United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-4018
(Investment Company Act File Number)
Federated Hermes High Yield Trust
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
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: 02/28/21
Date of Reporting Period: Six months ended 08/31/20
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FHYAX | C | FHYCX | Institutional | FHTIX |
Service | FHYTX | R6 | FHYLX |
Federated Hermes Opportunistic High Yield Bond Fund
A Portfolio of Federated Hermes High Yield Trust
Donahue
Index Classification | Percentage of Total Net Assets2 |
Health Care | 8.0% |
Midstream | 7.9% |
Cable Satellite | 7.8% |
Media Entertainment | 6.7% |
Technology | 6.6% |
Packaging | 5.5% |
Independent Energy | 5.3% |
Automotive | 5.2% |
Insurance - P&C | 4.0% |
Gaming | 3.6% |
Pharmaceuticals | 3.2% |
Other3 | 30.7% |
Bank Loan Core Fund | 2.0% |
Cash Equivalents4 | 2.5% |
Other Assets and Liabilities—Net5 | 1.0% |
TOTAL | 100.0% |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—86.5% | |||
Aerospace/Defense—1.4% | |||
$2,350,000 | TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026 | $2,482,693 | |
1,375,000 | TransDigm, Inc., Sr. Sub. Note, 6.375%, 6/15/2026 | 1,408,894 | |
1,425,000 | TransDigm, Inc., Sr. Sub. Note, 6.500%, 7/15/2024 | 1,435,602 | |
1,500,000 | TransDigm, Inc., Sr. Sub. Note, 6.500%, 5/15/2025 | 1,515,000 | |
675,000 | TransDigm, Inc., Sr. Sub., 6.875%, 5/15/2026 | 691,159 | |
975,000 | TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027 | 953,647 | |
600,000 | TransDigm, Inc., Sr. Sub., Series WI, 7.500%, 3/15/2027 | 628,014 | |
TOTAL | 9,115,009 | ||
Automotive—4.5% | |||
2,525,000 | Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026 | 2,371,922 | |
150,000 | Adient US LLC, 144A, 9.000%, 4/15/2025 | 166,781 | |
1,550,000 | American Axle & Manufacturing, Inc., Sr. Unsecd. Note, Series WI, 6.500%, 4/1/2027 | 1,595,531 | |
1,950,000 | Dana Financing Lux Sarl, 144A, 6.500%, 6/1/2026 | 2,061,881 | |
925,000 | Dana Financing Lux Sarl, Sr. Unsecd. Note, 144A, 5.750%, 4/15/2025 | 962,352 | |
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.096%, 5/4/2023 | 199,000 | |
775,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021 | 777,906 | |
1,000,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.813%, 10/12/2021 | 1,006,150 | |
825,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024 | 838,361 | |
1,250,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027 | 1,250,356 | |
1,175,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.140%, 2/15/2023 | 1,204,023 | |
1,225,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.271%, 1/9/2027 | 1,237,250 | |
1,200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029 | 1,269,000 | |
1,875,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025 | 1,972,950 | |
850,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026 | 865,921 | |
825,000 | IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027 | 868,671 | |
700,000 | IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029 | 752,332 | |
1,700,000 | J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/15/2026 | 1,812,948 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Automotive—continued | |||
$5,050,000 | Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027 | $5,370,359 | |
1,825,000 | Schaeffler Verwaltung Zw, 144A, 4.750%, 9/15/2026 | 1,856,582 | |
TOTAL | 28,440,276 | ||
Building Materials—2.3% | |||
975,000 | American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028 | 1,005,898 | |
2,375,000 | American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, 144A, 5.875%, 5/15/2026 | 2,493,311 | |
1,450,000 | Building Materials Corp. of America, Sr. Unsecd. Note, 144A, 6.000%, 10/15/2025 | 1,499,010 | |
3,025,000 | CD&R Waterworks Merger Subsidiary LLC, Sr. Unsecd. Note, 144A, 6.125%, 8/15/2025 | 3,116,022 | |
1,950,000 | Pisces Midco, Inc., Sec. Fac. Bond, 144A, 8.000%, 4/15/2026 | 2,063,285 | |
1,475,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031 | 1,469,469 | |
350,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030 | 371,392 | |
2,425,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027 | 2,539,205 | |
TOTAL | 14,557,592 | ||
Cable Satellite—7.5% | |||
850,000 | CCO Holdings LLC/Cap Corp., 144A, 5.375%, 5/1/2025 | 876,031 | |
975,000 | CCO Holdings LLC/Cap Corp., 144A, 5.750%, 2/15/2026 | 1,023,077 | |
600,000 | CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026 | 627,843 | |
1,150,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031 | 1,203,023 | |
2,550,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030 | 2,709,388 | |
2,125,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030 | 2,285,650 | |
1,900,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 2,011,150 | |
2,150,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027 | 2,292,663 | |
725,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029 | 797,580 | |
600,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.875%, 5/1/2027 | 631,350 | |
1,600,000 | CSC Holdings LLC, 144A, 5.500%, 5/15/2026 | 1,680,336 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Cable Satellite—continued | |||
$500,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031 | $493,910 | |
1,825,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030 | 1,868,973 | |
800,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030 | 873,004 | |
1,950,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.500%, 4/1/2028 | 2,191,576 | |
4,000,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027 | 4,269,840 | |
1,550,000 | DISH DBS Corp., Sr. Unsecd. Note, 5.875%, 11/15/2024 | 1,640,578 | |
2,200,000 | DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026 | 2,521,783 | |
300,000 | Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028 | 311,235 | |
925,000 | 1,2 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 8.500%, 10/15/2024 | 631,220 |
950,000 | 1,2 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 9.750%, 7/15/2025 | 657,020 |
1,400,000 | 1,2 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.500%, 8/1/2023 | 934,535 |
400,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 8/1/2022 | 404,000 | |
1,625,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030 | 1,712,344 | |
2,450,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.375%, 7/15/2026 | 2,570,797 | |
450,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029 | 495,211 | |
3,400,000 | Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028 | 3,631,200 | |
625,000 | Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030 | 644,391 | |
1,525,000 | Virgin Media Secured Finance PLC, 144A, 5.500%, 8/15/2026 | 1,610,781 | |
525,000 | Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030 | 553,219 | |
2,091,000 | Ziggo Finance BV, Sec. Fac. Bond, 144A, 5.500%, 1/15/2027 | 2,201,520 | |
1,550,000 | Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027 | 1,635,878 | |
TOTAL | 47,991,106 | ||
Chemicals—2.7% | |||
875,000 | Alpha 2 BV, Sr. Unsecd. Note, 144A, 8.750%, 6/1/2023 | 891,314 | |
1,925,000 | Alpha 3 BV, Sr. Unsecd. Note, 144A, 6.250%, 2/1/2025 | 1,982,019 | |
300,000 | Axalta Coat/Dutch Holding BV, Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027 | 314,625 | |
2,450,000 | Compass Minerals International, Inc., 144A, 4.875%, 7/15/2024 | 2,532,430 | |
450,000 | Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 6.750%, 12/1/2027 | 492,669 | |
975,000 | Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028 | 997,620 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Chemicals—continued | |||
$1,200,000 | Element Solutions, Inc., Sr. Unsecd. Note, 144A, 5.875%, 12/1/2025 | $1,249,500 | |
1,575,000 | Hexion, Inc., Sr. Unsecd. Note, 144A, 7.875%, 7/15/2027 | 1,582,922 | |
225,000 | Illuminate Buyer LLC/Illuminate Holdings IV Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028 | 242,719 | |
3,250,000 | Koppers, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025 | 3,349,482 | |
350,000 | PQ Corp., Sr. Unsecd. Note, 144A, 5.750%, 12/15/2025 | 360,901 | |
2,425,000 | Starfruit Finco BV, Sr. Unsecd. Note, 144A, 8.000%, 10/1/2026 | 2,605,287 | |
625,000 | WR Grace & Co-Conn, Sr. Unsecd. Note, 144A, 4.875%, 6/15/2027 | 656,228 | |
TOTAL | 17,257,716 | ||
Construction Machinery—0.5% | |||
925,000 | United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030 | 967,781 | |
775,000 | United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028 | 824,964 | |
550,000 | United Rentals North America, Inc., Term Loan—2nd Lien, 3.875%, 11/15/2027 | 574,063 | |
725,000 | United Rentals, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031 | 748,109 | |
100,000 | United Rentals, Inc., Sr. Unsecd. Note, 5.875%, 9/15/2026 | 106,542 | |
TOTAL | 3,221,459 | ||
Consumer Cyclical Services—1.9% | |||
350,000 | Allied Universal Holdco LLC, Sec. Fac. Bond, 144A, 6.625%, 7/15/2026 | 375,813 | |
5,300,000 | Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027 | 5,878,972 | |
3,528,000 | GW B-CR Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027 | 3,833,842 | |
900,000 | Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027 | 927,000 | |
550,000 | Go Daddy Operating Co. LLC/GD Finance Co. Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027 | 585,593 | |
275,000 | The Brink’s Co., Sr. Unsecd. Note, 144A, 5.500%, 7/15/2025 | 290,641 | |
TOTAL | 11,891,861 | ||
Consumer Products—0.6% | |||
1,025,000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028 | 1,070,920 | |
325,000 | Newell Brands, Inc., Sr. Unsecd. Note, 4.875%, 6/1/2025 | 352,550 | |
650,000 | Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 5.125%, 1/15/2028 | 683,397 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Consumer Products—continued | |||
$1,600,000 | Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/1/2024 | $1,655,832 | |
TOTAL | 3,762,699 | ||
Diversified Manufacturing—1.2% | |||
2,875,000 | Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026 | 2,966,051 | |
500,000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025 | 550,128 | |
1,050,000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028 | 1,172,960 | |
1,200,000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 5.375%, 12/15/2021 | 1,210,794 | |
1,450,000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 5.375%, 6/15/2024 | 1,495,160 | |
TOTAL | 7,395,093 | ||
Environmental—0.2% | |||
1,575,000 | Tervita Escrow Corp., 144A, 7.625%, 12/1/2021 | 1,327,434 | |
Finance Companies—1.6% | |||
275,000 | Navient Corp., Sr. Unsecd. Note, 5.000%, 3/15/2027 | 265,991 | |
2,625,000 | Navient Corp., Sr. Unsecd. Note, 5.875%, 10/25/2024 | 2,707,031 | |
300,000 | Navient Corp., Sr. Unsecd. Note, 6.750%, 6/25/2025 | 313,253 | |
550,000 | Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026 | 573,031 | |
325,000 | Navient Corp., Sr. Unsecd. Note, 7.250%, 9/25/2023 | 344,199 | |
650,000 | Navient Corp., Sr. Unsecd. Note, Series MTN, 6.125%, 3/25/2024 | 683,017 | |
4,525,000 | Quicken Loans, Inc., 144A, 5.750%, 5/1/2025 | 4,669,235 | |
450,000 | Quicken Loans, Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/15/2028 | 481,122 | |
TOTAL | 10,036,879 | ||
Food & Beverage—1.5% | |||
1,850,000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 1,855,356 | |
1,300,000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2025 | 1,363,375 | |
250,000 | Aramark Services, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2026 | 249,274 | |
775,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.625%, 4/15/2030 | 809,875 | |
1,750,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2026 | 1,819,186 | |
1,000,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028 | 1,070,925 | |
2,125,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 | 2,250,513 | |
TOTAL | 9,418,504 | ||
Gaming—2.7% | |||
175,000 | Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 8.625%, 6/1/2025 | 193,156 | |
750,000 | Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027 | 748,732 | |
850,000 | Boyd Gaming Corp., Sr. Unsecd. Note, 6.375%, 4/1/2026 | 887,315 | |
850,000 | CRC Escrow Issuer LLC, Sr. Unsecd. Note, 144A, 5.250%, 10/15/2025 | 814,882 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Gaming—continued | |||
$200,000 | Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 5.750%, 7/1/2025 | $209,750 | |
1,150,000 | Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025 | 1,218,661 | |
1,025,000 | Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027 | 1,087,838 | |
950,000 | MGM Growth Properties LLC, Sr. Unsecd. Note, 5.625%, 5/1/2024 | 1,028,475 | |
772,000 | MGM Resorts International, Sr. Unsecd. Note, 4.625%, 9/1/2026 | 787,753 | |
458,000 | MGM Resorts International, Sr. Unsecd. Note, 5.500%, 4/15/2027 | 484,978 | |
1,181,000 | MGM Resorts International, Sr. Unsecd. Note, 5.750%, 6/15/2025 | 1,269,002 | |
2,275,000 | Mohegan Tribal Gaming Authority, Sr. Unsecd. Note, 144A, 7.875%, 10/15/2024 | 2,159,828 | |
2,475,000 | Star Group Holdings BV, Sr. Unsecd. Note, 144A, 7.000%, 7/15/2026 | 2,642,991 | |
2,050,000 | Station Casinos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2025 | 2,029,510 | |
100,000 | VICI Properties LP/ VICI Note Co., Inc., 144A, 3.500%, 2/15/2025 | 100,401 | |
150,000 | VICI Properties LP/ VICI Note Co., Inc., 144A, 3.750%, 2/15/2027 | 149,883 | |
825,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.250%, 12/1/2026 | 844,862 | |
650,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2029 | 677,098 | |
TOTAL | 17,335,115 | ||
Health Care—7.9% | |||
125,000 | Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2028 | 130,938 | |
300,000 | Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 5.625%, 2/15/2023 | 304,532 | |
3,625,000 | Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 6.500%, 3/1/2024 | 3,746,963 | |
1,925,000 | Air Medical Group Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/15/2023 | 1,905,952 | |
1,750,000 | Avantor Funding, Inc., Sec. Fac. Bond, 144A, 4.625%, 7/15/2028 | 1,853,162 | |
1,075,000 | Avantor, Inc., 144A, 6.000%, 10/1/2024 | 1,127,406 | |
2,375,000 | CHS/Community Health Systems, Inc., 6.250%, 3/31/2023 | 2,383,906 | |
550,000 | CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.625%, 2/15/2025 | 562,320 | |
850,000 | CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026 | 881,662 | |
725,000 | Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 5.500%, 4/1/2026 | 765,169 | |
2,450,000 | HCA, Inc., 5.875%, 2/15/2026 | 2,808,312 | |
850,000 | HCA, Inc., Sr. Unsecd. Note, 3.500%, 9/1/2030 | 892,500 | |
2,275,000 | HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025 | 2,565,370 | |
1,475,000 | HCA, Inc., Sr. Unsecd. Note, 5.625%, 9/1/2028 | 1,756,858 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Health Care—continued | |||
$575,000 | HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/1/2029 | $699,419 | |
1,225,000 | IMS Health, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026 | 1,282,832 | |
975,000 | Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027 | 1,028,206 | |
450,000 | LifePoint Health, Inc., 144A, 6.750%, 4/15/2025 | 487,125 | |
600,000 | LifePoint Health, Inc., Sec. Fac. Bond, 144A, 4.375%, 2/15/2027 | 598,500 | |
2,575,000 | LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 9.750%, 12/1/2026 | 2,798,626 | |
1,425,000 | MEDNAX, Inc., Sr. Unsecd. Note, 144A, 6.250%, 1/15/2027 | 1,512,310 | |
3,800,000 | MPH Acquisition Holdings LLC, 144A, 7.125%, 6/1/2024 | 3,862,890 | |
1,700,000 | Polaris Intermediate Corp., Sr. Unsecd. Note, 144A, 8.500%, 12/1/2022 | 1,729,750 | |
2,800,000 | Team Health Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 2/1/2025 | 1,918,000 | |
125,000 | Teleflex, Inc., Sr. Unsecd. Note, 144A, 4.250%, 6/1/2028 | 132,031 | |
450,000 | Teleflex, Inc., Sr. Unsecd. Note, 4.875%, 6/1/2026 | 471,852 | |
75,000 | Tenet Healthcare Corp., 144A, 4.625%, 6/15/2028 | 77,987 | |
525,000 | Tenet Healthcare Corp., 144A, 4.875%, 1/1/2026 | 546,651 | |
1,050,000 | Tenet Healthcare Corp., 144A, 5.125%, 11/1/2027 | 1,110,375 | |
75,000 | Tenet Healthcare Corp., 144A, 7.500%, 4/1/2025 | 82,396 | |
2,325,000 | Tenet Healthcare Corp., 5.125%, 5/1/2025 | 2,374,406 | |
975,000 | Tenet Healthcare Corp., Sr. Secd. Note, 4.625%, 7/15/2024 | 998,400 | |
1,550,000 | Tenet Healthcare Corp., Sr. Unsecd. Note, 6.750%, 6/15/2023 | 1,652,300 | |
1,500,000 | Tenet Healthcare Corp., Sr. Unsecd. Note, 7.000%, 8/1/2025 | 1,552,657 | |
400,000 | Vizient, Inc., Sr. Unsecd. Note, 144A, 6.250%, 5/15/2027 | 426,424 | |
2,925,000 | West Street Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.375%, 9/1/2025 | 3,015,529 | |
TOTAL | 50,043,716 | ||
Health Insurance—1.4% | |||
575,000 | Centene Corp., Sr. Unsecd. Note, 144A, 5.250%, 4/1/2025 | 597,281 | |
1,400,000 | Centene Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2026 | 1,482,250 | |
700,000 | Centene Corp., Sr. Unsecd. Note, 144A, 5.375%, 8/15/2026 | 743,970 | |
525,000 | Centene Corp., Sr. Unsecd. Note, 4.750%, 1/15/2025 | 540,661 | |
625,000 | Centene Corp., Sr. Unsecd. Note, 4.750%, 1/15/2025 | 643,644 | |
1,225,000 | Centene Corp., Sr. Unsecd. Note, Series WI, 3.375%, 2/15/2030 | 1,275,917 | |
1,425,000 | Centene Corp., Sr. Unsecd. Note, Series WI, 4.250%, 12/15/2027 | 1,499,549 | |
1,725,000 | Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029 | 1,892,558 | |
TOTAL | 8,675,830 | ||
Independent Energy—4.9% | |||
250,000 | Antero Resources Corp., Sr. Unsecd. Note, 5.125%, 12/1/2022 | 217,744 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Independent Energy—continued | |||
$975,000 | Antero Resources Corp., Sr. Unsecd. Note, 5.625%, 6/1/2023 | $776,344 | |
225,000 | Apache Corp., Sr. Unsecd. Note, 4.625%, 11/15/2025 | 230,625 | |
325,000 | Apache Corp., Sr. Unsecd. Note, 4.875%, 11/15/2027 | 332,911 | |
325,000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 10.000%, 4/1/2022 | 304,887 | |
1,150,000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 11/1/2026 | 800,469 | |
850,000 | Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026 | 700,026 | |
1,704,000 | Callon Petroleum Corp., Sr. Unsecd. Note, 6.125%, 10/1/2024 | 561,788 | |
550,000 | Callon Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.375%, 7/1/2026 | 165,583 | |
1,625,000 | Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 6.250%, 4/15/2023 | 579,938 | |
175,000 | Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.250%, 7/15/2025 | 53,138 | |
1,150,000 | Centennial Resource Production, LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 | 474,841 | |
1,819,000 | 1,2 | Chesapeake Energy Corp., 144A, 11.500%, 1/1/2025 | 238,744 |
1,275,000 | 1,2 | Chesapeake Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2024 | 55,781 |
775,000 | Continental Resources, Inc., Sr. Unsecd. Note, 4.375%, 1/15/2028 | 745,387 | |
2,225,000 | Crownrock LP/ Crownrock F, 144A, 5.625%, 10/15/2025 | 2,208,312 | |
1,875,000 | 1,2 | EP Energy LLC / Everest Acquisition Finance, Inc., Sec. Fac. Bond, 144A, 8.000%, 11/29/2024 | 2,344 |
975,000 | EQT Corp., Sr. Unsecd. Note, 6.125%, 2/1/2025 | 1,120,592 | |
800,000 | EQT Corp., Sr. Unsecd. Note, 8.750%, 2/1/2030 | 965,840 | |
775,000 | Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.750%, 1/30/2028 | 794,232 | |
400,000 | Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 6.625%, 7/15/2025 | 417,876 | |
1,150,000 | Gulfport Energy Corp., Sr. Unsecd. Note, 6.375%, 5/15/2025 | 682,692 | |
475,000 | Gulfport Energy Corp., Sr. Unsecd. Note, Series WI, 6.375%, 1/15/2026 | 279,566 | |
875,000 | Jagged Peak Energy, Inc., Sr. Unsecd. Note, Series WI, 5.875%, 5/1/2026 | 895,094 | |
1,396,000 | 3 | Oasis Petroleum, Inc., 6.875%, 3/15/2022 | 275,710 |
1,125,000 | 3 | Oasis Petroleum, Inc., 6.875%, 1/15/2023 | 219,375 |
225,000 | 3 | Oasis Petroleum, Inc., Sr. Unsecd. Note, 144A, 6.250%, 5/1/2026 | 41,210 |
1,100,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 2.900%, 8/15/2024 | 1,014,057 | |
675,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 3.200%, 8/15/2026 | 593,244 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Independent Energy—continued | |||
$900,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 3.500%, 6/15/2025 | $820,728 | |
500,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 4.100%, 2/15/2047 | 382,410 | |
425,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 4.300%, 8/15/2039 | 329,109 | |
550,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 4.400%, 8/15/2049 | 424,982 | |
975,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025 | 982,313 | |
1,100,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.450%, 9/15/2036 | 1,080,766 | |
1,100,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.625%, 9/1/2030 | 1,133,000 | |
625,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 8.000%, 7/15/2025 | 681,569 | |
1,375,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 8.875%, 7/15/2030 | 1,557,187 | |
400,000 | PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024 | 409,958 | |
1,100,000 | PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 5/15/2026 | 1,128,737 | |
300,000 | Parsley Energy LLC / Parsley Finance Corp., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2025 | 309,191 | |
600,000 | Parsley Energy LLC / Parsley Finance Corp., Sr. Unsecd. Note, 144A, 5.625%, 10/15/2027 | 622,125 | |
700,000 | QEP Resources, Inc., Sr. Unsecd. Note, 5.250%, 5/1/2023 | 575,750 | |
1,000,000 | QEP Resources, Inc., Sr. Unsecd. Note, 5.625%, 3/1/2026 | 645,655 | |
250,000 | Range Resources Corp., Sr. Unsecd. Note, 144A, 9.250%, 2/1/2026 | 263,680 | |
1,492,000 | Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025 | 1,395,803 | |
150,000 | Range Resources Corp., Sr. Unsecd. Note, 5.000%, 3/15/2023 | 149,716 | |
875,000 | SM Energy Co., Sr. Unsecd. Note, 5.000%, 1/15/2024 | 519,439 | |
150,000 | SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027 | 73,936 | |
1,200,000 | SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026 | 592,272 | |
800,000 | 1,2 | Ultra Resources, Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/15/2025 | 2,400 |
325,000 | WPX Energy, Inc., Sr. Unsecd. Note, 5.875%, 6/15/2028 | 330,288 | |
250,000 | WPX Energy, Inc., Sr. Unsecd. Note, 4.500%, 1/15/2030 | 239,211 | |
225,000 | WPX Energy, Inc., Sr. Unsecd. Note, 5.250%, 10/15/2027 | 224,188 | |
1,650,000 | 1,2 | Whiting Petroleum Corp., Sr. Unsecd. Note, 6.250%, 4/1/2023 | 376,406 |
1,000,000 | 1,2 | Whiting Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.625%, 1/15/2026 | 236,775 |
TOTAL | 31,235,944 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Industrial - Other—0.6% | |||
$275,000 | Booz Allen Hamilton, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028 | $285,745 | |
675,000 | Cushman & Wakefield US Borrower LLC, Sec. Fac. Bond, 144A, 6.750%, 5/15/2028 | 715,176 | |
1,325,000 | KAR Auction Services, Inc., Sr. Unsecd. Note, 144A, 5.125%, 6/1/2025 | 1,336,594 | |
1,325,000 | Vertical U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027 | 1,382,969 | |
375,000 | Vertical Holdco GmbH, Sr. Unsecd. Note, 144A, 7.625%, 7/15/2028 | 396,328 | |
TOTAL | 4,116,812 | ||
Insurance - P&C—4.0% | |||
2,325,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sr. Unsecd. Note, 144A, 6.750%, 10/15/2027 | 2,468,429 | |
3,250,000 | AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 7.750%, 7/1/2026 | 3,513,445 | |
950,000 | Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500%, 1/15/2027 | 945,250 | |
2,725,000 | AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025 | 2,808,426 | |
825,000 | GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027 | 882,123 | |
7,425,000 | Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026 | 7,710,899 | |
125,000 | NFP Corp., Sec. Fac. Bond, 144A, 7.000%, 5/15/2025 | 134,922 | |
2,800,000 | NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028 | 2,931,180 | |
3,650,000 | USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025 | 3,752,620 | |
TOTAL | 25,147,294 | ||
Leisure—0.5% | |||
200,000 | SeaWorld Parks & Entertainment, Inc., 144A, 9.500%, 8/1/2025 | 211,750 | |
2,050,000 | Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027 | 2,001,312 | |
1,225,000 | Voc Escrow Ltd., 144A, 5.000%, 2/15/2028 | 1,019,586 | |
TOTAL | 3,232,648 | ||
Lodging—0.5% | |||
200,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028 | 212,000 | |
1,875,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 5.125%, 5/1/2026 | 1,942,669 | |
525,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030 | 541,895 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Lodging—continued | |||
$425,000 | Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028 | $429,069 | |
TOTAL | 3,125,633 | ||
Media Entertainment—5.8% | |||
500,000 | AMC Networks, Inc., Sr. Unsecd. Note, 4.750%, 8/1/2025 | 518,253 | |
2,575,000 | AMC Networks, Inc., Sr. Unsecd. Note, 5.000%, 4/1/2024 | 2,628,109 | |
1,475,000 | CBS Radio, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/1/2024 | 1,185,376 | |
425,000 | Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026 | 383,229 | |
1,350,000 | Diamond Sports Group LLC / Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 5.375%, 8/15/2026 | 1,056,260 | |
1,775,000 | Diamond Sports Group LLC / Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 6.625%, 8/15/2027 | 1,000,656 | |
1,425,000 | Entercom Media Corp., 144A, 6.500%, 5/1/2027 | 1,219,885 | |
325,000 | Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.125%, 10/15/2024 | 333,091 | |
2,100,000 | Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026 | 2,182,950 | |
375,000 | iHeartCommunications, Inc., 144A, 4.750%, 1/15/2028 | 359,734 | |
325,000 | iHeartCommunications, Inc., 144A, 5.250%, 8/15/2027 | 324,737 | |
146,192 | iHeartCommunications, Inc., 6.375%, 5/1/2026 | 152,367 | |
3,339,973 | iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027 | 3,362,735 | |
425,000 | Lamar Media Corp., Sr. Unsecd. Note, 144A, 4.875%, 1/15/2029 | 446,250 | |
2,050,000 | Match Group, Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030 | 2,150,901 | |
550,000 | Match Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2028 | 580,473 | |
800,000 | Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027 | 855,848 | |
2,625,000 | Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 8/1/2024 | 2,699,931 | |
1,750,000 | Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027 | 1,848,989 | |
1,400,000 | Nielsen Finance LLC/Nielsen Finance Co., 144A, 5.000%, 4/15/2022 | 1,402,730 | |
900,000 | Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2025 | 918,000 | |
800,000 | Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027 | 801,000 | |
1,325,000 | Sinclair Television Group, 144A, 5.625%, 8/1/2024 | 1,328,319 | |
1,175,000 | Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027 | 1,145,625 | |
1,300,000 | Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.875%, 3/15/2026 | 1,307,878 | |
1,050,000 | Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028 | 1,063,125 | |
2,200,000 | Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029 | 2,214,960 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Media Entertainment—continued | |||
$3,275,000 | Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027 | $3,396,748 | |
TOTAL | 36,868,159 | ||
Metals & Mining—1.3% | |||
1,775,000 | Coeur Mining, Inc., Sr. Unsecd. Note, 5.875%, 6/1/2024 | 1,794,516 | |
625,000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 4.375%, 8/1/2028 | 657,806 | |
1,400,000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 4.625%, 8/1/2030 | 1,498,721 | |
450,000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.000%, 9/1/2027 | 476,615 | |
800,000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.250%, 9/1/2029 | 877,352 | |
1,100,000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.400%, 11/14/2034 | 1,246,625 | |
400,000 | HudBay Minerals, Inc., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2023 | 406,458 | |
1,525,000 | HudBay Minerals, Inc., Sr. Unsecd. Note, 144A, 7.625%, 1/15/2025 | 1,585,146 | |
TOTAL | 8,543,239 | ||
Midstream—7.4% | |||
1,275,000 | AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027 | 1,439,864 | |
1,650,000 | AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026 | 1,873,591 | |
1,675,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 | 1,500,222 | |
2,100,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028 | 1,861,335 | |
1,575,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 5.375%, 9/15/2024 | 1,456,875 | |
675,000 | Atlas Pipeline Partners LP, 5.875%, 8/1/2023 | 651,375 | |
1,475,000 | Buckeye Partners, Sr. Unsecd. Note, 144A, 4.500%, 3/1/2028 | 1,509,426 | |
2,800,000 | CNX Midstream Partners LP / CNX Midstream Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 3/15/2026 | 2,814,112 | |
2,775,000 | Cheniere Energy Partners, LP, Series WI, 5.250%, 10/1/2025 | 2,842,266 | |
250,000 | Cheniere Energy Partners, LP, Sr. Unsecd. Note, 5.625%, 10/1/2026 | 262,473 | |
275,000 | Cheniere Energy Partners, LP, Sr. Unsecd. Note, Series WI, 4.500%, 10/1/2029 | 286,292 | |
1,075,000 | EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027 | 1,178,646 | |
675,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025 | 717,188 | |
1,200,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 5.500%, 7/15/2028 | 1,245,948 | |
650,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 6.500%, 7/15/2048 | 657,127 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Midstream—continued | |||
$1,100,000 | Hess Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028 | $1,131,966 | |
800,000 | Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 802,356 | |
2,750,000 | NuStar Logistics LP, Sr. Unsecd. Note, 5.625%, 4/28/2027 | 2,770,116 | |
275,000 | NuStar Logistics LP, Sr. Unsecd. Note, 6.000%, 6/1/2026 | 288,278 | |
650,000 | Rattler Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.625%, 7/15/2025 | 688,935 | |
1,875,000 | Suburban Propane Partners LP, 5.500%, 6/1/2024 | 1,910,316 | |
925,000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 5.750%, 3/1/2025 | 951,497 | |
900,000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027 | 936,000 | |
2,775,000 | Summit Midstream Holdings LLC, 5.500%, 8/15/2022 | 1,827,379 | |
1,175,000 | Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.750%, 4/15/2025 | 674,033 | |
1,125,000 | Sunoco LP/Finance Corp., Sr. Unsecd. Note, Series WI, 5.875%, 3/15/2028 | 1,182,442 | |
500,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 4.875%, 2/1/2031 | 505,025 | |
1,800,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030 | 1,900,125 | |
1,200,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028 | 1,230,222 | |
250,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.250%, 5/1/2023 | 251,951 | |
1,500,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.375%, 2/1/2027 | 1,552,222 | |
1,575,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.875%, 4/15/2026 | 1,660,641 | |
250,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 6.500%, 7/15/2027 | 270,625 | |
775,000 | TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026 | 805,031 | |
475,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.000%, 7/1/2022 | 484,500 | |
575,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.500%, 3/1/2028 | 579,313 | |
175,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.650%, 7/1/2026 | 179,375 | |
2,700,000 | Western Gas Partners LP, Sr. Unsecd. Note, 5.300%, 3/1/2048 | 2,424,141 | |
550,000 | Western Gas Partners LP, Sr. Unsecd. Note, 5.450%, 4/1/2044 | 509,955 | |
225,000 | Western Gas Partners LP, Sr. Unsecd. Note, 5.500%, 8/15/2048 | 202,500 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Midstream—continued | |||
$700,000 | Western Midstream Operating, LP, Sr. Unsecd. Note, 5.050%, 2/1/2030 | $718,574 | |
TOTAL | 46,734,258 | ||
Oil Field Services—1.4% | |||
550,000 | Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028 | 554,015 | |
2,050,000 | Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 | 2,117,455 | |
600,000 | Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2026 | 276,000 | |
275,000 | Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028 | 121,859 | |
400,000 | Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026 | 273,424 | |
300,000 | Precision Drilling Corp., Sr. Unsecd. Note, 5.250%, 11/15/2024 | 211,844 | |
975,000 | Precision Drilling Corp., Sr. Unsecd. Note, 7.750%, 12/15/2023 | 764,054 | |
900,000 | Sesi LLC, 7.125%, 12/15/2021 | 254,250 | |
2,350,000 | Sesi LLC, Sr. Unsecd. Note, Series WI, 7.750%, 9/15/2024 | 571,109 | |
1,850,000 | Shelf Drilling Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 2/15/2025 | 666,000 | |
1,625,000 | USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027 | 1,684,621 | |
1,575,000 | USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026 | 1,625,778 | |
TOTAL | 9,120,409 | ||
Packaging—5.2% | |||
3,275,000 | ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027 | 3,360,969 | |
900,000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027 | 937,242 | |
1,100,000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027 | 1,145,518 | |
1,650,000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025 | 1,722,806 | |
875,000 | Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030 | 874,169 | |
925,000 | Berry Global Escrow Corp., 144A, 4.875%, 7/15/2026 | 983,779 | |
975,000 | Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027 | 1,034,139 | |
1,071,000 | Berry Plastics Corp., 5.125%, 7/15/2023 | 1,085,726 | |
925,000 | Bway Holding Co., Sec. Fac. Bond, 144A, 5.500%, 4/15/2024 | 940,226 | |
4,250,000 | Bway Holding Co., Sr. Unsecd. Note, 144A, 7.250%, 4/15/2025 | 4,137,205 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Packaging—continued | |||
$700,000 | Crown Americas LLC / Crown Americas Capital Corp. VI, Sr. Unsecd. Note, 4.750%, 2/1/2026 | $732,207 | |
4,525,000 | Flex Acquisition Co., Inc., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2025 | 4,626,428 | |
2,100,000 | Flex Acquisition Co., Inc., Sr. Unsecd. Note, 144A, 7.875%, 7/15/2026 | 2,209,399 | |
1,025,000 | Owens-Brockway Glass Container, Inc., 144A, 5.375%, 1/15/2025 | 1,085,111 | |
725,000 | Owens-Brockway Glass Container, Inc., 144A, 6.375%, 8/15/2025 | 799,766 | |
325,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027 | 358,109 | |
1,422,000 | Reynolds Group Issuer, Inc. / LLC / LU, 144A, 7.000%, 7/15/2024 | 1,460,209 | |
2,250,000 | Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.625%, 11/1/2025 | 2,230,076 | |
1,050,000 | Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.250%, 8/1/2024 | 1,134,546 | |
475,000 | Trivium Packaging Finance BV, Sec. Fac. Bond, 144A, 5.500%, 8/15/2026 | 502,132 | |
1,550,000 | Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027 | 1,707,751 | |
TOTAL | 33,067,513 | ||
Paper—0.5% | |||
2,575,000 | Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 5.375%, 2/1/2025 | 2,712,930 | |
500,000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/1/2029 | 506,250 | |
TOTAL | 3,219,180 | ||
Pharmaceuticals—3.0% | |||
875,000 | Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.500%, 11/1/2025 | 904,050 | |
700,000 | Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.750%, 8/15/2027 | 753,375 | |
275,000 | Bausch Health Cos, Inc., Sr. Secd. Note, 144A, 7.000%, 3/15/2024 | 285,989 | |
175,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/30/2028 | 172,594 | |
187,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2023 | 187,448 | |
149,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.875%, 5/15/2023 | 149,116 | |
5,275,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/15/2025 | 5,431,931 | |
600,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029 | 628,074 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Pharmaceuticals—continued | |||
$1,100,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029 | $1,209,104 | |
2,475,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 8.500%, 1/31/2027 | 2,726,002 | |
600,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.000%, 12/15/2025 | 657,540 | |
125,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.250%, 4/1/2026 | 138,754 | |
250,000 | Emergent BioSolutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 8/15/2028 | 254,425 | |
1,821,000 | Endo Dac / Endo Finance LLC / Endo Finco, Inc., 144A, 6.000%, 6/30/2028 | 1,412,550 | |
885,000 | Endo Dac / Endo Finance LLC / Endo Finco, Inc., Term Loan—2nd Lien, 144A, 9.500%, 7/31/2027 | 959,672 | |
875,000 | Jaguar Holding Co. II/Pharmaceutical Product Development LLC, Sr. Unsecd. Note, 144A, 4.625%, 6/15/2025 | 911,426 | |
725,000 | Jaguar Holding Co. II/Pharmaceutical Product Development LLC, Sr. Unsecd. Note, 144A, 5.000%, 6/15/2028 | 769,406 | |
3,050,000 | Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2025 | 619,531 | |
3,475,000 | Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2023 | 712,375 | |
TOTAL | 18,883,362 | ||
Restaurants—1.4% | |||
575,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.375%, 1/15/2028 | 591,784 | |
5,050,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 5.000%, 10/15/2025 | 5,194,455 | |
650,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | 718,325 | |
750,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 5.000%, 6/1/2024 | 775,789 | |
1,325,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/1/2026 | 1,378,868 | |
175,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 7.750%, 4/1/2025 | 195,562 | |
TOTAL | 8,854,783 | ||
Retailers—0.4% | |||
1,250,000 | Michaels Stores, Inc., Sr. Unsecd. Note, 144A, 8.000%, 7/15/2027 | 1,264,612 | |
925,011 | 4 | Party City Holdings, Inc., 1st Lien Note, 144A, 5.750% (3-month USLIBOR 0.750% Floor +5.000%), 7/15/2025 | 589,695 |
275,000 | William Carter Co., Sr. Unsecd. Note, 144A, 5.500%, 5/15/2025 | 293,732 | |
200,000 | William Carter Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2027 | 213,057 | |
TOTAL | 2,361,096 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Supermarkets—1.1% | |||
$600,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.250%, 3/15/2026 | $613,614 | |
1,000,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029 | 1,010,000 | |
450,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028 | 486,761 | |
375,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026 | 419,865 | |
2,775,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 5.750%, 3/15/2025 | 2,861,427 | |
1,750,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 6.625%, 6/15/2024 | 1,808,100 | |
TOTAL | 7,199,767 | ||
Technology—5.6% | |||
1,125,000 | AMS AG, Sr. Unsecd. Note, 144A, 7.000%, 7/31/2025 | 1,175,625 | |
150,000 | BY Crown Parent LLC / BY Bond Finance Inc., 144A, 4.250%, 1/31/2026 | 153,454 | |
325,000 | Banff Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.750%, 9/1/2026 | 347,019 | |
675,000 | Black Knight InfoServ LLC, Sr. Unsecd. Note, 144A, 3.625%, 9/1/2028 | 685,341 | |
800,000 | CDW LLC/ CDW Finance, Sr. Unsecd. Note, 3.250%, 2/15/2029 | 819,104 | |
2,675,000 | Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2024 | 2,780,101 | |
950,000 | Ensemble S Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.000%, 9/30/2023 | 958,213 | |
275,000 | Fair Isaac & Co., Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2028 | 285,312 | |
325,000 | Financial & Risk US Holdings, Inc., 144A, 6.250%, 5/15/2026 | 349,578 | |
3,775,000 | Financial & Risk US Holdings, Inc., Sr. Unsecd. Note, 144A, 8.250%, 11/15/2026 | 4,185,531 | |
400,000 | Gartner, Inc., Sr. Unsecd. Note, 144A, 4.500%, 7/1/2028 | 418,500 | |
3,350,000 | JDA Escrow LLC / JDA Bond Finance, Inc., 144A, 7.375%, 10/15/2024 | 3,420,836 | |
1,075,000 | Logan Merger Sub, Inc., Sr. Secd. Note, 144A, 5.500%, 9/1/2027 | 1,109,266 | |
925,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028 | 934,250 | |
500,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030 | 507,755 | |
825,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.750%, 9/1/2027 | 868,131 | |
25,000 | NCR Corp., Sr. Unsecd. Note, 144A, 8.125%, 4/15/2025 | 28,030 | |
250,000 | NCR Corp., Sr. Unsecd. Note, 6.375%, 12/15/2023 | 255,469 | |
450,000 | ON Semiconductor Corp., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028 | 471,253 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$900,000 | Qorvo, Inc., Sr. Unsecd. Note, 4.375%, 10/15/2029 | $966,798 | |
2,600,000 | SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027 | 2,788,110 | |
100,000 | Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028 | 103,797 | |
875,000 | Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030 | 925,339 | |
325,000 | Sensata Technologies, Inc., 144A, 3.750%, 2/15/2031 | 325,406 | |
500,000 | Star Merger Sub, Inc., 144A, 6.875%, 8/15/2026 | 543,437 | |
2,235,000 | Star Merger Sub, Inc., Sr. Unsecd. Note, 144A, 10.250%, 2/15/2027 | 2,553,074 | |
1,375,000 | TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 5.625%, 10/1/2025 | 1,414,387 | |
5,350,000 | Tempo Acquisition LLC, Sr. Unsecd. Note, 144A, 6.750%, 6/1/2025 | 5,480,460 | |
600,000 | Veritas US, Inc./Veritas Bermuda, Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025 | 623,895 | |
TOTAL | 35,477,471 | ||
Transportation Services—0.3% | |||
800,000 | Stena International S.A., Sec. Fac. Bond, 144A, 6.125%, 2/1/2025 | 762,500 | |
925,000 | Watco Cos LLC/Finance Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027 | 979,344 | |
TOTAL | 1,741,844 | ||
Utility - Electric—2.4% | |||
700,000 | Calpine Corp., 144A, 4.500%, 2/15/2028 | 726,824 | |
700,000 | Calpine Corp., 144A, 5.250%, 6/1/2026 | 732,008 | |
450,000 | Calpine Corp., Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029 | 461,214 | |
450,000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031 | 471,193 | |
300,000 | DPL, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2025 | 316,875 | |
3,075,000 | Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026 | 3,279,995 | |
1,350,000 | NRG Energy, Inc., Sr. Unsecd. Note, 6.625%, 1/15/2027 | 1,446,741 | |
525,000 | NRG Energy, Inc., Sr. Unsecd. Note, 7.250%, 5/15/2026 | 562,503 | |
475,000 | NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028 | 517,662 | |
425,000 | Pattern Energy Operations LP / Pattern Energy Operations Inc., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2028 | 448,333 | |
1,650,000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | 1,769,146 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$1,950,000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028 | $2,171,227 | |
700,000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.000%, 7/31/2027 | 743,036 | |
375,000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026 | 394,219 | |
1,375,000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027 | 1,456,070 | |
TOTAL | 15,497,046 | ||
Wireless Communications—2.3% | |||
4,325,000 | Numericable-SFR SAS, 144A, 7.375%, 5/1/2026 | 4,596,177 | |
1,450,000 | Sprint Capital Corp., Company Guarantee, 6.875%, 11/15/2028 | 1,857,617 | |
2,475,000 | Sprint Corp., 7.125%, 6/15/2024 | 2,879,588 | |
1,250,000 | Sprint Corp., Sr. Unsecd. Note, 7.625%, 2/15/2025 | 1,499,219 | |
125,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 4.500%, 2/1/2026 | 129,273 | |
1,250,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2028 | 1,348,438 | |
925,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 6.000%, 4/15/2024 | 944,314 | |
1,325,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 6.500%, 1/15/2026 | 1,388,766 | |
TOTAL | 14,643,392 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $559,086,288) | 549,540,139 | ||
FLOATING RATE LOAN—0.1% | |||
Health Care—0.1% | |||
1,380,175 | 4 | Envision Healthcare Corp., 1st Lien PIK Term Loan B, 7.000% (3-month USLIBOR 1.000% Floor +6.000%), 10/10/2025 (IDENTIFIED COST $2,429,441) | 910,916 |
COMMON STOCKS—7.9% | |||
Automotive—0.7% | |||
170,173 | 1 | American Axle & Manufacturing Holdings, Inc. | 1,323,946 |
149,060 | 1 | Goodyear Tire & Rubber Co. | 1,430,230 |
11,930 | 1 | Lear Corp. | 1,359,185 |
TOTAL | 4,113,361 | ||
Cable Satellite—0.3% | |||
65,270 | 1 | Altice USA, Inc. | 1,800,147 |
Chemicals—0.6% | |||
31,160 | Compass Minerals International, Inc. | 1,773,939 | |
43,213 | 1 | Hexion Holdings Corp. | 379,194 |
73,715 | 1 | Koppers Holdings, Inc. | 1,773,583 |
TOTAL | 3,926,716 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Gaming—0.9% | |||
62,690 | 1 | Boyd Gaming Corp. | $1,678,838 |
40,328 | Gaming and Leisure Properties, Inc. | 1,465,923 | |
38,480 | MGM Resorts International | 865,800 | |
113,750 | 1 | Red Rock Resorts, Inc. | 1,942,281 |
TOTAL | 5,952,842 | ||
Independent Energy—0.4% | |||
135,345 | Parsley Energy, Inc. | 1,454,959 | |
220,195 | 1 | WPX Energy, Inc. | 1,224,284 |
TOTAL | 2,679,243 | ||
Leisure—0.2% | |||
58,565 | 1 | Six Flags Entertainment Corp. | 1,272,617 |
Media Entertainment—0.9% | |||
102,288 | 1 | Cumulus Media, Inc. | 508,371 |
370,630 | 1 | Emerald Holding, Inc. | 1,022,939 |
1,064,048 | 1 | Entercom Communication Corp. | 1,596,072 |
157,559 | 1 | iHeartMedia, Inc. | 1,452,694 |
11,265 | Nexstar Media Group, Inc., Class A | 1,081,553 | |
TOTAL | 5,661,629 | ||
Metals & Mining—0.3% | |||
159,405 | Teck Resources Ltd. | 1,836,346 | |
Midstream—0.5% | |||
125,261 | Suburban Propane Partners LP | 1,597,078 | |
68,295 | Sunoco LP | 1,811,866 | |
TOTAL | 3,408,944 | ||
Packaging—0.3% | |||
167,755 | 1 | O-I Glass, Inc. | 1,825,174 |
Paper—0.6% | |||
124,031 | Graphic Packaging Holding Co. | 1,733,953 | |
55,559 | WestRock Co. | 1,685,105 | |
TOTAL | 3,419,058 | ||
Pharmaceuticals—0.2% | |||
80,905 | 1 | Bausch Health Cos, Inc. | 1,344,641 |
18,480 | 1 | Mallinckrodt PLC | 29,198 |
TOTAL | 1,373,839 | ||
Retailers—0.2% | |||
72,280 | Hanesbrands, Inc. | 1,105,161 |
Principal Amount or Shares | Value | ||
COMMON STOCKS—continued | |||
Retailers—continued | |||
94,129 | 1 | Party City Holdco, Inc. | $257,914 |
TOTAL | 1,363,075 | ||
Technology—1.0% | |||
28,075 | 1 | Dell Technologies, Inc. | 1,855,196 |
19,870 | 1 | Lumentum Holdings, Inc. | 1,708,820 |
64,891 | 1 | NCR Corp. | 1,326,372 |
18,215 | Science Applications International Corp. | 1,520,224 | |
TOTAL | 6,410,612 | ||
Utility - Electric—0.8% | |||
47,305 | Enviva Partners LP/Enviva Partners Finance Corp. | 1,952,277 | |
48,290 | NRG Energy, Inc. | 1,661,659 | |
69,160 | Vistra Corp. | 1,329,947 | |
TOTAL | 4,943,883 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $63,399,431) | 49,987,486 | ||
INVESTMENT COMPANIES—4.5% | |||
1,346,291 | Bank Loan Core Fund | 12,601,285 | |
15,732,746 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.16%5 | 15,740,612 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $29,305,511) | 28,341,897 | ||
TOTAL INVESTMENT IN SECURITIES—99.0% (IDENTIFIED COST $654,220,671)6 | 628,780,438 | ||
OTHER ASSETS AND LIABILITIES - NET—1.0%7 | 6,405,506 | ||
TOTAL NET ASSETS—100% | $635,185,944 |
Bank Loan Core Fund | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 2/29/2020 | $25,178,865 | $28,538,660 | $53,717,525 |
Purchases at Cost | $283,799 | $92,963,143 | $93,246,942 |
Proceeds from Sales | $(12,000,000) | $(105,766,570) | $(117,766,570) |
Change in Unrealized Appreciation/Depreciation | $(218,669) | $(5,861) | $(224,530) |
Net Realized Gain/(Loss) | $(642,710) | $11,240 | $(631,470) |
Value as of 8/31/2020 | $12,601,285 | $15,740,612 | $28,341,897 |
Shares Held | 1,346,291 | 15,732,746 | 17,079,037 |
Dividend/Income | $283,010 | $4,402 | $287,412 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $46,777,301 | $— | $— | $46,777,301 |
International | 3,210,185 | — | — | 3,210,185 |
Debt Securities: | ||||
Corporate Bonds | — | 549,540,139 | — | 549,540,139 |
Floating Rate Loans | — | 910,916 | — | 910,916 |
Investment Companies | 28,341,897 | — | — | 28,341,897 |
TOTAL SECURITIES | $78,329,383 | $550,451,055 | $— | $628,780,438 |
GMTN | —Global Medium Term Note |
LIBOR | —London Interbank Offered Rate |
MTN | —Medium Term Note |
Six Months Ended (unaudited) 8/31/2020 | Year Ended February 28 or 29, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $6.51 | $6.59 | $6.80 | $6.91 | $6.04 | $6.88 |
Income From Investment Operations: | ||||||
Net investment income | 0.16 | 0.34 | 0.36 | 0.33 | 0.32 | 0.33 |
Net realized and unrealized gain (loss) | 0.02 | (0.08) | (0.15) | (0.11) | 0.86 | (0.85) |
TOTAL FROM INVESTMENT OPERATIONS | 0.18 | 0.26 | 0.21 | 0.22 | 1.18 | (0.52) |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.33) | (0.37) | (0.33) | (0.31) | (0.32) |
Distributions from net realized gain | — | (0.01) | (0.05) | — | — | — |
TOTAL DISTRIBUTIONS | (0.16) | (0.34) | (0.42) | (0.33) | (0.31) | (0.32) |
Redemption Fees | — | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
Net Asset Value, End of Period | $6.53 | $6.51 | $6.59 | $6.80 | $6.91 | $6.04 |
Total Return2 | 2.91% | 3.98% | 3.23% | 3.20% | 19.96% | (7.79)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.97%4 | 0.97% | 0.97% | 0.98% | 0.98% | 0.98% |
Net investment income | 4.76%4 | 4.83% | 4.91% | 4.73% | 4.91% | 5.11% |
Expense waiver/reimbursement5 | 0.15%4 | 0.11% | 0.15% | 0.20% | 0.14% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $21,996 | $25,430 | $28,642 | $108,607 | $132,587 | $99,089 |
Portfolio turnover | 18% | 31% | 20% | 30% | 35% | 37% |
Six Months Ended (unaudited) 8/31/2020 | Year Ended February 28 or 29, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $6.51 | $6.59 | $6.80 | $6.90 | $6.03 | $6.87 |
Income From Investment Operations: | ||||||
Net investment income | 0.12 | 0.28 | 0.29 | 0.28 | 0.26 | 0.28 |
Net realized and unrealized gain (loss) | 0.03 | (0.07) | (0.13) | (0.10) | 0.87 | (0.85) |
TOTAL FROM INVESTMENT OPERATIONS | 0.15 | 0.21 | 0.16 | 0.18 | 1.13 | (0.57) |
Less Distributions: | ||||||
Distributions from net investment income | (0.13) | (0.28) | (0.32) | (0.28) | (0.26) | (0.27) |
Distributions from net realized gain | — | (0.01) | (0.05) | — | — | — |
TOTAL DISTRIBUTIONS | (0.13) | (0.29) | (0.37) | (0.28) | (0.26) | (0.27) |
Redemption Fees | — | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
Net Asset Value, End of Period | $6.53 | $6.51 | $6.59 | $6.80 | $6.90 | $6.03 |
Total Return2 | 2.48% | 3.14% | 2.46% | 2.58% | 19.11% | (8.48)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.80%4 | 1.78% | 1.72% | 1.72% | 1.71% | 1.72% |
Net investment income | 3.92%4 | 4.03% | 4.30% | 3.99% | 4.16% | 4.26% |
Expense waiver/reimbursement5 | 0.06%4 | 0.06% | 0.10% | 0.09% | 0.14% | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $28,009 | $30,266 | $34,253 | $45,466 | $45,740 | $23,870 |
Portfolio turnover | 18% | 31% | 20% | 30% | 35% | 37% |
Six Months Ended (unaudited) 8/31/2020 | Year Ended February 28 or 29, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $6.48 | $6.56 | $6.78 | $6.88 | $6.01 | $6.85 |
Income From Investment Operations: | ||||||
Net investment income | 0.15 | 0.35 | 0.35 | 0.34 | 0.33 | 0.34 |
Net realized and unrealized gain (loss) | 0.04 | (0.07) | (0.14) | (0.09) | 0.87 | (0.84) |
TOTAL FROM INVESTMENT OPERATIONS | 0.19 | 0.28 | 0.21 | 0.25 | 1.20 | (0.50) |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.35) | (0.38) | (0.35) | (0.33) | (0.34) |
Distributions from net realized gain | — | (0.01) | (0.05) | — | — | — |
TOTAL DISTRIBUTIONS | (0.16) | (0.36) | (0.43) | (0.35) | (0.33) | (0.34) |
Redemption Fees | — | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
Net Asset Value, End of Period | $6.51 | $6.48 | $6.56 | $6.78 | $6.88 | $6.01 |
Total Return2 | 3.19% | 4.23% | 3.32% | 3.60% | 20.33% | (7.60)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.72%4 | 0.72% | 0.72% | 0.72% | 0.73% | 0.73% |
Net investment income | 4.99%4 | 5.08% | 5.31% | 5.00% | 5.16% | 5.21% |
Expense waiver/reimbursement5 | 0.16%4 | 0.13% | 0.13% | 0.10% | 0.14% | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $291,984 | $323,629 | $326,429 | $364,521 | $259,501 | $138,614 |
Portfolio turnover | 18% | 31% | 20% | 30% | 35% | 37% |
Six Months Ended (unaudited) 8/31/2020 | Year Ended February 28 or 29, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $6.49 | $6.57 | $6.78 | $6.89 | $6.02 | $6.86 |
Income From Investment Operations: | ||||||
Net investment income | 0.15 | 0.34 | 0.34 | 0.33 | 0.32 | 0.33 |
Net realized and unrealized gain (loss) | 0.04 | (0.08) | (0.13) | (0.11) | 0.86 | (0.85) |
TOTAL FROM INVESTMENT OPERATIONS | 0.19 | 0.26 | 0.21 | 0.22 | 1.18 | (0.52) |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.33) | (0.37) | (0.33) | (0.31) | (0.32) |
Distributions from net realized gain | — | (0.01) | (0.05) | — | — | — |
TOTAL DISTRIBUTIONS | (0.16) | (0.34) | (0.42) | (0.33) | (0.31) | (0.32) |
Redemption Fees | — | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
Net Asset Value, End of Period | $6.52 | $6.49 | $6.57 | $6.78 | $6.89 | $6.02 |
Total Return2 | 3.06% | 3.97% | 3.22% | 3.20% | 20.02% | (7.82)% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.97%4 | 0.97% | 0.97% | 0.97% | 0.98% | 0.98% |
Net investment income | 4.75%4 | 4.83% | 5.04% | 4.73% | 4.92% | 4.89% |
Expense waiver/reimbursement5 | 0.14%4 | 0.12% | 0.11% | 0.11% | 0.14% | 0.12% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $289,240 | $330,089 | $373,153 | $470,870 | $628,554 | $500,561 |
Portfolio turnover | 18% | 31% | 20% | 30% | 35% | 37% |
Six Months Ended (unaudited) 8/31/2020 | Year Ended February 28 or 29, | Period Ended 2/28/20181 | ||
2020 | 2019 | |||
Net Asset Value, Beginning of Period | $6.49 | $6.57 | $6.78 | $6.87 |
Income From Investment Operations: | ||||
Net investment income | 0.16 | 0.35 | 0.36 | 0.30 |
Net realized and unrealized gain (loss) | 0.04 | (0.07) | (0.13) | (0.10) |
TOTAL FROM INVESTMENT OPERATIONS | 0.20 | 0.28 | 0.23 | 0.20 |
Less Distributions: | ||||
Distributions from net investment income | (0.17) | (0.35) | (0.39) | (0.29) |
Distributions from net realized gain | — | (0.01) | (0.05) | — |
TOTAL DISTRIBUTIONS | (0.17) | (0.36) | (0.44) | (0.29) |
Redemption Fees | — | 0.002 | 0.002 | 0.002 |
Net Asset Value, End of Period | $6.52 | $6.49 | $6.57 | $6.78 |
Total Return3 | 3.20% | 4.24% | 3.49% | 2.98% |
Ratios to Average Net Assets: | ||||
Net expenses4 | 0.72%5 | 0.71% | 0.71% | 0.71%5 |
Net investment income | 5.14%5 | 5.08% | 5.41% | 5.11%5 |
Expense waiver/reimbursement6 | 0.06%5 | 0.05% | 0.04% | 0.02%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $3,956 | $9,387 | $5,412 | $2,175 |
Portfolio turnover | 18% | 31% | 20% | 30%7 |
Assets: | ||
Investment in securities, at value including $28,341,897 of investment in affiliated holdings* (identified cost $654,220,671) | $628,780,438 | |
Income receivable | 8,247,757 | |
Income receivable from affiliated holdings | 40,279 | |
Receivable for investments sold | 204,174 | |
Receivable for shares sold | 589,737 | |
TOTAL ASSETS | 637,862,385 | |
Liabilities: | ||
Payable for investments purchased | $1,002,427 | |
Payable for shares redeemed | 1,283,867 | |
Income distribution payable | 60,025 | |
Bank overdraft | 52,830 | |
Payable for investment adviser fee (Note 5) | 9,597 | |
Payable for administrative fee (Note 5) | 1,355 | |
Payable for transfer agent fees | 101,538 | |
Payable for distribution services fee (Note 5) | 17,873 | |
Payable for other service fees (Notes 2 and 5) | 75,433 | |
Accrued expenses (Note 5) | 71,496 | |
TOTAL LIABILITIES | 2,676,441 | |
Net assets for 97,501,942 shares outstanding | $635,185,944 | |
Net Assets Consist of: | ||
Paid-in capital | $673,237,558 | |
Total distributable earnings (loss) | (38,051,614) | |
TOTAL NET ASSETS | $635,185,944 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($21,996,188 ÷ 3,367,091 shares outstanding), no par value, unlimited shares authorized | $6.53 | |
Offering price per share (100/95.50 of $6.53) | $6.84 | |
Redemption proceeds per share | $6.53 | |
Class C Shares: | ||
Net asset value per share ($28,009,348 ÷ 4,288,513 shares outstanding), no par value, unlimited shares authorized | $6.53 | |
Offering price per share | $6.53 | |
Redemption proceeds per share (99.00/100 of $6.53) | $6.46 | |
Institutional Shares: | ||
Net asset value per share ($291,984,020 ÷ 44,851,775 shares outstanding), no par value, unlimited shares authorized | $6.51 | |
Offering price per share | $6.51 | |
Redemption proceeds per share | $6.51 | |
Service Shares: | ||
Net asset value per share ($289,240,005 ÷ 44,387,557 shares outstanding), no par value, unlimited shares authorized | $6.52 | |
Offering price per share | $6.52 | |
Redemption proceeds per share | $6.52 | |
Class R6 Shares: | ||
Net asset value per share ($3,956,383 ÷ 607,006 shares outstanding), no par value, unlimited shares authorized | $6.52 | |
Offering price per share | $6.52 | |
Redemption proceeds per share | $6.52 |
Investment Income: | |||
Interest | $16,779,624 | ||
Dividends (including $287,412 received from affiliated holdings* and net of foreign taxes withheld of $1,555) | 827,926 | ||
TOTAL INCOME | 17,607,550 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,846,839 | ||
Administrative fee (Note 5) | 242,969 | ||
Custodian fees | 18,133 | ||
Transfer agent fees (Note 2) | 354,145 | ||
Directors’/Trustees’ fees (Note 5) | 3,270 | ||
Auditing fees | 18,501 | ||
Legal fees | 3,933 | ||
Portfolio accounting fees | 89,823 | ||
Distribution services fee (Note 5) | 101,431 | ||
Other service fees (Notes 2 and 5) | 411,769 | ||
Share registration costs | 41,551 | ||
Printing and postage | 34,102 | ||
Taxes | 16,600 | ||
Miscellaneous (Note 5) | 19,558 | ||
TOTAL EXPENSES | 3,202,624 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(166,883) | ||
Reimbursements of other operating expenses (Notes 2 and 5) | (277,876) | ||
TOTAL WAVIER AND REIMBURSEMENTS | (444,759) | ||
Net expenses | 2,757,865 | ||
Net investment income | $14,849,685 |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized loss on investments (including net realized loss of $(631,470) on sales of investments in affiliated holdings*) | $(9,866,832) | ||
Net realized loss on foreign currency transactions | (118) | ||
Net change in unrealized depreciation of investments (including net change in unrealized depreciation of $(224,530) on investments in affiliated holdings*) | 4,378,681 | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (5,488,269) | ||
Change in net assets resulting from operations | $9,361,416 |
Six Months Ended (unaudited) 8/31/2020 | Year Ended 2/29/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $14,849,685 | $37,126,521 |
Net realized loss | (9,866,950) | (816,263) |
Net change in unrealized appreciation/depreciation | 4,378,681 | (5,480,886) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 9,361,416 | 30,829,372 |
Distributions to Shareholders: | ||
Class A Shares | (566,155) | (1,347,420) |
Class C Shares | (578,484) | (1,422,619) |
Institutional Shares | (7,411,161) | (17,703,993) |
Service Shares | (7,221,451) | (18,443,169) |
Class R6 Shares | (163,062) | (397,416) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (15,940,313) | (39,314,617) |
Share Transactions: | ||
Proceeds from sale of shares | 79,441,598 | 165,529,075 |
Net asset value of shares issued to shareholders in payment of distributions declared | 15,569,738 | 38,231,132 |
Cost of shares redeemed | (172,047,367) | (244,406,653) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (77,036,031) | (40,646,446) |
Redemption Fees | — | 43,619 |
Change in net assets | (83,614,928) | (49,088,072) |
Net Assets: | ||
Beginning of period | 718,800,872 | 767,888,944 |
End of period | $635,185,944 | $718,800,872 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $12,625 | $(9,792) |
Class C Shares | 13,741 | — |
Institutional Shares | 168,443 | (132,653) |
Service Shares | 158,852 | (118,831) |
Class R6 Shares | 484 | — |
TOTAL | $354,145 | $(261,276) |
Other Service Fees Incurred | |
Class A Shares | $27,695 |
Class C Shares | 33,560 |
Service Shares | 350,514 |
TOTAL | $411,769 |
Six Months Ended 8/31/2020 | Year Ended 2/29/2020 | |||||||||
Class A Shares: | Shares | Amount | Shares | Amount | ||||||
Shares sold | 277,163 | $ | 1,679,822 | 758,739 | $ | 5,043,188 | ||||
Shares issued to shareholders in payment of distributions declared | 91,944 | 564,425 | 200,030 | 1,327,679 | ||||||
Shares redeemed | (910,086) | (5,522,907) | (1,399,146) | (9,284,298) | ||||||
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (540,979) | $ | (3,278,660) | (440,377) | $ | (2,913,431) |
Six Months Ended 8/31/2020 | Year Ended 2/29/2020 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 354,996 | $2,178,061 | 520,487 | $3,458,402 |
Shares issued to shareholders in payment of distributions declared | 93,441 | 573,675 | 212,874 | 1,412,781 |
Shares redeemed | (812,016) | (4,885,523) | (1,282,420) | (8,520,820) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (363,579) | $(2,133,787) | (549,059) | $(3,649,637) |
Six Months Ended 8/31/2020 | Year Ended 2/29/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 9,267,488 | $56,411,863 | 14,440,775 | $95,840,661 |
Shares issued to shareholders in payment of distributions declared | 1,195,952 | 7,323,043 | 2,638,629 | 17,454,395 |
Shares redeemed | (15,518,135) | (92,470,601) | (16,900,481) | (112,156,551) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (5,054,695) | $(28,735,695) | 178,923 | $1,138,505 |
Six Months Ended 8/31/2020 | Year Ended 2/29/2020 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,045,311 | $18,697,375 | 8,531,093 | $56,594,873 |
Shares issued to shareholders in payment of distributions declared | 1,134,649 | 6,950,149 | 2,664,627 | 17,639,920 |
Shares redeemed | (10,647,237) | (63,438,771) | (17,133,001) | (113,578,041) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (6,467,277) | $(37,791,247) | (5,937,281) | $(39,343,248) |
Six Months Ended 8/31/2020 | Year Ended 2/29/2020 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 76,646 | $474,477 | 693,011 | $4,591,951 |
Shares issued to shareholders in payment of distributions declared | 26,177 | 158,446 | 59,834 | 396,357 |
Shares redeemed | (941,539) | (5,729,565) | (130,587) | (866,943) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | (838,716) | $(5,096,642) | 622,258 | $4,121,365 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (13,265,246) | $(77,036,031) | (6,125,536) | $(40,646,446) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.05% |
Class C Shares | 0.75% |
Distribution Services Fees Incurred | |
Class C Shares | $101,431 |
Purchases | $108,251,129 |
Sales | $184,273,587 |
Beginning Account Value 3/1/2020 | Ending Account Value 8/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,029.10 | $4.96 |
Class C Shares | $1,000 | $1,024.80 | $9.19 |
Institutional Shares | $1,000 | $1,031.90 | $3.69 |
Service Shares | $1,000 | $1,030.60 | $4.96 |
Class R6 Shares | $1,000 | $1,032.00 | $3.64 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.30 | $4.94 |
Class C Shares | $1,000 | $1,016.10 | $9.15 |
Institutional Shares | $1,000 | $1,021.60 | $3.67 |
Service Shares | $1,000 | $1,020.30 | $4.94 |
Class R6 Shares | $1,000 | $1,021.60 | $3.62 |
Class A Shares | 0.97% |
Class C Shares | 1.80% |
Institutional Shares | 0.72% |
Service Shares | 0.97% |
Class R6 Shares | 0.72% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 314197401
CUSIP 314197203
CUSIP 314197104
CUSIP 314197807
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer 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-CSR.
(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 registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
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 Hermes High Yield Trust
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date October 23, 2020
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 October 23, 2020
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date October 23, 2020