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Portfolio Holdings

American Funds Insurance Series - High-Income Bond Fund

As of December 31, 2017 (updated quarterly, upon availability)

Fixed-Income Securities* Shares or Principal Amount Market Value
ACCO Brands Corp. 5.25% 2024 1,190,000 1,225,700
AES Corp. 4.875% 2023 600,000 614,250
AES Corp. 5.125% 2027 1,515,000 1,594,538
AES Corp. 5.50% 2024 2,025,000 2,116,125
AES Corp. 5.50% 2025 3,475,000 3,666,125
AES Corp. 6.00% 2026 4,190,000 4,546,150
AES Corp. 7.375% 2021 5,925,000 6,680,438
AES Corp. 7.75% 2024 1,000,000 1,085,550
AES Corp. 8.00% 2020 701,000 788,625
AK Steel Holding Corp. 6.375% 2025 1,325,000 1,318,375
AK Steel Holding Corp. 7.625% 2021 2,000,000 2,085,000
AMC Networks Inc. 4.75% 2025 700,000 695,625
APX Group, Inc. 7.625% 2023 2,410,000 2,560,625
APX Group, Inc. 8.75% 2020 1,685,000 1,725,019
ARAMARK Corp. 5.125% 2024 2,460,000 2,587,920
Acrisure LLC 7.00% 2025 1,545,000 1,492,872
Alcatel-Lucent USA Inc. 6.45% 2029 1,800,000 1,957,500
Aleris International, Inc. 7.875% 2020 2,635,000 2,621,825
Aleris International, Inc. 9.50% 2021 980,000 1,038,800
Allison Transmission Holdings, Inc. 4.75% 2027 720,000 726,300
Allison Transmission Holdings, Inc. 5.00% 2024 3,150,000 3,256,313
Ally Financial Inc. 8.00% 2020 1,915,000 2,116,075
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.729% 2025 4,375,000 4,399,609
Almonde Inc., Term Loan-B, (3-month USD-LIBOR + 3.50%) 4.979% 2024 698,250 701,016
Altice NV 5.50% 2026 1,300,000 1,327,625
Altice NV 6.625% 2023 835,000 876,416
Altice NV 7.50% 2026 1,250,000 1,334,375
AmeriGas Partners, LP 5.50% 2025 3,150,000 3,197,250
American Axle & Manufacturing Holdings, Inc. 6.25% 2025 495,000 522,225
American Axle & Manufacturing Holdings, Inc. 6.50% 2027 2,775,000 2,944,969
American Energy (Marcellus), Term Loan A, (3-month USD-LIBOR + 7.50%) 8.96% 2021 5,601,169 224,047
American Energy (Marcellus), Term Loan B, (3-month USD-LIBOR + 4.25%) 5.71% 2020 7,532,891 5,574,339
American Energy (Permian Basin), 7.125% 2020 7,445,000 6,067,675
American Energy (Permian Basin), 7.375% 2021 6,770,000 5,483,700
American Midstream Partners, LP, 8.50% 2021 1,675,000 1,729,438
Antero Resources Corp. 5.00% 2025 1,000,000 1,025,000
Antero Resources Corp. 5.375% 2024 1,085,000 1,122,975
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 3.25%) 4.943% 2024 423,938 428,854
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.693% 2025 1,925,000 1,996,587
ArcelorMittal 6.125% 2025 500,000 578,125
Ardagh Group SA 7.125% 2023 450,000 471,375
Ardagh Packaging Finance 6.00% 2025 2,080,000 2,194,400
Argentine Republic (Badlar Private Banks ARS Index + 2.00%) 22.548% 2022 17,500,000 937,248
Argentine Republic 18.20% 2021 12,500,000 691,779
Ascent Resources-Utica LLC 10.00% 2022 675,000 727,313
Ashtead Group PLC 4.125% 2025 920,000 930,350
Ashtead Group PLC 4.375% 2027 1,530,000 1,556,775
Associated Materials, LLC 9.00% 2024 7,125,000 7,712,813
Avis Budget Group, Inc. 5.50% 2023 2,030,000 2,088,363
Avon Products, Inc. 7.875% 2022 1,050,000 1,073,625
Axalta Coating Systems LLC 4.875% 2024 1,450,000 1,526,125
B&G Foods, Inc. 5.25% 2025 2,775,000 2,829,529
BJ's Wholesale Club, Term Loan, (3-month USD-LIBOR + 7.50%) 8.953% 2025 3,915,000 3,830,992
BMC Software, Inc. 8.125% 2021 5,250,000 5,309,063
BMC Software, Inc. 9.00% 2019 930,000 933,023
Ball Corp. 4.375% 2020 1,775,000 1,843,781
Ball Corp. 5.25% 2025 805,000 878,456
Bank of America Corp., Series M, junior subordinated 8.125% noncumulative (undated) 975,000 988,406
Beacon Roofing Supply, Inc. 4.875% 2025 2,675,000 2,698,406
Berry Plastics Corp. 5.50% 2022 820,000 845,625
Blackstone CQP Holdco LP, 6.00% 2021 1,600,000 1,612,000
Blackstone CQP Holdco LP, 6.50% 2021 20,685,000 21,098,700
Blue Racer Midstream LLC / Blue Racer Finance Corp. 6.125% 2022 2,000,000 2,090,000
Bohai Financial Investment Holding Co., Ltd. 4.50% 2023 925,000 885,688
Bohai Financial Investment Holding Co., Ltd. 5.25% 2022 675,000 673,313
Bohai Financial Investment Holding Co., Ltd. 5.50% 2024 1,625,000 1,616,875
Brand Energy 8.5% 2025 6,005,000 6,320,263
Builders FirstSource, Inc. 5.625% 2024 4,835,000 5,049,916
Bway Parent Co. Inc., 5.50% 2024 990,000 1,032,075
Bway Parent Co. Inc., 7.25% 2025 3,525,000 3,648,375
Bway Parent Co. Inc., Term Loan, (3-month USD-LIBOR + 3.25%) 4.599% 2024 339,148 341,003
CBS Corp. 7.25% 2024 950,000 1,006,406
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00% 2023 1,825,000 1,811,313
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 2028 6,025,000 5,889,438
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2027 3,125,000 3,085,938
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 2025 550,000 568,051
CCO Holdings LLC and CCO Holdings Capital Corp. 5.50% 2026 2,600,000 2,671,500
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026 10,320,000 10,745,700
CCO Holdings LLC and CCO Holdings Capital Corp. 5.875% 2024 1,350,000 1,410,750
CD&R Waterworks Merger Sub LLC, Term Loan B, (3-month USD-LIBOR + 3.00%) 4.455% 2024 700,000 705,250
CD&R Waterworks Merger Sub, LLC 6.125% 2025 2,190,000 2,228,325
CEMEX SAB de CV 7.75% 2026 1,725,000 1,957,875
CEVA Group PLC 9.00% 2021 1,700,000 1,555,500
CEVA Group PLC, Term Loan B, (3-month USD-LIBOR + 5.50%) 6.878% 2021 590,126 563,939
CF Industries, Inc. 3.45% 2023 75,000 74,250
CF Industries, Inc. 4.50% 2026 720,000 751,711
CF Industries, Inc. 4.95% 2043 3,110,000 2,954,500
CF Industries, Inc. 5.375% 2044 165,000 163,556
CHOBANI LLC 7.50% 2025 1,855,000 1,973,256
CIT Group Inc. 3.875% 2019 6,835,000 6,920,438
CNH Capital LLC 4.875% 2021 350,000 368,375
CONSOL Energy Inc. 5.875% 2022 11,299,000 11,595,599
CRC Escrow Issuer LLC 5.25% 2025 2,050,000 2,076,240
CVR Partners, LP 9.25% 2023 320,000 345,600
Cablevision Systems Corp. 5.50% 2027 1,200,000 1,227,000
Cablevision Systems Corp. 6.75% 2021 4,475,000 4,810,625
Caesars Resort Collection LLC, Term Loan, (3-month USD-LIBOR + 2.75%) 2.75% 2024 1,000,000 1,005,375
California Resources Corp., Term Loan B, (3-month USD-LIBOR + 4.75%) 6.016% 2022 3,200,000 3,216,000
California Resources Corp., Term Loan B1, (3-month USD-LIBOR + 10.375%) 11.876% 2021 1,325,000 1,457,500
Calpine Corp. 5.25% 2026 5,525,000 5,435,274
Calpine Corp. 5.375% 2023 2,910,000 2,844,525
Calpine Corp. 5.75% 2025 1,385,000 1,320,944
Calpine Corp. 5.875% 2024 1,020,000 1,040,400
Calpine Corp. 6.00% 2022 425,000 439,344
Camelot Finance SA 7.875% 2024 5,630,000 6,024,100
Cardtronics Inc 5.50% 2025 1,775,000 1,610,813
Carlyle Group LP 6.375% 2022 1,090,000 1,143,138
Carrizo Oil & Gas Inc. 6.25% 2023 1,050,000 1,094,625
Centene Corp. 4.75% 2022 6,515,000 6,791,888
Centene Corp. 4.75% 2025 4,300,000 4,386,000
Centene Corp. 6.125% 2024 2,000,000 2,120,000
CenturyLink, Inc. 6.75% 2023 4,850,000 4,771,188
CenturyLink, Inc. 7.50% 2024 1,300,000 1,300,000
Cequel Communications Holdings I, LLC and Cequel Capital Corp. 6.375% 2020 5,367,000 5,460,923
Chemours Co. 6.625% 2023 2,410,000 2,560,625
Cheniere Energy Partners, LP 5.25% 2025 1,700,000 1,734,000
Chesapeake Energy Corp. (3-month USD-LIBOR + 3.25%) 4.609% 2019 2,220,000 2,220,000
Chesapeake Energy Corp. 4.875% 2022 4,500,000 4,286,250
Chesapeake Energy Corp. 8.00% 2022 2,993,000 3,239,923
Chesapeake Energy Corp. 8.00% 2025 10,025,000 10,137,781
Chesapeake Energy Corp. 8.00% 2027 4,125,000 3,970,313
Churchill Downs Inc. 4.75% 2028 1,880,000 1,877,086
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Revs.), Series 2009-E, 6.138% 2039 1,870,000 1,787,739
Clear Channel Worldwide Holdings, Inc. 7.625% 2020 12,563,000 12,358,851
Cleveland-Cliffs Inc. 4.875% 2024 1,800,000 1,800,000
Cleveland-Cliffs Inc. 5.75% 2025 14,550,000 13,931,625
Cleveland-Cliffs Inc. 6.25% 2040 1,735,000 1,366,313
Cloud Crane LLC, 10.125% 2024 1,175,000 1,327,750
ClubCorp Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.943% 2024 2,046,670 2,057,634
Colorado Buyer Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.63% 2025 1,062,500 1,078,438
Commercial Metals Co. 5.375% 2027 1,200,000 1,227,000
Communications Sales & Leasing, Inc. 6.00% 2023 775,000 763,375
Community Health Systems Inc. 6.25% 2023 850,000 769,250
Concordia Healthcare Corp, Term Loan B, (3-month USD-LIBOR + 4.25%) 5.819% 2021 1,538,007 1,275,585
Concordia Healthcare Corp. 7.00% 2023 6,590,000 626,050
Concordia Healthcare Corp. 9.50% 2022 1,645,000 156,275
Consolidated Energy Finance SA 6.875% 2025 2,570,000 2,730,625
Constellation Merger Sub Inc. 8.50% 2025 1,025,000 1,004,500
Constellium NV 5.875% 2026 1,200,000 1,225,500
Continental Airlines, Inc., Series 1999-1, Class A, 6.545% 2020 189,700 193,534
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 2022 38 42
Continental Airlines, Inc., Series 2000-2, Class B, 8.307% 2019 31,334 31,608
Continental Resources Inc. 5.00% 2022 725,000 738,594
Convey Park Energy LLC 7.50% 2025 2,950,000 3,081,865
Corporate Risk Holdings LLC 13.50% 2020 1,112,188 1,190,041
Corporate Risk Holdings LLC 9.50% 2019 12,782,000 13,373,168
Cott Beverages Inc. 5.50% 2025 1,170,000 1,206,563
Covanta Holding Corp. 5.875% 2024 505,000 513,838
Crescent Resources Holdings LLC 8.875% 2021 1,211,000 1,289,715
Cumulus Media Inc. 7.75% 2019 1,480,000 281,200
DAE Aviation Holdings, Inc. 10.00% 2023 7,065,000 7,771,500
DCP Midstream LP 7.375% 2022 1,500,000 1,490,813
DCP Midstream Operating LP 4.95% 2022 3,030,000 3,162,563
DISH DBS Corp. 3.375% 2026 760,000 828,875
DISH DBS Corp. 5.00% 2023 450,000 429,188
DJO Finance LLC 8.125% 2021 2,350,000 2,209,000
DaVita HealthCare Partners Inc. 5.00% 2025 2,815,000 2,821,193
DaVita HealthCare Partners Inc. 5.125% 2024 750,000 758,906
Deck Chassis Acquisition Inc. 10.00% 2023 3,940,000 4,402,950
Delphi Automotive PLC 5.00% 2025 950,000 964,250
Delta 2 (Formula One), Term Loan B3, 4.569% 2024 1,190,000 1,198,305
Denbury Resources Inc. 9.00% 2021 851,000 873,339
Diamond Offshore Drilling, Inc. 4.875% 2043 3,260,000 2,396,100
Diamond Offshore Drilling, Inc. 5.70% 2039 641,000 522,415
Diamond Offshore Drilling, Inc. 7.875% 2025 2,800,000 2,950,500
Digicel Group Ltd. 8.25% 2020 1,450,000 1,430,135
Dynegy Finance Inc. 7.375% 2022 3,485,000 3,685,388
Dynegy Finance Inc. 7.625% 2024 260,000 280,150
EP Energy Corp. 8.00% 2024 1,300,000 1,348,750
EP Energy Corp. 9.375% 2020 1,600,000 1,360,000
Eagle Holding Co II LLC 7.625% 2022 810,000 826,200
EchoStar Corp. 6.625% 2026 2,175,000 2,283,750
Emera Inc. 6.75% 2076 4,200,000 4,746,000
Enbridge Inc., Series A, 6.00% 2077 2,225,000 2,319,563
Endeavor Energy Resources, L.P. 5.50% 2026 1,000,000 1,020,000
Endeavor Energy Resources, L.P. 5.75% 2028 1,000,000 1,030,750
Endo International PLC 5.375% 2023 600,000 471,000
Endo International PLC 5.75% 2022 3,475,000 2,910,313
Endo International PLC 5.875% 2024 950,000 966,625
Endo International PLC 6.00% 2023 4,335,000 3,424,650
Endo International PLC 6.00% 2025 2,345,000 1,829,100
Enel Società per Azioni 8.75% 2073 2,000,000 2,492,500
Energy Transfer Partners, LP 4.25% 2023 3,500,000 3,482,500
Energy Transfer Partners, LP 5.50% 2027 3,620,000 3,701,450
Energy Transfer Partners, LP 5.875% 2024 4,500,000 4,747,500
Energy Transfer Partners, LP 6.25% 2023 1,750,000 1,702,969
Ensco PLC, 5.75% 2044 4,645,000 3,205,050
Equinix, Inc. 5.375% 2027 1,750,000 1,876,875
Equinix, Inc. 5.75% 2025 275,000 293,219
Equinix, Inc. 5.875% 2026 1,725,000 1,856,531
Euramax International, Inc. 12.00% 2020 2,850,000 3,092,250
FMG Resources 9.75% 2022 4,905,000 5,439,645
FXI Holdings, Inc. 7.875% 2024 830,000 830,249
Fertitta Entertainment, Inc. 6.75% 2024 2,100,000 2,142,000
Fertitta Entertainment, Inc. 8.75% 2025 2,100,000 2,210,250
First Data Corp. 5.00% 2024 1,100,000 1,135,750
First Data Corp. 5.375% 2023 2,775,000 2,895,435
First Data Corp. 5.75% 2024 2,525,000 2,631,681
First Data Corp. 7.00% 2023 3,805,000 4,033,300
First Quality Enterprises, Inc. 5.00% 2025 1,020,000 1,042,950
First Quantum Minerals Ltd. 7.00% 2021 8,505,000 8,845,200
First Quantum Minerals Ltd. 7.25% 2022 2,675,000 2,817,578
First Quantum Minerals Ltd. 7.25% 2023 1,225,000 1,323,000
First Quantum Minerals Ltd. 7.50% 2025 12,400,000 13,500,500
Five Point Holdings LLC 7.875% 2025 1,950,000 1,989,000
Flex Acquisition Company, Inc. 6.875% 2025 2,075,000 2,152,761
Freeport-McMoRan Inc. 3.55% 2022 6,715,000 6,656,244
Freeport-McMoRan Inc. 3.875% 2023 500,000 500,000
Freeport-McMoRan Inc. 6.875% 2023 1,000,000 1,095,000
Frontier Communications Corp. 10.50% 2022 4,255,000 3,228,481
Frontier Communications Corp. 11.00% 2025 11,850,000 8,769,000
Frontier Communications Corp. 8.50% 2020 3,000,000 2,497,500
Frontier Communications Corp. 8.875% 2020 2,875,000 2,422,188
Frontier Communications Corp. 9.25% 2021 1,275,000 1,007,250
GENERAL ELECTRIC CP 1/2/2018 13,600,000 13,597,854
GTT Communications, Inc. 7.875% 2024 1,650,000 1,744,875
Gartner, Inc. 5.125% 2025 1,500,000 1,571,250
General Motors Acceptance Corp. 7.50% 2020 1,470,000 1,631,700
Genesis Energy, LP 6.50% 2025 2,275,000 2,320,500
Genesis Energy, LP 6.75% 2022 2,300,000 2,397,750
Genesys Telecommunications Laboratories, Inc. 10.00% 2024 4,200,000 4,599,000
Genesys Telecommunications Laboratories, Inc., Term Loan B2, (3-month USD-LIBOR + 3.75%) 5.443% 2023 569,265 573,229
Georgia Gulf Corp. 4.625% 2021 3,325,000 3,424,750
Georgia Gulf Corp. 4.875% 2023 800,000 829,000
Gogo Inc. 12.50% 2022 11,050,000 12,500,313
Golar LNG Ltd., convertible notes 2.75% 2022 550,000 585,063
Goodyear Tire & Rubber Co. 4.875% 2027 750,000 769,688
H.I.G. Capital, L.L.C. 6.75% 2024 3,574,000 3,574,000
HCA Inc. 4.50% 2027 2,025,000 2,040,188
HCA Inc. 5.00% 2024 2,900,000 3,023,250
HCA Inc. 5.25% 2026 1,100,000 1,168,750
HCA Inc. 5.375% 2025 650,000 674,375
HCA Inc. 5.50% 2047 2,475,000 2,475,000
HCA Inc. 5.875% 2023 625,000 668,750
HCA Inc. 5.875% 2026 1,805,000 1,913,300
HCA Inc. 7.50% 2022 360,000 405,900
HCA Inc. 7.50% 2033 315,000 354,375
HCA Inc. 7.75% 2036 205,000 232,675
HD Supply, Inc. 5.75% 2024 650,000 692,250
Hanesbrands Inc. 4.625% 2024 1,435,000 1,470,875
Hanesbrands Inc. 4.875% 2026 500,000 515,000
Hardwoods Acquisition Inc 7.50% 2021 2,330,000 2,155,250
Healthsouth Corp. 5.75% 2024 3,575,000 3,673,313
Healthsouth Corp. 5.75% 2025 2,480,000 2,591,600
Herbalife Ltd., Term Loan, (3-month USD-LIBOR + 5.50%) 7.069% 2023 4,152,806 4,155,402
Hertz Global Holdings Inc. 7.625% 2022 4,250,000 4,462,500
Hexion Inc. 10.375% 2022 575,000 537,984
Hexion Inc. 6.625% 2020 2,250,000 2,030,625
Howard Hughes Corp. 5.375% 2025 4,950,000 5,086,125
Hub International Ltd., 7.875% 2021 1,920,000 2,001,600
Huntsman International LLC 4.875% 2020 2,470,000 2,578,063
IMS Health Holdings, Inc. 5.00% 2026 2,350,000 2,417,563
INEOS Group Holdings SA 5.625% 2024 875,000 914,375
Icahn Enterprises Finance Corp. 6.25% 2022 2,625,000 2,690,625
Infor (US), Inc. 6.50% 2022 3,725,000 3,874,000
Infor Software 7.875% 2021 5,785,000 5,944,088
Inmarsat PLC 4.875% 2022 3,575,000 3,583,938
Inmarsat PLC 6.50% 2024 4,775,000 4,858,563
Insulet Corp., convertible notes 1.375% 2024 500,000 507,813
Intelsat Jackson Holding Co. 5.50% 2023 1,500,000 1,230,000
Intelsat Jackson Holding Co. 6.625% 2024 3,450,000 3,494,784
Intelsat Jackson Holding Co. 7.25% 2020 2,975,000 2,811,375
Intelsat Jackson Holding Co. 8.00% 2024 3,600,000 3,798,000
International Game Technology 6.25% 2022 200,000 216,500
International Lease Finance Corp. 8.25% 2020 875,000 1,007,187
Internet Brands, Inc., Term Loan, (3-month USD-LIBOR + 3.75%) 5.338% 2024 1,561,088 1,567,081
Internet Brands, Inc., Term Loan, (3-month USD-LIBOR + 7.50%) 9.088% 2025 2,475,000 2,492,016
Iron Mountain Inc. 4.875% 2027 135,000 135,675
Iron Mountain Inc. 5.25% 2028 1,500,000 1,500,000
Iron Mountain Inc. 5.75% 2024 5,975,000 6,079,563
Iron Mountain Inc. 6.00% 2023 350,000 367,500
Itron, Inc. 5.00% 2026 400,000 402,500
JBS USA LLC 5.875% 2024 1,250,000 1,214,063
JELD-WEN Holding, Inc. 4.625% 2025 535,000 540,350
JELD-WEN Holding, Inc. 4.875% 2027 2,155,000 2,181,938
JPMorgan Chase & Co., Series I, junior subordinated 7.90% (undated) 1,695,000 1,718,306
Jaguar Holding Co. 6.375% 2023 1,000,000 1,012,500
Jefferies Finance, LLC 7.25% 2024 1,850,000 1,903,188
Jonah Energy LLC 7.25% 2025 4,925,000 4,968,094
Jupiter Resources Inc. 8.50% 2022 1,250,000 781,250
KAR Auction Services, Inc. 5.125% 2025 1,860,000 1,911,150
Kindred Healthcare, Inc. 8.00% 2020 300,000 326,535
Kinetic Concepts, Inc. 12.50% 2021 4,813,000 5,426,658
Kinetic Concepts, Inc. 7.875% 2021 375,000 392,344
Kratos Defense & Security Solutions, Inc. 6.50% 2025 1,005,000 1,046,456
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.627% 2024 7,870,000 8,186,768
LKQ Corp. 4.75% 2023 1,040,000 1,068,600
LPL Financial Holdings Inc. 5.75% 2025 2,600,000 2,652,000
LSC Communications, Inc. 8.75% 2023 3,205,000 3,305,156
Ladder Capital Corp. 5.25% 2025 850,000 847,875
Laredo Petroleum, Inc. 6.25% 2023 725,000 754,218
Level 3 Communications, Inc. 5.125% 2023 2,150,000 2,160,750
Levi Strauss & Co. 5.00% 2025 1,280,000 1,340,800
Liberty Global PLC 5.50% 2028 3,675,000 3,583,125
Liberty Global PLC 6.125% 2025 900,000 954,000
Ligado Networks, Term Loan, (3-month USD-LIBOR + 8.75%) 10.265% 2020 8,689,924 8,081,629
Limited Brands, Inc. 6.875% 2035 975,000 989,625
Loral Space & Communications Inc. 8.875% 2024 1,225,000 1,375,063
M.D.C. Holdings, Inc. 6.00% 2043 1,600,000 1,572,000
MDC Partners Inc. 6.50% 2024 750,000 757,500
MEDNAX, Inc. 5.25% 2023 275,000 280,500
MGIC Investment Corp. 5.75% 2023 1,025,000 1,123,656
MGM Growth Properties LLC 5.625% 2024 1,525,000 1,631,750
MGM Resorts International 6.00% 2023 2,030,000 2,197,475
MGM Resorts International 7.75% 2022 750,000 856,875
MHGE Parent LLC/Finance 8.50% 2019 325,000 324,903
Mallinckrodt PLC 4.875% 2020 4,160,000 4,014,400
Mallinckrodt PLC 5.625% 2023 1,955,000 1,671,525
Match Group, Inc. 5.00% 2027 1,050,000 1,068,375
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 4.50%) 6.069% 2024 3,915,188 3,907,847
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 8.50%) 10.069% 2025 875,000 879,375
McGraw-Hill Global Education Holdings, LLC 7.875% 2024 225,000 223,031
Medical Properties Trust, Inc. 5.00% 2027 2,020,000 2,062,925
Melco Crown Entertainment Ltd. 5.875% 2019 1,750,000 1,833,125
Meritage Homes Corp. 5.125% 2027 1,875,000 1,912,500
Mississippi Power Co. 4.25% 2042 930,000 911,776
Mitchell International, Inc., Term Loan B, (3-month USD-LIBOR + 7.25%) 8.943% 2025 2,050,000 2,077,868
Mohegan Tribal Gaming Authority 7.875% 2024 975,000 1,003,031
Molina Healthcare, Inc. 4.875% 2025 3,975,000 3,984,938
Molina Healthcare, Inc. 5.375% 2022 10,285,000 10,773,538
Multi-Color Corp. 4.875% 2025 1,810,000 1,821,313
Multiplan, Inc. 7.125% 2024 2,575,000 2,748,813
Multiplan, Inc. 8.50% 2022 3,760,000 3,910,400
Murphy Oil Corp. 5.625% 2027 925,000 974,904
Murphy Oil Corp. 5.75% 2025 2,340,000 2,398,500
Murphy Oil Corp. 6.875% 2024 1,400,000 1,498,000
NGL Energy Partners LP 6.125% 2025 3,865,000 3,787,700
NGL Energy Partners LP 6.875% 2021 6,415,000 6,575,375
NGL Energy Partners LP 7.50% 2023 1,450,000 1,508,000
NGPL PipeCo LLC 4.375% 2022 315,000 321,497
NGPL PipeCo LLC 4.875% 2027 230,000 239,488
NGPL PipeCo LLC 7.768% 2037 2,095,000 2,592,563
NMG Finco PLC 5.75% 2022 2,910,000 2,971,838
NRG Energy, Inc. 6.25% 2022 4,885,000 5,104,825
NRG Energy, Inc. 6.625% 2027 2,240,000 2,380,000
NRG Energy, Inc. 7.25% 2026 500,000 546,870
Navient Corp. 4.875% 2019 3,100,000 3,160,140
Navient Corp. 5.5% 2023 3,935,000 3,939,919
Navient Corp. 6.125% 2024 75,000 76,313
Navient Corp. 6.50% 2022 4,840,000 5,083,210
Navient Corp. 6.75% 2025 1,800,000 1,854,000
Navios Maritime Acquisition Corp. and Navios Acquisition Finance (US) Inc. 8.125% 2021 1,250,000 1,065,625
Navistar International Corp. 6.625% 2025 970,000 1,014,504
Navistar International Corp., Term Loan, (3-month USD-LIBOR + 4.75%) 4.9% 2024 1,105,000 1,111,561
Neiman Marcus Group LTD Inc. 8.00% 2021 675,000 391,635
Neiman Marcus Group LTD Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.642% 2020 5,200,142 4,258,916
Neptune Finco Corp. (Altice NV) 6.625% 2025 3,050,000 3,309,189
Netflix, Inc. 5.75% 2024 1,480,000 1,578,050
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 2022 650,000 670,313
Noble Corp. PLC 7.70% 2025 2,225,000 1,880,125
Noble Corp. PLC 8.70% 2045 2,650,000 2,113,375
Nova Chemicals Corp 4.875% 2024 2,525,000 2,525,000
Nova Chemicals Corp 5.25% 2027 1,100,000 1,100,000
Novelis Corp. 5.875% 2026 2,195,000 2,244,388
Novelis Corp. 6.25% 2024 760,000 798,000
NuStar Logistics, LP 5.625% 2027 3,000,000 3,060,000
Numericable Group SA 6.00% 2022 675,000 684,281
Numericable Group SA 7.375% 2026 525,000 542,719
ONEOK, Inc. 7.50% 2023 1,250,000 1,490,713
Olin Corp. 5.125% 2027 600,000 633,000
Owens-Illinois, Inc. 5.00% 2022 560,000 581,700
Owens-Illinois, Inc. 5.875% 2023 2,660,000 2,871,138
Owens-Illinois, Inc. 6.375% 2025 2,125,000 2,378,672
PAREXEL International Corp. 6.375% 2025 3,065,000 3,087,988
PDC Energy Inc. 5.75% 2026 2,250,000 2,309,063
PE Cortes NP Holdings LLC 12.00% 2022 1,375,000 1,483,281
PE Cortes NP Holdings LLC 9.25% 2024 1,825,000 1,957,313
PQ Group Holdings Inc. 5.75% 2025 1,485,000 1,514,700
Parsley Energy, Inc. 5.25% 2025 500,000 503,750
Parsley Energy, Inc. 5.375% 2025 2,375,000 2,410,625
Parsley Energy, Inc. 6.25% 2024 500,000 528,750
Peabody Energy Corp. 6.00% 2022 1,050,000 1,093,313
Peabody Energy Corp. 6.375% 2025 775,000 808,906
Petrobras Global Finance Co. 5.999% 2028 1,663,000 1,669,236
Petrobras Global Finance Co. 6.125% 2022 935,000 994,606
Petrobras Global Finance Co. 7.375% 2027 1,330,000 1,466,990
Petróleos Mexicanos 6.75% 2047 2,240,000 2,343,824
Petsmart Inc., Term Loan B-2, (3-month USD-LIBOR + 3.00%) 4.57% 2022 1,951,765 1,573,002
Petsmart, Inc. 5.875% 2025 11,175,000 8,632,688
Petsmart, Inc. 7.125% 2023 2,770,000 1,655,075
Petsmart, Inc. 8.875% 2025 5,015,000 3,046,613
Pilgrim's Pride Corp. 5.75% 2025 2,145,000 2,214,713
Pinnacle Foods Inc. 5.875% 2024 800,000 850,000
Plastipak Holdings, Inc. 6.25% 2025 1,145,000 1,182,213
Plastipak Holdings, Inc., Term Loan, (3-month USD-LIBOR + 2.75%) 4.45% 2024 329,175 331,507
Platform Specialty Products Corp. 5.875% 2025 4,260,000 4,233,375
Platform Specialty Products Corp. 6.50% 2022 1,525,000 1,578,375
Ply Gem Industries, Inc. 6.50% 2022 1,275,000 1,327,594
Post Holdings, Inc. 5.00% 2026 1,840,000 1,814,700
Post Holdings, Inc. 5.625% 2028 1,855,000 1,864,275
Post Holdings, Inc. 8.00% 2025 1,550,000 1,749,563
Prestige Brands International Inc. 6.375% 2024 900,000 937,125
Prime Security Services Borrower, LLC 9.25% 2023 3,825,000 4,255,313
PrimeSource Building Products Inc 9.00% 2023 171,000 181,688
QEP Resources, Inc. 5.625% 2026 3,080,000 3,133,900
QGOG Constellation SA 9.50% 2024 6,113,648 4,126,712
Qorvo, Inc. 7.00% 2025 1,275,000 1,429,594
Quintiles Transnational Corp. 4.875% 2023 2,625,000 2,716,875
R.R. Donnelley & Sons Co. 6.50% 2023 2,400,000 2,328,000
R.R. Donnelley & Sons Co. 7.875% 2021 1,700,000 1,776,500
Range Resources Corp. 4.875% 2025 1,600,000 1,552,000
Range Resources Corp. 5.00% 2022 575,000 575,000
Rayonier Advanced Materials Inc. 5.50% 2024 1,860,000 1,862,325
Realogy Corp. 4.50% 2019 1,825,000 1,856,938
Realogy Corp. 4.875% 2023 4,325,000 4,292,563
Rexnord Corp. 4.875% 2025 2,610,000 2,642,625
Reynolds Group Inc. 5.75% 2020 2,127,191 2,161,758
Reynolds Group Inc. 7.00% 2024 3,255,000 3,492,208
Rotech Healthcare Inc., Term Loan A, (3-month USD-LIBOR + 4.25%) 5.943% 2018 2,968,250 2,953,409
Rotech Healthcare Inc., Term Loan B, (3-month USD-LIBOR + 8.75%) 10.443% 2019 2,300,000 2,288,500
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 0% 2020 6,708,707 6,343,344
Ryerson Inc. 11.00% 2022 6,336,000 7,104,240
SBA Communications Corp. 4.00% 2022 510,000 513,188
SBA Communications Corp. 4.875% 2022 700,000 721,000
SM Energy Co. 5.625% 2025 3,130,000 3,051,750
SM Energy Co. 6.125% 2022 750,000 767,813
SM Energy Co. 6.50% 2021 750,000 763,125
SM Energy Co. 6.75% 2026 475,000 491,625
SPCM SA 4.875% 2025 1,000,000 1,011,250
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025 5,300,000 5,300,000
Sally Holdings LLC and Sally Capital Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 4.5% 2024 130,000 129,919
Schaeffler Verwaltungs 4.75% 2026 1,350,000 1,373,625
Scientific Games Corp. 10.00% 2022 262,000 288,528
Scientific Games Corp. 5.00% 2025 890,000 894,450
Scientific Games Corp. 6.25% 2020 1,240,000 1,260,150
Scientific Games Corp. 7.00% 2022 2,425,000 2,561,406
Scotts Miracle-Gro Co. 5.25% 2026 650,000 682,500
Sealed Air Corp. 5.125% 2024 640,000 688,000
Sealed Air Corp. 5.25% 2023 930,000 995,100
Sensata Technologies Holding NV 6.25% 2026 1,000,000 1,092,500
Service Corp. International 4.625% 2027 1,040,000 1,057,805
Service Corp. International 5.375% 2024 245,000 259,088
Seven Generations Energy Ltd. 5.375% 2025 950,000 961,875
Simmons Foods Inc. 5.75% 2024 1,450,000 1,439,125
Sirius XM Radio Inc 3.875% 2022 1,875,000 1,889,063
Sirius XM Radio Inc 5.375% 2025 790,000 824,563
Six Flags Entertainment Corp. 4.875% 2024 2,500,000 2,543,750
SoftBank Group Corp. 4.50% 2020 8,550,000 8,755,457
Softbank Group Corp., Subordinated 6.875% (undated) 1,550,000 1,572,274
Solera Holdings, Inc. 10.50% 2024 3,150,000 3,559,437
Sotheby's 4.875% 2025 6,870,000 6,792,713
Sotheby's 5.25% 2022 1,525,000 1,573,038
Southwestern Energy Co. 4.10% 2022 8,915,000 8,803,563
Southwestern Energy Co. 7.50% 2026 3,605,000 3,834,819
Southwestern Energy Co. 7.75% 2027 750,000 801,563
Spectrum Brands Inc. 6.125% 2024 750,000 797,813
Springleaf Finance Corp. 8.25% 2020 1,175,000 1,295,438
Sprint Capital Corp. 8.75% 2032 1,025,000 1,165,938
Sprint Corp. 11.50% 2021 5,880,000 7,129,500
Sprint Corp. 6.875% 2028 4,700,000 4,741,125
Sprint Corp. 7.125% 2024 2,025,000 2,065,500
Sprint Corp. 7.25% 2021 4,265,000 4,526,231
Sprint Corp. 7.875% 2023 3,305,000 3,528,088
Standard Industries Inc. 6.00% 2025 1,750,000 1,876,875
Starwood Property Trust, Inc. 5.00% 2021 1,650,000 1,716,000
Summit Materials, Inc. 5.125% 2025 4,890,000 5,000,025
Summit Materials, Inc. 6.125% 2023 350,000 365,750
SunCoke Energy Partners, LP, 7.50% 2025 1,950,000 2,047,500
Sunoco LP 6.25% 2021 4,475,000 4,662,950
Sunoco LP 6.375% 2023 1,200,000 1,267,500
Symantec Corp 5.00% 2025 650,000 677,625
T-Mobile US, Inc. 6.375% 2025 2,675,000 2,868,938
T-Mobile US, Inc. 6.50% 2026 900,000 984,375
TI Automotive Ltd. 8.75% 2023 1,119,000 1,205,723
Talen Energy Corp. 10.50% 2026 1,270,000 1,261,809
Talen Energy Corp. 4.60% 2021 295,000 271,400
Talen Energy Corp. 9.50% 2022 495,000 509,850
Tapstone Energy Inc. 9.75% 2022 2,075,000 1,787,094
Targa Resources Partners LP 4.125% 2019 4,525,000 4,564,594
Targa Resources Partners LP 5.125% 2025 375,000 385,313
Targa Resources Partners LP 6.75% 2024 1,910,000 2,055,638
Team Health Holdings, Inc. 6.375% 2025 1,600,000 1,436,000
Teck Resources Ltd. 3.75% 2023 1,000,000 1,006,250
Teekay Corp. 8.50% 2020 11,168,000 11,419,280
Teleflex Inc. 4.625% 2027 1,435,000 1,452,651
Tempo Acquisition LLC 6.75% 2025 1,650,000 1,683,000
Tenet Healthcare Corp. 4.375% 2021 4,255,000 4,265,638
Tenet Healthcare Corp. 4.50% 2021 1,355,000 1,368,550
Tenet Healthcare Corp. 4.625% 2024 4,042,000 3,956,108
Tenet Healthcare Corp. 4.75% 2020 4,050,000 4,141,125
Tenet Healthcare Corp. 5.125% 2025 450,000 440,438
Tenet Healthcare Corp. 6.75% 2023 2,125,000 2,069,219
Tenet Healthcare Corp. 8.125% 2022 1,400,000 1,429,750
Tenet Healthcare Corp., 6.00% 2020 6,490,000 6,886,215
Tenneco Inc. 5.00% 2026 1,050,000 1,078,875
TerraForm Power, Inc. 4.25% 2023 2,000,000 1,987,500
Tesoro Logistics LP 5.25% 2025 220,000 231,649
Teva Pharmaceutical Finance Company BV 2.20% 2021 775,000 708,459
Teva Pharmaceutical Finance Company BV 2.80% 2023 2,125,000 1,852,507
TransDigm Inc. 5.50% 2020 1,725,000 1,748,719
Transocean Inc. 7.50% 2026 1,000,000 1,026,550
Transocean Inc. 7.75% 2024 1,687,500 1,854,141
Transocean Inc. 8.375% 2021 1,855,000 2,012,675
Transocean Inc. 9.00% 2023 3,350,000 3,634,750
Trident Merger Sub, Inc. 6.625% 2025 1,000,000 1,000,000
Trilogy International Partners, LLC 8.875% 2022 4,700,000 4,829,250
Trinseo SA 5.375% 2025 820,000 850,750
Tronox Ltd. 5.75% 2025 1,280,000 1,318,400
Tullow Oil PLC 6.00% 2020 525,000 532,245
U S TREASURY BILL 1/11/2018 10,800,000 10,796,760
U.S. Treasury 1.25% 2019 10,000,000 9,921,500
Ultra Petroleum Corp. 6.875% 2022 4,390,000 4,417,438
Ultra Petroleum Corp. 7.125% 2025 1,675,000 1,677,094
Unisys Corp. 10.75% 2022 7,275,000 8,166,188
United Rentals, Inc. 4.625% 2025 3,630,000 3,666,300
United Rentals, Inc. 4.875% 2028 1,170,000 1,178,775
United States Steel Corp. 6.875% 2025 1,325,000 1,389,660
United States Steel Corp. 7.375% 2020 925,000 1,008,250
Univision Communications Inc. 5.125% 2023 2,975,000 2,975,000
Univision Communications Inc. 5.125% 2025 700,000 684,250
Vale SA 6.875% 2039 805,000 991,156
Valeant Pharmaceuticals International, Inc. 5.375% 2020 1,250,000 1,257,813
Valeant Pharmaceuticals International, Inc. 5.50% 2025 975,000 996,938
Valeant Pharmaceuticals International, Inc. 5.625% 2021 1,175,000 1,152,969
Valeant Pharmaceuticals International, Inc. 5.875% 2023 8,860,000 8,228,725
Valeant Pharmaceuticals International, Inc. 6.125% 2025 17,245,000 15,843,844
Valeant Pharmaceuticals International, Inc. 6.375% 2020 2,448,000 2,478,600
Valeant Pharmaceuticals International, Inc. 6.50% 2022 350,000 368,375
Valeant Pharmaceuticals International, Inc. 7.00% 2024 1,375,000 1,474,688
Valeant Pharmaceuticals International, Inc. 7.25% 2022 1,150,000 1,167,250
Valeant Pharmaceuticals International, Inc. 7.50% 2021 3,540,000 3,615,225
Valeant Pharmaceuticals International, Inc. 9.00% 2025 3,240,000 3,384,828
Valvoline Inc. 4.375% 2025 1,230,000 1,243,838
Vantiv, Inc. 4.375% 2025 3,575,000 3,629,269
Vector Group Ltd. 6.125% 2025 1,750,000 1,815,625
Venator Materials Corp. 5.75% 2025 3,585,000 3,800,100
VeriSign, Inc. 4.75% 2027 1,900,000 1,952,250
VeriSign, Inc. 5.25% 2025 2,320,000 2,537,500
Vine Oil & Gas LP 8.75% 2023 1,625,000 1,580,313
Vine Oil & Gas LP, Term Loan, (3-month USD-LIBOR + 6.875%) 8.444% 2021 1,550,000 1,538,375
Virgin Australia Holdings Ltd. 7.875% 2021 800,000 826,000
Virgin Australia Holdings Ltd. 8.50% 2019 2,125,000 2,215,844
Vizient Inc. 10.375% 2024 985,000 1,110,588
WPX Energy Inc. 6.00% 2022 710,000 745,500
WPX Energy Inc. 7.50% 2020 469,000 510,038
Warner Music Group 4.875% 2024 1,500,000 1,552,500
Warner Music Group 5.00% 2023 2,670,000 2,773,463
Warner Music Group 5.625% 2022 2,114,000 2,185,348
Warrior Met Coal, Inc. 8.00% 2024 3,325,000 3,441,375
Weatherford International PLC 4.50% 2022 2,540,000 2,311,400
Weatherford International PLC 5.875% 2021 527,000 572,454
Weatherford International PLC 5.95% 2042 700,000 549,500
Weatherford International PLC 6.50% 2036 5,615,000 4,646,413
Weatherford International PLC 6.75% 2040 7,755,000 6,397,875
Weatherford International PLC 7.75% 2021 2,635,000 2,695,934
Weatherford International PLC 8.25% 2023 275,000 278,438
Weatherford International PLC 9.875% 2024 915,000 976,763
Weibo Corp. convertible notes 1.25% 2022 747,100 822,277
WellCare Health Plans, Inc. 5.25% 2025 1,250,000 1,321,875
Wells Fargo & Co., Series K, junior subordinated 7.98% (undated) 1,610,000 1,638,095
Western Digital Corp. 10.50% 2024 600,000 696,750
Whiting Petroleum Corp. 6.625% 2026 2,950,000 3,012,688
Williams Companies, Inc. 3.70% 2023 1,670,000 1,670,000
Williams Companies, Inc. 4.55% 2024 500,000 521,250
Wind Tre SpA 5.00% 2026 6,675,000 6,381,300
Windstream Holdings, Inc. 7.75% 2020 350,000 297,500
Windstream Holdings, Inc. 8.75% 2024 7,133,000 5,019,849
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 2023 2,823,000 2,882,989
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.25% 2027 725,000 735,875
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.50% 2025 6,525,000 6,737,063
YPF SA 6.95% 2027 1,325,000 1,409,800
ZF Friedrichshafen AG 4.75% 2025 1,510,000 1,604,375
Zayo Group Holdings, Inc. 5.75% 2027 3,200,000 3,272,000
Zayo Group Holdings, Inc. 6.375% 2025 2,225,000 2,361,281
Zekelman Industries Inc. 9.875% 2023 520,000 586,300
Ziggo Bond Finance BV 5.50% 2027 5,225,000 5,231,531
Ziggo Bond Finance BV 5.875% 2025 950,000 940,500
iHeartCommunications, Inc. 10.625% 2023 515,000 365,650
iHeartCommunications, Inc. 9.00% 2019 10,385,000 7,762,788
iHeartCommunications, Inc., Term Loan D, (3-month USD-LIBOR + 6.75%) 8.443% 2019 4,350,000 3,282,436
inVentiv Health, Inc. 7.50% 2024 1,340,000 1,453,900
j2 Global, Inc. 6.00% 2025 1,130,000 1,194,975
Equity Securities* Shares or Principal Amount Market Value Percent of Net Assets
Adelphia Recovery Trust, Series ACC-1 449,306 235 0.00
Adelphia Recovery Trust, Series Arahova 388,601 1,450 0.00
Alibaba Mandatory Exchangeable Trust 5.75% noncumulative convertible preferred 3,300 643,121 0.04
Ascent Resources - Utica, LLC, Class A 6,297,894 1,133,621 0.08
Associated Materials, LLC, 14.0% convertible preferred 2020 4,850 5,552,765 0.38
Associated Materials, LLC, warrants 2023 68,899 0 0.00
Atrium Corp. 361 10,671 0.00
CEVA Group PLC 5,622 2,698,483 0.19
CEVA Group PLC, Series A-1, convertible preferred, (3-month USD-LIBOR + 3.00%) 0% 4,788 3,196,057 0.22
CEVA Group PLC, Series A-2, convertible preferred, (3-month USD-LIBOR + 2.00%) 0% 2,211 1,061,515 0.07
Corporate Risk Holdings Corp. 1,104 0 0.00
Corporate Risk Holdings I, Inc. 218,504 3,863,151 0.27
Frontier Communications Corp., Series A, convertible preferred 10,000 108,200 0.01
Liberman Broadcasting, Inc., warrants, expire 2022 1 0 0.00
NII Holdings, Inc. 660,555 280,273 0.02
Rotech Healthcare Inc. 201,793 403,586 0.03
Vistra Energy Corp., rights 41,035 35,906 0.00

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

*
Excludes certain securities in initial period of acquisition.