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Portfolio Holdings

American Funds Insurance Series - High-Income Bond Fund

As of September 30, 2017 (updated quarterly, upon availability)

Fixed-Income Securities* Shares or Principal Amount Market Value
ACCO Brands Corp. 5.25% 2024 1,000,000 1,040,000
AES Corp. 4.875% 2023 340,000 350,200
AES Corp. 5.125% 2027 1,515,000 1,556,663
AES Corp. 5.50% 2024 2,915,000 3,057,106
AES Corp. 5.50% 2025 3,475,000 3,670,469
AES Corp. 6.00% 2026 3,900,000 4,212,000
AES Corp. 7.375% 2021 5,625,000 6,455,250
AES Corp. 7.75% 2024 1,000,000 1,074,320
AES Corp. 8.00% 2020 701,000 807,903
AK Steel Holding Corp. 6.375% 2025 1,325,000 1,311,750
AK Steel Holding Corp. 7.00% 2027 525,000 537,469
AK Steel Holding Corp. 7.625% 2021 2,000,000 2,090,000
AMC Networks Inc. 4.75% 2025 700,000 708,750
APX Group, Inc. 7.625% 2023 2,410,000 2,545,563
APX Group, Inc. 8.75% 2020 1,210,000 1,250,838
ARAMARK Corp. 5.125% 2024 650,000 691,438
Acadia Healthcare Co., Inc. 5.625% 2023 550,000 580,250
Alcatel-Lucent USA Inc. 6.45% 2029 1,800,000 2,048,040
Alere Inc. 6.50% 2020 660,000 673,200
Aleris International, Inc. 7.875% 2020 1,485,000 1,492,425
Aleris International, Inc. 9.50% 2021 3,080,000 3,295,600
Allison Transmission Holdings, Inc. 4.75% 2027 110,000 110,963
Allison Transmission Holdings, Inc. 5.00% 2024 2,675,000 2,782,936
Ally Financial Inc. 5.125% 2024 2,825,000 3,069,928
Ally Financial Inc. 8.00% 2020 1,915,000 2,159,163
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.567% 2025 4,375,000 4,471,876
Altice NV 5.50% 2026 1,300,000 1,374,750
Altice NV 6.625% 2023 835,000 887,188
Altice NV 7.50% 2026 1,250,000 1,378,125
AmeriGas Partners, LP 5.50% 2025 2,675,000 2,761,938
American Axle & Manufacturing Holdings, Inc. 6.50% 2027 2,775,000 2,806,219
American Energy (Marcellus), Term Loan A, (3-month USD-LIBOR + 7.50%) 8.735% 2021 5,601,169 416,587
American Energy (Marcellus), Term Loan B, (3-month USD-LIBOR + 4.25%) 5.485% 2020 7,532,891 5,616,711
American Energy (Permian Basin), 7.125% 2020 7,545,000 6,526,425
American Energy (Permian Basin), 7.375% 2021 6,770,000 5,872,975
American Midstream Partners, LP, 8.50% 2021 1,675,000 1,737,813
Anglo American Capital PLC 4.125% 2021 500,000 520,708
Antero Resources Corp. 5.375% 2024 1,085,000 1,128,400
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8% 2025 1,925,000 1,980,344
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 4.25% 2024 425,000 429,604
ArcelorMittal 6.125% 2025 500,000 577,500
ArcelorMittal 7.25% 2041 7,055,000 8,386,631
Ardagh Group SA 7.125% 2023 450,000 481,500
Ardagh Packaging Finance 6.00% 2025 1,250,000 1,326,563
Argentine Republic (Argentina Central Bank 7D Repo Reference Rate) 26.25% 2020 33,325,000 2,037,212
Argentine Republic 18.20% 2021 12,500,000 752,953
Ascent Resources-Utica LLC 10.00% 2022 1,475,000 1,589,313
Ashtead Group PLC 4.125% 2025 1,410,000 1,454,063
Ashtead Group PLC 4.375% 2027 750,000 773,438
Associated Materials, LLC 9.00% 2024 7,200,000 7,839,000
Avis Budget Group, Inc. 5.50% 2023 1,765,000 1,811,331
Axalta Coating Systems LLC 4.875% 2024 1,000,000 1,045,000
B&G Foods, Inc. 5.25% 2025 1,050,000 1,073,625
BJ's Wholesale Club, Term Loan B, (3-month USD-LIBOR + 3.75%) 4.982% 2024 3,011,413 2,893,308
BJ's Wholesale Club, Term Loan, (3-month USD-LIBOR + 7.50%) 8.74% 2025 4,275,000 4,104,000
BMC Software, Inc. 8.125% 2021 4,115,000 4,233,306
BMC Software, Inc. 9.00% 2019 1,550,000 1,551,938
Ball Corp. 4.375% 2020 2,000,000 2,107,500
Ball Corp. 5.25% 2025 250,000 275,375
Bank of America Corp., Series M, junior subordinated 8.125% noncumulative (undated) 2,200,000 2,271,500
Berry Plastics Corp. 5.50% 2022 650,000 679,413
Blackboard Inc. 9.75% 2021 25,000 22,438
Blackboard Inc., Term Loan B4, (3-month USD-LIBOR + 5.00%) 6.304% 2021 261,579 253,487
Blackstone CQP Holdco LP, 6.00% 2021 1,600,000 1,572,000
Blackstone CQP Holdco LP, 6.50% 2021 19,925,000 20,223,875
Blue Racer Midstream LLC / Blue Racer Finance Corp. 6.125% 2022 2,000,000 2,085,000
Board of Education of the City of Chicago, Unlimited Tax G.O. Bonds (Dedicated Revenues), Series 2009-E, 6.138% 2039 1,870,000 1,738,763
Bohai Financial Investment Holding Co., Ltd. 5.25% 2022 1,050,000 1,094,756
Bohai Financial Investment Holding Co., Ltd. 5.50% 2024 1,625,000 1,710,313
Boyd Gaming Corp. 6.375% 2026 1,450,000 1,585,938
Boyd Gaming Corp. 6.875% 2023 1,455,000 1,561,404
Brand Energy 8.5% 2025 3,055,000 3,314,675
Builders FirstSource, Inc. 10.75% 2023 3,410,000 3,904,450
Builders FirstSource, Inc. 5.625% 2024 4,835,000 5,131,144
Building Materials Corp. 6.00% 2025 650,000 712,374
Bway Parent Co. Inc., 5.50% 2024 750,000 784,688
Bway Parent Co. Inc., 7.25% 2025 3,525,000 3,639,563
CBS Corp. 7.25% 2024 950,000 1,018,875
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025 1,000,000 1,070,345
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2027 3,125,000 3,175,781
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 2025 550,000 571,379
CCO Holdings LLC and CCO Holdings Capital Corp. 5.50% 2026 2,600,000 2,700,750
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026 10,320,000 10,861,800
CCO Holdings LLC and CCO Holdings Capital Corp. 5.875% 2024 1,350,000 1,436,063
CD&R Waterworks Merger Sub LLC, Term Loan B, (3-month USD-LIBOR + 3.00%) 4.455% 2024 700,000 703,675
CD&R Waterworks Merger Sub, LLC 6.125% 2025 1,725,000 1,785,893
CEMEX SAB de CV 7.75% 2026 1,725,000 1,986,338
CEVA Group PLC 9.00% 2021 1,700,000 1,576,750
CEVA Logistics U.S. Holdings Inc., Term Loan B, (3-month USD-LIBOR + 5.50%) 6.814% 2021 591,659 573,909
CF Industries, Inc. 3.45% 2023 220,000 217,800
CF Industries, Inc. 4.50% 2026 1,230,000 1,288,854
CF Industries, Inc. 4.95% 2043 3,910,000 3,636,300
CF Industries, Inc. 5.375% 2044 165,000 158,194
CHOBANI LLC 7.50% 2025 1,855,000 2,028,906
CIT Group Inc. 3.875% 2019 6,835,000 6,980,244
CNH Capital LLC 4.875% 2021 350,000 372,750
CONSOL Energy Inc. 5.875% 2022 12,574,000 12,762,610
CRC Escrow Issuer LLC 5.25% 2025 2,050,000 2,050,000
CVR Partners, LP 9.25% 2023 320,000 342,000
Cablevision Systems Corp. 5.50% 2027 1,200,000 1,251,000
Cablevision Systems Corp. 6.75% 2021 4,475,000 4,956,063
California Resources Corp., Term Loan B1, (3-month USD-LIBOR + 10.375%) 11.609% 2021 1,325,000 1,417,419
Calpine Corp. 5.25% 2026 5,525,000 5,525,000
Calpine Corp. 5.375% 2023 2,435,000 2,380,578
Calpine Corp. 5.75% 2025 1,385,000 1,314,019
Calpine Corp. 5.875% 2024 570,000 592,116
Calpine Corp. 6.00% 2022 425,000 441,469
Camelot Finance SA 7.875% 2024 3,335,000 3,601,800
Cardtronics Inc 5.50% 2025 1,975,000 2,025,392
Carlyle Group LP 6.25% 2025 695,000 710,638
Carlyle Group LP 6.375% 2022 1,000,000 1,042,500
Centene Corp. 4.75% 2022 6,515,000 6,832,606
Centene Corp. 4.75% 2025 5,025,000 5,226,000
Centene Corp. 5.625% 2021 1,305,000 1,360,724
Centene Corp. 6.125% 2024 2,800,000 3,034,500
CenturyLink, Inc. 6.75% 2023 2,250,000 2,284,511
CenturyLink, Inc. 7.50% 2024 2,313,000 2,400,223
Cequel Communications Holdings I, LLC and Cequel Capital Corp. 6.375% 2020 3,967,000 4,061,216
Change Healthcare Holdings, LLC 5.75% 2025 2,000,000 2,045,000
Chemours Co. 5.375% 2027 700,000 729,750
Chemours Co. 6.625% 2023 2,910,000 3,110,063
Chemours Co. 7.00% 2025 1,670,000 1,857,875
Cheniere Energy, Inc. 7.00% 2024 610,000 696,163
Chesapeake Energy Corp. (3-month USD-LIBOR + 3.25%) 4.554% 2019 2,220,000 2,214,450
Chesapeake Energy Corp. 4.875% 2022 4,850,000 4,534,750
Chesapeake Energy Corp. 8.00% 2022 3,258,000 3,526,785
Chesapeake Energy Corp. 8.00% 2025 8,825,000 8,935,313
Chesapeake Energy Corp. 8.00% 2025 1,200,000 1,215,000
Chesapeake Energy Corp. 8.00% 2027 3,300,000 3,275,250
Cincinnati Bell Inc. 7.00% 2024 1,050,000 1,029,000
Clear Channel Worldwide Holdings, Inc. 7.625% 2020 12,563,000 12,453,074
Cliffs Natural Resources Inc. 5.75% 2025 15,000,000 14,456,250
Cliffs Natural Resources Inc. 6.25% 2040 1,735,000 1,456,316
Cloud Crane LLC, 10.125% 2024 1,175,000 1,307,188
ClubCorp Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 3.25% 2024 2,090,000 2,080,482
Colorado Buyer Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.57% 2025 1,062,500 1,075,781
Commercial Metals Co. 5.375% 2027 700,000 736,750
Communications Sales & Leasing, Inc. 6.00% 2023 2,450,000 2,352,000
Communications Sales & Leasing, Inc. 8.25% 2023 2,823,000 2,505,413
Community Health Systems Inc. 6.25% 2023 350,000 346,938
Community Health Systems Inc. 8.00% 2019 500,000 488,750
Concordia Healthcare Corp, Term Loan B, (3-month USD-LIBOR + 4.25%) 5.501% 2021 5,857,468 4,521,233
Concordia Healthcare Corp. 7.00% 2023 6,590,000 1,103,825
Concordia Healthcare Corp. 9.50% 2022 795,000 143,100
Consolidated Energy Finance SA 6.875% 2025 2,250,000 2,365,313
Constellation Merger Sub Inc. 8.50% 2025 2,125,000 2,093,125
Continental Airlines, Inc., Series 1999-1, Class A, 6.545% 2020 189,700 196,662
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 2022 38 42
Continental Airlines, Inc., Series 2000-2, Class B, 8.307% 2019 36,092 37,084
Continental Resources Inc. 5.00% 2022 725,000 739,500
Convey Park Energy LLC 7.50% 2025 2,250,000 2,337,188
Corporate Risk Holdings LLC 13.50% 2020 1,112,188 1,190,041
Corporate Risk Holdings LLC 9.50% 2019 12,782,000 13,612,830
Cott Beverages Inc. 5.50% 2025 675,000 704,025
Covanta Holding Corp. 5.875% 2024 1,930,000 1,920,350
Covanta Holding Corp. 5.875% 2025 375,000 369,844
Crescent Resources Holdings LLC 8.875% 2021 1,275,000 1,357,875
Cumulus Media Inc. 7.75% 2019 2,630,000 782,425
Cumulus Media Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 0% 2020 3,624,732 2,999,466
DAE Aviation Holdings, Inc. 10.00% 2023 7,065,000 7,859,813
DCP Midstream Operating LP 3.875% 2023 2,105,000 2,073,425
DCP Midstream Operating LP 4.95% 2022 5,325,000 5,551,313
DISH DBS Corp. 3.375% 2026 1,435,000 1,612,581
DISH DBS Corp. 5.00% 2023 450,000 463,219
DISH DBS Corp. 5.125% 2020 350,000 367,833
DISH DBS Corp. 5.875% 2022 1,050,000 1,118,250
DISH DBS Corp. 7.75% 2026 400,000 460,000
DISH DBS Corp.5.875% 2024 450,000 473,153
DJO Finance LLC 8.125% 2021 3,760,000 3,619,000
DaVita HealthCare Partners Inc. 5.00% 2025 2,815,000 2,783,331
DaVita HealthCare Partners Inc. 5.125% 2024 750,000 748,125
Darling Ingredients Inc. 5.375% 2022 750,000 779,531
Deck Chassis Acquisition Inc. 10.00% 2023 3,940,000 4,442,350
Delphi Automotive PLC 5.00% 2025 420,000 428,400
Delta 2 (Formula One), Term Loan B3, 0% 2024 1,190,000 1,195,680
Denbury Resources Inc. 9.00% 2021 851,000 835,044
Diamond Offshore Drilling, Inc. 4.875% 2043 3,260,000 2,461,300
Diamond Offshore Drilling, Inc. 5.70% 2039 641,000 530,428
Diamond Offshore Drilling, Inc. 7.875% 2025 2,525,000 2,679,656
Digicel Group Ltd. 8.25% 2020 2,350,000 2,304,481
Dollar Tree Inc. 5.25% 2020 325,000 334,425
Dollar Tree Inc. 5.75% 2023 625,000 662,250
Dubai Aerospace Enterprise (DAE) Ltd. 4.5% 2022 700,000 719,163
Dubai Aerospace Enterprise (DAE) Ltd. 5.0% 2024 1,800,000 1,849,500
Dynegy Finance Inc. 7.375% 2022 3,485,000 3,650,538
Dynegy Finance Inc. 7.625% 2024 260,000 270,725
Dynegy Inc. 8.125% 2026 1,600,000 1,650,000
EP Energy Corp. 8.00% 2024 1,300,000 1,319,500
EP Energy Corp. 9.375% 2020 1,600,000 1,340,000
Eagle Holding Co II LLC 7.625% 2022 1,000,000 1,040,000
EchoStar Corp. 6.625% 2026 3,100,000 3,324,750
Emera Inc. 6.75% 2076 3,700,000 4,227,250
Enbridge Energy Partners, LP 7.375% 2045 1,120,000 1,446,947
Enbridge Inc. 5.50% 2077 1,300,000 1,319,500
Enbridge Inc., Series A, 6.00% 2077 2,225,000 2,364,063
Endo Finance LLC & Endo Finco Inc. 5.375% 2023 600,000 492,000
Endo Finance LLC & Endo Finco Inc. 6.00% 2025 3,345,000 2,726,175
Endo International PLC 5.75% 2022 3,535,000 3,119,638
Endo International PLC 5.875% 2024 2,100,000 2,210,250
Endo International PLC 6.00% 2023 4,335,000 3,598,050
Enel Società per Azioni 8.75% 2073 2,000,000 2,427,500
Energy Transfer Partners, LP 5.50% 2027 2,970,000 3,140,775
Energy Transfer Partners, LP 5.875% 2024 4,500,000 4,854,375
Ensco PLC, 5.20% 2025 1,100,000 929,500
Ensco PLC, 5.75% 2044 4,645,000 3,356,013
Equinix, Inc. 5.375% 2027 1,750,000 1,907,500
Equinix, Inc. 5.75% 2025 275,000 297,344
Equinix, Inc. 5.875% 2026 1,725,000 1,899,656
Euramax International, Inc. 12.00% 2020 3,125,000 3,414,063
Extraction Oil & Gas Holdings LLC 7.875% 2021 2,700,000 2,862,000
Extraction Oil & Gas, Inc. 7.375% 2024 75,000 78,375
FMG Resources 9.75% 2022 7,555,000 8,514,485
Fertitta Entertainment, Inc. 6.75% 2024 2,100,000 2,128,875
Fertitta Entertainment, Inc. 8.75% 2025 2,100,000 2,142,000
First Data Corp. 5.00% 2024 2,025,000 2,110,151
First Data Corp. 5.375% 2023 2,775,000 2,909,588
First Data Corp. 5.75% 2024 2,525,000 2,651,250
First Data Corp. 7.00% 2023 4,505,000 4,821,702
First Quality Enterprises, Inc. 5.00% 2025 700,000 723,625
First Quantum Minerals Ltd. 7.00% 2021 9,263,000 9,575,626
First Quantum Minerals Ltd. 7.25% 2022 2,675,000 2,765,281
First Quantum Minerals Ltd. 7.25% 2023 1,225,000 1,264,813
First Quantum Minerals Ltd. 7.50% 2025 12,000,000 12,315,000
Flex Acquisition Company, Inc. 6.875% 2025 2,075,000 2,158,000
Fortress Investment Group LLC 6.75% 2022 1,000,000 1,045,000
Freeport-McMoRan Inc. 3.55% 2022 6,715,000 6,628,981
Freeport-McMoRan Inc. 3.875% 2023 500,000 495,000
Freeport-McMoRan Inc. 6.875% 2023 1,000,000 1,095,000
Frontier Communications Corp. 10.50% 2022 5,930,000 5,188,750
Frontier Communications Corp. 11.00% 2025 10,787,000 9,222,885
Frontier Communications Corp. 8.50% 2020 3,000,000 2,917,500
Frontier Communications Corp. 8.75% 2022 200,000 164,000
Frontier Communications Corp. 8.875% 2020 3,000,000 2,904,600
Frontier Communications Corp. 9.25% 2021 1,275,000 1,122,399
GENERAL ELECTRIC CP 10/2/2017 10,600,000 10,599,046
GFL Environmental Inc., 5.625% 2022 1,325,000 1,384,625
GTT Communications, Inc. 7.875% 2024 1,650,000 1,757,250
Gaming and Leisure Properties, Inc. 5.375% 2026 920,000 1,006,250
Gartner, Inc. 5.125% 2025 1,500,000 1,586,250
General Motors Acceptance Corp. 7.50% 2020 1,470,000 1,657,425
Genesis Energy, LP 6.50% 2025 3,525,000 3,502,969
Genesis Energy, LP 6.75% 2022 2,300,000 2,363,250
Genesys Telecommunications Laboratories, Inc. 10.00% 2024 3,050,000 3,454,125
Genesys Telecommunications Laboratories, Inc., Term Loan B2, (3-month USD-LIBOR + 3.75%) 0% 2023 570,695 574,568
Georgia Gulf Corp. 4.625% 2021 3,325,000 3,441,375
Georgia Gulf Corp. 4.875% 2023 800,000 832,000
Gogo Inc. 12.50% 2022 10,675,000 12,196,188
Golar LNG Ltd., convertible notes 2.75% 2022 550,000 520,094
Goodyear Tire & Rubber Co. 4.875% 2027 750,000 773,985
Gulfport Energy Corp. 6.375% 2025 900,000 914,625
H.I.G. Capital, L.L.C. 6.75% 2024 3,249,000 3,244,939
HCA Inc. 4.50% 2027 2,025,000 2,075,625
HCA Inc. 5.00% 2024 5,025,000 5,364,188
HCA Inc. 5.25% 2026 1,100,000 1,188,000
HCA Inc. 5.375% 2025 650,000 686,563
HCA Inc. 5.50% 2047 1,750,000 1,817,813
HCA Inc. 5.875% 2023 625,000 681,250
HCA Inc. 5.875% 2026 1,805,000 1,942,144
HCA Inc. 7.50% 2022 360,000 413,888
HCA Inc. 7.50% 2033 315,000 359,100
HCA Inc. 7.75% 2036 205,000 234,213
HD Supply, Inc. 5.75% 2024 650,000 697,125
Hanesbrands Inc. 4.625% 2024 1,160,000 1,213,650
Hanesbrands Inc. 4.875% 2026 500,000 521,875
Hardwoods Acquisition Inc 7.50% 2021 2,925,000 2,720,250
Healthsouth Corp. 5.75% 2024 2,075,000 2,134,916
Healthsouth Corp. 5.75% 2025 2,480,000 2,592,344
Herbalife Ltd., Term Loan, (3-month USD-LIBOR + 5.50%) 0% 2023 4,740,313 4,788,455
Hertz Global Holdings Inc. 7.625% 2022 3,950,000 4,083,313
Hexion Inc. 10.375% 2022 575,000 554,875
Hexion Inc. 6.625% 2020 2,250,000 2,025,000
Howard Hughes Corp. 5.375% 2025 4,950,000 5,061,375
Hub International Ltd., 7.875% 2021 875,000 912,188
Hughes Satellite Systems Corp. 7.625% 2021 1,500,000 1,708,905
Huntsman International LLC 4.875% 2020 2,470,000 2,627,463
IMS Health Holdings, Inc. 5.00% 2026 2,350,000 2,496,875
INEOS Group Holdings SA 5.625% 2024 875,000 911,094
Icahn Enterprises Finance Corp. 6.25% 2022 2,050,000 2,142,250
Infor (US), Inc. 5.75% 2020 750,000 772,500
Infor (US), Inc. 6.50% 2022 2,775,000 2,891,189
Infor Software 7.875% 2021 3,475,000 3,554,230
Inmarsat PLC 4.875% 2022 3,500,000 3,587,500
Inmarsat PLC 6.50% 2024 4,200,000 4,536,000
Intelsat Jackson Holding Co. 5.50% 2023 1,850,000 1,577,125
Intelsat Jackson Holding Co. 7.25% 2020 2,975,000 2,878,313
International Game Technology 6.25% 2022 200,000 222,100
International Lease Finance Corp. 8.25% 2020 875,000 1,024,437
Internet Brands, Inc., Term Loan, (3-month USD-LIBOR + 3.75%) 5.07% 2024 1,565,000 1,558,712
Internet Brands, Inc., Term Loan, (3-month USD-LIBOR + 7.50%) 8.82% 2025 2,475,000 2,470,359
Iron Mountain Inc. 4.875% 2027 2,055,000 2,103,806
Iron Mountain Inc. 5.75% 2024 5,975,000 6,191,594
Iron Mountain Inc. 6.00% 2023 350,000 372,313
JDA Software Group, Inc. 7.375% 2024 200,000 205,250
JDA Software Group, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 0% 2023 694,750 699,382
JPMorgan Chase & Co., Series I, junior subordinated 7.90% (undated) 1,695,000 1,747,969
Jefferies Finance, LLC 7.25% 2024 1,850,000 1,859,250
Jonah Energy LLC 7.25% 2025 4,525,000 4,564,594
Jupiter Resources Inc. 8.50% 2022 2,025,000 1,463,063
KAR Auction Services, Inc. 5.125% 2025 675,000 703,688
KLX Inc. 5.875% 2022 575,000 604,584
Kindred Healthcare, Inc. 8.00% 2020 800,000 789,752
Kinetic Concepts, Inc. 12.50% 2021 5,088,000 5,685,840
Kinetic Concepts, Inc. 7.875% 2021 990,000 1,040,738
Kraton Corp. 7.00% 2025 500,000 538,750
Kronos Acquisition Holdings Inc. 9.00% 2023 1,630,000 1,593,325
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.561% 2024 7,870,000 8,139,548
Kronos Inc., Term Loan, (3-month USD-LIBOR + 3.50%) 4.812% 2023 744,384 749,432
LKQ Corp. 4.75% 2023 950,000 989,188
LPL Financial Holdings Inc. 5.75% 2025 2,600,000 2,704,000
LSC Communications, Inc. 8.75% 2023 3,205,000 3,313,169
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 6.00%) 0% 2022 2,062,500 2,077,969
Ladder Capital Corp. 5.25% 2025 1,850,000 1,837,291
Laredo Petroleum, Inc. 6.25% 2023 725,000 750,375
Level 3 Communications, Inc. 5.125% 2023 2,150,000 2,191,656
Levi Strauss & Co. 5.00% 2025 750,000 794,063
Liberty Global PLC 6.125% 2025 900,000 964,125
Liberty Mutual Group Inc., Series A, 7.80% 2087 1,200,000 1,518,000
Ligado Networks, Term Loan, (3-month USD-LIBOR + 8.75%) 10.067% 2020 15,528,733 14,609,945
Limited Brands, Inc. 6.875% 2035 1,175,000 1,151,500
Loral Space & Communications Inc. 8.875% 2024 1,225,000 1,382,719
MDC Partners Inc. 6.50% 2024 650,000 658,125
MEDNAX, Inc. 5.25% 2023 275,000 288,750
MGIC Investment Corp. 5.75% 2023 1,025,000 1,130,063
MGM Growth Properties LLC 5.625% 2024 1,525,000 1,660,085
MGM Resorts International 4.625% 2026 450,000 457,875
MGM Resorts International 6.00% 2023 3,050,000 3,370,250
MGM Resorts International 7.75% 2022 750,000 877,500
Mallinckrodt PLC 4.875% 2020 4,160,000 4,160,000
Mallinckrodt PLC 5.625% 2023 1,955,000 1,830,369
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 4.50%) 5.5% 2024 3,925,000 3,948,059
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 8.50%) 9.5% 2025 875,000 878,281
McGraw-Hill Global Education Holdings, LLC 7.875% 2024 225,000 222,750
Mediacom Broadband LLC and Mediacom Broadband Corp. 6.375% 2023 110,000 114,950
Medical Properties Trust, Inc. 5.00% 2027 1,000,000 1,027,500
Melco Crown Entertainment Ltd. 5.875% 2019 1,750,000 1,841,875
Meritage Homes Corp. 5.125% 2027 1,875,000 1,884,375
MetroPCS Wireless, Inc. 6.625% 2023 3,950,000 4,167,329
Mississippi Power Co. 4.25% 2042 930,000 886,617
Mohegan Tribal Gaming Authority 7.875% 2024 975,000 1,045,688
Molina Healthcare, Inc. 4.875% 2025 3,975,000 3,935,250
Molina Healthcare, Inc. 5.375% 2022 10,285,000 10,651,146
Multi-Color Corp. 4.875% 2025 3,225,000 3,273,375
Multiplan, Inc. 7.125% 2024 300,000 323,250
Murphy Oil Corp. 5.625% 2027 2,100,000 2,265,375
Murphy Oil Corp. 5.75% 2025 575,000 593,745
Murphy Oil Corp. 6.875% 2024 1,400,000 1,496,236
Murray Energy Corp. 11.25% 2021 3,150,000 1,890,000
Murray Energy Corp., Term Loan B2, (3-month USD-LIBOR + 7.25%) 0% 2020 1,137,278 1,045,288
NBC Universal Enterprise, Inc. 5.25% (undated) 835,000 893,450
NGL Energy Partners LP 6.125% 2025 3,865,000 3,613,775
NGL Energy Partners LP 6.875% 2021 6,415,000 6,447,075
NGL Energy Partners LP 7.50% 2023 1,700,000 1,700,000
NGPL PipeCo LLC 4.375% 2022 1,395,000 1,450,800
NGPL PipeCo LLC 4.875% 2027 3,945,000 4,143,631
NGPL PipeCo LLC 7.768% 2037 1,570,000 1,962,500
NMG Finco PLC 5.75% 2022 2,710,000 2,799,430
NRG Energy, Inc. 6.25% 2022 4,885,000 5,153,675
NRG Energy, Inc. 6.625% 2027 3,065,000 3,225,913
NRG Energy, Inc. 7.25% 2026 500,000 538,750
NXP BV and NXP Funding LLC 4.125% 2020 1,000,000 1,048,750
NXP BV and NXP Funding LLC 4.125% 2021 250,000 262,188
Navient Corp. 4.875% 2019 3,100,000 3,216,250
Navient Corp. 5.5% 2023 3,935,000 3,998,944
Navient Corp. 6.50% 2022 1,575,000 1,672,445
Navient Corp. 6.75% 2025 1,800,000 1,876,500
Navios Maritime Acquisition Corp. and Navios Acquisition Finance (US) Inc. 8.125% 2021 3,425,000 2,851,313
Neiman Marcus Group LTD Inc. 8.00% 2021 675,000 354,375
Neiman Marcus Group LTD Inc. 8.75% 2021 1,670,000 793,250
Neiman Marcus Group LTD Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.481% 2020 3,509,233 2,626,443
Neptune Finco Corp. (Altice NV) 10.125% 2023 1,925,000 2,225,781
Neptune Finco Corp. (Altice NV) 6.625% 2025 2,525,000 2,771,188
Netflix, Inc. 5.75% 2024 1,480,000 1,616,900
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 2022 650,000 675,188
Noble Corp. PLC 7.70% 2025 3,135,000 2,696,100
Noble Corp. PLC 8.70% 2045 2,650,000 2,212,750
Nova Chemicals Corp 4.875% 2024 2,525,000 2,562,875
Novelis Corp. 5.875% 2026 3,000,000 3,052,500
Novelis Corp. 6.25% 2024 1,195,000 1,249,014
NuStar Logistics, LP 5.625% 2027 3,000,000 3,172,500
Numericable Group SA 6.00% 2022 675,000 706,219
Numericable Group SA 7.375% 2026 3,400,000 3,676,250
ONEOK, Inc. 7.50% 2023 1,250,000 1,499,113
Olin Corp. 5.125% 2027 600,000 628,500
Owens-Illinois, Inc. 5.00% 2022 560,000 595,000
Owens-Illinois, Inc. 5.875% 2023 3,140,000 3,475,588
Owens-Illinois, Inc. 6.375% 2025 2,125,000 2,407,891
PAREXEL International Corp. 6.375% 2025 955,000 955,000
PDC Energy Inc. 7.75% 2022 3,455,000 3,599,678
PE Cortes NP Holdings LLC 12.00% 2022 1,375,000 1,552,031
PE Cortes NP Holdings LLC 9.25% 2024 1,825,000 2,062,250
Parsley Energy, Inc. 5.25% 2025 500,000 510,625
Parsley Energy, Inc. 5.375% 2025 650,000 667,063
Parsley Energy, Inc. 6.25% 2024 500,000 528,750
Peabody Energy Corp. 6.00% 2022 1,125,000 1,165,781
Peabody Energy Corp. 6.375% 2025 850,000 876,563
Petrobras Global Finance Co. 5.999% 2028 1,663,000 1,665,079
Petrobras Global Finance Co. 6.125% 2022 1,960,000 2,111,900
Petrobras Global Finance Co. 6.25% 2024 1,395,000 1,494,045
Petrobras Global Finance Co. 7.375% 2027 1,330,000 1,466,990
Petróleos Mexicanos 6.75% 2047 2,240,000 2,376,303
Petsmart Inc., Term Loan B-2, (3-month USD-LIBOR + 3.00%) 4.24% 2022 3,435,552 2,925,128
Petsmart, Inc. 5.875% 2025 5,140,000 4,510,350
Petsmart, Inc. 7.125% 2023 4,480,000 3,506,944
Petsmart, Inc. 8.875% 2025 4,070,000 3,240,738
Pilgrim's Pride Corp. 5.75% 2025 2,095,000 2,168,325
Pilgrim's Pride Corp. 5.875% 2027 1,185,000 1,217,588
Pinnacle Foods Inc. 5.875% 2024 650,000 692,250
Platform Specialty Products Corp. 10.375% 2021 3,682,000 4,022,585
Platform Specialty Products Corp. 6.50% 2022 1,525,000 1,584,094
Playa Resorts Holding BV 8.00% 2020 1,888,000 1,972,960
Ply Gem Industries, Inc. 6.50% 2022 1,275,000 1,339,133
Post Holdings, Inc. 5.00% 2026 700,000 700,438
Post Holdings, Inc. 8.00% 2025 1,550,000 1,759,250
Prestige Brands International Inc. 6.375% 2024 900,000 972,000
Prime Security Services Borrower, LLC 9.25% 2023 3,825,000 4,230,680
PrimeSource Building Products Inc 9.00% 2023 171,000 182,543
QGOG Constellation SA 9.50% 2024 6,105,000 4,700,850
Qorvo, Inc. 7.00% 2025 1,350,000 1,545,750
Quintiles Transnational Corp. 4.875% 2023 2,625,000 2,743,125
R.R. Donnelley & Sons Co. 6.50% 2023 2,400,000 2,340,000
R.R. Donnelley & Sons Co. 7.875% 2021 2,675,000 2,835,500
Range Resources Corp. 4.875% 2025 1,175,000 1,163,250
Range Resources Corp. 5.00% 2022 575,000 577,156
Rayonier Advanced Materials Inc. 5.50% 2024 2,940,000 2,862,825
Realogy Corp. 4.50% 2019 1,825,000 1,879,750
Realogy Corp. 4.875% 2023 3,550,000 3,665,375
Reynolds American Inc. 5.85% 2045 850,000 1,043,090
Reynolds Group Inc. 5.75% 2020 2,195,000 2,236,266
Reynolds Group Inc. 7.00% 2024 2,755,000 2,939,241
Rice Energy Inc. 7.25% 2023 750,000 813,750
Rotech Healthcare Inc., Term Loan A, (3-month USD-LIBOR + 4.25%) 0% 2018 2,976,000 2,961,120
Rotech Healthcare Inc., Term Loan B, (3-month USD-LIBOR + 8.75%) 0% 2019 2,300,000 2,288,500
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 0% 2020 6,527,214 6,142,630
Royal Bank of Scotland Group PLC, junior subordinated 6.99% (undated) 1,265,000 1,445,263
Ryerson Inc. 11.00% 2022 5,736,000 6,438,660
SBA Communications Corp. 4.00% 2022 300,000 301,500
SBA Communications Corp. 4.875% 2022 700,000 724,500
SM Energy Co. 5.625% 2025 3,525,000 3,366,375
SM Energy Co. 6.125% 2022 750,000 755,625
SM Energy Co. 6.50% 2021 750,000 761,250
SM Energy Co. 6.75% 2026 475,000 477,375
SPCM SA 4.875% 2025 2,100,000 2,178,750
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025 5,150,000 5,304,500
Sally Holdings LLC and Sally Capital Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 4.5% 2024 600,000 600,750
Schaeffler Verwaltungs 4.75% 2026 950,000 970,188
Scientific Games Corp. 10.00% 2022 262,000 291,148
Scientific Games Corp. 7.00% 2022 2,925,000 3,111,469
Scotts Miracle-Gro Co. 5.25% 2026 650,000 687,375
Sealed Air Corp. 5.125% 2024 490,000 529,813
Sealed Air Corp. 5.25% 2023 830,000 898,475
Sensata Technologies Holding NV 6.25% 2026 1,000,000 1,100,000
Service Corp. International 5.375% 2024 245,000 261,231
Seven Generations Energy Ltd. 5.375% 2025 950,000 958,313
Sirius XM Radio Inc 3.875% 2022 2,375,000 2,440,788
Sirius XM Radio Inc 5.375% 2025 647,000 684,203
Six Flags Entertainment Corp. 4.875% 2024 700,000 714,000
SoftBank Group Corp. 4.50% 2020 7,200,000 7,446,024
Softbank Group Corp., Subordinated 6.875% (undated) 1,550,000 1,598,593
Solera Holdings, Inc. 10.50% 2024 2,850,000 3,258,833
Sotheby's Holdings, Inc. 5.25% 2022 2,490,000 2,564,700
Southwestern Energy Co. 4.10% 2022 8,915,000 8,647,550
Southwestern Energy Co. 7.50% 2026 1,705,000 1,773,200
Southwestern Energy Co. 7.75% 2027 2,225,000 2,311,219
Spectrum Brands Inc. 6.125% 2024 750,000 807,188
Springleaf Finance Corp. 8.25% 2020 1,175,000 1,330,688
Sprint Corp. 11.50% 2021 5,355,000 6,833,301
Sprint Corp. 6.875% 2028 6,125,000 6,875,313
Sprint Corp. 7.125% 2024 2,025,000 2,283,188
Sprint Corp. 7.25% 2021 3,740,000 4,165,425
Sprint Corp. 7.875% 2023 3,980,000 4,626,750
Starwood Property Trust, Inc. 5.00% 2021 2,150,000 2,249,438
Steel Dynamics, Inc. 4.125% 2025 1,175,000 1,187,479
Summit Materials, Inc. 5.125% 2025 4,475,000 4,622,228
Summit Materials, Inc. 6.125% 2023 350,000 371,000
SunCoke Energy Partners, LP, 7.50% 2025 1,950,000 2,023,125
Sunoco LP 6.25% 2021 5,950,000 6,249,583
Sunoco LP 6.375% 2023 1,200,000 1,281,000
Symantec Corp 5.00% 2025 650,000 681,285
T-Mobile US, Inc. 6.375% 2025 3,075,000 3,318,540
T-Mobile US, Inc. 6.50% 2026 1,675,000 1,852,969
TI Automotive Ltd. 8.75% 2023 2,260,000 2,406,900
Talen Energy Corp. 4.625% 2019 2,978,000 2,948,220
Tallgrass Energy Partners, LP 5.50% 2024 2,575,000 2,658,688
Tapstone Energy Inc. 9.75% 2022 2,075,000 1,862,313
Targa Resources Partners LP 4.125% 2019 5,525,000 5,587,156
Targa Resources Partners LP 5.125% 2025 375,000 387,544
Targa Resources Partners LP 6.75% 2024 1,910,000 2,081,900
Teck Resources Ltd. 3.75% 2023 550,000 559,048
Teekay Corp. 8.50% 2020 11,443,000 11,671,860
Tembec Industries Inc. 9.00% 2019 350,000 360,150
Tempo Acquisition LLC 6.75% 2025 1,650,000 1,670,625
Tenet Healthcare Corp. 4.375% 2021 3,805,000 3,876,344
Tenet Healthcare Corp. 4.50% 2021 1,355,000 1,388,469
Tenet Healthcare Corp. 4.625% 2024 4,042,000 4,006,633
Tenet Healthcare Corp. 4.75% 2020 4,050,000 4,191,750
Tenet Healthcare Corp. 5.125% 2025 450,000 444,938
Tenet Healthcare Corp. 6.75% 2023 2,675,000 2,571,344
Tenet Healthcare Corp., 6.00% 2020 4,160,000 4,443,754
Tenneco Inc. 5.00% 2026 975,000 1,001,813
Tesla, Inc. 5.30% 2025 2,300,000 2,251,815
Tesoro Logistics LP 5.25% 2025 2,150,000 2,311,250
Tesoro Logistics LP 6.25% 2022 450,000 480,938
Teva Pharmaceutical Finance Company BV 2.80% 2023 500,000 478,608
Teva Pharmaceutical Finance Company BV 3.15% 2026 750,000 692,480
TransDigm Inc. 5.50% 2020 1,725,000 1,753,031
Transocean Inc. 7.75% 2024 1,781,250 1,923,750
Transocean Inc. 8.375% 2021 1,855,000 1,989,488
Transocean Inc. 9.00% 2023 3,725,000 4,032,313
Trilogy International Partners, LLC 8.875% 2022 4,700,000 4,911,500
Trinseo SA 5.375% 2025 1,895,000 1,954,219
Tronox Ltd. 5.75% 2025 1,095,000 1,125,113
Tullow Oil PLC 6.00% 2020 525,000 523,688
U S TREASURY BILL 1/11/2018 10,800,000 10,769,652
U.S. Treasury 1.25% 2019 10,000,000 9,971,600
UPCB Finance IV Ltd. 5.375% 2025 950,000 992,750
Ultra Petroleum Corp. 6.875% 2022 5,365,000 5,479,006
Ultra Petroleum Corp. 7.125% 2025 1,675,000 1,693,844
Unisys Corp. 10.75% 2022 7,275,000 8,093,438
United Rentals, Inc. 4.625% 2025 3,075,000 3,121,125
United Rentals, Inc. 4.875% 2028 550,000 553,438
United Rentals, Inc. 5.875% 2026 225,000 245,250
United Rentals, Inc. 7.625% 2022 220,000 229,251
United States Steel Corp. 6.875% 2025 2,050,000 2,106,375
United States Steel Corp. 7.375% 2020 800,000 876,000
Univision Communications Inc. 5.125% 2023 2,975,000 3,041,938
Univision Communications Inc. 5.125% 2025 700,000 707,875
Univision Communications Inc. 6.75% 2022 500,000 520,313
Univision Communications Inc., Term Loan C5, (3-month USD-LIBOR + 2.75%) 0% 2024 71,915 71,359
VPI Escrow Corp. 5.625% 2021 1,175,000 1,104,500
VPI Escrow Corp. 6.375% 2020 6,190,000 6,211,294
VPI Escrow Corp. 6.50% 2022 675,000 713,813
VPI Escrow Corp. 7.00% 2024 2,400,000 2,562,000
VPI Escrow Corp. 7.50% 2021 2,590,000 2,590,000
VRX Escrow Corp. 5.375% 2020 3,800,000 3,809,500
VRX Escrow Corp. 5.875% 2023 7,660,000 6,788,675
VRX Escrow Corp. 6.125% 2025 17,595,000 15,505,594
VRX Escrow Corp. 7.25% 2022 1,150,000 1,125,563
Vale SA 6.875% 2039 1,530,000 1,756,440
Valvoline Inc. 4.375% 2025 2,050,000 2,088,643
Vector Group Ltd. 6.125% 2025 1,750,000 1,815,625
Venator Materials Corp. 5.75% 2025 3,485,000 3,633,113
VeriSign, Inc. 4.75% 2027 1,900,000 1,966,500
VeriSign, Inc. 5.25% 2025 2,320,000 2,517,200
Virgin Australia Holdings Ltd. 7.875% 2021 800,000 835,000
Virgin Australia Holdings Ltd. 8.50% 2019 2,125,000 2,244,531
Vizient Inc. 10.375% 2024 985,000 1,135,213
WPX Energy Inc. 6.00% 2022 600,000 623,250
WPX Energy Inc. 7.50% 2020 469,000 512,383
Warner Music Group 4.875% 2024 1,100,000 1,135,750
Warner Music Group 5.00% 2023 2,670,000 2,766,788
Warner Music Group 5.625% 2022 2,114,000 2,206,488
Weatherford International PLC 4.50% 2022 1,715,000 1,603,525
Weatherford International PLC 5.95% 2042 700,000 577,500
Weatherford International PLC 6.50% 2036 5,615,000 4,842,938
Weatherford International PLC 6.75% 2040 7,755,000 6,843,788
Weatherford International PLC 7.75% 2021 2,310,000 2,411,063
Weatherford International PLC 9.875% 2024 915,000 1,011,075
WellCare Health Plans, Inc. 5.25% 2025 1,250,000 1,318,750
Wells Fargo & Co., Series K, junior subordinated 7.98% (undated) 1,610,000 1,660,313
Western Digital Corp. 10.50% 2024 600,000 706,500
Williams Companies, Inc. 3.70% 2023 3,240,000 3,240,000
Williams Companies, Inc. 4.55% 2024 500,000 520,000
Wind Acquisition SA 4.75% 2020 500,000 506,720
Wind Acquisition SA 7.375% 2021 10,250,000 10,666,406
Windstream Holdings, Inc. 7.75% 2020 350,000 281,750
Windstream Holdings, Inc. 7.75% 2021 7,725,000 5,793,750
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 2023 2,668,000 2,758,045
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.25% 2027 725,000 739,493
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.50% 2025 6,525,000 6,810,469
YPF SA 6.95% 2027 1,325,000 1,407,813
ZF Friedrichshafen AG 4.75% 2025 1,200,000 1,270,500
Zayo Group Holdings, Inc. 5.75% 2027 4,325,000 4,595,313
Zayo Group Holdings, Inc. 6.00% 2023 200,000 212,690
Zayo Group Holdings, Inc. 6.375% 2025 2,225,000 2,406,071
Zekelman Industries Inc. 9.875% 2023 520,000 587,600
Ziggo Bond Finance BV 5.50% 2027 5,225,000 5,367,068
Ziggo Bond Finance BV 5.875% 2025 950,000 995,125
iHeartCommunications, Inc. 10.625% 2023 515,000 368,225
iHeartCommunications, Inc. 9.00% 2019 10,385,000 7,970,488
iHeartCommunications, Inc., Term Loan D, (3-month USD-LIBOR + 6.75%) 0% 2019 4,350,000 3,366,900
iStar Financial Inc. 4.00% 2017 2,125,000 2,126,913
inVentiv Health, Inc. 7.50% 2024 1,500,000 1,672,500
j2 Global, Inc. 6.00% 2025 1,130,000 1,187,913
Equity Securities* Shares or Principal Amount Market Value Percent of Net Assets
Adelphia Recovery Trust, Series ACC-1 449,306 315 0.00
Adelphia Recovery Trust, Series Arahova 388,601 1,982 0.00
Alibaba Mandatory Exchangeable Trust, convertible preferred 3,300 647,609 0.04
Ascent Resources - Utica, LLC, Class A 6,297,894 1,196,600 0.08
Atrium Corp. 361 361 0.00
CEVA Group PLC 5,622 2,810,920 0.19
CEVA Group PLC, Series A-1, convertible preferred, (3-month USD-LIBOR + 3.00%) 0% 4,788 3,279,849 0.22
CEVA Group PLC, Series A-2, convertible preferred, (3-month USD-LIBOR + 2.00%) 0% 2,211 1,105,745 0.07
Corporate Risk Holdings Corp. 1,104 0 0.00
Corporate Risk Holdings I, Inc. 218,504 3,821,635 0.26
Frontier Communications Corp., Series A, convertible preferred 10,000 192,400 0.01
Liberman Broadcasting, Inc., warrants, expire 2022 1 0 0.00
NII Holdings, Inc. 1,150,555 529,255 0.04
Rotech Healthcare Inc. 201,793 403,586 0.03
Vistra Energy Corp., rights 41,035 40,009 0.00
Warrior Met Coal, Inc. 155,189 3,584,649 0.24

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.