SEC Form N-CSR filed by Neuberger Berman High Yield Strategies Fund
New York, New York 10104-0002
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President and CEO
Neuberger Berman High Yield Strategies Fund Inc.
Neuberger Berman High Yield Strategies Fund Inc. (the Fund) generated a -1.00% total return on a net asset value (NAV) basis for the 12 months ended October 31, 2023 (the reporting period), underperforming its benchmark, the ICE BofA U.S. High Yield Constrained Index (the Index), which posted a 5.81% total return for the same period. (Fund performance on a market price basis is provided in the table immediately following this commentary.) The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) detracted from the Fund’s performance during the reporting period.
Portfolio Co-Managers
TICKER SYMBOL
|
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High Yield Strategies Fund Inc.
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NHS
|
PORTFOLIO BY MATURITY
DISTRIBUTION
|
|
(as a % of Total Investments*)
|
|
Less than One Year
|
1.0
%
|
One to less than Five Years
|
49.3
|
Five to less than Ten Years
|
47.1
|
Ten Years or Greater
|
2.6
|
Total
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100.0
%
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*
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Does not include Short-Term Investments or
the impact of the Fund’s open positions in
derivatives, if any.
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PERFORMANCE HIGHLIGHTS1
|
|||||
|
Inception
Date
|
Average Annual Total Return
Ended 10/31/2023
|
|||
|
1 Year
|
5 Years
|
10 Years
|
Life of Fund
|
|
At NAV2
|
|||||
High Yield
Strategies
Fund Inc.
|
07/28/2003
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-1.00%
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0.10%
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2.48%
|
6.93%
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At Market Price3
|
|||||
High Yield
Strategies
Fund Inc.
|
07/28/2003
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-1.98%
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2.61%
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2.64%
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6.35%
|
Index
|
|
|
|
|
|
ICE BofA
U.S. High Yield
Constrained
Index4
|
|
5.81%
|
2.86%
|
3.77%
|
6.39%
|
1
|
The performance information for periods prior to August 6, 2010 is that of a predecessor fund
(Neuberger
Berman High Yield Strategies Fund).
|
2
|
Returns based on the NAV of the Fund.
|
3
|
Returns based on the market price of shares of the Fund’s common stock on the NYSE American.
|
4
|
The ICE BofA U.S. High Yield Constrained Index tracks the performance of U.S.
dollar-denominated, below
investment grade corporate debt publicly issued in the U.S. domestic market. In addition to
meeting other
criteria, qualifying securities must have a below investment grade rating (based on an average
of Moody’s,
S&P and Fitch ratings) and have risk exposure to countries that are members of the FX-G10,
Western
Europe or territories of the U.S. and Western Europe. Securities in legal default are excluded
from the
index. Index constituents are capitalization-weighted, provided the total allocation to an
individual issuer
does not exceed 2%. Transaction costs are incorporated into the calculation of total return for
ICE fixed
income indices beginning in July 2022. Please note that the index does not take into account
any fees and
expenses or any tax consequences of investing in the individual securities that it tracks and
that individuals
cannot invest directly in any index. Data about the performance of this index are prepared or
obtained by
NBIA and include reinvestment of all income dividends and other distributions, if any. The Fund
may invest
in securities not included in the index and generally does not invest in all securities included
in the index.
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Benchmarks:
|
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LIBOR
|
= London Interbank Offered Rate
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SOFR
|
= Secured Overnight Financing Rate
|
Other Abbreviations:
|
|
Management or NBIA
|
= Neuberger Berman Investment Advisers LLC
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Currency Abbreviations:
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USD
|
= United States Dollar
|
Principal Amount
|
Value
|
|
Asset-Backed Securities 1.8%
|
||
$250,000
|
Barings CLO Ltd., Series 2017-1A, Class E, (3 mo. USD Term SOFR + 6.26%),
11.66%, due 7/18/2029
|
$236,732
(a)(b)
|
350,000
|
Cedar Funding X CLO Ltd., Series 2019-10A, Class ER, (3 mo. USD Term SOFR +
6.76%), 12.18%, due
10/20/2032
|
318,141
(a)(b)
|
250,000
|
Crown City CLO II, Series 2020-2A, Class DR, (3 mo. USD Term SOFR + 7.11%),
12.53%, due
4/20/2035
|
222,971
(a)(b)
|
1,000,000
|
KKR CLO Ltd., Series 23, Class D, (3 mo. USD Term SOFR + 3.36%), 8.78%, due
10/20/2031
|
961,459
(a)(b)
|
1,000,000
|
Octagon Investment Partners 39 Ltd., Series 2018-3A, Class D, (3 mo. USD
Term SOFR + 3.21%),
8.63%, due 10/20/2030
|
958,338
(a)(b)
|
500,000
|
TSTAT Ltd., Series 2022-1A, Class E, (3 mo. USD Term SOFR + 8.50%), 13.83%,
due 7/20/2031
|
494,068
(a)(b)
|
250,000
|
Voya CLO Ltd., Series 2019-2A, Class E, (3 mo. USD Term SOFR + 6.86%),
12.28%, due 7/20/2032
|
240,261
(a)(b)
|
Total Asset-Backed Securities (Cost
$3,382,188)
|
3,431,970
|
|
|
||
Corporate Bonds 142.5%
|
||
Advertising 0.1%
|
||
330,000
|
Summer BC Bidco B LLC, 5.50%, due 10/31/2026
|
287,381
(a)
|
Aerospace & Defense 3.0%
|
||
485,000
|
Bombardier, Inc., 7.88%, due 4/15/2027
|
466,557
(a)
|
|
TransDigm, Inc.
|
|
655,000
|
6.25%, due 3/15/2026
|
639,581
(a)
|
505,000
|
7.50%, due 3/15/2027
|
504,382
|
1,525,000
|
5.50%, due 11/15/2027
|
1,419,706
|
1,605,000
|
6.75%, due 8/15/2028
|
1,558,428
(a)
|
1,300,000
|
6.88%, due 12/15/2030
|
1,255,228
(a)
|
|
|
5,843,882
|
Agriculture 0.1%
|
||
140,000
|
Darling Ingredients, Inc., 6.00%, due 6/15/2030
|
131,348
(a)
|
Airlines 6.1%
|
||
620,000
|
American Airlines, Inc., 7.25%, due 2/15/2028
|
576,490
(a)
|
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
|
|
4,620,833
|
5.50%, due 4/20/2026
|
4,493,523
(a)
|
2,465,000
|
5.75%, due 4/20/2029
|
2,223,565
(a)
|
135,000
|
Delta Air Lines, Inc., 7.38%, due 1/15/2026
|
136,343
|
|
Latam Airlines Group SA
|
|
285,000
|
13.38%, due 10/15/2027
|
304,835
(a)
|
335,000
|
13.38%, due 10/15/2029
|
361,048
(a)
|
|
United Airlines, Inc.
|
|
1,225,000
|
4.38%, due 4/15/2026
|
1,136,328
(a)
|
435,000
|
4.63%, due 4/15/2029
|
367,446
(a)
|
|
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
|
|
1,650,000
|
7.88%, due 5/1/2027
|
1,268,982
(a)
|
415,000
|
9.50%, due 6/1/2028
|
317,961
(a)
|
1,025,000
|
6.38%, due 2/1/2030
|
683,565
(a)
|
|
|
11,870,086
|
Apparel 0.5%
|
||
175,000
|
Hanesbrands, Inc., 4.88%, due 5/15/2026
|
160,793
(a)
|
345,000
|
William Carter Co., 5.63%, due 3/15/2027
|
326,895
(a)
|
565,000
|
Wolverine World Wide, Inc., 4.00%, due 8/15/2029
|
421,262
(a)
|
|
|
908,950
|
Principal Amount
|
Value
|
|
|
||
Auto Manufacturers 3.1%
|
||
|
Ford Motor Co.
|
|
$250,000
|
9.63%, due 4/22/2030
|
$278,764
|
200,000
|
7.45%, due 7/16/2031
|
201,801
|
300,000
|
6.10%, due 8/19/2032
|
277,485
|
440,000
|
4.75%, due 1/15/2043
|
305,638
|
385,000
|
7.40%, due 11/1/2046
|
361,264
|
|
Ford Motor Credit Co. LLC
|
|
590,000
|
4.06%, due 11/1/2024
|
574,365
|
180,000
|
4.69%, due 6/9/2025
|
173,876
|
115,000
|
5.13%, due 6/16/2025
|
111,897
|
845,000
|
4.39%, due 1/8/2026
|
800,977
|
430,000
|
6.95%, due 3/6/2026
|
430,742
|
510,000
|
(Secured Overnight Financing Rate + 2.95%), 8.29%, due 3/6/2026
|
513,921
(b)
|
450,000
|
6.95%, due 6/10/2026
|
451,125
|
70,000
|
4.13%, due 8/17/2027
|
63,554
|
545,000
|
7.35%, due 11/4/2027
|
551,634
|
210,000
|
6.80%, due 5/12/2028
|
209,400
|
360,000
|
5.11%, due 5/3/2029
|
327,656
|
200,000
|
3.63%, due 6/17/2031
|
158,000
|
225,000
|
Jaguar Land Rover Automotive PLC, 5.88%, due 1/15/2028
|
202,509
(a)
|
|
|
5,994,608
|
Auto Parts & Equipment 3.8%
|
||
|
Dana, Inc.
|
|
415,000
|
5.38%, due 11/15/2027
|
381,800
|
1,135,000
|
4.50%, due 2/15/2032
|
888,819
|
795,000
|
Dealer Tire LLC/DT Issuer LLC, 8.00%, due 2/1/2028
|
745,682
(a)
|
|
Goodyear Tire & Rubber Co.
|
|
575,000
|
5.00%, due 7/15/2029
|
494,513
|
1,315,000
|
5.25%, due 7/15/2031
|
1,070,896
|
755,000
|
5.63%, due 4/30/2033
|
605,433
|
2,095,000
|
IHO Verwaltungs GmbH, 4.75% Cash/5.50% PIK, due 9/15/2026
|
1,946,946
(a)(c)
|
|
ZF North America Capital, Inc.
|
|
370,000
|
4.75%, due 4/29/2025
|
356,993
(a)
|
420,000
|
6.88%, due 4/14/2028
|
407,000
(a)
|
475,000
|
7.13%, due 4/14/2030
|
460,781
(a)
|
|
|
7,358,863
|
Banks 1.1%
|
||
450,000
|
Bank of America Corp., 6.13%, due 4/27/2027
|
423,099
(d)(e)
|
390,000
|
Bank of New York Mellon Corp., 3.70%, due 3/20/2026
|
335,499
(d)(e)
|
1,185,000
|
JPMorgan Chase & Co., 4.60%, due 2/1/2025
|
1,104,021
(d)(e)
|
460,000
|
PNC Financial Services Group, Inc., 3.40%, due 9/15/2026
|
330,989
(d)(e)
|
|
|
2,193,608
|
Building Materials 3.9%
|
||
565,000
|
Builders FirstSource, Inc., 6.38%, due 6/15/2032
|
517,128
(a)
|
1,740,000
|
Camelot Return Merger Sub, Inc., 8.75%, due 8/1/2028
|
1,624,690
(a)
|
510,000
|
Cornerstone Building Brands, Inc., 6.13%, due 1/15/2029
|
372,862
(a)
|
580,000
|
Emerald Debt Merger Sub LLC, 6.63%, due 12/15/2030
|
551,725
(a)
|
1,825,000
|
Jeld-Wen, Inc., 4.88%, due 12/15/2027
|
1,546,949
(a)
|
850,000
|
Knife River Corp., 7.75%, due 5/1/2031
|
846,832
(a)
|
Principal Amount
|
Value
|
|
|
||
Building Materials – cont'd
|
||
|
Masonite International Corp.
|
|
$1,310,000
|
5.38%, due 2/1/2028
|
$1,206,392
(a)
|
170,000
|
3.50%, due 2/15/2030
|
134,610
(a)
|
975,000
|
Standard Industries, Inc., 4.38%, due 7/15/2030
|
796,597
(a)
|
|
|
7,597,785
|
Chemicals 4.4%
|
||
705,000
|
Ashland, Inc., 3.38%, due 9/1/2031
|
540,436
(a)
|
985,000
|
Avient Corp., 7.13%, due 8/1/2030
|
947,660
(a)
|
170,000
|
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, due 7/1/2028
|
158,831
(a)
|
1,065,000
|
INEOS Finance PLC, 6.75%, due 5/15/2028
|
994,428
(a)
|
1,110,000
|
INEOS Quattro Finance 2 PLC, 3.38%, due 1/15/2026
|
1,060,050
(a)
|
|
NOVA Chemicals Corp.
|
|
835,000
|
4.88%, due 6/1/2024
|
820,574
(a)
|
576,000
|
5.25%, due 6/1/2027
|
486,527
(a)
|
|
Olympus Water U.S. Holding Corp.
|
|
700,000
|
4.25%, due 10/1/2028
|
558,558
(a)
|
545,000
|
9.75%, due 11/15/2028
|
532,302
(a)
|
680,000
|
SCIH Salt Holdings, Inc., 4.88%, due 5/1/2028
|
587,097
(a)
|
400,000
|
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, due 11/1/2026
|
354,810
(a)
|
|
SNF Group SACA
|
|
160,000
|
3.13%, due 3/15/2027
|
141,582
(a)
|
65,000
|
3.38%, due 3/15/2030
|
51,982
(a)
|
595,000
|
Tronox, Inc., 4.63%, due 3/15/2029
|
468,701
(a)
|
1,020,000
|
Vibrantz Technologies, Inc., 9.00%, due 2/15/2030
|
811,812
(a)
|
155,000
|
WR Grace Holdings LLC, 5.63%, due 8/15/2029
|
120,125
(a)
|
|
|
8,635,475
|
Commercial Services 5.5%
|
||
310,000
|
ADT Security Corp., 4.88%, due 7/15/2032
|
259,318
(a)
|
355,000
|
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, due
6/1/2029
|
256,487
(a)
|
495,000
|
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4
SARL, 4.63%, due 6/1/2028
|
404,865
(a)
|
|
APX Group, Inc.
|
|
60,000
|
6.75%, due 2/15/2027
|
57,925
(a)
|
1,315,000
|
5.75%, due 7/15/2029
|
1,093,243
(a)
|
125,000
|
ASGN, Inc., 4.63%, due 5/15/2028
|
110,686
(a)
|
|
Garda World Security Corp.
|
|
50,000
|
7.75%, due 2/15/2028
|
48,084
(a)
|
345,000
|
6.00%, due 6/1/2029
|
262,998
(a)
|
1,215,000
|
GTCR W-2 Merger Sub LLC, 7.50%, due 1/15/2031
|
1,199,630
(a)
|
730,000
|
Hertz Corp., 4.63%, due 12/1/2026
|
611,466
(a)
|
95,000
|
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc.,
5.00%, due 2/1/2026
|
90,601
(a)
|
365,000
|
MPH Acquisition Holdings LLC, 5.50%, due 9/1/2028
|
310,287
(a)
|
1,205,000
|
Neptune Bidco U.S., Inc., 9.29%, due 4/15/2029
|
1,063,471
(a)
|
|
Prime Security Services Borrower LLC/Prime Finance, Inc.
|
|
1,555,000
|
5.75%, due 4/15/2026
|
1,508,518
(a)
|
1,010,000
|
6.25%, due 1/15/2028
|
936,576
(a)
|
|
United Rentals North America, Inc.
|
|
150,000
|
4.88%, due 1/15/2028
|
139,167
|
635,000
|
5.25%, due 1/15/2030
|
579,840
|
1,250,000
|
3.75%, due 1/15/2032
|
993,885
|
Principal Amount
|
Value
|
|
|
||
Commercial Services – cont'd
|
||
$700,000
|
Williams Scotsman, Inc., 7.38%, due 10/1/2031
|
$688,534
(a)
|
|
|
10,615,581
|
Computers 2.4%
|
||
995,000
|
Ahead DB Holdings LLC, 6.63%, due 5/1/2028
|
815,900
(a)
|
690,000
|
McAfee Corp., 7.38%, due 2/15/2030
|
551,983
(a)
|
3,455,000
|
Presidio Holdings, Inc., 8.25%, due 2/1/2028
|
3,269,548
(a)
|
|
|
4,637,431
|
Cosmetics - Personal Care 0.9%
|
||
940,000
|
Coty, Inc., 5.00%, due 4/15/2026
|
898,048
(a)
|
880,000
|
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC,
6.63%, due 7/15/2030
|
838,395
(a)
|
|
|
1,736,443
|
Distribution - Wholesale 1.7%
|
||
810,000
|
BCPE Empire Holdings, Inc., 7.63%, due 5/1/2027
|
742,964
(a)
|
1,160,000
|
Resideo Funding, Inc., 4.00%, due 9/1/2029
|
930,900
(a)
|
325,000
|
Ritchie Bros Holdings, Inc., 6.75%, due 3/15/2028
|
318,493
(a)
|
1,365,000
|
Windsor Holdings III LLC, 8.50%, due 6/15/2030
|
1,328,782
(a)
|
|
|
3,321,139
|
Diversified Financial Services 1.5%
|
||
|
Ally Financial, Inc.
|
|
300,000
|
5.80%, due 5/1/2025
|
293,636
|
155,000
|
5.75%, due 11/20/2025
|
148,066
|
589,067
|
Global Aircraft Leasing Co. Ltd., 6.50% Cash/7.25% PIK, due 9/15/2024
|
532,349
(a)(c)
|
160,000
|
LPL Holdings, Inc., 4.00%, due 3/15/2029
|
137,578
(a)
|
|
OneMain Finance Corp.
|
|
433,000
|
6.13%, due 3/15/2024
|
431,840
|
215,000
|
6.88%, due 3/15/2025
|
212,118
|
175,000
|
7.13%, due 3/15/2026
|
169,960
|
555,000
|
6.63%, due 1/15/2028
|
504,915
|
380,000
|
3.88%, due 9/15/2028
|
300,447
|
105,000
|
9.00%, due 1/15/2029
|
102,182
|
|
|
2,833,091
|
Electric 5.1%
|
||
|
Calpine Corp.
|
|
445,000
|
5.25%, due 6/1/2026
|
425,910
(a)
|
260,000
|
5.13%, due 3/15/2028
|
232,682
(a)
|
2,365,000
|
5.00%, due 2/1/2031
|
1,907,557
(a)
|
170,000
|
Clearway Energy Operating LLC, 3.75%, due 1/15/2032
|
128,768
(a)
|
970,000
|
Leeward Renewable Energy Operations LLC, 4.25%, due 7/1/2029
|
792,171
(a)
|
|
NRG Energy, Inc.
|
|
1,255,000
|
10.25%, due 3/15/2028
|
1,211,542
(a)(d)(e)
|
635,000
|
5.25%, due 6/15/2029
|
560,236
(a)
|
550,000
|
3.63%, due 2/15/2031
|
415,050
(a)
|
435,000
|
3.88%, due 2/15/2032
|
323,277
(a)
|
120,000
|
Talen Energy Supply LLC, 8.63%, due 6/1/2030
|
121,933
(a)
|
730,000
|
TransAlta Corp., 7.75%, due 11/15/2029
|
726,286
|
940,000
|
Vistra Corp., 7.00%, due 12/15/2026
|
855,400
(a)(d)(e)
|
Principal Amount
|
Value
|
|
|
||
Electric – cont'd
|
||
|
Vistra Operations Co. LLC
|
|
$350,000
|
5.50%, due 9/1/2026
|
$332,980
(a)
|
460,000
|
4.38%, due 5/1/2029
|
390,722
(a)
|
1,495,000
|
7.75%, due 10/15/2031
|
1,443,004
(a)
|
|
|
9,867,518
|
Electrical Components & Equipment 0.6%
|
||
|
Energizer Holdings, Inc.
|
|
795,000
|
6.50%, due 12/31/2027
|
741,078
(a)
|
530,000
|
4.75%, due 6/15/2028
|
452,694
(a)
|
|
|
1,193,772
|
Electronics 1.1%
|
||
1,705,000
|
Imola Merger Corp., 4.75%, due 5/15/2029
|
1,486,407
(a)
|
|
Sensata Technologies BV
|
|
60,000
|
5.00%, due 10/1/2025
|
58,336
(a)
|
520,000
|
5.88%, due 9/1/2030
|
474,934
(a)
|
185,000
|
TTM Technologies, Inc., 4.00%, due 3/1/2029
|
151,698
(a)
|
|
|
2,171,375
|
Energy - Alternate Sources 1.0%
|
||
|
Sunnova Energy Corp.
|
|
1,780,000
|
5.88%, due 9/1/2026
|
1,441,853
(a)
|
500,000
|
11.75%, due 10/1/2028
|
426,515
(a)
|
|
|
1,868,368
|
Engineering & Construction 1.1%
|
||
1,165,000
|
Global Infrastructure Solutions, Inc., 7.50%, due 4/15/2032
|
952,789
(a)
|
1,255,000
|
VM Consolidated, Inc., 5.50%, due 4/15/2029
|
1,111,391
(a)
|
|
|
2,064,180
|
Entertainment 7.2%
|
||
435,000
|
Allwyn Entertainment Financing U.K. PLC, 7.88%, due 4/30/2029
|
428,693
(a)
|
745,000
|
Banijay Entertainment SASU, 8.13%, due 5/1/2029
|
726,366
(a)
|
155,000
|
Caesars Entertainment, Inc., 6.25%, due 7/1/2025
|
152,503
(a)
|
|
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op
|
|
720,000
|
5.50%, due 5/1/2025
|
705,682
(a)
|
500,000
|
6.50%, due 10/1/2028
|
462,790
|
|
Churchill Downs, Inc.
|
|
305,000
|
4.75%, due 1/15/2028
|
273,135
(a)
|
1,720,000
|
6.75%, due 5/1/2031
|
1,586,700
(a)
|
1,080,000
|
Everi Holdings, Inc., 5.00%, due 7/15/2029
|
907,502
(a)
|
|
International Game Technology PLC
|
|
60,000
|
4.13%, due 4/15/2026
|
56,459
(a)
|
60,000
|
6.25%, due 1/15/2027
|
58,476
(a)
|
|
Light & Wonder International, Inc.
|
|
590,000
|
7.00%, due 5/15/2028
|
575,125
(a)
|
465,000
|
7.25%, due 11/15/2029
|
450,943
(a)
|
580,000
|
7.50%, due 9/1/2031
|
566,329
(a)
|
255,000
|
Lions Gate Capital Holdings LLC, 5.50%, due 4/15/2029
|
167,800
(a)
|
Principal Amount
|
Value
|
|
|
||
Entertainment – cont'd
|
||
|
Live Nation Entertainment, Inc.
|
|
$650,000
|
6.50%, due 5/15/2027
|
$634,163
(a)
|
615,000
|
4.75%, due 10/15/2027
|
561,993
(a)
|
160,000
|
3.75%, due 1/15/2028
|
139,840
(a)
|
170,000
|
Merlin Entertainments Ltd., 5.75%, due 6/15/2026
|
159,001
(a)
|
575,000
|
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due
5/1/2029
|
478,688
(a)
|
350,000
|
Motion Bondco DAC, 6.63%, due 11/15/2027
|
313,250
(a)
|
420,000
|
Penn Entertainment, Inc., 5.63%, due 1/15/2027
|
383,152
(a)
|
865,000
|
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, due 11/1/2026
|
804,882
(a)
|
1,145,000
|
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, due
3/1/2030
|
984,700
(a)
|
1,845,000
|
SeaWorld Parks & Entertainment, Inc., 5.25%, due 8/15/2029
|
1,607,050
(a)
|
355,000
|
Warnermedia Holdings, Inc., 5.14%, due 3/15/2052
|
251,204
|
365,000
|
WMG Acquisition Corp., 3.75%, due 12/1/2029
|
306,374
(a)
|
345,000
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, due 10/1/2029
|
294,218
(a)
|
|
|
14,037,018
|
Environmental Control 0.7%
|
||
300,000
|
Enviri Corp., 5.75%, due 7/31/2027
|
253,576
(a)
|
|
GFL Environmental, Inc.
|
|
60,000
|
3.75%, due 8/1/2025
|
56,746
(a)
|
55,000
|
3.50%, due 9/1/2028
|
47,093
(a)
|
405,000
|
4.38%, due 8/15/2029
|
345,385
(a)
|
735,000
|
Madison IAQ LLC, 5.88%, due 6/30/2029
|
569,357
(a)
|
|
|
1,272,157
|
Food 5.0%
|
||
|
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
|
|
60,000
|
3.25%, due 3/15/2026
|
55,421
(a)
|
125,000
|
5.88%, due 2/15/2028
|
119,737
(a)
|
1,065,000
|
6.50%, due 2/15/2028
|
1,045,609
(a)
|
350,000
|
3.50%, due 3/15/2029
|
298,410
(a)
|
1,245,000
|
4.88%, due 2/15/2030
|
1,111,555
(a)
|
|
Performance Food Group, Inc.
|
|
950,000
|
5.50%, due 10/15/2027
|
888,321
(a)
|
525,000
|
4.25%, due 8/1/2029
|
442,982
(a)
|
|
Pilgrim's Pride Corp.
|
|
645,000
|
4.25%, due 4/15/2031
|
531,325
|
1,300,000
|
3.50%, due 3/1/2032
|
990,340
|
1,155,000
|
6.25%, due 7/1/2033
|
1,061,442
|
710,000
|
6.88%, due 5/15/2034
|
671,801
|
620,000
|
TreeHouse Foods, Inc., 4.00%, due 9/1/2028
|
504,374
|
|
U.S. Foods, Inc.
|
|
510,000
|
6.88%, due 9/15/2028
|
498,456
(a)
|
1,145,000
|
4.75%, due 2/15/2029
|
1,010,070
(a)
|
600,000
|
7.25%, due 1/15/2032
|
588,983
(a)
|
|
|
9,818,826
|
Forest Products & Paper 0.3%
|
||
605,000
|
Ahlstrom Holding 3 Oyj, 4.88%, due 2/4/2028
|
493,571
(a)
|
Hand - Machine Tools 0.2%
|
||
365,000
|
Regal Rexnord Corp., 6.40%, due 4/15/2033
|
334,849
(a)
|
Principal Amount
|
Value
|
|
|
||
Healthcare - Products 0.6%
|
||
$460,000
|
Bausch & Lomb Escrow Corp., 8.38%, due 10/1/2028
|
$456,895
(a)
|
|
Medline Borrower LP
|
|
815,000
|
3.88%, due 4/1/2029
|
688,158
(a)
|
80,000
|
5.25%, due 10/1/2029
|
68,098
(a)
|
|
|
1,213,151
|
Healthcare - Services 5.1%
|
||
|
Catalent Pharma Solutions, Inc.
|
|
700,000
|
3.13%, due 2/15/2029
|
550,375
(a)
|
240,000
|
3.50%, due 4/1/2030
|
188,400
(a)
|
|
CHS/Community Health Systems, Inc.
|
|
97,000
|
8.00%, due 12/15/2027
|
82,272
(a)
|
5,000
|
6.00%, due 1/15/2029
|
3,787
(a)
|
460,000
|
5.25%, due 5/15/2030
|
326,671
(a)
|
480,000
|
4.75%, due 2/15/2031
|
321,718
(a)
|
|
DaVita, Inc.
|
|
270,000
|
4.63%, due 6/1/2030
|
211,602
(a)
|
555,000
|
3.75%, due 2/15/2031
|
398,937
(a)
|
190,000
|
Fortrea Holdings, Inc., 7.50%, due 7/1/2030
|
183,350
(a)
|
170,000
|
HealthEquity, Inc., 4.50%, due 10/1/2029
|
145,622
(a)
|
325,000
|
IQVIA, Inc., 5.00%, due 10/15/2026
|
309,828
(a)
|
380,000
|
Legacy LifePoint Health LLC, 4.38%, due 2/15/2027
|
314,226
(a)
|
355,000
|
LifePoint Health, Inc., 9.88%, due 8/15/2030
|
320,831
(a)
|
|
Molina Healthcare, Inc.
|
|
615,000
|
4.38%, due 6/15/2028
|
547,360
(a)
|
945,000
|
3.88%, due 5/15/2032
|
742,543
(a)
|
335,000
|
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%,
due 12/1/2026
|
313,220
(a)
|
660,000
|
Select Medical Corp., 6.25%, due 8/15/2026
|
641,929
(a)
|
435,000
|
Star Parent, Inc., 9.00%, due 10/1/2030
|
431,687
(a)
|
|
Tenet Healthcare Corp.
|
|
420,000
|
4.88%, due 1/1/2026
|
402,530
|
440,000
|
5.13%, due 11/1/2027
|
406,172
|
865,000
|
6.13%, due 10/1/2028
|
802,287
|
570,000
|
6.13%, due 6/15/2030
|
527,547
|
1,470,000
|
6.75%, due 5/15/2031
|
1,395,961
(a)
|
490,000
|
U.S. Acute Care Solutions LLC, 6.38%, due 3/1/2026
|
416,874
(a)
|
|
|
9,985,729
|
Holding Companies - Diversified 0.4%
|
||
760,000
|
Benteler International AG, 10.50%, due 5/15/2028
|
765,498
(a)
|
Home Builders 1.4%
|
||
880,000
|
KB Home, 7.25%, due 7/15/2030
|
844,800
|
|
Mattamy Group Corp.
|
|
160,000
|
5.25%, due 12/15/2027
|
143,754
(a)
|
350,000
|
4.63%, due 3/1/2030
|
285,760
(a)
|
145,000
|
Meritage Homes Corp., 5.13%, due 6/6/2027
|
137,025
|
|
Shea Homes LP/Shea Homes Funding Corp.
|
|
1,210,000
|
4.75%, due 2/15/2028
|
1,063,447
|
280,000
|
4.75%, due 4/1/2029
|
236,367
|
|
|
2,711,153
|
Principal Amount
|
Value
|
|
|
||
Household Products - Wares 0.2%
|
||
$400,000
|
Spectrum Brands, Inc., 3.88%, due 3/15/2031
|
$320,176
(a)
|
Housewares 0.1%
|
||
310,000
|
Newell Brands, Inc., 6.38%, due 4/1/2036
|
243,142
(f)
|
Insurance 3.9%
|
||
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer
|
|
2,475,000
|
6.75%, due 10/15/2027
|
2,260,319
(a)
|
470,000
|
5.88%, due 11/1/2029
|
390,212
(a)
|
960,000
|
AssuredPartners, Inc., 5.63%, due 1/15/2029
|
814,397
(a)
|
685,000
|
BroadStreet Partners, Inc., 5.88%, due 4/15/2029
|
597,219
(a)
|
1,050,000
|
GTCR AP Finance, Inc., 8.00%, due 5/15/2027
|
1,022,391
(a)
|
|
HUB International Ltd.
|
|
390,000
|
7.00%, due 5/1/2026
|
379,630
(a)
|
450,000
|
5.63%, due 12/1/2029
|
387,550
(a)
|
1,445,000
|
7.25%, due 6/15/2030
|
1,409,540
(a)
|
430,000
|
Ryan Specialty LLC, 4.38%, due 2/1/2030
|
368,308
(a)
|
|
|
7,629,566
|
Internet 2.7%
|
||
1,735,000
|
EquipmentShare.com, Inc., 9.00%, due 5/15/2028
|
1,630,900
(a)
|
|
Gen Digital, Inc.
|
|
360,000
|
6.75%, due 9/30/2027
|
350,421
(a)
|
470,000
|
7.13%, due 9/30/2030
|
457,240
(a)
|
515,000
|
Match Group Holdings II LLC, 5.63%, due 2/15/2029
|
464,871
(a)
|
385,000
|
Newfold Digital Holdings Group, Inc., 6.00%, due 2/15/2029
|
252,963
(a)
|
|
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
|
|
435,000
|
4.75%, due 4/30/2027
|
388,237
(a)
|
240,000
|
6.00%, due 2/15/2028
|
198,000
(a)
|
395,000
|
10.75%, due 6/1/2028
|
376,531
(a)
|
1,335,000
|
Ziff Davis, Inc., 4.63%, due 10/15/2030
|
1,117,687
(a)
|
|
|
5,236,850
|
Iron - Steel 0.9%
|
||
|
ATI, Inc.
|
|
130,000
|
5.88%, due 12/1/2027
|
120,610
|
530,000
|
7.25%, due 8/15/2030
|
510,220
|
|
Carpenter Technology Corp.
|
|
75,000
|
6.38%, due 7/15/2028
|
71,339
|
590,000
|
7.63%, due 3/15/2030
|
582,448
|
595,000
|
TMS International Corp., 6.25%, due 4/15/2029
|
469,427
(a)
|
|
|
1,754,044
|
Leisure Time 3.9%
|
||
230,000
|
Acushnet Co., 7.38%, due 10/15/2028
|
230,419
(a)
|
|
Carnival Corp.
|
|
455,000
|
9.88%, due 8/1/2027
|
474,246
(a)
|
390,000
|
7.00%, due 8/15/2029
|
382,411
(a)
|
1,695,000
|
Carnival Holdings Bermuda Ltd., 10.38%, due 5/1/2028
|
1,807,233
(a)
|
380,000
|
Carnival PLC, 7.88%, due 6/1/2027
|
387,144
|
65,000
|
Lindblad Expeditions Holdings, Inc., 9.00%, due 5/15/2028
|
62,527
(a)
|
50,000
|
Lindblad Expeditions LLC, 6.75%, due 2/15/2027
|
45,566
(a)
|
Principal Amount
|
Value
|
|
|
||
Leisure Time – cont'd
|
||
|
NCL Corp. Ltd.
|
|
$30,000
|
5.88%, due 3/15/2026
|
$26,925
(a)
|
650,000
|
5.88%, due 2/15/2027
|
598,305
(a)
|
485,000
|
8.13%, due 1/15/2029
|
473,842
(a)
|
200,000
|
NCL Finance Ltd., 6.13%, due 3/15/2028
|
167,247
(a)
|
|
Royal Caribbean Cruises Ltd.
|
|
345,000
|
4.25%, due 7/1/2026
|
317,262
(a)
|
1,205,000
|
5.50%, due 4/1/2028
|
1,098,781
(a)
|
560,000
|
9.25%, due 1/15/2029
|
584,550
(a)
|
1,005,000
|
7.25%, due 1/15/2030
|
991,407
(a)
|
|
|
7,647,865
|
Lodging 0.1%
|
||
278,000
|
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, due 3/1/2025
|
272,936
(a)
|
Machinery - Construction & Mining 0.6%
|
||
605,000
|
Manitowoc Co., Inc., 9.00%, due 4/1/2026
|
593,025
(a)
|
670,000
|
Terex Corp., 5.00%, due 5/15/2029
|
586,482
(a)
|
|
|
1,179,507
|
Machinery - Diversified 1.6%
|
||
320,000
|
ATS Corp., 4.13%, due 12/15/2028
|
274,800
(a)
|
|
Chart Industries, Inc.
|
|
1,700,000
|
7.50%, due 1/1/2030
|
1,669,375
(a)
|
95,000
|
9.50%, due 1/1/2031
|
97,847
(a)
|
995,000
|
SPX FLOW, Inc., 8.75%, due 4/1/2030
|
912,226
(a)
|
265,000
|
TK Elevator U.S. Newco, Inc., 5.25%, due 7/15/2027
|
241,268
(a)
|
|
|
3,195,516
|
Media 7.4%
|
||
|
Altice Financing SA
|
|
315,000
|
5.00%, due 1/15/2028
|
256,179
(a)
|
680,000
|
5.75%, due 8/15/2029
|
525,849
(a)
|
840,000
|
Cable One, Inc., 4.00%, due 11/15/2030
|
625,800
(a)
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.
|
|
1,730,000
|
5.50%, due 5/1/2026
|
1,649,827
(a)
|
160,000
|
5.13%, due 5/1/2027
|
147,311
(a)
|
520,000
|
5.00%, due 2/1/2028
|
466,927
(a)
|
1,330,000
|
5.38%, due 6/1/2029
|
1,164,122
(a)
|
440,000
|
6.38%, due 9/1/2029
|
402,687
(a)
|
140,000
|
4.50%, due 8/15/2030
|
112,257
(a)
|
570,000
|
4.25%, due 2/1/2031
|
443,573
(a)
|
325,000
|
7.38%, due 3/1/2031
|
307,132
(a)
|
390,000
|
4.75%, due 2/1/2032
|
304,418
(a)
|
|
CSC Holdings LLC
|
|
770,000
|
5.25%, due 6/1/2024
|
719,968
|
525,000
|
5.38%, due 2/1/2028
|
418,076
(a)
|
805,000
|
11.25%, due 5/15/2028
|
767,821
(a)
|
535,000
|
6.50%, due 2/1/2029
|
423,020
(a)
|
1,940,000
|
5.75%, due 1/15/2030
|
1,014,949
(a)
|
605,000
|
4.13%, due 12/1/2030
|
405,327
(a)
|
615,000
|
4.63%, due 12/1/2030
|
311,880
(a)
|
Principal Amount
|
Value
|
|
|
||
Media – cont'd
|
||
|
DISH DBS Corp.
|
|
$240,000
|
7.75%, due 7/1/2026
|
$160,817
|
530,000
|
5.25%, due 12/1/2026
|
427,525
(a)
|
710,000
|
5.13%, due 6/1/2029
|
365,650
|
430,000
|
DISH Network Corp., 11.75%, due 11/15/2027
|
425,941
(a)
|
|
McGraw-Hill Education, Inc.
|
|
400,000
|
5.75%, due 8/1/2028
|
337,120
(a)
|
640,000
|
8.00%, due 8/1/2029
|
527,334
(a)
|
445,000
|
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, due 8/15/2027
|
403,837
(a)
|
245,000
|
Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, due 9/15/2028
|
121,275
(a)
|
|
Sirius XM Radio, Inc.
|
|
170,000
|
3.13%, due 9/1/2026
|
152,451
(a)
|
170,000
|
5.50%, due 7/1/2029
|
150,633
(a)
|
190,000
|
4.13%, due 7/1/2030
|
150,863
(a)
|
690,000
|
3.88%, due 9/1/2031
|
519,699
(a)
|
160,000
|
TEGNA, Inc., 4.75%, due 3/15/2026
|
149,301
(a)
|
|
|
14,359,569
|
Metal Fabricate - Hardware 0.3%
|
||
525,000
|
Advanced Drainage Systems, Inc., 6.38%, due 6/15/2030
|
495,689
(a)
|
Mining 3.1%
|
||
590,000
|
Arsenal AIC Parent LLC, 8.00%, due 10/1/2030
|
582,625
(a)
|
|
First Quantum Minerals Ltd.
|
|
579,000
|
7.50%, due 4/1/2025
|
543,038
(a)
|
725,000
|
6.88%, due 3/1/2026
|
636,778
(a)
|
845,000
|
6.88%, due 10/15/2027
|
719,708
(a)
|
670,000
|
8.63%, due 6/1/2031
|
565,548
(a)
|
|
FMG Resources August 2006 Pty. Ltd.
|
|
115,000
|
5.88%, due 4/15/2030
|
103,201
(a)
|
165,000
|
4.38%, due 4/1/2031
|
132,977
(a)
|
555,000
|
6.13%, due 4/15/2032
|
489,859
(a)
|
|
Hudbay Minerals, Inc.
|
|
1,245,000
|
4.50%, due 4/1/2026
|
1,158,739
(a)
|
835,000
|
6.13%, due 4/1/2029
|
747,164
(a)
|
440,000
|
Novelis Corp., 4.75%, due 1/30/2030
|
373,329
(a)
|
|
|
6,052,966
|
Miscellaneous Manufacturer 0.6%
|
||
145,000
|
Amsted Industries, Inc., 5.63%, due 7/1/2027
|
133,427
(a)
|
965,000
|
Calderys Financing LLC, 11.25%, due 6/1/2028
|
973,444
(a)
|
|
|
1,106,871
|
Office - Business Equipment 0.1%
|
||
130,000
|
CDW LLC/CDW Finance Corp., 3.57%, due 12/1/2031
|
104,242
|
Oil & Gas 8.6%
|
||
|
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
|
|
1,460,000
|
7.00%, due 11/1/2026
|
1,409,906
(a)
|
1,110,000
|
8.25%, due 12/31/2028
|
1,102,195
(a)
|
250,000
|
5.88%, due 6/30/2029
|
220,851
(a)
|
Principal Amount
|
Value
|
|
|
||
Oil & Gas – cont'd
|
||
|
Borr IHC Ltd./Borr Finance LLC
|
|
$520,000
|
10.00%, due 11/15/2028
|
$517,521
(a)(g)
|
470,000
|
10.38%, due 11/15/2030
|
466,005
(a)(g)
|
235,000
|
Callon Petroleum Co., 7.50%, due 6/15/2030
|
227,612
(a)
|
860,000
|
Chesapeake Energy Corp., 6.75%, due 4/15/2029
|
841,473
(a)
|
|
Civitas Resources, Inc.
|
|
875,000
|
8.38%, due 7/1/2028
|
880,391
(a)
|
1,665,000
|
8.63%, due 11/1/2030
|
1,694,680
(a)
|
1,000,000
|
8.75%, due 7/1/2031
|
1,009,266
(a)
|
|
Comstock Resources, Inc.
|
|
1,227,000
|
6.75%, due 3/1/2029
|
1,116,597
(a)
|
1,745,000
|
5.88%, due 1/15/2030
|
1,491,993
(a)
|
520,000
|
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, due 10/1/2030
|
506,846
(a)
|
|
Hilcorp Energy I LP/Hilcorp Finance Co.
|
|
395,000
|
6.25%, due 11/1/2028
|
369,302
(a)
|
503,000
|
5.75%, due 2/1/2029
|
452,841
(a)
|
118,000
|
6.00%, due 2/1/2031
|
103,365
(a)
|
190,000
|
Nabors Industries Ltd., 7.50%, due 1/15/2028
|
167,808
(a)
|
1,385,000
|
Nabors Industries, Inc., 7.38%, due 5/15/2027
|
1,287,648
(a)
|
|
Northern Oil & Gas, Inc.
|
|
405,000
|
8.13%, due 3/1/2028
|
399,950
(a)
|
85,000
|
8.75%, due 6/15/2031
|
84,571
(a)
|
|
Permian Resources Operating LLC
|
|
250,000
|
5.38%, due 1/15/2026
|
240,020
(a)
|
655,000
|
5.88%, due 7/1/2029
|
609,629
(a)
|
325,000
|
7.00%, due 1/15/2032
|
315,053
(a)
|
1,120,000
|
Rockcliff Energy II LLC, 5.50%, due 10/15/2029
|
1,010,893
(a)
|
215,000
|
Vital Energy, Inc., 10.13%, due 1/15/2028
|
215,567
|
|
|
16,741,983
|
Packaging & Containers 4.6%
|
||
|
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
|
|
555,000
|
6.00%, due 6/15/2027
|
524,485
(a)
|
115,000
|
4.00%, due 9/1/2029
|
86,258
(a)
|
|
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
|
|
60,000
|
5.25%, due 4/30/2025
|
57,802
(a)
|
385,000
|
4.13%, due 8/15/2026
|
339,763
(a)
|
2,025,000
|
5.25%, due 8/15/2027
|
1,471,931
(a)
|
200,000
|
5.25%, due 8/15/2027
|
145,376
(a)
|
|
Ball Corp.
|
|
60,000
|
5.25%, due 7/1/2025
|
59,064
|
60,000
|
4.88%, due 3/15/2026
|
57,621
|
65,000
|
6.88%, due 3/15/2028
|
64,807
|
335,000
|
6.00%, due 6/15/2029
|
321,208
|
145,000
|
Berry Global, Inc., 5.63%, due 7/15/2027
|
138,406
(a)
|
205,000
|
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, due 2/1/2026
|
197,131
|
|
Mauser Packaging Solutions Holding Co.
|
|
795,000
|
7.88%, due 8/15/2026
|
744,612
(a)
|
1,245,000
|
9.25%, due 4/15/2027
|
1,036,847
(a)
|
410,000
|
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
4.38%, due 10/15/2028
|
348,757
(a)
|
610,000
|
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC,
4.00%, due 10/15/2027
|
532,179
(a)
|
Principal Amount
|
Value
|
|
|
||
Packaging & Containers – cont'd
|
||
$425,000
|
Sealed Air Corp., 4.00%, due 12/1/2027
|
$373,589
(a)
|
560,000
|
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, due 2/1/2028
|
533,019
(a)
|
540,000
|
Trident TPI Holdings, Inc., 12.75%, due 12/31/2028
|
551,815
(a)
|
|
Trivium Packaging Finance BV
|
|
540,000
|
5.50%, due 8/15/2026
|
489,501
(a)
|
1,135,000
|
8.50%, due 8/15/2027
|
947,058
(a)
|
|
|
9,021,229
|
Pharmaceuticals 1.2%
|
||
440,000
|
180 Medical, Inc., 3.88%, due 10/15/2029
|
365,542
(a)
|
|
Bausch Health Cos., Inc.
|
|
440,000
|
5.50%, due 11/1/2025
|
379,500
(a)
|
250,000
|
9.00%, due 12/15/2025
|
216,851
(a)
|
295,000
|
6.13%, due 2/1/2027
|
164,563
(a)
|
155,000
|
5.75%, due 8/15/2027
|
80,600
(a)
|
1,140,000
|
Teva Pharmaceutical Finance Netherlands III BV, 7.88%, due 9/15/2029
|
1,124,151
|
|
|
2,331,207
|
Pipelines 12.9%
|
||
|
Antero Midstream Partners LP/Antero Midstream Finance Corp.
|
|
875,000
|
7.88%, due 5/15/2026
|
881,171
(a)
|
1,080,000
|
5.38%, due 6/15/2029
|
980,692
(a)
|
|
Buckeye Partners LP
|
|
225,000
|
4.13%, due 3/1/2025
|
214,268
(a)
|
420,000
|
4.13%, due 12/1/2027
|
364,896
|
525,000
|
5.85%, due 11/15/2043
|
371,007
|
780,000
|
5.60%, due 10/15/2044
|
523,575
|
2,100,000
|
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, due 6/15/2031
|
1,826,476
(a)
|
|
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
|
|
125,000
|
6.00%, due 2/1/2029
|
120,938
(a)
|
915,000
|
7.38%, due 2/1/2031
|
922,329
(a)
|
1,270,000
|
DT Midstream, Inc., 4.13%, due 6/15/2029
|
1,091,958
(a)
|
240,000
|
EnLink Midstream LLC, 6.50%, due 9/1/2030
|
230,369
(a)
|
|
EQM Midstream Partners LP
|
|
370,000
|
6.00%, due 7/1/2025
|
361,835
(a)
|
75,000
|
4.13%, due 12/1/2026
|
69,572
|
1,165,000
|
7.50%, due 6/1/2027
|
1,153,792
(a)
|
405,000
|
6.50%, due 7/1/2027
|
393,662
(a)
|
825,000
|
5.50%, due 7/15/2028
|
769,941
|
320,000
|
4.50%, due 1/15/2029
|
280,613
(a)
|
375,000
|
7.50%, due 6/1/2030
|
367,926
(a)
|
|
Genesis Energy LP/Genesis Energy Finance Corp.
|
|
165,000
|
6.50%, due 10/1/2025
|
161,196
|
30,000
|
6.25%, due 5/15/2026
|
28,591
|
850,000
|
7.75%, due 2/1/2028
|
800,372
|
360,000
|
8.88%, due 4/15/2030
|
348,014
|
850,000
|
Harvest Midstream I LP, 7.50%, due 9/1/2028
|
805,420
(a)
|
|
Howard Midstream Energy Partners LLC
|
|
870,000
|
6.75%, due 1/15/2027
|
822,236
(a)
|
485,000
|
8.88%, due 7/15/2028
|
487,584
(a)
|
970,000
|
ITT Holdings LLC, 6.50%, due 8/1/2029
|
811,162
(a)
|
1,095,000
|
Kinetik Holdings LP, 5.88%, due 6/15/2030
|
1,004,717
(a)
|
Principal Amount
|
Value
|
|
|
||
Pipelines – cont'd
|
||
|
New Fortress Energy, Inc.
|
|
$910,000
|
6.75%, due 9/15/2025
|
$844,238
(a)
|
2,050,000
|
6.50%, due 9/30/2026
|
1,836,178
(a)
|
|
NuStar Logistics LP
|
|
400,000
|
5.75%, due 10/1/2025
|
387,115
|
305,000
|
6.00%, due 6/1/2026
|
294,282
|
800,000
|
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, due
10/15/2026
|
768,000
(a)(f)
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
|
|
345,000
|
7.50%, due 10/1/2025
|
339,877
(a)
|
1,000,000
|
6.00%, due 3/1/2027
|
914,896
(a)
|
255,000
|
5.50%, due 1/15/2028
|
223,393
(a)
|
315,000
|
6.00%, due 12/31/2030
|
265,178
(a)
|
600,000
|
6.00%, due 9/1/2031
|
504,882
(a)
|
|
Venture Global Calcasieu Pass LLC
|
|
40,000
|
3.88%, due 8/15/2029
|
33,287
(a)
|
365,000
|
4.13%, due 8/15/2031
|
293,462
(a)
|
|
Venture Global LNG, Inc.
|
|
370,000
|
8.13%, due 6/1/2028
|
359,204
(a)
|
745,000
|
9.50%, due 2/1/2029
|
756,875
(a)
|
540,000
|
8.38%, due 6/1/2031
|
515,298
(a)
|
500,000
|
9.88%, due 2/1/2032
|
506,994
(a)
|
|
|
25,037,471
|
Real Estate 1.5%
|
||
1,010,000
|
Cushman & Wakefield U.S. Borrower LLC, 8.88%, due 9/1/2031
|
957,571
(a)
|
885,000
|
Greystar Real Estate Partners LLC, 7.75%, due 9/1/2030
|
869,512
(a)
|
|
Realogy Group LLC/Realogy Co.-Issuer Corp.
|
|
881,000
|
5.75%, due 1/15/2029
|
555,200
(a)
|
985,000
|
5.25%, due 4/15/2030
|
613,297
(a)
|
|
|
2,995,580
|
Real Estate Investment Trusts 6.6%
|
||
|
EPR Properties
|
|
995,000
|
4.50%, due 4/1/2025
|
959,395
|
390,000
|
3.75%, due 8/15/2029
|
307,696
|
|
Iron Mountain, Inc.
|
|
450,000
|
4.88%, due 9/15/2027
|
411,357
(a)
|
1,535,000
|
5.25%, due 3/15/2028
|
1,403,975
(a)
|
245,000
|
5.00%, due 7/15/2028
|
219,245
(a)
|
470,000
|
4.88%, due 9/15/2029
|
409,399
(a)
|
350,000
|
5.63%, due 7/15/2032
|
298,996
(a)
|
|
MPT Operating Partnership LP/MPT Finance Corp.
|
|
750,000
|
5.25%, due 8/1/2026
|
645,760
|
660,000
|
5.00%, due 10/15/2027
|
509,551
|
600,000
|
Necessity Retail REIT, Inc./American Finance Operating Partner LP, 4.50%,
due 9/30/2028
|
449,250
(a)
|
|
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance
Co.-Issuer
|
|
440,000
|
7.50%, due 6/1/2025
|
435,511
(a)
|
970,000
|
5.88%, due 10/1/2028
|
873,194
(a)
|
|
RHP Hotel Properties LP/RHP Finance Corp.
|
|
955,000
|
4.75%, due 10/15/2027
|
867,713
|
515,000
|
7.25%, due 7/15/2028
|
499,220
(a)
|
650,000
|
RLJ Lodging Trust LP, 4.00%, due 9/15/2029
|
529,750
(a)
|
Principal Amount
|
Value
|
|
|
||
Real Estate Investment Trusts – cont'd
|
||
$250,000
|
Service Properties Trust, 3.95%, due 1/15/2028
|
$186,922
|
1,605,000
|
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, due
2/15/2028
|
1,545,541
(a)
|
965,000
|
VICI Properties LP, 5.13%, due 5/15/2032
|
833,912
|
166,000
|
VICI Properties LP/VICI Note Co., Inc., 4.25%, due 12/1/2026
|
153,205
(a)
|
|
XHR LP
|
|
885,000
|
6.38%, due 8/15/2025
|
858,449
(a)
|
420,000
|
4.88%, due 6/1/2029
|
355,349
(a)
|
|
|
12,753,390
|
Retail 5.2%
|
||
400,000
|
1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/2030
|
327,609
(a)
|
380,000
|
Asbury Automotive Group, Inc., 4.63%, due 11/15/2029
|
321,439
(a)
|
|
Bath & Body Works, Inc.
|
|
910,000
|
6.63%, due 10/1/2030
|
842,474
(a)
|
315,000
|
6.88%, due 11/1/2035
|
277,972
|
660,000
|
Beacon Roofing Supply, Inc., 6.50%, due 8/1/2030
|
630,200
(a)
|
375,000
|
Foot Locker, Inc., 4.00%, due 10/1/2029
|
275,636
(a)
|
425,000
|
Gap, Inc., 3.63%, due 10/1/2029
|
324,711
(a)
|
635,000
|
GYP Holdings III Corp., 4.63%, due 5/1/2029
|
520,700
(a)
|
|
Macy's Retail Holdings LLC
|
|
355,000
|
5.88%, due 4/1/2029
|
312,968
(a)
|
440,000
|
5.88%, due 3/15/2030
|
372,234
(a)
|
330,000
|
6.13%, due 3/15/2032
|
272,534
(a)
|
545,000
|
4.50%, due 12/15/2034
|
365,150
|
135,000
|
5.13%, due 1/15/2042
|
83,146
|
545,000
|
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, due 4/1/2026
|
509,801
(a)
|
65,000
|
Penske Automotive Group, Inc., 3.50%, due 9/1/2025
|
61,691
|
|
PetSmart, Inc./PetSmart Finance Corp.
|
|
55,000
|
4.75%, due 2/15/2028
|
48,668
(a)
|
875,000
|
7.75%, due 2/15/2029
|
805,562
(a)
|
|
SRS Distribution, Inc.
|
|
520,000
|
6.13%, due 7/1/2029
|
435,500
(a)
|
380,000
|
6.00%, due 12/1/2029
|
316,350
(a)
|
490,000
|
Victoria's Secret & Co., 4.63%, due 7/15/2029
|
360,222
(a)
|
510,000
|
White Cap Buyer LLC, 6.88%, due 10/15/2028
|
445,062
(a)
|
1,220,000
|
White Cap Parent LLC, 8.25% Cash/9.00% PIK, due 3/15/2026
|
1,144,898
(a)(c)
|
|
Yum! Brands, Inc.
|
|
595,000
|
4.75%, due 1/15/2030
|
529,675
(a)
|
165,000
|
3.63%, due 3/15/2031
|
133,984
|
465,000
|
4.63%, due 1/31/2032
|
396,216
|
|
|
10,114,402
|
Semiconductors 0.1%
|
||
250,000
|
ON Semiconductor Corp., 3.88%, due 9/1/2028
|
214,770
(a)
|
Software 2.1%
|
||
1,165,000
|
AthenaHealth Group, Inc., 6.50%, due 2/15/2030
|
952,091
(a)
|
170,000
|
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, due
6/15/2029
|
167,915
(a)
|
270,000
|
Consensus Cloud Solutions, Inc., 6.50%, due 10/15/2028
|
223,762
(a)
|
105,000
|
Open Text Corp., 3.88%, due 12/1/2029
|
85,867
(a)
|
460,000
|
Open Text Holdings, Inc., 4.13%, due 2/15/2030
|
381,155
(a)
|
Principal Amount
|
Value
|
|
|
||
Software – cont'd
|
||
|
Rackspace Technology Global, Inc.
|
|
$2,380,000
|
3.50%, due 2/15/2028
|
$1,043,242
(a)
|
385,000
|
5.38%, due 12/1/2028
|
112,582
(a)
|
760,000
|
RingCentral, Inc., 8.50%, due 8/15/2030
|
722,000
(a)
|
595,000
|
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, due 2/1/2029
|
491,212
(a)
|
|
|
4,179,826
|
Telecommunications 5.4%
|
||
1,355,000
|
Altice France Holding SA, 6.00%, due 2/15/2028
|
594,243
(a)
|
|
Altice France SA
|
|
1,170,000
|
8.13%, due 2/1/2027
|
986,269
(a)
|
390,000
|
5.50%, due 1/15/2028
|
289,781
(a)
|
1,055,000
|
5.50%, due 10/15/2029
|
725,735
(a)
|
160,000
|
Ciena Corp., 4.00%, due 1/31/2030
|
133,318
(a)
|
795,000
|
CommScope Technologies LLC, 5.00%, due 3/15/2027
|
292,584
(a)
|
|
CommScope, Inc.
|
|
215,000
|
8.25%, due 3/1/2027
|
89,225
(a)
|
605,000
|
7.13%, due 7/1/2028
|
226,875
(a)
|
695,000
|
4.75%, due 9/1/2029
|
474,338
(a)
|
|
Frontier Communications Holdings LLC
|
|
325,000
|
5.00%, due 5/1/2028
|
280,602
(a)
|
620,000
|
5.88%, due 11/1/2029
|
466,003
|
865,000
|
8.75%, due 5/15/2030
|
824,131
(a)
|
|
Iliad Holding SASU
|
|
250,000
|
6.50%, due 10/15/2026
|
233,613
(a)
|
870,000
|
7.00%, due 10/15/2028
|
787,308
(a)
|
|
Level 3 Financing, Inc.
|
|
595,000
|
3.75%, due 7/15/2029
|
302,507
(a)
|
2,109,000
|
10.50%, due 5/15/2030
|
2,110,652
(a)
|
255,000
|
Lumen Technologies, Inc., 4.00%, due 2/15/2027
|
172,125
(a)
|
140,000
|
U.S. Cellular Corp., 6.70%, due 12/15/2033
|
132,859
|
|
Viasat, Inc.
|
|
155,000
|
5.63%, due 4/15/2027
|
135,318
(a)
|
190,000
|
6.50%, due 7/15/2028
|
134,691
(a)
|
1,255,000
|
Vmed O2 U.K. Financing I PLC, 4.75%, due 7/15/2031
|
1,010,157
(a)
|
225,000
|
Zayo Group Holdings, Inc., 4.00%, due 3/1/2027
|
169,345
(a)
|
|
|
10,571,679
|
Transportation 0.3%
|
||
630,000
|
XPO, Inc., 6.25%, due 6/1/2028
|
603,578
(a)
|
Trucking & Leasing 0.2%
|
||
330,000
|
AerCap Global Aviation Trust, 6.50%, due 6/15/2045
|
323,726
(a)(d)
|
Water 0.4%
|
||
825,000
|
Solaris Midstream Holdings LLC, 7.63%, due 4/1/2026
|
787,009
(a)
|
Total Corporate Bonds (Cost $300,463,829)
|
277,037,625
|
|
|
||
Loan Assignments(b) 7.0%
|
||
Aerospace & Defense 0.6%
|
||
371,008
|
Peraton Corp., Term Loan B, (1 mo. USD Term SOFR + 3.75%), 9.17%, due
2/1/2028
|
363,588
|
Principal Amount
|
Value
|
|
|
||
Aerospace & Defense – cont'd
|
||
$860,675
|
TransDigm, Inc., Term Loan I, (3 mo. USD Term SOFR + 3.25%), 8.64%, due
8/24/2028
|
$859,315
|
|
|
1,222,903
|
Air Transport 0.3%
|
||
585,000
|
American Airlines, Inc., Term Loan, (3 mo. USD Term SOFR + 4.75%), 10.43%,
due 4/20/2028
|
592,312
|
Automotive 0.4%
|
||
754,199
|
First Brands Group LLC, Term Loan, (6 mo. USD Term SOFR + 5.00%), 10.88%,
due 3/30/2027
|
742,569
|
Business Equipment & Services 0.2%
|
||
372,166
|
AppLovin Corp., Term Loan B, (1 mo. USD Term SOFR + 3.10%), 8.42%, due
10/25/2028
|
370,905
|
Chemicals & Plastics 0.2%
|
||
374,063
|
Ineos U.S. Finance LLC, Term Loan B, (1 mo. USD Term SOFR + 3.50%), 8.92%,
due 2/18/2030
|
365,530
|
Containers & Glass Products 0.2%
|
||
349,125
|
Trident TPI Holdings, Inc., Term Loan, (3 mo. USD Term SOFR + 4.50%), 9.89%,
due 9/15/2028
|
347,467
|
Diversified Insurance 0.3%
|
||
646,643
|
Gainwell Acquisition Corp., Term Loan B, (3 mo. USD Term SOFR + 4.00%),
9.49%, due 10/1/2027
|
617,007
|
Financial Intermediaries 0.8%
|
||
|
Starwood Property Trust, Inc.
|
|
722,626
|
Term Loan B3, (1 mo. USD Term SOFR + 3.25%), 8.67%, due 7/26/2026
|
720,372
|
744,375
|
Term Loan B, (1 mo. USD Term SOFR + 3.25%), 8.57%, due 11/18/2027
|
739,261
|
|
|
1,459,633
|
Health Care 0.9%
|
||
759,219
|
Medline Borrower LP, Term Loan B, (1 mo. USD Term SOFR + 3.25%), 8.69%, due
10/23/2028
|
754,003
|
1,461,961
|
Team Health Holdings, Inc., Term Loan B, (1 mo. USD Term SOFR + 5.25%, 3 mo.
USD Term SOFR +
5.25%), 10.57% – 10.63%, due 3/2/2027
|
1,043,270
(h)
|
|
|
1,797,273
|
Industrial Equipment 0.3%
|
||
677,604
|
Engineered Machinery Holdings, Inc., Second Lien Term Loan, (3 mo. USD Term
SOFR + 6.00%),
11.65%, due 5/21/2029
|
657,276
(i)
|
Leisure Goods - Activities - Movies 0.3%
|
||
618,450
|
Carnival Corp., Term Loan B, (1 mo. USD Term SOFR + 3.00%), 8.34%, due
8/8/2027
|
606,854
|
Life Sciences Tools & Services 0.4%
|
||
770,000
|
Star Parent, Inc., Term Loan B, (3 mo. USD Term SOFR + 4.00%), 9.39%, due
9/27/2030
|
732,755
|
Oil & Gas 0.4%
|
||
876,309
|
Waterbridge Midstream Operating LLC, Term Loan B, (3 mo. USD Term SOFR +
5.75%), 11.39%, due
6/22/2026
|
875,459
|
Telecommunications 0.8%
|
||
1,667,176
|
Frontier Communications Corp., First Lien Term Loan, (1 mo. USD Term SOFR +
3.75%), 9.19%, due
10/8/2027
|
1,602,573
|
Trading Companies & Distributors 0.2%
|
||
484,611
|
Fastlane Parent Co., Inc., Term Loan B, (1 mo. USD Term SOFR + 4.50%), due
9/29/2028
|
477,948
(j)(k)
|
Principal Amount
|
Value
|
||
|
|||
Utilities 0.7%
|
|||
|
Lightstone Holdco LLC
|
|
|
$1,276,625
|
Term Loan B, (3 mo. USD Term SOFR + 5.75%), 11.13%, due 1/29/2027
|
$1,197,154
|
|
72,204
|
Term Loan C, (3 mo. USD Term SOFR + 5.75%), 11.13%, due 1/29/2027
|
67,710
|
|
|
|
1,264,864
|
|
Total Loan Assignments (Cost $14,214,490)
|
13,733,328
|
||
|
|||
Convertible Bonds 0.2%
|
|||
Media 0.2%
|
|||
762,000
|
DISH Network Corp., 3.38%, due 8/15/2026 (Cost $755,718)
|
390,525
|
|
Number of Shares
|
|
||
|
|||
|
|||
Short-Term Investments 0.6%
|
|||
Investment Companies 0.6%
|
|
|
|
1,216,455
|
State Street Institutional U.S. Government Money Market Fund Premier Class,
5.30%(l)
(Cost $1,216,455)
|
1,216,455
|
|
Total Investments 152.1% (Cost
$320,032,680)
|
295,809,903
|
||
Liabilities Less Other Assets (31.6)%
|
(61,449,289
)(m)
|
||
Liquidation Preference of Mandatory Redeemable Preferred
Shares (net of unamortized deferred issuance cost of
$67,892) (20.5%)
|
(39,932,108
)(n)
|
||
Net Assets Applicable to Common
Stockholders 100.0%
|
$194,428,506
|
(a)
|
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are
otherwise
restricted and, unless registered under the Securities Act of 1933 or exempted from
registration, may only
be sold to qualified institutional investors or may have other restrictions on resale.
At October 31, 2023,
these securities amounted to $237,834,543, which represents 122.3% of net assets applicable to
common
stockholders of the Fund.
|
(b)
|
Variable or floating rate security. The interest rate shown was the current rate as of October
31, 2023 and
changes periodically.
|
(c)
|
Payment-in-kind (PIK) security.
|
(d)
|
Security issued at a fixed coupon rate, which converts to a variable rate at a future date.
Rate shown is the
rate in effect as of period end.
|
(e)
|
Perpetual security. Perpetual securities have no stated maturity date, but they may be
called/redeemed by
the issuer. The date shown reflects the next call date.
|
(f)
|
Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific
date or may reset in
the future contingent upon a predetermined trigger. The interest rate shown was the current
rate as of
October 31, 2023.
|
(g)
|
When-issued security. Total value of all such securities at October 31, 2023 amounted to
$983,526, which
represents 0.5% of net assets applicable to common stockholders of the Fund.
|
(h)
|
The stated interest rates represent the range of rates at October 31, 2023 of the underlying
contracts within
the Loan Assignment.
|
(i)
|
Value determined using significant unobservable inputs.
|
(j)
|
All or a portion of this security was purchased on a delayed delivery basis.
|
(k)
|
All or a portion of this security had not settled as of October 31, 2023 and thus may not have
an interest
rate in effect. Interest rates do not take effect until settlement.
|
(l)
|
Represents 7-day effective yield as of October 31, 2023.
|
(m)
|
As of October 31, 2023, the value of unfunded note commitments was $1,055,000 for the Fund
(see
Note A of the Notes to Financial Statements)
|
(n)
|
Fair valued as of October 31, 2023 in accordance with procedures approved by the valuation
designee.
|
POSITIONS BY COUNTRY
|
||
Country
|
Investments at
Value
|
Percentage of Net
Assets Applicable
to Common
Stockholders
|
United States
|
$257,786,508
|
132.6
%
|
Canada
|
6,983,591
|
3.6
%
|
France
|
4,916,080
|
2.5
%
|
Cayman Islands
|
3,470,251
|
1.8
%
|
Germany
|
3,412,988
|
1.8
%
|
United Kingdom
|
3,110,509
|
1.6
%
|
Luxembourg
|
2,736,229
|
1.4
%
|
Zambia
|
2,465,072
|
1.3
%
|
Switzerland
|
2,270,508
|
1.2
%
|
Netherlands
|
1,436,559
|
0.7
%
|
Israel
|
1,124,151
|
0.6
%
|
Mexico
|
983,526
|
0.5
%
|
Austria
|
765,498
|
0.4
%
|
Australia
|
726,037
|
0.4
%
|
Chile
|
665,883
|
0.3
%
|
Bermuda
|
494,068
|
0.2
%
|
Finland
|
493,571
|
0.2
%
|
Czech Republic
|
428,693
|
0.2
%
|
Ireland
|
323,726
|
0.2
%
|
Liquidation Preference of Mandatory Redeemable Preferred Shares (net of
unamortized
deferred issuance cost of $67,892)
|
(39,932,108
)
|
(20.5
)%
|
Short-Term Investments and Other Liabilities—Net
|
(60,232,834
)
|
(31.0
)%
|
|
$194,428,506
|
100.0
%
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
Investments:
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$3,431,970
|
$—
|
$3,431,970
|
Corporate Bonds#
|
—
|
277,037,625
|
—
|
277,037,625
|
Loan Assignments
|
|
|
|
|
Industrial Equipment
|
—
|
—
|
657,276
|
657,276
|
Other Loan Assignments#
|
—
|
13,076,052
|
—
|
13,076,052
|
Total Loan Assignments
|
—
|
13,076,052
|
657,276
|
13,733,328
|
Convertible Bonds#
|
—
|
390,525
|
—
|
390,525
|
Short-Term Investments
|
—
|
1,216,455
|
—
|
1,216,455
|
Total Investments
|
$—
|
$295,152,627
|
$657,276
|
$295,809,903
|
#
|
The Schedule of Investments provides information on the industry or sector categorization as
well as a
Positions by Country summary.
|
(a)
|
The following is a reconciliation between the beginning and ending balances of investments in
which
significant unobservable inputs (Level 3) were used in determining value:
|
(000's
omitted)
|
Beginning
balance as
of 11/1/2022
|
Accrued
discounts/
(premiums)
|
Realized
gain/(loss)
|
Change
in unrealized
appreciation/
(depreciation)
|
Purchases
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance
as of
10/31/2023
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
10/31/2023
|
Investments in
Securities:
|
|
|
|
|
|
|
|
|
|
|
Loan Assignments(1)
|
$—
|
$1
|
$—
|
$16
|
$640
|
$—
|
$—
|
$—
|
$657
|
$16
|
Total
|
$—
|
$1
|
$—
|
$16
|
$640
|
$—
|
$—
|
$—
|
$657
|
$16
|
(1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The
Fund does not have access to significant unobservable inputs and therefore cannot disclose such
inputs used in formulating such quotation.
|
Other Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Mandatory Redeemable Preferred Shares(a)
|
$—
|
$(40,000,000
)
|
$—
|
$(40,000,000
)
|
Total Mandatory Redeemable Preferred Shares
|
$—
|
$(40,000,000
)
|
$—
|
$(40,000,000
)
|
(a)
|
The Fund may hold liabilities in which the fair value approximates the carrying amount for
financial
statement purposes.
|
|
High Yield
Strategies
Fund Inc.
|
|
October 31, 2023
|
Assets
|
|
Investments in securities, at value* (Note
A)—see Schedule of Investments:
|
|
Unaffiliated issuers(a)
|
$295,809,903
|
Interest receivable
|
6,207,335
|
Receivable for securities sold
|
1,705,268
|
Prepaid offering costs (Notes A & G)
|
163,053
|
Prepaid expenses and other assets
|
21,967
|
Total Assets
|
303,907,526
|
Liabilities
|
|
Loans payable (Note A)
|
66,000,000
|
Mandatory Redeemable Preferred Shares, Series D (net of unamortized deferred issuance cost of
$67,892)
($100,000 liquidation preference per share; 400 shares issued and outstanding) (Note A)
|
39,932,108
|
Distributions payable—preferred shares
|
240,566
|
Distributions payable—common stock
|
30,774
|
Payable to investment manager (Note B)
|
158,513
|
Due to custodian
|
602,555
|
Payable for securities purchased
|
1,725,050
|
Payable to administrator (Note B)
|
13,209
|
Payable to directors
|
4,362
|
Interest payable (Note A)
|
385,981
|
Other accrued expenses and payables
|
385,902
|
Total Liabilities
|
109,479,020
|
Unfunded Commitments (Note A)
|
—
|
Net Assets applicable to Common Stockholders
|
$194,428,506
|
Net Assets applicable to Common Stockholders consist of:
|
|
Paid-in capital—common stock
|
$270,420,476
|
Total distributable earnings/(losses)
|
(75,991,970
)
|
Net Assets applicable to Common Stockholders
|
$194,428,506
|
Shares of Common Stock Outstanding ($0.0001 par value; 992,396,700 shares
authorized)
|
25,928,907
|
Net Asset Value Per Share of Common Stock Outstanding
|
$7.50
|
*Cost of Investments:
|
|
(a) Unaffiliated issuers
|
$320,032,680
|
|
|
High Yield
Strategies
Fund Inc.
|
|
For the Fiscal
Year Ended
October 31,
2023
|
Investment Income:
|
|
Income (Note A):
|
|
Interest and other income—unaffiliated issuers
|
$22,352,359
|
Expenses:
|
|
Investment management fees (Note B)
|
1,807,170
|
Administration fees (Note B)
|
150,597
|
Audit fees
|
61,664
|
Basic maintenance (Note A)
|
12,499
|
Custodian and accounting fees
|
125,459
|
Insurance
|
5,174
|
Legal fees
|
169,233
|
Stockholder reports
|
54,124
|
Stock exchange listing fees
|
8,645
|
Stock transfer agent fees
|
39,571
|
Distributions to mandatory redeemable preferred shareholders and amortization of offering
costs (Note A)
|
5,282,933
|
Directors' fees and expenses
|
50,351
|
Interest expense on reverse repurchase agreements (Note A)
|
47,891
|
Interest (Note A)
|
3,096,376
|
Miscellaneous and other fees
|
64,235
|
Total expenses
|
10,975,922
|
Net investment income/(loss)
|
$11,376,437
|
Realized and Unrealized Gain/(Loss) on Investments (Note A):
|
|
Net realized gain/(loss) on:
|
|
Transactions in investment securities of unaffiliated issuers
|
(17,758,161
)
|
Expiration or closing of swap contracts
|
1,392,167
|
Change in net unrealized appreciation/(depreciation) in
value of:
|
|
Investment securities of unaffiliated issuers
|
10,136,563
|
Swap contracts
|
(1,429,484
)
|
Net gain/(loss) on investments
|
(7,658,915
)
|
Net increase/(decrease) in net assets applicable to Common Stockholders
resulting from operations
|
$3,717,522
|
|
High Yield
Strategies Fund Inc.
|
|
|
Fiscal Year Ended
|
Fiscal Year Ended
|
|
October 31, 2023
|
October 31, 2022
|
Increase/(Decrease) in Net Assets Applicable to Common Stockholders:
|
|
|
From Operations (Note A):
|
|
|
Net investment income/(loss)
|
$11,376,437
|
$11,864,993
|
Net realized gain/(loss) on investments
|
(16,365,994
)
|
(8,131,089
)
|
Change in net unrealized appreciation/(depreciation) of investments
|
8,707,079
|
(37,223,310
)
|
Net increase/(decrease) in net assets applicable to Common Stockholders resulting from
operations
|
3,717,522
|
(33,489,406
)
|
Distributions to Common Stockholders From (Note A):
|
|
|
Distributable earnings
|
(12,132,482
)
|
(13,347,138
)
|
Tax return of capital
|
(11,327,347
)
|
(4,737,698
)
|
Total distributions to Common Stockholders
|
(23,459,829
)
|
(18,084,836
)
|
From Capital Share Transactions (Note D):
|
|
|
Proceeds from rights offering, net of offering costs (Notes E & F)
|
45,768,023
(a)
|
38,701,436
(a)
|
Proceeds from at-the-market offering, net of offering costs (Note G)
|
64,244
(b)
|
—
|
Proceeds from reinvestment of dividends and distributions
|
59,733
|
59,568
|
Total net proceeds from capital share transactions
|
45,892,000
|
38,761,004
|
Net Increase/(Decrease) in Net Assets Applicable to Common
Stockholders
|
26,149,693
|
(12,813,238
)
|
Net Assets Applicable to Common Stockholders:
|
|
|
Beginning of year
|
168,278,813
|
181,092,051
|
End of year
|
$194,428,506
|
$168,278,813
|
|
|
(a)
|
Net of offering costs and related expenses of $2,360,101 and $2,277,351 for the years ended
October 31, 2023 and 2022,
respectively.
|
(b)
|
Net of offering costs and related expenses of $214.
|
|
High Yield
Strategies
Fund Inc.
|
|
For the
Fiscal Year Ended
October 31, 2023
|
Increase/(Decrease) in cash:
|
|
Cash flows from operating activities:
|
|
Net increase in net assets applicable to Common Stockholders resulting from operations
|
$3,717,522
|
Adjustments to reconcile net increase in net assets applicable to Common Stockholders
resulting from operations
to net cash provided by operating activities:
|
|
Changes in assets and liabilities:
|
|
Purchase of investment securities
|
(272,343,218
)
|
Proceeds from disposition of investment securities
|
228,147,089
|
Purchase/sale of short-term investment securities, net
|
31,196,553
|
Increase/decrease in receivable/payable for accumulated variation margin on centrally cleared
swap contracts
|
1,429,484
|
Increase in prepaid offering costs
|
(163,053
)
|
Increase in interest receivable
|
(1,704,400
)
|
Decrease in unamortized deferred issuance cost
|
39,433
|
Decrease in prepaid expenses and other assets
|
116,158
|
Increase in receivable for securities sold
|
(1,472,462
)
|
Decrease in distributions payable on preferred shares
|
(700,341
)
|
Decrease in payable for securities purchased
|
(707,352
)
|
Increase in interest payable
|
188,256
|
Net amortization/(accretion) of premium/(discount) on investments
|
(1,418,576
)
|
Increase in payable to investment manager
|
12,380
|
Decrease in payable to directors
|
(8,879
)
|
Increase in payable to administrator
|
1,031
|
Increase in other accrued expenses and payables
|
199,670
|
Unrealized appreciation on investment securities of unaffiliated issuers
|
(10,136,563
)
|
Net realized loss from transactions in investment securities of unaffiliated issuers
|
17,758,161
|
Net cash provided by (used in) operating activities
|
$(5,849,107
)
|
Cash flows from financing activities:
|
|
Cash distributions paid on common stock
|
(23,384,118
)
|
Cash disbursement for change in Mandatory Redeemable Preferred Shares
|
(36,000,000
)
|
Cash receipt from loan borrowings
|
66,000,000
|
Cash disbursement for privately placed notes
|
(46,000,000
)
|
Net proceeds from rights offering
|
45,768,023
|
Net proceeds from at-the-market offering
|
64,244
|
Net cash provided by (used in) financing activities
|
$6,448,149
|
Net increase/(decrease) in cash and restricted cash
|
599,042
|
Cash:
|
|
Cash and restricted cash at beginning of year
|
(1,201,597
)
|
Cash and restricted cash at end of year
|
$(602,555
)
|
Supplemental disclosure
|
|
Cash paid for interest
|
$2,908,120
|
|
October 31, 2023
|
October 31, 2022
|
Cash (Due to Custodian)
|
$(602,555
)
|
$—
|
Deposit for derivative collateral
|
|
|
Cash collateral segregated for centrally cleared swap contracts due from/(to) broker
|
—
|
(1,201,597
)
|
Total cash and restricted cash as shown in the Statement of Cash Flows
|
$(602,555
)
|
$(1,201,597
)
|
|
Paid-in Capital
|
Total Distributable
Earnings/(Losses)
|
|
$(109,433
)
|
$109,433
|
|
Distributions Paid From:
|
|||||||
|
Ordinary
Income
|
Long-Term
Capital Gain
|
Return of
Capital
|
Total
|
||||
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
|
$17,305,982
|
$15,880,233
|
$—
|
$—
|
$11,327,347
|
$4,737,698
|
$28,633,329
|
$20,617,931
|
|
|
|
|
|
|
|
|
|
|
Undistributed
Ordinary
Income
|
Undistributed
Long-Term
Capital Gain
|
Unrealized
Appreciation/
(Depreciation)
|
Loss
Carryforwards
and Deferrals
|
Other
Temporary
Differences
|
Total
|
|
$—
|
$—
|
$(24,608,895
)
|
$(51,112,013
)
|
$(271,062
)
|
$(75,991,970
)
|
Capital Loss Carryforwards
|
|
Long-Term
|
Short-Term
|
$45,912,600
|
$5,199,413
|
Series
|
Mandatory
Redemption Date
|
Interest
Rate
|
Shares
Outstanding
|
Aggregate
Liquidation
Preference
|
Series D
|
9/29/26
|
6.96
%
|
400
|
$40,000,000
|
|
Net Realized Gain/
(Loss) on Derivatives(a)
|
|
Change in Net Unrealized
Appreciation/
(Depreciation) on
Derivatives(b)
|
Swaps
|
|
|
|
Interest rate risk
|
$1,392,167
|
|
$(1,429,484
)
|
(a)
|
Net realized gain/(loss) on derivatives is located in the Statement of Operations each under
the caption,
"Net realized gain/(loss) on:"
|
Swaps
|
Expiration or closing of swap contracts
|
(b)
|
Change in net unrealized appreciation/(depreciation) is located in the Statement of Operations
each under
the caption, "Change in net unrealized appreciation/(depreciation) in value of:"
|
Swaps
|
Swap contracts
|
Borrower
|
Principal
Amount
|
Value
|
HCFS Notes, 0.00%, due 12/31/2031(a)
|
$1,055,000
|
$1,055,000
|
(a)
|
Security fair valued as of October 31, 2023 in accordance with procedures approved by the
valuation
designee.
|
|
For the Year Ended October 31, 2023
|
||||
|
Stock Issued on
Reinvestment of
Dividends
and Distributions
|
|
Stock Issued in
Connection with
Rights Offering (Note F)
|
Stock Issued in
Connection with
ATM
Offering (Note G)
|
Net Increase/
(Decrease)
in Common Stock
Outstanding
|
|
6,840
|
|
6,482,227
|
7,300
|
6,496,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended October 31, 2022
|
||
|
Stock Issued on
Reinvestment of
Dividends
and Distributions
|
Stock Issued in
Connection with
Rights Offering
(Note E)
|
Net Increase/
(Decrease)
in Common Stock
Outstanding
|
|
4,957
|
4,763,981
|
4,768,938
|
|
|
|
|
|
|
|
|
|
Year Ended October 31,
|
||||
|
2023
|
2022
|
2021
|
2020
|
2019
|
Common Stock Net Asset Value, Beginning of Year
|
$8.66
|
$12.35
|
$11.74
|
$12.67
|
$12.45
|
Income/(Loss) From Investment Operations Applicable to
Common Stockholders:
|
|
|
|
|
|
Net Investment Income/(Loss)a
|
0.52
|
0.71
|
0.75
|
0.73
|
0.78
|
Net Gains or (Losses) on Securities (both realized and unrealized)
|
(0.36
)
|
(3.00
)
|
0.78
|
(0.57
)
|
0.38
|
Total From Investment Operations Applicable to Common
Stockholders
|
0.16
|
(2.29
)
|
1.53
|
0.16
|
1.16
|
Less Distributions to Common Stockholders From:
|
|
|
|
|
|
Net Investment Income
|
(0.57
)
|
(0.81
)
|
(0.77
)
|
(0.77
)
|
(0.82
)
|
Tax Return of Capital
|
(0.52
)
|
(0.28
)
|
(0.32
)
|
(0.32
)
|
(0.12
)
|
Total Distributions to Common Stockholders
|
(1.09
)
|
(1.09
)
|
(1.09
)
|
(1.09
)
|
(0.94
)
|
Accretive Effect of Common Stock Tender Offers
|
—
|
—
|
0.17
b
|
—
|
—
|
Dilutive Effect of Rights Offering
|
(0.23
)c
|
(0.31
)d
|
—
|
—
|
—
|
Premium from shares of Common Stock sold through ATM
offering
|
0.00
e
|
—
|
—
|
—
|
—
|
Common Stock Net Asset Value, End of Year
|
$7.50
|
$8.66
|
$12.35
|
$11.74
|
$12.67
|
Common Stock Market Value, End of Year
|
$7.04
|
$8.21
|
$13.16
|
$10.75
|
$11.93
|
Total Return, Common Stock Net Asset Valuef
|
(1.00
)%g
|
(21.70
)%
|
14.81
%g
|
2.28
%
|
10.43
%
|
Total Return, Common Stock Market Valuef
|
(1.98
)%g
|
(30.34
)%
|
33.61
%g
|
(0.53
)%
|
25.32
%
|
Supplemental Data/Ratios
|
|
|
|
|
|
Net Assets Applicable to Common Stockholders, End of Year (in
millions)
|
$194.4
|
$168.3
|
$181.1
|
$229.3
|
$247.5
|
Preferred Stock Outstanding, End of Year (in millions)h
|
$40.0
|
$76.0
|
$76.0
|
$95.0
|
$35.0
|
Preferred Stock Liquidation Value Per Shareh
|
$100,000
|
$12.5
|
$12.5
|
$12.5
|
$25,000
|
Ratios are Calculated Using Average Net Assets Applicable to
Common Stockholders
|
|
|
|
|
|
Ratio of Gross Expensesi
|
6.08
%j
|
3.37
%
|
2.55
%
|
3.17
%
|
3.52
%
|
Ratio of Net Expensesi
|
6.08
%j
|
3.37
%
|
2.55
%
|
3.17
%
|
3.52
%
|
Ratio of Net Investment Income/(Loss) Excluding Preferred Stock
Distributions
|
6.30
%
|
6.90
%
|
5.96
%
|
6.21
%
|
6.20
%
|
Portfolio Turnover Rate
|
78
%
|
52
%
|
66
%
|
102
%
|
89
%
|
Asset Coverage Per Share of Preferred Stock, End of Yeark
|
$586,503
l
|
$40
|
$42
|
$43
|
$201,899
|
Notes Payable (in millions)m
|
$—
|
$45.9
|
$19.3
|
$29.6
|
$89.9
|
Asset Coverage Per $1,000 of Notes Payablen
|
$—
|
$6,348
|
$14,374
|
$11,969
|
$4,147
|
Loans Payable (in millions)
|
$66.0
|
$—
|
$—
|
$—
|
$—
|
Asset Coverage Per $1,000 of Loans Payableo
|
$4,560
|
$—
|
$—
|
$—
|
$—
|
|
a
|
Calculated based on the average number of shares of common stock outstanding during each
fiscal period.
|
b
|
During the year ended October 31, 2021, the Fund conducted a tender offer and repurchased 25%
of
its outstanding shares of common stock at a price equal to 96% of the Fund’s NAV per share.
The final
payment for the tender offer was made at $12.03 per share representing 96% of the Fund's NAV
per
share on December 10, 2020.
|
c
|
During the year ended October 31, 2023, the Fund conducted a rights offering and issued
6,482,227 shares
of common stock. The final subscription price for the rights offering was $7.42 per share
representing 89%
of the Fund's NAV per share on June 21, 2023.
|
d
|
During the year ended October 31, 2022, the Fund conducted a rights offering and issued
4,763,981 shares
of common stock. The final subscription price for the rights offering was $8.60 per share
representing 87%
of the Fund's NAV per share on May 17, 2022.
|
e
|
During the year ended October 31, 2023, the Fund issued 7,300 shares of common stock through
the ATM
offering.
|
f
|
Total return based on per share NAV reflects the effects of changes in NAV on the performance
of the Fund
during each fiscal period. Total return based on per share market value assumes the purchase
of shares of
common stock at the market price on the first day and sale of common stock at the market price
on the last
day of the period indicated. Distributions, if any, are assumed to be reinvested at prices
obtained under the
Fund's distribution reinvestment plan. Results represent past performance and do not indicate
future results.
Current returns may be lower or higher than the performance data quoted. Investment returns
will
fluctuate and shares of common stock, when sold, may be worth more or less than original cost.
|
g
|
The class action proceeds listed in Note A of the Notes to Financial Statements had no impact
on the Fund's
total return for the year ended October 31, 2023. The class action proceeds received in 2021
had no impact
on the Fund’s total returns for the year ended October 31, 2021.
|
h
|
From September 18, 2013 to August 4, 2020, the Fund had 1,400 Mandatory Redeemable Preferred
Shares, Series B outstanding. From August 5, 2020 to December 13, 2020, the Fund had 7,600,000
MRPS
Series C outstanding. From December 14, 2020 to September 17, 2023, the Fund had 6,080,000
MRPS
Series C outstanding. Effective September 29, 2023, the Fund has 400 MRPS Series D outstanding
(see
Note A of Notes to Financial Statements).
|
i
|
Distributions to mandatory redeemable preferred stockholders and interest expense is included
in expense
ratios. The annualized ratios of distributions to mandatory redeemable preferred stockholders
and interest
expense to average net assets applicable to common stockholders were:
|
|
Year Ended October 31
|
||||
|
2023
|
2022
|
2021
|
2020
|
2019
|
Distributions to mandatory redeemable
preferred stockholders
|
2.87%
|
1.47%
|
0.95%
|
0.71%
|
0.71%
|
Interest
|
1.71%
|
0.51%
|
0.15%
|
0.89%
|
1.38%
|
j
|
Includes interest expense on reverse repurchase agreements of 0.03% for the year ended October
31,
2023.
|
k
|
Calculated by subtracting the Fund's total liabilities (excluding the liquidation preference
of mandatory
redeemable preferred shares and accumulated unpaid distributions on mandatory redeemable
preferred
shares) from the Fund's total assets and dividing by the number of mandatory redeemable
preferred shares
outstanding.
|
l
|
Net of unamortized deferred issuance costs. The unamortized deferred issuance costs for the
year ended
October 31, 2023 were $67,892.
|
m
|
Net of unamortized deferred issuance costs. The unamortized deferred issuance costs were:
|
|
Year Ended October 31,
|
|||
|
2022
|
2021
|
2020
|
2019
|
|
$107,325
|
$243,416
|
$379,506
|
$88,436
|
n
|
Calculated by subtracting the Fund’s total liabilities (excluding the liquidation preference
of mandatory
redeemable preferred shares, the outstanding principal of the PNs and accumulated unpaid
liabilities on the
PNs and the mandatory redeemable preferred shares) from the Fund’s total assets and dividing
by the
outstanding Notes Payable balance.
|
o
|
Calculated by subtracting the Fund’s total liabilities (excluding the liquidation preference
of mandatory
redeemable preferred shares, the outstanding principal of the loans payable and accumulated
unpaid
liabilities on the loans payable and the mandatory redeemable preferred shares) from the
Fund’s total assets
and dividing by the outstanding Loans Payable balance.
|
Neuberger Berman High Yield Strategies Fund Inc.
December 22, 2023
1290 Avenue of the Americas
New York, NY 10104-0002
877.461.1899
One Congress Street, Suite 1
Boston, MA 02114-2016
48 Wall Street, Floor 23
New York, NY 10005
Shareholder Services 866.227.2136
P.O. Box 500
Newark, NJ 07101
Equiniti Trust Company, LLC
55 Challenger Road 2nd Floor
Ridgefield Park, NJ 07660
1601 K Street, NW
Washington, DC 20006-1600
200 Clarendon Street
Boston, MA 02116
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
CLASS I
|
||||
Independent Directors
|
||||
Marc Gary (1952)
|
Director since
2015
|
Executive Vice Chancellor
Emeritus, The Jewish
Theological Seminary, since
2020; formerly, Executive
Vice Chancellor and Chief
Operating Officer, The
Jewish Theological Seminary,
2012 to 2020; formerly,
Executive Vice President and
General Counsel, Fidelity
Investments, 2007 to
2012;formerly, Executive
Vice President and General
Counsel, BellSouth
Corporation, 2004 to 2007;
formerly, Vice President and
Associate General Counsel,
BellSouth Corporation, 2000
to 2004; formerly, Associate,
Partner, and National
Litigation Practice Co-Chair,
Mayer, Brown LLP, 1981 to
2000; formerly, Associate
Independent Counsel, Office
of Independent Counsel,
1990 to 1992.
|
47
|
Chair and Director, USCJ
Supporting Foundation,
since 2021; Director, UJA
Federation of Greater New
York, since 2019; Trustee,
The Jewish Theological
Seminary, since 2015;
Director, Lawyers Committee
for Civil Rights Under Law
(not-for-profit), since 2005;
formerly, Director, Legility,
Inc. (privately held for-profit
company), 2012 to 2021;
formerly, Director, Equal
Justice Works
(not-for-profit), 2005 to
2014; formerly, Director,
Corporate Counsel Institute,
Georgetown University Law
Center, 2007 to 2012;
formerly, Director, Greater
Boston Legal Services
(not-for-profit), 2007 to
2012.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
Michael M. Knetter (1960)
|
Director since
2007
|
President and Chief
Executive Officer, University
of Wisconsin Foundation,
since 2010; formerly, Dean,
School of Business,
University of Wisconsin -
Madison; formerly, Professor
of International Economics
and Associate Dean, Amos
Tuck School of Business -
Dartmouth College, 1998 to
2002.
|
47
|
Director, 1WS Credit Income
Fund, since 2018; Board
Member, American Family
Insurance (a mutual
company, not publicly
traded), since March 2009;
formerly, Trustee,
Northwestern Mutual
Series Fund, Inc., 2007 to
2011; formerly, Director,
Wausau Paper, 2005 to
2011; formerly, Director,
Great Wolf Resorts, 2004 to
2009.
|
Tom D. Seip (1950)
|
Director since
2006;
Chairman of
the Board since
2008; formerly,
Lead
Independent
Director from
2006 to 2008
|
Formerly, Managing
Member, Ridgefield
Farm LLC (a private
investment vehicle), 2004 to
2016; formerly, President
and CEO, Westaff, Inc.
(temporary staffing), May
2001 to January 2002;
formerly, Senior Executive,
The Charles Schwab
Corporation, 1983 to 1998,
including Chief Executive
Officer, Charles Schwab
Investment Management,
Inc.; Trustee, Schwab Family
of Funds and Schwab
Investments, 1997 to 1998;
and Executive Vice
President-Retail Brokerage,
Charles Schwab & Co., Inc.,
1994 to 1997.
|
47
|
Trustee, University of
Maryland, Shore Regional
Health System, since 2020;
formerly, Director, H&R
Block, Inc. (tax services
company), 2001 to 2018;
formerly, Director, Talbot
Hospice Inc., 2013 to 2016;
formerly, Chairman,
Governance and Nominating
Committee, H&R Block, Inc.,
2011 to 2015; formerly,
Chairman, Compensation
Committee, H&R Block, Inc.,
2006 to 2010; formerly,
Director, Forward
Management, Inc. (asset
management company),
1999 to 2006.
|
|
|
|
|
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
CLASS II
|
||||
Independent Directors
|
||||
Michael J. Cosgrove (1949)
|
Director since
2015
|
President, Carragh
Consulting USA, since 2014;
formerly, Executive, General
Electric Company, 1970 to
2014, including President,
Mutual Funds and Global
Investment Programs, GE
Asset Management, 2011 to
2014, President and Chief
Executive Officer, Mutual
Funds and Intermediary
Business, GE Asset
Management, 2007 to
2011, President, Institutional
Sales and Marketing, GE
Asset Management, 1998 to
2007, and Chief Financial
Officer, GE Asset
Management, and Deputy
Treasurer, GE Company,
1988 to 1993.
|
47
|
Member of Advisory Board,
Burke Neurological Institute,
since 2021; Parish Councilor,
St. Pius X, since 2021;
formerly, Director, America
Press, Inc. (not-for-profit
Jesuit publisher), 2015 to
2021; formerly, Director,
Fordham University, 2001 to
2018; formerly, Director, The
Gabelli Go Anywhere Trust,
June 2015 to June 2016;
formerly, Director, Skin
Cancer Foundation
(not-for-profit), 2006 to
2015; formerly, Director, GE
Investments Funds, Inc.,
1997 to 2014; formerly,
Trustee, GE Institutional
Funds, 1997 to 2014;
formerly, Director, GE Asset
Management, 1988 to
2014; formerly, Director,
Elfun Trusts, 1988 to 2014;
formerly, Trustee, GE Pension
& Benefit Plans, 1988 to
2014; formerly, Member of
Board of Governors,
Investment Company
Institute.
|
Ami Kaplan (1960)
|
Director since
2023
|
Formerly, Partner,
Deloitte LLP, 1982 to 2023,
including Vice Chair, 2017 to
2020; formerly, President
and Board Chair, Women’s
Forum of New York, 2014 to
2016.
|
47
|
None.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
Deborah C. McLean (1954)
|
Director since
2015
|
Member, Circle Financial
Group (private wealth
management membership
practice), since 2011;
Managing Director, Golden
Seeds LLC (an angel
investing group), since 2009;
Adjunct Professor (Corporate
Finance), Columbia
University School of
International and Public
Affairs, since 2008; formerly,
Visiting Assistant Professor,
Fairfield University, Dolan
School of Business, Fall
2007; formerly, Adjunct
Associate Professor of
Finance, Richmond, The
American International
University in London, 1999
to 2007.
|
47
|
Board Member, The
Maritime Aquarium at
Norwalk, since 2020; Board
Member, Norwalk
Community College
Foundation, since 2014;
Dean’s Advisory Council,
Radcliffe Institute for
Advanced Study, since 2014;
formerly, Director and
Treasurer, At Home in Darien
(not-for-profit), 2012 to
2014; formerly, Director,
National Executive Service
Corps (not-for-profit), 2012
to 2013; formerly, Trustee,
Richmond, The American
International University in
London, 1999 to 2013.
|
George W. Morriss (1947)
|
Director since
2007
|
Formerly, adjunct Professor,
Columbia University School
of International and Public
Affairs, 2012 to 2018;
formerly, Executive Vice
President and Chief Financial
Officer, People’s United
Bank, Connecticut (a
financial services company),
1991 to 2001.
|
47
|
Director, 1WS Credit Income
Fund; Chair, Audit
Committee, since 2018;
Director and Chair, Thrivent
Church Loan and Income
Fund, since 2018; formerly,
Trustee, Steben Alternative
Investment Funds, Steben
Select Multi-Strategy Fund,
and Steben Select
Multi-Strategy Master Fund,
2013 to 2017; formerly,
Treasurer, National
Association of Corporate
Directors, Connecticut
Chapter, 2011 to 2015;
formerly, Manager, Larch
Lane Multi-Strategy Fund
complex (which consisted of
three funds), 2006 to 2011;
formerly, Member, NASDAQ
Issuers’ Affairs Committee,
1995 to 2003.
|
|
|
|
|
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
CLASS III
|
||||
Independent Directors
|
||||
Martha C. Goss (1949)
|
Director since
2007
|
Formerly, President, Woodhill
Enterprises Inc./Chase
Hollow Associates LLC
(personal investment
vehicle), 2006 to 2020;
formerly, Consultant,
Resources Global
Professionals (temporary
staffing), 2002 to 2006;
formerly, Chief Financial
Officer, Booz-Allen &
Hamilton, Inc., 1995 to
1999; formerly, Enterprise
Risk Officer, Prudential
Insurance, 1994 to 1995;
formerly, President,
Prudential Asset
Management Company,
1992 to 1994; formerly,
President, Prudential Power
Funding (investments in
electric and gas utilities and
alternative energy projects),
1989 to 1992; formerly,
Treasurer, Prudential
Insurance Company, 1983 to
1989.
|
47
|
Director, American Water
(water utility), since 2003;
Director, Allianz Life of New
York (insurance), since 2005;
formerly, Director, Berger
Group Holdings, Inc.
(engineering consulting
firm), 2013 to 2018;
formerly, Director, Financial
Women’s Association of
New York (not-for-profit
association), 1987 to 1996,
and 2003 to 2019; Trustee
Emerita, Brown University,
since 1998; Director,
Museum of American
Finance (not-for-profit), since
2013; formerly,
Non-Executive Chair and
Director, Channel
Reinsurance (financial
guaranty reinsurance), 2006
to 2010; formerly, Director,
Ocwen Financial Corporation
(mortgage servicing), 2005
to 2010; formerly, Director,
Claire’s Stores, Inc. (retailer),
2005 to 2007; formerly,
Director, Parsons
Brinckerhoff Inc.
(engineering consulting
firm), 2007 to 2010;
formerly, Director, Bank
Leumi (commercial bank),
2005 to 2007; formerly,
Advisory Board Member,
Attensity (software
developer), 2005 to 2007;
formerly, Director, Foster
Wheeler Manufacturing,
1994 to 2004; formerly,
Director, Dexter Corp.
(Manufacturer of
Non-Wovens, Plastics, and
Medical Supplies), 1992 to
2001.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
Franklyn E. Smith (1961)
|
Director since
2023
|
Formerly, Partner,
PricewaterhouseCoopers LLP,
1989 to 2021.
|
47
|
Director, Zurich American
Insurance Company, since
2023.
|
James G. Stavridis (1955)
|
Director since
2015
|
Vice Chairman Global
Affairs, The Carlyle Group,
since 2018; Commentator,
NBC News, since 2015;
formerly, Dean, Fletcher
School of Law and
Diplomacy, Tufts University,
2013 to 2018; formerly,
Admiral, United States Navy,
1976 to 2013, including
Supreme Allied Commander,
NATO and Commander,
European Command, 2009
to 2013, and Commander,
United States Southern
Command, 2006 to 2009.
|
47
|
Director, Fortinet
(cybersecurity), since 2021;
Director, Ankura, since 2020;
Director, Vigor Shipyard,
since 2019; Director,
Rockefeller Foundation,
since 2018; Director,
American Water (water
utility), since 2018; Director,
NFP Corp. (insurance broker
and consultant), since 2017;
Director, Onassis Foundation,
since 2014; Director, Michael
Baker International
(construction) since 2014;
Director, Vertical Knowledge,
LLC, since 2013; formerly,
Director, U.S. Naval Institute,
2014 to 2019; formerly,
Director, Navy Federal Credit
Union, 2000 to 2002;
formerly, Director, BMC
Software Federal, LLC, 2014
to 2019.
|
|
|
|
|
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
Director who is an "Interested Person"
|
||||
Joseph V. Amato* (1962)
|
Chief Executive
Officer and
President since
2018 and
Director since
2008
|
President and Director,
Neuberger Berman
Group LLC, since 2009;
President and Chief
Executive Officer, Neuberger
Berman BD LLC and
Neuberger Berman
Holdings LLC (including its
predecessor, Neuberger
Berman Inc.), since 2007;
Chief Investment Officer
(Equities) and President
(Equities), NBIA (formerly,
Neuberger Berman Fixed
Income LLC and including
predecessor entities), since
2007, and Board Member of
NBIA since 2006; formerly,
Global Head of Asset
Management of Lehman
Brothers Holdings Inc.’s
("LBHI") Investment
Management Division, 2006
to 2009; formerly, member
of LBHI’s Investment
Management Division’s
Executive Management
Committee, 2006 to 2009;
formerly, Managing Director,
Lehman Brothers Inc.
("LBI"), 2006 to 2008;
formerly, Chief Recruiting
and Development Officer,
LBI, 2005 to 2006; formerly,
Global Head of LBI’s Equity
Sales and a Member of its
Equities Division Executive
Committee, 2003 to 2005;
President and Chief
Executive Officer, twelve
registered investment
companies for which NBIA
acts as investment manager
and/or administrator.
|
47
|
Member of Board of
Advisors, McDonough
School of Business,
Georgetown University, since
2001; Member of New York
City Board of Advisors, Teach
for America, since 2005;
Trustee, Montclair Kimberley
Academy (private school),
since 2007; Member of
Board of Regents,
Georgetown University, since
2013.
|
Name, (Year of Birth), and
Address(1)
|
Position(s) and
Length of Time
Served(2)
|
Principal Occupation(s)(3)
|
Claudia A. Brandon (1956)
|
Executive Vice
President since
2008 and
Secretary since
2006
|
Senior Vice President, Neuberger Berman, since 2007 and Employee since
1999; Senior Vice President, NBIA, since 2008 and Assistant Secretary since
2004; formerly, Vice President, Neuberger Berman, 2002 to 2006; formerly,
Vice President, Mutual Fund Board Relations, NBIA, 2000 to 2008;
formerly, Vice President, NBIA, 1986 to 1999 and Employee, 1984 to 1999;
Executive Vice President and Secretary, thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Agnes Diaz (1971)
|
Vice President
since 2013
|
Senior Vice President, Neuberger Berman, since 2012; Senior Vice
President, NBIA, since 2012 and Employee since 1996; formerly, Vice
President, Neuberger Berman, 2007 to 2012; Vice President, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Anthony DiBernardo (1979)
|
Assistant
Treasurer since
2011
|
Senior Vice President, Neuberger Berman, since 2014; Senior Vice
President, NBIA, since 2014, and Employee since 2003; formerly, Vice
President, Neuberger Berman, 2009 to 2014; Assistant Treasurer, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Savonne L. Ferguson (1973)
|
Chief
Compliance
Officer since
2018
|
Senior Vice President, Chief Compliance Officer, Mutual Funds, and
Associate General Counsel, NBIA, since November 2018; formerly, Vice
President, T. Rowe Price Group, Inc., 2018; Vice President and Senior Legal
Counsel, T. Rowe Price Associates, Inc., 2014 to 2018; Vice President and
Director of Regulatory Fund Administration, PNC Capital Advisors, LLC,
2009 to 2014; Secretary, PNC Funds and PNC Advantage Funds, 2010 to
2014; Chief Compliance Officer, thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Corey A. Issing (1978)
|
Chief Legal
Officer since
2016 (only for
purposes of
sections 307 and
406 of the
Sarbanes-Oxley
Act of 2002)
|
General Counsel, Mutual Funds, since 2016 and Managing Director, NBIA,
since 2017; formerly, Associate General Counsel, 2015 to 2016; Counsel,
2007 to 2015; Senior Vice President, 2013 to 2016; Vice President, 2009
to 2013; Chief Legal Officer (only for purposes of sections 307 and 406 of
the Sarbanes-Oxley Act of 2002), thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Sheila R. James (1965)
|
Assistant
Secretary since
2006
|
Senior Vice President, Neuberger Berman, since 2023 and Employee since
1999; Senior Vice President, NBIA, since 2023; formerly, Vice President,
Neuberger Berman, 2008 to 2023; Assistant Vice President, Neuberger
Berman, 2007; Employee, NBIA, 1991 to 1999; Assistant Secretary,
thirty-three registered investment companies for which NBIA acts as
investment manager and/or administrator.
|
Name, (Year of Birth), and
Address(1)
|
Position(s) and
Length of Time
Served(2)
|
Principal Occupation(s)(3)
|
Brian Kerrane (1969)
|
Chief Operating
Officer since
2015 and Vice
President since
2008
|
Managing Director, Neuberger Berman, since 2013; Chief Operating
Officer, Mutual Funds, and Managing Director, NBIA, since 2015; formerly,
Senior Vice President, Neuberger Berman, 2006 to 2014; Vice President,
NBIA, 2008 to 2015 and Employee since 1991; Chief Operating Officer,
twelve registered investment companies for which NBIA acts as investment
manager and/or administrator; Vice President, thirty-three registered
investment companies for which NBIA acts as investment manager and/or
administrator.
|
Anthony Maltese (1959)
|
Vice President
since 2015
|
Senior Vice President, Neuberger Berman, since 2014 and Employee since
2000; Senior Vice President, NBIA, since 2014; Vice President, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Josephine Marone (1963)
|
Assistant
Secretary since
2017
|
Senior Paralegal, Neuberger Berman, since 2007 and Employee since 2007;
Assistant Secretary, thirty-three registered investment companies for which
NBIA acts as investment manager and/or administrator.
|
Owen F. McEntee, Jr. (1961)
|
Vice President
since 2008
|
Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since
2006 and Employee since 1992; Vice President, twelve registered
investment companies for which NBIA acts as investment manager and/or
administrator.
|
John M. McGovern (1970)
|
Treasurer and
Principal
Financial and
Accounting
Officer since
2006
|
Managing Director, Neuberger Berman, since 2022; Senior Vice President,
Neuberger Berman, 2007 to 2021; Senior Vice President, NBIA, since 2007
and Employee since 1993; formerly, Vice President, Neuberger Berman,
2004 to 2006; formerly, Assistant Treasurer, 2002 to 2005; Treasurer and
Principal Financial and Accounting Officer, twelve registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Frank Rosato (1971)
|
Assistant
Treasurer since
2006
|
Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since
2006 and Employee since 1995; Assistant Treasurer, twelve registered
investment companies for which NBIA acts as investment manager and/or
administrator.
|
Shares of Common and
Preferred Stock
|
Votes For
|
Votes
Withheld
|
Abstentions
|
Broker
Non-Votes
|
Ami Kaplan
|
21,381,235
|
933,572
|
—
|
—
|
Shares of Common and
Preferred Stock
|
Votes For
|
Votes
Withheld
|
Abstentions
|
Broker
Non-Votes
|
Joseph V. Amato
|
21,441,963
|
872,845
|
—
|
—
|
Martha C. Goss
|
21,425,902
|
888,906
|
—
|
—
|
Franklyn E. Smith
|
21,521,048
|
793,760
|
—
|
—
|
James G. Stavridis
|
21,471,957
|
842,851
|
—
|
—
|
New York, NY 10104-0002
Internal Sales & Services
877.461.1899
www.nb.com
but cannot be regarded as a representation of future results of the Fund. This report is prepared for the general information of stockholders and is not an offer for shares of
the Fund.
Type of Account
|
Number of
Accounts
Managed
|
Total Assets
Managed
($ millions)
|
Number of Accounts
Managed for which
Advisory Fee is
Performance-Based
|
Assets Managed for
which Advisory Fee is
Performance-Based
($ millions)
|
Christopher Kocinski
|
||||
Registered Investment Companies*
|
1
|
$720
|
0
|
$0
|
Other Pooled Investment Vehicles**
|
25
|
$8,981
|
1
|
$522
|
Other Accounts***
|
22
|
$5,387
|
3
|
$317
|
Joseph Lind
|
||||
Registered Investment Companies*
|
1
|
$720
|
0
|
$0
|
Other Pooled Investment Vehicles**
|
25
|
$8,981
|
1
|
$522
|
Other Accounts***
|
23
|
$5,463
|
3
|
$317
|
*
|
Registered Investment Companies include: Mutual Funds.
|
**
|
A portion of certain accounts may be managed by other portfolio managers; however, the total assets of such accounts are included above even though the portfolio manager listed above is not involved in the
day-to-day management of the entire account.
|
***
|
Other Accounts include: Institutional Separate Accounts, Sub-Advised Accounts and Managed Accounts (WRAP Accounts).
|
Portfolio Manager
|
Dollar Range of Equity Securities Owned in the Registrant
|
Christopher Kocinski
|
A
|
Joseph Lind
|
E
|
A = None
B = $1-$10,000
C = $10,001 - $50,000
D =$50,001-$100,000
|
E = $100,001-$500,000
F = $500,001-$1,000,000
G = Over $1,000,000
|
(a) |
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and
Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is
accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
|
(b) |
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|
(a) |
The Fund did not engage in any securities lending activity during its most recent fiscal year.
|
(b) |
The Fund did not engage in any securities lending activity and no services were provided by the securities lending agent to the Fund during its most recent fiscal year.
|
(a)(1) |
(a)(2) |
Not applicable to the Registrant.
|
(a)(3) |
(a)(4) |
Not applicable to the Registrant.
|
(a)(5) |
Not applicable to the Registrant.
|
(b) |