N-Q 1 a19-21499_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:

9/30/19

 

 

 

Item 1 - Schedule of Investments - September 30, 2019 (Unaudited) (Dollar Amounts in Thousands)

 

 

 

 

 

 

Moody’s

 

 

 

Principal

 

 

 

Rating

 

Value

 

Amount/Units

 

 

 

(Unaudited)

 

(Note 1)

 

 

 

 

 

 

 

 

 

CORPORATE DEBT SECURITIES - 120.47% (d)(f)

 

 

 

 

 

Aerospace & Defense - 1.48%

 

 

 

 

 

10

 

Bombardier, Inc., Senior Notes,

 

 

 

 

 

 

 

6%, 10/15/22 (g)

 

Caa1

 

10

 

885

 

Bombardier, Inc., Senior Notes,

 

 

 

 

 

 

 

8.75%, 12/01/21 (g)

 

Caa1

 

961

 

485

 

F-Brasile S.p.A., Senior Notes,

 

 

 

 

 

 

 

7.375%, 08/15/26 (g)

 

B2

 

501

 

1,830

 

Transdigm Holdings UK, plc, Senior Notes,

 

 

 

 

 

 

 

6.25%, 03/15/26 (g)

 

Ba3

 

1,963

 

 

 

 

 

 

 

3,435

 

Airlines - .06%

 

 

 

 

 

71

 

American Airlines Group, Senior Notes,

 

 

 

 

 

 

 

5.625%, 07/15/22 (g)

 

(e)

 

73

 

55

 

United Continental Holdings, Senior Notes,

 

 

 

 

 

 

 

5%, 02/01/24

 

Ba3

 

58

 

 

 

 

 

 

 

131

 

Automotive - 2.04%

 

 

 

 

 

1,006

 

Ford Motor Credit Company, LLC, Senior Notes,

 

 

 

 

 

 

 

5.75%, 02/01/21

 

Baa3

 

1,040

 

2,690

 

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

 

 

 

 

 

 

 

8.50%, 05/5/27 (g)

 

B3

 

2,720

 

1,080

 

Tesla Inc., Senior Notes,

 

 

 

 

 

 

 

5.30%, 08/15/25 (g)

 

Caa1

 

969

 

 

 

 

 

 

 

4,729

 

Broadcasting - 6.88%

 

 

 

 

 

675

 

Clear Channel Outdoor Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

5.125%, 08/15/27 (g)

 

B1

 

704

 

1,987

 

Clear Channel Worldwide Holdings, Inc., Senior Subordinated

 

 

 

 

 

 

 

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

 

Caa2

 

2,176

 

795

 

Diamond Sports Group, LLC, Senior Notes,

 

 

 

 

 

 

 

6.625%, 08/15/27 (g)

 

B2

 

824

 

1,205

 

Diamond Sports Group, LLC, Senior Notes,

 

 

 

 

 

 

 

5.375%, 08/15/26 (g)

 

Ba2

 

1,250

 

240

 

iHeart Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 08/15/27 (g)

 

B1

 

250

 

128

 

iHeart Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

6.375%, 05/01/26

 

B1

 

138

 

2,612

 

iHeart Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

8.375%, 05/01/27

 

Caa1

 

2,821

 

800

 

Lionsgate Capital Holdings LLC, Senior Notes,

 

 

 

 

 

 

 

6.375%, 02/01/24 (g)

 

B2

 

843

 

1,365

 

MDC Partners, Inc., Senior Notes,

 

 

 

 

 

 

 

6.50%, 05/01/24 (g)

 

B3

 

1,244

 

630

 

Nexstar Broadcasting, Inc., Senior Notes,

 

 

 

 

 

 

 

5.625%, 08/01/24 (g)

 

B3

 

655

 

550

 

Nexstar Escrow, Inc., Senior Notes,

 

 

 

 

 

 

 

5.625%, 07/15/27 (g)

 

B3

 

576

 

445

 

Outfront Media Capital, LLC, Senior Notes,

 

 

 

 

 

 

 

5%, 08/15/27 (g)

 

B1

 

467

 

360

 

Scripps Company, Senior Notes,

 

 

 

 

 

 

 

5.875%, 07/15/27 (g)

 

B3

 

366

 

560

 

Sirius XM Radio, Inc., Senior Notes,

 

 

 

 

 

 

 

4.625%, 07/15/24 (g)

 

Ba3

 

580

 

 

 

620

 

Sirius XM Radio, Inc., Senior Notes,

 

 

 

 

 

 

 

5%, 08/01/27 (g)

 

Ba3

 

641

 

800

 

Tegna, Inc, Senior Notes,

 

 

 

 

 

 

 

5%, 09/15/29 (g)

 

Ba3

 

809

 

700

 

Townsquare Media, Inc., Senior Notes,

 

 

 

 

 

 

 

6.50%, 04/01/23 (g)

 

B3

 

698

 

930

 

Univision Communications, Senior Notes,

 

 

 

 

 

 

 

5.125%, 05/15/23 (g)

 

B2

 

928

 

 

 

 

 

 

 

15,970

 

Building & Real Estate - .40%

 

 

 

 

 

425

 

Taylor Morrison Communities, Inc., Senior Notes,

 

 

 

 

 

 

 

5.875%, 04/15/23 (g)

 

Ba3

 

454

 

470

 

Weekley Homes LLC, Senior Notes,

 

 

 

 

 

 

 

6.625%, 08/15/25

 

B3

 

472

 

 

 

 

 

 

 

926

 

Building Products - .87%

 

 

 

 

 

680

 

ABC Supply Company, Inc., Senior Notes,

 

 

 

 

 

 

 

5.875%, 05/15/26 (g)

 

B3

 

711

 

295

 

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

 

 

 

 

 

 

 

6.25%, 03/15/26 (g)

 

B1

 

301

 

470

 

PGT Innovations, Inc., Senior Notes,

 

 

 

 

 

 

 

6.75%, 08/01/26 (g)

 

B2

 

507

 

290

 

Summit Materials LLC, Senior Notes,

 

 

 

 

 

 

 

5.125%, 06/01/25 (g)

 

B3

 

297

 

200

 

Summit Materials LLC, Senior Notes,

 

 

 

 

 

 

 

6.50%, 03/15/27 (g)

 

B3

 

214

 

 

 

 

 

 

 

2,030

 

Cable Operators - 15.29%

 

 

 

 

 

1,600

 

Altice Financing S.A., Senior Notes,

 

 

 

 

 

 

 

7.50%, 05/15/26 (g)

 

B2

 

1,696

 

810

 

Altice France S.A., Senior Notes,

 

 

 

 

 

 

 

5.50%, 01/15/28 (g)

 

B2

 

817

 

1,400

 

Altice France S.A., Senior Notes,

 

 

 

 

 

 

 

7.375%, 05/01/26 (g)

 

B2

 

1,496

 

605

 

Altice France S.A., Senior Notes,

 

 

 

 

 

 

 

8.125%, 02/01/27 (g)

 

B2

 

668

 

2,890

 

Altice Luxembourg S.A., Senior Notes,

 

 

 

 

 

 

 

7.625%, 02/15/25 (g)

 

Caa1

 

2,998

 

60

 

Altice Luxembourg S.A., Senior Notes,

 

 

 

 

 

 

 

7.75%, 05/15/22 (g)

 

Caa1

 

61

 

1,120

 

Altice Luxembourg S.A., Senior Notes,

 

 

 

 

 

 

 

10.50%, 05/15/27 (g)

 

Caa1

 

1,260

 

475

 

C&W Senior Financing Designated Activity, Senior Notes,

 

 

 

 

 

 

 

6.875%, 09/15/27 (g)

 

B2

 

491

 

2,260

 

CCO Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.00%, 02/01/28 (g)

 

B1

 

2,336

 

1,658

 

CCO Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.125%, 05/01/27 (g)

 

B1

 

1,728

 

660

 

CCO Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.375%, 06/01/29 (g)

 

B1

 

703

 

1,130

 

CCO Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.50%, 05/01/26 (g)

 

B1

 

1,182

 

865

 

CSC Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.75%, 01/15/30 (g)

 

B3

 

904

 

1,210

 

CSC Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

6.50%, 02/01/29 (g)

 

Ba3

 

1,343

 

 

 

1,300

 

CSC Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

6.625%, 10/15/25 (g)

 

Ba3

 

1,389

 

605

 

CSC Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

7.50%, 04/01/28 (g)

 

B3

 

682

 

1,215

 

CSC Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

7.75%, 07/15/25 (g)

 

B3

 

1,305

 

1,135

 

CSC Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

10.875%, 10/15/25 (g)

 

B3

 

1,283

 

855

 

Dish DBS Corporation, Senior Notes,

 

 

 

 

 

 

 

5.875%, 11/15/24

 

B1

 

844

 

835

 

Dish DBS Corporation, Senior Notes,

 

 

 

 

 

 

 

7.75%, 07/01/26

 

B1

 

848

 

555

 

GCI LLC, Senior Notes,

 

 

 

 

 

 

 

6.625%, 06/15/24 (g)

 

B3

 

599

 

770

 

Netflix, Inc., Senior Notes,

 

 

 

 

 

 

 

5.375%, 11/15/29 (g)

 

Ba3

 

803

 

1,555

 

Netflix, Inc., Senior Notes,

 

 

 

 

 

 

 

5.875%, 11/15/28

 

Ba3

 

1,687

 

2,625

 

Netflix, Inc., Senior Notes,

 

 

 

 

 

 

 

6.375%, 05/15/29 (g)

 

Ba3

 

2,901

 

665

 

Radiate Holdco, Senior Notes,

 

 

 

 

 

 

 

6.875%, 02/15/23 (g)

 

(e)

 

684

 

615

 

UPCB Finance IV Ltd, Senior Notes,

 

 

 

 

 

 

 

5.375%, 01/15/25 (g)

 

Ba3

 

633

 

310

 

Videotron Ltee, Senior Notes,

 

 

 

 

 

 

 

5%, 07/15/22

 

Ba1

 

327

 

355

 

Videotron Ltee, Senior Notes,

 

 

 

 

 

 

 

5.125%, 04/15/27 (g)

 

Ba1

 

375

 

485

 

Virgin Media Finance, Plc, Senior Notes,

 

 

 

 

 

 

 

6%, 10/15/24 (g)

 

B2

 

500

 

490

 

Virgin Media Secured Finance, Plc, Senior Notes,

 

 

 

 

 

 

 

5.25%, 01/15/26 (g)

 

Ba3

 

503

 

490

 

Virgin Media Secured Finance, Plc, Senior Notes,

 

 

 

 

 

 

 

5.50%, 08/15/26 (g)

 

Ba3

 

513

 

1,186

 

VTR Finance B.V., Senior Notes,

 

 

 

 

 

 

 

6.875%, 01/15/24 (g)

 

B1

 

1,220

 

695

 

Ziggo Bond Finance B.V., Senior Notes,

 

 

 

 

 

 

 

6%, 01/15/27 (g)

 

B3

 

725

 

 

 

 

 

 

 

35,504

 

Chemicals - 3.46%

 

 

 

 

 

1,065

 

Consolidated Energy Finance, Senior Notes,

 

 

 

 

 

 

 

6.50%, 05/15/26 (g)

 

B1

 

1,044

 

420

 

Consolidated Energy Finance, Senior Notes,

 

 

 

 

 

 

 

6.875%, 06/15/25 (g)

 

B1

 

422

 

1,440

 

CVR Partners, L.P., Senior Notes,

 

 

 

 

 

 

 

9.25%, 06/15/23 (g)

 

B2

 

1,503

 

540

 

Element Solutions, Inc., Senior Notes,

 

 

 

 

 

 

 

5.875%, 12/01/25 (g)

 

B2

 

565

 

1,520

 

Kissner Holdings L.P., Senior Notes,

 

 

 

 

 

 

 

8.375%, 12/01/22 (g)

 

B3

 

1,581

 

200

 

Kraton Polymers LLC, Senior Notes,

 

 

 

 

 

 

 

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

 

B3

 

229

 

1,225

 

Kraton Polymers LLC, Senior Notes,

 

 

 

 

 

 

 

7%, 04/15/25 (g)

 

B3

 

1,274

 

630

 

Neon Holdings, inc., Senior Notes,

 

 

 

 

 

 

 

10.125%, 04/01/26 (g)

 

B3

 

634

 

780

 

OCI N.V., Senior Notes,

 

 

 

 

 

 

 

6.625%, 04/15/23 (g)

 

B1

 

792

 

 

 

 

 

 

 

8,044

 

 

 

Consumer Products - 1.45%

 

 

 

 

 

605

 

Avon International, Operating Company, Senior Notes,

 

 

 

 

 

 

 

7.875%, 08/15/22 (g)

 

Ba1

 

629

 

235

 

Energizer Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

7.75%, 01/15/27 (g)

 

B2

 

261

 

950

 

Prestige Brands, Inc., Senior Notes,

 

 

 

 

 

 

 

6.375%, 03/01/24 (g)

 

Caa1

 

990

 

670

 

Tempur Sealy International, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 06/15/26

 

B1

 

699

 

775

 

Tempur Sealy International, Inc., Senior Notes,

 

 

 

 

 

 

 

5.625%, 10/15/23

 

B1

 

797

 

 

 

 

 

 

 

3,376

 

Container - 2.20%

 

 

 

 

 

975

 

Ardagh Packaging Finance plc, Senior Notes,

 

 

 

 

 

 

 

5.25%, 08/15/27 (g)

 

B3

 

986

 

500

 

Ardagh Packaging Finance plc, Senior Notes,

 

 

 

 

 

 

 

6%, 02/15/25 (g)

 

B3

 

523

 

155

 

Berry Global Escrow Corporation, Senior Notes,

 

 

 

 

 

 

 

5.625%, 07/15/27 (g)

 

B2

 

160

 

100

 

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

 

 

 

 

 

 

 

7.375%, 12/15/26

 

B1

 

121

 

383

 

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

 

 

 

 

 

 

 

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

 

(e)

 

228

 

865

 

Mauser Packaging Solutions, Senior Notes,

 

 

 

 

 

 

 

7.25%, 04/15/25 (g)

 

Caa2

 

825

 

325

 

Pactiv Corporation, Senior Notes,

 

 

 

 

 

 

 

7.95%, 12/15/25

 

Caa1

 

351

 

1,235

 

Reynolds Group Issuer, Inc., Senior Notes,

 

 

 

 

 

 

 

7%, 07/15/24 (g)

 

Caa1

 

1,278

 

100

 

Trivium Packaging Finance B.V., Senior Notes,

 

 

 

 

 

 

 

3.75%, 08/15/26 (g)(EUR)

 

B2

 

115

 

295

 

Trivium Packaging Finance B.V., Senior Notes,

 

 

 

 

 

 

 

5.50%, 08/15/26 (g)

 

B2

 

310

 

200

 

Trivium Packaging Finance B.V., Senior Notes,

 

 

 

 

 

 

 

8.50%, 08/15/27 (g)

 

Caa2

 

217

 

 

 

 

 

 

 

5,114

 

Energy - 16.06%

 

 

 

 

 

633

 

Archrock Partners, Senior Notes,

 

 

 

 

 

 

 

6%, 10/01/22

 

B3

 

641

 

555

 

Archrock Partners, Senior Notes,

 

 

 

 

 

 

 

6.875%, 04/01/27 (g)

 

B2

 

588

 

757

 

Berry Petroleum Company, LLC, Senior Notes,

 

 

 

 

 

 

 

7%, 02/15/26 (g)

 

B3

 

723

 

160

 

Bruin E&P Partners, LLC, Senior Notes,

 

 

 

 

 

 

 

8.875%, 08/01/23 (g)

 

Caa1

 

119

 

985

 

Carrizo Oil & Gas, Inc., Senior Notes,

 

 

 

 

 

 

 

6.25%, 04/15/23

 

B2

 

931

 

905

 

Carrizo Oil & Gas, Inc., Senior Notes,

 

 

 

 

 

 

 

8.25%, 07/15/25

 

B2

 

880

 

795

 

Cheniere Corpus Christi Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.125%, 06/30/27

 

Ba2

 

871

 

525

 

Cheniere Corpus Christi Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.875%, 03/31/25

 

Ba2

 

584

 

800

 

Cheniere Corpus Christi Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

7%, 06/30/24

 

Ba2

 

919

 

760

 

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

 

 

 

 

 

 

 

4.50%, 10/01/29 (g)

 

Ba2

 

778

 

275

 

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

 

 

 

 

 

 

 

5.625%, 10/01/26

 

Ba2

 

291

 

 

 

1,015

 

Chesapeake Energy Corporation, Senior Notes,

 

 

 

 

 

 

 

8%, 06/15/27

 

B2

 

685

 

505

 

Citgo Holding, Inc., Senior Notes,

 

 

 

 

 

 

 

9.25%, 08/01/24 (g)

 

Caa1

 

533

 

255

 

Covey Park Energy, LLC, Senior Notes,

 

 

 

 

 

 

 

7.50%, 05/15/25 (g)

 

B3

 

204

 

1,190

 

CrownRock, L.P., Senior Notes,

 

 

 

 

 

 

 

5.625%, 10/15/25 (g)

 

B2

 

1,196

 

156

 

CSI Compressco LP, Senior Notes,

 

 

 

 

 

 

 

7.25%, 08/15/22

 

Caa2

 

141

 

580

 

CSI Compressco LP, Senior Notes,

 

 

 

 

 

 

 

7.50%, 04/01/25 (g)

 

B1

 

571

 

795

 

DCP Midstream, LLC, Senior Notes,

 

 

 

 

 

 

 

6.75%, 09/15/37 (g)

 

Ba2

 

835

 

650

 

DCP Midstream, LLC, Senior Notes,

 

 

 

 

 

 

 

7.375%, (h)

 

B1

 

624

 

470

 

DCP Midstream, LLC, Senior Notes,

 

 

 

 

 

 

 

8.125%, 08/16/30

 

Ba2

 

586

 

465

 

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

 

 

 

 

 

 

 

5.50%, 01/30/26 (g)

 

B1

 

484

 

598

 

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

 

 

 

 

 

 

 

5.75%, 01/30/28 (g)

 

B1

 

632

 

1,090

 

Exterran NRG Solutions, Senior Notes,

 

 

 

 

 

 

 

8.125%, 05/01/25

 

B1

 

1,082

 

1,120

 

Gulfport Energy Corporation, Senior Notes,

 

 

 

 

 

 

 

6.375%, 05/15/25

 

B1

 

795

 

1,291

 

Jagged Peak Energy LLC, Senior Notes,

 

 

 

 

 

 

 

5.875%, 05/01/26

 

B3

 

1,294

 

625

 

Kosmos Energy Ltd., Senior Notes,

 

 

 

 

 

 

 

7.125%, 04/04/26 (g)

 

B2

 

642

 

1,765

 

Magnolia Oil and Gas Operating LLC, Senior Notes,

 

 

 

 

 

 

 

6%, 08/01/26 (g)

 

B3

 

1,774

 

1,745

 

Matador Resources Company, Senior Notes,

 

 

 

 

 

 

 

5.875%, 09/15/26

 

B2

 

1,745

 

1,410

 

NGL Energy Partners L.P., Senior Notes,

 

 

 

 

 

 

 

7.50%, 11/01/23

 

B2

 

1,436

 

1,230

 

NGL Energy Partners L.P., Senior Notes,

 

 

 

 

 

 

 

7.50%, 04/15/26 (g)

 

B2

 

1,236

 

560

 

Noble Holdings International, Ltd., Senior Notes,

 

 

 

 

 

 

 

8.95%, 04/01/45

 

Caa2

 

286

 

435

 

Nustar Logistics, L.P., Senior Notes,

 

 

 

 

 

 

 

5.625%, 04/28/27

 

Ba2

 

460

 

500

 

Nustar Logistics, L.P., Senior Notes,

 

 

 

 

 

 

 

6%, 06/01/26

 

Ba2

 

539

 

860

 

Parsley Energy, LLC, , Senior Notes,

 

 

 

 

 

 

 

5.625%, 10/15/27 (g)

 

B1

 

886

 

1,165

 

PDC Energy, Senior Notes,

 

 

 

 

 

 

 

5.75%, 05/15/26

 

B1

 

1,145

 

1,675

 

Petrobras Global Finance, Senior Notes,

 

 

 

 

 

 

 

7.375%, 01/17/27

 

Ba2

 

2,020

 

85

 

QEP Resrouces, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 05/01/23

 

Ba3

 

78

 

45

 

QEP Resrouces, Inc., Senior Notes,

 

 

 

 

 

 

 

5.625%, 03/01/26

 

Ba3

 

39

 

3,020

 

Seven Generations Energy Ltd., Senior Notes,

 

 

 

 

 

 

 

5.375%, 09/30/25 (g)

 

Ba3

 

2,982

 

240

 

Summit Midstream Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.50%, 08/15/22

 

B1

 

219

 

230

 

Summit Midstream Holdings, LLC, Senior Notes,

 

 

 

 

 

 

 

5.75%, 04/15/25

 

B1

 

193

 

200

 

Summit Midstream Partners, LP, Senior Notes,

 

 

 

 

 

 

 

9.50%, (h)

 

B3

 

144

 

795

 

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

 

 

 

 

 

 

 

5.50%, 09/15/24 (g)

 

Ba3

 

791

 

295

 

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

 

 

 

 

 

 

 

6.50%, 07/15/27 (g)

 

Ba3

 

322

 

 

 

435

 

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

 

 

 

 

 

 

 

6.875%, 01/15/29 (g)

 

Ba3

 

475

 

785

 

TransMontaigne Partners, L.P., Senior Notes

 

 

 

 

 

 

 

6.125%, 02/15/26

 

B3

 

756

 

445

 

Transocean, Inc., Senior Notes,

 

 

 

 

 

 

 

5.875%, 01/15/24 (g)

 

B1

 

449

 

450

 

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

 

 

 

 

 

 

 

6.875%, 04/01/26

 

B3

 

467

 

390

 

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

 

 

 

 

 

 

 

6.875%, 09/01/27 (g)

 

B3

 

402

 

85

 

Vine Oil & Gas, L.P., Senior Notes,

 

 

 

 

 

 

 

8.75%, 04/15/23 (g)

 

Caa1

 

39

 

845

 

Vine Oil & Gas, L.P., Senior Notes,

 

 

 

 

 

 

 

9.75%, 04/15/23 (g)

 

Caa1

 

393

 

390

 

WPX Energy, Inc., Senior Notes

 

 

 

 

 

 

 

5.25%, 10/15/27

 

B1

 

392

 

 

 

 

 

 

 

37,297

 

Entertainment & Leisure - 1.54%

 

 

 

 

 

1,450

 

AMC Entertainment Holdings, Senior Subordinated Notes,

 

 

 

 

 

 

 

5.75%, 06/15/25

 

B3

 

1,376

 

243

 

AMC Entertainment Holdings, Senior Subordinated Notes,

 

 

 

 

 

 

 

5.875%, 11/15/26

 

B3

 

219

 

215

 

Cedar Fair, L. P., Senior Notes,

 

 

 

 

 

 

 

5.25%, 07/15/29 (g)

 

B1

 

230

 

650

 

Cedar Fair, L. P., Senior Notes,

 

 

 

 

 

 

 

5.375%, 04/15/27

 

B1

 

694

 

365

 

Pinnacle Bidco, Plc, Senior Notes,

 

 

 

 

 

 

 

6.375%, 02/15/25 (g) (GBP)

 

B2

 

477

 

545

 

Silversea Cruise Finance Ltd., Senior Notes,

 

 

 

 

 

 

 

7.25%, 02/01/25 (g)

 

Baa2

 

580

 

 

 

 

 

 

 

3,576

 

Financial - 10.71%

 

 

 

 

 

695

 

Acrisure, LLC, Senior Notes,

 

 

 

 

 

 

 

7%, 11/15/25 (g)

 

Caa2

 

648

 

620

 

Acrisure, LLC, Senior Notes,

 

 

 

 

 

 

 

8.125%, 02/15/24 (g)

 

B2

 

667

 

390

 

Acrisure, LLC, Senior Notes,

 

 

 

 

 

 

 

10.125%, 08/01/26 (g)

 

Caa2

 

407

 

610

 

AmWins Group, Inc., Senior Notes,

 

 

 

 

 

 

 

7.75%, 07/01/26 (g)

 

Caa1

 

650

 

1,485

 

Banco Do Brasil S.A. (Cayman),

 

 

 

 

 

 

 

9% (h)

 

B2

 

1,659

 

700

 

Banco Santander S.A., Senior Notes,

 

 

 

 

 

 

 

6.75%, (h) (EUR)

 

Ba1

 

828

 

345

 

Barclays PLC,

 

 

 

 

 

 

 

7.875%, (h)(GBP)

 

Ba3

 

451

 

340

 

Barclays PLC,

 

 

 

 

 

 

 

7.875%, (h)(GBP)

 

Ba3

 

444

 

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

 

325

 

CIT Group, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 03/07/25

 

Ba1

 

354

 

295

 

CIT Group, Inc., Subordinate Notes,

 

 

 

 

 

 

 

6.125%, 03/09/28

 

Ba1

 

346

 

390

 

Credit Agricole SA,

 

 

 

 

 

 

 

6.50%, (h)(EUR)

 

(e)

 

459

 

765

 

Credit Suisse Group AG,

 

 

 

 

 

 

 

7.125%, (h)

 

Ba2

 

811

 

 

 

885

 

Credit Suisse Group AG,

 

 

 

 

 

 

 

7.50%, (g)(h)

 

(e)

 

982

 

780

 

DAE Funding, LLC, Senior Notes,

 

 

 

 

 

 

 

5.25%, 11/15/21 (g)

 

Ba2

 

810

 

750

 

DNB Bank ASA, Senior Notes,

 

 

 

 

 

 

 

6.50%, (h)

 

Baa3

 

785

 

585

 

GTCR AP Finance, Inc., Senior Notes,

 

 

 

 

 

 

 

8%, 05/15/27 (g)

 

Caa2

 

601

 

770

 

Hub Holdings LLC, Senior Notes,

 

 

 

 

 

 

 

7%, 05/01/26 (g)

 

Caa2

 

790

 

1,225

 

Icahn Enterprises, L.P., Senior Notes,

 

 

 

 

 

 

 

6.25%, 05/15/26 (g)

 

Ba3

 

1,285

 

980

 

Itau Unibankco Holding S.A., Senior Notes,

 

 

 

 

 

 

 

6.125%, (g)(h)

 

B2

 

991

 

325

 

Ladder Capital Finance Holdings LLLP, Senior Notes,

 

 

 

 

 

 

 

5.875%, 08/01/21 (g)

 

Ba3

 

329

 

2,035

 

LPL Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

5.75%, 09/15/25 (g)

 

B1

 

2,114

 

1,115

 

Navient Corporation, Senior Notes,

 

 

 

 

 

 

 

6.125%, 03/25/24

 

Ba3

 

1,157

 

130

 

Navient Corporation, Senior Notes,

 

 

 

 

 

 

 

6.75%, 06/25/25

 

Ba3

 

134

 

215

 

Navient Corporation, Senior Notes,

 

 

 

 

 

 

 

6.75%, 06/15/26

 

Ba3

 

220

 

715

 

Navient Corporation, Senior Notes,

 

 

 

 

 

 

 

7.25%, 09/25/23

 

Ba3

 

778

 

555

 

NFP Corporation, Senior Notes,

 

 

 

 

 

 

 

6.875%, 07/15/25 (g)

 

Caa2

 

549

 

740

 

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

 

 

 

 

 

 

 

8.625% (h)

 

Ba2

 

792

 

755

 

Springleaf Finance Corporation, Senior Notes,

 

 

 

 

 

 

 

6.125%, 03/15/24

 

Ba3

 

814

 

390

 

Springleaf Finance Corporation, Senior Notes,

 

 

 

 

 

 

 

6.625%, 01/15/28

 

Ba3

 

419

 

810

 

Springleaf Finance Corporation, Senior Notes,

 

 

 

 

 

 

 

6.875%, 03/15/25

 

Ba3

 

893

 

300

 

Springleaf Finance Corporation, Senior Notes,

 

 

 

 

 

 

 

7.125%, 03/15/26

 

Ba3

 

332

 

450

 

Standard Chartered PLC,

 

 

 

 

 

 

 

7.50%, (g)(h)

 

Ba1

 

475

 

1,050

 

UBS Group AG, Senior Notes,

 

 

 

 

 

 

 

7.125%, (h)

 

Ba1

 

1,103

 

 

 

 

 

 

 

24,879

 

Food/Tobacco - 3.57%

 

 

 

 

 

1,425

 

B&G Foods, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 04/01/25

 

B2

 

1,457

 

610

 

B&G Foods, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 09/15/27

 

B2

 

623

 

1,405

 

Chobani LLC., Senior Notes,

 

 

 

 

 

 

 

7.50%, 04/15/25 (g)

 

Caa2

 

1,345

 

770

 

Cosan Luxembourg S.A., Senior Notes,

 

 

 

 

 

 

 

7%, 01/20/27 (g)

 

Ba2

 

840

 

245

 

Darling Ingredients, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 04/15/27 (g)

 

Ba3

 

257

 

520

 

FAGE International S.A., Senior Notes,

 

 

 

 

 

 

 

5.625%, 08/15/26 (g)

 

B1

 

464

 

1,330

 

Minerva Luxembourg S.A., Senior Notes,

 

 

 

 

 

 

 

6.50%, 09/20/26 (g)

 

(e)

 

1,381

 

485

 

Post Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

5.625%, 01/15/28 (g)

 

B2

 

514

 

330

 

Post Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

5.75%, 03/01/27 (g)

 

B2

 

349

 

335

 

Post Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

8%, 07/15/25 (g)

 

B2

 

358

 

 

 

700

 

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

 

 

 

 

 

 

 

7.875%, 05/15/26 (g)

 

B3

 

699

 

 

 

 

 

 

 

8,287

 

Gaming - 5.19%

 

 

 

 

 

580

 

Boyd Gaming Corporation, Senior Notes,

 

 

 

 

 

 

 

6%, 08/15/26

 

B3

 

612

 

460

 

Caesar’s Resorts, Senior Notes,

 

 

 

 

 

 

 

5.25%, 10/15/25 (g)

 

B3

 

469

 

275

 

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

 

 

 

 

 

 

 

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

 

B2

 

318

 

1,152

 

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

 

 

 

 

 

 

 

7.875%, 12/20/23 (g)

 

B2

 

1,224

 

593

 

Eldorado Resorts, Inc., Senior Notes,

 

 

 

 

 

 

 

6%, 09/15/26

 

B2

 

649

 

1,165

 

International Game Technology Plc, Senior Notes,

 

 

 

 

 

 

 

6.25%, 01/15/27 (g)

 

Ba2

 

1,293

 

315

 

MGM China Holdings, Limited, Senior Notes,

 

 

 

 

 

 

 

5.375%, 05/15/24 (g)

 

Ba3

 

326

 

315

 

MGM China Holdings, Limited, Senior Notes,

 

 

 

 

 

 

 

5.875%, 05/15/26 (g)

 

Ba3

 

329

 

435

 

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

 

 

 

 

 

 

 

5.75%, 02/01/27 (g)

 

B1

 

486

 

605

 

MGM Resorts International, Senior Notes,

 

 

 

 

 

 

 

6%, 03/15/23

 

Ba3

 

665

 

1,240

 

Scientific Games International Inc., Senior Notes,

 

 

 

 

 

 

 

8.25%, 03/15/26 (g)

 

Caa1

 

1,318

 

657

 

Scientific Games International Inc., Senior Notes,

 

 

 

 

 

 

 

10%, 12/01/22

 

Caa1

 

682

 

1,235

 

Stars Group Holdings B.V., Senior Notes,

 

 

 

 

 

 

 

7%, 07/15/26 (g)

 

Caa1

 

1,308

 

322

 

VICI Properties, Senior Notes,

 

 

 

 

 

 

 

8%, 10/15/23

 

B1

 

352

 

1,390

 

Wynn Las Vegas, LLC, Senior Notes,

 

 

 

 

 

 

 

5.25%, 05/15/27 (g)

 

B1

 

1,428

 

585

 

Wynn Macau Ltd., Senior Notes,

 

 

 

 

 

 

 

5.50%, 10/01/27 (g)

 

B1

 

591

 

 

 

 

 

 

 

12,050

 

Healthcare - 9.40%

 

 

 

 

 

770

 

Avantor Inc., Senior Notes,

 

 

 

 

 

 

 

6%, 10/01/24 (g)

 

Ba2

 

823

 

4,505

 

Avantor Inc., Senior Notes,

 

 

 

 

 

 

 

9%, 10/01/25 (g)

 

B3

 

5,057

 

1,495

 

Bausch Health Companies, Inc., Senior Notes,

 

 

 

 

 

 

 

7%, 03/15/24 (g)

 

Ba2

 

1,572

 

760

 

Bausch Health Companies, Inc., Senior Notes,

 

 

 

 

 

 

 

7.25%, 05/30/29 (g)

 

B3

 

828

 

1,920

 

Bausch Health Companies, Inc., Senior Notes,

 

 

 

 

 

 

 

8.50%, 01/31/27 (g)

 

B3

 

2,153

 

1,060

 

Bausch Health Companies, Inc., Senior Notes,

 

 

 

 

 

 

 

9%, 12/15/25 (g)

 

B3

 

1,190

 

1,600

 

Bausch Health Companies, Inc., Senior Notes,

 

 

 

 

 

 

 

9.25%, 04/01/26 (g)

 

B3

 

1,816

 

155

 

Catalent Pharma Solutions, Inc., Senior Notes,

 

 

 

 

 

 

 

5%, 07/15/27 (g)

 

B3

 

161

 

655

 

Change Healthcare Holdings LLC, Senior Notes,

 

 

 

 

 

 

 

5.75%, 03/01/25 (g)

 

Caa1

 

665

 

850

 

DaVita Healthcare Partners, Inc., Senior Notes,

 

 

 

 

 

 

 

5%, 05/01/25

 

Ba3

 

846

 

 

 

850

 

DaVita Healthcare Partners, Inc., Senior Notes,

 

 

 

 

 

 

 

5.125%, 07/15/24

 

Ba3

 

864

 

230

 

Eagle Holding Company II, LLC, Senior Notes,

 

 

 

 

 

 

 

7.625%, 05/15/22 (g)

 

Caa1

 

232

 

1,075

 

Eagle Holding Company II, LLC, Senior Notes,

 

 

 

 

 

 

 

7.75%, 05/15/22 (g)

 

Caa1

 

1,083

 

230

 

HCA, Incorporated, Senior Notes,

 

 

 

 

 

 

 

5.625%, 09/01/28

 

Ba2

 

256

 

575

 

HCA, Incorporated, Senior Notes,

 

 

 

 

 

 

 

5.875%, 02/15/26

 

Ba2

 

643

 

450

 

HCA, Incorporated, Senior Notes,

 

 

 

 

 

 

 

5.875%, 02/01/29

 

Ba2

 

504

 

450

 

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

 

 

 

 

 

 

 

6.375%, 03/01/24

 

Ba1

 

471

 

25

 

NVA Holdings, Inc, Senior Notes,

 

 

 

 

 

 

 

6.875%, 04/01/26 (g)

 

Caa2

 

26

 

210

 

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

 

 

 

 

 

 

 

8.25%, 05/01/23 (g)

 

B1

 

224

 

1,030

 

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

 

 

 

 

 

 

 

9.75%, 12/01/26 (g)

 

Caa1

 

1,102

 

165

 

Select Medical Corporation, Senior Notes,

 

 

 

 

 

 

 

6.25%, 08/15/26 (g)

 

B3

 

172

 

1,050

 

Tenet Healthcare Corporation, Senior Notes,

 

 

 

 

 

 

 

8.125%, 04/01/22

 

Caa1

 

1,137

 

 

 

 

 

 

 

21,825

 

Information Technology - 4.76%

 

 

 

 

 

60

 

EIG Investors Corporation, Senior Notes,

 

 

 

 

 

 

 

10.875%, 02/01/24

 

Caa1

 

62

 

250

 

Grubhub Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 07/01/27 (g)

 

Ba3

 

255

 

630

 

Qorvo, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 07/15/26

 

Ba1

 

665

 

1,200

 

Refinitiv US Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

6.25%, 05/15/26 (g)

 

B2

 

1,289

 

310

 

Refinitiv US Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

6.875%, 11/15/26 (g) (EUR)

 

Caa2

 

378

 

2,190

 

Refinitiv US Holdings, Inc., Senior Notes,

 

 

 

 

 

 

 

8.25%, 11/15/26 (g)

 

Caa2

 

2,414

 

2,945

 

Solera, LLC, Senior Notes,

 

 

 

 

 

 

 

10.50%, 03/01/24 (g)

 

Caa1

 

3,107

 

1,420

 

SS&C Technologies, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 09/30/27 (g)

 

B2

 

1,480

 

620

 

Uber Technologies, Inc., Senior Notes,

 

 

 

 

 

 

 

7.50%, 09/15/27 (g)

 

B3

 

614

 

780

 

Uber Technologies, Inc., Senior Notes,

 

 

 

 

 

 

 

7.50%, 11/01/23 (g)

 

B3

 

785

 

 

 

 

 

 

 

11,049

 

Lodging - .57%

 

 

 

 

 

825

 

Marriott Ownership Resorts, Inc., Senior Notes,

 

 

 

 

 

 

 

6.50%, 09/15/26

 

Ba3

 

887

 

415

 

Ryman Hospitality Group, Senior Notes,

 

 

 

 

 

 

 

4.75%, 10/15/27 (g)

 

B1

 

425

 

 

 

 

 

 

 

1,312

 

Manufacturing - 1.36%

 

 

 

 

 

1,509

 

Apex Tool Group, LLC, Senior Notes,

 

 

 

 

 

 

 

9%, 02/15/23 (g)

 

Caa1

 

1,339

 

 

 

260

 

Colfax Corporation, Senior Notes,

 

 

 

 

 

 

 

6%, 02/15/24 (g)

 

Ba2

 

275

 

170

 

Colfax Corporation, Senior Notes,

 

 

 

 

 

 

 

6.375%, 02/15/26 (g)

 

Ba2

 

183

 

83

 

Park-Ohio Industries, Inc., Senior Notes,

 

 

 

 

 

 

 

6.625%, 04/15/27

 

B3

 

79

 

1,055

 

Sensata Technologies UK Financing Company plc, Senior

 

 

 

 

 

 

 

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

 

Ba3

 

1,125

 

150

 

Welbilt, Inc., Senior Notes,

 

 

 

 

 

 

 

9.50%, 02/15/24

 

Caa1

 

161

 

 

 

 

 

 

 

3,162

 

Metals & Mining - 5.75%

 

 

 

 

 

200

 

Alcoa Nederland Holding B.V., Senior Notes,

 

 

 

 

 

 

 

6.75%, 09/30/24 (g)

 

Ba1

 

211

 

600

 

Alcoa Nederland Holding B.V., Senior Notes,

 

 

 

 

 

 

 

7%, 09/30/26 (g)

 

Ba1

 

651

 

695

 

Aleris International, Inc., Senior Notes,

 

 

 

 

 

 

 

10.75%, 07/15/23 (g)

 

Caa2

 

732

 

1,420

 

Big River Steel, LLC, Senior Notes,

 

 

 

 

 

 

 

7.25%, 09/01/25 (g)

 

B3

 

1,500

 

1,000

 

Constellium N.V., Senior Notes,

 

 

 

 

 

 

 

5.75%, 05/15/24 (g)

 

B2

 

1,029

 

1,795

 

Constellium N.V., Senior Notes,

 

 

 

 

 

 

 

6.625%, 03/01/25 (g)

 

B2

 

1,871

 

610

 

FMG Resources Pty. Ltd., Senior Notes,

 

 

 

 

 

 

 

5.125%, 05/15/24 (g)

 

Ba1

 

634

 

505

 

FMG Resources Pty. Ltd., Senior Notes,

 

 

 

 

 

 

 

5.125%, 03/15/23 (g)

 

Ba1

 

520

 

310

 

Freeport McMoran, Inc., Senior Notes,

 

 

 

 

 

 

 

5%, 09/01/27

 

Ba1

 

309

 

320

 

Freeport McMoran, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 09/01/29

 

Ba1

 

320

 

845

 

Freeport McMoran, Inc., Senior Notes,

 

 

 

 

 

 

 

5.40%, 11/14/34

 

Ba1

 

809

 

210

 

Hecla Mining Company, Senior Notes,

 

 

 

 

 

 

 

6.875%, 05/01/21

 

Caa2

 

207

 

595

 

HudBay Minerals, Inc., Senior Notes,

 

 

 

 

 

 

 

7.25%, 01/15/23 (g)

 

B3

 

616

 

185

 

HudBay Minerals, Inc., Senior Notes,

 

 

 

 

 

 

 

7.625%, 01/15/25 (g)

 

B3

 

188

 

785

 

New Gold Inc., Senior Notes,

 

 

 

 

 

 

 

6.375%, 05/15/25 (g)

 

Caa1

 

735

 

630

 

Novelis Corporation, Senior Notes,

 

 

 

 

 

 

 

6.25%, 08/15/24 (g)

 

B2

 

661

 

880

 

Ryerson Inc., Senior Secured Notes,

 

 

 

 

 

 

 

11%, 05/15/22 (g)

 

Caa1

 

928

 

320

 

Steel Dynamics, Inc., Senior Notes,

 

 

 

 

 

 

 

5%, 12/15/26

 

Ba1

 

335

 

165

 

Steel Dynamics, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 10/01/24

 

Ba1

 

170

 

870

 

Zekelman Industries, Senior Notes,

 

 

 

 

 

 

 

9.875%, 06/15/23 (g)

 

B3

 

916

 

 

 

 

 

 

 

13,342

 

Other Telecommunications - 1.99%

 

 

 

 

 

435

 

GTT Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

7.875%, 12/31/24 (g)

 

Caa1

 

244

 

650

 

Level 3 Financing, Inc., Senior Notes,

 

 

 

 

 

 

 

4.625%, 09/15/27 (g)

 

Ba3

 

657

 

 

 

225

 

Level 3 Financing, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 03/15/26

 

Ba3

 

234

 

275

 

Level 3 Financing, Inc., Senior Notes,

 

 

 

 

 

 

 

5.375%, 05/01/25

 

Ba3

 

284

 

1,575

 

Zayo Group, LLC, Global Notes,

 

 

 

 

 

 

 

5.75%, 01/15/27 (g)

 

B3

 

1,608

 

1,555

 

Zayo Group, LLC, Global Notes,

 

 

 

 

 

 

 

6.375%, 05/15/25

 

B3

 

1,600

 

 

 

 

 

 

 

4,627

 

Publishing - .16%

 

 

 

 

 

435

 

Harland Clarke Holdings Corporation, Senior Notes,

 

 

 

 

 

 

 

8.375%, 08/15/22 (g)

 

B2

 

362

 

 

 

 

 

 

 

 

 

Restaurants - .74%

 

 

 

 

 

170

 

YUM Brands, Inc., Senior Notes,

 

 

 

 

 

 

 

4.75%, 01/15/30 (g)

 

B1

 

175

 

723

 

YUM Brands, Inc., Senior Notes,

 

 

 

 

 

 

 

5.35%, 11/01/43

 

B1

 

686

 

760

 

YUM Brands, Inc., Senior Notes,

 

 

 

 

 

 

 

6.875%, 11/15/37

 

B1

 

846

 

 

 

 

 

 

 

1,707

 

Retail - .12%

 

 

 

 

 

255

 

William Carter Company, Senior Notes,

 

 

 

 

 

 

 

5.625%, 03/15/27 (g)

 

Ba2

 

273

 

 

 

 

 

 

 

 

 

Satellites - 5.18%

 

 

 

 

 

815

 

Connect Finco Sarl, Senior Notes,

 

 

 

 

 

 

 

6.75%, 10/01/26 (g)

 

B1

 

830

 

480

 

Gogo Intermediate Financing, Senior Notes,

 

 

 

 

 

 

 

9.875%, 05/01/24 (g)

 

B3

 

514

 

1,750

 

Hughes Satellite Systems, Inc., Senior Notes,

 

 

 

 

 

 

 

6.625%, 08/01/26

 

B2

 

1,899

 

1,595

 

Intelsat Jackson Holdings Ltd., Senior Notes,

 

 

 

 

 

 

 

8.50%, 10/15/24 (g)

 

Caa2

 

1,607

 

2,960

 

Intelsat Jackson Holdings Ltd., Senior Notes,

 

 

 

 

 

 

 

9.50%, 09/30/22 (g)

 

B1

 

3,441

 

1,205

 

Intelsat Jackson Holdings Ltd., Senior Notes,

 

 

 

 

 

 

 

9.75%, 07/15/25 (g)

 

Caa2

 

1,259

 

1,260

 

Iridium Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

10.25%, 04/15/23 (g)

 

Caa1

 

1,361

 

640

 

Telesat Canada, Senior Notes,

 

 

 

 

 

 

 

6.50%, 10/15/27 (g)

 

B3

 

649

 

450

 

Viasat, Inc., Senior Notes,

 

 

 

 

 

 

 

5.625%, 04/15/27 (g)

 

B1

 

474

 

 

 

 

 

 

 

12,034

 

Services - 6.16%

 

 

 

 

 

420

 

ADT Security Corporation, Senior Notes,

 

 

 

 

 

 

 

4.875%, 07/15/32 (g)

 

Ba3

 

368

 

540

 

Allied Universal Holdco, LLC, Senior Secured Notes,

 

 

 

 

 

 

 

6.625%, 07/15/26 (g)

 

B3

 

569

 

730

 

Ascend Learning, LLC, Senior Notes,

 

 

 

 

 

 

 

6.875%, 08/01/25 (g)

 

Caa2

 

759

 

867

 

Avis Budget Car Rental, LLC, Senior Notes,

 

 

 

 

 

 

 

6.375%, 04/01/24 (g)

 

B1

 

906

 

590

 

CDW LLC, Senior Notes,

 

 

 

 

 

 

 

4.25%, 04/01/28

 

Ba2

 

600

 

 

 

640

 

EG Global Finance plc, Senior Notes,

 

 

 

 

 

 

 

6.75%, 02/07/25 (g)

 

B2

 

624

 

790

 

Fair Isaac Corporation, Senior Notes,

 

 

 

 

 

 

 

5.25%, 05/15/26 (g)

 

Ba2

 

847

 

95

 

GFL Enironmental, Inc., Senior Notes,

 

 

 

 

 

 

 

7%, 06/01/26 (g)

 

Caa2

 

100

 

930

 

GFL Enironmental, Inc., Senior Notes,

 

 

 

 

 

 

 

8.50%, 05/01/27 (g)

 

Caa2

 

1,031

 

565

 

Harsco Corporation, Senior Notes,

 

 

 

 

 

 

 

5.75%, 07/31/27 (g)

 

Ba2

 

586

 

800

 

HD Supply, Senior Notes,

 

 

 

 

 

 

 

5.375%, 10/15/26 (g)

 

Ba2

 

847

 

1,440

 

H&E Equipment Services, Senior Notes,

 

 

 

 

 

 

 

5.625%, 09/01/25

 

B2

 

1,480

 

840

 

Hertz Corporation, Senior Notes,

 

 

 

 

 

 

 

5.50%, 10/15/24 (g)

 

B3

 

842

 

315

 

Hertz Corporation, Senior Notes,

 

 

 

 

 

 

 

7.125%, 08/01/26 (g)

 

B3

 

329

 

1,470

 

Laureate Education, Inc., Senior Notes,

 

 

 

 

 

 

 

8.25%, 05/01/25 (g)

 

B3

 

1,599

 

515

 

Performance Food Group, Inc., Senior Notes,

 

 

 

 

 

 

 

5.50%, 10/15/27 (g)

 

B1

 

542

 

660

 

Prime Security Services Borrower, LLC, Senior Notes,

 

 

 

 

 

 

 

5.25%, 04/15/24 (g)

 

Ba3

 

677

 

280

 

Prime Security Services Borrower, LLC, Senior Notes,

 

 

 

 

 

 

 

5.75%, 04/15/26 (g)

 

Ba3

 

291

 

709

 

Prime Security Services Borrower, LLC, Senior Notes,

 

 

 

 

 

 

 

9.25%, 05/15/23 (g)

 

B3

 

744

 

520

 

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

 

 

 

 

 

 

 

6.50%, 12/15/26

 

Ba3

 

565

 

 

 

 

 

 

 

14,306

 

Supermarkets - 1.69%

 

 

 

 

 

545

 

Albertsons Companies, LLC, Senior Notes,

 

 

 

 

 

 

 

5.875%, 02/15/28 (g)

 

B3

 

576

 

1,007

 

Albertsons Companies, LLC, Senior Notes,

 

 

 

 

 

 

 

6.625%, 06/15/24

 

B3

 

1,056

 

370

 

Albertsons Companies, LLC, Senior Notes,

 

 

 

 

 

 

 

7.45%, 08/01/29

 

(e)

 

372

 

895

 

Albertsons Companies, LLC, Senior Notes,

 

 

 

 

 

 

 

7.50%, 03/15/26 (g)

 

B3

 

1001

 

220

 

Albertsons Companies, LLC, Senior Notes,

 

 

 

 

 

 

 

8%, 05/01/31

 

(e)

 

222

 

680

 

Iceland Bondco, Plc, Senior Notes,

 

 

 

 

 

 

 

4.625%, 03/15/25 (GBP)

 

B2

 

699

 

 

 

 

 

 

 

3,926

 

Utilities - 7.59%

 

 

 

 

 

535

 

AES Corporation, Senior Notes,

 

 

 

 

 

 

 

5.125%, 09/01/27

 

Ba1

 

568

 

1,200

 

AES Corporation, Senior Notes,

 

 

 

 

 

 

 

6%, 05/15/26

 

Ba1

 

1,274

 

380

 

Calpine Corporation, Senior Notes,

 

 

 

 

 

 

 

5.875%, 01/15/24 (g)

 

Ba2

 

388

 

1,378

 

Clearway Energy Operating LLC, Senior Notes,

 

 

 

 

 

 

 

5.75%, 10/15/25 (g)

 

Ba2

 

1,454

 

378

 

DPL Inc., Senior Notes,

 

 

 

 

 

 

 

7.25%, 10/15/21

 

Ba1

 

405

 

523

 

Edison International, Senior Notes,

 

 

 

 

 

 

 

2.40%, 09/15/22

 

Baa3

 

517

 

635

 

Eskom Holdings SOC Limited, Senior Notes,

 

 

 

 

 

 

 

6.75%, 08/06/23

 

B3

 

653

 

 

 

1,695

 

General Electric Company, Senior Notes,

 

 

 

 

 

 

 

5% (h)

 

Baa3

 

1,608

 

815

 

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

 

 

 

 

 

 

 

4.25%, 09/15/24 (g)

 

Ba1

 

843

 

570

 

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

 

 

 

 

 

 

 

4.25%, 07/15/24 (g)

 

Ba1

 

589

 

670

 

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

 

 

 

 

 

 

 

4.50%, 09/15/27 (g)

 

Ba1

 

687

 

620

 

NiSource, Incorporated, Senior Notes,

 

 

 

 

 

 

 

5.65%, (h)

 

Ba1

 

625

 

340

 

NRG Energy, Inc., Senior Notes,

 

 

 

 

 

 

 

5.25%, 06/15/29 (g)

 

Ba3

 

366

 

540

 

NRG Energy, Inc., Senior Notes,

 

 

 

 

 

 

 

6.625%, 01/15/27

 

Ba3

 

585

 

2,795

 

NRG Energy, Inc., Senior Notes,

 

 

 

 

 

 

 

7.25%, 05/15/26

 

Ba3

 

3,067

 

190

 

Terraform Power Operating, Senior Notes,

 

 

 

 

 

 

 

4.25%, 01/31/23 (g)

 

B1

 

194

 

1,795

 

TerraForm Global Operating, LLC, Senior Notes

 

 

 

 

 

 

 

6.125%, 03/01/26 (g)

 

Ba3

 

1,844

 

145

 

Vistra Energy Corporation,Senior Notes,

 

 

 

 

 

 

 

8%, 01/15/25 (g)

 

Ba3

 

152

 

530

 

Vistra Energy Corporation,Senior Notes,

 

 

 

 

 

 

 

8.125%, 01/30/26 (g)

 

Ba3

 

568

 

390

 

Vistra Operations Company, LLC, Senior Notes,

 

 

 

 

 

 

 

5%, 07/31/27 (g)

 

Ba3

 

401

 

800

 

Vistra Operations Company, LLC, Senior Notes,

 

 

 

 

 

 

 

5.50%, 09/01/26 (g)

 

Ba3

 

837

 

 

 

 

 

 

 

17,625

 

Wireless Communications - 3.80%

 

 

 

 

 

770

 

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

 

 

 

 

 

 

 

6.50%, 10/13/26

 

Ba1

 

837

 

590

 

Sprint Capital Corporation, Senior Notes,

 

 

 

 

 

 

 

8.75%, 03/15/32

 

B3

 

726

 

1,590

 

Sprint Communications, Inc., Senior Notes,

 

 

 

 

 

 

 

11.50%, 11/15/21

 

B3

 

1,844

 

3,395

 

Sprint Corporation, Senior Notes,

 

 

 

 

 

 

 

7.125%, 06/15/24

 

B3

 

3,658

 

1,455

 

T-Mobile, USA, Inc., Senior Notes,

 

 

 

 

 

 

 

6.50%, 01/15/26

 

Ba2

 

1,562

 

180

 

VB-S1 Issuer LLC, Senior Notes,

 

 

 

 

 

 

 

6.901%, 06/15/46 (g)

 

(e)

 

185

 

 

 

 

 

 

 

8,812

 

 

 

Total Corporate Debt Securities
(Total cost of $274,771)

 

 

 

279,710

 

 

 

 

 

 

 

 

 

UNITED STATES TREASURY OBLIGATIONS - .69% (d)(f)

 

 

 

 

 

1,570

 

U.S. Treasury Notes, 2.125%, 03/31/24

 

Aaa

 

1,608

 

 

 

 

 

 

 

 

 

 

 

Total United States Treasury Obligations
(Total cost of $1,567)

 

 

 

1,608

 

 

 

 

 

 

 

 

 

CONVERTIBLE DEBT SECURITIES - .59% (d)(f)

 

 

 

 

 

Automotive - .55%

 

 

 

 

 

1,298

 

Tesla Energy Operations, Senior Notes,

 

 

 

 

 

 

 

1.625%, 11/01/19

 

(e)

 

1,280

 

 

 

Energy - .04%

 

 

 

 

 

115

 

Cheniere Energy, Inc., Senior Notes,

 

 

 

 

 

 

 

4.25%, 03/15/45

 

(e)

 

89

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

1,369

 

 

 

 

 

 

 

 

 

BANK DEBT SECURITIES - 11.68% (d)(f)

 

 

 

 

 

Aerospace & Defense - .40%

 

 

 

 

 

325

 

Dynasty Acquisition Co., Inc., 6.104%, 04/06/26

 

B2

 

327

 

605

 

Dynasty Acquisition Co., Inc., 6.104%, 04/06/26

 

B2

 

607

 

 

 

 

 

 

 

934

 

Automotive - .28%

 

 

 

 

 

355

 

Panther BF Aggregator 2 LP, 5.544%, 04/30/26

 

(e) 

 

351

 

322

 

Truck Hero, Inc., 5.794%, 04/21/24

 

B2

 

299

 

 

 

 

 

 

 

650

 

Broadcasting - .37%

 

 

 

 

 

570

 

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

 

(e) 

 

416

 

441

 

iHeart Communications, Inc., 6.10%, 05/01/26

 

B1

 

444

 

 

 

 

 

 

 

860

 

Building Products - .22%

 

 

 

 

 

515

 

SRS Distribution, Inc., 5.294%, 05/23/25

 

B3

 

501

 

 

 

 

 

 

 

Consumer Products - .12%

 

 

 

 

 

267

 

ABG Intermediate Holdings 2, LLC, 5.544%, 09/26/24

 

B1

 

266

 

 

 

 

 

 

 

 

 

Container - .33%

 

 

 

 

 

790

 

BWAY Holding Company, Inc., 5.590%, 04/03/24

 

B2

 

773

 

 

 

 

 

 

 

 

 

Energy - .80%

 

 

 

 

 

360

 

Brazos Delaware II, LLC, 6.046%, 05/21/25

 

B2

 

332

 

977

 

Felix Energy LLC, 8.685%, 08/09/22,

 

 

 

 

 

 

 

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

 

(e)

 

967

 

582

 

Tallgrass Holdco, 6.854%, 03/11/26

 

B1

 

567

 

 

 

 

 

 

 

1,866

 

Financial - .38%

 

 

 

 

 

596

 

Edelman Financial Center LLC, 5.307%, 07/21/25

 

B1

 

596

 

296

 

Hub International Limited, 5.267%, 04/25/25

 

B2

 

293

 

 

 

 

 

 

 

889

 

Gaming - .21%

 

 

 

 

 

482

 

Scientific Games International, Inc., 4.896%, 08/14/24

 

Ba3

 

478

 

 

 

 

 

 

 

 

 

Healthcare - 1.28%

 

 

 

 

 

156

 

Medplast Holdings, Inc., 5.863%, 07/02/25

 

B1

 

145

 

625

 

Regional Care Hospital Partners, 6.554%, 11/17/25

 

B1

 

625

 

960

 

Sunshine Luxembourg VII, 6.55%, 07/16/26

 

(e)

 

964

 

796

 

Wink Holdco, Inc., 5.044%, 12/02/24

 

B2

 

781

 

470

 

Wink Holdco, Inc., 8.80%, 11/03/25

 

Caa1

 

464

 

 

 

 

 

 

 

2,979

 

 

 

Informational Technologies - 1.12%

 

 

 

 

 

791

 

Cypress Intermediate Holdings III, Inc., 4.80% 04/26/24

 

B2

 

787

 

1,184

 

Financial & Risk US Holdings, Inc., 5.794%, 10/01/25

 

B2

 

1,190

 

633

 

Infor (US) Inc., 4.854%, 02/01/22

 

B1

 

633

 

 

 

 

 

 

 

2,610

 

Manufacturing - .13%

 

 

 

 

 

304

 

Filtration Group Corporation, 5.044%, 03/29/25

 

B2

 

305

 

 

 

 

 

 

 

Metals and Mining - .60%

 

 

 

 

 

1,284

 

Aleris International, Inc., 6.794%, 02/27/23

 

B3

 

1,284

 

104

 

Big River Steel, LLC, 7.104%, 08/23/23

 

B3

 

103

 

 

 

 

 

 

 

1,387

 

Other Telecommunications - .33%

 

 

 

 

 

786

 

Stonepeak Claremont Merger, 5.044%, 03/20/24

 

B2

 

763

 

 

 

 

 

 

 

 

 

Services - 2.28%

 

 

 

 

 

1,563

 

Kronos, Inc., 5.253%, 11/01/23

 

B2

 

1,566

 

1,650

 

Kronos, Inc., 10.503%, 11/01/24

 

Caa2

 

1,673

 

320

 

Renaissance Holding Corp., 9.044%, 05/29/26

 

Caa2

 

307

 

625

 

Travelport Finance (Luxembourg) S.a.r.l., 7.104%, 05/29/26

 

(e)

 

563

 

1,177

 

Ultimate Software Group, Inc., 5.794%, 05/04/26

 

B2

 

1,183

 

 

 

 

 

 

 

5,292

 

Utilities - .71%

 

 

 

 

 

630

 

Brookfield Wec Holdings, Inc., 5.544%, 08/01/25

 

B2

 

632

 

758

 

PG&E Corp., 4.32%, 12/31/20

 

(e)

 

761

 

252

 

PG&E Corp., Delayed Draw, 1.125%, 12/31/20

 

(e)

 

254

 

 

 

 

 

 

 

1,647

 

Wireless Communications - 2.12%

 

 

 

 

 

4,840

 

Asurion LLC, 8.544%, 08/04/25

 

B3

 

4,915

 

 

 

 

 

 

 

 

 

 

 

Total Bank Debt Securities
(Total cost of $26,024)

 

 

 

27,115

 

 

Shares

 

 

 

 

 

 

 

PREFERRED STOCK - 3.06% (d)(f)

 

 

 

 

 

Energy - 1.04%

 

 

 

 

 

2,250

 

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

 

 

 

 

 

 

 

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

 

(e)

 

2,419

 

Healthcare - .52%

 

 

 

 

 

22,270

 

Avantor, Inc., Series A, Convertible, 6.25%,

 

 

 

 

 

 

 

 

 

(e)

 

1,196

 

Manufacturing - .39%

 

 

 

 

 

790

 

Danaher Corporation, Convertible, 4.75%

 

(e)

 

901

 

 

 

 

 

 

 

 

 

Utilities - 1.11%

 

 

 

 

 

11,400

 

American Electric Power, Convertible, 6.125%,

 

(e)

 

628

 

13,100

 

NextEra Energy, Inc., Equity Units, 4.872%

 

(e)

 

657

 

 

 

4,914

 

Sempra Energy, Convertible, 6%

 

(e)

 

581

 

13,358

 

Southern Company, Equity Units, 6.75%

 

(e)

 

715

 

 

 

 

 

 

 

2,581

 

 

 

Total Preferred Stock
(Total cost of $6,803)

 

 

 

7,097

 

 

 

 

 

 

 

 

 

COMMON STOCK - .48% (d)(f)

 

 

 

 

 

53,919

 

Clear Channel Outdoor Holdings, Inc. (c)

 

 

 

136

 

13,500

 

Frontera Energy Corporation

 

 

 

131

 

10,567

 

Frontera Energy Corporation (CAD)

 

 

 

102

 

7,693

 

iHeart Communications, Inc.,(c)

 

 

 

115

 

2,672

 

NextEra Energy, Inc.,

 

 

 

623

 

 

 

 

 

 

 

1,107

 

 

 

Total Common Stock
(Total cost of $1,758)

 

 

 

1,107

 

 

 

 

 

 

 

 

 

WARRANTS - .09% (d)(f)

 

 

 

 

 

14,928

 

iHeart Communications, Inc., warrants, (c)

 

 

 

216

 

 

 

 

 

 

 

 

 

 

 

Total Warrants
(Total cost of $264)

 

 

 

216

 

 

Principal

 

 

 

 

 

 

 

Amount/Units

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 1.58% (d)(f)

 

 

 

 

 

$

3,681

 

Total Fina Elf Capital,

 

 

 

 

 

 

 

Commercial Paper Due 10/01/19,

 

 

 

 

 

 

 

Discount of 1.80% (g)

 

P-1

 

3,681

 

 

 

 

 

 

 

 

 

 

 

Total Short-Term Investments
(Total cost of $3,681)

 

 

 

3,681

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 138.64% (d)
(Total cost of $316,183)

 

 

 

321,903

 

 

 

CASH AND OTHER ASSETS LESS LIABILITIES - (38.64)% (d)

 

 

 

(89,718

)

 

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.00%

 

 

 

$

232,185

 

 

(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 $232,185.

 

(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 $194,992 as of September  30, 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 $3,386 or 1.46% of total net assets as of September 30, 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 September 30, 2019 the Fund had forward currency exchange contracts outstanding as follows:

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

Settlement

 

Receive

 

 

 

 

 

Appreciation

 

Counterparty

 

Date

 

(Deliver)

 

Asset

 

Liability

 

(Depreciation)

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Bank

 

10/25/19

 

CAD

8

 

$

6

 

$

6

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HSBC Bank

 

10/25/19

 

CAD

15

 

11

 

11

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citibank

 

10/25/19

 

CAD

(106

)

81

 

80

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Royal Bank of Canada

 

10/25/19

 

CAD

(106

)

82

 

80

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JP Morgan

 

10/25/19

 

CAD

(5

)

4

 

4

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HSBC Bank

 

10/25/19

 

CAD

(10

)

8

 

8

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citibank

 

10/25/19

 

GBP

2,422

 

2,981

 

2,984

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

UBS

 

10/25/19

 

GBP

(2,422

)

3,024

 

2,981

 

43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citibank

 

1/31/20

 

GBP

(2,422

)

2,995

 

2,992

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Bank

 

11/22/19

 

EUR

(771

)

862

 

844

 

18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Bank

 

11/22/19

 

EUR

(771

)

862

 

844

 

18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Bank

 

11/22/19

 

EUR

(794

)

887

 

868

 

19

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain on open forward currency exchange contracts

 

 

 

$

101

 

 

 

The New America High Income Fund, Inc.

 

Note 1 to Schedule of Investments
September 30, 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
September 30, 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
September 30, 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 September 30, 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*

 

$

—

 

$

306,811

 

1,383

 

$

308,194

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

Treasury Obligations

 

 

—

 

 

1,608

 

—

 

 

1,608

 

Preferred Stock

 

 

 

 

 

 

 

 

 

Energy

 

—

 

2,419

 

—

 

2,419

 

Healthcare

 

1,196

 

—

 

—

 

1,196

 

Manufacturing

 

901

 

—

 

—

 

901

 

Utilities

 

2,581

 

—

 

—

 

2,581

 

Common Stock

 

 

 

 

 

 

 

 

 

Broadcasting

 

251

 

—

 

—

 

251

 

Energy

 

233

 

—

 

—

 

233

 

Utilities

 

623

 

—

 

—

 

623

 

Warrants

 

 

 

 

 

 

 

 

 

Broadcasting

 

—

 

216

 

—

 

216

 

Short-Term Investments

 

—

 

3,681

 

—

 

3,681

 

Total Investments

 

$

5,785

 

$

314,735

 

$

1,383

 

$

321,903

 

 

 

The New America High Income Fund, Inc.

 

Note 1 to Schedule of Investments
September 30, 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

 

$

—

 

$

101

 

$

—

 

$

101

 

 

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

 

The Fund owned two Level 3 securities at September 30, 2019. They are identified on the Schedule of Investments with a footnote (i) and have a value of $1,383,000. 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)

 

415

 

Realized gain

 

61

 

Change in unrealized appreciation (depreciation)

 

9

 

Balance, September 30, 2019

 

$

1,383

 

 

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 nine months ended September 30, 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

November 12, 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

November 12, 2019

 

 

 

By (Signature and Title)

/s/ Ellen E. Terry

 

 

Ellen E. Terry

 

Treasurer

 

Date

November 12, 2019