The New America High Income Fund, Inc.
September 30, 2023 (Unaudited)
Portfolio of Investments
(Dollar Amounts in Thousands)
| Principal | | | | | | | | | | | | Value | |
| Amount/Units | | | | | | | | | | | | (See Notes) | |
| | | | | | | | | | | | | | |
| CORPORATE DEBT SECURITIES - 136.34% (d)(f) | | | | | | | | | | |
| Aerospace & Defense - 2.86% | | | | | | | | | | | | | | |
| | | $ | 1,830 | | | TRANSDIGM INC | | | 6.250 | % | | 3/15/2026 | | (g) | | $ | 1,800 | |
| | | | 515 | | | TRANSDIGM INC | | | 7.500 | % | | 3/15/2027 | | | | | 514 | |
| | | | 565 | | | TRANSDIGM INC | | | 5.500 | % | | 11/15/2027 | | | | | 530 | |
| | | | 745 | | | TRANSDIGM INC | | | 6.750 | % | | 8/15/2028 | | (g) | | | 736 | |
| | | | 1,635 | | | TRANSDIGM INC | | | 6.875 | % | | 12/15/2030 | | (g) | | | 1,602 | |
| | | | | | | | | | | | | | | | | | 5,182 | |
| Airlines - 2.56% | | | | | | | | | | | | | | | | | | |
| | | | 2,320 | | | AMERICAN AIRLINES INC | | | 11.750 | % | | 7/15/2025 | | (g) | | | 2,494 | |
| | | | 1,015 | | | AMERICAN AIRLINES/AADVAN | | | 5.750 | % | | 4/20/2029 | | (g) | | | 941 | |
| | | | 570 | | | MILEAGE PLUS HLDINGS LLC | | | 6.500 | % | | 6/20/2027 | | (g) | | | 564 | |
| | | | 760 | | | UNITED AIRLINES INC | | | 4.625 | % | | 4/15/2029 | | (g) | | | 654 | |
| | | | | | | | | | | | | | | | | | 4,653 | |
| Automotive - 9.91% | | | | | | | | | | | | | | | | | | |
| | | | 800 | | | ADIENT GLOBAL HOLDINGS | | | 8.250 | % | | 4/15/2031 | | (g) | | | 800 | |
| | | | 270 | | | BENTELER INTERNATIONAL A | | | 10.500 | % | | 5/15/2028 | | (g) | | | 272 | |
| | | | 1,300 | | | CLARIOS GLOBAL LP/US FIN | | | 8.500 | % | | 5/15/2027 | | (g) | | | 1,298 | |
| | | | 552 | | | DANA FINANCING LUX SARL | | | 8.500 | % | | 7/15/2031 | | (g)(EUR) | | | 590 | |
| | | | 1,470 | | | DANA INC | | | 5.625 | % | | 6/15/2028 | | | | | 1,338 | |
| | | | 70 | | | FORD MOTOR COMPANY | | | 7.450 | % | | 7/16/2031 | | | | | 72 | |
| | | | 480 | | | FORD MOTOR COMPANY | | | 9.625 | % | | 4/22/2030 | | | | | 547 | |
| | | | 2,463 | | | FORD MOTOR COMPANY | | | 6.100 | % | | 8/19/2032 | | | | | 2,314 | |
| | | | 260 | | | FORD MOTOR CREDIT CO LLC | | | 4.950 | % | | 5/28/2027 | | | | | 243 | |
| | | | 1,325 | | | FORD MOTOR CREDIT CO LLC | | | 7.350 | % | | 11/4/2027 | | | | | 1,347 | |
| | | | 655 | | | FORD MOTOR CREDIT CO LLC | | | 7.350 | % | | 3/6/2030 | | | | | 663 | |
| | | | 995 | | | GOODYEAR TIRE + RUBBER | | | 5.625 | % | | 4/30/2033 | | | | | 811 | |
| | | | 1,585 | | | GOODYEAR TIRE + RUBBER | | | 5.250 | % | | 7/15/2031 | | | | | 1,308 | |
| | | | 305 | | | JAGUAR LAND ROVER AUTOMO | | | 5.875 | % | | 1/15/2028 | | (g) | | | 273 | |
| | | | 535 | | | LCM INVESTMENTS HOLDINGS | | | 4.875 | % | | 5/1/2029 | | (g) | | | 452 | |
| | | | 1,265 | | | METIS MERGER SUB LLC | | | 6.500 | % | | 5/15/2029 | | (g) | | | 1,069 | |
| | | | 3,500 | | | RIVIAN HLD/AUTO LLC | | | 10.931 | % | | 10/15/2026 | | (g) | | | 3,500 | |
| | | | 635 | | | TENNECO INC | | | 8.000 | % | | 11/17/2028 | | (g) | | | 516 | |
| | | | 170 | | | ZF NA CAPITAL | | | 6.875 | % | | 4/14/2028 | | (g) | | | 166 | |
| | | | 415 | | | ZF NA CAPITAL | | | 7.125 | % | | 4/14/2030 | | (g) | | | 405 | |
| | | | | | | | | | | | | | | | | | 17,984 | |
| Broadcasting - 7.09% | | | | | | | | | | | | | | | | | | |
| | | | 1,080 | | | CLEAR CHANNEL OUTDOOR HO | | | 7.750 | % | | 4/15/2028 | | (g) | | | 856 | |
| | | | 540 | | | CLEAR CHANNEL OUTDOOR HO | | | 7.500 | % | | 6/1/2029 | | (g) | | | 412 | |
| | | | 805 | | | CLEAR CHANNEL OUTDOOR HO | | | 9.000 | % | | 9/15/2028 | | (g) | | | 796 | |
| | | | 1,130 | | | CMG MEDIA CORPORATION | | | 8.875 | % | | 12/15/2027 | | (g) | | | 881 | |
| | | | 875 | | | GRAY ESCROW II INC | | | 5.375 | % | | 11/15/2031 | | (g) | | | 571 | |
| | | | 1,865 | | | IHEARTCOMMUNICATIONS INC | | | 8.375 | % | | 5/1/2027 | | | | | 1,338 | |
| | | | 433 | | | IHEARTCOMMUNICATIONS INC | | | 5.250 | % | | 8/15/2027 | | (g) | | | 342 | |
| | | | 74 | | | LAMAR MEDIA CORP | | | 4.000 | % | | 2/15/2030 | | | | | 63 | |
| | | | 681 | | | LAMAR MEDIA CORP | | | 4.875 | % | | 1/15/2029 | | | | | 620 | |
| | | | 1,570 | | | MIDAS OPCO HOLDINGS LLC | | | 5.625 | % | | 8/15/2029 | | (g) | | | 1,268 | |
| | | | 805 | | | NEPTUNE BIDCO US INC | | | 9.290 | % | | 4/15/2029 | | (g) | | | 728 | |
| | | | 145 | | | OUTFRONT MEDIA CAP LLC/C | | | 4.250 | % | | 1/15/2029 | | (g) | | | 115 | |
| | | | 460 | | | SCRIPPS ESCROW INC | | | 5.875 | % | | 7/15/2027 | | (g) | | | 337 | |
| | | | 660 | | | SIRIUS XM RADIO INC | | | 5.000 | % | | 8/1/2027 | | (g) | | | 602 | |
| | | | 740 | | | SIRIUS XM RADIO INC | | | 4.125 | % | | 7/1/2030 | | (g) | | | 592 | |
| | | | 1,285 | | | SIRIUS XM RADIO INC | | | 4.000 | % | | 7/15/2028 | | (g) | | | 1,092 | |
| | | | 665 | | | TOWNSQUARE MEDIA INC | | | 6.875 | % | | 2/1/2026 | | (g) | | | 624 | |
| | | | 720 | | | UNIVISION COMMUNICATIONS | | | 6.625 | % | | 6/1/2027 | | (g) | | | 670 | |
| | | | 590 | | | UNIVISION COMMUNICATIONS | | | 7.375 | % | | 6/30/2030 | | (g) | | | 538 | |
| | | | 445 | | | UNIVISION COMMUNICATIONS | | | 8.000 | % | | 8/15/2028 | | (g) | | | 429 | |
| | | | | | | | | | | | | | | | | | 12,874 | |
| Building & Real Estate - 1.32% | | | | | | | | | | | | | | | |
| | | | 300 | | | BROOKFIELD RESID PROPERT | | | 6.250 | % | | 9/15/2027 | | (g) | | | 270 | |
| | | | 180 | | | CASTLE UK FINCO PLC | | | 7.000 | % | | 5/15/2029 | | (g)(GBP) | | | 169 | |
| | | | 735 | | | CUSHMAN + WAKEFIELD US | | | 6.750 | % | | 5/15/2028 | | (g) | | | 678 | |
| | | | 570 | | | HOWARD HUGHES CORP | | | 5.375 | % | | 8/1/2028 | | (g) | | | 501 | |
| | | | 645 | | | HOWARD HUGHES CORP | | | 4.125 | % | | 2/1/2029 | | (g) | | | 516 | |
| | | | 345 | | | HOWARD HUGHES CORP | | | 4.375 | % | | 2/1/2031 | | (g) | | | 264 | |
| | | | | | | | | | | | | | | | | | 2,398 | |
| Building Products - 2.60% | | | | | | | | | | | | | | | | | | |
| | | | 210 | | | ADVANCED DRAINAGE SYSTEM | | | 6.375 | % | | 6/15/2030 | | (g) | | | 201 | |
| | | | 175 | | | BEACON ROOFING SUPPLY IN | | | 6.500 | % | | 8/1/2030 | | (g) | | | 169 | |
| | | | 450 | | | CASCADES INC/USA INC | | | 5.375 | % | | 1/15/2028 | | (g) | | | 415 | |
| | | | 355 | | | GRAPHIC PACKAGING INTERN | | | 3.750 | % | | 2/1/2030 | | (g) | | | 297 | |
| | | | 625 | | | NEW ENTERPRISE STONE + L | | | 5.250 | % | | 7/15/2028 | | (g) | | | 561 | |
| | | | 810 | | | PGT INNOVATIONS INC | | | 4.375 | % | | 10/1/2029 | | (g) | | | 746 | |
| | | | 395 | | | SPECIALTY BUILDING PRODU | | | 6.375 | % | | 9/30/2026 | | (g) | | | 370 | |
| | | | 475 | | | SRS DISTRIBUTION INC | | | 6.000 | % | | 12/1/2029 | | (g) | | | 401 | |
| | | | 640 | | | SUMMIT MATERIALS LLC/FIN | | | 6.500 | % | | 3/15/2027 | | (g) | | | 626 | |
| | | | 1,020 | | | SUMMIT MATERIALS LLC/FIN | | | 5.250 | % | | 1/15/2029 | | (g) | | | 929 | |
| | | | | | | | | | | | | | | | | | 4,715 | |
| Cable Operators - 10.82% | | | | | | | | | | | | | | | | | | |
| | | | 1,610 | | | ALTICE FINANCING SA | | | 5.000 | % | | 1/15/2028 | | (g) | | | 1,372 | |
| | | | 795 | | | ALTICE FINANCING SA | | | 5.750 | % | | 8/15/2029 | | (g) | | | 650 | |
| | | | 2,340 | | | ALTICE FRANCE HOLDING SA | | | 6.000 | % | | 2/15/2028 | | (g) | | | 1,158 | |
| | | | 1,620 | | | ALTICE FRANCE HOLDING SA | | | 10.500 | % | | 5/15/2027 | | (g) | | | 1,012 | |
| | | | 995 | | | C+W SENIOR FINANCING DAC | | | 6.875 | % | | 9/15/2027 | | (g) | | | 877 | |
| | | | 325 | | | CCO HLDGS LLC/CAP CORP | | | 5.375 | % | | 6/1/2029 | | (g) | | | 291 | |
| | | | 720 | | | CCO HLDGS LLC/CAP CORP | | | 4.500 | % | | 8/15/2030 | | (g) | | | 589 | |
| | | | 1,090 | | | CCO HLDGS LLC/CAP CORP | | | 4.500 | % | | 6/1/2033 | | (g) | | | 832 | |
| | | | 3,050 | | | CCO HLDGS LLC/CAP CORP | | | 6.375 | % | | 9/1/2029 | | (g) | | | 2,837 | |
| | | | 1,425 | | | CCO HLDGS LLC/CAP CORP | | | 7.375 | % | | 3/1/2031 | | (g) | | | 1,375 | |
| | | | 895 | | | CSC HOLDINGS LLC | | | 7.500 | % | | 4/1/2028 | | (g) | | | 593 | |
| | | | 1,410 | | | CSC HOLDINGS LLC | | | 6.500 | % | | 2/1/2029 | | (g) | | | 1,169 | |
| | | | 880 | | | CSC HOLDINGS LLC | | | 5.750 | % | | 1/15/2030 | | (g) | | | 493 | |
| | | | 465 | | | DIRECTV FIN LLC/COINC | | | 5.875 | % | | 8/15/2027 | | (g) | | | 412 | |
| | | | 935 | | | DISH DBS CORP | | | 7.750 | % | | 7/1/2026 | | | | | 701 | |
| | | | 450 | | | DISH DBS CORP | | | 7.375 | % | | 7/1/2028 | | | | | 284 | |
| | | | 480 | | | DISH DBS CORP | | | 5.250 | % | | 12/1/2026 | | (g) | | | 406 | |
| | | | 625 | | | DISH DBS CORP | | | 5.750 | % | | 12/1/2028 | | (g) | | | 480 | |
| | | | 1,295 | | | DISH NETWORK CORP | | | 11.750 | % | | 11/15/2027 | | (g) | | | 1,306 | |
| | | | 630 | | | GCI LLC | | | 4.750 | % | | 10/15/2028 | | (g) | | | 546 | |
| | | | 202 | | | LCPR SR SECURED FIN DAC | | | 6.750 | % | | 10/15/2027 | | (g) | | | 185 | |
| | | | 570 | | | RADIATE HOLDCO / FINANCE | | | 6.500 | % | | 9/15/2028 | | (g) | | | 299 | |
| | | | 2,190 | | | VMED O2 UK FINAN | | | 4.750 | % | | 7/15/2031 | | (g) | | | 1,768 | |
| | | | | | | | | | | | | | | | | | 19,635 | |
| Chemicals - 2.98% | | | | | | | | | | | | | | | | | | |
| | | | 625 | | | AVIENT CORP | | | 7.125 | % | | 8/1/2030 | | (g) | | | 614 | |
| | | | 260 | | | CELANESE US HOLDINGS LLC | | | 6.550 | % | | 11/15/2030 | | | | | 254 | |
| | | | 320 | | | CELANESE US HOLDINGS LLC | | | 6.700 | % | | 11/15/2033 | | | | | 312 | |
| | | | 111 | | | COMPASS MINERALS INTERNA | | | 6.750 | % | | 12/1/2027 | | (g) | | | 105 | |
| | | | 870 | | | CVR PARTNERS/CVR NITROGE | | | 6.125 | % | | 6/15/2028 | | (g) | | | 782 | |
| | | | 847 | | | GPD COS INC | | | 10.125 | % | | 4/1/2026 | | (g) | | | 784 | |
| �� | | | 280 | | | METHANEX CORP | | | 5.250 | % | | 12/15/2029 | | | | | 252 | |
| | | | 480 | | | METHANEX CORP | | | 5.125 | % | | 10/15/2027 | | | | | 442 | |
| | | | 490 | | | TRONOX INC | | | 4.625 | % | | 3/15/2029 | | (g) | | | 393 | |
| | | | 920 | | | WINDSOR HOLDINGS III LLC | | | 8.500 | % | | 6/15/2030 | | (g) | | | 906 | |
| | | | 715 | | | WR GRACE HOLDING LLC | | | 5.625 | % | | 8/15/2029 | | (g) | | | 574 | |
| | | | | | | | | | | | | | | | | | 5,418 | |
| Consumer Products - .81% | | | | | | | | | | | | | | | | | | |
| | | | 574 | | | LIFE TIME INC | | | 5.750 | % | | 1/15/2026 | | (g) | | | 554 | |
| | | | 464 | | | LIFE TIME INC | | | 8.000 | % | | 4/15/2026 | | (g) | | | 455 | |
| | | | 635 | | | WOLVERINE WORLD WIDE | | | 4.000 | % | | 8/15/2029 | | (g) | | | 469 | |
| | | | | | | | | | | | | | | | | | 1,478 | |
| Container - 2.26% | | | | | | | | | | | | | | | | | | |
| | | | 1,000 | | | ARDAGH METAL PACKAGING | | | 4.000 | % | | 9/1/2029 | | (g) | | | 785 | |
| | | | 435 | | | ARDAGH METAL PACKAGING | | | 6.000 | % | | 6/15/2027 | | (g) | | | 416 | |
| | | | 905 | | | BALL CORP | | | 6.875 | % | | 3/15/2028 | | | | | 912 | |
| | | | 1,070 | | | BALL CORP | | | 6.000 | % | | 6/15/2029 | | | | | 1,040 | |
| | | | 260 | | | SEALED AIR CORP | | | 6.875 | % | | 7/15/2033 | | (g) | | | 252 | |
| | | | 250 | | | SEALED AIR CORP | | | 5.000 | % | | 4/15/2029 | | (g) | | | 226 | |
| | | | 295 | | | SEALED AIR/SEALED AIR US | | | 6.125 | % | | 2/1/2028 | | (g) | | | 285 | |
| | | | 180 | | | TRIDENT TPI HOLDINGS INC | | | 12.750 | % | | 12/31/2028 | | (g) | | | 188 | |
| | | | | | | | | | | | | | | | | | 4,104 | |
| Energy - 19.09% | | | | | | | | | | | | | | | | | | |
| | | | 930 | | | AETHON UN/AETHIN UN FIN | | | 8.250 | % | | 2/15/2026 | | (g) | | | 921 | |
| | | | 195 | | | AMERIGAS PART/FIN CORP | | | 5.500 | % | | 5/20/2025 | | | | | 189 | |
| | | | 215 | | | AMERIGAS PART/FIN CORP | | | 9.375 | % | | 6/1/2028 | | (g) | | | 218 | |
| | | | 125 | | | ANTERO RESOURCES CORP | | | 7.625 | % | | 2/1/2029 | | (g) | | | 127 | |
| | | | 270 | | | ARCHROCK PARTNERS LP/FIN | | | 6.875 | % | | 4/1/2027 | | (g) | | | 261 | |
| | | | 1,175 | | | CHESAPEAKE ENERGY CORP | | | 6.750 | % | | 4/15/2029 | | (g) | | | 1,146 | |
| | | | 800 | | | CITGO PETROLEUM CORP | | | 7.000 | % | | 6/15/2025 | | (g) | | | 788 | |
| | | | 270 | | | CIVITAS RESOURCES INC | | | 8.375 | % | | 7/1/2028 | | (g) | | | 275 | |
| | | | 400 | | | CIVITAS RESOURCES INC | | | 8.750 | % | | 7/1/2031 | | (g) | | | 409 | |
| | | | 340 | | | COMSTOCK RESOURCES INC | | | 6.750 | % | | 3/1/2029 | | (g) | | | 313 | |
| | | | 530 | | | COMSTOCK RESOURCES INC | | | 5.875 | % | | 1/15/2030 | | (g) | | | 458 | |
| | | | 1,140 | | | CRESCENT ENERGY FINANCE | | | 7.250 | % | | 5/1/2026 | | (g) | | | 1,112 | |
| | | | 505 | | | CRESCENT ENERGY FINANCE | | | 9.250 | % | | 2/15/2028 | | (g) | | | 514 | |
| | | | 215 | | | CRESTWOOD MID PARTNER LP | | | 6.000 | % | | 2/1/2029 | | (g) | | | 206 | |
| | | | 525 | | | CRESTWOOD MID PARTNER LP | | | 7.375 | % | | 2/1/2031 | | (g) | | | 534 | |
| | | | 795 | | | DCP MIDSTREAM OPERATING | | | 6.750 | % | | 9/15/2037 | | (g) | | | 805 | |
| | | | 470 | | | DCP MIDSTREAM OPERATING | | | 8.125 | % | | 8/16/2030 | | | | | 521 | |
| | | | 540 | | | DIAMOND FRGN/DIAMOND FIN | | | 8.500 | % | | 10/1/2030 | | (g) | | | 540 | |
| | | | 598 | | | ENDEAVOR ENERGY RESOURCE | | | 5.750 | % | | 1/30/2028 | | (g) | | | 577 | |
| | | | 625 | | | FERRELLGAS LP/FERRELLGAS | | | 5.375 | % | | 4/1/2026 | | (g) | | | 586 | |
| | | | 650 | | | FERRELLGAS LP/FERRELLGAS | | | 5.875 | % | | 4/1/2029 | | (g) | | | 585 | |
| | | | 440 | | | GULFPORT ENERGY OP CORP | | | 8.000 | % | | 5/17/2026 | | (g) | | | 441 | |
| | | | 305 | | | HILCORP ENERGY I/HILCORP | | | 5.750 | % | | 2/1/2029 | | (g) | | | 275 | |
| | | | 385 | | | HILCORP ENERGY I/HILCORP | | | 6.000 | % | | 2/1/2031 | | (g) | | | 340 | |
| | | | 240 | | | HILCORP ENERGY I/HILCORP | | | 6.000 | % | | 4/15/2030 | | (g) | | | 214 | |
| | | | 429 | | | HILCORP ENERGY I/HILCORP | | | 6.250 | % | | 4/15/2032 | | (g) | | | 380 | |
| | | | 1,420 | | | KINETIK HOLDINGS LP | | | 5.875 | % | | 6/15/2030 | | (g) | | | 1,328 | |
| | | | 1,505 | | | MAGNOLIA OIL GAS/MAG FIN | | | 6.000 | % | | 8/1/2026 | | (g) | | | 1,452 | |
| | | | 1,350 | | | NGL ENRGY OP/FIN CORP | | | 7.500 | % | | 2/1/2026 | | (g) | | | 1,335 | |
| | | | 420 | | | NORTHRIVER MIDSTREAM FIN | | | 5.625 | % | | 2/15/2026 | | (g) | | | 400 | |
| | | | 1,190 | | | NUSTAR LOGISTICS LP | | | 6.000 | % | | 6/1/2026 | | | | | 1,156 | |
| | | | 345 | | | NUSTAR LOGISTICS LP | | | 5.750 | % | | 10/1/2025 | | | | | 336 | |
| | | | 180 | | | OCCIDENTAL PETROLEUM COR | | | 7.875 | % | | 9/15/2031 | | | | | 195 | |
| | | | 100 | | | OCCIDENTAL PETROLEUM COR | | | 6.450 | % | | 9/15/2036 | | | | | 99 | |
| | | | 790 | | | OCCIDENTAL PETROLEUM COR | | | 7.950 | % | | 6/15/2039 | | | | | 852 | |
| | | | 755 | | | OCCIDENTAL PETROLEUM COR | | | 6.200 | % | | 3/15/2040 | | | | | 718 | |
| | | | 1,190 | | | OCCIDENTAL PETROLEUM COR | | | 8.875 | % | | 7/15/2030 | | | | | 1,336 | |
| | | | 660 | | | PETROLEOS MEXICANOS | | | 6.625 | % | | 6/15/2035 | | | | | 442 | |
| | | | 215 | | | RANGE RESOURCES CORP | | | 8.250 | % | | 1/15/2029 | | | | | 220 | |
| | | | 270 | | | RANGE RESOURCES CORP | | | 4.750 | % | | 2/15/2030 | | (g) | | | 239 | |
| | | | 315 | | | ROCKCLIFF ENERGY II LLC | | | 5.500 | % | | 10/15/2029 | | (g) | | | 284 | |
| | | | 1,070 | | | SEADRILL FINANCE LTD | | | 8.375 | % | | 8/1/2030 | | (g) | | | 1,089 | |
| | | | 320 | | | SOLARIS MIDSTREAM HOLDIN | | | 7.625 | % | | 4/1/2026 | | (g) | | | 309 | |
| | | | 1,515 | | | SOUTHWESTERN ENERGY CO | | | 4.750 | % | | 2/1/2032 | | | | | 1,299 | |
| | | | 405 | | | TALLGRASS NRG PRTNR/FIN | | | 6.000 | % | | 3/1/2027 | | (g) | | | 381 | |
| | | | 370 | | | TALLGRASS NRG PRTNR/FIN | | | 7.500 | % | | 10/1/2025 | | (g) | | | 370 | |
| | | | 1,170 | | | TALLGRASS NRG PRTNR/FIN | | | 6.000 | % | | 12/31/2030 | | (g) | | | 1,033 | |
| | | | 635 | | | TALLGRASS NRG PRTNR/FIN | | | 6.000 | % | | 9/1/2031 | | (g) | | | 555 | |
| | | | 175 | | | TRANSOCEAN AQUILA LTD | | | 8.000 | % | | 9/30/2028 | | (g) | | | 175 | |
| | | | 406 | | | TRANSOCEAN INC | | | 11.500 | % | | 1/30/2027 | | (g) | | | 426 | |
| | | | 835 | | | TRANSOCEAN INC | | | 8.750 | % | | 2/15/2030 | | (g) | | | 854 | |
| | | | 405 | | | VALARIS LTD | | | 8.375 | % | | 4/30/2030 | | (g) | | | 406 | |
| | | | 1,380 | | | VENTURE GLOBAL CALCASIEU | | | 6.250 | % | | 1/15/2030 | | (g) | | | 1,314 | |
| | | | 665 | | | VENTURE GLOBAL LNG INC | | | 8.125 | % | | 6/1/2028 | | (g) | | | 657 | |
| | | | 2,130 | | | VENTURE GLOBAL LNG INC | | | 8.375 | % | | 6/1/2031 | | (g) | | | 2,101 | |
| | | | 585 | | | VERMILION ENERGY INC | | | 6.875 | % | | 5/1/2030 | | (g) | | | 555 | |
| | | | | | | | | | | | | | | | | | 34,651 | |
| Entertainment & Leisure - 7.84% | | | | | | | | | | | | | | | |
| | | | 1,935 | | | CARNIVAL CORP | | | 7.625 | % | | 3/1/2026 | | (g) | | | 1,882 | |
| | | | 45 | | | CARNIVAL CORP | | | 6.000 | % | | 5/1/2029 | | (g) | | | 38 | |
| | | | 1,020 | | | CARNIVAL CORP | | | 10.500 | % | | 6/1/2030 | | (g) | | | 1,048 | |
| | | | 360 | | | CARNIVAL CORP | | | 7.000 | % | | 8/15/2029 | | (g) | | | 354 | |
| | | | 910 | | | CDI ESCROW ISSUER INC | | | 5.750 | % | | 4/1/2030 | | (g) | | | 820 | |
| | | | 245 | | | CEDAR FAIR LP | | | 5.250 | % | | 7/15/2029 | | | | | 213 | |
| | | | 1,340 | | | CINEMARK USA INC | | | 5.250 | % | | 7/15/2028 | | (g) | | | 1,189 | |
| | | | 625 | | | LIVE NATION ENTERTAINMEN | | | 4.750 | % | | 10/15/2027 | | (g) | | | 572 | |
| | | | 370 | | | MOTION FINCO SARL | | | 7.375 | % | | 6/15/2030 | | (g)(EUR) | | | 383 | |
| | | | 730 | | | NCL CORPORATION LTD | | | 5.875 | % | | 3/15/2026 | | (g) | | | 672 | |
| | | | 340 | | | NCL CORPORATION LTD | | | 5.875 | % | | 2/15/2027 | | (g) | | | 321 | |
| | | | 835 | | | NCL CORPORATION LTD | | | 7.750 | % | | 2/15/2029 | | (g) | | | 774 | |
| | | | 215 | | | NCL FINANCE LTD | | | 6.125 | % | | 3/15/2028 | | (g) | | | 190 | |
| | | | 480 | | | ROYAL CARIBBEAN CRUISES | | | 5.500 | % | | 4/1/2028 | | (g) | | | 439 | |
| | | | 555 | | | ROYAL CARIBBEAN CRUISES | | | 5.375 | % | | 7/15/2027 | | (g) | | | 512 | |
| | | | 985 | | | ROYAL CARIBBEAN CRUISES | | | 11.625 | % | | 8/15/2027 | | (g) | | | 1,069 | |
| | | | 620 | | | ROYAL CARIBBEAN CRUISES | | | 9.250 | % | | 1/15/2029 | | (g) | | | 655 | |
| | | | 520 | | | ROYAL CARIBBEAN CRUISES | | | 8.250 | % | | 1/15/2029 | | (g) | | | 537 | |
| | | | 960 | | | SEAWORLD PARKS + ENTERTA | | | 5.250 | % | | 8/15/2029 | | (g) | | | 840 | |
| | | | 730 | | | SIX FLAGS ENTERTAINMENT | | | 5.500 | % | | 4/15/2027 | | (g) | | | 675 | |
| | | | 1,110 | | | SIX FLAGS ENTERTAINMENT | | | 7.250 | % | | 5/15/2031 | | (g) | | | 1,042 | |
| | | | | | | | | | | | | | | | | | 14,225 | |
| Financial - 13.78% | | | | | | | | | | | | | | | | | | |
| | | | 840 | | | ACRISURE LLC / FIN INC | | | 7.000 | % | | 11/15/2025 | | (g) | | | 813 | |
| | | | 1,925 | | | ACRISURE LLC / FIN INC | | | 10.125 | % | | 8/1/2026 | | (g) | | | 1,968 | |
| | | | 1,135 | | | ALLIANT HOLD / CO ISSUER | | | 6.750 | % | | 10/15/2027 | | (g) | | | 1,056 | |
| | | | 315 | | | ALLIANT HOLD / CO ISSUER | | | 5.875 | % | | 11/1/2029 | | (g) | | | 273 | |
| | | | 295 | | | AMWINS GROUP INC | | | 4.875 | % | | 6/30/2029 | | (g) | | | 257 | |
| | | | 660 | | | APOLLO CMMRL REAL EST FI | | | 4.625 | % | | 6/15/2029 | | (g) | | | 500 | |
| | | | 475 | | | COBRA ACQUISITIONCO LLC | | | 6.375 | % | | 11/1/2029 | | (g) | | | 352 | |
| | | | 1,665 | | | ENACT HOLDINGS INC | | | 6.500 | % | | 8/15/2025 | | (g) | | | 1,636 | |
| | | | 1,225 | | | GTCR AP FINANCE INC | | | 8.000 | % | | 5/15/2027 | | (g) | | | 1,201 | |
| | | | 1,070 | | | GTCR W 2 MERGER SUB LLC | | | 7.500 | % | | 1/15/2031 | | (g) | | | 1,069 | |
| | | | 725 | | | HUB INTERNATIONAL LTD | | | 7.000 | % | | 5/1/2026 | | (g) | | | 721 | |
| | | | 790 | | | HUB INTERNATIONAL LTD | | | 5.625 | % | | 12/1/2029 | | (g) | | | 686 | |
| | | | 1,585 | | | HUB INTERNATIONAL LTD | | | 7.250 | % | | 6/15/2030 | | (g) | | | 1,579 | |
| | | | 460 | | | ICAHN ENTERPRISES/FIN | | | 6.250 | % | | 5/15/2026 | | | | | 427 | |
| | | | 490 | | | JANE STREET GRP/JSG FIN | | | 4.500 | % | | 11/15/2029 | | (g) | | | 420 | |
| | | | 785 | | | JONES DESLAURIERS INSURA | | | 8.500 | % | | 3/15/2030 | | (g) | | | 791 | |
| | | | 480 | | | MIDCAP FINANCIAL | | | 5.625 | % | | 1/15/2030 | | (g) | | | 373 | |
| | | | 950 | | | MIDCAP FINANCIAL ISSR TR | | | 6.500 | % | | 5/1/2028 | | (g) | | | 822 | |
| | | | 215 | | | NAVIENT CORP | | | 6.750 | % | | 6/15/2026 | | | | | 209 | |
| | | | 500 | | | NAVIENT CORP | | | 5.000 | % | | 3/15/2027 | | | | | 449 | |
| | | | 685 | | | NAVIENT CORP | | | 4.875 | % | | 3/15/2028 | | | | | 581 | |
| | | | 630 | | | NAVIENT CORP | | | 5.500 | % | | 3/15/2029 | | | | | 529 | |
| | | | 1,495 | | | NAVIENT CORP | | | 9.375 | % | | 7/25/2030 | | | | | 1,474 | |
| | | | 325 | | | ONEMAIN FINANCE CORP | | | 3.500 | % | | 1/15/2027 | | | | | 278 | |
| | | | 1,335 | | | ONEMAIN FINANCE CORP | | | 9.000 | % | | 1/15/2029 | | | | | 1,328 | |
| | | | 300 | | | ONEMAIN FINANCE CORP | | | 7.125 | % | | 3/15/2026 | | | | | 294 | |
| | | | 610 | | | ONEMAIN FINANCE CORP | | | 6.625 | % | | 1/15/2028 | | | | | 562 | |
| | | | 305 | | | ONEMAIN FINANCE CORP | | | 5.375 | % | | 11/15/2029 | | | | | 255 | |
| | | | 300 | | | PENNYMAC FIN SVCS INC | | | 5.375 | % | | 10/15/2025 | | (g) | | | 285 | |
| | | | 840 | | | PENNYMAC FIN SVCS INC | | | 4.250 | % | | 2/15/2029 | | (g) | | | 683 | |
| | | | 790 | | | PROG HOLDINGS INC | | | 6.000 | % | | 11/15/2029 | | (g) | | | 689 | |
| | | | 235 | | | RYAN SPECIALTY GROUP | | | 4.375 | % | | 2/1/2030 | | (g) | | | 205 | |
| | | | 335 | | | SLM CORP | | | 4.200 | % | | 10/29/2025 | | | | | 312 | |
| | | | 330 | | | STAR PARENT INC | | | 9.000 | % | | 10/1/2030 | | (g) | | | 332 | |
| | | | 465 | | | STARWOOD PROPERTY TRUST | | | 4.375 | % | | 1/15/2027 | | (g) | | | 407 | |
| | | | 320 | | | UNITED WHOLESALE MTGE LL | | | 5.500 | % | | 4/15/2029 | | (g) | | | 269 | |
| | | | 635 | | | UNITED WHOLESALE MTGE LL | | | 5.750 | % | | 6/15/2027 | | (g) | | | 575 | |
| | | | 363 | | | WILLIAMS SCOTSMAN INC | | | 7.375 | % | | 10/1/2031 | | (g) | | | 360 | |
| | | | | | | | | | | | | | | | | | 25,020 | |
| Food/Tobacco - 1.43% | | | | | | | | | | | | | | | | | | |
| | | | 285 | | | B+G FOODS INC | | | 5.250 | % | | 4/1/2025 | | | | | 280 | |
| | | | 270 | | | B+G FOODS INC | | | 8.000 | % | | 9/15/2028 | | (g) | | | 270 | |
| | | | 610 | | | BELLRING BRANDS INC | | | 7.000 | % | | 3/15/2030 | | (g) | | | 601 | |
| | | | 520 | | | CHOBANI LLC/FINANCE CORP | | | 7.500 | % | | 4/15/2025 | | (g) | | | 514 | |
| | | | 685 | | | DARLING INGREDIENTS INC | | | 6.000 | % | | 6/15/2030 | | (g) | | | 648 | |
| | | | 345 | | | TRITON WATER HOLDINGS IN | | | 6.250 | % | | 4/1/2029 | | (g) | | | 285 | |
| | | | | | | | | | | | | | | | | | 2,598 | |
| Gaming - 5.63% | | | | | | | | | | | | | | | | | | |
| | | | 545 | | | CAESARS ENTERTAIN INC | | | 7.000 | % | | 2/15/2030 | | (g) | | | 530 | |
| | | | 2,065 | | | CAESARS ENTERTAIN INC | | | 8.125 | % | | 7/1/2027 | | (g) | | | 2,070 | |
| | | | 580 | | | CHURCHILL DOWNS INC | | | 6.750 | % | | 5/1/2031 | | (g) | | | 548 | |
| | | | 275 | | | CIRSA FINANCE INTER | | | 4.500 | % | | 3/15/2027 | | (g)(EUR) | | | 267 | |
| | | | 100 | | | CIRSA FINANCE INTER | | | 10.375 | % | | 11/30/2027 | | (g)(EUR) | | | 114 | |
| | | | 1,170 | | | INTERNATIONAL GAME TECH | | | 6.250 | % | | 1/15/2027 | | (g) | | | 1,148 | |
| | | | 375 | | | INTERNATIONAL GAME TECH | | | 5.250 | % | | 1/15/2029 | | (g) | | | 345 | |
| | | | 260 | | | LIGHT + WONDER INTL INC | | | 7.500 | % | | 9/1/2031 | | (g) | | | 257 | |
| | | | 530 | | | LIGHT + WONDER INTL INC | | | 7.000 | % | | 5/15/2028 | | (g) | | | 519 | |
| | | | 1,390 | | | LIGHT + WONDER INTL INC | | | 7.250 | % | | 11/15/2029 | | (g) | | | 1,366 | |
| | | | 120 | | | LOTTOMATICA SPA/ROMA | | | 7.125 | % | | 6/1/2028 | | (g)(EUR) | | | 129 | |
| | | | 435 | | | MGM GROWTH/MGM FINANCE | | | 5.750 | % | | 2/1/2027 | | | | | 421 | |
| | | | 500 | | | MIDWEST GMNG BOR/MWG FIN | | | 4.875 | % | | 5/1/2029 | | (g) | | | 425 | |
| | | | 280 | | | ONTARIO GAMING GTA LP | | | 8.000 | % | | 8/1/2030 | | (g) | | | 279 | |
| | | | 475 | | | PLAYTIKA HOLDING CORP | | | 4.250 | % | | 3/15/2029 | | (g) | | | 397 | |
| | | | 565 | | | SC GAMES HOLDIN/US FINCO | | | 6.625 | % | | 3/1/2030 | | (g) | | | 489 | |
| | | | 995 | | | WYNN MACAU LTD | | | 5.500 | % | | 10/1/2027 | | (g) | | | 886 | |
| | | | 23 | | | WYNN RESORTS FINANCE LLC | | | 7.125 | % | | 2/15/2031 | | (g) | | | 22 | |
| | | | | | | | | | | | | | | | | | 10,212 | |
| Health Care - 9.94% | | | | | | | | | | | | | | | | | | |
| | | | 780 | | | ADAPTHEALTH LLC | | | 5.125 | % | | 3/1/2030 | | (g) | | | 608 | |
| | | | 1,240 | | | ATHENAHEALTH GROUP INC | | | 6.500 | % | | 2/15/2030 | | (g) | | | 1,035 | |
| | | | 1,415 | | | AVANTOR FUNDING INC | | | 4.625 | % | | 7/15/2028 | | (g) | | | 1,288 | |
| | | | 540 | | | BAUSCH + LOMB ESCROW COR | | | 8.375 | % | | 10/1/2028 | | (g) | | | 541 | |
| | | | 1,100 | | | CHS/COMMUNITY HEALTH SYS | | | 8.000 | % | | 12/15/2027 | | (g) | | | 1,026 | |
| | | | 455 | | | CHS/COMMUNITY HEALTH SYS | | | 6.000 | % | | 1/15/2029 | | (g) | | | 366 | |
| | | | 990 | | | CHS/COMMUNITY HEALTH SYS | | | 6.875 | % | | 4/15/2029 | | (g) | | | 530 | |
| | | | 1,165 | | | CHS/COMMUNITY HEALTH SYS | | | 6.125 | % | | 4/1/2030 | | (g) | | | 594 | |
| | | | 830 | | | CHS/COMMUNITY HEALTH SYS | | | 5.250 | % | | 5/15/2030 | | (g) | | | 627 | |
| | | | 990 | | | DAVITA INC | | | 4.625 | % | | 6/1/2030 | | (g) | | | 812 | |
| | | | 280 | | | IQVIA INC | | | 6.500 | % | | 5/15/2030 | | (g) | | | 275 | |
| | | | 89 | | | LIFEPOINT HEALTH INC | | | 9.875 | % | | 8/15/2030 | | (g) | | | 86 | |
| | | | 450 | | | LIFEPOINT HEALTH INC | | | 11.000 | % | | 10/15/2030 | | (g) | | | 450 | |
| | | | 280 | | | LIFEPT/LEGACY LIFEPT | | | 9.750 | % | | 12/1/2026 | | (g) | | | 272 | |
| | | | 940 | | | MEDLINE BORROWER LP | | | 5.250 | % | | 10/1/2029 | | (g) | | | 811 | |
| | | | 570 | | | MOLINA HEALTHCARE INC | | | 4.375 | % | | 6/15/2028 | | (g) | | | 511 | |
| | | | 735 | | | ORGANON + CO/ORG | | | 5.125 | % | | 4/30/2031 | | (g) | | | 590 | |
| | | | 1,050 | | | SELECT MEDICAL CORP | | | 6.250 | % | | 8/15/2026 | | (g) | | | 1,022 | |
| | | | 424 | | | TENET HEALTHCARE CORP | | | 6.875 | % | | 11/15/2031 | | | | | 405 | |
| | | | 1,640 | | | TENET HEALTHCARE CORP | | | 6.125 | % | | 10/1/2028 | | | | | 1,540 | |
| | | | 780 | | | TENET HEALTHCARE CORP | | | 6.125 | % | | 6/15/2030 | | | | | 731 | |
| | | | 700 | | | TENET HEALTHCARE CORP | | | 4.375 | % | | 1/15/2030 | | | | | 600 | |
| | | | 405 | | | TENET HEALTHCARE CORP | | | 6.750 | % | | 5/15/2031 | | (g) | | | 390 | |
| | | | 630 | | | TEVA PHARMACEUTICAL INDU | | | 4.750 | % | | 5/9/2027 | | | | | 578 | |
| | | | 465 | | | TEVA PHARMACEUTICALS NE | | | 6.750 | % | | 3/1/2028 | | | | | 456 | |
| | | | 1,240 | | | TEVA PHARMACEUTICALS NE | | | 5.125 | % | | 5/9/2029 | | | | | 1,121 | |
| | | | 310 | | | TEVA PHARMACEUTICALS NE | | | 8.125 | % | | 9/15/2031 | | | | | 319 | |
| | | | 455 | | | TEVA PHARMACEUTICALS NE | | | 7.875 | % | | 9/15/2029 | | | | | 463 | |
| | | | | | | | | | | | | | | | | | 18,047 | |
| Informational Technology - 7.58% | | | | | | | | | | | | | | | |
| | | | 340 | | | BOXER PARENT CO INC | | | 7.125 | % | | 10/2/2025 | | (g) | | | 338 | |
| | | | 560 | | | BOXER PARENT CO INC | | | 9.125 | % | | 3/1/2026 | | (g) | | | 558 | |
| | | | 810 | | | CAPSTONE BORROWER INC | | | 8.000 | % | | 6/15/2030 | | (g) | | | 791 | |
| | | | 1,185 | | | CLOUD SOFTWARE GRP INC | | | 9.000 | % | | 9/30/2029 | | (g) | | | 1,031 | |
| | | | 1,060 | | | CLOUD SOFTWARE GRP INC | | | 6.500 | % | | 3/31/2029 | | (g) | | | 933 | |
| | | | 510 | | | CNT PRNT/CDK GLO II/FIN | | | 8.000 | % | | 6/15/2029 | | (g) | | | 510 | |
| | | | 1,950 | | | CNTRL PARENT/CDK GLB INC | | | 7.250 | % | | 6/15/2029 | | (g) | | | 1,892 | |
| | | | 2,035 | | | ENTEGRIS ESCROW CORP | | | 5.950 | % | | 6/15/2030 | | (g) | | | 1,887 | |
| | | | 805 | | | GEN DIGITAL INC | | | 6.750 | % | | 9/30/2027 | | (g) | | | 787 | |
| | | | 662 | | | GEN DIGITAL INC | | | 7.125 | % | | 9/30/2030 | | (g) | | | 651 | |
| | | | 275 | | | GO DADDY OPCO/FINCO | | | 5.250 | % | | 12/1/2027 | | (g) | | | 259 | |
| | | | 295 | | | MATCH GROUP HLD II LLC | | | 5.000 | % | | 12/15/2027 | | (g) | | | 272 | |
| | | | 148 | | | MATCH GROUP HLD II LLC | | | 5.625 | % | | 2/15/2029 | | (g) | | | 137 | |
| | | | 965 | | | MATCH GROUP HLD II LLC | | | 4.125 | % | | 8/1/2030 | | (g) | | | 799 | |
| | | | 305 | | | MATCH GROUP HLD II LLC | | | 4.625 | % | | 6/1/2028 | | (g) | | | 273 | |
| | | | 475 | | | MATCH GROUP HLD II LLC | | | 3.625 | % | | 10/1/2031 | | (g) | | | 374 | |
| | | | 920 | | | MCAFEE CORP | | | 7.375 | % | | 2/15/2030 | | (g) | | | 769 | |
| | | | 475 | | | ROBLOX CORP | | | 3.875 | % | | 5/1/2030 | | (g) | | | 380 | |
| | | | 285 | | | TWILIO INC | | | 3.625 | % | | 3/15/2029 | | | | | 238 | |
| | | | 510 | | | TWILIO INC | | | 3.875 | % | | 3/15/2031 | | | | | 413 | |
| | | | 573 | | | ZI TECH LLC/ZI FIN CORP | | | 3.875 | % | | 2/1/2029 | | (g) | | | 476 | |
| | | | | | | | | | | | | | | | | | 13,768 | |
| Lodging - .66% | | | | | | | | | | | | | | | | | | |
| | | | 300 | | | PARK INTERMED HOLDINGS | | | 5.875 | % | | 10/1/2028 | | (g) | | | 272 | |
| | | | 370 | | | PARK INTERMED HOLDINGS | | | 4.875 | % | | 5/15/2029 | | (g) | | | 315 | |
| | | | 630 | | | RHP HOTEL PPTY/RHP FINAN | | | 4.500 | % | | 2/15/2029 | | (g) | | | 542 | |
| | | | 75 | | | RHP HOTEL PPTY/RHP FINAN | | | 7.250 | % | | 7/15/2028 | | (g) | | | 74 | |
| | | | | | | | | | | | | | | | | | 1,203 | |
| Manufacturing - 2.35% | | | | | | | | | | | | | | | | | | |
| | | | 535 | | | EMERALD DEBT MERGER | | | 6.625 | % | | 12/15/2030 | | (g) | | | 516 | |
| | | | 430 | | | GATES GLOBAL/GATES CORP | | | 6.250 | % | | 1/15/2026 | | (g) | | | 420 | |
| | | | 15 | | | HILLENBRAND INC | | | 5.000 | % | | 9/15/2026 | | | | | 14 | |
| | | | 325 | | | HILLENBRAND INC | | | 3.750 | % | | 3/1/2031 | | | | | 261 | |
| | | | 735 | | | MADISON IAQ LLC | | | 4.125 | % | | 6/30/2028 | | (g) | | | 628 | |
| | | | 420 | | | MADISON IAQ LLC | | | 5.875 | % | | 6/30/2029 | | (g) | | | 336 | |
| | | | 615 | | | MUELLER WATER PRODUCTS | | | 4.000 | % | | 6/15/2029 | | (g) | | | 538 | |
| | | | 735 | | | SENSATA TECHNOLOGIES BV | | | 4.000 | % | | 4/15/2029 | | (g) | | | 628 | |
| | | | 700 | | | SENSATA TECHNOLOGIES BV | | | 5.875 | % | | 9/1/2030 | | (g) | | | 648 | |
| | | | 270 | | | STEVENS HOLDING CO INC | | | 6.125 | % | | 10/1/2026 | | (g) | | | 271 | |
| | | | | | | | | | | | | | | | | | 4,260 | |
| Metals & Mining - 2.95% | | | | | | | | | | | | | | | | | | |
| | | | 300 | | | ARSENAL AIC PARENT LLC | | | 8.000 | % | | 10/1/2030 | | (g) | | | 297 | |
| | | | 300 | | | ATI INC | | | 5.125 | % | | 10/1/2031 | | | | | 259 | |
| | | | 210 | | | ATI INC | | | 7.250 | % | | 8/15/2030 | | | | | 209 | |
| | | | 708 | | | BIG RIVER STEEL/BRS FIN | | | 6.625 | % | | 1/31/2029 | | (g) | | | 696 | |
| | | | 405 | | | ERO COPPER CORP | | | 6.500 | % | | 2/15/2030 | | (g) | | | 349 | |
| | | | 215 | | | FMG RESOURCES AUG 2006 | | | 4.500 | % | | 9/15/2027 | | (g) | | | 195 | |
| | | | 445 | | | FMG RESOURCES AUG 2006 | | | 5.875 | % | | 4/15/2030 | | (g) | | | 406 | |
| | | | 370 | | | GRAFTECH GLOBAL ENTERPRI | | | 9.875 | % | | 12/15/2028 | | (g) | | | 351 | |
| | | | 1,145 | | | HECLA MINING CO | | | 7.250 | % | | 2/15/2028 | | | | | 1,105 | |
| | | | 545 | | | HUDBAY MINERALS INC | | | 6.125 | % | | 4/1/2029 | | (g) | | | 500 | |
| | | | 340 | | | MINERAL RESOURCES LTD | | | 9.250 | % | | 10/1/2028 | | (g) | | | 343 | |
| | | | 745 | | | NOVELIS CORP | | | 4.750 | % | | 1/30/2030 | | (g) | | | 644 | |
| | | | | | | | | | | | | | | | | | 5,354 | |
| Other Telecommunications - .14% | | | | | | | | | | | | | | | |
| | | | 475 | | | LEVEL 3 FINANCING INC | | | 3.750 | % | | 7/15/2029 | | (g) | | | 263 | |
| | | | | | | | | | | | | | | | | | | |
| Real Estate Investment Trust Securities - 1.03% | | | | | | | | | | | | | |
| | | | 915 | | | NECESS RETAIL/AFIN OP LP | | | 4.500 | % | | 9/30/2028 | | (g) | | | 695 | |
| | | | 620 | | | SERVICE PROPERTIES TRUST | | | 4.350 | % | | 10/1/2024 | | | | | 595 | |
| | | | 580 | | | SERVICE PROPERTIES TRUST | | | 7.500 | % | | 9/15/2025 | | | | | 570 | |
| | | | | | | | | | | | | | | | | | 1,860 | |
| Restaurants - 1.09% | | | | | | | | | | | | | | | | | | |
| | | | 572 | | | DAVE + BUSTER S INC | | | 7.625 | % | | 11/1/2025 | | (g) | | | 571 | |
| | | | 760 | | | YUM BRANDS INC | | | 6.875 | % | | 11/15/2037 | | | | | 768 | |
| | | | 723 | | | YUM BRANDS INC | | | 5.350 | % | | 11/1/2043 | | | | | 634 | |
| | | | | | | | | | | | | | | | | | 1,973 | |
| Retail - 2.34% | | | | | | | | | | | | | | | | | | |
| | | | 143 | | | AT HOME CAYMAN | | | 11.500 | % | | 5/12/2028 | | (g) | | | 133 | |
| | | | 240 | | | AT HOME GROUP INC | | | 4.875 | % | | 7/15/2028 | | (g) | | | 95 | |
| | | | 295 | | | AT HOME GROUP INC | | | 7.125 | % | | 5/12/2028 | | (g) | | | 142 | |
| | | | 65 | | | BATH + BODY WORKS INC | | | 6.694 | % | | 1/15/2027 | | | | | 63 | |
| | | | 350 | | | BATH + BODY WORKS INC | | | 7.500 | % | | 6/15/2029 | | | | | 344 | |
| | | | 277 | | | BATH + BODY WORKS INC | | | 9.375 | % | | 7/1/2025 | | (g) | | | 288 | |
| | | | 1,005 | | | BATH + BODY WORKS INC | | | 6.625 | % | | 10/1/2030 | | (g) | | | 942 | |
| | | | 355 | | | BATH + BODY WORKS INC | | | 6.950 | % | | 3/1/2033 | | | | | 319 | |
| | | | 1,450 | | | PETSMART INC/PETSMART FI | | | 7.750 | % | | 2/15/2029 | | (g) | | | 1,350 | |
| | | | 660 | | | QVC INC | | | 4.450 | % | | 2/15/2025 | | | | | 578 | |
| | | | | | | | | | | | | | | | | | 4,254 | |
| Satellites - 2.02% | | | | | | | | | | | | | | | | | | |
| | | | 1,365 | | | CONNECT FINCO SARL/CONNE | | | 6.750 | % | | 10/1/2026 | | (g) | | | 1,273 | |
| | | | 1,094 | | | HUGHES SATELLITE SYSTEMS | | | 6.625 | % | | 8/1/2026 | | | | | 935 | |
| | | | 445 | | | INTELSAT JACKSON HLDG | | | 6.500 | % | | 3/15/2030 | | (g) | | | 393 | |
| | | | 475 | | | TELESAT CANADA/TELESAT L | | | 6.500 | % | | 10/15/2027 | | (g) | | | 242 | |
| | | | 650 | | | VIASAT INC | | | 5.625 | % | | 4/15/2027 | | (g) | | | 561 | |
| | | | 400 | | | VIASAT INC | | | 7.500 | % | | 5/30/2031 | | (g) | | | 264 | |
| | | | | | | | | | | | | | | | | | 3,668 | |
| Services - 7.04% | | | | | | | | | | | | | | | | | | |
| | | | 451 | | | ADTALEM GLOBAL EDUCATION | | | 5.500 | % | | 3/1/2028 | | (g) | | | 414 | |
| | | | 445 | | | ADVANTAGE SALES + MARKET | | | 6.500 | % | | 11/15/2028 | | (g) | | | 383 | |
| | | | 635 | | | ALBION FINANCING 1SARL / | | | 6.125 | % | | 10/15/2026 | | (g) | | | 598 | |
| | | | 315 | | | ALBION FINANCING 2SARL | | | 8.750 | % | | 4/15/2027 | | (g) | | | 293 | |
| | | | 1,300 | | | ALLIED UNIVERSAL | | | 9.750 | % | | 7/15/2027 | | (g) | | | 1,170 | |
| | | | 520 | | | ALLIED UNIVERSAL | | | 6.000 | % | | 6/1/2029 | | (g) | | | 391 | |
| | | | 440 | | | CLARIV SCI HLD CORP | | | 4.875 | % | | 7/1/2029 | | (g) | | | 374 | |
| | | | 1,012 | | | EG GLOBAL FINANCE PLC | | | 6.750 | % | | 2/7/2025 | | (g) | | | 989 | |
| | | | 609 | | | EG GLOBAL FINANCE PLC | | | 8.500 | % | | 10/30/2025 | | (g) | | | 600 | |
| | | | 92 | | | EG GLOBAL FINANCE PLC | | | 6.250 | % | | 10/30/2025 | | (EUR) | | | 95 | |
| | | | 760 | | | FAIR ISAAC CORP | | | 4.000 | % | | 6/15/2028 | | (g) | | | 677 | |
| | | | 1,265 | | | H+E EQUIPMENT SERVICES | | | 3.875 | % | | 12/15/2028 | | (g) | | | 1,083 | |
| | | | 100 | | | ITELYUM REGENERATION SPA | | | 4.625 | % | | 10/1/2026 | | (g)(EUR) | | | 98 | |
| | | | 685 | | | PRESIDIO HOLDING INC | | | 8.250 | % | | 2/1/2028 | | (g) | | | 654 | |
| | | | 465 | | | PRIME SECSRVC BRW/FINANC | | | 5.750 | % | | 4/15/2026 | | (g) | | | 450 | |
| | | | 710 | | | PRIME SECSRVC BRW/FINANC | | | 6.250 | % | | 1/15/2028 | | (g) | | | 658 | |
| | | | 290 | | | RITCHIE BROS HLDGS INC | | | 6.750 | % | | 3/15/2028 | | (g) | | | 289 | |
| | | | 390 | | | RITCHIE BROS HLDGS INC | | | 7.750 | % | | 3/15/2031 | | (g) | | | 395 | |
| | | | 1,309 | | | TK ELEVATOR HOLDCO GMBH | | | 7.625 | % | | 7/15/2028 | | (g) | | | 1,199 | |
| | | | 1,460 | | | TK ELEVATOR US NEWCO INC | | | 5.250 | % | | 7/15/2027 | | (g) | | | 1,332 | |
| | | | 775 | | | UNITED RENTALS NORTH AM | | | 3.750 | % | | 1/15/2032 | | | | | 625 | |
| | | | | | | | | | | | | | | | | | 12,767 | |
| Supermarkets - .46% | | | | | | | | | | | | | | | | | | |
| | | | 540 | | | ALBERTSONS COS/SAFEWAY | | | 4.875 | % | | 2/15/2030 | | (g) | | | 485 | |
| | | | 100 | | | ICELAND BONDCO PLC | | | 4.625 | % | | 3/15/2025 | | (GBP) | | | 120 | |
| | | | 100 | | | ICELAND BONDCO PLC | | | 10.875 | % | | 12/15/2027 | | (g)(GBP) | | | 124 | |
| | | | 100 | | | ICELAND BONDCO PLC | | | 9.254 | % | | 12/15/2027 | | (g)(EUR) | | | 105 | |
| | | | | | | | | | | | | | | | | | 834 | |
| Transportation - .38% | | | | | | | | | | | | | | | | | | |
| | | | 730 | | | WATCO COS LLC/FINANCE CO | | | 6.500 | % | | 6/15/2027 | | (g) | | | 684 | |
| | | | | | | | | | | | | | | | | | | |
| Utilities - 6.82% | | | | | | | | | | | | | | | | | | |
| | | | 310 | | | CALPINE CORP | | | 4.500 | % | | 2/15/2028 | | (g) | | | 278 | |
| | | | 950 | | | CALPINE CORP | | | 5.125 | % | | 3/15/2028 | | (g) | | | 846 | |
| | | | 625 | | | CALPINE CORP | | | 5.000 | % | | 2/1/2031 | | (g) | | | 503 | |
| | | | 135 | | | PATTERN ENERGY OP LP/PAT | | | 4.500 | % | | 8/15/2028 | | (g) | | | 117 | |
| | | | 1,065 | | | PG+E CORP | | | 5.000 | % | | 7/1/2028 | | | | | 960 | |
| | | | 1,300 | | | PG+E CORP | | | 5.250 | % | | 7/1/2030 | | | | | 1,131 | |
| | | | 358 | | | PIKE CORP | | | 5.500 | % | | 9/1/2028 | | (g) | | | 313 | |
| | | | 1,110 | | | TALEN ENERGY SUPPLY LLC | | | 8.625 | % | | 6/1/2030 | | (g) | | | 1,136 | |
| | | | 1,795 | | | TERRAFORM GLOBAL OPERATI | | | 6.125 | % | | 3/1/2026 | | (g) | | | 1,759 | |
| | | | 195 | | | TRANSALTA CORP | | | 7.750 | % | | 11/15/2029 | | | | | 198 | |
| | | | 3,120 | | | VISTRA CORP | | | 8.000 | % | | 12/31/2099 | | (b)(g) | | | 2,972 | |
| | | | 2,360 | | | VISTRA CORP | | | 7.000 | % | | 12/31/2099 | | (b)(g) | | | 2,171 | |
| | | | | | | | | | | | | | | | | | 12,384 | |
| Wireless Communications - .56% | | | | | | | | | | | | | | | |
| | | | 950 | | | ILIAD HOLDING SAS | | | 6.500 | % | | 10/15/2026 | | (g) | | | 889 | |
| | | | 140 | | | US CELLULAR CORP | | | 6.700 | % | | 12/15/2033 | | | | | 136 | |
| | | | | | | | | | | | | | | | | | 1,025 | |
| | | | | | | Total Corporate Debt Securities | | | | | | | | | | | | |
| | | | | | | (Total cost of $269,245) | | | | | | | | | | | 247,491 | |
| BANK DEBT SECURITIES - 6.77% (d)(f) | | | | | | | | | | | | |
| Aerospace & Defense - .11% | | | | | | | | | | | | | | | |
| | | | 213 | | | PERATON CORP | | | 13.233 | % | | 2/1/2029 | | | | | 208 | |
| | | | | | | | | | | | | | | | | | | |
| Airlines - .33% | | | | | | | | | | | | | | | |
| | | | 581 | | | MILEAGE PLUS HOLDINGS LLC | | | 10.909 | % | | 6/21/2027 | | | | | 603 | |
| | | | | | | | | | | | | | | | | | | |
| Automotive - .31% | | | | | | | | | | | | | | | |
| | | | 555 | | | WAND NEWCO 3 INC | | | 8.166 | % | | 2/5/2026 | | | | | 553 | |
| | | | | | | | | | | | | | | | | | | |
| Broadcasting - .17% | | | | | | | | | | | | | | | |
| | | | 255 | | | NEPTUNE US BIDCO INC | | | 15.148 | % | | 10/11/2029 | | | | | 250 | |
| | | | 121 | | | DIAMOND SPORTS GROUP LLC | | | 13.431 | % | | 5/25/2026 | | | | | 61 | |
| | | | | | | | | | | | | | | | | | 311 | |
| Energy - .15% | | | | | | | | | | | | | | | |
| | | | 270 | | | PRAIRIE ECI ACQUIROR LP | | | 10.166 | % | | 3/11/2026 | | | | | 270 | |
| | | | | | | | | | | | | | | | | | | |
| Information Technology - .40% | | | | | | | | | | | | | | | |
| | | | 120 | | | BANFF MERGER SUB INC | | | 10.931 | % | | 2/27/2026 | | | | | 119 | |
| | | | 600 | | | REALPAGE INC | | | 11.931 | % | | 4/23/2029 | | | | | 601 | |
| | | | | | | | | | | | | | | | | | 720 | |
| Services - 2.62% | | | | | | | | | | | | | | | |
| | | | 1,130 | | | ASCEND LEARNING LLC | | | 11.166 | % | | 12/10/2029 | | | | | 960 | |
| | | | 2,760 | | | ULTIMATE SOFTWARE GROUP INC | | | 10.618 | % | | 5/3/2027 | | | | | 2,753 | |
| | | | 1,042 | | | ULTIMATE SOFTWARE GROUP INC. | | | 8.618 | % | | 5/4/2026 | | | | | 1,038 | |
| | | | | | | | | | | | | | | | | | 4,751 | |
| Wireless Communications - 2.68% | | | | | | | | | | | | | | | |
| | | | 3,664 | | | ASURION LLC | | | 10.568 | % | | 1/31/2028 | | | | | 3,290 | |
| | | | 1,785 | | | ASURION LLC | | | 10.681 | % | | 1/20/2029 | | | | | 1,579 | |
| | | | | | | | | | | | | | | | | | 4,869 | |
| | | | | | | Total Bank Debt Securities | | | | | | | | | | | | |
| | | | | | | (Total cost of $12,788) | | | | | | | | | | | 12,285 | |
| | | | | | | | | | | | | | | | | | | |
| CONVERTIBLE BONDS - .21% (d)(f) | | | | | | | | | | | | | | | |
| Automotive - .21% | | | 265 | | | RIVIAN AUTO INC | | | 4.625 | % | | 3/15/2029 | | (g) | | | 387 | |
| | | | | | | Total Convertible Bonds | | | | | | | | | | | | |
| | | | | | | (Total cost of $261) | | | | | | | | | | | 387 | |
| Shares | | | | | | | | | | | | | | | |
| PREFERRED STOCK - .17% (d)(f) | | | | | | | | | | | | | | | |
| Financial - .17% | | | | | | | | | | | | | | | | | | |
| | | | 325 | | | ALLIANT SERVICES SERIES A, | | | | | | | | | | | | |
| | | | | | | Acquisition Date 11/06/20,
Cost $320 | | | 9.750 | % | | 1/2/2024 | | (c)(e) | | | 309 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | Total Preferred Stock | | | | | | | | | | | | |
| | | | | | | (Total cost of $320) | | | | | | | | | | | 309 | |
| | | | | | | | | | | | | | | | | | | |
| COMMON STOCK - .96% (d)(f) | | | | | | | | | | | | | | | |
| Healthcare - .67% | | | | | | | | | | | | | | | | | | |
| | | | 31,256 | | | AVANTOR INC | | | | | | | | (a) | | | 659 | |
| | | | 2,163 | | | BECTON DICKINSON AND CO | | | | | | | | | | | 559 | |
| | | | | | | | | | | | | | | | | | 1,218 | |
| Manufacturing - .29% | | | | | | | | | | | | | | | | | | |
| | | | 2,102 | | | DANAHER CORP | | | | | | | | | | | 522 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | Total Common Stock | | | | | | | | | | | | |
| | | | | | | (Total cost of $1,526) | | | | | | | | | | | 1,740 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | Total Investments - 144.45% (d) | | | | | | | | | | | | |
| | | | | | | (Total cost of $284,140) | | | | | | | | | | | 262,212 | |
| | | | | | | Cash And Other Assets | | | | | | | | | | | | |
| | | | | | | Less Liabilities - (44.45%) (d) | | | | | | | | | | | (80,685 | ) |
| | | | | | | Net Assets - 100% | | | | | | | | | | $ | 181,527 | |
| (b) | Perpetual security with no stated maturity date. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 (restricted security). Total market value of restricted securities (excluding Rule 144A securities) amounted to $309 or .17% of total net assets as of September 30, 2023. |
| (d) | Percentages indicated are based on total net assets to common shareholders of $181,527. |
| (e) | Level 3 in fair value hierarchy. See Note 1. |
| (f) | All of the Fund's investments and other assets are pledged as collateral in accordance with a credit agreement with The Bank of Nova Scotia. |
| (g) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers in transactions exempt from registration. Unless otherwise noted, 144A Securities are deemed to be liquid. See notes to the portfolio of investments for valuation policy. Total market value of Rule 144A securities amounted to $200,217 as of September 30, 2023. |
(EUR) Euro
(GBP) British Pound
Derivative Contracts (Currency Amounts in Thousands)
Forward Currency Exchange Contracts - As of September 30, 2023 the Fund had forward currency exchange contracts outstanding as follows:
| | | | | | | | | | | | | | Unrealized | |
| | | Settlement | | Receive | | | | | | | | | Appreciation | |
| Counterparty | | Date | | (Deliver) | | | Asset | | | Liability | | | (Depreciation) | |
| Royal Bank of Canada | | 10/3/23 | | EUR | 1,714 | | | | 1,812 | | | | 1,815 | | | | (3 | ) |
| | | | | | | | | | | | | | | | | | | |
| Royal Bank of Canada | | 10/3/23 | | EUR | (1,714 | ) | | | 1,863 | | | | 1,812 | | | | 51 | |
| | | | | | | | | | | | | | | | | | | |
| Royal Bank of Canada | | 11/2/23 | | EUR | (1,714 | ) | | | 1,817 | | | | 1,814 | | | | 3 | |
| | | | | | | | | | | | | | | | | | | |
| Royal Bank of Canada | | 10/3/23 | | GBP | 334 | | | | 408 | | | | 410 | | | | (2 | ) |
| | | | | | | | | | | | | | | | | | | |
| HSBC Bank | | 10/3/23 | | GBP | (334 | ) | | | 423 | | | | 408 | | | | 15 | |
| | | | | | | | | | | | | | | | | | | |
| Royal Bank of Canada | | 11/2/23 | | GBP | (334 | ) | | | 410 | | | | 408 | | | | 2 | |
| | | | | | | | | | | | | | | | | | | |
| Net unrealized gain on open forward currency exchange contracts | | | | | | | | | | | | | | | | $ | 66 | |
The New America High Income Fund, Inc.
Notes to Portfolio of Investments
September 30, 2023 (Unaudited)
The New America High Income Fund, Inc. (the Fund) was organized as a corporation in the state of Maryland on November 19, 1987 and is registered with the Securities and Exchange Commission as a diversified, closed-end investment company under the Investment Company Act of 1940. The Fund follows the Investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification topic 946 “financial services investment companies”.
Valuation of Investments—The Fund’s Board of Directors has adopted policies and procedures to fair value securities that are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. Except as otherwise described below, the Fund's investments are valued based on evaluated bid prices provided by an independent pricing service. Independent pricing services provide prices based primarily on quotations from dealers and brokers, market transactions, data accessed from quotations services, offering sheets obtained from dealers and various relationships among similar securities. Investments whose primary market is on an exchange are valued at the last sale price on the day of valuation. Short-term investments with original maturities of 60 days or less are stated at amortized cost, which approximates the fair value of such investments. Investments for which market prices are not yet provided by an independent pricing service (primarily newly issued fixed-income corporate bonds and notes) shall be valued at the most recently quoted bid price provided by a principal market maker for the security. Fair value measurement is further discussed in this footnote.
Foreign Currency—Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation.
Foreign Currency Forward Exchange Contracts—The Fund may enter into foreign currency forward exchange contracts to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed upon price on an agreed future date.
Fair Value Measurement—The Fund applies ASC 820 “Fair Value Measurements and Disclosures”. This standard establishes the definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.
The three levels of the fair value hierarchy under ASC 820 are described below:
Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2—Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3—Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
A description of the valuation techniques applied to the Fund’s major asset and liability categories is as follows.
Debt securities (corporate, convertible & bank debt). The fair value of debt securities is provided by independent pricing services using quotations from dealers and brokers, market transactions, data from quotations services, offering sheets and various relationships between securities. While most corporate bonds are categorized in level 2 of the fair value hierarchy, there may be instances where less observable inputs necessitate a level 3 categorization.
Equity securities (preferred and common stock). Equity securities for which the primary market is on an exchange will be valued at the last sale price on the day of valuation and are categorized in level 1 of the fair value hierarchy. Other equity securities traded in inactive markets or valued by independent pricing services using methods similar to debt securities are categorized in level 2. The fair value of equity securities in which observable inputs are unavailable are categorized in level 3.
Short-term investments. Short-term investments are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely the values would be categorized in level 2 of the fair value hierarchy.
Forwards are valued at the unrealized gain or loss on the contract as measured by the difference between the forward exchange rates at the date of entry into the contract and the forward rates at the reporting date. Forwards are categorized in level 2 of the fair value hierarchy.
The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments:
| | | Level 1 | | Level 2 | | Level 3 | | Total Value | |
| | | Quoted
Prices
(000’s) | | Significant
Observable
Inputs
(000’s) | | Significant
Unobservable
Inputs
(000’s) | | (000’s) | |
| Investments | | | | | | | | | |
| Debt Securities* | | $ | — | | $ | 260,163 | | — | | $ | 260,163 | |
| Preferred Stock | | | | | | | | | |
| Financial | | — | | — | | 309 | | 309 | |
| Common Stock | | | | | | | | | |
| Healthcare | | 1218 | | — | | — | | 1218 | |
| Utilities | | 522 | | — | | — | | 522 | |
| Total Investments | | $ | 1,740 | | $ | 260,163 | | $ | 309 | | $ | 262,212 | |
| | | Level 1 | | Level 2 | | Level 3 | | Total Value | |
| | | Quoted
Prices
(000’s) | | Significant
Observable
Inputs
(000’s) | | Significant
Unobservable
Inputs
(000’s) | | (000’s) | |
| Forward Currency Exchange Contracts | | $ | — | | $ | 66 | | $ | — | | $ | 66 | |
* Debt Securities — Type of debt and industries are shown on the Schedule of Investments.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs.
| Asset Type | | Fair Value as
of September 30, 2023 | | | Valuation
Techniques | | Unobservable
Input | | Input
Values | | Impact to Valuation
from an increase
to input |
| Alliant Services, Convertible preferred stock | | $ | 309,000 | | | Yield analysis model | | Private placement issuance | | Model | | Increase |
The Fund owned one Level 3 security at September 30, 2023. It is identified on the Schedule of Investments with a footnote (e) and has a value of $309,000. The value was determined by the Valuation Committee of the Fund's investment advisor, T. Rowe Price, under procedures approved by the Board of Directors. The techniques used to arrive at this valuation take into account the lack of trading, lack of vendor coverage, resale restrictions, company specific or industry events and other market factors. The value is derived based on a model that was setup using the yield analysis functionality.
The following is a reconciliation of Fund investments using Level 3 inputs for the period:
| | | Securities
(000's) | |
| Balance, December 31, 2022 | | $ | — | |
| Transfers in | | | 309 | |
| Change in unrealized depreciation | | | — | |
| Balance, September 30, 2023 | | $ | 309 | |
