NPORT-EX 2 poi_fhopphybondfund.htm POI - FEDERATED HERMES OPPORTUNISTIC HIGH YIELD BOND FUND EDGAR HTML
Federated Hermes Opportunistic High Yield Bond Fund
Portfolio of Investments
November 30, 2021 (unaudited)  
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—85.3%
 
 
 
Aerospace/Defense—1.4%
 
$2,725,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026
$2,831,112  
  675,000
 
TransDigm, Inc., Sr. Sub., 6.875%, 5/15/2026
706,573    
1,800,000
 
TransDigm, Inc., Sr. Sub., 144A, 4.875%, 5/1/2029
1,753,659  
1,575,000
 
TransDigm, Inc., Sr. Sub. Note, 6.375%, 6/15/2026
1,622,108  
  800,000
 
TransDigm, Inc., Sr. Sub. Note, Series WI, 4.625%, 1/15/2029
767,712    
1,275,000
 
TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027
1,285,238  
  850,000
 
TransDigm, Inc., Sr. Sub., Series WI, 7.500%, 3/15/2027
887,026    
 
 
TOTAL
9,853,428
 
 
Airlines—0.4%
 
2,025,000
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026
2,072,405  
  975,000
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.750%, 4/20/2029
1,018,875  
 
 
TOTAL
3,091,280
 
 
Automotive—5.2%
 
2,775,000
 
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026
2,781,854  
  525,000
 
Dana Financing Lux Sarl, Sr. Unsecd. Note, 144A, 5.750%, 4/15/2025
536,781    
  125,000
 
Dana, Inc., Sr. Unsecd. Note, 4.250%, 9/1/2030
124,454    
  550,000
 
Dana, Inc., Sr. Unsecd. Note, 4.500%, 2/15/2032
537,191    
2,225,000
 
Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029
2,194,406  
2,050,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025
2,096,494  
1,650,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030
1,733,259  
  825,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024
861,506    
1,250,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027
1,320,262  
1,175,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.140%, 2/15/2023
1,201,443  
1,225,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.271%, 1/9/2027
1,297,275  
2,600,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029
2,882,230  
1,875,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025
2,029,350  
1,150,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026
1,216,735  
  825,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027
858,986    
  700,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029
758,776    
2,200,000
 
J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/15/2026
2,279,376  
2,050,000
 
KAR Auction Services, Inc., Sr. Unsecd. Note, 144A, 5.125%, 6/1/2025
2,039,248  
5,550,000
 
Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027
5,848,923  
3,575,000
 
Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029
3,591,642  
1,600,000
 
Schaeffler Verwaltung Zw, 144A, 4.750%, 9/15/2026
1,635,432  
 
 
TOTAL
37,825,623
 
 
Building Materials—2.4%
 
  975,000
 
American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028
985,428    
  600,000
 
Cornerstone Building Brands, Sr. Unsecd. Note, 144A, 6.125%, 1/15/2029
626,202    
2,875,000
 
Cp Atlas Buyer Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028
2,765,146  
2,125,000
 
Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029
2,033,519  
  450,000
 
Gyp Holdings III Corp., Sr. Unsecd. Note, 144A, 4.625%, 5/1/2029
442,372    
  650,000
 
Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028
678,132    
1,500,000
 
Srs Distribution Inc., Sr. Unsecd. Note, 144A, 6.000%, 12/1/2029
1,485,795  
  675,000
 
Srs Distribution Inc., Sr. Unsecd. Note, 144A, 6.125%, 7/1/2029
677,602    
1,475,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031
1,360,835  
1
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Building Materials—continued
 
$  350,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030
$344,829    
  500,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028
504,445    
2,675,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027
2,746,351  
1,400,000
 
White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028
1,431,255  
1,600,000
 
White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026
1,623,640  
 
 
TOTAL
17,705,551
 
 
Cable Satellite—7.9%
 
  300,000
 
CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026
310,089    
1,475,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 4.500%, 5/1/2032
1,471,040  
1,150,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031
1,134,958  
2,300,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030
2,322,310  
1,375,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033
1,357,036  
2,125,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030
2,180,388  
1,900,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
1,960,268  
2,750,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027
2,835,250  
1,000,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029
1,059,535  
  500,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031
457,720    
1,200,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031
1,163,322  
1,825,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030
1,700,453  
1,300,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.000%, 11/15/2031
1,217,794  
4,000,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027
4,113,600  
2,300,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030
2,256,047  
2,350,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.500%, 4/1/2028
2,498,825  
  925,000
 
DIRECTV Holdings LLC, Sec. Fac. Bond, 144A, 5.875%, 8/15/2027
942,922    
  725,000
 
DISH DBS Corp., Sec. Fac. Bond, 144A, 5.750%, 12/1/2028
715,724    
  200,000
 
DISH DBS Corp., Sr. Unsecd. Note, 5.875%, 11/15/2024
202,646    
  750,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028
736,384    
1,325,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026
1,363,829  
2,075,000
 
DISH DBS Corp., Sr. Unsecd. Note, Series WI, 5.125%, 6/1/2029
1,826,207  
1,125,000
 
Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028
1,110,240  
1,400,000
1,2
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.500%, 8/1/2023
681,681    
  325,000
1,2
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 8.500%, 10/15/2024
163,901    
  475,000
1,2
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 9.750%, 7/15/2025
234,857    
  675,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.125%, 9/1/2026
666,043    
2,300,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031
2,183,114  
1,025,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2028
1,015,385  
1,625,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030
1,589,997  
  975,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029
1,035,689  
3,400,000
 
Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028
3,520,700  
3,125,000
 
UPC Broadband Finco BV, Sr. Note, 144A, 4.875%, 7/15/2031
3,162,531  
1,550,000
 
Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030
1,505,995  
  525,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030
514,172    
  500,000
 
Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031
478,983    
2,200,000
 
Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031
2,182,554  
1,857,000
 
Ziggo Finance BV, Sec. Fac. Bond, 144A, 5.500%, 1/15/2027
1,914,270  
1,550,000
 
Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027
1,604,064  
 
 
TOTAL
57,390,523
 
 
Chemicals—2.4%
 
  300,000
 
Axalta Coat/Dutch Holding BV, Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027
310,576    
  425,000
 
Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029
404,345    
2
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Chemicals—continued
 
$2,125,000
 
Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 4.875%, 7/15/2024
$2,166,395  
  450,000
 
Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 6.750%, 12/1/2027
460,541    
  975,000
 
Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
966,727    
  375,000
 
H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028
384,032    
2,000,000
 
Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028
1,947,890  
1,775,000
 
Hexion, Inc., Sr. Unsecd. Note, 144A, 7.875%, 7/15/2027
1,884,935  
  225,000
 
Illuminate Buyer LLC/Illuminate Holdings IV Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028
240,063    
3,250,000
 
Koppers, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025
3,314,074  
  975,000
 
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 4.250%, 10/1/2028
942,274    
1,250,000
 
Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029
1,201,556  
1,500,000
 
Polar US Borrower LLC, Sr. Unsecd. Note, 144A, 6.750%, 5/15/2026
1,459,860  
  200,000
 
SPCM SA, 144A, 3.125%, 3/15/2027
195,877    
  325,000
 
SPCM SA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030
311,067    
  925,000
 
WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
932,428    
 
 
TOTAL
17,122,640
 
 
Construction Machinery—0.8%
 
2,325,000
 
H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028
2,262,690  
  300,000
 
Terex Corp., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2029
306,015    
  350,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 3.750%, 1/15/2032
345,338    
  925,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030
943,648    
  775,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028
812,828    
  375,000
 
United Rentals North America, Inc., 2nd Lien, 3.875%, 11/15/2027
389,522    
  725,000
 
United Rentals, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031
728,398    
 
 
TOTAL
5,788,439
 
 
Consumer Cyclical Services—2.3%
 
1,900,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
1,808,353  
4,800,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027
5,035,008  
  375,000
 
Atlas Luxco 4 S.a.r.l. / Allied Universal Holdings Co. Llc / Allied Universal Finance Corp., Sec. Fac. Bond, 144A,
4.625%, 6/1/2028
363,495    
  900,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027
881,631    
1,350,000
 
Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
1,281,298  
  800,000
 
Go Daddy Operating Co. LLC / GD Finance Co. Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027
830,496    
4,528,000
 
GW B-CR Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027
4,728,953  
1,725,000
 
Signal Parent, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/1/2029
1,582,187  
  275,000
 
The Brink’s Co., Sr. Unsecd. Note, 144A, 5.500%, 7/15/2025
286,853    
 
 
TOTAL
16,798,274
 
 
Consumer Products—1.1%
 
2,925,000
 
BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027
2,929,329  
  425,000
 
Diamond BC BV, Sr. Unsecd. Note, 144A, 4.625%, 10/1/2029
415,863    
1,075,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029
1,062,546  
  975,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029
926,328    
1,475,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028
1,456,562  
  425,000
 
Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 3.750%, 4/1/2031
407,847    
  650,000
 
Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 5.125%, 1/15/2028
675,584    
 
 
TOTAL
7,874,059
 
 
Diversified Manufacturing—0.8%
 
3,725,000
 
Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026
3,825,351  
  500,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025
528,768    
1,050,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028
1,143,476  
 
 
TOTAL
5,497,595
3
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Finance Companies—1.7%
 
$1,275,000
 
Ld Holdings Group LLC, Sr. Unsecd. Note, 144A, 6.125%, 4/1/2028
$1,173,280  
  275,000
 
Navient Corp., Sr. Unsecd. Note, 5.000%, 3/15/2027
276,572    
  450,000
 
Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029
444,661    
1,200,000
 
Navient Corp., Sr. Unsecd. Note, 5.875%, 10/25/2024
1,256,772  
  550,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026
595,424    
  825,000
 
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029
808,067    
2,250,000
 
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031
2,225,362  
  550,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 2.875%, 10/15/2026
537,026    
  425,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033
417,235    
2,050,000
 
United Shore Financial Services, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025
2,044,752  
1,700,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029
1,622,089  
  875,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027
861,066    
 
 
TOTAL
12,262,306
 
 
Food & Beverage—2.5%
 
1,325,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
1,334,209  
1,300,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2025
1,357,330  
1,475,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046
1,709,299  
3,075,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045
3,921,181  
  275,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, Series WI, 4.250%, 3/1/2031
314,836    
  950,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029
915,753    
  925,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.500%, 9/15/2031
894,359    
  775,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.625%, 4/15/2030
766,471    
2,050,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028
2,113,355  
2,625,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
2,707,359  
  575,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030
578,588    
1,625,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029
1,647,287  
 
 
TOTAL
18,260,027
 
 
Gaming—3.0%
 
1,600,000
 
Affinity Gaming LLC, 144A, 6.875%, 12/15/2027
1,643,584  
  750,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027
762,236    
  425,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031
423,406    
   88,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 8.625%, 6/1/2025
94,315     
  600,000
 
Caesars Entertainment Corp., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029
585,846    
  200,000
 
CCM Merger, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2026
208,651    
  200,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 5.750%, 7/1/2025
207,987    
1,150,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025
1,197,023  
1,550,000
 
Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027
1,702,791  
  950,000
 
MGM Growth Properties LLC, Sr. Unsecd. Note, 5.625%, 5/1/2024
1,017,317  
  175,000
 
MGM Growth Properties LLC, Sr. Unsecd. Note, 144A, 3.875%, 2/15/2029
184,057    
  472,000
 
MGM Resorts International, Sr. Unsecd. Note, 4.625%, 9/1/2026
477,761    
  975,000
 
MGM Resorts International, Sr. Unsecd. Note, 4.750%, 10/15/2028
996,621    
  458,000
 
MGM Resorts International, Sr. Unsecd. Note, 5.500%, 4/15/2027
477,852    
  725,000
 
Midwest Gaming Borrower LLC, 144A, 4.875%, 5/1/2029
719,708    
3,700,000
 
Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026
3,756,203  
  450,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2029
425,250    
  200,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2027
205,078    
  150,000
 
Raptor Acquistion Corp. / Raptor Co-Issuer LLC, Sec. Fac. Bond, 144A, 4.875%, 11/1/2026
152,217    
1,250,000
 
Scientific Games International, Inc., 144A, 8.625%, 7/1/2025
1,332,131  
  550,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029
607,437    
1,100,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 8.250%, 3/15/2026
1,159,197  
4
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Gaming—continued
 
$  650,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028
$651,277    
  950,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031
943,008    
  100,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.500%, 2/15/2025
101,296    
  825,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.250%, 12/1/2026
852,831    
  650,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2029
691,249    
 
 
TOTAL
21,576,329
 
 
Health Care—6.7%
 
  125,000
 
Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029
127,126    
  125,000
 
Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2028
130,404    
  925,000
 
AdaptHealth LLC, Sr. Unsecd. Note, 144A, 4.625%, 8/1/2029
907,675    
1,150,000
 
AdaptHealth LLC, Sr. Unsecd. Note, 144A, 5.125%, 3/1/2030
1,139,587  
  675,000
 
Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029
662,617    
2,075,000
 
Avantor Funding, Inc., Sec. Fac. Bond, 144A, 4.625%, 7/15/2028
2,145,540  
1,825,000
 
Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029
1,825,392  
  400,000
 
Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 3.750%, 3/15/2029
396,078    
  425,000
 
Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/15/2031
426,736    
1,100,000
 
CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030
1,056,016  
  300,000
 
CHS/Community Health Systems, Inc., 1st Lien, 144A, 8.000%, 12/15/2027
321,499    
2,100,000
 
CHS/Community Health Systems, Inc., 2nd Lien, 144A, 6.875%, 4/15/2029
2,067,844  
  675,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 5.625%, 3/15/2027
693,404    
  225,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2029
234,325    
  550,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.625%, 2/15/2025
571,142    
  850,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026
889,351    
1,050,000
 
Davita, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030
1,038,660  
2,875,000
 
Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025
2,881,196  
  725,000
 
HCA, Inc., Sr. Unsecd. Note, 3.500%, 9/1/2030
755,834    
1,075,000
 
HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025
1,173,900  
1,175,000
 
HCA, Inc., Sr. Unsecd. Note, 5.625%, 9/1/2028
1,359,467  
2,100,000
 
HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/15/2026
2,356,515  
1,225,000
 
IMS Health, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026
1,254,461  
  575,000
 
Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027
593,472    
  450,000
 
LifePoint Health, Inc., 144A, 6.750%, 4/15/2025
468,376    
  600,000
 
LifePoint Health, Inc., Sec. Fac. Bond, 144A, 4.375%, 2/15/2027
591,831    
  800,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2029
771,760    
2,750,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 9.750%, 12/1/2026
2,890,456  
1,425,000
 
MEDNAX, Inc., Sr. Unsecd. Note, 144A, 6.250%, 1/15/2027
1,489,068  
1,325,000
 
Mozart Debt Merger Sub, Inc., Sec. Fac. Bond, 144A, 3.875%, 4/1/2029
1,310,445  
2,650,000
 
Mozart Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029
2,651,192  
  775,000
 
MPH Acquisition Holdings LLC, Sr. Note, 144A, 5.500%, 9/1/2028
752,180    
3,900,000
 
MPH Acquisition Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 11/1/2028
3,490,500  
1,500,000
 
Team Health Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 2/1/2025
1,316,430  
1,150,000
 
Tenet Healthcare Corp., 144A, 4.250%, 6/1/2029
1,140,438  
   75,000
 
Tenet Healthcare Corp., 144A, 4.625%, 6/15/2028
76,614     
  525,000
 
Tenet Healthcare Corp., 144A, 4.875%, 1/1/2026
537,419    
1,050,000
 
Tenet Healthcare Corp., 144A, 5.125%, 11/1/2027
1,079,836  
  875,000
 
Tenet Healthcare Corp., 144A, 6.250%, 2/1/2027
907,725    
  401,000
 
Tenet Healthcare Corp., Sr. Secd. Note, 4.625%, 7/15/2024
405,002    
1,550,000
 
Tenet Healthcare Corp., Sr. Unsecd. Note, 6.750%, 6/15/2023
1,649,789  
1,825,000
 
Tenet Healthcare Corp., Sr. Unsecd. Note, 144A, 6.125%, 10/1/2028
1,866,427  
5
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Health Care—continued
 
$  400,000
 
Vizient, Inc., Sr. Unsecd. Note, 144A, 6.250%, 5/15/2027
$417,690    
 
 
TOTAL
48,821,419
 
 
Health Insurance—0.9%
 
  575,000
 
Centene Corp., Sr. Unsecd. Note, 2.450%, 7/15/2028
565,145    
1,500,000
 
Centene Corp., Sr. Unsecd. Note, 2.625%, 8/1/2031
1,448,827  
1,225,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 3.375%, 2/15/2030
1,235,336  
1,000,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.250%, 12/15/2027
1,038,705  
1,725,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029
1,848,277  
 
 
TOTAL
6,136,290
 
 
Independent Energy—5.1%
 
  975,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030
1,007,297  
  209,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 7.625%, 2/1/2029
229,545    
  276,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 8.375%, 7/15/2026
306,371    
  225,000
 
Apache Corp., Sr. Unsecd. Note, 4.625%, 11/15/2025
238,186    
  550,000
 
Apache Corp., Sr. Unsecd. Note, 4.875%, 11/15/2027
586,833    
  425,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
419,326    
1,825,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 11/1/2026
1,855,094  
  200,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028
211,338    
  106,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027
142,845    
  725,000
 
Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026
694,322    
  550,000
 
Callon Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.375%, 7/1/2026
512,787    
  175,000
 
Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.250%, 7/15/2025
165,796    
   25,000
 
Centennial Resource Production, LLC, Sr. Unsecd. Note, 144A, 5.375%, 1/15/2026
24,613     
1,425,000
 
Centennial Resource Production, LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
1,413,636  
1,275,000
1,2
Chesapeake Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2024
22,313     
  175,000
 
Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.875%, 2/1/2029
185,773    
  475,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 5.875%, 1/15/2030
476,560    
2,000,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029
2,084,130  
  275,000
 
Continental Resources, Inc., Sr. Unsecd. Note, 4.375%, 1/15/2028
296,550    
1,075,000
 
Continental Resources, Inc., Sr. Unsecd. Note, 144A, 5.750%, 1/15/2031
1,254,272  
  250,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.000%, 5/1/2029
251,903    
2,225,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2025
2,238,127  
  775,000
 
Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.750%, 1/30/2028
807,104    
  400,000
 
Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 6.625%, 7/15/2025
420,946    
  275,000
 
EQT Corp., Sr. Unsecd. Note, 5.000%, 1/15/2029
301,634    
  375,000
 
EQT Corp., Sr. Unsecd. Note, 7.500%, 2/1/2030
473,814    
  725,000
 
EQT Corp., Sr. Unsecd. Note, 144A, 3.125%, 5/15/2026
725,674    
  550,000
 
EQT Corp., Sr. Unsecd. Note, 144A, 3.625%, 5/15/2031
561,385    
  225,000
 
Oasis Petroleum, Inc., Sr. Unsecd. Note, 144A, 6.375%, 6/1/2026
231,643    
  675,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 3.200%, 8/15/2026
664,497    
  375,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026
372,188    
  900,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 3.500%, 6/15/2025
904,599    
  500,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 4.100%, 2/15/2047
477,538    
1,350,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 4.300%, 8/15/2039
1,319,645  
  800,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 4.400%, 8/15/2049
787,232    
  975,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025
1,049,753  
  450,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.125%, 1/1/2031
525,082    
1,100,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.450%, 9/15/2036
1,367,597  
1,100,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.625%, 9/1/2030
1,321,358  
  625,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 8.000%, 7/15/2025
712,694    
6
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Independent Energy—continued
 
$1,375,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 8.875%, 7/15/2030
$1,807,699  
  200,000
 
PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024
202,038    
1,100,000
 
PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 5/15/2026
1,113,068  
  492,000
 
Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025
503,070    
  113,000
 
Range Resources Corp., Sr. Unsecd. Note, 5.000%, 3/15/2023
114,765    
  650,000
 
Range Resources Corp., Sr. Unsecd. Note, 144A, 8.250%, 1/15/2029
717,294    
  550,000
 
Range Resources Corp., Sr. Unsecd. Note, Series WI, 9.250%, 2/1/2026
591,599    
  775,000
 
Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029
783,463    
  275,000
 
SM Energy Co., Sr. Unsecd. Note, 6.500%, 7/15/2028
278,152    
  150,000
 
SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027
151,098    
1,000,000
 
SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026
1,004,750  
  300,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 5.375%, 3/15/2030
312,941    
  825,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 8.375%, 9/15/2028
910,268    
  950,000
 
Tap Rock Resources LLC., Sr. Unsecd. Note, 144A, 7.000%, 10/1/2026
956,678    
  800,000
1,2,3
Ultra Resources, Inc., Escrow Security, 0.000%, 4/15/2025
0          
 
 
TOTAL
37,088,883
 
 
Industrial - Other—0.9%
 
  275,000
 
Booz Allen Hamilton, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
276,818    
  225,000
 
Booz Allen Hamilton, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/1/2029
226,462    
  200,000
 
Madison Iaq LLC, Sec. Fac. Bond, 144A, 4.125%, 6/30/2028
193,795    
3,150,000
 
Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
3,035,529  
  175,000
 
Roller Bearing Co. of America, Inc., 144A, 4.375%, 10/15/2029
174,825    
1,099,000
 
Vertical Holdco GmbH, Sr. Unsecd. Note, 144A, 7.625%, 7/15/2028
1,149,461  
1,750,000
 
Vertical U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027
1,782,314  
 
 
TOTAL
6,839,204
 
 
Insurance - P&C—4.5%
 
1,825,000
 
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Unsecd. Note, 144A, 6.750%, 10/15/2027
1,848,169  
2,075,000
 
AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029
2,045,182  
1,668,223
 
Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500% / 12.750% PIK, 1/15/2027
1,821,891  
1,275,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029
1,227,321  
2,725,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025
2,707,805  
3,450,000
 
Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029
3,352,555  
  825,000
 
GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027
845,782    
1,800,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029
1,799,226  
7,725,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026
7,899,508  
  500,000
 
NFP Corp., Sec. Fac. Bond, 4.875%, 8/15/2028
493,208    
4,800,000
 
NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028
4,764,000  
4,075,000
 
USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025
4,093,806  
 
 
TOTAL
32,898,453
 
 
Leisure—0.5%
 
1,800,000
 
SeaWorld Parks & Entertainment, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029
1,796,742  
1,800,000
 
Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027
1,835,163  
 
 
TOTAL
3,631,905
 
 
Lodging—0.2%
 
  950,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032
923,647    
  200,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028
211,866    
  525,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030
552,038    
 
 
TOTAL
1,687,551
 
 
Media Entertainment—6.7%
 
  850,000
 
AMC Networks, Inc., Sec. Fac. Bond, 4.250%, 2/15/2029
831,160    
7
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Media Entertainment—continued
 
$1,030,000
 
AMC Networks, Inc., Sr. Unsecd. Note, 5.000%, 4/1/2024
$1,037,303  
1,425,000
 
Audacy Capital Corp., 144A, 6.500%, 5/1/2027
1,395,446  
1,350,000
 
Audacy Capital Corp., 144A, 6.750%, 3/31/2029
1,323,979  
  959,000
 
Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026
996,789    
1,025,000
 
Diamond Sports Group LLC / Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 5.375%, 8/15/2026
456,058    
1,775,000
 
Diamond Sports Group LLC / Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 6.625%, 8/15/2027
376,078    
1,375,000
 
Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031
1,380,569  
1,050,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2030
1,013,738  
2,100,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026
2,166,413  
  146,192
 
iHeartCommunications, Inc., 6.375%, 5/1/2026
151,600    
  375,000
 
iHeartCommunications, Inc., 144A, 4.750%, 1/15/2028
372,926    
  325,000
 
iHeartCommunications, Inc., 144A, 5.250%, 8/15/2027
330,484    
3,914,973
 
iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027
4,124,718  
  675,000
 
Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029
701,690    
  350,000
 
Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031
335,388    
  700,000
 
Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 3.625%, 10/1/2031
660,982    
1,625,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030
1,614,608  
  550,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2028
558,940    
  350,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027
365,591    
2,750,000
 
Midas Opco Holdings, LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
2,774,241  
1,175,000
 
Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 4.750%, 11/1/2028
1,174,917  
2,025,000
 
Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027
2,103,347  
  325,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 4.500%, 7/15/2029
314,759    
  325,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 4.750%, 7/15/2031
315,760    
  900,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2025
912,879    
  600,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 10/1/2028
613,734    
1,225,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.875%, 10/1/2030
1,277,081  
  375,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2029
365,109    
1,075,000
 
ROBLOX Corp., Sr. Unsecd. Note, 144A, 3.875%, 5/1/2030
1,079,483  
  350,000
 
Scripps Escrow II Inc., Sr. Unsecd. Note, 144A, 3.875%, 1/15/2029
348,451    
1,550,000
 
Scripps Escrow II Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2031
1,560,439  
1,375,000
 
Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027
1,413,665  
1,525,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027
1,415,658  
1,425,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
1,293,052  
1,575,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.875%, 3/15/2026
1,582,733  
1,050,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028
1,047,837  
1,450,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029
1,455,880  
3,950,000
 
Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027
4,195,078  
1,000,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 4.500%, 5/1/2029
1,000,905  
1,000,000
 
Urban One, Inc., Sec. Fac. Bond, 144A, 7.375%, 2/1/2028
1,020,140  
  800,000
 
WMG Acquisition Corp., Sec. Fac. Bond, 144A, 3.750%, 12/1/2029
795,264    
 
 
TOTAL
48,254,872
 
 
Metals & Mining—1.2%
 
1,400,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029
1,411,760  
1,875,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.875%, 3/1/2031
1,892,578  
1,375,000
 
Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029
1,316,989  
1,250,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 4.375%, 8/1/2028
1,305,481  
1,175,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 4.625%, 8/1/2030
1,242,774  
  450,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.000%, 9/1/2027
468,526    
8
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Metals & Mining—continued
 
$  925,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.250%, 9/1/2029
$1,000,485  
 
 
TOTAL
8,638,593
 
 
Midstream—6.1%
 
1,275,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027
1,379,505  
1,350,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026
1,475,928  
2,250,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.375%, 6/15/2029
2,279,216  
1,950,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
1,965,210  
2,100,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028
2,162,653  
  575,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.875%, 5/15/2026
616,998    
  475,000
 
Cheniere Energy Partners LP, Sr. Unsecd. Note, 144A, 3.250%, 1/31/2032
462,156    
1,675,000
 
Cheniere Energy Partners LP, Sr. Unsecd. Note, 144A, 4.000%, 3/1/2031
1,711,758  
  550,000
 
Cheniere Energy Partners LP, Sr. Unsecd. Note, Series WI, 4.500%, 10/1/2029
579,047    
  750,000
 
Cheniere Energy, Inc., Sec. Fac. Bond, Series WI, 4.625%, 10/15/2028
773,434    
1,000,000
 
CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030
986,390    
  725,000
 
DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031
721,752    
  875,000
 
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029
870,139    
1,025,000
 
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2031
1,037,361  
1,525,000
 
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027
1,650,515  
1,200,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 5.500%, 7/15/2028
1,274,526  
1,475,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 6.500%, 7/15/2048
1,715,639  
  675,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025
718,808    
  500,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 4.250%, 2/15/2030
484,565    
1,100,000
 
Hess Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028
1,126,680  
  800,000
 
Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
797,872    
  950,000
 
NuStar Logistics LP, Sr. Unsecd. Note, 5.625%, 4/28/2027
972,244    
  900,000
 
Oasis Midstream Partners, Sr. Unsecd. Note, 144A, 8.000%, 4/1/2029
959,864    
  650,000
 
Rattler Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.625%, 7/15/2025
670,355    
  325,000
 
Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026
340,473    
  900,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027
924,858    
  650,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031
643,003    
1,175,000
 
Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.750%, 4/15/2025
1,039,734  
  500,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 4.875%, 2/1/2031
537,153    
1,200,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028
1,242,084  
1,500,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.375%, 2/1/2027
1,535,940  
1,875,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.875%, 4/15/2026
1,945,706  
  250,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 6.500%, 7/15/2027
266,278    
1,900,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
2,069,594  
  775,000
 
TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026
753,544    
  475,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.000%, 7/1/2022
477,415    
  825,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.500%, 3/1/2028
882,503    
  175,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.650%, 7/1/2026
187,162    
2,425,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.300%, 3/1/2048
2,812,830  
  550,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.450%, 4/1/2044
636,699    
  225,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.500%, 8/15/2048
260,456    
 
 
TOTAL
43,948,047
 
 
Oil Field Services—1.7%
 
1,450,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028
1,489,476  
2,875,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
2,995,908  
1,025,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2026
883,832    
1,000,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028
852,405    
9
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Oil Field Services—continued
 
$  175,000
 
Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027
$171,838    
  725,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029
706,893    
  400,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026
403,568    
  800,000
 
Shelf Drilling Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 2/15/2025
561,864    
2,325,000
 
USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027
2,389,972  
2,075,000
 
USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026
2,115,753  
 
 
TOTAL
12,571,509
 
 
Packaging—4.1%
 
4,000,000
 
ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027
4,098,140  
1,225,000
 
Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029
1,189,567  
1,750,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027
1,719,331  
1,300,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027
1,277,218  
  875,000
 
Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030
832,672    
  975,000
 
Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027
1,011,660  
  925,000
 
Bway Holding Co., Sec. Fac. Bond, 144A, 5.500%, 4/15/2024
927,239    
2,100,000
 
Bway Holding Co., Sr. Unsecd. Note, 144A, 7.250%, 4/15/2025
2,064,510  
  700,000
 
Crown Americas LLC / Crown Americas Capital Corp. VI, Sr. Unsecd. Note, 4.750%, 2/1/2026
719,709    
4,550,000
 
Flex Acquisition Co., Inc., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2025
4,548,680  
2,450,000
 
Flex Acquisition Co., Inc., Sr. Unsecd. Note, 144A, 7.875%, 7/15/2026
2,552,275  
  575,000
 
OI European Group BV, Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
575,216    
1,025,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2025
1,064,037  
  400,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/15/2025
431,830    
  325,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027
340,742    
2,250,000
 
Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.625%, 11/1/2025
2,282,287  
1,050,000
 
Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.250%, 8/1/2024
1,091,449  
  475,000
 
Trivium Packaging Finance BV, Sec. Fac. Bond, 144A, 5.500%, 8/15/2026
491,328    
2,350,000
 
Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027
2,461,096  
 
 
TOTAL
29,678,986
 
 
Paper—0.4%
 
2,250,000
 
Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 5.375%, 2/1/2025
2,434,500  
  125,000
 
Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030
124,416    
 
 
TOTAL
2,558,916
 
 
Pharmaceuticals—3.7%
 
  675,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 4.875%, 6/1/2028
666,266    
  875,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.500%, 11/1/2025
885,732    
  700,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.750%, 8/15/2027
714,382    
  175,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/30/2028
156,063    
1,850,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029
1,589,816  
1,575,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030
1,353,271  
1,100,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 2/15/2031
946,000    
3,934,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/15/2025
3,978,572  
  600,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029
544,800    
1,100,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029
1,045,490  
2,475,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 8.500%, 1/31/2027
2,550,586  
  600,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.000%, 12/15/2025
627,111    
  125,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.250%, 4/1/2026
131,111    
  550,000
 
Catalent Pharma Solutions, Inc., Sr. Unsecd. Note, 144A, 3.500%, 4/1/2030
534,292    
  725,000
 
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 2nd Lien, 144A, 9.500%, 7/31/2027
731,047    
  989,000
 
Endo Dac / Endo Finance LLC / Endo Finco, Inc., Sr. Unsecd. Note, 144A, 6.000%, 6/30/2028
759,053    
  400,000
 
Grifols Escrow Issuer SA, 144A, 4.750%, 10/15/2028
396,554    
10
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Pharmaceuticals—continued
 
$  875,000
 
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, Sr. Unsecd. Note, 144A, 4.625%, 6/15/2025
$906,119    
  725,000
 
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, Sr. Unsecd. Note, 144A, 5.000%, 6/15/2028
777,479    
1,325,000
 
Jazz Securities Designated Activity Co., 144A, 4.375%, 1/15/2029
1,352,434  
3,050,000
1,2
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2025
1,812,554  
3,475,000
1,2
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2023
1,978,265  
  325,000
 
Organon Finance 1 LLC, Sec. Fac. Bond, 144A, 4.125%, 4/30/2028
324,841    
1,325,000
 
Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031
1,355,800  
  775,000
 
Syneos Health, Inc., Sr. Unsecd. Note, 144A, 3.625%, 1/15/2029
764,572    
 
 
TOTAL
26,882,210
 
 
Restaurant—1.3%
 
  475,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 3.875%, 1/15/2028
469,611    
  575,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.375%, 1/15/2028
573,347    
  275,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 1st Lien, 144A, 3.500%, 2/15/2029
264,840    
5,950,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 2nd Lien, 144A, 4.000%, 10/15/2030
5,695,013  
1,375,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032
1,408,055  
  650,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
686,666    
 
 
TOTAL
9,097,532
 
 
Retailers—0.5%
 
  600,000
 
Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027
635,832    
  375,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029
377,955    
  375,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032
377,955    
  250,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029
239,598    
  350,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031
335,499    
  375,000
 
Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029
374,640    
  975,000
 
NMG Holding Co., Inc., 144A, 7.125%, 4/1/2026
1,021,751  
  275,000
 
William Carter Co., Sr. Unsecd. Note, 144A, 5.500%, 5/15/2025
286,205    
  200,000
 
William Carter Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2027
206,329    
 
 
TOTAL
3,855,764
 
 
Supermarkets—0.5%
 
2,950,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029
2,928,111  
  450,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028
474,397    
  375,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026
400,770    
 
 
TOTAL
3,803,278
 
 
Technology—5.0%
 
  675,000
 
Black Knight InfoServ LLC, Sr. Unsecd. Note, 144A, 3.625%, 9/1/2028
660,150    
  575,000
 
Boxer Parent Co., Inc., 144A, 9.125%, 3/1/2026
601,617    
1,450,000
 
Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028
1,527,176  
1,025,000
 
Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026
1,026,015  
  275,000
 
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/2028
270,747    
  900,000
 
Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029
882,787    
  725,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026
730,350    
1,000,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028
1,016,895  
  425,000
 
Diebold Nixdorf, Inc., Sr. Secd. Note, 144A, 9.375%, 7/15/2025
451,989    
  725,000
 
Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029
711,624    
  300,000
 
Gartner, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2030
299,798    
  400,000
 
Gartner, Inc., Sr. Unsecd. Note, 144A, 4.500%, 7/1/2028
416,264    
  650,000
 
HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029
642,687    
1,075,000
 
Helios Software Holdings, Sec. Fac. Bond, 144A, 4.625%, 5/1/2028
1,060,788  
1,750,000
 
Logan Merger Sub, Inc., Sr. Secd. Note, 144A, 5.500%, 9/1/2027
1,743,822  
1,525,000
 
NCR Corp., 144A, 5.125%, 4/15/2029
1,544,062  
11
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Technology—continued
 
$  925,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028
$935,513    
  500,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030
507,918    
  825,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.750%, 9/1/2027
856,490    
  225,000
 
ON Semiconductor Corp., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
229,206    
  450,000
 
Open Text Holdings, Inc. / Open Text Corp., Sr. Unsecd. Note, 144A, 3.875%, 12/1/2029
448,063    
1,025,000
 
Open Text Holdings, Inc. / Open Text Corp., Sr. Unsecd. Note, 144A, 4.125%, 12/1/2031
1,019,045  
1,725,000
 
Rackspace Technology, Inc., 144A, 3.500%, 2/15/2028
1,619,999  
1,275,000
 
Rackspace Technology, Inc., Sr. Unsecd. Note, 144A, 5.375%, 12/1/2028
1,232,498  
2,500,000
 
Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029
2,362,500  
  250,000
 
Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028
256,345    
1,500,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 3.125%, 7/15/2029
1,430,640  
  900,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 3.375%, 7/15/2031
857,979    
  200,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.000%, 4/15/2029
203,149    
  875,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030
909,624    
  325,000
 
Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031
319,989    
2,600,000
 
SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027
2,705,755  
  300,000
 
Star Merger Sub, Inc., 144A, 6.875%, 8/15/2026
311,685    
2,235,000
 
Star Merger Sub, Inc., Sr. Unsecd. Note, 144A, 10.250%, 2/15/2027
2,383,482  
  425,000
 
Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029
429,856    
  600,000
 
TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029
583,158    
2,325,000
 
Veritas US, Inc./Veritas Bermuda, Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025
2,397,924  
  275,000
 
Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029
269,239    
 
 
TOTAL
35,856,828
 
 
Transportation Services—0.4%
 
1,100,000
 
Stena International S.A., Sec. Fac. Bond, 144A, 6.125%, 2/1/2025
1,132,720  
1,575,000
 
Watco Cos LLC/Finance Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027
1,653,561  
 
 
TOTAL
2,786,281
 
 
Utility - Electric—2.1%
 
  700,000
 
Calpine Corp., 144A, 4.500%, 2/15/2028
697,165    
  470,000
 
Calpine Corp., 144A, 5.250%, 6/1/2026
481,603    
1,425,000
 
Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031
1,360,106  
  450,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029
431,530    
  450,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031
433,769    
  700,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028
694,708    
3,075,000
 
Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026
3,177,643  
  411,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 6.625%, 1/15/2027
425,418    
  125,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2031
118,940    
1,600,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032
1,538,360  
  475,000
 
NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028
497,047    
1,650,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
1,678,359  
1,325,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028
1,380,955  
  700,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.000%, 7/31/2027
708,491    
  375,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026
384,791    
1,375,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027
1,414,050  
 
 
TOTAL
15,422,935
 
 
Wireless Communications—0.9%
 
1,375,000
 
Sprint Corp., Sr. Unsecd. Note, 7.125%, 6/15/2024
1,542,860  
  500,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 2.250%, 2/15/2026
494,622    
1,000,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 2.625%, 2/15/2029
966,290    
  300,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 2.875%, 2/15/2031
290,814    
12
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Wireless Communications—continued
 
$1,250,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2028
$1,307,469  
  725,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 144A, 2.250%, 2/15/2026
717,203    
1,225,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 144A, 3.375%, 4/15/2029
1,234,475  
 
 
TOTAL
6,553,733
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $616,165,151)
618,059,263
 
 
COMMON STOCKS—9.4%
 
 
 
Automotive—0.8%
 
123,193
2
American Axle & Manufacturing Holdings, Inc.
1,091,490  
62,455
2
Goodyear Tire & Rubber Co.
1,255,970  
141,695
2
KAR Auction Services, Inc.
2,124,008  
6,995
 
Lear Corp.
1,173,691  
 
 
TOTAL
5,645,159
 
 
Building Materials—0.3%
 
40,145
2
GMS, Inc.
2,242,901  
 
 
Cable Satellite—0.2%
 
101,715
2
Altice USA, Inc.
1,611,166  
 
 
Chemicals—0.5%
 
20,000
 
Compass Minerals International, Inc.
973,000    
16,205
2
Hexion Holdings Corp.
433,484    
70,540
2
Koppers Holdings, Inc.
2,130,308  
 
 
TOTAL
3,536,792
 
 
Consumer Cyclical Services—0.3%
 
33,360
 
Brinks Co. (The)
2,040,298  
 
 
Food & Beverage—0.3%
 
61,530
2
US Foods Holding Corp.
1,933,273  
 
 
Gaming—0.5%
 
21,540
2
Boyd Gaming Corp.
1,262,459  
48,005
2
Red Rock Resorts, Inc.
2,282,158  
 
 
TOTAL
3,544,617
 
 
Independent Energy—0.5%
 
140
 
Chesapeake Energy Corp.
8,305      
49,235
 
Devon Energy Corp.
2,070,824  
9,789
 
Pioneer Natural Resources, Inc.
1,745,575  
 
 
TOTAL
3,824,704
 
 
Media Entertainment—1.9%
 
263,108
2
Audacy, Inc.
649,877    
413,508
2
Cumulus Media, Inc.
5,032,392  
125,124
2
iHeartMedia, Inc.
2,453,681  
336,115
2
Stagwell, Inc.
2,594,808  
196,915
2
Townsquare Media, Inc., Class A
2,490,975  
243,455
2
Urban One, Inc.
818,009    
 
 
TOTAL
14,039,742
 
 
Metals & Mining—0.4%
 
100,325
 
Teck Resources Ltd.
2,657,609  
 
 
Midstream—0.3%
 
138,611
 
Suburban Propane Partners LP
2,001,543  
 
 
Oil Field Services—0.3%
 
49,730
2,3
Superior Energy Services, Inc.
2,138,390  
13
Principal
Amount
or Shares
 
 
Value
 
 
COMMON STOCKS—continued
 
 
 
Packaging—0.2%
 
156,550
2
O-I Glass, Inc.
$1,733,008  
 
 
Paper—0.6%
 
131,601
 
Graphic Packaging Holding Co.
2,597,804  
47,294
 
WestRock Co.
2,052,086  
 
 
TOTAL
4,649,890
 
 
Pharmaceuticals—0.3%
 
93,625
2
Bausch Health Cos, Inc.
2,232,020  
 
 
Technology—1.1%
 
17,545
2
Dell Technologies, Inc.
990,766    
239,205
2
Diebold Nixdorf, Inc.
1,939,952  
29,905
2
Lumentum Holdings, Inc.
2,594,857  
26,620
 
Science Applications International Corp.
2,233,152  
 
 
TOTAL
7,758,727
 
 
Utility - Electric—0.9%
 
39,545
 
Enviva Partners LP/Enviva Partners Finance Corp.
2,769,336  
49,935
 
NRG Energy, Inc.
1,798,659  
87,360
 
Vistra Corp.
1,736,717  
 
 
TOTAL
6,304,712
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $66,123,056)
67,894,551
 
 
WARRANTS—0.0%
 
 
 
Independent Energy—0.0%
 
263
2
Chesapeake Energy Corp., Warrants, Expiration Date 2/9/2026
7,227      
6,793
2
Chesapeake Energy Corp., Warrants, Expiration Date 2/9/2026
236,736    
 
 
TOTAL WARRANTS
(IDENTIFIED COST $752,178)
243,963
 
 
INVESTMENT COMPANIES—4.7%
 
2,486,028
 
Bank Loan Core Fund
23,865,870 
9,955,589
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.04%4
9,956,584  
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $34,551,596)
33,822,454
 
 
TOTAL INVESTMENT IN SECURITIES—99.4%
(IDENTIFIED COST $717,591,981)
720,020,231
 
 
OTHER ASSETS AND LIABILITIES - NET—0.6%5
4,256,279
 
 
TOTAL NET ASSETS—100%
$724,276,510
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended November 30, 2021, were as follows:  
 
Bank Loan
Core Fund
Federated Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Total of
Affiliated
Transactions
Value as of 2/28/2021
$16,757,202
$12,532,060
$29,289,262
Purchases at Cost
$8,720,848
$147,088,003
$155,808,851
Proceeds from Sales
$(1,500,000)
$(149,662,154)
$(151,162,154)
Change in Unrealized Appreciation/Depreciation
$(140,945)
$(1,444)
$(142,389)
Net Realized Gain/(Loss)
$28,765
$119
$28,884
Value as of 11/30/2021
$23,865,870
$9,956,584
$33,822,454
Shares Held as of 11/30/2021
2,486,028
9,955,589
12,441,617
Dividend Income
$720,848
$3,425
$724,273
14
 
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 Board of Trustees (the “Trustees”).
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 total net assets at November 30, 2021.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ 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.
■ 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 asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determine that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
15
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of November 30, 2021, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
 
 
 
 
Corporate Bonds
$—
$618,059,263
$0
$618,059,263
Warrants
243,963
—
—
243,963
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
60,866,532
—
2,138,390
63,004,922
International
4,889,629
—
—
4,889,629
Investment Companies
33,822,454
—
—
33,822,454
TOTAL SECURITIES
$99,822,578
$618,059,263
$2,138,390
$720,020,231
 
The following acronym(s) are used throughout this portfolio:
 
GMTN
—Global Medium Term Note
PIK
—Payment in Kind
16