NPORT-EX 1 d775535dnportex.htm FORM NPORT-EX Form NPORT-EX
Federated High Yield Trust
Portfolio of Investments
May 31, 2019 (unaudited)
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—88.0%  
    Aerospace/Defense—1.3%  
$ 600,000   TransDigm, Inc., Sr. Sub. Note, 144A, 7.500%, 3/15/2027 $ 606,000
550,000   TransDigm UK Holdings PLC, Sr. Sub., Series WI, 6.875%, 5/15/2026 536,250
2,350,000   TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026 2,402,875
450,000   TransDigm, Inc., Sr. Sub. Note, 6.000%, 7/15/2022 452,812
1,375,000   TransDigm, Inc., Sr. Sub. Note, 6.375%, 6/15/2026 1,356,094
1,750,000   TransDigm, Inc., Sr. Sub. Note, 6.500%, 7/15/2024 1,750,175
2,400,000   TransDigm, Inc., Sr. Sub. Note, 6.500%, 5/15/2025 2,391,000
    TOTAL 9,495,206
    Automotive—2.7%  
3,150,000   Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026 2,354,625
2,900,000   American Axle & Manufacturing, Inc., Sr. Unsecd. Note, Series WI, 6.500%, 4/1/2027 2,751,375
775,000   BCD Acquisition, Inc., 144A, 9.625%, 9/15/2023 813,750
2,275,000   Dana Financing Lux Sarl, 144A, 6.500%, 6/1/2026 2,360,312
925,000   Dana Financing Lux Sarl, Sr. Unsecd. Note, 144A, 5.750%, 4/15/2025 927,312
1,425,000   Goodyear Tire & Rubber Co., Sr. Unsecd. Note, 5.000%, 5/31/2026 1,314,562
225,000   Goodyear Tire & Rubber Co., Sr. Unsecd. Note, 5.125%, 11/15/2023 224,825
525,000   IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027 518,438
525,000   IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029 518,438
1,450,000   J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/15/2026 1,486,250
400,000   Panther BF Aggregator 2 LP, Sec. Fac. Bond, 144A, 6.250%, 5/15/2026 409,000
3,850,000   Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027 3,840,375
3,125,000   Schaeffler Verwaltung Zw, 144A, 4.750%, 9/15/2026 2,921,875
    TOTAL 20,441,137
    Banking—0.3%  
1,975,000   Ally Financial, Inc., Sr. Sub. Note, 5.750%, 11/20/2025 2,120,656
    Building Materials—1.6%  
650,000   American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, 144A, 5.750%, 12/15/2023 667,875
2,375,000   American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, 144A, 5.875%, 5/15/2026 2,422,500
1,450,000   Building Materials Corp. of America, Sr. Unsecd. Note, 144A, 6.000%, 10/15/2025 1,502,534
2,325,000   CD&R Waterworks Merger Subsidiary LLC, Sr. Unsecd. Note, 144A, 6.125%, 8/15/2025 2,307,562
2,300,000   Pisces Midco, Inc., Sec. Fac. Bond, 144A, 8.000%, 4/15/2026 2,087,940
3,325,000   Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027 3,254,344
    TOTAL 12,242,755
    Cable Satellite—8.8%  
850,000   CCO Holdings LLC/Cap Corp., 144A, 5.375%, 5/1/2025 869,933
975,000   CCO Holdings LLC/Cap Corp., 144A, 5.750%, 2/15/2026 1,014,000
1,800,000   CCO Holdings LLC/Cap Corp., 5.750%, 9/1/2023 1,833,750
600,000   CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026 615,972
1,900,000   CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 1,885,750
2,150,000   CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027 2,156,719
725,000   CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029 726,813
575,000   CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.875%, 4/1/2024 595,844
900,000   CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.875%, 5/1/2027 930,375
1,325,000   CSC Holdings LLC, 144A, 5.500%, 5/15/2026 1,347,790
1,400,000   CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.125%, 12/15/2021 1,400,000
1

Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Cable Satellite—continued  
$ 250,000   CSC Holdings LLC, Sr. Unsecd. Note, 144A, 6.500%, 2/1/2029 $ 264,769
600,000   CSC Holdings LLC, Sr. Unsecd. Note, 144A, 6.625%, 10/15/2025 630,570
1,950,000   CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.500%, 4/1/2028 2,086,500
2,700,000   CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.750%, 7/15/2025 2,878,875
4,000,000   CSC Holdings, Inc., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027 4,078,200
1,425,000   CSC Holdings, Inc., Sr. Unsecd. Note, 5.250%, 6/1/2024 1,439,677
1,800,000   Cablevision Systems Corp., Sr. Unsecd. Note, 5.875%, 9/15/2022 1,866,960
2,875,000   Charter Communications Holdings II, 5.125%, 2/15/2023 2,903,836
1,900,000   Charter Communications Holdings II, 5.750%, 1/15/2024 1,938,000
1,350,000   DISH DBS Corp., 5.000%, 3/15/2023 1,270,687
1,875,000   DISH DBS Corp., Sr. Unsecd. Note, 5.875%, 11/15/2024 1,689,975
2,500,000   DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026 2,295,000
1,850,000   Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 8.500%, 10/15/2024 1,808,375
950,000   Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 9.750%, 7/15/2025 969,000
1,925,000   Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.500%, 8/1/2023 1,737,312
1,050,000   Sirius XM Radio, Inc., 144A, 6.000%, 7/15/2024 1,083,023
1,925,000   Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.375%, 4/15/2025 1,945,732
2,950,000   Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.375%, 7/15/2026 2,982,302
4,400,000   Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028 4,356,000
2,875,000   Unitymedia KabelBW Gmbh, 144A, 6.125%, 1/15/2025 2,964,269
3,250,000   Virgin Media Secured Finance PLC, 144A, 5.250%, 1/15/2026 3,245,937
1,525,000   Virgin Media Secured Finance PLC, 144A, 5.500%, 8/15/2026 1,535,949
1,475,000   Virgin Media, Inc., Sr. Unsecd. Note, 144A, 5.750%, 1/15/2025 1,499,891
250,000   Virgin Media, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2024 256,563
2,325,000   Ziggo Finance BV, Sec. Fac. Bond, 144A, 5.500%, 1/15/2027 2,278,500
600,000   Ziggo Finance BV, Sr. Unsecd. Note, 144A, 5.875%, 1/15/2025 598,500
1,925,000   Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027 1,879,281
    TOTAL 65,860,629
    Chemicals—2.0%  
1,000,000   Alpha 2 BV, Sr. Unsecd. Note, 144A, 8.750%, 6/1/2023 985,000
2,750,000   Alpha 3 BV, Sr. Unsecd. Note, 144A, 6.250%, 2/1/2025 2,708,750
2,450,000   Compass Minerals International, Inc., 144A, 4.875%, 7/15/2024 2,339,750
1,400,000   Element Solutions, Inc., Sr. Unsecd. Note, 144A, 5.875%, 12/1/2025 1,426,250
3,175,000 1,2 Hexion U.S. Finance Corp., 6.625%, 4/15/2020 2,555,875
2,550,000   Koppers, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025 2,408,156
350,000   PQ Corp., Sr. Unsecd. Note, 144A, 5.750%, 12/15/2025 351,750
2,650,000   Starfruit Finco BV, Sr. Unsecd. Note, 144A, 8.000%, 10/1/2026 2,603,625
    TOTAL 15,379,156
    Construction Machinery—0.7%  
2,200,000   United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028 2,138,620
375,000   United Rentals North America, Inc., Sr. Unsecd. Note, 5.250%, 1/15/2030 368,438
425,000   United Rentals North America, Inc., Sr. Unsecd. Note, 6.500%, 12/15/2026 451,562
875,000   United Rentals, Inc., Sr. Unsecd. Note, 5.500%, 7/15/2025 896,875
750,000   United Rentals, Inc., Sr. Unsecd. Note, 5.500%, 5/15/2027 758,437
325,000   United Rentals, Inc., Sr. Unsecd. Note, 5.875%, 9/15/2026 337,594
    TOTAL 4,951,526
    Consumer Cyclical Services—0.3%  
2,625,000   GW Honos Security Corp., Sr. Unsecd. Note, 144A, 8.750%, 5/15/2025 2,520,000
2

Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Consumer Products—1.2%  
$ 350,000   Energizer Holdings, Inc., Sec. Fac. Bond, 144A, 6.375%, 7/15/2026 $ 351,750
400,000   Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 5.500%, 6/15/2025 395,880
1,750,000   Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 7.750%, 1/15/2027 1,828,750
575,000   First Quality Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.000%, 7/1/2025 569,250
3,875,000   Prestige Brands Holdings, Inc., 144A, 5.375%, 12/15/2021 3,889,531
1,600,000   Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/1/2024 1,652,000
    TOTAL 8,687,161
    Diversified Manufacturing—1.2%  
525,000   Amsted Industries, Inc., Sr. Unsecd. Note, 144A, 5.625%, 7/1/2027 530,245
475,000   CFX Escrow Corp., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2024 492,613
425,000   CFX Escrow Corp., Sr. Unsecd. Note, 144A, 6.375%, 2/15/2026 444,656
2,515,000   Gates Global LLC, 144A, 6.000%, 7/15/2022 2,508,712
275,000   Stevens Holding Company, Inc., Sr. Unsecd. Note, 144A, 6.125%, 10/1/2026 287,375
2,000,000   Titan Acquisition Ltd., Sr. Unsecd. Note, 144A, 7.750%, 4/15/2026 1,787,500
1,600,000   WESCO Distribution, Inc., Sr. Unsecd. Note, 5.375%, 12/15/2021 1,616,000
1,675,000   WESCO Distribution, Inc., Sr. Unsecd. Note, 5.375%, 6/15/2024 1,712,688
    TOTAL 9,379,789
    Environmental—0.3%  
2,050,000   Tervita Escrow Corp., 144A, 7.625%, 12/1/2021 2,065,375
    Finance Companies—2.5%  
3,625,000   Navient Corp., Sr. Unsecd. Note, 5.875%, 10/25/2024 3,643,125
300,000   Navient Corp., Sr. Unsecd. Note, 6.750%, 6/25/2025 304,875
550,000   Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026 554,125
625,000   Navient Corp., Sr. Unsecd. Note, 7.250%, 9/25/2023 658,406
650,000   Navient Corp., Sr. Unsecd. Note, Series MTN, 6.125%, 3/25/2024 666,309
625,000   Park Aerospace Holdings Ltd., Sr. Unsecd. Note, 144A, 4.500%, 3/15/2023 633,544
6,750,000   Park Aerospace Holdings Ltd., Sr. Unsecd. Note, 144A, 5.500%, 2/15/2024 7,094,857
4,750,000   Quicken Loans, Inc., 144A, 5.750%, 5/1/2025 4,715,325
725,000   Quicken Loans, Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/15/2028 676,751
    TOTAL 18,947,317
    Food & Beverage—2.3%  
3,375,000   Anna Merger Subsidiary, Inc., 144A, 7.750%, 10/1/2022 590,625
325,000   Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 4/1/2025 324,188
1,600,000   Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 1,587,000
1,800,000   Aramark Services, Inc., Sr. Unsecd. Note, 5.125%, 1/15/2024 1,826,622
2,900,000   B&G Foods, Inc., Sr. Unsecd. Note, 5.250%, 4/1/2025 2,814,812
3,175,000   Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2026 3,135,312
950,000   Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2025 961,875
1,000,000   Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028 995,000
2,125,000   Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 2,140,938
2,725,000   U.S. Foodservice, Inc., Sr. Unsecd. Note, 144A, 5.875%, 6/15/2024 2,776,094
    TOTAL 17,152,466
    Gaming—3.2%  
850,000   Boyd Gaming Corp., Sr. Unsecd. Note, 6.375%, 4/1/2026 878,773
1,800,000   Boyd Gaming Corp., Sr. Unsecd. Note, 6.875%, 5/15/2023 1,863,000
4,075,000   CRC Escrow Issuer LLC, Sr. Unsecd. Note, 144A, 5.250%, 10/15/2025 3,995,537
1,200,000   Eldorado Resorts, Inc., Sr. Unsecd. Note, 6.000%, 4/1/2025 1,225,596
300,000   Eldorado Resorts, Inc., Sr. Unsecd. Note, 6.000%, 9/15/2026 310,002
950,000   MGM Growth Properties LLC, Sr. Unsecd. Note, 5.625%, 5/1/2024 984,437
3

Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Gaming—continued  
$ 275,000   MGM Resorts International, 6.000%, 3/15/2023 $ 290,813
1,400,000   MGM Resorts International, Sr. Unsecd. Note, 4.625%, 9/1/2026 1,365,000
700,000   MGM Resorts International, Sr. Unsecd. Note, 5.500%, 4/15/2027 708,313
2,175,000   MGM Resorts International, Sr. Unsecd. Note, 5.750%, 6/15/2025 2,291,906
2,225,000   Mohegan Tribal Gaming Authority, Sr. Unsecd. Note, 144A, 7.875%, 10/15/2024 2,147,125
2,725,000   Rivers Pittsburgh LP, 144A, 6.125%, 8/15/2021 2,755,656
1,625,000   Star Group Holdings BV, Sr. Unsecd. Note, 144A, 7.000%, 7/15/2026 1,675,781
2,050,000   Station Casinos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2025 1,978,250
1,350,000   Sugarhouse HSP Gaming Finance Corp., Sec. Fac. Bond, 144A, 5.875%, 5/15/2025 1,326,375
    TOTAL 23,796,564
    Health Care—10.5%  
300,000   Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 5.625%, 2/15/2023 301,875
3,625,000   Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 6.500%, 3/1/2024 3,706,562
4,000,000   Air Medical Group Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/15/2023 3,750,000
1,075,000   Avantor, Inc., 144A, 6.000%, 10/1/2024 1,119,075
3,000,000   Avantor, Inc., Sr. Unsecd. Note, 144A, 9.000%, 10/1/2025 3,311,250
2,025,000   CHS/Community Health Systems, Inc., 6.250%, 3/31/2023 1,935,799
850,000   CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026 815,201
225,000   CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.625%, 1/15/2024 225,563
1,675,000   CHS/Community Health Systems, Inc., Sr. Unsecd. Note, 6.875%, 2/1/2022 1,122,250
725,000   Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 5.500%, 4/1/2026 754,906
2,950,000   Enterprise Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.750%, 10/15/2026 2,492,750
1,850,000   HCA, Inc., 5.000%, 3/15/2024 1,976,905
1,225,000   HCA, Inc., 5.875%, 5/1/2023 1,303,866
3,100,000   HCA, Inc., 5.875%, 2/15/2026 3,293,781
2,775,000   HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025 2,907,423
1,475,000   HCA, Inc., Sr. Unsecd. Note, 5.625%, 9/1/2028 1,540,933
1,275,000   HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/1/2029 1,354,688
1,500,000   IMS Health, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026 1,531,875
975,000   Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027 991,487
2,575,000   LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 9.750%, 12/1/2026 2,716,393
1,900,000   MEDNAX, Inc., Sr. Unsecd. Note, 144A, 6.250%, 1/15/2027 1,909,500
5,100,000   MPH Acquisition Holdings LLC, 144A, 7.125%, 6/1/2024 5,087,250
5,700,000   Ortho-Clinical Diagnostics, Inc., 144A, 6.625%, 5/15/2022 5,329,500
2,250,000   Polaris Intermediate Corp., Sr. Unsecd. Note, 144A, 8.500%, 12/1/2022 2,219,062
4,275,000   SteriGenics—Nordion Holdings LLC, Sr. Unsecd. Note, 144A, 6.500%, 5/15/2023 4,296,375
3,175,000   SteriGenics Nordion Topc, Sr. Unsecd. Note, 144A, 8.125%, 11/1/2021 3,159,125
2,425,000   Surgery Center Holdings, Inc., Sr. Unsecd. Note, 144A, 6.750%, 7/1/2025 2,212,812
6,200,000   Team Health Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 2/1/2025 5,142,125
550,000   Teleflex, Inc., Sr. Unsecd. Note, 4.625%, 11/15/2027 545,463
450,000   Teleflex, Inc., Sr. Unsecd. Note, 4.875%, 6/1/2026 459,000
2,325,000   Tenet Healthcare Corp., 5.125%, 5/1/2025 2,313,375
975,000   Tenet Healthcare Corp., Sr. Secd. Note, 4.625%, 7/15/2024 971,539
3,275,000   Tenet Healthcare Corp., Sr. Unsecd. Note, 6.750%, 6/15/2023 3,274,738
600,000   Tenet Healthcare Corp., Sr. Unsecd. Note, 7.000%, 8/1/2025 591,978
400,000   Vizient, Inc., Sr. Unsecd. Note, 144A, 6.250%, 5/15/2027 417,500
3,725,000   West Street Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.375%, 9/1/2025 3,445,625
    TOTAL 78,527,549
4

Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Health Insurance—0.3%  
$1,400,000   Centene Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2026 $ 1,455,580
700,000   WellCare Health Plans, Inc., Sr. Unsecd. Note, 144A, 5.375%, 8/15/2026 719,040
    TOTAL 2,174,620
    Independent Energy—5.1%  
575,000   Antero Resources Corp., Sr. Unsecd. Note, 5.625%, 6/1/2023 570,688
750,000   Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 11/1/2026 704,775
850,000   Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026 826,625
1,979,000   Callon Petroleum Corp., Sr. Unsecd. Note, 6.125%, 10/1/2024 1,964,157
550,000   Callon Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.375%, 7/1/2026 537,625
1,900,000   Carrizo Oil & Gas, Inc., 6.250%, 4/15/2023 1,764,625
175,000   Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.250%, 7/15/2025 171,500
1,150,000   Centennial Resource Production, LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 1,144,480
1,275,000   Chesapeake Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2024 1,165,031
375,000   Chesapeake Energy Corp., Sr. Unsecd. Note, Series WI, 8.000%, 1/15/2025 346,875
2,225,000   Chesapeake Energy Corp., Sr. Unsecd. Note, Series WI, 8.000%, 6/15/2027 1,980,250
3,100,000   Crownrock LP/Crownrock F, 144A, 5.625%, 10/15/2025 2,979,875
1,875,000   EP Energy LLC/Everest Acquisition Finance, Inc., Sec. Fac. Bond, 144A, 8.000%, 11/29/2024 1,181,250
300,000   Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.500%, 1/30/2026 304,500
775,000   Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.750%, 1/30/2028 806,969
650,000   Gulfport Energy Corp., Sr. Unsecd. Note, 6.000%, 10/15/2024 539,500
1,150,000   Gulfport Energy Corp., Sr. Unsecd. Note, 6.375%, 5/15/2025 960,250
475,000   Gulfport Energy Corp., Sr. Unsecd. Note, Series WI, 6.375%, 1/15/2026 389,500
875,000   Jagged Peak Energy, Inc., Sr. Unsecd. Note, Series WI, 5.875%, 5/1/2026 858,594
550,000   Laredo Petroleum, 5.625%, 1/15/2022 508,750
450,000   Laredo Petroleum, Sr. Unsecd. Note, 6.250%, 3/15/2023 402,750
1,396,000   Oasis Petroleum, Inc., 6.875%, 3/15/2022 1,354,846
1,125,000   Oasis Petroleum, Inc., 6.875%, 1/15/2023 1,082,813
225,000   Oasis Petroleum, Inc., Sr. Unsecd. Note, 144A, 6.250%, 5/1/2026 200,250
975,000   PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024 943,313
1,100,000   PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 5/15/2026 1,022,670
600,000   Parsley Energy LLC/Parsley Finance Corp., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2025 591,000
1,375,000   Parsley Energy LLC/Parsley Finance Corp., Sr. Unsecd. Note, 144A, 5.625%, 10/15/2027 1,368,125
700,000   QEP Resources, Inc., Sr. Unsecd. Note, 5.250%, 5/1/2023 659,666
1,000,000   QEP Resources, Inc., Sr. Unsecd. Note, 5.625%, 3/1/2026 907,500
1,842,000   Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025 1,611,750
475,000   Range Resources Corp., Sr. Unsecd. Note, 5.000%, 3/15/2023 446,704
875,000   SM Energy Co., Sr. Unsecd. Note, 5.000%, 1/15/2024 770,000
75,000   SM Energy Co., Sr. Unsecd. Note, 5.625%, 6/1/2025 65,625
150,000   SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027 132,750
1,200,000   SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026 1,077,600
1,925,000   SRC Energy, Inc., Sr. Unsecd. Note, Series WI, 6.250%, 12/1/2025 1,810,770
1,000,000   Southwestern Energy Co., Sr. Unsecd. Note, 7.750%, 10/1/2027 960,000
450,000   Ultra Resources, Inc., Sr. Unsecd. Note, 144A, 6.875%, 4/15/2022 92,250
1,600,000   Ultra Resources, Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/15/2025 184,000
1,650,000   Whiting Petroleum Corp., Sr. Unsecd. Note, 6.250%, 4/1/2023 1,598,437
1,000,000   Whiting Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.625%, 1/15/2026 918,750
    TOTAL 37,907,388
    Industrial - Other—0.5%  
500,000   Anixter, Inc., Sr. Unsecd. Note, 144A, 6.000%, 12/1/2025 530,000
5

Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Industrial - Other—continued  
$2,175,000   Hillman Group, Inc., Unsecd. Note, 144A, 6.375%, 7/15/2022 $ 1,990,125
400,000   IAA Spinco, Inc., Sr. Unsecd. Note, 144A, 5.500%, 6/15/2027 407,000
650,000   Resideo Funding, Inc., Sr. Unsecd. Note, 144A, 6.125%, 11/1/2026 669,500
    TOTAL 3,596,625
    Insurance - P&C—3.3%  
725,000   Acrisure LLC, Sec. Fac. Bond, 144A, 8.125%, 2/15/2024 746,297
2,875,000   Acrisure LLC, Sr. Unsecd. Note, 144A, 7.000%, 11/15/2025 2,623,438
2,275,000   AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 7.750%, 7/1/2026 2,303,438
3,075,000   AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025 2,928,937
375,000   GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027 368,438
7,375,000   Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026 7,271,012
2,025,000   Kirs Midco 3 PLC, Sec. Fac. Bond, 144A, 8.625%, 7/15/2023 1,852,875
3,725,000   NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/15/2025 3,580,656
3,250,000   USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025 3,160,625
    TOTAL 24,835,716
    Leisure—0.6%  
3,550,000   Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027 3,548,544
1,050,000   Voc Escrow Ltd., 144A, 5.000%, 2/15/2028 1,025,063
    TOTAL 4,573,607
    Lodging—0.4%  
1,875,000   Hilton Domestic Operations, Sr. Unsecd. Note, Series WI, 5.125%, 5/1/2026 1,890,844
1,050,000   Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 5.375%, 4/15/2026 1,071,000
    TOTAL 2,961,844
    Media Entertainment—4.4%  
500,000   AMC Networks, Inc., Sr. Unsecd. Note, 4.750%, 8/1/2025 490,625
2,575,000   AMC Networks, Inc., Sr. Unsecd. Note, 5.000%, 4/1/2024 2,571,318
1,925,000   CBS Radio, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/1/2024 1,977,937
300,000   Clear Channel Worldwide, Series A, 6.500%, 11/15/2022 307,413
2,150,000   Clear Channel Worldwide, Series B, 6.500%, 11/15/2022 2,203,750
775,000   EMI Music Publishing Group North America Holdings, Inc., 144A, 7.625%, 6/15/2024 820,725
575,000   Entercom Media Corp., 144A, 6.500%, 5/1/2027 585,063
1,500,000   Gannett Co., Inc., 6.375%, 10/15/2023 1,541,250
1,400,000   Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.125%, 10/15/2024 1,410,080
2,100,000   Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026 2,159,745
146,192   iHeartCommunications, Inc., 6.375%, 5/1/2026 152,588
2,314,973   iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027 2,433,615
2,450,000 1,2,3 iHeartCommunications, Inc., Escrow, 9.000%, 3/1/2021 245
825,000   Lin Television Corp., Sr. Unsecd. Note, 5.875%, 11/15/2022 841,253
1,625,000   Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027 1,637,187
950,000   Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 6.125%, 2/15/2022 963,063
3,150,000   Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 8/1/2024 3,181,500
1,675,000   Nielsen Finance LLC/Nielsen Finance Co., 144A, 5.000%, 4/15/2022 1,669,188
600,000   Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2025 587,310
1,775,000   Sinclair Television Group, 144A, 5.625%, 8/1/2024 1,797,187
825,000   Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027 790,020
1,300,000   Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.875%, 3/15/2026 1,308,125
2,650,000   Tribune Media Co., Sr. Unsecd. Note, 5.875%, 7/15/2022 2,692,267
600,000   Urban One, Inc., 144A, 7.375%, 4/15/2022 592,500
    TOTAL 32,713,954
6

Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Metals & Mining—1.5%  
$2,275,000   Coeur Mining, Inc., Sr. Unsecd. Note, 5.875%, 6/1/2024 $ 1,999,839
2,900,000   Freeport-McMoRan, Inc., Sr. Unsecd. Note, 3.875%, 3/15/2023 2,799,892
2,725,000   Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.400%, 11/14/2034 2,438,875
800,000   HudBay Minerals, Inc., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2023 809,000
1,650,000   HudBay Minerals, Inc., Sr. Unsecd. Note, 144A, 7.625%, 1/15/2025 1,645,875
600,000   Teck Resources Ltd., Sr. Unsecd. Note, 6.000%, 8/15/2040 621,361
675,000   Teck Resources Ltd., Sr. Unsecd. Note, 6.125%, 10/1/2035 735,239
    TOTAL 11,050,081
    Midstream—5.5%  
1,275,000   AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027 1,313,276
2,350,000   AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026 2,441,062
925,000   Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 934,250
2,050,000   Antero Midstream Partners LP, Sr. Unsecd. Note, 5.375%, 9/15/2024 2,033,702
675,000   Atlas Pipeline Partners LP, 5.875%, 8/1/2023 670,579
2,625,000   CNX Midstream Partners LP/CNX Midstream Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 3/15/2026 2,480,625
500,000   Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027 518,760
1,900,000   Cheniere Corpus Christi Holdings LLC, Sr. Secd. Note, 5.875%, 3/31/2025 2,044,077
675,000   Cheniere Corpus Christi Holdings LLC, Sr. Secd. Note, 7.000%, 6/30/2024 754,110
3,125,000   Cheniere Energy Partners, LP, Series WI, 5.250%, 10/1/2025 3,131,312
250,000   Cheniere Energy Partners, LP, Sr. Unsecd. Note, 144A, 5.625%, 10/1/2026 253,750
1,800,000   Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unsecd. Note, 6.750%, 6/15/2023 1,561,500
1,250,000   Ferrellgas, L.P., Sr. Unsecd. Note, 6.500%, 5/1/2021 1,109,375
875,000   Ferrellgas, L.P., Sr. Unsecd. Note, 6.750%, 1/15/2022 770,000
3,125,000   Holly Energy Partners LP, 144A, 6.000%, 8/1/2024 3,242,187
2,750,000   NuStar Logistics LP, Sr. Unsecd. Note, 5.625%, 4/28/2027 2,677,757
275,000   NuStar Logistics LP, Sr. Unsecd. Note, 6.000%, 6/1/2026 275,000
1,875,000   Suburban Propane Partners LP, 5.500%, 6/1/2024 1,846,875
925,000   Suburban Propane Partners LP, Sr. Unsecd. Note, 5.750%, 3/1/2025 924,353
900,000   Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027 868,500
3,175,000   Summit Midstream Holdings LLC, 5.500%, 8/15/2022 3,087,687
1,875,000   Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.750%, 4/15/2025 1,673,437
175,000   Sunoco LP/Finance Corp., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2023 176,789
1,125,000   Sunoco LP/Finance Corp., Sr. Unsecd. Note, Series WI, 5.875%, 3/15/2028 1,144,688
175,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 7/15/2027 182,691
450,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028 434,115
1,000,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.125%, 2/1/2025 1,007,500
250,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.250%, 5/1/2023 251,488
1,500,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.375%, 2/1/2027 1,515,000
1,575,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.875%, 4/15/2026 1,632,094
317,000   Tesoro Logistics LP, Sr. Unsecd. Note, 6.250%, 10/15/2022 325,718
325,000   TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026 316,875
    TOTAL 41,599,132
    Oil Field Services—1.7%  
325,000   Apergy Corp., Sr. Unsecd. Note, Series WI, 6.375%, 5/1/2026 334,750
1,475,000   Archrock Partners LP/Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 1,519,250
775,000   Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026 740,125
300,000   Precision Drilling Corp., Sr. Unsecd. Note, 5.250%, 11/15/2024 268,500
143,546   Precision Drilling Corp., Sr. Unsecd. Note, 6.500%, 12/15/2021 144,622
1,250,000   Precision Drilling Corp., Sr. Unsecd. Note, 7.750%, 12/15/2023 1,271,875
7

Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Oil Field Services—continued  
$1,175,000   Sesi LLC, 7.125%, 12/15/2021 $ 881,250
3,150,000   Sesi LLC, Sr. Unsecd. Note, Series WI, 7.750%, 9/15/2024 2,094,750
1,850,000   Shelf Drilling Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 2/15/2025 1,720,500
1,475,000   USA Compression Partners LP, Sr. Unsecd. Note, 144A, 6.875%, 9/1/2027 1,513,719
2,000,000   USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026 2,060,000
    TOTAL 12,549,341
    Packaging—5.4%  
2,450,000   ARD Finance SA, Sec. Fac. Bond, 7.125%, 9/15/2023 2,413,250
1,925,000   Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025 1,910,947
3,375,000   Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 7.250%, 5/15/2024 3,526,875
1,575,000   Berry Global Escrow Corp., 144A, 4.875%, 7/15/2026 1,570,637
975,000   Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027 984,750
1,250,000   Berry Plastics Corp., 5.125%, 7/15/2023 1,264,063
1,450,000   Berry Plastics Corp., 5.500%, 5/15/2022 1,466,313
1,775,000   Bway Holding Co., Sec. Fac. Bond, 144A, 5.500%, 4/15/2024 1,741,896
6,050,000   Bway Holding Co., Sr. Unsecd. Note, 144A, 7.250%, 4/15/2025 5,846,417
1,450,000   Crown Americas LLC/Crown Americas Capital Corp VI, Sr. Unsecd. Note, 4.750%, 2/1/2026 1,461,600
5,975,000   Flex Acquisition Co., Inc., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2025 5,377,500
1,775,000   Flex Acquisition Co., Inc., Sr. Unsecd. Note, 144A, 7.875%, 7/15/2026 1,601,938
3,125,000   Multi-Color Corp., 144A, 6.125%, 12/1/2022 3,218,750
850,000   Owens-Brockway Glass Container, Inc., 144A, 5.375%, 1/15/2025 859,563
3,075,000   Reynolds Group Issuer, Inc./LLC/LU, 144A, 7.000%, 7/15/2024 3,113,437
1,647,483   Reynolds Group Issuer, Inc./LLC/LU, 5.750%, 10/15/2020 1,652,096
125,000   Reynolds Group, Sr. Unsecd. Note, 7.950%, 12/15/2025 128,125
2,250,000   Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.625%, 11/1/2025 2,070,000
    TOTAL 40,208,157
    Paper—0.3%  
2,575,000   Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 5.375%, 2/1/2025 2,304,625
    Pharmaceuticals—4.0%  
875,000   Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.500%, 11/1/2025 881,563
700,000   Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.750%, 8/15/2027 709,625
575,000   Bausch Health Cos, Inc., Sr. Secd. Note, 144A, 7.000%, 3/15/2024 601,953
249,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2023 250,245
814,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.875%, 5/15/2023 818,908
5,150,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/15/2025 5,049,575
400,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029 398,348
3,200,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 8.500%, 1/31/2027 3,367,008
975,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.000%, 12/15/2025 1,053,000
200,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.250%, 4/1/2026 216,750
1,200,000   Eagle Holding Co. II LLC, Unsecd. Note, 144A, 7.750%, 5/15/2022 1,210,500
1,746,000   Endo Dac/Endo Finance LLC/Endo Finco, Inc., Sr. Unsecd. Note, 144A, 6.000%, 7/15/2023 1,263,283
3,575,000   Endo Finance LLC/Endo Finco, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2025 2,395,250
7,375,000   Jaguar Holding Co. II/Pharmaceutical Product Development LLC, Sr. Unsecd. Note, 144A, 6.375%, 8/1/2023 7,505,538
3,350,000   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2025 2,150,281
3,475,000   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2023 2,397,750
    TOTAL 30,269,577
    Refining—0.5%  
3,775,000   CVR Refining LLC/Coffeyville Finance, Inc., 6.500%, 11/1/2022 3,808,031
8

Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Restaurants—0.9%  
$4,625,000   1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 5.000%, 10/15/2025 $ 4,544,062
375,000   Performance Food Group, Inc., 144A, 5.500%, 6/1/2024 377,344
750,000   Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 5.000%, 6/1/2024 763,125
1,325,000   Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/1/2026 1,344,875
    TOTAL 7,029,406
    Retailers—0.7%  
1,350,000   Michaels Stores, Inc., 144A, 5.875%, 12/15/2020 1,354,050
2,850,000   Party City Holdings, Inc., Sr. Unsecd. Note, 144A, 6.125%, 8/15/2023 2,892,750
875,000   Party City Holdings, Inc., Sr. Unsecd. Note, 144A, 6.625%, 8/1/2026 872,813
200,000   William Carter Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2027 205,000
    TOTAL 5,324,613
    Supermarkets—0.8%  
800,000   Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026 840,000
3,500,000   Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 5.750%, 3/15/2025 3,395,700
2,100,000   Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 6.625%, 6/15/2024 2,131,500
    TOTAL 6,367,200
    Technology—7.0%  
3,250,000   Banff Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.750%, 9/1/2026 3,055,000
2,675,000   Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2024 2,818,299
1,300,000   Ensemble S Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.000%, 9/30/2023 1,345,500
625,000   Financial & Risk US Holdings, Inc., 144A, 6.250%, 5/15/2026 631,513
3,525,000   Financial & Risk US Holdings, Inc., Sr. Unsecd. Note, 144A, 8.250%, 11/15/2026 3,516,187
6,475,000   First Data Corp., 144A, 5.750%, 1/15/2024 6,649,825
550,000   Go Daddy Operating Co. LLC/GD Finance Co. Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027 555,500
3,525,000   Inception Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 8.625%, 11/15/2024 3,075,563
4,425,000   Infor US, Inc., 6.500%, 5/15/2022 4,486,684
3,225,000   Italics Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 7.125%, 7/15/2023 3,263,636
3,550,000   JDA Escrow LLC/JDA Bond Finance, Inc., 144A, 7.375%, 10/15/2024 3,701,940
975,000   NCR Corp., 6.375%, 12/15/2023 998,478
1,525,000   Nuance Communications, Inc., Sr. Unsecd. Note, 6.000%, 7/1/2024 1,565,108
1,725,000   Riverbed Technology, Inc., Sr. Unsecd. Note, 144A, 8.875%, 3/1/2023 1,138,500
2,050,000   SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027 2,069,629
600,000   Sensata Technologies UK Financing Co. PLC, Sr. Unsecd. Note, 144A, 6.250%, 2/15/2026 627,000
875,000   Star Merger Sub, Inc., 144A, 6.875%, 8/15/2026 900,156
3,800,000   Star Merger Sub, Inc., Sr. Unsecd. Note, 144A, 10.250%, 2/15/2027 3,914,000
1,725,000   TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 5.625%, 10/1/2025 1,664,625
5,175,000   Tempo Acquisition LLC, Sr. Unsecd. Note, 144A, 6.750%, 6/1/2025 5,239,687
1,000,000   Western Digital Corp., Sr. Unsecd. Note, 4.750%, 2/15/2026 950,350
    TOTAL 52,167,180
    Utility - Electric—2.3%  
700,000   Calpine Corp., 144A, 5.250%, 6/1/2026 687,799
2,675,000   Calpine Corp., 5.750%, 1/15/2025 2,595,338
200,000   Calpine Corp., Bond, 144A, 6.000%, 1/15/2022 202,250
3,475,000   Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 8.500%, 11/1/2021 3,627,031
725,000   NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/15/2029 745,967
1,350,000   NRG Energy, Inc., Sr. Unsecd. Note, 6.625%, 1/15/2027 1,441,125
1,400,000   NRG Energy, Inc., Sr. Unsecd. Note, 7.250%, 5/15/2026 1,515,500
475,000   NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028 498,722
200,000   TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.250%, 1/31/2023 194,500
9

Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Utility - Electric—continued  
$1,950,000   TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028 $ 1,881,750
1,350,000   TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 6.625%, 6/15/2025 1,398,938
875,000   Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026 897,794
1,375,000   Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027 1,419,275
    TOTAL 17,105,989
    Wireless Communications—3.9%  
825,000   Altice France SA, 144A, 8.125%, 2/1/2027 826,031
3,125,000   Altice Luxembourg SA, Sr. Unsecd. Note, 144A, 7.625%, 2/15/2025 2,888,906
5,850,000   Numericable-SFR SAS, 144A, 7.375%, 5/1/2026 5,729,344
2,700,000   Sprint Capital Corp., Company Guarantee, 6.875%, 11/15/2028 2,817,450
3,600,000   Sprint Corp., 7.125%, 6/15/2024 3,753,000
2,575,000   Sprint Corp., 7.875%, 9/15/2023 2,772,425
2,125,000   Sprint Corp., Sr. Unsecd. Note, 7.625%, 2/15/2025 2,252,500
1,125,000   Sprint Corp., Sr. Unsecd. Note, 7.625%, 3/1/2026 1,194,609
1,575,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 4.500%, 2/1/2026 1,561,219
1,250,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2028 1,243,363
925,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.000%, 4/15/2024 962,000
1,825,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.500%, 1/15/2024 1,888,875
1,325,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.500%, 1/15/2026 1,401,188
    TOTAL 29,290,910
    TOTAL CORPORATE BONDS
(IDENTIFIED COST $677,376,491) 		659,405,282
    COMMON STOCKS—7.3%  
    Automotive—0.5%  
117,203 2 American Axle & Manufacturing Holdings, Inc. 1,184,922
104,640   Goodyear Tire & Rubber Co. 1,403,222
9,895   Lear Corp. 1,177,802
    TOTAL 3,765,946
    Cable Satellite—0.2%  
73,655 2 Altice USA, Inc. 1,730,156
    Chemicals—0.4%  
64,670 2 Axalta Coating Systems Ltd. 1,520,392
55,035 2 Koppers Holdings, Inc. 1,467,233
    TOTAL 2,987,625
    Consumer Products—0.2%  
49,330 2 Prestige Consumer Healthcare, Inc. 1,432,050
    Diversified Manufacturing—0.2%  
55,605   Altra Holdings, Inc. 1,744,329
    Food & Beverage—0.3%  
57,725   Aramark 2,008,253
    Gaming—0.7%  
45,895   Gaming and Leisure Properties, Inc. 1,812,394
85,380   Red Rock Resorts, Inc. 1,782,734
95,695 2 Stars Group, Inc./The 1,584,709
    TOTAL 5,179,837
    Health Care—0.2%  
49,895 2 MEDNAX, Inc. 1,230,411
    Independent Energy—0.4%  
107,940 2 Jagged Peak Energy, Inc. 895,902
10

Principal
Amount
or Shares 		    Value
    COMMON STOCKS—continued  
    Independent Energy—continued  
$ 51,515 2 Parsley Energy, Inc. $ 918,512
85,730 2 WPX Energy, Inc. 922,455
    TOTAL 2,736,869
    Industrial - Other—0.2%  
28,435 2 Anixter International, Inc. 1,517,292
    Media Entertainment—0.6%  
140,105   Emerald Expositions Events, Inc. 1,639,229
226,665   Entercom Communication Corp. 1,312,390
25,854 2,3 iHeartMedia, Inc. 426,591
714,355 2 Urban One, Inc. 1,285,839
    TOTAL 4,664,049
    Metals & Mining—0.2%  
76,325   Teck Resources Ltd. 1,550,161
    Midstream—0.5%  
80,516   Suburban Propane Partners LP 1,843,816
59,000   Sunoco LP 1,767,640
    TOTAL 3,611,456
    Packaging—0.7%  
133,480   Ardagh Group SA 1,910,099
30,800 2 Crown Holdings, Inc. 1,707,244
98,765   Owens-Illinois, Inc. 1,580,240
    TOTAL 5,197,583
    Paper—0.5%  
149,196   Graphic Packaging Holding Co. 1,939,548
45,529   WestRock Co. 1,484,245
    TOTAL 3,423,793
    Pharmaceuticals—0.0%  
17,415 2 Mallinckrodt PLC 151,336
    Retailers—0.3%  
61,770   Hanesbrands, Inc. 917,284
161,422 2 Party City Holdco, Inc. 1,275,234
    TOTAL 2,192,518
    Technology—1.0%  
17,775   CDW Corp. 1,749,771
26,650 2 Dell Technologies, Inc. 1,587,007
63,990 2 Inovalon Holdings, Inc. 882,422
31,510 2 Lumentum Holdings, Inc. 1,275,210
37,601 2 NCR Corp. 1,150,591
147,055 2 TTM Technologies, Inc. 1,254,379
    TOTAL 7,899,380
    Utility - Electric—0.2%  
56,900   Enviva Partners LP/Enviva Partners Finance Corp. 1,735,450
    TOTAL COMMON STOCKS
(IDENTIFIED COST $66,318,101) 		54,758,494
    FLOATING RATE LOAN—0.1%  
    Media Entertainment—0.1%  
$639,589 4 iHeartCommunications, Inc., Term Loan—1st Lien, 6.575% (3-month USLIBOR +4.000%), 5/1/2026
(IDENTIFIED COST $829,644) 		640,968
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Principal
Amount
or Shares 		    Value
    INVESTMENT COMPANIES—3.6%  
812,582   Federated Bank Loan Core Fund $ 8,012,059
18,739,308   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.46%5 18,743,056
    TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $27,064,952) 		26,755,115
    TOTAL INVESTMENT IN SECURITIES—99.0%
(IDENTIFIED COST $771,589,188) 		741,559,859
    OTHER ASSETS AND LIABILITIES - NET—1.0%6 7,503,622
    TOTAL NET ASSETS—100% $ 749,063,481
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, 2019, were as follows:
  Federated
Bank Loan
Core Fund 		Federated Institutional
Prime Value
Obligations Fund,
Institutional Shares 		Total of
Affiliated
Transactions
Balance of Shares Held 2/28/2019 800,525 23,237,882 24,038,407
Purchases/Additions 12,057 26,705,700 26,717,757
Sales/Reductions — (31,204,274) (31,204,274)
Balance of Shares Held 5/31/2019 812,582 18,739,308 19,551,890
Value $8,012,059 $ 18,743,056 $ 26,755,115
Change in Unrealized Appreciation/Depreciation $ (56,393) $ (2,361) $ (58,754)
Net Realized Gain/(Loss) $ — $ 280 $ 280
Dividend Income $ 119,233 $ 72,551 $ 191,784
1 Issuer in default.
2 Non-income-producing security.
3 Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund's Board of Trustees (the “Trustees”).
4 Floating/variable note with current rate and current maturity or next reset date shown.
5 7-day net yield.
6 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at May 31, 2019.
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.
■ 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.
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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.
13

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, 2019, 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
Equity Securities:        
Common Stocks        
 Domestic $47,615,206 $ — $426,591 $ 48,041,797
 International 6,716,697 — — 6,716,697
Debt Securities:        
Corporate Bonds — 659,405,037 245 659,405,282
Floating Rate Loan — 640,968 — 640,968
Investment Companies1 18,743,056 — — 26,755,115
TOTAL SECURITIES $73,074,959 $660,046,005 $426,836 $741,559,859
1 As permitted by U.S. generally accepted accounting principles, Federated Bank Loan Core Fund valued at $8,012,059 is measured at fair value using the NAV per share practical expedient and has not been categorized in the chart above, but is included in the Total column. The price of shares redeemed in Federated Bank Loan Core Fund is the next determined NAV after receipt of a shareholder redemption request.
The following acronyms are used throughout this portfolio:
MTN —Medium Term Note
LIBOR —London Interbank Offered Rate
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