10/28/2024 | Press release | Distributed by Public on 10/28/2024 08:39
United States Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSRS
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: 2025-02-28
Date of Reporting Period: Six months ended 2024-08-31
Item 1. | Reports to Stockholders |
Semi-Annual Shareholder Report - August 31, 2024
This semi-annual shareholder report contains important information about the Federated Hermes Opportunistic High Yield Bond Fund (the "Fund") for the period of March 1, 2024 to August 31, 2024. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class A Shares
|
$50
|
0.97%
|
Net Assets
|
$471,154,158
|
Number of Investments
|
474
|
Portfolio Turnover
|
11%
|
Value
|
Value
|
Building Materials
|
4.3%
|
Consumer Cyclical Services
|
4.3%
|
Health Care
|
4.8%
|
Packaging
|
4.9%
|
Gaming
|
5.4%
|
Automotive
|
5.6%
|
Midstream
|
5.7%
|
Cable Satellite
|
6.8%
|
Insurance - P&C
|
7.7%
|
Technology
|
12.1%
|
Semi-Annual Shareholder Report
Federated Hermes Opportunistic High Yield Bond Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 314197302
8092705-A (10/24)
Federated Securities Corp., Distributor
FederatedHermes.com/us
© 2024 Federated Hermes, Inc.
Semi-Annual Shareholder Report - August 31, 2024
This semi-annual shareholder report contains important information about the Federated Hermes Opportunistic High Yield Bond Fund (the "Fund") for the period of March 1, 2024 to August 31, 2024. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class C Shares
|
$94
|
1.81%
|
Net Assets
|
$471,154,158
|
Number of Investments
|
474
|
Portfolio Turnover
|
11%
|
Value
|
Value
|
Building Materials
|
4.3%
|
Consumer Cyclical Services
|
4.3%
|
Health Care
|
4.8%
|
Packaging
|
4.9%
|
Gaming
|
5.4%
|
Automotive
|
5.6%
|
Midstream
|
5.7%
|
Cable Satellite
|
6.8%
|
Insurance - P&C
|
7.7%
|
Technology
|
12.1%
|
Semi-Annual Shareholder Report
Federated Hermes Opportunistic High Yield Bond Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 314197401
8092705-B (10/24)
Federated Securities Corp., Distributor
FederatedHermes.com/us
© 2024 Federated Hermes, Inc.
Semi-Annual Shareholder Report - August 31, 2024
This semi-annual shareholder report contains important information about the Federated Hermes Opportunistic High Yield Bond Fund (the "Fund") for the period of March 1, 2024 to August 31, 2024. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Shares
|
$37
|
0.72%
|
Net Assets
|
$471,154,158
|
Number of Investments
|
474
|
Portfolio Turnover
|
11%
|
Value
|
Value
|
Building Materials
|
4.3%
|
Consumer Cyclical Services
|
4.3%
|
Health Care
|
4.8%
|
Packaging
|
4.9%
|
Gaming
|
5.4%
|
Automotive
|
5.6%
|
Midstream
|
5.7%
|
Cable Satellite
|
6.8%
|
Insurance - P&C
|
7.7%
|
Technology
|
12.1%
|
Semi-Annual Shareholder Report
Federated Hermes Opportunistic High Yield Bond Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 314197203
8092705-C (10/24)
Federated Securities Corp., Distributor
FederatedHermes.com/us
© 2024 Federated Hermes, Inc.
Semi-Annual Shareholder Report - August 31, 2024
This semi-annual shareholder report contains important information about the Federated Hermes Opportunistic High Yield Bond Fund (the "Fund") for the period of March 1, 2024 to August 31, 2024. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class R6 Shares
|
$38
|
0.71%
|
Net Assets
|
$471,154,158
|
Number of Investments
|
474
|
Portfolio Turnover
|
11%
|
Value
|
Value
|
Building Materials
|
4.3%
|
Consumer Cyclical Services
|
4.3%
|
Health Care
|
4.8%
|
Packaging
|
4.9%
|
Gaming
|
5.4%
|
Automotive
|
5.6%
|
Midstream
|
5.7%
|
Cable Satellite
|
6.8%
|
Insurance - P&C
|
7.7%
|
Technology
|
12.1%
|
Semi-Annual Shareholder Report
Federated Hermes Opportunistic High Yield Bond Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 314197807
8092705-E (10/24)
Federated Securities Corp., Distributor
FederatedHermes.com/us
© 2024 Federated Hermes, Inc.
Semi-Annual Shareholder Report - August 31, 2024
This semi-annual shareholder report contains important information about the Federated Hermes Opportunistic High Yield Bond Fund (the "Fund") for the period of March 1, 2024 to August 31, 2024. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Service Shares
|
$50
|
0.97%
|
Net Assets
|
$471,154,158
|
Number of Investments
|
474
|
Portfolio Turnover
|
11%
|
Value
|
Value
|
Building Materials
|
4.3%
|
Consumer Cyclical Services
|
4.3%
|
Health Care
|
4.8%
|
Packaging
|
4.9%
|
Gaming
|
5.4%
|
Automotive
|
5.6%
|
Midstream
|
5.7%
|
Cable Satellite
|
6.8%
|
Insurance - P&C
|
7.7%
|
Technology
|
12.1%
|
Semi-Annual Shareholder Report
Federated Hermes Opportunistic High Yield Bond Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 314197104
8092705-D (10/24)
Federated Securities Corp., Distributor
FederatedHermes.com/us
© 2024 Federated Hermes, Inc.
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 Financial Statements filed under Item 7 of this form.
(b) Not Applicable
Item 7. | Financial Statements and Financial Highlights for Open-End Management Companies |
Share Class| Ticker
|
A| FHYAX
|
C| FHYCX
|
Institutional| FHTIX
|
|
Service| FHYTX
|
R6| FHYLX
|
|
Portfolio of Investments
|
1
|
Financial Highlights
|
14
|
Statement of Assets and Liabilities
|
19
|
Statement of Operations
|
20
|
Statement of Changes in Net Assets
|
21
|
Notes to Financial Statements
|
22
|
Evaluation and Approval of Advisory Contract
|
28
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
CORPORATE BONDS-92.1%
|
|
|
Aerospace/Defense-1.6%
|
||
$ 950,000
|
|
TransDigm, Inc., 144A, 6.375%, 3/1/2029
|
$ 980,220
|
2,125,000
|
|
TransDigm, Inc., 1st Priority Sr. Secd. Note, 144A, 6.625%, 3/1/2032
|
2,212,593
|
950,000
|
|
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.750%, 8/15/2028
|
977,928
|
1,350,000
|
|
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.875%, 12/15/2030
|
1,411,084
|
675,000
|
|
TransDigm, Inc., Sr. Sub. Note, Series WI, 4.875%, 5/1/2029
|
653,305
|
1,275,000
|
|
TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027
|
1,268,370
|
|
TOTAL
|
7,503,500
|
|
|
Airlines-0.1%
|
||
408,333
|
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026
|
406,543
|
|
Automotive-5.4%
|
||
250,000
|
|
Adient Global Holdings Ltd., Sec. Fac. Bond, 144A, 7.000%, 4/15/2028
|
257,170
|
2,775,000
|
|
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026
|
2,743,475
|
2,450,000
|
|
Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029
|
2,072,683
|
2,050,000
|
|
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025
|
2,003,355
|
825,000
|
|
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024
|
822,574
|
3,525,000
|
|
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025
|
3,516,349
|
550,000
|
|
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026
|
543,691
|
1,600,000
|
|
IHO Verwaltungs GmbH, 144A, 4.750%, 9/15/2026
|
1,573,947
|
1,300,000
|
|
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027
|
1,282,085
|
1,325,000
|
|
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029
|
1,301,198
|
625,000
|
|
J.B. Poindexter & Co., Inc., Sr. Unsecd. Note, 144A, 8.750%, 12/15/2031
|
660,068
|
5,700,000
|
|
Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027
|
5,766,616
|
1,800,000
|
|
Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029
|
1,555,742
|
600,000
|
|
ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/23/2030
|
617,249
|
375,000
|
|
ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 6.875%, 4/14/2028
|
387,746
|
400,000
|
|
ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/14/2030
|
419,562
|
|
TOTAL
|
25,523,510
|
|
|
Banking-0.1%
|
||
525,000
|
|
Ally Financial, Inc., Sr. Sub. Note, 5.750%, 11/20/2025
|
526,564
|
|
Building Materials-4.0%
|
||
1,550,000
|
|
American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028
|
1,494,777
|
200,000
|
|
American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029
|
185,322
|
275,000
|
|
Beacon Roofing Supply, Inc., Sr. Note, 144A, 6.500%, 8/1/2030
|
282,678
|
1,125,000
|
|
Camelot Return Merger SU, Sec. Fac. Bond, 144A, 8.750%, 8/1/2028
|
1,117,311
|
300,000
|
|
Cornerstone Building Brands, Sr. Unsecd. Note, 144A, 6.125%, 1/15/2029
|
250,522
|
2,350,000
|
|
Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028
|
2,025,605
|
2,500,000
|
|
Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029
|
2,245,471
|
1,625,000
|
|
Gyp Holdings III Corp., Sr. Unsecd. Note, 144A, 4.625%, 5/1/2029
|
1,518,371
|
850,000
|
|
Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028
|
833,472
|
275,000
|
|
Masterbrand, Inc., 144A, 7.000%, 7/15/2032
|
283,472
|
475,000
|
|
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, Sec. Fac. Bond, 144A, 6.750%, 4/1/2032
|
488,431
|
600,000
|
|
MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030
|
570,365
|
1,475,000
|
|
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031
|
1,291,391
|
275,000
|
|
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030
|
257,392
|
275,000
|
|
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028
|
267,691
|
2,325,000
|
|
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027
|
2,299,347
|
250,000
|
|
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 6.500%, 8/15/2032
|
257,793
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
CORPORATE BONDS-continued
|
|
|
Building Materials-continued
|
||
$1,700,000
|
|
White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028
|
$ 1,689,571
|
1,275,000
|
|
White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026
|
1,279,019
|
|
TOTAL
|
18,638,001
|
|
|
Cable Satellite-6.8%
|
||
325,000
|
|
CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026
|
324,475
|
1,150,000
|
|
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031
|
998,827
|
1,775,000
|
|
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030
|
1,584,626
|
775,000
|
|
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033
|
648,602
|
1,200,000
|
|
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030
|
1,094,933
|
450,000
|
|
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/1/2032
|
392,515
|
1,900,000
|
|
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
|
1,832,324
|
2,750,000
|
|
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027
|
2,697,379
|
500,000
|
|
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031
|
323,386
|
1,200,000
|
|
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031
|
799,257
|
875,000
|
|
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030
|
342,986
|
1,300,000
|
|
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.000%, 11/15/2031
|
490,652
|
2,025,000
|
|
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027
|
1,659,916
|
1,775,000
|
|
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030
|
710,479
|
750,000
|
|
DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028
|
386,733
|
1,325,000
|
|
DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026
|
892,773
|
2,075,000
|
|
DISH DBS Corp., Sr. Unsecd. Note, Series WI, 5.125%, 6/1/2029
|
946,955
|
400,000
|
|
Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028
|
379,686
|
675,000
|
|
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.125%, 9/1/2026
|
646,210
|
1,650,000
|
|
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031
|
1,417,459
|
675,000
|
|
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2028
|
632,911
|
1,425,000
|
|
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030
|
1,280,416
|
3,125,000
|
|
Sunrise FinCo I B.V., Sr. Note, 144A, 4.875%, 7/15/2031
|
2,911,094
|
3,400,000
|
|
Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028
|
3,299,956
|
1,550,000
|
|
Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030
|
1,344,993
|
275,000
|
|
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030
|
243,092
|
250,000
|
|
Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031
|
217,681
|
1,775,000
|
|
Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031
|
1,559,385
|
1,725,000
|
|
VZ Secured Financing B.V., Sec. Fac. Bond, 144A, 5.000%, 1/15/2032
|
1,564,112
|
425,000
|
|
Ziggo Finance B.V., Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027
|
424,045
|
|
TOTAL
|
32,047,858
|
|
|
Chemicals-2.5%
|
||
350,000
|
|
Axalta Coat/Dutch Holding B.V., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027
|
344,752
|
350,000
|
|
Axalta Coating Systems Dutch Holding B B.V., Sr. Unsecd. Note, 144A, 7.250%, 2/15/2031
|
371,095
|
425,000
|
|
Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029
|
394,471
|
350,000
|
|
Cheever Escrow Issuer, Sec. Fac. Bond, 144A, 7.125%, 10/1/2027
|
356,414
|
975,000
|
|
Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
|
922,837
|
975,000
|
|
H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028
|
929,738
|
2,475,000
|
|
Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028
|
2,164,779
|
1,000,000
|
|
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028
|
1,013,831
|
975,000
|
|
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 4.250%, 10/1/2028
|
916,717
|
375,000
|
|
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 7.250%, 6/15/2031
|
387,945
|
925,000
|
|
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 9.750%, 11/15/2028
|
986,455
|
1,700,000
|
|
Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029
|
1,598,335
|
375,000
|
|
WR Grace Holdings LLC, Sec. Fac. Bond, 144A, 7.375%, 3/1/2031
|
389,937
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
CORPORATE BONDS-continued
|
|
|
Chemicals-continued
|
||
$ 875,000
|
|
WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
|
$ 812,142
|
|
TOTAL
|
11,589,448
|
|
|
Construction Machinery-0.6%
|
||
800,000
|
|
H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028
|
741,833
|
325,000
|
|
United Rentals North America, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031
|
300,297
|
925,000
|
|
United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030
|
865,889
|
575,000
|
|
United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028
|
567,623
|
350,000
|
|
United Rentals North America, Inc., Sr. Unsecd. Note, 144A, 6.125%, 3/15/2034
|
357,955
|
|
TOTAL
|
2,833,597
|
|
|
Consumer Cyclical Services-4.1%
|
||
325,000
|
|
Allied Universal Holdco LLC, Sec. Fac. Bond, 144A, 7.875%, 2/15/2031
|
330,245
|
2,425,000
|
|
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
|
2,160,495
|
4,150,000
|
|
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027
|
4,167,471
|
975,000
|
|
Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028
|
970,073
|
1,725,000
|
|
Dun & Bradstreet Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
|
1,709,490
|
550,000
|
|
Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027
|
536,810
|
325,000
|
|
Garda World Security Corp., Sec. Fac. Bond, 144A, 7.750%, 2/15/2028
|
341,178
|
2,150,000
|
|
Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
|
2,035,942
|
2,728,000
|
|
Garda World Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027
|
2,755,081
|
800,000
|
|
Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027
|
798,101
|
700,000
|
|
Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 3.625%, 10/1/2031
|
622,032
|
1,625,000
|
|
Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030
|
1,498,261
|
750,000
|
|
The Brink's Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2029
|
776,749
|
750,000
|
|
The Brink's Co., Sr. Unsecd. Note, 144A, 6.750%, 6/15/2032
|
780,768
|
|
TOTAL
|
19,482,696
|
|
|
Consumer Products-1.6%
|
||
3,575,000
|
|
BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027
|
3,509,217
|
1,075,000
|
|
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029
|
1,019,852
|
1,450,000
|
|
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029
|
1,364,668
|
1,475,000
|
|
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028
|
1,423,113
|
375,000
|
|
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.500%, 12/31/2027
|
380,521
|
|
TOTAL
|
7,697,371
|
|
|
Diversified Manufacturing-1.3%
|
||
2,625,000
|
|
Emerald Debt Merger, Sec. Fac. Bond, 144A, 6.625%, 12/15/2030
|
2,691,371
|
175,000
|
|
Emrld Borrower LP, Sec. Fac. Bond, 144A, 6.750%, 7/15/2031
|
180,475
|
1,175,000
|
|
Gates Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/1/2029
|
1,206,718
|
875,000
|
|
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/15/2029
|
898,940
|
1,050,000
|
|
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.625%, 3/15/2032
|
1,083,016
|
|
TOTAL
|
6,060,520
|
|
|
Finance Companies-2.4%
|
||
1,875,000
|
|
Boost Newco Borrower LLC, 144A, 7.500%, 1/15/2031
|
2,000,972
|
125,000
|
|
Macquarie Airfinance Holdings Ltd., Sr. Unsecd. Note, 144A, 6.400%, 3/26/2029
|
130,167
|
125,000
|
|
Macquarie Airfinance Holdings Ltd., Sr. Unsecd. Note, 144A, 6.500%, 3/26/2031
|
131,886
|
275,000
|
|
Navient Corp., Sr. Unsecd. Note, 5.000%, 3/15/2027
|
270,257
|
825,000
|
|
Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029
|
784,217
|
550,000
|
|
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/25/2025
|
552,357
|
475,000
|
|
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026
|
483,898
|
875,000
|
|
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 2.875%, 10/15/2026
|
832,997
|
825,000
|
|
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029
|
766,579
|
1,975,000
|
|
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031
|
1,803,059
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
CORPORATE BONDS-continued
|
|
|
Finance Companies-continued
|
||
$ 425,000
|
|
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033
|
$ 375,080
|
1,350,000
|
|
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025
|
1,349,270
|
1,475,000
|
|
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029
|
1,439,670
|
450,000
|
|
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027
|
448,675
|
|
TOTAL
|
11,369,084
|
|
|
Food & Beverage-1.5%
|
||
1,750,000
|
|
Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030
|
1,819,074
|
1,100,000
|
|
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029
|
1,039,318
|
1,075,000
|
|
Post Holdings, Inc., 144A, 6.375%, 3/1/2033
|
1,085,535
|
400,000
|
|
Post Holdings, Inc., Sec. Fac. Bond, 144A, 6.250%, 2/15/2032
|
410,705
|
498,000
|
|
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028
|
497,258
|
1,625,000
|
|
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029
|
1,586,335
|
425,000
|
|
US Foods, Inc., Sr. Unsecd. Note, 144A, 6.875%, 9/15/2028
|
442,628
|
|
TOTAL
|
6,880,853
|
|
|
Gaming-4.9%
|
||
1,375,000
|
|
Affinity Gaming LLC, 144A, 6.875%, 12/15/2027
|
1,179,626
|
400,000
|
|
Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027
|
393,257
|
925,000
|
|
Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031
|
870,949
|
225,000
|
|
Caesars Entertainment Corp., Sec. Fac. Bond, 144A, 7.000%, 2/15/2030
|
233,174
|
600,000
|
|
Caesars Entertainment Corp., Sr. Secd. Note, 144A, 6.500%, 2/15/2032
|
616,954
|
600,000
|
|
Caesars Entertainment Corp., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029
|
567,920
|
200,000
|
|
CCM Merger, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2026
|
200,448
|
700,000
|
|
Churchill Downs, Inc., Sr. Secd. Note, 144A, 5.750%, 4/1/2030
|
696,231
|
1,175,000
|
|
Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 5/1/2031
|
1,208,922
|
1,550,000
|
|
Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027
|
1,583,953
|
550,000
|
|
Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029
|
570,270
|
1,175,000
|
|
Light & Wonder International, Inc., Sr. Unsecd. Note, 144A, 7.500%, 9/1/2031
|
1,238,033
|
1,375,000
|
|
MGM Resorts International, Sr. Unsecd. Note, 6.500%, 4/15/2032
|
1,385,827
|
1,900,000
|
|
Midwest Gaming Borrower LLC, Sr. Note, 144A, 4.875%, 5/1/2029
|
1,815,209
|
2,500,000
|
|
Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026
|
2,425,987
|
1,950,000
|
|
Ontario Gaming GTA LP, Sec. Fac. Bond, 144A, 8.000%, 8/1/2030
|
2,013,332
|
1,600,000
|
|
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2029
|
1,434,149
|
200,000
|
|
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2027
|
196,833
|
300,000
|
|
Raptor Acquisition Corp. / Raptor Co-Issuer LLC, Sec. Fac. Bond, 144A, 4.875%, 11/1/2026
|
290,133
|
1,500,000
|
|
Scientific Games Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 3/1/2030
|
1,489,824
|
525,000
|
|
Station Casinos, Inc., 144A, 6.625%, 3/15/2032
|
535,867
|
650,000
|
|
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028
|
624,257
|
950,000
|
|
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031
|
882,504
|
100,000
|
|
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.500%, 2/15/2025
|
98,981
|
550,000
|
|
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp, 144A, 7.125%, 2/15/2031
|
584,077
|
|
TOTAL
|
23,136,717
|
|
|
Health Care-4.8%
|
||
1,600,000
|
|
Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029
|
1,556,910
|
950,000
|
|
Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029
|
890,593
|
1,075,000
|
|
Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 4.625%, 7/15/2028
|
1,047,253
|
525,000
|
|
CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030
|
416,202
|
1,250,000
|
|
CHS/Community Health Systems, Inc., 144A, 6.875%, 4/15/2029
|
1,076,957
|
675,000
|
|
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 5.625%, 3/15/2027
|
653,854
|
225,000
|
|
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2029
|
213,964
|
550,000
|
|
CHS/Community Health Systems, Inc., Sr. Note, 144A, 5.250%, 5/15/2030
|
493,545
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
CORPORATE BONDS-continued
|
|
|
Health Care-continued
|
||
$ 300,000
|
|
Concentra Escrow Issuer Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/15/2032
|
$ 314,203
|
425,000
|
|
Embecta Corp., Sec. Fac. Bond, 144A, 5.000%, 2/15/2030
|
383,590
|
350,000
|
|
Embecta Corp., Sr. Note, 144A, 6.750%, 2/15/2030
|
323,456
|
975,000
|
|
Garden Spinco Corp., Sr. Unsecd. Note, 144A, 8.625%, 7/20/2030
|
1,064,766
|
625,000
|
|
Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026
|
621,478
|
575,000
|
|
Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027
|
571,305
|
200,000
|
|
Iqvia, Inc., Sr. Unsecd. Note, 144A, 6.500%, 5/15/2030
|
208,062
|
600,000
|
|
LifePoint Health, Inc., Sec. Fac. Bond, 144A, 4.375%, 2/15/2027
|
585,931
|
500,000
|
|
Medline Borrower LP/Medline Co-Issuer, Inc., 144A, 6.250%, 4/1/2029
|
516,038
|
1,325,000
|
|
Mozart Debt Merger Sub, Inc., Sec. Fac. Bond, 144A, 3.875%, 4/1/2029
|
1,252,620
|
5,125,000
|
|
Mozart Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029
|
5,037,371
|
1,150,000
|
|
Tenet Healthcare Corp., 4.250%, 6/1/2029
|
1,104,669
|
775,000
|
|
Tenet Healthcare Corp., 5.125%, 11/1/2027
|
768,861
|
875,000
|
|
Tenet Healthcare Corp., 144A, 6.250%, 2/1/2027
|
877,462
|
350,000
|
|
Tenet Healthcare Corp., Sec. Fac. Bond, 144A, 6.750%, 5/15/2031
|
363,209
|
350,000
|
|
Tenet Healthcare Corp., Sr. Secd. Note, 6.125%, 6/15/2030
|
355,755
|
1,800,000
|
|
Tenet Healthcare Corp., Sr. Unsecd. Note, 6.125%, 10/1/2028
|
1,804,977
|
|
TOTAL
|
22,503,031
|
|
|
Independent Energy-3.8%
|
||
975,000
|
|
Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030
|
963,796
|
123,000
|
|
Antero Resources Corp., Sr. Unsecd. Note, 144A, 7.625%, 2/1/2029
|
127,616
|
425,000
|
|
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
|
425,220
|
1,100,000
|
|
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 11/1/2026
|
1,104,354
|
500,000
|
|
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028
|
514,136
|
1,275,000
|
1,2
|
Chesapeake Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2099
|
23,906
|
175,000
|
|
Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.875%, 2/1/2029
|
175,524
|
225,000
|
|
Chord Energy Corp., Sr. Unsecd. Note, 144A, 6.375%, 6/1/2026
|
226,810
|
325,000
|
|
Civitas Resources, Inc., Sr. Unsecd. Note, 144A, 8.625%, 11/1/2030
|
353,520
|
900,000
|
|
Civitas Resources, Inc., Sr. Unsecd. Note, 144A, 8.750%, 7/1/2031
|
972,384
|
525,000
|
|
Civitas Resources, Inc., Unsecd. Note, 144A, 8.375%, 7/1/2028
|
554,145
|
225,000
|
|
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 5.875%, 1/15/2030
|
212,873
|
2,000,000
|
|
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029
|
1,968,900
|
425,000
|
|
Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.750%, 1/30/2028
|
432,744
|
1,200,000
|
|
Matador Resources Co., Sr. Unsecd. Note, 144A, 6.500%, 4/15/2032
|
1,218,798
|
975,000
|
|
Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025
|
981,206
|
350,000
|
|
Permian Resources Operating LLC, Sr. Sub. Secd. Note, 144A, 6.250%, 2/1/2033
|
359,110
|
375,000
|
|
Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 5.375%, 1/15/2026
|
374,993
|
492,000
|
|
Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025
|
489,681
|
650,000
|
|
Range Resources Corp., Sr. Unsecd. Note, 8.250%, 1/15/2029
|
674,100
|
350,000
|
|
Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
|
336,155
|
525,000
|
|
Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029
|
509,974
|
400,000
|
|
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., Sr. Unsecd. Note, 144A, 7.875%, 11/1/2028
|
421,657
|
675,000
|
|
SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027
|
678,416
|
1,000,000
|
|
SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026
|
1,001,707
|
350,000
|
|
SM Energy Co., Sr. Unsecd. Note, 144A, 6.750%, 8/1/2029
|
355,749
|
600,000
|
|
SM Energy Co., Sr. Unsecd. Note, 144A, 7.000%, 8/1/2032
|
615,103
|
600,000
|
|
Southwestern Energy Co., Sr. Unsecd. Note, 4.750%, 2/1/2032
|
569,044
|
300,000
|
|
Southwestern Energy Co., Sr. Unsecd. Note, 5.375%, 3/15/2030
|
297,576
|
725,000
|
|
Southwestern Energy Co., Sr. Unsecd. Note, 8.375%, 9/15/2028
|
745,538
|
|
TOTAL
|
17,684,735
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
CORPORATE BONDS-continued
|
|
|
Industrial - Other-1.7%
|
||
$ 925,000
|
|
Artera Services LLC, 1st Priority Sr. Secd. Note, 144A, 8.500%, 2/15/2031
|
$ 927,948
|
1,300,000
|
|
Hillenbrand, Inc., Sr. Unsecd. Note, 6.250%, 2/15/2029
|
1,318,116
|
3,750,000
|
|
Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
|
3,576,878
|
1,975,000
|
|
SPX Flow, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030
|
2,063,962
|
|
TOTAL
|
7,886,904
|
|
|
Insurance - P&C-7.7%
|
||
1,275,000
|
|
Acrisure LLC, Sec. Fac. Bond, 144A, 7.500%, 11/6/2030
|
1,309,702
|
1,500,000
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, Sec. Fac. Bond, 144A, 7.000%, 1/15/2031
|
1,551,751
|
850,000
|
|
AmWINS Group, Inc., Sec. Fac. Bond, 144A, 6.375%, 2/15/2029
|
872,055
|
2,750,000
|
|
AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029
|
2,629,609
|
500,000
|
|
Ardonagh Finco Ltd., Sec. Fac. Bond, 144A, 7.750%, 2/15/2031
|
516,533
|
3,775,000
|
|
Ardonagh Group Finance Ltd., Sr. Unsecd. Note, 144A, 8.875%, 2/15/2032
|
3,913,199
|
2,000,000
|
|
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029
|
1,918,079
|
925,000
|
|
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.500%, 2/15/2032
|
944,257
|
1,625,000
|
|
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 144A, 7.125%, 5/15/2031
|
1,701,653
|
4,475,000
|
|
Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029
|
4,263,379
|
825,000
|
|
GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027
|
829,220
|
2,250,000
|
|
Hub International Ltd., Sec. Fac. Bond, 144A, 7.250%, 6/15/2030
|
2,351,614
|
3,375,000
|
|
Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029
|
3,311,437
|
1,800,000
|
|
Hub International Ltd., Sr. Unsecd. Note, 144A, 7.375%, 1/31/2032
|
1,867,252
|
1,100,000
|
|
Jones Deslauriers Insurance Management, Inc., Sec. Fac. Bond, 144A, 8.500%, 3/15/2030
|
1,170,770
|
1,700,000
|
|
Jones Deslauriers Insurance Management, Inc., Sr. Unsecd. Note, 144A, 10.500%, 12/15/2030
|
1,849,162
|
2,500,000
|
|
Panther Escrow Issuer, Sec. Fac. Bond, 144A, 7.125%, 6/1/2031
|
2,606,005
|
2,600,000
|
|
USI, Inc./NY, Sr. Unsecd. Note, 144A, 7.500%, 1/15/2032
|
2,726,768
|
|
TOTAL
|
36,332,445
|
|
|
Leisure-1.4%
|
||
250,000
|
|
Carnival Corp., Sr. Secd. Note, 144A, 7.000%, 8/15/2029
|
263,036
|
500,000
|
|
NCL Corp. Ltd., Sr. Secd. Note, 144A, 8.125%, 1/15/2029
|
535,170
|
625,000
|
|
NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 5.875%, 3/15/2026
|
625,050
|
150,000
|
|
NCL Corp. Ltd., Sr. Unsecd. Note, 144A, 7.750%, 2/15/2029
|
160,175
|
275,000
|
|
Ncl Finance Ltd., Sr. Unsecd. Note, 144A, 6.125%, 3/15/2028
|
278,402
|
525,000
|
|
Royal Caribbean Cruises, Ltd., 144A, 6.000%, 2/1/2033
|
538,132
|
300,000
|
|
Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 4.250%, 7/1/2026
|
295,289
|
250,000
|
|
Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 5.500%, 8/31/2026
|
250,543
|
700,000
|
|
Royal Caribbean Cruises, Ltd., Sr. Unsecd. Note, 144A, 6.250%, 3/15/2032
|
723,340
|
1,000,000
|
|
Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 7.250%, 5/15/2031
|
1,037,764
|
1,750,000
|
|
United Parks & Resorts, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029
|
1,694,334
|
|
TOTAL
|
6,401,235
|
|
|
Lodging-0.6%
|
||
950,000
|
|
Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032
|
852,110
|
200,000
|
|
Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028
|
200,493
|
525,000
|
|
Hilton Domestic Operating Co., Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030
|
515,504
|
775,000
|
|
RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 4/1/2032
|
798,748
|
275,000
|
|
RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2028
|
286,201
|
|
TOTAL
|
2,653,056
|
|
|
Media Entertainment-3.3%
|
||
2,025,000
|
1,2
|
Audacy Capital Corp., 144A, 6.500%, 5/1/2027
|
75,937
|
1,350,000
|
1,2
|
Audacy Capital Corp., 144A, 6.750%, 3/31/2029
|
50,625
|
475,000
|
|
Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031
|
272,485
|
750,000
|
|
Gray Television, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2030
|
427,788
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
CORPORATE BONDS-continued
|
|
|
Media Entertainment-continued
|
||
$ 675,000
|
|
Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029
|
$ 663,559
|
350,000
|
|
Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031
|
317,205
|
3,300,000
|
|
Midas Opco Holdings, LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
|
3,131,198
|
1,100,000
|
|
Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 4.750%, 11/1/2028
|
1,028,958
|
1,925,000
|
|
Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027
|
1,882,798
|
350,000
|
|
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 7.375%, 2/15/2031
|
372,545
|
675,000
|
|
Outfront Media Capital LLC/Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2027
|
670,874
|
1,075,000
|
|
ROBLOX Corp., Sr. Unsecd. Note, 144A, 3.875%, 5/1/2030
|
991,131
|
625,000
|
|
Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027
|
447,979
|
1,325,000
|
|
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
|
792,853
|
500,000
|
|
Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028
|
471,832
|
800,000
|
|
Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029
|
743,658
|
1,100,000
|
|
Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027
|
599,500
|
1,000,000
|
|
Univision Communications, Inc., Sec. Fac. Bond, 144A, 4.500%, 5/1/2029
|
878,684
|
850,000
|
|
Univision Communications, Inc., Sec. Fac. Bond, 144A, 7.375%, 6/30/2030
|
816,450
|
750,000
|
|
Univision Communications, Inc., Sec. Fac. Bond, 144A, 8.000%, 8/15/2028
|
759,409
|
|
TOTAL
|
15,395,468
|
|
|
Metals & Mining-0.9%
|
||
900,000
|
|
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029
|
844,996
|
725,000
|
|
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/15/2030
|
735,934
|
925,000
|
|
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2032
|
930,093
|
1,675,000
|
|
Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029
|
1,594,591
|
|
TOTAL
|
4,105,614
|
|
|
Midstream-5.5%
|
||
575,000
|
|
AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027
|
562,080
|
500,000
|
|
AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026
|
494,887
|
1,525,000
|
|
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.375%, 6/15/2029
|
1,507,697
|
1,950,000
|
|
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
|
1,949,141
|
1,350,000
|
|
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028
|
1,351,426
|
275,000
|
|
Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 7/15/2029
|
286,216
|
400,000
|
|
Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2032
|
419,811
|
1,250,000
|
|
Cheniere Energy Partners, LP, Sr. Unsecd. Note, 4.000%, 3/1/2031
|
1,179,793
|
1,550,000
|
|
CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030
|
1,446,701
|
500,000
|
|
Crestwood Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.375%, 2/1/2031
|
532,691
|
725,000
|
|
DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031
|
681,758
|
248,000
|
|
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025
|
248,474
|
300,000
|
|
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.375%, 4/1/2029
|
308,656
|
600,000
|
|
EQM Midstream Partners, LP, Sr. Unsecd. Note, 5.500%, 7/15/2028
|
604,487
|
875,000
|
|
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029
|
848,724
|
1,025,000
|
|
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2031
|
985,534
|
2,250,000
|
|
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027
|
2,307,638
|
225,000
|
|
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027
|
232,061
|
500,000
|
|
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 4.250%, 2/15/2030
|
472,898
|
750,000
|
|
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028
|
741,898
|
600,000
|
|
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2030
|
594,799
|
400,000
|
|
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 6.500%, 6/1/2029
|
413,052
|
1,125,000
|
|
HF Sinclair Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
|
1,110,050
|
300,000
|
|
HF Sinclair Corp., Sr. Unsecd. Note, 144A, 6.375%, 4/15/2027
|
302,467
|
550,000
|
|
Northriver Midstream Fin, 144A, 6.750%, 7/15/2032
|
568,226
|
525,000
|
|
Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026
|
529,669
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
CORPORATE BONDS-continued
|
|
|
Midstream-continued
|
||
$ 900,000
|
|
Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027
|
$ 900,141
|
650,000
|
|
Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031
|
596,974
|
375,000
|
|
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028
|
374,599
|
250,000
|
|
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 6.500%, 7/15/2027
|
252,930
|
1,375,000
|
|
Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
|
1,394,779
|
825,000
|
|
Western Midstream Operating, LP, Sr. Unsecd. Note, 4.500%, 3/1/2028
|
816,500
|
175,000
|
|
Western Midstream Operating, LP, Sr. Unsecd. Note, 4.650%, 7/1/2026
|
174,249
|
925,000
|
|
Western Midstream Operating, LP, Sr. Unsecd. Note, 5.300%, 3/1/2048
|
836,647
|
|
TOTAL
|
26,027,653
|
|
|
Oil Field Services-2.0%
|
||
1,450,000
|
|
Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028
|
1,457,312
|
2,100,000
|
|
Archrock Partners LP/Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
|
2,116,746
|
325,000
|
|
Kodiak Gas Services LLC, Sr. Unsecd. Note, 144A, 7.250%, 2/15/2029
|
336,871
|
625,000
|
|
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028
|
616,389
|
175,000
|
|
Nabors Industries, Inc., Sec. Fac. Bond, 144A, 9.125%, 1/31/2030
|
187,672
|
175,000
|
|
Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027
|
177,172
|
525,000
|
|
Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 8.875%, 8/15/2031
|
526,464
|
625,000
|
|
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029
|
635,218
|
436,000
|
|
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026
|
435,776
|
1,100,000
|
|
USA Compression Partners LP, Sr. Unsecd. Note, 144A, 7.125%, 3/15/2029
|
1,130,814
|
2,025,000
|
|
USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 9/1/2027
|
2,044,843
|
|
TOTAL
|
9,665,277
|
|
|
Packaging-4.9%
|
||
2,818,920
|
|
ARD Finance S.A., Sec. Fac. Bond, 144A, 7.250% PIK, 6/30/2027
|
666,836
|
1,550,000
|
|
Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029
|
1,339,774
|
2,125,000
|
|
Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027
|
1,280,589
|
1,800,000
|
|
Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027
|
1,084,734
|
875,000
|
|
Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030
|
774,057
|
350,000
|
|
Ball Corp., Sr. Unsecd. Note, 6.000%, 6/15/2029
|
360,570
|
350,000
|
|
Ball Corp., Sr. Unsecd. Note, 6.875%, 3/15/2028
|
362,619
|
475,000
|
|
Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027
|
475,564
|
825,000
|
|
Clydesdale Acquisition Holdings, Inc., Sec. Fac. Bond, 144A, 6.875%, 1/15/2030
|
829,073
|
4,275,000
|
|
Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030
|
4,268,871
|
400,000
|
|
Crown Americas LLC / Crown Americas Capital Corp. VI, Sr. Unsecd. Note, 4.750%, 2/1/2026
|
396,642
|
1,475,000
|
|
Mauser Packaging Solutions Holding Co., 144A, 9.250%, 4/15/2027
|
1,499,715
|
800,000
|
|
Mauser Packaging Solutions Holding Co., Sec. Fac. Bond, 144A, 7.875%, 4/15/2027
|
828,144
|
975,000
|
|
OI European Group B.V., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
|
917,244
|
1,219,000
|
|
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027
|
1,224,160
|
350,000
|
|
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/15/2031
|
354,594
|
475,000
|
|
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 7.375%, 6/1/2032
|
477,740
|
900,000
|
|
Sealed Air Corp., 144A, 6.500%, 7/15/2032
|
921,585
|
725,000
|
|
Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029
|
714,676
|
300,000
|
|
Sealed Air Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/1/2028
|
305,030
|
375,000
|
|
Sealed Air Corp., Sr. Unsecd. Note, 144A, 7.250%, 2/15/2031
|
394,553
|
475,000
|
|
Trivium Packaging Finance B.V., Sec. Fac. Bond, 144A, 5.500%, 8/15/2026
|
469,468
|
3,350,000
|
|
Trivium Packaging Finance B.V., Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027
|
3,355,575
|
|
TOTAL
|
23,301,813
|
|
|
Paper-0.2%
|
||
1,100,000
|
|
Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 4.750%, 8/15/2028
|
1,027,889
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
CORPORATE BONDS-continued
|
|
|
Paper-continued
|
||
$ 125,000
|
|
Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030
|
$ 115,703
|
|
TOTAL
|
1,143,592
|
|
|
Pharmaceuticals-1.5%
|
||
700,000
|
|
Bausch Health Cos., Inc., Sec. Fac. Bond, 144A, 5.750%, 8/15/2027
|
567,763
|
200,000
|
|
Bausch Health Cos., Inc., Sec. Fac. Bond, 144A, 6.125%, 2/1/2027
|
170,980
|
1,725,000
|
|
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029
|
898,958
|
1,075,000
|
|
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030
|
538,876
|
300,000
|
|
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029
|
159,375
|
2,575,000
|
|
Grifols Escrow Issuer S.A., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028
|
2,448,315
|
325,000
|
|
Organon & Co./Organon Foreign Debt Co-Issuer B.V., Sec. Fac. Bond, 144A, 6.750%, 5/15/2034
|
337,215
|
375,000
|
|
Organon & Co./Organon Foreign Debt Co-Issuer B.V., Sr. Unsecd. Note, 144A, 7.875%, 5/15/2034
|
395,598
|
325,000
|
|
Organon Finance 1 LLC, Sec. Fac. Bond, 144A, 4.125%, 4/30/2028
|
310,942
|
1,325,000
|
|
Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031
|
1,242,066
|
|
TOTAL
|
7,070,088
|
|
|
Restaurant-1.7%
|
||
5,775,000
|
|
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.000%, 10/15/2030
|
5,294,527
|
325,000
|
|
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 6.125%, 6/15/2029
|
332,158
|
925,000
|
|
Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032
|
877,569
|
875,000
|
|
Yum! Brands, Inc., Sr. Unsecd. Note, 5.375%, 4/1/2032
|
868,034
|
650,000
|
|
Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
|
639,783
|
|
TOTAL
|
8,012,071
|
|
|
Retailers-1.2%
|
||
600,000
|
|
Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027
|
598,258
|
1,175,000
|
|
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029
|
1,119,979
|
1,425,000
|
|
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032
|
1,343,209
|
975,000
|
|
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029
|
874,618
|
525,000
|
|
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031
|
454,010
|
250,000
|
|
Group 1 Automotive, Inc., Sr. Unsecd. Note, 144A, 6.375%, 1/15/2030
|
254,953
|
375,000
|
|
Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029
|
353,460
|
450,000
|
|
LCM Investments Holdings II, LLC, Sr. Unsecd. Note, 144A, 8.250%, 8/1/2031
|
479,627
|
225,000
|
|
Velocity Vehicle Group, Sr. Unsecd. Note, 144A, 8.000%, 6/1/2029
|
234,314
|
|
TOTAL
|
5,712,428
|
|
|
Supermarkets-0.3%
|
||
575,000
|
|
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029
|
534,614
|
450,000
|
|
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028
|
449,350
|
375,000
|
|
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026
|
380,324
|
|
TOTAL
|
1,364,288
|
|
|
Technology-11.5%
|
||
175,000
|
|
Amentum Escrow Corp., Sr. Unsecd. Note, 144A, 7.250%, 8/1/2032
|
183,125
|
600,000
|
|
ams-OSRAM AG, Sr. Unsecd. Note, 144A, 12.250%, 3/30/2029
|
640,773
|
1,775,000
|
|
Capstone Borrower, Inc., Sec. Fac. Bond, 144A, 8.000%, 6/15/2030
|
1,870,912
|
925,000
|
|
Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026
|
554,559
|
750,000
|
|
Central Parent LLC / CDK Global II LLC / CDK Financing Co., 144A, 8.000%, 6/15/2029
|
774,964
|
1,600,000
|
|
Central Parent, Inc./Central Merger Sub, Inc., 144A, 7.250%, 6/15/2029
|
1,609,183
|
275,000
|
|
Ciena Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/31/2030
|
258,983
|
1,750,000
|
|
Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029
|
1,687,428
|
2,725,000
|
|
Cloud Software Group, Inc., Sec. Fac. Bond, 144A, 6.500%, 3/31/2029
|
2,688,046
|
350,000
|
|
Cloud Software Group, Inc., Sec. Fac. Bond, 144A, 8.250%, 6/30/2032
|
366,680
|
1,400,000
|
|
Cloud Software Group, Inc., Sec. Fac. Bond, 144A, 9.000%, 9/30/2029
|
1,410,237
|
1,650,000
|
|
Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
|
1,596,968
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
CORPORATE BONDS-continued
|
|
|
Technology-continued
|
||
$1,050,000
|
|
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026
|
$ 1,033,701
|
1,350,000
|
|
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028
|
1,335,026
|
1,850,000
|
|
Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029
|
1,725,086
|
1,700,000
|
|
Entegris Escrow Corp., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030
|
1,724,140
|
250,000
|
|
Entegris, Inc., Sr. Unsecd. Note, 144A, 3.625%, 5/1/2029
|
230,364
|
450,000
|
|
Fortress Intermediate 3, Inc., Sec. Fac. Bond, 144A, 7.500%, 6/1/2031
|
467,392
|
436,590
|
|
Goto Group, Inc., 144A, 5.500%, 5/1/2028
|
339,077
|
1,450,000
|
|
HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029
|
1,385,580
|
1,225,000
|
|
Helios Software Holdings, Sec. Fac. Bond, 144A, 4.625%, 5/1/2028
|
1,125,285
|
375,000
|
|
Insight Enterprises, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/15/2032
|
388,455
|
575,000
|
|
Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2029
|
597,627
|
4,575,000
|
|
McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030
|
4,392,561
|
4,900,000
|
|
Minerva Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030
|
4,691,571
|
950,000
|
|
NCR Atleos Escrow Corp., 144A, 9.500%, 4/1/2029
|
1,047,417
|
1,600,000
|
|
NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028
|
1,582,588
|
1,525,000
|
|
NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.125%, 4/15/2029
|
1,496,669
|
500,000
|
|
NCR Voyix Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030
|
487,809
|
575,000
|
|
Open Text Corp., 144A, 6.900%, 12/1/2027
|
604,242
|
350,000
|
|
Open Text Corp., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2028
|
332,077
|
250,000
|
|
Open Text, Inc., Sr. Unsecd. Note, 144A, 4.125%, 2/15/2030
|
232,378
|
1,025,000
|
|
Open Text, Inc., Sr. Unsecd. Note, 144A, 4.125%, 12/1/2031
|
934,133
|
375,000
|
|
Rocket Software, Inc., Sec. Fac. Bond, 144A, 9.000%, 11/28/2028
|
389,345
|
2,675,000
|
|
Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029
|
2,444,478
|
500,000
|
|
Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028
|
485,390
|
75,000
|
|
Seagate HDD Cayman, Sr. Unsecd. Note, 8.250%, 12/15/2029
|
81,374
|
400,000
|
|
Seagate HDD Cayman, Sr. Unsecd. Note, 8.500%, 7/15/2031
|
435,322
|
933,500
|
|
Seagate HDD Cayman, Sr. Unsecd. Note, 9.625%, 12/1/2032
|
1,077,127
|
200,000
|
|
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.000%, 4/15/2029
|
188,473
|
475,000
|
|
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030
|
449,009
|
450,000
|
|
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.875%, 9/1/2030
|
451,005
|
325,000
|
|
Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031
|
293,781
|
600,000
|
|
Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 6.625%, 7/15/2032
|
621,205
|
2,000,000
|
|
SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027
|
1,999,665
|
700,000
|
|
SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 6.500%, 6/1/2032
|
723,081
|
425,000
|
|
Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029
|
398,151
|
1,300,000
|
|
TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029
|
1,227,914
|
1,300,000
|
|
UKG, Inc., Sec. Fac. Bond, 144A, 6.875%, 2/1/2031
|
1,345,828
|
850,000
|
|
Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029
|
757,010
|
375,000
|
|
Zebra Technologies Corp., Sr. Unsecd. Note, 144A, 6.500%, 6/1/2032
|
387,807
|
625,000
|
|
ZipRecruiter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/15/2030
|
560,376
|
|
TOTAL
|
54,111,377
|
|
|
Transportation Services-0.3%
|
||
1,050,000
|
|
Stena International S.A., Sr. Secd. Note, 144A, 7.250%, 1/15/2031
|
1,081,978
|
550,000
|
|
Watco Cos. LLC/Finance Co., Sr. Unsecd. Note, 144A, 7.125%, 8/1/2032
|
569,974
|
|
TOTAL
|
1,651,952
|
|
|
Utility - Electric-1.9%
|
||
700,000
|
|
Calpine Corp., 144A, 4.500%, 2/15/2028
|
679,483
|
232,000
|
|
Calpine Corp., 144A, 5.250%, 6/1/2026
|
231,414
|
300,000
|
|
Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031
|
274,216
|
450,000
|
|
Calpine Corp., Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029
|
429,596
|
Principal
Amount
or Shares
|
|
|
Value
|
|
|
CORPORATE BONDS-continued
|
|
|
Utility - Electric-continued
|
||
$ 450,000
|
|
Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031
|
$ 431,767
|
700,000
|
|
Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028
|
683,550
|
1,206,000
|
1,2
|
Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026
|
337,885
|
875,000
|
|
NextEra Energy Operating Partners LP, Sr. Unsecd. Note, 144A, 7.250%, 1/15/2029
|
916,881
|
110,000
|
|
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032
|
98,779
|
1,125,000
|
|
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
|
1,063,269
|
1,325,000
|
|
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028
|
1,301,062
|
400,000
|
|
TransAlta Corp., Sr. Unsecd. Note, 7.750%, 11/15/2029
|
423,671
|
375,000
|
|
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026
|
374,897
|
1,375,000
|
|
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027
|
1,373,894
|
375,000
|
|
Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 7.750%, 10/15/2031
|
399,283
|
|
TOTAL
|
9,019,647
|
|
|
TOTAL CORPORATE BONDS
(IDENTIFIED COST $457,578,852)
|
433,738,936
|
|
|
COMMON STOCKS-4.6%
|
||
|
Automotive-0.2%
|
||
56,888
|
2
|
American Axle & Manufacturing Holdings, Inc.
|
365,790
|
3,155
|
|
Lear Corp.
|
368,031
|
|
TOTAL
|
733,821
|
|
|
Building Materials-0.3%
|
||
7,115
|
2
|
GMS, Inc.
|
617,511
|
50,785
|
|
Interface, Inc.
|
958,821
|
|
TOTAL
|
1,576,332
|
|
|
Chemicals-0.2%
|
||
17,790
|
|
Koppers Holdings, Inc.
|
704,128
|
60,630
|
2
|
PQ Group Holdings, Inc.
|
435,324
|
|
TOTAL
|
1,139,452
|
|
|
Consumer Cyclical Services-0.2%
|
||
10,270
|
|
The Brink's Co.
|
1,139,251
|
|
Consumer Products-0.2%
|
||
24,345
|
|
Energizer Holdings, Inc.
|
788,778
|
|
Containers & Packaging-0.2%
|
||
144,965
|
|
Ardagh Metal Packaging
|
518,975
|
51,050
|
2
|
O-I Glass, Inc.
|
647,824
|
|
TOTAL
|
1,166,799
|
|
|
Diversified Manufacturing-0.2%
|
||
4,545
|
|
WESCO International, Inc.
|
751,652
|
|
Food & Beverage-0.4%
|
||
6,340
|
2
|
Post Holdings, Inc.
|
733,982
|
18,130
|
2
|
US Foods Holding Corp.
|
1,073,477
|
|
TOTAL
|
1,807,459
|
|
|
Gaming-0.5%
|
||
9,850
|
|
Boyd Gaming Corp.
|
591,197
|
28,690
|
2
|
Caesars Entertainment Corp.
|
1,079,892
|
14,305
|
|
Red Rock Resorts, Inc.
|
833,695
|
|
TOTAL
|
2,504,784
|
|
|
Independent Energy-0.1%
|
||
10,218
|
|
Devon Energy Corp.
|
457,562
|
|
Media Entertainment-0.3%
|
||
195,365
|
2
|
Stagwell, Inc.
|
1,404,674
|
Principal
Amount
or Shares
|
|
|
Value
|
|
COMMON STOCKS-continued
|
||
|
Midstream-0.2%
|
||
53,861
|
|
Suburban Propane Partners LP
|
$ 942,568
|
|
Oil Field Services-0.1%
|
||
7,220
|
2
|
Nabors Industries Ltd.
|
544,171
|
|
Paper-0.3%
|
||
41,201
|
|
Graphic Packaging Holding Co.
|
1,233,146
|
|
Services-0.1%
|
||
52,905
|
|
Dun & Bradstreet Holdings, Inc.
|
634,860
|
|
Technology-0.6%
|
||
7,455
|
|
Dell Technologies, Inc.
|
861,351
|
7,805
|
|
Science Applications International Corp.
|
1,019,255
|
93,425
|
2
|
Viavi Solutions, Inc.
|
804,389
|
|
TOTAL
|
2,684,995
|
|
|
Utility - Electric-0.5%
|
||
9,800
|
|
NRG Energy, Inc.
|
833,098
|
15,975
|
|
Vistra Corp.
|
1,364,744
|
|
TOTAL
|
2,197,842
|
|
|
TOTAL COMMON STOCKS
(IDENTIFIED COST $20,632,621)
|
21,708,146
|
|
|
INVESTMENT COMPANIES-2.1%
|
||
871,305
|
|
Bank Loan Core Fund
|
7,580,353
|
2,319,260
|
|
Federated Hermes Government Obligations Fund, Premier Shares, 5.21%3
|
2,319,260
|
|
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $10,933,466)
|
9,899,613
|
|
|
TOTAL INVESTMENT IN SECURITIES-98.8%
(IDENTIFIED COST $489,144,939)4
|
465,346,695
|
|
|
OTHER ASSETS AND LIABILITIES - NET-1.2%5
|
5,807,463
|
|
|
TOTAL NET ASSETS-100%
|
$471,154,158
|
|
Bank Loan
Core Fund
|
Federated Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares
|
Federated Hermes
Government
Obligations Fund,
Premier Shares
|
Total of
Affiliated
Transactions
|
Value as of 2/29/2024
|
$7,294,493
|
$12,915,151
|
$-
|
$20,209,644
|
Purchases at Cost
|
$320,518
|
$23,823,978
|
$46,049,613
|
$70,194,109
|
Proceeds from Sales
|
$-
|
$(36,737,127)
|
$(43,730,353)
|
$(80,467,480)
|
Change in Unrealized Appreciation/Depreciation
|
$(34,658)
|
$838
|
$-
|
$(33,820)
|
Net Realized Gain/(Loss)
|
$-
|
$(2,840)
|
$-
|
$(2,840)
|
Value as of 8/31/2024
|
$7,580,353
|
$-
|
$2,319,260
|
$9,899,613
|
Shares Held as of 8/31/2024
|
871,305
|
-
|
2,319,260
|
3,190,565
|
Dividend Income
|
$320,518
|
$86,174
|
$77,250
|
$483,942
|
1
|
Issuer in default.
|
2
|
Non-income-producing security.
|
3
|
7-day net yield.
|
4
|
The cost of investments for federal tax purposes amounts to $489,016,071.
|
5
|
Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
|
Valuation Inputs
|
||||
|
Level 1-
Quoted
Prices
|
Level 2-
Other
Significant
Observable
Inputs
|
Level 3-
Significant
Unobservable
Inputs
|
Total
|
Debt Securities:
|
||||
Corporate Bonds
|
$-
|
$433,738,936
|
$-
|
$433,738,936
|
Equity Securities:
|
||||
Common Stocks
|
||||
Domestic
|
20,645,000
|
-
|
-
|
20,645,000
|
International
|
1,063,146
|
-
|
-
|
1,063,146
|
Investment Companies
|
9,899,613
|
-
|
-
|
9,899,613
|
TOTAL SECURITIES
|
$31,607,759
|
$433,738,936
|
$-
|
$465,346,695
|
The following acronym(s) are used throughout this portfolio:
|
|
GMTN
|
-Global Medium Term Note
|
PIK
|
-Payment in Kind
|
|
Six Months
Ended
(unaudited)
8/31/2024
|
Year Ended February 28 or 29,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset Value, Beginning of Period
|
$6.24
|
$6.01
|
$6.83
|
$6.98
|
$6.51
|
$6.59
|
Income From Investment Operations:
|
||||||
Net investment income (loss)1
|
0.17
|
0.33
|
0.32
|
0.28
|
0.29
|
0.34
|
Net realized and unrealized gain (loss)
|
0.16
|
0.24
|
(0.78)
|
(0.12)
|
0.48
|
(0.08)
|
Total From Investment Operations
|
0.33
|
0.57
|
(0.46)
|
0.16
|
0.77
|
0.26
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.16)
|
(0.34)
|
(0.33)
|
(0.29)
|
(0.30)
|
(0.33)
|
Distributions from net realized gain
|
-
|
-
|
(0.03)
|
(0.02)
|
-
|
(0.01)
|
Total Distributions
|
(0.16)
|
(0.34)
|
(0.36)
|
(0.31)
|
(0.30)
|
(0.34)
|
Redemption fees
|
-
|
-
|
-
|
-
|
-
|
0.002
|
Net Asset Value, End of Period
|
$6.41
|
$6.24
|
$6.01
|
$6.83
|
$6.98
|
$6.51
|
Total Return3
|
5.41%
|
9.84%
|
(6.77)%
|
2.18%
|
12.33%
|
3.98%
|
Ratios to Average Net Assets:
|
||||||
Net expenses4
|
0.97%5
|
0.97%
|
0.97%
|
0.97%
|
0.97%
|
0.97%
|
Net investment income
|
5.41%5
|
5.52%
|
5.18%
|
4.01%
|
4.45%
|
4.83%
|
Expense waiver/reimbursement6
|
0.14%5
|
0.14%
|
0.13%
|
0.11%
|
0.13%
|
0.11%
|
Supplemental Data:
|
||||||
Net assets, end of period (000 omitted)
|
$30,597
|
$27,750
|
$24,153
|
$25,842
|
$23,000
|
$25,430
|
Portfolio turnover7
|
11%
|
15%
|
14%
|
34%
|
41%
|
31%
|
1
|
Per share numbers have been calculated using the average shares method.
|
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.
|
|
Six Months
Ended
(unaudited)
8/31/2024
|
Year Ended February 28 or 29,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset Value, Beginning of Period
|
$6.24
|
$6.00
|
$6.83
|
$6.98
|
$6.51
|
$6.59
|
Income From Investment Operations:
|
||||||
Net investment income (loss)1
|
0.14
|
0.28
|
0.27
|
0.23
|
0.23
|
0.28
|
Net realized and unrealized gain (loss)
|
0.17
|
0.25
|
(0.79)
|
(0.13)
|
0.49
|
(0.07)
|
Total From Investment Operations
|
0.31
|
0.53
|
(0.52)
|
0.10
|
0.72
|
0.21
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.14)
|
(0.29)
|
(0.28)
|
(0.23)
|
(0.25)
|
(0.28)
|
Distributions from net realized gain
|
-
|
-
|
(0.03)
|
(0.02)
|
-
|
(0.01)
|
Total Distributions
|
(0.14)
|
(0.29)
|
(0.31)
|
(0.25)
|
(0.25)
|
(0.29)
|
Redemption fees
|
-
|
-
|
-
|
-
|
-
|
0.002
|
Net Asset Value, End of Period
|
$6.41
|
$6.24
|
$6.00
|
$6.83
|
$6.98
|
$6.51
|
Total Return3
|
4.97%
|
9.13%
|
(7.68)%
|
1.36%
|
11.42%
|
3.14%
|
Ratios to Average Net Assets:
|
||||||
Net expenses4
|
1.81%5
|
1.80%
|
1.79%
|
1.78%
|
1.79%
|
1.78%
|
Net investment income
|
4.57%5
|
4.70%
|
4.30%
|
3.19%
|
3.62%
|
4.03%
|
Expense waiver/reimbursement6
|
0.07%5
|
0.07%
|
0.06%
|
0.05%
|
0.05%
|
0.06%
|
Supplemental Data:
|
||||||
Net assets, end of period (000 omitted)
|
$10,062
|
$13,280
|
$18,121
|
$28,570
|
$28,292
|
$30,266
|
Portfolio turnover7
|
11%
|
15%
|
14%
|
34%
|
41%
|
31%
|
1
|
Per share numbers have been calculated using the average shares method.
|
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.
|
|
Six Months
Ended
(unaudited)
8/31/2024
|
Year Ended February 28 or 29,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset Value, Beginning of Period
|
$6.22
|
$5.98
|
$6.81
|
$6.96
|
$6.48
|
$6.56
|
Income From Investment Operations:
|
||||||
Net investment income (loss)1
|
0.18
|
0.35
|
0.33
|
0.30
|
0.30
|
0.35
|
Net realized and unrealized gain (loss)
|
0.16
|
0.25
|
(0.79)
|
(0.12)
|
0.49
|
(0.07)
|
Total From Investment Operations
|
0.34
|
0.60
|
(0.46)
|
0.18
|
0.79
|
0.28
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.17)
|
(0.36)
|
(0.34)
|
(0.31)
|
(0.31)
|
(0.35)
|
Distributions from net realized gain
|
-
|
-
|
(0.03)
|
(0.02)
|
-
|
(0.01)
|
Total Distributions
|
(0.17)
|
(0.36)
|
(0.37)
|
(0.33)
|
(0.31)
|
(0.36)
|
Redemption fees
|
-
|
-
|
-
|
-
|
-
|
0.002
|
Net Asset Value, End of Period
|
$6.39
|
$6.22
|
$5.98
|
$6.81
|
$6.96
|
$6.48
|
Total Return3
|
5.55%
|
10.31%
|
(6.72)%
|
2.43%
|
12.80%
|
4.23%
|
Ratios to Average Net Assets:
|
||||||
Net expenses4
|
0.72%5
|
0.72%
|
0.72%
|
0.72%
|
0.72%
|
0.72%
|
Net investment income
|
5.66%5
|
5.77%
|
5.38%
|
4.26%
|
4.68%
|
5.08%
|
Expense waiver/reimbursement6
|
0.16%5
|
0.14%
|
0.15%
|
0.13%
|
0.14%
|
0.13%
|
Supplemental Data:
|
||||||
Net assets, end of period (000 omitted)
|
$222,351
|
$233,603
|
$259,980
|
$351,491
|
$312,067
|
$323,629
|
Portfolio turnover7
|
11%
|
15%
|
14%
|
34%
|
41%
|
31%
|
1
|
Per share numbers have been calculated using the average shares method.
|
2
|
Represents less than $0.01.
|
3
|
Based on net asset value. 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.
|
|
Six Months
Ended
(unaudited)
8/31/2024
|
Year Ended February 28 or 29,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset Value, Beginning of Period
|
$6.23
|
$5.99
|
$6.81
|
$6.97
|
$6.49
|
$6.57
|
Income From Investment Operations:
|
||||||
Net investment income (loss)1
|
0.17
|
0.33
|
0.32
|
0.28
|
0.28
|
0.34
|
Net realized and unrealized gain (loss)
|
0.15
|
0.25
|
(0.78)
|
(0.13)
|
0.50
|
(0.08)
|
Total From Investment Operations
|
0.32
|
0.58
|
(0.46)
|
0.15
|
0.78
|
0.26
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.16)
|
(0.34)
|
(0.33)
|
(0.29)
|
(0.30)
|
(0.33)
|
Distributions from net realized gain
|
-
|
-
|
(0.03)
|
(0.02)
|
-
|
(0.01)
|
Total Distributions
|
(0.16)
|
(0.34)
|
(0.36)
|
(0.31)
|
(0.30)
|
(0.34)
|
Redemption fees
|
-
|
-
|
-
|
-
|
-
|
0.002
|
Net Asset Value, End of Period
|
$6.39
|
$6.23
|
$5.99
|
$6.81
|
$6.97
|
$6.49
|
Total Return3
|
5.25%
|
10.03%
|
(6.80)%
|
2.03%
|
12.51%
|
3.97%
|
Ratios to Average Net Assets:
|
||||||
Net expenses4
|
0.97%5
|
0.97%
|
0.97%
|
0.97%
|
0.97%
|
0.97%
|
Net investment income
|
5.41%5
|
5.52%
|
5.14%
|
4.00%
|
4.42%
|
4.83%
|
Expense waiver/reimbursement6
|
0.15%5
|
0.14%
|
0.14%
|
0.13%
|
0.13%
|
0.12%
|
Supplemental Data:
|
||||||
Net assets, end of period (000 omitted)
|
$197,489
|
$208,908
|
$217,072
|
$292,433
|
$323,462
|
$330,089
|
Portfolio turnover7
|
11%
|
15%
|
14%
|
34%
|
41%
|
31%
|
1
|
Per share numbers have been calculated using the average shares method.
|
2
|
Represents less than $0.01.
|
3
|
Based on net asset value. 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.
|
|
Six Months
Ended
(unaudited)
8/31/2024
|
Year Ended February 28 or 29,
|
||||
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset Value, Beginning of Period
|
$6.23
|
$5.99
|
$6.82
|
$6.97
|
$6.49
|
$6.57
|
Income From Investment Operations:
|
||||||
Net investment income (loss)1
|
0.18
|
0.35
|
0.33
|
0.30
|
0.30
|
0.35
|
Net realized and unrealized gain (loss)
|
0.16
|
0.25
|
(0.79)
|
(0.12)
|
0.49
|
(0.07)
|
Total From Investment Operations
|
0.34
|
0.60
|
(0.46)
|
0.18
|
0.79
|
0.28
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.17)
|
(0.36)
|
(0.34)
|
(0.31)
|
(0.31)
|
(0.35)
|
Distributions from net realized gain
|
-
|
-
|
(0.03)
|
(0.02)
|
-
|
(0.01)
|
Total Distributions
|
(0.17)
|
(0.36)
|
(0.37)
|
(0.33)
|
(0.31)
|
(0.36)
|
Redemption fees
|
-
|
-
|
-
|
-
|
-
|
0.002
|
Net Asset Value, End of Period
|
$6.40
|
$6.23
|
$5.99
|
$6.82
|
$6.97
|
$6.49
|
Total Return3
|
5.55%
|
10.31%
|
(6.69)%
|
2.44%
|
12.80%
|
4.24%
|
Ratios to Average Net Assets:
|
||||||
Net expenses4
|
0.71%5
|
0.71%
|
0.71%
|
0.71%
|
0.71%
|
0.71%
|
Net investment income
|
5.67%5
|
5.79%
|
5.43%
|
4.33%
|
4.86%
|
5.08%
|
Expense waiver/reimbursement6
|
0.07%5
|
0.06%
|
0.06%
|
0.05%
|
0.05%
|
0.05%
|
Supplemental Data:
|
||||||
Net assets, end of period (000 omitted)
|
$10,654
|
$11,112
|
$11,074
|
$12,111
|
$4,651
|
$9,387
|
Portfolio turnover7
|
11%
|
15%
|
14%
|
34%
|
41%
|
31%
|
1
|
Per share numbers have been calculated using the average shares method.
|
2
|
Represents less than $0.01.
|
3
|
Based on net asset value. 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.
|
Assets:
|
|
Investment in securities, at value including $9,899,613 of investments in affiliated holdings* (identified cost $489,144,939, including
$10,933,466 of identified cost in affiliated holdings)
|
$465,346,695
|
Income receivable
|
6,867,430
|
Income receivable from affiliated holdings
|
55,642
|
Receivable for shares sold
|
113,067
|
Total Assets
|
472,382,834
|
Liabilities:
|
|
Payable for investments purchased
|
53,325
|
Payable for shares redeemed
|
936,009
|
Income distribution payable
|
56,272
|
Payable for investment adviser fee (Note 5)
|
13,547
|
Payable for administrative fee (Note 5)
|
1,995
|
Payable for Directors'/Trustees' fees (Note 5)
|
600
|
Payable for transfer agent fees (Note 2)
|
56,846
|
Payable for distribution services fee (Note 5)
|
6,460
|
Payable for other service fees (Notes 2 and 5)
|
49,347
|
Accrued expenses (Note 5)
|
54,275
|
Total Liabilities
|
1,228,676
|
Net assets for 73,706,432 shares outstanding
|
$471,154,158
|
Net Assets Consist of:
|
|
Paid-in capital
|
$534,811,580
|
Total distributable earnings (loss)
|
(63,657,422)
|
Total Net Assets
|
$471,154,158
|
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
|
|
Class A Shares:
|
|
Net asset value per share ($30,597,376 ÷ 4,772,888 shares outstanding), no par value, unlimited shares authorized
|
$6.41
|
Offering price per share (100/95.50 of $6.41)
|
$6.71
|
Redemption proceeds per share
|
$6.41
|
Class C Shares:
|
|
Net asset value per share ($10,062,092 ÷ 1,569,897 shares outstanding), no par value, unlimited shares authorized
|
$6.41
|
Offering price per share
|
$6.41
|
Redemption proceeds per share (99.00/100 of $6.41)
|
$6.35
|
Institutional Shares:
|
|
Net asset value per share ($222,351,376 ÷ 34,808,862 shares outstanding), no par value, unlimited shares authorized
|
$6.39
|
Offering price per share
|
$6.39
|
Redemption proceeds per share
|
$6.39
|
Service Shares:
|
|
Net asset value per share ($197,488,829 ÷ 30,888,906 shares outstanding), no par value, unlimited shares authorized
|
$6.39
|
Offering price per share
|
$6.39
|
Redemption proceeds per share
|
$6.39
|
Class R6 Shares:
|
|
Net asset value per share ($10,654,485 ÷ 1,665,879 shares outstanding), no par value, unlimited shares authorized
|
$6.40
|
Offering price per share
|
$6.40
|
Redemption proceeds per share
|
$6.40
|
*
|
See information listed after the Fund's Portfolio of Investments.
|
Investment Income:
|
|
Interest
|
$14,342,500
|
Dividends (including $483,942 received from affiliated holdings* and net of foreign taxes withheld of $4,320)
|
541,963
|
TOTAL INCOME
|
14,884,463
|
Expenses:
|
|
Investment adviser fee (Note 5)
|
1,470,094
|
Administrative fee (Note 5)
|
194,454
|
Custodian fees
|
13,213
|
Transfer agent fees (Note 2)
|
267,163
|
Directors'/Trustees' fees (Note 5)
|
3,814
|
Auditing fees
|
16,863
|
Legal fees
|
5,179
|
Portfolio accounting fees
|
89,227
|
Distribution services fee (Note 5)
|
43,461
|
Other service fees (Notes 2 and 5)
|
304,696
|
Share registration costs
|
50,056
|
Printing and postage
|
21,927
|
Miscellaneous (Note 5)
|
19,039
|
TOTAL EXPENSES
|
2,499,186
|
Waiver and Reimbursements:
|
|
Waiver/reimbursement of investment adviser fee (Note 5)
|
(170,486)
|
Reimbursement of other operating expenses (Notes 2 and 5)
|
(197,440)
|
TOTAL WAIVER AND REIMBURSEMENTS
|
(367,926)
|
Net expenses
|
2,131,260
|
Net investment income
|
12,753,203
|
Realized and Unrealized Gain (Loss) on Investments:
|
|
Net realized loss on investments (including net realized loss of $(2,840) on sales of investments in affiliated holdings*)
|
(7,309,017)
|
Net change in unrealized depreciation of investments (including net change in unrealized depreciation of $(33,820) on investments in affiliated
holdings*)
|
19,934,485
|
Net realized and unrealized gain (loss) on investments
|
12,625,468
|
Change in net assets resulting from operations
|
$25,378,671
|
*
|
See information listed after the Fund's Portfolio of Investments.
|
|
Six Months
Ended
(unaudited)
8/31/2024
|
Year Ended
2/29/2024
|
Increase (Decrease) in Net Assets
|
||
Operations:
|
||
Net investment income
|
$12,753,203
|
$27,935,842
|
Net realized gain (loss)
|
(7,309,017)
|
(17,966,131)
|
Net change in unrealized appreciation/depreciation
|
19,934,485
|
37,463,049
|
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
|
25,378,671
|
47,432,760
|
Distributions to Shareholders:
|
||
Class A Shares
|
(751,257)
|
(1,445,922)
|
Class C Shares
|
(249,103)
|
(754,636)
|
Institutional Shares
|
(6,284,719)
|
(13,851,840)
|
Service Shares
|
(5,263,929)
|
(11,897,576)
|
Class R6 Shares
|
(299,275)
|
(682,697)
|
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS
|
(12,848,283)
|
(28,632,671)
|
Share Transactions:
|
||
Proceeds from sale of shares
|
36,808,840
|
101,823,739
|
Net asset value of shares issued to shareholders in payment of distributions declared
|
12,509,611
|
27,949,469
|
Cost of shares redeemed
|
(85,347,782)
|
(184,320,289)
|
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS
|
(36,029,331)
|
(54,547,081)
|
Change in net assets
|
(23,498,943)
|
(35,746,992)
|
Net Assets:
|
||
Beginning of period
|
494,653,101
|
530,400,093
|
End of period
|
$471,154,158
|
$494,653,101
|
|
Transfer Agent
Fees Incurred
|
Transfer Agent
Fees Reimbursed
|
Class A Shares
|
$13,548
|
$(9,807)
|
Class C Shares
|
6,852
|
(49)
|
Institutional Shares
|
135,265
|
(105,406)
|
Service Shares
|
110,633
|
(82,178)
|
Class R6 Shares
|
865
|
-
|
TOTAL
|
$267,163
|
$(197,440)
|
|
Other Service
Fees Incurred
|
Class A Shares
|
$36,548
|
Class C Shares
|
14,250
|
Service Shares
|
253,898
|
TOTAL
|
$304,696
|
|
Six Months Ended
8/31/2024
|
Year Ended
2/29/2024
|
||
Class A Shares:
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares sold
|
960,308
|
$6,005,533
|
1,033,586
|
$6,264,153
|
Shares issued to shareholders in payment of distributions declared
|
118,980
|
748,871
|
237,207
|
1,441,099
|
Shares redeemed
|
(751,412)
|
(4,714,184)
|
(847,308)
|
(5,129,336)
|
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS
|
327,876
|
$2,040,220
|
423,485
|
$2,575,916
|
|
Six Months Ended
8/31/2024
|
Year Ended
2/29/2024
|
||
Class C Shares:
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares sold
|
48,661
|
$306,389
|
293,666
|
$1,778,602
|
Shares issued to shareholders in payment of distributions declared
|
39,608
|
249,102
|
124,461
|
754,546
|
Shares redeemed
|
(645,845)
|
(4,053,282)
|
(1,308,448)
|
(7,935,479)
|
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS
|
(557,576)
|
$(3,497,791)
|
(890,321)
|
$(5,402,331)
|
|
Six Months Ended
8/31/2024
|
Year Ended
2/29/2024
|
||
Institutional Shares:
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares sold
|
3,431,294
|
$21,499,332
|
10,724,971
|
$64,984,411
|
Shares issued to shareholders in payment of distributions declared
|
993,452
|
6,229,372
|
2,269,782
|
13,726,746
|
Shares redeemed
|
(7,167,239)
|
(44,906,731)
|
(18,883,157)
|
(113,877,871)
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS
|
(2,742,493)
|
$(17,178,027)
|
(5,888,404)
|
$(35,166,714)
|
|
Six Months Ended
8/31/2024
|
Year Ended
2/29/2024
|
||
Service Shares:
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares sold
|
1,225,345
|
$7,667,004
|
4,137,541
|
$24,990,190
|
Shares issued to shareholders in payment of distributions declared
|
794,679
|
4,986,859
|
1,874,750
|
11,353,179
|
Shares redeemed
|
(4,681,835)
|
(29,301,187)
|
(8,698,928)
|
(52,516,291)
|
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS
|
(2,661,811)
|
$(16,647,324)
|
(2,686,637)
|
$(16,172,922)
|
|
Six Months Ended
8/31/2024
|
Year Ended
2/29/2024
|
||
Class R6 Shares:
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares sold
|
212,601
|
$1,330,582
|
631,321
|
$3,806,383
|
Shares issued to shareholders in payment of distributions declared
|
47,050
|
295,407
|
111,300
|
673,899
|
Shares redeemed
|
(377,799)
|
(2,372,398)
|
(806,815)
|
(4,861,312)
|
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS
|
(118,148)
|
$(746,409)
|
(64,194)
|
$(381,030)
|
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS
|
(5,752,152)
|
$(36,029,331)
|
(9,106,071)
|
$(54,547,081)
|
Short-Term
|
Long-Term
|
Total
|
$2,468,876
|
$30,328,947
|
$32,797,823
|
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
|
$43,461
|
Purchases
|
$50,560,142
|
Sales
|
$80,976,632
|
Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
Federated Hermes Opportunistic High Yield Bond Fund: Not Applicable.
Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Federated Hermes Opportunistic High Yield Bond Fund: Not Applicable.
Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Federated Hermes Opportunistic High Yield Bond Fund: The Fund's disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Federated Hermes Opportunistic High Yield Bond Fund: The Fund's Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not Applicable
Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not Applicable
Item 15. | Submission of Matters to a Vote of Security Holders. |
No Changes to Report
Item 16. | Controls and Procedures. |
(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days 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 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not Applicable
Item 18. | Recovery of Erroneously Awarded Compensation |
(a) Not Applicable
(b) Not Applicable
Item 19. | Exhibits |
(a)(1) Not Applicable.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(a)(4) 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/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer
Date: October 23, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date: October 23, 2024
By: /s/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer
Date: October 23, 2024