Share Name | Share Symbol | Market | Type |
---|---|---|---|
Credit Suisse Asset Management Fund Inc | AMEX:CIK | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.025 | -0.86% | 2.87 | 2.90 | 2.86 | 2.90 | 1,582,829 | 22:47:13 |
Fund & Index | Performance | |||
Total Return (based on NAV)1 |
9.35 | % | ||
Total Return (based on market value)1 |
22.64 | % | ||
ICE BofA US High Yield Constrained Index2 |
5.42 | % |
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Thomas J. Flannery Chief Investment Officer* |
John G. Popp Chief Executive Officer and President** |
1 | Assuming reinvestment of distributions. |
2 | The Index is an unmanaged index that tracks the performance of below investment-grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market, where each issuer’s allocation is limited to 2% of the Index. The Index does not have transaction costs and investors cannot invest directly in the Index. |
* | Thomas J. Flannery, Managing Director, is the Head of the Credit Suisse U.S. High Yield Management Team. Mr. Flannery joined Credit Suisse Asset Management, LLC (“Credit Suisse”) in June 2010. He is a portfolio manager for the Credit Investments Group (“CIG”) with responsibility for trading, directing investment decisions, originating and analyzing investment opportunities. Mr. Flannery is also a member of the CIG Credit Committee and is currently a high yield bond portfolio manager and trader for CIG. Mr. Flannery joined Credit Suisse AG in 2000 from First Dominion Capital, LLC where he was an Associate. |
** | John G. Popp is a Managing Director of Credit Suisse and Group Head and Chief Investment Officer of CIG, with primary responsibility for making investment decisions and monitoring processes for CIG’s global investment strategies. Mr. Popp also serves as Trustee, Chief Executive Officer and President of the Credit Suisse Funds, as well as serving as Director, Chief Executive Officer and President for the Fund and Trustee, Chief Executive Officer and President of the Credit Suisse High Yield Bond Fund. Mr. Popp has been associated with Credit Suisse since 1997. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Net Asset Value (NAV) |
12.44% | 6.47% | 5.17% | 5.93% | ||||||||||||
Market Value |
18.96% | 12.40% | 7.84% | 6.22% |
BBB |
2.4 | % | ||
BB |
30.1 | |||
B |
32.5 | |||
CCC |
23.7 | |||
NR |
7.5 | |||
|
|
|||
Subtotal |
96.2 | |||
Equity and Other |
3.8 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
* | Expressed as a percentage of total investments (excluding securities lending collateral, if applicable) and may vary over time. |
** | Credit Quality is based on ratings provided by the S&P Global Ratings Division of S&P Global Inc. (“S&P”). S&P is a main provider of ratings for credit assets classes and is widely used amongst industry participants. The NR category consists of securities that have not been rated by S&P. |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS (95.1%) |
||||||||||||||||||
Aerospace & Defense (0.7%) |
||||||||||||||||||
$ | 200 | Bombardier, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/26 @ 103.75)(1),(2) |
(B, B2) | 02/01/29 | 7.500 | $ | 197,916 | |||||||||||
1,010 | KBR, Inc., Rule 144A, Company Guaranteed Notes (Callable 09/30/23 @ 102.38)(1) |
(BB-, Ba3) | 09/30/28 | 4.750 | 920,171 | |||||||||||||
|
|
|||||||||||||||||
1,118,087 | ||||||||||||||||||
|
|
|||||||||||||||||
Air Transportation (0.6%) |
||||||||||||||||||
300 | VistaJet Malta Finance PLC/Vista Management Holding, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/01/24 @ 103.94)(1),(2) |
(B-, B3) | 05/01/27 | 7.875 | 269,812 | |||||||||||||
800 | VistaJet Malta Finance PLC/Vista Management Holding, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/01/25 @ 103.19)(1) |
(B-, B3) | 02/01/30 | 6.375 | 644,906 | |||||||||||||
|
|
|||||||||||||||||
914,718 | ||||||||||||||||||
|
|
|||||||||||||||||
Auto Parts & Equipment (1.2%) |
||||||||||||||||||
400 | Adient Global Holdings Ltd., Rule 144A, Senior Secured Notes (Callable 04/15/25 @ 103.50)(1) |
(BB+, Ba3) | 04/15/28 | 7.000 | 404,750 | |||||||||||||
1,005 | Clarios Global LP/Clarios U.S. Finance Co., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 102.13)(1),(2) |
(B-, Caa1) | 05/15/27 | 8.500 | 1,008,596 | |||||||||||||
386 | IHO Verwaltungs GmbH, 4.75% Cash, 5.50% PIK, Rule 144A, Senior Secured Notes (Callable 07/11/23 @ 101.58)(1),(3) |
(BB-, Ba2) | 09/15/26 | 4.750 | 356,196 | |||||||||||||
|
|
|||||||||||||||||
1,769,542 | ||||||||||||||||||
|
|
|||||||||||||||||
Automakers (0.2%) |
||||||||||||||||||
200 | Thor Industries, Inc., Rule 144A, Company Guaranteed Notes (Callable 10/15/24 @ 102.00)(1) |
(BB-, B1) | 10/15/29 | 4.000 | 170,000 | |||||||||||||
147 | Winnebago Industries, Inc., Rule 144A, Senior Secured Notes (Callable 07/31/23 @ 103.13)(1) |
(BB+, Ba3) | 07/15/28 | 6.250 | 144,235 | |||||||||||||
|
|
|||||||||||||||||
314,235 | ||||||||||||||||||
|
|
|||||||||||||||||
Brokerage (1.2%) |
||||||||||||||||||
1,701 | StoneX Group, Inc., Rule 144A, Senior Secured Notes (Callable 07/31/23 @ 102.16)(1) |
(BB-, Ba3) | 06/15/25 | 8.625 | 1,719,465 | |||||||||||||
|
|
|||||||||||||||||
Building & Construction (2.6%) |
||||||||||||||||||
1,340 | Adams Homes, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/17/23 @ 101.88)(1) |
(B+, B2) | 02/15/25 | 7.500 | 1,317,344 | |||||||||||||
666 | MasTec, Inc., Rule 144A, Senior Unsecured Notes (Callable 08/15/24 @ 103.31)(1) |
(BBB-, NR) | 08/15/29 | 6.625 | 602,910 | |||||||||||||
1,774 | Pike Corp., Rule 144A, Company Guaranteed Notes (Callable 09/01/23 @ 102.75)(1) |
(CCC+, B3) | 09/01/28 | 5.500 | 1,594,479 | |||||||||||||
350 | TopBuild Corp., Rule 144A, Company Guaranteed Notes (Callable 03/15/24 @ 101.81)(1) |
(BB+, Ba2) | 03/15/29 | 3.625 | 305,013 | |||||||||||||
|
|
|||||||||||||||||
3,819,746 | ||||||||||||||||||
|
|
|||||||||||||||||
Building Materials (5.6%) |
||||||||||||||||||
950 | Advanced Drainage Systems, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/15/25 @ 103.19)(1) |
(BB-, Ba2) | 06/15/30 | 6.375 | 940,899 | |||||||||||||
200 | Builders FirstSource, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/01/25 @ 102.50)(1) |
(BB-, Ba2) | 03/01/30 | 5.000 | 187,181 | |||||||||||||
1,000 | Builders FirstSource, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/27 @ 103.19)(1) |
(BB-, Ba2) | 06/15/32 | 6.375 | 991,584 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Building Materials |
||||||||||||||||||
$ | 750 | Eco Material Technologies, Inc., Rule 144A, Senior Secured Notes (Callable 01/31/24 @ 103.94)(1) |
(B, B2) | 01/31/27 | 7.875 | $ | 710,513 | |||||||||||
2,258 | Foundation Building Materials, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/01/24 @ 103.00)(1) |
(CCC+, Caa1) | 03/01/29 | 6.000 | 1,888,286 | |||||||||||||
700 | GYP Holdings III Corp., Rule 144A, Company Guaranteed Notes (Callable 05/01/24 @ 102.31)(1) |
(B, B1) | 05/01/29 | 4.625 | 617,397 | |||||||||||||
1,847 | MIWD Holdco II LLC/MIWD Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 02/01/25 @ 102.75)(1) |
(B, B3) | 02/01/30 | 5.500 | 1,526,158 | |||||||||||||
1,175 | Oscar AcquisitionCo LLC/Oscar Finance, Inc., Rule 144A, Senior Unsecured Notes (Callable 04/15/25 @ 104.75)(1),(2) |
(CCC+, Caa1) | 04/15/30 | 9.500 | 1,080,882 | |||||||||||||
450 | Park River Holdings, Inc., Rule 144A, Senior Unsecured Notes (Callable 08/01/24 @ 103.38)(1) |
(CCC, Caa1) | 08/01/29 | 6.750 | 358,351 | |||||||||||||
|
|
|||||||||||||||||
8,301,251 | ||||||||||||||||||
|
|
|||||||||||||||||
Cable & Satellite TV (3.8%) |
||||||||||||||||||
800 | Altice France SA, Rule 144A, Senior Secured Notes (Callable 07/31/23 @ 102.50)(1) |
(B, B3) | 01/15/28 | 5.000 | 640,200 | |||||||||||||
1,200 | CCO Holdings LLC/CCO Holdings Capital Corp., Rule 144A, Senior Unsecured Notes (Callable 03/01/26 @ 103.69)(1) |
(BB-, B1) | 03/01/31 | 7.375 | 1,170,140 | |||||||||||||
685 | CSC Holdings LLC, Global Senior Unsecured Notes(2) |
(CCC+, Caa1) | 06/01/24 | 5.250 | 637,876 | |||||||||||||
50 | CSC Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 101.83)(1) |
(B, B1) | 04/15/27 | 5.500 | 41,676 | |||||||||||||
850 | CSC Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 102.69)(1) |
(B, B1) | 02/01/28 | 5.375 | 684,357 | |||||||||||||
600 | CSC Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 11/15/26 @ 102.25)(1) |
(B, B1) | 11/15/31 | 4.500 | 418,869 | |||||||||||||
1,600 | Telenet Finance Luxembourg Notes Sarl, Rule 144A, Senior Secured Notes (Callable 07/11/23 @ 102.75)(1) |
(BB-, Ba3) | 03/01/28 | 5.500 | 1,479,680 | |||||||||||||
800 | UPC Broadband Finco BV, Rule 144A, Senior Secured Notes (Callable 07/15/26 @ 102.44)(1) |
(BB-, B1) | 07/15/31 | 4.875 | 659,376 | |||||||||||||
|
|
|||||||||||||||||
5,732,174 | ||||||||||||||||||
|
|
|||||||||||||||||
Chemicals (4.7%) |
||||||||||||||||||
200 | Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 07/31/23 @ 101.44)(1) |
(BB-, Ba3) | 05/15/25 | 5.750 | 197,769 | |||||||||||||
477 | Avient Corp., Rule 144A, Senior Unsecured Notes (Callable 08/01/25 @ 103.56)(1) |
(BB-, Ba3) | 08/01/30 | 7.125 | 481,641 | |||||||||||||
600 | Herens Holdco Sarl, Rule 144A, Senior Secured Notes (Callable 05/15/24 @ 102.38)(1) |
(B-, B2) | 05/15/28 | 4.750 | 465,597 | |||||||||||||
800 | Herens Midco Sarl, Rule 144A, Company Guaranteed Notes (Callable 05/15/24 @ 102.63)(1),(4) |
(CCC, Caa2) | 05/15/29 | 5.250 | 506,660 | |||||||||||||
1,300 | INEOS Finance PLC, Rule 144A, Senior Secured Notes (Callable 02/15/25 @ 103.38)(1),(2) |
(BB, Ba2) | 05/15/28 | 6.750 | 1,249,926 | |||||||||||||
350 | Olympus Water U.S. Holding Corp., Rule 144A, Senior Unsecured Notes (Callable 10/01/24 @ 103.13)(1),(2) |
(CCC+, Caa2) | 10/01/29 | 6.250 | 253,332 | |||||||||||||
1,400 | Polar U.S. Borrower LLC/Schenectady International Group, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/31/23 @ 103.38)(1) |
(CCC, Caa2) | 05/15/26 | 6.750 | 829,440 | |||||||||||||
800 | Tronox, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/15/24 @ 102.31)(1) |
(BB-, B1) | 03/15/29 | 4.625 | 665,558 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Chemicals |
||||||||||||||||||
$ | 2,215 | Vibrantz Technologies, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/15/25 @ 104.50)(1) |
(CCC+, Caa2) | 02/15/30 | 9.000 | $ | 1,699,946 | |||||||||||
725 | WR Grace Holdings LLC, Rule 144A, Senior Secured Notes (Callable 03/01/26 @ 103.69)(1) |
(B, B1) | 03/01/31 | 7.375 | 711,139 | |||||||||||||
|
|
|||||||||||||||||
7,061,008 | ||||||||||||||||||
|
|
|||||||||||||||||
Consumer/Commercial/Lease Financing (1.1%) |
||||||||||||||||||
1,950 | Cargo Aircraft Management, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/17/23 @ 102.38)(1) |
(BB, Ba2) | 02/01/28 | 4.750 | 1,710,092 | |||||||||||||
|
|
|||||||||||||||||
Diversified Capital Goods (0.8%) |
||||||||||||||||||
1,350 | Atkore, Inc., Rule 144A, Senior Unsecured Notes (Callable 06/01/26 @ 102.13)(1) |
(BB, Ba2) | 06/01/31 | 4.250 | 1,169,372 | |||||||||||||
|
|
|||||||||||||||||
Electronics (0.5%) |
||||||||||||||||||
800 | Synaptics, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/24 @ 102.00)(1),(2) |
(B+, Ba3) | 06/15/29 | 4.000 | 672,467 | |||||||||||||
|
|
|||||||||||||||||
Energy - Exploration & Production (2.9%) |
||||||||||||||||||
425 | Civitas Resources, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/01/25 @ 104.19)(1) |
(BB-, B1) | 07/01/28 | 8.375 | 429,900 | |||||||||||||
425 | Civitas Resources, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/01/26 @ 104.38)(1) |
(BB-, B1) | 07/01/31 | 8.750 | 431,486 | |||||||||||||
40 | CNX Resources Corp., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 103.63)(1) |
(BB, B1) | 03/14/27 | 7.250 | 39,621 | |||||||||||||
550 | CNX Resources Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/24 @ 104.50)(1) |
(BB, B1) | 01/15/29 | 6.000 | 510,364 | |||||||||||||
1,684 | Northern Oil & Gas, Inc., Rule 144A, Senior Unsecured Notes (Callable 03/01/24 @ 104.06)(1) |
(B+, B2) | 03/01/28 | 8.125 | 1,652,012 | |||||||||||||
1,400 | Rockcliff Energy II LLC, Rule 144A, Senior Unsecured Notes (Callable 10/15/24 @ 102.75)(1) |
(B+, B3) | 10/15/29 | 5.500 | 1,292,858 | |||||||||||||
|
|
|||||||||||||||||
4,356,241 | ||||||||||||||||||
|
|
|||||||||||||||||
Environmental (0.4%) |
||||||||||||||||||
600 | Darling Ingredients, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/15/25 @ 103.00)(1) |
(BB+, Ba2) | 06/15/30 | 6.000 | 586,635 | |||||||||||||
|
|
|||||||||||||||||
Food - Wholesale (0.5%) |
||||||||||||||||||
800 | U.S. Foods, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/01/25 @ 102.31)(1) |
(BB-, B2) | 06/01/30 | 4.625 | 717,830 | |||||||||||||
|
|
|||||||||||||||||
Gaming (2.0%) |
||||||||||||||||||
325 | Boyd Gaming Corp., Rule 144A, Company Guaranteed Notes (Callable 06/15/26 @ 102.38)(1) |
(BB, B1) | 06/15/31 | 4.750 | 290,689 | |||||||||||||
800 | CDI Escrow Issuer, Inc., Rule 144A, Senior Unsecured Notes (Callable 04/01/25 @ 102.88)(1) |
(B+, B1) | 04/01/30 | 5.750 | 747,370 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Gaming |
||||||||||||||||||
$ | 850 | Churchill Downs, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/01/26 @ 103.38)(1) |
(B+, B1) | 05/01/31 | 6.750 | $ | 841,500 | |||||||||||
231 | Churchill Downs, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 102.38)(1) |
(B+, B1) | 01/15/28 | 4.750 | 214,475 | |||||||||||||
1,028 | Jacobs Entertainment, Inc., Rule 144A, Senior Unsecured Notes(1) |
(B, B2) | 02/15/29 | 6.750 | 921,037 | |||||||||||||
|
|
|||||||||||||||||
3,015,071 | ||||||||||||||||||
|
|
|||||||||||||||||
Gas Distribution (5.1%) |
||||||||||||||||||
1,000 | CNX Midstream Partners LP, Rule 144A, Company Guaranteed Notes (Callable 04/15/25 @ 102.38)(1) |
(BB, B1) | 04/15/30 | 4.750 | 849,207 | |||||||||||||
425 | Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes (Callable 07/31/23 @ 101.63) |
(B, B2) | 10/01/25 | 6.500 | 418,799 | |||||||||||||
675 | Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes (Callable 07/31/23 @ 101.56) |
(B, B2) | 05/15/26 | 6.250 | 641,931 | |||||||||||||
286 | Genesis Energy LP/Genesis Energy Finance Corp., Global Company Guaranteed Notes (Callable 04/15/26 @ 104.44) |
(B, B2) | 04/15/30 | 8.875 | 279,688 | |||||||||||||
1,200 | Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 102.56)(1) |
(BB+, Ba2) | 06/15/28 | 5.125 | 1,124,203 | |||||||||||||
400 | Hess Midstream Operations LP, Rule 144A, Company Guaranteed Notes (Callable 10/15/25 @ 102.75)(1) |
(BB+, Ba2) | 10/15/30 | 5.500 | 370,468 | |||||||||||||
400 | Holly Energy Partners LP/Holly Energy Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 04/15/24 @ 103.19)(1) |
(BB+, Ba3) | 04/15/27 | 6.375 | 395,543 | |||||||||||||
200 | Matador Resources Co., Rule 144A, Company Guaranteed Notes (Callable 04/15/25 @ 103.44)(1) |
(BB-, B1) | 04/15/28 | 6.875 | 197,282 | |||||||||||||
400 | New Fortress Energy, Inc., Rule 144A, Senior Secured Notes (Callable 07/21/23 @ 103.38)(1) |
(BB, B1) | 09/15/25 | 6.750 | 375,662 | |||||||||||||
950 | New Fortress Energy, Inc., Rule 144A, Senior Secured Notes (Callable 07/31/23 @ 103.25)(1) |
(BB, B1) | 09/30/26 | 6.500 | 851,152 | |||||||||||||
1,180 | Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes (Callable 04/15/29 @ 100.00)(1) |
(BB+, Ba2) | 07/15/29 | 4.950 | 1,085,228 | |||||||||||||
610 | Rockies Express Pipeline LLC, Rule 144A, Senior Unsecured Notes (Callable 02/15/30 @ 100.00)(1) |
(BB+, Ba2) | 05/15/30 | 4.800 | 534,231 | |||||||||||||
500 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 105.63)(1) |
(BB-, B1) | 10/01/25 | 7.500 | 499,528 | |||||||||||||
|
|
|||||||||||||||||
7,622,922 | ||||||||||||||||||
|
|
|||||||||||||||||
Health Facility (0.5%) |
||||||||||||||||||
800 | Option Care Health, Inc., Rule 144A, Company Guaranteed Notes (Callable 10/31/24 @ 102.19)(1) |
(B-, B3) | 10/31/29 | 4.375 | 701,549 | |||||||||||||
|
|
|||||||||||||||||
Health Services (1.8%) |
||||||||||||||||||
1,060 | AMN Healthcare, Inc., Rule 144A, Company Guaranteed Notes (Callable 04/15/24 @ 102.00)(1) |
(BB-, Ba3) | 04/15/29 | 4.000 | 925,407 | |||||||||||||
1,600 | AthenaHealth Group, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/15/25 @ 103.25)(1),(2) |
(CCC, Caa2) | 02/15/30 | 6.500 | 1,348,274 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Health Services |
||||||||||||||||||
$ | 446 | Pediatrix Medical Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/15/25 @ 102.69)(1),(2) |
(BB-, Ba3) | 02/15/30 | 5.375 | $ | 410,788 | |||||||||||
|
|
|||||||||||||||||
2,684,469 | ||||||||||||||||||
|
|
|||||||||||||||||
Insurance Brokerage (4.5%) |
||||||||||||||||||
1,000 | Acrisure LLC/Acrisure Finance, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/31/23 @ 107.59)(1) |
(CCC+, Caa2) | 08/01/26 | 10.125 | 1,025,321 | |||||||||||||
576 | GTCR AP Finance, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/31/23 @ 102.00)(1) |
(CCC+, Caa2) | 05/15/27 | 8.000 | 565,308 | |||||||||||||
600 | Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Secured Notes (Callable 03/15/26 @ 104.25)(1) |
(B-, B2) | 03/15/30 | 8.500 | 612,813 | |||||||||||||
1,000 | Jones Deslauriers Insurance Management, Inc., Rule 144A, Senior Unsecured Notes (Callable 12/15/25 @ 105.25)(1) |
(CCC, Caa2) | 12/15/30 | 10.500 | 1,008,904 | |||||||||||||
400 | NFP Corp., Rule 144A, Senior Secured Notes (Callable 10/01/25 @ 103.75)(1) |
(B, B1) | 10/01/30 | 7.500 | 387,642 | |||||||||||||
2,712 | NFP Corp., Rule 144A, Senior Unsecured Notes (Callable 08/15/23 @ 103.44)(1) |
(CCC+, Caa2) | 08/15/28 | 6.875 | 2,358,448 | |||||||||||||
800 | Ryan Specialty LLC, Rule 144A, Senior Secured Notes (Callable 02/01/25 @ 102.19)(1) |
(BB-, B1) | 02/01/30 | 4.375 | 709,160 | |||||||||||||
|
|
|||||||||||||||||
6,667,596 | ||||||||||||||||||
|
|
|||||||||||||||||
Investments & Misc. Financial Services (3.1%) |
||||||||||||||||||
1,900 | Armor Holdco, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/15/24 @ 104.25)(1) |
(CCC+, Caa1) | 11/15/29 | 8.500 | 1,578,741 | |||||||||||||
1,400 | Compass Group Diversified Holdings LLC, Rule 144A, Company Guaranteed Notes (Callable 04/15/24 @ 102.63)(1) |
(B+, B1) | 04/15/29 | 5.250 | 1,228,733 | |||||||||||||
800 | Compass Group Diversified Holdings LLC, Rule 144A, Senior Unsecured Notes (Callable 01/15/27 @ 102.50)(1) |
(B+, B1) | 01/15/32 | 5.000 | 648,454 | |||||||||||||
419 | Home Point Capital, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 102.50)(1) |
(NR, Caa1) | 02/01/26 | 5.000 | 376,034 | |||||||||||||
600 | Paysafe Finance PLC/Paysafe Holdings U.S. Corp., Rule 144A, Senior Secured Notes (Callable 06/15/24 @ 102.00)(1),(2) |
(B, B2) | 06/15/29 | 4.000 | 472,399 | |||||||||||||
400 | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 102.31)(1) |
(NR, Ba3) | 11/01/26 | 4.625 | 375,510 | |||||||||||||
|
|
|||||||||||||||||
4,679,871 | ||||||||||||||||||
|
|
|||||||||||||||||
Machinery (4.2%) |
||||||||||||||||||
1,425 | Arcosa, Inc., Rule 144A, Company Guaranteed Notes (Callable 04/15/24 @ 102.19)(1) |
(BB, Ba2) | 04/15/29 | 4.375 | 1,278,271 | |||||||||||||
1,080 | ATS Corp., Rule 144A, Company Guaranteed Notes (Callable 12/15/23 @ 102.06)(1) |
(BB-, B2) | 12/15/28 | 4.125 | 967,732 | |||||||||||||
1,400 | Dornoch Debt Merger Sub, Inc., Rule 144A, Senior Unsecured Notes (Callable 10/15/24 @ 103.31)(1),(2) |
(CCC, Caa2) | 10/15/29 | 6.625 | 1,143,834 | |||||||||||||
1,638 | Enviri Corp., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 101.44)(1) |
(B, B3) | 07/31/27 | 5.750 | 1,427,697 | |||||||||||||
400 | Hillenbrand, Inc., Global Company Guaranteed Notes (Callable 07/11/23 @ 101.44) |
(BB+, Ba1) | 06/15/25 | 5.750 | 396,560 | |||||||||||||
400 | Interface, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/01/23 @ 102.75)(1) |
(B+, B1) | 12/01/28 | 5.500 | 325,010 | |||||||||||||
335 | Regal Rexnord Corp., Rule 144A, Company Guaranteed Notes (Callable 12/15/29 @ 100.00)(1) |
(BB+, Baa3) | 02/15/30 | 6.300 | 334,079 | |||||||||||||
335 | Regal Rexnord Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/33 @ 100.00)(1) |
(BB+, Baa3) | 04/15/33 | 6.400 | 334,839 | |||||||||||||
|
|
|||||||||||||||||
6,208,022 | ||||||||||||||||||
|
|
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Managed Care (0.3%) |
||||||||||||||||||
$ | 505 | HealthEquity, Inc., Rule 144A, Company Guaranteed Notes (Callable 10/01/24 @ 102.25)(1) |
(B, B3) | 10/01/29 | 4.500 | $ | 445,719 | |||||||||||
|
|
|||||||||||||||||
Media - Diversified (0.1%) |
||||||||||||||||||
200 | News Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/27 @ 102.56)(1) |
(BB+, Ba1) | 02/15/32 | 5.125 | 182,618 | |||||||||||||
|
|
|||||||||||||||||
Media Content (0.6%) |
||||||||||||||||||
1,000 | Sirius XM Radio, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/01/24 @ 102.75)(1) |
(BB, Ba3) | 07/01/29 | 5.500 | 900,217 | |||||||||||||
|
|
|||||||||||||||||
Metals & Mining - Excluding Steel (5.2%) |
||||||||||||||||||
800 | Alcoa Nederland Holding BV, Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 102.75)(1) |
(BB+, Baa3) | 12/15/27 | 5.500 | 774,533 | |||||||||||||
250 | Canpack SA/Canpack U.S. LLC, Rule 144A, Company Guaranteed Notes (Callable 11/15/24 @ 101.94)(1) |
(BB-, NR) | 11/15/29 | 3.875 | 203,781 | |||||||||||||
1,800 | ERO Copper Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/25 @ 103.25)(1) |
(B, B1) | 02/15/30 | 6.500 | 1,554,868 | |||||||||||||
1,500 | First Quantum Minerals Ltd., Rule 144A, Company Guaranteed Notes (Callable 07/11/23 @ 101.72)(1) |
(B+, NR) | 03/01/26 | 6.875 | 1,478,665 | |||||||||||||
400 | First Quantum Minerals Ltd., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ 104.31)(1) |
(B+, NR) | 06/01/31 | 8.625 | 410,452 | |||||||||||||
400 | Kaiser Aluminum Corp., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 102.31)(1) |
(BB-, B2) | 03/01/28 | 4.625 | 350,412 | |||||||||||||
600 | Kaiser Aluminum Corp., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ 102.25)(1) |
(BB-, B2) | 06/01/31 | 4.500 | 480,666 | |||||||||||||
110 | Novelis Corp., Rule 144A, Company Guaranteed Notes (Callable 01/30/25 @ 102.38)(1) |
(BB, Ba3) | 01/30/30 | 4.750 | 97,865 | |||||||||||||
1,129 | SunCoke Energy, Inc., Rule 144A, Senior Secured Notes (Callable 06/30/24 @ 102.44)(1) |
(BB, B1) | 06/30/29 | 4.875 | 949,495 | |||||||||||||
1,550 | Taseko Mines Ltd., Rule 144A, Senior Secured Notes (Callable 07/31/23 @ 103.50)(1),(2) |
(B-, B3) | 02/15/26 | 7.000 | 1,414,790 | |||||||||||||
|
|
|||||||||||||||||
7,715,527 | ||||||||||||||||||
|
|
|||||||||||||||||
Non - Electric Utilities (0.3%) |
||||||||||||||||||
600 | Suburban Propane Partners LP/Suburban Energy Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 06/01/26 @ 102.50)(1) |
(BB-, B1) | 06/01/31 | 5.000 | 503,199 | |||||||||||||
|
|
|||||||||||||||||
Packaging (3.8%) |
||||||||||||||||||
460 | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Rule 144A, Senior Unsecured Notes (Callable 05/15/24 @ 101.50)(1),(4) |
(B+, Caa1) | 09/01/29 | 3.000 | 374,846 | |||||||||||||
400 | Ball Corp., Global Company Guaranteed Notes (Callable 11/15/24 @ 103.44) |
(BB+, Ba1) | 03/15/28 | 6.875 | 408,336 | |||||||||||||
400 | Ball Corp., Global Company Guaranteed Notes (Callable 05/15/26 @ 103.00) |
(BB+, Ba1) | 06/15/29 | 6.000 | 397,500 | |||||||||||||
415 | Chart Industries, Inc., Rule 144A, Senior Secured Notes (Callable 01/01/26 @ 103.75)(1) |
(B+, Ba3) | 01/01/30 | 7.500 | 423,910 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Packaging |
||||||||||||||||||
$ | 400 | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC, Rule 144A, Senior Secured Notes (Callable 07/31/23 @ 103.00)(1) |
(B-, B3) | 09/15/28 | 6.000 | $ | 340,456 | |||||||||||
500 | Mauser Packaging Solutions Holding Co., Rule 144A, Senior Secured Notes (Callable 08/15/24 @ 103.94)(1) |
(B, B2) | 08/15/26 | 7.875 | 496,637 | |||||||||||||
400 | Owens-Brockway Glass Container, Inc., Rule 144A, Company Guaranteed Notes (Callable 05/15/26 @ 103.63)(1) |
(B+, B2) | 05/15/31 | 7.250 | 405,500 | |||||||||||||
1,000 | Trident TPI Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/31/25 @ 106.38)(1) |
(CCC+, Caa2) | 12/31/28 | 12.750 | 1,038,250 | |||||||||||||
2,040 | TriMas Corp., Rule 144A, Company Guaranteed Notes (Callable 04/15/24 @ 102.06)(1) |
(BB-, Ba3) | 04/15/29 | 4.125 | 1,819,802 | |||||||||||||
|
|
|||||||||||||||||
5,705,237 | ||||||||||||||||||
|
|
|||||||||||||||||
Personal & Household Products (0.9%) |
||||||||||||||||||
1,350 | CB High Ridge, Rule 144A, Company Guaranteed Notes (Callable 02/09/23 @ 100.00)(1),(5),(6),(7),(8) |
(NR, NR) | 03/15/25 | 0.000 | 16,875 | |||||||||||||
1,600 | MajorDrive Holdings IV LLC, Rule 144A, Senior Unsecured Notes (Callable 06/01/24 @ 103.19)(1) |
(CCC+, Caa2) | 06/01/29 | 6.375 | 1,272,216 | |||||||||||||
|
|
|||||||||||||||||
1,289,091 | ||||||||||||||||||
|
|
|||||||||||||||||
Pharmaceuticals (0.9%) |
||||||||||||||||||
708 | Emergent BioSolutions, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/23 @ 101.94)(1) |
(B, Caa2) | 08/15/28 | 3.875 | 412,619 | |||||||||||||
1,000 | Syneos Health, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/15/24 @ 101.81)(1),(2) |
(BB-, B1) | 01/15/29 | 3.625 | 978,790 | |||||||||||||
|
|
|||||||||||||||||
1,391,409 | ||||||||||||||||||
|
|
|||||||||||||||||
Real Estate Investment Trusts (1.4%) |
||||||||||||||||||
1,471 | Global Net Lease, Inc./Global Net Lease Operating Partnership LP, Rule 144A, Company Guaranteed Notes (Callable 09/15/27 @ 100.00)(1) |
(BBB-, WR) | 12/15/27 | 3.750 | 1,080,713 | |||||||||||||
400 | Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes (Callable 01/15/26 @ 100.00)(1) |
(BB-, Ba3) | 07/15/26 | 3.625 | 344,722 | |||||||||||||
800 | Starwood Property Trust, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/15/26 @ 100.00)(1) |
(BB-, Ba3) | 01/15/27 | 4.375 | 689,748 | |||||||||||||
|
|
|||||||||||||||||
2,115,183 | ||||||||||||||||||
|
|
|||||||||||||||||
Recreation & Travel (4.7%) |
||||||||||||||||||
1,600 | Boyne USA, Inc., Rule 144A, Senior Unsecured Notes (Callable 05/15/24 @ 102.38)(1) |
(B, B1) | 05/15/29 | 4.750 | 1,442,944 | |||||||||||||
2,575 | SeaWorld Parks & Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 08/15/24 @ 102.63)(1) |
(B, B3) | 08/15/29 | 5.250 | 2,307,295 | |||||||||||||
300 | SeaWorld Parks & Entertainment, Inc., Rule 144A, Senior Secured Notes (Callable 07/31/23 @ 102.19)(1) |
(BB, Ba3) | 05/01/25 | 8.750 | 304,834 | |||||||||||||
1,200 | Six Flags Entertainment Corp., Rule 144A, Company Guaranteed Notes (Callable 05/15/26 @ 103.63)(1) |
(B, B3) | 05/15/31 | 7.250 | 1,169,884 | |||||||||||||
1,915 | Speedway Motorsports LLC/Speedway Funding II, Inc., Rule 144A, Senior Unsecured Notes (Callable 07/31/23 @ 102.44)(1) |
(BB, B2) | 11/01/27 | 4.875 | 1,775,191 | |||||||||||||
|
|
|||||||||||||||||
7,000,148 | ||||||||||||||||||
|
|
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Restaurants (0.4%) |
||||||||||||||||||
$ | 625 | Yum! Brands, Inc., Global Senior Unsecured Notes (Callable 04/01/27 @ 102.69) |
(BB, Ba3) | 04/01/32 | 5.375 | $ | 594,707 | |||||||||||
|
|
|||||||||||||||||
Software - Services (6.2%) |
||||||||||||||||||
1,700 | Elastic NV, Rule 144A, Senior Unsecured Notes (Callable 07/15/24 @ 102.06)(1) |
(B+, B1) | 07/15/29 | 4.125 | 1,468,087 | |||||||||||||
1,775 | Newfold Digital Holdings Group, Inc., Rule 144A, Senior Unsecured Notes (Callable 02/15/24 @ 103.00)(1) |
(CCC+, Caa2) | 02/15/29 | 6.000 | 1,334,072 | |||||||||||||
635 | Open Text Corp., Rule 144A, Company Guaranteed Notes (Callable 12/01/24 @ 101.94)(1) |
(BB-, Ba3) | 12/01/29 | 3.875 | 531,326 | |||||||||||||
800 | Open Text Corp., Rule 144A, Senior Secured Notes (Callable 11/01/27 @ 100.00)(1) |
(BBB-, Ba1) | 12/01/27 | 6.900 | 815,376 | |||||||||||||
825 | Open Text Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/01/26 @ 102.06)(1) |
(BB-, Ba3) | 12/01/31 | 4.125 | 676,873 | |||||||||||||
2,107 | Presidio Holdings, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 104.13)(1) |
(CCC+, Caa1) | 02/01/28 | 8.250 | 2,008,850 | |||||||||||||
2,705 | Virtusa Corp., Rule 144A, Senior Unsecured Notes (Callable 12/15/23 @ 103.56)(1) |
(CCC+, Caa1) | 12/15/28 | 7.125 | 2,204,233 | |||||||||||||
200 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp., Rule 144A, Company Guaranteed Notes (Callable 02/01/24 @ 101.94)(1),(2) |
(B+, B1) | 02/01/29 | 3.875 | 172,261 | |||||||||||||
|
|
|||||||||||||||||
9,211,078 | ||||||||||||||||||
|
|
|||||||||||||||||
Specialty Retail (2.8%) |
||||||||||||||||||
40 | Asbury Automotive Group, Inc., Global Company Guaranteed Notes (Callable 07/11/23 @ 102.25) |
(BB, B1) | 03/01/28 | 4.500 | 36,714 | |||||||||||||
491 | Asbury Automotive Group, Inc., Global Company Guaranteed Notes (Callable 03/01/25 @ 102.38) |
(BB, B1) | 03/01/30 | 4.750 | 436,933 | |||||||||||||
200 | Asbury Automotive Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/15/24 @ 102.31)(1) |
(BB, B1) | 11/15/29 | 4.625 | 177,754 | |||||||||||||
200 | Asbury Automotive Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/15/26 @ 102.50)(1) |
(BB, B1) | 02/15/32 | 5.000 | 174,337 | |||||||||||||
68 | Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC(7),(8) |
(NR, WR) | 05/01/25 | 0.000 | 35,360 | |||||||||||||
51 | Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes (Callable 07/11/23 @ 101.88)(1),(7),(8) |
(NR, NR) | 05/01/25 | 7.500 | 32,802 | |||||||||||||
1,850 | Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC, Rule 144A, Senior Secured Notes (Callable 07/11/23 @ 101.88)(1) |
(NR, Caa3) | 05/01/25 | 7.500 | 1,225,401 | |||||||||||||
400 | LCM Investments Holdings II LLC, Rule 144A, Senior Unsecured Notes (Callable 05/01/24 @ 102.44)(1) |
(BB-, B2) | 05/01/29 | 4.875 | 342,722 | |||||||||||||
400 | Murphy Oil USA, Inc., Rule 144A, Company Guaranteed Notes (Callable 02/15/26 @ 101.88)(1) |
(BB+, Ba2) | 02/15/31 | 3.750 | 335,640 | |||||||||||||
600 | Sonic Automotive, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/15/24 @ 102.31)(1),(2) |
(BB-, B1) | 11/15/29 | 4.625 | 503,081 | |||||||||||||
1,150 | Sonic Automotive, Inc., Rule 144A, Company Guaranteed Notes (Callable 11/15/26 @ 102.44)(1),(2) |
(BB-, B1) | 11/15/31 | 4.875 | 944,907 | |||||||||||||
|
|
|||||||||||||||||
4,245,651 | ||||||||||||||||||
|
|
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Steel Producers/Products (1.1%) |
||||||||||||||||||
$ | 1,997 | TMS International Corp., Rule 144A, Senior Unsecured Notes (Callable 04/15/24 @ 103.13)(1) |
(B, Caa1) | 04/15/29 | 6.250 | $ | 1,679,537 | |||||||||||
|
|
|||||||||||||||||
Support - Services (8.8%) |
||||||||||||||||||
1,223 | Allied Universal Holdco LLC/Allied Universal Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 07/31/23 @ 102.44)(1) |
(CCC+, Caa2) | 07/15/27 | 9.750 | 1,082,801 | |||||||||||||
1,300 | Allied Universal Holdco LLC/Allied Universal Finance Corp., Rule 144A, Senior Unsecured Notes (Callable 06/01/24 @ 103.00)(1),(2) |
(CCC+, Caa2) | 06/01/29 | 6.000 | 960,951 | |||||||||||||
582 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Rule 144A, Senior Secured Notes (Callable 06/01/24 @ 102.31)(1) |
(B, B3) | 06/01/28 | 4.625 | 490,262 | |||||||||||||
400 | ASGN, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 102.31)(1) |
(BB-, Ba3) | 05/15/28 | 4.625 | 362,394 | |||||||||||||
2,400 | CoreLogic, Inc., Rule 144A, Senior Secured Notes (Callable 05/01/24 @ 102.25)(1) |
(B-, B2) | 05/01/28 | 4.500 | 1,937,628 | |||||||||||||
2,735 | GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, Rule 144A, Senior Secured Notes (Callable 07/31/23 @ 101.78)(1) |
(B, B2) | 07/31/26 | 7.125 | 2,650,641 | |||||||||||||
915 | H&E Equipment Services, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/15/23 @ 101.94)(1) |
(BB-, B1) | 12/15/28 | 3.875 | 793,187 | |||||||||||||
325 | TriNet Group, Inc., Rule 144A, Company Guaranteed Notes (Callable 03/01/24 @ 101.75)(1) |
(BB+, Ba2) | 03/01/29 | 3.500 | 282,837 | |||||||||||||
600 | United Rentals North America, Inc., Rule 144A, Senior Secured Notes (Callable 12/15/25 @ 103.00)(1) |
(BBB-, Baa3) | 12/15/29 | 6.000 | 599,188 | |||||||||||||
500 | WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 101.78)(1) |
(BB, Ba3) | 06/15/25 | 7.125 | 505,682 | |||||||||||||
500 | WESCO Distribution, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 103.63)(1) |
(BB, Ba3) | 06/15/28 | 7.250 | 510,489 | |||||||||||||
1,231 | White Cap Buyer LLC, Rule 144A, Senior Unsecured Notes (Callable 10/15/23 @ 103.44)(1) |
(CCC+, Caa1) | 10/15/28 | 6.875 | 1,117,237 | |||||||||||||
595 | Williams Scotsman International, Inc., Rule 144A, Senior Secured Notes (Callable 08/15/23 @ 102.31)(1) |
(B+, B2) | 08/15/28 | 4.625 | 544,692 | |||||||||||||
1,500 | ZipRecruiter, Inc., Rule 144A, Senior Unsecured Notes (Callable 01/15/25 @ 102.50)(1) |
(BB-, B2) | 01/15/30 | 5.000 | 1,278,735 | |||||||||||||
|
|
|||||||||||||||||
13,116,724 | ||||||||||||||||||
|
|
|||||||||||||||||
Tech Hardware & Equipment (2.7%) |
||||||||||||||||||
340 | CommScope Technologies LLC, Rule 144A, Company Guaranteed Notes (Callable 07/11/23 @ 101.67)(1) |
(CCC+, Caa1) | 03/15/27 | 5.000 | 236,841 | |||||||||||||
1,350 | Entegris Escrow Corp., Rule 144A, Senior Secured Notes (Callable 01/15/29 @ 100.00)(1) |
(BB, Baa3) | 04/15/29 | 4.750 | 1,250,519 | |||||||||||||
1,600 | Imola Merger Corp., Rule 144A, Senior Secured Notes (Callable 05/15/24 @ 102.38)(1) |
(BB-, B1) | 05/15/29 | 4.750 | 1,393,386 | |||||||||||||
1,320 | Vertiv Group Corp., Rule 144A, Senior Secured Notes (Callable 11/15/24 @ 102.06)(1) |
(BB-, B1) | 11/15/28 | 4.125 | 1,190,572 | |||||||||||||
|
|
|||||||||||||||||
4,071,318 | ||||||||||||||||||
|
|
|||||||||||||||||
Telecom - Wireline Integrated & Services (3.3%) |
||||||||||||||||||
1,856 | Altice France SA, Rule 144A, Senior Secured Notes (Callable 09/15/23 @ 102.56)(1) |
(B-, B2) | 01/15/29 | 5.125 | 1,325,118 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Telecom - Wireline Integrated & Services |
||||||||||||||||||
$ | 200 | Altice France SA, Rule 144A, Senior Secured Notes (Callable 04/15/24 @ 102.56)(1) |
(B-, B2) | 07/15/29 | 5.125 | $ | 142,179 | |||||||||||
200 | Altice France SA, Rule 144A, Senior Secured Notes (Callable 10/15/24 @ 102.75)(1) |
(B-, B2) | 10/15/29 | 5.500 | 143,228 | |||||||||||||
670 | Ciena Corp., Rule 144A, Company Guaranteed Notes (Callable 01/31/25 @ 102.00)(1) |
(BB, Ba1) | 01/31/30 | 4.000 | 584,340 | |||||||||||||
1,193 | LCPR Senior Secured Financing DAC, Rule 144A, Senior Secured Notes (Callable 07/31/23 @ 103.38)(1) |
(B+, B1) | 10/15/27 | 6.750 | 1,119,138 | |||||||||||||
200 | LCPR Senior Secured Financing DAC, Rule 144A, Senior Secured Notes (Callable 07/15/24 @ 102.56)(1) |
(B+, B1) | 07/15/29 | 5.125 | 168,286 | |||||||||||||
400 | Level 3 Financing, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 102.13)(1) |
(B, B1) | 07/01/28 | 4.250 | 258,117 | |||||||||||||
600 | Level 3 Financing, Inc., Rule 144A, Company Guaranteed Notes (Callable 01/15/24 @ 101.81)(1) |
(B, B1) | 01/15/29 | 3.625 | 360,570 | |||||||||||||
500 | Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes (Callable 07/10/23 @ 101.25)(1),(9) |
(BB-, Ba3) | 04/15/27 | 5.000 | 578,132 | |||||||||||||
400 | Vmed O2 U.K. Financing I PLC, Rule 144A, Senior Secured Notes (Callable 01/31/26 @ 102.13)(1) |
(BB-, Ba3) | 01/31/31 | 4.250 | 323,850 | |||||||||||||
|
|
|||||||||||||||||
5,002,958 | ||||||||||||||||||
|
|
|||||||||||||||||
Theaters & Entertainment (2.1%) |
||||||||||||||||||
1,538 | AMC Entertainment Holdings, Inc.,10.00% Cash, 12.00% PIK, Rule 144A, Secured Notes (Callable 07/11/23 @ 106.00)(1),(3) |
(CCC-, Caa3) | 06/15/26 | 10.000 | 1,105,386 | |||||||||||||
1,025 | Live Nation Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 100.00)(1) |
(B+, B2) | 11/01/24 | 4.875 | 1,010,345 | |||||||||||||
700 | Live Nation Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 101.41)(1) |
(B+, B2) | 03/15/26 | 5.625 | 684,715 | |||||||||||||
325 | Live Nation Entertainment, Inc., Rule 144A, Company Guaranteed Notes (Callable 07/31/23 @ 103.56)(1) |
(B+, B2) | 10/15/27 | 4.750 | 303,561 | |||||||||||||
|
|
|||||||||||||||||
3,104,007 | ||||||||||||||||||
|
|
|||||||||||||||||
Transport Infrastructure/Services (1.5%) |
||||||||||||||||||
1,400 | XPO Escrow Sub LLC, Rule 144A, Company Guaranteed Notes (Callable 11/15/24 @ 103.75)(1) |
(BB+, Baa3) | 11/15/27 | 7.500 | 1,431,823 | |||||||||||||
200 | XPO, Inc., Rule 144A, Company Guaranteed Notes (Callable 06/01/26 @ 103.56)(1) |
(BB-, Ba3) | 06/01/31 | 7.125 | 200,723 | |||||||||||||
645 | XPO, Inc., Rule 144A, Senior Secured Notes (Callable 06/01/25 @ 103.13)(1) |
(BBB-, Ba1) | 06/01/28 | 6.250 | 635,325 | |||||||||||||
|
|
|||||||||||||||||
2,267,871 | ||||||||||||||||||
|
|
|||||||||||||||||
TOTAL CORPORATE BONDS (Cost $154,648,650) |
142,084,562 | |||||||||||||||||
|
|
|||||||||||||||||
BANK LOANS (28.0%) |
||||||||||||||||||
Advertising (0.4%) |
||||||||||||||||||
23 | MH Sub I LLC (1st Lien Term Loan), 1 mo. USD LIBOR + 3.750%(10) |
(B, B1) | 09/13/24 | 8.852 | 22,585 | |||||||||||||
555 | MH Sub I LLC (Incremental Term Loan), 1 mo. USD LIBOR + 3.750%(10) |
(B, B1) | 09/13/24 | 8.852 | 555,817 | |||||||||||||
|
|
|||||||||||||||||
578,402 | ||||||||||||||||||
|
|
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
BANK LOANS (continued) |
||||||||||||||||||
Aerospace & Defense (1.3%) |
||||||||||||||||||
$ | 1,050 | Amentum Government Services Holdings LLC, 1 mo. USD Term SOFR + 8.750%(10) |
(NR, NR) | 01/31/28 | 13.967 | $ | 959,438 | |||||||||||
297 | Amentum Government Services Holdings LLC, 1 mo. USD Term SOFR + 4.000%(8),(10) |
(B, B2) | 02/15/29 | 9.147 | 291,060 | |||||||||||||
728 | Peraton Corp., 3 mo. USD Term SOFR + 7.750%(10) |
(NR, NR) | 02/01/29 | 12.979 | 707,628 | |||||||||||||
|
|
|||||||||||||||||
1,958,126 | ||||||||||||||||||
|
|
|||||||||||||||||
Auto Parts & Equipment (0.4%) |
||||||||||||||||||
259 | Jason Group, Inc., 1 mo. USD LIBOR + 1.000% Cash, 9.000% PIK(3),(8),(10) |
(NR, WR) | 03/02/26 | 15.193 | 256,101 | |||||||||||||
333 | Jason Group, Inc., 1 mo. USD LIBOR + 2.000% Cash, 4.000% PIK(3),(10) |
(NR, WR) | 08/28/25 | 11.193 | 282,040 | |||||||||||||
|
|
|||||||||||||||||
538,141 | ||||||||||||||||||
|
|
|||||||||||||||||
Building Materials (0.3%) |
||||||||||||||||||
532 | Cornerstone Building Brands, Inc., 1 mo. USD Term SOFR + 5.625%(10) |
(B, B2) | 08/01/28 | 10.772 | 511,867 | |||||||||||||
|
|
|||||||||||||||||
Chemicals (1.2%) |
||||||||||||||||||
347 | Ascend Performance Materials Operations LLC, 3 mo. USD Term SOFR + 4.750%(10) |
(B+, Ba3) | 08/27/26 | 9.715 | 340,569 | |||||||||||||
741 | Luxembourg Investment Co. 428 Sarl, 3 mo. USD Term SOFR + 5.000%(10) |
(B-, B2) | 01/03/29 | 10.392 | 551,450 | |||||||||||||
568 | Polar U.S. Borrower LLC, 3 mo. USD Term SOFR + 4.750%(10) |
(CCC+, B3) | 10/15/25 | 9.721 ‑ 9.827 | 450,412 | |||||||||||||
544 | Zep, Inc., 3 mo. USD LIBOR + 4.000%(10) |
(CCC+, B3) | 08/12/24 | 9.242 | 467,464 | |||||||||||||
|
|
|||||||||||||||||
1,809,895 | ||||||||||||||||||
|
|
|||||||||||||||||
Diversified Capital Goods (0.9%) |
||||||||||||||||||
597 | Dynacast International LLC, 3 mo. USD Term SOFR + 9.000%(10) |
(CCC, Caa2) | 10/22/25 | 14.325 | 453,679 | |||||||||||||
1,021 | Electrical Components International, Inc., U.S. (Fed) Prime Rate + 7.500%(8),(10) |
(B-, B2) | 06/26/25 | 15.750 | 957,116 | |||||||||||||
|
|
|||||||||||||||||
1,410,795 | ||||||||||||||||||
|
|
|||||||||||||||||
Electronics (1.0%) |
||||||||||||||||||
1,518 | Idemia Group, 3 mo. USD LIBOR + 4.500%(10) |
(B, B2) | 01/09/26 | 10.038 | 1,513,561 | |||||||||||||
|
|
|||||||||||||||||
Food & Drug Retailers (0.5%) |
||||||||||||||||||
1,000 | WOOF Holdings, Inc., 3 mo. USD LIBOR + 7.250%(10) |
(CCC, Caa2) | 12/21/28 | 12.421 | 810,000 | |||||||||||||
|
|
|||||||||||||||||
Gas Distribution (0.7%) |
||||||||||||||||||
998 | Traverse Midstream Partners LLC, 1 mo. USD Term SOFR + 3.750%(10) |
(B+, B2) | 02/16/28 | 8.937 | 991,410 | |||||||||||||
|
|
|||||||||||||||||
Health Facility (0.3%) |
||||||||||||||||||
532 | Carestream Health, Inc., 3 mo. USD Term SOFR + 7.500%(10) |
(B-, Caa1) | 09/30/27 | 12.842 | 389,783 | |||||||||||||
|
|
|||||||||||||||||
Health Services (0.8%) |
||||||||||||||||||
819 | MedAssets Software Intermediate Holdings, Inc., 1 mo. USD LIBOR + 6.750%(10) |
(CCC-, Caa3) | 12/17/29 | 11.943 | 491,912 | |||||||||||||
802 | U.S. Radiology Specialists, Inc., 1 mo. USD Term SOFR + 5.250%(8),(10) |
(B-, B3) | 12/15/27 | 10.452 | 781,899 | |||||||||||||
|
|
|||||||||||||||||
1,273,811 | ||||||||||||||||||
|
|
|||||||||||||||||
Hotels (0.6%) |
||||||||||||||||||
899 | Aimbridge Acquisition Co., Inc.(11) |
(CCC+, B3) | 02/02/26 | 0.000 | 881,950 | |||||||||||||
|
|
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
BANK LOANS (continued) |
||||||||||||||||||
Insurance Brokerage (0.6%) |
||||||||||||||||||
$ | 846 | Hub International Ltd., 1 mo. USD LIBOR + 3.250%, 3 mo. USD LIBOR + 3.250%(10) |
(B, B2) | 04/25/25 | 8.404 ‑ 8.788 | $ | 845,926 | |||||||||||
|
|
|||||||||||||||||
Investments & Misc. Financial Services (1.5%) |
||||||||||||||||||
1,500 | AqGen Ascensus, Inc., 1 mo. USD LIBOR + 6.500%(10) |
(CCC, Caa2) | 08/02/29 | 11.688 | 1,350,000 | |||||||||||||
865 | Deerfield Dakota Holding LLC, 3 mo. USD LIBOR + 6.750%(10) |
(CCC, Caa2) | 04/07/28 | 12.288 | 811,571 | |||||||||||||
476 | Ditech Holding Corp.(5),(6),(7),(8) |
(NR, WR) | 06/30/22 | 0.000 | 28,545 | |||||||||||||
|
|
|||||||||||||||||
2,190,116 | ||||||||||||||||||
|
|
|||||||||||||||||
Machinery (1.1%) |
||||||||||||||||||
1,398 | LTI Holdings, Inc., 1 mo. USD LIBOR + 6.750%(10),(12) |
(CCC+, Caa2) | 09/06/26 | 11.967 | 1,198,431 | |||||||||||||
433 | LTI Holdings, Inc., 1 mo. USD LIBOR + 3.500%(10) |
(B-, B2) | 09/06/25 | 8.717 | 416,875 | |||||||||||||
|
|
|||||||||||||||||
1,615,306 | ||||||||||||||||||
|
|
|||||||||||||||||
Media - Diversified (0.4%) |
||||||||||||||||||
214 | Technicolor Creative Studios, 3 mo. EUR EURIBOR + 5.000%(4),(10) |
(NR, NR) | 06/05/30 | 8.476 | — | |||||||||||||
101 | Technicolor Creative Studios, 6 mo. EUR EURIBOR + 5.000%(4),(8),(10) |
(NR, NR) | 07/31/26 | 15.335 | 109,278 | |||||||||||||
95 | Technicolor Creative Studios(4),(8),(11) |
(NR, NR) | 07/31/26 | 0.000 | 102,232 | |||||||||||||
529 | Technicolor Creative Studios, 3 mo. EUR EURIBOR + 5.000%(4),(10) |
(NR, NR) | 06/08/33 | 8.547 | 373,797 | |||||||||||||
|
|
|||||||||||||||||
585,307 | ||||||||||||||||||
|
|
|||||||||||||||||
Medical Products (1.4%) |
||||||||||||||||||
627 | Femur Buyer, Inc., 3 mo. USD Term SOFR + 5.500%(8),(10) |
(CCC+, NR) | 08/05/25 | 11.003 | 560,213 | |||||||||||||
900 | Viant Medical Holdings, Inc., 1 mo. USD LIBOR + 7.750%(10),(12) |
(CCC-, Caa3) | 07/02/26 | 12.943 | 799,875 | |||||||||||||
682 | Viant Medical Holdings, Inc., 1 mo. USD LIBOR + 6.250%(8),(10) |
(CCC+, B3) | 07/02/25 | 11.443 | 678,867 | |||||||||||||
|
|
|||||||||||||||||
2,038,955 | ||||||||||||||||||
|
|
|||||||||||||||||
Personal & Household Products (1.5%) |
||||||||||||||||||
800 | ABG Intermediate Holdings 2 LLC, 1 mo. USD Term SOFR + 6.000%(10) |
(CCC+, Caa1) | 12/20/29 | 11.202 | 748,000 | |||||||||||||
1,100 | Serta Simmons Bedding LLC, 1 mo. USD LIBOR + 9.500%(10) |
(NR, NR) | 08/10/23 | 14.448 | 1,109,180 | |||||||||||||
741 | Serta Simmons Bedding LLC, 3 mo. USD LIBOR + 9.500%(10) |
(NR, NR) | 08/10/23 | 15.014 | 443,302 | |||||||||||||
|
|
|||||||||||||||||
2,300,482 | ||||||||||||||||||
|
|
|||||||||||||||||
Pharmaceuticals (0.3%) |
||||||||||||||||||
384 | Akorn, Inc.(5),(6) |
(NR, WR) | 10/01/25 | 0.000 | 404,672 | |||||||||||||
|
|
|||||||||||||||||
Recreation & Travel (1.8%) |
||||||||||||||||||
763 | Bulldog Purchaser, Inc., 1 mo. USD Term SOFR + 7.750%(10) |
(CCC-, Caa3) | 09/04/26 | 12.952 | 598,043 | |||||||||||||
966 | Bulldog Purchaser, Inc., 1 mo. USD Term SOFR + 3.750%(10) |
(B-, B3) | 09/05/25 | 8.952 | 906,032 | |||||||||||||
523 | Hornblower Sub LLC, 3 mo. USD LIBOR + 4.500%(10) |
(CCC-, Caa2) | 04/27/25 | 10.481 | 255,021 | |||||||||||||
773 | Hornblower Sub LLC (2020 Super Priority Term Loan), 3 mo. USD LIBOR + 8.125%(10) |
(NR, NR) | 11/10/25 | 13.446 | 770,779 | |||||||||||||
200 | Hornblower Sub LLC (2022 Incremental Term Loan), 3 mo. USD LIBOR + 8.125%(10) |
(NR, NR) | 11/20/25 | 13.446 | 199,375 | |||||||||||||
|
|
|||||||||||||||||
2,729,250 | ||||||||||||||||||
|
|
|||||||||||||||||
Restaurants (0.1%) |
||||||||||||||||||
200 | Tacala LLC, 1 mo. USD LIBOR + 7.500%(10) |
(CCC, Caa2) | 02/04/28 | 12.693 | 189,500 | |||||||||||||
|
|
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
BANK LOANS (continued) |
||||||||||||||||||
Software - Services (8.0%) |
||||||||||||||||||
$ | 1,190 | Aston FinCo Sarl, 1 mo. USD LIBOR + 4.250%(8),(10) |
(B-, B3) | 10/09/26 | 9.443 | $ | 1,023,820 | |||||||||||
595 | Astra Acquisition Corp., 1 mo. USD LIBOR + 5.250%(10) |
(B-, B1) | 10/25/28 | 10.443 | 419,413 | |||||||||||||
600 | CommerceHub, Inc., 3 mo. USD Term SOFR + 7.000%(10) |
(CCC, Caa2) | 12/29/28 | 12.217 | 469,800 | |||||||||||||
1,250 | Epicor Software Corp., 1 mo. USD Term SOFR + 7.750%(10) |
(CCC, Caa2) | 07/31/28 | 12.953 | 1,253,650 | |||||||||||||
460 | Finastra USA, Inc., 3 mo. USD LIBOR + 3.500%, 6 mo. USD LIBOR + 3.500%(10) |
(CCC+, B3) | 06/13/24 | 9.038 ‑ 9.231 | 443,626 | |||||||||||||
2,011 | Finastra USA, Inc., 6 mo. USD LIBOR + 7.250%(10) |
(CCC-, Caa3) | 06/13/25 | 12.788 | 1,832,596 | |||||||||||||
499 | Genuine Financial Holdings LLC(11) |
(B, B2) | 07/11/25 | 0.000 | 498,638 | |||||||||||||
1,930 | Hyland Software, Inc., 1 mo. USD LIBOR + 3.500%(10) |
(B-, B2) | 07/01/24 | 8.693 | 1,916,133 | |||||||||||||
280 | Hyland Software, Inc., 1 mo. USD LIBOR + 6.250%(10) |
(CCC, Caa2) | 07/07/25 | 11.467 | 270,550 | |||||||||||||
1,047 | Open Text Corp., 1 mo. USD Term SOFR + 3.500%(10) |
(BBB-, Ba1) | 01/31/30 | 8.584 | 1,052,586 | |||||||||||||
1,191 | Project Alpha Intermediate Holding, Inc., 1 mo. USD LIBOR + 4.000%(10) |
(B, B3) | 04/26/24 | 9.200 | 1,190,041 | |||||||||||||
994 | Quest Software U.S. Holdings, Inc., 3 mo. USD Term SOFR + 4.250%(10) |
(CCC+, B2) | 02/01/29 | 9.445 | 776,362 | |||||||||||||
130 | Redstone Holdco 2 LP, 3 mo. USD LIBOR + 7.750%(10) |
(CCC+, Caa3) | 04/27/29 | 13.042 | 82,116 | |||||||||||||
892 | Redstone Holdco 2 LP, 3 mo. USD LIBOR + 4.750%(10) |
(B-, B3) | 04/27/28 | 10.005 | 746,999 | |||||||||||||
|
|
|||||||||||||||||
11,976,330 | ||||||||||||||||||
|
|
|||||||||||||||||
Support - Services (0.8%) |
||||||||||||||||||
400 | LaserShip, Inc., 1 mo. USD LIBOR + 7.500%(8),(10) |
(CCC-, Caa3) | 05/07/29 | 12.693 | 300,000 | |||||||||||||
795 | LaserShip, Inc., 1 mo. USD LIBOR + 4.500%(8),(10) |
(CCC+, B3) | 05/07/28 | 9.693 | 660,221 | |||||||||||||
400 | TruGreen Ltd. Partnership, 3 mo. USD LIBOR + 8.500%(8),(10) |
(CCC, Caa3) | 11/02/28 | 13.773 | 238,000 | |||||||||||||
|
|
|||||||||||||||||
1,198,221 | ||||||||||||||||||
|
|
|||||||||||||||||
Telecom - Wireline Integrated & Services (1.2%) |
||||||||||||||||||
1,247 | Patagonia Holdco LLC, 3 mo. USD Term SOFR + 5.750%(10) |
(NR, B1) | 08/01/29 | 10.789 | 1,065,782 | |||||||||||||
875 | TVC Albany, Inc., 1 mo. USD Term SOFR + 7.500%(10),(12) |
(CCC, Caa2) | 07/23/26 | 12.584 | 804,729 | |||||||||||||
|
|
|||||||||||||||||
1,870,511 | ||||||||||||||||||
|
|
|||||||||||||||||
Theaters & Entertainment (0.9%) |
||||||||||||||||||
1,293 | William Morris Endeavor Entertainment LLC, 1 mo. USD LIBOR + 2.750%(10) |
(B+, B3) | 05/18/25 | 7.950 | 1,292,081 | |||||||||||||
|
|
|||||||||||||||||
TOTAL BANK LOANS (Cost $45,006,017) |
41,904,398 | |||||||||||||||||
|
|
|||||||||||||||||
ASSET BACKED SECURITIES (7.5%) |
||||||||||||||||||
Collateralized Debt Obligations (7.5%) |
||||||||||||||||||
650 | Anchorage Capital CLO 15 Ltd., 2020-15A, Rule 144A, 3 mo. USD LIBOR + 7.400%(1),(10) |
(NR, Ba3) | 07/20/34 | 12.650 | 572,864 | |||||||||||||
1,000 | Anchorage Capital CLO 25 Ltd., 2022-25A, Rule 144A, 3 mo. USD Term SOFR + 7.170%(1),(10) |
(NR, Ba3) | 04/20/35 | 12.218 | 910,477 | |||||||||||||
500 | Anchorage Credit Funding 4 Ltd., 2016-4A, Rule 144A(1) |
(NR, Ba3) | 04/27/39 | 6.659 | 397,696 | |||||||||||||
750 | Battalion CLO 18 Ltd., 2020-18A, Rule 144A, 3 mo. USD LIBOR + 6.710%(1),(10) |
(BB-, NR) | 10/15/36 | 11.970 | 606,718 | |||||||||||||
1,000 | Battalion CLO XV Ltd., 2020-15A, Rule 144A, 3 mo. USD LIBOR + 6.350%(1),(10) |
(BB-, NR) | 01/17/33 | 11.610 | 833,121 | |||||||||||||
1,000 | Cedar Funding VI CLO Ltd., 2016-6A, Rule 144A, 3 mo. USD LIBOR + 6.720%(1),(10) |
(BB-, NR) | 04/20/34 | 11.970 | 891,968 |
Par (000) |
Ratings† (S&P/Moody’s) |
Maturity |
Rate% |
Value |
||||||||||||||
ASSET BACKED SECURITIES (continued) |
||||||||||||||||||
Collateralized Debt Obligations |
||||||||||||||||||
$ | 1,000 | CIFC Funding Ltd., 2017-1A, Rule 144A, 3 mo. USD LIBOR + 3.500%(1),(10) |
(NR, Baa2) | 04/23/29 | 8.761 | $ | 978,784 | |||||||||||
1,000 | KKR CLO 14 Ltd., Rule 144A, 3 mo. USD LIBOR + 6.150%(1),(10) |
(NR, B1) | 07/15/31 | 11.410 | 853,808 | |||||||||||||
1,000 | KKR CLO Ltd., 16, Rule 144A, 3 mo. USD LIBOR + 7.110%(1),(10) |
(BB-, NR) | 10/20/34 | 12.360 | 857,222 | |||||||||||||
1,000 | Marble Point CLO XXIII Ltd., 2021-4A, Rule 144A, 3 mo. USD LIBOR + 5.750%(1),(10) |
(NR, Ba1) | 01/22/35 | 11.023 | 907,474 | |||||||||||||
400 | MP CLO III Ltd., 2013-1A, Rule 144A, 3 mo. USD LIBOR + 3.050%(1),(10) |
(NR, Ba1) | 10/20/30 | 8.300 | 352,616 | |||||||||||||
1,000 | Oaktree CLO Ltd., 2019-4A, Rule 144A, 3 mo. USD LIBOR + 7.230%(1),(10) |
(BB-, NR) | 10/20/32 | 12.480 | 929,737 | |||||||||||||
1,000 | Palmer Square Credit Funding Ltd., 2019-1A, Rule 144A(1) |
(NR, Baa2) | 04/20/37 | 5.459 | 892,419 | |||||||||||||
1,000 | Venture 41 CLO Ltd., 2021-41A, Rule 144A, 3 mo. USD LIBOR + 7.710%(1),(10) |
(BB-, NR) | 01/20/34 | 12.960 | 890,954 | |||||||||||||
400 | Vibrant CLO VII Ltd., 2017-7A, Rule 144A, 3 mo. USD LIBOR + 3.600%(1),(10) |
(NR, Baa3) | 09/15/30 | 8.850 | 359,941 | |||||||||||||
|
|
|||||||||||||||||
TOTAL ASSET BACKED SECURITIES (Cost $12,459,441) |
11,235,799 | |||||||||||||||||
|
|
|||||||||||||||||
Shares |
||||||||||||||||||
COMMON STOCKS (0.8%) |
||||||||||||||||||
Auto Parts & Equipment (0.2%) |
||||||||||||||||||
37,432 | Jason, Inc.(6) |
336,890 | ||||||||||||||||
|
|
|||||||||||||||||
Chemicals (0.4%) |
||||||||||||||||||
2,794 | Project Investor Holdings LLC(6),(7),(8),(12) |
28 | ||||||||||||||||
46,574 | Proppants Holdings LLC(6),(7),(8),(12) |
|
931 | |||||||||||||||
10,028 | UTEX Industries, Inc.(6) |
645,131 | ||||||||||||||||
|
|
|||||||||||||||||
646,090 | ||||||||||||||||||
|
|
|||||||||||||||||
Pharmaceuticals (0.0%) |
||||||||||||||||||
45,583 | Akorn, Inc.(6) |
13,675 | ||||||||||||||||
|
|
|||||||||||||||||
Private Placement (0.1%) |
||||||||||||||||||
2,826,020 | Technicolor Creative Studios SA(6),(13) |
105,445 | ||||||||||||||||
|
|
|||||||||||||||||
Specialty Retail (0.0%) |
||||||||||||||||||
69 | Eagle Investments Holding Co. LLC, Class B(6),(7),(8) |
— | ||||||||||||||||
|
|
|||||||||||||||||
Support - Services (0.0%) |
||||||||||||||||||
800 | LTR Holdings, Inc.(6),(7),(8),(12) |
1,184 | ||||||||||||||||
|
|
|||||||||||||||||
Theaters & Entertainment (0.1%) |
||||||||||||||||||
307,692 | Vantiva SA(4),(6) |
|
71,278 | |||||||||||||||
|
|
|||||||||||||||||
TOTAL COMMON STOCKS (Cost $2,730,930) |
1,174,562 | |||||||||||||||||
|
|
|||||||||||||||||
WARRANTS (0.0%) |
||||||||||||||||||
Chemicals (0.0%) |
||||||||||||||||||
11,643 | Project Investor Holdings LLC, expires 02/20/2022(6),(7),(8),(12) |
|
— |
Shares |
Value |
|||||||||||||||||
WARRANTS (continued) |
||||||||||||||||||
Private Placement (0.0%) |
||||||||||||||||||
819,286 | Technicolor Creative Studios SA(6),(13) |
$ | 30,569 | |||||||||||||||
|
|
|||||||||||||||||
TOTAL WARRANTS (Cost $6,054) |
30,569 | |||||||||||||||||
|
|
|||||||||||||||||
SHORT-TERM INVESTMENTS (11.7%) |
||||||||||||||||||
6,591,439 | State Street Institutional U.S. Government Money Market Fund - Premier Class, 5.03% |
6,591,439 | ||||||||||||||||
10,826,798 | State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%(14) |
10,826,798 | ||||||||||||||||
|
|
|||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $17,418,237) |
17,418,237 | |||||||||||||||||
|
|
|||||||||||||||||
TOTAL INVESTMENTS AT VALUE (143.1%) (Cost $232,269,329) |
213,848,127 | |||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (-43.1%) |
(64,449,124 | ) | ||||||||||||||||
|
|
|||||||||||||||||
NET ASSETS (100.0%) |
$ | 149,399,003 | ||||||||||||||||
|
|
† | Credit ratings given by the S&P Global Ratings Division of S&P Global Inc. (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) are unaudited. |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities amounted to a value of $149,035,957 or 99.8% of net assets. |
(2) | Security or portion thereof is out on loan (See Note 2-K). |
(3) | PIK: Payment-in-kind security for which part of the income earned may be paid as additional principal. |
(4) | This security is denominated in Euro. |
(5) | Bond is currently in default. |
(6) | Non-income producing security. |
(7) | Not readily marketable security; security is valued at fair value as determined in good faith by Credit Suisse Asset Management, LLC as the Fund’s valuation designee under the oversight of the Board of Directors. |
(8) | Security is valued using significant unobservable inputs. |
(9) | This security is denominated in British Pound. |
(10) | Variable rate obligation - The interest rate shown is the rate in effect as of June 30, 2023. The rate may be subject to a cap and floor. |
(11) | The rates on certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The interest rate shown is the rate in effect as of June 30, 2023. |
(12) | Illiquid security. |
(13) | Security is held through holdings of 100 shares of the CIG Special Purpose SPC - Credit Suisse Asset Management Income Fund Segregated Portfolio, an affiliated entity. |
(14) | Represents security purchased with cash collateral received for securities on loan. |
Forward Currency to be Purchased |
Forward Currency to be Sold |
Expiration Date |
Counterparty |
Value on Settlement Date |
Current Value/Notional |
Unrealized Appreciation |
||||||||||||||||||||||
EUR |
473,540 | USD | 503,537 | 10/11/23 | Barclays Bank PLC | $ | 503,537 | $ | 519,187 | $ | 15,650 | |||||||||||||||||
EUR |
439,102 | USD | 465,587 | 10/11/23 | Deutsche Bank AG | 465,587 | 481,429 | 15,842 | ||||||||||||||||||||
EUR |
69,379 | USD | 75,704 | 10/11/23 | JPMorgan Chase | 75,704 | 76,066 | 362 | ||||||||||||||||||||
EUR |
494,747 | USD | 518,119 | 10/11/23 | Morgan Stanley | 518,119 | 542,439 | 24,320 | ||||||||||||||||||||
GBP |
15,119 | USD | 17,160 | 10/11/23 | Deutsche Bank AG | 17,160 | 19,224 | 2,064 | ||||||||||||||||||||
GBP |
11,096 | USD | 13,786 | 10/11/23 | JPMorgan Chase | 13,786 | 14,109 | 323 | ||||||||||||||||||||
USD |
44,994 | EUR | 40,746 | 10/11/23 | JPMorgan Chase | (44,994 | ) | (44,673 | ) | 321 | ||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Total Unrealized Appreciation |
|
$ | 58,882 | |||||||||||||||||||||||||
|
|
Forward Currency to be Purchased |
Forward Currency to be Sold |
Expiration Date |
Counterparty |
Value on Settlement Date |
Current Value/Notional |
Unrealized Depreciation |
||||||||||||||||||||||
USD |
2,933,963 | EUR | 2,890,364 | 10/11/23 | Deutsche Bank AG | $ | (2,933,963 | ) | $ | (3,168,979 | ) | $ | (235,016 | ) | ||||||||||||||
USD |
11,837 | GBP | 9,647 | 10/11/23 | Barclays Bank PLC | (11,837 | ) | (12,266 | ) | (429 | ) | |||||||||||||||||
USD |
537,061 | GBP | 480,394 | 10/11/23 | Deutsche Bank AG | (537,061 | ) | (610,823 | ) | (73,762 | ) | |||||||||||||||||
|
|
|||||||||||||||||||||||||||
Total Unrealized Depreciation |
|
$ | (309,207 | ) | ||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Total Net Unrealized Appreciation/(Depreciation) |
|
$ | (250,325 | ) | ||||||||||||||||||||||||
|
|
Assets |
||||
Investments at value, including collateral for securities on loan of $10,826,798 (Cost $232,269,329) (Note 2) |
$ | 213,848,127 | 1 | |
Foreign currency at value (Cost $4,971) |
5,035 | |||
Cash segregated at brokers for forwards contracts (Note 2) |
300,000 | |||
Interest receivable |
3,498,702 | |||
Receivable for investments sold |
689,880 | |||
Deferred offering costs (Note 7) |
571,505 | |||
Unrealized appreciation on forward foreign currency contracts (Note 2) |
58,882 | |||
Prepaid expenses and other assets |
18,226 | |||
|
|
|||
Total assets |
218,990,357 | |||
|
|
|||
Liabilities |
||||
Investment advisory fee payable (Note 3) |
177,665 | |||
Administrative services fee payable (Note 3) |
14,667 | |||
Loan payable (Note 4) |
55,000,000 | |||
Payable upon return of securities loaned (Note 2) |
10,826,798 | |||
Payable for investments purchased |
2,049,304 | |||
Interest payable (Note 4) |
729,563 | |||
Due to custodian |
310,742 | |||
Unrealized depreciation on forward foreign currency contracts (Note 2) |
309,207 | |||
Directors’ fee payable |
53,212 | |||
Accrued expenses |
120,196 | |||
|
|
|||
Total liabilities |
69,591,354 | |||
|
|
|||
Net Assets |
||||
Applicable to |
$ | 149,399,003 | ||
|
|
|||
Net Assets |
||||
Capital stock, $.001 par value (Note 6) |
52,645 | |||
Paid‑in capital (Note 6) |
193,867,731 | |||
Total distributable earnings (loss) |
(44,521,373 | ) | ||
|
|
|||
Net assets |
$ | 149,399,003 | ||
|
|
|||
Net Asset Value Per Share |
$2.84 | |||
|
|
|||
Market Price Per Share |
$2.94 | |||
|
|
1 | Includes $10,613,714 of securities on loan. |
Investment Income |
||||
Interest |
$ | 8,690,617 | ||
Securities lending (net of rebates) |
31,614 | |||
|
|
|||
Total investment income |
8,722,231 | |||
|
|
|||
Expenses |
||||
Investment advisory fees (Note 3) |
350,749 | |||
Administrative services fees (Note 3) |
31,103 | |||
Interest expense (Note 4) |
1,630,592 | |||
Directors’ fees |
66,453 | |||
Printing fees |
38,053 | |||
Custodian fees |
33,239 | |||
Legal fees |
28,471 | |||
Audit and tax fees |
26,976 | |||
Commitment fees (Note 4) |
24,133 | |||
Transfer agent fees |
23,551 | |||
Stock exchange listing fees |
8,326 | |||
Insurance expense |
3,458 | |||
Miscellaneous expense |
5,060 | |||
|
|
|||
Total expenses |
2,270,164 | |||
|
|
|||
Net investment income |
6,452,067 | |||
|
|
|||
Net Realized and Unrealized Gain (Loss) from Investments, Foreign Currency and Forward Foreign Currency Contracts |
||||
Net realized loss from investments |
(9,770,582 | ) | ||
Net realized gain from foreign currency transactions |
5,062 | |||
Net change in unrealized appreciation (depreciation) from investments |
15,923,999 | |||
Net change in unrealized appreciation (depreciation) from foreign currency translations |
(6,576 | ) | ||
Net change in unrealized appreciation (depreciation) from forward foreign currency contracts |
(45,498 | ) | ||
|
|
|||
Net realized and unrealized gain from investments, foreign currency and forward foreign currency contracts |
6,106,405 | |||
|
|
|||
Net increase in net assets resulting from operations |
$ | 12,558,472 | ||
|
|
For the Six Months Ended June 30, 2023 (unaudited) |
For the Year Ended December 31, 2022 |
|||||||
From Operations |
||||||||
Net investment income |
$ | 6,452,067 | $ | 12,209,827 | ||||
Net realized loss from investments, foreign currency transactions and forward foreign currency contracts |
(9,765,520 | ) | (2,734,929 | ) | ||||
Net change in unrealized appreciation (depreciation) from investments, foreign currency translations and forward foreign currency contracts |
15,871,925 | (31,873,386 | ) | |||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations |
12,558,472 | (22,398,488 | ) | |||||
|
|
|
|
|||||
From Distributions |
||||||||
From distributable earnings |
(7,106,023 | ) | (12,261,813 | ) | ||||
Return of capital |
— | (1,895,583 | ) | |||||
|
|
|
|
|||||
Net decrease in net assets resulting from distributions |
(7,106,023 | ) | (14,157,396 | ) | ||||
|
|
|
|
|||||
From Capital Share Transactions (Note 6) |
||||||||
Net proceeds from at‑the‑market offering (Note 7) |
— | 808,859 | ||||||
Reinvestment of distributions |
32,523 | 47,275 | ||||||
|
|
|
|
|||||
Net increase in net assets from capital share transactions |
32,523 | 856,134 | ||||||
|
|
|
|
|||||
Net increase (decrease) in net assets |
5,484,972 | (35,699,750 | ) | |||||
Net Assets |
||||||||
Beginning of period |
143,914,031 | 179,613,781 | ||||||
|
|
|
|
|||||
End of period |
$ | 149,399,003 | $ | 143,914,031 | ||||
|
|
|
|
Reconciliation of Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities |
||||||||
Net increase in net assets resulting from operations |
$ | 12,558,472 | ||||||
|
|
|||||||
Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Provided by Operating Activities |
||||||||
Decrease in interest receivable |
$ | 23,707 | ||||||
Increase in accrued expenses |
4,595 | |||||||
Increase in payable upon return of securities loaned |
3,939,283 | |||||||
Increase in interest payable |
597,840 | |||||||
Increase in prepaid expenses and other assets |
(17,649 | ) | ||||||
Increase in investment advisory fee payable |
4,557 | |||||||
Net amortization of a premium or accretion of a discount on investments |
(422,774 | ) | ||||||
Increase in cash segregated at brokers |
(300,000 | ) | ||||||
Purchases of long-term securities, net of change in payable for investments purchased |
(44,744,322 | ) | ||||||
Sales of long-term securities, net of change in receivable for investments sold |
52,759,390 | |||||||
Net proceeds from sales (purchases) of short-term securities |
(6,190,730 | ) | ||||||
Net change in unrealized (appreciation) depreciation from investments and forward foreign currency contracts |
(15,878,501 | ) | ||||||
Net realized loss from investments |
9,770,582 | |||||||
Total adjustments |
(454,022 | ) | ||||||
|
|
|||||||
Net cash provided by operating activities1 |
$ | 12,104,450 | ||||||
|
|
|||||||
Cash Flows From Financing Activities |
||||||||
Borrowings on revolving credit facility |
5,000,000 | |||||||
Repayments of credit facility |
(10,500,000 | ) | ||||||
Cash distributions paid |
(7,073,500 | ) | ||||||
|
|
|||||||
Net cash used in financing activities |
(12,573,500) | |||||||
|
|
|||||||
Net decrease in cash |
(469,050 | ) | ||||||
Cash — beginning of period |
163,343 | |||||||
|
|
|||||||
Cash — end of period |
$ | (305,707 | ) | |||||
|
|
|||||||
Non‑Cash Activity: |
||||||||
Issuance of shares through dividend reinvestments |
$ | 32,523 | ||||||
|
|
1 | Included in net cash provided by operating activities is cash of $1,032,752 paid for interest on borrowings. |
For the Six Months Ended June 30, 2023 (unaudited) |
For the Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Per share operating performance |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 2.73 | $ | 3.43 | $ | 3.42 | $ | 3.48 | $ | 3.21 | $ | 3.58 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INVESTMENT OPERATIONS |
||||||||||||||||||||||||
Net investment income1 |
0.12 | 0.23 | 0.23 | 0.27 | 0.26 | 0.27 | ||||||||||||||||||
Net gain (loss) from investments, foreign currency transactions and forward foreign currency contracts(both realized and unrealized) |
0.13 | (0.66 | ) | 0.05 | (0.06 | ) | 0.28 | (0.37 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment activities |
0.25 | (0.43 | ) | 0.28 | 0.21 | 0.54 | (0.10 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DIVIDENDS AND DISTRIBUTIONS |
||||||||||||||||||||||||
Dividends from net investment income |
(0.14 | ) | (0.23 | ) | (0.24 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||
Return of capital |
— | (0.04 | ) | (0.03 | ) | — | (0.00 | )2 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total dividends and distributions |
(0.14 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 2.84 | $ | 2.73 | $ | 3.43 | $ | 3.42 | $ | 3.48 | $ | 3.21 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Per share market value, end of period |
$ | 2.94 | $ | 2.52 | $ | 3.43 | $ | 3.15 | $ | 3.22 | $ | 2.77 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL INVESTMENT RETURN3 |
||||||||||||||||||||||||
Net asset value |
9.35 | % | (12.46 | )% | 8.51 | % | 8.08 | % | 18.17 | % | (2.39 | )% | ||||||||||||
Market value |
22.64 | % | (19.19 | )% | 17.82 | % | 7.58 | % | 26.71 | % | (8.89 | )% | ||||||||||||
RATIOS AND SUPPLEMENTAL DATA |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$ | 149,399 | $ | 143,914 | $ | 179,614 | $ | 178,641 | $ | 182,030 | $ | 167,897 | ||||||||||||
Ratio of net expenses to average net assets |
3.09 | %4 | 1.91 | % | 1.07 | % | 1.25 | % | 1.92 | % | 1.82 | % | ||||||||||||
Ratio of net expenses to average net assets excluding interest expense |
0.87 | %4 | 0.89 | % | 0.80 | % | 0.75 | % | 0.78 | % | 0.78 | % | ||||||||||||
Ratio of net investment income to average net assets |
8.77 | %4 | 7.79 | % | 6.70 | % | 8.55 | % | 7.59 | % | 7.83 | % | ||||||||||||
Asset Coverage per $1,000 of Indebtedness |
$ | 3,716 | $ | 3,379 | $ | 4,070 | $ | 4,162 | $ | 4,021 | $ | 3,373 | ||||||||||||
Portfolio turnover rate5 |
21 | % | 42 | % | 53 | % | 36 | % | 35 | % | 39 | % |
1 | Per share information is calculated using the average shares outstanding method. |
2 | This amount represents less than $(0.01) per share. |
3 | Total investment return at net asset value is based on changes in the net asset value of Fund shares and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the stock exchange during the period and assumes reinvestment of distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment program. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on NAV and share price. Total returns for periods less than one year are not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
• | Level 1 — quoted prices in active markets for identical investments |
• | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities |
||||||||||||||||
Corporate Bonds |
$ | — | $ | 141,999,525 | $ | 85,037 | $ | 142,084,562 | ||||||||
Bank Loans |
— | 35,917,046 | 5,987,352 | 41,904,398 | ||||||||||||
Asset Backed Securities |
— | 11,235,799 | — | 11,235,799 | ||||||||||||
Common Stocks |
105,445 | 1,066,974 | 2,143 | 1,174,562 | ||||||||||||
Warrants |
30,569 | — | 0 | 1 | 30,569 | |||||||||||
Short-term Investments |
17,418,237 | — | — | 17,418,237 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 17,554,251 | $ | 190,219,344 | $ | 6,074,532 | $ | 213,848,127 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments* |
||||||||||||||||
Forward Foreign Currency Contracts |
$ | — | $ | 58,882 | $ | — | $ | 58,882 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments* |
||||||||||||||||
Forward Foreign Currency Contracts |
$ | — | $ | 309,207 | $ | — | $ | 309,207 | ||||||||
|
|
|
|
|
|
|
|
1 | Included a zero valued security. |
* | Other financial instruments include unrealized appreciation (depreciation) on forward foreign currency contracts. |
Corporate Bonds |
Bank Loans |
Common Stocks |
Warrant | Total | ||||||||||||||||
Balance as of December 31, 2022 |
$ | 94,488 | $ | 4,620,480 | $ | 302,487 | $ | 73 | (1) | $ | 5,017,528 | |||||||||
Accrued discounts (premiums) |
(18,502 | ) | (1,387 | ) | — | — | (19,889 | ) | ||||||||||||
Purchases |
— | 192,791 | — | — | 192,791 | |||||||||||||||
Sales |
(32,968 | ) | (555,864 | ) | (92,783 | ) | — | (681,615 | ) | |||||||||||
Realized gain (loss) |
(224,808 | ) | 16 | (2,594,921 | ) | (3,965 | ) | (2,823,678 | ) | |||||||||||
Change in unrealized appreciation (depreciation) |
266,827 | 131,817 | 2,401,035 | 3,892 | 2,803,571 | |||||||||||||||
Transfers into Level 3 |
— | 1,989,281 | — | — | 1,989,281 | |||||||||||||||
Transfers out of Level 3 |
— | (389,782 | ) | (13,675 | ) | — | (403,457 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as of June 30, 2023 |
$ | 85,037 | $ | 5,987,352 | $ | 2,143 | $ | 0 | (1) | $ | 6,074,532 | |||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023 |
$ | (5,722 | ) | $ | 148,592 | $ | — | $ | — | $ | 142,870 |
(1) | Includes a zero valued security. |
Asset Class | Fair Value At 06/30/2023 |
Valuation Technique |
Unobservable Input |
Price Range (Weighted Average)* |
||||||||||||
Bank Loans |
$ | 5,987,352 | Vendor pricing | Single Broker Quote | $ | 0.06 ‑ $1.08 ($0.90) | ||||||||||
Corporate Bonds |
68,162 | Income Approach | Expected Remaining Distribution | 0.52 - 0.64 (0.58) | ||||||||||||
16,875 | Vendor pricing | Single Broker Quote | 0.01 (N/A) | |||||||||||||
Common Stocks |
2,143 | Income Approach | Expected Remaining Distribution | 0.00 - 1.48 (0.83) | ||||||||||||
Warrant |
0 | Income Approach | Expected Remaining Distribution | 0.00 (N/A) |
* | Weighted by relative fair value |
Primary Underlying Risk | Derivative Assets |
Derivative Liabilities |
Realized Gain (Loss) |
Net Change in Unrealized Appreciation (Depreciation) |
||||||||||||
Foreign currency exchange rate Forward contracts |
$ | 58,882 | $ | 309,207 | $ | — | $ | (45,498 | ) |
Counterparty | Gross Amount of Derivative Assets Presented in the Statement of Assets and Liabilities(a) |
Financial Instruments and Derivatives Available for Offset |
Non‑Cash Collateral Received |
Cash Collateral Received |
Net Amount of Derivative Assets |
|||||||||||||||
Barclays Bank PLC |
$ | 15,650 | $ | (429 | ) | $ | — | $ | — | $ | 15,221 | |||||||||
Deutsche Bank AG |
17,906 | (17,906 | ) | — | — | — | ||||||||||||||
JPMorgan Chase |
1,006 | — | — | — | 1,006 | |||||||||||||||
Morgan Stanley |
24,320 | — | — | — | 24,320 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 58,882 | $ | (18,335 | ) | $ | — | $ | — | $ | 40,547 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Counterparty | Gross Amount of Derivative Liabilities Presented in the Statement of Assets and Liabilities(a) |
Financial Instruments and Derivatives Available for Offset |
Non‑Cash Collateral Pledged |
Cash Collateral Pledged(b) |
Net Amount of Derivative Liabilities |
|||||||||||||||
Barclays Bank PLC |
$ | 429 | $ | (429 | ) | $ | — | $ | — | $ | — | |||||||||
Deutsche Bank AG |
308,778 | (17,906 | ) | — | (290,872 | ) | — | |||||||||||||
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$ | 309,207 | $ | (18,335 | ) | $ | — | $ | (290,872 | ) | $ | — | |||||||||
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(a) | Forward foreign currency contracts are included. |
(b) | The actual collateral pledged may be more than the amounts shown. |
Market Value of Loaned Securities |
Market Value of Cash Collateral |
Total Collateral |
||||||||
$ | 10,613,714 | $ | 10,826,798 | $ | 10,826,798 |
Gross Asset Amounts Presented in the Statement of Assets and Liabilities(a) |
Collateral Received(b) |
Net Amount |
||||||||
$ | 10,613,714 | $ | (10,613,714 | ) | $ | — |
(a) | Represents market value of loaned securities at period end. |
(b) | The actual collateral received is greater than the amount shown here due to collateral requirements of the security lending agreement. |
Average Daily Loan Balance |
Weighted Average Interest Rate % |
Maximum Daily Loan Outstanding |
Interest Expense | Number of Days Outstanding |
||||||||||||||
$ | 57,546,961 | 5.636 | % | $ | 62,500,000 | $ | 1,630,592 | 181 |
Investment Securities | U.S. Government/ Agency Obligations |
|||||||||||||
Purchases | Sales | Purchases | Sales | |||||||||||
$ | 41,486,615 | $ | 51,691,967 | $ | 0 | $ | 0 |
For the Six Months Ended June 30, 2023 |
For the Year Ended December 31, 2022 |
|||||||
Shares issued through at‑the‑market offerings |
— | 277,489 | ||||||
Shares issued through reinvestment of distributions |
11,554 | 16,822 | ||||||
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Net increase |
11,554 | 294,311 | ||||||
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NAME OF DIRECTOR | FOR |
WITHHELD | ||
Samantha Kappagoda |
31,102,090 | 3,277,153 | ||
Steven Rappaport |
31,097,893 | 3,281,350 |
• | The contractual and net advisory fees for the Fund were reasonable in relation to the services provided by Credit Suisse. |
• | The Board was satisfied by the nature, extent and quality of the investment advisory services provided to the Fund by Credit Suisse, and that, based on dialogue with management and counsel, the services to be provided by Credit Suisse, under the Interim Advisory Agreement and New Advisory Agreement are typical of, and consistent with, those provided to similar mutual funds by other investment advisers. |
• | In light of the costs of providing investment management and other services to the Fund and Credit Suisse’s ongoing commitment to the Fund and willingness to base the fee on an average weekly base amount which, with respect to each quarter, is the average of the lower of (i) the stock price (market value) of the Fund’s outstanding shares and (ii) the Fund’s net assets, in each case determined as of the last trading day for each week during that quarter, Credit Suisse’s net profitability based on fees payable under the Fund’s Interim Advisory Agreement and New Advisory Agreement, as well as other ancillary benefits that Credit Suisse and its affiliates received, were considered reasonable. |
• | In light of the information received and considered by the Board, the Fund’s current fee structure was considered reasonable. |
• | Information we receive from you on applications, forms, agreements, questionnaires, Credit Suisse websites and other websites that are part of our investment program, or in the course of establishing or maintaining a customer relationship, such as your name, address, e‑mail address, Social Security number, assets, income, financial situation; and |
• | Information we obtain from your transactions and experiences with us, our affiliates, or others, such as your account balances or other investment information, assets purchased and sold, and other parties to a transaction, where applicable. |
• | We do not disclose nonpublic personal information about our individual investors, except as permitted or required by law or regulation. Whether you are an individual investor or institutional investor, we may share the information described above with our affiliates that perform services on our behalf, and with our asset management and private banking affiliates; as well as with unaffiliated third parties that perform services on our behalf, such as our accountants, auditors, attorneys, broker-dealers, fund administrators, and other service providers. |
• | We want our investors to be informed about additional products or services. We do not disclose nonpublic personal information relating to individual investors to our affiliates for marketing purposes, nor do we use such information received from our affiliates to solicit individual investors for such purposes. Whether you are an individual investor or an institutional investor, we may disclose information, including nonpublic personal information, regarding our transactions and experiences with you to our affiliates. |
• | In addition, whether you are an individual investor or an institutional investor, we reserve the right to disclose information, including nonpublic personal information, about you to any person or entity, including without limitation any governmental agency, regulatory authority or self-regulatory organization having jurisdiction over us or our affiliates, if (i) we determine in our discretion that such disclosure is necessary or advisable pursuant to or in connection with any United States federal, state or local, or non‑U.S., court order (or other legal process), law, rule, regulation, or executive order or policy, including without limitation any anti-money laundering law or the USA PATRIOT Act of 2001; and (ii) such disclosure is not otherwise prohibited by law, rule, regulation, or executive order or policy. |
• | To protect nonpublic personal information about individual investors, we restrict access to those employees and agents who need to know that information to provide products or services to us and to our investors. We maintain physical, electronic, and procedural safeguards to protect nonpublic personal information. |
• | By calling 1‑800‑293‑1232 |
• | On the Fund’s website, www.credit-suisse.com/us/funds |
• | On the website of the Securities and Exchange Commission, www.sec.gov |
Credit Suisse Commodity Return Strategy Fund | Credit Suisse Strategic Income Fund | |
Credit Suisse Floating Rate High Income Fund | Credit Suisse Managed Futures Strategy Fund | |
Credit Suisse Multialternative Strategy Fund |
By Internet: | www.computershare.com |
By phone: | (800) 730‑6001 (U.S. and Canada) |
(781) 575‑3100 (Outside U.S. and Canada) |
By mail: | Credit Suisse Asset Management Income Fund, Inc. |
c/o Computershare |
P.O. Box 43006 |
Providence, RI 02940-3078 |
Computershare |
150 Royall St., Suite 101 |
Canton, MA 02021 |
Item 2. Code of Ethics.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 6. Schedule of Investments.
(a) | This schedule is included as part of the report to shareholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated March 17, 2023.
Item 11. Controls and Procedures.
(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s most recent fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(3) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC. | ||
/s/John G. Popp | ||
Name: John G. Popp | ||
Title: Chief Executive Officer and President | ||
Date: August 23, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/John G. Popp | ||
Name: John G. Popp | ||
Title: Chief Executive Officer and President | ||
Date: August 23, 2023 | ||
/s/Omar Tariq | ||
Name: Omar Tariq | ||
Title: Chief Financial Officer and Treasurer | ||
Date: August 23, 2023 |
EX-99.CERT
EXHIBIT 13(a)(2)
CERTIFICATIONS
I, Omar Tariq, certify that:
1. I have reviewed this report on Form N-CSR of Credit Suisse Asset Management Income Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 23, 2023
/s/ Omar Tariq |
Omar Tariq |
Chief Financial Officer and Treasurer |
I, John G. Popp, certify that:
1. I have reviewed this report on Form N-CSR of Credit Suisse Asset Management Income Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 23, 2023
/s/ John G. Popp |
John G. Popp |
Chief Executive Officer and President |
EX-99.906CERT
EXHIBIT 13(b)
SECTION 906 CERTIFICATIONS
SECTION 906 CERTIFICATION
John G. Popp, Chief Executive Officer and President, and Omar Tariq, Chief Financial Officer and Treasurer, of Credit Suisse Asset Management Income Fund, Inc. (the “Fund”), each certify to his knowledge that:
(1) The Fund’s periodic report on Form N-CSR for the period ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
/s/John G. Popp | /s/ Omar Tariq | |||
John G. Popp | Omar Tariq | |||
Chief Executive Officer and President | Chief Financial Officer and Treasurer | |||
August 23, 2023 | August 23, 2023 |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.
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