NPORT-EX 2 poi_fhinsthighyieldbondfd.htm POI - FEDERATED HERMES INSTITUTIONAL HIGH YIELD BOND FUND EDGAR HTML
Federated Hermes Institutional High Yield Bond Fund
Portfolio of Investments
July 31, 2023 (unaudited)  
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—95.6%
 
 
 
Aerospace/Defense—1.6%
 
$ 24,575,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026
$   24,464,806
 13,925,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.750%, 8/15/2028
   13,983,958
 20,050,000
 
TransDigm, Inc., Sr. Sub., 6.875%, 5/15/2026
   19,969,862
 15,650,000
 
TransDigm, Inc., Sr. Sub. Note, 6.375%, 6/15/2026
   15,504,006
  6,175,000
 
TransDigm, Inc., Sr. Sub. Note, Series WI, 4.625%, 1/15/2029
    5,518,598
 20,975,000
 
TransDigm, Inc., Sr. Sub. Note, Series WI, 4.875%, 5/1/2029
   18,894,819
 17,925,000
 
TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027
   17,006,705
  8,050,000
 
TransDigm, Inc., Sr. Sub., Series WI, 7.500%, 3/15/2027
    8,054,109
 
 
TOTAL
123,396,863
 
 
Airlines—0.2%
 
  9,395,833
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026
    9,264,170
  2,125,000
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.750%, 4/20/2029
    2,059,356
 
 
TOTAL
11,323,526
 
 
Automotive—6.0%
 
  4,100,000
 
Adient Global Holdings Ltd., Sec. Fac. Bond, 144A, 7.000%, 4/15/2028
    4,133,895
 36,950,000
 
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026
   35,512,959
  3,725,000
 
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 4/15/2031
    3,833,189
  1,395,000
 
Clarios Global LP, Sec. Fac. Bond, 144A, 6.750%, 5/15/2025
    1,399,545
  6,875,000
 
Dana Financing Lux Sarl, Sr. Unsecd. Note, 144A, 5.750%, 4/15/2025
    6,795,869
    575,000
 
Dana, Inc., Sr. Unsecd. Note, 4.250%, 9/1/2030
      491,863
  1,700,000
 
Dana, Inc., Sr. Unsecd. Note, 4.500%, 2/15/2032
    1,418,638
  3,800,000
 
Dana, Inc., Sr. Unsecd. Note, 5.625%, 6/15/2028
    3,610,211
 36,600,000
 
Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029
   31,424,683
  9,150,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 2.700%, 8/10/2026
    8,210,468
 30,600,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025
   28,637,855
 23,600,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030
   20,294,655
 23,800,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024
   23,119,644
 11,725,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027
   10,739,627
  9,375,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.271%, 1/9/2027
    8,760,156
 26,975,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029
   25,212,712
 23,725,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025
   23,121,218
 12,050,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 7.350%, 11/4/2027
   12,378,676
 30,200,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026
   28,727,650
 17,025,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027
   16,142,186
 21,000,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029
   19,538,904
  1,544,000
 
KAR Auction Services, Inc., Sr. Unsecd. Note, 144A, 5.125%, 6/1/2025
    1,506,334
 80,275,000
 
Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027
   81,427,909
 36,925,000
 
Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029
   29,827,855
 28,325,000
 
Schaeffler Verwaltung Zw, 144A, 4.750%, 9/15/2026
   26,116,101
  6,750,000
 
ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 6.875%, 4/14/2028
    6,861,625
  5,900,000
 
ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/14/2030
    6,082,794
 
 
TOTAL
465,327,221
 
 
Banking—0.1%
 
  8,500,000
 
Ally Financial, Inc., Sr. Sub. Note, 5.750%, 11/20/2025
    8,247,343
 
 
Building Materials—3.8%
 
  1,575,000
 
Abc Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029
    1,369,295
  9,850,000
 
American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028
    9,035,156
  4,300,000
 
Beacon Roofing Supply, Inc., Sr. Note, 144A, 6.500%, 8/1/2030
    4,315,115
 11,000,000
 
Camelot Return Merger SU, Sec. Fac. Bond, 144A, 8.750%, 8/1/2028
   10,744,030
1
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—continued
 
 
 
Building Materials—continued
 
$ 10,275,000
 
Cornerstone Building Brands, Sr. Unsecd. Note, 144A, 6.125%, 1/15/2029
$    8,516,126
 38,125,000
 
Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028
   31,506,116
 35,925,000
 
Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029
   31,164,862
 24,675,000
 
Gyp Holdings III Corp., Sr. Unsecd. Note, 144A, 4.625%, 5/1/2029
   22,066,976
 14,925,000
 
Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028
   12,536,010
  4,400,000
 
MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030
    3,722,818
 35,850,000
 
Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.000%, 12/1/2029
   31,148,810
 25,675,000
 
Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.125%, 7/1/2029
   22,554,406
 15,050,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031
   12,167,243
 18,350,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030
   15,949,454
  7,950,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028
    7,414,703
 31,025,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027
   29,740,996
 25,800,000
 
White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028
   23,273,967
 15,375,000
 
White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026
   14,832,726
 
 
TOTAL
292,058,809
 
 
Cable Satellite—7.6%
 
    438,000
 
CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026
      428,015
 14,325,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 4.500%, 5/1/2032
   11,692,972
 40,675,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031
   33,475,192
  8,775,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2034
    6,752,587
 31,525,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030
   26,739,408
  4,075,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033
    3,228,215
 31,800,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030
   27,591,808
  6,225,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/1/2032
    5,145,022
  9,350,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
    8,649,229
 10,400,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027
    9,766,724
  7,600,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029
    6,952,132
  4,000,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 7.375%, 3/1/2031
    3,979,708
  3,550,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 5.250%, 6/1/2024
    3,313,986
  4,625,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031
    3,207,854
 24,400,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.125%, 12/1/2030
   17,665,971
 25,925,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031
   18,624,849
 25,375,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030
   12,773,658
 21,725,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027
   18,656,252
 38,425,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030
   19,937,853
  6,475,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 6.500%, 2/1/2029
    5,506,242
 25,400,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.500%, 4/1/2028
   15,721,640
 15,875,000
 
DIRECTV Holdings LLC, Sec. Fac. Bond, 144A, 5.875%, 8/15/2027
   14,345,029
  8,100,000
 
DISH DBS Corp., Sec. Fac. Bond, 144A, 5.750%, 12/1/2028
    6,248,288
 14,700,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028
    8,286,464
 21,050,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026
   13,636,295
 24,525,000
 
DISH DBS Corp., Sr. Unsecd. Note, Series WI, 5.125%, 6/1/2029
   12,354,591
 15,450,000
 
DISH Network Corp., Sec. Fac. Bond, 144A, 11.750%, 11/15/2027
   15,573,414
 16,350,000
 
Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028
   14,403,848
 14,100,000
1,2,3
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.500%, 8/1/2023
            0
 11,850,000
1,2,3
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 8.500%, 10/15/2024
            0
  7,950,000
1,2,3
Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 9.750%, 7/15/2025
            0
  6,050,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.125%, 9/1/2026
    5,464,844
 15,125,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031
   11,855,834
  9,825,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2028
    8,557,743
 21,675,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030
   17,870,387
  3,600,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.000%, 8/1/2027
    3,348,000
 20,375,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029
   18,634,345
 42,800,000
 
Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028
   39,433,780
2
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—continued
 
 
 
Cable Satellite—continued
 
$ 40,275,000
 
UPC Broadband Finco B.V., Sr. Note, 144A, 4.875%, 7/15/2031
$   33,860,948
 15,025,000
 
Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030
   12,342,318
  7,400,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030
    6,345,377
  9,850,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 5.500%, 5/15/2029
    9,102,248
 10,100,000
 
Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031
    8,372,578
 17,325,000
 
Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031
   14,639,966
 14,525,000
 
VZ Secured Financing B.V., Sec. Fac. Bond, 144A, 5.000%, 1/15/2032
   11,816,776
  5,275,000
 
Ziggo Bond Co. BV, Sr. Unsecd. Note, 144A, 5.125%, 2/28/2030
    4,173,154
  3,800,000
 
Ziggo BV, Sec. Fac. Bond, 144A, 4.875%, 1/15/2030
    3,221,187
 36,175,000
 
Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027
   33,686,146
 
 
TOTAL
587,382,877
 
 
Chemicals—2.3%
 
  7,350,000
 
Ashland LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/1/2031
    5,966,509
  6,125,000
 
Axalta Coat/Dutch Holding BV, Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027
    5,847,538
  9,500,000
 
Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029
    8,138,968
  9,425,000
 
Cheever Escrow Issuer, Sec. Fac. Bond, 144A, 7.125%, 10/1/2027
    8,592,398
 20,250,000
 
Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
   17,914,476
 11,850,000
 
H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028
   10,567,577
 35,125,000
 
Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028
   26,768,430
  8,125,000
 
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028
    7,435,350
 17,475,000
 
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 4.250%, 10/1/2028
   14,024,070
 16,175,000
 
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 9.750%, 11/15/2028
   15,669,531
 19,700,000
 
Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029
   14,541,267
 18,000,000
 
Polar US Borrower LLC, Sr. Unsecd. Note, 144A, 6.750%, 5/15/2026
   10,511,910
  2,325,000
 
SPCM SA, Sr. Unsecd. Note, 144A, 3.125%, 3/15/2027
    2,094,250
  4,500,000
 
SPCM SA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030
    3,731,752
  7,625,000
 
WR Grace Holdings LLC, 144A, 4.875%, 6/15/2027
    7,197,057
  4,050,000
 
WR Grace Holdings LLC, Sec. Fac. Bond, 144A, 7.375%, 3/1/2031
    4,036,942
 14,025,000
 
WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
   11,851,125
 
 
TOTAL
174,889,150
 
 
Construction Machinery—0.8%
 
 30,650,000
 
H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028
   26,967,237
  4,275,000
 
Ritchie Bros Holdings, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/15/2028
    4,333,781
  4,325,000
 
Ritchie Bros Holdings, Inc., Sr. Unsecd. Note, 144A, 7.750%, 3/15/2031
    4,512,939
  2,500,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 3.750%, 1/15/2032
    2,119,604
 12,850,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030
   11,377,154
 10,600,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028
   10,122,973
  1,725,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 5.250%, 1/15/2030
    1,644,880
    825,000
 
United Rentals North America, Inc., Term Loan - 1st Lien, 144A, 6.000%, 12/15/2029
      824,858
  3,200,000
 
United Rentals, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031
    2,761,289
 
 
TOTAL
64,664,715
 
 
Consumer Cyclical Services—2.9%
 
 15,775,000
 
Allied Universal Holdco LLC, Sec. Fac. Bond, 144A, 6.625%, 7/15/2026
   15,078,305
 20,800,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
   15,891,714
 55,425,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027
   50,895,602
  8,625,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027
    7,975,576
  4,325,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 7.750%, 2/15/2028
    4,306,511
 28,325,000
 
Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
   23,599,127
  8,900,000
 
Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027
    8,507,644
 52,126,000
 
GW B-CR Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027
   51,086,617
  2,100,000
 
Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 3.625%, 10/1/2031
    1,730,610
 21,175,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030
   18,292,024
 12,975,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2028
   11,980,861
  8,175,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027
    7,753,561
3
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—continued
 
 
 
Consumer Cyclical Services—continued
 
$ 11,850,000
 
Signal Parent, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/1/2029
$    7,228,500
 
 
TOTAL
224,326,652
 
 
Consumer Products—1.5%
 
 51,625,000
 
BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027
   49,157,115
  5,625,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029
    4,925,953
  9,850,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 5.500%, 6/1/2028
    9,342,676
 24,025,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029
   20,848,535
 18,300,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028
   16,454,720
 12,175,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.500%, 12/31/2027
   11,843,568
  4,700,000
 
Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 3.750%, 4/1/2031
    3,952,230
 
 
TOTAL
116,524,797
 
 
Diversified Manufacturing—1.1%
 
 55,725,000
 
Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026
   55,082,242
  7,900,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025
    7,997,802
 18,800,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028
   19,189,066
 
 
TOTAL
82,269,110
 
 
Finance Companies—2.1%
 
 14,225,000
 
Navient Corp., Sr. Unsecd. Note, 4.875%, 3/15/2028
   12,436,562
  8,050,000
 
Navient Corp., Sr. Unsecd. Note, 5.000%, 3/15/2027
    7,292,817
 11,850,000
 
Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029
   10,255,701
 12,100,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/25/2025
   11,976,308
  6,400,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026
    6,246,240
 17,400,000
 
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029
   14,848,831
 18,475,000
 
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031
   15,212,315
 17,150,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 2.875%, 10/15/2026
   15,282,451
 11,300,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033
    8,972,663
 34,850,000
 
United Shore Financial Services, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025
   33,537,845
 19,600,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029
   17,248,931
 12,275,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027
   11,497,317
 
 
TOTAL
164,807,981
 
 
Financial Institution - REIT - Other—0.1%
 
  4,325,000
 
RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2028
    4,393,885
 
 
Food & Beverage—1.6%
 
  2,125,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 4/1/2025
    2,095,367
  1,175,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
    1,105,855
 25,225,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2025
   25,248,207
 17,650,000
 
Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030
   17,732,602
 17,025,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029
   15,138,925
  3,700,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/15/2027
    3,586,380
 12,325,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/15/2029
   11,457,055
  9,675,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028
    9,358,046
 12,792,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
   12,547,226
  5,125,000
 
US Foods, Inc., Sec. Fac. Bond, 144A, 6.250%, 4/15/2025
    5,142,522
  3,550,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030
    3,196,240
 20,375,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029
   18,758,394
 
 
TOTAL
125,366,819
 
 
Gaming—4.8%
 
 28,375,000
 
Affinity Gaming LLC, 144A, 6.875%, 12/15/2027
   25,133,459
 12,800,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027
   12,078,816
  5,575,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031
    4,993,391
  5,750,000
 
Caesars Entertainment Corp., Sec. Fac. Bond, 144A, 7.000%, 2/15/2030
    5,812,999
  9,300,000
 
Caesars Entertainment Corp., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029
    8,195,373
  5,525,000
 
CCM Merger, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2026
    5,387,690
 13,875,000
 
Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 5/1/2031
   13,578,769
4
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—continued
 
 
 
Gaming—continued
 
$ 21,425,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 5.750%, 7/1/2025
$   21,660,611
 20,800,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025
   20,705,468
 22,275,000
 
Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027
   22,866,914
  9,475,000
 
MGM Resorts International, Sr. Unsecd. Note, 6.750%, 5/1/2025
    9,524,308
 11,850,000
 
Midwest Gaming Borrower LLC, Sr. Note, 144A, 4.875%, 5/1/2029
   10,535,835
 45,025,000
 
Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026
   41,699,003
 18,200,000
 
Ontario Gaming GTA LP, Sec. Fac. Bond, 144A, 8.000%, 8/1/2030
   18,398,380
 16,400,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2029
   13,560,750
  6,175,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2027
    5,813,426
  7,375,000
 
Raptor Acquisition Corp. / Raptor Co-Issuer LLC, Sec. Fac. Bond, 144A, 4.875%, 11/1/2026
    6,920,976
 20,400,000
 
Scientific Games Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 3/1/2030
   18,096,840
 14,975,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029
   14,951,864
 21,375,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 8.625%, 7/1/2025
   21,840,926
 33,600,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028
   30,507,792
  4,300,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031
    3,637,370
  3,200,000
 
Sugarhouse HSP Gaming Finance Corp., Sec. Fac. Bond, 144A, 5.875%, 5/15/2025
    3,074,880
  2,675,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.500%, 2/15/2025
    2,571,156
  3,875,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/15/2030
    3,439,605
  9,800,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.250%, 12/1/2026
    9,240,190
  5,025,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.500%, 1/15/2028
    4,638,825
 11,450,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/15/2025
   11,129,056
  1,900,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2029
    1,737,892
  1,500,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 5.625%, 5/1/2024
    1,493,468
 
 
TOTAL
373,226,032
 
 
Health Care—5.5%
 
 17,150,000
 
AdaptHealth LLC, Sr. Unsecd. Note, 144A, 4.625%, 8/1/2029
   14,073,992
  7,750,000
 
AdaptHealth LLC, Sr. Unsecd. Note, 144A, 5.125%, 3/1/2030
    6,419,500
 11,700,000
 
Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029
   10,197,720
 32,350,000
 
Avantor Funding, Inc., Sec. Fac. Bond, 144A, 4.625%, 7/15/2028
   30,053,098
 14,675,000
 
Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029
   12,855,434
 11,925,000
 
CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030
    7,529,831
 32,875,000
 
CHS/Community Health Systems, Inc., 144A, 6.875%, 4/15/2029
   21,826,479
  9,425,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 5.625%, 3/15/2027
    8,399,428
  3,025,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2029
    2,589,793
  8,125,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026
    7,986,197
 15,700,000
 
CHS/Community Health Systems, Inc., Sr. Note, 144A, 5.250%, 5/15/2030
   12,563,788
  5,150,000
 
Embecta Corp., Sec. Fac. Bond, 144A, 5.000%, 2/15/2030
    4,253,977
 10,825,000
 
Embecta Corp., Sr. Note, 144A, 6.750%, 2/15/2030
    9,554,850
  2,400,000
 
Garden Spinco Corp., Sr. Unsecd. Note, 144A, 8.625%, 7/20/2030
    2,592,846
 16,875,000
 
Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025
   10,040,625
  3,000,000
 
HCA, Inc., Sr. Unsecd. Note, 3.500%, 9/1/2030
    2,638,678
 10,850,000
 
HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025
   10,790,511
 10,800,000
 
HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/15/2026
   10,833,502
  8,350,000
 
IMS Health, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026
    8,116,264
  8,450,000
 
Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027
    8,156,509
  1,425,000
 
Iqvia, Inc., Sr. Unsecd. Note, 144A, 6.500%, 5/15/2030
    1,440,661
 10,250,000
 
LifePoint Health, Inc., 144A, 6.750%, 4/15/2025
   10,418,459
  4,750,000
 
LifePoint Health, Inc., Sec. Fac. Bond, 144A, 4.375%, 2/15/2027
    4,102,908
  7,325,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2029
    5,192,437
  3,950,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 9.750%, 12/1/2026
    3,708,701
  7,825,000
 
MEDNAX, Inc., Sr. Unsecd. Note, 144A, 5.375%, 2/15/2030
    7,072,608
 16,725,000
 
Mozart Debt Merger Sub, Inc., Sec. Fac. Bond, 144A, 3.875%, 4/1/2029
   14,660,670
 73,725,000
 
Mozart Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029
   65,473,588
  6,775,000
 
MPH Acquisition Holdings LLC, Sr. Note, 144A, 5.500%, 9/1/2028
    5,911,718
5
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—continued
 
 
 
Health Care—continued
 
$  9,000,000
 
MPH Acquisition Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 11/1/2028
$    6,872,895
  4,600,000
 
Teleflex, Inc., Sr. Unsecd. Note, 4.625%, 11/15/2027
    4,345,689
  1,550,000
 
Teleflex, Inc., Sr. Unsecd. Note, 144A, 4.250%, 6/1/2028
    1,426,646
  5,250,000
 
Tenet Healthcare Corp., 4.250%, 6/1/2029
    4,709,832
 17,575,000
 
Tenet Healthcare Corp., 4.875%, 1/1/2026
   17,027,367
 18,900,000
 
Tenet Healthcare Corp., 5.125%, 11/1/2027
   17,966,011
  4,375,000
 
Tenet Healthcare Corp., Sec. Fac. Bond, 144A, 6.750%, 5/15/2031
    4,351,228
 31,075,000
 
Tenet Healthcare Corp., Sr. Unsecd. Note, 6.125%, 10/1/2028
   29,629,702
  4,625,000
 
Tenet Healthcare Corp., Term Loan - 1st Lien, 4.625%, 6/15/2028
    4,285,323
 13,775,000
 
Tenet Healthcare Corp., Term Loan - 2nd Lien, 144A, 6.250%, 2/1/2027
   13,535,942
 
 
TOTAL
423,605,407
 
 
Health Insurance—0.6%
 
  1,850,000
 
Centene Corp., Sr. Unsecd. Note, 2.450%, 7/15/2028
    1,595,264
  4,075,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 3.375%, 2/15/2030
    3,510,438
 23,175,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.250%, 12/15/2027
   21,850,965
 19,025,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029
   17,705,236
 
 
TOTAL
44,661,903
 
 
Independent Energy—4.3%
 
  7,225,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030
    6,740,877
  2,475,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 7.625%, 2/1/2029
    2,537,278
  6,075,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
    5,489,342
  9,350,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 11/1/2026
    9,153,719
  8,375,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028
    8,324,824
  2,971,000
 
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027
    3,710,507
  9,050,000
 
Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026
    8,630,363
  6,450,000
 
Callon Petroleum Corp., Sr. Unsecd. Note, 144A, 7.500%, 6/15/2030
    6,268,061
  4,150,000
 
Callon Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.375%, 7/1/2026
    4,072,945
  8,300,000
 
Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.250%, 7/15/2025
    8,300,000
  1,900,000
1,3
Chesapeake Energy Corp., Sr. Unsecd. Note, 5.750%, 3/15/2023
       42,750
 10,175,000
1,3
Chesapeake Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2024
      228,938
  2,250,000
 
Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2026
    2,216,950
  1,600,000
 
Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.875%, 2/1/2029
    1,531,624
  2,200,000
 
Chord Energy Corp., Sr. Unsecd. Note, 144A, 6.375%, 6/1/2026
    2,185,388
  3,250,000
 
Civitas Resources, Inc., Sr. Unsecd. Note, 144A, 8.750%, 7/1/2031
    3,367,813
  8,750,000
 
Civitas Resources, Inc., Unsecd. Note, 144A, 8.375%, 7/1/2028
    9,010,837
  9,475,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 5.875%, 1/15/2030
    8,395,704
 23,750,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029
   22,178,667
  3,950,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.000%, 5/1/2029
    3,725,512
 31,700,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2025
   31,253,188
  7,625,000
 
Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.750%, 1/30/2028
    7,431,327
 13,725,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025
   13,760,611
  5,150,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.125%, 1/1/2031
    5,265,206
  5,950,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.450%, 9/15/2036
    6,251,962
  5,750,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.625%, 9/1/2030
    6,035,603
  2,500,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 7.150%, 5/15/2028
    2,632,750
  6,225,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 8.875%, 7/15/2030
    7,217,389
  2,250,000
 
PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024
    2,247,345
 14,175,000
 
PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 5/15/2026
   14,268,555
 10,925,000
 
Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 5.375%, 1/15/2026
   10,535,906
 17,525,000
 
Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
   17,382,434
 10,019,000
 
Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025
    9,841,463
  5,500,000
 
Range Resources Corp., Sr. Unsecd. Note, 8.250%, 1/15/2029
    5,727,838
  5,500,000
 
Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
    5,060,000
 12,200,000
 
Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029
   11,183,277
6
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—continued
 
 
 
Independent Energy—continued
 
$  9,150,000
 
SM Energy Co., Sr. Unsecd. Note, 5.625%, 6/1/2025
$    8,975,314
  4,450,000
 
SM Energy Co., Sr. Unsecd. Note, 6.500%, 7/15/2028
    4,354,047
  4,575,000
 
SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027
    4,503,862
  9,175,000
 
SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026
    9,022,878
  5,950,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 4.750%, 2/1/2032
    5,292,150
  7,675,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 5.375%, 3/15/2030
    7,187,931
  2,525,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 8.375%, 9/15/2028
    2,625,465
 15,150,000
 
Tap Rock Resources LLC., Sr. Unsecd. Note, 144A, 7.000%, 10/1/2026
   15,660,671
 
 
TOTAL
329,829,271
 
 
Industrial - Other—1.7%
 
 33,275,000
 
Emerald Debt Merger, Sec. Fac. Bond, 144A, 6.625%, 12/15/2030
   33,108,625
  2,950,000
 
Madison Iaq LLC, Sec. Fac. Bond, 144A, 4.125%, 6/30/2028
    2,629,620
 51,375,000
 
Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
   43,155,575
 24,425,000
 
Redwood Star Merger Sub, Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030
   22,555,022
 10,075,000
 
Vertical Holdco GmbH, Sr. Unsecd. Note, 144A, 7.625%, 7/15/2028
    9,406,625
 21,675,000
 
Vertical U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027
   20,291,879
 
 
TOTAL
131,147,346
 
 
Insurance - P&C—6.8%
 
 30,950,000
 
AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029
   28,422,512
 36,804,567
 
Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500% / 12.750% PIK, 1/15/2027
   34,585,301
 23,350,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029
   20,403,713
 31,650,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025
   31,280,717
 63,225,000
 
Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029
   56,518,471
 18,700,000
 
GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027
   18,537,981
 13,075,000
 
Hub International Ltd., Sec. Fac. Bond, 144A, 7.250%, 6/15/2030
   13,336,500
 25,125,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029
   22,447,381
111,100,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026
  111,003,711
 18,875,000
 
Jones Deslauriers Insurance Management, Inc., Sec. Fac. Bond, 144A, 8.500%, 3/15/2030
   19,269,863
 19,300,000
 
Jones Deslauriers Insurance Management, Inc., Sr. Unsecd. Note, 144A, 10.500%, 12/15/2030
   19,130,223
  8,425,000
 
NFP Corp., Sec. Fac. Bond, 144A, 7.500%, 10/1/2030
    8,202,567
 79,900,000
 
NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028
   70,814,020
 11,675,000
 
Ryan Specialty Group, Sec. Fac. Bond, 144A, 4.375%, 2/1/2030
   10,343,958
 57,550,000
 
USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025
   57,371,605
 
 
TOTAL
521,668,523
 
 
Leisure—0.6%
 
 32,125,000
 
SeaWorld Parks & Entertainment, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029
   28,941,412
  5,775,000
 
Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027
    5,448,135
  9,950,000
 
Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 7.250%, 5/15/2031
    9,514,076
 
 
TOTAL
43,903,623
 
 
Lodging—0.5%
 
  3,875,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032
    3,255,208
  9,275,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.750%, 5/1/2029
    8,272,095
  5,050,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.375%, 5/1/2025
    5,015,471
 13,000,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028
   12,814,276
  3,225,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030
    3,026,389
  3,450,000
 
Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028
    3,160,530
 
 
TOTAL
35,543,969
 
 
Media Entertainment—5.6%
 
 30,875,000
 
Audacy Capital Corp., 144A, 6.500%, 5/1/2027
      512,411
 14,100,000
 
Audacy Capital Corp., 144A, 6.750%, 3/31/2029
      317,250
 10,705,000
 
Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026
    8,043,469
  8,175,000
1,3
Diamond Sports Group LLC / Diamond Sports Finance Co., 144A, 5.375%, 8/15/2026
      260,578
 23,700,000
1,3
Diamond Sports Group LLC / Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 6.625%, 8/15/2027
      569,578
 17,750,000
 
Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031
   12,403,877
7
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—continued
 
 
 
Media Entertainment—continued
 
$  7,200,000
 
Gray Escrow, Inc., Sr. Unsecd. Note, 144A, 7.000%, 5/15/2027
$    6,237,468
 14,075,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2030
    9,915,838
 19,750,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026
   17,803,185
  5,302,564
 
iHeartCommunications, Inc., 6.375%, 5/1/2026
    4,589,317
  6,825,000
 
iHeartCommunications, Inc., 144A, 4.750%, 1/15/2028
    5,254,987
  5,800,000
 
iHeartCommunications, Inc., 144A, 5.250%, 8/15/2027
    4,570,294
 56,004,646
 
iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027
   38,377,190
  2,000,000
 
Lamar Media Corp., Sr. Unsecd. Note, 4.000%, 2/15/2030
    1,762,755
  8,850,000
 
Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029
    8,260,590
  3,100,000
 
Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031
    2,597,926
 58,575,000
 
Midas Opco Holdings, LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
   49,905,900
 13,400,000
 
Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 4.750%, 11/1/2028
   11,821,803
 37,575,000
 
Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027
   35,358,815
  2,450,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2029
    2,081,765
  3,950,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2030
    3,308,125
  6,575,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2027
    6,083,815
  5,150,000
 
Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 6.250%, 6/15/2025
    5,089,374
 16,600,000
 
ROBLOX Corp., Sr. Unsecd. Note, 144A, 3.875%, 5/1/2030
   13,961,090
  3,925,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 3.875%, 1/15/2029
    3,266,856
  9,325,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2031
    7,116,374
 13,250,000
 
Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027
   11,081,770
  2,775,000
 
Sinclair Television Group, Sec. Fac. Bond, 144A, 4.125%, 12/1/2030
    1,811,922
 22,700,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027
   19,002,283
 14,450,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
    7,642,388
  6,750,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028
    6,066,563
 35,775,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029
   31,918,813
 51,800,000
 
Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027
   40,492,060
 14,425,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 4.500%, 5/1/2029
   12,494,583
  9,100,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 7.375%, 6/30/2030
    8,865,592
  6,575,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 8.000%, 8/15/2028
    6,630,230
 24,050,000
 
Urban One, Inc., Sec. Fac. Bond, 144A, 7.375%, 2/1/2028
   21,260,200
  6,425,000
 
WMG Acquisition Corp., Sec. Fac. Bond, 144A, 3.750%, 12/1/2029
    5,616,356
  1,250,000
 
WMG Acquisition Corp., Sec. Fac. Bond, 144A, 3.875%, 7/15/2030
    1,093,505
 
 
TOTAL
433,446,895
 
 
Metals & Mining—0.5%
 
 19,650,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029
   18,012,846
  3,850,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.875%, 3/1/2031
    3,421,166
  2,525,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/15/2030
    2,459,466
 19,600,000
 
Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029
   16,288,779
 
 
TOTAL
40,182,257
 
 
Midstream—6.4%
 
  9,525,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.500%, 5/20/2025
    9,252,059
  5,075,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027
    4,640,384
 18,925,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026
   17,860,864
 11,350,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.375%, 6/15/2029
   10,651,467
 23,650,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
   22,897,918
 32,175,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028
   30,968,132
 14,600,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.875%, 5/15/2026
   14,922,178
  4,550,000
 
Cheniere Energy Partners, LP, Sr. Unsecd. Note, 4.000%, 3/1/2031
    4,053,003
  3,500,000
 
Cheniere Energy Partners, LP, Sr. Unsecd. Note, Series WI, 3.250%, 1/31/2032
    2,915,634
 13,950,000
 
Cheniere Energy Partners, LP, Sr. Unsecd. Note, Series WI, 4.500%, 10/1/2029
   12,981,717
 18,200,000
 
Cheniere Energy, Inc., Sec. Fac. Bond, Series WI, 4.625%, 10/15/2028
   17,099,468
 20,075,000
 
CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030
   17,418,268
 11,575,000
 
Crestwood Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.375%, 2/1/2031
   11,556,042
8
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—continued
 
 
 
Midstream—continued
 
$ 17,675,000
 
DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031
$   15,362,768
 21,375,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 5.500%, 7/15/2028
   20,587,509
 15,650,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 6.500%, 7/15/2048
   14,313,545
 10,000,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029
    9,147,566
 24,275,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2031
   21,694,616
  2,120,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025
    2,106,729
 17,100,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027
   17,034,470
  1,600,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027
    1,625,259
  4,550,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 4.250%, 2/15/2030
    3,996,720
  1,525,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2030
    1,434,895
    575,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2026
      566,893
 15,300,000
 
Hess Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028
   14,477,927
 19,150,000
 
Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
   17,929,424
  4,675,000
 
NuStar Logistics LP, Sr. Unsecd. Note, 5.625%, 4/28/2027
    4,540,486
  2,950,000
 
NuStar Logistics LP, Sr. Unsecd. Note, 6.000%, 6/1/2026
    2,905,931
 16,700,000
 
Oasis Midstream Partners, Sr. Unsecd. Note, 144A, 8.000%, 4/1/2029
   16,995,019
  8,250,000
 
Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026
    8,097,788
 12,600,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027
   12,356,000
 30,250,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031
   25,845,299
 11,450,000
 
Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.750%, 4/15/2025
   10,346,506
  3,425,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 4.875%, 2/1/2031
    3,183,870
 13,625,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028
   13,094,486
  4,200,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 6.500%, 7/15/2027
    4,223,043
 24,050,000
 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
   23,212,819
  7,700,000
 
TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026
    6,771,188
  8,275,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.500%, 3/1/2028
    7,874,771
  5,100,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.650%, 7/1/2026
    4,952,862
  3,750,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028
    3,593,974
 25,075,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.300%, 3/1/2048
   21,520,102
  5,925,000
 
Western Midstream Operating, LP, Sr. Unsecd. Note, 4.300%, 2/1/2030
    5,390,261
 
 
TOTAL
492,399,860
 
 
Oil Field Services—2.0%
 
 29,450,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028
   27,783,130
 31,000,000
 
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
   30,252,564
 15,750,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2026
   15,181,110
  6,900,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028
    6,336,729
  1,275,000
 
Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027
    1,248,212
  9,875,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029
    9,320,716
  8,475,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026
    8,405,251
 24,625,000
 
USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027
   23,744,543
 31,350,000
 
USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026
   31,097,103
 
 
TOTAL
153,369,358
 
 
Packaging—4.8%
 
 36,389,354
 
ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027
   29,609,472
 23,400,000
 
Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029
   19,162,735
 40,725,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027
   35,006,029
 32,325,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027
   27,785,633
 13,875,000
 
Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030
   11,461,434
  1,475,000
 
Ball Corp., Sr. Unsecd. Note, 3.125%, 9/15/2031
    1,212,246
  6,325,000
 
Ball Corp., Sr. Unsecd. Note, 6.000%, 6/15/2029
    6,332,906
 10,650,000
 
Ball Corp., Sr. Unsecd. Note, 6.875%, 3/15/2028
   10,905,121
  5,350,000
 
Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027
    5,223,884
 16,875,000
 
Bway Holding Co., 144A, 7.875%, 8/15/2026
   16,845,828
 16,450,000
 
Bway Holding Co., 144A, 9.250%, 4/15/2027
   15,306,060
9
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—continued
 
 
 
Packaging—continued
 
$ 75,175,000
 
Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030
$   68,237,813
  8,600,000
 
Crown Americas LLC / Crown Americas Capital Corp. VI, Sr. Unsecd. Note, 4.750%, 2/1/2026
    8,321,468
  5,425,000
 
OI European Group BV, Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
    4,904,670
 26,950,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/15/2025
   26,962,049
  8,438,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027
    8,397,720
  9,450,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/15/2031
    9,615,092
  3,950,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 4.000%, 12/1/2027
    3,642,690
  2,525,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029
    2,359,385
  6,125,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/1/2028
    6,103,003
  7,350,000
 
Trivium Packaging Finance BV, Sec. Fac. Bond, 144A, 5.500%, 8/15/2026
    6,990,432
 47,425,000
 
Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027
   45,678,257
 
 
TOTAL
370,063,927
 
 
Paper—0.5%
 
 13,825,000
 
Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 4.750%, 8/15/2028
   12,184,979
 11,491,000
 
Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 5.375%, 2/1/2025
   11,243,082
  2,225,000
 
Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2028
    1,998,763
 13,475,000
 
Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/1/2029
   11,750,646
  1,025,000
 
Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030
      892,816
  1,250,000
 
Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 4.750%, 7/15/2027
    1,201,024
 
 
TOTAL
39,271,310
 
 
Pharmaceuticals—1.9%
 
  8,850,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 4.875%, 6/1/2028
    5,377,393
  5,050,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.750%, 8/15/2027
    3,252,655
  2,100,000
 
Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 6.125%, 2/1/2027
    1,381,256
  6,525,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/30/2028
    3,009,115
 14,000,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029
    6,447,679
  7,350,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030
    3,284,694
  3,975,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 2/15/2031
    1,801,058
 27,100,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029
   12,587,200
 23,725,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029
   11,215,682
 15,950,000
 
Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 8.500%, 1/31/2027
    9,070,765
  5,850,000
 
Catalent Pharma Solutions, Inc., Sr. Unsecd. Note, 144A, 3.500%, 4/1/2030
    4,904,640
 37,350,000
 
Grifols Escrow Issuer SA, Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028
   32,778,902
 18,300,000
 
Jazz Securities Designated Activity Co., Sec. Fac. Bond, 144A, 4.375%, 1/15/2029
   16,287,253
  5,200,000
 
Organon Finance 1 LLC, Sec. Fac. Bond, 144A, 4.125%, 4/30/2028
    4,665,370
 23,600,000
 
Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031
   20,027,393
  9,500,000
 
Syneos Health, Inc., Sr. Unsecd. Note, 144A, 3.625%, 1/15/2029
    9,413,822
 
 
TOTAL
145,504,877
 
 
Restaurant—1.5%
 
  2,925,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 3.875%, 1/15/2028
    2,681,434
 77,325,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.000%, 10/15/2030
   66,519,001
  8,900,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.375%, 1/15/2028
    8,231,615
  6,050,000
 
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsecd. Note, 144A, 4.750%, 6/1/2027
    5,852,105
  4,975,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 3.625%, 3/15/2031
    4,268,916
  7,150,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032
    6,483,394
  5,825,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 5.375%, 4/1/2032
    5,519,414
 13,200,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
   12,324,510
 
 
TOTAL
111,880,389
 
 
Retailers—0.7%
 
 14,125,000
 
Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027
   13,661,206
 13,775,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029
   12,199,201
  5,600,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032
    4,885,463
  8,325,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029
    6,218,785
  9,525,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031
    6,819,999
10
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—continued
 
 
 
Retailers—continued
 
$  5,525,000
 
Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029
$    4,729,096
  6,350,000
 
LCM Investments Holdings II, LLC, Sr. Unsecd. Note, 144A, 8.250%, 8/1/2031
    6,456,362
 
 
TOTAL
54,970,112
 
 
Supermarkets—0.7%
 
  6,800,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.250%, 3/15/2026
    6,326,703
 18,175,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029
   15,842,811
 13,275,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028
   12,938,811
  8,100,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.500%, 2/15/2028
    8,075,457
 10,675,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026
   10,875,817
 
 
TOTAL
54,059,599
 
 
Technology—10.8%
 
 11,500,000
 
AMS AG, Sr. Unsecd. Note, 144A, 7.000%, 7/31/2025
   10,104,245
 14,825,000
 
Black Knight InfoServ LLC, Sr. Unsecd. Note, 144A, 3.625%, 9/1/2028
   13,601,937
 22,725,000
 
Boxer Parent Co., Inc., 144A, 9.125%, 3/1/2026
   22,826,671
 20,025,000
 
Capstone Borrower, Inc., Sec. Fac. Bond, 144A, 8.000%, 6/15/2030
   19,842,973
 24,575,000
 
Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028
   23,201,662
  2,325,000
 
CDW LLC/ CDW Finance, Sr. Unsecd. Note, 3.250%, 2/15/2029
    2,029,934
 15,325,000
 
Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026
   11,436,914
 28,475,000
 
Central Parent, Inc./Central Merger Sub, Inc., 144A, 7.250%, 6/15/2029
   28,186,944
  3,900,000
 
Ciena Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/31/2030
    3,416,400
 32,325,000
 
Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029
   28,743,442
 21,425,000
 
Cloud Software Group, Inc., Sec. Fac. Bond, 144A, 9.000%, 9/30/2029
   19,217,233
 25,450,000
 
Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
   22,930,832
 13,700,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026
   12,684,170
 23,175,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028
   20,070,798
 12,100,000
 
Dun & Bradstreet Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
   10,661,447
 26,675,000
 
Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029
   23,166,984
  7,600,000
 
Entegris Escrow Corp., Sec. Fac. Bond, 144A, 4.750%, 4/15/2029
    7,096,910
 13,325,000
 
Entegris Escrow Corp., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030
   12,791,711
 13,500,000
 
Entegris, Inc., Sr. Unsecd. Note, 144A, 3.625%, 5/1/2029
   11,695,877
  6,900,000
 
Fair Isaac & Co., Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2028
    6,338,907
  6,450,000
 
Gartner, Inc., Sr. Unsecd. Note, 144A, 4.500%, 7/1/2028
    6,035,712
 24,625,000
 
HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029
   22,089,024
 23,475,000
 
Helios Software Holdings, Sec. Fac. Bond, 144A, 4.625%, 5/1/2028
   20,439,356
 19,075,000
 
Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2029
   19,157,785
 35,275,000
 
Logan Merger Sub, Inc., Sr. Secd. Note, 144A, 5.500%, 9/1/2027
   20,306,202
 67,575,000
 
McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030
   58,465,687
 68,450,000
 
Minerva Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030
   58,082,960
  5,500,000
 
MSCI, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2031
    4,885,284
  9,225,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028
    8,353,127
 19,475,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.125%, 4/15/2029
   17,433,027
 14,725,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030
   13,126,096
  6,000,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.750%, 9/1/2027
    6,043,176
 13,050,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 6.125%, 9/1/2029
   13,275,961
  9,050,000
 
Open Text Corp. 144A, 6.900%, 12/1/2027
    9,256,087
 15,825,000
 
Open Text Corp. Sr. Unsecd. Note, 144A, 3.875%, 2/15/2028
   14,091,881
  8,000,000
 
Open Text Holdings, Inc. / Open Text Corp., Sr. Unsecd. Note, 144A, 4.125%, 12/1/2031
    6,638,698
 32,575,000
 
Picard Midco, Inc., Sec. Fac. Bond, 144A, 6.500%, 3/31/2029
   29,348,046
  3,000,000
 
Qorvo, Inc., Sr. Unsecd. Note, 4.375%, 10/15/2029
    2,754,863
 19,300,000
 
Rackspace Technology, Inc., 144A, 3.500%, 2/15/2028
    8,655,297
 29,350,000
 
Rackspace Technology, Inc., Sr. Unsecd. Note, 144A, 5.375%, 12/1/2028
    8,173,241
 39,575,000
 
Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029
   33,843,970
  2,500,000
 
Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028
    2,352,840
  1,150,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 8.250%, 12/15/2029
    1,206,385
11
Principal
Amount
or Shares
 
 
Value
           
 
CORPORATE BONDS—continued
 
 
 
Technology—continued
 
$  7,300,000
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 8.500%, 7/15/2031
$    7,629,486
 26,409,625
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 9.625%, 12/1/2032
   29,262,749
  3,100,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030
    2,759,312
  8,400,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.875%, 9/1/2030
    8,102,459
  4,450,000
 
Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031
    3,762,607
 39,225,000
 
SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027
   37,930,205
  6,925,000
 
Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029
    5,984,849
 13,500,000
 
TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029
   11,520,967
 23,350,000
 
Veritas US, Inc./Veritas Bermuda, Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025
   19,173,400
  4,075,000
 
Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029
    3,500,592
 14,025,000
 
ZipRecruiter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/15/2030
   11,969,215
 
 
TOTAL
835,656,537
 
 
Transportation Services—0.5%
 
 14,725,000
 
Stena International S.A., Sec. Fac. Bond, 144A, 6.125%, 2/1/2025
   14,464,220
 21,800,000
 
Watco Cos. LLC/Finance Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027
   20,907,944
 
 
TOTAL
35,372,164
 
 
Utility - Electric—2.7%
 
 13,300,000
 
Calpine Corp., 144A, 4.500%, 2/15/2028
   12,221,520
 14,650,000
 
Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031
   12,021,377
  7,900,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029
    6,809,326
  6,625,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031
    5,582,452
  9,500,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028
    8,625,503
 38,225,000
 
Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026
   32,289,804
  4,375,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 6.625%, 1/15/2027
    4,349,523
  6,150,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029
    5,082,918
  6,450,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2031
    5,067,603
 23,200,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032
   17,974,021
  7,375,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/15/2029
    6,662,612
  4,325,000
 
NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028
    4,123,558
 11,875,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
   10,489,565
 27,175,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028
   25,249,041
  8,350,000
 
TransAlta Corp., Sr. Unsecd. Note, 7.750%, 11/15/2029
    8,672,477
  8,750,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.000%, 7/31/2027
    8,252,696
  9,650,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026
    9,341,001
 27,450,000
 
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027
   26,571,850
 
 
TOTAL
209,386,847
 
 
Wireless Communications—0.5%
 
 20,425,000
 
Sprint Corp., Sr. Unsecd. Note, 7.125%, 6/15/2024
   20,635,602
  7,400,000
 
Sprint Corp., Sr. Unsecd. Note, 7.625%, 2/15/2025
    7,574,132
  2,600,000
 
Sprint Corp., Sr. Unsecd. Note, 7.625%, 3/1/2026
    2,708,555
  8,600,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2028
    8,388,576
 
 
TOTAL
39,306,865
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $8,272,496,034)
7,363,436,819
 
 
COMMON STOCKS—0.3%
 
 
 
Cable Satellite—0.0%
 
33,782
2,3
Intelsat Jackson Holdings S.A.
      160,464
 
 
Media Entertainment—0.0%
 
141,935
3
iHeartMedia, Inc.
      671,353
 
 
Oil Field Services—0.3%
 
307,121
2,3
Superior Energy Services, Inc.
   21,344,909
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $8,311,297)
22,176,726
12
Principal
Amount
or Shares
 
 
Value
 
 
INVESTMENT COMPANY—2.9%
 
225,472,979
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.32%4
(IDENTIFIED COST $225,476,247)
$  225,450,432
 
 
TOTAL INVESTMENT IN SECURITIES—98.8%
(IDENTIFIED COST $8,506,283,578)
7,611,063,977
 
 
OTHER ASSETS AND LIABILITIES - NET—1.2%5
96,164,459
 
 
TOTAL NET ASSETS—100%
$7,707,228,436
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended July 31, 2023, were as follows:  
 
Federated Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Value as of 10/31/2022
$193,240,952
Purchases at Cost
$975,628,434
Proceeds from Sales
$(943,544,630)
Change in Unrealized Appreciation/Depreciation
$34,146
Net Realized Gain/(Loss)
$91,530
Value as of 7/31/2023
$225,450,432
Shares Held as of 7/31/2023
225,472,979
Dividend Income
$7,153,420
 
1
Issuer in default.
2
Market quotations and price valuations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the supervision of the Fund’s Adviser acting through its Valuation Committee.
3
Non-income-producing security.
4
7-day net yield.
5
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2023.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the “Adviser”).
◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to
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use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of July 31, 2023, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
 
 
 
 
Corporate Bonds
$—
$7,363,436,819
$0
$7,363,436,819
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
671,353
—
21,344,909
22,016,262
International
—
—
160,464
160,464
Investment Company
225,450,432
—
—
225,450,432
TOTAL SECURITIES
$226,121,785
$7,363,436,819
$21,505,373
$7,611,063,977
 
The following acronym(s) are used throughout this portfolio:
 
GMTN
—Global Medium Term Note
PIK
—Payment in Kind
REIT
—Real Estate Investment Trust
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