As of May 8, 2017, Putnam High Yield Advantage Fund was renamed to Putnam High Yield Fund.

High Yield Fund  (PHYIX)

Seeking a high level of income for investors since 1986

Objective

The fund seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $5.93
-0.34% | $-0.02
$5.95
08/04/17
$5.73
11/18/16
Historical fund price

Fund facts as of 08/31/17

Total net assets
$1,659.61M
Turnover (fiscal year end)
42%
Dividend frequency (view rate)
Monthly
Number of holdings
559
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

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.

Literature


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Value stocks have lagged the market in 2017, but if the economy continues to expand, rates rise, and the yield curve steepens, this trend could reverse.

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)


7.79%

Average 5-year annualized return


  • Total return (%) as of 06/30/17

  • Annual performance as of 06/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 10.57% 3.15% 5.75% 6.37%
After sales charge 6.14% 1.76% 4.89% 5.94%
JPMorgan Developed High Yield Index 13.36% 4.56% 7.15% 7.90%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T1, 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. Class A, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 08/31/17 -0.10 % -4.09 %
YTD as of 09/19/17 5.47 % 1.25 %

Yield

Distribution rate before sales charge
as of 09/19/17
4.86%
Distribution rate after sales charge
as of 09/19/17
4.66%
30-day SEC yield as of 08/31/17
(after sales charge)
4.26%

Risk-adjusted performance as of 08/31/17

Sharpe ratio (3 yrs.) 0.57
Information ratio (3 yrs.) -1.78

Volatility as of 08/31/17

Standard deviation (3 yrs.) 5.79%
Beta 0.97
R-squared 0.98

Lipper rankings as of 08/31/17

High Yield Funds Percentile ranking Rank/Funds in category
1 yr. 62% 414/669
3 yrs. 47% 264/570
5 yrs. 50% 225/458
10 yrs. 40% 117/298

Morningstar ratings as of 08/31/17

High Yield Bond Rating Funds in category
Overall (152)
3 yrs. (602)
5 yrs. (140)
10 yrs. (317)

Distributions

Record/Ex dividend date 08/21/17
Payable date 08/25/17
Income $0.024
Extra income $0.0
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 08/31/17

Scientific Games Int 10.0000 12/01/2022 0.78%
Sprint Corp 07.8750 09/15/2023 0.76%
Ally Financial 08.0000 11/01/2031 0.72%
Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 0.64%
Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 0.62%
Gates Global Llc P/P 144a 06.0000 07/15/2022 0.60%
Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 0.57%
Mtw Foodservice Escr 09.5000 02/15/2024 0.56%
Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023 0.55%
Sprint Corp 07.2500 09/15/2021 0.53%
Top 10 holdings, percent of portfolio 6.33%

Full portfolio holdings as of 06/30/17

SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.75%
SPRINT CORP 07.8750 09/15/2023 0.75%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.67%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.62%
CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 0.61%
CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 0.59%
GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 0.59%
MTW FOODSERVICE ESCR 09.5000 02/15/2024 0.57%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.56%
TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 0.56%
SPRINT CORP 07.2500 09/15/2021 0.52%
CAESARS GROWTH PROP TL L+300 04.2261 05/08/2021 0.50%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.50%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.50%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.45%
HCA INC 06.5000 02/15/2020 0.45%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.45%
GCP APPLIED TECH P/P 144A 09.5000 02/01/2023 0.44%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.44%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.43%
AVAYA INC P/P 144A 07.0000 04/01/2019 0.42%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.42%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.42%
ADS INC P/P 144A 05.6250 11/15/2024 0.41%
CIT GROUP INC 05.0000 08/01/2023 0.41%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.41%
BELDEN INC P/P 144A 05.2500 07/15/2024 0.40%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.40%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.39%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.39%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.38%
CALPINE CORP 05.7500 01/15/2025 0.38%
MERCER INTL INC USD 07.7500 12/01/2022 0.38%
BLUELINE RENTAL CRP P/P 144A 09.2500 03/15/2024 0.37%
CONCHO RESOURCES INC 05.5000 04/01/2023 0.37%
NAVISTAR TLB L+400 05.2300 08/07/2020 0.37%
SFR GROUP SA P/P 144A 06.0000 05/15/2022 0.37%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.37%
ALTA MESA HLDGS P/P 144A 07.8750 12/15/2024 0.36%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.36%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.36%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.36%
PULTEGROUP INC. 07.8750 06/15/2032 0.36%
T-MOBILE USA INC 06.3750 03/01/2025 0.36%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.36%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.35%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.35%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.35%
FIRST DATA CORP P/P 144A 07.0000 12/01/2023 0.35%
HCA INC 05.5000 06/15/2047 0.35%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.35%
STEEL DYNAMICS INC 06.3750 08/15/2022 0.35%
AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 0.34%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.34%
CAESARS ENT OPER TLB6B L+775 11.5000 03/01/2018 0.34%
CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 0.34%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.34%
NAVISTAR INTERNATIONAL CORP 08.2500 11/01/2021 0.34%
AES CORP/VA 05.5000 04/15/2025 0.33%
BRAND ENERGY TL L+425 05.4910 06/21/2024 0.33%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.33%
DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 0.33%
LOUISIANA-PACIFIC CORP 04.8750 09/15/2024 0.33%
RANGE RESOURCES CORP P/P 144A 05.7500 06/01/2021 0.33%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.32%
BUILDERS FIRSTSOURCE P/P 144A 10.7500 08/15/2023 0.32%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.32%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.32%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.32%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.31%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.31%
DIAMONDBACK ENER P/P 144A 05.3750 05/31/2025 0.31%
KLX INC P/P 144A 05.8750 12/01/2022 0.31%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.31%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.31%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.31%
CAESARS GROW PROP HLD/FI 09.3750 05/01/2022 0.30%
CEC ENT INC 08.0000 02/15/2022 0.30%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.30%
INFOR US INC 06.5000 05/15/2022 0.30%
MASONITE INTL C P/P 144A 05.6250 03/15/2023 0.30%
MASTEC INC 04.8750 03/15/2023 0.30%
SERVICE CORP INTL 05.3750 05/15/2024 0.30%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.30%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.29%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.29%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.29%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.29%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.29%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.28%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.28%
MATTAMY GROUP CORP P/P 144A 06.5000 11/15/2020 0.28%
VALEANT PHARMA P/P 144A 05.3750 03/15/2020 0.28%
VALEANT PHARMA P/P 144A 06.1250 04/15/2025 0.28%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.28%
WPX ENERGY INC 07.5000 08/01/2020 0.28%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.27%
BLUE CUBE SPINCO INC 09.7500 10/15/2023 0.27%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.27%
DEAN FOODS CO P/P 144A 06.5000 03/15/2023 0.27%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.27%
FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 0.27%
GETTY IMAGES TLB L+350 04.7500 10/18/2019 0.27%
HALYARD HEALTH INC 06.2500 10/15/2022 0.27%
HUB INTL LTD P/P 144A 07.8750 10/01/2021 0.27%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.27%
NATIONSTAR MORT/ 06.5000 07/01/2021 0.27%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.27%
SERVICE CORP INTL 05.3750 01/15/2022 0.27%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.26%
ENDEAVOR ENERGY P/P 144A 08.1250 09/15/2023 0.26%
GLP CAP LP / FIN II 04.8750 11/01/2020 0.26%
GREAT LAKES D&D P/P 144A 08.0000 05/15/2022 0.26%
IRON MOUNTAIN INCORPORATED 06.0000 08/15/2023 0.26%
NRG ENERGY INC 06.6250 01/15/2027 0.26%
T-MOBILE USA INC 06.1250 01/15/2022 0.26%
TENET HEALTHCARE COR 04.7456 06/15/2020 0.26%
WPX ENERGY INC 06.0000 01/15/2022 0.26%
AES CORP/VA 07.3750 07/01/2021 0.25%
BROOKFIELD RESID P/P 144A 06.5000 12/15/2020 0.25%
DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 0.25%
DYNEGY INC 07.6250 11/01/2024 0.25%
EMI MUSIC PUBLISHING P/P 144A 07.6250 06/15/2024 0.25%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.25%
GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 0.25%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.25%
REVLON CONSUMER PRODS 05.7500 02/15/2021 0.25%
SM ENERGY CO 06.5000 11/15/2021 0.25%
ZF NA CAPITAL P/P 144A 04.7500 04/29/2025 0.25%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.24%
ALLISON TRANSMISSION P/P 144A 05.0000 10/01/2024 0.24%
CHEMOURS CO 07.0000 05/15/2025 0.24%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.24%
DAKOTA MERGER SUB P/P 144A 10.7500 09/01/2024 0.24%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.24%
EVEREST ACQ LLC/FIN 09.3750 05/01/2020 0.24%
FRONTIER COMM 10.5000 09/15/2022 0.24%
GW HONOS SECURITY CO P/P 144A 08.7500 05/15/2025 0.24%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.24%
MICRON TECH INC 05.8750 02/15/2022 0.24%
NORBORD INC P/P 144A 06.2500 04/15/2023 0.24%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.24%
SOUTHERN STAR CENT P/P 144A 05.1250 07/15/2022 0.24%
US CONCRETE INC 06.3750 06/01/2024 0.24%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.24%
ALLEGHENY TECHNOLOGIES INC 09.3750 06/01/2019 0.23%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.23%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.23%
FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 0.23%
HILTON WORLDWIDE FIN P/P 144A 04.8750 04/01/2027 0.23%
JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 0.23%
PARK-OHIO IND INC P/P 144A 06.6250 04/15/2027 0.23%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.23%
SCIENTIFIC GAMES INT P/P 144A 07.0000 01/01/2022 0.23%
SFR GROUP SA P/P 144A 07.3750 05/01/2026 0.23%
TENET HEALTHCARE 06.0000 10/01/2020 0.23%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.22%
BOYD GAMING CORPORATION 06.8750 05/15/2023 0.22%
CENTENE CORP 06.1250 02/15/2024 0.22%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.22%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.22%
DISH NETWORK P/P 144A CV 03.3750 08/15/2026 0.22%
EVOLUTION ESCROW P/P 144A 07.5000 03/15/2022 0.22%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.22%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.22%
REVLON CONS TLB L+350 04.7261 09/07/2023 0.22%
SPCM SA P/P 144A 04.8750 09/15/2025 0.22%
T-MOBILE USA INC 06.6250 04/01/2023 0.22%
TMS INTL CORP P/P 144A 07.6250 10/15/2021 0.22%
UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 0.22%
VALEANT PHARMA P/P 144A 07.0000 03/15/2024 0.22%
A SCHULMAN INC 06.8750 06/01/2023 0.21%
ALLY FINANCIAL INC 0.21%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.21%
COVERIS HOLDINGS SA P/P 144A 07.8750 11/01/2019 0.21%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/29/2049 0.21%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.21%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.21%
LIONS GATE ENT P/P 144A 05.8750 11/01/2024 0.21%
NOVA CHEMICALS CORP P/P 144A 05.2500 06/01/2027 0.21%
SEALED AIR CORP P/P 144A 06.8750 07/15/2033 0.21%
SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 0.21%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.21%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.21%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.21%
AMERICAN TOWER CORP 05.5000 CV PFD 0.20%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.20%
CLEAR CHANNEL TLD L+675 07.9761 01/30/2019 0.20%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.20%
DYNEGY INC 07.3750 11/01/2022 0.20%
GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 0.20%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.20%
LLOYDS BANK PLC 13.0000 01/29/2049 0.20%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.20%
OSHKOSH CORP 05.3750 03/01/2022 0.20%
SCHAEFFLER VERWA P/P 144A 04.7500 09/15/2026 0.20%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.20%
USG CORP P/P 144A 05.5000 03/01/2025 0.20%
VALEANT PHARMA P/P 144A 05.8750 05/15/2023 0.20%
ALTICE US FIN II CRP P/P 144A 07.7500 07/15/2025 0.19%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.19%
AVAYA TLB7 L+525 06.4165 05/29/2020 0.19%
HCA INC 05.2500 06/15/2026 0.19%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.19%
JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 0.19%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.19%
LAREDO PETROLEUM INC 07.3750 05/01/2022 0.19%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.19%
UNIVAR USA INC P/P 144A 06.7500 07/15/2023 0.19%
USIS MERGER SUB INC P/P 144A 06.8750 05/01/2025 0.19%
WEST CORP P/P 144A 05.3750 07/15/2022 0.19%
YONKERS RACING CORP L+325 04.4800 05/31/2024 0.19%
ALLIANT HLDG INT LLC P/P 144A 08.2500 08/01/2023 0.18%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.18%
AMC ENTERTAINMENT HOLDIN 05.7500 06/15/2025 0.18%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.18%
CEMEX FINANCE LLC P/P 144A 09.3750 10/12/2022 0.18%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.18%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.18%
HIGH RIDGE BRANDS CO P/P 144A 08.8750 03/15/2025 0.18%
KRATON POLYMERS P/P 144A 10.5000 04/15/2023 0.18%
PARSLEY ENERGY P/P 144A 05.3750 01/15/2025 0.18%
PRECISION DRILLING C P/P 144A 07.7500 12/15/2023 0.18%
REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 0.18%
REYNOLDS GRP ISS/REY P/P 144A 07.0000 07/15/2024 0.18%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.18%
TENNECO INC 05.3750 12/15/2024 0.18%
TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 0.18%
WINDSTREAM SERVICES LLC 06.3750 08/01/2023 0.18%
ACADEMY SPORTS TLB L+400 05.1964 07/02/2022 0.17%
ASURION LLC 2NDL L+750 08.7261 03/03/2021 0.17%
CENTENE CORP 04.7500 05/15/2022 0.17%
CHENIERE CORP CHRIST P/P 144A 05.1250 06/30/2027 0.17%
CONCHO RESOURCES INC 04.3750 01/15/2025 0.17%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.17%
FRAC TECH INTL TLB L+475 05.9761 04/16/2021 0.17%
KEANE GROUP INC 0.17%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.17%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.17%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.17%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.17%
SOLENIS 2NDL L+675 07.9518 07/31/2022 0.17%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.16%
ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 0.16%
CINEMARK USA INC 05.1250 12/15/2022 0.16%
INTELSAT LUXEMB USD 08.1250 06/01/2023 0.16%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.16%
NEWFIELD EXPLORATION CO 05.3750 01/01/2026 0.16%
NRG ENERGY INC 07.2500 05/15/2026 0.16%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.16%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.16%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.16%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.16%
ALTICE LUXEMBOURG SA P/P 144A 07.6250 02/15/2025 0.15%
BELDEN INC 06.7500 CV PFD 0.15%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 0.15%
CIT GROUP INC 0.15%
DISH DBS CORP 05.8750 11/15/2024 0.15%
FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 0.15%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.15%
J CREW TLB L+300 04.2459 03/05/2021 0.15%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.15%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.15%
ON SEMICONDUC CV 01.0000 12/01/2020 0.15%
PATHEON HLDG I BV P/P 144A 07.5000 02/01/2022 0.15%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.15%
SEVEN GENS ENER P/P 144A 08.2500 05/15/2020 0.15%
SHELF DRILL HOLD LTD P/P 144A 09.5000 11/02/2020 0.15%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.15%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.15%
SM ENERGY CO 05.0000 01/15/2024 0.15%
T-MOBILE USA INC 05.3750 04/15/2027 0.15%
USG CORP P/P 144A 04.8750 06/01/2027 0.15%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.15%
AMAG PHARMA INC P/P 144A 07.8750 09/01/2023 0.14%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.14%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.14%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.14%
CHEMOURS CO 05.3750 05/15/2027 0.14%
CIT GROUP INC. 05.0000 08/15/2022 0.14%
CONTINENTAL RES 04.5000 04/15/2023 0.14%
KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 0.14%
KRONOS 2NDL L+825 09.4196 11/01/2024 0.14%
NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 0.14%
NEWFIELD EXPLORATION CO 05.6250 07/01/2024 0.14%
ONEMAIN FIN HLDG INC P/P 144A 07.2500 12/15/2021 0.14%
OSHKOSH CORP 05.3750 03/01/2025 0.14%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.14%
SEMGROUP CORP P/P 144A 06.3750 03/15/2025 0.14%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.14%
SPRINGLEAF FINANCE CORP 06.1250 05/15/2022 0.14%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.14%
1011778 BC / NEW RED P/P 144A 06.0000 04/01/2022 0.13%
ALLERGAN PLC 05.5000 CV PFD 0.13%
AMC ENT HOLDIN 05.8750 11/15/2026 0.13%
ANTERO RESOURCES 05.3750 11/01/2021 0.13%
ARCELORMITTAL USD 06.1250 06/01/2025 0.13%
ASHTEAD CAPITAL INC P/P 144A 05.6250 10/01/2024 0.13%
BANCO BILBAO VIZCAYA ARG REGS 09.0000 05/29/2049 0.13%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.13%
CCO HLDGS LLC/CAP CORP 05.2500 09/30/2022 0.13%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.13%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.13%
CONCORDIA HEALTH TLB L+425 05.5011 10/21/2021 0.13%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.13%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.13%
ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 0.13%
EW SCRIPPS CO P/P 144A 05.1250 05/15/2025 0.13%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.13%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.13%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.13%
LANDRY'S INC P/P 144A 06.7500 10/15/2024 0.13%
NRG ENERGY INC 07.8750 05/15/2021 0.13%
ORTHO-CLINICAL TLB L+375 05.0464 06/30/2021 0.13%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.13%
REALOGY GROUP/CO-ISS P/P 144A 04.8750 06/01/2023 0.13%
SOLENIS 1STL L+325 04.4518 07/31/2021 0.13%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.13%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.13%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.13%
TARGA RES PRTNRS P/P 144A 05.3750 02/01/2027 0.13%
TENNECO INC 05.0000 07/15/2026 0.13%
THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 0.13%
TRANSDIGM INC 06.3750 06/15/2026 0.13%
TRIBUNE MEDIA CO 05.8750 07/15/2022 0.13%
VENATOR FIN SARL/VEN P/P 144A 05.7500 07/15/2025 0.13%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 0.13%
ANGLO AMERICAN CAP P/P 144A 04.7500 04/10/2027 0.12%
CALATLANTIC GROUP INC 05.8750 11/15/2024 0.12%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.12%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 01/15/2025 0.12%
CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 0.12%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.12%
ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 0.12%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.12%
MURRAY ENERGY CORP P/P 144A 11.2500 04/15/2021 0.12%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.12%
NOVA CHEMICALS CORP P/P 144A 04.8750 06/01/2024 0.12%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.12%
TALBOTS INC 1STL L+450 05.7261 03/19/2020 0.12%
TRANSDIGM INC 06.5000 05/15/2025 0.12%
US CONCRETE INC P/P 144A 06.3750 06/01/2024 0.12%
ALLIANCE RES OP/FINA P/P 144A 07.5000 05/01/2025 0.11%
ALTICE FINCO SA P/P 144A 07.6250 02/15/2025 0.11%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.11%
BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 0.11%
CINEMARK USA INC 04.8750 06/01/2023 0.11%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.11%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.11%
DYNEGY INC. 06.7500 11/01/2019 0.11%
GAMING AND LEISURE PROPERTIE 0.11%
GENON AMERICAS GENR LLC 09.1250 05/01/2031 0.11%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.11%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.11%
KRONOS TLB L+350 04.6804 11/01/2023 0.11%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.11%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.11%
PILGRIM'S PRIDE CORP P/P 144A 05.7500 03/15/2025 0.11%
REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 0.11%
REVLON CONSUMER PROD 06.2500 08/01/2024 0.11%
ROYAL BK SCOTLND GRP PLC USD 07.5000 12/29/2049 0.11%
SM ENERGY CO 06.7500 09/15/2026 0.11%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 0.11%
TALBOTS INC 2NDL L+850 09.7261 03/19/2021 0.11%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.10%
AES CORP/VA 04.8750 05/15/2023 0.10%
AIR METHODS TLB L+350 04.7964 04/13/2024 0.10%
ARCELORMITTAL USD 07.5000 10/15/2039 0.10%
CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 0.10%
CHARTER COMMUNICATIONS INC-A 0.10%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.10%
CLEAR CHNL WORLD 07.6250 03/15/2020 0.10%
CONSTELLIUM NV P/P 144A 06.6250 03/01/2025 0.10%
CONTINENTAL RESOURCES 03.8000 06/01/2024 0.10%
DEL MONTE 2NDL L+725 08.6900 08/18/2021 0.10%
EPR PROPERTIES 05.7500 CUM CV PFD 0.10%
FREEPORT-MCMORAN INC 06.7500 02/01/2022 0.10%
ISTAR INC 04.5000 CUM CV PFD 0.10%
LIVE NATION ENT P/P 144A 04.8750 11/01/2024 0.10%
ONEMAIN FIN HLDG INC P/P 144A 06.7500 12/15/2019 0.10%
PATHEON TLB L+325 04.5044 04/20/2024 0.10%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.10%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.10%
T-MOBILE US INC 05.5000 CV PFD 0.10%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.10%
VERTIV TLB L+400 05.2261 11/30/2023 0.10%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.10%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.10%
WIDEOPENWEST FIN 10.2500 07/15/2019 0.10%
WILLIAMS COS INC 07.7500 06/15/2031 0.10%
ZUFFA (UFC) 2NDL L+750 08.7156 08/18/2024 0.10%
AES CORP/VA 08.0000 06/01/2020 0.09%
BELDEN INC P/P 144A 05.5000 09/01/2022 0.09%
BERRY PLASTICS ESCRO 06.0000 10/15/2022 0.09%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.09%
CALPINE CORP P/P 144A 06.0000 01/15/2022 0.09%
CCC INFO 2NDL L+675 07.9761 03/30/2025 0.09%
CDK GLOBAL INC P/P 144A 04.8750 06/01/2027 0.09%
CHS/COMMUNITY HEALTH 08.0000 11/15/2019 0.09%
CREDIT ACCEPTANC 06.1250 02/15/2021 0.09%
DENBURY RESOURCES INC 06.3750 08/15/2021 0.09%
DFC FINANCE CORP P/P 144A 10.5000 06/15/2020 0.09%
ENDO PHARMA TLB L+425 05.5000 04/27/2024 0.09%
EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 0.09%
FIRST QUANTUM P/P 144A 07.0000 02/15/2021 0.09%
FRONTIER COMM 11.0000 09/15/2025 0.09%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.09%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.09%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.09%
MOOG INC P/P 144A 05.2500 12/01/2022 0.09%
ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 0.09%
SEVEN GENERATIONS ENERGY - A 0.09%
TESORO LOGISTICS LP/CORP 05.2500 01/15/2025 0.09%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.09%
VALEANT PHARMACEUTIC P/P 144A 05.5000 03/01/2023 0.09%
AMC ENT HOLDIN 06.1250 05/15/2027 0.08%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.08%
BERRY GLOBAL GROUP INC 0.08%
CEMEX SAB DE CV P/P 144A 05.7000 01/11/2025 0.08%
CPG INTL TL L+375 05.0464 05/03/2024 0.08%
DIAMONDBACK ENER P/P 144A 04.7500 11/01/2024 0.08%
GENON AMERICAS GENR LLC 08.5000 10/01/2021 0.08%
HARSCO TLB L+500 06.2500 11/02/2023 0.08%
HCA INC. 07.5000 02/15/2022 0.08%
ISTAR INC 06.0000 04/01/2022 0.08%
JACOBS ENT INC P/P 144A 07.8750 02/01/2024 0.08%
NIELSEN CO LUX SARL P/P 144A 5.500 10/01/2021 0.08%
OASIS PETROLEUM INC 06.5000 11/01/2021 0.08%
PLATFORM SPECIALTY P/P 144A 06.5000 02/01/2022 0.08%
SFR GROUP SA P/P 144A 06.2500 05/15/2024 0.08%
SPRINGLEAF FINANCE CORP 08.2500 12/15/2020 0.08%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.08%
TECK RESOURCES LIMITED USD 04.7500 01/15/2022 0.08%
TRANSDIGM INC 06.5000 07/15/2024 0.08%
WEATHERFORD BERMUDA P/P 144A 09.8750 02/15/2024 0.08%
AMC ENTERTAINMENT HOLDIN 05.8750 02/15/2022 0.07%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.07%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.07%
BON-TON DEPT STORES 08.0000 06/15/2021 0.07%
BOYD GAMING CORP 06.3750 04/01/2026 0.07%
CAPITAL AUTO 2NDL L+600 07.2200 03/24/2025 0.07%
CCM MERGER INC P/P 144A 06.0000 03/15/2022 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%
CHS/COMMUNITY HEALTH SYS 07.1250 07/15/2020 0.07%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.07%
EAGLE HLDG CO II LLC P/P 144A 07.6250 05/15/2022 0.07%
FREEPORT-MCMORAN COPPER & GOL 03.5500 03/01/2022 0.07%
LAMAR MEDIA CORP 05.8750 02/01/2022 0.07%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.07%
PETSMART INC P/P 144A 07.1250 03/15/2023 0.07%
PETSMART INC TLB L+300 04.2460 03/11/2022 0.07%
PRESTIGE BRANDS INC P/P 144A 05.3750 12/15/2021 0.07%
SCIENTIFIC GAMES INTERNA 06.2500 09/01/2020 0.07%
SM ENERGY CO 06.1250 11/15/2022 0.07%
SPRINGLEAF FINANCE CORP 05.2500 12/15/2019 0.07%
STEEL DYNAMICS INC 05.2500 04/15/2023 0.07%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.07%
TENET HEALTHCARE 06.2500 11/01/2018 0.07%
TMS INTL TLB L+350 04.6717 10/16/2020 0.07%
VALEANT PHARMA P/P 144A 06.5000 03/15/2022 0.07%
WPX ENERGY INC 08.2500 08/01/2023 0.07%
BERRY PLASTICS CORP 05.1250 07/15/2023 0.06%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.06%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.06%
CENTENE CORP 04.7500 01/15/2025 0.06%
COMMERZBANK AG P/P 144A 08.1250 09/19/2023 0.06%
DYNEGY TLC L+325 04.4761 02/07/2024 0.06%
ELDORADO RESORTS INC P/P 144A 06.0000 04/01/2025 0.06%
EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 0.06%
GRINDING MEDIA/M P/P 144A 07.3750 12/15/2023 0.06%
HALCON RESOURCES COR P/P 144A 12.0000 02/15/2022 0.06%
HUB HLDG LLC/HUB HOL P/P 144A 08.1250 07/15/2019 0.06%
IRON MOUNTAIN INC P/P 144A 06.0000 10/01/2020 0.06%
KCA DEUTAG UK FIN PL P/P 144A 09.8750 04/01/2022 0.06%
LAREDO PETROLEUM INC 05.6250 01/15/2022 0.06%
LENNAR CORP 04.7500 11/15/2022 0.06%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.06%
MGM RESORTS INTL 06.6250 12/15/2021 0.06%
NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 0.06%
NEW GOLD INC P/P 144A 06.3750 05/15/2025 0.06%
SPRINT COMM P/P 144A 09.0000 11/15/2018 0.06%
TARGA RES PRTNRS P/P 144A 05.1250 02/01/2025 0.06%
TRONOX FINANCE LLC 06.3750 08/15/2020 0.06%
TYSON FOODS INC 04.7500 CV PFD 0.06%
VALEANT PHARMA P/P 144A 05.6250 12/01/2021 0.06%
ALPINE FIN MERGER P/P 144A 06.8750 08/01/2025 0.05%
CEMEX SAB DE CV P/P 144A 06.1250 05/05/2025 0.05%
CHEMOURS CO 06.6250 05/15/2023 0.05%
DIAMOND 1 FIN/DIAMON P/P 144A 05.8750 06/15/2021 0.05%
FIRST QUANTUM MINERA P/P 144A 07.2500 04/01/2023 0.05%
FTS INTL INC P/P 144A 08.7456 06/15/2020 0.05%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.05%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.05%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.05%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.05%
MEG ENERGY TLB L+350 04.6960 12/31/2023 0.05%
MERCER INTL INC P/P 144A 06.5000 02/01/2024 0.05%
MGM RESORTS INTL 08.6250 02/01/2019 0.05%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.05%
SANDRIDGE ENERGY INC 0.05%
UFC 1STL L+325 04.4700 08/18/2023 0.05%
VIRGIN MEDIA FIN PLC P/P 144A 06.3750 04/15/2023 0.05%
ALTICE FINANCING SA P/P 144A 06.6250 02/15/2023 0.04%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.04%
CALATLANTIC GROUP INC. 06.2500 12/15/2021 0.04%
CITIGROUP INC 06.2500 12/29/2049 0.04%
CONCORDIA INTL P/P 144A 07.0000 04/15/2023 0.04%
CONTINENTAL RESOURCES 05.0000 09/15/2022 0.04%
ENDO DAC/FIN LLC/FIN P/P 144A 05.8750 10/15/2024 0.04%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 02/01/2025 0.04%
GENON ENERGY INC. 09.8750 10/15/2020 0.04%
HALCON RESOURCES CORP 0.04%
ICAHN ENTER/FIN 06.0000 08/01/2020 0.04%
INTELSAT LUXEMB USD 07.7500 06/01/2021 0.04%
LIVE NATION ENTERTAINMENT IN 0.04%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.04%
NEW ARCLIN 2NDL L+875 09.7500 02/14/2025 0.04%
TAYLOR MORRISON P/P 144A 05.6250 03/01/2024 0.04%
TENNANT CO P/P 144A 05.6250 05/01/2025 0.04%
WEATHERFORD BERMUDA 08.2500 06/15/2023 0.04%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.03%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.03%
CBRE SERVICES INC 05.2500 03/15/2025 0.03%
CONCORDIA INTL P/P 144A 09.0000 04/01/2022 0.03%
INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 0.03%
NINE POINT ENERGY CNV PRF 0.03%
NINE POINT ENERGY COM 0.03%
PACTIV LLC 08.3750 04/15/2027 0.03%
PLATFORM SPECIALTY P P/P 144A 10.3750 05/01/2021 0.03%
TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 0.03%
BAYTEX ENERGY CORP P/P 144A 05.1250 06/01/2021 0.02%
EP ENER/EVEREST 07.7500 09/01/2022 0.02%
JC PENNEY CORP INC 05.6500 06/01/2020 0.02%
PULTEGROUP INC 05.5000 03/01/2026 0.02%
REYNOLDS GRP ISS/REY P/P 144A 04.8039 07/15/2021 0.02%
SM ENERGY CO 06.5000 01/01/2023 0.02%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.02%
TENET HEALTHCARE 04.7500 06/01/2020 0.02%
VANTAGE DRILLING INT-UNIT 0.02%
INTELSAT CONNECT FIN P/P 144A 12.5000 04/01/2022 0.01%
LAMAR MEDIA CORP 05.3750 01/15/2024 0.01%
LENNAR CORPORATION 04.7500 04/01/2021 0.01%
MGM RESORTS INTL 05.2500 03/31/2020 0.01%
NEIMAN MARCUS TL L+325 04.4744 10/25/2020 0.01%
PRECISION DRILL USD 05.2500 11/15/2024 0.01%
SPEC BRNDS ESCROW CO 06.6250 11/15/2022 0.01%
TAYLOR MORRISON COMM P/P 144A 05.2500 04/15/2021 0.01%
TXU TCEH RIGHTS 0.01%
ACC CLAIMS HOLDING LLC CLASS A 0.00%
CAD/USD 07/19/2017 BCAP-FX 0.00%
CAD/USD 07/19/2017 SSBT 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%
GBP/USD 09/20/2017 GSFX 0.00%
GBP/USD 09/20/2017 JPMCB 0.00%
HALCON RESOURCES CORP - WARRA 0.00%
MILAGRO OIL & GAS 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%
CAD/USD 07/19/2017 CITI -0.01%
CDX CDX.NA.HY.28 500.0 06/20/2022 -0.03%

Prior top 10 holdings

Top 10 holdings as of 08/31/17
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
Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021
Gates Global Llc P/P 144a 06.0000 07/15/2022
Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049
Mtw Foodservice Escr 09.5000 02/15/2024
Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023
Sprint Corp 07.2500 09/15/2021
Holdings represent 6.33% of portfolio
Top 10 holdings as of 07/31/17
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
Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021
Gates Global Llc P/P 144a 06.0000 07/15/2022
Mtw Foodservice Escr 09.5000 02/15/2024
Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049
Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023
Sprint Corp 07.2500 09/15/2021
Holdings represent 6.17% of portfolio
Top 10 holdings as of 06/30/17
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
Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021
Gates Global Llc P/P 144a 06.0000 07/15/2022
Csc Holdings Llc P/P 144a 10.1250 01/15/2023
Mtw Foodservice Escr 09.5000 02/15/2024
Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049
Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023
Holdings represent 6.27% of portfolio
Top 10 holdings as of 05/31/17
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
Gates Global Llc P/P 144a 06.0000 07/15/2022
Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021
Csc Holdings Llc P/P 144a 10.1250 01/15/2023
Mtw Foodservice Escr 09.5000 02/15/2024
Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023
Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049
Holdings represent 6.23% of portfolio

Fixed income statistics as of 08/31/17

Average effective maturity 4.68 yrs.
Average effective duration 3.38 yrs.
Average yield to maturity 5.82%
Average coupon 6.34%
Average price $105.55

Sector weightings as of 08/31/17

  Cash investments Non-cash investments Total portfolio
  Weight Spread duration Weight Spread duration Weight Spread duration
High-yield corporate bonds 82.89% 3.08 -0.52% -0.02 82.37% 3.06
Investment-grade corporate bonds 5.73% 0.36 0.00% 0.00 5.73% 0.36
Bank loans 4.79% 0.17 0.00% 0.00 4.79% 0.17
Net cash 2.70% 0.00 0.00% 0.00 2.70% 0.00
Convertible securities 1.57% 0.05 0.00% 0.00 1.57% 0.05
Equity investments 1.38% 0.00 0.00% 0.00 1.38% 0.00
Emerging-market bonds 0.93% 0.02 0.00% 0.00 0.93% 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 08/31/17

0 - 1 yr. 13.00%
1 - 5 yrs. 45.64%
5 - 10 yrs. 36.44%
10 - 15 yrs. 2.91%
Over 15 yrs. 2.01%

Quality rating as of 08/31/17

A 0.42%
BBB 5.00%
BB 37.20%
B 37.80%
CCC and Below 14.35%
Not Rated 2.53%
Net cash 2.70%

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 net assets as of the date indicated above. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds are included in the net cash category. Ratings and portfolio credit quality will vary over time. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the net cash category. Cash is also shown in the net cash category. The fund itself has not been rated by an independent rating agency.

Top Industry Sectors as of 08/31/17

Consumer cyclicals 20.25%
Basic materials 15.98%
Energy 10.86%
Communication services 10.83%
Financials 8.77%
Capital goods 7.90%
Health care 7.69%
Consumer staples 5.70%
Technology 5.45%
 
Other
6.04%
Utilities 3.55%
Net Cash 2.70%
Transportation 0.31%
Non-cash investments -0.52%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time. Represents the equity portion of the portfolio.

Country Allocation as of 08/31/17

United States 84.44%
Canada 5.68%
United Kingdom 1.96%
Luxembourg 1.84%
France 1.59%
Ireland 1.29%
Jamaica 0.55%
Mexico 0.55%
Netherlands 0.52%
 
Other
1.58%
Germany 0.48%
Indonesia 0.38%
Bermuda 0.29%
Switzerland 0.22%
Spain 0.13%
Cayman Islands 0.08%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class Y
Total expense ratio 1.07% 1.82% 1.82% 1.32% 1.32% 0.82%
What you pay 1.07% 1.82% 1.82% 1.32% 1.32% 0.82%

Sales charge

Investment Breakpoint Class A Class B Class C Class M Class R 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 Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- --
9 to 12 mts. 0.00% 5.00% 1.00% -- -- --
2 yrs. -- 4.00% 0.00% -- -- --
3 yrs. -- 3.00% 0.00% -- -- --
4 yrs. -- 3.00% 0.00% -- -- --
5 yrs. -- 2.00% 0.00% -- -- --
6 yrs. -- 1.00% 0.00% -- -- --
7+ yrs. -- 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 net assets as of the date indicated above. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds are included in the net cash category. Ratings and portfolio credit quality will vary over time. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the net cash category. Cash is also shown in the net cash category. The fund itself has not been rated by an independent rating agency.