NPORT-EX 2 poi_fhopphighyieldbondfd.htm POI - FEDERATED HERMES OPPORTUNISTIC HIGH YIELD BOND FUND EDGAR HTML
Federated Hermes Opportunistic High Yield Bond Fund
Portfolio of Investments
May 31, 2022 (unaudited)  
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—89.5%
 
 
 
Aerospace/Defense—1.4%
 
$ 2,725,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026
$  2,775,358
 1,575,000
 
TransDigm, Inc., Sr. Sub. Note, 6.375%, 6/15/2026
  1,565,944
   575,000
 
TransDigm, Inc., Sr. Sub. Note, Series WI, 4.625%, 1/15/2029
    516,514
 1,800,000
 
TransDigm, Inc., Sr. Sub. Note, Series WI, 4.875%, 5/1/2029
  1,619,235
   675,000
 
TransDigm, Inc., Sr. Sub., 6.875%, 5/15/2026
    681,321
 1,275,000
 
TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027
  1,222,323
   850,000
 
TransDigm, Inc., Sr. Sub., Series WI, 7.500%, 3/15/2027
    866,550
 
 
TOTAL
9,247,245
 
 
Airlines—0.4%
 
 1,550,000
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026
  1,534,965
   975,000
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.750%, 4/20/2029
    943,176
 
 
TOTAL
2,478,141
 
 
Automotive—5.6%
 
 2,775,000
 
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026
  2,586,300
   525,000
 
Dana Financing Lux Sarl, Sr. Unsecd. Note, 144A, 5.750%, 4/15/2025
    520,522
   125,000
 
Dana, Inc., Sr. Unsecd. Note, 4.250%, 9/1/2030
    109,219
   550,000
 
Dana, Inc., Sr. Unsecd. Note, 4.500%, 2/15/2032
    472,120
 3,350,000
 
Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029
  2,675,812
 2,050,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025
  1,965,130
 1,650,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030
  1,489,744
   825,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024
    809,637
 1,250,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027
  1,186,156
 1,175,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.140%, 2/15/2023
  1,177,961
 1,225,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.271%, 1/9/2027
  1,177,531
 2,600,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029
  2,537,756
 2,700,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025
  2,706,750
 1,150,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026
  1,114,422
   825,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027
    760,312
   700,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029
    638,320
   825,000
 
J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/15/2026
    818,812
 1,875,000
 
KAR Auction Services, Inc., Sr. Unsecd. Note, 144A, 5.125%, 6/1/2025
  1,882,069
 6,800,000
 
Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027
  6,789,120
 4,575,000
 
Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029
  3,607,554
 1,600,000
 
Schaeffler Verwaltung Zw, 144A, 4.750%, 9/15/2026
  1,471,096
 
 
TOTAL
36,496,343
 
 
Building Materials—3.1%
 
   200,000
 
Abc Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029
    178,445
   975,000
 
American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028
    919,640
   600,000
 
Cornerstone Building Brands, Sr. Unsecd. Note, 144A, 6.125%, 1/15/2029
    445,932
 3,025,000
 
Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028
  2,486,081
 2,950,000
 
Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029
  2,409,693
   975,000
 
Gyp Holdings III Corp., Sr. Unsecd. Note, 144A, 4.625%, 5/1/2029
    816,010
   650,000
 
Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028
    577,847
   600,000
 
MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030
    511,178
 2,150,000
 
Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.000%, 12/1/2029
  1,855,934
1
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Building Materials—continued
 
$ 1,575,000
 
Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.125%, 7/1/2029
$  1,353,445
 1,475,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031
  1,240,335
 1,125,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030
  1,015,312
   500,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028
    474,900
 2,675,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027
  2,594,803
 1,700,000
 
White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028
  1,516,493
 1,600,000
 
White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026
  1,477,359
 
 
TOTAL
19,873,407
 
 
Cable Satellite—8.3%
 
   625,000
 
CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026
    627,084
 1,475,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 4.500%, 5/1/2032
  1,299,696
 1,150,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031
  1,016,353
 2,300,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030
  2,080,200
 1,375,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033
  1,185,078
 2,125,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030
  1,963,362
   450,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/1/2032
    401,108
 1,900,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
  1,843,380
 2,750,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027
  2,714,154
 1,000,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029
    972,700
   500,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031
    406,373
 1,200,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031
  1,031,274
 1,825,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030
  1,436,220
 1,300,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.000%, 11/15/2031
  1,027,390
 4,000,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027
  4,010,080
 2,300,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030
  1,926,480
   725,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 6.500%, 2/1/2029
    715,187
 2,350,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.500%, 4/1/2028
  2,189,847
 1,575,000
 
DIRECTV Holdings LLC, Sec. Fac. Bond, 144A, 5.875%, 8/15/2027
  1,487,950
   725,000
 
DISH DBS Corp., Sec. Fac. Bond, 144A, 5.750%, 12/1/2028
    593,126
   750,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028
    588,157
 1,325,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026
  1,135,194
 2,075,000
 
DISH DBS Corp., Sr. Unsecd. Note, Series WI, 5.125%, 6/1/2029
  1,468,021
 1,600,000
 
Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028
  1,468,480
 1,400,000
1,2,3
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.500%, 8/1/2023
          0
   325,000
1,2,3
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 8.500%, 10/15/2024
          0
   475,000
1,2,3
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 9.750%, 7/15/2025
          0
   675,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.125%, 9/1/2026
    633,275
 2,300,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031
  2,025,771
 1,025,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2028
    952,046
 1,625,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030
  1,466,961
   975,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029
    969,667
 3,400,000
 
Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028
  3,213,000
 3,125,000
 
UPC Broadband Finco BV, Sr. Note, 144A, 4.875%, 7/15/2031
  2,870,117
 1,550,000
 
Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030
  1,386,599
   525,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030
    475,676
   500,000
 
Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031
    443,300
 2,200,000
 
Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031
  1,993,750
 1,725,000
 
VZ Secured Financing B.V., Sec. Fac. Bond, 144A, 5.000%, 1/15/2032
  1,563,661
 1,975,000
 
Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027
  1,926,111
 
 
TOTAL
53,506,828
2
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Chemicals—2.2%
 
$   350,000
 
Axalta Coat/Dutch Holding BV, Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027
$    334,159
   425,000
 
Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029
    374,850
 1,475,000
 
Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 4.875%, 7/15/2024
  1,425,411
   450,000
 
Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 6.750%, 12/1/2027
    426,120
   975,000
 
Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
    874,014
   375,000
 
H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028
    339,074
 2,475,000
 
Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028
  2,144,167
   225,000
 
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028
    198,424
 3,250,000
 
Koppers, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025
  3,142,376
   975,000
 
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 4.250%, 10/1/2028
    889,458
 1,700,000
 
Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029
  1,343,418
 1,750,000
 
Polar US Borrower LLC, Sr. Unsecd. Note, 144A, 6.750%, 5/15/2026
  1,407,932
   200,000
 
SPCM SA, 144A, 3.125%, 3/15/2027
    174,439
   325,000
 
SPCM SA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030
    267,527
   925,000
 
WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
    760,813
 
 
TOTAL
14,102,182
 
 
Construction Machinery—0.7%
 
 2,325,000
 
H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028
  2,033,096
   350,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 3.750%, 1/15/2032
    315,494
   925,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030
    860,250
   775,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028
    774,043
   725,000
 
United Rentals, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031
    659,474
 
 
TOTAL
4,642,357
 
 
Consumer Cyclical Services—2.4%
 
 2,425,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
  1,966,190
 4,650,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027
  4,378,161
   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
    332,695
   900,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027
    811,532
 2,150,000
 
Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
  1,779,125
   800,000
 
Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027
    796,816
 4,528,000
 
GW B-CR Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027
  4,266,099
 1,725,000
 
Signal Parent, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/1/2029
  1,232,765
 
 
TOTAL
15,563,383
 
 
Consumer Products—1.6%
 
 3,425,000
 
BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027
  3,122,051
 2,425,000
 
Diamond BC BV, Sr. Unsecd. Note, 144A, 4.625%, 10/1/2029
  2,065,749
 1,075,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029
    978,949
 1,450,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029
  1,228,875
 1,475,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028
  1,304,667
   375,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.500%, 12/31/2027
    354,626
   425,000
 
Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 3.750%, 4/1/2031
    360,147
   650,000
 
Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 5.125%, 1/15/2028
    625,472
 
 
TOTAL
10,040,536
 
 
Diversified Manufacturing—0.9%
 
 3,725,000
 
Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026
  3,643,479
 1,175,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025
  1,221,377
 1,050,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028
  1,103,844
 
 
TOTAL
5,968,700
3
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Finance Companies—1.8%
 
$ 1,275,000
 
Ld Holdings Group LLC, Sr. Unsecd. Note, 144A, 6.125%, 4/1/2028
$  1,025,585
   275,000
 
Navient Corp., Sr. Unsecd. Note, 5.000%, 3/15/2027
    253,595
 2,275,000
 
Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029
  1,990,909
   550,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026
    541,621
   825,000
 
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029
    716,461
 2,250,000
 
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031
  1,897,661
   550,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 2.875%, 10/15/2026
    492,742
   425,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033
    349,159
 2,050,000
 
United Shore Financial Services, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025
  1,940,786
 1,950,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029
  1,716,585
   875,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027
    790,261
 
 
TOTAL
11,715,365
 
 
Food & Beverage—2.1%
 
 1,050,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
  1,024,034
 1,300,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2025
  1,333,923
 1,750,000
 
Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030
  1,748,215
 2,000,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045
  1,951,286
 1,100,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029
    979,490
   925,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.500%, 9/15/2031
    812,973
   775,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.625%, 4/15/2030
    696,310
   250,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/15/2029
    238,373
 2,050,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028
  2,034,625
   928,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
    947,945
   575,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030
    529,104
 1,625,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029
  1,527,337
 
 
TOTAL
13,823,615
 
 
Gaming—3.1%
 
 1,925,000
 
Affinity Gaming LLC, 144A, 6.875%, 12/15/2027
  1,714,967
   750,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027
    730,327
   425,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031
    389,413
   600,000
 
Caesars Entertainment Corp., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029
    512,994
   200,000
 
CCM Merger, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2026
    193,457
 1,475,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 5.750%, 7/1/2025
  1,482,692
 1,150,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025
  1,166,353
 1,550,000
 
Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027
  1,579,372
 1,000,000
 
Midwest Gaming Borrower LLC, 144A, 4.875%, 5/1/2029
    847,350
 3,700,000
 
Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026
  3,427,125
   450,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2029
    369,268
   200,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2027
    184,882
   150,000
 
Raptor Acquisition Corp. / Raptor Co-Issuer LLC, Sec. Fac. Bond, 144A, 4.875%, 11/1/2026
    139,223
 1,450,000
 
Scientific Games Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 3/1/2030
  1,347,695
 1,250,000
 
Scientific Games International, Inc., 144A, 8.625%, 7/1/2025
  1,320,737
   550,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029
    547,470
   650,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028
    589,802
   950,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031
    806,481
   100,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.500%, 2/15/2025
     95,868
   175,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2029
    157,546
   825,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.250%, 12/1/2026
    784,608
   650,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2029
    611,871
4
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Gaming—continued
 
$   950,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 5.625%, 5/1/2024
$    961,566
 
 
TOTAL
19,961,067
 
 
Health Care—7.0%
 
   125,000
 
Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029
    121,623
   125,000
 
Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2028
    123,873
 1,300,000
 
AdaptHealth LLC, Sr. Unsecd. Note, 144A, 4.625%, 8/1/2029
  1,117,873
 1,150,000
 
AdaptHealth LLC, Sr. Unsecd. Note, 144A, 5.125%, 3/1/2030
  1,002,051
   800,000
 
Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029
    627,476
 2,075,000
 
Avantor Funding, Inc., Sec. Fac. Bond, 144A, 4.625%, 7/15/2028
  2,022,710
 1,825,000
 
Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029
  1,696,684
   400,000
 
Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 3.750%, 3/15/2029
    371,656
   425,000
 
Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/15/2031
    392,768
 1,100,000
 
CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030
    803,000
   300,000
 
CHS/Community Health Systems, Inc., 1st Lien, 144A, 8.000%, 12/15/2027
    300,599
 2,150,000
 
CHS/Community Health Systems, Inc., 2nd Lien, 144A, 6.875%, 4/15/2029
  1,683,461
   675,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 5.625%, 3/15/2027
    629,957
   225,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2029
    204,266
   850,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026
    853,234
   850,000
 
CHS/Community Health Systems, Inc., Sr. Note, 144A, 5.250%, 5/15/2030
    733,729
   875,000
 
Davita, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030
    761,880
   425,000
 
Embecta Corp., Sec. Fac. Bond, 144A, 5.000%, 2/15/2030
    380,226
   750,000
 
Embecta Corp., Sr. Note, 144A, 6.750%, 2/15/2030
    735,068
 2,875,000
 
Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025
  2,765,405
   725,000
 
HCA, Inc., Sr. Unsecd. Note, 3.500%, 9/1/2030
    662,261
   650,000
 
HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025
    672,750
 1,750,000
 
HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/15/2026
  1,839,696
   625,000
 
IMS Health, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026
    623,986
   575,000
 
Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027
    576,130
   450,000
 
LifePoint Health, Inc., 144A, 6.750%, 4/15/2025
    459,583
   600,000
 
LifePoint Health, Inc., Sec. Fac. Bond, 144A, 4.375%, 2/15/2027
    560,652
   800,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2029
    675,552
 2,475,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 9.750%, 12/1/2026
  2,519,562
   925,000
 
MEDNAX, Inc., Sr. Unsecd. Note, 144A, 5.375%, 2/15/2030
    814,379
 1,325,000
 
Mozart Debt Merger Sub, Inc., Sec. Fac. Bond, 144A, 3.875%, 4/1/2029
  1,197,866
 5,125,000
 
Mozart Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029
  4,546,387
   775,000
 
MPH Acquisition Holdings LLC, Sr. Note, 144A, 5.500%, 9/1/2028
    730,550
 3,775,000
 
MPH Acquisition Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 11/1/2028
  3,366,243
 1,500,000
 
Team Health Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 2/1/2025
  1,150,672
 1,150,000
 
Tenet Healthcare Corp., 144A, 4.250%, 6/1/2029
  1,082,035
    75,000
 
Tenet Healthcare Corp., 144A, 4.625%, 6/15/2028
     72,338
   525,000
 
Tenet Healthcare Corp., 144A, 4.875%, 1/1/2026
    524,491
 1,050,000
 
Tenet Healthcare Corp., 144A, 5.125%, 11/1/2027
  1,043,438
   875,000
 
Tenet Healthcare Corp., 144A, 6.250%, 2/1/2027
    876,116
   401,000
 
Tenet Healthcare Corp., Sr. Secd. Note, 4.625%, 7/15/2024
    401,295
 1,550,000
 
Tenet Healthcare Corp., Sr. Unsecd. Note, 6.750%, 6/15/2023
  1,582,428
 1,825,000
 
Tenet Healthcare Corp., Sr. Unsecd. Note, 144A, 6.125%, 10/1/2028
  1,784,667
 
 
TOTAL
45,090,616
 
 
Health Insurance—0.8%
 
   575,000
 
Centene Corp., Sr. Unsecd. Note, 2.450%, 7/15/2028
    517,264
 1,050,000
 
Centene Corp., Sr. Unsecd. Note, 2.625%, 8/1/2031
    902,748
5
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Health Insurance—continued
 
$ 1,225,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 3.375%, 2/15/2030
$  1,125,885
 1,000,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.250%, 12/15/2027
    996,515
 1,725,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029
  1,702,541
 
 
TOTAL
5,244,953
 
 
Independent Energy—4.7%
 
   975,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030
    991,102
   209,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 7.625%, 2/1/2029
    227,000
   276,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 8.375%, 7/15/2026
    300,750
   425,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
    407,715
 1,825,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 11/1/2026
  1,832,072
   500,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028
    507,873
   106,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027
    143,658
   725,000
 
Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026
    703,043
   550,000
 
Callon Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.375%, 7/1/2026
    534,765
   175,000
 
Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.250%, 7/15/2025
    175,330
 1,425,000
 
Centennial Resource Production, LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
  1,427,686
 1,275,000
 
Chesapeake Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2024
     28,688
   175,000
 
Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.875%, 2/1/2029
    179,813
   475,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 5.875%, 1/15/2030
    454,114
 2,000,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029
  2,000,600
   725,000
 
Continental Resources, Inc., Sr. Unsecd. Note, 144A, 5.750%, 1/15/2031
    746,203
   250,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.000%, 5/1/2029
    246,867
 2,225,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2025
  2,245,069
   775,000
 
Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.750%, 1/30/2028
    791,325
   400,000
 
Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 6.625%, 7/15/2025
    414,462
   275,000
 
EQT Corp., Sr. Unsecd. Note, 5.000%, 1/15/2029
    273,474
   550,000
 
EQT Corp., Sr. Unsecd. Note, 144A, 3.625%, 5/15/2031
    495,502
   225,000
 
Oasis Petroleum, Inc., Sr. Unsecd. Note, 144A, 6.375%, 6/1/2026
    226,537
   975,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025
  1,019,928
   450,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.125%, 1/1/2031
    488,813
 1,100,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.450%, 9/15/2036
  1,232,000
 1,100,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.625%, 9/1/2030
  1,234,530
   625,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 8.000%, 7/15/2025
    682,634
 1,375,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 8.875%, 7/15/2030
  1,719,052
   200,000
 
PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024
    201,443
 1,100,000
 
PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 5/15/2026
  1,105,989
   492,000
 
Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025
    501,828
   113,000
 
Range Resources Corp., Sr. Unsecd. Note, 5.000%, 3/15/2023
    113,397
   650,000
 
Range Resources Corp., Sr. Unsecd. Note, 8.250%, 1/15/2029
    705,217
   350,000
 
Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
    343,105
   775,000
 
Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029
    734,041
   275,000
 
SM Energy Co., Sr. Unsecd. Note, 6.500%, 7/15/2028
    273,625
   675,000
 
SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027
    679,667
 1,000,000
 
SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026
  1,013,415
   600,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 4.750%, 2/1/2032
    587,187
   300,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 5.375%, 3/15/2030
    304,103
   825,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 8.375%, 9/15/2028
    905,854
 1,075,000
 
Tap Rock Resources LLC, Sr. Unsecd. Note, 144A, 7.000%, 10/1/2026
  1,070,668
 
 
TOTAL
30,270,144
6
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Industrial - Other—1.3%
 
$   275,000
 
Booz Allen Hamilton, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
$    257,873
   225,000
 
Booz Allen Hamilton, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/1/2029
    213,487
   200,000
 
Madison Iaq LLC, Sec. Fac. Bond, 144A, 4.125%, 6/30/2028
    184,017
 4,325,000
 
Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
  3,391,665
 2,150,000
 
Redwood Star Merger Sub, Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030
  1,820,684
 1,099,000
 
Vertical Holdco GmbH, Sr. Unsecd. Note, 144A, 7.625%, 7/15/2028
  1,033,718
 1,750,000
 
Vertical U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027
  1,708,648
 
 
TOTAL
8,610,092
 
 
Insurance - P&C—5.4%
 
   850,000
 
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Unsecd. Note, 144A, 6.750%, 10/15/2027
    821,912
 2,750,000
 
AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029
  2,549,800
 1,774,572
 
Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500% / 12.750% PIK, 1/15/2027
  1,907,665
 2,000,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029
  1,744,800
 2,725,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025
  2,692,613
 4,575,000
 
Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029
  3,902,155
   825,000
 
GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027
    825,229
 3,375,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029
  3,153,414
 7,725,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026
  7,814,764
 6,025,000
 
NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028
  5,262,476
   500,000
 
Ryan Specialty Group, Sec. Fac. Bond, 144A, 4.375%, 2/1/2030
    450,667
 4,075,000
 
USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025
  4,015,879
 
 
TOTAL
35,141,374
 
 
Leisure—0.5%
 
 1,800,000
 
SeaWorld Parks & Entertainment, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029
  1,615,059
 1,800,000
 
Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027
  1,757,934
 
 
TOTAL
3,372,993
 
 
Lodging—0.2%
 
   950,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032
    825,545
   200,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028
    204,196
   525,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030
    515,970
 
 
TOTAL
1,545,711
 
 
Media Entertainment—6.7%
 
 2,025,000
 
Audacy Capital Corp., 144A, 6.500%, 5/1/2027
  1,324,522
 1,350,000
 
Audacy Capital Corp., 144A, 6.750%, 3/31/2029
    844,553
   959,000
 
Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026
    934,331
   475,000
 
Diamond Sports Group LLC / Diamond Sports Finance Co., 144A, 5.375%, 8/15/2026
    157,565
 1,575,000
 
Diamond Sports Group LLC / Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 6.625%, 8/15/2027
    303,188
 1,375,000
 
Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031
  1,254,688
 1,050,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2030
    924,488
 2,100,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026
  2,074,559
   146,192
 
iHeartCommunications, Inc., 6.375%, 5/1/2026
    144,292
   375,000
 
iHeartCommunications, Inc., 144A, 4.750%, 1/15/2028
    338,649
   325,000
 
iHeartCommunications, Inc., 144A, 5.250%, 8/15/2027
    306,382
 4,389,973
 
iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027
  4,125,477
   675,000
 
Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029
    664,686
   350,000
 
Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031
    313,250
   700,000
 
Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 3.625%, 10/1/2031
    596,558
 1,625,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030
  1,450,044
   550,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2028
    513,554
   350,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027
    341,355
7
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Media Entertainment—continued
 
$ 3,100,000
 
Midas Opco Holdings, LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
$  2,810,816
   175,000
 
News Corp., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2032
    167,069
 1,725,000
 
Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 4.750%, 11/1/2028
  1,628,098
 2,425,000
 
Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027
  2,422,005
   325,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 4.500%, 7/15/2029
    307,836
   325,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 4.750%, 7/15/2031
    311,946
   900,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2025
    892,992
   600,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 10/1/2028
    595,380
 1,225,000
 
Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.875%, 10/1/2030
  1,206,680
   375,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2029
    324,201
 1,075,000
 
ROBLOX Corp., Sr. Unsecd. Note, 144A, 3.875%, 5/1/2030
    955,632
   350,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 3.875%, 1/15/2029
    317,613
 1,550,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2031
  1,360,900
 1,375,000
 
Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027
  1,304,201
 1,750,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027
  1,540,044
 1,725,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
  1,407,903
 1,050,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028
  1,029,761
 1,450,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029
  1,433,767
 3,950,000
 
Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027
  3,591,557
 1,000,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 4.500%, 5/1/2029
    917,510
 1,500,000
 
Urban One, Inc., Sec. Fac. Bond, 144A, 7.375%, 2/1/2028
  1,418,693
   800,000
 
WMG Acquisition Corp., Sec. Fac. Bond, 144A, 3.750%, 12/1/2029
    737,124
 
 
TOTAL
43,293,869
 
 
Metals & Mining—0.9%
 
 1,400,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029
  1,304,079
 1,550,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.875%, 3/1/2031
  1,465,215
 1,675,000
 
Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029
  1,359,916
   550,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 4.625%, 8/1/2030
    532,763
   925,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.250%, 9/1/2029
    926,362
 
 
TOTAL
5,588,335
 
 
Midstream—6.1%
 
 1,275,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027
  1,255,505
 1,350,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026
  1,376,217
 2,250,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.375%, 6/15/2029
  2,261,441
 2,200,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
  2,210,956
 2,100,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028
  2,105,124
   575,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.875%, 5/15/2026
    609,520
 1,675,000
 
Cheniere Energy Partners LP, Sr. Unsecd. Note, 4.000%, 3/1/2031
  1,551,628
   475,000
 
Cheniere Energy Partners LP, Sr. Unsecd. Note, 144A, 3.250%, 1/31/2032
    415,934
   550,000
 
Cheniere Energy Partners LP, Sr. Unsecd. Note, Series WI, 4.500%, 10/1/2029
    537,350
   750,000
 
Cheniere Energy, Inc., Sec. Fac. Bond, Series WI, 4.625%, 10/15/2028
    729,609
 1,000,000
 
CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030
    893,578
   725,000
 
DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031
    675,309
   875,000
 
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029
    777,477
 1,025,000
 
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2031
    891,166
 2,250,000
 
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027
  2,252,812
 1,200,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 5.500%, 7/15/2028
  1,141,518
 1,475,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 6.500%, 7/15/2048
  1,260,225
   675,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025
    683,384
   600,000
 
Hess Midstream Operations LP, 144A, 5.500%, 10/15/2030
    593,145
8
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Midstream—continued
 
$   500,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 4.250%, 2/15/2030
$    459,553
 1,100,000
 
Hess Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028
  1,088,615
 1,525,000
 
Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
  1,436,725
   650,000
 
Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 6.375%, 4/15/2027
    650,432
   950,000
 
NuStar Logistics LP, Sr. Unsecd. Note, 5.625%, 4/28/2027
    954,968
   900,000
 
Oasis Midstream Partners, Sr. Unsecd. Note, 144A, 8.000%, 4/1/2029
    924,161
   650,000
 
Rattler Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.625%, 7/15/2025
    666,133
   475,000
 
Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026
    475,877
   900,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027
    895,604
   650,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031
    600,449
 1,175,000
 
Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.750%, 4/15/2025
    943,369
 1,200,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028
  1,178,124
   250,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 6.500%, 7/15/2027
    259,980
 1,900,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
  1,896,551
   775,000
 
TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026
    758,713
   825,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.500%, 3/1/2028
    814,399
   175,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.650%, 7/1/2026
    174,959
 2,425,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.300%, 3/1/2048
  2,224,828
   550,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.450%, 4/1/2044
    508,618
   225,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.500%, 8/15/2048
    207,497
 
 
TOTAL
39,341,453
 
 
Oil Field Services—1.8%
 
 1,450,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028
  1,416,295
 2,875,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
  2,856,068
 1,025,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2026
    994,762
 1,000,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028
    941,885
   175,000
 
Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027
    176,828
   725,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029
    700,952
   600,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026
    600,966
 2,325,000
 
USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027
  2,243,997
 2,075,000
 
USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026
  2,030,097
 
 
TOTAL
11,961,850
 
 
Packaging—4.5%
 
 3,568,920
 
ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027
  2,807,866
 1,550,000
 
Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029
  1,345,400
 3,275,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027
  2,740,504
 1,300,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027
  1,087,833
   875,000
 
Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030
    758,271
   975,000
 
Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027
    970,525
   925,000
 
Bway Holding Co., Sec. Fac. Bond, 144A, 5.500%, 4/15/2024
    914,765
 2,100,000
 
Bway Holding Co., Sr. Unsecd. Note, 144A, 7.250%, 4/15/2025
  2,033,325
 5,950,000
 
Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030
  5,355,595
   700,000
 
Crown Americas LLC / Crown Americas Capital Corp. VI, Sr. Unsecd. Note, 4.750%, 2/1/2026
    690,386
   475,000
 
Crown Americas LLC, Sr. Unsecd. Note, 144A, 5.250%, 4/1/2030
    476,900
   575,000
 
OI European Group BV, Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
    506,374
 1,025,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2025
  1,001,527
   400,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/15/2025
    402,798
   669,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027
    660,929
   725,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029
    721,012
 2,250,000
 
Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.625%, 11/1/2025
  2,118,442
9
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Packaging—continued
 
$ 1,050,000
 
Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.250%, 8/1/2024
$  1,012,604
   475,000
 
Trivium Packaging Finance BV, Sec. Fac. Bond, 144A, 5.500%, 8/15/2026
    472,625
 3,175,000
 
Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027
  3,132,297
 
 
TOTAL
29,209,978
 
 
Paper—0.4%
 
 2,250,000
 
Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 5.375%, 2/1/2025
  2,204,348
   125,000
 
Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030
    112,267
 
 
TOTAL
2,316,615
 
 
Pharmaceuticals—2.4%
 
   675,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 4.875%, 6/1/2028
    581,074
   875,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.500%, 11/1/2025
    826,591
   700,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.750%, 8/15/2027
    619,710
   200,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 6.125%, 2/1/2027
    182,800
   175,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/30/2028
    112,000
 1,850,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029
  1,108,844
 1,575,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030
    924,218
 1,100,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 2/15/2031
    646,877
   600,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029
    373,947
 1,100,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029
    729,866
 2,475,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 8.500%, 1/31/2027
  1,970,471
   600,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.000%, 12/15/2025
    510,870
   125,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.250%, 4/1/2026
    104,975
   550,000
 
Catalent Pharma Solutions, Inc., Sr. Unsecd. Note, 144A, 3.500%, 4/1/2030
    494,786
   989,000
 
Endo Dac / Endo Finance LLC / Endo Finco, Inc., Sr. Unsecd. Note, 144A, 6.000%, 6/30/2028
     69,230
   400,000
 
Grifols Escrow Issuer SA, 144A, 4.750%, 10/15/2028
    366,330
 1,325,000
 
Jazz Securities Designated Activity Co., 144A, 4.375%, 1/15/2029
  1,280,506
 3,050,000
1,3
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2025
  1,211,551
 3,475,000
1,3
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2023
  1,390,469
   325,000
 
Organon Finance 1 LLC, Sec. Fac. Bond, 144A, 4.125%, 4/30/2028
    312,098
 1,325,000
 
Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031
  1,275,677
   775,000
 
Syneos Health, Inc., Sr. Unsecd. Note, 144A, 3.625%, 1/15/2029
    683,860
 
 
TOTAL
15,776,750
 
 
Restaurant—1.5%
 
   475,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 3.875%, 1/15/2028
    449,003
   575,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.375%, 1/15/2028
    541,860
   275,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 1st Lien, 144A, 3.500%, 2/15/2029
    252,890
 6,150,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 2nd Lien, 144A, 4.000%, 10/15/2030
  5,430,450
 1,375,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032
  1,284,841
   875,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 5.375%, 4/1/2032
    854,289
   650,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
    626,525
 
 
TOTAL
9,439,858
 
 
Retailers—0.5%
 
   600,000
 
Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027
    556,107
   375,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029
    346,763
   375,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032
    340,311
   650,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029
    477,860
   525,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031
    375,448
   375,000
 
Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029
    319,802
   850,000
 
NMG Holding Co., Inc., 144A, 7.125%, 4/1/2026
    844,301
10
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Retailers—continued
 
$   200,000
 
William Carter Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2027
$    199,308
 
 
TOTAL
3,459,900
 
 
Supermarkets—0.5%
 
 2,950,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029
  2,571,825
   450,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028
    441,909
   375,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026
    393,654
 
 
TOTAL
3,407,388
 
 
Technology—7.1%
 
   675,000
 
Black Knight InfoServ LLC, Sr. Unsecd. Note, 144A, 3.625%, 9/1/2028
    634,500
   575,000
 
Boxer Parent Co., Inc., 144A, 9.125%, 3/1/2026
    561,134
 1,450,000
 
Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028
  1,299,957
 1,025,000
 
Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026
    903,421
   275,000
 
Ciena Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/31/2030
    253,694
 1,750,000
 
Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029
  1,570,135
   725,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026
    680,017
 1,150,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028
  1,040,083
   425,000
 
Diebold Nixdorf, Inc., Sr. Secd. Note, 144A, 9.375%, 7/15/2025
    323,897
 1,025,000
 
Dun & Bradstreet Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
    934,006
 1,550,000
 
Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029
  1,360,353
   500,000
 
Fair Isaac & Co., Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2028
    475,603
   300,000
 
Gartner, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2030
    278,699
   400,000
 
Gartner, Inc., Sr. Unsecd. Note, 144A, 4.500%, 7/1/2028
    389,490
 1,350,000
 
HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029
  1,260,562
 1,075,000
 
Helios Software Holdings, Sec. Fac. Bond, 144A, 4.625%, 5/1/2028
    933,218
 1,550,000
 
II-VI, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
  1,455,078
 2,450,000
 
Logan Merger Sub, Inc., Sr. Secd. Note, 144A, 5.500%, 9/1/2027
  1,965,785
 4,175,000
 
McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030
  3,662,560
 5,075,000
 
Minerva Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030
  4,665,295
 1,525,000
 
NCR Corp., 144A, 5.125%, 4/15/2029
  1,456,375
   925,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028
    874,167
   500,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030
    460,521
   825,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.750%, 9/1/2027
    800,562
   450,000
 
Open Text Holdings, Inc. / Open Text Corp., Sr. Unsecd. Note, 144A, 3.875%, 12/1/2029
    412,515
 1,025,000
 
Open Text Holdings, Inc. / Open Text Corp., Sr. Unsecd. Note, 144A, 4.125%, 12/1/2031
    927,010
 1,725,000
 
Rackspace Technology, Inc., 144A, 3.500%, 2/15/2028
  1,508,685
 2,625,000
 
Rackspace Technology, Inc., Sr. Unsecd. Note, 144A, 5.375%, 12/1/2028
  2,080,312
 2,500,000
 
Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029
  1,948,362
   500,000
 
Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028
    475,983
 1,500,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 3.125%, 7/15/2029
  1,316,062
   900,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 3.375%, 7/15/2031
    774,671
   200,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.000%, 4/15/2029
    190,819
   475,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030
    452,229
   325,000
 
Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031
    291,345
 2,850,000
 
SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027
  2,855,686
   425,000
 
Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029
    383,590
   800,000
 
TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029
    709,596
   750,000
 
Twitter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 3/1/2030
    745,316
 2,075,000
 
Veritas US, Inc./Veritas Bermuda, Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025
  1,828,594
   275,000
 
Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029
    248,575
11
Principal
Amount
or Shares
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Technology—continued
 
$   375,000
 
ZipRecruiter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/15/2030
$    354,458
 
 
TOTAL
45,742,920
 
 
Transportation Services—0.4%
 
 1,100,000
 
Stena International S.A., Sec. Fac. Bond, 144A, 6.125%, 2/1/2025
  1,083,400
 1,575,000
 
Watco Cos LLC/Finance Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027
  1,498,283
 
 
TOTAL
2,581,683
 
 
Utility - Electric—2.2%
 
   700,000
 
Calpine Corp., 144A, 4.500%, 2/15/2028
    670,051
   232,000
 
Calpine Corp., 144A, 5.250%, 6/1/2026
    226,725
 1,425,000
 
Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031
  1,257,705
   450,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029
    392,468
   450,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031
    401,904
   700,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028
    654,609
 2,900,000
 
Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026
  2,907,018
   411,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 6.625%, 1/15/2027
    422,722
   125,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2031
    110,199
 1,600,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032
  1,410,320
   475,000
 
NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028
    476,822
 1,650,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
  1,567,582
 1,325,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028
  1,273,457
   525,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.000%, 7/31/2027
    514,274
   375,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026
    372,967
 1,375,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027
  1,377,489
 
 
TOTAL
14,036,312
 
 
Wireless Communications—1.0%
 
 1,375,000
 
Sprint Corp., Sr. Unsecd. Note, 7.125%, 6/15/2024
  1,462,601
   500,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 2.250%, 2/15/2026
    469,290
 1,000,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 2.625%, 2/15/2029
    887,205
   300,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 2.875%, 2/15/2031
    263,703
 1,250,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2028
  1,255,519
   725,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 144A, 2.250%, 2/15/2026
    680,471
 1,225,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 144A, 3.375%, 4/15/2029
  1,136,714
 
 
TOTAL
6,155,503
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $632,191,569)
579,007,466
 
 
COMMON STOCKS—4.2%
 
 
 
Automotive—0.1%
 
53,538
3
American Axle & Manufacturing Holdings, Inc.
    434,193
2,230
 
Lear Corp.
    314,341
 
 
TOTAL
748,534
 
 
Building Materials—0.1%
 
16,575
3
GMS, Inc.
    825,601
 
 
Cable Satellite—0.1%
 
44,390
3
Altice USA, Inc.
    505,158
2,171
2,3
Intelsat Jackson Holdings S.A.
     10,312
 
 
TOTAL
515,470
 
 
Chemicals—0.2%
 
8,480
 
Compass Minerals International, Inc.
    381,006
29,975
 
Koppers Holdings, Inc.
    812,323
 
 
TOTAL
1,193,329
12
Principal
Amount
or Shares
 
 
Value
 
 
COMMON STOCKS—continued
 
 
 
Consumer Cyclical Services—0.1%
 
12,675
 
Brinks Co. (The)
$    771,020
 
 
Consumer Products—0.1%
 
23,015
 
Energizer Holdings, Inc.
    690,220
 
 
Food & Beverage—0.1%
 
15,965
3
US Foods Holding Corp.
    528,761
 
 
Gaming—0.2%
 
9,125
 
Boyd Gaming Corp.
    536,276
20,285
 
Red Rock Resorts, Inc.
    785,638
 
 
TOTAL
1,321,914
 
 
Independent Energy—0.2%
 
9,413
 
Devon Energy Corp.
    705,034
2,469
 
Pioneer Natural Resources, Inc.
    686,234
833
2,3
Ultra Resources, Inc.
          0
 
 
TOTAL
1,391,268
 
 
Media Entertainment—0.8%
 
114,113
3
Cumulus Media, Inc.
  1,375,062
70,304
3
iHeartMedia, Inc.
    829,587
223,935
3
Stagwell, Inc.
  1,771,326
78,185
 
Townsquare Media, Inc., Class A
    770,122
113,917
3
Urban One, Inc.
    746,156
 
 
TOTAL
5,492,253
 
 
Metals & Mining—0.1%
 
19,950
 
Teck Resources Ltd.
    828,723
 
 
Midstream—0.2%
 
65,391
 
Suburban Propane Partners LP
  1,114,917
 
 
Oil Field Services—0.3%
 
28,457
2,3
Superior Energy Services, Inc.
  1,778,562
 
 
Packaging—0.3%
 
121,150
 
Ardagh Metal Packaging
    731,746
61,885
3
O-I Glass, Inc.
  1,018,008
 
 
TOTAL
1,749,754
 
 
Paper—0.3%
 
50,376
 
Graphic Packaging Holding Co.
  1,121,370
18,654
 
WestRock Co.
    904,532
 
 
TOTAL
2,025,902
 
 
Pharmaceuticals—0.1%
 
37,040
3
Bausch Health Cos, Inc.
    360,029
 
 
Technology—0.4%
 
13,125
 
Dell Technologies, Inc.
    655,462
10,095
3
Lumentum Holdings, Inc.
    868,978
10,020
 
Science Applications International Corp.
    867,331
 
 
TOTAL
2,391,771
 
 
Utility - Electric—0.5%
 
17,850
 
Enviva, Inc.
  1,390,337
22,630
 
NRG Energy, Inc.
  1,041,885
37,735
 
Vistra Corp.
    995,072
 
 
TOTAL
3,427,294
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $28,747,017)
27,155,322
13
Principal
Amount
or Shares
 
 
Value
 
 
INVESTMENT COMPANIES—4.7%
 
1,608,247
 
Bank Loan Core Fund
$ 14,602,885
15,486,724
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.83%4
 15,482,078
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $31,049,629)
30,084,963
 
 
TOTAL INVESTMENT IN SECURITIES—98.4%
(IDENTIFIED COST $691,988,215)
636,247,751
 
 
OTHER ASSETS AND LIABILITIES - NET—1.6%5
10,306,620
 
 
TOTAL NET ASSETS—100%
$646,554,371
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 May 31, 2022, were as follows:  
 
Bank Loan
Core Fund
Federated Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Total of
Affiliated
Transactions
Value as of 2/28/2022
$8,009,302
$6,201,631
$14,210,933
Purchases at Cost
$7,177,161
$56,741,830
$63,918,991
Proceeds from Sales
$—
$(47,463,377)
$(47,463,377)
Change in Unrealized Appreciation/Depreciation
$(583,578)
$(164)
$(583,742)
Net Realized Gain/(Loss)
N/A
$2,158
$2,158
Value as of 5/31/2022
$14,602,885
$15,482,078
$30,084,963
Shares Held as of 5/31/2022
1,608,247
15,486,724
17,094,971
Dividend Income
$177,152
$32,449
$209,601
 
1
Issuer in default.
2
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”).
3
Non-income-producing security.
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 May 31, 2022.
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.
14
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 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 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 May 31, 2022, 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
$—
$579,007,466
$0
$579,007,466
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
23,445,950
—
1,778,562
25,224,512
International
1,920,498
—
10,312
1,930,810
Investment Companies
30,084,963
—
—
30,084,963
TOTAL SECURITIES
$55,451,411
$579,007,466
$1,788,874
$636,247,751
15
 
The following acronym(s) are used throughout this portfolio:
 
GMTN
—Global Medium Term Note
PIK
—Payment in Kind
16