NPORT-EX 2 poi_bankloancorefund.htm POI - BANK LOAN CORE FUND EDGAR HTML
Bank Loan Core Fund
(formerly, Federated Bank Loan Core Fund)
Portfolio of Investments
September 30, 2020 (unaudited)  
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—83.4%
 
 
 
Aerospace/Defense—0.5%
 
$ 3,712,558
 
TransDigm Inc., Term Loan - 1st Lien, 2.396% (1-month USLIBOR +2.250%), 12/9/2025
$3,516,609    
 2,612,361
 
TransDigm Inc., Term Loan - 1st Lien, 2.396% (1-month USLIBOR +2.250%), 5/30/2025
2,474,572    
 
 
TOTAL
5,991,181
 
 
Automotive—1.7%
 
 1,455,817
 
American Axle & Manufacturing, Inc., Term Loan - 1st Lien, 3.000% (1-month USLIBOR +2.250%), 4/6/2024
1,395,772    
 1,550,555
 
Dana, Inc., Term Loan - 1st Lien, 2.400% (1-month USLIBOR +2.250%), 2/27/2026
1,518,575    
 4,868,555
 
Dexko Global, Inc., Term Loan - 1st Lien, 4.500% (1-month USLIBOR +3.500%), 7/24/2024
4,771,184    
 4,912,819
 
Dragon Merger Sub LLC, Term Loan - 2nd Lien, 9.250% (3-month USLIBOR +8.250%), 7/24/2025
4,568,922    
 2,470,038
 
Panther BF Aggregator 2 LP, Term Loan - 1st Lien, 3.646% (1-month USLIBOR +3.500%), 4/30/2026
2,412,918    
 5,172,444
 
TI Group Auto Systems LLC, Term Loan - 1st Lien, 4.500% (1-month USLIBOR +3.750%), 6/30/2022
5,165,978    
 
 
TOTAL
19,833,349
 
 
Building Materials—1.3%
 
 1,485,000
 
Abc Supply Co., Inc., Term Loan - 1st Lien, 2.146% (1-month USLIBOR +2.000%), 1/15/2027
1,448,603    
 2,712,440
 
CD&R Waterworks Merger Subsidiary LLC, Term Loan - 1st Lien, 3.750% (3-month USLIBOR +2.750%), 8/1/2024
2,672,596    
 4,164,044
 
CD&R Waterworks Merger Subsidiary LLC, Term Loan - 1st Lien, 3.750% (6-month USLIBOR +2.750%), 8/1/2024
4,102,873    
 6,347,439
 
NCI Building Systems, Inc., Term Loan - 1st Lien, 3.901% (1-month USLIBOR +3.750%), 4/12/2025
6,257,210    
 
 
TOTAL
14,481,282
 
 
Cable Satellite—4.1%
 
 3,879,773
 
Altice Financing SA, Term Loan - 1st Lien, 2.902% (1-month USLIBOR +2.750%), 7/15/2025
3,716,977    
 3,920,101
 
Altice US Finance I Corp., Term Loan - 1st Lien, 2.402% (1-month USLIBOR +2.250%), 1/15/2026
3,799,225    
 1,873,619
 
Charter Communications Operating LLC, Term Loan - 1st Lien, 1.900% (1-month USLIBOR +1.750%), 2/1/2027
1,834,301    
 1,904,766
 
CSC Holdings LLC, Term Loan - 1st Lien, 2.402% (1-month USLIBOR +2.250%), 7/17/2025
1,847,785    
 1,971,344
 
CSC Holdings LLC, Term Loan - 1st Lien, 2.652% (1-month USLIBOR +2.500%), 4/15/2027
1,916,728    
   257,154
 
Intelsat Jackson Holdings S.A., Term Loan - 1st Lien, 3.600% (3-month USLIBOR Unfunded + 3.600%), 7/13/2021
262,403      
   257,154
 
Intelsat Jackson Holdings S.A., Term Loan - 1st Lien, 6.500% (3-month USLIBOR +5.500%), 7/13/2021
262,404      
 2,420,407
 
Intelsat Jackson Holdings S.A., Term Loan - 1st Lien, 8.000% (PRIME +4.750%), 11/27/2023
2,440,569    
 1,000,000
 
Intelsat Jackson Holdings S.A., Term Loan - 1st Lien, 8.750% (PRIME +5.500%), 1/2/2024
1,011,405    
 6,882,194
 
SFR Group SA, Term Loan - 1st Lien, 3.839% (1-month USLIBOR +3.687%), 1/31/2026
6,654,221    
12,275,000
 
Telenet Financing USD LLC, Term Loan - 1st Lien, 2.152% (1-month USLIBOR +2.000%), 4/30/2028
11,878,027   
 5,500,000
 
Virgin Media Bristol LLC, Term Loan - 1st Lien, 2.652% (1-month USLIBOR +2.500%), 1/31/2028
5,350,675    
 6,000,000
 
Ziggo BV, 2.652% (1-month USLIBOR +2.500%), 4/30/2028
5,790,000    
 
 
TOTAL
46,764,720
 
 
Chemicals—3.2%
 
 5,220,667
 
Alpha 3 BV, Term Loan - 1st Lien, 4.000% (3-month USLIBOR +3.000%), 1/31/2024
5,153,242    
 1,372,590
 
Axalta Coating Systems US Holdings, Inc., Term Loan - 1st Lien, 1.970% (3-month USLIBOR +1.750%), 6/1/2024
1,343,422    
 3,930,300
 
Element Solutions, Inc., Term Loan - 1st Lien, 2.145% (1-month USLIBOR +2.000%), 1/31/2026
3,859,083    
 1,826,200
 
H.B Fuller Co., Term Loan - 1st Lien, 2.156% (1-month USLIBOR +2.000%), 10/20/2024
1,806,915    
 5,000,000
 
Illuminate Buyer, LLC, Term Loan - 1st Lien, 4.147% (1-week USLIBOR +4.000%), 6/16/2027
4,969,275    
 3,920,088
 
Messer Industries USA, Inc., Term Loan - 1st Lien, 2.720% (3-month USLIBOR +2.500%), 3/1/2026
3,846,097    
 4,795,714
 
Nouryon USA LLC, Term Loan - 1st Lien, 3.151% (1-month USLIBOR +3.000%), 10/1/2025
4,658,700    
    66,929
 
Polar US Borrower LLC, Term Loan - 1st Lien, 4.897% (1-month USLIBOR +4.750%), 10/15/2025
64,586       
 5,359,194
 
Polar US Borrower LLC, Term Loan - 1st Lien, 4.906% (1-month USLIBOR +4.750%), 10/15/2025
5,171,623    
 1,712,370
 
PQ Corp., Term Loan - 1st Lien, 2.510% (3-month USLIBOR +2.250%), 2/7/2027
1,674,381    
1
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—continued
 
 
 
Chemicals—continued
 
$ 3,990,000
 
PQ Corp., Term Loan - 1st Lien, Series B, 4.000% (3-month USLIBOR +3.000%), 2/7/2027
$3,980,524    
 
 
TOTAL
36,527,848
 
 
Consumer Cyclical Services—1.4%
 
 8,947,450
 
Allied Universal Holdco LLC, Term Loan, 4.396% (1-month USLIBOR +4.250%), 7/10/2026
8,868,354    
 4,812,812
 
Bellring Brands, Inc., Term Loan - 1st Lien, 6.000% (1-month USLIBOR +5.000%), 10/21/2024
4,829,874    
 2,496,523
 
Garda World Security Corp., 4.900% (1-month USLIBOR +4.750%), 10/30/2026
2,488,097    
 
 
TOTAL
16,186,325
 
 
Consumer Products—2.3%
 
   167,722
 
BCPE Empire Holdings, Inc., Term Loan - 1st Lien, 4.000% (3-month USLIBOR Unfunded +2.000%), 6/11/2026
163,809      
 4,135,443
 
BCPE Empire Holdings, Inc., Term Loan - 1st Lien, 4.146% (1-month USLIBOR +4.000%), 6/11/2026
4,038,963    
   649,903
 
BCPE Empire Holdings, Inc., Term Loan - 1st Lien, 4.147% (1-month USLIBOR +4.000%), 6/11/2026
634,741      
 2,487,500
 
Curie Merger Sub LLC, Term Loan - 1st Lien, 4.396% (1-month USLIBOR +4.250%), 11/4/2026
2,479,727    
 1,000,000
 
Diamond BC BV, 6.000% (3-month USLIBOR +5.000%), 9/6/2024
1,002,500    
10,324,872
 
Diamond BC BV, Term Loan - 1st Lien, 3.260% (3-month USLIBOR +3.000%), 9/6/2024
9,692,473    
   634,003
 
New Constellis Borrower LLC, Term Loan - 2nd Lien, 12.000% (1-month USLIBOR +11.000%), 3/27/2025
364,552      
 5,000,000
 
Tosca Services, LLC, Term Loan - 1st Lien, 5.250% (1-month USLIBOR +4.250%), 7/28/2027
5,007,825    
 3,850,000
 
Welbilt, Inc., Term Loan - 1st Lien, 2.646% (1-month USLIBOR +2.500%), 10/23/2025
3,526,966    
 
 
TOTAL
26,911,556
 
 
Diversified Manufacturing—2.1%
 
 4,728,120
 
Aldevron, LLC., Term Loan - 1st Lien, 5.250% (1-month USLIBOR +4.250%), 10/12/2026
4,737,955    
 8,693,008
 
Dynacast International LLC, Term Loan - 1st Lien, 4.250% (3-month USLIBOR +3.250%), 1/28/2022
7,903,379    
 2,000,000
 
Dynacast International LLC, Term Loan - 2nd Lien, 9.500% (3-month USLIBOR +8.500%), 1/30/2023
1,160,000    
 2,005,706
 
Gardner Denver, Inc., Term Loan - 1st Lien, 1.896% (1-month USLIBOR +1.750%), 3/1/2027
1,943,449    
   995,000
 
Gardner Denver, Inc., Term Loan - 1st Lien, 1.897% (1-month USLIBOR +1.750%), 3/1/2027
964,115      
   997,500
 
Gardner Denver, Inc., Term Loan - 1st Lien, Series B, 2.896% (1-month USLIBOR +2.750%), 3/1/2027
986,901      
 3,371,825
 
Gates Global LLC, Term Loan - 1st Lien, 3.750% (1-month USLIBOR +2.750%), 4/1/2024
3,329,407    
 2,832,096
 
Titan Acquisition Ltd., Term Loan - 1st Lien, 3.361% (3-month USLIBOR +3.000%), 3/28/2025
2,684,444    
 
 
TOTAL
23,709,650
 
 
Financial Institutions—2.0%
 
 4,458,825
 
Sedgwick Claims Management Services, Inc., Term Loan - 1st Lien, Series B3, 5.250% (1-month USLIBOR
+4.250%), 9/3/2026
4,436,531    
11,283,625
 
Sedgwick, Inc., Term Loan - 1st Lien, 3.396% (1-month USLIBOR +3.250%), 12/31/2025
10,909,911   
 3,950,000
 
Sedgwick, Inc., Term Loan - 1st Lien, 4.146% (1-month USLIBOR +4.000%), 9/3/2026
3,903,094    
 3,846,237
 
WEX, Inc., Term Loan - 1st Lien, 2.396% (1-month USLIBOR +2.250%), 5/15/2026
3,728,100    
 
 
TOTAL
22,977,636
 
 
Food & Beverage—0.6%
 
 1,990,000
 
Aramark Services, Inc., Term Loan, 1.896% (1-month USLIBOR +1.750%), 1/15/2027
1,909,992    
   954,596
 
Reynolds Consumer Products, Inc., 1.896% (1-month USLIBOR +1.750%), 2/4/2027
943,737      
 3,724,675
 
U.S. Foodservice, Inc., Term Loan - 1st Lien, 1.896% (1-month USLIBOR +1.750%), 6/27/2023
3,595,150    
 
 
TOTAL
6,448,879
 
 
Gaming—3.0%
 
 4,760,923
 
Affinity Gaming LLC, Term Loan - 1st Lien, 4.250% (3-month USLIBOR +3.250%), 7/1/2023
4,305,660    
 3,500,000
 
Affinity Gaming LLC, Term Loan - 2nd Lien, 9.250% (3-month USLIBOR +8.250%), 1/31/2025
2,791,250    
 1,210,835
 
Boyd Gaming Corp., Term Loan - 1st Lien, 2.356% (1-week USLIBOR +2.250%), 9/15/2023
1,181,490    
 3,341,671
 
Caesars Resort Collection, Term Loan - 1st Lien, 2.896% (1-month USLIBOR +2.750%), 12/23/2024
3,140,202    
 3,333,333
 
Caesars Resort Collection, Term Loan - 1st Lien, 4.647% (1-month USLIBOR +4.500%), 7/21/2025
3,235,650    
 1,666,667
 
Caesars Resort Collection, Term Loan - 1st Lien, 4.772% (3-month USLIBOR +4.500%), 7/21/2025
1,617,825    
 3,927,582
 
Golden Entertainment, Inc., Term Loan - 1st Lien, 3.750% (1-month USLIBOR +3.000%), 10/21/2024
3,787,661    
10,542,146
 
Mohegan Tribal Gaming Authority, Term Loan - 1st Lien, 7.375% (3-month USLIBOR +6.375%), 10/13/2023
9,452,774    
 2,947,500
 
Penn National Gaming, Inc., Term Loan - 1st Lien, 3.000% (1-month USLIBOR +2.250%), 10/15/2025
2,873,812    
2
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—continued
 
 
 
Gaming—continued
 
$ 2,732,063
 
Station Casinos LLC, 2.500% (1-month USLIBOR +2.250%), 2/8/2027
$2,622,781    
 
 
TOTAL
35,009,105
 
 
Health Care—13.9%
 
 2,700,481
 
Acadia Healthcare Co., Inc., Term Loan - 1st Lien, 2.646% (1-month USLIBOR +2.500%), 2/16/2023
2,683,603    
 3,275,656
 
Air Medical Group Holdings, Inc., Term Loan - 1st Lien, 4.250% (3-month USLIBOR +3.250%), 4/28/2022
3,272,593    
 5,423,558
 
Air Medical Group Holdings, Inc., Term Loan - 1st Lien, 5.250% (3-month USLIBOR +4.250%), 3/14/2025
5,274,410    
 4,000,000
 
Air Medical Group Holdings, Inc., Term Loan - 1st Lien, 5.750% (3-month USLIBOR +4.750%), 10/2/2025
3,917,500    
 2,497,300
 
Avantor, Inc., Term Loan - 1st Lien, 3.250% (1-month USLIBOR +2.250%), 11/21/2024
2,468,169    
 2,910,000
 
Carestream Dental LLC, Term Loan - 1st Lien, 4.250% (3-month USLIBOR +3.250%), 9/1/2024
2,691,750    
 1,270,208
 
Carestream Health, Inc., Term Loan - 1st Lien, 7.750% (3-month USLIBOR +6.750%), 5/8/2023
1,240,574    
 7,178,743
 
Carestream Health, Inc., Term Loan - 2nd Lien, 5.500% (3-month USLIBOR +4.500%), 8/8/2023
5,760,942    
 3,307,543
 
CHG Healthcare Services, Inc., Term Loan - 1st Lien, 4.000% (6-month USLIBOR +3.000%), 6/7/2023
3,258,228    
 6,836,257
 
Elanco Animal Health, Inc., Term Loan - 1st Lien, 1.905% (1-month USLIBOR +1.750%), 8/1/2027
6,654,652    
11,786,084
 
Endo Luxembourg Finance, Term Loan - 1st Lien, 5.000% (3-month USLIBOR +4.250%), 4/29/2024
11,272,564   
 8,837,513
 
Enterprise Merger Sub, Inc., Term Loan - 1st Lien, 3.896% (1-month USLIBOR +3.750%), 10/10/2025
6,419,835    
   487,575
 
HCA, Inc., Term Loan - 1st Lien, 1.896% (1-month USLIBOR +1.750%), 3/13/2025
486,224      
 1,195,441
 
HCA, Inc., Term Loan - 1st Lien, 1.896% (1-month USLIBOR +1.750%), 3/18/2026
1,191,950    
 1,562,364
 
IMS Health, Inc., Term Loan - 1st Lien, 1.896% (1-month USLIBOR +1.750%), 3/7/2024
1,543,420    
 2,443,750
 
IMS Health, Inc., Term Loan - 1st Lien, 1.970% (3-month USLIBOR +1.750%), 6/11/2025
2,416,258    
   970,000
 
IMS Health, Inc., Term Loan - 1st Lien, Series B2, 1.896% (1-month USLIBOR +1.750%), 1/17/2025
959,999      
 3,882,431
 
MH Sub I LLC, Term Loan - 1st Lien, 3.646% (1-month USLIBOR +3.500%), 9/13/2024
3,788,282    
 2,493,750
 
MH Sub I LLC, Term Loan - 1st Lien, 4.750% (1-month USLIBOR +3.750%), 9/13/2024
2,471,144    
 6,000,000
 
MH Sub I LLC, Term Loan - 2nd Lien, 8.500% (1-month USLIBOR +7.500%), 9/15/2025
5,985,000    
10,846,129
 
MPH Acquisition Holdings LLC, Term Loan - 1st Lien, 3.750% (3-month USLIBOR +2.750%), 6/7/2023
10,693,144   
 8,502,280
 
National Mentor Holdings, Inc., Term Loan - 1st Lien, 4.400% (1-month USLIBOR +4.250%), 3/9/2026
8,399,530    
   388,101
 
National Mentor Holdings, Inc., Term Loan - 1st Lien, 4.400% (1-month USLIBOR +4.250%), 3/9/2026
383,410      
 2,000,000
 
Navicure, Inc., Term Loan - 1st Lien, Series B, 4.750% (1-month USLIBOR +4.000%), 10/22/2026
1,987,500    
 7,638,641
 
Ortho-Clinical Diagnostics, Inc., Term Loan - 1st Lien, 3.405% (1-month USLIBOR +3.250%), 6/30/2025
7,329,277    
 8,367,601
 
Osteon Merger Subsidiary, Inc., Term Loan - 1st Lien, 4.750% (1-month USLIBOR +3.750%), 2/14/2025
7,447,165    
 3,000,000
 
Packaging Coordinators Midco, Inc., Term Loan - 1st Lien, 4.500% (3-month USLIBOR +3.750%), 9/25/2027
2,990,640    
 4,212,020
 
PCI Pharma Services, Term Loan - 1st Lien, 5.000% (1-month USLIBOR +4.000%), 6/30/2023
4,206,756    
 3,000,000
 
PCI Pharma Services, Term Loan - 2nd Lien, 9.750% (1-month USLIBOR +8.750%), 7/1/2024
3,000,000    
 3,830,000
 
Precyse Acquisition Corp., Term Loan - 1st Lien, 5.500% (1-month USLIBOR +4.500%), 10/20/2022
3,512,110    
 4,614,570
 
Radnet Management, Inc., Term Loan - 1st Lien, 4.750% (6-month USLIBOR +3.750%), 6/30/2023
4,565,540    
 6,332,461
 
RegionalCare Hospital Partners Holdings, Inc., Term Loan - 1st Lien, 3.896% (1-month USLIBOR +3.750%), 11/17/2025
6,164,904    
 6,865,849
 
Sotera Health Holdings, LLC., Term Loan - 1st Lien, 5.500% (3-month USLIBOR +4.500%), 12/11/2026
6,845,835    
 8,682,326
 
Team Health Holdings, Inc., Term Loan - 1st Lien, 3.750% (1-month USLIBOR +2.750%), 2/6/2024
7,320,894    
 3,417,327
 
UIC Merger Subsidiary, Inc., Term Loan - 1st Lien, 4.250% (3-month USLIBOR +3.250%), 8/30/2024
3,379,600    
   250,000
 
UIC Merger Subsidiary, Inc., Term Loan - 1st Lien, 8.000% (1-month USLIBOR +7.000%), 8/30/2025
247,500      
 1,723,750
 
Vizient, Inc., Term Loan - 1st Lien, 2.146% (1-month USLIBOR +2.000%), 5/6/2026
1,691,214    
 6,422,412
 
VVC Holding Corp., Term Loan - 1st Lien, 4.750% (3-month USLIBOR +4.500%), 2/11/2026
6,350,159    
 
 
TOTAL
160,272,275
 
 
Independent Energy—0.1%
 
 2,000,000
 
Chesapeake Energy Corp., Term Loan, 9.000% (1-month USLIBOR +8.000%), 6/24/2024
1,423,130    
 
 
Industrial - Other—3.3%
 
 3,000,000
 
Alchemy Copyrights LLC., Term Loan - 1st Lien, Series B, 4.000% (1-month USLIBOR +3.250%), 8/16/2027
3,000,000    
 7,289,455
 
Altra Industrial Motion Corp., Term Loan - 1st Lien, 2.146% (1-month USLIBOR +2.000%), 10/1/2025
7,102,699    
 1,955,000
 
EPV Merger Subsidiary, Inc., Term Loan - 1st Lien, 3.396% (1-month USLIBOR +3.250%), 3/8/2025
1,900,632    
 1,561,650
 
EPV Merger Subsidiary, Inc., Term Loan - 2nd Lien, 7.396% (1-month USLIBOR +7.250%), 3/8/2026
1,471,855    
 1,994,872
 
Excelitas Technologies, Term Loan - 1st Lien, 4.500% (3-month USLIBOR +3.500%), 12/1/2024
1,978,674    
3
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—continued
 
 
 
Industrial - Other—continued
 
$ 4,000,000
 
Excelitas Technologies, Term Loan - 2nd Lien, 8.500% (3-month USLIBOR +7.500%), 12/1/2025
$3,941,260    
 7,400,576
 
Filtration Group Corp., Term Loan - 1st Lien, 3.146% (1-month USLIBOR +3.000%), 3/29/2025
7,273,397    
 2,917,553
 
Greenrock Finance, Inc., Term Loan - 1st Lien, 4.500% (3-month USLIBOR +3.500%), 6/28/2024
2,783,987    
 1,927,702
 
Resideo Funding, Inc., Term Loan - 1st Lien, 2.480% (3-month USLIBOR +2.250%), 10/24/2025
1,865,052    
 7,000,000
 
Vertical U.S. Newco, Inc., Term Loan - 1st Lien, Series B, 4.570% (3-month USLIBOR +4.250%), 7/30/2027
6,955,025    
 
 
TOTAL
38,272,581
 
 
Insurance - P&C—6.0%
 
 4,000,000
 
Alera Group Intermediate Holdings, Inc., Term Loan - 1st Lien, 4.234% (3-month USLIBOR +4.000%), 8/1/2025
3,945,000    
13,844,057
 
AmWINS Group, Inc., Term Loan - 1st Lien, 3.750% (1-month USLIBOR +2.750%), 1/25/2024
13,750,401   
 3,743,434
 
AssuredPartners, Inc., Term Loan - 1st Lien, 3.646% (1-month USLIBOR +3.500%), 2/12/2027
3,641,819    
 2,985,000
 
AssuredPartners, Inc., Term Loan - 1st Lien, 5.500% (1-month USLIBOR +4.500%), 2/12/2027
2,985,000    
 2,810,816
 
Asurion LLC, Term Loan - 1st Lien, 3.146% (1-month USLIBOR +3.000%), 11/3/2023
2,774,219    
 4,872,463
 
Asurion LLC, Term Loan - 1st Lien, 3.146% (1-month USLIBOR +3.000%), 11/3/2024
4,798,377    
 8,695,030
 
Asurion LLC, Term Loan - 2nd Lien, 6.646% (1-month USLIBOR +6.500%), 8/4/2025
8,726,724    
 6,822,840
 
Hub International Ltd., Term Loan - 1st Lien, 3.263% (3-month USLIBOR +3.000%), 4/25/2025
6,611,571    
 3,970,000
 
Hub International Ltd., Term Loan - 1st Lien, 5.000% (3-month USLIBOR +4.000%), 4/25/2025
3,966,903    
 7,222,159
 
NFP Corp., Term Loan - 1st Lien, 3.396% (1-month USLIBOR +3.250%), 2/15/2027
6,954,361    
 5,000,000
 
Ryan Specialty Group, Term Loan - 1st Lien, Series B, 4.000% (1-month USLIBOR +3.250%), 9/1/2027
4,962,525    
 3,399,490
 
USI, Inc./NY, Term Loan - 1st Lien, 3.220% (3-month USLIBOR +3.000%), 5/16/2024
3,294,667    
 2,481,250
 
USI, Inc./NY, Term Loan - 1st Lien, 4.220% (3-month USLIBOR +4.000%), 12/2/2026
2,463,410    
 
 
TOTAL
68,874,977
 
 
Leisure—0.7%
 
 2,937,607
 
AMC Entertainment Holdings, Inc., Term Loan - 1st Lien, 3.220% (3-month USLIBOR +3.000%), 4/22/2026
1,907,153    
 5,984,496
 
SeaWorld Entertainment, Inc., 3.750% (1-month USLIBOR +3.000%), 3/31/2024
5,610,465    
 
 
TOTAL
7,517,618
 
 
Lodging—1.5%
 
 5,455,741
 
Aimbridge Acquisition, Co., Term Loan - 1st Lien, 3.894% (1-month USLIBOR +3.750%), 2/2/2026
4,896,528    
 4,846,645
 
Four Seasons Hotels Ltd., Term Loan - 1st Lien, 2.146% (1-month USLIBOR +2.000%), 11/30/2023
4,729,380    
 5,479,981
 
Intrawest Resorts Holdings, Inc., 5.500% (1-month USLIBOR +4.500%), 8/1/2026
5,438,881    
 2,889,017
 
Intrawest Resorts Holdings, Inc., Term Loan - 1st Lien, 2.896% (1-month USLIBOR +2.750%), 7/31/2024
2,797,522    
 
 
TOTAL
17,862,311
 
 
Media Entertainment—5.8%
 
 1,912,976
 
AVSC Holding Corp., Term Loan - 1st Lien, 4.250% (1-month USLIBOR +3.250%), 3/3/2025
1,439,859    
    67,494
 
AVSC Holding Corp., Term Loan - 1st Lien, 4.250% (3-month USLIBOR +3.250%), 3/3/2025
50,801       
 1,921,974
 
AVSC Holding Corp., Term Loan - 1st Lien, 4.250% (6-month USLIBOR +3.250%), 3/3/2025
1,446,631    
    52,500
 
AVSC Holding Corp., Term Loan - 1st Lien, 5.500% (3-month USLIBOR +4.500%), 10/15/2026
39,769       
 1,436,250
 
AVSC Holding Corp., Term Loan - 1st Lien, 5.500% (6-month USLIBOR +4.500%), 10/15/2026
1,087,959    
 3,000,000
 
AVSC Holding Corp., Term Loan - 2nd Lien, 8.250% (3-month USLIBOR +7.250%), 9/1/2025
874,995      
 1,810,755
 
CBS Radio, Inc., Term Loan - 1st Lien, 2.644% (1-month USLIBOR +2.500%), 11/18/2024
1,707,388    
 3,969,950
 
Clear Channel Outdoor Holdings Inc., Term Loan, 3.760% (3-month USLIBOR +3.500%), 8/21/2026
3,628,296    
 7,304,539
 
Comet Bidco Ltd., Term Loan - 1st Lien, 6.000% (6-month USLIBOR +5.000%), 9/30/2024
5,562,407    
 6,954,912
 
Cumulus Media News Holdings, Inc., Term Loan - 1st Lien, 4.750% (3-month USLIBOR +3.750%), 3/31/2026
6,655,851    
 2,475,000
 
Diamond Sports Group LLC / Diamond Sports Finance Co., Term Loan - 1st Lien, 3.400% (1-month USLIBOR
+3.250%), 8/24/2026
1,942,875    
   970,000
 
E.W. Scripps Co., Term Loan - 1st Lien, 2.146% (1-month USLIBOR +2.000%), 10/2/2024
939,993      
 6,630,457
 
Emerald Expo Holdings, Inc., Term Loan - 1st Lien, 2.646% (1-month USLIBOR +2.500%), 5/22/2024
5,990,618    
   900,619
 
Entravision Communications Corp., Term Loan - 1st Lien, 2.896% (1-month USLIBOR +2.750%), 11/29/2024
861,590      
 5,985,000
 
iHeartCommunications, Inc., Term Loan - 1st Lien, Series B, 4.750% (1-month USLIBOR +4.000%), 5/1/2026
5,780,493    
 6,408,636
 
NEP/NCP Holdco, Inc., Term Loan - 1st Lien, 3.396% (1-month USLIBOR +3.250%), 10/20/2025
5,551,481    
 4,500,000
 
NEP/NCP Holdco, Inc., Term Loan - 2nd Lien, 7.146% (1-month USLIBOR +7.000%), 10/19/2026
3,607,493    
4
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—continued
 
 
 
Media Entertainment—continued
 
$   528,024
 
Nexstar Broadcasting, Inc., Term Loan - 1st Lien, 2.394% (1-month USLIBOR +2.250%), 1/17/2024
$516,238      
 2,881,875
 
Nexstar Broadcasting, Inc., Term Loan - 1st Lien, 2.905% (1-month USLIBOR +2.750%), 9/18/2026
2,824,843    
   997,500
 
Nielsen Finance LLC/Nielsen Finance Co., 4.750% (1-month USLIBOR +3.750%), 6/4/2025
998,996      
   962,662
 
Nielsen Finance LLC/Nielsen Finance Co., Term Loan - 1st Lien, 2.154% (1-month USLIBOR +2.000%), 10/4/2023
945,816      
   526,866
 
Outfront Media Capital, LLC., Term Loan - 1st Lien, 1.900% (1-month USLIBOR +1.750%), 11/18/2026
515,422      
 3,302,103
 
Recorded Books, Inc., Term Loan - 1st Lien, 4.156% (1-month USLIBOR +4.000%),8/29/2025
3,285,593    
 3,000,000
2
Recorded Books, Inc., Term Loan - 1st Lien, 4.750% (3-month USLIBOR +4.250%), 8/31/2025
2,970,000    
 2,992,500
 
Terrier Media Buyer, Inc., Term Loan - 1st Lien, Series B, 4.396% (1-month USLIBOR +4.250%), 12/17/2026
2,921,428    
 3,463,775
 
Terrier Media Buyer, Inc., Term Loan, 4.396% (1-month USLIBOR +4.250%), 12/17/2026
3,387,693    
 1,855,239
 
WMG Acquisition Corp., Term Loan - 1st Lien, 2.271% (1-month USLIBOR +2.125%), 11/1/2023
1,826,510    
 
 
TOTAL
67,361,038
 
 
Midstream—0.0%
 
 2,116,743
 
Summit Midstream Holdings LLC, Term Loan - 1st Lien, 7.000% (3-month USLIBOR +6.000%), 5/13/2022
484,205      
 
 
Oil Field Services—0.1%
 
 1,144,578
 
Championx Corp., Term Loan - 1st Lien, 2.687% (1-month USLIBOR +2.500%), 5/9/2025
1,122,162    
 
 
Packaging—2.7%
 
   500,000
 
Anchor Glass Container Corp., Term Loan - 2nd Lien, 8.750% (1-month USLIBOR +7.750%), 12/7/2024
197,033      
   964,029
 
Berry Plastics Corp., Term Loan - 1st Lien, 2.155% (1-month USLIBOR +2.000%), 1/19/2024
951,829      
 1,970,038
 
Berry Plastics Group, Inc., Term Loan - 1st Lien, 2.155% (1-month USLIBOR +2.000%), 7/1/2026
1,917,349    
 5,610,439
 
Bway Corp., Term Loan - 1st Lien, 3.522% (3-month USLIBOR +3.250%), 4/3/2024
5,286,689    
 2,965,679
 
Charter Nex US, Inc., Term Loan - 1st Lien, 3.396% (1-month USLIBOR +3.250%), 5/16/2024
2,903,282    
 7,330,846
 
Charter Nex US, Inc., Term Loan - 1st Lien, 3.750% (1-month USLIBOR +2.750%), 5/16/2024
7,178,144    
   914,073
 
Flex Acquisition Co., Inc., Term Loan - 1st Lien, 3.546% (3-month USLIBOR +3.250%), 6/29/2025
889,379      
 1,275,333
 
Flex Acquisition Co., Inc., Term Loan - 1st Lien, 4.000% (3-month USLIBOR +3.000%), 12/29/2023
1,250,228    
    30,445
 
Fortress Merger Sub., Inc., Term Loan - 1st Lien, 5.000% (1-month USLIBOR +4.000%), 10/19/2023
29,683       
 1,894,555
 
Fortress Merger Sub., Inc., Term Loan - 1st Lien, 5.195% (3-month USLIBOR +4.000%), 10/19/2023
1,847,192    
 2,000,000
 
Fortress Merger Sub., Inc., Term Loan - 2nd Lien, 9.516% (6-month USLIBOR +8.500%), 10/21/2024
1,881,250    
 3,000,000
 
Reynolds Group Holdings, Inc., Term Loan - 1st Lien, 3.484% (3-month USLIBOR +3.250%), 2/16/2026
2,955,000    
 4,317,241
 
Trident TPI Holdings, Inc., Term Loan - 1st Lien, 4.000% (3-month USLIBOR +3.000%), 10/17/2024
4,222,801    
 
 
TOTAL
31,509,859
 
 
Pharmaceuticals—1.8%
 
 6,377,167
 
Jaguar Holding Co. II, Term Loan - 1st Lien, 3.500% (1-month USLIBOR +2.500%), 8/18/2022
6,363,520    
 4,965,709
 
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Term Loan - 1st Lien, 3.500% (3-month USLIBOR
+2.750%), 9/24/2024
4,192,945    
 4,279,108
 
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, Term Loan - 1st Lien, 3.750% (3-month USLIBOR
+3.000%), 2/24/2025
3,609,428    
 7,062,984
 
Parexel International Corp., Term Loan - 1st Lien, 2.896% (1-month USLIBOR +2.750%), 9/27/2024
6,793,743    
 
 
TOTAL
20,959,636
 
 
Restaurant—0.4%
 
 4,843,994
 
1011778 BC Unltd. Liability Co./New Red Finance, Inc., Term Loan - 1st Lien, 1.896% (1-month USLIBOR
+1.750%), 11/19/2026
4,655,272    
 
 
Retailers—0.7%
 
 9,938,196
 
Talbots, Inc., Term Loan - 1st Lien, 7.220% (3-month USLIBOR +7.000%), 11/28/2022
7,967,153    
 
 
Services—1.5%
 
 7,434,962
 
Emerald TopCo, Inc., Term Loan - 1st Lien, 3.760% (3-month USLIBOR +3.500%), 7/24/2026
7,179,422    
 3,000,000
 
GT Polaris, Inc., 5.000% (3-month USLIBOR +4.000%), 9/24/2027
2,983,125    
 4,823,706
 
USIC Holdings, Inc., Term Loan - 1st Lien, 4.250% (1-month USLIBOR +3.250%), 12/8/2023
4,758,369    
 1,995,000
 
Western Instituational Review Board, Inc., Term Loan - 1st Lien, 5.238% (3-month USLIBOR +4.000%), 1/8/2027
1,976,716    
 
 
TOTAL
16,897,632
 
 
Technology—20.0%
 
 3,983,165
 
Aerial Merger Subsidiary, Inc., Term Loan - 2nd Lien, 9.000% (1-month USLIBOR +8.000%), 8/8/2025
3,445,438    
5
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—continued
 
 
 
Technology—continued
 
$ 1,917,227
 
Almonde, Inc., Term Loan - 1st Lien, 4.500% (3-month USLIBOR +3.500%), 6/13/2024
$1,797,880    
 4,910,961
 
Almonde, Inc., Term Loan - 1st Lien, 4.500% (6-month USLIBOR +3.500%), 6/13/2024
4,605,254    
 2,500,000
 
Almonde, Inc., Term Loan - 2nd Lien, 8.250% (6-month USLIBOR +7.250%), 6/13/2025
2,361,250    
 5,861,027
 
Applied Systems, Inc., Term Loan - 1st Lien, 4.250% (3-month USLIBOR +3.250%), 9/19/2024
5,836,908    
 5,947,285
 
Banff Merger Subsidiary, Inc., Term Loan - 1st Lien, 4.396% (1-month USLIBOR +4.250%), 10/2/2025
5,788,463    
 4,925,000
 
BCPE Rover Merger Sub, Inc., Term Loan - 1st Lien, 4.396% (1-month USLIBOR +4.250%), 11/28/2025
4,843,146    
 2,481,020
 
Cambium Learning Group, Inc., Term Loan - 1st Lien, 4.720% (3-month USLIBOR +4.500%), 12/18/2025
2,456,209    
 4,488,750
 
Cardtronics, Inc., Term Loan - 1st Lien, Series B, 5.000% (1-month USLIBOR +4.000%), 6/29/2027
4,488,750    
 5,338,118
 
CCC Information Services, Inc., Term Loan - 1st Lien, 4.000% (1-month USLIBOR +3.000%), 4/29/2024
5,304,754    
 2,970,000
 
CommScope, Inc., Term Loan - 1st Lien, Series B2, 3.396% (1-month USLIBOR +3.250%), 4/6/2026
2,902,388    
 3,330,529
 
Diebold, Inc., Term Loan - 1st Lien, 2.937% (1-month USLIBOR +2.750%), 11/6/2023
3,215,010    
 3,977,506
 
Dun & Bradstreet Corp., Term Loan - 1st Lien, 3.894% (1-month USLIBOR +3.750%), 2/6/2026
3,943,697    
 3,952,759
 
Dynatrace LLC, Term Loan - 1st Lien, 2.396% (1-month USLIBOR +2.250%), 8/22/2025
3,898,409    
 5,000,000
 
Epicor Software Corp., Term Loan - 1st Lien, Series B, 5.250% (1-month USLIBOR +4.250%), 7/30/2027
4,998,275    
 3,887,728
 
Financial & Risk US Holdings Inc., Term Loan - 1st Lien, 3.396% (1-month USLIBOR +3.250%), 10/1/2025
3,853,360    
 3,990,000
 
Fiserv Investment Solutions, Inc., Term Loan - 1st Lien, 5.020% (3-month USLIBOR +4.750%), 2/18/2027
3,974,219    
 1,488,750
 
Gigamon, Inc., Term Loan - 1st Lien, 5.250% (3-month USLIBOR +4.250%), 12/27/2024
1,470,141    
 5,000,000
 
GlobalLogic Holdings Inc., 4.500% (1-month USLIBOR +3.750%), 8/13/2027
4,975,000    
 3,990,000
 
Go Daddy Operating Co. LLC, Term Loan - 1st Lien, Series B, 2.646% (1-month USLIBOR +2.500%), 8/10/2027
3,940,125    
 7,808,587
 
Hyland Software, Inc., Term Loan - 1st Lien, 4.000% (1-month USLIBOR +3.250%), 7/1/2024
7,787,426    
 6,000,000
 
Hyland Software, Inc., Term Loan - 2nd Lien, 7.750% (1-month USLIBOR +7.000%), 7/7/2025
5,987,520    
 2,982,506
 
Informatica Corp., 3.396% (1-month USLIBOR +3.250%), 2/25/2027
2,927,524    
 2,750,000
 
Informatica LLC, Term Loan - 2nd Lien, 7.125%, 2/25/2025
2,800,421    
 4,698,192
 
Inovalon Holdings, Inc., Term Loan - 1st Lien, 3.187% (1-month USLIBOR +3.000%), 4/2/2025
4,609,114    
 1,161,813
 
Ivanti Software, Inc., Term Loan - 1st Lien, 5.250% (1-month USLIBOR +4.250%), 1/20/2024
1,157,212    
 1,500,000
 
Landesk Software Group, Inc., Term Loan - 2nd Lien, 10.000% (1-month USLIBOR +9.000%), 1/20/2025
1,457,505    
 8,000,000
 
LogMeIn, Inc., Term Loan - 1st Lien, Series B, 4.906% (3-month USLIBOR +4.750%), 8/31/2027
7,747,520    
 1,000,000
 
Marcel Bidco LLC, 4.750% (3-month USLIBOR +4.000%), 10/19/2027
998,335      
   711,109
 
Microchip Technology, Inc., Term Loan - 1st Lien, 2.150% (1-month USLIBOR +2.000%), 5/29/2025
710,220      
10,000,000
 
Milano Acquisition Corp., 4.750% (3-month USLIBOR +4.000%), 10/1/2027
9,918,750    
 5,000,000
 
Mitchell International, 4.750% (1-month USLIBOR +4.250%), 11/29/2024
4,915,650    
 6,969,607
 
MLN US Holdco LLC, Term Loan - 1st Lien, 4.655% (1-month USLIBOR +4.500%), 11/30/2025
5,989,506    
 1,000,000
 
MLN US Holdco LLC, Term Loan - 2nd Lien, 8.905% (1-month USLIBOR +8.750%), 11/30/2026
542,250      
 2,967,519
 
NCR Corp., Term Loan, 2.650% (1-month USLIBOR +2.500%), 8/28/2026
2,908,168    
 4,376,555
 
NeuStar, Inc., Term Loan - 1st Lien, 4.500% (1-month USLIBOR +3.500%), 8/8/2024
4,129,914    
 1,985,000
 
Nexus Buyer LLC, Term Loan - 1st Lien, 3.900% (1-month USLIBOR +3.750%), 11/9/2026
1,977,348    
 1,374,016
 
ON Semiconductor Corp., Term Loan - 1st Lien, 2.146% (1-month USLIBOR +2.000%), 9/19/2026
1,356,333    
 2,335,152
 
Optiv Security, Inc., Term Loan - 1st Lien, 4.250% (1-month USLIBOR +3.250%), 2/1/2024
2,065,442    
 2,000,000
 
Optiv Security, Inc., Term Loan - 2nd Lien, 8.250% (1-month USLIBOR +7.250%), 2/1/2025
1,580,000    
 2,962,500
 
Project Alpha Intermediate Holding, Inc., Term Loan - 1st Lien, 4.520% (3-month USLIBOR +4.250%), 4/26/2024
2,940,281    
 5,198,120
 
Project Boost Purchaser, LLC, Term Loan - 1st Lien, 3.646% (1-month USLIBOR +3.500%), 6/1/2026
5,060,604    
 2,932,500
 
Project Deep Blue Holdings LLC, Term Loan - 1st Lien, 4.250% (3-month USLIBOR +3.250%), 2/12/2025
2,911,430    
 3,925,063
 
Project Leopard Holdings, Inc., Term Loan - 1st Lien, 5.250% (3-month USLIBOR +4.250%), 7/7/2023
3,870,269    
 7,777,403
 
Rackspace Hosting, Inc., Term Loan - 1st Lien, 4.000% (3-month USLIBOR +3.000%), 11/3/2023
7,651,059    
 1,922,954
 
RL Merger Subsidiary, Inc., Term Loan - 1st Lien, 3.396% (1-month USLIBOR +3.250%), 5/30/2025
1,859,660    
 2,000,000
 
RL Merger Subsidiary, Inc., Term Loan - 2nd Lien, 7.146% (1-month USLIBOR +7.000%), 5/29/2026
1,924,000    
 1,466,325
 
RP Crown Parent LLC, Term Loan - 1st Lien, Series B, 4.000% (1-month USLIBOR +3.000%), 1/31/2026
1,452,578    
 5,000,000
 
RSA Security LLC, Term Loan - 1st Lien, 6.000% (3-month USLIBOR +5.000%), 9/1/2027
4,987,500    
 2,970,000
 
S2P Acquisition Borrower Inc., Term Loan - 1st Lien, 4.146% (1-month USLIBOR +4.000%), 8/14/2026
2,943,270    
 1,290,535
 
Science Applications International Corp., Term Loan - 1st Lien, 2.396% (1-month USLIBOR +2.250%), 3/12/2027
1,278,437    
6
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—continued
 
 
 
Technology—continued
 
$ 1,965,000
 
Severin Acquisition LLC, Term Loan - 1st Lien, 3.405% (1-month USLIBOR +3.250%), 8/1/2025
$1,913,419    
 1,500,000
 
Sophia LP, Term Loan - 1st Lien, 4.500% (3-month USLIBOR +3.750%), 10/7/2027
1,492,500    
 4,696,853
 
Tempo Acquisition LLC, Term Loan - 1st Lien, Series B, 3.750% (1-month USLIBOR +3.250%), 11/2/2026
4,569,169    
 4,517,329
 
Tibco Software, Inc., Term Loan - 1st Lien, 3.900% (1-month USLIBOR +3.750%), 6/30/2026
4,421,336    
 4,000,000
 
Tibco Software, Inc., Term Loan - 2nd Lien, 7.400% (1-month USLIBOR +7.250%), 3/3/2028
3,937,500    
 6,000,000
 
Tiger Merger Sub Co., Term Loan - 1st Lien, 5.644% (1-month USLIBOR +5.500%), 6/30/2025
5,880,000    
 3,809,416
 
Trans Union LLC, Term Loan - 1st Lien, 1.896% (1-month USLIBOR +1.750%), 11/16/2026
3,721,019    
 2,460,000
 
Ultimate Software Group, Inc., Term Loan - 1st Lien, 3.896% (1-month USLIBOR +3.750%), 5/4/2026
2,443,260    
 4,000,000
 
Ultimate Software Group, Inc., Term Loan - 1st Lien, 4.750% (3-month USLIBOR +4.000%), 5/4/2026
3,996,020    
 1,000,000
 
Ultimate Software Group, Inc., Term Loan - 2nd Lien, 7.500% (3-month USLIBOR +6.750%), 5/3/2027
1,021,670    
 6,000,000
 
Veritas U.S., Inc., Term Loan - 1st Lien, Series B, 6.500% (3-month USLIBOR +5.500%), 9/1/2025
5,885,010    
 5,472,500
 
VS Buyer, LLC, Term Loan - 1st Lien, 3.396% (1-month USLIBOR +3.250%), 2/28/2027
5,404,094    
 
 
TOTAL
231,228,919
 
 
Transportation Services—1.2%
 
 5,486,250
 
Delta Air Lines, Inc., Term Loan - 1st Lien, 5.750% (3-month USLIBOR +4.750%), 4/29/2023
5,486,250    
 1,000,000
 
Delta Air Lines, Inc., Term Loan - 1st Lien, Series B, 4.750% (3-month USLIBOR +3.750%), 10/20/2027
1,008,575    
 3,980,000
 
Genesee & Wyoming, Inc., Term Loan - 1st Lien, 2.220% (3-month USLIBOR +2.000%), 12/30/2026
3,925,275    
 2,985,000
 
Hercules Merger Sub LLC, Term Loan - 1st Lien, 2.896% (1-month USLIBOR +2.750%), 11/1/2026
2,935,255    
 
 
TOTAL
13,355,355
 
 
Utility - Electric—0.4%
 
 3,595,295
 
Calpine Construction Finance Co., Term Loan - 1st Lien, 2.146% (1-month USLIBOR +2.000%), 1/15/2025
3,491,032    
 1,362,213
 
Vistra Operations Co., LLC, Term Loan - 1st Lien, 1.897% (1-month USLIBOR +1.750%), 12/31/2025
1,344,423    
   328,272
 
Vistra Operations Co., LLC, Term Loan - 1st Lien, 1.901% (1-month USLIBOR +1.750%), 12/31/2025
323,985      
 
 
TOTAL
5,159,440
 
 
Wireless Communications—1.1%
 
 3,980,000
 
Iridium Satellite LLC, Term Loan - 1st Lien, 4.750% (1-month USLIBOR +3.750%), 11/4/2026
3,977,871    
 4,825,988
 
TITAN ACQUISITION CO. NEW, Term Loan - 1st Lien, 4.220% (3-month USLIBOR +4.000%), 5/1/2026
4,737,503    
 3,990,000
 
T-Mobile USA, Inc., Term Loan - 1st Lien, 3.146% (1-month USLIBOR +3.000%), 4/1/2027
3,991,776    
 
 
TOTAL
12,707,150
 
 
TOTAL FLOATING RATE LOANS
(IDENTIFIED COST $993,149,094)
962,472,244
 
 
CORPORATE BONDS—10.4%
 
 
 
Aerospace/Defense—0.6%
 
 3,000,000
 
Howmet Aerospace, Inc., Sr. Unsecd. Note, 6.875%, 5/1/2025
3,318,750    
 3,000,000
 
TransDigm Inc., Sec. Fac. Bond, 144A, 8.000%, 12/15/2025
3,265,500    
 
 
TOTAL
6,584,250
 
 
Building Materials—0.3%
 
 3,500,000
 
CD&R Waterworks Merger Subsidiary LLC, Sr. Unsecd. Note, 144A, 6.125%, 8/15/2025
3,551,800    
 
 
Consumer Cyclical Services—0.3%
 
 3,625,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 4.625%, 2/15/2027
3,652,188    
 
 
Consumer Products—0.1%
 
 1,100,000
 
Edgewell Personal Care Co., Sr. Unsecd. Note, 144A, 5.500%, 6/1/2028
1,158,977    
 
 
Diversified Manufacturing—0.4%
 
 1,000,000
 
CFX Escrow Corp., Sr. Unsecd. Note, 144A, 6.375%, 2/15/2026
1,061,565    
 2,075,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025
2,263,047    
   825,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 5.375%, 12/15/2021
826,877      
 
 
TOTAL
4,151,489
 
 
Finance Companies—0.3%
 
 3,000,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 6.500%, 7/15/2025
3,242,684    
7
Principal
Amount
or Shares
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Gaming—0.4%
 
$ 1,925,000
 
Colt Merger Sub, Inc., Sr. Secd. Note, 144A, 6.250%, 7/1/2025
$2,009,228    
 2,000,000
 
MGM Resorts International, Sr. Unsecd. Note, 6.750%, 5/1/2025
2,099,210    
 
 
TOTAL
4,108,438
 
 
Health Care—2.5%
 
   900,000
 
Acadia Healthcare Co., Inc., Sr. Unsecd. Note, 144A, 5.500%, 7/1/2028
927,349      
   425,000
 
Charles River Laboratories International, Inc., Sr. Unsecd. Note, 144A, 4.250%, 5/1/2028
446,751      
 1,675,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 6.625%, 2/15/2025
1,624,415    
 4,000,000
 
CHS/Community Health Systems, Inc., Sec. Fac. Bond, 144A, 8.000%, 3/15/2026
3,931,550    
 2,875,000
 
Global Medical Response, Inc., Sec. Fac. Bond, 144A, 6.500%, 10/1/2025
2,857,319    
 3,400,000
 
LifePoint Health, Inc., 144A, 6.750%, 4/15/2025
3,587,000    
 1,025,000
 
LifePoint Health, Inc., Sec. Fac. Bond, 144A, 4.375%, 2/15/2027
1,028,844    
 7,000,000
 
MEDNAX, Inc., Sr. Unsecd. Note, 144A, 6.250%, 1/15/2027
7,271,110    
 3,000,000
 
MPH Acquisition Holdings LLC, 144A, 7.125%, 6/1/2024
3,086,250    
 2,750,000
 
Tenet Healthcare Corp., 144A, 4.625%, 9/1/2024
2,774,915    
 1,500,000
 
Tenet Healthcare Corp., 144A, 7.500%, 4/1/2025
1,618,372    
 
 
TOTAL
29,153,875
 
 
Independent Energy—1.2%
 
 1,175,000
 
Apache Corp., Sr. Unsecd. Note, 4.625%, 11/15/2025
1,122,125    
 2,000,000
 
EQT Corp., Sr. Unsecd. Note, 7.875%, 2/1/2025
2,219,690    
 3,000,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 5.875%, 9/1/2025
2,755,005    
 3,150,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 8.000%, 7/15/2025
3,175,531    
 5,000,000
 
Range Resources Corp., Sr. Unsecd. Note, 144A, 9.250%, 2/1/2026
5,146,100    
 
 
TOTAL
14,418,451
 
 
Industrial - Other—0.4%
 
 2,000,000
 
Resideo Funding, Inc., Sr. Unsecd. Note, 144A, 6.125%, 11/1/2026
1,975,000    
 2,475,000
 
Vertical U.S. Newco, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2027
2,576,821    
 
 
TOTAL
4,551,821
 
 
Leisure—0.6%
 
 5,000,000
 
Live Nation Entertainment, Inc., Sr. Secd. Note, 144A, 6.500%, 5/15/2027
5,402,600    
 1,250,000
 
Live Nation Entertainment, Inc., Sr. Unsecd. Note, 144A, 4.750%, 10/15/2027
1,172,656    
 
 
TOTAL
6,575,256
 
 
Media Entertainment—0.8%
 
 1,000,000
 
Cumulus Media News Holdings, Inc., 144A, 6.750%, 7/1/2026
928,085      
 1,375,000
 
iHeartCommunications, Inc., 144A, 4.750%, 1/15/2028
1,298,189    
 3,000,000
 
iHeartCommunications, Inc., 6.375%, 5/1/2026
3,130,950    
 4,000,000
 
Tegna, Inc., Sr. Unsecd. Note, 144A, 4.750%, 3/15/2026
4,094,800    
 
 
TOTAL
9,452,024
 
 
Midstream—0.8%
 
 4,000,000
 
Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 3/1/2027
3,320,000    
 3,000,000
 
Buckeye Partners, Sr. Unsecd. Note, 144A, 4.125%, 3/1/2025
2,870,625    
 2,275,000
 
EQT Midstream Partners LP, Sr. Unsecd. Note, 144A, 6.000%, 7/1/2025
2,348,937    
 1,275,000
 
Rattler Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.625%, 7/15/2025
1,287,623    
 
 
TOTAL
9,827,185
 
 
Packaging—0.3%
 
 3,000,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sec. Fac. Bond, 144A, 5.250%, 4/30/2025
3,139,035    
 
 
Pharmaceuticals—0.2%
 
 2,000,000
 
Par Pharmaceutical Cos., Inc., Sec. Fac. Bond, 144A, 7.500%, 4/1/2027
2,097,980    
 
 
Technology—0.7%
 
 3,000,000
 
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/2025
3,208,500    
 2,800,000
 
Diebold Nixdorf, Inc., Sr. Secd. Note, 144A, 9.375%, 7/15/2025
2,961,000    
8
Principal
Amount
or Shares
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Technology—continued
 
$ 1,525,000
 
Microchip Technology, Inc., Sr. Unsecd. Note, 144A, 4.250%, 9/1/2025
$1,584,000    
   350,000
 
NCR Corp., Sr. Unsecd. Note, 144A, 8.125%, 4/15/2025
387,494      
 
 
TOTAL
8,140,994
 
 
Transportation Services—0.5%
 
 3,000,000
 
Delta Air Lines Inc. / SkyMiles IP Ltd., Sec. Fac. Bond, 144A, 4.750%, 10/20/2028
3,116,949    
 2,700,000
 
Stena International S.A., Sec. Fac. Bond, 144A, 6.125%, 2/1/2025
2,603,812    
 
 
TOTAL
5,720,761
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $116,786,971)
119,527,208
 
1
ASSET-BACKED SECURITIES—2.7%
 
 
 
Finance Companies—2.7%
 
 2,000,000
 
Anchorage Capital CLO, LTD. 2020-15A, Class A, 2.089% (3-month USLIBOR +1.850%), 7/20/2031
2,008,026    
 1,000,000
 
Anchorage Capital CLO, LTD. 2020-15A, Class B1, 2.689% (3-month USLIBOR +2.450%), 7/20/2031
1,004,669    
 2,000,000
 
Battalion CLO LTD 2020-18A, Class B, 1.000% (3-month USLIBOR +2.300%), 10/15/2032
2,006,006    
 3,750,000
 
GoldenTree Loan Management US 2020-7A, Class A, 2.308% (3-month USLIBOR +1.900%), 4/20/2031
3,761,730    
   750,000
 
GoldenTree Loan Management US 2020-7A, Class C, 3.958% (3-month USLIBOR +3.550%), 4/20/2031
754,483      
 1,000,000
 
Magnetite CLO Ltd 2020-28A, Class C, 1.000% (3-month USLIBOR +2.350%), 10/25/2031
1,000,500    
   700,000
 
Magnetite CLO Ltd 2020-28A, Class D, 1.000% (3-month USLIBOR +3.500%), 10/25/2031
700,350      
 1,250,000
 
Neuberger Berman CLO Ltd. 2020-38A, Class B, 1.950% (3-month USLIBOR +1.700%), 10/20/2032
1,251,017    
 1,500,000
 
Neuberger Berman CLO Ltd. 2020-38A, Class C, 2.600% (3-month USLIBOR +2.350%), 10/20/2032
1,500,750    
 4,000,000
 
OCP CLO Ltd 2020-18A, Class A, 2.053% (3-month USLIBOR +1.800%), 4/20/2030
4,018,236    
 1,000,000
 
OCP CLO Ltd 2020-18A, Class C, 3.173% (3-month USLIBOR +2.920%), 4/20/2030
999,991      
   600,000
 
Palmer Square Loan Funding Ltd 2020-3A, Class C, 4.235% (3-month USLIBOR +3.930%), 7/20/2028
602,514      
 3,000,000
 
Parallel Ltd 2020-1A, Class A1, 1.983% (3-month USLIBOR +1.825%), 7/20/2031
3,001,550    
 3,000,000
 
Parallel Ltd 2020-1A, Class A2, 2.558% (3-month USLIBOR +2.400%), 7/20/2031
3,004,665    
 6,000,000
 
Stratus CLO, Ltd. 2020-1A, Class A, 3.285% (3-month USLIBOR +1.980%), 5/1/2028
5,991,930    
 
 
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $31,442,500)
31,606,417
 
 
COMMON STOCK—0.0%
 
 
 
Consumer Cyclical Services—0.0%
 
46,202
3
Constellis Holdings LLC
(IDENTIFIED COST $17,326)
92,404       
 
 
WARRANT—0.0%
 
 
 
Health Care—0.0%
 
148
2,3
Carestream Health, Inc., Warrants
(IDENTIFIED COST $0)
1            
 
 
EXCHANGE-TRADED FUND—0.6%
 
308,000
 
Invesco Senior Loan ETF
(IDENTIFIED COST $6,403,972)
6,695,920    
 
 
INVESTMENT COMPANY—3.1%
 
35,372,331
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.15%4
(IDENTIFIED COST $35,365,853)
35,390,018   
 
 
TOTAL INVESTMENT IN SECURITIES—100.2%
(IDENTIFIED COST $1,183,165,716)
1,155,784,212
 
 
OTHER ASSETS AND LIABILITIES - NET—(0.2)%5
(2,618,635)
 
 
TOTAL NET ASSETS—100%
$1,153,165,577
9
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with the affiliated fund holdings during the period ended September 30, 2020, were as follows:  
 
Federated Hermes
Institutional
Prime Value Obligations Fund,
Institutional Shares
Value as of 6/30/2020
$163,403,464
Purchases at Cost
$206,463,229
Proceeds from Sales
$(334,438,193)
Change in Unrealized Appreciation/Depreciation
$(56,346)
Net Realized Gain/(Loss)
$17,864
Value as of 9/30/2020
$35,390,018
Shares Held as of 9/30/2020
35,372,331
Dividend Income
$83,815
 
1
Floating/variable note with current rate and current maturity or next reset date shown.
2
Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the general supervision of the Fund’s Board of Trustees (the “Trustees“).
3
Non-income-producing security.
4
7-day net yield.
5
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, 2020.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ 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.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, the Co-Advisers and certain of the Co-Advisers’ 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 Co-Advisers 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
10
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 Co-Advisers determine that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of September 30, 2020, 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:
 
 
 
 
Floating Rate Loans
$—
$959,502,244
$2,970,000
$962,472,244
Corporate Bonds
—
119,527,208
—
119,527,208
Asset-Backed Securities
—
31,606,417
—
31,606,417
Warrant
—
—
1
1
Exchange-Traded Fund
6,695,920
—
—
6,695,920
Equity Security:
 
 
 
 
Common Stock
 
 
 
 
Domestic
92,404
—
—
92,404
Investment Company
35,390,018
—
—
35,390,018
TOTAL SECURITIES
$42,178,342
$1,110,635,869
$2,970,001
$1,155,784,212
 
The following acronym(s) are used throughout this portfolio:
 
ETF
—Exchange-Traded Fund
LIBOR
—London Interbank Offered Rate
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