Skip to Main Navigation Skip to Main Content

Touchstone High Yield Fund

Daily NAV
$
Overall Morningstar Rating™
High Yield Bond

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

Fund Facts for Share Class
Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 06/30/2019
Total Fund Net Assets as of 06/30/2019 $202,796,913
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 07/31/2019
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 0.51% 1.67% 10.72% 6.96% 6.82% 5.08% 8.58% --
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 06/30/2019
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 7.61% 7.54% 4.70% 9.16% --
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.
Contact Us Now

Morningstar Rating™

Portfolio

as of 06/30/2019
Number of Holdings
304
Weighted Average Effective Maturity
4.6 Years
Weighted Average Effective Duration
3.5 Years
as of 06/30/2019
Credit Quality % of Portfolio
BBB/Baa 7.2
BB/Ba 53.4
B/B 38.2
CCC or lower 1.0
Cash Equivalents 0.2
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 07/31/2019
Security Description % of Portfolio
SPRINT CAPITAL CORP 6.88% 11/15/2028 1.3
UNIT CORP 6.63% 05/15/2021 1.1
DISH DBS CORP 6.75% 06/01/2021 0.9
COTT HOLDINGS INC 5.50% 04/01/2025 0.9
DISH DBS CORP 5.88% 07/15/2022 0.9
CCO HOLDINGS LLC / CCO HOLDING 5.38% 06/01/2029 0.8
STAPLES INC 7.50% 04/15/2026 0.8
BAUSCH HEALTH COS INC 6.13% 04/15/2025 0.8
FREEPORT-MCMORAN INC 3.88% 03/15/2023 0.8
CIMPRESS NV 7.00% 06/15/2026 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 06/30/2019
Security Description
Country
Coupon Rate (%)
Maturity Date
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
1011778 BC ULC / NEW RED FINAN 4.25% 05/15/2024 CA 4.250 05/15/2024 263,000 101.13 265,959 0.13
1011778 BC ULC / NEW RED FINAN 5.00% 10/15/2025 CA 5.000 10/15/2025 700,000 100.78 705,460 0.35
ACADIA HEALTHCARE CO INC 5.13% 07/01/2022 US 5.130 07/01/2022 130,000 100.50 130,650 0.06
ACADIA HEALTHCARE CO INC 5.63% 02/15/2023 US 5.630 02/15/2023 1,194,000 101.63 1,213,403 0.60
ACCO BRANDS CORP 5.25% 12/15/2024 US 5.250 12/15/2024 661,000 101.25 669,263 0.33
ADIENT GLOBAL HOLDINGS LTD 4.88% 08/15/2026 JE 4.880 08/15/2026 502,000 79.50 399,090 0.20
ADIENT US LLC 7.00% 05/15/2026 US 7.000 05/15/2026 877,000 102.75 901,118 0.45
AECOM GLOBAL II LLC / URS FOX 5.00% 04/01/2022 US 5.000 04/01/2022 520,000 102.75 534,300 0.26
AHERN RENTALS INC 7.38% 05/15/2023 US 7.380 05/15/2023 535,000 88.75 474,813 0.23
ALBERTSONS COS LLC / SAFEWAY I 5.75% 03/15/2025 US 5.750 03/15/2025 1,323,000 100.78 1,333,319 0.66
ALBERTSONS COS LLC / SAFEWAY I 7.50% 03/15/2026 US 7.500 03/15/2026 370,000 106.75 394,975 0.20
ALCOA NEDERLAND HOLDING BV 6.13% 05/15/2028 NL 6.130 05/15/2028 503,000 104.50 525,635 0.26
ALCOA NEDERLAND HOLDING BV 7.00% 09/30/2026 NL 7.000 09/30/2026 876,000 107.00 937,320 0.46
ALLISON TRANSMISSION INC 5.00% 10/01/2024 US 5.000 10/01/2024 509,000 102.00 519,180 0.26
ALLY FINANCIAL INC 5.75% 11/20/2025 US 5.750 11/20/2025 180,000 110.62 199,107 0.10
ALLY FINANCIAL INC 8.00% 11/01/2031 US 8.000 11/01/2031 275,000 132.17 363,470 0.18
ALLY FINANCIAL INC 8.00% 11/01/2031 US 8.000 11/01/2031 926,000 131.00 1,213,060 0.60
ALTICE FINANCING SA 6.63% 02/15/2023 LU 6.630 02/15/2023 1,499,000 102.50 1,536,475 0.76
ALTICE FINANCING SA 7.50% 05/15/2026 LU 7.500 05/15/2026 463,000 100.51 465,361 0.23
ALTICE FRANCE SA/FRANCE 6.25% 05/15/2024 FR 6.250 05/15/2024 526,000 103.00 541,780 0.27
ALTICE FRANCE SA/FRANCE 7.38% 05/01/2026 FR 7.380 05/01/2026 334,000 102.50 342,350 0.17
ALTICE FRANCE SA/FRANCE 8.13% 02/01/2027 FR 8.130 02/01/2027 635,000 105.00 666,750 0.33
ALTICE US FINANCE I CORP 5.50% 05/15/2026 US 5.500 05/15/2026 561,000 104.75 587,619 0.29
AMC NETWORKS INC 4.75% 08/01/2025 US 4.750 08/01/2025 265,000 101.00 267,650 0.13
AMC NETWORKS INC 5.00% 04/01/2024 US 5.000 04/01/2024 292,000 102.88 300,395 0.15
AMERICAN BUILDERS & CONTRACTOR 5.88% 05/15/2026 US 5.880 05/15/2026 570,000 104.25 594,225 0.29
AMN HEALTHCARE INC 5.13% 10/01/2024 US 5.130 10/01/2024 462,000 102.02 471,319 0.23
AMSTED INDUSTRIES INC 5.38% 09/15/2024 US 5.380 09/15/2024 774,000 102.38 792,383 0.39
AMSTED INDUSTRIES INC 5.63% 07/01/2027 US 5.630 07/01/2027 625,000 104.25 651,563 0.32
ARDAGH PACKAGING FINANCE PLC / 6.00% 02/15/2025 MULT 6.000 02/15/2025 510,000 103.63 528,488 0.26
ASCENT RESOURCES UTICA HOLDING 7.00% 11/01/2026 US 7.000 11/01/2026 1,281,000 91.25 1,168,913 0.58
AVIS BUDGET CAR RENTAL LLC / A 5.50% 04/01/2023 US 5.500 04/01/2023 446,000 102.13 455,478 0.23
AVIS BUDGET CAR RENTAL LLC / A 5.75% 07/15/2027 US 5.750 07/15/2027 505,000 100.75 508,788 0.25
BALL CORP 4.88% 03/15/2026 US 4.880 03/15/2026 315,000 106.00 333,900 0.17
BANK OF AMERICA CORP 6.10% 09/17/2167 US 6.100 09/17/2167 791,000 108.00 854,280 0.42
BAUSCH HEALTH AMERICAS INC 8.50% 01/31/2027 US 8.500 01/31/2027 714,000 109.95 785,057 0.39
BAUSCH HEALTH COS INC 5.88% 05/15/2023 CA 5.880 05/15/2023 708,000 101.16 716,227 0.35
BAUSCH HEALTH COS INC 6.13% 04/15/2025 CA 6.130 04/15/2025 1,519,000 102.12 1,551,233 0.77
BAUSCH HEALTH COS INC 7.00% 01/15/2028 CA 7.000 01/15/2028 772,000 103.26 797,144 0.39
BEACON ROOFING SUPPLY INC 4.88% 11/01/2025 US 4.880 11/01/2025 808,000 99.00 799,920 0.40
BELO CORP 7.25% 09/15/2027 US 7.250 09/15/2027 735,000 107.50 790,125 0.39
BLOCK COMMUNICATIONS INC 6.88% 02/15/2025 US 6.880 02/15/2025 339,000 104.25 353,408 0.17
BLUE RACER MIDSTREAM LLC / BLU 6.13% 11/15/2022 US 6.130 11/15/2022 584,000 101.38 592,030 0.29
BLUE RACER MIDSTREAM LLC / BLU 6.63% 07/15/2026 US 6.630 07/15/2026 1,176,000 100.75 1,184,820 0.59
BOMBARDIER INC 6.00% 10/15/2022 CA 6.000 10/15/2022 591,000 100.43 593,535 0.29
BOOZ ALLEN HAMILTON INC 5.13% 05/01/2025 US 5.130 05/01/2025 311,000 101.50 315,665 0.16
BRINKER INTERNATIONAL INC 3.88% 05/15/2023 US 3.880 05/15/2023 555,000 98.75 548,063 0.27
BRINKER INTERNATIONAL INC 5.00% 10/01/2024 US 5.000 10/01/2024 534,000 101.88 544,013 0.27
BROOKFIELD PROPERTY REIT INC / 5.75% 05/15/2026 US 5.750 05/15/2026 392,000 103.00 403,760 0.20
BROOKFIELD RESIDENTIAL PROPERT 6.13% 07/01/2022 CA 6.130 07/01/2022 247,000 101.75 251,323 0.12
BROOKFIELD RESIDENTIAL PROPERT 6.38% 05/15/2025 CA 6.380 05/15/2025 249,000 101.00 251,490 0.12
BUCKEYE PARTNERS LP 3.95% 12/01/2026 US 3.950 12/01/2026 542,000 88.62 480,340 0.24
C&W SENIOR FINANCING DAC 6.88% 09/15/2027 IE 6.880 09/15/2027 337,000 103.26 347,986 0.17
C&W SENIOR FINANCING DAC 7.50% 10/15/2026 IE 7.500 10/15/2026 975,000 104.25 1,016,438 0.50
CABLEVISION SYSTEMS CORP 5.88% 09/15/2022 US 5.880 09/15/2022 769,000 105.00 807,450 0.40
CALPINE CORP 5.25% 06/01/2026 US 5.250 06/01/2026 1,215,000 101.75 1,236,263 0.61
CALPINE CORP 5.88% 01/15/2024 US 5.880 01/15/2024 500,000 102.25 511,250 0.25
CARDTRONICS INC / CARDTRONICS 5.50% 05/01/2025 US 5.500 05/01/2025 458,000 99.50 455,710 0.23
CARRIAGE SERVICES INC 6.63% 06/01/2026 US 6.630 06/01/2026 788,000 102.50 807,700 0.40
CARRIZO OIL & GAS INC 6.25% 04/15/2023 US 6.250 04/15/2023 511,000 96.50 493,115 0.24
CASCADES INC 5.50% 07/15/2022 CA 5.500 07/15/2022 523,000 100.38 524,961 0.26
CASCADES INC 5.75% 07/15/2023 CA 5.750 07/15/2023 441,000 100.88 444,859 0.22
CCO HOLDINGS LLC / CCO HOLDING 5.13% 05/01/2027 US 5.130 05/01/2027 297,000 103.54 307,502 0.15
CCO HOLDINGS LLC / CCO HOLDING 5.38% 05/01/2025 US 5.380 05/01/2025 505,000 103.38 522,044 0.26
CCO HOLDINGS LLC / CCO HOLDING 5.38% 06/01/2029 US 5.380 06/01/2029 1,588,000 103.25 1,639,610 0.81
CCO HOLDINGS LLC / CCO HOLDING 5.75% 02/15/2026 US 5.750 02/15/2026 975,000 104.88 1,022,531 0.51
CDK GLOBAL INC 4.88% 06/01/2027 US 4.880 06/01/2027 671,000 103.42 693,975 0.34
CEDAR FAIR LP / CANADA'S WONDE 5.38% 06/01/2024 US 5.380 06/01/2024 231,000 102.75 237,353 0.12
CEDAR FAIR LP 5.25% 07/15/2029 US 5.250 07/15/2029 337,000 102.03 343,844 0.17
CENTRAL GARDEN & PET CO 5.13% 02/01/2028 US 5.130 02/01/2028 453,000 98.25 445,073 0.22
CENTURYLINK INC 5.63% 04/01/2025 US 5.630 04/01/2025 480,000 102.00 489,600 0.24
CENTURYLINK INC 5.80% 03/15/2022 US 5.800 03/15/2022 584,000 104.25 608,820 0.30
CENTURYLINK INC 6.45% 06/15/2021 US 6.450 06/15/2021 436,000 105.75 461,070 0.23
CENTURYLINK INC 6.75% 12/01/2023 US 6.750 12/01/2023 25,000 107.88 26,969 0.01
CENTURYLINK INC 6.88% 01/15/2028 US 6.880 01/15/2028 564,000 100.00 564,000 0.28
CHESAPEAKE ENERGY CORP 4.88% 04/15/2022 US 4.880 04/15/2022 795,000 94.50 751,275 0.37
CHESAPEAKE ENERGY CORP 5.75% 03/15/2023 US 5.750 03/15/2023 761,000 93.75 713,438 0.35
CHESAPEAKE ENERGY CORP 7.00% 10/01/2024 US 7.000 10/01/2024 171,000 89.75 153,473 0.08
CHS/COMMUNITY HEALTH SYSTEMS I 6.25% 03/31/2023 US 6.250 03/31/2023 544,000 96.25 523,600 0.26
CHURCHILL DOWNS INC 4.75% 01/15/2028 US 4.750 01/15/2028 1,029,000 100.48 1,033,888 0.51
CIMPRESS NV 7.00% 06/15/2026 NL 7.000 06/15/2026 1,550,000 102.00 1,580,985 0.78
CLEAN HARBORS INC 4.88% 07/15/2027 US 4.880 07/15/2027 177,000 101.64 179,894 0.09
CLEARWAY ENERGY OPERATING LLC 5.00% 09/15/2026 US 5.000 09/15/2026 389,000 98.17 381,881 0.19
CLEARWAY ENERGY OPERATING LLC 5.75% 10/15/2025 US 5.750 10/15/2025 828,000 101.50 840,420 0.42
COMMERCIAL METALS CO 4.88% 05/15/2023 US 4.880 05/15/2023 300,000 100.75 302,250 0.15
COMMERCIAL METALS CO 5.75% 04/15/2026 US 5.750 04/15/2026 453,000 99.83 452,207 0.22
COMMSCOPE INC 5.50% 03/01/2024 US 5.500 03/01/2024 150,000 102.63 153,938 0.08
COMMSCOPE INC 5.50% 06/15/2024 US 5.500 06/15/2024 628,000 95.40 599,112 0.30
COMMSCOPE TECHNOLOGIES LLC 5.00% 03/15/2027 US 5.000 03/15/2027 741,000 87.00 644,670 0.32
COOKE OMEGA INVESTMENTS INC / 8.50% 12/15/2022 CA 8.500 12/15/2022 616,000 97.25 599,060 0.30
CORECIVIC INC 4.63% 05/01/2023 US 4.630 05/01/2023 1,087,000 97.25 1,057,108 0.52
CORECIVIC INC 4.75% 10/15/2027 US 4.750 10/15/2027 549,000 90.00 494,100 0.24
CORECIVIC INC 5.00% 10/15/2022 US 5.000 10/15/2022 968,000 99.50 963,160 0.48
COTT HOLDINGS INC 5.50% 04/01/2025 US 5.500 04/01/2025 1,734,000 101.88 1,766,513 0.87
CREDIT ACCEPTANCE CORP 6.63% 03/15/2026 US 6.630 03/15/2026 528,000 105.13 555,060 0.27
CREDIT ACCEPTANCE CORP 7.38% 03/15/2023 US 7.380 03/15/2023 651,000 103.88 676,226 0.33
CROWN AMERICAS LLC / CROWN AME 4.75% 02/01/2026 US 4.750 02/01/2026 622,000 102.75 639,105 0.32
CSC HOLDINGS LLC 5.25% 06/01/2024 US 5.250 06/01/2024 966,000 103.88 1,003,433 0.50
CSC HOLDINGS LLC 5.38% 07/15/2023 US 5.380 07/15/2023 400,000 102.75 411,000 0.20
CSC HOLDINGS LLC 6.50% 02/01/2029 US 6.500 02/01/2029 533,000 109.13 581,636 0.29
CSC HOLDINGS LLC 7.75% 07/15/2025 US 7.750 07/15/2025 1,086,000 108.19 1,174,943 0.58
CUMBERLAND FARMS INC 6.75% 05/01/2025 US 6.750 05/01/2025 374,000 106.00 396,440 0.20
CVR PARTNERS LP / CVR NITROGEN 9.25% 06/15/2023 US 9.250 06/15/2023 761,000 104.57 795,778 0.39
CYRUSONE LP / CYRUSONE FINANCE 5.38% 03/15/2027 US 5.380 03/15/2027 599,000 105.25 630,448 0.31
DAVITA INC 5.13% 07/15/2024 US 5.130 07/15/2024 1,184,000 100.03 1,184,355 0.59
DELEK LOGISTICS PARTNERS LP / 6.75% 05/15/2025 US 6.750 05/15/2025 725,000 99.00 717,750 0.36
DELL INTERNATIONAL LLC / EMC C 7.13% 06/15/2024 US 7.130 06/15/2024 362,000 105.57 382,173 0.19
DISH DBS CORP 5.88% 07/15/2022 US 5.880 07/15/2022 1,723,000 101.50 1,748,845 0.87
DISH DBS CORP 6.75% 06/01/2021 US 6.750 06/01/2021 1,835,000 104.88 1,924,456 0.95
DOWNSTREAM DEVELOPMENT AUTHORI 10.50% 02/15/2023 US 10.500 02/15/2023 395,000 105.75 417,713 0.21
DREYFUS GOVERNMENT CASH MANAGE 12/01/2099 US -- 12/01/2099 3,409,363 1.00 3,409,363 1.69
EMC CORP 3.38% 06/01/2023 US 3.380 06/01/2023 711,000 99.50 707,411 0.35
ENCOMPASS HEALTH CORP 5.75% 11/01/2024 US 5.750 11/01/2024 481,000 101.83 489,802 0.24
ENSCO ROWAN PLC 7.75% 02/01/2026 GB 7.750 02/01/2026 823,000 74.50 613,135 0.30
ENSIGN DRILLING INC 9.25% 04/15/2024 CA 9.250 04/15/2024 598,000 98.50 589,030 0.29
ESH HOSPITALITY INC 5.25% 05/01/2025 US 5.250 05/01/2025 504,000 102.38 515,970 0.26
EW SCRIPPS CO/THE 5.13% 05/15/2025 US 5.130 05/15/2025 1,137,000 96.00 1,091,520 0.54
EXTRACTION OIL & GAS INC 5.63% 02/01/2026 US 5.630 02/01/2026 460,000 80.75 371,450 0.18
FAIRSTONE FINANCIAL INC 7.88% 07/15/2024 CA 7.880 07/15/2024 455,000 101.88 463,531 0.23
FIRST QUALITY FINANCE CO INC 5.00% 07/01/2025 US 5.000 07/01/2025 648,000 100.75 652,860 0.32
FORD MOTOR CREDIT CO LLC 5.58% 03/18/2024 US 5.580 03/18/2024 552,000 107.34 592,505 0.29
FORTRESS TRANSPORTATION & INFR 6.75% 03/15/2022 US 6.750 03/15/2022 796,000 103.88 826,845 0.41
FREEPORT-MCMORAN INC 3.88% 03/15/2023 US 3.880 03/15/2023 921,000 100.00 921,000 0.46
FTS INTERNATIONAL INC 6.25% 05/01/2022 US 6.250 05/01/2022 997,000 92.75 924,718 0.46
GENESIS ENERGY LP / GENESIS EN 5.63% 06/15/2024 US 5.630 06/15/2024 1,002,000 96.25 964,425 0.48
GENESIS ENERGY LP / GENESIS EN 6.00% 05/15/2023 US 6.000 05/15/2023 1,101,000 99.25 1,092,743 0.54
GENESIS ENERGY LP / GENESIS EN 6.25% 05/15/2026 US 6.250 05/15/2026 506,000 96.50 488,290 0.24
GEO GROUP INC/THE 5.88% 01/15/2022 US 5.880 01/15/2022 1,073,000 97.75 1,048,858 0.52
GLP CAPITAL LP / GLP FINANCING 5.38% 04/15/2026 US 5.380 04/15/2026 510,000 108.15 551,540 0.27
GOEASY LTD 7.88% 11/01/2022 CA 7.880 11/01/2022 453,000 104.75 474,518 0.23
GOLDMAN SACHS GROUP INC/THE 5.00% 05/10/2168 US 5.000 05/10/2168 1,595,000 96.00 1,531,200 0.76
GROUP 1 AUTOMOTIVE INC 5.25% 12/15/2023 US 5.250 12/15/2023 721,000 102.38 738,124 0.37
GRUBHUB HOLDINGS INC 5.50% 07/01/2027 US 5.500 07/01/2027 211,000 102.64 216,564 0.11
GULFPORT ENERGY CORP 6.38% 05/15/2025 US 6.380 05/15/2025 1,343,000 77.38 1,039,146 0.51
H&E EQUIPMENT SERVICES INC 5.63% 09/01/2025 US 5.630 09/01/2025 455,000 102.85 467,968 0.23
HANESBRANDS INC 4.63% 05/15/2024 US 4.630 05/15/2024 481,000 103.82 499,374 0.25
HARLAND CLARKE HOLDINGS CORP 6.88% 03/01/2020 US 6.880 03/01/2020 464,000 98.63 457,620 0.23
HARLAND CLARKE HOLDINGS CORP 8.38% 08/15/2022 US 8.380 08/15/2022 34,000 84.88 28,858 0.01
HCA INC 5.38% 09/01/2026 US 5.380 09/01/2026 325,000 107.75 350,188 0.17
HCA INC 5.88% 02/01/2029 US 5.880 02/01/2029 228,000 109.63 249,945 0.12
HCA INC 5.88% 02/15/2026 US 5.880 02/15/2026 395,000 110.50 436,475 0.22
HERTZ CORP/THE 5.88% 10/15/2020 US 5.880 10/15/2020 315,000 100.13 315,394 0.16
HERTZ CORP/THE 7.38% 01/15/2021 US 7.380 01/15/2021 1,034,000 100.13 1,035,293 0.51
HERTZ CORP/THE 7.63% 06/01/2022 US 7.630 06/01/2022 540,000 103.88 560,925 0.28
HILCORP ENERGY I LP / HILCORP 5.00% 12/01/2024 US 5.000 12/01/2024 417,000 99.50 414,915 0.21
HILCORP ENERGY I LP / HILCORP 5.75% 10/01/2025 US 5.750 10/01/2025 345,000 100.25 345,863 0.17
HILCORP ENERGY I LP / HILCORP 6.25% 11/01/2028 US 6.250 11/01/2028 435,000 100.50 437,175 0.22
HILTON DOMESTIC OPERATING CO I 5.13% 05/01/2026 US 5.130 05/01/2026 477,000 104.38 497,869 0.25
HLF FINANCING SARL LLC / HERBA 7.25% 08/15/2026 US 7.250 08/15/2026 862,000 100.50 866,310 0.43
HORIZON PHARMA USA INC 8.75% 11/01/2024 US 8.750 11/01/2024 1,076,000 107.28 1,154,333 0.57
HUDBAY MINERALS INC 7.63% 01/15/2025 CA 7.630 01/15/2025 1,079,000 103.25 1,114,068 0.55
IAA INC 5.50% 06/15/2027 US 5.500 06/15/2027 219,000 104.00 227,760 0.11
INGLES MARKETS INC 5.75% 06/15/2023 US 5.750 06/15/2023 491,000 102.25 502,048 0.25
INTELSAT JACKSON HOLDINGS SA 5.50% 08/01/2023 LU 5.500 08/01/2023 416,000 91.25 379,600 0.19
INTERNATIONAL GAME TECHNOLOGY 6.25% 01/15/2027 GB 6.250 01/15/2027 445,000 109.38 486,719 0.24
INTERNATIONAL GAME TECHNOLOGY 6.25% 02/15/2022 GB 6.250 02/15/2022 551,000 105.63 581,994 0.29
IRON MOUNTAIN INC 5.75% 08/15/2024 US 5.750 08/15/2024 997,000 101.01 1,007,110 0.50
IRON MOUNTAIN US HOLDINGS INC 5.38% 06/01/2026 US 5.380 06/01/2026 856,000 100.38 859,210 0.43
J2 CLOUD SERVICES LLC / J2 GLO 6.00% 07/15/2025 US 6.000 07/15/2025 211,000 104.75 221,023 0.11
JB POINDEXTER & CO INC 7.13% 04/15/2026 US 7.130 04/15/2026 612,000 102.00 624,240 0.31
JBS USA LUX SA / JBS USA FINAN 5.88% 07/15/2024 MULT 5.880 07/15/2024 319,000 102.88 328,171 0.16
JBS USA LUX SA / JBS USA FINAN 6.75% 02/15/2028 MULT 6.750 02/15/2028 563,000 108.63 611,559 0.30
JBS USA LUX SA / JBS USA FOOD 6.50% 04/15/2029 MULT 6.500 04/15/2029 781,000 108.63 848,361 0.42
KINROSS GOLD CORP 4.50% 07/15/2027 CA 4.500 07/15/2027 910,000 101.00 919,100 0.45
LENNAR CORP 4.75% 05/30/2025 US 4.750 05/30/2025 402,000 105.88 425,618 0.21
LOUISIANA-PACIFIC CORP 4.88% 09/15/2024 US 4.880 09/15/2024 205,000 101.63 208,331 0.10
MAGNOLIA OIL & GAS OPERATING L 6.00% 08/01/2026 US 6.000 08/01/2026 487,000 102.00 496,740 0.25
MALLINCKRODT INTERNATIONAL FIN 4.88% 04/15/2020 LU 4.880 04/15/2020 966,000 96.38 930,983 0.46
MALLINCKRODT INTERNATIONAL FIN 5.75% 08/01/2022 LU 5.750 08/01/2022 1,685,000 86.00 1,449,100 0.72
MATCH GROUP INC 5.00% 12/15/2027 US 5.000 12/15/2027 181,000 104.74 189,579 0.09
MATTEL INC 6.75% 12/31/2025 US 6.750 12/31/2025 1,152,000 102.88 1,185,120 0.59
MDC PARTNERS INC 6.50% 05/01/2024 CA 6.500 05/01/2024 474,000 91.90 435,587 0.22
MEDNAX INC 5.25% 12/01/2023 US 5.250 12/01/2023 983,000 98.75 970,713 0.48
MEDNAX INC 6.25% 01/15/2027 US 6.250 01/15/2027 1,348,000 98.38 1,326,095 0.66
MERITAGE HOMES CORP 6.00% 06/01/2025 US 6.000 06/01/2025 644,000 107.50 692,300 0.34
METLIFE INC 5.25% 12/15/2167 US 5.250 12/15/2167 844,000 101.12 853,411 0.42
MGM CHINA HOLDINGS LTD 5.38% 05/15/2024 KY 5.380 05/15/2024 245,000 102.60 251,370 0.12
MGM CHINA HOLDINGS LTD 5.88% 05/15/2026 KY 5.880 05/15/2026 656,000 102.75 674,040 0.33
MGM GROWTH PROPERTIES OPERATIN 5.63% 05/01/2024 US 5.630 05/01/2024 946,000 107.75 1,019,315 0.50
MGM RESORTS INTERNATIONAL 6.00% 03/15/2023 US 6.000 03/15/2023 682,000 108.38 739,118 0.37
MONTAGE RESOURCES CORP 8.88% 07/15/2023 US 8.880 07/15/2023 1,161,000 84.25 978,143 0.48
MPT OPERATING PARTNERSHIP LP / 5.25% 08/01/2026 US 5.250 08/01/2026 496,000 104.25 517,080 0.26
MPT OPERATING PARTNERSHIP LP / 5.50% 05/01/2024 US 5.500 05/01/2024 202,000 102.50 207,050 0.10
MURPHY OIL USA INC 5.63% 05/01/2027 US 5.630 05/01/2027 333,000 104.00 346,320 0.17
NAVIENT CORP 5.50% 01/25/2023 US 5.500 01/25/2023 730,000 102.75 750,075 0.37
NAVIENT CORP 5.88% 10/25/2024 US 5.880 10/25/2024 1,113,000 101.13 1,125,521 0.56
NAVIENT CORP 6.50% 06/15/2022 US 6.500 06/15/2022 459,000 106.22 487,568 0.24
NCR CORP 4.63% 02/15/2021 US 4.630 02/15/2021 300,000 100.25 300,750 0.15
NETFLIX INC 4.38% 11/15/2026 US 4.380 11/15/2026 274,000 102.28 280,247 0.14
NETFLIX INC 4.88% 04/15/2028 US 4.880 04/15/2028 652,000 103.50 674,820 0.33
NETFLIX INC 5.38% 11/15/2029 US 5.380 11/15/2029 1,153,000 106.22 1,224,705 0.61
NEW ENTERPRISE STONE & LIME CO 6.25% 03/15/2026 US 6.250 03/15/2026 701,000 101.50 711,515 0.35
NEW HOME CO INC/THE 7.25% 04/01/2022 US 7.250 04/01/2022 546,000 94.25 514,605 0.25
NEXSTAR BROADCASTING INC 5.63% 08/01/2024 US 5.630 08/01/2024 673,000 103.60 697,201 0.34
NEXSTAR ESCROW INC 5.63% 07/15/2027 US 5.630 07/15/2027 225,000 102.38 230,344 0.11
NGL ENERGY PARTNERS LP / NGL E 7.50% 11/01/2023 US 7.500 11/01/2023 869,000 104.50 908,105 0.45
NGPL PIPECO LLC 7.77% 12/15/2037 US 7.770 12/15/2037 646,000 127.00 820,420 0.41
NIELSEN FINANCE LLC / NIELSEN 5.00% 04/15/2022 US 5.000 04/15/2022 739,000 99.75 737,153 0.36
NOKIA OYJ 4.38% 06/12/2027 FI 4.380 06/12/2027 237,000 102.63 243,221 0.12
NORBORD INC 5.75% 07/15/2027 CA 5.750 07/15/2027 307,000 100.63 308,919 0.15
NOVA CHEMICALS CORP 4.88% 06/01/2024 CA 4.880 06/01/2024 730,000 103.50 755,550 0.37
NOVA CHEMICALS CORP 5.25% 08/01/2023 CA 5.250 08/01/2023 873,000 101.38 885,004 0.44
NOVELIS CORP 5.88% 09/30/2026 US 5.880 09/30/2026 764,000 101.25 773,550 0.38
NOVELIS CORP 6.25% 08/15/2024 US 6.250 08/15/2024 191,000 104.85 200,256 0.10
NRG ENERGY INC 5.75% 01/15/2028 US 5.750 01/15/2028 198,000 107.25 212,355 0.11
NUFARM AUSTRALIA LTD / NUFARM 5.75% 04/30/2026 AU 5.750 04/30/2026 889,000 95.00 844,550 0.42
NUSTAR LOGISTICS LP 6.00% 06/01/2026 US 6.000 06/01/2026 531,000 103.50 549,585 0.27
OLIN CORP 5.00% 02/01/2030 US 5.000 02/01/2030 284,000 99.12 281,500 0.14
OPEN TEXT CORP 5.88% 06/01/2026 CA 5.880 06/01/2026 776,000 105.78 820,853 0.41
PARKLAND FUEL CORP 6.00% 04/01/2026 CA 6.000 04/01/2026 1,338,000 102.25 1,368,105 0.68
PARTY CITY HOLDINGS INC 6.63% 08/01/2026 US 6.630 08/01/2026 1,492,000 97.00 1,447,240 0.72
PDC ENERGY INC 5.75% 05/15/2026 US 5.750 05/15/2026 421,000 98.25 413,633 0.20
PDC ENERGY INC 6.13% 09/15/2024 US 6.130 09/15/2024 1,012,000 100.00 1,012,000 0.50
PEABODY ENERGY CORP 6.00% 03/31/2022 US 6.000 03/31/2022 343,000 102.38 351,146 0.17
PEABODY ENERGY CORP 6.38% 03/31/2025 US 6.380 03/31/2025 1,053,000 101.25 1,066,163 0.53
PENSKE AUTOMOTIVE GROUP INC 5.38% 12/01/2024 US 5.380 12/01/2024 193,000 102.75 198,308 0.10
PILGRIM'S PRIDE CORP 5.75% 03/15/2025 US 5.750 03/15/2025 1,127,000 101.50 1,143,905 0.57
PILGRIM'S PRIDE CORP 5.88% 09/30/2027 US 5.880 09/30/2027 502,000 103.63 520,198 0.26
PLASTIPAK HOLDINGS INC 6.25% 10/15/2025 US 6.250 10/15/2025 1,077,000 90.50 974,685 0.48
POST HOLDINGS INC 5.00% 08/15/2026 US 5.000 08/15/2026 1,341,000 101.38 1,359,439 0.67
POST HOLDINGS INC 5.50% 12/15/2029 US 5.500 12/15/2029 151,000 100.25 151,378 0.07
PRECISION DRILLING CORP 7.13% 01/15/2026 CA 7.130 01/15/2026 270,000 96.75 261,225 0.13
PRECISION DRILLING CORP 7.75% 12/15/2023 CA 7.750 12/15/2023 477,000 101.97 486,397 0.24
PULTEGROUP INC 5.50% 03/01/2026 US 5.500 03/01/2026 300,000 108.00 324,000 0.16
PULTEGROUP INC 6.00% 02/15/2035 US 6.000 02/15/2035 490,000 102.50 502,250 0.25
QUAD/GRAPHICS INC 7.00% 05/01/2022 US 7.000 05/01/2022 1,057,000 101.22 1,069,917 0.53
QUALITYTECH LP / QTS FINANCE C 4.75% 11/15/2025 US 4.750 11/15/2025 552,000 99.00 546,480 0.27
QUICKEN LOANS INC 5.25% 01/15/2028 US 5.250 01/15/2028 1,057,000 99.50 1,051,715 0.52
QUICKEN LOANS INC 5.75% 05/01/2025 US 5.750 05/01/2025 386,000 103.13 398,063 0.20
RADIAN GROUP INC 4.50% 10/01/2024 US 4.500 10/01/2024 430,000 102.43 440,445 0.22
RANGE RESOURCES CORP 5.00% 08/15/2022 US 5.000 08/15/2022 340,000 94.88 322,575 0.16
RITE AID CORP 6.13% 04/01/2023 US 6.130 04/01/2023 958,000 84.38 808,313 0.40
ROCKPOINT GAS STORAGE CANADA L 7.00% 03/31/2023 CA 7.000 03/31/2023 604,000 101.38 612,305 0.30
SABLE INTERNATIONAL FINANCE LT 5.75% 09/07/2027 KY 5.750 09/07/2027 480,000 100.69 483,300 0.24
SABRA HEALTH CARE LP 5.13% 08/15/2026 US 5.130 08/15/2026 1,362,000 104.09 1,417,773 0.70
SEMGROUP CORP / ROSE ROCK FINA 5.63% 07/15/2022 US 5.630 07/15/2022 479,000 98.58 472,179 0.23
SEMGROUP CORP / ROSE ROCK FINA 5.63% 11/15/2023 US 5.630 11/15/2023 1,052,000 95.50 1,004,660 0.50
SERVICEMASTER CO LLC/THE 5.13% 11/15/2024 US 5.130 11/15/2024 696,000 102.88 716,010 0.35
SHEA HOMES LP / SHEA HOMES FUN 5.88% 04/01/2023 US 5.880 04/01/2023 426,000 102.00 434,520 0.21
SHELF DRILLING HOLDINGS LTD 8.25% 02/15/2025 KY 8.250 02/15/2025 1,379,000 92.30 1,272,817 0.63
SILGAN HOLDINGS INC 4.75% 03/15/2025 US 4.750 03/15/2025 450,000 100.75 453,375 0.22
SINCLAIR TELEVISION GROUP INC 5.88% 03/15/2026 US 5.880 03/15/2026 485,000 102.22 495,767 0.25
SIRIUS XM RADIO INC 4.63% 07/15/2024 US 4.630 07/15/2024 842,000 102.33 861,602 0.43
SIRIUS XM RADIO INC 5.38% 07/15/2026 US 5.380 07/15/2026 248,000 103.63 256,990 0.13
SIRIUS XM RADIO INC 5.50% 07/01/2029 US 5.500 07/01/2029 591,000 102.52 605,893 0.30
SONIC AUTOMOTIVE INC 5.00% 05/15/2023 US 5.000 05/15/2023 474,000 100.88 478,148 0.24
SONIC AUTOMOTIVE INC 6.13% 03/15/2027 US 6.130 03/15/2027 212,000 98.25 208,290 0.10
SOUTHWESTERN ENERGY CO 6.20% 01/23/2025 US 6.200 01/23/2025 857,000 91.25 782,013 0.39
SOUTHWESTERN ENERGY CO 7.50% 04/01/2026 US 7.500 04/01/2026 696,000 94.74 659,376 0.33
SPRINGLEAF FINANCE CORP 5.63% 03/15/2023 US 5.630 03/15/2023 641,000 106.25 681,063 0.34
SPRINGLEAF FINANCE CORP 6.13% 03/15/2024 US 6.130 03/15/2024 293,000 107.50 314,975 0.16
SPRINGLEAF FINANCE CORP 6.63% 01/15/2028 US 6.630 01/15/2028 156,000 105.00 163,800 0.08
SPRINGLEAF FINANCE CORP 6.88% 03/15/2025 US 6.880 03/15/2025 382,000 109.50 418,282 0.21
SPRINGLEAF FINANCE CORP 7.13% 03/15/2026 US 7.130 03/15/2026 328,000 109.56 359,365 0.18
SPRINT CAPITAL CORP 6.88% 11/15/2028 US 6.880 11/15/2028 955,000 102.78 981,549 0.49
SPRINT CORP 7.13% 06/15/2024 US 7.130 06/15/2024 2,149,000 106.03 2,278,585 1.13
SPRINT CORP 7.63% 02/15/2025 US 7.630 02/15/2025 223,000 106.50