United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-7193
(Investment Company Act File Number)
Federated Hermes Institutional 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: 10/31/23
Date of Reporting Period: Six months ended 04/30/23
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | FIHAX | C | FIHCX | Institutional | FIHBX | R6 | FIHLX |
Federated Hermes Institutional High Yield Bond Fund
A Portfolio of Federated Hermes Institutional Trust
Index Classification | Percentage of Total Net Assets |
Technology | 9.5% |
Cable Satellite | 7.6% |
Midstream | 6.6% |
Insurance - P&C | 6.5% |
Health Care | 6.0% |
Automotive | 6.0% |
Media Entertainment | 5.8% |
Packaging | 5.5% |
Gaming | 4.6% |
Independent Energy | 4.5% |
Building Materials | 3.6% |
Other2 | 30.0% |
Cash Equivalents3 | 2.3% |
Other Assets and Liabilities - Net4 | 1.5% |
Total | 100% |
1 | Index classifications are based upon, and individual portfolio securities are assigned to, the classifications and sub-classifications of the Bloomberg US Corporate High Yield 2% Issuer Capped Index (BHY2%ICI). Individual portfolio securities that are not included in the BHY2%ICI are assigned to an index classification by the Fund’s Adviser. |
2 | For purposes of this table, index classifications which constitute less than 3.5% of the Fund’s total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— 95.7% | |||
Aerospace/Defense— 1.6% | |||
$ 24,575,000 | TransDigm, Inc., Sec. Fac. Bond, 144A, 6.250%, 3/15/2026 | $ 24,729,630 | |
13,925,000 | TransDigm, Inc., Sec. Fac. Bond, 144A, 6.750%, 8/15/2028 | 14,158,815 | |
20,050,000 | TransDigm, Inc., Sr. Sub., 6.875%, 5/15/2026 | 20,201,658 | |
15,650,000 | TransDigm, Inc., Sr. Sub. Note, 6.375%, 6/15/2026 | 15,650,594 | |
6,175,000 | TransDigm, Inc., Sr. Sub. Note, Series WI, 4.625%, 1/15/2029 | 5,596,094 | |
22,400,000 | TransDigm, Inc., Sr. Sub. Note, Series WI, 4.875%, 5/1/2029 | 20,381,275 | |
17,925,000 | TransDigm, Inc., Sr. Sub., Series WI, 5.500%, 11/15/2027 | 17,230,603 | |
8,050,000 | TransDigm, Inc., Sr. Sub., Series WI, 7.500%, 3/15/2027 | 8,101,408 | |
TOTAL | 126,050,077 | ||
Airlines— 0.2% | |||
10,250,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026 | 10,077,224 | |
3,950,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.750%, 4/20/2029 | 3,758,722 | |
TOTAL | 13,835,946 | ||
Automotive— 6.0% | |||
4,100,000 | Adient Global Holdings Ltd., Sec. Fac. Bond, 144A, 7.000%, 4/15/2028 | 4,209,064 | |
36,950,000 | Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 4.875%, 8/15/2026 | 35,568,713 | |
3,725,000 | Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 8.250%, 4/15/2031 | 3,820,170 | |
1,395,000 | Clarios Global LP, Sec. Fac. Bond, 144A, 6.750%, 5/15/2025 | 1,398,924 | |
13,750,000 | Dana Financing Lux Sarl, Sr. Unsecd. Note, 144A, 5.750%, 4/15/2025 | 13,589,881 | |
575,000 | Dana, Inc., Sr. Unsecd. Note, 4.250%, 9/1/2030 | 466,262 | |
1,700,000 | Dana, Inc., Sr. Unsecd. Note, 4.500%, 2/15/2032 | 1,361,109 | |
3,800,000 | Dana, Inc., Sr. Unsecd. Note, 5.625%, 6/15/2028 | 3,510,172 | |
36,975,000 | Dornoch Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.625%, 10/15/2029 | 27,438,427 | |
9,150,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 2.700%, 8/10/2026 | 8,127,701 | |
30,600,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.375%, 11/13/2025 | 28,461,195 | |
23,600,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030 | 20,259,913 | |
23,800,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.063%, 11/1/2024 | 23,160,658 | |
11,725,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.125%, 8/17/2027 | 10,773,093 | |
9,375,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.271%, 1/9/2027 | 8,694,231 | |
26,975,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.113%, 5/3/2029 | 25,178,090 | |
22,900,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.125%, 6/16/2025 | 22,326,692 | |
12,050,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 7.350%, 11/4/2027 | 12,421,164 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Automotive— continued | |||
$ 30,200,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, Series GMTN, 4.389%, 1/8/2026 | $ 28,727,236 | |
17,025,000 | IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.000%, 5/15/2027 | 15,744,720 | |
15,950,000 | IHO Verwaltungs GmbH, Sec. Fac. Bond, 144A, 6.375%, 5/15/2029 | 14,375,644 | |
2,878,000 | KAR Auction Services, Inc., Sr. Unsecd. Note, 144A, 5.125%, 6/1/2025 | 2,857,238 | |
80,275,000 | Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027 | 80,894,857 | |
39,200,000 | Real Hero Merger Sub 2, Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/1/2029 | 29,537,200 | |
28,325,000 | Schaeffler Verwaltung Zw, 144A, 4.750%, 9/15/2026 | 25,538,775 | |
5,550,000 | ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 6.875%, 4/14/2028 | 5,716,971 | |
5,900,000 | ZF North America Capital, Inc., Sr. Unsecd. Note, 144A, 7.125%, 4/14/2030 | 6,095,262 | |
TOTAL | 460,253,362 | ||
Building Materials— 3.6% | |||
1,575,000 | Abc Supply Co., Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029 | 1,358,966 | |
9,850,000 | American Builders & Contractors Supply Co., Inc., 144A, 4.000%, 1/15/2028 | 9,035,764 | |
11,000,000 | Camelot Return Merger SU, Sec. Fac. Bond, 144A, 8.750%, 8/1/2028 | 10,436,140 | |
11,925,000 | Cornerstone Building Brands, Sr. Unsecd. Note, 144A, 6.125%, 1/15/2029 | 8,987,455 | |
39,625,000 | Cp Atlas Buyer, Inc., Sr. Unsecd. Note, 144A, 7.000%, 12/1/2028 | 29,818,486 | |
35,625,000 | Foundation Building Materials, Inc., Sr. Unsecd. Note, 144A, 6.000%, 3/1/2029 | 28,502,636 | |
24,675,000 | Gyp Holdings III Corp., Sr. Unsecd. Note, 144A, 4.625%, 5/1/2029 | 21,804,804 | |
14,275,000 | Interface, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/1/2028 | 11,457,686 | |
4,400,000 | MIWD Holdco II LLC/ MIWD Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2030 | 3,701,324 | |
35,850,000 | Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.000%, 12/1/2029 | 29,247,147 | |
24,825,000 | Srs Distribution, Inc., Sr. Unsecd. Note, 144A, 6.125%, 7/1/2029 | 20,506,448 | |
15,050,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031 | 11,927,673 | |
19,600,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.375%, 7/15/2030 | 16,941,921 | |
7,950,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2028 | 7,443,319 | |
31,025,000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2027 | 29,718,196 | |
25,800,000 | White Cap Buyer LLC, Sr. Unsecd. Note, 144A, 6.875%, 10/15/2028 | 22,399,216 | |
15,375,000 | White Cap Parent LLC, Sr. Sub. Secd. Note, 144A, 8.250%, 3/15/2026 | 14,114,045 | |
TOTAL | 277,401,226 | ||
Cable Satellite— 7.6% | |||
438,000 | CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, 144A, 5.500%, 5/1/2026 | 430,581 | |
14,325,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 4.500%, 5/1/2032 | 11,485,991 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Cable Satellite— continued | |||
$ 40,675,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2031 | $ 33,358,210 | |
8,775,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2034 | 6,694,056 | |
31,525,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 8/15/2030 | 26,506,204 | |
4,075,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.500%, 6/1/2033 | 3,248,357 | |
31,800,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 3/1/2030 | 27,404,162 | |
6,225,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/1/2032 | 5,157,979 | |
9,350,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 8,658,732 | |
10,400,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.125%, 5/1/2027 | 9,828,932 | |
7,600,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 5.375%, 6/1/2029 | 6,978,836 | |
4,000,000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 7.375%, 3/1/2031 | 3,922,335 | |
3,550,000 | CSC Holdings LLC, Sr. Unsecd. Note, 5.250%, 6/1/2024 | 3,465,914 | |
4,625,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2031 | 3,182,487 | |
24,400,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.125%, 12/1/2030 | 17,540,599 | |
25,925,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.500%, 11/15/2031 | 18,187,650 | |
25,375,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 4.625%, 12/1/2030 | 12,411,856 | |
21,725,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027 | 18,605,014 | |
38,425,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2030 | 19,644,550 | |
7,750,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 6.500%, 2/1/2029 | 6,479,527 | |
25,400,000 | CSC Holdings LLC, Sr. Unsecd. Note, 144A, 7.500%, 4/1/2028 | 15,906,001 | |
15,875,000 | DIRECTV Holdings LLC, Sec. Fac. Bond, 144A, 5.875%, 8/15/2027 | 13,948,882 | |
8,100,000 | DISH DBS Corp., Sec. Fac. Bond, 144A, 5.750%, 12/1/2028 | 5,773,537 | |
14,700,000 | DISH DBS Corp., Sr. Unsecd. Note, 7.375%, 7/1/2028 | 7,380,117 | |
21,050,000 | DISH DBS Corp., Sr. Unsecd. Note, 7.750%, 7/1/2026 | 12,185,420 | |
24,525,000 | DISH DBS Corp., Sr. Unsecd. Note, Series WI, 5.125%, 6/1/2029 | 11,334,455 | |
15,450,000 | DISH Network Corp., Sec. Fac. Bond, 144A, 11.750%, 11/15/2027 | 14,611,829 | |
16,350,000 | Doyla Holdco 18 Designated Activity Co., Sr. Unsecd. Note, 144A, 5.000%, 7/15/2028 | 14,675,484 | |
14,100,000 | 1,2,3 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 5.500%, 8/1/2023 | 0 |
11,850,000 | 1,2,3 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 8.500%, 10/15/2024 | 0 |
7,950,000 | 1,2,3 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, 144A, 9.750%, 7/15/2025 | 0 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Cable Satellite— continued | |||
$ 6,050,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.125%, 9/1/2026 | $ 5,420,983 | |
15,125,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2031 | 11,446,465 | |
9,825,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2028 | 8,305,418 | |
21,675,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2030 | 17,409,527 | |
3,600,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.000%, 8/1/2027 | 3,315,471 | |
20,375,000 | Sirius XM Radio, Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2029 | 18,172,071 | |
42,800,000 | Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028 | 39,814,700 | |
40,275,000 | UPC Broadband Finco BV, Sr. Note, 144A, 4.875%, 7/15/2031 | 34,796,392 | |
15,025,000 | Virgin Media Finance PLC, Sr. Unsecd. Note, 144A, 5.000%, 7/15/2030 | 12,675,143 | |
7,400,000 | Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 4.500%, 8/15/2030 | 6,346,706 | |
9,850,000 | Virgin Media Secured Finance PLC, Sec. Fac. Bond, 144A, 5.500%, 5/15/2029 | 9,053,242 | |
11,875,000 | Vmed O2 UK Financing I PLC, Sec. Fac. Bond, 144A, 4.250%, 1/31/2031 | 9,856,723 | |
17,325,000 | Vmed O2 UK Financing I PLC, Sr. Note, 144A, 4.750%, 7/15/2031 | 14,782,951 | |
14,525,000 | VZ Secured Financing B.V., Sec. Fac. Bond, 144A, 5.000%, 1/15/2032 | 12,137,357 | |
5,275,000 | Ziggo Bond Co. BV, Sr. Unsecd. Note, 144A, 5.125%, 2/28/2030 | 4,291,202 | |
3,800,000 | Ziggo BV, Sec. Fac. Bond, 144A, 4.875%, 1/15/2030 | 3,276,572 | |
36,175,000 | Ziggo Finance BV, Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027 | 34,364,524 | |
TOTAL | 584,473,144 | ||
Chemicals— 2.9% | |||
7,350,000 | Ashland LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/1/2031 | 6,097,487 | |
6,125,000 | Axalta Coat/Dutch Holding BV, Sr. Unsecd. Note, 144A, 4.750%, 6/15/2027 | 5,922,691 | |
9,500,000 | Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029 | 8,223,832 | |
8,425,000 | Cheever Escrow Issuer, Sec. Fac. Bond, 144A, 7.125%, 10/1/2027 | 8,040,634 | |
11,425,000 | Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 4.875%, 7/15/2024 | 11,317,891 | |
2,450,000 | Compass Minerals International, Inc., Sr. Unsecd. Note, 144A, 6.750%, 12/1/2027 | 2,352,018 | |
42,325,000 | Diamond BC BV, Sr. Unsecd. Note, 144A, 4.625%, 10/1/2029 | 41,624,664 | |
20,250,000 | Element Solutions, Inc., Sr. Unsecd. Note, 144A, 3.875%, 9/1/2028 | 17,891,624 | |
11,850,000 | H.B. Fuller Co., Sr. Unsecd. Note, 4.250%, 10/15/2028 | 10,893,883 | |
35,125,000 | Herens Holdco S.a.r.l., Sec. Fac. Bond, 144A, 4.750%, 5/15/2028 | 29,157,263 | |
8,125,000 | Illuminate Buyer LLC/Illuminate Holdings IV, Inc., Sr. Unsecd. Note, 144A, 9.000%, 7/1/2028 | 7,219,237 | |
17,475,000 | Olympus Water US Holding Corp., Sec. Fac. Bond, 144A, 4.250%, 10/1/2028 | 14,923,650 | |
19,700,000 | Olympus Water US Holding Corp., Sr. Unsecd. Note, 144A, 6.250%, 10/1/2029 | 15,848,385 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Chemicals— continued | |||
$ 19,800,000 | Polar US Borrower LLC, Sr. Unsecd. Note, 144A, 6.750%, 5/15/2026 | $ 12,047,211 | |
2,325,000 | SPCM SA, Sr. Unsecd. Note, 144A, 3.125%, 3/15/2027 | 2,078,241 | |
4,500,000 | SPCM SA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030 | 3,728,029 | |
7,625,000 | WR Grace Holdings LLC, 144A, 4.875%, 6/15/2027 | 7,250,994 | |
4,050,000 | WR Grace Holdings LLC, Sec. Fac. Bond, 144A, 7.375%, 3/1/2031 | 4,063,179 | |
14,025,000 | WR Grace Holdings LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029 | 12,110,820 | |
TOTAL | 220,791,733 | ||
Construction Machinery— 0.8% | |||
30,650,000 | H&E Equipment Services, Inc., Sr. Unsecd. Note, 144A, 3.875%, 12/15/2028 | 26,593,012 | |
4,275,000 | Ritchie Bros Holdings, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/15/2028 | 4,429,969 | |
4,325,000 | Ritchie Bros Holdings, Inc., Sr. Unsecd. Note, 144A, 7.750%, 3/15/2031 | 4,600,719 | |
2,500,000 | United Rentals North America, Inc., Sr. Unsecd. Note, 3.750%, 1/15/2032 | 2,146,028 | |
12,850,000 | United Rentals North America, Inc., Sr. Unsecd. Note, 4.000%, 7/15/2030 | 11,515,469 | |
10,600,000 | United Rentals North America, Inc., Sr. Unsecd. Note, 4.875%, 1/15/2028 | 10,202,461 | |
1,725,000 | United Rentals North America, Inc., Sr. Unsecd. Note, 5.250%, 1/15/2030 | 1,670,875 | |
3,200,000 | United Rentals, Inc., Sr. Unsecd. Note, 3.875%, 2/15/2031 | 2,819,467 | |
TOTAL | 63,978,000 | ||
Consumer Cyclical Services— 3.0% | |||
15,775,000 | Allied Universal Holdco LLC, Sec. Fac. Bond, 144A, 6.625%, 7/15/2026 | 15,227,554 | |
20,800,000 | Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029 | 16,326,357 | |
55,425,000 | Allied Universal Holdco LLC, Sr. Unsecd. Note, 144A, 9.750%, 7/15/2027 | 51,630,494 | |
8,625,000 | Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027 | 7,934,633 | |
6,625,000 | Garda World Security Corp., Sec. Fac. Bond, 144A, 7.750%, 2/15/2028 | 6,665,247 | |
28,325,000 | Garda World Security Corp., Sr. Unsecd. Note, 144A, 6.000%, 6/1/2029 | 23,322,805 | |
8,900,000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc., Sr. Unsecd. Note, 144A, 5.250%, 12/1/2027 | 8,560,732 | |
52,126,000 | GW B-CR Security Corp., Sr. Unsecd. Note, 144A, 9.500%, 11/1/2027 | 50,020,631 | |
2,100,000 | Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 3.625%, 10/1/2031 | 1,717,947 | |
21,175,000 | Match Group, Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/1/2030 | 18,126,668 | |
12,975,000 | Match Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2028 | 11,986,045 | |
7,850,000 | Match Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027 | 7,407,025 | |
18,525,000 | Signal Parent, Inc., Sr. Unsecd. Note, 144A, 6.125%, 4/1/2029 | 7,740,521 | |
TOTAL | 226,666,659 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Consumer Products— 1.5% | |||
$ 51,625,000 | BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027 | $ 47,418,853 | |
5,625,000 | Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 4.125%, 4/1/2029 | 4,988,595 | |
9,850,000 | Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 5.500%, 6/1/2028 | 9,440,806 | |
24,025,000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029 | 21,029,923 | |
16,125,000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2028 | 14,519,620 | |
11,725,000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.500%, 12/31/2027 | 11,448,836 | |
4,700,000 | Prestige Brands, Inc., Sr. Unsecd. Note, 144A, 3.750%, 4/1/2031 | 3,987,762 | |
TOTAL | 112,834,395 | ||
Diversified Manufacturing— 1.1% | |||
56,300,000 | Gates Global LLC, Sr. Unsecd. Note, 144A, 6.250%, 1/15/2026 | 55,807,938 | |
7,900,000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025 | 8,045,692 | |
18,800,000 | WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.250%, 6/15/2028 | 19,323,185 | |
TOTAL | 83,176,815 | ||
Energy - Independent— 0.0% | |||
1,350,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 7.500%, 5/1/2031 | 1,508,038 | |
Finance Companies— 2.1% | |||
14,225,000 | Navient Corp., Sr. Unsecd. Note, 4.875%, 3/15/2028 | 12,248,436 | |
8,050,000 | Navient Corp., Sr. Unsecd. Note, 5.000%, 3/15/2027 | 7,260,094 | |
11,850,000 | Navient Corp., Sr. Unsecd. Note, 5.500%, 3/15/2029 | 10,213,574 | |
11,550,000 | Navient Corp., Sr. Unsecd. Note, 6.750%, 6/25/2025 | 11,372,032 | |
6,400,000 | Navient Corp., Sr. Unsecd. Note, 6.750%, 6/15/2026 | 6,241,348 | |
17,400,000 | Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.625%, 3/1/2029 | 14,729,274 | |
18,475,000 | Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 3.875%, 3/1/2031 | 14,945,403 | |
17,150,000 | Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 2.875%, 10/15/2026 | 15,289,410 | |
11,300,000 | Rocket Mortgage Co-Issuer, Inc., Sr. Unsecd. Note, 144A, 4.000%, 10/15/2033 | 8,855,415 | |
34,850,000 | United Shore Financial Services, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025 | 33,243,577 | |
19,600,000 | United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 4/15/2029 | 16,924,992 | |
12,275,000 | United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.750%, 6/15/2027 | 11,197,116 | |
TOTAL | 162,520,671 | ||
Food & Beverage— 1.6% | |||
2,125,000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 4/1/2025 | 2,106,101 | |
1,175,000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 1,120,597 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Food & Beverage— continued | |||
$ 25,225,000 | Aramark Services, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2025 | $ 25,257,792 | |
15,650,000 | Bellring Brands, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2030 | 16,047,168 | |
17,025,000 | Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 8/1/2029 | 15,514,097 | |
3,325,000 | Performance Food Group, Inc., Sr. Unsecd. Note, 144A, 5.500%, 10/15/2027 | 3,261,980 | |
9,925,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.500%, 12/15/2029 | 9,449,012 | |
9,675,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2028 | 9,467,194 | |
12,792,000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 | 12,733,244 | |
5,125,000 | US Foods, Inc., Sec. Fac. Bond, 144A, 6.250%, 4/15/2025 | 5,159,496 | |
3,850,000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/1/2030 | 3,524,343 | |
20,375,000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2029 | 18,971,010 | |
TOTAL | 122,612,034 | ||
Gaming— 4.6% | |||
28,375,000 | Affinity Gaming LLC, 144A, 6.875%, 12/15/2027 | 25,550,770 | |
12,800,000 | Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027 | 12,364,599 | |
5,575,000 | Boyd Gaming Corp., Sr. Unsecd. Note, 144A, 4.750%, 6/15/2031 | 5,109,412 | |
5,750,000 | Caesars Entertainment Corp., Sec. Fac. Bond, 144A, 7.000%, 2/15/2030 | 5,806,494 | |
9,300,000 | Caesars Entertainment Corp., Sr. Unsecd. Note, 144A, 4.625%, 10/15/2029 | 8,167,216 | |
5,525,000 | CCM Merger, Inc., Sr. Unsecd. Note, 144A, 6.375%, 5/1/2026 | 5,405,660 | |
13,125,000 | Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 5/1/2031 | 13,227,375 | |
21,425,000 | Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 5.750%, 7/1/2025 | 21,621,039 | |
20,800,000 | Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025 | 20,844,106 | |
22,275,000 | Colt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 8.125%, 7/1/2027 | 22,747,720 | |
9,475,000 | MGM Resorts International, Sr. Unsecd. Note, 6.750%, 5/1/2025 | 9,575,681 | |
11,850,000 | Midwest Gaming Borrower LLC, Sr. Note, 144A, 4.875%, 5/1/2029 | 10,617,126 | |
46,050,000 | Mohegan Tribal Gaming Authority, 144A, 8.000%, 2/1/2026 | 41,263,333 | |
9,775,000 | Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 4.125%, 7/1/2029 | 8,243,795 | |
3,900,000 | Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2027 | 3,711,591 | |
7,375,000 | Raptor Acquistion Corp. / Raptor Co-Issuer LLC, Sec. Fac. Bond, 144A, 4.875%, 11/1/2026 | 6,903,295 | |
20,400,000 | Scientific Games Holdings Corp., Sr. Unsecd. Note, 144A, 6.625%, 3/1/2030 | 18,117,852 | |
14,975,000 | Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.250%, 11/15/2029 | 14,996,789 | |
21,375,000 | Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 8.625%, 7/1/2025 | 21,882,015 | |
33,600,000 | Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2028 | 30,932,832 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Gaming— continued | |||
$ 4,300,000 | Station Casinos, Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2031 | $ 3,685,897 | |
3,200,000 | Sugarhouse HSP Gaming Finance Corp., Sec. Fac. Bond, 144A, 5.875%, 5/15/2025 | 3,107,424 | |
2,675,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 3.500%, 2/15/2025 | 2,573,524 | |
3,875,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.125%, 8/15/2030 | 3,459,967 | |
9,800,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.250%, 12/1/2026 | 9,350,153 | |
5,025,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.500%, 1/15/2028 | 4,719,337 | |
1,900,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 12/1/2029 | 1,766,942 | |
11,450,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 4.625%, 6/15/2025 | 11,133,257 | |
1,500,000 | VICI Properties LP/ VICI Note Co., Inc., Sr. Unsecd. Note, 144A, 5.625%, 5/1/2024 | 1,494,092 | |
TOTAL | 348,379,293 | ||
Health Care— 6.0% | |||
20,500,000 | AdaptHealth LLC, Sr. Unsecd. Note, 144A, 4.625%, 8/1/2029 | 16,631,580 | |
16,575,000 | AdaptHealth LLC, Sr. Unsecd. Note, 144A, 5.125%, 3/1/2030 | 13,730,730 | |
11,700,000 | Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029 | 10,003,734 | |
32,350,000 | Avantor Funding, Inc., Sec. Fac. Bond, 144A, 4.625%, 7/15/2028 | 30,296,432 | |
14,675,000 | Avantor Funding, Inc., Sr. Unsecd. Note, 144A, 3.875%, 11/1/2029 | 12,943,594 | |
11,925,000 | CHS/Community Health Systems, Inc., 144A, 6.125%, 4/1/2030 | 8,498,010 | |
32,875,000 | CHS/Community Health Systems, Inc., 144A, 6.875%, 4/15/2029 | 24,357,229 | |
9,425,000 | CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 5.625%, 3/15/2027 | 8,709,416 | |
3,025,000 | CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.000%, 1/15/2029 | 2,684,128 | |
8,125,000 | CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026 | 8,063,345 | |
15,700,000 | CHS/Community Health Systems, Inc., Sr. Note, 144A, 5.250%, 5/15/2030 | 13,100,064 | |
5,150,000 | Embecta Corp., Sec. Fac. Bond, 144A, 5.000%, 2/15/2030 | 4,448,235 | |
10,825,000 | Embecta Corp., Sr. Note, 144A, 6.750%, 2/15/2030 | 9,879,461 | |
2,400,000 | Garden Spinco Corp., Sr. Unsecd. Note, 144A, 8.625%, 7/20/2030 | 2,587,045 | |
24,425,000 | Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025 | 15,047,388 | |
3,000,000 | HCA, Inc., Sr. Unsecd. Note, 3.500%, 9/1/2030 | 2,701,827 | |
11,075,000 | HCA, Inc., Sr. Unsecd. Note, 5.375%, 2/1/2025 | 11,084,629 | |
10,800,000 | HCA, Inc., Sr. Unsecd. Note, 5.875%, 2/15/2026 | 10,972,088 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Health Care— continued | |||
$ 7,475,000 | IMS Health, Inc., Sr. Unsecd. Note, 144A, 5.000%, 10/15/2026 | $ 7,356,385 | |
8,450,000 | Iqvia, Inc., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2027 | 8,257,139 | |
13,850,000 | LifePoint Health, Inc., 144A, 6.750%, 4/15/2025 | 13,344,649 | |
4,750,000 | LifePoint Health, Inc., Sec. Fac. Bond, 144A, 4.375%, 2/15/2027 | 4,048,163 | |
8,625,000 | LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2029 | 5,415,039 | |
16,575,000 | LifePoint Health, Inc., Sr. Unsecd. Note, 144A, 9.750%, 12/1/2026 | 13,806,140 | |
12,450,000 | MEDNAX, Inc., Sr. Unsecd. Note, 144A, 5.375%, 2/15/2030 | 11,383,969 | |
16,725,000 | Mozart Debt Merger Sub, Inc., Sec. Fac. Bond, 144A, 3.875%, 4/1/2029 | 14,648,645 | |
72,675,000 | Mozart Debt Merger Sub, Inc., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2029 | 62,932,782 | |
7,975,000 | MPH Acquisition Holdings LLC, Sr. Note, 144A, 5.500%, 9/1/2028 | 6,104,467 | |
12,175,000 | MPH Acquisition Holdings LLC, Sr. Unsecd. Note, 144A, 5.750%, 11/1/2028 | 7,712,043 | |
4,650,000 | Team Health Holdings, Inc., Sr. Unsecd. Note, 144A, 6.375%, 2/1/2025 | 2,403,710 | |
4,600,000 | Teleflex, Inc., Sr. Unsecd. Note, 4.625%, 11/15/2027 | 4,434,699 | |
1,550,000 | Teleflex, Inc., Sr. Unsecd. Note, 144A, 4.250%, 6/1/2028 | 1,455,125 | |
5,250,000 | Tenet Healthcare Corp., 4.250%, 6/1/2029 | 4,821,337 | |
17,575,000 | Tenet Healthcare Corp., 4.875%, 1/1/2026 | 17,333,889 | |
18,900,000 | Tenet Healthcare Corp., 5.125%, 11/1/2027 | 18,361,645 | |
2,930,000 | Tenet Healthcare Corp., Sr. Secd. Note, 4.625%, 7/15/2024 | 2,909,236 | |
31,075,000 | Tenet Healthcare Corp., Sr. Unsecd. Note, 6.125%, 10/1/2028 | 30,186,513 | |
4,625,000 | Tenet Healthcare Corp., Term Loan - 1st Lien, 4.625%, 6/15/2028 | 4,388,004 | |
13,775,000 | Tenet Healthcare Corp., Term Loan - 2nd Lien, 144A, 6.250%, 2/1/2027 | 13,725,247 | |
TOTAL | 460,767,761 | ||
Health Insurance— 0.6% | |||
1,850,000 | Centene Corp., Sr. Unsecd. Note, 2.450%, 7/15/2028 | 1,609,616 | |
4,075,000 | Centene Corp., Sr. Unsecd. Note, Series WI, 3.375%, 2/15/2030 | 3,601,729 | |
23,175,000 | Centene Corp., Sr. Unsecd. Note, Series WI, 4.250%, 12/15/2027 | 22,167,351 | |
19,025,000 | Centene Corp., Sr. Unsecd. Note, Series WI, 4.625%, 12/15/2029 | 17,948,185 | |
TOTAL | 45,326,881 | ||
Independent Energy— 4.4% | |||
7,225,000 | Antero Resources Corp., Sr. Unsecd. Note, 144A, 5.375%, 3/1/2030 | 6,776,234 | |
2,475,000 | Antero Resources Corp., Sr. Unsecd. Note, 144A, 7.625%, 2/1/2029 | 2,536,232 | |
6,075,000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | 5,461,647 | |
9,350,000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 7.000%, 11/1/2026 | 9,058,710 | |
7,900,000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 8.250%, 12/31/2028 | 7,679,528 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Independent Energy— continued | |||
$ 2,971,000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., Sr. Unsecd. Note, 144A, 9.000%, 11/1/2027 | $ 3,677,949 | |
9,050,000 | Berry Petroleum Co., Sr. Unsecd. Note, 144A, 7.000%, 2/15/2026 | 8,618,315 | |
5,900,000 | Callon Petroleum Corp., Sr. Unsecd. Note, 144A, 7.500%, 6/15/2030 | 5,610,522 | |
4,150,000 | Callon Petroleum Corp., Sr. Unsecd. Note, Series WI, 6.375%, 7/1/2026 | 4,014,798 | |
8,300,000 | Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 8.250%, 7/15/2025 | 8,292,322 | |
1,900,000 | 1,3 | Chesapeake Energy Corp., Sr. Unsecd. Note, 5.750%, 3/15/2099 | 42,750 |
10,175,000 | 1,3 | Chesapeake Energy Corp., Sr. Unsecd. Note, 7.000%, 10/1/2099 | 228,938 |
2,250,000 | Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.500%, 2/1/2026 | 2,229,345 | |
1,600,000 | Chesapeake Energy Corp., Sr. Unsecd. Note, 144A, 5.875%, 2/1/2029 | 1,532,114 | |
2,200,000 | Chord Energy Corp., Sr. Unsecd. Note, 144A, 6.375%, 6/1/2026 | 2,194,894 | |
9,475,000 | Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 5.875%, 1/15/2030 | 8,143,362 | |
23,750,000 | Comstock Resources, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/1/2029 | 21,526,936 | |
3,950,000 | Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.000%, 5/1/2029 | 3,735,638 | |
31,700,000 | Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2025 | 31,324,500 | |
7,625,000 | Endeavor Energy Resources LP, Sr. Unsecd. Note, 144A, 5.750%, 1/30/2028 | 7,596,611 | |
13,725,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025 | 13,884,436 | |
7,350,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.125%, 1/1/2031 | 7,692,400 | |
12,400,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.450%, 9/15/2036 | 13,170,660 | |
15,850,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.625%, 9/1/2030 | 16,935,566 | |
2,500,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 7.150%, 5/15/2028 | 2,647,543 | |
10,500,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 8.875%, 7/15/2030 | 12,347,685 | |
2,250,000 | PDC Energy, Inc., Sr. Unsecd. Note, 6.125%, 9/15/2024 | 2,241,730 | |
14,925,000 | PDC Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 5/15/2026 | 14,507,480 | |
10,925,000 | Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 5.375%, 1/15/2026 | 10,439,626 | |
17,525,000 | Permian Resources Operating LLC, Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 | 17,372,357 | |
10,019,000 | Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025 | 9,898,071 | |
5,500,000 | Range Resources Corp., Sr. Unsecd. Note, 8.250%, 1/15/2029 | 5,746,125 | |
5,500,000 | Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030 | 5,066,353 | |
12,200,000 | Rockcliff Energy II LLC, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2029 | 11,044,477 | |
9,150,000 | SM Energy Co., Sr. Unsecd. Note, 5.625%, 6/1/2025 | 8,952,772 | |
4,450,000 | SM Energy Co., Sr. Unsecd. Note, 6.500%, 7/15/2028 | 4,220,580 | |
4,575,000 | SM Energy Co., Sr. Unsecd. Note, 6.625%, 1/15/2027 | 4,422,927 | |
9,175,000 | SM Energy Co., Sr. Unsecd. Note, 6.750%, 9/15/2026 | 9,049,394 | |
5,950,000 | Southwestern Energy Co., Sr. Unsecd. Note, 4.750%, 2/1/2032 | 5,254,830 | |
7,675,000 | Southwestern Energy Co., Sr. Unsecd. Note, 5.375%, 3/15/2030 | 7,150,418 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Independent Energy— continued | |||
$ 2,525,000 | Southwestern Energy Co., Sr. Unsecd. Note, 8.375%, 9/15/2028 | $ 2,649,871 | |
15,150,000 | Tap Rock Resources LLC., Sr. Unsecd. Note, 144A, 7.000%, 10/1/2026 | 14,571,346 | |
TOTAL | 339,547,992 | ||
Industrial - Other— 1.3% | |||
2,950,000 | Madison Iaq LLC, Sec. Fac. Bond, 144A, 4.125%, 6/30/2028 | 2,598,149 | |
51,375,000 | Madison Iaq LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/30/2029 | 40,263,117 | |
24,950,000 | Redwood Star Merger Sub, Sr. Unsecd. Note, 144A, 8.750%, 4/1/2030 | 20,921,132 | |
13,700,000 | Vertical Holdco GmbH, Sr. Unsecd. Note, 144A, 7.625%, 7/15/2028 | 12,269,509 | |
23,350,000 | Vertical U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027 | 21,855,752 | |
TOTAL | 97,907,659 | ||
Insurance - P&C— 6.5% | |||
30,950,000 | AmWINS Group, Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/30/2029 | 28,112,709 | |
35,929,567 | Ardonagh Midco 2 PLC, Sr. Unsecd. Note, 144A, 11.500%, 1/15/2027 | 32,246,786 | |
23,350,000 | AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2029 | 20,235,995 | |
31,650,000 | AssuredPartners, Inc., Sr. Unsecd. Note, 144A, 7.000%, 8/15/2025 | 31,371,955 | |
63,225,000 | Broadstreet Partners, Inc., Sr. Unsecd. Note, 144A, 5.875%, 4/15/2029 | 54,906,303 | |
18,700,000 | GTCR AP Finance, Inc., Sr. Unsecd. Note, 144A, 8.000%, 5/15/2027 | 18,302,812 | |
25,125,000 | Hub International Ltd., Sr. Unsecd. Note, 144A, 5.625%, 12/1/2029 | 22,384,616 | |
112,700,000 | Hub International Ltd., Sr. Unsecd. Note, 144A, 7.000%, 5/1/2026 | 112,345,468 | |
15,700,000 | Jones Deslauriers Insurance Management, Inc., Sec. Fac. Bond, 144A, 8.500%, 3/15/2030 | 15,901,117 | |
18,700,000 | Jones Deslauriers Insurance Management, Inc., Sr. Unsecd. Note, 144A, 10.500%, 12/15/2030 | 19,023,978 | |
8,425,000 | NFP Corp., Sec. Fac. Bond, 144A, 7.500%, 10/1/2030 | 8,265,327 | |
79,900,000 | NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 8/15/2028 | 69,780,409 | |
11,675,000 | Ryan Specialty Group, Sec. Fac. Bond, 144A, 4.375%, 2/1/2030 | 10,478,313 | |
57,550,000 | USIS Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.875%, 5/1/2025 | 57,036,459 | |
TOTAL | 500,392,247 | ||
Leisure— 0.6% | |||
32,125,000 | SeaWorld Parks & Entertainment, Inc., Sr. Unsecd. Note, 144A, 5.250%, 8/15/2029 | 28,942,376 | |
5,775,000 | Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 5.500%, 4/15/2027 | 5,524,336 | |
9,950,000 | Six Flags Entertainment Corp., Sr. Unsecd. Note, 144A, 7.250%, 5/15/2031 | 9,757,219 | |
TOTAL | 44,223,931 | ||
Lodging— 0.5% | |||
3,875,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2032 | 3,310,451 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Lodging— continued | |||
$ 9,275,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 3.750%, 5/1/2029 | $ 8,369,831 | |
5,050,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.375%, 5/1/2025 | 5,047,131 | |
13,000,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, 144A, 5.750%, 5/1/2028 | 12,985,434 | |
3,225,000 | Hilton Domestic Operating Company, Inc., Sr. Unsecd. Note, Series WI, 4.875%, 1/15/2030 | 3,064,751 | |
3,450,000 | Wyndham Hotels & Resorts, Inc., Sr. Unsecd. Note, 144A, 4.375%, 8/15/2028 | 3,211,295 | |
TOTAL | 35,988,893 | ||
Media Entertainment— 5.8% | |||
30,875,000 | Audacy Capital Corp., 144A, 6.500%, 5/1/2027 | 2,278,575 | |
14,100,000 | Audacy Capital Corp., 144A, 6.750%, 3/31/2029 | 1,070,190 | |
16,441,000 | Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026 | 12,064,241 | |
8,175,000 | 1,3 | Diamond Sports Group LLC / Diamond Sports Finance Co., 144A, 5.375%, 8/15/2026 | 556,922 |
23,700,000 | 1,3 | Diamond Sports Group LLC / Diamond Sports Finance Co., Sec. Fac. Bond, 144A, 6.625%, 8/15/2027 | 725,813 |
19,075,000 | Gray Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 11/15/2031 | 12,246,728 | |
6,900,000 | Gray Escrow, Inc., Sr. Unsecd. Note, 144A, 7.000%, 5/15/2027 | 5,596,907 | |
14,075,000 | Gray Television, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2030 | 9,106,735 | |
19,750,000 | Gray Television, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2026 | 16,809,153 | |
5,302,564 | iHeartCommunications, Inc., 6.375%, 5/1/2026 | 4,557,591 | |
6,825,000 | iHeartCommunications, Inc., 144A, 4.750%, 1/15/2028 | 5,322,728 | |
5,800,000 | iHeartCommunications, Inc., 144A, 5.250%, 8/15/2027 | 4,588,838 | |
60,129,646 | iHeartCommunications, Inc., Sr. Unsecd. Note, 8.375%, 5/1/2027 | 39,735,865 | |
2,000,000 | Lamar Media Corp., Sr. Unsecd. Note, 4.000%, 2/15/2030 | 1,796,170 | |
8,850,000 | Lamar Media Corp., Sr. Unsecd. Note, 4.875%, 1/15/2029 | 8,375,761 | |
3,100,000 | Lamar Media Corp., Sr. Unsecd. Note, Series WI, 3.625%, 1/15/2031 | 2,673,843 | |
57,850,000 | Midas Opco Holdings, LLC, Sr. Unsecd. Note, 144A, 5.625%, 8/15/2029 | 50,346,855 | |
13,400,000 | Nexstar Broadcasting, Inc., Sr. Unsecd. Note, 144A, 4.750%, 11/1/2028 | 11,790,885 | |
39,100,000 | Nexstar Escrow Corp., Sr. Unsecd. Note, 144A, 5.625%, 7/15/2027 | 36,762,406 | |
2,450,000 | Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2029 | 2,100,639 | |
3,950,000 | Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2030 | 3,338,420 | |
6,575,000 | Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 5.000%, 8/15/2027 | 6,078,883 | |
5,150,000 | Outfront Media Capital LLC / Outfront Media Capital Corp., Sr. Unsecd. Note, 144A, 6.250%, 6/15/2025 | 5,160,906 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Media Entertainment— continued | |||
$ 16,600,000 | ROBLOX Corp., Sr. Unsecd. Note, 144A, 3.875%, 5/1/2030 | $ 14,030,735 | |
5,500,000 | Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 3.875%, 1/15/2029 | 4,280,636 | |
12,075,000 | Scripps Escrow II, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2031 | 8,402,992 | |
13,250,000 | Scripps Escrow, Inc., Sr. Unsecd. Note, 144A, 5.875%, 7/15/2027 | 9,519,596 | |
2,775,000 | Sinclair Television Group, Sec. Fac. Bond, 144A, 4.125%, 12/1/2030 | 2,210,066 | |
22,700,000 | Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.125%, 2/15/2027 | 19,516,295 | |
14,450,000 | Sinclair Television Group, Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030 | 11,177,364 | |
7,700,000 | Tegna, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/15/2028 | 6,884,185 | |
37,175,000 | Tegna, Inc., Sr. Unsecd. Note, 144A, 5.000%, 9/15/2029 | 32,583,879 | |
55,525,000 | Terrier Media Buyer, Inc., Sr. Unsecd. Note, 144A, 8.875%, 12/15/2027 | 43,116,828 | |
14,425,000 | Univision Communications, Inc., Sec. Fac. Bond, 144A, 4.500%, 5/1/2029 | 12,445,356 | |
9,100,000 | Univision Communications, Inc., Sec. Fac. Bond, 144A, 7.375%, 6/30/2030 | 8,741,010 | |
24,050,000 | Urban One, Inc., Sec. Fac. Bond, 144A, 7.375%, 2/1/2028 | 21,866,981 | |
6,425,000 | WMG Acquisition Corp., Sec. Fac. Bond, 144A, 3.750%, 12/1/2029 | 5,660,039 | |
1,250,000 | WMG Acquisition Corp., Sec. Fac. Bond, 144A, 3.875%, 7/15/2030 | 1,104,875 | |
TOTAL | 444,625,891 | ||
Metals & Mining— 0.5% | |||
19,725,000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029 | 17,891,277 | |
3,850,000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.875%, 3/1/2031 | 3,386,441 | |
2,525,000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 6.750%, 4/15/2030 | 2,457,421 | |
19,600,000 | Coeur Mining, Inc., Sr. Unsecd. Note, 144A, 5.125%, 2/15/2029 | 16,181,760 | |
TOTAL | 39,916,899 | ||
Midstream— 6.6% | |||
9,525,000 | AmeriGas Partners LP, Sr. Unsecd. Note, 5.500%, 5/20/2025 | 9,262,147 | |
7,750,000 | AmeriGas Partners LP, Sr. Unsecd. Note, 5.625%, 5/20/2024 | 7,704,131 | |
5,075,000 | AmeriGas Partners LP, Sr. Unsecd. Note, 5.750%, 5/20/2027 | 4,798,445 | |
18,925,000 | AmeriGas Partners LP, Sr. Unsecd. Note, 5.875%, 8/20/2026 | 18,274,718 | |
11,350,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.375%, 6/15/2029 | 10,639,421 | |
23,650,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027 | 22,908,161 | |
32,175,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028 | 31,206,856 | |
14,600,000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.875%, 5/15/2026 | 15,005,544 | |
4,550,000 | Cheniere Energy Partners, LP, Sr. Unsecd. Note, 4.000%, 3/1/2031 | 4,075,323 | |
4,350,000 | Cheniere Energy Partners, LP, Sr. Unsecd. Note, Series WI, 3.250%, 1/31/2032 | 3,628,520 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Midstream— continued | |||
$ 13,950,000 | Cheniere Energy Partners, LP, Sr. Unsecd. Note, Series WI, 4.500%, 10/1/2029 | $ 13,141,762 | |
18,200,000 | Cheniere Energy, Inc., Sec. Fac. Bond, Series WI, 4.625%, 10/15/2028 | 17,364,629 | |
19,250,000 | CNX Midstream Partners LP, Sr. Unsecd. Note, 144A, 4.750%, 4/15/2030 | 16,136,830 | |
11,575,000 | Crestwood Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.375%, 2/1/2031 | 11,587,038 | |
17,675,000 | DT Midstream, Inc., Sr. Unsecd. Note, 144A, 4.375%, 6/15/2031 | 15,393,684 | |
10,000,000 | EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2029 | 8,511,363 | |
24,275,000 | EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2031 | 19,923,612 | |
17,100,000 | EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 6.500%, 7/1/2027 | 16,695,392 | |
21,375,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 5.500%, 7/15/2028 | 19,504,228 | |
17,800,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 6.500%, 7/15/2048 | 13,501,136 | |
2,120,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025 | 2,085,514 | |
1,600,000 | EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027 | 1,595,959 | |
4,550,000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 4.250%, 2/15/2030 | 4,050,592 | |
1,525,000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.500%, 10/15/2030 | 1,421,010 | |
575,000 | Hess Midstream Operations LP, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2026 | 566,737 | |
15,300,000 | Hess Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.125%, 6/15/2028 | 14,553,437 | |
19,150,000 | Holly Energy Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 2/1/2028 | 17,879,302 | |
4,675,000 | NuStar Logistics LP, Sr. Unsecd. Note, 5.625%, 4/28/2027 | 4,466,782 | |
2,950,000 | NuStar Logistics LP, Sr. Unsecd. Note, 6.000%, 6/1/2026 | 2,906,871 | |
16,700,000 | Oasis Midstream Partners, Sr. Unsecd. Note, 144A, 8.000%, 4/1/2029 | 17,009,200 | |
6,625,000 | Solaris Midstream Holdings LLC, Sr. Unsecd. Note, 144A, 7.625%, 4/1/2026 | 6,366,526 | |
12,600,000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 5.875%, 3/1/2027 | 12,299,981 | |
30,250,000 | Suburban Propane Partners LP, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2031 | 26,520,931 | |
15,425,000 | Summit Midstream Holdings LLC, Sr. Unsecd. Note, 5.750%, 4/15/2025 | 12,860,285 | |
5,425,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 4.875%, 2/1/2031 | 5,117,492 | |
13,875,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 5.000%, 1/15/2028 | 13,584,735 | |
4,200,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 6.500%, 7/15/2027 | 4,284,907 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Midstream— continued | |||
$ 24,050,000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp., Sr. Unsecd. Note, 144A, 5.500%, 3/1/2030 | $ 23,450,674 | |
7,700,000 | TransMontaigne Partners LP/TLP Finance Corp., Sr. Unsecd. Note, 6.125%, 2/15/2026 | 6,705,622 | |
8,275,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.500%, 3/1/2028 | 7,904,951 | |
5,100,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.650%, 7/1/2026 | 4,964,749 | |
3,750,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | 3,602,675 | |
27,275,000 | Western Gas Partners LP, Sr. Unsecd. Note, 5.300%, 3/1/2048 | 23,054,393 | |
5,925,000 | Western Midstream Operating, LP, Sr. Unsecd. Note, 4.300%, 2/1/2030 | 5,413,726 | |
TOTAL | 501,929,991 | ||
Oil Field Services— 2.1% | |||
29,450,000 | Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.250%, 4/1/2028 | 28,307,046 | |
31,000,000 | Archrock Partners LP / Archrock Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.875%, 4/1/2027 | 30,495,673 | |
15,750,000 | Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.250%, 1/15/2026 | 14,867,055 | |
8,850,000 | Nabors Industries Ltd., Sr. Unsecd. Note, 144A, 7.500%, 1/15/2028 | 8,064,618 | |
1,275,000 | Nabors Industries, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/15/2027 | 1,238,267 | |
11,525,000 | Precision Drilling Corp., Sr. Unsecd. Note, 144A, 6.875%, 1/15/2029 | 10,585,424 | |
8,475,000 | Precision Drilling Corp., Sr. Unsecd. Note, 144A, 7.125%, 1/15/2026 | 8,241,180 | |
1,075,000 | Transocean Titan Financial Ltd., 144A, 8.375%, 2/1/2028 | 1,096,758 | |
24,625,000 | USA Compression Partners LP, Sr. Unsecd. Note, 6.875%, 9/1/2027 | 23,997,924 | |
31,350,000 | USA Compression Partners LP, Sr. Unsecd. Note, Series WI, 6.875%, 4/1/2026 | 31,052,307 | |
TOTAL | 157,946,252 | ||
Packaging— 5.5% | |||
36,389,354 | ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027 | 29,864,221 | |
22,950,000 | Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029 | 18,719,514 | |
42,500,000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 8/15/2027 | 36,395,272 | |
33,125,000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027 | 28,366,904 | |
13,875,000 | Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030 | 11,636,664 | |
1,475,000 | Ball Corp., Sr. Unsecd. Note, 3.125%, 9/15/2031 | 1,229,786 | |
10,650,000 | Ball Corp., Sr. Unsecd. Note, 6.875%, 3/15/2028 | 11,085,952 | |
5,350,000 | Berry Global Escrow Corp., 144A, 5.625%, 7/15/2027 | 5,277,298 | |
18,175,000 | Bway Holding Co., 144A, 7.875%, 8/15/2026 | 18,453,265 | |
21,675,000 | Bway Holding Co., 144A, 9.250%, 4/15/2027 | 20,594,907 | |
73,500,000 | Clydesdale Acquisition Holdings, Inc., Sr. Unsecd. Note, 144A, 8.750%, 4/15/2030 | 67,709,192 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Packaging— continued | |||
$ 8,600,000 | Crown Americas LLC / Crown Americas Capital Corp. VI, Sr. Unsecd. Note, 4.750%, 2/1/2026 | $ 8,440,652 | |
5,425,000 | OI European Group BV, Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030 | 4,986,931 | |
10,700,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.375%, 1/15/2025 | 10,606,820 | |
2,040,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 5.875%, 8/15/2023 | 2,040,295 | |
26,950,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.375%, 8/15/2025 | 27,489,000 | |
8,438,000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 6.625%, 5/13/2027 | 8,479,135 | |
3,950,000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 4.000%, 12/1/2027 | 3,697,317 | |
2,525,000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029 | 2,422,851 | |
6,125,000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 6.125%, 2/1/2028 | 6,223,098 | |
20,175,000 | Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 6.625%, 11/1/2025 | 20,187,609 | |
23,375,000 | Trident Merger Subsidiary, Inc., Sr. Unsecd. Note, 144A, 9.250%, 8/1/2024 | 23,931,064 | |
7,350,000 | Trivium Packaging Finance BV, Sec. Fac. Bond, 144A, 5.500%, 8/15/2026 | 7,142,388 | |
45,225,000 | Trivium Packaging Finance BV, Sr. Unsecd. Note, 144A, 8.500%, 8/15/2027 | 43,725,701 | |
TOTAL | 418,705,836 | ||
Paper— 0.5% | |||
13,825,000 | Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 4.750%, 8/15/2028 | 12,411,512 | |
11,491,000 | Clearwater Paper Corp., Sr. Unsecd. Note, 144A, 5.375%, 2/1/2025 | 11,274,395 | |
2,225,000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2028 | 2,019,279 | |
13,475,000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.500%, 3/1/2029 | 11,985,160 | |
1,025,000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030 | 917,375 | |
1,250,000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 4.750%, 7/15/2027 | 1,207,431 | |
TOTAL | 39,815,152 | ||
Pharmaceuticals— 1.9% | |||
8,850,000 | Bausch Health Cos., Inc., Sec. Fac. Bond, 144A, 4.875%, 6/1/2028 | 5,838,876 | |
5,050,000 | Bausch Health Cos., Inc., Sec. Fac. Bond, 144A, 5.750%, 8/15/2027 | 3,497,630 | |
2,100,000 | Bausch Health Cos., Inc., Sec. Fac. Bond, 144A, 6.125%, 2/1/2027 | 1,515,435 | |
7,925,000 | Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/30/2028 | 3,696,826 | |
15,050,000 | Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029 | 7,088,174 | |
7,350,000 | Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.250%, 1/30/2030 | 3,462,989 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Pharmaceuticals— continued | |||
$ 3,975,000 | Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 5.250%, 2/15/2031 | $ 1,901,640 | |
30,225,000 | Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 6.250%, 2/15/2029 | 13,890,050 | |
24,725,000 | Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 7.250%, 5/30/2029 | 11,929,812 | |
15,950,000 | Bausch Health Cos., Inc., Sr. Unsecd. Note, 144A, 8.500%, 1/31/2027 | 8,083,327 | |
7,750,000 | Catalent Pharma Solutions, Inc., Sr. Unsecd. Note, 144A, 3.500%, 4/1/2030 | 6,578,578 | |
31,350,000 | Grifols Escrow Issuer SA, Sr. Unsecd. Note, 144A, 4.750%, 10/15/2028 | 25,169,921 | |
18,300,000 | Jazz Securities Designated Activity Co., Sec. Fac. Bond, 144A, 4.375%, 1/15/2029 | 16,836,549 | |
4,253,497 | Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 144A, 10.000%, 6/15/2029 | 2,228,705 | |
5,200,000 | Organon Finance 1 LLC, Sec. Fac. Bond, 144A, 4.125%, 4/30/2028 | 4,789,977 | |
23,600,000 | Organon Finance 1 LLC, Sr. Unsecd. Note, 144A, 5.125%, 4/30/2031 | 21,051,755 | |
13,500,000 | Syneos Health, Inc., Sr. Unsecd. Note, 144A, 3.625%, 1/15/2029 | 11,294,100 | |
TOTAL | 148,854,344 | ||
Restaurant— 1.5% | |||
2,925,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 3.875%, 1/15/2028 | 2,747,534 | |
77,325,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.000%, 10/15/2030 | 67,572,887 | |
8,900,000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 4.375%, 1/15/2028 | 8,331,332 | |
6,050,000 | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsecd. Note, 144A, 4.750%, 6/1/2027 | 5,960,762 | |
4,975,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 3.625%, 3/15/2031 | 4,400,921 | |
7,150,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 4.625%, 1/31/2032 | 6,675,283 | |
5,825,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 5.375%, 4/1/2032 | 5,687,171 | |
13,200,000 | Yum! Brands, Inc., Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | 12,781,124 | |
TOTAL | 114,157,014 | ||
Retailers— 0.6% | |||
14,125,000 | Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027 | 13,890,384 | |
13,775,000 | Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 4.625%, 11/15/2029 | 12,276,298 | |
5,600,000 | Asbury Automotive Group, Inc., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2032 | 4,830,611 | |
6,750,000 | Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.625%, 10/1/2029 | 4,786,517 | |
9,525,000 | Gap (The), Inc., Sr. Unsecd. Note, 144A, 3.875%, 10/1/2031 | 6,664,553 | |
5,525,000 | Kontoor Brands, Inc., Sr. Unsecd. Note, 144A, 4.125%, 11/15/2029 | 4,700,458 | |
TOTAL | 47,148,821 | ||
Supermarkets— 0.7% | |||
6,800,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.250%, 3/15/2026 | 6,402,959 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Supermarkets— continued | |||
$ 19,850,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 3.500%, 3/15/2029 | $ 17,608,355 | |
13,275,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 5.875%, 2/15/2028 | 13,158,445 | |
8,100,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 6.500%, 2/15/2028 | 8,209,796 | |
10,675,000 | Albertsons Cos. LLC/SAFEW, Sr. Unsecd. Note, 144A, 7.500%, 3/15/2026 | 11,036,029 | |
TOTAL | 56,415,584 | ||
Technology— 9.5% | |||
11,000,000 | AMS AG, Sr. Unsecd. Note, 144A, 7.000%, 7/31/2025 | 10,286,430 | |
14,825,000 | Black Knight InfoServ LLC, Sr. Unsecd. Note, 144A, 3.625%, 9/1/2028 | 13,416,625 | |
22,725,000 | Boxer Parent Co., Inc., 144A, 9.125%, 3/1/2026 | 22,255,701 | |
24,575,000 | Cars.com, Inc., Sr. Unsecd. Note, 144A, 6.375%, 11/1/2028 | 23,179,659 | |
2,325,000 | CDW LLC/ CDW Finance, Sr. Unsecd. Note, 3.250%, 2/15/2029 | 2,012,576 | |
15,325,000 | Centerfield Media Parent, Sr. Note, 144A, 6.625%, 8/1/2026 | 10,380,815 | |
22,000,000 | Central Parent, Inc./Central Merger Sub, Inc., 144A, 7.250%, 6/15/2029 | 21,805,496 | |
3,900,000 | Ciena Corp., Sr. Unsecd. Note, 144A, 4.000%, 1/31/2030 | 3,430,547 | |
25,025,000 | Clarivate Science Holdings Corp., Sr. Unsecd. Note, 144A, 4.875%, 7/1/2029 | 22,566,962 | |
15,350,000 | Cloud Software Group, Inc., Sec. Fac. Bond, 144A, 9.000%, 9/30/2029 | 13,204,300 | |
21,000,000 | Coherent Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029 | 18,927,615 | |
11,825,000 | Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026 | 10,884,912 | |
21,325,000 | Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.500%, 10/15/2028 | 18,682,726 | |
7,475,000 | Dun & Bradstreet Corp., Sr. Unsecd. Note, 144A, 5.000%, 12/15/2029 | 6,570,300 | |
26,675,000 | Elastic N.V., Sr. Unsecd. Note, 144A, 4.125%, 7/15/2029 | 23,103,618 | |
7,175,000 | Entegris Escrow Corp., Sr. Unsecd. Note, 144A, 5.950%, 6/15/2030 | 6,827,533 | |
13,500,000 | Entegris, Inc., Sr. Unsecd. Note, 144A, 3.625%, 5/1/2029 | 11,576,587 | |
6,900,000 | Fair Isaac & Co., Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2028 | 6,437,890 | |
1,050,000 | Gartner, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2030 | 918,082 | |
6,450,000 | Gartner, Inc., Sr. Unsecd. Note, 144A, 4.500%, 7/1/2028 | 6,072,571 | |
24,625,000 | HealthEquity, Inc., Sr. Unsecd. Note, 144A, 4.500%, 10/1/2029 | 22,050,456 | |
22,875,000 | Helios Software Holdings, Sec. Fac. Bond, 144A, 4.625%, 5/1/2028 | 19,257,434 | |
35,275,000 | Logan Merger Sub, Inc., Sr. Secd. Note, 144A, 5.500%, 9/1/2027 | 19,895,276 | |
67,575,000 | McAfee Corp., Sr. Unsecd. Note, 144A, 7.375%, 2/15/2030 | 56,159,170 | |
68,450,000 | Minerva Merger Sub, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2030 | 56,287,017 | |
5,500,000 | MSCI, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2031 | 4,825,123 | |
9,225,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.000%, 10/1/2028 | 8,055,517 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Technology— continued | |||
$ 19,475,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.125%, 4/15/2029 | $ 16,867,284 | |
14,725,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.250%, 10/1/2030 | 12,394,932 | |
6,000,000 | NCR Corp., Sr. Unsecd. Note, 144A, 5.750%, 9/1/2027 | 5,896,124 | |
13,050,000 | NCR Corp., Sr. Unsecd. Note, 144A, 6.125%, 9/1/2029 | 12,809,248 | |
9,050,000 | Open Text Corp., 144A, 6.900%, 12/1/2027 | 9,356,913 | |
15,825,000 | Open Text Corp., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2028 | 14,050,305 | |
8,000,000 | Open Text Holdings, Inc. / Open Text Corp., Sr. Unsecd. Note, 144A, 4.125%, 12/1/2031 | 6,630,256 | |
30,100,000 | Picard Midco, Inc., Sec. Fac. Bond, 144A, 6.500%, 3/31/2029 | 27,142,165 | |
3,000,000 | Qorvo, Inc., Sr. Unsecd. Note, 4.375%, 10/15/2029 | 2,732,955 | |
20,525,000 | Rackspace Technology, Inc., 144A, 3.500%, 2/15/2028 | 8,539,734 | |
30,300,000 | Rackspace Technology, Inc., Sr. Unsecd. Note, 144A, 5.375%, 12/1/2028 | 7,221,251 | |
39,575,000 | Rocket Software, Inc., Sr. Unsecd. Note, 144A, 6.500%, 2/15/2029 | 32,889,777 | |
2,500,000 | Science Applications International Corp., Sr. Unsecd. Note, 144A, 4.875%, 4/1/2028 | 2,362,100 | |
24,509,625 | Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 9.625%, 12/1/2032 | 26,903,480 | |
3,100,000 | Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 4.375%, 2/15/2030 | 2,828,440 | |
8,400,000 | Sensata Technologies B.V., Sr. Unsecd. Note, 144A, 5.875%, 9/1/2030 | 8,257,158 | |
4,450,000 | Sensata Technologies, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031 | 3,870,777 | |
39,225,000 | SS&C Technologies, Inc., Sr. Unsecd. Note, 144A, 5.500%, 9/30/2027 | 38,019,459 | |
6,925,000 | Synaptics, Inc., Sr. Unsecd. Note, 144A, 4.000%, 6/15/2029 | 5,859,142 | |
10,950,000 | TTM Technologies, Inc., Sr. Unsecd. Note, 144A, 4.000%, 3/1/2029 | 9,393,019 | |
23,350,000 | Veritas US, Inc./Veritas Bermuda, Ltd., Sr. Secd. Note, 144A, 7.500%, 9/1/2025 | 17,741,321 | |
4,075,000 | Viavi Solutions, Inc., Sr. Unsecd. Note, 144A, 3.750%, 10/1/2029 | 3,407,597 | |
14,025,000 | ZipRecruiter, Inc., Sr. Unsecd. Note, 144A, 5.000%, 1/15/2030 | 12,263,250 | |
TOTAL | 726,507,625 | ||
Transportation Services— 0.5% | |||
14,725,000 | Stena International S.A., Sec. Fac. Bond, 144A, 6.125%, 2/1/2025 | 14,297,239 | |
21,800,000 | Watco Cos. LLC/Finance Co., Sr. Unsecd. Note, 144A, 6.500%, 6/15/2027 | 21,163,321 | |
TOTAL | 35,460,560 | ||
Utility - Electric— 2.8% | |||
13,300,000 | Calpine Corp., 144A, 4.500%, 2/15/2028 | 12,407,610 | |
14,650,000 | Calpine Corp., Sr. Secd. Note, 144A, 3.750%, 3/1/2031 | 12,513,295 | |
7,900,000 | Calpine Corp., Sr. Unsecd. Note, 144A, 4.625%, 2/1/2029 | 6,873,688 | |
6,625,000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.000%, 2/1/2031 | 5,588,802 | |
9,500,000 | Calpine Corp., Sr. Unsecd. Note, 144A, 5.125%, 3/15/2028 | 8,787,633 | |
38,225,000 | Enviva Partners LP/Enviva Partners Finance Corp., Sr. Unsecd. Note, 144A, 6.500%, 1/15/2026 | 32,643,300 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS— continued | |||
Utility - Electric— continued | |||
$ 4,375,000 | NRG Energy, Inc., Sr. Unsecd. Note, 6.625%, 1/15/2027 | $ 4,394,565 | |
6,150,000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029 | 5,213,319 | |
6,450,000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.625%, 2/15/2031 | 5,230,559 | |
23,200,000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 3.875%, 2/15/2032 | 18,762,647 | |
7,375,000 | NRG Energy, Inc., Sr. Unsecd. Note, 144A, 5.250%, 6/15/2029 | 6,811,281 | |
5,125,000 | NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 5.750%, 1/15/2028 | 5,003,089 | |
11,875,000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | 11,027,066 | |
27,175,000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 5.000%, 1/31/2028 | 26,049,955 | |
8,350,000 | TransAlta Corp., Sr. Unsecd. Note, 7.750%, 11/15/2029 | 8,778,272 | |
8,750,000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.000%, 7/31/2027 | 8,329,355 | |
9,650,000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.500%, 9/1/2026 | 9,470,913 | |
27,450,000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 5.625%, 2/15/2027 | 26,816,665 | |
TOTAL | 214,702,014 | ||
Wireless Communications— 0.7% | |||
20,425,000 | Sprint Corp., Sr. Unsecd. Note, 7.125%, 6/15/2024 | 20,777,756 | |
7,400,000 | Sprint Corp., Sr. Unsecd. Note, 7.625%, 2/15/2025 | 7,632,271 | |
2,600,000 | Sprint Corp., Sr. Unsecd. Note, 7.625%, 3/1/2026 | 2,755,514 | |
6,675,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 2.625%, 2/15/2029 | 5,904,880 | |
5,225,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 3.375%, 4/15/2029 | 4,793,631 | |
8,600,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2028 | 8,565,210 | |
TOTAL | 50,429,262 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $8,301,913,169) | 7,325,252,002 | ||
COMMON STOCKS— 0.4% | |||
Cable Satellite— 0.0% | |||
33,707 | 2,3 | Intelsat Jackson Holdings S.A. | 168,535 |
Independent Energy— 0.0% | |||
11,351 | 2,3 | Ultra Resources, Inc. | 0 |
Media Entertainment— 0.0% | |||
141,935 | 3 | iHeartMedia, Inc. | 492,514 |
Oil Field Services— 0.4% | |||
391,255 | 2,3 | Superior Energy Services, Inc. | 26,800,968 |
Pharmaceuticals— 0.0% | |||
449,669 | 3 | Mallinckrodt PLC | 2,626,067 |
TOTAL COMMON STOCKS (IDENTIFIED COST $32,550,440) | 30,088,084 |
Principal Amount or Shares | Value | ||
FLOATING RATE LOAN— 0.1% | |||
Independent Energy— 0.1% | |||
$ 9,122,000 | 4 | Ascent Resources Utica Holdings, LLC, 2020 Fixed 2nd Lien Term Loan, 14.211% (3-month USLIBOR +9.000%), 11/1/2025 (IDENTIFIED COST $9,122,000) | $ 9,686,424 |
INVESTMENT COMPANY— 2.3% | |||
171,608,867 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.87%5 (IDENTIFIED COST $171,615,103) | 171,591,707 | |
TOTAL INVESTMENT IN SECURITIES—98.5% (IDENTIFIED COST $8,515,200,712)6 | 7,536,618,217 | ||
OTHER ASSETS AND LIABILITIES - NET—1.5%7 | 115,141,744 | ||
TOTAL NET ASSETS—100% | $7,651,759,961 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 10/31/2022 | $193,240,952 |
Purchases at Cost | $701,145,838 |
Proceeds from Sales | $(722,914,218) |
Change in Unrealized Appreciation/Depreciation | $36,565 |
Net Realized Gain/(Loss) | $82,570 |
Value as of 4/30/2023 | $171,591,707 |
Shares Held as of 4/30/2023 | 171,608,867 |
Dividend Income | $4,478,980 |
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 | 7-day net yield. |
6 | The cost of investments for federal tax purposes amounts to $8,535,561,146. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of April 30, 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 | $— | $7,325,252,002 | $0 | $7,325,252,002 |
Floating Rate Loan | — | 9,686,424 | — | 9,686,424 |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | 492,514 | — | 26,800,968 | 27,293,482 |
International | 2,626,067 | — | 168,535 | 2,794,602 |
Investment Company | 171,591,707 | — | — | 171,591,707 |
TOTAL SECURITIES | $174,710,288 | $7,334,938,426 | $26,969,503 | $7,536,618,217 |
The following acronym(s) are used throughout this portfolio: | ||
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate |
Period Ended (unaudited) 4/30/20231 | |
Net Asset Value, Beginning of Period | $8.57 |
Income From Investment Operations: | |
Net investment income (loss) | 0.112 |
Net realized and unrealized gain (loss) | 0.11 |
Total From Investment Operations | 0.22 |
Less Distributions: | |
Distributions from net investment income | (0.26) |
Net Asset Value, End of Period | $8.53 |
Total Return3 | 0.83% |
Ratios to Average Net Assets: | |
Net expenses4 | 0.74%5 |
Net investment income | 3.70%5 |
Expense waiver/reimbursement6 | 0.05%5 |
Supplemental Data: | |
Net assets, end of period (000 omitted) | $459 |
Portfolio turnover7 | 5%8 |
1 | Reflects operations for the period from February 9, 2023 (commencement of operations) to April 30, 2023. |
2 | Per share numbers have been calculated using the average shares method. |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
8 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the period ended April 30, 2023. |
Period Ended (unaudited) 4/30/20231 | |
Net Asset Value, Beginning of Period | $8.57 |
Income From Investment Operations: | |
Net investment income (loss) | 0.082 |
Net realized and unrealized gain (loss) | 0.09 |
Total From Investment Operations | 0.17 |
Less Distributions: | |
Distributions from net investment income | (0.24) |
Net Asset Value, End of Period | $8.50 |
Total Return3 | 0.31% |
Ratios to Average Net Assets: | |
Net expenses4 | 1.47%5 |
Net investment income | 2.91%5 |
Expense waiver/reimbursement6 | 0.00%5 |
Supplemental Data: | |
Net assets, end of period (000 omitted) | $32 |
Portfolio turnover7 | 5%8 |
1 | Reflects operations for the period from February 9, 2023 (commencement of operations) to April 30, 2023. |
2 | Per share numbers have been calculated using the average shares method. |
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 (loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
7 | Securities that mature are considered sales for purposes of this calculation. |
8 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the period ended April 30, 2023. |
Six Months Ended (unaudited) 4/30/2023 | Year Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $8.32 | $9.91 | $9.57 | $9.78 | $9.56 | $10.09 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.251 | 0.48 | 0.48 | 0.52 | 0.56 | 0.56 |
Net realized and unrealized gain (loss) | 0.21 | (1.57) | 0.37 | (0.21) | 0.24 | (0.52) |
Total From Investment Operations | 0.46 | (1.09) | 0.85 | 0.31 | 0.80 | 0.04 |
Less Distributions: | ||||||
Distributions from net investment income | (0.26) | (0.50) | (0.51) | (0.52) | (0.58) | (0.57) |
Redemption fees | — | — | — | — | 0.002 | 0.002 |
Net Asset Value, End of Period | $8.52 | $8.32 | $9.91 | $9.57 | $9.78 | $9.56 |
Total Return3 | 5.64% | (11.30)% | 8.94% | 3.39% | 8.60% | 0.39% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.49%5 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Net investment income | 5.98%5 | 5.30% | 4.76% | 5.48% | 5.77% | 5.66% |
Expense waiver/ reimbursement6 | 0.05%5 | 0.05% | 0.05% | 0.06% | 0.05% | 0.06% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,671,302 | $5,542,801 | $7,425,236 | $6,287,623 | $5,773,584 | $5,037,890 |
Portfolio turnover7 | 5% | 12% | 32% | 32% | 26% | 22% |
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 (loss) 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) 4/30/2023 | Year Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $8.32 | $9.92 | $9.57 | $9.79 | $9.56 | $10.10 |
Income From Investment Operations: | ||||||
Net investment income (loss) | 0.251 | 0.48 | 0.47 | 0.51 | 0.56 | 0.56 |
Net realized and unrealized gain (loss) | 0.22 | (1.58) | 0.39 | (0.21) | 0.25 | (0.53) |
Total From Investment Operations | 0.47 | (1.10) | 0.86 | 0.30 | 0.81 | 0.03 |
Less Distributions: | ||||||
Distributions from net investment income | (0.26) | (0.50) | (0.51) | (0.52) | (0.58) | (0.57) |
Redemption fees | — | — | — | — | 0.002 | 0.002 |
Net Asset Value, End of Period | $8.53 | $8.32 | $9.92 | $9.57 | $9.79 | $9.56 |
Total Return3 | 5.77% | (11.38)% | 9.06% | 3.29% | 8.72% | 0.30% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.48%5 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Net investment income | 5.98%5 | 5.29% | 4.78% | 5.34% | 5.80% | 5.67% |
Expense waiver/ reimbursement6 | 0.02%5 | 0.02% | 0.01% | 0.03% | 0.02% | 0.02% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,979,968 | $1,669,728 | $2,679,769 | $3,059,665 | $1,142,761 | $1,491,634 |
Portfolio turnover7 | 5% | 12% | 32% | 32% | 26% | 22% |
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 (loss) 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. |
April 30, 2023 (unaudited)
Assets: | |
Investment in securities, at value including $171,591,707 of investments in affiliated holdings* (identified cost $8,515,200,712, including $171,615,103 of identified cost in affiliated holdings) | $7,536,618,217 |
Income receivable | 135,267,066 |
Income receivable from affiliated holdings | 697,188 |
Receivable for investments sold | 3,308,427 |
Receivable for shares sold | 5,880,329 |
Total Assets | 7,681,771,227 |
Liabilities: | |
Payable for investments purchased | 11,274,294 |
Payable for shares redeemed | 12,861,244 |
Income distribution payable | 4,964,475 |
Payable for investment adviser fee (Note 5) | 239,868 |
Payable for administrative fee (Note 5) | 48,750 |
Payable for Directors’/Trustees’ fees (Note 5) | 4,589 |
Accrued expenses (Note 5) | 618,046 |
Total Liabilities | 30,011,266 |
Net assets for 897,524,694 shares outstanding | $7,651,759,961 |
Net Assets Consist of: | |
Paid-in capital | $8,887,413,233 |
Total distributable earnings (loss) | (1,235,653,272) |
Total Net Assets | $7,651,759,961 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
$458,980 ÷ 53,816 shares outstanding, no par value, unlimited shares authorized | $8.53 |
Offering price per share (100/95.50 of $8.53) | $8.93 |
Redemption proceeds per share | $8.53 |
Class C Shares: | |
$31,780 ÷ 3,739 shares outstanding, no par value, unlimited shares authorized | $8.50 |
Offering price per share | $8.50 |
Redemption proceeds per share (99.00/100 of $8.50) | $8.42 |
Institutional Shares: | |
$5,671,301,550 ÷ 665,300,464 shares outstanding, no par value, unlimited shares authorized | $8.52 |
Offering price per share | $8.52 |
Redemption proceeds per share | $8.52 |
Class R6 Shares: | |
$1,979,967,651 ÷ 232,166,675 shares outstanding, no par value, unlimited shares authorized | $8.53 |
Offering price per share | $8.53 |
Redemption proceeds per share | $8.53 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended April 30, 2023 (unaudited)
Investment Income: | |
Interest | $239,920,346 |
Dividends received from affiliated holdings* | 4,478,980 |
TOTAL INCOME | 244,399,326 |
Expenses: | |
Investment adviser fee (Note 5) | 15,095,643 |
Administrative fee (Note 5) | 2,955,073 |
Custodian fees | 95,919 |
Transfer agent fees (Note 2) | 1,616,162 |
Directors’/Trustees’ fees (Note 5) | 22,133 |
Auditing fees | 20,389 |
Legal fees | 5,471 |
Portfolio accounting fees | 113,678 |
Other service fees (Notes 2 and 5) | 90 |
Share registration costs | 70,879 |
Printing and postage | 134,699 |
Miscellaneous (Note 5) | 31,866 |
TOTAL EXPENSES | 20,162,002 |
Waiver and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (628,316) |
Reimbursement of other operating expenses (Notes 2 and 5) | (960,433) |
TOTAL WAIVER AND REIMBURSEMENTS | (1,588,749) |
Net expenses | 18,573,253 |
Net investment income | 225,826,073 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized loss on investments (including net realized gain of $82,570 on sales of investments in affiliated holdings*) | (49,607,238) |
Net change in unrealized depreciation of investments (including net change in unrealized depreciation of $36,565 of investments in affiliated holdings*) | 244,554,640 |
Net realized and unrealized gain (loss) on investments | 194,947,402 |
Change in net assets resulting from operations | $420,773,475 |
* | See information listed after the Fund’s Portfolio of Investments. |
Six Months Ended (unaudited) 4/30/2023 | Year Ended 10/31/2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $225,826,073 | $453,962,669 |
Net realized gain (loss) | (49,607,238) | (79,541,336) |
Net change in unrealized appreciation/depreciation | 244,554,640 | (1,423,973,948) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 420,773,475 | (1,049,552,615) |
Distributions to Shareholders: | ||
Class A Shares1 | (2,188) | — |
Class C Shares1 | (2) | — |
Institutional Shares | (175,684,426) | (356,910,767) |
Class R6 Shares | (61,652,917) | (111,050,921) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (237,339,533) | (467,961,688) |
Share Transactions: | ||
Proceeds from sale of shares | 1,545,590,661 | 2,382,875,139 |
Net asset value of shares issued to shareholders in payment of distributions declared | 204,341,820 | 389,853,376 |
Cost of shares redeemed | (1,494,135,314) | (4,147,689,990) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 255,797,167 | (1,374,961,475) |
Change in net assets | 439,231,109 | (2,892,475,778) |
Net Assets: | ||
Beginning of period | 7,212,528,852 | 10,105,004,630 |
End of period | $7,651,759,961 | $7,212,528,852 |
1 | Reflects operations for the period from February 9, 2023 (commencement of operations) to April 30, 2023. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $23 | $(15) |
Class C Shares | — | — |
Institutional Shares | 1,517,018 | (960,418) |
Class R6 Shares | 99,121 | — |
TOTAL | $1,616,162 | $(960,433) |
Other Service Fees Incurred | |
Class A Shares | $90 |
Period Ended 4/30/20231 | Year Ended 10/31/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 53,567 | $454,590 | — | $— |
Shares issued to shareholders in payment of distributions declared | 256 | 2,185 | — | — |
Shares redeemed | (7) | (58) | — | — |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 53,816 | $456,717 | — | $— |
Period Ended 4/30/20231 | Year Ended 10/31/2022 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,739 | $31,781 | — | $— |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | — | — | — | — |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 3,739 | $31,781 | — | $— |
Six Months Ended 4/30/2023 | Year Ended 10/31/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 120,759,039 | $1,021,071,726 | 205,061,124 | $1,863,616,520 |
Shares issued to shareholders in payment of distributions declared | 18,142,437 | 153,324,502 | 33,584,009 | 303,151,113 |
Shares redeemed | (139,735,341) | (1,179,068,499) | (321,540,901) | (2,885,520,119) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (833,865) | $(4,672,271) | (82,895,768) | $(718,752,486) |
Six Months Ended 4/30/2023 | Year Ended 10/31/2022 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 62,863,834 | $524,032,564 | 56,323,807 | $519,258,619 |
Shares issued to shareholders in payment of distributions declared | 6,034,098 | 51,015,133 | 9,564,399 | 86,702,263 |
Shares redeemed | (37,303,103) | (315,066,757) | (135,505,483) | (1,262,169,871) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 31,594,829 | $259,980,940 | (69,617,277) | $(656,208,989) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 30,818,519 | $255,797,167 | (152,513,045) | $(1,374,961,475) |
1 | Reflects operations for the period from February 9, 2023 (commencement of operations) to April 30, 2023. |
Short-Term | Long-Term | Total |
$9,476,413 | $175,423,300 | $184,899,713 |
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 |
Purchases | $589,473,570 |
Sales | $349,698,115 |
Beginning Account Value 11/1/2022 | Ending Account Value 4/30/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $1,008.30 | $2.502 |
Class C Shares | $1,000 | $1,003.10 | $4.963 |
Institutional Shares | $1,000 | $1,056.40 | $2.50 |
Class R6 Shares | $1,000 | $1,057.70 | $2.45 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,021.12 | $3.712 |
Class C Shares | $1,000 | $1,017.50 | $7.353 |
Institutional Shares | $1,000 | $1,022.36 | $2.46 |
Class R6 Shares | $1,000 | $1,022.41 | $2.41 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.74% |
Class C Shares | 1.47% |
Institutional Shares | 0.49% |
Class R6 Shares | 0.48% |
2 | “Actual” expense information for the Fund’s Class A Shares is for the period from February 9, 2023 (commencement of operations) to April 30, 2023. Actual expenses are equal to the Fund’s annualized net expense ratio of 0.74%, multiplied by 123/365 (to reflect the period from the commencement of operations to April 30, 2023). “Hypothetical” expense information for Class A Shares is presented on the basis of the full one-half year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 181/365 (to reflect the full half-year period). |
3 | “Actual” expense information for the Fund’s Class C Shares is for the period from February 9, 2023 (commencement of operations) to April 30, 2023. Actual expenses are equal to the Fund’s annualized net expense ratio of 1.47%, multiplied by 123/365 (to reflect the period from the commencement of operations to April 30, 2023). “Hypothetical” expense information for Class C Shares is presented on the basis of the full one-half year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 181/365 (to reflect the full half-year period). |
Annual Evaluation of Adequacy and Effectiveness
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420B821
CUSIP 31420B300
CUSIP 31420B847
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Institutional Trust
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date June 22, 2023
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 June 22, 2023
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date June 22, 2023