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: 02/28/23
Date of Reporting Period: Six months ended 08/31/22
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
Index Classification | Percentage of Total Net Assets2 |
Cable Satellite | 8.3% |
Technology | 8.0% |
Media Entertainment | 7.5% |
Health Care | 6.6% |
Midstream | 6.2% |
Automotive | 5.6% |
Insurance - P&C | 5.6% |
Packaging | 5.0% |
Independent Energy | 4.9% |
Building Materials | 3.5% |
Gaming | 3.5% |
Other3 | 28.6% |
Bank Loan Core Fund | 2.5% |
Cash Equivalents4 | 2.8% |
Other Assets and Liabilities - Net5 | 1.4% |
Total | 100% |
1 | Index classifications are based upon, and individual portfolio securities are assigned to, the classifications and sub-classifications of the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (BHY2%ICI). Individual portfolio securities that are not included in the BHY2%ICI are assigned to an index classification by the Fund’s Adviser. |
2 | As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested less than 10% of its net assets, are listed individually in the table. |
3 | For purposes of this table, index classifications which constitute less than 3.5% of the Fund’s total net assets have been aggregated under the designation “Other.” |
4 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— 89.0% | |||
Aerospace/Defense— 1.5% | |||
$ 2,725,000 | TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026 | $ 2,680,651 | |
1,575,000 | TransDigm, Inc., Sr. Sub. Note, 6.375%, 6/15/2026 | 1,513,882 | |
275,000 | TransDigm, Inc., Sr. Sub. Note, Series WI, 4.625%, 1/15/2029 | 232,889 | |
1,800,000 | TransDigm, Inc., Sr. Sub. Note, Series WI, 4.875%, 5/1/2029 | 1,529,521 | |
675,000 | TransDigm, Inc., Sr. Sub., 6.875%, 5/15/2026 | 652,703 | |
1,275,000 | TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027 | 1,149,049 | |
850,000 | TransDigm, Inc., Sr. Sub., Series WI, 7.500%, 3/15/2027 | 829,932 | |
TOTAL | 8,588,627 | ||
Airlines— 0.3% | |||
1,000,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026 | 952,660 | |
725,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.750%, 4/20/2029 | 655,393 | |
TOTAL | 1,608,053 | ||
Automotive— 5.5% | |||
2,775,000 | Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026 | 2,571,551 | |
525,000 | Dana Financing Lux Sarl, Sr. Unsecd. Note, 144A, 5.750%, 4/15/2025 | 517,540 | |
125,000 | Dana, Inc., Sr. Unsecd. Note, 4.250%, 9/1/2030 | 101,095 | |
550,000 | Dana, Inc., Sr. Unsecd. Note, 4.500%, 2/15/2032 | 439,826 | |
3,350,000 | Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029 | 2,617,188 | |
2,050,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025 | 1,874,397 | |
1,650,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030 | 1,380,440 | |
825,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024 | 801,912 | |
1,250,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027 | 1,128,125 | |
1,225,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.271%, 1/9/2027 | 1,120,825 | |
2,600,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029 | 2,406,196 | |
2,700,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025 | 2,641,072 | |
1,150,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026 | 1,084,611 | |
1,200,000 | IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027 | 1,068,292 | |
700,000 | IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029 | 620,393 | |
412,000 | KAR Auction Services, Inc., Sr. Unsecd. Note, 144A, 5.125%, 6/1/2025 | 405,053 | |
6,800,000 | Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027 | 6,689,840 | |
4,525,000 | Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029 | 3,683,364 | |
1,600,000 | Schaeffler Verwaltung Zw, 144A, 4.750%, 9/15/2026 | 1,382,339 | |
TOTAL | 32,534,059 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Building Materials— 3.4% | |||
$ 200,000 | Abc Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029 | $ 164,139 | |
975,000 | American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028 | 883,448 | |
1,125,000 | Camelot Return Merger SU, Sec. Fac. Bond, 144A, 8.750%, 8/1/2028 | 1,023,007 | |
600,000 | Cornerstone Building Brands, Sr. Unsecd. Note, 144A, 6.125%, 1/15/2029 | 409,830 | |
3,025,000 | Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028 | 2,473,361 | |
2,950,000 | Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029 | 2,384,110 | |
975,000 | Gyp Holdings III Corp., Sr. Unsecd. Note, 144A, 4.625%, 5/1/2029 | 828,848 | |
650,000 | Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028 | 568,909 | |
600,000 | MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030 | 493,571 | |
2,150,000 | Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.000%, 12/1/2029 | 1,753,707 | |
1,575,000 | Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.125%, 7/1/2029 | 1,308,715 | |
1,475,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031 | 1,083,366 | |
1,125,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030 | 894,634 | |
500,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028 | 437,904 | |
2,675,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027 | 2,449,712 | |
1,700,000 | White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028 | 1,492,290 | |
1,600,000 | White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026 | 1,394,198 | |
TOTAL | 20,043,749 | ||
Cable Satellite— 8.2% | |||
325,000 | CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026 | 322,163 | |
1,475,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 4.500%, 5/1/2032 | 1,198,769 | |
1,150,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031 | 939,780 | |
2,300,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030 | 1,937,060 | |
1,375,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033 | 1,081,156 | |
1,475,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030 | 1,269,518 | |
450,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/1/2032 | 373,037 | |
1,900,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 1,738,500 | |
2,750,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027 | 2,613,875 | |
1,000,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029 | 914,700 | |
500,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031 | 375,365 | |
1,200,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031 | 964,808 | |
1,825,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030 | 1,308,078 | |
1,300,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.000%, 11/15/2031 | 928,983 | |
4,000,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027 | 3,798,060 | |
1,775,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030 | 1,377,533 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Cable Satellite— continued | |||
$ 725,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 6.500%, 2/1/2029 | $ 667,979 | |
2,350,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.500%, 4/1/2028 | 2,092,969 | |
1,575,000 | DIRECTV Holdings LLC, Sec. Fac. Bond, 144A, 5.875%, 8/15/2027 | 1,443,298 | |
725,000 | DISH DBS Corp., Sec. Fac. Bond, 144A, 5.750%, 12/1/2028 | 558,063 | |
750,000 | DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028 | 492,457 | |
1,325,000 | DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026 | 1,046,273 | |
2,075,000 | DISH DBS Corp., Sr. Unsecd. Note, Series WI, 5.125%, 6/1/2029 | 1,232,571 | |
1,475,000 | Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028 | 1,262,083 | |
1,400,000 | 1,2,3 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.500%, 8/1/2023 | 0 |
325,000 | 1,2,3 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 8.500%, 10/15/2024 | 0 |
475,000 | 1,2,3 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 9.750%, 7/15/2025 | 0 |
675,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.125%, 9/1/2026 | 602,019 | |
2,025,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031 | 1,637,658 | |
1,025,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2028 | 894,312 | |
1,625,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030 | 1,378,780 | |
975,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029 | 912,771 | |
3,400,000 | Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028 | 3,121,200 | |
3,125,000 | UPC Broadband Finco BV, Sr. Note, 144A, 4.875%, 7/15/2031 | 2,706,984 | |
1,550,000 | Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030 | 1,227,119 | |
525,000 | Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030 | 438,086 | |
500,000 | Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031 | 405,000 | |
2,200,000 | Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031 | 1,813,625 | |
1,725,000 | VZ Secured Financing B.V., Sec. Fac. Bond, 144A, 5.000%, 1/15/2032 | 1,420,995 | |
1,975,000 | Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027 | 1,781,845 | |
TOTAL | 48,277,472 | ||
Chemicals— 2.2% | |||
350,000 | Axalta Coat/Dutch Holding BV, Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027 | 324,786 | |
425,000 | Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029 | 352,880 | |
225,000 | Cheever Escrow Issuer, Sec. Fac. Bond, 144A, 7.125%, 10/1/2027 | 219,641 | |
1,475,000 | Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 4.875%, 7/15/2024 | 1,401,003 | |
975,000 | Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028 | 848,616 | |
375,000 | H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028 | 332,229 | |
2,475,000 | Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028 | 2,100,619 | |
225,000 | Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028 | 193,832 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Chemicals— continued | |||
$ 3,250,000 | Koppers, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025 | $ 3,054,025 | |
975,000 | Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 4.250%, 10/1/2028 | 794,089 | |
1,700,000 | Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029 | 1,285,786 | |
1,750,000 | Polar US Borrower LLC, Sr. Unsecd. Note, 144A, 6.750%, 5/15/2026 | 1,142,879 | |
200,000 | SPCM SA, Sr. Unsecd. Note, 144A, 3.125%, 3/15/2027 | 177,797 | |
325,000 | SPCM SA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030 | 264,441 | |
925,000 | WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029 | 733,062 | |
TOTAL | 13,225,685 | ||
Construction Machinery— 0.7% | |||
2,325,000 | H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028 | 1,967,275 | |
925,000 | United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030 | 805,029 | |
575,000 | United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028 | 538,166 | |
725,000 | United Rentals, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031 | 627,904 | |
TOTAL | 3,938,374 | ||
Consumer Cyclical Services— 2.4% | |||
2,425,000 | Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029 | 1,803,460 | |
4,650,000 | Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027 | 4,192,775 | |
900,000 | Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027 | 792,342 | |
2,150,000 | Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029 | 1,669,669 | |
800,000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027 | 753,072 | |
4,203,000 | GW B-CR Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027 | 3,836,835 | |
1,725,000 | Signal Parent, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/1/2029 | 937,256 | |
TOTAL | 13,985,409 | ||
Consumer Products— 1.6% | |||
3,425,000 | BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027 | 3,093,791 | |
2,425,000 | Diamond BC BV, Sr. Unsecd. Note, 144A, 4.625%, 10/1/2029 | 2,070,708 | |
1,075,000 | Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029 | 925,408 | |
1,450,000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029 | 1,181,612 | |
1,475,000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028 | 1,229,155 | |
375,000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.500%, 12/31/2027 | 349,702 | |
425,000 | Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 3.750%, 4/1/2031 | 340,708 | |
400,000 | Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 5.125%, 1/15/2028 | 369,506 | |
TOTAL | 9,560,590 | ||
Diversified Manufacturing— 1.0% | |||
3,725,000 | Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026 | 3,534,727 | |
1,000,000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025 | 1,001,425 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Diversified Manufacturing— continued | |||
$ 1,050,000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028 | $ 1,059,996 | |
TOTAL | 5,596,148 | ||
Finance Companies— 1.8% | |||
750,000 | Ld Holdings Group LLC, Sr. Unsecd. Note, 144A, 6.125%, 4/1/2028 | 399,473 | |
275,000 | Navient Corp., Sr. Unsecd. Note, 5.000%, 3/15/2027 | 235,935 | |
2,275,000 | Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029 | 1,846,180 | |
975,000 | Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026 | 926,250 | |
825,000 | Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029 | 665,342 | |
2,250,000 | Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031 | 1,759,551 | |
550,000 | Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 2.875%, 10/15/2026 | 463,023 | |
425,000 | Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033 | 317,308 | |
2,050,000 | United Shore Financial Services, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025 | 1,812,354 | |
1,950,000 | United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029 | 1,520,395 | |
875,000 | United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027 | 721,958 | |
TOTAL | 10,667,769 | ||
Food & Beverage— 1.6% | |||
300,000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 276,436 | |
1,300,000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2025 | 1,290,263 | |
1,750,000 | Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030 | 1,673,315 | |
525,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | 494,133 | |
1,100,000 | Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029 | 943,266 | |
250,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/15/2029 | 229,378 | |
2,050,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028 | 1,949,745 | |
928,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 | 907,696 | |
575,000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030 | 496,711 | |
1,625,000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029 | 1,450,296 | |
TOTAL | 9,711,239 | ||
Gaming— 3.2% | |||
1,925,000 | Affinity Gaming LLC, 144A, 6.875%, 12/15/2027 | 1,674,500 | |
750,000 | Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027 | 701,160 | |
425,000 | Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031 | 370,494 | |
600,000 | Caesars Entertainment Corp., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029 | 483,360 | |
200,000 | CCM Merger, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2026 | 188,244 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Gaming— continued | |||
$ 1,475,000 | Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 5.750%, 7/1/2025 | $ 1,447,358 | |
1,150,000 | Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025 | 1,124,355 | |
1,550,000 | Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027 | 1,524,789 | |
1,000,000 | Midwest Gaming Borrower LLC, Sec. Fac. Bond, 144A, 4.875%, 5/1/2029 | 879,240 | |
3,700,000 | Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026 | 3,260,162 | |
450,000 | Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2029 | 364,084 | |
200,000 | Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2027 | 183,218 | |
150,000 | Raptor Acquisition Corp. / Raptor Co-Issuer LLC, Sec. Fac. Bond, 144A, 4.875%, 11/1/2026 | 135,562 | |
1,450,000 | Scientific Games Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 3/1/2030 | 1,291,248 | |
550,000 | Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029 | 541,750 | |
1,250,000 | Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 8.625%, 7/1/2025 | 1,288,131 | |
650,000 | Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028 | 560,877 | |
950,000 | Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031 | 795,273 | |
100,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.500%, 2/15/2025 | 94,322 | |
175,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2029 | 155,882 | |
825,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.250%, 12/1/2026 | 773,883 | |
650,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2029 | 601,357 | |
500,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 5.625%, 5/1/2024 | 501,443 | |
TOTAL | 18,940,692 | ||
Health Care— 6.6% | |||
1,300,000 | AdaptHealth LLC, Sr. Unsecd. Note, 144A, 4.625%, 8/1/2029 | 1,084,330 | |
1,150,000 | AdaptHealth LLC, Sr. Unsecd. Note, 144A, 5.125%, 3/1/2030 | 983,411 | |
800,000 | Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029 | 615,816 | |
2,075,000 | Avantor Funding, Inc., Sec. Fac. Bond, 144A, 4.625%, 7/15/2028 | 1,890,947 | |
1,350,000 | Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029 | 1,169,857 | |
400,000 | Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 3.750%, 3/15/2029 | 345,374 | |
1,100,000 | CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030 | 683,331 | |
2,150,000 | CHS/Community Health Systems, Inc., 144A, 6.875%, 4/15/2029 | 1,347,072 | |
300,000 | CHS/Community Health Systems, Inc., 144A, 8.000%, 12/15/2027 | 260,910 | |
675,000 | CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 5.625%, 3/15/2027 | 573,676 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Health Care— continued | |||
$ 225,000 | CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2029 | $ 185,014 | |
850,000 | CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026 | 795,813 | |
850,000 | CHS/Community Health Systems, Inc., Sr. Note, 144A, 5.250%, 5/15/2030 | 644,950 | |
875,000 | Davita, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030 | 705,486 | |
425,000 | Embecta Corp., Sec. Fac. Bond, 144A, 5.000%, 2/15/2030 | 373,312 | |
1,050,000 | Embecta Corp., Sr. Note, 144A, 6.750%, 2/15/2030 | 1,003,802 | |
275,000 | Garden Spinco Corp., Sr. Unsecd. Note, 144A, 8.625%, 7/20/2030 | 293,311 | |
2,575,000 | Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025 | 2,302,063 | |
725,000 | HCA, Inc., Sr. Unsecd. Note, 3.500%, 9/1/2030 | 633,333 | |
650,000 | HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025 | 656,997 | |
1,750,000 | HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/15/2026 | 1,789,130 | |
625,000 | IMS Health, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026 | 606,281 | |
575,000 | Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027 | 556,712 | |
450,000 | LifePoint Health, Inc., 144A, 6.750%, 4/15/2025 | 442,483 | |
600,000 | LifePoint Health, Inc., Sec. Fac. Bond, 144A, 4.375%, 2/15/2027 | 522,414 | |
800,000 | LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2029 | 607,504 | |
1,325,000 | LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 9.750%, 12/1/2026 | 1,264,143 | |
925,000 | MEDNAX, Inc., Sr. Unsecd. Note, 144A, 5.375%, 2/15/2030 | 789,529 | |
1,325,000 | Mozart Debt Merger Sub, Inc., Sec. Fac. Bond, 144A, 3.875%, 4/1/2029 | 1,124,594 | |
5,125,000 | Mozart Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029 | 4,313,405 | |
775,000 | MPH Acquisition Holdings LLC, Sr. Note, 144A, 5.500%, 9/1/2028 | 661,947 | |
3,425,000 | MPH Acquisition Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 11/1/2028 | 2,723,902 | |
1,025,000 | Team Health Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 2/1/2025 | 811,293 | |
1,150,000 | Tenet Healthcare Corp., 144A, 4.250%, 6/1/2029 | 993,703 | |
75,000 | Tenet Healthcare Corp., 144A, 4.625%, 6/15/2028 | 68,279 | |
525,000 | Tenet Healthcare Corp., 144A, 4.875%, 1/1/2026 | 499,419 | |
1,050,000 | Tenet Healthcare Corp., 144A, 5.125%, 11/1/2027 | 974,006 | |
725,000 | Tenet Healthcare Corp., 144A, 6.125%, 6/15/2030 | 696,943 | |
875,000 | Tenet Healthcare Corp., 144A, 6.250%, 2/1/2027 | 844,812 | |
401,000 | Tenet Healthcare Corp., Sr. Secd. Note, 4.625%, 7/15/2024 | 393,181 | |
2,200,000 | Tenet Healthcare Corp., Sr. Unsecd. Note, 144A, 6.125%, 10/1/2028 | 2,021,283 | |
TOTAL | 39,253,768 | ||
Health Insurance— 0.8% | |||
575,000 | Centene Corp., Sr. Unsecd. Note, 2.450%, 7/15/2028 | 485,772 | |
1,050,000 | Centene Corp., Sr. Unsecd. Note, 2.625%, 8/1/2031 | 839,885 | |
1,225,000 | Centene Corp., Sr. Unsecd. Note, Series WI, 3.375%, 2/15/2030 | 1,052,146 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Health Insurance— continued | |||
$ 1,000,000 | Centene Corp., Sr. Unsecd. Note, Series WI, 4.250%, 12/15/2027 | $ 951,080 | |
1,725,000 | Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029 | 1,627,451 | |
TOTAL | 4,956,334 | ||
Independent Energy— 4.7% | |||
975,000 | Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030 | 918,986 | |
123,000 | Antero Resources Corp., Sr. Unsecd. Note, 144A, 7.625%, 2/1/2029 | 125,263 | |
425,000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | 383,390 | |
1,825,000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 11/1/2026 | 1,777,404 | |
500,000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028 | 497,553 | |
106,000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027 | 128,952 | |
725,000 | Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026 | 682,298 | |
400,000 | Callon Petroleum Corp., Sr. Unsecd. Note, 144A, 7.500%, 6/15/2030 | 370,450 | |
550,000 | Callon Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.375%, 7/1/2026 | 512,265 | |
175,000 | Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.250%, 7/15/2025 | 173,722 | |
1,425,000 | Centennial Resource Production, LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 | 1,370,794 | |
1,275,000 | 1,3 | Chesapeake Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2024 | 27,094 |
175,000 | Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.875%, 2/1/2029 | 167,296 | |
225,000 | Chord Energy Corp., Sr. Unsecd. Note, 144A, 6.375%, 6/1/2026 | 218,574 | |
475,000 | Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 5.875%, 1/15/2030 | 435,173 | |
2,000,000 | Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029 | 1,912,500 | |
400,000 | Continental Resources, Inc., Sr. Unsecd. Note, 144A, 5.750%, 1/15/2031 | 383,359 | |
250,000 | Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.000%, 5/1/2029 | 229,993 | |
2,225,000 | Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2025 | 2,194,851 | |
775,000 | Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.750%, 1/30/2028 | 765,855 | |
300,000 | EQT Corp., Sr. Unsecd. Note, 144A, 3.625%, 5/15/2031 | 265,290 | |
975,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025 | 1,000,721 | |
450,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.125%, 1/1/2031 | 468,310 | |
1,100,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.450%, 9/15/2036 | 1,176,967 | |
1,100,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.625%, 9/1/2030 | 1,176,670 | |
625,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 8.000%, 7/15/2025 | 679,700 | |
1,375,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 8.875%, 7/15/2030 | 1,608,193 | |
200,000 | PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024 | 198,649 | |
1,100,000 | PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 5/15/2026 | 1,054,674 | |
492,000 | Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025 | 478,133 | |
113,000 | Range Resources Corp., Sr. Unsecd. Note, 5.000%, 3/15/2023 | 113,004 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Independent Energy— continued | |||
$ 650,000 | Range Resources Corp., Sr. Unsecd. Note, 8.250%, 1/15/2029 | $ 683,114 | |
350,000 | Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030 | 324,723 | |
775,000 | Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029 | 717,103 | |
275,000 | SM Energy Co., Sr. Unsecd. Note, 6.500%, 7/15/2028 | 265,261 | |
675,000 | SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027 | 659,063 | |
1,000,000 | SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026 | 984,830 | |
600,000 | Southwestern Energy Co., Sr. Unsecd. Note, 4.750%, 2/1/2032 | 535,657 | |
300,000 | Southwestern Energy Co., Sr. Unsecd. Note, 5.375%, 3/15/2030 | 281,598 | |
825,000 | Southwestern Energy Co., Sr. Unsecd. Note, 8.375%, 9/15/2028 | 869,286 | |
1,075,000 | Tap Rock Resources LLC, Sr. Unsecd. Note, 144A, 7.000%, 10/1/2026 | 1,008,130 | |
TOTAL | 27,824,848 | ||
Industrial - Other— 1.4% | |||
225,000 | Booz Allen Hamilton, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/1/2029 | 198,784 | |
200,000 | Madison Iaq LLC, Sec. Fac. Bond, 144A, 4.125%, 6/30/2028 | 171,789 | |
4,325,000 | Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | 3,565,443 | |
2,150,000 | Redwood Star Merger Sub, Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030 | 1,809,440 | |
1,099,000 | Vertical Holdco GmbH, Sr. Unsecd. Note, 144A, 7.625%, 7/15/2028 | 985,402 | |
1,750,000 | Vertical U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027 | 1,594,784 | |
TOTAL | 8,325,642 | ||
Insurance - P&C— 5.6% | |||
2,750,000 | AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029 | 2,397,056 | |
1,887,700 | Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500%, 1/15/2027 | 1,920,735 | |
2,000,000 | AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029 | 1,665,140 | |
2,725,000 | AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025 | 2,621,995 | |
4,575,000 | Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029 | 3,779,275 | |
825,000 | GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027 | 800,535 | |
3,375,000 | Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029 | 2,956,455 | |
7,725,000 | Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026 | 7,577,839 | |
625,000 | NFP Corp., Sec. Fac. Bond, 144A, 7.500%, 10/1/2030 | 616,315 | |
6,025,000 | NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028 | 4,960,744 | |
4,075,000 | USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025 | 3,997,351 | |
TOTAL | 33,293,440 | ||
Leisure— 0.5% | |||
1,800,000 | SeaWorld Parks & Entertainment, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029 | 1,570,113 | |
1,800,000 | Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027 | 1,652,580 | |
TOTAL | 3,222,693 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Lodging— 0.2% | |||
$ 950,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032 | $ 768,312 | |
200,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028 | 195,787 | |
525,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030 | 480,433 | |
TOTAL | 1,444,532 | ||
Media Entertainment— 6.7% | |||
2,025,000 | Audacy Capital Corp., 144A, 6.500%, 5/1/2027 | 666,043 | |
1,350,000 | Audacy Capital Corp., 144A, 6.750%, 3/31/2029 | 408,001 | |
959,000 | Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026 | 859,406 | |
475,000 | Diamond Sports Group LLC / Diamond Sports Finance Co., 144A, 5.375%, 8/15/2026 | 90,844 | |
1,575,000 | Diamond Sports Group LLC / Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 6.625%, 8/15/2027 | 147,672 | |
1,375,000 | Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031 | 1,163,786 | |
1,050,000 | Gray Television, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2030 | 866,775 | |
2,100,000 | Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026 | 2,029,839 | |
146,192 | iHeartCommunications, Inc., 6.375%, 5/1/2026 | 138,327 | |
375,000 | iHeartCommunications, Inc., 144A, 4.750%, 1/15/2028 | 322,313 | |
325,000 | iHeartCommunications, Inc., 144A, 5.250%, 8/15/2027 | 292,133 | |
4,389,973 | iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027 | 3,871,956 | |
675,000 | Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029 | 627,750 | |
350,000 | Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031 | 293,783 | |
700,000 | Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 3.625%, 10/1/2031 | 548,501 | |
1,625,000 | Match Group, Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030 | 1,346,837 | |
550,000 | Match Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2028 | 490,391 | |
350,000 | Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027 | 323,339 | |
3,100,000 | Midas Opco Holdings, LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029 | 2,633,946 | |
175,000 | News Corp., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2032 | 161,265 | |
1,725,000 | Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 4.750%, 11/1/2028 | 1,563,255 | |
2,425,000 | Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027 | 2,311,946 | |
325,000 | Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 4.500%, 7/15/2029 | 326,788 | |
125,000 | Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 4.750%, 7/15/2031 | 124,376 | |
625,000 | Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2025 | 628,606 | |
600,000 | Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 10/1/2028 | 602,184 | |
1,225,000 | Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.875%, 10/1/2030 | 1,227,581 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Media Entertainment— continued | |||
$ 1,075,000 | ROBLOX Corp., Sr. Unsecd. Note, 144A, 3.875%, 5/1/2030 | $ 898,604 | |
350,000 | Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 3.875%, 1/15/2029 | 297,227 | |
1,250,000 | Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2031 | 1,036,406 | |
1,375,000 | Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027 | 1,246,575 | |
1,750,000 | Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027 | 1,503,093 | |
1,725,000 | Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030 | 1,354,533 | |
1,050,000 | Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028 | 1,008,079 | |
1,450,000 | Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029 | 1,390,398 | |
3,950,000 | Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027 | 3,403,400 | |
1,000,000 | Univision Communications, Inc., Sec. Fac. Bond, 144A, 4.500%, 5/1/2029 | 876,500 | |
575,000 | Univision Communications, Inc., Sec. Fac. Bond, 144A, 7.375%, 6/30/2030 | 571,406 | |
1,500,000 | Urban One, Inc., Sec. Fac. Bond, 144A, 7.375%, 2/1/2028 | 1,349,078 | |
425,000 | WMG Acquisition Corp., Sec. Fac. Bond, 144A, 3.750%, 12/1/2029 | 363,906 | |
TOTAL | 39,366,848 | ||
Metals & Mining— 0.7% | |||
1,200,000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029 | 1,067,250 | |
850,000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.875%, 3/1/2031 | 743,495 | |
1,675,000 | Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029 | 1,221,999 | |
925,000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.250%, 9/1/2029 | 892,773 | |
TOTAL | 3,925,517 | ||
Midstream— 6.0% | |||
1,275,000 | AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027 | 1,203,447 | |
1,350,000 | AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026 | 1,286,962 | |
1,875,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.375%, 6/15/2029 | 1,721,428 | |
1,950,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 | 1,850,745 | |
2,100,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028 | 1,993,950 | |
575,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.875%, 5/15/2026 | 586,077 | |
1,675,000 | Cheniere Energy Partners LP, Sr. Unsecd. Note, 4.000%, 3/1/2031 | 1,469,921 | |
475,000 | Cheniere Energy Partners LP, Sr. Unsecd. Note, Series WI, 3.250%, 1/31/2032 | 380,836 | |
550,000 | Cheniere Energy Partners LP, Sr. Unsecd. Note, Series WI, 4.500%, 10/1/2029 | 507,210 | |
750,000 | Cheniere Energy, Inc., Sec. Fac. Bond, Series WI, 4.625%, 10/15/2028 | 723,750 | |
1,000,000 | CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030 | 845,680 | |
725,000 | DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031 | 621,147 | |
875,000 | EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029 | 754,838 | |
1,025,000 | EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2031 | 888,327 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Midstream— continued | |||
$ 2,250,000 | EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027 | $ 2,175,882 | |
1,200,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 5.500%, 7/15/2028 | 1,099,098 | |
1,475,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 6.500%, 7/15/2048 | 1,253,669 | |
248,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025 | 239,537 | |
225,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027 | 222,760 | |
500,000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 4.250%, 2/15/2030 | 429,854 | |
600,000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2030 | 547,278 | |
1,100,000 | Hess Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028 | 1,023,303 | |
1,525,000 | Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 1,422,124 | |
300,000 | Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 6.375%, 4/15/2027 | 293,555 | |
900,000 | Oasis Midstream Partners, Sr. Unsecd. Note, 144A, 8.000%, 4/1/2029 | 893,517 | |
475,000 | Rattler Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.625%, 7/15/2025 | 485,279 | |
475,000 | Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026 | 464,286 | |
900,000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027 | 879,530 | |
650,000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031 | 575,078 | |
1,175,000 | Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.750%, 4/15/2025 | 998,787 | |
1,200,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028 | 1,171,602 | |
250,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 6.500%, 7/15/2027 | 257,515 | |
1,900,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030 | 1,858,552 | |
775,000 | TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026 | 668,883 | |
825,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.500%, 3/1/2028 | 767,052 | |
175,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.650%, 7/1/2026 | 166,835 | |
2,425,000 | Western Gas Partners LP, Sr. Unsecd. Note, 5.300%, 3/1/2048 | 2,136,158 | |
550,000 | Western Gas Partners LP, Sr. Unsecd. Note, 5.450%, 4/1/2044 | 482,508 | |
225,000 | Western Gas Partners LP, Sr. Unsecd. Note, 5.500%, 8/15/2048 | 196,503 | |
TOTAL | 35,543,463 | ||
Oil Field Services— 1.9% | |||
1,450,000 | Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028 | 1,321,798 | |
2,875,000 | Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 | 2,699,309 | |
875,000 | Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2026 | 796,854 | |
1,000,000 | Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028 | 883,174 | |
175,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027 | 169,172 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Oil Field Services— continued | |||
$ 725,000 | Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029 | $ 667,080 | |
750,000 | Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026 | 722,236 | |
2,325,000 | USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027 | 2,152,950 | |
2,075,000 | USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026 | 1,949,608 | |
TOTAL | 11,362,181 | ||
Packaging— 4.7% | |||
3,568,920 | ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027 | 2,773,283 | |
1,550,000 | Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029 | 1,258,298 | |
3,475,000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027 | 2,518,262 | |
1,800,000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027 | 1,304,424 | |
875,000 | Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030 | 710,929 | |
975,000 | Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027 | 953,257 | |
925,000 | Bway Holding Co., Sec. Fac. Bond, 144A, 5.500%, 4/15/2024 | 896,605 | |
2,100,000 | Bway Holding Co., Sr. Unsecd. Note, 144A, 7.250%, 4/15/2025 | 1,914,654 | |
5,950,000 | Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030 | 5,183,432 | |
700,000 | Crown Americas LLC / Crown Americas Capital Corp. VI, Sr. Unsecd. Note, 4.750%, 2/1/2026 | 675,973 | |
575,000 | OI European Group BV, Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030 | 466,348 | |
1,025,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2025 | 954,825 | |
400,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/15/2025 | 387,826 | |
669,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027 | 622,089 | |
725,000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029 | 690,048 | |
2,250,000 | Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.625%, 11/1/2025 | 1,987,705 | |
1,050,000 | Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.250%, 8/1/2024 | 977,542 | |
475,000 | Trivium Packaging Finance BV, Sec. Fac. Bond, 144A, 5.500%, 8/15/2026 | 456,385 | |
3,175,000 | Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027 | 3,022,219 | |
TOTAL | 27,754,104 | ||
Paper— 0.3% | |||
1,750,000 | Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 5.375%, 2/1/2025 | 1,739,036 | |
125,000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030 | 107,493 | |
TOTAL | 1,846,529 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Pharmaceuticals— 1.7% | |||
$ 650,000 | Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.500%, 11/1/2025 | $ 537,036 | |
700,000 | Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.750%, 8/15/2027 | 511,599 | |
200,000 | Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 6.125%, 2/1/2027 | 148,267 | |
175,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/30/2028 | 65,907 | |
1,850,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029 | 724,275 | |
1,575,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030 | 585,136 | |
1,100,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 2/15/2031 | 424,573 | |
600,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029 | 227,460 | |
1,100,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029 | 425,194 | |
2,475,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 8.500%, 1/31/2027 | 1,191,737 | |
600,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.000%, 12/15/2025 | 373,422 | |
550,000 | Catalent Pharma Solutions, Inc., Sr. Unsecd. Note, 144A, 3.500%, 4/1/2030 | 453,750 | |
400,000 | Grifols Escrow Issuer SA, Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028 | 333,911 | |
1,325,000 | Jazz Securities Designated Activity Co., Sec. Fac. Bond, 144A, 4.375%, 1/15/2029 | 1,196,727 | |
1,627,000 | Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 10.000%, 6/15/2029 | 829,770 | |
325,000 | Organon Finance 1 LLC, Sec. Fac. Bond, 144A, 4.125%, 4/30/2028 | 292,043 | |
1,325,000 | Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031 | 1,161,044 | |
775,000 | Syneos Health, Inc., Sr. Unsecd. Note, 144A, 3.625%, 1/15/2029 | 656,150 | |
TOTAL | 10,138,001 | ||
Restaurant— 1.5% | |||
275,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 3.500%, 2/15/2029 | 236,671 | |
475,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 3.875%, 1/15/2028 | 422,847 | |
6,150,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.000%, 10/15/2030 | 4,998,843 | |
575,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.375%, 1/15/2028 | 514,989 | |
1,375,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032 | 1,216,738 | |
875,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 5.375%, 4/1/2032 | 806,645 | |
650,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | 593,180 | |
TOTAL | 8,789,913 | ||
Retailers— 0.5% | |||
600,000 | Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027 | 560,982 | |
1,175,000 | Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029 | 1,008,996 | |
375,000 | Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032 | 313,804 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Retailers— continued | |||
$ 650,000 | Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029 | $ 453,684 | |
525,000 | Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031 | 364,875 | |
375,000 | Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029 | 321,398 | |
200,000 | William Carter Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2027 | 193,409 | |
TOTAL | 3,217,148 | ||
Supermarkets— 0.6% | |||
2,950,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029 | 2,427,997 | |
450,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028 | 429,328 | |
375,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026 | 382,656 | |
TOTAL | 3,239,981 | ||
Technology— 7.6% | |||
675,000 | Black Knight InfoServ LLC, Sr. Unsecd. Note, 144A, 3.625%, 9/1/2028 | 592,313 | |
1,250,000 | Boxer Parent Co., Inc., 144A, 9.125%, 3/1/2026 | 1,201,002 | |
1,450,000 | Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028 | 1,305,950 | |
1,025,000 | Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026 | 833,402 | |
1,175,000 | Central Parent, Inc./Central Merger Sub, Inc., 144A, 7.250%, 6/15/2029 | 1,126,602 | |
275,000 | Ciena Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/31/2030 | 238,176 | |
1,750,000 | Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029 | 1,449,639 | |
725,000 | Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026 | 661,158 | |
1,150,000 | Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028 | 1,030,046 | |
425,000 | Diebold Nixdorf, Inc., Sr. Secd. Note, 144A, 9.375%, 7/15/2025 | 349,457 | |
1,025,000 | Dun & Bradstreet Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029 | 910,815 | |
1,550,000 | Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029 | 1,314,245 | |
925,000 | Entegris Escrow Corp., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030 | 878,787 | |
500,000 | Fair Isaac & Co., Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2028 | 442,379 | |
300,000 | Gartner, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2030 | 257,667 | |
400,000 | Gartner, Inc., Sr. Unsecd. Note, 144A, 4.500%, 7/1/2028 | 369,930 | |
1,350,000 | HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029 | 1,189,066 | |
1,075,000 | Helios Software Holdings, Sec. Fac. Bond, 144A, 4.625%, 5/1/2028 | 859,602 | |
1,550,000 | II-VI, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029 | 1,381,957 | |
2,450,000 | Logan Merger Sub, Inc., Sr. Secd. Note, 144A, 5.500%, 9/1/2027 | 1,806,017 | |
4,175,000 | McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030 | 3,490,926 | |
5,075,000 | Minerva Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030 | 4,315,069 | |
925,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028 | 872,104 | |
1,525,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.125%, 4/15/2029 | 1,426,180 | |
500,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030 | 462,508 | |
825,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.750%, 9/1/2027 | 794,674 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Technology— continued | |||
$ 1,025,000 | Open Text Holdings, Inc. / Open Text Corp., Sr. Unsecd. Note, 144A, 4.125%, 12/1/2031 | $ 811,457 | |
1,725,000 | Rackspace Technology, Inc., 144A, 3.500%, 2/15/2028 | 1,248,227 | |
2,625,000 | Rackspace Technology, Inc., Sr. Unsecd. Note, 144A, 5.375%, 12/1/2028 | 1,451,321 | |
2,675,000 | Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029 | 2,063,548 | |
500,000 | Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028 | 463,178 | |
1,500,000 | Seagate HDD Cayman, Sr. Unsecd. Note, 3.125%, 7/15/2029 | 1,193,400 | |
900,000 | Seagate HDD Cayman, Sr. Unsecd. Note, 3.375%, 7/15/2031 | 705,047 | |
200,000 | Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.000%, 4/15/2029 | 172,960 | |
475,000 | Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030 | 423,938 | |
450,000 | Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.875%, 9/1/2030 | 440,433 | |
325,000 | Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031 | 268,927 | |
2,850,000 | SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027 | 2,704,009 | |
425,000 | Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029 | 366,979 | |
800,000 | TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029 | 693,094 | |
1,825,000 | Veritas US, Inc./Veritas Bermuda, Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025 | 1,408,444 | |
275,000 | Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029 | 236,389 | |
625,000 | ZipRecruiter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/15/2030 | 519,453 | |
TOTAL | 44,730,475 | ||
Transportation Services— 0.4% | |||
1,100,000 | Stena International S.A., Sec. Fac. Bond, 144A, 6.125%, 2/1/2025 | 1,064,564 | |
1,575,000 | Watco Cos LLC/Finance Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027 | 1,512,126 | |
TOTAL | 2,576,690 | ||
Utility - Electric— 2.3% | |||
700,000 | Calpine Corp., 144A, 4.500%, 2/15/2028 | 641,280 | |
232,000 | Calpine Corp., 144A, 5.250%, 6/1/2026 | 225,516 | |
1,425,000 | Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031 | 1,184,111 | |
450,000 | Calpine Corp., Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029 | 382,849 | |
450,000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031 | 377,314 | |
700,000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028 | 622,882 | |
2,900,000 | Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026 | 2,820,540 | |
411,000 | NRG Energy, Inc., Sr. Unsecd. Note, 6.625%, 1/15/2027 | 408,497 | |
125,000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2031 | 99,444 | |
1,600,000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032 | 1,270,816 | |
475,000 | NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028 | 448,284 | |
1,650,000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | 1,463,195 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Utility - Electric— continued | |||
$ 1,325,000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028 | $ 1,216,308 | |
525,000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.000%, 7/31/2027 | 489,247 | |
375,000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026 | 362,558 | |
1,375,000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027 | 1,325,081 | |
TOTAL | 13,337,922 | ||
Wireless Communications— 0.9% | |||
1,375,000 | Sprint Corp., Sr. Unsecd. Note, 7.125%, 6/15/2024 | 1,421,379 | |
1,225,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 2.250%, 2/15/2026 | 1,127,305 | |
1,000,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 2.625%, 2/15/2029 | 863,688 | |
900,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 3.375%, 4/15/2029 | 811,908 | |
1,250,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2028 | 1,224,337 | |
TOTAL | 5,448,617 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $602,557,344) | 526,276,512 | ||
COMMON STOCKS— 4.3% | |||
Automotive— 0.2% | |||
53,538 | 3 | American Axle & Manufacturing Holdings, Inc. | 554,119 |
2,230 | Lear Corp. | 309,167 | |
TOTAL | 863,286 | ||
Building Materials— 0.1% | |||
16,575 | 3 | GMS, Inc. | 798,915 |
Cable Satellite— 0.1% | |||
38,830 | 3 | Altice USA, Inc. | 388,300 |
2,171 | 2,3 | Intelsat Jackson Holdings S.A. | 10,855 |
TOTAL | 399,155 | ||
Chemicals— 0.2% | |||
8,480 | Compass Minerals International, Inc. | 343,355 | |
29,975 | Koppers Holdings, Inc. | 684,329 | |
TOTAL | 1,027,684 | ||
Communications Equipment— 0.1% | |||
10,095 | 3 | Lumentum Holdings, Inc. | 843,437 |
Consumer Cyclical Services— 0.1% | |||
12,675 | Brinks Co. (The) | 700,674 | |
Consumer Products— 0.1% | |||
23,015 | Energizer Holdings, Inc. | 646,722 | |
Containers & Packaging— 0.1% | |||
61,885 | 3 | O-I Glass, Inc. | 805,124 |
Food & Beverage— 0.1% | |||
17,260 | US Foods Holding Corp. | 528,501 |
Principal Amount or Shares | Value | ||
COMMON STOCKS— continued | |||
Gaming— 0.3% | |||
8,235 | Boyd Gaming Corp. | $ 448,231 | |
13,985 | 3 | Caesars Entertainment Corp. | 603,033 |
17,900 | Red Rock Resorts, Inc. | 684,138 | |
TOTAL | 1,735,402 | ||
Gas Utilities— 0.2% | |||
65,391 | Suburban Propane Partners LP | 1,053,449 | |
Independent Energy— 0.2% | |||
8,748 | Devon Energy Corp. | 617,784 | |
2,409 | Pioneer Natural Resources, Inc. | 610,007 | |
833 | 2 | Ultra Resources, Inc. | 0 |
TOTAL | 1,227,791 | ||
Media Entertainment— 0.8% | |||
104,971 | 3 | Cumulus Media, Inc. | 978,330 |
17,085 | Gray Television, Inc. | 326,323 | |
95,829 | 3 | iHeartMedia, Inc. | 848,087 |
248,620 | 3 | Stagwell, Inc. | 1,685,644 |
65,865 | 3 | Townsquare Media, Inc., Class A | 573,025 |
TOTAL | 4,411,409 | ||
Metals & Mining— 0.1% | |||
18,955 | Teck Resources Ltd. | 641,627 | |
Oil Field Services— 0.3% | |||
28,457 | 2,3 | Superior Energy Services, Inc. | 1,849,705 |
Oil Gas & Consumable Fuels— 0.2% | |||
17,850 | Enviva, Inc. | 1,240,932 | |
Packaging— 0.1% | |||
121,150 | Ardagh Metal Packaging | 745,073 | |
Paper— 0.2% | |||
44,971 | Graphic Packaging Holding Co. | 1,001,504 | |
10,839 | WestRock Co. | 439,955 | |
TOTAL | 1,441,459 | ||
Pharmaceuticals— 0.2% | |||
37,040 | 3 | Bausch Health Cos, Inc. | 221,129 |
57,190 | 3 | Mallinckrodt PLC | 700,577 |
TOTAL | 921,706 | ||
Professional Services— 0.2% | |||
10,020 | Science Applications International Corp. | 912,521 | |
Technology— 0.1% | |||
13,125 | Dell Technologies, Inc. | 502,556 |
Principal Amount or Shares | Value | ||
COMMON STOCKS— continued | |||
Utility - Electric— 0.3% | |||
22,630 | NRG Energy, Inc. | $ 934,167 | |
37,735 | Vistra Corp. | 933,941 | |
TOTAL | 1,868,108 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $34,898,477) | 25,165,236 | ||
INVESTMENT COMPANIES— 5.3% | |||
1,632,675 | Bank Loan Core Fund | 14,612,438 | |
16,793,671 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 2.25%4 | 16,788,633 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $32,572,838) | 31,401,071 | ||
TOTAL INVESTMENT IN SECURITIES—98.6% (IDENTIFIED COST $670,028,659)5 | 582,842,819 | ||
OTHER ASSETS AND LIABILITIES - NET—1.4%6 | 8,108,005 | ||
TOTAL NET ASSETS—100% | $590,950,824 |
Bank Loan Core Fund | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 2/28/2022 | $8,009,302 | $6,201,631 | $14,210,933 |
Purchases at Cost | $7,394,502 | $88,388,654 | $95,783,156 |
Proceeds from Sales | $— | $(77,803,588) | $(77,803,588) |
Change in Unrealized Appreciation/Depreciation | $(791,366) | $523 | $(790,843) |
Net Realized Gain/(Loss) | N/A | $1,413 | $1,413 |
Value as of 8/31/2022 | $14,612,438 | $16,788,633 | $31,401,071 |
Shares Held as of 8/31/2022 | 1,632,675 | 16,793,671 | 18,426,346 |
Dividend Income | $394,501 | $119,805 | $514,306 |
1 | Issuer in default. |
2 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”). |
3 | Non-income-producing security. |
4 | 7-day net yield. |
5 | The cost of investments for federal tax purposes amounts to $670,896,994. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of August 31, 2022, 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 | $— | $526,276,512 | $0 | $526,276,512 |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | 20,996,270 | — | 1,860,560 | 22,856,830 |
International | 2,308,406 | — | — | 2,308,406 |
Investment Companies | 31,401,071 | — | — | 31,401,071 |
TOTAL SECURITIES | $54,705,747 | $526,276,512 | $1,860,560 | $582,842,819 |
The following acronym(s) are used throughout this portfolio: | ||
GMTN | —Global Medium Term Note |
Six Months Ended (unaudited) 8/31/2022 | Year Ended February 28 or 29, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $6.83 | $6.98 | $6.51 | $6.59 | $6.80 | $6.91 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.15 | 0.28 | 0.29 | 0.34 | 0.36 | 0.33 |
Net realized and unrealized gain (loss) | (0.73) | (0.12) | 0.48 | (0.08) | (0.15) | (0.11) |
Total From Investment Operations | (0.58) | 0.16 | 0.77 | 0.26 | 0.21 | 0.22 |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.29) | (0.30) | (0.33) | (0.37) | (0.33) |
Distributions from net realized gain | (0.03) | (0.02) | — | (0.01) | (0.05) | — |
Total Distributions | (0.19) | (0.31) | (0.30) | (0.34) | (0.42) | (0.33) |
Redemption fees | — | — | — | 0.001 | 0.001 | 0.001 |
Net Asset Value, End of Period | $6.06 | $6.83 | $6.98 | $6.51 | $6.59 | $6.80 |
Total Return2 | (8.55)% | 2.18% | 12.33% | 3.98% | 3.23% | 3.20% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.97%4 | 0.97% | 0.97% | 0.97% | 0.97% | 0.98% |
Net investment income | 4.83%4 | 4.01% | 4.45% | 4.83% | 4.91% | 4.73% |
Expense waiver/reimbursement5 | 0.13%4 | 0.11% | 0.13% | 0.11% | 0.15% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $23,986 | $25,842 | $23,000 | $25,430 | $28,642 | $108,607 |
Portfolio turnover6 | 10% | 34% | 41% | 31% | 20% | 30% |
1 | Represents less than $0.01. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 8/31/2022 | Year Ended February 28 or 29, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $6.83 | $6.98 | $6.51 | $6.59 | $6.80 | $6.90 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.13 | 0.23 | 0.23 | 0.28 | 0.29 | 0.28 |
Net realized and unrealized gain (loss) | (0.73) | (0.13) | 0.49 | (0.07) | (0.13) | (0.10) |
Total From Investment Operations | (0.60) | 0.10 | 0.72 | 0.21 | 0.16 | 0.18 |
Less Distributions: | ||||||
Distributions from net investment income | (0.14) | (0.23) | (0.25) | (0.28) | (0.32) | (0.28) |
Distributions from net realized gain | (0.03) | (0.02) | — | (0.01) | (0.05) | — |
Total Distributions | (0.17) | (0.25) | (0.25) | (0.29) | (0.37) | (0.28) |
Redemption fees | — | — | — | 0.001 | 0.001 | 0.001 |
Net Asset Value, End of Period | $6.06 | $6.83 | $6.98 | $6.51 | $6.59 | $6.80 |
Total Return2 | (8.93)% | 1.36% | 11.42% | 3.14% | 2.46% | 2.58% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 1.80%4 | 1.78% | 1.79%3 | 1.78% | 1.72% | 1.72% |
Net investment income | 3.98%4 | 3.19% | 3.62% | 4.03% | 4.30% | 3.99% |
Expense waiver/reimbursement5 | 0.05%4 | 0.05% | 0.05% | 0.06% | 0.10% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $20,755 | $28,570 | $28,292 | $30,266 | $34,253 | $45,466 |
Portfolio turnover6 | 10% | 34% | 41% | 31% | 20% | 30% |
1 | Represents less than $0.01. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 8/31/2022 | Year Ended February 28 or 29, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $6.81 | $6.96 | $6.48 | $6.56 | $6.78 | $6.88 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.16 | 0.30 | 0.30 | 0.35 | 0.35 | 0.34 |
Net realized and unrealized gain (loss) | (0.73) | (0.12) | 0.49 | (0.07) | (0.14) | (0.09) |
Total From Investment Operations | (0.57) | 0.18 | 0.79 | 0.28 | 0.21 | 0.25 |
Less Distributions: | ||||||
Distributions from net investment income | (0.17) | (0.31) | (0.31) | (0.35) | (0.38) | (0.35) |
Distributions from net realized gain | (0.03) | (0.02) | — | (0.01) | (0.05) | — |
Total Distributions | (0.20) | (0.33) | (0.31) | (0.36) | (0.43) | (0.35) |
Redemption fees | — | — | — | 0.001 | 0.001 | 0.001 |
Net Asset Value, End of Period | $6.04 | $6.81 | $6.96 | $6.48 | $6.56 | $6.78 |
Total Return2 | (8.47)% | 2.43% | 12.80% | 4.23% | 3.32% | 3.60% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.72%4 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Net investment income | 5.06%4 | 4.26% | 4.68% | 5.08% | 5.31% | 5.00% |
Expense waiver/reimbursement5 | 0.15%4 | 0.13% | 0.14% | 0.13% | 0.13% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $302,550 | $351,491 | $312,067 | $323,629 | $326,429 | $364,521 |
Portfolio turnover6 | 10% | 34% | 41% | 31% | 20% | 30% |
1 | Represents less than $0.01. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 8/31/2022 | Year Ended February 28 or 29, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $6.81 | $6.97 | $6.49 | $6.57 | $6.78 | $6.89 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.16 | 0.28 | 0.28 | 0.34 | 0.34 | 0.33 |
Net realized and unrealized gain (loss) | (0.73) | (0.13) | 0.50 | (0.08) | (0.13) | (0.11) |
Total From Investment Operations | (0.57) | 0.15 | 0.78 | 0.26 | 0.21 | 0.22 |
Less Distributions: | ||||||
Distributions from net investment income | (0.16) | (0.29) | (0.30) | (0.33) | (0.37) | (0.33) |
Distributions from net realized gain | (0.03) | (0.02) | — | (0.01) | (0.05) | — |
Total Distributions | (0.19) | (0.31) | (0.30) | (0.34) | (0.42) | (0.33) |
Redemption fees | — | — | — | 0.001 | 0.001 | 0.001 |
Net Asset Value, End of Period | $6.05 | $6.81 | $6.97 | $6.49 | $6.57 | $6.78 |
Total Return2 | (8.43)% | 2.03% | 12.51% | 3.97% | 3.22% | 3.20% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.97%4 | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
Net investment income | 4.81%4 | 4.00% | 4.42% | 4.83% | 5.04% | 4.73% |
Expense waiver/reimbursement5 | 0.15%4 | 0.13% | 0.13% | 0.12% | 0.11% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $232,768 | $292,433 | $323,462 | $330,089 | $373,153 | $470,870 |
Portfolio turnover6 | 10% | 34% | 41% | 31% | 20% | 30% |
1 | Represents less than $0.01. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
6 | Securities that mature are considered sales for purposes of this calculation. |
Six Months Ended (unaudited) 8/31/2022 | Year Ended February 28 or 29, | Period Ended 2/28/20181 | ||||
2022 | 2021 | 2020 | 2019 | |||
Net Asset Value, Beginning of Period | $6.82 | $6.97 | $6.49 | $6.57 | $6.78 | $6.87 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.16 | 0.30 | 0.30 | 0.35 | 0.36 | 0.30 |
Net realized and unrealized gain (loss) | (0.73) | (0.12) | 0.49 | (0.07) | (0.13) | (0.10) |
Total From Investment Operations | (0.57) | 0.18 | 0.79 | 0.28 | 0.23 | 0.20 |
Less Distributions: | ||||||
Distributions from net investment income | (0.17) | (0.31) | (0.31) | (0.35) | (0.39) | (0.29) |
Distributions from net realized gain | (0.03) | (0.02) | — | (0.01) | (0.05) | — |
Total Distributions | (0.20) | (0.33) | (0.31) | (0.36) | (0.44) | (0.29) |
Redemption fees | — | — | — | 0.002 | 0.002 | 0.002 |
Net Asset Value, End of Period | $6.05 | $6.82 | $6.97 | $6.49 | $6.57 | $6.78 |
Total Return3 | (8.45)% | 2.44% | 12.80% | 4.24% | 3.49% | 2.98% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.71%5 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71%5 |
Net investment income | 5.08%5 | 4.33% | 4.86% | 5.08% | 5.41% | 5.11%5 |
Expense waiver/reimbursement6 | 0.05%5 | 0.05% | 0.05% | 0.05% | 0.04% | 0.02%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $10,891 | $12,111 | $4,651 | $9,387 | $5,412 | $2,175 |
Portfolio turnover7 | 10% | 34% | 41% | 31% | 20% | 30%8 |
1 | Reflects operations for the period from April 27, 2017 (commencement of operations) to February 28, 2018. Certain ratios included above in Ratios to Average Net Assets and per share amounts may be inflated or deflated as compared to the fee structure for each respective share class as a result of daily systematic allocations being rounded to the nearest penny for fund level income, expense and realized/unrealized gain/loss amounts. Such differences are immaterial. |
2 | Represents less than $0.01. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
8 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended February 28, 2018. |
August 31, 2022 (unaudited)
Assets: | |
Investment in securities, at value including $31,401,071 of investments in affiliated holdings* (identified cost $670,028,659) | $582,842,819 |
Income receivable | 8,862,444 |
Income receivable from affiliated holdings | 144,892 |
Receivable for investments sold | 277,375 |
Receivable for shares sold | 116,184 |
Total Assets | 592,243,714 |
Liabilities: | |
Payable for investments purchased | 84,283 |
Payable for shares redeemed | 861,604 |
Income distribution payable | 55,514 |
Payable for investment adviser fee (Note 5) | 8,800 |
Payable for administrative fee (Note 5) | 1,269 |
Payable for transfer agent fees (Note 2) | 99,116 |
Payable for portfolio accounting fees | 73,035 |
Payable for distribution services fee (Note 5) | 13,883 |
Payable for other service fees (Notes 2 and 5) | 60,350 |
Accrued expenses (Note 5) | 35,036 |
Total Liabilities | 1,292,890 |
Net assets for 97,769,015 shares outstanding | $590,950,824 |
Net Assets Consist of: | |
Paid-in capital | $679,584,099 |
Total distributable earnings (loss) | (88,633,275) |
Total Net Assets | $590,950,824 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($23,986,305 ÷ 3,956,877 shares outstanding), no par value, unlimited shares authorized | $6.06 |
Offering price per share (100/95.50 of $6.06) | $6.35 |
Redemption proceeds per share | $6.06 |
Class C Shares: | |
Net asset value per share ($20,755,210 ÷ 3,424,690 shares outstanding), no par value, unlimited shares authorized | $6.06 |
Offering price per share | $6.06 |
Redemption proceeds per share (99.00/100 of $6.06) | $6.00 |
Institutional Shares: | |
Net asset value per share ($302,550,382 ÷ 50,086,529 shares outstanding), no par value, unlimited shares authorized | $6.04 |
Offering price per share | $6.04 |
Redemption proceeds per share | $6.04 |
Service Shares: | |
Net asset value per share ($232,767,974 ÷ 38,499,926 shares outstanding), no par value, unlimited shares authorized | $6.05 |
Offering price per share | $6.05 |
Redemption proceeds per share | $6.05 |
Class R6 Shares: | |
Net asset value per share ($10,890,953 ÷ 1,800,993 shares outstanding), no par value, unlimited shares authorized | $6.05 |
Offering price per share | $6.05 |
Redemption proceeds per share | $6.05 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended August 31, 2022 (unaudited)
Investment Income: | |
Interest | $17,879,407 |
Dividends (including $514,306 received from affiliated holdings* and net of foreign taxes withheld of $7,562) | 810,024 |
TOTAL INCOME | 18,689,431 |
Expenses: | |
Investment adviser fee (Note 5) | 1,937,642 |
Administrative fee (Note 5) | 255,322 |
Custodian fees | 18,066 |
Transfer agent fees (Note 2) | 374,249 |
Directors’/Trustees’ fees (Note 5) | 5,526 |
Auditing fees | 15,073 |
Legal fees | 4,216 |
Portfolio accounting fees | 99,705 |
Distribution services fee (Note 5) | 91,009 |
Other service fees (Notes 2 and 5) | 386,223 |
Share registration costs | 54,162 |
Printing and postage | 28,187 |
Miscellaneous (Note 5) | 18,809 |
TOTAL EXPENSES | 3,288,189 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (171,125) |
Reimbursement of other operating expenses (Notes 2 and 5) | (286,805) |
TOTAL WAIVER AND REIMBURSEMENTS | (457,930) |
Net expenses | 2,830,259 |
Net investment income | 15,859,172 |
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |
Net realized loss on investments (including net realized gain of $1,413 on sales of investments in affiliated holdings*) | (786,509) |
Net realized gain on foreign currency transactions | 498 |
Net change in unrealized depreciation of investments (including net change in unrealized depreciation of $(790,843) on investments in affiliated holdings*) | (74,028,708) |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | (74,814,719) |
Change in net assets resulting from operations | $(58,955,547) |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 8/31/2022 | Year Ended 2/28/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $15,859,172 | $29,954,224 |
Net realized gain (loss) | (786,011) | 16,160,410 |
Net change in unrealized appreciation/depreciation | (74,028,708) | (30,524,271) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (58,955,547) | 15,590,363 |
Distributions to Shareholders: | ||
Class A Shares | (721,824) | (1,082,112) |
Class C Shares | (608,220) | (1,116,102) |
Institutional Shares | (9,951,207) | (16,017,178) |
Service Shares | (7,722,067) | (13,895,900) |
Class R6 Shares | (357,356) | (311,755) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (19,360,674) | (32,423,047) |
Share Transactions: | ||
Proceeds from sale of shares | 71,948,231 | 255,573,790 |
Net asset value of shares issued to shareholders in payment of distributions declared | 18,985,203 | 31,741,601 |
Cost of shares redeemed | (132,114,299) | (251,508,087) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (41,180,865) | 35,807,304 |
Change in net assets | (119,497,086) | 18,974,620 |
Net Assets: | ||
Beginning of period | 710,447,910 | 691,473,290 |
End of period | $590,950,824 | $710,447,910 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $12,402 | $(9,606) |
Class C Shares | 12,945 | (123) |
Institutional Shares | 192,497 | (154,798) |
Service Shares | 155,634 | (122,278) |
Class R6 Shares | 771 | — |
TOTAL | $374,249 | $(286,805) |
Other Service Fees Incurred | |
Class A Shares | $30,220 |
Class C Shares | 29,692 |
Service Shares | 326,311 |
TOTAL | $386,223 |
Six Months Ended 8/31/2022 | Year Ended 2/28/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 585,033 | $3,640,974 | 956,763 | $6,771,394 |
Shares issued to shareholders in payment of distributions declared | 114,441 | 719,328 | 152,134 | 1,077,122 |
Shares redeemed | (524,725) | (3,344,719) | (619,733) | (4,375,310) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 174,749 | $1,015,583 | 489,164 | $3,473,206 |
Six Months Ended 8/31/2022 | Year Ended 2/28/2022 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 122,030 | $764,276 | 1,130,105 | $7,999,761 |
Shares issued to shareholders in payment of distributions declared | 96,385 | 606,271 | 156,205 | 1,106,869 |
Shares redeemed | (976,132) | (6,200,025) | (1,155,615) | (8,102,772) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (757,717) | $(4,829,478) | 130,695 | $1,003,858 |
Six Months Ended 8/31/2022 | Year Ended 2/28/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,221,703 | $52,354,073 | 23,793,005 | $167,331,264 |
Shares issued to shareholders in payment of distributions declared | 1,576,904 | 9,888,700 | 2,252,084 | 15,887,954 |
Shares redeemed | (11,336,761) | (71,805,115) | (19,257,181) | (135,435,068) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,538,154) | $(9,562,342) | 6,787,908 | $47,784,150 |
Six Months Ended 8/31/2022 | Year Ended 2/28/2022 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,153,525 | $13,720,326 | 8,864,915 | $62,685,087 |
Shares issued to shareholders in payment of distributions declared | 1,182,044 | 7,422,592 | 1,892,535 | 13,369,213 |
Shares redeemed | (7,747,642) | (49,125,226) | (14,276,279) | (100,382,282) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (4,412,073) | $(27,982,308) | (3,518,829) | $(24,327,982) |
Six Months Ended 8/31/2022 | Year Ended 2/28/2022 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 226,434 | $1,468,582 | 1,522,387 | $10,786,284 |
Shares issued to shareholders in payment of distributions declared | 55,518 | 348,312 | 42,715 | 300,443 |
Shares redeemed | (257,840) | (1,639,214) | (455,672) | (3,212,655) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 24,112 | $177,680 | 1,109,430 | $7,874,072 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (6,509,083) | $(41,180,865) | 4,998,368 | $35,807,304 |
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 | $91,009 |
Purchases | $60,114,531 |
Sales | $114,259,738 |
Beginning Account Value 3/1/2022 | Ending Account Value 8/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $914.50 | $4.68 |
Class C Shares | $1,000 | $910.70 | $8.67 |
Institutional Shares | $1,000 | $915.30 | $3.48 |
Service Shares | $1,000 | $915.70 | $4.68 |
Class R6 Shares | $1,000 | $915.50 | $3.43 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.32 | $4.94 |
Class C Shares | $1,000 | $1,016.13 | $9.15 |
Institutional Shares | $1,000 | $1,021.58 | $3.67 |
Service Shares | $1,000 | $1,020.32 | $4.94 |
Class R6 Shares | $1,000 | $1,021.63 | $3.62 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.97% |
Class C Shares | 1.80% |
Institutional Shares | 0.72% |
Service Shares | 0.97% |
Class R6 Shares | 0.71% |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
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 period covered by this 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 24, 2022
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 24, 2022
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date October 24, 2022