N-Q 1 a19-7250_1nq.htm N-Q

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

 

 

 

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-5399

 

 

The New America High Income Fund, Inc.

(Exact name of registrant as specified in charter)

 

33 Broad Street, Boston, MA

 

02109

(Address of principal executive offices)

 

(Zip code)

 

Ellen E. Terry, 33 Broad Street, Boston MA 02109

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(617) 263-6400

 

 

Date of fiscal year end:

12/31

 

 

 

 

Date of reporting period:

3/31/19

 

 

 

Item 1 - Schedule of Investments - March 31, 2019 (Unaudited) (Dollar Amounts in Thousands)

 

 

Principal

 

 

 

Moody’s

 

 

 

Amount/Units

 

 

 

Rating

 

Value

 

 

 

 

 

(Unaudited)

 

(Note 1)

 

CORPORATE DEBT SECURITIES - 122.88% (d)(f)

 

 

 

 

 

Aerospace & Defense - 1.12%

 

 

 

 

 

10

 

Bombardier, Inc., Senior Notes,

 

 

 

 

 

 

 

6%, 10/15/22 (g)

 

Caa1

 

10

 

885

 

Bombardier, Inc., Senior Notes,

 

 

 

 

 

 

 

8.75%, 12/01/21 (g)

 

Caa1

 

978

 

1,480

 

Transdigm Holdings UK, plc, Senior Notes,

 

 

 

 

 

 

 

6.25%, 03/15/26 (g)

 

Ba3

 

1,535

 

 

 

 

 

 

 

2,523

 

Airlines - .06%

 

 

 

 

 

74

 

American Airlines Group, Senior Notes,

 

 

 

 

 

 

 

5.625%, 07/15/22 (g)

 

(e)

 

76

 

55

 

United Continental Holdings, Senior Notes,

 

 

 

 

 

 

 

5%, 02/01/24

 

Ba3

 

55

 

 

 

 

 

 

 

131

 

Automotive - 2.65%

 

 

 

 

 

110

 

Dana Financing Luxembourg Saarl, Senior Notes,

 

 

 

 

 

 

 

5.75%, 04/15/25 (g)

 

B2

 

110

 

999

 

Ford Motor Credit Company, LLC, Senior Notes,

 

 

 

 

 

 

 

5.085%, 01/07/21

 

Baa3

 

1,018

 

1,006

 

Ford Motor Credit Company, LLC, Senior Notes,

 

 

 

 

 

 

 

5.75%, 02/01/21

 

Baa3

 

1,035

 

1,890

 

Panther BF Aggregator 2 L.P., Senior Notes,

 

 

 

 

 

 

 

8.50%, 05/5/27 (g)

 

B3

 

1,897

 

2,205

 

Tesla Inc., Senior Notes,

 

 

 

 

 

 

 

5.30%, 08/15/25 (g)

 

Caa1

 

1,907

 

 

 

 

 

 

 

5,967

 

Broadcasting - 4.40%

 

 

 

 

 

900

 

Clear Channel Worldwide Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

6.50%, 11/15/22

 

B2

 

921

 

970

 

Clear Channel Worldwide Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

6.50%, 11/15/22

 

B2

 

993

 

2,335

 

Clear Channel Worldwide Holdings, Inc., Senior Subordinated

 

 

 

 

 

 

 

Notes, 9.25%, 02/15/24 (g)

 

Caa1

 

2,475

 

1,350

 

iHeart Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

9%, 12/15/19 (a)(b)

 

(e)

 

952

 

780

 

iHeart Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

9%, 09/15/22 (a)(b)

 

(e)

 

550

 

635

 

Lionsgate Capital Holdings LLC, Senior Notes,

 

 

 

 

 

 

 

6.375%, 02/01/24 (g)

 

B2

 

665

 

1,365

 

MDC Partners, Inc., Senior Notes,

 

 

 

 

 

 

 

6.50%, 05/01/24 (g)

 

B3

 

1,130

 

275

 

E.W. Scripps Company, Senior Notes,

 

 

 

 

 

 

 

5.125%, 05/15/25 (g)

 

B3

 

263

 

1,305

 

Sirius XM Radio, Inc., Senior Notes,

 

 

 

 

 

 

 

5%, 08/01/27 (g)

 

Ba3

 

1,305

 

700

 

Townsquare Media, Inc., Senior Notes,

 

 

 

 

 

 

 

6.50%, 04/01/23 (g)

 

B3

 

667

 

 

 

 

 

 

 

9,921

 

Building & Real Estate - 1.02%

 

 

 

 

 

1,430

 

Howard Hughes Corporation, Senior Notes,

 

 

 

 

 

 

 

5.375%, 03/15/25 (g)

 

Ba3

 

1,421

 

425

 

Taylor Morrison Communities, Inc., Senior Notes,

 

 

 

 

 

 

 

5.875%, 04/15/23 (g)

 

Ba3

 

429

 

470

 

Weekley Homes LLC, Senior Notes,

 

 

 

 

 

 

 

6.625%, 08/15/25

 

B3

 

447

 

 

 

 

 

 

 

2,297

 

Building Products - 1.15%

 

 

 

 

 

680

 

ABC Supply Company, Inc., Senior Notes,

 

 

 

 

 

 

 

5.875%, 05/15/26 (g)

 

B3

 

689

 

675

 

American Woodmark Corporation, Senior Notes,

 

 

 

 

 

 

 

4.875%, 03/15/26 (g)

 

Ba3

 

661

 

295

 

New Enterprise Stone and Lime Company, Inc., Senior Notes,

 

 

 

 

 

 

 

6.25%, 03/15/26 (g)

 

B2

 

287

 

 

 

470

 

PGT Innovations, Inc., Senior Notes,

 

 

 

 

 

 

 

6.75%, 08/01/26 (g)

 

B2

 

484

 

290

 

Summit Materials LLC, Senior Notes,

 

 

 

 

 

 

 

5.125%, 06/01/25 (g)

 

B3

 

278

 

200

 

Summit Materials LLC, Senior Notes,

 

 

 

 

 

 

 

6.50%, 03/15/27 (g)

 

B3

 

201

 

 

 

 

 

 

 

2,600

 

Cable Operators - 14.00%

 

 

 

 

 

1,400

 

Altice France S.A., Senior Notes,

 

 

 

 

 

 

 

7.375%, 05/01/26 (g)

 

B2

 

1,372

 

1,600

 

Altice Financing S.A., Senior Notes,

 

 

 

 

 

 

 

7.50%, 05/15/26 (g)

 

B2

 

1,580

 

605

 

Altice France S.A., Senior Notes,

 

 

 

 

 

 

 

8.125%, 02/01/27 (g)

 

B2

 

611

 

2,890

 

Altice Luxembourg S.A., Senior Notes,

 

 

 

 

 

 

 

7.625%, 02/15/25 (g)

 

Caa1

 

2,536

 

290

 

Altice Luxembourg S.A., Senior Notes,

 

 

 

 

 

 

 

7.75%, 05/15/22 (g)

 

Caa1

 

289

 

475

 

C&W Senior Financing Designated Activity, Senior Notes,

 

 

 

 

 

 

 

6.875%, 09/15/27 (g)

 

B2

 

476

 

2,260

 

CCO Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.00%, 02/01/28 (g)

 

B1

 

2,226

 

3,158

 

CCO Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.125%, 05/01/27 (g)

 

B1

 

3,170

 

1,130

 

CCO Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.50%, 05/01/26 (g)

 

B1

 

1,167

 

1,300

 

CSC Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

6.625%, 10/15/25 (g)

 

Ba3

 

1,378

 

1,210

 

CSC Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

6.50%, 02/01/29 (g)

 

Ba3

 

1,289

 

605

 

CSC Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

7.50%, 04/01/28 (g)

 

B3

 

649

 

1,215

 

CSC Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

7.75%, 07/15/25 (g)

 

B3

 

1,300

 

1,135

 

CSC Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

10.875%, 10/15/25 (g)

 

B3

 

1,310

 

1,190

 

Dish DBS Corporation, Senior Notes,

 

 

 

 

 

 

 

6.75%, 06/01/21

 

B1

 

1,221

 

835

 

Dish DBS Corporation, Senior Notes,

 

 

 

 

 

 

 

7.75%, 07/01/26

 

B1

 

725

 

1,555

 

Netflix, Inc., Senior Notes,

 

 

 

 

 

 

 

5.875%, 11/15/28 (g)

 

Ba3

 

1,641

 

2,625

 

Netflix, Inc., Senior Notes,

 

 

 

 

 

 

 

6.375%, 05/15/29 (g)

 

Ba3

 

2,838

 

665

 

Radiate Holdco, Senior Notes,

 

 

 

 

 

 

 

6.875%, 02/15/23 (g)

 

(e)

 

658

 

615

 

UPCB Finance IV Ltd, Senior Notes,

 

 

 

 

 

 

 

5.375%, 01/15/25 (g)

 

Ba3

 

626

 

310

 

Videotron Ltee, Senior Notes,

 

 

 

 

 

 

 

5%, 07/15/22

 

Ba2

 

319

 

355

 

Videotron Ltee, Senior Notes,

 

 

 

 

 

 

 

5.125%, 04/15/27 (g)

 

Ba2

 

362

 

485

 

Virgin Media Finance, Plc, Senior Notes,

 

 

 

 

 

 

 

6%, 10/15/24 (g)

 

B2

 

500

 

400

 

Virgin Media Secured Finance, Plc, Senior Notes,

 

 

 

 

 

 

 

5.25%, 01/15/21

 

Ba3

 

412

 

490

 

Virgin Media Secured Finance, Plc, Senior Notes,

 

 

 

 

 

 

 

5.25%, 01/15/26 (g)

 

Ba3

 

491

 

490

 

Virgin Media Secured Finance, Plc, Senior Notes,

 

 

 

 

 

 

 

5.50%, 08/15/26 (g)

 

Ba3

 

497

 

1,186

 

VTR Finance B.V., Senior Notes,

 

 

 

 

 

 

 

6.875%, 01/15/24 (g)

 

B1

 

1,213

 

695

 

Ziggo Bond Finance B.V., Senior Notes,

 

 

 

 

 

 

 

6%, 01/15/27 (g)

 

B3

 

667

 

 

 

 

 

 

 

31,523

 

Chemicals - 3.91%

 

 

 

 

 

1,065

 

Consolidated Energy Finance, Senior Notes,

 

 

 

 

 

 

 

6.50%, 05/15/26 (g)

 

B1

 

1,057

 

420

 

Consolidated Energy Finance, Senior Notes,

 

 

 

 

 

 

 

6.875%, 06/15/25 (g)

 

B1

 

423

 

2,135

 

CVR Partners, L.P., Senior Notes,

 

 

 

 

 

 

 

9.25%, 06/15/23 (g)

 

B2

 

2,236

 

540

 

Element Solutions, Inc., Senior Notes,

 

 

 

 

 

 

 

5.875%, 12/01/25 (g)

 

B2

 

541

 

 

 

1,520

 

Kissner Holdings L.P., Senior Notes,

 

 

 

 

 

 

 

8.375%, 12/01/22 (g)

 

B3

 

1,585

 

795

 

Koppers, Inc., Senior Notes,

 

 

 

 

 

 

 

6%, 02/15/25 (g)

 

B1

 

776

 

200

 

Kraton Polymers LLC, Senior Notes,

 

 

 

 

 

 

 

5.25%, 05/15/26 (g)(EUR)

 

B3

 

227

 

475

 

Kraton Polymers LLC, Senior Notes,

 

 

 

 

 

 

 

7%, 04/15/25 (g)

 

B3

 

480

 

630

 

Neon Holdings, inc., Senior Notes,

 

 

 

 

 

 

 

10.125%, 04/01/26 (g)

 

B3

 

643

 

780

 

OCI N.V., Senior Notes,

 

 

 

 

 

 

 

6.625%, 04/15/23 (g)

 

B1

 

809

 

40

 

Rayonier A.M. Products, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 06/01/24 (g)

 

B1

 

38

 

 

 

 

 

 

 

8,815

 

Consumer Products - 2.19%

 

 

 

 

 

605

 

Avon International, Operating Company, Senior Notes,

 

 

 

 

 

 

 

7.875%, 08/15/22 (g)

 

Ba1

 

626

 

685

 

Central Garden and Pet Company, Senior Notes,

 

 

 

 

 

 

 

5.125%, 02/01/28

 

B1

 

635

 

460

 

Energizer Gamma Acquisition, B.V., Senior Notes,

 

 

 

 

 

 

 

4.625%, 07/15/26 (g)(EUR)

 

B2

 

529

 

235

 

Energizer Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

7.75%, 01/15/27 (g)

 

B2

 

250

 

450

 

Lifetime Fitness, Inc., Senior Notes,

 

 

 

 

 

 

 

8.50%, 06/15/23 (g)

 

Caa1

 

462

 

950

 

Prestige Brands, Inc., Senior Notes,

 

 

 

 

 

 

 

6.375%, 03/01/24 (g)

 

Caa1

 

964

 

670

 

Tempur Sealy International, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 06/15/26

 

B1

 

670

 

775

 

Tempur Sealy International, Inc., Senior Notes,

 

 

 

 

 

 

 

5.625%, 10/15/23

 

B1

 

789

 

 

 

 

 

 

 

4,925

 

Container - 2.29%

 

 

 

 

 

1,580

 

Ardagh Packaging Finance plc, Senior Notes,

 

 

 

 

 

 

 

7.25%, 05/15/24 (g)

 

B3

 

1,663

 

1,650

 

BWAY Holding Company, Inc., Senior Notes,

 

 

 

 

 

 

 

7.25%, 04/15/25 (g)

 

Caa2

 

1,586

 

100

 

Crown Cork and Seal Company, Inc., Senior Notes,

 

 

 

 

 

 

 

7.375%, 12/15/26

 

B1

 

112

 

350

 

Kleopatra Holdings 1 S.C.A., Senior Notes,

 

 

 

 

 

 

 

8.50%, 06/30/23 (k)(EUR)

 

(e)

 

196

 

325

 

Pactiv Corporation, Senior Notes,

 

 

 

 

 

 

 

7.95%, 12/15/25

 

Caa1

 

327

 

1,235

 

Reynolds Group Issuer, Inc., Senior Notes,

 

 

 

 

 

 

 

7%, 07/15/24 (g)

 

Caa1

 

1,269

 

 

 

 

 

 

 

5,153

 

Energy - 18.28%

 

 

 

 

 

510

 

Amerigas Partners L.P., Senior Notes,

 

 

 

 

 

 

 

5.75%, 05/20/27

 

Ba3

 

505

 

60

 

Amerigas Partners L.P., Senior Notes,

 

 

 

 

 

 

 

5.875%, 08/20/26

 

Ba3

 

60

 

633

 

Archrock Partners, Senior Notes,

 

 

 

 

 

 

 

6%, 10/01/22

 

B3

 

638

 

555

 

Archrock Partners, Senior Notes,

 

 

 

 

 

 

 

6.875%, 04/01/27 (g)

 

B2

 

565

 

320

 

Ascent Resources Utica Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

10%, 04/01/22 (g)

 

B2

 

349

 

605

 

Berry Petroleum Company, LLC, Senior Notes,

 

 

 

 

 

 

 

7%, 02/15/26 (g)

 

B3

 

600

 

945

 

Blackstone CQP Holdco, L.P., Senior Notes,

 

 

 

 

 

 

 

6.50%, 03/20/21 (g)

 

(e)

 

944

 

485

 

Brazos Val Longhorn, Senior Notes,

 

 

 

 

 

 

 

6.875%, 02/01/25

 

B2

 

490

 

560

 

Bruin E&P Partners, LLC, Senior Notes,

 

 

 

 

 

 

 

8.875%, 08/01/23 (g)

 

B3

 

536

 

470

 

Carrizo Oil & Gas, Inc., Senior Notes,

 

 

 

 

 

 

 

6.25%, 04/15/23

 

B2

 

462

 

905

 

Carrizo Oil & Gas, Inc., Senior Notes,

 

 

 

 

 

 

 

8.25%, 07/15/25

 

B2

 

937

 

475

 

Centennial Resource Production, LLC, Senior Notes,

 

 

 

 

 

 

 

6.875%, 04/01/27 (g)

 

B3

 

480

 

 

 

795

 

Cheniere Corpus Christi Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.125%, 06/30/27

 

Ba2

 

834

 

525

 

Cheniere Corpus Christi Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.875%, 03/31/25

 

Ba2

 

571

 

800

 

Cheniere Corpus Christi Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

7%, 06/30/24

 

Ba2

 

902

 

275

 

Cheniere Energy Partners, L.P., Senior Notes,

 

 

 

 

 

 

 

5.625%, 10/01/26 (g)

 

Ba2

 

282

 

1,265

 

Covey Park Energy, LLC, Senior Notes,

 

 

 

 

 

 

 

7.50%, 05/15/25 (g)

 

B3

 

1,173

 

1,190

 

CrownRock, L.P., Senior Notes,

 

 

 

 

 

 

 

5.625%, 10/15/25 (g)

 

B3

 

1,145

 

284

 

CSI Compressco LP, Senior Notes,

 

 

 

 

 

 

 

7.25%, 08/15/22

 

Caa2

 

250

 

580

 

CSI Compressco LP, Senior Notes,

 

 

 

 

 

 

 

7.50%, 04/01/25 (g)

 

B1

 

557

 

795

 

DCP Midstream, LLC, Senior Notes,

 

 

 

 

 

 

 

6.75%, 09/15/37 (g)

 

Ba2

 

821

 

650

 

DCP Midstream, LLC, Senior Notes,

 

 

 

 

 

 

 

7.375%, (h)

 

B1

 

638

 

470

 

DCP Midstream, LLC, Senior Notes,

 

 

 

 

 

 

 

8.125%, 08/16/30

 

Ba2

 

549

 

105

 

Enbridge, Inc., Senior Notes,

 

 

 

 

 

 

 

6%, 01/15/77

 

Ba1

 

104

 

240

 

Endeavor Energy Resources, L.P., Senior Notes.

 

 

 

 

 

 

 

5.50%, 01/30/26 (g)

 

B2

 

246

 

538

 

Endeavor Energy Resources, L.P., Senior Notes.

 

 

 

 

 

 

 

5.75%, 01/30/28 (g)

 

B2

 

564

 

1,090

 

Exterran NRG Solutions, Senior Notes,

 

 

 

 

 

 

 

8.125%, 05/01/25

 

B1

 

1,110

 

1,120

 

Gulfport Energy Corporation, Senior Notes,

 

 

 

 

 

 

 

6.375%, 05/15/25

 

B1

 

1,014

 

405

 

Hess Corporation, Senior Notes,

 

 

 

 

 

 

 

7.875%, 10/01/29

 

Ba1

 

487

 

505

 

Indigo Natural Resources, LLC, Senior Notes,

 

 

 

 

 

 

 

6.875%, 02/15/26 (g)

 

B3

 

446

 

1,291

 

Jagged Peak Energy LLC, Senior Notes,

 

 

 

 

 

 

 

5.875%, 05/01/26

 

B3

 

1,278

 

625

 

Kosmos Energy Ltd., Senior Notes,

 

 

 

 

 

 

 

7.125%, 04/04/26 (g)

 

(e)

 

620

 

1,765

 

Magnolia Oil and Gas Operating LLC, Senior Notes,

 

 

 

 

 

 

 

6%, 08/01/26 (g)

 

B3

 

1,783

 

1,745

 

Matador Resources Company, Senior Notes,

 

 

 

 

 

 

 

5.875%, 09/15/26

 

B2

 

1,741

 

415

 

Montage Resources Corporation, Senior Notes,

 

 

 

 

 

 

 

8.875%, 07/15/23

 

B3

 

395

 

1,410

 

NGL Energy Partners L.P., Senior Notes,

 

 

 

 

 

 

 

7.50%, 11/01/23

 

B2

 

1,452

 

330

 

Noble Holdings International, Ltd., Senior Notes,

 

 

 

 

 

 

 

7.875%, 02/01/26 (g)

 

B3

 

308

 

595

 

Noble Holdings International, Ltd., Senior Notes,

 

 

 

 

 

 

 

8.95%, 04/01/45

 

Caa1

 

470

 

790

 

Nustar Logistics, L.P., Senior Notes,

 

 

 

 

 

 

 

5.625%, 04/28/27

 

Ba2

 

788

 

860

 

Parsley Energy, LLC, , Senior Notes,

 

 

 

 

 

 

 

5.625%, 10/15/27 (g)

 

B1

 

856

 

1,165

 

PDC Energy, Senior Notes,

 

 

 

 

 

 

 

5.75%, 05/15/26

 

B1

 

1,136

 

655

 

Petrobras Global Finance, Senior Notes,

 

 

 

 

 

 

 

7.25%, 03/17/44

 

Ba2

 

681

 

1,675

 

Petrobras Global Finance, Senior Notes,

 

 

 

 

 

 

 

7.375%, 01/17/27

 

Ba2

 

1,849

 

3,020

 

Seven Generations Energy Ltd., Senior Notes,

 

 

 

 

 

 

 

5.375%, 09/30/25 (g)

 

Ba3

 

2,948

 

240

 

Summit Midstream Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.50%, 08/15/22

 

B1

 

239

 

230

 

Summit Midstream Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.75%, 04/15/25

 

B1

 

217

 

320

 

Summit Midstream Partners, LP, Senior Notes,

 

 

 

 

 

 

 

9.50%, (h)

 

B3

 

297

 

795

 

Tallgrass Energy Partners, L.P., Senior Notes,

 

 

 

 

 

 

 

5.50%, 09/15/24 (g)

 

Ba3

 

817

 

730

 

Tapstone Energy, LLC, Senior Notes,

 

 

 

 

 

 

 

9.75%, 06/01/22 (g)

 

Caa2

 

531

 

295

 

Targa Resources Partners, L.P., Senior Notes,

 

 

 

 

 

 

 

6.50%, 07/15/27 (g)

 

Ba3

 

318

 

435

 

Targa Resources Partners, L.P., Senior Notes,

 

 

 

 

 

 

 

6.875%, 01/15/29 (g)

 

Ba3

 

474

 

570

 

TransMontaigne Partners, L.P., Senior Notes

 

 

 

 

 

 

 

6.125%, 02/15/26

 

B3

 

536

 

473

 

Transocean, Inc., Senior Notes,

 

 

 

 

 

 

 

5.875%, 01/15/24 (g)

 

B1

 

480

 

 

 

455

 

Transocean, Inc., Senior Notes,

 

 

 

 

 

 

 

7.50%, 01/15/26 (g)

 

Caa1

 

450

 

335

 

Transocean, Inc., Senior Notes,

 

 

 

 

 

 

 

9%, 07/15/23 (g)

 

Caa1

 

357

 

450

 

USA Compression Partners, L.P., Senior Notes,

 

 

 

 

 

 

 

6.875%, 04/01/26

 

B3

 

460

 

390

 

USA Compression Partners, L.P., Senior Notes,

 

 

 

 

 

 

 

6.875%, 09/01/27 (g)

 

B3

 

398

 

85

 

Vine Oil & Gas, L.P., Senior Notes,

 

 

 

 

 

 

 

8.75%, 04/15/23 (g)

 

Caa1

 

68

 

640

 

Vine Oil & Gas, L.P., Senior Notes,

 

 

 

 

 

 

 

9.75%, 04/15/23 (g)

 

Caa1

 

520

 

440

 

YPF Sociedad Anonima, Senior Notes,

 

 

 

 

 

 

 

8.50%, 03/23/21 (g)

 

B2

 

443

 

 

 

 

 

 

 

41,169

 

Entertainment & Leisure - 2.52%

 

 

 

 

 

1,450

 

AMC Entertainment Holdings, Senior Subordinated Notes,

 

 

 

 

 

 

 

5.75%, 06/15/25

 

B3

 

1,356

 

83

 

AMC Entertainment Holdings, Senior Subordinated Notes,

 

 

 

 

 

 

 

5.875%, 11/15/26

 

B3

 

75

 

650

 

Cedar Fair, L. P., Senior Notes,

 

 

 

 

 

 

 

5.375%, 04/15/27

 

B1

 

653

 

225

 

EMI Music Publishing Group, Senior Notes,

 

 

 

 

 

 

 

7.625%, 06/15/24 (g)

 

B3

 

239

 

1,310

 

Merlin Entertainment plc, Senior Notes,

 

 

 

 

 

 

 

5.75%, 06/15/26 (g)

 

Ba2

 

1,348

 

365

 

Pinnacle Bidco, Plc, Senior Notes,

 

 

 

 

 

 

 

6.375%, 02/15/25 (g) (GBP)

 

B3

 

488

 

545

 

Silversea Cruise Finance Ltd., Senior Notes,

 

 

 

 

 

 

 

7.25%, 02/01/25 (g)

 

Baa2

 

589

 

965

 

VOC Escrow Ltd., Senior Notes,

 

 

 

 

 

 

 

5%, 02/15/28 (g)

 

Ba2

 

936

 

 

 

 

 

 

 

5,684

 

Financial - 12.77%

 

 

 

 

 

695

 

Acrisure, LLC, Senior Notes,

 

 

 

 

 

 

 

7%, 11/15/25 (g)

 

Caa2

 

626

 

620

 

Acrisure, LLC, Senior Notes,

 

 

 

 

 

 

 

8.125%, 02/15/24 (g)

 

B2

 

639

 

710

 

AmWins Group, Inc., Senior Notes,

 

 

 

 

 

 

 

7.75%, 07/01/26 (g)

 

Caa1

 

710

 

709

 

Avolon Holdings Funding Ltd., Senior Notes,

 

 

 

 

 

 

 

5.125%, 10/01/23 (g)

 

Ba2

 

722

 

815

 

Avolon Holdings Funding Ltd., Senior Notes,

 

 

 

 

 

 

 

5.50%, 01/15/23 (g)

 

Ba2

 

839

 

1,485

 

Banco Do Brasil S.A. (Cayman),

 

 

 

 

 

 

 

9% (h)

 

B2

 

1,569

 

700

 

Banco Santander S.A., Senior Notes,

 

 

 

 

 

 

 

6.75%, (h) (EUR)

 

Ba1

 

831

 

345

 

Barclays PLC,

 

 

 

 

 

 

 

7.875%, (h)(GBP)

 

Ba3

 

469

 

340

 

Barclays PLC,

 

 

 

 

 

 

 

7.875%, (h)(GBP)

 

Ba3

 

462

 

330

 

Cabot Financial (Luxembourg) S.A., Senior Notes,

 

 

 

 

 

 

 

7.50%, 10/01/23 (GBP)

 

B1

 

420

 

300

 

Cabot Financial (Luxembourg) S.A., Senior Notes,

 

 

 

 

 

 

 

7.50%, 10/01/23 (g) (GBP)

 

B1

 

382

 

55

 

CIT Group, Inc., Senior Notes,

 

 

 

 

 

 

 

4.125%, 03/09/21

 

Ba1

 

56

 

325

 

CIT Group, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 03/07/25

 

Ba1

 

345

 

295

 

CIT Group, Inc., Subordinate Notes,

 

 

 

 

 

 

 

6.125%, 03/09/28

 

Ba1

 

327

 

270

 

CNO Financial Group Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 05/30/25

 

Baa3

 

279

 

390

 

Credit Agricole SA,

 

 

 

 

 

 

 

6.50%, (h)(EUR)

 

(e)

 

468

 

765

 

Credit Suisse Group AG,

 

 

 

 

 

 

 

7.125%, (h)

 

Ba2

 

783

 

885

 

Credit Suisse Group AG,

 

 

 

 

 

 

 

7.50%, (g)(h)

 

(e)

 

934

 

385

 

DAE Funding, LLC, Senior Notes,

 

 

 

 

 

 

 

4.50%, 08/01/22 (g)

 

Ba2

 

386

 

555

 

DAE Funding, LLC, Senior Notes,

 

 

 

 

 

 

 

5%, 08/01/24 (g)

 

Ba2

 

560

 

 

 

780

 

DAE Funding, LLC, Senior Notes,

 

 

 

 

 

 

 

5.25%, 11/15/21 (g)

 

Ba2

 

799

 

1,200

 

Discover Financial Services, Senior Notes,

 

 

 

 

 

 

 

10.25%, 07/15/19

 

Baa3

 

1,225

 

750

 

DNB Bank ASA, Senior Notes,

 

 

 

 

 

 

 

6.50%, (h)

 

Baa3

 

770

 

645

 

Freedom Mortgage Corporation, Senior Notes,

 

 

 

 

 

 

 

8.125%, 11/15/24 (g)

 

B2

 

572

 

390

 

Freedom Mortgage Corporation, Senior Notes,

 

 

 

 

 

 

 

8.25%, 04/15/25 (g)

 

B2

 

345

 

620

 

Hub Holdings LLC, Senior Notes,

 

 

 

 

 

 

 

7%, 05/01/26 (g)

 

Caa2

 

612

 

980

 

Itau Unibankco Holding S.A., Senior Notes,

 

 

 

 

 

 

 

6.125%, (g)(h)

 

B2

 

962

 

325

 

Ladder Capital Finance Holdings LLLP, Senior Notes,

 

 

 

 

 

 

 

5.875%, 08/01/21 (g)

 

Ba3

 

331

 

2,035

 

LPL Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

5.75%, 09/15/25 (g)

 

B2

 

2,058

 

895

 

Nationstar Mortgage LLC, Senior Notes,

 

 

 

 

 

 

 

6.50%, 07/01/21

 

B2

 

895

 

635

 

Nationstar Mortgage LLC, Senior Notes,

 

 

 

 

 

 

 

8.125%, 07/15/23 (g)

 

B2

 

654

 

1,115

 

Navient Corporation, Senior Notes,

 

 

 

 

 

 

 

6.125%, 03/25/24

 

Ba3

 

1,114

 

215

 

Navient Corporation, Senior Notes,

 

 

 

 

 

 

 

6.75%, 06/25/25

 

Ba3

 

212

 

325

 

Navient Corporation, Senior Notes,

 

 

 

 

 

 

 

6.75%, 06/15/26

 

Ba3

 

312

 

425

 

Navient Corporation, Senior Notes,

 

 

 

 

 

 

 

7.25%, 09/25/23

 

Ba3

 

451

 

750

 

NFP Corporation, Senior Notes,

 

 

 

 

 

 

 

6.875%, 07/15/25 (g)

 

Caa2

 

716

 

335

 

Park Aerospace Holdings, Ltd., Senior Notes,

 

 

 

 

 

 

 

4.50%, 03/15/23 (g)

 

Ba2

 

333

 

325

 

Park Aerospace Holdings, Ltd., Senior Notes,

 

 

 

 

 

 

 

5.25%, 08/15/22 (g)

 

Ba2

 

333

 

740

 

Royal Bank of Scotland Group, plc, Junior Subordinated Notes,

 

 

 

 

 

 

 

8.625% (h)

 

Ba2

 

788

 

755

 

Springleaf Finance Corporation, Senior Notes,

 

 

 

 

 

 

 

6.125%, 03/15/24

 

Ba3

 

770

 

810

 

Springleaf Finance Corporation, Senior Notes,

 

 

 

 

 

 

 

6.875%, 03/15/25

 

Ba3

 

836

 

300

 

Springleaf Finance Corporation, Senior Notes,

 

 

 

 

 

 

 

7.125%, 03/15/26

 

Ba3

 

304

 

450

 

Standard Chartered PLC,

 

 

 

 

 

 

 

7.50%, (g)(h)

 

Ba1

 

471

 

1,050

 

UBS Group AG, Senior Notes,

 

 

 

 

 

 

 

7.125%, (h)

 

Ba1

 

1,088

 

 

 

 

 

 

 

28,758

 

Food/Tobacco - 3.45%

 

 

 

 

 

1,425

 

B&G Foods, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 04/01/25

 

B2

 

1,372

 

1,405

 

Chobani LLC., Senior Notes,

 

 

 

 

 

 

 

7.50%, 04/15/25 (g)

 

Caa2

 

1,257

 

770

 

Cosan Luxembourg S.A., Senior Notes,

 

 

 

 

 

 

 

7%, 01/20/27 (g)

 

Ba3

 

809

 

250

 

Darling Global Finance, Senior Notes,

 

 

 

 

 

 

 

3.625%, 05/15/26 (g)(EUR)

 

Ba3

 

290

 

245

 

Darling Ingredients, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 04/15/27 (g)

 

Ba3

 

248

 

820

 

FAGE International S.A., Senior Notes,

 

 

 

 

 

 

 

5.625%, 08/15/26 (g)

 

B1

 

667

 

1,330

 

Minerva Luxembourg S.A., Senior Notes,

 

 

 

 

 

 

 

6.50%, 09/20/26 (g)

 

(e)

 

1,311

 

485

 

Post Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

5.625%, 01/15/28 (g)

 

B2

 

481

 

330

 

Post Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

5.75%, 03/01/27 (g)

 

B2

 

331

 

335

 

Post Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

8%, 07/15/25 (g)

 

B2

 

357

 

700

 

Sigma Holdco., B.V., Senior Notes,

 

 

 

 

 

 

 

7.875%, 05/15/26 (g)

 

B3

 

640

 

 

 

 

 

 

 

7,763

 

Gaming - 4.00%

 

 

 

 

 

580

 

Boyd Gaming Corporation, Senior Notes,

 

 

 

 

 

 

 

6%, 08/15/26

 

B3

 

595

 

1,095

 

Caesar’s Resorts, Senior Notes,

 

 

 

 

 

 

 

5.25%, 10/15/25 (g)

 

B3

 

1,057

 

 

 

275

 

Cirsa Finance International, S.A.R.L., Senior Notes,

 

 

 

 

 

 

 

6.25%, 12/20/23 (g)(EUR)

 

B2

 

325

 

1,280

 

Cirsa Finance International, S.A.R.L., Senior Notes,

 

 

 

 

 

 

 

7.875%, 12/20/23 (g)

 

B2

 

1,331

 

685

 

Codere Finance 2 Luxembourge S.A., Senior Notes,

 

 

 

 

 

 

 

7.625%, 11/01/21 (g)

 

B2

 

650

 

640

 

International Game Technology Plc, Senior Notes,

 

 

 

 

 

 

 

6.25%, 01/15/27 (g)

 

Ba2

 

656

 

435

 

MGM Growth Prop. Operating Partnership L.P., Senior Notes,

 

 

 

 

 

 

 

5.75%, 02/01/27 (g)

 

B1

 

449

 

845

 

MGM Resorts International, Senior Notes,

 

 

 

 

 

 

 

5.50%, 04/15/27

 

Ba3

 

853

 

605

 

MGM Resorts International, Senior Notes,

 

 

 

 

 

 

 

6%, 03/15/23

 

Ba3

 

640

 

1,205

 

Scientific Games International Inc., Senior Notes,

 

 

 

 

 

 

 

10%, 12/01/22

 

Caa1

 

1,268

 

800

 

Stars Group Holdings B.V., Senior Notes,

 

 

 

 

 

 

 

7%, 07/15/26 (g)

 

Caa1

 

834

 

322

 

VICI Properties, Senior Notes,

 

 

 

 

 

 

 

8%, 10/15/23

 

B1

 

353

 

 

 

 

 

 

 

9,011

 

Healthcare - 12.04%

 

 

 

 

 

535

 

Avantor Inc., Senior Notes,

 

 

 

 

 

 

 

6%, 10/01/24 (g)

 

B2

 

554

 

3,020

 

Avantor Inc., Senior Notes,

 

 

 

 

 

 

 

9%, 10/01/25 (g)

 

Caa2

 

3,269

 

490

 

Bausch Health Companies, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 11/01/25 (g)

 

Ba2

 

500

 

325

 

Bausch Health Companies, Inc., Senior Notes,

 

 

 

 

 

 

 

5.75%, 08/15/27 (g)

 

Ba2

 

333

 

2,945

 

Bausch Health Companies, Inc., Senior Notes,

 

 

 

 

 

 

 

7%, 03/15/24 (g)

 

Ba2

 

3,107

 

1,825

 

Bausch Health Companies, Inc., Senior Notes,

 

 

 

 

 

 

 

8.50%, 01/31/27 (g)

 

B3

 

1,934

 

1,060

 

Bausch Health Companies, Inc., Senior Notes,

 

 

 

 

 

 

 

9%, 12/15/25 (g)

 

B3

 

1,153

 

1,600

 

Bausch Health Companies, Inc., Senior Notes,

 

 

 

 

 

 

 

9.25%, 04/01/26 (g)

 

B3

 

1,744

 

655

 

Change Healthcare Holdings LLC, Senior Notes,

 

 

 

 

 

 

 

5.75%, 03/01/25 (g)

 

Caa1

 

648

 

950

 

CHS/Community Health Systems, Inc., Senior Notes,

 

 

 

 

 

 

 

8.625%, 01/15/24 (g)

 

Caa1

 

950

 

850

 

DaVita Healthcare Partners, Inc., Senior Notes,

 

 

 

 

 

 

 

5%, 05/01/25

 

Ba3

 

814

 

1,850

 

DaVita Healthcare Partners, Inc., Senior Notes,

 

 

 

 

 

 

 

5.125%, 07/15/24

 

Ba3

 

1,825

 

230

 

Eagle Holding Company II, LLC, Senior Notes,

 

 

 

 

 

 

 

7.625%, 05/15/22 (g)

 

Caa1

 

232

 

230

 

HCA, Incorporated, Senior Notes,

 

 

 

 

 

 

 

5.625%, 09/01/28

 

Ba2

 

243

 

575

 

HCA, Incorporated, Senior Notes,

 

 

 

 

 

 

 

5.875%, 02/15/26

 

Ba2

 

621

 

450

 

HCA, Incorporated, Senior Notes,

 

 

 

 

 

 

 

5.875%, 02/01/29

 

Ba2

 

484

 

275

 

Hill-Rom Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

5.75%, 09/01/23 (g)

 

Ba3

 

284

 

930

 

Kinetic Concepts, Senior Notes,

 

 

 

 

 

 

 

12.50%, 11/01/21 (g)

 

Caa1

 

1,007

 

225

 

MPH Acquisition Holdings, Senior Notes,

 

 

 

 

 

 

 

7.125%, 06/01/24 (g)

 

Caa1

 

224

 

450

 

MPT Operating Partnership, L.P., Senior Notes,

 

 

 

 

 

 

 

6.375%, 03/01/24

 

Ba1

 

471

 

1,030

 

Regional Care Hospital Partners Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

9.75%, 12/01/26 (g)

 

Caa1

 

1,069

 

655

 

Tenet Healthcare Corporation, Senior Notes,

 

 

 

 

 

 

 

5.125%, 05/01/25

 

Ba3

 

655

 

860

 

Tenet Healthcare Corporation, Senior Notes,

 

 

 

 

 

 

 

6.25%, 02/01/27 (g)

 

Ba3

 

893

 

945

 

Tenet Healthcare Corporation, Senior Notes,

 

 

 

 

 

 

 

8.125%, 04/01/22

 

Caa1

 

1,018

 

2,330

 

Teva Pharma Finance Netherlands III BV, Senior Notes,

 

 

 

 

 

 

 

6%, 04/15/24

 

Ba2

 

2,325

 

777

 

Vail Holdco Corporation, Senior Notes,

 

 

 

 

 

 

 

12.50%, (g)(h)(i)(k)

 

(e)

 

766

 

 

 

 

 

 

 

27,123

 

 

 

Information Technology - 3.51%

 

 

 

 

 

255

 

CommScope Finance, LLC, Senior Notes,

 

 

 

 

 

 

 

5.50%, 03/01/24 (g)

 

Ba1

 

260

 

470

 

CommScope Finance, LLC, Senior Notes,

 

 

 

 

 

 

 

8.25%, 03/01/27 (g)

 

B1

 

488

 

95

 

EIG Investors Corporation, Senior Notes,

 

 

 

 

 

 

 

10.875%, 02/01/24

 

Caa1

 

100

 

630

 

Qorvo, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 07/15/26 (g)

 

Ba1

 

650

 

610

 

Refinitiv US Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

6.25%, 05/15/26 (g)

 

B2

 

618

 

310

 

Refinitiv US Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

6.875%, 11/15/26 (g) (EUR)

 

Caa2

 

342

 

830

 

Refinitiv US Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

8.25%, 11/15/26 (g)

 

Caa2

 

815

 

2,150

 

Solera, LLC, Senior Notes,

 

 

 

 

 

 

 

10.50%, 03/01/24 (g)

 

Caa1

 

2,330

 

725

 

SS&C Technologies, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 09/30/27 (g)

 

B2

 

732

 

780

 

Uber Technologies, Inc., Senior Notes,

 

 

 

 

 

 

 

7.50%, 11/01/23 (g)

 

(e)

 

812

 

715

 

Uber Technologies, Inc., Senior Notes,

 

 

 

 

 

 

 

8%, 11/01/26 (g)

 

(e)

 

761

 

 

 

 

 

 

 

7,908

 

Lodging - .38%

 

 

 

 

 

825

 

Marriott Ownership Resorts, Inc., Senior Notes,

 

 

 

 

 

 

 

6.50%, 09/15/26 (g)

 

Ba3

 

863

 

 

 

 

 

 

 

 

 

Manufacturing - 1.71%

 

 

 

 

 

1,930

 

Apex Tool Group, LLC, Senior Notes,

 

 

 

 

 

 

 

9%, 02/15/23 (g)

 

Caa1

 

1,858

 

260

 

Colfax Corporation, Senior Notes,

 

 

 

 

 

 

 

6%, 02/15/24 (g)

 

Ba2

 

270

 

170

 

Colfax Corporation, Senior Notes,

 

 

 

 

 

 

 

6.375%, 02/15/26 (g)

 

Ba2

 

180

 

180

 

Park-Ohio Industries, Inc., Senior Notes,

 

 

 

 

 

 

 

6.625%, 04/15/27

 

B3

 

179

 

1,055

 

Sensata Technologies UK Financing Company plc, Senior

 

 

 

 

 

 

 

Notes, 6.25%, 02/15/26 (g)

 

Ba3

 

1,116

 

75

 

Stevens Holdings Company, Inc., Senior Notes,

 

 

 

 

 

 

 

6.125%, 10/01/26 (g)

 

B2

 

77

 

150

 

Welbilt, Inc., Senior Notes,

 

 

 

 

 

 

 

9.50%, 02/15/24

 

Caa1

 

162

 

 

 

 

 

 

 

3,842

 

Metals & Mining - 5.91%

 

 

 

 

 

600

 

Alcoa Nederland Holding B.V., Senior Notes,

 

 

 

 

 

 

 

7%, 09/30/26 (g)

 

Ba1

 

648

 

600

 

Aleris International, Inc., Senior Notes,

 

 

 

 

 

 

 

10.75%, 07/15/23 (g)

 

Caa2

 

630

 

1,170

 

Big River Steel, LLC, Senior Notes,

 

 

 

 

 

 

 

7.25%, 09/01/25 (g)

 

B3

 

1,220

 

1,000

 

Constellium N.V., Senior Notes,

 

 

 

 

 

 

 

5.75%, 05/15/24 (g)

 

B2

 

998

 

1,795

 

Constellium N.V., Senior Notes,

 

 

 

 

 

 

 

6.625%, 03/01/25 (g)

 

B2

 

1,831

 

600

 

First Quantum Minerals, LLC, Senior Notes,

 

 

 

 

 

 

 

7.25%, 05/15/22(g)

 

B3

 

603

 

610

 

FMG Resources Pty. Ltd., Senior Notes,

 

 

 

 

 

 

 

5.125%, 05/15/24 (g)

 

Ba1

 

609

 

505

 

FMG Resources Pty. Ltd., Senior Notes,

 

 

 

 

 

 

 

5.125%, 03/15/23 (g)

 

Ba1

 

506

 

845

 

Freeport McMoran, Inc., Senior Notes,

 

 

 

 

 

 

 

5.40%, 11/14/34

 

Ba1

 

769

 

210

 

Hecla Mining Company, Senior Notes,

 

 

 

 

 

 

 

6.875%, 05/01/21

 

B3

 

210

 

1,045

 

HudBay Minerals, Inc., Senior Notes,

 

 

 

 

 

 

 

7.25%, 01/15/23 (g)

 

B3

 

1,081

 

855

 

New Gold Inc., Senior Notes,

 

 

 

 

 

 

 

6.375%, 05/15/25 (g)

 

Caa1

 

680

 

880

 

Ryerson Inc., Senior Secured Notes,

 

 

 

 

 

 

 

11%, 05/15/22 (g)

 

Caa1

 

928

 

190

 

Steel Dynamics, Inc., Senior Notes,

 

 

 

 

 

 

 

5%, 12/15/26

 

Ba1

 

194

 

 

 

105

 

Steel Dynamics, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 10/01/24

 

Ba1

 

108

 

2,175

 

Zekelman Industries, Senior Notes,

 

 

 

 

 

 

 

9.875%, 06/15/23 (g)

 

B3

 

2,300

 

 

 

 

 

 

 

13,315

 

Other Telecommunications - 1.99%

 

 

 

 

 

625

 

Century Link Inc., Senior Notes,

 

 

 

 

 

 

 

7.50%, 04/01/24

 

B2

 

661

 

335

 

Frontier Communications Corporation, Senior Notes,

 

 

 

 

 

 

 

8.50%, 04/01/26 (g)

 

B3

 

311

 

505

 

GTT Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

7.875%, 12/31/24 (g)

 

Caa1

 

441

 

350

 

Level 3 Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

5.75%, 12/01/22

 

B1

 

354

 

225

 

Level 3 Financing, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 03/15/26

 

Ba3

 

224

 

275

 

Level 3 Financing, Inc., Senior Notes,

 

 

 

 

 

 

 

5.375%, 05/01/25

 

Ba3

 

278

 

645

 

Zayo Group, LLC, Global Notes,

 

 

 

 

 

 

 

5.75%, 01/15/27 (g)

 

B3

 

641

 

1,555

 

Zayo Group, LLC, Global Notes,

 

 

 

 

 

 

 

6.375%, 05/15/25

 

B3

 

1,563

 

 

 

 

 

 

 

4,473

 

Publishing - .48%

 

 

 

 

 

250

 

Harland Clarke Holdings Corporation, Senior Notes,

 

 

 

 

 

 

 

6.875%, 03/01/20 (g)

 

B1

 

248

 

935

 

Harland Clarke Holdings Corporation, Senior Notes,

 

 

 

 

 

 

 

8.375%, 08/15/22 (g)

 

B1

 

843

 

 

 

 

 

 

 

1,091

 

Restaurants - .62%

 

 

 

 

 

723

 

YUM Brands, Inc., Senior Notes,

 

 

 

 

 

 

 

5.35%, 11/01/43

 

B2

 

625

 

760

 

YUM Brands, Inc., Senior Notes,

 

 

 

 

 

 

 

6.875%, 11/15/37

 

B2

 

762

 

 

 

 

 

 

 

1,387

 

Retail - .12%

 

 

 

 

 

255

 

William Carter Company, Senior Notes,

 

 

 

 

 

 

 

5.625%, 03/15/27 (g)

 

Ba2

 

264

 

 

 

 

 

 

 

 

 

Satellites - 5.06%

 

 

 

 

 

1,750

 

Hughes Satellite Systems, Inc., Senior Notes,

 

 

 

 

 

 

 

6.625%, 08/01/26

 

B3

 

1,715

 

800

 

Intelsat Connect Finance, Senior Notes,

 

 

 

 

 

 

 

9.50%, 02/15/23 (g)

 

Ca

 

708

 

1,595

 

Intelsat Jackson Holdings Ltd., Senior Notes,

 

 

 

 

 

 

 

8.50%, 10/15/24 (g)

 

Caa2

 

1,551

 

2,960

 

Intelsat Jackson Holdings Ltd., Senior Notes,

 

 

 

 

 

 

 

9.50%, 09/30/22 (g)

 

B1

 

3,415

 

575

 

Intelsat Jackson Holdings Ltd., Senior Notes,

 

 

 

 

 

 

 

9.75%, 07/15/25 (g)

 

Caa2

 

584

 

1,260

 

Iridium Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

10.25%, 04/15/23 (g)

 

Caa1

 

1,386

 

1,450

 

Telesat Canada

 

 

 

 

 

 

 

8.875%, 11/15/24 (g)

 

B3

 

1,571

 

450

 

Viasat, Inc., Senior Notes,

 

 

 

 

 

 

 

5.625%, 04/15/27 (g)

 

B3

 

458

 

 

 

 

 

 

 

11,388

 

Services - 4.66%

 

 

 

 

 

760

 

ADT Security Corporation, Senior Notes,

 

 

 

 

 

 

 

4.875%, 0715/32 (g)

 

Ba3

 

616

 

395

 

Ascend Learning, LLC, Senior Notes,

 

 

 

 

 

 

 

6.875%, 08/01/25 (g)

 

Caa2

 

393

 

475

 

Avis Budget Car Rental, LLC, Senior Notes,

 

 

 

 

 

 

 

6.375%, 04/01/24 (g)

 

B1

 

482

 

790

 

Fair Isaac Corporation, Senior Notes,

 

 

 

 

 

 

 

5.25%, 05/15/26 (g)

 

Ba2

 

812

 

800

 

HD Supply, Senior Notes,

 

 

 

 

 

 

 

5.375%, 10/15/26 (g)

 

Ba3

 

815

 

 

 

1,440

 

H&E Equipment Services, Senior Notes,

 

 

 

 

 

 

 

5.625%, 09/01/25

 

B2

 

1,433

 

1,470

 

Laureate Education, Inc., Senior Notes,

 

 

 

 

 

 

 

8.25%, 05/01/25 (g)

 

Caa1

 

1,591

 

660

 

Prime Security Services Borrower, LLC, Senior Notes,

 

 

 

 

 

 

 

5.25%, 04/15/24 (g)

 

Ba3

 

660

 

1,763

 

Prime Security Services Borrower, LLC, Senior Notes,

 

 

 

 

 

 

 

9.25%, 05/15/23 (g)

 

B3

 

1,853

 

685

 

Promontoria Holdings, Senior Notes,

 

 

 

 

 

 

 

6.75%, 08/15/23 (g) (EUR)

 

B2

 

777

 

520

 

United Rentals (North America), Inc., Senior Notes,

 

 

 

 

 

 

 

6.50%, 12/15/26

 

Ba3

 

547

 

200

 

Vantiv, LLC, Senior Notes,

 

 

 

 

 

 

 

4.375%, 11/15/25 (g)

 

B1

 

205

 

365

 

West Corporation, Senior Notes,

 

 

 

 

 

 

 

8.50%, 10/15/25 (g)

 

B3

 

314

 

 

 

 

 

 

 

10,498

 

Supermarkets - 1.31%

 

 

 

 

 

1,007

 

Albertsons Companies, LLC, Senior Notes,

 

 

 

 

 

 

 

6.625%, 06/15/24

 

B3

 

1,017

 

325

 

Albertsons Companies, LLC, Senior Notes,

 

 

 

 

 

 

 

7.45%, 08/01/29

 

(e)

 

288

 

680

 

Albertsons Companies, LLC, Senior Notes,

 

 

 

 

 

 

 

7.50%, 03/15/26 (g)

 

B3

 

698

 

200

 

Albertsons Companies, LLC, Senior Notes,

 

 

 

 

 

 

 

8%, 05/01/31

 

(e)

 

178

 

680

 

Iceland Bondco, Plc, Senior Notes,

 

 

 

 

 

 

 

4.625%, 03/15/25 (GBP)

 

B2

 

768

 

 

 

 

 

 

 

2,949

 

Utilities - 7.76%

 

 

 

 

 

535

 

AES Corporation, Senior Notes,

 

 

 

 

 

 

 

5.125%, 09/01/27

 

Ba1

 

556

 

1,200

 

AES Corporation, Senior Notes,

 

 

 

 

 

 

 

6%, 05/15/26

 

Ba1

 

1,272

 

380

 

Calpine Corporation, Senior Notes,

 

 

 

 

 

 

 

5.875%, 01/15/24 (g)

 

Ba2

 

389

 

985

 

Clearway Energy Operating LLC, Senior Notes,

 

 

 

 

 

 

 

5.75%, 10/15/25 (g)

 

Ba2

 

990

 

775

 

DPL Inc., Senior Notes,

 

 

 

 

 

 

 

7.25%, 10/15/21

 

Ba1

 

831

 

423

 

Edison International, Senior Notes,

 

 

 

 

 

 

 

2.40%, 09/15/22

 

Baa3

 

392

 

613

 

Edison International, Senior Notes,

 

 

 

 

 

 

 

2.95%, 03/15/23

 

Baa3

 

573

 

815

 

NextEra Energy Operating Partners, L.P., Senior Notes,

 

 

 

 

 

 

 

4.25%, 09/15/24 (g)

 

Ba1

 

809

 

670

 

NextEra Energy Operating Partners, L.P., Senior Notes,

 

 

 

 

 

 

 

4.50%, 09/15/27 (g)

 

Ba1

 

655

 

380

 

NiSource, Incorporated, Senior Notes,

 

 

 

 

 

 

 

5.65%, (h)

 

Ba1

 

371

 

1,495

 

NRG Energy, Inc., Senior Notes,

 

 

 

 

 

 

 

5.75%, 01/15/28

 

Ba3

 

1,585

 

1,340

 

NRG Energy, Inc., Senior Notes,

 

 

 

 

 

 

 

6.625%, 01/15/27

 

Ba3

 

1,444

 

2,795

 

NRG Energy, Inc., Senior Notes,

 

 

 

 

 

 

 

7.25%, 05/15/26

 

Ba3

 

3,074

 

1,795

 

TerraForm Global Operating, LLC, Senior Notes

 

 

 

 

 

 

 

6.125%, 03/01/26 (g)

 

Ba3

 

1,750

 

190

 

Terraform Power Operating, Senior Notes,

 

 

 

 

 

 

 

4.25%, 01/31/23 (g)

 

B1

 

187

 

145

 

Vistra Energy Corporation,Senior Notes,

 

 

 

 

 

 

 

8%, 01/15/25 (g)

 

Ba3

 

154

 

530

 

Vistra Energy Corporation,Senior Notes,

 

 

 

 

 

 

 

8.125%, 01/30/26 (g)

 

Ba3

 

578

 

1,800

 

Vistra Operaitons Company, LLC, Senior Notes,

 

 

 

 

 

 

 

5.50%, 09/01/26 (g)

 

Ba3

 

1,872

 

 

 

 

 

 

 

17,482

 

Wireless Communications - 3.52%

 

 

 

 

 

770

 

MTN (Mauritius) Investments, Ltd., Senior Notes,

 

 

 

 

 

 

 

6.50%, 10/13/26

 

Ba1

 

782

 

860

 

Sprint Capital Corporation, Senior Notes,

 

 

 

 

 

 

 

8.75%, 03/15/32

 

B3

 

903

 

1,590

 

Sprint Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

11.50%, 11/15/21

 

B3

 

1,836

 

 

 

2,545

 

Sprint Corporation, Senior Notes,

 

 

 

 

 

 

 

7.25%, 09/15/21

 

B3

 

2,666

 

1,455

 

T-Mobile, USA, Inc., Senior Notes,

 

 

 

 

 

 

 

6.50%, 01/15/26

 

Ba2

 

1,553

 

180

 

VB-S1 Issuer LLC, Senior Notes,

 

 

 

 

 

 

 

6.901%, 06/15/46 (g)

 

(e)

 

186

 

 

 

 

 

 

 

7,926

 

 

 

Total Corporate Debt Securities
(Total cost of $277,761)

 

 

 

276,749

 

 

 

 

 

 

 

 

 

CONVERTIBLE DEBT SECURITIES - .60% (d)(f)

 

 

 

 

 

Automotive - .56%

 

 

 

 

 

1,298

 

Tesla Energy Operations, Senior Notes,

 

 

 

 

 

 

 

1.625%, 11/01/19

 

(e)

 

1,253

 

 

 

 

 

 

 

 

 

Energy - .04%

 

 

 

 

 

115

 

Cheniere Energy, Inc., Senior Notes,

 

 

 

 

 

 

 

4.25%, 03/15/45

 

(e)

 

90

 

 

 

Total Convertible Debt Securities
(Total cost of $1,315)

 

 

 

1,343

 

 

 

 

 

 

 

 

 

BANK DEBT SECURITIES - 13.60% (d)(f)

 

 

 

 

 

Aerospace & Defense - .60%

 

 

 

 

 

422

 

DAE Aviation Holdings, Inc., 6.25%, 07/07/22

 

B2

 

422

 

325

 

DAE Aviation Holdings, Inc., 6.77%, 01/23/26

 

(e)

 

325

 

605

 

Dynasty Acquisition Co., Inc., 6.77%, 04/06/26

 

B2

 

605

 

 

 

 

 

 

 

1,352

 

Automotive - .29%

 

 

 

 

 

355

 

Panther BF Aggregator 6.13%, 03/18/26

 

Ba3

 

351

 

322

 

Truck Hero, Inc., 6.249%, 04/21/24

 

B2

 

310

 

 

 

 

 

 

 

661

 

Broadcasting - .18%

 

 

 

 

 

570

 

iHeart Communications, Inc., 8.443%, 01/30/20 (a)(b)

 

(e)

 

405

 

 

 

 

 

 

 

 

 

Building Products - .22%

 

 

 

 

 

517

 

SRS Distribution, Inc., 5.749%, 05/23/25

 

B3

 

493

 

 

 

 

 

 

 

 

 

Chemicals - .44%

 

 

 

 

 

423

 

Consolidated Energy Finance, S.A., 4.989%, 05/07/25

 

Ba2

 

408

 

589

 

PQ Corporation, 5.244%, 02/08/25

 

B2

 

582

 

 

 

 

 

 

 

990

 

Consumer Products - .12%

 

 

 

 

 

273

 

ABG Intermediate Holdings 2, LLC, 5.999%, 09/26/24

 

B1

 

267

 

 

 

 

 

 

 

 

 

Container - .34%

 

 

 

 

 

794

 

BWAY Holding Company, Inc., 6.032%, 04/03/24

 

B2

 

773

 

 

 

 

 

 

 

 

 

Energy - .84%

 

 

 

 

 

362

 

Brazos Delaware II, LLC, 6.487%, 05/21/25

 

B2

 

343

 

977

 

Felix Energy LLC, 8.841%, 08/09/22,

 

 

 

 

 

 

 

Acquisition Date 08/09/17, Cost $967 (i)(j)

 

(e)

 

967

 

585

 

Prairie ECI Acquiror LP, 7.366%, 03/11/26

 

B1

 

586

 

 

 

 

 

 

 

1,896

 

Financial - .39%

 

 

 

 

 

599

 

Edelman Financial Center LLC, 6.037%, 07/21/25

 

B1

 

593

 

298

 

Hub International Limited, 5.515%, 04/25/25

 

B2

 

288

 

 

 

 

 

 

 

881

 

Gaming - .21%

 

 

 

 

 

485

 

Scientific Games International, Inc., 5.329%, 08/14/24

 

Ba3

 

472

 

 

 

Healthcare - 1.98%

 

 

 

 

 

790

 

Amneal Pharmaceuticals LLC, 6.00%, 05/04/25

 

B1

 

787

 

305

 

Auris Luxembourg III S.a.r.l., 6.09%, 02/27/26

 

B2

 

304

 

1,039

 

MPH Acquistion Holdings LLC, 5.351%, 06/07/23

 

B1

 

1,004

 

628

 

Regional Care Hospital Partners, 6.982%, 11/16/25

 

B1

 

621

 

517

 

Viant Medical Holdings, Inc., 6.351%, 07/02/25

 

B1

 

517

 

800

 

Wink Holdco, Inc., 5.499%, 12/02/24

 

B2

 

773

 

470

 

Wink Holdco, Inc., 9.25%, 11/03/25

 

Caa1

 

457

 

 

 

 

 

 

 

4,463

 

Informational Technologies - 1.36%

 

 

 

 

 

945

 

Canyon Valor Companies, Inc., 5.351%, 06/16/23

 

B2

 

936

 

515

 

CommScope, Inc., 5.99%, 02/06/26

 

Ba1

 

514

 

795

 

Cypress Intermediate Holdings III, Inc., 5.50% 04/26/24

 

B2

 

780

 

539

 

Financial & Risk US Holdings, Inc., 6.249%, 10/01/25

 

B2

 

523

 

155

 

Infor (US) Inc., 5.488%, 02/01/22

 

B1

 

154

 

158

 

SolarWinds Holdings, Inc., 5.249%, 02/05/24

 

B1

 

156

 

 

 

 

 

 

 

3,063

 

Manufacturing - .75%

 

 

 

 

 

318

 

Filtration Group Corporation, 5.499%, 03/29/25

 

B2

 

315

 

811

 

Titan Acquisition Limited, 5.499%, 03/28/25

 

B2

 

753

 

636

 

Welbilt, Inc., 4.999%, 10/23/25

 

B1

 

626

 

 

 

 

 

 

 

1,694

 

Metals and Mining - .40%

 

 

 

 

 

789

 

Aleris International, Inc., 7.249%, 02/27/23

 

B3

 

787

 

104

 

Big River Steel, LLC, 7.601%, 08/23/23

 

B3

 

105

 

 

 

 

 

 

 

892

 

Other Telecommunications - .54%

 

 

 

 

 

790

 

Cologix, Inc., 5.499%, 03/20/24

 

B2

 

757

 

476

 

GTT Communications, Inc., 5.25%, 05/31/25

 

B2

 

448

 

 

 

 

 

 

 

1,205

 

Publishing - .02%

 

 

 

 

 

38

 

Harland Clarke Holdings Corp., 7.351%, 11/03/23

 

B1

 

34

 

 

 

 

 

 

 

 

 

Real Estate Investment Trust Securities - .19%

 

 

 

 

 

453

 

Brookfield Property REIT Inc., 4.995%, 08/27/25

 

Ba3

 

435

 

 

 

 

 

 

 

 

 

Retail - .40%

 

 

 

 

 

313

 

Bass Pro Group LLC, 7.499%, 09/25/24

 

B1

 

306

 

635

 

Jo-Ann Stores, Inc., 12.011%, 05/21/24

 

Caa1

 

604

 

 

 

 

 

 

 

910

 

Services - 1.44%

 

 

 

 

 

263

 

Allied Universal Holdco, LLC, 6.249%, 07/28/22

 

B2

 

254

 

1,563

 

Kronos, Inc., 5.736%, 11/01/23

 

B2

 

1,547

 

320

 

Renaissance Holding Corp., 9.499%, 05/29/26

 

Caa2

 

292

 

556

 

Trans Union, LLC, 4.499%, 06/19/25

 

Ba2

 

548

 

625

 

Travelport Finance (Luxembourg) S.a.r.l., 7.63%, 03/13/26

 

B2

 

607

 

 

 

 

 

 

 

3,248

 

Utilities - .73%

 

 

 

 

 

633

 

Brookfield Wec Holdings, Inc., 6.249%, 08/01/25

 

B2

 

631

 

758

 

PG&E Corp. 5.00%, 12/31/20

 

Baa2

 

758

 

252

 

PG&E Corp. 5.00%, 12/31/20

 

Baa2

 

252

 

 

 

 

 

 

 

1,641

 

Wireless Communications - 2.16%

 

 

 

 

 

1,896

 

Asurion LLC, 5,499%, 11/03/24

 

Ba3

 

1,881

 

2,940

 

Asurion LLC, 8.999%, 08/04/25

 

B3

 

2,976

 

 

 

 

 

 

 

4,857

 

 

 

Total Bank Debt Securities
(Total cost of $31,097)

 

 

 

30,632

 

 

 

Shares

 

 

 

 

 

 

 

PREFERRED STOCK - 2.32% (d)(f)

 

 

 

 

 

Energy - 1.06%

 

 

 

 

 

2,250

 

Targa Resources Corp., Series A, Convertible, 9.50%,

 

 

 

 

 

 

 

Acquisition Date 10/26/17, Cost $2,520(j)

 

(e)

 

2,393

 

 

 

 

 

 

 

 

 

Manufacturing - .37%

 

 

 

 

 

790

 

Danaher Corporation, Convertible, 4.75%

 

(e)

 

832

 

 

 

 

 

 

 

 

 

Utilities - .89%

 

 

 

 

 

18,950

 

American Electric Power, Convertible, 6.125%,

 

(e)

 

975

 

8,400

 

NextEra Energy, Inc., Equity Unit, 6.123%

 

(e)

 

520

 

4,914

 

Sempra Energy, Convertible, 6%

 

(e)

 

519

 

 

 

 

 

 

 

2,014

 

 

 

Total Preferred Stock
(Total cost of $5,188)

 

 

 

5,239

 

 

 

 

 

 

 

 

 

COMMON STOCK - .43% (d)(f)

 

 

 

 

 

25,800

 

Constellium N.V., Class A (c)

 

 

 

206

 

13,500

 

Frontera Energy Corporation

 

 

 

115

 

31,646

 

Frontera Energy Corporation (CAD)

 

 

 

268

 

4,150

 

Liberty Broadband Corporation, Series A (c)

 

 

 

380

 

 

 

 

 

 

 

969

 

 

 

Total Common Stock
(Total cost of $2,662)

 

 

 

969

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

Amount/Units

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 2.28% (d)(f)

 

 

 

 

 

$

5,130

 

Chariot Funding LLC,

 

 

 

 

 

 

 

Commercial Paper Due 04/01/19,

 

 

 

 

 

 

 

Discount of 2.501% (g)

 

 

 

5,130

 

 

 

Total Short-Term Investments
(Total cost of $5,130)

 

 

 

5,130

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 142.11% (d)
(Total cost of $323,153)

 

 

 

320,062

 

 

 

CASH AND OTHER ASSETS

 

 

 

 

 

 

 

LESS LIABILITIES - (42.11)% (d)

 

 

 

(94,848

)

 

 

NET ASSETS - 100.00%

 

 

 

$

225,214

 

 

(a)    Denotes income is not being accrued.

 

(b)    Denotes issuer is in bankruptcy proceedings.

 

(c)     Non-income producing.

 

(d)    Percentages indicated are based on total net assets to common shareholders of $225,214.

 

(e)     Not rated.

 

(f)      All of the Fund’s investments and other assets are pledged as collateral in accordance with a credit agreement with The Bank of Nova Scotia.

 

(g)     Securities are exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold, normally to qualified institutional buyers in transactions exempt from registration.  Unless otherwise noted, 144A Securities are deemed to be liquid.  See Note 1 of the Note to Schedule of Investments for valuation policy.  Total market value of Rule 144A securities amounted to $189,044 as of March 31, 2019.

 

(h)    Perpetual security with no stated maturity date.

 

(i)        Level 3 in fair value hierarchy. See Note 1.

 

(j)       Security cannot be offered for public resale without first being registered under the Securities Act of 1933 (restricted security). Total market value of restricted securities (excluding Rule 144A securities) amounted to $3,360

 

 

or 1.49% of total net assets as of March 31, 2019.

 

(k)    Pay-In-Kind

 

(CAD) Canadian Dollar

 

(EUR) Euro

 

(GBP) British Pound

 

 

Derivative Contracts (Unaudited) (Currency Amounts in Thousands)

 

Forward Currency Exchange Contracts - As of March 31, 2019 the Fund had forward currency exchange contracts outstanding as follows:

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

Settlement

 

Receive

 

 

 

 

 

Appreciation

 

Counterparty

 

Date

 

(Deliver)

 

Asset

 

Liability

 

(Depreciation)

 

 

 

 

 

 

 

 

 

 

 

 

 

JP Morgan

 

4/26/19

 

CAD

13

 

$

10

 

$

10

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citibank

 

4/26/19

 

CAD

14

 

10

 

10

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UBS

 

4/26/19

 

CAD

(398

)

301

 

298

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citibank

 

4/26/19

 

GBP

12

 

15

 

15

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Bank

 

4/26/19

 

GBP

(1,944

)

2,424

 

2,535

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Citibank

 

4/26/19

 

GBP

(368

)

483

 

480

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank of America

 

5/24/19

 

EUR

124

 

140

 

142

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Bank

 

5/24/19

 

EUR

101

 

113

 

115

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Bank

 

5/24/19

 

EUR

101

 

114

 

116

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

UBS

 

5/24/19

 

EUR

111

 

125

 

127

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

UBS

 

5/24/19

 

EUR

(601

)

685

 

677

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citibank

 

5/24/19

 

EUR

(601

)

685

 

677

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Bank

 

5/24/19

 

EUR

(601

)

682

 

677

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UBS

 

5/24/19

 

EUR

(601

)

683

 

677

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Bank

 

5/24/19

 

EUR

(586

)

667

 

660

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Bank

 

5/24/19

 

EUR

(796

)

900

 

897

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Bank

 

5/24/19

 

EUR

(163

)

184

 

183

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain on open forward currency exchange contracts

 

 

 

 

 

$

25

 

 

 

The New America High Income Fund, Inc.

 

Note 1 to Schedule of Investments
March 31, 2019 (Unaudited)

 

(1) Significant Accounting and Other Policies

 

The New America High Income Fund, Inc. (the Fund) was organized as a corporation in the state of Maryland on November 19, 1987 and is registered with the Securities and Exchange Commission as a diversified, closed-end investment company under the Investment Company Act of 1940. The Fund commenced operations on February 26, 1988. The investment objective of the Fund is to provide high current income while seeking to preserve stockholders’ capital through investment in a professionally managed, diversified portfolio of “high yield” fixed-income securities.

 

The Fund invests primarily in fixed maturity corporate debt securities that are rated less than investment grade. Risk of loss upon default by the issuer is significantly greater with respect to such securities compared to investment grade securities because these securities are generally unsecured and are often subordinated to other creditors of the issuer and because these issuers usually have high levels of indebtedness and are more sensitive to adverse economic conditions, such as a recession, than are investment grade issuers. In some cases, the collection of principal and timely receipt of interest is dependent upon the issuer attaining improved operating results, selling assets or obtaining additional financing.

 

The Fund may focus its investments in certain industries, subjecting it to greater risk than a Fund that is more diversified. See the schedule of investments for information on individual securities as well as industry diversification and credit quality ratings.

 

The Fund’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States for investment companies that require the management of the Fund to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

 

The following is a summary of significant accounting policies consistently followed by the Fund, which are in conformity with those generally accepted in the investment company industry.

 

(a)  Valuation of Investments—Except as otherwise described below, the Fund's investments are valued based on evaluated bid prices provided by an independent pricing service. Independent pricing services provide prices based primarily on quotations from dealers and brokers, market transactions, data accessed from quotations services, offering sheets obtained from dealers and various relationships among similar securities. Investments whose primary market is on an exchange are valued at the last sale price on the day of valuation. Short-term investments with original maturities of 60 days or less are stated at amortized cost, which approximates the fair value of such investments. Following procedures approved by the Board of Directors, investments for which market prices are not yet provided by an independent pricing service (primarily newly issued fixed-income corporate bonds and notes) shall be valued at the most recently quoted bid price provided by a principal market maker for the security. Other investments, for which market quotations are not readily available are valued in good faith at fair value using methods approved by the Board of Directors. Fair value measurement is further discussed in section (e) of this footnote.

 

(b)  Foreign Currency—Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U. S. dollar amounts on the respective dates of such transactions.

 

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations

 

 

The New America High Income Fund, Inc.

 

Note 1 to Schedule of Investments
March 31, 2019 (Unaudited)

 

arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

 

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transaction, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

 

(c)  Foreign Currency Forward Exchange Contracts—The Fund may enter into foreign currency forward exchange contracts to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed upon price on an agreed future date. The Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the statement of assets and liabilities. Realized and unrealized gains and losses are included in the statement of operations. These instruments involve market risk, credit risk or both kinds of risks, in excess of the amount recognized in the statement of assets and liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

 

(d)  Securities Transactions and Net Investment Income—Securities transactions are recorded on trade date. Realized gains or losses on sales of securities are calculated on the identified cost basis. Interest income is accrued on a daily basis. Discount on short-term investments is amortized to investment income. Premiums or discounts on corporate debt securities are amortized based on the interest method for financial reporting purposes. All income on original issue discount and step interest bonds is accrued based on the effective interest method. The Fund does not amortize market premiums or discounts for tax purposes. Dividend payments received in the form of additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.

 

(e)  Fair Value Measurement—The Fund applies ASC 820 “Fair Value Measurements and Disclosures”. This standard establishes the definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.

 

The three levels of the fair value hierarchy under ASC 820 are described below:

 

Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

 

Level 2—Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

 

The New America High Income Fund, Inc.

 

Note 1 to Schedule of Investments
March 31, 2019 (Unaudited)

 

Level 3—Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

A description of the valuation techniques applied to the Fund’s major asset and liability categories is as follows.

 

Debt securities (corporate, convertible & bank debt). The fair value of debt securities is provided by independent pricing services using quotations from dealers and brokers, market transactions, data from quotations services, offering sheets and various relationships between securities. While most corporate bonds are categorized in level 2 of the fair value hierarchy, there may be instances where less observable inputs necessitate a level 3 categorization.

 

Equity securities (preferred and common stock). Equity securities for which the primary market is on an exchange will be valued at the last sale price on the day of valuation and are categorized in level 1 of the fair value hierarchy. Other equity securities traded in inactive markets or valued by independent pricing services using methods similar to debt securities are categorized in level 2. The fair value of equity securities in which observable inputs are unavailable are categorized in level 3.

 

Short-term investments. Short-term investments are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely the values would be categorized in level 2 of the fair value hierarchy.

 

Forwards are valued at the unrealized gain or loss on the contract as measured by the difference between the forward exchange rates at the date of entry into the contract and the forward rates at the reporting date. Forwards are categorized in level 2 of the fair value hierarchy.

 

The following is a summary of the inputs used as of March 31, 2019 in valuing the Fund’s investments:

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total Value

 

 

 

Quoted
Prices
(000’s)

 

Significant
Observable
Inputs
(000’s)

 

Significant
Unobservable
Inputs
(000’s)

 

(000’s)

 

Investments

 

 

 

 

 

 

 

 

 

Debt Securities*

 

$

—

 

$

306,991

 

1,733

 

$

308,724

 

Preferred Stock

 

 

 

 

 

 

 

 

 

Energy

 

—

 

2,393

 

—

 

2,393

 

Manufacturing

 

832

 

—

 

—

 

832

 

Utilities

 

2,014

 

—

 

—

 

2,014

 

Common Stock

 

 

 

 

 

 

 

 

 

Cable

 

380

 

—

 

—

 

380

 

Energy

 

383

 

—

 

—

 

383

 

Metals & Mining

 

206

 

—

 

—

 

206

 

Short-Term Investments

 

—

 

5,130

 

—

 

5,130

 

Total Investments

 

$

3,815

 

$

314,514

 

$

1,733

 

$

320,062

 

 

 

The New America High Income Fund, Inc.

 

Note 1 to Schedule of Investments
March 31, 2019 (Unaudited)

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total Value

 

 

 

Quoted
Prices
(000’s)

 

Significant
Observable
Inputs
(000’s)

 

Significant
Unobservable
Inputs
(000’s)

 

(000’s)

 

Forward Currency  Exchange  Contracts

 

$

—

 

$

25

 

$

—

 

$

25

 

 

*  Debt Securities — Type of debt and industries are shown on the Schedule of Investments.

 

The Fund owned two Level 3 securities at March 31, 2019. They are identified on the Schedule of Investments with a footnote (i) and have a value of $1,733,000. The value was determined by the Valuation Committee of the Fund’s investment advisor, T. Rowe Price, under procedures approved by the Board of Directors. The techniques used to arrive at this valuation take into account the occurrence of company specific or industry events, liquidity, broker coverage and other market factors.

 

The following is a reconciliation of Fund investments using Level 3 inputs for the period:

 

 

 

Value
(000’s)

 

Balance, December 31, 2018

 

$

898

 

Net purchases/(sales)

 

852

 

Change in unrealized appreciation (depreciation)

 

(17

)

Balance, March 31, 2019

 

$

1,733

 

 

Level 1 and Level 2 assets are evaluated on a quarterly basis for changes in listings or delistings on national exchanges.

 

Transfers between levels are recognized at the value at the end of the reporting period. During the three months ended March 31, 2019, the Fund recognized no transfers between Levels 1 and 2.

 

 

Item 2.

 

(a)   The registrant’s President and Treasurer has concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on her evaluation of these disclosure controls and procedures required by Rule 30a-3(b) as of a date within 90 days of the filing date of this report.

 

(b)   There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3.

 

Certifications as required by Rule 30a-2(a) under the Act are attached hereto.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)

The New America High Income Fund, Inc

 

 

 

 

By (Signature and Title)

/s/ Ellen E. Terry

 

 

Ellen E. Terry

 

President

 

Date

May 10, 2019

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)

/s/ Ellen E. Terry

 

 

Ellen E. Terry

 

President

 

Date

May 10, 2019

 

 

 

By (Signature and Title)

/s/ Ellen E. Terry

 

 

Ellen E. Terry

 

Treasurer

 

Date

May 10, 2019