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 $5.79
0.00% | $0.00
$5.98
01/08/18
$5.74
07/03/18
Historical fund price

Fund facts as of 08/31/18

Total net assets
$1,426.52M
Turnover (fiscal year end)
47%
Dividend frequency (view rate)
Monthly
Number of holdings
557
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 | Q2 2018

Drilling down in the energy sector

Paul Scanlon, Co-Head of Fixed Income, explains that investing in bonds issued by energy companies requires knowing how they work on the ground.



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)


7.68%

Average 5-year annualized return


  • Total return (%) as of 06/30/18

  • Annual performance as of 06/30/18

Annualized Total return (%) as of 06/30/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 2.34% 4.14% 4.50% 6.74%
After sales charge -1.75% 2.73% 3.65% 6.30%
JPMorgan Developed High Yield Index 2.79% 5.75% 5.76% 8.42%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. 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, and 4.00% and 3.25% for income funds (2.25% and 0.75% for Putnam Short Duration Bond Fund and 1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 08/31/18 0.76 % -3.27 %
YTD as of 09/21/18 1.33 % -2.73 %

Yield

Distribution rate before sales charge
as of 09/21/18
4.97%
Distribution rate after sales charge
as of 09/21/18
4.78%
30-day SEC yield as of 08/31/18
(after sales charge)
4.98%

Risk-adjusted performance as of 08/31/18

Sharpe ratio (3 yrs.) 0.97
Information ratio (3 yrs.) -2.37

Volatility as of 08/31/18

Standard deviation (3 yrs.) 5.12%
Beta 0.98
R-squared 0.98

Lipper rankings as of 08/31/18

Time period Rank/Funds in category Percentile ranking
1 yr. 260/667 39%
3 yrs. 225/571 40%
5 yrs. 211/473 45%
10 yrs. 141/313 45%
Lipper category: High Yield Funds

Morningstar Ratings as of 08/31/18

Time period Funds in category Morningstar Rating
Overall 590
3 yrs. 590
5 yrs. 494
10 yrs. 331
Morningstar category: High Yield Bond

Distributions

Record/Ex dividend date 09/19/18
Payable date 09/25/18
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 08/31/18

Sprint Corp 07.8750 09/15/2023 0.83%
Ally Financial 08.0000 11/01/2031 0.81%
Intelsat Jackson Hld P/P 144a 09.7500 07/15/2025 0.61%
Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 0.61%
Scientific Games Int 10.0000 12/01/2022 0.61%
Sprint Corp 07.2500 09/15/2021 0.59%
Solera Llc Solera P/P 144a 10.5000 03/01/2024 0.58%
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024 0.50%
Boise Cascade P/P 144a 05.6250 09/01/2024 0.48%
Energy Transfer Partners 06.6250 02/15/2028 0.48%
Top 10 holdings, percent of portfolio 6.11%

Full portfolio holdings as of 06/30/18

SPRINT CORP 07.8750 09/15/2023 0.78%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.77%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.59%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.59%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.57%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.57%
SPRINT CORP 07.2500 09/15/2021 0.57%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.49%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.46%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.46%
ENERGY TRANSFER PARTNERS 06.6250 02/15/2028 0.46%
CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 0.45%
PULTEGROUP INC. 07.8750 06/15/2032 0.42%
HCA INC 05.5000 06/15/2047 0.41%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.41%
BLUELINE RENTAL CRP P/P 144A 09.2500 03/15/2024 0.40%
T-MOBILE USA INC 06.3750 03/01/2025 0.40%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.39%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.39%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.39%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.39%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.39%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.38%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.38%
NAVISTAR TLB L+350 04.7500 11/06/2024 0.38%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.38%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.38%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.37%
LOUISIANA-PACIFIC CORPORATION 04.8750 09/15/2024 0.37%
AES CORP/THE 05.5000 04/15/2025 0.36%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.36%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.36%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.36%
VALEANT PHARMA P/P 144A 06.1250 04/15/2025 0.36%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.35%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.35%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.35%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.35%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.35%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.35%
CIT GROUP INC 05.0000 08/01/2023 0.34%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.34%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.33%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.33%
DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 0.33%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.33%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.33%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.33%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.32%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.32%
CALPINE CORPORATION 05.7500 01/15/2025 0.32%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.32%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.32%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.31%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.31%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.31%
GREAT LAKES D&D 08.0000 05/15/2022 0.31%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.31%
VISTRA ENERGY CORP 07.6250 11/01/2024 0.31%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.31%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.30%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.30%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.30%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.30%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.30%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.30%
NRG ENERGY INC 06.6250 01/15/2027 0.30%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.30%
SERVICE CORP INTL 05.3750 01/15/2022 0.30%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.30%
WEWORK COS INC P/P 144A 07.8750 05/01/2025 0.30%
ALTICE FRANCE SA P/P 144A 06.0000 05/15/2022 0.29%
CEC ENT INC 08.0000 02/15/2022 0.29%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.29%
DISH DBS CORP 05.8750 11/15/2024 0.29%
GFL ENVIRONMENTAL P/P 144A 07.0000 06/01/2026 0.29%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.29%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.29%
SERVICE CORP INTL 05.3750 05/15/2024 0.29%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.29%
WEATHERFORD BERMUDA 09.8750 02/15/2024 0.29%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.28%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.28%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.28%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.28%
DEAN FOODS CO P/P 144A 06.5000 03/15/2023 0.28%
GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 0.28%
GW HONOS SECURITY CO P/P 144A 08.7500 05/15/2025 0.28%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.28%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.28%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.28%
TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 0.28%
TRANSDIGM INC 06.3750 06/15/2026 0.28%
ARCELORMITTAL USD 07.0000 10/15/2039 0.27%
BRAND ENERGY TL L+425 06.6108 06/21/2024 0.27%
FIRST DATA CORP P/P 144A 07.0000 12/01/2023 0.27%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.27%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.27%
WRANGLER BUYER CORP P/P 144A 06.0000 10/01/2025 0.27%
WYNDHAM DESTINATIONS INC 04.5000 04/01/2027 0.27%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.26%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.26%
DAKOTA MERGER SUB P/P 144A 10.7500 09/01/2024 0.26%
FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 0.26%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.26%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.26%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.26%
MEREDITH CORP P/P 144A 06.8750 02/01/2026 0.26%
TENET HEALTHCARE 06.0000 10/01/2020 0.26%
USG CORP P/P 144A 04.8750 06/01/2027 0.26%
VALEANT PHARMA P/P 144A 07.0000 03/15/2024 0.26%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.25%
ALTA MESA HLDGS 07.8750 12/15/2024 0.25%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.25%
BOYD GAMING CORPORATION 06.8750 05/15/2023 0.25%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.25%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.25%
CENTENE CORP 06.1250 02/15/2024 0.25%
CORNERSTONE CHEM CO P/P 144A 06.7500 08/15/2024 0.25%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.25%
HOUSTON FUEL TLB L+275 05.0900 06/19/2025 0.25%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.25%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.25%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.25%
NABORS IND INC P/P 144A 05.7500 02/01/2025 0.25%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.25%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.25%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.25%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.25%
ALLY FINANCIAL INC 0.24%
ALTICE FRANCE SA P/P 144A 07.3750 05/01/2026 0.24%
AMER WOODMARK CORP P/P 144A 04.8750 03/15/2026 0.24%
APERGY CORP P/P 144A 06.3750 05/01/2026 0.24%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.24%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.24%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.24%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.24%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.24%
INFOR US INC 06.5000 05/15/2022 0.24%
REVLON CONS TLB L+350 05.5935 09/07/2023 0.24%
SESI LLC 07.7500 09/15/2024 0.24%
TARGA RESOURCES PART P/P 144A 05.0000 01/15/2028 0.24%
WABASH NATIONAL CORP P/P 144A 05.5000 10/01/2025 0.24%
ALTICE US FIN II CRP P/P 144A 07.7500 07/15/2025 0.23%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.23%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.23%
HUSKY TLB L+300 05.2018 03/28/2025 0.23%
ITRON INC P/P 144A 05.0000 01/15/2026 0.23%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.23%
LIONS GATE CAP HOLD P/P 144A 05.8750 11/01/2024 0.23%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.23%
REVLON CONSUMER PROD 06.2500 08/01/2024 0.23%
SPRINGLEAF FINANCE CORP 06.1250 05/15/2022 0.23%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.23%
TEVA PHARMACEUTICALS NE USD 06.7500 03/01/2028 0.23%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.23%
TOPBUILD CORP P/P 144A 05.6250 05/01/2026 0.23%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.22%
CALIFORNIA RESOURC TL L+475 06.8379 11/17/2022 0.22%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.22%
CHESAPEAKE ENERGY CORP 08.0000 01/15/2025 0.22%
CLEAR CHANNEL TLD L+675 08.8435 01/30/2019 0.22%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.22%
FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 0.22%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.22%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 0.22%
SM ENERGY CO 06.5000 11/15/2021 0.22%
TRAVELPORT CORP FIN P/P 144A 06.0000 03/15/2026 0.22%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.22%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.21%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.21%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.21%
CEQUEL COM & CAP P/P 144A 07.5000 04/01/2028 0.21%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.21%
DIAMOND BC BV P/P 144A 05.6250 08/15/2025 0.21%
ON SEMICONDUC CV 01.0000 12/01/2020 0.21%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.21%
USIS MERGER SUB INC P/P 144A 06.8750 05/01/2025 0.21%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.20%
ALPHA 2 BV P/P 144A 08.7500 06/01/2023 0.20%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.20%
AMC ENTERTAINMENT HOLDIN 05.7500 06/15/2025 0.20%
ASURION 2NDL L+600 07.5734 08/04/2025 0.20%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.20%
CHS/COMMUNITY HEALT P/P 144A 08.1250 06/30/2024 0.20%
CROWNROCK LP/CROWNRO P/P 144A 05.6250 10/15/2025 0.20%
EXTRACTION OIL & GAS P/P 144A 05.6250 02/01/2026 0.20%
HCA INC 05.2500 06/15/2026 0.20%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.20%
KCA DEUTAG US FIN LLC L+675 09.0211 03/21/2023 0.20%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 0.20%
STARWOOD PROP TR P/P 144A 04.7500 03/15/2025 0.20%
TR OP / TR FIN P/P 144A 05.3750 09/01/2025 0.20%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.20%
TRINIDAD DRILLING LT P/P 144A 06.6250 02/15/2025 0.20%
US CONCRETE INC 06.3750 06/01/2024 0.20%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.20%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.19%
BEACON ROOFING SUPP P/P 144A 04.8750 11/01/2025 0.19%
CENTENE CORP 04.7500 05/15/2022 0.19%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.19%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.19%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.19%
HUB INTL LTD P/P 144A 07.0000 05/01/2026 0.19%
JO-ANN STORES 2NDL L+925 11.6038 05/21/2024 0.19%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.19%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.19%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.19%
NRG ENERGY INC 07.2500 05/15/2026 0.19%
SYNGENTA FINANCE NV P/P 144A 04.8920 04/24/2025 0.19%
TRIDENT MERGER SUB P/P 144A 06.6250 11/01/2025 0.19%
VALEANT PHARMA P/P 144A 09.2500 04/01/2026 0.19%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.19%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.18%
AVAYA TLB L+425 06.3232 12/15/2024 0.18%
CF INDUSTRIES INC 04.9500 06/01/2043 0.18%
COMMSCOPE TECH LLC P/P 144A 05.0000 03/15/2027 0.18%
EP ENER/EVEREST ACQ P/P 144A 09.3750 05/01/2024 0.18%
FXI HOLDINGS INC P/P 144A 07.8750 11/01/2024 0.18%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.18%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.18%
NEWFIELD EXPLORATION CO 05.3750 01/01/2026 0.18%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.18%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.18%
SM ENERGY CO 05.0000 01/15/2024 0.18%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.18%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.18%
SYNGENTA FINANCE NV P/P 144A 05.1820 04/24/2028 0.18%
T-MOBILE USA INC 04.7500 02/01/2028 0.18%
UNIVAR USA INC P/P 144A 06.7500 07/15/2023 0.18%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.18%
ALLEGHENY TECHNOLOGIES 07.8750 08/15/2023 0.17%
ALLISON TRANSMISSION P/P 144A 05.0000 10/01/2024 0.17%
ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 0.17%
BERRY GLOBAL GROUP INC 0.17%
CONTINENTAL RES 04.5000 04/15/2023 0.17%
EAGLECLAW MID TL L+425 06.4211 06/30/2024 0.17%
FIRST QUANTUM MINERA P/P 144A 06.8750 03/01/2026 0.17%
KRONOS 2NDL L+825 10.6080 11/01/2024 0.17%
LLOYDS BANK PLC 13.0000 01/29/2049 0.17%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.17%
NETFLIX INC P/P 144A 04.8750 04/15/2028 0.17%
PISCES MIDCO INC P/P 144A 08.0000 04/15/2026 0.17%
QEP RESOURCES INC 05.6250 03/01/2026 0.17%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.17%
TENNANT CO 05.6250 05/01/2025 0.17%
TMX FIN LLC/TITLEMAX P/P 144A 11.1250 04/01/2023 0.17%
USG CORP P/P 144A 05.5000 03/01/2025 0.17%
VALEANT PHARMA P/P 144A 09.0000 12/15/2025 0.17%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 0.17%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.17%
ADS INC P/P 144A 05.6250 11/15/2024 0.16%
ASHTEAD CAPITAL INC P/P 144A 04.1250 08/15/2025 0.16%
AVAYA HOLDINGS CORP 0.16%
CARRIAGE SVCS INC P/P 144A 06.6250 06/01/2026 0.16%
CIT GROUP INC 0.16%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.16%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.16%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.16%
EP ENER/EVEREST ACQ P/P 144A 07.7500 05/15/2026 0.16%
FRONTIER COMM 10.5000 09/15/2022 0.16%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.16%
GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 0.16%
KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 0.16%
MERCER INTL INC USD 06.5000 02/01/2024 0.16%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.16%
NOVA CHEMICALS CORP P/P 144A 05.2500 06/01/2027 0.16%
OASIS PETROLEUM INC P/P 144A 06.2500 05/01/2026 0.16%
OSHKOSH CORP 05.3750 03/01/2025 0.16%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.16%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.16%
T-MOBILE USA INC 05.3750 04/15/2027 0.16%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.16%
TRONOX INC P/P 144A 06.5000 04/15/2026 0.16%
VALEANT PHARMA P/P 144A 08.5000 01/31/2027 0.16%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.16%
ALTICE LUXEMBOURG SA P/P 144A 07.6250 02/15/2025 0.15%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.15%
ANTERO RESOURCES 05.3750 11/01/2021 0.15%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.15%
BELDEN INC 06.7500 CV PFD 0.15%
CHARTER COMMUNICATIONS INC-A 0.15%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.15%
ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 0.15%
ENSCO PLC USD 07.7500 02/01/2026 0.15%
FORTIVE CORPORATION 05.0000 CUM CV PFD 0.15%
GLP CAPITAL LP / FIN II 05.2500 06/01/2025 0.15%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.15%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.15%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.15%
J. CREW GROUP TL L+322 04.4895 03/05/2021 0.15%
JAGGED PEAK ENERGY P/P 144A 05.8750 05/01/2026 0.15%
JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 0.15%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.15%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.15%
NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 0.15%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.15%
SEVEN GENERATIONS P/P 144A 05.3750 09/30/2025 0.15%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.15%
TALBOTS INC 1STL L+450 06.5935 03/19/2020 0.15%
TEVA PHARMACEUTICALS NE USD 06.0000 04/15/2024 0.15%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.15%
USA COMPRESSION PART P/P 144A 06.8750 04/01/2026 0.15%
VERTIV GROUP CORP P/P 144A 09.2500 10/15/2024 0.15%
VERTIV TLB L+400 06.0999 11/15/2023 0.15%
WASTE PRO USA INC P/P 144A 05.5000 02/15/2026 0.15%
WINDSTREAM SRVC / FIN 06.3750 08/01/2023 0.15%
AMC ENT HOLDIN 05.8750 11/15/2026 0.14%
ARCELORMITTAL USD 06.1250 06/01/2025 0.14%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.14%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.14%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.14%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.14%
CCO HLDGS LLC/CAP CORP 05.2500 09/30/2022 0.14%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.14%
CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 0.14%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.14%
FREEDOM MTGE CORP P/P 144A 08.2500 04/15/2025 0.14%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.14%
LEVEL 3 FINANCING INC 05.6250 02/01/2023 0.14%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.14%
ORYX TLB L+325 05.2672 02/28/2025 0.14%
ROBERTSHAW 1STL L+350 05.3725 02/15/2025 0.14%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.14%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.14%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.14%
TALBOTS INC 2NDL L+850 10.5935 03/19/2021 0.14%
TARGA RES PRTNRS 05.3750 02/01/2027 0.14%
TRANSDIGM INC 06.5000 05/15/2025 0.14%
VERMILION ENERGY INC P/P 144A 05.6250 03/15/2025 0.14%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.14%
CHEMOURS CO 05.3750 05/15/2027 0.13%
CHEMOURS CO 07.0000 05/15/2025 0.13%
CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 0.13%
CONSTELLIUM NV P/P 144A 05.8750 02/15/2026 0.13%
DENBURY RESOURCES INC 06.3750 08/15/2021 0.13%
DISH NETWORK CV 03.3750 08/15/2026 0.13%
ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 0.13%
EVEREST ACQ LLC/FIN 09.3750 05/01/2020 0.13%
HCA INC 04.7500 05/01/2023 0.13%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.13%
LENNAR CORP 05.8750 11/15/2024 0.13%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.13%
RANGE RESOURCES CORP 05.0000 03/15/2023 0.13%
ROBERTSHAW 2NDL L+800 09.8725 02/15/2026 0.13%
ROYAL BK SCOTLND GRP PLC USD 07.5000 12/29/2049 0.13%
TENET HEALTHCARE CORP 08.1250 04/01/2022 0.13%
TRAVERSE TLB L+400 05.0000 09/27/2024 0.13%
UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 0.13%
VALEANT PHARMA P/P 144A 05.8750 05/15/2023 0.13%
VISTRA ENERGY CORP P/P 144A 08.1250 01/30/2026 0.13%
WHITING PETROLEUM C P/P 144A 06.6250 01/15/2026 0.13%
ACADEMY SPORTS TLB L+400 06.0916 07/02/2022 0.12%
AIR METHODS TLB L+350 04.7964 04/21/2024 0.12%
AMC ENT HOLDIN 06.1250 05/15/2027 0.12%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.12%
BIOSCRIP INC 08.8750 02/15/2021 0.12%
BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 0.12%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.12%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.12%
CINEMARK USA INC 04.8750 06/01/2023 0.12%
CLEAR CHNL WORLD 07.6250 03/15/2020 0.12%
CONSTELLIUM NV P/P 144A 06.6250 03/01/2025 0.12%
CONTINENTAL RESOURCES 03.8000 06/01/2024 0.12%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.12%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.12%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.12%
FORTERRA TL L+300 05.0935 10/25/2023 0.12%
FRAC TECH INTL TLB L+475 06.8435 04/16/2021 0.12%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.12%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.12%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.12%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.12%
PQ CORP P/P 144A 05.7500 12/15/2025 0.12%
PRECISION DRILL P/P 144A 07.1250 01/15/2026 0.12%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.12%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 0.12%
VALEANT PHARMA TLB L+300 05.0921 05/28/2025 0.12%
WILLIAMS COS INC 07.7500 06/15/2031 0.12%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.11%
AES CORP/THE 05.1250 09/01/2027 0.11%
ALTICE FINCO S.A. P/P 144A 07.6250 02/15/2025 0.11%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.11%
CIT GROUP INC. 05.2500 03/07/2025 0.11%
CROWN AMER/CAP P/P 144A 04.7500 02/01/2026 0.11%
ENDEAVOR ENERGY P/P 144A 05.5000 01/30/2026 0.11%
EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 0.11%
EPR PROPERTIES 05.7500 CUM CV PFD 0.11%
LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 0.11%
NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 0.11%
NETFLIX INC P/P 144A 05.8750 11/15/2028 0.11%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.11%
T-MOBILE US INC 0.11%
THE AES CORPORATION 04.8750 05/15/2023 0.11%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.11%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.11%
WPX ENERGY INC 05.7500 06/01/2026 0.11%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.10%
CCC INFO 2NDL L+675 08.8435 03/30/2025 0.10%
FAIRFAX FINL HLDGS P/P 144A 04.8500 04/17/2028 0.10%
GFL ENVIRONMENTAL P/P 144A 05.3750 03/01/2023 0.10%
ISTAR INC 04.5000 CUM CV PFD 0.10%
JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 0.10%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.10%
JO-ANN STORES TL L+500 07.5094 10/16/2023 0.10%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.10%
NEWFIELD EXPLORATION CO 05.6250 07/01/2024 0.10%
RACKSPACE HOSTING INC L+300 05.3631 11/03/2023 0.10%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.10%
ALCOA NEDERLAND HLDG P/P 144A 06.1250 05/15/2028 0.09%
ANTERO RESOURCES CORP 05.0000 03/01/2025 0.09%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.09%
ARD SECURITIES FIN P/P 144A 08.7500 01/31/2023 0.09%
CAESARS ENTERTAIN CORP CV 05.0000 10/01/2024 0.09%
CROWN HOLDINGS INC 0.09%
DIAMONDBACK ENERGY INC 04.7500 11/01/2024 0.09%
ENERGY TRANSFER EQUITY 05.5000 06/01/2027 0.09%
HCA INC. 07.5000 02/15/2022 0.09%
ISTAR INC 06.0000 04/01/2022 0.09%
JACOBS ENT INC P/P 144A 07.8750 02/01/2024 0.09%
LHMC FINCO SARL P/P 144A 07.8750 12/20/2023 0.09%
MERCER INTL INC P/P 144A 05.5000 01/15/2026 0.09%
PLATFORM SPECIALTY P/P 144A 05.8750 12/01/2025 0.09%
SESI LLC 07.1250 12/15/2021 0.09%
TECK RESOURCES LIMITED USD 04.7500 01/15/2022 0.09%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.09%
TRANSDIGM INC 06.5000 07/15/2024 0.09%
US CONCRETE INC 0.09%
WEATHERFORD INTL LLC P/P 144A 09.8750 03/01/2025 0.09%
AES CORP/THE 04.5000 03/15/2023 0.08%
AKER BP ASA P/P 144A 05.8750 03/31/2025 0.08%
ALTICE FRANCE SA P/P 144A 06.2500 05/15/2024 0.08%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.08%
BOYD GAMING CORP 06.3750 04/01/2026 0.08%
BOYD GAMING CORP P/P 144A 06.0000 08/15/2026 0.08%
BOYNE USA INC P/P 144A 07.2500 05/01/2025 0.08%
CAPITAL AUTO 2NDL L+600 08.1000 03/24/2025 0.08%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.08%
CEMEX P/P 144A 05.7000 01/11/2025 0.08%
CENTENE CORP P/P 144A 05.3750 06/01/2026 0.08%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 0.08%
CHESAPEAKE ENERGY CORP 08.0000 06/15/2027 0.08%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.08%
IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 0.08%
ISTAR INC 05.2500 09/15/2022 0.08%
MERCER INTL INC USD 07.7500 12/01/2022 0.08%
NATIONSTAR MORT/ 06.5000 07/01/2021 0.08%
NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 0.08%
NRG ENERGY INC P/P 144A 05.7500 01/15/2028 0.08%
STEEL DYNAMICS INC 05.2500 04/15/2023 0.08%
T-MOBILE USA INC 04.5000 02/01/2026 0.08%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.08%
TENNECO INC 05.3750 12/15/2024 0.08%
TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 0.08%
VALEANT PHARMA P/P 144A 06.5000 03/15/2022 0.08%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.07%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.07%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.07%
CPG INTL TL L+375 04.7500 05/05/2024 0.07%
EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 0.07%
FLEX ACQ CO INC P/P 144A 07.8750 07/15/2026 0.07%
GENON ENERGY INC. 09.8750 10/15/2020 0.07%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.07%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 0.07%
JONAH NRG LLC/FINANC P/P 144A 07.2500 10/15/2025 0.07%
JPMORGAN CHASE & CO 06.0000 12/29/2049 0.07%
MGM GROWTH/MGM FINANCE 04.5000 01/15/2028 0.07%
NEW GOLD INC P/P 144A 06.3750 05/15/2025 0.07%
SEMGROUP CORP 06.3750 03/15/2025 0.07%
SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 0.07%
SEVEN GENERATIONS ENERGY - A 0.07%
THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 0.07%
VERTIV INT HOLD CORP P/P 144A 12.0000 02/15/2022 0.07%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.06%
CEMEX SAB DE CV P/P 144A 06.1250 05/05/2025 0.06%
CF INDUSTRIES INC 03.4500 06/01/2023 0.06%
CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 0.06%
CHENIERE CORP CHRIST 07.0000 06/30/2024 0.06%
ENERGIZER GAMM P/P 144A 06.3750 07/15/2026 0.06%
EQUINIX INC 05.8750 01/15/2026 0.06%
FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 0.06%
FRONTIER COMM 11.0000 09/15/2025 0.06%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.06%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.06%
LIVE NATION ENTERTAINMENT IN 0.06%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.06%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.06%
ORTHO-CLINICAL TLB L+325 06/01/2025 0.06%
PETSMART INC P/P 144A 07.1250 03/15/2023 0.06%
PULTEGROUP INC 04.2500 03/01/2021 0.06%
SANDRIDGE ENERGY INC 0.06%
SERVICE CORP INTL 04.6250 12/15/2027 0.06%
STEEL DYNAMICS INC 04.1250 09/15/2025 0.06%
T-MOBILE USA INC 05.1250 04/15/2025 0.06%
VALEANT PHARMA P/P 144A 05.5000 11/01/2025 0.06%
WAND MERGER CORP P/P 144A 08.1250 07/15/2023 0.06%
ABC SUPPLY CO INC P/P 144A 05.8750 05/15/2026 0.05%
ASHTEAD CAPITAL INC P/P 144A 05.6250 10/01/2024 0.05%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.05%
CONTINENTAL RESOURCES 05.0000 09/15/2022 0.05%
DIAMOND 1 FIN/DIAMON P/P 144A 05.8750 06/15/2021 0.05%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 02/01/2025 0.05%
HILTON WORLDWIDE FIN LLC 04.6250 04/01/2025 0.05%
HUNTSMAN INTL L 05.1250 11/15/2022 0.05%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.05%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.05%
RANGE RESOURCES CORP 05.7500 06/01/2021 0.05%
WAND MERGER CORP P/P 144A 09.1250 07/15/2026 0.05%
WILLIAMS COMPANIES INC 05.7500 06/24/2044 0.05%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.05%
WPX ENERGY INC 08.2500 08/01/2023 0.05%
AMC ENTERTAINMENT HOLDIN 05.8750 02/15/2022 0.04%
ASURION 2NDL L+650 08.8358 08/04/2025 0.04%
CIT GROUP INC. 05.0000 08/15/2022 0.04%
CREDIT ACCEPTANC 06.1250 02/15/2021 0.04%
HALCON RESOURCES CORP 0.04%
ICAHN ENTER/FIN 06.0000 08/01/2020 0.04%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.04%
INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 0.04%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.04%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.04%
NINE POINT ENERGY CNV PRF 0.04%
NINE POINT ENERGY COM 0.04%
ROYAL BK SCOTLND GRP PLC USD 04.8920 05/18/2029 0.04%
TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 0.04%
WPX ENERGY INC 06.0000 01/15/2022 0.04%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.03%
CAESARS ENTERTAINMENT CORP 0.03%
CONCHO RESOURCES INC 04.3750 01/15/2025 0.03%
KINROSS GOLD CORP USD 05.9500 03/15/2024 0.03%
SM ENERGY CO 06.5000 01/01/2023 0.03%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.03%
CONCORDIA INTL P/P 144A 07.0000 04/15/2023 0.02%
FIRST QUANTUM MINERA P/P 144A 07.2500 04/01/2023 0.02%
INTELSAT CONNECT FIN P/P 144A 12.5000 04/01/2022 0.02%
SCHAEFFLER VERWA P/P 144A 04.7500 09/15/2026 0.02%
SM ENERGY CO 06.1250 11/15/2022 0.02%
SPEC BRNDS ESCROW CO 06.6250 11/15/2022 0.02%
CHC GROUP LLC P/P 0.01%
MWO HOLDINGS LLC 0.01%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.01%
STANDARD IND INC P/P 144A 04.7500 01/15/2028 0.01%
TRIBUNE CLASS 1C LITIGAT 0.01%
ACC CLAIMS HOLDING LLC CLASS A 0.00%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2019 0.00%
CAD/USD 07/18/2018 BCAP-FX 0.00%
CAD/USD 07/18/2018 CITI 0.00%
CAD/USD 07/18/2018 SSBT 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
EUR/USD 09/19/2018 BANKAM 0.00%
GBP/USD 09/19/2018 GSFX 0.00%
HALCON RESOURCES CORP - WARRA 0.00%
SM ENERGY CO 06.7500 09/15/2026 0.00%
TERVITA CORP CLASS A 0.00%
TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 0.00%
TXU TCEH RIGHTS 0.00%
CDX CDX.NA.HY.30 500.0 06/20/2023 -0.03%

Prior top 10 holdings

Top 10 holdings as of 08/31/18
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Intelsat Jackson Hld P/P 144a 09.7500 07/15/2025
Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024
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
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024
Boise Cascade P/P 144a 05.6250 09/01/2024
Energy Transfer Partners 06.6250 02/15/2028
Holdings represent 6.11% of portfolio
Top 10 holdings as of 07/31/18
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024
Scientific Games Int 10.0000 12/01/2022
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Sprint Corp 07.2500 09/15/2021
Intelsat Jackson Hld P/P 144a 09.7500 07/15/2025
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024
Energy Transfer Partners 06.6250 02/15/2028
Commscope Tech Llc P/P 144a 06.0000 06/15/2025
Holdings represent 6.01% of portfolio
Top 10 holdings as of 06/30/18
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Scientific Games Int 10.0000 12/01/2022
Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Intelsat Jackson Hld P/P 144a 09.7500 07/15/2025
Sprint Corp 07.2500 09/15/2021
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024
Commscope Tech Llc P/P 144a 06.0000 06/15/2025
Boise Cascade P/P 144a 05.6250 09/01/2024
Holdings represent 5.86% of portfolio
Top 10 holdings as of 05/31/18
Scientific Games Int 10.0000 12/01/2022
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Sprint Corp 07.2500 09/15/2021
Intelsat Jackson Hld P/P 144a 09.7500 07/15/2025
Jack Ohio Fin Llc/Fi P/P 144a 10.2500 11/15/2022
Clubcorp Hldg P/P 144a 08.5000 09/15/2025
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024
Holdings represent 6.09% of portfolio

Fixed income statistics as of 08/31/18

Average effective maturity 5.20 yrs.
Average effective duration 3.94 yrs.
Average yield to maturity 6.33%
Average coupon 6.28%
Average price $102.00

Sector weightings as of 08/31/18

  Cash investments Non-cash investments Total portfolio
  Weight Spread duration Weight Spread duration Weight Spread duration
High-yield corporate bonds 82.05% 3.26 -0.60% -0.03 81.45% 3.23
Investment-grade corporate bonds 7.03% 0.49 0.00% 0.00 7.03% 0.49
Bank loans 5.39% 0.22 0.00% 0.00 5.39% 0.22
Net cash 1.64% 0.00 0.00% 0.00 1.64% 0.00
Equity investments 1.57% 0.00 0.00% 0.00 1.57% 0.00
Convertible securities 1.26% 0.01 0.00% 0.00 1.26% 0.01
Emerging-market bonds 0.68% 0.03 0.00% 0.00 0.68% 0.03
International Treasury/agency 0.38% 0.02 0.00% 0.00 0.38% 0.02

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 08/31/18

0 - 1 yr. 8.35%
1 - 5 yrs. 41.73%
5 - 10 yrs. 45.04%
10 - 15 yrs. 2.62%
Over 15 yrs. 2.26%

Quality rating as of 08/31/18

A 0.29%
BBB 7.29%
BB 41.95%
B 32.99%
CCC and Below 13.42%
Not Rated 2.42%
Net cash 1.64%

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 in the financial markets 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. 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 08/31/18

Consumer cyclicals 19.13%
Basic materials 14.51%
Energy 14.48%
Communication services 11.12%
Financials 9.60%
Health care 8.22%
Capital goods 6.11%
Technology 6.08%
Consumer staples 5.65%
 
Other
4.50%
Utilities 3.16%
Net Cash 1.64%
Transportation 0.30%
Non-cash investments -0.60%

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 08/31/18

United States 85.07%
Canada 5.84%
United Kingdom 1.73%
Luxembourg 1.52%
Netherlands 1.42%
France 1.04%
Ireland 1.00%
Bermuda 0.61%
Switzerland 0.55%
 
Other
1.22%
Mexico 0.41%
Indonesia 0.27%
Jamaica 0.19%
Cayman Islands 0.14%
Germany 0.13%
Norway 0.08%

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 in the financial markets 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. 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.