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Touchstone High Yield Fund

Touchstone High Yield Fund

Daily NAV
$
Overall Morningstar Rating™
High Yield Bond

Morningstar

Overall Morningstar Rating™ is calculated against 610 funds in the High Yield Bond category.

The Morningstar Rating™ 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 3-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 Morningstar Rating™ does not include any adjustment for sales load. The top 10% of products in each product category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-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 3-year period actually has the greatest impact because it is included in all three rating periods.
©2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Class A Shares star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms.

Overview

Overview

Actively Managed and Sub-Advised by Fort Washington Investment Advisors, Inc.

Objective

The fund seeks to achieve a high level of income by investing primarily in non-investment grade debt securities.

High Yield Fund Commentary

Investment Style

  • Evaluates overall investment opportunities and risks in different industries focusing on those that exhibit the potential for stability and predictability
  • Eliminates certain types of securities from purchase due to their structure
  • Applies rigorous credit selection process in an effort to identify securities that offer attractive investment opportunities
A WORD ABOUT RISK

The Fund invests in debt securities which can lose their value as interest rates rise and are subject to credit risk which is the risk of deterioration in the financial condition of an issuer and/or general economic conditions that can cause the issuer to not make timely payments of principal and interest also causing the securities to decline in value and an investor can lose principal. When interest rates rise, the price of debt securities generally falls. Longer term securities are generally more volatile. The Fund invests in non-investment grade debt securities which are considered speculative with respect to the issuers' ability to make timely payments of interest and principal, may lack liquidity and has had more frequent and larger price changes than other debt securities. The Fund invests in U.S. government and U.S. agency securities which are not guaranteed against price movements due to changing interest rates. Current and future portfolio holdings are subject to risk. The Advisor engages a sub-advisor to make investment decisions for the Fund’s portfolio; it may be unable to identify and retain a sub-advisor who achieves superior investment returns relative to other similar sub-advisors.

Fund Facts

Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 03/31/2019
Total Fund Net Assets as of 03/31/2019 $190,651,569
Asset Class Income
Morningstar Category High Yield Bond
Benchmark ICE BofA Merrill Lynch High Yield Cash Pay Index
Distribution Frequency Monthly
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date 01/30/2019

Performance

Daily Returns as of
NAV NAV $ Change
Touchstone High Yield Fund -
HISTORICAL DAILY NAV
as of 03/31/2019 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone High Yield Fund -
Including Sales Charge
Touchstone High Yield Fund -
Excluding Sales Charge
ICE BofA Merrill Lynch High Yield Cash Pay Index 0.98% 7.40% 7.40% 5.96% 8.65% 4.68% 11.12% --
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. The maximum front-end sales charge for Class A Shares of Touchstone Fixed Income Funds including Touchstone Flexible Income Fund is 2.00%.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Performance for Class C Shares is adjusted for the contingent deferred sales charges (CDSC) in effect at the end of the specified period. The CDSC for Class C Shares is 1.00% the first year you hold the shares and declines to 0% after the first year.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class Y Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class INST Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.
The performance presented for Class C, Y, and INST Shares combines the performance of an older class of shares (A Shares) from the Fund's inception, 05/01/00, with the performance since the inception date of each share class.
as of 03/31/2019 1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone High Yield Fund -
Including Sales Charge
Touchstone High Yield Fund -
Excluding Sales Charge
ICE BofA Merrill Lynch High Yield Cash Pay Index 5.96% 8.65% 4.68% 11.12% --
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. The maximum front-end sales charge for Class A Shares of Touchstone Fixed Income Funds including Touchstone Flexible Income Fund is 2.00%.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Performance for Class C Shares is adjusted for the contingent deferred sales charges (CDSC) in effect at the end of the specified period. The CDSC for Class C Shares is 1.00% the first year you hold the shares and declines to 0% after the first year.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class Y Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class INST Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.
The performance presented for Class C, Y, and INST Shares combines the performance of an older class of shares (A Shares) from the Fund's inception, 05/01/00, with the performance since the inception date of each share class.

Consider Touchstone High Yield Fund for Your Portfolio

Investing primarily in non-investment grade debt securities, Touchstone High Yield Fund evaluates overall investment opportunities and risks in different industries that exhibit potential for stability and predictability. It seeks to achieve a high level of income.
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Morningstar Rating™

Portfolio

as of 03/31/2019
Number of Holdings
303
Weighted Average Effective Maturity
4.8 Years
Weighted Average Effective Duration
3.7 Years
as of 03/31/2019
Credit Quality % of Portfolio
BBB/Baa 7.6
BB/Ba 51.7
B/B 38.3
CCC or lower 1.9
Cash Equivalents 0.5
Data may not total due to rounding. The ratings agencies that provided the ratings are Standard & Poor's and Moody's Investors Service. When ratings vary, the highest rating is used. Credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality, and the lowest category of investment grade; credit ratings BB and below are lower-rated securities ("junk bonds"); and credit ratings of CCC or below have high default risk. Where no rating has been assigned, it could be for reasons unrelated to the creditworthiness of the issuer. The credit quality ratings apply only to the credit worthiness of the issuers of the underlying securities and not the fund or its shares.  Ratings are subject to change.  
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 03/31/2019
Security Description % of Portfolio
Unit Corp. 6.63% 05/15/21 1.2
Sprint Corp. 7.13% 06/15/24 1.2
Dish DBS Corp. 6.75% 06/01/21 1.1
HCA Inc. 5.38% 02/01/25 0.9
Valeant Pharmaceutical 5.88% 05/15/23 0.9
Dish DBS Corp. 5.88% 07/15/22 0.9
Rite Aid Corp. 6.13% 04/01/23 0.8
Mallinckrodt 5.75% 08/01/22 0.8
Altice Financing 6.63% 02/15/23 0.8
Staples, Inc. 8.50% 09/15/25 0.8
There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding. 
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 03/31/2019
Security Description
Country
Coupon Rate (%)
Maturity Date
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
1011778 BC ULC / 4.25% 05/15/2024 CA 4.250 05/15/2024 263,000 99.00 260,370 0.14
1011778 BC ULC / 5.00% 10/15/2025 CA 5.000 10/15/2025 700,000 98.78 691,460 0.37
ABC SUPPLY CO 5.88% 05/15/2026 US 5.880 05/15/2026 570,000 101.38 577,838 0.31
ACADIA HEALTH 5.13% 07/01/2022 US 5.130 07/01/2022 130,000 100.25 130,325 0.07
ACADIA HEALTH 5.63% 02/15/2023 US 5.630 02/15/2023 1,194,000 100.63 1,201,463 0.64
ACCO BRANDS CORP 5.25% 12/15/2024 US 5.250 12/15/2024 661,000 98.00 647,780 0.34
ADIENT GLOBAL HO 4.88% 08/15/2026 JE 4.880 08/15/2026 502,000 73.25 367,715 0.20
AHERN RENTALS 7.38% 05/15/2023 US 7.380 05/15/2023 378,000 92.13 348,233 0.18
ALBERTSONS COS 5.75% 03/15/2025 US 5.750 03/15/2025 973,000 94.88 923,134 0.49
ALBERTSONS COS 7.50% 03/15/2026 US 7.500 03/15/2026 370,000 102.88 380,638 0.20
ALCOA NEDERLAND 6.13% 05/15/2028 NL 6.130 05/15/2028 200,000 103.00 206,000 0.11
ALCOA NEDERLAND 7.00% 09/30/2026 NL 7.000 09/30/2026 876,000 107.81 944,433 0.50
ALLY FINANCIAL 5.75% 11/20/2025 US 5.750 11/20/2025 180,000 106.51 191,720 0.10
ALTICE FINANCING 6.63% 02/15/2023 LU 6.630 02/15/2023 1,499,000 102.25 1,532,728 0.81
ALTICE FINANCING 7.50% 05/15/2026 LU 7.500 05/15/2026 463,000 98.70 456,981 0.24
ALTICE FRANCE 8.13% 02/01/2027 FR 8.130 02/01/2027 635,000 101.13 642,144 0.34
ALTICE US FIN I 5.50% 05/15/2026 US 5.500 05/15/2026 561,000 102.66 575,923 0.31
AMC NETWORKS INC 4.75% 08/01/2025 US 4.750 08/01/2025 265,000 99.25 263,013 0.14
AMC NETWORKS INC 5.00% 04/01/2024 US 5.000 04/01/2024 292,000 100.49 293,431 0.16
AMN HEALTHCARE 5.13% 10/01/2024 US 5.130 10/01/2024 462,000 98.63 455,648 0.24
AMSTED INDS 5.38% 09/15/2024 US 5.380 09/15/2024 774,000 98.50 762,390 0.40
ARAMARK SERV INC 5.00% 02/01/2028 US 5.000 02/01/2028 245,000 99.59 243,991 0.13
ARDAGH PKG FIN 6.00% 02/15/2025 IE 6.000 02/15/2025 510,000 100.00 510,000 0.27
ASCENT RESOUR/AR 7.00% 11/01/2026 US 7.000 11/01/2026 1,281,000 96.13 1,231,361 0.65
AVIS BUDGET CAR 5.50% 04/01/2023 US 5.500 04/01/2023 446,000 100.75 449,345 0.24
AVOLON HDGS 5.25% 05/15/2024 KY 5.250 05/15/2024 376,000 103.00 387,280 0.21
AVON PRODUCTS 6.60% 03/15/2020 US 6.600 03/15/2020 1,173,000 101.99 1,196,343 0.64
BALL CORP 4.88% 03/15/2026 US 4.880 03/15/2026 315,000 103.00 324,450 0.17
BANK OF AMER CRP 6.10% 03/17/2049 US 6.100 03/17/2049 791,000 105.81 836,965 0.44
BEACON ROOFING S 4.88% 11/01/2025 US 4.880 11/01/2025 521,000 94.50 492,345 0.26
BELO CORP 7.25% 09/15/2027 US 7.250 09/15/2027 735,000 106.75 784,613 0.42
BLOCK COMMUNICAT 6.88% 02/15/2025 US 6.880 02/15/2025 339,000 103.63 351,289 0.19
BLUE RACER MID/F 6.13% 11/15/2022 US 6.130 11/15/2022 584,000 101.50 592,760 0.31
BLUE RACER MID/F 6.63% 07/15/2026 US 6.630 07/15/2026 1,176,000 102.00 1,199,520 0.64
BOMBARDIER INC 6.00% 10/15/2022 CA 6.000 10/15/2022 591,000 100.88 596,171 0.32
BOOZ ALLEN & HAM 5.13% 05/01/2025 US 5.130 05/01/2025 311,000 99.75 310,223 0.16
BRINKER INTL 3.88% 05/15/2023 US 3.880 05/15/2023 555,000 95.88 532,106 0.28
BRINKER INTL 5.00% 10/01/2024 US 5.000 10/01/2024 534,000 98.00 523,331 0.28
BROOKFIELD RESID 6.13% 07/01/2022 CA 6.130 07/01/2022 247,000 100.50 248,235 0.13
BROOKFIELD RESID 6.38% 05/15/2025 CA 6.380 05/15/2025 249,000 96.00 239,040 0.13
BUILDING MAT COR 5.38% 11/15/2024 US 5.380 11/15/2024 989,000 102.50 1,013,725 0.54
BUILDING MAT COR 6.00% 10/15/2025 US 6.000 10/15/2025 549,000 104.71 574,852 0.31
C&W SR FINANCING 6.88% 09/15/2027 IE 6.880 09/15/2027 337,000 100.25 337,843 0.18
C&W SR FINANCING 7.50% 10/15/2026 IE 7.500 10/15/2026 975,000 103.00 1,004,250 0.53
CABLEVISION SYS 5.88% 09/15/2022 US 5.880 09/15/2022 769,000 104.50 803,605 0.43
CALPINE CORP 5.25% 06/01/2026 US 5.250 06/01/2026 1,215,000 99.50 1,208,925 0.64
CALPINE CORP 5.88% 01/15/2024 US 5.880 01/15/2024 500,000 102.50 512,500 0.27
CARE CAPITAL 5.13% 08/15/2026 US 5.130 08/15/2026 1,362,000 97.89 1,333,280 0.71
CARRIAGE SERVICE 6.63% 06/01/2026 US 6.630 06/01/2026 788,000 102.25 805,730 0.43
CASCADES INC 5.50% 07/15/2022 CA 5.500 07/15/2022 523,000 100.50 525,615 0.28
CASCADES INC 5.75% 07/15/2023 CA 5.750 07/15/2023 441,000 99.75 439,898 0.23
CCO HOLDINGS LLC 5.13% 05/01/2027 US 5.130 05/01/2027 297,000 100.63 298,856 0.16
CCO HOLDINGS LLC 5.38% 05/01/2025 US 5.380 05/01/2025 505,000 103.25 521,413 0.28
CCO HOLDINGS LLC 5.75% 02/15/2026 US 5.750 02/15/2026 975,000 104.63 1,020,094 0.54
CDK GLOBAL INC 4.88% 06/01/2027 US 4.880 06/01/2027 671,000 99.88 670,161 0.36
CDW LLC/CDW FIN 5.50% 12/01/2024 US 5.500 12/01/2024 469,000 105.13 493,036 0.26
CEDAR FAIR LP/CA 5.38% 06/01/2024 US 5.380 06/01/2024 231,000 102.12 235,895 0.13
CENTRAL GARDEN 5.13% 02/01/2028 US 5.130 02/01/2028 453,000 91.75 415,628 0.22
CENTURY TEL ENTP 6.88% 01/15/2028 US 6.880 01/15/2028 564,000 94.00 530,160 0.28
CENTURYLINK INC 5.63% 04/01/2025 US 5.630 04/01/2025 480,000 96.75 464,400 0.25
CENTURYLINK INC 5.80% 03/15/2022 US 5.800 03/15/2022 584,000 101.88 594,950 0.32
CENTURYLINK INC 6.45% 06/15/2021 US 6.450 06/15/2021 436,000 104.13 453,985 0.24
CENTURYLINK INC 6.75% 12/01/2023 US 6.750 12/01/2023 25,000 104.38 26,094 0.01
CHENIERE CORP CH 5.13% 06/30/2027 US 5.130 06/30/2027 200,000 104.88 209,750 0.11
CHENIERE CORP CH 5.88% 03/31/2025 US 5.880 03/31/2025 638,000 108.75 693,825 0.37
CHENIERE CORP CH 7.00% 06/30/2024 US 7.000 06/30/2024 500,000 112.88 564,400 0.30
CHESAPEAKE ENRGY 4.88% 04/15/2022 US 4.880 04/15/2022 795,000 98.50 783,075 0.42
CHESAPEAKE ENRGY 5.75% 03/15/2023 US 5.750 03/15/2023 761,000 97.75 743,878 0.39
CHESAPEAKE ENRGY 7.00% 10/01/2024 US 7.000 10/01/2024 171,000 99.75 170,573 0.09
CHS/COMMUNITY 6.25% 03/31/2023 US 6.250 03/31/2023 544,000 94.09 511,850 0.27
CHURCHILL DOWNS 4.75% 01/15/2028 US 4.750 01/15/2028 1,029,000 95.13 978,836 0.52
CIMPRESS NV 7.00% 06/15/2026 NL 7.000 06/15/2026 1,550,000 96.25 1,491,875 0.79
CLEARWAY ENERGY 5.75% 10/15/2025 US 5.750 10/15/2025 828,000 100.38 831,105 0.44
COMMERCIAL METAL 4.88% 05/15/2023 US 4.880 05/15/2023 300,000 100.25 300,750 0.16
COMMERCIAL METAL 5.75% 04/15/2026 US 5.750 04/15/2026 668,000 99.75 666,330 0.35
COMMSCOPE FINANC 5.50% 03/01/2024 US 5.500 03/01/2024 150,000 102.28 153,419 0.08
COMMSCOPE INC 5.50% 06/15/2024 US 5.500 06/15/2024 628,000 97.91 614,875 0.33
COMMSCOPE TECH 5.00% 03/15/2027 US 5.000 03/15/2027 741,000 88.67 657,030 0.35
COOKE/ALPHA 8.50% 12/15/2022 CA 8.500 12/15/2022 616,000 97.85 602,756 0.32
CORECIVIC INC 4.75% 10/15/2027 US 4.750 10/15/2027 549,000 85.06 466,996 0.25
CORRECTIONS CORP 4.63% 05/01/2023 US 4.630 05/01/2023 1,087,000 96.25 1,046,238 0.56
CORRECTIONS CORP 5.00% 10/15/2022 US 5.000 10/15/2022 968,000 98.50 953,480 0.51
COTT HOLDINGS IN 5.50% 04/01/2025 CA 5.500 04/01/2025 1,110,000 100.88 1,119,713 0.59
CREDIT ACCEPTANC 6.63% 03/15/2026 US 6.630 03/15/2026 528,000 101.66 536,765 0.28
CREDIT ACCEPTANC 7.38% 03/15/2023 US 7.380 03/15/2023 651,000 103.88 676,226 0.36
CROWN AMER/CAP 4.75% 02/01/2026 US 4.750 02/01/2026 622,000 100.48 624,986 0.33
CSC HOLDINGS LLC 5.25% 06/01/2024 US 5.250 06/01/2024 441,000 101.50 447,615 0.24
CSC HOLDINGS LLC 5.38% 07/15/2023 US 5.380 07/15/2023 400,000 101.88 407,500 0.22
CSC HOLDINGS LLC 6.50% 02/01/2029 US 6.500 02/01/2029 533,000 106.50 567,645 0.30
CSC HOLDINGS LLC 7.75% 07/15/2025 US 7.750 07/15/2025 1,086,000 107.25 1,164,735 0.62
CUMBERLAND FARMS 6.75% 05/01/2025 US 6.750 05/01/2025 374,000 104.00 388,960 0.21
CVR PARTNERS LP 9.25% 06/15/2023 US 9.250 06/15/2023 761,000 104.75 797,148 0.42
CYRUSONE LP/CYRU 5.38% 03/15/2027 US 5.380 03/15/2027 277,000 103.47 286,612 0.15
DARLING INGREDIE 5.25% 04/15/2027 US 5.250 04/15/2027 243,000 101.31 246,189 0.13
DAVITA HEALTHCAR 5.13% 07/15/2024 US 5.130 07/15/2024 1,184,000 98.75 1,169,200 0.62
DELEK LOG PT/FIN 6.75% 05/15/2025 US 6.750 05/15/2025 725,000 99.00 717,750 0.38
DIAMOND 1 FIN/DI 7.13% 06/15/2024 US 7.130 06/15/2024 1,067,000 106.04 1,131,395 0.60
DISH DBS CORP 5.88% 07/15/2022 US 5.880 07/15/2022 1,723,000 96.78 1,667,519 0.89
DISH DBS CORP 6.75% 06/01/2021 US 6.750 06/01/2021 2,027,000 103.10 2,089,837 1.11
DOWNSTREAM DEVE 10.50% 02/15/2023 US 10.500 02/15/2023 395,000 103.38 408,331 0.22
DREYFUS-GOV C-IN US -- -- 1,159,517 1.00 1,159,517 0.62
EMC CORP 3.38% 06/01/2023 US 3.380 06/01/2023 711,000 97.04 689,924 0.37
ENERGY TRANSFER 5.50% 06/01/2027 US 5.500 06/01/2027 524,000 108.34 567,719 0.30
ENSCO PLC 7.75% 02/01/2026 GB 7.750 02/01/2026 823,000 84.38 694,406 0.37
EQUINIX INC 5.38% 05/15/2027 US 5.380 05/15/2027 263,000 105.03 276,229 0.15
ESH HOSPITALITY 5.25% 05/01/2025 US 5.250 05/01/2025 504,000 99.33 500,638 0.27
EW SCRIPPS 5.13% 05/15/2025 US 5.130 05/15/2025 489,000 95.25 465,773 0.25
EXTRACTION OIL 5.63% 02/01/2026 US 5.630 02/01/2026 460,000 76.75 353,050 0.19
FIRST QUAL FIN C 5.00% 07/01/2025 US 5.000 07/01/2025 648,000 97.25 630,199 0.33
FORD MOTOR CRED 5.58% 03/18/2024 US 5.580 03/18/2024 552,000 101.43 559,878 0.30
FORTRESS TRANS 6.75% 03/15/2022 US 6.750 03/15/2022 796,000 101.75 809,930 0.43
FREEPORT-MC C&G 3.88% 03/15/2023 US 3.880 03/15/2023 921,000 98.56 907,747 0.48
FREEPORT-MCMORAN 6.88% 02/15/2023 US 6.880 02/15/2023 366,000 106.00 387,960 0.21
FRONTIER COMM 10.50% 09/15/2022 US 10.500 09/15/2022 1,241,000 76.25 946,263 0.50
FRONTIER COMM 8.50% 04/01/2026 US 8.500 04/01/2026 298,000 93.00 277,140 0.15
FRONTIER COMM 8.50% 04/15/2020 US 8.500 04/15/2020 192,000 97.75 187,680 0.10
FTS INTL INC 6.25% 05/01/2022 US 6.250 05/01/2022 997,000 96.75 964,598 0.51
GENESIS ENERGY 5.63% 06/15/2024 US 5.630 06/15/2024 687,000 96.00 659,520 0.35
GENESIS ENERGY 6.00% 05/15/2023 US 6.000 05/15/2023 1,101,000 100.75 1,109,258 0.59
GENESIS ENERGY 6.25% 05/15/2026 US 6.250 05/15/2026 506,000 94.50 478,170 0.25
GEO GROUP INC/T 5.88% 01/15/2022 US 5.880 01/15/2022 691,000 96.50 666,815 0.35
GLP CAP/FIN II 5.25% 06/01/2025 US 5.250 06/01/2025 247,000 104.75 258,733 0.14
GLP CAP/FIN II 5.38% 04/15/2026 US 5.380 04/15/2026 510,000 104.49 532,899 0.28
GLP CAP/FIN II 5.38% 11/01/2023 US 5.380 11/01/2023 243,000 105.27 255,804 0.14
GMAC LLC 8.00% 11/01/2031 US 8.000 11/01/2031 926,000 123.25 1,141,295 0.61
GOEASY LTD 7.88% 11/01/2022 CA 7.880 11/01/2022 453,000 105.00 475,650 0.25
GOLDMAN SACHS GP 5.00% 11/10/2072 US 5.000 11/10/2072 1,595,000 92.38 1,473,381 0.78
GROUP 1 AUTO 5.25% 12/15/2023 US 5.250 12/15/2023 1,015,000 100.50 1,020,075 0.54
GULFPORT ENERGY 6.38% 05/15/2025 US 6.380 05/15/2025 1,343,000 90.50 1,215,415 0.65
H&E EQUIPMENT 5.63% 09/01/2025 US 5.630 09/01/2025 455,000 99.75 453,863 0.24
HANESBRANDS INC 4.63% 05/15/2024 US 4.630 05/15/2024 481,000 100.27 482,299 0.26
HARLAND CLARKE 6.88% 03/01/2020 US 6.880 03/01/2020 464,000 98.75 458,200 0.24
HARLAND CLARKE 8.38% 08/15/2022 US 8.380 08/15/2022 34,000 90.17 30,658 0.02
HCA INC 5.38% 02/01/2025 US 5.380 02/01/2025 1,662,000 106.00 1,761,720 0.94
HCA INC 5.38% 09/01/2026 US 5.380 09/01/2026 325,000 105.38 342,469 0.18
HCA INC 5.88% 02/01/2029 US 5.880 02/01/2029 228,000 107.75 245,659 0.13
HCA INC 5.88% 02/15/2026 US 5.880 02/15/2026 395,000 108.00 426,600 0.23
HEALTHSOUTH CORP 5.75% 11/01/2024 US 5.750 11/01/2024 1,050,000 101.25 1,063,125 0.56
HERTZ CORP 5.88% 10/15/2020 US 5.880 10/15/2020 612,000 99.98 611,847 0.32
HERTZ CORP 7.38% 01/15/2021 US 7.380 01/15/2021 509,000 99.88 508,364 0.27
HERTZ CORP 7.63% 06/01/2022 US 7.630 06/01/2022 540,000 102.35 552,690 0.29
HILCORP ENERGY I 5.00% 12/01/2024 US 5.000 12/01/2024 417,000 97.28 405,658 0.22
HILCORP ENERGY I 5.75% 10/01/2025 US 5.750 10/01/2025 345,000 98.25 338,963 0.18
HILCORP ENERGY I 6.25% 11/01/2028 US 6.250 11/01/2028 435,000 100.25 436,088 0.23
HILTON DOMESTIC 5.13% 05/01/2026 US 5.130 05/01/2026 477,000 101.68 485,009 0.26
HLF FIN SARL LLC 7.25% 08/15/2026 US 7.250 08/15/2026 862,000 103.00 887,860 0.47
HORIZON PHARMA 8.75% 11/01/2024 US 8.750 11/01/2024 1,076,000 108.63 1,168,805 0.62
HUDBAY MINERALS 7.25% 01/15/2023 CA 7.250 01/15/2023 1,079,000 103.50 1,116,765 0.59
INGLES MKTS INC 5.75% 06/15/2023 US 5.750 06/15/2023 491,000 101.88 500,206 0.27
INTELSAT JACKSON 5.50% 08/01/2023 LU 5.500 08/01/2023 416,000 88.75 369,200 0.20
INTL GAME TECH 6.25% 01/15/2027 GB 6.250 01/15/2027 445,000 102.50 456,125 0.24
INTL GAME TECH 6.25% 02/15/2022 US 6.250 02/15/2022 551,000 103.88 572,351 0.30
IRON MOUNTAIN 5.75% 08/15/2024 US 5.750 08/15/2024 997,000 101.00 1,006,970 0.53
J2 CLOUD LLC/INC 6.00% 07/15/2025 US 6.000 07/15/2025 211,000 103.88 219,176 0.12
JAMES HARDIE INT 4.75% 01/15/2025 IE 4.750 01/15/2025 287,000 98.50 282,695 0.15
JB POINDEXTER & 7.13% 04/15/2026 US 7.130 04/15/2026 612,000 100.28 613,732 0.33
JBS USA LLC/JBS 5.88% 07/15/2024 US 5.880 07/15/2024 234,000 102.75 240,435 0.13
JBS USA LUX/FIN 6.75% 02/15/2028 US 6.750 02/15/2028 563,000 103.50 582,705 0.31
KAISER ALUMINUM 5.88% 05/15/2024 US 5.880 05/15/2024 111,000 102.75 114,053 0.06
KFC HLD/PIZZA HU 5.00% 06/01/2024 US 5.000 06/01/2024 265,000 102.00 270,300 0.14
KINROSS GOLD 4.50% 07/15/2027 CA 4.500 07/15/2027 910,000 95.00 864,500 0.46
LENNAR CORP 4.13% 01/15/2022 US 4.130 01/15/2022 270,000 100.88 272,363 0.14
LENNAR CORP 4.75% 05/30/2025 US 4.750 05/30/2025 402,000 102.00 410,040 0.22
LENNAR CORP 4.75% 11/29/2027 US 4.750 11/29/2027 337,000 100.05 337,158 0.18
LENNAR CORP 4.88% 12/15/2023 US 4.880 12/15/2023 183,000 103.00 188,490 0.10
LENNAR CORP 5.38% 10/01/2022 US 5.380 10/01/2022 620,000 104.25 646,350 0.34
LENNAR CORP 5.88% 11/15/2024 US 5.880 11/15/2024 168,000 106.13 178,290 0.09
LIONS GATE CAP H 6.38% 02/01/2024 US 6.380 02/01/2024 470,000 104.75 492,325 0.26
LIVE NATION ENT 4.88% 11/01/2024 US 4.880 11/01/2024 305,000 100.63 306,906 0.16
LIVE NATION ENT 5.63% 03/15/2026 US 5.630 03/15/2026 191,000 103.25 197,208 0.10
LOUISIANA-PACIFI 4.88% 09/15/2024 US 4.880 09/15/2024 400,000 99.75 399,000 0.21
MAGNOLIA OIL 6.00% 08/01/2026 US 6.000 08/01/2026 487,000 101.00 491,870 0.26
MALLINCKRODT FIN 4.88% 04/15/2020 LU 4.880 04/15/2020 966,000 99.50 961,170 0.51
MALLINCKRODT FIN 5.75% 08/01/2022 LU 5.750 08/01/2022 1,685,000 93.00 1,567,050 0.83
MATCH GROUP INC 5.00% 12/15/2027 US 5.000 12/15/2027 181,000 100.75 182,358 0.10
MATTEL INC 6.75% 12/31/2025 US 6.750 12/31/2025 898,000 98.38 883,408 0.47
MDC PARTNERS INC 6.50% 05/01/2024 CA 6.500 05/01/2024 474,000 82.75 392,235 0.21
MEDNAX INC 5.25% 12/01/2023 US 5.250 12/01/2023 983,000 101.25 995,288 0.53
MEDNAX INC 6.25% 01/15/2027 US 6.250 01/15/2027 823,000 101.00 831,230 0.44
MERITAGE HOMES 6.00% 06/01/2025 US 6.000 06/01/2025 644,000 105.00 676,200 0.36
METLIFE INC 5.25% 12/29/2049 US 5.250 12/29/2049 844,000 100.83 851,039 0.45
MGIC INVT CORP 5.75% 08/15/2023 US 5.750 08/15/2023 642,000 105.63 678,113 0.36
MGM GROWTH/MGM F 5.63% 05/01/2024 US 5.630 05/01/2024 946,000 104.00 983,840 0.52
MGM RESORTS 6.00% 03/15/2023 US 6.000 03/15/2023 1,047,000 105.50 1,104,585 0.59
MPT OP PTNR/FINL 5.25% 08/01/2026 US 5.250 08/01/2026 496,000 102.88 510,260 0.27
MPT OP PTNR/FINL 5.50% 05/01/2024 US 5.500 05/01/2024 202,000 102.50 207,050 0.11
MURPHY OIL USA 5.63% 05/01/2027 US 5.630 05/01/2027 951,000 103.50 984,285 0.52
NAVIENT CORP 5.88% 10/25/2024 US 5.880 10/25/2024 1,113,000 96.75 1,076,828 0.57
NAVIENT CORP 6.50% 06/15/2022 US 6.500 06/15/2022 459,000 104.22 478,364 0.25
NCR CORP 4.63% 02/15/2021 US 4.630 02/15/2021 600,000 99.83 598,950 0.32
NETFLIX INC 4.38% 11/15/2026 US 4.380 11/15/2026 274,000 98.13 268,863 0.14
NETFLIX INC 4.88% 04/15/2028 US 4.880 04/15/2028 652,000 99.00 645,480 0.34
NEW ENTERPRISE 6.25% 03/15/2026 US 6.250 03/15/2026 701,000 97.26 681,800 0.36
NEW HOME CO 7.25% 04/01/2022 US 7.250 04/01/2022 546,000 90.00 491,400 0.26
NEXSTAR BROADC 5.63% 08/01/2024 US 5.630 08/01/2024 648,000 101.50 657,720 0.35
NGL ENRGY PART/F 7.50% 11/01/2023 US 7.500 11/01/2023 869,000 103.46 899,067 0.48
NGPL PIPECO LLC 7.77% 12/15/2037 US 7.770 12/15/2037 646,000 120.00 775,200 0.41
NOKIA OYJ 4.38% 06/12/2027 FI 4.380 06/12/2027 237,000 99.00 234,630 0.12
NOVA CHEMICALS 4.88% 06/01/2024 CA 4.880 06/01/2024 730,000 98.25 717,225 0.38
NOVA CHEMICALS 5.25% 08/01/2023 CA 5.250 08/01/2023 873,000 100.50 877,365 0.47
NOVELIS CORP 5.88% 09/30/2026 US 5.880 09/30/2026 764,000 99.63 761,135 0.40
NOVELIS CORP 6.25% 08/15/2024 US 6.250 08/15/2024 191,000 102.25 195,298 0.10
NRG ENERGY INC 5.75% 01/15/2028 US 5.750 01/15/2028 198,000 106.00 209,880 0.11
NUFARM AU LTD/AM 5.75% 04/30/2026 AU 5.750 04/30/2026 889,000 92.50 822,325 0.44
NUMERICABLE-SFR 6.25% 05/15/2024 FR 6.250 05/15/2024 824,000 100.75 830,180 0.44
NUMERICABLE-SFR 7.38% 05/01/2026 FR 7.380 05/01/2026 334,000 98.00 327,320 0.17
OLIN CORP 5.00% 02/01/2030 US 5.000 02/01/2030 284,000 97.25 276,190 0.15
OPEN TEXT CORP 5.88% 06/01/2026 CA 5.880 06/01/2026 776,000 104.50 810,920 0.43
PARK AEROSPACE 5.25% 08/15/2022 KY 5.250 08/15/2022 568,000 102.49 582,143 0.31
PARKLAND FUEL 6.00% 04/01/2026 CA 6.000 04/01/2026 1,338,000 100.91 1,350,109 0.72
PARTY CITY HLDG 6.63% 08/01/2026 US 6.630 08/01/2026 967,000 99.50 962,165 0.51
PDC ENERGY INC 5.75% 05/15/2026 US 5.750 05/15/2026 421,000 97.75 411,528 0.22
PDC ENERGY INC 6.13% 09/15/2024 US 6.130 09/15/2024 1,012,000 100.00 1,012,000 0.54
PEABODY ENERGY 6.00% 03/31/2022 US 6.000 03/31/2022 580,000 100.75 584,350 0.31
PENSKE AUTO GRP 5.38% 12/01/2024 US 5.380 12/01/2024 193,000 99.50 192,035 0.10
PERFORMANCE FOOD 5.50% 06/01/2024 US 5.500 06/01/2024 416,000 100.88 419,640 0.22
PILGRIM'S PRIDE 5.75% 03/15/2025 US 5.750 03/15/2025 1,127,000 101.00 1,138,270 0.60
PLASTIPAK HOLDIN 6.25% 10/15/2025 US 6.250 10/15/2025 836,000 93.50 781,660 0.41
POST HOLDINGS IN 5.00% 08/15/2026 US 5.000 08/15/2026 816,000 97.25 793,560 0.42
POST HOLDINGS IN 5.63% 01/15/2028 US 5.630 01/15/2028 502,000 99.25 498,235 0.26
PRECISION DRILL 7.13% 01/15/2026 CA 7.130 01/15/2026 270,000 99.16 267,722 0.14
PRECISION DRILL 7.75% 12/15/2023 CA 7.750 12/15/2023 477,000 102.75 490,118 0.26
PULTEGROUP INC 5.50% 03/01/2026 US 5.500 03/01/2026 300,000 103.00 309,000 0.16
QEP RESOURCES 5.38% 10/01/2022 US 5.380 10/01/2022 185,000 97.75 180,838 0.10
QEP RESOURCES 5.63% 03/01/2026 US 5.630 03/01/2026 99,000 90.50 89,595 0.05
QTS LP/FINANCE 4.75% 11/15/2025 US 4.750 11/15/2025 552,000 96.75 534,060 0.28
QUAD/GRAPHICS 7.00% 05/01/2022 US 7.000 05/01/2022 1,398,000 99.93 1,397,021 0.74
QUEBECOR MEDIA 5.75% 01/15/2023 CA 5.750 01/15/2023 528,000 104.25 550,440 0.29
QUICKEN LOANS IN 5.25% 01/15/2028 US 5.250 01/15/2028 782,000 93.63 732,148 0.39
QUICKEN LOANS IN 5.75% 05/01/2025 US 5.750 05/01/2025 386,000 100.35 387,351 0.21
RADIAN GROUP INC 4.50% 10/01/2024 US 4.500 10/01/2024 430,000 98.50 423,550 0.22
RANGE RESOURCES 5.00% 08/15/2022 US 5.000 08/15/2022 340,000 99.00 336,600 0.18
RITE AID CORP 6.13% 04/01/2023 US 6.130 04/01/2023 1,917,000 82.50 1,581,525 0.84
ROCKPOINT GAS ST 7.00% 03/31/2023 CA 7.000 03/31/2023 604,000 99.13 598,715 0.32
SEMGROUP/RR FIN 5.63% 11/15/2023 US 5.630 11/15/2023 1,052,000 93.91 987,933 0.52
SERVICEMASTER 5.13% 11/15/2024 US 5.130 11/15/2024 696,000 100.38 698,610 0.37
SHELF DRL HOLD 8.25% 02/15/2025 KY 8.250 02/15/2025 1,379,000 95.00 1,310,050 0.70
SILGAN HOLDINGS 4.75% 03/15/2025 US 4.750 03/15/2025 450,000 98.13 441,563 0.23
SIRIUS XM RADIO 5.38% 04/15/2025 US 5.380 04/15/2025 315,000 102.63 323,269 0.17
SIRIUS XM RADIO 5.38% 07/15/2026 US 5.380 07/15/2026 248,000 102.16 253,344 0.13
SLM CORP 5.50% 01/25/2023 US 5.500 01/25/2023 730,000 100.13 730,913 0.39
SONIC AUTOMOTIVE 5.00% 05/15/2023 US 5.000 05/15/2023 474,000 96.00 455,040 0.24
SONIC AUTOMOTIVE 6.13% 03/15/2027 US 6.130 03/15/2027 212,000 90.75 192,390 0.10
SOUTHWESTERN ENE 6.20% 01/23/2025 US 6.200 01/23/2025 857,000 98.25 842,003 0.45
SOUTHWESTERN ENE 7.50% 04/01/2026 US 7.500 04/01/2026 696,000 102.00 709,920 0.38
SPRINGLEAF FIN 5.63% 03/15/2023 US 5.630 03/15/2023 641,000 101.38 649,814 0.34
SPRINGLEAF FIN 6.13% 03/15/2024 US 6.130 03/15/2024 293,000 102.25 299,587 0.16
SPRINGLEAF FIN 6.88% 03/15/2025 US 6.880 03/15/2025 382,000 103.13 393,938 0.21
SPRINGLEAF FIN 7.13% 03/15/2026 US 7.130 03/15/2026 328,000 101.81 333,943 0.18
SPRINT CAP CORP 6.88% 11/15/2028 US 6.880 11/15/2028 955,000 96.13 917,994 0.49
SPRINT CORP 7.13% 06/15/2024 US 7.130 06/15/2024 2,149,000 101.50 2,181,235 1.16
SPRINT CORP 7.63% 02/15/2025 US 7.630 02/15/2025 223,000 102.00 227,460 0.12
SPRINT CORP 7.63% 03/01/2026 US 7.630 03/01/2026 293,000 101.35 296,956 0.16
SS&C TECH INC 5.50% 09/30/2027 US 5.500 09/30/2027 1,016,000 101.00 1,026,160 0.54
STAPLES INC 8.50% 09/15/2025 US 8.500 09/15/2025 1,402,000 109.13 1,529,933 0.81
STEEL DYNAMICS 4.13% 09/15/2025 US 4.130 09/15/2025 394,000 97.75 385,135 0.20
STEEL DYNAMICS 5.00% 12/15/2026 US 5.000 12/15/2026 251,000 102.13 256,334 0.14
SUNOCO LP/FIN 6.00% 04/15/2027 US 6.000 04/15/2027 789,000 100.47 792,708 0.42
SUPERIOR PLUS 7.00% 07/15/2026 CA 7.000 07/15/2026 63,000 101.63 64,024 0.03
TALLGRASS NRG 4.75% 10/01/2023 US 4.750 10/01/2023 225,000 100.59 226,337 0.12
TALLGRASS NRG 5.50% 01/15/2028 US 5.500 01/15/2028 253,000 100.28 253,706 0.13
TALLGRASS NRG 5.50% 09/15/2024 US 5.500 09/15/2024 580,000 102.50 594,500 0.32
TARGA RES PRTNRS 6.50% 07/15/2027 US 6.500 07/15/2027 145,000 107.88 156,419 0.08
TAYLOR MORRISON 5.63% 03/01/2024 US 5.630 03/01/2024 1,003,000 98.72 990,192 0.53
TECK RESOURCES 6.25% 07/15/2041 CA 6.250 07/15/2041 588,000 106.44 625,874 0.33
TELECOM IT CAP 6.00% 09/30/2034 LU 6.000 09/30/2034 353,000 92.50 326,525 0.17
TELECOM IT CAP 6.38% 11/15/2033 LU 6.380 11/15/2033 865,000 96.50 834,725 0.44
TELEFLEX INC 4.88% 06/01/2026 US 4.880 06/01/2026 562,000 101.88 572,538 0.30
TENET HEALTHCARE 5.13% 05/01/2025 US 5.130 05/01/2025 705,000 100.51 708,560 0.38
TENET HEALTHCARE 6.25% 02/01/2027 US 6.250 02/01/2027 238,000 103.81 247,056 0.13
TERRAFORM POWER 4.25% 01/31/2023 US 4.250 01/31/2023 313,000 98.80 309,241 0.16
TERRAFORM POWER 5.00% 01/31/2028 US