NPORT-EX 2 poi_fhmdtbalancedfund.htm POI - FEDERATED HERMES MDT BALANCED FUND EDGAR HTML
Federated Hermes MDT Balanced Fund
Portfolio of Investments
April 30, 2021 (unaudited)  
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—59.3%
 
 
 
Communication Services—5.4%
 
5,703
 
Activision Blizzard, Inc.
$520,057    
2,376
1
Alphabet, Inc., Class A
5,591,916  
9,730
1
Altice USA, Inc.
353,296    
21,112
1
Cars.com, Inc.
278,889    
348
1
Charter Communications, Inc.
234,361    
3,811
 
Electronic Arts, Inc.
541,467    
2,382
1
Facebook, Inc.
774,340    
6,754
 
Lumen Technologies, Inc.
86,654     
3,675
1
Meredith Corp.
114,292    
6,071
1
MSG Networks, Inc.
96,347     
19,249
 
News Corp., Inc., Class A
504,228    
3,555
1
Pinterest, Inc.
235,945    
2,310
1
Take-Two Interactive Software, Inc.
405,128    
5,846
1
TripAdvisor, Inc.
275,522    
14,027
 
Verizon Communications, Inc.
810,620    
 
 
TOTAL
10,823,062
 
 
Consumer Discretionary—7.1%
 
702
 
Advance Auto Parts, Inc.
140,512    
1,029
1
Amazon.com, Inc.
3,567,975  
296
1
AutoZone, Inc.
433,380    
1,955
1
Capri Holdings Ltd.
107,681    
5,017
1
Cooper-Standard Holding, Inc.
145,694    
1,944
 
Domino’s Pizza, Inc.
821,029    
11,226
 
eBay, Inc.
626,299    
1,470
1
Etsy, Inc.
292,221    
1,149
1
Five Below, Inc.
231,259    
24,635
1
Ford Motor Co.
284,288    
2,558
1
G-III Apparel Group Ltd.
83,109     
15,297
1
Goodyear Tire & Rubber Co.
263,261    
3,767
 
Home Depot, Inc.
1,219,265  
755
1
L Brands, Inc.
49,755     
6,086
 
Lowe’s Cos., Inc.
1,194,378  
43,386
1
Macy’s, Inc.
719,340    
1,860
 
McDonald’s Corp.
439,109    
1,326
1
Mohawk Industries, Inc.
272,493    
2,203
1
O’Reilly Automotive, Inc.
1,217,995  
1,220
1
SeaWorld Entertainment, Inc.
66,807     
1,009
 
Starbucks Corp.
115,520    
623
1
Tesla, Inc.
441,981    
1,003
 
Wingstop, Inc.
158,885    
3,586
1
YETI Holdings, Inc.
306,316    
10,265
 
Yum! Brands, Inc.
1,226,873  
 
 
TOTAL
14,425,425
 
 
Consumer Staples—3.4%
 
6,671
1
BJ’s Wholesale Club Holdings, Inc.
297,993    
1
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Consumer Staples—continued
 
26,545
 
Colgate-Palmolive Co.
$2,142,181  
440
 
Estee Lauder Cos., Inc., Class A
138,072    
6,722
 
Hershey Foods Corp.
1,104,425  
5,083
 
PepsiCo, Inc.
732,765    
23,001
 
Philip Morris International, Inc.
2,185,095  
2,149
 
Procter & Gamble Co.
286,720    
 
 
TOTAL
6,887,251
 
 
Energy—0.9%
 
4,785
 
Cimarex Energy Co.
316,767    
13,000
 
Continental Resources, Inc.
354,120    
9,513
 
EOG Resources, Inc.
700,538    
5,348
 
Helmerich & Payne, Inc.
137,069    
21,158
 
Marathon Oil Corp.
238,239    
 
 
TOTAL
1,746,733
 
 
Financials—7.3%
 
4,120
 
Aflac, Inc.
221,368    
485
1
Alleghany Corp.
329,300    
12,527
 
Allstate Corp.
1,588,424  
8,316
 
Ally Financial, Inc.
427,858    
36,583
 
Bank of New York Mellon Corp.
1,824,760  
758
 
Cincinnati Financial Corp.
85,411     
242
 
Evercore, Inc., Class A
33,912     
15,952
 
Huntington Bancshares, Inc.
244,385    
6,439
 
Interactive Brokers Group, Inc., Class A
460,517    
4,475
 
Intercontinental Exchange, Inc.
526,752    
2,071
 
MetLife, Inc.
131,778    
2,436
 
MSCI, Inc., Class A
1,183,336  
4,963
 
NASDAQ, Inc.
801,723    
44,000
 
New Residential Investment Corp.
471,680    
11,715
 
Northern Trust Corp.
1,333,167  
5,866
 
Prudential Financial, Inc.
588,712    
27,092
 
State Street Corp.
2,274,373  
10,982
 
The Travelers Cos., Inc.
1,698,476  
3,822
 
Tradeweb Markets, Inc.
310,652    
5,580
 
Zions Bancorporation, N.A.
311,364    
 
 
TOTAL
14,847,948
 
 
Health Care—7.9%
 
803
 
Abbott Laboratories
96,424     
7,989
 
AbbVie, Inc.
890,774    
4,945
 
Amgen, Inc.
1,185,020  
11,086
1
AnaptysBio, Inc.
258,858    
1,318
 
Anthem, Inc.
500,036    
12,393
1
Avantor, Inc.
397,072    
949
 
CIGNA Corp.
236,310    
15,524
1
Community Health Systems, Inc.
173,093    
3,813
 
CVS Health Corp.
291,313    
5,315
1
Davita, Inc.
619,357    
2,205
 
Dentsply Sirona, Inc.
148,860    
4,678
 
Eli Lilly & Co.
854,998    
8,773
1
Hologic, Inc.
575,070    
2
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
1,276
 
Humana, Inc.
$568,126    
1,119
1
IDEXX Laboratories, Inc.
614,320    
653
1
Inari Medical, Inc.
74,631     
432
1
Inspire Medical Systems, Inc.
102,306    
3,136
1
IQVIA Holdings, Inc.
735,988    
2,525
1
Jazz Pharmaceuticals PLC
415,110    
7,106
 
Johnson & Johnson
1,156,359  
8,952
 
McKesson Corp.
1,679,037  
13,595
 
Merck & Co., Inc.
1,012,827  
7,854
1
Myriad Genetics, Inc.
237,348    
3,787
 
Pfizer, Inc.
146,368    
1,651
1
SAGE Therapeutics, Inc.
130,033    
432
1
United Therapeutics Corp.
87,074     
481
 
UnitedHealth Group, Inc.
191,823    
1,544
1
Veeva Systems, Inc.
436,103    
1,197
1
Vertex Pharmaceuticals, Inc.
261,185    
1,844
1
Waters Corp.
552,960    
7,724
 
Zoetis, Inc.
1,336,484  
 
 
TOTAL
15,965,267
 
 
Industrials—5.2%
 
2,875
 
AGCO Corp.
419,520    
1,367
 
Allegion PLC
183,697    
2,196
 
Booz Allen Hamilton Holding Corp.
182,158    
16,827
 
Carrier Global Corp.
733,321    
7,124
1
CIRCOR International, Inc.
244,852    
2,437
 
Flowserve Corp.
96,603     
3,032
 
Fortune Brands Home & Security, Inc.
318,299    
1,171
1
Generac Holdings, Inc.
379,345    
5,665
1
IAA Spinco, Inc.
355,819    
1,495
 
Illinois Tool Works, Inc.
344,538    
50,159
1
KAR Auction Services, Inc.
751,883    
1,132
 
Lennox International, Inc.
379,605    
9,071
1
Lyft, Inc.
504,892    
9,134
 
Masco Corp.
583,480    
36,390
 
Otis Worldwide Corp.
2,833,689  
10,000
 
Pitney Bowes, Inc.
74,700     
8,182
 
Ryder System, Inc.
653,251    
6,409
 
Spirit AeroSystems Holdings, Inc., Class A
292,827    
7,730
1
SPX Corp.
468,902    
2,347
 
TransUnion
245,473    
1,458
1
TriNet Group, Inc.
114,759    
1,150
 
United Parcel Service, Inc.
234,439    
1,104
 
Xylem, Inc.
122,158    
 
 
TOTAL
10,518,210
 
 
Information Technology—14.6%
 
1,432
1
Adobe, Inc.
727,943    
2,664
 
Alliance Data Systems Corp.
313,952    
1,705
1
Ambarella, Inc.
166,220    
25,312
 
Apple, Inc.
3,327,515  
3,030
 
Applied Materials, Inc.
402,111    
3
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
857
1
Arista Networks, Inc.
$270,101    
6,945
1
Arrow Electronics, Inc.
792,216    
1,613
 
Broadcom, Inc.
735,851    
4,262
1
Cadence Design Systems, Inc.
561,604    
4,701
1
Cirrus Logic, Inc.
349,801    
4,871
1
Crowdstrike Holdings, Inc.
1,015,652  
4,334
1
Dell Technologies, Inc.
426,162    
29,112
1
DXC Technology Co.
958,076    
2,215
1
EPAM Systems, Inc.
1,013,916  
7,164
1
Fortinet, Inc.
1,463,104  
876
1
Gartner, Inc., Class A
171,591    
10,855
 
HP, Inc.
370,264    
1,491
1
HubSpot, Inc.
784,937    
9,807
 
Intel Corp.
564,197    
1,838
 
Intuit, Inc.
757,550    
3,825
1
MA-COM Technology Solutions Holdings, Inc.
216,533    
3,271
 
Mastercard, Inc.
1,249,718  
11,281
 
Microsoft Corp.
2,844,843  
1,132
 
Motorola, Inc.
213,156    
1,522
 
NVIDIA Corp.
913,778    
9,167
 
Oracle Corp.
694,767    
2,016
1
Palo Alto Networks, Inc.
712,434    
13,438
 
Paychex, Inc.
1,310,071  
269
1
Paycom Software, Inc.
103,406    
2,350
1
Paylocity Corp.
454,114    
5,266
1
PayPal Holdings, Inc.
1,381,219  
9,836
1
Plantronics, Inc.
393,342    
9,835
 
Qualcomm, Inc.
1,365,098  
2,405
1
ServiceNow, Inc.
1,217,820  
8,203
 
Vishay Intertechnology, Inc.
201,548    
31,056
 
Western Union Co.
800,003    
240
1
Workday, Inc.
59,280     
9,197
 
Xerox Holdings Corp.
222,016    
 
 
TOTAL
29,525,909
 
 
Materials—2.2%
 
20,604
1
Alcoa Corp.
754,931    
20,255
1
Allegheny Technologies, Inc.
471,131    
10,596
1
Berry Global Group, Inc.
674,118    
46,185
 
Chemours Co./The
1,394,787  
11,320
1
Domtar, Corp.
446,234    
5,153
 
Dow, Inc
322,062    
1,005
 
Sherwin-Williams Co.
275,239    
 
 
TOTAL
4,338,502
 
 
Real Estate—4.5%
 
22,400
 
Acadia Realty Trust
467,936    
3,600
 
American Campus Communities, Inc.
162,756    
14,400
 
American Homes 4 Rent
533,376    
46,900
 
Braemar Hotels & Resorts, Inc.
307,195    
44,600
1
Chatham Lodging Trust
618,602    
30,000
1
DiamondRock Hospitality Co.
312,600    
4
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Real Estate—continued
 
3,500
 
Duke Realty Corp.
$162,820    
550
 
Equinix, Inc.
396,418    
6,200
 
Equity Residential Properties Trust
460,226    
12,500
 
Hudson Pacific Properties Inc.
351,375    
8,000
 
Invitation Homes, Inc.
280,480    
24,000
 
Kimco Realty Corp.
504,000    
9,500
 
Kite Realty Group Trust
197,695    
4,100
 
Omega Healthcare Investors, Inc.
155,800    
18,000
 
Pebblebrook Hotel Trust
429,840    
7,400
 
Regency Centers Corp.
471,084    
4,900
 
Rexford Industrial Realty, Inc.
272,195    
4,600
 
Safety Income and Growth, Inc.
325,266    
3,100
 
Simon Property Group, Inc.
377,394    
4,500
 
STORE Capital Corp.
161,055    
900
 
Sun Communities, Inc.
150,147    
21,800
1
Sunstone Hotel Investors, Inc.
286,888    
4,750
 
Terreno Realty Corp.
306,470    
10,300
 
UDR, Inc.
478,435    
19,500
 
VICI Properties, Inc.
618,150    
7,100
 
Weyerhaeuser Co.
275,267    
 
 
TOTAL
9,063,470
 
 
Utilities—0.8%
 
2,108
 
Evergy, Inc.
134,849    
15,108
 
Exelon Corp.
678,954    
1,476
 
NextEra Energy, Inc.
114,405    
19,281
 
OGE Energy Corp.
647,070    
1,915
 
Public Service Enterprises Group, Inc.
120,951    
 
 
TOTAL
1,696,229
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $89,866,125)
119,838,006
 
 
CORPORATE BONDS—11.7%
 
 
 
Basic Industry - Chemicals—0.0%
 
$   10,000
 
DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038
12,686     
 
 
Basic Industry - Metals & Mining—0.1%
 
   15,000
 
Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040
18,337     
   62,000
 
Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023
64,714     
  100,000
 
Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023
106,458    
   20,000
 
Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040
27,950     
 
 
TOTAL
217,459
 
 
Capital Goods - Aerospace & Defense—0.6%
 
  200,000
 
BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050
187,321    
  275,000
 
Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025
308,541    
    5,000
 
Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023
5,313      
  110,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025
120,070    
  300,000
 
Leidos, Inc., Sr. Unsecd. Note, 144A, 2.300%, 2/15/2031
286,067    
  170,000
 
Leidos, Inc., Unsecd. Note, 144A, 3.625%, 5/15/2025
185,366    
   10,000
 
Raytheon Technologies Corp., Sr. Unsecd. Note, 3.100%, 11/15/2021
10,079     
   15,000
 
Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028
14,697     
   40,000
2
Textron Financial Corp., Jr. Sub. Note, 144A, 1.929% (3-month USLIBOR +1.735%), 2/15/2042
32,500     
   50,000
 
Textron Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026
55,021     
5
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Capital Goods - Aerospace & Defense—continued
 
$   50,000
 
Textron Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024
$54,320     
 
 
TOTAL
1,259,295
 
 
Capital Goods - Building Materials—0.1%
 
  200,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024
213,375    
 
 
Capital Goods - Construction Machinery—0.0%
 
   10,000
 
CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.375%, 4/5/2022
10,346     
 
 
Capital Goods - Diversified Manufacturing—0.1%
 
   30,000
 
General Electric Capital Corp., Sr. Unsecd. Note, Series GMTN, 3.100%, 1/9/2023
31,296     
   60,000
 
Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027
59,695     
  175,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030
168,711    
 
 
TOTAL
259,702
 
 
Communications - Cable & Satellite—0.1%
 
  145,000
 
Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051
134,230    
   15,000
 
Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038
16,944     
   10,000
 
Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035
11,848     
 
 
TOTAL
163,022
 
 
Communications - Media & Entertainment—0.3%
 
   30,000
 
Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046
39,956     
   20,000
 
Omnicom Group, Inc., Sr. Unsecd. Note, 3.625%, 5/1/2022
20,642     
  400,000
 
ViacomCBS Inc., Sr. Unsecd. Note, 4.750%, 5/15/2025
453,534    
 
 
TOTAL
514,132
 
 
Communications - Telecom Wireless—0.5%
 
  400,000
 
Crown Castle International Corp., Sr. Unsecd. Note, 3.250%, 1/15/2051
378,491    
  150,000
 
Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026
164,988    
  200,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050
222,851    
  200,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 4.875%, 6/19/2049
243,094    
 
 
TOTAL
1,009,424
 
 
Communications - Telecom Wirelines—0.4%
 
  300,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051
289,077    
    5,000
 
AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035
5,678      
   12,000
 
AT&T, Inc., Sr. Unsecd. Note, 144A, 3.500%, 9/15/2053
11,059     
   11,000
 
AT&T, Inc., Sr. Unsecd. Note, 144A, 3.650%, 9/15/2059
10,164     
  150,000
 
Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049
186,749    
   90,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030
95,286     
   90,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024
98,305     
   29,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 144A, 2.987%, 10/30/2056
25,978     
 
 
TOTAL
722,296
 
 
Consumer Cyclical - Automotive—0.1%
 
   10,000
 
DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031
14,949     
  160,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.200%, 7/6/2021
160,396    
   10,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024
10,821     
 
 
TOTAL
186,166
 
 
Consumer Cyclical - Lodging—0.0%
 
   20,000
 
American Campus Communities Operating Partnership LP, Sr. Unsecd. Note, 4.125%, 7/1/2024
21,855     
   30,000
 
Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023
31,389     
 
 
TOTAL
53,244
 
 
Consumer Cyclical - Retailers—0.3%
 
  170,000
 
AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030
198,429    
  250,000
 
AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025
268,180    
   15,000
 
CVS Health Corp., Sr. Unsecd. Note, 3.700%, 3/9/2023
15,880     
6
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Consumer Cyclical - Retailers—continued
 
$   15,000
 
CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025
$16,715     
   10,000
 
WalMart Inc., Sr. Unsecd. Note, 5.625%, 4/1/2040
14,034     
 
 
TOTAL
513,238
 
 
Consumer Cyclical - Services—0.3%
 
  200,000
 
Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023
208,952    
  125,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024
138,811    
   25,000
 
Cintas Corp. No. 2, Sr. Unsecd. Note, 4.300%, 6/1/2021
25,076     
   15,000
 
Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030
15,242     
   10,000
 
University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111
14,639     
   70,000
 
Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025
76,618     
   15,000
 
Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035
18,029     
 
 
TOTAL
497,367
 
 
Consumer Non-Cyclical - Food/Beverage—0.8%
 
   30,000
 
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036
35,551     
   85,000
 
Campbell Soup Co., Sr. Unsecd. Note, 2.375%, 4/24/2030
84,556     
  300,000
 
Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026
322,819    
  140,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026
152,431    
   80,000
 
General Mills, Inc., Sr. Unsecd. Note, 144A, 3.000%, 2/1/2051
76,026     
  270,000
 
Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028
296,420    
  200,000
 
Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023
207,917    
   15,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045
17,783     
   50,000
 
Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025
56,327     
  235,000
 
PepsiCo, Inc., Sr. Unsecd. Note, 3.625%, 3/19/2050
260,048    
 
 
TOTAL
1,509,878
 
 
Consumer Non-Cyclical - Health Care—0.2%
 
  135,000
 
Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029
140,152    
  180,000
 
Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030
189,591    
   10,000
 
Laboratory Corp. of America Holdings, Sr. Unsecd. Note, 3.750%, 8/23/2022
10,341     
 
 
TOTAL
340,084
 
 
Consumer Non-Cyclical - Pharmaceuticals—0.4%
 
  500,000
 
AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049
567,503    
   15,000
 
Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045
17,421     
   10,000
 
Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039
11,713     
   15,000
 
Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036
16,995     
  165,000
 
Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050
159,331    
 
 
TOTAL
772,963
 
 
Consumer Non-Cyclical - Supermarkets—0.0%
 
   10,000
 
Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047
11,542     
 
 
Energy - Independent—0.4%
 
  250,000
 
Canadian Natural Resources Ltd., 3.900%, 2/1/2025
271,345    
  125,000
 
Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027
136,792    
   20,000
 
EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027
20,877     
  475,000
 
Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031
449,555    
 
 
TOTAL
878,569
 
 
Energy - Integrated—0.7%
 
  300,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028
337,360    
  135,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026
145,830    
   20,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.224%, 4/14/2024
21,468     
    5,000
 
ConocoPhillips, Company Guarantee, 6.500%, 2/1/2039
7,184      
  270,000
 
Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025
290,847    
7
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Energy - Integrated—continued
 
$   75,000
 
Husky Energy, Inc., 4.000%, 4/15/2024
$80,389     
  240,000
 
Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029
261,702    
  275,000
 
Suncor Energy, Inc., Sr. Unsecd. Note, 3.750%, 3/4/2051
275,523    
 
 
TOTAL
1,420,303
 
 
Energy - Midstream—0.4%
 
   20,000
 
Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027
23,231     
  115,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025
124,609    
   75,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024
82,057     
   10,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045
11,642     
  170,000
 
Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027
190,260    
   20,000
 
Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038
27,301     
   40,000
 
MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027
44,564     
    5,000
 
MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038
5,498      
  225,000
 
MPLX LP, Sr. Unsecd. Note, 5.500%, 2/15/2049
274,131    
   20,000
 
Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022
20,507     
   10,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028
10,775     
 
 
TOTAL
814,575
 
 
Energy - Refining—0.0%
 
   15,000
 
HollyFrontier Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026
17,236     
   15,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048
16,141     
   10,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041
13,288     
   15,000
 
Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028
16,756     
 
 
TOTAL
63,421
 
 
Financial Institution - Banking—1.6%
 
   74,000
 
American Express Co., 2.650%, 12/2/2022
76,746     
  300,000
 
Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026
331,229    
   10,000
 
Bank of America Corp., Sr. Unsecd. Note, Series MTN, 3.499%, 5/17/2022
10,011     
  100,000
 
Bank of America Corp., Sr. Unsecd. Note, Series MTN, 5.000%, 5/13/2021
100,120    
  200,000
 
Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025
220,146    
   15,000
 
Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024
16,543     
   15,000
 
Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026
17,001     
   20,000
 
Bank of New York Mellon, N.A., 3.400%, 5/15/2024
21,720     
   40,000
 
Citigroup, Inc., Sr. Unsecd. Note, 2.876%, 7/24/2023
41,191     
   15,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.142%, 1/24/2023
15,288     
  250,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025
272,177    
  170,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026
186,261    
   15,000
 
Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027
17,054     
   30,000
 
Comerica, Inc., 3.800%, 7/22/2026
33,153     
   75,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024
80,852     
   40,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023
41,961     
  275,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023
290,413    
  150,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041
214,604    
   10,000
3
JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 10/1/2024
10,894     
   25,000
3
JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 8/1/2024
26,367     
   20,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024
21,206     
   15,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038
16,659     
  400,000
 
JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023
423,081    
  300,000
 
Morgan Stanley, 4.300%, 1/27/2045
354,722    
   15,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.125%, 1/23/2023
15,708     
   15,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025
16,736     
8
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Financial Institution - Banking—continued
 
$   15,000
 
Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023
$16,054     
   10,000
 
State Street Corp., Sub. Deb., 3.031%, 11/1/2034
10,434     
   45,000
 
Sumitomo Mitsui Financial Group, Inc., Sr. Unsecd. Note, 3.102%, 1/17/2023
47,093     
  250,000
 
US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030
234,866    
   10,000
 
Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026
11,247     
   10,000
 
Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031
11,151     
 
 
TOTAL
3,202,688
 
 
Financial Institution - Broker/Asset Mgr/Exchange—0.1%
 
   80,000
 
Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026
88,320     
   70,000
 
Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028
79,679     
   15,000
 
XLIT Ltd., Sub., 4.450%, 3/31/2025
16,797     
 
 
TOTAL
184,796
 
 
Financial Institution - Finance Companies—0.2%
 
  150,000
 
AerCap Ireland Capital Ltd / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024
164,476    
  250,000
 
GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035
287,940    
 
 
TOTAL
452,416
 
 
Financial Institution - Insurance - Life—0.7%
 
  200,000
 
Aflac, Inc., Sr. Unsecd. Note, 3.625%, 6/15/2023
213,836    
  400,000
 
AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040
400,129    
   25,000
 
American International Group, Inc., 4.500%, 7/16/2044
28,810     
   35,000
 
American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024
38,302     
  125,000
 
American International Group, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2028
141,458    
  220,000
 
Belrose Funding Trust, Sr. Unsecd. Note, 2.330%, 8/15/2030
212,966    
   10,000
 
Lincoln National Corp., Sr. Unsecd. Note, 4.200%, 3/15/2022
10,351     
   15,000
 
MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036
19,046     
   10,000
 
MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039
16,946     
  250,000
 
MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024
272,216    
   15,000
 
Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040
21,412     
   10,000
 
Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023
10,584     
   10,000
 
Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022
10,384     
   50,000
 
Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040
66,832     
 
 
TOTAL
1,463,272
 
 
Financial Institution - Insurance - P&C—0.2%
 
   10,000
 
Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048
11,795     
   65,000
 
Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039
109,327    
   55,000
 
Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050
59,143     
  205,000
 
Nationwide Mutual Insurance Co., Sub., 144A, 4.950%, 4/22/2044
232,961    
 
 
TOTAL
413,226
 
 
Financial Institution - REIT - Apartment—0.1%
 
   20,000
 
Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022
20,735     
  200,000
 
UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032
189,158    
   70,000
 
UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026
74,931     
 
 
TOTAL
284,824
 
 
Financial Institution - REIT - Healthcare—0.1%
 
  185,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027
195,555    
 
 
Financial Institution - REIT - Office—0.0%
 
   70,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028
78,585     
 
 
Financial Institution - REIT - Other—0.1%
 
  105,000
 
WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029
114,889    
9
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Financial Institution - REIT - Other—continued
 
$   75,000
 
WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024
$82,348     
 
 
TOTAL
197,237
 
 
Financial Institution - REIT - Retail—0.2%
 
  300,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 2.700%, 10/1/2030
304,135    
   50,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022
52,013     
 
 
TOTAL
356,148
 
 
Financial Institution - REITs—0.0%
 
   60,000
 
Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030
62,108     
 
 
Supranational—0.0%
 
   30,000
 
Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022
31,360     
 
 
Technology—0.6%
 
   10,000
 
Apple, Inc., 3.850%, 5/4/2043
11,510     
   30,000
 
Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023
31,276     
  200,000
 
Apple, Inc., Sr. Unsecd. Note, 2.950%, 9/11/2049
197,549    
   70,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051
67,751     
   20,000
 
Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042
23,787     
  240,000
 
Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Secd. Note, 144A, 6.020%, 6/15/2026
286,499    
  125,000
 
Equifax, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2021
125,000    
  110,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029
119,319    
   20,000
 
Ingram Micro, Inc., Sr. Unsecd. Note, 5.000%, 8/10/2022
20,688     
  265,000
 
Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025
290,330    
    7,000
 
Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052
7,009      
    8,000
 
Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036
8,931      
   10,000
 
Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022
10,488     
   50,000
 
Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045
65,477     
 
 
TOTAL
1,265,614
 
 
Technology Services—0.0%
 
    5,000
 
Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029
5,276      
 
 
Transportation - Airlines—0.1%
 
   30,000
 
Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024
30,280     
  110,000
 
Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025
126,053    
 
 
TOTAL
156,333
 
 
Transportation - Railroads—0.2%
 
   50,000
 
Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040
68,508     
   30,000
 
Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023
31,239     
  225,000
 
Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026
242,396    
 
 
TOTAL
342,143
 
 
Transportation - Services—0.2%
 
   15,000
 
Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042
19,776     
   20,000
 
FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035
22,135     
   25,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.650%, 7/29/2021
25,127     
   70,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022
71,214     
  200,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023
212,890    
  125,000
 
United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025
139,059    
 
 
TOTAL
490,201
 
 
Utility - Electric—1.2%
 
   70,000
 
Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050
77,534     
   70,000
 
Electricite de France SA, Note, 144A, 5.600%, 1/27/2040
91,477     
  300,000
 
Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028
347,546    
  140,000
 
Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046
160,532    
10
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Utility - Electric—continued
 
$  280,000
 
Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.625%, 9/14/2025
$318,446    
  170,000
 
EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026
184,387    
  200,000
 
Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026
217,933    
  100,000
 
Exelon Generation Co. LLC, Sr. Unsecd. Note, 4.250%, 6/15/2022
103,369    
  110,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046
119,353    
   25,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032
37,089     
  250,000
 
PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026
269,222    
  175,000
 
Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026
189,069    
  300,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030
283,006    
 
 
TOTAL
2,398,963
 
 
Utility - Natural Gas—0.3%
 
   50,000
 
Enbridge Energy Partners LP, Sr. Unsecd. Note, 4.200%, 9/15/2021
50,220     
   65,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023
68,023     
  445,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026
516,222    
   15,000
 
Sempra Energy, Sr. Unsecd. Note, 2.900%, 2/1/2023
15,618     
    5,000
 
TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037
6,613      
 
 
TOTAL
656,696
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $21,931,128)
23,680,528
 
 
U.S. TREASURIES—1.9%
 
 
 
Treasury Inflation-Indexed Note—1.9%
 
  459,941
 
U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2030
503,742    
  769,230
 
U.S. Treasury Inflation-Protected Notes, 0.125%, 7/15/2030
845,202    
1,601,135
 
U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2031
1,746,833  
  202,008
 
U.S. Treasury Inflation-Protected Notes, 0.125%, 2/15/2051
207,930    
  547,219
 
U.S. Treasury Inflation-Protected Notes, 0.250%, 2/15/2050
582,431    
 
 
TOTAL U.S. TREASURIES
(IDENTIFIED COST $3,950,073)
3,886,138
 
 
ASSET-BACKED SECURITIES—1.0%
 
 
 
Auto Receivables—0.3%
 
  400,000
 
Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025
411,086    
   90,000
 
World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027
89,542     
 
 
TOTAL
500,628
 
 
Equipment Lease—0.3%
 
  500,000
 
HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030
505,323    
 
 
Other—0.2%
 
  450,000
 
PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026
454,264    
 
 
Student Loans—0.2%
 
  463,461
 
Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069
464,996    
 
 
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $1,903,178)
1,925,211
 
 
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.9%
 
 
 
Commercial Mortgage—0.9%
 
  190,000
 
Bank, Class A4, 3.488%, 11/15/2050
209,505    
  200,000
 
Commercial Mortgage Trust 2013-CR8, Class B, 4.080%, 6/10/2046
206,484    
   58,106
 
Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025
60,030     
  395,620
 
Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 5/25/2029
405,601    
  350,000
 
Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026
374,725    
  200,000
 
FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.744%, 11/25/2045
207,067    
  200,000
 
JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049
216,456    
11
Shares or
Principal
Amount
 
 
Value
 
 
COMMERCIAL MORTGAGE-BACKED SECURITIES—continued
 
 
 
Commercial Mortgage—continued
 
$  100,000
 
Morgan Stanley Capital I 2012-C4, Class AS, 3.773%, 3/15/2045
$101,687    
 
 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $1,725,692)
1,781,555
 
 
MORTGAGE-BACKED SECURITIES—0.3%
 
 
 
Federal Home Loan Mortgage Corporation—0.0%
 
   35,360
 
Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044
38,900     
 
 
Federal National Mortgage Association—0.3%
 
    8,267
 
Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035
9,589      
    1,076
 
Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033
1,236      
   30,189
 
Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040
33,235     
   52,002
 
Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043
56,715     
   38,901
 
Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040
43,709     
   21,063
 
Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042
22,493     
   26,364
 
Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043
28,137     
   20,602
 
Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028
21,832     
   33,461
 
Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048
36,253     
   14,905
 
Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048
15,674     
   21,826
 
Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048
23,238     
   21,679
 
Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047
23,102     
   21,570
 
Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049
22,569     
   17,664
 
Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049
18,939     
   36,081
 
Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047
38,101     
   16,985
 
Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049
18,226     
   28,682
 
Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040
32,931     
   29,952
 
Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041
33,654     
   33,553
 
Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043
35,809     
   39,352
 
Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031
41,291     
 
 
TOTAL
556,733
 
 
Government National Mortgage Association—0.0%
 
   20,266
 
Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042
22,166     
   14,150
 
Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043
15,619     
 
 
TOTAL
37,785
 
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $596,489)
633,418
 
 
GOVERNMENT AGENCY—0.1%
 
 
 
Federal National Mortgage Association—0.1%
 
  250,000
 
Federal National Mortgage Association Notes, 0.625%, 4/22/2025
(IDENTIFIED COST $249,589)
249,776    
 
 
MUNICIPAL BOND—0.0%
 
   30,000
 
Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030
(IDENTIFIED COST $33,609)
37,403     
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS—0.0%
 
 
 
Federal Home Loan Mortgage Corporation—0.0%
 
      292
 
Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022
302        
      337
 
Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022
347        
    2,718
 
Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032
3,093      
 
 
TOTAL
3,742
 
 
Federal National Mortgage Association—0.0%
 
    1,206
2
Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.748% (10-year Constant Maturity Treasury
+48.285%), 7/25/2023
1,273      
12
Shares or
Principal
Amount
 
 
Value
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS—continued
 
 
 
Federal National Mortgage Association—continued
 
$      571
 
Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033
$602        
 
 
TOTAL
1,875
 
 
Non-Agency Mortgage—0.0%
 
      163
4
Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.295%, 3/25/2031
164        
 
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $5,472)
5,781
 
 
EXCHANGE-TRADED FUNDS—9.6%
 
72,600
 
iShares Core MSCI Emerging Markets ETF
4,753,122  
188,500
 
iShares MSCI EAFE ETF
14,723,735 
 
 
Total Exchange-Traded Funds
(IDENTIFIED COST $17,349,920)
19,476,857
 
 
INVESTMENT COMPANIES—15.2%
 
436,363
 
Bank Loan Core Fund
4,210,907  
340,766
 
Emerging Markets Core Fund
3,479,215  
7,315,729
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.05%5
7,317,192  
919,052
 
High Yield Bond Core Fund
5,845,169  
661,849
 
Mortgage Core Fund
6,585,395  
358,883
 
Project and Trade Finance Core Fund
3,176,117  
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $30,798,597)
30,613,995
 
 
TOTAL INVESTMENT IN SECURITIES—100%
(IDENTIFIED COST $168,409,872)
202,128,668
 
 
OTHER ASSETS AND LIABILITIES - NET—0.0%6
5,626
 
 
TOTAL NET ASSETS—100%
$202,134,294
At April 30, 2021, 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 Notes 2-Year Long Futures
68
$15,011,531
June 2021
$(10,458)
1United States Treasury Notes 10-Year Long Futures
7
$924,219
June 2021
$(10,002)
Short Futures:
 
 
 
 
1United States Treasury Notes 5-Year Short Futures
10
$1,239,375
June 2021
$64
1United States Treasury Notes 10-Year Ultra Short Futures
22
$3,202,032
June 2021
$(9,580)
1United States Treasury Ultra Bond Short Futures
1
$185,906
June 2021
$(1,315)
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS
$(31,291)
The average notional value of long and short futures contracts held by the Fund throughout the period was $13,842,400 and $2,703,592, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
Net Unrealized Depreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
13
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended April 30, 2021, were as follows:  
Affiliates
Value as of
7/31/2020
Purchases
at Cost
Proceeds
from Sales
Bank Loan Core Fund
$2,617,248
$3,424,554
$(1,970,000)
Emerging Markets Core Fund
$3,240,602
$1,570,031
$(1,391,880)
Federated Hermes Government Obligations Fund, Premier Shares*
$1,431,638
$52,165,447
$(53,597,085)
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares
$5,427,864
$34,172,875
$(32,282,172)
High Yield Bond Core Fund
$3,878,566
$2,901,294
$(1,086,000)
Mortgage Core Fund
$11,545,574
$1,670,846
$(6,455,370)
Project and Trade Finance Core Fund
$2,538,696
$613,681
$—
TOTAL OF AFFILIATED TRANSACTIONS
$30,680,188
$96,518,728
$(96,782,507)
14
 
Change in
Unrealized
Appreciation/
Depreciation
Net
Realized
Gain/
(Loss)
Value as of
4/30/2021
Shares
Held as of
4/30/2021
Dividend
Income
$86,901
$52,204
$4,210,907
436,363
$113,494
$(33,973)
$94,435
$3,479,215
340,766
$148,551
N/A
N/A
$—
—
$364
$(461)
$(914)
$7,317,192
7,315,729
$2,762
$95,708
$55,601
$5,845,169
919,052
$205,544
$(172,585)
$(3,070)
$6,585,395
661,849
$182,207
$23,740
$—
$3,176,117
358,883
$59,480
$(670)
$198,256
$30,613,995
10,032,642
$712,402
 
*
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
Floating/variable note with current rate and current maturity or next reset date shown.
3
Perpetual Bond Security. The maturity date reflects the next call date.
4
JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns’ outstanding registered debt securities.
5
7-day net yield.
6
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2021.
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 Adviser’s 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 methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
15
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 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 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.
16
The following is a summary of the inputs used, as of April 30, 2021, 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
$118,965,298
$—
$—
$118,965,298
International
872,708
—
—
872,708
Debt Securities:
 
 
 
 
Corporate Bonds
—
23,680,528
—
23,680,528
U.S. Treasuries
—
3,886,138
—
3,886,138
Asset-Backed Securities
—
1,925,211
—
1,925,211
Commercial Mortgage-Backed Securities
—
1,781,555
—
1,781,555
Mortgage-Backed Securities
—
633,418
—
633,418
Government Agencies
—
249,776
—
249,776
Municipal Bonds
—
37,403
—
37,403
Collateralized Mortgage Obligations
—
5,781
—
5,781
Exchange-Traded Funds
19,476,857
—
—
19,476,857
Investment Companies1
27,437,878
—
—
30,613,995
TOTAL SECURITIES
$166,752,741
$32,199,810
$—
$202,128,668
Other Financial Instruments:2
 
 
 
 
Assets
$64
$—
$—
$64
Liabilities
(31,355)
—
—
(31,355)
TOTAL OTHER FINANCIAL INSTRUMENTS
$(31,291)
$—
$—
$(31,291)
 
1
As permitted by U.S. generally accepted accounting principles, an Investment Company valued at $3,176,117 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
LIBOR
—London Interbank Offered Rate
MTN
—Medium Term Note
REIT
—Real Estate Investment Trust
REMIC
—Real Estate Mortgage Investment Conduit
17