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, 2023 (unaudited)  
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—91.2%
 
 
 
Aerospace/Defense—1.6%
 
$2,725,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026
$  2,708,461
  950,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.750%, 8/15/2028
    952,887
1,350,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.875%, 12/15/2030
  1,352,667
  675,000
 
TransDigm, Inc., Sr. Sub. Note, Series WI, 4.875%, 5/1/2029
    612,255
1,275,000
 
TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027
  1,228,474
  850,000
 
TransDigm, Inc., Sr. Sub., Series WI, 7.500%, 3/15/2027
    850,895
 
 
TOTAL
7,705,639
 
 
Airlines—0.1%
 
  583,334
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026
    574,672
 
 
Automotive—6.5%
 
  250,000
 
Adient Global Holdings Ltd., Sec. Fac. Bond, 144A, 7.000%, 4/15/2028
    254,173
2,775,000
 
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026
  2,673,361
  450,000
 
Dana, Inc., Sr. Unsecd. Note, 4.500%, 2/15/2032
    369,258
2,450,000
 
Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029
  2,092,791
2,050,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025
  1,932,464
1,650,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030
  1,419,036
  825,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024
    805,944
1,250,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027
  1,155,955
1,225,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.271%, 1/9/2027
  1,151,001
1,600,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029
  1,504,578
3,525,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025
  3,447,217
  900,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.800%, 5/12/2028
    916,322
1,150,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026
  1,102,912
1,300,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027
  1,239,374
1,325,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029
  1,217,442
5,700,000
 
Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027
  5,744,842
2,350,000
 
Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029
  1,904,274
1,600,000
 
Schaeffler Verwaltung Zw, 144A, 4.750%, 9/15/2026
  1,507,395
  375,000
 
ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 6.875%, 4/14/2028
    380,578
  400,000
 
ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/14/2030
    410,852
 
 
TOTAL
31,229,769
 
 
Banking—0.1%
 
  525,000
 
Ally Financial, Inc., Sr. Sub. Note, 5.750%, 11/20/2025
    515,434
 
 
Building Materials—4.2%
 
  200,000
 
Abc Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029
    173,318
1,550,000
 
American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028
  1,428,093
  275,000
 
Beacon Roofing Supply, Inc., Sr. Note, 144A, 6.500%, 8/1/2030
    274,888
1,125,000
 
Camelot Return Merger SU, Sec. Fac. Bond, 144A, 8.750%, 8/1/2028
  1,110,623
  600,000
 
Cornerstone Building Brands, Sr. Unsecd. Note, 144A, 6.125%, 1/15/2029
    471,591
2,350,000
 
Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028
  1,927,000
2,500,000
 
Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029
  2,145,562
1,625,000
 
Gyp Holdings III Corp., Sr. Unsecd. Note, 144A, 4.625%, 5/1/2029
  1,410,663
  850,000
 
Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028
    764,567
  600,000
 
MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030
    508,835
2,300,000
 
Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.000%, 12/1/2029
  2,002,874
1
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Building Materials—continued
 
$1,775,000
 
Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.125%, 7/1/2029
$  1,568,982
1,475,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031
  1,212,387
  275,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030
    241,306
  275,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028
    258,735
2,325,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027
  2,228,296
1,700,000
 
White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028
  1,552,572
1,275,000
 
White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026
  1,248,324
 
 
TOTAL
20,528,616
 
 
Cable Satellite—8.1%
 
  325,000
 
CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026
    318,203
1,150,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031
    960,047
1,775,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030
  1,524,082
  775,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033
    620,563
1,200,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030
  1,050,956
  450,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/1/2032
    378,279
1,900,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
  1,782,283
2,750,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027
  2,619,638
  500,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031
    341,386
1,200,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031
    850,273
  875,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030
    482,630
1,300,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.000%, 11/15/2031
    727,519
3,375,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027
  2,987,055
1,775,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030
  1,004,286
1,900,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.500%, 4/1/2028
  1,301,261
  725,000
 
DIRECTV Holdings LLC, Sec. Fac. Bond, 144A, 5.875%, 8/15/2027
    653,114
  725,000
 
DISH DBS Corp., Sec. Fac. Bond, 144A, 5.750%, 12/1/2028
    538,356
  750,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028
    371,480
1,325,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026
    792,145
2,075,000
 
DISH DBS Corp., Sr. Unsecd. Note, Series WI, 5.125%, 6/1/2029
    941,770
  450,000
 
DISH Network Corp., Sec. Fac. Bond, 144A, 11.750%, 11/15/2027
    447,229
  900,000
 
Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028
    808,629
1,400,000
1,2,3
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.500%, 12/30/2023
          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
    621,648
1,650,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031
  1,336,082
1,025,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2028
    916,669
1,425,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030
  1,203,234
  975,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029
    906,750
3,400,000
 
Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028
  3,128,000
3,125,000
 
UPC Broadband Finco BV, Sr. Note, 144A, 4.875%, 7/15/2031
  2,638,891
1,550,000
 
Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030
  1,295,526
  275,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030
    236,244
  250,000
 
Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031
    210,259
1,775,000
 
Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031
  1,517,688
1,725,000
 
VZ Secured Financing B.V., Sec. Fac. Bond, 144A, 5.000%, 1/15/2032
  1,415,942
2,550,000
 
Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027
  2,431,074
 
 
TOTAL
39,359,191
 
 
Chemicals—2.0%
 
  350,000
 
Axalta Coat/Dutch Holding BV, Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027
    332,087
2
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Chemicals—continued
 
$  350,000
 
Axalta Coating Systems Dutch Holding B B.V., Sr. Unsecd. Note, 144A, 7.250%, 2/15/2031
$    360,972
  425,000
 
Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029
    370,594
  350,000
 
Cheever Escrow Issuer, Sec. Fac. Bond, 144A, 7.125%, 10/1/2027
    336,167
  975,000
 
Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
    867,358
  375,000
 
H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028
    337,682
2,475,000
 
Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028
  1,922,030
  400,000
 
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028
    376,646
  975,000
 
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 4.250%, 10/1/2028
    846,739
  925,000
 
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 9.750%, 11/15/2028
    952,569
1,700,000
 
Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029
  1,396,125
1,200,000
 
Polar US Borrower LLC, Sr. Unsecd. Note, 144A, 6.750%, 5/15/2026
    426,618
  375,000
 
WR Grace Holdings LLC, Sec. Fac. Bond, 144A, 7.375%, 3/1/2031
    366,334
  875,000
 
WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
    737,301
 
 
TOTAL
9,629,222
 
 
Construction Machinery—0.6%
 
1,600,000
 
H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028
  1,417,959
  925,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030
    824,987
  575,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028
    553,518
  325,000
 
United Rentals, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031
    283,294
 
 
TOTAL
3,079,758
 
 
Consumer Cyclical Services—3.2%
 
2,425,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
  1,848,553
4,150,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027
  3,822,737
1,450,000
 
Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028
  1,373,585
  550,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027
    523,479
  325,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 7.750%, 2/15/2028
    328,377
2,150,000
 
Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
  1,792,350
2,728,000
 
Garda World Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027
  2,633,606
  800,000
 
Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027
    774,630
  700,000
 
Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 3.625%, 10/1/2031
    572,694
1,625,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030
  1,415,074
  200,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2028
    186,610
  350,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027
    335,437
 
 
TOTAL
15,607,132
 
 
Consumer Products—1.6%
 
  200,000
 
Acushnet Co., Sr. Unsecd. Note, 144A, 7.375%, 10/15/2028
    205,551
3,575,000
 
BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027
  3,416,610
1,075,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029
    949,225
1,450,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029
  1,251,785
1,475,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028
  1,319,682
  375,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.500%, 12/31/2027
    364,408
 
 
TOTAL
7,507,261
 
 
Diversified Manufacturing—1.3%
 
2,050,000
 
Emerald Debt Merger, Sec. Fac. Bond, 144A, 6.625%, 12/15/2030
  2,047,437
3,425,000
 
Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026
  3,390,322
1,000,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025
  1,002,228
 
 
TOTAL
6,439,987
 
 
Finance Companies—2.5%
 
  775,000
 
GTCR W. Merger Sub LLC, 144A, 7.500%, 1/15/2031
    790,171
  275,000
 
Navient Corp., Sr. Unsecd. Note, 5.000%, 3/15/2027
    256,643
3
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Finance Companies—continued
 
$1,975,000
 
Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029
$  1,727,982
  550,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/25/2025
    554,391
  975,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026
    972,088
  825,000
 
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029
    725,268
1,975,000
 
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031
  1,660,530
  875,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 2.875%, 10/15/2026
    791,534
  425,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033
    343,938
2,050,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025
  1,994,976
1,950,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029
  1,746,030
  450,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027
    423,459
 
 
TOTAL
11,987,010
 
 
Food & Beverage—1.4%
 
1,750,000
 
Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030
  1,781,220
1,100,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029
    984,678
1,325,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028
  1,290,443
  928,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
    912,779
1,625,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029
  1,507,535
  425,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 6.875%, 9/15/2028
    431,430
 
 
TOTAL
6,908,085
 
 
Gaming—3.8%
 
1,625,000
 
Affinity Gaming LLC, 144A, 6.875%, 12/15/2027
  1,415,960
  400,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027
    379,425
  425,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031
    376,440
  225,000
 
Caesars Entertainment Corp., Sec. Fac. Bond, 144A, 7.000%, 2/15/2030
    225,416
  600,000
 
Caesars Entertainment Corp., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029
    527,616
  200,000
 
CCM Merger, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2026
    192,170
1,175,000
 
Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 5/1/2031
  1,156,012
1,025,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 5.750%, 7/1/2025
  1,020,367
1,475,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025
  1,467,747
1,550,000
 
Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027
  1,580,392
  500,000
 
Light & Wonder, Inc., Sr. Unsecd. Note, 144A, 7.500%, 9/1/2031
    507,663
1,000,000
 
Midwest Gaming Borrower LLC, Sr. Note, 144A, 4.875%, 5/1/2029
    891,603
2,500,000
 
Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026
  2,343,025
1,225,000
 
Ontario Gaming GTA LP, Sec. Fac. Bond, 144A, 8.000%, 8/1/2030
  1,238,218
  725,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2029
    602,446
  200,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2027
    190,434
  300,000
 
Raptor Acquisition Corp. / Raptor Co-Issuer LLC, Sec. Fac. Bond, 144A, 4.875%, 11/1/2026
    279,961
1,500,000
 
Scientific Games Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 3/1/2030
  1,343,648
  550,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029
    551,777
  650,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028
    588,396
  950,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031
    807,951
  100,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.500%, 2/15/2025
     96,786
  500,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 5.625%, 5/1/2024
    498,201
 
 
TOTAL
18,281,654
 
 
Health Care—4.9%
 
  800,000
 
Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029
    666,560
  950,000
 
Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029
    842,334
2,075,000
 
Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 4.625%, 7/15/2028
  1,942,824
  875,000
 
CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030
    489,287
2,150,000
 
CHS/Community Health Systems, Inc., 144A, 6.875%, 4/15/2029
  1,270,231
4
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Health Care—continued
 
$  675,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 5.625%, 3/15/2027
$    603,007
  225,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2029
    189,826
  375,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026
    361,469
  850,000
 
CHS/Community Health Systems, Inc., Sr. Note, 144A, 5.250%, 5/15/2030
    669,596
  425,000
 
Embecta Corp., Sec. Fac. Bond, 144A, 5.000%, 2/15/2030
    357,657
1,050,000
 
Embecta Corp., Sr. Note, 144A, 6.750%, 2/15/2030
    904,034
  275,000
 
Garden Spinco Corp., Sr. Unsecd. Note, 144A, 8.625%, 7/20/2030
    288,837
  650,000
 
Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025
    481,624
  750,000
 
HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/15/2026
    751,639
  625,000
 
IMS Health, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026
    610,040
  575,000
 
Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027
    557,131
  200,000
 
Iqvia, Inc., Sr. Unsecd. Note, 144A, 6.500%, 5/15/2030
    201,940
  600,000
 
LifePoint Health, Inc., Sec. Fac. Bond, 144A, 4.375%, 2/15/2027
    525,861
  725,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2029
    475,508
1,325,000
 
Mozart Debt Merger Sub, Inc., Sec. Fac. Bond, 144A, 3.875%, 4/1/2029
  1,177,013
5,125,000
 
Mozart Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029
  4,641,585
1,150,000
 
Tenet Healthcare Corp., 4.250%, 6/1/2029
  1,031,405
  700,000
 
Tenet Healthcare Corp., 4.875%, 1/1/2026
    688,369
  775,000
 
Tenet Healthcare Corp., 5.125%, 11/1/2027
    744,374
  350,000
 
Tenet Healthcare Corp., Sec. Fac. Bond, 144A, 6.750%, 5/15/2031
    350,830
  350,000
 
Tenet Healthcare Corp., Sr. Secd. Note, 6.125%, 6/15/2030
    341,377
1,800,000
 
Tenet Healthcare Corp., Sr. Unsecd. Note, 6.125%, 10/1/2028
  1,746,738
  875,000
 
Tenet Healthcare Corp., Term Loan - 2nd Lien, 144A, 6.250%, 2/1/2027
    871,860
 
 
TOTAL
23,782,956
 
 
Health Insurance—0.2%
 
1,000,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029
    929,643
 
 
Independent Energy—4.1%
 
  975,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030
    913,970
  123,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 7.625%, 2/1/2029
    126,063
  425,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
    390,900
1,100,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 11/1/2026
  1,085,621
  500,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028
    500,885
  725,000
 
Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026
    696,290
  400,000
 
Callon Petroleum Corp., Sr. Unsecd. Note, 144A, 7.500%, 6/15/2030
    395,201
  550,000
 
Callon Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.375%, 7/1/2026
    545,034
1,275,000
1,3
Chesapeake Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2024
     27,413
  175,000
 
Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.875%, 2/1/2029
    168,174
  225,000
 
Chord Energy Corp., Sr. Unsecd. Note, 144A, 6.375%, 6/1/2026
    223,720
  325,000
 
Civitas Resources, Inc., Sr. Unsecd. Note, 144A, 8.625%, 11/1/2030
    336,915
  200,000
 
Civitas Resources, Inc., Sr. Unsecd. Note, 144A, 8.750%, 7/1/2031
    207,244
  525,000
 
Civitas Resources, Inc., Unsecd. Note, 144A, 8.375%, 7/1/2028
    538,357
  225,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 5.875%, 1/15/2030
    195,434
2,000,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029
  1,843,463
2,225,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2025
  2,204,730
  425,000
 
Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.750%, 1/30/2028
    414,918
  975,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025
    976,987
  750,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 8.875%, 7/15/2030
    854,906
  375,000
 
Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 5.375%, 1/15/2026
    363,041
1,425,000
 
Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
  1,414,650
  492,000
 
Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025
    484,566
5
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Independent Energy—continued
 
$  650,000
 
Range Resources Corp., Sr. Unsecd. Note, 8.250%, 1/15/2029
$    674,134
  350,000
 
Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
    319,504
  525,000
 
Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029
    487,905
  400,000
 
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., Sr. Unsecd. Note, 144A, 7.875%, 11/1/2028
    401,866
  675,000
 
SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027
    664,572
1,000,000
 
SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026
    987,694
  600,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 4.750%, 2/1/2032
    535,490
  300,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 5.375%, 3/15/2030
    284,676
  725,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 8.375%, 9/15/2028
    750,382
 
 
TOTAL
20,014,705
 
 
Industrial - Other—1.3%
 
3,750,000
 
Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
  3,148,989
1,975,000
 
Redwood Star Merger Sub, Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030
  1,887,863
  400,000
 
Vertical Holdco GmbH, Sr. Unsecd. Note, 144A, 7.625%, 7/15/2028
    380,000
1,000,000
 
Vertical U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027
    950,994
 
 
TOTAL
6,367,846
 
 
Insurance - P&C—7.0%
 
2,750,000
 
AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029
  2,477,058
2,487,700
 
Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500% / 12.75% PIK, 1/15/2027
  2,462,823
2,000,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029
  1,789,031
2,525,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025
  2,520,792
4,475,000
 
Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029
  4,070,731
  825,000
 
GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027
    823,115
  575,000
 
Hub International Ltd., Sec. Fac. Bond, 144A, 7.250%, 6/15/2030
    588,275
3,375,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029
  3,062,493
4,725,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026
  4,704,429
1,100,000
 
Jones Deslauriers Insurance Management, Inc., Sec. Fac. Bond, 144A, 8.500%, 3/15/2030
  1,136,537
1,275,000
 
Jones Deslauriers Insurance Management, Inc., Sr. Unsecd. Note, 144A, 10.500%, 12/15/2030
  1,321,837
  625,000
 
NFP Corp., Sec. Fac. Bond, 144A, 7.500%, 10/1/2030
    619,900
4,875,000
 
NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028
  4,345,773
4,075,000
 
USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025
  4,047,412
 
 
TOTAL
33,970,206
 
 
Leisure—0.9%
 
  250,000
 
Carnival Corp., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2029
    255,065
  500,000
 
NCL Corp. Ltd., Sr. Secd. Note, 144A, 8.125%, 1/15/2029
    509,544
  625,000
 
NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 5.875%, 3/15/2026
    592,656
  150,000
 
NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 7.750%, 2/15/2029
    142,186
  275,000
 
NCL Finance Ltd., Sr. Unsecd. Note, 144A, 6.125%, 3/15/2028
    249,748
1,750,000
 
SeaWorld Parks & Entertainment, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029
  1,605,931
1,000,000
 
Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 7.250%, 5/15/2031
    965,100
 
 
TOTAL
4,320,230
 
 
Lodging—0.4%
 
  950,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032
    798,778
  200,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028
    197,217
  525,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030
    494,506
  275,000
 
RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2028
    279,465
  250,000
 
Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 5.500%, 8/31/2026
    243,385
 
 
TOTAL
2,013,351
 
 
Media Entertainment—5.0%
 
2,025,000
 
Audacy Capital Corp., 144A, 6.500%, 5/1/2027
     35,438
6
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Media Entertainment—continued
 
$1,350,000
1,3
Audacy Capital Corp., 144A, 6.750%, 3/31/2029
$     23,625
  475,000
1,3
Diamond Sports Group LLC / Diamond Sports Finance Co., 144A, 5.375%, 8/15/2026
     11,875
1,525,000
1,3
Diamond Sports Group LLC / Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 6.625%, 8/15/2027
     34,313
  475,000
 
Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031
    339,069
  750,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2030
    536,133
2,100,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026
  1,965,169
  146,192
 
iHeartCommunications, Inc., 6.375%, 5/1/2026
    124,581
  325,000
 
iHeartCommunications, Inc., 144A, 5.250%, 8/15/2027
    249,442
3,314,973
 
iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027
  2,323,416
  675,000
 
Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029
    640,001
  350,000
 
Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031
    299,789
3,300,000
 
Midas Opco Holdings, LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
  2,893,984
1,100,000
 
Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 4.750%, 11/1/2028
    974,686
1,925,000
 
Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027
  1,824,756
  350,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 7.375%, 2/15/2031
    359,212
  675,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2027
    636,997
1,075,000
 
ROBLOX Corp., Sr. Unsecd. Note, 144A, 3.875%, 5/1/2030
    924,280
  625,000
 
Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027
    527,194
1,375,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027
  1,201,406
1,725,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
  1,275,120
1,050,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028
    958,839
  800,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029
    711,480
2,425,000
 
Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027
  1,942,316
1,000,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 4.500%, 5/1/2029
    878,179
  850,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 7.375%, 6/30/2030
    834,831
  150,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 8.000%, 8/15/2028
    151,750
1,500,000
 
Urban One, Inc., Sec. Fac. Bond, 144A, 7.375%, 2/1/2028
  1,272,927
 
 
TOTAL
23,950,808
 
 
Metals & Mining—0.6%
 
  900,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029
    809,638
  725,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/15/2030
    706,208
1,675,000
 
Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029
  1,444,354
 
 
TOTAL
2,960,200
 
 
Midstream—5.7%
 
1,275,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027
  1,219,171
1,000,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026
    977,243
1,525,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.375%, 6/15/2029
  1,429,410
1,950,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
  1,909,347
1,350,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028
  1,306,930
  575,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.875%, 5/15/2026
    586,697
1,250,000
 
Cheniere Energy Partners, LP, Sr. Unsecd. Note, 4.000%, 3/1/2031
  1,103,416
  550,000
 
Cheniere Energy Partners, LP, Sr. Unsecd. Note, Series WI, 4.500%, 10/1/2029
    513,524
  750,000
 
Cheniere Energy, Inc., Sec. Fac. Bond, Series WI, 4.625%, 10/15/2028
    714,394
1,000,000
 
CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030
    873,336
  500,000
 
Crestwood Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.375%, 2/1/2031
    514,420
  725,000
 
DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031
    636,656
  600,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 5.500%, 7/15/2028
    583,664
  875,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029
    799,147
1,025,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2031
    913,538
  248,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025
    246,271
7
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Midstream—continued
 
$2,250,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027
$  2,255,841
  225,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027
    230,154
  500,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 4.250%, 2/15/2030
    447,650
  600,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2030
    566,724
  750,000
 
Hess Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028
    718,350
1,125,000
 
Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
  1,044,682
  300,000
 
Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 6.375%, 4/15/2027
    295,858
1,175,000
 
Oasis Midstream Partners, Sr. Unsecd. Note, 144A, 8.000%, 4/1/2029
  1,217,935
  525,000
 
Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026
    510,291
  900,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027
    889,443
  650,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031
    575,656
  375,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028
    364,479
  250,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 6.500%, 7/15/2027
    252,579
1,375,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
  1,328,511
  775,000
 
TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026
    677,040
  825,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.500%, 3/1/2028
    784,972
  175,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.650%, 7/1/2026
    170,077
  925,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.300%, 3/1/2048
    766,460
 
 
TOTAL
27,423,866
 
 
Oil Field Services—2.0%
 
1,450,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028
  1,417,158
2,100,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
  2,082,366
  700,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2026
    669,697
  625,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028
    553,681
  175,000
 
Nabors Industries, Inc., Sec. Fac. Bond, 144A, 9.125%, 1/31/2030
    175,605
  175,000
 
Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027
    169,339
  625,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029
    591,124
  600,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026
    598,571
2,025,000
 
USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027
  2,000,752
1,525,000
 
USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026
  1,517,720
 
 
TOTAL
9,776,013
 
 
Packaging—4.6%
 
2,818,920
 
ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027
  1,454,252
1,550,000
 
Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029
  1,233,384
2,125,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027
  1,563,044
1,800,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027
  1,323,990
  875,000
 
Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030
    725,525
  350,000
 
Ball Corp., Sr. Unsecd. Note, 6.000%, 6/15/2029
    349,678
  350,000
 
Ball Corp., Sr. Unsecd. Note, 6.875%, 3/15/2028
    357,809
  975,000
 
Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027
    954,014
  800,000
 
Bway Holding Co., 144A, 7.875%, 8/15/2026
    795,429
  975,000
 
Bway Holding Co., 144A, 9.250%, 4/15/2027
    888,285
5,275,000
 
Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030
  4,737,871
  400,000
 
Crown Americas LLC / Crown Americas Capital Corp. VI, Sr. Unsecd. Note, 4.750%, 2/1/2026
    390,334
  575,000
 
OI European Group BV, Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
    517,940
  400,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/15/2025
    397,444
1,219,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027
  1,207,407
  350,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/15/2031
    347,816
  725,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029
    676,449
  300,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/1/2028
    297,002
8
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Packaging—continued
 
$  375,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 7.250%, 2/15/2031
$    384,356
  475,000
 
Trivium Packaging Finance BV, Sec. Fac. Bond, 144A, 5.500%, 8/15/2026
    457,021
3,350,000
 
Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027
  3,047,401
 
 
TOTAL
22,106,451
 
 
Paper—0.0%
 
  125,000
 
Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030
    108,694
 
 
Pharmaceuticals—1.4%
 
  700,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.750%, 8/15/2027
    382,221
  200,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 6.125%, 2/1/2027
    111,530
1,725,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029
    604,579
1,075,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030
    385,941
  300,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029
    107,169
  600,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029
    229,998
1,825,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 8.500%, 1/31/2027
    901,407
2,575,000
 
Grifols Escrow Issuer S.A., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028
  2,276,905
  650,000
 
Jazz Securities Designated Activity Co., Sec. Fac. Bond, 144A, 4.375%, 1/15/2029
    585,358
  325,000
 
Organon Finance 1 LLC, Sec. Fac. Bond, 144A, 4.125%, 4/30/2028
    288,917
1,325,000
 
Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031
  1,043,740
 
 
TOTAL
6,917,765
 
 
Restaurant—1.5%
 
5,775,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.000%, 10/15/2030
  4,982,916
  925,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032
    832,597
  875,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 5.375%, 4/1/2032
    828,654
  650,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
    604,658
 
 
TOTAL
7,248,825
 
 
Retailers—0.8%
 
  600,000
 
Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027
    585,957
1,175,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029
  1,059,135
  375,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032
    327,334
  975,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029
    803,392
  525,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031
    415,047
  375,000
 
Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029
    324,941
  275,000
 
LCM Investments Holdings II, LLC, Sr. Unsecd. Note, 144A, 8.250%, 8/1/2031
    276,608
 
 
TOTAL
3,792,414
 
 
Supermarkets—0.5%
 
1,175,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029
  1,042,233
  450,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028
    444,313
  550,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.500%, 2/15/2028
    552,697
  375,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026
    381,737
 
 
TOTAL
2,420,980
 
 
Technology—10.8%
 
  625,000
 
AMS AG, Sr. Unsecd. Note, 144A, 7.000%, 7/31/2025
    636,125
  600,000
 
AMS AG, Sr. Unsecd. Note, 144A, 12.250%, 3/30/2029
    612,642
  675,000
 
Black Knight InfoServ LLC, Sr. Unsecd. Note, 144A, 3.625%, 9/1/2028
    627,750
1,625,000
 
Boxer Parent Co., Inc., 144A, 9.125%, 3/1/2026
  1,627,133
1,250,000
 
Capstone Borrower, Inc., Sec. Fac. Bond, 144A, 8.000%, 6/15/2030
  1,253,111
  925,000
 
Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026
    714,954
  750,000
 
Central Parent LLC / CDK Global II LLC / CDK Financing Co., 144A, 8.000%, 6/15/2029
    769,984
1,600,000
 
Central Parent, Inc./Central Merger Sub, Inc., 144A, 7.250%, 6/15/2029
  1,599,705
  275,000
 
Ciena Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/31/2030
    242,602
9
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Technology—continued
 
$1,750,000
 
Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029
$  1,567,450
1,400,000
 
Cloud Software Group, Inc., Sec. Fac. Bond, 144A, 9.000%, 9/30/2029
  1,261,024
1,650,000
 
Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
  1,494,559
1,050,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026
    993,431
1,350,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028
  1,220,535
1,025,000
 
Dun & Bradstreet Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
    926,831
1,850,000
 
Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029
  1,652,787
1,700,000
 
Entegris Escrow Corp., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030
  1,643,333
  250,000
 
Entegris, Inc., Sr. Unsecd. Note, 144A, 3.625%, 5/1/2029
    218,723
  400,000
 
Gartner, Inc., Sr. Unsecd. Note, 144A, 4.500%, 7/1/2028
    375,022
1,450,000
 
HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029
  1,307,519
1,225,000
 
Helios Software Holdings, Sec. Fac. Bond, 144A, 4.625%, 5/1/2028
  1,064,618
  575,000
 
Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2029
    580,055
2,450,000
 
Logan Merger Sub, Inc., Sr. Secd. Note, 144A, 5.500%, 9/1/2027
  1,448,404
4,575,000
 
McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030
  3,955,792
4,900,000
 
Minerva Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030
  4,250,595
  950,000
 
NCR Atleos Escrow Corp., Sec. Fac. Bond, 144A, 9.500%, 4/1/2029
    981,797
1,600,000
 
NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028
  1,458,136
1,525,000
 
NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.125%, 4/15/2029
  1,397,905
  500,000
 
NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030
    439,967
  575,000
 
Open Text Corp., 144A, 6.900%, 12/1/2027
    591,740
  350,000
 
Open Text Corp., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2028
    318,904
  250,000
 
Open Text Holdings, Inc. / Open Text Corp., Sr. Unsecd. Note, 144A, 4.125%, 2/15/2030
    221,440
1,025,000
 
Open Text Holdings, Inc. / Open Text Corp., Sr. Unsecd. Note, 144A, 4.125%, 12/1/2031
    876,495
1,950,000
 
Picard Midco, Inc., Sec. Fac. Bond, 144A, 6.500%, 3/31/2029
  1,797,166
1,425,000
 
Rackspace Technology, Inc., 144A, 3.500%, 2/15/2028
    585,610
1,325,000
 
Rackspace Technology, Inc., Sr. Unsecd. Note, 144A, 5.375%, 12/1/2028
    400,718
2,675,000
 
Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029
  2,164,679
  500,000
 
Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028
    466,372
   75,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 8.250%, 12/15/2029
     79,714
  400,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 8.500%, 7/15/2031
    427,783
1,858,500
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 9.625%, 12/1/2032
  2,089,006
  200,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.000%, 4/15/2029
    179,640
  475,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030
    423,666
  450,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.875%, 9/1/2030
    432,140
  325,000
 
Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031
    275,104
2,000,000
 
SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027
  1,937,380
  425,000
 
Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029
    368,052
  800,000
 
TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029
    711,752
  950,000
 
Veritas US, Inc./Veritas Bermuda, Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025
    741,409
  275,000
 
Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029
    229,857
  625,000
 
ZipRecruiter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/15/2030
    528,606
 
 
TOTAL
52,169,722
 
 
Transportation Services—0.5%
 
1,100,000
 
Stena International S.A., Sec. Fac. Bond, 144A, 6.125%, 2/1/2025
  1,088,887
1,575,000
 
Watco Cos LLC/Finance Co, Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027
  1,519,560
 
 
TOTAL
2,608,447
 
 
Utility - Electric—1.7%
 
  700,000
 
Calpine Corp., 144A, 4.500%, 2/15/2028
    661,154
  232,000
 
Calpine Corp., 144A, 5.250%, 6/1/2026
    227,940
10
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Utility - Electric—continued
 
$  300,000
 
Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031
$    257,308
  450,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029
    407,960
  450,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031
    398,386
  700,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028
    659,329
1,375,000
 
Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026
    692,457
  110,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032
     90,005
1,125,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
  1,013,709
1,325,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028
  1,256,385
  400,000
 
TransAlta Corp., Sr. Unsecd. Note, 7.750%, 11/15/2029
    412,191
  375,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026
    368,344
1,375,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027
  1,338,433
  375,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 7.750%, 10/15/2031
    384,142
 
 
TOTAL
8,167,743
 
 
Wireless Communications—0.3%
 
1,375,000
 
Sprint Corp., Sr. Unsecd. Note, 7.125%, 6/15/2024
  1,382,325
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $498,082,575)
441,786,620
 
 
COMMON STOCKS—3.9%
 
 
 
Automotive—0.1%
 
51,088
3
American Axle & Manufacturing Holdings, Inc.
    355,572
2,865
 
Lear Corp.
    383,194
 
 
TOTAL
738,766
 
 
Building Materials—0.2%
 
6,755
3
GMS, Inc.
    456,908
47,905
 
Interface, Inc.
    484,320
 
 
TOTAL
941,228
 
 
Cable Satellite—0.0%
 
2,175
2,3
Intelsat Jackson Holdings S.A.
     20,206
 
 
Chemicals—0.2%
 
23,540
 
Koppers Holdings, Inc.
  1,063,302
 
 
Consumer Cyclical Services—0.2%
 
10,185
 
Brinks Co. (The)
    803,596
 
 
Consumer Products—0.1%
 
22,745
 
Energizer Holdings, Inc.
    701,456
 
 
Containers & Packaging—0.3%
 
129,335
 
Ardagh Metal Packaging
    519,927
50,710
3
O-I Glass, Inc.
    748,479
 
 
TOTAL
1,268,406
 
 
Diversified Manufacturing—0.1%
 
3,270
 
WESCO International, Inc.
    509,630
 
 
Food & Beverage—0.2%
 
17,405
3
US Foods Holding Corp.
    762,861
 
 
Gaming—0.4%
 
10,670
 
Boyd Gaming Corp.
    630,063
17,855
3
Caesars Entertainment Corp.
    798,476
13,285
 
Red Rock Resorts, Inc.
    591,581
 
 
TOTAL
2,020,120
 
 
Independent Energy—0.2%
 
13,185
3
Callon Petroleum Corp.
    412,295
11
Principal
Amount
or Shares
 
 
Value
 
 
COMMON STOCKS—continued
 
 
 
Independent Energy—continued
 
8,283
 
Devon Energy Corp.
$    372,486
 
 
TOTAL
784,781
 
 
Media Entertainment—0.3%
 
64,726
3
Cumulus Media, Inc.
    315,215
110,234
3
iHeartMedia, Inc.
    288,813
201,940
3
Stagwell, Inc.
  1,013,739
 
 
TOTAL
1,617,767
 
 
Midstream—0.2%
 
51,961
 
Suburban Propane Partners LP
    891,131
 
 
Oil Field Services—0.3%
 
19,916
3
Superior Energy Services, Inc.
  1,480,635
 
 
Paper—0.3%
 
39,241
 
Graphic Packaging Holding Co.
    889,594
9,389
 
WestRock Co.
    386,545
 
 
TOTAL
1,276,139
 
 
Technology—0.4%
 
11,115
 
Dell Technologies, Inc.
    843,295
11,145
3
Lumentum Holdings, Inc.
    477,006
7,365
 
Science Applications International Corp.
    864,725
 
 
TOTAL
2,185,026
 
 
Utility - Electric—0.4%
 
17,520
 
NRG Energy, Inc.
    838,157
27,880
 
Vistra Corp.
    987,231
 
 
TOTAL
1,825,388
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $21,486,840)
18,890,438
 
 
INVESTMENT COMPANIES—3.5%
 
815,540
 
Bank Loan Core Fund
  7,103,358
9,898,423
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.45%4
  9,901,392
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $18,026,423)
17,004,750
 
 
TOTAL INVESTMENT IN SECURITIES—98.6%
(IDENTIFIED COST $537,595,838)
477,681,808
 
 
OTHER ASSETS AND LIABILITIES - NET—1.4%5
6,924,147
 
 
TOTAL NET ASSETS—100%
$484,605,955
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended November 30, 2023, were as follows:  
 
Bank Loan
Core Fund
Federated Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Total of
Affiliated
Transactions
Value as of 2/28/2023
$11,919,245
$12,279,581
$24,198,826
Purchases at Cost
$623,341
$89,468,837
$90,092,178
Proceeds from Sales
$(5,300,000)
$(91,849,261)
$(97,149,261)
Change in Unrealized Appreciation/Depreciation
$194,851
$1,462
$196,313
Net Realized Gain/(Loss)
$(334,079)
$773
$(333,306)
Value as of 11/30/2023
$7,103,358
$9,901,392
$17,004,750
Shares Held as of 11/30/2023
815,540
9,898,423
10,713,963
Dividend Income
$623,342
$382,451
$1,005,793
12
 
1
Issuer in default.
2
Market quotations and price valuations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the supervision of the Fund’s Adviser acting through its Valuation Committee.
3
Non-income-producing security.
4
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, 2023.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the “Adviser”).
◾ 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 ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund’s Board of Trustees (“the Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is
13
both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of November 30, 2023, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
 
 
 
 
Corporate Bonds
$—
$441,786,620
$0
$441,786,620
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
16,869,670
1,480,635
—
18,350,305
International
519,927
—
20,206
540,133
Investment Companies
17,004,750
—
—
17,004,750
TOTAL SECURITIES
$34,394,347
$443,267,255
$20,206
$477,681,808
 
The following acronym(s) are used throughout this portfolio:
 
GMTN
—Global Medium Term Note
PIK
—Payment in Kind
14