Always Diligent. Always Active.

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 $5.73
0.17% | $0.01
$5.88
04/17/18
$5.39
12/26/18
Historical fund price

Fund facts as of 02/28/19

Total net assets
$1,382.32M
Turnover (fiscal year end)
33%
Dividend frequency (view rate)
Monthly
Number of holdings
545
Fiscal year-end
November
CUSIP / Fund code
74678J104 / 0019
Inception date
03/25/86
Category
Taxable Income
Open to new investors
Ticker
PHYIX

Management team

Co-Head of Fixed Income
Portfolio Manager
Portfolio Manager


Manager commentary | Q4 2018

Commodity price volatility pressures high-yield market

Paul Scanlon, Co-Head of Fixed Income, explains why he believes there are many energy companies that are well-positioned to manage current price volatility.


Literature


Headwinds buffet emerging-market debt
Higher interest rates can challenge any fixed-income market, but rate increases in advanced economies can cause particular difficulty for emerging markets.

Performance

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown above does not reflect the effects of any sales charges. 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)


7.61%

Average 5-year annualized return


  • Total return (%) as of 12/31/18

  • Annual performance as of 12/31/18

Annualized Total return (%) as of 12/31/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge -3.75% 5.85% 2.72% 9.32%
After sales charge -7.60% 4.42% 1.88% 8.87%
JPMorgan Developed High Yield Index -2.36%7.56%3.95%11.45%

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.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 02/28/19 1.49% -2.57%
YTD as of 03/20/19 6.68% 2.42%

Yield

Distribution rate before sales charge
as of 03/20/19
5.03%
Distribution rate after sales charge
as of 03/20/19
4.83%
30-day SEC yield as of 02/28/19
(after sales charge)
5.08%

Risk-adjusted performance as of 02/28/19

Sharpe ratio (3 yrs.) 1.49
Information ratio (3 yrs.) -2.95

Volatility as of 02/28/19

Standard deviation (3 yrs.) 4.91%
Beta 0.99
R-squared 0.98

Lipper rankings as of 02/28/19

Time period Rank/Funds in category Percentile ranking
1 yr. 501/673 75%
3 yrs. 238/584 41%
5 yrs. 225/493 46%
10 yrs. 179/312 58%
Lipper category: High Yield Funds

Morningstar Ratings as of 02/28/19

Time period Funds in category Morningstar Rating
Overall 609
3 yrs. 609
5 yrs. 517
10 yrs. 331
Morningstar category: High Yield Bond

Distributions

Record/Ex dividend date 02/19/19
Payable date 02/25/19
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 02/28/19

Sprint Corp 07.8750 09/15/2023 0.85%
Ally Financial 08.0000 11/01/2031 0.79%
Chs/Community Health Sys 06.2500 03/31/2023 0.64%
Scientific Games Int 10.0000 12/01/2022 0.62%
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026 0.58%
Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025 0.47%
Nexstar Broadc P/P 144a 05.6250 08/01/2024 0.47%
Sprint Corp 07.2500 09/15/2021 0.47%
Refinitiv Tlb L+375 06.2430 10/01/2025 0.46%
Travelport Corp Fin P/P 144a 06.0000 03/15/2026 0.44%
Top 10 holdings, percent of portfolio 5.79%

Full portfolio holdings as of 12/31/18

SPRINT CORP 07.8750 09/15/2023 0.89%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.77%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.65%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.64%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.60%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.50%
SPRINT CORP 07.2500 09/15/2021 0.49%
HCA INC 05.5000 06/15/2047 0.48%
REFINITIV TLB L+375 06.2724 10/01/2025 0.48%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.46%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.46%
DISH DBS CORP 05.8750 11/15/2024 0.45%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 0.45%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.44%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.44%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.44%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.44%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.44%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.43%
AES CORP/THE 05.5000 04/15/2025 0.42%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.42%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.42%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.41%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.40%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.40%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.40%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.40%
INTELSAT CONNECT FIN P/P 144A 09.5000 02/15/2023 0.40%
BAUSCH HLTH COS INC P/P 144A 06.1250 04/15/2025 0.39%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.39%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.39%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.39%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.39%
PULTEGROUP INC. 07.8750 06/15/2032 0.39%
TRAVELPORT CORP FIN P/P 144A 06.0000 03/15/2026 0.39%
CIT GROUP INC 05.0000 08/01/2023 0.38%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.37%
CALPINE CORPORATION 05.7500 01/15/2025 0.37%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.37%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.37%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.37%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.37%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.37%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.36%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.36%
CEQUEL COM & CAP P/P 144A 07.5000 04/01/2028 0.36%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.36%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.35%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.35%
LEVEL 3 FINANCING INC 05.2500 03/15/2026 0.35%
SERVICE CORP INTL 05.3750 01/15/2022 0.35%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.35%
VISTRA ENERGY CORP 07.6250 11/01/2024 0.35%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.35%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.34%
CEC ENT INC 08.0000 02/15/2022 0.34%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.34%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.34%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.34%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.34%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.34%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.34%
NRG ENERGY INC 06.6250 01/15/2027 0.34%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.33%
NAVISTAR TLB L+350 04.7500 11/06/2024 0.33%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.33%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.33%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.32%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.32%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.32%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.32%
SERVICE CORP INTL 05.3750 05/15/2024 0.32%
TRINIDAD DRILLING LT P/P 144A 06.6250 02/15/2025 0.32%
WEWORK COS INC P/P 144A 07.8750 05/01/2025 0.32%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.31%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.31%
GREAT LAKES D&D 08.0000 05/15/2022 0.31%
STEVENS HLDG CO INC P/P 144A 06.1250 10/01/2026 0.31%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.30%
BANFF MERGER SUB INC P/P 144A 09.7500 09/01/2026 0.30%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.30%
GFL ENVIRONMENTAL P/P 144A 07.0000 06/01/2026 0.30%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.30%
STARFRUIT US/STAR FI P/P 144A 08.0000 10/01/2026 0.30%
TRANSDIGM INC 06.3750 06/15/2026 0.30%
USG CORP P/P 144A 04.8750 06/01/2027 0.30%
BAUSCH HLTH COS INC P/P 144A 07.0000 03/15/2024 0.29%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.29%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.29%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.29%
T-MOBILE USA INC 06.3750 03/01/2025 0.29%
TENET HEALTHCARE 06.0000 10/01/2020 0.29%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.28%
CENTENE CORP 06.1250 02/15/2024 0.28%
GRAY ESCROW INC P/P 144A 07.0000 05/15/2027 0.28%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.28%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.28%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.28%
VISTRA OPERATIONS CO P/P 144A 05.5000 09/01/2026 0.28%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.28%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.27%
APERGY CORP 06.3750 05/01/2026 0.27%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.27%
DEAN FOODS CO P/P 144A 06.5000 03/15/2023 0.27%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.27%
INFOR US INC 06.5000 05/15/2022 0.27%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.27%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.27%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 0.26%
ALTA MESA HLDGS 07.8750 12/15/2024 0.26%
ALTICE FRANCE SA P/P 144A 07.3750 05/01/2026 0.26%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.26%
ASURION 2NDL L+600 07.5734 08/04/2025 0.26%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.26%
CALIFORNIA RESOURC TL L+475 07.0365 11/17/2022 0.26%
CHS/COMMUNITY HEALT P/P 144A 08.1250 06/30/2024 0.26%
CSC HOLDINGS LLC P/P 144A 07.7500 07/15/2025 0.26%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.26%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.26%
LIONS GATE CAP HOLD P/P 144A 05.8750 11/01/2024 0.26%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.26%
NABORS IND INC 05.7500 02/01/2025 0.26%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.26%
TEVA PHARMACEUTICALS NE USD 06.7500 03/01/2028 0.26%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.26%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.25%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.25%
EQUINIX INC 05.3750 05/15/2027 0.25%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.25%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.25%
ITRON INC P/P 144A 05.0000 01/15/2026 0.25%
LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 0.25%
MEREDITH CORP P/P 144A 06.8750 02/01/2026 0.25%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.25%
WABASH NATIONAL CORP P/P 144A 05.5000 10/01/2025 0.25%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.25%
ARCELORMITTAL USD 07.0000 10/15/2039 0.24%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.24%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.24%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.24%
HCA INC 05.2500 06/15/2026 0.24%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.24%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.24%
TALBOTS TLB L+700 09.5056 11/28/2022 0.24%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.23%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.23%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.23%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.23%
COMSTOCK ESCROW CORP P/P 144A 09.7500 08/15/2026 0.23%
DIAMOND BC BV P/P 144A 05.6250 08/15/2025 0.23%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.23%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.23%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.23%
USIS MERGER SUB INC P/P 144A 06.8750 05/01/2025 0.23%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.22%
CENTENE CORP 04.7500 05/15/2022 0.22%
CHESAPEAKE ENERGY CORP 08.0000 01/15/2025 0.22%
CROWNROCK LP/CROWNRO P/P 144A 05.6250 10/15/2025 0.22%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.22%
JO-ANN STORES 2NDL L+925 11.6038 05/21/2024 0.22%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.22%
PQ CORP P/P 144A 05.7500 12/15/2025 0.22%
STARWOOD PROP TR 04.7500 03/15/2025 0.22%
TARGA RESOURCES PART 05.0000 01/15/2028 0.22%
TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 0.22%
US CONCRETE INC 06.3750 06/01/2024 0.22%
VALEANT PHARMA INTL P/P 144A 09.2500 04/01/2026 0.22%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.22%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.21%
BEACON ROOFING SUPP P/P 144A 04.8750 11/01/2025 0.21%
BIOSCRIP INC 08.8750 02/15/2021 0.21%
CLEAR CHANNEL TLD L+675 09.2724 01/30/2019 0.21%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.21%
CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 0.21%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.21%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.21%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.21%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.21%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.21%
NRG ENERGY INC 07.2500 05/15/2026 0.21%
ON SEMICONDUC CV 01.0000 12/01/2020 0.21%
SESI LLC 07.7500 09/15/2024 0.21%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 0.21%
SYNGENTA FINANCE NV P/P 144A 04.8920 04/24/2025 0.21%
TOPBUILD CORP P/P 144A 05.6250 05/01/2026 0.21%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.21%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.21%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.21%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.20%
AMC ENTERTAINMENT HLDGS 05.7500 06/15/2025 0.20%
BAUSCH HEALTH COS INC REGS 04.5000 05/15/2023 0.20%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.20%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.20%
HUB INTL LTD P/P 144A 07.0000 05/01/2026 0.20%
JAGGED PEAK ENERGY P/P 144A 05.8750 05/01/2026 0.20%
NEWFIELD EXPLORATION CO 05.3750 01/01/2026 0.20%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.20%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.20%
SYNGENTA FINANCE NV P/P 144A 05.1820 04/24/2028 0.20%
T-MOBILE USA INC 04.7500 02/01/2028 0.20%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.20%
ALLEGHENY TECHNOLOGIES 07.8750 08/15/2023 0.19%
BAUSCH HLTH COS INC P/P 144A 09.0000 12/15/2025 0.19%
BRAND ENERGY TL L+425 06.7324 06/21/2024 0.19%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.19%
CF INDUSTRIES INC 04.9500 06/01/2043 0.19%
EAGLECLAW MID TL L+425 06.8690 06/30/2024 0.19%
HOUSTON FUEL TLB L+275 05.2800 06/26/2025 0.19%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.19%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.19%
NCI BUILDING SYS INC P/P 144A 08.0000 04/15/2026 0.19%
NETFLIX INC 04.8750 04/15/2028 0.19%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.19%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.19%
SM ENERGY CO 05.0000 01/15/2024 0.19%
USG CORP P/P 144A 05.5000 03/01/2025 0.19%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 0.19%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.19%
ALLY FINANCIAL INC 0.18%
CARRIAGE SVCS INC P/P 144A 06.6250 06/01/2026 0.18%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.18%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.18%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.18%
KRONOS 2NDL L+825 09.2500 11/01/2024 0.18%
LOUISIANA-PACIFIC CORPORATION 04.8750 09/15/2024 0.18%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.18%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.18%
VALEANT PHARMA INTL P/P 144A 08.5000 01/31/2027 0.18%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.18%
BOYD GAMING TLB L+225 04.4661 09/15/2023 0.17%
CHARTER COMMUNICATIONS INC-A 0.17%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.17%
ENERGY TRANSFER LP 05.8750 01/15/2024 0.17%
FIRST QUANTUM MINERA P/P 144A 06.8750 03/01/2026 0.17%
GLP CAPITAL LP / FIN II 05.2500 06/01/2025 0.17%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.17%
HUSKY TLB L+300 05.5224 03/28/2025 0.17%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.17%
J. CREW GROUP TL L+322 05.9753 03/05/2021 0.17%
KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 0.17%
LLOYDS BANK PLC 13.0000 01/29/2049 0.17%
NATIONSTAR MTG P/P 144A 08.1250 07/15/2023 0.17%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.17%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.17%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.17%
VERTIV GROUP CORP P/P 144A 09.2500 10/15/2024 0.17%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.16%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.16%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.16%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.16%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.16%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.16%
DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 0.16%
EP ENER/EVEREST ACQ P/P 144A 07.7500 05/15/2026 0.16%
GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 0.16%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.16%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.16%
JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 0.16%
OASIS PETROLEUM INC P/P 144A 06.2500 05/01/2026 0.16%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.16%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.16%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.16%
TEVA PHARMACEUTICALS NE USD 06.0000 04/15/2024 0.16%
TMX FIN LLC/TITLEMAX P/P 144A 11.1250 04/01/2023 0.16%
USA COMPRESSION PART 06.8750 04/01/2026 0.16%
VERTIV TLB L+400 06.7066 11/15/2023 0.16%
WHITING PETROLEUM CORP 06.6250 01/15/2026 0.16%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.16%
ALPHA 2 BV P/P 144A 08.7500 06/01/2023 0.15%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.15%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.15%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.15%
FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 0.15%
FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 0.15%
FOREST CITY TLB L+400 06.5204 12/07/2025 0.15%
FORTIVE CORPORATION 05.0000 CUM CV PFD 0.15%
FRONTIER COMM 10.5000 09/15/2022 0.15%
HCA INC 04.7500 05/01/2023 0.15%
ORYX TLB L+325 05.7724 02/28/2025 0.15%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.15%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.15%
ROBERTSHAW 1STL L+350 05.3725 02/15/2025 0.15%
TENNANT CO 05.6250 05/01/2025 0.15%
TRANSDIGM INC 06.5000 05/15/2025 0.15%
UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 0.15%
ALTICE LUXEMBOURG SA P/P 144A 07.6250 02/15/2025 0.14%
AMC ENT HOLDIN 05.8750 11/15/2026 0.14%
ARCELORMITTAL USD 06.1250 06/01/2025 0.14%
BERRY GLOBAL GROUP INC 0.14%
CALIFORNIA RESOURCES L+1038 12.8974 12/31/2021 0.14%
CHEMOURS CO 05.3750 05/15/2027 0.14%
CHEMOURS CO 07.0000 05/15/2025 0.14%
CINEMARK USA INC 04.8750 06/01/2023 0.14%
CIT GROUP INC 0.14%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.14%
CONTINENTAL RESOURCES 03.8000 06/01/2024 0.14%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.14%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.14%
FLEX ACQ CO INC P/P 144A 07.8750 07/15/2026 0.14%
FREEDOM MTGE CORP P/P 144A 08.2500 04/15/2025 0.14%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.14%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.14%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.14%
MERCER INTL INC USD 06.5000 02/01/2024 0.14%
RANGE RESOURCES CORP 05.0000 03/15/2023 0.14%
ROBERTSHAW 2NDL L+800 09.8725 02/15/2026 0.14%
ROYAL BK SCOTLND GRP PLC USD 07.5000 12/29/2049 0.14%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 0.14%
TENET HEALTHCARE CORP 08.1250 04/01/2022 0.14%
TRANSOCEAN PONTUS LT P/P 144A 06.1250 08/01/2025 0.14%
TRAVERSE TLB L+400 05.0000 09/27/2024 0.14%
VISTRA ENERGY CORP P/P 144A 08.1250 01/30/2026 0.14%
WILLIAMS COS INC 07.7500 06/15/2031 0.14%
WPX ENERGY INC 08.2500 08/01/2023 0.14%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.13%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.13%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.13%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.13%
CONSTELLIUM NV P/P 144A 06.6250 03/01/2025 0.13%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.13%
ENDEAVOR ENERGY P/P 144A 05.5000 01/30/2026 0.13%
ENSCO PLC USD 07.7500 02/01/2026 0.13%
EPR PROPERTIES 05.7500 CUM CV PFD 0.13%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.13%
LENNAR CORP 05.8750 11/15/2024 0.13%
LEVEL 3 FINANCING INC 05.6250 02/01/2023 0.13%
OSHKOSH CORP 05.3750 03/01/2025 0.13%
PRECISION DRILL P/P 144A 07.1250 01/15/2026 0.13%
T-MOBILE US INC 0.13%
THE AES CORPORATION 04.8750 05/15/2023 0.13%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.13%
VALEANT PHARMA TLB L+300 05.3789 06/01/2025 0.13%
WEATHERFORD BERMUDA 09.8750 02/15/2024 0.13%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.13%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.12%
AES CORP/THE 05.1250 09/01/2027 0.12%
ALTICE FINCO S.A. P/P 144A 07.6250 02/15/2025 0.12%
AMC ENTERTAINMENT HLDGS 06.1250 05/15/2027 0.12%
ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 0.12%
AVAYA HOLDINGS CORP 0.12%
CIT GROUP INC. 05.2500 03/07/2025 0.12%
CROWN AMER/CAP P/P 144A 04.7500 02/01/2026 0.12%
DENBURY RESOURCES INC 06.3750 08/15/2021 0.12%
NETFLIX INC P/P 144A 05.8750 11/15/2028 0.12%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.12%
RESIDEO FUNDING INC P/P 144A 06.1250 11/01/2026 0.12%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.12%
TRIDENT MERGER SUB P/P 144A 06.6250 11/01/2025 0.12%
WPX ENERGY INC 05.7500 06/01/2026 0.12%
AIR METHODS TLB L+350 04.7964 04/21/2024 0.11%
AKER BP ASA P/P 144A 05.8750 03/31/2025 0.11%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.11%
AVAYA TLB L+425 06.7010 12/15/2024 0.11%
CAESARS ENTERTAINMENT CORP 0.11%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.11%
CCC INFO 2NDL L+675 09.0946 04/27/2025 0.11%
DCP MIDSTREAM P/P 144A 06.7500 09/15/2037 0.11%
EP ENER/EVEREST ACQ P/P 144A 09.3750 05/01/2024 0.11%
EVEREST ACQ LLC/FIN 09.3750 05/01/2020 0.11%
FAIRFAX FINL HLDGS P/P 144A 04.8500 04/17/2028 0.11%
FORTERRA TL L+300 05.5224 10/25/2023 0.11%
FRONTIER COMM 11.0000 09/15/2025 0.11%
GFL ENVIRONMENTAL P/P 144A 05.3750 03/01/2023 0.11%
ISTAR INC 04.5000 CUM CV PFD 0.11%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.11%
JO-ANN STORES TL L+500 07.4772 10/16/2023 0.11%
LEVEL 3 TLB L+225 04.7538 02/22/2024 0.11%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.11%
NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 0.11%
NEWFIELD EXPLORATION CO 05.6250 07/01/2024 0.11%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.11%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.11%
T-MOBILE USA INC 05.3750 04/15/2027 0.11%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.11%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.10%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.10%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.10%
CEMEX P/P 144A 05.7000 01/11/2025 0.10%
CIRSA FINANCE INTER P/P 144A 07.8750 12/20/2023 0.10%
CROWN HOLDINGS INC 0.10%
DIAMONDBACK ENERGY INC 04.7500 11/01/2024 0.10%
ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 0.10%
ENERGY TRANSFER LP 05.5000 06/01/2027 0.10%
FTS INTL INC 06.2500 05/01/2022 0.10%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.10%
HCA INC. 07.5000 02/15/2022 0.10%
ISTAR INC 06.0000 04/01/2022 0.10%
JACOBS ENT INC P/P 144A 07.8750 02/01/2024 0.10%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.10%
MICROCHIP TEC CV 01.6250 02/15/2027 0.10%
REVLON CONS TLB L+350 06.2066 09/07/2023 0.10%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.10%
TARGA RES PRTNRS 05.3750 02/01/2027 0.10%
TRANSDIGM INC TLF L+250 05.0224 06/09/2023 0.10%
VERMILION ENERGY INC P/P 144A 05.6250 03/15/2025 0.10%
AES CORP/THE 04.5000 03/15/2023 0.09%
ALTICE FRANCE SA P/P 144A 06.2500 05/15/2024 0.09%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.09%
ANTERO RESOURCES CORP 05.0000 03/01/2025 0.09%
ARD SECURITIES FIN P/P 144A 08.7500 01/31/2023 0.09%
BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 0.09%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.09%
BOYD GAMING CORP 06.3750 04/01/2026 0.09%
BOYD GAMING CORPORATION 06.0000 08/15/2026 0.09%
CAPITAL AUTO 2NDL L+600 08.5224 03/24/2025 0.09%
CENTENE ESCROW I CO P/P 144A 05.3750 06/01/2026 0.09%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.09%
DCP MIDSTREAM OPERATING 05.3750 07/15/2025 0.09%
IHS MARKIT LTD USD 04.7500 08/01/2028 0.09%
IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 0.09%
KCA DEUTAG US FIN LLC L+675 09.5530 03/21/2023 0.09%
MERCER INTL INC USD 05.5000 01/15/2026 0.09%
MERCER INTL INC USD 07.7500 12/01/2022 0.09%
NATIONSTAR MORT/ 06.5000 07/01/2021 0.09%
NETFLIX INC P/P 144A 06.3750 05/15/2029 0.09%
NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 0.09%
NRG ENERGY INC 05.7500 01/15/2028 0.09%
RACKSPACE HOSTING INC L+300 05.5815 11/03/2023 0.09%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.09%
T-MOBILE USA INC 04.5000 02/01/2026 0.09%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.09%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.08%
BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 0.08%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.08%
CAESARS ENTERTAIN CORP CV 05.0000 10/01/2024 0.08%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.08%
CHESAPEAKE ENERGY CORP 08.0000 06/15/2027 0.08%
CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 0.08%
COVANTA HOLDING CORP 06.0000 01/01/2027 0.08%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.08%
FRAC TECH INTL TLB L+475 07.2724 04/16/2021 0.08%
FREEPORT-MCMORAN INC 05.4500 03/15/2043 0.08%
JPMORGAN CHASE & CO 06.0000 12/29/2049 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%
NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 0.08%
NINE ENERGY SERVICE P/P 144A 08.7500 11/01/2023 0.08%
SESI LLC 07.1250 12/15/2021 0.08%
SPRINGLEAF FINANCE CORP 07.1250 03/15/2026 0.08%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.08%
TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 0.08%
VERTIV INT HOLD CORP P/P 144A 12.0000 02/15/2022 0.08%
BAUSCH HLTH COS INC P/P 144A 05.5000 11/01/2025 0.07%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.07%
CEMEX SAB DE CV P/P 144A 06.1250 05/05/2025 0.07%
CF INDUSTRIES INC 03.4500 06/01/2023 0.07%
CHENIERE CORP CHRIST 07.0000 06/30/2024 0.07%
CONSTELLIUM NV P/P 144A 05.8750 02/15/2026 0.07%
DENBURY RESOURCES P/P 144A 07.5000 02/15/2024 0.07%
DISH NETWORK CV 03.3750 08/15/2026 0.07%
EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 0.07%
EQUINIX INC 05.8750 01/15/2026 0.07%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 0.07%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.07%
LIVE NATION ENT P/P 144A 04.8750 11/01/2024 0.07%
LIVE NATION ENTERTAINMENT IN 0.07%
ORTHO-CLINICAL TLB L+325 06/01/2025 0.07%
PULTEGROUP INC 04.2500 03/01/2021 0.07%
QORVO INC P/P 144A 05.5000 07/15/2026 0.07%
REFINITIV US HLDG P/P 144A 06.2500 05/15/2026 0.07%
SERVICE CORP INTL 04.6250 12/15/2027 0.07%
STEEL DYNAMICS INC 04.1250 09/15/2025 0.07%
T-MOBILE USA INC 05.1250 04/15/2025 0.07%
THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 0.07%
TRANSOCEAN INC 07.5000 04/15/2031 0.07%
WELLCARE HLTH PLANS P/P 144A 05.3750 08/15/2026 0.07%
ASCENT RESOURCES/AR P/P 144A 07.0000 11/01/2026 0.06%
BAUSCH HLTH COS INC P/P 144A 05.8750 05/15/2023 0.06%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.06%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.06%
CLEVELAND-CLIFFS INC 05.7500 03/01/2025 0.06%
ELANCO ANIMAL HEALTH P/P 144A 04.2720 08/28/2023 0.06%
ENERGIZER GAMM P/P 144A 06.3750 07/15/2026 0.06%
EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 0.06%
HILTON WORLDWIDE FIN LLC 04.6250 04/01/2025 0.06%
HUNTSMAN INTL L 05.1250 11/15/2022 0.06%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.06%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.06%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.06%
PETSMART INC P/P 144A 07.1250 03/15/2023 0.06%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.06%
SEVEN GENERATIONS ENERGY - A 0.06%
SM ENERGY CO 06.6250 01/15/2027 0.06%
WILLIAMS COMPANIES INC 05.7500 06/24/2044 0.06%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.06%
ABC SUPPLY CO INC P/P 144A 05.8750 05/15/2026 0.05%
CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 0.05%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 02/01/2025 0.05%
ICAHN ENTER/FIN 06.0000 08/01/2020 0.05%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.05%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.05%
NATIONSTAR MTG P/P 144A 09.1250 07/15/2026 0.05%
NAVISTAR INTL CORP TLB L+375 06.3125 07/30/2025 0.05%
NINE POINT ENERGY CNV PRF 0.05%
NINE POINT ENERGY COM 0.05%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.05%
ROYAL BK SCOTLND GRP PLC USD 04.8920 05/18/2029 0.05%
TRANSOCEAN INC P/P 144A 09.0000 07/15/2023 0.05%
US CONCRETE INC 0.05%
ACADEMY SPORTS TLB L+400 06.3492 07/02/2022 0.04%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.04%
CORNERSTONE CHEM CO P/P 144A 06.7500 08/15/2024 0.04%
KINROSS GOLD CORP USD 05.9500 03/15/2024 0.04%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.04%
MERCER INTL INC P/P 144A 07.3750 01/15/2025 0.04%
STARFRUIT US/STAR F P/P 144A 06.5000 10/01/2026 0.04%
WPX ENERGY INC 06.0000 01/15/2022 0.04%
ASHTEAD CAPITAL INC P/P 144A 05.2500 08/01/2026 0.03%
ELDORADO RESORTS INC P/P 144A 06.0000 09/15/2026 0.03%
GENON ENERGY INC. 09.8750 10/15/2020 0.03%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.03%
ADVANZ PHARMA CORP 0.02%
GENON ENERGY/NRG AMER 09.3923 12/01/2023 0.02%
HALCON RESOURCES CORP 0.02%
NABORS INDUSTRIES INC. 05.5000 01/15/2023 0.02%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.02%
SM ENERGY CO 06.1250 11/15/2022 0.02%
SPEC BRNDS ESCROW CO 06.6250 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%
TRIBUNE CLASS 1C LITIGAT 0.02%
CAD/USD 01/16/2019 CITI 0.01%
CAD/USD 01/16/2019 SSBT 0.01%
TXU TCEH RIGHTS 0.01%
CAD/USD 01/16/2019 BCAP-FX 0.00%
CHC GROUP LLC P/P 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
EUR/USD 03/20/2019 BANKAM 0.00%
GBP/USD 03/20/2019 GSFX 0.00%
HALCON RESOURCES CORP - WARRA 0.00%
KEANE GROUP TLB L+375 06.3125 05/25/2025 0.00%
MWO HOLDINGS LLC 0.00%
SM ENERGY CO 06.7500 09/15/2026 0.00%
TERVITA CORP 0.00%
TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 0.00%

Prior top 10 holdings

Top 10 holdings as of 02/28/19
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Chs/Community Health Sys 06.2500 03/31/2023
Scientific Games Int 10.0000 12/01/2022
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026
Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025
Nexstar Broadc P/P 144a 05.6250 08/01/2024
Sprint Corp 07.2500 09/15/2021
Refinitiv Tlb L+375 06.2430 10/01/2025
Travelport Corp Fin P/P 144a 06.0000 03/15/2026
Holdings represent 5.79% of portfolio
Top 10 holdings as of 01/31/19
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Scientific Games Int 10.0000 12/01/2022
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026
Chs/Community Health Sys 06.2500 03/31/2023
Nexstar Broadc P/P 144a 05.6250 08/01/2024
Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025
Sprint Corp 07.2500 09/15/2021
Refinitiv Tlb L+375 06.2489 10/01/2025
Holdings represent 5.86% of portfolio
Top 10 holdings as of 12/31/18
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Scientific Games Int 10.0000 12/01/2022
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026
Nexstar Broadc P/P 144a 05.6250 08/01/2024
Sprint Corp 07.2500 09/15/2021
Hca 05.5000 06/15/2047
Refinitiv Tlb L+375 06.2724 10/01/2025
Intelsat Jackson Hld P/P 144a 09.7500 07/15/2025
Holdings represent 5.96% of portfolio
Top 10 holdings as of 11/30/18
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Scientific Games Int 10.0000 12/01/2022
Sprint Corp 07.2500 09/15/2021
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026
Chs/Community Health Sys 06.2500 03/31/2023
Nexstar Broadc P/P 144a 05.6250 08/01/2024
Hca 05.5000 06/15/2047
Dish Dbs Corp 05.8750 11/15/2024
Holdings represent 6.02% of portfolio

Fixed income statistics as of 02/28/19

Average effective maturity 4.65 yrs.
Average effective duration 3.45 yrs.
Average yield to maturity 6.20%
Average coupon 6.03%
Average price $101.27

Sector weightings as of 02/28/19

  Cash investments Non-cash investments Total portfolio
  Weight Spread duration Weight Spread duration Weight Spread duration
High-yield corporate bonds 75.13% 2.78 1.90% 0.08 77.03% 2.86
Investment-grade corporate bonds 8.12% 0.49 0.00% 0.00 8.12% 0.49
Bank loans 5.56% 0.22 0.00% 0.00 5.56% 0.22
Emerging-market bonds 1.09% 0.04 0.00% 0.00 1.09% 0.04
Equity investments 1.07% 0.00 0.00% 0.00 1.07% 0.00
Convertible securities 0.92% 0.01 0.00% 0.00 0.92% 0.01
International Treasury/agency 0.40% 0.02 0.00% 0.00 0.40% 0.02
Net cash 7.71% 0.00 0.00% 0.00 7.71% 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 02/28/19

0 - 1 yr. 13.08%
1 - 5 yrs. 44.80%
5 - 10 yrs. 38.31%
10 - 15 yrs. 2.03%
Over 15 yrs. 1.78%

Quality rating as of 02/28/19

A 0.34%
BBB 8.16%
BB 39.33%
B 31.24%
CCC and Below 11.50%
Not Rated 1.72%
Net cash 7.71%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing:Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may also 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 02/28/19

Consumer cyclicals 17.91%
Energy 13.10%
Basic materials 12.28%
Communication services 11.68%
Financials 9.78%
Health care 8.64%
Net Cash 7.71%
Capital goods 5.90%
Technology 4.83%
 
Other
10.07%
Consumer staples 4.69%
Utilities 3.24%
Non-cash investments 1.90%
Transportation 0.24%

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 02/28/19

United States 85.68%
Canada 4.85%
United Kingdom 1.97%
Luxembourg 1.51%
Netherlands 1.10%
Ireland 1.08%
France 0.99%
Switzerland 0.57%
Bermuda 0.50%
 
Other
1.75%
Israel 0.41%
Mexico 0.41%
Indonesia 0.27%
Norway 0.19%
Jamaica 0.17%
Cayman Islands 0.16%
Germany 0.14%

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:Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may also 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.