NPORT-EX 2 poi_fhcorpbondstrategyport.htm POI - FEDERATED HERMES CORPORATE BOND STRATEGY PORTFOLIO EDGAR HTML
Federated Hermes Corporate Bond Strategy Portfolio
Portfolio of Investments
March 31, 2023 (unaudited)  
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—96.0%
 
Basic Industry - Chemicals—0.4%
$90,000
 
Albemarle Corp., Sr. Unsecd. Note, 5.450%, 12/1/2044
$85,493
200,000
 
RPM International, Inc., Sr. Unsecd. Note, 4.550%, 3/1/2029
191,016
300,000
 
RPM International, Inc., Sr. Unsecd. Note, 5.250%, 6/1/2045
274,242
 
TOTAL
550,751
 
Basic Industry - Metals & Mining—1.5%
600,000
1
Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031
502,577
400,000
 
Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 3.625%, 9/11/2024
390,592
235,000
 
AngloGold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040
229,989
400,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026
362,283
350,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 2.625%, 9/23/2031
287,507
200,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051
139,436
250,000
 
Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040
279,443
 
TOTAL
2,191,827
 
Basic Industry - Paper—0.1%
100,000
 
Weyerhaeuser Co., Sr. Unsecd. Note, 7.375%, 3/15/2032
115,005
 
Capital Goods - Aerospace & Defense—5.0%
230,000
 
BAE Systems Holdings, Inc., Sr. Unsecd. Note, 144A, 3.850%, 12/15/2025
223,206
500,000
 
BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050
349,991
360,000
 
Boeing Co., Sr. Unsecd. Note, 2.196%, 2/4/2026
334,172
300,000
 
Boeing Co., Sr. Unsecd. Note, 2.700%, 2/1/2027
276,561
995,000
 
Boeing Co., Sr. Unsecd. Note, 2.950%, 2/1/2030
879,007
425,000
 
Boeing Co., Sr. Unsecd. Note, 3.250%, 2/1/2035
347,472
745,000
 
Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059
548,591
175,000
 
Boeing Co., Sr. Unsecd. Note, 5.705%, 5/1/2040
177,212
360,000
 
Embraer Netherlands BV, Sr. Unsecd. Note, 5.050%, 6/15/2025
348,511
170,000
 
Hexcel Corp., Sr. Unsecd. Note, 4.200%, 2/15/2027
161,488
740,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027
694,007
200,000
 
Leidos, Inc., Sr. Unsecd. Note, 5.750%, 3/15/2033
204,522
125,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025
121,829
350,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030
329,893
500,000
 
Northrop Grumman Corp., Sr. Unsecd. Note, 4.700%, 3/15/2033
505,424
600,000
 
Raytheon Technologies Corp., Sr. Unsecd. Note, 4.125%, 11/16/2028
591,970
350,000
 
Raytheon Technologies Corp., Sr. Unsecd. Note, 4.150%, 5/15/2045
306,392
280,000
 
Raytheon Technologies Corp., Sr. Unsecd. Note, 5.150%, 2/27/2033
291,558
136,000
2
Textron Financial Corp., Jr. Sub. Note, 144A, 6.599% (3-month USLIBOR +1.735%), 2/15/2042
103,181
370,000
 
Textron, Inc., Sr. Unsecd. Note, 2.450%, 3/15/2031
312,229
50,000
 
Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024
49,472
 
TOTAL
7,156,688
 
Capital Goods - Building Materials—0.8%
100,000
 
Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029
90,472
125,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024
121,407
620,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027
579,601
235,000
 
Carrier Global Corp., Sr. Unsecd. Note, 2.700%, 2/15/2031
202,278
170,000
 
Masco Corp., Sr. Unsecd. Note, 4.500%, 5/15/2047
142,879
 
TOTAL
1,136,637
1
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Capital Goods - Construction Machinery—1.3%
$205,000
 
Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033
$202,761
450,000
 
CNH Industrial Capital America LLC, Sr. Unsecd. Note, 1.450%, 7/15/2026
403,328
445,000
 
CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027
427,691
895,000
 
Weir Group PLC/The, Sr. Unsecd. Note, 144A, 2.200%, 5/13/2026
806,888
 
TOTAL
1,840,668
 
Capital Goods - Diversified Manufacturing—1.6%
155,000
 
Otis Worldwide Corp., Sr. Unsecd. Note, Series WI, 2.565%, 2/15/2030
136,007
300,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 1.400%, 9/15/2027
260,300
110,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 2.950%, 9/15/2029
98,852
60,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 3.850%, 12/15/2025
58,688
245,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 4.200%, 9/15/2028
241,092
80,000
 
Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044
71,674
390,000
 
Valmont Industries, Inc., Sr. Unsecd. Note, 5.250%, 10/1/2054
356,914
335,000
 
Vontier Corp., Sr. Unsecd. Note, Series WI, 1.800%, 4/1/2026
296,952
500,000
 
Vontier Corp., Sr. Unsecd. Note, Series WI, 2.950%, 4/1/2031
400,695
160,000
 
Wabtec Corp., Sr. Unsecd. Note, 3.200%, 6/15/2025
152,879
285,000
 
Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031
238,077
 
TOTAL
2,312,130
 
Capital Goods - Packaging—0.4%
180,000
 
Packaging Corp., of America, Sr. Unsecd. Note, 3.650%, 9/15/2024
177,137
220,000
 
Sonoco Products Co., Sr. Unsecd. Note, 5.750%, 11/1/2040
225,058
150,000
 
WestRock Co., Sr. Unsecd. Note, Series WI, 4.000%, 3/15/2028
143,486
 
TOTAL
545,681
 
Communications - Cable & Satellite—2.0%
440,000
 
CCO Safari II LLC, 6.484%, 10/23/2045
417,330
600,000
 
Charter Communications, Inc., 4.200%, 3/15/2028
568,227
380,000
 
Charter Communications Operating LLC, 5.375%, 5/1/2047
313,893
250,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 3.850%, 4/1/2061
156,189
500,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 4.800%, 3/1/2050
381,594
865,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Term Loan - 1st Lien,
3.900%, 6/1/2052
572,832
165,000
 
Cox Communications, Inc., Sr. Unsecd. Note, 144A, 3.350%, 9/15/2026
157,059
300,000
 
Time Warner Cable, Inc., Company Guarantee, 5.500%, 9/1/2041
259,506
 
TOTAL
2,826,630
 
Communications - Media & Entertainment—3.3%
500,000
 
Discovery Communications LLC, Sr. Unsecd. Note, 4.650%, 5/15/2050
383,061
135,000
 
Fox Corp., Sr. Unsecd. Note, Series WI, 4.709%, 1/25/2029
133,895
375,000
 
Fox Corp., Sr. Unsecd. Note, Series WI, 5.576%, 1/25/2049
358,838
950,000
 
Grupo Televisa S.A., Sr. Unsecd. Note, 5.000%, 5/13/2045
852,140
167,000
 
Grupo Televisa S.A., Sr. Unsecd. Note, 6.625%, 3/18/2025
169,994
300,000
 
Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.400%, 3/1/2031
249,235
495,000
 
Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 3.375%, 3/1/2041
373,230
850,000
 
Netflix, Inc., Sr. Unsecd. Note, 4.875%, 4/15/2028
846,515
300,000
 
Omnicom Group, Inc., Sr. Unsecd. Note, 2.450%, 4/30/2030
257,734
300,000
 
Omnicom Group, Inc., Sr. Unsecd. Note, 2.600%, 8/1/2031
254,983
200,000
 
Omnicom Group, Inc., Sr. Unsecd. Note, 3.650%, 11/1/2024
196,065
190,000
 
Paramount Global, Sr. Unsecd. Note, 3.700%, 6/1/2028
172,691
475,000
 
Paramount Global, Sr. Unsecd. Note, 4.200%, 5/19/2032
407,745
200,000
 
Paramount Global, Sr. Unsecd. Note, 4.900%, 8/15/2044
150,789
 
TOTAL
4,806,915
2
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Communications - Telecom Wireless—4.3%
$450,000
 
American Tower Corp., Sr. Unsecd. Note, 1.450%, 9/15/2026
$400,332
300,000
 
American Tower Corp., Sr. Unsecd. Note, 2.100%, 6/15/2030
245,297
300,000
 
American Tower Corp., Sr. Unsecd. Note, 3.100%, 6/15/2050
197,294
250,000
 
American Tower Corp., Sr. Unsecd. Note, 3.800%, 8/15/2029
232,533
100,000
 
American Tower Corp., Sr. Unsecd. Note, 4.400%, 2/15/2026
98,640
200,000
 
American Tower Corp., Sr. Unsecd. Note, 5.000%, 2/15/2024
199,133
280,000
 
Bell Canada, Sr. Unsecd. Note, 4.464%, 4/1/2048
246,538
300,000
 
Crown Castle Inc., Sr. Unsecd. Note, 2.250%, 1/15/2031
248,788
400,000
 
Crown Castle International Corp., Sr. Unsecd. Note, 4.450%, 2/15/2026
395,020
200,000
 
Crown Castle International Corp., Sr. Unsecd. Note, 5.200%, 2/15/2049
187,790
300,000
 
TELUS Corp., Sr. Unsecd. Note, 2.800%, 2/16/2027
280,816
415,000
 
T-Mobile USA, Inc., Sec. Fac. Bond, 4.500%, 4/15/2050
361,773
500,000
 
T-Mobile USA, Inc., Series WI, 2.700%, 3/15/2032
421,477
550,000
 
T-Mobile USA, Inc., Series WI, 3.000%, 2/15/2041
408,204
600,000
 
T-Mobile USA, Inc., Series WI, 3.875%, 4/15/2030
563,461
670,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 5.650%, 1/15/2053
686,993
230,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 4.125%, 5/30/2025
227,536
350,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050
286,420
580,000
1
Vodafone Group PLC, Sr. Unsecd. Note, 5.250%, 5/30/2048
560,165
 
TOTAL
6,248,210
 
Communications - Telecom Wirelines—6.5%
400,000
 
AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026
368,188
877,000
 
AT&T, Inc., Sr. Unsecd. Note, 2.550%, 12/1/2033
705,907
350,000
 
AT&T, Inc., Sr. Unsecd. Note, 2.750%, 6/1/2031
301,773
300,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.500%, 6/1/2041
237,018
1,000,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051
758,579
255,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060
191,438
500,000
 
AT&T, Inc., Sr. Unsecd. Note, 4.300%, 2/15/2030
486,029
500,000
 
AT&T, Inc., Sr. Unsecd. Note, 4.350%, 3/1/2029
489,766
400,000
 
AT&T, Inc., Sr. Unsecd. Note, 5.450%, 3/1/2047
398,729
245,000
 
AT&T, Inc., Sr. Unsecd. Note, 6.375%, 3/1/2041
268,833
545,000
 
AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058
518,973
815,000
 
Rogers Communications, Inc., Sr. Unsecd. Note, 144A, 4.500%, 3/15/2042
702,917
40,000
 
Telefonica SA, Company Guarantee, 7.045%, 6/20/2036
44,222
680,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 1.450%, 3/20/2026
625,951
400,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 2.550%, 3/21/2031
340,929
1,785,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.400%, 3/22/2041
1,420,908
30,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 4.000%, 3/22/2050
25,013
390,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 8/15/2046
333,706
750,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 3/16/2027
743,864
500,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, Series WI, 1.680%, 10/30/2030
403,835
 
TOTAL
9,366,578
 
Consumer Cyclical - Automotive—4.7%
650,000
 
Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.000%, 12/14/2026
585,724
175,000
 
Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.375%, 12/14/2028
151,048
200,000
 
General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025
195,100
455,000
 
General Motors Co., Sr. Unsecd. Note, 5.200%, 4/1/2045
383,862
110,000
 
General Motors Co., Sr. Unsecd. Note, 6.750%, 4/1/2046
111,411
750,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 1.500%, 6/10/2026
667,915
750,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.400%, 4/10/2028
655,371
3
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Consumer Cyclical - Automotive—continued
$50,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.700%, 8/20/2027
$44,782
400,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024
394,208
250,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 4.300%, 7/13/2025
244,285
300,000
 
General Motors Financial Co., Inc., Unsecd. Note, 3.500%, 11/7/2024
292,413
600,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 1.000%, 9/17/2024
562,715
380,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 2.000%, 6/15/2028
321,698
1,200,000
 
Nissan Motor Acceptance Company LLC, Sr. Unsecd. Note, 144A, 1.850%, 9/16/2026
1,039,366
400,000
 
Stellantis Finance US, Inc., Sr. Unsecd. Note, 144A, 1.711%, 1/29/2027
354,130
400,000
 
Stellantis Finance US, Inc., Sr. Unsecd. Note, 144A, 2.691%, 9/15/2031
323,383
470,000
 
Stellantis N.V., Sr. Unsecd. Note, 5.250%, 4/15/2023
470,486
 
TOTAL
6,797,897
 
Consumer Cyclical - Leisure—0.8%
300,000
 
Warnermedia Holdings, Inc., Sr. Unsecd. Note, 6.412%, 3/15/2026
301,606
500,000
 
Warnermedia Holdings, Inc., Sr. Unsecd. Note, 144A, 4.279%, 3/15/2032
446,759
510,000
 
Warnermedia Holdings, Inc., Sr. Unsecd. Note, 144A, 5.050%, 3/15/2042
427,043
 
TOTAL
1,175,408
 
Consumer Cyclical - Retailers—3.2%
150,000
 
Advance Auto Parts, Inc., Sr. Unsecd. Note, 1.750%, 10/1/2027
129,635
675,000
 
Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030
615,549
600,000
 
Alimentation Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 3.800%, 1/25/2050
445,413
130,000
 
AutoNation, Inc., Sr. Unsecd. Note, 4.500%, 10/1/2025
127,151
185,000
 
AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030
174,043
55,000
 
AutoZone, Inc., Sr. Unsecd. Note, 3.125%, 4/21/2026
52,634
345,000
 
AutoZone, Inc., Sr. Unsecd. Note, 4.000%, 4/15/2030
328,058
400,000
 
CVS Health Corp., Sr. Unsecd. Note, 2.875%, 6/1/2026
380,306
50,000
 
CVS Health Corp., Sr. Unsecd. Note, 3.875%, 7/20/2025
49,125
880,000
 
CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048
824,093
520,000
 
CVS Health Corp., Sr. Unsecd. Note, 5.125%, 7/20/2045
493,753
300,000
1
Dollar General Corp., Sr. Unsecd. Note, 4.125%, 5/1/2028
292,239
610,000
 
O’Reilly Automotive, Inc., Sr. Unsecd. Note, 1.750%, 3/15/2031
490,914
160,000
 
O’Reilly Automotive, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2030
154,033
 
TOTAL
4,556,946
 
Consumer Non-Cyclical - Food/Beverage—6.5%
1,000,000
 
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.900%, 2/1/2046
978,544
100,000
 
Anheuser-Busch InBev Finance, Inc., Sr. Unsecd. Note, 4.900%, 2/1/2046
97,854
300,000
 
Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.350%, 6/1/2040
278,898
500,000
 
Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.439%, 10/6/2048
456,815
500,000
 
Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.750%, 1/23/2029
510,891
125,000
 
Bacardi Ltd., Sr. Unsecd. Note, 144A, 2.750%, 7/15/2026
115,822
650,000
 
Coca-Cola European Partners PLC, Sr. Unsecd. Note, 144A, 1.500%, 1/15/2027
580,153
710,000
 
Conagra Brands, Inc., Sr. Unsecd. Note, 1.375%, 11/1/2027
609,771
250,000
 
Constellation Brands, Inc., Sr. Unsecd. Note, 5.250%, 11/15/2048
241,685
135,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 2.400%, 3/15/2031
112,833
210,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026
201,344
445,000
 
General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051
325,151
200,000
 
Grupo Bimbo S.A.B. de CV, Sr. Unsecd. Note, 144A, 3.875%, 6/27/2024
196,368
150,000
 
Heineken NV, Sr. Unsecd. Note, 144A, 4.350%, 3/29/2047
132,365
110,000
 
International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 1.832%, 10/15/2027
93,452
300,000
 
International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 2.300%, 11/1/2030
240,969
255,000
 
JDE Peet’s B.V., Sr. Unsecd. Note, 144A, 0.800%, 9/24/2024
237,761
4
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Consumer Non-Cyclical - Food/Beverage—continued
$250,000
 
Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023
$249,878
53,000
 
Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 4.417%, 5/25/2025
52,360
750,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046
654,064
190,000
 
McCormick & Co., Inc., Sr. Unsecd. Note, 1.850%, 2/15/2031
152,335
250,000
 
McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027
237,256
500,000
 
Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 2.625%, 9/13/2031
378,283
300,000
 
Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030
239,585
300,000
 
Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2027
279,461
350,000
 
Smucker (J.M.) Co., Sr. Unsecd. Note, 2.375%, 3/15/2030
302,094
300,000
 
Smucker (J.M.) Co., Sr. Unsecd. Note, 3.500%, 3/15/2025
292,766
400,000
 
Sysco Corp., Sr. Unsecd. Note, 4.450%, 3/15/2048
347,489
200,000
 
Tyson Foods, Inc., 3.950%, 8/15/2024
197,445
585,000
 
Tyson Foods, Inc., Sr. Unsecd. Note, 3.550%, 6/2/2027
558,275
 
TOTAL
9,351,967
 
Consumer Non-Cyclical - Health Care—1.9%
350,000
 
Alcon Finance Corp., Sr. Unsecd. Note, 144A, 2.600%, 5/27/2030
301,776
220,000
 
Alcon Finance Corp., Sr. Unsecd. Note, 144A, 3.000%, 9/23/2029
199,394
55,000
 
Becton Dickinson & Co., Sr. Unsecd. Note, 3.734%, 12/15/2024
53,801
300,000
 
Becton Dickinson & Co., Sr. Unsecd. Note, 4.669%, 6/6/2047
280,781
179,000
 
Becton Dickinson & Co., Sr. Unsecd. Note, 4.685%, 12/15/2044
166,789
295,000
 
Danaher Corp., Sr. Unsecd. Note, 2.600%, 10/1/2050
202,084
145,000
 
GE Healthcare Holding LLC, Sr. Unsecd. Note, 144A, 6.377%, 11/22/2052
162,310
1,500,000
 
HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051
1,037,805
335,000
 
PerkinElmer, Inc., Sr. Unsecd. Note, 0.850%, 9/15/2024
314,655
 
TOTAL
2,719,395
 
Consumer Non-Cyclical - Pharmaceuticals—3.7%
955,000
 
AbbVie, Inc., Sr. Unsecd. Note, 3.200%, 11/21/2029
886,628
750,000
 
Amgen, Inc., Sr. Unsecd. Note, 2.450%, 2/21/2030
654,178
980,000
 
Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033
1,007,387
970,000
 
Amgen, Inc., Sr. Unsecd. Note, 5.650%, 3/2/2053
1,010,465
185,000
 
AstraZeneca PLC, Sr. Unsecd. Note, 1.375%, 8/6/2030
150,896
300,000
 
Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.625%, 6/25/2038
274,942
300,000
 
Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.875%, 6/25/2048
269,365
600,000
 
Biogen, Inc., Sr. Unsecd. Note, 3.150%, 5/1/2050
418,367
375,000
 
Takeda Pharmaceutical Co. Ltd., Sr. Unsecd. Note, 2.050%, 3/31/2030
316,792
500,000
 
Takeda Pharmaceutical Co. Ltd., Sr. Unsecd. Note, 3.025%, 7/9/2040
381,995
 
TOTAL
5,371,015
 
Consumer Non-Cyclical - Supermarkets—0.4%
300,000
 
Kroger Co., Bond, 6.900%, 4/15/2038
343,787
250,000
 
Kroger Co., Sr. Unsecd. Note, 3.950%, 1/15/2050
204,506
 
TOTAL
548,293
 
Consumer Non-Cyclical - Tobacco—1.7%
500,000
 
Altria Group, Inc., Sr. Unsecd. Note, 3.700%, 2/4/2051
338,001
650,000
 
Altria Group, Inc., Sr. Unsecd. Note, 3.875%, 9/16/2046
468,582
200,000
 
Altria Group, Inc., Sr. Unsecd. Note, 4.800%, 2/14/2029
198,536
325,000
 
BAT Capital Corp., Sr. Unsecd. Note, 2.259%, 3/25/2028
278,877
500,000
 
BAT Capital Corp., Sr. Unsecd. Note, Series WI, 3.557%, 8/15/2027
465,141
200,000
 
BAT Capital Corp., Sr. Unsecd. Note, Series WI, 4.540%, 8/15/2047
149,205
300,000
 
Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045
270,907
5
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Consumer Non-Cyclical - Tobacco—continued
$300,000
 
Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041
$308,759
 
TOTAL
2,478,008
 
Energy - Independent—1.9%
250,000
 
Canadian Natural Resources Ltd., Sr. Unsecd. Note, 2.050%, 7/15/2025
233,730
590,000
 
Canadian Natural Resources Ltd., Sr. Unsecd. Note, 3.800%, 4/15/2024
580,355
390,000
 
Coterra Energy, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 5/15/2027
372,488
175,000
 
Coterra Energy, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 3/15/2029
166,564
190,000
 
Diamondback Energy, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2033
200,909
685,000
 
Hess Corp., Sr. Unsecd. Note, 5.600%, 2/15/2041
661,319
200,000
 
Marathon Oil Corp., Sr. Unsecd. Note, 4.400%, 7/15/2027
193,910
500,000
 
Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031
410,943
 
TOTAL
2,820,218
 
Energy - Integrated—1.1%
605,000
 
Cenovus Energy, Inc., Sr. Unsecd. Note, 3.750%, 2/15/2052
441,422
300,000
 
Cenovus Energy, Inc., Sr. Unsecd. Note, 4.250%, 4/15/2027
291,651
240,000
 
Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029
224,813
100,000
 
Petro-Canada, Bond, 5.350%, 7/15/2033
96,163
130,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.500%, 3/13/2027
118,257
500,000
 
Suncor Energy, Inc., Sr. Unsecd. Note, 3.750%, 3/4/2051
380,159
 
TOTAL
1,552,465
 
Energy - Midstream—6.1%
130,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.400%, 2/15/2031
113,229
165,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032
142,038
400,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029
392,584
100,000
 
Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 4.500%, 6/1/2025
98,773
100,000
 
Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 5.800%, 6/1/2045
101,201
50,000
 
Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.000%, 11/15/2029
44,593
65,000
 
Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.900%, 11/15/2049
49,375
725,000
 
Energy Transfer Operating, Sr. Unsecd. Note, 5.000%, 5/15/2050
619,938
250,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 5.300%, 4/15/2047
219,527
250,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045
242,137
550,000
 
Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.700%, 1/31/2051
426,480
200,000
 
Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.250%, 2/15/2048
170,627
500,000
 
Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.850%, 3/15/2044
464,661
400,000
 
Kinder Morgan Energy Partners LP, 4.250%, 9/1/2024
395,514
495,000
 
Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 6.375%, 3/1/2041
512,229
300,000
 
Kinder Morgan, Inc., 5.050%, 2/15/2046
265,072
300,000
 
Kinder Morgan, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2028
294,983
350,000
 
MPLX LP, Sr. Unsecd. Note, 2.650%, 8/15/2030
297,017
395,000
 
MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027
383,204
200,000
 
MPLX LP, Sr. Unsecd. Note, 4.900%, 4/15/2058
166,933
500,000
 
MPLX LP, Sr. Unsecd. Note, 4.950%, 3/14/2052
435,498
80,000
 
MPLX LP, Sr. Unsecd. Note, Series WI, 4.250%, 12/1/2027
77,523
400,000
 
ONEOK, Inc., Sr. Unsecd. Note, 3.100%, 3/15/2030
349,910
500,000
 
ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047
419,834
600,000
 
Plains All American Pipeline LP, Sr. Unsecd. Note, 5.150%, 6/1/2042
506,410
180,000
 
Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033
162,049
350,000
 
Targa Resources, Inc., Sr. Unsecd. Note, 6.125%, 3/15/2033
362,630
290,000
 
TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027
280,269
290,000
 
Williams Partners LP, Sr. Unsecd. Note, 3.900%, 1/15/2025
284,457
6
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Energy - Midstream—continued
$650,000
 
Williams Partners LP, Sr. Unsecd. Note, 4.900%, 1/15/2045
$573,639
 
TOTAL
8,852,334
 
Energy - Refining—1.5%
200,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 3.625%, 9/15/2024
197,080
225,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044
194,245
150,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041
160,297
245,000
 
Phillips 66, Sr. Unsecd. Note, 1.300%, 2/15/2026
221,989
565,000
 
Phillips 66, Sr. Unsecd. Note, 4.875%, 11/15/2044
529,321
400,000
 
Valero Energy Corp., Sr. Unsecd. Note, 2.800%, 12/1/2031
336,608
140,000
 
Valero Energy Corp., Sr. Unsecd. Note, 4.000%, 4/1/2029
135,105
400,000
1
Valero Energy Corp., Sr. Unsecd. Note, 4.900%, 3/15/2045
366,794
 
TOTAL
2,141,439
 
Financial Institution - Banking—7.4%
410,000
 
Associated Banc-Corp., Sub. Note, 4.250%, 1/15/2025
392,584
400,000
 
Bank of America Corp., Sr. Unsecd. Note, 2.299%, 7/21/2032
322,662
200,000
 
Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025
193,655
575,000
 
Bank of America Corp., Sub. Note, Series L, 4.183%, 11/25/2027
556,156
800,000
 
Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025
782,198
500,000
 
Capital One Financial Corp., Sr. Unsecd. Note, 3.750%, 3/9/2027
455,446
255,000
 
Capital One Financial Corp., Sr. Unsecd. Note, 3.900%, 1/29/2024
250,586
400,000
 
Capital One Financial Corp., Sr. Unsecd. Note, 5.817%, 2/1/2034
386,895
480,000
 
Citigroup, Inc., 4.125%, 7/25/2028
453,632
250,000
 
Citigroup, Inc., 5.500%, 9/13/2025
249,794
750,000
 
Citigroup, Inc., Sub. Note, 3.875%, 3/26/2025
727,077
450,000
 
Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027
436,703
580,000
 
Citizens Financial Group, Inc., Sub. Note, 2.638%, 9/30/2032
416,234
200,000
 
Comerica, Inc., 3.800%, 7/22/2026
172,334
200,000
 
Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025
193,515
120,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024
117,125
200,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 3.950%, 3/14/2028
180,723
370,000
 
FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025
347,141
500,000
1
Goldman Sachs Group, Inc., 5.950%, 1/15/2027
515,365
400,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, Series DMTN, 2.383%, 7/21/2032
325,018
900,000
 
Goldman Sachs Group, Inc., Sub. Note, 4.250%, 10/21/2025
874,070
750,000
 
Huntington National Bank, Sr. Unsecd. Note, 4.552%, 5/17/2028
707,762
400,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032
321,234
450,000
 
Morgan Stanley, Sub. Note, 5.000%, 11/24/2025
446,454
750,000
 
Synovus Bank GA, Sr. Unsecd. Note, 5.625%, 2/15/2028
673,775
200,000
 
Truist Bank, Sub. Note, Series BKNT, 3.300%, 5/15/2026
184,374
 
TOTAL
10,682,512
 
Financial Institution - Broker/Asset Mgr/Exchange—0.8%
575,000
 
Jefferies Group LLC, Sr. Unsecd. Note, 2.750%, 10/15/2032
444,220
200,000
 
Raymond James Financial, Inc., Sr. Unsecd. Note, 4.650%, 4/1/2030
195,698
200,000
 
Stifel Financial Corp., Sr. Unsecd. Note, 4.000%, 5/15/2030
175,855
300,000
 
Stifel Financial Corp., Sr. Unsecd. Note, 4.250%, 7/18/2024
295,738
 
TOTAL
1,111,511
 
Financial Institution - Finance Companies—2.0%
500,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 2.450%, 10/29/2026
449,377
525,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.000%, 10/29/2028
458,719
1,300,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.400%, 10/29/2033
1,057,310
7
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Financial Institution - Finance Companies—continued
$505,000
 
Air Lease Corp., Sr. Unsecd. Note, 2.200%, 1/15/2027
$447,911
500,000
 
Air Lease Corp., Sr. Unsecd. Note, 2.875%, 1/15/2032
413,467
 
TOTAL
2,826,784
 
Financial Institution - Insurance - Health—0.3%
271,000
 
CIGNA Corp., Sr. Unsecd. Note, 3.750%, 7/15/2023
269,709
250,000
 
CIGNA Corp., Sr. Unsecd. Note, 4.900%, 12/15/2048
235,466
 
TOTAL
505,175
 
Financial Institution - Insurance - Life—0.6%
255,000
 
American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024
251,611
110,000
 
Lincoln National Corp., Sr. Note, 7.000%, 6/15/2040
117,937
400,000
 
Lincoln National Corp., Sr. Unsecd. Note, 3.050%, 1/15/2030
329,097
100,000
 
MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039
129,939
50,000
 
Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040
55,710
 
TOTAL
884,294
 
Financial Institution - Insurance - P&C—0.7%
500,000
 
CNA Financial Corp., Sr. Unsecd. Note, 3.900%, 5/1/2029
472,901
120,000
 
Hartford Financial Services Group, Inc., Sr. Unsecd. Note, 6.625%, 4/15/2042
129,412
412,000
 
Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 4.569%, 2/1/2029
397,263
 
TOTAL
999,576
 
Financial Institution - REIT - Apartment—0.5%
160,000
 
Mid-America Apartment Communities LP, 4.000%, 11/15/2025
155,943
150,000
 
Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024
147,436
160,000
 
Mid-America Apartment Communities LP, Sr. Unsub. Note, 1.700%, 2/15/2031
126,932
80,000
 
UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034
65,556
200,000
 
UDR, Inc., Sr. Unsecd. Note, Series GMTN, 3.500%, 1/15/2028
187,162
 
TOTAL
683,029
 
Financial Institution - REIT - Healthcare—1.1%
375,000
 
Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031
293,055
245,000
 
Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030
212,653
300,000
 
Physicians Realty Trust, Sr. Unsecd. Note, 3.950%, 1/15/2028
281,589
325,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.800%, 6/1/2031
270,263
500,000
 
Welltower, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029
467,028
 
TOTAL
1,524,588
 
Financial Institution - REIT - Office—1.0%
65,000
1
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 1.875%, 2/1/2033
48,775
90,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2027
86,861
100,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028
94,783
250,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.900%, 12/15/2030
243,403
500,000
 
Boston Properties LP, Sr. Unsecd. Note, 2.900%, 3/15/2030
385,181
840,000
 
Piedmont Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032
578,054
 
TOTAL
1,437,057
 
Financial Institution - REIT - Other—0.4%
160,000
 
ProLogis LP, Sr. Unsecd. Note, 4.375%, 2/1/2029
156,519
175,000
 
WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029
161,352
300,000
 
WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024
293,682
 
TOTAL
611,553
 
Financial Institution - REIT - Retail—0.9%
140,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 2.800%, 10/1/2026
128,964
290,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 3.800%, 4/1/2027
275,715
300,000
 
Regency Centers LP, Sr. Unsecd. Note, 3.700%, 6/15/2030
271,089
8
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Financial Institution - REIT - Retail—continued
$170,000
 
Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028
$161,453
460,000
 
Tanger Properties LP, Sr. Unsecd. Note, 3.125%, 9/1/2026
418,220
 
TOTAL
1,255,441
 
Technology—8.0%
1,070,000
 
Broadcom, Inc., Sr. Unsecd. Note, 4.110%, 9/15/2028
1,023,238
190,000
 
Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030
176,282
300,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 2.600%, 2/15/2033
235,451
310,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.137%, 11/15/2035
238,650
10,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036
7,587
450,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.469%, 4/15/2034
369,924
70,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051
51,660
900,000
 
CDW LLC / CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026
810,484
250,000
 
Dell International LLC / EMC Corp., Sr. Unsecd. Note, 4.000%, 7/15/2024
246,706
1,000,000
 
Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.300%, 10/1/2029
1,008,258
500,000
 
Equifax, Inc., Sr. Unsecd. Note, 2.350%, 9/15/2031
403,026
205,000
 
Equifax, Inc., Sr. Unsecd. Note, 2.600%, 12/1/2024
195,982
200,000
 
Experian Finance PLC., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2029
189,991
135,000
 
Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.100%, 3/1/2041
94,563
250,000
 
Fidelity National Information Services, Inc., Sr. Unsecd. Note, 4.700%, 7/15/2027
246,386
60,000
 
Fidelity National Information Services, Inc., Sr. Unsecd. Note, 5.625%, 7/15/2052
57,718
375,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029
348,216
285,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.800%, 10/1/2023
282,393
230,000
 
Fiserv, Inc., Sr. Unsecd. Note, 5.600%, 3/2/2033
238,666
450,000
 
Keysight Technologies, Inc., Sr. Unsecd. Note, 4.550%, 10/30/2024
445,434
155,000
 
Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029
151,984
765,000
 
Micron Technology, Inc., Sr. Unsecd. Note, 3.366%, 11/1/2041
543,099
200,000
 
Micron Technology, Inc., Sr. Unsecd. Note, 4.975%, 2/6/2026
199,641
850,000
 
Oracle Corp., Sr. Unsecd. Note, 1.650%, 3/25/2026
781,257
1,600,000
 
Oracle Corp., Sr. Unsecd. Note, 3.600%, 4/1/2050
1,136,509
1,000,000
 
Oracle Corp., Sr. Unsecd. Note, 3.650%, 3/25/2041
772,413
200,000
 
Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032
215,220
85,000
 
Skyworks Solutions, Inc., Sr. Unsecd. Note, 1.800%, 6/1/2026
76,457
75,000
 
Total System Services, Inc., Sr. Unsecd. Note, 4.450%, 6/1/2028
71,249
80,000
 
Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026
78,448
150,000
 
Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029
143,593
160,000
 
VMware, Inc., Sr. Unsecd. Note, 1.400%, 8/15/2026
141,600
730,000
 
VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031
578,385
 
TOTAL
11,560,470
 
Technology Services—0.9%
150,000
 
Fortinet, Inc., Sr. Unsecd. Note, 1.000%, 3/15/2026
134,715
710,000
 
Global Payments, Inc., Sr. Unsecd. Note, 1.200%, 3/1/2026
632,034
500,000
 
Global Payments, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2027
443,432
85,000
 
Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029
74,846
95,000
 
Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031
80,610
 
TOTAL
1,365,637
 
Transportation - Airlines—0.4%
100,000
 
Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 6/15/2027
99,822
495,000
 
Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025
494,909
 
TOTAL
594,731
9
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Transportation - Railroads—0.7%
$100,000
 
Canadian Pacific Railway Co., 7.125%, 10/15/2031
$114,250
225,000
 
Canadian Pacific Railway Co., Sr. Unsecd. Note, 1.750%, 12/2/2026
204,081
105,000
 
Canadian Pacific Railway Co., Sr. Unsecd. Note, 2.050%, 3/5/2030
89,288
195,000
 
Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.000%, 12/2/2041
156,104
305,000
 
Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023
303,880
200,000
 
Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 4.700%, 5/1/2048
183,679
 
TOTAL
1,051,282
 
Transportation - Services—2.2%
330,000
 
Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042
338,968
250,000
 
FedEx Corp., Sr. Unsecd. Note, 3.250%, 5/15/2041
190,909
550,000
 
FedEx Corp., Sr. Unsecd. Note, 4.050%, 2/15/2048
447,700
725,000
 
GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 1.650%, 7/15/2026
638,536
315,000
 
GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 2.650%, 7/15/2031
245,276
300,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 1.700%, 6/15/2026
268,327
400,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.950%, 3/10/2025
388,710
260,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 1.750%, 9/1/2026
233,469
220,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.900%, 12/1/2026
203,583
200,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 5.650%, 3/1/2028
202,819
 
TOTAL
3,158,297
 
Utility - Electric—6.2%
130,000
 
AEP Texas, Inc., Sr. Unsecd. Note, 3.850%, 10/1/2025
125,509
385,000
 
AEP Texas, Inc., Sr. Unsecd. Note, 4.700%, 5/15/2032
376,592
500,000
 
Ameren Corp., Sr. Unsecd. Note, 1.750%, 3/15/2028
434,957
185,000
 
Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027
166,129
80,000
 
Ameren Corp., Sr. Unsecd. Note, 3.650%, 2/15/2026
77,209
270,000
 
American Electric Power Co., Inc., Jr. Sub. Note, 2.031%, 3/15/2024
261,323
180,000
 
American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033
186,345
200,000
 
Appalachian Power Co., Sr. Unsecd. Note, 7.000%, 4/1/2038
232,439
170,000
 
Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030
141,448
645,000
 
CenterPoint Energy, Inc., Sr. Unsecd. Note, 2.650%, 6/1/2031
546,656
450,000
 
Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033
464,498
195,000
 
Dominion Energy, Inc., Jr. Sub. Note, 3.071%, 8/15/2024
189,259
130,000
 
Dominion Energy, Inc., Sr. Unsecd. Note, 4.250%, 6/1/2028
126,544
120,000
 
Dominion Energy, Inc., Sr. Unsecd. Note, Series A, 1.450%, 4/15/2026
108,158
240,000
 
Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026
224,661
500,000
 
EDP Finance BV, Sr. Unsecd. Note, 144A, 1.710%, 1/24/2028
426,000
300,000
 
EDP Finance BV, Sr. Unsecd. Note, 144A, 3.625%, 7/15/2024
292,822
740,000
 
Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046
601,480
300,000
 
Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.250%, 7/12/2031
235,128
100,000
 
Exelon Corp., Sr. Unsecd. Note, 3.950%, 6/15/2025
97,763
90,000
 
Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052
74,130
95,000
 
Exelon Corp., Sr. Unsecd. Note, 4.700%, 4/15/2050
86,261
180,000
 
FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049
151,762
242,000
 
Fortis, Inc./Canada, Sr. Unsecd. Note, 3.055%, 10/4/2026
227,310
290,000
2
National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250% (3-month USLIBOR +3.630%), 4/20/2046
270,500
200,000
 
NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 3.550%, 5/1/2027
191,378
400,000
 
NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.050%, 2/28/2033
401,394
300,000
 
NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048
243,170
100,000
 
NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 5/15/2047
87,018
95,000
 
NiSource, Inc., Sr. Unsecd. Note, 5.250%, 3/30/2028
96,713
10
Principal
Amount
or Shares
 
 
Value
 
CORPORATE BONDS—continued
 
Utility - Electric—continued
$250,000
 
Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025
$242,063
230,000
 
Puget Energy, Inc., Sec. Fac. Bond, 2.379%, 6/15/2028
202,792
1,175,000
 
Southern Co., Jr. Sub. Note, Series B, 4.000%, 1/15/2051
1,080,926
285,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028
248,480
 
TOTAL
8,918,817
 
Utility - Natural Gas—1.2%
300,000
 
Enbridge Energy Partners LP, 5.875%, 10/15/2025
305,567
80,000
 
Enbridge Energy Partners LP, Sr. Unsecd. Note, 5.500%, 9/15/2040
77,366
300,000
 
Enbridge, Inc., Sr. Unsecd. Note, 3.125%, 11/15/2029
270,606
195,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031
156,877
130,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 3.950%, 9/15/2027
122,301
200,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026
200,182
260,000
 
Sempra Energy, Sr. Unsecd. Note, 3.700%, 4/1/2029
241,762
250,000
 
Sempra Energy, Sr. Unsecd. Note, 4.000%, 2/1/2048
203,992
250,000
 
Southern Natural Gas, Sr. Unsecd. Note, 144A, 4.800%, 3/15/2047
213,287
 
TOTAL
1,791,940
 
Utility - Natural Gas Distributor—0.0%
110,000
 
The East Ohio Gas Company, Sr. Unsecd. Note, 144A, 3.000%, 6/15/2050
73,834
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $157,166,853)
138,499,633
 
FOREIGN GOVERNMENTS/AGENCIES—1.7%
 
Sovereign—1.7%
700,000
 
Mexico, Government of, 3.750%, 1/11/2028
670,762
200,000
 
Mexico, Government of, Series MTN, 4.750%, 3/8/2044
169,598
206,000
 
Mexico, Government of, Series MTNA, 6.750%, 9/27/2034
226,405
800,000
 
Mexico, Government of, Sr. Unsecd. Note, 3.250%, 4/16/2030
716,215
250,000
 
Mexico, Government of, Sr. Unsecd. Note, 4.500%, 4/22/2029
244,046
300,000
 
Mexico, Government of, Sr. Unsecd. Note, 4.500%, 1/31/2050
241,524
190,000
1
Peru, Government of, 6.550%, 3/14/2037
206,300
 
TOTAL FOREIGN GOVERNMENTS/AGENCIES
(IDENTIFIED COST $2,711,322)
2,474,850
 
REPURCHASE AGREEMENT—1.1%
1,626,000
 
Interest in $1,896,000,000 joint repurchase agreement 4.82%, dated 3/31/2023 under which Bank of America, N.A. will
repurchase securities provided as collateral for $1,896,761,560 on 4/3/2023. The securities provided as collateral at the end of
the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
5/20/2052 and the market value of those underlying securities was $1,934,696,791.
(IDENTIFIED COST $1,626,000)
1,626,000
 
INVESTMENT COMPANY—0.8%
1,135,470
 
Federated Hermes Government Obligations Fund, Premier Shares, 4.69%3
(IDENTIFIED COST $1,135,470)
1,135,470
 
TOTAL INVESTMENT IN SECURITIES—99.6%
(IDENTIFIED COST $162,639,645)
143,735,953
 
OTHER ASSETS AND LIABILITIES - NET—0.4%4
592,983
 
TOTAL NET ASSETS—100%
$144,328,936
11
At March 31, 2023, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures:
 
United States Treasury Ultra Bond Long Futures
9
$1,270,125
June 2023
$57,135
United States Treasury Notes 10-Year Ultra Long Futures
20
$2,422,812
June 2023
$76,626
Short Futures:
 
United States Treasury Notes 5-Year Short Futures
35
$3,832,773
June 2023
$(77,642)
United States Treasury Notes 10-Year Short Futures
15
$1,723,828
June 2023
$(45,932)
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS
$10,187
The average notional value of long and short futures contracts held by the Fund throughout the period was $5,302,043 and $6,180,869, respectively. This is based on the contracts held as of each month-end throughout the three-month fiscal period.
Net Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended March 31, 2023, were as follows:  
 
Federated Hermes
Government
Obligations Fund,
Premier Shares*
Value as of 12/31/2022
$1,397,565
Purchases at Cost
$4,787,028
Proceeds from Sales
$(5,049,123)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 3/31/2023
$1,135,470
Shares Held as of 3/31/2023
1,135,470
Dividend Income
$8,361
 
*
All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.
 
1
All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of March 31, 2023, securities subject to this type of arrangement and
related collateral were as follows:
 
Fair Value of
Securities Loaned
Collateral
Received
$1,107,477
$1,135,470
 
2
Floating/variable note with current rate and current maturity or next reset date shown.
3
7-day net yield.
4
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, 2023.
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 Federated Investment Management Company (the “Adviser”)
◾ 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.
12
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, 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.
13

The following is a summary of the inputs used, as of March 31, 2023, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
Corporate Bonds
$—
$138,499,633
$—
$138,499,633
Foreign Governments/Agencies
—
2,474,850
—
2,474,850
Repurchase Agreement
—
1,626,000
—
1,626,000
Investment Company
1,135,470
—
—
1,135,470
TOTAL SECURITIES
$1,135,470
$142,600,483
$—
$143,735,953
Other Financial Instruments:1
Assets
$133,761
$—
$—
$133,761
Liabilities
(123,574)
—
—
(123,574)
TOTAL OTHER FINANCIAL INSTRUMENTS
$10,187
$—
$—
$10,187
 
1
Other financial instruments are futures contracts.
 
The following acronym(s) are used throughout this portfolio:
 
BKNT
—Bank Notes
GMTN
—Global Medium Term Note
LIBOR
—London Interbank Offered Rate
MTN
—Medium Term Note
REIT
—Real Estate Investment Trust
14