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 |
| ||||||
|
(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 |
(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 |
(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 |
(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