Federated Hermes MDT Balanced Fund
Portfolio of Investments
April 30, 2022 (unaudited)
Shares or Principal Amount | Value | ||
COMMON STOCKS—53.0% | |||
Communication Services—4.4% | |||
1,439 | 1 | Alphabet, Inc., Class A | $ 3,284,071 |
42,502 | 1 | Altice USA, Inc. | 394,419 |
21,112 | 1 | Cars.com, Inc. | 234,765 |
2,052 | Electronic Arts, Inc. | 242,239 | |
4,622 | 1 | Live Nation Entertainment, Inc. | 484,755 |
6,754 | Lumen Technologies, Inc. | 67,945 | |
8,130 | 1 | Netflix, Inc. | 1,547,627 |
10,537 | News Corp., Inc., Class A | 209,265 | |
54,233 | 1 | Pinterest, Inc. | 1,112,861 |
3,117 | 1 | Spotify Technology SA | 316,843 |
4,947 | 1 | TripAdvisor, Inc. | 126,990 |
7,189 | Walt Disney Co. | 802,508 | |
TOTAL | 8,824,288 | ||
Consumer Discretionary—5.2% | |||
1,571 | Advance Auto Parts, Inc. | 313,619 | |
143 | 1 | Amazon.com, Inc. | 355,445 |
543 | 1 | Aptiv PLC | 57,775 |
171 | 1 | AutoZone, Inc. | 334,385 |
1,098 | 1 | CROCs, Inc. | 72,940 |
3,479 | 2 | Dick’s Sporting Goods, Inc. | 335,445 |
3,361 | Domino’s Pizza, Inc. | 1,136,018 | |
5,343 | 1 | Expedia Group, Inc. | 933,689 |
22,641 | Ford Motor Co. | 320,597 | |
11,339 | Gap (The), Inc. | 140,830 | |
15,297 | 1 | Goodyear Tire & Rubber Co. | 203,756 |
133 | Home Depot, Inc. | 39,953 | |
738 | Lowe’s Cos., Inc. | 145,925 | |
43,386 | Macy’s, Inc. | 1,048,640 | |
1,482 | Nike, Inc., Class B | 184,806 | |
4,619 | Nordstrom, Inc. | 118,708 | |
556 | 1 | O’Reilly Automotive, Inc. | 337,242 |
5,507 | 1 | Penn National Gaming, Inc. | 201,391 |
2,031 | 1 | SeaWorld Entertainment, Inc. | 136,971 |
3,375 | Starbucks Corp. | 251,910 | |
4,382 | Target Corp. | 1,001,944 | |
283 | 1 | Tesla, Inc. | 246,425 |
2,686 | 1 | Ulta Beauty, Inc. | 1,065,805 |
5,185 | V.F. Corp. | 269,620 | |
700 | Wingstop, Inc. | 64,232 | |
5,837 | 1 | YETI Holdings, Inc. | 285,254 |
7,307 | Yum! Brands, Inc. | 854,992 | |
TOTAL | 10,458,317 | ||
Consumer Staples—3.3% | |||
11,638 | Albertsons Cos., Inc. | 364,037 | |
5,755 | 1 | BJ’s Wholesale Club Holdings, Inc. | 370,334 |
1
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
271 | Coca-Cola Bottling Co. | $ 119,646 | |
5,857 | Costco Wholesale Corp. | 3,114,284 | |
6,040 | Hershey Foods Corp. | 1,363,651 | |
13,887 | Kroger Co. | 749,342 | |
861 | Molson Coors Beverage Company, Class B | 46,615 | |
1,561 | 1 | The Boston Beer Co., Inc., Class A | 585,375 |
TOTAL | 6,713,284 | ||
Energy—2.5% | |||
714 | Cheniere Energy, Inc. | 96,968 | |
242 | Chevron Corp. | 37,914 | |
1,859 | ConocoPhillips | 177,572 | |
4,891 | Exxon Mobil Corp. | 416,958 | |
21,158 | Marathon Oil Corp. | 527,258 | |
30,532 | Marathon Petroleum Corp. | 2,664,222 | |
13,448 | Occidental Petroleum Corp. | 740,850 | |
6,398 | Targa Resources, Inc. | 469,677 | |
TOTAL | 5,131,419 | ||
Financials—6.3% | |||
1,164 | American Express Co. | 203,362 | |
16,001 | Bank of New York Mellon Corp. | 673,002 | |
2,786 | Berkley, W. R. Corp. | 185,241 | |
9,359 | Carlyle Group LP/The | 339,638 | |
10,984 | Fidelity National Financial, Inc. | 437,383 | |
6,464 | Gallagher (Arthur J.) & Co. | 1,089,119 | |
7,079 | Houlihan Lokey, Inc. | 589,610 | |
15,952 | Huntington Bancshares, Inc. | 209,769 | |
9,463 | Interactive Brokers Group, Inc., Class A | 563,616 | |
3,972 | Marketaxess Holdings, Inc. | 1,047,059 | |
2,176 | MSCI, Inc., Class A | 916,640 | |
6,141 | NASDAQ, Inc. | 966,409 | |
44,000 | New Residential Investment Corp. | 457,600 | |
11,430 | Northern Trust Corp. | 1,177,862 | |
6,902 | Prudential Financial, Inc. | 748,936 | |
1,081 | Raymond James Financial, Inc. | 105,354 | |
4,604 | 1 | SelectQuote, Inc. | 9,484 |
683 | State Street Corp. | 45,741 | |
9,961 | The Travelers Cos., Inc. | 1,703,929 | |
33,023 | Virtu Financial, Inc. | 953,704 | |
1,486 | VOYA Financial, Inc. | 93,826 | |
5,580 | Zions Bancorporation, N.A. | 315,326 | |
TOTAL | 12,832,610 | ||
Health Care—7.4% | |||
20,419 | AbbVie, Inc. | 2,999,143 | |
2,387 | Amgen, Inc. | 556,625 | |
11,086 | 1 | AnaptysBio, Inc. | 259,412 |
6,763 | 1 | Biogen, Inc. | 1,402,917 |
10,916 | Bristol-Myers Squibb Co. | 821,647 | |
2,583 | Bruker Corp. | 148,497 | |
15,524 | 1 | Community Health Systems, Inc. | 119,069 |
3,368 | Eli Lilly & Co. | 983,894 |
2
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
16,262 | 1 | Enovis Corp. | $ 1,054,916 |
7,071 | Gilead Sciences, Inc. | 419,593 | |
727 | 1 | Haemonetics Corp. | 36,837 |
3,465 | 1 | IQVIA Holdings, Inc. | 755,335 |
3,685 | Johnson & Johnson | 664,995 | |
3,582 | McKesson Corp. | 1,109,023 | |
5,801 | Merck & Co., Inc. | 514,491 | |
7,854 | 1 | Myriad Genetics, Inc. | 161,007 |
1,239 | 1 | SAGE Therapeutics, Inc. | 39,053 |
256 | 1 | United Therapeutics Corp. | 45,455 |
5,794 | 1 | Vertex Pharmaceuticals, Inc. | 1,583,037 |
191 | 1 | Waters Corp. | 57,877 |
7,113 | Zoetis, Inc. | 1,260,779 | |
TOTAL | 14,993,602 | ||
Industrials—3.9% | |||
2,123 | 3M Co. | 306,179 | |
2,875 | AGCO Corp. | 366,275 | |
1,958 | 1 | Alaska Air Group, Inc. | 106,496 |
7,800 | Allegion PLC | 891,072 | |
7,124 | 1 | CIRCOR International, Inc. | 139,987 |
1,880 | Emerson Electric Co. | 169,538 | |
6,271 | Expeditors International Washington, Inc. | 621,268 | |
1,458 | FedEx Corp. | 289,763 | |
1,665 | Flowserve Corp. | 54,462 | |
3,032 | Fortune Brands Home & Security, Inc. | 216,030 | |
502 | 1 | Gibraltar Industries, Inc. | 18,996 |
21,868 | 1 | KAR Auction Services, Inc. | 320,585 |
2,523 | Lennox International, Inc. | 537,878 | |
1,342 | Manpower, Inc. | 121,048 | |
9,134 | Masco Corp. | 481,270 | |
8,214 | Otis Worldwide Corp. | 598,308 | |
10,000 | Pitney Bowes, Inc. | 52,700 | |
408 | 1 | Proto Labs, Inc. | 17,385 |
598 | Robert Half International, Inc. | 58,789 | |
9,727 | Ryder System, Inc. | 679,917 | |
7,730 | 1 | SPX Corp. | 323,887 |
2,210 | Trane Technologies PLC | 309,157 | |
3,935 | 1 | Trex Co., Inc. | 228,978 |
1,458 | 1 | TriNet Group, Inc. | 129,325 |
487 | Union Pacific Corp. | 114,099 | |
10,180 | 1 | XPO Logistics, Inc. | 547,582 |
3,343 | Xylem, Inc. | 269,112 | |
TOTAL | 7,970,086 | ||
Information Technology—13.5% | |||
2,791 | Accenture PLC | 838,305 | |
22,833 | Apple, Inc. | 3,599,622 | |
13,341 | 1 | Arista Networks, Inc. | 1,541,819 |
7,214 | 1 | Arrow Electronics, Inc. | 850,242 |
2,290 | 1 | Box, Inc. | 70,120 |
2,935 | Bread Financial Holdings, Inc. | 160,838 |
3
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Information Technology—continued | |||
3,823 | Broadcom, Inc. | $ 2,119,433 | |
4,701 | 1 | Cirrus Logic, Inc. | 356,336 |
2,931 | 1 | Commvault Systems, Inc. | 178,791 |
18,517 | Dell Technologies, Inc. | 870,484 | |
3,303 | 1 | Dropbox, Inc. | 71,840 |
23,418 | 1 | DXC Technology Co. | 672,097 |
836 | Fidelity National Information Services, Inc. | 82,889 | |
2,067 | 1 | FleetCor Technologies, Inc. | 515,758 |
1,430 | 1 | Fortinet, Inc. | 413,284 |
705 | 1 | Gartner, Inc., Class A | 204,838 |
1,703 | Global Payments, Inc. | 233,277 | |
14,151 | Hewlett Packard Enterprise Co. | 218,067 | |
6,540 | HP, Inc. | 239,560 | |
19,346 | 1 | IPG Photonics Corp. | 1,827,810 |
161 | KLA Corp. | 51,401 | |
3,825 | 1 | MA-COM Technology Solutions Holdings, Inc. | 194,884 |
8,995 | Microsoft Corp. | 2,496,292 | |
9,302 | Oracle Corp. | 682,767 | |
938 | 1 | Palo Alto Networks, Inc. | 526,481 |
10,539 | Paychex, Inc. | 1,335,607 | |
2,166 | 1 | Paylocity Corp. | 410,739 |
33,529 | 1 | PayPal Holdings, Inc. | 2,948,205 |
34,019 | 1 | Pure Storage, Inc. | 996,757 |
2,504 | 1 | Qorvo, Inc. | 284,905 |
3,947 | Qualcomm, Inc. | 551,356 | |
1,634 | 1 | Rapid7, Inc. | 156,080 |
8,203 | Vishay Intertechnology, Inc. | 152,822 | |
31,056 | Western Union Co. | 520,498 | |
9,197 | Xerox Holdings Corp. | 160,028 | |
8,235 | 1 | Zoom Video Communications, Inc. | 819,959 |
TOTAL | 27,354,191 | ||
Materials—1.8% | |||
7,041 | Alcoa Corp. | 477,380 | |
6,760 | 1 | Allegheny Technologies, Inc. | 183,737 |
15,163 | 1 | Berry Global Group, Inc. | 854,435 |
1,607 | CF Industries Holdings, Inc. | 155,606 | |
28,060 | Chemours Co./The | 927,944 | |
2,373 | Dow, Inc. | 157,805 | |
7,853 | Mosaic Co./The | 490,184 | |
1,343 | Nucor Corp. | 207,870 | |
2,962 | Steel Dynamics, Inc. | 253,991 | |
TOTAL | 3,708,952 | ||
Real Estate—3.9% | |||
6,600 | American Homes 4 Rent | 261,426 | |
26,900 | Braemar Hotels & Resorts, Inc. | 163,014 | |
14,500 | Brixmor Property Group, Inc. | 368,010 | |
1,081 | 1 | CBRE Group, Inc. | 89,766 |
39,100 | 1 | Chatham Lodging Trust | 561,476 |
4,309 | 1 | Cushman & Wakefield PLC | 77,131 |
3,000 | EastGroup Properties, Inc. | 562,500 |
4
Shares or Principal Amount | Value | ||
COMMON STOCKS—continued | |||
Real Estate—continued | |||
4,400 | Equity Residential Properties Trust | $ 358,600 | |
1,200 | Essex Property Trust, Inc. | 395,124 | |
17,500 | Host Hotels & Resorts, Inc. | 356,125 | |
12,500 | Hudson Pacific Properties Inc. | 291,000 | |
14,500 | Kimco Realty Corp. | 367,285 | |
24,000 | Kite Realty Group Trust | 535,200 | |
1,300 | Life Storage, Inc. | 172,237 | |
3,900 | National Storage Affiliates Trust | 220,740 | |
16,200 | Pebblebrook Hotel Trust | 395,604 | |
6,400 | Rexford Industrial Realty, Inc. | 499,456 | |
23,000 | RLJ Lodging Trust | 322,460 | |
5,900 | 1 | Ryman Hospitality Properties | 551,532 |
1,200 | Simon Property Group, Inc. | 141,600 | |
11,000 | SITE Centers Corp. | 174,900 | |
3,500 | Terreno Realty Corp. | 254,625 | |
6,800 | UDR, Inc. | 361,828 | |
4,400 | Welltower, Inc. | 399,564 | |
TOTAL | 7,881,203 | ||
Utilities—0.8% | |||
2,108 | Evergy, Inc. | 143,028 | |
14,801 | Exelon Corp. | 692,391 | |
19,281 | OGE Energy Corp. | 745,789 | |
TOTAL | 1,581,208 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $94,902,317) | 107,449,160 | ||
CORPORATE BONDS—9.1% | |||
Basic Industry - Chemicals—0.0% | |||
$ 10,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | 10,501 | |
Basic Industry - Metals & Mining—0.1% | |||
15,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 15,974 | |
100,000 | Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023 | 101,088 | |
20,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 23,473 | |
TOTAL | 140,535 | ||
Capital Goods - Aerospace & Defense—0.5% | |||
200,000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | 150,754 | |
275,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 278,743 | |
110,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | 110,305 | |
300,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 | 247,423 | |
170,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 169,044 | |
15,000 | Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028 | 12,986 | |
40,000 | 3 | Textron Financial Corp., Jr. Sub. Note, 144A, 2.241% (3-month USLIBOR +1.735%), 2/15/2042 | 33,548 |
50,000 | Textron Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | 50,206 | |
50,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 50,781 | |
TOTAL | 1,103,790 | ||
Capital Goods - Building Materials—0.1% | |||
200,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 196,197 | |
Capital Goods - Diversified Manufacturing—0.1% | |||
60,000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | 53,479 | |
175,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 | 147,209 | |
TOTAL | 200,688 |
5
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Communications - Cable & Satellite—0.2% | |||
$ 300,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 2.250%, 1/15/2029 | $ 256,147 | |
145,000 | Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051 | 107,173 | |
15,000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | 13,945 | |
10,000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | 9,949 | |
TOTAL | 387,214 | ||
Communications - Media & Entertainment—0.1% | |||
30,000 | Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046 | 34,001 | |
178,000 | Paramount Global, Sr. Unsecd. Note, 4.750%, 5/15/2025 | 182,589 | |
TOTAL | 216,590 | ||
Communications - Telecom Wireless—0.1% | |||
150,000 | Crown Castle International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026 | 147,595 | |
Communications - Telecom Wirelines—0.3% | |||
12,000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 9/15/2053 | 9,414 | |
300,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051 | 243,653 | |
11,000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2059 | 8,504 | |
5,000 | AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 | 4,935 | |
150,000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | 150,666 | |
90,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | 82,842 | |
TOTAL | 500,014 | ||
Consumer Cyclical - Automotive—0.1% | |||
10,000 | DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031 | 12,874 | |
175,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032 | 147,718 | |
10,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 | 10,049 | |
TOTAL | 170,641 | ||
Consumer Cyclical - Lodging—0.0% | |||
20,000 | American Campus Communities Operating Partnership LP, Sr. Unsecd. Note, 4.125%, 7/1/2024 | 20,236 | |
30,000 | Hyatt Hotels Corp., Sr. Unsecd. Note, 3.375%, 7/15/2023 | 29,714 | |
TOTAL | 49,950 | ||
Consumer Cyclical - Retailers—0.2% | |||
170,000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | 167,810 | |
250,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025 | 246,856 | |
15,000 | CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025 | 15,222 | |
TOTAL | 429,888 | ||
Consumer Cyclical - Services—0.2% | |||
200,000 | Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023 | 199,021 | |
125,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024 | 127,139 | |
15,000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030 | 13,410 | |
10,000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 11,356 | |
70,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 69,556 | |
15,000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | 15,189 | |
TOTAL | 435,671 | ||
Consumer Non-Cyclical - Food/Beverage—0.5% | |||
30,000 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036 | 29,727 | |
300,000 | Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | 291,123 | |
140,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 136,606 | |
80,000 | General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051 | 61,116 | |
270,000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | 262,765 | |
200,000 | Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023 | 199,547 | |
15,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | 14,704 |
6
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Food/Beverage—continued | |||
$ 50,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025 | $ 50,971 | |
TOTAL | 1,046,559 | ||
Consumer Non-Cyclical - Health Care—0.1% | |||
135,000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029 | 121,359 | |
180,000 | Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030 | 160,547 | |
TOTAL | 281,906 | ||
Consumer Non-Cyclical - Pharmaceuticals—0.2% | |||
500,000 | AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049 | 458,848 | |
15,000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | 13,978 | |
10,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | 9,754 | |
15,000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | 14,431 | |
TOTAL | 497,011 | ||
Energy - Independent—0.4% | |||
250,000 | Canadian Natural Resources Ltd., 3.900%, 2/1/2025 | 250,578 | |
125,000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | 118,602 | |
20,000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | 19,172 | |
475,000 | Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031 | 401,037 | |
TOTAL | 789,389 | ||
Energy - Integrated—0.6% | |||
135,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 131,854 | |
300,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | 297,211 | |
5,000 | ConocoPhillips Co., Sr. Unsecd. Note, 144A, 4.025%, 3/15/2062 | 4,478 | |
270,000 | Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025 | 267,544 | |
240,000 | Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029 | 238,258 | |
275,000 | Suncor Energy, Inc., Sr. Unsecd. Note, 3.750%, 3/4/2051 | 232,123 | |
TOTAL | 1,171,468 | ||
Energy - Midstream—0.3% | |||
125,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032 | 110,612 | |
20,000 | Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027 | 20,734 | |
115,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 114,494 | |
75,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | 76,099 | |
10,000 | Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 9,870 | |
170,000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | 169,711 | |
20,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | 22,812 | |
40,000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | 39,681 | |
5,000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | 4,599 | |
70,000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | 66,406 | |
20,000 | Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022 | 20,001 | |
10,000 | Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | 9,752 | |
TOTAL | 664,771 | ||
Energy - Refining—0.0% | |||
15,000 | HF Sinclair Corp., Sr. Unsecd. Note, 144A, 5.875%, 4/1/2026 | 15,419 | |
15,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | 13,217 | |
10,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | 11,283 | |
15,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | 14,986 | |
TOTAL | 54,905 | ||
Financial Institution - Banking—1.8% | |||
74,000 | American Express Co., 2.650%, 12/2/2022 | 74,301 | |
300,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | 294,668 | |
200,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 199,228 |
7
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$ 15,000 | Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024 | $ 15,153 | |
15,000 | Bank of America Corp., Sub. Note, Series MTN, 4.450%, 3/3/2026 | 15,036 | |
20,000 | Bank of New York Mellon, N.A., 3.400%, 5/15/2024 | 20,134 | |
40,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.876%, 7/24/2023 | 39,995 | |
165,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | 144,290 | |
250,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 247,249 | |
170,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | 165,803 | |
300,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.785%, 3/17/2033 | 278,160 | |
15,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 14,906 | |
30,000 | Comerica, Inc., 3.800%, 7/22/2026 | 29,517 | |
75,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 | 75,193 | |
350,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.102%, 2/24/2033 | 306,214 | |
40,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023 | 40,156 | |
275,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023 | 277,168 | |
150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | 175,619 | |
10,000 | 4 | JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 10/1/2024 | 10,027 |
25,000 | 4 | JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 8/1/2024 | 23,708 |
20,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024 | 20,009 | |
15,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | 13,818 | |
400,000 | JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023 | 402,446 | |
300,000 | Morgan Stanley, 4.300%, 1/27/2045 | 283,926 | |
100,000 | Morgan Stanley, Sr. Unsecd. Note, 2.943%, 1/21/2033 | 87,288 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.125%, 1/23/2023 | 15,065 | |
15,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 | 15,007 | |
15,000 | Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023 | 15,169 | |
10,000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | 9,138 | |
45,000 | Sumitomo Mitsui Financial Group, Inc., Sr. Unsecd. Note, 3.102%, 1/17/2023 | 45,193 | |
250,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 204,210 | |
10,000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | 9,962 | |
10,000 | Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031 | 9,792 | |
TOTAL | 3,577,548 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.1% | |||
80,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 79,996 | |
70,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 69,873 | |
15,000 | XLIT Ltd., Sub., 4.450%, 3/31/2025 | 15,253 | |
TOTAL | 165,122 | ||
Financial Institution - Finance Companies—0.1% | |||
150,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024 | 150,962 | |
Financial Institution - Insurance - Life—0.4% | |||
400,000 | AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040 | 331,392 | |
220,000 | Belrose Funding Trust, Sr. Unsecd. Note, 2.330%, 8/15/2030 | 183,712 | |
15,000 | MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 | 15,581 | |
10,000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | 13,991 | |
250,000 | MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024 | 251,947 | |
15,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 18,974 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023 | 10,035 | |
10,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2022 | 10,047 | |
50,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 56,618 | |
TOTAL | 892,297 |
8
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - P&C—0.1% | |||
$ 10,000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | $ 9,575 | |
55,000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | 48,865 | |
65,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 93,354 | |
TOTAL | 151,794 | ||
Financial Institution - REIT - Apartment—0.1% | |||
10,000 | Post Apartment Homes LP, Sr. Unsecd. Note, 3.375%, 12/1/2022 | 10,025 | |
200,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032 | 161,834 | |
70,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | 67,199 | |
TOTAL | 239,058 | ||
Financial Institution - REIT - Healthcare—0.1% | |||
185,000 | Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027 | 176,727 | |
Financial Institution - REIT - Office—0.0% | |||
70,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | 69,420 | |
Financial Institution - REIT - Other—0.1% | |||
105,000 | WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 | 100,890 | |
75,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 76,149 | |
TOTAL | 177,039 | ||
Financial Institution - REITs—0.0% | |||
60,000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | 54,477 | |
Supranational—0.0% | |||
30,000 | Corp Andina De Fomento, Sr. Unsecd. Note, 4.375%, 6/15/2022 | 30,057 | |
Technology—0.5% | |||
10,000 | Apple, Inc., 3.850%, 5/4/2043 | 9,518 | |
30,000 | Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023 | 30,035 | |
70,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | 53,736 | |
220,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 4.150%, 4/15/2032 | 204,385 | |
20,000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | 19,962 | |
240,000 | Dell International LLC / EMC Corp., 6.020%, 6/15/2026 | 253,714 | |
110,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 102,864 | |
265,000 | Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025 | 265,367 | |
7,000 | Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052 | 5,688 | |
8,000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | 7,654 | |
10,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022 | 10,050 | |
50,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045 | 53,855 | |
TOTAL | 1,016,828 | ||
Technology Services—0.0% | |||
5,000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | 4,558 | |
Transportation - Airlines—0.1% | |||
30,000 | Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024 | 28,649 | |
110,000 | Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025 | 113,839 | |
TOTAL | 142,488 | ||
Transportation - Railroads—0.2% | |||
50,000 | Burlington Northern Santa Fe Corp., Deb., 5.750%, 5/1/2040 | 56,815 | |
30,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023 | 29,909 | |
225,000 | Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026 | 220,558 | |
TOTAL | 307,282 | ||
Transportation - Services—0.2% | |||
15,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | 16,059 | |
20,000 | FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035 | 18,464 | |
200,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023 | 201,141 |
9
Shares or Principal Amount | Value | ||
CORPORATE BONDS—continued | |||
Transportation - Services—continued | |||
$ 125,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025 | $ 126,603 | |
TOTAL | 362,267 | ||
Utility - Electric—0.9% | |||
200,000 | Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052 | 154,111 | |
90,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 82,340 | |
70,000 | Electricite de France SA, Note, 144A, 5.600%, 1/27/2040 | 71,887 | |
300,000 | Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | 298,341 | |
140,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 131,247 | |
170,000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | 167,374 | |
200,000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | 195,545 | |
110,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 106,729 | |
25,000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | 32,119 | |
250,000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | 242,828 | |
175,000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | 169,661 | |
300,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030 | 247,338 | |
TOTAL | 1,899,520 | ||
Utility - Natural Gas—0.3% | |||
65,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023 | 65,251 | |
445,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 459,367 | |
5,000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | 5,627 | |
TOTAL | 530,245 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $19,417,679) | 18,442,972 | ||
U.S. TREASURIES—4.3% | |||
Treasury Inflation-Indexed Note—0.3% | |||
562,755 | 5 | U.S. Treasury Inflation-Protected Notes, 0.125%, 1/15/2032 | 570,626 |
U.S. Treasury Bond—1.3% | |||
825,000 | United States Treasury Bond, 1.875%, 11/15/2051 | 645,698 | |
1,200,000 | United States Treasury Bond, 2.000%, 8/15/2051 | 967,700 | |
1,310,000 | United States Treasury Bond, 2.250%, 2/15/2052 | 1,122,506 | |
TOTAL | 2,735,904 | ||
U.S. Treasury Note—2.7% | |||
800,000 | United States Treasury Note, 1.250%, 12/31/2026 | 740,156 | |
600,000 | United States Treasury Note, 1.875%, 2/28/2027 | 570,942 | |
2,210,000 | United States Treasury Note, 1.875%, 2/15/2032 | 2,015,934 | |
1,025,000 | United States Treasury Note, 2.375%, 3/31/2029 | 986,883 | |
900,000 | United States Treasury Note, 2.500%, 3/31/2027 | 881,242 | |
25,000 | United States Treasury Note, 2.625%, 4/15/2025 | 24,805 | |
75,000 | United States Treasury Note, 2.750%, 4/30/2027 | 74,297 | |
125,000 | United States Treasury Note, 2.875%, 4/30/2029 | 124,258 | |
TOTAL | 5,418,517 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $9,324,703) | 8,725,047 | ||
ASSET-BACKED SECURITIES—1.2% | |||
Auto Receivables—0.2% | |||
400,000 | Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025 | 391,838 | |
90,000 | World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027 | 83,727 | |
TOTAL | 475,565 | ||
Credit Card—0.2% | |||
400,000 | Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028 | 377,440 |
10
Shares or Principal Amount | Value | ||
ASSET-BACKED SECURITIES—continued | |||
Equipment Lease—0.5% | |||
$ 500,000 | HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030 | $ 497,591 | |
500,000 | HPEFS Equipment Trust 2022-1A, Class C, 1.960%, 5/21/2029 | 479,341 | |
TOTAL | 976,932 | ||
Other—0.2% | |||
450,000 | PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026 | 431,141 | |
Student Loans—0.1% | |||
270,037 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | 251,334 | |
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $2,609,590) | 2,512,412 | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.8% | |||
Commercial Mortgage—0.8% | |||
190,000 | Bank, Class A4, 3.488%, 11/15/2050 | 184,722 | |
200,000 | Commercial Mortgage Trust 2013-CR8, Class B, 4.058%, 6/10/2046 | 197,812 | |
38,672 | Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025 | 38,207 | |
391,007 | Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029 | 356,790 | |
350,000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | 338,380 | |
200,000 | FREMF Mortgage Trust 2013-K25 REMIC, Class B, 3.743%, 11/25/2045 | 200,582 | |
200,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 192,757 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $1,600,236) | 1,509,250 | ||
MORTGAGE-BACKED SECURITIES—0.2% | |||
Federal Home Loan Mortgage Corporation—0.0% | |||
24,517 | Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044 | 24,872 | |
Federal National Mortgage Association—0.2% | |||
6,439 | Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035 | 6,862 | |
721 | Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033 | 764 | |
24,326 | Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040 | 24,690 | |
41,703 | Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043 | 41,471 | |
31,394 | Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040 | 32,599 | |
14,503 | Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042 | 13,965 | |
18,165 | Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043 | 17,492 | |
13,969 | Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028 | 13,900 | |
19,130 | Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048 | 19,277 | |
9,434 | Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048 | 8,995 | |
12,457 | Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048 | 12,189 | |
15,426 | Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047 | 15,157 | |
11,723 | Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049 | 11,087 | |
8,991 | Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049 | 8,776 | |
24,562 | Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047 | 23,505 | |
11,316 | Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049 | 11,049 | |
19,636 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | 20,762 | |
22,265 | Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041 | 23,286 | |
25,415 | Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043 | 24,473 | |
27,326 | Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031 | 26,628 | |
TOTAL | 356,927 | ||
Government National Mortgage Association—0.0% | |||
14,836 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | 14,758 | |
9,579 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | 9,758 | |
TOTAL | 24,516 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $416,450) | 406,315 |
11
Shares or Principal Amount | Value | ||
GOVERNMENT AGENCY—0.1% | |||
Federal National Mortgage Association—0.1% | |||
$ 250,000 | Federal National Mortgage Association Notes, 0.625%, 4/22/2025 (IDENTIFIED COST $249,691) | $ 233,969 | |
MUNICIPAL BOND—0.0% | |||
30,000 | Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 (IDENTIFIED COST $33,259) | 32,179 | |
COLLATERALIZED MORTGAGE OBLIGATIONS—0.0% | |||
Federal Home Loan Mortgage Corporation—0.0% | |||
27 | Federal Home Loan Mortgage Corp. REMIC, Series 1311, Class K, 7.000%, 7/15/2022 | 27 | |
40 | Federal Home Loan Mortgage Corp. REMIC, Series 1384, Class D, 7.000%, 9/15/2022 | 41 | |
2,143 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | 2,285 | |
TOTAL | 2,353 | ||
Federal National Mortgage Association—0.0% | |||
508 | 3 | Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.748% (10-year Constant Maturity Treasury +48.285%, Cap 9.749%), 7/25/2023 | 518 |
395 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | 398 | |
TOTAL | 916 | ||
Non-Agency Mortgage—0.0% | |||
77 | 6 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.307%, 3/25/2031 | 76 |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $3,297) | 3,345 | ||
EXCHANGE-TRADED FUNDS—8.9% | |||
33,100 | iShares Core MSCI Emerging Markets ETF | 1,729,475 | |
236,500 | iShares MSCI EAFE ETF | 16,233,360 | |
Total Exchange-Traded Funds (IDENTIFIED COST $19,133,225) | 17,962,835 | ||
INVESTMENT COMPANIES—22.6% | |||
203,520 | Bank Loan Core Fund | 1,906,980 | |
292,656 | Emerging Markets Core Fund | 2,531,474 | |
356,454 | Federated Hermes Government Obligations Fund, Premier Shares, 0.26%7 | 356,454 | |
17,760,505 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.37%7 | 17,755,177 | |
384,349 | High Yield Bond Core Fund | 2,198,475 | |
1,945,979 | Mortgage Core Fund | 17,377,592 | |
412,435 | Project and Trade Finance Core Fund | 3,571,686 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $48,526,586) | 45,697,838 | ||
TOTAL INVESTMENT IN SECURITIES—100.2% (IDENTIFIED COST $196,217,033) | 202,975,322 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%8 | (397,707) | ||
TOTAL NET ASSETS—100% | $202,577,615 |
12
At April 30, 2022, the Fund had the following outstanding futures contracts:
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
1United States Treasury Notes 10-Year Ultra Long Futures | 16 | $2,064,000 | June 2022 | $(16,883) |
Short Futures: | ||||
1United States Treasury Notes 2-Year Short Futures | 36 | $7,589,250 | June 2022 | $(4,547) |
1United States Treasury Notes 5-Year Short Futures | 2 | $225,344 | June 2022 | $2,543 |
1United States Treasury Notes 10-Year Short Futures | 2 | $238,313 | June 2022 | $(591) |
1United States Treasury Ultra Bond Short Futures | 3 | $481,312 | June 2022 | $15,555 |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(3,923) |
The average notional value of long and short futures contracts held by the Fund throughout the period was $2,971,847 and $3,918,334, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
Net Unrealized Depreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended April 30, 2022, were as follows:
Affiliates | Value as of 7/31/2021 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 4/30/2022 | Shares Held as of 4/30/2022 | Dividend Income | Gain Distributions Received |
Bank Loan Core Fund | $4,255,287 | $464,245 | $(2,760,600) | $(167,573) | $115,621 | $1,906,980 | 203,520 | $78,247 | $— |
Emerging Markets Core Fund | $2,857,224 | $780,085 | $(637,580) | $(388,594) | $(79,661) | $2,531,474 | 292,656 | $133,536 | $— |
Federated Government Obligations Fund, Premier Shares* | $168,995 | $106,549,566 | $(106,362,107) | N/A | N/A | $356,454 | 356,454 | $755 | $— |
Federated Institutional Prime Value Obligations Fund, Institutional Shares | $16,947,898 | $33,705,455 | $(32,886,648) | $(2,205) | $(9,323) | $17,755,177 | 17,760,505 | $14,785 | $2,479 |
High Yield Bond Core Fund | $5,962,186 | $1,501,404 | $(4,719,800) | $(332,153) | $(213,162) | $2,198,475 | 384,349 | $229,404 | $— |
Mortgage Core Fund | $6,610,200 | $12,444,670 | $— | $(1,677,278) | $— | $17,377,592 | 1,945,979 | $225,670 | $— |
Project and Trade Finance Core Fund | $3,205,801 | $448,336 | $— | $(82,451) | $— | $3,571,686 | 412,435 | $96,736 | $— |
TOTAL OF AFFILIATED TRANSACTIONS | $40,007,591 | $155,893,761 | $(147,366,735) | $(2,650,254) | $(186,525) | $45,697,838 | 21,355,898 | $779,133 | $2,479 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | Non-income-producing security. |
2 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of April 30, 2022, securities subject to this type of arrangement and related collateral were as follows: |
Market Value of Securities Loaned | Collateral Received |
$332,070 | $356,454 |
3 | Floating/variable note with current rate and current maturity or next reset date shown. |
4 | Perpetual Bond Security. The maturity date reflects the next call date. |
5 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
6 | JPMorgan Chase & Co. has fully and unconditionally guaranteed Bear Stearns’ outstanding registered debt securities. |
7 | 7-day net yield. |
8 | Assets, other than investments in securities, less liabilities. |
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2022.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
13
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).
◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, 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 asked quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated MDTA LLC (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
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Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of April 30, 2022, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $104,958,877 | $— | $— | $104,958,877 |
International | 2,490,283 | — | — | 2,490,283 |
Debt Securities: | ||||
Corporate Bonds | — | 18,442,972 | — | 18,442,972 |
U.S. Treasuries | — | 8,725,047 | — | 8,725,047 |
Asset-Backed Securities | — | 2,512,412 | — | 2,512,412 |
Commercial Mortgage-Backed Securities | — | 1,509,250 | — | 1,509,250 |
Mortgage-Backed Securities | — | 406,315 | — | 406,315 |
Government Agencies | — | 233,969 | — | 233,969 |
Municipal Bonds | — | 32,179 | — | 32,179 |
Collateralized Mortgage Obligations | — | 3,345 | — | 3,345 |
Exchange-Traded Funds | 17,962,835 | — | — | 17,962,835 |
Investment Companies1 | 42,126,152 | — | — | 45,697,838 |
TOTAL SECURITIES | $167,538,147 | $31,865,489 | $— | $202,975,322 |
Other Financial Instruments:2 | ||||
Assets | $18,098 | $— | $— | $18,098 |
Liabilities | (22,021) | — | — | (22,021) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(3,923) | $— | $— | $(3,923) |
1 | As permitted by U.S. generally accepted accounting principles, an Investment Company valued at $3,571,686 is measured at fair value using the NAV per share practical expedient and has not been categorized in the chart above but is included in the Total column. The price of shares redeemed of Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. |
2 | Other financial instruments are futures contracts. |
The following acronym(s) are used throughout this portfolio: | ||
ETF | —Exchange-Traded Fund | |
FREMF | —Freddie Mac Multifamily K-Deals | |
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit |
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