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.

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 $5.86
0.00% | $0.00
$5.98
01/08/18
$5.82
03/22/17
Historical fund price

Fund facts as of 01/31/18

Total net assets
$1,632.97M
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


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.
What may unlock consumer spending
While retail sales have been rather weak, key elements of consumer spending on services, including housing, are growing.
The outlook for high yield in the oilfield
Fundamental research offers a guide to the risk that low oil prices pose to energy companies with high yield debt.

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)


7.74%

Average 5-year annualized return


  • Total return (%) as of 12/31/17

  • Annual performance as of 12/31/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 6.75% 5.23% 4.87% 6.73%
After sales charge 2.48% 3.81% 4.02% 6.30%
JPMorgan Developed High Yield Index 7.80% 6.76% 6.15% 8.29%

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 01/31/18 0.74 % -3.29 %
YTD as of 02/20/18 -0.38 % -4.36 %

Yield

Distribution rate before sales charge
as of 02/20/18
4.91%
Distribution rate after sales charge
as of 02/20/18
4.72%
30-day SEC yield as of 01/31/18
(after sales charge)
4.28%

Risk-adjusted performance as of 01/31/18

Sharpe ratio (3 yrs.) 0.90
Information ratio (3 yrs.) -2.06

Volatility as of 01/31/18

Standard deviation (3 yrs.) 5.49%
Beta 0.98
R-squared 0.98

Lipper rankings as of 01/31/18

High Yield Funds Percentile ranking Rank/Funds in category
1 yr. 30% 201/670
3 yrs. 41% 236/578
5 yrs. 42% 198/476
10 yrs. 39% 119/306

Morningstar ratings as of 01/31/18

High Yield Bond Rating Funds in category
Overall (605)
3 yrs. (605)
5 yrs. (500)
10 yrs. (325)

Distributions

Record/Ex dividend date 01/19/18
Payable date 01/25/18
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 01/31/18

Ally Financial 08.0000 11/01/2031 0.73%
Sprint Corp 07.8750 09/15/2023 0.71%
Scientific Games Int 10.0000 12/01/2022 0.70%
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 0.61%
Solera Llc Solera P/P 144a 10.5000 03/01/2024 0.57%
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024 0.53%
Sprint Corp 07.2500 09/15/2021 0.52%
Bway Holding P/P 144a 07.2500 04/15/2025 0.49%
Top 10 holdings, percent of portfolio 6.12%

Full portfolio holdings as of 12/31/17

ALLY FINANCIAL INC 08.0000 11/01/2031 0.75%
SPRINT CORP 07.8750 09/15/2023 0.72%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.70%
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 0.63%
GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 0.63%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.57%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.54%
SPRINT CORP 07.2500 09/15/2021 0.52%
CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 0.51%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.49%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.49%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.48%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.47%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.47%
MTW FOODSERVICE ESCR 09.5000 02/15/2024 0.47%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.45%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.45%
NAVISTAR TLB L+350 04.7500 11/06/2024 0.45%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.44%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.44%
ENERGY TRANSFER PARTNERS 06.6250 02/15/2028 0.43%
PULTEGROUP INC. 07.8750 06/15/2032 0.43%
ADS INC P/P 144A 05.6250 11/15/2024 0.42%
BELDEN INC P/P 144A 05.2500 07/15/2024 0.42%
CIT GROUP INC 05.0000 08/01/2023 0.42%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.42%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.41%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.40%
BLUELINE RENTAL CRP P/P 144A 09.2500 03/15/2024 0.40%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.40%
HCA INC 05.5000 06/15/2047 0.40%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.40%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.40%
FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 0.38%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.38%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.38%
TARGA RESOURCES PART P/P 144A 05.0000 01/15/2028 0.38%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.38%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.37%
T-MOBILE USA INC 06.3750 03/01/2025 0.37%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.36%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.36%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.36%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.36%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.35%
AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 0.35%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.35%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.35%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.35%
CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 0.35%
DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 0.35%
JONAH NRG LLC/FINANC P/P 144A 07.2500 10/15/2025 0.35%
LOUISIANA-PACIFIC CORP 04.8750 09/15/2024 0.35%
MASONITE INTL C P/P 144A 05.6250 03/15/2023 0.35%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.35%
AES CORP/VA 05.5000 04/15/2025 0.34%
BRAND ENERGY TL L+425 05.6150 06/21/2024 0.34%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.34%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.34%
PLATFORM SPECIALTY P/P 144A 05.8750 12/01/2025 0.34%
AVAYA TLB-EXIT L+475 06.2270 11/09/2024 0.33%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.33%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.33%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.33%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.33%
GCP APPLIED TECH P/P 144A 09.5000 02/01/2023 0.33%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.33%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.33%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.33%
ALTA MESA HLDGS 07.8750 12/15/2024 0.32%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.32%
GREAT LAKES D&D 08.0000 05/15/2022 0.32%
INFOR US INC 06.5000 05/15/2022 0.32%
VALEANT PHARMA P/P 144A 06.1250 04/15/2025 0.32%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.31%
ALLY FINANCIAL INC 0.31%
AVAYA HOLDINGS CORP 0.31%
FRAC TECH INTL TLB L+475 06.3190 04/16/2021 0.31%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.31%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.31%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.30%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.30%
CALPINE CORP 05.7500 01/15/2025 0.30%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.30%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.30%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.30%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.30%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.29%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.29%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.29%
MASTEC INC 04.8750 03/15/2023 0.29%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.28%
CEC ENT INC 08.0000 02/15/2022 0.28%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.28%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.28%
DYNEGY INC 07.6250 11/01/2024 0.28%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.28%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.28%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.28%
HUB INTL LTD P/P 144A 07.8750 10/01/2021 0.28%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.28%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.28%
NRG ENERGY INC 06.6250 01/15/2027 0.28%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.28%
SERVICE CORP INTL 05.3750 01/15/2022 0.28%
US CONCRETE INC 06.3750 06/01/2024 0.28%
ARCELORMITTAL USD 07.5000 10/15/2039 0.27%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.27%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.27%
GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 0.27%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.27%
SERVICE CORP INTL 05.3750 05/15/2024 0.27%
SFR GROUP SA P/P 144A 06.0000 05/15/2022 0.27%
TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 0.27%
AES CORP/VA 07.3750 07/01/2021 0.26%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.26%
BROOKFIELD RESID P/P 144A 06.5000 12/15/2020 0.26%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.26%
CORNERSTONE CHEM CO P/P 144A 06.7500 08/15/2024 0.26%
DAKOTA MERGER SUB P/P 144A 10.7500 09/01/2024 0.26%
DEAN FOODS CO P/P 144A 06.5000 03/15/2023 0.26%
GW HONOS SECURITY CO P/P 144A 08.7500 05/15/2025 0.26%
REVLON CONS TLB L+350 05.0690 09/07/2023 0.26%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.26%
TRANSDIGM INC 06.3750 06/15/2026 0.26%
ALLISON TRANSMISSION P/P 144A 05.0000 10/01/2024 0.25%
FIRST DATA CORP P/P 144A 07.0000 12/01/2023 0.25%
FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 0.25%
MERCER INTL INC USD 06.5000 02/01/2024 0.25%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.25%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.25%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.25%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.24%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.24%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.24%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.24%
EVEREST ACQ LLC/FIN 09.3750 05/01/2020 0.24%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.24%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.24%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.24%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.24%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.24%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.24%
TENET HEALTHCARE 06.0000 10/01/2020 0.24%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.24%
USG CORP P/P 144A 04.8750 06/01/2027 0.24%
VALEANT PHARMA P/P 144A 07.0000 03/15/2024 0.24%
WRANGLER BUYER CORP P/P 144A 06.0000 10/01/2025 0.24%
BEACON ESCROW CORP P/P 144A 04.8750 11/01/2025 0.23%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.23%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.23%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.23%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.23%
SCIENTIFIC GAMES INT P/P 144A 07.0000 01/01/2022 0.23%
T-MOBILE USA INC 06.6250 04/01/2023 0.23%
VALEANT PHARMA P/P 144A 05.8750 05/15/2023 0.23%
BOYD GAMING CORPORATION 06.8750 05/15/2023 0.22%
CENTENE CORP 06.1250 02/15/2024 0.22%
DIAMOND BC BV P/P 144A 05.6250 08/15/2025 0.22%
DYNEGY INC 07.3750 11/01/2022 0.22%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.22%
LIONS GATE ENT P/P 144A 05.8750 11/01/2024 0.22%
LLOYDS BANK PLC 13.0000 01/29/2049 0.22%
REVLON CONSUMER PROD 06.2500 08/01/2024 0.22%
SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 0.22%
SFR GROUP SA P/P 144A 07.3750 05/01/2026 0.22%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.22%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.21%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.21%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.21%
DISH NETWORK CV 03.3750 08/15/2026 0.21%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.21%
FXI HOLDINGS INC P/P 144A 07.8750 11/01/2024 0.21%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.21%
VENATOR FIN SARL/VEN P/P 144A 05.7500 07/15/2025 0.21%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.20%
CALIFORNIA RESOURC TL L+475 06.2408 11/17/2022 0.20%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 01/15/2025 0.20%
CLEAR CHANNEL TLD L+675 08.4434 01/30/2019 0.20%
HCA INC 05.2500 06/15/2026 0.20%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.20%
KEANE GROUP INC 0.20%
SM ENERGY CO 06.5000 11/15/2021 0.20%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.20%
UNIVAR USA INC P/P 144A 06.7500 07/15/2023 0.20%
USIS MERGER SUB INC P/P 144A 06.8750 05/01/2025 0.20%
WPX ENERGY INC 07.5000 08/01/2020 0.20%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.19%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.19%
AMERICAN TOWER CORP 05.5000 CV PFD 0.19%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.19%
ASURION 2NDL L+600 07.3000 08/04/2025 0.19%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.19%
BLUE CUBE SPINCO INC 09.7500 10/15/2023 0.19%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.19%
CF INDUSTRIES INC 04.9500 06/01/2043 0.19%
CROWNROCK LP/CROWNRO P/P 144A 05.6250 10/15/2025 0.19%
JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 0.19%
KRATON POLYMERS P/P 144A 10.5000 04/15/2023 0.19%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.19%
ON SEMICONDUC CV 01.0000 12/01/2020 0.19%
PRECISION DRILLING CORP USD 07.7500 12/15/2023 0.19%
REYNOLDS GRP ISS/REY P/P 144A 07.0000 07/15/2024 0.19%
STARWOOD PROP TR P/P 144A 04.7500 03/15/2025 0.19%
WEATHERFORD BERMUDA 09.8750 02/15/2024 0.19%
AMC ENTERTAINMENT HOLDIN 05.7500 06/15/2025 0.18%
CENTENE CORP 04.7500 05/15/2022 0.18%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.18%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.18%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.18%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.18%
RANGE RESOURCES CORP 05.7500 06/01/2021 0.18%
SPCM SA P/P 144A 04.8750 09/15/2025 0.18%
TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 0.18%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.18%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.17%
ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 0.17%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.17%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.17%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.17%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.17%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.17%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.17%
NEWFIELD EXPLORATION CO 05.3750 01/01/2026 0.17%
NRG ENERGY INC 07.2500 05/15/2026 0.17%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.17%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.17%
SESI LLC P/P 144A 07.7500 09/15/2024 0.17%
SM ENERGY CO 05.0000 01/15/2024 0.17%
SOLENIS 2NDL L+675 08.2288 07/31/2022 0.17%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.17%
TRIDENT MERGER SUB P/P 144A 06.6250 11/01/2025 0.17%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.17%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.17%
BERRY GLOBAL GROUP INC 0.16%
CHARTER COMMUNICATIONS INC-A 0.16%
CIT GROUP INC 0.16%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.16%
FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 0.16%
GAMING AND LEISURE PROPERTIE 0.16%
GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 0.16%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.16%
NOVA CHEMICALS CORP P/P 144A 05.2500 06/01/2027 0.16%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.16%
QEP RESOURCES INC 05.6250 03/01/2026 0.16%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.16%
SHELF DRILL HOLD LTD P/P 144A 09.5000 11/02/2020 0.16%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.16%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.16%
T-MOBILE USA INC 05.3750 04/15/2027 0.16%
TENNANT CO P/P 144A 05.6250 05/01/2025 0.16%
USG CORP P/P 144A 05.5000 03/01/2025 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%
AMAG PHARMA INC P/P 144A 07.8750 09/01/2023 0.15%
ASHTEAD CAPITAL INC P/P 144A 04.1250 08/15/2025 0.15%
CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 0.15%
CHEMOURS CO 05.3750 05/15/2027 0.15%
CONTINENTAL RES 04.5000 04/15/2023 0.15%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.15%
DISH DBS CORP 05.8750 11/15/2024 0.15%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.15%
GLP CAP LP / FIN II 04.8750 11/01/2020 0.15%
J. CREW GROUP TL L+322 04.4895 03/05/2021 0.15%
KRONOS 2NDL L+825 09.6268 11/01/2024 0.15%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.15%
NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 0.15%
NETFLIX INC P/P 144A 04.8750 04/15/2028 0.15%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.15%
OSHKOSH CORP 05.3750 03/01/2025 0.15%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.15%
SCHAEFFLER VERWA P/P 144A 04.7500 09/15/2026 0.15%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.15%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.15%
TENNECO INC 05.0000 07/15/2026 0.15%
VALEANT PHARMA P/P 144A 09.0000 12/15/2025 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%
ANTERO RESOURCES 05.3750 11/01/2021 0.14%
ARCELORMITTAL USD 06.1250 06/01/2025 0.14%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.14%
CIT GROUP INC. 05.0000 08/15/2022 0.14%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.14%
ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 0.14%
FRONTIER COMM 10.5000 09/15/2022 0.14%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.14%
JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 0.14%
KCA DEUTAG TL L+525 07.1959 05/16/2020 0.14%
KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 0.14%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.14%
ONEMAIN FIN HLDG INC P/P 144A 07.2500 12/15/2021 0.14%
SEMGROUP CORP P/P 144A 06.3750 03/15/2025 0.14%
SEVEN GENERATIONS P/P 144A 05.3750 09/30/2025 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%
TENNECO INC 05.3750 12/15/2024 0.14%
TR OP / TR FIN P/P 144A 05.3750 09/01/2025 0.14%
WINDSTREAM SRVC / FIN 06.3750 08/01/2023 0.14%
WPX ENERGY INC 06.0000 01/15/2022 0.14%
AMC ENT HOLDIN 05.8750 11/15/2026 0.13%
BANCO BILBAO VIZCAYA ARG REGS 09.0000 05/29/2049 0.13%
CALATLANTIC GROUP INC 05.8750 11/15/2024 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%
CHS/COMMUNITY HEALTH SYS 07.1250 07/15/2020 0.13%
CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 0.13%
ELDORADO RESORTS INC 0.13%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.13%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.13%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.13%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.13%
MICRON TECH INC P/P 144A 05.2500 01/15/2024 0.13%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 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%
TALBOTS INC 1STL L+450 06.0690 03/19/2020 0.13%
TALBOTS INC 2NDL L+850 10.0690 03/19/2021 0.13%
TARGA RES PRTNRS 05.3750 02/01/2027 0.13%
TRANSDIGM INC 06.5000 05/15/2025 0.13%
WYNDHAM WORLDWIDE CORP 04.5000 04/01/2027 0.13%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.12%
BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 0.12%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.12%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.12%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.12%
CHEMOURS CO 07.0000 05/15/2025 0.12%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 0.12%
CINEMARK USA INC 04.8750 06/01/2023 0.12%
CONSTELLIUM NV P/P 144A 05.8750 02/15/2026 0.12%
GENON AMERICAS GENR LLC 09.1250 05/01/2031 0.12%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 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%
NOVA CHEMICALS CORP P/P 144A 04.8750 06/01/2024 0.12%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.12%
PILGRIM'S PRIDE CORP P/P 144A 05.7500 03/15/2025 0.12%
RANGE RESOURCES CORP 05.0000 03/15/2023 0.12%
ROYAL BK SCOTLND GRP PLC USD 07.5000 12/29/2049 0.12%
SOUTHERN STAR CENT P/P 144A 05.1250 07/15/2022 0.12%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 0.12%
THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 0.12%
TRAVERSE TLB L+400 05.0000 09/27/2024 0.12%
UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 0.12%
AIR METHODS TLB L+350 04.7964 04/21/2024 0.11%
ALTICE FINCO SA P/P 144A 07.6250 02/15/2025 0.11%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.11%
CLEAR CHNL WORLD 07.6250 03/15/2020 0.11%
CONSTELLIUM NV P/P 144A 06.6250 03/01/2025 0.11%
CONTINENTAL RESOURCES 03.8000 06/01/2024 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 P/P 144A 08.1250 01/30/2026 0.11%
ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 0.11%
FORTERRA TL L+300 04.5690 10/25/2023 0.11%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.11%
ITRON INC P/P 144A 05.0000 01/15/2026 0.11%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 0.11%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.11%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.11%
MURRAY ENERGY CORP P/P 144A 11.2500 04/15/2021 0.11%
REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 0.11%
REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 0.11%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.11%
TENET HEALTHCARE CORP 08.1250 04/01/2022 0.11%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.11%
TRIBUNE MEDIA CO 05.8750 07/15/2022 0.11%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.11%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.11%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.11%
WHITING PETROLEUM C P/P 144A 06.6250 01/15/2026 0.11%
WILLIAMS COS INC 07.7500 06/15/2031 0.11%
ZUFFA (UFC) 2NDL L+750 09.0521 08/18/2024 0.11%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.10%
ACADEMY SPORTS TLB L+400 05.5463 07/02/2022 0.10%
AK STEEL CORP 06.3750 10/15/2025 0.10%
BIOSCRIP INC 08.8750 02/15/2021 0.10%
COVERIS HOLDINGS SA P/P 144A 07.8750 11/01/2019 0.10%
ENDEAVOR ENERGY P/P 144A 05.5000 01/30/2026 0.10%
EPR PROPERTIES 05.7500 CUM CV PFD 0.10%
FREEPORT-MCMORAN INC 06.7500 02/01/2022 0.10%
GETTY IMAGES TLB L+350 04.7500 10/18/2019 0.10%
ISTAR INC 04.5000 CUM CV PFD 0.10%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 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%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.10%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.10%
T-MOBILE US INC 0.10%
THE AES CORPORATION 04.8750 05/15/2023 0.10%
VALEANT PHARMACEUTIC P/P 144A 05.5000 03/01/2023 0.10%
WABASH NATIONAL CORP P/P 144A 05.5000 10/01/2025 0.10%
AES CORP/VA 05.1250 09/01/2027 0.09%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.09%
ALLERGAN PLC 05.5000 CV PFD 0.09%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.09%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.09%
CCC INFO 2NDL L+675 08.3190 03/30/2025 0.09%
CINEMARK USA INC 05.1250 12/15/2022 0.09%
CPG INTL TL L+375 05.0828 05/05/2024 0.09%
DENBURY RESOURCES INC 06.3750 08/15/2021 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%
GENON AMERICAS GENR LLC 08.5000 10/01/2021 0.09%
JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 0.09%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.09%
NEWFIELD EXPLORATION CO 05.6250 07/01/2024 0.09%
PLATFORM SPECIALTY P/P 144A 06.5000 02/01/2022 0.09%
ROBERTSHAW 1STL L+450 05.7500 08/10/2024 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%
AMC ENT HOLDIN 06.1250 05/15/2027 0.08%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.08%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.08%
BELDEN INC 06.7500 CV PFD 0.08%
CAPITAL AUTO 2NDL L+600 07.5700 03/24/2025 0.08%
CEMEX SAB DE CV P/P 144A 05.7000 01/11/2025 0.08%
COMMSCOPE TECH LLC P/P 144A 05.0000 03/15/2027 0.08%
DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 0.08%
HCA INC. 07.5000 02/15/2022 0.08%
ISTAR INC 05.2500 09/15/2022 0.08%
ISTAR INC 06.0000 04/01/2022 0.08%
JACOBS ENT INC P/P 144A 07.8750 02/01/2024 0.08%
MERCER INTL INC USD 07.7500 12/01/2022 0.08%
NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 0.08%
NORTHWEST ACQ/DOMIN P/P 144A 07.1250 11/01/2022 0.08%
SESI LLC 07.1250 12/15/2021 0.08%
SEVEN GENERATIONS ENERGY - A 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%
TRANSDIGM INC 06.5000 07/15/2024 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%
VERTIV TLB L+400 05.5678 11/15/2023 0.08%
WPX ENERGY INC 08.2500 08/01/2023 0.08%
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 05.1250 07/15/2023 0.07%
BOYD GAMING CORP 06.3750 04/01/2026 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%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.07%
DEL MONTE 2NDL L+725 09.0641 08/18/2021 0.07%
EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 0.07%
HUB HLDG LLC/HUB HOL P/P 144A 08.1250 07/15/2019 0.07%
MGM GROWTH/MGM FIN P/P 144A 04.5000 01/15/2028 0.07%
NATIONSTAR MORT/ 06.5000 07/01/2021 0.07%
NEW GOLD INC P/P 144A 06.3750 05/15/2025 0.07%
NRG ENERGY INC P/P 144A 05.7500 01/15/2028 0.07%
STEEL DYNAMICS INC 05.2500 04/15/2023 0.07%
TARGA RES PRTNRS 05.1250 02/01/2025 0.07%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 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%
CHEMOURS CO 06.6250 05/15/2023 0.06%
GENON ENERGY INC. 09.8750 10/15/2020 0.06%
HALCON RESOURCES CORP 0.06%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.06%
LENNAR CORP 04.7500 11/15/2022 0.06%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.06%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.06%
MGM RESORTS INTL 06.6250 12/15/2021 0.06%
PETSMART INC TLB L+300 04.2460 03/11/2022 0.06%
SANDRIDGE ENERGY INC 0.06%
SERVICE CORP INTL 04.6250 12/15/2027 0.06%
SPRINT COMM P/P 144A 09.0000 11/15/2018 0.06%
STEEL DYNAMICS INC P/P 144A 04.1250 09/15/2025 0.06%
VALEANT PHARMA P/P 144A 05.3750 03/15/2020 0.06%
VALEANT PHARMA P/P 144A 05.5000 11/01/2025 0.06%
VALEANT PHARMA P/P 144A 05.6250 12/01/2021 0.06%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.05%
BON-TON DEPT STORES 08.0000 06/15/2021 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 07.2500 04/01/2023 0.05%
FRONTIER COMM 11.0000 09/15/2025 0.05%
LIVE NATION ENTERTAINMENT IN 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%
MGM RESORTS INTL 08.6250 02/01/2019 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%
REVLON CONSUMER PRODS 05.7500 02/15/2021 0.05%
ROBERTSHAW 2NDL L+900 10.5000 02/04/2025 0.05%
SM ENERGY CO 06.7500 09/15/2026 0.05%
TAYLOR MORRISON P/P 144A 05.6250 03/01/2024 0.05%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 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%
FTS INTL INC P/P 144A 09.0885 06/15/2020 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 LUXEMB USD 07.7500 06/01/2021 0.04%
MEG ENERGY TLB L+350 05.2000 12/31/2023 0.04%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.04%
NEW ARCLIN 2NDL L+875 10.4434 02/14/2025 0.04%
NINE POINT ENERGY CNV PRF 0.04%
WEATHERFORD BERMUDA 08.2500 06/15/2023 0.04%
WHITING PETROLEUM CORP 05.0000 03/15/2019 0.04%
ALLEGHENY TECHNOLOGIES 07.8750 08/15/2023 0.03%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.03%
CAESARS ENTERTAINMENT CORP 0.03%
CBRE SERVICES INC 05.2500 03/15/2025 0.03%
CD&R WATERWORKS MERGER 144A 6.125000 08/15/2025 0.03%
HALYARD HEALTH INC 06.2500 10/15/2022 0.03%
INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 0.03%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.03%
NINE POINT ENERGY COM 0.03%
PACTIV LLC 08.3750 04/15/2027 0.03%
SM ENERGY CO 06.5000 01/01/2023 0.03%
T-MOBILE USA INC 06.1250 01/15/2022 0.03%
TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 0.03%
ZF NA CAPITAL P/P 144A 04.7500 04/29/2025 0.03%
ALTICE US FIN II CRP P/P 144A 07.7500 07/15/2025 0.02%
CONCORDIA INTL P/P 144A 07.0000 04/15/2023 0.02%
NORBORD INC P/P 144A 06.2500 04/15/2023 0.02%
REYNOLDS GRP ISS/REY P/P 144A 04.8592 07/15/2021 0.02%
SM ENERGY CO 06.1250 11/15/2022 0.02%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.02%
VANTAGE DRILLING INT-UNIT 0.02%
CHC GROUP LLC P/P 0.01%
INTELSAT CONNECT FIN P/P 144A 12.5000 04/01/2022 0.01%
LENNAR CORPORATION 04.7500 04/01/2021 0.01%
PRECISION DRILL USD 05.2500 11/15/2024 0.01%
SPEC BRNDS ESCROW CO 06.6250 11/15/2022 0.01%
TXU TCEH RIGHTS 0.01%
VICI PROP 1 / VICI FC 08.0000 10/15/2023 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 01/17/2018 BCAP-FX 0.00%
CAD/USD 01/17/2018 CITI 0.00%
CAD/USD 01/17/2018 SSBT 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
EUR/USD 03/21/2018 BANKAM 0.00%
GBP/USD 03/21/2018 GSFX 0.00%
GBP/USD 03/21/2018 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%
CDX CDX.NA.HY.29 500.0 12/20/2022 -0.04%

Prior top 10 holdings

Top 10 holdings as of 01/31/18
Ally Financial 08.0000 11/01/2031
Sprint Corp 07.8750 09/15/2023
Scientific Games Int 10.0000 12/01/2022
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
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024
Sprint Corp 07.2500 09/15/2021
Bway Holding P/P 144a 07.2500 04/15/2025
Holdings represent 6.12% of portfolio
Top 10 holdings as of 12/31/17
Ally Financial 08.0000 11/01/2031
Sprint Corp 07.8750 09/15/2023
Scientific Games Int 10.0000 12/01/2022
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
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024
Sprint Corp 07.2500 09/15/2021
Csc Holdings Llc P/P 144a 10.1250 01/15/2023
Holdings represent 6.21% of portfolio
Top 10 holdings as of 11/30/17
Ally Financial 08.0000 11/01/2031
Scientific Games Int 10.0000 12/01/2022
Sprint Corp 07.8750 09/15/2023
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
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Inception Mrgr/Rack P/P 144a 08.6250 11/15/2024
Sprint Corp 07.2500 09/15/2021
Csc Holdings Llc P/P 144a 10.1250 01/15/2023
Holdings represent 6.31% of portfolio
Top 10 holdings as of 10/31/17
Ally Financial 08.0000 11/01/2031
Sprint Corp 07.8750 09/15/2023
Scientific Games Int 10.0000 12/01/2022
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
Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049
Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023
Mtw Foodservice Escr 09.5000 02/15/2024
Solera Llc Solera P/P 144a 10.5000 03/01/2024
Holdings represent 6.30% of portfolio

Fixed income statistics as of 01/31/18

Average effective maturity 4.96 yrs.
Average effective duration 3.55 yrs.
Average yield to maturity 5.81%
Average coupon 6.28%
Average price $105.34

Sector weightings as of 01/31/18

  Cash investments Non-cash investments Total portfolio
  Weight Spread duration Weight Spread duration Weight Spread duration
High-yield corporate bonds 83.15% 3.25 -0.53% -0.02 82.63% 3.23
Investment-grade corporate bonds 5.35% 0.37 0.00% 0.00 5.35% 0.37
Bank loans 4.75% 0.20 0.00% 0.00 4.75% 0.20
Net cash 2.63% 0.00 0.00% 0.00 2.63% 0.00
Equity investments 1.89% 0.00 0.00% 0.00 1.89% 0.00
Convertible securities 1.53% 0.05 0.00% 0.00 1.53% 0.05
Emerging-market bonds 0.70% 0.02 0.00% 0.00 0.70% 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 01/31/18

0 - 1 yr. 11.27%
1 - 5 yrs. 45.65%
5 - 10 yrs. 37.66%
10 - 15 yrs. 2.87%
Over 15 yrs. 2.55%

Quality rating as of 01/31/18

A 0.27%
BBB 5.29%
BB 38.67%
B 35.49%
CCC and Below 14.68%
Not Rated 2.97%
Net cash 2.63%

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 01/31/18

Consumer cyclicals 19.75%
Basic materials 14.84%
Energy 13.30%
Communication services 9.83%
Financials 8.72%
Capital goods 7.98%
Health care 6.80%
Consumer staples 6.40%
Technology 6.28%
 
Other
5.58%
Utilities 3.17%
Net Cash 2.63%
Transportation 0.31%
Non-cash investments -0.53%

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 01/31/18

United States 85.84%
Canada 5.65%
United Kingdom 1.58%
Luxembourg 1.40%
France 1.38%
Ireland 1.37%
Netherlands 0.66%
Bermuda 0.45%
Mexico 0.37%
 
Other
1.30%
Indonesia 0.33%
Jamaica 0.30%
Germany 0.26%
Switzerland 0.22%
Spain 0.13%
Cayman Islands 0.07%
European Community -0.01%

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 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.