SEC Form N-CSRS filed by Neuberger Berman High Yield Strategies Fund
New York, New York 10104-0002
(a) |
Following is a copy of the semi-annual report transmitted to stockholders pursuant to Rule 30e-1 under the Act.
|
High Yield Strategies
Fund Inc.
President and CEO
Neuberger Berman High Yield Strategies Fund Inc.
Neuberger Berman High Yield Strategies Fund Inc. (the Fund) generated a 11.81% total return on a net asset value (NAV) basis for the six-month period ended April 30, 2024 (the reporting period), outperforming its benchmark, the ICE BofA U.S. High Yield Constrained Index (the Index), which posted an 8.96% 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) contributed positively to the Fund’s performance during the reporting period.
Portfolio Co-Managers
TICKER SYMBOL
|
|
High Yield Strategies Fund Inc.
|
NHS
|
PORTFOLIO BY MATURITY
DISTRIBUTION
|
|
(as a % of Total Investments*)
|
|
Less than One Year
|
0.2
%
|
One to less than Five Years
|
45.7
|
Five to less than Ten Years
|
49.2
|
Ten Years or Greater
|
4.9
|
Total
|
100.0
%
|
*
|
Does not include Short-Term Investments or
the impact of the Fund’s open positions in
derivatives, if any.
|
PERFORMANCE HIGHLIGHTS1
|
||||||
|
Inception
Date
|
Six Month
Period
Ended
04/30/2024
|
Average Annual Total Return
Ended 04/30/2024
|
|||
|
1 Year
|
5 Years
|
10 Years
|
Life of Fund
|
||
At NAV2
|
||||||
High Yield
Strategies
Fund Inc.
|
07/28/2003
|
11.81%
|
5.33%
|
1.00%
|
3.03%
|
7.33%
|
At Market Price3
|
||||||
High Yield
Strategies
Fund Inc.
|
07/28/2003
|
20.18%
|
0.18%
|
2.70%
|
4.01%
|
7.14%
|
Index
|
|
|
|
|
|
|
ICE BofA U.S. High Yield
Constrained Index4
|
8.96%
|
8.89%
|
3.52%
|
4.18%
|
6.67%
|
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.
|
Indexes:
|
|
LIBOR
|
= London Interbank Offered Rate
|
SOFR
|
= Secured Overnight Financing Rate
|
Other Abbreviations:
|
|
Management or NBIA
|
= Neuberger Berman Investment Advisers LLC
|
Currency Abbreviations:
|
|
USD
|
= United States Dollar
|
Principal Amount
|
Value
|
|
Mortgage-Backed Securities 0.5%
|
||
Commercial Mortgage-Backed 0.5%
|
||
$1,050,956
|
Med Trust, Series 2021-MDLN, Class F, (1 mo. USD Term SOFR + 4.11%), 9.44%,
due 11/15/2038
(Cost $1,037,217)
|
$1,048,329
(a)(b)
|
Asset-Backed Securities 4.2%
|
||
1,000,000
|
AGL CLO 9 Ltd., Series 2020-9A, Class DR, (3 mo. USD Term SOFR + 3.55%),
8.87%, due 4/20/2037
|
1,000,531
(a)(b)
|
500,000
|
ALM Ltd., Series 2020-1A, Class D, (3 mo. USD Term SOFR + 6.26%), 11.59%,
due 10/15/2029
|
500,653
(a)(b)
|
1,000,000
|
Ballyrock CLO 26 Ltd., Series 2024-26A, Class C1, (3 mo. USD Term SOFR +
3.30%), 3.30%, due
7/25/2037
|
1,000,000
(a)(b)(c)(d)
|
350,000
|
Cedar Funding X CLO Ltd., Series 2019-10A, Class ER, (3 mo. USD Term SOFR +
6.76%), 12.09%,
due 10/20/2032
|
338,766
(a)(b)
|
250,000
|
Crown City CLO II, Series 2020-2A, Class DR, (3 mo. USD Term SOFR + 7.11%),
12.43%, due
4/20/2035
|
235,640
(a)(b)
|
1,000,000
|
GoldenTree Loan Management U.S. CLO 20 Ltd., Series 2024-20A, Class D, (3
mo. USD Term SOFR +
3.15%), 3.15%, due 7/20/2037
|
1,000,000
(a)(b)(c)(d)
|
750,000
|
Invesco U.S. CLO Ltd., Series 2023-1A, Class ER, (3 mo. USD Term SOFR +
6.90%), 12.19%, due
4/22/2037
|
753,419
(a)(b)
|
750,000
|
Oaktree CLO Ltd., Series 2024-25A, Class E, (3 mo. USD Term SOFR + 6.59%),
11.89%, due
4/20/2037
|
752,554
(a)(b)
|
1,000,000
|
Octagon Investment Partners 39 Ltd., Series 2018-3A, Class D, (3 mo. USD
Term SOFR + 3.21%),
8.54%, due 10/20/2030
|
991,684
(a)(b)
|
750,000
|
OHA Credit Funding 18 Ltd., Series 2024-18A, Class E, (3 mo. USD Term SOFR +
6.40%), 11.69%,
due 4/20/2037
|
750,008
(a)(b)(c)
|
1,000,000
|
Trinitas CLO XXVIII Ltd., Series 2024-28A, Class D, (3 mo. USD Term SOFR +
4.00%), 4.00%, due
4/25/2037
|
1,000,528
(a)(b)(d)
|
250,000
|
Voya CLO Ltd., Series 2019-2A, Class E, (3 mo. USD Term SOFR + 6.86%),
12.19%, due 7/20/2032
|
249,976
(a)(b)
|
Total Asset-Backed Securities (Cost
$8,499,905)
|
8,573,759
|
|
|
||
Corporate Bonds 127.2%
|
||
Advertising 0.8%
|
||
|
Clear Channel Outdoor Holdings, Inc.
|
|
465,000
|
5.13%, due 8/15/2027
|
431,019
(a)
|
175,000
|
7.75%, due 4/15/2028
|
148,376
(a)
|
420,000
|
9.00%, due 9/15/2028
|
431,787
(a)
|
480,000
|
7.88%, due 4/1/2030
|
470,621
(a)
|
200,000
|
Summer BC Bidco B LLC, 5.50%, due 10/31/2026
|
191,010
(a)
|
|
|
1,672,813
|
Aerospace & Defense 3.9%
|
||
415,000
|
AAR Escrow Issuer LLC, 6.75%, due 3/15/2029
|
417,241
(a)
|
|
Boeing Co.
|
|
305,000
|
6.30%, due 5/1/2029
|
306,212
(a)
|
355,000
|
6.39%, due 5/1/2031
|
356,595
(a)
|
175,000
|
6.53%, due 5/1/2034
|
176,260
(a)
|
|
Bombardier, Inc.
|
|
374,000
|
7.88%, due 4/15/2027
|
371,669
(a)
|
530,000
|
6.00%, due 2/15/2028
|
516,850
(a)
|
215,000
|
8.75%, due 11/15/2030
|
228,736
(a)
|
245,000
|
7.25%, due 7/1/2031
|
245,603
(a)
|
|
TransDigm, Inc.
|
|
1,070,000
|
5.50%, due 11/15/2027
|
1,039,842
|
Principal Amount
|
Value
|
|
|
||
Aerospace & Defense – cont'd
|
||
$1,605,000
|
6.75%, due 8/15/2028
|
$1,611,820
(a)
|
710,000
|
6.38%, due 3/1/2029
|
704,578
(a)
|
1,300,000
|
6.88%, due 12/15/2030
|
1,308,839
(a)
|
725,000
|
6.63%, due 3/1/2032
|
723,767
(a)
|
|
|
8,008,012
|
Airlines 2.0%
|
||
185,000
|
American Airlines, Inc., 7.25%, due 2/15/2028
|
186,047
(a)
|
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
|
|
716,667
|
5.50%, due 4/20/2026
|
708,353
(a)
|
1,030,000
|
5.75%, due 4/20/2029
|
994,705
(a)
|
|
Latam Airlines Group SA
|
|
285,000
|
13.38%, due 10/15/2027
|
317,087
(a)
|
360,000
|
13.38%, due 10/15/2029
|
413,397
(a)
|
|
United Airlines, Inc.
|
|
615,000
|
4.38%, due 4/15/2026
|
591,559
(a)
|
310,000
|
4.63%, due 4/15/2029
|
285,705
(a)
|
715,000
|
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.38%, due
2/1/2030
|
553,291
(a)
|
|
|
4,050,144
|
Apparel 0.0%(e)
|
||
30,000
|
William Carter Co., 5.63%, due 3/15/2027
|
29,201
(a)
|
Auto Manufacturers 0.7%
|
||
300,000
|
Ford Motor Co., 6.10%, due 8/19/2032
|
294,277
|
|
Ford Motor Credit Co. LLC
|
|
510,000
|
(Secured Overnight Financing Rate + 2.95%), 8.30%, due 3/6/2026
|
526,878
(b)
|
200,000
|
3.63%, due 6/17/2031
|
168,903
|
|
Jaguar Land Rover Automotive PLC
|
|
425,000
|
5.88%, due 1/15/2028
|
413,060
(a)
|
30,000
|
5.50%, due 7/15/2029
|
28,228
(a)
|
|
|
1,431,346
|
Auto Parts & Equipment 2.9%
|
||
660,000
|
Adient Global Holdings Ltd., 8.25%, due 4/15/2031
|
685,374
(a)
|
|
Dana, Inc.
|
|
415,000
|
5.38%, due 11/15/2027
|
401,017
|
110,000
|
5.63%, due 6/15/2028
|
105,991
|
965,000
|
4.50%, due 2/15/2032
|
818,715
|
325,000
|
Dornoch Debt Merger Sub, Inc., 6.63%, due 10/15/2029
|
268,411
(a)
|
|
Goodyear Tire & Rubber Co.
|
|
30,000
|
5.00%, due 5/31/2026
|
29,060
|
575,000
|
5.00%, due 7/15/2029
|
521,508
|
405,000
|
5.25%, due 7/15/2031
|
358,247
|
755,000
|
5.63%, due 4/30/2033
|
664,498
|
|
IHO Verwaltungs GmbH
|
|
155,000
|
4.75% Cash/5.50% PIK, due 9/15/2026
|
149,261
(a)(f)
|
30,000
|
6.38% Cash/7.13% PIK, due 5/15/2029
|
29,491
(a)(f)
|
|
ZF North America Capital, Inc.
|
|
455,000
|
4.75%, due 4/29/2025
|
447,704
(a)
|
420,000
|
6.88%, due 4/14/2028
|
422,809
(a)
|
30,000
|
7.13%, due 4/14/2030
|
30,674
(a)
|
420,000
|
6.75%, due 4/23/2030
|
420,874
(a)
|
Principal Amount
|
Value
|
|
|
||
Auto Parts & Equipment – cont'd
|
||
$525,000
|
6.88%, due 4/23/2032
|
$530,508
(a)
|
|
|
5,884,142
|
Banks 0.4%
|
||
450,000
|
Bank of America Corp., 6.13%, due 4/27/2027
|
444,678
(g)(h)
|
390,000
|
Bank of New York Mellon Corp., 3.70%, due 3/20/2026
|
364,385
(g)(h)
|
|
|
809,063
|
Building Materials 3.7%
|
||
|
Builders FirstSource, Inc.
|
|
270,000
|
6.38%, due 6/15/2032
|
267,199
(a)
|
145,000
|
6.38%, due 3/1/2034
|
142,309
(a)
|
875,000
|
Camelot Return Merger Sub, Inc., 8.75%, due 8/1/2028
|
860,216
(a)
|
170,000
|
Cornerstone Building Brands, Inc., 6.13%, due 1/15/2029
|
143,443
(a)
|
1,305,000
|
EMRLD Borrower LP/Emerald Co.-Issuer, Inc., 6.63%, due 12/15/2030
|
1,293,306
(a)
|
910,000
|
Jeld-Wen, Inc., 4.88%, due 12/15/2027
|
863,666
(a)
|
850,000
|
Knife River Corp., 7.75%, due 5/1/2031
|
882,856
(a)
|
340,000
|
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, due 4/1/2032
|
337,663
(a)
|
725,000
|
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, due 2/1/2030
|
656,601
(a)
|
455,000
|
Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, due 4/15/2030
|
437,785
(a)
|
1,010,000
|
Standard Industries, Inc., 4.38%, due 7/15/2030
|
894,509
(a)
|
|
Summit Materials LLC/Summit Materials Finance Corp.
|
|
250,000
|
5.25%, due 1/15/2029
|
240,223
(a)
|
500,000
|
7.25%, due 1/15/2031
|
513,667
(a)
|
|
|
7,533,443
|
Chemicals 5.7%
|
||
705,000
|
Ashland, Inc., 3.38%, due 9/1/2031
|
584,754
(a)
|
820,000
|
Avient Corp., 7.13%, due 8/1/2030
|
829,658
(a)
|
755,000
|
Axalta Coating Systems Dutch Holding B BV, 7.25%, due 2/15/2031
|
770,004
(a)
|
185,000
|
Consolidated Energy Finance SA, 12.00%, due 2/15/2031
|
191,476
(a)
|
360,000
|
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, due 7/1/2028
|
352,458
(a)
|
|
INEOS Finance PLC
|
|
545,000
|
6.75%, due 5/15/2028
|
535,479
(a)
|
775,000
|
7.50%, due 4/15/2029
|
778,604
(a)
|
860,000
|
INEOS Quattro Finance 2 PLC, 9.63%, due 3/15/2029
|
908,479
(a)
|
|
NOVA Chemicals Corp.
|
|
636,000
|
5.25%, due 6/1/2027
|
598,289
(a)
|
230,000
|
8.50%, due 11/15/2028
|
241,748
(a)
|
|
Olympus Water U.S. Holding Corp.
|
|
305,000
|
7.13%, due 10/1/2027
|
308,864
(a)
|
700,000
|
4.25%, due 10/1/2028
|
630,774
(a)
|
575,000
|
9.75%, due 11/15/2028
|
610,143
(a)
|
470,000
|
6.25%, due 10/1/2029
|
423,573
(a)
|
680,000
|
SCIH Salt Holdings, Inc., 4.88%, due 5/1/2028
|
632,256
(a)
|
990,000
|
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, due 11/1/2026
|
950,175
(a)
|
|
SNF Group SACA
|
|
160,000
|
3.13%, due 3/15/2027
|
146,916
(a)
|
100,000
|
3.38%, due 3/15/2030
|
85,989
(a)
|
630,000
|
Tronox, Inc., 4.63%, due 3/15/2029
|
562,015
(a)
|
810,000
|
Vibrantz Technologies, Inc., 9.00%, due 2/15/2030
|
751,857
(a)
|
Principal Amount
|
Value
|
|
|
||
Chemicals – cont'd
|
||
|
WR Grace Holdings LLC
|
|
$775,000
|
5.63%, due 8/15/2029
|
$694,012
(a)
|
210,000
|
7.38%, due 3/1/2031
|
212,869
(a)
|
|
|
11,800,392
|
Commercial Services 5.6%
|
||
|
ADT Security Corp.
|
|
30,000
|
4.13%, due 8/1/2029
|
27,118
(a)
|
310,000
|
4.88%, due 7/15/2032
|
275,930
(a)
|
795,000
|
Allied Universal Holdco LLC, 7.88%, due 2/15/2031
|
796,756
(a)
|
|
Allied Universal Holdco LLC/Allied Universal Finance Corp.
|
|
510,000
|
6.63%, due 7/15/2026
|
508,652
(a)
|
745,000
|
6.00%, due 6/1/2029
|
632,519
(a)
|
35,000
|
APi Group DE, Inc., 4.13%, due 7/15/2029
|
30,858
(a)
|
|
APX Group, Inc.
|
|
90,000
|
6.75%, due 2/15/2027
|
89,403
(a)
|
1,345,000
|
5.75%, due 7/15/2029
|
1,250,627
(a)
|
1,355,000
|
Boost Newco Borrower LLC, 7.50%, due 1/15/2031
|
1,398,485
(a)
|
895,000
|
Champions Financing, Inc., 8.75%, due 2/15/2029
|
914,622
(a)
|
|
Garda World Security Corp.
|
|
110,000
|
7.75%, due 2/15/2028
|
111,207
(a)
|
550,000
|
6.00%, due 6/1/2029
|
486,247
(a)
|
345,000
|
Herc Holdings, Inc., 5.50%, due 7/15/2027
|
335,082
(a)
|
1,525,000
|
Neptune Bidco U.S., Inc., 9.29%, due 4/15/2029
|
1,439,410
(a)
|
435,000
|
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due
1/15/2028
|
424,959
(a)
|
|
United Rentals North America, Inc.
|
|
15,000
|
3.75%, due 1/15/2032
|
12,809
|
640,000
|
6.13%, due 3/15/2034
|
624,885
(a)
|
845,000
|
Wand NewCo 3, Inc., 7.63%, due 1/30/2032
|
859,027
(a)
|
700,000
|
Williams Scotsman, Inc., 7.38%, due 10/1/2031
|
715,101
(a)
|
705,000
|
ZipRecruiter, Inc., 5.00%, due 1/15/2030
|
620,185
(a)
|
|
|
11,553,882
|
Computers 1.1%
|
||
705,000
|
Ahead DB Holdings LLC, 6.63%, due 5/1/2028
|
640,810
(a)
|
155,000
|
ASGN, Inc., 4.63%, due 5/15/2028
|
144,647
(a)
|
725,000
|
McAfee Corp., 7.38%, due 2/15/2030
|
671,546
(a)
|
770,000
|
Presidio Holdings, Inc., 8.25%, due 2/1/2028
|
778,573
(a)
|
|
|
2,235,576
|
Cosmetics - Personal Care 0.6%
|
||
|
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC
|
|
310,000
|
4.75%, due 1/15/2029
|
288,975
(a)
|
910,000
|
6.63%, due 7/15/2030
|
910,548
(a)
|
|
|
1,199,523
|
Distribution - Wholesale 3.1%
|
||
670,000
|
BCPE Empire Holdings, Inc., 7.63%, due 5/1/2027
|
652,122
(a)
|
885,000
|
Dealer Tire LLC/DT Issuer LLC, 8.00%, due 2/1/2028
|
870,601
(a)
|
515,000
|
H&E Equipment Services, Inc., 3.88%, due 12/15/2028
|
455,717
(a)
|
1,195,000
|
Resideo Funding, Inc., 4.00%, due 9/1/2029
|
1,047,872
(a)
|
|
Ritchie Bros Holdings, Inc.
|
|
355,000
|
6.75%, due 3/15/2028
|
358,356
(a)
|
Principal Amount
|
Value
|
|
|
||
Distribution - Wholesale – cont'd
|
||
$825,000
|
7.75%, due 3/15/2031
|
$855,626
(a)
|
975,000
|
Verde Purchaser LLC, 10.50%, due 11/30/2030
|
1,027,041
(a)
|
1,175,000
|
Windsor Holdings III LLC, 8.50%, due 6/15/2030
|
1,223,791
(a)
|
|
|
6,491,126
|
Diversified Financial Services 1.3%
|
||
185,000
|
Ally Financial, Inc., 5.75%, due 11/20/2025
|
183,490
|
350,000
|
GGAM Finance Ltd., 6.88%, due 4/15/2029
|
349,671
(a)
|
690,000
|
Jane Street Group/JSG Finance, Inc., 7.13%, due 4/30/2031
|
694,322
(a)
|
195,000
|
LPL Holdings, Inc., 4.00%, due 3/15/2029
|
176,818
(a)
|
|
OneMain Finance Corp.
|
|
175,000
|
7.13%, due 3/15/2026
|
176,593
|
555,000
|
6.63%, due 1/15/2028
|
553,230
|
415,000
|
3.88%, due 9/15/2028
|
365,289
|
130,000
|
9.00%, due 1/15/2029
|
136,288
|
|
|
2,635,701
|
Electric 4.6%
|
||
|
Calpine Corp.
|
|
260,000
|
5.13%, due 3/15/2028
|
246,627
(a)
|
30,000
|
4.63%, due 2/1/2029
|
27,557
(a)
|
715,000
|
5.00%, due 2/1/2031
|
647,911
(a)
|
665,000
|
Electricite de France SA, 9.13%, due 3/15/2033
|
722,092
(a)(g)(h)
|
1,005,000
|
Leeward Renewable Energy Operations LLC, 4.25%, due 7/1/2029
|
831,718
(a)
|
|
NRG Energy, Inc.
|
|
1,255,000
|
10.25%, due 3/15/2028
|
1,353,038
(a)(g)(h)
|
60,000
|
5.25%, due 6/15/2029
|
56,748
(a)
|
550,000
|
3.63%, due 2/15/2031
|
465,612
(a)
|
760,000
|
TransAlta Corp., 7.75%, due 11/15/2029
|
777,854
|
940,000
|
Vistra Corp., 7.00%, due 12/15/2026
|
928,511
(a)(g)(h)
|
|
Vistra Operations Co. LLC
|
|
350,000
|
5.50%, due 9/1/2026
|
341,575
(a)
|
495,000
|
4.38%, due 5/1/2029
|
450,661
(a)
|
1,495,000
|
7.75%, due 10/15/2031
|
1,533,260
(a)
|
1,100,000
|
6.88%, due 4/15/2032
|
1,095,393
(a)
|
|
|
9,478,557
|
Electrical Components & Equipment 0.9%
|
||
270,000
|
Energizer Holdings, Inc., 4.75%, due 6/15/2028
|
245,326
(a)
|
625,000
|
EnerSys, 6.63%, due 1/15/2032
|
622,423
(a)
|
|
WESCO Distribution, Inc.
|
|
500,000
|
6.38%, due 3/15/2029
|
496,700
(a)
|
455,000
|
6.63%, due 3/15/2032
|
452,871
(a)
|
|
|
1,817,320
|
Electronics 1.7%
|
||
|
EquipmentShare.com, Inc.
|
|
1,295,000
|
9.00%, due 5/15/2028
|
1,329,421
(a)
|
175,000
|
8.63%, due 5/15/2032
|
178,048
(a)
|
1,425,000
|
Imola Merger Corp., 4.75%, due 5/15/2029
|
1,312,134
(a)
|
190,000
|
Sensata Technologies BV, 5.88%, due 9/1/2030
|
183,306
(a)
|
Principal Amount
|
Value
|
|
|
||
Electronics – cont'd
|
||
$550,000
|
TTM Technologies, Inc., 4.00%, due 3/1/2029
|
$491,909
(a)
|
|
|
3,494,818
|
Engineering & Construction 1.7%
|
||
810,000
|
Artera Services LLC, 8.50%, due 2/15/2031
|
828,836
(a)
|
545,000
|
Brand Industrial Services, Inc., 10.38%, due 8/1/2030
|
584,839
(a)
|
865,000
|
Global Infrastructure Solutions, Inc., 7.50%, due 4/15/2032
|
825,148
(a)
|
1,255,000
|
VM Consolidated, Inc., 5.50%, due 4/15/2029
|
1,181,052
(a)
|
|
|
3,419,875
|
Entertainment 7.1%
|
||
775,000
|
Allwyn Entertainment Financing U.K. PLC, 7.88%, due 4/30/2029
|
788,578
(a)
|
640,000
|
Banijay Entertainment SASU, 8.13%, due 5/1/2029
|
654,840
(a)
|
|
Caesars Entertainment, Inc.
|
|
290,000
|
8.13%, due 7/1/2027
|
293,914
(a)
|
330,000
|
6.50%, due 2/15/2032
|
325,130
(a)
|
195,000
|
Cedar Fair LP, 5.25%, due 7/15/2029
|
182,042
|
500,000
|
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op,
6.50%, due
10/1/2028
|
499,017
|
|
Churchill Downs, Inc.
|
|
335,000
|
4.75%, due 1/15/2028
|
316,512
(a)
|
990,000
|
6.75%, due 5/1/2031
|
982,822
(a)
|
120,000
|
International Game Technology PLC, 6.25%, due 1/15/2027
|
119,825
(a)
|
|
Light & Wonder International, Inc.
|
|
475,000
|
7.00%, due 5/15/2028
|
476,649
(a)
|
645,000
|
7.25%, due 11/15/2029
|
650,519
(a)
|
580,000
|
7.50%, due 9/1/2031
|
591,515
(a)
|
|
Live Nation Entertainment, Inc.
|
|
680,000
|
6.50%, due 5/15/2027
|
681,336
(a)
|
615,000
|
4.75%, due 10/15/2027
|
579,621
(a)
|
190,000
|
3.75%, due 1/15/2028
|
172,213
(a)
|
300,000
|
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, due 2/15/2031
|
301,406
(a)
|
200,000
|
Merlin Entertainments Ltd., 5.75%, due 6/15/2026
|
197,628
(a)
|
515,000
|
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due
5/1/2029
|
469,781
(a)
|
610,000
|
Motion Bondco DAC, 6.63%, due 11/15/2027
|
588,345
(a)
|
|
Penn Entertainment, Inc.
|
|
270,000
|
5.63%, due 1/15/2027
|
256,592
(a)
|
520,000
|
4.13%, due 7/1/2029
|
435,567
(a)
|
500,000
|
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, due 11/1/2026
|
475,322
(a)
|
1,175,000
|
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, due
3/1/2030
|
1,111,582
(a)
|
1,875,000
|
SeaWorld Parks & Entertainment, Inc., 5.25%, due 8/15/2029
|
1,728,876
(a)
|
|
Six Flags Entertainment Corp.
|
|
335,000
|
5.50%, due 4/15/2027
|
323,254
(a)
|
1,070,000
|
7.25%, due 5/15/2031
|
1,067,714
(a)
|
415,000
|
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, due
5/1/2032
|
413,345
(a)(d)
|
|
|
14,683,945
|
Environmental Control 1.1%
|
||
300,000
|
Enviri Corp., 5.75%, due 7/31/2027
|
280,578
(a)
|
|
GFL Environmental, Inc.
|
|
405,000
|
4.38%, due 8/15/2029
|
365,552
(a)
|
375,000
|
6.75%, due 1/15/2031
|
378,032
(a)
|
Principal Amount
|
Value
|
|
|
||
Environmental Control – cont'd
|
||
|
Madison IAQ LLC
|
|
$100,000
|
4.13%, due 6/30/2028
|
$92,765
(a)
|
1,190,000
|
5.88%, due 6/30/2029
|
1,104,135
(a)
|
|
|
2,221,062
|
Food 2.0%
|
||
125,000
|
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%,
due 2/15/2028
|
122,496
(a)
|
|
Performance Food Group, Inc.
|
|
950,000
|
5.50%, due 10/15/2027
|
919,571
(a)
|
555,000
|
4.25%, due 8/1/2029
|
497,490
(a)
|
55,000
|
Post Holdings, Inc., 6.25%, due 2/15/2032
|
54,266
(a)
|
955,000
|
TreeHouse Foods, Inc., 4.00%, due 9/1/2028
|
845,598
|
|
U.S. Foods, Inc.
|
|
540,000
|
6.88%, due 9/15/2028
|
544,596
(a)
|
620,000
|
4.75%, due 2/15/2029
|
577,623
(a)
|
600,000
|
7.25%, due 1/15/2032
|
612,671
(a)
|
|
|
4,174,311
|
Food Service 0.2%
|
||
420,000
|
TKC Holdings, Inc., 6.88%, due 5/15/2028
|
396,472
(a)
|
Forest Products & Paper 0.1%
|
||
325,000
|
Ahlstrom Holding 3 Oyj, 4.88%, due 2/4/2028
|
297,473
(a)
|
Healthcare - Products 1.8%
|
||
490,000
|
Bausch & Lomb Corp., 8.38%, due 10/1/2028
|
506,048
(a)
|
|
Medline Borrower LP
|
|
490,000
|
3.88%, due 4/1/2029
|
438,957
(a)
|
2,265,000
|
5.25%, due 10/1/2029
|
2,108,667
(a)
|
750,000
|
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, due 4/1/2029
|
745,203
(a)
|
|
|
3,798,875
|
Healthcare - Services 5.9%
|
||
|
CHS/Community Health Systems, Inc.
|
|
635,000
|
5.63%, due 3/15/2027
|
581,432
(a)
|
97,000
|
8.00%, due 12/15/2027
|
94,943
(a)
|
40,000
|
6.00%, due 1/15/2029
|
34,898
(a)
|
500,000
|
5.25%, due 5/15/2030
|
408,793
(a)
|
480,000
|
4.75%, due 2/15/2031
|
374,659
(a)
|
400,000
|
10.88%, due 1/15/2032
|
409,510
(a)
|
|
DaVita, Inc.
|
|
270,000
|
4.63%, due 6/1/2030
|
236,556
(a)
|
555,000
|
3.75%, due 2/15/2031
|
456,694
(a)
|
|
Encompass Health Corp.
|
|
30,000
|
4.50%, due 2/1/2028
|
28,160
|
330,000
|
4.63%, due 4/1/2031
|
296,328
|
220,000
|
Fortrea Holdings, Inc., 7.50%, due 7/1/2030
|
221,919
(a)
|
370,000
|
HealthEquity, Inc., 4.50%, due 10/1/2029
|
337,005
(a)
|
405,000
|
Legacy LifePoint Health LLC, 4.38%, due 2/15/2027
|
379,287
(a)
|
|
LifePoint Health, Inc.
|
|
180,000
|
5.38%, due 1/15/2029
|
143,916
(a)
|
960,000
|
9.88%, due 8/15/2030
|
999,646
(a)
|
335,000
|
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%,
due 12/1/2026
|
333,549
(a)
|
Principal Amount
|
Value
|
|
|
||
Healthcare - Services – cont'd
|
||
$605,000
|
Star Parent, Inc., 9.00%, due 10/1/2030
|
$632,861
(a)
|
1,070,000
|
Surgery Center Holdings, Inc., 7.25%, due 4/15/2032
|
1,068,539
(a)
|
785,000
|
Team Health Holdings, Inc., 9.00% Cash/4.50% PIK, due 6/30/2028
|
869,388
(a)(f)
|
|
Tenet Healthcare Corp.
|
|
440,000
|
5.13%, due 11/1/2027
|
425,667
|
600,000
|
6.13%, due 10/1/2028
|
592,472
|
600,000
|
6.13%, due 6/15/2030
|
589,739
|
1,470,000
|
6.75%, due 5/15/2031
|
1,472,915
(a)
|
|
U.S. Acute Care Solutions LLC
|
|
490,000
|
6.38%, due 3/1/2026
|
496,125
(a)
|
675,000
|
9.75%, due 5/15/2029
|
661,928
(a)(d)
|
|
|
12,146,929
|
Holding Companies - Diversified 0.4%
|
||
790,000
|
Benteler International AG, 10.50%, due 5/15/2028
|
841,026
(a)
|
Home Builders 1.9%
|
||
630,000
|
Beazer Homes USA, Inc., 7.50%, due 3/15/2031
|
622,709
(a)
|
910,000
|
KB Home, 7.25%, due 7/15/2030
|
931,510
|
|
Mattamy Group Corp.
|
|
160,000
|
5.25%, due 12/15/2027
|
153,186
(a)
|
225,000
|
4.63%, due 3/1/2030
|
201,488
(a)
|
|
Shea Homes LP/Shea Homes Funding Corp.
|
|
1,210,000
|
4.75%, due 2/15/2028
|
1,136,046
|
315,000
|
4.75%, due 4/1/2029
|
288,974
|
370,000
|
Taylor Morrison Communities, Inc., 5.13%, due 8/1/2030
|
344,534
(a)
|
215,000
|
Thor Industries, Inc., 4.00%, due 10/15/2029
|
185,886
(a)
|
30,000
|
Tri Pointe Homes, Inc., 5.25%, due 6/1/2027
|
28,876
|
|
|
3,893,209
|
Housewares 0.4%
|
||
|
Newell Brands, Inc.
|
|
485,000
|
5.70%, due 4/1/2026
|
477,266
|
310,000
|
6.88%, due 4/1/2036
|
270,620
|
|
|
747,886
|
Insurance 4.1%
|
||
800,000
|
Acrisure LLC/Acrisure Finance, Inc., 8.25%, due 2/1/2029
|
793,428
(a)
|
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer
|
|
1,310,000
|
6.75%, due 10/15/2027
|
1,284,610
(a)
|
405,000
|
7.00%, due 1/15/2031
|
406,268
(a)
|
|
AmWINS Group, Inc.
|
|
300,000
|
6.38%, due 2/15/2029
|
296,368
(a)
|
135,000
|
4.88%, due 6/30/2029
|
122,726
(a)
|
|
AssuredPartners, Inc.
|
|
960,000
|
5.63%, due 1/15/2029
|
875,405
(a)
|
475,000
|
7.50%, due 2/15/2032
|
461,194
(a)
|
1,035,000
|
BroadStreet Partners, Inc., 5.88%, due 4/15/2029
|
943,207
(a)
|
465,000
|
GTCR AP Finance, Inc., 8.00%, due 5/15/2027
|
465,176
(a)
|
|
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance
LLC
|
|
355,000
|
7.25%, due 2/15/2031
|
350,463
(a)
|
190,000
|
8.13%, due 2/15/2032
|
186,986
(a)
|
Principal Amount
|
Value
|
|
|
||
Insurance – cont'd
|
||
|
HUB International Ltd.
|
|
$955,000
|
7.25%, due 6/15/2030
|
$969,009
(a)
|
240,000
|
7.38%, due 1/31/2032
|
237,789
(a)
|
685,000
|
Panther Escrow Issuer LLC, 7.13%, due 6/1/2031
|
688,553
(a)
|
365,000
|
USI, Inc., 7.50%, due 1/15/2032
|
363,058
(a)
|
|
|
8,444,240
|
Internet 1.6%
|
||
|
Gen Digital, Inc.
|
|
390,000
|
6.75%, due 9/30/2027
|
391,451
(a)
|
470,000
|
7.13%, due 9/30/2030
|
474,849
(a)
|
645,000
|
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, due 12/1/2027
|
622,718
(a)
|
|
Match Group Holdings II LLC
|
|
250,000
|
4.63%, due 6/1/2028
|
230,898
(a)
|
180,000
|
4.13%, due 8/1/2030
|
155,881
(a)
|
395,000
|
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 10.75%, due 6/1/2028
|
406,596
(a)
|
1,205,000
|
Ziff Davis, Inc., 4.63%, due 10/15/2030
|
1,048,095
(a)
|
|
|
3,330,488
|
Iron - Steel 1.0%
|
||
|
ATI, Inc.
|
|
160,000
|
5.88%, due 12/1/2027
|
156,721
|
30,000
|
4.88%, due 10/1/2029
|
27,934
|
530,000
|
7.25%, due 8/15/2030
|
542,179
|
|
Carpenter Technology Corp.
|
|
75,000
|
6.38%, due 7/15/2028
|
74,602
|
620,000
|
7.63%, due 3/15/2030
|
631,678
|
630,000
|
TMS International Corp., 6.25%, due 4/15/2029
|
580,585
(a)
|
|
|
2,013,699
|
Leisure Time 3.5%
|
||
30,000
|
Acushnet Co., 7.38%, due 10/15/2028
|
30,798
(a)
|
|
Carnival Corp.
|
|
610,000
|
7.63%, due 3/1/2026
|
613,784
(a)
|
390,000
|
7.00%, due 8/15/2029
|
400,363
(a)
|
1,295,000
|
Carnival Holdings Bermuda Ltd., 10.38%, due 5/1/2028
|
1,404,126
(a)
|
430,000
|
Lindblad Expeditions Holdings, Inc., 9.00%, due 5/15/2028
|
449,789
(a)
|
50,000
|
Lindblad Expeditions LLC, 6.75%, due 2/15/2027
|
49,535
(a)
|
|
NCL Corp. Ltd.
|
|
145,000
|
5.88%, due 3/15/2026
|
142,074
(a)
|
710,000
|
5.88%, due 2/15/2027
|
693,577
(a)
|
485,000
|
8.13%, due 1/15/2029
|
505,098
(a)
|
200,000
|
NCL Finance Ltd., 6.13%, due 3/15/2028
|
195,156
(a)
|
|
Royal Caribbean Cruises Ltd.
|
|
455,000
|
5.50%, due 4/1/2028
|
442,882
(a)
|
585,000
|
9.25%, due 1/15/2029
|
624,755
(a)
|
|
Viking Cruises Ltd.
|
|
370,000
|
5.88%, due 9/15/2027
|
358,739
(a)
|
440,000
|
7.00%, due 2/15/2029
|
438,331
(a)
|
305,000
|
9.13%, due 7/15/2031
|
327,146
(a)
|
230,000
|
Viking Ocean Cruises Ship VII Ltd., 5.63%, due 2/15/2029
|
220,098
(a)
|
Principal Amount
|
Value
|
|
|
||
Leisure Time – cont'd
|
||
$335,000
|
VOC Escrow Ltd., 5.00%, due 2/15/2028
|
$319,482
(a)
|
|
|
7,215,733
|
Lodging 0.3%
|
||
|
Station Casinos LLC
|
|
540,000
|
4.50%, due 2/15/2028
|
500,860
(a)
|
190,000
|
4.63%, due 12/1/2031
|
166,542
(a)
|
|
|
667,402
|
Machinery - Construction & Mining 0.6%
|
||
635,000
|
Manitowoc Co., Inc., 9.00%, due 4/1/2026
|
636,824
(a)
|
700,000
|
Terex Corp., 5.00%, due 5/15/2029
|
654,884
(a)
|
|
|
1,291,708
|
Machinery - Diversified 2.0%
|
||
555,000
|
ATS Corp., 4.13%, due 12/15/2028
|
498,939
(a)
|
|
Chart Industries, Inc.
|
|
1,675,000
|
7.50%, due 1/1/2030
|
1,713,199
(a)
|
95,000
|
9.50%, due 1/1/2031
|
101,983
(a)
|
125,000
|
Esab Corp., 6.25%, due 4/15/2029
|
124,531
(a)
|
845,000
|
SPX FLOW, Inc., 8.75%, due 4/1/2030
|
864,928
(a)
|
595,000
|
TK Elevator Holdco GmbH, 7.63%, due 7/15/2028
|
583,147
(a)
|
265,000
|
TK Elevator U.S. Newco, Inc., 5.25%, due 7/15/2027
|
253,490
(a)
|
|
|
4,140,217
|
Media 7.4%
|
||
|
Altice Financing SA
|
|
315,000
|
5.00%, due 1/15/2028
|
248,600
(a)
|
715,000
|
5.75%, due 8/15/2029
|
531,084
(a)
|
750,000
|
Cable One, Inc., 4.00%, due 11/15/2030
|
572,178
(a)
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.
|
|
160,000
|
5.13%, due 5/1/2027
|
149,948
(a)
|
1,330,000
|
5.38%, due 6/1/2029
|
1,171,462
(a)
|
1,080,000
|
6.38%, due 9/1/2029
|
990,016
(a)
|
680,000
|
4.50%, due 8/15/2030
|
552,603
(a)
|
1,085,000
|
4.25%, due 2/1/2031
|
849,168
(a)
|
785,000
|
7.38%, due 3/1/2031
|
744,914
(a)
|
390,000
|
4.75%, due 2/1/2032
|
306,709
(a)
|
|
CSC Holdings LLC
|
|
510,000
|
5.50%, due 4/15/2027
|
418,104
(a)
|
355,000
|
5.38%, due 2/1/2028
|
272,360
(a)
|
325,000
|
7.50%, due 4/1/2028
|
175,838
(a)
|
440,000
|
11.25%, due 5/15/2028
|
389,195
(a)
|
725,000
|
11.75%, due 1/31/2029
|
644,108
(a)
|
345,000
|
6.50%, due 2/1/2029
|
257,308
(a)
|
585,000
|
4.13%, due 12/1/2030
|
371,605
(a)
|
690,000
|
4.63%, due 12/1/2030
|
299,483
(a)
|
325,000
|
5.00%, due 11/15/2031
|
138,340
(a)
|
|
DISH DBS Corp.
|
|
240,000
|
7.75%, due 7/1/2026
|
150,619
|
530,000
|
5.25%, due 12/1/2026
|
416,783
(a)
|
340,000
|
5.13%, due 6/1/2029
|
136,572
|
430,000
|
DISH Network Corp., 11.75%, due 11/15/2027
|
433,456
(a)
|
Principal Amount
|
Value
|
|
|
||
Media – cont'd
|
||
|
McGraw-Hill Education, Inc.
|
|
$430,000
|
5.75%, due 8/1/2028
|
$398,770
(a)
|
795,000
|
8.00%, due 8/1/2029
|
730,202
(a)
|
325,000
|
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, due 8/15/2027
|
310,258
(a)
|
|
Paramount Global
|
|
165,000
|
3.38%, due 2/15/2028
|
146,896
|
165,000
|
4.95%, due 1/15/2031
|
145,397
|
205,000
|
4.85%, due 7/1/2042
|
146,762
|
265,000
|
6.25%, due 2/28/2057
|
232,322
(g)
|
240,000
|
6.38%, due 3/30/2062
|
221,965
(g)
|
|
Sirius XM Radio, Inc.
|
|
660,000
|
5.50%, due 7/1/2029
|
612,637
(a)
|
190,000
|
4.13%, due 7/1/2030
|
161,131
(a)
|
690,000
|
3.88%, due 9/1/2031
|
554,920
(a)
|
920,000
|
Sunrise FinCo I BV, 4.88%, due 7/15/2031
|
801,108
(a)
|
270,000
|
Ziggo Bond Co. BV, 5.13%, due 2/28/2030
|
224,032
(a)
|
485,000
|
Ziggo BV, 4.88%, due 1/15/2030
|
424,397
(a)
|
|
|
15,331,250
|
Metal Fabricate - Hardware 0.3%
|
||
555,000
|
Advanced Drainage Systems, Inc., 6.38%, due 6/15/2030
|
551,748
(a)
|
Mining 2.8%
|
||
320,000
|
Alcoa Nederland Holding BV, 7.13%, due 3/15/2031
|
323,682
(a)
|
|
Arsenal AIC Parent LLC
|
|
350,000
|
8.00%, due 10/1/2030
|
364,408
(a)
|
935,000
|
11.50%, due 10/1/2031
|
1,041,112
(a)
|
155,000
|
Constellium SE, 5.63%, due 6/15/2028
|
149,593
(a)
|
|
First Quantum Minerals Ltd.
|
|
395,000
|
9.38%, due 3/1/2029
|
408,104
(a)
|
350,000
|
8.63%, due 6/1/2031
|
338,764
(a)
|
|
FMG Resources August 2006 Pty. Ltd.
|
|
115,000
|
5.88%, due 4/15/2030
|
110,557
(a)
|
165,000
|
4.38%, due 4/1/2031
|
145,273
(a)
|
555,000
|
6.13%, due 4/15/2032
|
537,404
(a)
|
|
Hudbay Minerals, Inc.
|
|
935,000
|
4.50%, due 4/1/2026
|
904,280
(a)
|
600,000
|
6.13%, due 4/1/2029
|
587,306
(a)
|
335,000
|
Kaiser Aluminum Corp., 4.50%, due 6/1/2031
|
293,421
(a)
|
470,000
|
Novelis Corp., 4.75%, due 1/30/2030
|
430,060
(a)
|
240,000
|
Taseko Mines Ltd., 8.25%, due 5/1/2030
|
243,835
(a)
|
|
|
5,877,799
|
Miscellaneous Manufacturer 0.4%
|
||
305,000
|
Calderys Financing LLC, 11.25%, due 6/1/2028
|
323,842
(a)
|
580,000
|
Hillenbrand, Inc., 6.25%, due 2/15/2029
|
575,452
|
|
|
899,294
|
Oil & Gas 7.2%
|
||
|
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
|
|
725,000
|
7.00%, due 11/1/2026
|
723,917
(a)
|
520,000
|
8.25%, due 12/31/2028
|
530,590
(a)
|
250,000
|
5.88%, due 6/30/2029
|
238,247
(a)
|
Principal Amount
|
Value
|
|
|
||
Oil & Gas – cont'd
|
||
|
Borr IHC Ltd./Borr Finance LLC
|
|
$520,000
|
10.00%, due 11/15/2028
|
$537,536
(a)
|
500,000
|
10.38%, due 11/15/2030
|
519,264
(a)
|
400,000
|
Chesapeake Energy Corp., 6.75%, due 4/15/2029
|
399,690
(a)
|
|
Civitas Resources, Inc.
|
|
905,000
|
8.38%, due 7/1/2028
|
944,081
(a)
|
595,000
|
8.63%, due 11/1/2030
|
633,158
(a)
|
730,000
|
8.75%, due 7/1/2031
|
774,342
(a)
|
|
Comstock Resources, Inc.
|
|
1,012,000
|
6.75%, due 3/1/2029
|
963,537
(a)
|
1,095,000
|
5.88%, due 1/15/2030
|
997,295
(a)
|
570,000
|
Crescent Energy Finance LLC, 7.63%, due 4/1/2032
|
572,126
(a)
|
355,000
|
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, due 10/1/2030
|
371,326
(a)
|
|
Hilcorp Energy I LP/Hilcorp Finance Co.
|
|
425,000
|
6.25%, due 11/1/2028
|
418,749
(a)
|
503,000
|
5.75%, due 2/1/2029
|
483,198
(a)
|
30,000
|
6.00%, due 4/15/2030
|
28,725
(a)
|
118,000
|
6.00%, due 2/1/2031
|
112,648
(a)
|
470,000
|
8.38%, due 11/1/2033
|
504,173
(a)
|
95,000
|
Nabors Industries Ltd., 7.50%, due 1/15/2028
|
90,074
(a)
|
|
Nabors Industries, Inc.
|
|
650,000
|
7.38%, due 5/15/2027
|
644,186
(a)
|
100,000
|
9.13%, due 1/31/2030
|
103,118
(a)
|
|
Northern Oil & Gas, Inc.
|
|
435,000
|
8.13%, due 3/1/2028
|
440,069
(a)
|
85,000
|
8.75%, due 6/15/2031
|
89,412
(a)
|
|
Permian Resources Operating LLC
|
|
250,000
|
5.38%, due 1/15/2026
|
247,045
(a)
|
685,000
|
5.88%, due 7/1/2029
|
665,723
(a)
|
595,000
|
7.00%, due 1/15/2032
|
606,552
(a)
|
1,150,000
|
Rockcliff Energy II LLC, 5.50%, due 10/15/2029
|
1,060,021
(a)
|
|
Sunoco LP
|
|
190,000
|
7.00%, due 5/1/2029
|
192,961
(a)
|
165,000
|
7.25%, due 5/1/2032
|
167,583
(a)
|
|
Transocean, Inc.
|
|
405,000
|
8.25%, due 5/15/2029
|
402,667
(a)
|
405,000
|
8.50%, due 5/15/2031
|
403,169
(a)
|
|
|
14,865,182
|
Oil & Gas Services 0.7%
|
||
855,000
|
Solaris Midstream Holdings LLC, 7.63%, due 4/1/2026
|
858,336
(a)
|
535,000
|
USA Compression Partners LP/USA Compression Finance Corp., 7.13%, due
3/15/2029
|
531,579
(a)
|
|
|
1,389,915
|
Packaging & Containers 2.8%
|
||
440,000
|
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
4.00%, due
9/1/2029
|
362,700
(a)
|
235,000
|
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.13%, due 8/15/2026
|
195,839
(a)
|
175,000
|
Berry Global, Inc., 5.63%, due 7/15/2027
|
170,670
(a)
|
|
Mauser Packaging Solutions Holding Co.
|
|
825,000
|
7.88%, due 4/15/2027
|
840,469
(a)
|
1,030,000
|
9.25%, due 4/15/2027
|
1,009,375
(a)
|
Principal Amount
|
Value
|
|
|
||
Packaging & Containers – cont'd
|
||
$655,000
|
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
4.38%, due 10/15/2028
|
$602,802
(a)
|
610,000
|
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC,
4.00%, due 10/15/2027
|
565,955
(a)
|
565,000
|
Trident TPI Holdings, Inc., 12.75%, due 12/31/2028
|
611,424
(a)
|
|
Trivium Packaging Finance BV
|
|
570,000
|
5.50%, due 8/15/2026
|
560,165
(a)
|
765,000
|
8.50%, due 8/15/2027
|
757,551
(a)
|
|
|
5,676,950
|
Pharmaceuticals 0.9%
|
||
475,000
|
180 Medical, Inc., 3.88%, due 10/15/2029
|
420,567
(a)
|
|
Bausch Health Cos., Inc.
|
|
440,000
|
5.50%, due 11/1/2025
|
409,838
(a)
|
250,000
|
9.00%, due 12/15/2025
|
236,205
(a)
|
295,000
|
6.13%, due 2/1/2027
|
216,088
(a)
|
155,000
|
5.75%, due 8/15/2027
|
106,950
(a)
|
415,000
|
Teva Pharmaceutical Finance Netherlands III BV, 7.88%, due 9/15/2029
|
435,699
|
|
|
1,825,347
|
Pipelines 9.2%
|
||
|
Antero Midstream Partners LP/Antero Midstream Finance Corp.
|
|
955,000
|
5.38%, due 6/15/2029
|
908,743
(a)
|
475,000
|
6.63%, due 2/1/2032
|
473,568
(a)
|
|
CQP Holdco LP/BIP-V Chinook Holdco LLC
|
|
890,000
|
5.50%, due 6/15/2031
|
817,854
(a)
|
510,000
|
7.50%, due 12/15/2033
|
513,131
(a)
|
1,205,000
|
DT Midstream, Inc., 4.13%, due 6/15/2029
|
1,092,174
(a)
|
|
EQM Midstream Partners LP
|
|
1,165,000
|
7.50%, due 6/1/2027
|
1,186,931
(a)
|
405,000
|
6.50%, due 7/1/2027
|
405,563
(a)
|
5,000
|
5.50%, due 7/15/2028
|
4,870
|
420,000
|
6.38%, due 4/1/2029
|
416,084
(a)
|
405,000
|
7.50%, due 6/1/2030
|
424,671
(a)
|
|
Genesis Energy LP/Genesis Energy Finance Corp.
|
|
30,000
|
6.25%, due 5/15/2026
|
29,744
|
890,000
|
7.75%, due 2/1/2028
|
889,799
|
580,000
|
8.25%, due 1/15/2029
|
588,180
|
255,000
|
8.88%, due 4/15/2030
|
263,875
|
|
Harvest Midstream I LP
|
|
735,000
|
7.50%, due 9/1/2028
|
737,014
(a)
|
275,000
|
7.50%, due 5/15/2032
|
275,341
(a)(d)
|
215,000
|
Hess Midstream Operations LP, 5.50%, due 10/15/2030
|
205,569
(a)
|
610,000
|
Howard Midstream Energy Partners LLC, 6.75%, due 1/15/2027
|
601,814
(a)
|
1,005,000
|
ITT Holdings LLC, 6.50%, due 8/1/2029
|
907,734
(a)
|
1,125,000
|
Kinetik Holdings LP, 5.88%, due 6/15/2030
|
1,087,734
(a)
|
|
New Fortress Energy, Inc.
|
|
770,000
|
6.50%, due 9/30/2026
|
736,323
(a)
|
240,000
|
8.75%, due 3/15/2029
|
234,060
(a)
|
|
NGL Energy Operating LLC/NGL Energy Finance Corp.
|
|
265,000
|
8.13%, due 2/15/2029
|
269,219
(a)
|
285,000
|
8.38%, due 2/15/2032
|
289,603
(a)
|
|
NuStar Logistics LP
|
|
400,000
|
5.75%, due 10/1/2025
|
397,743
|
Principal Amount
|
Value
|
|
|
||
Pipelines – cont'd
|
||
$305,000
|
6.00%, due 6/1/2026
|
$302,653
|
515,000
|
Prairie Acquiror LP, 9.00%, due 8/1/2029
|
526,026
(a)
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
|
|
1,000,000
|
6.00%, due 3/1/2027
|
974,071
(a)
|
455,000
|
7.38%, due 2/15/2029
|
455,499
(a)
|
160,000
|
6.00%, due 9/1/2031
|
148,548
(a)
|
|
Venture Global Calcasieu Pass LLC
|
|
580,000
|
3.88%, due 8/15/2029
|
512,449
(a)
|
400,000
|
4.13%, due 8/15/2031
|
349,109
(a)
|
|
Venture Global LNG, Inc.
|
|
665,000
|
8.13%, due 6/1/2028
|
679,941
(a)
|
775,000
|
9.50%, due 2/1/2029
|
833,018
(a)
|
255,000
|
8.38%, due 6/1/2031
|
261,684
(a)
|
235,000
|
9.88%, due 2/1/2032
|
250,770
(a)
|
|
|
19,051,109
|
Real Estate 1.0%
|
||
870,000
|
Cushman & Wakefield U.S. Borrower LLC, 8.88%, due 9/1/2031
|
902,758
(a)
|
915,000
|
Greystar Real Estate Partners LLC, 7.75%, due 9/1/2030
|
942,434
(a)
|
191,000
|
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.75%, due 1/15/2029
|
133,321
(a)
|
|
|
1,978,513
|
Real Estate Investment Trusts 5.5%
|
||
715,000
|
Blackstone Mortgage Trust, Inc., 3.75%, due 1/15/2027
|
640,553
(a)
|
260,000
|
EPR Properties, 3.75%, due 8/15/2029
|
225,732
|
|
Iron Mountain, Inc.
|
|
500,000
|
5.25%, due 3/15/2028
|
478,404
(a)
|
245,000
|
5.00%, due 7/15/2028
|
230,884
(a)
|
375,000
|
4.88%, due 9/15/2029
|
346,037
(a)
|
35,000
|
5.63%, due 7/15/2032
|
32,395
(a)
|
|
MPT Operating Partnership LP/MPT Finance Corp.
|
|
780,000
|
5.25%, due 8/1/2026
|
710,441
|
660,000
|
5.00%, due 10/15/2027
|
539,854
|
790,000
|
Necessity Retail REIT, Inc./American Finance Operating Partner LP, 4.50%,
due 9/30/2028
|
673,872
(a)
|
1,000,000
|
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance
Co.-Issuer, 5.88%, due
10/1/2028
|
967,810
(a)
|
|
RHP Hotel Properties LP/RHP Finance Corp.
|
|
515,000
|
7.25%, due 7/15/2028
|
522,984
(a)
|
30,000
|
4.50%, due 2/15/2029
|
27,595
(a)
|
650,000
|
6.50%, due 4/1/2032
|
637,040
(a)
|
1,020,000
|
RLJ Lodging Trust LP, 4.00%, due 9/15/2029
|
884,645
(a)
|
|
Service Properties Trust
|
|
670,000
|
5.50%, due 12/15/2027
|
632,198
|
285,000
|
3.95%, due 1/15/2028
|
243,166
|
895,000
|
8.63%, due 11/15/2031
|
939,965
(a)
|
|
Starwood Property Trust, Inc.
|
|
570,000
|
4.38%, due 1/15/2027
|
527,879
(a)
|
550,000
|
7.25%, due 4/1/2029
|
542,573
(a)
|
1,165,000
|
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, due
2/15/2028
|
1,208,606
(a)
|
455,000
|
XHR LP, 4.88%, due 6/1/2029
|
415,306
(a)
|
|
|
11,427,939
|
Principal Amount
|
Value
|
|
|
||
Retail 4.5%
|
||
$415,000
|
Asbury Automotive Group, Inc., 4.63%, due 11/15/2029
|
$375,249
(a)
|
655,000
|
Bath & Body Works, Inc., 6.63%, due 10/1/2030
|
654,511
(a)
|
1,000,146
|
Carvana Co., 9.00% Cash/12.00% PIK, due 12/1/2028
|
979,605
(a)(f)
|
495,000
|
Foundation Building Materials, Inc., 6.00%, due 3/1/2029
|
436,239
(a)
|
425,000
|
Gap, Inc., 3.63%, due 10/1/2029
|
359,618
(a)
|
820,000
|
GYP Holdings III Corp., 4.63%, due 5/1/2029
|
757,491
(a)
|
|
LCM Investments Holdings II LLC
|
|
240,000
|
4.88%, due 5/1/2029
|
219,198
(a)
|
210,000
|
8.25%, due 8/1/2031
|
218,146
(a)
|
|
Macy's Retail Holdings LLC
|
|
355,000
|
5.88%, due 4/1/2029
|
342,281
(a)
|
105,000
|
5.88%, due 3/15/2030
|
100,085
(a)
|
330,000
|
6.13%, due 3/15/2032
|
312,153
(a)
|
435,000
|
4.50%, due 12/15/2034
|
370,721
|
135,000
|
5.13%, due 1/15/2042
|
113,642
|
|
Murphy Oil USA, Inc.
|
|
315,000
|
4.75%, due 9/15/2029
|
293,261
|
120,000
|
3.75%, due 2/15/2031
|
103,016
(a)
|
420,000
|
Nordstrom, Inc., 5.00%, due 1/15/2044
|
318,808
|
|
PetSmart, Inc./PetSmart Finance Corp.
|
|
435,000
|
4.75%, due 2/15/2028
|
401,439
(a)
|
905,000
|
7.75%, due 2/15/2029
|
860,188
(a)
|
|
Staples, Inc.
|
|
465,000
|
7.50%, due 4/15/2026
|
448,314
(a)
|
185,000
|
10.75%, due 4/15/2027
|
170,249
(a)
|
|
Walgreens Boots Alliance, Inc.
|
|
305,000
|
3.45%, due 6/1/2026
|
288,352
|
165,000
|
4.50%, due 11/18/2034
|
141,948
|
170,000
|
4.80%, due 11/18/2044
|
137,356
|
360,000
|
White Cap Buyer LLC, 6.88%, due 10/15/2028
|
347,810
(a)
|
525,000
|
White Cap Parent LLC, 8.25% Cash/9.00% PIK, due 3/15/2026
|
525,202
(a)(f)
|
30,000
|
Yum! Brands, Inc., 4.75%, due 1/15/2030
|
28,075
(a)
|
|
|
9,302,957
|
Semiconductors 0.0%(e)
|
||
30,000
|
Amkor Technology, Inc., 6.63%, due 9/15/2027
|
29,954
(a)
|
Software 3.3%
|
||
2,165,000
|
AthenaHealth Group, Inc., 6.50%, due 2/15/2030
|
1,949,035
(a)
|
200,000
|
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, due
6/15/2029
|
205,761
(a)
|
150,000
|
Central Parent, Inc./CDK Global, Inc., 7.25%, due 6/15/2029
|
151,642
(a)
|
|
Cloud Software Group, Inc.
|
|
635,000
|
6.50%, due 3/31/2029
|
602,268
(a)
|
625,000
|
9.00%, due 9/30/2029
|
601,409
(a)
|
410,000
|
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 8.75%,
due 5/1/2029
|
410,812
(a)(d)
|
105,000
|
Open Text Corp., 3.88%, due 12/1/2029
|
91,896
(a)
|
490,000
|
Open Text Holdings, Inc., 4.13%, due 2/15/2030
|
430,361
(a)
|
1,987,300
|
Rackspace Finance LLC, 3.50%, due 5/15/2028
|
943,769
(a)
|
1,330,000
|
UKG, Inc., 6.88%, due 2/1/2031
|
1,332,535
(a)
|
145,000
|
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, due 2/1/2029
|
127,985
(a)
|
|
|
6,847,473
|
Principal Amount
|
Value
|
|
|
||
Telecommunications 5.1%
|
||
$395,000
|
Altice France Holding SA, 6.00%, due 2/15/2028
|
$115,227
(a)
|
|
Altice France SA
|
|
1,495,000
|
8.13%, due 2/1/2027
|
1,125,529
(a)
|
1,055,000
|
5.50%, due 10/15/2029
|
690,271
(a)
|
190,000
|
Ciena Corp., 4.00%, due 1/31/2030
|
166,635
(a)
|
|
CommScope Technologies LLC
|
|
185,000
|
6.00%, due 6/15/2025
|
146,150
(a)
|
395,000
|
5.00%, due 3/15/2027
|
134,312
(a)
|
|
CommScope, Inc.
|
|
330,000
|
6.00%, due 3/1/2026
|
294,937
(a)
|
205,000
|
8.25%, due 3/1/2027
|
79,032
(a)
|
305,000
|
4.75%, due 9/1/2029
|
212,738
(a)
|
|
Frontier Communications Holdings LLC
|
|
305,000
|
5.88%, due 10/15/2027
|
292,543
(a)
|
325,000
|
5.00%, due 5/1/2028
|
298,996
(a)
|
1,185,000
|
5.88%, due 11/1/2029
|
989,388
|
895,000
|
8.75%, due 5/15/2030
|
911,226
(a)
|
290,000
|
8.75%, due 5/15/2030
|
295,258
(i)
|
|
Iliad Holding SASU
|
|
280,000
|
6.50%, due 10/15/2026
|
278,629
(a)
|
900,000
|
7.00%, due 10/15/2028
|
879,910
(a)
|
165,000
|
8.50%, due 4/15/2031
|
166,243
(j)
|
|
Level 3 Financing, Inc.
|
|
681,973
|
11.00%, due 11/15/2029
|
695,953
(a)
|
989,000
|
10.50%, due 5/15/2030
|
980,022
(a)
|
595,000
|
4.00%, due 4/15/2031
|
325,762
(a)
|
|
Telecom Italia Capital SA
|
|
145,000
|
7.20%, due 7/18/2036
|
131,348
|
145,000
|
7.72%, due 6/4/2038
|
134,814
|
140,000
|
U.S. Cellular Corp., 6.70%, due 12/15/2033
|
136,613
|
|
Viasat, Inc.
|
|
215,000
|
5.63%, due 4/15/2027
|
196,733
(a)
|
225,000
|
6.50%, due 7/15/2028
|
171,992
(a)
|
540,000
|
Vmed O2 U.K. Financing I PLC, 4.75%, due 7/15/2031
|
450,667
(a)
|
225,000
|
Zayo Group Holdings, Inc., 4.00%, due 3/1/2027
|
179,092
(a)
|
|
|
10,480,020
|
Transportation 0.7%
|
||
130,000
|
Genesee & Wyoming, Inc., 6.25%, due 4/15/2032
|
129,206
(a)
|
1,250,000
|
XPO, Inc., 7.13%, due 2/1/2032
|
1,257,253
(a)
|
|
|
1,386,459
|
Trucking & Leasing 0.7%
|
||
465,000
|
AerCap Global Aviation Trust, 6.50%, due 6/15/2045
|
462,308
(a)(g)
|
930,000
|
Fortress Transportation & Infrastructure Investors LLC, 7.00%, due
5/1/2031
|
935,024
(a)
|
|
|
1,397,332
|
Total Corporate Bonds (Cost $265,944,293)
|
262,168,850
|
Principal Amount
|
Value
|
|
|
||
Loan Assignments(b) 5.8%
|
||
Automotive 0.2%
|
||
$312,615
|
First Brands Group LLC, Second Lien Term Loan, (3 mo. USD Term SOFR +
8.50%), 14.14%, due
3/30/2028
|
$295,421
(k)
|
Business Equipment & Services 0.1%
|
||
150,000
|
Veritiv Corp., Term Loan B, (3 mo. USD Term SOFR + 5.00%), 10.31%, due
11/30/2030
|
149,925
|
Commercial Services 0.1%
|
||
159,597
|
Neptune Bidco U.S., Inc., Term Loan B, (3 mo. USD Term SOFR), due 4/11/2029
|
149,667
(j)(l)
|
Construction & Engineering 0.1%
|
||
|
Groundworks LLC
|
|
245,198
|
Term Loan, (1 mo. USD Term SOFR + 3.50%), 8.82%, due 3/14/2031
|
245,586
|
3,911
|
Term Loan, (1 mo. USD Term SOFR + 3.50%), 8.82%, due 3/14/2031
|
3,917
|
|
|
249,503
|
Containers & Glass Products 0.2%
|
||
347,375
|
Trident TPI Holdings, Inc., Term Loan B6, (3 mo. USD Term SOFR + 4.00%),
9.30%, due 9/15/2028
|
347,736
|
Diversified Insurance 0.1%
|
||
305,000
|
Gainwell Acquisition Corp., Term Loan B, (3 mo. USD Term SOFR + 4.00%),
9.41%, due 10/1/2027
|
290,418
|
Electronics - Electrical 0.6%
|
||
294,247
|
Cloudera, Inc., Term Loan, (1 mo. USD Term SOFR + 3.75%), 9.17%, due
10/8/2028
|
292,653
|
455,077
|
Rackspace Technology Global, Inc., First Lien Term Loan, (1 mo. USD Term
SOFR + 6.25%), 11.55%,
due 5/15/2028
|
453,370
|
565,000
|
VS Buyer LLC, Term Loan B, (1 mo. USD Term SOFR + 3.25%), 8.57%, due
4/14/2031
|
566,073
|
|
|
1,312,096
|
Energy Equipment & Services 0.1%
|
||
180,000
|
PG Investment Co. 59 SARL, Term Loan B, (3 mo. USD Term SOFR + 3.50%),
8.81%, due 3/26/2031
|
180,599
|
Health Care 0.9%
|
||
|
Aveanna Healthcare LLC
|
|
478,773
|
Term Loan B, (3 mo. USD Term SOFR + 3.75%), 9.19%, due 7/17/2028
|
459,474
|
500,000
|
Second Lien Term Loan, (3 mo. USD Term SOFR + 7.00%), 12.49%, due 12/10/2029
|
430,415
|
|
National Mentor Holdings, Inc.
|
|
319,976
|
Term Loan, (1 mo. USD Term SOFR + 3.75%, 3 mo. USD Term SOFR + 3.75%), 9.16%
– 9.17%,
due 3/2/2028
|
290,852
(m)
|
9,199
|
Term Loan C, (3 mo. USD Term SOFR + 3.75%), 9.16%, due 3/2/2028
|
8,362
|
748,092
|
Parexel International Corp., First Lien Term Loan, (1 mo. USD Term SOFR +
3.25%), 8.68%, due
11/15/2028
|
750,044
(j)(l)
|
|
|
1,939,147
|
Health Care Technology 0.6%
|
||
1,228,000
|
Cotiviti Corp., Term Loan B, due 2/21/2031
|
1,216,739
(j)(l)
|
Industrial Equipment 0.3%
|
||
677,604
|
Engineered Machinery Holdings, Inc., Second Lien Term Loan, (3 mo. USD Term
SOFR + 6.00%),
11.57%, due 5/21/2029
|
672,949
|
Insurance 0.2%
|
||
375,000
|
Truist Insurance Holdings LLC, Second Lien Term Loan, (1 mo. USD Term SOFR),
due 3/8/2032
|
378,049
(j)(l)
|
Life Sciences Tools & Services 0.4%
|
||
705,000
|
Star Parent, Inc., Term Loan B, (3 mo. USD Term SOFR + 4.00%), 9.31%, due
9/27/2030
|
704,563
|
Principal Amount
|
Value
|
||
|
|||
Oil & Gas 0.4%
|
|||
$295,000
|
Prairie ECI Acquiror LP, Term Loan, (1 mo. USD Term SOFR), due 8/1/2029
|
$295,074
(j)(l)
|
|
581,355
|
Waterbridge Midstream Operating LLC, Term Loan B, (3 mo. USD Term SOFR +
5.75%), 11.34%, due
6/22/2026
|
582,413
|
|
|
|
877,487
|
|
Pipelines 0.5%
|
|||
917,700
|
New Fortress Energy, Inc., Term Loan, (3 mo. USD Term SOFR + 5.00%), 10.33%,
due 10/27/2028
|
921,307
|
|
Telecommunications 0.0%(e)
|
|||
52,791
|
Lumen Technologies, Inc., Term Loan A, (1 mo. USD Term SOFR), due 6/1/2028
|
44,608
(j)(l)
|
|
Trading Companies & Distributors 0.2%
|
|||
482,188
|
Fastlane Parent Co., Inc., Term Loan B, (1 mo. USD Term SOFR + 4.50%),
9.82%, due 9/29/2028
|
483,393
|
|
Utilities 0.8%
|
|||
440,000
|
Calpine Corp., Term Loan B10, (1 mo. USD Term SOFR), due 1/31/2031
|
439,367
(j)(l)
|
|
|
Lightstone Holdco LLC
|
|
|
1,269,109
|
Term Loan B, (3 mo. USD Term SOFR + 5.75%), 11.08%, due 1/29/2027
|
1,224,690
|
|
71,779
|
Term Loan C, (3 mo. USD Term SOFR + 5.75%), 11.08%, due 1/29/2027
|
69,267
|
|
|
|
1,733,324
|
|
Total Loan Assignments (Cost $11,792,433)
|
11,946,931
|
||
|
|||
Convertible Bonds 0.2%
|
|||
Media 0.2%
|
|||
612,000
|
DISH Network Corp., 3.38%, due 8/15/2026 (Cost $613,749)
|
373,319
|
|
Number of Shares
|
|
||
|
|||
Short-Term Investments 5.1%
|
|||
Investment Companies 5.1%
|
|
|
|
10,536,983
|
State Street Institutional U.S. Government Money Market Fund Premier Class,
5.25%(n)
(Cost $10,536,983)
|
10,536,983
|
|
Total Investments 143.0% (Cost
$298,424,580)
|
294,648,171
|
||
Liabilities Less Other Assets (23.6)%
|
(48,606,058
)(o)
|
||
Liquidation Preference of Mandatory Redeemable Preferred
Shares (net of unamortized deferred issuance cost of
$54,723) (19.4%)
|
(39,945,277
)(p)
|
||
Net Assets Applicable to Common
Stockholders 100.0%
|
$206,096,836
|
(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
April 30, 2024, these
securities amounted to $245,284,266, which represents 119.0% 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 April
30, 2024 and
changes periodically.
|
(c)
|
Security fair valued as of April 30, 2024 in accordance with procedures approved by the
valuation designee.
Total value of all such securities at April 30, 2024 amounted to $2,750,008, which represents
1.3% of net
assets applicable to common stockholders of the Fund.
|
(d)
|
When-issued security. Total value of all such securities at April 30, 2024 amounted to
$4,761,954, which
represents 2.3% of net assets applicable to common stockholders of the Fund.
|
(e)
|
Represents less than 0.05% of net assets applicable to common stockholders of the Fund.
|
(f)
|
Payment-in-kind (PIK) security.
|
(g)
|
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.
|
(h)
|
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.
|
(i)
|
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933,
as amended.
Regulation S applies to securities offerings that are made outside of the United States and do
not involve
directed selling efforts in the United States and as such may have restrictions on resale.
Total value of all
such securities at April 30, 2024 amounted to $295,258, which represents 0.1% of net assets
applicable to
common stockholders of the Fund.
|
(j)
|
All or a portion of this security was purchased on a delayed delivery basis.
|
(k)
|
Value determined using significant unobservable inputs.
|
(l)
|
All or a portion of this security had not settled as of April 30, 2024 and thus may not have
an interest rate in
effect. Interest rates do not take effect until settlement.
|
(m)
|
The stated interest rates represent the range of rates at April 30, 2024 of the underlying
contracts within the
Loan Assignment.
|
(n)
|
Represents 7-day effective yield as of April 30, 2024.
|
(o)
|
As of April 30, 2024, the value of unfunded loan commitments was $41,283 for the Fund (see
Note A of
the Notes to Financial Statements).
|
(p)
|
Fair valued as of April 30, 2024 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
|
$243,175,989
|
118.0
%
|
Canada
|
7,903,476
|
3.8
%
|
Cayman Islands
|
6,070,332
|
2.9
%
|
France
|
5,074,261
|
2.5
%
|
United Kingdom
|
3,845,829
|
1.9
%
|
Germany
|
2,867,958
|
1.4
%
|
Netherlands
|
2,767,253
|
1.3
%
|
Luxembourg
|
2,389,593
|
1.2
%
|
Jersey
|
1,753,419
|
0.8
%
|
Mexico
|
1,056,800
|
0.5
%
|
Austria
|
841,026
|
0.4
%
|
Ireland
|
811,979
|
0.4
%
|
Australia
|
793,234
|
0.4
%
|
Czech Republic
|
788,578
|
0.4
%
|
Bermuda
|
750,008
|
0.4
%
|
Zambia
|
746,868
|
0.4
%
|
Switzerland
|
744,767
|
0.4
%
|
Chile
|
730,484
|
0.4
%
|
Israel
|
435,699
|
0.2
%
|
Finland
|
297,473
|
0.1
%
|
Italy
|
266,162
|
0.1
%
|
Liquidation Preference of Mandatory Redeemable Preferred Shares (net of
unamortized
deferred issuance cost of $54,723)
|
(39,945,277
)
|
(19.4
)%
|
Short-Term Investments and Other Liabilities—Net
|
(38,069,075
)
|
(18.5
)%
|
|
$206,096,836
|
100.0
%
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
Investments:
|
|
|
|
|
Mortgage-Backed Securities#
|
$—
|
$1,048,329
|
$—
|
$1,048,329
|
Asset-Backed Securities
|
—
|
8,573,759
|
—
|
8,573,759
|
Corporate Bonds#
|
—
|
262,168,850
|
—
|
262,168,850
|
Loan Assignments
|
|
|
|
|
Automotive
|
—
|
—
|
295,421
|
295,421
|
Other Loan Assignments#
|
—
|
11,651,510
|
—
|
11,651,510
|
Total Loan Assignments
|
—
|
11,651,510
|
295,421
|
11,946,931
|
Convertible Bonds#
|
—
|
373,319
|
—
|
373,319
|
Short-Term Investments
|
—
|
10,536,983
|
—
|
10,536,983
|
Total Investments
|
$—
|
$294,352,750
|
$295,421
|
$294,648,171
|
#
|
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 11/1/2023
|
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
4/30/2024
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
4/30/2024
|
Investments in
Securities:
|
|
|
|
|
|
|
|
|
|
|
Loan Assignments(1)
|
$657
|
$—
|
$—
|
$(13
)
|
$308
|
$—
|
$—
|
$(657
)
|
$295
|
$(13
)
|
Total
|
$657
|
$—
|
$—
|
$(13
)
|
$308
|
$—
|
$—
|
$(657
)
|
$295
|
$(13
)
|
(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.
|
|
April 30, 2024
|
Assets
|
|
Investments in securities, at value* (Note
A)—see Schedule of Investments:
|
|
Unaffiliated issuers(a)
|
$294,648,171
|
Cash
|
577,239
|
Interest receivable
|
4,776,070
|
Receivable for securities sold
|
385,793
|
Receivable for Fund shares sold
|
226,342
|
Receivable for unfunded loan commitments (Note A)
|
271
|
Prepaid offering costs (Notes A & F)
|
155,518
|
Prepaid expenses and other assets
|
7,457
|
Total Assets
|
300,776,861
|
Liabilities
|
|
Loans payable (Note A)
|
45,000,000
|
Mandatory Redeemable Preferred Shares, Series D (net of unamortized deferred issuance cost of
$54,723)
($100,000 liquidation preference per share; 400 shares issued and outstanding) (Note A)
|
39,945,277
|
Distributions payable—preferred shares
|
8,456
|
Distributions payable—common stock
|
34,666
|
Payable to investment manager (Note B)
|
142,786
|
Payable for securities purchased
|
9,120,284
|
Payable to administrator (Note B)
|
11,899
|
Payable to directors
|
3,220
|
Interest payable (Note A)
|
241,884
|
Other accrued expenses and payables
|
171,553
|
Total Liabilities
|
94,680,025
|
Net Assets applicable to Common Stockholders
|
$206,096,836
|
Net Assets applicable to Common Stockholders consist of:
|
|
Paid-in capital—common stock
|
$273,436,195
|
Total distributable earnings/(losses)
|
(67,339,359
)
|
Net Assets applicable to Common Stockholders
|
$206,096,836
|
Shares of Common Stock Outstanding ($0.0001 par value; 992,396,700 shares
authorized)
|
26,310,729
|
Net Asset Value Per Share of Common Stock Outstanding
|
$7.83
|
*Cost of Investments:
|
|
(a) Unaffiliated issuers
|
$298,424,580
|
|
|
High Yield
Strategies
Fund Inc.
|
|
For the Six
Months Ended
April 30,
2024
|
Investment Income:
|
|
Income (Note A):
|
|
Interest and other income—unaffiliated issuers
|
$11,572,098
|
Expenses:
|
|
Investment management fees (Note B)
|
892,140
|
Administration fees (Note B)
|
74,345
|
Audit fees
|
29,119
|
Basic maintenance (Note A)
|
6,216
|
Custodian and accounting fees
|
53,058
|
Insurance
|
3,906
|
Legal fees
|
89,470
|
Stockholder reports
|
16,192
|
Stock exchange listing fees
|
4,437
|
Stock transfer agent fees
|
50,018
|
Distributions to mandatory redeemable preferred shareholders and amortization of offering
costs (Note A)
|
1,477,937
|
Directors' fees and expenses
|
31,014
|
Interest (Note A)
|
1,741,361
|
Miscellaneous and other fees
|
45,399
|
Total expenses
|
4,514,612
|
Net investment income/(loss)
|
$7,057,486
|
Realized and Unrealized Gain/(Loss) on Investments (Note A):
|
|
Net realized gain/(loss) on:
|
|
Transactions in investment securities of unaffiliated issuers
|
(4,753,067
)
|
Change in net unrealized appreciation/(depreciation) in
value of:
|
|
Investment securities of unaffiliated issuers
|
20,446,368
|
Unfunded commitments
|
271
|
Net gain/(loss) on investments
|
15,693,572
|
Net increase/(decrease) in net assets applicable to Common Stockholders
resulting from operations
|
$22,751,058
|
|
High Yield
Strategies Fund Inc.
|
|
|
Six Months Ended
|
Fiscal Year Ended
|
|
April 30, 2024
(Unaudited)
|
October 31, 2023
|
Increase/(Decrease) in Net Assets Applicable to Common Stockholders:
|
|
|
From Operations (Note A):
|
|
|
Net investment income/(loss)
|
$7,057,486
|
$11,376,437
|
Net realized gain/(loss) on investments
|
(4,753,067
)
|
(16,365,994
)
|
Change in net unrealized appreciation/(depreciation) of investments
|
20,446,639
|
8,707,079
|
Net increase/(decrease) in net assets applicable to Common Stockholders resulting from
operations
|
22,751,058
|
3,717,522
|
Distributions to Common Stockholders From (Note A):
|
|
|
Distributable earnings
|
(14,098,447
)
|
(12,132,482
)
|
Tax return of capital
|
—
|
(11,327,347
)
|
Total distributions to Common Stockholders
|
(14,098,447
)
|
(23,459,829
)
|
From Capital Share Transactions (Note D):
|
|
|
Proceeds from rights offering, net of offering costs (Note E)
|
—
|
45,768,023
(a)
|
Proceeds from at-the-market offering, net of offering costs (Note F)
|
2,922,474
(b)
|
64,244
(b)
|
Proceeds from reinvestment of dividends and distributions
|
93,245
|
59,733
|
Total net proceeds from capital share transactions
|
3,015,719
|
45,892,000
|
Net Increase/(Decrease) in Net Assets Applicable to Common
Stockholders
|
11,668,330
|
26,149,693
|
Net Assets Applicable to Common Stockholders:
|
|
|
Beginning of period
|
194,428,506
|
168,278,813
|
End of period
|
$206,096,836
|
$194,428,506
|
|
|
(a)
|
Net of offering costs and related expenses of $2,360,101 for the year ended October 31, 2023.
|
(b)
|
Net of offering costs and related expenses of $7,320 for the six months ended April 30, 2024
and $214 for the year ended
October 31, 2023.
|
|
High Yield
Strategies
Fund Inc.
|
|
For the
Six Months Ended
April 30, 2024
|
Increase/(Decrease) in cash:
|
|
Cash flows from operating activities:
|
|
Net increase in net assets applicable to Common Stockholders resulting from operations
|
$22,751,058
|
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
|
(134,357,492
)
|
Proceeds from disposition of investment securities
|
161,579,323
|
Purchase/sale of short-term investment securities, net
|
(9,377,790
)
|
Decrease in prepaid offering costs
|
7,535
|
Decrease in interest receivable
|
1,431,265
|
Increase in receivable for Fund shares sold
|
(226,342
)
|
Decrease in unamortized deferred issuance cost
|
13,169
|
Decrease in prepaid expenses and other assets
|
14,510
|
Decrease in receivable for securities sold
|
1,319,475
|
Decrease in distributions payable on preferred shares
|
(232,110
)
|
Increase in payable for securities purchased
|
7,395,234
|
Decrease in interest payable
|
(144,097
)
|
Net amortization/(accretion) of premium/(discount) on investments
|
(989,008
)
|
Decrease in payable to investment manager
|
(15,727
)
|
Decrease in payable to directors
|
(1,142
)
|
Decrease in payable to administrator
|
(1,310
)
|
Decrease in other accrued expenses and payables
|
(214,349
)
|
Unrealized appreciation on investment securities of unaffiliated issuers
|
(20,446,368
)
|
Unrealized appreciation unfunded loan commitments
|
(271
)
|
Net realized loss from transactions in investment securities of unaffiliated issuers
|
4,753,067
|
Net cash provided by (used in) operating activities
|
$33,258,630
|
Cash flows from financing activities:
|
|
Cash distributions paid on common stock
|
(14,001,310
)
|
Cash disbursement for loan borrowings
|
(21,000,000
)
|
Net proceeds from at-the-market offering
|
2,922,474
|
Net cash provided by (used in) financing activities
|
$(32,078,836
)
|
Net increase/(decrease) in cash and restricted cash
|
1,179,794
|
Cash:
|
|
Cash, foreign currency and restricted cash, if any, at beginning of period
|
(602,555
)
|
Cash, foreign currency and restricted cash, if any, at end of period
|
$577,239
|
Supplemental disclosure
|
|
Cash paid for interest
|
$1,885,458
|
|
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
|
Shares
Outstanding
|
Aggregate
Liquidation
Preference
|
Series D
|
9/29/26
|
400
|
$40,000,000
|
Borrower
|
Principal
Amount
|
Value
|
Groundworks LLC, Term Loan DD, (1 mo. USD Term SOFR + 0.50%), 0.50%, due 3/14/2031(a)
|
$41,217
|
$41,283
|
(a)
|
Position is a delayed draw term loan which may be partially or fully unfunded. In accordance
with the
underlying credit agreement, the interest rate shown reflects the unfunded rate as of April
30, 2024.
|
|
For the Six Months Ended April 30, 2024
|
|||
|
Stock Issued on
Reinvestment of
Dividends
and Distributions
|
|
Stock Issued in
Connection with
ATM
Offering (Note F)
|
Net Increase/
(Decrease)
in Common Stock
Outstanding
|
|
11,620
|
|
370,202
|
381,822
|
|
For the Year Ended October 31, 2023
|
|||
|
Stock Issued on
Reinvestment of
Dividends
and Distributions
|
Stock Issued in
Connection with
Rights Offering
(Note E)
|
Stock Issued in
Connection with
ATM Offering
(Note F)
|
Net Increase/
(Decrease)
in Common Stock
Outstanding
|
|
6,840
|
6,482,227
|
7,300
|
6,496,367
|
|
Six Months
Ended April 30,
|
Year Ended October 31,
|
||||
|
2024
(Unaudited)
|
2023
|
2022
|
2021
|
2020
|
2019
|
Common Stock Net Asset Value, Beginning
of Period
|
$7.50
|
$8.66
|
$12.35
|
$11.74
|
$12.67
|
$12.45
|
Income/(Loss) From Investment Operations
Applicable to Common Stockholders:
|
|
|
|
|
|
|
Net Investment Income/(Loss)a
|
0.27
|
0.52
|
0.71
|
0.75
|
0.73
|
0.78
|
Net Gains or (Losses) on Securities (both
realized and unrealized)
|
0.49
|
(0.36
)
|
(3.00
)
|
0.78
|
(0.57
)
|
0.38
|
Total From Investment Operations
Applicable to Common Stockholders
|
0.76
|
0.16
|
(2.29
)
|
1.53
|
0.16
|
1.16
|
Less Distributions to Common
Stockholders From:
|
|
|
|
|
|
|
Net Investment Income
|
(0.54
)
|
(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
|
(0.54
)
|
(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
|
0.11
e
|
0.00
f
|
—
|
—
|
—
|
—
|
Common Stock Net Asset Value, End of
Period
|
$7.83
|
$7.50
|
$8.66
|
$12.35
|
$11.74
|
$12.67
|
Common Stock Market Value, End of
Period
|
$7.90
|
$7.04
|
$8.21
|
$13.16
|
$10.75
|
$11.93
|
Total Return, Common Stock Net Asset Valueg
|
11.81
%h,i
|
(1.00
)%h
|
(21.70
)%
|
14.81
%h
|
2.28
%
|
10.43
%
|
Total Return, Common Stock Market Valueg
|
20.18
%h,i
|
(1.98
)%h
|
(30.34
)%
|
33.61
%h
|
(0.53
)%
|
25.32
%
|
Supplemental Data/Ratios
|
|
|
|
|
|
|
Net Assets Applicable to Common
Stockholders, End of Period (in millions)
|
$206.1
|
$194.4
|
$168.3
|
$181.1
|
$229.3
|
$247.5
|
Preferred Stock Outstanding, End of Period (in
millions)j
|
$40.0
|
$40.0
|
$76.0
|
$76.0
|
$95.0
|
$35.0
|
Preferred Stock Liquidation Value Per Sharej
|
$100,000
|
$100,000
|
$12.5
|
$12.5
|
$12.5
|
$25,000
|
|
Six Months
Ended April 30,
|
Year Ended October 31,
|
||||
|
2024
(Unaudited)
|
2023
|
2022
|
2021
|
2020
|
2019
|
Ratios are Calculated Using Average Net
Assets Applicable to Common Stockholders
|
|
|
|
|
|
|
Ratio of Gross Expensesk
|
4.40
%l
|
6.08
%m
|
3.37
%
|
2.55
%
|
3.17
%
|
3.52
%
|
Ratio of Net Expensesk
|
4.40
%l
|
6.08
%m
|
3.37
%
|
2.55
%
|
3.17
%
|
3.52
%
|
Ratio of Net Investment Income/(Loss)
Excluding Preferred Stock Distributions
|
6.87
%l
|
6.30
%
|
6.90
%
|
5.96
%
|
6.21
%
|
6.20
%
|
Portfolio Turnover Rate
|
46
%i
|
78
%
|
52
%
|
66
%
|
102
%
|
89
%
|
Asset Coverage Per Share of Preferred
Stock, End of Periodn
|
$615,126
o
|
$586,503
o
|
$40
|
$42
|
$43
|
$201,899
|
Notes Payable (in millions)p
|
$—
|
$—
|
$45.9
|
$19.3
|
$29.6
|
$89.9
|
Asset Coverage Per $1,000 of
Notes Payableq
|
$—
|
$—
|
$6,348
|
$14,374
|
$11,969
|
$4,147
|
Loans Payable (in millions)
|
$45.0
|
$66.0
|
$—
|
$—
|
$—
|
$—
|
Asset Coverage Per $1,000 of Loans
Payabler
|
$6,473
|
$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 six months ended April 30, 2024, the Fund issued 370,202 shares of common stock
through the
ATM offering.
|
f
|
During the year ended October 31, 2023, the Fund issued 7,300 shares of common stock through
the ATM
offering.
|
g
|
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.
|
h
|
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 six months ended April 30, 2024. The class action proceeds received in
2023 and 2021
had no impact on the Fund's total returns for the years ended October 31, 2023 and 2021,
respectively.
|
i
|
Not annualized.
|
j
|
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).
|
k
|
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:
|
|
Six Months Ended April 30,
|
Year Ended October 31,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
2019
|
Distributions to mandatory
redeemable
preferred stockholders
|
1.37%
|
2.87%
|
1.47%
|
0.15%
|
0.71%
|
0.71%
|
Interest
|
1.70%
|
1.71%
|
0.51%
|
0.95%
|
0.89%
|
1.38%
|
l
|
Annualized.
|
m
|
Includes interest expense on reverse repurchase agreements of 0.03% for the year ended October
31,
2023.
|
n
|
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.
|
o
|
Net of unamortized deferred issuance costs. The unamortized deferred issuance costs for the
six months
ended April 30, 2024 and the year ended October 31, 2023 were $54,723 and $67,892,
respectively.
|
p
|
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
|
q
|
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.
|
r
|
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.
|
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
FACTS
|
WHAT DOES NEUBERGER BERMAN
DO WITH YOUR PERSONAL INFORMATION?
|
Why?
|
Financial companies choose how they share your personal
information. Federal law
gives consumers the right to limit some but not all sharing. Federal law
also requires
us to tell you how we collect, share, and protect your personal
information. Please
read this notice carefully to understand what we do.
|
What?
|
The types of personal information we collect and share
depend on the product or
service you have with us. This information can include:
■ Social Security numbers, dates of birth and other numerical identifiers
■ Names and addresses
■ Driver’s licenses, passports and other identification documents
■ Usernames and passwords
■ Internet protocol addresses and other network activity information
■ Income, credit history, credit scores, assets, transaction history and other
financial information
|
How?
|
All financial companies need to share customers’ personal
information to run their
everyday business. In the section below, we list the reasons financial
companies can
share their customers’ personal information; the reasons Neuberger Berman
chooses to share; and whether you can limit this sharing.
|
Reasons we can share your personal information
|
Does Neuberger
Berman share?
|
Can you limit this sharing?
|
For our everyday business purposes—
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus
|
Yes
|
No
|
For our marketing purposes—
to offer our products and services to you
|
Yes
|
No
|
For joint marketing with other financial
companies
|
No
|
We don’t share
|
For our Affiliates’ everyday business purposes—
information about your transactions and
experiences
|
Yes
|
No
|
For our Affiliates’ everyday business purposes—
information about your creditworthiness
|
No
|
We don’t share
|
For Nonaffiliates to market to you
|
No
|
We don’t share
|
Questions?
|
Who we are?
|
|
Who is providing this notice?
|
Entities within the Neuberger Berman family of companies,
mutual funds, and private investment funds.
|
What we do?
|
|
How does Neuberger Berman
protect my personal information?
|
To protect your personal information from unauthorized access
and use, we use security measures that comply with federal law
and include physical, electronic and procedural safeguards.
|
How does Neuberger Berman
collect my personal information?
|
We collect your personal information directly from you or your
representatives, for example, when you
■ seek advice about your investments
■ give us your contact or income information
■ provide account information or open an account
■ direct us to buy or sell securities, or complete other
transactions
■ visit one of our websites, portals or other online locations
We also collect your personal information from others, such as
credit bureaus, affiliates, or other companies.
|
Why can’t I limit all sharing?
|
Federal law gives you the right to limit only:
■ sharing with Affiliates’ for everyday business
purposes—information about your creditworthiness
■ Affiliates from using your information to market to you
■ sharing with Nonaffiliates to market to you
State laws and individual companies may give you additional
rights to limit sharing.
|
Definitions
|
|
Affiliates
|
Companies related by common ownership or control. They can
be financial and nonfinancial companies.
■ Our affiliates include, but are not limited to, companies with a
Neuberger Berman name; financial companies, such as
investment advisers or broker dealers; mutual funds,
and
private investment funds.
|
Nonaffiliates
|
Companies not related by common ownership or control. They
can be financial and nonfinancial companies.
■ Nonaffiliates we share with can include companies that
perform administrative services on our behalf (such
as
vendors that provide data processing, transaction
processing,
and printing services) or other companies such as
brokers,
dealers, or counterparties in connection with
servicing your
account.
|
Joint marketing
|
A formal agreement between nonaffiliated financial companies
that together market financial products or services to you.
■ Neuberger Berman doesn’t jointly market.
|
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.
(b) |
Not applicable to the Registrant.
|
(a)
|
Not applicable to semi-annual reports on Form N-CSR.
|
(b)
|
Not applicable to the Registrant.
|
(a)
|
The complete schedule of investments for the Registrant is disclosed in the Registrant’s semi-annual report, which is included in Item 1 of this Form N-CSR.
|
(b)
|
Not applicable to the Registrant.
|
(a)
|
Not applicable to semi-annual reports on Form N-CSR.
|
(b)
|
There have been no changes in any of the Portfolio Managers since the Registrant’s most recent annual report on Form N-CSR.
|
(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) |
The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act is furnished herewith.
|