NPORT-EX 2 NPORT_2B01_6392616739.htm

 

The New America High Income Fund, Inc.

March 31, 2021 (Unaudited)

Portfolio of Investments

(Dollar Amounts in Thousands)

 

Principal      Value 
Amount/Units      (See Notes) 
         
CORPORATE DEBT SECURITIES - 120.18% (d)(f)    
Aerospace & Defense - 1.24%    
 1,830   Transdigm Holdings UK, plc, Senior Notes, 6.25%, 03/15/26 (g)   1,935 
 115   Transdigm Holdings UK, plc, Senior Notes, 7.50, 03/15/27   123 
 730   Transdigm Holdings UK, plc, Senior Notes, 8%, 12/15/25 (g)   794 
         2,852 
Airlines - 2.94%    
 720   American Airlines Inc., Senior Notes, 11.75%, 07/15/25 (g)   890 
 925   American Airlines Inc., Senior Notes, 5.50%, 04/20/26 (g)   961 
 1,015   American Airlines Inc., Senior Notes, 5.75%, 04/20/29 (g)   1,081 
 135   Delta Airlines, Senior Notes, 4.50%, 10/20/25 (g)   144 
 495   Delta Airlines, Senior Notes, 4.75%, 10/20/28 (g)   538 
 550   Delta Airlines, Senior Notes, 7%, 05/01/25 (g)   633 
 725   Delta Airlines, Senior Notes, 7.375%, 01/15/26   850 
 285   Hawaiian Miles Loyalty, Ltd., Senior Notes, 5.75%, 01/20/26 (g)   302 
 760   Mileage Plus Holdings, LLC, Senior Notes, 6.50%, 06/20/27 (g)   831 
 510   United Airlines Holdings, Inc., Senior Notes, 5%, 02/01/24   518 
         6,748 
Automotive - 5.39%    
 810   Adient Global Holdings, Senior Notes, 4.875%, 08/15/26 (g)   834 
 655   Adient US, LLC, Senior Notes, 9%, 04/15/25 (g)   725 
 85   Clarios Global LP, Senior Secured Notes, 6.25%, 05/15/26 (g)   90 
 3,215   Clarios Global LP, Senior Notes, 8.50%, 05/15/27 (g)   3,460 
 50   Dana Financing Luxembourg Sarl, Senior Notes, 5.75%, 04/15/25 (g)   52 
 455   Dana Inc., Senior Notes, 5.625%, 06/15/28   483 
 700   Ford Motor Company, Senior Notes, 8.50%, 04/21/23   781 
 1,185   Ford Motor Company, Senior Notes, 9%, 04/22/25   1,433 
 15   Ford Motor Credit Company, LLC, Senior Notes, 9.625%, 04/22/2030   21 

 

 

 

 

 265   Goodyear Tire and Rubber Company, Senior Notes, 9.50%, 05/31/25   296 
 222   Group One Automotive, Inc, Senior Notes, 4%, 08/15/28 (g)   220 
 445   Jaguar land Rover Automotive Plc, Senior Notes, 7.75%, 10/15/25 (g)   482 
 435   Meritor, Inc., Senior Notes, 6.25%, 06/01/25 (g)   463 
 590   Navistar International Corporation, Senior Notes, 9.50%, 05/01/25 (g)   649 
 105   Real Hero Merger, Senior Notes, 6.25%, 02/01/29 (g)   108 
 200   Tenneco Inc., Senior Notes, 5%, 07/15/24 (EUR)   241 
 915   Tenneco Inc., Senior Notes, 5%, 07/15/26   865 
 465   Tenneco Inc., Senior Notes, 5.125%, 04/15/29 (g)   458 
 285   Tenneco Inc., Senior Notes, 5.375%, 12/15/24   286 
 385   Tenneco Inc., Senior Notes, 7.875%, 01/15/29 (g)   433 
         12,380 
Broadcasting - 6.09%    
 675   Clear Channel Outdoor Holdings, Inc., Senior Notes, 5.125%, 08/15/27 (g)   679 
 1,080   Clear Channel Outdoor Holdings, Inc., Senior Notes, 7.75%, 04/f15/28 (g)   1,069 
 704   Clear Channel Worldwide Holdings, Inc., Senior Subordinated Notes, 9.25%, 02/15/24    733 
 300   Diamond Sports Group, LLC, Senior Notes, 5.375%, 08/15/26 (g)   216 
 765   Diamond Sports Group, LLC, Senior Notes, 6.625%, 08/15/27 (g)   405 
 2,674   iHeart Communications, Inc., Senior Notes, 8.375%, 05/01/27   2,858 
 1,030   Lionsgate Capital Holdings LLC, Senior Notes, 6.375%, 02/01/24 (g)   1,063 
 1,635   MDC Partners, Inc., Senior Notes, 7.50%, 05/01/24 (g)   1,655 
 355   Nexstar Broadcasting, Inc., Senior Notes, 4.75%, 11/01/28 (g)   358 
 450   Nielsen Finance LLC, Senior Notes, 5.625%, 10/01/28 (g)   472 
 65   Outfront Media Capital, LLC, Senior Notes, 5%, 08/15/27 (g)   66 
 145   Outfront Media Capital, LLC, Senior Notes, 4.25%, 01/15/29 (g)   139 
 295   Scripps Company., Senior Notes, 5.375%, 01/15/31 (g)   293 
 560   Sirius XM Radio, Inc., Senior Notes, 4.625%, 07/15/24 (g)   575 
 620   Sirius XM Radio, Inc., Senior Notes, 5%, 08/01/27 (g)   648 
 1,130   Terrier Media Buyer, Inc., Senior Notes, 8.875%, 12/15/27 (g)   1,215 
 345   Townsquare Media, Inc., Senior Notes, 6.875%, 02/01/26 (g)   367 
 580   Univision Communications, Inc., Senior Notes, 6.625%, 06/01/27 (g)   618 
 280   Univision Communications, Inc., Senior Notes, 9.50%, 05/01/25 (g)   308 
 250   Urban One, Inc., Senior Notes, 7.375%, 02/01/28 (g)   257 
         13,994 

 

 

 

 

Building & Real Estate - 1.80%    
 755   Cushman & Wakefield U.S. Borrower, LLC, Senior Notes, 6.75%, 05/15/28 (g)   814 
 645   Howard Hughes Corporation, Senior Notes, 4.125%, 02/01/29 (g)   630 
 465   Howard Hughes Corporation, Senior Notes, 4.375%, 02/01/31 (g)   455 
 570   Howard Hughes Corporation, Senior Notes, 5.375%, 08/01/28 (g)   599 
 180   Realogy Group LLC, Senior Notes, 5.75%, 01/15/29 (g)   178 
 150   Realogy Group LLC, Senior Notes, 7.625%, 06/15/25 (g)   164 
 400   Realogy Group LLC, Senior Notes, 9.375%, 04/01/27 (g)   442 
 225   Taylor Morrison Communities, Inc., Senior Notes, 5.125%, 08/01/30 (g)   239 
 425   Taylor Morrison Communities, Inc., Senior Notes, 5.875%, 04/15/23 (g)   451 
 160   Weekley Homes LLC, Senior Notes, 4.875%, 09/15/28 (g)   164 
         4,136 
Building Products - 1.89%    
 680   ABC Supply Company, Inc., Senior Notes, 5.875%, 05/15/26 (g)   702 
 140   Beacon Roofing Supply, Inc., Senior Notes, 4.875%, 11/01/25 (g)   143 
 120   CP Atlas Buyer, Inc., Senior Notes, 7%, 12/01/28 (g)   125 
 445   Forterra Finance LLC, Senior Notes, 6.50%, 07/15/25 (g)   478 
 145   LBM Acquisition, LLC, Senior Notes, 6.25%, 01/15/29 (g)   149 
 355   Mercer International, Inc., Senior Notes, 5.125%, 02/01/29 (g)   367 
 80   Mercer International, Inc., Senior Notes, 5.50%, 01/15/26   82 
 295   New Enterprise Stone and Lime Company, Inc., Senior Notes, 6.25%, 03/15/26 (g)   303 
 470   PGT Innovations, Inc., Senior Notes, 6.75%, 08/01/26 (g)   499 
 395   Specialty Building Products Holdings, LLC, Senior Note, 6.375%, 09/30/26 (g)   409 
 290   Summit Materials LLC, Senior Notes, 5.125%, 06/01/25 (g)   294 
 120   Summit Materials LLC, Senior Notes, 5.25%, 01/15/29 (g)   125 
 640   Summit Materials LLC, Senior Notes, 6.50%, 03/15/27 (g)   675 
         4,351 
Cable Operators - 12.22%    
 1,600   Altice Financing S.A., Senior Notes, 7.50%, 05/15/26 (g)   1,668 

 

 

 

 

 1,550   Altice France Holding S.A., Senior Notes, 6%, 02/15/28 (g)   1,525 
 1,120   Altice France Holding S.A., Senior Notes, 10.50%, 05/15/27 (g)   1,260 
 1,400   Altice France S.A., Senior Notes, 7.375%, 05/01/26 (g)   1,456 
 605   Altice France S.A., Senior Notes, 8.125%, 02/01/27 (g)   662 
 475   C&W Senior Financing Designated Activity, Senior Notes, 6.875%, 09/15/27 (g)   506 
 200   Cablevision Lightpath LLC, Senior Notes, 5.625%, 09/15/28 (g)   202 
 90   CCO Holdings, LLC, Senior Notes, 4.25%, 02/01/31 (g)   90 
 845   CCO Holdings, LLC, Senior Notes, 4.50%, 05/01/32 (g)   856 
 2,260   CCO Holdings, LLC, Senior Notes, 5.00%, 02/01/28 (g)   2,370 
 1,658   CCO Holdings, LLC, Senior Notes, 5.125%, 05/01/27 (g)   1,741 
 680   CCO Holdings, LLC, Senior Notes, 5.375%, 06/01/29 (g)   728 
 1,130   CCO Holdings, LLC, Senior Notes, 5.50%, 05/01/26 (g)   1,165 
 550   CSC Holdings, LLC, Senior Notes, 4.625%, 12/01/30 (g)   540 
 1,410   CSC Holdings, LLC, Senior Notes, 6.50%, 02/01/29 (g)   1,551 
 895   CSC Holdings, LLC, Senior Notes, 7.50%, 04/01/28 (g)   986 
 225   Dish DBS Corporation, Senior Notes, 5.875%, 11/15/24   235 
 665   Dish DBS Corporation, Senior Notes, 7.375%, 07/01/28    694 
 810   Dish DBS Corporation, Senior Notes, 7.75%, 07/01/26   891 
 390   GCI LLC, Senior Notes, 4.75%, 10/15/28 (g)   398 
 225   LCPR Senior Secured Notes, 6.75%, 10/15/27 (g)   239 
 770   Netflix, Inc., Senior Notes, 5.375%, 11/15/29 (g)   911 
 1,555   Netflix, Inc., Senior Notes, 5.875%, 11/15/28   1,874 
 2,625   Netflix, Inc., Senior Notes, 6.375%, 05/15/29    3,255 
 570   Radiate Holdco LLC, Senior Notes, 6.50%, 09/15/28 (g)   601 
 490   Virgin Media Secured Finance, Plc, Senior Notes, 5.50%, 08/15/26 (g)   508 
 270   VTR Finance B.V., Senior Notes, 6.375%, 07/15/28 (g)   290 
 845   Ziggo Bond Finance B.V., Senior Notes, 6%, 01/15/27 (g)   883 
         28,085 
Chemicals - 2.09%    
 366   Compass Minerals International, Inc., Senior Notes, 6.75%, 12/01/27 (g)   393 
 1,440   CVR Partners, L.P., Senior Notes, 9.25%, 06/15/23 (g)   1,449 

 

 

 

 

 250   Diamond (BC) B.V., Senior Notes, 5.625%, 08/15/25 (EUR)   300 
 630   GPD Companies, Inc,. Senior Notes, 10.125%, 04/01/26 (g)   691 
 200   Kraton Polymers LLC, Senior Notes, 5.25%, 05/15/26 (g)(EUR)   241 
 480   Methanex Corporation, Senior Notes, 5.125%, 10/15/27   491 
 280   Methanex Corporation, Senior Notes, 5.25%, 12/15/29   289 
 410   Methanex Corporation, Senior Notes, 5.65%, 12/01/44   406 
 520   Univar Solutions USA, Senior Notes, 5.125%, 12/01/27 (g)   540 
         4,800 
Consumer Products - .59%    
 105   CD&R Smokey Buyer, Inc., Senior Notes, 6.75%, 07/15/25 (g)   112 
 93   Life Time Inc, Senior Notes, 5.75%, 01/15/26 (g)   96 
 315   Life Time Inc, Senior Notes, 8%, 04/15/26 (g)   324 
 145   Mattel Inc., Senior Notes, 5.45%, 11/01/41   158 
 325   Mattel Inc., Senior Notes, 5.875%, 12/15/27 (g)   355 
 260   Mattel Inc., Senior Notes, 6.20%, 10/01/40   307 
         1,352 
Container - 2.04%    
 1,005   Ardagh Packaging Finance plc, Senior Notes, 4%, 09/01/29 (g)   1,000 
 400   Ardagh Packaging Finance plc, Senior Notes, 5.25%, 04/30/25 (g)   420 
 1,240   Mauser Packaging Solutions, Senior Notes, 7.25%, 04/15/25 (g)   1,238 
 235   Mauser Packaging Solutions, Senior Notes, 8.50%, 04/15/24 (g)   244 
 325   Pactiv Corporation, Senior Notes, 7.95%, 12/15/25   361 
 102   Pactiv Corporation, Senior Notes, 8.375%, 04/15/27   116 
 1,200   Trivium Packaging Finance B.V., Senior Notes, 8.50%, 08/15/27 (g)   1,302 
         4,681 
Energy - 14.03%    
 285   Aethon United BR, LP, Senior Notes, 8.25% 02/15/26 (g)   293 
 430   Apache Corporation, Senior Notes, 4.625%, 11/15/25   442 
 420   Apache Corporation, Senior Notes, 4.875%, 11/15/27   429 
 30   Apache Corporation, Senior Notes, 6%, 01/15/37   33 

 

 

 

 

 275   Cheniere Energy Partners, L.P., Senior Notes, 5.625%, 10/01/26   287 
 900   Citgo Holding, Inc., Senior Notes, 9.25%, 08/01/24 (g)   900 
 800   Citgo Petroleum Corporation, Senior Notes, 7%, 06/15/25 (g)   821 
 340   Comstock Resources, Inc., Senior Notes, 6.75%, 03/01/29 (g)   349 
 590   Comstock Resources, Inc., Senior Notes, 9.75%, 08/15/26   640 
 720   Continental Resources, Inc., Senior Notes, 4.90%, 06/01/44   718 
 695   Continental Resources, Inc., Senior Notes, 5.75%, 01/15/31 (g)   782 
 230   CrownRock , L.P., Senior Notes, 5.625%, 10/15/25 (g)   234 
 795   DCP Midstream, LLC, Senior Notes, 6.75%, 09/15/37 (g)   884 
 540   DCP Midstream, LLC, Senior Notes, 7.375%, (h)    482 
 470   DCP Midstream, LLC, Senior Notes, 8.125%, 08/16/30   607 
 598   Endeavor Energy Resources, L.P., Senior Notes. 5.75%, 01/30/28 (g)   632 
 110   Endeavor Energy Resources, L.P., Senior Notes. 6.625%, 07/15/25 (g)   117 
 135   EQT Corporation, Senior Notes, 7.375%, 01/15/29   144 
 90   EQT Corporation, Senior Notes, 8.25%, 02/01/25   103 
 700   EQT Corporation, Senior Notes, 8.75%, 02/01/30   889 
 1,000   Exterran NRG Solutions, Senior Notes, 8.125%, 05/01/25   920 
 60   Hess Corporation, Senior Notes, 7.875%, 10/01/29   78 
 245   HilCorp Energy, L.P., Senior Notes, 5.75%, 02/01/29 (g)   247 
 275   HilCorp Energy, L.P., Senior Notes, 6%, 02/01/31 (g)   279 
 1,460   Magnolia Oil and Gas Operating LLC, Senior Notes, 6%, 08/01/26 (g)   1,496 
 260   Matador Resources Company, Senior Notes, 5.875%, 09/15/26   252 
 1,410   NGL Energy Partners L.P., Senior Notes, 7.50%, 11/01/23    1,357 
 1,550   NGL Energy Partners L.P., Senior Notes, 7.50%, 02/01/26 (g)   1,589 
 345   Nustar Logistics, L.P., Senior Notes, 5.75%, 10/01/25   367 
 1,190   Nustar Logistics, L.P., Senior Notes, 6%, 06/01/26   1,264 
 340   Occidental Petroleum Corporation, Senior Notes, 5.50%, 12/01/25   358 
 305   Occidental Petroleum Corporation, Senior Notes, 5.875%, 09/01/25   324 
 310   Occidental Petroleum Corporation, Senior Notes, 6.125%, 01/01/31   341 
 290   Occidental Petroleum Corporation, Senior Notes, 6.375%, 09/01/28   318 
 100   Occidental Petroleum Corporation, Senior Notes, 6.45%, 09/15/36   110 
 790   Occidental Petroleum Corporation, Senior Notes, 7.95%, 06/15/39   931 

 

 

 

 

 470   Occidental Petroleum Corporation, Senior Notes, 8%, 07/15/25   539 
 625   Occidental Petroleum Corporation, Senior Notes, 8.50%, 07/15/27   738 
 1,190   Occidental Petroleum Corporation, Senior Notes, 8.875%, 07/15/30   1,496 
 455   Ovintiv Exploration, Inc., Senior Notes, 5.625%, 07/01/24   500 
 215   Range Resources, Corporation, Senior Notes, 8.25%, 01/15/29 (g)   230 
 530   Range Resources, Corporation, Senior Notes, 9.25%, 02/01/26   576 
 3,020   Seven Generations Energy Ltd., Senior Notes, 5.375%, 09/30/25 (g)   3,129 
 320   Solaris Midstream Holdings, LLC, Senior Notes, 7.625%, 04/01/26 (g)   327 
 39   Summit Midstream Partners, LP, Senior Notes, 9.50%, (a)(h)   24 
 371   Tallgrass Energy Partners, L.P., Senior Notes, 5.50%, 09/15/24 (g)   375 
 345   Tallgrass Energy Partners, L.P., Senior Notes, 6%, 03/01/27 (g)   347 
 450   Tallgrass Energy Partners, L.P., Senior Notes, 6%, 12/31/30 (g)   443 
 370   Tallgrass Energy Partners, L.P., Senior Notes, 7.50%, 10/01/25 (g)   396 
 295   Targa Resources Partners, L.P., Senior Notes, 6.50%, 07/15/27    320 
 435   Targa Resources Partners, L.P., Senior Notes, 6.875%, 01/15/29    479 
 96   Transocean Phoenix 2, Ltd., Senior Notes, 7.75%, 10/15/24 (g)   93 
 239   Transocean Pontus, Ltd., Senior Notes, 6.125%, 08/01/25 (g)   225 
 198   Transocean Proteus, Ltd., Senior Notes, 6.25%, 12/01/24 (g)   188 
 450   USA Compression Partners, L.P., Senior Notes, 6.875%, 04/01/26   461 
 390   USA Compression Partners, L.P., Senior Notes, 6.875%, 09/01/27   402 
 945   Vine Energy Holdings, LLC, Senior Notes, 6.75%, 04/15/29 (g)   944 
         32,249 
Entertainment & Leisure - 4.74%    
 1,065   Carnival Corporation, Senior Notes, 7.625%, 03/01/26 (g)   1,142 
 820   Carnival Corporation, Senior Notes, 9.875%, 08/01/27 (g)   961 
 215   Cedar Fair, L. P., Senior Notes, 5.25%, 07/15/29    221 
 650   Cedar Fair, L. P., Senior Notes, 5.375%, 04/15/27   666 
 1,080   Cedar Fair, L. P., Senior Notes, 5.50%, 05/01/25 (g)   1,133 
 730   NCL Corporation Ltd., Senior Notes, 5.875%, 03/15/26 (g)   737 
 215   NCL Finance, Ltd., Senior Notes, 6.125%, 03/15/28 (g)   219 
 555   Royal Caribbean Cruises, Ltd., Senior Notes, 5.25%, 11/15/22   570 
 1,005   Royal Caribbean Cruises, Ltd., Senior Notes, 5.50%, 04/01/28 (g)   1,010 

 

 

 

 

 775   Royal Caribbean Cruises, Ltd., Senior Notes, 11.50%, 06/01/25 (g)   901 
 915   SeaWorld Parks & Entertainment, Inc.,Senior Notes, 9.50%, 08/01/25 (g)   993 
 1,675   Six Flags Theme Parks, Inc., Senior Notes, 7%, 07/01/25 (g)   1,809 
 300   Vail Resorts, Inc., Senior Notes, 6.25%, 05/15/25 (g)   320 
 190   Viking Cruises, Ltd., Senior Notes, 13%, 05/15/25 (g)   223 
         10,905 
Financial - 7.96%    
 425   Acrisure, LLC, Senior Notes, 4.25%, 02/15/29 (g)   418 
 695   Acrisure, LLC, Senior Notes, 7%, 11/15/25 (g)   718 
 825   Acrisure, LLC, Senior Notes, 10.125%, 08/01/26 (g)   952 
 325   Alliant Holdings, Senior Notes, 6.75%, 10/15/27 (g)   348 
 838   AmWins Group, Inc., Senior Notes, 7.75%, 07/01/26 (g)   895 
 430   Assured Partners, Inc. Senior Notes, 5.625%, 01/15/29 (g)   436 
 825   Banco Do Brasil S.A. (Cayman), 9% (h)   901 
 132   Cabot Financial (Luxembourg) S.A., Senior Notes, 7.50%, 10/01/23 (g) (GBP)   186 
 146   Cabot Financial (Luxembourg) S.A., Senior Notes, 7.50%, 10/01/23 (GBP)   205 
 745   Genworth Mortgage Holdings, Senior Notes, 6.50%, 08/15/25 (g)   803 
 585   GTCR AP Finance, Inc., Senior Notes, 8%, 05/15/27 (g)   627 
 190   Home Point Capital, Inc., Senior Notes, 5%, 02/01/26 (g)   188 
 1,090   Hub Holdings LLC, Senior Notes, 7%, 05/01/26 (g)   1,130 
 1,010   Icahn Enterprises, L.P., Senior Notes, 6.25%, 05/15/26    1,061 
 980   Itau Unibankco Holding S.A., Senior Notes, 6.125%, (g)(h)   984 
 505   LPL Holdings, Inc., Senior Notes, 4%, 03/15/29 (g)   508 
 210   MGIC Investment Corporation, Senior Notes, 5.25%, 08/15/28   218 
 685   Navient Corporation, Senior Notes, 4.875%, 03/15/28   670 
 500   Navient Corporation, Senior Notes, 5%, 03/15/27   501 
 1,115   Navient Corporation, Senior Notes, 6.125%, 03/25/24   1,181 
 550   Navient Corporation, Senior Notes, 6.75%, 06/25/25   597 
 215   Navient Corporation, Senior Notes, 6.75%, 06/15/26   233 
 40   Navient Corporation, Senior Notes, 7.25%, 01/25/22   41 
 725   Navient Corporation, Senior Notes, 7.25%, 09/25/23   785 

 

 

 

 

 300   OneMain Finance Corporation, Senior Notes, 6.125%, 03/15/24   324 
 390   OneMain Finance Corporation, Senior Notes, 6.625%, 01/15/28   441 
 810   OneMain Finance Corporation, Senior Notes, 6.875%, 03/15/25   917 
 300   OneMain Finance Corporation, Senior Notes, 7.125%, 03/15/26   345 
 275   OneMain Finance Corporation, Senior Notes, 8.875%, 06/01/25   304 
 475   PennyMac Financial Services, Inc., Senior Notes, 4.25%, 02/15/29 (g)   454 
 300   PennyMac Financial Services, Inc., Senior Notes, 5.375%, 10/15/25 (g)   310 
 250   Quicken Loans, Inc., Senior Notes, 5.25%, 01/15/28 (g)   264 
 335   SLM Corporation, Senior Notes, 4.20%, 10/29/25   351 
         18,296 
Food/Tobacco - 3.33%    
 1,425   B&G Foods, Inc., Senior Notes, 5.25%, 04/01/25   1,461 
 270   B&G Foods, Inc., Senior Notes, 5.25%, 09/15/27   279 
 190   Chobani LLC., Senior Notes, 4.625%, 11/15/28 (g)   194 
 1,130   Chobani LLC., Senior Notes, 7.50%, 04/15/25 (g)   1,172 
 770   Cosan Luxembourg S.A., Senior Notes, 7%, 01/20/27 (g)   818 
 520   FAGE International S.A., Senior Notes, 5.625%, 08/15/26 (g)   537 
 230   Kraft Foods Group, Senior Notes, 6.875%, 01/26/39   317 
 635   Post Holdings, Inc., Senior Notes, 4.50%, 09/15/31 (g)   625 
 485   Post Holdings, Inc., Senior Notes, 5.625%, 01/15/28 (g)   511 
 330   Post Holdings, Inc., Senior Notes, 5.75%, 03/01/27 (g)   346 
 900   Sigma Holdco., B.V., Senior Notes, 7.875%, 05/15/26 (g)   900 
 495   Triton Water Holdings, Inc., Senior Notes 6.25%, 04/01/29 (g)   503 
         7,663 
Gaming - 7.14%    
 160   Affinity Gaming Corporation, Senior Notes, 6.875%, 12/15/27 (g)   168 
 580   Boyd Gaming Corporation, Senior Notes, 6%, 08/15/26   604 
 195   Boyd Gaming Corporation, Senior Notes, 8.625%, 06/01/25 (g)   217 
 375   Caesar's Resorts, Senior Notes, 5.75%, 07/01/25 (g)   394 
 355   Caesar's Resorts, Senior Notes, 8.125%, 07/01/27 (g)   390 

 

 

 

 

 752   Cirsa Finance International, S.A.R.L., Senior Notes, 7.875%, 12/20/23 (g)   769 
 235   International Game Technology Plc, Senior Notes, 4.125%, 04/15/26 (g)   243 
 375   International Game Technology Plc, Senior Notes, 5.25%, 01/15/29 (g)   390 
 1,165   International Game Technology Plc, Senior Notes, 6.25%, 01/15/27 (g)   1,286 
 520   Melco Resorts Finance, Senior Notes, 5.375%, 12/04/29 (g)   550 
 395   MGM China Holdings, Limited, Senior Notes, 4.75%, 02/01/27 (g)   400 
 315   MGM China Holdings, Limited, Senior Notes, 5.375%, 05/15/24 (g)   325 
 315   MGM China Holdings, Limited, Senior Notes, 5.875%, 05/15/26 (g)   329 
 455   MGM Growth Prop. Operating Partnership L.P., Senior Notes, 3.875%, 02/15/29 (g)   452 
 435   MGM Growth Prop. Operating Partnership L.P., Senior Notes, 5.75%, 02/01/27   478 
 605   MGM Resorts International, Senior Notes, 6%, 03/15/23   646 
 95   Mohegan Gaming and Entertainment, Senior Notes, 8%, 02/01/26 (g)   96 
 735   Peninsula Pacific Entertainment LLC, Senior Notes, 8.50%, 11/15/27 (g)   783 
 230   Scientific Games International Inc., Senior Notes, 7%, 05/15/28 (g)   244 
 325   Scientific Games International Inc., Senior Notes, 7.25%, 11/15/29 (g)   351 
 1,240   Scientific Games International Inc., Senior Notes, 8.25%, 03/15/26 (g)   1,330 
 335   Scientific Games International Inc., Senior Notes, 8.625%, 07/01/25 (g)   363 
 1,235   Stars Group Holdings B.V., Senior Notes, 7%, 07/15/26 (g)   1,287 
 350   Studio City Finance Ltd., Senior Notes, 5%, 01/15/29 (g)   351 
 367   VICI Properties, Senior Notes, 4.625%, 12/01/29 (g)   380 
 1,390   Wynn Las Vegas, LLC, Senior Notes, 5.25%, 05/15/27 (g)   1,452 
 450   Wynn Macau Ltd., Senior Notes, 5.50%, 01/15/26 (g)   469 
 585   Wynn Macau Ltd., Senior Notes, 5.50%, 10/01/27 (g)   607 
 1,030   Wynn Macau Ltd., Senior Notes, 5.625%, 08/26/28 (g)   1,071 
         16,425 
Healthcare - 8.80%    
 870   Avantor Funding, Inc., Senior Notes, 4.625%, 07/15/28 (g)   907 
 1,381   Bausch Health Companies, Inc., Senior Notes, 7%, 03/15/24 (g)   1,412 
 85   Bausch Health Companies, Inc., Senior Notes, 7%, 01/15/28 (g)   92 
 515   Bausch Health Companies, Inc., Senior Notes, 7.25%, 05/30/29 (g)   574 

 

 

 

 

 1,970   Bausch Health Companies, Inc., Senior Notes, 8.50%, 01/31/27 (g)   2,187 
 1,060   Bausch Health Companies, Inc., Senior Notes, 9%, 12/15/25 (g)   1,150 
 1,600   Bausch Health Companies, Inc., Senior Notes, 9.25%, 04/01/26 (g)   1,772 
 775   Centene Corporation, Senior Notes, 4.625%, 12/15/29    835 
 455   CHS/Community Health Systems, Inc, Senior Notes, 6%, 01/15/29 (g)   481 
 370   CHS/Community Health Systems, Inc, Senior Notes, 6.875%, 04/15/29 (g)   385 
 900   CHS/Community Health Systems, Inc, Senior Notes, 8%, 12/15/27 (g)   981 
 500   DaVita Healthcare Partners, Inc., Senior Notes, 4.625%, 06/01/30 (g)   508 
 230   HCA, Incorporated, Senior Notes, 5.625%, 09/01/28   264 
 575   HCA, Incorporated, Senior Notes, 5.875%, 02/15/26   654 
 450   HCA, Incorporated, Senior Notes, 5.875%, 02/01/29   521 
 405   Legacy Lifepoint Health Inc., Senior Notes, 6.75%, 04/15/25 (g)   430 
 200   Radiology Partners, Inc., Senior Notes, 9.25%, 02/01/28 (g)   217 
 1,135   Regional Care Hospital Partners Holdings, Inc., Senior Notes, 9.75%, 12/01/26 (g)   1,229 
 275   RP Escrow Issuer LLC, Senior Notes, 5.25%, 12/15/25 (g)   285 
 435   Select Medical Corporation, Senior Notes, 6.25%, 08/15/26 (g)   462 
 1,640   Tenet Healthcare Corporation, Senior Notes, 6.125%, 10/01/28 (g)   1,710 
 424   Tenet Healthcare Corporation, Senior Notes, 6.875%, 11/15/31   471 
 810   Tenet Healthcare Corporation, Senior Notes, 7.50%, 04/01/25 (g)   871 
 360   Teva Pharma Finance Netherlands III BV, Senior Notes, 6%, 04/15/24   382 
 24   Teva Pharma Finance Netherlands III BV, Senior Notes, 6.15%, 02/01/36   26 
 1,290   Teva Pharma Finance Netherlands III BV, Senior Notes, 7.125%, 01/31/25    1,421 
         20,227 
Information Technology - 4.70%    
 360   Banff Merger Sub, Inc., Senior Notes, 9.75%, 09/01/26 (g)   382 
 135   Boxer Parent Company, Inc., Senior Notes, 6.50%, 10/02/25 (g) (EUR)   168 
 150   Boxer Parent Company, Inc., Senior Notes, 7.125%, 10/02/25 (g)   161 
 260   Boxer Parent Company, Inc., Senior Notes, 9.125%, 03/01/26 (g)   277 
 435   Commscope, Inc., Senior Notes, 7.125%, 07/01/28 (g)   461 
 275   Commscope, Inc., Senior Notes, 8.25%, 03/01/27 (g)   294 

 

 

 

 

 495   Expedia Group, Inc., Senior Notes, 6.25%, 05/01/25 (g)   572 
 305   Logmein, Inc., Senior Notes, 5.50%, 09/01/27 (g)   319 
 1,165   Photo Holdings Merger, Senior Notes, 8.50%, 10/01/26 (g)   1,260 
 2,945   Solera, LLC, Senior Notes, 10.50%, 03/01/24 (g)   3,041 
 750   SS&C Technologies, Inc., Senior Notes, 5.50%, 09/30/27 (g)   795 
 1,755   Uber Technologies, Inc., Senior Notes, 7.50%, 09/15/27 (g)   1,933 
 215   Veritas Bermuda Ltd., Senior Notes, 7.50%, 09/01/25 (g)   223 
 740   Veritas Bermuda Ltd., Senior Notes, 10.50%, 02/01/24 (g)   758 
 170   Zoom Info Technologies, LLC, Senior Notes, 3.875%, 02/01/29 (g)   166 
         10,810 
Lodging - 1.29%    
 150   Hilton Domestic Operating Company, Inc.,Senior Notes, 5.375%, 05/01/25 (g)   158 
 170   Hilton Domestic Operating Company, Inc.,Senior Notes, 5.75%, 05/01/28 (g)   183 
 125   Hilton Worldwide Finance, LLC, Senior Notes, 4.875%, 04/01/27   130 
 420   Marriott Ownership Resorts, Inc., Senior Notes, 6.125%, 09/15/25 (g)   445 
 825   Marriott Ownership Resorts, Inc., Senior Notes, 6.50%, 09/15/26   859 
 300   Park Intermediate Holdings, LLC, Senior Notes, 5.875%, 10/01/28 (g)   318 
 280   Park Intermediate Holdings, LLC, Senior Notes, 7.50%, 06/01/25 (g)   305 
 550   Ryman Hospitality Group, Senior Notes, 4.75%, 10/15/27    562 
         2,960 
Manufacturing - .56%    
 315   Apex Tool /BC Mountain, 9%, 02/15/23 (g)   315 
 290   Colfax Corporation, Senior Notes, 6.375%, 02/15/26 (g)   308 
 145   Hillenbrand Inc., Senior Notes, 3.75%, 03/01/31   141 
 15   Hillenbrand Inc., Senior Notes, 5%, 09/15/26   16 
 95   Hillenbrand Inc., Senior Notes, 5.75%, 06/15/25   102 
 175   Sensata Technologies, Inc., Senior 3.75%, 02/15/31 (g)   173 
 218   Wellbilt, Inc., Senior Notes, 9.50%, 02/15/24   225 
         1,280 
Metals & Mining - 5.87%    
 745   Alcoa Nederland Holding B.V., Senior Notes, 5.50%, 12/15/27 (g)   798 

 

 

 

 

 200   Alcoa Nederland Holding B.V., Senior Notes, 6.75%, 09/30/24 (g)   207 
 600   Alcoa Nederland Holding B.V., Senior Notes, 7%, 09/30/26 (g)   633 
 280   Arconic Corporation, Senior Notes, 6%, 05/15/25 (g)   298 
 780   Arconic Corporation, Senior Notes, 6.125%, 02/15/28 (g)   831 
 885   Big River Steel, LLC, Senior Notes, 6.625%, 01/31/29 (g)   951 
 232   Cleveland-Cliffs, Inc., Senior Notes, 9.875%, 10/17/25 (g)   270 
 385   Constellium N.V., Senior Notes, 3.75%, 04/15/29 (g)   367 
 1,000   Constellium N.V., Senior Notes, 5.75%, 05/15/24 (g)   1,013 
 505   FMG Resources Pty. Ltd., Senior Notes, 5.125%, 03/15/23 (g)   538 
 610   FMG Resources Pty. Ltd., Senior Notes, 5.125%, 05/15/24 (g)   665 
 310   Freeport McMoran, Inc., Senior Notes, 5%, 09/01/27   328 
 320   Freeport McMoran, Inc., Senior Notes, 5.25%, 09/01/29   350 
 1,182   Freeport McMoran, Inc., Senior Notes, 5.40%, 11/14/34   1,406 
 330   Freeport McMoran, Inc., Senior Notes, 5.45%, 03/15/43   394 
 265   GrafTech Finance Inc., Senior Notes, 4.625%, 12/15/28 (g)   267 
 1,120   Hecla Mining Company, Senior Notes, 7.25%, 02/15/28   1,198 
 315   HudBay Minerals, Inc., Senior Notes, 4.50%, 04/01/26 (g)   326 
 545   HudBay Minerals, Inc., Senior Notes, 6.125%, 04/01/29 (g)   579 
 600   New Gold Inc., Senior Notes, 7.50%, 07/15/27 (g)   622 
 745   Novelis Corporation, Senior Notes, 4.75%, 01/30/30 (g)   764 
 608   Ryerson Inc., Senior Secured Notes, 8.50%, 08/01/28 (g)   679 
         13,484 
Other Telecommunications - 1.19%    
 475   Consolidated Communications, Inc., Senior Notes, 6.50%, 10/01/28 (g)   509 
 385   Embarq Corporation, Senior Notes, 7.995%, 06/01/36   442 
 475   Level 3 Financing, Inc., Senior Notes, 3.75%, 07/15/29 (g)   458 
 275   Level 3 Financing, Inc., Senior Notes, 5.375%, 05/01/25   281 
 1,065   Lumen Technologies, Inc., Senior Notes, 4.50%, 01/15/29 (g)   1,037 
         2,727 

 

 

 

 

Real Estate Investment Trust Securities - .27%    
 620   Service Properties Trust, Senior Notes, 4.35%, 10/01/24   614 
           
Restaurants - 1.68%    
 165   1011778 B.C. Unlimited Liability Company, Senior Notes, 5.75%, 04/15/25 (g)   175 
 715   Dave and Buster's, Inc., Senior Notes, 7.625%, 11/01/25 (g)   763 
 795   Golden Nugget, Inc., Senior Notes, 6.75%, 10/15/24 (g)   801 
 723   YUM Brands, Inc., Senior Notes, 5.35%, 11/01/43   766 
 760   YUM Brands, Inc., Senior Notes, 6.875%, 11/15/37   927 
 395   YUM Brands, Inc., Senior Notes, 7.75%, 04/01/25 (g)   431 
         3,863 
Retail - 1.66%    
 445   L Brands, Inc., Senior Notes, 6.625%, 10/01/30 (g)   505 
 65   L Brands, Inc., Senior Notes, 6.694%, 01/15/27   74 
 350   L Brands, Inc., Senior Notes, 7.50%, 06/15/29   398 
 480   L Brands, Inc., Senior Notes, 9.375%, 07/01/25 (g)   599 
 275   LSF9 Atlantis Holdings, LLC, Senior Notes, 7.75%, 02/15/26 (g)   282 
 250   Petsmart, Inc., Senior Notes, 4.75%, 02/15/28 (g)   256 
 1,450   Petsmart, Inc., Senior Notes, 7.75%, 02/15/29 (g)   1,559 
 140   Rent-A-Center, Inc., Senior Notes, 6.375%, 02/15/29 (g)   148 
         3,821 
Satellites - 3.30%    
 815   Connect Finco Sarl, Senior Notes, 6.75%, 10/01/26 (g)   865 
 1,750   Hughes Satellite Systems, Inc., Senior Notes, 6.625%, 08/01/26   1,934 
 3,090   Intelsat Jackson Holdings Ltd., Senior Notes, 9.50%, 09/30/22 (b)(g)   3,673 
 640   Telesat Canada, Senior Notes, 6.50%, 10/15/27 (g)   640 
 450   Viasat, Inc., Senior Notes, 5.625%, 04/15/27 (g)   470 
         7,582 
Services - 8.54%    
 635   Adtalem Global Education, Inc., Senior Notes, 5.50%, 03/01/28 (g)   629 
 300   Advantage Sales and Marketing, Inc., Senior Notes, 6.50%, 11/15/28 (g)   312 
 610   Allied Universal Holdco, LLC, Senior Secured Notes, 9.75%, 07/15/27 (g)   669 

 

 

 

 

 730   Ascend Learning, LLC, Senior Notes, 6.875%, 08/01/25 (g)   748 
 260   Avis Budget Car Rental LLC, Senior Notes, 5.75%, 07/15/27 (g)   272 
 205   Avis Budget Car Rental LLC, Senior Notes, 5.75%, 07/15/27 (g)   212 
 560   Black Knight, Inc., Senior Notes, 3.625%, 09/01/28 (g)   547 
 640   EG Global Finance plc, Senior Notes, 6.75%, 02/07/25 (g)   658 
 660   EG Global Finance plc, Senior Notes, 8.50%, 10/30/25 (g)   700 
 790   Fair Isaac Corporation, Senior Notes, 5.25%, 05/15/26 (g)   874 
 533   GFL Enironmental, Inc., Senior Notes, 8.50%, 05/01/27 (g)   586 
 1,265   H&E Equipment Services, Senior Notes, 3.875%, 12/15/28 (g)   1,227 
 115   IPD 3 B.V., Senior Notes, 5.50%, 12/01/25 (g) (EUR)   139 
 1,470   Laureate Education, Inc., Senior Notes, 8.25%, 05/01/25 (g)   1,536 
 515   MSCI, Inc., Senior Notes, 4%, 11/15/29 (g)   530 
 515   Performance Food Group, Inc., Senior Notes, 5.50%, 10/15/27 (g)   538 
 234   Picasso Finance , Senior Notes, 6.125%, 06/15/25 (g)   249 
 310   Presidio Holding, Inc., Senior Notes, 4.875%, 02/01/27 (g)   316 
 440   Presidio Holding, Inc., Senior Notes, 8.25%, 02/01/28 (g)   480 
 465   Prime Security Services Borrower, LLC, Senior Notes, 5.75%, 04/15/26 (g)   500 
 610   Prime Security Services Borrower, LLC, Senior Notes, 6.25%, 01/15/28 (g)   631 
 300   Sabre GLBL, Inc., Senior Notes, 7.375%, 09/01/25 (g)   326 
 360   Sabre GLBL, Inc., Senior Notes, 9.25%, 04/15/25 (g)   429 
 215   Shift 4 Payments, LLC, Senior Notes, 4.625%, 11/01/26 (g)   223 
 739   Staples, Inc., Senior Notes 7.50%, 04/15/26 (g)   777 
 735   Staples, Inc., Senior Notes 10.75%, 04/15/27 (g)   724 
 575   United Rentals (North America), Inc., Senior Notes, 3.875%, 2/15/31   578 
 1,460   Vertical U.S. Newco, Inc., Senior Notes, 5.25%, 07/15/27 (g)   1,528 
 1,460   Vertical Holdco GmbH, Senior Notes, 7.625%, 07/15/28 (g)   1,568 
 635   WeWork Companies, Inc, Senior Notes, 7.875%, 05/01/25 (g)   630 
 245   White Cap Buyer, LLC, Senior Notes, 6.875%, 10/15/28 (g)   259 
 240   Williams Scotsman International, Inc, Senio4 Notes, 4.625%, 08/15/28 (g)   244 
         19,639 
Supermarkets - 2.26%    
 1,050   Albertsons Companies, LLC, Senior Notes, 3.50%, 03/15/29 (g)   999 

 

 

 

 

 540   Albertsons Companies, LLC, Senior Notes, 4.875%, 02/15/30 (g)   554 
 545   Albertsons Companies, LLC, Senior Notes, 5.875%, 02/15/28 (g)   578 
 370   Albertsons Companies, LLC, Senior Notes, 7.45%, 08/01/29   433 
 895   Albertsons Companies, LLC, Senior Notes, 7.50%, 03/15/26 (g)   983 
 220   Albertsons Companies, LLC, Senior Notes, 8%, 05/01/31   270 
 680   Iceland Bondco, Plc, Senior Notes, 4.625%, 03/15/25 (GBP)   924 
 425   United Natural Foods, Inc., Senior Notes, 6.75%, 10/15/28 (g)   454 
         5,195 
Transportation - .33%    
 730   Watco Companies, LLC, Senior Notes, 6.50%, 06/15/27 (g)   770 
           
Utilities - 4.71%    
 795   Calpine Corporation, Senior Notes, 5.125%, 03/15/28 (g)   799 
 235   First Energy Corporation, Senior Notes, 7.375%, 11/15/31   313 
 1,205   General Electric Company, Senior Notes, 3.514% (h)   1,139 
 74   NextEra Energy Operating Partners, L.P., Senior Notes, 4.25%, 09/15/24 (g)   78 
 670   NextEra Energy Operating Partners, L.P., Senior Notes, 4.50%, 09/15/27 (g)   721 
 620   NiSource, Incorporated, Senior Notes, 5.65%, (h)   642 
 1,750   NRG Energy, Inc., Senior Notes, 5.75%, 01/15/28   1,855 
 540   NRG Energy, Inc., Senior Notes, 6.625%, 01/15/27   562 
 135   Pattern Energy Operations L.P., Senior Notes, 4.50%, 08/15/28 (g)   137 
 435   PG&E Corporation, Senior Notes, 5%, 07/01/28   458 
 490   PG&E Corporation, Senior Notes, 5.25%, 07/01/30   518 
 420   Pike Corporation, Senior Notes, 5.50%, 09/01/28 (g)   427 
 1,795   TerraForm Global Operating, LLC, Senior Notes 6.125%, 03/01/26 (g)   1,840 
 490   Vistra Operations Company, LLC, Senior Notes, 5%, 07/31/27 (g)   503 
 800   Vistra Operations Company, LLC, Senior Notes, 5.50%, 09/01/26 (g)   826 
         10,818 
Wireless Communications - 1.53%    
 725   Sprint Capital Corporation, Senior Notes, 6.875%, 11/15/28   913 
 2,194   Sprint Corporation, Senior Notes, 7.125%, 06/15/24   2,524 

 

 

 

 

 70   Sprint Corporation, Senior Notes, 7.625%, 02/15/25   83 
         3,520 
     Total Corporate Debt Securities
(Total cost of $262,140)
   276,227 
           
CONVERTIBLE DEBT SECURITIES - .15% (d)(f)    
Energy - .15%    
 412   Cheniere Energy, Inc., Senior Notes, 4.25%, 03/15/45    336 
           
     Total Convertible Debt Securities
(Total cost of $283)
   336 
           
BANK DEBT SECURITIES - 9.62% (d)(f)    
Aerospace & Defense - .37%    
 232   Peraton Holding Corporation, 4.50%, 02/01/28   232 
 408   Peraton Holding Corporation, 4.50%, 02/01/28   408 
 220   Peraton Holding Corporation, 8.50%, 02/26/29   223 
         863 
Airlines - .72%    
 345   AAdvantage Loyalty IP, Ltd., 5.50%, 04/20/28   353 
 775   Mileage Plus Holdings, LLC, 6.25%, 6/21/27   823 
 460   Skymiles IP, Ltd, 4.75%, 10/20/27   483 
         1,659 
Automotive - .16%    
 365   Truck Hero Inc., 4.50%, 01/31/28   364 
           
Consumer Products - .56%    
 1,297   Life Time Fitness, 5.75%, 12/16/24   1,294 
           
Energy - 1.12%    
 1,888   BCP Raptor, LLC, 5.25%, 6/24/24   1,813 
 345   Prairie ECI Acquiror, LP, 4.859%, 03/11/26   334 
 428   Stonepeak Lonestar, 4.726%, 10/19/26   428 
         2,575 
Healthcare - 1.05%    
 120   ADMI Corporation, 3.75%, 12/23/27   119 
 560   ADMI Corporation, 3.25%, 12/23/27   555 
 780   Gainwell Acquisition Corporation, 4.75%, 10/01/27   776 
 478   Regional Care Hospital Partners, 3.859%, 11/16/25   477 
 489   US Radiology Specialists, Inc., 6.25%, 12/10/27   489 
         2,416 
Information Technology - .33%    
 165   Epicor Software Corporation, 8.75%, 7/31/28   170 
 565   RealPage Inc., 7.25%, 03/31/26   579 
         749 
Manufacturing - .33%    
 755   Apex Tool Group, LLC, 6.50%, 8/01/24   754 

 

 

 

 

Satellites - 1.74%    
 866   Intelsat Jackson Holdings, S.A., 6.486%, 07/13/22 (b)   875 
 1,615   Intelsat Jackson Holdings, S.A.,8%, 11/27/23 (b)   1,639 
 140   Intelsat Jackson Holdings, S.A., 8.625%, 01/02/24 (b)   143 
 1,342   Iridium Satellite LLC, 3.75%, 11/04/26   1,344 
         4,001 
Services - 2.11%    
 320   Renaissance Holding Corp., 7.203%, 05/29/26   319 
 439   Sabre GLBL, Inc., 4.75%, 12/17/27   443 
 1,551   Ultimate Software Group, Inc., 4.75, 05/04/26   1,549 
 2,100   Ultimate Software Group, Inc., 7.50%, 05/03/27   2,147 
 392   Weight Watchers, 5.50%, 11/29/24   391 
         4,849 
Utilities - .12%    
 269   Exgen Renewables IV, LLC, 3.75%, 12/15/27   269 
           
Wireless Communications - 1.01%    
 903   Asurion LLC, 3.359%, 12/23/26   896 
 885   Asurion LLC, 3.359%, 07/31/27   878 
 65   Asurion LLC, 5.377%, 01/31/28   66 
 480   CCI Buyer, Inc., 4.75%, 12/17/27   481 
         2,321 
     Total Bank Debt Securities
(Total cost of $21,595)
   22,114 

 

Shares         
          
PREFERRED STOCK - 4.39% (d)(f)    
Energy - 1.71%    
 3,750   Targa Resources Corp., Series A, Cvt, 9.50%, Acquisition Date 10/26/17, Cost $4,133(c)   3,932 
           
Financial - .14%    
 325   Alliant Services, Series A, Cvt, 9.75%, Acquisition Date 11/6/20, Cost $320(c)   326 
           
Healthcare - .78%    
 18,683   Avantor, Inc., Series A, Cvt, 6.25%, 05/15/22   1,687 
 908   Boston Scientific Corporation, Cvt, 5.50%, 06/01/23   97 
         1,784 
Manufacturing - .39%    
 694   Danaher Corporation, Cvt, 5.00%, 04/15/23   899 
           
Utilities - 1.37%    
 21,950   American Electric Power, Cvt, Series B, 6.125%, 03/15/22   1,059 
 7,682   American Electric Power, Cvt, Series C, 6.125%, 08/15/23   374 
 22,232   NextEra Energy, Inc., Cvt, 5.279%, 03/01/23   1,101 
 12,300   Southern Company, Cvt, 6.75%, 08/01/22   627 
         3,161 

 

 

 

 

     Total Preferred Stock
(Total cost of $9,373)
   10,102 
           
     TOTAL INVESTMENTS - 134.34% (d)
(Total cost of $293,391)
   308,779 
     CASH AND OTHER ASSETS     
     LESS LIABILITIES - (34.34)% (d)   (78,936)
           
     NET ASSETS - 100.00%   $229,843 

 

(a)Denotes income is not being accrued.

 

(b)Denotes issuer is in bankruptcy proceedings.

 

(c)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 $4,258 or 1.85% of total net assets as of March 31, 2021.

 

(d)Percentages indicated are based on total net assets to common shareholders of $229,843.

 

(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 notes to the portfolio of investments for valuation policy. Total market value of Rule 144A securities amounted to $199,101 as of March 31, 2021.

 

(h)Perpetual security with no stated maturity date.

 

(EUR) Euro

 

(GBP) British Pound

 

 

 

 

Derivative Contracts (Unaudited) (Currency Amounts in Thousands)

 

Forward Currency Exchange Contracts - As of March 31, 2021 the Fund had forward currency exchange contracts outstanding as follows:

 

                    Unrealized 
   Settlement    Receive           Appreciation 
Counterparty  Date    (Deliver)   Asset   Liability   (Depreciation) 
Canadian Imperial Bank of Commerce  4/30/21    EUR(310)   367    364                    3 
                          
JP Morgan  4/30/21    EUR(315)   372    369    3 
                          
JP Morgan  4/30/21    EUR(315)   372    369    3 
                          
Bank of America  4/30/21    GBP(967)   1,332    1,333    (1)
                          
Net unrealized gain on open forward currency exchange contracts        $8 

 

 

 

 

The New America High Income Fund, Inc.

Notes to Portfolio of Investments

March 31, 2021 (Unaudited)

 

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 follows the Investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification topic 946 “financial services investment companies”.

 

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 this footnote.

 

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.

 

 

 

 

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.

 

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.

 

 

 

 

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, 2021 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*   $   $ 298,677     $ 298,677  
Preferred Stock                  
Energy     3932     3932  
Financial     326     326  
Healthcare   1784       1784  
Manufacturing   899       899  
Utilities   2787   374     3161  
Total Investments   $ 5470   $ 303,309   $                  $ 308,779  

 

 

 

 

    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   $   $      8   $   $         8  

 

 

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

 

The Fund owned no Level 3 securities at March 31, 2021.

 

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

 

    Value
(000’s)
 
Balance, December 31, 2020   $ 320  
Net purchases/(sales)    
Transfers in/(out) of Level 3   (326 )
Change in unrealized appreciation (depreciation)   6  
Balance, March 31, 2021   $  

 

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, 2021, the Fund recognized no transfers between Levels 1 and 2. During the three months ended March 31, 2021, securities with a market value of 326 transferred from Level 3 to Level 2 as there were observable inputs available to determine value.