Washington, D.C. 20549
American High-Income Trust seeks a high level of current income and, secondarily, capital appreciation through a diversified, carefully supervised portfolio consisting primarily of lower rated, higher risk corporate bonds.
This fund is one of more than 40 offered by one of the nation’s largest mutual fund families, American Funds, from Capital Group. For more than 80 years, Capital has invested with a long-term focus based on thorough research and attention to risk.
Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2013:
The total annual fund operating expense ratio was 0.69% for Class A shares as of the prospectus dated December 1, 2012.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers, without which results would have been lower. Visit americanfunds.com for more information.
Results for other share classes can be found on page 4.
The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an issuer’s creditworthiness. Investing in bonds issued outside the U.S. may be subject to additional risks. They include currency fluctuations, political and social instability, differing securities regulations and accounting standards, higher transaction costs, illiquidity, price volatility and possible changes in taxation. These risks may be heightened in connection with investments in developing countries. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.
High-yield bond markets were strong for the six-month period ended March 31, 2013, as the economy rebounded and investors sought to take on more risk. Sentiment was helped by a partial resolution to the fiscal cliff negotiations, continuing monetary easement and more progress in resolving the euro-zone debt crisis.
For the period, American High-Income Trust reported a total return of 6.0%, assuming the reinvestment of monthly dividends totaling approximately 38 cents a share. Shareholders who reinvested dividends received an income return of 3.5%. Those who elected to take their dividends in cash received an income return of 3.4% and saw the value of their holdings increase by 2.5%.
By comparison, the Lipper High Yield Funds Index, a benchmark of similar funds, posted a total return of 6.4%, and the Barclays U.S. Corporate High Yield 2% Issuer Capped Index, which covers the universe of fixed-rate, non-investment-grade debt and limits the maximum exposure of any one issuer to 2%, returned 6.3%. The latter index is unmanaged and, therefore, has no expenses.
President Obama was re-elected amidst a gradual improvement in the U.S. economy, especially in the housing and job markets. However, the fiscal cliff of tax increases and spending cuts created significant uncertainty for investors and companies alike. While politicians reached a partial agreement on tax increases, they failed to do so on sequestration, triggering automatic spending cuts that could affect U.S. economic growth. Political and fiscal risks also re-emerged in Europe following Italy’s inconclusive elections results and an unconventional bailout plan for banks in Cyprus. As it continued to provide funding and support recovery efforts in the euro zone, the European Central Bank defended its unlimited bond-buying program, which is designed to lower borrowing costs for troubled nations while requiring them to pursue fiscal reforms.
The U.S. Federal Reserve also extended its bond-buying program and announced that it would link monetary policy to jobs for the first time, stating that it would keep interest rates at close to zero at least until the unemployment rate fell to 6.5%. Despite these actions, the acceleration in U.S. economic activity caused investors to question the Fed’s commitment to its bond-buying program and whether interest rates would rise sooner than had previously been expected. As a result, the yield curve steepened, with longer dated Treasury yields rising more than shorter dated maturities.
The credit markets continued to see substantial levels of new supply as companies looked to take advantage of low borrowing costs. Many companies have been looking to refinance — both lowering their interest rates and extending their maturities — which has helped to keep defaults at a minimum. However, since demand for higher yielding assets remained strong, spreads to Treasuries narrowed over the period. In general, corporate bonds across the ratings spectrum did well, but higher yielding bonds (BB and below) produced stronger results than investment-grade issues (BBB and above) as the search for yield continued.
Investments in the bonds of wireless telecommunication services companies helped the fund’s returns as they benefited from access to financing and the potential for positive event risk (in the form of refinancing or merger-and-acquisition activity). The fund’s cash holdings, on the other hand, continued to be a drag on results. Loans, which made up approximately 10% of the fund’s assets, also provided weaker returns as they tend to do relatively better in weaker markets due to their higher credit quality.
While there are signs of progress in the U.S. economy, GDP growth has been weak and the unemployment rate — though down from its peak — still remains high relative to prior economic cycles. There is also continuing uncertainty around public policy changes, which has made corporations generally cautious with their long-term spending plans. This
environment of slow growth and low interest rates has been good for high-yield investors, as corporate bond issuers have been able to improve their balance sheets and overall creditworthiness. However, with yields and spreads now at lower levels, the opportunity for price appreciation from a further decline in yields has diminished.
With these issues in mind and on the heels of several years of strong returns, our investment managers are taking a cautious view of the market. While volatility in the high-yield market should be expected, it is important to remember that investors who have maintained a long-term perspective have been rewarded with solid returns and a steady source of income. For the past 10-year period ended March 31, 2013, the fund’s investors earned an average annual total return of 8.7%, with dividends reinvested. That compares with an 8.6% average annual total return for the Lipper High Yield Funds Index and a 10.1% gain for the Barclays U.S. Corporate High Yield 2% Issuer Capped Index for that same period.
As always, we appreciate your continued support and long-term investment perspective.
David C. Barclay
President
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers, without which results would have been lower. Visit americanfunds.com for more information.
For information regarding the differences among the various share classes, refer to the fund prospectus.
The following summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
The fund has entered into forward currency contracts to purchase or sell currencies as shown in the following table. The open forward currency contracts shown are generally indicative of the level of activity over the prior 12-month period.
A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares. The value of the fund’s holdings in affiliated companies is included in “Other securities” under the respective industry sectors in the summary investment portfolio. Further details on these holdings and related transactions during the six months ended March 31, 2013, appear below.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
*Unaudited.
American High-Income Trust (the “fund”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks a high level of current income and, secondarily, capital appreciation through a diversified, carefully supervised portfolio consisting primarily of lower rated, higher risk corporate bonds.
The fund has 16 share classes consisting of five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2), five 529 college savings plan share classes (Classes 529-A, 529-B, 529-C, 529-E and 529-F-1) and six retirement plan share classes (Classes R-1, R-2, R-3, R-4, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are further described below:
Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The fund follows the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of the fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. Short-term securities purchased within
60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days. Forward currency contracts are valued at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the fund’s board of trustees as further described below. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of March 31, 2013 (dollars in thousands):
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended March 31, 2013 (dollars in thousands):
Investing in the fund may involve certain risks including, but not limited to, those described below.
may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default.
On a daily basis, the fund’s investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward currency contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in the fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the fund’s statement of operations.
As of and during the period ended March 31, 2013, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.
The fund is not subject to examination by U.S. federal tax authorities for tax years before 2008 and by state tax authorities and tax authorities outside the U.S. for tax years before 2007.
The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2012, the components of distributable earnings on a tax basis were as follows (dollars in thousands):
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after September 30, 2011, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.
As of March 31, 2013, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):
Tax-basis distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):
CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors,® Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.
Capital share transactions in the fund were as follows (dollars and shares in thousands):
The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $6,630,158,000 and $5,520,063,000, respectively, during the six months ended March 31, 2013.
See page 32 for footnotes.
See page 32 for footnotes.
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (October 1, 2012, through March 31, 2013).
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
There are some account fees that are charged to certain types of accounts, such as individual retirement accounts and 529 college savings plan accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2 and 529-F-1 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.
Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
The fund’s board has approved the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through March 31, 2014. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all of the fund’s independent board members. The board and the committee determined that the fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of the fund and its shareholders.
In reaching this decision, the board and the committee took into account information furnished to them throughout the year, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel. They considered the factors discussed below, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor.
The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of its organization; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.
The board and the committee considered the investment results of the fund in light of its objectives of providing a high level of current income and, secondarily, capital appreciation. They compared the fund’s total returns with those of other relevant funds (including the other funds that are the basis of the Lipper index for the category in which the fund is included) and market data such as relevant market indexes, in each case as available at the time of the related board and committee meetings. This report, including the letter to shareholders and related disclosures, contains certain information about the fund’s investment results. The board and the committee concluded that the fund’s long-term results have been satisfactory and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.
The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses remain significantly below those of most other relevant funds. The board and the committee also noted the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the advisory fees paid by clients of an affiliate of CRMC. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational and regulatory differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, and that the shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.
The board and the committee considered a variety of other benefits received by CRMC and its affiliates as a result of CRMC’s relationship with the fund and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC’s institutional management affiliates. The board and the committee reviewed CRMC’s portfolio trading practices, noting that while CRMC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the fund, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.
The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. The board and the committee also compared CRMC’s profitability to the reported results of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.
P.O. Box 6007
P.O. Box 2280
American Funds Distributors, Inc.
“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.
A complete March 31, 2013, portfolio of American High-Income Trust’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).
American High-Income Trust files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at (800) SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.
This report is for the information of shareholders of American High-Income Trust, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after June 30, 2013, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
Since 1931, American Funds, part of Capital Group, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital SystemSM — has resulted in a superior long-term track record.
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 25 years of investment experience, including 20 years at our company, reflecting a career commitment to our long-term approach.1
Our investment process, The Capital System, combines individual accountability with teamwork. Each fund is divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.
Our equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 58% of 10-year periods and 63% of 20-year periods.2 Our fund management fees have been among the lowest in the industry.3
Not applicable for filing of semi-annual reports to shareholders.
Not applicable for filing of semi-annual reports to shareholders.
Not applicable for filing of semi-annual reports to shareholders.
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
| Bonds, notes & other debt instruments 91.44% | | |
| Corporate bonds, notes & loans 84.64% | Principal amount | Value |
| Consumer discretionary 15.57% | (000) | (000) |
| | | |
| MGM Resorts International 6.75% 2013 | $ 2,500 | $ 2,500 |
| MGM Resorts International 5.875% 2014 | 44,560 | 46,537 |
| MGM Resorts International 6.625% 2015 | 22,975 | 25,043 |
| MGM Resorts International 6.875% 2016 | 12,000 | 13,110 |
| MGM Resorts International 7.50% 2016 | 36,400 | 40,495 |
| MGM Resorts International 8.625% 2019 | 27,205 | 31,830 |
| MGM Resorts International 6.75% 20201 | 38,125 | 40,508 |
| MGM Resorts International 6.625% 2021 | 35,550 | 37,327 |
| MGM Resorts International 7.75% 2022 | 23,200 | 25,868 |
| Boyd Gaming Corp. 6.75% 2014 | 31,675 | 31,695 |
| Boyd Gaming Corp. 7.125% 2016 | 35,465 | 35,864 |
| Boyd Gaming Corp. 9.125% 2018 | 82,070 | 87,456 |
| Boyd Gaming Corp. 9.00% 20201 | 64,950 | 67,873 |
| Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 7.25% 2017 | 70,900 | 76,661 |
| Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 7.875% 2018 | 40,425 | 43,103 |
| CCO Holdings LLC and CCO Holdings Capital Corp. 7.00% 2019 | 10,000 | 10,825 |
| CCO Holdings LLC and CCO Holdings Capital Corp. 7.375% 2020 | 23,000 | 25,616 |
| Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 8.125% 2020 | 28,175 | 31,626 |
| EchoStar DBS Corp 7.75% 2015 | 5,000 | 5,575 |
| EchoStar DBS Corp 7.125% 2016 | 7,000 | 7,814 |
| DISH DBS Corp. 4.625% 2017 | 95,950 | 100,028 |
| DISH DBS Corp. 7.875% 2019 | 3,550 | 4,224 |
| DISH DBS Corp. 6.75% 2021 | 43,490 | 48,546 |
| DISH DBS Corp. 5.875% 2022 | 10,775 | 11,354 |
| DISH DBS Corp. 5.00% 20231 | 5,000 | 4,944 |
| Virgin Media Secured Finance PLC 6.50% 2018 | 7,325 | 7,838 |
| Virgin Media Finance PLC 8.375% 20191 | 57,435 | 64,471 |
| Virgin Media Secured Finance PLC 5.25% 2021 | 29,225 | 30,671 |
| Virgin Media Secured Finance PLC 5.375% 20211 | 32,745 | 34,219 |
| Virgin Media Finance PLC 4.875% 2022 | 20,250 | 20,604 |
| CityCenter Holdings, LLC and CityCenter Finance Corp. 7.625% 2016 | 75,500 | 81,446 |
| CityCenter Holdings, LLC and CityCenter Finance Corp. 10.75% 20172 | 37,745 | 42,039 |
| Caesars Entertainment Operating Co. 11.25% 2017 | 34,295 | 36,653 |
| Caesars Entertainment Operating Co. 9.00% 20201 | 51,930 | 52,514 |
| Caesars Entertainment Operating Co. 9.00% 20201 | 18,830 | 19,042 |
| Caesars Entertainment Operating Co. 9.00% 20201 | 10,900 | 11,023 |
| Needle Merger Sub Corp. 8.125% 20191 | 106,855 | 112,198 |
| Revel Entertainment, Term Loan, 8.50% 20153,4,5 | 17,194 | 16,916 |
| Revel Entertainment, Term Loan, 10.00% 20153,4,5 | 32,500 | 32,338 |
| Revel Entertainment, Term Loan B, 9.00% 20173,4,5,6 | 108,437 | 51,688 |
| Revel AC, Inc. 12.00% 20182 | 43,088 | 4,069 |
| Warner Music Group 11.50% 2018 | 47,650 | 56,167 |
| Warner Music Group 13.75% 2019 | 17,725 | 20,960 |
| Warner Music Group 6.00% 20211 | 26,100 | 27,470 |
| Cequel Communications Holdings I, LLC and Cequel Capital Corp. 6.375% 20201 | 98,955 | 103,161 |
| Limited Brands, Inc. 5.25% 2014 | 703 | 745 |
| Limited Brands, Inc. 8.50% 2019 | 9,934 | 12,244 |
| Limited Brands, Inc. 7.00% 2020 | 18,233 | 21,241 |
| Limited Brands, Inc. 6.625% 2021 | 37,460 | 42,517 |
| Limited Brands, Inc. 5.625% 2022 | 22,500 | 23,963 |
| Univision Communications Inc., Term Loan B, 4.454% 20173,4,5 | 63,684 | 64,086 |
| Univision Communications Inc. 8.50% 20211 | 31,790 | 34,492 |
| Videotron Ltd. 6.375% 2015 | 3,720 | 3,776 |
| Quebecor Media Inc. 7.75% 2016 | 2,016 | 2,059 |
| Quebecor Media Inc. 5.75% 20231 | 87,150 | 89,329 |
| Toys “R” Us-Delaware, Inc., Term Loan B, 6.00% 20163,4,5 | 3,071 | 3,014 |
| Toys “R” Us-Delaware, Inc. 7.375% 20161 | 32,805 | 33,748 |
| Toys “R” Us Property Co. II, LLC 8.50% 2017 | 27,475 | 29,158 |
| Toys “R” Us Property Co. I, LLC 10.75% 2017 | 1,725 | 1,865 |
| Toys “R” Us-Delaware, Inc., Term Loan B2, 5.25% 20183,4,5 | 14,664 | 14,041 |
| Toys “R” Us, Inc. 7.375% 2018 | 6,700 | 5,946 |
| Neiman Marcus Group, Inc., Term Loan B, 4.00% 20183,4,5 | 77,945 | 78,315 |
| J.C. Penney Co., Inc. 5.75% 2018 | 44,748 | 38,260 |
| J.C. Penney Co., Inc. 5.65% 2020 | 31,046 | 25,264 |
| Mediacom LLC and Mediacom Capital Corp. 9.125% 2019 | 26,450 | 29,657 |
| Mediacom LLC and Mediacom Capital Corp. 7.25% 2022 | 19,300 | 21,327 |
| Mediacom Broadband LLC and Mediacom Broadband Corp. 6.375% 20231 | 10,475 | 10,920 |
| Cinemark USA, Inc. 8.625% 2019 | 36,250 | 40,192 |
| Cinemark USA, Inc. 5.125% 20221 | 20,257 | 20,460 |
| PETCO Animal Supplies, Inc. 9.25% 20181 | 53,750 | 59,528 |
| Royal Caribbean Cruises Ltd. 6.875% 2013 | 4,000 | 4,150 |
| Royal Caribbean Cruises Ltd. 11.875% 2015 | 27,725 | 34,032 |
| Royal Caribbean Cruises Ltd. 5.25% 2022 | 20,375 | 20,732 |
| Burger King Corp 0%/11.00% 20191,7 | 66,125 | 57,859 |
| Jaguar Land Rover PLC 7.75% 20181 | 18,960 | 20,809 |
| Jaguar Land Rover PLC 8.125% 20211 | 18,725 | 21,159 |
| Jaguar Land Rover PLC 5.625% 20231 | 14,250 | 14,873 |
| Six Flags Entertainment Corp. 5.25% 20211 | 53,200 | 53,399 |
| Michaels Stores, Inc. 7.75% 2018 | 45,750 | 50,211 |
| Tousa, Inc. 9.00% 20106,8 | 22,486 | 13,559 |
| Tousa, Inc. 9.00% 20106,8 | 7,325 | 4,417 |
| Tousa, Inc. 9.25% 20111,3,6,8 | 36,325 | 21,904 |
| Laureate Education, Inc. 9.25% 20191 | 34,800 | 38,845 |
| Marina District Finance Co., Inc. 9.50% 2015 | 13,000 | 13,455 |
| Marina District Finance Co., Inc. 9.875% 2018 | 21,000 | 21,735 |
| Mohegan Tribal Gaming Authority 10.50% 20161 | 19,175 | 18,983 |
| Mohegan Tribal Gaming Authority 11.00% 20181,2,3 | 17,875 | 15,730 |
| Burlington Coat Factory Warehouse Corp., Term Loan B1, 5.50% 20173,4,5 | 27,656 | 28,057 |
| Burlington Coat Factory Warehouse Corp. 10.00% 2019 | 5,250 | 5,854 |
| DineEquity, Inc. 9.50% 2018 | 29,275 | 33,520 |
| Local T.V. Finance LLC 9.25% 20151,2,3 | 31,914 | 32,313 |
| Sally Holdings LLC and Sally Capital Inc. 6.875% 2019 | 21,625 | 24,058 |
| Sally Holdings LLC and Sally Capital Inc. 5.75% 2022 | 7,250 | 7,603 |
| NCL Corp. Ltd. 5.00% 20181 | 17,350 | 17,762 |
| NCL Corp. Ltd. 9.50% 2018 | 7,813 | 8,868 |
| NBCUniversal Enterprise, Inc. 5.25% (undated)1 | 23,885 | 24,252 |
| Seneca Gaming Corp. 8.25% 20181 | 22,450 | 24,134 |
| Academy Sports 9.25% 20191 | 21,050 | 23,839 |
| McGraw-Hill Companies, Inc. 9.75% 20211 | 19,800 | 19,701 |
| Netflix, Inc. 5.375% 20211 | 19,600 | 19,551 |
| Cumulus Media Holdings Inc. 7.75% 2019 | 17,315 | 17,878 |
| Lamar Media Corp. 7.875% 2018 | 13,525 | 14,793 |
| Lamar Media Corp. 5.875% 2022 | 1,500 | 1,631 |
| McClatchy Co. 9.00% 20221 | 14,750 | 16,077 |
| Clear Channel Worldwide Holdings, Inc. 7.625% 2020 | 15,250 | 15,993 |
| UPC Germany GmbH 9.625% 2019 | €10,800 | 15,540 |
| Carmike Cinemas, Inc. 7.375% 2019 | $ 14,000 | 15,435 |
| National CineMedia, LLC 6.00% 2022 | 13,550 | 14,600 |
| Tower Automotive Holdings 10.625% 20171 | 12,953 | 14,507 |
| Dynacast International LLC 9.25% 2019 | 12,200 | 13,420 |
| LBI Media, Inc. 8.50% 20171 | 16,443 | 5,180 |
| LBI Media, Inc. 13.50% 20201,2,3 | 10,447 | 4,385 |
| Seminole Tribe of Florida 7.804% 20201,4 | 7,640 | 8,366 |
| Circus and Eldorado Joint Venture and Silver Legacy Resort Casino 10.00% 20182,3 | 7,174 | 5,883 |
| Tenneco Inc. 6.875% 2020 | 4,300 | 4,746 |
| MDC Partners Inc. 6.75% 20201 | 4,000 | 4,060 |
| Tempur-Pedic International Inc. (USA) 6.875% 20201 | 3,500 | 3,754 |
| Grupo Televisa, SAB 6.625% 2040 | 2,500 | 3,074 |
| Automotores Gildemeister SA 6.75% 20231 | 1,875 | 1,971 |
| Allison Transmission Holdings, Inc., Term Loan B2, 3.21% 20173,4,5 | 1,207 | 1,213 |
| CSC Holdings, Inc. 8.625% 2019 | 900 | 1,084 |
| Time Warner Cable Inc. 7.50% 2014 | 750 | 800 |
| Cox Communications, Inc. 5.45% 2014 | 124 | 134 |
| | | 3,267,944 |
| Telecommunication services 13.78% | | |
| | | |
| Sprint Nextel Corp. 6.00% 2016 | 20,000 | 21,750 |
| Sprint Nextel Corp. 8.375% 2017 | 83,450 | 97,532 |
| Sprint Nextel Corp. 9.125% 2017 | 40,250 | 47,797 |
| Sprint Nextel Corp. 9.00% 20181 | 31,150 | 38,587 |
| Sprint Capital Corp. 6.90% 2019 | 5,000 | 5,513 |
| Sprint Nextel Corp. 7.00% 2020 | 112,925 | 124,782 |
| Sprint Nextel Corp. 11.50% 2021 | 44,405 | 62,334 |
| Sprint Nextel Corp. 6.00% 2022 | 44,500 | 45,946 |
| Sprint Capital Corp. 8.75% 2032 | 4,800 | 5,748 |
| Frontier Communications Corp. 8.125% 2018 | 17,151 | 19,638 |
| Frontier Communications Corp. 8.50% 2020 | 72,760 | 82,765 |
| Frontier Communications Corp. 9.25% 2021 | 55,510 | 63,975 |
| Frontier Communications Corp. 8.75% 2022 | 26,632 | 29,761 |
| Frontier Communications Corp. 7.125% 2023 | 103,375 | 105,055 |
| Frontier Communications Corp. 7.625% 2024 | 91,925 | 94,798 |
| Cricket Communications, Inc. 7.75% 2016 | 163,265 | 170,612 |
| Leap Wireless International, Inc., Term Loan C, 0.50% 20203,4,5 | 175,750 | 177,096 |
| Cricket Communications, Inc. 7.75% 2020 | 47,450 | 47,569 |
| Clearwire Communications and Clearwire Finance, Inc., Series B, 12.00% 20151 | 123,930 | 133,922 |
| Clearwire Communications and Clearwire Finance, Inc., Series A, 12.00% 20151 | 81,140 | 87,682 |
| Clearwire Communications and Clearwire Finance, Inc. 14.75% 20161 | 16,600 | 23,323 |
| Clearwire Communications and Clearwire Finance, Inc. 12.00% 20171 | 86,930 | 102,143 |
| Wind Acquisition SA 11.75% 20171 | 140,330 | 149,451 |
| Wind Acquisition SA 11.75% 2017 | €51,090 | 69,411 |
| Wind Acquisition SA 7.25% 20181 | $39,780 | 41,620 |
| Wind Acquisition SA 7.25% 20181 | 25,680 | 26,803 |
| Wind Acquisition SA 7.375% 2018 | €21,915 | 29,107 |
| | | |
| MetroPCS Wireless, Inc. 6.25% 20211 | 124,975 | 127,631 |
| MetroPCS Wireless, Inc. 6.625% 20231 | 124,900 | 127,866 |
| Digicel Group Ltd. 12.00% 20141 | 61,825 | 65,689 |
| Digicel Group Ltd. 12.00% 2014 | 600 | 637 |
| Digicel Group Ltd. 10.50% 20181 | 10,450 | 11,730 |
| Digicel Group Ltd. 8.25% 20201 | 46,600 | 49,629 |
| Digicel Group Ltd. 6.00% 20211 | 91,950 | 91,720 |
| LightSquared, Term Loan B, 12.00% 20142,4,5,6 | 144,713 | 136,302 |
| Vodafone Group PLC, Term Loan B, 6.875% 20152,4,5 | 60,050 | 62,002 |
| Vodafone Group PLC, Term Loan B, 6.25% 20162,4,5 | 35,190 | 36,070 |
| Trilogy International Partners, LLC, 10.25% 20161 | 92,240 | 90,856 |
| NII Capital Corp. 10.00% 2016 | 13,000 | 11,732 |
| NII Capital Corp. 8.875% 2019 | 33,776 | 25,585 |
| NII Capital Corp. 7.625% 2021 | 42,441 | 30,770 |
| CenturyLink Inc. 5.625% 2020 | 37,325 | 38,239 |
| América Móvil, SAB de CV 5.00% 2020 | 4,350 | 4,917 |
| América Móvil, SAB de CV 6.45% 2022 | MXN159,000 | 13,618 |
| América Móvil, SAB de CV 8.46% 2036 | 65,000 | 6,055 |
| Level 3 Communications, Inc. 8.125% 2019 | $ 4,900 | 5,414 |
| Level 3 Communications, Inc. 11.875% 2019 | 15,525 | 18,281 |
| SBA Communications Corp. 5.75% 20201 | 13,325 | 13,908 |
| tw telecom holdings inc. 5.375% 2022 | 8,600 | 9,008 |
| Syniverse Holdings, Inc. 9.125% 2019 | 4,600 | 5,071 |
| Telefónica Emisiones, SAU 6.421% 2016 | 3,025 | 3,363 |
| Crown Castle International Corp. 7.125% 2019 | 1,000 | 1,097 |
| | | 2,891,910 |
| Industrials 10.36% | | |
| | | |
| Ply Gem Industries, Inc. 9.375% 2017 | 11,900 | 13,149 |
| Ply Gem Industries, Inc. 8.25% 2018 | 136,055 | 148,810 |
| Associated Materials, LLC and AMH New Finance, Inc. 9.125% 2017 | 144,817 | 155,316 |
| CEVA Group PLC 11.625% 20161 | 25,205 | 26,339 |
| CEVA Group PLC 8.375% 20171 | 42,425 | 43,910 |
| CEVA Group PLC 11.50% 20181,8 | 43,382 | 30,795 |
| CEVA Group PLC 12.75% 20201,8 | 119,290 | 53,891 |
| DAE Aviation Holdings, Inc. 11.25% 20151 | 75,092 | 77,439 |
| DAE Aviation Holdings, Inc. and Standard Aero Ltd., Term Loan B, 6.25% 20183,4,5 | 34,916 | 35,287 |
| DAE Aviation Holdings, Inc., Term Loan B2, 6.25% 20183,4,5 | 15,829 | 15,997 |
| Nortek Inc. 10.00% 2018 | 47,735 | 53,702 |
| Nortek Inc. 8.50% 2021 | 63,600 | 70,914 |
| US Investigations Services, Inc., Term Loan B, 3.204% 20153,4,5 | 8,907 | 8,740 |
| US Investigations Services, Inc., Term Loan D, 7.75% 20153,4,5 | 48,540 | 48,874 |
| US Investigations Services, Inc. 10.50% 20151 | 48,330 | 43,255 |
| US Investigations Services, Inc. 11.75% 20161 | 20,350 | 14,448 |
| BE Aerospace, Inc. 5.25% 2022 | 103,270 | 107,014 |
| Euramax International, Inc. 9.50% 2016 | 85,615 | 84,331 |
| General Electric Capital Corp., Series B, junior subordinated 6.25% (undated)3 | 51,600 | 56,783 |
| General Electric Capital Corp., Series A, junior subordinated 7.125% (undated)3 | 23,500 | 27,400 |
| Navios Maritime Acquisition Corporation and Navios Acquisition Finance (US) Inc. 8.625% 2017 | 37,540 | 37,517 |
| Navios Maritime Holdings Inc. 8.875% 2017 | 5,770 | 5,921 |
| Navios Maritime Holdings Inc. and Navios Maritime Finance II (US) Inc. 8.125% 2019 | 37,270 | 33,916 |
| Navios Logistics Finance (US) Inc. 9.25% 2019 | 3,225 | 3,483 |
| ARAMARK Corp. 8.50% 2015 | 16,875 | 16,896 |
| ARAMARK Corp. 8.625% 20161,2,3 | 17,800 | 18,112 |
| ARAMARK Corp., Term Loan D, 4.00% 20193,4,5 | 26,000 | 26,313 |
| ARAMARK Corp. 5.75% 20201 | 12,500 | 12,844 |
| TransDigm Inc. 7.75% 2018 | 36,445 | 40,181 |
| TransDigm Inc. 5.50% 20201 | 31,700 | 33,206 |
| R.R. Donnelley & Sons Co. 7.25% 2018 | 13,445 | 14,201 |
| R.R. Donnelley & Sons Co. 7.875% 2021 | 54,910 | 57,518 |
| Esterline Technologies Corp. 6.625% 2017 | 14,442 | 14,776 |
| Esterline Technologies Corp. 7.00% 2020 | 42,860 | 47,521 |
| United Rentals, Inc. 7.375% 2020 | 11,625 | 12,962 |
| United Rentals, Inc. 7.625% 2022 | 31,725 | 35,611 |
| United Rentals, Inc. 6.125% 2023 | 9,250 | 9,944 |
| RBS Global, Inc. and Rexnord LLC 8.50% 2018 | 46,600 | 51,318 |
| HD Supply, Inc. 11.50% 2020 | 42,740 | 50,754 |
| TRAC Intermodal 11.00% 20191 | 47,275 | 50,702 |
| Brunswick Rail Finance Ltd. 6.50% 20171 | 31,635 | 33,461 |
| Brunswick Rail Finance Ltd. 6.50% 2017 | 15,945 | 16,865 |
| Watco Companies 6.375% 20231 | 47,865 | 49,480 |
| Beechcraft Holdings, LLC., Term Loan, 5.75% 20203,4,5 | 47,400 | 47,696 |
| JELD-WEN Escrow Corp. 12.25% 20171 | 35,250 | 41,595 |
| United Air Lines, 1991 Equipment Trust Certificates, Series A, 10.11% 20064,6,8 | 1,135 | — |
| Continental Airlines, Inc., Series 2001-1, Class B, 7.373% 20174 | 2,370 | 2,524 |
| Continental Airlines, Inc., Series 1998-1, Class B, 6.748% 20184 | 2,795 | 2,868 |
| Continental Airlines, Inc., Series 1997-4B, Class B, 6.90% 20184 | 1,487 | 1,552 |
| Continental Airlines, Inc., Series 1997-4, Class A, 6.90% 20194 | 3,634 | 3,973 |
| Continental Airlines, Inc., Series 2000-2, Class B, 8.307% 20194 | 786 | 842 |
| Continental Airlines, Inc., Series 1999-1, Class A, 6.545% 20204 | 2,787 | 3,076 |
| Continental Airlines, Inc., Series 2003-ERJ3, Class A, 7.875% 20204 | 8,714 | 9,253 |
| United Air Lines, Inc., Series 2007-1, Class B, 7.336% 20211,4 | 3,206 | 3,238 |
| Continental Airlines, Inc., Series 2001-1, Class A-1, 6.703% 20224 | 4,544 | 4,981 |
| Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707% 20224 | 2,440 | 2,787 |
| Continental Airlines, Inc., Series 2000-1, Class A-1, 8.048% 20224 | 279 | 324 |
| Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 20224 | 5,081 | 5,468 |
| Northwest Airlines, Inc., Term Loan B, 3.79% 20133,4,5 | 4,706 | 4,647 |
| Delta Air Lines, Inc., Series 2010-B, Class 2-B, 6.75% 20171,4 | 7,650 | 8,090 |
| Northwest Airlines, Inc., Term Loan A, 2.04% 20183,4,5 | 8,223 | 7,730 |
| Delta Air Lines, Inc., Series 2002-1, Class G-1, MBIA insured, 6.718% 20244 | 10,441 | 11,654 |
| Iron Mountain Inc. 5.75% 2024 | 28,750 | 28,858 |
| Hertz Corp. 4.25% 20181 | 10,000 | 10,238 |
| HDTFS Inc. 5.875% 2020 | 2,925 | 3,101 |
| HDTFS Inc. 6.25% 2022 | 10,300 | 11,227 |
| BakerCorp International, Inc. 8.25% 2019 | 23,400 | 24,219 |
| Nielsen Finance LLC and Nielsen Finance Co. 11.625% 2014 | 2,557 | 2,768 |
| Nielsen Finance LLC and Nielsen Finance Co. 7.75% 2018 | 9,700 | 10,816 |
| Nielsen Finance LLC and Nielsen Finance Co. 4.50% 20201 | 10,070 | 10,108 |
| Odebrecht Finance Ltd 5.125% 20221 | 6,590 | 6,946 |
| Odebrecht Finance Ltd 6.00% 20231 | 2,673 | 3,007 |
| Odebrecht Finance Ltd 7.125% 20421 | 7,375 | 8,389 |
| Florida East Coast Railway Corp. 8.125% 2017 | 14,645 | 15,780 |
| CNH Capital LLC 3.875% 2015 | 14,750 | 15,193 |
| GenCorp Inc. 7.125% 20211 | 12,925 | 13,701 |
| Milacron LLC 7.75% 20211 | 10,275 | 10,673 |
| ADS Waste Escrow 8.25% 20201 | 9,425 | 10,203 |
| RZD Capital Ltd. 8.30% 2019 | RUB289,500 | 9,610 |
| ENA Norte Trust 4.95% 20281,4 | 8,274 | 8,656 |
| Hawker Beechcraft Acquisition Co., LLC, Letter of Credit, 2.204% 20143,4,5 | 3,590 | 1,958 |
| Hawker Beechcraft Acquisition Co., LLC 8.50% 20156 | 8,045 | 764 |
| Hawker Beechcraft Acquisition Co., LLC 8.875% 20152,6 | 57,450 | 5,458 |
| GOL Linhas Aéreas Inteligentes SA 10.75% 20231 | 5,450 | 5,314 |
| Silver II Borrower S.C.A./Silver II U.S. Holdings, LLC 7.75% 20201 | 4,050 | 4,334 |
| | | 2,173,515 |
| Financials 9.69% | | |
| | | |
| Realogy Corp., Letter of Credit, 4.50% 20163,4,5 | 8,238 | 8,238 |
| Realogy Corp. 7.875% 20191 | 143,060 | 157,366 |
| Realogy Corp., Term Loan B, 4.50% 20203,4,5 | 108,432 | 110,092 |
| Realogy Corp. 7.625% 20201 | 3,000 | 3,398 |
| Realogy Corp. 9.00% 20201 | 87,735 | 102,431 |
| CIT Group Inc., Series C, 4.75% 20151 | 133,800 | 140,490 |
| CIT Group Inc. 4.25% 2017 | 31,500 | 33,075 |
| CIT Group Inc. 5.00% 2017 | 94,495 | 101,818 |
| CIT Group Inc., Series C, 5.50% 20191 | 12,350 | 13,616 |
| iStar Financial Inc., Term Loan B, 4.50% 20173,4,5 | 106,857 | 108,126 |
| iStar Financial Inc., Series B, 9.00% 2017 | 55,740 | 62,568 |
| International Lease Finance Corp. 4.875% 2015 | 80,035 | 84,237 |
| International Lease Finance Corp. 8.625% 2015 | 5,000 | 5,706 |
| International Lease Finance Corp. 8.75% 2017 | 10,000 | 11,813 |
| International Lease Finance Corp. 4.625% 2021 | 10,000 | 9,994 |
| Citigroup Inc., Series B, junior subordinated 5.90% (undated)3 | 37,000 | 38,628 |
| Citigroup Inc., Series A, junior subordinated 5.95% (undated)3 | 60,875 | 63,234 |
| Crescent Resources 10.25% 20171 | 88,170 | 96,987 |
| Liberty Mutual Group Inc. 6.50% 20351 | 18,000 | 20,354 |
| Liberty Mutual Group Inc., Series B, 7.00% 20671,3 | 11,185 | 11,576 |
| Liberty Mutual Group Inc., Series A, 7.80% 20871,3 | 52,323 | 61,218 |
| Springleaf Finance Corp., Term Loan B, 5.50% 20173,4,5 | 49,290 | 49,698 |
| Springleaf Finance Corp., Series J, 6.90% 2017 | 40,000 | 40,550 |
| HBOS PLC 6.75% 20181 | 26,925 | 30,074 |
| LBG Capital No.1 PLC, Series 2, 7.875% 20201 | 29,490 | 32,410 |
| HBOS PLC 6.00% 20331 | 17,781 | 17,181 |
| MetLife Capital Trust IV, junior subordinated 7.875% 20671,3 | 14,950 | 18,874 |
| MetLife Capital Trust X, junior subordinated 9.25% 20681,3 | 18,500 | 25,900 |
| MetLife Inc., junior subordinated 10.75% 20693 | 7,000 | 10,903 |
| FelCor Lodging Trust Inc. 5.625% 20231 | 54,442 | 55,599 |
| Royal Bank of Scotland Group PLC 4.70% 2018 | 16,190 | 16,324 |
| RBS Capital Trust II 6.425% noncumulative trust (undated)3 | 9,780 | 8,680 |
| Royal Bank of Scotland Group PLC, junior subordinated 6.99% (undated)1,3,6 | 26,961 | 26,017 |
| Developers Diversified Realty Corp. 9.625% 2016 | 20,326 | 24,792 |
| Developers Diversified Realty Corp. 7.50% 2017 | 9,940 | 11,831 |
| Developers Diversified Realty Corp. 7.875% 2020 | 6,040 | 7,695 |
| Hospitality Properties Trust 6.30% 2016 | 5,940 | 6,604 |
| Hospitality Properties Trust 5.625% 2017 | 8,870 | 9,759 |
| Hospitality Properties Trust 6.70% 2018 | 9,595 | 11,003 |
| Hospitality Properties Trust 5.00% 2022 | 10,000 | 10,682 |
| Host Hotels & Resorts LP 5.875% 2019 | 16,100 | 17,770 |
| Host Hotels & Resorts LP 6.00% 2020 | 4,000 | 4,450 |
| Host Hotels & Resorts LP 6.00% 2021 | 12,020 | 13,958 |
| Prologis, Inc. 7.625% 2014 | 3,000 | 3,244 |
| Prologis, Inc. 6.25% 2017 | 2,750 | 3,182 |
| Prologis, Inc. 6.625% 2018 | 8,570 | 10,322 |
| Prologis, Inc. 7.375% 2019 | 7,120 | 8,932 |
| Prologis, Inc. 6.875% 2020 | 6,580 | 8,092 |
| Catlin Insurance Ltd., junior subordinated 7.249% (undated)1,3 | 30,275 | 31,335 |
| American Tower Corp. 7.00% 2017 | 21,825 | 25,989 |
| American Tower Corp. 7.25% 2019 | 3,700 | 4,589 |
| Synovus Financial Corp. 5.125% 2017 | 21,493 | 21,654 |
| Synovus Financial Corp. 7.875% 2019 | 7,585 | 8,647 |
| Lazard Group LLC 7.125% 2015 | 22,000 | 24,348 |
| Ford Motor Credit Co. 8.70% 2014 | 1,000 | 1,110 |
| Ford Motor Credit Co. 5.625% 2015 | 1,000 | 1,091 |
| Ford Motor Credit Co. 7.00% 2015 | 3,000 | 3,318 |
| Ford Motor Credit Co. 8.00% 2016 | 7,000 | 8,411 |
| Ford Motor Credit Co. 4.25% 2017 | 6,000 | 6,429 |
| Ford Motor Credit Co. 6.625% 2017 | 2,600 | 3,036 |
| AXA SA, junior subordinated 6.463% (undated)1,3 | 16,244 | 16,203 |
| Genworth Financial, Inc., junior subordinated 6.15% 20663 | 17,500 | 16,078 |
| Unum Group 7.125% 2016 | 12,425 | 14,665 |
| Unum Group 5.625% 2020 | 1,155 | 1,341 |
| BBVA Bancomer SA 4.50% 20161 | 2,100 | 2,242 |
| BBVA Bancomer SA, junior subordinated 7.25% 20201 | 1,700 | 1,938 |
| BBVA Bancomer SA 6.50% 20211 | 9,805 | 11,178 |
| NASDAQ OMX Group, Inc. 5.25% 2018 | 12,250 | 13,435 |
| BNP Paribas, junior subordinated 7.195% (undated)1,3 | 10,000 | 10,350 |
| Bank of Ireland 10.00% 2022 | €7,000 | 9,892 |
| Barclays Bank PLC, junior subordinated 6.86% (undated)1,3 | $9,000 | 9,562 |
| HSBK (Europe) BV 7.25% 20211 | 8,545 | 9,099 |
| QBE Capital Funding III LP 7.25% 20411,3 | 7,650 | 8,045 |
| Zions Bancorporation 6.00% 2015 | 7,310 | 7,709 |
| Ryman Hospitality Properties, Inc. 5.00% 20211 | 6,400 | 6,432 |
| VEB Finance Ltd. 6.902% 20201 | 4,950 | 5,773 |
| Banco de Crédito del Perú 5.375% 20201 | 5,000 | 5,500 |
| Bank of India, 3.625% 20181 | 5,400 | 5,428 |
| Banco Mercantil del Norte SA, junior subordinated 6.862% 20211,3 | 2,000 | 2,140 |
| Banco Mercantil del Norte SA, junior subordinated 6.862% 20213 | 745 | 797 |
| Allstate Corp., Series B, junior subordinated 6.125% 20673 | 2,530 | 2,710 |
| Banco del Estado de Chile 4.125% 20201 | 2,500 | 2,690 |
| Banco Votorantim SA 6.25% 20169 | BRL7,310,480 | 1,144 |
| Development Bank of Kazakhstan 5.50% 20151 | $ 458 | 495 |
| | | 2,034,294 |
| Materials 9.03% | | |
| | | |
| Reynolds Group Inc. 8.50% 2018 | 3,725 | 3,934 |
| Reynolds Group Inc. 7.125% 2019 | 5,700 | 6,149 |
| Reynolds Group Inc. 7.875% 2019 | 12,410 | 13,744 |
| Reynolds Group Inc. 9.875% 2019 | 61,860 | 67,969 |
| Reynolds Group Inc. 5.75% 2020 | 176,500 | 180,251 |
| Inmet Mining Corp. 8.75% 20201 | 136,930 | 151,992 |
| Inmet Mining Corp. 7.50% 20211 | 70,630 | 76,634 |
| ArcelorMittal 5.00% 20173 | 34,000 | 35,625 |
| ArcelorMittal 10.35% 20193 | 2,000 | 2,530 |
| ArcelorMittal 6.00% 20213 | 38,292 | 40,345 |
| ArcelorMittal 6.75% 20223 | 41,190 | 45,119 |
| ArcelorMittal 7.25% 20413 | 66,785 | 66,736 |
| FMG Resources 6.375% 20161 | 3,000 | 3,101 |
| FMG Resources 6.00% 20171 | 61,010 | 62,993 |
| FMG Resources 6.875% 20181 | 5,000 | 5,275 |
| FMG Resources 8.25% 20191 | 33,275 | 36,062 |
| JMC Steel Group Inc. 8.25% 20181 | 94,655 | 100,808 |
| Ryerson Inc. 9.00% 20171 | 45,450 | 49,825 |
| Ryerson Inc. 11.25% 20181 | 45,025 | 46,939 |
| CEMEX Finance LLC 9.50% 20161 | 10,400 | 11,310 |
| CEMEX Finance LLC 9.50% 2016 | 6,850 | 7,449 |
| CEMEX SAB de CV 9.50% 2018 | 3,500 | 4,086 |
| CEMEX SAB de CV 5.875% 20191 | 2,600 | 2,632 |
| CEMEX España, SA 9.25% 20201 | 7,635 | 8,513 |
| CEMEX Finance LLC 9.375% 20221 | 47,820 | 55,830 |
| Ball Corp. 7.125% 2016 | 15,285 | 16,221 |
| Ball Corp. 6.75% 2020 | 2,555 | 2,830 |
| Ball Corp. 5.75% 2021 | 16,830 | 18,261 |
| Ball Corp. 5.00% 2022 | 44,040 | 46,022 |
| Walter Energy, Inc. 9.875% 20201 | 35,525 | 38,722 |
| Walter Energy, Inc. 8.50% 20211 | 26,725 | 27,460 |
| PQ Corp. 8.75% 20181 | 61,065 | 65,340 |
| Newpage Corp., Term Loan B, 7.75% 20193,4,5 | 63,261 | 64,896 |
| Taminco Global Chemical Corp. 9.75% 20201 | 54,275 | 60,652 |
| U.S. Coatings Acquisition Inc. and Flash Dutch 2 BV, Term Loan B, 4.75% 20203,4,5 | 29,240 | 29,662 |
| U.S. Coatings Acquisition Inc. and Flash Dutch 2 BV 5.75% 2021 | €5,340 | 7,032 |
| U.S. Coatings Acquisition Inc. and Flash Dutch 2 BV 7.375% 20211 | $21,570 | 22,783 |
| Consolidated Minerals Ltd. 8.875% 20161 | 59,535 | 57,898 |
| Georgia Gulf Corp. 4.625% 20211 | 4,200 | 4,289 |
| Georgia Gulf Corp. 4.875% 20231 | 51,525 | 52,620 |
| MacDermid 9.50% 20171 | 51,776 | 53,782 |
| Smurfit Kappa Acquisition 7.75% 2019 | €11,610 | 16,331 |
| Smurfit Capital Funding PLC 7.50% 2025 | $25,515 | 28,194 |
| Cliffs Natural Resources Inc. 3.95% 2018 | 38,625 | 38,839 |
| Sibur Securities Ltd. 3.914% 20181 | 30,800 | 30,320 |
| OMNOVA Solutions Inc. 7.875% 2018 | 25,795 | 27,601 |
| Packaging Dynamics Corp. 8.75% 20161 | 25,345 | 26,581 |
| Mirabela Nickel Ltd. 8.75% 20181 | 22,650 | 20,895 |
| Crown Holdings, Inc. 4.50% 20231 | 13,310 | 12,977 |
| Graphic Packaging International, Inc. 4.75% 2021 | 9,845 | 10,005 |
| Ardagh Packaging Finance 7.375% 20171 | 1,000 | 1,099 |
| Ardagh Packaging Finance 9.125% 20201 | 1,000 | 1,112 |
| Ardagh Packaging Finance 4.875% 20221 | 7,270 | 7,197 |
| Albea Beauty Holdings SA 8.75% 2019 | €5,000 | 6,762 |
| Braskem Finance Ltd. 5.75% 20211 | $ 2,100 | 2,212 |
| Braskem America Finance Co. 7.125% 20411 | 4,000 | 4,150 |
| Sealed Air Corp. 5.25% 20231 | 5,665 | 5,700 |
| | | 1,894,296 |
| Health care 8.32% | | |
| | | |
| inVentiv Health Inc. 9.00% 20181 | 123,450 | 129,931 |
| inVentiv Health Inc. 10.75% 20181 | 103,250 | 89,311 |
| inVentiv Health Inc. 11.00% 20181 | 48,390 | 41,857 |
| Kinetic Concepts, Inc. 10.50% 2018 | 108,400 | 117,885 |
| Kinetic Concepts, Inc. 12.50% 2019 | 66,325 | 65,993 |
| | | |
| VPI Escrow Corp. 6.375% 20201 | 106,895 | 113,175 |
| Quintiles, Term Loan B-2, 4.50% 20183,4,5 | 106,121 | 107,511 |
| HCA Inc. 6.375% 2015 | 21,230 | 22,796 |
| HCA Inc., Term Loan B2, 3.534% 20173,4,5 | 7,015 | 7,085 |
| HCA Inc. 6.50% 2020 | 26,550 | 30,018 |
| HCA Inc. 7.875% 2020 | 5,050 | 5,593 |
| HCA Holdings Inc. 6.25% 2021 | 9,140 | 9,768 |
| HCA Inc. 7.50% 2022 | 23,600 | 27,199 |
| Elan Finance PLC and Elan Finance Corp. 6.25% 20191 | 84,890 | 99,534 |
| DJO Finance LLC 9.75% 2017 | 29,228 | 30,616 |
| DJO Finance LLC 7.75% 2018 | 9,891 | 10,138 |
| DJO Finance LLC 9.875% 2018 | 49,190 | 54,232 |
| Patheon Inc., Term Loan B1, 7.25% 20183,4,5 | 90,738 | 92,326 |
| VWR Funding, Inc. 7.25% 20171 | 77,815 | 82,776 |
| PTS Acquisition Corp. 9.50% 20152 | 55,798 | 55,798 |
| PTS Acquisition Corp. 9.75% 2017 | €16,085 | 21,358 |
| Bausch & Lomb Inc. 9.875% 2015 | $ 28,543 | 29,685 |
| Bausch & Lomb Inc., Bridge Loan, 6.25% 20182,3,4,5 | 44,595 | 44,261 |
| Tenet Healthcare Corp. 9.25% 2015 | 18,420 | 20,815 |
| Tenet Healthcare Corp. 6.75% 2020 | 14,450 | 15,588 |
| Tenet Healthcare Corp. 4.50% 20211 | 25,425 | 24,980 |
| INC Research LLC, Term Loan B, 6.00% 20183,4,5 | 19,874 | 20,031 |
| INC Research LLC 11.50% 20191 | 31,700 | 34,157 |
| Rotech Healthcare Inc. 10.75% 2015 | 16,095 | 16,175 |
| Rotech Healthcare Inc. 10.50% 2018 | 69,465 | 37,511 |
| Surgical Care Affiliates, Inc. 8.875% 20151 | 28,684 | 29,258 |
| Surgical Care Affiliates, Inc. 10.00% 20171 | 22,505 | 23,546 |
| Centene Corp. 5.75% 2017 | 43,035 | 46,370 |
| Merge Healthcare Inc 11.75% 2015 | 41,500 | 44,327 |
| Symbion Inc. 8.00% 2016 | 40,675 | 43,217 |
| Multiplan Inc. 9.875% 20181 | 28,950 | 32,315 |
| Grifols Inc. 8.25% 2018 | 25,375 | 28,039 |
| Boston Scientific Corp. 6.00% 2020 | 12,076 | 14,143 |
| HealthSouth Corp. 5.75% 2024 | 11,925 | 12,014 |
| Accellent Inc. 8.375% 2017 | 7,500 | 8,006 |
| Endo Pharmaceuticals Holdings Inc. 7.00% 2019 | 1,960 | 2,105 |
| Endo Pharmaceuticals Holdings Inc. 7.00% 2020 | 3,500 | 3,754 |
| | | 1,745,197 |
| Energy 6.82% | | |
| | | |
| Peabody Energy Corp. 6.00% 2018 | 74,015 | 78,918 |
| Peabody Energy Corp. 6.25% 2021 | 45,675 | 47,730 |
| Alpha Natural Resources, Inc. 9.75% 2018 | 49,705 | 53,557 |
| Alpha Natural Resources, Inc. 6.00% 2019 | 30,250 | 28,057 |
| Alpha Natural Resources, Inc. 6.25% 2021 | 44,160 | 39,965 |
| NGPL PipeCo LLC 7.119% 20171 | 5,950 | 6,367 |
| NGPL PipeCo LLC 9.625% 20191 | 95,015 | 106,892 |
| Sabine Pass Liquefaction, LLC 5.625% 20211 | 102,725 | 106,706 |
| Regency Energy Partners LP and Regency Energy Finance Corp. 6.50% 2021 | 21,000 | 23,205 |
| Regency Energy Partners LP and Regency Energy Finance Corp. 5.50% 2023 | 61,825 | 66,462 |
| CONSOL Energy Inc. 8.00% 2017 | 35,920 | 38,883 |
| CONSOL Energy Inc. 8.25% 2020 | 45,600 | 50,730 |
| PDC Energy Inc. 7.75% 20221 | 81,375 | 86,664 |
| QGOG Constellation S.A. 6.25% 20191 | 78,950 | 83,490 |
| Arch Coal, Inc. 8.75% 2016 | 7,560 | 7,900 |
| Arch Coal, Inc. 7.00% 2019 | 33,926 | 30,788 |
| Arch Coal, Inc. 7.25% 2021 | 45,666 | 41,214 |
| Transocean Inc. 5.05% 2016 | 11,400 | 12,679 |
| Transocean Inc. 6.375% 2021 | 51,540 | 60,146 |
| Transocean Inc. 7.35% 2041 | 2,385 | 2,893 |
| Energy Transfer Partners, L.P. 7.50% 2020 | 52,325 | 60,566 |
| Denbury Resources Inc. 8.25% 2020 | 6,088 | 6,849 |
| Denbury Resources Inc. 4.625% 2023 | 53,100 | 51,308 |
| Laredo Petroleum, Inc. 9.50% 2019 | 41,350 | 46,932 |
| Laredo Petroleum, Inc. 7.375% 2022 | 7,675 | 8,442 |
| Access Midstream Partners, L.P. 4.875% 2023 | 40,100 | 39,649 |
| MarkWest Energy Partners, LP 4.50% 2023 | 39,775 | 38,980 |
| Teekay Corp. 8.50% 2020 | 29,135 | 31,648 |
| Petrobras International Finance Co. 5.75% 2020 | 6,045 | 6,691 |
| Petrobras International Finance Co. 5.375% 2021 | 14,105 | 15,299 |
| Reliance Holdings Ltd. 5.40% 20221 | 13,020 | 14,549 |
| Reliance Holdings Ltd. 6.25% 20401 | 5,000 | 5,548 |
| QGOG Atlantic/Alaskan Rigs Ltd. 5.25% 20181,4 | 16,666 | 17,291 |
| Pemex Project Funding Master Trust 5.75% 2018 | 5,850 | 6,749 |
| Pemex Project Funding Master Trust, Series 13, 6.625% 2035 | 6,500 | 7,816 |
| Petróleos Mexicanos 6.50% 2041 | 2,245 | 2,655 |
| Odebrecht Drilling Norbe VIII/IX Ltd 6.35% 20211,4 | 14,792 | 16,345 |
| TransCanada PipeLines Ltd., junior subordinated 6.35% 20673 | 13,295 | 14,200 |
| Concho Resources Inc. 8.625% 2017 | 3,300 | 3,556 |
| Concho Resources Inc. 7.00% 2021 | 4,400 | 4,862 |
| Concho Resources Inc. 5.50% 2023 | 5,000 | 5,212 |
| Continental Resources Inc. 8.25% 2019 | 1,800 | 2,011 |
| Continental Resources Inc. 7.375% 2020 | 700 | 793 |
| Continental Resources Inc. 7.125% 2021 | 5,000 | 5,688 |
| Gazprom OJSC 5.092% 20151 | 2,340 | 2,502 |
| Gazprom OJSC 5.999% 20211 | 1,000 | 1,125 |
| Gazprom OJSC, Series 9, 6.51% 2022 | 1,075 | 1,247 |
| Gazprom OJSC 4.95% 20281 | 2,200 | 2,178 |
| Enterprise Products Operating LLC 7.00% 20673 | 6,180 | 6,711 |
| Ras Laffan Liquefied Natural Gas II 5.298% 20204 | 2,712 | 3,030 |
| Ras Laffan Liquefied Natural Gas II 5.298% 20201,4 | 2,552 | 2,852 |
| Cosan Luxembourg, SA 5.00% 20231 | 5,000 | 5,042 |
| El Paso Pipeline Partners Operating Co., LLC 5.00% 2021 | 4,160 | 4,688 |
| Enbridge Energy Partners, LP, junior subordinated 8.05% 20773 | 3,500 | 4,030 |
| Forest Oil Corp. 7.25% 2019 | 4,000 | 4,020 |
| Transportadora de Gas Internacional 5.70% 20221 | 3,600 | 3,942 |
| PTT Exploration & Production Ltd. 6.35% 20421 | 2,120 | 2,549 |
| | | 1,430,801 |
| Information technology 5.72% | | |
| | | |
| First Data Corp. 9.875% 2015 | 9,208 | 9,530 |
| First Data Corp. 9.875% 2015 | 4,479 | 4,636 |
| First Data Corp. 11.25% 2016 | 229,965 | 232,265 |
| First Data Corp., Term Loan D, 5.204% 20173,4,5 | 73,036 | 73,669 |
| First Data Corp. 7.375% 20191 | 5,000 | 5,344 |
| First Data Corp. 6.75% 20201 | 18,225 | 19,091 |
| First Data Corp. 8.25% 20211 | 51,846 | 54,179 |
| First Data Corp. 10.625% 20211 | 11,300 | 11,484 |
| First Data Corp. 12.625% 2021 | 118,026 | 128,501 |
| First Data Corp. 8.75% 20221,2,3 | 77,575 | 82,423 |
| SRA International, Inc., Term Loan B, 6.50% 20183,4,5 | 101,487 | 101,487 |
| SRA International, Inc. 11.00% 2019 | 75,535 | 79,689 |
| SunGard Data Systems Inc. 7.375% 2018 | 42,800 | 46,010 |
| SunGard Data Systems Inc. 7.625% 2020 | 63,664 | 69,314 |
| Freescale Semiconductor, Inc. 10.125% 2016 | 12,624 | 13,034 |
| Freescale Semiconductor, Inc. 9.25% 20181 | 33,725 | 37,182 |
| Freescale Semiconductor, Inc. 10.125% 20181 | 31,616 | 35,173 |
| Freescale Semiconductor, Inc. 8.05% 2020 | 3,000 | 3,188 |
| NXP BV and NXP Funding LLC 2.945% 20133,4 | €1,418 | 1,826 |
| NXP BV and NXP Funding LLC 3.054% 20133 | $ 337 | 337 |
| NXP BV and NXP Funding LLC 9.75% 20181 | 32,056 | 36,704 |
| Jabil Circuit, Inc. 8.25% 2018 | 11,915 | 14,387 |
| Jabil Circuit, Inc. 5.625% 2020 | 6,000 | 6,390 |
| Jabil Circuit, Inc. 4.70% 2022 | 14,800 | 14,819 |
| Lawson Software, Inc. 9.375% 2019 | 27,900 | 31,771 |
| Hughes Satellite Systems Corp. 6.50% 2019 | 8,900 | 9,812 |
| Hughes Satellite Systems Corp. 7.625% 2021 | 16,850 | 19,356 |
| Global A&T Electronics Ltd. 10.00% 20191 | 24,090 | 26,017 |
| Serena Software, Inc. 10.375% 2016 | 19,694 | 20,088 |
| Ceridian Corp. 11.25% 2015 | 12,650 | 13,124 |
| | | 1,200,830 |
| Consumer staples 2.73% | | |
| | | |
| Marfrig Holdings (Europe) BV 9.875% 20171 | 73,510 | 71,856 |
| Marfrig Overseas Ltd. 9.50% 20201 | 25,945 | 24,648 |
| Marfrig Overseas Ltd. 9.50% 2020 | 2,835 | 2,693 |
| Albertson’s, Inc. 7.25% 2013 | 3,300 | 3,333 |
| SUPERVALU Inc. 7.50% 2014 | 52,305 | 52,763 |
| Albertson’s Inc., Term Loan B, 5.75% 20163,4,5 | 22,650 | 23,065 |
| SUPERVALU Inc., Term Loan B, 6.25% 20193,4,5 | 17,250 | 17,575 |
| Stater Bros. Holdings Inc. 7.75% 2015 | 26,230 | 26,361 |
| Stater Bros. Holdings Inc. 7.375% 2018 | 20,275 | 21,770 |
| C&S Group Enterprises LLC 8.375% 20171 | 43,378 | 46,414 |
| Rite Aid Corp. 10.25% 2019 | 21,345 | 24,707 |
| Rite Aid Corp. 8.00% 2020 | 18,575 | 21,083 |
| BFF International Ltd. 7.25% 20201 | 23,950 | 28,501 |
| Brasil Foods SA 5.875% 20221 | 8,250 | 9,199 |
| Del Monte Corp. 7.625% 2019 | 35,625 | 37,139 |
| Smithfield Foods, Inc. 7.75% 2017 | 11,500 | 13,383 |
| Smithfield Foods, Inc. 6.625% 2022 | 20,630 | 22,538 |
| Constellation Brands, Inc. 8.375% 2014 | 4,650 | 5,167 |
| Constellation Brands, Inc. 7.25% 2017 | 6,500 | 7,512 |
| Constellation Brands, Inc. 6.00% 2022 | 18,175 | 19,947 |
| Ingles Markets, Inc. 8.875% 2017 | 29,725 | 31,211 |
| Cott Beverages Inc. 8.375% 2017 | 8,700 | 9,363 |
| Cott Beverages Inc. 8.125% 2018 | 13,325 | 14,624 |
| Spectrum Brands Inc. 9.50% 2018 | 12,175 | 13,849 |
| Pilgrim’s Pride Corp. 7.875% 2018 | 10,000 | 10,863 |
| Post Holdings, Inc. 7.375% 2022 | 7,500 | 8,241 |
| TreeHouse Foods, Inc. 7.75% 2018 | 5,600 | 6,083 |
| | | 573,888 |
| | | |
| Utilities 2.62% | | |
| | | |
| TXU, Term Loan, 3.702% 20143,4,5 | 10,802 | 7,970 |
| Texas Competitive Electric Holdings Co. LLC, Series A, 10.25% 2015 | 28,113 | 2,952 |
| TXU, Term Loan, 4.702% 20173,4,5 | 149,658 | 106,630 |
| Texas Competitive Electric Holdings Co. LLC 11.50% 20201 | 93,125 | 70,077 |
| AES Corp. 7.75% 2015 | 5,575 | 6,293 |
| AES Corp. 8.00% 2017 | 34,000 | 40,163 |
| AES Corp. 8.00% 2020 | 16,300 | 19,397 |
| AES Corp. 7.375% 2021 | 5,775 | 6,728 |
| NRG Energy, Inc. 8.25% 2020 | 6,000 | 6,803 |
| NRG Energy, Inc. 6.625% 20231 | 51,900 | 55,274 |
| Intergen Power 9.00% 20171 | 56,950 | 56,238 |
| Edison Mission Energy 7.50% 20136 | 8,000 | 4,280 |
| Midwest Generation, LLC, Series B, 8.56% 20164,6 | 21,150 | 20,833 |
| Edison Mission Energy 7.00% 20176 | 3,095 | 1,671 |
| Edison Mission Energy 7.20% 20196 | 19,200 | 10,320 |
| Edison Mission Energy 7.625% 20276 | 14,205 | 7,671 |
| CMS Energy Corp. 8.75% 2019 | 21,125 | 28,631 |
| CMS Energy Corp. 5.05% 2022 | 5,750 | 6,652 |
| NV Energy, Inc 6.25% 2020 | 26,150 | 31,731 |
| Entergy Corp. 4.70% 2017 | 21,100 | 23,068 |
| Electricité de France SA subordinated 5.25% (undated)1 | 15,000 | 14,940 |
| Abu Dhabi National Energy Co. PJSC (TAQA) 4.125% 2017 | 2,000 | 2,152 |
| Abu Dhabi National Energy Co. PJSC (TAQA) 6.165% 20171 | 2,000 | 2,350 |
| Abu Dhabi National Energy Co. PJSC (TAQA) 5.875% 20211 | 4,125 | 4,873 |
| Emgesa SA ESP 8.75% 2021 | COP10,600,000 | 6,924 |
| Enersis SA 7.375% 2014 | $ 5,000 | 5,239 |
| | | 549,860 |
| Total corporate bonds, notes & loans | | 17,762,535 |
| | | |
| Bonds & notes of governments & government agencies outside the U.S. 6.14% | | |
| | | |
| United Mexican States Government Global, Series A, 5.625% 2017 | 12,300 | 14,207 |
| United Mexican States Government, Series M10, 7.75% 2017 | MXN120,000 | 11,002 |
| United Mexican States Government 3.50% 20179 | 63,344 | 5,794 |
| United Mexican States Government 4.00% 20199 | 121,815 | 11,796 |
| United Mexican States Government, Series M, 6.50% 2021 | 435,000 | 39,191 |
| United Mexican States Government Global, Series A, 3.625% 2022 | $15,700 | 16,721 |
| United Mexican States Government, Series M20, 10.00% 2024 | MXN150,000 | 17,488 |
| United Mexican States Government, Series M30, 10.00% 2036 | 69,500 | 8,630 |
| United Mexican States Government 4.00% 20409 | 191,517 | 21,445 |
| United Mexican States Government Global 4.75% 2044 | $7,712 | 8,020 |
| Turkey (Republic of) 10.00% 2015 | TRY15,100 | 8,972 |
| Turkey (Republic of) 9.00% 2016 | 4,100 | 2,421 |
| Turkey (Republic of) 7.50% 2017 | $14,200 | 16,987 |
| Turkey (Republic of) 6.75% 2018 | 12,200 | 14,457 |
| Turkey (Republic of) 10.50% 2020 | TRY21,050 | 14,026 |
| Turkey (Republic of) 3.00% 20219 | 23,450 | 14,908 |
| Turkey (Republic of) 5.625% 2021 | $20,450 | 23,425 |
| Turkey (Republic of) 6.875% 2036 | 3,200 | 3,956 |
| Turkey (Republic of) 6.75% 2040 | 2,500 | 3,094 |
| Turkey (Republic of) 6.00% 2041 | 3,800 | 4,270 |
| Hungarian Government 4.75% 2015 | 3,500 | 3,523 |
| Hungarian Government, Series 17/B, 6.75% 2017 | HUF1,012,000 | 4,477 |
| Hungarian Government 4.125% 2018 | $14,520 | 13,829 |
| Hungarian Government, Series 19/A, 6.50% 2019 | HUF2,466,350 | 10,770 |
| Hungarian Government 3.875% 2020 | €4,000 | 4,599 |
| Hungarian Government 6.25% 2020 | $5,800 | 5,952 |
| Hungarian Government, Series 20A, 7.50% 2020 | HUF102,300 | 470 |
| Hungarian Government 6.375% 2021 | $5,700 | 5,900 |
| Hungarian Government, Series 22A, 7.00% 2022 | HUF76,330 | 338 |
| Hungarian Government 5.375% 2023 | $26,280 | 24,780 |
| Hungarian Government, Series 23A, 6.00% 2023 | HUF 98,840 | 407 |
| Hungarian Government, Series 28A, 6.75% 2028 | 186,180 | 804 |
| Hungarian Government 7.625% 2041 | $ 4,500 | 4,613 |
| Venezuela (Republic of) 10.75% 2013 | 6,000 | 6,150 |
| Venezuela (Republic of) 8.50% 2014 | 1,250 | 1,275 |
| Venezuela (Republic of) 5.75% 2016 | 3,000 | 2,843 |
| Venezuela (Republic of) 7.65% 2025 | 8,455 | 7,440 |
| Venezuela (Republic of) 11.75% 2026 | 4,180 | 4,646 |
| Venezuela (Republic of) 9.25% 2027 | 42,455 | 41,988 |
| Venezuela (Republic of) 9.25% 2028 | 16,095 | 15,491 |
| Brazil (Federal Republic of) Global 12.50% 2016 | BRL13,350 | 7,667 |
| Brazil (Federal Republic of) 10.00% 2017 | 19,320 | 9,753 |
| Brazil (Federal Republic of) 6.00% 20179 | 26,376 | 14,747 |
| Brazil (Federal Republic of) 6.00% 20189 | 6,748 | 3,756 |
| Brazil (Federal Republic of) 6.00% 20209 | 23,394 | 13,330 |
| Brazil (Federal Republic of) Global 4.875% 2021 | $3,100 | 3,612 |
| Brazil (Federal Republic of) Global 8.50% 2024 | BRL22,000 | 11,642 |
| Brazil (Federal Republic of) 6.00% 20459 | 21,999 | 14,459 |
| Russian Federation 7.50% 2018 | RUB1,202,900 | 40,841 |
| Russian Federation 5.00% 2020 | $14,300 | 16,202 |
| Russian Federation 12.75% 2028 | 2,000 | 3,830 |
| Russian Federation 7.50% 20304 | 14,420 | 17,891 |
| Indonesia (Republic of) 6.875% 2017 | 11,930 | 13,913 |
| Indonesia (Republic of) 6.875% 20171 | 1,000 | 1,166 |
| Indonesia (Republic of) 6.875% 2018 | 10,292 | 12,183 |
| Indonesia (Republic of) 6.875% 20181 | 9,425 | 11,157 |
| Indonesia (Republic of) 4.875% 2021 | 5,600 | 6,153 |
| Indonesia (Republic of) 3.75% 2022 | 15,925 | 16,204 |
| Indonesia (Republic of) 6.625% 20371 | 2,500 | 3,100 |
| Indonesia (Republic of) 5.25% 2042 | 11,450 | 12,266 |
| Croatian Government 6.25% 20171 | 11,850 | 12,723 |
| Croatian Government 6.75% 20191 | 4,510 | 4,961 |
| Croatian Government 6.375% 2021 | 7,000 | 7,564 |
| Croatian Government 6.375% 20211 | 2,810 | 3,036 |
| Croatian Government 5.50% 20231 | 34,270 | 34,290 |
| Colombia (Republic of) Global 12.00% 2015 | COP19,150,000 | 12,664 |
| Colombia (Republic of) Global 7.375% 2019 | $11,650 | 15,058 |
| Colombia (Republic of) Global 11.75% 2020 | 1,936 | 3,035 |
| Colombia (Republic of) Global 4.375% 2021 | 1,700 | 1,906 |
| Colombia (Republic of) Global 7.75% 2021 | COP 5,522,000 | 3,858 |
| Colombia (Republic of) Global 9.85% 2027 | 14,288,000 | 12,104 |
| Colombia (Republic of) Global 10.375% 2033 | $ 823 | 1,422 |
| Colombia (Republic of) Global 7.375% 2037 | 4,139 | 5,950 |
| Polish Government 3.00% 20169 | PLN16,302 | 5,238 |
| Polish Government, Series 1017, 5.25% 2017 | 36,050 | 11,941 |
| Polish Government 6.375% 2019 | $ 3,535 | 4,352 |
| Polish Government 5.125% 2021 | 14,225 | 16,465 |
| Polish Government, Series 1021, 5.75% 2021 | PLN30,115 | 10,563 |
| Polish Government 5.75% 2022 | 7,695 | 2,703 |
| Polish Government 2.75% 20239 | 6,220 | 2,075 |
| Greek Government 2.00%/4.30% 20237 | € 3,295 | 2,035 |
| Greek Government 2.00%/4.30% 20247 | 3,295 | 1,936 |
| Greek Government 2.00%/4.30% 20257 | 3,295 | 1,847 |
| Greek Government 2.00%/4.30% 20267 | 3,295 | 1,763 |
| Greek Government 2.00%/4.30% 20277 | 3,295 | 1,695 |
| Greek Government 2.00%/4.30% 20287 | 3,295 | 1,643 |
| Greek Government 2.00%/4.30% 20297 | 3,295 | 1,620 |
| Greek Government 2.00%/4.30% 20307 | 3,295 | 1,595 |
| Greek Government 2.00%/4.30% 20317 | 3,295 | 1,561 |
| Greek Government 2.00%/4.30% 20327 | 3,295 | 1,562 |
| Greek Government 2.00%/4.30% 20337 | 3,295 | 1,547 |
| Greek Government 2.00%/4.30% 20347 | 3,295 | 1,529 |
| Greek Government 2.00%/4.30% 20357 | 3,295 | 1,526 |
| Greek Government 2.00%/4.30% 20367 | 6,795 | 3,129 |
| Greek Government 2.00%/4.30% 20377 | 10,545 | 4,911 |
| Greek Government 2.00%/4.30% 20387 | 7,745 | 3,565 |
| Greek Government 2.00%/4.30% 20397 | 4,045 | 1,861 |
| Greek Government 2.00%/4.30% 20407 | 8,595 | 3,985 |
| Greek Government 2.00%/4.30% 20417 | 10,295 | 4,774 |
| Greek Government 2.00%/4.30% 20427 | 5,045 | 2,318 |
| Philippines (Republic of) 4.95% 2021 | PHP509,000 | 14,282 |
| Philippines (Republic of) 5.50% 2026 | $6,925 | 8,483 |
| Philippines (Republic of) 6.25% 2036 | PHP543,000 | 17,776 |
| Chilean Government 5.50% 2020 | CLP2,592,500 | 5,959 |
| Chilean Government 6.00% 2020 | 2,385,000 | 5,206 |
| Chilean Government 3.00% 20209 | 399,930 | 871 |
| Chilean Government 6.00% 2021 | 9,625,000 | 21,096 |
| Chilean Government 6.00% 2022 | 735,000 | 1,615 |
| Chilean Government 3.00% 20229 | 536,671 | 1,182 |
| Chilean Government 3.00% 20229 | 639,477 | 1,409 |
| Chilean Government 3.00% 20239 | 868,532 | 1,914 |
| South Africa (Republic of) 5.50% 2020 | $ 6,200 | 7,115 |
| South Africa (Republic of), Series R-209, 6.25% 2036 | ZAR 4,030 | 351 |
| South Africa (Republic of), Series R-214, 6.50% 2041 | 304,370 | 26,865 |
| Uruguay (Republic of) 5.00% 20189 | UYU207,814 | 13,052 |
| Uruguay (Republic of) 4.25% 20274,9 | 184,549 | 12,700 |
| Uruguay (Republic of) 4.375% 20284,9 | 113,907 | 7,785 |
| Israeli Government, Series 5903, 4.00% 20219 | ILS34,460 | 11,660 |
| Israeli Government 4.00% 2022 | $13,400 | 14,510 |
| Israeli Government 3.15% 2023 | 7,000 | 6,954 |
| Morocco Government 4.25% 20221 | 22,300 | 22,805 |
| Morocco Government 5.50% 20421 | 9,800 | 9,832 |
| Iraq (Republic of) 5.80% 20284 | 27,900 | 25,738 |
| Panama (Republic of) Global 7.125% 2026 | 585 | 791 |
| Panama (Republic of) Global 8.875% 2027 | 6,500 | 10,082 |
| Panama (Republic of) Global 6.70% 20364 | 6,440 | 8,614 |
| Republic of Belarus 8.95% 2018 | 17,900 | 19,198 |
| Dominican Republic 9.04% 20184 | 2,405 | 2,689 |
| Dominican Republic 7.50% 20211,4 | 12,000 | 13,506 |
| Dominican Republic 7.50% 20214 | 450 | 506 |
| South Korean Government 5.25% 2015 | KRW7,000,000 | 6,698 |
| South Korean Government 5.50% 2017 | 2,800,000 | 2,826 |
| South Korean Government, Series 2206, 3.75% 2022 | 7,000,000 | 6,791 |
| Slovenia (Republic of) 5.50% 20221 | $16,100 | 15,456 |
| Portuguese Government 4.95% 2023 | €6,000 | 6,901 |
| Portuguese Government 4.10% 2037 | 8,000 | 7,343 |
| Lithuania (Republic of) 6.625% 20221 | $ 6,225 | 7,649 |
| Lithuania (Republic of) 6.625% 2022 | 3,900 | 4,792 |
| Peru (Republic of) 7.125% 2019 | 8,545 | 10,970 |
| Corporacion Andina de Fomento 4.375% 2022 | 9,215 | 10,056 |
| Nigeria (Republic of) 6.75% 2021 | 8,600 | 10,025 |
| Bahrain Government 5.50% 2020 | 7,045 | 7,727 |
| Bahrain Government 5.50% 20201 | 255 | 280 |
| El Salvador (Republic of) 7.375% 2019 | 4,800 | 5,719 |
| State of Qatar 5.25% 2020 | 3,000 | 3,511 |
| State of Qatar 5.75% 2042 | 1,800 | 2,151 |
| Argentina (Republic of) 7.00% 2015 | 2,385 | 2,039 |
| Argentina (Republic of) GDP-Linked 2035 | 56,982 | 3,276 |
| Sri Lanka (Republic of) 6.25% 20211 | 3,300 | 3,510 |
| Gabonese Republic 8.20% 2017 | 2,800 | 3,416 |
| | | 1,288,969 |
| U.S. Treasury bonds & notes 0.60% | | |
| | | |
| U.S. Treasury 1.875% 2014 | 58,000 | 58,905 |
| U.S. Treasury 0.25% 2015 | 21,900 | 21,900 |
| U.S. Treasury 4.00% 2015 | 22,300 | 23,863 |
| U.S. Treasury 3.25% 201610 | 20,000 | 21,799 |
| | | 126,467 |
| Municipals 0.06% | | |
| | | |
| State of New Jersey, Economic Development Authority, Energy Facility Revenue Bonds | | |
| (ACR Energy Partners, LLC Project), Series 2011-B, 12.00% 20301 | 12,385 | 12,526 |
| Total bonds, notes & other debt instruments (cost: $18,232,766,000) | | 19,190,497 |
| | | |
| Convertible securities 1.04% | | |
| | Shares or | |
| Information technology 0.36% | principal amount | |
| | | |
| Linear Technology Corp., Series A, 3.00% convertible notes 2027 | $46,000,000 | 49,278 |
| Liberty Media Corp. 3.50% convertible notes 2031 | $48,500,000 | 25,941 |
| | | 75,219 |
| Consumer discretionary 0.17% | | |
| | | |
| Cooper-Standard Holdings Inc. 7.00% convertible preferred1,8,11 | 99,687 | 17,902 |
| General Motors Co., Series B, 4.75% convertible preferred 2013 | 400,000 | 17,176 |
| | | 35,078 |
| Energy 0.17% | | |
| | | |
| Apache Corp., Series D, 6.00% convertible preferred 2013 | 785,000 | 34,964 |
| | | |
| | | |
| Utilities 0.13% | | |
| | | |
| PPL Corp. 9.50% convertible preferred 2013, units | 501,677 | $ 27,492 |
| | | |
| Financials 0.11% | | |
| Bank of Ireland 10.00% 2016 | €18,445,000 | 24,344 |
| | | |
| Telecommunication services 0.10% | | |
| Leap Wireless International, Inc. 4.50% convertible notes 2014 | $12,500,000 | 12,797 |
| Clearwire Corp. 8.25% convertible notes 20401 | $7,722,000 | 8,639 |
| | | 21,436 |
| Total convertible securities (cost: $200,605,000) | | 218,533 |
| | | |
| Preferred securities 0.49% | | |
| | | |
| Financials 0.49% | Shares | |
| | | |
| Ally Financial Inc., Series G, 7.00%1 | 34,250 | 33,873 |
| Ally Financial Inc., Series 2, 8.125% preferred | 650,000 | 17,701 |
| Zions Bancorporation, Series C, 9.50% noncumulative depositary shares | 500,000 | 12,925 |
| Swire Pacific Ltd. 8.84% cumulative guaranteed perpetual capital securities1 | 450,000 | 12,811 |
| First Republic Bank, Series A, noncumulative convertible preferred | 400,000 | 10,909 |
| HSBC Holdings PLC, Series 2, 8.00% | 300,000 | 8,470 |
| Citigroup Inc. 6.95% preferred | 228,000 | 5,734 |
| Total preferred securities (cost: $87,788,000) | | 102,423 |
| | | |
| Common stocks 1.75% | | |
| | | |
| Industrials 0.87% | | |
| | | |
| Beech Holdings, LLC8,12,13 | 14,946,134 | 102,232 |
| Nortek, Inc.12 | 564,246 | 40,264 |
| Delta Air Lines, Inc.12 | 2,373,769 | 39,191 |
| United Continental Holdings, Inc.12 | 22,981 | 736 |
| Atrium Corp.1,8,12 | 10,987 | 384 |
| ACF Industries Holding Corp.8,12 | 4,746 | — |
| | | 182,807 |
| | | |
| Financials 0.33% | | |
| | | |
| American Tower Corp. | 538,967 | 41,457 |
| Citigroup Inc. | 405,574 | 17,943 |
| CIT Group Inc.12 | 124,904 | 5,431 |
| Bank of America Corp. | 390,000 | 4,750 |
| | | 69,581 |
| Consumer discretionary 0.31% | | |
| | | |
| Cooper-Standard Holdings Inc.11,12 | 1,238,538 | 51,523 |
| Ford Motor Co. | 810,210 | 10,654 |
| American Media, Inc.1,8,11,12 | 1,122,345 | 3,120 |
| Five Star Travel Corp.1,8,12 | 83,780 | 27 |
| Adelphia Recovery Trust, Series ACC-18,12 | 10,643,283 | 13 |
| Adelphia Recovery Trust, Series Arahova8,12 | 1,773,964 | — |
| | | 65,337 |
| | | |
| Materials 0.12% | | |
| | | |
| NewPage Holdings Inc.8,12,13 | 226,200 | $ 24,588 |
| | | |
| Telecommunication services 0.12% | | |
| | | |
| Frontier Communications Corp., Class B | 6,000,000 | 23,880 |
| | | |
| Energy 0.00% | | |
| | | |
| General Maritime Corp.1,8,12 | 12,599 | 464 |
| Petroplus Holdings AG8,12 | 3,360,000 | — |
| | | 464 |
| | | |
| Information technology 0.00% | | |
| Remark Media, Inc.1,8,12 | 25,710 | 32 |
| Total common stocks (cost: $423,578,000) | | 366,689 |
| | | |
| Warrants 0.02% | | |
| | | |
| Consumer discretionary 0.02% | | |
| | | |
| Cooper-Standard Holdings Inc., warrants, expire 201711,12 | 196,935 | 3,244 |
| Charter Communications, Inc., warrants, expire 201412 | 13,390 | 723 |
| Liberman Broadcasting, Inc., warrants, expire 20228,12,13 | 10 | — |
| Revel Holdings, Inc., warrants, expire 20211,8,12 | 16,916 | — |
| | | 3,967 |
| Energy 0.00% | | |
| | | |
| General Maritime Corp., warrants, expire 20171,8,12 | 19,483 | 142 |
| Total warrants (cost: $7,329,000) | | 4,109 |
| | Principal amount | |
| Short-term securities 3.74% | (000) | |
| | | |
| Fannie Mae 0.10%–0.16% due 7/1–10/25/2013 | $240,100 | 239,991 |
| Freddie Mac 0.11%–0.17% due 4/24–8/13/2013 | 155,400 | 155,348 |
| Federal Home Loan Bank 0.09%–0.155% due 4/1–6/21/2013 | 147,950 | 147,928 |
| Walt Disney Co. 0.13% due 5/10–5/13/20131 | 57,400 | 57,388 |
| Coca-Cola Co. 0.14% due 4/10/20131 | 32,200 | 32,199 |
| Regents of the University of California 0.14% due 4/2/2013 | 31,931 | 31,931 |
| Abbott Laboratories 0.11% due 4/23/20131 | 31,500 | 31,498 |
| U.S. Treasury Bills 0.111%–0.158% due 4/25–5/30/2013 | 28,700 | 28,697 |
| Procter & Gamble Co. 0.15% due 5/28/20131 | 24,800 | 24,797 |
| Paccar Financial Corp. 0.14%–0.16% due 4/16–5/8/2013 | 20,800 | 20,797 |
| Variable Funding Capital Company LLC 0.17% due 4/15/20131 | 13,700 | 13,699 |
| | | |
| Total short-term securities (cost: $784,251,000) | | 784,273 |
| Total investment securities (cost: $19,736,317,000) | | 20,666,524 |
| Other assets less liabilities | | 319,593 |
| Net assets | | $20,986,117 |
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
