Federated Hermes Corporate Bond Strategy Portfolio
Portfolio of Investments
March 31, 2024 (unaudited)
Principal Amount or Shares | Value | ||
CORPORATE BONDS—95.0% | |||
Basic Industry - Chemicals—0.3% | |||
$ 90,000 | Albemarle Corp., Sr. Unsecd. Note, 5.450%, 12/1/2044 | $ 83,337 | |
200,000 | RPM International, Inc., Sr. Unsecd. Note, 4.550%, 3/1/2029 | 194,232 | |
300,000 | RPM International, Inc., Sr. Unsecd. Note, 5.250%, 6/1/2045 | 285,110 | |
TOTAL | 562,679 | ||
Basic Industry - Metals & Mining—1.5% | |||
600,000 | 1 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031 | 511,050 |
400,000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 3.625%, 9/11/2024 | 395,466 | |
200,000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.500%, 5/2/2033 | 198,953 | |
235,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 233,707 | |
90,000 | Glencore Funding LLC, 144A, 5.893%, 4/4/2054 | 91,263 | |
400,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026 | 371,028 | |
350,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 2.625%, 9/23/2031 | 291,913 | |
200,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051 | 137,083 | |
250,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 278,035 | |
TOTAL | 2,508,498 | ||
Basic Industry - Paper—0.6% | |||
800,000 | Smurfit Kappa Treasury Unlimited Co., Sr. Unsecd. Note, 144A, 5.777%, 4/3/2054 | 811,487 | |
100,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 7.375%, 3/15/2032 | 113,676 | |
TOTAL | 925,163 | ||
Capital Goods - Aerospace & Defense—4.3% | |||
230,000 | BAE Systems Holdings, Inc., Sr. Unsecd. Note, 144A, 3.850%, 12/15/2025 | 224,555 | |
500,000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | 338,156 | |
360,000 | Boeing Co., Sr. Unsecd. Note, 2.196%, 2/4/2026 | 337,185 | |
300,000 | Boeing Co., Sr. Unsecd. Note, 2.700%, 2/1/2027 | 276,462 | |
995,000 | Boeing Co., Sr. Unsecd. Note, 2.950%, 2/1/2030 | 859,915 | |
425,000 | Boeing Co., Sr. Unsecd. Note, 3.250%, 2/1/2035 | 334,671 | |
745,000 | Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059 | 510,604 | |
175,000 | Boeing Co., Sr. Unsecd. Note, 5.705%, 5/1/2040 | 167,628 | |
700,000 | HEICO Corp., Sr. Unsecd. Note, 5.350%, 8/1/2033 | 702,664 | |
170,000 | Hexcel Corp., Sr. Unsecd. Note, 4.200%, 2/15/2027 | 161,629 | |
740,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027 | 695,342 | |
200,000 | Leidos, Inc., Sr. Unsecd. Note, 5.750%, 3/15/2033 | 205,112 | |
125,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 122,245 | |
350,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030 | 331,876 | |
500,000 | Northrop Grumman Corp., Sr. Unsecd. Note, 4.700%, 3/15/2033 | 488,355 | |
600,000 | RTX Corp, Sr. Unsecd. Note, 4.125%, 11/16/2028 | 580,681 | |
350,000 | RTX Corp, Sr. Unsecd. Note, 4.150%, 5/15/2045 | 291,167 | |
280,000 | RTX Corp, Sr. Unsecd. Note, 5.150%, 2/27/2033 | 280,679 | |
370,000 | Textron, Inc., Sr. Unsecd. Note, 2.450%, 3/15/2031 | 311,897 | |
TOTAL | 7,220,823 | ||
Capital Goods - Building Materials—0.9% | |||
100,000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | 92,374 | |
125,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 123,340 | |
620,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027 | 591,865 | |
235,000 | Carrier Global Corp., Sr. Unsecd. Note, 2.700%, 2/15/2031 | 202,370 |
1
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Building Materials—continued | |||
$ 255,000 | Carrier Global Corp., Sr. Unsecd. Note, 5.900%, 3/15/2034 | $ 268,121 | |
170,000 | Masco Corp., Sr. Unsecd. Note, 4.500%, 5/15/2047 | 145,513 | |
TOTAL | 1,423,583 | ||
Capital Goods - Construction Machinery—1.3% | |||
205,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 | 201,742 | |
350,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.800%, 4/15/2034 | 349,805 | |
450,000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 1.450%, 7/15/2026 | 413,228 | |
445,000 | 1 | CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027 | 427,623 |
895,000 | Weir Group PLC/The, Sr. Unsecd. Note, 144A, 2.200%, 5/13/2026 | 831,033 | |
TOTAL | 2,223,431 | ||
Capital Goods - Diversified Manufacturing—1.6% | |||
155,000 | Otis Worldwide Corp., Sr. Unsecd. Note, Series WI, 2.565%, 2/15/2030 | 136,411 | |
300,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 1.400%, 9/15/2027 | 266,281 | |
110,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.950%, 9/15/2029 | 98,969 | |
60,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 3.850%, 12/15/2025 | 58,728 | |
245,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 4.200%, 9/15/2028 | 238,033 | |
80,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044 | 70,958 | |
390,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.250%, 10/1/2054 | 346,842 | |
335,000 | Vontier Corp., Sr. Unsecd. Note, Series WI, 1.800%, 4/1/2026 | 311,169 | |
500,000 | Vontier Corp., Sr. Unsecd. Note, Series WI, 2.950%, 4/1/2031 | 418,403 | |
160,000 | Wabtec Corp., Sr. Unsecd. Note, 3.200%, 6/15/2025 | 155,445 | |
310,000 | Wabtec Corp., Sr. Unsecd. Note, 5.611%, 3/11/2034 | 314,127 | |
285,000 | Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031 | 240,469 | |
TOTAL | 2,655,835 | ||
Capital Goods - Packaging—0.3% | |||
180,000 | Packaging Corp., of America, Sr. Unsecd. Note, 3.650%, 9/15/2024 | 178,240 | |
220,000 | Sonoco Products Co., Sr. Unsecd. Note, 5.750%, 11/1/2040 | 222,602 | |
150,000 | WestRock Co., Sr. Unsecd. Note, Series WI, 4.000%, 3/15/2028 | 144,217 | |
TOTAL | 545,059 | ||
Communications - Cable & Satellite—1.6% | |||
440,000 | CCO Safari II LLC, 6.484%, 10/23/2045 | 408,127 | |
380,000 | Charter Communications Operating LLC, 5.375%, 5/1/2047 | 306,441 | |
250,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 3.850%, 4/1/2061 | 148,500 | |
500,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 4.800%, 3/1/2050 | 370,434 | |
865,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Term Loan - 1st Lien, 3.900%, 6/1/2052 | 550,706 | |
600,000 | Charter Communications, Inc., 4.200%, 3/15/2028 | 565,794 | |
165,000 | Cox Communications, Inc., Sr. Unsecd. Note, 144A, 3.350%, 9/15/2026 | 157,884 | |
300,000 | Time Warner Cable, Inc., Company Guarantee, 5.500%, 9/1/2041 | 249,985 | |
TOTAL | 2,757,871 | ||
Communications - Media & Entertainment—2.9% | |||
500,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.650%, 5/15/2050 | 390,990 | |
135,000 | Fox Corp., Sr. Unsecd. Note, Series WI, 4.709%, 1/25/2029 | 133,164 | |
375,000 | Fox Corp., Sr. Unsecd. Note, Series WI, 5.576%, 1/25/2049 | 349,472 | |
300,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.400%, 3/1/2031 | 251,566 | |
495,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 3.375%, 3/1/2041 | 369,718 | |
850,000 | Netflix, Inc., Sr. Unsecd. Note, 4.875%, 4/15/2028 | 849,072 | |
300,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 2.450%, 4/30/2030 | 257,633 | |
300,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 2.600%, 8/1/2031 | 254,251 | |
200,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.650%, 11/1/2024 | 197,585 |
2
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Communications - Media & Entertainment—continued | |||
$ 190,000 | Paramount Global, Sr. Unsecd. Note, 3.700%, 6/1/2028 | $ 168,451 | |
475,000 | Paramount Global, Sr. Unsecd. Note, 4.200%, 5/19/2032 | 394,912 | |
200,000 | Paramount Global, Sr. Unsecd. Note, 4.900%, 8/15/2044 | 143,117 | |
500,000 | Warnermedia Holdings, Inc., Sr. Unsecd. Note, 4.279%, 3/15/2032 | 446,872 | |
510,000 | Warnermedia Holdings, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2042 | 438,586 | |
300,000 | Warnermedia Holdings, Inc., Sr. Unsecd. Note, 6.412%, 3/15/2026 | 300,006 | |
TOTAL | 4,945,395 | ||
Communications - Telecom Wireless—4.4% | |||
450,000 | American Tower Corp., Sr. Unsecd. Note, 1.450%, 9/15/2026 | 410,286 | |
300,000 | American Tower Corp., Sr. Unsecd. Note, 2.100%, 6/15/2030 | 249,426 | |
300,000 | American Tower Corp., Sr. Unsecd. Note, 3.100%, 6/15/2050 | 199,561 | |
250,000 | American Tower Corp., Sr. Unsecd. Note, 3.800%, 8/15/2029 | 233,399 | |
100,000 | American Tower Corp., Sr. Unsecd. Note, 4.400%, 2/15/2026 | 98,316 | |
500,000 | American Tower Corp., Sr. Unsecd. Note, 5.450%, 2/15/2034 | 501,004 | |
280,000 | Bell Canada, Sr. Unsecd. Note, 4.464%, 4/1/2048 | 241,317 | |
300,000 | Crown Castle, Inc., Sr. Unsecd. Note, 2.250%, 1/15/2031 | 247,016 | |
400,000 | Crown Castle, International Corp., Sr. Unsecd. Note, 4.450%, 2/15/2026 | 393,555 | |
300,000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.100%, 5/1/2033 | 292,730 | |
200,000 | Crown Castle, International Corp., Sr. Unsecd. Note, 5.200%, 2/15/2049 | 185,659 | |
300,000 | TELUS Corp., Sr. Unsecd. Note, 2.800%, 2/16/2027 | 281,967 | |
415,000 | T-Mobile USA, Inc., 4.500%, 4/15/2050 | 359,980 | |
500,000 | T-Mobile USA, Inc., Series WI, 2.700%, 3/15/2032 | 420,733 | |
550,000 | T-Mobile USA, Inc., Series WI, 3.000%, 2/15/2041 | 405,351 | |
600,000 | T-Mobile USA, Inc., Series WI, 3.875%, 4/15/2030 | 562,246 | |
575,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.150%, 4/15/2034 | 573,297 | |
670,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.650%, 1/15/2053 | 684,646 | |
230,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.125%, 5/30/2025 | 226,556 | |
350,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | 282,761 | |
580,000 | Vodafone Group PLC, Sr. Unsecd. Note, 5.250%, 5/30/2048 | 554,352 | |
TOTAL | 7,404,158 | ||
Communications - Telecom Wirelines—5.6% | |||
400,000 | AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026 | 374,162 | |
877,000 | AT&T, Inc., Sr. Unsecd. Note, 2.550%, 12/1/2033 | 702,748 | |
350,000 | AT&T, Inc., Sr. Unsecd. Note, 2.750%, 6/1/2031 | 301,579 | |
300,000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 6/1/2041 | 234,321 | |
1,000,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051 | 734,798 | |
255,000 | AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060 | 184,603 | |
500,000 | AT&T, Inc., Sr. Unsecd. Note, 4.300%, 2/15/2030 | 480,657 | |
500,000 | AT&T, Inc., Sr. Unsecd. Note, 4.350%, 3/1/2029 | 487,289 | |
400,000 | AT&T, Inc., Sr. Unsecd. Note, 5.450%, 3/1/2047 | 396,488 | |
245,000 | AT&T, Inc., Sr. Unsecd. Note, 6.375%, 3/1/2041 | 261,813 | |
545,000 | AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058 | 487,870 | |
815,000 | Rogers Communications, Inc., Sr. Unsecd. Note, 4.500%, 3/15/2042 | 708,480 | |
200,000 | Rogers Communications, Inc., Sr. Unsecd. Note, 4.550%, 3/15/2052 | 168,423 | |
40,000 | Telefonica S.A., Co. Guarantee, 7.045%, 6/20/2036 | 44,807 | |
680,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 1.450%, 3/20/2026 | 634,333 | |
400,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 2.550%, 3/21/2031 | 341,835 | |
1,785,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.400%, 3/22/2041 | 1,396,004 | |
30,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.000%, 3/22/2050 | 24,276 | |
390,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 8/15/2046 | 327,414 |
3
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Communications - Telecom Wirelines—continued | |||
$ 750,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 3/16/2027 | $ 734,276 | |
500,000 | Verizon Communications, Inc., Sr. Unsecd. Note, Series WI, 1.680%, 10/30/2030 | 407,544 | |
TOTAL | 9,433,720 | ||
Consumer Cyclical - Automotive—5.8% | |||
650,000 | Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.000%, 12/14/2026 | 597,804 | |
175,000 | Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.375%, 12/14/2028 | 155,911 | |
500,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.125%, 3/8/2034 | 502,985 | |
1,805,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 7.122%, 11/7/2033 | 1,943,388 | |
200,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 | 196,884 | |
455,000 | General Motors Co., Sr. Unsecd. Note, 5.200%, 4/1/2045 | 409,249 | |
110,000 | General Motors Co., Sr. Unsecd. Note, 6.750%, 4/1/2046 | 118,952 | |
750,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 1.500%, 6/10/2026 | 690,129 | |
750,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.400%, 4/10/2028 | 673,853 | |
50,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.700%, 8/20/2027 | 46,104 | |
400,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 | 399,665 | |
250,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 4.300%, 7/13/2025 | 246,302 | |
800,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031 | 808,953 | |
300,000 | General Motors Financial Co., Inc., Unsecd. Note, 3.500%, 11/7/2024 | 296,133 | |
600,000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 1.000%, 9/17/2024 | 587,064 | |
380,000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 2.000%, 6/15/2028 | 333,819 | |
1,200,000 | Nissan Motor Acceptance Company LLC., Sr. Unsecd. Note, 144A, 1.850%, 9/16/2026 | 1,086,205 | |
400,000 | Stellantis Finance US, Inc., Sr. Unsecd. Note, 144A, 1.711%, 1/29/2027 | 364,470 | |
400,000 | Stellantis Finance US, Inc., Sr. Unsecd. Note, 144A, 2.691%, 9/15/2031 | 336,671 | |
TOTAL | 9,794,541 | ||
Consumer Cyclical - Retailers—2.2% | |||
150,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, 1.750%, 10/1/2027 | 130,979 | |
675,000 | 1 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | 612,533 |
600,000 | Alimentation Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 3.800%, 1/25/2050 | 462,106 | |
185,000 | AutoNation, Inc., Sr. Unsecd. Note, 1.950%, 8/1/2028 | 160,411 | |
750,000 | AutoNation, Inc., Sr. Unsecd. Note, 3.850%, 3/1/2032 | 667,153 | |
130,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.500%, 10/1/2025 | 128,069 | |
55,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.125%, 4/21/2026 | 52,919 | |
345,000 | AutoZone, Inc., Sr. Unsecd. Note, 4.000%, 4/15/2030 | 327,516 | |
300,000 | Dollar General Corp., Sr. Unsecd. Note, 4.125%, 5/1/2028 | 291,336 | |
610,000 | O’Reilly Automotive, Inc., Sr. Unsecd. Note, 1.750%, 3/15/2031 | 494,606 | |
160,000 | O’Reilly Automotive, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2030 | 153,140 | |
230,000 | Tractor Supply Co., Sr. Unsecd. Note, 5.250%, 5/15/2033 | 231,822 | |
TOTAL | 3,712,590 | ||
Consumer Cyclical - Services—0.3% | |||
570,000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030 | 513,274 | |
Consumer Non-Cyclical - Food/Beverage—4.8% | |||
125,000 | Bacardi Ltd., Sr. Unsecd. Note, 144A, 2.750%, 7/15/2026 | 117,961 | |
225,000 | Campbell Soup Co., Sr. Unsecd. Note, 5.200%, 3/21/2029 | 226,162 | |
650,000 | Coca-Cola European Partners PLC, Sr. Unsecd. Note, 144A, 1.500%, 1/15/2027 | 590,323 | |
710,000 | Conagra Brands, Inc., Sr. Unsecd. Note, 1.375%, 11/1/2027 | 621,541 | |
115,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.800%, 1/15/2029 | 114,080 | |
400,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.900%, 5/1/2033 | 392,579 | |
250,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 5.250%, 11/15/2048 | 240,309 | |
135,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 2.400%, 3/15/2031 | 113,264 | |
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 201,911 |
4
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Food/Beverage—continued | |||
$ 445,000 | General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051 | $ 292,449 | |
200,000 | Grupo Bimbo S.A.B. de CV, Sr. Unsecd. Note, 144A, 3.875%, 6/27/2024 | 199,138 | |
150,000 | Heineken NV, Sr. Unsecd. Note, 144A, 4.350%, 3/29/2047 | 130,394 | |
110,000 | International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 1.832%, 10/15/2027 | 97,586 | |
300,000 | International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 2.300%, 11/1/2030 | 249,347 | |
255,000 | Jde Peet’s B.V., Sr. Unsecd. Note, 144A, 0.800%, 9/24/2024 | 248,715 | |
53,000 | Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 4.417%, 5/25/2025 | 52,449 | |
750,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | 633,880 | |
190,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 1.850%, 2/15/2031 | 153,878 | |
250,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027 | 237,573 | |
500,000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 2.625%, 9/13/2031 | 392,571 | |
300,000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030 | 248,878 | |
300,000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2027 | 288,236 | |
350,000 | 1 | Smucker (J.M.) Co., Sr. Unsecd. Note, 2.375%, 3/15/2030 | 303,813 |
300,000 | Smucker (J.M.) Co., Sr. Unsecd. Note, 3.500%, 3/15/2025 | 294,328 | |
400,000 | Sysco Corp., Sr. Unsecd. Note, 4.450%, 3/15/2048 | 340,620 | |
200,000 | Tyson Foods, Inc., 3.950%, 8/15/2024 | 198,851 | |
585,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 3.550%, 6/2/2027 | 558,151 | |
500,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 5.700%, 3/15/2034 | 506,868 | |
TOTAL | 8,045,855 | ||
Consumer Non-Cyclical - Health Care—2.8% | |||
350,000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 2.600%, 5/27/2030 | 302,406 | |
220,000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 3.000%, 9/23/2029 | 198,608 | |
55,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 3.734%, 12/15/2024 | 54,301 | |
300,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 4.669%, 6/6/2047 | 269,050 | |
179,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 4.685%, 12/15/2044 | 162,255 | |
400,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 6/1/2026 | 381,472 | |
50,000 | CVS Health Corp., Sr. Unsecd. Note, 3.875%, 7/20/2025 | 49,077 | |
880,000 | CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048 | 799,727 | |
520,000 | CVS Health Corp., Sr. Unsecd. Note, 5.125%, 7/20/2045 | 479,526 | |
295,000 | Danaher Corp., Sr. Unsecd. Note, 2.600%, 10/1/2050 | 187,524 | |
145,000 | GE Healthcare Holding LLC, Sr. Unsecd. Note, 6.377%, 11/22/2052 | 163,827 | |
1,500,000 | HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051 | 1,036,975 | |
365,000 | HCA, Inc., Sr. Unsecd. Note, 6.000%, 4/1/2054 | 370,792 | |
335,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 0.850%, 9/15/2024 | 327,277 | |
TOTAL | 4,782,817 | ||
Consumer Non-Cyclical - Pharmaceuticals—3.1% | |||
955,000 | AbbVie, Inc., Sr. Unsecd. Note, 3.200%, 11/21/2029 | 880,252 | |
750,000 | Amgen, Inc., Sr. Unsecd. Note, 2.450%, 2/21/2030 | 656,145 | |
980,000 | Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033 | 988,687 | |
970,000 | Amgen, Inc., Sr. Unsecd. Note, 5.650%, 3/2/2053 | 989,089 | |
185,000 | AstraZeneca PLC, Sr. Unsecd. Note, 1.375%, 8/6/2030 | 151,083 | |
300,000 | Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.625%, 6/25/2038 | 250,903 | |
300,000 | Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.875%, 6/25/2048 | 241,310 | |
600,000 | Biogen, Inc., Sr. Unsecd. Note, 3.150%, 5/1/2050 | 401,671 | |
375,000 | Takeda Pharmaceutical Co. Ltd., Sr. Unsecd. Note, 2.050%, 3/31/2030 | 318,094 | |
500,000 | Takeda Pharmaceutical Co. Ltd., Sr. Unsecd. Note, 3.025%, 7/9/2040 | 377,031 | |
TOTAL | 5,254,265 | ||
Consumer Non-Cyclical - Supermarkets—0.3% | |||
300,000 | Kroger Co., Bond, 6.900%, 4/15/2038 | 338,515 |
5
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Supermarkets—continued | |||
$ 250,000 | Kroger Co., Sr. Unsecd. Note, 3.950%, 1/15/2050 | $ 199,463 | |
TOTAL | 537,978 | ||
Consumer Non-Cyclical - Tobacco—1.8% | |||
500,000 | Altria Group, Inc., Sr. Unsecd. Note, 3.700%, 2/4/2051 | 349,897 | |
650,000 | Altria Group, Inc., Sr. Unsecd. Note, 3.875%, 9/16/2046 | 487,391 | |
200,000 | Altria Group, Inc., Sr. Unsecd. Note, 4.800%, 2/14/2029 | 198,148 | |
325,000 | BAT Capital Corp., Sr. Unsecd. Note, 2.259%, 3/25/2028 | 289,487 | |
490,000 | BAT Capital Corp., Sr. Unsecd. Note, 6.000%, 2/20/2034 | 496,466 | |
500,000 | BAT Capital Corp., Sr. Unsecd. Note, Series WI, 3.557%, 8/15/2027 | 473,630 | |
200,000 | BAT Capital Corp., Sr. Unsecd. Note, Series WI, 4.540%, 8/15/2047 | 154,554 | |
300,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 278,560 | |
300,000 | Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041 | 314,049 | |
TOTAL | 3,042,182 | ||
Energy - Independent—2.8% | |||
680,000 | Apache Corp., Sr. Unsecd. Note, 5.100%, 9/1/2040 | 584,019 | |
250,000 | Canadian Natural Resources Ltd., Sr. Unsecd. Note, 2.050%, 7/15/2025 | 239,256 | |
590,000 | Canadian Natural Resources Ltd., Sr. Unsecd. Note, 3.800%, 4/15/2024 | 589,565 | |
390,000 | Coterra Energy, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 5/15/2027 | 375,524 | |
175,000 | Coterra Energy, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 3/15/2029 | 168,633 | |
190,000 | Diamondback Energy, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2033 | 202,651 | |
685,000 | Hess Corp., Sr. Unsecd. Note, 5.600%, 2/15/2041 | 698,689 | |
200,000 | Marathon Oil Corp., Sr. Unsecd. Note, 4.400%, 7/15/2027 | 194,426 | |
650,000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.600%, 3/15/2046 | 700,949 | |
510,000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | 571,078 | |
500,000 | Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031 | 420,963 | |
TOTAL | 4,745,753 | ||
Energy - Integrated—0.8% | |||
605,000 | Cenovus Energy, Inc., Sr. Unsecd. Note, 3.750%, 2/15/2052 | 445,226 | |
300,000 | Cenovus Energy, Inc., Sr. Unsecd. Note, 4.250%, 4/15/2027 | 292,141 | |
100,000 | Petro-Canada, Bond, 5.350%, 7/15/2033 | 97,261 | |
130,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 6.500%, 3/13/2027 | 122,540 | |
500,000 | Suncor Energy, Inc., Sr. Unsecd. Note, 3.750%, 3/4/2051 | 370,982 | |
TOTAL | 1,328,150 | ||
Energy - Midstream—6.4% | |||
130,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.400%, 2/15/2031 | 115,380 | |
165,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032 | 144,099 | |
400,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029 | 394,371 | |
100,000 | Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 4.500%, 6/1/2025 | 98,620 | |
100,000 | Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 5.800%, 6/1/2045 | 98,936 | |
495,000 | Columbia Pipeline Holding Co. LLC, Sr. Unsecd. Note, 144A, 5.681%, 1/15/2034 | 491,971 | |
50,000 | Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.000%, 11/15/2029 | 44,751 | |
65,000 | Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.900%, 11/15/2049 | 47,819 | |
725,000 | Energy Transfer Operating LP, Sr. Unsecd. Note, 5.000%, 5/15/2050 | 636,576 | |
250,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 5.300%, 4/15/2047 | 227,625 | |
170,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.550%, 5/15/2034 | 170,624 | |
250,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 251,601 | |
550,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.700%, 1/31/2051 | 425,452 | |
200,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.250%, 2/15/2048 | 171,350 | |
500,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.850%, 3/15/2044 | 467,742 | |
400,000 | Kinder Morgan Energy Partners LP, 4.250%, 9/1/2024 | 397,477 |
6
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Energy - Midstream—continued | |||
$ 495,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 6.375%, 3/1/2041 | $ 515,169 | |
300,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | 266,613 | |
300,000 | Kinder Morgan, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2028 | 292,882 | |
350,000 | MPLX LP, Sr. Unsecd. Note, 2.650%, 8/15/2030 | 301,210 | |
395,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 385,074 | |
200,000 | MPLX LP, Sr. Unsecd. Note, 4.900%, 4/15/2058 | 167,676 | |
500,000 | MPLX LP, Sr. Unsecd. Note, 4.950%, 3/14/2052 | 439,493 | |
80,000 | MPLX LP, Sr. Unsecd. Note, Series WI, 4.250%, 12/1/2027 | 77,835 | |
400,000 | ONEOK, Inc., Sr. Unsecd. Note, 3.100%, 3/15/2030 | 357,890 | |
500,000 | ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047 | 439,839 | |
500,000 | ONEOK, Inc., Sr. Unsecd. Note, 6.625%, 9/1/2053 | 551,424 | |
600,000 | Plains All American Pipeline LP, Sr. Unsecd. Note, 5.150%, 6/1/2042 | 544,365 | |
180,000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | 164,200 | |
350,000 | Targa Resources, Inc., Sr. Unsecd. Note, 6.125%, 3/15/2033 | 365,315 | |
500,000 | Targa Resources, Inc., Sr. Unsecd. Note, 6.250%, 7/1/2052 | 519,695 | |
290,000 | TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027 | 277,597 | |
290,000 | Williams Partners LP, Sr. Unsecd. Note, 3.900%, 1/15/2025 | 285,961 | |
650,000 | Williams Partners LP, Sr. Unsecd. Note, 4.900%, 1/15/2045 | 585,112 | |
TOTAL | 10,721,744 | ||
Energy - Oil Field Services—0.6% | |||
1,000,000 | Williams Cos., Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034 | 991,441 | |
Energy - Refining—1.3% | |||
200,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 3.625%, 9/15/2024 | 198,021 | |
225,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 200,373 | |
150,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 163,253 | |
245,000 | Phillips 66, Sr. Unsecd. Note, 1.300%, 2/15/2026 | 228,068 | |
565,000 | Phillips 66, Sr. Unsecd. Note, 4.875%, 11/15/2044 | 527,781 | |
400,000 | Valero Energy Corp., Sr. Unsecd. Note, 2.800%, 12/1/2031 | 341,976 | |
140,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.000%, 4/1/2029 | 134,369 | |
400,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.900%, 3/15/2045 | 368,640 | |
TOTAL | 2,162,481 | ||
Financial Institution - Banking—8.6% | |||
410,000 | Associated Banc-Corp., Sub. Note, 4.250%, 1/15/2025 | 402,468 | |
400,000 | Bank of America Corp., Sr. Unsecd. Note, 2.299%, 7/21/2032 | 327,430 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 196,849 | |
575,000 | Bank of America Corp., Sub. Note, Series L, 4.183%, 11/25/2027 | 558,338 | |
800,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 789,587 | |
500,000 | Capital One Financial Corp., Sr. Unsecd. Note, 3.750%, 3/9/2027 | 480,038 | |
400,000 | Capital One Financial Corp., Sr. Unsecd. Note, 5.817%, 2/1/2034 | 399,676 | |
480,000 | Citigroup, Inc., 4.125%, 7/25/2028 | 460,286 | |
250,000 | Citigroup, Inc., 5.500%, 9/13/2025 | 249,980 | |
450,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 437,885 | |
500,000 | Citigroup, Inc., Sub., 5.827%, 2/13/2035 | 495,233 | |
285,000 | Citigroup, Inc., Sub., 6.174%, 5/25/2034 | 289,563 | |
550,000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030 | 549,476 | |
580,000 | Citizens Financial Group, Inc., Sub. Note, 2.638%, 9/30/2032 | 444,701 | |
200,000 | Comerica, Inc., 3.800%, 7/22/2026 | 190,657 | |
305,000 | Comerica, Inc., Sr. Unsecd. Note, 5.982%, 1/30/2030 | 301,521 | |
200,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 196,655 | |
200,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.950%, 3/14/2028 | 191,126 |
7
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$ 695,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 5.631%, 1/29/2032 | $ 696,170 | |
370,000 | FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025 | 366,896 | |
500,000 | Goldman Sachs Group, Inc., 5.950%, 1/15/2027 | 510,965 | |
400,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, Series DMTN, 2.383%, 7/21/2032 | 328,250 | |
900,000 | Goldman Sachs Group, Inc., Sub. Note, 4.250%, 10/21/2025 | 883,491 | |
300,000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 5.709%, 2/2/2035 | 299,278 | |
750,000 | Huntington National Bank, Sr. Unsecd. Note, 4.552%, 5/17/2028 | 727,500 | |
800,000 | KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035 | 817,457 | |
370,000 | M&T Bank Corp., Sr. Unsecd. Note, 6.082%, 3/13/2032 | 369,432 | |
480,000 | M&T Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029 | 506,522 | |
400,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032 | 326,862 | |
450,000 | Morgan Stanley, Sub. Note, 5.000%, 11/24/2025 | 447,434 | |
750,000 | Synovus Bank GA, Sr. Unsecd. Note, 5.625%, 2/15/2028 | 728,750 | |
200,000 | Truist Bank, Sub. Note, Series BKNT, 3.300%, 5/15/2026 | 192,012 | |
350,000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.867%, 6/8/2034 | 354,421 | |
TOTAL | 14,516,909 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.8% | |||
160,000 | Jefferies Financial Group LLC, Sr. Unsecd. Note, 5.875%, 7/21/2028 | 162,967 | |
575,000 | Jefferies Group LLC, Sr. Unsecd. Note, 2.750%, 10/15/2032 | 467,479 | |
200,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 4.650%, 4/1/2030 | 197,522 | |
200,000 | Stifel Financial Corp., Sr. Unsecd. Note, 4.000%, 5/15/2030 | 182,881 | |
300,000 | Stifel Financial Corp., Sr. Unsecd. Note, 4.250%, 7/18/2024 | 298,381 | |
TOTAL | 1,309,230 | ||
Financial Institution - Finance Companies—2.3% | |||
500,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 2.450%, 10/29/2026 | 464,505 | |
525,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.000%, 10/29/2028 | 475,308 | |
1,300,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.400%, 10/29/2033 | 1,095,616 | |
505,000 | Air Lease Corp., Sr. Unsecd. Note, 2.200%, 1/15/2027 | 464,654 | |
500,000 | Air Lease Corp., Sr. Unsecd. Note, 2.875%, 1/15/2032 | 421,297 | |
400,000 | Air Lease Corp., Sr. Unsecd. Note, 5.100%, 3/1/2029 | 397,664 | |
460,000 | Ally Financial, Inc., Sr. Unsecd. Note, 6.848%, 1/3/2030 | 473,799 | |
TOTAL | 3,792,843 | ||
Financial Institution - Insurance - Health—0.1% | |||
250,000 | The Cigna Group, Sr. Unsecd. Note, 4.900%, 12/15/2048 | 227,888 | |
Financial Institution - Insurance - Life—0.7% | |||
545,000 | Corebridge Financial, Inc., Sr. Unsecd. Note, 5.750%, 1/15/2034 | 556,400 | |
110,000 | Lincoln National Corp., Sr. Note, 7.000%, 6/15/2040 | 121,658 | |
400,000 | Lincoln National Corp., Sr. Unsecd. Note, 3.050%, 1/15/2030 | 353,589 | |
100,000 | 2 | MetLife, Inc., Jr. Sub. Note, 10.750% (3-Month USLIBOR +7.548%), 8/1/2039 | 135,754 |
50,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 56,753 | |
TOTAL | 1,224,154 | ||
Financial Institution - Insurance - P&C—1.3% | |||
800,000 | Aon North America, Inc., 5.750%, 3/1/2054 | 820,915 | |
500,000 | CNA Financial Corp., Sr. Unsecd. Note, 3.900%, 5/1/2029 | 473,697 | |
400,000 | CNA Financial Corp., Sr. Unsecd. Note, 5.500%, 6/15/2033 | 405,676 | |
120,000 | Hartford Financial Services Group, Inc., Sr. Unsecd. Note, 6.625%, 4/15/2042 | 125,134 | |
412,000 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 4.569%, 2/1/2029 | 401,669 | |
TOTAL | 2,227,091 | ||
Financial Institution - REIT - Apartment—0.4% | |||
160,000 | Mid-America Apartment Communities LP, 4.000%, 11/15/2025 | 156,861 |
8
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Apartment—continued | |||
$ 150,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | $ 149,324 | |
160,000 | Mid-America Apartment Communities LP, Sr. Unsub., 1.700%, 2/15/2031 | 129,010 | |
80,000 | UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034 | 65,132 | |
200,000 | UDR, Inc., Sr. Unsecd. Note, Series GMTN, 3.500%, 1/15/2028 | 187,775 | |
TOTAL | 688,102 | ||
Financial Institution - REIT - Healthcare—0.9% | |||
375,000 | Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031 | 298,429 | |
245,000 | Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030 | 213,498 | |
300,000 | Physicians Realty Trust, Sr. Unsecd. Note, 3.950%, 1/15/2028 | 286,686 | |
325,000 | Welltower, Inc., Sr. Unsecd. Note, 2.800%, 6/1/2031 | 278,980 | |
500,000 | Welltower, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 | 478,958 | |
TOTAL | 1,556,551 | ||
Financial Institution - REIT - Office—1.0% | |||
65,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 1.875%, 2/1/2033 | 49,414 | |
90,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2027 | 86,940 | |
100,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 95,867 | |
250,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.700%, 7/1/2030 | 242,675 | |
105,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 5.250%, 5/15/2036 | 103,097 | |
500,000 | Boston Properties LP, Sr. Unsecd. Note, 2.900%, 3/15/2030 | 428,677 | |
840,000 | Piedmont Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032 | 605,473 | |
TOTAL | 1,612,143 | ||
Financial Institution - REIT - Other—0.4% | |||
160,000 | ProLogis LP, Sr. Unsecd. Note, 4.375%, 2/1/2029 | 157,201 | |
175,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 163,526 | |
300,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 300,000 | |
TOTAL | 620,727 | ||
Financial Institution - REIT - Retail—1.0% | |||
140,000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.800%, 10/1/2026 | 132,143 | |
290,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.800%, 4/1/2027 | 278,693 | |
350,000 | Kimco Realty Corp., Sr. Unsecd. Note, 6.400%, 3/1/2034 | 374,885 | |
300,000 | Regency Centers LP, Sr. Unsecd. Note, 3.700%, 6/15/2030 | 276,914 | |
170,000 | Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028 | 163,955 | |
460,000 | Tanger Properties LP, Sr. Unsecd. Note, 3.125%, 9/1/2026 | 431,844 | |
TOTAL | 1,658,434 | ||
Technology—7.3% | |||
1,070,000 | Broadcom, Inc., Sr. Unsecd. Note, 4.110%, 9/15/2028 | 1,034,273 | |
190,000 | Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030 | 179,751 | |
300,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 2.600%, 2/15/2033 | 243,742 | |
310,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.137%, 11/15/2035 | 250,566 | |
10,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036 | 7,962 | |
450,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.469%, 4/15/2034 | 385,767 | |
70,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 53,062 | |
900,000 | CDW LLC / CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026 | 836,633 | |
370,000 | Concentrix Corp., Sr. Unsecd. Note, 6.650%, 8/2/2026 | 372,974 | |
250,000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 4.000%, 7/15/2024 | 248,776 | |
1,000,000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.300%, 10/1/2029 | 1,012,591 | |
500,000 | Equifax, Inc., Sr. Unsecd. Note, 2.350%, 9/15/2031 | 413,193 | |
205,000 | Equifax, Inc., Sr. Unsecd. Note, 2.600%, 12/1/2024 | 200,972 | |
200,000 | Experian Finance PLC., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2029 | 193,494 | |
135,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.100%, 3/1/2041 | 98,500 |
9
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$ 375,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | $ 349,331 | |
230,000 | Fiserv, Inc., Sr. Unsecd. Note, 5.600%, 3/2/2033 | 234,579 | |
450,000 | Keysight Technologies, Inc., Sr. Unsecd. Note, 4.550%, 10/30/2024 | 446,881 | |
155,000 | Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029 | 150,321 | |
245,000 | Microchip Technology, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2029 | 245,138 | |
765,000 | Micron Technology, Inc., Sr. Unsecd. Note, 3.366%, 11/1/2041 | 568,799 | |
200,000 | Micron Technology, Inc., Sr. Unsecd. Note, 4.975%, 2/6/2026 | 199,026 | |
850,000 | Oracle Corp., Sr. Unsecd. Note, 1.650%, 3/25/2026 | 793,808 | |
1,600,000 | Oracle Corp., Sr. Unsecd. Note, 3.600%, 4/1/2050 | 1,156,877 | |
1,000,000 | Oracle Corp., Sr. Unsecd. Note, 3.650%, 3/25/2041 | 785,685 | |
550,000 | Oracle Corp., Sr. Unsecd. Note, 5.550%, 2/6/2053 | 538,410 | |
200,000 | Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032 | 214,083 | |
85,000 | Skyworks Solutions, Inc., Sr. Unsecd. Note, 1.800%, 6/1/2026 | 78,778 | |
75,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.450%, 6/1/2028 | 72,619 | |
80,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 | 79,197 | |
150,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 | 144,369 | |
160,000 | VMware, Inc., Sr. Unsecd. Note, 1.400%, 8/15/2026 | 146,162 | |
730,000 | VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031 | 594,363 | |
TOTAL | 12,330,682 | ||
Technology Services—0.8% | |||
150,000 | Fortinet, Inc., Sr. Unsecd. Note, 1.000%, 3/15/2026 | 138,089 | |
710,000 | Global Payments, Inc., Sr. Unsecd. Note, 1.200%, 3/1/2026 | 657,027 | |
500,000 | Global Payments, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2027 | 461,558 | |
85,000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | 76,404 | |
95,000 | Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031 | 79,608 | |
TOTAL | 1,412,686 | ||
Transportation - Airlines—0.4% | |||
100,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 6/15/2027 | 99,846 | |
495,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 493,138 | |
TOTAL | 592,984 | ||
Transportation - Railroads—0.5% | |||
100,000 | Canadian Pacific Railway Co., 7.125%, 10/15/2031 | 112,397 | |
225,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 1.750%, 12/2/2026 | 206,726 | |
105,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 2.050%, 3/5/2030 | 89,422 | |
195,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.000%, 12/2/2041 | 166,567 | |
200,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 4.700%, 5/1/2048 | 178,607 | |
TOTAL | 753,719 | ||
Transportation - Services—1.9% | |||
330,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | 336,518 | |
250,000 | FedEx Corp., Sr. Unsecd. Note, 3.250%, 5/15/2041 | 187,381 | |
550,000 | FedEx Corp., Sr. Unsecd. Note, 4.050%, 2/15/2048 | 439,211 | |
725,000 | GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 1.650%, 7/15/2026 | 665,131 | |
315,000 | GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 2.650%, 7/15/2031 | 256,718 | |
300,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 1.700%, 6/15/2026 | 276,790 | |
400,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.950%, 3/10/2025 | 393,737 | |
50,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.350%, 1/12/2027 | 50,061 | |
260,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 1.750%, 9/1/2026 | 239,849 | |
220,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.900%, 12/1/2026 | 207,969 | |
200,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 5.650%, 3/1/2028 | 203,930 | |
TOTAL | 3,257,295 |
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Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—6.6% | |||
$ 130,000 | AEP Texas, Inc., Sr. Unsecd. Note, 3.850%, 10/1/2025 | $ 125,936 | |
385,000 | AEP Texas, Inc., Sr. Unsecd. Note, 4.700%, 5/15/2032 | 367,818 | |
500,000 | Ameren Corp., Sr. Unsecd. Note, 1.750%, 3/15/2028 | 441,821 | |
185,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 170,322 | |
80,000 | Ameren Corp., Sr. Unsecd. Note, 3.650%, 2/15/2026 | 77,464 | |
180,000 | American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033 | 182,829 | |
200,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.000%, 4/1/2038 | 225,334 | |
170,000 | Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030 | 142,637 | |
645,000 | CenterPoint Energy, Inc., Sr. Unsecd. Note, 2.650%, 6/1/2031 | 546,957 | |
450,000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033 | 464,051 | |
70,000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 6.125%, 1/15/2034 | 73,964 | |
55,000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 6.500%, 10/1/2053 | 60,557 | |
195,000 | Dominion Energy, Inc., Jr. Sub. Note, 3.071%, 8/15/2024 | 192,914 | |
130,000 | Dominion Energy, Inc., Sr. Unsecd. Note, 4.250%, 6/1/2028 | 126,158 | |
120,000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series A, 1.450%, 4/15/2026 | 111,183 | |
240,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026 | 226,691 | |
1,200,000 | Duke Energy Corp., Sr. Unsecd. Note, 6.100%, 9/15/2053 | 1,269,223 | |
500,000 | EDP Finance BV, Sr. Unsecd. Note, 144A, 1.710%, 1/24/2028 | 441,400 | |
300,000 | EDP Finance BV, Sr. Unsecd. Note, 144A, 3.625%, 7/15/2024 | 298,197 | |
475,000 | Electricite de France S.A., Sr. Unsecd. Note, 144A, 6.250%, 5/23/2033 | 498,061 | |
740,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 608,881 | |
300,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.250%, 7/12/2031 | 243,059 | |
100,000 | Exelon Corp., Sr. Unsecd. Note, 3.950%, 6/15/2025 | 98,228 | |
90,000 | Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052 | 71,710 | |
95,000 | Exelon Corp., Sr. Unsecd. Note, 4.700%, 4/15/2050 | 83,333 | |
180,000 | FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049 | 152,507 | |
242,000 | Fortis, Inc./Canada, Sr. Unsecd. Note, 3.055%, 10/4/2026 | 229,207 | |
290,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 283,865 | |
200,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 3.550%, 5/1/2027 | 190,845 | |
400,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.050%, 2/28/2033 | 396,516 | |
300,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 235,084 | |
100,000 | NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 5/15/2047 | 83,899 | |
95,000 | NiSource, Inc., Sr. Unsecd. Note, 5.250%, 3/30/2028 | 95,700 | |
400,000 | NiSource, Inc., Sr. Unsecd. Note, 5.400%, 6/30/2033 | 403,505 | |
250,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 245,169 | |
230,000 | Puget Energy, Inc., Sec. Fac. Bond, 2.379%, 6/15/2028 | 205,327 | |
1,175,000 | Southern Co., Jr. Sub. Note, Series B, 4.000%, 1/15/2051 | 1,131,128 | |
285,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028 | 252,127 | |
TOTAL | 11,053,607 | ||
Utility - Natural Gas—1.7% | |||
300,000 | Enbridge Energy Partners LP, 5.875%, 10/15/2025 | 301,913 | |
80,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 5.500%, 9/15/2040 | 78,863 | |
300,000 | Enbridge, Inc., Sr. Unsecd. Note, 3.125%, 11/15/2029 | 274,001 | |
600,000 | Enbridge, Inc., Sr. Unsecd. Note, 5.700%, 3/8/2033 | 614,727 | |
195,000 | National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031 | 164,165 | |
130,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.950%, 9/15/2027 | 124,187 | |
200,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 199,813 | |
500,000 | Sempra Energy, Jr. Sub. Note, 4.125%, 4/1/2052 | 463,773 | |
260,000 | Sempra Energy, Sr. Unsecd. Note, 3.700%, 4/1/2029 | 243,334 | |
250,000 | Sempra Energy, Sr. Unsecd. Note, 4.000%, 2/1/2048 | 195,208 |
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Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Utility - Natural Gas—continued | |||
$ 250,000 | Southern Natural Gas, Sr. Unsecd. Note, 144A, 4.800%, 3/15/2047 | $ 206,807 | |
TOTAL | 2,866,791 | ||
Utility - Natural Gas Distributor—0.0% | |||
110,000 | The East Ohio Gas Co., Sr. Unsecd. Note, 144A, 3.000%, 6/15/2050 | 69,688 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $176,361,293) | 160,010,810 | ||
FOREIGN GOVERNMENTS/AGENCIES—1.4% | |||
Sovereign—1.4% | |||
700,000 | Mexico, Government of, 3.750%, 1/11/2028 | 664,609 | |
200,000 | Mexico, Government of, Series MTN, 4.750%, 3/8/2044 | 166,464 | |
206,000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | 219,402 | |
800,000 | Mexico, Government of, Sr. Unsecd. Note, 3.250%, 4/16/2030 | 712,058 | |
250,000 | Mexico, Government of, Sr. Unsecd. Note, 4.500%, 4/22/2029 | 241,622 | |
300,000 | Mexico, Government of, Sr. Unsecd. Note, 4.500%, 1/31/2050 | 235,909 | |
190,000 | Peru, Government of, 6.550%, 3/14/2037 | 206,150 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $2,708,763) | 2,446,214 | ||
REPURCHASE AGREEMENT—2.8% | |||
4,654,000 | Interest in $1,772,000,000 joint repurchase agreement 5.34%, dated 3/28/2024 under which Bank of America, N.A. will repurchase securities provided as collateral for $1,773,051,387 on 4/1/2024. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/20/2052 and the market value of those underlying securities was $1,807,708,104. (IDENTIFIED COST $4,654,000) | 4,654,000 | |
INVESTMENT COMPANY—0.3% | |||
490,585 | Federated Hermes Government Obligations Fund, Premier Shares, 5.24% (IDENTIFIED COST $490,585) | 490,585 | |
TOTAL INVESTMENT IN SECURITIES—99.5% (IDENTIFIED COST $184,214,641) | 167,601,609 | ||
OTHER ASSETS AND LIABILITIES - NET—0.5%3 | 866,986 | ||
TOTAL NET ASSETS—100% | $168,468,595 |
At March 31, 2024, the Fund had the following outstanding futures contracts:
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation |
Long Futures: | ||||
United States Treasury Notes 5-Year Long Futures | 60 | $6,420,938 | June 2024 | $11,580 |
United States Treasury Notes 10-Year Long Futures | 15 | $1,661,953 | June 2024 | $6,294 |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $17,874 |
The average notional value of futures contracts held by the Fund throughout the period was $9,074,131 and $423,340, respectively. This is based on the contracts held as of each month-end throughout the three-month fiscal period.
Net Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
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Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended March 31, 2024, were as follows:
Federated Hermes Government Obligations Fund, Premier Shares* | |
Value as of 12/31/2023 | $855,748 |
Purchases at Cost | $4,154,318 |
Proceeds from Sales | $(4,519,481) |
Change in Unrealized Appreciation/Depreciation | $— |
Net Realized Gain/(Loss) | $— |
Value as of 3/31/2024 | $490,585 |
Shares Held as of 3/31/2024 | 490,585 |
Dividend Income | $9,175 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of March 31, 2024, securities subject to this type of arrangement and related collateral were as follows: |
Fair Value of Securities Loaned | Collateral Received |
$490,585 | $477,164 |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Assets, other than investments in securities, less liabilities. |
Note: The categories of investments are shown as a percentage of total net assets at March 31, 2024.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ Shares of other mutual funds or non-exchange traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation
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Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
The following is a summary of the inputs used, as of March 31, 2024, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Corporate Bonds | $— | $160,010,810 | $— | $160,010,810 |
Foreign Governments/Agencies | — | 2,446,214 | — | 2,446,214 |
Repurchase Agreement | — | 4,654,000 | — | 4,654,000 |
Investment Company | 490,585 | — | — | 490,585 |
TOTAL SECURITIES | $490,585 | $167,111,024 | $— | $167,601,609 |
Other Financial Instruments:1 | ||||
Assets | $17,874 | $— | $— | $17,874 |
TOTAL OTHER FINANCIAL INSTRUMENTS | $17,874 | $— | $— | $17,874 |
1 | Other financial instruments are futures contracts. |
The following acronym(s) are used throughout this portfolio: | ||
BKNT | —Bank Notes | |
GMTN | —Global Medium Term Note | |
MTN | —Medium Term Note | |
REIT | —Real Estate Investment Trust |
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