NPORT-EX 2 poi_highyieldbdcorefd.htm POI - HIGH YIELD BOND CORE FUND EDGAR HTML
High Yield Bond Core Fund
Portfolio of Investments
March 31, 2025 (unaudited)  
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—96.9%
 
Aerospace/Defense—1.7%
$   725,000
 
Goat Holdco, LLC, 144A, 6.750%, 2/1/2032
$    710,243
 2,525,000
 
TransDigm, Inc., 144A, 6.375%, 3/1/2029
  2,553,899
 4,250,000
 
TransDigm, Inc., 1st Priority Sr. Secd. Note, 144A, 6.625%, 3/1/2032
  4,309,476
   425,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2033
    418,787
 1,825,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.750%, 8/15/2028
  1,853,933
 4,525,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.875%, 12/15/2030
  4,628,374
 1,100,000
 
TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027
  1,088,305
 
TOTAL
15,563,017
 
Airlines—0.1%
 1,239,583
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026
  1,237,129
 
Automotive—5.5%
 1,150,000
 
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 7.500%, 2/15/2033
  1,077,824
   825,000
 
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 4/15/2031
    800,346
   450,000
 
Adient Global Holdings Ltd., Term Loan - 1st Lien, 144A, 7.000%, 4/15/2028
    451,304
 8,025,000
 
Clarios Global LP / Clarios US Finance Co, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027
  8,041,928
 1,325,000
 
Clarios Global LP, Sec. Fac. Bond, 144A, 6.750%, 5/15/2028
  1,344,645
   600,000
 
Clarios Global LP, Sr. Secd. Note, 144A, 6.750%, 2/15/2030
    606,240
 4,050,000
 
Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029
  3,084,742
 6,825,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025
  6,744,173
 3,700,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030
  3,314,464
 2,000,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027
  1,932,628
 3,725,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029
  3,592,668
 3,175,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025
  3,173,006
 3,525,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026
  3,505,583
 1,675,000
 
IHO Verwaltungs GmbH, 144A, 8.000%, 11/15/2032
  1,634,462
 3,450,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029
  3,336,372
 1,575,000
 
J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 8.750%, 12/15/2031
  1,620,562
 3,650,000
 
Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029
  2,878,140
   200,000
 
ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/23/2030
    190,281
 1,150,000
 
ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 6.875%, 4/14/2028
  1,130,986
   425,000
 
ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/14/2030
    409,524
 
TOTAL
48,869,878
 
Building Materials—4.1%
   325,000
 
American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028
    311,059
 3,100,000
 
American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029
  2,845,819
   600,000
 
Camelot Return Merger SU, Sec. Fac. Bond, 144A, 8.750%, 8/1/2028
    495,006
 3,450,000
 
Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028
  2,731,657
 4,750,000
 
Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029
  3,882,715
 4,275,000
 
Gyp Holdings III Corp., Sr. Unsecd. Note, 144A, 4.625%, 5/1/2029
  4,003,491
 2,950,000
 
Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028
  2,875,352
 1,050,000
 
Masterbrand, Inc., 144A, 7.000%, 7/15/2032
  1,049,266
   675,000
 
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Sec. Fac. Bond, 144A, 6.750%, 4/1/2032
    669,433
 2,250,000
 
MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030
  2,028,021
 2,050,000
 
Patrick Industries, Inc., Sec. Fac. Bond, 144A, 6.375%, 11/1/2032
  1,989,504
 1,950,000
 
Quikrete Holdings, Inc., Sec. Fac. Bond, 144A, 6.375%, 3/1/2032
  1,963,972
1
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
Building Materials—continued
$   750,000
 
Quikrete Holdings, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2033
$    747,270
 2,475,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030
  2,285,709
 1,200,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028
  1,162,667
 3,425,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027
  3,374,217
   925,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 6.500%, 8/15/2032
    925,794
 3,575,000
 
White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028
  3,434,994
 
TOTAL
36,775,946
 
Cable Satellite—6.3%
 2,300,000
 
CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026
  2,297,811
 4,925,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031
  4,368,440
   575,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2034
    473,366
 1,500,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030
  1,366,766
 1,825,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033
  1,557,889
 1,650,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
  1,602,695
   600,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027
    591,431
 2,625,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029
  2,542,205
 3,000,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 4.500%, 5/1/2032
  2,606,395
 1,550,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031
  1,111,752
 3,800,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.125%, 12/1/2030
  2,756,624
 3,800,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031
  2,760,355
 1,375,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030
    670,900
 1,825,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.000%, 11/15/2031
    864,740
   450,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 6.500%, 2/1/2029
    372,751
   650,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028
    466,690
 2,650,000
 
DISH DBS Corp., Sr. Unsecd. Note, Series WI, 5.125%, 6/1/2029
  1,732,389
 2,675,000
 
Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028
  2,531,091
 3,575,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031
  3,067,320
 2,725,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030
  2,423,034
   600,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.000%, 8/1/2027
    586,715
 1,675,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029
  1,618,897
 4,425,000
 
Sunrise FinCo I B.V., Sr. Note, 144A, 4.875%, 7/15/2031
  4,028,077
 5,600,000
 
Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028
  5,446,000
   725,000
 
Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030
    622,696
   950,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030
    836,864
   925,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 5.500%, 5/15/2029
    877,034
 1,000,000
 
Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031
    864,518
 2,425,000
 
Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031
  2,110,576
   625,000
 
VZ Secured Financing B.V., Sec. Fac. Bond, 144A, 5.000%, 1/15/2032
    543,802
 1,200,000
 
Ziggo B.V., Sec. Fac. Bond, 144A, 4.875%, 1/15/2030
  1,100,847
 1,575,000
 
Ziggo Bond Co. B.V., Sr. Unsecd. Note, 144A, 5.125%, 2/28/2030
  1,374,863
 
TOTAL
56,175,533
 
Chemicals—3.0%
 3,575,000
 
Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029
  3,272,335
   425,000
 
Celanese US Holdings LLC, Sr. Unsecd. Note, 6.500%, 4/15/2030
    422,283
 1,350,000
 
Celanese US Holdings LLC, Sr. Unsecd. Note, 6.750%, 4/15/2033
  1,311,797
   675,000
 
Cheever Escrow Issuer, Sec. Fac. Bond, 144A, 7.125%, 10/1/2027
    675,456
 2,275,000
 
Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
  2,143,819
 2,775,000
 
H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028
  2,634,173
 3,600,000
 
Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028
  3,243,037
 2,225,000
 
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028
  2,214,072
2
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
Chemicals—continued
$   650,000
 
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 7.250%, 6/15/2031
$    638,687
 1,675,000
 
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 9.750%, 11/15/2028
  1,741,104
 5,675,000
 
Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029
  4,986,379
 1,350,000
 
SNF Group SACA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030
  1,193,362
   750,000
 
WR Grace Holdings LLC, Sec. Fac. Bond, 144A, 7.375%, 3/1/2031
    750,153
 2,100,000
 
WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
  1,810,266
 
TOTAL
27,036,923
 
Construction Machinery—0.8%
 2,025,000
 
H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028
  2,019,899
   625,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 3.750%, 1/15/2032
    552,553
 1,225,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031
  1,112,548
 1,100,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028
  1,082,064
 1,100,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 144A, 6.125%, 3/15/2034
  1,102,063
   825,000
 
United Rentals North America, Inc., Term Loan - 1st Lien, 144A, 6.000%, 12/15/2029
    839,214
 
TOTAL
6,708,341
 
Consumer Cyclical Services—3.6%
 1,200,000
 
Allied Universal Holdco LLC, Sec. Fac. Bond, 144A, 7.875%, 2/15/2031
  1,216,285
 6,300,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
  5,794,652
 2,175,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027
  2,183,561
 2,300,000
 
Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028
  2,285,150
 2,750,000
 
Dun & Bradstreet Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
  2,756,510
 1,125,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 7.750%, 2/15/2028
  1,154,081
 6,875,000
 
Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
  6,454,509
 1,025,000
 
Garda World Security Corp., Sr. Unsecd. Note, 144A, 8.375%, 11/15/2032
  1,008,922
 2,125,000
 
Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027
  2,108,839
 1,575,000
 
Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 3.625%, 10/1/2031
  1,358,825
 1,775,000
 
Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030
  1,592,563
 1,700,000
 
Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027
  1,668,033
 1,425,000
 
The Brink’s Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2029
  1,445,992
 1,425,000
 
The Brink’s Co., Sr. Unsecd. Note, 144A, 6.750%, 6/15/2032
  1,446,278
 
TOTAL
32,474,200
 
Consumer Products—1.8%
 6,500,000
 
BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027
  6,400,473
   950,000
 
Champ Acquisition Corp., Sr. Secd. Note, 144A, 8.375%, 12/1/2031
    983,759
 1,450,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029
  1,343,949
   300,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 5.500%, 6/1/2028
    294,103
 5,275,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029
  4,917,485
 1,075,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028
  1,030,246
   650,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.500%, 12/31/2027
    654,143
 
TOTAL
15,624,158
 
Diversified Manufacturing—1.5%
 5,750,000
 
Emrld Borrower LP / Emerald Co-Issuer, Inc., Sec. Fac. Bond, 144A, 6.625%, 12/15/2030
  5,759,736
   225,000
 
Emrld Borrower LP, Sec. Fac. Bond, 144A, 6.750%, 7/15/2031
    226,716
 1,625,000
 
Gates Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/1/2029
  1,655,182
   875,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/15/2029
    886,249
   525,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/15/2033
    528,094
 1,025,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.625%, 3/15/2032
  1,041,062
 2,900,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028
  2,943,120
 
TOTAL
13,040,159
3
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
Finance Companies—3.0%
$ 5,450,000
 
Boost Newco Borrower LLC, 144A, 7.500%, 1/15/2031
$  5,677,188
   225,000
 
Macquarie Airfinance Holdings Ltd., Sr. Unsecd. Note, 144A, 6.400%, 3/26/2029
    232,823
   225,000
 
Macquarie Airfinance Holdings Ltd., Sr. Unsecd. Note, 144A, 6.500%, 3/26/2031
    234,497
 1,425,000
 
Macquarie Airfinance Holdings Ltd., Sr. Unsecd. Note, 144A, 8.125%, 3/30/2029
  1,496,552
   525,000
 
Navient Corp., Sr. Unsecd. Note, 4.875%, 3/15/2028
    501,295
   575,000
 
Navient Corp., Sr. Unsecd. Note, 5.000%, 3/15/2027
    563,129
 2,700,000
 
Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029
  2,558,064
   575,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/25/2025
    575,845
   600,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029
    553,797
 5,250,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031
  4,709,066
 2,275,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033
  1,953,299
 2,650,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025
  2,644,653
 2,475,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029
  2,388,285
   900,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027
    885,712
 1,525,000
 
UWM Holdings LLC, Sr. Unsecd. Note, 144A, 6.625%, 2/1/2030
  1,514,000
 
TOTAL
26,488,205
 
Food & Beverage—1.8%
 2,650,000
 
Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030
  2,740,437
 2,500,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029
  2,340,944
 1,925,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/15/2027
  1,908,252
   175,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 6.125%, 9/15/2032
    174,162
 1,425,000
 
Post Holdings, Inc., 144A, 6.375%, 3/1/2033
  1,404,787
 1,125,000
 
Post Holdings, Inc., Sec. Fac. Bond, 144A, 6.250%, 2/15/2032
  1,133,010
 1,475,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/15/2029
  1,435,221
   575,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 6.250%, 10/15/2034
    567,561
 1,425,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030
  1,354,719
 1,900,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029
  1,833,617
   350,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 5.750%, 4/15/2033
    341,361
 1,100,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 6.875%, 9/15/2028
  1,128,128
 
TOTAL
16,362,199
 
Gaming—5.2%
 1,950,000
 
Affinity Gaming LLC, 144A, 6.875%, 12/15/2027
  1,487,472
 1,025,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027
  1,004,768
 1,700,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031
  1,569,229
   825,000
 
Caesars Entertainment, Inc., 144A, 6.000%, 10/15/2032
    771,148
 2,475,000
 
Caesars Entertainment, Inc., Sec. Fac. Bond, 144A, 7.000%, 2/15/2030
  2,510,452
 2,675,000
 
Caesars Entertainment, Inc., Sr. Secd. Note, 144A, 6.500%, 2/15/2032
  2,668,292
 1,050,000
 
Caesars Entertainment, Inc., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029
    965,928
   263,000
 
Caesars Entertainment, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027
    265,016
   775,000
 
Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 5.500%, 4/1/2027
    769,370
 3,175,000
 
Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 5/1/2031
  3,203,981
 3,425,000
 
Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029
  3,474,652
   250,000
 
Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.500%, 9/1/2031
    256,298
 1,350,000
 
MGM Resorts International, Sr. Unsecd. Note, 6.125%, 9/15/2029
  1,337,641
 2,775,000
 
MGM Resorts International, Sr. Unsecd. Note, 6.500%, 4/15/2032
  2,723,870
 2,500,000
 
Midwest Gaming Borrower LLC, Sr. Note, 144A, 4.875%, 5/1/2029
  2,348,213
 4,400,000
 
Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026
  4,402,545
 2,750,000
 
Ontario Gaming GTA LP, Sec. Fac. Bond, 144A, 8.000%, 8/1/2030
  2,737,470
 1,275,000
 
PENN Entertaintment, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2029
  1,133,489
 2,350,000
 
Scientific Games Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 3/1/2030
  2,218,689
4
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
Gaming—continued
$   975,000
 
Station Casinos, LLC, 144A, 6.625%, 3/15/2032
$    967,879
 3,425,000
 
Station Casinos, LLC, Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028
  3,283,040
   625,000
 
Station Casinos, LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031
    562,104
   650,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.500%, 9/1/2026
    647,454
 1,525,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/15/2025
  1,525,839
 2,025,000
 
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp, 144A, 7.125%, 2/15/2031
  2,096,857
 1,425,000
 
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp, Sr. Unsecd. Note, 144A, 6.250%, 3/15/2033
  1,389,205
 
TOTAL
46,320,901
 
Health Care—4.8%
 2,400,000
 
AHP Health Partners, Inc., Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029
  2,229,668
 2,150,000
 
Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029
  1,986,747
 1,500,000
 
Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 4.625%, 7/15/2028
  1,447,126
 1,225,000
 
CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030
    735,711
 2,375,000
 
CHS/Community Health Systems, Inc., 144A, 6.875%, 4/15/2029
  1,542,536
 3,175,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 5.625%, 3/15/2027
  3,034,414
   650,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2029
    578,336
   925,000
 
Concentra Escrow Issuer Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/15/2032
    942,350
   625,000
 
Embecta Corp., Sr. Note, 144A, 6.750%, 2/15/2030
    598,286
   350,000
 
Insulet Corp., Sr. Unsecd. Note, 144A, 6.500%, 4/1/2033
    356,004
 1,125,000
 
Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026
  1,117,653
 1,700,000
 
Iqvia, Inc., Sr. Unsecd. Note, 144A, 6.500%, 5/15/2030
  1,731,605
 1,000,000
 
Medline Borrower LP, Sec. Fac. Bond, 144A, 3.875%, 4/1/2029
    935,418
 8,650,000
 
Medline Borrower LP, Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029
  8,306,278
 1,600,000
 
Medline Borrower LP/Medline Co-Issuer, Inc., 144A, 6.250%, 4/1/2029
  1,622,366
   400,000
 
Neogen Food Safety Corp., Sr. Unsecd. Note, 144A, 8.625%, 7/20/2030
    421,493
 2,700,000
 
Raven Acquisition Holdings LLC, Sr. Secd. Note, 144A, 6.875%, 11/15/2031
  2,628,622
 2,375,000
 
Select Medical Corp., 144A, 6.250%, 12/1/2032
  2,316,667
 1,125,000
 
Tenet Healthcare Corp., 4.250%, 6/1/2029
  1,060,976
 1,550,000
 
Tenet Healthcare Corp., 5.125%, 11/1/2027
  1,528,454
 2,500,000
 
Tenet Healthcare Corp., 144A, 6.250%, 2/1/2027
  2,503,115
 1,800,000
 
Tenet Healthcare Corp., Sec. Fac. Bond, 144A, 6.750%, 5/15/2031
  1,827,435
 3,250,000
 
Tenet Healthcare Corp., Sr. Unsecd. Note, 6.125%, 10/1/2028
  3,237,162
 
TOTAL
42,688,422
 
Health Insurance—0.3%
 1,950,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029
  1,869,706
 1,150,000
 
Molina Healthcare, Inc., Sr. Secd. Note, 144A, 6.250%, 1/15/2033
  1,133,369
 
TOTAL
3,003,075
 
Independent Energy—3.3%
 2,200,000
 
Aethon United BR LP/Aethon United Finance Corp., 144A, 7.500%, 10/1/2029
  2,239,129
 1,000,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030
    982,541
   300,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
    292,996
   425,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2032
    423,430
 1,900,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028
  1,938,851
   650,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027
    796,997
   625,000
 
Civitas Resources, Inc., Sr. Unsecd. Note, 144A, 8.625%, 11/1/2030
    645,345
   350,000
 
Civitas Resources, Inc., Sr. Unsecd. Note, 144A, 8.750%, 7/1/2031
    359,868
 2,175,000
 
Civitas Resources, Inc., Unsecd. Note, 144A, 8.375%, 7/1/2028
  2,247,290
   300,000
 
CNX Resources Corp., Sr. Unsecd. Note, 144A, 7.250%, 3/1/2032
    305,315
 3,050,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029
  2,986,304
   600,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029
    583,656
5
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
Independent Energy—continued
$ 3,175,000
1,2
Expand Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2099
$     18,256
   375,000
 
Matador Resources Co., Sr. Unsecd. Note, 144A, 6.250%, 4/15/2033
    366,724
 2,075,000
 
Matador Resources Co., Sr. Unsecd. Note, 144A, 6.500%, 4/15/2032
  2,058,084
 1,371,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025
  1,373,996
   500,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 7.150%, 5/15/2028
    531,287
 1,275,000
 
Permian Resources Operating LLC, Sr. Sub. Secd. Note, 144A, 6.250%, 2/1/2033
  1,270,957
   800,000
 
Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 7.000%, 1/15/2032
    818,761
   575,000
 
Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025
    574,721
 2,300,000
 
Range Resources Corp., Sr. Unsecd. Note, 8.250%, 1/15/2029
  2,367,643
 2,375,000
 
Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029
  2,232,574
 1,200,000
 
Sitio Royalties Operating Partnership Lp / Sitio Finance Corp., Sr. Unsecd. Note, 144A, 7.875%, 11/1/2028
  1,235,944
 1,800,000
 
SM Energy Co., Sr. Unsecd. Note, 144A, 6.750%, 8/1/2029
  1,774,891
   975,000
 
SM Energy Co., Sr. Unsecd. Note, 144A, 7.000%, 8/1/2032
    957,832
 
TOTAL
29,383,392
 
Industrial - Other—1.4%
 1,850,000
 
Hillenbrand, Inc., Sr. Unsecd. Note, 6.250%, 2/15/2029
  1,855,718
 7,300,000
 
Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
  6,903,288
 4,025,000
 
SPX Flow, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030
  4,140,831
 
TOTAL
12,899,837
 
Insurance - P&C—8.8%
 3,025,000
 
Acrisure LLC, Sec. Fac. Bond, 144A, 7.500%, 11/6/2030
  3,079,616
   875,000
 
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 5.875%, 11/1/2029
    846,558
 2,175,000
 
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 7.375%, 10/1/2032
  2,187,271
 2,950,000
 
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sec. Fac. Bond, 144A, 7.000%, 1/15/2031
  2,961,381
   300,000
 
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Unsecd. Note, 144A, 6.500%, 10/1/2031
    294,880
   225,000
 
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Unsecd. Note, 144A, 6.750%, 10/15/2027
    224,355
 1,450,000
 
AmWINS Group, Inc., Sec. Fac. Bond, 144A, 6.375%, 2/15/2029
  1,461,957
 4,325,000
 
AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029
  4,080,758
   975,000
 
Ardonagh Finco Ltd., Sec. Fac. Bond, 144A, 7.750%, 2/15/2031
    993,983
 8,875,000
 
Ardonagh Group Finance Ltd., Sr. Unsecd. Note, 144A, 8.875%, 2/15/2032
  9,044,854
 4,350,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029
  4,343,611
 1,075,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.500%, 2/15/2032
  1,148,380
 3,450,000
 
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 144A, 7.125%, 5/15/2031
  3,498,890
 7,225,000
 
Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029
  6,950,705
 4,075,000
 
Hub International Ltd., Sec. Fac. Bond, 144A, 7.250%, 6/15/2030
  4,200,005
 8,125,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029
  7,867,270
 3,700,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 7.375%, 1/31/2032
  3,769,590
 2,475,000
 
Jones Deslauriers Insurance Management, Inc., Sec. Fac. Bond, 144A, 8.500%, 3/15/2030
  2,601,723
 2,850,000
 
Jones Deslauriers Insurance Management, Inc., Sr. Unsecd. Note, 144A, 10.500%, 12/15/2030
  3,054,724
 6,225,000
 
Panther Escrow Issuer, Sec. Fac. Bond, 144A, 7.125%, 6/1/2031
  6,346,893
 1,550,000
 
Ryan Specialty LLC, Sec. Fac. Bond, 144A, 4.375%, 2/1/2030
  1,476,709
 1,800,000
 
Ryan Specialty LLC, Sec. Fac. Bond, 144A, 5.875%, 8/1/2032
  1,779,396
 5,950,000
 
USI, Inc./NY, Sr. Unsecd. Note, 144A, 7.500%, 1/15/2032
  6,077,491
 
TOTAL
78,291,000
 
Leisure—2.5%
   425,000
 
Carnival Corp., Sr. Secd. Note, 144A, 7.000%, 8/15/2029
    444,901
   925,000
 
Carnival Corp., Sr. Unsecd. Note, 144A, 5.750%, 3/15/2030
    921,975
 1,925,000
 
Carnival Corp., Sr. Unsecd. Note, 144A, 6.000%, 5/1/2029
  1,912,720
   625,000
 
Carnival Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/15/2033
    616,369
   300,000
 
Carnival Corp., Sr. Unsecd. Note, 144A, 7.625%, 3/1/2026
    300,275
6
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
Leisure—continued
$   850,000
 
NCL Corp. Ltd., Sr. Secd. Note, 144A, 8.125%, 1/15/2029
$    894,670
   277,000
 
NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 5.875%, 3/15/2026
    276,592
 1,700,000
 
NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 6.750%, 2/1/2032
  1,680,446
 1,100,000
 
NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 7.750%, 2/15/2029
  1,147,125
   950,000
 
NCL Finance Ltd., Sr. Unsecd. Note, 144A, 6.125%, 3/15/2028
    947,593
 1,700,000
 
Royal Caribbean Cruises, Ltd., 144A, 6.000%, 2/1/2033
  1,700,258
   450,000
 
Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 4.250%, 7/1/2026
    443,447
   900,000
 
Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 5.375%, 7/15/2027
    897,059
   825,000
 
Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 5.500%, 8/31/2026
    825,557
   850,000
 
Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 5.625%, 9/30/2031
    835,238
 1,050,000
 
Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 6.250%, 3/15/2032
  1,060,237
 3,625,000
 
Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 7.250%, 5/15/2031
  3,641,235
 3,875,000
 
United Parks & Resorts, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029
  3,674,621
 
TOTAL
22,220,318
 
Lodging—1.1%
 1,000,000
 
Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032
    877,237
 2,325,000
 
Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028
  2,326,294
 1,725,000
 
Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 5.875%, 3/15/2033
  1,709,644
   775,000
 
RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 4/1/2032
    774,228
 1,550,000
 
RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2028
  1,588,285
 1,725,000
 
Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028
  1,648,984
   950,000
 
XHR LP, Sr. Unsecd. Note, 144A, 6.625%, 5/15/2030
    933,841
 
TOTAL
9,858,513
 
Media Entertainment—2.2%
 1,200,000
 
CMG Media, Corp., 144A, 8.875%, 6/18/2029
  1,038,000
   404,000
 
Cumulus Media News Holdings, Inc., 144A, 8.000%, 7/1/2029
    139,380
 1,300,000
 
Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031
    813,190
   300,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 7.375%, 2/15/2031
    312,722
   500,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2029
    464,099
 2,175,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2030
  1,990,844
   625,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2027
    614,709
   450,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2031
    275,438
   725,000
 
Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027
    605,458
   725,000
 
Sinclair Television Group, Inc., 144A, 4.375%, 12/31/2032
    451,754
 1,850,000
 
Sinclair Television Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
  1,373,625
 7,075,000
 
Stagwell Global LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
  6,744,799
 2,750,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 7.375%, 6/30/2030
  2,630,160
 1,825,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 8.000%, 8/15/2028
  1,832,407
 
TOTAL
19,286,585
 
Metals & Mining—1.0%
   825,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.875%, 3/1/2031
    718,891
 2,150,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/15/2030
  2,084,283
   525,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.875%, 11/1/2029
    514,274
 1,900,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2032
  1,825,554
   925,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/1/2033
    888,546
 3,000,000
 
Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029
  2,858,725
 
TOTAL
8,890,273
 
Midstream—4.5%
 3,425,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
  3,417,217
 2,075,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028
  2,066,191
7
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
Midstream—continued
$ 2,600,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.625%, 2/1/2032
$  2,645,585
 1,800,000
 
Aris Water Holdings LLC, Sr. Unsecd. Note, 144A, 7.250%, 4/1/2030
  1,821,799
   550,000
 
Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 7/15/2029
    562,507
 1,475,000
 
Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2032
  1,526,966
 3,275,000
 
CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030
  3,051,824
 2,875,000
 
DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031
  2,647,078
 2,149,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029
  2,083,312
 1,150,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 6.375%, 4/1/2029
  1,176,918
   950,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027
    970,500
   325,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2030
    351,382
 1,750,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028
  1,724,322
   500,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.875%, 3/1/2028
    502,651
 1,050,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 6.500%, 6/1/2029
  1,071,780
 1,725,000
 
HF Sinclair Corp., Sr. Unsecd. Note, 5.000%, 2/1/2028
  1,718,944
 2,375,000
 
Northriver Midstream Fin, 144A, 6.750%, 7/15/2032
  2,399,120
   700,000
 
Rockies Express Pipeline, Sr. Unsecd. Note, 144A, 6.750%, 3/15/2033
    712,597
 2,600,000
 
Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026
  2,600,000
 1,325,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027
  1,319,014
 2,800,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031
  2,530,675
 2,050,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028
  2,050,831
 1,050,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
  1,060,060
 
TOTAL
40,011,273
 
Oil Field Services—2.1%
 4,250,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028
  4,256,766
 2,100,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
  2,102,582
 2,750,000
 
Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 7.250%, 2/15/2029
  2,805,418
 1,300,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028
  1,197,827
   675,000
 
Nabors Industries, Inc., Sec. Fac. Bond, 144A, 9.125%, 1/31/2030
    675,873
   375,000
 
Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027
    370,271
   575,000
 
Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 8.875%, 8/15/2031
    499,840
 1,376,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026
  1,378,195
 2,075,000
 
USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027
  2,078,239
 3,375,000
 
USA Compression Partners LP, Sr. Unsecd. Note, 144A, 7.125%, 3/15/2029
  3,434,987
 
TOTAL
18,799,998
 
Packaging—3.9%
 3,687,491
 
ARD Finance S.A., Sec. Fac. Bond, 144A, 7.250% PIK, 6/30/2027
    239,687
 3,175,000
 
Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029
  2,707,894
 5,750,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027
  2,661,701
 2,550,000
 
Ball Corp., Sr. Unsecd. Note, 6.000%, 6/15/2029
  2,583,415
   800,000
 
Ball Corp., Sr. Unsecd. Note, 6.875%, 3/15/2028
    818,690
   559,000
 
Berry Global Escrow Corp., 144A, 4.875%, 7/15/2026
    558,983
   650,000
 
Clydesdale Acquisition Holdings, Inc., Sec. Fac. Bond, 144A, 6.750%, 4/15/2032
    655,023
   975,000
 
Clydesdale Acquisition Holdings, Inc., Sec. Fac. Bond, 144A, 6.875%, 1/15/2030
    983,614
 6,850,000
 
Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030
  6,951,656
 1,775,000
 
Mauser Packaging Solutions Holding Co., 144A, 9.250%, 4/15/2027
  1,676,529
 1,525,000
 
Mauser Packaging Solutions Holding Co., Sec. Fac. Bond, 144A, 7.875%, 4/15/2027
  1,496,406
 2,275,000
 
OI European Group B.V., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
  2,084,707
 1,075,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027
  1,070,154
 1,075,000
 
Sealed Air Corp., 144A, 6.500%, 7/15/2032
  1,089,183
 1,300,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/1/2028
  1,302,724
8
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
Packaging—continued
$ 1,200,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 7.250%, 2/15/2031
$  1,243,681
 6,450,000
 
Trivium Packaging Finance B.V., Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027
  6,424,690
 
TOTAL
34,548,737
 
Paper—0.6%
 2,550,000
 
Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 4.750%, 8/15/2028
  2,377,786
 2,875,000
 
Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/1/2029
  2,654,094
 
TOTAL
5,031,880
 
Pharmaceuticals—1.7%
 1,325,000
 
Bausch Health Cos., Inc., Sec. Fac. Bond, 144A, 4.875%, 6/1/2028
  1,071,474
 1,425,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029
    916,246
 2,475,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029
  1,656,318
 1,950,000
 
Bausch Health, Sec. Fac. Bond, 144A, 10.000%, 4/15/2032
  1,940,157
 4,750,000
 
Grifols Escrow Issuer S.A., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028
  4,392,031
 1,500,000
 
Jazz Securities Designated Activity Co., Sec. Fac. Bond, 144A, 4.375%, 1/15/2029
  1,426,347
   575,000
 
Organon & Co./Organon Foreign Debt Co-Issuer B.V., Sec. Fac. Bond, 144A, 6.750%, 5/15/2034
    564,895
   450,000
 
Organon & Co./Organon Foreign Debt Co-Issuer B.V., Sr. Unsecd. Note, 144A, 7.875%, 5/15/2034
    437,368
 3,450,000
 
Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031
  3,010,728
 
TOTAL
15,415,564
 
Restaurant—1.4%
 8,700,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.000%, 10/15/2030
  7,881,069
   825,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 6.125%, 6/15/2029
    831,013
   850,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., Term Loan - 1st Lien, 144A, 5.625%, 9/15/2029
    842,505
 1,425,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032
  1,330,679
 1,425,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
  1,378,203
 
TOTAL
12,263,469
 
Retailers—1.9%
 2,575,000
 
Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027
  2,574,282
   900,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 4.750%, 3/1/2030
    842,788
 1,450,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029
  1,360,204
 1,625,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032
  1,474,987
   675,000
 
BELRON Uk Finance PLC, 144A, 5.750%, 10/15/2029
    670,916
 1,475,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029
  1,332,322
   575,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031
    496,687
   475,000
 
Group 1 Automotive, Inc., Sr. Unsecd. Note, 144A, 6.375%, 1/15/2030
    477,208
 1,075,000
 
Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029
    988,931
 4,000,000
 
LCM Investments Holdings II, LLC, Sr. Unsecd. Note, 144A, 8.250%, 8/1/2031
  4,155,824
   450,000
 
Sally Hldgs. LLC/Sally Capital, Inc., Sr. Unsecd. Note, 6.750%, 3/1/2032
    451,400
 1,075,000
 
Velocity Vehicle Group, Sr. Unsecd. Note, 144A, 8.000%, 6/1/2029
  1,104,063
   825,000
 
William Carter Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2027
    820,812
 
TOTAL
16,750,424
 
Supermarkets—0.5%
 3,350,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029
  3,086,581
   275,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028
    275,168
   225,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.250%, 3/15/2033
    227,405
 1,250,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.500%, 2/15/2028
  1,268,938
 
TOTAL
4,858,092
 
Technology—12.9%
 2,325,000
 
Amentum Holdings, Inc., Sr. Unsecd. Note, 144A, 7.250%, 8/1/2032
  2,289,574
 7,475,000
 
AthenaHealth Group, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030
  7,018,179
 2,325,000
 
Capstone Borrower, Inc., Sec. Fac. Bond, 144A, 8.000%, 6/15/2030
  2,390,037
9
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
Technology—continued
$ 1,675,000
 
Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026
$  1,189,343
 3,100,000
 
Central Parent, Inc./Central Merger Sub, Inc., 144A, 7.250%, 6/15/2029
  2,686,025
 5,550,000
 
Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029
  4,958,458
 4,025,000
 
Cloud Software Group, Inc., Sec. Fac. Bond, 144A, 6.500%, 3/31/2029
  3,915,542
 1,550,000
 
Cloud Software Group, Inc., Sec. Fac. Bond, 144A, 8.250%, 6/30/2032
  1,577,675
 4,600,000
 
Cloud Software Group, Inc., Sec. Fac. Bond, 144A, 9.000%, 9/30/2029
  4,591,029
 4,050,000
 
Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
  3,867,058
 2,075,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026
  2,061,876
 3,000,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028
  2,949,226
 4,000,000
 
Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029
  3,733,828
   675,000
 
Ellucian Holdings, Inc., Sec. Fac. Bond, 144A, 6.500%, 12/1/2029
    665,502
   875,000
 
Entegris, Inc., Sec. Fac. Bond, 144A, 4.750%, 4/15/2029
    844,313
   300,000
 
Entegris, Inc., Sr. Unsecd. Note, 144A, 4.375%, 4/15/2028
    288,038
 4,400,000
 
Entegris, Inc., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030
  4,382,696
 2,200,000
 
Fortress Intermediate 3, Inc., Sec. Fac. Bond, 144A, 7.500%, 6/1/2031
  2,220,561
 1,075,000
 
Gen Digital, Inc., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2033
  1,072,799
 1,026,795
 
Goto Group, Inc., 144A, 5.500%, 5/1/2028
    883,044
 1,417,955
 
Goto Group, Inc., 144A, 5.500%, 5/1/2028
    602,631
 4,000,000
 
HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029
  3,754,558
 1,000,000
 
Helios Software Holdings, Sec. Fac. Bond, 144A, 4.625%, 5/1/2028
    900,767
 1,350,000
 
Insight Enterprises, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/15/2032
  1,362,131
 1,050,000
 
Iron Mountain, Inc., 144A, 6.250%, 1/15/2033
  1,040,631
 4,600,000
 
Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2029
  4,708,188
 8,175,000
 
McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030
  7,242,447
 1,075,000
 
NCR Atleos Corp., 144A, 9.500%, 4/1/2029
  1,166,585
   900,000
 
NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028
    866,903
 1,100,000
 
NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.125%, 4/15/2029
  1,048,926
 1,300,000
 
Open Text, Inc., 144A, 6.900%, 12/1/2027
  1,346,594
 3,100,000
 
Open Text, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2028
  2,922,980
   875,000
 
Rocket Software, Inc., Sec. Fac. Bond, 144A, 9.000%, 11/28/2028
    903,123
 5,400,000
 
Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029
  5,096,181
 2,025,000
 
Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028
  1,941,856
   100,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 8.250%, 12/15/2029
    106,435
   825,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 8.500%, 7/15/2031
    877,092
 2,616,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 9.625%, 12/1/2032
  2,945,111
 1,525,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.875%, 9/1/2030
  1,473,485
   900,000
 
Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 6.625%, 7/15/2032
    892,141
 5,425,000
 
SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027
  5,388,224
   750,000
 
SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 6.500%, 6/1/2032
    758,907
 2,075,000
 
Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029
  1,904,406
 2,825,000
 
TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029
  2,606,144
 5,850,000
 
UKG, Inc., Sec. Fac. Bond, 144A, 6.875%, 2/1/2031
  5,938,768
 1,750,000
 
Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029
  1,601,995
   700,000
 
Zebra Technologies Corp., Sr. Unsecd. Note, 144A, 6.500%, 6/1/2032
    709,040
 1,500,000
 
ZipRecruiter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/15/2030
  1,320,696
 
TOTAL
115,011,748
 
Transportation Services—0.4%
 1,825,000
 
Stena International S.A., Sr. Secd. Note, 144A, 7.250%, 1/15/2031
  1,826,118
 1,525,000
 
Watco Cos. LLC/Finance Co., Sr. Unsecd. Note, 144A, 7.125%, 8/1/2032
  1,534,917
 
TOTAL
3,361,035
10
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
Utility - Electric—3.2%
$   400,000
 
Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031
$    365,147
 2,800,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031
  2,675,477
 3,000,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028
  2,954,426
   925,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029
    850,142
 1,000,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2031
    886,407
   187,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032
    164,145
 1,400,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029
  1,380,695
   675,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2033
    657,370
   825,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 6.250%, 11/1/2034
    812,864
 2,025,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
  1,884,414
 2,400,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028
  2,325,073
 1,525,000
 
TransAlta Corp., Sr. Unsecd. Note, 7.750%, 11/15/2029
  1,584,844
 3,475,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026
  3,475,451
   400,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027
    398,826
   825,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/15/2032
    841,575
 2,300,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 7.750%, 10/15/2031
  2,410,710
 1,300,000
 
XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 4.500%, 9/15/2027
  1,212,597
 2,500,000
 
XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 7.250%, 1/15/2029
  2,461,891
   225,000
 
XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 8.375%, 1/15/2031
    221,454
 1,125,000
 
XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 8.625%, 3/15/2033
  1,095,461
 
TOTAL
28,658,969
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $906,476,682)
863,909,193
 
COMMON STOCK—0.0%
 
Media Entertainment—0.0%
7,882
2,3
Audacy Capital Corp.
(IDENTIFIED COST $5,372,443)
    170,724
 
WARRANTS—0.0%
 
Media Entertainment—0.0%
9,554
2,3
Audacy Capital Corp., Warrants 9/30/2028
         95
1,595
2,3
Audacy Capital Corp., Warrants 9/30/2028
         16
 
TOTAL WARRANTS
(IDENTIFIED COST $3,226)
111
 
INVESTMENT COMPANY—2.2%
19,683,546
 
Federated Hermes Government Obligations Fund, Premier Shares, 4.26%4
(IDENTIFIED COST $19,683,546)
 19,683,546
 
TOTAL INVESTMENT IN SECURITIES—99.1%
(IDENTIFIED COST $931,535,897)
883,763,574
 
OTHER ASSETS AND LIABILITIES - NET—0.9%5
8,102,554
 
NET ASSETS—100%
$891,866,128
11
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended March 31, 2025, were as follows:  
 
Federated Hermes
Government
Obligations Fund,
Premier Shares
Value as of 12/31/2024
$34,129,461
Purchases at Cost
$47,233,882
Proceeds from Sales
$(61,679,797)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 3/31/2025
$19,683,546
Shares Held as of 3/31/2025
19,683,546
Dividend Income
$289,971
 
1
Issuer in default.
2
Non-income-producing security.
3
Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the general supervision of the Fund’s Adviser acting through its Valuation Committee (“Valuation Committee”).
4
7-day net yield.
5
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of net assets at March 31, 2025.
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.
■ 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 of 1940, 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
12
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.
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 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 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, 2025, 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
$—
$863,909,193
$—
$863,909,193
Equity Security:
Common Stock
Domestic
—
—
170,724
170,724
Warrants
—
—
111
111
Investment Company
19,683,546
—
—
19,683,546
TOTAL SECURITIES
$19,683,546
$863,909,193
$170,835
$883,763,574
 
The following acronym(s) are used throughout this portfolio:
 
GMTN
—Global Medium Term Note
PIK
—Payment in Kind
13