM INC 06.8750 01/15/2023 | 0.09 % |
| REGAL ENTERTAINMENT GRP 05.7500 03/15/2022 | 0.09 % |
| REYNOLDS GRP ISS/REY 09.0000 04/15/2019 | 0.09 % |
| SPECTRUM BRANDS INC P/P 144A 06.1250 12/15/2024 | 0.09 % |
| SPRINGLEAF FINANCE CORP 05.2500 12/15/2019 | 0.09 % |
| TAYLOR MORRISON P/P 144A 05.6250 03/01/2024 | 0.09 % |
| UNIVISION COMM INC. P/P 144A 08.5000 05/15/2021 | 0.09 % |
| AES CORP/VA 08.0000 06/01/2020 | 0.08 % |
| ARDAGH FINANCE HLDG P/P 144A 08.6250 06/15/2019 | 0.08 % |
| BOMBARDIER INC P/P 144A 06.1250 01/15/2023 | 0.08 % |
| CABLEVISION SYSTEMS CORP 07.7500 04/15/2018 | 0.08 % |
| CHS/COMMUNITY HEALTH 05.1250 08/01/2021 | 0.08 % |
| CONCHO RESOURCES INC 05.5000 04/01/2023 | 0.08 % |
| ENERGY FUTURE P/P 144A 11.7500 03/01/2022 | 0.08 % |
| FRESENIUS MED CARE P/P 144A 04.7500 10/15/2024 | 0.08 % |
| GENON AMERICAS GENR LLC 08.5000 10/01/2021 | 0.08 % |
| JBS USA LLC/JBS USA P/P 144A 08.2500 02/01/2020 | 0.08 % |
| JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 | 0.08 % |
| LEVEL 3 COMM P/P 144A 05.7500 12/01/2022 | 0.08 % |
| LIN TELEVISION CORP 06.3750 01/15/2021 | 0.08 % |
| SEVENTY SEVEN ENERGY 06.5000 07/15/2022 | 0.08 % |
| STANDARD PACIFIC CORP 05.8750 11/15/2024 | 0.08 % |
| VIRGIN MEDIA FIN PLC P/P 144A 06.3750 04/15/2023 | 0.08 % |
| AUTONATION INC 06.7500 04/15/2018 | 0.07 % |
| AVAYA INC TL B3-EXT 04.5000 10/26/2017 | 0.07 % |
| AVIS BUDGET CAR 05.5000 04/01/2023 | 0.07 % |
| AVIS BUDGET CAR 09.7500 03/15/2020 | 0.07 % |
| BARRY CALLE SVCS P/P 144A 05.5000 06/15/2023 | 0.07 % |
| BON-TON DEPT STORES 08.0000 06/15/2021 | 0.07 % |
| CABLEVISION SYS CORP 08.0000 04/15/2020 | 0.07 % |
| CBRE SERVICES INC 05.0000 03/15/2023 | 0.07 % |
| CENTURYLINK INC 06.7500 12/01/2023 | 0.07 % |
| CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 | 0.07 % |
| CPG INTL TLB L+375 04.7500 09/30/2020 | 0.07 % |
| CREDIT SUISSE GRP AG P/P 144A 07.5000 12/29/2049 | 0.07 % |
| CROWN CASTLE INTL CORP 04.8750 04/15/2022 | 0.07 % |
| FREESCALE SEMICONDUC P/P 144A 05.0000 05/15/2021 | 0.07 % |
| GRIFFEY INTR INC P/P 144A 07.0000 10/15/2020 | 0.07 % |
| HCA INC 07.5000 02/15/2022 | 0.07 % |
| JBS USA LLC/JBS USA P/P 144A 07.2500 06/01/2021 | 0.07 % |
| LANDRY'S HLDG II INC P/P 144A 10.2500 01/01/2018 | 0.07 % |
| LEVEL 3 FIN INC 07.0000 06/01/2020 | 0.07 % |
| MGM RESORTS INTL 06.6250 12/15/2021 | 0.07 % |
| NAVISTAR TLB L+450 05.7500 08/17/2017 | 0.07 % |
| NII INTL TELECOM P/P 144A 07.8750 08/15/2019 | 0.07 % |
| PARAGON OFFSHORE PLC P/P 144A 06.7500 07/15/2022 | 0.07 % |
| SALIX PHARMA LT P/P 144A 06.0000 01/15/2021 | 0.07 % |
| SEALED AIR CORP P/P 144A 04.8750 12/01/2022 | 0.07 % |
| SM ENERGY CO 06.5000 11/15/2021 | 0.07 % |
| SM ENERGY CO 06.6250 02/15/2019 | 0.07 % |
| SPECTRUM BRANDS HLDG 06.7500 03/15/2020 | 0.07 % |
| STEEL DYNAMICS INC 05.2500 04/15/2023 | 0.07 % |
| STEEL DYNAMICS INC P/P 144A 05.5000 10/01/2024 | 0.07 % |
| TELEFLEX INC P/P 144A 05.2500 06/15/2024 | 0.07 % |
| TEREX CORP 06.5000 04/01/2020 | 0.07 % |
| TEXAS COMP/TCEH P/P 144A 11.5000 10/01/2020 | 0.07 % |
| UNIVISION COMM P/P 144A 07.8750 11/01/2020 | 0.07 % |
| VALEANT PHARMA P/P 144A 06.8750 12/01/2018 | 0.07 % |
| BANCO BILBAO VIZCAYA ARG REGS 09.0000 05/29/2049 | 0.06 % |
| CEDAR FAIR LP/CA 05.2500 03/15/2021 | 0.06 % |
| CEDAR FAIR LP/CANADA P/P 144A 05.3750 06/01/2024 | 0.06 % |
| CONSTELLATION BRANDS INC 04.2500 05/01/2023 | 0.06 % |
| CSC HOLDINGS LLC 06.7500 11/15/2021 | 0.06 % |
| DPL INC. 06.5000 10/15/2016 | 0.06 % |
| EP ENER/EVEREST 07.7500 09/01/2022 | 0.06 % |
| HUNTSMAN INTERNATIONAL L 05.1250 04/15/2021 | 0.06 % |
| LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 | 0.06 % |
| MOTOR CITY TLB L+350 04.5000 07/18/2021 | 0.06 % |
| OWENS CORNING 09.0000 06/15/2019 | 0.06 % |
| OXEA SARL 2NDL L+725 08.2500 06/01/2020 | 0.06 % |
| SCHAEFFLER HLDG FIN P/P 144A 06.7500 11/15/2022 | 0.06 % |
| SCIENTIFIC GAMES CORP 08.1250 09/15/2018 | 0.06 % |
| SEALED AIR CORP P/P 144A 06.8750 07/15/2033 | 0.06 % |
| SPRINGLEAF FIN CORP 06.0000 06/01/2020 | 0.06 % |
| SYNIVERSE HOLDINGS INC 09.1250 01/15/2019 | 0.06 % |
| THE AES CORPORATION 08.0000 10/15/2017 | 0.06 % |
| TRIANGLE USA PETRO P/P 144A 06.7500 07/15/2022 | 0.06 % |
| UNITED RENTALS NORTH AM 05.7500 11/15/2024 | 0.06 % |
| VANTAGE DRILLING TLB L+450 05.7500 03/28/2019 | 0.06 % |
| ALPHA NATURAL RESOURCES 06.2500 06/01/2021 | 0.05 % |
| ALTICE SA P/P 144A 07.2500 05/15/2022 | 0.05 % |
| CALPINE CORP P/P 144A 05.8750 01/15/2024 | 0.05 % |
| CENTURYLINK INC 05.6250 04/01/2020 | 0.05 % |
| CHS/COMMUNITY HEALTH 06.8750 02/01/2022 | 0.05 % |
| CHS/COMMUNITY HEALTH SYS 05.1250 08/15/2018 | 0.05 % |
| CONNACHER OIL AND GA P/P 144A 08.5000 08/01/2019 | 0.05 % |
| CORRECTIONS CORP 04.1250 04/01/2020 | 0.05 % |
| GENON ENERGY INC 09.5000 10/15/2018 | 0.05 % |
| HILAND PART LP/CORP P/P 144A 05.5000 05/15/2022 | 0.05 % |
| IMS HEALTH INC P/P 144A 06.0000 11/01/2020 | 0.05 % |
| NUMERICABLE-SFR P/P 144A 05.6250 05/15/2024 | 0.05 % |
| RITE AID CORP 08.0000 08/15/2020 | 0.05 % |
| ROOFING SUPPLY/FIN P/P 144A 10.0000 06/01/2020 | 0.05 % |
| SCIENTIFIC GAMES INTERNA 06.2500 09/01/2020 | 0.05 % |
| SPRINT COMMUNICATIONS 07.0000 08/15/2020 | 0.05 % |
| TAYLOR MORRISON COMM P/P 144A 07.7500 04/15/2020 | 0.05 % |
| TENET HEALTHCARE 04.7500 06/01/2020 | 0.05 % |
| TENNESSEE GAS PIPELINE 07.0000 10/15/2028 | 0.05 % |
| USG CORP P/P 144A 05.8750 11/01/2021 | 0.05 % |
| WILLIAMS COS INC 07.8750 09/01/2021 | 0.05 % |
| ALCOA INC 05.1250 10/01/2024 | 0.04 % |
| CELANESE US HOLDINGS LLC 04.6250 11/15/2022 | 0.04 % |
| HUB HLDG LLC/HUB HOL P/P 144A 08.1250 07/15/2019 | 0.04 % |
| ISTAR FINANCIAL TLA2 L+575 07.0000 03/19/2017 | 0.04 % |
| MEG ENERGY CORP P/P 144A 06.5000 03/15/2021 | 0.04 % |
| NEUBERGER BERMAN P/P 144A 05.6250 03/15/2020 | 0.04 % |
| NEWFIELD EXPLORATION CO 06.8750 02/01/2020 | 0.04 % |
| OMNICARE INC 05.0000 12/01/2024 | 0.04 % |
| REYNOLDS GRP ISS/REY 05.7500 10/15/2020 | 0.04 % |
| SINCLAIR TELEVISION 06.1250 10/01/2022 | 0.04 % |
| SM ENERGY CO 06.5000 01/01/2023 | 0.04 % |
| SPRINGLEAF FINANCE CORP 06.9000 12/15/2017 | 0.04 % |
| STEEL DYNAMICS INC 06.3750 08/15/2022 | 0.04 % |
| STEEL DYNAMICS INC P/P 144A 05.1250 10/01/2021 | 0.04 % |
| T-MOBILE USA INC 06.8360 04/28/2023 | 0.04 % |
| TERVITA CORP P/P 144A 09.0000 11/15/2018 | 0.04 % |
| TERVITA CORP P/P 144A 10.8750 02/15/2018 | 0.04 % |
| VALEANT PHARMA P/P 144A 06.3750 10/15/2020 | 0.04 % |
| VALEANT PHARMA P/P 144A 07.0000 10/01/2020 | 0.04 % |
| VIDEOTRON LTD 06.8750 07/15/2021 | 0.04 % |
| BAYTEX ENERGY CORP P/P 144A 05.1250 06/01/2021 | 0.03 % |
| BOYD GAMING CORPORATION 09.1250 12/01/2018 | 0.03 % |
| CAD/USD 01/21/2015 BANKAM | 0.03 % |
| CREDIT SUISSE GRP AG P/P 144A 06.2500 12/29/2049 | 0.03 % |
| EXTERRAN PARTNERS/EXLP 06.0000 04/01/2021 | 0.03 % |
| FRONTIER COMMUNICATIONS 06.2500 09/15/2021 | 0.03 % |
| HEXION US FIN CORP 06.6250 04/15/2020 | 0.03 % |
| INEOS GROUP HLDG SA P/P 144A 05.8750 02/15/2019 | 0.03 % |
| INEOS GROUP HLDG SA P/P 144A 06.1250 08/15/2018 | 0.03 % |
| PULTEGROUP INC. 06.0000 02/15/2035 | 0.03 % |
| SERVICE CORP INTL 07.0000 06/15/2017 | 0.03 % |
| CINEMARK USA INC 07.3750 06/15/2021 | 0.02 % |
| CONSTELLATION BRANDS INC 03.8750 11/15/2019 | 0.02 % |
| CONSTELLATION BRANDS INC 04.7500 11/15/2024 | 0.02 % |
| DYNEGY FIN I/II INC P/P 144A 07.3750 11/01/2022 | 0.02 % |
| LAMAR MEDIA CORP 05.3750 01/15/2024 | 0.02 % |
| SABINE PASS LIQUEFACTION 05.6250 04/15/2023 | 0.02 % |
| SPEC BND ES CORP 06.3750 11/15/2020 | 0.02 % |
| STEEL DYNAMICS INC 07.6250 03/15/2020 | 0.02 % |
| TESORO LOGISTICS LP/ P/P 144A 05.5000 10/15/2019 | 0.02 % |
| TESORO LOGISTICS LP/ P/P 144A 06.2500 10/15/2022 | 0.02 % |
| VALEANT PHARMA P/P 144A 05.6250 12/01/2021 | 0.02 % |
| ALCOA INC 05.4000 04/15/2021 | 0.01 % |
| CITIGROUP INC 05.9000 12/29/2049 | 0.01 % |
| ISTAR FINANCIAL INC 05.0000 07/01/2019 | 0.01 % |
| MOMENTIVE PERFORMANCE ESCROW 08.8750 10/15/2020 | 0.01 % |
| SPEC BRNDS ESCROW CO 06.6250 11/15/2022 | 0.01 % |
| AINSWORTH LUMBER LTD P/P 144A 07.5000 12/15/2017 | 0.00 % |
| FIRST DATA CORP 11.2500 01/15/2021 | 0.00 % |
| TEXAS COMP ELEC PP L+450 04.6612 10/10/2017 | 0.00 % |
| CAD/USD 01/21/2015 BANKAM | -0.03 % |
| EUR/USD 03/18/2015 SSBT | -0.13 % |
| CAD/USD 01/21/2015 SSBT | -0.21 % |
| GBP/USD 03/18/2015 UBS | -0.35 % |
| EUR/USD 03/18/2015 BANKAM | -0.48 % |
Prior top 10 holdings
| Top 10 holdings as of 01/31/15 |
|---|
| Intelsat Luxemb Usd 07.7500 06/01/2021 |
| Altice P/P 144a 07.7500 05/15/2022 |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 |
| Ads Waste Holdings 08.2500 10/01/2020 |
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 |
| Legrand France Usd 08.5000 02/15/2025 |
| Hca 06.5000 02/15/2020 |
| Sprint Corp 07.8750 09/15/2023 |
| Wideopenwest Fin 10.2500 07/15/2019 |
| Avaya P/P 144a 07.0000 04/01/2019 |
| Holdings represent 5.69% of portfolio |
| Top 10 holdings as of 12/31/14 |
|---|
| Intelsat Luxemb Usd 07.7500 06/01/2021 |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 |
| Altice P/P 144a 07.7500 05/15/2022 |
| Ads Waste Holdings 08.2500 10/01/2020 |
| Hca 06.5000 02/15/2020 |
| Wideopenwest Fin 10.2500 07/15/2019 |
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 |
| Kinetics Concept/Kci 10.5000 11/01/2018 |
| Legrand France Usd 08.5000 02/15/2025 |
| Avaya P/P 144a 07.0000 04/01/2019 |
| Holdings represent 5.67% of portfolio |
| Top 10 holdings as of 11/30/14 |
|---|
| Intelsat Luxemb Usd 07.7500 06/01/2021 |
| Hca 06.5000 02/15/2020 |
| Altice P/P 144a 07.7500 05/15/2022 |
| American Axle Mfg 07.7500 11/15/2019 |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 |
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 |
| Ads Waste Holdings 08.2500 10/01/2020 |
| Clear Channel Commun 09.0000 12/15/2019 |
| Landry'S P/P 144a 09.3750 05/01/2020 |
| Sprint Corp 07.8750 09/15/2023 |
| Holdings represent 5.49% of portfolio |
| Top 10 holdings as of 10/31/14 |
|---|
| Intelsat Luxemb Usd 07.7500 06/01/2021 |
| Hca 06.5000 02/15/2020 |
| American Axle Mfg 07.7500 11/15/2019 |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 |
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 |
| Ads Waste Holdings 08.2500 10/01/2020 |
| Landry'S P/P 144a 09.3750 05/01/2020 |
| Linn Energy Llc 06.2500 11/01/2019 |
| Altice P/P 144a 07.7500 05/15/2022 |
| Sprint Corp P/P 144a 07.8750 09/15/2023 |
| Holdings represent 5.50% of portfolio |
Fixed income statistics as of 01/31/15
| Average effective maturity | 5.50 yrs. |
|---|---|
| Average effective duration | 3.95 yrs. |
| Average yield to maturity | 6.63% |
| Average coupon | 6.71% |
| Average price | $103.14 |
Sector weightings as of 01/31/15
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| High-yield corporate bonds | 84.15% | 3.64 | 0.00% | 0.00 | 84.15% | 3.64 |
| Investment-grade corporate bonds | 6.19% | 0.39 | 0.00% | 0.00 | 6.19% | 0.39 |
| Bank loans | 5.75% | 0.23 | 0.00% | 0.00 | 5.75% | 0.23 |
| Net cash | 2.84% | 0.00 | 0.00% | 0.00 | 2.84% | 0.00 |
| Emerging-market bonds | 1.07% | 0.05 | 0.00% | 0.00 | 1.07% | 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 01/31/15
| 0 - 1 yr. | 6.00% |
|---|---|
| 1 - 5 yrs. | 37.98% |
| 5 - 10 yrs. | 51.00% |
| 10 - 15 yrs. | 2.08% |
| Over 15 yrs. | 2.94% |
Quality rating as of 01/31/15
| A | 0.53% |
|---|---|
| BBB | 5.66% |
| BB | 44.07% |
| B | 33.91% |
| CCC and Below | 12.27% |
| Not Rated | 0.72% |
| Net cash | 2.84% |
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. | -- | -- | -- | -- | -- | -- |
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 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.