The New America High Income Fund, Inc.
March 31, 2020 (Unaudited)
Portfolio of Investments
(Dollar Amounts in Thousands)
Principal | Value | ||
Amount/Units | (See Notes) | ||
CORPORATE DEBT SECURITIES - 121.75% (d)(f) | |||
Aerospace & Defense - 1.55% | |||
485 | F-Brasile S.p.A., Senior Notes, 7.375%, 08/15/26 (g) | 482 | |
175 | Moog, Inc., Senior Notes, 4.25%, 12/15/27 (g) | 157 | |
1,830 | Transdigm Holdings UK, plc, Senior Notes, 6.25%, 03/15/26 (g) | 1,825 | |
425 | Transdigm Holdings UK, plc, Senior Notes, 7.50, 03/15/27 | 412 | |
2,876 | |||
Airlines - .56% | |||
350 | Air Canada, Senior Notes, 7.75%, 04/15/21 (g) | 342 | |
57 | American Airlines Group, Senior Notes, 5.625%, 07/15/22 (g) | 56 | |
165 | United Airlines Holdings, Inc., Senior Notes, 4.875%, 01/15/25 | 142 | |
305 | United Airlines Holdings, Inc., Senior Notes, 6%, 12/01/20 | 298 | |
430 | Virgin Australia Holding Limited, Senior Notes, 8.125%, 11/15/24 (g) | 193 | |
1,031 | |||
Automotive - 2.71% | |||
1,006 | Ford Motor Credit Company, LLC, Senior Notes, 5.75%, 02/01/21 | 976 | |
85 | Panther BF Aggregator 2 L.P., Senior Notes, 6.25%, 05/15/26 (g) | 80 | |
3,065 | Panther BF Aggregator 2 L.P., Senior Notes, 8.50%, 05/15/27 (g) | 2,674 | |
1,365 | Tesla Inc., Senior Notes, 5.30%, 08/15/25 (g) | 1,280 | |
5,010 | |||
Broadcasting - 5.80% | |||
675 | Clear Channel Outdoor Holdings, Inc., Senior Notes, 5.125%, 08/15/27 (g) | 628 | |
1,502 | Clear Channel Worldwide Holdings, Inc., Senior Subordinated Notes, 9.25%, 02/15/24 (g) | 1,292 | |
545 | Diamond Sports Group, LLC, Senior Notes, 5.375%, 08/15/26 (g) | 441 | |
470 | Diamond Sports Group, LLC, Senior Notes, 6.625%, 08/15/27 (g) | 314 | |
240 | iHeart Communications, Inc., Senior Notes, 5.25%, 08/15/27 (g) | 211 | |
128 | iHeart Communications, Inc., Senior Notes, 6.375%, 05/01/26 | 122 | |
3,702 | iHeart Communications, Inc., Senior Notes, 8.375%, 05/01/27 | 3,165 | |
800 | Lionsgate Capital Holdings LLC, Senior Notes, 6.375%, 02/01/24 (g) | 680 | |
1,365 | MDC Partners, Inc., Senior Notes, 6.50%, 05/01/24 (g) | 1,010 |
65 | Outfront Media Capital, LLC, Senior Notes, 5%, 08/15/27 (g) | 60 | |
360 | Scripps Company, Senior Notes, 5.875%, 07/15/27 (g) | 317 | |
560 | Sirius XM Radio, Inc., Senior Notes, 4.625%, 07/15/24 (g) | 566 | |
620 | Sirius XM Radio, Inc., Senior Notes, 5%, 08/01/27 (g) | 625 | |
760 | Terrier Media Buyer, Inc., Senior Notes, 8,.875%, 12/15/27 (g) | 650 | |
700 | Townsquare Media, Inc., Senior Notes, 6.50%, 04/01/23 (g) | 665 | |
10,746 | |||
Building & Real Estate - .45% | |||
425 | Taylor Morrison Communities, Inc., Senior Notes, 5.875%, 04/15/23 (g) | 408 | |
470 | Weekley Homes LLC, Senior Notes, 6.625%, 08/15/25 | 423 | |
831 | |||
Building Products - 1.13% | |||
680 | ABC Supply Company, Inc., Senior Notes, 5.875%, 05/15/26 (g) | 643 | |
295 | New Enterprise Stone and Lime Company, Inc., Senior Notes, 6.25%, 03/15/26 (g) | 271 | |
470 | PGT Innovations, Inc., Senior Notes, 6.75%, 08/01/26 (g) | 450 | |
290 | Summit Materials LLC, Senior Notes, 5.125%, 06/01/25 (g) | 270 | |
490 | Summit Materials LLC, Senior Notes, 6.50%, 03/15/27 (g) | 464 | |
2,098 | |||
Cable Operators - 18.51% | |||
880 | Altice Financing S.A., Senior Notes, 5%, 01/15/28 (g) | 788 | |
1,600 | Altice Financing S.A., Senior Notes, 7.50%, 05/15/26 (g) | 1,556 | |
810 | Altice France S.A., Senior Notes, 5.50%, 01/15/28 (g) | 763 | |
2,125 | Altice France Holding S.A., Senior Notes, 6%, 02/15/28 (g) | 1,869 | |
1,400 | Altice France S.A., Senior Notes, 7.375%, 05/01/26 (g) | 1,398 | |
605 | Altice France S.A., Senior Notes, 8.125%, 02/01/27 (g) | 631 | |
1,120 | Altice France Holding S.A., Senior Notes, 10.50%, 05/15/27 (g) | 1,182 | |
475 | C&W Senior Financing Designated Activity, Senior Notes, 6.875%, 09/15/27 (g) | 408 | |
855 | CCO Holdings, LLC, Senior Notes, 4.50%, 08/15/30 (g) | 836 | |
845 | CCO Holdings, LLC, Senior Notes, 4.50%, 05/01/32 (g) | 826 | |
2,260 | CCO Holdings, LLC, Senior Notes, 5.00%, 02/01/28 (g) | 2,260 | |
1,658 | CCO Holdings, LLC, Senior Notes, 5.125%, 05/01/27 (g) | 1,658 | |
660 | CCO Holdings, LLC, Senior Notes, 5.375%, 06/01/29 (g) | 673 | |
1,130 | CCO Holdings, LLC, Senior Notes, 5.50%, 05/01/26 (g) | 1,147 |
865 | CSC Holdings, LLC, Senior Notes, 5.75%, 01/15/30 (g) | 865 | |
1,210 | CSC Holdings, LLC, Senior Notes, 6.50%, 02/01/29 (g) | 1,292 | |
1,300 | CSC Holdings, LLC, Senior Notes, 6.625%, 10/15/25 (g) | 1,358 | |
605 | CSC Holdings, LLC, Senior Notes, 7.50%, 04/01/28 (g) | 638 | |
1,215 | CSC Holdings, LLC, Senior Notes, 7.75%, 07/15/25 (g) | 1,270 | |
1,135 | CSC Holdings, LLC, Senior Notes, 10.875%, 10/15/25 (g) | 1,223 | |
225 | Dish DBS Corporation, Senior Notes, 5.875%, 11/15/24 | 217 | |
1,325 | Dish DBS Corporation, Senior Notes, 7.75%, 07/01/26 | 1,355 | |
555 | GCI LLC, Senior Notes, 6.625%, 06/15/24 (g) | 547 | |
335 | GCI LLC, Senior Notes, 6.875%, 04/15/25 | 332 | |
225 | LCPR Senior Secured Notes, 6.75%, 10/15/27 (g) | 221 | |
770 | Netflix, Inc., Senior Notes, 5.375%, 11/15/29 (g) | 805 | |
1,555 | Netflix, Inc., Senior Notes, 5.875%, 11/15/28 | 1,664 | |
2,625 | Netflix, Inc., Senior Notes, 6.375%, 05/15/29 | 2,835 | |
665 | Radiate Holdco, Senior Notes, 6.875%, 02/15/23 (g) | 597 | |
310 | Videotron Ltee, Senior Notes, 5%, 07/15/22 | 312 | |
355 | Videotron Ltee, Senior Notes, 5.125%, 04/15/27 (g) | 357 | |
490 | Virgin Media Secured Finance, Plc, Senior Notes, 5.50%, 08/15/26 (g) | 497 | |
1,186 | VTR Finance B.V., Senior Notes, 6.875%, 01/15/24 (g) | 1,079 | |
845 | Ziggo Bond Finance B.V., Senior Notes, 6%, 01/15/27 (g) | 817 | |
34,276 | |||
Chemicals - 2.50% | |||
366 | Compass Minerals International, Inc., Senior Notes, 6.75%, 12/01/27 (g) | 348 | |
180 | Consolidated Energy Finance, Senior Notes, 6.50%, 05/15/26 (g) | 151 | |
1,440 | CVR Partners, L.P., Senior Notes, 9.25%, 06/15/23 (g) | 1,154 | |
540 | Element Solutions, Inc., Senior Notes, 5.875%, 12/01/25 (g) | 529 | |
200 | Kraton Polymers LLC, Senior Notes, 5.25%, 05/15/26 (g)(EUR) | 172 | |
560 | Kraton Polymers LLC, Senior Notes, 7%, 04/15/25 (g) | 496 | |
630 | Neon Holdings, inc., Senior Notes, 10.125%, 04/01/26 (g) | 573 | |
780 | OCI N.V., Senior Notes, 6.625%, 04/15/23 (g) | 741 | |
520 | Univar Solutions USA, Senior Notes, 5.125%, 12/01/27 (g) | 473 | |
4,637 |
Consumer Products - 1.83% | |||
605 | Avon International, Operating Company, Senior Notes, 7.875%, 08/15/22 (g) | 548 | |
235 | Energizer Holdings, Inc., Senior Notes, 7.75%, 01/15/27 (g) | 239 | |
325 | Mattel Inc., Senior Notes, 5.875%, 12/15/27 (g) | 331 | |
950 | Prestige Brands, Inc., Senior Notes, 6.375%, 03/01/24 (g) | 960 | |
670 | Tempur Sealy International, Inc., Senior Notes, 5.50%, 06/15/26 | 595 | |
775 | Tempur Sealy International, Inc., Senior Notes, 5.625%, 10/15/23 | 719 | |
3,392 | |||
Container - 2.81% | |||
975 | Ardagh Packaging Finance plc, Senior Notes, 5.25%, 08/15/27 (g) | 982 | |
500 | Ardagh Packaging Finance plc, Senior Notes, 6%, 02/15/25 (g) | 500 | |
100 | Crown Cork and Seal Company, Inc., Senior Notes, 7.375%, 12/15/26 | 102 | |
212 | Kleopatra Holdings 1 S.C.A., Senior Notes, 9.25%, 06/30/23 (k)(EUR) | 71 | |
865 | Mauser Packaging Solutions, Senior Notes, 7.25%, 04/15/25 (g) | 666 | |
325 | Pactiv Corporation, Senior Notes, 7.95%, 12/15/25 | 338 | |
1,235 | Reynolds Group Issuer, Inc., Senior Notes, 7%, 07/15/24 (g) | 1,254 | |
295 | Trivium Packaging Finance B.V., Senior Notes, 5.50%, 08/15/26 (g) | 291 | |
1,000 | Trivium Packaging Finance B.V., Senior Notes, 8.50%, 08/15/27 (g) | 1,005 | |
5,209 | |||
Energy - 9.61% | |||
745 | Antero Resources Corporation, Senior Notes, 5.125%, 12/01/22 | 402 | |
310 | Archrock Partners, Senior Notes, 6.25%, 04/01/28 (g) | 214 | |
555 | Archrock Partners, Senior Notes, 6.875%, 04/01/27 (g) | 394 | |
757 | Berry Petroleum Company, LLC, Senior Notes, 7%, 02/15/26 (g) | 295 | |
160 | Bruin E&P Partners, LLC, Senior Notes, 8.875%, 08/01/23 (g) | 13 | |
985 | Callon Petroleum Company, Senior Notes, 6.25%, 0415/23 | 222 | |
905 | Callon Petroleum Company, Senior Notes, 8.25%, 07/15/25 | 163 | |
795 | Cheniere Corpus Christi Holdings, LLC, Senior Notes, 5.125%, 06/30/27 | 712 | |
525 | Cheniere Corpus Christi Holdings, LLC, Senior Notes, 5.875%, 03/31/25 | 441 | |
800 | Cheniere Corpus Christi Holdings, LLC, Senior Notes, 7%, 06/30/24 | 704 | |
760 | Cheniere Energy Partners, L.P., Senior Notes, 4.50%, 10/01/29 (g) | 676 | |
275 | Cheniere Energy Partners, L.P., Senior Notes, 5.625%, 10/01/26 | 253 | |
395 | Chesapeake Energy Corporation, Senior Notes, 11.50%, 01/01/25 (g) | 63 | |
900 | Citgo Holding, Inc., Senior Notes, 9.25%, 08/01/24 (g) | 734 | |
700 | CrownRock , L.P., Senior Notes, 5.625%, 10/15/25 (g) | 364 |
106 | CSI Compressco LP, Senior Notes, 7.25%, 08/15/22 | 55 | |
795 | DCP Midstream, LLC, Senior Notes, 6.75%, 09/15/37 (g) | 394 | |
540 | DCP Midstream, LLC, Senior Notes, 7.375%, (h) | 162 | |
470 | DCP Midstream, LLC, Senior Notes, 8.125%, 08/16/30 | 263 | |
598 | Endeavor Energy Resources, L.P., Senior Notes. 5.75%, 01/30/28 (g) | 407 | |
740 | EQT Corporation, Senior Notes, 6.125%, 02/01/25 | 562 | |
815 | EQT Corporation, Senior Notes, 7%, 02/01/30 | 591 | |
1,090 | Exterran NRG Solutions, Senior Notes, 8.125%, 05/01/25 | 719 | |
946 | Jagged Peak Energy LLC, Senior Notes, 5.875%, 05/01/26 | 681 | |
625 | Kosmos Energy Ltd., Senior Notes, 7.125%, 04/04/26 (g) | 337 | |
1,765 | Magnolia Oil and Gas Operating LLC, Senior Notes, 6%, 08/01/26 (g) | 935 | |
1,745 | Matador Resources Company, Senior Notes, 5.875%, 09/15/26 | 493 | |
220 | Nabors Industries Ltd., Senior Notes, 7.25%, 01/15/26 (g) | 70 | |
395 | Nabors Industries Ltd., Senior Notes, 7.50%, 01/15/28 (g) | 118 | |
1,410 | NGL Energy Partners L.P., Senior Notes, 7.50%, 11/01/23 | 490 | |
1,230 | NGL Energy Partners L.P., Senior Notes, 7.50%, 04/15/26 | 430 | |
500 | Nustar Logistics, L.P., Senior Notes, 6%, 06/01/26 | 375 | |
630 | Petrobras Global Finance, Senior Notes, 7.375%, 01/17/27 | 643 | |
280 | QEP Resrouces, Inc., Senior Notes, 5.25%, 05/01/23 | 104 | |
265 | QEP Resrouces, Inc., Senior Notes, 5.625%, 03/01/26 | 97 | |
580 | Range Resources, Corporation, Senior Notes, 9.25%, 02/01/26 (g) | 336 | |
3,020 | Seven Generations Energy Ltd., Senior Notes, 5.375%, 09/30/25 (g) | 1,646 | |
240 | Summit Midstream Holdings, LLC, Senior Notes, 5.50%, 08/15/22 | 53 | |
230 | Summit Midstream Holdings, LLC, Senior Notes, 5.75%, 04/15/25 | 26 | |
200 | Summit Midstream Partners, LP, Senior Notes, 9.50%, (h) | 20 | |
795 | Tallgrass Energy Partners, L.P., Senior Notes, 5.50%, 09/15/24 (g) | 437 | |
345 | Tallgrass Energy Partners, L.P., Senior Notes, 6%, 03/01/27 (g) | 179 | |
295 | Targa Resources Partners, L.P., Senior Notes, 6.50%, 07/15/27 | 248 | |
435 | Targa Resources Partners, L.P., Senior Notes, 6.875%, 01/15/29 | 357 | |
418 | Transocean, Inc., Senior Notes, 5.875%, 01/15/24 (g) | 331 | |
450 | USA Compression Partners, L.P., Senior Notes, 6.875%, 04/01/26 | 281 | |
390 | USA Compression Partners, L.P., Senior Notes, 6.875%, 09/01/27 | 244 | |
600 | Whiting Petroleum Corporation, Senior Notes, 5.75%, 03/15/21 | 69 | |
17,803 |
Entertainment & Leisure - 1.04% | |||
1,240 | AMC Entertainment Holdings, Senior Subordinated Notes, 5.75%, 06/15/25 | 527 | |
448 | AMC Entertainment Holdings, Senior Subordinated Notes, 5.875%, 11/15/26 | 186 | |
165 | AMC Entertainment Holdings, Senior Subordinated Notes, 6.125%, 05/15/27 | 68 | |
215 | Cedar Fair, L. P., Senior Notes, 5.25%, 07/15/29 (g) | 183 | |
650 | Cedar Fair, L. P., Senior Notes, 5.375%, 04/15/27 | 559 | |
440 | Live Nation Entertainment Inc., Senior Notes, 4.75%, 10/15/27 (g) | 393 | |
1,916 | |||
Financial - 10.35% | |||
695 | Acrisure, LLC, Senior Notes, 7%, 11/15/25 (g) | 605 | |
890 | Acrisure, LLC, Senior Notes, 8.125%, 02/15/24 (g) | 837 | |
390 | Acrisure, LLC, Senior Notes, 10.125%, 08/01/26 (g) | 374 | |
325 | Alliant Holdings, Senior Notes, 6.75%, 10/15/27 (g) | 305 | |
810 | AmWins Group, Inc., Senior Notes, 7.75%, 07/01/26 (g) | 794 | |
1,685 | Banco Do Brasil S.A. (Cayman), 9% (h) | 1,571 | |
700 | Banco Santander S.A., Senior Notes, 6.75%, (h) (EUR) | 694 | |
345 | Barclays PLC, 7.875%, (h)(GBP) | 373 | |
340 | Barclays PLC, 7.875%, (h)(GBP) | 367 | |
330 | Cabot Financial (Luxembourg) S.A., Senior Notes, 7.50%, 10/01/23 (GBP) | 380 | |
300 | Cabot Financial (Luxembourg) S.A., Senior Notes, 7.50%, 10/01/23 (g)(GBP) | 345 | |
235 | Cargo Aircraft Management, Inc., Senior Notes, 4.75%, 02/01/28 (g) | 217 | |
325 | CIT Group, Inc., Senior Notes, 5.25%, 03/07/25 | 314 | |
295 | CIT Group, Inc., Subordinate Notes, 6.125%, 03/09/28 | 278 | |
190 | Credit Agricole SA, 6.50%, (h)(EUR) | 199 | |
885 | Credit Suisse Group AG, 7.50%, (g)(h) | 857 | |
350 | DNB Bank ASA, Senior Notes, 6.50%, (h) | 321 | |
585 | GTCR AP Finance, Inc., Senior Notes, 8%, 05/15/27 (g) | 535 | |
770 | Hub Holdings LLC, Senior Notes, 7%, 05/01/26 (g) | 739 | |
1,160 | Icahn Enterprises, L.P., Senior Notes, 6.25%, 05/15/26 | 1,108 | |
980 | Itau Unibankco Holding S.A., Senior Notes, 6.125%, (g)(h) | 911 | |
325 | Ladder Capital Finance Holdings LLLP, Senior Notes, 5.875%, 08/01/21 (g) | 284 | |
930 | LPL Holdings, Inc., Senior Notes, 5.75%, 09/15/25 (g) | 893 | |
1,115 | Navient Corporation, Senior Notes, 6.125%, 03/25/24 | 1,056 | |
130 | Navient Corporation, Senior Notes, 6.75%, 06/25/25 | 117 |
215 | Navient Corporation, Senior Notes, 6.75%, 06/15/26 | 195 | |
715 | Navient Corporation, Senior Notes, 7.25%, 09/25/23 | 701 | |
500 | Navient Corporation, Senior Notes, 5%, 03/15/27 | 430 | |
250 | Quicken Loans, Inc., Senior Notes, 5.25%, 01/15/28 (g) | 247 | |
340 | Royal Bank of Scotland Group, plc, Junior Subordinated Notes, 8.625% (h) | 332 | |
300 | Springleaf Finance Corporation, Senior Notes, 6.125%, 03/15/24 | 296 | |
390 | Springleaf Finance Corporation, Senior Notes, 6.625%, 01/15/28 | 368 | |
810 | Springleaf Finance Corporation, Senior Notes, 6.875%, 03/15/25 | 815 | |
300 | Springleaf Finance Corporation, Senior Notes, 7.125%, 03/15/26 | 296 | |
250 | Standard Chartered PLC, 7.50%, (g)(h) | 243 | |
790 | UBS Group AG, Senior Notes, 7.125%, (h) | 769 | |
19,166 | |||
Food/Tobacco - 3.89% | |||
1,425 | B&G Foods, Inc., Senior Notes, 5.25%, 04/01/25 | 1,404 | |
270 | B&G Foods, Inc., Senior Notes, 5.25%, 09/15/27 | 262 | |
1,405 | Chobani LLC., Senior Notes, 7.50%, 04/15/25 (g) | 1,243 | |
770 | Cosan Luxembourg S.A., Senior Notes, 7%, 01/20/27 (g) | 713 | |
245 | Darling Ingredients, Inc., Senior Notes, 5.25%, 04/15/27 (g) | 238 | |
520 | FAGE International S.A., Senior Notes, 5.625%, 08/15/26 (g) | 408 | |
230 | Kraft Foods Group, Senior Notes, 6.875%, 01/26/39 | 263 | |
1,330 | Minerva Luxembourg S.A., Senior Notes, 6.50%, 09/20/26 (g) | 1,215 | |
485 | Post Holdings, Inc., Senior Notes, 5.625%, 01/15/28 (g) | 493 | |
330 | Post Holdings, Inc., Senior Notes, 5.75%, 03/01/27 (g) | 337 | |
700 | Sigma Holdco., B.V., Senior Notes, 7.875%, 05/15/26 (g) | 630 | |
7,206 | |||
Gaming - 5.59% | |||
580 | Boyd Gaming Corporation, Senior Notes, 6%, 08/15/26 | 499 | |
460 | Caesar’s Resorts, Senior Notes, 5.25%, 10/15/25 (g) | 332 | |
275 | Cirsa Finance International, S.A.R.L., Senior Notes, 6.25%, 12/20/23 (g)(EUR) | 203 | |
1,152 | Cirsa Finance International, S.A.R.L., Senior Notes, 7.875%, 12/20/23 (g) | 922 | |
868 | Eldorado Resorts, Inc., Senior Notes, 6%, 09/15/26 | 783 | |
1,165 | International Game Technology Plc, Senior Notes, 6.25%, 01/15/27 (g) | 1,002 | |
520 | Melco Resorts Finance, Senior Notes, 5.375%, 12/04/29 (g) | 432 | |
315 | MGM China Holdings, Limited, Senior Notes, 5.375%, 05/15/24 (g) | 290 |
315 | MGM China Holdings, Limited, Senior Notes, 5.875%, 05/15/26 (g) | 274 | |
435 | MGM Growth Prop. Operating Partnership L.P., Senior Notes, 5.75%, 02/01/27 | 381 | |
605 | MGM Resorts International, Senior Notes, 6%, 03/15/23 | 572 | |
325 | Scientific Games International Inc., Senior Notes, 7%, 05/15/28 (g) | 200 | |
325 | Scientific Games International Inc., Senior Notes, 7.25%, 11/15/29 (g) | 203 | |
1,240 | Scientific Games International Inc., Senior Notes, 8.25%, 03/15/26 (g) | 794 | |
1,235 | Stars Group Holdings B.V., Senior Notes, 7%, 07/15/26 (g) | 1,152 | |
230 | VICI Properties, Senior Notes, 4.125%, 08/15/30 (g) | 216 | |
390 | VICI Properties, Senior Notes, 4.625%, 12/01/29 (g) | 355 | |
1,390 | Wynn Las Vegas, LLC, Senior Notes, 5.25%, 05/15/27 (g) | 1,237 | |
585 | Wynn Macau Ltd., Senior Notes, 5.50%, 10/01/27 (g) | 515 | |
10,362 | |||
Healthcare - 12.53% | |||
770 | Avantor Inc., Senior Notes, 6%, 10/01/24 (g) | 801 | |
4,505 | Avantor Inc., Senior Notes, 9%, 10/01/25 (g) | 4,730 | |
1,535 | Bausch Health Companies, Inc., Senior Notes, 7%, 03/15/24 (g) | 1,577 | |
760 | Bausch Health Companies, Inc., Senior Notes, 7.25%, 05/30/29 (g) | 783 | |
1,920 | Bausch Health Companies, Inc., Senior Notes, 8.50%, 01/31/27 (g) | 1,997 | |
1,060 | Bausch Health Companies, Inc., Senior Notes, 9%, 12/15/25 (g) | 1,116 | |
30 | Bausch Health Companies, Inc., Senior Notes, 7%, 01/15/28 (g) | 31 | |
1,600 | Bausch Health Companies, Inc., Senior Notes, 9.25%, 04/01/26 (g) | 1,680 | |
545 | Centene Corporation, Senior Notes, 4.25%, 12/15/27 (g) | 534 | |
775 | Centene Corporation, Senior Notes, 4.625%, 12/15/29 (g) | 779 | |
655 | Change Healthcare Holdings LLC, Senior Notes, 5.75%, 03/01/25 (g) | 609 | |
850 | DaVita Healthcare Partners, Inc., Senior Notes, 5%, 05/01/25 | 850 | |
850 | DaVita Healthcare Partners, Inc., Senior Notes, 5.125%, 07/15/24 | 841 | |
560 | Envision Healthcare Corporation, Senior Notes, 8.75%, 10/15/26 (g) | 136 | |
230 | HCA, Incorporated, Senior Notes, 5.625%, 09/01/28 | 241 | |
575 | HCA, Incorporated, Senior Notes, 5.875%, 02/15/26 | 605 | |
450 | HCA, Incorporated, Senior Notes, 5.875%, 02/01/29 | 476 | |
450 | MPT Operating Partnership, L.P., Senior Notes, 6.375%, 03/01/24 | 450 | |
210 | Regional Care Hospital Partners Holdings, Inc., Senior Notes, 8.25%, 05/01/23 (g) | 218 | |
1,135 | Regional Care Hospital Partners Holdings, Inc., Senior Notes, 9.75%, 12/01/26 (g) | 1,087 |
365 | Regional Care Hospital Partners Holdings, Inc., Senior Notes, 11.50%, 05/01/24 (g) | 383 | |
435 | Select Medical Corporation, Senior Notes, 6.25%, 08/15/26 (g) | 435 | |
335 | Tenet Healthcare Corporation, Senior Notes, 6.875%, 11/15/31 | 288 | |
765 | Tenet Healthcare Corporation, Senior Notes, 8.125%, 04/01/22 | 729 | |
575 | Teva Pharma Finance Netherlands III BV, Senior Notes, 2.80%, 07/21/23 | 526 | |
360 | Teva Pharma Finance Netherlands III BV, Senior Notes, 6%, 04/15/24 | 355 | |
970 | Teva Pharma Finance Netherlands III BV, Senior Notes, 7.125%, 01/31/25 (g) | 951 | |
23,208 | |||
Information Technology - 5.77% | |||
255 | Banff Merger Sub, Inc., Senior Notes, 9.75%, 09/01/26 (g) | 223 | |
60 | EIG Investors Corporation, Senior Notes, 10.875%, 02/01/24 | 51 | |
140 | Presidio Holding, Inc., Senior Notes, 4.875%, 02/01/27 (g) | 125 | |
380 | Presidio Holding, Inc., Senior Notes, 8.25%, 02/01/28 (g) | 335 | |
630 | Qorvo, Inc., Senior Notes, 5.50%, 07/15/26 | 658 | |
1,200 | Refinitiv US Holdings, Inc., Senior Notes, 6.25%, 05/15/26 (g) | 1,251 | |
310 | Refinitiv US Holdings, Inc., Senior Notes, 6.875%, 11/15/26 (g)(EUR) | 343 | |
2,190 | Refinitiv US Holdings, Inc., Senior Notes, 8.25%, 11/15/26 (g) | 2,310 | |
2,945 | Solera, LLC, Senior Notes, 10.50%, 03/01/24 (g) | 2,886 | |
750 | SS&C Technologies, Inc., Senior Notes, 5.50%, 09/30/27 (g) | 782 | |
1,370 | Uber Technologies, Inc., Senior Notes, 7.50%, 09/15/27 (g) | 1,351 | |
380 | Uber Technologies, Inc., Senior Notes, 7.50%, 11/01/23 (g) | 373 | |
10,688 | |||
Lodging - .68% | |||
125 | Hilton Worldwide Finance, LLC, Senior Notes, 4.875%, 04/01/27 | 119 | |
825 | Marriott Ownership Resorts, Inc., Senior Notes, 6.50%, 09/15/26 | 722 | |
550 | Ryman Hospitality Group, Senior Notes, 4.75%, 10/15/27 (g) | 412 | |
1,253 | |||
Manufacturing - 1.12% | |||
739 | Apex Tool Group, LLC, Senior Notes, 9%, 02/15/23 (g) | 500 | |
260 | Colfax Corporation, Senior Notes, 6%, 02/15/24 (g) | 255 | |
170 | Colfax Corporation, Senior Notes, 6.375%, 02/15/26 (g) | 167 | |
1,055 | Sensata Technologies UK Financing Company plc, Senior Notes, 6.25%, 02/15/26 (g) | 1,025 | |
150 | Welbilt, Inc., Senior Notes, 9.50%, 02/15/24 | 127 | |
2,074 |
Metals & Mining - 7.33% | |||
200 | Alcoa Nederland Holding B.V., Senior Notes, 6.75%, 09/30/24 (g) | 194 | |
600 | Alcoa Nederland Holding B.V., Senior Notes, 7%, 09/30/26 (g) | 547 | |
910 | Aleris International, Inc., Senior Notes, 10.75%, 07/15/23 (g) | 910 | |
450 | Arconic Corporation, Senior Notes, 6.125%, 02/15/28 (g) | 460 | |
1,310 | Big River Steel, LLC, Senior Notes, 7.25%, 09/01/25 (g) | 1,186 | |
1,000 | Constellium N.V., Senior Notes, 5.75%, 05/15/24 (g) | 889 | |
1,795 | Constellium N.V., Senior Notes, 6.625%, 03/01/25 (g) | 1,600 | |
610 | FMG Resources Pty. Ltd., Senior Notes, 5.125%, 05/15/24 (g) | 602 | |
505 | FMG Resources Pty. Ltd., Senior Notes, 5.125%, 03/15/23 (g) | 502 | |
310 | Freeport McMoran, Inc., Senior Notes, 5%, 09/01/27.. | 288 | |
320 | Freeport McMoran, Inc., Senior Notes, 5.25%, 09/01/29 | 294 | |
1,182 | Freeport McMoran, Inc., Senior Notes, 5.40%, 11/14/34 | 1,099 | |
970 | Hecla Mining Company, Senior Notes, 7.25%, 02/15/28 | 854 | |
595 | HudBay Minerals, Inc., Senior Notes, 7.25%, 01/15/23 (g) | 530 | |
575 | HudBay Minerals, Inc., Senior Notes, 7.625%, 01/15/25 (g) | 504 | |
640 | New Gold Inc., Senior Notes, 6.375%, 05/15/25 (g) | 595 | |
745 | Novelis Corporation, Senior Notes, 4.75%, 01/30/30 (g) | 667 | |
880 | Ryerson Inc., Senior Secured Notes, 11%, 05/15/22 (g) | 845 | |
165 | Steel Dynamics, Inc., Senior Notes, 5.50%, 10/01/24 | 160 | |
870 | Zekelman Industries, Senior Notes, 9.875%, 06/15/23 (g) | 859 | |
13,585 | |||
Other Telecommunications - .99% | |||
650 | Level 3 Financing, Inc., Senior Notes, 4.625%, 09/15/27 (g) | 652 | |
225 | Level 3 Financing, Inc., Senior Notes, 5.25%, 03/15/26 | 225 | |
275 | Level 3 Financing, Inc., Senior Notes, 5.375%, 05/01/25 | 276 | |
300 | Front Range Bidco, Inc., Senior Notes, 4%, 03/01/27 (g) | 287 | |
410 | Front Range Bidco, Inc., Senior Notes, 6.125%, 03/01/28 (g) | 389 | |
1,829 | |||
Restaurants - 1.04% | |||
170 | YUM Brands, Inc., Senior Notes, 4.75%, 01/15/30 (g) | 160 | |
723 | YUM Brands, Inc., Senior Notes, 5.35%, 11/01/43 | 615 |
760 | YUM Brands, Inc., Senior Notes, 6.875%, 11/15/37 | 733 | |
395 | YUM Brands, Inc., Senior Notes, 7.75%, 04/01/25 (g) | 415 | |
1,923 | |||
Retail - .14% | |||
65 | L Brands, Inc., Senior Notes, 6.694%, 01/15/27 | 50 | |
135 | L Brands, Inc., Senior Notes, 7.50%, 06/15/29 | 106 | |
105 | William Carter Company, Senior Notes, 5.625%, 03/15/27 (g) | 102 | |
258 | |||
Satellites - 3.57% | |||
815 | Connect Finco Sarl, Senior Notes, 6.75%, 10/01/26 (g) | 679 | |
1,750 | Hughes Satellite Systems, Inc., Senior Notes, 6.625%, 08/01/26 | 1,750 | |
816 | Intelsat Jackson Holdings Ltd., Senior Notes, 8.50%, 10/15/24 (g) | 514 | |
2,380 | Intelsat Jackson Holdings Ltd., Senior Notes, 9.50%, 09/30/22 (g) | 2,404 | |
335 | Intelsat Jackson Holdings Ltd., Senior Notes, 9.75%, 07/15/25 (g) | 209 | |
640 | Telesat Canada, Senior Notes, 6.50%, 10/15/27 (g) | 620 | |
450 | Viasat, Inc., Senior Notes, 5.625%, 04/15/27 (g) | 444 | |
6,620 | |||
Services - 6.61% | |||
610 | Allied Universal Holdco, LLC, Senior Secured Notes, 9.75%, 07/15/27 (g) | 570 | |
730 | Ascend Learning, LLC, Senior Notes, 6.875%, 08/01/25 (g) | 683 | |
867 | Avis Budget Car Rental, LLC, Senior Notes, 6.375%, 04/01/24 (g) | 711 | |
590 | CDW LLC, Senior Notes, 4.25%, 04/01/28 | 576 | |
640 | EG Global Finance plc, Senior Notes, 6.75%, 02/07/25 (g) | 523 | |
360 | EG Global Finance plc, Senior Notes, 8.50%, 10/30/25 (g) | 320 | |
790 | Fair Isaac Corporation, Senior Notes, 5.25%, 05/15/26 (g) | 792 | |
243 | GFL Enironmental, Inc., Senior Notes, 7%, 06/01/26 (g) | 236 | |
533 | GFL Enironmental, Inc., Senior Notes, 8.50%, 05/01/27 (g) | 535 | |
800 | HD Supply, Senior Notes, 5.375%, 10/15/26 (g) | 768 | |
1,440 | H&E Equipment Services, Senior Notes, 5.625%, 09/01/25 | 1,354 | |
840 | Hertz Corporation, Senior Notes, 5.50%, 10/15/24 (g) | 477 | |
315 | Hertz Corporation, Senior Notes, 7.125%, 08/01/26 (g) | 159 | |
90 | Jaguar Holding Company II, Senior Notes, 6.375%, 08/01/23 (g) | 92 | |
1,470 | Laureate Education, Inc., Senior Notes, 8.25%, 05/01/25 (g) | 1,463 |
140 | MSCI, Inc., Senior Notes, 3.625%, 09/01/30 (g) | 131 | |
515 | MSCI, Inc., Senior Notes, 4%, 11/15/29 (g) | 508 | |
515 | Performance Food Group, Inc., Senior Notes, 5.50%, 10/15/27 (g) | 479 | |
660 | Prime Security Services Borrower, LLC, Senior Notes, 5.25%, 04/15/24 (g) | 647 | |
280 | Prime Security Services Borrower, LLC, Senior Notes, 5.75%, 04/15/26 (g) | 274 | |
495 | Prime Security Services Borrower, LLC, Senior Notes, 6.25%, 01/15/28 (g) | 426 | |
520 | United Rentals (North America), Inc., Senior Notes, 6.50%, 12/15/26 | 525 | |
12,249 | |||
Supermarkets - 2.54% | |||
410 | Albertsons Companies, LLC, Senior Notes, 3.50%, 02/15/23 (g) | 403 | |
540 | Albertsons Companies, LLC, Senior Notes, 4.875%, 02/15/30 (g) | 535 | |
545 | Albertsons Companies, LLC, Senior Notes, 5.875%, 02/15/28 (g) | 549 | |
1,007 | Albertsons Companies, LLC, Senior Notes, 6.625%, 06/15/24 | 1,022 | |
370 | Albertsons Companies, LLC, Senior Notes, 7.45%, 08/01/29 | 359 | |
895 | Albertsons Companies, LLC, Senior Notes, 7.50%, 03/15/26 (g) | 954 | |
220 | Albertsons Companies, LLC, Senior Notes, 8%, 05/01/31 | 216 | |
680 | Iceland Bondco, Plc, Senior Notes, 4.625%, 03/15/25 (GBP) | 661 | |
4,699 | |||
Utilities - 7.44% | |||
1,200 | AES Corporation, Senior Notes, 6%, 05/15/26 | 1,206 | |
795 | Calpine Corporation, Senior Notes, 5.125%, 03/15/28 (g) | 729 | |
723 | Clearway Energy Operating LLC, Senior Notes, 5.75%, 10/15/25 | 716 | |
1,695 | General Electric Company, Senior Notes, 5% (h) | 1,377 | |
815 | NextEra Energy Operating Partners, L.P., Senior Notes, 4.25%, 09/15/24 (g) | 795 | |
570 | NextEra Energy Operating Partners, L.P., Senior Notes, 4.25%, 07/15/24 (g) | 556 | |
670 | NextEra Energy Operating Partners, L.P., Senior Notes, 4.50%, 09/15/27 (g) | 650 | |
620 | NiSource, Incorporated, Senior Notes, 5.65%, (h) | 539 | |
340 | NRG Energy, Inc., Senior Notes, 5.25%, 06/15/29 (g) | 350 | |
540 | NRG Energy, Inc., Senior Notes, 6.625%, 01/15/27 | 559 | |
795 | NRG Energy, Inc., Senior Notes, 7.25%, 05/15/26 | 833 | |
575 | Pacific Gas and Electric, Senior Notes, 4.75%, 02/15/44 (a) | 575 | |
1,260 | Pacific Gas and Electric, Senior Notes, 6.05%, 03/01/34 (a) | 1,273 | |
1,795 | TerraForm Global Operating, LLC, Senior Notes 6.125%, 03/01/26 (g) | 1,750 |
530 | Vistra Energy Corporation,Senior Notes, 8.125%, 01/30/26 (g) | 550 | |
490 | Vistra Operations Company, LLC, Senior Notes, 5%, 07/31/27 (g) | 497 | |
800 | Vistra Operations Company, LLC, Senior Notes, 5.50%, 09/01/26 (g) | 824 | |
13,779 | |||
Wireless Communications - 3.66% | |||
770 | MTN (Mauritius) Investments, Ltd., Senior Notes, 6.50%, 10/13/26 | 731 | |
395 | SBA Communications Corporation, Senior Notes, 3.875%, 02/15/27 (g) | 396 | |
725 | Sprint Capital Corporation, Senior Notes, 6.875%, 11/15/28 | 826 | |
565 | Sprint Communications, Inc., Senior Notes, 11.50%, 11/15/21 | 621 | |
2,194 | Sprint Corporation, Senior Notes, 7.125%, 06/15/24 | 2,397 | |
95 | Sprint Corporation, Senior Notes, 7.25%, 02/01/28 (g) | 95 | |
1,455 | T-Mobile, USA, Inc., Senior Notes, 6.50%, 01/15/26 | 1,524 | |
180 | VB-S1 Issuer LLC, Senior Notes, 6.901%, 06/15/46 (g) | 184 | |
6,774 | |||
Total Corporate Debt Securities(Total cost of $256,453) | 225,498 | ||
CONVERTIBLE DEBT SECURITIES - .04% (d)(f) | |||
Energy - .04% | |||
115 | Cheniere Energy, Inc., Senior Notes, 4.25%, 03/15/45 | 76 | |
Total Convertible Debt Securities(Total cost of $89) | 76 | ||
BANK DEBT SECURITIES - 12.80% (d)(f) | |||
Automotive - .17% | |||
353 | Panther BF Aggregator 2 LP, 4.441%, 04/30/26 | 321 | |
Broadcasting - .52% | |||
570 | iHeart Communications, Inc., 8.443%, 01/30/21 (a)(b)(i) | 416 | |
165 | iHeart Communications, Inc., 3.989%, 05/01/26 | 138 | |
492 | Univision Communications, 3.75%, 03/15/24 | 414 | |
968 | |||
Building Products - .11% | |||
249 | SRS Distribution, Inc., 4.072%, 05/23/25 | 209 | |
Consumer Products - .11% | |||
267 | ABG Intermediate Holdings 2, LLC, 4.95%, 09/26/24 | 211 | |
Container - .35% | |||
786 BWAY Holding Company, Inc., 5.084%, 04/03/24 | 637 |
Energy - .57% | |||
239 | Brazos Delaware II, LLC, 4.924%, 05/21/25 | 121 | |
810 | Chesapeake Energy Corporation, 9.00%, 06/24/24 | 312 | |
545 | Prairie ECI Aquiror LP, 6.20%, 03/11/26 | 279 | |
475 | Stonepeak Lonestar, 6.336%, 10/19/26 | 347 | |
1,059 | |||
Gaming - .21% | |||
480 | Scientific Games International, Inc., 4.369%, 08/14/24 | 386 | |
Healthcare - 1.31% | |||
553 | Regional Care Hospital Partners, 4.739%, 11/17/25 | 510 | |
958 | Sunshine Luxembourg VII, 5.322%, 10/01/26 | 856 | |
792 | Wink Holdco, Inc., 4.45%, 12/02/24 | 664 | |
470 | Wink Holdco, Inc., 8.21%, 12/01/25 | 385 | |
2,415 | |||
Informational Technologies - 1.32% | |||
787 | Cypress Intermediate Holdings III, Inc., 3.75%, 04/29/24 | 714 | |
1,178 | Financial & Risk US Holdings, Inc., 4.239%, 10/01/25 | 1,126 | |
629 | Infor (US) Inc., 3.75%, 02/01/22 | 604 | |
2,444 | |||
Manufacturing - .14% | |||
302 | Filtration Group Corporation, 3.989%, 03/29/25 | 261 | |
Metals and Mining - .80% | |||
1,606 | Aleris International, Inc., 5.739%, 02/27/23 | 1,426 | |
53 | Big River Steel, LLC, 6.45%, 08/23/23 | 51 | |
1,477 | |||
Other Telecommunications - .36% | |||
782 | Stonepeak Claremont Merger, 4%, 03/20/24 | 668 | |
Satellites - .69% | |||
1,355 | Iridium Satellite LLC, 4.75%, 11/04/26 | 1,274 | |
Services - 2.72% | |||
1,559 | Kronos, Inc., 4.763%, 11/01/23 | 1,415 | |
1,650 | Kronos, Inc., 10.013%, 11/01/24 | 1,511 | |
320 | Renaissance Holding Corp., 7.989%, 05/29/26 | 246 | |
622 | Travelport Finance (Luxembourg) S.a.r.l., 6.072%, 05/29/26 | 398 | |
1,171 | Ultimate Software Group, Inc., 4.739%, 05/04/26 | 1,087 | |
417 | Weight Watchers, 6.72%, 11/29/24 | 388 | |
5,045 | |||
Utilities - .85% | |||
627 | Brookfield Wec Holdings, Inc., 3.989%, 08/01/25 | 589 | |
1,010 | PG&E Corp., 3.12%, 12/31/20 | 978 | |
1,567 | |||
Wireless Communications - 2.57% | |||
5,230 | Asurion LLC, 7.489%, 08/04/25 | 4,766 | |
Total Bank Debt Securities(Total cost of $27,359) | 23,708 |
Shares | |||
PREFERRED STOCK - 2.71% (d)(f) | |||
Energy - 1.15% | |||
3,750 | Targa Resources Corp., Series A, Convertible, 9.50%, Acquisition Date 10/26/17, Cost $4,133(j) | 2,138 | |
Healthcare - .54% | |||
22,270 | Avantor, Inc., Series A, Convertible, 6.25%, | 966 | |
1,033 | Elanco Animal Health, Inc., Convertible, 5%, | 42 | |
1,008 | |||
Manufacturing - .32% | |||
565 | Danaher Corporation, Convertible, 4.75% | 584 | |
Utilities - .70% | |||
11,100 American Electric Power, Convertible, 6.125%, | 536 | ||
17,132 | NextEra Energy, Inc., Convertible, 5.279% | 755 | |
1,291 | |||
Total Preferred Stock(Total cost of $7,258) | 5,021 | ||
COMMON STOCK - .03% (d)(f) | |||
7,693 | iHeartMedia, Inc.,(c) | 56 | |
Total Common Stock(Total cost of $136) | 56 | ||
WARRANTS - .05% (d)(f) | |||
14,928 | iHeartMedia, Inc., warrants, (c) | 97 | |
Total Warrants(Total cost of $264) | 97 | ||
TOTAL INVESTMENTS - 137.38% (d)(Total cost of $291,559) | 254,456 | ||
CASH AND OTHER ASSETS LESS LIABILITIES - (37.38)% (d) | (69,234) | ||
NET ASSETS - 100.00% | $ 185,222 |
(a) | Denotes income is not being accrued. |
(b) | Denotes issuer is in bankruptcy proceedings. |
(c) | Non-income producing. |
(d) | Percentages indicated are based on total net assets to common shareholders of $185,222. |
(e) | Not rated. |
(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 $153,698 as of March 31, 2020. |
(h) | Perpetual security with no stated maturity date. |
(i) | Level 3 in fair value hierarchy. See notes. |
(j) | 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 $4,133 or 2.23% of total net assets as of March 31, 2020. |
(k) | Pay-In-Kind |
(EUR) Euro | |
(GBP) British Pound |
Derivative Contracts (Unaudited) (Currency Amounts in Thousands) |
Forward Currency Exchange Contracts - As of March 31, 2020 the Fund had forward currency exchange contracts outstanding as follows: |
Unrealized | ||||||||||||||||||||||||
Settlement | Receive | Appreciation | ||||||||||||||||||||||
Counterparty | Date | (Deliver) | Asset | Liability | (Depreciation) | |||||||||||||||||||
State Street Bank | 4/30/20 | GBP | (1,604 | ) | 1,920 | 1,994 | (74 | ) | ||||||||||||||||
Bank of America | 4/30/20 | GBP | (127 | ) | 158 | 158 | - | |||||||||||||||||
HSCB | 5/22/20 | EUR | 156 | 172 | 173 | (1 | ) | |||||||||||||||||
JP Morgan | 5/22/20 | EUR | 153 | 169 | 169 | - | ||||||||||||||||||
Bank of America | 5/22/20 | EUR | 133 | 147 | 143 | 4 | ||||||||||||||||||
UBS | 5/22/20 | EUR | 190 | 210 | 210 | - | ||||||||||||||||||
State Street Bank | 5/22/20 | EUR | (1,694 | ) | 1,850 | 1,873 | (23 | ) | ||||||||||||||||
State Street Bank | 5/22/20 | EUR | (424 | ) | 462 | 468 | (6 | ) | ||||||||||||||||
Net unrealized loss on open forward currency exchange contracts | $ | (100 | ) |
The New America High Income Fund, Inc.
Notes to Portfolio of Investments
March 31, 2020 (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—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. Following procedures approved by the Board of Directors, 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. Other investments, for which market quotations are not readily available are valued in good faith at fair value using methods approved by the Board of Directors. 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 March 31, 2020 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* | $ | — | $ | 248,866 | 416 | $ | 249,282 | ||||||
Preferred Stock | |||||||||||||
Energy | — | 2138 | — | 2138 | |||||||||
Healthcare | 1008 | — | — | 1008 | |||||||||
Manufacturing | 584 | — | — | 584 | |||||||||
Utilities | 1291 | — | — | 1291 | |||||||||
Common Stock | |||||||||||||
Broadcasting | 56 | — | — | 56 | |||||||||
Warrants | |||||||||||||
Broadcasting | — | 97 | — | 97 | |||||||||
Total Investments | $ | 2939 | $ | 251,101 | $ | 416 | $ | 254,456 |
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 | $ | — | $ | (100 | ) | $ | — | $ | (100 | ) |
* Debt Securities — Type of debt and industries are shown on the Schedule of Investments.
The Fund owned one Level 3 security at March 31, 2020. It is identified on the Schedule of Investments with a footnote (i) and has a value of $416,000. 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 occurrence of company specific or industry events, liquidity, broker coverage and other market factors.
The following is a reconciliation of Fund investments using Level 3 inputs for the period:
Value (000’s) | ||||
Balance, December 31, 2019 | $ | 1383 | ||
Net purchases/(sales) | (977 | ) | ||
Realized gain | 10 | |||
Change in unrealized appreciation (depreciation) | — | |||
Balance,March 31, 2020 | $ | 416 |
Level 1 and Level 2 assets are evaluated on a quarterly basis for changes in listings or delistings on national exchanges.
Transfers between levels are recognized at the value at the end of the reporting period. During the three months ended March 31, 2020, the Fund recognized no transfers between Levels 1 and 2.