N-Q 1 form.htm

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies

 

 

 

 

811-4018

 

(Investment Company Act File Number)

 

 

Federated High Yield Trust

 

___________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

Peter J. Germain, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 02/28/2019

 

 

Date of Reporting Period: Quarter ended 05/31/2018

 

 

 

 

 

 

 

Item 1.Schedule of Investments

 

 

 

Federated High Yield Trust
Portfolio of Investments
May 31, 2018 (unaudited)
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—85.7%  
    Aerospace/Defense—1.2%  
$1,700,000   Engility Corp., Sr. Unsecd. Note, 8.875%, 9/1/2024 $1,787,125
250,000   TransDigm UK Holdings PLC, Sr. Sub., Series 144A, 6.875%, 5/15/2026 256,250
1,700,000   TransDigm, Inc., 5.50%, 10/15/2020 1,706,375
850,000   TransDigm, Inc., Sr. Sub. Note, 6.00%, 7/15/2022 863,813
2,400,000   TransDigm, Inc., Sr. Sub. Note, 6.50%, 5/15/2025 2,440,560
2,425,000   TransDigm, Inc., Sr. Sub. Note, 6.50%, 7/15/2024 2,479,562
1,375,000   TransDigm, Inc., Sr. Sub., 6.375%, 6/15/2026 1,385,313
    TOTAL 10,918,998
    Automotive—1.9%  
2,550,000   Adient Global Holdings Ltd., Sr. Unsecd. Note, Series 144A, 4.875%, 8/15/2026 2,339,625
2,900,000   American Axle & Manufacturing, Inc., Sr. Unsecd. Note, Series WI, 6.50%, 4/1/2027 2,843,885
2,225,000   BCD Acquisition, Inc., Series 144A, 9.625%, 9/15/2023 2,416,906
2,100,000   Dana Financing Lux Sarl, Series 144A, 6.50%, 6/1/2026 2,147,250
925,000   Dana Financing Lux Sarl, Sr. Unsecd. Note, Series 144A, 5.75%, 4/15/2025 919,219
1,375,000   Goodyear Tire & Rubber Co., Sr. Unsecd. Note, 5.00%, 5/31/2026 1,307,969
550,000   Goodyear Tire & Rubber Co., Sr. Unsecd. Note, 5.125%, 11/15/2023 550,275
1,075,000   J.B. Poindexter & Co, Inc., Sr. Unsecd. Note, Series 144A, 7.125%, 4/15/2026 1,096,500
3,025,000   Schaeffler Verwaltung Zw, Series 144A, 4.75%, 9/15/2026 2,851,062
1,237,000   TI Group Auto Systems LLC, Sr. Unsecd. Note, Series 144A, 8.75%, 7/15/2023 1,294,211
    TOTAL 17,766,902
    Banking—0.5%  
4,175,000   Ally Financial, Inc., Sr. Sub. Note, 5.75%, 11/20/2025 4,272,069
    Building Materials—1.4%  
650,000   American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, Series 144A, 5.75%, 12/15/2023 660,563
1,900,000   American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, Series 144A, 5.875%, 5/15/2026 1,876,250
950,000   Beacon Roofing Supply, Inc., 6.375%, 10/1/2023 987,715
1,450,000   Building Materials Corp. of America, Sr. Unsecd. Note, Series 144A, 6.00%, 10/15/2025 1,471,750
1,025,000   CD&R Waterworks Merger Sub LLC, Sr. Unsecd. Note, Series 144A, 6.125%, 8/15/2025 989,125
950,000   Masonite International Corp., Sr. Unsecd. Note, Series 144A, 5.625%, 3/15/2023 982,300
2,300,000   Pisces Midco, Inc., Sec. Fac. Bond, Series 144A, 8.00%, 4/15/2026 2,253,287
3,750,000   Standard Industries, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 2/15/2027 3,532,031
    TOTAL 12,753,021
    Cable Satellite—8.6%  
450,000   Altice US Finance I Corp., Series 144A, 5.375%, 7/15/2023 444,375
1,325,000   Altice US Finance I Corp., Series 144A, 5.50%, 5/15/2026 1,275,710
2,700,000   Altice US Finance I Corp., Sr. Unsecd. Note, Series 144A, 7.75%, 7/15/2025 2,808,000
1,800,000   CCO Holdings LLC/Cap Corp., 5.75%, 9/1/2023 1,818,000
1,450,000   CCO Holdings LLC/Cap Corp., Series 144A, 5.375%, 5/1/2025 1,417,375
1,300,000   CCO Holdings LLC/Cap Corp., Series 144A, 5.75%, 2/15/2026 1,276,860
600,000   CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, Series 144A, 5.50%, 5/1/2026 580,680
2,975,000   CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, Series 144A, 5.00%, 2/1/2028 2,766,750
2,400,000   CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, Series 144A, 5.125%, 5/1/2027 2,253,000
575,000   CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, Series 144A, 5.875%, 4/1/2024 581,469
900,000   CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, Series 144A, 5.875%, 5/1/2027 887,063
2,050,000   CSC Holdings, Inc., Sr. Unsecd. Note, 5.25%, 6/1/2024 1,942,785
1
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Cable Satellite—continued  
$4,000,000   CSC Holdings, Inc., Sr. Unsecd. Note, Series 144A, 5.50%, 4/15/2027 $3,840,000
2,625,000   Cablevision Systems Corp., Sr. Unsecd. Note, 5.875%, 9/15/2022 2,625,000
2,325,000   Cequel Communications Holdings, Sr. Unsecd. Note, Series 144A, 5.125%, 12/15/2021 2,325,279
800,000   Cequel Communications Holdings, Sr. Unsecd. Note, Series 144A, 5.125%, 12/15/2021 800,016
1,950,000   Cequel Communications Holdings, Sr. Unsecd. Note, Series 144A, 7.50%, 4/1/2028 1,962,187
4,300,000   Charter Communications Holdings II, 5.125%, 2/15/2023 4,300,000
500,000   Charter Communications Holdings II, 5.75%, 1/15/2024 502,500
2,350,000   DISH DBS Corp., 5.00%, 3/15/2023 2,038,625
1,975,000   DISH DBS Corp., 5.875%, 7/15/2022 1,854,031
1,875,000   DISH DBS Corp., Sr. Unsecd. Note, 5.875%, 11/15/2024 1,564,219
1,900,000   DISH DBS Corp., Sr. Unsecd. Note, 7.75%, 7/1/2026 1,645,875
1,200,000   Intelsat Jackson Holdings S.A., Series 144A, 8.00%, 2/15/2024 1,272,000
3,675,000   Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.50%, 8/1/2023 3,222,516
3,375,000   Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 7.50%, 4/1/2021 3,315,937
950,000   Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, Series 144A, 9.75%, 7/15/2025 988,000
625,000   Neptune Finco Corp., Sr. Unsecd. Note, Series 144A, 10.125%, 1/15/2023 694,531
600,000   Neptune Finco Corp., Sr. Unsecd. Note, Series 144A, 6.625%, 10/15/2025 621,000
1,450,000   Sirius XM Radio, Inc., Series 144A, 4.625%, 5/15/2023 1,431,875
1,050,000   Sirius XM Radio, Inc., Series 144A, 6.00%, 7/15/2024 1,078,875
725,000   Sirius XM Radio, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 8/1/2027 692,477
1,925,000   Sirius XM Radio, Inc., Sr. Unsecd. Note, Series 144A, 5.375%, 4/15/2025 1,908,156
2,950,000   Sirius XM Radio, Inc., Sr. Unsecd. Note, Series 144A, 5.375%, 7/15/2026 2,861,500
4,400,000   Telenet Finance Luxembourg, Sec. Fac. Bond, Series 144A, 5.50%, 3/1/2028 4,290,757
4,250,000   Unitymedia KabelBW GmbH, Series 144A, 6.125%, 1/15/2025 4,405,125
3,700,000   Virgin Media Secured Finance PLC, Series 144A, 5.25%, 1/15/2026 3,482,625
1,525,000   Virgin Media Secured Finance PLC, Series 144A, 5.50%, 8/15/2026 1,450,656
950,000   Virgin Media Secured Finance PLC, Series 144A, 6.375%, 4/15/2023 966,625
1,475,000   Virgin Media, Inc., Sr. Unsecd. Note, Series 144A, 5.75%, 1/15/2025 1,401,250
250,000   Virgin Media, Inc., Sr. Unsecd. Note, Series 144A, 6.00%, 10/15/2024 243,600
2,975,000   Ziggo Finance BV, Sec. Fac. Bond, Series 144A, 5.50%, 1/15/2027 2,847,670
600,000   Ziggo Finance BV, Sr. Unsecd. Note, Series 144A, 5.875%, 1/15/2025 570,000
1,625,000   Ziggo Finance BV, Sr. Unsecd. Note, Series 144A, 6.00%, 1/15/2027 1,523,437
    TOTAL 80,778,411
    Chemicals—2.0%  
825,000   Alpha 2 BV, Sr. Unsecd. Note, Series 144A, 8.75%, 6/1/2023 816,750
2,750,000   Alpha 3 BV, Sr. Unsecd. Note, Series 144A, 6.25%, 2/1/2025 2,722,500
2,450,000   Compass Minerals International, Inc., Series 144A, 4.875%, 7/15/2024 2,333,625
3,825,000   Hexion U.S. Finance Corp., 6.625%, 4/15/2020 3,619,406
1,075,000   Koppers, Inc., Sr. Unsecd. Note, Series 144A, 6.00%, 2/15/2025 1,092,469
250,000   PQ Corp., Sr. Unsecd. Note, Series 144A, 5.75%, 12/15/2025 246,250
1,275,000   Platform Specialty Products Corp., Sr. Unsecd. Note, Series 144A, 5.875%, 12/1/2025 1,228,781
6,475,000   Platform Specialty Products Corp., Sr. Unsecd. Note, Series 144A, 6.50%, 2/1/2022 6,653,063
    TOTAL 18,712,844
    Construction Machinery—0.5%  
2,200,000   United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028 2,071,520
750,000   United Rentals, Inc., Sr. Unsecd. Note, 5.50%, 5/15/2027 744,375
1,675,000   United Rentals, Inc., Sr. Unsecd. Note, 5.50%, 7/15/2025 1,702,219
325,000   United Rentals, Inc., Sr. Unsecd. Note, 5.875%, 9/15/2026 333,531
    TOTAL 4,851,645
2
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Consumer Cyclical Services—0.6%  
$2,625,000   GW Honos Security Corp., Sr. Unsecd. Note, Series 144A, 8.75%, 5/15/2025 $2,677,500
1,100,000   Matthews International Corp., Sr. Unsecd. Note, Series 144A, 5.25%, 12/1/2025 1,067,000
1,800,000   ServiceMaster Co. LLC, Sr. Unsecd. Note, Series 144A, 5.125%, 11/15/2024 1,748,250
    TOTAL 5,492,750
    Consumer Products—1.3%  
3,700,000   First Quality Finance Co., Inc., Series 144A, 4.625%, 5/15/2021 3,653,750
575,000   First Quality Finance Co., Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 7/1/2025 540,500
4,300,000   Prestige Brands Holdings, Inc., Series 144A, 5.375%, 12/15/2021 4,294,625
1,600,000   Prestige Brands, Inc., Sr. Unsecd. Note, Series 144A, 6.375%, 3/1/2024 1,584,000
1,875,000   Spectrum Brands, Inc., 5.75%, 7/15/2025 1,865,625
575,000   Spectrum Brands, Inc., 6.125%, 12/15/2024 585,781
    TOTAL 12,524,281
    Diversified Manufacturing—1.2%  
2,175,000   Entegris, Inc., Sr. Unsecd. Note, Series 144A, 4.625%, 2/10/2026 2,096,156
2,515,000   Gates Global LLC, Series 144A, 6.00%, 7/15/2022 2,546,438
1,200,000   JPW Industries Holding Corp., Sr. Secd. Note, Series 144A, 9.00%, 10/1/2024 1,266,000
2,000,000   Titan Acquisition Ltd., Sr. Unsecd. Note, Series 144A, 7.75%, 4/15/2026 1,905,000
2,000,000   WESCO Distribution, Inc., Sr. Unsecd. Note, 5.375%, 12/15/2021 2,042,500
1,675,000   WESCO Distribution, Inc., Sr. Unsecd. Note, 5.375%, 6/15/2024 1,681,281
    TOTAL 11,537,375
    Environmental—0.4%  
2,350,000   Tervita Escrow Corp., Series 144A, 7.625%, 12/1/2021 2,385,250
450,000   Tervita Escrow Corp., Term Loan—2nd Lien, Series 144A, 7.625%, 12/1/2021 456,750
1,025,000   Wrangler Buyer Corp., Sr. Unsecd. Note, Series 144A, 6.00%, 10/1/2025 981,438
    TOTAL 3,823,438
    Finance Companies—2.3%  
250,000   Navient Corp., Sr. Unsecd. Note, 5.50%, 1/25/2023 246,513
3,800,000   Navient Corp., Sr. Unsecd. Note, 5.875%, 10/25/2024 3,763,140
375,000   Navient Corp., Sr. Unsecd. Note, 6.50%, 6/15/2022 387,656
300,000   Navient Corp., Sr. Unsecd. Note, 6.75%, 6/25/2025 305,910
2,275,000   Navient Corp., Sr. Unsecd. Note, 7.25%, 9/25/2023 2,405,812
650,000   Navient Corp., Sr. Unsecd. Note, Series MTN, 6.125%, 3/25/2024 654,875
625,000   Park Aerospace Holdings Ltd., Sr. Unsecd. Note, Series 144A, 4.50%, 3/15/2023 596,875
600,000   Park Aerospace Holdings Ltd., Sr. Unsecd. Note, Series 144A, 5.25%, 8/15/2022 594,000
6,750,000   Park Aerospace Holdings Ltd., Sr. Unsecd. Note, Series 144A, 5.50%, 2/15/2024 6,640,312
5,300,000   Quicken Loans, Inc., Series 144A, 5.75%, 5/1/2025 5,194,000
725,000   Quicken Loans, Inc., Sr. Unsecd. Note, Series 144A, 5.25%, 1/15/2028 666,094
    TOTAL 21,455,187
    Food & Beverage—2.4%  
3,750,000   Anna Merger Sub, Inc., Series 144A, 7.75%, 10/1/2022 2,254,688
1,800,000   Aramark Services, Inc., Sr. Unsecd. Note, 5.125%, 1/15/2024 1,832,400
1,850,000   Aramark Services, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 2/1/2028 1,785,250
1,425,000   Aramark Services, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 4/1/2025 1,428,563
2,825,000   B&G Foods, Inc., Sr. Unsecd. Note, 5.25%, 4/1/2025 2,662,562
1,200,000   Lamb Weston Holdings, Inc., Sr. Unsub., Series 144A, 4.875%, 11/1/2026 1,192,500
3,575,000   Post Holdings, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 8/15/2026 3,360,500
1,675,000   Post Holdings, Inc., Sr. Unsecd. Note, Series 144A, 5.50%, 3/1/2025 1,654,063
1,000,000   Post Holdings, Inc., Sr. Unsecd. Note, Series 144A, 5.625%, 1/15/2028 946,250
2,750,000   Post Holdings, Inc., Sr. Unsecd. Note, Series 144A, 5.75%, 3/1/2027 2,666,647
3
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Food & Beverage—continued  
$2,725,000   U.S. Foodservice, Inc., Sr. Unsecd. Note, Series 144A, 5.875%, 6/15/2024 $2,786,312
    TOTAL 22,569,735
    Gaming—3.5%  
1,225,000   Boyd Gaming Corp., Sr. Unsecd. Note, 6.375%, 4/1/2026 1,258,687
2,300,000   Boyd Gaming Corp., Sr. Unsecd. Note, 6.875%, 5/15/2023 2,423,625
5,025,000   CRC Escrow Issuer LLC, Sr. Unsecd. Note, Series 144A, 5.25%, 10/15/2025 4,824,000
1,200,000   Eldorado Resorts, Inc., Sr. Unsecd. Note, 6.00%, 4/1/2025 1,200,000
950,000   MGM Growth Properties LLC, Sr. Unsecd. Note, 5.625%, 5/1/2024 964,250
1,325,000   MGM Mirage, Inc., 7.75%, 3/15/2022 1,454,187
450,000   MGM Mirage, Inc., Sr. Unsecd. Note, 6.75%, 10/1/2020 475,898
775,000   MGM Resorts International, 6.00%, 3/15/2023 802,125
1,400,000   MGM Resorts International, Sr. Unsecd. Note, 4.625%, 9/1/2026 1,302,000
2,375,000   Mohegan Tribal Gaming Authority, Sr. Unsecd. Note, Series 144A, 7.875%, 10/15/2024 2,268,125
1,175,000   Penn National Gaming, Inc., Sr. Unsecd. Note, Series 144A, 5.625%, 1/15/2027 1,125,063
2,800,000   Pinnacle Entertainment, Inc., Sr. Unsecd. Note, 5.625%, 5/1/2024 2,947,000
2,500,000   Rivers Pittsburgh LP, Series 144A, 6.125%, 8/15/2021 2,500,000
4,250,000   Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, Series 144A, 5.875%, 5/15/2021 4,291,225
370,000   Seminole Tribe of Florida, Inc., Bond, Series 144A, 7.804%, 10/1/2020 371,850
2,050,000   Station Casinos, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 10/1/2025 1,975,175
1,750,000   Sugarhouse HSP Gaming Finance Corp., Sec. Fac. Bond, Series 144A, 5.875%, 5/15/2025 1,673,437
950,000   Wynn Las Vegas LLC, Sr. Unsecd. Note, Series 144A, 5.25%, 5/15/2027 909,625
    TOTAL 32,766,272
    Health Care—10.4%  
300,000   Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 5.625%, 2/15/2023 304,875
3,625,000   Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 6.50%, 3/1/2024 3,770,000
3,925,000   Air Medical Group Holdings, Inc., Sr. Unsecd. Note, Series 144A, 6.375%, 5/15/2023 3,718,937
1,725,000   Amsurg Corp., Sr. Unsecd. Note, 5.625%, 7/15/2022 1,761,656
1,075,000   Avantor, Inc., Series 144A, 6.00%, 10/1/2024 1,072,313
2,675,000   Avantor, Inc., Sr. Unsecd. Note, Series 144A, 9.00%, 10/1/2025 2,768,625
1,025,000   CHS/Community Health Systems, Inc., 5.125%, 8/1/2021 968,307
2,025,000   CHS/Community Health Systems, Inc., 6.25%, 3/31/2023 1,898,437
3,175,000   CHS/Community Health Systems, Inc., Sr. Unsecd. Note, 6.875%, 2/1/2022 1,682,750
725,000   Charles River Laboratories International, Inc., Sr. Unsecd. Note, Series 144A, 5.50%, 4/1/2026 729,531
2,600,000   Envision Healthcare Holdings, Inc., Series 144A, 5.125%, 7/1/2022 2,619,500
500,000   HCA, Inc., 4.50%, 2/15/2027 475,000
4,550,000   HCA, Inc., 5.00%, 3/15/2024 4,594,135
1,150,000   HCA, Inc., 5.25%, 6/15/2026 1,147,125
3,575,000   HCA, Inc., 5.875%, 2/15/2026 3,606,317
1,225,000   HCA, Inc., 5.875%, 5/1/2023 1,277,063
1,350,000   HCA, Inc., Bond, 5.875%, 3/15/2022 1,422,563
1,375,000   HCA, Inc., Sr. Secd. Note, 5.25%, 4/15/2025 1,385,313
2,775,000   HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025 2,733,375
1,075,000   HCA, Inc., Sr. Unsecd. Note, 7.50%, 2/15/2022 1,174,438
875,000   Hologic, Inc., Sr. Unsecd. Note, Series 144A, 4.375%, 10/15/2025 838,906
1,625,000   IMS Health, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 10/15/2026 1,557,969
1,000,000   LifePoint Health, Inc., 5.875%, 12/1/2023 1,003,750
600,000   LifePoint Health, Inc., Sr. Unsecd. Note, 5.375%, 5/1/2024 581,250
6,675,000   MPH Acquisition Holdings LLC, Series 144A, 7.125%, 6/1/2024 6,942,000
1,700,000   New Amethyst Corp., Sr. Unsecd. Note, Series 144A, 6.25%, 12/1/2024 1,802,340
4
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Health Care—continued  
$8,750,000   Ortho-Clinical Diagnostics, Inc., Series 144A, 6.625%, 5/15/2022 $8,662,500
2,625,000   Polaris Intermediate Corp., Sr. Unsecd. Note, Series 144A, 8.50%, 12/1/2022 2,720,156
4,325,000   SteriGenics—Nordion Holdings LLC, Sr. Unsecd. Note, Series 144A, 6.50%, 5/15/2023 4,389,875
3,625,000   SteriGenics Nordion Topc, Sr. Unsecd. Note, Series 144A, 8.125%, 11/1/2021 3,688,437
3,175,000   Surgery Center Holdings, Inc., Sr. Unsecd. Note, Series 144A, 6.75%, 7/1/2025 2,976,562
6,375,000   Team Health Holdings, Inc., Sr. Unsecd. Note, Series 144A, 6.375%, 2/1/2025 5,546,250
550,000   Teleflex, Inc., Sr. Unsecd. Note, 4.625%, 11/15/2027 519,063
850,000   Teleflex, Inc., Sr. Unsecd. Note, 4.875%, 6/1/2026 835,125
1,000,000   Teleflex, Inc., Sr. Unsecd. Note, 5.25%, 6/15/2024 1,017,500
2,475,000   Tenet Healthcare Corp., Series 144A, 5.125%, 5/1/2025 2,410,031
700,000   Tenet Healthcare Corp., Series 144A, 7.50%, 1/1/2022 736,015
625,000   Tenet Healthcare Corp., Sr. Secd. Note, 4.50%, 4/1/2021 624,375
975,000   Tenet Healthcare Corp., Sr. Secd. Note, Series 144A, 4.625%, 7/15/2024 940,826
3,600,000   Tenet Healthcare Corp., Sr. Unsecd. Note, 6.75%, 6/15/2023 3,591,000
750,000   Tenet Healthcare Corp., Sr. Unsecd. Note, Series 144A, 7.00%, 8/1/2025 748,125
3,300,000   Vizient, Inc., Sr. Unsecd. Note, Series 144A, 10.375%, 3/1/2024 3,646,500
1,975,000   West Street Merger Sub, Inc., Sr. Unsecd. Note, Series 144A, 6.375%, 9/1/2025 1,896,000
    TOTAL 96,784,815
    Health Insurance—0.2%  
1,400,000   Centene Escrow Corp., Sr. Unsecd. Note, Series 144A, 5.375%, 6/1/2026 1,417,500
    Independent Energy—5.5%  
375,000   Antero Resources Corp., Sr. Unsecd. Note, 5.00%, 3/1/2025 374,415
400,000   Antero Resources Corp., Sr. Unsecd. Note, 5.125%, 12/1/2022 404,000
575,000   Antero Resources Corp., Sr. Unsecd. Note, 5.625%, 6/1/2023 586,500
175,000   Antero Resources Finance Corp., 5.375%, 11/1/2021 177,494
2,425,000   Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Note, Series 144A, 10.00%, 4/1/2022 2,625,062
850,000   Berry Petroleum Co., Sr. Unsecd. Note, Series 144A, 7.00%, 2/15/2026 867,000
1,979,000   Callon Petroleum Corp., Sr. Unsecd. Note, 6.125%, 10/1/2024 2,006,211
550,000   Callon Petroleum Corp., Sr. Unsecd. Note, Series 144A, 6.375%, 7/1/2026 550,000
1,900,000   Carrizo Oil & Gas, Inc., 6.25%, 4/15/2023 1,933,250
157,000   Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 7.50%, 9/15/2020 157,981
175,000   Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.25%, 7/15/2025 187,250
900,000   Chesapeake Energy Corp., 5.75%, 3/15/2023 850,500
1,081,000   Chesapeake Energy Corp., Series 144A, 8.00%, 12/15/2022 1,147,211
550,000   Chesapeake Energy Corp., Sr. Unsecd. Note, 4.875%, 4/15/2022 537,625
375,000   Chesapeake Energy Corp., Sr. Unsecd. Note, Series WI, 8.00%, 1/15/2025 373,594
2,225,000   Chesapeake Energy Corp., Sr. Unsecd. Note, Series WI, 8.00%, 6/15/2027 2,213,875
3,400,000   Crownrock LP/Crownrock F, Series 144A, 5.625%, 10/15/2025 3,315,068
1,600,000   EP Energy LLC/Everest Acquisition Finance, Inc., Sec. Fac. Bond, Series 144A, 8.00%, 11/29/2024 1,592,000
300,000   Endeavor Energy Resources LP, Sr. Unsecd. Note, Series 144A, 5.50%, 1/30/2026 294,750
900,000   Endeavor Energy Resources LP, Sr. Unsecd. Note, Series 144A, 5.75%, 1/30/2028 887,625
650,000   Gulfport Energy Corp., Sr. Unsecd. Note, 6.00%, 10/15/2024 614,250
1,150,000   Gulfport Energy Corp., Sr. Unsecd. Note, 6.375%, 5/15/2025 1,108,301
1,250,000   Gulfport Energy Corp., Sr. Unsecd. Note, 6.625%, 5/1/2023 1,262,500
475,000   Gulfport Energy Corp., Sr. Unsecd. Note, Series WI, 6.375%, 1/15/2026 454,813
700,000   Jagged Peak Energy, Inc., Sr. Unsecd. Note, Series 144A, 5.875%, 5/1/2026 693,000
550,000   Laredo Petroleum, 5.625%, 1/15/2022 547,250
450,000   Laredo Petroleum, Sr. Unsecd. Note, 6.25%, 3/15/2023 450,000
1,125,000   Oasis Petroleum, Inc., 6.875%, 1/15/2023 1,143,281
5
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Independent Energy—continued  
$1,396,000   Oasis Petroleum, Inc., 6.875%, 3/15/2022 $1,420,430
225,000   Oasis Petroleum, Inc., Sr. Unsecd. Note, Series 144A, 6.25%, 5/1/2026 224,719
975,000   PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024 996,937
850,000   PDC Energy, Inc., Sr. Unsecd. Note, Series 144A, 5.75%, 5/15/2026 842,562
600,000   Parsley Energy LLC/Parsley Finance Corp., Sr. Unsecd. Note, Series 144A, 5.25%, 8/15/2025 585,000
575,000   Parsley Energy LLC/Parsley Finance Corp., Sr. Unsecd. Note, Series 144A, 5.375%, 1/15/2025 570,688
1,700,000   Parsley Energy LLC/Parsley Finance Corp., Sr. Unsecd. Note, Series 144A, 5.625%, 10/15/2027 1,683,000
700,000   QEP Resources, Inc., Sr. Unsecd. Note, 5.25%, 5/1/2023 688,625
800,000   QEP Resources, Inc., Sr. Unsecd. Note, 5.625%, 3/1/2026 767,000
725,000   RSP Permian, Inc., Sr. Unsecd. Note, 5.25%, 1/15/2025 747,656
1,842,000   Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025 1,740,690
475,000   Range Resources Corp., Sr. Unsecd. Note, 5.00%, 3/15/2023 463,125
875,000   SM Energy Co., Sr. Unsecd. Note, 5.00%, 1/15/2024 824,688
75,000   SM Energy Co., Sr. Unsecd. Note, 5.625%, 6/1/2025 72,188
600,000   SM Energy Co., Sr. Unsecd. Note, 6.50%, 1/1/2023 612,000
850,000   SM Energy Co., Sr. Unsecd. Note, 6.75%, 9/15/2026 864,875
2,125,000   SRC Energy, Inc., Sr. Unsecd. Note, Series 144A, 6.25%, 12/1/2025 2,172,812
125,000   Southwestern Energy Co., Sr. Unsecd. Note, 4.10%, 3/15/2022 121,875
350,000   Southwestern Energy Co., Sr. Unsecd. Note, 7.50%, 4/1/2026 364,007
2,275,000   Southwestern Energy Co., Sr. Unsecd. Note, 7.75%, 10/1/2027 2,388,750
450,000   Ultra Resources, Inc., Sr. Unsecd. Note, Series 144A, 6.875%, 4/15/2022 304,313
1,600,000   Ultra Resources, Inc., Sr. Unsecd. Note, Series 144A, 7.125%, 4/15/2025 1,000,000
1,025,000   WPX Energy, Inc., Sr. Unsecd. Note, 5.25%, 9/15/2024 1,019,875
175,000   WPX Energy, Inc., Sr. Unsecd. Note, 5.75%, 6/1/2026 174,888
192,000   WPX Energy, Inc., Sr. Unsecd. Note, 6.00%, 1/15/2022 202,560
325,000   WPX Energy, Inc., Sr. Unsecd. Note, 8.25%, 8/1/2023 370,500
1,650,000   Whiting Petroleum Corp., Sr. Unsecd. Note, 6.25%, 4/1/2023 1,687,125
775,000   Whiting Petroleum Corp., Sr. Unsecd. Note, Series 144A, 6.625%, 1/15/2026 794,375
    TOTAL 51,060,069
    Industrial - Other—0.5%  
3,300,000   Hillman Group, Inc., Unsecd. Note, Series 144A, 6.375%, 7/15/2022 3,192,750
1,875,000   KAR Auction Services, Inc., Sr. Unsecd. Note, Series 144A, 5.125%, 6/1/2025 1,785,938
    TOTAL 4,978,688
    Insurance - P&C—2.1%  
2,875,000   Acrisure LLC, Sr. Unsecd. Note, Series 144A, 7.00%, 11/15/2025 2,688,125
3,075,000   AssuredPartners, Inc., Sr. Unsecd. Note, Series 144A, 7.00%, 8/15/2025 3,013,500
5,000,000   Hub International Ltd., Sr. Unsecd. Note, Series 144A, 7.00%, 5/1/2026 5,014,300
2,625,000   Kirs Midco 3 PLC, Sec. Fac. Bond, Series 144A, 8.625%, 7/15/2023 2,723,438
3,275,000   NFP Corp., Sr. Unsecd. Note, Series 144A, 6.875%, 7/15/2025 3,250,437
3,250,000   USIS Merger Sub, Inc., Sr. Unsecd. Note, Series 144A, 6.875%, 5/1/2025 3,282,500
    TOTAL 19,972,300
    Leisure—0.8%  
350,000   Boyne USA, Inc., Series 144A, 7.25%, 5/1/2025 364,658
550,000   Live Nation Entertainment, Inc., Sr. Unsecd. Note, Series 144A, 5.625%, 3/15/2026 550,000
1,275,000   Six Flags Entertainment Corp., Sr. Unsecd. Note, Series 144A, 4.875%, 7/31/2024 1,233,562
4,175,000   Six Flags Entertainment Corp., Sr. Unsecd. Note, Series 144A, 5.50%, 4/15/2027 4,058,935
1,050,000   Voc Escrow Ltd., Term Loan—1st Lien, Series 144A, 5.00%, 2/15/2028 994,235
    TOTAL 7,201,390
6
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Lodging—0.3%  
$2,125,000   Hilton Domestic Operations, Sr. Unsecd. Note, Series 144A, 5.125%, 5/1/2026 $2,085,156
1,050,000   Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, Series 144A, 5.375%, 4/15/2026 1,052,625
    TOTAL 3,137,781
    Media Entertainment—4.6%  
1,075,000   AMC Networks, Inc., Sr. Unsecd. Note, 4.75%, 8/1/2025 1,013,187
2,575,000   AMC Networks, Inc., Sr. Unsecd. Note, 5.00%, 4/1/2024 2,507,406
1,925,000   CBS Radio, Inc., Sr. Unsecd. Note, Series 144A, 7.25%, 11/1/2024 1,857,625
2,450,000 1,2 Clear Channel Communications, Inc., Company Guarantee, 9.00%, 3/1/2021 1,947,750
300,000   Clear Channel Worldwide, Series A, 6.50%, 11/15/2022 307,500
3,575,000   Clear Channel Worldwide, Series B, 6.50%, 11/15/2022 3,668,844
775,000   EMI Music Publishing Group North America Holdings, Inc., Series 144A, 7.625%, 6/15/2024 840,875
1,500,000   Gannett Co., Inc., 6.375%, 10/15/2023 1,558,125
1,400,000   Gray Television, Inc., Sr. Unsecd. Note, Series 144A, 5.125%, 10/15/2024 1,323,000
2,100,000   Gray Television, Inc., Sr. Unsecd. Note, Series 144A, 5.875%, 7/15/2026 1,989,750
825,000   Lin Television Corp., Sr. Unsecd. Note, 5.875%, 11/15/2022 850,781
1,875,000   Match Group, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 12/15/2027 1,786,219
1,675,000   Nexstar Broadcasting, Inc., Sr. Unsecd. Note, Series 144A, 6.125%, 2/15/2022 1,727,344
2,725,000   Nexstar Escrow Corp., Sr. Unsecd. Note, Series 144A, 5.625%, 8/1/2024 2,672,271
3,325,000   Nielsen Finance LLC/Nielsen Finance Co., Series 144A, 5.00%, 4/15/2022 3,306,613
1,800,000   Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, Series 144A, 5.00%, 2/1/2025 1,741,500
1,100,000   Outfront Americas Capital LLC/Outfront Media Capital Corp., Sr. Unsecd. Note, 5.875%, 3/15/2025 1,115,125
1,775,000   Sinclair Television Group, Series 144A, 5.625%, 8/1/2024 1,772,249
825,000   Sinclair Television Group, Sr. Unsecd. Note, Series 144A, 5.125%, 2/15/2027 771,375
1,700,000   Sinclair Television Group, Sr. Unsecd. Note, Series 144A, 5.875%, 3/15/2026 1,689,375
3,775,000   Tribune Media Co., Sr. Unsecd. Note, 5.875%, 7/15/2022 3,836,344
2,050,000   Urban One, Inc., Series 144A, 7.375%, 4/15/2022 2,009,000
1,775,000   Urban One, Inc., Series 144A, 9.25%, 2/15/2020 1,695,125
900,000   WMG Acquisition Corp., Sr. Unsecd. Note, Series 144A, 5.50%, 4/15/2026 893,250
    TOTAL 42,880,633
    Metals & Mining—1.8%  
2,275,000   Coeur Mining, Inc., Sr. Unsecd. Note, 5.875%, 6/1/2024 2,238,031
4,175,000   Freeport-McMoRan, Inc., Sr. Unsecd. Note, 3.875%, 3/15/2023 4,023,656
3,075,000   Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.40%, 11/14/2034 2,844,375
800,000   HudBay Minerals, Inc., Sr. Unsecd. Note, Series 144A, 7.25%, 1/15/2023 830,000
1,250,000   HudBay Minerals, Inc., Sr. Unsecd. Note, Series 144A, 7.625%, 1/15/2025 1,318,750
500,000   Steel Dynamics, Inc., Sr. Unsecd. Note, 5.125%, 10/1/2021 509,000
300,000   Steel Dynamics, Inc., Sr. Unsecd. Note, 5.25%, 4/15/2023 305,625
1,500,000   Steel Dynamics, Inc., Sr. Unsecd. Note, 5.50%, 10/1/2024 1,533,750
1,100,000   Teck Resources Ltd., Sr. Unsecd. Note, 6.00%, 8/15/2040 1,108,250
1,975,000   Teck Resources Ltd., Sr. Unsecd. Note, 6.125%, 10/1/2035 2,049,063
100,000   Teck Resources Ltd., Sr. Unsecd. Note, 6.25%, 7/15/2041 103,500
    TOTAL 16,864,000
    Midstream—5.1%  
1,200,000   AmeriGas Partners LP, Sr. Unsecd. Note, 5.50%, 5/20/2025 1,170,780
275,000   AmeriGas Partners LP, Sr. Unsecd. Note, 5.625%, 5/20/2024 273,625
1,275,000   AmeriGas Partners LP, Sr. Unsecd. Note, 5.75%, 5/20/2027 1,208,062
2,750,000   AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026 2,688,125
2,050,000   Antero Midstream Partners LP, Sr. Unsecd. Note, 5.375%, 9/15/2024 2,019,250
675,000   Atlas Pipeline Partners LP, 5.875%, 8/1/2023 669,938
7
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Midstream—continued  
$1,450,000   CNX Midstream Partners LP/CNX Midstream Finance Corp, Sr. Unsecd. Note, Series 144A, 6.50%, 3/15/2026 $1,417,375
1,000,000   Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027 997,500
1,900,000   Cheniere Corpus Christi Holdings LLC, Sr. Secd. Note, 5.875%, 3/31/2025 1,990,250
925,000   Cheniere Corpus Christi Holdings LLC, Sr. Secd. Note, 7.00%, 6/30/2024 1,024,438
3,725,000   Cheniere Energy Partners, LP, Sr. Unsecd. Note, Series 144A, 5.25%, 10/1/2025 3,631,875
2,650,000   Energy Transfer Equity LP, 5.875%, 1/15/2024 2,756,000
2,225,000   Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unsecd. Note, 6.75%, 6/15/2023 1,980,250
1,950,000   Ferrellgas, L.P., Sr. Unsecd. Note, 6.50%, 5/1/2021 1,818,375
1,500,000   Ferrellgas, L.P., Sr. Unsecd. Note, 6.75%, 1/15/2022 1,383,750
3,125,000   Holly Energy Partners LP, Series 144A, 6.00%, 8/1/2024 3,132,812
2,750,000   NuStar Logistics, L.P., Sr. Unsecd. Note, 5.625%, 4/28/2027 2,629,687
2,200,000   Suburban Propane Partners LP, 5.50%, 6/1/2024 2,130,040
925,000   Suburban Propane Partners LP, Sr. Unsecd. Note, 5.75%, 3/1/2025 890,313
900,000   Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027 852,750
3,450,000   Summit Midstream Holdings LLC, 5.50%, 8/15/2022 3,381,000
1,875,000   Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.75%, 4/15/2025 1,795,312
175,000   Sunoco LP/Finance Corp., Sr. Unsecd. Note, Series 144A, 4.875%, 1/15/2023 167,564
725,000   Sunoco LP/Finance Corp., Sr. Unsecd. Note, Series 144A, 5.50%, 2/15/2026 687,844
1,125,000   Sunoco LP/Finance Corp., Sr. Unsecd. Note, Series 144A, 5.875%, 3/15/2028 1,059,750
250,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.25%, 5/1/2023 252,500
1,550,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, Series 144A, 5.00%, 1/15/2028 1,460,410
1,000,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, Series 144A, 5.125%, 2/1/2025 990,000
1,500,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, Series 144A, 5.375%, 2/1/2027 1,458,750
950,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, Series 144A, 5.875%, 4/15/2026 955,643
317,000   Tesoro Logistics LP, Sr. Unsecd. Note, 6.25%, 10/15/2022 330,869
325,000   TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026 329,063
    TOTAL 47,533,900
    Oil Field Services—1.4%  
325,000   Apergy Corp., Series 144A, 6.375%, 5/1/2026 331,094
300,000   Precision Drilling Corp., Sr. Unsecd. Note, 5.25%, 11/15/2024 283,500
304,000   Precision Drilling Corp., Sr. Unsecd. Note, 6.50%, 12/15/2021 311,661
1,250,000   Precision Drilling Corp., Sr. Unsecd. Note, 7.75%, 12/15/2023 1,328,125
775,000   Precision Drilling Corp., Sr. Unsecd. Note, Series 144A, 7.125%, 1/15/2026 792,437
1,075,000   Sesi LLC, 7.125%, 12/15/2021 1,096,500
2,625,000   Sesi LLC, Sr. Unsecd. Note, Series WI, 7.75%, 9/15/2024 2,730,000
1,025,000   Shelf Drilling Holdings Ltd., Sr. Unsecd. Note, Series 144A, 8.25%, 2/15/2025 1,049,344
1,575,000   USA Compression Partners LP, Sr. Unsecd. Note, Series 144A, 6.875%, 4/1/2026 1,628,156
1,775,000   Weatherford International Ltd., 7.00%, 3/15/2038 1,411,125
1,600,000   Weatherford International Ltd., Sr. Unsecd. Note, 8.25%, 6/15/2023 1,556,000
350,000   Weatherford International, Inc., Sr. Unsecd. Note, 6.80%, 6/15/2037 274,750
    TOTAL 12,792,692
    Packaging—4.6%  
2,450,000   ARD Finance SA, Sec. Fac. Bond, 7.125%, 9/15/2023 2,456,125
1,925,000   Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, Series 144A, 6.00%, 2/15/2025 1,891,312
1,325,000   Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, Series 144A, 6.00%, 6/30/2021 1,343,219
4,050,000   Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, Series 144A, 7.25%, 5/15/2024 4,242,375
1,625,000   Berry Plastics Corp., 5.125%, 7/15/2023 1,614,844
2,125,000   Berry Plastics Corp., 5.50%, 5/15/2022 2,164,844
2,625,000   Bway Holding Co., Sec. Fac. Bond, Series 144A, 5.50%, 4/15/2024 2,598,750
8
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Packaging—continued  
$6,375,000   Bway Holding Co., Sr. Unsecd. Note, Series 144A, 7.25%, 4/15/2025 $6,275,550
1,450,000   Crown Americas LLC, Sr. Unsecd. Note, Series 144A, 4.75%, 2/1/2026 1,373,295
5,975,000   Flex Acquisition Co., Inc., Sr. Unsecd. Note, Series 144A, 6.875%, 1/15/2025 5,795,750
3,125,000   Multi-Color Corp., Series 144A, 6.125%, 12/1/2022 3,218,750
850,000   Owens-Brockway Glass Container, Inc., Series 144A, 5.375%, 1/15/2025 838,312
2,301,631   Reynolds Group Issuer, Inc./LLC/LU, 5.75%, 10/15/2020 2,316,016
3,475,000   Reynolds Group Issuer, Inc./LLC/LU, Series 144A, 7.00%, 7/15/2024 3,572,561
350,000   Reynolds Group, Sr. Unsecd. Note, 7.95%, 12/15/2025 385,000
975,000   Sealed Air Corp., Series 144A, 4.875%, 12/1/2022 998,156
2,250,000   Trident Merger Sub, Inc., Sr. Unsecd. Note, Series 144A, 6.625%, 11/1/2025 2,221,875
    TOTAL 43,306,734
    Paper—0.2%  
2,575,000   Clearwater Paper Corp., Sr. Unsecd. Note, Series 144A, 5.375%, 2/1/2025 2,330,375
    Pharmaceuticals—4.1%  
1,150,000   Eagle Holding Co., Sr. Unsecd. Note, Series 144A, 7.625%, 5/15/2022 1,167,480
1,950,000   Endo Dac/Endo Finance LLC/Endo Finco, Inc., Sr. Unsecd. Note, Series 144A, 6.00%, 7/15/2023 1,447,270
350,000   Endo Finance LLC/Endo Finco, Inc., Sr. Unsecd. Note, Series 144A, 5.375%, 1/15/2023 261,625
3,850,000   Endo Finance LLC/Endo Finco, Inc., Sr. Unsecd. Note, Series 144A, 6.00%, 2/1/2025 2,752,750
8,325,000   Jaguar Holding Co. II/Pharmaceutical Product Development LLC, Sr. Unsecd. Note, Series 144A, 6.375%, 8/1/2023 8,390,767
2,025,000   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 4.75%, 4/15/2023 1,640,250
3,500,000   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, Series 144A, 5.50%, 4/15/2025 2,809,100
2,325,000   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, Series 144A, 5.625%, 10/15/2023 1,932,656
875,000   Valeant Pharmaceuticals International, Inc., Sec. Fac. Bond, Series 144A, 5.50%, 11/1/2025 861,875
1,275,000   Valeant Pharmaceuticals International, Inc., Series 144A, 7.50%, 7/15/2021 1,303,687
1,150,000   Valeant Pharmaceuticals International, Inc., Sr. Secd. Note, Series 144A, 7.00%, 3/15/2024 1,208,938
1,250,000   Valeant Pharmaceuticals International, Inc., Sr. Unsecd. Note, Series 144A, 5.50%, 3/1/2023 1,168,750
6,600,000   Valeant Pharmaceuticals International, Inc., Sr. Unsecd. Note, Series 144A, 6.125%, 4/15/2025 6,129,750
750,000   Valeant Pharmaceuticals International, Inc., Sr. Unsecd. Note, Series 144A, 8.50%, 1/31/2027 764,063
975,000   Valeant Pharmaceuticals International, Inc., Sr. Unsecd. Note, Series 144A, 9.00%, 12/15/2025 1,023,750
5,325,000   Vrx Escrow Corp., Series 144A, 5.875%, 5/15/2023 5,078,719
    TOTAL 37,941,430
    Refining—0.4%  
3,775,000   CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/1/2022 3,850,500
    Restaurants—0.8%  
4,625,000   1011778 BC Unltd. Liability Co./New Red Finance, Inc., Series 144A, 5.00%, 10/15/2025 4,405,312
300,000   KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsecd. Note, Series 144A, 4.75%, 6/1/2027 282,750
375,000   Performance Food Group, Inc., Series 144A, 5.50%, 6/1/2024 372,188
975,000   Yum! Brands, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 6/1/2024 970,125
1,900,000   Yum! Brands, Inc., Sr. Unsecd. Note, Series 144A, 5.25%, 6/1/2026 1,862,000
    TOTAL 7,892,375
    Retailers—1.2%  
4,050,000   Argos Merger Sub, Inc., Sr. Unsecd. Note, Series 144A, 7.125%, 3/15/2023 1,967,490
1,225,000   Michaels Stores, Inc., Series 144A, 5.875%, 12/15/2020 1,238,781
2,850,000   Party City Holdings, Inc., Sr. Unsecd. Note, Series 144A, 6.125%, 8/15/2023 2,907,000
475,000   PetSmart, Inc., Sr. Unsecd. Note, Series 144A, 8.875%, 6/1/2025 229,188
2,200,000   Rite Aid Corp., Sr. Unsecd. Note, Series 144A, 6.125%, 4/1/2023 2,263,250
2,350,000   Sally Holdings LLC/Sally Capital, Inc., 5.625%, 12/1/2025 2,220,750
    TOTAL 10,826,459
9
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Supermarkets—0.5%  
$3,075,000   Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 5.75%, 3/15/2025 $2,721,375
2,100,000   Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 6.625%, 6/15/2024 1,985,130
    TOTAL 4,706,505
    Technology—7.2%  
4,400,000   BMC Software, Inc., Series 144A, 8.125%, 7/15/2021 4,521,440
950,000   CDW LLC/CDW Finance, Sr. Unsecd. Note, 5.00%, 9/1/2023 961,875
525,000   CDW LLC/CDW Finance, Sr. Unsecd. Note, 5.00%, 9/1/2025 521,220
800,000   CommScope Technologies Finance LLC, Series 144A, 6.00%, 6/15/2025 806,000
3,425,000   Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Unsecd. Note, Series 144A, 7.125%, 6/15/2024 3,680,950
2,425,000   Ensemble S Merger Sub, Inc., Sr. Unsecd. Note, Series 144A, 9.00%, 9/30/2023 2,570,500
9,100,000   First Data Corp., Series 144A, 5.75%, 1/15/2024 9,168,250
1,225,000   First Data Corp., Sr. Unsecd. Note, Series 144A, 7.00%, 12/1/2023 1,286,250
1,175,000   Gartner, Inc., Sr. Unsecd. Note, Series 144A, 5.125%, 4/1/2025 1,169,125
4,375,000   Inception Merger Sub, Inc., Sr. Unsecd. Note, Series 144A, 8.625%, 11/15/2024 4,462,500
3,800,000   Infor Software Parent, Inc., Series 144A, 7.125%, 5/1/2021 3,833,250
5,750,000   Infor US, Inc., 6.50%, 5/15/2022 5,872,187
3,225,000   Italics Merger Sub, Inc., Sr. Unsecd. Note, Series 144A, 7.125%, 7/15/2023 3,289,500
3,550,000   JDA Escrow LLC/JDA Bond Finance, Inc., Series 144A, 7.375%, 10/15/2024 3,665,375
375,000   MSCI, Inc., Series 144A, 5.75%, 8/15/2025 387,656
975,000   NCR Corp., 6.375%, 12/15/2023 1,005,235
675,000   NCR Corp., Sr. Unsecd. Note, 5.875%, 12/15/2021 686,239
825,000   Nuance Communications, Inc., Series 144A, 5.375%, 8/15/2020 830,156
2,075,000   Nuance Communications, Inc., Sr. Unsecd. Note, 6.00%, 7/1/2024 2,095,750
1,475,000   Nuance Communications, Inc., Sr. Unsecd. Note, Series 144A, 5.625%, 12/15/2026 1,445,500
3,075,000   Riverbed Technology, Inc., Sr. Unsecd. Note, Series 144A, 8.875%, 3/1/2023 2,894,344
1,100,000   Sensata Technologies UK Financing Co. PLC, Sr. Unsecd. Note, Series 144A, 6.25%, 2/15/2026 1,150,875
3,275,000   Solera LLC/Solera Finance, Inc., Series 144A, 10.50%, 3/1/2024 3,650,642
2,000,000   TTM Technologies, Sr. Unsecd. Note, Series 144A, 5.625%, 10/1/2025 1,975,000
5,000,000   Tempo Acquisition LLC, Sr. Unsecd. Note, Series 144A, 6.75%, 6/1/2025 4,857,750
400,000   Vantiv LLC, Sr. Unsecd. Note, Series 144A, 4.375%, 11/15/2025 379,500
    TOTAL 67,167,069
    Transportation Services—0.3%  
1,525,000   Avis Budget Group, Inc., Sr. Unsecd. Note, Series 144A, 6.375%, 4/1/2024 1,502,125
1,125,000   Hertz Corp., Sr. Unsecd. Note, Series 144A, 5.50%, 10/15/2024 904,219
    TOTAL 2,406,344
    Utility - Electric—2.1%  
4,425,000   Calpine Corp., 5.75%, 1/15/2025 4,037,812
200,000   Calpine Corp., Bond, Series 144A, 6.00%, 1/15/2022 204,250
700,000   Calpine Corp., Series 144A, 5.25%, 6/1/2026 664,125
650,000   Calpine Corp., Series 144A, 5.875%, 1/15/2024 650,000
3,475,000   Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 8.50%, 11/1/2021 3,644,406
3,550,000   NRG Energy, Inc., 6.25%, 5/1/2024 3,683,125
1,350,000   NRG Energy, Inc., Sr. Unsecd. Note, 6.625%, 1/15/2027 1,400,625
1,400,000   NRG Energy, Inc., Sr. Unsecd. Note, 7.25%, 5/15/2026 1,508,500
475,000   NRG Energy, Inc., Sr. Unsecd. Note, Series 144A, 5.75%, 1/15/2028 470,293
200,000   TerraForm Power Operating LLC, Sr. Unsecd. Note, Series 144A, 4.25%, 1/31/2023 193,500
1,950,000   TerraForm Power Operating LLC, Sr. Unsecd. Note, Series 144A, 5.00%, 1/31/2028 1,847,625
1,350,000   TerraForm Power Operating LLC, Sr. Unsecd. Note, Series 144A, 6.625%, 6/15/2025 1,442,813
    TOTAL 19,747,074
10
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Wireless Communications—3.8%  
$300,000   Altice Luxembourg SA, Series 144A, 7.75%, 5/15/2022 $289,125
4,825,000   Altice Luxembourg SA, Sr. Unsecd. Note, Series 144A, 7.625%, 2/15/2025 4,288,267
875,000   Numericable Group SA, Series 144A, 6.25%, 5/15/2024 852,031
6,425,000   Numericable-SFR SAS, Series 144A, 7.375%, 5/1/2026 6,288,469
2,700,000   Sprint Capital Corp., Company Guarantee, 6.875%, 11/15/2028 2,592,000
3,775,000   Sprint Corp., 7.125%, 6/15/2024 3,812,750
3,925,000   Sprint Corp., 7.875%, 9/15/2023 4,129,100
2,550,000   Sprint Corp., Sr. Unsecd. Note, 7.625%, 2/15/2025 2,632,875
1,125,000   Sprint Corp., Sr. Unsecd. Note, 7.625%, 3/1/2026 1,158,750
2,025,000   Sprint Nextel Corp., Sr. Unsecd. Note, 6.00%, 11/15/2022 2,014,875
1,750,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 4.50%, 2/1/2026 1,647,187
1,250,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 4.75%, 2/1/2028 1,170,313
325,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.00%, 3/1/2023 337,188
925,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.00%, 4/15/2024 963,203
300,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.375%, 3/1/2025 314,220
1,825,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.50%, 1/15/2024 1,911,687
1,325,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.50%, 1/15/2026 1,386,281
    TOTAL 35,788,321
    TOTAL CORPORATE BONDS
(IDENTIFIED COST $813,275,044) 		800,809,882
    COMMON STOCKS—7.5%  
    Automotive—0.6%  
100,463 2 American Axle & Manufacturing Holdings, Inc. 1,589,325
93,080   Goodyear Tire & Rubber Co. 2,273,944
7,860   Lear Corp. 1,556,280
    TOTAL 5,419,549
    Cable Satellite—0.2%  
79,000 2 Altice USA, Inc. 1,545,240
    Chemicals—0.2%  
75,290 2 Axalta Coating Systems Ltd. 2,342,272
    Consumer Products—0.5%  
96,735   Newell Brands, Inc. 2,281,011
68,850 2 Prestige Brands Holdings, Inc. 2,301,656
    TOTAL 4,582,667
    Food & Beverage—0.8%  
85,355   B&G Foods, Inc., Class A 2,402,743
28,050 2 Post Holdings, Inc. 2,156,204
70,905 2 US Foods Holding Corp. 2,529,890
    TOTAL 7,088,837
    Gaming—0.5%  
51,025 2 Eldorado Resorts, Inc. 2,306,330
69,675   Gaming and Leisure Properties, Inc. 2,445,592
    TOTAL 4,751,922
    Independent Energy—0.3%  
132,655 2 WPX Energy, Inc. 2,415,648
    Industrial - Other—0.3%  
36,985 2 Anixter International, Inc. 2,265,331
53,121 2 International Wire Group Holdings, Inc. 1,035,860
    TOTAL 3,301,191
11
Principal
Amount
or Shares 		    Value
    COMMON STOCKS—continued  
    Media Entertainment—0.5%  
155,265   Entercom Communication Corp. $1,063,565
90,402 2 Gray Television, Inc. 994,422
50,375   Sinclair Broadcast Group, Inc. 1,380,275
760,961 2 Urban One, Inc. 1,559,970
    TOTAL 4,998,232
    Metals & Mining—0.2%  
77,480   Teck Resources Ltd. 2,105,132
    Midstream—0.3%  
112,516   Suburban Propane Partners LP 2,634,000
    Packaging—1.0%  
137,045   Ardagh Group SA 2,380,471
43,820 2 Crown Holdings, Inc. 1,899,159
35,535   Multi-Color Corp. 2,466,129
117,830 2 Owens-Illinois, Inc. 2,191,638
    TOTAL 8,937,397
    Paper—0.5%  
7,672 2 Clearwater Paper Corp. 184,512
164,701   Graphic Packaging Holding Co. 2,384,870
40,024   WestRock Co. 2,356,613
    TOTAL 4,925,995
    Pharmaceuticals—0.0%  
21,245 2 Mallinckrodt PLC 357,978
    Retailers—0.5%  
127,815   Hanesbrands, Inc. 2,330,068
148,132 2 Party City Holdco, Inc. 2,177,540
    TOTAL 4,507,608
    Technology—0.9%  
29,325   CDW Corp. 2,347,466
57,055 2 CommScope Holdings Co., Inc. 1,672,853
73,590   Diebold Nixdorf, Inc. 846,285
59,786 2 NCR Corp. 1,799,558
89,865 2 TTM Technologies 1,620,266
    TOTAL 8,286,428
    Utility - Electric—0.2%  
74,120   Enviva Partners LP/Enviva Partners Finance Corp. 2,245,836
    TOTAL COMMON STOCKS
(IDENTIFIED COST $72,191,472) 		70,445,932
    INVESTMENT COMPANIES—5.7%  
1,607,316   Federated Bank Loan Core Fund 16,185,677
36,603,363   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.95%3 36,607,023
    TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $52,991,151) 		52,792,700
    TOTAL INVESTMENT IN SECURITIES—98.9%
(IDENTIFIED COST $938,457,667) 		924,048,514
    OTHER ASSETS AND LIABILITIES - NET—1.1%4 10,269,890
    TOTAL NET ASSETS—100% $934,318,404
12
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, 2018, were as follows:
  Federated
Bank Loan
Core Fund 		Federated
Institutional
Prime Value
Obligations Fund,
Institutional Shares 		Total of
Affiliated
Transactions
Balance of Shares Held 2/28/2018 1,585,749 12,477,115 14,062,864
Purchases/Additions 21,567 67,513,411 67,534,978
Sales/Reductions — (43,387,163) (43,387,163)
Balance of Shares Held 5/31/2018 1,607,316 36,603,363 38,210,679
Value $16,185,677 $36,607,023 $52,792,700
Change in Unrealized Appreciation/Depreciation $(79,849) $1,978 $(77,871)
Net Realized Gain/(Loss) $— $(1,849) $(1,849)
Dividend Income $217,747 $91,723 $309,470
1 Issuer in default.
2 Non-income-producing security.
3 7-day net yield.
4 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, 2018.
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 Fund's Board of Trustees (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.
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.
13
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 determine the fair value of equity securities traded principally in foreign markets when the Adviser determines that there has been a significant trend in the U.S. equity markets or in index futures trading. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of May 31, 2018, 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 $64,566,491 $1,035,860 $— $65,602,351
 International 4,843,581 — — 4,843,581
Debt Securities:        
Corporate Bonds — 800,809,8821 — 800,809,882
Investment Companies2 36,607,023 — — 52,792,700
TOTAL SECURITIES $106,017,095 $801,845,742 $— $924,048,514
1 Includes $1,855,875 of a corporate bond transferred from Level 3 to Level 2 because observable market data was obtained for the security. This transfer represents the value of the security at the beginning of the period.
2 As permitted by U.S. generally accepted accounting principles, Federated Bank Loan Core Fund valued at $16,185,677, 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 acronym is used throughout this portfolio:
MTN —Medium Term Note
14

 

 

 

Item 2.Controls and Procedures

 

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3.Exhibits

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant Federated High Yield Trust

 

By /S/ Lori A. Hensler

 

Lori A. Hensler, Principal Financial Officer

 

Date July 23, 2018

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /S/ J. Christopher Donahue

 

J. Christopher Donahue, Principal Executive Officer

 

Date July 23, 2018

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler, Principal Financial Officer

 

Date July 23, 2018