NPORT-EX 2 poi_fhmdtbalancedfund.htm POI - FEDERATED HERMES MDT BALANCED FUND EDGAR HTML
Federated Hermes MDT Balanced Fund
Portfolio of Investments
April 30, 2024 (unaudited)  
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—59.2%
 
 
 
Communication Services—5.0%
 
20,380
1
Alphabet, Inc., Class A
$3,317,456
83,798
1
Altice USA, Inc.
161,730
19,336
1
CarGurus, Inc.
434,287
21,112
1
Cars.com, Inc.
352,782
2,819
 
Comcast Corp., Class A
107,432
1,085
 
Electronic Arts, Inc.
137,600
751
1
Live Nation Entertainment, Inc.
66,771
6,946
1
Meta Platforms, Inc.
2,987,961
263
1
Netflix, Inc.
144,818
9,323
1
Spotify Technology SA
2,614,542
20,247
1
ZoomInfo Technologies, Inc.
321,117
 
 
TOTAL
10,646,496
 
 
Consumer Discretionary—6.4%
 
27,106
 
Advance Auto Parts, Inc.
1,978,196
1,952
1
Airbnb, Inc.
309,529
17,173
1
Amazon.com, Inc.
3,005,275
171
1
AutoZone, Inc.
505,544
7,708
1
Cava Group, Inc.
554,513
4,472
1
DoorDash, Inc.
578,051
4,559
 
eBay, Inc.
234,971
7,687
1
Expedia Group, Inc.
1,034,901
22,641
 
Ford Motor Co.
275,088
45,240
 
Gap (The), Inc.
928,325
633
 
Genuine Parts Co.
99,514
15,297
1
Goodyear Tire & Rubber Co.
182,952
1,392
 
McDonald’s Corp.
380,072
644
 
Murphy USA, Inc.
266,500
480
1
O’Reilly Automotive, Inc.
486,365
4,143
 
PVH Corp.
450,758
7,071
1
Royal Caribbean Cruises, Ltd.
987,324
12,680
1
Under Armour, Inc., Class A
85,336
3,544
 
Wingstop, Inc.
1,363,696
 
 
TOTAL
13,706,910
 
 
Consumer Staples—3.9%
 
11,638
 
Albertsons Cos., Inc.
237,415
3,816
1
Bellring Brands, Inc.
210,529
271
 
Coca-Cola Bottling Co.
223,846
17,312
 
Colgate-Palmolive Co.
1,591,319
1,308
 
Costco Wholesale Corp.
945,553
20,502
1
Hain Celestial Group, Inc.
125,882
4,345
 
Kimberly-Clark Corp.
593,223
17,010
 
Kroger Co.
942,014
10,331
1
Maplebear, Inc.
352,597
11,803
 
PepsiCo, Inc.
2,076,266
4,699
 
Procter & Gamble Co.
766,877
1
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Consumer Staples—continued
 
3,540
 
WalMart, Inc.
$210,099
 
 
TOTAL
8,275,620
 
 
Energy—1.7%
 
1,353
 
Cheniere Energy, Inc.
213,531
2,715
 
Devon Energy Corp.
138,954
21,158
 
Marathon Oil Corp.
568,092
9,482
 
Marathon Petroleum Corp.
1,723,069
383
 
Valero Energy Corp.
61,230
7,194
1
Weatherford International PLC
889,322
 
 
TOTAL
3,594,198
 
 
Financials—8.5%
 
1,697
 
Aflac, Inc.
141,954
4,652
 
Ameriprise Financial, Inc.
1,915,647
878
 
Aon PLC
247,605
4,434
 
Apollo Global Management, Inc.
480,557
886
1
Arch Capital Group Ltd.
82,876
24,077
 
Bank of New York Mellon Corp.
1,360,110
1,512
 
Cboe Global Markets, Inc.
273,899
1,026
 
Chubb Ltd.
255,105
1,375
1
Coinbase Global, Inc.
280,404
10,874
2
Corebridge Financial, Inc.
288,813
3,724
1
Fiserv, Inc.
568,543
2,807
 
Globe Life, Inc.
213,809
9,581
1
Green Dot Corp.
83,834
928
 
Hartford Financial Services Group, Inc.
89,914
15,952
 
Huntington Bancshares, Inc.
214,873
9,784
 
Interactive Brokers Group, Inc., Class A
1,126,334
23,666
 
Jackson Financial, Inc.
1,616,861
3,965
 
JPMorgan Chase & Co.
760,249
729
 
Marsh & McLennan Cos., Inc.
145,385
516
 
Mastercard, Inc.
232,819
367
 
MSCI, Inc., Class A
170,945
8,618
 
Northern Trust Corp.
710,037
7,605
1
PayPal Holdings, Inc.
516,532
1,156
 
Progressive Corp., OH
240,737
20,690
 
Prudential Financial, Inc.
2,285,831
1,354
1
Ryan Specialty Group Holdings, Inc.
66,806
11,415
 
State Street Corp.
827,473
8,587
 
The Travelers Cos., Inc.
1,821,818
10,476
 
Virtu Financial, Inc.
227,329
1,957
 
Visa, Inc., Class A
525,670
31,056
 
Western Union Co.
417,393
 
 
TOTAL
18,190,162
 
 
Health Care—7.5%
 
22,267
 
AbbVie, Inc.
3,621,505
377
1
Align Technology, Inc.
106,457
2,568
 
Amgen, Inc.
703,478
7,913
1
AnaptysBio, Inc.
192,602
1,842
1
Biogen, Inc.
395,699
1,041
 
Cardinal Health, Inc.
107,265
2
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
12,949
1
Centene Corp.
$946,054
15,524
1
Community Health Systems, Inc.
51,229
3,717
 
CVS Health Corp.
251,678
51,357
1
Elanco Animal Health, Inc.
675,858
784
 
Elevance Health, Inc.
414,407
1,814
 
Eli Lilly & Co.
1,416,915
3,005
1
GE HealthCare Technologies, Inc.
229,101
16,697
 
Gilead Sciences, Inc.
1,088,644
741
1
Illumina, Inc.
91,180
11,363
1
Incyte Genomics, Inc.
591,444
12,023
 
Johnson & Johnson
1,738,406
525
 
McKesson Corp.
282,035
11,624
 
Merck & Co., Inc.
1,502,053
407
1
Molina Healthcare, Inc.
139,235
6,587
1
Myriad Genetics, Inc.
128,908
6,280
1
Nevro Corp.
66,442
5,672
1
Omnicell, Inc.
152,066
724
 
Teleflex, Inc.
151,135
242
 
The Cigna Group
86,404
1,377
 
UnitedHealth Group, Inc.
666,055
1,001
1
Vertex Pharmaceuticals, Inc.
393,203
 
 
TOTAL
16,189,458
 
 
Industrials—5.9%
 
4,790
 
3M Co.
462,283
1,710
 
AGCO Corp.
195,265
1,571
 
Allegion PLC
190,971
8,207
 
Allison Transmission Holdings, Inc.
603,625
12,831
1
Atmus Filtration Technologies, Inc.
388,651
248
 
Automatic Data Processing, Inc.
59,989
5,262
 
Booz Allen Hamilton Holding Corp.
777,039
478
1
Builders Firstsource, Inc.
87,388
1,301
 
Caterpillar, Inc.
435,276
7,027
1
Core & Main, Inc.
396,815
576
 
Emerson Electric Co.
62,081
2,051
 
Fortive Corp.
154,379
3,650
 
General Electric Co.
590,643
393
 
Huntington Ingalls Industries, Inc.
108,833
238
 
Illinois Tool Works, Inc.
58,098
2,095
 
Lennox International, Inc.
970,865
1,342
 
Manpower, Inc.
101,254
4,660
 
Masco Corp.
318,977
19,520
1
NEXTracker, Inc.
835,261
6,288
 
Otis Worldwide Corp.
573,466
1,430
 
PACCAR, Inc.
151,737
9,954
 
Paychex, Inc.
1,182,635
17,484
 
Pitney Bowes, Inc.
74,482
592
 
Rockwell Automation, Inc.
160,408
984
 
Ryder System, Inc.
119,900
6,476
1
SPX Technologies, Inc.
788,841
902
 
Trane Technologies PLC
286,241
3
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Industrials—continued
 
13,665
1
Uber Technologies, Inc.
$905,579
6,593
 
Verisk Analytics, Inc.
1,437,010
2,397
1
XPO, Inc.
257,582
 
 
TOTAL
12,735,574
 
 
Information Technology—14.7%
 
34,753
 
Apple, Inc.
5,919,478
3,375
1
AppLovin Corp.
238,174
3,510
1
Arista Networks, Inc.
900,526
2,290
1
Box, Inc.
59,586
1,931
1
Braze, Inc.
80,909
916
1
Cadence Design Systems, Inc.
252,477
3,677
1
Cerence, Inc.
33,497
4,701
1
Cirrus Logic, Inc.
416,368
15,991
 
Cisco Systems, Inc.
751,257
2,931
1
Commvault Systems, Inc.
300,340
5,370
1
Crowdstrike Holdings, Inc.
1,570,940
14,042
1
DXC Technology Co.
273,679
14,837
1
GoDaddy, Inc.
1,815,752
14,151
 
Hewlett Packard Enterprise Co.
240,567
448
1
HubSpot, Inc.
270,982
14,555
 
Microsoft Corp.
5,666,698
40,209
1
Nutanix, Inc.
2,440,686
4,293
 
NVIDIA Corp.
3,709,238
17,959
 
Pegasystems, Inc.
1,067,124
9,178
 
Qualcomm, Inc.
1,522,171
2,634
1
Salesforce, Inc.
708,388
2,162
1
ServiceNow, Inc.
1,498,979
1,370
 
TD SYNNEX Corp.
161,441
7,238
 
Vishay Intertechnology, Inc.
167,487
1,978
1
Workday, Inc.
484,076
9,197
 
Xerox Holdings Corp.
122,228
3,591
1
Zoom Video Communications, Inc.
219,410
4,334
1
Zscaler, Inc.
749,522
 
 
TOTAL
31,641,980
 
 
Materials—1.0%
 
3,051
1
Axalta Coating Systems Ltd.
95,923
2,792
1
Berry Global Group, Inc.
158,139
4,793
1
Knife River Corp.
374,765
5,479
 
Mosaic Co./The
171,986
5,482
 
PPG Industries, Inc.
707,178
1,194
 
Sherwin-Williams Co.
357,734
1,682
 
Steel Dynamics, Inc.
218,862
2,897
1
Summit Materials, Inc.
112,693
 
 
TOTAL
2,197,280
 
 
Real Estate—2.8%
 
12,500
 
Acadia Realty Trust
216,000
4,600
 
American Homes 4 Rent
164,680
700
 
Avalonbay Communities, Inc.
132,699
14,000
 
DiamondRock Hospitality Co.
124,600
3,400
 
Digital Realty Trust, Inc.
471,852
4
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Real Estate—continued
 
1,750
 
EastGroup Properties, Inc.
$271,880
450
 
Equinix, Inc.
319,999
700
 
Essex Property Trust, Inc.
172,375
12,700
 
Host Hotels & Resorts, Inc.
239,649
3,200
 
Invitation Homes, Inc.
109,440
14,000
 
Kite Realty Group Trust
305,200
24,500
 
Macerich Co. (The)
337,120
22,000
 
Park Hotels & Resorts, Inc.
354,860
11,000
 
Pebblebrook Hotel Trust
159,830
3,800
 
ProLogis, Inc.
387,790
3,500
 
Rexford Industrial Realty, Inc.
149,835
2,900
 
Ryman Hospitality Properties, Inc.
305,892
3,000
 
Simon Property Group, Inc.
421,590
2,450
 
Sun Communities, Inc.
272,734
2,200
 
Ventas, Inc.
97,416
12,900
 
VICI Properties, Inc.
368,295
5,400
 
Welltower, Inc.
514,512
 
 
TOTAL
5,898,248
 
 
Utilities—1.8%
 
7,214
 
Constellation Energy Corp.
1,341,371
34,183
 
Vistra Corp.
2,592,439
 
 
TOTAL
3,933,810
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $102,255,251)
127,009,736
 
 
CORPORATE BONDS—10.1%
 
 
 
Basic Industry - Chemicals—0.0%
 
$   10,000
 
DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038
9,484
 
 
Basic Industry - Metals & Mining—0.1%
 
200,000
 
Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.500%, 5/2/2033
195,154
15,000
 
Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040
14,746
 
 
TOTAL
209,900
 
 
Capital Goods - Aerospace & Defense—0.5%
 
200,000
 
BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050
127,453
275,000
 
Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025
271,644
110,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025
107,717
300,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031
242,091
170,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025
166,086
15,000
 
Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028
13,838
40,000
3
Textron Financial Corp., Jr. Sub. Note, 144A, 7.303% (CME Term SOFR 3 Month +1.996%), 2/15/2042
34,458
50,000
 
Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026
48,557
 
 
TOTAL
1,011,844
 
 
Capital Goods - Building Materials—0.1%
 
200,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024
197,717
85,000
 
Carrier Global Corp., Sr. Unsecd. Note, 6.200%, 3/15/2054
88,698
 
 
TOTAL
286,415
 
 
Capital Goods - Construction Machinery—0.2%
 
205,000
 
Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033
196,421
255,000
 
CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028
245,553
 
 
TOTAL
441,974
5
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Capital Goods - Diversified Manufacturing—0.1%
 
$60,000
 
Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027
$53,387
75,000
 
Wabtec Corp., Sr. Unsecd. Note, 5.611%, 3/11/2034
73,756
 
 
TOTAL
127,143
 
 
Communications - Cable & Satellite—0.2%
 
300,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 2.250%, 1/15/2029
250,491
145,000
 
Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051
86,548
15,000
 
Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038
12,435
10,000
 
Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035
9,019
 
 
TOTAL
358,493
 
 
Communications - Media & Entertainment—0.0%
 
30,000
 
Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046
27,753
 
 
Communications - Telecom Wireless—0.5%
 
250,000
 
American Tower Corp., Sr. Unsecd. Note, 5.450%, 2/15/2034
242,990
150,000
 
Crown Castle, Inc., Sr. Unsecd. Note, 3.700%, 6/15/2026
144,048
350,000
 
Crown Castle, Inc., Sr. Unsecd. Note, 5.100%, 5/1/2033
330,705
300,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 5.050%, 7/15/2033
287,560
180,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 5.500%, 1/15/2055
169,110
 
 
TOTAL
1,174,413
 
 
Communications - Telecom Wirelines—0.2%
 
12,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.500%, 9/15/2053
7,917
300,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051
206,773
11,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2059
7,142
5,000
 
AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035
4,491
150,000
 
Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049
135,848
90,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030
79,462
 
 
TOTAL
441,633
 
 
Consumer Cyclical - Automotive—0.3%
 
275,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.050%, 3/5/2031
270,583
175,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032
144,372
175,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031
172,962
10,000
 
Mercedes-Benz Finance NA LLC, Co. Guarantee, 8.500%, 1/18/2031
11,842
 
 
TOTAL
599,759
 
 
Consumer Cyclical - Retailers—0.3%
 
170,000
 
AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030
159,458
250,000
 
AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025
244,318
250,000
 
WalMart, Inc., Sr. Unsecd. Note, 4.500%, 4/15/2053
217,720
 
 
TOTAL
621,496
 
 
Consumer Cyclical - Services—0.1%
 
125,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024
123,849
15,000
 
Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030
13,236
10,000
 
University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111
9,418
70,000
 
Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025
67,837
15,000
 
Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035
13,664
 
 
TOTAL
228,004
 
 
Consumer Non-Cyclical - Food/Beverage—0.4%
 
30,000
 
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036
27,941
300,000
 
Constellation Brands, Inc., Sr. Unsecd. Note, 4.900%, 5/1/2033
283,121
300,000
 
Danone S.A., Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026
282,823
270,000
 
Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028
254,045
6
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Consumer Non-Cyclical - Food/Beverage—continued
 
$15,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045
$13,534
 
 
TOTAL
861,464
 
 
Consumer Non-Cyclical - Health Care—0.2%
 
15,000
 
CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025
14,804
105,000
 
GE Healthcare Holding LLC, Sr. Unsecd. Note, 6.377%, 11/22/2052
111,992
300,000
 
HCA, Inc., Sr. Unsecd. Note, 5.500%, 6/1/2033
291,545
 
 
TOTAL
418,341
 
 
Consumer Non-Cyclical - Pharmaceuticals—0.2%
 
500,000
 
AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049
408,863
15,000
 
Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045
12,318
10,000
 
Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039
8,459
15,000
 
Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036
12,823
 
 
TOTAL
442,463
 
 
Consumer Non-Cyclical - Tobacco—0.3%
 
245,000
 
BAT Capital Corp., Sr. Unsecd. Note, 6.000%, 2/20/2034
243,635
450,000
 
Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032
453,218
 
 
TOTAL
696,853
 
 
Energy - Independent—0.1%
 
125,000
 
Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027
111,045
20,000
 
EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027
18,880
125,000
 
Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053
135,100
 
 
TOTAL
265,025
 
 
Energy - Integrated—0.4%
 
135,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026
129,296
300,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028
285,454
170,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 4.893%, 9/11/2033
163,409
5,000
 
ConocoPhillips Co., Sr. Unsecd. Note, 4.025%, 3/15/2062
3,686
270,000
 
Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025
264,499
 
 
TOTAL
846,344
 
 
Energy - Midstream—0.4%
 
125,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032
105,793
115,000
 
Energy Transfer LP, Sr. Unsecd. Note, 4.050%, 3/15/2025
113,265
20,000
 
Energy Transfer LP, Sr. Unsecd. Note, 5.500%, 6/1/2027
19,905
115,000
 
Energy Transfer LP, Sr. Unsecd. Note, 5.950%, 5/15/2054
108,461
10,000
 
Energy Transfer LP, Sr. Unsecd. Note, 6.125%, 12/15/2045
9,616
170,000
 
Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027
164,325
20,000
 
Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038
21,330
40,000
 
MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027
38,573
5,000
 
MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038
4,275
190,000
 
ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032
193,085
70,000
 
Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033
61,819
10,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028
9,658
 
 
TOTAL
850,105
 
 
Energy - Oil Field Services—0.1%
 
200,000
 
Williams Cos., Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034
191,078
 
 
Energy - Refining—0.0%
 
15,000
 
HF Sinclair Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026
15,042
15,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048
11,935
10,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041
10,377
7
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Energy - Refining—continued
 
$15,000
 
Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028
$14,411
 
 
TOTAL
51,765
 
 
Financial Institution - Banking—2.3%
 
350,000
 
Bank of America Corp., Sr. Unsecd. Note, 5.288%, 4/25/2034
337,288
300,000
 
Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026
289,414
200,000
 
Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025
196,546
15,000
 
Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024
14,925
15,000
 
Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026
14,698
20,000
 
Bank of New York Mellon, N.A., Sr. Unsecd. Note, 3.400%, 5/15/2024
19,982
165,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033
136,516
250,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025
244,426
170,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026
163,173
300,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.785%, 3/17/2033
260,761
370,000
 
Citigroup, Inc., Sr. Unsecd. Note, 5.610%, 9/29/2026
369,295
15,000
 
Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027
14,439
75,000
 
Citizens Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030
73,474
195,000
3
Citizens Financial Group, Inc., Sr. Unsecd. Note, 6.645% (SOFR +2.325%), 4/25/2035
195,631
30,000
 
Comerica, Inc., 3.800%, 7/22/2026
28,421
250,000
 
FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025
245,923
150,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041
156,731
10,000
4
JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 4/1/2072
10,028
25,000
4
JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 2/1/2172
24,891
15,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038
12,496
110,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 5.336%, 1/23/2035
106,676
150,000
 
KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035
147,618
100,000
 
Morgan Stanley, Sr. Unsecd. Note, 2.943%, 1/21/2033
82,577
180,000
 
Morgan Stanley, Sr. Unsecd. Note, 5.250%, 4/21/2034
172,791
105,000
3
Morgan Stanley, Sr. Unsecd. Note, 5.831% (SOFR +1.580%), 4/19/2035
104,997
15,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025
14,717
240,000
 
PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029
238,982
300,000
 
State Street Corp., Sr. Unsecd. Note, 5.159%, 5/18/2034
290,042
10,000
 
State Street Corp., Sub. Deb., 3.031%, 11/1/2034
8,672
300,000
 
Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.867%, 6/8/2034
294,487
300,000
 
US Bancorp, Sr. Unsecd. Note, 5.836%, 6/12/2034
296,656
250,000
 
US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030
195,848
10,000
 
Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026
9,692
200,000
 
Wells Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035
194,350
10,000
 
Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031
9,591
 
 
TOTAL
4,976,754
 
 
Financial Institution - Broker/Asset Mgr/Exchange—0.1%
 
80,000
 
Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026
77,510
70,000
 
Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028
66,555
 
 
TOTAL
144,065
 
 
Financial Institution - Finance Companies—0.1%
 
220,000
 
Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027
220,591
 
 
Financial Institution - Insurance - Health—0.1%
 
300,000
 
UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2052
261,175
 
 
Financial Institution - Insurance - Life—0.2%
 
400,000
 
AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040
284,031
15,000
3
MetLife, Inc., Jr. Sub. Note, 6.400% (3-month USLIBOR +2.205%), 12/15/2036
14,956
8
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Financial Institution - Insurance - Life—continued
 
$10,000
3
MetLife, Inc., Jr. Sub. Note, 10.750% (3-month USLIBOR +7.548%), 8/1/2039
$13,228
15,000
 
Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040
16,210
50,000
 
Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040
50,837
 
 
TOTAL
379,262
 
 
Financial Institution - Insurance - P&C—0.0%
 
10,000
 
Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048
8,314
55,000
 
Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050
40,850
 
 
TOTAL
49,164
 
 
Financial Institution - REIT - Apartment—0.1%
 
200,000
 
UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032
151,575
70,000
 
UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026
65,787
 
 
TOTAL
217,362
 
 
Financial Institution - REIT - Healthcare—0.1%
 
185,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027
171,887
 
 
Financial Institution - REIT - Office—0.0%
 
70,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028
66,127
 
 
Financial Institution - REITs—0.0%
 
60,000
 
Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030
51,815
 
 
Technology—0.7%
 
10,000
 
Apple, Inc., Sr. Unsecd. Note, 3.850%, 5/4/2043
8,200
70,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051
50,116
220,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 4.150%, 4/15/2032
198,151
20,000
 
Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042
17,339
171,000
 
Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026
172,061
110,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029
100,244
5,000
 
Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029
4,413
265,000
 
Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025
260,026
7,000
 
Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052
4,617
8,000
 
Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036
6,817
500,000
 
Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032
518,824
175,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030
143,255
 
 
TOTAL
1,484,063
 
 
Transportation - Airlines—0.1%
 
30,000
 
Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024
29,576
110,000
 
Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025
109,392
 
 
TOTAL
138,968
 
 
Transportation - Railroads—0.1%
 
225,000
 
Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.125%, 6/1/2026
213,834
 
 
Transportation - Services—0.2%
 
15,000
 
Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042
14,676
20,000
 
FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035
17,279
210,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028
208,706
125,000
 
United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025
123,336
 
 
TOTAL
363,997
 
 
Utility - Electric—1.0%
 
200,000
 
Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052
127,003
90,000
 
Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027
81,717
70,000
 
Electricite de France S.A., Note, 144A, 5.600%, 1/27/2040
66,560
300,000
 
Electricite de France S.A., Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028
286,010
140,000
 
Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046
109,271
9
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Utility - Electric—continued
 
$170,000
 
EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026
$162,595
200,000
 
Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026
192,205
110,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046
107,045
25,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032
28,489
250,000
 
PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026
239,122
175,000
 
Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026
166,920
250,000
 
Virginia Electric & Power Co., Sr. Unsecd. Note, 5.450%, 4/1/2053
234,541
300,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030
239,762
170,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027
168,253
 
 
TOTAL
2,209,493
 
 
Utility - Natural Gas—0.2%
 
445,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026
442,018
5,000
 
TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037
5,018
 
 
TOTAL
447,036
 
 
Utility - Other—0.1%
 
125,000
 
National Grid-SP PLC, Sr. Unsecd. Note, 5.602%, 6/12/2028
124,921
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $23,292,656)
21,682,263
 
 
U.S. TREASURIES—4.5%
 
 
 
U.S. Treasury Bond—1.5%
 
1,200,000
5
United States Treasury Bond, 2.000%, 8/15/2051
688,638
780,000
 
United States Treasury Bond, 2.250%, 2/15/2052
475,313
125,000
 
United States Treasury Bond, 3.000%, 8/15/2052
90,195
50,000
 
United States Treasury Bond, 3.250%, 5/15/2042
40,133
225,000
 
United States Treasury Bond, 3.375%, 8/15/2042
183,445
65,000
 
United States Treasury Bond, 3.625%, 5/15/2053
53,097
1,600,000
 
United States Treasury Bond, 4.125%, 8/15/2053
1,432,000
425,000
 
United States Treasury Bond, 4.250%, 2/15/2054
389,009
 
 
TOTAL
3,351,830
 
 
U.S. Treasury Note—3.0%
 
500,000
 
United States Treasury Note, 2.375%, 3/31/2029
448,517
275,000
 
United States Treasury Note, 2.500%, 3/31/2027
257,403
500,000
 
United States Treasury Note, 2.750%, 5/31/2029
455,475
550,000
 
United States Treasury Note, 3.125%, 8/31/2029
508,664
2,150,000
 
United States Treasury Note, 4.000%, 1/31/2029
2,083,032
100,000
 
United States Treasury Note, 4.000%, 7/31/2030
96,121
450,000
 
United States Treasury Note, 4.000%, 1/31/2031
431,508
605,000
 
United States Treasury Note, 4.000%, 2/15/2034
572,859
600,000
 
United States Treasury Note, 4.125%, 9/30/2027
586,645
595,000
 
United States Treasury Note, 4.125%, 7/31/2028
580,186
350,000
 
United States Treasury Note, 4.375%, 11/30/2030
343,230
 
 
TOTAL
6,363,640
 
 
TOTAL U.S. TREASURIES
(IDENTIFIED COST $10,902,635)
9,715,470
 
 
ASSET-BACKED SECURITIES—2.5%
 
 
 
Auto Receivables—1.3%
 
300,000
 
Citizens Auto Receivables Trust 2024-2, Class A3, 5.330%, 8/15/2028
298,667
300,000
 
Ford Credit Auto Owner Trust/Ford Credit 2023-2, Class SUB, 5.920%, 2/15/2036
301,452
300,000
 
General Motors 2024-2A, Class B, 5.350%, 3/17/2031
298,861
250,000
 
Huntington Auto Trust 2024-1A, Class A3, 5.230%, 1/16/2029
248,012
150,000
 
M&T Bank Auto Receivables Trust 2024-1A, Class A3, 5.220%, 2/17/2032
148,514
10
Shares or
Principal
Amount
 
 
Value
 
 
ASSET-BACKED SECURITIES—continued
 
 
 
Auto Receivables—continued
 
$100,000
 
Navistar Financial Dealer Note Master Trust 2023-1, Class A, 6.180%, 8/25/2028
$100,287
116,934
 
Santander Bank Auto Credit-Linked Notes 2022-B, Class D, 6.793%, 8/16/2032
116,524
300,000
 
Santander Drive Auto Receivables Trust 2023-1, Class C, 5.090%, 5/15/2030
293,733
250,000
 
Santander Drive Auto Receivables Trust 2023-3, Class C, 5.770%, 11/15/2030
250,600
225,000
 
SFS Auto Receivables Securitization Trust 2023-1A, Class C, 5.970%, 2/20/2031
221,362
250,000
 
Tesla Auto Lease Trust 2023-A, Class B, 6.410%, 7/20/2027
251,023
250,000
 
Toyota Auto Loan Extended Note 2023-1A, Class A, 4.930%, 6/25/2036
245,672
90,000
 
World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027
85,815
 
 
TOTAL
2,860,522
 
 
Credit Card—0.3%
 
345,000
 
First National Master Note Trust 2023-1, Class A, 5.130%, 4/15/2029
340,802
400,000
 
Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028
355,208
 
 
TOTAL
696,010
 
 
Equipment Lease—0.7%
 
200,000
 
Dell Equipment Finance Trust 2023-2, Class C, 6.060%, 1/22/2029
197,963
200,000
 
DLLMT LLC 2023-1A, Class A4, 5.350%, 3/20/2031
196,594
500,000
 
HPEFS Equipment Trust 2022-1A, Class C, 1.960%, 5/21/2029
490,669
300,000
 
Kubota Credit Owner Trust 2023-2A, Class A4, 5.230%, 6/15/2028
294,136
300,000
 
MMAF Equipment Finance LLC 2023-A, Class A4, 5.500%, 12/13/2038
299,624
 
 
TOTAL
1,478,986
 
 
Other—0.1%
 
225,000
 
PFS Financing Corp. 2023-B, Class A, 5.270%, 5/15/2028
224,415
 
 
Student Loans—0.1%
 
174,382
 
Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069
151,549
 
 
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $5,525,478)
5,411,482
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS—0.6%
 
 
 
Commercial Mortgage—0.2%
 
150,000
 
Bank 2023-BNK46, Class A4, 5.745%, 8/15/2056
150,311
190,000
 
Bank, Class A4, 3.488%, 11/15/2050
174,007
200,000
 
JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049
182,965
 
 
TOTAL
507,283
 
 
Federal Home Loan Mortgage Corporation—0.2%
 
1,398
 
Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032
1,400
250,000
 
Federal Home Loan Mortgage Corp. REMIC, Series K-161, Class A2, 4.900%, 10/25/2033
244,851
200,000
 
Federal Home Loan Mortgage Corp. REMIC, Series K754, Class A2, 4.940%, 11/25/2030
196,669
 
 
TOTAL
442,920
 
 
Federal National Mortgage Association—0.0%
 
178
 
Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033
174
 
 
Non-Agency Mortgage—0.2%
 
8
4
Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 7.874%, 3/25/2031
9
374,323
 
GS Mortgage-Backed Securities Trust 2023-PJ1, Class A4, 3.500%, 2/25/2053
314,533
 
 
TOTAL
314,542
 
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $1,341,203)
1,264,919
 
 
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.5%
 
 
 
Commercial Mortgage—0.2%
 
200,000
 
BMO Mortgage Trust 2023-5C1, Class A3, 6.534%, 8/15/2056
204,337
200,000
 
BMO Mortgage Trust 2023-C4, Class A5, 5.116%, 2/15/2056
190,944
 
 
TOTAL
395,281
11
Shares or
Principal
Amount
 
 
Value
 
 
COMMERCIAL MORTGAGE-BACKED SECURITIES—continued
 
 
 
Federal Home Loan Mortgage Corporation—0.3%
 
$6,249
 
Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025
$6,188
232,238
 
Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029
208,657
350,000
 
Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026
326,831
 
 
TOTAL
541,676
 
 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $1,012,250)
936,957
 
 
MORTGAGE-BACKED SECURITIES—0.1%
 
 
 
Federal Home Loan Mortgage Corporation—0.0%
 
19,075
 
Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044
17,561
 
 
Federal National Mortgage Association—0.1%
 
4,789
 
Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035
4,818
516
 
Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033
518
19,546
 
Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040
18,196
34,306
 
Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043
30,950
24,815
 
Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040
23,744
12,059
 
Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042
10,527
14,531
 
Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043
12,681
6,586
 
Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028
6,319
13,863
 
Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048
12,633
7,674
 
Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048
6,503
10,163
 
Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048
8,909
12,481
 
Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047
10,968
9,311
 
Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049
7,815
6,298
 
Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049
5,517
20,045
 
Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047
17,024
9,210
 
Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049
8,085
14,481
 
Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040
14,243
16,807
 
Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041
16,063
20,315
 
Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043
17,700
18,313
 
Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031
17,011
 
 
TOTAL
250,224
 
 
Government National Mortgage Association—0.0%
 
11,609
 
Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042
10,522
7,396
 
Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043
6,874
 
 
TOTAL
17,396
 
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $320,812)
285,181
 
 
GOVERNMENT AGENCY—0.1%
 
 
 
Federal National Mortgage Association—0.1%
 
250,000
 
Federal National Mortgage Association Notes, 0.625%, 4/22/2025
(IDENTIFIED COST $249,898)
239,022
 
 
MUNICIPAL BOND—0.0%
 
30,000
 
Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030
(IDENTIFIED COST $32,520)
29,831
 
 
EXCHANGE-TRADED FUNDS—5.1%
 
40,700
 
iShares Core MSCI Emerging Markets ETF
2,102,155
113,000
 
iShares MSCI EAFE ETF
8,731,510
 
 
Total Exchange-Traded Funds
(IDENTIFIED COST $9,438,921)
10,833,665
 
 
INVESTMENT COMPANIES—17.3%
 
90,660
 
Bank Loan Core Fund
793,275
12
Shares or
Principal
Amount
 
 
Value
 
 
INVESTMENT COMPANIES—continued
 
492,469
 
Emerging Markets Core Fund
$4,117,037
296,037
 
Federated Hermes Government Obligations Fund, Premier Shares, 5.22%6
296,037
4,312,080
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.34%6
4,312,080
370,811
 
High Yield Bond Core Fund
2,028,337
2,625,125
 
Mortgage Core Fund
20,922,244
534,593
 
Project and Trade Finance Core Fund
4,731,149
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $40,013,057)
37,200,159
 
 
TOTAL INVESTMENT IN SECURITIES—100%
(IDENTIFIED COST $194,384,681)
214,608,685
 
 
OTHER ASSETS AND LIABILITIES - NET—0.0%7
74,780
 
 
TOTAL NET ASSETS—100%
$214,683,465
At April 30, 2024, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures:
 
 
 
 
United States Treasury Long Bond Long Futures
2
$227,625
June 2024
$(10,125)
United States Treasury Notes 2-Year Long Futures
53
$10,740,781
June 2024
$(51,422)
United States Treasury Notes 5-Year Long Futures
56
$5,865,563
June 2024
$(118,353)
United States Treasury Notes 10-Year Long Futures
5
$537,187
June 2024
$(5,355)
Short Futures:
 
 
 
 
United States Treasury Notes 10-Year Ultra Short Futures
11
$1,212,406
June 2024
$7,021
United States Treasury Ultra Bond Short Futures
6
$717,375
June 2024
$48,822
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS
$(129,412)
The average notional value of long and short futures contracts held by the Fund throughout the period was $16,442,904 and $1,739,950, 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.”
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended April 30, 2024, were as follows:  
Affiliates
Value as of
7/31/2023
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation/
Depreciation
Net
Realized
Gain/
(Loss)
Value as of
4/30/2024
Shares
Held as of
4/30/2024
Dividend
Income
Bank Loan Core Fund
$11,640
$782,125
$—
$(490)
$—
$793,275
90,660
$7,126
Emerging Markets Core Fund
$1,790,027
$2,579,594
$(382,000)
$116,685
$12,731
$4,117,037
492,469
$150,141
Federated Hermes Government Obligations
Fund, Premier Shares*
$404,597
$120,815,967
$(120,924,527)
$—
$—
$296,037
296,037
$—
Federated Hermes Institutional Prime Value
Obligations Fund, Institutional Shares*
$2,602,447
$37,626,056
$(35,916,002)
$(436)
$15
$4,312,080
4,312,080
$181,903
High Yield Bond Core Fund
$1,929,131
$203,182
$(123,000)
$23,148
$(4,124)
$2,028,337
370,811
$93,785
Mortgage Core Fund
$21,650,227
$3,099,144
$(2,892,750)
$(682,111)
$(252,266)
$20,922,244
2,625,125
$720,146
Project and Trade Finance Core Fund
$4,440,858
$238,067
$—
$52,224
$—
$4,731,149
534,593
$238,205
TOTAL OF AFFILIATED TRANSACTIONS
$32,828,927
$165,344,135
$(160,238,279)
$(490,980)
$(243,644)
$37,200,159
8,721,775
$1,391,306
 
*
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 April 30, 2024, securities subject to this type of arrangement and
related collateral were as follows:
13
 
Fair Value of
Securities Loaned
Collateral
Received
$285,918
$296,037
 
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
7-day net yield.
7
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, 2024.
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 Federated MDTA LLC (the “Adviser”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is
14
both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
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 April 30, 2024, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
$121,359,827
$—
$—
$121,359,827
International
5,649,909
—
—
5,649,909
Debt Securities:
 
 
 
 
Corporate Bonds
—
21,682,263
—
21,682,263
U.S. Treasuries
—
9,715,470
—
9,715,470
Asset-Backed Securities
—
5,411,482
—
5,411,482
Collateralized Mortgage Obligations
—
1,264,919
—
1,264,919
Commercial Mortgage-Backed Securities
—
936,957
—
936,957
Mortgage-Backed Securities
—
285,181
—
285,181
Government Agencies
—
239,022
—
239,022
Municipal Bonds
—
29,831
—
29,831
Exchange-Traded Funds
10,833,665
—
—
10,833,665
Investment Companies
32,469,010
—
—
32,469,010
Other Investments1
—
—
—
4,731,149
TOTAL SECURITIES
$170,312,411
$39,565,125
$—
$214,608,685
Other Financial Instruments:2
 
 
 
 
Assets
$55,843
$—
$—
$55,843
Liabilities
(185,255)
—
—
(185,255)
TOTAL OTHER FINANCIAL INSTRUMENTS
$(129,412)
$—
$—
$(129,412)
 
1
As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $4,731,149 is measured at fair value using the net asset
value (NAV) per share practical expedient and has not been categorized in the fair value hierarchy chart above. The price of shares redeemed of Project and Trade
Finance Core Fund (PTCORE), a portfolio of Federated Hermes Core Trust III, may be determined as of the closing NAV of the fund up to twenty-four days after
receipt of a shareholder redemption request. The investment objective of PTCORE is to provide total return. Copies of the PTCORE financial statements are
available on the EDGAR database on the SEC’s website or upon request from the Fund.
2
Other financial instruments are futures contracts.
15
 
The following acronym(s) are used throughout this portfolio:
 
ETF
—Exchange-Traded Fund
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
SOFR
—Secured Overnight Financing Rate
16