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, 2024 (unaudited)  
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—95.0%
 
 
 
Basic Industry - Chemicals—0.3%
 
$   90,000
 
Albemarle Corp., Sr. Unsecd. Note, 5.450%, 12/1/2044
$     83,337
  200,000
 
RPM International, Inc., Sr. Unsecd. Note, 4.550%, 3/1/2029
    194,232
  300,000
 
RPM International, Inc., Sr. Unsecd. Note, 5.250%, 6/1/2045
    285,110
 
 
TOTAL
562,679
 
 
Basic Industry - Metals & Mining—1.5%
 
  600,000
1
Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031
    511,050
  400,000
 
Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 3.625%, 9/11/2024
    395,466
  200,000
 
Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.500%, 5/2/2033
    198,953
  235,000
 
Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040
    233,707
   90,000
 
Glencore Funding LLC, 144A, 5.893%, 4/4/2054
     91,263
  400,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026
    371,028
  350,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 2.625%, 9/23/2031
    291,913
  200,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051
    137,083
  250,000
 
Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040
    278,035
 
 
TOTAL
2,508,498
 
 
Basic Industry - Paper—0.6%
 
  800,000
 
Smurfit Kappa Treasury Unlimited Co., Sr. Unsecd. Note, 144A, 5.777%, 4/3/2054
    811,487
  100,000
 
Weyerhaeuser Co., Sr. Unsecd. Note, 7.375%, 3/15/2032
    113,676
 
 
TOTAL
925,163
 
 
Capital Goods - Aerospace & Defense—4.3%
 
  230,000
 
BAE Systems Holdings, Inc., Sr. Unsecd. Note, 144A, 3.850%, 12/15/2025
    224,555
  500,000
 
BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050
    338,156
  360,000
 
Boeing Co., Sr. Unsecd. Note, 2.196%, 2/4/2026
    337,185
  300,000
 
Boeing Co., Sr. Unsecd. Note, 2.700%, 2/1/2027
    276,462
  995,000
 
Boeing Co., Sr. Unsecd. Note, 2.950%, 2/1/2030
    859,915
  425,000
 
Boeing Co., Sr. Unsecd. Note, 3.250%, 2/1/2035
    334,671
  745,000
 
Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059
    510,604
  175,000
 
Boeing Co., Sr. Unsecd. Note, 5.705%, 5/1/2040
    167,628
  700,000
 
HEICO Corp., Sr. Unsecd. Note, 5.350%, 8/1/2033
    702,664
  170,000
 
Hexcel Corp., Sr. Unsecd. Note, 4.200%, 2/15/2027
    161,629
  740,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027
    695,342
  200,000
 
Leidos, Inc., Sr. Unsecd. Note, 5.750%, 3/15/2033
    205,112
  125,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025
    122,245
  350,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030
    331,876
  500,000
 
Northrop Grumman Corp., Sr. Unsecd. Note, 4.700%, 3/15/2033
    488,355
  600,000
 
RTX Corp, Sr. Unsecd. Note, 4.125%, 11/16/2028
    580,681
  350,000
 
RTX Corp, Sr. Unsecd. Note, 4.150%, 5/15/2045
    291,167
  280,000
 
RTX Corp, Sr. Unsecd. Note, 5.150%, 2/27/2033
    280,679
  370,000
 
Textron, Inc., Sr. Unsecd. Note, 2.450%, 3/15/2031
    311,897
 
 
TOTAL
7,220,823
 
 
Capital Goods - Building Materials—0.9%
 
  100,000
 
Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029
     92,374
  125,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024
    123,340
  620,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027
    591,865
  235,000
 
Carrier Global Corp., Sr. Unsecd. Note, 2.700%, 2/15/2031
    202,370
1
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Capital Goods - Building Materials—continued
 
$  255,000
 
Carrier Global Corp., Sr. Unsecd. Note, 5.900%, 3/15/2034
$    268,121
  170,000
 
Masco Corp., Sr. Unsecd. Note, 4.500%, 5/15/2047
    145,513
 
 
TOTAL
1,423,583
 
 
Capital Goods - Construction Machinery—1.3%
 
  205,000
 
Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033
    201,742
  350,000
 
Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.800%, 4/15/2034
    349,805
  450,000
 
CNH Industrial Capital America LLC, Sr. Unsecd. Note, 1.450%, 7/15/2026
    413,228
  445,000
1
CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027
    427,623
  895,000
 
Weir Group PLC/The, Sr. Unsecd. Note, 144A, 2.200%, 5/13/2026
    831,033
 
 
TOTAL
2,223,431
 
 
Capital Goods - Diversified Manufacturing—1.6%
 
  155,000
 
Otis Worldwide Corp., Sr. Unsecd. Note, Series WI, 2.565%, 2/15/2030
    136,411
  300,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 1.400%, 9/15/2027
    266,281
  110,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 2.950%, 9/15/2029
     98,969
   60,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 3.850%, 12/15/2025
     58,728
  245,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 4.200%, 9/15/2028
    238,033
   80,000
 
Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044
     70,958
  390,000
 
Valmont Industries, Inc., Sr. Unsecd. Note, 5.250%, 10/1/2054
    346,842
  335,000
 
Vontier Corp., Sr. Unsecd. Note, Series WI, 1.800%, 4/1/2026
    311,169
  500,000
 
Vontier Corp., Sr. Unsecd. Note, Series WI, 2.950%, 4/1/2031
    418,403
  160,000
 
Wabtec Corp., Sr. Unsecd. Note, 3.200%, 6/15/2025
    155,445
  310,000
 
Wabtec Corp., Sr. Unsecd. Note, 5.611%, 3/11/2034
    314,127
  285,000
 
Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031
    240,469
 
 
TOTAL
2,655,835
 
 
Capital Goods - Packaging—0.3%
 
  180,000
 
Packaging Corp., of America, Sr. Unsecd. Note, 3.650%, 9/15/2024
    178,240
  220,000
 
Sonoco Products Co., Sr. Unsecd. Note, 5.750%, 11/1/2040
    222,602
  150,000
 
WestRock Co., Sr. Unsecd. Note, Series WI, 4.000%, 3/15/2028
    144,217
 
 
TOTAL
545,059
 
 
Communications - Cable & Satellite—1.6%
 
  440,000
 
CCO Safari II LLC, 6.484%, 10/23/2045
    408,127
  380,000
 
Charter Communications Operating LLC, 5.375%, 5/1/2047
    306,441
  250,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 3.850%, 4/1/2061
    148,500
  500,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 4.800%, 3/1/2050
    370,434
  865,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Term Loan - 1st Lien,
3.900%, 6/1/2052
    550,706
  600,000
 
Charter Communications, Inc., 4.200%, 3/15/2028
    565,794
  165,000
 
Cox Communications, Inc., Sr. Unsecd. Note, 144A, 3.350%, 9/15/2026
    157,884
  300,000
 
Time Warner Cable, Inc., Company Guarantee, 5.500%, 9/1/2041
    249,985
 
 
TOTAL
2,757,871
 
 
Communications - Media & Entertainment—2.9%
 
  500,000
 
Discovery Communications LLC, Sr. Unsecd. Note, 4.650%, 5/15/2050
    390,990
  135,000
 
Fox Corp., Sr. Unsecd. Note, Series WI, 4.709%, 1/25/2029
    133,164
  375,000
 
Fox Corp., Sr. Unsecd. Note, Series WI, 5.576%, 1/25/2049
    349,472
  300,000
 
Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.400%, 3/1/2031
    251,566
  495,000
 
Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 3.375%, 3/1/2041
    369,718
  850,000
 
Netflix, Inc., Sr. Unsecd. Note, 4.875%, 4/15/2028
    849,072
  300,000
 
Omnicom Group, Inc., Sr. Unsecd. Note, 2.450%, 4/30/2030
    257,633
  300,000
 
Omnicom Group, Inc., Sr. Unsecd. Note, 2.600%, 8/1/2031
    254,251
  200,000
 
Omnicom Group, Inc., Sr. Unsecd. Note, 3.650%, 11/1/2024
    197,585
2
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Communications - Media & Entertainment—continued
 
$  190,000
 
Paramount Global, Sr. Unsecd. Note, 3.700%, 6/1/2028
$    168,451
  475,000
 
Paramount Global, Sr. Unsecd. Note, 4.200%, 5/19/2032
    394,912
  200,000
 
Paramount Global, Sr. Unsecd. Note, 4.900%, 8/15/2044
    143,117
  500,000
 
Warnermedia Holdings, Inc., Sr. Unsecd. Note, 4.279%, 3/15/2032
    446,872
  510,000
 
Warnermedia Holdings, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2042
    438,586
  300,000
 
Warnermedia Holdings, Inc., Sr. Unsecd. Note, 6.412%, 3/15/2026
    300,006
 
 
TOTAL
4,945,395
 
 
Communications - Telecom Wireless—4.4%
 
  450,000
 
American Tower Corp., Sr. Unsecd. Note, 1.450%, 9/15/2026
    410,286
  300,000
 
American Tower Corp., Sr. Unsecd. Note, 2.100%, 6/15/2030
    249,426
  300,000
 
American Tower Corp., Sr. Unsecd. Note, 3.100%, 6/15/2050
    199,561
  250,000
 
American Tower Corp., Sr. Unsecd. Note, 3.800%, 8/15/2029
    233,399
  100,000
 
American Tower Corp., Sr. Unsecd. Note, 4.400%, 2/15/2026
     98,316
  500,000
 
American Tower Corp., Sr. Unsecd. Note, 5.450%, 2/15/2034
    501,004
  280,000
 
Bell Canada, Sr. Unsecd. Note, 4.464%, 4/1/2048
    241,317
  300,000
 
Crown Castle, Inc., Sr. Unsecd. Note, 2.250%, 1/15/2031
    247,016
  400,000
 
Crown Castle, International Corp., Sr. Unsecd. Note, 4.450%, 2/15/2026
    393,555
  300,000
 
Crown Castle, Inc., Sr. Unsecd. Note, 5.100%, 5/1/2033
    292,730
  200,000
 
Crown Castle, International Corp., Sr. Unsecd. Note, 5.200%, 2/15/2049
    185,659
  300,000
 
TELUS Corp., Sr. Unsecd. Note, 2.800%, 2/16/2027
    281,967
  415,000
 
T-Mobile USA, Inc., 4.500%, 4/15/2050
    359,980
  500,000
 
T-Mobile USA, Inc., Series WI, 2.700%, 3/15/2032
    420,733
  550,000
 
T-Mobile USA, Inc., Series WI, 3.000%, 2/15/2041
    405,351
  600,000
 
T-Mobile USA, Inc., Series WI, 3.875%, 4/15/2030
    562,246
  575,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 5.150%, 4/15/2034
    573,297
  670,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 5.650%, 1/15/2053
    684,646
  230,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 4.125%, 5/30/2025
    226,556
  350,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050
    282,761
  580,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 5.250%, 5/30/2048
    554,352
 
 
TOTAL
7,404,158
 
 
Communications - Telecom Wirelines—5.6%
 
  400,000
 
AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026
    374,162
  877,000
 
AT&T, Inc., Sr. Unsecd. Note, 2.550%, 12/1/2033
    702,748
  350,000
 
AT&T, Inc., Sr. Unsecd. Note, 2.750%, 6/1/2031
    301,579
  300,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.500%, 6/1/2041
    234,321
1,000,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051
    734,798
  255,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060
    184,603
  500,000
 
AT&T, Inc., Sr. Unsecd. Note, 4.300%, 2/15/2030
    480,657
  500,000
 
AT&T, Inc., Sr. Unsecd. Note, 4.350%, 3/1/2029
    487,289
  400,000
 
AT&T, Inc., Sr. Unsecd. Note, 5.450%, 3/1/2047
    396,488
  245,000
 
AT&T, Inc., Sr. Unsecd. Note, 6.375%, 3/1/2041
    261,813
  545,000
 
AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058
    487,870
  815,000
 
Rogers Communications, Inc., Sr. Unsecd. Note, 4.500%, 3/15/2042
    708,480
  200,000
 
Rogers Communications, Inc., Sr. Unsecd. Note, 4.550%, 3/15/2052
    168,423
   40,000
 
Telefonica S.A., Co. Guarantee, 7.045%, 6/20/2036
     44,807
  680,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 1.450%, 3/20/2026
    634,333
  400,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 2.550%, 3/21/2031
    341,835
1,785,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.400%, 3/22/2041
  1,396,004
   30,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 4.000%, 3/22/2050
     24,276
  390,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 8/15/2046
    327,414
3
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Communications - Telecom Wirelines—continued
 
$  750,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 3/16/2027
$    734,276
  500,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, Series WI, 1.680%, 10/30/2030
    407,544
 
 
TOTAL
9,433,720
 
 
Consumer Cyclical - Automotive—5.8%
 
  650,000
 
Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.000%, 12/14/2026
    597,804
  175,000
 
Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.375%, 12/14/2028
    155,911
  500,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.125%, 3/8/2034
    502,985
1,805,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 7.122%, 11/7/2033
  1,943,388
  200,000
 
General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025
    196,884
  455,000
 
General Motors Co., Sr. Unsecd. Note, 5.200%, 4/1/2045
    409,249
  110,000
 
General Motors Co., Sr. Unsecd. Note, 6.750%, 4/1/2046
    118,952
  750,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 1.500%, 6/10/2026
    690,129
  750,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.400%, 4/10/2028
    673,853
   50,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.700%, 8/20/2027
     46,104
  400,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024
    399,665
  250,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 4.300%, 7/13/2025
    246,302
  800,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031
    808,953
  300,000
 
General Motors Financial Co., Inc., Unsecd. Note, 3.500%, 11/7/2024
    296,133
  600,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 1.000%, 9/17/2024
    587,064
  380,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 2.000%, 6/15/2028
    333,819
1,200,000
 
Nissan Motor Acceptance Company LLC., Sr. Unsecd. Note, 144A, 1.850%, 9/16/2026
  1,086,205
  400,000
 
Stellantis Finance US, Inc., Sr. Unsecd. Note, 144A, 1.711%, 1/29/2027
    364,470
  400,000
 
Stellantis Finance US, Inc., Sr. Unsecd. Note, 144A, 2.691%, 9/15/2031
    336,671
 
 
TOTAL
9,794,541
 
 
Consumer Cyclical - Retailers—2.2%
 
  150,000
 
Advance Auto Parts, Inc., Sr. Unsecd. Note, 1.750%, 10/1/2027
    130,979
  675,000
1
Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030
    612,533
  600,000
 
Alimentation Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 3.800%, 1/25/2050
    462,106
  185,000
 
AutoNation, Inc., Sr. Unsecd. Note, 1.950%, 8/1/2028
    160,411
  750,000
 
AutoNation, Inc., Sr. Unsecd. Note, 3.850%, 3/1/2032
    667,153
  130,000
 
AutoNation, Inc., Sr. Unsecd. Note, 4.500%, 10/1/2025
    128,069
   55,000
 
AutoZone, Inc., Sr. Unsecd. Note, 3.125%, 4/21/2026
     52,919
  345,000
 
AutoZone, Inc., Sr. Unsecd. Note, 4.000%, 4/15/2030
    327,516
  300,000
 
Dollar General Corp., Sr. Unsecd. Note, 4.125%, 5/1/2028
    291,336
  610,000
 
O’Reilly Automotive, Inc., Sr. Unsecd. Note, 1.750%, 3/15/2031
    494,606
  160,000
 
O’Reilly Automotive, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2030
    153,140
  230,000
 
Tractor Supply Co., Sr. Unsecd. Note, 5.250%, 5/15/2033
    231,822
 
 
TOTAL
3,712,590
 
 
Consumer Cyclical - Services—0.3%
 
  570,000
 
Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030
    513,274
 
 
Consumer Non-Cyclical - Food/Beverage—4.8%
 
  125,000
 
Bacardi Ltd., Sr. Unsecd. Note, 144A, 2.750%, 7/15/2026
    117,961
  225,000
 
Campbell Soup Co., Sr. Unsecd. Note, 5.200%, 3/21/2029
    226,162
  650,000
 
Coca-Cola European Partners PLC, Sr. Unsecd. Note, 144A, 1.500%, 1/15/2027
    590,323
  710,000
 
Conagra Brands, Inc., Sr. Unsecd. Note, 1.375%, 11/1/2027
    621,541
  115,000
 
Constellation Brands, Inc., Sr. Unsecd. Note, 4.800%, 1/15/2029
    114,080
  400,000
 
Constellation Brands, Inc., Sr. Unsecd. Note, 4.900%, 5/1/2033
    392,579
  250,000
 
Constellation Brands, Inc., Sr. Unsecd. Note, 5.250%, 11/15/2048
    240,309
  135,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 2.400%, 3/15/2031
    113,264
  210,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026
    201,911
4
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Consumer Non-Cyclical - Food/Beverage—continued
 
$  445,000
 
General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051
$    292,449
  200,000
 
Grupo Bimbo S.A.B. de CV, Sr. Unsecd. Note, 144A, 3.875%, 6/27/2024
    199,138
  150,000
 
Heineken NV, Sr. Unsecd. Note, 144A, 4.350%, 3/29/2047
    130,394
  110,000
 
International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 1.832%, 10/15/2027
     97,586
  300,000
 
International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 2.300%, 11/1/2030
    249,347
  255,000
 
Jde Peet’s B.V., Sr. Unsecd. Note, 144A, 0.800%, 9/24/2024
    248,715
   53,000
 
Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 4.417%, 5/25/2025
     52,449
  750,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046
    633,880
  190,000
 
McCormick & Co., Inc., Sr. Unsecd. Note, 1.850%, 2/15/2031
    153,878
  250,000
 
McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027
    237,573
  500,000
 
Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 2.625%, 9/13/2031
    392,571
  300,000
 
Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030
    248,878
  300,000
 
Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2027
    288,236
  350,000
1
Smucker (J.M.) Co., Sr. Unsecd. Note, 2.375%, 3/15/2030
    303,813
  300,000
 
Smucker (J.M.) Co., Sr. Unsecd. Note, 3.500%, 3/15/2025
    294,328
  400,000
 
Sysco Corp., Sr. Unsecd. Note, 4.450%, 3/15/2048
    340,620
  200,000
 
Tyson Foods, Inc., 3.950%, 8/15/2024
    198,851
  585,000
 
Tyson Foods, Inc., Sr. Unsecd. Note, 3.550%, 6/2/2027
    558,151
  500,000
 
Tyson Foods, Inc., Sr. Unsecd. Note, 5.700%, 3/15/2034
    506,868
 
 
TOTAL
8,045,855
 
 
Consumer Non-Cyclical - Health Care—2.8%
 
  350,000
 
Alcon Finance Corp., Sr. Unsecd. Note, 144A, 2.600%, 5/27/2030
    302,406
  220,000
 
Alcon Finance Corp., Sr. Unsecd. Note, 144A, 3.000%, 9/23/2029
    198,608
   55,000
 
Becton Dickinson & Co., Sr. Unsecd. Note, 3.734%, 12/15/2024
     54,301
  300,000
 
Becton Dickinson & Co., Sr. Unsecd. Note, 4.669%, 6/6/2047
    269,050
  179,000
 
Becton Dickinson & Co., Sr. Unsecd. Note, 4.685%, 12/15/2044
    162,255
  400,000
 
CVS Health Corp., Sr. Unsecd. Note, 2.875%, 6/1/2026
    381,472
   50,000
 
CVS Health Corp., Sr. Unsecd. Note, 3.875%, 7/20/2025
     49,077
  880,000
 
CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048
    799,727
  520,000
 
CVS Health Corp., Sr. Unsecd. Note, 5.125%, 7/20/2045
    479,526
  295,000
 
Danaher Corp., Sr. Unsecd. Note, 2.600%, 10/1/2050
    187,524
  145,000
 
GE Healthcare Holding LLC, Sr. Unsecd. Note, 6.377%, 11/22/2052
    163,827
1,500,000
 
HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051
  1,036,975
  365,000
 
HCA, Inc., Sr. Unsecd. Note, 6.000%, 4/1/2054
    370,792
  335,000
 
PerkinElmer, Inc., Sr. Unsecd. Note, 0.850%, 9/15/2024
    327,277
 
 
TOTAL
4,782,817
 
 
Consumer Non-Cyclical - Pharmaceuticals—3.1%
 
  955,000
 
AbbVie, Inc., Sr. Unsecd. Note, 3.200%, 11/21/2029
    880,252
  750,000
 
Amgen, Inc., Sr. Unsecd. Note, 2.450%, 2/21/2030
    656,145
  980,000
 
Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033
    988,687
  970,000
 
Amgen, Inc., Sr. Unsecd. Note, 5.650%, 3/2/2053
    989,089
  185,000
 
AstraZeneca PLC, Sr. Unsecd. Note, 1.375%, 8/6/2030
    151,083
  300,000
 
Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.625%, 6/25/2038
    250,903
  300,000
 
Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.875%, 6/25/2048
    241,310
  600,000
 
Biogen, Inc., Sr. Unsecd. Note, 3.150%, 5/1/2050
    401,671
  375,000
 
Takeda Pharmaceutical Co. Ltd., Sr. Unsecd. Note, 2.050%, 3/31/2030
    318,094
  500,000
 
Takeda Pharmaceutical Co. Ltd., Sr. Unsecd. Note, 3.025%, 7/9/2040
    377,031
 
 
TOTAL
5,254,265
 
 
Consumer Non-Cyclical - Supermarkets—0.3%
 
  300,000
 
Kroger Co., Bond, 6.900%, 4/15/2038
    338,515
5
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Consumer Non-Cyclical - Supermarkets—continued
 
$  250,000
 
Kroger Co., Sr. Unsecd. Note, 3.950%, 1/15/2050
$    199,463
 
 
TOTAL
537,978
 
 
Consumer Non-Cyclical - Tobacco—1.8%
 
  500,000
 
Altria Group, Inc., Sr. Unsecd. Note, 3.700%, 2/4/2051
    349,897
  650,000
 
Altria Group, Inc., Sr. Unsecd. Note, 3.875%, 9/16/2046
    487,391
  200,000
 
Altria Group, Inc., Sr. Unsecd. Note, 4.800%, 2/14/2029
    198,148
  325,000
 
BAT Capital Corp., Sr. Unsecd. Note, 2.259%, 3/25/2028
    289,487
  490,000
 
BAT Capital Corp., Sr. Unsecd. Note, 6.000%, 2/20/2034
    496,466
  500,000
 
BAT Capital Corp., Sr. Unsecd. Note, Series WI, 3.557%, 8/15/2027
    473,630
  200,000
 
BAT Capital Corp., Sr. Unsecd. Note, Series WI, 4.540%, 8/15/2047
    154,554
  300,000
 
Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045
    278,560
  300,000
 
Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041
    314,049
 
 
TOTAL
3,042,182
 
 
Energy - Independent—2.8%
 
  680,000
 
Apache Corp., Sr. Unsecd. Note, 5.100%, 9/1/2040
    584,019
  250,000
 
Canadian Natural Resources Ltd., Sr. Unsecd. Note, 2.050%, 7/15/2025
    239,256
  590,000
 
Canadian Natural Resources Ltd., Sr. Unsecd. Note, 3.800%, 4/15/2024
    589,565
  390,000
 
Coterra Energy, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 5/15/2027
    375,524
  175,000
 
Coterra Energy, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 3/15/2029
    168,633
  190,000
 
Diamondback Energy, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2033
    202,651
  685,000
 
Hess Corp., Sr. Unsecd. Note, 5.600%, 2/15/2041
    698,689
  200,000
 
Marathon Oil Corp., Sr. Unsecd. Note, 4.400%, 7/15/2027
    194,426
  650,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 6.600%, 3/15/2046
    700,949
  510,000
 
Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053
    571,078
  500,000
 
Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031
    420,963
 
 
TOTAL
4,745,753
 
 
Energy - Integrated—0.8%
 
  605,000
 
Cenovus Energy, Inc., Sr. Unsecd. Note, 3.750%, 2/15/2052
    445,226
  300,000
 
Cenovus Energy, Inc., Sr. Unsecd. Note, 4.250%, 4/15/2027
    292,141
  100,000
 
Petro-Canada, Bond, 5.350%, 7/15/2033
     97,261
  130,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.500%, 3/13/2027
    122,540
  500,000
 
Suncor Energy, Inc., Sr. Unsecd. Note, 3.750%, 3/4/2051
    370,982
 
 
TOTAL
1,328,150
 
 
Energy - Midstream—6.4%
 
  130,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.400%, 2/15/2031
    115,380
  165,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032
    144,099
  400,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029
    394,371
  100,000
 
Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 4.500%, 6/1/2025
     98,620
  100,000
 
Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 5.800%, 6/1/2045
     98,936
  495,000
 
Columbia Pipeline Holding Co. LLC, Sr. Unsecd. Note, 144A, 5.681%, 1/15/2034
    491,971
   50,000
 
Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.000%, 11/15/2029
     44,751
   65,000
 
Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.900%, 11/15/2049
     47,819
  725,000
 
Energy Transfer Operating LP, Sr. Unsecd. Note, 5.000%, 5/15/2050
    636,576
  250,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 5.300%, 4/15/2047
    227,625
  170,000
 
Energy Transfer LP, Sr. Unsecd. Note, 5.550%, 5/15/2034
    170,624
  250,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045
    251,601
  550,000
 
Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.700%, 1/31/2051
    425,452
  200,000
 
Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.250%, 2/15/2048
    171,350
  500,000
 
Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.850%, 3/15/2044
    467,742
  400,000
 
Kinder Morgan Energy Partners LP, 4.250%, 9/1/2024
    397,477
6
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Energy - Midstream—continued
 
$  495,000
 
Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 6.375%, 3/1/2041
$    515,169
  300,000
 
Kinder Morgan, Inc., 5.050%, 2/15/2046
    266,613
  300,000
 
Kinder Morgan, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2028
    292,882
  350,000
 
MPLX LP, Sr. Unsecd. Note, 2.650%, 8/15/2030
    301,210
  395,000
 
MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027
    385,074
  200,000
 
MPLX LP, Sr. Unsecd. Note, 4.900%, 4/15/2058
    167,676
  500,000
 
MPLX LP, Sr. Unsecd. Note, 4.950%, 3/14/2052
    439,493
   80,000
 
MPLX LP, Sr. Unsecd. Note, Series WI, 4.250%, 12/1/2027
     77,835
  400,000
 
ONEOK, Inc., Sr. Unsecd. Note, 3.100%, 3/15/2030
    357,890
  500,000
 
ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047
    439,839
  500,000
 
ONEOK, Inc., Sr. Unsecd. Note, 6.625%, 9/1/2053
    551,424
  600,000
 
Plains All American Pipeline LP, Sr. Unsecd. Note, 5.150%, 6/1/2042
    544,365
  180,000
 
Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033
    164,200
  350,000
 
Targa Resources, Inc., Sr. Unsecd. Note, 6.125%, 3/15/2033
    365,315
  500,000
 
Targa Resources, Inc., Sr. Unsecd. Note, 6.250%, 7/1/2052
    519,695
  290,000
 
TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027
    277,597
  290,000
 
Williams Partners LP, Sr. Unsecd. Note, 3.900%, 1/15/2025
    285,961
  650,000
 
Williams Partners LP, Sr. Unsecd. Note, 4.900%, 1/15/2045
    585,112
 
 
TOTAL
10,721,744
 
 
Energy - Oil Field Services—0.6%
 
1,000,000
 
Williams Cos., Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034
    991,441
 
 
Energy - Refining—1.3%
 
  200,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 3.625%, 9/15/2024
    198,021
  225,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044
    200,373
  150,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041
    163,253
  245,000
 
Phillips 66, Sr. Unsecd. Note, 1.300%, 2/15/2026
    228,068
  565,000
 
Phillips 66, Sr. Unsecd. Note, 4.875%, 11/15/2044
    527,781
  400,000
 
Valero Energy Corp., Sr. Unsecd. Note, 2.800%, 12/1/2031
    341,976
  140,000
 
Valero Energy Corp., Sr. Unsecd. Note, 4.000%, 4/1/2029
    134,369
  400,000
 
Valero Energy Corp., Sr. Unsecd. Note, 4.900%, 3/15/2045
    368,640
 
 
TOTAL
2,162,481
 
 
Financial Institution - Banking—8.6%
 
  410,000
 
Associated Banc-Corp., Sub. Note, 4.250%, 1/15/2025
    402,468
  400,000
 
Bank of America Corp., Sr. Unsecd. Note, 2.299%, 7/21/2032
    327,430
  200,000
 
Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025
    196,849
  575,000
 
Bank of America Corp., Sub. Note, Series L, 4.183%, 11/25/2027
    558,338
  800,000
 
Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025
    789,587
  500,000
 
Capital One Financial Corp., Sr. Unsecd. Note, 3.750%, 3/9/2027
    480,038
  400,000
 
Capital One Financial Corp., Sr. Unsecd. Note, 5.817%, 2/1/2034
    399,676
  480,000
 
Citigroup, Inc., 4.125%, 7/25/2028
    460,286
  250,000
 
Citigroup, Inc., 5.500%, 9/13/2025
    249,980
  450,000
 
Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027
    437,885
  500,000
 
Citigroup, Inc., Sub., 5.827%, 2/13/2035
    495,233
  285,000
 
Citigroup, Inc., Sub., 6.174%, 5/25/2034
    289,563
  550,000
 
Citizens Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030
    549,476
  580,000
 
Citizens Financial Group, Inc., Sub. Note, 2.638%, 9/30/2032
    444,701
  200,000
 
Comerica, Inc., 3.800%, 7/22/2026
    190,657
  305,000
 
Comerica, Inc., Sr. Unsecd. Note, 5.982%, 1/30/2030
    301,521
  200,000
 
Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025
    196,655
  200,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 3.950%, 3/14/2028
    191,126
7
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Financial Institution - Banking—continued
 
$  695,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 5.631%, 1/29/2032
$    696,170
  370,000
 
FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025
    366,896
  500,000
 
Goldman Sachs Group, Inc., 5.950%, 1/15/2027
    510,965
  400,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, Series DMTN, 2.383%, 7/21/2032
    328,250
  900,000
 
Goldman Sachs Group, Inc., Sub. Note, 4.250%, 10/21/2025
    883,491
  300,000
 
Huntington Bancshares, Inc., Sr. Unsecd. Note, 5.709%, 2/2/2035
    299,278
  750,000
 
Huntington National Bank, Sr. Unsecd. Note, 4.552%, 5/17/2028
    727,500
  800,000
 
KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035
    817,457
  370,000
 
M&T Bank Corp., Sr. Unsecd. Note, 6.082%, 3/13/2032
    369,432
  480,000
 
M&T Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029
    506,522
  400,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032
    326,862
  450,000
 
Morgan Stanley, Sub. Note, 5.000%, 11/24/2025
    447,434
  750,000
 
Synovus Bank GA, Sr. Unsecd. Note, 5.625%, 2/15/2028
    728,750
  200,000
 
Truist Bank, Sub. Note, Series BKNT, 3.300%, 5/15/2026
    192,012
  350,000
 
Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.867%, 6/8/2034
    354,421
 
 
TOTAL
14,516,909
 
 
Financial Institution - Broker/Asset Mgr/Exchange—0.8%
 
  160,000
 
Jefferies Financial Group LLC, Sr. Unsecd. Note, 5.875%, 7/21/2028
    162,967
  575,000
 
Jefferies Group LLC, Sr. Unsecd. Note, 2.750%, 10/15/2032
    467,479
  200,000
 
Raymond James Financial, Inc., Sr. Unsecd. Note, 4.650%, 4/1/2030
    197,522
  200,000
 
Stifel Financial Corp., Sr. Unsecd. Note, 4.000%, 5/15/2030
    182,881
  300,000
 
Stifel Financial Corp., Sr. Unsecd. Note, 4.250%, 7/18/2024
    298,381
 
 
TOTAL
1,309,230
 
 
Financial Institution - Finance Companies—2.3%
 
  500,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 2.450%, 10/29/2026
    464,505
  525,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.000%, 10/29/2028
    475,308
1,300,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.400%, 10/29/2033
  1,095,616
  505,000
 
Air Lease Corp., Sr. Unsecd. Note, 2.200%, 1/15/2027
    464,654
  500,000
 
Air Lease Corp., Sr. Unsecd. Note, 2.875%, 1/15/2032
    421,297
  400,000
 
Air Lease Corp., Sr. Unsecd. Note, 5.100%, 3/1/2029
    397,664
  460,000
 
Ally Financial, Inc., Sr. Unsecd. Note, 6.848%, 1/3/2030
    473,799
 
 
TOTAL
3,792,843
 
 
Financial Institution - Insurance - Health—0.1%
 
  250,000
 
The Cigna Group, Sr. Unsecd. Note, 4.900%, 12/15/2048
    227,888
 
 
Financial Institution - Insurance - Life—0.7%
 
  545,000
 
Corebridge Financial, Inc., Sr. Unsecd. Note, 5.750%, 1/15/2034
    556,400
  110,000
 
Lincoln National Corp., Sr. Note, 7.000%, 6/15/2040
    121,658
  400,000
 
Lincoln National Corp., Sr. Unsecd. Note, 3.050%, 1/15/2030
    353,589
  100,000
2
MetLife, Inc., Jr. Sub. Note, 10.750% (3-Month USLIBOR +7.548%), 8/1/2039
    135,754
   50,000
 
Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040
     56,753
 
 
TOTAL
1,224,154
 
 
Financial Institution - Insurance - P&C—1.3%
 
  800,000
 
Aon North America, Inc., 5.750%, 3/1/2054
    820,915
  500,000
 
CNA Financial Corp., Sr. Unsecd. Note, 3.900%, 5/1/2029
    473,697
  400,000
 
CNA Financial Corp., Sr. Unsecd. Note, 5.500%, 6/15/2033
    405,676
  120,000
 
Hartford Financial Services Group, Inc., Sr. Unsecd. Note, 6.625%, 4/15/2042
    125,134
  412,000
 
Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 4.569%, 2/1/2029
    401,669
 
 
TOTAL
2,227,091
 
 
Financial Institution - REIT - Apartment—0.4%
 
  160,000
 
Mid-America Apartment Communities LP, 4.000%, 11/15/2025
    156,861
8
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Financial Institution - REIT - Apartment—continued
 
$  150,000
 
Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024
$    149,324
  160,000
 
Mid-America Apartment Communities LP, Sr. Unsub., 1.700%, 2/15/2031
    129,010
   80,000
 
UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034
     65,132
  200,000
 
UDR, Inc., Sr. Unsecd. Note, Series GMTN, 3.500%, 1/15/2028
    187,775
 
 
TOTAL
688,102
 
 
Financial Institution - REIT - Healthcare—0.9%
 
  375,000
 
Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031
    298,429
  245,000
 
Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030
    213,498
  300,000
 
Physicians Realty Trust, Sr. Unsecd. Note, 3.950%, 1/15/2028
    286,686
  325,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.800%, 6/1/2031
    278,980
  500,000
 
Welltower, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029
    478,958
 
 
TOTAL
1,556,551
 
 
Financial Institution - REIT - Office—1.0%
 
   65,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 1.875%, 2/1/2033
     49,414
   90,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2027
     86,940
  100,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028
     95,867
  250,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.700%, 7/1/2030
    242,675
  105,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 5.250%, 5/15/2036
    103,097
  500,000
 
Boston Properties LP, Sr. Unsecd. Note, 2.900%, 3/15/2030
    428,677
  840,000
 
Piedmont Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032
    605,473
 
 
TOTAL
1,612,143
 
 
Financial Institution - REIT - Other—0.4%
 
  160,000
 
ProLogis LP, Sr. Unsecd. Note, 4.375%, 2/1/2029
    157,201
  175,000
 
WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029
    163,526
  300,000
 
WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024
    300,000
 
 
TOTAL
620,727
 
 
Financial Institution - REIT - Retail—1.0%
 
  140,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 2.800%, 10/1/2026
    132,143
  290,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 3.800%, 4/1/2027
    278,693
  350,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 6.400%, 3/1/2034
    374,885
  300,000
 
Regency Centers LP, Sr. Unsecd. Note, 3.700%, 6/15/2030
    276,914
  170,000
 
Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028
    163,955
  460,000
 
Tanger Properties LP, Sr. Unsecd. Note, 3.125%, 9/1/2026
    431,844
 
 
TOTAL
1,658,434
 
 
Technology—7.3%
 
1,070,000
 
Broadcom, Inc., Sr. Unsecd. Note, 4.110%, 9/15/2028
  1,034,273
  190,000
 
Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030
    179,751
  300,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 2.600%, 2/15/2033
    243,742
  310,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.137%, 11/15/2035
    250,566
   10,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036
      7,962
  450,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.469%, 4/15/2034
    385,767
   70,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051
     53,062
  900,000
 
CDW LLC / CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026
    836,633
  370,000
 
Concentrix Corp., Sr. Unsecd. Note, 6.650%, 8/2/2026
    372,974
  250,000
 
Dell International LLC / EMC Corp., Sr. Unsecd. Note, 4.000%, 7/15/2024
    248,776
1,000,000
 
Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.300%, 10/1/2029
  1,012,591
  500,000
 
Equifax, Inc., Sr. Unsecd. Note, 2.350%, 9/15/2031
    413,193
  205,000
 
Equifax, Inc., Sr. Unsecd. Note, 2.600%, 12/1/2024
    200,972
  200,000
 
Experian Finance PLC., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2029
    193,494
  135,000
 
Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.100%, 3/1/2041
     98,500
9
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Technology—continued
 
$  375,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029
$    349,331
  230,000
 
Fiserv, Inc., Sr. Unsecd. Note, 5.600%, 3/2/2033
    234,579
  450,000
 
Keysight Technologies, Inc., Sr. Unsecd. Note, 4.550%, 10/30/2024
    446,881
  155,000
 
Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029
    150,321
  245,000
 
Microchip Technology, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2029
    245,138
  765,000
 
Micron Technology, Inc., Sr. Unsecd. Note, 3.366%, 11/1/2041
    568,799
  200,000
 
Micron Technology, Inc., Sr. Unsecd. Note, 4.975%, 2/6/2026
    199,026
  850,000
 
Oracle Corp., Sr. Unsecd. Note, 1.650%, 3/25/2026
    793,808
1,600,000
 
Oracle Corp., Sr. Unsecd. Note, 3.600%, 4/1/2050
  1,156,877
1,000,000
 
Oracle Corp., Sr. Unsecd. Note, 3.650%, 3/25/2041
    785,685
  550,000
 
Oracle Corp., Sr. Unsecd. Note, 5.550%, 2/6/2053
    538,410
  200,000
 
Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032
    214,083
   85,000
 
Skyworks Solutions, Inc., Sr. Unsecd. Note, 1.800%, 6/1/2026
     78,778
   75,000
 
Total System Services, Inc., Sr. Unsecd. Note, 4.450%, 6/1/2028
     72,619
   80,000
 
Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026
     79,197
  150,000
 
Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029
    144,369
  160,000
 
VMware, Inc., Sr. Unsecd. Note, 1.400%, 8/15/2026
    146,162
  730,000
 
VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031
    594,363
 
 
TOTAL
12,330,682
 
 
Technology Services—0.8%
 
  150,000
 
Fortinet, Inc., Sr. Unsecd. Note, 1.000%, 3/15/2026
    138,089
  710,000
 
Global Payments, Inc., Sr. Unsecd. Note, 1.200%, 3/1/2026
    657,027
  500,000
 
Global Payments, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2027
    461,558
   85,000
 
Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029
     76,404
   95,000
 
Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031
     79,608
 
 
TOTAL
1,412,686
 
 
Transportation - Airlines—0.4%
 
  100,000
 
Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 6/15/2027
     99,846
  495,000
 
Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025
    493,138
 
 
TOTAL
592,984
 
 
Transportation - Railroads—0.5%
 
  100,000
 
Canadian Pacific Railway Co., 7.125%, 10/15/2031
    112,397
  225,000
 
Canadian Pacific Railway Co., Sr. Unsecd. Note, 1.750%, 12/2/2026
    206,726
  105,000
 
Canadian Pacific Railway Co., Sr. Unsecd. Note, 2.050%, 3/5/2030
     89,422
  195,000
 
Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.000%, 12/2/2041
    166,567
  200,000
 
Canadian Pacific Railway Co., Sr. Unsecd. Note, 4.700%, 5/1/2048
    178,607
 
 
TOTAL
753,719
 
 
Transportation - Services—1.9%
 
  330,000
 
Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042
    336,518
  250,000
 
FedEx Corp., Sr. Unsecd. Note, 3.250%, 5/15/2041
    187,381
  550,000
 
FedEx Corp., Sr. Unsecd. Note, 4.050%, 2/15/2048
    439,211
  725,000
 
GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 1.650%, 7/15/2026
    665,131
  315,000
 
GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 2.650%, 7/15/2031
    256,718
  300,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 1.700%, 6/15/2026
    276,790
  400,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.950%, 3/10/2025
    393,737
   50,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.350%, 1/12/2027
     50,061
  260,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 1.750%, 9/1/2026
    239,849
  220,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.900%, 12/1/2026
    207,969
  200,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 5.650%, 3/1/2028
    203,930
 
 
TOTAL
3,257,295
10
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Utility - Electric—6.6%
 
$  130,000
 
AEP Texas, Inc., Sr. Unsecd. Note, 3.850%, 10/1/2025
$    125,936
  385,000
 
AEP Texas, Inc., Sr. Unsecd. Note, 4.700%, 5/15/2032
    367,818
  500,000
 
Ameren Corp., Sr. Unsecd. Note, 1.750%, 3/15/2028
    441,821
  185,000
 
Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027
    170,322
   80,000
 
Ameren Corp., Sr. Unsecd. Note, 3.650%, 2/15/2026
     77,464
  180,000
 
American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033
    182,829
  200,000
 
Appalachian Power Co., Sr. Unsecd. Note, 7.000%, 4/1/2038
    225,334
  170,000
 
Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030
    142,637
  645,000
 
CenterPoint Energy, Inc., Sr. Unsecd. Note, 2.650%, 6/1/2031
    546,957
  450,000
 
Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033
    464,051
   70,000
 
Constellation Energy Generation LLC, Sr. Unsecd. Note, 6.125%, 1/15/2034
     73,964
   55,000
 
Constellation Energy Generation LLC, Sr. Unsecd. Note, 6.500%, 10/1/2053
     60,557
  195,000
 
Dominion Energy, Inc., Jr. Sub. Note, 3.071%, 8/15/2024
    192,914
  130,000
 
Dominion Energy, Inc., Sr. Unsecd. Note, 4.250%, 6/1/2028
    126,158
  120,000
 
Dominion Energy, Inc., Sr. Unsecd. Note, Series A, 1.450%, 4/15/2026
    111,183
  240,000
 
Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026
    226,691
1,200,000
 
Duke Energy Corp., Sr. Unsecd. Note, 6.100%, 9/15/2053
  1,269,223
  500,000
 
EDP Finance BV, Sr. Unsecd. Note, 144A, 1.710%, 1/24/2028
    441,400
  300,000
 
EDP Finance BV, Sr. Unsecd. Note, 144A, 3.625%, 7/15/2024
    298,197
  475,000
 
Electricite de France S.A., Sr. Unsecd. Note, 144A, 6.250%, 5/23/2033
    498,061
  740,000
 
Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046
    608,881
  300,000
 
Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.250%, 7/12/2031
    243,059
  100,000
 
Exelon Corp., Sr. Unsecd. Note, 3.950%, 6/15/2025
     98,228
   90,000
 
Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052
     71,710
   95,000
 
Exelon Corp., Sr. Unsecd. Note, 4.700%, 4/15/2050
     83,333
  180,000
 
FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049
    152,507
  242,000
 
Fortis, Inc./Canada, Sr. Unsecd. Note, 3.055%, 10/4/2026
    229,207
  290,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046
    283,865
  200,000
 
NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 3.550%, 5/1/2027
    190,845
  400,000
 
NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.050%, 2/28/2033
    396,516
  300,000
 
NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048
    235,084
  100,000
 
NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 5/15/2047
     83,899
   95,000
 
NiSource, Inc., Sr. Unsecd. Note, 5.250%, 3/30/2028
     95,700
  400,000
 
NiSource, Inc., Sr. Unsecd. Note, 5.400%, 6/30/2033
    403,505
  250,000
 
Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025
    245,169
  230,000
 
Puget Energy, Inc., Sec. Fac. Bond, 2.379%, 6/15/2028
    205,327
1,175,000
 
Southern Co., Jr. Sub. Note, Series B, 4.000%, 1/15/2051
  1,131,128
  285,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028
    252,127
 
 
TOTAL
11,053,607
 
 
Utility - Natural Gas—1.7%
 
  300,000
 
Enbridge Energy Partners LP, 5.875%, 10/15/2025
    301,913
   80,000
 
Enbridge Energy Partners LP, Sr. Unsecd. Note, 5.500%, 9/15/2040
     78,863
  300,000
 
Enbridge, Inc., Sr. Unsecd. Note, 3.125%, 11/15/2029
    274,001
  600,000
 
Enbridge, Inc., Sr. Unsecd. Note, 5.700%, 3/8/2033
    614,727
  195,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031
    164,165
  130,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 3.950%, 9/15/2027
    124,187
  200,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026
    199,813
  500,000
 
Sempra Energy, Jr. Sub. Note, 4.125%, 4/1/2052
    463,773
  260,000
 
Sempra Energy, Sr. Unsecd. Note, 3.700%, 4/1/2029
    243,334
  250,000
 
Sempra Energy, Sr. Unsecd. Note, 4.000%, 2/1/2048
    195,208
11
Principal
Amount
or Shares
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Utility - Natural Gas—continued
 
$  250,000
 
Southern Natural Gas, Sr. Unsecd. Note, 144A, 4.800%, 3/15/2047
$    206,807
 
 
TOTAL
2,866,791
 
 
Utility - Natural Gas Distributor—0.0%
 
  110,000
 
The East Ohio Gas Co., Sr. Unsecd. Note, 144A, 3.000%, 6/15/2050
     69,688
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $176,361,293)
160,010,810
 
 
FOREIGN GOVERNMENTS/AGENCIES—1.4%
 
 
 
Sovereign—1.4%
 
  700,000
 
Mexico, Government of, 3.750%, 1/11/2028
    664,609
  200,000
 
Mexico, Government of, Series MTN, 4.750%, 3/8/2044
    166,464
  206,000
 
Mexico, Government of, Series MTNA, 6.750%, 9/27/2034
    219,402
  800,000
 
Mexico, Government of, Sr. Unsecd. Note, 3.250%, 4/16/2030
    712,058
  250,000
 
Mexico, Government of, Sr. Unsecd. Note, 4.500%, 4/22/2029
    241,622
  300,000
 
Mexico, Government of, Sr. Unsecd. Note, 4.500%, 1/31/2050
    235,909
  190,000
 
Peru, Government of, 6.550%, 3/14/2037
    206,150
 
 
TOTAL FOREIGN GOVERNMENTS/AGENCIES
(IDENTIFIED COST $2,708,763)
2,446,214
 
 
REPURCHASE AGREEMENT—2.8%
 
4,654,000
 
Interest in $1,772,000,000 joint repurchase agreement 5.34%, dated 3/28/2024 under which Bank of America, N.A. will
repurchase securities provided as collateral for $1,773,051,387 on 4/1/2024. 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 $1,807,708,104.
(IDENTIFIED COST $4,654,000)
  4,654,000
 
 
INVESTMENT COMPANY—0.3%
 
490,585
 
Federated Hermes Government Obligations Fund, Premier Shares, 5.24%
(IDENTIFIED COST $490,585)
    490,585
 
 
TOTAL INVESTMENT IN SECURITIES—99.5%
(IDENTIFIED COST $184,214,641)
167,601,609
 
 
OTHER ASSETS AND LIABILITIES - NET—0.5%3
866,986
 
 
TOTAL NET ASSETS—100%
$168,468,595
At March 31, 2024, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
Long Futures:
 
 
 
 
United States Treasury Notes 5-Year Long Futures
60
$6,420,938
June 2024
$11,580
United States Treasury Notes 10-Year Long Futures
15
$1,661,953
June 2024
$6,294
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS
$17,874
The average notional value of futures contracts held by the Fund throughout the period was $9,074,131 and $423,340, 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.”
12
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
Government
Obligations Fund,
Premier Shares*
Value as of 12/31/2023
$855,748
Purchases at Cost
$4,154,318
Proceeds from Sales
$(4,519,481)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 3/31/2024
$490,585
Shares Held as of 3/31/2024
490,585
Dividend Income
$9,175
 
*
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, 2024, securities subject to this type of arrangement and
related collateral were as follows:
 
Fair Value of
Securities Loaned
Collateral
Received
$490,585
$477,164
 
2
Floating/variable note with current rate and current maturity or next reset date shown.
3
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 are fair valued using price evaluations provided by a pricing service approved by 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.
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
13
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.

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:
 
 
 
 
Corporate Bonds
$—
$160,010,810
$—
$160,010,810
Foreign Governments/Agencies
—
2,446,214
—
2,446,214
Repurchase Agreement
—
4,654,000
—
4,654,000
Investment Company
490,585
—
—
490,585
TOTAL SECURITIES
$490,585
$167,111,024
$—
$167,601,609
Other Financial Instruments:1
 
 
 
 
Assets
$17,874
$—
$—
$17,874
TOTAL OTHER FINANCIAL INSTRUMENTS
$17,874
$—
$—
$17,874
 
1
Other financial instruments are futures contracts.
 
The following acronym(s) are used throughout this portfolio:
 
BKNT
—Bank Notes
GMTN
—Global Medium Term Note
MTN
—Medium Term Note
REIT
—Real Estate Investment Trust
14