N-Q 1 a15-11117_8nq.htm N-Q

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-22988

 

Nuveen Global High Income Fund

(Exact name of registrant as specified in charter)

 

   333 West Wacker Drive, Chicago, Illinois 60606   

 

 

(Address of principal executive offices) (Zip code)

 

 

Kevin J. McCarthy—Vice President and Secretary
   333 West Wacker Drive, Chicago, Illinois 60606   

 

 

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

312-917-7700

 

Date of fiscal year end:

12/31

 

Date of reporting period:

3/31/2015

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 



 

Item 1. Schedule of Investments

 



 

 

Portfolio of Investments (Unaudited)

 

 

 

 

 

Nuveen Global High Income Fund (JGH)

 

 

March 31, 2015

 

 

Shares

 

Description (1)

 

Coupon

 

 

 

Ratings (2)

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LONG-TERM INVESTMENTS – 139.5% (98.8% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$25 PAR (OR SIMILAR) RETAIL PREFERRED – 3.6% (2.5% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Banks - 1.8%

 

 

 

 

 

 

 

 

 

18,425

 

Citigroup Inc.

 

7.125%

 

 

 

BB+

 

$     509,267

 

150,000

 

Citigroup Inc.

 

6.875%

 

 

 

BB+

 

4,089,000

 

50,000

 

ING Groep N.V

 

7.200%

 

 

 

Ba1

 

1,289,500

 

50,000

 

ING Groep N.V

 

7.050%

 

 

 

Ba1

 

1,285,000

 

20,000

 

Regions Financial Corporation

 

6.375%

 

 

 

BB

 

504,200

 

37,718

 

Zions Bancorporation

 

6.300%

 

 

 

BB-

 

985,194

 

 

 

Total Banks

 

 

 

 

 

 

 

8,662,161

 

 

 

Capital Markets - 0.4%

 

 

 

 

 

 

 

 

 

65,000

 

Morgan Stanley

 

7.125%

 

 

 

BB

 

1,850,550

 

 

 

Consumer Finance - 0.5%

 

 

 

 

 

 

 

 

 

99,665

 

Discover Financial Services

 

6.500%

 

 

 

BB-

 

2,583,317

 

 

 

Food Products - 0.3%

 

 

 

 

 

 

 

 

 

50,000

 

CHS Inc.

 

7.100%

 

 

 

N/R

 

1,350,500

 

 

 

Insurance - 0.2%

 

 

 

 

 

 

 

 

 

25,000

 

Hartford Financial Services Group Inc.

 

7.875%

 

 

 

BB+

 

768,000

 

 

 

Real Estate Investment Trust - 0.4%

 

 

 

 

 

 

 

 

 

23,000

 

Northstar Realty Finance Corporation

 

8.750%

 

 

 

N/R

 

607,200

 

50,000

 

Summit Hotel Properties Inc.

 

7.125%

 

 

 

N/R

 

1,291,500

 

 

 

Total Real Estate Investment Trust

 

 

 

 

 

 

 

1,898,700

 

 

 

Total $25 Par (or similar) Retail Preferred (cost $16,563,876)

 

 

 

17,113,228

 

 

 

 

 

 

 

 

 

Principal
Amount (000)

 (3)

Description (1)

 

Coupon

 

Maturity

 

Ratings (2)

 

Value

 

 

 

CORPORATE BONDS – 119.4% (84.6% of Total Investments)

 

 

 

 

 

 

 

Aerospace & Defense – 0.5%

 

 

 

 

 

 

 

 

 

$    2,421

 

Bombardier Inc., 144A

 

6.000%

 

10/15/22

 

B+

 

$    2,272,714

 

 

 

Airlines - 0.9%

 

 

 

 

 

 

 

 

 

300

 

Air Canada, 144A

 

6.750%

 

10/01/19

 

BB+

 

320,250

 

3,500

 

Air Canada, 144A

 

7.750%

 

4/15/21

 

B

 

3,745,000

 

 

 

Total Airlines

 

 

 

 

 

 

 

4,065,250

 

 

 

Auto Components - 3.3%

 

 

 

 

 

 

 

 

 

1,165

 

American & Axle Manufacturing Inc.

 

6.625%

 

10/15/22

 

BB-

 

1,249,462

 

2,750

 

Gestamp Funding Luxembourg SA, 144A

 

5.625%

 

5/31/20

 

BB

 

2,839,375

 

3,000

 

MPG Holdco I Inc., 144A

 

7.375%

 

10/15/22

 

B+

 

3,206,250

 

1,800

 

Schaeffler Holding Finance BV, 144A

 

6.250%

 

11/15/19

 

B1

 

1,903,500

 

3,300

 

Stackpole International Intermediate Company, 144A

 

7.750%

 

10/15/21

 

B+

 

3,267,000

 

3,100

 

Tenneco Inc.

 

5.375%

 

12/15/24

 

BB+

 

3,224,000

 

 

 

Total Auto Components

 

 

 

 

 

 

 

15,689,587

 

 

 

Automobiles - 0.0%

 

 

 

 

 

 

 

 

 

200

EUR

Fiat Finance & Trade SA, Reg S

 

7.000%

 

3/23/17

 

BB-

 

236,286

 

 

 

Banks - 2.4%

 

 

 

 

 

 

 

 

 

1,000

 

Banco Do Brasil, 144A

 

9.000%

 

12/18/64

 

Ba2

 

861,830

 

2,000

 

Credit Agricole SA, 144A

 

6.625%

 

12/23/64

 

BB+

 

2,005,000

 

1,320

 

JPMorgan Chase & Company

 

6.750%

 

12/31/49

 

BBB-

 

1,432,200

 

3,500

 

Popular Inc.

 

7.000%

 

7/01/19

 

BB-

 

3,517,500

 

2,500

 

Royal Bank of Scotland Group PLC

 

6.100%

 

6/10/23

 

BBB-

 

2,780,143

 

250

EUR

Royal Bank of Scotland Group PLC

 

5.500%

 

11/29/49

 

B+

 

268,705

 

445

 

Standard Chartered PLC, 144A

 

5.700%

 

3/26/44

 

A+

 

496,523

 

 

 

Total Banks

 

 

 

 

 

 

 

11,361,901

 

 

 

Beverages - 0.8%

 

 

 

 

 

 

 

 

 

3,500

 

Cott Beverages USA Inc., 144A

 

6.750%

 

1/01/20

 

B-

 

3,622,500

 

 

 

Building Products - 1.8%

 

 

 

 

 

 

 

 

 

3,500

 

Builders FirstSource, Inc., 144A

 

7.625%

 

6/01/21

 

B

 

3,526,250

 

2,000

 

Building Materials Holdings Corporation, 144A

 

9.000%

 

9/15/18

 

B-

 

2,120,000

 

3,250

 

Hardwoods Acquisition Inc., 144A

 

7.500%

 

8/01/21

 

B

 

3,103,750

 

 

 

Total Building Products

 

 

 

 

 

 

 

8,750,000

 

 

 

Chemicals - 1.7%

 

 

 

 

 

 

 

 

 

3,000

 

Hexion US Finance

 

6.625%

 

4/15/20

 

B3

 

2,745,000

 

2,500

 

Ineos Group Holdings SA, 144A

 

6.125%

 

8/15/18

 

B-

 

2,512,500

 

2,000

 

Kissner Milling Company Limited, 144A

 

7.250%

 

6/01/19

 

B

 

2,065,000

 

800

 

Office Cherifien Des Phosphates SA, 144A

 

5.625%

 

4/25/24

 

BBB-

 

870,000

 

 

 

Total Chemicals

 

 

 

 

 

 

 

8,192,500

 

 

 

Commercial Services & Supplies - 4.8%

 

 

 

 

 

 

 

 

 

2,500

 

ABX Group Inc.

 

6.375%

 

12/01/19

 

Ba3

 

2,487,500

 

2,000

 

ADS Waste Holdings Inc.

 

8.250%

 

10/01/20

 

CCC+

 

2,090,000

 

3,300

 

ADT Corporation

 

6.250%

 

10/15/21

 

BBB-

 

3,514,500

 

3,477

 

Casella Waste Systems Inc.

 

7.750%

 

2/15/19

 

B-

 

3,477,000

 

2,345

 

Clean Harbors Inc.

 

5.250%

 

8/01/20

 

BB+

 

2,397,763

 

3,100

 

Covanta Holding Corporation

 

5.875%

 

3/01/24

 

Ba3

 

3,208,500

 

3,000

 

GFL Environmental Corporation, 144A

 

7.875%

 

4/01/20

 

B

 

3,030,000

 

1,500

 

R.R. Donnelley & Sons Company

 

6.500%

 

11/15/23

 

BB-

 

1,593,750

 

1,090

EUR

Waste Italia SPA, 144A

 

10.500%

 

11/15/19

 

B2

 

1,069,471

 

 

 

Total Commercial Services & Supplies

 

 

 

 

 

 

 

22,868,484

 

 

 

Construction & Engineering - 0.9%

 

 

 

 

 

 

 

 

 

1,500

 

Michael Baker International LLC / CDL Acquisition Company Inc., 144A

 

8.250%

 

10/15/18

 

B+

 

1,473,750

 

1,100

 

Shea Homes LP, 144A

 

6.125%

 

4/01/25

 

B+

 

1,108,250

 

15,000

NOK

VV Holding AS, 144A

 

6.880%

 

7/10/19

 

N/R

 

1,810,830

 

 

 

Total Construction & Engineering

 

 

 

 

 

 

 

4,392,830

 

 

 

Construction Materials - 2.0%

 

 

 

 

 

 

 

 

 

4,000

 

Cemex SAB de CV, 144A

 

5.700%

 

1/11/25

 

BB-

 

3,946,000

 

3,500

 

Norbord Inc., 144A

 

5.375%

 

12/01/20

 

Ba2

 

3,421,250

 

2,025

 

Reliance Intermediate Holdings LP, 144A

 

6.500%

 

4/01/23

 

BB-

 

2,070,562

 

 

 

Total Construction Materials

 

 

 

 

 

 

 

9,437,812

 

 

 

Consumer Finance - 2.1%

 

 

 

 

 

 

 

 

 

2,000

 

Covenant Surgical Partners Inc., 144A

 

8.750%

 

8/01/19

 

B-

 

2,010,000

 

2,250

 

Credit Acceptance Corporation, 144A

 

7.375%

 

3/15/23

 

BB

 

2,219,062

 

3,000

 

Enova International, Inc., 144A

 

9.750%

 

6/01/21

 

B

 

2,850,000

 

2,500

 

First Data Corporation

 

11.750%

 

8/15/21

 

CCC+

 

2,890,625

 

 

 

Total Consumer Finance

 

 

 

 

 

 

 

9,969,687

 

 

 

Containers & Packaging - 2.8%

 

 

 

 

 

 

 

 

 

3,000

 

Ardagh Packaging Finance / MP HD USA, 144A

 

6.750%

 

1/31/21

 

CCC+

 

3,037,500

 

3,000

 

Beverage Packaging Holdings Luxembourg II SA / Issuer Inc., 144A

 

6.000%

 

6/15/17

 

CCC+

 

3,007,500

 

350

CAD

Cascades Inc., 144A

 

5.500%

 

7/15/21

 

Ba3

 

275,650

 

2,000

 

Cascades Inc., 144A

 

5.500%

 

7/15/22

 

Ba3

 

2,030,000

 

2,750

 

Coveris Holdings SA, 144A

 

7.875%

 

11/01/19

 

B-

 

2,811,875

 

2,000

 

PaperWorks Industries Inc., 144A

 

9.500%

 

8/15/19

 

B-

 

2,050,000

 

 

 

Total Containers & Packaging

 

 

 

 

 

 

 

13,212,525

 

 

 

Diversified Consumer Services - 1.3%

 

 

 

 

 

 

 

 

 

2,980

 

Nine West Holdings Incorporated, 144A

 

8.250%

 

3/15/19

 

CCC

 

2,473,400

 

2,400

GBP

Twinkle Pizza Holdings PLC, 144A

 

6.625%

 

8/01/21

 

B

 

3,746,627

 

 

 

Total Diversified Consumer Services

 

 

 

 

 

 

 

6,220,027

 

 

 

Diversified Financial Services - 2.6%

 

 

 

 

 

 

 

 

 

1,000

 

CNG Holdings Inc., 144A

 

9.375%

 

5/15/20

 

B-

 

717,500

 

3,300

 

Fly Leasing Limited

 

6.750%

 

12/15/20

 

BB

 

3,370,125

 

3,000

 

Jefferies LoanCore LLC Finance Corporation, 144A

 

6.875%

 

6/01/20

 

B

 

2,782,500

 

3,215

 

Nationstar Mortgage LLC Capital Corporation

 

7.875%

 

10/01/20

 

B+

 

3,295,375

 

2,250

 

Ziggo Bond Finance B.V, 144A

 

5.875%

 

1/15/25

 

BB-

 

2,356,875

 

 

 

Total Diversified Financial Services

 

 

 

 

 

 

 

12,522,375

 

 

 

Diversified Telecommunication Services - 3.2%

 

 

 

 

 

 

 

3,500

 

CenturyLink Inc.

 

7.650%

 

3/15/42

 

BB+

 

3,578,750

 

3,500

 

IntelSat Jackson Holdings

 

6.625%

 

12/15/22

 

CCC+

 

3,377,500

 

1,500

 

Level 3 Financing Inc.

 

8.625%

 

7/15/20

 

BB

 

1,625,625

 

3,500

 

WideOpenWest Finance Capital Corporation

 

10.250%

 

7/15/19

 

CCC+

 

3,762,500

 

3,450

 

Windstream Corporation

 

6.375%

 

8/01/23

 

BB

 

3,096,375

 

 

 

Total Diversified Telecommunication Services

 

 

 

 

 

 

 

15,440,750

 

 

 

Electric Utilities - 1.3%

 

 

 

 

 

 

 

 

 

3,915

 

Intergen NV, 144A

 

7.000%

 

6/30/23

 

B+

 

3,787,763

 

2,300

 

RJS Power Holdings LLC, 144A

 

5.125%

 

7/15/19

 

BB-

 

2,265,500

 

 

 

Total Electric Utilities

 

 

 

 

 

 

 

6,053,263

 

 

 

Energy Equipment & Services - 1.1%

 

 

 

 

 

 

 

 

 

905

 

Precision Drilling Corporation, 144A

 

5.250%

 

11/15/24

 

Ba1

 

755,675

 

1,000

 

Seventy Seven Energy Inc.

 

6.625%

 

11/15/19

 

Ba3

 

747,500

 

2,000

 

Seventy Seven Energy Inc.

 

6.500%

 

7/15/22

 

B2

 

910,000

 

2,920

 

Weatherford International PLC

 

7.000%

 

3/15/38

 

BBB-

 

2,764,644

 

 

 

Total Energy Equipment & Services

 

 

 

 

 

 

 

5,177,819

 

 

 

Food & Staples Retailing - 2.2%

 

 

 

 

 

 

 

 

 

2,500

 

Kehe Distributors LLC Finance, 144A

 

7.625%

 

8/15/21

 

B-

 

2,653,125

 

2,000

EUR

Picard Bondco SA, 144A

 

7.750%

 

2/01/20

 

B-

 

2,314,584

 

1,700

 

Rite Aid Corporation, 144A, WI/DD

 

6.125%

 

4/01/23

 

B

 

1,742,500

 

3,500

 

Supervalu Inc.

 

7.750%

 

11/15/22

 

B

 

3,727,500

 

 

 

Total Food & Staples Retailing

 

 

 

 

 

 

 

10,437,709

 

 

 

Food Products - 3.1%

 

 

 

 

 

 

 

 

 

3,350

 

Diamond Foods Inc., 144A

 

7.000%

 

3/15/19

 

CCC+

 

3,450,500

 

3,000

 

Dole Food Company, 144A

 

7.250%

 

5/01/19

 

CCC+

 

3,045,000

 

3,300

 

JBS Investments GmbH, 144A

 

7.250%

 

4/03/24

 

BB

 

3,366,000

 

2,000

 

Land O Lakes Capital Trust I, 144A

 

7.450%

 

3/15/28

 

BB

 

2,160,000

 

3,000

 

Marfrig Holding Europe BV, 144A

 

8.375%

 

5/09/18

 

B+

 

2,835,000

 

 

 

Total Food Products

 

 

 

 

 

 

 

14,856,500

 

 

 

Gas Utilities - 2.6%

 

 

 

 

 

 

 

 

 

4,000

 

AmeriGas Finance LLC

 

7.000%

 

5/20/22

 

Ba2

 

4,290,000

 

3,400

 

Ferrellgas LP

 

8.625%

 

6/15/20

 

B-

 

3,510,500

 

1,900

 

LBC Tank Terminals Holdings Netherlands BV, 144A

 

6.875%

 

5/15/23

 

B

 

1,942,750

 

2,765

 

Suburban Propane Partners LP

 

5.500%

 

6/01/24

 

BB-

 

2,834,125

 

 

 

Total Gas Utilities

 

 

 

 

 

 

 

12,577,375

 

 

 

Health Care Equipment & Supplies - 0.9%

 

 

 

 

 

 

 

 

 

2,000

 

Tenet Healthcare Corporation

 

8.125%

 

4/01/22

 

B3

 

2,205,000

 

2,202

 

Tenet Healthcare Corporation

 

6.875%

 

11/15/31

 

B3

 

2,036,850

 

 

 

Total Health Care Equipment & Supplies

 

 

 

 

 

 

 

4,241,850

 

 

 

Health Care Providers & Services - 3.0%

 

 

 

 

 

 

 

 

 

3,000

 

Acadia Healthcare

 

5.125%

 

7/01/22

 

B-

 

3,003,750

 

3,000

 

Community Health Systems, Inc.

 

6.875%

 

2/01/22

 

B+

 

3,206,250

 

3,000

 

Kindred Escrow Corporation, 144A

 

8.750%

 

1/15/23

 

B2

 

3,285,000

 

2,370

 

Select Medical Corporation

 

6.375%

 

6/01/21

 

B-

 

2,344,819

 

2,335

 

Surgical Care Affiliates Inc., 144A

 

6.000%

 

4/01/23

 

B-

 

2,352,512

 

 

 

Total Health Care Providers & Services

 

 

 

 

 

 

 

14,192,331

 

 

 

Hotels, Restaurants & Leisure - 2.8%

 

 

 

 

 

 

 

 

 

3,450

 

1011778 BC ULC/New Red Finance Inc., 144A

 

6.000%

 

4/01/22

 

B-

 

3,570,750

 

3,000

 

MGM Resorts International Inc.

 

7.750%

 

3/15/22

 

BB

 

3,378,750

 

2,000

 

Scientific Games Corporation, 144A

 

7.000%

 

1/01/22

 

BB-

 

2,045,000

 

1,500

 

Scientific Games Corporation, 144A

 

10.000%

 

12/01/22

 

B

 

1,402,500

 

3,350

 

Wynn Macau Limited, 144A

 

5.250%

 

10/15/21

 

BB

 

3,174,125

 

 

 

Total Hotels, Restaurants & Leisure

 

 

 

 

 

 

 

13,571,125

 

 

 

Household Durables - 2.8%

 

 

 

 

 

 

 

 

 

3,000

 

Brookfield Residential Properties Inc., 144A

 

6.500%

 

12/15/20

 

BB-

 

3,135,000

 

2,000

 

KB Home

 

7.625%

 

5/15/23

 

B+

 

2,050,000

 

3,000

 

Rialto Holdings LLC-Rialto Corporation, 144A

 

7.000%

 

12/01/18

 

B

 

3,120,000

 

2,000

 

RSI Home Products Incorporated, 144A

 

6.500%

 

3/15/23

 

B+

 

2,035,000

 

2,720

 

Standard Pacific Corporation

 

5.875%

 

11/15/24

 

B+

 

2,794,800

 

 

 

Total Household Durables

 

 

 

 

 

 

 

13,134,800

 

 

 

Independent Power & Renewable Electricity Producers - 2.1%

 

 

 

 

 

2,875

 

Abengoa Yield PLC, 144A

 

7.000%

 

11/15/19

 

N/R

 

2,961,250

 

2,000

 

Dynegy Finance I Inc / Dynegy Finance II Inc., 144A

 

6.750%

 

11/01/19

 

B+

 

2,070,000

 

1,500

 

GenOn Energy Inc.

 

7.875%

 

6/15/17

 

B

 

1,492,500

 

3,275

 

GenOn Energy Inc.

 

9.500%

 

10/15/18

 

B

 

3,340,500

 

 

 

Total Independent Power & Renewable Electricity Producers

 

 

 

9,864,250

 

 

 

Industrial Conglomerates - 0.8%

 

 

 

 

 

 

 

 

 

800

 

Alfa SAB de CV, 144A

 

5.250%

 

3/25/24

 

BBB-

 

851,600

 

3,050

 

Stena AB, 144A

 

7.000%

 

2/01/24

 

BB

 

2,958,500

 

 

 

Total Industrial Conglomerates

 

 

 

 

 

 

 

3,810,100

 

 

 

Insurance - 0.5%

 

 

 

 

 

 

 

 

 

2,575

 

Genworth Holdings Inc.

 

4.800%

 

2/15/24

 

Ba1

 

2,166,219

 

 

 

Internet Software & Services - 0.9%

 

 

 

 

 

 

 

 

 

4,000

 

Equinix Inc.

 

5.750%

 

1/01/25

 

BB

 

4,170,000

 

 

 

IT Services - 0.8%

 

 

 

 

 

 

 

 

 

3,600

 

Zayo Group LLC / Zayo Capital Inc., 144A

 

6.000%

 

4/01/23

 

CCC+

 

3,618,000

 

 

 

Machinery - 1.4%

 

 

 

 

 

 

 

 

 

1,000

 

Commercial Vehicle Group

 

7.875%

 

4/15/19

 

B

 

1,037,500

 

2,250

 

Terex Corporation

 

6.000%

 

5/15/21

 

BB

 

2,306,250

 

3,500

 

Vander Intermediate Holding II Corp., 144A

 

9.750%

 

2/01/19

 

CCC+

 

3,526,250

 

 

 

Total Machinery

 

 

 

 

 

 

 

6,870,000

 

 

 

Marine - 1.7%

 

 

 

 

 

 

 

 

 

3,000

 

Eletson Holdings Inc., 144A

 

9.625%

 

1/15/22

 

B

 

2,925,000

 

2,000

 

Navios Maritime Acquisition Corporation, 144A

 

8.125%

 

11/15/21

 

B+

 

2,010,000

 

3,500

 

Navios South American Logistics Inc., Finance US Inc., 144A

 

7.250%

 

5/01/22

 

B+

 

3,395,000

 

 

 

Total Marine

 

 

 

 

 

 

 

8,330,000

 

 

 

Media - 9.8%

 

 

 

 

 

 

 

 

 

3,500

 

Altice S.A, 144A

 

7.750%

 

5/15/22

 

B

 

3,559,062

 

3,500

 

CCO Holdings LLC Finance Corporation

 

5.750%

 

9/01/23

 

BB-

 

3,657,500

 

3,325

 

Cequel Communication Holdings I, 144A

 

5.125%

 

12/15/21

 

B-

 

3,320,844

 

3,000

 

Clear Channel Communications, Inc.

 

11.250%

 

3/01/21

 

CCC+

 

3,067,500

 

2,500

 

Harron Communications Finance, 144A

 

9.125%

 

4/01/20

 

BB-

 

2,737,500

 

2,000

 

Lee Enterprises Inc., 144A

 

9.500%

 

3/15/22

 

B2

 

2,065,000

 

1,000

 

Midcontinent Communications Finance Company, 144A

 

6.250%

 

8/01/21

 

B-

 

1,040,000

 

2,400

 

Numericable Group SA, 144A

 

4.875%

 

5/15/19

 

Ba3

 

2,388,000

 

2,700

 

Numericable Group SA, 144A

 

6.000%

 

5/15/22

 

Ba3

 

2,733,750

 

3,000

 

Quebecor Media Inc.

 

5.750%

 

1/15/23

 

B+

 

3,090,000

 

3,000

 

Sinclair Television Group

 

6.375%

 

11/01/21

 

B+

 

3,172,500

 

2,590

 

Sirius XM Radio Inc., 144A

 

5.750%

 

8/01/21

 

BB

 

2,700,075

 

1,500

 

SiTV Inc., 144A

 

10.375%

 

7/01/19

 

B-

 

1,342,500

 

2,250

 

Unitymedia KabelBW GmbH, 144A

 

6.125%

 

1/15/25

 

B

 

2,379,375

 

2,500

CAD

Videotron Limited, 144A

 

5.625%

 

6/15/25

 

BB

 

2,018,278

 

4,000

 

VTR Finance BV, 144A

 

6.875%

 

1/15/24

 

B+

 

4,150,000

 

3,000

 

WMG Acquisition Group, 144A

 

6.000%

 

1/15/21

 

B+

 

3,060,000

 

 

 

Total Media

 

 

 

 

 

 

 

46,481,884

 

 

 

Metals & Mining - 9.2%

 

 

 

 

 

 

 

 

 

2,000

 

AK Steel Corporation

 

7.625%

 

10/01/21

 

B-

 

1,620,000

 

1,500

 

Anglogold Holdings PLC

 

5.125%

 

8/01/22

 

Baa3

 

1,413,774

 

3,000

 

Anglogold Holdings PLC

 

6.500%

 

4/15/40

 

Baa3

 

2,787,882

 

485

 

ArcelorMittal

 

7.000%

 

2/25/22

 

Ba1

 

531,075

 

2,000

 

AuRico Gold Inc., 144A

 

7.750%

 

4/01/20

 

B

 

1,960,000

 

2,750

 

Century Aluminum Company, 144A

 

7.500%

 

6/01/21

 

BB-

 

2,846,250

 

3,500

 

Cliffs Natural Resources Inc.

 

5.900%

 

3/15/20

 

B3

 

1,995,000

 

583

 

Coeur d’Alene Mines Corporation

 

7.875%

 

2/01/21

 

B+

 

497,008

 

1,500

 

Compania Minera Ares SAC., 144A

 

7.750%

 

1/23/21

 

BB+

 

1,483,125

 

2,500

 

Constellium N.V, 144A

 

8.000%

 

1/15/23

 

B1

 

2,618,750

 

3,000

 

Eldorado Gold Corporation, 144A

 

6.125%

 

12/15/20

 

BB

 

2,917,500

 

3,000

 

First Quantum Minerals Limited, 144A

 

7.250%

 

5/15/22

 

BB

 

2,767,500

 

3,000

 

FMG Resources, 144A

 

8.250%

 

11/01/19

 

BB+

 

2,580,000

 

2,303

 

Imperial Metals Corporation, 144A

 

7.000%

 

3/15/19

 

CCC+

 

2,193,607

 

4,000

 

Lundin Mining Corporation, 144A

 

7.500%

 

11/01/20

 

Ba2

 

4,150,000

 

320

 

Teck Resources Limited

 

6.250%

 

7/15/41

 

BBB

 

310,010

 

1,500

 

Tempel Steel Company, 144A

 

12.000%

 

8/15/16

 

CCC+

 

1,271,250

 

2,550

 

Tupy S/A, 144A

 

6.625%

 

7/17/24

 

BB

 

2,448,000

 

2,485

 

Vale Overseas Limited

 

6.875%

 

11/10/39

 

BBB+

 

2,400,460

 

2,000

 

Vedanta Resources PLC, 144A

 

6.000%

 

1/31/19

 

BB

 

1,781,980

 

3,000

 

Westmoreland Coal Co, 144A

 

8.750%

 

1/01/22

 

B

 

3,015,000

 

 

 

Total Metals & Mining

 

 

 

 

 

 

 

43,588,171

 

 

 

Multiline Retail - 0.3%

 

 

 

 

 

 

 

 

 

1,300

 

J.C. Penney Company Inc.

 

8.125%

 

10/01/19

 

Caa2

 

1,274,000

 

 

 

Oil, Gas & Consumable Fuels - 18.5%

 

 

 

 

 

 

 

 

 

500

 

Alpha Natural Resources Inc., 144A

 

7.500%

 

8/01/20

 

B+

 

208,619

 

3,200

CAD

Baytex Energy Corporation

 

6.625%

 

7/19/22

 

BB

 

2,526,548

 

375

 

Bill Barrett Corporation

 

7.000%

 

10/15/22

 

B2

 

326,016

 

1,745

 

Bonanza Creek Energy Inc.

 

5.750%

 

2/01/23

 

B-

 

1,605,400

 

2,000

 

Breitburn Energy Partners LP

 

7.875%

 

4/15/22

 

B-

 

1,440,000

 

1,500

 

California Resources Corporation, 144A

 

6.000%

 

11/15/24

 

BB

 

1,316,250

 

4,000

 

Calumet Specialty Products, 144A

 

6.500%

 

4/15/21

 

B+

 

3,880,000

 

1,500

 

Carrizo Oil and Gas Inc.

 

8.625%

 

10/15/18

 

B

 

1,563,750

 

1,500

 

Chaparral Energy Inc.

 

9.875%

 

10/01/20

 

B-

 

1,110,000

 

2,707

 

Crestwood Midstream Partners LP

 

6.125%

 

3/01/22

 

BB

 

2,727,302

 

3,000

 

Denbury Resources Inc.

 

5.500%

 

5/01/22

 

BB

 

2,692,500

 

1,500

 

Energy XXI Gulf Coast Inc., 144A

 

9.250%

 

12/15/17

 

B-

 

1,005,000

 

1,500

 

Energy XXI Gulf Coast Inc., 144A

 

11.000%

 

3/15/20

 

BB

 

1,426,875

 

750

 

EnQuest PLC, 144A

 

7.000%

 

4/15/22

 

B

 

532,500

 

2,000

 

Everest Acquisition LLC Finance

 

9.375%

 

5/01/20

 

B

 

2,095,000

 

2,750

 

Gibson Energy, 144A

 

6.750%

 

7/15/21

 

BB

 

2,805,000

 

2,600

 

Global Partners LP/GLP Finance, 144A

 

6.250%

 

7/15/22

 

B+

 

2,561,000

 

1,000

 

Halcon Resources Corporation. `

 

8.875%

 

5/15/21

 

CCC+

 

695,000

 

2,000

 

Kazmunaygas National, 144A

 

6.375%

 

4/09/21

 

BBB

 

1,994,000

 

2,200

 

Linn Energy LLC Finance Corporation

 

8.625%

 

4/15/20

 

B1

 

1,875,500

 

3,800

 

Martin Mid-Stream Partners LP Finance

 

7.250%

 

2/15/21

 

B-

 

3,648,000

 

1,500

 

MEG Energy Corporation, 144A

 

6.375%

 

1/30/23

 

BB-

 

1,380,000

 

1,475

 

Niska Gas Storage Canada ULC Finance Corporation

 

6.500%

 

4/01/19

 

CCC+

 

1,095,188

 

2,000

 

Oasis Petroleum Inc.

 

6.875%

 

3/15/22

 

B+

 

1,950,000

 

1,900

CAD

Paramount Resources Limited, 144A

 

7.625%

 

12/04/19

 

B+

 

1,477,636

 

3,000

 

PBF Holding Company LLC

 

8.250%

 

2/15/20

 

BB+

 

3,168,750

 

3,500

 

Penn Virginia Corporation

 

8.500%

 

5/01/20

 

B-

 

3,290,000

 

4,000

 

Pertamina Persero PT, 144A

 

4.875%

 

5/03/22

 

Baa3

 

4,166,400

 

2,000

 

Petrobras International Finance Company

 

7.875%

 

3/15/19

 

BBB-

 

2,035,920

 

2,800

 

Reliance Industries Limited, 144A

 

5.875%

 

8/05/63

 

BBB+

 

2,817,220

 

3,478

 

Rose Rock Midstream LP / Rose Rock Finance Corporation

 

5.625%

 

7/15/22

 

B1

 

3,425,830

 

1,500

 

RSP Permian Inc., 144A

 

6.625%

 

10/01/22

 

B-

 

1,507,500

 

3,021

 

Sabine Pass Liquefaction LLC

 

5.625%

 

2/01/21

 

BB+

 

3,040,818

 

1,750

 

Sanchez Energy Corporation

 

7.750%

 

6/15/21

 

B-

 

1,697,500

 

1,500

 

Sandridge Energy Inc.

 

7.500%

 

2/15/23

 

B2

 

915,000

 

1,500

 

Seadrill Limited, 144A

 

6.625%

 

9/15/20

 

N/R

 

1,113,750

 

2,000

 

SM Energy Company, 144A

 

6.125%

 

11/15/22

 

BB

 

1,990,000

 

2,000

 

Summit Midstream Holdings LLC Finance

 

7.500%

 

7/01/21

 

B

 

2,080,000

 

500

 

Sunoco LP/Sunoco Finance Corp., 144A

 

6.375%

 

4/01/23

 

BB

 

515,000

 

2,500

 

Tesoro Logistics LP Finance Corporation, 144A

 

6.250%

 

10/15/22

 

BB

 

2,587,500

 

3,750

 

Transocean Inc.

 

6.800%

 

3/15/38

 

BBB-

 

2,690,625

 

1,950

 

Vanguard Natural Resources Finance

 

7.875%

 

4/01/20

 

B

 

1,784,250

 

3,700

 

Western Refining Inc.

 

6.250%

 

4/01/21

 

B+

 

3,681,500

 

1,700

 

Whiting Petroleum Corporation

 

5.000%

 

3/15/19

 

BB

 

1,670,250

 

 

 

Total Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

88,114,897

 

 

 

Paper & Forest Products - 4.0%

 

 

 

 

 

 

 

 

 

3,220

 

Domtar Corporation

 

6.750%

 

2/15/44

 

BBB-

 

3,710,747

 

3,300

 

Louisiana Pacific Corporation

 

7.500%

 

6/01/20

 

BB

 

3,522,750

 

3,000

 

Mercer International Inc.

 

7.750%

 

12/01/22

 

B+

 

3,180,000

 

3,000

 

Millar Western Forest Products Ltd

 

8.500%

 

4/01/21

 

B-

 

3,045,000

 

3,000

 

Sappi Papier Holding GMBH, 144A

 

6.625%

 

4/15/21

 

BB

 

3,146,250

 

2,500

 

Tembec Industries, Inc., 144A

 

9.000%

 

12/15/19

 

B-

 

2,537,500

 

 

 

Total Paper & Forest Products

 

 

 

 

 

 

 

19,142,247

 

 

 

Personal Products - 0.9%

 

 

 

 

 

 

 

 

 

4,000

 

Albea Beauty Holdings SA, 144A

 

8.375%

 

11/01/19

 

B

 

4,290,000

 

 

 

Pharmaceuticals - 1.5%

 

 

 

 

 

 

 

 

 

3,305

 

Endo Finance LLC, 144A

 

5.750%

 

1/15/22

 

B+

 

3,387,625

 

3,780

 

VP Escrow Corporation, 144A

 

6.375%

 

10/15/20

 

B1

 

3,926,475

 

 

 

Total Pharmaceuticals

 

 

 

 

 

 

 

7,314,100

 

 

 

Real Estate Investment Trust - 0.5%

 

 

 

 

 

 

 

 

 

475

 

ARC Property Operating Partnership LP, Clark Acquisition LLC

 

4.600%

 

2/06/24

 

BB+

 

461,938

 

2,000

 

CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corporation, 144A

 

5.875%

 

3/15/25

 

BB-

 

2,115,000

 

 

 

Total Real Estate Investment Trust

 

 

 

 

 

 

 

2,576,938

 

 

 

Real Estate Management & Development - 2.0%

 

 

 

 

 

2,000

 

Country Garden Holding Company, 144A

 

7.500%

 

1/10/23

 

BB+

 

1,935,000

 

1,200

 

Gemdale International Investment Limited, Reg S

 

7.125%

 

11/16/17

 

Ba3

 

1,221,504

 

2,250

 

Hunt Companies Inc., 144A

 

9.625%

 

3/01/21

 

N/R

 

2,306,250

 

4,000

 

Mattamy Group Corporation, 144A

 

6.500%

 

11/15/20

 

BB

 

3,850,000

 

 

 

Total Real Estate Management & Development

 

 

 

 

 

 

 

9,312,754

 

 

 

Road & Rail - 1.4%

 

 

 

 

 

 

 

 

 

3,000

 

Hertz Corporation

 

7.375%

 

1/15/21

 

B

 

3,150,000

 

3,500

 

Watco Companies LLC Finance, 144A

 

6.375%

 

4/01/23

 

B3

 

3,500,000

 

 

 

Total Road & Rail

 

 

 

 

 

 

 

6,650,000

 

 

 

Semiconductors & Semiconductor Equipment - 0.6%

 

 

 

 

 

 

 

3,500

 

Advanced Micro Devices, Inc.

 

7.000%

 

7/01/24

 

B

 

3,018,750

 

 

 

Software - 1.4%

 

 

 

 

 

 

 

 

 

3,390

 

BMC Software Finance Inc., 144A

 

8.125%

 

7/15/21

 

CCC+

 

3,101,850

 

3,500

 

SixSigma Networks Mexico SA de CV, 144A

 

8.250%

 

11/07/21

 

BB-

 

3,658,550

 

 

 

Total Software

 

 

 

 

 

 

 

6,760,400

 

 

 

Specialty Retail - 1.8%

 

 

 

 

 

 

 

 

 

2,500

 

Neiman Marcus Mariposa Borrower / Merger Sub LLC, 144A

 

8.000%

 

10/15/21

 

CCC+

 

2,650,000

 

2,787

 

The Men’s Warehouse Inc., 144A

 

7.000%

 

7/01/22

 

B2

 

2,933,318

 

3,000

 

Toys R Us Property Company II LLC

 

8.500%

 

12/01/17

 

Ba3

 

3,033,750

 

 

 

Total Specialty Retail

 

 

 

 

 

 

 

8,617,068

 

 

 

Technology Hardware, Storage & Peripherals - 0.7%

 

 

 

 

 

 

 

3,075

 

NCR Corporation

 

6.375%

 

12/15/23

 

BB

 

3,274,875

 

 

 

Textiles, Apparel & Luxury Goods - 0.6%

 

 

 

 

 

 

 

 

 

3,250

 

Polymer Group Inc., 144A

 

6.875%

 

6/01/19

 

CCC+

 

3,103,750

 

 

 

Wireless Telecommunication Services - 7.1%

 

 

 

 

 

 

 

 

 

17,000

SEK

AINMT Scandinavia Holdings AB, Reg S

 

9.750%

 

3/19/19

 

N/R

 

2,092,393

 

2,800

 

Colombia Telecommunications S.A. ESP, 144A

 

5.375%

 

9/27/22

 

BB

 

2,851,660

 

3,000

 

Colombia Telecommunications S.A. ESP, 144A

 

8.500%

 

9/30/65

 

B+

 

3,008,100

 

3,800

 

Digicel Limited, 144A

 

6.000%

 

4/15/21

 

B1

 

3,610,000

 

3,000

 

FairPoint Communications Inc., 144A

 

8.750%

 

8/15/19

 

B

 

3,165,000

 

2,789

 

Frontier Communications Corporation

 

6.250%

 

9/15/21

 

BB

 

2,795,972

 

2,400

 

Inmarsat Finance PLC, 144A

 

4.875%

 

5/15/22

 

BB+

 

2,400,000

 

2,500

 

Millicom International Cellular SA, 144A

 

6.625%

 

10/15/21

 

BB+

 

2,640,625

 

4,000

 

Sprint Corporation

 

7.250%

 

9/15/21

 

B+

 

4,020,000

 

4,000

 

T-Mobile USA Inc.

 

6.731%

 

4/28/22

 

BB

 

4,210,000

 

2,800

 

Wind Acquisition Finance SA, 144A

 

4.750%

 

7/15/20

 

Ba3

 

2,807,000

 

 

 

Total Wireless Telecommunication Services

 

 

 

 

 

 

 

33,600,750

 

 

 

Total Corporate Bonds (cost $573,142,580)

 

 

 

 

 

 

 

568,447,153

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount (000)

 (3)

Description (1)

 

Coupon

 

Maturity

 

Ratings (2)

 

Value

 

 

 

$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 7.6% (5.4% of Total Investments)

 

 

 

Banks - 3.9%

 

 

 

 

 

 

 

 

 

$    4,300

 

Barclays PLC

 

8.250%

 

N/A (4)

 

BB+

 

$    4,607,089

 

1,000

 

Credit Agricole SA, 144A

 

7.875%

 

N/A (4)

 

BB+

 

1,059,045

 

3,705

 

Lloyd’s Banking Group PLC

 

7.500%

 

N/A (4)

 

BB

 

3,936,562

 

1,000

 

Royal Bank of Scotland Group PLC

 

7.640%

 

N/A (4)

 

B+

 

1,095,000

 

2,000

 

Bank of America Corporation

 

6.500%

 

N/A (4)

 

BB

 

2,115,000

 

2,220

 

Dresdner Funding Trust, 144A

 

8.151%

 

6/30/31

 

BB

 

2,755,575

 

500

 

HSBC Holdings PLC

 

6.375%

 

N/A (4)

 

BBB

 

510,625

 

475

 

Nordea Bank AB, 144A

 

6.125%

 

N/A (4)

 

BBB

 

490,143

 

2,000

 

Societe Generale, 144A

 

7.875%

 

N/A (4)

 

BB+

 

2,065,000

 

 

 

Total Banks

 

 

 

 

 

 

 

18,634,039

 

 

 

Capital Markets - 0.9%

 

 

 

 

 

 

 

 

 

200

EUR

Baggot Securities Limited, 144A

 

10.240%

 

N/A (4)

 

N/R

 

226,104

 

4,285

 

Deutsche Bank AG

 

7.500%

 

N/A (4)

 

BB+

 

4,359,987

 

 

 

Total Capital Markets

 

 

 

 

 

 

 

4,586,091

 

 

 

Diversified Financial Services - 0.4%

 

 

 

 

 

 

 

 

 

2,000

 

Banco BTG Pactual SA/Luxembourg, 144A

 

8.750%

 

N/A (4)

 

Ba3

 

2,000,000

 

 

 

Energy Equipment & Services - 0.5%

 

 

 

 

 

 

 

 

 

2,000

EUR

Origin Energy Finance Limited, Reg S

 

7.875%

 

6/16/71

 

BB+

 

2,323,616

 

 

 

Insurance - 1.9%

 

 

 

 

 

 

 

 

 

570

 

Catlin Insurance Company Limited, 144A

 

7.249%

 

N/A (4)

 

BBB+

 

533,663

 

2,000

 

XL Capital Ltd

 

6.500%

 

N/A (4)

 

BBB

 

1,770,000

 

2,000

 

CNP Assurances, Reg S

 

7.500%

 

N/A (4)

 

BBB+

 

2,220,568

 

2,000

 

La Mondiale SAM, Reg S

 

7.625%

 

N/A (4)

 

BBB-

 

2,217,500

 

2,000

 

QBE Insurance Group Limited, Reg S

 

6.750%

 

12/02/44

 

BBB-

 

2,160,000

 

 

 

Total Insurance

 

 

 

 

 

 

 

8,901,731

 

 

 

Total $1,000 Par (or similar) Institutional Preferred (cost $35,857,030)

 

36,445,477

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount (000)

 (3)

Description (1)

 

Coupon

 

Maturity

 

Ratings (2)

 

Value

 

 

 

SOVEREIGN DEBT – 7.3% (5.2% of Total Investments)

 

 

 

 

 

Argentina - 0.5%

 

 

 

 

 

 

 

 

 

$    2,500

 

Republic of Argentina

 

7.000%

 

10/03/15

 

N/R

 

$    2,423,750

 

 

 

Brazil - 1.2%

 

 

 

 

 

 

 

 

 

19,500

BRL

Brazil Nota do Tesouro Nacional

 

10.000%

 

1/01/21

 

BBB+

 

5,553,713

 

 

 

Costa Rica - 0.1%

 

 

 

 

 

 

 

 

 

400

 

Republic of Costa Rica, 144A

 

7.000%

 

4/04/44

 

Ba1

 

407,000

 

 

 

Mexico - 2.4%

 

 

 

 

 

 

 

 

 

173,300

MXN

Mexico Bonos de DeSarrollo

 

4.750%

 

6/14/18

 

A3

 

11,367,246

 

 

 

South Africa - 1.7%

 

 

 

 

 

 

 

 

 

39,000

ZAR

Republic of South Africa

 

8.250%

 

9/15/17

 

BBB+

 

3,314,630

 

43,000

ZAR

Republic of South Africa

 

6.750%

 

3/31/21

 

BBB+

 

3,438,157

 

12,800

ZAR

Republic of South Africa

 

10.500%

 

12/21/26

 

BBB+

 

1,272,296

 

 

 

Total South Africa

 

 

 

 

 

 

 

8,025,083

 

 

 

Sri Lanka - 0.4%

 

 

 

 

 

 

 

 

 

2,000

 

Republic of Sri Lanka, 144A

 

6.000%

 

1/14/19

 

BB-

 

2,050,000

 

 

 

Turkey - 1.0%

 

 

 

 

 

 

 

 

 

12,500

TRY

Republic of Turkey, Government Bond

 

10.700%

 

2/24/16

 

BBB

 

4,883,170

 

 

 

Total Sovereign Debt (cost $40,216,207)

 

 

 

 

 

 

 

34,709,962

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

Ratings (2)

 

Value

 

 

 

ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 1.6% (1.1% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$      614

 

Banc of America Alternative Loan Trust, Pass-Through Certificates, Series 2006-6

 

6.000%

 

7/25/46

 

Caa3

 

$        506,375

 

404

 

CAM Mortgage Trust 2013-1, 144A

 

5.500%

 

12/15/53

 

N/R

 

404,373

 

1,275

 

CAM Mortgage Trust 2014-2, 144A

 

4.450%

 

5/15/48

 

N/R

 

1,279,450

 

2,826

 

Countrywide Asset Backed Certificates, Series 2007-4 A2

 

5.530%

 

4/25/47

 

Caa1

 

2,809,039

 

331

 

Countrywide Home Loans Mortgage, Series 2005-27

 

5.500%

 

12/25/35

 

Caa1

 

310,611

 

677

 

Oaktree Real Estate Investments, Commercial Mortgage Asset Backed Securities ORES NPL LLC 2013-LV2I, 144A

 

3.081%

 

9/25/25

 

N/R

 

676,998

 

1,500

 

Vericrest Opportunity Loan Transferee, Series 2014-NPL7, 144A

 

4.750%

 

8/27/57

 

N/R

 

1,486,833

 

$    7,627

 

Total Asset-Backed and Mortgage-Backed Securities (cost $7,397,630)

 

 

7,473,679

 

 

 

Total Long-Term Investments (cost $673,177,323)

 

 

664,189,499

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

 

 

Value

 

 

 

SHORT-TERM INVESTMENTS – 1.7% (1.2% of Total Investments)

 

 

 

 

 

$    8,015

 

Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/15, repurchase price $8,015,378, collateralized by $7,865,000 U.S. Treasury Notes, 2.375%, due 8/15/24, value $8,179,600

 

0.000%

 

4/01/15

 

 

 

$      8,015,378

 

 

 

Total Short-Term Investments (cost $8,015,378)

 

 

 

 

 

 

 

8,015,378

 

 

 

Total Investments (cost $681,192,701) - 141.2%

 

 

 

 

 

 

 

672,204,877

 

 

 

Borrowings – (42.5)% (5), (6)

 

 

 

 

 

 

 

(202,500,000

)

 

 

Other Assets Less Liabilities – 1.3% (7)

 

 

 

 

 

 

 

6,319,773

 

 

 

Net Assets – 100%

 

 

 

 

 

 

 

$  476,024,650

 

 

Investments in Derivatives as of March 31, 2015

Forward Foreign Currency Exchange Contracts outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

 

Amount

 

In Exchange

 

Amount

 

Settlement

 

Appreciation

 

Counterparty

 

Currency Contracts to Deliver

 

(Local Currency)

 

For Currency

 

(Local Currency)

 

Date

 

(Depreciation)

 

Bank of America

 

Pound Sterling

 

2,000,000

 

U.S. Dollar

 

3,058,434

 

4/30/15

 

$        92,178

 

Bank of America

 

Turkish Lira

 

12,900,000

 

U.S. Dollar

 

5,030,220

 

4/30/15

 

104,785

 

Goldman Sachs

 

Canadian Dollar

 

3,200,000

 

U.S. Dollar

 

2,550,736

 

4/30/15

 

25,090

 

Goldman Sachs

 

Canadian Dollar

 

8,447,979

 

U.S. Dollar

 

6,741,557

 

4/30/15

 

73,867

 

Goldman Sachs

 

Euro

 

4,681,000

 

U.S. Dollar

 

5,137,814

 

5/22/15

 

101,241

 

Goldman Sachs

 

Norwegian Krone

 

14,900,000

 

U.S. Dollar

 

1,969,446

 

4/30/15

 

121,118

 

Goldman Sachs

 

Swedish Krona

 

5,400,000

 

U.S. Dollar

 

643,200

 

4/30/15

 

15,928

 

Goldman Sachs

 

Swedish Krona

 

12,000,000

 

U.S. Dollar

 

1,457,156

 

4/30/15

 

63,219

 

Goldman Sachs

 

U.S. Dollar

 

257,983

 

Norwegian Krone

 

1,960,000

 

4/30/15

 

(14,847

)

Goldman Sachs

 

U.S. Dollar

 

2,374,423

 

Canadian Dollar

 

3,000,000

 

4/30/15

 

(6,630

)

 

 

 

 

 

 

 

 

 

 

 

 

$      575,949

 

 

Interest Rate Swaps outstanding:

 

 

 

 

 

Fund

 

 

 

 

 

Fixed Rate

 

 

 

 

 

Unrealized

 

 

 

Notional

 

Pay/Receive

 

 

 

Fixed Rate

 

Payment

 

Effective

 

Termination

 

Appreciation

 

Counterparty

 

Amount

 

Floating Rate

 

Floating Rate Index

 

(Annualized)

 

Frequency

 

Date (8)

 

Date

 

(Depreciation)

 

JPMorgan

 

$ 22,469,000

 

Receive

 

1-Month USD-LIBOR-BBA

 

1.462

%

Monthly

 

12/01/15

 

12/01/20

 

$  (234,371

)

JPMorgan

 

22,469,000

 

Receive

 

1-Month USD-LIBOR-BBA

 

1.842

 

Monthly

 

12/01/15

 

12/01/22

 

(433,934

)

 

 

$ 44,938,000

 

 

 

 

 

 

 

 

 

 

 

 

 

$  (668,305

)

 

Futures Contracts outstanding:

 

 

 

 

 

 

 

 

 

 

 

Variation

 

 

 

 

 

 

 

 

 

 

 

Notional

 

Margin

 

Unrealized

 

 

 

Contract

 

Number of

 

Contract

 

Amount

 

Receivable/

 

Appreciation

 

Description

 

Position

 

Contracts

 

Expiration

 

at Value

 

(Payable)

 

(Depreciation)

 

U.S. Treasury 5-Year Note

 

Short

 

(313

)

6/15

 

$  (37,626,024

)

$      (63,578

)

$    (321,043

)

U.S. Treasury 10-Year Note

 

Short

 

(322

)

6/15

 

(41,507,812

)

(100,625

)

(453,509

)

 

 

 

 

 

 

 

 

$  (79,133,836

)

$    (164,203

)

$    (774,552

)

 

 

 

Fair Value Measurements

 

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a

summary of the three-tiered hierarchy of valuation input levels.

 

Level 1 - Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 - Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

Long-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

$ 25 Par (or similar) Retail Preferred

 

$ 17,113,228

 

$                   –

 

$               –

 

$    17,113,228

 

 

 

Corporate Bonds

 

 

568,447,153

 

 

568,447,153

 

 

 

$ 1,000 Par (or similar) Institutional Preferred

 

 

36,445,477

 

 

36,445,477

 

 

 

Sovereign Debt

 

 

34,709,962

 

 

34,709,962

 

 

 

Asset-Backed and Mortgage-Backed Securities

 

 

7,473,679

 

 

7,473,679

 

 

 

Short-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

Repurchase Agreements

 

 

8,015,378

 

 

8,015,378

 

 

 

Investments in Derivatives:

 

 

 

 

 

 

 

 

 

 

 

Forward Foreign Currency Exchange Contracts*

 

 

575,949

 

 

575,949

 

 

 

Interest Rate Swaps*

 

 

(668,305

)

 

(668,305

)

 

 

Futures Contracts*

 

(774,552

)

 

 

(774,552

)

 

 

Total

 

$  16,338,676

 

$ 654,999,293

 

$               –

 

$  671,337,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Represents net unrealized appreciation (depreciation).

 

Income Tax Information

 

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to recognition of unrealized gain or loss for tax (mark-to-market) for certain foreign currency exchange contracts, recognition of premium amortization and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

 

As of March 31, 2015, the cost of investments (excluding investments in derivatives) was $681,934,638.

 

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of March 31, 2015, were as follows:

 

 

 

 

 

 

Gross unrealized:

 

 

 

 

 

Appreciation

 

$    8,778,095

 

 

 

Depreciation

 

(18,507,856

)

 

 

 

Net unrealized appreciation (depreciation) of investments

 

 

$   (9,729,761

)

 

 

 

 

 

 

(1)

 

All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.

(2)

 

Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(3)

 

Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.

(4)

 

Perpetual security. Maturity date is not applicable.

(5)

 

Borrowings as a percentage of Total Investments is 30.1%.

(6)

 

The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for Borrowings.

(7)

 

Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as well as the exchange-cleared and exchange-traded derivatives, when applicable.

(8)

 

Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.

N/A

 

Not applicable.

Reg S

 

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

144A

 

Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

BRL

 

Brazilian Real

CAD

 

Canadian Dollar

EUR

 

Euro

GBP

 

British Pound Sterling

MXN

 

Mexican Peso

NOK

 

Norwegian Krone

SEK

 

Swedish Krona

TRY

 

Turkish Lira

ZAR

 

South African Rand

USD-LIBOR-BBA

 

United States Dollar – London Inter-Bank Offered Rate – British Bankers’ Association

WI/DD

 

Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

 

 


 

Item 2. Controls and Procedures.

 

a.

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

 

b.

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.

 


 


 

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.

 

(Registrant) Nuveen Global High Income Fund

 

 

By (Signature and Title)

/s/ Kevin J. McCarthy

 

 

Kevin J. McCarthy

 

 

Vice President and Secretary

 

 

 

Date: May 29, 2015

 

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.

 

 

By (Signature and Title)

/s/ Gifford R. Zimmerman

 

 

Gifford R. Zimmerman

 

 

Chief Administrative Officer (principal executive officer)

 

 

 

Date: May 29, 2015

 

 

By (Signature and Title)

/s/ Stephen D. Foy

 

 

Stephen D. Foy

 

 

Vice President and Controller (principal financial officer)

 

 

 

Date: May 29, 2015