NPORT-EX 2 poi_highyieldbdcorefd.htm POI - HIGH YIELD BOND CORE FUND EDGAR HTML
High Yield Bond Core Fund
Portfolio of Investments
March 31, 2023 (unaudited)  
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—95.9%
 
Aerospace/Defense—1.7%
$3,800,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026
$3,807,315
1,825,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.750%, 8/15/2028
1,845,531
4,800,000
 
TransDigm, Inc., Sr. Sub., 6.875%, 5/15/2026
4,732,680
2,600,000
 
TransDigm, Inc., Sr. Sub., Series WI, 7.500%, 3/15/2027
2,596,139
 
TOTAL
12,981,665
 
Automotive—5.6%
450,000
 
Adient Global Holdings Ltd., Sr. Secured. Note, 144A, 7.000%, 4/15/2028
462,996
3,800,000
 
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026
3,666,449
375,000
 
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 4/15/2031
386,473
4,625,000
 
Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029
3,125,951
6,825,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025
6,406,047
3,700,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030
3,149,096
2,000,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027
1,835,210
3,725,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029
3,502,264
1,325,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025
1,298,825
2,625,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026
2,494,327
400,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027
366,920
2,200,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029
1,941,012
8,025,000
 
Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027
8,070,141
4,000,000
 
Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029
2,961,274
3,575,000
 
Schaeffler Verwaltung ZW, 144A, 4.750%, 9/15/2026
3,188,849
 
TOTAL
42,855,834
 
Building Materials—4.8%
2,500,000
 
Abc Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029
2,137,975
325,000
 
American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028
296,262
1,250,000
 
Camelot Return Merger SU, Sec. Fac. Bond, 144A, 8.750%, 8/1/2028
1,158,750
1,300,000
 
Cornerstone Building Brands, Sr. Unsecd. Note, 144A, 6.125%, 1/15/2029
929,355
3,775,000
 
Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028
2,807,864
5,125,000
 
Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029
4,068,930
4,275,000
 
Gyp Holdings III Corp., Sr. Unsecd. Note, 144A, 4.625%, 5/1/2029
3,660,468
2,950,000
 
Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028
2,381,382
1,950,000
 
MIWD Holdco II LLC/MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030
1,650,548
4,175,000
 
SRS Distribution, Inc., Sr. Unsecd. Note, 144A, 6.000%, 12/1/2029
3,453,269
2,850,000
 
SRS Distribution, Inc., Sr. Unsecd. Note, 144A, 6.125%, 7/1/2029
2,408,250
2,850,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030
2,482,720
1,200,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028
1,122,714
3,425,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027
3,257,552
3,575,000
 
White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028
3,104,382
1,900,000
 
White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026
1,730,482
 
TOTAL
36,650,903
 
Cable Satellite—7.9%
2,300,000
 
CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026
2,239,671
3,000,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 4.500%, 5/1/2032
2,456,730
3,225,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031
2,640,727
1,675,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2034
1,311,835
1
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Cable Satellite—continued
$1,500,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030
$1,269,202
2,150,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033
1,733,470
1,650,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
1,524,130
600,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027
567,744
650,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029
597,565
1,550,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031
1,073,685
3,800,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.125%, 12/1/2030
2,732,561
3,800,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031
2,743,486
3,550,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030
1,753,877
2,275,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.000%, 11/15/2031
1,154,767
4,500,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030
2,373,750
450,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 6.500%, 2/1/2029
374,138
950,000
 
DIRECTV Holdings LLC, Sec. Fac. Bond, 144A, 5.875%, 8/15/2027
861,327
2,000,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028
1,143,160
5,900,000
 
DISH DBS Corp., Sr. Unsecd. Note, Series WI, 5.125%, 6/1/2029
3,148,122
1,225,000
 
DISH Network Corp., Sec. Fac. Bond, 144A, 11.750%, 11/15/2027
1,189,542
3,000,000
 
Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028
2,669,520
2,650,000
1,2,3
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.500%, 8/1/2023
0
2,475,000
1,2,3
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 8.500%, 10/15/2024
0
1,975,000
1,2,3
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 9.750%, 7/15/2025
0
4,175,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031
3,250,175
2,725,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030
2,230,767
1,000,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029
911,205
5,000,000
 
Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028
4,637,500
5,525,000
 
UPC Broadband Finco BV, Sr. Note, 144A, 4.875%, 7/15/2031
4,784,457
725,000
 
Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030
600,017
625,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 5.500%, 5/15/2029
582,742
1,000,000
 
Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031
852,000
2,425,000
 
Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031
2,081,632
6,175,000
 
Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027
5,704,496
 
TOTAL
61,194,000
 
Chemicals—3.8%
3,575,000
 
Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029
3,067,505
225,000
 
Cheever Escrow Issuer, Sec. Fac. Bond, 144A, 7.125%, 10/1/2027
211,478
5,100,000
 
Diamond BC BV, Sr. Unsecd. Note, 144A, 4.625%, 10/1/2029
4,974,285
2,275,000
 
Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
1,999,315
2,775,000
 
H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028
2,464,937
4,700,000
 
Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028
3,788,505
5,225,000
 
Koppers, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025
5,227,221
5,675,000
 
Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029
4,205,836
2,550,000
 
Polar US Borrower LLC, Sr. Unsecd. Note, 144A, 6.750%, 5/15/2026
1,317,785
750,000
 
WR Grace Holdings LLC, Sec. Fac. Bond, 144A, 7.375%, 3/1/2031
753,551
1,875,000
 
WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
1,593,750
 
TOTAL
29,604,168
 
Construction Machinery—0.8%
2,525,000
 
H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028
2,215,687
425,000
 
Ritchie Bros Holdings, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/15/2028
438,209
450,000
 
Ritchie Bros Holdings, Inc., Sr. Unsecd. Note, 144A, 7.750%, 3/15/2031
472,172
625,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 3.750%, 1/15/2032
538,947
1,100,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028
1,053,030
2
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Construction Machinery—continued
$1,225,000
 
United Rentals, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031
$1,082,410
 
TOTAL
5,800,455
 
Consumer Cyclical Services—2.2%
6,800,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
5,083,714
3,500,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027
3,122,875
700,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 7.750%, 2/15/2028
690,552
6,875,000
 
Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
5,474,459
2,453,000
 
GW B-CR Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027
2,329,786
1,500,000
 
Signal Parent, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/1/2029
607,793
 
TOTAL
17,309,179
 
Consumer Products—1.7%
6,850,000
 
BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027
6,265,352
1,450,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029
1,272,003
5,275,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029
4,642,106
650,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028
585,812
 
TOTAL
12,765,273
 
Diversified Manufacturing—1.1%
5,875,000
 
Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026
5,780,266
2,900,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028
2,980,562
 
TOTAL
8,760,828
 
Finance Companies—2.2%
900,000
 
Navient Corp., Sr. Unsecd. Note, 4.875%, 3/15/2028
758,021
4,450,000
 
Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029
3,765,968
250,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/25/2025
243,220
5,250,000
 
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031
4,358,209
2,275,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033
1,808,568
2,775,000
 
United Shore Financial Services, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025
2,629,534
3,000,000
 
United Wholesale Mortgage LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029
2,509,095
1,275,000
 
United Wholesale Mortgage LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027
1,135,951
 
TOTAL
17,208,566
 
Food & Beverage—1.7%
1,250,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2025
1,260,325
2,650,000
 
Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030
2,686,755
2,500,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029
2,247,643
375,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/15/2027
366,945
2,500,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028
2,452,325
951,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
929,183
1,425,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030
1,286,828
1,900,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029
1,757,433
 
TOTAL
12,987,437
 
Gaming—4.5%
2,950,000
 
Affinity Gaming LLC, 144A, 6.875%, 12/15/2027
2,634,113
1,025,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027
984,000
1,000,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031
909,100
500,000
 
Caesars Entertainment Corp., Sec. Fac. Bond, 144A, 7.000%, 2/15/2030
509,208
2,950,000
 
Caesars Entertainment Corp., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029
2,582,828
2,550,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 5.750%, 7/1/2025
2,552,878
1,850,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025
1,851,816
775,000
 
Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027
791,198
2,300,000
 
Midwest Gaming Borrower LLC, Sr. Note, 144A, 4.875%, 5/1/2029
2,002,101
3
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Gaming—continued
$4,400,000
 
Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026
$4,030,290
3,050,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2029
2,546,308
1,250,000
 
Raptor Acquisition Corp./Raptor Co-Issuer LLC, Sec. Fac. Bond, 144A, 4.875%, 11/1/2026
1,163,906
3,800,000
 
Scientific Games Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 3/1/2030
3,361,609
1,000,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029
1,002,840
2,725,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 8.625%, 7/1/2025
2,792,335
3,425,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028
3,095,087
650,000
 
VICI Properties LP/VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.500%, 9/1/2026
612,177
1,525,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/15/2025
1,476,351
 
TOTAL
34,898,145
 
Health Care—5.4%
2,225,000
 
AdaptHealth LLC, Sr. Unsecd. Note, 144A, 4.625%, 8/1/2029
1,854,846
1,375,000
 
AdaptHealth LLC, Sr. Unsecd. Note, 144A, 5.125%, 3/1/2030
1,167,815
2,400,000
 
Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029
2,022,228
1,500,000
 
Avantor Funding, Inc., Sec. Fac. Bond, 144A, 4.625%, 7/15/2028
1,422,615
2,150,000
 
Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029
1,926,228
2,325,000
 
CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030
1,403,207
3,300,000
 
CHS/Community Health Systems, Inc., 2nd Lien, 144A, 6.875%, 4/15/2029
2,046,990
2,400,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026
2,322,000
1,350,000
 
Embecta Corp., Sec. Fac. Bond, 144A, 5.000%, 2/15/2030
1,162,742
2,100,000
 
Embecta Corp., Sr. Note, 144A, 6.750%, 2/15/2030
1,913,562
400,000
 
Garden Spinco Corp., Sr. Unsecd. Note, 144A, 8.625%, 7/20/2030
427,798
2,450,000
 
Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025
1,791,942
4,425,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2029
2,710,312
1,100,000
 
MEDNAX, Inc., Sr. Unsecd. Note, 144A, 5.375%, 2/15/2030
996,974
9,300,000
 
Mozart Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029
8,077,678
1,225,000
 
MPH Acquisition Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 11/1/2028
882,507
450,000
 
Team Health Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 2/1/2025
271,373
1,125,000
 
Tenet Healthcare Corp., 144A, 4.250%, 6/1/2029
1,018,811
800,000
 
Tenet Healthcare Corp., 144A, 4.875%, 1/1/2026
785,164
1,550,000
 
Tenet Healthcare Corp., 144A, 5.125%, 11/1/2027
1,489,551
650,000
 
Tenet Healthcare Corp., Sr. Secd. Note, 4.625%, 7/15/2024
641,856
3,950,000
 
Tenet Healthcare Corp., Sr. Unsecd. Note, 6.125%, 10/1/2028
3,789,413
1,500,000
 
Tenet Healthcare Corp., Term Loan - 2nd Lien, 144A, 6.250%, 2/1/2027
1,476,750
 
TOTAL
41,602,362
 
Health Insurance—0.3%
2,600,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029
2,446,964
 
Independent Energy—4.4%
1,125,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030
1,047,797
1,400,000
 
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028
1,355,816
949,000
 
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027
1,154,859
1,075,000
 
Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026
1,009,527
1,400,000
 
Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.250%, 7/15/2025
1,395,637
3,175,000
1,3
Chesapeake Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2024
55,562
3,050,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029
2,793,617
3,150,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2025
3,091,091
1,950,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025
1,967,046
2,375,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.125%, 1/1/2031
2,466,473
1,925,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.625%, 9/1/2030
2,029,114
500,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 7.150%, 5/15/2028
529,560
4
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Independent Energy—continued
$2,000,000
 
PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 5/15/2026
$1,949,650
3,225,000
 
Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
3,158,987
575,000
 
Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025
564,358
1,000,000
 
Range Resources Corp., Sr. Unsecd. Note, 144A, 8.250%, 1/15/2029
1,054,950
1,600,000
 
Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029
1,419,632
2,750,000
 
SM Energy Co., Sr. Unsecd. Note, 5.625%, 6/1/2025
2,669,427
2,325,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 8.375%, 9/15/2028
2,446,528
2,075,000
 
Tap Rock Resources LLC., Sr. Unsecd. Note, 144A, 7.000%, 10/1/2026
1,819,709
 
TOTAL
33,979,340
 
Industrial - Other—1.3%
6,050,000
 
Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
4,679,615
3,675,000
 
Redwood Star Merger Sub, Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030
3,175,641
2,225,000
 
Vertical Holdco GmbH, Sr. Unsecd. Note, 144A, 7.625%, 7/15/2028
1,924,934
 
TOTAL
9,780,190
 
Insurance - P&C—7.1%
3,325,000
 
AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029
2,946,997
4,821,420
 
Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500% / 12.750% PIK, 1/15/2027
4,411,599
4,350,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029
3,764,207
4,225,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025
4,114,939
7,225,000
 
Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029
6,118,415
8,125,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029
7,089,063
6,900,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026
6,788,066
1,575,000
 
Jones Deslauriers Insurance Management, Inc., Sec. Fac. Bond, 144A, 8.500%, 3/15/2030
1,634,055
1,900,000
 
Jones Deslauriers Insurance Management, Inc., Sr. Unsecd. Note, 144A, 10.500%, 12/15/2030
1,916,079
550,000
 
NFP Corp., Sec. Fac. Bond, 144A, 7.500%, 10/1/2030
532,007
8,500,000
 
NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028
7,302,095
1,550,000
 
Ryan Specialty Group, Sec. Fac. Bond, 144A, 4.375%, 2/1/2030
1,357,223
6,450,000
 
USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025
6,359,958
 
TOTAL
54,334,703
 
Leisure—0.3%
2,875,000
 
SeaWorld Parks & Entertainment, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029
2,598,224
 
Lodging—0.4%
1,000,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032
844,650
2,325,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028
2,327,093
 
TOTAL
3,171,743
 
Media Entertainment—6.1%
5,275,000
 
Audacy Capital Corp., 144A, 6.500%, 5/1/2027
385,991
1,625,000
 
Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026
1,236,966
1,875,000
1,3
Diamond Sports Group LLC/Diamond Sports Finance Co., 144A, 5.375%, 8/15/2026
105,469
2,150,000
1,3
Diamond Sports Group LLC/Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 6.625%, 8/15/2027
29,563
1,300,000
 
Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031
864,676
975,000
 
Gray Escrow, Inc., Sr. Unsecd. Note, 144A, 7.000%, 5/15/2027
817,226
3,350,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026
2,901,301
1,275,000
 
iHeartCommunications, Inc., 144A, 4.750%, 1/15/2028
1,008,423
5,711,766
 
iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027
4,160,536
1,575,000
 
Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 3.625%, 10/1/2031
1,283,467
1,775,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030
1,530,645
750,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027
711,124
6,300,000
 
Midas Opco Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
5,531,381
1,575,000
 
Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 4.750%, 11/1/2028
1,402,600
5
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Media Entertainment—continued
$3,650,000
 
Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027
$3,376,744
1,450,000
 
Outfront Media Capital LLC/Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2030
1,211,016
2,000,000
 
ROBLOX Corp., Sr. Unsecd. Note, 144A, 3.875%, 5/1/2030
1,716,950
875,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2031
602,683
725,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027
534,688
725,000
 
Sinclair Television Group, Sec. Fac. Bond, 144A, 4.125%, 12/1/2030
585,401
275,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027
240,937
4,025,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
3,205,590
975,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028
854,344
4,425,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029
3,829,970
6,100,000
 
Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027
4,617,639
2,450,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 7.375%, 6/30/2030
2,318,533
2,500,000
 
Urban One, Inc., Sec. Fac. Bond, 144A, 7.375%, 2/1/2028
2,273,500
 
TOTAL
47,337,363
 
Metals & Mining—0.4%
825,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.875%, 3/1/2031
750,922
3,000,000
 
Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029
2,546,355
 
TOTAL
3,297,277
 
Midstream—7.0%
2,150,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.500%, 5/20/2025
2,064,790
2,100,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026
2,011,538
3,000,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
2,934,900
2,075,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028
1,994,666
3,000,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.875%, 5/15/2026
3,057,677
1,400,000
 
Cheniere Energy Partners LP, Sr. Unsecd. Note, 4.000%, 3/1/2031
1,247,372
2,600,000
 
Cheniere Energy Partners LP, Sr. Unsecd. Note, Series WI, 4.500%, 10/1/2029
2,417,859
3,275,000
 
CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030
2,820,757
2,875,000
 
DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031
2,508,667
2,325,000
 
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029
1,979,261
2,625,000
 
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027
2,547,116
1,900,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 5.500%, 7/15/2028
1,728,164
2,425,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 6.500%, 7/15/2048
1,876,623
250,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027
251,243
1,750,000
 
Hess Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028
1,663,134
1,725,000
 
Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
1,612,644
3,100,000
 
Oasis Midstream Partners, Sr. Unsecd. Note, 144A, 8.000%, 4/1/2029
3,164,790
2,600,000
 
Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026
2,502,994
1,325,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027
1,287,053
2,000,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031
1,749,950
1,700,000
 
Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.750%, 4/15/2025
1,417,525
2,300,000
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028
2,226,101
1,500,000
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
1,467,330
1,850,000
 
TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026
1,594,441
1,325,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.500%, 3/1/2028
1,254,755
1,875,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.650%, 7/1/2026
1,814,063
3,150,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.300%, 3/1/2048
2,673,877
 
TOTAL
53,869,290
 
Oil Field Services—2.0%
3,450,000
 
Archrock Partners LP/Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028
3,315,312
2,100,000
 
Archrock Partners LP/Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
2,062,672
6
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Oil Field Services—continued
$1,500,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2026
$1,432,103
900,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028
831,422
2,575,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026
2,517,217
100,000
 
Transocean Titan Financial Ltd., 144A, 8.375%, 2/1/2028
103,002
1,800,000
 
USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027
1,721,799
3,766,000
 
USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026
3,664,061
 
TOTAL
15,647,588
 
Packaging—5.2%
4,858,496
 
ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027
3,722,580
1,700,000
 
Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029
1,331,873
7,725,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027
6,098,192
800,000
 
Ball Corp., Sr. Unsecd. Note, 6.875%, 3/15/2028
828,816
1,200,000
 
Berry Global Escrow Corp., 144A, 4.875%, 7/15/2026
1,170,852
1,950,000
 
Bway Holding Co., 144A, 7.875%, 8/15/2026
1,951,765
2,475,000
 
Bway Holding Co., 144A, 9.250%, 4/15/2027
2,289,375
7,625,000
 
Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030
6,938,215
2,275,000
 
OI European Group BV, Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
2,084,537
2,000,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2025
1,970,500
1,647,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027
1,650,623
800,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/1/2028
809,760
3,550,000
 
Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.625%, 11/1/2025
3,287,034
800,000
 
Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.250%, 8/1/2024
793,468
5,425,000
 
Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027
4,941,958
 
TOTAL
39,869,548
 
Paper—0.3%
2,875,000
 
Graphic Packaging International LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/1/2029
2,493,141
 
Pharmaceuticals—1.5%
1,800,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029
707,031
1,450,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030
542,844
7,600,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029
3,042,964
1,000,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029
383,884
800,000
 
Catalent Pharma Solutions, Inc., Sr. Unsecd. Note, 144A, 3.500%, 4/1/2030
703,784
2,975,000
 
Grifols Escrow Issuer SA, 144A, 4.750%, 10/15/2028
2,442,505
400,557
 
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 10.000%, 6/15/2029
220,856
2,425,000
 
Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031
2,154,800
1,725,000
 
Syneos Health, Inc., Sr. Unsecd. Note, 144A, 3.625%, 1/15/2029
1,419,670
 
TOTAL
11,618,338
 
Restaurant—1.4%
9,275,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 2nd Lien, 144A, 4.000%, 10/15/2030
7,961,660
1,425,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032
1,326,533
1,425,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
1,362,934
 
TOTAL
10,651,127
 
Retailers—0.9%
1,825,000
 
Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027
1,782,326
1,450,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029
1,299,722
1,625,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032
1,425,775
1,475,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029
1,053,445
1,400,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031
972,678
 
TOTAL
6,533,946
7
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Supermarkets—0.7%
$4,450,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029
$3,876,101
275,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028
273,598
1,250,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.500%, 2/15/2028
1,254,444
 
TOTAL
5,404,143
 
Technology—10.2%
825,000
 
AMS AG, Sr. Unsecd. Note, 144A, 7.000%, 7/31/2025
774,770
1,625,000
 
Boxer Parent Co., Inc., 144A, 9.125%, 3/1/2026
1,581,694
3,000,000
 
Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028
2,838,120
2,425,000
 
Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026
1,579,306
2,300,000
 
Central Parent, Inc./Central Merger Sub, Inc., 144A, 7.250%, 6/15/2029
2,262,691
5,550,000
 
Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029
5,024,665
4,050,000
 
Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
3,680,437
1,725,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026
1,500,169
3,000,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028
2,490,597
700,000
 
Dun & Bradstreet Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
606,890
4,000,000
 
Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029
3,419,280
1,775,000
 
Entegris Escrow Corp., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030
1,722,176
4,000,000
 
HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029
3,558,874
2,275,000
 
Helios Software Holdings, Sec. Fac. Bond, 144A, 4.625%, 5/1/2028
1,850,706
5,125,000
 
Logan Merger Sub, Inc., Sr. Secd. Note, 144A, 5.500%, 9/1/2027
2,628,868
7,375,000
 
McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030
6,190,533
7,875,000
 
Minerva Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030
6,392,606
400,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028
352,000
2,250,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.125%, 4/15/2029
1,949,059
1,300,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030
1,062,464
975,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.750%, 9/1/2027
959,200
1,775,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 6.125%, 9/1/2029
1,752,404
775,000
 
Open Text Corp., 144A, 6.900%, 12/1/2027
800,188
2,225,000
 
Open Text Corp., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2028
1,988,594
3,075,000
 
Picard Midco, Inc., Sec. Fac. Bond, 144A, 6.500%, 3/31/2029
2,722,971
6,725,000
 
Rackspace Technology, Inc., Sr. Unsecd. Note, 144A, 5.375%, 12/1/2028
2,578,785
6,700,000
 
Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029
5,283,163
2,691,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 9.625%, 12/1/2032
3,018,487
1,525,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.875%, 9/1/2030
1,513,029
3,200,000
 
SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027
3,108,555
2,825,000
 
TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029
2,461,719
825,000
 
Veritas US, Inc./Veritas Bermuda Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025
621,856
 
TOTAL
78,274,856
 
Transportation Services—0.4%
3,275,000
 
Watco Cos. LLC/Finance Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027
3,073,919
 
Utility - Electric—2.6%
650,000
 
Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031
548,875
1,850,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031
1,568,065
3,000,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028
2,750,731
3,600,000
 
Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026
3,279,726
1,081,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 6.625%, 1/15/2027
1,080,006
925,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029
766,943
1,000,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2031
802,959
2,075,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032
1,662,262
450,000
 
NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028
441,990
8
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Utility - Electric—continued
$2,400,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028
$2,283,008
925,000
 
TransAlta Corp., Sr. Unsecd. Note, 7.750%, 11/15/2029
973,211
3,475,000
 
Vistra Operations Co. LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026
3,378,756
400,000
 
Vistra Operations Co. LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027
388,730
 
TOTAL
19,925,262
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $870,490,919)
738,925,777
 
COMMON STOCKS—0.4%
 
Cable Satellite—0.0%
7,064
2,3
Intelsat Jackson Holdings S.A.
44,150
 
Independent Energy—0.0%
3,150
2,3
Ultra Resources, Inc.
0
 
Media Entertainment—0.0%
67,010
3
iHeartMedia, Inc.
261,339
 
Oil Field Services—0.3%
39,100
2,3
Superior Energy Services, Inc.
2,580,600
 
Pharmaceuticals—0.1%
45,515
3
Mallinckrodt PLC
331,809
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $4,803,562)
3,217,898
 
FLOATING RATE LOAN—0.3%
 
Independent Energy—0.3%
$1,976,000
4
Ascent Resources Utica Holdings, LLC, 2020 Fixed 2nd Lien Term Loan, 13.815% (3-month USLIBOR +9.000%), 11/1/2025
(IDENTIFIED COST $1,976,000)
2,098,680
 
INVESTMENT COMPANY—2.1%
16,285,168
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.82%5
(IDENTIFIED COST $16,283,632)
16,281,911
 
TOTAL INVESTMENT IN SECURITIES—98.7%
(IDENTIFIED COST $893,554,113)
760,524,266
 
OTHER ASSETS AND LIABILITIES - NET—1.3%6
10,013,716
 
TOTAL NET ASSETS—100%
$770,537,982
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended March 31, 2023, were as follows:  
 
Federated Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Value as of 12/31/2022
$17,611,455
Purchases at Cost
$56,232,362
Proceeds from Sales
$(57,564,052)
Change in Unrealized Appreciation/Depreciation
$(2,520)
Net Realized Gain/(Loss)
$4,666
Value as of 3/31/2023
$16,281,911
Shares Held as of 3/31/2023
16,285,168
Dividend Income
$216,815
9
 
1
Issuer in default.
2
Market quotations and price valuations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the supervision of the Fund’s Adviser acting through its Valuation Committee.
3
Non-income-producing security.
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, 2023.
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 Federated Investment Management Company (the “Adviser”).
◾ Shares of other mutual funds or non-exchange traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
◾ 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 ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the 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 Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s 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
Pursuant to Rule 2a-5 under the Investment Company Act, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services 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 Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
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 ask 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 Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines 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
10
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 Adviser has 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 Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
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.

The following is a summary of the inputs used, as of March 31, 2023, 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
$—
$738,925,777
$0
$738,925,777
Floating Rate Loan
—
2,098,680
—
2,098,680
Equity Securities:
Common Stocks
Domestic
261,339
—
2,580,600
2,841,939
International
331,809
—
44,150
375,959
Investment Company
16,281,911
—
—
16,281,911
TOTAL SECURITIES
$16,875,059
$741,024,457
$2,624,750
$760,524,266
 
The following acronym(s) are used throughout this portfolio:
 
GMTN
—Global Medium Term Note
LIBOR
—London Interbank Offered Rate
PIK
—Payment in Kind
11