Federated Hermes Total Return Bond Fund
Portfolio of Investments
February 29, 2024 (unaudited)
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
U.S. TREASURIES—32.4% | |||
U.S. Treasury Bonds—7.7% | |||
$ 4,845,000 | United States Treasury Bond, 2.250%, 8/15/2049 | $ 3,206,028 | |
13,420,000 | United States Treasury Bond, 2.375%, 11/15/2049 | 9,121,406 | |
215,000 | United States Treasury Bond, 2.500%, 2/15/2045 | 155,741 | |
250,000 | United States Treasury Bond, 2.500%, 2/15/2046 | 179,258 | |
350,000 | United States Treasury Bond, 2.500%, 5/15/2046 | 250,359 | |
9,000,000 | United States Treasury Bond, 2.750%, 11/15/2047 | 6,672,657 | |
9,000,000 | United States Treasury Bond, 2.875%, 5/15/2043 | 7,080,469 | |
2,380,000 | United States Treasury Bond, 2.875%, 8/15/2045 | 1,836,319 | |
10,400,000 | United States Treasury Bond, 2.875%, 5/15/2049 | 7,855,250 | |
2,000,000 | United States Treasury Bond, 3.000%, 5/15/2042 | 1,620,000 | |
800,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 630,000 | |
2,000,000 | United States Treasury Bond, 3.000%, 2/15/2047 | 1,561,563 | |
750,000 | United States Treasury Bond, 3.000%, 5/15/2047 | 584,766 | |
850,000 | United States Treasury Bond, 3.000%, 8/15/2048 | 658,883 | |
950,000 | United States Treasury Bond, 3.125%, 8/15/2044 | 770,391 | |
3,215,000 | United States Treasury Bond, 3.125%, 5/15/2048 | 2,552,911 | |
2,885,000 | United States Treasury Bond, 3.750%, 8/15/2041 | 2,630,759 | |
69,000,000 | United States Treasury Bond, 3.875%, 2/15/2043 | 63,156,562 | |
858,000,000 | United States Treasury Bond, 4.125%, 8/15/2053 | 821,535,000 | |
50,000,000 | United States Treasury Bond, 4.250%, 2/15/2054 | 49,039,065 | |
30,000,000 | United States Treasury Bond, 4.375%, 8/15/2043 | 29,376,564 | |
3,100,000 | United States Treasury Bond, 4.500%, 2/15/2036 | 3,206,562 | |
40,000,000 | United States Treasury Bond, 4.750%, 11/15/2053 | 42,556,252 | |
5,000,000 | United States Treasury Bond, 5.250%, 11/15/2028 | 5,195,703 | |
TOTAL | 1,061,432,468 | ||
U.S. Treasury Inflation-Protected Notes—0.0% | |||
325,670 | U.S. Treasury Inflation-Protected Notes, 0.750%, 2/15/2045 | 248,866 | |
U.S. Treasury Notes—24.7% | |||
6,000,000 | United States Treasury Note, 0.250%, 7/31/2025 | 5,626,512 | |
9,200,000 | United States Treasury Note, 0.250%, 8/31/2025 | 8,599,095 | |
265,000 | United States Treasury Note, 0.250%, 9/30/2025 | 246,863 | |
6,540,000 | United States Treasury Note, 0.375%, 9/15/2024 | 6,370,890 | |
11,000,000 | United States Treasury Note, 0.375%, 11/30/2025 | 10,204,726 | |
12,000,000 | United States Treasury Note, 0.375%, 7/31/2027 | 10,485,251 | |
10,410,000 | United States Treasury Note, 0.375%, 9/30/2027 | 9,043,775 | |
5,400,000 | United States Treasury Note, 0.500%, 4/30/2027 | 4,783,245 | |
1,500,000 | United States Treasury Note, 0.500%, 10/31/2027 | 1,305,386 | |
8,200,000 | United States Treasury Note, 0.750%, 4/30/2026 | 7,557,951 | |
7,090,000 | United States Treasury Note, 0.875%, 9/30/2026 | 6,474,377 | |
11,490,000 | United States Treasury Note, 1.000%, 12/15/2024 | 11,122,644 | |
700,000 | United States Treasury Note, 1.125%, 2/28/2027 | 635,686 | |
1,000,000 | United States Treasury Note, 1.125%, 2/29/2028 | 883,359 | |
26,820,000 | United States Treasury Note, 1.250%, 11/30/2026 | 24,612,819 | |
11,000,000 | United States Treasury Note, 1.250%, 3/31/2028 | 9,743,400 | |
9,000,000 | United States Treasury Note, 1.250%, 4/30/2028 | 7,955,860 |
1
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
U.S. TREASURIES—continued | |||
U.S. Treasury Notes—continued | |||
$ 67,000,000 | United States Treasury Note, 1.500%, 1/31/2027 | $ 61,677,768 | |
270,000 | United States Treasury Note, 1.625%, 5/15/2026 | 253,400 | |
21,650,000 | 1 | United States Treasury Note, 1.750%, 12/31/2026 | 20,113,787 |
49,063,000 | United States Treasury Note, 1.875%, 2/28/2027 | 45,565,102 | |
6,180,000 | United States Treasury Note, 2.000%, 4/30/2024 | 6,146,781 | |
1,300,000 | United States Treasury Note, 2.125%, 9/30/2024 | 1,276,836 | |
1,300,000 | United States Treasury Note, 2.250%, 11/15/2025 | 1,247,490 | |
180,000 | United States Treasury Note, 2.375%, 5/15/2027 | 169,190 | |
23,300,000 | United States Treasury Note, 2.375%, 3/31/2029 | 21,288,555 | |
100,000 | United States Treasury Note, 2.375%, 5/15/2029 | 91,227 | |
1,205,000 | United States Treasury Note, 2.500%, 5/15/2024 | 1,198,021 | |
46,678,000 | United States Treasury Note, 2.625%, 4/15/2025 | 45,481,759 | |
136,155,000 | United States Treasury Note, 2.625%, 5/31/2027 | 128,868,883 | |
130,000 | United States Treasury Note, 2.625%, 2/15/2029 | 120,443 | |
4,800,000 | United States Treasury Note, 2.750%, 2/15/2028 | 4,523,961 | |
56,000,000 | United States Treasury Note, 2.750%, 5/31/2029 | 52,018,753 | |
455,000 | United States Treasury Note, 2.875%, 5/15/2028 | 429,868 | |
980,000 | United States Treasury Note, 2.875%, 8/15/2028 | 923,497 | |
90,000,000 | United States Treasury Note, 2.875%, 4/30/2029 | 84,206,250 | |
188,650,000 | United States Treasury Note, 3.000%, 7/15/2025 | 184,024,453 | |
150,000,000 | United States Treasury Note, 3.125%, 8/15/2025 | 146,435,580 | |
32,695,000 | United States Treasury Note, 3.125%, 8/31/2027 | 31,374,429 | |
400,000 | United States Treasury Note, 3.125%, 11/15/2028 | 380,125 | |
100,000,000 | United States Treasury Note, 3.500%, 1/31/2028 | 96,992,190 | |
10,000,000 | United States Treasury Note, 3.500%, 4/30/2028 | 9,689,844 | |
67,250,000 | United States Treasury Note, 3.625%, 5/31/2028 | 65,448,171 | |
34,500,000 | United States Treasury Note, 3.750%, 5/31/2030 | 33,494,649 | |
120,000,000 | United States Treasury Note, 3.750%, 6/30/2030 | 116,484,372 | |
1,012,000,000 | United States Treasury Note, 3.875%, 8/15/2033 | 981,798,176 | |
94,700,000 | United States Treasury Note, 4.000%, 6/30/2028 | 93,553,240 | |
348,000,000 | United States Treasury Note, 4.000%, 1/31/2029 | 344,003,429 | |
336,600,000 | United States Treasury Note, 4.000%, 2/15/2034 | 330,025,899 | |
300,000,000 | United States Treasury Note, 4.375%, 12/15/2026 | 299,363,640 | |
5,000,000 | United States Treasury Note, 4.625%, 9/30/2028 | 5,067,969 | |
30,000,000 | United States Treasury Note, 4.625%, 9/30/2030 | 30,586,251 | |
16,000,000 | United States Treasury Note, 4.875%, 10/31/2028 | 16,392,501 | |
TOTAL | 3,386,368,328 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $4,460,664,609) | 4,448,049,662 | ||
CORPORATE BONDS—24.6% | |||
Basic Industry - Chemicals—0.1% | |||
197,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | 194,900 | |
8,755,000 | RPM International, Inc., Sr. Unsecd. Note, 5.250%, 6/1/2045 | 8,137,194 | |
TOTAL | 8,332,094 | ||
Basic Industry - Metals & Mining—0.3% | |||
8,960,000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031 | 7,529,207 | |
5,500,000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.500%, 5/2/2033 | 5,417,486 | |
4,420,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 4,363,459 | |
10,330,000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.400%, 11/14/2034 | 10,058,741 | |
6,692,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026 | 6,191,642 |
2
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Basic Industry - Metals & Mining—continued | |||
$ 3,344,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051 | $ 2,298,192 | |
4,900,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 6.125%, 10/6/2028 | 5,060,630 | |
4,034,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 4,435,044 | |
TOTAL | 45,354,401 | ||
Capital Goods - Aerospace & Defense—0.9% | |||
7,700,000 | Airbus Group SE, Sr. Unsecd. Note, 144A, 3.150%, 4/10/2027 | 7,351,169 | |
10,345,000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | 6,943,746 | |
4,065,000 | Boeing Co., Sr. Unsecd. Note, 2.700%, 2/1/2027 | 3,787,450 | |
9,035,000 | Boeing Co., Sr. Unsecd. Note, 2.950%, 2/1/2030 | 7,925,503 | |
7,500,000 | Boeing Co., Sr. Unsecd. Note, 3.625%, 2/1/2031 | 6,719,758 | |
2,340,000 | Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059 | 1,669,954 | |
5,900,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 5,846,984 | |
5,940,000 | General Dynamics Corp., Sr. Unsecd. Note, 1.150%, 6/1/2026 | 5,473,889 | |
3,997,000 | General Dynamics Corp., Sr. Unsecd. Note, 3.250%, 4/1/2025 | 3,914,633 | |
11,397,000 | HEICO Corp., Sr. Unsecd. Note, 5.350%, 8/1/2033 | 11,347,202 | |
7,127,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027 | 6,682,337 | |
2,900,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | 2,842,513 | |
3,000,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 2,931,646 | |
9,870,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030 | 9,294,467 | |
6,900,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 | 6,726,485 | |
9,221,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 4.750%, 2/15/2034 | 9,014,947 | |
9,119,000 | Northrop Grumman Corp., Sr. Unsecd. Note, 4.700%, 3/15/2033 | 8,806,250 | |
12,333,000 | RTX Corp, Sr. Unsecd. Note, 5.150%, 2/27/2033 | 12,217,104 | |
5,163,000 | Textron, Inc., Sr. Unsecd. Note, 2.450%, 3/15/2031 | 4,314,343 | |
1,625,000 | Textron, Inc., Sr. Unsecd. Note, 3.875%, 3/1/2025 | 1,599,960 | |
3,000,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 3,000,000 | |
TOTAL | 128,410,340 | ||
Capital Goods - Building Materials—0.2% | |||
4,765,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 4,688,499 | |
6,532,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027 | 6,178,866 | |
12,640,000 | Carrier Global Corp., Sr. Unsecd. Note, 5.900%, 3/15/2034 | 13,119,169 | |
2,305,000 | Carrier Global Corp., Sr. Unsecd. Note, 6.200%, 3/15/2054 | 2,517,765 | |
TOTAL | 26,504,299 | ||
Capital Goods - Construction Machinery—0.3% | |||
12,945,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 | 12,672,040 | |
3,200,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.800%, 4/15/2034 | 3,171,800 | |
69,000 | Caterpillar, Inc., Deb., 5.300%, 9/15/2035 | 71,993 | |
295,000 | Caterpillar, Inc., Sr. Unsecd. Note, 3.250%, 9/19/2049 | 217,273 | |
5,915,000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028 | 5,794,853 | |
3,560,000 | Deere & Co., Sr. Unsecd. Note, 2.750%, 4/15/2025 | 3,468,975 | |
6,015,000 | John Deere Capital Corp., Sr. Unsecd. Note, 4.500%, 1/16/2029 | 5,927,371 | |
6,000,000 | John Deere Capital Corp., Sr. Unsecd. Note, Series FXD, 5.050%, 3/3/2026 | 6,016,767 | |
10,494,000 | John Deere Capital Corp., Sr. Unsecd. Note, Series MTN, 3.450%, 3/7/2029 | 9,916,117 | |
TOTAL | 47,257,189 | ||
Capital Goods - Diversified Manufacturing—0.4% | |||
4,055,000 | Honeywell International, Inc., Sr. Unsecd. Note, 1.350%, 6/1/2025 | 3,876,814 | |
4,180,000 | 1 | Honeywell International, Inc., Sr. Unsecd. Note, 2.800%, 6/1/2050 | 2,908,307 |
7,440,000 | Honeywell International, Inc., Sr. Unsecd. Note, 4.500%, 1/15/2034 | 7,159,968 | |
13,027,000 | Parker-Hannifin Corp., Sr. Unsecd. Note, 4.500%, 9/15/2029 | 12,749,691 | |
5,100,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 1.400%, 9/15/2027 | 4,512,332 |
3
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Capital Goods - Diversified Manufacturing—continued | |||
$ 2,560,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.950%, 9/15/2029 | $ 2,293,637 | |
1,150,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 3.850%, 12/15/2025 | 1,122,088 | |
1,645,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044 | 1,447,493 | |
6,680,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.250%, 10/1/2054 | 5,723,230 | |
8,685,000 | Vontier Corp., Sr. Unsecd. Note, Series WI, 2.950%, 4/1/2031 | 7,153,340 | |
4,195,000 | Wabtec Corp., Sr. Unsecd. Note, 5.611%, 3/11/2034 | 4,215,160 | |
7,020,000 | Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031 | 5,900,698 | |
TOTAL | 59,062,758 | ||
Capital Goods - Packaging—0.0% | |||
6,205,000 | WestRock Co., Sr. Unsecd. Note, Series WI, 4.000%, 3/15/2028 | 5,926,847 | |
Communications - Cable & Satellite—0.5% | |||
8,000,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 5.250%, 4/1/2053 | 6,217,225 | |
175,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | 169,522 | |
3,820,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 6.150%, 11/10/2026 | 3,854,474 | |
3,000,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 6.650%, 2/1/2034 | 3,012,390 | |
10,195,000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Term Loan - 1st Lien, 3.900%, 6/1/2052 | 6,415,503 | |
3,060,000 | Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051 | 1,914,835 | |
4,070,000 | Comcast Corp., Sr. Unsecd. Note, 3.300%, 2/1/2027 | 3,900,640 | |
5,150,000 | Comcast Corp., Sr. Unsecd. Note, 3.375%, 2/15/2025 | 5,062,532 | |
485,000 | Comcast Corp., Sr. Unsecd. Note, 3.450%, 2/1/2050 | 348,539 | |
2,325,000 | Comcast Corp., Sr. Unsecd. Note, 3.750%, 4/1/2040 | 1,904,062 | |
400,000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | 343,248 | |
3,005,000 | Comcast Corp., Sr. Unsecd. Note, 3.950%, 10/15/2025 | 2,953,366 | |
10,000,000 | Comcast Corp., Sr. Unsecd. Note, 4.150%, 10/15/2028 | 9,704,903 | |
6,525,000 | Comcast Corp., Sr. Unsecd. Note, 4.250%, 1/15/2033 | 6,112,798 | |
580,000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | 539,234 | |
3,000,000 | Comcast Corp., Sr. Unsecd. Note, 4.950%, 10/15/2058 | 2,779,610 | |
3,000,000 | NBCUniversal, Inc., Sr. Unsecd. Note, 5.950%, 4/1/2041 | 3,113,421 | |
5,262,000 | Time Warner Cable, Inc., Company Guarantee, 5.500%, 9/1/2041 | 4,341,318 | |
1,250,000 | Time Warner Cable, Inc., Sr. Unsecd. Note, 4.500%, 9/15/2042 | 916,020 | |
TOTAL | 63,603,640 | ||
Communications - Media & Entertainment—0.7% | |||
11,194,000 | Alphabet, Inc., Sr. Unsecd. Note, 2.050%, 8/15/2050 | 6,620,830 | |
5,000,000 | British Sky Broadcasting Group PLC, Sr. Unsecd. Note, 144A, 3.750%, 9/16/2024 | 4,946,518 | |
14,000,000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 5.375%, 6/15/2033 | 13,855,163 | |
7,800,000 | Meta Platforms, Inc., Sr. Unsecd. Note, 3.500%, 8/15/2027 | 7,477,992 | |
7,250,000 | Meta Platforms, Inc., Sr. Unsecd. Note, 3.850%, 8/15/2032 | 6,717,934 | |
5,725,000 | Meta Platforms, Inc., Sr. Unsecd. Note, 4.450%, 8/15/2052 | 5,005,994 | |
12,000,000 | Netflix, Inc., Sr. Unsecd. Note, 4.875%, 4/15/2028 | 11,980,334 | |
10,000,000 | Omnicom Group, Inc., Sr. Unsecd. Note, 2.600%, 8/1/2031 | 8,394,348 | |
8,445,000 | Walt Disney Co., Sr. Unsecd. Note, 3.600%, 1/13/2051 | 6,420,041 | |
3,155,000 | Walt Disney Co., Sr. Unsecd. Note, 3.800%, 5/13/2060 | 2,408,863 | |
8,328,000 | Warnermedia Holdings, Inc., Sr. Unsecd. Note, 4.279%, 3/15/2032 | 7,350,484 | |
7,223,000 | Warnermedia Holdings, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2042 | 6,078,695 | |
6,002,000 | Warnermedia Holdings, Inc., Sr. Unsecd. Note, 6.412%, 3/15/2026 | 6,001,524 | |
TOTAL | 93,258,720 | ||
Communications - Telecom Wireless—0.8% | |||
8,180,000 | America Movil S.A.B. de C.V., Sr. Unsecd. Note, 2.875%, 5/7/2030 | 7,182,584 |
4
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Communications - Telecom Wireless—continued | |||
$ 6,000,000 | American Tower Corp., Sr. Unsecd. Note, 2.100%, 6/15/2030 | $ 4,940,753 | |
5,090,000 | American Tower Corp., Sr. Unsecd. Note, 2.700%, 4/15/2031 | 4,274,639 | |
4,705,000 | American Tower Corp., Sr. Unsecd. Note, 3.100%, 6/15/2050 | 3,083,276 | |
8,000,000 | American Tower Corp., Sr. Unsecd. Note, 5.550%, 7/15/2033 | 7,998,335 | |
6,925,000 | Crown Castle, Inc., Sr. Unsecd. Note, 3.250%, 1/15/2051 | 4,695,251 | |
8,700,000 | Crown Castle, Inc., Sr. Unsecd. Note, 4.450%, 2/15/2026 | 8,540,476 | |
7,317,000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.100%, 5/1/2033 | 7,076,770 | |
4,000,000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.800%, 3/1/2034 | 4,056,208 | |
1,917,000 | T-Mobile USA, Inc., Series WI, 1.500%, 2/15/2026 | 1,781,566 | |
4,608,000 | T-Mobile USA, Inc., Series WI, 3.000%, 2/15/2041 | 3,330,290 | |
6,600,000 | T-Mobile USA, Inc., Series WI, 3.875%, 4/15/2030 | 6,129,707 | |
5,610,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 2.625%, 4/15/2026 | 5,314,021 | |
12,400,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.050%, 7/15/2033 | 12,132,346 | |
9,045,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.150%, 4/15/2034 | 8,911,266 | |
4,095,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.650%, 1/15/2053 | 4,077,094 | |
4,347,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.125%, 5/30/2025 | 4,278,119 | |
4,000,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | 3,150,746 | |
6,825,000 | Vodafone Group PLC, Sr. Unsecd. Note, 5.625%, 2/10/2053 | 6,611,660 | |
TOTAL | 107,565,107 | ||
Communications - Telecom Wirelines—0.7% | |||
9,240,000 | AT&T, Inc., Sr. Unsecd. Note, 0.900%, 3/25/2024 | 9,213,093 | |
10,655,000 | AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026 | 9,911,784 | |
5,005,000 | AT&T, Inc., Sr. Unsecd. Note, 2.550%, 12/1/2033 | 3,949,260 | |
8,590,000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 6/1/2041 | 6,587,191 | |
4,035,000 | AT&T, Inc., Sr. Unsecd. Note, 3.800%, 12/1/2057 | 2,842,682 | |
1,940,000 | AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060 | 1,373,899 | |
17,470,000 | AT&T, Inc., Sr. Unsecd. Note, 5.400%, 2/15/2034 | 17,499,744 | |
2,100,000 | AT&T, Inc., Sr. Unsecd. Note, 5.450%, 3/1/2047 | 2,051,508 | |
4,550,000 | AT&T, Inc., Sr. Unsecd. Note, 6.375%, 3/1/2041 | 4,794,604 | |
4,160,000 | AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058 | 3,733,440 | |
14,948,000 | Rogers Communications, Inc., Sr. Unsecd. Note, 4.500%, 3/15/2042 | 12,845,321 | |
9,500,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 1.450%, 3/20/2026 | 8,810,803 | |
6,450,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 2.100%, 3/22/2028 | 5,745,911 | |
7,995,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.400%, 3/22/2041 | 6,129,188 | |
870,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.000%, 3/22/2050 | 687,454 | |
4,090,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 8/15/2046 | 3,366,817 | |
1,522,000 | Verizon Communications, Inc., Sr. Unsecd. Note, Series WI, 2.987%, 10/30/2056 | 946,644 | |
TOTAL | 100,489,343 | ||
Consumer Cyclical - Automotive—0.8% | |||
9,130,000 | American Honda Finance Corp., Sr. Unsecd. Note, Series GMTN, 5.800%, 10/3/2025 | 9,219,808 | |
12,595,000 | Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.000%, 12/14/2026 | 11,558,125 | |
2,285,000 | Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.375%, 12/14/2028 | 2,024,195 | |
3,855,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.798%, 11/7/2028 | 3,997,496 | |
10,450,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.950%, 3/6/2026 | 10,641,884 | |
2,870,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 7.122%, 11/7/2033 | 3,061,165 | |
5,240,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 | 5,159,171 | |
260,000 | General Motors Co., Sr. Unsecd. Note, 5.150%, 4/1/2038 | 241,053 | |
7,175,000 | General Motors Co., Sr. Unsecd. Note, 6.125%, 10/1/2025 | 7,235,521 | |
2,692,000 | General Motors Co., Sr. Unsecd. Note, 6.750%, 4/1/2046 | 2,850,570 | |
410,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 | 408,974 |
5
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Cyclical - Automotive—continued | |||
$ 2,345,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031 | $ 2,339,264 | |
5,240,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 6.400%, 1/9/2033 | 5,450,629 | |
10,335,000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 5.300%, 1/8/2029 | 10,315,643 | |
7,643,000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 5.680%, 6/26/2028 | 7,752,176 | |
7,300,000 | Mercedes-Benz Finance NA LLC, Sr. Unsecd. Note, 144A, 5.250%, 11/29/2027 | 7,350,519 | |
7,600,000 | Mercedes-Benz Finance NA LLC, Unsecd. Note, 144A, 4.800%, 3/30/2026 | 7,548,092 | |
11,097,000 | Toyota Motor Credit Corp., Sr. Unsecd. Note, 3.950%, 6/30/2025 | 10,929,244 | |
TOTAL | 108,083,529 | ||
Consumer Cyclical - Gaming—0.0% | |||
250,000 | GLP Capital LP / GLP Financing II, Inc., Sr. Unsecd. Note, 5.375%, 4/15/2026 | 247,504 | |
Consumer Cyclical - Retailers—0.3% | |||
2,895,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, 1.750%, 10/1/2027 | 2,502,838 | |
1,597,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, 5.900%, 3/9/2026 | 1,594,098 | |
8,235,000 | 1 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | 7,360,154 |
8,540,000 | 1 | Alimentation Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 3.800%, 1/25/2050 | 6,528,996 |
1,865,000 | AutoNation, Inc., Sr. Unsecd. Note, 1.950%, 8/1/2028 | 1,596,342 | |
1,372,000 | AutoNation, Inc., Sr. Unsecd. Note, 3.850%, 3/1/2032 | 1,198,699 | |
475,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.625%, 4/15/2025 | 466,407 | |
6,590,000 | AutoZone, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2033 | 6,317,124 | |
10,306,000 | Costco Wholesale Corp., Sr. Unsecd. Note, 1.375%, 6/20/2027 | 9,274,905 | |
3,705,000 | Home Depot, Inc., Sr. Unsecd. Note, 2.700%, 4/15/2030 | 3,278,740 | |
3,800,000 | Home Depot, Inc., Sr. Unsecd. Note, 2.950%, 6/15/2029 | 3,471,123 | |
2,370,000 | Home Depot, Inc., Sr. Unsecd. Note, 4.000%, 9/15/2025 | 2,333,362 | |
TOTAL | 45,922,788 | ||
Consumer Cyclical - Services—0.3% | |||
9,550,000 | Amazon.com, Inc., Sr. Unsecd. Note, 2.875%, 5/12/2041 | 7,178,300 | |
5,030,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.150%, 8/22/2027 | 4,777,340 | |
5,000,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.875%, 8/22/2037 | 4,460,713 | |
10,000,000 | Booking Holdings, Inc., Sr. Unsecd. Note, 4.625%, 4/13/2030 | 9,829,723 | |
2,100,000 | Boston University, Sr. Unsecd. Note, Series MTNA, 7.625%, 7/15/2097 | 2,270,250 | |
3,210,000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 2.950%, 3/15/2031 | 2,750,336 | |
2,340,000 | 1 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 2,312,302 |
2,920,000 | Visa, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2027 | 2,737,194 | |
3,750,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 3,636,887 | |
350,000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | 329,242 | |
TOTAL | 40,282,287 | ||
Consumer Non-Cyclical - Food/Beverage—1.0% | |||
870,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036 | 833,089 | |
1,390,000 | Anheuser-Busch InBev Finance, Inc., Sr. Unsecd. Note, 4.900%, 2/1/2046 | 1,285,882 | |
8,460,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.439%, 10/6/2048 | 7,411,746 | |
1,825,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.600%, 4/15/2048 | 1,641,288 | |
8,200,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.750%, 1/23/2029 | 8,136,838 | |
3,257,000 | Bacardi Ltd., Sr. Unsecd. Note, 144A, 2.750%, 7/15/2026 | 3,070,135 | |
9,843,000 | Coca-Cola Co., Sr. Unsecd. Note, 2.125%, 9/6/2029 | 8,666,254 | |
7,816,000 | Coca-Cola Europacific Partners PLC, Sr. Unsecd. Note, 144A, 1.500%, 1/15/2027 | 7,066,285 | |
3,805,000 | Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 1.850%, 9/1/2032 | 2,975,301 | |
5,814,000 | Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 2.750%, 1/22/2030 | 5,117,192 | |
1,390,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 3.750%, 5/1/2050 | 1,041,129 | |
5,140,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.650%, 11/15/2028 | 5,049,151 | |
8,200,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.750%, 5/9/2032 | 7,935,428 |
6
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Food/Beverage—continued | |||
$ 2,125,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.800%, 1/15/2029 | $ 2,096,032 | |
2,625,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 2.400%, 3/15/2031 | 2,196,113 | |
4,660,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 4,468,008 | |
1,468,000 | General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051 | 947,041 | |
3,250,000 | Grupo Bimbo S.A.B. de C.V., Sr. Unsecd. Note, 144A, 3.875%, 6/27/2024 | 3,230,928 | |
2,712,000 | Heineken NV, Sr. Unsecd. Note, 144A, 4.350%, 3/29/2047 | 2,374,331 | |
7,540,000 | International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 1.832%, 10/15/2027 | 6,630,384 | |
2,437,000 | International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 2.300%, 11/1/2030 | 2,000,745 | |
5,152,000 | Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 3.200%, 5/1/2030 | 4,657,541 | |
850,000 | Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 4.417%, 5/25/2025 | 840,917 | |
4,883,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | 4,049,078 | |
4,825,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.600%, 6/1/2044 | 4,295,716 | |
8,400,000 | PepsiCo, Inc., Sr. Unsecd. Note, 2.625%, 7/29/2029 | 7,572,337 | |
6,850,000 | PepsiCo, Inc., Sr. Unsecd. Note, 2.750%, 4/30/2025 | 6,672,411 | |
150,000 | Ralston Purina Co., Deb., 7.875%, 6/15/2025 | 153,089 | |
3,980,000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 2.625%, 9/13/2031 | 3,047,829 | |
3,610,000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030 | 2,974,497 | |
7,768,000 | Sysco Corp., Sr. Unsecd. Note, 4.450%, 3/15/2048 | 6,563,051 | |
12,005,000 | Tyson Foods, Inc., Sr. Unsecd. Note, 5.700%, 3/15/2034 | 12,003,086 | |
TOTAL | 137,002,852 | ||
Consumer Non-Cyclical - Health Care—0.8% | |||
5,240,000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 2.600%, 5/27/2030 | 4,500,957 | |
3,000,000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 2.750%, 9/23/2026 | 2,817,062 | |
4,005,000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 3.000%, 9/23/2029 | 3,594,659 | |
2,945,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 1.957%, 2/11/2031 | 2,397,626 | |
1,690,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 3.734%, 12/15/2024 | 1,666,619 | |
2,504,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 3.794%, 5/20/2050 | 1,940,155 | |
140,950 | CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 | 139,535 | |
1,200,000 | CVS Health Corp., Sr. Unsecd. Note, 2.700%, 8/21/2040 | 821,238 | |
8,500,000 | CVS Health Corp., Sr. Unsecd. Note, 3.375%, 8/12/2024 | 8,407,892 | |
1,074,000 | CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025 | 1,060,580 | |
3,815,000 | CVS Health Corp., Sr. Unsecd. Note, 4.780%, 3/25/2038 | 3,469,563 | |
1,445,000 | CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048 | 1,290,059 | |
2,760,000 | CVS Health Corp., Sr. Unsecd. Note, 5.125%, 7/20/2045 | 2,512,555 | |
6,775,000 | CVS Health Corp., Sr. Unsecd. Note, 5.250%, 2/21/2033 | 6,708,449 | |
8,095,000 | Danaher Corp., Sr. Unsecd. Note, 2.600%, 10/1/2050 | 5,134,726 | |
2,770,000 | DH Europe Finance II S.a.r.l., Sr. Unsecd. Note, 2.600%, 11/15/2029 | 2,463,891 | |
1,000,000 | DH Europe Finance II S.a.r.l., Sr. Unsecd. Note, 3.400%, 11/15/2049 | 749,034 | |
15,430,000 | GE Healthcare Holding LLC, Sr. Unsecd. Note, 5.857%, 3/15/2030 | 15,959,250 | |
2,110,000 | GE Healthcare Holding LLC, Sr. Unsecd. Note, 6.377%, 11/22/2052 | 2,344,855 | |
10,000,000 | Haleon US Capital LLC, Sr. Unsecd. Note, 3.375%, 3/24/2027 | 9,503,103 | |
8,482,000 | HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051 | 5,737,577 | |
7,700,000 | HCA, Inc., Sr. Unsecd. Note, 3.625%, 3/15/2032 | 6,728,997 | |
2,035,000 | HCA, Inc., Sr. Unsecd. Note, 5.200%, 6/1/2028 | 2,028,310 | |
7,720,000 | HCA, Inc., Sr. Unsecd. Note, 6.000%, 4/1/2054 | 7,667,226 | |
5,433,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 0.850%, 9/15/2024 | 5,292,140 | |
6,755,000 | Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 1.215%, 10/18/2024 | 6,578,457 | |
TOTAL | 111,514,515 | ||
Consumer Non-Cyclical - Pharmaceuticals—1.3% | |||
4,465,000 | Abbott Laboratories, Sr. Unsecd. Note, 3.750%, 11/30/2026 | 4,348,047 |
7
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Consumer Non-Cyclical - Pharmaceuticals—continued | |||
$ 7,525,000 | Abbott Laboratories, Sr. Unsecd. Note, 4.900%, 11/30/2046 | $ 7,259,254 | |
7,475,000 | AbbVie, Inc., Sr. Unsecd. Note, 2.950%, 11/21/2026 | 7,089,780 | |
7,475,000 | AbbVie, Inc., Sr. Unsecd. Note, 4.550%, 3/15/2035 | 7,166,598 | |
7,525,000 | AbbVie, Inc., Sr. Unsecd. Note, 4.700%, 5/14/2045 | 6,935,777 | |
11,350,000 | AbbVie, Inc., Sr. Unsecd. Note, 5.400%, 3/15/2054 | 11,530,161 | |
1,925,000 | Amgen, Inc., Sr. Unsecd. Note, 3.625%, 5/22/2024 | 1,916,168 | |
375,000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | 320,358 | |
19,050,000 | Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033 | 19,004,501 | |
10,770,000 | Amgen, Inc., Sr. Unsecd. Note, 5.650%, 3/2/2053 | 10,773,156 | |
1,850,000 | 1 | AstraZeneca PLC, Sr. Unsecd. Note, 1.375%, 8/6/2030 | 1,499,643 |
3,525,000 | AstraZeneca PLC, Sr. Unsecd. Note, 2.125%, 8/6/2050 | 2,075,088 | |
6,100,000 | 1 | AstraZeneca PLC, Sr. Unsecd. Note, 3.125%, 6/12/2027 | 5,798,621 |
7,430,000 | Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.375%, 12/15/2028 | 6,925,481 | |
7,527,000 | Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.400%, 7/15/2044 | 5,685,306 | |
2,350,000 | Biogen, Inc., Sr. Unsecd. Note, 2.250%, 5/1/2030 | 1,967,507 | |
9,925,000 | 1 | Biogen, Inc., Sr. Unsecd. Note, 3.150%, 5/1/2050 | 6,562,946 |
6,745,000 | Bristol-Myers Squibb Co., Sr. Sub. Secd. Note, 5.550%, 2/22/2054 | 6,829,918 | |
5,740,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, 0.750%, 11/13/2025 | 5,341,849 | |
9,760,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, 3.700%, 3/15/2052 | 7,413,802 | |
7,500,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 3.900%, 2/20/2028 | 7,243,394 | |
260,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | 226,661 | |
2,900,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.350%, 11/15/2047 | 2,469,040 | |
3,385,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 5.250%, 10/15/2033 | 3,426,218 | |
500,000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | 442,930 | |
1,000,000 | Johnson & Johnson, Sr. Unsecd. Note, 5.950%, 8/15/2037 | 1,104,583 | |
7,605,000 | Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.450%, 5/19/2028 | 7,460,515 | |
7,125,000 | Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.750%, 5/19/2033 | 6,940,971 | |
5,722,000 | Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 5.300%, 5/19/2053 | 5,601,337 | |
14,139,000 | Regeneron Pharmaceuticals, Inc., Sr. Unsecd. Note, 2.800%, 9/15/2050 | 8,811,297 | |
8,560,000 | Takeda Pharmaceutical Co. Ltd., Sr. Unsecd. Note, 2.050%, 3/31/2030 | 7,207,137 | |
9,568,000 | 1 | Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050 | 6,571,815 |
TOTAL | 183,949,859 | ||
Consumer Non-Cyclical - Products—0.1% | |||
6,465,000 | Kenvue, Inc., Sr. Unsecd. Note, 4.900%, 3/22/2033 | 6,394,858 | |
6,680,000 | Kenvue, Inc., Sr. Unsecd. Note, 5.050%, 3/22/2028 | 6,725,752 | |
TOTAL | 13,120,610 | ||
Consumer Non-Cyclical - Tobacco—0.4% | |||
6,248,000 | Altria Group, Inc., Sr. Unsecd. Note, 3.700%, 2/4/2051 | 4,259,099 | |
3,490,000 | BAT Capital Corp., Sr. Unsecd. Note, 2.789%, 9/6/2024 | 3,436,921 | |
6,200,000 | BAT Capital Corp., Sr. Unsecd. Note, 4.742%, 3/16/2032 | 5,836,165 | |
3,590,000 | BAT Capital Corp., Sr. Unsecd. Note, 6.000%, 2/20/2034 | 3,554,002 | |
4,635,000 | BAT International Finance PLC, Sr. Unsecd. Note, 1.668%, 3/25/2026 | 4,295,668 | |
10,000,000 | BAT International Finance PLC, Sr. Unsecd. Note, 5.931%, 2/2/2029 | 10,218,715 | |
3,400,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 0.875%, 5/1/2026 | 3,108,237 | |
3,770,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.100%, 5/1/2030 | 3,182,642 | |
2,210,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 3.875%, 8/21/2042 | 1,744,685 | |
4,700,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 4.875%, 2/13/2026 | 4,679,552 | |
5,740,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032 | 5,857,393 | |
4,350,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 3,955,353 | |
TOTAL | 54,128,432 |
8
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Energy - Independent—0.3% | |||
$ 6,612,000 | Canadian Natural Resources Ltd., Sr. Unsecd. Note, 3.900%, 2/1/2025 | $ 6,505,992 | |
6,552,000 | Diamondback Energy, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2033 | 6,890,646 | |
7,546,000 | Hess Corp., Sr. Unsecd. Note, 5.600%, 2/15/2041 | 7,605,489 | |
8,685,000 | Marathon Oil Corp., Sr. Unsecd. Note, 4.400%, 7/15/2027 | 8,440,944 | |
8,025,000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | 8,772,880 | |
610,000 | XTO Energy, Inc., Sr. Unsecd. Note, 6.750%, 8/1/2037 | 686,333 | |
TOTAL | 38,902,284 | ||
Energy - Integrated—0.3% | |||
4,815,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.000%, 2/24/2050 | 3,217,309 | |
4,485,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | 4,311,924 | |
100,000 | BP PLC, Deb., 8.750%, 3/1/2032 | 121,294 | |
12,328,000 | Cenovus Energy, Inc., Sr. Unsecd. Note, 4.250%, 4/15/2027 | 11,948,645 | |
7,209,000 | Chevron Corp., Sr. Unsecd. Note, 3.078%, 5/11/2050 | 5,090,463 | |
4,030,000 | CNPC Hong Kong Overseas Capital Ltd., Company Guarantee, 144A, 5.950%, 4/28/2041 | 4,362,530 | |
4,175,000 | ConocoPhillips Co., Sr. Unsecd. Note, 3.758%, 3/15/2042 | 3,399,064 | |
205,000 | ConocoPhillips, Co. Guarantee, 6.500%, 2/1/2039 | 230,590 | |
3,329,000 | Petro-Canada, Sr. Unsecd. Note, 6.800%, 5/15/2038 | 3,558,373 | |
3,720,000 | Shell International Finance B.V., Sr. Unsecd. Note, 2.875%, 5/10/2026 | 3,561,389 | |
3,275,000 | Shell International Finance B.V., Sr. Unsecd. Note, 4.000%, 5/10/2046 | 2,690,090 | |
TOTAL | 42,491,671 | ||
Energy - Midstream—0.9% | |||
7,952,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029 | 7,743,021 | |
1,750,000 | Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 4.500%, 6/1/2025 | 1,725,158 | |
1,050,000 | Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 5.800%, 6/1/2045 | 1,017,667 | |
7,250,000 | Columbia Pipeline Holding Co. LLC, Sr. Unsecd. Note, 144A, 5.681%, 1/15/2034 | 7,115,240 | |
1,210,000 | Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.000%, 11/15/2029 | 1,079,087 | |
3,585,000 | Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.900%, 11/15/2049 | 2,612,303 | |
760,000 | Energy Transfer LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 747,973 | |
4,800,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.150%, 3/15/2045 | 4,286,448 | |
885,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.500%, 6/1/2027 | 888,495 | |
3,170,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.550%, 5/15/2034 | 3,138,454 | |
8,480,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.750%, 2/15/2033 | 8,543,778 | |
2,915,000 | Energy Transfer LP, Sr. Unsecd. Note, 6.100%, 12/1/2028 | 3,015,209 | |
475,000 | Energy Transfer LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 472,521 | |
4,875,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.800%, 3/15/2035 | 4,903,991 | |
520,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | 563,447 | |
1,820,000 | Kinder Morgan, Inc., Sr. Unsecd. Note, 3.250%, 8/1/2050 | 1,181,404 | |
320,000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | 278,760 | |
4,625,000 | MPLX LP, Sr. Unsecd. Note, 4.900%, 4/15/2058 | 3,829,032 | |
7,450,000 | MPLX LP, Sr. Unsecd. Note, 4.950%, 9/1/2032 | 7,138,933 | |
1,920,000 | MPLX LP, Sr. Unsecd. Note, Series WI, 4.250%, 12/1/2027 | 1,859,221 | |
1,831,000 | ONEOK, Inc., Sr. Unsecd. Note, 2.200%, 9/15/2025 | 1,742,899 | |
7,390,000 | ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047 | 6,384,324 | |
2,525,000 | ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032 | 2,619,164 | |
5,000,000 | ONEOK, Inc., Sr. Unsecd. Note, 6.625%, 9/1/2053 | 5,380,027 | |
2,000,000 | Plains All American Pipeline LP, Sr. Unsecd. Note, 4.700%, 6/15/2044 | 1,658,640 | |
8,120,000 | Plains All American Pipeline LP, Sr. Unsecd. Note, 5.150%, 6/1/2042 | 7,187,710 | |
10,461,000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | 9,421,179 | |
9,000,000 | Targa Resources, Inc., Sr. Unsecd. Note, 6.250%, 7/1/2052 | 9,130,347 | |
4,545,000 | TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027 | 4,337,314 |
9
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Energy - Midstream—continued | |||
$ 225,000 | Williams Partners LP, Sr. Unsecd. Note, 4.850%, 3/1/2048 | $ 198,391 | |
7,000,000 | Williams Partners LP, Sr. Unsecd. Note, 4.900%, 1/15/2045 | 6,180,112 | |
TOTAL | 116,380,249 | ||
Energy - Oil Field Services—0.2% | |||
7,720,000 | Halliburton Co., Sr. Unsecd. Note, 5.000%, 11/15/2045 | 7,188,770 | |
1,615,000 | Schlumberger Holdings Corp., Sr. Unsecd. Note, 144A, 4.000%, 12/21/2025 | 1,582,019 | |
8,625,000 | 1 | Schlumberger Investment S.A., Sr. Unsecd. Note, 2.650%, 6/26/2030 | 7,584,697 |
6,425,000 | Williams Cos., Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034 | 6,276,354 | |
TOTAL | 22,631,840 | ||
Energy - Refining—0.1% | |||
535,000 | HF Sinclair Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026 | 536,867 | |
325,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | 267,593 | |
7,507,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 6,561,136 | |
1,030,000 | Phillips 66, Sr. Unsecd. Note, 1.300%, 2/15/2026 | 953,739 | |
5,172,000 | Phillips 66, Sr. Unsecd. Note, 4.875%, 11/15/2044 | 4,733,687 | |
3,395,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | 3,306,277 | |
3,270,000 | Valero Energy Corp., Sr. Unsecd. Note, 7.500%, 4/15/2032 | 3,722,603 | |
TOTAL | 20,081,902 | ||
Financial Institution - Banking—5.0% | |||
355,000 | American Express Co., Sr. Unsecd. Note, 3.000%, 10/30/2024 | 349,236 | |
6,115,000 | American Express Co., Sr. Unsecd. Note, 4.990%, 5/1/2026 | 6,080,346 | |
10,250,000 | American Express Co., Sr. Unsecd. Note, 5.850%, 11/5/2027 | 10,526,513 | |
5,980,000 | American Express Co., Sub., 5.625%, 7/28/2034 | 6,029,826 | |
5,720,000 | Associated Banc-Corp., Sub. Note, 4.250%, 1/15/2025 | 5,589,951 | |
9,900,000 | Bank of America Corp., Sr. Unsecd. Note, 2.572%, 10/20/2032 | 8,116,875 | |
2,185,000 | Bank of America Corp., Sr. Unsecd. Note, 2.592%, 4/29/2031 | 1,868,040 | |
17,440,000 | Bank of America Corp., Sr. Unsecd. Note, 2.687%, 4/22/2032 | 14,611,631 | |
7,960,000 | Bank of America Corp., Sr. Unsecd. Note, 3.419%, 12/20/2028 | 7,439,615 | |
7,895,000 | Bank of America Corp., Sr. Unsecd. Note, 5.288%, 4/25/2034 | 7,786,001 | |
11,685,000 | Bank of America Corp., Sr. Unsecd. Note, 5.468%, 1/23/2035 | 11,655,601 | |
4,932,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.593%, 7/21/2028 | 4,677,081 | |
7,000,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 1.898%, 7/23/2031 | 5,683,092 | |
10,000,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.087%, 6/14/2029 | 8,791,525 | |
10,235,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.884%, 10/22/2030 | 9,017,690 | |
1,622,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.000%, 4/1/2024 | 1,619,706 | |
4,250,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 4,180,797 | |
560,000 | Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024 | 555,860 | |
660,000 | Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 | 649,650 | |
4,665,000 | Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 3.250%, 9/11/2024 | 4,610,614 | |
5,140,000 | Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 3.992%, 6/13/2028 | 4,983,186 | |
2,740,000 | Bank of New York Mellon Corp., Sub. Note, Series MTN, 3.000%, 10/30/2028 | 2,514,459 | |
480,000 | Bank of New York Mellon, N.A., Sr. Unsecd. Note, 3.400%, 5/15/2024 | 477,731 | |
8,025,000 | Capital One Financial Corp., Sr. Unsecd. Note, 5.817%, 2/1/2034 | 7,938,625 | |
15,085,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.572%, 6/3/2031 | 12,759,910 | |
3,165,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.976%, 11/5/2030 | 2,790,693 | |
7,060,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | 5,929,958 | |
5,325,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 5,207,745 | |
2,320,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.352%, 4/24/2025 | 2,311,269 | |
6,000,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.887%, 1/10/2028 | 5,768,579 | |
345,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 334,306 |
10
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$ 11,965,000 | Citigroup, Inc., Sub., 5.827%, 2/13/2035 | $ 11,710,553 | |
8,500,000 | Citigroup, Inc., Sub., 6.174%, 5/25/2034 | 8,568,036 | |
1,500,000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 2.500%, 2/6/2030 | 1,245,134 | |
11,530,000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030 | 11,397,943 | |
8,100,000 | Citizens Financial Group, Inc., Sub. Note, 2.638%, 9/30/2032 | 6,159,616 | |
6,533,000 | Comerica, Inc., 3.800%, 7/22/2026 | 6,246,140 | |
6,110,000 | Comerica, Inc., Sr. Unsecd. Note, 5.982%, 1/30/2030 | 6,001,586 | |
5,480,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 5,377,047 | |
13,990,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 5.631%, 1/29/2032 | 13,874,236 | |
4,280,000 | Fifth Third Bank, Sr. Unsecd. Note, Series BKNT, 2.250%, 2/1/2027 | 3,928,442 | |
5,010,000 | FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025 | 4,920,953 | |
7,565,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 1.992%, 1/27/2032 | 6,068,151 | |
9,200,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 2.600%, 2/7/2030 | 7,994,408 | |
13,200,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.500%, 11/16/2026 | 12,664,078 | |
7,500,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.691%, 6/5/2028 | 7,154,169 | |
4,000,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.814%, 4/23/2029 | 3,777,862 | |
9,750,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.484%, 10/24/2029 | 10,220,010 | |
5,150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, Series DMTN, 2.383%, 7/21/2032 | 4,192,362 | |
500,000 | HSBC Holdings PLC, Jr. Sub. Note, 6.375%, 9/30/2071 | 494,977 | |
7,445,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 1.589%, 5/24/2027 | 6,817,968 | |
4,450,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 3.900%, 5/25/2026 | 4,312,744 | |
4,450,000 | HSBC USA, Inc., Sr. Unsecd. Note, 3.500%, 6/23/2024 | 4,421,660 | |
5,050,000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 4.000%, 5/15/2025 | 4,960,559 | |
5,770,000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 4.443%, 8/4/2028 | 5,543,079 | |
8,435,000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 5.709%, 2/2/2035 | 8,327,461 | |
3,315,000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 6.208%, 8/21/2029 | 3,372,416 | |
720,000 | JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 4/1/2072 | 719,649 | |
610,000 | JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 2/1/2172 | 606,938 | |
15,175,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 1.764%, 11/19/2031 | 12,226,439 | |
3,990,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 1.953%, 2/4/2032 | 3,210,215 | |
15,000,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 2.522%, 4/22/2031 | 12,839,031 | |
10,500,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 2.963%, 1/25/2033 | 8,871,242 | |
3,750,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.300%, 4/1/2026 | 3,617,596 | |
5,000,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.702%, 5/6/2030 | 4,660,228 | |
235,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | 200,563 | |
9,980,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.336%, 1/23/2035 | 9,930,166 | |
14,960,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.350%, 6/1/2034 | 14,899,096 | |
3,370,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 6.254%, 10/23/2034 | 3,576,251 | |
10,685,000 | 2 | KeyCorp, Sr. Unsecd. Note, 6.401% (SOFR +2.420%), 3/6/2035 | 10,720,288 |
635,000 | Lloyds Banking Group PLC, Sub., 4.650%, 3/24/2026 | 623,095 | |
9,945,000 | M&T Bank Corp., Sr. Unsecd. Note, 5.053%, 1/27/2034 | 9,135,737 | |
5,370,000 | M&T Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029 | 5,629,863 | |
3,805,000 | Morgan Stanley, Sr. Unsecd. Note, 1.593%, 5/4/2027 | 3,508,849 | |
12,770,000 | Morgan Stanley, Sr. Unsecd. Note, 4.889%, 7/20/2033 | 12,270,836 | |
5,600,000 | Morgan Stanley, Sr. Unsecd. Note, 5.250%, 4/21/2034 | 5,498,652 | |
2,700,000 | Morgan Stanley, Sr. Unsecd. Note, 5.424%, 7/21/2034 | 2,685,011 | |
8,205,000 | Morgan Stanley, Sr. Unsecd. Note, 5.466%, 1/18/2035 | 8,198,440 | |
8,430,000 | Morgan Stanley, Sr. Unsecd. Note, 6.407%, 11/1/2029 | 8,803,257 | |
5,000,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032 | 4,029,683 | |
1,665,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.699%, 1/22/2031 | 1,442,788 |
11
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Banking—continued | |||
$ 1,685,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 | $ 1,656,450 | |
7,500,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.431%, 1/23/2030 | 7,203,529 | |
5,720,000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.794%, 2/13/2032 | 4,530,356 | |
4,687,000 | Morgan Stanley, Sub. Note, 3.950%, 4/23/2027 | 4,512,999 | |
7,054,000 | Northern Trust Corp., Sub., 6.125%, 11/2/2032 | 7,429,329 | |
6,700,000 | PNC Bank National Association, Sr. Unsecd. Note, Series BKNT, 3.250%, 1/22/2028 | 6,236,304 | |
3,745,000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 2.550%, 1/22/2030 | 3,218,559 | |
7,802,000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 | 7,847,931 | |
5,470,000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.676%, 1/22/2035 | 5,487,847 | |
34,762 | Regional Diversified Funding, 144A, 9.250%, 3/15/2030 | 14,600 | |
5,891,000 | Regions Financial Corp., Sr. Unsecd. Note, 2.250%, 5/18/2025 | 5,642,972 | |
3,377,000 | State Street Corp., Sr. Unsecd. Note, 3.550%, 8/18/2025 | 3,309,849 | |
370,000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | 326,633 | |
6,500,000 | State Street Corp., Sub., 2.200%, 3/3/2031 | 5,383,717 | |
11,650,000 | Synovus Bank GA, Sr. Unsecd. Note, 5.625%, 2/15/2028 | 11,258,700 | |
350,000 | Truist Bank, Sub. Deb., Series BKNT, 2.636%, 9/17/2029 | 333,972 | |
3,310,000 | Truist Bank, Sub. Note, Series BKNT, 3.300%, 5/15/2026 | 3,158,286 | |
2,500,000 | Truist Financial Corp., Sr. Unsecd. Note, 4.000%, 5/1/2025 | 2,455,685 | |
700,000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 1.267%, 3/2/2027 | 642,715 | |
2,280,000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.122%, 1/26/2034 | 2,163,741 | |
11,120,000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.711%, 1/24/2035 | 11,017,090 | |
8,045,000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.867%, 6/8/2034 | 8,048,189 | |
500,000 | Truist Financial Corp., Sub. Note, 6.000%, 2/15/2026 | 503,940 | |
6,930,000 | US Bancorp, 4.967%, 7/22/2033 | 6,479,605 | |
7,990,000 | US Bancorp, Sr. Unsecd. Note, 5.836%, 6/12/2034 | 8,072,386 | |
7,835,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 6,207,636 | |
140,000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | 136,381 | |
8,875,000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.389%, 4/24/2034 | 8,732,019 | |
10,000,000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035 | 9,937,696 | |
9,165,000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.574%, 7/25/2029 | 9,228,948 | |
8,430,000 | Wells Fargo & Co., Sr. Unsecd. Note, 6.491%, 10/23/2034 | 8,968,608 | |
10,825,000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.393%, 6/2/2028 | 9,878,030 | |
8,240,000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.879%, 10/30/2030 | 7,229,635 | |
15,150,000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 3.584%, 5/22/2028 | 14,365,311 | |
7,550,000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 4.897%, 7/25/2033 | 7,221,484 | |
435,000 | Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031 | 417,929 | |
TOTAL | 687,770,675 | ||
Financial Institution - Broker/Asset Mgr/Exchange—0.2% | |||
2,845,000 | BlackRock, Inc., Sr. Unsecd. Note, 1.900%, 1/28/2031 | 2,354,317 | |
4,342,000 | BlackRock, Inc., Sr. Unsecd. Note, 4.750%, 5/25/2033 | 4,265,675 | |
2,645,000 | FMR LLC, Bond, 144A, 7.570%, 6/15/2029 | 2,934,163 | |
2,712,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 2,636,630 | |
5,163,000 | Jefferies Financial Group LLC, Sr. Unsecd. Note, 5.875%, 7/21/2028 | 5,267,306 | |
2,965,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 2,866,967 | |
4,927,000 | Stifel Financial Corp., Sr. Unsecd. Note, 4.000%, 5/15/2030 | 4,458,281 | |
3,580,000 | Stifel Financial Corp., Sr. Unsecd. Note, 4.250%, 7/18/2024 | 3,558,344 | |
5,085,000 | TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 | 5,028,124 | |
TOTAL | 33,369,807 | ||
Financial Institution - Finance Companies—0.3% | |||
4,250,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 2.450%, 10/29/2026 | 3,922,160 |
12
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Finance Companies—continued | |||
$ 2,670,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.000%, 10/29/2028 | $ 2,401,341 | |
14,150,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.400%, 10/29/2033 | 11,766,078 | |
6,000,000 | Air Lease Corp., Sr. Unsecd. Note, 3.625%, 12/1/2027 | 5,640,554 | |
7,230,000 | Air Lease Corp., Sr. Unsecd. Note, 5.100%, 3/1/2029 | 7,121,884 | |
2,282,000 | Air Lease Corp., Sr. Unsecd. Note, 5.300%, 2/1/2028 | 2,272,429 | |
4,320,000 | Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027 | 4,375,902 | |
6,250,000 | Ally Financial, Inc., Sr. Unsecd. Note, 6.848%, 1/3/2030 | 6,391,962 | |
TOTAL | 43,892,310 | ||
Financial Institution - Insurance - Health—0.3% | |||
14,147,000 | Elevance Health, Inc., Sr. Unsecd. Note, 4.750%, 2/15/2033 | 13,680,354 | |
11,570,000 | The Cigna Group, Sr. Unsecd. Note, 5.685%, 3/15/2026 | 11,569,788 | |
9,698,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.500%, 4/15/2033 | 9,310,518 | |
9,698,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 5.050%, 4/15/2053 | 9,233,462 | |
TOTAL | 43,794,122 | ||
Financial Institution - Insurance - Life—0.8% | |||
4,795,000 | AIA Group Ltd., Sr. Unsecd. Note, 144A, 4.950%, 4/4/2033 | 4,787,991 | |
7,365,000 | Corebridge Financial, Inc., Sr. Unsecd. Note, 5.750%, 1/15/2034 | 7,352,687 | |
8,380,000 | CoreBridge Global Funding, Sr. Secd. Note, 144A, 5.900%, 9/19/2028 | 8,550,306 | |
1,670,000 | 1 | Lincoln National Corp., Sr. Unsecd. Note, 3.400%, 1/15/2031 | 1,462,393 |
3,100,000 | Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 5.375%, 12/1/2041 | 2,813,623 | |
4,968,000 | Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 8.875%, 6/1/2039 | 6,238,525 | |
6,085,000 | Met Life Global Funding I, Sr. Unsecd. Note, 144A, 5.150%, 3/28/2033 | 6,023,554 | |
330,000 | 2 | MetLife, Inc., Jr. Sub. Note, 6.400% (3-month USLIBOR +2.205%), 12/15/2036 | 335,587 |
2,200,000 | 2 | MetLife, Inc., Jr. Sub. Note, 10.750% (3-month USLIBOR +7.548%), 8/1/2039 | 2,963,738 |
6,995,000 | MetLife, Inc., Sr. Secd. Note, 5.375%, 7/15/2033 | 7,029,911 | |
15,699,000 | Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 | 10,995,996 | |
9,790,000 | Pacific Life Global Funding II, Sr. Secd. Note, 144A, 4.900%, 1/11/2029 | 9,706,501 | |
5,060,000 | Pacific Life Insurance Co., Sub. Note, 144A, 4.300%, 10/24/2067 | 3,846,596 | |
3,650,000 | Pacific LifeCorp., Bond, 144A, 6.600%, 9/15/2033 | 3,941,054 | |
2,070,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 2,338,397 | |
20,132,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 2.125%, 6/15/2030 | 16,758,817 | |
5,000,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 5.100%, 8/15/2043 | 4,558,729 | |
1,762,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 1,842,168 | |
1,050,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.625%, 12/1/2037 | 1,172,941 | |
335,000 | Teachers Insurance & Annuity Association of America, Sub., 144A, 4.900%, 9/15/2044 | 304,683 | |
TOTAL | 103,024,197 | ||
Financial Institution - Insurance - P&C—0.5% | |||
10,000,000 | American International Group, Inc., Unsecd. Note, 3.875%, 1/15/2035 | 8,801,644 | |
1,575,000 | American International Group, Sr. Unsecd. Note, 5.125%, 3/27/2033 | 1,554,555 | |
11,680,000 | Aon North America, Inc., 5.750%, 3/1/2054 | 11,750,773 | |
1,000,000 | Assured Guaranty US Holding, Inc., Sr. Unsecd. Note, 7.000%, 6/1/2034 | 1,105,823 | |
30,000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | 26,124 | |
5,825,000 | Chubb INA Holdings, Inc., Sr. Unsecd. Note, 1.375%, 9/15/2030 | 4,718,649 | |
3,700,000 | Chubb INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 5/15/2024 | 3,683,403 | |
4,300,000 | Chubb INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 5/3/2026 | 4,147,840 | |
1,000,000 | Cincinnati Financial Corp., Sr. Unsecd. Note, 6.920%, 5/15/2028 | 1,063,774 | |
8,695,000 | CNA Financial Corp., Sr. Unsecd. Note, 3.900%, 5/1/2029 | 8,165,943 | |
7,840,000 | CNA Financial Corp., Sr. Unsecd. Note, 5.500%, 6/15/2033 | 7,913,648 | |
2,245,000 | Hartford Financial Services Group, Inc., Sr. Unsecd. Note, 6.625%, 4/15/2042 | 2,284,664 | |
6,600,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 8,519,572 |
13
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Financial Institution - Insurance - P&C—continued | |||
$ 3,932,000 | Travelers Cos., Inc., Sr. Unsecd. Note, 5.450%, 5/25/2053 | $ 4,016,799 | |
TOTAL | 67,753,211 | ||
Financial Institution - REIT - Apartment—0.4% | |||
13,153,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027 | 12,478,769 | |
10,000,000 | Camden Property Trust, Sr. Unsecd. Note, 4.900%, 1/15/2034 | 9,623,996 | |
11,650,000 | Camden Property Trust, Sr. Unsecd. Note, 5.850%, 11/3/2026 | 11,901,788 | |
4,921,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | 4,890,777 | |
2,955,000 | UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034 | 2,378,895 | |
8,350,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 6/15/2033 | 6,328,422 | |
TOTAL | 47,602,647 | ||
Financial Institution - REIT - Healthcare—0.2% | |||
2,895,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.000%, 6/1/2025 | 2,843,341 | |
7,267,000 | Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031 | 5,700,764 | |
4,110,000 | Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030 | 3,541,226 | |
5,000,000 | Physicians Realty Trust, Sr. Unsecd. Note, 3.950%, 1/15/2028 | 4,759,228 | |
3,350,000 | Physicians Realty Trust, Sr. Unsecd. Note, 4.300%, 3/15/2027 | 3,263,440 | |
8,352,000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2031 | 7,134,121 | |
TOTAL | 27,242,120 | ||
Financial Institution - REIT - Office—0.2% | |||
6,560,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 1.875%, 2/1/2033 | 4,912,712 | |
1,820,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2027 | 1,756,477 | |
2,500,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.700%, 7/1/2030 | 2,406,105 | |
3,480,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 5.250%, 5/15/2036 | 3,343,888 | |
5,330,000 | Boston Properties LP, Sr. Unsecd. Note, 3.200%, 1/15/2025 | 5,211,972 | |
955,000 | Boston Properties LP, Sr. Unsecd. Note, 3.250%, 1/30/2031 | 805,426 | |
5,810,000 | Piedmont Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032 | 4,115,584 | |
TOTAL | 22,552,164 | ||
Financial Institution - REIT - Other—0.1% | |||
6,755,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 6,744,617 | |
Financial Institution - REIT - Retail—0.2% | |||
3,390,000 | Kimco Realty Corp., Sr. Unsecd. Note, 1.900%, 3/1/2028 | 2,971,855 | |
9,467,000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.800%, 10/1/2026 | 8,879,246 | |
8,075,000 | Kimco Realty Corp., Sr. Unsecd. Note, 6.400%, 3/1/2034 | 8,503,968 | |
7,556,000 | Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028 | 7,222,453 | |
TOTAL | 27,577,522 | ||
Municipal Services—0.0% | |||
1,360,000 | Camp Pendleton & Quantico Housing LLC, Sec. Fac. Bond, 5.572%, 10/1/2050 | 1,277,107 | |
Sovereign—0.0% | |||
3,700,000 | Inter-American Development Bank, Series MTN, 6.750%, 7/15/2027 | 3,911,249 | |
Technology—1.7% | |||
3,827,000 | Apple, Inc., Sr. Unsecd. Note, 2.375%, 2/8/2041 | 2,693,990 | |
8,000,000 | Apple, Inc., Sr. Unsecd. Note, 2.900%, 9/12/2027 | 7,552,292 | |
2,000,000 | Apple, Inc., Sr. Unsecd. Note, 3.450%, 5/6/2024 | 1,992,863 | |
555,000 | Apple, Inc., Sr. Unsecd. Note, 3.850%, 5/4/2043 | 475,354 | |
11,960,000 | Apple, Inc., Sr. Unsecd. Note, 4.000%, 5/10/2028 | 11,705,761 | |
11,200,000 | Apple, Inc., Sr. Unsecd. Note, 4.450%, 5/6/2044 | 10,485,976 | |
6,562,000 | Automatic Data Processing, Inc., Sr. Unsecd. Note, 3.375%, 9/15/2025 | 6,414,414 | |
5,452,000 | Broadcom, Inc., Sr. Unsecd. Note, 4.110%, 9/15/2028 | 5,229,852 | |
3,998,000 | Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030 | 3,741,525 | |
2,953,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.137%, 11/15/2035 | 2,345,211 |
14
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Technology—continued | |||
$ 352,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036 | $ 276,090 | |
8,100,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.469%, 4/15/2034 | 6,843,747 | |
8,101,000 | CDW LLC / CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026 | 7,511,733 | |
10,390,000 | Cisco Systems, Inc., Sr. Unsecd. Note, 4.800%, 2/26/2027 | 10,400,314 | |
6,152,000 | Concentrix Corp., Sr. Unsecd. Note, 6.650%, 8/2/2026 | 6,242,564 | |
5,004,000 | Equifax, Inc., Sr. Unsecd. Note, 2.600%, 12/1/2024 | 4,892,414 | |
1,535,000 | Experian Finance PLC., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2029 | 1,484,577 | |
2,280,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.100%, 3/1/2041 | 1,640,124 | |
3,870,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 4.700%, 7/15/2027 | 3,842,894 | |
1,285,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 5.625%, 7/15/2052 | 1,277,921 | |
5,985,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 5,502,485 | |
5,570,000 | Fiserv, Inc., Sr. Unsecd. Note, 5.600%, 3/2/2033 | 5,623,009 | |
12,545,000 | KLA Corp., Sr. Unsecd. Note, 4.650%, 7/15/2032 | 12,235,563 | |
5,886,000 | Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029 | 5,684,872 | |
3,400,000 | Microsoft Corp., Sr. Unsecd. Note, 2.400%, 8/8/2026 | 3,220,850 | |
1,297,000 | Microsoft Corp., Sr. Unsecd. Note, 2.675%, 6/1/2060 | 819,701 | |
3,632,000 | Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052 | 2,513,792 | |
6,123,000 | Microsoft Corp., Sr. Unsecd. Note, 3.041%, 3/17/2062 | 4,177,505 | |
1,800,000 | Microsoft Corp., Sr. Unsecd. Note, 3.125%, 11/3/2025 | 1,750,328 | |
284,000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | 250,300 | |
4,410,000 | Oracle Corp., Sr. Unsecd. Note, 1.650%, 3/25/2026 | 4,097,228 | |
9,665,000 | Oracle Corp., Sr. Unsecd. Note, 2.950%, 4/1/2030 | 8,576,950 | |
5,925,000 | Oracle Corp., Sr. Unsecd. Note, 4.900%, 2/6/2033 | 5,731,227 | |
13,500,000 | Oracle Corp., Sr. Unsecd. Note, 5.550%, 2/6/2053 | 12,909,103 | |
5,000,000 | Oracle Corp., Sr. Unsecd. Note, 6.500%, 4/15/2038 | 5,347,293 | |
4,575,000 | Oracle Corp., Sr. Unsecd. Note, 6.900%, 11/9/2052 | 5,159,185 | |
2,100,000 | SAIC, Inc., Company Guarantee, Series 1, 5.950%, 12/1/2040 | 2,011,269 | |
5,452,000 | Skyworks Solutions, Inc., Sr. Unsecd. Note, 1.800%, 6/1/2026 | 5,028,365 | |
4,555,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.450%, 6/1/2028 | 4,395,813 | |
2,970,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 | 2,933,741 | |
10,036,000 | Trimble, Inc., Sr. Unsecd. Note, 6.100%, 3/15/2033 | 10,493,262 | |
10,985,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 | 10,555,720 | |
8,100,000 | Verisk Analytics, Inc., Unsecd. Note, 4.000%, 6/15/2025 | 7,959,577 | |
4,632,000 | VMware, Inc., Sr. Unsecd. Note, 1.400%, 8/15/2026 | 4,212,107 | |
3,450,000 | VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031 | 2,784,217 | |
TOTAL | 231,023,078 | ||
Technology Services—0.2% | |||
5,360,000 | Fortinet, Inc., Sr. Unsecd. Note, 1.000%, 3/15/2026 | 4,919,815 | |
6,562,000 | Fortinet, Inc., Sr. Unsecd. Note, 2.200%, 3/15/2031 | 5,434,426 | |
11,152,000 | Global Payments, Inc., Sr. Unsecd. Note, 4.950%, 8/15/2027 | 11,055,015 | |
9,602,000 | Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031 | 7,986,909 | |
TOTAL | 29,396,165 | ||
Transportation - Railroads—0.3% | |||
9,882,000 | 2 | Burlington Northern Santa Fe Corp., Sr. Unsecd. Note, 5.200% (180-DAY AVERAGE SOFR +0.000%), 4/15/2054 | 9,700,484 |
1,570,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 1.750%, 12/2/2026 | 1,440,449 | |
2,630,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 2.050%, 3/5/2030 | 2,219,075 | |
3,800,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 2.900%, 2/1/2025 | 3,709,935 | |
1,295,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.000%, 12/2/2041 | 1,101,171 | |
3,660,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 4.700%, 5/1/2048 | 3,223,546 | |
4,590,000 | Union Pacific Corp., Sr. Unsecd. Note, 2.375%, 5/20/2031 | 3,881,095 |
15
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Transportation - Railroads—continued | |||
$ 6,165,000 | Union Pacific Corp., Sr. Unsecd. Note, 2.400%, 2/5/2030 | $ 5,378,138 | |
3,677,000 | Union Pacific Corp., Sr. Unsecd. Note, 4.750%, 2/21/2026 | 3,669,609 | |
TOTAL | 34,323,502 | ||
Transportation - Services—0.5% | |||
5,630,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 4.600%, 5/1/2028 | 5,535,868 | |
7,860,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 4.900%, 5/1/2033 | 7,671,515 | |
10,625,000 | GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 1.650%, 7/15/2026 | 9,699,450 | |
5,795,000 | GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 2.650%, 7/15/2031 | 4,714,582 | |
7,885,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2025 | 7,707,154 | |
2,000,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 4.400%, 7/1/2027 | 1,941,781 | |
3,585,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028 | 3,608,804 | |
2,680,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.700%, 2/1/2028 | 2,705,772 | |
7,000,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.850%, 3/1/2027 | 6,562,817 | |
7,735,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 5.650%, 3/1/2028 | 7,867,232 | |
8,781,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 4.875%, 3/3/2033 | 8,710,161 | |
TOTAL | 66,725,136 | ||
Utility - Electric—1.7% | |||
3,037,000 | AEP Texas, Inc., Sr. Unsecd. Note, 3.850%, 10/1/2025 | 2,940,621 | |
8,687,000 | Ameren Corp., Sr. Unsecd. Note, 1.750%, 3/15/2028 | 7,647,044 | |
3,665,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 3,352,006 | |
2,860,000 | Ameren Corp., Sr. Unsecd. Note, 3.650%, 2/15/2026 | 2,766,533 | |
5,282,000 | American Electric Power Co., Inc., Jr. Sub. Note, 2.031%, 3/15/2024 | 5,275,381 | |
535,000 | American Electric Power Co., Inc., Sr. Unsecd. Note, 3.250%, 3/1/2050 | 368,017 | |
6,462,000 | American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033 | 6,512,113 | |
4,868,000 | Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030 | 4,052,565 | |
1,450,000 | Consolidated Edison Co., Sr. Unsecd. Note, 4.625%, 12/1/2054 | 1,247,640 | |
2,590,000 | Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050 | 2,077,824 | |
8,502,000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033 | 8,695,825 | |
2,990,000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 6.125%, 1/15/2034 | 3,121,889 | |
2,205,000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 6.500%, 10/1/2053 | 2,423,997 | |
5,265,000 | Dominion Energy, Inc., Jr. Sub. Note, 3.071%, 8/15/2024 | 5,204,079 | |
2,500,000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series A, 1.450%, 4/15/2026 | 2,310,370 | |
6,953,000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series C, 3.375%, 4/1/2030 | 6,257,037 | |
13,520,000 | Duke Energy Corp., Sr. Unsecd. Note, 3.750%, 9/1/2046 | 10,101,883 | |
9,610,000 | Duke Energy Corp., Sr. Unsecd. Note, 5.000%, 8/15/2052 | 8,573,925 | |
4,090,000 | Duke Energy Corp., Sr. Unsecd. Note, 6.100%, 9/15/2053 | 4,251,698 | |
2,175,000 | Duke Energy Indiana, Inc., 1st Mtg. Bond, 6.350%, 8/15/2038 | 2,330,481 | |
427,000 | Duke Energy Indiana, Inc., Sr. Deb., 6.120%, 10/15/2035 | 442,862 | |
2,450,000 | Duke Energy Ohio, Inc., Term Loan - 1st Lien, 5.250%, 4/1/2033 | 2,455,547 | |
7,500,000 | EDP Finance B.V., Sr. Unsecd. Note, 144A, 1.710%, 1/24/2028 | 6,600,324 | |
6,150,000 | EDP Finance BV, Sr. Unsecd. Note, 144A, 3.625%, 7/15/2024 | 6,096,105 | |
5,679,000 | Electricite de France S.A., Note, 144A, 5.600%, 1/27/2040 | 5,503,901 | |
5,621,000 | Electricite de France S.A., Sr. Unsecd. Note, 144A, 6.250%, 5/23/2033 | 5,874,919 | |
3,802,000 | Emera US Finance LP, Sr. Unsecd. Note, 3.550%, 6/15/2026 | 3,647,370 | |
15,054,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | 12,340,011 | |
5,742,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.250%, 7/12/2031 | 4,591,457 | |
513,000 | Entergy Louisiana LLC, 1st Mtg. Bond, 5.400%, 11/1/2024 | 512,625 | |
3,985,000 | Evergy Metro, Inc., Sr. Unsecd. Note, 4.200%, 3/15/2048 | 3,263,940 | |
7,551,000 | Exelon Corp., Sr. Unsecd. Note, 3.950%, 6/15/2025 | 7,412,173 | |
2,485,000 | Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052 | 1,930,334 |
16
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
CORPORATE BONDS—continued | |||
Utility - Electric—continued | |||
$ 3,787,000 | Exelon Corp., Sr. Unsecd. Note, 4.450%, 4/15/2046 | $ 3,179,954 | |
2,302,000 | Exelon Corp., Sr. Unsecd. Note, 4.700%, 4/15/2050 | 2,001,312 | |
3,107,000 | FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049 | 2,575,554 | |
5,831,000 | Fortis, Inc. / Canada, Sr. Unsecd. Note, 3.055%, 10/4/2026 | 5,510,550 | |
5,400,000 | Gulf Power Co., Sr. Unsecd. Note, 4.550%, 10/1/2044 | 4,682,888 | |
7,759,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 7,553,127 | |
5,445,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 3.550%, 5/1/2027 | 5,184,611 | |
5,452,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.050%, 2/28/2033 | 5,321,517 | |
2,260,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 6.051%, 3/1/2025 | 2,268,563 | |
5,000,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 3,850,586 | |
2,410,000 | NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 5/15/2047 | 2,001,553 | |
1,520,000 | NiSource, Inc., Sr. Unsecd. Note, 5.250%, 3/30/2028 | 1,527,604 | |
7,742,000 | NiSource, Inc., Sr. Unsecd. Note, 5.400%, 6/30/2033 | 7,748,160 | |
250,000 | Northern States Power Co., MN, 7.125%, 7/1/2025 | 255,465 | |
7,430,000 | Public Service Enterprises Group, Inc., Sr. Unsecd. Note, 2.450%, 11/15/2031 | 6,052,594 | |
2,955,000 | Public Service Enterprises Group, Inc., Sr. Unsecd. Note, 2.875%, 6/15/2024 | 2,929,748 | |
3,040,000 | Puget Energy, Inc., Sec. Fac. Bond, 2.379%, 6/15/2028 | 2,703,216 | |
14,895,000 | Southern Co., Jr. Sub. Note, Series B, 4.000%, 1/15/2051 | 14,322,972 | |
1,450,000 | Southwestern Electric Power Co., Sr. Unsecd. Note, 6.200%, 3/15/2040 | 1,501,082 | |
3,805,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028 | 3,345,964 | |
1,440,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027 | 1,439,347 | |
TOTAL | 236,138,863 | ||
Utility - Natural Gas—0.3% | |||
2,827,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 5.500%, 9/15/2040 | 2,752,654 | |
3,935,000 | Enbridge, Inc., Sr. Unsecd. Note, 6.700%, 11/15/2053 | 4,403,012 | |
3,945,000 | National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031 | 3,298,572 | |
2,870,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.950%, 9/15/2027 | 2,724,372 | |
6,320,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 6,301,748 | |
7,915,000 | Sempra Energy, Sr. Unsecd. Note, 3.700%, 4/1/2029 | 7,370,993 | |
1,160,000 | Sempra Energy, Sr. Unsecd. Note, 6.000%, 10/15/2039 | 1,174,477 | |
7,228,000 | Southern Natural Gas, Sr. Unsecd. Note, 144A, 4.800%, 3/15/2047 | 5,884,249 | |
135,000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | 138,737 | |
TOTAL | 34,048,814 | ||
Utility - Natural Gas Distributor—0.0% | |||
1,765,000 | Southern Co. Gas Capital, Sr. Unsecd. Note, 3.950%, 10/1/2046 | 1,340,640 | |
1,973,000 | The East Ohio Gas Co., Sr. Unsecd. Note, 144A, 3.000%, 6/15/2050 | 1,236,133 | |
TOTAL | 2,576,773 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $3,582,595,024) | 3,371,249,139 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—0.6% | |||
Commercial Mortgage—0.6% | |||
4,500,000 | 2 | Bank 2018-BN15, Class A4, 4.407% (12-month USLIBOR +0.000%), 11/15/2061 | 4,336,607 |
8,800,000 | Bank 2019-BN16, Class A4, 4.005%, 2/15/2052 | 8,295,622 | |
4,359,000 | Bank, Class A5, 3.390%, 6/15/2060 | 4,101,282 | |
8,890,000 | Benchmark Mortgage Trust 2018-B1, Class A5, 3.666%, 1/15/2051 | 8,255,365 | |
29,700,000 | Benchmark Mortgage Trust 2018-B4, Class A5, 4.121%, 7/15/2051 | 28,337,688 | |
4,075,000 | BMO Mortgage Trust 2023-C4, Class A2, 5.458%, 2/15/2056 | 4,147,290 | |
2,600,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 8/10/2049 | 2,392,495 | |
4,100,000 | CD Commercial Mortgage Trust 2016-CD4, Class A4, 3.514%, 5/10/2050 | 3,805,468 | |
14,400,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 13,264,566 |
17
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—continued | |||
Commercial Mortgage—continued | |||
$ 3,342,000 | Wells Fargo Commercial Mortgage Trust 2017-C38, Class A5, 3.453%, 7/15/2050 | $ 3,131,356 | |
TOTAL | 80,067,739 | ||
Federal Home Loan Mortgage Corporation REMIC—0.0% | |||
13,734 | Federal Home Loan Mortgage Corp. REMIC, Series 3051, Class MY, 5.500%, 10/15/2025 | 13,695 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $87,619,095) | 80,081,434 | ||
FOREIGN GOVERNMENTS/AGENCIES—0.1% | |||
Sovereign—0.1% | |||
BRL 64,000,000 | Brazil, Government of, Unsecd. Note, Series NTNF, 10.000%, 1/1/2027 | 13,060,166 | |
MXN 120,000,000 | Mexico, Government of, Sr. Unsecd. Note, Series M, 7.500%, 6/3/2027 | 6,669,464 | |
TOTAL FOREIGN GOVERNMENTS/AGENCIES (IDENTIFIED COST $19,575,883) | 19,729,630 | ||
COMMERCIAL MORTGAGE-BACKED SECURITY—0.1% | |||
Agency Commercial Mortgage-Backed Securities—0.1% | |||
$ 11,890,000 | FREMF Mortgage Trust 2015-K49 REMIC, Class B, 3.720%, 10/25/2048 (IDENTIFIED COST $11,731,155) | 11,502,701 | |
MORTGAGE-BACKED SECURITIES—0.0% | |||
Federal Home Loan Mortgage Corporation—0.0% | |||
185 | Federal Home Loan Mortgage Corp., Pool C00879, 8.000%, 10/1/2029 | 190 | |
47 | Federal Home Loan Mortgage Corp., Pool C41497, 7.500%, 9/1/2030 | 48 | |
95,983 | Federal Home Loan Mortgage Corp., Pool G01989, 6.000%, 12/1/2035 | 99,152 | |
10,794 | Federal Home Loan Mortgage Corp., Pool G03381, 5.500%, 9/1/2037 | 11,041 | |
265 | Federal Home Loan Mortgage Corp., Pool G03927, 5.500%, 1/1/2038 | 270 | |
106,337 | Federal Home Loan Mortgage Corp., Pool G08451, 4.500%, 6/1/2041 | 103,778 | |
1,716 | Federal Home Loan Mortgage Corp., Pool G14615, 4.500%, 9/1/2026 | 1,703 | |
2,534 | Federal Home Loan Mortgage Corp., Pool G14801, 3.000%, 6/1/2028 | 2,443 | |
3,021 | Federal Home Loan Mortgage Corp., Pool G18521, 3.500%, 8/1/2029 | 2,922 | |
2,658 | Federal Home Loan Mortgage Corp., Pool ZI5305, 5.500%, 10/1/2036 | 2,715 | |
38,990 | Federal Home Loan Mortgage Corp., Pool ZI5333, 5.500%, 10/1/2036 | 39,745 | |
419 | Federal Home Loan Mortgage Corp., Pool ZK1547, 4.500%, 5/1/2024 | 417 | |
4,137 | Federal Home Loan Mortgage Corp., Pool ZS1273, 6.000%, 1/1/2037 | 4,280 | |
TOTAL | 268,704 | ||
Federal National Mortgage Association—0.0% | |||
761 | Federal National Mortgage Association, Pool 251286, 7.000%, 11/1/2027 | 781 | |
1,814 | Federal National Mortgage Association, Pool 252717, 7.500%, 9/1/2029 | 1,878 | |
2,182 | Federal National Mortgage Association, Pool 255225, 5.500%, 6/1/2034 | 2,220 | |
6,564 | Federal National Mortgage Association, Pool 255767, 5.500%, 6/1/2025 | 6,531 | |
11,354 | Federal National Mortgage Association, Pool 256233, 6.000%, 5/1/2036 | 11,732 | |
7,202 | Federal National Mortgage Association, Pool 257306, 5.500%, 8/1/2038 | 7,359 | |
149 | Federal National Mortgage Association, Pool 313458, 7.000%, 4/1/2027 | 153 | |
120 | Federal National Mortgage Association, Pool 349416, 7.500%, 8/1/2026 | 121 | |
680 | Federal National Mortgage Association, Pool 545137, 7.500%, 8/1/2031 | 707 | |
245 | Federal National Mortgage Association, Pool 555211, 7.000%, 8/1/2032 | 255 | |
858 | Federal National Mortgage Association, Pool 576245, 7.500%, 4/1/2031 | 902 | |
11,260 | Federal National Mortgage Association, Pool 620613, 6.500%, 1/1/2032 | 11,555 | |
48,342 | Federal National Mortgage Association, Pool 725424, 5.500%, 4/1/2034 | 49,141 | |
6,355 | Federal National Mortgage Association, Pool 725948, 5.500%, 10/1/2034 | 6,469 | |
27,017 | Federal National Mortgage Association, Pool 735744, 6.000%, 8/1/2035 | 27,837 | |
6,629 | Federal National Mortgage Association, Pool 852523, 5.500%, 2/1/2036 | 6,774 | |
953 | Federal National Mortgage Association, Pool 866049, 5.500%, 3/1/2036 | 974 | |
20,973 | Federal National Mortgage Association, Pool 871234, 5.500%, 4/1/2036 | 21,391 |
18
Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
Federal National Mortgage Association—continued | |||
$ 1,745 | Federal National Mortgage Association, Pool 885404, 6.000%, 6/1/2036 | $ 1,801 | |
2,711 | Federal National Mortgage Association, Pool 889187, 5.000%, 7/1/2033 | 2,669 | |
7,574 | Federal National Mortgage Association, Pool 906224, 5.500%, 1/1/2037 | 7,744 | |
47,629 | Federal National Mortgage Association, Pool 932639, 5.000%, 3/1/2040 | 47,712 | |
3,034 | Federal National Mortgage Association, Pool 934898, 4.500%, 7/1/2024 | 3,018 | |
1,391 | Federal National Mortgage Association, Pool 936523, 5.500%, 7/1/2037 | 1,420 | |
17,925 | Federal National Mortgage Association, Pool 962914, 5.000%, 5/1/2038 | 17,953 | |
3,184 | Federal National Mortgage Association, Pool 979899, 5.500%, 5/1/2038 | 3,257 | |
162,878 | Federal National Mortgage Association, Pool AB1048, 4.500%, 5/1/2040 | 158,902 | |
3,976 | Federal National Mortgage Association, Pool AB2275, 4.500%, 2/1/2041 | 3,876 | |
4,900 | Federal National Mortgage Association, Pool AB4297, 3.500%, 1/1/2042 | 4,516 | |
2,533 | Federal National Mortgage Association, Pool AC1889, 4.000%, 9/1/2039 | 2,414 | |
9,701 | Federal National Mortgage Association, Pool AC3668, 4.500%, 10/1/2039 | 9,469 | |
2,473 | Federal National Mortgage Association, Pool AD7127, 4.500%, 7/1/2040 | 2,413 | |
6,834 | Federal National Mortgage Association, Pool AD7134, 5.000%, 7/1/2040 | 6,848 | |
1,254 | Federal National Mortgage Association, Pool AD7793, 4.500%, 7/1/2040 | 1,223 | |
18,378 | Federal National Mortgage Association, Pool AH5583, 4.500%, 2/1/2041 | 17,918 | |
1,594 | Federal National Mortgage Association, Pool AH9719, 4.500%, 4/1/2041 | 1,554 | |
10,603 | Federal National Mortgage Association, Pool AI0845, 4.000%, 12/1/2041 | 10,061 | |
1,313 | Federal National Mortgage Association, Pool AJ1441, 3.500%, 9/1/2026 | 1,284 | |
17,244 | Federal National Mortgage Association, Pool AL1948, 4.000%, 1/1/2042 | 16,372 | |
7,224 | Federal National Mortgage Association, Pool AO8179, 3.500%, 9/1/2042 | 6,645 | |
1,674 | Federal National Mortgage Association, Pool AS0765, 3.500%, 10/1/2028 | 1,623 | |
6,821 | Federal National Mortgage Association, Pool AS6131, 3.500%, 11/1/2045 | 6,208 | |
4,666 | Federal National Mortgage Association, Pool AT5900, 3.000%, 6/1/2043 | 4,152 | |
10,270 | Federal National Mortgage Association, Pool AX2484, 3.500%, 10/1/2044 | 9,379 | |
9,947 | Federal National Mortgage Association, Pool AY8424, 3.500%, 8/1/2045 | 9,062 | |
91,150 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | 91,343 | |
218,610 | Federal National Mortgage Association, Pool MA0562, 4.500%, 11/1/2040 | 213,233 | |
5,356 | Federal National Mortgage Association, Pool MA0585, 4.500%, 11/1/2040 | 5,220 | |
170,745 | Federal National Mortgage Association, Pool MA0695, 4.000%, 4/1/2031 | 166,181 | |
3,160 | Federal National Mortgage Association, Pool MA0821, 4.500%, 8/1/2041 | 3,081 | |
3,655 | Federal National Mortgage Association, Pool MA0907, 4.000%, 11/1/2041 | 3,471 | |
14,136 | Federal National Mortgage Association, Pool MA1236, 3.500%, 11/1/2042 | 12,998 | |
TOTAL | 1,011,800 | ||
Government National Mortgage Association—0.0% | |||
4 | Government National Mortgage Association, Pool 1716, 7.000%, 5/20/2024 | 4 | |
668 | Government National Mortgage Association, Pool 2630, 6.500%, 8/20/2028 | 678 | |
736 | Government National Mortgage Association, Pool 2631, 7.000%, 8/20/2028 | 751 | |
1,458 | Government National Mortgage Association, Pool 2658, 6.500%, 10/20/2028 | 1,478 | |
2,175 | Government National Mortgage Association, Pool 2698, 5.500%, 1/20/2029 | 2,177 | |
2,024 | Government National Mortgage Association, Pool 2701, 6.500%, 1/20/2029 | 2,052 | |
868 | Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 | 889 | |
195 | Government National Mortgage Association, Pool 2853, 7.500%, 12/20/2029 | 201 | |
126 | Government National Mortgage Association, Pool 3039, 6.500%, 2/20/2031 | 129 | |
3,108 | Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 | 3,178 | |
1,715 | Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 | 1,757 | |
1,977 | Government National Mortgage Association, Pool 3261, 6.500%, 7/20/2032 | 2,027 | |
13,293 | Government National Mortgage Association, Pool 3320, 5.500%, 12/20/2032 | 13,413 | |
8,844 | Government National Mortgage Association, Pool 3333, 5.500%, 1/20/2033 | 8,924 |
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Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES—continued | |||
Government National Mortgage Association—continued | |||
$ 2,842 | Government National Mortgage Association, Pool 3375, 5.500%, 4/20/2033 | $ 2,869 | |
14,309 | Government National Mortgage Association, Pool 3390, 5.500%, 5/20/2033 | 14,446 | |
15,722 | Government National Mortgage Association, Pool 3403, 5.500%, 6/20/2033 | 15,879 | |
17,465 | Government National Mortgage Association, Pool 3458, 5.000%, 10/20/2033 | 17,398 | |
6,272 | Government National Mortgage Association, Pool 3499, 5.000%, 1/20/2034 | 6,248 | |
7,258 | Government National Mortgage Association, Pool 3556, 5.500%, 5/20/2034 | 7,339 | |
14,541 | Government National Mortgage Association, Pool 3623, 5.000%, 10/20/2034 | 14,494 | |
77 | Government National Mortgage Association, Pool 366985, 4.500%, 6/15/2041 | 75 | |
931 | Government National Mortgage Association, Pool 412615, 7.500%, 6/15/2026 | 939 | |
51 | Government National Mortgage Association, Pool 432701, 8.000%, 6/15/2026 | 52 | |
17 | Government National Mortgage Association, Pool 446820, 8.000%, 8/15/2027 | 17 | |
350 | Government National Mortgage Association, Pool 455319, 7.000%, 10/15/2027 | 355 | |
26,652 | Government National Mortgage Association, Pool 456873, 6.500%, 5/15/2028 | 27,023 | |
462 | Government National Mortgage Association, Pool 460881, 7.000%, 7/15/2028 | 469 | |
40 | Government National Mortgage Association, Pool 468225, 6.500%, 9/15/2028 | 41 | |
39 | Government National Mortgage Association, Pool 471672, 7.000%, 4/15/2028 | 39 | |
117 | Government National Mortgage Association, Pool 506476, 7.000%, 4/15/2029 | 119 | |
2,340 | Government National Mortgage Association, Pool 510559, 7.000%, 10/15/2029 | 2,344 | |
2,136 | Government National Mortgage Association, Pool 541578, 5.000%, 6/15/2033 | 2,122 | |
1,331 | Government National Mortgage Association, Pool 544007, 6.500%, 3/15/2031 | 1,362 | |
97 | Government National Mortgage Association, Pool 571225, 6.500%, 10/15/2031 | 99 | |
624 | Government National Mortgage Association, Pool 591976, 5.000%, 4/15/2033 | 620 | |
1,747 | Government National Mortgage Association, Pool 603010, 5.000%, 6/15/2033 | 1,734 | |
6,669 | Government National Mortgage Association, Pool 605775, 6.000%, 11/15/2034 | 6,833 | |
12,736 | Government National Mortgage Association, Pool 605777, 6.000%, 12/15/2034 | 13,044 | |
13,852 | Government National Mortgage Association, Pool 615490, 4.500%, 8/15/2033 | 13,528 | |
992 | Government National Mortgage Association, Pool 633711, 6.000%, 9/15/2034 | 1,018 | |
4,367 | Government National Mortgage Association, Pool 643816, 6.000%, 7/15/2025 | 4,359 | |
192,650 | Government National Mortgage Association, Pool 644568, 5.500%, 8/15/2035 | 195,159 | |
32,831 | Government National Mortgage Association, Pool 650708, 5.500%, 1/15/2036 | 33,315 | |
46,346 | Government National Mortgage Association, Pool 652534, 5.500%, 4/15/2036 | 47,040 | |
4,315 | Government National Mortgage Association, Pool 704189, 5.500%, 1/15/2039 | 4,393 | |
2,804 | Government National Mortgage Association, Pool 780626, 7.000%, 8/15/2027 | 2,828 | |
6,124 | Government National Mortgage Association, Pool 782604, 5.500%, 3/15/2039 | 6,233 | |
5,896 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | 5,467 | |
1,711 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | 1,626 | |
TOTAL | 488,584 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $1,812,066) | 1,769,088 | ||
MUNICIPAL BOND—0.0% | |||
Transportation Services—0.0% | |||
390,000 | Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 (IDENTIFIED COST $413,974) | 391,283 | |
ASSET-BACKED SECURITY—0.0% | |||
Financial Institution - Finance Companies—0.0% | |||
61,921 | Countrywide Home Loan, Inc., Class 2A1, 6.000%, 2/25/2037 (IDENTIFIED COST $62,744) | 23,512 | |
2 | ADJUSTABLE RATE MORTGAGES—0.0% | ||
Federal National Mortgage Association—0.0% | |||
1,026 | FNMA ARM, 5.000%, 1/1/2033 | 1,038 |
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Principal Amount, Shares or Contracts | Value in U.S. Dollars | ||
2 | ADJUSTABLE RATE MORTGAGES—continued | ||
Government National Mortgage Association—0.0% | |||
$ 49 | GNMA ARM, 3.750%, 10/20/2025 | $ 48 | |
741 | GNMA ARM, 4.000%, 5/20/2028 | 731 | |
TOTAL | 779 | ||
TOTAL ADJUSTABLE RATE MORTGAGES (IDENTIFIED COST $1,870) | 1,817 | ||
PURCHASED PUT OPTION—0.0% | |||
25,685,000 | UBS CHF PUT/JPY CALL (PUT-Option), Notional Amount $2,845,000, Exercise Price $160, Expiration Date 7/5/2024 (IDENTIFIED COST $325,062) | 128,403 | |
INVESTMENT COMPANIES—42.7% | |||
1,549,227 | Bank Loan Core Fund | 13,540,244 | |
73,869,711 | Emerging Markets Core Fund | 613,118,604 | |
5,211,035 | Federated Hermes Government Obligations Fund, Premier Shares, 5.23%3 | 5,211,035 | |
141,455,626 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.38%3 | 141,483,917 | |
65,815,001 | High Yield Bond Core Fund | 363,298,805 | |
492,532,948 | Mortgage Core Fund | 4,043,695,501 | |
77,625,375 | Project and Trade Finance Core Fund | 684,655,811 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $6,059,735,200) | 5,865,003,917 | ||
TOTAL INVESTMENT IN SECURITIES—100.5% (IDENTIFIED COST $14,224,536,682) | 13,797,930,586 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%4 | (72,972,727) | ||
TOTAL NET ASSETS—100% | $13,724,957,859 |
At February 29, 2024, the Fund had the following outstanding futures contracts:
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
United States Treasury Notes 2-Year Long Futures | 6,751 | $1,382,267,250 | June 2024 | $698,537 |
United States Treasury Notes 5-Year Long Futures | 15,743 | $1,683,025,094 | June 2024 | $1,160,972 |
United States Treasury Notes 10-Year Long Futures | 2,911 | $321,483,562 | June 2024 | $76,829 |
Short Futures: | ||||
United States Treasury Notes 10-Year Ultra Short Futures | 4,341 | $495,620,109 | June 2024 | $(1,668,434) |
United States Treasury Ultra Bond Short Futures | 3,681 | $470,707,875 | June 2024 | $(569,207) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(301,303) |
The average notional value of long and short futures contracts held by the Fund throughout the period was $3,359,177,056 and $1,048,782,973, respectively. This is based on the contracts held as of each month-end throughout the three-month fiscal period.
Net Unrealized Depreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
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Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended February 29, 2024, were as follows:
Affiliates | Value as of 11/30/2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 2/29/2024 | Shares Held as of 2/29/2024 | Dividend Income |
Bank Loan Core Fund | $150,814 | $13,388,907 | $— | $523 | $— | $13,540,244 | 1,549,227 | $12,908 |
Emerging Markets Core Fund | $453,447,781 | $141,604,011 | $— | $18,066,812 | $— | $613,118,604 | 73,869,711 | $10,964,013 |
Federated Hermes Government Obligations Fund, Premier Shares* | $17,583,954 | $706,244,427 | $(718,617,346) | $— | $— | $5,211,035 | 5,211,035 | $422,843 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | $116,479,166 | $1,945,904,220 | $(1,920,808,664) | $(20,401) | $(70,404) | $141,483,917 | 141,455,626 | $3,523,777 |
High Yield Bond Core Fund | $344,340,743 | $12,000,000 | $— | $6,958,062 | $— | $363,298,805 | 65,815,001 | $5,883,309 |
Mortgage Core Fund | $4,145,551,102 | $139,000,000 | $(292,350,000) | $94,190,692 | $(42,696,293) | $4,043,695,501 | 492,532,948 | $47,311,490 |
Project and Trade Finance Core Fund | $585,027,224 | $97,550,375 | $— | $2,078,212 | $— | $684,655,811 | 77,625,375 | $10,535,377 |
TOTAL OF AFFILIATED TRANSACTIONS | $5,662,580,784 | $3,055,691,940 | $(2,931,776,010) | $121,273,900 | $(42,766,697) | $5,865,003,917 | 858,058,923 | $78,653,717 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
1 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of February 29, 2024, securities subject to this type of arrangement and related collateral were as follows: |
Fair Value of Securities Loaned | Collateral Received |
$5,059,203 | $5,211,035 |
2 | Floating/adjustable note with current rate and current maturity or next reset date shown. Adjustable rate mortgage security coupons are based on the weighted average note rates of the underlying mortgages less the guarantee and servicing fees. These securities do not indicate an index and spread in their description above. |
3 | 7-day net yield. |
4 | Assets, other than investments in securities, less liabilities. |
Note: The categories of investments are shown as a percentage of total net assets at February 29, 2024.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the “Adviser”).
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
■ 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.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
22
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund’s Board of Directors (the “Directors”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Directors’ oversight and certain reporting and other requirements intended to provide the Directors the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Directors periodically review the fair valuations made by the Valuation Committee. The Directors have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Directors periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
23
The following is a summary of the inputs used, as of February 29, 2024, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
U.S. Treasuries | $— | $4,448,049,662 | $— | $4,448,049,662 |
Corporate Bonds | — | 3,371,249,139 | — | 3,371,249,139 |
Collateralized Mortgage Obligations | — | 80,081,434 | — | 80,081,434 |
Foreign Governments/Agencies | — | 19,729,630 | — | 19,729,630 |
Commercial Mortgage-Backed Security | — | 11,502,701 | — | 11,502,701 |
Mortgage-Backed Securities | — | 1,769,088 | — | 1,769,088 |
Municipal Bond | — | 391,283 | — | 391,283 |
Asset-Backed Security | — | 23,512 | — | 23,512 |
Adjustable Rate Mortgages | — | 1,817 | — | 1,817 |
Purchased Put Option | — | 128,403 | — | 128,403 |
Investment Companies1 | 5,180,348,106 | — | — | 5,865,003,917 |
TOTAL SECURITIES | $5,180,348,106 | $7,932,926,669 | $— | $13,797,930,586 |
Other Financial Instruments:2 | ||||
Assets | $1,936,338 | $— | $— | $1,936,338 |
Liabilities | (2,237,641) | — | — | (2,237,641) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(301,303) | $— | $— | $(301,303) |
1 | As permitted by U.S. generally accepted accounting principles, an Investment Company valued at $684,655,811 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 (PTCORE), a portfolio of Federated Hermes Core Trust III, may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request. The investment objective of PTCORE is to provide total return. Copies of the PTCORE financial statements are available on the EDGAR database on the SEC’s website or upon request from the Fund. |
2 | Other financial instruments are futures contracts. |
The following acronym(s) are used throughout this portfolio: | ||
ARM | —Adjustable Rate Mortgage | |
BKNT | —Bank Notes | |
BRL | —Brazilian Real | |
FNMA | —Federal National Mortgage Association | |
FREMF | —Freddie Mac Multifamily K-Deals | |
GMTN | —Global Medium Term Note | |
GNMA | —Government National Mortgage Association | |
MTN | —Medium Term Note | |
MXN | —Mexican Peso | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit | |
SOFR | —Secured Overnight Financing Rate |
24