High Yield Fund (Class Y)  (PHAYX)

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 $6.06
0.00% | $0.00
$6.28
01/12/18
$6.03
07/02/18
Historical fund price

Fund facts as of 06/30/18

Total net assets
$1,448.85M
Turnover (fiscal year end)
47%
Dividend frequency (view rate)
Monthly
Number of holdings
557
Fiscal year-end
November
CUSIP / Fund code
74678J401 / 1819
Inception date
12/31/98
Category
Taxable Income
Open to new investors
Ticker
PHAYX

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.


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)


-2.56%

Worst 5-year annualized return

(for period ending 09/30/02)


7.88%

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 2.60% 4.38% 4.75% 7.00%
After sales charge N/A N/A N/A N/A
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 06/30/18 0.25 % -
YTD as of 07/20/18 0.09 % -

Yield

Distribution rate before sales charge
as of 07/20/18
4.95%
Distribution rate after sales charge
as of 07/20/18
4.95%
30-day SEC yield as of 06/30/18 5.48%

Risk-adjusted performance as of 06/30/18

Sharpe ratio (3 yrs.) 0.72
Information ratio (3 yrs.) -1.88

Volatility as of 06/30/18

Standard deviation (3 yrs.) 5.28%
Beta 0.97
R-squared 0.98

Lipper rankings as of 06/30/18

High Yield Funds Percentile ranking Rank/Funds in category
1 yr. 29% 190/663
3 yrs. 39% 214/561
5 yrs. 32% 148/470
10 yrs. 32% 96/308

Morningstar ratings as of 06/30/18

High Yield Bond Rating Funds in category
Overall (575)
3 yrs. (575)
5 yrs. (484)
10 yrs. (321)

Distributions

Record/Ex dividend date 06/19/18
Payable date 06/25/18
Income $0.025
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 06/30/18

Sprint Corp 07.8750 09/15/2023 0.78%
Ally Financial 08.0000 11/01/2031 0.77%
Scientific Games Int 10.0000 12/01/2022 0.59%
Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 0.59%
Solera Llc Solera P/P 144a 10.5000 03/01/2024 0.57%
Intelsat Jackson Hld P/P 144a 09.7500 07/15/2025 0.57%
Sprint Corp 07.2500 09/15/2021 0.57%
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024 0.49%
Commscope Tech Llc P/P 144a 06.0000 06/15/2025 0.46%
Boise Cascade P/P 144a 05.6250 09/01/2024 0.46%
Top 10 holdings, percent of portfolio 5.86%

Full portfolio holdings as of 03/31/18

ALLY FINANCIAL INC 08.0000 11/01/2031 0.78%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.77%
SPRINT CORP 07.8750 09/15/2023 0.74%
CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 0.66%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.59%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.55%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.55%
SPRINT CORP 07.2500 09/15/2021 0.54%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.52%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.52%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.49%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.49%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.49%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.49%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.48%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.47%
ENERGY TRANSFER PARTNERS 06.6250 02/15/2028 0.46%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.45%
PULTEGROUP INC. 07.8750 06/15/2032 0.44%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.43%
CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 0.43%
BLUELINE RENTAL CRP P/P 144A 09.2500 03/15/2024 0.42%
HCA INC 05.5000 06/15/2047 0.42%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.42%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.41%
TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 0.41%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.40%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.39%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.39%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.39%
T-MOBILE USA INC 06.3750 03/01/2025 0.39%
DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 0.38%
FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 0.38%
NAVISTAR TLB L+350 04.7500 11/06/2024 0.38%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.38%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.38%
AES CORP/THE 05.5000 04/15/2025 0.37%
AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 0.37%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.37%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.37%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.37%
LOUISIANA-PACIFIC CORP 04.8750 09/15/2024 0.37%
PLATFORM SPECIALTY P/P 144A 05.8750 12/01/2025 0.37%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.36%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.36%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.36%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.36%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.36%
AVAYA HOLDINGS CORP 0.35%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.35%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.35%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.35%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.35%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.35%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.34%
INFOR US INC 06.5000 05/15/2022 0.34%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.34%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.34%
CIT GROUP INC 05.0000 08/01/2023 0.33%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.33%
VALEANT PHARMA P/P 144A 06.1250 04/15/2025 0.33%
ADS INC P/P 144A 05.6250 11/15/2024 0.32%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.32%
CALPINE CORP 05.7500 01/15/2025 0.32%
DYNEGY INC 07.6250 11/01/2024 0.32%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.32%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.32%
TARGA RESOURCES PART P/P 144A 05.0000 01/15/2028 0.32%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.32%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.31%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.31%
GREAT LAKES D&D 08.0000 05/15/2022 0.31%
HUB INTL LTD P/P 144A 07.8750 10/01/2021 0.31%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.31%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.30%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.30%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.30%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.30%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.30%
REVLON CONS TLB L+350 05.3769 09/07/2023 0.30%
WYNDHAM WORLDWIDE CORP 04.5000 04/01/2027 0.30%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.29%
AVAYA TLB-EXIT L+475 06.5364 12/15/2024 0.29%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.29%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.29%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.29%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.29%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.29%
NRG ENERGY INC 06.6250 01/15/2027 0.29%
SERVICE CORP INTL 05.3750 01/15/2022 0.29%
SERVICE CORP INTL 05.3750 05/15/2024 0.29%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.29%
ARCELORMITTAL USD 07.2500 10/15/2039 0.28%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.28%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.28%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.28%
CEC ENT INC 08.0000 02/15/2022 0.28%
CORNERSTONE CHEM CO P/P 144A 06.7500 08/15/2024 0.28%
DAKOTA MERGER SUB P/P 144A 10.7500 09/01/2024 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%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.28%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.28%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.28%
SFR GROUP SA P/P 144A 06.0000 05/15/2022 0.28%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.28%
TRANSDIGM INC 06.3750 06/15/2026 0.28%
WRANGLER BUYER CORP P/P 144A 06.0000 10/01/2025 0.28%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.27%
DEAN FOODS CO P/P 144A 06.5000 03/15/2023 0.27%
FIRST DATA CORP P/P 144A 07.0000 12/01/2023 0.27%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.27%
BRAND ENERGY TL L+425 06.0026 06/21/2024 0.26%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.26%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.26%
FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 0.26%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 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%
MERCER INTL INC USD 06.5000 02/01/2024 0.26%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.26%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.26%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.26%
TENET HEALTHCARE 06.0000 10/01/2020 0.26%
USG CORP P/P 144A 04.8750 06/01/2027 0.26%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.25%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.25%
BOYD GAMING CORPORATION 06.8750 05/15/2023 0.25%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.25%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.25%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.25%
VALEANT PHARMA P/P 144A 07.0000 03/15/2024 0.25%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.25%
WPX ENERGY INC 07.5000 08/01/2020 0.25%
ALLY FINANCIAL INC 0.24%
ALTA MESA HLDGS 07.8750 12/15/2024 0.24%
AMER WOODMARK CORP P/P 144A 04.8750 03/15/2026 0.24%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.24%
BEACON ESCROW CORP P/P 144A 04.8750 11/01/2025 0.24%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.24%
CENTENE CORP 06.1250 02/15/2024 0.24%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.24%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.24%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.24%
LIONS GATE CAP HOLD P/P 05.8750 11/01/2024 0.24%
NABORS IND INC P/P 144A 05.7500 02/01/2025 0.24%
REVLON CONSUMER PROD 06.2500 08/01/2024 0.24%
VALEANT PHARMA P/P 144A 05.8750 05/15/2023 0.24%
CLEAR CHANNEL TLD L+675 09.0520 01/30/2019 0.23%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.23%
DIAMOND BC BV P/P 144A 05.6250 08/15/2025 0.23%
HUSKY TLB L+300 05.2018 03/16/2025 0.23%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.23%
ON SEMICONDUC CV 01.0000 12/01/2020 0.23%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.23%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.23%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.23%
ALTICE US FIN II CRP P/P 144A 07.7500 07/15/2025 0.22%
CALIFORNIA RESOURC TL L+475 06.5721 11/17/2022 0.22%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.22%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.22%
EXTRACTION OIL & GAS P/P 144A 05.6250 02/01/2026 0.22%
FXI HOLDINGS INC P/P 144A 07.8750 11/01/2024 0.22%
JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 0.22%
MEREDITH CORP P/P 144A 06.8750 02/01/2026 0.22%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.22%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.22%
SFR GROUP SA P/P 144A 07.3750 05/01/2026 0.22%
SM ENERGY CO 06.5000 11/15/2021 0.22%
TEVA PHARMA NE P/P 144A 06.7500 03/01/2028 0.22%
USIS MERGER SUB INC P/P 144A 06.8750 05/01/2025 0.22%
WEATHERFORD BERMUDA 09.8750 02/15/2024 0.22%
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%
CROWNROCK LP/CROWNRO P/P 144A 05.6250 10/15/2025 0.21%
HCA INC 05.2500 06/15/2026 0.21%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.21%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.21%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.20%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.20%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.20%
AMC ENTERTAINMENT HOLDIN 05.7500 06/15/2025 0.20%
ASURION 2NDL 07.5734 08/04/2025 0.20%
BERRY GLOBAL GROUP INC 0.20%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 01/15/2025 0.20%
DISH NETWORK CV 03.3750 08/15/2026 0.20%
KCA DEUTAG TL L+525 07.6539 05/16/2020 0.20%
RANGE RESOURCES CORP 05.7500 06/01/2021 0.20%
STARWOOD PROP TR P/P 144A 04.7500 03/15/2025 0.20%
TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 0.20%
US CONCRETE INC 06.3750 06/01/2024 0.20%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.19%
CENTENE CORP 04.7500 05/15/2022 0.19%
CF INDUSTRIES INC 04.9500 06/01/2043 0.19%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.19%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.19%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.19%
J. CREW GROUP TL L+322 04.4895 03/05/2021 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%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.19%
NRG ENERGY INC 07.2500 05/15/2026 0.19%
TRIDENT MERGER SUB P/P 144A 06.6250 11/01/2025 0.19%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.19%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.18%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.18%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.18%
COMMSCOPE TECH LLC P/P 144A 05.0000 03/15/2027 0.18%
FRAC TECH INTL TLB L+475 06.6269 04/16/2021 0.18%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.18%
ITRON INC P/P 144A 05.0000 01/15/2026 0.18%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.18%
LLOYDS BANK PLC 13.0000 01/29/2049 0.18%
MTW FOODSERVICE ESCR 09.5000 02/15/2024 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%
SOLENIS 2NDL L+675 08.7342 07/31/2022 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%
T-MOBILE USA INC 04.7500 02/01/2028 0.18%
UNIVAR USA INC P/P 144A 06.7500 07/15/2023 0.18%
VALEANT PHARMA P/P 144A 09.2500 04/01/2026 0.18%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.18%
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%
CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 0.17%
CONTINENTAL RESOURCES INC. 04.5000 04/15/2023 0.17%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.17%
FIRST QUANTUM MINERA P/P 144A 06.8750 03/01/2026 0.17%
GLP CAP LP / FIN II 04.8750 11/01/2020 0.17%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.17%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.17%
NETFLIX INC P/P 144A 04.8750 04/15/2028 0.17%
NOVA CHEMICALS CORP P/P 144A 05.2500 06/01/2027 0.17%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.17%
SESI LLC P/P 144A 07.7500 09/15/2024 0.17%
SM ENERGY CO 05.0000 01/15/2024 0.17%
TENNANT CO 05.6250 05/01/2025 0.17%
THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 0.17%
USG CORP P/P 144A 05.5000 03/01/2025 0.17%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.16%
CHARTER COMMUNICATIONS INC-A 0.16%
CIT GROUP INC 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%
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%
KRONOS 2NDL L+825 10.0234 11/01/2024 0.16%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.16%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.16%
OSHKOSH CORP 05.3750 03/01/2025 0.16%
QEP RESOURCES INC 05.6250 03/01/2026 0.16%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.16%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 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%
TRINIDAD DRILLING LT P/P 144A 06.6250 02/15/2025 0.16%
VALEANT PHARMA P/P 144A 09.0000 12/15/2025 0.16%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.16%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 0.16%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.16%
ANTERO RESOURCES 05.3750 11/01/2021 0.15%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.15%
ASHTEAD CAPITAL INC P/P 144A 04.1250 08/15/2025 0.15%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.15%
DISH DBS CORP 05.8750 11/15/2024 0.15%
ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 0.15%
EP ENER/EVEREST ACQ P/P 144A 09.3750 05/01/2024 0.15%
GAMING AND LEISURE PROPERTIE 0.15%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 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%
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 06.5000 01/15/2025 0.15%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.15%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.15%
SPRINGLEAF FINANCE CORP 06.1250 05/15/2022 0.15%
TALBOTS INC 1STL L+450 06.3769 03/19/2020 0.15%
TENNECO INC 05.0000 07/15/2026 0.15%
TENNECO INC 05.3750 12/15/2024 0.15%
TR OP / TR FIN P/P 144A 05.3750 09/01/2025 0.15%
TRONOX INC P/P 144A 06.5000 04/15/2026 0.15%
WASTE PRO USA INC P/P 144A 05.5000 02/15/2026 0.15%
WPX ENERGY INC 06.0000 01/15/2022 0.15%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 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%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.14%
BANCO BILBAO VIZCAYA ARG REGS 09.0000 05/29/2049 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%
CHEMOURS CO 05.3750 05/15/2027 0.14%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.14%
CHS/COMMUNITY HEALTH SYS 07.1250 07/15/2020 0.14%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.14%
CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 0.14%
ENSCO PLC USD 07.7500 02/01/2026 0.14%
FRONTIER COMM 10.5000 09/15/2022 0.14%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.14%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.14%
JONAH NRG LLC/FINANC P/P 144A 07.2500 10/15/2025 0.14%
MICRON TECH INC P/P 144A 05.2500 01/15/2024 0.14%
NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 0.14%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.14%
ORYX TLB L+325 05.2672 02/26/2025 0.14%
ROBERTSHAW 1STL L+350 05.3725 02/15/2025 0.14%
SEVEN GENERATIONS P/P 144A 05.3750 09/30/2025 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 10.3769 03/19/2021 0.14%
TARGA RES PRTNRS 05.3750 02/01/2027 0.14%
TEVA PHARMA NE P/P 144A 06.0000 04/15/2024 0.14%
TRANSDIGM INC 06.5000 05/15/2025 0.14%
WINDSTREAM SRVC / FIN 06.3750 08/01/2023 0.14%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.14%
ALLEGHENY TECHNOLOGIES 07.8750 08/15/2023 0.13%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.13%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.13%
CHEMOURS CO 07.0000 05/15/2025 0.13%
CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 0.13%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 0.13%
CONSTELLIUM NV P/P 144A 05.8750 02/15/2026 0.13%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.13%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 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 P/P 144A 05.8750 11/15/2024 0.13%
NOVA CHEMICALS CORP P/P 144A 04.8750 06/01/2024 0.13%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 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%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.13%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 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%
AIR METHODS TLB L+350 04.7964 04/21/2024 0.12%
ALTICE FINCO SA P/P 144A 07.6250 02/15/2025 0.12%
BANK OF AMERICA CORP 06.5000 10/29/2049 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%
DYNEGY INC P/P 144A 08.1250 01/30/2026 0.12%
ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 0.12%
FORTERRA TL L+300 04.8769 10/25/2023 0.12%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.12%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.12%
JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 0.12%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 0.12%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.12%
MERCER INTL INC P/P 144A 05.5000 01/15/2026 0.12%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.12%
RANGE RESOURCES CORP 05.0000 03/15/2023 0.12%
REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 0.12%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.12%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.12%
WHITING PETROLEUM C P/P 144A 06.6250 01/15/2026 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%
ACADEMY SPORTS TLB L+400 05.9267 07/02/2022 0.11%
AK STEEL CORP 06.3750 10/15/2025 0.11%
BIOSCRIP INC 08.8750 02/15/2021 0.11%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.11%
CIT GROUP INC 05.2500 03/07/2025 0.11%
DENBURY RESOURCES INC 06.3750 08/15/2021 0.11%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.11%
ENDEAVOR ENERGY P/P 144A 05.5000 01/30/2026 0.11%
KRATON POLYMERS P/P 144A 10.5000 04/15/2023 0.11%
LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 0.11%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 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%
TRAVELPORT CORP FIN P/P 144A 06.0000 03/15/2026 0.11%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.11%
WABASH NATIONAL CORP P/P 144A 05.5000 10/01/2025 0.11%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.11%
AES CORP/THE 05.1250 09/01/2027 0.10%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.10%
CCC INFO 2NDL L+675 08.6269 03/30/2025 0.10%
CROWN AMER/CAP P/P 144A 04.7500 02/01/2026 0.10%
CROWN HOLDINGS INC 0.10%
EPR PROPERTIES 05.7500 CUM CV PFD 0.10%
GFL ENVIRONMENTAL P/P 144A 05.3750 03/01/2023 0.10%
ISTAR INC 04.5000 CUM CV PFD 0.10%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.10%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.10%
NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 0.10%
NEWFIELD EXPLORATION CO 05.6250 07/01/2024 0.10%
TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 0.10%
USA COMPRESSION PART P/P 144A 06.8750 04/01/2026 0.10%
VALEANT PHARMACEUTIC P/P 144A 05.5000 03/01/2023 0.10%
AMC ENT HOLDIN 06.1250 05/15/2027 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%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.09%
CEMEX P/P 144A 05.7000 01/11/2025 0.09%
DIAMONDBACK ENERGY INC 04.7500 11/01/2024 0.09%
ENERGY TRANSFER EQUITY 05.5000 06/01/2027 0.09%
EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 0.09%
EVEREST ACQ LLC/FIN 09.3750 05/01/2020 0.09%
ISTAR INC 06.0000 04/01/2022 0.09%
MURRAY ENERGY CORP P/P 144A 11.2500 04/15/2021 0.09%
NORTHWEST ACQ/DOMIN P/P 144A 07.1250 11/01/2022 0.09%
SCHAEFFLER VERWA P/P 144A 04.7500 09/15/2026 0.09%
SESI LLC 07.1250 12/15/2021 0.09%
SPRINGLEAF FINANCE CORP 08.2500 12/15/2020 0.09%
STEEL DYNAMICS INC 05.0000 12/15/2026 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%
VERMILION ENERGY INC P/P 144A 05.6250 03/15/2025 0.09%
VERTIV TLB L+400 05.8869 11/15/2023 0.09%
AES CORP/THE 04.5000 03/15/2023 0.08%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.08%
BELDEN INC 06.7500 CV PFD 0.08%
BOYD GAMING CORP 06.3750 04/01/2026 0.08%
CAPITAL AUTO 2NDL L+600 07.8800 03/24/2025 0.08%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.08%
HCA INC. 07.5000 02/15/2022 0.08%
IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 0.08%
ISTAR INC 05.2500 09/15/2022 0.08%
JACOBS ENT INC P/P 144A 07.8750 02/01/2024 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%
PISCES MIDCO INC P/P 144A 08.0000 04/15/2026 0.08%
SEVEN GENERATIONS ENERGY - A 0.08%
SFR GROUP SA P/P 144A 06.2500 05/15/2024 0.08%
STEEL DYNAMICS INC 05.2500 04/15/2023 0.08%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 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%
WEATHERFORD INTL LLC P/P 144A 09.8750 03/01/2025 0.08%
WPX ENERGY INC 08.2500 08/01/2023 0.08%
AKER BP ASA P/P 144A 05.8750 03/31/2025 0.07%
AMC ENTERTAINMENT HOLDIN 05.8750 02/15/2022 0.07%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.07%
BAYTEX ENERGY CORP P/P 144A 05.1250 06/01/2021 0.07%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.07%
BOYNE USA INC P/P 144A 07.2500 05/01/2025 0.07%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.07%
CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 0.07%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 06/15/2027 0.07%
EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 0.07%
GENON AMERICAS GENR LLC 09.1250 05/01/2031 0.07%
HUB HLDG LLC/HUB HOL P/P 144A 08.1250 07/15/2019 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%
SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 0.07%
SPRINT COMM P/P 144A 09.0000 11/15/2018 0.07%
T-MOBILE USA INC 04.5000 02/01/2026 0.07%
TARGA RES PRTNRS 05.1250 02/01/2025 0.07%
VALEANT PHARMA P/P 144A 05.6250 12/01/2021 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%
CENTENE CORP 04.7500 01/15/2025 0.06%
CF INDUSTRIES INC 03.4500 06/01/2023 0.06%
CHEMOURS CO 06.6250 05/15/2023 0.06%
CHENIERE CORP CHRIST 07.0000 06/30/2024 0.06%
FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 0.06%
GENON ENERGY INC. 09.8750 10/15/2020 0.06%
GETTY IMAGES TLB L+350 04.7500 10/18/2019 0.06%
IRON MOUNTAIN US HLD P/P 144A 05.3750 06/01/2026 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%
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%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.06%
PULTEGROUP INC 04.2500 03/01/2021 0.06%
REVLON CONSUMER PRODS 05.7500 02/15/2021 0.06%
SEMGROUP CORP 06.3750 03/15/2025 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%
TARGA RESOURCES PART 06.7500 03/15/2024 0.06%
VALEANT PHARMA P/P 144A 05.5000 11/01/2025 0.06%
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%
FIRST QUANTUM MINERA P/P 144A 06.5000 03/01/2024 0.05%
FIRST QUANTUM MINERA P/P 144A 07.2500 04/01/2023 0.05%
FRONTIER COMM 11.0000 09/15/2025 0.05%
GENON AMERICAS GENR LLC 08.5000 10/01/2021 0.05%
HILTON WORLDWIDE FIN LLC 04.6250 04/01/2025 0.05%
HUNTSMAN INTL L 05.1250 11/15/2022 0.05%
LIVE NATION ENTERTAINMENT IN 0.05%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.05%
PETSMART INC P/P 144A 07.1250 03/15/2023 0.05%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.05%
SANDRIDGE ENERGY INC 0.05%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.05%
CIT GROUP INC. 05.0000 08/15/2022 0.04%
CREDIT ACCEPTANC 06.1250 02/15/2021 0.04%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 02/01/2025 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%
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%
TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 0.04%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.03%
CAESARS ENTERTAINMENT CORP 0.03%
CENOVUS ENERGY INC. USD 04.2500 04/15/2027 0.03%
CONCHO RESOURCES INC 04.3750 01/15/2025 0.03%
INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 0.03%
KINROSS GOLD CORP USD 05.9500 03/15/2024 0.03%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.03%
NEW ARCLIN 2NDL L+875 11.0520 02/14/2025 0.03%
SM ENERGY CO 06.5000 01/01/2023 0.03%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.03%
ZF NA CAPITAL P/P 144A 04.7500 04/29/2025 0.03%
CONCORDIA INTL P/P 144A 07.0000 04/15/2023 0.02%
SM ENERGY CO 06.1250 11/15/2022 0.02%
SPEC BRNDS ESCROW CO 06.6250 11/15/2022 0.02%
CHC GROUP LLC P/P 0.01%
INTELSAT CONNECT FIN P/P 144A 12.5000 04/01/2022 0.01%
MILAGRO OIL & GAS 0.01%
STANDARD IND INC P/P 144A 04.7500 01/15/2028 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 04/18/2018 BCAP-FX 0.00%
CAD/USD 04/18/2018 CITI 0.00%
CAD/USD 04/18/2018 SSBT 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
EUR/USD 06/20/2018 BANKAM 0.00%
GBP/USD 06/20/2018 GSFX 0.00%
GBP/USD 06/20/2018 JPMCB 0.00%
GBP/USD 06/20/2018 SSBT 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%
TRIBUNE CLASS 1C LITIGAT 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 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
Top 10 holdings as of 04/30/18
Ally Financial 08.0000 11/01/2031
Sprint Corp 07.8750 09/15/2023
Scientific Games Int 10.0000 12/01/2022
Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021
Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024
Sprint Corp 07.2500 09/15/2021
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Jack Ohio Fin Llc/Fi P/P 144a 10.2500 11/15/2022
Clubcorp Hldg P/P 144a 08.5000 09/15/2025
Holdings represent 6.28% of portfolio
Top 10 holdings as of 03/31/18
Ally Financial 08.0000 11/01/2031
Scientific Games Int 10.0000 12/01/2022
Sprint Corp 07.8750 09/15/2023
Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021
Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Sprint Corp 07.2500 09/15/2021
Jack Ohio Fin Llc/Fi P/P 144a 10.2500 11/15/2022
Clubcorp Hldg P/P 144a 08.5000 09/15/2025
Holdings represent 6.22% of portfolio

Fixed income statistics as of 06/30/18

Average effective maturity 5.28 yrs.
Average effective duration 4.00 yrs.
Average yield to maturity 6.38%
Average coupon 6.16%
Average price $101.20

Sector weightings as of 06/30/18

  Cash investments Non-cash investments Total portfolio
  Weight Spread duration Weight Spread duration Weight Spread duration
High-yield corporate bonds 81.27% 3.42 -0.58% -0.03 80.69% 3.39
Investment-grade corporate bonds 6.15% 0.42 0.00% 0.00 6.15% 0.42
Bank loans 5.34% 0.22 0.00% 0.00 5.34% 0.22
Net cash 3.42% 0.00 0.00% 0.00 3.42% 0.00
Equity investments 1.49% 0.00 0.00% 0.00 1.49% 0.00
Convertible securities 1.38% 0.01 0.00% 0.00 1.38% 0.01
Emerging-market bonds 0.59% 0.02 0.00% 0.00 0.59% 0.02
International Treasury/agency 0.37% 0.02 0.00% 0.00 0.37% 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 06/30/18

0 - 1 yr. 9.23%
1 - 5 yrs. 38.13%
5 - 10 yrs. 48.13%
10 - 15 yrs. 2.55%
Over 15 yrs. 1.96%

Quality rating as of 06/30/18

A 0.29%
BBB 6.37%
BB 39.91%
B 34.52%
CCC and Below 13.07%
Not Rated 2.42%
Net cash 3.42%

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 06/30/18

Consumer cyclicals 17.95%
Basic materials 14.68%
Energy 14.24%
Communication services 10.90%
Financials 9.16%
Health care 8.04%
Capital goods 6.74%
Technology 5.97%
Consumer staples 5.76%
 
Other
5.99%
Net Cash 3.42%
Utilities 2.85%
Transportation 0.30%
Non-cash investments -0.58%

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 06/30/18

United States 84.79%
Canada 6.24%
United Kingdom 1.63%
France 1.32%
Luxembourg 1.28%
Netherlands 1.27%
Ireland 1.25%
Bermuda 0.61%
Switzerland 0.54%
 
Other
1.07%
Mexico 0.40%
Indonesia 0.19%
Jamaica 0.19%
Germany 0.15%
Norway 0.08%
Cayman Islands 0.06%

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.