The Universe of Leveraged Bank Loan and High Yield Bond U.S. Mutual Funds Accessible Data

Billions

Date	Bank Loans	High Yield Bonds
1/1/2000	18.90	75.18
1/1/2001	15.52	79.74
1/1/2002	10.74	83.68
1/1/2003	12.63	125.66
1/1/2004	20.08	128.52
1/1/2005	23.39	116.12
1/1/2006	30.56	127.23
1/1/2007	27.67	126.34
1/1/2008	14.13	90.53
1/1/2009	23.72	157.45
1/1/2010	41.90	189.75
1/1/2011	54.95	206.67
1/1/2012	70.69	262.94
1/1/2013	136.58	280.37
1/1/2014	115.45	264.25
1/1/2015	93.26	235.90
1/1/2016	106.03	273.42
1/1/2017	119.48	266.35
1/1/2018	116.91	226.52

Source: Morningstar, Inc.

Billions

Date	Missing Rating	Not Rated	Below B Rated	B Rated	BB Rated	BBB Rated	AAA Rated	Total
3/1/2006	23.68	0.40	0.11	0.25	0.31	0.38	0.06	25.20
6/1/2006	26.30	0.28	0.04	0.49	0.44	0.02	0.09	27.66
9/1/2006	21.74	1.07	0.06	2.33	3.88	0.14	0.09	29.31
12/1/2006	27.78	0.04	0.06	1.31	1.16	0.15	0.05	30.55
3/1/2007	29.70	0.06	0.09	1.70	1.46	0.04	0.13	33.17
6/1/2007	16.70	1.50	0.33	7.55	9.69	0.46	0.25	36.47
9/1/2007	17.10	0.91	0.27	5.70	6.84	0.32	0.17	31.31
12/1/2007	17.51	0.54	0.22	4.07	5.03	0.20	0.09	27.65
3/1/2008	13.64	0.92	0.25	3.37	4.02	0.15	0.10	22.45
6/1/2008	13.17	0.97	0.26	3.74	4.74	0.23	0.20	23.31
9/1/2008	7.29	1.25	0.31	4.36	6.72	0.56	0.08	20.56
12/1/2008	3.03	0.91	0.34	3.51	5.62	0.54	0.16	14.12
3/1/2009	4.20	1.19	0.62	3.92	5.46	0.63	0.12	16.15
6/1/2009	8.05	0.65	0.95	4.01	5.91	0.67	0.16	20.39
9/1/2009	5.40	1.39	1.39	6.03	7.23	0.96	0.18	22.58
12/1/2009	2.27	1.56	1.86	7.86	8.84	0.95	0.18	23.53
3/1/2010	7.66	1.60	1.41	8.65	7.79	0.75	0.21	28.08
6/1/2010	9.75	1.40	0.96	8.44	8.96	0.73	0.22	30.45
9/1/2010	11.08	1.31	0.79	8.91	10.51	0.77	0.38	33.77
12/1/2010	13.11	2.05	1.06	10.92	13.26	1.27	0.18	41.84
3/1/2011	3.83	4.07	1.50	22.34	21.34	2.06	1.78	56.92
6/1/2011	19.91	2.29	1.62	21.43	18.12	1.65	0.31	65.32
9/1/2011	12.98	1.80	1.20	19.19	17.68	1.37	0.38	54.59
12/1/2011	14.35	1.48	1.40	19.74	16.40	1.24	0.26	54.87
3/1/2012	4.32	2.16	1.66	23.01	22.56	1.60	1.75	57.07
6/1/2012	15.22	1.69	1.61	20.05	18.19	1.38	0.55	58.68
9/1/2012	18.97	2.20	1.70	21.06	17.81	1.55	0.69	63.98
12/1/2012	18.68	2.69	2.08	24.01	20.15	1.82	1.15	70.58
3/1/2013	19.24	3.31	2.78	33.60	24.86	2.01	1.27	87.06
6/1/2013	22.49	3.51	3.38	40.37	28.56	2.49	1.28	102.09
9/1/2013	37.10	3.08	3.57	43.33	32.93	2.94	1.46	124.40
12/1/2013	30.00	3.47	4.88	56.67	36.71	3.72	0.84	136.29
3/1/2014	32.49	3.54	6.07	60.52	37.90	3.39	1.04	144.95
6/1/2014	32.29	3.15	6.27	59.82	33.73	2.86	1.91	140.04
9/1/2014	30.68	2.69	6.58	55.04	31.39	2.06	1.18	129.62
12/1/2014	24.93	2.26	5.95	50.07	27.65	3.16	1.12	115.13
3/1/2015	22.43	2.82	5.38	48.20	28.17	3.09	1.61	111.69
6/1/2015	21.86	3.18	5.25	45.49	30.42	3.13	1.74	111.05
9/1/2015	19.92	2.33	4.72	42.81	30.13	3.19	1.51	104.62
12/1/2015	15.24	2.07	4.95	37.52	27.85	3.62	1.72	92.97
3/1/2016	15.94	2.00	4.74	33.86	26.00	3.75	1.55	87.85
6/1/2016	16.71	2.45	5.07	32.90	25.78	4.09	1.96	88.95
9/1/2016	16.96	2.69	5.24	33.95	27.63	4.19	3.10	93.76
12/1/2016	18.47	2.31	5.39	37.76	31.28	5.63	4.65	105.50
3/1/2017	16.22	3.12	6.54	43.54	38.63	5.90	3.88	117.82
6/1/2017	17.98	3.57	6.38	45.64	39.27	5.92	3.07	121.83
9/1/2017	23.04	3.63	6.23	44.39	36.36	5.31	2.82	121.77
12/1/2017	27.97	3.28	6.11	41.81	31.93	5.30	2.70	119.10
3/1/2018	28.26	3.20	5.97	44.48	33.40	6.04	3.21	124.54
6/1/2018	22.38	3.83	6.72	55.55	36.24	5.55	2.31	132.58
9/1/2018	22.75	3.37	7.72	58.33	36.71	6.62	2.52	138.02
12/1/2018	24.16	3.30	5.32	49.35	27.35	4.51	2.02	116.01

Note: A and AA Rated are too small to be depicted.

Source: Morningstar, Inc.

Billions

Date	Missing Rating	Not Rated	Below B Rated	B Rated	BB Rated	BBB Rated	AAA Rated	Total
3/1/2006	61.31	1.61	4.30	28.50	18.95	1.75	1.43	117.86
6/1/2006	51.03	1.57	6.11	31.89	20.72	2.50	0.84	114.66
9/1/2006	36.78	5.83	12.04	38.73	21.71	2.47	2.36	119.92
12/1/2006	16.00	6.54	12.62	48.01	31.98	7.77	3.25	126.17
3/1/2007	48.38	2.25	10.85	39.13	24.79	3.09	3.09	131.57
6/1/2007	16.57	7.20	19.29	50.96	30.75	4.17	2.79	131.73
9/1/2007	12.13	7.03	17.86	52.13	31.96	4.15	3.63	128.90
12/1/2007	18.25	3.95	16.21	49.09	28.47	4.91	3.90	124.79
3/1/2008	19.64	3.17	12.75	44.77	28.28	4.65	3.99	117.25
6/1/2008	6.95	6.39	15.97	49.83	31.52	5.94	4.82	121.42
9/1/2008	5.93	5.73	15.03	44.25	28.70	5.65	4.29	109.58
12/1/2008	5.50	4.28	12.70	30.83	23.70	6.40	4.47	87.87
3/1/2009	27.22	2.27	12.09	26.31	19.29	5.74	4.55	97.47
6/1/2009	26.62	2.18	18.92	34.05	30.58	7.24	3.71	123.31
9/1/2009	7.54	5.79	31.64	49.07	37.96	8.46	3.44	143.89
12/1/2009	7.98	7.51	31.42	58.79	39.09	7.79	2.80	155.38
3/1/2010	47.40	3.54	22.29	51.70	32.11	5.85	2.27	165.15
6/1/2010	44.52	4.10	22.74	52.04	30.33	4.64	2.90	161.27
9/1/2010	50.91	4.84	22.64	57.65	34.71	5.02	2.88	178.64
12/1/2010	59.74	4.18	25.92	58.14	33.00	4.81	3.14	188.93
3/1/2011	48.52	8.27	26.99	70.34	40.00	5.60	3.93	203.63
6/1/2011	60.98	4.64	25.83	65.10	36.06	5.42	2.89	200.91
9/1/2011	57.83	3.44	21.68	57.83	35.64	5.04	2.75	184.22
12/1/2011	60.12	4.57	22.87	65.71	42.21	6.01	4.50	205.99
3/1/2012	74.89	4.85	21.73	72.91	48.50	6.03	3.79	232.70
6/1/2012	68.17	6.79	25.96	73.26	49.03	8.30	4.74	236.25
9/1/2012	89.47	6.21	26.95	71.74	48.21	8.94	4.26	255.78
12/1/2012	81.17	6.57	29.67	81.05	50.17	8.18	3.92	260.74
3/1/2013	76.89	8.21	33.52	86.08	55.65	8.31	3.97	272.63
6/1/2013	67.72	8.23	33.02	83.29	53.09	7.79	2.79	255.92
9/1/2013	74.16	7.55	33.73	83.36	56.36	8.32	3.28	266.76
12/1/2013	92.36	6.02	32.22	78.82	59.62	7.22	2.92	279.18
3/1/2014	109.36	6.18	31.72	75.18	57.73	6.40	4.09	290.66
6/1/2014	86.40	7.63	40.04	87.68	66.06	6.30	4.81	298.92
9/1/2014	77.71	6.54	37.81	81.65	60.15	4.86	3.83	272.55
12/1/2014	59.19	8.31	37.44	83.91	63.34	5.57	5.70	263.46
3/1/2015	56.64	8.51	36.96	92.45	67.21	6.60	5.57	273.94
6/1/2015	53.19	7.38	38.24	90.74	67.40	7.12	6.49	270.56
9/1/2015	42.95	7.00	36.28	84.48	65.51	7.07	6.46	249.75
12/1/2015	42.53	6.73	31.98	75.50	63.38	7.95	6.62	234.70
3/1/2016	42.00	7.20	33.38	77.53	69.19	8.95	7.10	245.35
6/1/2016	46.15	7.39	32.72	80.21	72.15	9.33	6.84	254.80
9/1/2016	69.71	6.24	31.90	78.41	68.78	9.23	7.73	272.00
12/1/2016	49.70	7.68	35.72	87.35	73.68	10.11	7.50	271.75
3/1/2017	43.35	7.25	36.47	93.30	75.27	8.51	6.65	270.81
6/1/2017	45.55	6.92	33.73	96.16	74.49	7.93	6.94	271.72
9/1/2017	46.94	7.40	32.42	96.31	74.88	8.00	5.49	271.43
12/1/2017	50.92	7.05	31.86	90.83	71.12	7.61	5.18	264.56
3/1/2018	50.64	6.54	28.34	85.38	66.30	6.89	4.02	248.10
6/1/2018	55.90	6.18	29.34	83.32	62.32	6.27	4.26	247.59
9/1/2018	56.02	5.98	30.97	83.57	62.77	7.05	5.39	251.74
12/1/2018	54.31	5.04	25.43	71.76	57.79	6.55	4.10	224.97

Note: A and AA Rated are too small to be depicted.

Source: Morningstar, Inc.

Percent

Date	High Yield	Bank Loan
3/1/2006	7.3%	0.2%
6/1/2006	8.1%	0.3%
9/1/2006	10.1%	1.9%
12/1/2006	12.4%	0.6%
3/1/2007	10.1%	0.7%
6/1/2007	13.4%	3.6%
9/1/2007	13.5%	2.5%
12/1/2007	12.4%	1.7%
3/1/2008	11.5%	1.4%
6/1/2008	12.7%	1.5%
9/1/2008	10.3%	1.9%
12/1/2008	8.4%	1.6%
3/1/2009	7.2%	1.7%
6/1/2009	9.7%	1.9%
9/1/2009	13.9%	2.6%
12/1/2009	15.5%	3.5%
3/1/2010	12.1%	3.5%
6/1/2010	11.7%	3.7%
9/1/2010	12.3%	3.9%
12/1/2010	12.2%	5.1%
3/1/2011	14.1%	9.2%
6/1/2011	13.0%	7.9%
9/1/2011	12.0%	7.4%
12/1/2011	13.7%	7.3%
3/1/2012	14.8%	9.3%
6/1/2012	15.8%	7.5%
9/1/2012	14.9%	7.7%
12/1/2012	16.2%	8.4%
3/1/2013	17.1%	10.9%
6/1/2013	16.6%	12.2%
9/1/2013	16.5%	12.5%
12/1/2013	16.0%	14.4%
3/1/2014	15.3%	14.7%
6/1/2014	17.9%	13.2%
9/1/2014	16.1%	11.6%
12/1/2014	16.6%	10.1%
3/1/2015	17.1%	9.8%
6/1/2015	17.3%	9.7%
9/1/2015	16.5%	9.2%
12/1/2015	15.4%	8.1%
3/1/2016	15.7%	7.3%
6/1/2016	16.5%	7.2%
9/1/2016	16.1%	7.7%
12/1/2016	18.2%	8.5%
3/1/2017	19.2%	10.1%
6/1/2017	19.6%	9.9%
9/1/2017	19.4%	9.3%
12/1/2017	18.5%	8.4%
3/1/2018	17.2%	8.5%
6/1/2018	17.0%	9.4%
9/1/2018	17.3%	9.4%
12/1/2018	15.5%	7.2%

Note: Ratio for BL is the assets of BL held by BL MFs to institutional leveraged loan outstanding. The ratio for HY is the assets of HY bonds held by HY MFs to HY bonds total outstanding. HY CB outstanding excudes unrated.

Source: Morningstar, Inc.; Thomson Reuters LPC; Mergent, Inc.

Percent

Date	Bank Loan MFs	High Yield Bond MFs
1/31/2000	0	0
2/29/2000	0.8%	-1.0%
3/31/2000	0.5%	-2.1%
4/30/2000	0.7%	-1.4%
5/31/2000	0.3%	-1.6%
6/30/2000	0.4%	1.4%
7/31/2000	0.3%	-1.2%
8/31/2000	1.4%	-1.5%
9/30/2000	0.0%	-1.3%
10/31/2000	0.2%	-1.7%
11/30/2000	-0.8%	-2.3%
12/31/2000	-3.8%	-1.2%
1/31/2001	0.5%	5.2%
2/28/2001	-0.8%	2.0%
3/31/2001	-0.9%	-0.9%
4/30/2001	-1.4%	0.0%
5/31/2001	-0.8%	1.7%
6/30/2001	-1.5%	-1.5%
7/31/2001	-0.2%	0.5%
8/31/2001	-1.1%	0.1%
9/30/2001	-2.3%	-2.3%
10/31/2001	-3.3%	0.8%
11/30/2001	-3.5%	2.6%
12/31/2001	-2.9%	-0.6%
1/31/2002	-2.3%	2.2%
2/28/2002	-2.2%	-0.4%
3/31/2002	-2.2%	3.8%
4/30/2002	-2.0%	1.3%
5/31/2002	-2.0%	-0.2%
6/30/2002	-1.9%	-0.6%
7/31/2002	-2.6%	-1.9%
8/31/2002	-3.9%	1.8%
9/30/2002	-4.3%	-1.5%
10/31/2002	-4.0%	1.7%
11/30/2002	-3.7%	3.8%
12/31/2002	-2.9%	1.1%
1/31/2003	-1.9%	1.4%
2/28/2003	-1.7%	3.1%
3/31/2003	-1.7%	6.7%
4/30/2003	0.2%	5.8%
5/31/2003	-0.6%	0.8%
6/30/2003	-0.5%	2.9%
7/31/2003	3.2%	-1.3%
8/31/2003	4.0%	0.1%
9/30/2003	2.5%	0.3%
10/31/2003	3.5%	1.1%
11/30/2003	2.1%	0.6%
12/31/2003	1.9%	0.8%
1/31/2004	3.2%	0.6%
2/29/2004	2.5%	-2.6%
3/31/2004	2.4%	-1.0%
4/30/2004	4.2%	-1.8%
5/31/2004	7.0%	-3.7%
6/30/2004	5.5%	-0.4%
7/31/2004	5.5%	0.0%
8/31/2004	4.1%	0.5%
9/30/2004	2.8%	0.5%
10/31/2004	2.3%	0.6%
11/30/2004	2.0%	0.5%
12/31/2004	1.4%	-0.8%
1/31/2005	2.6%	-1.2%
2/28/2005	2.2%	-0.1%
3/31/2005	2.9%	-3.4%
4/30/2005	2.2%	-1.8%
5/31/2005	-0.4%	-0.7%
6/30/2005	-0.9%	0.0%
7/31/2005	0.6%	0.2%
8/31/2005	-0.3%	-0.7%
9/30/2005	0.4%	-1.9%
10/31/2005	1.8%	-2.2%
11/30/2005	0.4%	-0.3%
12/31/2005	0.4%	-0.8%
1/31/2006	1.6%	-0.3%
2/28/2006	0.8%	0.2%
3/31/2006	2.2%	-0.3%
4/30/2006	2.3%	-0.3%
5/31/2006	2.9%	-0.6%
6/30/2006	3.0%	-1.3%
7/31/2006	2.4%	0.5%
8/31/2006	1.4%	0.4%
9/30/2006	1.0%	0.3%
10/31/2006	1.8%	0.8%
11/30/2006	0.4%	0.6%
12/31/2006	0.8%	0.4%
1/31/2007	2.7%	0.8%
2/28/2007	1.4%	0.5%
3/31/2007	2.7%	0.4%
4/30/2007	2.7%	0.5%
5/31/2007	2.6%	1.0%
6/30/2007	3.6%	-1.5%
7/31/2007	-3.9%	-1.2%
8/31/2007	-7.3%	-0.9%
9/30/2007	-1.3%	0.8%
10/31/2007	-0.4%	0.6%
11/30/2007	-5.6%	-1.2%
12/31/2007	-4.8%	-0.2%
1/31/2008	-3.9%	-1.2%
2/29/2008	-8.7%	-0.3%
3/31/2008	-2.1%	-0.4%
4/30/2008	0.3%	2.2%
5/31/2008	-1.0%	0.9%
6/30/2008	0.8%	-0.5%
7/31/2008	0.3%	-0.4%
8/31/2008	-1.8%	0.2%
9/30/2008	-3.5%	-0.6%
10/31/2008	-3.3%	-1.8%
11/30/2008	-3.5%	-0.1%
12/31/2008	-2.3%	3.2%
1/31/2009	4.0%	3.1%
2/28/2009	2.8%	0.7%
3/31/2009	0.0%	2.6%
4/30/2009	4.1%	3.5%
5/31/2009	3.3%	2.9%
6/30/2009	3.2%	0.3%
7/31/2009	2.7%	1.2%
8/31/2009	0.3%	0.5%
9/30/2009	0.2%	1.0%
10/31/2009	0.6%	0.6%
11/30/2009	-0.8%	0.7%
12/31/2009	2.2%	0.7%
1/31/2010	4.4%	0.8%
2/28/2010	3.5%	-1.3%
3/31/2010	5.9%	2.1%
4/30/2010	7.5%	1.3%
5/31/2010	0.6%	-3.6%
6/30/2010	2.1%	0.9%
7/31/2010	1.2%	1.6%
8/31/2010	1.6%	0.8%
9/30/2010	4.2%	2.3%
10/31/2010	4.1%	1.2%
11/30/2010	5.4%	-0.4%
12/31/2010	10.3%	1.2%
1/31/2011	13.0%	2.3%
2/28/2011	10.2%	1.8%
3/31/2011	7.5%	-3.2%
4/30/2011	6.1%	0.8%
5/31/2011	4.8%	0.6%
6/30/2011	1.9%	-3.0%
7/31/2011	0.5%	1.0%
8/31/2011	-10.8%	-2.5%
9/30/2011	-2.6%	0.7%
10/31/2011	-1.2%	4.9%
11/30/2011	-0.8%	-0.5%
12/31/2011	-1.2%	1.7%
1/31/2012	0.4%	3.1%
2/29/2012	-0.5%	2.5%
3/31/2012	1.1%	1.6%
4/30/2012	2.4%	0.9%
5/31/2012	0.3%	-0.5%
6/30/2012	-0.1%	0.5%
7/31/2012	1.4%	2.1%
8/31/2012	1.9%	1.6%
9/30/2012	3.0%	1.0%
10/31/2012	3.4%	0.5%
11/30/2012	2.8%	-1.3%
12/31/2012	2.9%	-0.1%
1/31/2013	5.5%	0.9%
2/28/2013	7.0%	-0.2%
3/31/2013	7.3%	0.2%
4/30/2013	5.4%	0.3%
5/31/2013	5.1%	-0.2%
6/30/2013	6.2%	-4.4%
7/31/2013	8.1%	1.8%
8/31/2013	6.6%	-1.2%
9/30/2013	4.6%	1.3%
10/31/2013	2.3%	1.0%
11/30/2013	2.6%	0.4%
12/31/2013	2.8%	0.0%
1/31/2014	2.8%	0.1%
2/28/2014	1.5%	0.6%
3/31/2014	1.3%	0.4%
4/30/2014	-0.7%	0.4%
5/31/2014	-1.2%	0.6%
6/30/2014	-2.1%	-0.2%
7/31/2014	-1.3%	-2.6%
8/31/2014	-2.7%	-1.8%
9/30/2014	-2.5%	-2.4%
10/31/2014	-4.0%	0.5%
11/30/2014	-1.2%	1.2%
12/31/2014	-5.4%	-3.1%
1/31/2015	-3.2%	0.8%
2/28/2015	-0.5%	2.2%
3/31/2015	-0.9%	-0.8%
4/30/2015	0.0%	0.2%
5/31/2015	0.5%	0.2%
6/30/2015	-1.2%	-1.5%
7/31/2015	-0.2%	-1.1%
8/31/2015	-2.3%	-1.0%
9/30/2015	-1.5%	-0.7%
10/31/2015	-1.3%	1.6%
11/30/2015	-1.6%	-1.2%
12/31/2015	-6.1%	-3.7%
1/31/2016	-2.7%	-1.3%
2/29/2016	-2.7%	1.1%
3/31/2016	-1.1%	3.3%
4/30/2016	-0.4%	0.8%
5/31/2016	-0.1%	-0.1%
6/30/2016	-0.8%	-1.0%
7/31/2016	0.7%	1.3%
8/31/2016	0.4%	0.7%
9/30/2016	1.4%	0.0%
10/31/2016	1.8%	-0.6%
11/30/2016	2.6%	-2.3%
12/31/2016	5.9%	1.8%
1/31/2017	3.6%	0.3%
2/28/2017	3.6%	-0.3%
3/31/2017	3.1%	-2.7%
4/30/2017	1.6%	-0.3%
5/31/2017	1.2%	-0.5%
6/30/2017	0.3%	-0.6%
7/31/2017	-0.1%	-0.7%
8/31/2017	-0.5%	-1.1%
9/30/2017	0.0%	0.1%
10/31/2017	-0.3%	-0.4%
11/30/2017	-0.9%	-2.0%
12/31/2017	-0.9%	-0.4%
1/31/2018	0.7%	-0.6%
2/28/2018	0.9%	-3.6%
3/31/2018	2.1%	-1.0%
4/30/2018	1.9%	0.4%
5/31/2018	2.4%	-1.1%
6/30/2018	2.0%	-0.5%
7/31/2018	0.9%	-0.4%
8/31/2018	1.2%	-0.1%
9/30/2018	0.8%	0.4%
10/31/2018	0.7%	-1.8%
11/30/2018	-3.1%	-1.2%
12/31/2018	-10.0%	-2.7%

Note: Values are calculated as the weighted sum of fund's flows for a given day divided by total assets of the share class universe (TNA) where the weight is the lag assets of the fund divided by the lag TNA. Date of the Taper Tantrum is May 2013.

Source: Morningstar, Inc.

Percent

Date	Bank Loan MFs	High Yield MFs
12/1/2000	3.5%	-8.2%
12/1/2001	0.4%	0.9%
12/1/2002	0.1%	-1.4%
12/1/2003	8.3%	25.1%
12/1/2004	4.7%	9.8%
12/1/2005	4.4%	3.0%
12/1/2006	6.6%	10.4%
12/1/2007	1.1%	2.0%
12/1/2008	-29.1%	-26.8%
12/1/2009	38.2%	48.3%
12/1/2010	9.4%	14.5%
12/1/2011	1.7%	3.0%
12/1/2012	8.5%	15.0%
12/1/2013	5.2%	7.2%
12/1/2014	0.6%	2.0%
12/1/2015	-1.3%	-4.0%
12/1/2016	10.1%	13.7%
12/1/2017	3.8%	7.2%
12/1/2018	-0.1%	-2.8%

Source: Morningstar, Inc.

Percent

Date	Bank Loan MFs	High Yield MFs
1/1/2000	100.0	100.0
2/1/2000	100.5	100.8
3/1/2000	100.7	99.2
4/1/2000	101.1	98.8
5/1/2000	101.6	97.1
6/1/2000	102.0	98.8
7/1/2000	102.3	99.2
8/1/2000	102.6	99.7
9/1/2000	102.9	98.2
10/1/2000	102.9	95.1
11/1/2000	102.9	90.5
12/1/2000	103.0	92.2
1/1/2001	103.2	97.8
2/1/2001	103.5	98.2
3/1/2001	103.5	95.6
4/1/2001	102.8	94.6
5/1/2001	103.4	95.7
6/1/2001	103.3	93.3
7/1/2001	103.6	93.9
8/1/2001	104.1	94.5
9/1/2001	103.2	88.7
10/1/2001	102.3	90.4
11/1/2001	102.9	93.2
12/1/2001	103.4	93.1
1/1/2002	103.7	93.5
2/1/2002	103.6	92.2
3/1/2002	104.3	94.0
4/1/2002	104.9	95.0
5/1/2002	105.0	94.2
6/1/2002	104.3	89.3
7/1/2002	103.4	86.1
8/1/2002	102.9	87.7
9/1/2002	102.8	86.3
10/1/2002	101.9	86.0
11/1/2002	102.7	90.8
12/1/2002	103.5	91.8
1/1/2003	104.1	93.7
2/1/2003	104.4	95.0
3/1/2003	104.9	97.2
4/1/2003	106.2	101.8
5/1/2003	107.3	103.2
6/1/2003	108.3	105.6
7/1/2003	108.8	104.7
8/1/2003	109.0	106.0
9/1/2003	109.9	108.4
10/1/2003	110.7	110.7
11/1/2003	111.4	112.1
12/1/2003	112.1	114.8
1/1/2004	113.2	116.5
2/1/2004	113.4	116.4
3/1/2004	113.8	116.9
4/1/2004	114.2	116.3
5/1/2004	114.3	114.5
6/1/2004	114.9	116.1
7/1/2004	115.3	117.1
8/1/2004	115.5	119.0
9/1/2004	115.8	120.7
10/1/2004	116.3	122.7
11/1/2004	116.9	124.2
12/1/2004	117.3	126.0
1/1/2005	117.7	125.7
2/1/2005	118.3	127.5
3/1/2005	118.5	124.2
4/1/2005	118.5	122.8
5/1/2005	118.6	124.7
6/1/2005	119.2	126.8
7/1/2005	120.0	128.8
8/1/2005	120.7	129.4
9/1/2005	121.2	128.6
10/1/2005	121.5	127.5
11/1/2005	121.9	128.7
12/1/2005	122.5	129.8
1/1/2006	123.3	131.5
2/1/2006	124.0	132.6
3/1/2006	124.8	133.2
4/1/2006	125.4	134.1
5/1/2006	125.7	133.7
6/1/2006	126.0	133.1
7/1/2006	126.7	134.1
8/1/2006	127.5	135.9
9/1/2006	128.1	137.4
10/1/2006	129.0	139.4
11/1/2006	129.7	141.8
12/1/2006	130.6	143.3
1/1/2007	131.7	144.8
2/1/2007	132.7	146.6
3/1/2007	133.2	147.1
4/1/2007	134.0	149.1
5/1/2007	134.8	150.4
6/1/2007	135.0	148.1
7/1/2007	130.7	143.4
8/1/2007	130.7	144.6
9/1/2007	132.9	148.1
10/1/2007	133.9	149.2
11/1/2007	132.0	146.0
12/1/2007	132.0	146.2
1/1/2008	128.2	143.4
2/1/2008	124.5	141.7
3/1/2008	124.3	141.0
4/1/2008	128.2	146.6
5/1/2008	129.5	147.3
6/1/2008	129.5	143.7
7/1/2008	128.3	141.6
8/1/2008	128.2	141.9
9/1/2008	121.2	131.5
10/1/2008	104.4	111.4
11/1/2008	96.6	102.4
12/1/2008	93.6	107.0
1/1/2009	99.3	111.7
2/1/2009	100.4	108.9
3/1/2009	100.9	110.8
4/1/2009	107.5	121.2
5/1/2009	111.9	127.9
6/1/2009	116.0	131.8
7/1/2009	120.3	140.2
8/1/2009	122.2	142.6
9/1/2009	125.3	150.0
10/1/2009	126.0	152.1
11/1/2009	126.2	153.9
12/1/2009	129.3	158.6
1/1/2010	131.5	160.3
2/1/2010	131.8	160.7
3/1/2010	134.5	165.7
4/1/2010	136.1	169.3
5/1/2010	133.2	163.2
6/1/2010	132.7	164.4
7/1/2010	134.8	170.2
8/1/2010	135.4	170.1
9/1/2010	137.2	175.2
10/1/2010	139.4	179.9
11/1/2010	139.8	178.0
12/1/2010	141.4	181.6
1/1/2011	143.6	185.6
2/1/2011	144.3	188.1
3/1/2011	144.4	188.5
4/1/2011	145.3	191.4
5/1/2011	145.3	191.8
6/1/2011	144.8	189.7
7/1/2011	145.1	191.4
8/1/2011	139.1	183.0
9/1/2011	139.5	176.8
10/1/2011	143.6	186.9
11/1/2011	142.8	182.8
12/1/2011	143.9	187.0
1/1/2012	146.7	193.0
2/1/2012	147.9	197.3
3/1/2012	148.8	197.4
4/1/2012	149.8	199.1
5/1/2012	148.6	196.0
6/1/2012	149.7	199.7
7/1/2012	151.1	203.3
8/1/2012	152.4	205.8
9/1/2012	153.9	208.5
10/1/2012	154.5	210.3
11/1/2012	155.1	211.9
12/1/2012	156.2	215.2
1/1/2013	157.7	218.0
2/1/2013	158.0	219.1
3/1/2013	159.4	221.3
4/1/2013	160.3	225.2
5/1/2013	160.5	224.1
6/1/2013	159.4	218.3
7/1/2013	161.1	222.4
8/1/2013	161.0	221.0
9/1/2013	161.4	223.2
10/1/2013	162.7	228.4
11/1/2013	163.4	229.3
12/1/2013	164.2	230.7
1/1/2014	164.9	232.0
2/1/2014	165.3	236.5
3/1/2014	165.7	237.1
4/1/2014	165.7	238.3
5/1/2014	166.5	240.5
6/1/2014	167.3	242.5
7/1/2014	167.2	239.6
8/1/2014	167.5	242.9
9/1/2014	166.3	237.9
10/1/2014	166.7	240.2
11/1/2014	167.3	238.9
12/1/2014	165.2	235.4
1/1/2015	165.4	236.3
2/1/2015	167.9	241.7
3/1/2015	168.4	240.8
4/1/2015	169.8	243.5
5/1/2015	170.1	244.5
6/1/2015	169.2	241.1
7/1/2015	169.3	240.4
8/1/2015	167.9	236.3
9/1/2015	166.6	230.4
10/1/2015	166.7	236.0
11/1/2015	164.8	231.6
12/1/2015	163.1	226.0
1/1/2016	161.6	222.4
2/1/2016	160.7	222.8
3/1/2016	165.4	230.9
4/1/2016	168.8	237.9
5/1/2016	170.3	239.2
6/1/2016	170.3	240.9
7/1/2016	172.7	246.5
8/1/2016	174.1	251.2
9/1/2016	175.6	252.7
10/1/2016	177.0	253.2
11/1/2016	177.4	252.6
12/1/2016	179.5	257.1
1/1/2017	180.4	260.5
2/1/2017	181.4	264.0
3/1/2017	181.5	263.6
4/1/2017	182.1	266.4
5/1/2017	182.7	268.4
6/1/2017	182.6	268.5
7/1/2017	183.9	271.7
8/1/2017	183.7	271.7
9/1/2017	184.4	273.9
10/1/2017	185.5	275.0
11/1/2017	185.6	274.4
12/1/2017	186.4	275.5
1/1/2018	188.1	277.5
2/1/2018	188.3	274.8
3/1/2018	188.6	273.3
4/1/2018	189.4	274.6
5/1/2018	189.6	274.5
6/1/2018	189.6	275.1
7/1/2018	191.0	278.0
8/1/2018	191.8	279.8
9/1/2018	193.0	281.1
10/1/2018	192.6	276.3
11/1/2018	190.8	273.9
12/1/2018	186.1	267.7

Note: Indexed set at 100 on January 2000.

Source: Morningstar, Inc.

Board of Governors of the Federal Reserve System

Accessible Version

The Universe of Leveraged Bank Loan and High Yield Bond U.S. Mutual Funds Accessible Data

Figure 1: Total Net Assets

Figure 2: Bank Loan Mutual Funds Assets by Rating

Figure 3: High Yield Mutual Funds Assets by Rating

Figure 4: Percentage of BL and HY Bonds held by Mutual Funds

Figure 5: Net Flows as a Percentage of Assets

Figure 6: Annual Weighted Returns

Figure 7: Morningstar Weighted Returns over time