Federated Hermes High Income Bond Fund II
Portfolio of Investments
March 31, 2022 (unaudited)
Principal Amount or Shares | Value | ||
CORPORATE BONDS—96.3% | |||
Aerospace/Defense—1.5% | |||
$ 475,000 | TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026 | $ 488,238 | |
450,000 | TransDigm, Inc., Sr. Sub., 6.875%, 5/15/2026 | 458,822 | |
775,000 | TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027 | 770,152 | |
100,000 | TransDigm, Inc., Sr. Sub., Series WI, 7.500%, 3/15/2027 | 103,177 | |
250,000 | TransDigm, Inc., Sr. Sub. Note, Series WI, 4.625%, 1/15/2029 | 234,059 | |
TOTAL | 2,054,448 | ||
Airlines—0.3% | |||
275,000 | American Airlines, Inc./Advantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026 | 277,449 | |
200,000 | American Airlines, Inc./Advantage Loyalty IP Ltd., 144A, 5.750%, 4/20/2029 | 199,525 | |
TOTAL | 476,974 | ||
Automotive—5.9% | |||
650,000 | Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026 | 619,746 | |
22,000 | Clarios Global LP, Sec. Fac. Bond, 144A, 6.750%, 5/15/2025 | 22,809 | |
50,000 | Dana Financing Lux Sarl, Sr. Unsecd. Note, 144A, 5.750%, 4/15/2025 | 50,550 | |
25,000 | Dana, Inc., Sr. Unsecd. Note, 4.250%, 9/1/2030 | 22,913 | |
150,000 | Dana, Inc., Sr. Unsecd. Note, 4.500%, 2/15/2032 | 134,441 | |
125,000 | Dana, Inc., Sr. Unsecd. Note, 5.375%, 11/15/2027 | 124,384 | |
600,000 | Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029 | 522,432 | |
400,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.096%, 5/4/2023 | 400,000 | |
550,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025 | 538,191 | |
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030 | 188,658 | |
300,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024 | 299,460 | |
275,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027 | 269,140 | |
200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.271%, 1/9/2027 | 197,656 | |
450,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029 | 453,465 | |
325,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025 | 331,897 | |
500,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026 | 499,352 | |
325,000 | IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029 | 320,765 | |
400,000 | J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/15/2026 | 407,166 | |
375,000 | KAR Auction Services, Inc., Sr. Unsecd. Note, 144A, 5.125%, 6/1/2025 | 380,138 | |
45,000 | Panther BF Aggregator 2 LP, Sec. Fac. Bond, 144A, 6.250%, 5/15/2026 | 46,364 | |
1,325,000 | Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027 | 1,376,476 | |
850,000 | Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029 | 776,143 | |
300,000 | Schaeffler Verwaltung ZW, 144A, 4.750%, 9/15/2026 | 294,414 | |
TOTAL | 8,276,560 | ||
Building Materials—3.0% | |||
25,000 | Abc Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029 | 23,363 | |
150,000 | American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028 | 144,410 | |
175,000 | Cornerstone Building Brands, Sr. Unsecd. Note, 144A, 6.125%, 1/15/2029 | 162,713 | |
625,000 | Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028 | 534,119 | |
525,000 | Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029 | 473,518 | |
300,000 | Gyp Holdings III Corp., Sr. Unsecd. Note, 144A, 4.625%, 5/1/2029 | 278,166 | |
175,000 | Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028 | 170,278 | |
75,000 | MIWD Holdco II LLC/MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030 | 70,164 | |
325,000 | Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.000%, 12/1/2029 | 301,267 |
1
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Building Materials—continued | |||
$ 300,000 | Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.125%, 7/1/2029 | $ 277,115 | |
375,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031 | 328,689 | |
100,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030 | 91,720 | |
750,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027 | 744,855 | |
400,000 | White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028 | 379,518 | |
200,000 | White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026 | 196,737 | |
TOTAL | 4,176,632 | ||
Cable Satellite—8.0% | |||
275,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031 | 249,919 | |
250,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2034 | 217,500 | |
175,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030 | 164,500 | |
225,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033 | 202,268 | |
1,000,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030 | 961,995 | |
750,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 743,557 | |
75,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027 | 75,210 | |
275,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029 | 275,483 | |
250,000 | CSC Holdings LLC, Sr. Unsecd. Note, 5.250%, 6/1/2024 | 250,750 | |
225,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031 | 189,852 | |
325,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.125%, 12/1/2030 | 285,417 | |
300,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031 | 269,309 | |
450,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030 | 376,951 | |
350,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030 | 312,104 | |
350,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 6.500%, 2/1/2029 | 353,454 | |
350,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.500%, 4/1/2028 | 344,526 | |
350,000 | DIRECTV Holdings LLC, Sec. Fac. Bond, 144A, 5.875%, 8/15/2027 | 344,776 | |
225,000 | DISH DBS Corp., Sec. Fac. Bond, 144A, 5.750%, 12/1/2028 | 213,328 | |
50,000 | DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028 | 47,431 | |
275,000 | DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026 | 273,555 | |
575,000 | DISH DBS Corp., Sr. Unsecd. Note, Series WI, 5.125%, 6/1/2029 | 490,417 | |
325,000 | 1,2,3 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.500%, 8/1/2023 | 0 |
225,000 | 1,2,3 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 8.500%, 10/15/2024 | 0 |
75,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.125%, 9/1/2026 | 71,010 | |
300,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031 | 273,503 | |
150,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2028 | 142,703 | |
375,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030 | 351,637 | |
50,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.000%, 8/1/2027 | 49,966 | |
450,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029 | 457,560 | |
850,000 | Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028 | 828,750 | |
625,000 | UPC Broadband Finco BV, Sr. Note, 144A, 4.875%, 7/15/2031 | 587,675 | |
325,000 | Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030 | 307,417 | |
200,000 | Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030 | 186,758 | |
200,000 | Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 5.500%, 5/15/2029 | 198,821 | |
200,000 | Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031 | 183,182 | |
300,000 | Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031 | 283,199 | |
375,000 | VZ Secured Financing B.V., Sec. Fac. Bond, 144A, 5.000%, 1/15/2032 | 351,197 | |
200,000 | Ziggo Bond Co. BV, Sr. Unsecd. Note, 144A, 5.125%, 2/28/2030 | 186,493 | |
200,000 | Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027 | 201,596 | |
TOTAL | 11,303,769 | ||
Chemicals—3.1% | |||
150,000 | Ashland LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/1/2031 | 132,688 |
2
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Chemicals—continued | |||
$ 150,000 | Axalta Coat/Dutch Holding BV, Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027 | $ 144,495 | |
575,000 | Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 4.875%, 7/15/2024 | 569,305 | |
100,000 | Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 6.750%, 12/1/2027 | 101,383 | |
300,000 | Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028 | 280,671 | |
175,000 | H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028 | 164,166 | |
475,000 | Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028 | 426,583 | |
475,000 | Hexion, Inc., Sr. Unsecd. Note, 144A, 7.875%, 7/15/2027 | 501,220 | |
125,000 | Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028 | 126,719 | |
750,000 | Koppers, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025 | 735,911 | |
200,000 | Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 4.250%, 10/1/2028 | 182,040 | |
350,000 | Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029 | 310,422 | |
350,000 | Polar US Borrower LLC, Sr. Unsecd. Note, 144A, 6.750%, 5/15/2026 | 298,790 | |
200,000 | SPCM SA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030 | 175,985 | |
200,000 | WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029 | 187,520 | |
TOTAL | 4,337,898 | ||
Construction Machinery—0.7% | |||
475,000 | H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028 | 445,904 | |
25,000 | United Rentals, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031 | 23,602 | |
275,000 | United Rentals, Inc., Sr. Unsecd. Note, 5.500%, 5/15/2027 | 284,751 | |
175,000 | United Rentals North America, Inc., Sr. Unsecd. Note, 3.750%, 1/15/2032 | 163,495 | |
75,000 | United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030 | 71,862 | |
TOTAL | 989,614 | ||
Consumer Cyclical Services—2.6% | |||
225,000 | Allied Universal Holdco LLC, Sec. Fac. Bond, 144A, 6.625%, 7/15/2026 | 227,970 | |
425,000 | Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029 | 375,488 | |
900,000 | Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027 | 931,320 | |
125,000 | Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027 | 120,064 | |
325,000 | Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029 | 292,572 | |
325,000 | Go Daddy Operating Co. LLC/GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027 | 327,044 | |
1,029,000 | GW B-CR Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027 | 1,056,474 | |
375,000 | Signal Parent, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/1/2029 | 306,345 | |
TOTAL | 3,637,277 | ||
Consumer Products—1.5% | |||
650,000 | BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027 | 613,502 | |
300,000 | Diamond BC BV, Sr. Unsecd. Note, 144A, 4.625%, 10/1/2029 | 269,823 | |
200,000 | Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029 | 184,272 | |
150,000 | Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 5.500%, 6/1/2028 | 149,492 | |
375,000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029 | 328,725 | |
225,000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028 | 204,802 | |
100,000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.500%, 12/31/2027 | 99,201 | |
125,000 | Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 3.750%, 4/1/2031 | 111,809 | |
100,000 | Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 5.125%, 1/15/2028 | 99,459 | |
TOTAL | 2,061,085 | ||
Diversified Manufacturing—0.9% | |||
850,000 | Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026 | 852,321 | |
125,000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025 | 130,176 | |
250,000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028 | 265,825 | |
TOTAL | 1,248,322 | ||
Finance Companies—1.8% | |||
300,000 | Ld Holdings Group LLC, Sr. Unsecd. Note, 144A, 6.125%, 4/1/2028 | 266,029 |
3
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Finance Companies—continued | |||
$ 450,000 | Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029 | $ 419,661 | |
100,000 | Navient Corp., Sr. Unsecd. Note, 6.750%, 6/25/2025 | 102,870 | |
100,000 | Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026 | 102,124 | |
150,000 | Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029 | 137,258 | |
225,000 | Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031 | 203,968 | |
225,000 | Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 2.875%, 10/15/2026 | 207,068 | |
225,000 | Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033 | 197,516 | |
425,000 | United Shore Financial Services, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025 | 412,966 | |
350,000 | United Wholesale Mortgage LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029 | 312,585 | |
225,000 | United Wholesale Mortgage LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027 | 209,250 | |
TOTAL | 2,571,295 | ||
Food & Beverage—2.4% | |||
400,000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 4/1/2025 | 401,532 | |
175,000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 170,063 | |
350,000 | Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030 | 357,875 | |
475,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | 470,910 | |
175,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | 189,656 | |
200,000 | Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029 | 182,500 | |
25,000 | Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/15/2027 | 24,910 | |
75,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.500%, 9/15/2031 | 66,562 | |
50,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.625%, 4/15/2030 | 45,105 | |
200,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/15/2029 | 192,746 | |
200,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028 | 196,638 | |
380,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 | 382,366 | |
200,000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030 | 185,392 | |
475,000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029 | 453,656 | |
TOTAL | 3,319,911 | ||
Gaming—3.9% | |||
425,000 | Affinity Gaming LLC, 144A, 6.875%, 12/15/2027 | 414,143 | |
325,000 | Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027 | 323,776 | |
100,000 | Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031 | 96,544 | |
12,000 | Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 8.625%, 6/1/2025 | 12,619 | |
75,000 | Caesars Entertainment Corp., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029 | 70,219 | |
50,000 | CCM Merger, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2026 | 50,561 | |
150,000 | Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 5.750%, 7/1/2025 | 153,253 | |
275,000 | Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025 | 284,273 | |
475,000 | Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027 | 509,589 | |
50,000 | MGM Growth Properties LLC, Sr. Unsecd. Note, 5.625%, 5/1/2024 | 51,555 | |
50,000 | MGM Growth Properties LLC, Sr. Unsecd. Note, 144A, 3.875%, 2/15/2029 | 49,220 | |
425,000 | MGM Resorts International, Sr. Unsecd. Note, 6.000%, 3/15/2023 | 435,143 | |
175,000 | Midwest Gaming Borrower LLC, 144A, 4.875%, 5/1/2029 | 161,681 | |
775,000 | Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026 | 771,094 | |
125,000 | Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2029 | 112,038 | |
50,000 | Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2027 | 49,643 | |
50,000 | Raptor Acquistion Corp./Raptor Co-Issuer LLC, Sec. Fac. Bond, 144A, 4.875%, 11/1/2026 | 48,088 | |
225,000 | Scientific Games Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 3/1/2030 | 222,075 | |
300,000 | Scientific Games International, Inc., 144A, 8.625%, 7/1/2025 | 315,900 | |
225,000 | Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029 | 236,170 | |
200,000 | Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 8.250%, 3/15/2026 | 208,250 | |
475,000 | Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028 | 451,350 |
4
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Gaming—continued | |||
$ 250,000 | Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031 | $ 229,131 | |
25,000 | VICI Properties LP/VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.500%, 2/15/2025 | 24,669 | |
225,000 | VICI Properties LP/VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2029 | 224,858 | |
TOTAL | 5,505,842 | ||
Health Care—7.1% | |||
25,000 | Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029 | 24,711 | |
75,000 | Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2028 | 75,469 | |
300,000 | AdaptHealth LLC, Sr. Unsecd. Note, 144A, 4.625%, 8/1/2029 | 274,324 | |
250,000 | AdaptHealth LLC, Sr. Unsecd. Note, 144A, 5.125%, 3/1/2030 | 232,674 | |
175,000 | Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029 | 163,085 | |
550,000 | Avantor Funding, Inc., Sec. Fac. Bond, 144A, 4.625%, 7/15/2028 | 544,657 | |
225,000 | Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029 | 211,799 | |
100,000 | Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 3.750%, 3/15/2029 | 94,519 | |
100,000 | Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/15/2031 | 94,075 | |
175,000 | CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030 | 163,182 | |
550,000 | CHS/Community Health Systems, Inc., 2nd Lien, 144A, 6.875%, 4/15/2029 | 541,134 | |
150,000 | CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 5.625%, 3/15/2027 | 152,957 | |
50,000 | CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2029 | 50,610 | |
250,000 | CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026 | 260,646 | |
125,000 | CHS/Community Health Systems, Inc., Sr. Note, 144A, 5.250%, 5/15/2030 | 120,156 | |
175,000 | Davita, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030 | 163,660 | |
100,000 | Embecta Corp., Sec. Fac. Bond, 144A, 5.000%, 2/15/2030 | 94,438 | |
150,000 | Embecta Corp., Sr. Note, 144A, 6.750%, 2/15/2030 | 150,665 | |
600,000 | Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025 | 596,424 | |
250,000 | HCA, Inc., Sr. Unsecd. Note, 3.500%, 9/1/2030 | 241,958 | |
175,000 | HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025 | 182,305 | |
350,000 | HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/15/2026 | 372,641 | |
375,000 | IMS Health, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026 | 382,001 | |
175,000 | LifePoint Health, Inc., 144A, 6.750%, 4/15/2025 | 181,143 | |
100,000 | LifePoint Health, Inc., Sec. Fac. Bond, 144A, 4.375%, 2/15/2027 | 96,820 | |
100,000 | LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2029 | 94,689 | |
525,000 | LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 9.750%, 12/1/2026 | 549,775 | |
225,000 | MEDNAX, Inc., Sr. Unsecd. Note, 144A, 5.375%, 2/15/2030 | 217,542 | |
300,000 | Mozart Debt Merger Sub, Inc., Sec. Fac. Bond, 144A, 3.875%, 4/1/2029 | 277,882 | |
825,000 | Mozart Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029 | 768,034 | |
150,000 | MPH Acquisition Holdings LLC, Sr. Note, 144A, 5.500%, 9/1/2028 | 144,104 | |
850,000 | MPH Acquisition Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 11/1/2028 | 769,071 | |
325,000 | Team Health Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 2/1/2025 | 292,225 | |
50,000 | Teleflex, Inc., Sr. Unsecd. Note, 4.625%, 11/15/2027 | 50,744 | |
50,000 | Teleflex, Inc., Sr. Unsecd. Note, 144A, 4.250%, 6/1/2028 | 48,782 | |
125,000 | Tenet Healthcare Corp., 144A, 4.250%, 6/1/2029 | 120,008 | |
25,000 | Tenet Healthcare Corp., 144A, 4.625%, 6/15/2028 | 24,560 | |
175,000 | Tenet Healthcare Corp., 144A, 4.875%, 1/1/2026 | 176,743 | |
300,000 | Tenet Healthcare Corp., 144A, 5.125%, 11/1/2027 | 301,800 | |
100,000 | Tenet Healthcare Corp., 144A, 6.250%, 2/1/2027 | 102,770 | |
113,000 | Tenet Healthcare Corp., Sr. Secd. Note, 4.625%, 7/15/2024 | 113,649 | |
375,000 | Tenet Healthcare Corp., Sr. Unsecd. Note, 144A, 6.125%, 10/1/2028 | 381,508 | |
150,000 | Vizient, Inc., Sr. Unsecd. Note, 144A, 6.250%, 5/15/2027 | 154,676 | |
TOTAL | 10,054,615 |
5
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Health Insurance—0.9% | |||
$ 200,000 | Centene Corp., Sr. Unsecd. Note, 2.625%, 8/1/2031 | $ 178,324 | |
450,000 | Centene Corp., Sr. Unsecd. Note, Series WI, 4.250%, 12/15/2027 | 452,151 | |
575,000 | Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029 | 580,658 | |
TOTAL | 1,211,133 | ||
Independent Energy—4.8% | |||
75,000 | Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030 | 76,707 | |
21,000 | Antero Resources Corp., Sr. Unsecd. Note, 144A, 7.625%, 2/1/2029 | 22,740 | |
49,000 | Antero Resources Corp., Sr. Unsecd. Note, 144A, 8.375%, 7/15/2026 | 54,083 | |
125,000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | 123,753 | |
100,000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 11/1/2026 | 102,719 | |
50,000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028 | 52,578 | |
98,000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027 | 134,363 | |
175,000 | Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026 | 172,993 | |
275,000 | Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.250%, 7/15/2025 | 278,074 | |
300,000 | Centennial Resource Production, LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 | 302,103 | |
50,000 | Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.875%, 2/1/2029 | 51,698 | |
50,000 | Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 5.875%, 1/15/2030 | 49,325 | |
475,000 | Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029 | 490,618 | |
50,000 | Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.000%, 5/1/2029 | 50,106 | |
525,000 | Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2025 | 535,657 | |
25,000 | Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.750%, 1/30/2028 | 25,872 | |
200,000 | Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 6.625%, 7/15/2025 | 207,829 | |
75,000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | 74,894 | |
50,000 | EQT Corp., Sr. Unsecd. Note, 5.000%, 1/15/2029 | 51,679 | |
150,000 | EQT Corp., Sr. Unsecd. Note, 144A, 3.125%, 5/15/2026 | 145,864 | |
75,000 | EQT Corp., Sr. Unsecd. Note, 144A, 3.625%, 5/15/2031 | 71,738 | |
50,000 | Oasis Petroleum, Inc., Sr. Unsecd. Note, 144A, 6.375%, 6/1/2026 | 51,314 | |
225,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 4.300%, 8/15/2039 | 213,094 | |
200,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 4.400%, 8/15/2049 | 188,416 | |
250,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025 | 265,907 | |
125,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.125%, 1/1/2031 | 140,819 | |
250,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.450%, 9/15/2036 | 294,150 | |
275,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.625%, 9/1/2030 | 315,906 | |
150,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 8.000%, 7/15/2025 | 168,615 | |
75,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 8.875%, 7/15/2030 | 96,277 | |
75,000 | PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024 | 76,008 | |
225,000 | PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 5/15/2026 | 228,437 | |
75,000 | Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025 | 76,040 | |
75,000 | Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030 | 74,603 | |
200,000 | Range Resources Corp., Sr. Unsecd. Note, 8.250%, 1/15/2029 | 219,464 | |
225,000 | Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029 | 225,580 | |
150,000 | SM Energy Co., Sr. Unsecd. Note, 5.625%, 6/1/2025 | 150,010 | |
125,000 | SM Energy Co., Sr. Unsecd. Note, 6.500%, 7/15/2028 | 129,147 | |
50,000 | SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027 | 51,317 | |
100,000 | SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026 | 102,964 | |
125,000 | Southwestern Energy Co., Sr. Unsecd. Note, 4.750%, 2/1/2032 | 125,018 | |
50,000 | Southwestern Energy Co., Sr. Unsecd. Note, 5.375%, 3/15/2030 | 50,883 | |
200,000 | Southwestern Energy Co., Sr. Unsecd. Note, 8.375%, 9/15/2028 | 219,745 | |
225,000 | Tap Rock Resources LLC., Sr. Unsecd. Note, 144A, 7.000%, 10/1/2026 | 233,170 | |
TOTAL | 6,772,277 |
6
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Industrial - Other—1.3% | |||
$ 50,000 | Booz Allen Hamilton, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/1/2029 | $ 48,889 | |
25,000 | Madison Iaq LLC, Sec. Fac. Bond, 144A, 4.125%, 6/30/2028 | 23,073 | |
825,000 | Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | 741,580 | |
425,000 | Redwood Star Merger Sub, Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030 | 407,464 | |
202,000 | Vertical Holdco GmbH, Sr. Unsecd. Note, 144A, 7.625%, 7/15/2028 | 200,629 | |
425,000 | Vertical U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027 | 420,848 | |
TOTAL | 1,842,483 | ||
Insurance - P&C—5.3% | |||
375,000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Sr. Unsecd. Note, 144A, 6.750%, 10/15/2027 | 371,138 | |
475,000 | AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029 | 456,617 | |
417,925 | Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500% / 12.750% PIK, 1/15/2027 | 445,090 | |
250,000 | AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029 | 230,581 | |
600,000 | AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025 | 596,973 | |
825,000 | Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029 | 771,004 | |
225,000 | GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027 | 227,889 | |
425,000 | Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029 | 406,680 | |
1,750,000 | Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026 | 1,772,435 | |
1,300,000 | NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028 | 1,243,151 | |
75,000 | Ryan Specialty Group, Sec. Fac. Bond, 144A, 4.375%, 2/1/2030 | 70,969 | |
900,000 | USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025 | 904,491 | |
TOTAL | 7,497,018 | ||
Leisure—0.6% | |||
450,000 | SeaWorld Parks & Entertainment, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029 | 430,110 | |
350,000 | Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027 | 350,014 | |
TOTAL | 780,124 | ||
Lodging—0.5% | |||
100,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032 | 90,919 | |
75,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.375%, 5/1/2025 | 76,830 | |
100,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028 | 103,595 | |
175,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030 | 174,947 | |
225,000 | Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028 | 216,822 | |
TOTAL | 663,113 | ||
Media Entertainment—8.0% | |||
175,000 | AMC Networks, Inc., Sec. Fac. Bond, 4.250%, 2/15/2029 | 163,537 | |
350,000 | Audacy Capital Corp., 144A, 6.500%, 5/1/2027 | 329,080 | |
350,000 | Audacy Capital Corp., 144A, 6.750%, 3/31/2029 | 327,463 | |
333,000 | Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026 | 333,456 | |
125,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., 144A, 5.375%, 8/15/2026 | 48,593 | |
350,000 | Diamond Sports Group LLC/Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 6.625%, 8/15/2027 | 72,958 | |
300,000 | Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031 | 287,250 | |
75,000 | Gray Escrow, Inc., Sr. Unsecd. Note, 144A, 7.000%, 5/15/2027 | 77,744 | |
325,000 | Gray Television, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2030 | 302,282 | |
250,000 | Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026 | 256,375 | |
100,000 | iHeartCommunications, Inc., 144A, 4.750%, 1/15/2028 | 95,706 | |
175,000 | iHeartCommunications, Inc., 144A, 5.250%, 8/15/2027 | 173,341 | |
931,114 | iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027 | 963,889 | |
100,000 | Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029 | 99,374 | |
100,000 | Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031 | 91,972 | |
450,000 | Match Group, Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030 | 422,606 | |
275,000 | Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027 | 274,160 |
7
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Media Entertainment—continued | |||
$ 675,000 | Midas Opco Holdings, LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029 | $ 637,672 | |
50,000 | News Corp., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2032 | 50,334 | |
650,000 | Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 4.750%, 11/1/2028 | 630,402 | |
425,000 | Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027 | 430,716 | |
125,000 | Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 4.500%, 7/15/2029 | 124,963 | |
125,000 | Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 4.750%, 7/15/2031 | 125,121 | |
200,000 | Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2025 | 201,281 | |
75,000 | Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 10/1/2028 | 75,623 | |
175,000 | Nielsen Finance LLC/Nielsen Finance Co., Sr. Unsecd. Note, 144A, 5.875%, 10/1/2030 | 175,620 | |
50,000 | Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2029 | 46,570 | |
325,000 | Outfront Media Capital LLC/Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2030 | 306,517 | |
250,000 | ROBLOX Corp., Sr. Unsecd. Note, 144A, 3.875%, 5/1/2030 | 234,155 | |
100,000 | Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 3.875%, 1/15/2029 | 93,054 | |
250,000 | Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2031 | 239,720 | |
300,000 | Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027 | 300,660 | |
75,000 | Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027 | 68,220 | |
875,000 | Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.875%, 3/15/2026 | 854,118 | |
275,000 | Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028 | 273,930 | |
325,000 | Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029 | 326,242 | |
925,000 | Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027 | 942,316 | |
250,000 | Univision Communications, Inc., Sec. Fac. Bond, 144A, 4.500%, 5/1/2029 | 238,300 | |
375,000 | Urban One, Inc., Sec. Fac. Bond, 144A, 7.375%, 2/1/2028 | 376,982 | |
225,000 | WMG Acquisition Corp., Sec. Fac. Bond, 144A, 3.750%, 12/1/2029 | 211,967 | |
TOTAL | 11,284,269 | ||
Metals & Mining—0.8% | |||
225,000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029 | 222,377 | |
400,000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.875%, 3/1/2031 | 396,356 | |
275,000 | Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029 | 239,277 | |
200,000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.000%, 9/1/2027 | 205,673 | |
100,000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.400%, 11/14/2034 | 111,191 | |
TOTAL | 1,174,874 | ||
Midstream—6.7% | |||
175,000 | AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027 | 174,728 | |
400,000 | AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026 | 399,508 | |
475,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.375%, 6/15/2029 | 475,347 | |
275,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 | 280,505 | |
400,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028 | 409,194 | |
250,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.875%, 5/15/2026 | 270,932 | |
125,000 | Cheniere Energy Partners LP, Sr. Unsecd. Note, 4.000%, 3/1/2031 | 121,368 | |
175,000 | Cheniere Energy Partners LP, Sr. Unsecd. Note, 144A, 3.250%, 1/31/2032 | 159,407 | |
125,000 | Cheniere Energy Partners LP, Sr. Unsecd. Note, Series WI, 4.500%, 10/1/2029 | 125,773 | |
175,000 | Cheniere Energy, Inc., Sec. Fac. Bond, Series WI, 4.625%, 10/15/2028 | 175,809 | |
250,000 | CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030 | 234,400 | |
275,000 | DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031 | 263,783 | |
75,000 | EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029 | 70,278 | |
325,000 | EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2031 | 304,366 | |
375,000 | EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027 | 392,286 | |
51,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 4.750%, 7/15/2023 | 51,461 | |
275,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 5.500%, 7/15/2028 | 276,565 | |
200,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 6.500%, 7/15/2048 | 193,373 |
8
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Midstream—continued | |||
$ 175,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025 | $ 178,797 | |
100,000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 4.250%, 2/15/2030 | 94,530 | |
275,000 | Hess Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028 | 275,357 | |
225,000 | Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 213,889 | |
375,000 | NuStar Logistics LP, Sr. Unsecd. Note, 5.625%, 4/28/2027 | 367,706 | |
225,000 | Oasis Midstream Partners, Sr. Unsecd. Note, 144A, 8.000%, 4/1/2029 | 240,469 | |
150,000 | Rattler Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.625%, 7/15/2025 | 152,447 | |
150,000 | Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026 | 155,073 | |
450,000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027 | 456,797 | |
175,000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031 | 164,299 | |
325,000 | Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.750%, 4/15/2025 | 266,099 | |
75,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028 | 76,126 | |
475,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.875%, 4/15/2026 | 490,164 | |
75,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 6.500%, 7/15/2027 | 79,035 | |
575,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030 | 597,879 | |
250,000 | TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026 | 247,982 | |
200,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.500%, 3/1/2028 | 204,375 | |
25,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.650%, 7/1/2026 | 25,657 | |
150,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | 155,095 | |
475,000 | Western Gas Partners LP, Sr. Unsecd. Note, 5.300%, 3/1/2048 | 471,145 | |
125,000 | Western Gas Partners LP, Sr. Unsecd. Note, 5.450%, 4/1/2044 | 126,985 | |
75,000 | Western Gas Partners LP, Sr. Unsecd. Note, 5.500%, 8/15/2048 | 74,198 | |
TOTAL | 9,493,187 | ||
Oil Field Services—1.9% | |||
200,000 | Archrock Partners LP/Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028 | 197,500 | |
700,000 | Archrock Partners LP/Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 | 708,687 | |
225,000 | Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2026 | 225,376 | |
175,000 | Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028 | 170,984 | |
50,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027 | 52,022 | |
100,000 | Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029 | 101,621 | |
175,000 | Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026 | 178,703 | |
125,000 | Shelf Drilling Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 2/15/2025 | 103,006 | |
425,000 | USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027 | 427,288 | |
550,000 | USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026 | 555,874 | |
TOTAL | 2,721,061 | ||
Packaging—5.4% | |||
622,108 | ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027 | 569,969 | |
300,000 | Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029 | 270,690 | |
475,000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027 | 439,615 | |
375,000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027 | 347,064 | |
275,000 | Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030 | 246,950 | |
75,000 | Ball Corp., Sr. Unsecd. Note, 3.125%, 9/15/2031 | 67,193 | |
225,000 | Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027 | 227,833 | |
175,000 | Bway Holding Co., Sec. Fac. Bond, 144A, 5.500%, 4/15/2024 | 174,543 | |
375,000 | Bway Holding Co., Sr. Unsecd. Note, 144A, 7.250%, 4/15/2025 | 372,112 | |
1,100,000 | Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030 | 1,036,750 | |
100,000 | Crown Americas LLC, Sr. Unsecd. Note, 144A, 5.250%, 4/1/2030 | 102,638 | |
175,000 | Crown Americas LLC/Crown Americas Capital Corp. VI, Sr. Unsecd. Note, 4.750%, 2/1/2026 | 177,119 | |
600,000 | Flex Acquisition Co., Inc., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2025 | 602,540 | |
700,000 | Flex Acquisition Co., Inc., Sr. Unsecd. Note, 144A, 7.875%, 7/15/2026 | 725,249 |
9
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Packaging—continued | |||
$ 75,000 | OI European Group BV, Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030 | $ 69,826 | |
425,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2025 | 424,239 | |
100,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.875%, 8/15/2023 | 102,335 | |
200,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/15/2025 | 203,451 | |
75,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027 | 74,367 | |
500,000 | Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.625%, 11/1/2025 | 493,860 | |
175,000 | Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.250%, 8/1/2024 | 176,092 | |
375,000 | Trivium Packaging Finance BV, Sec. Fac. Bond, 144A, 5.500%, 8/15/2026 | 373,950 | |
350,000 | Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027 | 348,827 | |
TOTAL | 7,627,212 | ||
Paper—0.6% | |||
525,000 | Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 5.375%, 2/1/2025 | 531,660 | |
150,000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/1/2029 | 138,284 | |
25,000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030 | 22,923 | |
125,000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 4.750%, 7/15/2027 | 126,574 | |
TOTAL | 819,441 | ||
Pharmaceuticals—3.8% | |||
200,000 | Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 5.500%, 11/1/2025 | 198,486 | |
75,000 | Bausch Health Cos, Inc., Sec. Fac. Bond, 144A, 6.125%, 2/1/2027 | 75,566 | |
175,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/30/2028 | 144,427 | |
150,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029 | 117,035 | |
325,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030 | 255,822 | |
475,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 5.250%, 2/15/2031 | 370,358 | |
758,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/15/2025 | 765,106 | |
75,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029 | 61,620 | |
300,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029 | 256,440 | |
450,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 8.500%, 1/31/2027 | 449,235 | |
375,000 | Bausch Health Cos, Inc., Sr. Unsecd. Note, 144A, 9.000%, 12/15/2025 | 388,912 | |
175,000 | Catalent Pharma Solutions, Inc., Sr. Unsecd. Note, 144A, 3.500%, 4/1/2030 | 160,044 | |
200,000 | Endo Dac/Endo Finance LLC/Endo Finco, Inc., Sr. Unsecd. Note, 144A, 6.000%, 6/30/2028 | 113,750 | |
200,000 | Grifols Escrow Issuer SA, 144A, 4.750%, 10/15/2028 | 188,521 | |
350,000 | Jazz Securities Designated Activity Co., 144A, 4.375%, 1/15/2029 | 339,533 | |
925,000 | 1,3 | Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2025 | 456,705 |
575,000 | 1,3 | Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2023 | 282,748 |
450,000 | Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031 | 434,857 | |
250,000 | Syneos Health, Inc., Sr. Unsecd. Note, 144A, 3.625%, 1/15/2029 | 231,406 | |
TOTAL | 5,290,571 | ||
Restaurant—1.4% | |||
250,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.375%, 1/15/2028 | 240,441 | |
225,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 1st Lien, 144A, 3.500%, 2/15/2029 | 208,058 | |
1,100,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 2nd Lien, 144A, 4.000%, 10/15/2030 | 993,729 | |
75,000 | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsecd. Note, 144A, 4.750%, 6/1/2027 | 76,247 | |
375,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032 | 363,373 | |
75,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 5.375%, 4/1/2032 | 75,281 | |
75,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | 73,688 | |
TOTAL | 2,030,817 | ||
Retailers—0.5% | |||
175,000 | Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027 | 179,375 | |
75,000 | Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029 | 69,936 | |
150,000 | Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032 | 139,638 |
10
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Retailers—continued | |||
$ 50,000 | Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029 | $ 44,649 | |
75,000 | Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031 | 65,479 | |
75,000 | Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029 | 68,710 | |
200,000 | NMG Holding Co., Inc., 144A, 7.125%, 4/1/2026 | 205,671 | |
TOTAL | 773,458 | ||
Supermarkets—0.5% | |||
625,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029 | 564,813 | |
75,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028 | 74,884 | |
50,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026 | 52,890 | |
TOTAL | 692,587 | ||
Technology—7.2% | |||
275,000 | Black Knight InfoServ LLC, Sr. Unsecd. Note, 144A, 3.625%, 9/1/2028 | 260,939 | |
100,000 | Boxer Parent Co., Inc., 144A, 9.125%, 3/1/2026 | 103,246 | |
375,000 | Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028 | 373,041 | |
225,000 | Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026 | 213,991 | |
50,000 | Ciena Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/31/2030 | 48,198 | |
75,000 | Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/2028 | 71,639 | |
275,000 | Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029 | 259,299 | |
150,000 | Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026 | 149,057 | |
225,000 | Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028 | 224,007 | |
50,000 | Diebold Nixdorf, Inc., Sr. Secd. Note, 144A, 9.375%, 7/15/2025 | 50,869 | |
125,000 | Dun & Bradstreet Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029 | 117,637 | |
350,000 | Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029 | 325,930 | |
100,000 | Gartner, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2030 | 94,033 | |
25,000 | Gartner, Inc., Sr. Unsecd. Note, 144A, 4.500%, 7/1/2028 | 24,935 | |
300,000 | HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029 | 284,625 | |
350,000 | Helios Software Holdings, Sec. Fac. Bond, 144A, 4.625%, 5/1/2028 | 322,667 | |
225,000 | II-VI, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029 | 220,258 | |
550,000 | Logan Merger Sub, Inc., Sr. Secd. Note, 144A, 5.500%, 9/1/2027 | 514,376 | |
775,000 | McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030 | 744,484 | |
875,000 | Minerva Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030 | 849,957 | |
300,000 | NCR Corp., 144A, 5.125%, 4/15/2029 | 288,763 | |
250,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028 | 239,810 | |
350,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030 | 332,388 | |
50,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.750%, 9/1/2027 | 50,067 | |
275,000 | Open Text Holdings, Inc. / Open Text Corp., Sr. Unsecd. Note, 144A, 4.125%, 12/1/2031 | 258,045 | |
325,000 | Rackspace Technology, Inc., 144A, 3.500%, 2/15/2028 | 291,427 | |
475,000 | Rackspace Technology, Inc., Sr. Unsecd. Note, 144A, 5.375%, 12/1/2028 | 413,017 | |
525,000 | Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029 | 477,464 | |
75,000 | Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028 | 74,054 | |
300,000 | Seagate HDD Cayman, Sr. Unsecd. Note, 3.125%, 7/15/2029 | 269,871 | |
225,000 | Seagate HDD Cayman, Sr. Unsecd. Note, 3.375%, 7/15/2031 | 200,513 | |
200,000 | Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.000%, 4/15/2029 | 190,742 | |
75,000 | Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031 | 69,492 | |
625,000 | SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027 | 630,469 | |
100,000 | Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029 | 94,461 | |
200,000 | TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029 | 185,413 | |
200,000 | Twitter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 3/1/2030 | 199,339 | |
475,000 | Veritas US, Inc./Veritas Bermuda Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025 | 451,202 | |
75,000 | Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029 | 70,478 |
11
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$ 100,000 | ZipRecruiter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/15/2030 | $ 97,766 | |
TOTAL | 10,137,969 | ||
Transportation Services—0.3% | |||
375,000 | Watco Cos. LLC/Finance Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027 | 369,413 | |
Utility - Electric—2.4% | |||
300,000 | Calpine Corp., 144A, 4.500%, 2/15/2028 | 293,160 | |
67,000 | Calpine Corp., 144A, 5.250%, 6/1/2026 | 67,423 | |
325,000 | Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031 | 291,484 | |
25,000 | Calpine Corp., Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029 | 23,045 | |
25,000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031 | 22,793 | |
175,000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028 | 167,023 | |
650,000 | Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026 | 669,367 | |
50,000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2031 | 44,052 | |
425,000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032 | 374,844 | |
300,000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/15/2029 | 293,788 | |
50,000 | NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028 | 50,895 | |
50,000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.250%, 1/31/2023 | 49,929 | |
50,000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | 48,870 | |
475,000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028 | 473,991 | |
175,000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026 | 176,146 | |
400,000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027 | 400,120 | |
TOTAL | 3,446,930 | ||
Wireless Communications—0.7% | |||
200,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 2.250%, 2/15/2026 | 188,680 | |
150,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 2.625%, 2/15/2029 | 137,114 | |
125,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 2.875%, 2/15/2031 | 112,813 | |
250,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2028 | 254,350 | |
225,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 144A, 2.250%, 2/15/2026 | 212,265 | |
125,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 144A, 3.375%, 4/15/2029 | 119,062 | |
TOTAL | 1,024,284 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $140,650,428) | 135,666,463 | ||
COMMON STOCKS—0.7% | |||
Cable Satellite—0.1% | |||
3,913 | 2,3 | Intelsat Emergence S.A. | 116,411 |
545 | 2,3 | Intelsat Jackson Holdings S.A. | 0 |
TOTAL | 116,411 | ||
Independent Energy—0.0% | |||
182 | 2,3 | Ultra Resources, Inc. | 0 |
Media Entertainment—0.1% | |||
7,915 | 3 | iHeartMedia, Inc. | 149,831 |
Oil Field Services—0.5% | |||
12,990 | 2,3 | Superior Energy Services, Inc. | 662,490 |
TOTAL COMMON STOCKS (IDENTIFIED COST $947,557) | 928,732 | ||
FLOATING RATE LOAN—0.1% | |||
Independent Energy—0.1% | |||
$ 202,000 | 4 | Ascent Resources Utica Holdings, LLC, Term Loan - 2nd Lien, 10.000% (3-month USLIBOR 1.000% Floor +9.000%), 11/1/2025 (IDENTIFIED COST $202,000) | 216,645 |
12
Principal Amount or Shares | Value | ||
WARRANT—0.0% | |||
Independent Energy—0.0% | |||
202 | 3 | Chesapeake Energy Corp., Warrants, Expiration Date 2/9/2026 (IDENTIFIED COST $19,810) | $ 12,934 |
REPURCHASE AGREEMENT—2.5% | |||
$3,530,000 | Interest in $1,592,000,000 joint repurchase agreement 0.30%, dated 3/31/2022 under which Bank of America, N.A. will repurchase securities provided as collateral for $1,592,013,267 on 4/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 4/20/2050 and the market value of those underlying securities was $1,623,853,532. (IDENTIFIED COST $3,530,000) | 3,530,000 | |
TOTAL INVESTMENT IN SECURITIES—99.6% (IDENTIFIED COST $145,349,795) | 140,354,774 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%5 | 516,824 | ||
TOTAL NET ASSETS—100% | $140,871,598 |
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 | Floating/variable note with current rate and current maturity or next reset date shown. |
5 | Assets, other than investments in securities, less liabilities. |
Note: The categories of investments are shown as a percentage of total net assets at March 31, 2022.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees.
◾ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
13
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of March 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 | $— | $135,666,463 | $0 | $135,666,463 |
Floating Rate Loan | — | 216,645 | — | 216,645 |
Warrant | 12,934 | — | — | 12,934 |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | 149,831 | — | 662,490 | 812,321 |
International | — | — | 116,411 | 116,411 |
Repurchase Agreement | — | 3,530,000 | — | 3,530,000 |
TOTAL SECURITIES | $162,765 | $139,413,108 | $778,901 | $140,354,774 |
The following acronym(s) are used throughout this portfolio: | ||
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
PIK | —Payment in Kind |
14