United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21822
(Investment Company Act File Number)
Federated Hermes Managed Pool Series
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 12/31/21
Date of Reporting Period: 12/31/21
The Registrant is filing this Amendment to the Certified Shareholder Report on Form N-CSR of Federated Hermes Corporate Bond Strategy Portfolio filed with the Securities and Exchange Commission on February 24, 2022. The sole purpose of this filing is to correct a typographical error in the annual report. Revised certifications have also been appended.
Item 1. | Reports to Stockholders |
Ticker FCSPX |
Federated Hermes Corporate Bond Strategy Portfolio
A Portfolio of Federated Hermes Managed Pool Series
1 Year | 5 Years | 10 Years | |
Fund | -0.41% | 6.39% | 5.61% |
BUSC | -1.08% | 5.05% | 4.45% |
BUSC-Baa | -0.40% | 5.77% | 5.08% |
Security Type | Percentage of Total Net Assets |
Corporate Bonds | 93.4% |
Foreign Government/Agency | 2.9% |
Cash Equivalents2 | 3.0% |
Securities Lending Collateral3 | 1.3% |
Derivative Contracts4,5 | 0.0% |
Other Assets and Liabilities—Net6 | (0.6)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these security types. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
4 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund’s performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract’s significance to the portfolio. More complete information regarding the Fund’s direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
5 | Represents less than 0.1%. |
6 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—93.4% | |||
Basic Industry - Chemicals—0.4% | |||
$ 90,000 | Albemarle Corp., 4.150%, 12/1/2024 | $ 96,451 | |
90,000 | Albemarle Corp., Sr. Unsecd. Note, 5.450%, 12/1/2044 | 117,504 | |
200,000 | RPM International, Inc., Sr. Unsecd. Note, 4.550%, 3/1/2029 | 226,858 | |
300,000 | RPM International, Inc., Sr. Unsecd. Note, 5.250%, 6/1/2045 | 386,914 | |
TOTAL | 827,727 | ||
Basic Industry - Metals & Mining—1.7% | |||
600,000 | 1 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031 | 597,806 |
400,000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 3.625%, 9/11/2024 | 420,148 | |
235,000 | AngloGold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 286,477 | |
40,000 | Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023 | 41,004 | |
400,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026 | 392,832 | |
350,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 2.625%, 9/23/2031 | 340,487 | |
200,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051 | 193,077 | |
225,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 232,961 | |
250,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 350,249 | |
170,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 4.300%, 8/1/2032 | 188,613 | |
105,000 | Worthington Industries, Inc., Sr. Unsecd. Note, 4.550%, 4/15/2026 | 115,180 | |
TOTAL | 3,158,834 | ||
Basic Industry - Paper—0.1% | |||
100,000 | Weyerhaeuser Co., Sr. Unsecd. Note, 7.375%, 3/15/2032 | 140,859 | |
Capital Goods - Aerospace & Defense—4.4% | |||
230,000 | BAE Systems Holdings, Inc., Sr. Unsecd. Note, 144A, 3.850%, 12/15/2025 | 246,745 | |
500,000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | 488,120 | |
360,000 | Boeing Co., Sr. Unsecd. Note, 2.196%, 2/4/2026 | 360,207 | |
300,000 | Boeing Co., Sr. Unsecd. Note, 2.700%, 2/1/2027 | 305,252 | |
995,000 | Boeing Co., Sr. Unsecd. Note, 2.950%, 2/1/2030 | 1,014,839 | |
425,000 | Boeing Co., Sr. Unsecd. Note, 3.250%, 2/1/2035 | 428,951 | |
745,000 | Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059 | 776,232 | |
500,000 | Boeing Co., Sr. Unsecd. Note, 4.508%, 5/1/2023 | 522,381 | |
175,000 | Boeing Co., Sr. Unsecd. Note, 5.705%, 5/1/2040 | 225,096 | |
360,000 | Embraer Netherlands BV, Sr. Unsecd. Note, 5.050%, 6/15/2025 | 372,571 | |
100,000 | Embraer SA, Sr. Unsecd. Note, 5.150%, 6/15/2022 | 101,455 | |
170,000 | Hexcel Corp., Sr. Unsecd. Note, 4.200%, 2/15/2027 | 182,661 | |
740,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027 | 784,372 | |
125,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 133,191 | |
350,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030 | 390,444 | |
600,000 | Raytheon Technologies Corp., Sr. Unsecd. Note, 4.125%, 11/16/2028 | 671,724 | |
350,000 | Raytheon Technologies Corp., Sr. Unsecd. Note, 4.150%, 5/15/2045 | 408,909 | |
136,000 | 2 | Textron Financial Corp., Jr. Sub. Note, 144A, 1.891% (3-month USLIBOR +1.735%), 2/15/2042 | 116,960 |
370,000 | Textron, Inc., Sr. Unsecd. Note, 2.450%, 3/15/2031 | 364,105 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 52,796 | |
TOTAL | 7,947,011 | ||
Capital Goods - Building Materials—1.1% | |||
100,000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | 106,390 | |
125,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | ��� 130,077 | |
620,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027 | 657,915 | |
235,000 | Carrier Global Corp., Sr. Unsecd. Note, 2.700%, 2/15/2031 | 238,973 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Capital Goods - Building Materials—continued | |||
$ 115,000 | Carrier Global Corp., Sr. Unsecd. Note, 2.722%, 2/15/2030 | $ 117,570 | |
500,000 | Carrier Global Corp., Sr. Unsecd. Note, 3.577%, 4/5/2050 | 533,074 | |
170,000 | Masco Corp., Sr. Unsecd. Note, 4.500%, 5/15/2047 | 204,456 | |
TOTAL | 1,988,455 | ||
Capital Goods - Construction Machinery—1.5% | |||
885,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 2.450%, 8/12/2031 | 862,687 | |
450,000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 1.450%, 7/15/2026 | 440,819 | |
480,000 | CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027 | 522,949 | |
895,000 | Weir Group PLC/The, Sr. Unsecd. Note, 144A, 2.200%, 5/13/2026 | 883,388 | |
TOTAL | 2,709,843 | ||
Capital Goods - Diversified Manufacturing—1.5% | |||
815,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 801,493 | |
155,000 | Otis Worldwide Corp., Sr. Unsecd. Note, Series WI, 2.565%, 2/15/2030 | 157,378 | |
300,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 1.400%, 9/15/2027 | 291,348 | |
110,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.950%, 9/15/2029 | 113,891 | |
60,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 3.850%, 12/15/2025 | 64,758 | |
245,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 4.200%, 9/15/2028 | 275,281 | |
390,000 | Valmont Industries, Inc., 5.250%, 10/1/2054 | 498,808 | |
80,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044 | 99,122 | |
160,000 | Wabtec Corp., Sr. Unsecd. Note, 3.200%, 6/15/2025 | 166,657 | |
285,000 | Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031 | 282,805 | |
TOTAL | 2,751,541 | ||
Capital Goods - Packaging—0.4% | |||
180,000 | Packaging Corp., of America, Sr. Unsecd. Note, 3.650%, 9/15/2024 | 190,250 | |
220,000 | Sonoco Products Co., Sr. Unsecd. Note, 5.750%, 11/1/2040 | 296,629 | |
120,000 | WestRock Co., Sr. Unsecd. Note, 4.000%, 3/1/2023 | 123,253 | |
150,000 | WestRock Co., Sr. Unsecd. Note, Series WI, 4.000%, 3/15/2028 | 165,914 | |
TOTAL | 776,046 | ||
Communications - Cable & Satellite—1.8% | |||
440,000 | CCO Safari II LLC, 6.484%, 10/23/2045 | 602,167 | |
600,000 | Charter Communications, Inc., 4.200%, 3/15/2028 | 657,619 | |
380,000 | Charter Communications Operating LLC, 5.375%, 5/1/2047 | 454,590 | |
250,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 3.850%, 4/1/2061 | 236,463 | |
865,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Term Loan - 1st Lien, 3.900%, 6/1/2052 | 869,073 | |
165,000 | Cox Communications, Inc., Sr. Unsecd. Note, 144A, 3.350%, 9/15/2026 | 175,330 | |
300,000 | Time Warner Cable, Inc., Company Guarantee, 5.500%, 9/1/2041 | 364,454 | |
TOTAL | 3,359,696 | ||
Communications - Media & Entertainment—3.0% | |||
500,000 | Discovery Communications LLC, Sr. Unsecd. Note, 4.650%, 5/15/2050 | 588,074 | |
135,000 | Fox Corp., Sr. Unsecd. Note, Series WI, 4.709%, 1/25/2029 | 154,228 | |
375,000 | Fox Corp., Sr. Unsecd. Note, Series WI, 5.576%, 1/25/2049 | 513,067 | |
250,000 | Grupo Televisa S.A., 6.625%, 3/18/2025 | 285,266 | |
950,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 5.000%, 5/13/2045 | 1,123,923 | |
300,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 2.400%, 3/1/2031 | 299,514 | |
495,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 3.375%, 3/1/2041 | 510,366 | |
300,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 2.450%, 4/30/2030 | 300,022 | |
300,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 2.600%, 8/1/2031 | 304,331 | |
200,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 3.650%, 11/1/2024 | 212,122 | |
200,000 | ViacomCBS, Inc., Sr. Unsecd. Note, 3.700%, 8/15/2024 | 211,870 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Communications - Media & Entertainment—continued | |||
$ 200,000 | ViacomCBS, Inc., Sr. Unsecd. Note, 4.900%, 8/15/2044 | $ 243,922 | |
475,000 | ViacomCBS, Inc., Sr. Unsecd. Note, 4.950%, 1/15/2031 | 566,480 | |
190,000 | ViacomCBS, Inc., Sr. Unsecd. Note, Series WI, 3.700%, 6/1/2028 | 206,248 | |
TOTAL | 5,519,433 | ||
Communications - Telecom Wireless—3.8% | |||
450,000 | American Tower Corp., Sr. Unsecd. Note, 1.450%, 9/15/2026 | 440,791 | |
300,000 | American Tower Corp., Sr. Unsecd. Note, 2.100%, 6/15/2030 | 289,193 | |
300,000 | American Tower Corp., Sr. Unsecd. Note, 3.100%, 6/15/2050 | 292,586 | |
250,000 | American Tower Corp., Sr. Unsecd. Note, 3.800%, 8/15/2029 | 272,245 | |
100,000 | American Tower Corp., Sr. Unsecd. Note, 4.400%, 2/15/2026 | 109,285 | |
200,000 | American Tower Corp., Sr. Unsecd. Note, 5.000%, 2/15/2024 | 215,312 | |
280,000 | Bell Canada, Sr. Unsecd. Note, 4.464%, 4/1/2048 | 347,283 | |
300,000 | Crown Castle International Corp., Sr. Unsecd. Note, 2.250%, 1/15/2031 | 292,639 | |
400,000 | Crown Castle International Corp., Sr. Unsecd. Note, 4.450%, 2/15/2026 | 438,196 | |
200,000 | Crown Castle International Corp., Sr. Unsecd. Note, 5.200%, 2/15/2049 | 257,239 | |
300,000 | TELUS Corp., Sr. Unsecd. Note, 2.800%, 2/16/2027 | 312,495 | |
500,000 | T-Mobile USA, Inc., Sec. Fac. Bond, 2.700%, 3/15/2032 | 503,644 | |
600,000 | T-Mobile USA, Inc., Sec. Fac. Bond, 3.875%, 4/15/2030 | 656,836 | |
415,000 | T-Mobile USA, Inc., Sec. Fac. Bond, 4.500%, 4/15/2050 | 486,418 | |
550,000 | T-Mobile USA, Inc., Sr. Sub. Note, 3.000%, 2/15/2041 | 537,966 | |
230,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.125%, 5/30/2025 | 248,699 | |
350,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | 405,039 | |
580,000 | Vodafone Group PLC, Sr. Unsecd. Note, 5.250%, 5/30/2048 | 757,276 | |
TOTAL | 6,863,142 | ||
Communications - Telecom Wirelines—6.7% | |||
400,000 | AT&T, Inc., Sr. Unsecd. Note, 0.900%, 3/25/2024 | 398,392 | |
400,000 | AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026 | 398,318 | |
877,000 | AT&T, Inc., Sr. Unsecd. Note, 2.550%, 12/1/2033 | 858,761 | |
350,000 | AT&T, Inc., Sr. Unsecd. Note, 2.750%, 6/1/2031 | 357,468 | |
300,000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 6/1/2041 | 308,977 | |
1,000,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051 | 1,037,911 | |
255,000 | AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060 | 267,134 | |
500,000 | AT&T, Inc., Sr. Unsecd. Note, 4.300%, 2/15/2030 | 563,324 | |
500,000 | AT&T, Inc., Sr. Unsecd. Note, 4.350%, 3/1/2029 | 562,112 | |
400,000 | AT&T, Inc., Sr. Unsecd. Note, 5.450%, 3/1/2047 | 523,915 | |
245,000 | AT&T, Inc., Sr. Unsecd. Note, 6.375%, 3/1/2041 | 346,935 | |
545,000 | AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058 | 707,972 | |
400,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 4.895%, 3/6/2048 | 482,285 | |
180,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.213%, 3/8/2047 | 224,015 | |
240,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | 313,172 | |
40,000 | Telefonica SA, Company Guarantee, 7.045%, 6/20/2036 | 57,138 | |
680,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 1.450%, 3/20/2026 | 677,178 | |
400,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 2.550%, 3/21/2031 | 403,979 | |
1,785,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.400%, 3/22/2041 | 1,872,125 | |
30,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.000%, 3/22/2050 | 34,539 | |
750,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 3/16/2027 | 834,271 | |
390,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 8/15/2046 | 453,451 | |
500,000 | Verizon Communications, Inc., Sr. Unsecd. Note, Series WI, 1.680%, 10/30/2030 | 475,564 | |
TOTAL | 12,158,936 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Automotive—4.8% | |||
$ 650,000 | Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.000%, 12/14/2026 | $ 653,164 | |
175,000 | Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.375%, 12/14/2028 | 175,940 | |
250,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.339%, 3/28/2022 | 250,747 | |
250,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 3.350%, 11/1/2022 | 253,454 | |
200,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 | 214,137 | |
455,000 | General Motors Co., Sr. Unsecd. Note, 5.200%, 4/1/2045 | 564,249 | |
110,000 | General Motors Co., Sr. Unsecd. Note, 6.750%, 4/1/2046 | 157,582 | |
750,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 1.500%, 6/10/2026 | 738,683 | |
750,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.400%, 4/10/2028 | 753,656 | |
50,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.700%, 8/20/2027 | 50,898 | |
400,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 | 421,119 | |
250,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 4.300%, 7/13/2025 | 269,708 | |
300,000 | General Motors Financial Co., Inc., Unsecd. Note, 3.500%, 11/7/2024 | 315,158 | |
600,000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 1.000%, 9/17/2024 | 589,986 | |
235,000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 2.375%, 2/10/2023 | 238,317 | |
380,000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 2.375%, 10/15/2027 | 378,281 | |
1,200,000 | Nissan Motor Acceptance Company LLC., Sr. Unsecd. Note, 144A, 1.850%, 9/16/2026 | 1,172,050 | |
400,000 | Stellantis Finance US, Inc., 144A, 1.711%, 1/29/2027 | 393,396 | |
400,000 | Stellantis Finance US, Inc., Sr. Unsecd. Note, 144A, 2.691%, 9/15/2031 | 393,778 | |
470,000 | Stellantis N.V., Sr. Unsecd. Note, 5.250%, 4/15/2023 | 493,570 | |
200,000 | Volkswagen Group of America Finance LLC, Sr. Unsecd. Note, 144A, 4.250%, 11/13/2023 | 211,292 | |
TOTAL | 8,689,165 | ||
Consumer Cyclical - Retailers—3.6% | |||
150,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, 1.750%, 10/1/2027 | 145,880 | |
675,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | 737,268 | |
600,000 | Alimentation Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 3.800%, 1/25/2050 | 650,843 | |
540,000 | AutoNation, Inc., Sr. Unsecd. Note, 2.400%, 8/1/2031 | 521,422 | |
130,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.500%, 10/1/2025 | 141,541 | |
215,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 245,857 | |
55,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.125%, 4/21/2026 | 58,146 | |
345,000 | AutoZone, Inc., Sr. Unsecd. Note, 4.000%, 4/15/2030 | 386,422 | |
400,000 | CVS Health Corp., Sr. Unsecd. Note, 2.875%, 6/1/2026 | 418,185 | |
50,000 | CVS Health Corp., Sr. Unsecd. Note, 3.875%, 7/20/2025 | 53,778 | |
880,000 | CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048 | 1,152,573 | |
520,000 | CVS Health Corp., Sr. Unsecd. Note, 5.125%, 7/20/2045 | 677,521 | |
300,000 | Dollar General Corp., Sr. Unsecd. Note, 4.125%, 5/1/2028 | 333,714 | |
310,000 | Dollar General Corp., Sr. Unsecd. Note, 4.150%, 11/1/2025 | 337,129 | |
610,000 | 1 | O’Reilly Automotive, Inc., Sr. Unsecd. Note, 1.750%, 3/15/2031 | 577,893 |
160,000 | O’Reilly Automotive, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2030 | 180,381 | |
TOTAL | 6,618,553 | ||
Consumer Cyclical - Services—0.8% | |||
200,000 | 1 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.125%, 2/9/2031 | 193,290 |
235,000 | Booking Holdings, Inc., Sr. Unsecd. Note, 4.625%, 4/13/2030 | 274,872 | |
350,000 | Expedia Group, Inc., Sr. Unsecd. Note, 3.800%, 2/15/2028 | 374,511 | |
250,000 | Expedia Group, Inc., Sr. Unsecd. Note, 144A, 6.250%, 5/1/2025 | 282,247 | |
350,000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 2.950%, 3/15/2031 | 349,865 | |
TOTAL | 1,474,785 | ||
Consumer Non-Cyclical - Food/Beverage—7.1% | |||
500,000 | Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 3.650%, 2/1/2026 | 537,283 | |
1,000,000 | Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.900%, 2/1/2046 | 1,266,846 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Food/Beverage—continued | |||
$ 100,000 | Anheuser-Busch InBev Finance, Inc., 4.900%, 2/1/2046 | $ 125,841 | |
300,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.350%, 6/1/2040 | 353,308 | |
500,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.439%, 10/6/2048 | 599,116 | |
350,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.500%, 6/1/2050 | 432,377 | |
500,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.750%, 1/23/2029 | 582,493 | |
125,000 | Bacardi Ltd., Sr. Unsecd. Note, 144A, 2.750%, 7/15/2026 | 128,660 | |
650,000 | Coca-Cola European Partners PLC, Sr. Unsecd. Note, 144A, 1.500%, 1/15/2027 | 637,431 | |
710,000 | Conagra Brands, Inc., Sr. Unsecd. Note, 1.375%, 11/1/2027 | 678,643 | |
250,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 5.250%, 11/15/2048 | 328,462 | |
135,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 2.400%, 3/15/2031 | 133,248 | |
210,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 225,572 | |
445,000 | General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051 | 447,342 | |
200,000 | Grupo Bimbo S.A.B. de CV, Sr. Unsecd. Note, 144A, 3.875%, 6/27/2024 | 211,034 | |
100,000 | Grupo Bimbo S.A.B. de CV, Sr. Unsecd. Note, 144A, 4.500%, 1/25/2022 | 100,211 | |
150,000 | Heineken NV, Sr. Unsecd. Note, 144A, 4.350%, 3/29/2047 | 186,966 | |
110,000 | International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 1.832%, 10/15/2027 | 108,068 | |
300,000 | International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 2.300%, 11/1/2030 | 294,401 | |
255,000 | JDE Peet’s B.V., Sr. Unsecd. Note, 144A, 0.800%, 9/24/2024 | 250,013 | |
250,000 | Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 | 255,320 | |
220,000 | Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 4.417%, 5/25/2025 | 239,533 | |
250,000 | Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 5.085%, 5/25/2048 | 327,016 | |
750,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | 880,162 | |
190,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 1.850%, 2/15/2031 | 181,431 | |
250,000 | McCormick & Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027 | 269,109 | |
500,000 | Smithfield Foods, Inc., 144A, 2.625%, 9/13/2031 | 484,309 | |
300,000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030 | 299,130 | |
300,000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2027 | 322,433 | |
350,000 | Smucker (J.M.) Co., Sr. Unsecd. Note, 2.375%, 3/15/2030 | 351,114 | |
300,000 | Smucker (J.M.) Co., Sr. Unsecd. Note, 3.500%, 3/15/2025 | 319,945 | |
400,000 | Sysco Corp., Sr. Unsecd. Note, 4.450%, 3/15/2048 | 472,210 | |
200,000 | Tyson Foods, Inc., 3.950%, 8/15/2024 | 212,730 | |
585,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 3.550%, 6/2/2027 | 630,181 | |
TOTAL | 12,871,938 | ||
Consumer Non-Cyclical - Health Care—2.7% | |||
350,000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 2.600%, 5/27/2030 | 353,610 | |
220,000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 3.000%, 9/23/2029 | 229,913 | |
55,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 3.734%, 12/15/2024 | 58,498 | |
300,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 4.669%, 6/6/2047 | 379,209 | |
204,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 4.685%, 12/15/2044 | 257,464 | |
295,000 | Danaher Corp., Sr. Unsecd. Note, 2.600%, 10/1/2050 | 282,072 | |
125,000 | Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030 | 132,171 | |
1,500,000 | HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051 | 1,532,801 | |
335,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 0.850%, 9/15/2024 | 330,434 | |
255,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 1.900%, 9/15/2028 | 249,287 | |
550,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029 | 582,720 | |
500,000 | Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 1.215%, 10/18/2024 | 499,717 | |
TOTAL | 4,887,896 | ||
Consumer Non-Cyclical - Pharmaceuticals—3.2% | |||
955,000 | AbbVie, Inc., Sr. Unsecd. Note, 3.200%, 11/21/2029 | 1,022,136 | |
750,000 | Amgen, Inc., Sr. Unsecd. Note, 2.450%, 2/21/2030 | 764,158 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Pharmaceuticals—continued | |||
$ 185,000 | 1 | Astrazeneca Finance LLC, Sr. Unsecd. Note, 2.250%, 5/28/2031 | $ 186,497 |
300,000 | AstraZeneca PLC, Sr. Unsecd. Note, 2.375%, 6/12/2022 | 301,917 | |
500,000 | AstraZeneca PLC, Sr. Unsecd. Note, 4.000%, 1/17/2029 | 565,165 | |
300,000 | Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.625%, 6/25/2038 | 350,938 | |
300,000 | Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.875%, 6/25/2048 | 369,596 | |
600,000 | Biogen, Inc., Sr. Unsecd. Note, 3.150%, 5/1/2050 | 578,327 | |
790,000 | Royalty Pharma PLC, Sr. Unsecd. Note, 1.750%, 9/2/2027 | 776,694 | |
375,000 | Takeda Pharmaceutical Co. Ltd., Sr. Unsecd. Note, 2.050%, 3/31/2030 | 367,643 | |
500,000 | Takeda Pharmaceutical Co. Ltd., Sr. Unsecd. Note, 3.025%, 7/9/2040 | 509,874 | |
TOTAL | 5,792,945 | ||
Consumer Non-Cyclical - Supermarkets—0.4% | |||
300,000 | Kroger Co., Bond, 6.900%, 4/15/2038 | 439,579 | |
250,000 | Kroger Co., Sr. Unsecd. Note, 3.950%, 1/15/2050 | 288,250 | |
TOTAL | 727,829 | ||
Consumer Non-Cyclical - Tobacco—1.8% | |||
650,000 | Altria Group, Inc., Sr. Unsecd. Note, 3.875%, 9/16/2046 | ���630,194 | |
200,000 | Altria Group, Inc., Sr. Unsecd. Note, 4.800%, 2/14/2029 | 225,780 | |
500,000 | Altria Group, Inc., Sr. Unsecd. Note, 5.950%, 2/14/2049 | 625,287 | |
325,000 | Bat Capital Corp., Sr. Unsecd. Note, 2.259%, 3/25/2028 | 316,971 | |
500,000 | Bat Capital Corp., Sr. Unsecd. Note, Series WI, 3.557%, 8/15/2027 | 524,792 | |
200,000 | Bat Capital Corp., Sr. Unsecd. Note, Series WI, 4.540%, 8/15/2047 | 209,650 | |
300,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 365,303 | |
300,000 | Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041 | 397,431 | |
TOTAL | 3,295,408 | ||
Energy - Independent—1.7% | |||
250,000 | Canadian Natural Resources Ltd., Sr. Unsecd. Note, 2.050%, 7/15/2025 | 252,609 | |
590,000 | Canadian Natural Resources Ltd., Sr. Unsecd. Note, 3.800%, 4/15/2024 | 619,130 | |
390,000 | Coterra Energy, Inc., Sr. Unsecd. Note, 144A, 3.900%, 5/15/2027 | 419,387 | |
175,000 | Coterra Energy, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/15/2029 | 195,699 | |
685,000 | Hess Corp., Sr. Unsecd. Note, 5.600%, 2/15/2041 | 847,368 | |
200,000 | Marathon Oil Corp., Sr. Unsecd. Note, 4.400%, 7/15/2027 | 219,230 | |
500,000 | Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031 | 482,932 | |
TOTAL | 3,036,355 | ||
Energy - Integrated—1.4% | |||
605,000 | 1 | Cenovus Energy, Inc., Sr. Unsecd. Note, 3.750%, 2/15/2052 | 607,874 |
300,000 | Cenovus Energy, Inc., Sr. Unsecd. Note, 4.250%, 4/15/2027 | 327,226 | |
240,000 | Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029 | 265,783 | |
100,000 | Petro-Canada, Bond, 5.350%, 7/15/2033 | 121,387 | |
130,000 | Petroleos Mexicanos, Sr. Unsecd. Note, 6.500%, 3/13/2027 | 138,854 | |
470,000 | Suncor Energy, Inc., Sr. Unsecd. Note, 2.800%, 5/15/2023 | 480,985 | |
500,000 | Suncor Energy, Inc., Sr. Unsecd. Note, 3.750%, 3/4/2051 | 537,912 | |
TOTAL | 2,480,021 | ||
Energy - Midstream—5.4% | |||
130,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.400%, 2/15/2031 | 134,457 | |
400,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029 | 448,587 | |
100,000 | Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 4.500%, 6/1/2025 | 107,883 | |
100,000 | Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 5.800%, 6/1/2045 | 132,559 | |
50,000 | Eastern Energy Gas Holdings, Sr. Unsecd. Note, Series B, 144A, 3.000%, 11/15/2029 | 51,665 | |
65,000 | Eastern Energy Gas Holdings, Sr. Unsecd. Note, Series C, 144A, 3.900%, 11/15/2049 | 72,465 | |
725,000 | Energy Transfer Operating, Sr. Unsecd. Note, 5.000%, 5/15/2050 | 836,285 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Energy - Midstream—continued | |||
$ 600,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | $ 635,154 | |
250,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 5.300%, 4/15/2047 | 290,377 | |
250,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 311,655 | |
550,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.700%, 1/31/2051 | 578,638 | |
200,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.250%, 2/15/2048 | 226,934 | |
500,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 4.850%, 3/15/2044 | 603,307 | |
400,000 | Kinder Morgan Energy Partners LP, 4.250%, 9/1/2024 | 426,708 | |
495,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 6.375%, 3/1/2041 | 657,585 | |
300,000 | Kinder Morgan, Inc., 5.050%, 2/15/2046 | 360,428 | |
300,000 | Kinder Morgan, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2028 | 333,628 | |
350,000 | MPLX LP, Sr. Unsecd. Note, 2.650%, 8/15/2030 | 348,809 | |
395,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 432,468 | |
200,000 | MPLX LP, Sr. Unsecd. Note, 4.900%, 4/15/2058 | 230,892 | |
80,000 | MPLX LP, Sr. Unsecd. Note, Series WI, 4.250%, 12/1/2027 | 88,679 | |
400,000 | ONEOK, Inc., Sr. Unsecd. Note, 3.100%, 3/15/2030 | 407,852 | |
500,000 | ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047 | 579,899 | |
290,000 | TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027 | 318,180 | |
200,000 | Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022 | 202,198 | |
290,000 | Williams Partners LP, Sr. Unsecd. Note, 3.900%, 1/15/2025 | 308,391 | |
650,000 | Williams Partners LP, Sr. Unsecd. Note, 4.900%, 1/15/2045 | 780,637 | |
TOTAL | 9,906,320 | ||
Energy - Refining—1.5% | |||
200,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 3.625%, 9/15/2024 | 210,407 | |
225,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 265,406 | |
150,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 206,628 | |
245,000 | Phillips 66, Sr. Unsecd. Note, 1.300%, 2/15/2026 | 239,929 | |
565,000 | Phillips 66, Sr. Unsecd. Note, 4.875%, 11/15/2044 | 713,893 | |
400,000 | Valero Energy Corp., Sr. Unsecd. Note, 2.800%, 12/1/2031 | 399,194 | |
140,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.000%, 4/1/2029 | 152,488 | |
400,000 | 1 | Valero Energy Corp., Sr. Unsecd. Note, 4.900%, 3/15/2045 | 473,453 |
TOTAL | 2,661,398 | ||
Financial Institution - Banking—5.8% | |||
410,000 | Associated Banc-Corp., Sub. Note, 4.250%, 1/15/2025 | 434,707 | |
400,000 | Bank of America Corp., Sr. Unsecd. Note, 2.299%, 7/21/2032 | 393,711 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 213,948 | |
575,000 | Bank of America Corp., Sub. Note, Series L, 4.183%, 11/25/2027 | 629,554 | |
800,000 | Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025 | 855,015 | |
500,000 | Capital One Financial Corp., Sr. Unsecd. Note, 3.750%, 3/9/2027 | 541,629 | |
255,000 | Capital One Financial Corp., Sr. Unsecd. Note, 3.900%, 1/29/2024 | 268,470 | |
480,000 | Citigroup, Inc., 4.125%, 7/25/2028 | 527,239 | |
250,000 | Citigroup, Inc., 5.500%, 9/13/2025 | 282,984 | |
750,000 | Citigroup, Inc., Sub. Note, 3.875%, 3/26/2025 | 801,053 | |
450,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 502,137 | |
580,000 | Citizens Financial Group, Inc., Sub. Note, 2.638%, 9/30/2032 | 573,865 | |
200,000 | Comerica, Inc., 3.800%, 7/22/2026 | 216,212 | |
200,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 214,901 | |
120,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 | 125,772 | |
200,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.950%, 3/14/2028 | 220,899 | |
245,000 | FNB Corp., (PA), Sr. Unsecd. Note, 2.200%, 2/24/2023 | 247,136 | |
500,000 | Goldman Sachs Group, Inc., 5.950%, 1/15/2027 | 589,820 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$ 400,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, Series DMTN, 2.383%, 7/21/2032 | $ 394,169 | |
900,000 | Goldman Sachs Group, Inc., Sub. Note, 4.250%, 10/21/2025 | 982,414 | |
400,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032 | 391,656 | |
450,000 | Morgan Stanley, Sub. Note, 5.000%, 11/24/2025 | 504,222 | |
175,000 | Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023 | 182,333 | |
250,000 | Synovus Bank GA, Sr. Unsecd. Note, 2.289%, 2/10/2023 | 250,202 | |
200,000 | Truist Bank, Sub. Note, Series BKNT, 3.300%, 5/15/2026 | 212,889 | |
TOTAL | 10,556,937 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.7% | |||
575,000 | Jefferies Group LLC, Sr. Unsecd. Note, 2.750%, 10/15/2032 | 569,513 | |
200,000 | Raymond James Financial, Inc., Sr. Unsecd. Note, 4.650%, 4/1/2030 | 232,159 | |
300,000 | Stifel Financial Corp., 4.250%, 7/18/2024 | 319,656 | |
200,000 | Stifel Financial Corp., Sr. Unsecd. Note, 4.000%, 5/15/2030 | 219,567 | |
TOTAL | 1,340,895 | ||
Financial Institution - Finance Companies—2.1% | |||
500,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 2.450%, 10/29/2026 | 504,389 | |
525,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.000%, 10/29/2028 | 532,832 | |
1,300,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.400%, 10/29/2033 | 1,325,170 | |
500,000 | Discover Bank, Sr. Unsecd. Note, Series BKNT, 4.650%, 9/13/2028 | 567,828 | |
811,000 | GE Capital International Funding, Inc., Sr. Unsecd. Note, 4.418%, 11/15/2035 | 969,147 | |
TOTAL | 3,899,366 | ||
Financial Institution - Insurance - Health—0.6% | |||
271,000 | CIGNA Corp., Sr. Unsecd. Note, 3.750%, 7/15/2023 | 281,914 | |
500,000 | CIGNA Corp., Sr. Unsecd. Note, 4.125%, 11/15/2025 | 547,211 | |
250,000 | CIGNA Corp., Sr. Unsecd. Note, 4.900%, 12/15/2048 | 323,836 | |
TOTAL | 1,152,961 | ||
Financial Institution - Insurance - Life—1.1% | |||
300,000 | American International Group, Inc., 4.500%, 7/16/2044 | 370,337 | |
255,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024 | 270,904 | |
400,000 | American International Group, Inc., Sr. Unsecd. Note, 4.375%, 1/15/2055 | 492,042 | |
75,000 | AXA-UAP, Sub. Note, 8.600%, 12/15/2030 | 108,330 | |
110,000 | Lincoln National Corp., Sr. Note, 7.000%, 6/15/2040 | 168,058 | |
400,000 | Lincoln National Corp., Sr. Unsecd. Note, 3.050%, 1/15/2030 | 416,400 | |
100,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 169,494 | |
50,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 73,603 | |
TOTAL | 2,069,168 | ||
Financial Institution - Insurance - P&C—0.7% | |||
500,000 | CNA Financial Corp., Sr. Unsecd. Note, 3.900%, 5/1/2029 | 553,927 | |
120,000 | Hartford Financial Services Group, Inc., Sr. Unsecd. Note, 6.625%, 4/15/2042 | 173,323 | |
13,000 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 4.250%, 6/15/2023 | 13,586 | |
412,000 | Liberty Mutual Group, Inc., Sr. Unsecd. Note, 144A, 4.569%, 2/1/2029 | 473,884 | |
TOTAL | 1,214,720 | ||
Financial Institution - REIT - Apartment—0.6% | |||
160,000 | Mid-America Apartment Communities LP, 4.000%, 11/15/2025 | 173,086 | |
150,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | 158,031 | |
160,000 | Mid-America Apartment Communities LP, Sr. Unsub. Note, 1.700%, 2/15/2031 | 152,991 | |
50,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022 | 50,816 | |
80,000 | UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034 | 83,109 | |
200,000 | UDR, Inc., Sr. Unsecd. Note, Series GMTN, 3.500%, 1/15/2028 | 214,738 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - REIT - Apartment—continued | |||
$ 250,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032 | $ 238,292 | |
TOTAL | 1,071,063 | ||
Financial Institution - REIT - Healthcare—1.2% | |||
375,000 | Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031 | 355,278 | |
245,000 | Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030 | 253,171 | |
365,000 | Physicians Realty Trust, Sr. Unsecd. Note, 2.625%, 11/1/2031 | 364,959 | |
300,000 | Physicians Realty Trust, Sr. Unsecd. Note, 3.950%, 1/15/2028 | 328,020 | |
325,000 | Welltower, Inc., Sr. Unsecd. Note, 2.800%, 6/1/2031 | 331,592 | |
500,000 | Welltower, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 | 559,744 | |
TOTAL | 2,192,764 | ||
Financial Institution - REIT - Office—1.0% | |||
65,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 1.875%, 2/1/2033 | 61,172 | |
90,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2027 | 98,488 | |
100,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 110,498 | |
250,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.900%, 12/15/2030 | 300,636 | |
500,000 | Boston Properties LP, Sr. Unsecd. Note, 2.900%, 3/15/2030 | 509,726 | |
840,000 | Piedmont Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032 | 823,360 | |
TOTAL | 1,903,880 | ||
Financial Institution - REIT - Other—0.5% | |||
160,000 | ProLogis LP, Sr. Unsecd. Note, 4.375%, 2/1/2029 | 183,236 | |
240,000 | WP Carey, Inc., Sr. Unsecd. Note, 2.400%, 2/1/2031 | 236,130 | |
175,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 192,877 | |
300,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 318,673 | |
TOTAL | 930,916 | ||
Financial Institution - REIT - Retail—0.8% | |||
140,000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.800%, 10/1/2026 | 145,613 | |
80,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022 | 81,475 | |
290,000 | Kimco Realty Corp., Sr. Unsecd. Note, 3.800%, 4/1/2027 | 314,010 | |
300,000 | Regency Centers LP, Sr. Unsecd. Note, 3.700%, 6/15/2030 | 328,713 | |
170,000 | Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028 | 189,920 | |
460,000 | Tanger Properties LP, Sr. Unsecd. Note, 3.125%, 9/1/2026 | 475,968 | |
TOTAL | 1,535,699 | ||
Technology—7.7% | |||
1,070,000 | Broadcom, Inc., Sr. Unsecd. Note, 4.110%, 9/15/2028 | 1,174,064 | |
190,000 | Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030 | 210,890 | |
300,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 2.600%, 2/15/2033 | 292,899 | |
310,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.137%, 11/15/2035 | 312,181 | |
10,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036 | 9,998 | |
450,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.469%, 4/15/2034 | 471,598 | |
70,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 73,359 | |
900,000 | CDW LLC/ CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026 | 923,832 | |
250,000 | Dell International LLC / EMC Corp., 4.000%, 7/15/2024 | 265,417 | |
1,000,000 | Dell International LLC / EMC Corp., 5.300%, 10/1/2029 | 1,173,347 | |
500,000 | Equifax, Inc., Sr. Unsecd. Note, 2.350%, 9/15/2031 | 493,786 | |
205,000 | Equifax, Inc., Sr. Unsecd. Note, 2.600%, 12/1/2024 | 212,052 | |
250,000 | Equifax, Inc., Sr. Unsecd. Note, Series 5Y, 3.950%, 6/15/2023 | 259,927 | |
200,000 | Experian Finance PLC., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2029 | 222,373 | |
135,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.100%, 3/1/2041 | 136,564 | |
375,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 403,686 | |
285,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.800%, 10/1/2023 | 298,033 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$ 450,000 | Keysight Technologies, Inc., 4.550%, 10/30/2024 | $ 486,853 | |
155,000 | Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029 | 173,705 | |
765,000 | Micron Technology, Inc., Sr. Unsecd. Note, 3.366%, 11/1/2041 | 786,653 | |
200,000 | Micron Technology, Inc., Sr. Unsecd. Note, 4.975%, 2/6/2026 | 222,660 | |
350,000 | Molex Electronics Technologies LLC, Unsecd. Note, 144A, 3.900%, 4/15/2025 | 367,391 | |
850,000 | Oracle Corp., Sr. Unsecd. Note, 1.650%, 3/25/2026 | 844,147 | |
800,000 | Oracle Corp., Sr. Unsecd. Note, 3.600%, 4/1/2050 | 784,822 | |
1,000,000 | Oracle Corp., Sr. Unsecd. Note, 3.650%, 3/25/2041 | 1,012,515 | |
85,000 | Skyworks Solutions, Inc., Sr. Unsecd. Note, 1.800%, 6/1/2026 | 84,227 | |
160,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.450%, 6/1/2028 | 178,628 | |
80,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 | 88,900 | |
220,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022 | 225,035 | |
150,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 | 167,393 | |
160,000 | VMware, Inc., Sr. Unsecd. Note, 1.400%, 8/15/2026 | 157,412 | |
730,000 | 1 | VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031 | 717,796 |
335,000 | Vontier Corp., Sr. Unsecd. Note, 144A, 1.800%, 4/1/2026 | 330,315 | |
500,000 | Vontier Corp., Sr. Unsecd. Note, 144A, 2.950%, 4/1/2031 | 495,992 | |
TOTAL | 14,058,450 | ||
Technology Services—0.8% | |||
150,000 | Fortinet, Inc., Sr. Unsecd. Note, 1.000%, 3/15/2026 | 145,439 | |
710,000 | Global Payments, Inc., Sr. Unsecd. Note, 1.200%, 3/1/2026 | 689,832 | |
500,000 | Global Payments, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2027 | 502,274 | |
95,000 | Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031 | 95,612 | |
TOTAL | 1,433,157 | ||
Transportation - Airlines—0.4% | |||
140,000 | Southwest Airlines Co., Sr. Unsecd. Note, 4.750%, 5/4/2023 | 146,661 | |
100,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.125%, 6/15/2027 | 114,404 | |
495,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 550,214 | |
TOTAL | 811,279 | ||
Transportation - Railroads—0.8% | |||
100,000 | Canadian Pacific Railway Co., 7.125%, 10/15/2031 | 139,388 | |
225,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 1.750%, 12/2/2026 | 225,935 | |
105,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 2.050%, 3/5/2030 | 103,610 | |
195,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.000%, 12/2/2041 | 199,781 | |
200,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 4.450%, 3/15/2023 | 206,723 | |
305,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 | 312,113 | |
200,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 4.700%, 5/1/2048 | 250,155 | |
TOTAL | 1,437,705 | ||
Transportation - Services—2.1% | |||
330,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | 447,544 | |
250,000 | FedEx Corp., Sr. Unsecd. Note, 3.250%, 5/15/2041 | 255,862 | |
550,000 | FedEx Corp., Sr. Unsecd. Note, 4.050%, 2/15/2048 | 619,059 | |
725,000 | GXO Logistics, Inc., Sr. Unsecd. Note, 144A, 1.650%, 7/15/2026 | 708,176 | |
315,000 | GXO Logistics, Inc., Sr. Unsecd. Note, 144A, 2.650%, 7/15/2031 | 311,565 | |
300,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 1.700%, 6/15/2026 | 296,849 | |
400,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.950%, 3/10/2025 | 426,528 | |
260,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 1.750%, 9/1/2026 | 258,397 | |
220,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.900%, 12/1/2026 | 229,247 | |
200,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.400%, 3/1/2023 | 205,270 | |
TOTAL | 3,758,497 |
Principal Amount or Shares | Value | ||
CORPORATE BONDS—continued | |||
Utility - Electric—4.6% | |||
$ 130,000 | AEP Texas, Inc., Sr. Unsecd. Note, 3.850%, 10/1/2025 | $ 138,880 | |
500,000 | Ameren Corp., Sr. Unsecd. Note, 1.750%, 3/15/2028 | 483,723 | |
185,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 185,653 | |
80,000 | Ameren Corp., Sr. Unsecd. Note, 3.650%, 2/15/2026 | 85,040 | |
95,000 | American Electric Power Co., Inc., Sr. Unsecd. Note, Series F, 2.950%, 12/15/2022 | 96,535 | |
200,000 | Appalachian Power Co., Sr. Unsecd. Note, 7.000%, 4/1/2038 | 287,988 | |
170,000 | Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030 | 168,319 | |
645,000 | CenterPoint Energy, Inc., Sr. Unsecd. Note, 2.650%, 6/1/2031 | 654,444 | |
195,000 | Dominion Energy, Inc., Jr. Sub. Note, 3.071%, 8/15/2024 | 201,970 | |
130,000 | Dominion Energy, Inc., Sr. Unsecd. Note, 4.250%, 6/1/2028 | 145,005 | |
120,000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series A, 1.450%, 4/15/2026 | 118,724 | |
240,000 | Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026 | 248,751 | |
500,000 | EDP Finance BV, Sr. Unsecd. Note, 144A, 1.710%, 1/24/2028 | 486,803 | |
300,000 | EDP Finance BV, Sr. Unsecd. Note, 144A, 3.625%, 7/15/2024 | 315,008 | |
740,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 873,850 | |
300,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.250%, 7/12/2031 | 290,493 | |
100,000 | Exelon Corp., Sr. Unsecd. Note, 3.950%, 6/15/2025 | 106,922 | |
95,000 | Exelon Corp., Sr. Unsecd. Note, 4.700%, 4/15/2050 | 119,572 | |
180,000 | FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049 | 206,004 | |
242,000 | Fortis, Inc./Canada, Sr. Unsecd. Note, 3.055%, 10/4/2026 | 252,082 | |
290,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 312,149 | |
200,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 3.550%, 5/1/2027 | 216,821 | |
300,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 337,832 | |
100,000 | NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 5/15/2047 | 118,051 | |
250,000 | Northeast Utilities, Sr. Unsecd. Note, Series H, 3.150%, 1/15/2025 | 260,717 | |
230,000 | Puget Energy, Inc., Sec. Fac. Bond, 2.379%, 6/15/2028 | 226,562 | |
1,175,000 | Southern Co., Jr. Sub. Note, Series B, 4.000%, 1/15/2051 | 1,204,375 | |
285,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028 | 284,822 | |
TOTAL | 8,427,095 | ||
Utility - Natural Gas—1.0% | |||
300,000 | Enbridge Energy Partners LP, 5.875%, 10/15/2025 | 341,832 | |
80,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 5.500%, 9/15/2040 | 103,035 | |
300,000 | Enbridge, Inc., Sr. Unsecd. Note, 3.125%, 11/15/2029 | 314,496 | |
195,000 | National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031 | 196,161 | |
130,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.950%, 9/15/2027 | 138,143 | |
200,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 223,677 | |
250,000 | Sempra Energy, Sr. Unsecd. Note, 4.000%, 2/1/2048 | 278,828 | |
250,000 | Southern Natural Gas, Sr. Unsecd. Note, 144A, 4.800%, 3/15/2047 | 299,239 | |
TOTAL | 1,895,411 | ||
Utility - Natural Gas Distributor—0.1% | |||
110,000 | The East Ohio Gas Company, Sr. Unsecd. Note, 144A, 3.000%, 6/15/2050 | 108,739 | |
TOTAL CORPORATE BONDS (IDENTIFIED COST $161,341,243) | 170,442,838 | ||
FOREIGN GOVERNMENTS/AGENCIES—2.9% | |||
Sovereign—2.9% | |||
400,000 | Colombia, Government of, Sr. Unsecd. Note, 3.000%, 1/30/2030 | 365,600 | |
450,000 | Colombia, Government of, Sr. Unsecd. Note, 3.875%, 4/25/2027 | 453,375 | |
855,000 | Colombia, Government of, Sr. Unsecd. Note, 4.500%, 3/15/2029 | 874,246 | |
700,000 | Mexico, Government of, 3.750%, 1/11/2028 | 751,513 | |
200,000 | Mexico, Government of, Series MTN, 4.750%, 3/8/2044 | 217,752 |
Principal Amount or Shares | Value | ||
FOREIGN GOVERNMENTS/AGENCIES—continued | |||
Sovereign—continued | |||
$ 206,000 | Mexico, Government of, Series MTNA, 6.750%, 9/27/2034 | $ 274,754 | |
800,000 | Mexico, Government of, Sr. Unsecd. Note, 3.250%, 4/16/2030 | 819,104 | |
700,000 | Mexico, Government of, Sr. Unsecd. Note, 3.600%, 1/30/2025 | 741,755 | |
300,000 | Mexico, Government of, Sr. Unsecd. Note, 4.500%, 1/31/2050 | 318,000 | |
250,000 | Mexico, Government of, Sr. Unsecd. Note, 4.500%, 4/22/2029 | 278,165 | |
190,000 | Peru, Government of, 6.550%, 3/14/2037 | 258,877 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $5,140,600) | 5,353,141 | ||
REPURCHASE AGREEMENT—3.0% | |||
5,389,000 | Interest in $1,000,000,000 joint repurchase agreement 0.06%, dated 12/31/2021 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $1,000,004,583 on 1/3/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 1/1/2052 and the market value of those underlying securities was $1,020,000,000 (IDENTIFIED COST $5,389,000) | 5,389,000 | |
INVESTMENT COMPANY—1.3% | |||
2,340,755 | Federated Hermes Government Obligations Fund, Premier Shares, 0.03%3 (IDENTIFIED COST $2,340,755) | 2,340,755 | |
TOTAL INVESTMENT IN SECURITIES—100.6% (IDENTIFIED COST $174,211,598)4 | 183,525,734 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.6)%5 | (1,136,261) | ||
TOTAL NET ASSETS—100% | $182,389,473 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
6United States Treasury Ultra Bond Long Futures | 9 | $1,774,125 | March 2022 | $15,927 |
Short Futures: | ||||
6United States Treasury Notes 10-Year Short Futures | 60 | $7,828,125 | March 2022 | $(57,791) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(41,864) |
Federated Hermes Government Obligations Fund, Premier Shares* | |
Value as of 12/31/2020 | $700,235 |
Purchases at Cost | $16,471,310 |
Proceeds from Sales | $(14,830,790) |
Change in Unrealized Appreciation/Depreciation | N/A |
Net Realized Gain/(Loss) | N/A |
Value as of 12/31/2021 | $2,340,755 |
Shares Held as of 12/31/2021 | 2,340,755 |
Dividend Income | $273 |
* | 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. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
6 | Non-income-producing security. |
The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Corporate Bonds | $— | $170,442,838 | $— | $170,442,838 |
Foreign Governments/Agencies | — | 5,353,141 | — | 5,353,141 |
Investment Company | 2,340,755 | — | — | 2,340,755 |
Repurchase Agreement | — | 5,389,000 | — | 5,389,000 |
TOTAL SECURITIES | $2,340,755 | $181,184,979 | $— | $183,525,734 |
Other Financial Instruments:1 | ||||
Assets | $15,927 | $— | $— | $15,927 |
Liabilities | (57,791) | — | — | (57,791) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(41,864) | $— | $— | $(41,864) |
1 | Other financial instruments are futures contracts. |
The following acronym(s) are used throughout this portfolio: | ||
BKNT | —Bank Notes | |
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
REIT | —Real Estate Investment Trust |
Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $12.38 | $11.48 | $10.26 | $11.10 | $10.71 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.38 | 0.43 | 0.45 | 0.46 | 0.45 |
Net realized and unrealized gain (loss) | (0.44) | 0.91 | 1.22 | (0.77) | 0.39 |
TOTAL FROM INVESTMENT OPERATIONS | (0.06) | 1.34 | 1.67 | (0.31) | 0.84 |
Less Distributions: | |||||
Distributions from net investment income | (0.38) | (0.43) | (0.45) | (0.46) | (0.45) |
Distributions from net realized gain | (0.08) | (0.01) | — | (0.07) | — |
TOTAL DISTRIBUTIONS | (0.46) | (0.44) | (0.45) | (0.53) | (0.45) |
Net Asset Value, End of Period | $11.86 | $12.38 | $11.48 | $10.26 | $11.10 |
Total Return1 | (0.41)% | 11.88% | 16.56% | (2.82)% | 8.01% |
Ratios to Average Net Assets: | |||||
Net expenses2, 3 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Net investment income | 3.19% | 3.64% | 4.11% | 4.30% | 4.14% |
Expense waiver/reimbursement4 | 0.23% | 0.27% | 0.30% | 0.32% | 0.29% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $182,389 | $143,775 | $105,126 | $85,243 | $85,052 |
Portfolio turnover5 | 11% | 13% | 18% | 16% | 22% |
1 | Based on net asset value. |
2 | Federated Investment Management Company (the “Adviser”) has contractually agreed to reimburse all operating expenses, excluding extraordinary expenses, incurred by the Fund. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/ reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
December 31, 2021
Assets: | |
Investment in securities, at value including $2,275,764 of securities loaned and $2,340,755 of investments in an affiliated holding* (identified cost $174,211,598) | $183,525,734 |
Cash | 690 |
Due from broker (Note 2) | 51,975 |
Income receivable | 1,579,326 |
Receivable for shares sold | 123,624 |
Receivable for variation margin on futures contracts | 10,291 |
Total Assets | 185,291,640 |
Liabilities: | |
Payable for shares redeemed | 39,744 |
Payable for collateral due to broker for securities lending (Note 2) | 2,340,755 |
Income distribution payable | 448,920 |
Payable for administrative fee (Note 5) | 391 |
Accrued expenses (Note 5) | 72,357 |
Total Liabilities | 2,902,167 |
Net assets for 15,379,995 shares outstanding | $182,389,473 |
Net Assets Consist of: | |
Paid-in capital | $172,538,367 |
Total distributable earnings (loss) | 9,851,106 |
Total Net Assets | $182,389,473 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
$182,389,473 ÷ 15,379,995 shares outstanding, no par value, unlimited shares authorized | $11.86 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended December 31, 2021
Investment Income: | |
Interest | $5,182,344 |
Net income on securities loaned (includes $273 earned from an affiliated holding related to cash collateral balances*) (Note 2) | 5,930 |
TOTAL INCOME | 5,188,274 |
Expenses: | |
Administrative fee (Note 5) | 134,532 |
Custodian fees | 14,599 |
Transfer agent fees | 14,639 |
Directors’/Trustees’ fees (Note 5) | 2,178 |
Auditing fees | 29,800 |
Legal fees | 10,634 |
Portfolio accounting fees | 83,801 |
Share registration costs | 36,193 |
Printing and postage | 19,620 |
Commitment fee (Note 7) | 17,243 |
Miscellaneous (Note 5) | 11,757 |
TOTAL EXPENSES | 374,996 |
Waivers and Reimbursement: | |
Waivers/reimbursement of other operating expenses (Notes 2 and 5) | (374,996) |
Net expenses | — |
Net investment income | 5,188,274 |
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |
Net realized gain on investments | 1,660,721 |
Net realized gain on futures contracts | 19,008 |
Net change in unrealized appreciation of investments | (7,293,089) |
Net change in unrealized depreciation of futures contracts | (18,460) |
Net realized and unrealized gain (loss) on investments and futures contracts | (5,631,820) |
Change in net assets resulting from operations | $(443,546) |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended December 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $5,188,274 | $4,267,201 |
Net realized gain (loss) | 1,679,729 | 442,271 |
Net change in unrealized appreciation/depreciation | (7,311,549) | 8,485,749 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (443,546) | 13,195,221 |
Distributions to Shareholders | (6,409,622) | (4,325,376) |
Share Transactions: | ||
Proceeds from sale of shares | 69,323,561 | 46,654,426 |
Net asset value of shares issued to shareholders in payment of distributions declared | 234,075 | 130,140 |
Cost of shares redeemed | (24,090,384) | (17,005,180) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 45,467,252 | 29,779,386 |
Change in net assets | 38,614,084 | 38,649,231 |
Net Assets: | ||
Beginning of period | 143,775,389 | 105,126,158 |
End of period | $182,389,473 | $143,775,389 |
Market Value of Securities Loaned | Collateral Received |
$2,275,764 | $2,340,755 |
Fair Value of Derivative Instruments | ||
Assets | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Receivable for variation margin on futures contracts | $(41,864)* |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $19,008 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(18,460) |
Year Ended 12/31/2021 | Year Ended 12/31/2020 | |
Shares sold | 5,764,232 | 3,920,733 |
Shares issued to shareholders in payment of distributions declared | 19,554 | 10,989 |
Shares redeemed | (2,013,606) | (1,478,593) |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | 3,770,180 | 2,453,129 |
2021 | 2020 | |
Ordinary income1 | $5,265,107 | $4,258,863 |
Long-term capital gains | $1,144,515 | $66,513 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $66,295 |
Net unrealized appreciation | $9,314,134 |
Undistributed long-term capital gains | $470,677 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $59,861,892 |
Sales | $17,247,245 |
February 22, 2022
Beginning Account Value 7/1/2021 | Ending Account Value 12/31/2021 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,001.80 | $0.00 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,025.21 | $0.00 |
1 | Expenses are equal to the Fund’s annualized net expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The Adviser has contractually agreed to reimburse all operating expenses, excluding extraordinary expenses, incurred by the Fund. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: October 2005 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
John B. Fisher* Birth Date: May 16, 1956 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President of some of the Funds in the Federated Hermes Fund Family and Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; President and CEO of Passport Research, Ltd.; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Hermes, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, The Golisano Children’s Museum of Naples, Florida; and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: November 2005 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Address Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: October 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Robert J. Ostrowski Birth Date: April 26, 1963 Chief Investment Officer Officer since: September 2006 | Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes’ taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in 2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Stephen F. Auth Birth Date: September 13, 1956 101 Park Avenue 41st Floor New York, NY 10178 CHIEF INVESTMENT OFFICER Officer since: February 2015 | Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Hermes Fund Family; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments. |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 – $143,100
Fiscal year ended 2020 - $143,100
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $76,302 and $53,434 respectively. Fiscal year ended 2021- Service fees for analysis of potential Passive Foreign Investment Company holdings. Fiscal year ended 2020- Service fees for analysis of potential Passive Foreign Investment Company holdings.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
Fiscal year ended 2021 - $113,741
Fiscal year ended 2020 - $78,663
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Managed Pool Series
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date February 28, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date February 28, 2022
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date February 28, 2022