NPORT-EX 2 poi_bankloancorefund.htm POI - BANK LOAN CORE FUND EDGAR HTML
Bank Loan Core Fund
Portfolio of Investments
March 31, 2024 (unaudited)  
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—84.3%
 
 
 
Aerospace/Defense—0.9%
 
$ 4,172,570
 
TransDigm, Inc., 2023 Term Loan I–1st Lien, 8.570% (SOFR CME +3.250%), 8/24/2028
$  4,191,493
 
 
Airlines—0.6%
 
 1,369,444
 
American Airlines, Inc., 2021 Term Loan–1st Lien, 10.329% (SOFR CME +4.750%), 4/20/2028
  1,424,510
   656,250
 
SkyMiles IP Ltd., 2020 Skymiles Term Loan B–1st Lien, 9.068% (SOFR CME +3.750%), 10/20/2027
    677,647
 1,000,000
 
United Airlines, Inc., 2024 Term Loan B–1st Lien, 8.076% (SOFR CME +2.750%), 2/15/2031
  1,002,810
 
 
TOTAL
3,104,967
 
 
Automotive—2.3%
 
 2,000,000
 
Adient U.S., LLC, 2024 Term Loan B2–1st Lien, 8.076% (SOFR CME +2.750%), 1/31/2031
  2,007,500
 3,493,750
 
Clarios Global, LP, 2024 Term Loan B–1st Lien, 8.330% (SOFR CME +3.000%), 5/6/2030
  3,506,852
 2,189,584
 
DexKo Global, Inc., 2021 USD Term Loan B–1st Lien, 9.321% (SOFR CME +3.750%), 10/4/2028
  2,171,794
   498,750
 
DexKo Global, Inc., 2023 Incremental Term Loan–1st Lien, 9.559% (SOFR CME +4.250%), 10/4/2028
    497,503
 1,940,000
 
RealTruck Group, Inc., 2021 Term Loan B–1st Lien, 8.945% (SOFR CME +3.500%), 1/31/2028
  1,927,390
 1,321,172
 
TI Group Automotive Systems, LLC, 2021 USD Term Loan–1st Lien, 8.695% (SOFR CME +3.250%), 12/16/2026
  1,326,681
 
 
TOTAL
11,437,720
 
 
Building Materials—4.7%
 
 2,436,250
 
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B–1st Lien, 7.330% (SOFR CME +2.000%), 1/31/2031
  2,439,673
 1,000,000
2
Beacon Roofing Supply, Inc., 2024 Fungible Term Loan B–1st Lien, TBD, 5/19/2028
  1,002,160
 1,879,621
 
CP Atlas Buyer, Inc., 2021 Term Loan B–1st Lien, 9.180% (SOFR CME +3.750%), 11/23/2027
  1,860,580
 2,395,650
 
Foundation Building Materials Holding Co., LLC, 2021 Term Loan–1st Lien, 8.824% (SOFR CME +3.250%), 1/31/2028
  2,401,088
   500,000
 
Foundation Building Materials Holding Co., LLC, 2024 Term Loan B2–1st Lien, 9.313% (SOFR CME +4.000%), 1/29/2031
    502,720
 1,875,000
 
GYP Holdings III Corp., 2024 Term Loan–1st Lien, 7.580% (SOFR CME +2.250%), 5/12/2030
  1,878,525
 1,438,926
 
Icebox Holdco III, Inc., 2021 Term Loan–1st Lien, 9.071% (SOFR CME +3.500%), 12/22/2028
  1,441,171
 1,160,000
 
Icebox Holdco III, Inc., 2021 Term Loan–2nd Lien, 12.321% (SOFR CME +6.750%), 12/21/2029
  1,136,800
 2,000,000
2
MI Windows and Doors, LLC, 2024 Term Loan B2–1st Lien, TBD, 3/21/2031
  2,011,880
 1,447,652
 
SRS Distribution, Inc., 2021 Term Loan B–1st Lien, 8.945% (SOFR CME +3.500%), 6/2/2028
  1,459,299
 2,576,954
 
SRS Distribution, Inc., 2022 Incremental Term Loan–1st Lien, 8.680% (SOFR CME +3.250%), 6/2/2028
  2,594,194
 1,895,250
 
Tecta America Corp., 2023 Term Loan B–1st Lien, 9.691% (SOFR CME +4.250%), 4/10/2028
  1,902,509
 2,391,126
 
White Cap Buyer, LLC, Term Loan B–1st Lien, 9.080% (SOFR CME +3.750%), 10/19/2027
  2,401,013
 
 
TOTAL
23,031,612
 
 
Cable Satellite—2.7%
 
 2,804,769
 
Charter Communications Operating, LLC, 2019 Term Loan B2–1st Lien, 7.076% (SOFR CME +1.750%), 2/1/2027
  2,807,265
 1,000,000
 
Charter Communications Operating, LLC, 2023 Term Loan B4–1st Lien, 7.329% (SOFR CME +2.000%), 12/7/2030
    991,175
   576,329
 
DirecTV Financing, LLC, Term Loan–1st Lien, 10.445% (SOFR CME +5.000%), 8/2/2027
    577,770
 3,000,000
 
UPC Financing Partnership, 2021 USD Term Loan AX–1st Lien, 8.440% (SOFR CME +3.000%), 1/31/2029
  2,992,335
 3,500,000
 
Virgin Media Bristol, LLC, 2023 USD Term Loan Y–1st Lien, 8.790% (SOFR CME +3.250%), 3/31/2031
  3,452,837
 2,500,000
 
Ziggo Financing Partnership, USD Term Loan I–1st Lien, 7.940% (SOFR CME +2.500%), 4/30/2028
  2,467,188
 
 
TOTAL
13,288,570
 
 
Chemicals—4.3%
 
 1,197,542
 
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B6–1st Lien, 7.330% (SOFR CME +2.000%), 12/20/2029
  1,200,746
 1,910,011
 
Element Solutions, Inc., 2023 Term Loan B–1st Lien, 7.326% (SOFR CME +2.000%), 12/18/2030
  1,913,994
 1,492,500
 
H.B. Fuller Co., 2024 Term Loan B–1st Lien, 7.330% (SOFR CME +2.000%), 2/15/2030
  1,497,724
 1,510,372
 
Illuminate Buyer, LLC, 2024 Term Loan B–1st Lien, 8.945% (SOFR CME +3.500%), 12/31/2029
  1,513,997
 3,824,917
 
Koppers, Inc., Term Loan B–1st Lien, 8.930% (SOFR CME +3.500%), 4/10/2030
  3,839,260
 2,136,210
 
Lonza Group AG, USD Term Loan B–1st Lien, 9.334% (SOFR CME +3.925%), 7/3/2028
  2,016,529
 2,934,579
 
Olympus Water US Holding Corp., 2021 USD Term Loan B–1st Lien, 9.321% (SOFR CME +3.750%), 11/9/2028
  2,939,905
1
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—continued
 
 
 
Chemicals—continued
 
$   970,131
 
Olympus Water US Holding Corp., 2024 Term Loan–1st Lien, 9.566% (SOFR CME +4.250%), 11/9/2028
$    974,380
 1,872,324
 
Potters Industries, LLC, Term Loan B–1st Lien, 9.409% (SOFR CME +4.000%), 12/14/2027
  1,880,516
 1,446,282
 
PQ Corp., 2021 Term Loan B–1st Lien, 7.913% (SOFR CME +2.500%), 6/9/2028
  1,447,410
 1,483,784
 
Sparta U.S. HoldCo., LLC, 2021 Term Loan–1st Lien, 8.687% (SOFR CME +3.250%), 8/2/2028
  1,487,359
 
 
TOTAL
20,711,820
 
 
Consumer Cyclical Services—3.9%
 
 1,511,578
 
Allied Universal Holdco, LLC, 2021 USD Incremental Term Loan B–1st Lien, 9.180% (SOFR CME +3.750%), 5/12/2028
  1,511,434
 2,786,000
 
Allied Universal Holdco, LLC, 2023 Term Loan B–1st Lien, 10.080% (SOFR CME +4.750%), 5/12/2028
  2,797,437
 1,292,723
 
AP Core Holdings II, LLC, Amortization Term Loan B1–1st Lien, 10.945% (SOFR CME +5.500%), 9/1/2027
  1,269,777
 1,965,984
 
Core & Main, LP, 2021 Term Loan B–1st Lien, 7.932% –8.056% (SOFR CME +2.500%), 7/27/2028
  1,968,038
 1,500,000
 
Core & Main, LP, 2024 Incremental Term Loan B–1st Lien, 7.564% (SOFR CME +2.250%), 2/9/2031
  1,501,875
 2,375,000
 
Dun & Bradstreet Corp. (The), 2024 Term Loan B–1st Lien, 8.082% (SOFR CME +2.750%), 1/18/2029
  2,377,221
 3,221,523
 
Garda World Security Corp., 2022 Term Loan B–1st Lien, 9.583% (SOFR CME +4.250%), 2/1/2029
  3,231,606
 2,416,400
 
Imagine Learning, LLC, Term Loan–1st Lien, 8.830% (SOFR CME +3.500%), 12/21/2029
  2,413,803
 1,992,500
 
OMNIA Partners, LLC, 2024 Term Loan B–1st Lien, 9.074% (SOFR CME +3.750%), 7/25/2030
  2,004,017
 
 
TOTAL
19,075,208
 
 
Consumer Products—2.0%
 
 2,420,208
 
BCPE Empire Holdings, Inc., 2024 Term Loan–1st Lien, 9.330% (SOFR CME +4.000%), 12/11/2028
  2,425,654
 2,413,484
 
CNT Holdings I Corp., 2020 Term Loan–1st Lien, 8.817% (SOFR CME +3.500%), 11/8/2027
  2,420,833
 1,616,444
 
Energizer Holdings, Inc., 2020 Term Loan–1st Lien, 7.693% (SOFR CME +2.250%), 12/22/2027
  1,617,656
 1,400,000
 
Fleet Midco I Ltd., 2024 Term Loan B–1st Lien, 8.580% (SOFR CME +3.250%), 2/21/2031
  1,403,500
 1,742,998
 
Illuminate Merger Sub Corp., Term Loan–1st Lien, 8.571% (SOFR CME +3.000%), 7/21/2028
  1,740,688
 
 
TOTAL
9,608,331
 
 
Diversified—0.2%
 
   980,077
 
Pre-Paid Legal Services, Inc., 2021 Term Loan–1st Lien, 9.195% (SOFR CME +3.750%), 12/15/2028
    976,661
 
 
Diversified Manufacturing—1.7%
 
 3,081,918
 
Emrld Borrower, LP, Term Loan B–1st Lien, 7.790% (SOFR CME +2.500%), 5/31/2030
  3,084,229
   946,643
 
Gardner Denver, Inc., 2020 USD Term Loan B2–1st Lien, 7.176% (SOFR CME +1.750%), 3/1/2027
    949,701
 1,213,908
 
Gates Global, LLC, 2021 Term Loan B3–1st Lien, 7.930% (SOFR CME +2.500%), 3/31/2027
  1,217,465
 1,274,310
 
Gates Global, LLC, 2022 Term Loan B4–1st Lien, 8.330% (SOFR CME +3.000%), 11/16/2029
  1,279,999
 1,835,545
 
Watlow Electric Manufacturing Co., Term Loan B–1st Lien, 9.329% (SOFR CME +3.750%), 3/2/2028
  1,843,411
 
 
TOTAL
8,374,805
 
 
Finance Companies—1.1%
 
 3,250,000
 
GTCR W. Merger Sub, LLC, USD Term Loan B–1st Lien, 8.309% (SOFR CME +3.000%), 1/31/2031
  3,265,584
 2,290,187
 
NEXUS Buyer, LLC, Term Loan B–1st Lien, 9.176% (SOFR CME +3.750%), 11/9/2026
  2,287,324
 
 
TOTAL
5,552,908
 
 
Food & Beverage—1.1%
 
 1,365,000
 
Aramark Services, Inc., 2019 Term Loan B4–1st Lien, 7.195% (SOFR CME +1.750%), 1/15/2027
  1,366,194
   750,000
2
Aramark Services, Inc., 2024 Term Loan B7–1st Lien, TBD, 4/6/2028
    751,174
   932,955
 
City Brewing Co., LLC, Closing Date Term Loan–1st Lien, 9.078% (SOFR CME +3.500%), 4/5/2028
    732,622
 2,242,864
 
US Foods, Inc., 2021 Term Loan B–1st Lien, 7.324% (SOFR CME +2.000%), 11/22/2028
  2,255,255
 
 
TOTAL
5,105,245
 
 
Gaming—3.7%
 
 2,500,000
 
Caesars Entertainment, Inc., 2024 Term Loan B1–1st Lien, 8.040% (SOFR CME +2.750%), 2/6/2031
  2,505,075
 1,935,375
 
Caesars Entertainment, Inc., Term Loan B–1st Lien, 8.663% (SOFR CME +3.250%), 2/6/2030
  1,943,310
 1,379,761
 
Century Casinos, Inc., 2022 Term Loan–1st Lien, 11.426% (SOFR CME +6.000%), 4/2/2029
  1,357,347
 3,196,275
 
Great Canadian Gaming Corp., 2021 Term Loan–1st Lien, 9.590% (SOFR CME +4.000%), 11/1/2026
  3,206,263
 1,028,220
 
J&J Ventures Gaming, LLC, Term Loan–1st Lien, 9.445% (SOFR CME +4.000%), 4/26/2028
  1,021,469
 1,927,268
 
Jack Ohio Finance, LLC, Term Loan–1st Lien, 10.195% (SOFR CME +4.750%), 10/4/2028
  1,931,123
 1,970,000
 
Light and Wonder International, Inc., 2024 Term Loan–1st Lien, 8.075% (SOFR CME +2.750%), 4/14/2029
  1,976,698
2
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—continued
 
 
 
Gaming—continued
 
$ 1,396,500
 
Ontario Gaming GTA, LP, Term Loan B–1st Lien, 9.559% (SOFR CME +4.250%), 8/1/2030
$  1,402,987
 2,466,275
 
Scientific Games Holdings, LP, 2022 USD Term Loan B–1st Lien, 8.580% (SOFR CME +3.250%), 4/4/2029
  2,468,655
 
 
TOTAL
17,812,927
 
 
Health Care—6.2%
 
   997,449
 
AHP Health Partners, Inc., 2021 Term Loan B–1st Lien, 8.941% (SOFR CME +3.500%), 8/24/2028
  1,000,566
 4,366,305
 
Athenahealth Group, Inc., 2022 Term Loan B–1st Lien, 8.580% (SOFR CME +3.250%), 2/15/2029
  4,335,960
   941,734
 
Avantor Funding, Inc., 2021 Term Loan B5–1st Lien, 7.680% (SOFR CME +2.250%), 11/8/2027
    944,249
    11,965
 
Curium BidCo S.a r.l., 2023 USD Term Loan B–1st Lien, 9.809% (SOFR CME +4.500%), 7/31/2029
     12,040
 3,000,000
 
Ensemble RCM, LLC, 2024 Term Loan B–1st Lien, 8.317% (SOFR CME +3.000%), 8/1/2029
  3,010,200
   890,763
 
Fortrea Holdings, Inc., Term Loan B–1st Lien, 9.080% (SOFR CME +3.750%), 7/1/2030
    894,473
 2,339,087
 
Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B–1st Lien, 7.459% (SOFR CME +2.000%), 11/15/2027
  2,269,932
 1,995,000
 
IQVIA, Inc., 2023 USD Term Loan B4–1st Lien, 7.309% (SOFR CME +2.000%), 1/2/2031
  2,006,940
   997,462
 
MDVIP, Inc., 2021 Term Loan–1st Lien, 8.941% (SOFR CME +3.500%), 10/16/2028
    999,347
 1,175,000
2
Medline Borrower, LP, 2024 Term Loan B–1st Lien, TBD, 10/23/2028
  1,179,283
 3,566,270
 
Medline Borrower, LP, USD Term Loan B–1st Lien, 8.441% (SOFR CME +3.000%), 10/23/2028
  3,578,021
 2,000,000
 
MH Sub I, LLC, 2021 Term Loan–2nd Lien, 11.580% (SOFR CME +6.250%), 2/23/2029
  1,933,390
 2,487,469
 
MH Sub I, LLC, 2023 Term Loan–1st Lien, 9.580% (SOFR CME +4.250%), 5/3/2028
  2,475,591
 1,200,006
 
National Mentor Holdings, Inc., 2021 Term Loan–1st Lien, 9.159% –9.180% (SOFR CME +3.750%), 3/2/2028
  1,132,751
    15,419
 
National Mentor Holdings, Inc., 2021 Term Loan C–1st Lien, 9.159% (SOFR CME +3.750%), 3/2/2028
     14,555
 2,590,388
 
Parexel International Corp., 2021 Term Loan–1st Lien, 8.691% (SOFR CME +3.250%), 11/15/2028
  2,599,221
 1,922,202
 
Waystar Technologies, Inc., 2024 Term Loan B–1st Lien, 9.330% (SOFR CME +4.000%), 10/22/2029
  1,929,410
 
 
TOTAL
30,315,929
 
 
Industrial - Other—3.4%
 
 1,000,000
 
Artera Services, LLC, 2024 Term Loan–1st Lien, 9.809% (SOFR CME +4.500%), 2/15/2031
  1,005,000
   900,000
2
CD&R Hydra Buyer, Inc., 2024 Term Loan B–1st Lien, TBD, 3/25/2031
    903,096
 1,479,975
 
FCG Acquisitions, Inc., 2022 Incremental Term Loan–1st Lien, 10.059% (SOFR CME +4.750%), 3/31/2028
  1,485,066
   933,109
 
Filtration Group Corp., 2021 Incremental Term Loan–1st Lien, 8.945% (SOFR CME +3.500%), 10/21/2028
    936,319
 2,222,019
 
Filtration Group Corp., 2023 USD Term Loan–1st Lien, 9.695% (SOFR CME +4.250%), 10/21/2028
  2,231,607
 1,500,000
 
Fluid-Flow Products, Inc., Term Loan–2nd Lien, 12.191% (SOFR CME +6.750%), 3/30/2029
  1,438,747
 3,096,875
 
Madison IAQ, LLC, Term Loan–1st Lien, 8.693% (SOFR CME +3.250%), 6/21/2028
  3,096,070
 1,031,877
 
Resideo Funding, Inc., 2021 Term Loan–1st Lien, 7.683% –7.690% (SOFR CME +2.250%), 2/11/2028
  1,033,492
 1,985,025
 
Roper Industrial Products Investment Co., LLC, 2023 USD Term Loan–1st Lien, 9.348% (SOFR CME +4.000%), 11/22/2029
  1,999,089
 2,212,804
 
SPX Flow, Inc., 2022 Term Loan–1st Lien, 9.926% (SOFR CME +4.500%), 4/5/2029
  2,224,676
 
 
TOTAL
16,353,162
 
 
Insurance - P&C—8.1%
 
 2,271,878
 
AmWINS Group, Inc., 2021 Term Loan B–1st Lien, 7.695% (SOFR CME +2.250%), 2/19/2028
  2,274,718
   987,500
 
AmWINS Group, Inc., 2023 Incremental Term Loan B–1st Lien, 8.195% (SOFR CME +2.750%), 2/19/2028
    990,517
 1,616,886
 
AssuredPartners, Inc., 2020 Term Loan B–1st Lien, 8.941% (SOFR CME +3.500%), 2/12/2027
  1,620,379
 1,869,119
 
AssuredPartners, Inc., 2021 Term Loan B–1st Lien, 8.941% (SOFR CME +3.500%), 2/12/2027
  1,872,857
   985,050
 
AssuredPartners, Inc., 2023 Term Loan B4–1st Lien, 9.076% (SOFR CME +3.750%), 2/12/2027
    987,311
 1,013,379
 
Asurion, LLC, 2020 Term Loan B8–1st Lien, 8.691% (SOFR CME +3.250%), 12/23/2026
    995,280
   935,532
 
Asurion, LLC, 2021 Term Loan B9–1st Lien, 8.691% (SOFR CME +3.250%), 7/31/2027
    901,287
 3,735,014
 
Broadstreet Partners, Inc., 2023 Term Loan B3–1st Lien, 9.080% (SOFR CME +3.750%), 1/27/2029
  3,750,421
 2,500,000
 
Homeserve USA Holding Corp., Term Loan–1st Lien, 8.329% (SOFR CME +3.000%), 10/21/2030
  2,509,062
 4,895,000
 
HUB International Ltd., 2024 Term Loan B–1st Lien, 8.574% (SOFR CME +3.250%), 6/20/2030
  4,902,318
 2,400,000
 
Jones DesLauriers Insurance Management, Inc., 2024 Term Loan B–1st Lien, 8.805% (SOFR CME +3.500%), 3/15/2030
  2,403,000
 2,777,334
 
NFP Corp., 2020 Term Loan–1st Lien, 8.695% (SOFR CME +3.250%), 2/16/2027
  2,783,930
 2,383,459
 
Ryan Specialty Group, LLC, Term Loan–1st Lien, 8.080% (SOFR CME +2.750%), 9/1/2027
  2,389,716
 3,504,424
 
Sedgwick Claims Management Services, Inc., 2023 Term Loan B–1st Lien, 9.076% (SOFR CME +3.750%), 2/24/2028
  3,514,779
 2,800,000
2
Truist Insurance Holdings, LLC, Term Loan–1st Lien, TBD, 3/24/2031
  2,798,824
3
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—continued
 
 
 
Insurance - P&C—continued
 
$ 1,000,000
2
Truist Insurance Holdings, LLC, Term Loan–2nd Lien, TBD, 3/8/2032
$  1,007,605
   997,500
 
USI, Inc., 2023 Acquisition Term Loan–1st Lien, 8.598% (SOFR CME +3.250%), 9/27/2030
    999,445
 2,683,348
 
USI, Inc., 2023 Term Loan B–1st Lien, 8.348% (SOFR CME +3.000%), 11/22/2029
  2,687,816
 
 
TOTAL
39,389,265
 
 
Leisure—1.1%
 
 1,307,501
 
Alterra Mountain Co., 2023 Term Loan B–1st Lien, 9.180% (SOFR CME +3.750%), 5/31/2030
  1,315,673
 1,885,750
 
Carnival Corp., 2023 Term Loan B–1st Lien, 8.319% (SOFR CME +3.000%), 8/8/2027
  1,890,860
 2,100,000
 
Delta 2 (LUX) S.a.r.l., 2022 Term Loan B–1st Lien, 7.559% (SOFR CME +2.250%), 1/15/2030
  2,104,725
 
 
TOTAL
5,311,258
 
 
Lodging—0.2%
 
   995,000
 
Wyndham Hotels & Resorts, Inc., 2023 Term Loan B–1st Lien, 7.676% (SOFR CME +2.250%), 5/24/2030
    999,667
 
 
Media Entertainment—3.6%
 
 1,201,502
 
AppLovin Corp., 2024 Term Loan (2028)–1st Lien, 7.830% (SOFR CME +2.500%), 10/25/2028
  1,202,421
 1,417,944
 
AppLovin Corp., 2024 Term Loan (2030)–1st Lien, 7.830% (SOFR CME +2.500%), 8/16/2030
  1,418,830
 2,093,183
 
Aragorn Parent Corp., Term Loan–1st Lien, 9.577% (SOFR CME +4.250%), 12/15/2028
  2,102,351
 2,092,462
 
Emerald Expositions Holding, Inc., 2017 Term Loan B–1st Lien, 10.426% (SOFR CME +5.000%), 5/22/2026
  2,105,540
 1,947,650
 
Gray Television, Inc., 2021 Term Loan D–1st Lien, 8.440% (SOFR CME +3.000%), 12/1/2028
  1,831,337
 1,712,611
 
iHeartCommunications, Inc., 2020 Incremental Term Loan–1st Lien, 8.695% (SOFR CME +3.250%), 5/1/2026
  1,496,034
 1,500,000
 
Magnite, Inc., 2024 Term Loan B–1st Lien, 9.596% –9.821% (SOFR CME +4.500%), 2/6/2031
  1,504,380
    28,387
 
NEP Group, Inc., 2023 Incremental Term Loan B–1st Lien, 9.441% (SOFR CME +4.000%), 8/19/2026
     27,181
 1,528,190
 
Nexstar Broadcasting, Inc., 2019 Term Loan B4–1st Lien, 7.945% (SOFR CME +2.500%), 9/18/2026
  1,530,314
   526,866
 
Outfront Media Capital, LLC, 2019 Term Loan B–1st Lien, 7.076% (SOFR CME +1.750%), 11/18/2026
    526,866
 1,471,288
 
Sinclair Television Group, Inc., 2022 Term Loan B4–1st Lien, 9.180% (SOFR CME +3.750%), 4/21/2029
  1,181,326
   955,214
 
Univision Communications, Inc., 2022 Term Loan B–1st Lien, 8.695% (SOFR CME +3.250%), 1/31/2029
    954,718
 1,866,750
 
Univision Communications, Inc., 2022 Term Loan B–1st Lien, 9.559% (SOFR CME +4.250%), 6/24/2029
  1,873,050
 
 
TOTAL
17,754,348
 
 
Metals & Mining—0.3%
 
 1,456,376
 
Grinding Media, Inc., 2021 Term Loan B–1st Lien, 9.591% (SOFR CME +4.000%), 10/12/2028
  1,452,735
 
 
Oil Field Services—0.3%
 
 1,355,383
 
ChampionX Corp., 2022 Term Loan B2–1st Lien, 8.180% (SOFR CME +2.750%), 6/7/2029
  1,363,346
 
 
Packaging—3.7%
 
 2,992,500
 
Berry Global, Inc., 2023 Term Loan AA–1st Lien, 7.182% (SOFR CME +1.750%), 7/1/2029
  2,994,654
 4,288,544
 
Charter NEX US, Inc., 2024 Term Loan B–1st Lien, 8.826% (SOFR CME +3.500%), 12/1/2027
  4,301,217
 4,102,115
 
Clydesdale Acquisition Holdings, Inc., Term Loan B–1st Lien, 9.105% (SOFR CME +3.675%), 4/13/2029
  4,112,370
 1,485,000
 
Mauser Packaging Solutions Holding Co., Term Loan B–1st Lien, 9.326% (SOFR CME +4.000%), 8/14/2026
  1,491,913
 1,496,247
 
Proampac PG Borrower, LLC, 2023 Term Loan–1st Lien, 9.798% –9.823% (SOFR CME +4.500%), 9/15/2028
  1,500,736
 4,000,000
 
RLG Holdings, LLC, 2021 Term Loan–2nd Lien, 12.945% (SOFR CME +7.500%), 7/6/2029
  3,670,000
 
 
TOTAL
18,070,890
 
 
Pharmaceuticals—1.0%
 
 1,543,800
 
ICON Luxembourg S.a.r.l., 2024 LUX Term Loan B–1st Lien, 7.320% (SOFR CME +2.000%), 7/3/2028
  1,549,327
 1,608,702
 
Jazz Financing Lux S.a.r.l., 2024 Term Loan B–1st Lien, 8.445% (SOFR CME +3.000%), 5/5/2028
  1,618,756
 1,506,056
 
Organon & Co., USD Term Loan–1st Lien, 8.433% (SOFR CME +3.000%), 6/2/2028
  1,513,278
   385,603
 
PRA Health Sciences, Inc., 2024 US Term Loan B–1st Lien, 7.309% (SOFR CME +2.000%), 7/3/2028
    386,983
 
 
TOTAL
5,068,344
 
 
Restaurant—1.2%
 
 3,491,250
 
1011778 B.C. Unlimited Liability Co., 2023 Term Loan B5–1st Lien, 7.580% (SOFR CME +2.250%), 9/20/2030
  3,493,432
 2,119,263
 
IRB Holding Corp., 2024 Term Loan B–1st Lien, 8.176% (SOFR CME +2.750%), 12/15/2027
  2,122,251
 
 
TOTAL
5,615,683
 
 
Retailers—0.2%
 
   992,500
 
Sally Holdings, LLC, 2023 CovLite Term Loan B–1st Lien, 7.576% (SOFR CME +2.250%), 2/28/2030
    994,152
4
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—continued
 
 
 
Services—1.3%
 
$ 1,853,763
 
Covetrus, Inc., Term Loan–1st Lien, 10.309% (SOFR CME +5.000%), 10/13/2029
$  1,858,267
 2,161,666
 
Service Logic Acquisition, Inc, Term Loan–1st Lien, 9.574% (SOFR CME +4.000%), 10/29/2027
  2,164,368
 1,204,711
 
USIC Holdings, Inc., 2021 Term Loan–1st Lien, 9.069% –9.110% (SOFR CME +3.500%), 5/12/2028
  1,203,916
 1,000,000
 
USIC Holdings, Inc., 2021 Term Loan–2nd Lien, 12.110% (SOFR CME +6.500%), 5/14/2029
    995,000
 
 
TOTAL
6,221,551
 
 
Technology—22.5%
 
 1,958,854
 
Altar Bidco, Inc., 2021 Term Loan–1st Lien, 7.947% (SOFR CME +3.100%), 2/1/2029
  1,959,343
 1,500,000
 
Altar Bidco, Inc., 2021 Term Loan–2nd Lien, 10.399% (SOFR CME +5.600%), 2/1/2030
  1,485,473
 2,134,063
 
Applied Systems, Inc., 2024 Term Loan–1st Lien, 8.809% (SOFR CME +3.500%), 2/24/2031
  2,149,311
 1,912,975
 
Atlas Purchaser, Inc., 2021 Term Loan–1st Lien, 10.826% (SOFR CME +5.250%), 5/8/2028
  1,147,393
 1,000,000
 
Atlas Purchaser, Inc., 2021 Term Loan–2nd Lien, 14.586% (SOFR CME +9.000%), 5/7/2029
    250,000
 3,211,196
 
Banff Merger Sub, Inc., 2023 USD Term Loan–1st Lien, 9.580% (SOFR CME +4.250%), 12/29/2028
  3,235,617
 1,967,538
 
Barracuda Networks, Inc., 2022 Term Loan–1st Lien, 9.813% (SOFR CME +4.500%), 8/15/2029
  1,959,914
 1,000,000
 
Barracuda Networks, Inc., 2022 Term Loan–2nd Lien, 12.313% (SOFR CME +7.000%), 8/15/2030
    902,710
 2,850,000
 
Camelot U.S. Acquisition, LLC, 2024 Term Loan B–1st Lien, 8.076% (SOFR CME +2.750%), 1/31/2031
  2,852,137
 1,955,000
 
CCC Intelligent Solutions, Inc., Term Loan–1st Lien, 7.691% (SOFR CME +2.250%), 9/21/2028
  1,956,222
 2,586,125
 
Central Parent, Inc., 2023 Term Loan B–1st Lien, 9.309% (SOFR CME +4.000%), 7/6/2029
  2,596,754
 4,320,654
 
Cloud Software Group, Inc., 2022 USD Term Loan B–1st Lien, 9.909% (SOFR CME +4.500%), 3/30/2029
  4,305,899
 2,690,195
 
Cloudera, Inc., 2021 Term Loan–1st Lien, 9.180% (SOFR CME +3.750%), 10/8/2028
  2,684,317
 1,000,000
 
Cloudera, Inc., 2021 Term Loan–2nd Lien, 11.430% (SOFR CME +6.000%), 10/8/2029
    993,750
 1,434,232
 
CoreLogic, Inc., Term Loan–1st Lien, 8.945% (SOFR CME +3.500%), 6/2/2028
  1,405,884
 2,245,673
 
Cvent, Inc., 2023 Term Loan B–1st Lien, 9.098% (SOFR CME +3.750%), 6/17/2030
  2,251,759
 2,500,000
 
Dayforce, Inc., Term Loan B–1st Lien, 7.830% (SOFR CME +2.500%), 2/26/2031
  2,506,262
 2,433,210
 
DCert Buyer, Inc., 2019 Term Loan B–1st Lien, 9.330% (SOFR CME +4.000%), 10/16/2026
  2,424,864
 1,172,247
 
Diebold Nixdorf, Inc., 2023 Exit Term Loan–1st Lien, 12.820% (SOFR CME +7.500%), 8/11/2028
  1,227,343
 2,375,649
 
Epicor Software Corp., 2020 Term Loan–1st Lien, 8.691% (SOFR CME +3.250%), 7/30/2027
  2,386,731
 1,750,000
 
Genesys Cloud Services Holdings II, LLC, Term Loan B–1st Lien, 9.191% (SOFR CME +3.750%), 12/1/2027
  1,758,759
   911,069
 
Go Daddy Operating Co., LLC, 2021 Term Loan B4–1st Lien, 7.445% (SOFR CME +2.000%), 8/10/2027
    912,454
   746,062
 
GoTo Group, Inc., 2024 First Out Term Loan–1st Lien, 10.076% (SOFR CME +4.750%), 4/30/2028
    713,265
 1,030,276
 
GoTo Group, Inc., 2024 Second Out Term Loan–1st Lien, 10.173% (SOFR CME +4.750%), 4/30/2028
    793,828
 2,426,390
 
Greeneden U.S. Holdings II, LLC, 2020 USD Term Loan B4–1st Lien, 9.441% (SOFR CME +4.000%), 12/1/2027
  2,436,350
 1,765,252
 
II-VI, Inc., 2022 Term Loan B–1st Lien, 8.195% (SOFR CME +2.750%), 7/2/2029
  1,769,364
 2,493,750
 
Iron Mountain, Inc., 2023 Term Loan B–1st Lien, 7.580% (SOFR CME +2.250%), 1/31/2031
  2,479,199
 2,375,000
 
Marcel LUX IV S.a.r.l., 2023 USD Term Loan B–1st Lien, 9.810% (SOFR CME +4.500%), 11/11/2030
  2,396,897
 3,732,907
 
McAfee, LLC, 2022 USD Term Loan B–1st Lien, 9.176% (SOFR CME +3.750%), 3/1/2029
  3,734,736
   500,000
 
Mitchell International, Inc., 2021 Term Loan–2nd Lien, 11.941% (SOFR CME +6.500%), 10/15/2029
    500,313
 2,209,228
 
Mitchell International, Inc., 2021 Term Loan B–1st Lien, 9.195% (SOFR CME +3.750%), 10/15/2028
  2,212,630
 4,785,223
 
MLN US HoldCo, LLC, 2018 Term Loan–1st Lien, 9.929% (SOFR CME +4.500%), 11/30/2025
    590,162
 2,743,875
 
NCR Atleos, LLC, Term Loan B–1st Lien, 10.163% –10.176% (SOFR CME +4.750%), 3/27/2029
  2,761,038
 1,500,000
 
NEXUS Buyer, LLC, 2021 Term Loan–2nd Lien, 11.676% (SOFR CME +6.250%), 11/5/2029
  1,494,375
 1,518,437
 
Open Text Corp., 2023 Term Loan B–1st Lien, 8.176% (SOFR CME +2.750%), 1/31/2030
  1,522,757
 2,760,035
 
Optiv Security, Inc., 2023 Term Loan–1st Lien, 10.574% (SOFR CME +5.250%), 7/31/2026
  2,681,181
 2,696,441
 
Planview Parent, Inc., Term Loan–1st Lien, 9.610% (SOFR CME +4.000%), 12/17/2027
  2,693,528
 1,500,000
 
Project Alpha Intermediate Holding, Inc., 2023 Term Loan B–1st Lien, 10.063% (SOFR CME +4.750%), 10/28/2030
  1,509,893
 1,446,440
 
Project Boost Purchaser, LLC, 2021 Incremental Term Loan–1st Lien, 8.945% –9.071% (SOFR CME +3.500%), 5/30/2026
  1,451,604
 3,795,153
2
Proofpoint, Inc., 2024 Fungible Term Loan B–1st Lien, TBD, 8/31/2028
  3,801,339
 2,139,873
 
Quartz Acquireco, LLC, Term Loan B–1st Lien, 8.809% (SOFR CME +3.500%), 6/28/2030
  2,149,909
 2,488,762
 
Renaissance Holding Corp., 2024 Term Loan–1st Lien, 9.576% (SOFR CME +4.250%), 4/5/2030
  2,496,540
 2,552,772
 
Rocket Software, Inc., 2023 USD Term Loan B–1st Lien, 10.080% (SOFR CME +4.750%), 11/28/2028
  2,537,302
 2,297,038
 
S2P Acquisition Borrower, Inc., Term Loan–1st Lien, 9.426% (SOFR CME +4.000%), 8/14/2026
  2,304,239
5
Principal
Amount
or Shares
 
 
Value
          
1
FLOATING RATE LOANS—continued
 
 
 
Technology—continued
 
$ 2,650,918
 
Severin Acquisition, LLC, 2018 Term Loan B–1st Lien, 8.313% (SOFR CME +3.250%), 8/1/2027
$  2,659,481
 2,920,484
 
Sophia, LP, 2024 Term Loan B–1st Lien, 8.926% (SOFR CME +3.500%), 10/9/2029
  2,936,546
   772,647
 
SS&C Technologies, Inc., 2022 Term Loan B6–1st Lien, 7.680% (SOFR CME +2.250%), 3/22/2029
    774,401
 1,012,372
 
SS&C Technologies, Inc., 2022 Term Loan B7–1st Lien, 7.680% (SOFR CME +2.250%), 3/22/2029
  1,014,670
 2,500,000
2
Station Casinos, LLC, 2024 Term Loan B–1st Lien, TBD, 3/14/2031
  2,499,712
 2,323,621
 
Tempo Acquisition, LLC, 2023 Term Loan B–1st Lien, 8.080% (SOFR CME +2.750%), 8/31/2028
  2,333,601
 1,244,828
 
UKG, Inc., 2021 Term Loan–2nd Lien, 10.680% (SOFR CME +5.250%), 5/3/2027
  1,258,054
 1,453,994
 
UKG, Inc., 2024 Term Loan B–1st Lien, 8.814% (SOFR CME +3.500%), 2/10/2031
  1,463,307
 2,995,000
 
Vertiv Group Corp., 2023 Term Loan B–1st Lien, 7.937% (SOFR CME +2.500%), 3/2/2027
  3,004,824
 2,157,468
 
VS Buyer, LLC, Term Loan B–1st Lien, 8.575% (SOFR CME +3.250%), 2/28/2027
  2,162,873
 1,338,750
 
World Wide Technology Holding Co., LLC, Term Loan–1st Lien, 8.175% (SOFR CME +3.250%), 3/1/2030
  1,349,627
 
 
TOTAL
109,840,441
 
 
Transportation Services—0.4%
 
 1,873,097
 
Genesee & Wyoming, Inc. (New), Term Loan–1st Lien, 7.448% (SOFR CME +2.000%), 12/30/2026
  1,876,431
 
 
Utility - Electric—1.2%
 
 1,997,972
 
Calpine Construction Finance Co., LP, 2023 Refinancing Term Loan B–1st Lien, 7.580% (SOFR CME +2.250%), 7/31/2030
  1,998,102
   653,846
 
Calpine Corp., 2024 Term Loan B5–1st Lien, 7.330% (SOFR CME +2.000%), 12/16/2027
    653,977
 2,992,500
 
Vistra Operations Co., LLC, 1st Loan B3–1st Lien, 7.330% (SOFR CME +2.000%), 12/20/2030
  2,992,979
 
 
TOTAL
5,645,058
 
 
Wireless Communications—0.4%
 
 2,139,458
 
Iridium Satellite, LLC, 2023 Term Loan B–1st Lien, 7.826% (SOFR CME +2.500%), 9/20/2030
  2,141,244
 
 
TOTAL FLOATING RATE LOANS
(IDENTIFIED COST $414,469,277)
410,685,771
 
 
CORPORATE BONDS—5.8%
 
 
 
Aerospace/Defense—0.2%
 
   900,000
 
TransDigm, Inc., 144A, 6.375%, 3/1/2029
    903,927
 
 
Airlines—0.2%
 
   750,000
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A, 5.500%, 4/20/2026
    745,361
   325,000
 
Mileage Plus Holdings LLC, 144A, 6.500%, 6/20/2027
    327,051
 
 
TOTAL
1,072,412
 
 
Automotive—0.3%
 
   700,000
 
Clarios Global LP, Sec. Fac. Bond, 144A, 6.750%, 5/15/2028
    710,103
 1,000,000
 
Panther BF Aggregator 2 LP, Sr. Unsecd. Note, 144A, 8.500%, 5/15/2027
  1,003,388
 
 
TOTAL
1,713,491
 
 
Banking—0.1%
 
   350,000
 
Ally Financial, Inc., Sr. Sub. Note, 5.750%, 11/20/2025
    347,641
 
 
Cable Satellite—0.2%
 
 1,125,000
 
Ziggo Finance B.V., Sr. Unsecd. Note, 144A, 6.000%, 1/15/2027
  1,109,538
 
 
Consumer Cyclical Services—0.1%
 
   500,000
 
Garda World Security Corp., Sec. Fac. Bond, 144A, 7.750%, 2/15/2028
    513,160
 
 
Consumer Products—0.1%
 
   700,000
 
BCPE Empire Holdings, Inc., Sr. Unsecd. Note, 144A, 7.625%, 5/1/2027
    684,127
 
 
Diversified Manufacturing—0.5%
 
 1,250,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 6.375%, 3/15/2029
  1,264,414
 1,075,000
 
WESCO Distribution, Inc., Sr. Unsecd. Note, 144A, 7.125%, 6/15/2025
  1,076,551
 
 
TOTAL
2,340,965
 
 
Finance Companies—0.7%
 
   800,000
1
American Express Co., Sr. Unsecd. Note, 6.113% (SOFR +0.760%), 2/13/2026
    802,303
   250,000
1
American Express Co., Sr. Unsecd. Note, 6.289% (SOFR +0.930%), 3/4/2025
    251,402
 1,150,000
 
Macquarie Airfinance Holdings Ltd., Sr. Unsecd. Note, 144A, 8.125%, 3/30/2029
  1,217,231
6
Principal
Amount
or Shares
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Finance Companies—continued
 
$ 1,000,000
 
United Wholesale Mortgage, LLC, Sr. Unsecd. Note, 144A, 5.500%, 11/15/2025
$    991,895
 
 
TOTAL
3,262,831
 
 
Financial Institutions—0.1%
 
   500,000
 
Manufacturers & Traders Trust Co., Sr. Unsecd. Note, 4.650%, 1/27/2026
    489,386
 
 
Gaming—0.8%
 
 1,000,000
 
Affinity Gaming LLC, 144A, 6.875%, 12/15/2027
    935,328
   900,000
 
Churchill Downs, Inc., Sr. Unsecd. Note, 144A, 5.500%, 4/1/2027
    884,014
 1,200,000
 
Penn National Gaming, Inc., Sr. Unsecd. Note, 144A, 5.625%, 1/15/2027
  1,158,834
 1,000,000
 
Scientific Games International, Inc., Sr. Unsecd. Note, 144A, 7.000%, 5/15/2028
  1,007,993
 
 
TOTAL
3,986,169
 
 
Health Care—0.3%
 
 1,350,000
 
Ardent Health Services, Sr. Unsecd. Note, 144A, 5.750%, 7/15/2029
  1,235,184
 
 
Independent Energy—0.3%
 
 1,350,000
 
Crownrock LP/ Crownrock F, Sr. Unsecd. Note, 144A, 5.625%, 10/15/2025
  1,347,644
 
 
Lodging—0.1%
 
   300,000
 
RHP Hotel Property/RHP Finance Corp., Sr. Unsecd. Note, 144A, 7.250%, 7/15/2028
    309,336
 
 
Media Entertainment—0.2%
 
 1,000,000
 
iHeartCommunications, Inc., 6.375%, 5/1/2026
    853,957
 
 
Midstream—0.2%
 
   475,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 6.375%, 4/1/2029
    478,862
   500,000
 
EQM Midstream Partners, LP, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027
    513,082
 
 
TOTAL
991,944
 
 
Oil Field Services—0.3%
 
 1,325,000
 
USA Compression Partners LP, Sr. Unsecd. Note, 144A, 7.125%, 3/15/2029
  1,342,345
 
 
Packaging—0.3%
 
 2,000,000
 
Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, 144A, 5.250%, 8/15/2027
  1,262,150
 
 
Retailers—0.2%
 
 1,100,000
 
Academy Ltd., Sec. Fac. Bond, 144A, 6.000%, 11/15/2027
  1,084,455
 
 
Technology—0.6%
 
 1,000,000
 
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/2025
  1,001,668
 2,275,000
 
Consensus Cloud Solutions, Inc., Sr. Unsecd. Note, 144A, 6.000%, 10/15/2026
  2,164,440
 
 
TOTAL
3,166,108
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $28,480,476)
28,016,770
 
 
ASSET-BACKED SECURITIES—1.0%
 
 
 
Automotive—0.5%
 
   111,909
 
BMW Vehicle Lease Trust 2023-1, Class A2, 5.270%, 2/25/2025
    111,890
   409,724
1
Chesapeake Funding II LLC 2023-1A, Class A2, 6.568% (30-DAY AVERAGE SOFR +1.250%), 5/15/2035
    409,860
   307,772
 
Enterprise Fleet Financing LLC 2022-4, Class A2, 5.760%, 10/22/2029
    308,318
   237,613
 
Enterprise Fleet Financing LLC 2023-1, Class A2, 5.510%, 1/22/2029
    237,303
   439,128
 
GM Financial Securitized Term 2023-1, Class A2A, 5.190%, 3/16/2026
    438,466
    86,000
1
Toyota Auto Receivables Owner 2022-D, Class A2B, 6.015% (CME Term SOFR 1 Month +0.690%), 1/15/2026
     86,075
   451,953
 
Toyota Auto Receivables Owner Trust 2023-A, Class A2, 5.050%, 1/15/2026
    451,370
   338,437
 
Volkswagen Auto Lease Trust 2022-A, Class A3, 3.440%, 7/21/2025
    336,985
 
 
TOTAL
2,380,267
 
 
Credit Card—0.4%
 
   750,000
 
Evergreen Credit Card Trust 2022-CRT2 C, Class C, 7.440%, 11/16/2026
    749,676
   850,000
 
Evergreen Credit Card Trust 2022-CRT2, Class B, 6.560%, 11/16/2026
    853,551
   600,000
 
Evergreen Credit Card Trust Series 2023-CRT3, Class B, 6.580%, 2/16/2027
    604,167
 
 
TOTAL
2,207,394
7
Principal
Amount
or Shares
 
 
Value
 
 
ASSET-BACKED SECURITIES—continued
 
 
 
Equipment Lease—0.1%
 
$   463,210
 
DLLAD LLC 2023-1A, Class A2, 5.190%, 4/20/2026
$    462,082
 
 
Other—0.0%
 
    43,807
 
MMAF Equipment Finance LLC 2022-B, Class A2, 5.570%, 9/9/2025
     43,809
 
 
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $5,089,302)
5,093,552
 
 
COMMON STOCKS—0.0%
 
 
 
Aerospace/Defense—0.0%
 
46,202
3
Constellis Holdings LLC
     15,016
 
 
Health Care—0.0%
 
180,104
3
Carestream Health, Inc.
     54,031
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $4,254,499)
69,047
 
 
EXCHANGE-TRADED FUNDS—6.9%
 
1,004,245
 
Invesco Senior Loan ETF
 21,239,782
288,000
 
SPDR Blackstone Senior Loan ETF
 12,127,680
 
 
TOTAL EXCHANGE-TRADED FUNDS
(IDENTIFIED COST $33,253,146)
33,367,462
 
 
INVESTMENT COMPANY—7.2%
 
35,232,477
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.37%4
(IDENTIFIED COST $35,234,971)
 35,236,000
 
 
TOTAL INVESTMENT IN SECURITIES—105.2%
(IDENTIFIED COST $520,781,671)
512,468,602
 
 
OTHER ASSETS AND LIABILITIES - NET—(5.2)%5
(25,254,214)
 
 
TOTAL NET ASSETS—100%
$487,214,388
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended March 31, 2024, were as follows:  
 
Federated Hermes
Institutional
Prime Value Obligations Fund,
Institutional Shares
Value as of 6/30/2023
$7,715,875
Purchases at Cost
$205,349,818
Proceeds from Sales
$(177,833,424)
Change in Unrealized Appreciation/Depreciation
$1,448
Net Realized Gain/(Loss)
$2,283
Value as of 3/31/2024
$35,236,000
Shares Held as of 3/31/2024
35,232,477
Dividend Income
$761,367
 
1
Floating/variable note with current rate and current maturity or next reset date shown.
2
All or a portion of the security represents unsettled loan commitments at March 31, 2024 where the rate will be determined at time of settlement.
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 March 31, 2024.
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 Federated Investment Management Company (the “Adviser”).
◾ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
8
◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”) is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
9
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of March 31, 2024, 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
$—
$410,685,771
$—
$410,685,771
Corporate Bonds
—
28,016,770
—
28,016,770
Asset-Backed Securities
—
5,093,552
—
5,093,552
Exchange-Traded Funds
33,367,462
—
—
33,367,462
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
—
69,047
—
69,047
Investment Company
35,236,000
—
—
35,236,000
TOTAL SECURITIES
$68,603,462
$443,865,140
$—
$512,468,602
 
The following acronym(s) are used throughout this portfolio:
 
ETF
—Exchange-Traded Fund
SOFR
—Secured Overnight Financing Rate
TBD
—To Be Determined
USD
—United States Dollar
10