American Funds - Portfolio holdings | American Funds

Portfolio Holdings

American Funds Insurance Series - High-Income Bond Fund

As of December 31, 2018 (updated quarterly, upon availability)

Fixed-Income Securities* Shares or Principal Amount Market Value
ACCO Brands Corp. 5.25% 2024 1,190,000 1,068,025
ADT Corp. 3.50% 2022 3,355,000 3,115,956
ADT Corp. 4.125% 2023 190,000 174,325
AES Corp. 4.00% 2021 1,000,000 985,000
AES Corp. 4.875% 2023 600,000 588,000
AES Corp. 5.50% 2025 4,682,000 4,670,295
AES Corp. 6.00% 2026 2,165,000 2,208,300
AES Corp. 7.75% 2024 500,000 408,750
AK Steel Holding Corp. 7.00% 2027 450,000 353,250
AK Steel Holding Corp. 7.625% 2021 2,425,000 2,200,688
APPLE INC 4(2) CP 1/9/2019 10,000,000 9,993,790
ARAMARK Corp. 5.125% 2024 2,435,000 2,416,738
ARD Securities Finance S.a r.l. 8.75% 2023 948,945 806,603
AUTOMATIC DATA PROCESSING INC 4(2) CP 1/2/2019 6,800,000 6,799,101
Acrisure LLC 7.00% 2025 870,000 746,025
Advanced Disposal Services, Inc. 5.625% 2024 1,550,000 1,522,875
Alcatel-Lucent USA Inc. 6.45% 2029 1,800,000 1,768,500
Alliant Holdings Intermediate LLC 8.25% 2023 1,000,000 996,870
Allison Transmission Holdings, Inc. 5.00% 2024 4,385,000 4,226,044
Ally Financial Inc. 8.00% 2020 1,540,000 1,597,750
Ally Financial Inc. 8.00% 2031 900,000 1,003,500
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.053% 2025 7,150,000 6,604,813
Altice Finco SA 8.125% 2024 505,000 472,175
Altice France SA 8.125% 2027 1,575,000 1,488,375
Altice NV 6.625% 2023 835,000 803,688
Altice NV 7.50% 2026 1,250,000 1,143,750
Altice SA 7.625% 2025 1,075,000 807,594
AmeriGas Partners, LP 5.50% 2025 700,000 644,000
AmeriGas Partners, LP 5.75% 2027 975,000 867,750
American Axle & Manufacturing Holdings, Inc. 6.50% 2027 1,850,000 1,662,688
American Energy (Permian Basin), 7.125% 2020 7,445,000 1,712,350
American Energy (Permian Basin), 7.375% 2021 6,770,000 1,523,250
Antero Resources Corp. 5.375% 2024 1,140,000 1,068,750
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 9.522% 2025 1,825,000 1,811,313
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-B, 4.90% 2020 95,000 85,025
Ardagh Group SA 7.125% 2023 450,000 406,125
Ardagh Packaging Finance 6.00% 2025 4,830,000 4,470,745
Ascent Resources Marcellus Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 6.50%) 8.887% 2023 1,329,167 1,334,151
Ascent Resources-Utica LLC 10.00% 2022 185,000 190,143
Ascent Resources-Utica LLC 7.00% 2026 3,050,000 2,775,500
Associated Materials, LLC 9.00% 2024 3,800,000 3,686,000
Auris Luxembourg III SARL, Term Loan, (3-month USD-LIBOR + 3.75%) 0% 2025 860,000 838,500
Avis Budget Group, Inc. 5.50% 2023 4,300,000 4,165,625
Avon Products, Inc. 7.875% 2022 1,900,000 1,881,000
Axalta Coating Systems LLC 4.875% 2024 1,450,000 1,377,500
B&G Foods, Inc. 4.625% 2021 365,000 357,244
B&G Foods, Inc. 5.25% 2025 5,758,000 5,376,533
BWAY Parent Co. Inc., 5.50% 2024 2,840,000 2,680,250
BWAY Parent Co. Inc., 7.25% 2025 3,475,000 3,131,844
BWX Technologies, Inc. 5.375% 2026 195,000 188,604
Ball Corp. 4.375% 2020 450,000 452,813
Ball Corp. 5.00% 2022 825,000 831,188
Banff Merger Sub Inc. 9.75% 2026 1,275,000 1,169,813
Beacon Roofing Supply, Inc. 4.875% 2025 3,050,000 2,691,625
Berry Petroleum Corporation 7.00% 2026 1,050,000 950,250
Berry Plastics Corp. 5.50% 2022 820,000 818,975
Blackboard Inc., Term Loan B4, (3-month USD-LIBOR + 5.00%) 7.445% 2021 1,693,887 1,577,855
Blackstone CQP Holdco LP, 6.00% 2021 1,600,000 1,610,277
Blackstone CQP Holdco LP, 6.50% 2021 17,430,000 17,561,440
Blue Cube Spinco Inc. (Olin Corp.) 10.00% 2025 1,000,000 1,135,000
Blue Racer Midstream LLC / Blue Racer Finance Corp. 6.125% 2022 1,300,000 1,261,000
Bohai Financial Investment Holding Co., Ltd. 4.50% 2023 2,350,000 2,203,125
Bohai Financial Investment Holding Co., Ltd. 5.125% 2023 1,000,000 957,500
Bohai Financial Investment Holding Co., Ltd. 5.25% 2022 2,075,000 2,015,344
Bohai Financial Investment Holding Co., Ltd. 5.50% 2024 1,625,000 1,572,188
Brand Energy 8.50% 2025 4,205,000 3,605,788
Brookfield WEC Holdings Inc., Term Loan, (3-month USD-LIBOR + 3.75%) 6.272% 2025 1,450,000 1,408,313
Brookfield WEC Holdings Inc., Term Loan, (3-month USD-LIBOR + 6.75%) 9.272% 2026 1,580,000 1,558,934
Bruin E&P Partners, LLC 8.875% 2023 900,000 804,375
Builders FirstSource, Inc. 5.625% 2024 8,310,000 7,738,688
CBS Outdoor Americas Inc. 5.25% 2022 400,000 399,500
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00% 2023 3,525,000 3,295,875
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 2028 3,150,000 2,905,875
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2023 2,025,000 1,974,375
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2027 300,000 280,170
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 2025 225,000 216,281
CCO Holdings LLC and CCO Holdings Capital Corp. 5.50% 2026 825,000 795,094
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026 6,450,000 6,337,125
CCO Holdings LLC and CCO Holdings Capital Corp. 5.875% 2024 350,000 349,125
CD&R Waterworks Merger Sub, LLC 6.125% 2025 685,000 611,363
CDW Corp. 5.00% 2025 1,150,000 1,105,438
CF Industries, Inc. 4.95% 2043 2,565,000 1,997,494
CIT Group Inc. 4.125% 2021 950,000 938,125
CONSOL Energy Inc. 5.875% 2022 9,824,000 9,455,600
CRC Escrow Issuer LLC 5.25% 2025 3,250,000 2,803,125
CSC Holdings, LLC 5.125% 2021 500,000 491,250
CSC Holdings, LLC 5.50% 2026 1,300,000 1,228,500
CVR Partners, LP 9.25% 2023 1,100,000 1,148,125
Cablevision Systems Corp. 5.125% 2021 725,000 712,313
Cablevision Systems Corp. 6.75% 2021 5,025,000 5,163,188
California Resources Corp., Term Loan B, (3-month USD-LIBOR + 4.75%) 7.256% 2022 950,000 916,750
Calpine Corp. 5.25% 2026 3,245,000 2,973,231
Calpine Corp. 5.375% 2023 2,450,000 2,303,000
Calpine Corp. 5.75% 2025 300,000 275,250
Calpine Corp. 5.875% 2024 2,420,000 2,377,650
Calpine Corp. 6.00% 2022 425,000 423,406
Camelot Finance SA 7.875% 2024 7,405,000 7,199,511
Carlyle Group LP 8.75% 2023 2,400,000 2,310,000
Centene Corp. 4.75% 2022 4,780,000 4,738,175
Centene Corp. 4.75% 2025 2,250,000 2,154,375
Centene Corp. 5.375% 2026 2,920,000 2,847,000
Centene Corp. 6.125% 2024 1,500,000 1,539,375
CenturyLink, Inc. 6.75% 2023 7,100,000 6,860,375
CenturyLink, Inc., Series T, 5.80% 2022 800,000 774,000
Charles River Laboratories International, Inc. 5.50% 2026 885,000 873,938
Chemours Co. 6.625% 2023 3,010,000 3,051,388
Cheniere Energy Partners, LP 5.25% 2025 950,000 889,438
Cheniere Energy, Inc. 5.875% 2025 1,600,000 1,596,000
Cheniere Energy, Inc. 7.00% 2024 1,575,000 1,665,563
Chesapeake Energy Corp. 4.875% 2022 4,500,000 3,948,750
Chesapeake Energy Corp. 8.00% 2025 3,725,000 3,305,938
Chesapeake Energy Corp. 8.00% 2027 1,795,000 1,516,775
Churchill Downs Inc. 4.75% 2028 1,375,000 1,250,838
Cirsa Gaming Corporation SA 7.875% 2023 5,860,000 5,827,360
Clear Channel Worldwide Holdings, Inc. 7.625% 2020 18,500,000 18,106,875
Cleveland-Cliffs Inc. 4.875% 2024 5,500,000 5,128,750
Cleveland-Cliffs Inc. 5.75% 2025 13,250,000 11,958,125
Colorado Buyer Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 9.63% 2025 637,500 586,500
CommScope Holding Co., Inc. 5.00% 2027 950,000 771,875
CommScope Holding Co., Inc. 6.00% 2025 1,000,000 915,000
Communications Sales & Leasing, Inc. 6.00% 2023 450,000 408,375
Communications Sales & Leasing, Inc. 7.125% 2024 400,000 330,000
Community Health Systems Inc. 6.25% 2023 1,225,000 1,117,874
Compass Diversified Holdings 8.00% 2026 5,710,000 5,663,606
Comstock Resources, Inc. 9.75% 2026 4,425,000 3,761,250
Concordia International Corp. (3-month USD-LIBOR + 5.50%) 7.887% 2024 707,445 674,431
Concordia International Corp. 8.00% 2024 257,000 242,865
Consolidated Energy Finance SA 6.50% 2026 2,395,000 2,305,188
Consolidated Energy Finance SA 6.875% 2025 950,000 908,162
Constellium NV 5.875% 2026 1,450,000 1,294,125
Continental Airlines, Inc., Series 1999-1, Class A, 6.545% 2020 97,665 97,915
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 2022 38 40
Convey Park Energy LLC 7.50% 2025 1,150,000 994,750
Cott Beverages Inc. 5.50% 2025 2,470,000 2,337,238
Covanta Holding Corp. 5.875% 2024 1,200,000 1,131,000
Covanta Holding Corp. 5.875% 2025 1,300,000 1,200,875
Cumulus Media New Holdings Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 7.03% 2022 1,943,295 1,844,106
DAE Aviation Holdings, Inc. 10.00% 2023 7,790,000 8,335,300
DCP Midstream Operating LP 4.95% 2022 1,880,000 1,865,900
DISH DBS Corp. 5.125% 2020 1,000,000 990,000
DISH DBS Corp. 6.75% 2021 1,100,000 1,091,420
DISH DBS Corp., convertible notes, 3.375% 2026 1,010,000 818,116
DaVita HealthCare Partners Inc. 5.00% 2025 1,865,000 1,699,481
DaVita HealthCare Partners Inc. 5.125% 2024 2,090,000 1,964,600
Darling Ingredients Inc. 5.375% 2022 1,000,000 996,250
Deck Chassis Acquisition Inc. 10.00% 2023 6,615,000 6,383,475
Dell Inc. 7.125% 2024 1,100,000 1,120,097
Denbury Resources Inc. 7.50% 2024 1,040,000 842,400
Denbury Resources Inc. 9.00% 2021 1,381,000 1,298,140
Diamond Offshore Drilling, Inc. 4.875% 2043 3,260,000 1,841,900
Diamond Offshore Drilling, Inc. 7.875% 2025 2,325,000 1,941,375
Diebold Nixdorf AG Term Loan B (3-month USD-LIBOR + 2.75%) 5.188% 2023 810,592 689,004
Diebold Nixdorf AG, Term Loan A1 (3-month USD-LIBOR + 9.25%) 11.813% 2022 2,029,965 2,139,075
Dynegy Finance Inc. 7.375% 2022 1,985,000 2,054,475
Dynegy Finance Inc. 7.625% 2024 754,000 797,355
Eagle Holding Co II LLC 7.625% 2022 1,250,000 1,196,875
Ellucian, Inc. 9.00% 2023 450,000 452,250
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026) 3,914,000 3,941,085
Endo International PLC 5.375% 2023 600,000 459,000
Endo International PLC 5.75% 2022 4,275,000 3,580,313
Endo International PLC 5.875% 2024 2,450,000 2,327,500
Endo International PLC 6.00% 2023 4,135,000 3,173,613
Endo International PLC 6.00% 2025 2,005,000 1,448,613
Enel Società per Azioni 8.75% 2073 2,000,000 2,050,000
Energizer Gamma Acquisition Inc. 6.375% 2026 1,530,000 1,407,600
Energizer SpinCo Inc. 5.50% 2025 625,000 565,625
Energy Transfer Partners, LP 4.25% 2023 750,000 723,750
Energy Transfer Partners, LP 5.50% 2027 750,000 733,125
Energy Transfer Partners, LP 5.875% 2024 1,450,000 1,483,901
Energy Transfer Partners, LP 6.25% (undated) (3-month USD-LIBOR + 4.028% on 2/15/2023) 1,000,000 838,750
Ensco PLC 7.75% 2026 2,975,000 2,216,375
Ensco PLC, 5.75% 2044 3,170,000 1,787,500
Envision Healthcare Corp. 8.75% 2026 1,330,000 1,153,775
Envision Healthcare Corp. Term Loan (3-month USD-LIBOR + 3.75%) 6.272% 2025 1,150,000 1,076,847
Equinix, Inc. 5.375% 2027 1,000,000 980,000
Equinix, Inc. 5.75% 2025 200,000 202,250
Equinix, Inc. 5.875% 2026 575,000 580,750
Euramax International, Inc. 12.00% 2020 1,850,000 1,903,188
Extraction Oil & Gas, Inc. 5.625% 2026 2,090,000 1,536,150
Extraction Oil & Gas, Inc. 7.375% 2024 100,000 83,000
FS Energy and Power Fund 7.50% 2023 5,765,000 5,491,163
FXI Holdings, Inc. 7.875% 2024 1,445,000 1,242,700
Fertitta Entertainment, Inc. 6.75% 2024 1,500,000 1,417,500
Fertitta Entertainment, Inc. 8.75% 2025 1,325,000 1,278,625
Financial & Risk US Holdings, Inc. 6.25% 2026 1,811,000 1,749,879
Financial & Risk US Holdings, Inc. 8.25% 2026 3,750,000 3,435,938
Financial & Risk US Holdings, Inc. Term Loan B, (3-month USD-LIBOR + 3.75%) 6.272% 2025 950,000 892,050
First Data Corp. 5.00% 2024 2,350,000 2,270,688
First Data Corp. 5.375% 2023 1,100,000 1,083,500
First Data Corp. 5.75% 2024 2,525,000 2,475,359
First Quality Enterprises, Inc. 5.00% 2025 1,995,000 1,790,513
First Quantum Minerals Ltd. 6.50% 2024 1,400,000 1,167,250
First Quantum Minerals Ltd. 6.875% 2026 4,900,000 3,950,625
First Quantum Minerals Ltd. 7.00% 2021 3,495,000 3,361,753
First Quantum Minerals Ltd. 7.25% 2022 3,025,000 2,817,031
First Quantum Minerals Ltd. 7.25% 2023 2,650,000 2,341,938
First Quantum Minerals Ltd. 7.50% 2025 10,200,000 8,453,250
Five Point Holdings LLC 7.875% 2025 1,950,000 1,886,625
Freeport-McMoRan Inc. 3.55% 2022 5,315,000 5,042,606
Freeport-McMoRan Inc. 6.875% 2023 1,000,000 1,035,000
Frontier Communications Corp. 10.50% 2022 9,440,000 6,608,000
Frontier Communications Corp. 11.00% 2025 16,975,000 10,650,964
Frontier Communications Corp. 7.125% 2019 450,000 439,313
Frontier Communications Corp. 8.50% 2026 4,000,000 3,510,000
Frontier Communications Corp. 9.25% 2021 1,300,000 937,014
General Motors Acceptance Corp. 7.50% 2020 1,920,000 1,996,800
Genesis Energy, LP 6.50% 2025 2,490,000 2,203,650
Genesis Energy, LP 6.75% 2022 3,075,000 3,013,500
Genesys Telecommunications Laboratories, Inc. 10.00% 2024 4,895,000 5,139,750
Genesys Telecommunications Laboratories, Inc., Term Loan B3, (3-month USD-LIBOR + 3.50%) 5.772% 2023 570,783 547,239
Gogo Inc. 12.50% 2022 13,925,000 14,942,639
Gogo Inc., convertible notes 6.00% 2022 2,140,000 1,957,488
Golar LNG Ltd., convertible notes 2.75% 2022 450,000 415,596
Goodyear Tire & Rubber Co. 4.875% 2027 750,000 660,938
Gray Television, Inc. 7.00% 2027 2,100,000 2,052,582
H.I.G. Capital, LLC 6.75% 2024 4,284,000 3,780,630
HCA Inc 5.375% 2026 1,175,000 1,145,625
HCA Inc. 4.50% 2027 1,825,000 1,729,188
HCA Inc. 5.50% 2047 2,200,000 2,090,000
HCA Inc. 5.625% 2028 4,325,000 4,184,438
HCA Inc. 5.875% 2023 1,925,000 1,953,875
HCA Inc. 5.875% 2026 2,055,000 2,049,863
HCA Inc. 6.50% 2020 800,000 822,000
HCA Inc. 7.50% 2022 360,000 383,400
HD SUPPLY 144A LIFE SR UNSEC 5.375% 10-15-26 1,825,000 1,776,802
HDTFS Inc. 5.875% 2020 2,650,000 2,580,438
HUB International Ltd., 7.00% 2026 6,155,000 5,601,050
Hanesbrands Inc. 4.625% 2024 2,680,000 2,525,900
Hanesbrands Inc. 4.875% 2026 1,695,000 1,536,094
Hardwoods Acquisition Inc 7.50% 2021 1,810,000 1,303,200
Healthsouth Corp. 5.75% 2024 1,275,000 1,267,031
Healthsouth Corp. 5.75% 2025 1,380,000 1,352,400
Hertz Global Holdings Inc. 7.625% 2022 5,669,000 5,357,205
Hexion Inc. 10.375% 2022 1,275,000 1,023,188
Hexion Inc. 6.625% 2020 1,150,000 920,000
Hologic, Inc. 4.375% 2025 1,275,000 1,192,125
Howard Hughes Corp. 5.375% 2025 6,520,000 6,161,400
IMS Health Holdings, Inc. 5.00% 2026 2,350,000 2,253,063
INEOS Group Holdings SA 5.625% 2024 2,375,000 2,111,779
IRB Holding Corp. 6.75% 2026 2,085,000 1,829,588
Icahn Enterprises Finance Corp. 6.25% 2022 2,800,000 2,772,000
Indigo Natural Resources LLC 6.875% 2026 885,000 765,525
Infor (US), Inc. 6.50% 2022 4,675,000 4,538,958
Infor Software 7.125% 2021 6,935,000 6,778,963
Informatica Corp. 7.125% 2023 1,850,000 1,810,947
Inmarsat PLC 4.875% 2022 4,415,000 4,177,517
Inmarsat PLC 6.50% 2024 500,000 468,750
Intelsat Jackson Holding Co. 5.50% 2023 4,925,000 4,309,375
Intelsat Jackson Holding Co. 6.625% 2024 2,050,000 2,033,985
Intelsat Jackson Holding Co. 8.00% 2024 250,000 258,125
Intelsat Jackson Holding Co. 8.50% 2024 6,625,000 6,459,375
International Game Technology 6.50% 2025 1,600,000 1,584,000
Internet Brands, Inc., Term Loan, (3-month USD-LIBOR + 7.50%) 10.004% 2025 3,075,000 2,875,125
Iron Mountain Inc. 4.875% 2027 1,695,000 1,487,363
Iron Mountain Inc. 5.25% 2028 2,215,000 1,965,813
Iron Mountain Inc. 5.75% 2024 4,800,000 4,572,000
JELD-WEN Holding, Inc. 4.875% 2027 1,700,000 1,440,750
Jaguar Holding Co. 6.375% 2023 2,625,000 2,514,986
Jonah Energy LLC 7.25% 2025 4,400,000 2,860,000
KAR Auction Services, Inc. 5.125% 2025 2,035,000 1,846,763
Kcad Holdings I Ltd. 7.25% 2021 1,220,000 994,300
Kcad Holdings I Ltd. 9.625% 2023 320,000 259,200
Kinetic Concepts, Inc. 12.50% 2021 7,628,000 8,200,100
Kinetic Concepts, Inc. 7.875% 2021 2,800,000 2,838,500
Kratos Defense & Security Solutions, Inc. 6.50% 2025 1,305,000 1,329,469
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.25% 2024 8,645,000 8,562,605
LSB Industries, Inc. 9.625% 2023 3,625,000 3,697,500
LSC Communications, Inc. 8.75% 2023 4,810,000 4,960,313
Lamb Weston Holdings, Inc. 4.625% 2024 1,085,000 1,057,875
Laredo Petroleum, Inc. 5.625% 2022 650,000 586,625
Laureate Education, Inc. 8.25% 2025 1,060,000 1,118,300
Levi Strauss & Co. 5.00% 2025 1,280,000 1,257,600
Liberty Global PLC 5.50% 2028 1,875,000 1,701,563
Ligado Networks, Term Loan, (3-month USD-LIBOR + 8.75%) 11.516% 2020 6,123,498 4,194,596
Limited Brands, Inc. 5.25% 2028 745,000 637,906
Limited Brands, Inc. 6.625% 2021 750,000 772,500
Limited Brands, Inc. 6.875% 2035 175,000 147,035
Live Nation Entertainment, Inc. 4.875% 2024 450,000 428,625
Live Nation Entertainment, Inc. 5.625% 2026 425,000 416,500
MDC Partners Inc. 6.50% 2024 5,030,000 4,602,450
MGM Growth Properties LLC 5.625% 2024 200,000 198,750
MGM Resorts International 6.00% 2023 1,450,000 1,460,875
MGM Resorts International 7.75% 2022 1,800,000 1,919,250
MSCI Inc. 4.75% 2026 200,000 190,000
Mallinckrodt PLC 4.875% 2020 4,600,000 4,462,000
Matador Resources Co. 5.875% 2026 1,550,000 1,429,875
Match Group, Inc. 6.375% 2024 1,050,000 1,072,313
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 6.272% 2024 1,372,439 1,342,245
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 8.50%) 11.006% 2025 802,083 799,076
McDermott International, Inc. 10.625% 2024 3,250,000 2,754,375
McDermott International, Term Loan B, (3-month USD-LIBOR + 5.00%) 7.522% 2025 498,744 466,824
McGraw-Hill Global Education Holdings, LLC, Term Loan B, (3-month USD-LIBOR + 4.00%) 6.522% 2022 1,295,403 1,177,197
Medical Properties Trust, Inc. 5.00% 2027 2,020,000 1,852,088
Meredith Corp. 6.875% 2026 9,015,000 8,834,700
Meritage Homes Corp. 5.125% 2027 1,300,000 1,108,250
Merlin Entertainment 5.75% 2026 1,200,000 1,189,500
Mitchell International, Inc., Term Loan B, (3-month USD-LIBOR + 7.25%) 9.772% 2025 1,150,000 1,124,125
Molina Healthcare, Inc. 4.875% 2025 2,919,000 2,674,534
Molina Healthcare, Inc. 5.375% 2022 11,060,000 10,714,375
Multi-Color Corp. 4.875% 2025 4,085,000 3,502,888
Multiplan, Inc. 7.125% 2024 1,005,000 939,675
Multiplan, Inc. 8.50% 2022 750,000 686,903
Murphy Oil Corp. 5.75% 2025 1,690,000 1,583,496
Murphy Oil Corp. 6.875% 2024 1,000,000 997,028
NGL Energy Partners LP 6.125% 2025 3,665,000 3,170,225
NGL Energy Partners LP 7.50% 2023 250,000 241,250
NMG Finco PLC 5.75% 2022 1,780,000 1,619,800
NRG Energy, Inc. 6.625% 2027 300,000 303,375
NRG Energy, Inc. 7.25% 2026 500,000 522,500
NVA Holdings Inc 6.875% 2026 2,175,000 1,957,500
Nabors Industries Inc. 5.75% 2025 1,300,000 987,809
Navient Corp. 5.50% 2023 4,060,000 3,567,725
Navient Corp. 6.125% 2024 500,000 431,250
Navient Corp. 6.50% 2022 4,440,000 4,142,698
Navistar International Corp. 6.625% 2025 970,000 940,900
Neiman Marcus Group LTD Inc. 8.00% 2021 4,635,000 1,935,113
Neiman Marcus Group LTD Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 5.63% 2020 1,843,030 1,571,183
Neiman Marcus Group Ltd. Inc. 8.75% 2021 4,080,000 1,734,000
Neptune Finco Corp. (Altice NV) 6.625% 2025 1,250,000 1,268,750
Noble Corp. PLC 7.95% 2025 1,425,000 1,077,656
Noble Corp. PLC 8.95% 2045 2,250,000 1,721,250
Nova Chemicals Corp. 4.875% 2024 1,675,000 1,517,969
Nova Chemicals Corp. 5.25% 2027 4,050,000 3,599,438
Novelis Corp. 5.875% 2026 2,795,000 2,480,563
Novelis Corp. 6.25% 2024 860,000 810,550
Numericable Group SA 7.375% 2026 2,775,000 2,553,000
OCI NV 6.625% 2023 860,000 849,250
ONEOK, Inc. 7.50% 2023 1,250,000 1,421,620
Oasis Petroleum Inc. 6.25% 2026 1,360,000 1,145,800
Olin Corp. 5.00% 2030 1,000,000 880,000
Olin Corp. 5.125% 2027 300,000 277,500
Olympus Merger Sub, Inc. 8.50% 2025 1,025,000 814,875
OneMain Holdings, Inc. 7.125% 2026 1,105,000 988,284
Owens & Minor, Inc. 3.875% 2021 2,450,000 1,837,500
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 0% 2025 1,745,625 1,352,859
Owens-Illinois, Inc. 5.00% 2022 560,000 556,500
Owens-Illinois, Inc. 5.875% 2023 2,530,000 2,545,813
Owens-Illinois, Inc. 6.375% 2025 705,000 701,475
PAREXEL International Corp. 6.375% 2025 2,305,000 2,051,450
PDC Energy Inc. 5.75% 2026 1,600,000 1,428,000
Pacific Drilling SA 8.375% 2023 1,595,000 1,527,213
Pacific Gas and Electric Co. 4.25% 2023 875,000 815,077
Parsley Energy, Inc. 5.25% 2025 500,000 455,000
Parsley Energy, Inc. 5.375% 2025 520,000 481,000
Parsley Energy, Inc. 6.25% 2024 320,000 311,200
Peabody Energy Corp. 6.00% 2022 1,300,000 1,265,875
Peabody Energy Corp. 6.375% 2025 100,000 93,250
Petsmart Inc., Term Loan B-2, (3-month USD-LIBOR + 3.00%) 5.38% 2022 5,570,875 4,414,919
Petsmart, Inc. 5.875% 2025 15,240,000 11,087,100
Petsmart, Inc. 7.125% 2023 7,620,000 4,476,750
Petsmart, Inc. 8.875% 2025 4,655,000 2,723,175
Pilgrim's Pride Corp. 5.75% 2025 795,000 749,288
Pisces Parent LLC, Term Loan B, (3-month USD-LIBOR + 3.75%) 6.175% 2025 2,230,047 2,040,493
Pisces Parent, LLC 8.00% 2026 5,170,000 4,749,938
Plastipak Holdings, Inc. 6.25% 2025 695,000 618,550
Platform Specialty Products Corp. 5.875% 2025 6,435,000 6,048,900
Platform Specialty Products Corp. 6.50% 2022 2,450,000 2,459,188
Post Holdings, Inc. 5.00% 2026 2,865,000 2,621,475
Post Holdings, Inc. 5.625% 2028 2,830,000 2,614,213
Post Holdings, Inc. 8.00% 2025 1,550,000 1,627,500
Prestige Brands International Inc. 5.375% 2021 150,000 147,188
Prestige Brands International Inc. 6.375% 2024 1,565,000 1,518,050
PrimeSource Building Products Inc 9.00% 2023 650,000 660,563
QEP Resources, Inc. 5.625% 2026 1,155,000 962,981
QGOG Constellation SA 9.50% 2024 6,144,254 2,549,865
Quintiles Transnational Corp. 4.875% 2023 2,150,000 2,117,750
R.R. Donnelley & Sons Co, Term Loan B, (3-month USD-LIBOR + 5.00%) 7.506% 2024 1,350,000 1,329,750
R.R. Donnelley & Sons Co. 6.50% 2023 1,375,000 1,364,688
R.R. Donnelley & Sons Co. 7.875% 2021 525,000 527,625
RESIDEO FUNDING 144A LIFE SR UNSEC 6.125% 11-01-26 1,475,000 1,456,563
Range Resources Corp. 4.875% 2025 2,200,000 1,815,000
Range Resources Corp. 5.00% 2023 425,000 375,594
Rayonier Advanced Materials Inc. 5.50% 2024 1,210,000 1,070,850
Realogy Corp. 4.50% 2019 590,000 589,263
Realogy Corp. 4.875% 2023 2,820,000 2,467,500
Rexnord Corp. 4.875% 2025 2,610,000 2,381,625
Reynolds Group Inc. 5.75% 2020 314,960 314,566
Reynolds Group Inc. 7.00% 2024 3,650,000 3,483,469
Rockpoint Gas Storage Canada Ltd 7.00% 2023 1,450,000 1,370,250
Rotech Healthcare Inc., Term Loan B, (3-month USD-LIBOR + 3.75%) 6.087% 2023 2,281,406 2,262,455
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.41% 2020 7,397,955 6,729,528
Ryerson Inc. 11.00% 2022 7,186,000 7,257,860
SBA Communications Corp. 4.00% 2022 1,010,000 967,075
SBA Communications Corp. 4.875% 2022 700,000 689,500
SM Energy Co. 5.625% 2025 1,555,000 1,360,625
SM Energy Co. 6.125% 2022 761,000 722,950
SM Energy Co. 6.625% 2027 850,000 760,750
SPCM SA 4.875% 2025 1,675,000 1,461,438
Sally Holdings LLC and Sally Capital Inc. 5.50% 2023 1,770,000 1,710,263
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025 6,555,000 6,055,181
Sanchez Energy Corp. 7.25% 2023 825,000 676,500
Scientific Games Corp. 10.00% 2022 2,112,000 2,146,299
Scientific Games Corp. 5.00% 2025 3,090,000 2,765,550
Scientific Games Corp. 6.25% 2020 1,065,000 1,027,725
Scotts Miracle-Gro Co. 5.25% 2026 750,000 684,375
Sealed Air Corp. 4.875% 2022 1,000,000 993,750
Sealed Air Corp. 5.25% 2023 405,000 408,038
Sensata Technologies Holding BV 4.875% 2023 125,000 122,031
ServiceMaster Global Holdings, Inc. 5.125% 2024 1,300,000 1,231,750
Seven Generations Energy Ltd. 5.375% 2025 1,175,000 1,056,031
Sirius XM Radio Inc 4.625% 2023 900,000 866,250
Sirius XM Radio Inc. 3.875% 2022 2,650,000 2,549,698
Six Flags Entertainment Corp. 4.875% 2024 5,475,000 5,173,875
Solenis International, L.P., Term Loan, (3-month USD-LIBOR + 4.00%) 6.601% 2025 480,000 463,500
Solenis International, L.P., Term Loan, (3-month USD-LIBOR + 8.50%) 11.207% 2024 1,340,000 1,273,000
Solera Holdings, Inc. 10.50% 2024 1,100,000 1,177,000
Sotheby's 4.875% 2025 5,795,000 5,273,450
Southwestern Energy Co. 6.20% 2025 750,000 674,063
Southwestern Energy Co. 7.50% 2026 3,545,000 3,367,750
Southwestern Energy Co. 7.75% 2027 475,000 453,625
Spectrum Brands Inc. 5.75% 2025 800,000 763,760
Springleaf Finance Corp. 6.875% 2025 1,325,000 1,189,188
Springleaf Finance Corp. 8.25% 2020 450,000 466,875
Sprint Corp. 11.50% 2021 7,130,000 8,110,375
Sprint Corp. 6.875% 2028 2,700,000 2,558,250
Sprint Corp. 7.25% 2021 1,240,000 1,272,240
Sprint Corp. 7.875% 2023 1,855,000 1,908,331
Sprint Corp. 8.75% 2032 1,025,000 1,083,938
Standard Aero Holdings, Inc., Term Loan B, 6.27% 2022 746,144 739,056
Standard Industries Inc. 6.00% 2025 1,750,000 1,684,988
Staples Inc. 8.50% 2025 990,000 898,128
Starfruit US Holdco LLC 8.00% 2026 3,255,000 3,019,013
Starfruit US Holdco LLC. Term Loan B, (3-month USD-LIBOR + 3.25%) 5.599% 2025 700,000 672,000
Stars Group Holdings BV, 7.00% 2026 975,000 950,625
Stars Group Holdings BV, Term Loan, (3-month USD-LIBOR + 3.50%) 6.303% 2025 721,375 700,893
Starwood Property Trust, Inc. 5.00% 2021 1,710,000 1,684,350
Summit Materials, Inc. 5.125% 2025 1,390,000 1,268,375
Summit Materials, Inc. 6.125% 2023 1,720,000 1,711,400
Sunoco LP 4.875% 2023 3,625,000 3,543,438
Sunoco LP 5.50% 2026 825,000 783,750
T-Mobile US, Inc. 6.375% 2025 2,150,000 2,182,164
T-Mobile US, Inc. 6.50% 2026 900,000 920,250
TEX Operations Co. LLC, Term Loan B, (3-month USD-LIBOR + 2.00%) 4.522% 2023 875,000 842,625
Talen Energy Corp. 10.50% 2026 3,070,000 2,624,850
Talen Energy Corp. 4.60% 2021 177,000 160,185
Talen Energy Corp. 9.50% 2022 3,270,000 3,302,700
Tallgrass Energy Partners, LP 5.50% 2024 1,000,000 987,500
Tapstone Energy Inc. 9.75% 2022 1,050,000 834,750
Targa Resources Corp. 5.875% 2026 125,000 122,188
Targa Resources Partners LP 6.75% 2024 1,285,000 1,309,094
Team Health Holdings, Inc. 6.375% 2025 2,230,000 1,831,388
Teekay Corp. 8.50% 2020 10,418,000 9,988,258
Teekay Corp., convertible notes, 5.00% 2023 750,000 584,598
Teekay Offshore Partners L.P. 8.50% 2023 3,250,000 3,185,000
Tempo Acquisition LLC 6.75% 2025 1,650,000 1,534,500
Tenet Healthcare Corp. 4.375% 2021 5,755,000 5,596,738
Tenet Healthcare Corp. 4.50% 2021 905,000 884,638
Tenet Healthcare Corp. 4.625% 2024 4,042,000 3,774,218
Tenet Healthcare Corp. 4.75% 2020 2,310,000 2,313,119
Tenet Healthcare Corp. 5.125% 2025 450,000 420,750
Tenet Healthcare Corp. 6.75% 2023 2,600,000 2,450,500
Tenet Healthcare Corp. 8.125% 2022 4,050,000 4,075,313
Tenet Healthcare Corp., 6.00% 2020 4,315,000 4,385,119
Teva Pharmaceutical Finance Co. BV 2.80% 2023 2,768,000 2,386,251
Teva Pharmaceutical Finance Co. BV 3.15% 2026 2,260,000 1,728,579
Teva Pharmaceutical Finance Company BV 2.20% 2021 875,000 804,766
Teva Pharmaceutical Finance Company BV 6.00% 2024 4,302,000 4,154,222
Teva Pharmaceutical Finance Company BV 6.75% 2028 1,225,000 1,189,567
Teva Pharmaceutical Finance Company BV, Series C, convertible bonds, 0.25% 2026 1,375,000 1,247,813
Teva Pharmaceutical Industries Ltd. 4.50% 2025 270,000 313,931
TransDigm Inc. 5.50% 2020 1,075,000 1,068,281
Transocean Guardian LTD, 5.875% 2024 2,090,000 2,011,625
Transocean Inc. 6.125% 2025 3,590,000 3,482,300
Transocean Inc. 7.50% 2026 350,000 308,875
Transocean Inc. 7.75% 2024 1,000,000 1,000,000
Transocean Inc. 8.375% 2021 2,705,000 2,698,238
Transocean Inc. 9.00% 2023 2,366,000 2,363,043
TreeHouse Foods, Inc. 6.00% 2024 1,800,000 1,788,750
Trilogy International Partners, LLC 8.875% 2022 3,950,000 3,831,500
Tronox Ltd. 5.75% 2025 1,625,000 1,322,344
Tronox Ltd. 6.50% 2026 1,650,000 1,375,688
U.S. Treasury 1.125% 2019 3,004,000 2,997,541
USA Compression Partners, LP 6.875% 2026 400,000 386,000
Uber Technologies, Inc. 7.50% 2023 4,225,000 4,098,250
Uber Technologies, Inc. 8.00% 2026 6,950,000 6,724,125
Ultra Petroleum Corp. 11.00% 2024 4,050,000 3,138,750
Unisys Corp. 10.75% 2022 6,600,000 7,251,750
United Continental Holdings, Inc. 6.00% 2020 400,000 412,000
United Rentals, Inc. 4.625% 2025 1,630,000 1,458,850
United Rentals, Inc. 5.75% 2024 1,250,000 1,207,813
United States Steel Corp. 6.875% 2025 650,000 598,000
Univision Communications Inc. 5.125% 2023 1,000,000 900,000
Univision Communications Inc. 5.125% 2025 3,725,000 3,278,000
Valeant Pharmaceuticals International, Inc. 5.625% 2021 1,175,000 1,158,109
Valeant Pharmaceuticals International, Inc. 5.875% 2023 10,610,000 9,854,038
Valeant Pharmaceuticals International, Inc. 6.125% 2025 11,130,000 9,738,750
Valeant Pharmaceuticals International, Inc. 9.00% 2025 2,290,000 2,287,138
Valeant Pharmaceuticals International, Inc. 9.25% 2026 6,210,000 6,225,525
Valeant Pharmaceuticals International, Inc., Term Loan B, (3-month USD-LIBOR + 3.00%) 5.379% 2025 1,612,188 1,547,700
Venator Materials Corp. 5.75% 2025 5,525,000 4,447,625
VeriSign, Inc. 4.625% 2023 650,000 641,875
VeriSign, Inc. 4.75% 2027 1,850,000 1,741,868
VeriSign, Inc. 5.25% 2025 200,000 198,750
Veritas Holdings Limited 7.50% 2023 1,655,000 1,357,100
Verscend Holding Corp Term Loan B, (3-month USD-LIBOR + 4.50%) 7.022% 2025 930,000 902,100
Vertafore Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.053% 2026 1,500,000 1,444,688
Vine Oil & Gas LP 8.75% 2023 2,450,000 1,947,750
Vine Oil & Gas LP 9.75% 2023 1,550,000 1,247,750
Virgin Australia Holdings Ltd. 7.875% 2021 1,600,000 1,564,000
Virgin Australia Holdings Ltd. 8.50% 2019 1,875,000 1,897,031
W&T Offshore, Inc. 9.75% 2023 1,500,000 1,327,500
WPX Energy Inc. 5.75% 2026 1,250,000 1,137,500
WPX Energy Inc. 6.00% 2022 516,000 504,390
Warner Music Group 4.875% 2024 1,000,000 952,500
Warner Music Group 5.00% 2023 1,200,000 1,171,500
Warner Music Group 5.50% 2026 1,000,000 957,500
Warner Music Group 5.625% 2022 1,887,000 1,889,359
Warrior Met Coal, Inc. 8.00% 2024 3,325,000 3,308,375
Weatherford International PLC 4.50% 2022 1,890,000 1,115,100
Weatherford International PLC 6.50% 2036 5,615,000 2,947,875
Weatherford International PLC 6.75% 2040 5,355,000 2,784,600
Weatherford International PLC 7.75% 2021 450,000 339,750
Weatherford International PLC 8.25% 2023 225,000 136,688
Weatherford International PLC 9.875% 2024 2,725,000 1,689,500
Weatherford International PLC 9.875% 2025 2,725,000 1,669,063
Weatherford International PLC, convertible notes, 5.875% 2021 650,000 414,014
WellCare Health Plans, Inc. 5.375% 2026 500,000 483,750
Whiting Petroleum Corp. 6.625% 2026 1,050,000 905,625
Wind Tre SpA 5.00% 2026 4,700,000 3,895,172
Wyndham Worldwide Corp. 5.375% 2026 1,000,000 965,000
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 2023 2,823,000 2,664,206
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.25% 2027 2,700,000 2,379,375
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.50% 2025 3,950,000 3,693,250
Wynn Macau, Ltd. 4.875% 2024 2,025,000 1,807,313
Zayo Group Holdings, Inc. 5.75% 2027 200,000 179,000
Zayo Group Holdings, Inc. 6.00% 2023 900,000 856,125
Zayo Group Holdings, Inc. 6.375% 2025 900,000 840,375
Zekelman Industries Inc. 9.875% 2023 820,000 867,150
Ziggo Bond Finance BV 5.50% 2027 5,250,000 4,711,875
Ziggo Bond Finance BV 5.875% 2025 950,000 862,125
iHeartCommunications, Inc. 9.00% 2019 1,025,000 691,875
iHeartCommunications, Inc., Term Loan D, (3-month USD-LIBOR + 6.75%) 0% 2019 1,725,000 1,153,594
iStar Financial Inc. 6.50% 2021 700,000 694,750
inVentiv Health, Inc. 7.50% 2024 3,040,000 3,176,800
Equity Securities* Shares or Principal Amount Market Value Percent of Net Assets
Adelphia Recovery Trust, Series ACC-1 449,306 225 0.00
Adelphia Recovery Trust, Series Arahova 388,601 1,477 0.00
Advanz Pharma Corp. 29,684 557,466 0.05
Advanz Pharma Corp. 80,350 1,342,986 0.11
Ascent Resources - Utica, LLC, Class A 6,297,894 1,511,495 0.13
Associated Materials, LLC, 14.00% convertible preferred 2020 4,850 5,892,162 0.49
Associated Materials, LLC, warrants, expire 2023 68,899 0 0.00
CEVA Logistics AG 129,342 3,925,997 0.33
Corporate Risk Holdings Corp. 1,104 22 0.00
Corporate Risk Holdings I, Inc. 218,504 76,892 0.01
Cumulus Media Inc., Class A 3,531 38,135 0.00
Cumulus Media Inc., Class B 4,291 46,343 0.00
Frontier Communications Corp. 13,333 31,733 0.00
International Flavors & Fragrances Inc. 20,000 1,014,000 0.08
Liberman Broadcasting, Inc., warrants, expire 2022 1 0 0.00
NCI Building Systems, Inc. 1,541 9,832 0.00
Rotech Healthcare Inc. 201,793 807,172 0.07
Tribune Resources, Inc. 1,006,339 3,019,017 0.25
Tribune Resources, Inc., Class A, warrants, expire 2023 336,564 115,677 0.01
Tribune Resources, Inc., Class B, warrants, expire 2023 261,772 68,872 0.01
Tribune Resources, Inc., Class C, warrants, expire 2023 247,225 51,794 0.00
Ultra Petroleum Corp., warrants, expire 2025 80,710 20,178 0.00
Vistra Energy Corp., 7.00% convertible preferred 2019 6,900 629,349 0.05

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.