NPORT-EX 2 poi_bankloancorefund.htm FEDERATED BANK LOAN CORE FUND - PORTFOLIO OF INVESTMENTS
Federated Bank Loan Core Fund
Portfolio of Investments
September 30, 2019 (unaudited)
Principal
Amount
or Shares 		    Value
    CORPORATE BONDS—0.5%  
    Health Care—0.3%  
$2,000,000   CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026 $2,000,000
1,750,000   Tenet Healthcare Corp., 144A, 4.625%, 9/1/2024 1,802,377
    TOTAL 3,802,377
    Insurance - P&C—0.1%  
1,000,000   NFP Corp., Sr. Unsecd. Note, 144A, 6.875%, 7/15/2025 996,250
    Packaging—0.1%  
625,000   Trivium Packaging Finance BV, Sec. Fac. Bond, 144A, 5.500%, 8/15/2026 658,563
    TOTAL CORPORATE BONDS
(IDENTIFIED COST $6,354,293) 		5,457,190
  1 FLOATING RATE LOANS—87.4%  
    Aerospace/Defense—1.0%  
5,755,220   TransDigm, Inc., Term Loan—1st Lien, 4.543% (1-month USLIBOR +2.500%), 6/9/2023 5,748,802
4,653,964   TransDigm, Inc., Term Loan—1st Lien, 4.543% (3-month USLIBOR +2.500%), 5/30/2025 4,641,538
    TOTAL 10,390,340
    Automotive—2.0%  
316,693   American Axle & Manufacturing, Inc., Term Loan—1st Lien, 4.530% (3-month USLIBOR +2.250%), 4/6/2024 311,039
1,273,780   American Axle & Manufacturing, Inc., Term Loan—1st Lien, 4.270% (1-month USLIBOR +2.250%), 4/6/2024 1,251,037
1,550,556   Dana, Inc., Term Loan—1st Lien, 4.293% (1-month USLIBOR +2.250%), 2/28/2026 1,559,277
3,910,808   Dexko Global, Inc., Term Loan—1st Lien, 5.543% (1-month USLIBOR +3.500%), 7/24/2024 3,871,700
3,912,819   Dragon Merger Sub LLC, Term Loan—2nd Lien, 10.354% (3-month USLIBOR +8.250%), 7/24/2025 3,912,819
2,000,000   Goodyear Tire & Rubber Co., Term Loan—2nd Lien, 4.060% (1-month USLIBOR +2.000%), 3/7/2025 1,971,790
4,500,000   Panther BF Aggregator 2 LP, Term Loan—1st Lien, 5.543% (1-month USLIBOR +3.500%), 4/30/2026 4,470,480
3,830,707   TI Group Auto Systems LLC, Term Loan—1st Lien, 4.543% (1-month USLIBOR +2.500%), 6/30/2022 3,825,918
    TOTAL 21,174,060
    Building Materials—1.9%  
1,950,000   Abc Supply Co., Inc., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 10/31/2023 1,951,823
1,933,575   CD&R Waterworks Merger Subsidiary LLC, Term Loan—1st Lien, 4.882% (3-month USLIBOR +2.750%), 8/1/2024 1,921,500
3,018,761   CD&R Waterworks Merger Subsidiary LLC, Term Loan—1st Lien, 4.850% (1-month USLIBOR +2.750%), 8/1/2024 2,999,908
3,796,811   HD Supply, Inc., Term Loan—1st Lien, 3.793% (1-month USLIBOR +1.750%), 10/17/2023 3,815,017
1,965,000   Jeld-Wen, Inc., Term Loan—1st Lien, 4.104% (3-month USLIBOR +2.000%), 12/14/2024 1,968,193
7,414,912   NCI Building Systems, Inc., Term Loan—1st Lien, 5.788% (1-month USLIBOR +3.750%), 4/12/2025 7,275,883
    TOTAL 19,932,324
    Cable Satellite—4.7%  
3,919,874   Altice Financing SA, Term Loan—1st Lien, 4.777% (1-month USLIBOR +2.750%), 7/15/2025 3,830,050
5,970,000   Altice US Finance I Corp., Term Loan—1st Lien, 4.277% (1-month USLIBOR +2.250%), 1/15/2026 5,975,970
4,900,063   Charter Communications Operating LLC, Term Loan—1st Lien, 4.050% (3-month USLIBOR +2.000%), 4/30/2025 4,935,295
1,924,453   CSC Holdings LLC, Term Loan—1st Lien, 4.277% (1-month USLIBOR +2.250%), 7/17/2025 1,926,339
1,481,250   CSC Holdings LLC, Term Loan—1st Lien, 4.277% (1-month USLIBOR +2.250%), 4/15/2027 1,486,345
1,481,250   CSC Holdings LLC, Term Loan—1st Lien, 4.527% (1-month USLIBOR +2.500%), 1/25/2026 1,485,072
500,000   CSC Holdings LLC, Term Loan—1st Lien, 4.585% (3-month USLIBOR +2.500%), 4/15/2027 500,938
2,420,407   Intelsat Jackson Holdings S.A., Term Loan—1st Lien, 5.803% (1-month USLIBOR +3.750%), 11/27/2023 2,430,621
1,000,000   Intelsat Jackson Holdings S.A., Term Loan—1st Lien, 6.553% (1-month USLIBOR +4.500%), 1/2/2024 1,015,310
3,932,463   SFR Group SA, Term Loan—1st Lien, 5.715% (1-month USLIBOR +3.687%), 1/31/2026 3,912,820
11,065,000   Telenet Financing USD LLC, Term Loan—1st Lien, 4.277% (1-month USLIBOR +2.250%), 8/15/2026 11,081,653
4,500,000   Virgin Media Bristol LLC, Term Loan—1st Lien, 4.527% (1-month USLIBOR +2.500%), 1/15/2026 4,508,212
1
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Cable Satellite—continued  
$6,000,000   Ziggo Secured Finance Partnership, Term Loan—1st Lien, 4.527% (1-month USLIBOR +2.500%), 4/15/2025 $5,995,170
    TOTAL 49,083,795
    Chemicals—4.0%  
5,281,028   Alpha 3 BV, Term Loan—1st Lien, 5.104% (3-month USLIBOR +3.000%), 1/31/2024 5,222,937
3,880,956   Axalta Coating Systems US Holdings, Inc., Term Loan—1st Lien, 3.854% (3-month USLIBOR +1.750%), 6/1/2024 3,887,612
3,970,000   Element Solutions, Inc., Term Loan—1st Lien, 4.293% (1-month USLIBOR +2.250%), 1/31/2026 3,988,600
4,331,199   H.B Fuller Co., Term Loan—1st Lien, 4.044% (1-month USLIBOR +2.000%), 10/20/2024 4,319,635
1,995,000   Hexion, Inc., Term Loan—1st Lien, 5.820% (3-month USLIBOR +3.500%), 7/1/2026 1,995,000
5,970,000   Messer Industries USA, Inc., Term Loan—1st Lien, 4.604% (3-month USLIBOR +2.500%), 3/1/2026 5,966,299
77,415   Polar US Borrower LLC, Term Loan—1st Lien, 6.854% (3-month USLIBOR +4.750%), 10/16/2025 75,383
3,396,335   Polar US Borrower LLC, Term Loan—1st Lien, 7.063% (3-month USLIBOR +4.750%), 10/16/2025 3,307,181
4,143,358   PQ Corp., Term Loan—1st Lien, 4.755% (3-month USLIBOR +2.500%), 2/8/2025 4,156,306
4,975,000   Starfruit US Holdco LLC, Term Loan—1st Lien, 5.292% (1-month USLIBOR +3.250%), 10/1/2025 4,884,206
970,000   Versum Materials, Inc., Term Loan—1st Lien, 4.104% (3-month USLIBOR +2.000%), 9/30/2023 972,022
1,094,211   WR Grace & Co-Conn, Term Loan—1st Lien, 3.854% (3-month USLIBOR +1.750%), 4/3/2025 1,098,828
1,875,790   WR Grace & Co-Conn, Term Loan—1st Lien, 3.854% (3-month USLIBOR +1.750%), 4/3/2025 1,883,705
    TOTAL 41,757,714
    Consumer Cyclical Services—1.5%  
540,541   Allied Universal Holdco LLC, Term Loan Delayed Draw, 0.000% (3-month USLIBOR +4.250%), 7/12/2026 541,976
5,459,459   Allied Universal Holdco LLC, Term Loan, 6.506% (3-month USLIBOR +4.250%), 7/12/2026 5,473,954
4,398,750   Constellis Holdings LLC, Term Loan—1st Lien, 7.255% (3-month USLIBOR +5.000%), 4/21/2024 2,698,941
3,000,000   Constellis Holdings LLC, Term Loan—2nd Lien, 11.255% (3-month USLIBOR +9.000%), 4/21/2025 639,990
6,324,901   Garda World Security Corp., Term Loan—1st Lien, 5.632% (3-month USLIBOR +3.500%), 5/26/2024 6,338,721
16,218   Garda World Security Corp., Term Loan—1st Lien, 7.500% (1-month USLIBOR +2.500%), 5/26/2024 16,253
415,151   ServiceMaster Co. LLC, Term Loan—1st Lien, 4.543% (1-month USLIBOR +2.500%), 11/8/2023 416,300
    TOTAL 16,126,135
    Consumer Products—2.5%  
822,785   BCPE Empire Holdings, Inc., Term Loan—1st Lien, 4.000% (3-month USLIBOR +2.000%), 6/12/2026 813,533
4,177,215   BCPE Empire Holdings, Inc., Term Loan—1st Lien, 6.043% (1-month USLIBOR +4.000%), 6/12/2026 4,130,242
7,425,938   Diamond BC BV, Term Loan—1st Lien, 5.255% (3-month USLIBOR +3.000%), 9/6/2024 7,095,261
5,000,000   Edgewell Personal Care Co., Term Loan—1st Lien, 5.085% (3-month USLIBOR +3.000%), 9/20/2026 5,015,650
1,473,750   Energizer Holdings, Inc., Term Loan—1st Lien, 4.312% (1-month USLIBOR +2.250%), 1/2/2026 1,476,521
1,800,950   Prestige Brands, Inc., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 1/26/2024 1,807,542
1,513,363   Serta Simmons Bedding LLC, Term Loan—1st Lien, 5.539% (1-month USLIBOR +3.500%), 11/8/2023 939,042
429,269   Serta Simmons Bedding LLC, Term Loan—1st Lien, 5.557% (1-month USLIBOR +3.500%), 11/8/2023 266,361
4,850,000   Welbilt, Inc., Term Loan—1st Lien, 4.543% (1-month USLIBOR +2.500%), 10/23/2025 4,868,187
    TOTAL 26,412,339
    Diversified Manufacturing—2.2%  
4,000,000   Aldevron, LLC., Term Loan—1st Lien, 6.085% (3-month USLIBOR +4.000%), 9/20/2026 4,020,000
4,763,917   Dynacast International LLC, Term Loan—1st Lien, 5.354% (3-month USLIBOR +3.250%), 1/28/2022 4,591,225
2,000,000   Dynacast International LLC, Term Loan—2nd Lien, 10.604% (3-month USLIBOR +8.500%), 1/30/2023 1,940,000
2,015,785   Gardner Denver, Inc., Term Loan—1st Lien, 4.793% (1-month USLIBOR +2.750%), 7/30/2024 2,025,864
3,411,740   Gates Global LLC, Term Loan—1st Lien, 4.793% (1-month USLIBOR +2.750%), 3/31/2024 3,365,614
6,897,469   Titan Acquisition Ltd., Term Loan—1st Lien, 5.043% (1-month USLIBOR +3.000%), 3/28/2025 6,639,607
    TOTAL 22,582,310
    Finance Companies—0.3%  
3,000,000   Crown Finance US, Inc., Term Loan—1st Lien, 2.015% (1-month USLIBOR +0.000%), 9/20/2026 2,998,125
    Financial Institutions—1.8%  
11,416,237   Sedgwick, Inc., Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.250%), 12/31/2025 11,244,081
2
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Financial Institutions—continued  
$3,990,000   Sedgwick, Inc., Term Loan—1st Lien, 6.043% (1-month USLIBOR +4.000%), 9/4/2026 $4,001,471
3,885,286   WEX, Inc., Term Loan—1st Lien, 4.293% (1-month USLIBOR +2.250%), 5/17/2026 3,912,677
    TOTAL 19,158,229
    Food & Beverage—0.9%  
1,428,070   Aramark Services, Inc., Term Loan—1st Lien, 3.793% (1-month USLIBOR +1.750%), 3/28/2024 1,432,532
1,398,994   Aramark Services, Inc., Term Loan—1st Lien, 3.793% (1-month USLIBOR +1.750%), 3/11/2025 1,402,785
2,976,136   Post Holdings, Inc., Term Loan—1st Lien, 4.040% (1-month USLIBOR +2.000%), 5/24/2024 2,988,978
3,763,575   U.S. Foodservice, Inc., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 6/27/2023 3,781,998
    TOTAL 9,606,293
    Gaming—3.8%  
1,194,828   Affinity Gaming LLC, Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.250%), 7/1/2023 1,163,763
3,000,000   Affinity Gaming LLC, Term Loan—2nd Lien, 10.293% (1-month USLIBOR +8.250%), 1/31/2025 2,881,500
1,673,698   Boyd Gaming Corp., Term Loan—1st Lien, 4.166% (1-week USLIBOR +2.250%), 9/15/2023 1,681,020
4,895,000   Caesars Entertainment Corp., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 10/6/2024 4,898,059
6,386,250   Caesars Resort Collection, Term Loan—1st Lien, 4.793% (1-month USLIBOR +2.750%), 12/22/2024 6,351,541
3,373,043   Eldorado Resorts, Inc., Term Loan—1st Lien, 4.313% (1-month USLIBOR +2.250%), 4/17/2024 3,372,351
1,927,581   Golden Entertainment, Inc., Term Loan—1st Lien, 5.060% (1-month USLIBOR +3.000%), 10/20/2024 1,936,015
8,654,629   Mohegan Tribal Gaming Authority, Term Loan—1st Lien, 6.043% (1-month USLIBOR +4.000%), 10/13/2023 8,054,820
2,977,500   Penn National Gaming, Inc., Term Loan—1st Lien, 4.293% (1-month USLIBOR +2.250%), 10/15/2025 2,996,437
3,558,392   Star Group Holdings BV, Term Loan—1st Lien, 5.604% (3-month USLIBOR +3.500%), 7/10/2025 3,578,585
2,825,807   Station Casinos LLC, Term Loan—1st Lien, 4.550% (1-month USLIBOR +2.500%), 6/8/2023 2,841,024
    TOTAL 39,755,115
    Health Care—14.0%  
4,803,727   Acadia Healthcare Co., Inc., Term Loan—1st Lien, 4.543% (1-month USLIBOR +2.500%), 2/16/2023 4,816,865
4,303,404   Air Medical Group Holdings, Inc., Term Loan—1st Lien, 5.307% (1-month USLIBOR +3.250%), 4/28/2022 4,038,938
2,456,250   Air Medical Group Holdings, Inc., Term Loan—1st Lien, 6.293% (1-month USLIBOR +4.250%), 3/14/2025 2,306,824
3,042,017   Avantor, Inc., Term Loan—1st Lien, 5.043% (1-month USLIBOR +3.000%), 11/21/2024 3,069,593
2,940,000   Carestream Dental LLC, Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.250%), 9/1/2024 2,868,337
1,276,746   Carestream Health, Inc., Term Loan—1st Lien, 7.793% (1-month USLIBOR +5.750%), 2/28/2021 1,222,484
6,792,517   Carestream Health, Inc., Term Loan—2nd Lien, 11.543% (1-month USLIBOR +9.500%), 6/7/2021 6,520,817
3,335,075   CHG Healthcare Services, Inc., Term Loan—1st Lien, 5.043% (1-month USLIBOR +3.000%), 6/7/2023 3,338,210
5,620,877   Civitas Solutions, Inc., Term Loan—1st Lien, 6.300% (1-month USLIBOR +4.250%), 3/8/2026 5,653,197
350,877   Civitas Solutions, Inc., Term Loan—1st Lien, 6.300% (1-month USLIBOR +4.250%), 3/8/2026 352,895
6,884,721   Endo Luxembourg Finance, Term Loan—1st Lien, 6.295% (1-month USLIBOR +4.250%), 4/27/2024 6,287,713
9,929,987   Enterprise Merger Sub, Inc., Term Loan—1st Lien, 5.793% (1-month USLIBOR +3.750%), 10/10/2025 8,133,255
5,332,627   Grifols Worldwide Operations USA, Inc., Term Loan—1st Lien, 4.196% (1-week USLIBOR +2.250%), 1/31/2025 5,366,222
202,491   HCA, Inc., Term Loan—1st Lien, 3.793% (1-month USLIBOR +1.750%), 3/17/2023 203,365
492,500   HCA, Inc., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 3/13/2025 494,748
2,468,750   IMS Health, Inc., Term Loan—1st Lien, 3.854% (3-month USLIBOR +1.750%), 6/11/2025 2,475,317
1,562,364   IMS Health, Inc., Term Loan—1st Lien, 4.104% (3-month USLIBOR +2.000%), 3/7/2024 1,571,152
980,000   IMS Health, Inc., Term Loan—1st Lien, 4.104% (3-month USLIBOR +2.000%), 1/18/2025 986,125
3,922,456   MH Sub I LLC, Term Loan—1st Lien, 5.793% (1-month USLIBOR +3.750%), 9/15/2024 3,903,158
4,000,000   MH Sub I LLC, Term Loan—2nd Lien, 9.543% (1-month USLIBOR +7.500%), 9/15/2025 4,030,000
12,846,129   MPH Acquisition Holdings LLC, Term Loan—1st Lien, 4.854% (3-month USLIBOR +2.750%), 6/7/2023 12,273,384
9,859,014   Ortho-Clinical Diagnostics, Inc., Term Loan—1st Lien, 5.563% (3-month USLIBOR +3.250%), 6/30/2025 9,563,243
4,925,000   Osteon Merger Subsidiary, Inc., Term Loan—1st Lien, 5.793% (1-month USLIBOR +3.750%), 2/14/2025 4,931,156
4,256,010   PCI Pharma Services, Term Loan—1st Lien, 6.110% (3-month USLIBOR +4.000%), 6/30/2023 4,252,031
3,000,000   PCI Pharma Services, Term Loan—2nd Lien, 10.860% (3-month USLIBOR +8.750%), 7/1/2024 3,015,000
3,870,000   Precyse Acquisition Corp., Term Loan—1st Lien, 6.543% (1-month USLIBOR +4.500%), 10/20/2022 3,534,606
3
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Health Care—continued  
$3,918,831   Radnet Management, Inc., Term Loan—1st Lien, 5.830% (3-month USLIBOR +3.500%), 7/1/2023 $3,938,425
6,937,538   RegionalCare Hospital Partners Holdings, Inc., Term Loan—1st Lien, 6.553% (1-month USLIBOR +4.500%), 11/16/2025 6,954,361
1,745,625   Sotera Health Holdings, LLC, Term Loan—1st Lien, 5.566% (1-month USLIBOR +3.500%), 5/15/2022 1,746,358
7,154,725   SteriGenics—Nordion Holdings LLC, Term Loan - 1st Lien, 5.043% (1-month USLIBOR +3.000%), 5/15/2022 7,093,624
3,650,221   Surgery Center Holdings, Inc., Term Loan—1st Lien, 5.300% (1-month USLIBOR +3.250%), 8/31/2024 3,576,304
10,767,077   Team Health Holdings, Inc., Term Loan—1st Lien, 4.793% (1-month USLIBOR +2.750%), 2/6/2024 8,927,684
2,450,000   UIC Merger Subsidiary, Inc., Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.250%), 8/31/2024 2,421,421
250,000   UIC Merger Subsidiary, Inc., Term Loan—1st Lien, 9.043% (1-month USLIBOR +7.000%), 8/30/2025 248,959
1,741,250   Vizient, Inc., Term Loan—1st Lien, 4.543% (1-month USLIBOR +2.500%), 5/6/2026 1,752,786
4,477,500   VVC Holding Corp., Term Loan—1st Lien, 6.681% (3-month USLIBOR +4.500%), 2/11/2026 4,473,314
    TOTAL 146,341,871
    Independent Energy—1.1%  
3,000,000   California Resources Corp., Term Loan—1st Lien, 12.418% (1-month USLIBOR +10.375%), 12/31/2021 2,632,515
3,000,000   California Resources Corp., Term Loan—1st Lien, 6.793% (1-month USLIBOR +4.750%), 12/31/2022 2,685,000
1,891,881   Fieldwood Energy LLC, Term Loan—1st Lien, 7.505% (3-month USLIBOR +5.250%), 4/11/2022 1,648,822
3,350,000   Fieldwood Energy LLC, Term Loan—2nd Lien, 9.505% (3-month USLIBOR +7.250%), 4/11/2023 2,531,109
2,484,712   Ultra Resources, Inc., Term Loan—1st Lien, 6.053% (1-month USLIBOR +3.750%), 4/12/2024 1,661,651
    TOTAL 11,159,097
    Industrial - Other—2.9%  
9,189,788   Altra Industrial Motion Corp., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 10/1/2025 9,189,788
1,975,000   EPV Merger Subsidiary, Inc., Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.250%), 3/9/2025 1,929,743
1,561,650   EPV Merger Subsidiary, Inc., Term Loan—2nd Lien, 9.293% (1-month USLIBOR +7.250%), 3/9/2026 1,514,800
1,500,000   Excelitas Technologies, Term Loan—2nd Lien, 9.831% (3-month USLIBOR +7.500%), 12/1/2025 1,505,152
6,573,026   Filtration Group Corp., Term Loan—1st Lien, 5.043% (1-month USLIBOR +3.000%), 3/29/2025 6,598,826
2,947,500   Greenrock Finance, Inc., Term Loan—1st Lien, 5.604% (3-month USLIBOR +3.500%), 6/28/2024 2,952,570
1,000,000   IAA Spinco, Inc., Term Loan—1st Lien, 4.335% (3-month USLIBOR +2.250%), 6/28/2026 1,006,250
500,000   KAR Auction Services, Inc., Term Loan—1st Lien, 4.312% (1-month USLIBOR +2.250%), 9/19/2026 502,970
4,962,500   Resideo Funding, Inc., Term Loan—1st Lien, 4.110% (3-month USLIBOR +2.000%), 10/25/2025 4,968,703
    TOTAL 30,168,802
    Insurance - P&C—5.2%  
4,798,598   AmWINS Group, Inc., Term Loan—1st Lien, 4.794% (1-month USLIBOR +2.750%), 1/25/2024 4,807,236
1,145,435   AmWINS Group, Inc., Term Loan—1st Lien, 4.807% (1-month USLIBOR +2.750%), 1/25/2024 1,147,497
7,800,685   AssuredPartners, Inc., Term Loan—1st Lien, 5.543% (1-month USLIBOR +3.500%), 10/22/2024 7,779,974
2,845,923   Asurion LLC, Term Loan—1st Lien, 5.043% (1-month USLIBOR +3.000%), 11/3/2023 2,860,153
4,932,500   Asurion LLC, Term Loan—1st Lien, 5.043% (1-month USLIBOR +3.000%), 11/3/2024 4,955,461
5,000,000   Asurion LLC, Term Loan—2nd Lien, 8.543% (1-month USLIBOR +6.500%), 8/4/2025 5,086,875
7,890,075   Hub International Ltd., Term Loan—1st Lien, 5.266% (3-month USLIBOR +3.000%), 4/25/2025 7,811,608
10,282,442   NFP Corp., Term Loan—1st Lien, 5.043% (1-month USLIBOR +3.000%), 1/8/2024 10,118,591
9,558,694   USI, Inc./NY, Term Loan—1st Lien, 5.104% (3-month USLIBOR +3.000%), 5/16/2024 9,413,353
    TOTAL 53,980,748
    Leisure—0.8%  
4,975,000   AMC Entertainment Holdings, Inc., Term Loan—1st Lien, 5.230% (6-month USLIBOR +3.000%), 4/22/2026 5,000,547
975,000   Cedar Fair LP, Term Loan—1st Lien, 3.793% (1-month USLIBOR +1.750%), 4/13/2024 979,875
2,358,134   Hoya Midco LLC, Term Loan—1st Lien, 5.543% (1-month USLIBOR +3.500%), 6/30/2024 2,331,605
    TOTAL 8,312,027
    Lodging—1.9%  
2,487,500   Aimbridge Acquisition, Co., Term Loan—1st Lien, 5.816% (1-month USLIBOR +3.750%), 2/1/2026 2,487,500
4,902,194   Four Seasons Hotels Ltd., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 11/30/2023 4,930,798
1,707,859   Hilton Worldwide Finance LLC, Term Loan—1st Lien, 3.768% (1-month USLIBOR +1.750%), 6/21/2026 1,719,925
4
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Lodging—continued  
$3,921,275   Intrawest Resorts Holdings, Inc., Term Loan—1st Lien, 5.043% (1-month USLIBOR +3.000%), 7/31/2024 $3,939,666
3,900,000   RHP Hotel Properties LP, Term Loan—1st Lien, 4.330% (3-month USLIBOR +2.000%), 5/11/2024 3,911,583
2,479,962   Wyndham Hotels & Resorts, Inc., Term Loan—1st Lien, 3.793% (1-month USLIBOR +1.750%), 5/30/2025 2,494,607
    TOTAL 19,484,079
    Media Entertainment—6.2%  
1,912,976   AVSC Holding Corp., Term Loan—1st Lien, 5.350% (1-month USLIBOR +3.250%), 3/1/2025 1,855,586
1,921,974   AVSC Holding Corp., Term Loan—1st Lien, 5.289% (1-month USLIBOR +3.250%), 3/1/2025 1,864,315
107,519   AVSC Holding Corp., Term Loan—1st Lien, 5.354% (3-month USLIBOR +3.250%), 3/1/2025 104,294
1,500,000   AVSC Holding Corp., Term Loan—1st Lien, 6.585% (3-month USLIBOR +4.500%), 9/26/2026 1,475,625
3,000,000   AVSC Holding Corp., Term Loan—2nd Lien, 9.503% (3-month USLIBOR +7.250%), 9/1/2025 2,872,500
1,526,866   CBS Outdoor Americas Capital LLC / Corp., Term Loan—1st Lien, 4.042% (1-month USLIBOR +2.000%), 3/16/2024 1,537,042
2,078,543   CBS Radio, Inc., Term Loan—1st Lien, 4.803% (1-month USLIBOR +2.750%), 11/17/2024 2,083,740
2,000,000   Clear Channel Outdoor Holdings, Inc., Term Loan, 5.543% (1-month USLIBOR +3.500%), 8/23/2026 2,008,390
7,378,136   Comet Bidco Ltd., Term Loan—1st Lien, 7.124% (3-month USLIBOR +5.000%), 9/30/2024 7,285,910
3,000,000   Cumulus Media News Holdings, Inc., Term Loan—1st Lien, 6.085% (3-month USLIBOR +4.000%), 3/26/2026 3,012,195
2,500,000   Diamond Sports Group LLC / Diamond Sports Finance Co., Term Loan—1st Lien, 5.300% (1-month USLIBOR +3.250%), 8/24/2026 2,517,975
980,000   E.W. Scripps Co., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 10/2/2024 976,325
4,696,271   Emerald Expo Holdings, Inc., Term Loan—1st Lien, 4.793% (1-month USLIBOR +2.750%), 5/22/2024 4,605,280
3,253,333   Entravision Communications Corp., Term Loan—1st Lien, 4.793% (1-month USLIBOR +2.750%), 11/30/2024 3,180,133
2,977,500   Gray Television, Inc., Term Loan—1st Lien, 4.831% (3-month USLIBOR +2.500%), 1/2/2026 2,992,179
738,750   Lamar Media Corp., Term Loan—1st Lien, 3.812% (1-month USLIBOR +1.750%), 3/16/2025 742,909
1,093,750   Match Group, Inc., Term Loan—1st Lien, 4.659% (2-month USLIBOR +2.500%), 11/16/2022 1,097,168
136,873   Mission Broadcasting, Inc., Term Loan—1st Lien, 4.281% (1-month USLIBOR +2.250%), 1/17/2024 137,215
4,466,250   NEP/NCP Holdco, Inc., Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.250%), 10/20/2025 4,395,527
4,500,000   NEP/NCP Holdco, Inc., Term Loan—2nd Lien, 9.043% (1-month USLIBOR +7.000%), 10/19/2026 4,417,515
687,089   Nexstar Broadcasting, Inc., Term Loan—1st Lien, 4.293% (1-month USLIBOR +2.250%), 1/17/2024 688,807
3,000,000   Nexstar Broadcasting, Inc., Term Loan—1st Lien, 4.807% (3-month USLIBOR +2.750%), 9/19/2026 3,017,100
972,612   Nielsen Finance LLC/Nielsen Finance Co., Term Loan—1st Lien, 4.042% (1-month USLIBOR +2.000%), 10/4/2023 973,220
2,000,000   Sinclair Television Group, Term Loan—1st Lien, 4.540% (1-month USLIBOR +2.500%), 9/30/2026 2,010,840
3,673,749   Urban One, Inc., Term Loan—1st Lien, 6.050% (1-month USLIBOR +4.000%), 4/18/2023 3,566,292
5,000,000   WMG Acquisition Corp., Term Loan—1st Lien, 4.168% (1-month USLIBOR +2.125%), 11/1/2023 5,011,250
    TOTAL 64,429,332
    Midstream—0.5%  
1,376,063   Gulf Finance LLC, Term Loan—1st Lien, 7.360% (3-month USLIBOR +5.250%), 8/25/2023 1,054,415
2,304,749   Gulf Finance LLC, Term Loan—1st Lien, 7.360% (1-month USLIBOR +5.250%), 8/25/2023 1,766,026
2,281,091   Summit Midstream Holdings LLC, Term Loan—1st Lien, 8.043% (1-month USLIBOR +6.000%), 5/13/2022 2,241,742
    TOTAL 5,062,183
    Oil Field Services—0.2%  
1,777,109   Apergy Corp., Term Loan—1st Lien, 4.713% (1-month USLIBOR +2.500%), 5/9/2025 1,782,671
    Packaging—3.7%  
49,535   Anchor Glass Container Corp., Term Loan—1st Lien, 4.794% (1-month USLIBOR +2.750%), 12/7/2023 39,071
923,077   Anchor Glass Container Corp., Term Loan—1st Lien, 4.807% (1-month USLIBOR +2.750%), 12/7/2023 728,077
500,000   Anchor Glass Container Corp., Term Loan—2nd Lien, 9.807% (1-month USLIBOR +7.750%), 12/7/2024 292,188
2,992,500   Berry Global, Inc., Term Loan—1st Lien, 4.549% (1-month USLIBOR +2.500%), 7/1/2026 3,010,410
975,000   Berry Plastics Corp., Term Loan—1st Lien, 4.299% (1-month USLIBOR +2.250%), 1/19/2024 979,817
14,706,969   Bway Corp., Term Loan—1st Lien, 5.589% (3-month USLIBOR +3.250%), 4/3/2024 14,423,051
4,438,395   Charter Nex US, Inc., Term Loan—1st Lien, 5.043% (1-month USLIBOR +3.000%), 5/16/2024 4,402,356
997,500   Charter Nex US, Inc., Term Loan—1st Lien, 5.543% (1-month USLIBOR +3.500%), 5/16/2024 999,784
1,433,417   Flex Acquisition Co., Inc., Term Loan—1st Lien, 5.319% (3-month USLIBOR +3.000%), 12/29/2023 1,384,680
5
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Packaging—continued  
$3,914,073   Flex Acquisition Co., Inc., Term Loan—1st Lien, 5.569% (3-month USLIBOR +3.250%), 6/29/2025 $3,779,527
1,891,425   Fortress Merger Sub., Inc., Term Loan—1st Lien, 6.313% (3-month USLIBOR +4.000%), 10/19/2023 1,867,782
53,575   Fortress Merger Sub., Inc., Term Loan—1st Lien, 6.100% (1-month USLIBOR +4.000%), 10/19/2023 52,905
2,000,000   Fortress Merger Sub., Inc., Term Loan—2nd Lien, 10.813% (3-month USLIBOR +8.500%), 10/21/2024 1,890,000
5,369,314   Trident TPI Holdings, Inc., Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.250%), 10/17/2024 5,205,737
    TOTAL 39,055,385
    Paper—0.2%  
2,000,000   Clearwater Paper Corp., Term Loan—1st Lien, 5.312% (3-month USLIBOR +3.250%), 7/26/2026 2,012,500
    Pharmaceuticals—2.8%  
8,468,157   Jaguar Holding Co. II, Term Loan—1st Lien, 4.543% (1-month USLIBOR +2.500%), 8/18/2022 8,484,500
5,017,167   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Term Loan—1st Lien, 4.854% (3-month USLIBOR +2.750%), 9/24/2024 3,781,689
4,322,996   Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Term Loan—1st Lien, 5.175% (3-month USLIBOR +3.000%), 2/24/2025 3,250,893
7,083,034   Parexel International Corp., Term Loan—1st Lien, 4.793% (1-month USLIBOR +2.750%), 9/27/2024 6,742,801
1,617,308   Syneos Health, Inc., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 8/1/2024 1,625,734
5,133,001   Valeant Pharmaceuticals International, Term Loan—1st Lien, 4.788% (1-month USLIBOR +2.750%), 11/27/2025 5,149,376
    TOTAL 29,034,993
    Restaurants—0.6%  
5,137,472   1011778 BC Unltd. Liability Co./New Red Finance, Inc., Term Loan—1st Lien, 4.293% (1-month USLIBOR +2.250%), 2/17/2024 5,160,591
1,455,412   KFC Holding Co., Term Loan—1st Lien, 3.790% (1-month USLIBOR +1.750%), 4/3/2025 1,459,959
    TOTAL 6,620,550
    Retailers—1.2%  
486,785   Michaels Stores, Inc., Term Loan—1st Lien, 4.546% (1-month USLIBOR +2.500%), 1/28/2023 476,137
1,355,445   Michaels Stores, Inc., Term Loan—1st Lien, 4.544% (1-month USLIBOR +2.500%), 1/28/2023 1,325,794
3,140,828   Party City Holdings, Inc., Term Loan—1st Lien, 4.550% (1-month USLIBOR +2.500%), 8/19/2022 3,118,591
2,895,000   PETCO Animal Supplies, Inc., Term Loan—1st Lien, 5.505% (3-month USLIBOR +3.250%), 1/26/2023 2,205,368
5,555,102   Talbots, Inc., Term Loan—1st Lien, 9.104% (3-month USLIBOR +7.000%), 11/28/2022 5,457,888
    TOTAL 12,583,778
    Services—1.4%  
6,158,718   Altran Technologies SA, Term Loan—1st Lien, 4.405% (3-month USLIBOR +2.250%), 3/21/2025 6,175,101
2,500,000   Emerald TopCo, Inc., Term Loan—1st Lien, 5.543% (1-month USLIBOR +3.500%), 7/26/2026 2,496,875
5,882,177   USIC Holdings, Inc., Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.000%), 12/9/2023 5,845,413
    TOTAL 14,517,389
    Supermarkets—0.3%  
2,644,777   Albertsons LLC, Term Loan—1st Lien, 4.793% (1-month USLIBOR +2.750%), 8/17/2026 2,664,375
    Technology—15.8%  
3,998,890   Aerial Merger Subsidiary, Inc., Term Loan—2nd Lien, 10.043% (1-month USLIBOR +8.000%), 8/8/2025 3,787,709
1,864,426   Almonde, Inc., Term Loan—1st Lien, 5.696% (3-month USLIBOR +3.500%), 6/16/2024 1,817,909
1,500,000   Almonde, Inc., Term Loan—2nd Lien, 9.446% (1-month USLIBOR +7.250%), 6/13/2025 1,440,945
4,664,930   Applied Systems, Inc., Term Loan—1st Lien, 5.104% (3-month USLIBOR +3.000%), 9/19/2024 4,663,624
1,985,000   Banff Merger Subsidiary, Inc., Term Loan—1st Lien, 6.293% (1-month USLIBOR +4.250%), 10/2/2025 1,913,709
4,975,000   BCPE Rover Merger Sub, Inc., Term Loan—1st Lien, 6.293% (1-month USLIBOR +4.250%), 11/28/2025 4,687,694
4,000,000   BCPE Rover Merger Sub, Inc., Term Loan—2nd Lien, 10.293% (1-month USLIBOR +8.250%), 11/28/2026 3,766,680
2,204,546   Carbonite, Inc., Term Loan—1st Lien, 6.005% (1-month USLIBOR +3.750%), 3/26/2026 2,209,594
4,902,386   CCC Information Services, Inc., Term Loan—1st Lien, 4.800% (1-month USLIBOR +2.750%), 4/27/2024 4,888,365
3,000,000   CCC Information Services, Inc., Term Loan—2nd Lien, 8.793% (1-month USLIBOR +6.750%), 4/27/2025 3,035,250
1,872,130   CDW LLC, Term Loan—1st Lien, 3.800% (1-month USLIBOR +1.750%), 8/17/2023 1,882,193
3,000,000   CommScope, Inc., Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.250%), 4/4/2026 2,994,645
1,989,987   Compuware Corp., Term Loan—1st Lien, 6.043% (1-month USLIBOR +4.000%), 8/23/2025 2,000,773
3,564,329   Diebold, Inc., Term Loan—1st Lien, 4.812% (1-month USLIBOR +2.750%), 11/6/2023 3,392,065
6
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Technology—continued  
$2,320,526   Dynatrace LLC, Term Loan—1st Lien, 4.794% (1-month USLIBOR +2.750%), 8/23/2025 $2,333,092
126,316   Dynatrace LLC, Term Loan—1st Lien, 6.750% (3-month US Prime +2.250%), 8/23/2025 127,000
3,967,513   Entergris, Inc., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 11/6/2025 3,996,039
7,942,488   Financial & Risk US Holdings, Inc., Term Loan—1st Lien, 5.793% (1-month USLIBOR +3.750%), 10/1/2025 7,993,796
5,860,186   Hyland Software, Inc., Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.250%), 7/1/2024 5,866,778
6,000,000   Hyland Software, Inc., Term Loan—2nd Lien, 9.043% (1-month USLIBOR +7.000%), 7/10/2025 6,039,390
3,061,630   Infor US, Inc., Term Loan—1st Lien, 4.854% (3-month USLIBOR +2.750%), 2/1/2022 3,069,529
3,952,519   Inovalon Holdings, Inc., Term Loan—1st Lien, 5.562% (1-month USLIBOR +3.500%), 4/2/2025 3,980,681
2,175,603   Ivanti Software, Inc., Term Loan—1st Lien, 6.300% (1-month USLIBOR +4.250%), 1/20/2024 2,171,872
1,417,696   JD Power & Associates, Term Loan—1st Lien, 5.793% (1-month USLIBOR +3.750%), 9/7/2023 1,422,126
1,083,333   JD Power & Associates, Term Loan—2nd Lien, 10.543% (1-month USLIBOR +8.500%), 9/7/2024 1,072,500
4,889,510   Kronos, Inc., Term Loan—1st Lien, 5.253% (3-month USLIBOR +3.000%), 11/1/2023 4,903,958
3,500,000   Kronos, Inc., Term Loan—2nd Lien, 10.503% (3-month USLIBOR +8.250%), 11/1/2024 3,567,077
1,500,000   Landesk Software Group, Inc., Term Loan—2nd Lien, 11.050% (1-month USLIBOR +9.000%), 1/23/2025 1,484,063
1,980,025   Lumentum Holdings, Inc., Term Loan—1st Lien, 4.543% (1-month USLIBOR +2.500%), 12/10/2025 1,989,925
718,615   Microchip Technology, Inc., Term Loan—1st Lien, 4.050% (1-month USLIBOR +2.000%), 5/29/2025 721,981
1,000,000   MLN US Holdco LLC, Term Loan—2nd Lien, 10.862% (1-month USLIBOR +8.750%), 11/30/2026 868,335
1,866,667   NCR Corp., Term Loan, 4.585% (3-month USLIBOR +2.500%), 8/28/2026 1,872,500
2,133,333   NCR Corp., Term Loan, 4.585% (3-month USLIBOR +2.500%), 8/28/2026 2,140,000
3,915,075   NeuStar, Inc., Term Loan—1st Lien, 5.543% (1-month USLIBOR +3.500%), 8/8/2024 3,789,793
1,387,895   ON Semiconductor Corp., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 9/19/2026 1,395,709
2,360,152   Optiv Security, Inc., Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.250%), 2/1/2024 1,844,860
3,000,000   Optiv Security, Inc., Term Loan—2nd Lien, 9.293% (1-month USLIBOR +7.250%), 2/1/2025 1,458,750
2,992,500   Project Alpha Intermediate Holding, Inc., Term Loan—1st Lien, 6.560% (3-month USLIBOR +4.250%), 4/26/2024 2,999,981
5,000,000   Project Boost Purchaser, LLC, Term Loan—1st Lien, 5.543% (1-month USLIBOR +3.500%), 5/30/2026 4,974,375
2,962,500   Project Deep Blue Holdings LLC, Term Loan—1st Lien, 5.397% (3-month USLIBOR +3.250%), 2/12/2025 2,964,352
3,965,013   Project Leopard Holdings, Inc., Term Loan—1st Lien, 6.449% (1-month USLIBOR +4.250%), 7/7/2023 3,962,534
5,855,225   Rackspace Hosting, Inc., Term Loan—1st Lien, 5.286% (3-month USLIBOR +3.000%), 11/3/2023 5,388,622
1,942,626   RL Merger Subsidiary, Inc., Term Loan—1st Lien, 5.293% (1-month USLIBOR +3.250%), 5/30/2025 1,911,398
2,000,000   RL Merger Subsidiary, Inc., Term Loan—2nd Lien, 9.043% (1-month USLIBOR +7.000%), 5/29/2026 1,931,260
1,945,000   RP Crown Parent LLC, Term Loan—1st Lien, 4.803% (3-month USLIBOR +2.750%), 10/12/2023 1,949,260
3,000,000   S2P Acquisition Borrower, Inc., Term Loan—1st Lien, 6.043% (1-month USLIBOR +4.000%), 8/14/2026 3,003,285
798,573   Sabre GLBL, Inc., Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 2/22/2024 802,838
1,985,000   Severin Acquisition LLC, Term Loan—1st Lien, 5.459% (3-month USLIBOR +3.250%), 8/1/2025 1,956,882
5,000,000   Star Merger Sub, Inc., Term Loan—1st Lien, 7.053% (1-month USLIBOR +5.000%), 2/8/2026 5,037,050
4,890,189   Tempo Acquisition LLC, Term Loan—1st Lien, 5.043% (1-month USLIBOR +3.000%), 5/1/2024 4,913,637
4,305,176   Tibco Software, Inc., Term Loan—1st Lien, 6.070% (1-month USLIBOR +4.000%), 7/3/2026 4,316,843
2,992,500   Trade Me Group Ltd., Term Loan—1st Lien, 6.354% (3-month USLIBOR +4.250%), 5/7/2026 3,007,463
3,045,040   Trans Union LLC, Term Loan—1st Lien, 4.043% (1-month USLIBOR +2.000%), 4/9/2023 3,059,214
2,967,462   Trans Union LLC, Term Loan—1st Lien, 4.053% (1-month USLIBOR +2.000%), 6/19/2025 2,982,300
2,500,000   Ultimate Software Group, Inc., Term Loan—1st Lien, 5.793% (1-month USLIBOR +3.750%), 5/3/2026 2,517,775
    TOTAL 164,269,978
    Utility - Electric—1.1%  
3,632,265   Calpine Construction Finance Co., Term Loan—1st Lien, 4.543% (1-month USLIBOR +2.500%), 1/15/2025 3,641,345
250,000   Calpine Corp., Term Loan—1st Lien, 4.543% (1-month USLIBOR +2.500%), 8/12/2026 250,869
3,990,000   Calpine Corp., Term Loan—1st Lien, 4.860% (3-month USLIBOR +2.750%), 4/5/2026 4,005,222
1,496,098   Vistra Operations Co., LLC, Term Loan—1st Lien, 4.025% (1-month USLIBOR +2.000%), 12/31/2025 1,502,232
2,213,902   Vistra Operations Co., LLC, Term Loan—1st Lien, 4.044% (1-month USLIBOR +2.000%), 12/31/2025 2,222,979
    TOTAL 11,622,647
7
Principal
Amount
or Shares 		    Value
  1 FLOATING RATE LOANS—continued  
    Wireless Communications—0.9%  
$5,820,305   Sprint Communications, Inc., Term Loan—1st Lien, 4.562% (1-month USLIBOR +2.500%), 2/3/2024 $5,787,565
3,473,750   Sprint Communications, Inc., Term Loan—1st Lien, 5.062% (1-month USLIBOR +3.000%), 2/3/2024 3,469,408
    TOTAL 9,256,973
    TOTAL FLOATING RATE LOANS
(IDENTIFIED COST $930,465,514) 		911,336,157
    EXCHANGE-TRADED FUNDS—3.4%  
625,000   Invesco Senior Loan ETF 14,118,750
450,000   SPDR Blackstone/GSO Senior Loan ETF 20,844,000
    TOTAL EXCHANGE-TRADED FUNDS
(IDENTIFIED COST $34,951,150) 		34,962,750
    INVESTMENT COMPANY—10.8%  
112,509,112   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.06%2
(IDENTIFIED COST $112,530,534) 		112,531,614
    TOTAL INVESTMENT IN SECURITIES—102.1%
(IDENTIFIED COST $1,084,301,491) 		1,064,287,711
    OTHER ASSETS AND LIABILITIES - NET—(2.1)%3 (21,890,277)
    TOTAL NET ASSETS—100% $1,042,397,434
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended September 30, 2019, were as follows:
  Federated Institutional
Prime Value Obligations Fund,
Institutional Shares
Balance of Shares Held 6/30/2019 104,928,764
Purchases/Additions 65,517,131
Sales/Reductions (57,936,783)
Balance of Shares Held 9/30/2019 112,509,112
Value $112,531,614
Change in Unrealized Appreciation/Depreciation $(10,276)
Net Realized Gain/(Loss) $(811)
Dividend Income $676,381
1 Floating/variable note with current rate and current maturity or next reset date shown.
2 7-day net yield.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at September 30, 2019.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities and floating rate loans are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
8
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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The following is a summary of the inputs used, as of September 30, 2019, 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 $— $5,457,190 $— $5,457,190
Floating Rate Loans — 911,336,157 — 911,336,157
Exchange-Traded Funds 34,962,750 — — 34,962,750
Investment Company 112,531,614 — — 112,531,614
TOTAL SECURITIES $147,494,364 $916,793,347 $— $1,064,287,711
The following acronyms are used throughout this portfolio:
ETF —Exchange-Traded Fund
LIBOR —London Interbank Offered Rate
SPDR —Standard & Poor's Depositary Receipt
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