NPORT-EX 2 poi_fhhighincomebdfdii.htm POI - FEDERATED HERMES HIGH INCOME BOND FUND II EDGAR HTML
Federated Hermes High Income Bond Fund II
Portfolio of Investments
March 31, 2023 (unaudited)  
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—94.9%
 
Aerospace/Defense—1.6%
$475,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026
$475,914
175,000
 
TransDigm, Inc., Sec. Fac. Bond, 144A, 6.750%, 8/15/2028
176,969
450,000
 
TransDigm, Inc., Sr. Sub., 6.875%, 5/15/2026
443,689
775,000
 
TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027
731,602
100,000
 
TransDigm, Inc., Sr. Sub., Series WI, 7.500%, 3/15/2027
99,852
 
TOTAL
1,928,026
 
Airlines—0.2%
225,000
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026
221,702
 
Automotive—5.6%
75,000
 
Adient Global Holdings Ltd., Sr. Secured. Note, 144A, 7.000%, 4/15/2028
77,166
550,000
 
Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026
530,670
22,000
 
Clarios Global LP, Sec. Fac. Bond, 144A, 6.750%, 5/15/2025
22,258
50,000
 
Dana Financing Lux Sarl, Sr. Unsecd. Note, 144A, 5.750%, 4/15/2025
49,440
25,000
 
Dana, Inc., Sr. Unsecd. Note, 4.250%, 9/1/2030
20,067
150,000
 
Dana, Inc., Sr. Unsecd. Note, 4.500%, 2/15/2032
118,562
125,000
 
Dana, Inc., Sr. Unsecd. Note, 5.375%, 11/15/2027
116,776
600,000
 
Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029
405,529
550,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025
516,238
200,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030
170,221
300,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024
290,008
275,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027
252,341
200,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.271%, 1/9/2027
186,500
450,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029
423,092
325,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025
318,580
500,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026
475,110
225,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027
206,393
425,000
 
IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029
374,968
22,000
 
KAR Auction Services, Inc., Sr. Unsecd. Note, 144A, 5.125%, 6/1/2025
21,748
1,325,000
 
Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027
1,332,453
600,000
 
Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029
444,191
300,000
 
Schaeffler Verwaltung ZW, 144A, 4.750%, 9/15/2026
267,596
 
TOTAL
6,619,907
 
Building Materials—3.7%
25,000
 
Abc Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029
21,380
150,000
 
American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028
136,736
225,000
 
Camelot Return Merger SU, Sec. Fac. Bond, 144A, 8.750%, 8/1/2028
208,575
175,000
 
Cornerstone Building Brands, Sr. Unsecd. Note, 144A, 6.125%, 1/15/2029
125,105
575,000
 
Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028
427,688
525,000
 
Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029
416,817
350,000
 
Gyp Holdings III Corp., Sr. Unsecd. Note, 144A, 4.625%, 5/1/2029
299,688
175,000
 
Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028
141,268
75,000
 
MIWD Holdco II LLC/MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030
63,483
575,000
 
SRS Distribution, Inc., Sr. Unsecd. Note, 144A, 6.000%, 12/1/2029
475,600
400,000
 
SRS Distribution, Inc., Sr. Unsecd. Note, 144A, 6.125%, 7/1/2029
338,000
375,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031
301,807
1
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Building Materials—continued
$125,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030
$108,891
750,000
 
Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027
713,333
400,000
 
White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028
347,343
200,000
 
White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026
182,156
 
TOTAL
4,307,870
 
Cable Satellite—8.0%
125,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031
102,354
250,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2034
195,796
225,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033
181,410
900,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030
780,750
750,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
692,786
75,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027
70,968
275,000
 
CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029
252,816
125,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 5.250%, 6/1/2024
120,768
225,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031
155,858
325,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.125%, 12/1/2030
233,706
300,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031
216,591
450,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030
222,323
475,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030
250,562
450,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 6.500%, 2/1/2029
374,138
350,000
 
CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.500%, 4/1/2028
223,440
250,000
 
DIRECTV Holdings LLC, Sec. Fac. Bond, 144A, 5.875%, 8/15/2027
226,665
225,000
 
DISH DBS Corp., Sec. Fac. Bond, 144A, 5.750%, 12/1/2028
168,328
50,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028
28,579
275,000
 
DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026
181,785
575,000
 
DISH DBS Corp., Sr. Unsecd. Note, Series WI, 5.125%, 6/1/2029
306,808
175,000
 
DISH Network Corp., Sec. Fac. Bond, 144A, 11.750%, 11/15/2027
169,935
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
67,729
300,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031
233,545
150,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2028
129,000
300,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030
245,589
50,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.000%, 8/1/2027
46,865
450,000
 
Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029
410,042
850,000
 
Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028
788,375
625,000
 
UPC Broadband Finco BV, Sr. Note, 144A, 4.875%, 7/15/2031
541,228
325,000
 
Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030
268,973
200,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030
172,231
200,000
 
Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 5.500%, 5/15/2029
186,478
200,000
 
Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031
170,400
250,000
 
Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031
214,601
375,000
 
VZ Secured Financing B.V., Sec. Fac. Bond, 144A, 5.000%, 1/15/2032
306,328
200,000
 
Ziggo Bond Co. BV, Sr. Unsecd. Note, 144A, 5.125%, 2/28/2030
161,054
275,000
 
Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027
254,046
 
TOTAL
9,352,850
 
Chemicals—3.0%
150,000
 
Ashland LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/1/2031
122,849
150,000
 
Axalta Coat/Dutch Holding BV, Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027
142,696
200,000
 
Cheever Escrow Issuer, Sec. Fac. Bond, 144A, 7.125%, 10/1/2027
187,980
2
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Chemicals—continued
$425,000
 
Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 4.875%, 7/15/2024
$404,171
300,000
 
Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028
263,646
175,000
 
H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028
155,446
500,000
 
Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028
403,032
125,000
 
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028
110,927
675,000
 
Koppers, Inc., Sr. Unsecd. Note, 144A, 6.000%, 2/15/2025
675,287
200,000
 
Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 4.250%, 10/1/2028
165,697
350,000
 
Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029
259,391
350,000
 
Polar US Borrower LLC, Sr. Unsecd. Note, 144A, 6.750%, 5/15/2026
180,872
200,000
 
SPCM SA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030
165,217
75,000
 
WR Grace Holdings LLC, Sec. Fac. Bond, 144A, 7.375%, 3/1/2031
75,355
200,000
 
WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
170,000
 
TOTAL
3,482,566
 
Construction Machinery—0.7%
425,000
 
H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028
372,937
75,000
 
Ritchie Bros Holdings, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/15/2028
77,331
75,000
 
Ritchie Bros Holdings, Inc., Sr. Unsecd. Note, 144A, 7.750%, 3/15/2031
78,695
175,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 3.750%, 1/15/2032
150,905
75,000
 
United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030
67,478
138,000
 
United Rentals, Inc., Sr. Unsecd. Note, 5.500%, 5/15/2027
136,828
 
TOTAL
884,174
 
Consumer Cyclical Services—2.6%
225,000
 
Allied Universal Holdco LLC, Sec. Fac. Bond, 144A, 6.625%, 7/15/2026
216,450
425,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
317,732
850,000
 
Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027
758,413
125,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027
112,358
100,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 7.750%, 2/15/2028
98,650
325,000
 
Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029
258,793
325,000
 
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027
316,566
854,000
 
GW B-CR Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027
811,104
375,000
 
Signal Parent, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/1/2029
151,948
 
TOTAL
3,042,014
 
Consumer Products—2.1%
800,000
 
BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027
731,720
625,000
 
Diamond BC BV, Sr. Unsecd. Note, 144A, 4.625%, 10/1/2029
609,594
200,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029
175,449
150,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 5.500%, 6/1/2028
143,911
375,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029
330,008
275,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028
247,843
175,000
 
Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.500%, 12/31/2027
170,121
125,000
 
Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 3.750%, 4/1/2031
106,061
 
TOTAL
2,514,707
 
Diversified Manufacturing—1.0%
850,000
 
Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026
836,294
125,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025
127,177
200,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028
205,556
 
TOTAL
1,169,027
 
Finance Companies—2.0%
375,000
 
Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029
317,357
125,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/25/2025
121,610
3
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Finance Companies—continued
$175,000
 
Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026
$170,840
200,000
 
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029
172,000
225,000
 
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031
186,780
300,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 2.875%, 10/15/2026
268,820
250,000
 
Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033
198,744
425,000
 
United Shore Financial Services, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025
402,721
350,000
 
United Wholesale Mortgage LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029
292,728
275,000
 
United Wholesale Mortgage LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027
245,009
 
TOTAL
2,376,609
 
Food & Beverage—1.9%
400,000
 
Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 4/1/2025
394,038
350,000
 
Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030
354,855
200,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029
179,812
25,000
 
Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/15/2027
24,463
200,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/15/2029
188,694
100,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028
98,093
330,000
 
Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
322,429
200,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030
180,607
475,000
 
US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029
439,358
 
TOTAL
2,182,349
 
Gaming—4.0%
425,000
 
Affinity Gaming LLC, 144A, 6.875%, 12/15/2027
379,491
275,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027
264,000
100,000
 
Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031
90,910
50,000
 
Caesars Entertainment Corp., Sec. Fac. Bond, 144A, 7.000%, 2/15/2030
50,921
75,000
 
Caesars Entertainment Corp., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029
65,665
100,000
 
CCM Merger, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2026
97,751
200,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 5.750%, 7/1/2025
200,226
375,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025
375,368
475,000
 
Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027
484,927
225,000
 
Midwest Gaming Borrower LLC, 144A, 4.875%, 5/1/2029
195,858
675,000
 
Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026
618,283
125,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2029
104,357
50,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2027
47,007
100,000
 
Raptor Acquisition Corp./Raptor Co-Issuer LLC, Sec. Fac. Bond, 144A, 4.875%, 11/1/2026
93,112
350,000
 
Scientific Games Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 3/1/2030
309,622
300,000
 
Scientific Games International, Inc., 144A, 8.625%, 7/1/2025
307,413
225,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029
225,639
475,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028
429,246
250,000
 
Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031
211,366
25,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.500%, 2/15/2025
23,724
50,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2029
44,507
50,000
 
VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 5.625%, 5/1/2024
49,625
 
TOTAL
4,669,018
 
Health Care—5.8%
300,000
 
AdaptHealth LLC, Sr. Unsecd. Note, 144A, 4.625%, 8/1/2029
250,092
250,000
 
AdaptHealth LLC, Sr. Unsecd. Note, 144A, 5.125%, 3/1/2030
212,330
175,000
 
Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029
147,454
550,000
 
Avantor Funding, Inc., Sec. Fac. Bond, 144A, 4.625%, 7/15/2028
521,625
225,000
 
Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029
201,582
4
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Health Care—continued
$175,000
 
CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030
$105,618
550,000
 
CHS/Community Health Systems, Inc., 2nd Lien, 144A, 6.875%, 4/15/2029
341,165
150,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 5.625%, 3/15/2027
131,841
50,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2029
42,345
250,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026
241,875
125,000
 
CHS/Community Health Systems, Inc., Sr. Note, 144A, 5.250%, 5/15/2030
98,169
100,000
 
Embecta Corp., Sec. Fac. Bond, 144A, 5.000%, 2/15/2030
86,129
200,000
 
Embecta Corp., Sr. Note, 144A, 6.750%, 2/15/2030
182,244
50,000
 
Garden Spinco Corp., Sr. Unsecd. Note, 144A, 8.625%, 7/20/2030
53,475
375,000
 
Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025
274,277
125,000
 
HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025
125,133
350,000
 
HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/15/2026
355,373
300,000
 
IMS Health, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026
293,565
175,000
 
LifePoint Health, Inc., 144A, 6.750%, 4/15/2025
166,250
100,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2029
61,250
250,000
 
LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 9.750%, 12/1/2026
202,447
300,000
 
Mozart Debt Merger Sub, Inc., Sec. Fac. Bond, 144A, 3.875%, 4/1/2029
260,598
1,050,000
 
Mozart Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029
911,996
150,000
 
MPH Acquisition Holdings LLC, Sr. Note, 144A, 5.500%, 9/1/2028
119,393
175,000
 
MPH Acquisition Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 11/1/2028
126,072
50,000
 
Teleflex, Inc., Sr. Unsecd. Note, 4.625%, 11/15/2027
48,892
50,000
 
Teleflex, Inc., Sr. Unsecd. Note, 144A, 4.250%, 6/1/2028
47,607
125,000
 
Tenet Healthcare Corp., 144A, 4.250%, 6/1/2029
113,201
175,000
 
Tenet Healthcare Corp., 144A, 4.875%, 1/1/2026
171,755
300,000
 
Tenet Healthcare Corp., 144A, 5.125%, 11/1/2027
288,300
50,000
 
Tenet Healthcare Corp., 144A, 6.125%, 6/15/2030
49,370
500,000
 
Tenet Healthcare Corp., Sr. Unsecd. Note, 6.125%, 10/1/2028
479,672
25,000
 
Tenet Healthcare Corp., Term Loan - 1st Lien, 4.625%, 6/15/2028
23,090
100,000
 
Tenet Healthcare Corp., Term Loan - 2nd Lien, 144A, 6.250%, 2/1/2027
98,450
 
TOTAL
6,832,635
 
Health Insurance—0.7%
250,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.250%, 12/15/2027
241,115
575,000
 
Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029
541,155
 
TOTAL
782,270
 
Independent Energy—4.4%
75,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030
69,853
13,000
 
Antero Resources Corp., Sr. Unsecd. Note, 144A, 7.625%, 2/1/2029
13,305
125,000
 
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
110,437
175,000
 
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028
169,477
98,000
 
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027
119,258
175,000
 
Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026
164,342
25,000
 
Callon Petroleum Corp., Sr. Unsecd. Note, 144A, 7.500%, 6/15/2030
23,524
275,000
 
Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.250%, 7/15/2025
274,143
50,000
 
Chord Energy Corp., Sr. Unsecd. Note, 144A, 6.375%, 6/1/2026
49,584
475,000
 
Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029
435,072
50,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.000%, 5/1/2029
46,640
525,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2025
515,182
250,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025
252,185
125,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.125%, 1/1/2031
129,815
250,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.450%, 9/15/2036
263,125
5
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Independent Energy—continued
$275,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.625%, 9/1/2030
$289,874
75,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 8.875%, 7/15/2030
87,305
75,000
 
PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024
74,775
225,000
 
PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 5/15/2026
219,336
125,000
 
Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 5.375%, 1/15/2026
118,617
300,000
 
Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
293,859
75,000
 
Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025
73,612
75,000
 
Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
68,463
200,000
 
Range Resources Corp., Sr. Unsecd. Note, 8.250%, 1/15/2029
210,990
175,000
 
Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029
155,272
150,000
 
SM Energy Co., Sr. Unsecd. Note, 5.625%, 6/1/2025
145,605
125,000
 
SM Energy Co., Sr. Unsecd. Note, 6.500%, 7/15/2028
119,395
50,000
 
SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027
48,081
100,000
 
SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026
98,158
125,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 4.750%, 2/1/2032
110,556
50,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 5.375%, 3/15/2030
47,066
200,000
 
Southwestern Energy Co., Sr. Unsecd. Note, 8.375%, 9/15/2028
210,454
250,000
 
Tap Rock Resources LLC., Sr. Unsecd. Note, 144A, 7.000%, 10/1/2026
219,242
 
TOTAL
5,226,602
 
Industrial - Other—1.4%
25,000
 
Madison Iaq LLC, Sec. Fac. Bond, 144A, 4.125%, 6/30/2028
21,653
850,000
 
Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029
657,467
425,000
 
Redwood Star Merger Sub, Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030
367,251
202,000
 
Vertical Holdco GmbH, Sr. Unsecd. Note, 144A, 7.625%, 7/15/2028
174,758
425,000
 
Vertical U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027
401,797
 
TOTAL
1,622,926
 
Insurance - P&C—6.5%
475,000
 
AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029
421,000
519,567
 
Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500% / 12.750% PIK, 1/15/2027
475,404
275,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029
237,967
600,000
 
AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025
584,370
1,025,000
 
Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029
868,010
225,000
 
GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027
214,993
425,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029
370,812
1,725,000
 
Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026
1,697,017
225,000
 
Jones Deslauriers Insurance Management, Inc., Sec. Fac. Bond, 144A, 8.500%, 3/15/2030
233,436
300,000
 
Jones Deslauriers Insurance Management, Inc., Sr. Unsecd. Note, 144A, 10.500%, 12/15/2030
302,539
125,000
 
NFP Corp., Sec. Fac. Bond, 144A, 7.500%, 10/1/2030
120,911
1,300,000
 
NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028
1,116,791
75,000
 
Ryan Specialty Group, Sec. Fac. Bond, 144A, 4.375%, 2/1/2030
65,672
900,000
 
USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025
887,436
 
TOTAL
7,596,358
 
Leisure—0.3%
450,000
 
SeaWorld Parks & Entertainment, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029
406,678
 
Lodging—0.5%
100,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032
84,465
75,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.375%, 5/1/2025
75,047
100,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028
100,090
175,000
 
Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030
167,793
6
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Lodging—continued
$200,000
 
Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028
$184,435
 
TOTAL
611,830
 
Media Entertainment—6.5%
350,000
 
Audacy Capital Corp., 144A, 6.500%, 5/1/2027
25,611
350,000
 
Audacy Capital Corp., 144A, 6.750%, 3/31/2029
25,156
225,000
 
Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026
171,272
125,000
1,3
Diamond Sports Group LLC/Diamond Sports Finance Co., 144A, 5.375%, 8/15/2026
7,031
350,000
1,3
Diamond Sports Group LLC/Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 6.625%, 8/15/2027
4,813
300,000
 
Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031
199,540
75,000
 
Gray Escrow, Inc., Sr. Unsecd. Note, 144A, 7.000%, 5/15/2027
62,864
275,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2030
182,875
250,000
 
Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026
216,515
100,000
 
iHeartCommunications, Inc., 144A, 4.750%, 1/15/2028
79,092
175,000
 
iHeartCommunications, Inc., 144A, 5.250%, 8/15/2027
143,230
906,114
 
iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027
660,027
100,000
 
Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029
94,200
100,000
 
Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031
86,090
450,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030
388,051
275,000
 
Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027
260,745
900,000
 
Midas Opco Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029
790,197
400,000
 
Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 4.750%, 11/1/2028
356,216
425,000
 
Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027
393,183
50,000
 
Outfront Media Capital LLC/Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2029
41,556
325,000
 
Outfront Media Capital LLC/Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2030
271,435
300,000
 
ROBLOX Corp., Sr. Unsecd. Note, 144A, 3.875%, 5/1/2030
257,542
50,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 3.875%, 1/15/2029
39,297
175,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2031
120,537
250,000
 
Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027
184,375
375,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027
328,551
275,000
 
Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
219,015
275,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028
240,969
325,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029
281,297
925,000
 
Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027
700,216
250,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 4.500%, 5/1/2029
210,291
125,000
 
Univision Communications, Inc., Sec. Fac. Bond, 144A, 7.375%, 6/30/2030
118,293
375,000
 
Urban One, Inc., Sec. Fac. Bond, 144A, 7.375%, 2/1/2028
341,025
150,000
 
WMG Acquisition Corp., Sec. Fac. Bond, 144A, 3.750%, 12/1/2029
133,045
 
TOTAL
7,634,152
 
Metals & Mining—0.4%
225,000
 
Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029
206,687
300,000
 
Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029
254,635
 
TOTAL
461,322
 
Midstream—6.6%
175,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027
164,927
400,000
 
AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026
383,150
475,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.375%, 6/15/2029
447,598
275,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
269,032
400,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028
384,514
250,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.875%, 5/15/2026
254,806
125,000
 
Cheniere Energy Partners LP, Sr. Unsecd. Note, 4.000%, 3/1/2031
111,372
7
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Midstream—continued
$175,000
 
Cheniere Energy Partners LP, Sr. Unsecd. Note, Series WI, 3.250%, 1/31/2032
$144,741
125,000
 
Cheniere Energy Partners LP, Sr. Unsecd. Note, Series WI, 4.500%, 10/1/2029
116,243
175,000
 
Cheniere Energy, Inc., Sec. Fac. Bond, Series WI, 4.625%, 10/15/2028
166,502
250,000
 
CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030
215,325
125,000
 
Crestwood Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.375%, 2/1/2031
125,121
275,000
 
DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031
239,959
75,000
 
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029
63,847
325,000
 
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2031
270,202
375,000
 
EQM Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027
363,874
275,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 5.500%, 7/15/2028
250,129
200,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 6.500%, 7/15/2048
154,773
65,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025
64,338
75,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027
75,373
100,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 4.250%, 2/15/2030
89,430
100,000
 
Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2030
93,136
275,000
 
Hess Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028
261,350
275,000
 
Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028
257,088
250,000
 
Oasis Midstream Partners, Sr. Unsecd. Note, 144A, 8.000%, 4/1/2029
255,225
150,000
 
Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026
144,403
450,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027
437,112
175,000
 
Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031
153,121
250,000
 
Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.750%, 4/15/2025
208,460
75,000
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028
72,590
75,000
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 6.500%, 7/15/2027
76,536
575,000
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030
562,476
250,000
 
TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026
215,465
200,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.500%, 3/1/2028
189,397
25,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.650%, 7/1/2026
24,188
150,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028
142,921
400,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 5.300%, 3/1/2048
339,540
 
TOTAL
7,788,264
 
Oil Field Services—2.1%
200,000
 
Archrock Partners LP/Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028
192,192
700,000
 
Archrock Partners LP/Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027
687,557
175,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2026
167,079
175,000
 
Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028
161,665
50,000
 
Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027
49,015
100,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029
90,840
225,000
 
Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026
219,951
25,000
 
Transocean Titan Financial Ltd., 144A, 8.375%, 2/1/2028
25,751
425,000
 
USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027
406,536
425,000
 
USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026
413,496
 
TOTAL
2,414,082
 
Packaging—5.6%
622,108
 
ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027
476,659
350,000
 
Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029
274,209
725,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027
572,322
375,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027
296,029
275,000
 
Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030
229,350
75,000
 
Ball Corp., Sr. Unsecd. Note, 3.125%, 9/15/2031
62,135
8
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Packaging—continued
$100,000
 
Ball Corp., Sr. Unsecd. Note, 6.875%, 3/15/2028
$103,602
225,000
 
Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027
223,718
375,000
 
Bway Holding Co., 144A, 9.250%, 4/15/2027
346,875
300,000
 
Bway Holding Co., 144A, 7.875%, 8/15/2026
300,272
1,200,000
 
Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030
1,091,916
175,000
 
Crown Americas LLC/Crown Americas Capital Corp. VI, Sr. Unsecd. Note, 4.750%, 2/1/2026
170,601
75,000
 
OI European Group BV, Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030
68,721
425,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2025
418,731
45,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.875%, 8/15/2023
44,974
200,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/15/2025
200,285
75,000
 
Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027
75,165
100,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029
94,094
100,000
 
Sealed Air Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/1/2028
101,220
500,000
 
Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.625%, 11/1/2025
462,963
175,000
 
Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.250%, 8/1/2024
173,571
375,000
 
Trivium Packaging Finance BV, Sec. Fac. Bond, 144A, 5.500%, 8/15/2026
359,704
425,000
 
Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027
387,158
 
TOTAL
6,534,274
 
Paper—0.5%
350,000
 
Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 5.375%, 2/1/2025
340,942
150,000
 
Graphic Packaging International LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/1/2029
130,077
25,000
 
Graphic Packaging International LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030
21,721
125,000
 
Graphic Packaging International LLC, Sr. Unsecd. Note, 144A, 4.750%, 7/15/2027
119,297
 
TOTAL
612,037
 
Pharmaceuticals—1.9%
75,000
 
Bausch Health Cos., Inc., Sec. Fac. Bond, 144A, 6.125%, 2/1/2027
48,617
175,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/30/2028
66,724
150,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029
58,919
275,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030
102,953
325,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.250%, 2/15/2031
125,938
75,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029
30,029
300,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029
115,165
400,000
 
Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 8.500%, 1/31/2027
183,274
125,000
 
Catalent Pharma Solutions, Inc., Sr. Unsecd. Note, 144A, 3.500%, 4/1/2030
109,966
475,000
 
Grifols Escrow Issuer SA, Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028
389,980
350,000
 
Jazz Securities Designated Activity Co., Sec. Fac. Bond, 144A, 4.375%, 1/15/2029
322,315
51,297
 
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Sr. Unsecd.Note, 144A, 10.000%, 6/15/2029
28,284
450,000
 
Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031
399,860
250,000
 
Syneos Health, Inc., Sr. Unsecd. Note, 144A, 3.625%, 1/15/2029
205,749
 
TOTAL
2,187,773
 
Restaurant—1.7%
250,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.375%, 1/15/2028
231,040
225,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 1st Lien, 144A, 3.500%, 2/15/2029
201,665
1,100,000
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., 2nd Lien, 144A, 4.000%, 10/15/2030
944,240
75,000
 
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsecd. Note, 144A, 4.750%, 6/1/2027
72,924
375,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032
349,087
75,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 5.375%, 4/1/2032
72,670
75,000
 
Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
71,733
 
TOTAL
1,943,359
9
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Retailers—0.6%
$225,000
 
Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027
$219,739
200,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029
179,272
150,000
 
Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032
131,610
50,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029
35,710
75,000
 
Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031
52,108
75,000
 
Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029
64,469
 
TOTAL
682,908
 
Supermarkets—0.7%
625,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029
544,396
75,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028
74,618
150,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.500%, 2/15/2028
150,533
50,000
 
Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026
51,348
 
TOTAL
820,895
 
Technology—9.0%
275,000
 
Black Knight InfoServ LLC, Sr. Unsecd. Note, 144A, 3.625%, 9/1/2028
250,594
300,000
 
Boxer Parent Co., Inc., 144A, 9.125%, 3/1/2026
292,005
375,000
 
Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028
354,765
250,000
 
Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026
162,815
350,000
 
Central Parent, Inc./Central Merger Sub, Inc., 144A, 7.250%, 6/15/2029
344,323
50,000
 
Ciena Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/31/2030
43,545
350,000
 
Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029
316,871
375,000
 
Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
340,781
150,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026
130,449
325,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028
269,815
150,000
 
Dun & Bradstreet Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029
130,048
450,000
 
Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029
384,669
125,000
 
Entegris Escrow Corp., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030
121,280
100,000
 
Gartner, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2030
89,852
25,000
 
Gartner, Inc., Sr. Unsecd. Note, 144A, 4.500%, 7/1/2028
23,754
325,000
 
HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029
289,158
350,000
 
Helios Software Holdings, Sec. Fac. Bond, 144A, 4.625%, 5/1/2028
284,724
550,000
 
Logan Merger Sub, Inc., Sr. Secd. Note, 144A, 5.500%, 9/1/2027
282,122
1,050,000
 
McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030
881,364
1,025,000
 
Minerva Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030
832,053
250,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028
220,000
300,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.125%, 4/15/2029
259,875
350,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030
286,048
50,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 5.750%, 9/1/2027
49,190
25,000
 
Open Text Corp., 144A, 6.900%, 12/1/2027
25,812
125,000
 
Open Text Corp., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2028
111,719
275,000
 
Open Text Holdings, Inc. / Open Text Corp., Sr. Unsecd. Note, 144A, 4.125%, 12/1/2031
227,146
450,000
 
Picard Midco, Inc., Sec. Fac. Bond, 144A, 6.500%, 3/31/2029
398,484
325,000
 
Rackspace Technology, Inc., 144A, 3.500%, 2/15/2028
169,416
475,000
 
Rackspace Technology, Inc., Sr. Unsecd. Note, 144A, 5.375%, 12/1/2028
182,145
600,000
 
Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029
473,119
75,000
 
Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028
69,932
406,125
 
Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 9.625%, 12/1/2032
455,549
200,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.000%, 4/15/2029
180,875
200,000
 
Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.875%, 9/1/2030
198,430
75,000
 
Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031
65,692
10
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Technology—continued
$625,000
 
SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027
$607,140
100,000
 
Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029
86,268
200,000
 
TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029
174,281
375,000
 
Veritas US, Inc./Veritas Bermuda Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025
282,662
75,000
 
Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029
64,215
175,000
 
ZipRecruiter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/15/2030
149,843
 
TOTAL
10,562,828
 
Transportation Services—0.3%
375,000
 
Watco Cos. LLC/Finance Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027
351,975
 
Utility - Electric—2.7%
300,000
 
Calpine Corp., 144A, 4.500%, 2/15/2028
278,646
67,000
 
Calpine Corp., 144A, 5.250%, 6/1/2026
65,396
325,000
 
Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031
274,438
25,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029
21,620
25,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031
21,190
175,000
 
Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028
160,459
650,000
 
Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026
592,173
50,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2031
40,148
425,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032
340,463
300,000
 
NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/15/2029
278,931
50,000
 
NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028
49,110
50,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030
44,913
475,000
 
TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028
451,846
25,000
 
TransAlta Corp., Sr. Unsecd. Note, 7.750%, 11/15/2029
26,303
175,000
 
Vistra Operations Co. LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026
170,153
400,000
 
Vistra Operations Co. LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027
388,730
 
TOTAL
3,204,519
 
Wireless Communications—0.3%
150,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 2.625%, 2/15/2029
132,302
250,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2028
247,027
 
TOTAL
379,329
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $127,233,927)
111,407,835
 
COMMON STOCKS—0.4%
 
Cable Satellite—0.0%
545
2,3
Intelsat Jackson Holdings S.A.
3,406
 
Independent Energy—0.0%
182
2,3
Ultra Resources, Inc.
0
 
Media Entertainment—0.0%
7,915
3
iHeartMedia, Inc.
30,869
 
Oil Field Services—0.3%
6,057
2,3
Superior Energy Services, Inc.
399,762
 
Pharmaceuticals—0.1%
6,794
3
Mallinckrodt PLC
49,529
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $661,244)
483,566
 
FLOATING RATE LOAN—0.2%
 
Independent Energy—0.2%
$202,000
4
Ascent Resources Utica Holdings, LLC, 2020 Fixed 2nd Lien Term Loan, 13.815% (3-month USLIBOR + 9.000%), 11/1/2025
(IDENTIFIED COST $202,000)
214,541
11
Principal
Amount
or Shares
 
 
Value
 
REPURCHASE AGREEMENT—2.6%
$3,085,000
 
Interest in $1,896,000,000 joint repurchase agreement 4.82%, dated 3/31/2023 under which Bank of America, N.A. will
repurchase securities provided as collateral for $1,896,761,560 on 4/3/2023. 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
5/20/2052 and the market value of those underlying securities was $1,934,696,791.
(IDENTIFIED COST $3,085,000)
$3,085,000
 
TOTAL INVESTMENT IN SECURITIES—98.1%
(IDENTIFIED COST $131,182,171)
115,190,942
 
OTHER ASSETS AND LIABILITIES - NET—1.9%5
2,274,669
 
TOTAL NET ASSETS—100%
$117,465,611
 
1
Issuer in default.
2
Market quotations and price valuations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the supervision of the Fund’s Adviser acting through its Valuation Committee.
3
Non-income-producing security.
4
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, 2023.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the “Adviser”).
◾ Shares of other mutual funds or non-exchange traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
12
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of March 31, 2023, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
Corporate Bonds
$—
$111,407,835
$0
$111,407,835
Floating Rate Loan
—
214,541
—
214,541
Equity Securities:
Common Stocks
Domestic
30,869
—
399,762
430,631
International
49,529
—
3,406
52,935
Repurchase Agreement
—
3,085,000
—
3,085,000
TOTAL SECURITIES
$80,398
$114,707,376
$403,168
$115,190,942
 
The following acronym(s) are used throughout this portfolio:
 
GMTN
—Global Medium Term Note
LIBOR
—London Interbank Offered Rate
PIK
—Payment in Kind
13