AFFILIATED FEDERATED FUND (BANK LOAN CORE FUND)

Transcription

1 AFFILIATED FEDERATED FUND (BANK LOAN CORE FUND) ANY INVESTMENT DESIGNATED AS AN "AFFILIATED FEDERATED FUND" REPRESENTS SHARES IN AN INVESTMENT COMPANY THAT IS REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, BUT NOT THE SECURITIES ACT OF EACH "AFFILIATED FEDERATED FUND" IS AVAILABLE FOR SALE ONLY TO FEDERATED MUTUAL FUNDS OR ACCOUNTS THAT ARE ADVISED BY FEDERATED INVESTMENT COUNSELING THROUGH A DISCRETIONARY ADVISORY RELATIONSHIP. NO "AFFILIATED FEDERATED FUND" WILL BE OFFERED OR SOLD TO ANY OTHER PERSON OR ENTITY. PORTFOLIO AS OF DECEMBER 31, 2015 CURRENT NET ASSETS - $551,080,560 Principal FLOATING RATE LOANS % Aerospace/Defense - 1.2% 1,876,363 B/E Aerospace, Inc., Term Loan - Institutional, 4.00%, 12/16/2021 $1,878,240 3,880,067 TransDigm, Inc., Term Loan - Institutional, 3.50%, 5/14/2022 3,767, ,000 TransDigm, Inc., Term Loan - Institutional, 3.75%, 6/4/ ,311 TOTAL 6,607,688 Automotive - 3.4% 1,330,532 Affinia Group, Inc., Term Loan - Institutional, 4.75%, 4/25/2020 1,328,875 1,945,276 Allison Transmission, Inc., Term Loan - Institutional, 3.50%, 8/23/2019 1,936,162 1,050,000 Autoparts Holdings, Term Loan - Institutional, 11.00%, 1/29/ , ,000 Cooper-Standard Automotive, Inc., Term Loan - Institutional, 4.00%, 4/4/ ,279 4,937,500 Gates Global LLC, Term Loan - Institutional, 4.25%, 7/3/2021 4,644, ,154 INA Beteiligungsgesellschaft mbh, Term Loan - Institutional, 4.25%, 5/15/ ,904 1,559,844 MPG Holdco I, Inc., Term Loan - Institutional, 3.75%, 10/20/2021 1,529,139 4,496,250 TI Group Auto Systems LLC, Term Loan - Institutional, 4.50%, 6/30/2022 4,406,325 2,762,318 Tower Automotive Holdings, Term Loan - Institutional, 4.00%, 4/23/2020 2,651,825 TOTAL 18,843,265 Building Materials - 1.8% 2,332,500 American Builders & Contractors Supply Co., Inc., Term Loan - Institutional, 3.50%, 4/16/2020 2,317,187 1,995,000 Beacon Roofing Supply, Inc., Term Loan - Institutional, 4.00%, 10/1/2022 1,984,407 2,992,500 HD Supply, Inc., Term Loan - Institutional, 3.75%, 8/13/2021 2,930, ,021 Nortek, Inc., Term Loan - Institutional, 3.50%, 10/30/ ,016 1,947,689 Ply Gem Industries, Inc., Term Loan - Institutional, 4.00%, 1/30/2021 1,919,087 TOTAL 10,115,863 Cable Satellite - 2.8% 2,487,500 Altice Financing SA, Term Loan - Institutional, 5.25%, 2/4/2022 2,482,065 1,000,000 CCO Safari III LLC, Term Loan - Institutional, 3.50%, 1/21/2023 1,000,420 1,409,939 Cequel Communications Holdings, Term Loan - Institutional, 3.50%, 2/14/2019 1,390,552 1,925,316 Charter Communications, Inc., Term Loan - Institutional, 3.00%, 7/1/2020 1,894, ,000 Eldorado Resorts, Inc., Term Loan - Institutional, 4.25%, 7/23/ ,194 1,420,407 Intelsat Jackson Holdings S.A., Term Loan - Institutional, 3.75%, 6/30/2019 1,346,852 2,000,000 Lully Finance LLC, Term Loan - Institutional, 5.00%, 7/11/2022 1,956,670 1,000,000 Lully Finance LLC, Term Loan - Institutional, 9.50%, 7/11/ ,875 2,000,000 Numericable US LLC, Term Loan - Institutional, 4.75%, 1/30/2023 1,926,790 1,346,643 Virgin Media Investment Holdings, Term Loan - Institutional, 3.50%, 6/30/2023 1,320,659 TOTAL 15,294,511 Cable TV - 0.6% 3,000,000 CSC Holdings LLC, Term Loan - Institutional, 5.00%, 10/9/2022 3,000,945

2 Chemicals - 2.0% 3,565,595 Axalta Coating Systems US Holdings, Inc., Term Loan - Institutional, 3.75%, 2/1/2020 3,538,372 2,970,000 Eco Services Operations LLC, Term Loan - Institutional, 4.75%, 12/1/2021 2,933, ,000 MacDermid, Inc., Term Loan - Institutional, 5.50%, 6/7/ ,122 1,995,000 MacDermid, Inc., Term Loan - Institutional, 5.50%, 6/7/2020 1,941,634 1,470,000 Oxea SARL, Term Loan - Institutional, 4.25%, 1/15/2020 1,416,102 TOTAL 10,789,580 Consumer Cyclical Services - 3.5% 4,141,860 Garda World Security Corp., Term Loan - Institutional, 4.00%, 11/8/2020 3,960,654 1,059,546 Garda World Security Corp., Term Loan - Institutional, 4.00%, 11/8/2020 1,013,190 2,937,531 Hearthside Group Holdings LLC, Term Loan - Institutional, 4.50%, 6/2/2021 2,886,125 6,654,334 ServiceMaster Co., Term Loan - Institutional, 4.25%, 7/1/2021 6,594,445 3,000,000 USAGM HoldCo LLC, Term Loan - Institutional, 4.75%, 7/28/2022 2,872,500 2,000,000 USAGM HoldCo LLC, Term Loan - Institutional, 9.50%, 7/28/2023 1,872,500 TOTAL 19,199,414 Consumer Products - 3.9% 2,621,680 AOT Bedding Super Holdings LLC, Term Loan - Institutional, 4.25%, 10/1/2019 2,609,515 2,203,050 Bauer Performance Sports Ltd., Term Loan - Institutional, 4.50%, 4/15/2021 2,142,466 5,386,029 Freedom Group, Inc., Term Loan - Institutional, 5.50%, 4/19/2019 4,201,103 3,486,250 Party City Holdings, Inc., Term Loan - Institutional, 4.25%, 8/19/2022 3,393,289 2,039,081 Prestige Brands, Inc., Term Loan - Institutional, 3.50%, 9/3/2021 2,031,017 3,893,942 SRAM LLC, Term Loan - Institutional, 4.00%, 4/10/2020 3,241, ,034 Spectrum Brands, Inc., Term Loan - Institutional, 3.50%, 6/23/ ,883 2,280,007 Water PIK, Inc., Term Loan - Institutional, 5.75%, 7/9/2020 2,263, ,106 Water PIK, Inc., Term Loan - Institutional, 9.75%, 1/9/ ,253 TOTAL 21,497,085 Diversified Manufacturing - 2.9% 1,985,000 Dynacast International LLC, Term Loan - Institutional, 4.50%, 1/28/2022 1,942,819 2,000,000 Dynacast International LLC, Term Loan - Institutional, 9.50%, 1/30/2023 1,940,000 4,112,477 Entegris, Inc., Term Loan - Institutional, 3.50%, 4/30/2021 4,078,199 4,897,374 Gardner Denver, Inc., Term Loan - Institutional, 4.25%, 7/30/2020 4,423,553 2,961,644 Milacron LLC, Term Loan - Institutional, 4.50%, 9/28/2020 2,924, ,285 WESCO International, Inc., Term Loan - Institutional, 3.75%, 12/12/ ,101 TOTAL 15,806,295 Financial Institution - Insurance - P&C - 1.1% 4,000,000 Assuredpartners, Inc., Term Loan - Institutional, 10.00%, 10/20/2023 3,920,000 2,000,000 Assuredpartners, Inc., Term Loan - Institutional, 5.75%, 10/21/2022 1,990,840 TOTAL 5,910,840 Financial Institutions - 3.2% 1,940,400 Clipper Acquisitions Corp., Term Loan - Institutional, 3.00%, 2/6/2020 1,893,501 6,914,648 Hub International Ltd., Term Loan - Institutional, 4.00%, 10/2/2020 6,545,164 2,942,575 Sedgwick, Inc., Term Loan - Institutional, 3.75%, 2/28/2021 2,830,389 2,000,000 Sedgwick, Inc., Term Loan - Institutional, 6.75%, 2/28/2022 1,820,000 3,000,000 Sedgwick, Inc., Term Loan - Institutional, 6.75%, 2/28/2022 2,730,000 1,975,000 York Risk Services Group, Inc., Term Loan - Institutional, 4.75%, 10/1/2021 1,872,547 TOTAL 17,691,601 Food & Beverage - 3.9% 14,335 Aramark Corp., Revolver - 1st Lien, 3.693%, 7/26/ ,192 4,674,224 Aramark Corp., Term Loan - Institutional, 3.25%, 2/24/2021 4,637,228 1,947,651 Del Monte Pacific Ltd., Term Loan - Institutional, %, 2/18/2021 1,879,483 3,000,000 Del Monte Pacific Ltd., Term Loan - Institutional, 8.25%, 8/18/2021 2,470,005 4,093,476 Performance Food Group, Inc., Term Loan - Institutional, 6.25%, 11/14/2019 4,093,476 3,461,370 Pinnacle Foods Finance LLC., Term Loan - Institutional, 3.00%, 4/29/2020 3,413, ,500 Pinnacle Foods Finance LLC., Term Loan - Institutional, 3.00%, 4/29/ ,751 3,902,558 U.S. Foodservice, Inc., Term Loan - Institutional, 4.50%, 3/31/2019 3,861,093 TOTAL 21,332,277 Gaming - 4.5% 1,370,588 Affinity Gaming LLC, Term Loan - Institutional, 5.25%, 11/9/2017 1,370,588 BLCORE-2

3 2,487,500 American Casino & Entertainment, Term Loan - Institutional, 4.75%, 7/7/2022 2,487,500 2,350,585 Cannery Casino Resorts LLC, Term Loan - Institutional, 6.00%, 10/2/2018 2,322,683 3,889,549 MGM Resorts International, Term Loan - Institutional, 3.50%, 12/20/2019 3,844,177 5,738,583 Mohegan Tribal Gaming Authority, Term Loan - Institutional, 5.50%, 6/15/2018 5,627, ,594 Penn National Gaming, Inc., Term Loan - Institutional, 3.25%, 10/30/ ,645 1,101,850 Pinnacle Entertainment, Inc., Term Loan - Institutional, 3.75%, 8/13/2020 1,099,961 1,462,500 Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, Term Loan - Institutional, 3.50%, 5/14/2020 1,436,906 2,715,816 Station Casinos, Inc., Term Loan - Institutional, 4.25%, 3/1/2020 2,667,448 2,932,500 Tropicana Entertainment, Inc., Term Loan - Institutional, 4.00%, 11/27/2020 2,915,389 TOTAL 24,738,211 Health Care % 3,980,000 Air Medical Group Holdings, Inc., Term Loan - Institutional, 4.50%, 4/28/2022 3,863, ,000 Amsurg Corp., Term Loan - Institutional, 3.50%, 7/16/ , ,747 CHS/Community Health Systems, Inc., Term Loan - Institutional, 3.75%, 12/31/ , ,966 CHS/Community Health Systems, Inc., Term Loan - Institutional, 4.00%, 1/27/ ,458 1,533,023 Carestream Health, Inc., Term Loan - Institutional, 5.00%, 6/7/2019 1,388,666 4,811,760 Carestream Health, Inc., Term Loan - Institutional, 9.50%, 12/7/2019 4,294, ,031 DaVita HealthCare Partners, Inc., Term Loan - Institutional, 3.50%, 6/24/ ,010 2,976,397 Emdeon, Inc., Term Loan - Institutional, 3.75%, 11/2/2018 2,930,829 3,000,000 Endo Luxembourg Finance, Term Loan - Institutional, 3.75%, 9/25/2022 2,966,250 3,146,945 Envision Healthcare Corp., Term Loan - Institutional, 4.25%, 5/25/2018 3,132,517 2,000,000 Envision Healthcare Corp., Term Loan - Institutional, 4.50%, 10/28/2022 1,991, ,828 HCR Manor Care, Inc., Term Loan - Institutional, 5.00%, 4/6/ ,798 4,897,588 IMS Health, Inc., Term Loan - Institutional, 3.50%, 3/17/2021 4,801,179 1,904,572 Iasis Healthcare, Term Loan - Institutional, 4.50%, 5/3/2018 1,874,099 6,428,276 Multiplan, Inc., Term Loan - Institutional, 3.75%, 3/31/2021 6,272,937 3,924,862 National Mentor Holdings, Inc., Term Loan - Institutional, 4.25%, 1/31/2021 3,813,670 5,922,393 Ortho-Clinical Diagnostics, Inc., Term Loan - Institutional, 4.75%, 6/30/2021 5,056,243 2,246,839 Radnet Management, Inc., Term Loan - Institutional, 4.25%, 10/10/2018 2,228,112 6,000,000 Radnet Management, Inc., Term Loan - Institutional, 8.00%, 3/25/2021 5,730,000 2,992,500 Sterigenics-Nordion Holdings LLC, Term Loan - Institutional, 4.25%, 5/15/2022 2,917, ,500 Surgical Care Affiliates, Inc., Term Loan - Institutional, 4.25%, 3/17/ ,056 2,000,000 Team Health, Inc., Term Loan - Institutional, 4.50%, 11/23/2022 1,996,880 5,864,558 Truven Health Analytics, Inc., Term Loan - Institutional, 4.50%, 6/6/2019 5,644,637 TOTAL 65,207,105 Independent Energy - 0.8% 2,500,000 EP Energy LLC., Term Loan - Institutional, 3.50%, 5/24/2018 1,968, ,000 EP Energy LLC., Term Loan - Institutional, 4.50%, 4/30/ ,312 1,956,247 Fieldwood Energy, Term Loan - Institutional, 3.875%, 9/28/2018 1,291,123 3,746,306 Fieldwood Energy, Term Loan - Institutional, 8.375%, 9/30/ ,536 TOTAL 4,152,721 Industrial - Other - 3.2% 2,929,484 Filtration Group, Inc., Term Loan - Institutional, 4.25%, 11/21/2020 2,855, ,979 Filtration Group, Inc., Term Loan - Institutional, 8.25%, 11/21/ ,348 1,172,090 Generac Power Systems, Term Loan - Institutional, 3.50%, 5/31/2020 1,152,065 3,670,965 Hillman Group, Inc., Term Loan - Institutional, 4.50%, 6/30/2021 3,558,560 3,000,000 Maxim Crane Works LP, Term Loan - Institutional, 10.25%, 11/26/2018 2,970,000 3,106,806 Mirror Bidco/Dematic, Term Loan - Institutional, 4.25%, 12/28/2019 3,067,971 1,980,000 Mueller Water Products, Inc., Term Loan - Institutional, 4.00%, 11/25/2021 1,982,455 1,587,977 Unifrax Investment Corp., Term Loan - Institutional, 4.25%, 11/28/2018 1,532,398 TOTAL 17,857,828 Leisure - 0.1% 209,476 Activision Blizzard, Inc., Term Loan - Institutional, 3.25%, 10/11/ , ,500 Regal Cinemas Corp., Term Loan - Institutional, 3.75%, 4/1/ ,010 TOTAL 706,468 Lodging - 2.4% 2,922,090 Four Seasons Holdings, Term Loan - Institutional, 3.50%, 6/27/2020 2,875,819 3,000,000 Four Seasons Holdings, Term Loan - Institutional, 6.25%, 12/28/2020 2,972,490 BLCORE-3

4 3,227,193 Hilton Worldwide Finance LLC, Term Loan - Institutional, 3.50%, 10/25/2020 3,225,353 2,940,000 Intrawest Resorts Holdings, Inc., Term Loan - Institutional, 4.75%, 12/9/2020 2,913,055 1,489,521 La Quinta Intermediate Holdings LLC, Term Loan - Institutional, 3.75%, 4/14/2021 1,454,763 TOTAL 13,441,480 Media Entertainment - 7.5% 1,875,000 CBS Outdoor Americas Capital LLC / Corp., Term Loan - Institutional, 3.00%, 1/31/2021 1,856,831 6,250,000 Clear Channel Communications, Inc., Term Loan - Institutional, 7.17%, 1/30/2019 4,397,344 6,160,464 Emerald Expo Holdings, Inc., Term Loan - Institutional, 4.75%, 6/17/2020 6,078,314 1,022,228 Entercom Radio LLC, Term Loan - Institutional, 4.00%, 11/23/2018 1,017,965 3,902,687 Entravision, Term Loan - Institutional, 3.50%, 5/31/2020 3,811,637 3,960,000 IMC OP LP, Term Loan - Institutional, 4.50%, 8/15/2020 3,910,500 1,500,000 Match Group, Inc., Term Loan - Institutional, 5.50%, 11/16/2022 1,485,000 2,500,000 NEP/NCP Holdco, Inc., Term Loan - Institutional, 10.00%, 7/22/2020 2,362,500 4,912,749 NEP/NCP Holdco, Inc., Term Loan - Institutional, 4.25%, 1/22/2020 4,630, ,326 Nielsen Finance LLC/Nielsen Finance Co., Term Loan - Institutional, 3.287%, 4/15/ ,888 3,181,152 SGS International LLC, Term Loan - Institutional, 4.25%, 10/17/2019 3,133,435 2,950,063 Time, Inc., Term Loan - Institutional, 4.25%, 4/24/2021 2,916,874 4,201,023 Townsquare Media, Inc., Term Loan - Institutional, 4.25%, 4/1/2022 4,159, ,000 Tribune Media Co., Term Loan - Institutional, 3.75%, 12/27/ ,563 TOTAL 41,514,130 Midstream - 1.3% 2,448,431 EMG Utica LLC, Term Loan - Institutional, 4.75%, 3/27/2020 2,228,073 1,858,824 Energy Transfer Equity LP, Term Loan - Institutional, 3.25%, 12/2/2019 1,680,683 3,625,000 Energy Transfer Equity LP, Term Loan - Institutional, 4.00%, 12/2/2019 3,276,746 TOTAL 7,185,502 Packaging - 4.5% 1,947,381 Berry Plastics Corp., Term Loan - Institutional, 4.00%, 10/1/2022 1,933,895 2,424,983 Berry Plastics Group, Inc., Term Loan - Institutional, 3.50%, 2/8/2020 2,384,474 1,344,746 Berry Plastics Group, Inc., Term Loan - Institutional, 3.75%, 1/6/2021 1,328,024 7,884,950 Bway Holding Co., Term Loan - Institutional, 5.50%, 8/14/2020 7,604,088 1,596,667 Multi Packaging Solutions, Inc., Term Loan - Institutional, 4.25%, 9/30/2020 1,552, ,612 Multi Packaging Solutions, Inc., Term Loan - Institutional, 4.25%, 9/30/ ,315 1,246,875 Owens-Brockway Glass Container, Inc., Term Loan - Institutional, 3.50%, 9/1/2022 1,245,061 1,574,182 Reynolds Group Holdings, Inc., Term Loan - Institutional, 4.50%, 12/1/2018 1,561,557 4,148,582 Signode Industrial Group, Term Loan - Institutional, 3.75%, 5/1/2021 4,010, ,500 Tekni-Plex, Inc., Term Loan - Institutional, 4.50%, 6/1/ ,075 2,000,000 Tekni-Plex, Inc., Term Loan - Institutional, 8.75%, 6/1/2023 1,930,000 TOTAL 24,617,536 Pharmaceuticals - 2.4% 1,481,250 AMAG Pharmaceutical, Inc., Term Loan - Institutional, 4.75%, 8/17/2021 1,425,081 1,965,000 Grifols SA, Term Loan - Institutional, 3.42%, 2/27/2021 1,949,771 5,970,000 Pharmaceutical Product Development, Inc., Term Loan - Institutional, 4.25%, 8/18/2022 5,817,019 1,990,000 Quintiles Transnational Corp., Term Loan - Institutional, 3.25%, 5/12/2022 1,989,164 1,388,590 Valeant Pharmaceuticals International, Inc., Term Loan - Institutional, 3.75%, 8/5/2020 1,335, ,512 Valeant Pharmaceuticals International, Inc., Term Loan - Institutional, 4.00%, 4/1/ ,332 TOTAL 13,469,191 Restaurants - 0.5% 3,015, BC Unltd. Liability Co./New Red Finance, Inc., Term Loan - Institutional, 3.75%, 12/12/2021 2,993,198 Retailers - 3.7% 1,820,616 Academy Ltd., Term Loan - Institutional, 5.00%, 7/2/2022 1,761,064 1,666,709 Dollar Tree, Inc., Term Loan - Institutional, 3.50%, 7/6/2022 1,664,634 2,927,444 Michaels Stores, Inc., Term Loan - Institutional, 3.75%, 1/28/2020 2,905,488 5,892,574 Neiman-Marcus Group, Inc., Term Loan - Institutional, 4.25%, 10/25/2020 5,232,724 1,348,404 PETCO Animal Supplies, Inc., Term Loan - Institutional, 4.00%, 11/24/2017 1,346,590 1,990,000 PetSmart, Inc., Term Loan - Institutional, 4.25%, 3/10/2022 1,942,489 2,977,273 Talbots, Inc., Term Loan - Institutional, 5.50%, 3/19/2020 2,813,522 3,000,000 Talbots, Inc., Term Loan - Institutional, 9.50%, 3/19/2021 2,830,005 TOTAL 20,496,516 BLCORE-4

5 Services - 1.6% 2,970,075 Acosta Holdco, Inc., Term Loan - Institutional, 4.25%, 9/26/2021 2,833,244 1,960,075 Brickman Group Holdings, Inc., Term Loan - Institutional, %, 12/18/2020 1,903,840 2,159,548 Brickman Group Holdings, Inc., Term Loan - Institutional, 7.50%, 12/18/2021 1,965,188 2,198,091 US Infrastructure, Term Loan - Institutional, 4.00%, 7/29/2020 2,068,954 TOTAL 8,771,226 Technology % 1,800,029 Applied Systems, Inc., Term Loan - Institutional, 4.25%, 1/23/2021 1,770,778 2,058,594 Applied Systems, Inc., Term Loan - Institutional, 7.50%, 1/23/2022 1,914,492 2,000,000 Avago Technologies Cayman Finance Ltd., Term Loan - Institutional, 4.25%, 11/13/2022 1,982,660 1,281,880 Avago Technologies Ltd., Term Loan - Institutional, 3.75%, 5/6/2021 1,280,015 2,921,889 Avaya, Inc., Term Loan - Institutional, 6.25%, 5/29/2020 2,050,187 4,768,060 BMC Software, Inc., Term Loan - Institutional, 5.00%, 9/10/2020 3,943,853 1,444,724 Blackboard, Inc., Term Loan - Institutional, 4.75%, 10/4/2018 1,391,002 5,000,000 Blue Coat Systems, Inc., Term Loan - Institutional, 4.50%, 5/26/2022 4,845,850 1,945,015 CDW LLC, Term Loan - Institutional, 3.25%, 4/29/2020 1,901,982 1,995,000 CommScope, Inc., Term Loan - Institutional, 3.75%, 12/29/2022 1,985,035 5,712,609 Compucom System, Inc., Term Loan - Institutional, 4.25%, 5/9/2020 3,656,070 2,970,000 Compuware Corp., Term Loan - Institutional, 6.25%, 12/15/2021 2,778,183 2,904,989 Dell, Inc., Term Loan - Institutional, 4.00%, 4/29/2020 2,887,341 1,954,286 Deltek, Inc., Term Loan - Institutional, 5.00%, 6/25/2022 1,935,554 2,992,500 Ensemble S Merger Sub, Inc., Term Loan - Institutional, 4.75%, 9/21/2022 2,962,575 1,985,000 Epicor Software Corp., Term Loan - Institutional, 4.75%, 6/1/2022 1,942,461 1,026,740 First Data Corp., Term Loan - Institutional, %, 3/24/2021 1,024,815 2,464,157 Hyland Software, Inc., Term Loan - Institutional, 4.75%, 7/1/2022 2,433,355 1,000,000 Hyland Software, Inc., Term Loan - Institutional, 8.25%, 7/1/ ,000 2,992,500 Informatica Corp., Term Loan - Institutional, 4.50%, 6/3/2022 2,888,301 2,836,126 Information Resources, Inc., Term Loan - Institutional, %, 9/26/2020 2,821, ,136 Ion Trading Technologies Sarl, Term Loan - Institutional, 4.25%, 6/10/ ,712 3,684,000 Kronos, Inc., Term Loan - Institutional, 4.50%, 10/30/2019 3,633,363 1,990,000 Lattice Semiconductor Corp., Term Loan - Institutional, 5.25%, 3/10/2021 1,890,500 2,882,579 Lawson Software, Inc., Term Loan - Institutional, 3.75%, 6/3/2020 2,713,833 3,000,000 Microsemi Corp., Term Loan - Institutional, 5.25%, 12/17/2022 2,953, ,000 Mitel Network Corp., Term Loan - Institutional, 5.50%, 4/29/ , ,000 NXP BV/NXP Funding LLC, Term Loan - Institutional, 3.75%, 12/7/ ,975 1,952,563 Renaissance Learning, Inc., Term Loan - Institutional, 4.50%, 4/9/2021 1,875,271 2,500,000 Renaissance Learning, Inc., Term Loan - Institutional, 8.00%, 4/11/2022 2,362,500 1,985,000 Riverbed Technology, Inc., Term Loan - Institutional, 6.00%, 4/27/2022 1,980,037 1,429,978 Rocket Software, Term Loan - Institutional, 5.75%, 2/8/2018 1,426,181 1,542,601 SS&C Technologies, Inc., Term Loan - Institutional, 4.00%, 7/8/2022 1,534, ,018 SS&C Technologies, Inc., Term Loan - Institutional, 4.00%, 7/8/ ,765 2,985,000 Science Applications International Corp., Term Loan - Institutional, 3.75%, 5/4/2022 2,992,462 2,000,000 TASC, Inc., Term Loan - Institutional, 12.00%, 5/23/2021 2,055,000 1,834,979 TASC, Inc., Term Loan - Institutional, 7.00%, 5/23/2020 1,812,042 1,835,075 TASC, Inc., Term Loan - Institutional, 7.00%, 5/23/2020 1,812,136 3,977,475 Tibco Software, Inc., Term Loan - Institutional, 6.50%, 12/4/2020 3,624,474 1,238,136 TransFirst, Inc., Term Loan - Institutional, 4.75%, 11/12/2021 1,230,398 4,500,000 TransFirst, Inc., Term Loan - Institutional, 9.00%, 11/12/2022 4,421,250 4,892,475 Transunion LLC, Term Loan - Institutional, 3.50%, 4/9/2021 4,764,048 2,955,000 WP Mustang Holdings LLC, Term Loan - Institutional, 5.50%, 5/29/2021 2,947,612 2,445,652 Wall Street Systems Delaware, Inc., Term Loan - Institutional, 4.50%, 4/30/2021 2,412,037 TOTAL 100,671,153 Transportation Services - 0.5% 2,896,942 Hertz Corp., Term Loan - Institutional, 3.00%, 3/11/2018 2,876,113 Utility - Electric - 1.0% 5,865,052 Calpine Construction Finance Co., Term Loan - Institutional, 3.25%, 1/31/2022 5,577,664 Wireless Communications - 0.3% 1,500,000 T-Mobile USA, Inc., Term Loan - Institutional, 3.50%, 11/9/2022 1,501,875 BLCORE-5

6 Wireline Communications - 0.4% 2,000,000 Level 3 Financing, Inc., Term Loan - Institutional, 3.50%, 5/31/2022 1,972,500 TOTAL FLOATING RATE LOANS 523,839,781 EXCHANGE-TRADED FUND - 2.0% 500,000 PowerShares Senior Loan Portfolio 11,200,000 INVESTMENT COMPANY - 0.5% 2,965,000 Federated Prime Obligations Fund, Institutional Shares, 0.27% 1 2,965,000 TOTAL INVESTMENTS $538,004, day net yield. Note: The categories of investments are shown as a percentage of net assets $551,080,560 at the close of business on December 31, 2015, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. The following acronyms are used throughout this portfolio: LLC LP --Limited Liability Corporation --Limited Partnership (43035) 12/31/2015 BLCORE-6