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 11/30/2018

 

 

 

 

 

 
 

 

 

Item 1.Schedule of Investments

 

 

 

Federated High Yield Trust
Portfolio of Investments
November 30, 2018 (unaudited)
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—87.9%  
    Aerospace/Defense—1.2%  
$1,200,000   Engility Corp., Sr. Unsecd. Note, 8.875%, 9/1/2024 $1,299,000
250,000   TransDigm UK Holdings PLC, Sr. Sub., Series 144A, 6.875%, 5/15/2026 247,500
1,700,000   TransDigm, Inc., 5.50%, 10/15/2020 1,701,598
450,000   TransDigm, Inc., Sr. Sub. Note, 6.00%, 7/15/2022 451,687
1,750,000   TransDigm, Inc., Sr. Sub. Note, 6.50%, 7/15/2024 1,758,750
2,400,000   TransDigm, Inc., Sr. Sub. Note, 6.50%, 5/15/2025 2,397,000
1,375,000   TransDigm, Inc., Sr. Sub. Note, 6.375%, 6/15/2026 1,345,630
    TOTAL 9,201,165
    Automotive—1.9%  
3,250,000   Adient Global Holdings Ltd., Sr. Unsecd. Note, Series 144A, 4.875%, 8/15/2026 2,624,375
2,900,000   American Axle & Manufacturing, Inc., Sr. Unsecd. Note, Series WI, 6.50%, 4/1/2027 2,642,625
1,450,000   BCD Acquisition, Inc., Series 144A, 9.625%, 9/15/2023 1,540,625
2,275,000   Dana Financing Lux Sarl, Series 144A, 6.50%, 6/1/2026 2,223,813
925,000   Dana Financing Lux Sarl, Sr. Unsecd. Note, Series 144A, 5.75%, 4/15/2025 883,375
1,425,000   Goodyear Tire & Rubber Co., Sr. Unsecd. Note, 5.00%, 5/31/2026 1,305,656
225,000   Goodyear Tire & Rubber Co., Sr. Unsecd. Note, 5.125%, 11/15/2023 223,031
1,075,000   J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, Series 144A, 7.125%, 4/15/2026 1,029,313
3,025,000   Schaeffler Verwaltung Zw, Series 144A, 4.75%, 9/15/2026 2,684,687
    TOTAL 15,157,500
    Banking—0.4%  
3,275,000   Ally Financial, Inc., Sr. Sub. Note, 5.75%, 11/20/2025 3,356,875
    Building Materials—1.5%  
650,000   American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, Series 144A, 5.75%, 12/15/2023 650,325
2,175,000   American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, Series 144A, 5.875%, 5/15/2026 2,115,187
1,450,000   Building Materials Corp. of America, Sr. Unsecd. Note, Series 144A, 6.00%, 10/15/2025 1,419,188
1,675,000   CD&R Waterworks Merger Subsidiary LLC, Sr. Unsecd. Note, Series 144A, 6.125%, 8/15/2025 1,536,813
760,000   Masonite International Corp., Sr. Unsecd. Note, Series 144A, 5.625%, 3/15/2023 760,950
2,300,000   Pisces Midco, Inc., Sec. Fac. Bond, Series 144A, 8.00%, 4/15/2026 2,193,625
3,325,000   Standard Industries, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 2/15/2027 3,000,812
    TOTAL 11,676,900
    Cable Satellite—8.7%  
1,800,000   CCO Holdings LLC/Cap Corp., 5.75%, 9/1/2023 1,813,500
1,450,000   CCO Holdings LLC/Cap Corp., Series 144A, 5.375%, 5/1/2025 1,428,250
975,000   CCO Holdings LLC/Cap Corp., Series 144A, 5.75%, 2/15/2026 977,447
600,000   CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, Series 144A, 5.50%, 5/1/2026 585,750
2,975,000   CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, Series 144A, 5.00%, 2/1/2028 2,777,906
2,150,000   CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, Series 144A, 5.125%, 5/1/2027 2,042,500
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 887,625
1,325,000   CSC Holdings LLC, Series 144A, 5.50%, 5/15/2026 1,286,492
2,325,000   CSC Holdings LLC, Sr. Unsecd. Note, Series 144A, 5.125%, 12/15/2021 2,322,094
600,000   CSC Holdings LLC, Sr. Unsecd. Note, Series 144A, 6.625%, 10/15/2025 625,428
1,950,000   CSC Holdings LLC, Sr. Unsecd. Note, Series 144A, 7.50%, 4/1/2028 2,018,211
2,700,000   CSC Holdings LLC, Sr. Unsecd. Note, Series 144A, 7.75%, 7/15/2025 2,834,946
1,425,000   CSC Holdings, Inc., Sr. Unsecd. Note, 5.25%, 6/1/2024 1,357,313
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 $3,850,000
2,175,000   Cablevision Systems Corp., Sr. Unsecd. Note, 5.875%, 9/15/2022 2,180,437
3,550,000   Charter Communications Holdings II, 5.125%, 2/15/2023 3,532,250
500,000   Charter Communications Holdings II, 5.75%, 1/15/2024 503,750
2,350,000   DISH DBS Corp., 5.00%, 3/15/2023 2,065,063
1,875,000   DISH DBS Corp., Sr. Unsecd. Note, 5.875%, 11/15/2024 1,605,469
2,500,000   DISH DBS Corp., Sr. Unsecd. Note, 7.75%, 7/1/2026 2,223,437
675,000   Intelsat Jackson Holdings S.A., Series 144A, 8.00%, 2/15/2024 707,940
2,000,000   Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.50%, 8/1/2023 1,770,000
2,175,000   Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, Series 144A, 8.50%, 10/15/2024 2,156,186
950,000   Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, Series 144A, 9.75%, 7/15/2025 983,250
1,050,000   Sirius XM Radio, Inc., Series 144A, 6.00%, 7/15/2024 1,077,563
1,925,000   Sirius XM Radio, Inc., Sr. Unsecd. Note, Series 144A, 5.375%, 4/15/2025 1,900,938
2,950,000   Sirius XM Radio, Inc., Sr. Unsecd. Note, Series 144A, 5.375%, 7/15/2026 2,879,937
4,400,000   Telenet Finance Luxembourg, Sec. Fac. Bond, Series 144A, 5.50%, 3/1/2028 4,048,000
4,250,000   Unitymedia KabelBW Gmbh, Series 144A, 6.125%, 1/15/2025 4,354,932
3,250,000   Virgin Media Secured Finance PLC, Series 144A, 5.25%, 1/15/2026 3,055,000
1,525,000   Virgin Media Secured Finance PLC, Series 144A, 5.50%, 8/15/2026 1,439,676
1,475,000   Virgin Media, Inc., Sr. Unsecd. Note, Series 144A, 5.75%, 1/15/2025 1,406,781
250,000   Virgin Media, Inc., Sr. Unsecd. Note, Series 144A, 6.00%, 10/15/2024 243,750
2,325,000   Ziggo Finance BV, Sec. Fac. Bond, Series 144A, 5.50%, 1/15/2027 2,170,969
600,000   Ziggo Finance BV, Sr. Unsecd. Note, Series 144A, 5.875%, 1/15/2025 550,128
1,625,000   Ziggo Finance BV, Sr. Unsecd. Note, Series 144A, 6.00%, 1/15/2027 1,462,500
    TOTAL 67,706,887
    Chemicals—2.2%  
1,000,000   Alpha 2 BV, Sr. Unsecd. Note, Series 144A, 8.75%, 6/1/2023 975,000
2,750,000   Alpha 3 BV, Sr. Unsecd. Note, Series 144A, 6.25%, 2/1/2025 2,653,750
2,450,000   Compass Minerals International, Inc., Series 144A, 4.875%, 7/15/2024 2,217,250
3,400,000   Hexion U.S. Finance Corp., 6.625%, 4/15/2020 2,822,000
1,600,000   Koppers, Inc., Sr. Unsecd. Note, Series 144A, 6.00%, 2/15/2025 1,440,000
250,000   PQ Corp., Sr. Unsecd. Note, Series 144A, 5.75%, 12/15/2025 236,250
1,275,000   Platform Specialty Products Corp., Sr. Unsecd. Note, Series 144A, 5.875%, 12/1/2025 1,249,500
4,625,000   Platform Specialty Products Corp., Sr. Unsecd. Note, Series 144A, 6.50%, 2/1/2022 4,729,062
1,225,000   Starfruit Finco BV, Sr. Unsecd. Note, Series 144A, 8.00%, 10/1/2026 1,179,063
    TOTAL 17,501,875
    Construction Machinery—0.6%  
2,200,000   United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028 1,989,625
425,000   United Rentals North America, Inc., Sr. Unsecd. Note, 6.50%, 12/15/2026 427,656
875,000   United Rentals, Inc., Sr. Unsecd. Note, 5.50%, 7/15/2025 855,312
750,000   United Rentals, Inc., Sr. Unsecd. Note, 5.50%, 5/15/2027 709,688
325,000   United Rentals, Inc., Sr. Unsecd. Note, 5.875%, 9/15/2026 316,875
    TOTAL 4,299,156
    Consumer Cyclical Services—0.3%  
2,625,000   GW Honos Security Corp., Sr. Unsecd. Note, Series 144A, 8.75%, 5/15/2025 2,408,438
    Consumer Products—1.0%  
350,000   Energizer Gamma Acquisition, Inc., Sr. Unsecd. Note, Series 144A, 6.375%, 7/15/2026 330,750
575,000   First Quality Finance Co., Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 7/1/2025 527,562
4,300,000   Prestige Brands Holdings, Inc., Series 144A, 5.375%, 12/15/2021 4,273,125
1,600,000   Prestige Brands, Inc., Sr. Unsecd. Note, Series 144A, 6.375%, 3/1/2024 1,593,000
2
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Consumer Products—continued  
$1,075,000   Spectrum Brands, Inc., 5.75%, 7/15/2025 $1,022,594
    TOTAL 7,747,031
    Diversified Manufacturing—1.0%  
2,515,000   Gates Global LLC, Series 144A, 6.00%, 7/15/2022 2,511,857
2,000,000   Titan Acquisition Ltd., Sr. Unsecd. Note, Series 144A, 7.75%, 4/15/2026 1,645,000
2,000,000   WESCO Distribution, Inc., Sr. Unsecd. Note, 5.375%, 12/15/2021 2,010,000
1,675,000   WESCO Distribution, Inc., Sr. Unsecd. Note, 5.375%, 6/15/2024 1,614,281
    TOTAL 7,781,138
    Environmental—0.3%  
2,725,000   Tervita Escrow Corp., Series 144A, 7.625%, 12/1/2021 2,684,125
    Finance Companies—2.6%  
375,000   Avolon Holdings Ltd., Sr. Unsecd. Note, Series 144A, 5.125%, 10/1/2023 374,531
250,000   Navient Corp., Sr. Unsecd. Note, 5.50%, 1/25/2023 236,563
3,625,000   Navient Corp., Sr. Unsecd. Note, 5.875%, 10/25/2024 3,271,562
300,000   Navient Corp., Sr. Unsecd. Note, 6.75%, 6/25/2025 279,000
550,000   Navient Corp., Sr. Unsecd. Note, 6.75%, 6/15/2026 499,125
1,925,000   Navient Corp., Sr. Unsecd. Note, 7.25%, 9/25/2023 1,941,844
650,000   Navient Corp., Sr. Unsecd. Note, Series MTN, 6.125%, 3/25/2024 611,000
625,000   Park Aerospace Holdings Ltd., Sr. Unsecd. Note, Series 144A, 4.50%, 3/15/2023 609,375
6,750,000   Park Aerospace Holdings Ltd., Sr. Unsecd. Note, Series 144A, 5.50%, 2/15/2024 6,808,252
5,300,000   Quicken Loans, Inc., Series 144A, 5.75%, 5/1/2025 5,048,250
725,000   Quicken Loans, Inc., Sr. Unsecd. Note, Series 144A, 5.25%, 1/15/2028 647,969
    TOTAL 20,327,471
    Food & Beverage—2.4%  
3,375,000   Anna Merger Subsidiary, Inc., Series 144A, 7.75%, 10/1/2022 928,125
1,800,000   Aramark Services, Inc., Sr. Unsecd. Note, 5.125%, 1/15/2024 1,813,500
1,425,000   Aramark Services, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 4/1/2025 1,421,751
1,600,000   Aramark Services, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 2/1/2028 1,524,000
2,900,000   B&G Foods, Inc., Sr. Unsecd. Note, 5.25%, 4/1/2025 2,751,665
3,575,000   Post Holdings, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 8/15/2026 3,297,937
1,675,000   Post Holdings, Inc., Sr. Unsecd. Note, Series 144A, 5.50%, 3/1/2025 1,603,813
1,000,000   Post Holdings, Inc., Sr. Unsecd. Note, Series 144A, 5.625%, 1/15/2028 932,500
2,125,000   Post Holdings, Inc., Sr. Unsecd. Note, Series 144A, 5.75%, 3/1/2027 2,002,813
2,725,000   U.S. Foodservice, Inc., Sr. Unsecd. Note, Series 144A, 5.875%, 6/15/2024 2,714,781
    TOTAL 18,990,885
    Gaming—3.7%  
1,225,000   Boyd Gaming Corp., Sr. Unsecd. Note, 6.375%, 4/1/2026 1,221,938
2,000,000   Boyd Gaming Corp., Sr. Unsecd. Note, 6.875%, 5/15/2023 2,082,500
4,700,000   CRC Escrow Issuer LLC, Sr. Unsecd. Note, Series 144A, 5.25%, 10/15/2025 4,324,000
300,000   Delta Merger Sub, Inc., Sr. Unsecd. Note, Series 144A, 6.00%, 9/15/2026 291,000
1,200,000   Eldorado Resorts, Inc., Sr. Unsecd. Note, 6.00%, 4/1/2025 1,176,000
950,000   MGM Growth Properties LLC, Sr. Unsecd. Note, 5.625%, 5/1/2024 962,920
775,000   MGM Resorts International, 6.00%, 3/15/2023 789,531
1,400,000   MGM Resorts International, Sr. Unsecd. Note, 4.625%, 9/1/2026 1,279,250
2,175,000   MGM Resorts International, Sr. Unsecd. Note, 5.75%, 6/15/2025 2,150,531
2,225,000   Mohegan Tribal Gaming Authority, Sr. Unsecd. Note, Series 144A, 7.875%, 10/15/2024 2,138,781
1,175,000   Penn National Gaming, Inc., Sr. Unsecd. Note, Series 144A, 5.625%, 1/15/2027 1,083,938
2,725,000   Rivers Pittsburgh LP, Series 144A, 6.125%, 8/15/2021 2,684,125
4,250,000   Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, Series 144A, 5.875%, 5/15/2021 4,289,865
3
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Gaming—continued  
$1,225,000   Star Group Holdings BV, Sr. Unsecd. Note, Series 144A, 7.00%, 7/15/2026 $1,223,469
2,050,000   Station Casinos, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 10/1/2025 1,878,312
1,750,000   Sugarhouse HSP Gaming Finance Corp., Sec. Fac. Bond, Series 144A, 5.875%, 5/15/2025 1,640,625
    TOTAL 29,216,785
    Health Care—11.0%  
300,000   Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 5.625%, 2/15/2023 296,499
3,625,000   Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 6.50%, 3/1/2024 3,570,625
4,000,000   Air Medical Group Holdings, Inc., Sr. Unsecd. Note, Series 144A, 6.375%, 5/15/2023 3,340,000
1,075,000   Avantor, Inc., Series 144A, 6.00%, 10/1/2024 1,068,281
2,850,000   Avantor, Inc., Sr. Unsecd. Note, Series 144A, 9.00%, 10/1/2025 2,896,312
2,025,000   CHS/Community Health Systems, Inc., 6.25%, 3/31/2023 1,885,781
575,000   CHS/Community Health Systems, Inc., Sec. Fac. Bond, Series 144A, 8.625%, 1/15/2024 585,781
2,550,000   CHS/Community Health Systems, Inc., Sr. Unsecd. Note, 6.875%, 2/1/2022 1,275,510
725,000   Charles River Laboratories International, Inc., Sr. Unsecd. Note, Series 144A, 5.50%, 4/1/2026 726,813
1,700,000   Enterprise Merger Sub, Inc., Sr. Unsecd. Note, Series 144A, 8.75%, 10/15/2026 1,597,830
4,550,000   HCA, Inc., 5.00%, 3/15/2024 4,572,750
1,150,000   HCA, Inc., 5.25%, 6/15/2026 1,160,063
1,225,000   HCA, Inc., 5.875%, 5/1/2023 1,270,938
3,575,000   HCA, Inc., 5.875%, 2/15/2026 3,691,187
1,350,000   HCA, Inc., Bond, 5.875%, 3/15/2022 1,406,363
1,075,000   HCA, Inc., Sr. Secd. Note, 5.25%, 4/15/2025 1,088,438
2,775,000   HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025 2,799,281
1,625,000   IMS Health, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 10/15/2026 1,570,156
1,675,000   LifePoint Health, Inc., Sr. Unsecd. Note, Series 144A, 9.75%, 12/1/2026 1,672,906
1,900,000   MEDNAX, Inc., Sr. Unsecd. Note, Series 144A, 6.25%, 1/15/2027 1,897,625
5,775,000   MPH Acquisition Holdings LLC, Series 144A, 7.125%, 6/1/2024 5,767,781
8,425,000   Ortho-Clinical Diagnostics, Inc., Series 144A, 6.625%, 5/15/2022 8,151,187
2,250,000   Polaris Intermediate Corp., Sr. Unsecd. Note, Series 144A, 8.50%, 12/1/2022 2,247,188
4,325,000   SteriGenics - Nordion Holdings LLC, Sr. Unsecd. Note, Series 144A, 6.50%, 5/15/2023 4,270,937
3,625,000   SteriGenics Nordion Topc, Sr. Unsecd. Note, Series 144A, 8.125%, 11/1/2021 3,543,437
3,175,000   Surgery Center Holdings, Inc., Sr. Unsecd. Note, Series 144A, 6.75%, 7/1/2025 2,956,719
6,200,000   Team Health Holdings, Inc., Sr. Unsecd. Note, Series 144A, 6.375%, 2/1/2025 5,146,000
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 827,441
2,325,000   Tenet Healthcare Corp., Series 144A, 5.125%, 5/1/2025 2,210,203
700,000   Tenet Healthcare Corp., Series 144A, 7.50%, 1/1/2022 727,125
975,000   Tenet Healthcare Corp., Sr. Secd. Note, Series 144A, 4.625%, 7/15/2024 939,081
3,350,000   Tenet Healthcare Corp., Sr. Unsecd. Note, 6.75%, 6/15/2023 3,320,687
425,000   Tenet Healthcare Corp., Sr. Unsecd. Note, Series 144A, 7.00%, 8/1/2025 415,969
3,300,000   Vizient, Inc., Sr. Unsecd. Note, Series 144A, 10.375%, 3/1/2024 3,597,000
2,975,000   West Street Merger Subsidiary, Inc., Sr. Unsecd. Note, Series 144A, 6.375%, 9/1/2025 2,804,533
    TOTAL 85,817,490
    Health Insurance—0.3%  
1,400,000   Centene Escrow Corp., Sr. Unsecd. Note, Series 144A, 5.375%, 6/1/2026 1,412,250
700,000   Wellcare Health Plans, Inc., Sr. Unsecd. Note, Series 144A, 5.375%, 8/15/2026 696,626
    TOTAL 2,108,876
    Independent Energy—5.4%  
575,000   Antero Resources Corp., Sr. Unsecd. Note, 5.625%, 6/1/2023 572,125
175,000   Antero Resources Finance Corp., 5.375%, 11/1/2021 174,781
4
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Independent Energy—continued  
$850,000   Berry Petroleum Co., Sr. Unsecd. Note, Series 144A, 7.00%, 2/15/2026 $811,733
1,979,000   Callon Petroleum Corp., Sr. Unsecd. Note, 6.125%, 10/1/2024 1,919,630
550,000   Callon Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.375%, 7/1/2026 532,125
1,900,000   Carrizo Oil & Gas, Inc., 6.25%, 4/15/2023 1,819,250
175,000   Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.25%, 7/15/2025 178,938
900,000   Chesapeake Energy Corp., 5.75%, 3/15/2023 841,500
1,725,000   Chesapeake Energy Corp., Sr. Unsecd. Note, 7.00%, 10/1/2024 1,612,875
375,000   Chesapeake Energy Corp., Sr. Unsecd. Note, Series WI, 8.00%, 1/15/2025 362,344
2,225,000   Chesapeake Energy Corp., Sr. Unsecd. Note, Series WI, 8.00%, 6/15/2027 2,124,875
3,400,000   Crownrock LP/Crownrock F, Series 144A, 5.625%, 10/15/2025 3,196,000
1,875,000   EP Energy LLC/Everest Acquisition Finance, Inc., Sec. Fac. Bond, Series 144A, 8.00%, 11/29/2024 1,640,625
300,000   Endeavor Energy Resources LP, Sr. Unsecd. Note, Series 144A, 5.50%, 1/30/2026 309,750
900,000   Endeavor Energy Resources LP, Sr. Unsecd. Note, Series 144A, 5.75%, 1/30/2028 927,000
650,000   Gulfport Energy Corp., Sr. Unsecd. Note, 6.00%, 10/15/2024 598,000
1,150,000   Gulfport Energy Corp., Sr. Unsecd. Note, 6.375%, 5/15/2025 1,047,937
825,000   Gulfport Energy Corp., Sr. Unsecd. Note, 6.625%, 5/1/2023 806,438
475,000   Gulfport Energy Corp., Sr. Unsecd. Note, Series WI, 6.375%, 1/15/2026 425,125
875,000   Jagged Peak Energy, Inc., Sr. Unsecd. Note, Series 144A, 5.875%, 5/1/2026 833,437
550,000   Laredo Petroleum, 5.625%, 1/15/2022 519,750
450,000   Laredo Petroleum, Sr. Unsecd. Note, 6.25%, 3/15/2023 421,875
1,396,000   Oasis Petroleum, Inc., 6.875%, 3/15/2022 1,383,785
1,125,000   Oasis Petroleum, Inc., 6.875%, 1/15/2023 1,112,344
225,000   Oasis Petroleum, Inc., Sr. Unsecd. Note, Series 144A, 6.25%, 5/1/2026 208,969
975,000   PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024 938,437
1,100,000   PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.75%, 5/15/2026 1,028,500
600,000   Parsley Energy LLC/Parsley Finance Corp., Sr. Unsecd. Note, Series 144A, 5.25%, 8/15/2025 570,000
575,000   Parsley Energy LLC/Parsley Finance Corp., Sr. Unsecd. Note, Series 144A, 5.375%, 1/15/2025 553,438
1,375,000   Parsley Energy LLC/Parsley Finance Corp., Sr. Unsecd. Note, Series 144A, 5.625%, 10/15/2027 1,313,125
700,000   QEP Resources, Inc., Sr. Unsecd. Note, 5.25%, 5/1/2023 670,250
1,000,000   QEP Resources, Inc., Sr. Unsecd. Note, 5.625%, 3/1/2026 917,500
1,842,000   Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025 1,680,825
475,000   Range Resources Corp., Sr. Unsecd. Note, 5.00%, 3/15/2023 449,172
875,000   SM Energy Co., Sr. Unsecd. Note, 5.00%, 1/15/2024 817,031
75,000   SM Energy Co., Sr. Unsecd. Note, 5.625%, 6/1/2025 69,375
150,000   SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027 144,000
1,200,000   SM Energy Co., Sr. Unsecd. Note, 6.75%, 9/15/2026 1,158,000
2,125,000   SRC Energy, Inc., Sr. Unsecd. Note, Series WI, 6.25%, 12/1/2025 1,870,000
1,600,000   Southwestern Energy Co., Sr. Unsecd. Note, 7.75%, 10/1/2027 1,625,920
450,000   Ultra Resources, Inc., Sr. Unsecd. Note, Series 144A, 6.875%, 4/15/2022 229,500
1,600,000   Ultra Resources, Inc., Sr. Unsecd. Note, Series 144A, 7.125%, 4/15/2025 668,000
675,000   WPX Energy, Inc., Sr. Unsecd. Note, 5.25%, 9/15/2024 644,625
1,650,000   Whiting Petroleum Corp., Sr. Unsecd. Note, 6.25%, 4/1/2023 1,629,540
1,000,000   Whiting Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.625%, 1/15/2026 967,500
    TOTAL 42,325,949
    Industrial - Other—0.5%  
500,000   Anixter, Inc., Sr. Unsecd. Note, Series 144A, 6.00%, 12/1/2025 501,250
3,075,000   Hillman Group, Inc., Unsecd. Note, Series 144A, 6.375%, 7/15/2022 2,644,500
650,000   Resideo Funding, Inc., Sr. Unsecd. Note, Series 144A, 6.125%, 11/1/2026 649,188
5
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Industrial - Other—continued  
$275,000   Stevens Holding Company, Inc., Sr. Unsecd. Note, Series 144A, 6.125%, 10/1/2026 $272,250
    TOTAL 4,067,188
    Insurance - P&C—2.9%  
2,875,000   Acrisure LLC, Sr. Unsecd. Note, Series 144A, 7.00%, 11/15/2025 2,515,625
2,225,000   AmWINS Group, Inc., Sr. Unsecd. Note, Series 144A, 7.75%, 7/1/2026 2,219,438
450,000   Ardonagh Midco Three PLC, Sec. Fac. Bond, Series 144A, 8.625%, 7/15/2023 402,750
3,075,000   AssuredPartners, Inc., Sr. Unsecd. Note, Series 144A, 7.00%, 8/15/2025 2,917,406
6,150,000   Hub International Ltd., Sr. Unsecd. Note, Series 144A, 7.00%, 5/1/2026 5,873,250
2,325,000   Kirs Midco 3 PLC, Sec. Fac. Bond, Series 144A, 8.625%, 7/15/2023 2,121,563
3,725,000   NFP Corp., Sr. Unsecd. Note, Series 144A, 6.875%, 7/15/2025 3,548,062
3,250,000   USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, Series 144A, 6.875%, 5/1/2025 3,095,625
    TOTAL 22,693,719
    Leisure—0.7%  
550,000   Six Flags Entertainment Corp., Sr. Unsecd. Note, Series 144A, 4.875%, 7/31/2024 528,000
3,875,000   Six Flags Entertainment Corp., Sr. Unsecd. Note, Series 144A, 5.50%, 4/15/2027 3,720,000
1,050,000   Voc Escrow Ltd., Series 144A, 5.00%, 2/15/2028 976,500
    TOTAL 5,224,500
    Lodging—0.4%  
2,125,000   Hilton Domestic Operations, Sr. Unsecd. Note, Series 144A, 5.125%, 5/1/2026 2,087,813
1,050,000   Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, Series 144A, 5.375%, 4/15/2026 1,015,875
    TOTAL 3,103,688
    Media Entertainment—4.6%  
1,075,000   AMC Networks, Inc., Sr. Unsecd. Note, 4.75%, 8/1/2025 1,002,481
2,575,000   AMC Networks, Inc., Sr. Unsecd. Note, 5.00%, 4/1/2024 2,481,656
1,925,000   CBS Radio, Inc., Sr. Unsecd. Note, Series 144A, 7.25%, 11/1/2024 1,852,813
2,450,000 1,2 Clear Channel Communications, Inc., Company Guarantee, 9.00%, 3/1/2021 1,739,500
300,000   Clear Channel Worldwide, Series A, 6.50%, 11/15/2022 304,314
1,825,000   Clear Channel Worldwide, Series B, 6.50%, 11/15/2022 1,862,047
775,000   EMI Music Publishing Group North America Holdings, Inc., Series 144A, 7.625%, 6/15/2024 831,188
1,500,000   Gannett Co., Inc., 6.375%, 10/15/2023 1,539,375
1,400,000   Gray Television, Inc., Sr. Unsecd. Note, Series 144A, 5.125%, 10/15/2024 1,344,000
2,100,000   Gray Television, Inc., Sr. Unsecd. Note, Series 144A, 5.875%, 7/15/2026 2,047,500
825,000   Lin Television Corp., Sr. Unsecd. Note, 5.875%, 11/15/2022 835,313
1,625,000   Match Group, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 12/15/2027 1,519,375
1,250,000   Nexstar Broadcasting, Inc., Sr. Unsecd. Note, Series 144A, 6.125%, 2/15/2022 1,268,750
2,725,000   Nexstar Escrow Corp., Sr. Unsecd. Note, Series 144A, 5.625%, 8/1/2024 2,636,437
3,325,000   Nielsen Finance LLC/Nielsen Finance Co., Series 144A, 5.00%, 4/15/2022 3,259,830
925,000   Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, Series 144A, 5.00%, 2/1/2025 906,500
1,775,000   Sinclair Television Group, Series 144A, 5.625%, 8/1/2024 1,695,125
825,000   Sinclair Television Group, Sr. Unsecd. Note, Series 144A, 5.125%, 2/15/2027 738,375
1,300,000   Sinclair Television Group, Sr. Unsecd. Note, Series 144A, 5.875%, 3/15/2026 1,241,500
3,475,000   Tribune Media Co., Sr. Unsecd. Note, 5.875%, 7/15/2022 3,535,812
1,625,000   Urban One, Inc., Series 144A, 7.375%, 4/15/2022 1,592,500
1,775,000   Urban One, Inc., Series 144A, 9.25%, 2/15/2020 1,730,625
    TOTAL 35,965,016
    Metals & Mining—1.6%  
2,275,000   Coeur Mining, Inc., Sr. Unsecd. Note, 5.875%, 6/1/2024 2,101,531
3,050,000   Freeport-McMoRan, Inc., Sr. Unsecd. Note, 3.875%, 3/15/2023 2,847,937
3,025,000   Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.40%, 11/14/2034 2,563,688
6
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Metals & Mining—continued  
$800,000   HudBay Minerals, Inc., Sr. Unsecd. Note, Series 144A, 7.25%, 1/15/2023 $805,000
1,250,000   HudBay Minerals, Inc., Sr. Unsecd. Note, Series 144A, 7.625%, 1/15/2025 1,246,875
1,100,000   Teck Resources Ltd., Sr. Unsecd. Note, 6.00%, 8/15/2040 1,067,000
1,975,000   Teck Resources Ltd., Sr. Unsecd. Note, 6.125%, 10/1/2035 1,984,875
    TOTAL 12,616,906
    Midstream—5.1%  
275,000   AmeriGas Partners LP, Sr. Unsecd. Note, 5.625%, 5/20/2024 262,625
1,275,000   AmeriGas Partners LP, Sr. Unsecd. Note, 5.75%, 5/20/2027 1,158,274
2,750,000   AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026 2,578,125
2,050,000   Antero Midstream Partners LP, Sr. Unsecd. Note, 5.375%, 9/15/2024 2,009,410
675,000   Atlas Pipeline Partners LP, 5.875%, 8/1/2023 663,188
1,850,000   CNX Midstream Partners LP/CNX Midstream Finance Corp, Sr. Unsecd. Note, Series 144A, 6.50%, 3/15/2026 1,797,182
500,000   Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027 485,625
1,900,000   Cheniere Corpus Christi Holdings LLC, Sr. Secd. Note, 5.875%, 3/31/2025 1,961,750
675,000   Cheniere Corpus Christi Holdings LLC, Sr. Secd. Note, 7.00%, 6/30/2024 729,000
3,500,000   Cheniere Energy Partners, LP, Series WI, 5.25%, 10/1/2025 3,421,250
250,000   Cheniere Energy Partners, LP, Sr. Unsecd. Note, Series 144A, 5.625%, 10/1/2026 243,750
1,800,000   Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unsecd. Note, 6.75%, 6/15/2023 1,521,000
1,950,000   Ferrellgas, L.P., Sr. Unsecd. Note, 6.50%, 5/1/2021 1,672,125
1,500,000   Ferrellgas, L.P., Sr. Unsecd. Note, 6.75%, 1/15/2022 1,267,500
3,125,000   Holly Energy Partners LP, Series 144A, 6.00%, 8/1/2024 3,101,562
2,750,000   NuStar Logistics, L.P., Sr. Unsecd. Note, 5.625%, 4/28/2027 2,609,062
1,875,000   Suburban Propane Partners LP, 5.50%, 6/1/2024 1,785,937
925,000   Suburban Propane Partners LP, Sr. Unsecd. Note, 5.75%, 3/1/2025 864,875
900,000   Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027 819,000
3,175,000   Summit Midstream Holdings LLC, 5.50%, 8/15/2022 3,095,625
1,875,000   Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.75%, 4/15/2025 1,781,250
175,000   Sunoco LP/Finance Corp., Sr. Unsecd. Note, Series 144A, 4.875%, 1/15/2023 171,063
1,125,000   Sunoco LP/Finance Corp., Sr. Unsecd. Note, Series 144A, 5.875%, 3/15/2028 1,067,344
250,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.25%, 5/1/2023 250,000
450,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, Series 144A, 5.00%, 1/15/2028 417,020
1,000,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, Series 144A, 5.125%, 2/1/2025 970,000
1,500,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, Series 144A, 5.375%, 2/1/2027 1,447,500
950,000   Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, Series 144A, 5.875%, 4/15/2026 950,000
317,000   Tesoro Logistics LP, Sr. Unsecd. Note, 6.25%, 10/15/2022 325,321
325,000   TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026 297,375
    TOTAL 39,723,738
    Oil Field Services—1.7%  
325,000   Apergy Corp., Series 144A, 6.375%, 5/1/2026 322,969
775,000   Nine Energy Services, Inc., Sr. Unsecd. Note, Series 144A, 8.75%, 11/1/2023 767,250
300,000   Precision Drilling Corp., Sr. Unsecd. Note, 5.25%, 11/15/2024 267,810
242,864   Precision Drilling Corp., Sr. Unsecd. Note, 6.50%, 12/15/2021 239,221
1,250,000   Precision Drilling Corp., Sr. Unsecd. Note, 7.75%, 12/15/2023 1,243,750
775,000   Precision Drilling Corp., Sr. Unsecd. Note, Series 144A, 7.125%, 1/15/2026 722,688
1,175,000   Sesi LLC, 7.125%, 12/15/2021 1,113,312
3,150,000   Sesi LLC, Sr. Unsecd. Note, Series WI, 7.75%, 9/15/2024 2,823,187
1,850,000   Shelf Drilling Holdings Ltd., Sr. Unsecd. Note, Series 144A, 8.25%, 2/15/2025 1,741,312
2,000,000   USA Compression Partners LP, Sr. Unsecd. Note, Series 144A, 6.875%, 4/1/2026 1,960,000
1,775,000   Weatherford International Ltd., 7.00%, 3/15/2038 1,025,063
7
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Oil Field Services—continued  
$1,475,000   Weatherford International Ltd., Sr. Unsecd. Note, 8.25%, 6/15/2023 $988,250
350,000   Weatherford International, Inc., Sr. Unsecd. Note, 6.80%, 6/15/2037 204,750
    TOTAL 13,419,562
    Packaging—4.9%  
2,450,000   ARD Finance SA, Sec. Fac. Bond, 7.125%, 9/15/2023 2,272,375
1,925,000   Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, Series 144A, 6.00%, 2/15/2025 1,797,469
3,750,000   Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, Series 144A, 7.25%, 5/15/2024 3,801,562
1,625,000   Berry Plastics Corp., 5.125%, 7/15/2023 1,615,859
2,125,000   Berry Plastics Corp., 5.50%, 5/15/2022 2,132,969
2,150,000   Bway Holding Co., Sec. Fac. Bond, Series 144A, 5.50%, 4/15/2024 2,066,688
6,050,000   Bway Holding Co., Sr. Unsecd. Note, Series 144A, 7.25%, 4/15/2025 5,513,062
1,450,000   Crown Americas LLC, Sr. Unsecd. Note, Series 144A, 4.75%, 2/1/2026 1,401,135
5,975,000   Flex Acquisition Co., Inc., Sr. Unsecd. Note, Series 144A, 6.875%, 1/15/2025 5,549,281
1,775,000   Flex Acquisition Co., Inc., Sr. Unsecd. Note, Series 144A, 7.875%, 7/15/2026 1,677,375
3,125,000   Multi-Color Corp., Series 144A, 6.125%, 12/1/2022 3,140,625
850,000   Owens-Brockway Glass Container, Inc., Series 144A, 5.375%, 1/15/2025 817,063
1,647,483   Reynolds Group Issuer, Inc./LLC/LU, 5.75%, 10/15/2020 1,647,483
3,075,000   Reynolds Group Issuer, Inc./LLC/LU, Series 144A, 7.00%, 7/15/2024 3,073,078
125,000   Reynolds Group, Sr. Unsecd. Note, 7.95%, 12/15/2025 126,250
2,250,000   Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, Series 144A, 6.625%, 11/1/2025 2,025,000
    TOTAL 38,657,274
    Paper—0.3%  
2,575,000   Clearwater Paper Corp., Sr. Unsecd. Note, Series 144A, 5.375%, 2/1/2025 2,356,125
    Pharmaceuticals—4.3%  
875,000   Bausch Health Cos, Inc., Sec. Fac. Bond, Series 144A, 5.50%, 11/1/2025 862,969
925,000   Bausch Health Cos, Inc., Sr. Secd. Note, Series 144A, 7.00%, 3/15/2024 970,094
1,250,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, Series 144A, 5.50%, 3/1/2023 1,212,500
5,100,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, Series 144A, 5.875%, 5/15/2023 4,972,500
5,425,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, Series 144A, 6.125%, 4/15/2025 5,106,010
750,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, Series 144A, 8.50%, 1/31/2027 778,125
975,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, Series 144A, 9.00%, 12/15/2025 1,032,281
200,000   Bausch Health Cos, Inc., Sr. Unsecd. Note, Series 144A, 9.25%, 4/1/2026 213,438
925,000   Eagle Holding Co. II LLC, Sr. Unsecd. Note, Series 144A, 7.625%, 5/15/2022 926,156
1,950,000   Endo Dac/Endo Finance LLC/Endo Finco, Inc., Sr. Unsecd. Note, Series 144A, 6.00%, 7/15/2023 1,628,523
350,000   Endo Finance LLC/Endo Finco, Inc., Sr. Unsecd. Note, Series 144A, 5.375%, 1/15/2023 289,625
3,350,000   Endo Finance LLC/Endo Finco, Inc., Sr. Unsecd. Note, Series 144A, 6.00%, 2/1/2025 2,658,024
7,375,000   Jaguar Holding Co. II/Pharmaceutical Product Development LLC, Sr. Unsecd. Note, Series 144A, 6.375%, 8/1/2023 7,301,250
3,350,000   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, Series 144A, 5.50%, 4/15/2025 2,684,188
3,475,000   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, Series 144A, 5.625%, 10/15/2023 3,001,531
    TOTAL 33,637,214
    Refining—0.5%  
3,775,000   CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/1/2022 3,756,125
    Restaurants—0.9%  
4,625,000   1011778 BC Unltd. Liability Co./New Red Finance, Inc., Series 144A, 5.00%, 10/15/2025 4,370,625
375,000   Performance Food Group, Inc., Series 144A, 5.50%, 6/1/2024 366,563
975,000   Yum! Brands, Inc., Sr. Unsecd. Note, Series 144A, 5.00%, 6/1/2024 964,031
1,325,000   Yum! Brands, Inc., Sr. Unsecd. Note, Series 144A, 5.25%, 6/1/2026 1,302,634
    TOTAL 7,003,853
8
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Retailers—1.1%  
$1,500,000   Argos Merger Subsidiary, Inc., Sr. Unsecd. Note, Series 144A, 7.125%, 3/15/2023 $1,012,500
2,850,000   Party City Holdings, Inc., Sr. Unsecd. Note, Series 144A, 6.125%, 8/15/2023 2,871,375
750,000   Party City Holdings, Inc., Sr. Unsecd. Note, Series 144A, 6.625%, 8/1/2026 725,775
2,200,000   Rite Aid Corp., Sr. Unsecd. Note, Series 144A, 6.125%, 4/1/2023 1,903,000
2,350,000   Sally Holdings LLC/Sally Capital, Inc., 5.625%, 12/1/2025 2,267,750
    TOTAL 8,780,400
    Supermarkets—0.7%  
3,500,000   Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 5.75%, 3/15/2025 3,141,250
2,100,000   Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 6.625%, 6/15/2024 2,034,375
    TOTAL 5,175,625
    Technology—6.8%  
2,725,000   Banff Merger Subsidiary, Inc., Sr. Unsecd. Note, Series 144A, 9.75%, 9/1/2026 2,571,719
300,000   CommScope Technologies Finance LLC, Series 144A, 6.00%, 6/15/2025 279,390
2,675,000   Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Unsecd. Note, Series 144A, 7.125%, 6/15/2024 2,805,913
1,900,000   Ensemble S Merger Subsidiary, Inc., Sr. Unsecd. Note, Series 144A, 9.00%, 9/30/2023 1,966,500
625,000   Financial & Risk US Holdings, Inc., Series 144A, 6.25%, 5/15/2026 617,578
1,325,000   Financial & Risk US Holdings, Inc., Sr. Unsecd. Note, Series 144A, 8.25%, 11/15/2026 1,265,375
8,150,000   First Data Corp., Series 144A, 5.75%, 1/15/2024 8,211,125
4,375,000   Inception Merger Subsidiary, Inc., Sr. Unsecd. Note, Series 144A, 8.625%, 11/15/2024 3,718,750
2,625,000   Infor Software Parent, Inc., Series 144A, 7.125%, 5/1/2021 2,631,563
5,750,000   Infor US, Inc., 6.50%, 5/15/2022 5,742,812
3,225,000   Italics Merger Subsidiary, Inc., Sr. Unsecd. Note, Series 144A, 7.125%, 7/15/2023 3,257,250
3,550,000   JDA Escrow LLC/JDA Bond Finance, Inc., Series 144A, 7.375%, 10/15/2024 3,607,687
975,000   NCR Corp., 6.375%, 12/15/2023 965,250
550,000   Nuance Communications, Inc., Series 144A, 5.375%, 8/15/2020 551,375
2,075,000   Nuance Communications, Inc., Sr. Unsecd. Note, 6.00%, 7/1/2024 2,072,406
3,075,000   Riverbed Technology, Inc., Sr. Unsecd. Note, Series 144A, 8.875%, 3/1/2023 2,567,625
1,100,000   Sensata Technologies UK Financing Co. PLC, Sr. Unsecd. Note, Series 144A, 6.25%, 2/15/2026 1,124,079
1,450,000   Solera LLC/Solera Finance, Inc., Series 144A, 10.50%, 3/1/2024 1,569,625
2,000,000   TTM Technologies, Inc., Sr. Unsecd. Note, Series 144A, 5.625%, 10/1/2025 1,915,000
5,450,000   Tempo Acquisition LLC, Sr. Unsecd. Note, Series 144A, 6.75%, 6/1/2025 5,163,875
400,000   Vantiv LLC, Sr. Unsecd. Note, Series 144A, 4.375%, 11/15/2025 374,000
    TOTAL 52,978,897
    Utility - Electric—2.3%  
3,500,000   Calpine Corp., 5.75%, 1/15/2025 3,228,750
200,000   Calpine Corp., Bond, Series 144A, 6.00%, 1/15/2022 201,000
700,000   Calpine Corp., Series 144A, 5.25%, 6/1/2026 653,625
3,475,000   Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 8.50%, 11/1/2021 3,592,281
2,700,000   NRG Energy, Inc., 6.25%, 5/1/2024 2,770,875
1,350,000   NRG Energy, Inc., Sr. Unsecd. Note, 6.625%, 1/15/2027 1,380,267
1,400,000   NRG Energy, Inc., Sr. Unsecd. Note, 7.25%, 5/15/2026 1,485,750
475,000   NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.75%, 1/15/2028 464,906
200,000   TerraForm Power Operating LLC, Sr. Unsecd. Note, Series 144A, 4.25%, 1/31/2023 190,750
1,950,000   TerraForm Power Operating LLC, Sr. Unsecd. Note, Series 144A, 5.00%, 1/31/2028 1,753,147
1,350,000   TerraForm Power Operating LLC, Sr. Unsecd. Note, Series 144A, 6.625%, 6/15/2025 1,395,563
875,000   Vistra Operations Co., LLC, Sr. Unsecd. Note, Series 144A, 5.50%, 9/1/2026 864,063
    TOTAL 17,980,977
    Wireless Communications—4.1%  
825,000   Altice France SA, Series 144A, 8.125%, 2/1/2027 810,563
9
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—continued  
    Wireless Communications—continued  
$300,000   Altice Luxembourg SA, Series 144A, 7.75%, 5/15/2022 $286,875
4,825,000   Altice Luxembourg SA, Sr. Unsecd. Note, Series 144A, 7.625%, 2/15/2025 3,926,344
300,000   Numericable Group SA, Series 144A, 6.25%, 5/15/2024 291,000
6,225,000   Numericable-SFR SAS, Series 144A, 7.375%, 5/1/2026 5,999,344
2,700,000   Sprint Capital Corp., Company Guarantee, 6.875%, 11/15/2028 2,615,625
3,600,000   Sprint Corp., 7.125%, 6/15/2024 3,663,000
3,400,000   Sprint Corp., 7.875%, 9/15/2023 3,578,500
2,550,000   Sprint Corp., Sr. Unsecd. Note, 7.625%, 2/15/2025 2,629,687
1,125,000   Sprint Corp., Sr. Unsecd. Note, 7.625%, 3/1/2026 1,155,937
1,575,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 4.50%, 2/1/2026 1,480,027
1,250,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 4.75%, 2/1/2028 1,159,125
325,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.00%, 3/1/2023 332,966
925,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.00%, 4/15/2024 946,969
300,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.375%, 3/1/2025 309,375
1,825,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.50%, 1/15/2024 1,884,312
1,325,000   T-Mobile USA, Inc., Sr. Unsecd. Note, 6.50%, 1/15/2026 1,378,000
    TOTAL 32,447,649
    TOTAL CORPORATE BONDS
(IDENTIFIED COST $720,371,289) 		687,897,002
    COMMON STOCKS—7.6%  
    Automotive—0.5%  
97,628 2 American Axle & Manufacturing Holdings, Inc. 1,215,469
85,775   Goodyear Tire & Rubber Co. 1,986,549
7,685   Lear Corp. 1,047,081
    TOTAL 4,249,099
    Cable Satellite—0.2%  
76,240 2 Altice USA, Inc. 1,348,686
    Chemicals—0.3%  
58,255 2 Axalta Coating Systems Ltd. 1,458,123
44,910 2 Koppers Holdings, Inc. 837,122
    TOTAL 2,295,245
    Consumer Products—0.5%  
88,445   Newell Brands, Inc. 2,069,613
49,025 2 Prestige Consumer Healthcare, Inc. 1,903,150
    TOTAL 3,972,763
    Food & Beverage—0.8%  
55,080   Aramark 2,096,345
60,060   B&G Foods, Inc., Class A 1,821,620
22,185 2 Post Holdings, Inc. 2,146,398
    TOTAL 6,064,363
    Gaming—0.5%  
62,280   Gaming and Leisure Properties, Inc. 2,144,300
76,810 2 Stars Group, Inc./The 1,518,534
    TOTAL 3,662,834
    Independent Energy—0.2%  
124,715 2 WPX Energy, Inc. 1,739,774
    Industrial - Other—0.3%  
26,145 2 Anixter International, Inc. 1,672,234
10
Principal
Amount
or Shares 		    Value
    COMMON STOCKS—continued  
    Industrial - Other—continued  
53,121 2 International Wire Group Holdings, Inc. $1,061,889
    TOTAL 2,734,123
    Media Entertainment—0.6%  
95,500   Emerald Expositions Events, Inc. 1,117,350
161,220   Entercom Communication Corp. 1,052,766
31,215   Sinclair Broadcast Group, Inc. 981,712
645,816 2 Urban One, Inc. 1,401,421
    TOTAL 4,553,249
    Metals & Mining—0.2%  
74,815   Teck Resources Ltd. 1,518,745
    Midstream—0.5%  
95,516   Suburban Propane Partners LP 2,231,254
53,685   Sunoco LP 1,501,032
    TOTAL 3,732,286
    Packaging—0.9%  
126,975   Ardagh Group SA 1,651,945
37,820 2 Crown Holdings, Inc. 1,939,410
34,665   Multi-Color Corp. 1,539,126
113,760   Owens-Illinois, Inc. 2,092,046
    TOTAL 7,222,527
    Paper—0.5%  
153,636   Graphic Packaging Holding Co. 1,842,096
37,694   WestRock Co. 1,775,764
    TOTAL 3,617,860
    Pharmaceuticals—0.1%  
19,325 2 Mallinckrodt PLC 459,742
    Retailers—0.4%  
107,240   Hanesbrands, Inc. 1,706,189
128,152 2 Party City Holdco, Inc. 1,531,416
    TOTAL 3,237,605
    Technology—0.9%  
14,375   CDW Corp. 1,332,275
69,435 2 First Data Corp. 1,324,820
57,040 2 Inovalon Holdings, Inc. 758,632
24,650 2 Lumentum Holdings, Inc. 1,096,185
56,331 2 NCR Corp. 1,560,932
102,810 2 TTM Technologies, Inc. 1,222,411
    TOTAL 7,295,255
    Utility - Electric—0.2%  
68,325   Enviva Partners LP/Enviva Partners Finance Corp. 1,962,977
    TOTAL COMMON STOCKS
(IDENTIFIED COST $67,303,242) 		59,667,133
11
Principal
Amount
or Shares 		    Value
    INVESTMENT COMPANIES—3.0%  
1,451,892   Federated Bank Loan Core Fund $14,402,772
9,469,638   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.36%3 9,469,638
    TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $24,294,827) 		23,872,410
    TOTAL INVESTMENT IN SECURITIES—98.5%
(IDENTIFIED COST $811,969,358) 		771,436,545
    OTHER ASSETS AND LIABILITIES - NET—1.5%4 11,418,311
    TOTAL NET ASSETS—100% $782,854,856
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended November 30, 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 67,756 170,524,139 170,591,895
Sales/Reductions (201,613) (173,531,616) (173,733,229)
Balance of Shares Held 11/30/2018 1,451,892 9,469,638 10,921,530
Value $14,402,772 $9,469,638 $23,872,410
Change in Unrealized Appreciation/Depreciation $(302,736) $899 $(301,837)
Net Realized Gain/(Loss) $(23,270) $(2,882) $(26,152)
Dividend Income $681,000 $370,651 $1,051,651
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 November 30, 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.
12
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 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.
13
The following is a summary of the inputs used, as of November 30, 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 $51,998,157 $1,061,889 $— $53,060,046
 International 6,607,087 — — 6,607,087
Debt Securities:        
Corporate Bonds — 687,897,0021 — 687,897,002
Investment Companies2 9,469,638 — — 23,872,410
TOTAL SECURITIES $68,074,882 $688,958,891 $— $771,436,545
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 $14,402,772 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 January 23, 2019

 

 

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 January 23, 2019

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 
 

 

Date January 23, 2019