UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 22441

John Hancock Hedged Equity & Income Fund
(Exact name of registrant as specified in charter)

601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Salvatore Schiavone

Treasurer

601 Congress Street

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-663-4497

Date of fiscal year end: December 31
   
Date of reporting period: March 31, 2015

 

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

 



John Hancock

Hedged Equity & Income Fund


Quarterly portfolio holdings 3/31/15

jhnq_logo.jpg 

Fund's investmentsHedged Equity & Income Fund



  As of 3-31-15 (unaudited)  
        Shares     Value  
  Common stocks 82.2%     $202,695,018  
  (Cost $189,350,519)  
  Consumer discretionary 6.3%     15,452,414  
  Auto components 0.9%  
  Aisan Industry Company, Ltd.     15,000     129,047  
  Delphi Automotive PLC     6,948     554,034  
  Exedy Corp.     8,000     190,545  
  Keihin Corp.     14,900     228,427  
  Nissin Kogyo Company, Ltd.     4,100     65,117  
  Sumitomo Riko Company, Ltd.     18,800     164,769  
  Takata Corp.     11,800     128,949  
  Tokai Rika Company, Ltd.     9,900     229,439  
  Topre Corp.     4,100     64,008  
  Toyoda Gosei Company, Ltd.     13,600     303,595  
  Toyota Boshoku Corp.     19,000     237,349  
  Automobiles 0.4%  
  Honda Motor Company, Ltd.     14,800     483,115  
  Peugeot SA (I)     18,459     308,553  
  Renault SA     3,542     321,720  
  Diversified consumer services 0.1%  
  Allstar Co-Invest LLC (I)(R)     236,300     259,930  
  Hotels, restaurants and leisure 0.4%  
  McDonald's Corp.     10,720     1,044,557  
  Household durables 1.3%  
  D.R. Horton, Inc.     21,235     604,773  
  Funai Electric Company, Ltd.     15,900     183,038  
  Newell Rubbermaid, Inc.     25,051     978,743  
  Nikon Corp.     22,100     296,328  
  PulteGroup, Inc.     46,580     1,035,473  
  Internet and catalog retail 0.1%  
  Home Retail Group PLC     53,559     130,633  
  Media 1.0%  
  Avex Group Holdings, Inc.     8,300     132,391  
  Gendai Agency, Inc.     5,200     30,121  
  Metropole Television SA     10,320     206,962  
  ProSiebenSat.1 Media AG     27,871     1,363,251  
  Proto Corp.     5,600     90,761  
  Sky PLC     36,279     533,736  
  Multiline retail 0.2%  
  Dollar General Corp. (I)     6,459     486,879  
  New World Department Store China, Ltd.     211,000     52,527  
  Specialty retail 1.7%  
  Adastria Holdings Company, Ltd.     9,500     262,568  
  Honeys Company, Ltd.     12,630     110,500  
  Nishimatsuya Chain Company, Ltd.     19,300     170,126  
  Pal Company, Ltd.     5,800     165,041  
  Ross Stores, Inc.     4,599     484,551  
  Shimamura Company, Ltd.     2,100     194,504  
  The Home Depot, Inc.     22,217     2,524,073  
  Xebio Company, Ltd.     10,100     175,261  

2SEE NOTES TO FUND'S INVESTMENTS

Hedged Equity & Income Fund

        Shares     Value  
  Consumer discretionary  (continued)        
  Textiles, apparel and luxury goods 0.2%  
  Daphne International Holdings, Ltd.     420,000     $140,936  
  Ralph Lauren Corp.     2,936     386,084  
  Consumer staples 6.0%     14,848,617  
  Beverages 1.0%  
  Diageo PLC, ADR     8,731     965,387  
  The Coca-Cola Company     38,990     1,581,045  
  Food and staples retailing 0.1%  
  Cawachi, Ltd.     7,700     134,094  
  J Sainsbury PLC     61,158     234,689  
  Food products 2.9%  
  Ebro Foods SA     28,177     525,469  
  Ingredion, Inc.     13,194     1,026,757  
  Kraft Foods Group, Inc.     39,263     3,420,396  
  Pinnacle Foods, Inc.     31,720     1,294,493  
  Suedzucker AG     14,395     175,770  
  Unilever NV     18,045     754,056  
  Household products 0.7%  
  The Procter & Gamble Company     19,907     1,631,180  
  Personal products 0.1%  
  Oriflame Cosmetics SA     10,701     143,043  
  Tobacco 1.2%  
  British American Tobacco PLC     57,204     2,962,238  
  Energy 6.4%     15,868,382  
  Energy equipment and services 0.2%  
  National Oilwell Varco, Inc.     8,709     435,363  
  Oil, gas and consumable fuels 6.2%  
  BP PLC     120,426     780,621  
  Canadian Natural Resources, Ltd.     14,972     459,790  
  Chevron Corp. (C)     26,272     2,758,035  
  Encana Corp.     10,800     120,573  
  Energy Resources of Australia, Ltd. (I)     55,444     52,759  
  Eni SpA     28,141     487,069  
  Exxon Mobil Corp. (C)     20,340     1,728,900  
  Gazprom OAO, ADR     44,614     210,355  
  HollyFrontier Corp.     12,624     508,368  
  HRT Participacoes em Petroleo SA (I)     2,930     4,140  
  Inpex Corp.     21,400     235,802  
  Japan Petroleum Exploration Company, Ltd.     6,100     206,675  
  Legacy Oil + Gas, Inc. (I)     36,000     43,772  
  Lukoil OAO, ADR     4,750     218,168  
  Marathon Oil Corp.     39,749     1,037,846  
  Occidental Petroleum Corp.     15,066     1,099,818  
  Painted Pony Petroleum, Ltd. (I)     13,300     62,166  
  PetroChina Company, Ltd., H Shares     1,004,000     1,114,941  
  Petroleo Brasileiro SA, ADR     27,056     162,607  
  Royal Dutch Shell PLC, B Shares     37,090     1,155,365  
  Suncor Energy, Inc.     51,481     1,505,819  
  Total SA     29,763     1,479,430  

SEE NOTES TO FUND'S INVESTMENTS3

Hedged Equity & Income Fund

        Shares     Value  
  Financials 20.7%     $50,943,222  
  Banks 8.9%  
  Allahabad Bank (I)     47,514     75,260  
  Alpha Bank AE (I)     277,006     82,053  
  Banca Popolare dell'Emilia Romagna SC (I)     21,074     183,283  
  Banco Bilbao Vizcaya Argentaria SA     104,727     1,057,692  
  BNP Paribas SA     7,043     428,538  
  Canara Bank     14,248     83,680  
  CIT Group, Inc.     6,165     278,165  
  Corp. Bank     66,868     55,366  
  Dah Sing Financial Holdings, Ltd.     16,800     99,258  
  HSBC Holdings PLC     189,048     1,610,957  
  ING Groep NV (I)     31,230     457,456  
  JPMorgan Chase & Co. (C)     58,982     3,573,130  
  KB Financial Group, Inc.     6,131     216,417  
  M&T Bank Corp.     3,347     425,069  
  Mitsubishi UFJ Financial Group, Inc.     311,500     1,929,248  
  Mizuho Financial Group, Inc.     237,600     417,576  
  Nordea Bank AB     91,546     1,115,074  
  OTP Bank PLC     10,381     195,979  
  Piraeus Bank SA (I)     176,568     68,147  
  Shinhan Financial Group Company, Ltd.     3,467     130,254  
  Societe Generale SA     8,270     399,292  
  Standard Chartered PLC     29,227     473,381  
  Sumitomo Mitsui Financial Group, Inc.     12,000     459,655  
  Svenska Handelsbanken AB, A Shares     16,221     730,537  
  The Eighteenth Bank, Ltd.     20,000     60,675  
  The Oita Bank, Ltd.     16,000     62,127  
  The PNC Financial Services Group, Inc. (C)     45,364     4,229,739  
  The Tochigi Bank, Ltd.     17,000     87,695  
  The Yamanashi Chuo Bank, Ltd.     19,000     83,236  
  UniCredit SpA     40,552     274,995  
  Wells Fargo & Company (C)     46,432     2,525,901  
  Capital markets 2.3%  
  BlackRock, Inc. (C)     7,441     2,722,215  
  Henderson Group PLC     300,256     1,246,512  
  Julius Baer Group, Ltd. (I)     4,255     212,681  
  LPL Financial Holdings, Inc.     9,590     420,617  
  Northern Trust Corp.     6,361     443,044  
  UBS Group AG (I)     31,400     588,784  
  Uranium Participation Corp. (I)     33,300     148,023  
  Consumer finance 0.1%  
  Manappuram Finance, Ltd.     263,525     136,753  
  Diversified financial services 0.5%  
  Intercontinental Exchange Group, Inc. (C)     1,859     433,649  
  MSCI, Inc.     13,700     839,947  
  Insurance 6.7%  
  ACE, Ltd.     15,012     1,673,688  
  Ageas     9,935     356,791  
  Assicurazioni Generali SpA     58,531     1,150,846  
  CNO Financial Group, Inc.     51,500     886,830  
  Delta Lloyd NV     70,677     1,329,933  

4SEE NOTES TO FUND'S INVESTMENTS

Hedged Equity & Income Fund

        Shares     Value  
  Financials  (continued)        
  Insurance  (continued)  
  FNF Group     21,431     $787,804  
  Marsh & McLennan Companies, Inc.     51,887     2,910,342  
  MetLife, Inc.     42,884     2,167,786  
  Storebrand ASA (I)     55,947     203,285  
  T&D Holdings, Inc.     33,100     454,665  
  The Dai-ichi Life Insurance Company, Ltd.     18,000     261,092  
  Tokio Marine Holdings, Inc.     10,800     407,665  
  Tongyang Life Insurance     10,751     112,359  
  Willis Group Holdings PLC     29,851     1,438,221  
  Zurich Insurance Group AG (I)     6,849     2,314,977  
  Real estate investment trusts 0.9%  
  Blackstone Mortgage Trust, Inc., Class A     19,180     544,137  
  ICADE     8,142     735,591  
  Weyerhaeuser Company     29,553     979,682  
  Real estate management and development 1.3%  
  Castellum AB     55,149     833,421  
  Deutsche Annington Immobilien SE     43,899     1,479,292  
  Deutsche Wohnen AG     33,341     852,755  
  Health care 9.8%     24,214,562  
  Biotechnology 0.1%  
  Sinovac Biotech, Ltd. (I)     24,065     119,362  
  Health care equipment and supplies 0.2%  
  Zimmer Holdings, Inc.     4,404     517,558  
  Health care providers and services 1.1%  
  Aetna, Inc.     9,786     1,042,503  
  AmerisourceBergen Corp.     4,110     467,184  
  Quest Diagnostics, Inc.     13,993     1,075,362  
  Suzuken Company, Ltd.     2,090     63,705  
  Health care technology 0.0%  
  AGFA-Gevaert NV (I)     38,231     88,088  
  Life sciences tools and services 0.0%  
  CMIC Holdings Company, Ltd.     6,900     111,640  
  Pharmaceuticals 8.4%  
  Almirall SA     12,963     238,273  
  AstraZeneca PLC     36,953     2,535,658  
  Bristol-Myers Squibb Company     46,114     2,974,353  
  Daiichi Sankyo Company, Ltd.     11,200     177,978  
  Eisai Company, Ltd.     26,500     1,884,887  
  H. Lundbeck A/S (I)     13,131     276,607  
  Johnson & Johnson     17,214     1,731,728  
  Merck & Company, Inc. (C)     89,683     5,154,979  
  Ono Pharmaceutical Company, Ltd.     4,300     485,229  
  Pfizer, Inc.     62,300     2,167,417  
  Roche Holding AG     9,236     2,537,979  
  Takeda Pharmaceutical Company, Ltd.     11,300     564,072  
  Industrials 8.4%     20,824,980  
  Aerospace and defense 1.2%  
  Raytheon Company     5,871     641,407  
  Thales SA     5,481     304,099  

SEE NOTES TO FUND'S INVESTMENTS5

Hedged Equity & Income Fund

        Shares     Value  
  Industrials  (continued)        
  Aerospace and defense  (continued)  
  United Technologies Corp.     17,944     $2,103,037  
  Air freight and logistics 0.8%  
  Deutsche Post AG     21,938     683,476  
  PostNL NV (I)     89,450     380,013  
  TNT Express NV     44,561     283,043  
  United Parcel Service, Inc., Class B     7,615     738,198  
  Airlines 0.4%  
  Aer Lingus Group PLC     16,800     42,064  
  American Airlines Group, Inc.     7,046     371,888  
  Deutsche Lufthansa AG     22,639     317,006  
  Qantas Airways, Ltd. (I)     78,124     185,303  
  Building products 0.4%  
  Cie de Saint-Gobain     11,531     506,295  
  Fortune Brands Home & Security, Inc.     10,188     483,726  
  Commercial services and supplies 0.1%  
  Aeon Delight Company, Ltd.     5,000     119,540  
  Moshi Moshi Hotline, Inc.     10,500     114,571  
  Construction and engineering 0.0%  
  Raubex Group, Ltd.     63,498     94,812  
  Electrical equipment 2.2%  
  Eaton Corp. PLC     39,845     2,707,069  
  Futaba Corp.     2,600     41,799  
  OSRAM Licht AG     2,770     137,123  
  Saft Groupe SA     4,260     155,689  
  Schneider Electric SE     25,921     2,017,141  
  Ushio, Inc.     18,400     228,078  
  Zumtobel Group AG     3,049     75,531  
  Industrial conglomerates 1.5%  
  3M Company     7,875     1,298,981  
  General Electric Company     31,970     793,176  
  Koninklijke Philips NV     8,108     230,024  
  Rheinmetall AG     7,689     369,834  
  Siemens AG     8,486     917,796  
  Machinery 0.2%  
  Fuji Machine Manufacturing Company, Ltd.     4,600     52,233  
  Hisaka Works, Ltd.     9,600     83,807  
  The Japan Steel Works, Ltd.     57,000     239,629  
  Toshiba Machine Company, Ltd.     44,000     185,236  
  Marine 0.1%  
  D/S Norden A/S     4,795     102,135  
  Pacific Basin Shipping, Ltd.     339,000     111,950  
  Professional services 0.3%  
  Adecco SA (I)     4,351     361,670  
  en-japan, Inc.     8,700     119,535  
  Hays PLC     90,836     205,014  
  USG People NV     11,360     157,095  
  Trading companies and distributors 0.5%  
  Fastenal Company     9,786     405,483  
  Kuroda Electric Company, Ltd.     11,800     188,509  

6SEE NOTES TO FUND'S INVESTMENTS

Hedged Equity & Income Fund

        Shares     Value  
  Industrials  (continued)        
  Trading companies and distributors  (continued)  
  Mitsubishi Corp.     18,200     $365,708  
  SIG PLC     52,407     157,297  
  Transportation infrastructure 0.7%  
  Hamburger Hafen und Logistik AG     6,044     126,835  
  Jiangsu Expressway Company, Ltd., H Shares     1,208,000     1,622,125  
  Information technology 11.2%     27,636,694  
  Communications equipment 1.1%  
  Cisco Systems, Inc. (C)     99,994     2,752,335  
  Electronic equipment, instruments and components 0.5%  
  Avnet, Inc.     13,015     579,168  
  Hosiden Corp.     29,300     161,656  
  Kingboard Laminates Holdings, Ltd.     350,000     142,090  
  Mitsumi Electric Company, Ltd.     12,200     90,534  
  Nichicon Corp.     27,200     253,448  
  Internet software and services 0.2%  
  Dena Company, Ltd.     16,400     321,007  
  Dropbox, Inc. (I)(R)     7,248     128,435  
  Gree, Inc.     26,400     183,692  
  IT services 1.2%  
  Alten SA     3,832     175,798  
  Booz Allen Hamilton Holding Corp.     39,600     1,146,024  
  Cap Gemini SA     4,241     347,938  
  Devoteam SA     2,013     46,940  
  Fujitsu, Ltd.     71,000     484,194  
  GFI Informatique SA     4,237     27,000  
  Itochu Techno-Solutions Corp.     11,200     232,336  
  NET One Systems Company, Ltd.     22,200     151,502  
  Sopra Steria Group     3,741     278,623  
  Semiconductors and semiconductor equipment 4.5%  
  Intel Corp.     102,565     3,207,208  
  Kontron AG (I)     15,422     98,690  
  Lam Research Corp.     7,926     556,683  
  Marvell Technology Group, Ltd.     25,541     375,453  
  Maxim Integrated Products, Inc. (C)     123,660     4,304,605  
  Micronas Semiconductor Holding AG (I)     15,721     98,978  
  Mimasu Semiconductor Industry Company, Ltd.     10,300     111,815  
  Miraial Company, Ltd.     6,800     82,858  
  Rohm Company, Ltd.     4,500     307,498  
  SCREEN Holdings Company, Ltd.     40,000     302,597  
  Shinkawa, Ltd. (I)     16,000     101,466  
  Shinko Electric Industries Company, Ltd.     34,800     247,138  
  Taiwan Semiconductor Manufacturing Company, Ltd., ADR     46,080     1,081,958  
  Tokyo Seimitsu Company, Ltd.     11,100     254,209  
  Software 2.5%  
  Activision Blizzard, Inc.     20,887     474,657  
  Alpha Systems, Inc.     1,900     26,963  
  Microsoft Corp. (C)     107,040     4,351,711  
  Nintendo Company, Ltd.     2,200     322,795  
  Symantec Corp.     38,292     894,693  

SEE NOTES TO FUND'S INVESTMENTS7

Hedged Equity & Income Fund

        Shares     Value  
  Information technology  (continued)        
  Technology hardware, storage and peripherals 1.2%  
  Apple, Inc. (C)     6,300     $783,909  
  Canon, Inc.     12,700     449,342  
  Compal Electronics, Inc.     152,000     126,274  
  Japan Digital Laboratory Company, Ltd.     4,000     52,586  
  Melco Holdings, Inc.     8,700     163,627  
  SanDisk Corp.     9,492     603,881  
  Western Digital Corp.     8,267     752,380  
  Materials 6.0%     14,751,437  
  Chemicals 2.3%  
  Agrium, Inc.     3,400     354,348  
  Akzo Nobel NV     11,646     880,550  
  E.I. du Pont de Nemours & Company     15,900     1,136,373  
  Fujimi, Inc.     4,700     80,958  
  Hitachi Chemical Company, Ltd.     9,000     192,182  
  JSR Corp.     14,500     251,099  
  Methanex Corp.     9,884     529,486  
  Mitsui Chemicals, Inc.     95,000     304,645  
  Nitto Denko Corp.     3,300     220,354  
  PTT Global Chemical PCL     232,100     372,687  
  Sumitomo Bakelite Company, Ltd.     50,000     222,364  
  The Dow Chemical Company     22,500     1,079,550  
  Construction materials 0.3%  
  Buzzi Unicem SpA     20,385     305,238  
  CRH PLC     3,047     79,167  
  Holcim, Ltd. (I)     3,181     236,992  
  Lafarge SA     3,109     202,118  
  Containers and packaging 0.4%  
  AMVIG Holdings, Ltd.     256,000     114,033  
  Graphic Packaging Holding Company     23,779     345,747  
  Packaging Corp. of America     6,067     474,379  
  Metals and mining 1.4%  
  Aichi Steel Corp.     21,000     99,661  
  Anglo American Platinum, Ltd. (I)     5,619     137,556  
  Anglo American PLC     20,533     306,660  
  Aquarius Platinum, Ltd. (I)     273,117     35,994  
  Barrick Gold Corp.     15,200     166,215  
  BHP Billiton PLC     26,216     575,318  
  Centerra Gold, Inc.     32,700     159,556  
  Chubu Steel Plate Company, Ltd.     9,300     39,373  
  Eldorado Gold Corp.     39,330     180,525  
  G-Resources Group, Ltd. (I)     4,569,000     133,568  
  Impala Platinum Holdings, Ltd. (I)     32,658     157,919  
  Ivanhoe Mines, Ltd., Class A (I)     118,000     85,713  
  Kinross Gold Corp. (I)     81,176     181,834  
  Kyoei Steel, Ltd.     1,400     23,640  
  Lonmin PLC (I)     65,445     113,809  
  Maruichi Steel Tube, Ltd.     7,700     182,260  
  Neturen Company, Ltd.     6,100     45,062  
  Northern Dynasty Minerals, Ltd. (I)     16,000     6,253  
  Resolute Mining, Ltd. (I)     255,282     59,456  

8SEE NOTES TO FUND'S INVESTMENTS

Hedged Equity & Income Fund

        Shares     Value  
  Materials  (continued)        
  Metals and mining  (continued)  
  Salzgitter AG     6,472     $187,649  
  Tokyo Steel Manufacturing Company, Ltd.     27,800     185,924  
  Yamato Kogyo Company, Ltd.     7,000     168,727  
  Yodogawa Steel Works, Ltd.     28,000     110,873  
  Paper and forest products 1.6%  
  International Paper Company     58,170     3,227,853  
  Norbord, Inc.     37,900     797,769  
  Telecommunication services 3.7%     9,107,551  
  Diversified telecommunication services 3.2%  
  KT Corp. (I)     12,186     318,676  
  Magyar Telekom Telecommunications PLC (I)     129,798     191,055  
  Nippon Telegraph & Telephone Corp.     43,900     2,709,991  
  Orange SA     20,775     333,637  
  Telefonica SA     26,290     374,094  
  Telenor ASA     66,126     1,334,447  
  Verizon Communications, Inc.     40,456     1,967,375  
  Verizon Communications, Inc.     11,075     539,613  
  Wireless telecommunication services 0.5%  
  NTT DOCOMO, Inc.     76,600     1,338,663  
  Utilities 3.7%     9,047,159  
  Electric utilities 2.2%  
  Duke Energy Corp.     45,054     3,459,246  
  Edison International     14,570     910,188  
  The Southern Company     10,700     473,796  
  Xcel Energy, Inc.     14,060     489,429  
  Independent power and renewable electricity producers 0.1%  
  NTPC, Ltd.     53,714     126,838  
  Multi-utilities 1.4%  
  Centrica PLC     274,674     1,027,365  
  E.ON SE     16,645     247,493  
  GDF Suez     19,670     388,345  
  National Grid PLC     55,441     712,752  
  PG&E Corp.     18,800     997,716  
  RWE AG     8,405     213,991  
        Rate (% )    Maturity date     Par value^     Value  
  Corporate bonds 14.1%     $34,788,631  
  (Cost $36,803,452)  
  Consumer discretionary 2.6%     6,407,571  
  Automobiles 0.2%  
  FCA US LLC     8.250     06-15-21           230,000     255,095  
  General Motors Company     4.875     10-02-23           160,000     173,234  
  General Motors Company     6.250     10-02-43           65,000     79,637  
  Diversified consumer services 0.2%  
  Service Corp. International     7.625     10-01-18           125,000     144,531  
  The ServiceMaster Company LLC     7.000     08-15-20           321,000     341,063  
  Hotels, restaurants and leisure 0.2%  
  CEC Entertainment, Inc.     8.000     02-15-22           130,000     130,000  
  NH Hotel Group SA (S)     6.875     11-15-19         EUR 235,000     281,742  

SEE NOTES TO FUND'S INVESTMENTS9

Hedged Equity & Income Fund

        Rate (% )    Maturity date     Par value^     Value  
  Consumer discretionary  (continued)        
  Hotels, restaurants and leisure  (continued)  
  PC Nextco Holdings LLC     8.750     08-15-19           150,000     $152,625  
  Household durables 0.4%  
  Argos Merger Sub, Inc. (S)     7.125     03-15-23           75,000     77,719  
  K Hovnanian Enterprises, Inc. (S)     7.000     01-15-19           25,000     24,000  
  K Hovnanian Enterprises, Inc. (S)     8.000     11-01-19           150,000     144,750  
  K Hovnanian Enterprises, Inc. (S)     9.125     11-15-20           125,000     131,875  
  KB Home     7.000     12-15-21           375,000     381,563  
  Lennar Corp.     4.750     11-15-22           125,000     127,188  
  Media 1.4%  
  Altice Financing SA (S)     6.500     01-15-22         EUR 100,000     116,261  
  Altice Finco SA (S)     9.000     06-15-23         EUR 100,000     124,751  
  AMC Entertainment, Inc.     9.750     12-01-20           185,000     202,575  
  CCO Holdings LLC     5.125     02-15-23           5,000     5,050  
  CCO Holdings LLC     5.250     09-30-22           5,000     5,113  
  CCO Holdings LLC     5.750     09-01-23           35,000     36,575  
  CCO Holdings LLC     7.375     06-01-20           255,000     272,531  
  Cequel Communications Holdings I LLC (S)     5.125     12-15-21           340,000     339,931  
  DISH DBS Corp.     6.750     06-01-21           170,000     181,050  
  DISH DBS Corp.     7.875     09-01-19           395,000     441,413  
  Gannett Company, Inc. (S)     4.875     09-15-21           115,000     117,300  
  Gannett Company, Inc.     5.125     10-15-19           345,000     361,388  
  Gannett Company, Inc. (S)     5.500     09-15-24           20,000     20,925  
  Gannett Company, Inc.     6.375     10-15-23           55,000     59,675  
  Getty Images, Inc. (S)     7.000     10-15-20           140,000     70,350  
  Gray Television, Inc.     7.500     10-01-20           75,000     78,938  
  Harron Communications LP (S)     9.125     04-01-20           90,000     98,550  
  Sirius XM Radio, Inc. (S)     4.250     05-15-20           100,000     99,000  
  TVN Finance Corp. III AB     7.375     12-15-20         EUR 130,000     155,823  
  Unitymedia Hessen GmbH & Company KG     5.500     09-15-22         EUR 360,000     416,644  
  Unitymedia Hessen GmbH & Company KG     5.750     01-15-23         EUR 112,500     131,387  
  Multiline retail 0.0%  
  Family Tree Escrow LLC (S)     5.250     03-01-20           20,000     20,950  
  Family Tree Escrow LLC (S)     5.750     03-01-23           75,000     78,750  
  Specialty retail 0.2%  
  GRD Holdings III Corp. (S)     10.750     06-01-19           185,000     201,188  
  Michaels Stores, Inc. (S)     5.875     12-15-20           195,000     200,363  
  Party City Holdings, Inc.     8.875     08-01-20           117,000     126,068  
  Consumer staples 0.4%     882,905  
  Food and staples retailing 0.2%  
  Albertsons Holdings LLC (S)     7.750     10-15-22           64,000     68,480  
  Aramark Services, Inc.     5.750     03-15-20           280,000     292,600  
  Household products 0.1%  
  The Sun Products Corp. (S)     7.750     03-15-21           235,000     205,625  
  Personal products 0.1%  
  Hypermarcas SA     6.500     04-20-21           310,000     316,200  
  Energy 1.1%     2,637,737  
  Energy equipment and services 0.1%  
  Paragon Offshore PLC (S)     6.750     07-15-22           280,000     92,400  
  Seadrill, Ltd. (S)     6.125     09-15-17           200,000     169,000  

10SEE NOTES TO FUND'S INVESTMENTS

Hedged Equity & Income Fund