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. 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 Multi-Asset Absolute Return Fund, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return 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, which is 3% in the first year, declining to 1% in the fourth 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, N, R, 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). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Active Income
High Yield Fund (Class A) (PHYIX)
Seeking a high level of income for investors since 1986
Highlights
Objective
The fund seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.
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.
- Focus on performance: The managers can invest across a range of industries and companies, and can adjust the fund's holdings to capitalize on market opportunities.
- Leading research: The fund's managers, supported by Putnam's fixed-income research division, analyze a range of bonds to build a diversified portfolio.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$5.83
0.00% | $0.00 |
$5.85
09/20/19 |
$5.39
12/26/18 |
Fund facts as of 09/30/19
Total net assets
$1,340.40M
$1,340.40M
Turnover (fiscal year end)
33%
33%
Dividend frequency (view rate)
Monthly
Monthly
Number of holdings
538
538
Fiscal year-end
November
November
CUSIP / Fund code
74678J104 / 0019
74678J104 / 0019
Inception date
03/25/86
03/25/86
Category
Taxable Income
Taxable Income
Open to new investors
Ticker
PHYIX
PHYIX
Management team
Co-Head of Fixed Income
Portfolio Manager
Portfolio Manager
Literature
Fund documents |
| Prospectuses/SAI |
| Fact Sheet (R6 share) (PDF) |
| Fact Sheet (Y share) (PDF) |
| Annual Fund Report (PDF) |
| Semiannual Fund Report (PDF) |
| Quarterly commentary (PDF) |
| Holdings information (PDF) |
Performance
Consistency of positive performance over five years
Performance shown above does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.
18.71%
Best 5-year annualized return
(for period ending 12/31/95)
-2.91%
Worst 5-year annualized return
(for period ending 09/30/02)
7.51%
Average 5-year annualized return
Total return (%) as of 09/30/19
Annual performance as of 09/30/19
Annualized Total return (%) as of 09/30/19
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 5.34% | 5.05% | 4.29% | 6.79% |
| After sales charge | 1.13% | 3.63% | 3.44% | 6.35% |
| JPMorgan Developed High Yield Index | 6.21% | 6.31% | 5.43% | 8.25% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 09/30/19 | 0.24% | -3.77% | |
| YTD as of 10/18/19 | 11.47% | 7.01% | |
Yield
| Distribution rate before sales charge as of 10/18/19 |
4.94% |
|---|---|
| Distribution rate after sales charge as of 10/18/19 |
4.74% |
| 30-day SEC yield as of 09/30/19 (after sales charge) |
4.06% |
Risk-adjusted performance as of 09/30/19
| Sharpe ratio (3 yrs.) | 0.86 |
|---|---|
| Information ratio (3 yrs.) | -2.25 |
Volatility as of 09/30/19
| Standard deviation (3 yrs.) | 4.13% |
|---|---|
| Beta | 1.00 |
| R-squared | 0.98 |
Lipper rankings as of 09/30/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 280/498 | 57% |
| 3 yrs. | 259/419 | 62% |
| 5 yrs. | 184/374 | 50% |
| 10 yrs. | 149/278 | 54% |
Morningstar Ratings™ as of 09/30/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 613 | |
| 3 yrs. | 613 | |
| 5 yrs. | 532 | |
| 10 yrs. | 344 |
Distributions
| Record/Ex dividend date | 09/23/19 |
|---|---|
| Payable date | 09/25/19 |
| Income | $0.024 |
| Extra income | -- |
| Short-term cap. gain | -- |
| Long-term cap. gain | -- |
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.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
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 09/30/19
| Cco Holdings Llc P/P 144a 05.3750 06/01/2029 | 1.08% |
|---|---|
| Ally Financial 08.0000 11/01/2031 | 0.91% |
| Sprint Corp 07.8750 09/15/2023 | 0.88% |
| Chs/Community Health Sys 06.2500 03/31/2023 | 0.69% |
| Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026 | 0.63% |
| Dish Dbs Corp 05.8750 11/15/2024 | 0.53% |
| Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025 | 0.50% |
| Smurfit Kappa Treasury Usd 07.5000 11/20/2025 | 0.50% |
| Refinitiv Tlb L+375 05.7935 10/01/2025 | 0.48% |
| Sprint Corp 07.2500 09/15/2021 | 0.47% |
| Top 10 holdings, percent of portfolio | 6.67% |
Full portfolio holdings as of 09/30/19
| CCO HOLDINGS LLC P/P 144A 05.3750 06/01/2029 | 1.06% |
|---|---|
| ALLY FINANCIAL INC 08.0000 11/01/2031 | 0.89% |
| SPRINT CORP 07.8750 09/15/2023 | 0.87% |
| CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 | 0.69% |
| DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 | 0.62% |
| DISH DBS CORP 05.8750 11/15/2024 | 0.52% |
| TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 | 0.49% |
| SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 | 0.48% |
| REFINITIV TLB L+375 05.7935 10/01/2025 | 0.48% |
| SPRINT CORP 07.2500 09/15/2021 | 0.47% |
| TENET HEALTHCARE P/P 144A 04.8750 01/01/2026 | 0.46% |
| CSC HOLDINGS LLC P/P 144A 07.5000 04/01/2028 | 0.46% |
| STAPLES INC P/P 144A 07.5000 04/15/2026 | 0.45% |
| GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 | 0.44% |
| CSC HOLDINGS LLC 05.2500 06/01/2024 | 0.44% |
| TENET HEALTHCARE CORP 08.1250 04/01/2022 | 0.44% |
| PULTEGROUP INC. 07.8750 06/15/2032 | 0.43% |
| INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 | 0.43% |
| BAUSCH HLTH COS INC P/P 144A 06.1250 04/15/2025 | 0.43% |
| ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 | 0.42% |
| GFL ENVIRONMENTAL P/P 144A 07.0000 06/01/2026 | 0.42% |
| DIAMONDBACK ENERGY INC 05.3750 05/31/2025 | 0.42% |
| CHENIERE CORP CHRIST 05.8750 03/31/2025 | 0.42% |
| COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 | 0.41% |
| JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 | 0.41% |
| AES CORP/THE 05.5000 04/15/2025 | 0.40% |
| SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 | 0.40% |
| INTELSAT CONNECT FIN P/P 144A 09.5000 02/15/2023 | 0.40% |
| ALTICE FRANCE P/P 144A 07.3750 05/01/2026 | 0.39% |
| NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 | 0.38% |
| ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 | 0.38% |
| WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 | 0.38% |
| CALPINE CORPORATION 05.7500 01/15/2025 | 0.38% |
| COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 | 0.38% |
| NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 | 0.38% |
| TRANSDIGM INC P/P 144A 06.2500 03/15/2026 | 0.38% |
| BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 | 0.38% |
| BANFF MERGER SUB INC P/P 144A 09.7500 09/01/2026 | 0.38% |
| SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 | 0.38% |
| LEVEL 3 FINANCING INC 05.2500 03/15/2026 | 0.37% |
| SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 | 0.37% |
| NOVELIS CORP P/P 144A 05.8750 09/30/2026 | 0.37% |
| STEVENS HLDG CO INC P/P 144A 06.1250 10/01/2026 | 0.36% |
| BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 | 0.36% |
| CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 | 0.36% |
| WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 | 0.36% |
| SS&C TECH INC P/P 144A 05.5000 09/30/2027 | 0.36% |
| AKER BP ASA P/P 144A 05.8750 03/31/2025 | 0.36% |
| EQUINIX INC 05.3750 05/15/2027 | 0.35% |
| ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 | 0.35% |
| CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 | 0.34% |
| LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 | 0.34% |
| TENET HEALTHCARE COR P/P 144A 05.1250 11/01/2027 | 0.34% |
| HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 | 0.34% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 | 0.34% |
| HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 | 0.33% |
| TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 | 0.32% |
| NAVISTAR INTL TLB L+350 05.5300 11/06/2024 | 0.32% |
| DIAMOND SPORTS GR/DI P/P 144A 06.6250 08/15/2027 | 0.32% |
| GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 | 0.32% |
| GRAY TELEVISION INC P/P 144A 07.0000 05/15/2027 | 0.32% |
| NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 | 0.32% |
| JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 | 0.32% |
| DIAMOND SPORTS P/P 144A 05.3750 08/15/2026 | 0.31% |
| SERVICE CORP INTL 05.3750 05/15/2024 | 0.31% |
| GREAT LAKES D&D 08.0000 05/15/2022 | 0.31% |
| MATCH GROUP INC P/P 144A 05.0000 12/15/2027 | 0.31% |
| RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 | 0.30% |
| T-MOBILE USA INC 04.7500 02/01/2028 | 0.30% |
| TRANSDIGM INC 06.3750 06/15/2026 | 0.30% |
| CF INDUSTRIES INC 04.9500 06/01/2043 | 0.30% |
| BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 | 0.30% |
| STARFRUIT US/STAR FI P/P 144A 08.0000 10/01/2026 | 0.30% |
| HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 | 0.29% |
| IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 | 0.29% |
| 1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 | 0.29% |
| JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 | 0.29% |
| WEEKLEY HOMES LLC 06.0000 02/01/2023 | 0.28% |
| BOMBARDIER INC P/P 144A 07.5000 12/01/2024 | 0.28% |
| LEGRAND FRANCE USD 08.5000 02/15/2025 | 0.28% |
| PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 | 0.28% |
| SCIENTIFIC GAMES INT 10.0000 12/01/2022 | 0.28% |
| VISTRA OPERATIONS CO P/P 144A 05.5000 09/01/2026 | 0.28% |
| CIT GROUP INC 05.0000 08/01/2023 | 0.28% |
| T-MOBILE USA INC 06.3750 03/01/2025 | 0.28% |
| ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 | 0.28% |
| GREIF INC P/P 144A 06.5000 03/01/2027 | 0.28% |
| NOVELIS CORP P/P 144A 06.2500 08/15/2024 | 0.28% |
| BAUSCH HLTH COS INC P/P 144A 07.0000 03/15/2024 | 0.27% |
| BMC EAST LLC P/P 144A 05.5000 10/01/2024 | 0.27% |
| COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 | 0.26% |
| FRONTIER COMM P/P 144A 08.5000 04/01/2026 | 0.26% |
| LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 | 0.26% |
| IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 | 0.26% |
| CHENIERE CORP CHRIST 05.1250 06/30/2027 | 0.26% |
| SABRE GLBL INC P/P 144A 05.3750 04/15/2023 | 0.26% |
| ALTICE LUXEMBOURG SA P/P 144A 10.5000 05/15/2027 | 0.26% |
| GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 | 0.26% |
| ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 | 0.26% |
| HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 | 0.26% |
| KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 | 0.26% |
| ITRON INC P/P 144A 05.0000 01/15/2026 | 0.26% |
| SCIENTIFIC GAMES P/P 144A 08.2500 03/15/2026 | 0.26% |
| CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 | 0.26% |
| SERVICE CORP INTL 05.1250 06/01/2029 | 0.26% |
| CEC ENTERTAINMENT INC L+650 08.5435 08/30/2026 | 0.26% |
| NETFLIX INC. 05.8750 11/15/2028 | 0.26% |
| ARCELORMITTAL USD 07.0000 10/15/2039 | 0.25% |
| AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 | 0.25% |
| LIONS GATE CAP HOLD P/P 144A 05.8750 11/01/2024 | 0.25% |
| LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 | 0.25% |
| HCA INC 05.2500 06/15/2026 | 0.25% |
| NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 | 0.25% |
| CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 | 0.24% |
| MICROCHIP TEC CV 01.6250 02/15/2027 | 0.24% |
| STAPLES INC. P/P 144A 10.7500 04/15/2027 | 0.24% |
| GARTNER INC P/P 144A 05.1250 04/01/2025 | 0.24% |
| MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 | 0.24% |
| CLEAR CHANNEL TLB L+350 05.5435 08/09/2026 | 0.24% |
| WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 | 0.24% |
| MEREDITH CORP 06.8750 02/01/2026 | 0.24% |
| ALLY FINANCIAL INC 05.7500 11/20/2025 | 0.24% |
| RITE AID CORP P/P 144A 06.1250 04/01/2023 | 0.24% |
| CIT GROUP INC. 05.2500 03/07/2025 | 0.24% |
| SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 | 0.24% |
| SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 | 0.23% |
| TRI POINTE GROUP / HOMES 05.8750 06/15/2024 | 0.23% |
| USI INC/NY P/P 144A 06.8750 05/01/2025 | 0.23% |
| BAUSCH HLTH AMERICAS P/P 144A 08.5000 01/31/2027 | 0.23% |
| STARWOOD PROP TR 04.7500 03/15/2025 | 0.23% |
| AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 | 0.23% |
| WIDEOPENWEST TLB L+325 05.2935 08/19/2023 | 0.23% |
| BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 | 0.23% |
| CORNERSTONE BUILDING P/P 144A 08.0000 04/15/2026 | 0.23% |
| INGEVITY CORP P/P 144A 04.5000 02/01/2026 | 0.23% |
| CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 | 0.23% |
| NABORS INDUSTRIES INC. 05.7500 02/01/2025 | 0.23% |
| DCP MIDSTREAM P/P 144A 06.7500 09/15/2037 | 0.23% |
| WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 | 0.23% |
| BAUSCH HLTH AMERICAS P/P 144A 09.2500 04/01/2026 | 0.22% |
| CROWN CORK & SEAL CO INC 07.3750 12/15/2026 | 0.22% |
| PQ CORP P/P 144A 05.7500 12/15/2025 | 0.22% |
| PRECISION DRILL P/P 144A 07.1250 01/15/2026 | 0.22% |
| TOPBUILD CORP P/P 144A 05.6250 05/01/2026 | 0.22% |
| PENSKE AUTO GRP INC 05.7500 10/01/2022 | 0.22% |
| ALLY FINANCIAL INC SEDOL B72XK05 | 0.22% |
| BRAND ENERGY TL L+425 06.4076 06/21/2024 | 0.22% |
| KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 | 0.22% |
| SYNGENTA FINANCE NV P/P 144A 05.1820 04/24/2028 | 0.22% |
| CROWN CASTLE INTL CORP 06.8750 CUM CV PFD | 0.22% |
| SYNGENTA FINANCE NV P/P 144A 04.8920 04/24/2025 | 0.22% |
| MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 | 0.22% |
| ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 | 0.22% |
| ATOTECH ALPHA 3 BV P/P 144A 06.2500 02/01/2025 | 0.22% |
| KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 | 0.21% |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.21% |
| HUB INTL LTD P/P 144A 07.0000 05/01/2026 | 0.21% |
| SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 | 0.21% |
| US CONCRETE INC 06.3750 06/01/2024 | 0.21% |
| ISTAR INC 04.7500 10/01/2024 | 0.21% |
| BEACON ROOFING SUPP P/P 144A 04.8750 11/01/2025 | 0.21% |
| DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 | 0.21% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.0000 02/01/2028 | 0.21% |
| ENTERCOM MEDIA CORP P/P 144A 07.2500 11/01/2024 | 0.21% |
| TALBOTS TLB L+700 09.0435 11/28/2022 | 0.21% |
| TMS INTL HLDG CORP P/P 144A 07.2500 08/15/2025 | 0.21% |
| 1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 | 0.21% |
| ON SEMICONDUC CV 01.0000 12/01/2020 | 0.21% |
| AMC ENTERTAINMENT HLDGS 05.7500 06/15/2025 | 0.20% |
| CROWN AMER/CAP 04.7500 02/01/2026 | 0.20% |
| ALLEGHENY TECHNOLOGIES INC 07.8750 08/15/2023 | 0.20% |
| PLANTRONICS INC P/P 144A 05.5000 05/31/2023 | 0.20% |
| TEVA PHARMACEUTICALS NE USD 06.7500 03/01/2028 | 0.20% |
| HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 | 0.20% |
| PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 | 0.20% |
| VERTIV TLB L+400 06.0435 11/15/2023 | 0.20% |
| BAUSCH HLTH COS INC P/P 144A 09.0000 12/15/2025 | 0.20% |
| GFL ENVIRONMENTAL TLB L+300 05.0435 05/31/2025 | 0.20% |
| IHEARTCOMMUNICATIONS INC 08.3750 05/01/2027 | 0.20% |
| SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 | 0.20% |
| WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 | 0.20% |
| WESTERN DIGITAL CORPORATION 04.7500 02/15/2026 | 0.20% |
| ASURION 2NDL L+650 08.5435 08/04/2025 | 0.19% |
| CNO FINANCIAL GROUP INC 05.2500 05/30/2025 | 0.19% |
| GFL ENVIRONMENTA P/P 144A 08.5000 05/01/2027 | 0.19% |
| NRG ENERGY INC 05.7500 01/15/2028 | 0.19% |
| VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 | 0.19% |
| BOMBARDIER INC P/P 144A 07.8750 04/15/2027 | 0.19% |
| INFOR US INC 06.5000 05/15/2022 | 0.19% |
| NETFLIX INC 04.8750 04/15/2028 | 0.19% |
| TEVA PHARMACEUTICALS NE USD 06.0000 04/15/2024 | 0.19% |
| ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 | 0.19% |
| CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 | 0.19% |
| HCA INC 05.0000 03/15/2024 | 0.19% |
| MOLINA HEALTHCARE IN 05.3750 11/15/2022 | 0.19% |
| VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 | 0.19% |
| BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 | 0.19% |
| NRG ENERGY INC 06.6250 01/15/2027 | 0.19% |
| NRG ENERGY INC P/P 144A 05.2500 06/15/2029 | 0.19% |
| ENTERCOM MEDIA CORP P/P 144A 06.5000 05/01/2027 | 0.19% |
| APERGY CORP 06.3750 05/01/2026 | 0.18% |
| WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 | 0.18% |
| DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 | 0.18% |
| HOUSTON FUEL TLB L+275 04.8000 06/26/2025 | 0.18% |
| LOUISIANA-PACIFIC CORPORATION 04.8750 09/15/2024 | 0.18% |
| ALTICE LUXEMBOURG SA P/P 144A 07.6250 02/15/2025 | 0.18% |
| CALIFORNIA RESOURCES L+1038 12.4185 12/31/2021 | 0.18% |
| PETSMART INC TLB L+300 06.0400 03/11/2022 | 0.18% |
| PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 | 0.18% |
| GLP CAPITAL LP / FIN II 05.2500 06/01/2025 | 0.18% |
| JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 | 0.18% |
| LIONS GATE CAP HOLD P/P 144A 06.3750 02/01/2024 | 0.18% |
| STANDARD IND INC P/P 144A 05.3750 11/15/2024 | 0.18% |
| KRONOS 2NDL L+825 10.5031 11/01/2024 | 0.17% |
| OASIS PETROLEUM INC 06.8750 03/15/2022 | 0.17% |
| ARDAGH PKG FIN/HLDGS P/P 144A 05.2500 08/15/2027 | 0.17% |
| CENOVUS ENERGY INC USD 06.7500 11/15/2039 | 0.17% |
| ARDAGH PKG FIN/HLDGS P/P 144A 04.1250 08/15/2026 | 0.17% |
| CARRIAGE SVCS INC P/P 144A 06.6250 06/01/2026 | 0.17% |
| ZIGGO BOND CO BV P/P 144A 06.0000 01/15/2027 | 0.17% |
| AMERICAN INTL GROUP 08.1750 05/15/2058 | 0.17% |
| SM ENERGY CO 05.0000 01/15/2024 | 0.17% |
| BAUSCH HLTH COS INC P/P 144A 07.2500 05/30/2029 | 0.17% |
| HANESBRANDS INC P/P 144A 04.6250 05/15/2024 | 0.17% |
| TENNANT CO 05.6250 05/01/2025 | 0.17% |
| WYNN RESORTS FIN LLC P/P 144A 05.1250 10/01/2029 | 0.17% |
| INDIGO NATURAL P/P 144A 06.8750 02/15/2026 | 0.17% |
| STANDARD IND INC P/P 144A 05.0000 02/15/2027 | 0.17% |
| PANTHER BF AGGRE 2 P/P 144A 08.5000 05/15/2027 | 0.17% |
| ALBERTSONS COS LLC P/P 144A 07.5000 03/15/2026 | 0.17% |
| LLOYDS BANK PLC 13.0000 01/29/2049 | 0.17% |
| NEWELL BRANDS INC 04.2000 04/01/2026 | 0.17% |
| CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 | 0.16% |
| TRAVELPORT TLB L+500 07.5413 05/30/2026 | 0.16% |
| BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 | 0.16% |
| CNO FINANCIAL GROUP INC 05.2500 05/30/2029 | 0.16% |
| TMX FIN LLC/TITLEMAX P/P 144A 11.1250 04/01/2023 | 0.16% |
| HUSKY TLB L+300 05.0435 03/28/2025 | 0.16% |
| WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 | 0.16% |
| FIRST QUANTUM MINERA P/P 144A 06.8750 03/01/2026 | 0.16% |
| NATIONSTAR MTG P/P 144A 08.1250 07/15/2023 | 0.16% |
| BWAY CORP TLB L+325 05.5895 04/03/2024 | 0.16% |
| GOEASY LTD P/P 144A 07.8750 11/01/2022 | 0.16% |
| ICAHN ENTER/FIN 06.7500 02/01/2024 | 0.16% |
| ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 | 0.16% |
| ICAHN ENTER/FIN P/P 144A 06.2500 05/15/2026 | 0.16% |
| USA COMPRESSION PART 06.8750 04/01/2026 | 0.16% |
| ASCEND LEARNING TLB L+300 05.0435 07/12/2024 | 0.16% |
| SPECTRUM BRANDS INC 06.1250 12/15/2024 | 0.16% |
| CIT GROUP INC SEDOL B4Z73G0 | 0.16% |
| STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 | 0.16% |
| PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 | 0.15% |
| CHS/COMMUNITY HEALTH 06.8750 02/01/2022 | 0.15% |
| ICAHN ENTERPRISES/FI 06.2500 02/01/2022 | 0.15% |
| HCA INC 05.8750 05/01/2023 | 0.15% |
| NRG ENERGY INC. 07.2500 05/15/2026 | 0.15% |
| T-MOBILE US INC SEDOL B94Q9V0 | 0.15% |
| CPG INTL TL L+375 05.9333 05/05/2024 | 0.15% |
| ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 | 0.15% |
| AVAYA TLB L+425 06.3343 12/15/2024 | 0.15% |
| CENTENE CORP 06.1250 02/15/2024 | 0.15% |
| CSC HOLDINGS LLC P/P 144A 07.7500 07/15/2025 | 0.15% |
| EPR PROPERTIES 05.7500 CUM CV PFD | 0.15% |
| ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 | 0.15% |
| AIR METHODS TLB L+350 05.6044 04/21/2024 | 0.15% |
| CSC HOLDINGS LLC P/P 144A 05.7500 01/15/2030 | 0.15% |
| WPX ENERGY INC 05.2500 10/15/2027 | 0.15% |
| CENTENE CORP 04.7500 05/15/2022 | 0.14% |
| CENTURYLINK TLB L+275 05.2724 01/31/2025 | 0.14% |
| ATOTECH ALPHA 2 BV P/P 144A 08.7500 06/01/2023 | 0.14% |
| CCO HOLDINGS LLC P/P 144A 04.7500 03/01/2030 | 0.14% |
| MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 | 0.14% |
| CHESAPEAKE ENERGY CORPORATION 08.0000 01/15/2025 | 0.14% |
| CALPINE CORP P/P 144A 05.2500 06/01/2026 | 0.14% |
| DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 | 0.14% |
| QORVO INC 05.5000 07/15/2026 | 0.14% |
| FREEDOM MTGE CORP P/P 144A 08.2500 04/15/2025 | 0.14% |
| CINEMARK USA INC 04.8750 06/01/2023 | 0.14% |
| FRONTIER COMM 11.0000 09/15/2025 | 0.14% |
| TRANSOCEAN SENTR P/P 144A 05.3750 05/15/2023 | 0.14% |
| KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 | 0.14% |
| STANDARD IND INC P/P 144A 06.0000 10/15/2025 | 0.14% |
| MERCER INTL INC USD 06.5000 02/01/2024 | 0.14% |
| ROYAL BK SCOTLND GRP PLC USD 07.5000 12/29/2049 | 0.14% |
| BANK OF AMERICA CORP 06.5000 10/29/2049 | 0.14% |
| ORYX TLB L+400 06.0536 05/09/2026 | 0.14% |
| ALTICE FINCO S.A. P/P 144A 07.6250 02/15/2025 | 0.14% |
| BUILDERS FIRSTSOURCE P/P 144A 06.7500 06/01/2027 | 0.13% |
| WPX ENERGY INC 08.2500 08/01/2023 | 0.13% |
| TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 | 0.13% |
| CONSTELLIUM SE P/P 144A 06.6250 03/01/2025 | 0.13% |
| CREDIT ACCEPTANC 07.3750 03/15/2023 | 0.13% |
| LENNAR CORP 05.8750 11/15/2024 | 0.13% |
| ROBERTSHAW US HOLDING L+325 05.3125 02/28/2025 | 0.13% |
| TRIVIUM PACK FIN P/P 144A 05.5000 08/15/2026 | 0.13% |
| ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 | 0.13% |
| AMSTED INDUSTRIES P/P 144A 05.6250 07/01/2027 | 0.13% |
| CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 | 0.13% |
| IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 | 0.13% |
| MAUSER PACKAGING SOL P/P 144A 05.5000 04/15/2024 | 0.13% |
| OSHKOSH CORP 05.3750 03/01/2025 | 0.13% |
| UNIVISION COMM P/P 144A 05.1250 02/15/2025 | 0.13% |
| T-MOBILE USA INC 05.3750 04/15/2027 | 0.13% |
| VISTRA ENERGY CORP P/P 144A 08.1250 01/30/2026 | 0.13% |
| CHEMOURS CO 07.0000 05/15/2025 | 0.12% |
| CHS/COMMUNITY HEALT P/P 144A 08.1250 06/30/2024 | 0.12% |
| WELLCARE HEALTH PLANS 05.2500 04/01/2025 | 0.12% |
| COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 | 0.12% |
| ELDORADO RESORTS INC 07.0000 08/01/2023 | 0.12% |
| ALTICE FRANCE SA P/P 144A 05.5000 01/15/2028 | 0.12% |
| CALIFORNIA RESOURC TL L+475 06.7935 12/31/2022 | 0.12% |
| CHEMOURS CO 05.3750 05/15/2027 | 0.12% |
| RESIDEO FUNDING INC P/P 144A 06.1250 11/01/2026 | 0.12% |
| AES CORP/THE 05.1250 09/01/2027 | 0.12% |
| CHENIERE CORP CHRIST 07.0000 06/30/2024 | 0.12% |
| ROBERTSHAW TL 2L L+800 10.0625 02/28/2026 | 0.12% |
| ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 | 0.12% |
| TRANSOCEAN PONTUS LT P/P 144A 06.1250 08/01/2025 | 0.12% |
| CLEAN HARBORS INC P/P 144A 04.8750 07/15/2027 | 0.12% |
| JELD-WEN INC P/P 144A 04.8750 12/15/2027 | 0.12% |
| TRAVERSE TLB L+400 06.0500 09/27/2024 | 0.12% |
| TRIVIUM PACKAGING P/P 144A 08.5000 08/15/2027 | 0.12% |
| WPX ENERGY INC 05.7500 06/01/2026 | 0.12% |
| 1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 | 0.12% |
| CLEAR CHANNEL WORLDW P/P 144A 05.1250 08/15/2027 | 0.12% |
| NRG ENERGY INC P/P 144A 04.4500 06/15/2029 | 0.12% |
| TARGA RESOURCES PART 05.0000 01/15/2028 | 0.12% |
| STEEL DYNAMICS INC 05.5000 10/01/2024 | 0.12% |
| ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 | 0.12% |
| FAIRFAX FINL HLDGS USD 04.8500 04/17/2028 | 0.11% |
| CLEAR CHANNEL WORLD P/P 144A 09.2500 02/15/2024 | 0.11% |
| FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 | 0.11% |
| MGP ESCROW ISSUER/CO 05.6250 05/01/2024 | 0.11% |
| POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 | 0.11% |
| VISTRA OPERATION P/P 144A 05.0000 07/31/2027 | 0.11% |
| ZIGGO BV P/P 144A 05.5000 01/15/2027 | 0.11% |
| ARD SECURITIES FIN P/P 144A 08.7500 01/31/2023 | 0.11% |
| MERCER INTL INC USD 07.7500 12/01/2022 | 0.11% |
| PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 | 0.11% |
| TENET HEALTHCARE 04.6250 07/15/2024 | 0.11% |
| IHEARTMEDIA TL L+400 06.0315 05/01/2026 | 0.11% |
| TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 | 0.11% |
| 1011778 BC / NEW RED P/P 144A 03.8750 01/15/2028 | 0.10% |
| THE AES CORPORATION 04.8750 05/15/2023 | 0.10% |
| VISTRA OPERATIONS CO P/P 144A 05.6250 02/15/2027 | 0.10% |
| TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 | 0.10% |
| HILTON DOMESTIC P/P 144A 04.8750 01/15/2030 | 0.10% |
| JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 | 0.10% |
| NEWFIELD EXPLORATION CO 05.6250 07/01/2024 | 0.10% |
| GLP CAPITAL LP / FIN II 05.3750 04/15/2026 | 0.10% |
| IHEARTCOMMUNICATIONS INC 06.3750 05/01/2026 | 0.10% |
| LEVEL 3 FINANCING INC 05.6250 02/01/2023 | 0.10% |
| CINEWORLD TLB L+225 04.2935 02/28/2025 | 0.10% |
| REVLON CONS TLB L+350 05.6241 09/07/2023 | 0.10% |
| AMC ENTERTAINMENT HLDGS 06.1250 05/15/2027 | 0.10% |
| ICAHN ENTER P/P 144A 04.7500 09/15/2024 | 0.10% |
| IHS MARKIT LTD USD 04.7500 08/01/2028 | 0.10% |
| SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 | 0.10% |
| SPRINGLEAF FINANCE CORP 06.6250 01/15/2028 | 0.10% |
| STEEL DYNAMICS INC 05.0000 12/15/2026 | 0.10% |
| TRANSOCEAN POSEIDON P/P 144A 06.8750 02/01/2027 | 0.10% |
| CBS OUT AMER CAP LLC 05.6250 02/15/2024 | 0.09% |
| CEMEX P/P 144A 05.7000 01/11/2025 | 0.09% |
| HOLOGIC INC P/P 144A 04.3750 10/15/2025 | 0.09% |
| NETFLIX INC. P/P 144A 06.3750 05/15/2029 | 0.09% |
| VERTIV GROUP CORP P/P 144A 09.2500 10/15/2024 | 0.09% |
| ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 | 0.09% |
| HCA INC. 07.5000 02/15/2022 | 0.09% |
| MERCER INTL INC USD 05.5000 01/15/2026 | 0.09% |
| AMC ENT HOLDIN 05.8750 11/15/2026 | 0.09% |
| BEACON ROOFING SUPPL 06.3750 10/01/2023 | 0.09% |
| CENTENE ESCROW I CO P/P 144A 05.3750 06/01/2026 | 0.09% |
| HANESBRANDS INC P/P 144A 04.8750 05/15/2026 | 0.09% |
| TARGA RESOURCES PART P/P 144A 06.5000 07/15/2027 | 0.09% |
| AES CORP/THE 04.5000 03/15/2023 | 0.09% |
| DUN & BRADSTREET COR P/P 144A 06.8750 08/15/2026 | 0.09% |
| SPRINGLEAF FINANCE CORP 07.1250 03/15/2026 | 0.09% |
| ANTERO RESOURCES FIN 05.1250 12/01/2022 | 0.09% |
| BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 | 0.09% |
| CREDIT ACCEPTANC P/P 144A 06.6250 03/15/2026 | 0.09% |
| STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 | 0.09% |
| BOYD GAMING CORPORATION 06.0000 08/15/2026 | 0.09% |
| T-MOBILE USA INC 04.5000 02/01/2026 | 0.09% |
| BOYD GAMING CORP 06.3750 04/01/2026 | 0.09% |
| DIGICEL LTD P/P 144A 06.7500 03/01/2023 | 0.09% |
| LIVE NATION ENTERTAINMENT IN SEDOL B0T7YX2 | 0.09% |
| TAYLOR MORRISON COMM P/P 144A 05.7500 01/15/2028 | 0.09% |
| AKER BP ASA P/P 144A 04.7500 06/15/2024 | 0.09% |
| SESI LLC 07.1250 12/15/2021 | 0.09% |
| TENET HEALTHCARE P/P 144A 06.2500 02/01/2027 | 0.09% |
| TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 | 0.09% |
| CONSTELLIUM SE P/P 144A 05.7500 05/15/2024 | 0.08% |
| MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 | 0.08% |
| MGM GROWTH/MGM FINANCE 04.5000 01/15/2028 | 0.08% |
| BAUSCH HLTH COS INC P/P 144A 07.0000 01/15/2028 | 0.08% |
| BERRY GLOBAL INC P/P 144A 05.6250 07/15/2027 | 0.08% |
| CSC HOLDINGS LLC 06.7500 11/15/2021 | 0.08% |
| GO DADDY OPCO/FINCO P/P 144A 05.2500 12/01/2027 | 0.08% |
| BANK OF AMERICA CORP 06.1000 12/29/2049 | 0.08% |
| CHS/COMMUNITY HEALTH P/P 144A 08.0000 03/15/2026 | 0.08% |
| SIRIUS XM RADIO INC. P/P 144A 05.5000 07/01/2029 | 0.08% |
| YUM! BRANDS INC P/P 144A 04.7500 01/15/2030 | 0.08% |
| ELANCO ANIMAL HEALTH 04.2720 08/28/2023 | 0.08% |
| LEVEL 3 FIN INC P/P 144A 04.6250 09/15/2027 | 0.08% |
| SPECTRUM BRANDS INC P/P 144A 05.0000 10/01/2029 | 0.08% |
| BOMBARDIER INC P/P 144A 08.7500 12/01/2021 | 0.08% |
| DUN & BRADSTREET TLB L+500 07.2411 02/08/2026 | 0.08% |
| JPMORGAN CHASE & CO 06.0000 12/29/2049 | 0.08% |
| COMMSCOPE INC P/P 144A 06.0000 03/01/2026 | 0.08% |
| EP ENER/EVEREST ACQ P/P 144A 07.7500 05/15/2026 | 0.08% |
| ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 | 0.08% |
| DISH NETWORK CV 03.3750 08/15/2026 | 0.08% |
| AVAYA HOLDINGS CORP SEDOL BD9G9B3 | 0.08% |
| CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 | 0.08% |
| IHEARTMEDIA INC - CLASS A SEDOL BJVR9Y9 | 0.08% |
| ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 | 0.08% |
| BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 | 0.08% |
| BROOKFIELD RESID P/P 144A 06.2500 09/15/2027 | 0.08% |
| ENLINK MIDSTREAM PARTNER 04.1500 06/01/2025 | 0.08% |
| FREEPORT-MCMORAN INC 05.4500 03/15/2043 | 0.08% |
| INTELSAT JACKSON P/P 144A 08.5000 10/15/2024 | 0.08% |
| JELD-WEN INC P/P 144A 04.6250 12/15/2025 | 0.08% |
| VISTRA OPERATION P/P 144A 04.3000 07/15/2029 | 0.08% |
| LIVE NATION ENT P/P 144A 04.8750 11/01/2024 | 0.07% |
| NRG P/P 144A 03.7500 06/15/2024 | 0.07% |
| WEWORK COS INC P/P 144A 07.8750 05/01/2025 | 0.07% |
| ANTERO RESOURCES COR 05.6250 06/01/2023 | 0.07% |
| CONSTELLIUM SE P/P 144A 05.8750 02/15/2026 | 0.07% |
| NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 | 0.07% |
| EQUINIX INC 05.8750 01/15/2026 | 0.07% |
| INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 | 0.07% |
| AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 | 0.07% |
| CALPINE CORP P/P 144A 05.8750 01/15/2024 | 0.07% |
| JO-ANN STORES 2NDL L+925 11.5094 05/21/2024 | 0.07% |
| JO-ANN STORES TL L+500 07.2516 10/16/2023 | 0.07% |
| MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 | 0.07% |
| REFINITIV US HLDG P/P 144A 06.2500 05/15/2026 | 0.07% |
| SERVICE CORPORATION INTL 04.6250 12/15/2027 | 0.07% |
| BAUSCH HLTH COS INC P/P 144A 05.5000 11/01/2025 | 0.07% |
| CF INDUSTRIES INC 03.4500 06/01/2023 | 0.07% |
| WELLCARE HLTH PLANS P/P 144A 05.3750 08/15/2026 | 0.07% |
| CLEAN HARBORS INC P/P 144A 05.1250 07/15/2029 | 0.07% |
| LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 | 0.07% |
| NATIONSTAR MORT/ 06.5000 07/01/2021 | 0.07% |
| NEW GOLD INC P/P 144A 06.2500 11/15/2022 | 0.07% |
| T-MOBILE USA INC 05.1250 04/15/2025 | 0.07% |
| BAUSCH HLTH COS INC P/P 144A 05.7500 08/15/2027 | 0.07% |
| BEACON ROOFING SUPPL P/P 144A 04.5000 11/15/2026 | 0.07% |
| MASONITE INTL C P/P 144A 05.3750 02/01/2028 | 0.07% |
| NEXSTAR ESCROW INC P/P 144A 05.6250 07/15/2027 | 0.07% |
| ANTERO RESOURCES 05.3750 11/01/2021 | 0.07% |
| CAPITAL AUTO 2NDL L+600 08.0435 03/24/2025 | 0.07% |
| CEMEX SAB DE CV P/P 144A 06.1250 05/05/2025 | 0.07% |
| NINE ENERGY SERVICE P/P 144A 08.7500 11/01/2023 | 0.07% |
| ORTHO-CLINICAL TLB L+325 05.3064 06/01/2025 | 0.07% |
| VERTIV INT HOLD CORP P/P 144A 12.0000 02/15/2022 | 0.07% |
| ENERGIZER HLDG INC P/P 144A 06.3750 07/15/2026 | 0.06% |
| DIVERSEY TL L+300 05.2555 09/06/2024 | 0.06% |
| LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 | 0.06% |
| TRANSDIGM INC 06.5000 05/15/2025 | 0.06% |
| ENERGY TRANSFER OPERA 05.8750 01/15/2024 | 0.06% |
| WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 | 0.06% |
| TRANSOCEAN INC 07.5000 04/15/2031 | 0.06% |
| BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 | 0.06% |
| COMSTOCK RESOURCES 09.7500 08/15/2026 | 0.06% |
| CBS OUT AMER CAP LLC 05.8750 03/15/2025 | 0.06% |
| QUEBECOR MEDIA INC USD 05.7500 01/15/2023 | 0.06% |
| CHESAPEAKE ENERGY CORP 08.0000 06/15/2027 | 0.06% |
| TARGA RESOURCES PART P/P 144A 06.8750 01/15/2029 | 0.06% |
| ABC SUPPLY CO INC P/P 144A 05.8750 05/15/2026 | 0.06% |
| HUNTSMAN INTERNATIONAL LLC 05.1250 11/15/2022 | 0.06% |
| SM ENERGY CO 06.6250 01/15/2027 | 0.06% |
| ALTICE FRANCE SA P/P 144A 06.2500 05/15/2024 | 0.05% |
| IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 | 0.05% |
| NATIONSTAR MTG P/P 144A 09.1250 07/15/2026 | 0.05% |
| CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 | 0.05% |
| COMMSCOPE INC P/P 144A 05.5000 03/01/2024 | 0.05% |
| USA COM PART/USA COM P/P 144A 06.8750 09/01/2027 | 0.05% |
| FRAC TECH INTL TLB L+475 06.7935 04/16/2021 | 0.05% |
| NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 | 0.05% |
| ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 | 0.05% |
| MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 | 0.05% |
| OASIS PETROLEUM INC 06.8750 01/15/2023 | 0.05% |
| CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 | 0.05% |
| EAGLE HLDG CO II LLC P/P 144A 07.7500 05/15/2022 | 0.05% |
| GENON 939CER907 | 0.05% |
| DCP MIDSTREAM OPERATING 05.1250 05/15/2029 | 0.05% |
| REALOGY GRP / CO P/P 144A 09.3750 04/01/2027 | 0.05% |
| TREASURY BILL 00.0000 11/07/2019 | 0.04% |
| VALARIS PLC USD 07.7500 02/01/2026 | 0.04% |
| ACADEMY SPORTS TLB L+400 06.0244 07/02/2022 | 0.04% |
| VISTRA OPERATION P/P 144A 03.5500 07/15/2024 | 0.04% |
| OASIS PETROLEUM INC P/P 144A 06.2500 05/01/2026 | 0.04% |
| RACKSPACE HOSTING INC L+300 05.2868 11/03/2023 | 0.04% |
| SESI LLC 07.7500 09/15/2024 | 0.04% |
| STARFRUIT US/STAR F P/P 144A 06.5000 10/01/2026 | 0.04% |
| MERCER INTL INC USD 07.3750 01/15/2025 | 0.04% |
| ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 02/01/2025 | 0.04% |
| MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 | 0.04% |
| CABLEVISION SYS CORP 08.0000 04/15/2020 | 0.04% |
| FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 | 0.04% |
| STEEL DYNAMICS INC 04.1250 09/15/2025 | 0.04% |
| ASCENT RESOURCES/AR P/P 144A 07.0000 11/01/2026 | 0.04% |
| INSTALLED BUILDI P/P 144A 05.7500 02/01/2028 | 0.04% |
| PANTHER BF AGGREGA P/P 144A 06.2500 05/15/2026 | 0.04% |
| ANTERO RESOURCES CORP 05.0000 03/01/2025 | 0.03% |
| TECK RESOURCES LIMITED USD 03.7500 02/01/2023 | 0.03% |
| ELDORADO RESORTS INC 06.0000 09/15/2026 | 0.03% |
| CLEAR CHANNEL OUTDOOR HOLDIN SEDOL BJHVCH9 | 0.03% |
| ARCELORMITTAL USD 06.1250 06/01/2025 | 0.03% |
| SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 | 0.03% |
| VALARIS PLC USD 08.0000 01/31/2024 | 0.03% |
| NABORS INDUSTRIES INC. 05.5000 01/15/2023 | 0.02% |
| SM ENERGY CO 06.1250 11/15/2022 | 0.02% |
| STANDARD IND INC P/P 144A 04.7500 01/15/2028 | 0.02% |
| STEEL DYNAMICS INC 05.2500 04/15/2023 | 0.02% |
| ENERGIZER HLDG INC P/P 144A 07.7500 01/15/2027 | 0.02% |
| CHC GRP LLC P/P CV 00.0000 10/01/2020 | 0.02% |
| ADVANZ PHARMA CORP SEDOL BH4P601 | 0.01% |
| TRIBUNE CLASS 1C LITIGAT | 0.01% |
| SPEC BRNDS ESCROW CO 06.6250 11/15/2022 | 0.01% |
| NINE POINT ENERGY CNV PRF | 0.01% |
| TREASURY BILL 00.0000 12/12/2019 | 0.01% |
| DCP MIDSTREAM OPERATING 05.3750 07/15/2025 | 0.01% |
| NINE POINT ENERGY COM | 0.01% |
| TRANSOCEAN INC P/P 144A 09.0000 07/15/2023 | 0.01% |
| TXU TCEH RIGHTS | 0.01% |
| IHEARTMEDIA INC WT | 0.00% |
| MWO HOLDINGS LLC | 0.00% |
| TREASURY BILL 00.0000 10/10/2019 | 0.00% |
| EUR/USD 12/18/2019 BANKAM | 0.00% |
| SM ENERGY CO 06.7500 09/15/2026 | 0.00% |
| TERVITA CORP SEDOL BD1DCC4 | 0.00% |
| AVAYA INC ESCROW P/P 144A 07.0000 04/01/2020 | 0.00% |
| CAD/USD 10/16/2019 SSBT | 0.00% |
| CHC GROUP LLC P/P SEDOL BYXD3K4 | 0.00% |
| ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 | 0.00% |
| ESC SEVENTYSEVENERG 06.5000 07/15/2022 | 0.00% |
| TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 | 0.00% |
| GBP/USD 12/18/2019 GSFX | -0.00% |
Prior top 10 holdings
| Top 10 holdings as of 09/30/19 | |
|---|---|
| Cco Holdings Llc P/P 144a 05.3750 06/01/2029 | |
| Ally Financial 08.0000 11/01/2031 | |
| Sprint Corp 07.8750 09/15/2023 | |
| Chs/Community Health Sys 06.2500 03/31/2023 | |
| Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026 | |
| Dish Dbs Corp 05.8750 11/15/2024 | |
| Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025 | |
| Smurfit Kappa Treasury Usd 07.5000 11/20/2025 | |
| Refinitiv Tlb L+375 05.7935 10/01/2025 | |
| Sprint Corp 07.2500 09/15/2021 | |
| Holdings represent 6.67% of portfolio | |
| Top 10 holdings as of 08/31/19 | |
|---|---|
| Sprint Corp 07.8750 09/15/2023 | |
| Ally Financial 08.0000 11/01/2031 | |
| Chs/Community Health Sys 06.2500 03/31/2023 | |
| Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026 | |
| Csc Holdings Llc P/P 144a 07.5000 04/01/2028 | |
| Cco Holdings Llc P/P 144a 05.3750 06/01/2029 | |
| Dish Dbs Corp 05.8750 11/15/2024 | |
| Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025 | |
| Smurfit Kappa Treasury Usd 07.5000 11/20/2025 | |
| Sprint Corp 07.2500 09/15/2021 | |
| Holdings represent 6.38% of portfolio | |
| Top 10 holdings as of 07/31/19 | |
|---|---|
| Sprint Corp 07.8750 09/15/2023 | |
| Ally Financial 08.0000 11/01/2031 | |
| Chs/Community Health Sys 06.2500 03/31/2023 | |
| Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026 | |
| Csc Holdings Llc P/P 144a 07.5000 04/01/2028 | |
| Cco Holdings Llc P/P 144a 05.3750 06/01/2029 | |
| Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025 | |
| Dish Dbs Corp 05.8750 11/15/2024 | |
| Sprint Corp 07.2500 09/15/2021 | |
| Smurfit Kappa Treasury Usd 07.5000 11/20/2025 | |
| Holdings represent 6.16% of portfolio | |
| Top 10 holdings as of 06/30/19 | |
|---|---|
| Sprint Corp 07.8750 09/15/2023 | |
| Ally Financial 08.0000 11/01/2031 | |
| Chs/Community Health Sys 06.2500 03/31/2023 | |
| Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026 | |
| Csc Holdings Llc P/P 144a 07.5000 04/01/2028 | |
| Cco Holdings Llc P/P 144a 05.3750 06/01/2029 | |
| Dish Dbs Corp 05.8750 11/15/2024 | |
| Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025 | |
| Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024 | |
| Sprint Corp 07.2500 09/15/2021 | |
| Holdings represent 6.08% of portfolio | |
Fixed income statistics as of 09/30/19
| Average effective maturity | 3.81 yrs. |
|---|---|
| Average effective duration | 2.88 yrs. |
| Average yield to maturity | 5.44% |
| Average coupon | 5.85% |
Sector weightings as of 09/30/19
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| High-yield corporate bonds | 74.53% | 2.18 | 0.00% | 0.00 | 74.53% | 2.18 |
| Investment-grade corporate bonds | 9.12% | 0.52 | 0.00% | 0.00 | 9.12% | 0.52 |
| Bank loans | 5.97% | 0.24 | 0.00% | 0.00 | 5.97% | 0.24 |
| Convertible securities | 0.91% | 0.00 | 0.00% | 0.00 | 0.91% | 0.00 |
| Emerging-market bonds | 0.90% | 0.03 | 0.00% | 0.00 | 0.90% | 0.03 |
| Equity investments | 0.84% | 0.00 | 0.00% | 0.00 | 0.84% | 0.00 |
| International Treasury/agency | 0.44% | 0.03 | 0.00% | 0.00 | 0.44% | 0.03 |
| Net cash | 7.29% | 0.00 | 0.00% | 0.00 | 7.29% | 0.00 |
Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.
Maturity detail as of 09/30/19
| 0 - 1 yr. | 19.02% |
|---|---|
| 1 - 5 yrs. | 53.94% |
| 5 - 10 yrs. | 23.36% |
| 10 - 15 yrs. | 1.89% |
| Over 15 yrs. | 1.79% |
Quality rating as of 09/30/19
| A | 0.28% |
|---|---|
| BBB | 9.54% |
| BB | 41.97% |
| B | 31.45% |
| CCC and Below | 8.39% |
| Not Rated | 1.08% |
| Net cash | 7.29% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (a significant part of the fund's investments). Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. You can lose money by investing in the fund.
Credit qualities are shown as a percentage of the fund's net assets. 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. Ratings and portfolio credit quality will vary over time. Net cash, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.
Top industry sectors as of 09/30/19
| Consumer cyclicals | 19.11% |
|---|---|
| Communication services | 12.77% |
| Basic materials | 11.87% |
| Energy | 9.66% |
| Financials | 9.08% |
| Health care | 8.25% |
| Capital goods | 7.99% |
| Net Cash | 7.29% |
| Consumer staples | 5.74% |
| Other | 8.24% |
0
Allocations may not total 100% of net assets because the table includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.
Sectors will vary over time.
Country allocation as of 09/30/19
| United States | 84.95% |
|---|---|
| Canada | 5.21% |
| United Kingdom | 1.55% |
| Luxembourg | 1.52% |
| France | 1.44% |
| Netherlands | 1.25% |
| Ireland | 1.23% |
| Switzerland | 0.64% |
| Bermuda | 0.52% |
| Other | 1.69% |
0
Expenses
Expense ratio |
Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|
| Total expense ratio | 1.03% | 1.78% | 1.78% | 1.28% | 1.28% | 0.67% | 0.78% |
| What you pay | 1.03% | 1.78% | 1.78% | 1.28% | 1.28% | 0.67% | 0.78% |
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|
| $0-$49,999 | 4.00% | 0.00% | 0.00% | 3.25% | -- | -- | -- |
| $50,000-$99,999 | 4.00% | 0.00% | 0.00% | 2.25% | -- | -- | -- |
| $100,000-$249,999 | 3.25% | -- | 0.00% | 1.25% | -- | -- | -- |
| $250,000-$499,999 | 2.50% | -- | 0.00% | 1.00% | -- | -- | -- |
| $500,000-$999,999 | 0.00% | -- | -- | -- | -- | -- | -- |
| $1M-$4M | 0.00% | -- | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% | -- | -- | -- | -- | -- | -- |
| $50M+ | 0.00% | -- | -- | -- | -- | -- | -- |
CDSC
| Class A (sales for $500,000+) | Class B | Class C | Class M | Class R | Class R6 | Class Y | |
|---|---|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- | -- |
| 9 to 12 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- | -- |
| 2 yrs. | 0.00% | 4.00% | 0.00% | -- | -- | -- | -- |
| 3 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- | -- |
| 4 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- | -- |
| 5 yrs. | 0.00% | 2.00% | 0.00% | -- | -- | -- | -- |
| 6 yrs. | 0.00% | 1.00% | 0.00% | -- | -- | -- | -- |
| 7+ yrs. | 0.00% | 0.00% | 0.00% | -- | -- | -- | -- |
The JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed-income securities issued in developed countries. You cannot invest directly in an index.
Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (a significant part of the fund's investments). Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. You can lose money by investing in the fund.
Credit qualities are shown as a percentage of the fund's net assets. 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. Ratings and portfolio credit quality will vary over time. Net cash, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.