NPORT-EX 2 poi_fhstrategicincomefund.htm POI - FEDERATED HERMES STRATEGIC INCOME FUND EDGAR HTML
Federated Hermes Strategic Income Fund
Portfolio of Investments
August 31, 2022 (unaudited)  
Principal
Amount, Shares
or Contracts
 
 
Value
          
 
CORPORATE BONDS—5.2%
 
 
 
Basic Industry - Chemicals—0.0%
 
$   135,000
 
Albemarle Corp., Sr. Unsecd. Note, 5.450%, 12/1/2044
$      129,363
 
 
Basic Industry - Metals & Mining—0.1%
 
   200,000
 
Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 3.625%, 9/11/2024
      196,172
    75,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026
       66,535
    55,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051
       36,871
   200,000
 
Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040
      226,257
 
 
TOTAL
525,835
 
 
Capital Goods - Aerospace & Defense—0.1%
 
    80,000
 
BAE Systems Holdings, Inc., Sr. Unsecd. Note, 144A, 3.850%, 12/15/2025
       77,580
   100,000
 
Boeing Co., Sr. Unsecd. Note, 2.196%, 2/4/2026
       91,548
   215,000
 
Boeing Co., Sr. Unsecd. Note, 3.625%, 2/1/2031
      190,464
    30,000
 
Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059
       20,877
   160,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027
      148,868
    65,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031
       51,113
    35,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025
       34,219
   100,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030
       92,465
    85,000
 
Northrop Grumman Corp., Sr. Unsecd. Note, 3.250%, 1/15/2028
       80,715
   200,000
 
Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024
      200,789
 
 
TOTAL
988,638
 
 
Capital Goods - Building Materials—0.0%
 
    20,000
 
Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029
       17,649
    80,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024
       77,950
   140,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027
      129,652
    35,000
 
Carrier Global Corp., Sr. Unsecd. Note, 2.722%, 2/15/2030
       30,278
 
 
TOTAL
255,529
 
 
Capital Goods - Construction Machinery—0.3%
 
 3,390,000
 
Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 2.450%, 8/12/2031
    2,668,185
   195,000
 
CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027
      184,961
   100,000
 
John Deere Capital Corp., Sr. Unsecd. Note, Series MTN, 3.450%, 3/7/2029
       96,505
 
 
TOTAL
2,949,651
 
 
Capital Goods - Diversified Manufacturing—0.1%
 
    90,000
 
Lennox International, Inc., Sr. Unsecd. Note, 1.350%, 8/1/2025
       81,986
   100,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 1.750%, 2/15/2031
       78,511
    90,000
 
Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044
       82,614
    80,000
 
Valmont Industries, Inc., Sr. Unsecd. Note, 5.250%, 10/1/2054
       76,099
    65,000
 
Vontier Corp., Sr. Unsecd. Note, Series WI, 1.800%, 4/1/2026
       56,944
    25,000
 
Vontier Corp., Sr. Unsecd. Note, Series WI, 2.950%, 4/1/2031
       19,266
    90,000
 
Wabtec Corp., Sr. Unsecd. Note, 3.200%, 6/15/2025
       86,169
    65,000
 
Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031
       54,161
 
 
TOTAL
535,750
 
 
Communications - Cable & Satellite—0.0%
 
    65,000
 
Charter Communications Operating LLC, 5.375%, 5/1/2047
       55,509
    50,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond,
3.850%, 4/1/2061
       32,032
   200,000
 
Comcast Corp., Sr. Unsecd. Note, 3.150%, 2/15/2028
      190,082
1
Principal
Amount, Shares
or Contracts
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Communications - Cable & Satellite—continued
 
$    30,000
 
Comcast Corp., Sr. Unsecd. Note, 3.450%, 2/1/2050
$       23,700
   200,000
 
Comcast Corp., Sr. Unsecd. Note, 3.950%, 10/15/2025
      199,775
 
 
TOTAL
501,098
 
 
Communications - Media & Entertainment—0.1%
 
    35,000
 
Alphabet, Inc., Sr. Unsecd. Note, 1.900%, 8/15/2040
       24,724
   150,000
 
Netflix, Inc., Sr. Unsecd. Note, 4.875%, 4/15/2028
      146,074
    25,000
 
Paramount Global, Sr. Unsecd. Note, 4.000%, 1/15/2026
       24,617
   100,000
 
Paramount Global, Sr. Unsecd. Note, 4.200%, 5/19/2032
       88,091
    40,000
 
Paramount Global, Sr. Unsecd. Note, 4.950%, 5/19/2050
       32,724
   300,000
 
Walt Disney Co., Sr. Unsecd. Note, 2.650%, 1/13/2031
      264,753
 
 
TOTAL
580,983
 
 
Communications - Telecom Wireless—0.0%
 
   235,000
 
American Tower Corp., Sr. Unsecd. Note, 5.000%, 2/15/2024
      237,432
   140,000
 
Crown Castle, Inc., Sr. Unsecd. Note, 5.200%, 2/15/2049
      133,094
    60,000
 
T-Mobile USA, Inc., 3.300%, 2/15/2051
       43,040
   100,000
 
T-Mobile USA, Inc., Series WI, 2.700%, 3/15/2032
       83,378
 
 
TOTAL
496,944
 
 
Communications - Telecom Wirelines—0.1%
 
   100,000
 
AT&T, Inc., Sr. Unsecd. Note, 0.900%, 3/25/2024
       95,540
   100,000
 
AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026
       91,331
   175,000
 
AT&T, Inc., Sr. Unsecd. Note, 2.550%, 12/1/2033
      139,590
   100,000
 
AT&T, Inc., Sr. Unsecd. Note, 2.750%, 6/1/2031
       85,779
    40,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060
       30,398
    85,000
 
AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058
       83,681
   150,000
 
Rogers Communications, Inc., Sr. Unsecd. Note, 144A, 4.500%, 3/15/2042
      132,759
    50,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.000%, 3/22/2027
       47,341
    65,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.550%, 3/22/2051
       51,158
 
 
TOTAL
757,577
 
 
Consumer Cyclical - Automotive—0.6%
 
 1,870,000
 
Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.375%, 12/14/2028
    1,595,029
   100,000
 
General Motors Co., Sr. Unsecd. Note, 5.200%, 4/1/2045
       84,306
    50,000
 
General Motors Co., Sr. Unsecd. Note, 5.400%, 4/1/2048
       43,756
 1,500,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.350%, 2/26/2027
    1,331,459
    25,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 4.150%, 6/19/2023
       24,995
    50,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 0.800%, 1/8/2024
       47,532
    60,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 2.375%, 2/10/2023
       59,541
 3,000,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 3.000%, 2/10/2027
    2,742,119
   200,000
 
Stellantis N.V., Sr. Unsecd. Note, 5.250%, 4/15/2023
      201,141
 
 
TOTAL
6,129,878
 
 
Consumer Cyclical - Leisure—0.1%
 
   100,000
 
Magallanes, Inc., Sr. Unsecd. Note, 144A, 4.279%, 3/15/2032
       87,210
 1,645,000
 
Magallanes, Inc., Sr. Unsecd. Note, 144A, 5.050%, 3/15/2042
    1,347,328
 
 
TOTAL
1,434,538
 
 
Consumer Cyclical - Retailers—0.1%
 
   160,000
 
Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030
      144,088
    50,000
 
Alimentation Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 3.550%, 7/26/2027
       46,945
   100,000
 
Alimentation Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 3.800%, 1/25/2050
       74,931
    25,000
 
AutoNation, Inc., Sr. Unsecd. Note, 2.400%, 8/1/2031
       19,220
    60,000
 
AutoNation, Inc., Sr. Unsecd. Note, 3.850%, 3/1/2032
       51,456
    45,000
 
AutoNation, Inc., Sr. Unsecd. Note, 4.500%, 10/1/2025
       44,796
2
Principal
Amount, Shares
or Contracts
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Consumer Cyclical - Retailers—continued
 
$    20,000
 
AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030
$       18,750
    75,000
 
CVS Health Corp., Sr. Unsecd. Note, 2.625%, 8/15/2024
       73,261
   125,000
 
CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048
      120,582
    60,000
 
Home Depot, Inc., Sr. Unsecd. Note, 2.700%, 4/15/2030
       54,095
   120,000
 
Home Depot, Inc., Sr. Unsecd. Note, 2.950%, 6/15/2029
      112,192
 
 
TOTAL
760,316
 
 
Consumer Cyclical - Services—0.1%
 
    50,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 2.100%, 5/12/2031
       43,104
   250,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 3.150%, 8/22/2027
      241,544
   200,000
 
Cintas Corp. No. 2, Sr. Unsecd. Note, 3.700%, 4/1/2027
      197,295
   120,000
 
Visa, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2027
      114,733
 
 
TOTAL
596,676
 
 
Consumer Non-Cyclical - Food/Beverage—0.1%
 
    60,000
 
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036
       58,123
   250,000
 
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.900%, 2/1/2046
      237,797
    50,000
 
Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.600%, 4/15/2048
       45,431
   150,000
 
Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 1.850%, 9/1/2032
      118,271
   150,000
 
Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 2.750%, 1/22/2030
      135,638
    50,000
 
Constellation Brands, Inc., Sr. Unsecd. Note, 4.400%, 11/15/2025
       50,078
   100,000
 
Constellation Brands, Inc., Sr. Unsecd. Note, 5.250%, 11/15/2048
       97,711
    35,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 2.400%, 3/15/2031
       29,179
    50,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026
       47,630
    90,000
 
International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 1.832%, 10/15/2027
       77,190
    50,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.000%, 6/1/2026
       47,359
   100,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046
       85,099
    35,000
 
McCormick & Co., Inc., Sr. Unsecd. Note, 2.500%, 4/15/2030
       30,193
    90,000
 
Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030
       73,463
   155,000
 
Sysco Corp., Sr. Unsecd. Note, 3.300%, 7/15/2026
      150,136
    75,000
 
Sysco Corp., Sr. Unsecd. Note, 4.450%, 3/15/2048
       66,471
 
 
TOTAL
1,349,769
 
 
Consumer Non-Cyclical - Health Care—0.1%
 
    55,000
 
Agilent Technologies, Inc., Sr. Unsecd. Note, 2.100%, 6/4/2030
       45,311
    45,000
 
DH Europe Finance II S.a.r.l., Sr. Unsecd. Note, 2.600%, 11/15/2029
       40,575
   150,000
 
HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051
      103,151
    85,000
 
PerkinElmer, Inc., Sr. Unsecd. Note, 1.900%, 9/15/2028
       71,811
   170,000
 
PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029
      151,494
   100,000
 
Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 1.215%, 10/18/2024
       94,629
 
 
TOTAL
506,971
 
 
Consumer Non-Cyclical - Pharmaceuticals—0.1%
 
   150,000
 
AbbVie, Inc., Sr. Unsecd. Note, 2.950%, 11/21/2026
      141,573
    90,000
 
AbbVie, Inc., Sr. Unsecd. Note, 3.200%, 11/21/2029
       82,271
   200,000
 
AstraZeneca PLC, Sr. Unsecd. Note, 4.000%, 1/17/2029
      199,981
    90,000
 
Biogen, Inc., Sr. Unsecd. Note, 2.250%, 5/1/2030
       73,638
    24,000
 
Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 3.400%, 7/26/2029
       22,922
    55,000
 
Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.250%, 10/26/2049
       51,054
    50,000
 
Royalty Pharma PLC, Sr. Unsecd. Note, Series WI, 0.750%, 9/2/2023
       48,193
    50,000
 
Royalty Pharma PLC, Sr. Unsecd. Note, Series WI, 1.200%, 9/2/2025
       45,487
 
 
TOTAL
665,119
 
 
Consumer Non-Cyclical - Products—0.0%
 
    75,000
 
Church & Dwight Co., Inc., Sr. Unsecd. Note, 2.300%, 12/15/2031
       63,249
3
Principal
Amount, Shares
or Contracts
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Consumer Non-Cyclical - Products—continued
 
$   150,000
 
Procter & Gamble Co., Sr. Unsecd. Note, 3.000%, 3/25/2030
$      141,398
 
 
TOTAL
204,647
 
 
Consumer Non-Cyclical - Supermarkets—0.0%
 
    75,000
 
Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047
       68,202
 
 
Consumer Non-Cyclical - Tobacco—0.0%
 
    80,000
 
Altria Group, Inc., Sr. Unsecd. Note, 2.450%, 2/4/2032
       60,521
    80,000
 
Altria Group, Inc., Sr. Unsecd. Note, 2.625%, 9/16/2026
       74,838
   100,000
 
Altria Group, Inc., Sr. Unsecd. Note, 3.700%, 2/4/2051
       65,248
    50,000
 
BAT Capital Corp., Sr. Unsecd. Note, 3.984%, 9/25/2050
       34,055
   100,000
 
Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041
      101,273
 
 
TOTAL
335,935
 
 
Energy - Independent—0.0%
 
   170,000
 
Hess Corp., Sr. Unsecd. Note, 5.600%, 2/15/2041
      164,340
    50,000
 
Marathon Oil Corp., Sr. Unsecd. Note, 5.200%, 6/1/2045
       45,549
 
 
TOTAL
209,889
 
 
Energy - Integrated—0.0%
 
    75,000
 
Cenovus Energy, Inc., Sr. Unsecd. Note, 4.250%, 4/15/2027
       73,955
   300,000
 
Exxon Mobil Corp., Sr. Unsecd. Note, 3.482%, 3/19/2030
      287,599
    75,000
 
Shell International Finance B.V., Sr. Unsecd. Note, 2.750%, 4/6/2030
       67,398
    70,000
 
Shell International Finance B.V., Sr. Unsecd. Note, 4.000%, 5/10/2046
       62,470
 
 
TOTAL
491,422
 
 
Energy - Midstream—0.2%
 
    70,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029
       67,175
    65,000
 
Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.900%, 11/15/2049
       51,998
   250,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024
      251,064
    75,000
 
Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 4.150%, 2/1/2024
       75,000
   100,000
 
Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 6.375%, 3/1/2041
      101,670
   150,000
 
MPLX LP, Sr. Unsecd. Note, 4.950%, 3/14/2052
      132,589
   100,000
 
ONEOK, Inc., Sr. Unsecd. Note, 4.550%, 7/15/2028
       97,029
    50,000
 
ONEOK, Inc., Sr. Unsecd. Note, 5.200%, 7/15/2048
       44,749
   720,000
 
Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033
      647,240
   115,000
 
TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027
      111,890
 
 
TOTAL
1,580,404
 
 
Energy - Refining—0.4%
 
 2,500,000
 
Valero Energy Corp., Sr. Unsecd. Note, 3.650%, 12/1/2051
    1,908,918
   160,000
 
Valero Energy Corp., Sr. Unsecd. Note, 4.000%, 4/1/2029
      152,389
 2,185,000
 
Valero Energy Corp., Sr. Unsecd. Note, 4.000%, 6/1/2052
    1,765,784
 
 
TOTAL
3,827,091
 
 
Financial Institution - Banking—0.5%
 
   150,000
 
Associated Banc-Corp., Sub. Note, 4.250%, 1/15/2025
      148,372
    90,000
 
Bank of America Corp., Sr. Unsecd. Note, 2.299%, 7/21/2032
       71,909
   100,000
 
Bank of America Corp., Sr. Unsecd. Note, 2.572%, 10/20/2032
       81,813
   350,000
 
Bank of America Corp., Sr. Unsecd. Note, 2.687%, 4/22/2032
      290,419
   100,000
 
Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.884%, 10/22/2030
       86,945
   250,000
 
Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025
      248,042
   200,000
 
Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 3.992%, 6/13/2028
      195,457
    95,000
 
Capital One Financial Corp., Sr. Unsecd. Note, 3.900%, 1/29/2024
       94,709
   275,000
 
Citigroup, Inc., Sr. Unsecd. Note, 2.561%, 5/1/2032
      225,117
   270,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026
      260,618
   270,000
 
Citizens Financial Group, Inc., Sub. Note, 2.638%, 9/30/2032
      215,029
4
Principal
Amount, Shares
or Contracts
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Financial Institution - Banking—continued
 
$   200,000
 
Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025
$      197,930
   100,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 3.950%, 3/14/2028
       97,139
    55,000
 
FNB Corp. (PA), Sr. Unsecd. Note, 2.200%, 2/24/2023
       54,414
    90,000
 
FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025
       90,089
   100,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 2.615%, 4/22/2032
       82,695
   100,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.102%, 2/24/2033
       85,152
   350,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.814%, 4/23/2029
      327,927
    55,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 0.824%, 6/1/2025
       51,469
   525,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 2.580%, 4/22/2032
      434,112
   100,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 2.963%, 1/25/2033
       85,005
    90,000
 
Morgan Stanley, Sr. Unsecd. Note, 1.593%, 5/4/2027
       80,261
   250,000
 
Morgan Stanley, Sr. Unsecd. Note, 3.625%, 1/20/2027
      243,039
    60,000
 
Morgan Stanley, Sr. Unsecd. Note, 4.889%, 7/20/2033
       59,794
   200,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032
      161,236
   100,000
 
Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.928%, 4/28/2032
       79,274
    60,685
1
Regional Diversified Funding, 144A, 9.250%, 3/15/2030
       25,488
   200,000
 
Truist Bank, Sub. Note, Series BKNT, 3.300%, 5/15/2026
      192,174
   100,000
 
US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030
       80,045
   225,000
 
Wells Fargo & Co., Sr. Unsecd. Note, 3.000%, 10/23/2026
      212,712
   275,000
 
Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.879%, 10/30/2030
      241,448
   150,000
 
Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 4.897%, 7/25/2033
      147,763
 
 
TOTAL
4,947,596
 
 
Financial Institution - Broker/Asset Mgr/Exchange—0.0%
 
    70,000
 
Jefferies Group LLC, Sr. Unsecd. Note, 2.750%, 10/15/2032
       53,824
 
 
Financial Institution - Finance Companies—0.0%
 
   250,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.400%, 10/29/2033
      196,003
 
 
Financial Institution - Insurance - Life—0.1%
 
   200,000
 
American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024
      200,708
   150,000
 
Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 4.900%, 4/1/2077
      136,781
   180,000
 
Pacific Life Insurance Co., Sub. Note, 144A, 4.300%, 10/24/2067
      155,032
    50,000
 
Principal Financial Group, Inc., Sr. Unsecd. Note, 2.125%, 6/15/2030
       41,457
 
 
TOTAL
533,978
 
 
Financial Institution - REIT - Apartment—0.0%
 
   195,000
 
Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027
      185,816
   165,000
 
UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034
      135,140
 
 
TOTAL
320,956
 
 
Financial Institution - REIT - Healthcare—0.4%
 
   160,000
 
Physicians Realty Trust, Sr. Unsecd. Note, 4.300%, 3/15/2027
      155,329
   115,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2031
       96,776
 5,000,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2032
    4,146,649
 
 
TOTAL
4,398,754
 
 
Financial Institution - REIT - Office—0.2%
 
 1,680,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 2.950%, 3/15/2034
    1,418,414
    90,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2027
       87,931
   110,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028
      105,939
   210,000
 
Boston Properties LP, Sr. Unsecd. Note, 4.500%, 12/1/2028
      204,633
    40,000
 
Piedmont Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032
       30,536
 
 
TOTAL
1,847,453
 
 
Financial Institution - REIT - Other—0.0%
 
    40,000
 
WP Carey, Inc., Sr. Unsecd. Note, 4.250%, 10/1/2026
       38,971
5
Principal
Amount, Shares
or Contracts
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Financial Institution - REIT - Other—continued
 
$   135,000
 
WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024
$      135,450
 
 
TOTAL
174,421
 
 
Financial Institution - REIT - Retail—0.0%
 
   120,000
 
Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028
      115,501
 
 
Health Insurance—0.4%
 
 5,225,000
 
Centene Corp., Sr. Unsecd. Note, 2.625%, 8/1/2031
    4,179,425
 
 
Technology—0.2%
 
    50,000
 
Apple, Inc., Sr. Unsecd. Note, 3.000%, 11/13/2027
       47,970
   100,000
 
Apple, Inc., Sr. Unsecd. Note, 4.450%, 5/6/2044
       98,942
    72,000
 
Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030
       65,731
     3,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036
        2,232
    60,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.419%, 4/15/2033
       49,537
   155,000
 
CDW LLC / CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026
      139,771
    50,000
 
Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026
       51,958
    85,000
 
Equifax, Inc., Sr. Unsecd. Note, 2.600%, 12/1/2024
       82,198
   200,000
 
Experian Finance PLC., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2029
      192,009
   110,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029
      100,809
   125,000
 
Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029
      122,776
    30,000
 
Micron Technology, Inc., Sr. Unsecd. Note, 4.185%, 2/15/2027
       29,230
   150,000
 
Microsoft Corp., Sr. Unsecd. Note, 3.300%, 2/6/2027
      147,510
   200,000
 
Oracle Corp., Sr. Unsecd. Note, 3.250%, 11/15/2027
      184,711
    75,000
 
Oracle Corp., Sr. Unsecd. Note, 3.600%, 4/1/2050
       51,144
    25,000
 
Skyworks Solutions, Inc., Sr. Unsecd. Note, 1.800%, 6/1/2026
       22,283
    80,000
 
Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026
       79,402
    45,000
 
VMware, Inc., Sr. Unsecd. Note, 1.400%, 8/15/2026
       39,712
    45,000
 
VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031
       35,153
 
 
TOTAL
1,543,078
 
 
Technology Services—0.3%
 
 3,000,000
 
Global Payments, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2027
    2,667,587
    45,000
 
Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031
       37,001
 
 
TOTAL
2,704,588
 
 
Transportation - Railroads—0.0%
 
    90,000
 
Canadian Pacific Railway Co., Sr. Unsecd. Note, 1.750%, 12/2/2026
       81,710
    65,000
 
Union Pacific Corp., Sr. Unsecd. Note, 2.400%, 2/5/2030
       57,328
 
 
TOTAL
139,038
 
 
Transportation - Services—0.2%
 
    80,000
 
Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 3.300%, 12/1/2026
       75,784
   140,000
 
GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 2.650%, 7/15/2031
      106,472
    75,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.400%, 11/15/2026
       70,442
 2,310,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 1.750%, 9/1/2026
    2,081,727
 
 
TOTAL
2,334,425
 
 
Utility - Electric—0.3%
 
    65,000
 
Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027
       58,191
 1,435,000
 
American Electric Power Co., Inc., Jr. Sub. Note, 2.031%, 3/15/2024
    1,390,687
    50,000
 
Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030
       41,532
    25,000
 
Black Hills Corp., Sr. Unsecd. Note, 3.875%, 10/15/2049
       19,717
   175,000
 
CenterPoint Energy, Inc., Sr. Unsecd. Note, 2.650%, 6/1/2031
      149,627
   110,000
 
Dominion Energy, Inc., Sr. Unsecd. Note, Series A, 1.450%, 4/15/2026
      100,154
   200,000
 
Duke Energy Corp., Sr. Unsecd. Note, 2.450%, 6/1/2030
      169,114
    80,000
 
Duke Energy Corp., Sr. Unsecd. Note, 3.950%, 8/15/2047
       66,000
6
Principal
Amount, Shares
or Contracts
 
 
Value
          
 
CORPORATE BONDS—continued
 
 
 
Utility - Electric—continued
 
$    30,000
 
Exelon Corp., Sr. Unsecd. Note, 144A, 4.100%, 3/15/2052
$       25,998
    40,000
 
FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049
       34,923
   140,000
 
Kansas City Power and Light Co., Sr. Unsecd. Note, 4.200%, 3/15/2048
      124,897
    30,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 1.000%, 6/15/2026
       26,924
   110,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 2.950%, 2/7/2024
      108,789
    45,000
 
NiSource Finance Corp., Sr. Unsecd. Note, 3.490%, 5/15/2027
       43,092
    65,000
 
NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 5/15/2047
       57,354
    55,000
 
Puget Energy, Inc., Sec. Fac. Bond, 2.379%, 6/15/2028
       47,909
   185,000
 
Southern Co., Jr. Sub. Note, Series B, 4.000%, 1/15/2051
      171,761
   185,000
 
Virginia Electric & Power Co., Sr. Unsecd. Note, Series A, 3.500%, 3/15/2027
      180,308
    55,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028
       47,709
 
 
TOTAL
2,864,686
 
 
Utility - Natural Gas—0.0%
 
    30,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031
       24,559
   100,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026
      101,100
   180,000
 
Southern Natural Gas, Sr. Unsecd. Note, 144A, 4.800%, 3/15/2047
      160,646
 
 
TOTAL
286,305
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $60,839,562)
52,522,256
 
 
U.S. TREASURIES—4.9%
 
 
 
Treasury Securities—4.9%
 
20,000,000
 
United States Treasury Bond, 3.000%, 8/15/2052
   18,896,876
10,000,000
 
United States Treasury Note, 0.125%, 4/30/2023
    9,788,672
 7,000,000
 
United States Treasury Note, 1.500%, 1/31/2027
    6,457,500
15,000,000
 
United States Treasury Note, 3.000%, 6/30/2024
   14,866,992
 
 
TOTAL U.S. TREASURIES
(IDENTIFIED COST $51,053,242)
50,010,040
 
 
MORTGAGE-BACKED SECURITIES—4.3%
 
 
 
Federal National Mortgage Association—4.3%
 
14,726,949
 
Federal National Mortgage Association, Pool CB3914, 4.000%, 6/1/2052
   14,393,169
10,763,558
 
Federal National Mortgage Association, Pool FN BT224, 3.000%, 3/1/2052
    9,968,588
19,888,390
 
Federal National Mortgage Association, Pool FS2160, 3.500%, 6/1/2052
   18,982,357
 
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $43,785,308)
43,344,114
 
 
COMMON STOCKS—2.2%
 
 
 
Automotive—0.1%
 
51,043
 
American Axle & Manufacturing Holdings, Inc.
      528,295
2,145
 
Lear Corp.
      297,383
 
 
TOTAL
825,678
 
 
Building Materials—0.1%
 
15,880
2
GMS, Inc.
      765,416
 
 
Cable Satellite—0.0%
 
37,350
2
Altice USA, Inc.
      373,500
 
 
Chemicals—0.1%
 
7,575
 
Compass Minerals International, Inc.
      306,712
28,605
 
Koppers Holdings, Inc.
      653,052
 
 
TOTAL
959,764
 
 
Communications Equipment—0.1%
 
9,890
2
Lumentum Holdings, Inc.
      826,309
 
 
Consumer Cyclical Services—0.1%
 
12,015
 
Brinks Co. (The)
      664,189
7
Principal
Amount, Shares
or Contracts
 
 
Value
 
 
COMMON STOCKS—continued
 
 
 
Consumer Products—0.1%
 
22,315
 
Energizer Holdings, Inc.
$      627,052
 
 
Containers & Packaging—0.1%
 
58,816
2
O-I Glass, Inc.
      765,196
 
 
Food & Beverage—0.0%
 
16,590
2
US Foods Holding Corp.
      507,986
 
 
Gaming—0.2%
 
7,925
 
Boyd Gaming Corp.
      431,358
14,110
2
Caesars Entertainment Corp.
      608,423
17,705
 
Red Rock Resorts, Inc.
      676,685
 
 
TOTAL
1,716,466
 
 
Gas Utilities—0.1%
 
64,086
 
Suburban Propane Partners LP
    1,032,425
 
 
Independent Energy—0.1%
 
8,368
 
Devon Energy Corp.
      590,948
2,296
 
Pioneer Natural Resources, Inc.
      581,393
 
 
TOTAL
1,172,341
 
 
Media Entertainment—0.4%
 
100,913
2
Cumulus Media, Inc.
      940,509
15,920
 
Gray Television, Inc.
      304,072
96,705
2
iHeartMedia, Inc.
      855,840
251,040
2
Stagwell, Inc.
    1,702,051
61,560
2
Townsquare Media, Inc.,
      535,572
 
 
TOTAL
4,338,044
 
 
Metals & Mining—0.1%
 
18,300
 
Teck Resources Ltd.
      619,455
 
 
Oil Gas & Consumable Fuels—0.1%
 
17,145
 
Enviva, Inc.
    1,191,920
 
 
Packaging—0.1%
 
117,050
3
Ardagh Metal Packaging
      719,858
 
 
Paper—0.1%
 
45,728
 
Graphic Packaging Holding Co.
    1,018,362
10,418
 
WestRock Co.
      422,867
 
 
TOTAL
1,441,229
 
 
Pharmaceuticals—0.0%
 
33,610
 
Bausch Health Cos, Inc.
      200,652
 
 
Professional Services—0.1%
 
9,655
 
Science Applications International Corp.
      879,281
 
 
Technology—0.0%
 
12,750
 
Dell Technologies, Inc.
      488,198
 
 
Utility - Electric—0.2%
 
21,675
 
NRG Energy, Inc.
      894,744
36,350
 
Vistra Corp.
      899,662
 
 
TOTAL
1,794,406
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $27,413,824)
21,909,365
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS—2.0%
 
 
 
Commercial Mortgage—0.2%
 
$   345,000
 
Bank, Class A4, 3.393%, 3/15/2064
      318,751
   675,000
 
Benchmark Mortgage Trust 2019-B11, Class A5, 3.542%, 5/15/2052
      638,160
   520,000
 
Benchmark Mortgage Trust 2021-B26, Class A2, 1.957%, 6/15/2054
      476,834
8
Principal
Amount, Shares
or Contracts
 
 
Value
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS—continued
 
 
 
Commercial Mortgage—continued
 
$ 1,000,000
 
Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048
$      951,052
 
 
TOTAL
2,384,797
 
 
Federal Home Loan Mortgage Corporation—0.1%
 
   688,269
 
FHLMC REMIC, Series K105, Class A1, 1.536%, 9/25/2029
      619,991
   800,000
 
FHLMC REMIC, Series K070, Class A2, 3.303%, 11/25/2027
      780,784
 
 
TOTAL
1,400,775
 
 
Non-Agency Mortgage-Backed Securities—1.7%
 
 3,885,346
 
GS Mortgage-Backed Securities 2022-PJ3, Class A4, 2.500%, 8/25/2052
    3,328,497
 7,140,994
 
JP Morgan Mortgage Trust 2022-1, Class A2, 3.000%, 7/25/2052
    6,343,211
 4,796,531
 
JP Morgan Mortgage Trust 2022-2, Class A3, 2.500%, 8/25/2052
    4,109,091
 3,869,488
 
JP Morgan Mortgage Trust 2022-3, Class A3, 2.500%, 8/25/2052
    3,314,912
 
 
TOTAL
17,095,711
 
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $23,002,510)
20,881,283
 
 
ASSET-BACKED SECURITIES—1.1%
 
 
 
Auto Receivables—0.5%
 
 3,000,000
 
Ford Credit Auto Lease Trust 2022-A, Class D, 4.660%, 12/15/2026
    2,934,610
 2,491,536
 
Santander Bank Auto Credit-Linked Notes 2022-A, Class B, 5.281%, 5/15/2032
    2,470,282
 
 
TOTAL
5,404,892
 
 
Other—0.2%
 
 2,248,533
 
Home Partners of America Trust 2022-1, Class B, 4.330%, 4/17/2039
    2,168,726
 
 
Student Loans—0.4%
 
 1,791,424
 
Navient Student Loan Trust 2021-GA, Class A, 1.580%, 4/15/2070
    1,567,487
 1,985,663
 
SMB Private Education Loan Trust 2021-E, Class A1A, 1.680%, 2/15/2051
    1,848,649
 
 
TOTAL
3,416,136
 
 
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $11,485,331)
10,989,754
 
 
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.3%
 
 
 
Commercial Mortgage—0.3%
 
   810,000
 
Bank 2018-BN12, Class A4, 4.255%, 5/15/2061
      798,263
   500,000
4
Bank 2018-BN15, Class A4, 4.407% (12-month USLIBOR +0.000%), 11/15/2061
      496,614
 1,000,000
 
Fontainebleau Miami Beach Trust, Class B, 3.447%, 12/10/2036
      949,390
 1,000,000
 
FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.727%, 11/25/2045
      997,466
 
 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $3,383,377)
3,241,733
 
 
PREFERRED STOCK—0.0%
 
 
 
Financials—0.0%
 
40,000
1,2,5
Lehman Brothers Holdings, Inc., Pfd., 5.670%
(IDENTIFIED COST $3,400)
          400
 
 
PURCHASED CALL OPTIONS—0.1%
 
12,500,000
 
Bank of America Merrill Lynch NZD CALL/ USD PUT (CALL-Option), Notional Amount $12,500,000, Exercise Price $0.64,
Expiration Date 11/17/2022
       73,250
12,500
 
iShares iBoxx High Yield Corporate Bond ETF (CALL-Option), Notional Amount $93,162,500, Exercise Price $79,
Expiration Date 9/16/2022
       18,750
12,500,000
 
Morgan Stanley AUD Call/USD PUT (CALL-Option), Notional Amount $12,500,000, Exercise Price $.705, Expiration
Date 11/2/2022
      100,862
10,000,000
 
Morgan Stanley USD CALL/NOK PUT (CALL-Option), Notional Amount $10,000,000, Exercise Price $9.75, Expiration
Date 11/10/2022
      337,770
400
 
United States Treasury, Notional Amount $148,000, Exercise Price $120, Expiration Date 9/24/2022
       43,750
150
 
United States Treasury, Notional Amount $45,000, Exercise Price $140, Expiration Date 9/24/2022
       70,313
 
 
TOTAL PURCHASED CALL OPTIONS
(IDENTIFIED COST $1,698,325)
644,695
9
Principal
Amount, Shares
or Contracts
 
 
Value
 
 
PURCHASED PUT OPTIONS—0.1%
 
10,100,000
 
Credit Agricole NOK PUT/USD CALL, Notional Amount $10,100,000, Exercise Price $1.01, Expiration Date 10/13/2022
$      156,661
500
 
Russell 2000 Index, Notional Amount $92,205,750, Exercise Price $1600, Expiration Date 10/21/2022
      742,500
250
 
United States Treasury, Notional Amount $92,500, Exercise Price $119, Expiration Date 9/24/2022
      582,031
 
 
TOTAL PURCHASED PUT OPTIONS
(IDENTIFIED COST $1,095,085)
1,481,192
 
 
INVESTMENT COMPANIES—80.6%
 
763,898
 
Bank Loan Core Fund
    6,836,885
25,586,121
 
Emerging Markets Core Fund
  201,618,634
719,175
 
Federated Hermes Government Obligations Fund, Premier Shares, 2.16%6
      719,175
35,016,939
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 2.25%6
   35,006,433
69,507,356
7
High Yield Bond Core Fund
  372,559,431
23,163,614
 
Mortgage Core Fund
  202,913,262
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $969,103,832)
819,653,820
 
 
TOTAL INVESTMENT IN SECURITIES—100.8%
(IDENTIFIED COST $1,192,863,796)
1,024,678,652
 
 
OTHER ASSETS AND LIABILITIES - NET—(0.8)%8
(8,327,007)
 
 
TOTAL NET ASSETS—100%
$1,016,351,645
At August 31, 2022, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures:
 
 
 
 
2United States Treasury Notes 2-Year Long Futures
25
$5,208,203
December 2022
$(4,545)
2CBOE VIX Long Futures
400
$10,787,240
October 2022
$695,386
2United States Treasury Notes 10-Year Long Futures
15
$1,753,594
December 2022
$(6,596)
2United States Treasury Notes 5-Year Long Futures
160
$17,731,250
December 2022
$(61,610)
2United States Treasury Ultra Bond Long Futures
40
$5,980,000
December 2022
$71,160
Short Futures:
 
 
 
 
2CBOE VIX Short Futures
400
$11,380,440
January 2023
$(347,794)
2United States Treasury Notes 10-Year Ultra Short Futures
5
$625,938
December 2022
$1,189
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS
$347,190
The average notional value of long and short futures contracts held by the Fund throughout the period was $23,332,112 and $25,217,850, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
At August 31, 2022, the Fund had no outstanding Foreign Exchange contracts.
The average value at settlement date payable and receivable of foreign exchange contracts purchased and sold by the Fund throughout the period was $636,093 and $450,328, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
At August 31, 2022, the Fund had the following open swap contracts:  
Credit Default Swap
Counterparty
Reference
Entity
Buy/
Sell
Pay/
Receive
Fixed Rate
Expiration
Date
Implied
Credit
Spread at
08/31/20229
Notional
Amount
Market
Value
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
OTC Swaps:
 
 
 
 
 
 
 
 
 
Jefferies and Co.
Buy Protection on CDX
Buy
1.000%
09/12/2022
1.31%
$24,750,000
$321,760
$515,407
$837,167
Goldman Sachs & Co
Pay Periodic Fee on CDX
Sell
1.000%
06/20/2027
3.36%
$15,000,000
$1,383,641
$(1,308,781)
$74,860
TOTAL CREDIT DEFAULT SWAPS
$1,705,401
$(793,374)
$912,027
10
The average notional amount of swap contracts held by the Fund throughout the period was $13,965,000. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
At August 31, 2022, the Fund had the following outstanding written options contracts:  
Counterparty
Description
Number of
Contracts
Notional
Amount
Expiration
Date
Exercise
Price
Value
Call Options:
 
 
 
 
 
 
2Russell 2000 Index
Russell 2000 Index, Notional Amount $10000, Exercise
Price $1850. Expiration Date 9/16/2022
100
$18,441,150
September 2022
$1,850.00
$(391,000)
2Morgan Stanley
AUD CALL/USD PUT
10,000,000
$10,000,000
September 2022
$0.70
$(9,360)
Morgan Stanley
AUD CALL/USD PUT
12,500,000
$12,500,000
October 2022
$0.73
$(10,638)
2Morgan Stanley
USD CALL/NOK PUT
20,000,000
$20,000,000
November 2022
$10.50
$(168,420)
J.P. Morgan
United States Treasury Note 10 Year Future
400
$148,000
September 2022
$119.00
$(93,750)
2BNP
EUR CALL/USD PUT
20,600,000
$20,600,000
November 2022
$1.03
$(226,291)
2Bank of America
Merrill Lynch
NZD CALL/ USD PUT
10,000,000
$10,000,000
September 2022
$0.64
$(1,170)
Put Options:
 
 
 
 
 
 
Bank of America
Merrill Lynch
NZD PUT/USD CALL
12,500,000
$12,500,000
November 2022
$0.61
$(268,950)
2Credit Agricole
EUR PUT/USD CALL
19,000,000
$19,000,000
October 2022
$0.95
$(34,086)
J.P. Morgan
United States Treasury Bond
150
$45,000
September 2022
$136.00
$(288,281)
J.P. Morgan
United States Treasury Note 10 Year Future
200
$74,000
September 2022
$118.00
$(318,750)
2Morgan Stanley
USD PUT/BRL CALL
7,500,000
$7,500,000
September 2022
$5.25
$(166,057)
2Morgan Stanley
USD PUT/NOK CALL
10,000,000
$10,000,000
September 2022
$9.70
$(12,810)
2Morgan Stanley
AUD PUT/USD CALL
12,500,000
$12,500,000
November 2022
$0.67
$(155,488)
(Premium Received $1,499,632)
$(2,145,051)
The average market value of written put and call options held by the Fund throughout the period was $3,238,209 and $3,393,219, respectively. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
The average market value of purchased put and call options held by the Fund throughout the period was $2,282,638 and $2,066,184, respectively. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
Net Unrealized Appreciation (Depreciation) on Futures, Written Options Contracts and value for Swap Contracts is included in “Other Assets and Liabilities—Net.”
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 August 31, 2022, were as follows:  
Affiliates
Value as of
11/30/2021
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation/
Depreciation
Net
Realized
Gain/
(Loss)
Value as of
8/31/2022
Shares
Held as of
8/31/2022
Dividend
Income
Bank Loan Core Fund
$60,812,038
$17,016,284
$(70,000,000)
$(143,824)
$(847,613)
$6,836,885
763,898
$1,016,284
Emerging Markets Core Fund
$265,673,450
$70,689,026
$(82,800,000)
$(44,193,431)
$(7,750,411)
$201,618,634
25,586,121
$12,689,027
Federated Hermes Government
Obligations Fund, Premier Shares
$17,374,500
$142,983,085
$(159,638,410)
$—
$—
$719,175
719,175
$—
Federated Hermes Institutional Prime
Value Obligations Fund, Institutional
Shares
$23,430,312
$527,290,102
$(515,718,624)
$5,001
$(357)
$35,006,434
35,016,939
$202,607
High Yield Bond Core Fund
$466,267,692
$89,220,000
$(116,350,000)
$(61,593,893)
$(4,984,368)
$372,559,431
69,507,356
$20,776,236
Mortgage Core Fund
$147,548,396
$112,000,000
$(35,000,000)
$(21,099,304)
$(535,830)
$202,913,262
23,163,614
$4,003,371
TOTAL OF AFFILIATED
TRANSACTIONS
$981,106,388
$959,198,497
$(979,507,034)
$(127,025,451)
$(14,118,579)
$819,653,821
154,757,103
$38,687,525
Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC), the Fund invests in a portfolio of Federated Hermes Core Trust (“Core Trust”), which is managed by Federated Investment Management Company (the “Adviser”). Core Trust is an open-end management company, registered under the Investment Company Act of 1940, as amended (the “Act”), available only to registered investment companies and other institutional investors. The investment objective of High Yield Bond Core Fund (HYCORE), a portfolio of Core Trust, is to seek high current income. Income distributions from HYCORE are declared daily and paid monthly, and are recorded by the Fund as dividend income. Capital gain distributions, if any, from HYCORE are declared and paid annually, and are
11
recorded by the Fund as capital gains. Federated Hermes, Inc. (“Federated Hermes”) receives no advisory or administrative fees from HYCORE. Copies of the HYCORE financial statements are available on the EDGAR Database on the SEC’s website or upon request from the Fund.  
1
Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the general supervision of the Fund’s Board of Directors (the “Directors”).
2
Non-income-producing security.
3
All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of August 31, 2022, securities subject to this type of arrangement and
related collateral were as follows:
 
Market Value of
Securities Loaned
Collateral
Received
$707,668
$719,175
 
4
Floating/variable note with current rate and current maturity or next reset date shown.
5
Issuer in default.
6
7-day net yield.
7
The High Yield Bond Core Fund is a diversified portfolio of below investment grade bonds.
8
Assets, other than investments in securities, less liabilities.
9
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the
current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular
referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit
spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined
under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
Note: The categories of investments are shown as a percentage of total net assets at August 31, 2022.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Directors.
◾ 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.
◾ 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.
◾ 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 Directors.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Directors, 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 Directors have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Directors have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (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 Directors 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 Directors. The Directors periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
12
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 Directors.
The Directors 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 Directors 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 Directors. The Directors 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.
13

The following is a summary of the inputs used, as of August 31, 2022, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
 
 
 
 
Corporate Bonds
$—
$52,496,768
$25,488
$52,522,256
U.S. Treasuries
—
50,010,040
—
50,010,040
Mortgage-Backed Securities
—
43,344,114
—
43,344,114
Collateralized Mortgage Obligations
—
20,881,283
—
20,881,283
Asset-Backed Securities
—
10,989,754
—
10,989,754
Commercial Mortgage-Backed Securities
—
3,241,733
—
3,241,733
Purchased Call Options
644,695
—
—
644,695
Purchased Put Options
1,481,192
—
—
1,481,192
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
20,369,400
—
—
20,369,400
International
1,539,965
—
—
1,539,965
Preferred Stock
 
 
 
 
Domestic
—
—
400
400
Investment Companies
819,653,820
—
—
819,653,820
TOTAL SECURITIES
$843,689,072
$180,963,692
$25,888
$1,024,678,652
Other Financial Instruments:
 
 
 
 
Assets
 
 
 
 
Futures Contracts
$767,735
$—
$—
$767,735
Swap Contracts
—
1,705,401
—
1,705,401
Liabilities
 
 
 
 
Futures Contracts
(420,545)
—
—
(420,545)
Written Options Contracts
(2,145,051)
—
—
(2,145,051)
TOTAL OTHER FINANCIAL INSTRUMENTS
$(1,797,861)
$1,705,401
$—
$(92,460)
 
The following acronym(s) are used throughout this portfolio:
 
AUD
—Australian Dollar
BKNT
—Bank Notes
BRL
—Brazilian Real
ETF
—Exchange-Traded Fund
EUR
—Euro Currency
FHLMC
—Federal Home Loan Mortgage Corporation
FREMF
—Freddie Mac Multifamily K-Deals
GMTN
—Global Medium Term Note
LIBOR
—London Interbank Offered Rate
MTN
—Medium Term Note
NOK
—Norwegian Krone
NZD
—New Zealand Dollar
REIT
—Real Estate Investment Trust
REMIC
—Real Estate Mortgage Investment Conduit
USD
—United States Dollar
14