NPORT-EX 2 poi_highyieldbdcorefd.htm POI - HIGH YIELD BOND CORE FUND EDGAR HTML
High Yield Bond Core Fund
(formerly, High Yield Bond Portfolio)
Portfolio of Investments
March 31, 2021 (unaudited)  
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—95.9%
 
 
 
Aerospace/Defense—1.4%
 
$ 9,400,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026
$9,977,677    
 8,325,000
 
TransDigm, Inc., Sr. Sub., 6.875%, 5/15/2026
8,788,078    
   650,000
 
TransDigm, Inc., Sr. Sub. Note, 6.375%, 6/15/2026
673,156      
 1,100,000
 
TransDigm, Inc., Sr. Sub. Note, 6.500%, 5/15/2025
1,122,688    
 8,025,000
 
TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027
8,318,956    
 2,900,000
 
TransDigm, Inc., Sr. Sub., Series WI, 7.500%, 3/15/2027
3,093,401    
 1,150,000
 
TransDigm, Inc., Sr. Unsecd. Note, 144A, 4.625%, 1/15/2029
1,135,395    
 
 
TOTAL
33,109,351
 
 
Airlines—0.5%
 
 4,575,000
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.750%, 4/20/2029
4,871,918    
 5,975,000
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 1st Lien, 144A, 5.500%, 4/20/2026
6,225,591    
 1,075,000
 
Hawaiian Brand Intellect, Sec. Fac. Bond, 144A, 5.750%, 1/20/2026
1,143,639    
 
 
TOTAL
12,241,148
 
 
Automotive—5.7%
 
 6,900,000
 
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026
7,140,327    
    11,000
 
Adient US LLC, 144A, 7.000%, 5/15/2026
11,733       
 1,100,000
 
Adient US LLC, 144A, 9.000%, 4/15/2025
1,222,375    
   525,000
 
American Axle & Manufacturing, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2026
538,388      
 4,150,000
 
American Axle & Manufacturing, Inc., Sr. Unsecd. Note, Series WI, 6.500%, 4/1/2027
4,310,813    
   750,000
 
Clarios Global LP, Sec. Fac. Bond, 144A, 6.750%, 5/15/2025
803,453      
 3,250,000
 
Dana Financing Lux Sarl, Sr. Unsecd. Note, 144A, 5.750%, 4/15/2025
3,353,594    
 4,300,000
 
Dana Financing Lux Sarl, Sr. Unsecd. Note, 144A, 6.500%, 6/1/2026
4,476,837    
   425,000
 
Dana, Inc., Sr. Unsecd. Note, 5.625%, 6/15/2028
455,445      
   600,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.096%, 5/4/2023
610,500      
   500,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.339%, 3/28/2022
507,505      
14,175,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025
14,433,694   
 3,575,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.813%, 10/12/2021
3,619,652    
 7,500,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030
7,449,300    
 4,125,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024
4,332,487    
 2,000,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027
2,067,500    
 3,075,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.140%, 2/15/2023
3,185,393    
 1,675,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.250%, 9/20/2022
1,735,367    
 3,225,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.271%, 1/9/2027
3,351,984    
 5,450,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029
5,857,115    
 2,525,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025
2,730,156    
11,100,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026
11,682,528   
 1,050,000
 
IAA Spinco, Inc., Sr. Unsecd. Note, 144A, 5.500%, 6/15/2027
1,103,156    
 2,600,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027
2,735,369    
 1,600,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029
1,753,696    
 6,775,000
 
J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/15/2026
7,173,031    
 6,675,000
 
KAR Auction Services, Inc., Sr. Unsecd. Note, 144A, 5.125%, 6/1/2025
6,803,827    
   550,000
 
Panther BF Aggregator 2 LP, Sec. Fac. Bond, 144A, 6.250%, 5/15/2026
584,810      
15,200,000
 
Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027
16,384,080   
 6,950,000
 
Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029
7,184,562    
1
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Automotive—continued
 
$ 5,200,000
 
Schaeffler Verwaltung Zw, 144A, 4.750%, 9/15/2026
$5,354,375    
 
 
TOTAL
132,953,052
 
 
Building Materials—3.0%
 
   800,000
 
American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028
801,352      
10,275,000
 
American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, 144A, 5.875%, 5/15/2026
10,630,053   
 9,100,000
 
CD&R Waterworks Merger Subsidiary LLC, Sr. Unsecd. Note, 144A, 6.125%, 8/15/2025
9,356,756    
 3,050,000
 
Cornerstone Building Brands, Sr. Unsecd. Note, 144A, 6.125%, 1/15/2029
3,253,969    
 5,000,000
 
Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028
5,264,625    
 3,275,000
 
Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029
3,238,156    
 2,300,000
 
Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028
2,381,937    
 1,000,000
 
Masonite International Corp., Sr. Unsecd. Note, 144A, 5.750%, 9/15/2026
1,043,560    
 7,600,000
 
Pisces Midco, Inc., Sec. Fac. Bond, 144A, 8.000%, 4/15/2026
7,923,380    
 2,875,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031
2,727,656    
 2,850,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030
2,880,025    
 2,100,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028
2,179,485    
 9,125,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027
9,529,922    
 4,750,000
 
White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028
5,051,934    
 3,075,000
 
White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026
3,213,375    
 
 
TOTAL
69,476,185
 
 
Cable Satellite—7.4%
 
 2,650,000
 
Cablevision Systems Corp., Sr. Unsecd. Note, 5.875%, 9/15/2022
2,803,117    
 5,100,000
 
CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026
5,266,796    
 1,300,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2023
1,315,197    
 5,575,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031
5,594,345    
 7,475,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030
7,627,901    
 3,750,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030
3,890,625    
 5,850,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
6,193,102    
 3,750,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027
3,969,938    
   650,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029
697,866      
 2,667,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.750%, 2/15/2026
2,755,011    
 7,350,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.875%, 5/1/2027
7,592,550    
 6,425,000
 
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsecd. Note, 144A, 4.500%, 5/1/2032
6,513,344    
 5,350,000
 
CSC Holdings LLC, Sec. Fac. Bond, 144A, 5.500%, 5/15/2026
5,522,537    
 2,050,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031
1,934,688    
 5,775,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.125%, 12/1/2030
5,741,967    
 7,675,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030
7,559,875    
 5,050,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027
5,309,317    
 5,675,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030
5,984,287    
 4,175,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 6.500%, 2/1/2029
4,621,203    
 5,875,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.500%, 4/1/2028
6,487,087    
 1,300,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 6.750%, 11/15/2021
1,336,563    
 3,025,000
 
DISH DBS Corp., Sr. Unsecd. Note, 5.875%, 11/15/2024
3,168,037    
 3,100,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028
3,255,930    
 6,175,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026
6,823,375    
 4,850,000
 
Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028
4,939,725    
 2,475,000
1,2
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 8.500%, 10/15/2024
1,557,703    
 1,975,000
1,2
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 9.750%, 7/15/2025
1,222,723    
 2,650,000
1,2
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.500%, 8/1/2023
1,629,750    
 1,450,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 8/1/2022
1,457,250    
 5,950,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030
5,964,280    
2
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Cable Satellite—continued
 
$ 3,375,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.625%, 7/15/2024
$3,480,806    
 2,325,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.375%, 7/15/2026
2,406,375    
 4,025,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029
4,359,578    
 9,800,000
 
Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028
10,319,400   
 4,625,000
 
Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030
4,625,000    
 2,200,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030
2,221,450    
 2,975,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 5.500%, 5/15/2029
3,161,949    
 2,075,000
 
Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031
2,022,295    
 1,525,000
 
Ziggo Bond Co. BV, Sr. Unsecd. Note, 144A, 5.125%, 2/28/2030
1,561,219    
 4,304,000
 
Ziggo Finance BV, Sec. Fac. Bond, 144A, 5.500%, 1/15/2027
4,489,481    
 5,200,000
 
Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027
5,430,750    
 
 
TOTAL
172,814,392
 
 
Chemicals—2.6%
 
   725,000
 
Axalta Coat/Dutch Holding BV, Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027
758,749      
 2,850,000
 
Axalta Coating Systems LLC, Sr. Unsecd. Note, 3.375%, 2/15/2029
2,784,664    
 5,325,000
 
Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 4.875%, 7/15/2024
5,538,666    
 3,125,000
 
Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 6.750%, 12/1/2027
3,349,031    
 6,525,000
 
Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
6,450,777    
 3,375,000
 
H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028
3,435,531    
 6,625,000
 
Hexion, Inc., Sr. Unsecd. Note, 144A, 7.875%, 7/15/2027
7,135,953    
 2,800,000
 
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028
3,154,340    
   275,000
 
INEOS Quattro Finance 2, Sec. Bond, 144A, 3.375%, 1/15/2026
275,344      
10,800,000
 
Koppers, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025
11,152,782   
 3,175,000
 
PQ Corp., Sr. Unsecd. Note, 144A, 5.750%, 12/15/2025
3,260,328    
10,700,000
 
Starfruit Finco BV, Sr. Unsecd. Note, 144A, 8.000%, 10/1/2026
11,402,187   
 2,275,000
 
WR Grace & Co-Conn, Sr. Unsecd. Note, 144A, 4.875%, 6/15/2027
2,357,924    
 
 
TOTAL
61,056,276
 
 
Construction Machinery—0.8%
 
 7,400,000
 
H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028
7,205,750    
 2,400,000
 
Terex Corp., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2029
2,487,480    
   725,000
 
United Rentals North America, Inc., 2nd Lien, 3.875%, 11/15/2027
752,188      
 4,100,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028
4,323,942    
 2,425,000
 
United Rentals, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031
2,441,672    
   950,000
 
United Rentals, Inc., Sr. Unsecd. Note, 5.500%, 5/15/2027
1,014,956    
   775,000
 
United Rentals, Inc., Sr. Unsecd. Note, 5.875%, 9/15/2026
811,708      
 
 
TOTAL
19,037,696
 
 
Consumer Cyclical Services—2.1%
 
 3,950,000
 
Allied Universal Holdco LLC, Sec. Fac. Bond, 144A, 6.625%, 7/15/2026
4,196,302    
14,725,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027
16,181,891   
 3,775,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027
3,784,438    
 3,575,000
 
Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027
3,787,266    
12,703,000
 
GW B-CR Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027
14,082,038   
 5,425,000
 
Signal Parent, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/1/2029
5,384,312    
   850,000
 
The Brink’s Co., Sr. Unsecd. Note, 144A, 5.500%, 7/15/2025
899,406      
 
 
TOTAL
48,315,653
 
 
Consumer Products—0.6%
 
 2,950,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029
2,938,421    
 2,200,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 5.500%, 6/1/2028
2,326,247    
 3,925,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029
3,944,625    
 3,250,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028
3,355,787    
3
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Consumer Products—continued
 
$ 2,000,000
 
Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 3.750%, 4/1/2031
$1,912,500    
   625,000
 
Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 5.125%, 1/15/2028
656,541      
 
 
TOTAL
15,134,121
 
 
Diversified Manufacturing—1.1%
 
   700,000
 
CFX Escrow Corp., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2024
722,050      
 1,025,000
 
CFX Escrow Corp., Sr. Unsecd. Note, 144A, 6.375%, 2/15/2026
1,091,948    
12,300,000
 
Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026
12,904,791   
   875,000
 
Titan Acquisition Ltd., Sr. Unsecd. Note, 144A, 7.750%, 4/15/2026
911,050      
 1,450,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025
1,587,496    
 5,900,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028
6,595,020    
 3,125,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 5.375%, 6/15/2024
3,191,406    
 
 
TOTAL
27,003,761
 
 
Finance Companies—2.0%
 
 4,100,000
 
Ld Holdings Group LLC, Sr. Unsecd. Note, 144A, 6.125%, 4/1/2028
4,161,090    
 2,400,000
 
Navient Corp., Sr. Unsecd. Note, 4.875%, 3/15/2028
2,352,000    
   500,000
 
Navient Corp., Sr. Unsecd. Note, 5.000%, 3/15/2027
501,940      
 9,150,000
 
Navient Corp., Sr. Unsecd. Note, 5.875%, 10/25/2024
9,631,381    
 1,725,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/25/2025
1,875,075    
   775,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026
841,553      
 1,650,000
 
Navient Corp., Sr. Unsecd. Note, Series MTN, 6.125%, 3/25/2024
1,752,077    
 3,000,000
 
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029
2,893,125    
 4,500,000
 
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031
4,342,500    
 4,875,000
 
Quicken Loans, Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/15/2028
5,127,891    
 8,975,000
 
United Shore Financial Services, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025
9,367,656    
 4,450,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029
4,455,563    
 
 
TOTAL
47,301,851
 
 
Food & Beverage—2.5%
 
 3,750,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 4/1/2025
3,844,688    
 3,925,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
4,078,075    
 4,300,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2025
4,563,375    
    50,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2026
51,475       
   450,000
 
B&G Foods, Inc., Sr. Unsecd. Note, 5.250%, 4/1/2025
462,825      
 6,150,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046
6,443,733    
 7,375,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045
8,547,969    
 3,225,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, Series WI, 4.250%, 3/1/2031
3,554,778    
 1,800,000
 
Lamb Weston Holdings, Inc., Sr. Unsecd. Note, 144A, 4.875%, 5/15/2028
1,947,015    
 3,325,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.500%, 9/15/2031
3,292,581    
 2,900,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.625%, 4/15/2030
2,910,875    
 4,725,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028
4,980,646    
 8,975,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
9,456,374    
 3,850,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029
3,854,813    
 
 
TOTAL
57,989,222
 
 
Gaming—4.6%
 
 5,050,000
 
Affinity Gaming LLC, 144A, 6.875%, 12/15/2027
5,330,906    
   400,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 8.625%, 6/1/2025
445,300      
 2,500,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027
2,552,762    
 4,725,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 6.375%, 4/1/2026
4,885,130    
 4,625,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, Series WI, 6.000%, 8/15/2026
4,827,001    
   600,000
 
CCM Merger, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2026
638,622      
 1,150,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 5.750%, 7/1/2025
1,215,033    
4
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Gaming—continued
 
$ 3,375,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025
$3,602,036    
 5,900,000
 
Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027
6,513,895    
 6,575,000
 
CRC Escrow Issuer LLC, Sr. Unsecd. Note, 144A, 5.250%, 10/15/2025
6,607,875    
 1,325,000
 
MGM Growth Properties LLC, Sr. Unsecd. Note, 144A, 3.875%, 2/15/2029
1,322,350    
   650,000
 
MGM Growth Properties LLC, Sr. Unsecd. Note, 4.500%, 9/1/2026
681,909      
 1,600,000
 
MGM Growth Properties LLC, Sr. Unsecd. Note, 5.750%, 2/1/2027
1,766,400    
 1,525,000
 
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., Sr. Unsecd. Note, 144A,
4.625%, 6/15/2025
1,609,943    
 1,512,000
 
MGM Resorts International, Sr. Unsecd. Note, 4.625%, 9/1/2026
1,588,401    
 1,475,000
 
MGM Resorts International, Sr. Unsecd. Note, 4.750%, 10/15/2028
1,526,249    
 1,682,000
 
MGM Resorts International, Sr. Unsecd. Note, 5.500%, 4/15/2027
1,810,513    
   550,000
 
MGM Resorts International, Sr. Unsecd. Note, 5.750%, 6/15/2025
600,531      
 2,300,000
 
MGM Resorts International, Sr. Unsecd. Note, 6.000%, 3/15/2023
2,466,750    
 3,000,000
 
MGM Resorts International, Sr. Unsecd. Note, 6.750%, 5/1/2025
3,237,000    
11,375,000
 
Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026
11,474,531   
 2,875,000
 
Mohegan Tribal Gaming Authority, Sr. Unsecd. Note, 144A, 7.875%, 10/15/2024
3,006,172    
 1,225,000
 
Scientific Games International, Inc., 144A, 8.625%, 7/1/2025
1,333,351    
 2,800,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029
3,042,732    
   325,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 8.250%, 3/15/2026
349,117      
12,125,000
 
Star Group Holdings BV, Sr. Unsecd. Note, 144A, 7.000%, 7/15/2026
12,693,359   
 4,900,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028
4,890,837    
 5,950,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2025
6,035,531    
 3,825,000
 
Twin River Worldwide Holdings, Inc., Sr. Unsecd. Note, 144A, 6.750%, 6/1/2027
4,109,503    
   275,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.500%, 2/15/2025
280,500      
   350,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2027
350,602      
 1,850,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/15/2030
1,868,408    
 2,425,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.250%, 12/1/2026
2,484,801    
 2,175,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2029
2,259,934    
 
 
TOTAL
107,407,984
 
 
Health Care—6.4%
 
   500,000
 
Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029
520,110      
   300,000
 
Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2028
316,388      
 2,475,000
 
AdaptHealth LLC, Sr. Unsecd. Note, 144A, 4.625%, 8/1/2029
2,465,719    
 7,400,000
 
Avantor Funding, Inc., Sec. Fac. Bond, 144A, 4.625%, 7/15/2028
7,737,514    
 1,350,000
 
Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 3.750%, 3/15/2029
1,353,820    
 1,350,000
 
Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/15/2031
1,374,030    
   250,000
 
Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 4.250%, 5/1/2028
257,923      
 2,425,000
 
CHS/Community Health Systems, Inc., 1st Lien, 144A, 8.000%, 12/15/2027
2,662,735    
 7,550,000
 
CHS/Community Health Systems, Inc., 2nd Lien, 144A, 6.875%, 4/15/2029
7,913,306    
 1,325,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 5.625%, 3/15/2027
1,389,594    
   450,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2029
476,438      
 1,525,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.625%, 2/15/2025
1,612,695    
 2,375,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026
2,570,462    
 4,600,000
 
Davita, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030
4,692,506    
10,650,000
 
Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025
11,036,062   
 7,625,000
 
HCA, Inc., Sr. Unsecd. Note, 3.500%, 9/1/2030
7,698,361    
 9,450,000
 
HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025
10,555,650   
 3,950,000
 
HCA, Inc., Sr. Unsecd. Note, 5.375%, 9/1/2026
4,461,031    
 1,375,000
 
HCA, Inc., Sr. Unsecd. Note, 5.625%, 9/1/2028
1,583,691    
 1,650,000
 
HCA, Inc., Sr. Unsecd. Note, 5.875%, 5/1/2023
1,798,962    
5
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Health Care—continued
 
$ 1,425,000
 
HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/15/2026
$1,635,187    
 1,825,000
 
HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/1/2029
2,129,237    
 5,900,000
 
IMS Health, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026
6,139,687    
 1,325,000
 
Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027
1,401,532    
 2,175,000
 
LifePoint Health, Inc., 144A, 6.750%, 4/15/2025
2,316,375    
 1,175,000
 
LifePoint Health, Inc., Sec. Fac. Bond, 144A, 4.375%, 2/15/2027
1,154,438    
 3,250,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2029
3,205,312    
 6,750,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 9.750%, 12/1/2026
7,319,531    
 2,825,000
 
MEDNAX, Inc., Sr. Unsecd. Note, 144A, 6.250%, 1/15/2027
3,024,360    
13,075,000
 
MPH Acquisition Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 11/1/2028
12,764,469   
 7,125,000
 
Team Health Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 2/1/2025
6,314,032    
   475,000
 
Teleflex, Inc., Sr. Unsecd. Note, 144A, 4.250%, 6/1/2028
492,813      
 1,100,000
 
Teleflex, Inc., Sr. Unsecd. Note, 4.625%, 11/15/2027
1,167,171    
   775,000
 
Teleflex, Inc., Sr. Unsecd. Note, 4.875%, 6/1/2026
797,134      
   700,000
 
Tenet Healthcare Corp., 144A, 4.625%, 6/15/2028
718,361      
 2,900,000
 
Tenet Healthcare Corp., 144A, 4.875%, 1/1/2026
3,018,900    
 1,750,000
 
Tenet Healthcare Corp., 144A, 5.125%, 11/1/2027
1,834,350    
 2,900,000
 
Tenet Healthcare Corp., 144A, 6.250%, 2/1/2027
3,066,054    
   350,000
 
Tenet Healthcare Corp., 144A, 7.500%, 4/1/2025
378,380      
 5,550,000
 
Tenet Healthcare Corp., 5.125%, 5/1/2025
5,634,915    
 2,900,000
 
Tenet Healthcare Corp., Sr. Secd. Note, 4.625%, 7/15/2024
2,962,901    
 1,500,000
 
Tenet Healthcare Corp., Sr. Unsecd. Note, 6.750%, 6/15/2023
1,627,350    
 7,100,000
 
Tenet Healthcare Corp., Sr. Unsecd. Note, 144A, 6.125%, 10/1/2028
7,419,500    
 1,625,000
 
Vizient, Inc., Sr. Unsecd. Note, 144A, 6.250%, 5/15/2027
1,730,316    
 
 
TOTAL
150,729,302
 
 
Health Insurance—1.2%
 
 5,725,000
 
Centene Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2026
5,993,789    
 5,900,000
 
Centene Corp., Sr. Unsecd. Note, 144A, 5.375%, 8/15/2026
6,238,660    
 2,125,000
 
Centene Corp., Sr. Unsecd. Note, 3.000%, 10/15/2030
2,124,129    
   675,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 3.375%, 2/15/2030
682,381      
 6,275,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.250%, 12/15/2027
6,608,367    
 4,850,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029
5,255,460    
   825,000
 
Molina Healthcare, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2030
850,781      
 1,450,000
 
Molina Healthcare, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2028
1,493,442    
 
 
TOTAL
29,247,009
 
 
Independent Energy—5.5%
 
   875,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 7.625%, 2/1/2029
933,516      
 1,275,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 8.375%, 7/15/2026
1,408,078    
 2,300,000
 
Antero Resources Corp., Sr. Unsecd. Note, 5.000%, 3/1/2025
2,305,221    
 1,575,000
 
Antero Resources Corp., Sr. Unsecd. Note, 5.625%, 6/1/2023
1,582,292    
   700,000
 
Apache Corp., Sr. Unsecd. Note, 4.625%, 11/15/2025
722,085      
 2,750,000
 
Apache Corp., Sr. Unsecd. Note, 4.875%, 11/15/2027
2,822,875    
 2,700,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 11/1/2026
2,703,375    
   900,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028
937,688      
   949,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027
1,209,975    
 2,800,000
 
Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026
2,714,250    
 2,350,000
 
Callon Petroleum Corp., Sr. Unsecd. Note, 6.125%, 10/1/2024
2,003,375    
 1,200,000
 
Callon Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.375%, 7/1/2026
951,000      
 1,325,000
 
Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 6.250%, 4/15/2023
1,181,734    
 2,950,000
 
Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.250%, 7/15/2025
2,514,875    
6
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Independent Energy—continued
 
$ 3,750,000
 
Centennial Resource Production, LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
$3,344,531    
   550,000
 
Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2026
573,524      
   625,000
 
Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.875%, 2/1/2029
663,672      
 3,175,000
1,2
Chesapeake Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2024
75,406       
 5,400,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029
5,545,125    
 4,925,000
 
Continental Resources, Inc., Sr. Unsecd. Note, 144A, 5.750%, 1/15/2031
5,571,948    
 2,025,000
 
Continental Resources, Inc., Sr. Unsecd. Note, 4.375%, 1/15/2028
2,131,819    
 7,025,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2025
7,180,217    
 5,200,000
 
Double Eagle Iii Midco, Sr. Unsecd. Note, 144A, 7.750%, 12/15/2025
5,561,894    
   500,000
 
Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.500%, 1/30/2026
520,150      
 2,000,000
 
Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.750%, 1/30/2028
2,115,640    
 2,675,000
 
Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 6.625%, 7/15/2025
2,863,052    
 1,350,000
 
EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027
1,379,531    
   675,000
 
EQT Corp., Sr. Unsecd. Note, 5.000%, 1/15/2029
723,938      
 2,075,000
 
EQT Corp., Sr. Unsecd. Note, 7.625%, 2/1/2025
2,390,981    
 1,825,000
 
EQT Corp., Sr. Unsecd. Note, 8.500%, 2/1/2030
2,329,704    
 3,375,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 2.900%, 8/15/2024
3,342,229    
 1,600,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 3.200%, 8/15/2026
1,538,216    
 1,350,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026
1,312,538    
 3,025,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 3.500%, 6/15/2025
2,998,531    
 1,325,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 4.100%, 2/15/2047
1,064,167    
 4,150,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 4.300%, 8/15/2039
3,529,616    
 2,000,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 4.400%, 8/15/2049
1,676,290    
   425,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 4.500%, 7/15/2044
363,324      
 2,700,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025
2,889,810    
 2,475,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.125%, 1/1/2031
2,737,536    
 4,175,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.450%, 9/15/2036
4,614,460    
 3,125,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.625%, 9/1/2030
3,516,562    
   500,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 7.150%, 5/15/2028
546,875      
 2,075,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 8.000%, 7/15/2025
2,385,845    
 1,250,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 8.500%, 7/15/2027
1,483,594    
 3,500,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 8.875%, 7/15/2030
4,418,750    
   675,000
 
PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024
693,900      
 4,450,000
 
PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 5/15/2026
4,621,325    
 1,775,000
 
Range Resources Corp., Sr. Unsecd. Note, 144A, 8.250%, 1/15/2029
1,902,578    
 2,475,000
 
Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025
2,453,962    
   524,000
 
Range Resources Corp., Sr. Unsecd. Note, 5.000%, 3/15/2023
533,498      
 2,150,000
 
Range Resources Corp., Sr. Unsecd. Note, Series WI, 9.250%, 2/1/2026
2,338,706    
 4,000,000
 
SM Energy Co., Sr. Unsecd. Note, 5.625%, 6/1/2025
3,708,340    
   650,000
 
SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027
602,469      
 2,000,000
 
SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026
1,851,750    
 1,075,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 7.750%, 10/1/2027
1,150,922    
 3,025,000
1,2,3
Ultra Resources, Inc., Escrow Security, 0.000%, 4/15/2025
0            
   390,000
 
WPX Energy, Inc., Sr. Unsecd. Note, 4.500%, 1/15/2030
420,533      
 1,200,000
 
WPX Energy, Inc., Sr. Unsecd. Note, 5.250%, 10/15/2027
1,280,652    
 1,400,000
 
WPX Energy, Inc., Sr. Unsecd. Note, 5.750%, 6/1/2026
1,468,180    
   293,000
 
WPX Energy, Inc., Sr. Unsecd. Note, 5.875%, 6/15/2028
323,346      
 
 
TOTAL
128,729,975
 
 
Industrial - Other—0.5%
 
 1,575,000
 
Booz Allen Hamilton, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
1,586,222    
7
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Industrial - Other—continued
 
$ 1,975,000
 
Cushman & Wakefield US Borrower LLC, Sec. Fac. Bond, 144A, 6.750%, 5/15/2028
$2,141,641    
 3,125,000
 
Vertical Holdco GmbH, Sr. Unsecd. Note, 144A, 7.625%, 7/15/2028
3,366,015    
 3,900,000
 
Vertical U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027
4,090,125    
 
 
TOTAL
11,184,003
 
 
Insurance - P&C—4.3%
 
12,225,000
 
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Unsecd. Note, 144A, 6.750%, 10/15/2027
13,032,583   
10,550,000
 
AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 7.750%, 7/1/2026
11,326,058   
 5,188,468
 
Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500% / 12.750% PIK, 1/15/2027
5,577,603    
 3,575,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029
3,647,394    
 7,950,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025
8,241,884    
 2,250,000
 
GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027
2,421,563    
26,050,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026
27,076,761   
   500,000
 
NFP Corp., Sec. Fac. Bond, 144A, 7.000%, 5/15/2025
538,125      
15,475,000
 
NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028
16,074,656   
12,100,000
 
USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025
12,349,442   
 
 
TOTAL
100,286,069
 
 
Leisure—0.4%
 
 1,125,000
 
Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/31/2024
1,137,656    
 4,750,000
 
Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027
4,928,125    
   875,000
 
Six Flags Theme Parks, Sec. Fac. Bond, 144A, 7.000%, 7/1/2025
947,734      
 2,700,000
 
Voc Escrow Ltd., 144A, 5.000%, 2/15/2028
2,673,500    
 
 
TOTAL
9,687,015
 
 
Lodging—0.5%
 
 2,500,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032
2,429,625    
 2,475,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.750%, 5/1/2029
2,454,891    
 2,475,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028
2,668,409    
 1,875,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030
1,992,516    
 2,075,000
 
Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028
2,102,753    
 1,350,000
 
Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 5.375%, 4/15/2026
1,382,906    
 
 
TOTAL
13,031,100
 
 
Media Entertainment—7.2%
 
 5,400,000
 
AMC Networks, Inc., Sec. Fac. Bond, 4.250%, 2/15/2029
5,258,250    
 2,325,000
 
AMC Networks, Inc., Sr. Unsecd. Note, 4.750%, 8/1/2025
2,388,542    
 2,360,000
 
AMC Networks, Inc., Sr. Unsecd. Note, 5.000%, 4/1/2024
2,392,450    
 5,600,000
 
CBS Radio, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/1/2024
5,806,500    
 3,939,000
 
Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026
4,019,612    
 4,250,000
 
Diamond Sports Group LLC / Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 5.375%, 8/15/2026
3,065,312    
 5,925,000
 
Diamond Sports Group LLC / Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 6.625%, 8/15/2027
3,088,406    
 3,675,000
 
Entercom Media Corp., 144A, 6.750%, 3/31/2029
3,823,194    
 5,300,000
 
Entercom Media Corp., 144A, 6.500%, 5/1/2027
5,492,125    
 1,475,000
 
Gray Escrow, Inc., Sr. Unsecd. Note, 144A, 7.000%, 5/15/2027
1,605,906    
 1,900,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2030
1,886,937    
 5,775,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026
5,995,172    
 1,625,000
 
iHeartCommunications, Inc., 144A, 4.750%, 1/15/2028
1,639,934    
 3,300,000
 
iHeartCommunications, Inc., 144A, 5.250%, 8/15/2027
3,399,990    
   450,000
 
iHeartCommunications, Inc., 6.375%, 5/1/2026
478,406      
13,286,766
 
iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027
14,266,665   
   575,000
 
Lamar Media Corp., Sr. Unsecd. Note, 144A, 3.625%, 1/15/2031
556,198      
   225,000
 
Lamar Media Corp., Sr. Unsecd. Note, 4.000%, 2/15/2030
224,796      
 2,425,000
 
Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029
2,534,125    
8
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Media Entertainment—continued
 
$ 4,275,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030
$4,294,366    
 1,550,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2028
1,586,634    
 3,750,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027
3,941,475    
 6,700,000
 
Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 4.750%, 11/1/2028
6,783,147    
 8,800,000
 
Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027
9,237,228    
 5,202,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2022
5,208,271    
   850,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2025
870,719      
 2,750,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 10/1/2028
2,896,094    
 3,025,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.875%, 10/1/2030
3,284,016    
 1,400,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2029
1,349,558    
 2,025,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2030
1,951,594    
 1,350,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 6.250%, 6/15/2025
1,430,156    
 1,300,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 3.875%, 1/15/2029
1,279,688    
 1,350,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2031
1,342,406    
 5,150,000
 
Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027
5,336,687    
 1,975,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027
1,931,797    
 2,225,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
2,167,573    
 9,450,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.875%, 3/15/2026
9,649,017    
 4,450,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028
4,536,219    
 7,875,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029
8,179,762    
13,025,000
 
Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027
14,039,973   
 2,050,000
 
Townsquare Media, Inc., Sec. Fac. Bond, 144A, 6.875%, 2/1/2026
2,187,094    
 3,900,000
 
Urban One, Inc., Sec. Fac. Bond, 144A, 7.375%, 2/1/2028
4,042,662    
 1,350,000
 
WMG Acquisition Corp., Sec. Fac. Bond, 144A, 3.875%, 7/15/2030
1,365,188    
 2,825,000
 
WMG Acquisition Corp., Sr. Unsecd. Note, 144A, 3.000%, 2/15/2031
2,691,660    
 
 
TOTAL
169,505,504
 
 
Metals & Mining—1.4%
 
 5,150,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029
5,147,682    
 6,525,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.875%, 3/1/2031
6,516,844    
 4,650,000
 
Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029
4,450,980    
 1,275,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 4.125%, 3/1/2028
1,342,671    
   675,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 4.250%, 3/1/2030
719,509      
 1,825,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 4.375%, 8/1/2028
1,939,291    
 3,825,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 4.625%, 8/1/2030
4,169,250    
 2,450,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.000%, 9/1/2027
2,605,869    
 1,900,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.250%, 9/1/2029
2,080,899    
 2,775,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.400%, 11/14/2034
3,308,882    
 
 
TOTAL
32,281,877
 
 
Midstream—7.5%
 
   450,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.500%, 5/20/2025
490,500      
 1,350,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027
1,475,422    
 7,050,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026
7,774,141    
 6,075,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
6,087,727    
 7,200,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028
7,213,500    
 5,200,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.875%, 5/15/2026
5,602,454    
 3,550,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 5.375%, 9/15/2024
3,587,719    
 2,375,000
 
Buckeye Partners, Sr. Unsecd. Note, 144A, 4.125%, 3/1/2025
2,427,646    
 2,375,000
 
Buckeye Partners, Sr. Unsecd. Note, 144A, 4.500%, 3/1/2028
2,386,875    
 5,650,000
 
Cheniere Energy Partners, LP, Sr. Unsecd. Note, 144A, 4.000%, 3/1/2031
5,755,937    
 1,400,000
 
Cheniere Energy Partners, LP, Sr. Unsecd. Note, 5.625%, 10/1/2026
1,466,360    
9
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Midstream—continued
 
$ 5,000,000
 
Cheniere Energy Partners, LP, Sr. Unsecd. Note, Series WI, 4.500%, 10/1/2029
$5,192,550    
 1,400,000
 
Cheniere Energy, Inc., Sr. Secd. Note, 144A, 4.625%, 10/15/2028
1,455,706    
 7,675,000
 
CNX Midstream Partners LP / CNX Midstream Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 3/15/2026
7,828,500    
 2,925,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029
2,855,780    
 5,150,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2031
5,001,937    
 4,350,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027
4,735,693    
 1,750,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025
1,885,625    
   826,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 4.750%, 7/15/2023
858,421      
 5,300,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 5.500%, 7/15/2028
5,574,911    
 3,200,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 6.500%, 7/15/2048
3,200,000    
   700,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2026
722,313      
 4,050,000
 
Hess Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028
4,104,675    
 3,725,000
 
Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
3,779,664    
 4,925,000
 
NuStar Logistics LP, Sr. Unsecd. Note, 5.625%, 4/28/2027
5,161,252    
 1,175,000
 
NuStar Logistics LP, Sr. Unsecd. Note, 5.750%, 10/1/2025
1,259,624    
 2,875,000
 
NuStar Logistics LP, Sr. Unsecd. Note, 6.000%, 6/1/2026
3,104,425    
 1,775,000
 
NuStar Logistics LP, Sr. Unsecd. Note, 6.375%, 10/1/2030
1,922,547    
 3,350,000
 
Oasis Midstream Partners, Sr. Unsecd. Note, 144A, 8.000%, 4/1/2029
3,442,125    
 1,900,000
 
Rattler Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.625%, 7/15/2025
1,987,390    
 1,200,000
 
Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026
1,228,500    
 2,800,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 5.500%, 6/1/2024
2,851,702    
 1,275,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 5.750%, 3/1/2025
1,300,366    
 4,425,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027
4,615,828    
 5,125,000
 
Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.500%, 8/15/2022
4,977,656    
 3,225,000
 
Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.750%, 4/15/2025
2,640,130    
 1,975,000
 
Sunoco LP/Finance Corp., Sr. Unsecd. Note, Series WI, 5.500%, 2/15/2026
2,033,835    
   800,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/15/2032
753,416      
 2,750,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 4.875%, 2/1/2031
2,790,562    
 6,250,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
6,568,375    
 3,550,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028
3,703,094    
 4,450,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.375%, 2/1/2027
4,625,241    
 4,625,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.875%, 4/15/2026
4,850,469    
 1,925,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 6.500%, 7/15/2027
2,096,671    
 1,850,000
 
TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026
1,865,836    
 1,525,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.000%, 7/1/2022
1,566,023    
 2,250,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.500%, 3/1/2028
2,347,020    
 1,875,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.650%, 7/1/2026
1,981,116    
   825,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028
864,188      
 9,425,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.300%, 3/1/2048
9,481,927    
 1,000,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.450%, 4/1/2044
1,028,000    
   575,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.500%, 8/15/2048
568,744      
 2,025,000
 
Western Midstream Operating, LP, Sr. Unsecd. Note, 5.300%, 2/1/2030
2,201,610    
 
 
TOTAL
175,281,728
 
 
Oil Field Services—1.6%
 
 4,175,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028
4,248,793    
 8,425,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
8,804,125    
 4,100,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2026
3,410,688    
 1,075,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028
886,203      
 2,575,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026
2,505,050    
 1,600,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 5.250%, 11/15/2024
1,483,000    
10
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Oil Field Services—continued
 
$ 3,750,000
 
Shelf Drilling Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 2/15/2025
$2,744,531    
 4,950,000
 
USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027
5,106,866    
 8,991,000
 
USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026
9,238,252    
 
 
TOTAL
38,427,508
 
 
Packaging—5.5%
 
10,725,000
 
ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027
11,274,656   
 2,475,000
 
Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029
2,474,060    
 6,300,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027
6,432,804    
 2,775,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027
2,833,497    
 7,350,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025
7,581,525    
 5,150,000
 
Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030
4,967,175    
 4,650,000
 
Berry Global Escrow Corp., 144A, 4.875%, 7/15/2026
4,925,280    
 2,800,000
 
Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027
2,962,750    
 2,779,000
 
Berry Plastics Corp., 5.125%, 7/15/2023
2,813,737    
 3,200,000
 
Bway Holding Co., Sec. Fac. Bond, 144A, 5.500%, 4/15/2024
3,248,000    
 9,500,000
 
Bway Holding Co., Sr. Unsecd. Note, 144A, 7.250%, 4/15/2025
9,511,875    
 2,750,000
 
Crown Americas LLC / Crown Americas Capital Corp. VI, Sr. Unsecd. Note, 4.750%, 2/1/2026
2,858,625    
 1,575,000
 
Crown Americas LLC, Sr. Unsecd. Note, 4.500%, 1/15/2023
1,660,641    
11,475,000
 
Flex Acquisition Co., Inc., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2025
11,678,107   
10,400,000
 
Flex Acquisition Co., Inc., Sr. Unsecd. Note, 144A, 7.875%, 7/15/2026
10,933,000   
 5,125,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2025
5,419,149    
 3,750,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/15/2025
4,155,469    
 2,200,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027
2,395,800    
 7,275,000
 
Reynolds Group Issuer, Inc. / LLC / LU, Sec. Fac. Bond, 144A, 4.000%, 10/15/2027
7,138,594    
 2,550,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 4.000%, 12/1/2027
2,616,938    
   850,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 4.875%, 12/1/2022
885,594      
   900,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.250%, 4/1/2023
956,156      
 5,050,000
 
Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.625%, 11/1/2025
5,156,782    
 4,650,000
 
Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.250%, 8/1/2024
4,963,875    
 2,700,000
 
Trivium Packaging Finance BV, Sec. Fac. Bond, 144A, 5.500%, 8/15/2026
2,836,687    
 6,875,000
 
Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027
7,472,953    
 
 
TOTAL
130,153,729
 
 
Paper—0.5%
 
 1,275,000
 
Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 4.750%, 8/15/2028
1,286,953    
 6,375,000
 
Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 5.375%, 2/1/2025
6,777,422    
 1,075,000
 
Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2028
1,072,205    
 2,750,000
 
Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/1/2029
2,679,531    
 
 
TOTAL
11,816,111
 
 
Pharmaceuticals—3.6%
 
 2,625,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.500%, 11/1/2025
2,699,498    
 1,450,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.750%, 8/15/2027
1,563,281    
 1,733,000
 
Bausch Health Cos, Inc., Sr. Secd. Note, 144A, 7.000%, 3/15/2024
1,774,592    
 2,125,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/30/2028
2,154,219    
 1,625,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029
1,616,875    
 1,300,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030
1,308,216    
 2,650,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 2/15/2031
2,642,302    
13,225,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/15/2025
13,571,495   
 9,375,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029
9,978,757    
 1,050,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029
1,173,832    
 8,825,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 8.500%, 1/31/2027
9,802,722    
11
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Pharmaceuticals—continued
 
$ 2,775,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.000%, 12/15/2025
$3,020,157    
   750,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.250%, 4/1/2026
831,975      
   350,000
 
Emergent BioSolutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 8/15/2028
342,781      
 3,500,000
 
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 2nd Lien, 144A, 9.500%, 7/31/2027
3,808,437    
 5,178,000
 
Endo Dac / Endo Finance LLC / Endo Finco, Inc., Sr. Unsecd. Note, 144A, 6.000%, 6/30/2028
4,199,358    
 1,850,000
 
Endo Luxembourg Financial Co. I SARL, 144A, 6.125%, 4/1/2029
1,868,500    
 3,350,000
 
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, Sr. Unsecd. Note, 144A, 4.625%, 6/15/2025
3,500,516    
 2,000,000
 
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, Sr. Unsecd. Note, 144A, 5.000%, 6/15/2028
2,085,500    
 7,125,000
1,2
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2025
5,040,937    
 9,150,000
1,2
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2023
6,519,375    
   975,000
 
Par Pharmaceutical Cos., Inc., Sec. Fac. Bond, 144A, 7.500%, 4/1/2027
1,035,411    
 4,475,000
 
Syneos Health, Inc., Sr. Unsecd. Note, 144A, 3.625%, 1/15/2029
4,360,328    
 
 
TOTAL
84,899,064
 
 
Restaurant—1.6%
 
   975,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.375%, 1/15/2028
981,250      
22,375,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 2nd Lien, 144A, 4.000%, 10/15/2030
21,619,844   
   650,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., Sr. Secd. Note, 144A, 4.250%, 5/15/2024
658,275      
   525,000
 
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsecd. Note, 144A, 4.750%, 6/1/2027
551,906      
 3,900,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/1/2026
4,026,574    
 2,425,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
2,567,590    
   350,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 7.750%, 4/1/2025
383,250      
 1,325,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 3.625%, 3/15/2031
1,275,312    
 4,775,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032
4,879,477    
 
 
TOTAL
36,943,478
 
 
Retailers—0.7%
 
 2,575,000
 
Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027
2,716,625    
   775,000
 
Hanesbrands, Inc., Sr. Unsecd. Note, 144A, 4.875%, 5/15/2026
832,156      
   625,000
 
Levi Strauss & Co., Sr. Unsecd. Note, 144A, 3.500%, 3/1/2031
603,906      
 4,625,000
 
Michaels Stores, Inc., Sr. Unsecd. Note, 144A, 8.000%, 7/15/2027
5,118,441    
 3,475,000
 
NMG Holding Co., Inc., 144A, 7.125%, 4/1/2026
3,548,844    
 2,366,943
4
Party City Holdings, Inc., 144A, 5.750% (6-month USLIBOR 0.750% Floor +5.000%), 7/15/2025
2,183,505    
 1,150,000
 
William Carter Co., Sr. Unsecd. Note, 144A, 5.500%, 5/15/2025
1,228,683    
 
 
TOTAL
16,232,160
 
 
Supermarkets—0.7%
 
   550,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.250%, 3/15/2026
548,581      
11,125,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029
10,600,901   
   900,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 4.875%, 2/15/2030
926,100      
   900,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028
961,146      
 1,400,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026
1,549,086    
 1,656,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 5.750%, 3/15/2025
1,716,188    
 
 
TOTAL
16,302,002
 
 
Technology—7.4%
 
 4,550,000
 
AMS AG, Sr. Unsecd. Note, 144A, 7.000%, 7/31/2025
4,884,141    
 4,725,000
 
Banff Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.750%, 9/1/2026
5,038,740    
 3,050,000
 
Black Knight InfoServ LLC, Sr. Unsecd. Note, 144A, 3.625%, 9/1/2028
3,000,773    
 2,300,000
 
BY Crown Parent LLC / BY Bond Finance, Inc., 144A, 4.250%, 1/31/2026
2,391,264    
 5,250,000
 
Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028
5,486,250    
 2,525,000
 
CDW LLC/ CDW Finance, Sr. Unsecd. Note, 3.250%, 2/15/2029
2,496,594    
 1,350,000
 
CDW LLC/ CDW Finance, Sr. Unsecd. Note, 4.250%, 4/1/2028
1,399,525    
 1,000,000
 
CDW LLC/ CDW Finance, Sr. Unsecd. Note, 5.500%, 12/1/2024
1,097,835    
12
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Technology—continued
 
$14,675,000
 
Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2024
$15,120,753   
   850,000
 
Diebold Nixdorf, Inc., Sr. Secd. Note, 144A, 9.375%, 7/15/2025
948,281      
   700,000
 
Fair Isaac & Co., Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2028
719,198      
 1,025,000
 
Gartner, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2030
1,017,805    
 1,275,000
 
Gartner, Inc., Sr. Unsecd. Note, 144A, 4.500%, 7/1/2028
1,316,438    
 7,400,000
 
JDA Escrow LLC / JDA Bond Finance, Inc., Sr. Unsecd. Note, 144A, 7.375%, 10/15/2024
7,547,223    
 4,750,000
 
Logan Merger Sub, Inc., Sr. Secd. Note, 144A, 5.500%, 9/1/2027
4,978,617    
 2,475,000
 
Microchip Technology, Inc., Sr. Unsecd. Note, 144A, 4.250%, 9/1/2025
2,586,279    
 3,500,000
 
MSCI, Inc., Sr. Unsecd. Note, 144A, 3.625%, 9/1/2030
3,564,995    
 1,950,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028
1,973,156    
 4,925,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.125%, 4/15/2029
4,971,196    
 3,600,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030
3,652,200    
 1,875,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.750%, 9/1/2027
1,987,500    
 3,775,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 6.125%, 9/1/2029
4,003,161    
   100,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 8.125%, 4/15/2025
109,625      
 5,225,000
 
Nuance Communications, Inc., Sr. Unsecd. Note, 5.625%, 12/15/2026
5,489,516    
 1,475,000
 
ON Semiconductor Corp., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
1,519,103    
 2,975,000
 
Open Text Corp., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2028
2,999,990    
 1,325,000
 
Open Text Corp., Sr. Unsecd. Note, 144A, 4.125%, 2/15/2030
1,345,577    
 2,600,000
 
PTC, Inc., Sr. Unsub., 144A, 3.625%, 2/15/2025
2,673,125    
 4,050,000
 
Qorvo, Inc., Sr. Unsecd. Note, 4.375%, 10/15/2029
4,330,381    
 2,075,000
 
Qorvo, Inc., Sr. Unsecd. Note, 144A, 3.375%, 4/1/2031
2,035,866    
 4,500,000
 
Rackspace Technology, Inc., 144A, 3.500%, 2/15/2028
4,336,425    
 5,225,000
 
Rackspace Technology, Inc., Sr. Unsecd. Note, 144A, 5.375%, 12/1/2028
5,322,707    
 6,975,000
 
Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029
7,050,853    
   675,000
 
Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028
698,942      
 4,200,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 3.125%, 7/15/2029
4,064,340    
 3,150,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 3.375%, 7/15/2031
3,032,505    
 1,250,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.000%, 4/15/2029
1,274,881    
 1,675,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030
1,757,703    
   700,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.625%, 11/1/2024
779,188      
   775,000
 
Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031
765,072      
 9,625,000
 
SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027
10,263,137   
 1,034,000
 
Star Merger Sub, Inc., 144A, 6.875%, 8/15/2026
1,105,941    
 5,610,000
 
Star Merger Sub, Inc., Sr. Unsecd. Note, 144A, 10.250%, 2/15/2027
6,275,150    
 1,575,000
 
Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029
1,566,810    
16,000,000
 
Tempo Acquisition LLC, Sr. Unsecd. Note, 144A, 6.750%, 6/1/2025
16,370,000   
 1,975,000
 
TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029
1,952,781    
 7,475,000
 
Veritas US, Inc./Veritas Bermuda, Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025
7,773,252    
 
 
TOTAL
175,074,794
 
 
Transportation Services—0.4%
 
 4,225,000
 
Stena International S.A., Sec. Fac. Bond, 144A, 6.125%, 2/1/2025
4,282,545    
 5,600,000
 
Watco Cos LLC/Finance Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027
5,912,900    
 
 
TOTAL
10,195,445
 
 
Utility - Electric—2.6%
 
 3,625,000
 
Calpine Corp., 144A, 4.500%, 2/15/2028
3,660,888    
   604,000
 
Calpine Corp., 144A, 5.250%, 6/1/2026
621,969      
 4,900,000
 
Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031
4,677,540    
   975,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029
951,395      
 2,150,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031
2,101,625    
13
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Utility - Electric—continued
 
$ 2,450,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028
$2,464,859    
 8,775,000
 
Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026
9,208,266    
   925,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029
904,766      
 1,000,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2031
976,875      
 1,000,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/15/2029
1,072,315    
 6,825,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 6.625%, 1/15/2027
7,107,964    
 2,500,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 7.250%, 5/15/2026
2,603,750    
   975,000
 
NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028
1,037,766    
 1,875,000
 
Pattern Energy Operations LP / Pattern Energy Operations, Inc., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2028
1,908,984    
 2,975,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
3,095,547    
 7,050,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028
7,620,521    
 2,975,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.000%, 7/31/2027
3,067,285    
 3,600,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026
3,735,000    
 3,600,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027
3,747,024    
 
 
TOTAL
60,564,339
 
 
Wireless Communications—2.1%
 
12,225,000
 
Numericable-SFR SAS, 144A, 7.375%, 5/1/2026
12,730,504   
 1,550,000
 
Sprint Capital Corp., Company Guarantee, 6.875%, 11/15/2028
1,957,410    
 4,675,000
 
Sprint Corp., Sr. Unsecd. Note, 7.125%, 6/15/2024
5,387,984    
 7,075,000
 
Sprint Corp., Sr. Unsecd. Note, 7.625%, 2/15/2025
8,445,781    
 1,750,000
 
Sprint Corp., Sr. Unsecd. Note, 7.625%, 3/1/2026
2,145,876    
   825,000
 
Sprint Nextel Corp., Sr. Unsecd. Note, 6.000%, 11/15/2022
883,781      
 1,300,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 2.250%, 2/15/2026
1,310,972    
 3,500,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 2.875%, 2/15/2031
3,387,125    
 1,750,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 4.500%, 2/1/2026
1,793,750    
 3,675,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 5.125%, 4/15/2025
3,743,079    
 6,775,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 6.000%, 3/1/2023
6,825,813    
 
 
TOTAL
48,612,075
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $2,194,995,496)
2,253,024,979
 
 
COMMON STOCKS—0.5%
 
 
 
Chemicals—0.1%
 
98,676
2
Hexion Holdings Corp.
1,480,140    
 
 
Independent Energy—0.2%
 
71,876
 
Oasis Petroleum, Inc.
4,268,716    
20,758
2
Whiting Petroleum Corp.
735,871      
 
 
TOTAL
5,004,587
 
 
Media Entertainment—0.0%
 
67,010
2
iHeartMedia, Inc.
1,216,231    
 
 
Oil Field Services—0.2%
 
140,672
2,3
Superior Energy Services, Inc.
4,501,504    
 
 
Retailers—0.0%
 
96,805
2
Party City Holdco, Inc.
561,469      
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $14,839,823)
12,763,931
 
 
FLOATING RATE LOANS—0.2%
 
 
 
Health Care—0.1%
 
$ 3,499,180
4
Envision Healthcare Corp., PIK Term Loan - 1st Lien, Series B, 7.000% (3-month USLIBOR 1.000% Floor
+6.000%), 10/10/2025
2,846,583    
14
Principal
Amount
or Shares
 
 
Value
 
 
FLOATING RATE LOANS—continued
 
 
 
Independent Energy—0.1%
 
$ 1,976,000
4
Ascent Resources Utica Holdings, LLC, Term Loan - 2nd Lien, 10.000% (3-month USLIBOR 1.000% Floor
+9.000%), 11/1/2025
$2,196,650    
 
 
TOTAL FLOATING RATE LOANS
(IDENTIFIED COST $8,024,146)
5,043,233
 
 
WARRANTS—0.1%
 
 
 
Independent Energy—0.1%
 
22,432
2
Chesapeake Energy Corp., Warrants, Expiration Date 2/9/2026
442,808      
14,808
2
Chesapeake Energy Corp., Warrants, Expiration Date 2/9/2026
248,774      
20,189
2
Chesapeake Energy Corp., Warrants, Expiration Date 2/9/2026
416,297      
 
 
TOTAL WARRANTS
(IDENTIFIED COST $5,648,876)
1,107,879
 
 
INVESTMENT COMPANY—3.4%
 
78,882,560
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.05%5
(IDENTIFIED COST $78,917,429)
78,898,336   
 
 
TOTAL INVESTMENT IN SECURITIES—100.1%
(IDENTIFIED COST $2,302,425,770)
2,350,838,358
 
 
OTHER ASSETS AND LIABILITIES - NET—(0.1)%6
(2,598,314)
 
 
TOTAL NET ASSETS—100%
$2,348,240,044
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended March 31, 2021, were as follows:  
 
Federated Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Value as of 12/31/2020
$34,452,869
Purchases at Cost
$331,318,937
Proceeds from Sales
$(286,871,811)
Change in Unrealized Appreciation/Depreciation
$342
Net Realized Gain/(Loss)
$(2,001)
Value as of 3/31/2021
$78,898,336
Shares Held as of 3/31/2021
78,882,560
Dividend Income
$2,013
 
1
Issuer in default.
2
Non-income-producing security.
3
Market quotations and price evaluations may not be available. Fair value determined using significant unobservable inputs in accordance with procedures
established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”).
4
Floating/variable note with current rate and current maturity or next reset date shown.
5
7-day net yield.
6
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at March 31, 2021.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the
15
issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determine that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
16
The following is a summary of the inputs used, as of March 31, 2021, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
 
 
 
 
Corporate Bonds
$—
$2,253,024,979
$0
$2,253,024,979
Floating Rate Loans
—
5,043,233
—
5,043,233
Warrants
1,107,879
—
—
1,107,879
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
8,262,427
—
4,501,504
12,763,931
Investment Company
78,898,336
—
—
78,898,336
TOTAL SECURITIES
$88,268,642
$2,258,068,212
$4,501,504
$2,350,838,358
 
The following acronym(s) are used throughout this portfolio:
 
GMTN
—Global Medium Term Note
LIBOR
—London Interbank Offered Rate
MTN
—Medium Term Note
PIK
—Payment in Kind
17