UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-08777
CREDIT SUISSE HIGH YIELD BOND FUND
(Exact name of registrant as specified in charter)
c/o Credit Suisse Asset Management, LLC
Eleven Madison Avenue
New York, New York 10010
(Address of principal executive offices) (Zip code)
John G. Popp
Eleven Madison Avenue
New York, New York 10010
(Name and address of agent for service)
Registrants telephone number, including area code: (212) 325-2000 | ||
Date of fiscal year-end: | October 31st | |
Date of reporting period: | November 1, 2018 to January 31, 2019 |
Item 1: Schedule of Investments
Credit Suisse High Yield Bond Fund
Schedule of Investments
January 31, 2019 (unaudited)
Par (000) |
Ratings (S&P/Moodys) |
Maturity | Rate% | Value | ||||||||||||||
CORPORATE BONDS (113.8%) |
||||||||||||||||||
Aerospace & Defense (0.8%) |
||||||||||||||||||
$ | 1,940 | TransDigm, Inc., Rule 144A, Senior Secured Notes |
(B+, NR) | 03/15/26 | 6.250 | $ | 1,973,950 | |||||||||||
|
|
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Auto Parts & Equipment (1.3%) |
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2,650 | Cooper-Standard Automotive, Inc., Rule 144A, Company Guaranteed Notes |
(B+, B1) | 11/15/26 | 5.625 | 2,404,875 | |||||||||||||
1,000 | Delphi Technologies PLC, Rule 144A, Company Guaranteed Notes(1) |
(BB, B1) | 10/01/25 | 5.000 | 860,000 | |||||||||||||
|
|
|||||||||||||||||
3,264,875 | ||||||||||||||||||
|
|
|||||||||||||||||
Brokerage (3.4%) |
||||||||||||||||||
1,400 | Jefferies Finance LLC, Rule 144A, Senior Unsecured Notes |
(B+, B1) | 04/15/22 | 6.875 | 1,389,500 | |||||||||||||
2,950 | Jefferies Finance LLC, Rule 144A, Senior Unsecured Notes |
(B+, B1) | 04/15/21 | 7.500 | 2,990,563 | |||||||||||||
4,450 | LPL Holdings, Inc., Rule 144A, Company Guaranteed Notes |
(BB-, B2) | 09/15/25 | 5.750 | 4,386,810 | |||||||||||||
|
|
|||||||||||||||||
8,766,873 | ||||||||||||||||||
|
|
|||||||||||||||||
Building & Construction (1.0%) |
||||||||||||||||||
2,771 | TopBuild Corp., Rule 144A, Company Guaranteed Notes |
(BB-, B1) | 05/01/26 | 5.625 | 2,604,740 | |||||||||||||
|
|
|||||||||||||||||
Building Materials (10.7%) |
||||||||||||||||||
1,500 | American Builders & Contractors Supply Co., Inc., |
(B+, B3) | 05/15/26 | 5.875 | 1,508,850 | |||||||||||||
1,150 | American Builders & Contractors Supply Co., Inc., |
(B+, B3) | 12/15/23 | 5.750 | 1,184,500 | |||||||||||||
2,300 | American Woodmark Corp., Rule 144A, Company Guaranteed Notes |
(BB, Ba3) | 03/15/26 | 4.875 | 2,144,750 | |||||||||||||
2,225 | BMC East LLC, Rule 144A, Senior Secured Notes |
(BB, B2) | 10/01/24 | 5.500 | 2,130,437 | |||||||||||||
675 | Core & Main LP, Rule 144A, Senior Unsecured Notes |
(B-, Caa1) | 08/15/25 | 6.125 | 646,313 | |||||||||||||
750 | James Hardie International Finance DAC, Rule 144A, Company Guaranteed Notes |
(BB, Ba1) | 01/15/25 | 4.750 | 716,250 | |||||||||||||
1,970 | James Hardie International Finance DAC, Rule 144A, Company Guaranteed Notes |
(BB, Ba1) | 01/15/28 | 5.000 | 1,782,850 | |||||||||||||
800 | Jeld-Wen, Inc., Rule 144A, Company Guaranteed
Notes |
(BB-, B1) | 12/15/25 | 4.625 | 728,000 | |||||||||||||
2,500 | Jeld-Wen, Inc., Rule 144A, Company Guaranteed
Notes |
(BB-, B1) | 12/15/27 | 4.875 | 2,218,750 | |||||||||||||
1,130 | Masonite International Corp., Rule 144A, Company Guaranteed Notes |
(BB+, Ba3) | 09/15/26 | 5.750 | 1,101,750 | |||||||||||||
3,900 | Omnimax International, Inc., Rule 144A, Senior Secured Notes |
(B-, Caa1) | 08/15/20 | 12.000 | 3,943,875 | |||||||||||||
3,540 | PriSo Acquisition Corp., Rule 144A, Senior Unsecured Notes |
(CCC+, Caa1) | 05/15/23 | 9.000 | 3,553,275 | |||||||||||||
1,185 | Standard Industries, Inc. Rule 144A, Senior Unsecured Notes |
(BBB-, Ba2) | 01/15/28 | 4.750 | 1,075,743 | |||||||||||||
1,500 | Standard Industries, Inc., Rule 144A, Senior Unsecured Notes |
(BBB-, Ba2) | 02/15/27 | 5.000 | 1,406,250 | |||||||||||||
1,000 | Summit Materials Finance Corp., Global Company Guaranteed Notes |
(BB, B3) | 04/15/22 | 8.500 | 1,050,000 | |||||||||||||
975 | U.S. Concrete, Inc., Global Company Guaranteed Notes |
(BB-, B3) | 06/01/24 | 6.375 | 951,600 | |||||||||||||
1,600 | USG Corp., Rule 144A, Company Guaranteed Notes |
(BB+, Ba2) | 06/01/27 | 4.875 | 1,630,560 | |||||||||||||
|
|
|||||||||||||||||
27,773,753 | ||||||||||||||||||
|
|
|||||||||||||||||
Cable & Satellite TV (10.1%) |
||||||||||||||||||
2,065 | Altice Financing S.A., Rule 144A, Senior Secured Notes |
(B+, B2) | 02/15/23 | 6.625 | 2,081,107 | |||||||||||||
2,300 | Altice Financing S.A., Rule 144A, Senior Secured Notes |
(B+, B2) | 05/15/26 | 7.500 | 2,185,000 | |||||||||||||
650 | Altice France S.A., Rule 144A, Senior Secured Notes |
(B, B2) | 05/01/26 | 7.375 | 628,056 | |||||||||||||
2,800 | Altice France S.A., Rule 144A, Senior Secured Notes |
(B, B2) | 05/15/24 | 6.250 | 2,755,340 |
Par (000) |
Ratings (S&P/Moodys) |
Maturity | Rate% | Value | ||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Cable & Satellite TV |
||||||||||||||||||
$ | 4,000 | Block Communications, Inc., Rule 144A, Senior Unsecured Notes |
(BB-, Ba3) | 02/15/25 | 6.875 | $ | 4,120,000 | |||||||||||
1,315 | CSC Holdings LLC, Global Senior Unsecured Notes |
(B-, B3) | 06/01/24 | 5.250 | 1,265,687 | |||||||||||||
750 | CSC Holdings LLC, Rule 144A, Company Guaranteed Notes |
(BB-, Ba3) | 02/01/28 | 5.375 | 722,812 | |||||||||||||
525 | CSC Holdings LLC, Rule 144A, Company Guaranteed Notes |
(BB-, Ba2) | 04/15/27 | 5.500 | 514,490 | |||||||||||||
800 | CSC Holdings LLC, Rule 144A, Company Guaranteed Notes |
(BB-, Ba2) | 10/15/25 | 6.625 | 839,000 | |||||||||||||
2,200 | CSC Holdings LLC, Rule 144A, Senior Secured Notes |
(BB-, Ba3) | 07/15/23 | 5.375 | 2,229,590 | |||||||||||||
840 | CSC Holdings LLC, Rule 144A, Senior Unsecured Notes |
(B-, B3) | 10/15/25 | 10.875 | 970,360 | |||||||||||||
1,750 | Midcontinent Finance Corp., Rule 144A, Company Guaranteed Notes |
(B, B3) | 08/15/23 | 6.875 | 1,811,250 | |||||||||||||
2,000 | Telenet Finance Luxembourg Notes Sarl, Rule 144A, Senior Secured Notes |
(BB-, Ba3) | 03/01/28 | 5.500 | 1,900,000 | |||||||||||||
1,000 | Virgin Media Secured Finance PLC, Rule 144A, Senior Secured Notes |
(BB-, Ba3) | 04/15/27 | 5.000 | 1,279,936 | |||||||||||||
3,250 | Ziggo B.V., Rule 144A, Senior Secured Notes |
(B+, B1) | 01/15/27 | 5.500 | 3,079,375 | |||||||||||||
|
|
|||||||||||||||||
26,382,003 | ||||||||||||||||||
|
|
|||||||||||||||||
Chemicals (5.7%) |
||||||||||||||||||
2,000 | Alpha 2 B.V., 8.75% Cash, 9.50% PIK, Rule 144A, Senior Unsecured Notes |
(CCC+, Caa1) | 06/01/23 | 8.750 | 1,945,000 | |||||||||||||
2,100 | Alpha U.S. Bidco, Inc., Rule 144A, Company Guaranteed Notes |
(CCC+, Caa1) | 02/01/25 | 6.250 | 1,995,840 | |||||||||||||
2,200 | Ingevity Corp., Rule 144A, Senior Unsecured Notes |
(NR, Ba3) | 02/01/26 | 4.500 | 2,018,500 | |||||||||||||
1,000 | Nufarm Americas, Inc., Rule 144A, Company Guaranteed Notes |
(BB-, B1) | 04/30/26 | 5.750 | 930,000 | |||||||||||||
272 | Reichhold Industries, Inc., Rule 144A, Senior Secured |
(NR, NR) | 05/01/19 | 9.000 | 3,667 | |||||||||||||
950 | Starfruit U.S. Holdco LLC, Rule 144A, Senior Unsecured Notes |
(B-, Caa1) | 10/01/26 | 8.000 | 950,000 | |||||||||||||
1,200 | Starfruit U.S. Holdco LLC, Rule 144A, Senior Unsecured Notes |
(B-, Caa1) | 10/01/26 | 6.500 | 1,332,809 | |||||||||||||
2,000 | Trinseo Materials Finance, Inc., Rule 144A, Company Guaranteed Notes |
(BB-, B2) | 09/01/25 | 5.375 | 1,820,600 | |||||||||||||
1,250 | Tronox, Inc., Rule 144A, Company Guaranteed Notes |
(B-, B3) | 04/15/26 | 6.500 | 1,098,437 | |||||||||||||
2,625 | Venator Materials LLC, Rule 144A, Company Guaranteed Notes |
(BB-, B2) | 07/15/25 | 5.750 | 2,185,312 | |||||||||||||
675 | Versum Materials, Inc., Rule 144A, Company Guaranteed Notes |
(BB+, Ba3) | 09/30/24 | 5.500 | 686,813 | |||||||||||||
|
|
|||||||||||||||||
14,966,978 | ||||||||||||||||||
|
|
|||||||||||||||||
Consumer/Commercial/Lease Financing (0.3%) |
||||||||||||||||||
775 | Lincoln Finance Ltd., Rule 144A, Senior Secured Notes |
(BB+, B1) | 04/15/21 | 7.375 | 785,656 | |||||||||||||
|
|
|||||||||||||||||
Diversified Capital Goods (1.6%) |
||||||||||||||||||
2,050 | Anixter, Inc., Global Company Guaranteed Notes |
(BB, Ba3) | 03/01/23 | 5.500 | 2,101,250 | |||||||||||||
250 | Anixter, Inc., Rule 144A, Company Guaranteed Notes |
(BB, Ba3) | 12/01/25 | 6.000 | 256,875 | |||||||||||||
360 | EnerSys, Rule 144A, Company Guaranteed Notes |
(BB+, Ba2) | 04/30/23 | 5.000 | 359,100 | |||||||||||||
1,500 | Stevens Holding Co., Inc., Rule 144A, Company Guaranteed Notes |
(B+, B2) | 10/01/26 | 6.125 | 1,523,070 | |||||||||||||
|
|
|||||||||||||||||
4,240,295 | ||||||||||||||||||
|
|
|||||||||||||||||
Electronics (1.9%) |
||||||||||||||||||
2,625 | Entegris, Inc., Rule 144A, Company Guaranteed Notes |
(BB, Ba2) | 02/10/26 | 4.625 | 2,559,375 |
Par (000) |
Ratings (S&P/Moodys) |
Maturity | Rate% | Value | ||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Electronics |
||||||||||||||||||
$ | 2,250 | Sensata Technologies B.V., Rule 144A, Company Guaranteed Notes(1) |
(BB+, Ba3) | 10/01/25 | 5.000 | $ | 2,272,500 | |||||||||||
|
|
|||||||||||||||||
4,831,875 | ||||||||||||||||||
|
|
|||||||||||||||||
Energy - Exploration & Production (1.7%) |
||||||||||||||||||
1,981 | Talos Production Finance, Inc., Global Secured Notes |
(NR, NR) | 04/03/22 | 11.000 | 2,052,558 | |||||||||||||
2,500 | W&T Offshore, Inc., Rule 144A, Secured Notes |
(B, B3) | 11/01/23 | 9.750 | 2,443,750 | |||||||||||||
|
|
|||||||||||||||||
4,496,308 | ||||||||||||||||||
|
|
|||||||||||||||||
Food - Wholesale (1.4%) |
||||||||||||||||||
2,100 | Clearwater Seafoods, Inc., Rule 144A, Senior Unsecured Notes |
(B+, B3) | 05/01/25 | 6.875 | 2,029,125 | |||||||||||||
1,550 | U.S. Foods, Inc., Rule 144A, Company Guaranteed Notes |
(BB, B2) | 06/15/24 | 5.875 | 1,582,612 | |||||||||||||
|
|
|||||||||||||||||
3,611,737 | ||||||||||||||||||
|
|
|||||||||||||||||
Gaming (3.4%) |
||||||||||||||||||
825 | Boyd Gaming Corp., Global Company Guaranteed Notes |
(B, B3) | 08/15/26 | 6.000 | 828,094 | |||||||||||||
2,500 | Churchill Downs, Inc., Rule 144A, Company Guaranteed Notes |
(B+, Ba3) | 01/15/28 | 4.750 | 2,409,375 | |||||||||||||
2,000 | Gateway Casinos & Entertainment Ltd., Rule 144A, |
(CCC+, Caa1) | 03/01/24 | 8.250 | 2,070,000 | |||||||||||||
2,200 | Jacobs Entertainment, Inc., Rule 144A, Secured Notes |
(B, B2) | 02/01/24 | 7.875 | 2,316,160 | |||||||||||||
1,250 | MGP Finance Co-Issuer, Inc. Rule 144A, Company
Guaranteed Notes |
(BB-, B1) | 02/01/27 | 5.750 | 1,262,312 | |||||||||||||
|
|
|||||||||||||||||
8,885,941 | ||||||||||||||||||
|
|
|||||||||||||||||
Gas Distribution (2.5%) |
||||||||||||||||||
800 | CNX Midstream Finance Corp., Rule 144A, Senior Unsecured Notes |
(BB-, B3) | 03/15/26 | 6.500 | 791,000 | |||||||||||||
1,250 | Genesis Energy Finance Corp., Company Guaranteed Notes |
(B+, B1) | 05/15/26 | 6.250 | 1,152,344 | |||||||||||||
2,750 | Genesis Energy Finance Corp., Company Guaranteed Notes |
(B+, B1) | 06/15/24 | 5.625 | 2,543,750 | |||||||||||||
2,000 | Holly Energy Finance Corp., Rule 144A, Company Guaranteed Notes |
(BB, B2) | 08/01/24 | 6.000 | 2,025,000 | |||||||||||||
|
|
|||||||||||||||||
6,512,094 | ||||||||||||||||||
|
|
|||||||||||||||||
Health Facilities (2.3%) |
||||||||||||||||||
1,250 | HCA, Inc., Company Guaranteed Notes |
(BB-, Ba2) | 09/01/28 | 5.625 | 1,295,700 | |||||||||||||
2,200 | HCA, Inc., Senior Secured Notes |
(BBB-, Baa3) | 03/15/24 | 5.000 | 2,294,600 | |||||||||||||
2,625 | Sabra Health Care LP, Global Company Guaranteed Notes |
(BBB-, Ba1) | 08/15/26 | 5.125 | 2,468,828 | |||||||||||||
|
|
|||||||||||||||||
6,059,128 | ||||||||||||||||||
|
|
|||||||||||||||||
Health Services (2.6%) |
||||||||||||||||||
2,500 | AMN Healthcare, Inc., Rule 144A, Company Guaranteed Notes |
(BB-, Ba2) | 10/01/24 | 5.125 | 2,487,500 | |||||||||||||
715 | CareTrust Capital Corp., Company Guaranteed Notes |
(BB, Ba3) | 06/01/25 | 5.250 | 698,913 | |||||||||||||
1,700 | Sotera Health Holdings LLC, Rule 144A, Senior Unsecured Notes |
(CCC+, Caa1) | 05/15/23 | 6.500 | 1,717,000 | |||||||||||||
1,950 | Sotera Health Topco, Inc., 8.125% Cash, 8.875% PIK, Rule 144A, Senior Unsecured
Notes |
(CCC+, Caa2) | 11/01/21 | 8.125 | 1,950,000 | |||||||||||||
|
|
|||||||||||||||||
6,853,413 | ||||||||||||||||||
|
|
|||||||||||||||||
Hotels (1.1%) |
||||||||||||||||||
3,000 | ESH Hospitality, Inc., Rule 144A, Company Guaranteed Notes |
(BB-, Ba3) | 05/01/25 | 5.250 | 2,973,300 | |||||||||||||
|
|
Par (000) |
Ratings (S&P/Moodys) |
Maturity | Rate% | Value | ||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Insurance Brokerage (3.6%) |
||||||||||||||||||
$ | 500 | Acrisure Finance, Inc., Rule 144A, Senior Secured Notes |
(B, B2) | 02/15/24 | 8.125 | $ | 509,688 | |||||||||||
3,530 | Acrisure Finance, Inc., Rule 144A, Senior Unsecured Notes |
(CCC+, Caa2) | 11/15/25 | 7.000 | 3,088,750 | |||||||||||||
2,500 | HUB International Ltd., Rule 144A, Senior Unsecured Notes |
(CCC+, Caa2) | 05/01/26 | 7.000 | 2,431,250 | |||||||||||||
3,375 | NFP Corp., Rule 144A, Senior Unsecured Notes |
(CCC+, Caa2) | 07/15/25 | 6.875 | 3,223,125 | |||||||||||||
|
|
|||||||||||||||||
9,252,813 | ||||||||||||||||||
|
|
|||||||||||||||||
Investments & Misc. Financial Services (2.7%) |
||||||||||||||||||
3,700 | Compass Group Diversified Holdings LLC, Rule 144A, Senior Unsecured Notes |
(B-, B3) | 05/01/26 | 8.000 | 3,755,500 | |||||||||||||
3,125 | Orchestra Co-Issuer, Inc., Rule 144A, Secured
Notes |
(B-, B1) | 06/15/22 | 6.750 | 3,179,688 | |||||||||||||
|
|
|||||||||||||||||
6,935,188 | ||||||||||||||||||
|
|
|||||||||||||||||
Machinery (1.9%) |
||||||||||||||||||
1,000 | Itron, Inc., Rule 144A, Company Guaranteed Notes |
(BB-, B2) | 01/15/26 | 5.000 | 955,950 | |||||||||||||
2,485 | Rexnord LLC, Rule 144A, Company Guaranteed Notes |
(B+, B1) | 12/15/25 | 4.875 | 2,410,450 | |||||||||||||
1,575 | Terex Corp., Rule 144A, Company Guaranteed Notes |
(BB, B2) | 02/01/25 | 5.625 | 1,525,781 | |||||||||||||
|
|
|||||||||||||||||
4,892,181 | ||||||||||||||||||
|
|
|||||||||||||||||
Media - Diversified (0.5%) |
||||||||||||||||||
500 | National CineMedia LLC, Global Senior Secured Notes |
(B+, Ba3) | 04/15/22 | 6.000 | 506,250 | |||||||||||||
750 | National CineMedia LLC, Global Senior Unsecured Notes |
(B-, B3) | 08/15/26 | 5.750 | 678,750 | |||||||||||||
|
|
|||||||||||||||||
1,185,000 | ||||||||||||||||||
|
|
|||||||||||||||||
Media Content (2.1%) |
||||||||||||||||||
2,625 | EMI Music Publishing Group North America Holdings, Inc., Rule 144A, Company Guaranteed
Notes |
(B, B3) | 06/15/24 | 7.625 | 2,790,847 | |||||||||||||
750 | Netflix, Inc., Global Senior Unsecured Notes |
(BB-, Ba3) | 02/15/25 | 5.875 | 778,838 | |||||||||||||
800 | Netflix, Inc., Rule 144A, Senior Unsecured Notes(1) |
(BB-, Ba3) | 11/15/28 | 5.875 | 813,000 | |||||||||||||
1,000 | WMG Acquisition Corp., Rule 144A, Senior Secured Notes |
(B+, Ba3) | 11/01/24 | 4.875 | 985,000 | |||||||||||||
|
|
|||||||||||||||||
5,367,685 | ||||||||||||||||||
|
|
|||||||||||||||||
Metals & Mining - Excluding Steel (4.8%) |
||||||||||||||||||
2,200 | Cleveland-Cliffs, Inc., Rule 144A, Senior Secured Notes |
(BB-, Ba2) | 01/15/24 | 4.875 | 2,123,000 | |||||||||||||
2,950 | Eldorado Gold Corp., Rule 144A, Company Guaranteed Notes |
(B, B2) | 12/15/20 | 6.125 | 2,817,250 | |||||||||||||
2,150 | First Quantum Minerals Ltd., Rule 144A, Company Guaranteed Notes |
(B, NR) | 03/01/26 | 6.875 | 1,956,500 | |||||||||||||
2,000 | Kaiser Aluminum Corp., Global Company Guaranteed Notes |
(BB+, Ba3) | 05/15/24 | 5.875 | 2,035,000 | |||||||||||||
3,925 | Taseko Mines Ltd., Rule 144A, Senior Secured Notes |
(B, B3) | 06/15/22 | 8.750 | 3,503,063 | |||||||||||||
|
|
|||||||||||||||||
12,434,813 | ||||||||||||||||||
|
|
|||||||||||||||||
Oil Field Equipment & Services (4.3%) |
||||||||||||||||||
3,330 | FTS International, Inc., Global Senior Secured Notes |
(B, B3) | 05/01/22 | 6.250 | 3,130,200 | |||||||||||||
300 | KCA Deutag UK Finance PLC, Rule 144A, Senior Secured Notes |
(B-, B3) | 05/15/21 | 7.250 | 240,000 | |||||||||||||
2,000 | KCA Deutag UK Finance PLC, Rule 144A, Senior Secured Notes |
(B-, B3) | 04/01/22 | 9.875 | 1,560,000 | |||||||||||||
675 | Nine Energy Service, Inc., Rule 144A, Senior Unsecured Notes |
(B, B3) | 11/01/23 | 8.750 | 680,063 | |||||||||||||
414 | Nor Offshore SPV Ltd., PIK, Senior Secured Notes |
(NR, NR) | 02/04/20 | 8.400 | 149,025 |
Par (000) |
Ratings (S&P/Moodys) |
Maturity | Rate% | Value | ||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Oil Field Equipment & Services |
||||||||||||||||||
$ | 2,130 | Pioneer Energy Services Corp., Global Company Guaranteed Notes |
(CCC, Caa2) | 03/15/22 | 6.125 | $ | 1,299,300 | |||||||||||
3,750 | Shelf Drilling Holdings Ltd., Rule 144A, Company Guaranteed Notes |
(B-, B2) | 02/15/25 | 8.250 | 3,417,187 | |||||||||||||
850 | Trinidad Drilling Ltd., Rule 144A, Company Guaranteed Notes |
(BB-, B3) | 02/15/25 | 6.625 | 859,562 | |||||||||||||
|
|
|||||||||||||||||
11,335,337 | ||||||||||||||||||
|
|
|||||||||||||||||
Oil Refining & Marketing (2.0%) |
||||||||||||||||||
1,000 | CITGO Petroleum Corp., Rule 144A, Senior Secured Notes |
(B+, B3) | 08/15/22 | 6.250 | 990,000 | |||||||||||||
4,100 | Coffeyville Finance, Inc., Global Company Guaranteed Notes |
(BB-, B1) | 11/01/22 | 6.500 | 4,130,750 | |||||||||||||
|
|
|||||||||||||||||
5,120,750 | ||||||||||||||||||
|
|
|||||||||||||||||
Packaging (3.1%) |
||||||||||||||||||
1,000 | Ardagh Holdings U.S.A., Inc., Rule 144A, Company Guaranteed Notes |
(B, B3) | 02/15/25 | 6.000 | 975,000 | |||||||||||||
1,500 | Crown Americas Capital Corp. VI, Global Company Guaranteed Notes |
(BB-, Ba3) | 02/01/26 | 4.750 | 1,473,750 | |||||||||||||
2,500 | Flex Acquisition Co., Inc., Rule 144A, Senior Unsecured Notes |
(CCC+, Caa1) | 01/15/25 | 6.875 | 2,350,000 | |||||||||||||
3,400 | TriMas Corp., Rule 144A, Company Guaranteed Notes |
(BB-, Ba3) | 10/15/25 | 4.875 | 3,304,375 | |||||||||||||
|
|
|||||||||||||||||
8,103,125 | ||||||||||||||||||
|
|
|||||||||||||||||
Personal & Household Products (1.2%) |
||||||||||||||||||
2,000 | High Ridge Brands Co., Rule 144A, Company Guaranteed Notes |
(CC, Caa3) | 03/15/25 | 8.875 | 870,000 | |||||||||||||
1,822 | Mattel, Inc., Rule 144A, Company Guaranteed Notes |
(BB-, B1) | 12/31/25 | 6.750 | 1,726,345 | |||||||||||||
550 | Prestige Brands, Inc., Rule 144A, Company Guaranteed Notes |
(B, Caa1) | 03/01/24 | 6.375 | 550,000 | |||||||||||||
|
|
|||||||||||||||||
3,146,345 | ||||||||||||||||||
|
|
|||||||||||||||||
Pharmaceuticals (3.7%) |
||||||||||||||||||
3,050 | Bausch Health Cos., Inc., Rule 144A, Company Guaranteed Notes |
(B-, B3) | 05/15/23 | 5.875 | 2,996,625 | |||||||||||||
2,850 | Bausch Health Cos., Inc., Rule 144A, Senior Secured Notes |
(BB-, Ba2) | 03/15/24 | 7.000 | 3,001,335 | |||||||||||||
500 | Endo Finance LLC, Rule 144A, Company Guaranteed Notes |
(CCC+, B3) | 07/15/23 | 6.000 | 411,060 | |||||||||||||
1,350 | Endo Finance LLC, Rule 144A, Senior Secured Notes |
(BB-, Ba2) | 10/15/24 | 5.875 | 1,329,750 | |||||||||||||
2,619 | Owens & Minor, Inc., Global Senior Secured Notes |
(B, B1) | 12/15/24 | 4.375 | 2,029,725 | |||||||||||||
|
|
|||||||||||||||||
9,768,495 | ||||||||||||||||||
|
|
|||||||||||||||||
Real Estate Development & Management (0.4%) |
||||||||||||||||||
950 | Newmark Group, Inc., Rule 144A, Senior Unsecured Notes |
(BB+, NR) | 11/15/23 | 6.125 | 948,748 | |||||||||||||
|
|
|||||||||||||||||
Real Estate Investment Trusts (2.7%) |
||||||||||||||||||
2,143 | iStar, Inc., Senior Unsecured Notes |
(BB-, Ba3) | 07/01/19 | 5.000 | 2,147,018 | |||||||||||||
1,400 | iStar, Inc., Senior Unsecured Notes |
(BB-, Ba3) | 04/01/22 | 6.000 | 1,400,000 | |||||||||||||
1,500 | iStar, Inc., Senior Unsecured Notes |
(BB-, Ba3) | 09/15/22 | 5.250 | 1,480,500 | |||||||||||||
370 | Starwood Property Trust, Inc., Global Senior Unsecured Notes |
(BB-, Ba3) | 12/15/21 | 5.000 | 374,625 | |||||||||||||
1,800 | Starwood Property Trust, Inc., Global Senior Unsecured Notes |
(BB-, Ba3) | 03/15/25 | 4.750 | 1,732,500 | |||||||||||||
|
|
|||||||||||||||||
7,134,643 | ||||||||||||||||||
|
|
|||||||||||||||||
Recreation & Travel (3.6%) |
||||||||||||||||||
1,950 | Boyne U.S.A., Inc., Rule 144A, Secured Notes |
(B, B2) | 05/01/25 | 7.250 | 2,062,125 | |||||||||||||
2,000 | Canadas Wonderland Co., Global Company Guaranteed Notes |
(BB-, B1) | 04/15/27 | 5.375 | 1,995,000 |
Par (000) |
Ratings (S&P/Moodys) |
Maturity | Rate% | Value | ||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Recreation & Travel |
||||||||||||||||||
$ | 1,300 | Merlin Entertainments PLC, Rule 144A, Senior Unsecured Notes |
(BB, Ba2) | 06/15/26 | 5.750 | $ | 1,330,875 | |||||||||||
600 | Six Flags Entertainment Corp., Rule 144A, Company Guaranteed Notes |
(BB-, B2) | 04/15/27 | 5.500 | 597,000 | |||||||||||||
2,150 | Six Flags Entertainment Corp., Rule 144A, Company Guaranteed Notes |
(BB-, B2) | 07/31/24 | 4.875 | 2,133,875 | |||||||||||||
1,320 | Speedway Motorsports, Inc., Global Company Guaranteed Notes |
(BB+, Ba2) | 02/01/23 | 5.125 | 1,316,700 | |||||||||||||
|
|
|||||||||||||||||
9,435,575 | ||||||||||||||||||
|
|
|||||||||||||||||
Restaurants (2.3%) |
||||||||||||||||||
3,250 | Golden Nugget, Inc., Rule 144A, Senior Unsecured Notes |
(CCC+, B3) | 10/15/24 | 6.750 | 3,258,125 | |||||||||||||
2,750 | New Red Finance, Inc., Rule 144A, Secured Notes |
(B-, B3) | 10/15/25 | 5.000 | 2,660,625 | |||||||||||||
|
|
|||||||||||||||||
5,918,750 | ||||||||||||||||||
|
|
|||||||||||||||||
Software - Services (4.5%) |
||||||||||||||||||
1,000 | CDK Global, Inc., Global Senior Unsecured Notes |
(BB+, Ba1) | 06/01/27 | 4.875 | 975,000 | |||||||||||||
1,529 | Epicor Software Corp., Rule 144A, Secured Notes |
(NR, NR) | 06/30/23 | 10.050 | 1,498,420 | |||||||||||||
1,825 | First Data Corp., Rule 144A, Secured Notes |
(B+, B2) | 01/15/24 | 5.750 | 1,883,172 | |||||||||||||
1,450 | Infor Software Parent, Inc., 7.125% Cash, 7.875% PIK, Rule 144A, Senior Unsecured
Notes |
(CCC, Caa2) | 05/01/21 | 7.125 | 1,466,312 | |||||||||||||
1,800 | Infor U.S., Inc., Company Guaranteed Notes |
(CCC+, Caa1) | 05/15/22 | 5.750 | 2,131,920 | |||||||||||||
3,350 | Solera Finance, Inc., Rule 144A, Senior Unsecured Notes |
(CCC+, Caa1) | 03/01/24 | 10.500 | 3,651,433 | |||||||||||||
|
|
|||||||||||||||||
11,606,257 | ||||||||||||||||||
|
|
|||||||||||||||||
Specialty Retail (1.4%) |
||||||||||||||||||
1,403 | Lithia Motors, Inc., Rule 144A, Company Guaranteed Notes |
(BB, Ba2) | 08/01/25 | 5.250 | 1,359,156 | |||||||||||||
2,500 | Ruyi U.S. Finance LLC, Rule 144A, Senior Secured Notes |
(B, B1) | 05/01/25 | 7.500 | 2,390,625 | |||||||||||||
|
|
|||||||||||||||||
3,749,781 | ||||||||||||||||||
|
|
|||||||||||||||||
Steel Producers/Products (1.3%) |
||||||||||||||||||
1,000 | Commercial Metals Co., Global Senior Unsecured Notes |
(BB+, Ba2) | 04/15/26 | 5.750 | 950,000 | |||||||||||||
450 | Commercial Metals Co., Senior Unsecured Notes |
(BB+, Ba2) | 07/15/27 | 5.375 | 410,625 | |||||||||||||
2,000 | Zekelman Industries, Inc., Rule 144A, Senior Secured Notes |
(B, B3) | 06/15/23 | 9.875 | 2,135,000 | |||||||||||||
|
|
|||||||||||||||||
3,495,625 | ||||||||||||||||||
|
|
|||||||||||||||||
Support - Services (6.9%) |
||||||||||||||||||
50 | CoreCivic, Inc., Company Guaranteed Notes |
(BB, Ba1) | 10/15/27 | 4.750 | 42,750 | |||||||||||||
2,550 | Gartner, Inc., Rule 144A, Company Guaranteed Notes |
(BB-, B1) | 04/01/25 | 5.125 | 2,543,625 | |||||||||||||
3,000 | H&E Equipment Services, Inc., Global Company Guaranteed Notes |
(BB-, B2) | 09/01/25 | 5.625 | 2,943,750 | |||||||||||||
1,950 | KAR Auction Services, Inc., Rule 144A, Company Guaranteed Notes |
(B, B3) | 06/01/25 | 5.125 | 1,888,731 | |||||||||||||
2,750 | Sothebys, Rule 144A, Company Guaranteed Notes |
(BB-, Ba3) | 12/15/25 | 4.875 | 2,654,575 | |||||||||||||
1,730 | Tempo Acquisition Finance Corp., Rule 144A, Senior Unsecured Notes |
(CCC+, Caa1) | 06/01/25 | 6.750 | 1,717,025 | |||||||||||||
1,900 | United Rentals North America, Inc., Company Guaranteed Notes |
(BB, Ba3) | 01/15/28 | 4.875 | 1,807,375 | |||||||||||||
1,000 | United Rentals North America, Inc., Company Guaranteed Notes |
(BB, Ba3) | 05/15/27 | 5.500 | 987,800 | |||||||||||||
150 | United Rentals North America, Inc., Global Company Guaranteed Notes |
(BB, Ba3) | 12/15/26 | 6.500 | 156,000 |
Par (000) |
Ratings (S&P/Moodys) |
Maturity | Rate% | Value | ||||||||||||||
CORPORATE BONDS (continued) |
||||||||||||||||||
Support - Services |
||||||||||||||||||
$ | 3,050 | WeWork Cos., Inc., Rule 144A, Company |
(B+, NR) | 05/01/25 | 7.875 | $ | 2,775,866 | |||||||||||
400 | Williams Scotsman International, Inc., Rule 144A, Senior Secured Notes |
(B, B3) | 08/15/23 | 6.875 | 392,620 | |||||||||||||
|
|
|||||||||||||||||
17,910,117 | ||||||||||||||||||
|
|
|||||||||||||||||
Tech Hardware & Equipment (2.2%) |
||||||||||||||||||
2,341 | CDW Finance Corp., Company Guaranteed Notes |
(BB-, Ba2) | 09/01/25 | 5.000 | 2,332,221 | |||||||||||||
1,750 | CommScope Technologies LLC, Rule 144A, Company Guaranteed Notes |
(BB-, B1) | 03/15/27 | 5.000 | 1,496,075 | |||||||||||||
1,950 | CommScope Technologies LLC, Rule 144A, Company Guaranteed Notes |
(BB-, B1) | 06/15/25 | 6.000 | 1,847,625 | |||||||||||||
|
|
|||||||||||||||||
5,675,921 | ||||||||||||||||||
|
|
|||||||||||||||||
Telecom - Satellite (0.4%) |
||||||||||||||||||
1,000 | Hughes Satellite Systems Corp., Global Senior Secured Notes |
(BBB-, Ba2) | 08/01/26 | 5.250 | 961,250 | |||||||||||||
|
|
|||||||||||||||||
Telecom - Wireless (0.6%) |
||||||||||||||||||
1,400 | T-Mobile U.S.A., Inc., Global Company Guaranteed
Notes |
(BB+, Ba2) | 01/15/26 | 6.500 | 1,484,000 | |||||||||||||
|
|
|||||||||||||||||
Telecom - Wireline Integrated & Services (2.6%) |
||||||||||||||||||
725 | Equinix, Inc., Senior Unsecured Notes |
(BB+, B1) | 05/15/27 | 5.375 | 728,625 | |||||||||||||
4,000 | GTT Communications, Inc., Rule 144A, Company Guaranteed Notes |
(CCC, Caa1) | 12/31/24 | 7.875 | 3,540,000 | |||||||||||||
2,550 | QTS Finance Corp., Rule 144A, Company Guaranteed Notes |
(BB, B1) | 11/15/25 | 4.750 | 2,397,000 | |||||||||||||
|
|
|||||||||||||||||
6,665,625 | ||||||||||||||||||
|
|
|||||||||||||||||
Theaters & Entertainment (2.4%) |
||||||||||||||||||
600 | AMC Entertainment Holdings, Inc., Global Company Guaranteed Notes |
(B-, B3) | 05/15/27 | 6.125 | 537,000 | |||||||||||||
855 | AMC Entertainment Holdings, Inc., Global Company Guaranteed Notes |
(B-, B3) | 11/15/26 | 5.875 | 771,637 | |||||||||||||
1,475 | Carmike Cinemas, Inc., Rule 144A, Secured Notes |
(BB-, Ba2) | 06/15/23 | 6.000 | 1,506,344 | |||||||||||||
1,000 | Cinemark U.S.A., Inc., Global Company Guaranteed Notes |
(BB, B2) | 06/01/23 | 4.875 | 992,500 | |||||||||||||
400 | Live Nation Entertainment, Inc., Rule 144A, Company Guaranteed Notes |
(B+, B1) | 03/15/26 | 5.625 | 405,000 | |||||||||||||
2,200 | Live Nation Entertainment, Inc., Rule 144A, Company Guaranteed Notes |
(B+, B1) | 11/01/24 | 4.875 | 2,172,500 | |||||||||||||
|
|
|||||||||||||||||
6,384,981 | ||||||||||||||||||
|
|
|||||||||||||||||
Transport Infrastructure/Services (0.8%) |
||||||||||||||||||
3,150 | Navios Maritime Finance II U.S., Inc., Rule 144A, Senior Secured Notes |
(B, Caa1) | 08/15/22 | 11.250 | 2,205,000 | |||||||||||||
|
|
|||||||||||||||||
TOTAL CORPORATE BONDS (Cost $303,811,316) |
296,100,924 | |||||||||||||||||
|
|
|||||||||||||||||
BANK LOANS (23.6%) |
||||||||||||||||||
Aerospace & Defense (0.7%) |
||||||||||||||||||
1,921 | Sequa Mezzanine Holdings LLC, LIBOR 1M + 5.000%(10) |
(CCC+, B3) | 11/28/21 | 7.516 | 1,892,283 | |||||||||||||
|
|
|||||||||||||||||
Auto Parts & Equipment (0.3%) |
||||||||||||||||||
725 | Dayco Products LLC, LIBOR 3M + 4.250%(8),(10) |
(B, B2) | 05/19/23 | 6.957 | 708,502 | |||||||||||||
|
|
|||||||||||||||||
Beverages (0.4%) |
||||||||||||||||||
2,000 | The Winebow Group, Inc., LIBOR 1M + 7.500%(7),(8),(10) |
(CCC-, Caa1) | 12/31/21 | 9.999 | 1,100,000 | |||||||||||||
|
|
|||||||||||||||||
Building Materials (1.3%) |
||||||||||||||||||
2,000 | Airxcel, Inc., LIBOR 1M + 8.750%(7),(10) |
(CCC+, Caa2) | 04/27/26 | 11.249 | 1,830,000 | |||||||||||||
1,634 | Fastener Acquisition, Inc., LIBOR 3M + 8.750%(7),(8),(10) |
(CCC+, Caa2) | 03/30/26 | 11.553 | 1,511,232 | |||||||||||||
|
|
|||||||||||||||||
3,341,232 | ||||||||||||||||||
|
|
|||||||||||||||||
Chemicals (5.1%) |
||||||||||||||||||
1,000 | Archroma Finance Sarl, LIBOR 3M + 8.250%(7),(8),(10) |
(NR, Caa1) | 07/28/25 | 11.049 | 985,000 | |||||||||||||
2,086 | Ascend Performance Materials Operations LLC, |
(B+, B2) | 08/12/22 | 8.053 | 2,075,548 |
Par (000) |
Ratings (S&P/Moodys) |
Maturity | Rate% | Value | ||||||||||||||
BANK LOANS (continued) |
||||||||||||||||||
Chemicals |
||||||||||||||||||
$ | 958 | ASP Chromaflo Intermediate Holdings, Inc., |
(CCC, Caa2) | 11/18/24 | 10.499 | $ | 953,542 | |||||||||||
500 | Houghton International, Inc., LIBOR 1M + 8.500%(8),(10) |
(B-, Caa1) | 12/20/20 | 10.999 | 500,000 | |||||||||||||
2,500 | Polar US Borrower LLC, LIBOR 3M + 4.750%(8),(10) |
(B, B2) | 10/15/25 | 7.537 | 2,481,250 | |||||||||||||
3,361 | Preferred Proppants LLC, LIBOR 3M + 9.750%(5),(7),(8),(10) |
(NR, NR) | 07/27/20 | 12.553 | 672,167 | |||||||||||||
1,488 | UTEX Industries, Inc., LIBOR 1M + 4.000%(10) |
(CCC+, B3) | 05/22/21 | 6.499 | 1,406,473 | |||||||||||||
2,000 | Vantage Specialty Chemicals, Inc., |
(CCC, Caa2) | 10/27/25 | 10.884 | 1,937,500 | |||||||||||||
2,487 | Zep, Inc., LIBOR 3M + 4.000%(10) |
(CCC+, B2) | 08/12/24 | 6.803 | 2,205,508 | |||||||||||||
|
|
|||||||||||||||||
13,216,988 | ||||||||||||||||||
|
|
|||||||||||||||||
Diversified Capital Goods (1.3%) |
||||||||||||||||||
1,500 | Cortes NP Acquisition Corp., LIBOR 3M + 4.000%(10) |
(B, B1) | 11/30/23 | 6.707 | 1,401,562 | |||||||||||||
2,045 | Dynacast International LLC, LIBOR 3M + 8.500%(7),(8),(10) |
(B-, Caa2) | 01/30/23 | 11.303 | 1,983,650 | |||||||||||||
|
|
|||||||||||||||||
3,385,212 | ||||||||||||||||||
|
|
|||||||||||||||||
Electronics (0.8%) |
||||||||||||||||||
1,000 | CPI International, Inc., LIBOR 1M + 7.250%(8),(10) |
(CCC+, Caa2) | 07/26/25 | 9.752 | 985,000 | |||||||||||||
985 | Oberthur Technologies S.A., LIBOR 3M + 3.750%(10) |
(B-, B2) | 01/10/24 | 6.553 | 967,110 | |||||||||||||
|
|
|||||||||||||||||
1,952,110 | ||||||||||||||||||
|
|
|||||||||||||||||
Energy - Exploration & Production (0.7%) |
||||||||||||||||||
2,350 | PES Holdings LLC, LIBOR 3M + 0.500%(10) |
(B-, B2) | 12/31/22 | 10.293 | 1,779,816 | |||||||||||||
|
|
|||||||||||||||||
Food - Wholesale (0.4%) |
||||||||||||||||||
1,250 | United Natural Foods, Inc., LIBOR 1M + 4.250%(10) |
(B+, B2) | 10/22/25 | 6.749 | 1,077,500 | |||||||||||||
|
|
|||||||||||||||||
Gas Distribution (0.8%) |
||||||||||||||||||
2,099 | BCP Renaissance Parent LLC, LIBOR 3M + 3.500%(10) |
(B+, B1) | 10/31/24 | 6.244 | 2,083,043 | |||||||||||||
|
|
|||||||||||||||||
Health Facilities (0.5%) |
||||||||||||||||||
248 | Prospect Medical Holdings, Inc., |
(B, B1) | 02/22/24 | 8.063 | 246,884 | |||||||||||||
1,155 | Western Dental Services, Inc., LIBOR 1M + 5.250%(10) |
(B-, B3) | 06/30/23 | 7.749 | 1,124,741 | |||||||||||||
|
|
|||||||||||||||||
1,371,625 | ||||||||||||||||||
|
|
|||||||||||||||||
Insurance Brokerage (0.7%) |
||||||||||||||||||
1,965 | Acrisure LLC, LIBOR 1M + 4.250%(10) |
(B, B2) | 11/22/23 | 6.749 | 1,932,583 | |||||||||||||
|
|
|||||||||||||||||
Investments & Misc. Financial Services (0.4%) |
||||||||||||||||||
215 | Ditech Holding Corp., LIBOR 1M + 6.000%(10) |
(CC, Caa2) | 06/30/22 | 8.499 | 146,051 | |||||||||||||
897 | Ocwen Financial Corp., LIBOR 1M + 5.000%(10) |
(B+, B2) | 12/05/20 | 7.519 | 886,803 | |||||||||||||
|
|
|||||||||||||||||
1,032,854 | ||||||||||||||||||
|
|
|||||||||||||||||
Machinery (1.8%) |
||||||||||||||||||
1,223 | LTI Holdings, Inc., LIBOR 1M + 6.750%(10) |
(CCC+, Caa2) | 09/06/26 | 9.249 | 1,143,427 | |||||||||||||
1,000 | MW Industries, Inc., LIBOR 3M + 8.000%(7),(10) |
(CCC+, Caa2) | 09/28/25 | 10.803 | 985,000 | |||||||||||||
2,475 | WireCo WorldGroup, Inc., LIBOR 1M + 9.000%(8),(10) |
(B-, Caa2) | 09/30/24 | 11.499 | 2,475,000 | |||||||||||||
|
|
|||||||||||||||||
4,603,427 | ||||||||||||||||||
|
|
|||||||||||||||||
Media Content (0.4%) |
||||||||||||||||||
1,000 | DLG Acquisitions Ltd., EURIBOR 6M + 7.250%(9),(10) |
(CCC+, Caa2) | 06/30/22 | 8.250 | 1,153,043 | |||||||||||||
|
|
|||||||||||||||||
Medical Products (0.4%) |
||||||||||||||||||
1,188 | ABB Concise Optical Group LLC, LIBOR 1M + 5.000%(10) |
(B-, B2) | 06/15/23 | 7.519 | 1,150,728 | |||||||||||||
|
|
|||||||||||||||||
Personal & Household Products (2.6%) |
||||||||||||||||||
1,990 | ABG Intermediate Holdings 2 LLC, LIBOR 1M + 7.750%(10) |
(CCC+, Caa1) | 09/29/25 | 10.249 | 1,962,638 | |||||||||||||
492 | Comfort Holding LLC, LIBOR 1M + 4.750%(10) |
(CCC+, Caa1) | 02/05/24 | 7.249 | 465,190 | |||||||||||||
2,450 | Comfort Holding LLC, LIBOR 1M + 10.000%(7),(10) |
(CCC-, Caa3) | 02/03/25 | 12.499 | 2,315,250 | |||||||||||||
2,000 | Serta Simmons Bedding LLC, LIBOR 1M + 8.000%(10) |
(CCC, Caa2) | 11/08/24 | 10.514 | 1,439,000 | |||||||||||||
494 | TricorBraun Holdings, Inc., LIBOR 3M + 3.750%(10) |
(B-, B2) | 11/30/23 | 6.551 | 489,017 | |||||||||||||
|
|
|||||||||||||||||
6,671,095 | ||||||||||||||||||
|
|
|||||||||||||||||
Recreation & Travel (0.2%) |
||||||||||||||||||
53 | Bulldog Purchaser, Inc.(8),(10),(11),(12) |
(CCC+, Caa2) | 09/04/26 | 3.880 | 51,579 | |||||||||||||
347 | Bulldog Purchaser, Inc., LIBOR 1M + 7.750%(8),(10) |
(CCC+, Caa2) | 09/04/26 | 10.249 | 340,421 | |||||||||||||
|
|
|||||||||||||||||
392,000 | ||||||||||||||||||
|
|
|||||||||||||||||
Software - Services (2.0%) |
||||||||||||||||||
1,309 | Almonde, Inc., LIBOR 3M + 7.250%(10) |
(CCC, Caa2) | 06/13/25 | 10.053 | 1,241,293 |
Par (000) |
Ratings (S&P/Moodys) |
Maturity | Rate% | Value | ||||||||||||||
BANK LOANS (continued) |
||||||||||||||||||
Software - Services |
||||||||||||||||||
$ | 1,704 | Flexera Software LLC, LIBOR 1M + 7.250%(10) |
(CCC+, Caa1) | 02/26/26 | 9.750 | $ | 1,689,850 | |||||||||||
652 | LDiscovery LLC, LIBOR 3M + 5.875%(7),(10) |
(B-, B3) | 12/09/22 | 8.490 | 579,628 | |||||||||||||
1,750 | TigerLuxOne Sarl, LIBOR 3M + 8.250%(8),(10) |
(CCC+, Caa1) | 02/16/25 | 11.053 | 1,752,187 | |||||||||||||
|
|
|||||||||||||||||
5,262,958 | ||||||||||||||||||
|
|
|||||||||||||||||
Specialty Retail (1.1%) |
||||||||||||||||||
2,000 | Boing U.S. Holdco, Inc., LIBOR 3M + 7.500%(8),(10) |
(CCC+, Caa1) | 10/03/25 | 10.089 | 1,960,000 | |||||||||||||
1,000 | Sally Holdings LLC |
(BB+, Ba1) | 07/05/24 | 4.500 | 948,750 | |||||||||||||
|
|
|||||||||||||||||
2,908,750 | ||||||||||||||||||
|
|
|||||||||||||||||
Support - Services (0.8%) |
||||||||||||||||||
3,262 | Sprint Industrial Holdings LLC, |
(C, Caa3) | 11/14/19 | 13.500 | 1,125,223 | |||||||||||||
1,000 | USS Ultimate Holdings, Inc., LIBOR 1M + 7.750%(10) |
(CCC+, Caa2) | 08/25/25 | 10.249 | 970,000 | |||||||||||||
|
|
|||||||||||||||||
2,095,223 | ||||||||||||||||||
|
|
|||||||||||||||||
Theaters & Entertainment (0.9%) |
||||||||||||||||||
2,158 | Metro-Goldwyn-Mayer, Inc., LIBOR 1M + 4.500%(10) |
(B-, B2) | 07/03/26 | 7.000 | 2,088,312 | |||||||||||||
333 | NEG Holdings LLC, LIBOR 3M + 8.000%(6),(7),(8),(10) |
(B-, B3) | 10/17/22 | 10.803 | 298,110 | |||||||||||||
|
|
|||||||||||||||||
2,386,422 | ||||||||||||||||||
|
|
|||||||||||||||||
TOTAL BANK LOANS (Cost $68,286,706) |
61,497,394 | |||||||||||||||||
|
|
|||||||||||||||||
ASSET BACKED SECURITY (0.6%) |
||||||||||||||||||
Collateralized Debt Obligations (0.6%) |
||||||||||||||||||
1,500 | Symphony Credit Opportunities Fund, Ltd., 2015-2A, Rule 144A, LIBOR 3M + 3.060%(1),(10) |
(NR, Baa3) | 07/15/28 | 5.847 | 1,496,293 | |||||||||||||
|
|
|||||||||||||||||
Number of Shares |
||||||||||||||||||
COMMON STOCKS (2.5%) |
||||||||||||||||||
Auto Parts & Equipment (0.8%) |
||||||||||||||||||
109,693 | UCI International, Inc.(6),(7),(8),(13) |
2,056,744 | ||||||||||||||||
|
|
|||||||||||||||||
Building & Construction (0.0%) |
||||||||||||||||||
10 | White Forest Resources, Inc.(6),(7),(8),(13) |
37 | ||||||||||||||||
|
|
|||||||||||||||||
Building Materials (0.0%) |
||||||||||||||||||
619 | Dayton Superior Corp.(6),(7),(8),(13) |
| ||||||||||||||||
|
|
|||||||||||||||||
Chemicals (0.0%) |
||||||||||||||||||
4,893 | Huntsman Corp.(7) |
107,499 | ||||||||||||||||
|
|
|||||||||||||||||
Energy - Exploration & Production (1.5%) |
||||||||||||||||||
777,123 | Independence Contract Drilling, Inc.(13) |
2,019,898 | ||||||||||||||||
111,570 | PES Energy, Inc.(13) |
446,280 | ||||||||||||||||
71,901 | Talos Energy, Inc.(13) |
1,373,309 | ||||||||||||||||
|
|
|||||||||||||||||
3,839,487 | ||||||||||||||||||
|
|
|||||||||||||||||
Support - Services (0.2%) |
||||||||||||||||||
2,100 | LTR Holdings LLC(6),(7),(8),(13) |
531,930 | ||||||||||||||||
865 | Sprint Industrial Holdings LLC, Class G(6),(7),(8),(13) |
8 | ||||||||||||||||
78 | Sprint Industrial Holdings LLC, Class H(6),(7),(8),(13) |
1 | ||||||||||||||||
192 | Sprint Industrial Holdings LLC, Class I(6),(7),(8),(13) |
2 | ||||||||||||||||
|
|
|||||||||||||||||
531,941 | ||||||||||||||||||
|
|
|||||||||||||||||
Theaters & Entertainment (0.0%) |
||||||||||||||||||
40 | NEG Holdings LLC, Litigation
Trust |
40 | ||||||||||||||||
|
|
|||||||||||||||||
TOTAL COMMON STOCKS (Cost $8,811,263) |
6,535,748 | |||||||||||||||||
|
|
|||||||||||||||||
PREFERRED STOCK (0.0%) |
||||||||||||||||||
Building Materials (0.0%) |
||||||||||||||||||
688 | Dayton Superior Corp.(6),(7),(8),(13) (Cost $250,835) |
| ||||||||||||||||
|
|
|||||||||||||||||
SHORT-TERM INVESTMENT (7.5%) |
||||||||||||||||||
19,565,655 | State Street Navigator Securities Lending Government Money Market Portfolio, 2.46%(14) |
19,565,655 | ||||||||||||||||
|
|
Value | ||||||||||||||||
TOTAL INVESTMENTS AT VALUE (148.0%) (Cost $402,223,950) |
$ | 385,196,014 | ||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (-48.0%) |
(124,847,133 | ) | ||||||||||||||
|
|
|||||||||||||||
NET ASSETS (100.0%) |
$ | 260,348,881 | ||||||||||||||
|
|
| Credit ratings given by the S&P Global Ratings Division of S&P Global Inc. (S&P) and Moodys Investors Service, Inc. (Moodys) 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 January 31, 2019, these securities amounted to a value of $234,023,509 or 89.9% of net assets. |
(2) | Security or portion thereof is out on loan. |
(3) | This security is denominated in British Pound. |
(4) | PIK: Payment-in-kind security for which part of the income earned may be paid as additional principal. |
(5) | Bond is currently in default. |
(6) | Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees. |
(7) | Illiquid security (unaudited). |
(8) | Security is valued using significant unobservable inputs. |
(9) | This security is denominated in Euro. |
(10) | Variable rate obligation The interest rate shown is the rate in effect as of January 31, 2019. |
(11) | Unfunded loan commitment. |
(12) | 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 January 31, 2019. |
(13) | Non-income producing security. |
(14) | Represents security purchased with cash collateral received for securities on loan. The rate shown is the annualized one-day yield at January 31, 2019. |
INVESTMENT ABBREVIATIONS |
1M = 1 Month 3M = 3 Month 6M = 6 Month |
EURIBOR = Euro Interbank Offered Rate |
LIBOR = London Interbank Offered Rate |
NR = Not Rated |
Sarl - société à responsabilité limitée |
Forward Foreign Currency Contracts |
Forward Currency to be Purchased (Local) |
Forward Currency to be Sold (Local) |
Expiration Date |
Counterparty |
Value on Settlement Date |
Current Value/Notional |
Net Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
EUR |
994,940 | USD |
1,170,209 | 10/11/19 | Morgan Stanley | $ | 1,170,209 | $ | 1,166,064 | $ | (4,145 | ) | ||||||||||||||
GBP |
1,052,529 | USD |
1,390,288 | 10/11/19 | Morgan Stanley | 1,390,288 | 1,401,388 | 11,100 | ||||||||||||||||||
USD |
6,153,435 | EUR |
5,185,499 | 10/11/19 | Morgan Stanley | (6,153,435 | ) | (6,077,374 | ) | 76,061 | ||||||||||||||||
USD |
2,951,852 | GBP |
2,197,254 | 10/11/19 | Morgan Stanley | (2,951,852 | ) | (2,925,527 | ) | 26,325 | ||||||||||||||||
|
|
|||||||||||||||||||||||||
$ | 109,341 | |||||||||||||||||||||||||
|
|
Currency Abbreviations:
EUR = Euro
GBP = British Pound
USD = United States Dollar
SECURITY VALUATION The Board of Trustees (the Board) is responsible for the Funds valuation process. The Board has delegated the supervision of the daily valuation process to Credit Suisse Asset Management, LLC, the Funds investment adviser (Credit Suisse or the Adviser) who has established a Pricing Committee which, pursuant to the policies adopted by the Board, is responsible for making fair valuation determinations and overseeing the Funds pricing policies. The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the Exchange) on each day the Exchange is open for business. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. These pricing services generally price fixed income securities assuming orderly transactions of an institutional round lot size, but some trades occur in smaller odd lot sizes which may be effected at lower prices than institutional round lot trades. Structured note agreements are valued in accordance with a dealer-supplied valuation based on changes in the value of the underlying index. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Forward contracts are valued at the London closing spot rates and the London closing forward point rates on a daily basis. The currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The Fund may utilize a service provided by an independent third party which has been approved by the Board to fair value certain securities. When fair value pricing is employed, the prices of securities used by the Fund to calculate its net asset value may differ from quoted or published prices for the same securities. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the investment adviser to be unreliable, the market price may be determined by the investment adviser using quotations from one or more brokers/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, these securities will be fair valued in good faith by the Pricing Committee, in accordance with procedures adopted by the Board.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
Generally accepted accounting principles in the United States of America (GAAP) established a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at each measurement date. These inputs are summarized in the three broad levels listed below:
· | Level 1quoted prices in active markets for identical investments |
· | Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
· | Level 3significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of January 31, 2019 in valuing the Funds assets and liabilities carried at fair value:
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities |
| |||||||||||||||
Corporate Bonds |
$ | | $ | 294,598,837 | $ | 1,502,087 | $ | 296,100,924 | ||||||||
Bank Loans |
| 40,245,640 | 21,251,754 | 61,497,394 | ||||||||||||
Asset Backed Security |
| 1,496,293 | | 1,496,293 | ||||||||||||
Common Stocks |
3,946,987 | | 2,588,761 | (1) | 6,535,748 | (1) | ||||||||||
Preferred Stock |
| | 0 | (1) | 0 | (1) | ||||||||||
Short-term Investment |
| 19,565,655 | | 19,565,655 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,946,987 | $ | 355,906,425 | $ | 25,342,602 | (1) | $ | 385,196,014 | (1) | |||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments* |
|
|||||||||||||||
Forward Foreign Currency Contracts |
$ | | $ | 113,486 | $ | | $ | 113,486 | ||||||||
Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Other Financial Instruments* |
||||||||||||||||
Forward Foreign Currency Contracts |
$ | | $ | 4,145 | $ | | $ | 4,145 |
(1) | Includes zero valued securities. |
* | Other financial instruments include unrealized appreciation (depreciation) on forward foreign currency contracts. |
The following is a reconciliation of investments as of January 31, 2019 for which significant unobservable inputs were used in determining fair value. All transfers, if any, are assumed to occur at the end of the reporting period.
Corporate Bonds |
Bank Loans |
Common Stocks |
Preferred Stock |
Total | ||||||||||||||||
Balance as of October 31, 2018 |
$ | 1,554,070 | (1) | $ | 15,532,190 | $ | 3,450,657 | (1) | $ | 0 | (1) | $ | 20,536,917 | (1) | ||||||
Accrued discounts (premiums) |
4,107 | 220,577 | | | 224,684 | |||||||||||||||
Purchases |
254,291 | 768,891 | | | 1,023,182 | |||||||||||||||
Sales |
(266,817 | ) | (625 | ) | | | (267,442 | ) | ||||||||||||
Realized gain (loss) |
8,192 | (3 | ) | | | 8,189 | ||||||||||||||
Change in unrealized appreciation (depreciation) |
(51,756 | ) | (1,956,677 | ) | (415,616 | ) | | (2,424,049 | ) | |||||||||||
Transfers into Level 3 |
| 10,297,217 | | | 10,297,217 | |||||||||||||||
Transfers out of Level 3 |
| (3,609,816 | ) | (446,280 | ) | | (4,056,096 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as of January 31, 2019 |
$ | 1,502,087 | $ | 21,251,754 | $ | 2,588,761 | (1) | $ | 0 | (1) | $ | 25,342,602 | (1) | |||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net change in unrealized appreciation (depreciation) |
$ | (51,755 | ) | $ | (1,650,551 | ) | $ | (80,906 | ) | $ | | $ | (1,783,212 | ) |
(1) | Includes zero valued securities. |
Quantitative Disclosure About Significant Unobservable Inputs
Asset Class |
Fair Value At 1/31/2019 |
Valuation Techniques |
Unobservable Input |
Range (Weighted Average per share) |
||||||||||||
Corporate Bonds |
$ | 3,667 | Income Approach | Expected Remaining Distribution | N/A | |||||||||||
$ | 1,498,420 | Vendor Pricing | Single Broker Quote | N/A | ||||||||||||
Bank Loans |
$ | 298,110 | Market Approach | Comparable Bond Price | N/A | |||||||||||
$ | 20,953,644 | Vendor Pricing | Single Broker Quote | $0.20 $1.00 ($0.78) | ||||||||||||
Common Stocks |
$ | 11 | |
Market Approach/ Income Approach |
|
|
Comparable Bond Price, Discounted Cash Flows |
|
N/A | |||||||
$ | 532,006 | Market Approach | |
Discount for Illiquidity and EBITDA Multiples |
|
$0.00 $253.30 ($192.13) | ||||||||||
$ | 2,056,744 | Vendor Pricing | Single Broker Quote | N/A | ||||||||||||
Preferred Stock |
$ | 0 | Market Approach | Discount For Illiquidity | N/A |
Each fair value determination is based on a consideration of relevant factors, including both observable and unobservable inputs. Observable and unobservable inputs that Credit Suisse considers may include (i) the existence of any contractual restrictions on the disposition of securities; (ii) information obtained from the company, which may include an analysis of the companys financial statements, the companys products or intended markets or the companys technologies; (iii) the price of the same or similar security negotiated at arms length in an issuers completed subsequent round of financing; (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies; or (v) a probability and time value adjusted analysis of contractual term. Where available and appropriate, multiple valuation methodologies are applied to confirm fair value. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the least observable input that is significant to the fair value measurement. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations used at the date of these financial statements.
During the period ended January 31, 2019, there were no transfers between Level 1 and Level 2, but there was $446,280 transferred from Level 3 to Level 1 as a result of the availability of a pricing source supported by quoted prices in active markets, $3,609,816 transferred from Level 3 to Level 2 as a result of the availability of a pricing source supported by observable inputs and $10,297,217 transferred from Level 2 to Level 3 due to a lack of a pricing source supported by observable inputs. All transfers, if any, are assumed to occur at the end of the reporting period.
Other information regarding the Fund is available in the most recent Report to Shareholders. This information is also available on the Funds website at www.credit-suisse.com/us/funds, as well as on the website of the Securities and Exchange Commission at www.sec.gov.
Item 2: 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 registrants 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 and Exchange Act of 1934.
(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3: Exhibits
1. The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.
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 HIGH YIELD BOND FUND
/s/John G. Popp
Name: John G. Popp
Title: Chief Executive Officer and President
Date: March 28, 2019
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: March 28, 2019
/s/Laurie Pecha
Name: Laurie Pecha
Title: Chief Financial Officer and Treasurer
Date: March 28, 2019
I, John G. Popp, certify that:
1. I have reviewed this report on Form N-Q of Credit Suisse High Yield Bond Fund;
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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: March 28, 2019
/s/John G. Popp
Name: John G. Popp
Title: Chief Executive Officer and President
I, Laurie Pecha, certify that:
1. I have reviewed this report on Form N-Q of Credit Suisse High Yield Bond Fund;
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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: March 28, 2019
/s/Laurie Pecha
Name: Laurie Pecha
Title: Chief Financial Officer and Treasurer