NPORT-EX 2 poi_fhmdtbalancedfund.htm POI - FEDERATED HERMES MDT BALANCED FUND EDGAR HTML
Federated Hermes MDT Balanced Fund
(formerly, Federated MDT Balanced Fund)
Portfolio of Investments
October 31, 2020 (unaudited)  
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—53.5%
 
 
 
Communication Services—4.5%
 
4,243
 
Activision Blizzard, Inc.
$321,322    
2,376
1
Alphabet, Inc., Class A
3,839,877  
194
 
Cable One, Inc.
335,981    
21,112
1
Cars.com, Inc.
156,018    
6,754
 
CenturyLink, Inc.
58,219     
10,391
 
Cogent Communications Holdings, Inc.
579,818    
1,550
1
Facebook, Inc.
407,821    
5,028
 
Meredith Corp.
55,308     
28,128
1
MSG Networks, Inc.
251,464    
81
1
Netflix, Inc.
38,535     
3,555
1
Pinterest, Inc.
209,567    
18,917
1
TripAdvisor, Inc.
361,504    
14,027
 
Verizon Communications, Inc.
799,399    
482
1
Zillow Group, Inc.
43,057     
 
 
TOTAL
7,457,890
 
 
Consumer Discretionary—6.5%
 
1,029
1
Amazon.com, Inc.
3,124,198  
3,994
1
American Axle & Manufacturing Holdings, Inc.
26,840     
202
1
AutoZone, Inc.
228,054    
5,373
1
Cooper-Standard Holding, Inc.
84,302     
477
 
Dollar General Corp.
99,555     
4,138
 
Domino’s Pizza, Inc.
1,565,488  
11,226
 
eBay, Inc.
534,694    
1,947
1
Etsy, Inc.
236,736    
24,635
 
Ford Motor Co.
190,429    
957
 
Garmin Ltd.
99,547     
2,558
1
G-III Apparel Group Ltd.
34,482     
15,297
 
Goodyear Tire & Rubber Co.
126,659    
3,674
 
Home Depot, Inc.
979,893    
6,086
 
Lowe’s Cos., Inc.
962,197    
74,144
2
Macy’s, Inc.
460,434    
1,269
 
McDonald’s Corp.
270,297    
2,201
1
Mohawk Industries, Inc.
227,121    
860
1
O’Reilly Automotive, Inc.
375,476    
834
1
Wayfair, Inc.
206,857    
5,531
 
Wingstop, Inc.
643,421    
3,586
1
YETI Holdings, Inc.
177,435    
873
 
Yum! Brands, Inc.
81,477     
 
 
TOTAL
10,735,592
 
 
Consumer Staples—3.5%
 
6,096
1
BJ’s Wholesale Club Holdings, Inc.
233,416    
4,558
 
Church and Dwight, Inc.
402,882    
3,234
 
Clorox Co.
670,246    
26,545
 
Colgate-Palmolive Co.
2,094,135  
1
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Consumer Staples—continued
 
891
 
Hershey Foods Corp.
$122,477    
10,432
 
Kimberly-Clark Corp.
1,383,179  
4,452
 
PepsiCo, Inc.
593,407    
1,773
 
Procter & Gamble Co.
243,078    
 
 
TOTAL
5,742,820
 
 
Energy—0.9%
 
3,965
 
Arch Resources, Inc.
121,131    
3,619
 
Cimarex Energy Co.
91,814     
862
 
ConocoPhillips
24,670     
14,528
2
Continental Resources, Inc.
174,772    
18,460
 
EOG Resources, Inc.
632,070    
6,773
 
Helmerich & Payne, Inc.
100,714    
21,158
 
Marathon Oil Corp.
83,786     
15,207
 
PBF Energy, Inc.
71,017     
18,653
1
Peabody Energy Corp.
24,062     
885
 
Pioneer Natural Resources, Inc.
70,411     
 
 
TOTAL
1,394,447
 
 
Financials—5.6%
 
5,354
 
Aflac, Inc.
181,768    
534
 
Alleghany Corp.
292,061    
10,929
 
Allstate Corp.
969,949    
339
 
Ameriprise Financial, Inc.
54,521     
992
1
Arch Capital Group Ltd.
29,968     
10,284
 
Bank of New York Mellon Corp.
353,358    
109
 
BlackRock, Inc.
65,314     
6,900
 
Blackstone Mortgage Trust, Inc.
149,730    
13,355
 
Cincinnati Financial Corp.
944,733    
295
 
Everest Re Group Ltd.
58,139     
1,122
 
Globe Life, Inc.
90,983     
17,749
 
Huntington Bancshares, Inc.
185,300    
5,721
 
Intercontinental Exchange, Inc.
540,062    
521
 
Marketaxess Holdings, Inc.
280,741    
1,975
 
MetLife, Inc.
74,754     
3,042
 
MSCI, Inc., Class A
1,064,213  
4,729
 
NASDAQ, Inc.
572,162    
4,365
 
Northern Trust Corp.
341,648    
5,529
 
Prudential Financial, Inc.
353,967    
100
 
S&P Global, Inc.
32,273     
917
 
Selective Insurance Group, Inc.
47,739     
3,306
 
State Street Corp.
194,723    
1,585
 
The Hartford Financial Services Group, Inc.
61,054     
17,554
 
The Travelers Cos., Inc.
2,118,943  
6,265
 
Zions Bancorporation, N.A.
202,172    
 
 
TOTAL
9,260,275
 
 
Health Care—7.7%
 
337
1
10X Genomics, Inc.
46,135     
803
 
Abbott Laboratories
84,403     
1,997
1
Alexion Pharmaceuticals, Inc.
229,935    
2,138
1
Allogene Therapeutics, Inc.
72,521     
3,941
 
Amgen, Inc.
854,961    
2
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
11,533
1
AnaptysBio, Inc.
$339,762    
906
 
Anthem, Inc.
247,157    
1,623
1
Arcus Biosciences, Inc.
35,381     
2,723
1
Biogen, Inc.
686,387    
1,397
1
Biohaven Pharmaceutical Holding Co. Ltd.
108,212    
949
 
CIGNA Corp.
158,454    
15,524
1,2
Community Health Systems, Inc.
96,870     
1,403
1
Constellation Pharmaceuticals, Inc.
27,527     
3,813
 
CVS Health Corp.
213,871    
3,489
1
Davita, Inc.
300,926    
2,205
 
Dentsply Sirona, Inc.
104,054    
5,319
 
Eli Lilly & Co.
693,917    
474
1
Emergent BioSolutions, Inc.
42,646     
3,115
 
Gilead Sciences, Inc.
181,137    
10,572
1
Hologic, Inc.
727,565    
1,276
 
Humana, Inc.
509,481    
1,311
1
IDEXX Laboratories, Inc.
556,939    
743
1
IQVIA Holdings, Inc.
114,415    
2,525
1
Jazz Pharmaceuticals PLC.
363,852    
7,106
 
Johnson & Johnson
974,304    
372
 
Medtronic PLC
37,412     
13,595
 
Merck & Co., Inc.
1,022,480  
7,854
1
Myriad Genetics, Inc.
97,625     
2,796
 
Pfizer, Inc.
99,202     
6,969
1
SAGE Therapeutics, Inc.
511,385    
2,101
1
Seres Therapeutics, Inc.
58,597     
229
1
United Therapeutics Corp.
30,739     
481
 
UnitedHealth Group, Inc.
146,772    
2,192
1
Veeva Systems, Inc.
591,950    
2,893
1
Vertex Pharmaceuticals, Inc.
602,785    
2,896
1
Waters Corp.
645,287    
6,704
 
Zoetis, Inc.
1,062,919  
 
 
TOTAL
12,677,965
 
 
Industrials—5.1%
 
2,875
 
AGCO Corp.
221,461    
1,328
1
Atlas Air Worldwide Holdings, Inc.
78,565     
7,124
1
CIRCOR International, Inc.
198,760    
869
 
Curtiss Wright Corp.
73,309     
2,437
 
Flowserve Corp.
70,965     
3,390
 
Fortune Brands Home & Security, Inc.
274,149    
997
1
Generac Holdings, Inc.
209,520    
3,828
 
Hexcel Corp.
128,161    
1,756
 
Hubbell, Inc.
255,516    
106,744
 
KAR Auction Services, Inc.
1,554,193  
1,586
 
Lockheed Martin Corp.
555,306    
9,652
 
Masco Corp.
517,347    
27,226
 
Otis Worldwide Corp.
1,668,409  
10,000
 
Pitney Bowes, Inc.
53,100     
1,436
 
Republic Services, Inc.
126,612    
43,219
 
Spirit AeroSystems Holdings, Inc., Class A
786,154    
3
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Industrials—continued
 
7,730
1
SPX Corp.
$327,675    
1,437
 
TransUnion
114,471    
4,872
 
Verisk Analytics, Inc.
867,070    
2,292
 
Xylem, Inc.
199,725    
 
 
TOTAL
8,280,468
 
 
Information Technology—13.6%
 
1,432
1
Adobe, Inc.
640,247    
1,827
 
Alliance Data Systems Corp.
94,164     
757
 
Analog Devices, Inc.
89,727     
25,312
 
Apple, Inc.
2,755,464  
6,309
 
Applied Materials, Inc.
373,682    
1,294
1
Autodesk, Inc.
304,789    
210
1
Avalara, Inc.
31,301     
1,196
1
Bill.Com Holdings, Inc.
119,600    
6,808
 
Booz Allen Hamilton Holding Corp.
534,428    
1,401
 
Broadcom, Inc.
489,832    
15,665
1
Cadence Design Systems, Inc.
1,713,281  
4,701
1
Cirrus Logic, Inc.
323,758    
570
 
Citrix Systems, Inc.
64,564     
4,430
1
Crowdstrike Holdings, Inc.
548,611    
722
1
DocuSign, Inc.
146,025    
67,038
 
DXC Technology Co.
1,234,840  
1,107
1
Elastic N.V.
112,261    
1,576
1
EPAM Systems, Inc.
486,905    
247
1
FleetCor Technologies, Inc.
54,565     
2,216
1
Fortinet, Inc.
244,580    
715
1
HubSpot, Inc.
207,400    
8,944
1
Inphi Corp.
1,250,013  
9,807
 
Intel Corp.
434,254    
302
 
Intuit, Inc.
95,033     
1,105
1
Keysight Technologies, Inc.
115,881    
3,271
 
Mastercard, Inc.
944,141    
11,281
 
Microsoft Corp.
2,284,064  
151
 
Monolithic Power Systems
48,260     
1,522
 
NVIDIA Corp.
763,070    
444
1
Okta, Inc.
93,165     
2,242
 
Oracle Corp.
125,799    
11,010
 
Paychex, Inc.
905,573    
6,849
1
PayPal Holdings, Inc.
1,274,804  
12,572
 
Plantronics, Inc.
245,405    
9,835
 
Qualcomm, Inc.
1,213,246  
6,943
 
Sabre Corp.
45,268     
943
1
Semtech Corp.
51,761     
1,820
1
ServiceNow, Inc.
905,577    
1,197
1
Square, Inc.
185,391    
822
1
Synopsys, Inc.
175,793    
313
 
Teradyne, Inc.
27,497     
52
1
Trade Desk, Inc./The
29,455     
8,203
 
Vishay Intertechnology, Inc.
133,053    
4,987
 
Western Union Co.
96,947     
4
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
256
1
Workday, Inc.
$53,791     
9,197
 
Xerox Holdings Corp.
159,844    
88
1
Zoom Video Communications, Inc.
40,560     
560
1
Zscaler, Inc.
76,020     
 
 
TOTAL
22,343,689
 
 
Materials—1.9%
 
20,604
1
Alcoa Corp.
266,204    
20,255
1
Allegheny Technologies, Inc.
186,549    
3,162
1
Berry Global Group, Inc.
147,444    
47,282
 
Chemours Co./The
952,259    
1,158
1
Crown Holdings, Inc.
99,356     
11,320
 
Domtar, Corp.
270,322    
2,929
 
PPG Industries, Inc.
379,950    
983
 
Scotts Miracle-Gro Co.
147,499    
867
 
Sherwin-Williams Co.
596,479    
 
 
TOTAL
3,046,062
 
 
Real Estate—3.3%
 
1,500
 
Alexandria Real Estate Equities, Inc.
227,280    
12,900
 
American Homes 4 Rent
364,683    
600
 
American Tower Corp.
137,790    
9,200
2
Americold Realty Trust
333,316    
13,000
 
Brixmor Property Group, Inc.
142,480    
3,400
 
Community Healthcare Trust, Inc.
157,420    
6,400
 
Cubesmart
217,152    
20,000
 
DiamondRock Hospitality Co.
98,800     
555
 
Equinix, Inc.
405,838    
4,350
 
Equity Lifestyle Properties, Inc.
257,477    
11,000
 
Host Hotels & Resorts, Inc.
115,280    
11,800
 
Invitation Homes, Inc.
321,668    
16,000
 
Kimco Realty Corp.
164,160    
17,500
 
Kite Realty Group Trust
181,300    
2,700
 
ProLogis, Inc.
267,840    
4,300
 
QTS Realty Trust, Inc.
264,493    
2,685
1
Redfin Corp.
112,152    
6,700
 
Rexford Industrial Realty, Inc.
311,282    
13,500
 
STORE Capital Corp.
346,950    
2,300
 
Sun Communities, Inc.
316,549    
12,500
 
Sunstone Hotel Investors, Inc.
92,750     
4,750
 
Terreno Realty Corp.
267,330    
17,500
 
Urban Edge Properties
164,500    
7,200
 
VICI Properties, Inc.
165,240    
 
 
TOTAL
5,433,730
 
 
Utilities—0.9%
 
2,108
 
Evergy, Inc.
116,362    
15,108
 
Exelon Corp.
602,658    
1,476
 
NextEra Energy, Inc.
108,058    
19,281
 
OGE Energy Corp.
593,276    
5
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Utilities—continued
 
1,915
 
Public Service Enterprises Group, Inc.
$111,357    
 
 
TOTAL
1,531,711
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $78,705,811)
87,904,649
 
 
CORPORATE BONDS—15.1%
 
 
 
Basic Industry - Chemicals—0.0%
 
$   10,000
 
DuPont de Nemours, Inc., Sr. Unsecd. Note, 3.766%, 11/15/2020
10,012     
   10,000
 
DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038
12,968     
 
 
TOTAL
22,980
 
 
Basic Industry - Metals & Mining—0.1%
 
   15,000
 
Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040
18,512     
   62,000
 
Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023
64,014     
  100,000
 
Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023
108,019    
   20,000
 
Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040
28,670     
 
 
TOTAL
219,215
 
 
Capital Goods - Aerospace & Defense—0.8%
 
  200,000
 
BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050
200,077    
  275,000
 
Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025
299,917    
    5,000
 
Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023
5,097      
  110,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 144A, 3.844%, 5/1/2025
121,153    
  300,000
 
Leidos, Inc., Sr. Unsecd. Note, 144A, 2.300%, 2/15/2031
297,953    
  170,000
 
Leidos, Inc., Unsecd. Note, 144A, 3.625%, 5/15/2025
188,372    
   10,000
 
Raytheon Technologies Corp., Sr. Unsecd. Note, 144A, 3.100%, 11/15/2021
10,199     
   15,000
 
Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028
12,503     
   40,000
3
Textron Financial Corp., Jr. Sub. Note, 144A, 2.015% (3-month USLIBOR +1.735%), 2/15/2042
27,868     
   50,000
 
Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026
55,128     
   50,000
 
Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024
54,667     
 
 
TOTAL
1,272,934
 
 
Capital Goods - Building Materials—0.2%
 
  200,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024
214,196    
   80,000
 
Masco Corp., Sr. Unsecd. Note, 4.375%, 4/1/2026
93,140     
 
 
TOTAL
307,336
 
 
Capital Goods - Construction Machinery—0.0%
 
   10,000
 
CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.375%, 4/5/2022
10,497     
 
 
Capital Goods - Diversified Manufacturing—0.2%
 
   30,000
 
General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.100%, 1/9/2023
31,470     
   60,000
 
Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027
59,977     
  175,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030
177,807    
   15,000
 
Thomas & Betts Corp., Sr. Unsecd. Note, 5.625%, 11/15/2021
15,790     
 
 
TOTAL
285,044
 
 
Communications - Cable & Satellite—0.1%
 
  145,000
 
Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051
143,829    
   15,000
 
Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038
17,759     
   10,000
 
Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035
12,544     
 
 
TOTAL
174,132
 
 
Communications - Media & Entertainment—0.3%
 
   30,000
 
Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046
38,881     
   20,000
 
Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 5/1/2022
20,928     
  400,000
 
ViacomCBS, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025
459,321    
 
 
TOTAL
519,130
6
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Communications - Telecom Wireless—0.6%
 
$  400,000
 
Crown Castle International Corp., Sr. Unsecd. Note, 3.250%, 1/15/2051
$398,449    
  150,000
 
Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026
167,205    
  200,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050
230,176    
  200,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049
247,802    
 
 
TOTAL
1,043,632
 
 
Communications - Telecom Wirelines—0.5%
 
   12,000
 
AT&T, Inc., Sr. Unsecd. Note, 144A, 3.500%, 9/15/2053
11,416     
   11,000
 
AT&T, Inc., Sr. Unsecd. Note, 144A, 3.650%, 9/15/2059
10,465     
  300,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051
294,995    
    5,000
 
AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035
5,846      
  150,000
 
Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049
185,184    
   29,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 144A, 2.987%, 10/30/2056
29,369     
   90,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030
100,289    
   90,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024
99,746     
 
 
TOTAL
737,310
 
 
Consumer Cyclical - Automotive—0.2%
 
   10,000
 
DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031
15,437     
  200,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.336%, 3/18/2021
200,250    
  160,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 7/6/2021
162,179    
   10,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024
10,685     
 
 
TOTAL
388,551
 
 
Consumer Cyclical - Lodging—0.0%
 
   20,000
 
American Campus Communities Operating Partnership LP, Sr. Unsecd. Note, 4.125%, 7/1/2024
21,637     
   30,000
 
Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023
30,867     
 
 
TOTAL
52,504
 
 
Consumer Cyclical - Retailers—0.3%
 
  170,000
 
AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030
199,433    
  250,000
 
AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025
273,084    
   15,000
 
CVS Health Corp., Sr. Unsecd. Note, 3.700%, 3/9/2023
16,061     
   15,000
 
CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025
16,930     
   10,000
 
WalMart Inc., Sr. Unsecd. Note, 5.625%, 4/1/2040
14,931     
 
 
TOTAL
520,439
 
 
Consumer Cyclical - Services—0.3%
 
  200,000
 
Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023
210,529    
  125,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024
140,320    
   25,000
 
Cintas Corp. No. 2, Sr. Unsecd. Note, 4.300%, 6/1/2021
25,572     
   15,000
 
Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030
14,574     
   10,000
 
University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111
15,132     
   70,000
 
Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025
77,913     
   15,000
 
Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035
19,184     
 
 
TOTAL
503,224
 
 
Consumer Non-Cyclical - Food/Beverage—1.0%
 
   30,000
 
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036
36,765     
   85,000
 
Campbell Soup Co., Sr. Unsecd. Note, 2.375%, 4/24/2030
87,778     
  300,000
 
Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026
329,733    
  140,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026
151,590    
   80,000
 
General Mills, Inc., Sr. Unsecd. Note, 4.700%, 4/17/2048
106,803    
  270,000
 
Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028
305,250    
  200,000
 
Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023
209,378    
   15,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045
16,583     
7
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Consumer Non-Cyclical - Food/Beverage—continued
 
$   50,000
 
Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025
$57,645     
  235,000
 
PepsiCo, Inc., Sr. Unsecd. Note, 3.625%, 3/19/2050
283,504    
 
 
TOTAL
1,585,029
 
 
Consumer Non-Cyclical - Health Care—0.2%
 
  135,000
 
Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029
144,897    
   15,000
 
Agilent Technologies, Inc., Sr. Unsecd. Note, 3.200%, 10/1/2022
15,659     
  180,000
 
Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030
195,266    
   10,000
 
Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 8/23/2022
10,508     
 
 
TOTAL
366,330
 
 
Consumer Non-Cyclical - Pharmaceuticals—0.5%
 
  500,000
 
AbbVie, Inc., Sr. Unsecd. Note, 144A, 4.250%, 11/21/2049
583,621    
   15,000
 
Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045
18,266     
   10,000
 
Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039
12,369     
   15,000
 
Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036
17,914     
  165,000
 
Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050
173,410    
 
 
TOTAL
805,580
 
 
Consumer Non-Cyclical - Supermarkets—0.0%
 
   10,000
 
Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047
12,147     
 
 
Energy - Independent—0.3%
 
  250,000
 
Canadian Natural Resources Ltd., 3.900%, 2/1/2025
269,851    
  125,000
 
Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027
131,326    
   20,000
 
EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027
19,244     
 
 
TOTAL
420,421
 
 
Energy - Integrated—0.7%
 
  135,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026
147,708    
   20,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.224%, 4/14/2024
21,500     
  300,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028
343,674    
    5,000
 
ConocoPhillips, Company Guarantee, 6.500%, 2/1/2039
7,150      
  270,000
 
Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025
293,952    
   75,000
 
Husky Energy, Inc., 4.000%, 4/15/2024
77,827     
  240,000
 
Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029
244,277    
 
 
TOTAL
1,136,088
 
 
Energy - Midstream—0.5%
 
   20,000
 
Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027
22,197     
  115,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025
121,015    
   75,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024
80,233     
   10,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045
10,165     
  170,000
 
Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027
193,325    
   20,000
 
Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038
25,751     
   40,000
 
MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027
43,738     
    5,000
 
MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038
5,065      
  225,000
 
MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049
248,796    
   20,000
 
Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022
20,596     
   10,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028
9,375      
 
 
TOTAL
780,256
 
 
Energy - Refining—0.0%
 
   15,000
 
HollyFrontier Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026
15,835     
   15,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048
14,366     
   10,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041
11,654     
8
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Energy - Refining—continued
 
$   15,000
 
Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028
$16,069     
 
 
TOTAL
57,924
 
 
Financial Institution - Banking—2.5%
 
   74,000
 
American Express Co., 2.650%, 12/2/2022
77,540     
  250,000
 
American Express Credit Corp., Sr. Unsecd. Note, Series MTN, 2.250%, 5/5/2021
252,092    
  300,000
 
Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026
336,422    
   10,000
 
Bank of America Corp., Sr. Unsecd. Note, Series MTN, 3.499%, 5/17/2022
10,166     
  100,000
 
Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021
102,484    
  200,000
 
Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025
223,409    
   15,000
 
Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024
16,726     
   15,000
 
Bank of America Corp., Sub. Note, Series MTN, 4.450%, 3/3/2026
17,271     
   20,000
 
Bank of New York Mellon, N.A., 3.400%, 5/15/2024
21,922     
  200,000
 
Citigroup, Inc., Sr. Unsecd. Note, 2.700%, 3/30/2021
201,994    
   40,000
 
Citigroup, Inc., Sr. Unsecd. Note, 2.876%, 7/24/2023
41,525     
   15,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.142%, 1/24/2023
15,460     
  250,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025
275,857    
  170,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026
189,116    
   15,000
 
Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027
17,314     
   30,000
 
Comerica, Inc., 3.800%, 7/22/2026
33,329     
   75,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024
81,726     
   40,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023
42,340     
  275,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023
293,484    
  150,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041
224,380    
   10,000
4
JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 4/1/2169
10,526     
   25,000
4
JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 2/1/2169
25,021     
   20,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024
21,429     
   15,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038
17,591     
  400,000
 
JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023
427,331    
  300,000
 
Morgan Stanley, 4.300%, 1/27/2045
386,850    
  120,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.500%, 4/21/2021
121,266    
   15,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.125%, 1/23/2023
15,857     
   15,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025
17,057     
   15,000
 
Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023
16,246     
   10,000
 
Natwest Group PLC, Sub. Note, 6.000%, 12/19/2023
11,241     
   10,000
 
State Street Corp., Sub. Deb., 3.031%, 11/1/2034
10,892     
   45,000
 
Sumitomo Mitsui Financial Group, Inc., Sr. Unsecd. Note, 3.102%, 1/17/2023
47,526     
  130,000
 
Truist Financial Corp., Sr. Unsecd. Note, 2.900%, 3/3/2021
130,880    
  250,000
 
US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030
247,148    
   10,000
 
Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026
11,313     
   15,000
 
Wells Fargo & Co., Sr. Unsecd. Note, 3.069%, 1/24/2023
15,454     
   10,000
 
Westpac Banking Corp., Sub. Note, Series GMTN, 4.322%, 11/23/2031
11,253     
 
 
TOTAL
4,019,438
 
 
Financial Institution - Broker/Asset Mgr/Exchange—0.1%
 
   80,000
 
Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026
90,095     
   70,000
 
Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028
82,459     
   13,000
 
Raymond James Financial, Inc., Sr. Unsecd. Note, 5.625%, 4/1/2024
14,989     
   15,000
 
XLIT Ltd., Sub. Note, 4.450%, 3/31/2025
16,945     
 
 
TOTAL
204,488
 
 
Financial Institution - Finance Companies—0.4%
 
  170,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.950%, 2/1/2022
173,056    
9
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Financial Institution - Finance Companies—continued
 
$  150,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024
$157,059    
  250,000
 
GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035
270,567    
   25,000
 
Santander UK Group Holdings PLC, Sr. Unsecd. Note, 3.125%, 1/8/2021
25,120     
 
 
TOTAL
625,802
 
 
Financial Institution - Insurance - Life—1.1%
 
  200,000
 
Aflac, Inc., Sr. Unsecd. Note, 3.625%, 6/15/2023
216,749    
  400,000
 
AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040
412,112    
   25,000
 
American International Group, Inc., 4.500%, 7/16/2044
29,973     
   35,000
 
American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024
38,760     
  125,000
 
American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028
145,610    
  220,000
 
Belrose Funding Trust, Sr. Unsecd. Note, 2.330%, 8/15/2030
219,390    
   10,000
 
Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022
10,517     
  275,000
 
Mass Mutual Global Funding II, 144A, 2.000%, 4/15/2021
277,238    
   10,000
 
MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039
16,299     
   15,000
 
MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036
18,568     
  250,000
 
MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024
275,179    
   15,000
 
Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040
20,957     
   10,000
 
Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023
10,698     
   10,000
 
Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022
10,531     
   50,000
 
Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040
68,224     
 
 
TOTAL
1,770,805
 
 
Financial Institution - Insurance - P&C—0.2%
 
   10,000
 
Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048
12,536     
  260,000
 
Nationwide Mutual Insurance Co., Sub. Note, 144A, 4.350%, 4/30/2050
278,692    
   65,000
 
Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039
109,544    
 
 
TOTAL
400,772
 
 
Financial Institution - REIT - Apartment—0.2%
 
   60,000
 
Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030
64,800     
   20,000
 
Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022
20,900     
  200,000
 
UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032
197,322    
   70,000
 
UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026
76,234     
 
 
TOTAL
359,256
 
 
Financial Institution - REIT - Healthcare—0.1%
 
  185,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027
194,973    
 
 
Financial Institution - REIT - Office—0.1%
 
   70,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028
80,137     
 
 
Financial Institution - REIT - Other—0.1%
 
  105,000
 
WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029
115,930    
   75,000
 
WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024
83,438     
 
 
TOTAL
199,368
 
 
Financial Institution - REIT - Retail—0.2%
 
  300,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 2.700%, 10/1/2030
303,842    
   50,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022
52,582     
 
 
TOTAL
356,424
 
 
Supranational—0.0%
 
   30,000
 
Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022
31,665     
 
 
Technology—0.8%
 
   10,000
 
Apple, Inc., 3.850%, 5/4/2043
12,222     
   30,000
 
Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023
31,471     
  200,000
 
Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049
213,860    
10
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Technology—continued
 
$   20,000
 
Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042
$24,514     
  240,000
 
Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026
284,321    
  125,000
 
Equifax, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2021
126,146    
   53,000
 
Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.500%, 4/15/2023
56,403     
  110,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029
123,488    
   20,000
 
Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 8/10/2022
20,636     
  265,000
 
Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025
294,691    
   15,000
 
Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036
18,018     
   10,000
 
Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022
10,628     
   50,000
 
Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045
68,358     
 
 
TOTAL
1,284,756
 
 
Technology Services—0.0%
 
    5,000
 
Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029
5,411      
 
 
Transportation - Airlines—0.1%
 
   30,000
 
Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024
26,138     
  110,000
 
Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025
122,428    
 
 
TOTAL
148,566
 
 
Transportation - Railroads—0.2%
 
   50,000
 
Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040
70,825     
   30,000
 
Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023
31,074     
  225,000
 
Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026
238,161    
 
 
TOTAL
340,060
 
 
Transportation - Services—0.3%
 
   15,000
 
Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042
19,687     
   20,000
 
FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035
23,228     
   25,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.650%, 7/29/2021
25,513     
   70,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022
71,981     
  200,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023
214,486    
   30,000
 
United Parcel Service, Inc., Sr. Unsecd. Note, 3.125%, 1/15/2021
30,176     
  125,000
 
United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025
141,961    
 
 
TOTAL
527,032
 
 
Utility - Electric—1.5%
 
   70,000
 
Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050
82,691     
   70,000
 
Electricite de France SA, Note, 144A, 5.600%, 1/27/2040
91,173     
  300,000
 
Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028
353,543    
  140,000
 
Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046
169,137    
  280,000
 
Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.625%, 9/14/2025
323,096    
  170,000
 
EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026
188,113    
  200,000
 
Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026
223,430    
  100,000
 
Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022
105,254    
   10,000
 
Great Plains Energy, Inc., Note, 4.850%, 6/1/2021
10,148     
  110,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046
119,901    
   25,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032
39,448     
  250,000
 
PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026
276,793    
  175,000
 
Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026
194,900    
  300,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030
297,149    
 
 
TOTAL
2,474,776
 
 
Utility - Natural Gas—0.4%
 
   50,000
 
Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 9/15/2021
51,153     
   65,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023
67,663     
11
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Utility - Natural Gas—continued
 
$  445,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026
$487,434    
   15,000
 
Sempra Energy, Sr. Unsecd. Note, 2.900%, 2/1/2023
15,745     
    5,000
 
TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037
6,757      
 
 
TOTAL
628,752
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $22,698,089)
24,873,184
 
 
U.S. TREASURIES—3.7%
 
 
 
Treasury Inflation-Indexed Note—1.9%
 
  172,239
5
U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2022
174,141    
  855,236
 
U.S. Treasury Inflation-Protected Notes, 0.125%, 4/15/2025
904,009    
  454,563
 
U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2030
495,695    
  658,873
 
U.S. Treasury Inflation-Protected Notes, 0.125%, 7/15/2030
722,361    
  581,256
 
U.S. Treasury Inflation-Protected Notes, 0.250%, 2/15/2050
662,221    
  139,391
 
U.S. Treasury Inflation-Protected Notes, 1.375%, 2/15/2044
192,858    
 
 
TOTAL
3,151,285
 
 
U.S. Treasury Note—1.7%
 
1,000,000
 
United States Treasury Note, 0.125%, 9/30/2022
999,335    
  925,000
 
United States Treasury Note, 0.125%, 9/15/2023
923,037    
  200,000
 
United States Treasury Note, 0.125%, 10/15/2023
199,555    
  350,000
 
United States Treasury Note, 0.250%, 8/31/2025
348,004    
  150,000
 
United States Treasury Note, 0.250%, 9/30/2025
149,068    
  200,000
 
United States Treasury Note, 0.500%, 8/31/2027
198,280    
   25,000
 
United States Treasury Note, 2.125%, 9/30/2021
25,449     
 
 
TOTAL
2,842,728
 
 
US Treasury Bond—0.1%
 
  100,000
 
United States Treasury Bond, 1.375%, 8/15/2050
93,186     
 
 
TOTAL U.S. TREASURIES
(IDENTIFIED COST $6,067,809)
6,087,199
 
 
COMMERCIAL MORTGAGE-BACKED SECURITIES—1.2%
 
 
 
Commercial Mortgage—1.2%
 
  190,000
 
Bank, Class A4, 3.488%, 11/15/2050
214,115    
   70,000
 
Commercial Mortgage Pass-Through Certificates 2012-CR1, Class AM, 3.912%, 5/15/2045
71,897     
  200,000
 
Commercial Mortgage Trust 2013-CR8, Class B, 3.950%, 6/10/2046
204,346    
   62,105
 
Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025
64,502     
  397,726
 
Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 5/25/2029
413,604    
  350,000
 
Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026
381,470    
  200,000
 
FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.619%, 11/25/2045
208,750    
  200,000
 
JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049
219,191    
   50,000
 
JPMDB Commercial Mortgage Securities Trust 2017-C5, Class A5, 3.693%, 3/15/2050
56,283     
  100,000
 
Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 3/15/2045
101,243    
 
 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $1,855,952)
1,935,401
 
 
ASSET-BACKED SECURITIES—0.8%
 
 
 
Auto Receivables—0.2%
 
  400,000
 
Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025
407,597    
 
 
Equipment Lease—0.3%
 
  500,000
 
HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030
501,362    
 
 
Other—0.3%
 
  450,000
 
PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026
450,404    
 
 
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $1,349,796)
1,359,363
12
Shares or
Principal
Amount
 
 
Value
 
 
MORTGAGE-BACKED SECURITIES—0.5%
 
 
 
Federal Home Loan Mortgage Corporation REMIC—0.0%
 
$   45,063
 
Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044
$49,873     
 
 
Federal National Mortgage Association—0.5%
 
    9,217
 
Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035
10,739     
    1,216
 
Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033
1,399      
   36,509
 
Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040
40,499     
   61,309
 
Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043
67,645     
   44,331
 
Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040
49,730     
   28,419
 
Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042
30,195     
   34,556
 
Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043
36,715     
   24,253
 
Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028
25,689     
   48,394
 
Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048
52,335     
   21,915
 
Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048
22,887     
   35,051
 
Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048
37,064     
   30,324
 
Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047
32,122     
   32,230
 
Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049
33,800     
   25,044
 
Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049
26,826     
   49,224
 
Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047
51,868     
   25,278
 
Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049
27,164     
   33,449
 
Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040
38,422     
   35,897
 
Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041
40,112     
   41,096
 
Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043
43,664     
   47,512
 
Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031
49,545     
 
 
TOTAL
718,420
 
 
Government National Mortgage Association—0.0%
 
   24,235
 
Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042
26,418     
   17,660
 
Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043
19,404     
 
 
TOTAL
45,822
 
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $768,327)
814,115
 
 
MUNICIPAL BONDS—0.3%
 
  125,000
 
Metropolitan Government Nashville & Davidson County, TN, GO Improvement Bonds (Series 2018), 4.000%, 7/1/2028
153,719    
  200,000
 
New York State Dormitory Authority State Personal Income Tax Revenue (New York State Personal Income Tax Revenue Bond
Fund), State Personal Income Tax Revenue Bonds (Series 2019D), 4.000%, 2/15/2037
231,432    
   30,000
 
Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030
37,917     
 
 
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $423,680)
423,068
 
 
GOVERNMENT AGENCIES—0.1%
 
 
 
Federal National Mortgage Association—0.1%
 
  250,000
 
Federal National Mortgage Association Notes, 0.625%, 4/22/2025
(IDENTIFIED COST $249,538)
252,184    
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS—0.0%
 
 
 
Federal Home Loan Mortgage Corporation—0.0%
 
      450
 
Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022
471        
      522
 
Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022
546        
    3,035
 
Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032
3,460      
 
 
TOTAL
4,477
 
 
Federal National Mortgage Association—0.0%
 
    1,669
3
Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.749% (10-year Constant Maturity Treasury
+48.285%), Maximum Rate 9.749%, 7/25/2023
1,782      
      666
 
Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033
703        
 
 
TOTAL
2,485
13
Shares or
Principal
Amount
 
 
Value
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS—continued
 
 
 
Non-Agency Mortgage—0.0%
 
$      208
6
Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.269%, 3/25/2031
$200        
 
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $6,785)
7,162
 
 
EXCHANGE-TRADED FUNDS—8.1%
 
61,900
 
iShares Core MSCI Emerging Markets ETF
3,309,793  
162,300
 
iShares MSCI EAFE ETF
9,963,597  
 
 
Total Exchange-Traded Funds
(IDENTIFIED COST $14,377,722)
13,273,390
 
 
INVESTMENT COMPANIES—17.5%
 
274,313
 
Bank Loan Core Fund
2,559,337  
283,257
 
Emerging Markets Core Fund
2,770,252  
1,044,638
 
Federated Hermes Government Obligations Fund, Premier Shares, 0.03%7
1,044,638  
2,658,807
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.10%7
2,659,870  
1,294,707
 
Federated Mortgage Core Portfolio
13,037,700 
596,438
 
High Yield Bond Portfolio
3,626,346  
354,743
 
Project and Trade Finance Core Fund
3,128,834  
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $29,336,232)
28,826,977
 
 
TOTAL INVESTMENT IN SECURITIES—100.8%
(IDENTIFIED COST $155,839,741)
165,756,692
 
 
OTHER ASSETS AND LIABILITIES - NET—(0.8)%8
(1,352,180)
 
 
TOTAL NET ASSETS—100.0%
$164,404,512
At October 31, 2020, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures:
 
 
 
 
1United States Treasury Long Bond Long Futures
1
$172,469
December 2020
$(3,127)
1United States Treasury Note 2-Year Long Futures
23
$5,079,406
December 2020
$(1,077)
1United States Treasury Notes 10-Year Long Futures
9
$1,243,969
December 2020
$(8,709)
1United States Treasury Notes 10-Year Ultra Long Futures
10
$1,572,813
December 2020
$(17,523)
1United States Treasury Ultra Bond Long Futures
5
$1,075,000
December 2020
$(22,918)
Short Future:
 
 
 
 
1United States Treasury Note 5-Year Short Futures
10
$1,256,016
December 2020
$758
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS
$(52,596)
The average notional value of long and short futures contracts held by the Fund throughout the period was $10,100,563 and $1,140,582, respectively. This is based on the contracts held as of each month-end throughout the three-month fiscal period.
Net Unrealized Depreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
14
[PAGE INTENTIONALLY LEFT BLANK]
15
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with the affiliated fund holdings during the period ended October 31, 2020, were as follows:  
Affiliates
Value as of
7/31/2020
Purchases
at cost
Proceeds
from Sales
Bank Loan Core Fund
$2,617,248
$1,890,194
$(1,970,000)
Emerging Markets Core Fund
$3,240,602
$982,224
$(1,391,880)
Federated Hermes Government Obligations Fund, Premier Shares*
$1,431,638
$4,860,140
$(5,247,140)
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares
$5,427,864
$10,837,850
$(13,605,178)
Federated Mortgage Core Portfolio
$11,545,574
$1,569,541
$—
High Yield Bond Portfolio
$3,878,566
$692,791
$(900,000)
Project and Trade Finance Core Fund
$2,538,696
$577,078
$—
TOTAL OF AFFILIATED TRANSACTIONS
$30,680,188
$21,409,818
$(23,114,198)
 
Change in
Unrealized
Appreciation/
Depreciation
Net
Realized
Gain/
(Loss)
Value as of
10/31/2020
Shares
Held as of
10/31/2020
Dividend/
Income
$(30,309)
$52,204
$2,559,337
274,313
$27,334
$(155,129)
$94,435
$2,770,252
283,257
$39,024
$—
$—
$1,044,638
1,044,638
$—
$128
$(794)
$2,659,870
2,658,807
$1,272
$(77,415)
$—
$13,037,700
1,294,707
$80,956
$(75,657)
$30,646
$3,626,346
596,438
$55,041
$13,060
$—
$3,128,834
354,743
$22,878
$(325,322)
$176,491
$28,826,977
6,506,903
$226,505
 
*
All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.
 
1
Non-income-producing security.
2
All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of October 31, 2020, securities subject to this type of arrangement
and related collateral were as follows:
 
Market Value of
Securities Loaned
Collateral
Received
$1,011,363
$1,044,638
 
3
Floating/variable note with current rate and current maturity or next reset date shown.
4
Perpetual Bond Security. The maturity date reflects the next call date.
5
All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts.
6
JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns’ outstanding registered debt securities.
7
7-day net yield.
8
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2020.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated MDTA LLC (the “Adviser”) and certain of the Advisers’ affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation meth
ods (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 Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determine that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of October 31, 2020, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
$87,792,388
$—
$—
$87,792,388
International
112,261
—
—
112,261
Debt Securities:
 
 
 
 
Corporate Bonds
—
24,873,184
—
24,873,184
U.S. Treasuries
—
6,087,199
—
6,087,199
Commercial Mortgage-Backed Securities
—
1,935,401
—
1,935,401
Asset-Backed Securities
—
1,359,363
—
1,359,363
Mortgage-Backed Securities
—
814,115
—
814,115
Municipal Bonds
—
423,068
—
423,068
Government Agencies
—
252,184
—
252,184
Collateralized Mortgage Obligations
—
7,162
—
7,162
Exchange-Traded Funds
13,273,390
—
—
13,273,390
Investment Companies1
25,698,143
—
—
28,826,977
TOTAL SECURITIES
$126,876,182
$35,751,676
$—
$165,756,692
Other Financial Instruments:2
 
 
 
 
Assets
$758
$—
$—
$758
Liabilities
(53,354)
—
—
(53,354)
TOTAL OTHER FINANCIAL INSTRUMENTS
$(52,596)
$—
$—
$(52,596)
 
1
As permitted by U.S. generally accepted accounting principles, an Investment Company valued at $3,128,834 is measured at fair value using the NAV per share
practical expedient and has not been categorized in the chart above but is included in the Total column. The price of shares redeemed of Project and Trade
Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request.
2
Other financial instruments are futures contracts.
 
The following acronym(s) are used throughout this portfolio:
 
ETF
—Exchange-Traded Fund
FREMF
—Freddie Mac Multifamily K-Deals
GMTN
—Global Medium Term Note
GO
—General Obligation
LIBOR
—London Interbank Offered Rate
MTN
—Medium Term Note
REIT
—Real Estate Investment Trust
REMIC
—Real Estate Mortgage Investment Conduit