United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-7115
(Investment Company Act File Number)
Federated Hermes Total Return Series, Inc.
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/23
Date of Reporting Period: 11/30/23
Item 1. | Reports to Stockholders |
Share Class | Ticker | A | TLRAX | C | TLRCX | R | FTRKX | Institutional | FTRBX |
Service | FTRFX | R6 | FTRLX |
Federated Hermes Total Return Bond Fund
A Portfolio of Federated Hermes Total Return Series, Inc.
1 Year | 5 Years | 10 Years | |
Class A Shares | -4.19% | 0.11% | 0.98% |
Class C Shares | -1.26% | 0.52% | 1.04% |
Class R Shares | 0.04% | 0.84% | 1.27% |
Institutional Shares | 0.87% | 1.59% | 2.01% |
Service Shares | 0.57% | 1.29% | 1.70% |
Class R6 Shares4 | 0.88% | 1.58% | 1.99% |
BAB | 1.18% | 0.71% | 1.37% |
LCBFA | 1.51% | 0.76% | 1.31% |
denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities. The index is not adjusted to reflect sales loads, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.
Portfolio Composition | Percentage of Total Net Assets2 |
U.S. Treasuries | 33.4% |
Mortgage Backed Securities3 | 29.1% |
Corporate Bonds | 22.0% |
Project and Trade Finance Core Fund | 4.5% |
Emerging Markets Core Fund | 3.5% |
High Yield Bond Core Fund | 2.7% |
Collateralized Mortgage Obligations | 2.4% |
Asset-Backed Securities | 0.6% |
Commercial Mortgage Backed Securities3 | 0.1% |
Foreign Governments/Agencies4 | 0.0% |
Municipal Bond4 | 0.0% |
Bank Loan Core Fund4 | 0.0% |
Adjustable Rate Mortgages4 | 0.0% |
Securities Lending Collateral5 | 0.1% |
Cash Equivalents6 | 2.4% |
Derivative Contracts7 | 0.0% |
Other Assets and Liabilities—Net8 | (0.8)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. |
2 | As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, affiliated investment companies (other than an affiliated money market mutual fund), in which the Fund invested greater than 10% of its net assets are not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. Affiliated investment companies (other than an affiliated money market mutual fund) in which the Fund invested less than 10% of its net assets are listed individually in the table. |
3 | For purposes of this table, Mortgage-Backed Securities include mortgage-backed securities guaranteed by Government Sponsored Entities and adjustable rate mortgage-backed securities. |
4 | Represents less than 0.1%. |
5 | Represents cash collateral received for portfolio securities on loan that may be invested in affiliated money market funds, other money market instruments and/or repurchase agreements. |
6 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements other than those representing securities lending collateral. |
7 | Based upon net unrealized appreciation (depreciation) or value of the derivative contracts as applicable. Derivative contracts may consist of futures, forwards, options and swaps. The impact of a derivative contract on the Fund’s performance may be larger than its unrealized appreciation (depreciation) or value may indicate. In many cases, the notional value or amount of a derivative contract may provide a better indication of the contract’s significance to the portfolio. More complete information regarding the Fund’s direct investments in derivative contracts, including unrealized appreciation (depreciation), value and notional values or amounts of such contracts, can be found in the table at the end of the Portfolio of Investments included in this Report. |
8 | Assets, other than investments in securities and derivative contracts, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount or Shares | Value in U.S. Dollars | ||
U.S. TREASURIES— 33.4% | |||
U.S. Treasury Bonds— 7.6% | |||
$ 4,845,000 | United States Treasury Bond, 2.250%, 8/15/2049 | $ 3,114,426 | |
13,420,000 | United States Treasury Bond, 2.375%, 11/15/2049 | 8,871,879 | |
215,000 | United States Treasury Bond, 2.500%, 2/15/2045 | 150,769 | |
250,000 | United States Treasury Bond, 2.500%, 2/15/2046 | 173,320 | |
350,000 | United States Treasury Bond, 2.500%, 5/15/2046 | 242,047 | |
9,000,000 | United States Treasury Bond, 2.750%, 11/15/2047 | 6,477,187 | |
9,000,000 | United States Treasury Bond, 2.875%, 5/15/2043 | 6,876,562 | |
2,380,000 | United States Treasury Bond, 2.875%, 8/15/2045 | 1,779,050 | |
10,400,000 | United States Treasury Bond, 2.875%, 5/15/2049 | 7,647,250 | |
2,000,000 | United States Treasury Bond, 3.000%, 5/15/2042 | 1,577,188 | |
800,000 | United States Treasury Bond, 3.000%, 11/15/2045 | 610,625 | |
2,000,000 | United States Treasury Bond, 3.000%, 2/15/2047 | 1,514,063 | |
750,000 | United States Treasury Bond, 3.000%, 5/15/2047 | 567,539 | |
850,000 | United States Treasury Bond, 3.000%, 8/15/2048 | 640,555 | |
950,000 | United States Treasury Bond, 3.125%, 8/15/2044 | 747,828 | |
3,215,000 | United States Treasury Bond, 3.125%, 5/15/2048 | 2,481,578 | |
2,885,000 | United States Treasury Bond, 3.750%, 8/15/2041 | 2,564,495 | |
69,000,000 | United States Treasury Bond, 3.875%, 2/15/2043 | 61,550,160 | |
873,000,000 | United States Treasury Bond, 4.125%, 8/15/2053 | 816,391,450 | |
30,000,000 | United States Treasury Bond, 4.375%, 8/15/2043 | 28,673,439 | |
3,100,000 | United States Treasury Bond, 4.500%, 2/15/2036 | 3,150,375 | |
20,000,000 | United States Treasury Bond, 4.750%, 11/15/2053 | 20,784,376 | |
5,000,000 | United States Treasury Bond, 5.250%, 11/15/2028 | 5,198,171 | |
TOTAL | 981,784,332 | ||
U.S. Treasury Inflation-Protected Notes— 0.0% | |||
326,738 | U.S. Treasury Inflation-Protected Notes, 0.750%, 2/15/2045 | 240,232 | |
U.S. Treasury Notes— 25.8% | |||
6,000,000 | United States Treasury Note, 0.250%, 7/31/2025 | 5,562,236 | |
9,200,000 | United States Treasury Note, 0.250%, 8/31/2025 | 8,501,509 | |
265,000 | United States Treasury Note, 0.250%, 9/30/2025 | 244,204 | |
6,540,000 | United States Treasury Note, 0.375%, 9/15/2024 | 6,294,022 | |
11,000,000 | United States Treasury Note, 0.375%, 11/30/2025 | 10,100,737 | |
12,000,000 | United States Treasury Note, 0.375%, 7/31/2027 | 10,380,415 | |
10,410,000 | United States Treasury Note, 0.375%, 9/30/2027 | 8,952,140 | |
5,400,000 | United States Treasury Note, 0.500%, 4/30/2027 | 4,736,168 | |
1,500,000 | United States Treasury Note, 0.500%, 10/31/2027 | 1,292,423 |
Principal Amount or Shares | Value in U.S. Dollars | ||
U.S. TREASURIES— continued | |||
U.S. Treasury Notes— continued | |||
$ 8,200,000 | United States Treasury Note, 0.750%, 4/30/2026 | $ 7,493,556 | |
19,000,000 | United States Treasury Note, 0.875%, 1/31/2024 | 18,856,102 | |
7,090,000 | United States Treasury Note, 0.875%, 9/30/2026 | 6,424,779 | |
11,490,000 | United States Treasury Note, 1.000%, 12/15/2024 | 11,004,921 | |
72,420,000 | United States Treasury Note, 1.125%, 1/15/2025 | 69,278,906 | |
700,000 | United States Treasury Note, 1.125%, 2/28/2027 | 631,147 | |
1,000,000 | United States Treasury Note, 1.125%, 2/29/2028 | 875,447 | |
26,820,000 | United States Treasury Note, 1.250%, 11/30/2026 | 24,430,789 | |
11,000,000 | United States Treasury Note, 1.250%, 3/31/2028 | 9,660,249 | |
9,000,000 | United States Treasury Note, 1.250%, 4/30/2028 | 7,886,953 | |
20,000,000 | United States Treasury Note, 1.500%, 2/29/2024 | 19,807,316 | |
67,000,000 | United States Treasury Note, 1.500%, 1/31/2027 | 61,260,472 | |
270,000 | United States Treasury Note, 1.625%, 5/15/2026 | 251,775 | |
21,650,000 | 1 | United States Treasury Note, 1.750%, 12/31/2026 | 20,005,544 |
69,063,000 | United States Treasury Note, 1.875%, 2/28/2027 | 63,771,669 | |
6,180,000 | United States Treasury Note, 2.000%, 4/30/2024 | 6,096,105 | |
1,300,000 | United States Treasury Note, 2.125%, 9/30/2024 | 1,266,991 | |
1,300,000 | United States Treasury Note, 2.250%, 11/15/2025 | 1,240,238 | |
180,000 | United States Treasury Note, 2.375%, 5/15/2027 | 168,312 | |
23,300,000 | United States Treasury Note, 2.375%, 3/31/2029 | 21,129,041 | |
100,000 | United States Treasury Note, 2.375%, 5/15/2029 | 90,471 | |
1,205,000 | United States Treasury Note, 2.500%, 5/15/2024 | 1,189,670 | |
204,595,000 | United States Treasury Note, 2.500%, 3/31/2027 | 192,603,278 | |
46,678,000 | United States Treasury Note, 2.625%, 4/15/2025 | 45,223,098 | |
136,155,000 | United States Treasury Note, 2.625%, 5/31/2027 | 128,313,602 | |
130,000 | United States Treasury Note, 2.625%, 2/15/2029 | 119,600 | |
258,880,000 | United States Treasury Note, 2.750%, 4/30/2027 | 245,270,937 | |
4,800,000 | United States Treasury Note, 2.750%, 2/15/2028 | 4,502,625 | |
56,000,000 | United States Treasury Note, 2.750%, 5/31/2029 | 51,635,018 | |
455,000 | United States Treasury Note, 2.875%, 5/15/2028 | 428,030 | |
980,000 | United States Treasury Note, 2.875%, 8/15/2028 | 919,036 | |
90,000,000 | United States Treasury Note, 2.875%, 4/30/2029 | 83,642,445 | |
188,650,000 | United States Treasury Note, 3.000%, 7/15/2025 | 183,182,074 | |
150,000,000 | United States Treasury Note, 3.125%, 8/15/2025 | 145,829,370 | |
32,695,000 | United States Treasury Note, 3.125%, 8/31/2027 | 31,266,281 | |
400,000 | United States Treasury Note, 3.125%, 11/15/2028 | 378,339 | |
100,000,000 | United States Treasury Note, 3.500%, 1/31/2028 | 96,749,060 | |
90,000,000 | United States Treasury Note, 3.500%, 4/30/2028 | 87,001,218 | |
67,250,000 | United States Treasury Note, 3.625%, 5/31/2028 | 65,353,214 |
Principal Amount or Shares | Value in U.S. Dollars | ||
U.S. TREASURIES— continued | |||
U.S. Treasury Notes— continued | |||
$ 34,500,000 | United States Treasury Note, 3.750%, 5/31/2030 | $ 33,299,486 | |
151,000,000 | United States Treasury Note, 3.750%, 6/30/2030 | 145,678,624 | |
1,193,000,000 | United States Treasury Note, 3.875%, 8/15/2033 | 1,147,889,687 | |
94,700,000 | United States Treasury Note, 4.000%, 6/30/2028 | 93,425,991 | |
115,000,000 | United States Treasury Note, 4.125%, 7/31/2028 | 114,064,889 | |
5,000,000 | United States Treasury Note, 4.625%, 9/30/2028 | 5,066,797 | |
30,000,000 | United States Treasury Note, 4.625%, 9/30/2030 | 30,459,360 | |
16,000,000 | United States Treasury Note, 4.875%, 10/31/2028 | 16,396,083 | |
TOTAL | 3,357,582,449 | ||
TOTAL U.S. TREASURIES (IDENTIFIED COST $4,390,805,518) | 4,339,607,013 | ||
CORPORATE BONDS— 22.0% | |||
Basic Industry - Chemicals— 0.1% | |||
197,000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | 191,826 | |
8,755,000 | RPM International, Inc., Sr. Unsecd. Note, 5.250%, 6/1/2045 | 7,665,709 | |
TOTAL | 7,857,535 | ||
Basic Industry - Metals & Mining— 0.3% | |||
8,960,000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031 | 7,376,167 | |
5,500,000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.500%, 5/2/2033 | 5,341,419 | |
4,420,000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | 4,092,801 | |
6,692,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026 | 6,117,694 | |
3,344,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051 | 2,176,797 | |
4,900,000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 6.125%, 10/6/2028 | 5,010,879 | |
4,034,000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | 4,254,446 | |
TOTAL | 34,370,203 | ||
Capital Goods - Aerospace & Defense— 1.0% | |||
7,700,000 | Airbus Group SE, Sr. Unsecd. Note, 144A, 3.150%, 4/10/2027 | 7,253,920 | |
10,345,000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | 6,679,174 | |
4,065,000 | Boeing Co., Sr. Unsecd. Note, 2.700%, 2/1/2027 | 3,756,493 | |
9,035,000 | Boeing Co., Sr. Unsecd. Note, 2.950%, 2/1/2030 | 7,864,980 | |
7,500,000 | Boeing Co., Sr. Unsecd. Note, 3.625%, 2/1/2031 | 6,751,033 | |
2,340,000 | Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059 | 1,667,510 | |
5,900,000 | Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025 | 5,839,401 | |
5,940,000 | General Dynamics Corp., Sr. Unsecd. Note, 1.150%, 6/1/2026 | 5,426,067 | |
3,997,000 | General Dynamics Corp., Sr. Unsecd. Note, 3.250%, 4/1/2025 | 3,898,506 | |
11,397,000 | HEICO Corp., Sr. Unsecd. Note, 5.350%, 8/1/2033 | 11,147,370 | |
7,127,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027 | 6,637,803 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Capital Goods - Aerospace & Defense— continued | |||
$ 2,900,000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | $ 2,823,213 | |
3,000,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025 | 2,907,935 | |
9,870,000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030 | 9,135,656 | |
6,900,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 3.550%, 1/15/2026 | 6,730,474 | |
9,221,000 | Lockheed Martin Corp., Sr. Unsecd. Note, 4.750%, 2/15/2034 | 8,993,870 | |
9,119,000 | Northrop Grumman Corp., Sr. Unsecd. Note, 4.700%, 3/15/2033 | 8,829,625 | |
12,333,000 | RTX Corp, Sr. Unsecd. Note, 5.150%, 2/27/2033 | 12,117,931 | |
1,820,000 | 2 | Textron Financial Corp., Jr. Sub. Note, 144A, 7.376% (CME Term SOFR 3 Month +1.996%), 2/15/2042 | 1,425,431 |
5,163,000 | Textron, Inc., Sr. Unsecd. Note, 2.450%, 3/15/2031 | 4,234,905 | |
1,625,000 | Textron, Inc., Sr. Unsecd. Note, 3.875%, 3/1/2025 | 1,587,125 | |
3,000,000 | Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024 | 2,983,300 | |
TOTAL | 128,691,722 | ||
Capital Goods - Building Materials— 0.1% | |||
4,765,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024 | 4,650,685 | |
6,532,000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027 | 6,071,106 | |
2,640,000 | Carrier Global Corp., Sr. Unsecd. Note, 144A, 5.900%, 3/15/2034 | 2,718,001 | |
2,305,000 | Carrier Global Corp., Sr. Unsecd. Note, 144A, 6.200%, 3/15/2054 | 2,438,532 | |
TOTAL | 15,878,324 | ||
Capital Goods - Construction Machinery— 0.3% | |||
12,945,000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 | 12,306,249 | |
69,000 | Caterpillar, Inc., Deb., 5.300%, 9/15/2035 | 70,877 | |
295,000 | Caterpillar, Inc., Sr. Unsecd. Note, 3.250%, 9/19/2049 | 214,882 | |
5,915,000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028 | 5,702,638 | |
3,560,000 | Deere & Co., Sr. Unsecd. Note, 2.750%, 4/15/2025 | 3,449,464 | |
6,000,000 | John Deere Capital Corp., Sr. Unsecd. Note, Series FXD, 5.050%, 3/3/2026 | 6,032,596 | |
10,494,000 | John Deere Capital Corp., Sr. Unsecd. Note, Series MTN, 3.450%, 3/7/2029 | 9,800,573 | |
TOTAL | 37,577,279 | ||
Capital Goods - Diversified Manufacturing— 0.4% | |||
4,055,000 | Honeywell International, Inc., Sr. Unsecd. Note, 1.350%, 6/1/2025 | 3,839,417 | |
4,180,000 | 3 | Honeywell International, Inc., Sr. Unsecd. Note, 2.800%, 6/1/2050 | 2,930,711 |
7,440,000 | Honeywell International, Inc., Sr. Unsecd. Note, 4.500%, 1/15/2034 | 7,148,229 | |
13,027,000 | Parker-Hannifin Corp., Sr. Unsecd. Note, 4.500%, 9/15/2029 | 12,657,879 | |
5,100,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 1.400%, 9/15/2027 | 4,465,558 | |
2,560,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.950%, 9/15/2029 | 2,277,662 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Capital Goods - Diversified Manufacturing— continued | |||
$ 1,150,000 | Roper Technologies, Inc., Sr. Unsecd. Note, 3.850%, 12/15/2025 | $ 1,117,215 | |
1,645,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044 | 1,388,630 | |
6,680,000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.250%, 10/1/2054 | 5,568,075 | |
8,685,000 | Vontier Corp., Sr. Unsecd. Note, Series WI, 2.950%, 4/1/2031 | 6,914,666 | |
7,020,000 | Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031 | 5,733,373 | |
TOTAL | 54,041,415 | ||
Capital Goods - Packaging— 0.1% | |||
6,205,000 | WestRock Co., Sr. Unsecd. Note, Series WI, 4.000%, 3/15/2028 | 5,838,110 | |
Communications - Cable & Satellite— 0.3% | |||
175,000 | Charter Communications Operating, LLC / Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | 171,906 | |
3,820,000 | Charter Communications Operating, LLC / Charter Communications Operating Capital Corp., Sec. Fac. Bond, 6.150%, 11/10/2026 | 3,868,839 | |
10,195,000 | Charter Communications Operating, LLC / Charter Communications Operating Capital Corp., Term Loan - 1st Lien, 3.900%, 6/1/2052 | 6,528,403 | |
3,060,000 | Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051 | 1,918,290 | |
4,070,000 | Comcast Corp., Sr. Unsecd. Note, 3.300%, 2/1/2027 | 3,875,694 | |
5,150,000 | Comcast Corp., Sr. Unsecd. Note, 3.375%, 2/15/2025 | 5,029,912 | |
485,000 | Comcast Corp., Sr. Unsecd. Note, 3.450%, 2/1/2050 | 347,469 | |
2,325,000 | Comcast Corp., Sr. Unsecd. Note, 3.750%, 4/1/2040 | 1,895,427 | |
400,000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | 340,879 | |
3,005,000 | Comcast Corp., Sr. Unsecd. Note, 3.950%, 10/15/2025 | 2,942,246 | |
6,525,000 | Comcast Corp., Sr. Unsecd. Note, 4.250%, 1/15/2033 | 6,081,215 | |
580,000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | 532,791 | |
3,000,000 | Comcast Corp., Sr. Unsecd. Note, 4.950%, 10/15/2058 | 2,729,455 | |
3,000,000 | NBCUniversal, Inc., Sr. Unsecd. Note, 5.950%, 4/1/2041 | 3,061,152 | |
5,262,000 | Time Warner Cable, Inc., Company Guarantee, 5.500%, 9/1/2041 | 4,355,718 | |
1,250,000 | Time Warner Cable, Inc., Sr. Unsecd. Note, 4.500%, 9/15/2042 | 925,760 | |
TOTAL | 44,605,156 | ||
Communications - Media & Entertainment— 0.5% | |||
11,194,000 | Alphabet, Inc., Sr. Unsecd. Note, 2.050%, 8/15/2050 | 6,582,045 | |
5,000,000 | 3 | British Sky Broadcasting Group PLC, Sr. Unsecd. Note, 144A, 3.750%, 9/16/2024 | 4,933,929 |
7,800,000 | Meta Platforms, Inc., Sr. Unsecd. Note, 3.500%, 8/15/2027 | 7,460,900 | |
7,250,000 | Meta Platforms, Inc., Sr. Unsecd. Note, 3.850%, 8/15/2032 | 6,659,113 | |
5,725,000 | Meta Platforms, Inc., Sr. Unsecd. Note, 4.450%, 8/15/2052 | 4,899,273 | |
8,445,000 | Walt Disney Co., Sr. Unsecd. Note, 3.600%, 1/13/2051 | 6,387,574 | |
3,155,000 | Walt Disney Co., Sr. Unsecd. Note, 3.800%, 5/13/2060 | 2,369,866 | |
8,328,000 | Warnermedia Holdings, Inc., Sr. Unsecd. Note, 4.279%, 3/15/2032 | 7,349,212 | |
7,223,000 | Warnermedia Holdings, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2042 | 5,968,738 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Communications - Media & Entertainment— continued | |||
$ 6,002,000 | Warnermedia Holdings, Inc., Sr. Unsecd. Note, 6.412%, 3/15/2026 | $ 6,007,927 | |
TOTAL | 58,618,577 | ||
Communications - Telecom Wireless— 0.6% | |||
8,180,000 | America Movil S.A.B. de C.V., Sr. Unsecd. Note, 2.875%, 5/7/2030 | 7,058,568 | |
6,000,000 | American Tower Corp., Sr. Unsecd. Note, 2.100%, 6/15/2030 | 4,846,504 | |
5,090,000 | American Tower Corp., Sr. Unsecd. Note, 2.700%, 4/15/2031 | 4,192,851 | |
4,705,000 | American Tower Corp., Sr. Unsecd. Note, 3.100%, 6/15/2050 | 2,958,104 | |
6,925,000 | Crown Castle, Inc., Sr. Unsecd. Note, 3.250%, 1/15/2051 | 4,463,004 | |
8,700,000 | Crown Castle, Inc., Sr. Unsecd. Note, 4.450%, 2/15/2026 | 8,487,037 | |
7,317,000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.100%, 5/1/2033 | 7,000,938 | |
1,917,000 | T-Mobile USA, Inc., Series WI, 1.500%, 2/15/2026 | 1,765,463 | |
4,608,000 | T-Mobile USA, Inc., Series WI, 3.000%, 2/15/2041 | 3,252,784 | |
6,600,000 | T-Mobile USA, Inc., Series WI, 3.875%, 4/15/2030 | 6,063,872 | |
5,610,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 2.625%, 4/15/2026 | �� 5,285,035 | |
5,400,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.050%, 7/15/2033 | 5,237,763 | |
4,095,000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.650%, 1/15/2053 | 4,002,826 | |
4,347,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.125%, 5/30/2025 | 4,271,095 | |
4,000,000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | 3,099,309 | |
6,825,000 | Vodafone Group PLC, Sr. Unsecd. Note, 5.625%, 2/10/2053 | 6,491,098 | |
TOTAL | 78,476,251 | ||
Communications - Telecom Wirelines— 0.6% | |||
9,240,000 | AT&T, Inc., Sr. Unsecd. Note, 0.900%, 3/25/2024 | 9,101,629 | |
10,655,000 | AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026 | 9,852,043 | |
5,005,000 | AT&T, Inc., Sr. Unsecd. Note, 2.550%, 12/1/2033 | 3,897,858 | |
8,590,000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 6/1/2041 | 6,388,663 | |
4,035,000 | AT&T, Inc., Sr. Unsecd. Note, 3.800%, 12/1/2057 | 2,760,786 | |
1,940,000 | AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060 | 1,331,531 | |
8,470,000 | AT&T, Inc., Sr. Unsecd. Note, 5.400%, 2/15/2034 | 8,376,023 | |
2,100,000 | AT&T, Inc., Sr. Unsecd. Note, 5.450%, 3/1/2047 | 1,948,126 | |
4,550,000 | AT&T, Inc., Sr. Unsecd. Note, 6.375%, 3/1/2041 | 4,729,118 | |
4,160,000 | AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058 | 3,542,748 | |
6,948,000 | Rogers Communications, Inc., Sr. Unsecd. Note, 4.500%, 3/15/2042 | 5,727,265 | |
9,500,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 1.450%, 3/20/2026 | 8,732,605 | |
6,450,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 2.100%, 3/22/2028 | 5,715,145 | |
7,995,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.400%, 3/22/2041 | 6,050,754 | |
870,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.000%, 3/22/2050 | 674,763 | |
4,090,000 | Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 8/15/2046 | 3,301,851 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Communications - Telecom Wirelines— continued | |||
$ 1,522,000 | Verizon Communications, Inc., Sr. Unsecd. Note, Series WI, 2.987%, 10/30/2056 | $ 935,459 | |
TOTAL | 83,066,367 | ||
Consumer Cyclical - Automotive— 0.7% | |||
9,130,000 | American Honda Finance Corp., Sr. Unsecd. Note, Series GMTN, 5.800%, 10/3/2025 | 9,215,982 | |
12,595,000 | Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.000%, 12/14/2026 | 11,403,831 | |
2,285,000 | Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.375%, 12/14/2028 | 1,975,790 | |
3,855,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.798%, 11/7/2028 | 3,938,339 | |
10,450,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.950%, 3/6/2026 | 10,548,812 | |
2,870,000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 7.122%, 11/7/2033 | 2,992,515 | |
5,240,000 | General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025 | 5,108,086 | |
260,000 | General Motors Co., Sr. Unsecd. Note, 5.150%, 4/1/2038 | 231,077 | |
7,175,000 | General Motors Co., Sr. Unsecd. Note, 6.125%, 10/1/2025 | 7,211,585 | |
2,692,000 | General Motors Co., Sr. Unsecd. Note, 6.750%, 4/1/2046 | 2,735,897 | |
410,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024 | 406,803 | |
2,345,000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.850%, 4/6/2030 | 2,339,279 | |
5,240,000 | 3 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 6.400%, 1/9/2033 | 5,381,283 |
7,643,000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 5.680%, 6/26/2028 | 7,613,713 | |
7,300,000 | Mercedes-Benz Finance N.A., LLC, Sr. Unsecd. Note, 144A, 5.250%, 11/29/2027 | 7,358,033 | |
7,600,000 | Mercedes-Benz Finance N.A., LLC, Unsecd. Note, 144A, 4.800%, 3/30/2026 | 7,531,706 | |
11,097,000 | Toyota Motor Credit Corp., Sr. Unsecd. Note, 3.950%, 6/30/2025 | 10,891,754 | |
TOTAL | 96,884,485 | ||
Consumer Cyclical - Gaming— 0.0% | |||
250,000 | GLP Capital LP / GLP Financing II, Inc., Sr. Unsecd. Note, 5.375%, 4/15/2026 | 244,488 | |
Consumer Cyclical - Retailers— 0.4% | |||
2,895,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, 1.750%, 10/1/2027 | 2,406,321 | |
1,597,000 | Advance Auto Parts, Inc., Sr. Unsecd. Note, 5.900%, 3/9/2026 | 1,575,358 | |
8,235,000 | 3 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | 6,879,603 |
8,540,000 | Alimentation Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 3.800%, 1/25/2050 | 5,927,319 | |
1,865,000 | AutoNation, Inc., Sr. Unsecd. Note, 1.950%, 8/1/2028 | 1,545,818 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Consumer Cyclical - Retailers— continued | |||
$ 1,372,000 | AutoNation, Inc., Sr. Unsecd. Note, 3.850%, 3/1/2032 | $ 1,158,188 | |
475,000 | AutoZone, Inc., Sr. Unsecd. Note, 3.625%, 4/15/2025 | 463,384 | |
6,590,000 | AutoZone, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2033 | 6,209,434 | |
10,306,000 | Costco Wholesale Corp., Sr. Unsecd. Note, 1.375%, 6/20/2027 | 9,171,873 | |
3,705,000 | Home Depot, Inc., Sr. Unsecd. Note, 2.700%, 4/15/2030 | 3,266,520 | |
3,800,000 | Home Depot, Inc., Sr. Unsecd. Note, 2.800%, 9/14/2027 | 3,546,849 | |
10,000,000 | Home Depot, Inc., Sr. Unsecd. Note, 3.750%, 2/15/2024 | 9,965,331 | |
2,370,000 | Home Depot, Inc., Sr. Unsecd. Note, 4.000%, 9/15/2025 | 2,331,197 | |
TOTAL | 54,447,195 | ||
Consumer Cyclical - Services— 0.2% | |||
9,550,000 | Amazon.com, Inc., Sr. Unsecd. Note, 2.875%, 5/12/2041 | 7,100,754 | |
5,030,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.150%, 8/22/2027 | 4,767,029 | |
5,000,000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.875%, 8/22/2037 | 4,458,672 | |
2,100,000 | Boston University, Sr. Unsecd. Note, Series MTNA, 7.625%, 7/15/2097 | 2,253,751 | |
2,340,000 | 3 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | 2,211,073 |
2,920,000 | 3 | Visa, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2027 | 2,730,432 |
3,750,000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | 3,624,774 | |
350,000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | 329,293 | |
TOTAL | 27,475,778 | ||
Consumer Non-Cyclical - Food/Beverage— 0.9% | |||
870,000 | Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036 | 829,623 | |
1,390,000 | Anheuser-Busch InBev Finance, Inc., Sr. Unsecd. Note, 4.900%, 2/1/2046 | 1,288,334 | |
8,460,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.439%, 10/6/2048 | 7,368,532 | |
1,825,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.600%, 4/15/2048 | 1,625,742 | |
8,200,000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.750%, 1/23/2029 | 8,180,753 | |
3,257,000 | Bacardi Ltd., Sr. Unsecd. Note, 144A, 2.750%, 7/15/2026 | 3,029,346 | |
9,843,000 | Coca-Cola Company, Sr. Unsecd. Note, 2.125%, 9/6/2029 | 8,639,689 | |
7,816,000 | Coca-Cola Europacific Partners PLC, Sr. Unsecd. Note, 144A, 1.500%, 1/15/2027 | 6,943,153 | |
3,805,000 | Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 1.850%, 9/1/2032 | 2,899,496 | |
5,814,000 | Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 2.750%, 1/22/2030 | 5,085,070 | |
1,390,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 3.750%, 5/1/2050 | 1,028,404 | |
5,140,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.650%, 11/15/2028 | 5,028,507 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Consumer Non-Cyclical - Food/Beverage— continued | |||
$ 8,200,000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.750%, 5/9/2032 | $ 7,841,578 | |
2,625,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 2.400%, 3/15/2031 | 2,114,346 | |
4,660,000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | 4,421,422 | |
1,468,000 | General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051 | 943,197 | |
3,250,000 | Grupo Bimbo S.A.B. de CV, Sr. Unsecd. Note, 144A, 3.875%, 6/27/2024 | 3,237,610 | |
2,712,000 | Heineken NV, Sr. Unsecd. Note, 144A, 4.350%, 3/29/2047 | 2,257,114 | |
7,540,000 | International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 1.832%, 10/15/2027 | 6,477,087 | |
2,437,000 | International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 2.300%, 11/1/2030 | 1,937,114 | |
5,152,000 | Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 3.200%, 5/1/2030 | 4,569,647 | |
850,000 | Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 4.417%, 5/25/2025 | 836,817 | |
4,883,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | 3,989,165 | |
4,825,000 | Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.600%, 6/1/2044 | 4,180,730 | |
8,400,000 | PepsiCo, Inc., Sr. Unsecd. Note, 2.625%, 7/29/2029 | 7,532,269 | |
6,850,000 | PepsiCo, Inc., Sr. Unsecd. Note, 2.750%, 4/30/2025 | 6,637,485 | |
150,000 | Ralston Purina Co., Deb., 7.875%, 6/15/2025 | 153,855 | |
3,980,000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 2.625%, 9/13/2031 | 2,946,444 | |
3,610,000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030 | 2,857,153 | |
7,768,000 | Sysco Corp., Sr. Unsecd. Note, 4.450%, 3/15/2048 | 6,337,262 | |
TOTAL | 121,216,944 | ||
Consumer Non-Cyclical - Health Care— 0.7% | |||
5,240,000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 2.600%, 5/27/2030 | 4,387,427 | |
3,000,000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 2.750%, 9/23/2026 | 2,794,443 | |
4,005,000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 3.000%, 9/23/2029 | 3,505,415 | |
2,945,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 1.957%, 2/11/2031 | 2,366,133 | |
1,690,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 3.734%, 12/15/2024 | 1,656,912 | |
2,504,000 | Becton Dickinson & Co., Sr. Unsecd. Note, 3.794%, 5/20/2050 | 1,879,578 | |
153,260 | CVS Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 | 150,887 | |
1,200,000 | CVS Health Corp., Sr. Unsecd. Note, 2.700%, 8/21/2040 | 803,168 | |
8,500,000 | CVS Health Corp., Sr. Unsecd. Note, 3.375%, 8/12/2024 | 8,360,099 | |
1,074,000 | CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025 | 1,057,291 | |
3,815,000 | CVS Health Corp., Sr. Unsecd. Note, 4.780%, 3/25/2038 | 3,425,690 | |
1,445,000 | CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048 | 1,267,991 | |
2,760,000 | CVS Health Corp., Sr. Unsecd. Note, 5.125%, 7/20/2045 | 2,459,000 | |
6,775,000 | CVS Health Corp., Sr. Unsecd. Note, 5.250%, 2/21/2033 | 6,662,910 | |
8,095,000 | 3 | Danaher Corp., Sr. Unsecd. Note, 2.600%, 10/1/2050 | 4,991,448 |
2,770,000 | DH Europe Finance II S.a.r.l., Sr. Unsecd. Note, 2.600%, 11/15/2029 | 2,426,348 | |
1,000,000 | DH Europe Finance II S.a.r.l., Sr. Unsecd. Note, 3.400%, 11/15/2049 | 726,144 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Consumer Non-Cyclical - Health Care— continued | |||
$ 7,430,000 | GE Healthcare Holding LLC, Sr. Unsecd. Note, 5.857%, 3/15/2030 | $ 7,574,226 | |
2,110,000 | GE Healthcare Holding LLC, Sr. Unsecd. Note, 6.377%, 11/22/2052 | 2,267,469 | |
8,482,000 | HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051 | 5,564,214 | |
7,700,000 | HCA, Inc., Sr. Unsecd. Note, 3.625%, 3/15/2032 | 6,649,480 | |
2,035,000 | HCA, Inc., Sr. Unsecd. Note, 5.200%, 6/1/2028 | 2,006,871 | |
5,433,000 | PerkinElmer, Inc., Sr. Unsecd. Note, 0.850%, 9/15/2024 | 5,226,272 | |
2,035,000 | Stryker Corp., Sr. Unsecd. Note, 0.600%, 12/1/2023 | 2,035,000 | |
6,755,000 | Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 1.215%, 10/18/2024 | 6,501,981 | |
TOTAL | 86,746,397 | ||
Consumer Non-Cyclical - Pharmaceuticals— 1.1% | |||
4,465,000 | Abbott Laboratories, Sr. Unsecd. Note, 3.750%, 11/30/2026 | 4,352,696 | |
7,525,000 | Abbott Laboratories, Sr. Unsecd. Note, 4.900%, 11/30/2046 | 7,276,934 | |
7,475,000 | AbbVie, Inc., Sr. Unsecd. Note, 2.950%, 11/21/2026 | 7,077,396 | |
7,475,000 | AbbVie, Inc., Sr. Unsecd. Note, 4.550%, 3/15/2035 | 7,062,867 | |
7,525,000 | AbbVie, Inc., Sr. Unsecd. Note, 4.700%, 5/14/2045 | 6,799,022 | |
1,925,000 | Amgen, Inc., Sr. Unsecd. Note, 3.625%, 5/22/2024 | 1,905,972 | |
375,000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | 311,819 | |
11,050,000 | Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033 | 10,942,643 | |
10,770,000 | Amgen, Inc., Sr. Unsecd. Note, 5.650%, 3/2/2053 | 10,630,324 | |
1,850,000 | AstraZeneca PLC, Sr. Unsecd. Note, 1.375%, 8/6/2030 | 1,489,494 | |
3,525,000 | 3 | AstraZeneca PLC, Sr. Unsecd. Note, 2.125%, 8/6/2050 | 2,044,395 |
6,100,000 | AstraZeneca PLC, Sr. Unsecd. Note, 3.125%, 6/12/2027 | 5,772,750 | |
7,430,000 | Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.375%, 12/15/2028 | 6,885,678 | |
7,527,000 | Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.400%, 7/15/2044 | 5,477,636 | |
2,350,000 | Biogen, Inc., Sr. Unsecd. Note, 2.250%, 5/1/2030 | 1,933,877 | |
9,925,000 | Biogen, Inc., Sr. Unsecd. Note, 3.150%, 5/1/2050 | 6,399,126 | |
5,740,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, 0.750%, 11/13/2025 | 5,312,039 | |
7,500,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 3.900%, 2/20/2028 | 7,247,552 | |
260,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | 223,717 | |
2,900,000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.350%, 11/15/2047 | 2,426,540 | |
3,385,000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 5.250%, 10/15/2033 | 3,398,667 | |
500,000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | 442,807 | |
1,000,000 | Johnson & Johnson, Sr. Unsecd. Note, 5.950%, 8/15/2037 | 1,107,115 | |
7,605,000 | Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.450%, 5/19/2028 | 7,469,162 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Consumer Non-Cyclical - Pharmaceuticals— continued | |||
$ 7,125,000 | Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.750%, 5/19/2033 | $ 6,934,171 | |
5,722,000 | Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 5.300%, 5/19/2053 | 5,583,237 | |
14,139,000 | Regeneron Pharmaceuticals, Inc., Sr. Unsecd. Note, 2.800%, 9/15/2050 | 8,587,319 | |
8,560,000 | Takeda Pharmaceutical Co. Ltd., Sr. Unsecd. Note, 2.050%, 3/31/2030 | 7,086,600 | |
9,568,000 | Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050 | 6,404,784 | |
TOTAL | 148,586,339 | ||
Consumer Non-Cyclical - Products— 0.1% | |||
6,465,000 | Kenvue, Inc., Sr. Unsecd. Note, 144A, 4.900%, 3/22/2033 | 6,411,974 | |
6,680,000 | Kenvue, Inc., Sr. Unsecd. Note, 144A, 5.050%, 3/22/2028 | 6,728,850 | |
TOTAL | 13,140,824 | ||
Consumer Non-Cyclical - Tobacco— 0.3% | |||
6,248,000 | Altria Group, Inc., Sr. Unsecd. Note, 3.700%, 2/4/2051 | 4,171,036 | |
3,490,000 | BAT Capital Corp., Sr. Unsecd. Note, 2.789%, 9/6/2024 | 3,410,067 | |
6,200,000 | BAT Capital Corp., Sr. Unsecd. Note, 4.742%, 3/16/2032 | 5,748,019 | |
4,635,000 | BAT International Finance PLC, Sr. Unsecd. Note, 1.668%, 3/25/2026 | 4,250,280 | |
3,400,000 | 3 | Philip Morris International, Inc., Sr. Unsecd. Note, 0.875%, 5/1/2026 | 3,071,639 |
3,770,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.100%, 5/1/2030 | 3,142,750 | |
2,210,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 3.875%, 8/21/2042 | 1,737,340 | |
4,700,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 4.875%, 2/13/2026 | 4,668,957 | |
5,740,000 | Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032 | 5,874,926 | |
4,350,000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | 3,846,996 | |
TOTAL | 39,922,010 | ||
Energy - Independent— 0.3% | |||
6,612,000 | Canadian Natural Resources Ltd., Sr. Unsecd. Note, 3.900%, 2/1/2025 | 6,472,094 | |
6,552,000 | Diamondback Energy, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2033 | 6,787,123 | |
7,546,000 | Hess Corp., Sr. Unsecd. Note, 5.600%, 2/15/2041 | 7,595,088 | |
8,685,000 | Marathon Oil Corp., Sr. Unsecd. Note, 4.400%, 7/15/2027 | 8,325,338 | |
8,025,000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | 8,328,974 | |
610,000 | XTO Energy, Inc., Sr. Unsecd. Note, 6.750%, 8/1/2037 | 680,881 | |
TOTAL | 38,189,498 | ||
Energy - Integrated— 0.3% | |||
4,815,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.000%, 2/24/2050 | 3,194,707 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Energy - Integrated— continued | |||
$ 4,485,000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | $ 4,294,945 | |
100,000 | BP PLC, Deb., 8.750%, 3/1/2032 | 117,387 | |
12,328,000 | Cenovus Energy, Inc., Sr. Unsecd. Note, 4.250%, 4/15/2027 | 11,837,913 | |
7,209,000 | Chevron Corp., Sr. Unsecd. Note, 3.078%, 5/11/2050 | 5,092,935 | |
4,030,000 | CNPC Hong Kong Overseas Capital Ltd., Company Guarantee, 144A, 5.950%, 4/28/2041 | 4,236,806 | |
4,175,000 | ConocoPhillips Company, Sr. Unsecd. Note, 3.758%, 3/15/2042 | 3,322,779 | |
205,000 | ConocoPhillips Company, Guarantee, 6.500%, 2/1/2039 | 227,120 | |
3,329,000 | Petro-Canada, Sr. Unsecd. Note, 6.800%, 5/15/2038 | 3,489,696 | |
3,720,000 | Shell International Finance B.V., Sr. Unsecd. Note, 2.875%, 5/10/2026 | 3,551,881 | |
3,275,000 | Shell International Finance B.V., Sr. Unsecd. Note, 4.000%, 5/10/2046 | 2,666,801 | |
TOTAL | 42,032,970 | ||
Energy - Midstream— 0.8% | |||
7,952,000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029 | 7,602,156 | |
1,750,000 | Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 4.500%, 6/1/2025 | 1,719,847 | |
1,050,000 | Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 5.800%, 6/1/2045 | 975,742 | |
1,210,000 | Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.000%, 11/15/2029 | 1,056,382 | |
3,585,000 | Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.900%, 11/15/2049 | 2,511,495 | |
760,000 | Energy Transfer LP, Sr. Unsecd. Note, 4.050%, 3/15/2025 | 745,422 | |
4,800,000 | Energy Transfer LP, Sr. Unsecd. Note, 4.900%, 2/1/2024 | 4,788,594 | |
4,800,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.150%, 3/15/2045 | 4,163,000 | |
885,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.500%, 6/1/2027 | 884,264 | |
8,480,000 | Energy Transfer LP, Sr. Unsecd. Note, 5.750%, 2/15/2033 | 8,450,178 | |
2,915,000 | Energy Transfer LP, Sr. Unsecd. Note, 6.100%, 12/1/2028 | 2,984,657 | |
475,000 | Energy Transfer LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | 456,799 | |
4,875,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.800%, 3/15/2035 | 4,776,868 | |
520,000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | 550,678 | |
1,820,000 | Kinder Morgan, Inc., Sr. Unsecd. Note, 3.250%, 8/1/2050 | 1,159,963 | |
320,000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | 272,062 | |
4,625,000 | MPLX LP, Sr. Unsecd. Note, 4.900%, 4/15/2058 | 3,656,669 | |
7,450,000 | MPLX LP, Sr. Unsecd. Note, 4.950%, 9/1/2032 | 7,058,560 | |
1,920,000 | MPLX LP, Sr. Unsecd. Note, Series WI, 4.250%, 12/1/2027 | 1,836,440 | |
1,831,000 | ONEOK, Inc., Sr. Unsecd. Note, 2.200%, 9/15/2025 | 1,722,113 | |
7,390,000 | ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047 | 6,217,663 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Energy - Midstream— continued | |||
$ 2,525,000 | ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032 | $ 2,572,942 | |
5,000,000 | ONEOK, Inc., Sr. Unsecd. Note, 6.625%, 9/1/2053 | 5,256,577 | |
2,000,000 | Plains All American Pipeline LP, Sr. Unsecd. Note, 4.700%, 6/15/2044 | 1,581,165 | |
8,120,000 | Plains All American Pipeline LP, Sr. Unsecd. Note, 5.150%, 6/1/2042 | 6,875,111 | |
10,461,000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | 9,227,733 | |
4,545,000 | TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027 | 4,296,157 | |
225,000 | Williams Partners LP, Sr. Unsecd. Note, 4.850%, 3/1/2048 | 190,519 | |
7,000,000 | Williams Partners LP, Sr. Unsecd. Note, 4.900%, 1/15/2045 | 5,951,892 | |
TOTAL | 99,541,648 | ||
Energy - Oil Field Services— 0.1% | |||
7,720,000 | Halliburton Co., Sr. Unsecd. Note, 5.000%, 11/15/2045 | 7,061,590 | |
1,615,000 | Schlumberger Holdings Corp., Sr. Unsecd. Note, 144A, 4.000%, 12/21/2025 | 1,578,409 | |
8,625,000 | Schlumberger Investment S.A., Sr. Unsecd. Note, 2.650%, 6/26/2030 | 7,513,945 | |
TOTAL | 16,153,944 | ||
Energy - Refining— 0.2% | |||
535,000 | HF Sinclair Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026 | 537,495 | |
325,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | 256,560 | |
7,507,000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | 6,241,399 | |
4,415,000 | Phillips 66, Sr. Unsecd. Note, 0.900%, 2/15/2024 | 4,367,895 | |
1,030,000 | Phillips 66, Sr. Unsecd. Note, 1.300%, 2/15/2026 | 946,545 | |
5,172,000 | Phillips 66, Sr. Unsecd. Note, 4.875%, 11/15/2044 | 4,675,941 | |
3,395,000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | 3,267,071 | |
3,270,000 | Valero Energy Corp., Sr. Unsecd. Note, 7.500%, 4/15/2032 | 3,664,319 | |
TOTAL | 23,957,225 | ||
Financial Institution - Banking— 4.3% | |||
355,000 | American Express Co., Sr. Unsecd. Note, 3.000%, 10/30/2024 | 346,836 | |
6,115,000 | American Express Co., Sr. Unsecd. Note, 4.990%, 5/1/2026 | 6,056,174 | |
10,250,000 | American Express Co., Sr. Unsecd. Note, 5.850%, 11/5/2027 | 10,534,524 | |
5,980,000 | American Express Co., Sub., 5.625%, 7/28/2034 | 5,907,804 | |
5,720,000 | Associated Banc-Corp., Sub. Note, 4.250%, 1/15/2025 | 5,572,209 | |
9,900,000 | Bank of America Corp., Sr. Unsecd. Note, 2.572%, 10/20/2032 | 7,882,668 | |
2,185,000 | Bank of America Corp., Sr. Unsecd. Note, 2.592%, 4/29/2031 | 1,816,587 | |
17,440,000 | Bank of America Corp., Sr. Unsecd. Note, 2.687%, 4/22/2032 | 14,174,979 | |
7,960,000 | Bank of America Corp., Sr. Unsecd. Note, 3.419%, 12/20/2028 | 7,315,144 | |
7,895,000 | Bank of America Corp., Sr. Unsecd. Note, 5.288%, 4/25/2034 | 7,593,402 | |
4,932,000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.593%, 7/21/2028 | 4,605,771 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Financial Institution - Banking— continued | |||
$ 7,000,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 1.898%, 7/23/2031 | $ 5,499,810 | |
10,000,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.087%, 6/14/2029 | 8,601,924 | |
10,235,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.884%, 10/22/2030 | 8,795,957 | |
1,622,000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.000%, 4/1/2024 | 1,612,092 | |
4,250,000 | Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025 | 4,146,735 | |
560,000 | Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024 | 553,392 | |
660,000 | Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 | 644,575 | |
4,665,000 | 3 | Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 3.250%, 9/11/2024 | 4,573,658 |
5,140,000 | Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 3.992%, 6/13/2028 | 4,893,983 | |
2,740,000 | Bank of New York Mellon Corp., Sub. Note, Series MTN, 3.000%, 10/30/2028 | 2,466,564 | |
480,000 | Bank of New York Mellon, N.A., Sr. Unsecd. Note, 3.400%, 5/15/2024 | 475,209 | |
2,160,000 | Capital One Financial Corp., Sr. Unsecd. Note, 3.900%, 1/29/2024 | 2,153,016 | |
8,025,000 | Capital One Financial Corp., Sr. Unsecd. Note, 5.817%, 2/1/2034 | 7,530,816 | |
15,085,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.572%, 6/3/2031 | 12,461,204 | |
3,165,000 | Citigroup, Inc., Sr. Unsecd. Note, 2.976%, 11/5/2030 | 2,739,207 | |
7,060,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | 5,794,243 | |
5,325,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025 | 5,167,981 | |
2,320,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.352%, 4/24/2025 | 2,295,024 | |
6,000,000 | Citigroup, Inc., Sr. Unsecd. Note, 3.887%, 1/10/2028 | 5,711,240 | |
345,000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | 330,507 | |
8,500,000 | Citigroup, Inc., Sub., 6.174%, 5/25/2034 | 8,437,891 | |
1,500,000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 2.500%, 2/6/2030 | 1,201,343 | |
8,100,000 | Citizens Financial Group, Inc., Sub. Note, 2.638%, 9/30/2032 | 5,850,206 | |
6,533,000 | Comerica, Inc., 3.800%, 7/22/2026 | 6,045,147 | |
5,480,000 | Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025 | 5,332,609 | |
6,040,000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024 | 6,016,486 | |
4,280,000 | Fifth Third Bank, Sr. Unsecd. Note, Series BKNT, 2.250%, 2/1/2027 | 3,850,288 | |
5,010,000 | FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025 | 4,864,430 | |
7,565,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 1.992%, 1/27/2032 | 5,869,907 | |
9,200,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 2.600%, 2/7/2030 | 7,800,425 | |
13,200,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.500%, 11/16/2026 | 12,597,708 | |
7,500,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.691%, 6/5/2028 | 7,044,708 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Financial Institution - Banking— continued | |||
$ 4,000,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.814%, 4/23/2029 | $ 3,718,192 | |
9,750,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.484%, 10/24/2029 | 10,096,975 | |
5,150,000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, Series DMTN, 2.383%, 7/21/2032 | 4,057,082 | |
500,000 | HSBC Holdings PLC, Jr. Sub. Note, 6.375%, 9/30/2071 | 482,795 | |
7,445,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 1.589%, 5/24/2027 | 6,710,641 | |
4,450,000 | HSBC Holdings PLC, Sr. Unsecd. Note, 3.900%, 5/25/2026 | 4,277,576 | |
4,450,000 | HSBC USA, Inc., Sr. Unsecd. Note, 3.500%, 6/23/2024 | 4,393,843 | |
5,050,000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 4.000%, 5/15/2025 | 4,895,254 | |
5,770,000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 4.443%, 8/4/2028 | 5,487,430 | |
3,315,000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 6.208%, 8/21/2029 | 3,322,226 | |
720,000 | JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 4/1/2072 | 716,711 | |
610,000 | JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 2/1/2172 | 600,998 | |
15,175,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 1.764%, 11/19/2031 | 11,887,201 | |
3,990,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 1.953%, 2/4/2032 | 3,137,987 | |
15,000,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 2.522%, 4/22/2031 | 12,590,225 | |
10,500,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 2.963%, 1/25/2033 | 8,679,724 | |
3,750,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.300%, 4/1/2026 | 3,584,743 | |
5,000,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.702%, 5/6/2030 | 4,579,503 | |
235,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | 197,347 | |
245,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 4.023%, 12/5/2024 | 244,986 | |
14,960,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.350%, 6/1/2034 | 14,615,047 | |
3,370,000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 6.254%, 10/23/2034 | 3,521,284 | |
635,000 | Lloyds Banking Group PLC, Sub., 4.650%, 3/24/2026 | 612,724 | |
9,945,000 | M&T Bank Corp., Sr. Unsecd. Note, 5.053%, 1/27/2034 | 8,920,017 | |
5,370,000 | M&T Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029 | 5,601,162 | |
3,805,000 | Morgan Stanley, Sr. Unsecd. Note, 1.593%, 5/4/2027 | 3,450,623 | |
12,770,000 | Morgan Stanley, Sr. Unsecd. Note, 4.889%, 7/20/2033 | 11,966,969 | |
5,600,000 | Morgan Stanley, Sr. Unsecd. Note, 5.250%, 4/21/2034 | 5,367,750 | |
2,700,000 | Morgan Stanley, Sr. Unsecd. Note, 5.424%, 7/21/2034 | 2,619,673 | |
8,430,000 | Morgan Stanley, Sr. Unsecd. Note, 6.407%, 11/1/2029 | 8,731,922 | |
5,000,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032 | 3,911,721 | |
1,665,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.699%, 1/22/2031 | 1,406,584 | |
1,685,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 | 1,646,555 | |
7,500,000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.431%, 1/23/2030 | 7,122,928 | |
5,720,000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.794%, 2/13/2032 | 4,384,798 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Financial Institution - Banking— continued | |||
$ 4,687,000 | Morgan Stanley, Sub. Note, 3.950%, 4/23/2027 | $ 4,451,977 | |
160,000 | Natwest Group PLC, Sub., 6.000%, 12/19/2023 | 159,956 | |
7,054,000 | Northern Trust Corp., Sub. Note, 6.125%, 11/2/2032 | 7,272,658 | |
6,700,000 | PNC Bank National Association, Sr. Unsecd. Note, Series BKNT, 3.250%, 1/22/2028 | 6,158,999 | |
3,745,000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 2.550%, 1/22/2030 | 3,170,805 | |
7,802,000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 | 7,750,079 | |
34,762 | 4 | 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 | 5,535,034 | |
3,377,000 | State Street Corp., Sr. Unsecd. Note, 3.550%, 8/18/2025 | 3,282,421 | |
370,000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | 319,491 | |
6,500,000 | State Street Corp., Sub., 2.200%, 3/3/2031 | 5,191,422 | |
7,950,000 | Synovus Bank GA, Sr. Unsecd. Note, 5.625%, 2/15/2028 | 7,283,324 | |
350,000 | Truist Bank, Sub. Deb., Series BKNT, 2.636%, 9/17/2029 | 320,971 | |
3,310,000 | Truist Bank, Sub. Note, Series BKNT, 3.300%, 5/15/2026 | 3,094,014 | |
2,500,000 | Truist Financial Corp., Sr. Unsecd. Note, 4.000%, 5/1/2025 | 2,430,586 | |
700,000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 1.267%, 3/2/2027 | 629,925 | |
2,280,000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.122%, 1/26/2034 | 2,098,186 | |
8,045,000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.867%, 6/8/2034 | 7,837,456 | |
500,000 | Truist Financial Corp., Sub. Note, 6.000%, 2/15/2026 | 504,497 | |
6,930,000 | US Bancorp, 4.967%, 7/22/2033 | 6,204,185 | |
7,990,000 | US Bancorp, Sr. Unsecd. Note, 5.836%, 6/12/2034 | 7,871,490 | |
7,835,000 | US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | 6,007,540 | |
140,000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | 134,954 | |
8,875,000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.389%, 4/24/2034 | 8,541,698 | |
9,165,000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.574%, 7/25/2029 | 9,154,715 | |
8,430,000 | Wells Fargo & Co., Sr. Unsecd. Note, 6.491%, 10/23/2034 | 8,807,939 | |
10,825,000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.393%, 6/2/2028 | 9,732,044 | |
8,240,000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.879%, 10/30/2030 | 7,092,492 | |
15,150,000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 3.584%, 5/22/2028 | 14,195,224 | |
7,550,000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 4.897%, 7/25/2033 | 7,064,570 | |
435,000 | Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031 | 411,319 | |
TOTAL | 563,430,150 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Financial Institution - Broker/Asset Mgr/Exchange— 0.3% | |||
$ 2,845,000 | BlackRock, Inc., Sr. Unsecd. Note, 1.900%, 1/28/2031 | $ 2,313,885 | |
4,342,000 | BlackRock, Inc., Sr. Unsecd. Note, 4.750%, 5/25/2033 | 4,228,439 | |
2,645,000 | FMR LLC, Bond, 144A, 7.570%, 6/15/2029 | 2,894,026 | |
2,712,000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | 2,620,388 | |
5,163,000 | Jefferies Financial Group LLC, Sr. Unsecd. Note, 5.875%, 7/21/2028 | 5,126,846 | |
2,965,000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | 2,814,573 | |
4,927,000 | Stifel Financial Corp., Sr. Unsecd. Note, 4.000%, 5/15/2030 | 4,311,326 | |
3,580,000 | Stifel Financial Corp., Sr. Unsecd. Note, 4.250%, 7/18/2024 | 3,535,049 | |
5,085,000 | TIAA Asset Management Finance Co. LLC, Sr. Unsecd. Note, 144A, 4.125%, 11/1/2024 | 5,004,049 | |
TOTAL | 32,848,581 | ||
Financial Institution - Finance Companies— 0.2% | |||
4,250,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 2.450%, 10/29/2026 | 3,873,321 | |
2,670,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.000%, 10/29/2028 | 2,354,813 | |
6,150,000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.400%, 10/29/2033 | 4,979,185 | |
6,000,000 | Air Lease Corp., Sr. Unsecd. Note, 3.625%, 12/1/2027 | 5,560,564 | |
2,282,000 | Air Lease Corp., Sr. Unsecd. Note, 5.300%, 2/1/2028 | 2,259,393 | |
4,320,000 | Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027 | 4,340,654 | |
TOTAL | 23,367,930 | ||
Financial Institution - Insurance - Health— 0.3% | |||
14,147,000 | Elevance Health, Inc., Sr. Unsecd. Note, 4.750%, 2/15/2033 | 13,633,031 | |
11,570,000 | The Cigna Group, Sr. Unsecd. Note, 5.685%, 3/15/2026 | 11,557,610 | |
9,698,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.500%, 4/15/2033 | 9,303,651 | |
9,698,000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 5.050%, 4/15/2053 | 9,198,930 | |
TOTAL | 43,693,222 | ||
Financial Institution - Insurance - Life— 0.7% | |||
4,795,000 | AIA Group Ltd., Sr. Unsecd. Note, 144A, 4.950%, 4/4/2033 | 4,660,891 | |
2,512,000 | American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024 | 2,501,466 | |
10,000,000 | American International Group, Inc., Unsecd. Note, 3.875%, 1/15/2035 | 8,612,999 | |
1,575,000 | American International Group, Inc., Sr. Unsecd. Note, 5.125%, 3/27/2033 | 1,532,107 | |
8,380,000 | CoreBridge Global Funding, Sr. Secd. Note, 144A, 5.900%, 9/19/2028 | 8,483,154 | |
3,100,000 | Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 5.375%, 12/1/2041 | 2,720,400 | |
4,968,000 | Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 8.875%, 6/1/2039 | 6,042,598 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Financial Institution - Insurance - Life— continued | |||
$ 6,085,000 | Met Life Global Funding I, Sr. Unsecd. Note, 144A, 5.150%, 3/28/2033 | $ 5,945,680 | |
330,000 | 2 | MetLife, Inc., Jr. Sub. Note, 6.400% (3-month USLIBOR +2.205%), 12/15/2036 | 325,254 |
2,200,000 | 2 | MetLife, Inc., Jr. Sub. Note, 10.750% (3-month USLIBOR +7.548%), 8/1/2039 | 2,859,296 |
6,995,000 | MetLife, Inc., Sr. Secd. Note, 5.375%, 7/15/2033 | 6,972,241 | |
15,699,000 | Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 | 10,610,222 | |
5,060,000 | Pacific Life Insurance Co., Sub. Note, 144A, 4.300%, 10/24/2067 | 3,772,197 | |
3,650,000 | Pacific LifeCorp., Bond, 144A, 6.600%, 9/15/2033 | 3,881,778 | |
2,070,000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | 2,217,489 | |
10,132,000 | Principal Financial Group, Inc., Sr. Unsecd. Note, 2.125%, 6/15/2030 | 8,278,683 | |
5,000,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 5.100%, 8/15/2043 | 4,500,996 | |
1,762,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | 1,804,510 | |
1,050,000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.625%, 12/1/2037 | 1,151,886 | |
335,000 | Teachers Insurance & Annuity Association of America, Sub., 144A, 4.900%, 9/15/2044 | 297,504 | |
TOTAL | 87,171,351 | ||
Financial Institution - Insurance - P&C— 0.3% | |||
1,000,000 | Assured Guaranty US Holding, Inc., Sr. Unsecd. Note, 7.000%, 6/1/2034 | 1,070,597 | |
30,000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | 25,812 | |
5,825,000 | Chubb INA Holdings, Inc., Sr. Unsecd. Note, 1.375%, 9/15/2030 | 4,600,816 | |
3,700,000 | Chubb INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 5/15/2024 | 3,661,804 | |
4,300,000 | Chubb INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 5/3/2026 | 4,148,388 | |
1,000,000 | Cincinnati Financial Corp., Sr. Unsecd. Note, 6.920%, 5/15/2028 | 1,057,537 | |
8,695,000 | CNA Financial Corp., Sr. Unsecd. Note, 3.900%, 5/1/2029 | 8,094,283 | |
7,840,000 | CNA Financial Corp., Sr. Unsecd. Note, 5.500%, 6/15/2033 | 7,732,971 | |
2,245,000 | Hartford Financial Services Group, Inc., Sr. Unsecd. Note, 6.625%, 4/15/2042 | 2,211,882 | |
6,600,000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | 8,321,010 | |
3,932,000 | Travelers Cos., Inc., Sr. Unsecd. Note, 5.450%, 5/25/2053 | 3,928,698 | |
TOTAL | 44,853,798 | ||
Financial Institution - REIT - Apartment— 0.3% | |||
13,153,000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027 | 12,394,011 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Financial Institution - REIT - Apartment— continued | |||
$ 11,650,000 | Camden Property Trust, Sr. Unsecd. Note, 5.850%, 11/3/2026 | $ 11,837,926 | |
4,921,000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024 | 4,869,093 | |
2,955,000 | UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034 | 2,312,895 | |
8,350,000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 6/15/2033 | 6,123,018 | |
TOTAL | 37,536,943 | ||
Financial Institution - REIT - Healthcare— 0.2% | |||
2,895,000 | Health Care REIT, Inc., Sr. Unsecd. Note, 4.000%, 6/1/2025 | 2,821,362 | |
7,267,000 | Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031 | 5,614,256 | |
4,110,000 | Healthcare Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030 | 3,490,614 | |
5,000,000 | Physicians Realty Trust, Sr. Unsecd. Note, 3.950%, 1/15/2028 | 4,650,782 | |
3,350,000 | Physicians Realty Trust, Sr. Unsecd. Note, 4.300%, 3/15/2027 | 3,213,685 | |
8,352,000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2031 | 6,945,504 | |
TOTAL | 26,736,203 | ||
Financial Institution - REIT - Office— 0.1% | |||
6,560,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 1.875%, 2/1/2033 | 4,816,173 | |
1,820,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2027 | 1,732,711 | |
2,500,000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.700%, 7/1/2030 | 2,341,725 | |
5,330,000 | Boston Properties LP, Sr. Unsecd. Note, 3.200%, 1/15/2025 | 5,144,978 | |
955,000 | Boston Properties LP, Sr. Unsecd. Note, 3.250%, 1/30/2031 | 774,498 | |
5,810,000 | Piedmont Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032 | 3,853,728 | |
TOTAL | 18,663,813 | ||
Financial Institution - REIT - Other— 0.1% | |||
6,755,000 | WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024 | 6,708,221 | |
Financial Institution - REIT - Retail— 0.2% | |||
3,390,000 | Kimco Realty Corp., Sr. Unsecd. Note, 1.900%, 3/1/2028 | 2,905,803 | |
9,467,000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.800%, 10/1/2026 | 8,801,599 | |
8,075,000 | Kimco Realty Corp., Sr. Unsecd. Note, 6.400%, 3/1/2034 | 8,398,553 | |
7,556,000 | Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028 | 7,100,468 | |
TOTAL | 27,206,423 | ||
Municipal Services— 0.0% | |||
1,360,000 | Camp Pendleton & Quantico Housing LLC, Sec. Fac. Bond, 5.572%, 10/1/2050 | 1,257,027 | |
Sovereign— 0.0% | |||
3,700,000 | Inter-American Development Bank, Series MTN, 6.750%, 7/15/2027 | 3,933,184 | |
Technology— 1.6% | |||
3,827,000 | Apple, Inc., Sr. Unsecd. Note, 2.375%, 2/8/2041 | 2,695,644 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Technology— continued | |||
$ 8,000,000 | Apple, Inc., Sr. Unsecd. Note, 2.900%, 9/12/2027 | $ 7,534,745 | |
2,000,000 | Apple, Inc., Sr. Unsecd. Note, 3.450%, 5/6/2024 | 1,982,908 | |
555,000 | Apple, Inc., Sr. Unsecd. Note, 3.850%, 5/4/2043 | 474,046 | |
11,960,000 | Apple, Inc., Sr. Unsecd. Note, 4.000%, 5/10/2028 | 11,734,855 | |
11,200,000 | Apple, Inc., Sr. Unsecd. Note, 4.450%, 5/6/2044 | 10,431,925 | |
6,562,000 | Automatic Data Processing, Inc., Sr. Unsecd. Note, 3.375%, 9/15/2025 | 6,381,602 | |
5,452,000 | Broadcom, Inc., Sr. Unsecd. Note, 4.110%, 9/15/2028 | 5,211,856 | |
3,998,000 | Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030 | 3,707,491 | |
2,953,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.137%, 11/15/2035 | 2,300,010 | |
352,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036 | 269,117 | |
8,100,000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.469%, 4/15/2034 | 6,738,122 | |
8,101,000 | CDW LLC / CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026 | 7,424,902 | |
6,152,000 | Concentrix Corp., Sr. Unsecd. Note, 6.650%, 8/2/2026 | 6,197,171 | |
5,004,000 | Equifax, Inc., Sr. Unsecd. Note, 2.600%, 12/1/2024 | 4,844,967 | |
1,535,000 | 3 | Experian Finance PLC., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2029 | 1,467,914 |
2,280,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.100%, 3/1/2041 | 1,596,442 | |
3,870,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 4.700%, 7/15/2027 | 3,807,431 | |
1,285,000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 5.625%, 7/15/2052 | 1,239,760 | |
5,985,000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | 5,473,320 | |
5,570,000 | Fiserv, Inc., Sr. Unsecd. Note, 5.600%, 3/2/2033 | 5,597,584 | |
12,545,000 | KLA Corp., Sr. Unsecd. Note, 4.650%, 7/15/2032 | 12,332,568 | |
5,886,000 | Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029 | 5,674,476 | |
3,400,000 | Microsoft Corp., Sr. Unsecd. Note, 2.400%, 8/8/2026 | 3,215,983 | |
1,297,000 | Microsoft Corp., Sr. Unsecd. Note, 2.675%, 6/1/2060 | 816,215 | |
3,632,000 | Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052 | 2,511,103 | |
6,123,000 | Microsoft Corp., Sr. Unsecd. Note, 3.041%, 3/17/2062 | 4,169,375 | |
1,800,000 | Microsoft Corp., Sr. Unsecd. Note, 3.125%, 11/3/2025 | 1,745,418 | |
284,000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | 250,114 | |
4,410,000 | Oracle Corp., Sr. Unsecd. Note, 1.650%, 3/25/2026 | 4,065,048 | |
9,665,000 | Oracle Corp., Sr. Unsecd. Note, 2.950%, 4/1/2030 | 8,473,201 | |
5,925,000 | Oracle Corp., Sr. Unsecd. Note, 4.900%, 2/6/2033 | 5,702,347 | |
6,500,000 | Oracle Corp., Sr. Unsecd. Note, 5.550%, 2/6/2053 | 6,133,651 | |
5,000,000 | Oracle Corp., Sr. Unsecd. Note, 6.500%, 4/15/2038 | 5,354,732 | |
4,575,000 | Oracle Corp., Sr. Unsecd. Note, 6.900%, 11/9/2052 | 5,106,689 | |
2,100,000 | SAIC, Inc., Company Guarantee, Series 1, 5.950%, 12/1/2040 | 1,856,668 | |
5,452,000 | Skyworks Solutions, Inc., Sr. Unsecd. Note, 1.800%, 6/1/2026 | 5,011,783 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Technology— continued | |||
$ 4,555,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.450%, 6/1/2028 | $ 4,339,860 | |
2,970,000 | Total System Services, Inc., Sr. Unsecd. Note, 4.800%, 4/1/2026 | 2,912,219 | |
10,036,000 | Trimble, Inc., Sr. Unsecd. Note, 6.100%, 3/15/2033 | 10,184,493 | |
2,985,000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 | 2,820,023 | |
8,100,000 | Verisk Analytics, Inc., Unsecd. Note, 4.000%, 6/15/2025 | 7,899,740 | |
4,632,000 | VMware, Inc., Sr. Unsecd. Note, 1.400%, 8/15/2026 | 4,180,143 | |
3,450,000 | VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031 | 2,728,215 | |
TOTAL | 204,595,876 | ||
Technology Services— 0.2% | |||
5,360,000 | Fortinet, Inc., Sr. Unsecd. Note, 1.000%, 3/15/2026 | 4,852,675 | |
6,562,000 | Fortinet, Inc., Sr. Unsecd. Note, 2.200%, 3/15/2031 | 5,225,245 | |
11,152,000 | Global Payments, Inc., Sr. Unsecd. Note, 4.950%, 8/15/2027 | 10,936,073 | |
9,602,000 | Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031 | 7,878,853 | |
TOTAL | 28,892,846 | ||
Transportation - Railroads— 0.3% | |||
9,882,000 | 2 | Burlington Northern Santa Fe Corp., Sr. Unsecd. Note, 5.200% (180-DAY AVERAGE SOFR +2.050%), 4/15/2054 | 9,593,874 |
1,570,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 1.750%, 12/2/2026 | 1,424,123 | |
2,630,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 2.050%, 3/5/2030 | 2,183,216 | |
3,800,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 2.900%, 2/1/2025 | 3,686,957 | |
1,295,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.000%, 12/2/2041 | 1,139,248 | |
3,660,000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 4.700%, 5/1/2048 | 3,129,096 | |
4,590,000 | Union Pacific Corp., Sr. Unsecd. Note, 2.375%, 5/20/2031 | 3,832,901 | |
6,165,000 | Union Pacific Corp., Sr. Unsecd. Note, 2.400%, 2/5/2030 | 5,312,145 | |
3,677,000 | Union Pacific Corp., Sr. Unsecd. Note, 4.750%, 2/21/2026 | 3,665,791 | |
TOTAL | 33,967,351 | ||
Transportation - Services— 0.5% | |||
5,630,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 4.600%, 5/1/2028 | 5,482,960 | |
7,860,000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 4.900%, 5/1/2033 | 7,531,339 | |
10,625,000 | GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 1.650%, 7/15/2026 | 9,504,791 | |
5,795,000 | GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 2.650%, 7/15/2031 | 4,539,014 | |
7,885,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 4.000%, 7/15/2025 | 7,652,474 | |
2,000,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 4.400%, 7/1/2027 | 1,900,750 | |
3,585,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028 | 3,551,710 | |
2,680,000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.700%, 2/1/2028 | 2,666,847 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Transportation - Services— continued | |||
$ 7,000,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.850%, 3/1/2027 | $ 6,452,493 | |
7,735,000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 5.650%, 3/1/2028 | 7,816,485 | |
8,781,000 | United Parcel Service, Inc., Sr. Unsecd. Note, 4.875%, 3/3/2033 | 8,741,845 | |
TOTAL | 65,840,708 | ||
Utility - Electric— 1.7% | |||
3,037,000 | AEP Texas, Inc., Sr. Unsecd. Note, 3.850%, 10/1/2025 | 2,929,115 | |
8,687,000 | Ameren Corp., Sr. Unsecd. Note, 1.750%, 3/15/2028 | 7,482,819 | |
3,665,000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | 3,306,405 | |
2,860,000 | Ameren Corp., Sr. Unsecd. Note, 3.650%, 2/15/2026 | 2,751,602 | |
5,282,000 | American Electric Power Co., Inc., Jr. Sub. Note, 2.031%, 3/15/2024 | 5,220,163 | |
535,000 | American Electric Power Co., Inc., Sr. Unsecd. Note, 3.250%, 3/1/2050 | 351,979 | |
6,462,000 | American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033 | 6,477,671 | |
4,868,000 | Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030 | 3,961,724 | |
1,450,000 | Consolidated Edison Co., Sr. Unsecd. Note, 4.625%, 12/1/2054 | 1,214,017 | |
2,590,000 | Consolidated Edison Co., Sr. Unsecd. Note, Series 20B, 3.950%, 4/1/2050 | 2,008,847 | |
8,502,000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033 | 8,558,833 | |
2,990,000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 6.125%, 1/15/2034 | 3,071,447 | |
2,205,000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 6.500%, 10/1/2053 | 2,309,758 | |
5,265,000 | Dominion Energy, Inc., Jr. Sub. Note, 3.071%, 8/15/2024 | 5,158,012 | |
2,500,000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series A, 1.450%, 4/15/2026 | 2,286,595 | |
6,953,000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series C, 3.375%, 4/1/2030 | 6,186,877 | |
13,520,000 | Duke Energy Corp., Sr. Unsecd. Note, 3.750%, 9/1/2046 | 9,802,280 | |
4,090,000 | Duke Energy Corp., Sr. Unsecd. Note, 6.100%, 9/15/2053 | 4,159,941 | |
2,175,000 | Duke Energy Indiana, Inc., 1st Mtg. Bond, 6.350%, 8/15/2038 | 2,298,935 | |
427,000 | Duke Energy Indiana, Inc., Sr. Deb., 6.120%, 10/15/2035 | 438,293 | |
2,450,000 | Duke Energy Ohio, Inc., Term Loan - 1st Lien, 5.250%, 4/1/2033 | 2,433,372 | |
7,500,000 | EDP Finance B.V., Sr. Unsecd. Note, 144A, 1.710%, 1/24/2028 | 6,512,868 | |
6,150,000 | EDP Finance BV, Sr. Unsecd. Note, 144A, 3.625%, 7/15/2024 | 6,058,984 | |
5,679,000 | Electricite de France S.A., Note, 144A, 5.600%, 1/27/2040 | 5,315,519 | |
5,621,000 | Electricite de France S.A., Sr. Unsecd. Note, 144A, 6.250%, 5/23/2033 | 5,811,569 | |
3,802,000 | Emera US Finance LP, Sr. Unsecd. Note, 3.550%, 6/15/2026 | 3,640,290 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Utility - Electric— continued | |||
$ 15,054,000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | $ 11,592,804 | |
5,742,000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 2.250%, 7/12/2031 | 4,474,315 | |
513,000 | Entergy Louisiana LLC, 1st Mtg. Bond, 5.400%, 11/1/2024 | ��� 512,298 | |
3,985,000 | Evergy Metro, Inc., Sr. Unsecd. Note, 4.200%, 3/15/2048 | 3,127,804 | |
7,551,000 | Exelon Corp., Sr. Unsecd. Note, 3.950%, 6/15/2025 | 7,366,901 | |
2,485,000 | Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052 | 1,901,117 | |
3,787,000 | Exelon Corp., Sr. Unsecd. Note, 4.450%, 4/15/2046 | 3,088,397 | |
2,302,000 | Exelon Corp., Sr. Unsecd. Note, 4.700%, 4/15/2050 | 1,949,044 | |
3,107,000 | FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049 | 2,516,515 | |
5,831,000 | Fortis, Inc. / Canada, Sr. Unsecd. Note, 3.055%, 10/4/2026 | 5,454,641 | |
5,400,000 | Gulf Power Co., Sr. Unsecd. Note, 4.550%, 10/1/2044 | 4,522,677 | |
7,759,000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | 7,430,949 | |
5,445,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 3.550%, 5/1/2027 | 5,157,272 | |
5,452,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.050%, 2/28/2033 | 5,274,336 | |
2,260,000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 6.051%, 3/1/2025 | 2,269,084 | |
5,000,000 | NiSource Finance Corp., Sr. Unsecd. Note, 3.950%, 3/30/2048 | 3,766,235 | |
2,410,000 | NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 5/15/2047 | 1,926,437 | |
1,520,000 | NiSource, Inc., Sr. Unsecd. Note, 5.250%, 3/30/2028 | 1,519,135 | |
7,742,000 | NiSource, Inc., Sr. Unsecd. Note, 5.400%, 6/30/2033 | 7,672,361 | |
250,000 | Northern States Power Co., MN, 7.125%, 7/1/2025 | 256,728 | |
7,430,000 | Public Service Enterprises Group, Inc., Sr. Unsecd. Note, 2.450%, 11/15/2031 | 5,985,262 | |
2,955,000 | Public Service Enterprises Group, Inc., Sr. Unsecd. Note, 2.875%, 6/15/2024 | 2,909,921 | |
3,040,000 | Puget Energy, Inc., Sec. Fac. Bond, 2.379%, 6/15/2028 | 2,642,399 | |
14,895,000 | Southern Co., Jr. Sub. Note, Series B, 4.000%, 1/15/2051 | 13,971,312 | |
1,450,000 | Southwestern Electric Power Co., Sr. Unsecd. Note, 6.200%, 3/15/2040 | 1,474,606 | |
3,805,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028 | 3,292,200 | |
1,440,000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027 | 1,442,241 | |
TOTAL | 223,244,906 | ||
Utility - Natural Gas— 0.3% | |||
2,827,000 | Enbridge Energy Partners LP, Sr. Unsecd. Note, 5.500%, 9/15/2040 | 2,603,296 | |
3,935,000 | Enbridge, Inc., Sr. Unsecd. Note, 6.700%, 11/15/2053 | 4,305,955 | |
3,945,000 | National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031 | 3,156,249 |
Principal Amount or Shares | Value in U.S. Dollars | ||
CORPORATE BONDS— continued | |||
Utility - Natural Gas— continued | |||
$ 2,870,000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.950%, 9/15/2027 | $ 2,669,290 | |
6,320,000 | National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026 | 6,314,143 | |
7,915,000 | Sempra Energy, Sr. Unsecd. Note, 3.700%, 4/1/2029 | 7,292,116 | |
1,160,000 | Sempra Energy, Sr. Unsecd. Note, 6.000%, 10/15/2039 | 1,157,565 | |
7,228,000 | Southern Natural Gas, Sr. Unsecd. Note, 144A, 4.800%, 3/15/2047 | 5,705,650 | |
135,000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | 137,087 | |
TOTAL | 33,341,351 | ||
Utility - Natural Gas Distributor— 0.0% | |||
1,765,000 | Southern Co. Gas Capital, Sr. Unsecd. Note, 3.950%, 10/1/2046 | 1,274,503 | |
1,973,000 | The East Ohio Gas Company, Sr. Unsecd. Note, 144A, 3.000%, 6/15/2050 | 1,179,049 | |
TOTAL | 2,453,552 | ||
TOTAL CORPORATE BONDS (IDENTIFIED COST $3,117,619,660) | 2,867,304,120 | ||
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 | 4,251,844 |
8,800,000 | Bank 2019-BN16, Class A4, 4.005%, 2/15/2052 | 8,110,032 | |
4,359,000 | Bank, Class A5, 3.390%, 6/15/2060 | 4,029,922 | |
8,890,000 | Benchmark Mortgage Trust 2018-B1, Class A5, 3.666%, 1/15/2051 | 8,157,333 | |
29,700,000 | Benchmark Mortgage Trust 2018-B4, Class A5, 4.121%, 7/15/2051 | 27,715,787 | |
4,075,000 | BMO Mortgage Trust 2023-C4, Class A2, 5.458%, 2/15/2056 | 4,090,073 | |
2,600,000 | CD Commercial Mortgage Trust 2016-CD1, Class A4, 2.724%, 8/10/2049 | 2,379,857 | |
4,100,000 | CD Commercial Mortgage Trust 2016-CD4, Class A4, 3.514%, 5/10/2050 | 3,777,407 | |
14,400,000 | JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049 | 13,225,664 | |
3,342,000 | Wells Fargo Commercial Mortgage Trust 2017-C38, Class A5, 3.453%, 7/15/2050 | 3,078,584 | |
TOTAL | 78,816,503 | ||
Federal Home Loan Mortgage Corporation REMIC— 0.0% | |||
17,502 | Federal Home Loan Mortgage Corp. REMIC, Series 3051, Class MY, 5.500%, 10/15/2025 | 17,393 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $87,622,791) | 78,833,896 | ||
COMMERCIAL MORTGAGE-BACKED SECURITY— 0.1% | |||
Agency Commercial Mortgage-Backed Securities— 0.1% | |||
11,890,000 | FREMF Mortgage Trust 2015-K49 REMIC, Class B, 3.848%, 10/25/2048 (IDENTIFIED COST $11,697,713) | 11,441,169 |
Principal Amount or Shares | Value in U.S. Dollars | ||
FOREIGN GOVERNMENTS/AGENCY— 0.0% | |||
Sovereign— 0.0% | |||
$ 2,150,000 | Poland, Government of, Sr. Unsecd. Note, 4.000%, 1/22/2024 (IDENTIFIED COST $2,153,329) | $ 2,143,361 | |
MORTGAGE-BACKED SECURITIES— 0.0% | |||
Federal Home Loan Mortgage Corporation— 0.0% | |||
194 | Federal Home Loan Mortgage Corp., Pool C00879, 8.000%, 10/1/2029 | 202 | |
53 | Federal Home Loan Mortgage Corp., Pool C41497, 7.500%, 9/1/2030 | 54 | |
97,830 | Federal Home Loan Mortgage Corp., Pool G01989, 6.000%, 12/1/2035 | 100,806 | |
11,052 | Federal Home Loan Mortgage Corp., Pool G03381, 5.500%, 9/1/2037 | 11,240 | |
273 | Federal Home Loan Mortgage Corp., Pool G03927, 5.500%, 1/1/2038 | 278 | |
110,006 | Federal Home Loan Mortgage Corp., Pool G08451, 4.500%, 6/1/2041 | 105,736 | |
2,102 | Federal Home Loan Mortgage Corp., Pool G14615, 4.500%, 9/1/2026 | 2,078 | |
2,785 | Federal Home Loan Mortgage Corp., Pool G14801, 3.000%, 6/1/2028 | 2,678 | |
3,249 | Federal Home Loan Mortgage Corp., Pool G18521, 3.500%, 8/1/2029 | 3,149 | |
2,702 | Federal Home Loan Mortgage Corp., Pool ZI5305, 5.500%, 10/1/2036 | 2,744 | |
39,779 | Federal Home Loan Mortgage Corp., Pool ZI5333, 5.500%, 10/1/2036 | 40,298 | |
1,057 | Federal Home Loan Mortgage Corp., Pool ZK1547, 4.500%, 5/1/2024 | 1,050 | |
4,294 | Federal Home Loan Mortgage Corp., Pool ZS1273, 6.000%, 1/1/2037 | 4,430 | |
TOTAL | 274,743 | ||
Federal National Mortgage Association— 0.0% | |||
820 | Federal National Mortgage Association, Pool 251286, 7.000%, 11/1/2027 | 842 | |
1,901 | Federal National Mortgage Association, Pool 252717, 7.500%, 9/1/2029 | 1,966 | |
2,255 | Federal National Mortgage Association, Pool 255225, 5.500%, 6/1/2034 | 2,281 | |
8,620 | Federal National Mortgage Association, Pool 255767, 5.500%, 6/1/2025 | 8,560 | |
11,730 | Federal National Mortgage Association, Pool 256233, 6.000%, 5/1/2036 | 12,087 | |
7,413 | Federal National Mortgage Association, Pool 257306, 5.500%, 8/1/2038 | 7,546 |
Principal Amount or Shares | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Federal National Mortgage Association— continued | |||
$ 169 | Federal National Mortgage Association, Pool 313458, 7.000%, 4/1/2027 | $ 173 | |
133 | Federal National Mortgage Association, Pool 349416, 7.500%, 8/1/2026 | 134 | |
951 | Federal National Mortgage Association, Pool 545137, 7.500%, 8/1/2031 | 990 | |
259 | Federal National Mortgage Association, Pool 555211, 7.000%, 8/1/2032 | 270 | |
880 | Federal National Mortgage Association, Pool 576245, 7.500%, 4/1/2031 | 925 | |
7 | Federal National Mortgage Association, Pool 577475, 7.500%, 4/1/2031 | 7 | |
11,864 | Federal National Mortgage Association, Pool 620613, 6.500%, 1/1/2032 | 12,189 | |
50,377 | Federal National Mortgage Association, Pool 725424, 5.500%, 4/1/2034 | 50,914 | |
6,853 | Federal National Mortgage Association, Pool 725948, 5.500%, 10/1/2034 | 6,934 | |
28,591 | Federal National Mortgage Association, Pool 735744, 6.000%, 8/1/2035 | 29,387 | |
6,770 | Federal National Mortgage Association, Pool 852523, 5.500%, 2/1/2036 | 6,878 | |
966 | Federal National Mortgage Association, Pool 866049, 5.500%, 3/1/2036 | 982 | |
21,343 | Federal National Mortgage Association, Pool 871234, 5.500%, 4/1/2036 | 21,649 | |
1,978 | Federal National Mortgage Association, Pool 885404, 6.000%, 6/1/2036 | 2,037 | |
2,808 | Federal National Mortgage Association, Pool 889187, 5.000%, 7/1/2033 | 2,762 | |
7,708 | Federal National Mortgage Association, Pool 906224, 5.500%, 1/1/2037 | 7,835 | |
48,574 | Federal National Mortgage Association, Pool 932639, 5.000%, 3/1/2040 | 48,287 | |
5,310 | Federal National Mortgage Association, Pool 934898, 4.500%, 7/1/2024 | 5,273 | |
1,420 | Federal National Mortgage Association, Pool 936523, 5.500%, 7/1/2037 | 1,445 | |
18,133 | Federal National Mortgage Association, Pool 962914, 5.000%, 5/1/2038 | 18,024 | |
3,417 | Federal National Mortgage Association, Pool 979899, 5.500%, 5/1/2038 | 3,483 | |
168,514 | Federal National Mortgage Association, Pool AB1048, 4.500%, 5/1/2040 | 162,033 |
Principal Amount or Shares | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Federal National Mortgage Association— continued | |||
$ 4,060 | Federal National Mortgage Association, Pool AB2275, 4.500%, 2/1/2041 | $ 3,899 | |
4,962 | Federal National Mortgage Association, Pool AB4297, 3.500%, 1/1/2042 | 4,523 | |
2,706 | Federal National Mortgage Association, Pool AC1889, 4.000%, 9/1/2039 | 2,556 | |
9,862 | Federal National Mortgage Association, Pool AC3668, 4.500%, 10/1/2039 | 9,490 | |
2,507 | Federal National Mortgage Association, Pool AD7127, 4.500%, 7/1/2040 | 2,412 | |
6,934 | Federal National Mortgage Association, Pool AD7134, 5.000%, 7/1/2040 | 6,895 | |
1,272 | Federal National Mortgage Association, Pool AD7793, 4.500%, 7/1/2040 | 1,222 | |
18,966 | Federal National Mortgage Association, Pool AH5583, 4.500%, 2/1/2041 | 18,215 | |
1,648 | Federal National Mortgage Association, Pool AH9719, 4.500%, 4/1/2041 | 1,582 | |
10,735 | Federal National Mortgage Association, Pool AI0845, 4.000%, 12/1/2041 | 10,081 | |
1,517 | Federal National Mortgage Association, Pool AJ1441, 3.500%, 9/1/2026 | 1,483 | |
17,670 | Federal National Mortgage Association, Pool AL1948, 4.000%, 1/1/2042 | 16,605 | |
7,311 | Federal National Mortgage Association, Pool AO8179, 3.500%, 9/1/2042 | 6,650 | |
1,791 | Federal National Mortgage Association, Pool AS0765, 3.500%, 10/1/2028 | 1,740 | |
6,889 | Federal National Mortgage Association, Pool AS6131, 3.500%, 11/1/2045 | 6,211 | |
4,765 | Federal National Mortgage Association, Pool AT5900, 3.000%, 6/1/2043 | 4,201 | |
10,714 | Federal National Mortgage Association, Pool AX2484, 3.500%, 10/1/2044 | 9,690 | |
10,060 | Federal National Mortgage Association, Pool AY8424, 3.500%, 8/1/2045 | 9,070 | |
92,690 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | 92,169 | |
221,732 | Federal National Mortgage Association, Pool MA0562, 4.500%, 11/1/2040 | 213,131 | |
5,497 | Federal National Mortgage Association, Pool MA0585, 4.500%, 11/1/2040 | 5,278 | |
179,495 | Federal National Mortgage Association, Pool MA0695, 4.000%, 4/1/2031 | 174,897 |
Principal Amount or Shares | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Federal National Mortgage Association— continued | |||
$ 3,214 | Federal National Mortgage Association, Pool MA0821, 4.500%, 8/1/2041 | $ 3,086 | |
3,704 | Federal National Mortgage Association, Pool MA0907, 4.000%, 11/1/2041 | 3,482 | |
14,704 | Federal National Mortgage Association, Pool MA1236, 3.500%, 11/1/2042 | 13,367 | |
TOTAL | 1,037,828 | ||
Government National Mortgage Association— 0.0% | |||
19 | Government National Mortgage Association, Pool 1716, 7.000%, 5/20/2024 | 19 | |
723 | Government National Mortgage Association, Pool 2630, 6.500%, 8/20/2028 | 735 | |
799 | Government National Mortgage Association, Pool 2631, 7.000%, 8/20/2028 | 819 | |
1,553 | Government National Mortgage Association, Pool 2658, 6.500%, 10/20/2028 | 1,579 | |
2,279 | Government National Mortgage Association, Pool 2698, 5.500%, 1/20/2029 | 2,278 | |
2,186 | Government National Mortgage Association, Pool 2701, 6.500%, 1/20/2029 | 2,224 | |
932 | Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029 | 957 | |
209 | Government National Mortgage Association, Pool 2853, 7.500%, 12/20/2029 | 215 | |
132 | Government National Mortgage Association, Pool 3039, 6.500%, 2/20/2031 | 135 | |
3,253 | Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032 | 3,343 | |
1,770 | Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032 | 1,823 | |
2,091 | Government National Mortgage Association, Pool 3261, 6.500%, 7/20/2032 | 2,155 | |
13,985 | Government National Mortgage Association, Pool 3320, 5.500%, 12/20/2032 | 14,085 | |
9,207 | Government National Mortgage Association, Pool 3333, 5.500%, 1/20/2033 | 9,272 | |
2,995 | Government National Mortgage Association, Pool 3375, 5.500%, 4/20/2033 | 3,017 | |
15,048 | Government National Mortgage Association, Pool 3390, 5.500%, 5/20/2033 | 15,163 | |
16,455 | Government National Mortgage Association, Pool 3403, 5.500%, 6/20/2033 | 16,586 | |
18,274 | Government National Mortgage Association, Pool 3458, 5.000%, 10/20/2033 | 18,032 |
Principal Amount or Shares | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES— continued | |||
Government National Mortgage Association— continued | |||
$ 6,882 | Government National Mortgage Association, Pool 3499, 5.000%, 1/20/2034 | $ 6,791 | |
7,562 | Government National Mortgage Association, Pool 3556, 5.500%, 5/20/2034 | 7,630 | |
15,109 | Government National Mortgage Association, Pool 3623, 5.000%, 10/20/2034 | 14,908 | |
79 | Government National Mortgage Association, Pool 366985, 4.500%, 6/15/2041 | 76 | |
363 | Government National Mortgage Association, Pool 373015, 8.000%, 6/15/2024 | 362 | |
1,069 | Government National Mortgage Association, Pool 412615, 7.500%, 6/15/2026 | 1,079 | |
60 | Government National Mortgage Association, Pool 432701, 8.000%, 6/15/2026 | 60 | |
19 | Government National Mortgage Association, Pool 446820, 8.000%, 8/15/2027 | 20 | |
372 | Government National Mortgage Association, Pool 455319, 7.000%, 10/15/2027 | 377 | |
28,187 | Government National Mortgage Association, Pool 456873, 6.500%, 5/15/2028 | 28,674 | |
491 | Government National Mortgage Association, Pool 460881, 7.000%, 7/15/2028 | 499 | |
71 | Government National Mortgage Association, Pool 468225, 6.500%, 9/15/2028 | 73 | |
44 | Government National Mortgage Association, Pool 471672, 7.000%, 4/15/2028 | 44 | |
122 | Government National Mortgage Association, Pool 506476, 7.000%, 4/15/2029 | 124 | |
2,850 | Government National Mortgage Association, Pool 510559, 7.000%, 10/15/2029 | 2,856 | |
2,183 | Government National Mortgage Association, Pool 541578, 5.000%, 6/15/2033 | 2,150 | |
1,371 | Government National Mortgage Association, Pool 544007, 6.500%, 3/15/2031 | 1,401 | |
100 | Government National Mortgage Association, Pool 571225, 6.500%, 10/15/2031 | 103 | |
638 | Government National Mortgage Association, Pool 591976, 5.000%, 4/15/2033 | 628 | |
1,814 | Government National Mortgage Association, Pool 603010, 5.000%, 6/15/2033 | 1,787 | |
6,841 | Government National Mortgage Association, Pool 605775, 6.000%, 11/15/2034 | 6,995 | |
13,412 | Government National Mortgage Association, Pool 605777, 6.000%, 12/15/2034 | 13,707 |
Principal Amount or Shares | Value in U.S. Dollars | ||
MORTGAGE-BACKED SECURITIES— ��continued | |||
Government National Mortgage Association— continued | |||
$ 14,690 | Government National Mortgage Association, Pool 615490, 4.500%, 8/15/2033 | $ 14,172 | |
1,009 | Government National Mortgage Association, Pool 633711, 6.000%, 9/15/2034 | 1,033 | |
5,249 | Government National Mortgage Association, Pool 643816, 6.000%, 7/15/2025 | 5,237 | |
196,710 | Government National Mortgage Association, Pool 644568, 5.500%, 8/15/2035 | 198,417 | |
33,322 | Government National Mortgage Association, Pool 650708, 5.500%, 1/15/2036 | 33,658 | |
47,028 | Government National Mortgage Association, Pool 652534, 5.500%, 4/15/2036 | 47,512 | |
4,360 | Government National Mortgage Association, Pool 704189, 5.500%, 1/15/2039 | 4,416 | |
3,229 | Government National Mortgage Association, Pool 780626, 7.000%, 8/15/2027 | 3,252 | |
6,313 | Government National Mortgage Association, Pool 782604, 5.500%, 3/15/2039 | 6,393 | |
6,041 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | 5,493 | |
1,754 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | 1,638 | |
TOTAL | 504,002 | ||
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $1,873,959) | 1,816,573 | ||
MUNICIPAL BOND— 0.0% | |||
Transportation Services— 0.0% | |||
390,000 | Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 (IDENTIFIED COST $414,839) | 393,035 | |
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) | 23,317 | |
2 | ADJUSTABLE RATE MORTGAGES— 0.0% | ||
Federal National Mortgage Association— 0.0% | |||
1,076 | Federal National Mortgage Association ARM, 5.010%, 1/1/2033 | 1,082 | |
Government National Mortgage Association— 0.0% | |||
61 | Government National Mortgage Association ARM, 2.750%, 10/20/2025 | 59 |
Principal Amount or Shares | Value in U.S. Dollars | ||
2 | ADJUSTABLE RATE MORTGAGES— continued | ||
Government National Mortgage Association— continued | |||
$ 786 | Government National Mortgage Association ARM, 4.000%, 5/20/2028 | $ 771 | |
TOTAL | 830 | ||
TOTAL ADJUSTABLE RATE MORTGAGES (IDENTIFIED COST $1,980) | 1,912 | ||
INVESTMENT COMPANIES— 43.5% | |||
17,315 | Bank Loan Core Fund | 150,814 | |
56,751,912 | Emerging Markets Core Fund | 453,447,781 | |
17,583,954 | Federated Hermes Government Obligations Fund, Premier Shares, 5.28%5 | 17,583,954 | |
116,444,233 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.45%5 | 116,479,166 | |
63,648,936 | High Yield Bond Core Fund | 344,340,743 | |
510,535,850 | Mortgage Core Fund | 4,145,551,102 | |
66,555,998 | Project and Trade Finance Core Fund | 585,027,224 | |
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $5,978,585,967) | 5,662,580,784 | ||
TOTAL INVESTMENT IN SECURITIES—99.6% (IDENTIFIED COST $13,590,838,500)6 | 12,964,145,180 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%7 | 52,940,781 | ||
TOTAL NET ASSETS—100% | $13,017,085,961 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized Appreciation (Depreciation) |
Long Futures: | ||||
United States Treasury Notes 2-Year Long Futures | 5,951 | $1,216,747,042 | March 2024 | $4,728,819 |
United States Treasury Notes 5-Year Long Futures | 10,943 | $1,169,276,654 | March 2024 | $6,131,921 |
United States Treasury Notes 10-Year Long Futures | 2,961 | $325,108,547 | March 2024 | $1,822,022 |
Short Futures: | ||||
United States Treasury Notes 10-Year Ultra Short Futures | 5,141 | $583,583,828 | March 2024 | $(4,186,465) |
United States Treasury Ultra Bond Short Futures | 3,696 | $454,608,000 | March 2024 | $(4,455,432) |
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | $4,040,865 |
Settlement Date | Counterparty | Foreign Currency Units to Deliver/Receive | In Exchange For | Net Unrealized Appreciation/ (Depreciation) | |
Contracts Purchased: | |||||
2/8/2024 | JPMorgan Chase Bank, N.A. | 8,237,124 | AUD | $5,360,167 | $93,560 |
2/8/2024 | HSBC Bank USA | 6,997,174 | AUD | 3,686,300 GBP | $92,302 |
2/8/2024 | State Street Bank & Trust Co. | 9,087,189 | CAD | $6,644,400 | $59,508 |
2/8/2024 | JPMorgan Chase Bank, N.A. | 9,139,007 | CAD | $6,644,400 | $97,736 |
2/8/2024 | State Street Bank & Trust Co. | 34,576,625 | EUR | $37,223,784 | $522,636 |
2/8/2024 | Credit Agricole | 5,550,853,663 | JPY | $37,570,000 | $268,997 |
2/8/2024 | Credit Agricole | 73,720,481 | NOK | $6,643,400 | $183,017 |
2/8/2024 | Morgan Stanley Capital | 9,271,865 | NZD | $5,530,000 | $180,889 |
2/8/2024 | HSBC Bank USA | 7,634,030 | NZD | 3,686,300 GBP | $171,670 |
Contracts Sold: | |||||
2/8/2024 | State Street Bank & Trust Co. | 8,146,202 | AUD | $5,360,167 | $(33,361) |
2/8/2024 | Bank Of America, N.A. | 18,127,917 | CAD | $13,288,800 | $(84,740) |
2/8/2024 | Credit Agricole | 17,288,313 | EUR | $18,811,413 | $(61,797) |
2/8/2024 | JPMorgan Chase Bank, N.A. | 8,645,156 | EUR | $9,523,745 | $86,049 |
2/8/2024 | HSBC Bank USA | 3,686,300 | GBP | 7,634,030 NZD | $(125,749) |
2/8/2024 | HSBC Bank USA | 3,686,300 | GBP | 6,997,174 AUD | $(115,699) |
2/8/2024 | Citibank N.A. | 36,182,431 | NOK | $3,321,700 | $(28,744) |
2/8/2024 | JPMorgan Chase Bank, N.A. | 35,306,293 | NOK | $3,321,700 | $52,385 |
2/8/2024 | State Street Bank & Trust Co. | 9,118,207 | NZD | $5,530,000 | $(86,245) |
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $1,272,414 |
Affiliates | Value as of 11/30/2022 | Purchases at Cost | Proceeds from Sales |
Bank Loan Core Fund | $137,224 | $13,429 | $— |
Emerging Markets Core Fund | $405,065,779 | $334,029,156 | $(295,840,000) |
Federated Hermes Government Obligations Fund, Premier Shares* | $3,416,931 | $5,464,013,061 | $(5,449,846,038) |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | $282,658,425 | $4,128,939,922 | $(4,295,219,838) |
High Yield Bond Core Fund | $287,857,288 | $75,385,000 | $(26,150,000) |
Mortgage Core Fund | $2,801,837,359 | $1,909,894,000 | $(428,000,000) |
Project and Trade Finance Core Fund | $398,072,678 | $202,110,631 | $(19,885,000) |
TOTAL OF AFFILIATED TRANSACTIONS | $4,179,045,684 | $12,114,385,199 | $(10,514,940,876) |
Change in Unrealized Appreciation/ Depreciation | Net Realized Gain/ (Loss) | Value as of 11/30/2023 | Shares Held as of 11/30/2023** | Dividend Income |
$161 | $— | $150,814 | 17,315 | $13,428 |
$16,127,016 | $(5,934,170) | $453,447,781 | 56,751,912 | $30,426,156 |
N/A | N/A | $17,583,954 | 17,583,954 | $5,729,861 |
$(46,657) | $147,314 | $116,479,166 | 116,444,233 | $6,034,806 |
$8,663,758 | $(1,415,303) | $344,340,743 | 63,648,936 | $22,179,262 |
$(81,348,747) | $(56,831,510) | $4,145,551,102 | 510,535,850 | $148,739,317 |
$7,136,518 | $(2,407,603) | $585,027,224 | 66,555,998 | $43,521,233 |
$(49,467,951) | $(66,441,272) | $5,662,580,784 | 831,538,198 | $256,644,063 |
* | All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions. |
** | At November 30, 2023, the Fund owned a majority of the outstanding shares of beneficial interest of each of Mortgage Core Fund, Emerging Markets Core Fund and Project and Trade Finance Core Fund. |
1 | All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts. |
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 | All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
4 | Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund’s Adviser acting through its Valuation Committee. |
5 | 7-day net yield. |
6 | The cost of investments for federal tax purposes amounts to $13,710,739,007. |
7 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of November 30, 2023, 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 | $— | $4,339,607,013 | $— | $4,339,607,013 |
Corporate Bonds | — | 2,867,289,520 | 14,600 | 2,867,304,120 |
Collateralized Mortgage Obligations | — | 78,833,896 | — | 78,833,896 |
Commercial Mortgage- Backed Security | — | 11,441,169 | — | 11,441,169 |
Foreign Governments/ Agency | — | 2,143,361 | — | 2,143,361 |
Mortgage-Backed Securities | — | 1,816,573 | — | 1,816,573 |
Municipal Bond | — | 393,035 | — | 393,035 |
Asset-Backed Security | — | 23,317 | — | 23,317 |
Adjustable Rate Mortgages | — | 1,912 | — | 1,912 |
Investment Companies1 | 5,077,553,560 | — | — | 5,662,580,784 |
TOTAL SECURITIES | $5,077,553,560 | $7,301,549,796 | $14,600 | $12,964,145,180 |
Other Financial Instruments: | ||||
Assets | ||||
Futures Contracts | $12,682,762 | $— | $— | $12,682,762 |
Foreign Exchange Contracts | — | 1,808,749 | — | 1,808,749 |
Liabilities | ||||
Futures Contracts | (8,641,897) | — | — | (8,641,897) |
Foreign Exchange Contracts | — | (536,335) | — | (536,335) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $4,040,865 | $1,272,414 | $— | $5,313,279 |
1 | As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $585,027,224 is measured at fair value using the net asset value (NAV) per share practical expedient and has not been categorized in the chart above but is included in the Total column. The amount included herein is intended to permit reconciliation of the fair value classifications to the amounts presented on the Statement of Assets and Liabilities. 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. |
The following acronym(s) are used throughout this portfolio: | ||
ARM | —Adjustable Rate Mortgage | |
AUD | —Australian Dollar | |
BKNT | —Bank Notes | |
CAD | —Canadian Dollar | |
EUR | —Euro | |
FREMF | —Freddie Mac Multifamily K-Deals | |
GBP | —British Pound | |
GMTN | —Global Medium Term Note | |
JPY | —Japanese Yen | |
LIBOR | —London Interbank Offered Rate | |
MTN | —Medium Term Note | |
NOK | —Norwegian Krone | |
NZD | —New Zealand Dollar | |
REIT | —Real Estate Investment Trust | |
REMIC | —Real Estate Mortgage Investment Conduit | |
SOFR | —Secured Overnight Financing Rate |
Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $9.57 | $11.28 | $11.73 | $11.06 | $10.36 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.32 | 0.25 | 0.26 | 0.26 | 0.32 |
Net realized and unrealized gain (loss) | (0.29) | (1.61) | (0.23) | 0.67 | 0.70 |
Total From Investment Operations | 0.03 | (1.36) | 0.03 | 0.93 | 1.02 |
Less Distributions: | |||||
Distributions from net investment income | (0.32) | (0.24) | (0.26) | (0.26) | (0.32) |
Distributions from net realized gain | — | (0.11) | (0.22) | — | — |
Total Distributions | (0.32) | (0.35) | (0.48) | (0.26) | (0.32) |
Net Asset Value, End of Period | $9.28 | $9.57 | $11.28 | $11.73 | $11.06 |
Total Return2 | 0.32% | (12.26)% | 0.32% | 8.47% | 9.95% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Net investment income | 3.37% | 2.40% | 2.30% | 2.31% | 2.95% |
Expense waiver/reimbursement4 | 0.05% | 0.05% | 0.05% | 0.05% | 0.06% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $189,451 | $159,323 | $195,599 | $201,349 | $171,858 |
Portfolio turnover5 | 72% | 107% | 68% | 88% | 43% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $9.57 | $11.28 | $11.73 | $11.06 | $10.36 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.27 | 0.19 | 0.21 | 0.21 | 0.27 |
Net realized and unrealized gain (loss) | (0.30) | (1.60) | (0.23) | 0.66 | 0.70 |
Total From Investment Operations | (0.03) | (1.41) | (0.02) | 0.87 | 0.97 |
Less Distributions: | |||||
Distributions from net investment income | (0.27) | (0.19) | (0.21) | (0.20) | (0.27) |
Distributions from net realized gain | — | (0.11) | (0.22) | — | — |
Total Distributions | (0.27) | (0.30) | (0.43) | (0.20) | (0.27) |
Net Asset Value, End of Period | $9.27 | $9.57 | $11.28 | $11.73 | $11.06 |
Total Return2 | (0.29)% | (12.70)% | (0.17)% | 7.93% | 9.40% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.42% | 1.42% | 1.42% | 1.43% | 1.43% |
Net investment income | 2.87% | 1.90% | 1.80% | 1.81% | 2.45% |
Expense waiver/reimbursement4 | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $36,647 | $28,179 | $41,098 | $52,265 | $47,994 |
Portfolio turnover5 | 72% | 107% | 68% | 88% | 43% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $9.57 | $11.28 | $11.73 | $11.06 | $10.36 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.30 | 0.23 | 0.24 | 0.24 | 0.30 |
Net realized and unrealized gain (loss) | (0.30) | (1.61) | (0.23) | 0.67 | 0.70 |
Total From Investment Operations | — | (1.38) | 0.01 | 0.91 | 1.00 |
Less Distributions: | |||||
Distributions from net investment income | (0.30) | (0.22) | (0.24) | (0.24) | (0.30) |
Distributions from net realized gain | — | (0.11) | (0.22) | — | — |
Total Distributions | (0.30) | (0.33) | (0.46) | (0.24) | (0.30) |
Net Asset Value, End of Period | $9.27 | $9.57 | $11.28 | $11.73 | $11.06 |
Total Return2 | 0.04% | (12.42)% | 0.14% | 8.27% | 9.77% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 1.10% | 1.11% | 1.11% | 1.11% | 1.09% |
Net investment income | 3.18% | 2.21% | 2.11% | 2.14% | 2.79% |
Expense waiver/reimbursement4 | 0.04% | 0.06% | 0.04% | 0.04% | 0.04% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $25,749 | $27,461 | $36,596 | $38,182 | $40,574 |
Portfolio turnover5 | 72% | 107% | 68% | 88% | 43% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $9.57 | $11.29 | $11.73 | $11.06 | $10.36 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.37 | 0.30 | 0.32 | 0.33 | 0.38 |
Net realized and unrealized gain (loss) | (0.29) | (1.61) | (0.21) | 0.66 | 0.70 |
Total From Investment Operations | 0.08 | (1.31) | 0.11 | 0.99 | 1.08 |
Less Distributions: | |||||
Distributions from net investment income | (0.37) | (0.30) | (0.33) | (0.32) | (0.38) |
Distributions from net realized gain | — | (0.11) | (0.22) | — | — |
Total Distributions | (0.37) | (0.41) | (0.55) | (0.32) | (0.38) |
Net Asset Value, End of Period | $9.28 | $9.57 | $11.29 | $11.73 | $11.06 |
Total Return2 | 0.87% | (11.86)% | 0.97% | 9.06% | 10.55% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Net investment income | 3.92% | 2.96% | 2.85% | 2.86% | 3.50% |
Expense waiver/reimbursement4 | 0.08% | 0.08% | 0.07% | 0.07% | 0.07% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $9,664,425 | $7,573,873 | $8,145,281 | $7,510,994 | $6,419,153 |
Portfolio turnover5 | 72% | 107% | 68% | 88% | 43% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $9.57 | $11.28 | $11.73 | $11.06 | $10.36 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.34 | 0.27 | 0.29 | 0.29 | 0.34 |
Net realized and unrealized gain (loss) | (0.29) | (1.60) | (0.23) | 0.66 | 0.71 |
Total From Investment Operations | 0.05 | (1.33) | 0.06 | 0.95 | 1.05 |
Less Distributions: | |||||
Distributions from net investment income | (0.34) | (0.27) | (0.29) | (0.28) | (0.35) |
Distributions from net realized gain | — | (0.11) | (0.22) | — | — |
Total Distributions | (0.34) | (0.38) | (0.51) | (0.28) | (0.35) |
Net Asset Value, End of Period | $9.28 | $9.57 | $11.28 | $11.73 | $11.06 |
Total Return2 | 0.57% | (12.04)% | 0.57% | 8.73% | 10.22% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Net investment income | 3.61% | 2.64% | 2.54% | 2.58% | 3.21% |
Expense waiver/reimbursement4 | 0.27% | 0.26% | 0.26% | 0.27% | 0.27% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $176,461 | $187,000 | $270,435 | $356,898 | $393,416 |
Portfolio turnover5 | 72% | 107% | 68% | 88% | 43% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Year Ended November 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $9.56 | $11.28 | $11.73 | $11.06 | $10.36 |
Income From Investment Operations: | |||||
Net investment income (loss)1 | 0.37 | 0.30 | 0.32 | 0.33 | 0.38 |
Net realized and unrealized gain (loss) | (0.29) | (1.61) | (0.22) | 0.66 | 0.70 |
Total From Investment Operations | 0.08 | (1.31) | 0.10 | 0.99 | 1.08 |
Less Distributions: | |||||
Distributions from net investment income | (0.37) | (0.30) | (0.33) | (0.32) | (0.38) |
Distributions from net realized gain | — | (0.11) | (0.22) | — | — |
Total Distributions | (0.37) | (0.41) | (0.55) | (0.32) | (0.38) |
Net Asset Value, End of Period | $9.27 | $9.56 | $11.28 | $11.73 | $11.06 |
Total Return2 | 0.88% | (11.86)% | 0.89% | 9.07% | 10.56% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% |
Net investment income | 3.93% | 2.97% | 2.85% | 2.87% | 3.50% |
Expense waiver/reimbursement4 | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,924,352 | $2,286,594 | $2,512,951 | $1,924,055 | $1,498,931 |
Portfolio turnover5 | 72% | 107% | 68% | 88% | 43% |
1 | Per share number has been calculated using the average shares method. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
5 | Securities that mature are considered sales for purposes of this calculation. |
Assets: | |
Investment in securities, at value including $17,154,405 of securities loaned and $5,662,580,784 of investments in affiliated holdings* (identified cost $13,590,838,500, including $5,978,585,967 of identified cost in affiliated holdings) | $12,964,145,180 |
Income receivable | 70,991,691 |
Income receivable from affiliated holdings | 25,274,916 |
Receivable for shares sold | 30,940,610 |
Unrealized appreciation on foreign exchange contracts | 1,808,749 |
Receivable for variation margin on futures contracts | 1,289,964 |
Total Assets | 13,094,451,110 |
Liabilities: | |
Payable for investments purchased | 6,524,614 |
Payable for shares redeemed | 41,278,043 |
Unrealized depreciation on foreign exchange contracts | 536,335 |
Payable to bank | 1,871,550 |
Payable for collateral due to broker for securities lending (Note 2) | 17,583,954 |
Income distribution payable | 7,975,065 |
Payable for investment adviser fee (Note 5) | 87,824 |
Payable for administrative fee (Note 5) | 27,783 |
Payable for distribution services fee (Note 5) | 78,180 |
Payable for other service fees (Notes 2 and 5) | 82,893 |
Accrued expenses (Note 5) | 1,318,908 |
Total Liabilities | 77,365,149 |
Net assets for 1,403,450,763 shares outstanding | $13,017,085,961 |
Net Assets Consist of: | |
Paid-in capital | $14,755,757,429 |
Total distributable earnings (loss) | (1,738,671,468) |
Total Net Assets | $13,017,085,961 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Class A Shares: | |
Net asset value per share ($189,451,448 ÷ 20,425,067 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized | $9.28 |
Offering price per share (100/95.50 of $9.28) | $9.72 |
Redemption proceeds per share | $9.28 |
Class C Shares: | |
Net asset value per share ($36,647,192 ÷ 3,951,475 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized | $9.27 |
Offering price per share | $9.27 |
Redemption proceeds per share (99.00/100 of $9.27) | $9.18 |
Class R Shares: | |
Net asset value per share ($25,748,916 ÷ 2,776,503 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized | $9.27 |
Offering price per share | $9.27 |
Redemption proceeds per share | $9.27 |
Institutional Shares: | |
Net asset value per share ($9,664,424,739 ÷ 1,041,868,339 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized | $9.28 |
Offering price per share | $9.28 |
Redemption proceeds per share | $9.28 |
Service Shares: | |
Net asset value per share ($176,461,210 ÷ 19,024,563 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized | $9.28 |
Offering price per share | $9.28 |
Redemption proceeds per share | $9.28 |
Class R6 Shares: | |
Net asset value per share ($2,924,352,456 ÷ 315,404,816 shares outstanding), $0.001 par value, 1,000,000,000 shares authorized | $9.27 |
Offering price per share | $9.27 |
Redemption proceeds per share | $9.27 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |
Interest | $269,332,132 |
Dividends received from affiliated holdings* | 250,914,202 |
Net income on securities loaned (includes $5,729,861 earned from affiliated holdings related to cash collateral balances*) (Note 2) | 1,289,832 |
TOTAL INCOME | 521,536,166 |
Expenses: | |
Investment adviser fee (Note 5) | 36,016,723 |
Administrative fee (Note 5) | 9,480,670 |
Custodian fees | 333,926 |
Transfer agent fees (Note 2) | 6,300,611 |
Directors’/Trustees’ fees (Note 5) | 60,140 |
Auditing fees | 36,423 |
Legal fees | 12,230 |
Portfolio accounting fees | 287,514 |
Distribution services fee (Note 5) | 1,291,978 |
Other service fees (Notes 2 and 5) | 990,529 |
Share registration costs | 804,266 |
Printing and postage | 432,411 |
Miscellaneous (Note 5) | 77,976 |
TOTAL EXPENSES | 56,125,397 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (4,354,072) |
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (4,419,405) |
TOTAL WAIVERS AND REIMBURSEMENTS | (8,773,477) |
Net expenses | 47,351,920 |
Net investment income | 474,184,246 |
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Foreign Exchange Contracts, Futures Contracts and Written Options: | |
Net realized loss on investments (including net realized loss of $(66,441,272) on sales of investments in affiliated holdings*) | $(310,035,539) |
Net realized loss on foreign currency transactions | (1,355,424) |
Net realized gain on foreign exchange contracts | 1,134,943 |
Net realized loss on futures contracts | (47,193,629) |
Net realized gain on written options | 3,701,590 |
Net change in unrealized depreciation of investments (including net change in unrealized depreciation of $(49,467,951) on investments in affiliated holdings*) | (59,039,242) |
Net change in unrealized appreciation/depreciation of translation of assets and liabilities in foreign currency | (43,685) |
Net change in unrealized depreciation of foreign exchange contracts | 1,395,568 |
Net change in unrealized depreciation of futures contracts | 6,747,293 |
Net change in unrealized depreciation of written options | 263,220 |
Net realized and unrealized gain (loss) on investments, foreign currency transactions, foreign exchange contracts, futures contracts and written options | (404,424,905) |
Change in net assets resulting from operations | $69,759,341 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended November 30 | 2023 | 2022 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $474,184,246 | $301,235,258 |
Net realized gain (loss) | (353,748,059) | (699,978,513) |
Net change in unrealized appreciation/depreciation | (50,676,846) | (930,181,228) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 69,759,341 | (1,328,924,483) |
Distributions to Shareholders: | ||
Class A Shares | (5,909,388) | (5,963,077) |
Class B Shares1 | (6,348) | (60,196) |
Class C Shares | (961,335) | (1,003,417) |
Class R Shares | (850,145) | (1,015,697) |
Institutional Shares | (357,909,694) | (295,462,769) |
Service Shares | (6,894,329) | (8,486,631) |
Class R6 Shares | (104,390,095) | (93,420,096) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (476,921,334) | (405,411,883) |
Share Transactions: | ||
Proceeds from sale of shares | 6,633,288,158 | 4,684,522,883 |
Net asset value of shares issued to shareholders in payment of distributions declared | 382,940,420 | 315,580,826 |
Cost of shares redeemed | (3,855,632,348) | (4,206,761,713) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 3,160,596,230 | 793,341,996 |
Change in net assets | 2,753,434,237 | (940,994,370) |
Net Assets: | ||
Beginning of period | 10,263,651,724 | 11,204,646,094 |
End of period | $13,017,085,961 | $10,263,651,724 |
1 | On February 3, 2023, Class B Shares were converted into Class A Shares. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $146,264 | $(24,625) |
Class B Shares | 646 | (344) |
Class C Shares | 22,322 | — |
Class R Shares | 64,978 | — |
Institutional Shares | 5,721,204 | (3,957,008) |
Service Shares | 96,546 | (58,517) |
Class R6 Shares | 248,651 | — |
TOTAL | $6,300,611 | $(4,040,494) |
Other Service Fees Incurred | |
Class A Shares | $434,791 |
Class B Shares | 544 |
Class C Shares | 82,951 |
Service Shares | 472,243 |
TOTAL | $990,529 |
Fair Value of Securities Loaned | Collateral Received |
$17,154,405 | $17,583,954 |
Fair Value of Derivative Instruments | ||||
Assets | Liabilities | |||
Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||||
Interest rate contracts | Receivable for variation margin on futures contracts | $4,040,865* | $— | |
Foreign exchange contracts | Unrealized appreciation on foreign exchange contracts | 1,808,749 | Unrealized depreciation on foreign exchange contracts | 536,335 |
Total derivatives not accounted for as hedging instruments under ASC Topic 815 | $5,849,614 | $536,335 |
* | Includes cumulative net appreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |||||
Futures Contracts | Foreign Exchange Contracts | Purchased Options Contracts1 | Written Options Contracts | Total | |
Interest rate contracts | $(47,193,629) | $— | $— | $— | $(47,193,629) |
Foreign exchange contracts | — | 1,134,943 | (2,572,318) | 3,701,590 | 2,264,215 |
TOTAL | $(47,193,629) | $1,134,943 | $(2,572,318) | $3,701,590 | $(44,929,414) |
1 | The net realized loss on Purchased Options Contracts is found within the Net realized loss on investments on the Statement of Operations. |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||
Futures Contracts | Foreign Exchange Contracts | Written Options Contracts | Total | |
Interest rate contracts | $6,747,293 | $— | $— | $6,747,293 |
Foreign exchange contracts | — | 1,395,568 | 263,220 | 1,658,788 |
TOTAL | $6,747,293 | $1,395,568 | $263,220 | $8,406,081 |
Gross Amounts Not Offset In the Statement of Assets and Liabilities | ||||||||
Transaction | Gross Asset Derivatives Presented In Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount | ||||
Foreign Exchange Contracts | $1,808,749 | $(422,851) | $— | $1,385,898 | ||||
TOTAL | $1,808,749 | $(422,851) | $— | $1,385,898 |
Transaction | Gross Liability Derivatives Presented In Statement of Assets and Liabilities | Financial Instrument | Collateral Received | Net Amount |
Foreign Exchange Contracts | $536,335 | $(422,851) | $— | $113,484 |
TOTAL | $536,335 | $(422,851) | $— | $113,484 |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,124,247 | $94,848,080 | 3,984,993 | $40,056,595 |
Shares issued to shareholders in payment of distributions declared | 587,642 | 5,524,420 | 534,281 | 5,568,358 |
Conversion of Class B Shares to Class A Shares1 | 121,110 | 1,178,400 | — | — |
Shares redeemed | (7,063,109) | (66,416,252) | (5,198,265) | (52,643,466) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 3,769,890 | $35,134,648 | (678,991) | $(7,018,513) |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,746 | $17,052 | 233 | $2,348 |
Shares issued to shareholders in payment of distributions declared | 616 | 5,901 | 5,654 | 59,798 |
Conversion of Class B Shares to Class A Shares1 | (121,192) | (1,178,400) | — | — |
Shares redeemed | (8,996) | (86,274) | (116,189) | (1,172,512) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (127,826) | $(1,241,721) | (110,302) | $(1,110,366) |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,985,116 | $18,802,631 | 610,611 | $6,129,819 |
Shares issued to shareholders in payment of distributions declared | 100,288 | 941,514 | 93,698 | 983,295 |
Shares redeemed | (1,079,919) | (10,153,744) | (1,400,730) | (14,259,925) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 1,005,485 | $9,590,401 | (696,421) | $(7,146,811) |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 560,975 | $5,302,267 | 635,843 | $6,456,611 |
Shares issued to shareholders in payment of distributions declared | 89,908 | 845,675 | 96,809 | 1,011,376 |
Shares redeemed | (745,294) | (7,072,901) | (1,104,805) | (11,326,182) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | (94,411) | $(924,959) | (372,153) | $(3,858,195) |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 538,297,637 | $5,092,043,202 | 369,751,704 | $3,712,635,490 |
Shares issued to shareholders in payment of distributions declared | 32,725,574 | 307,393,029 | 23,776,620 | 246,520,829 |
Shares redeemed | (320,822,574) | (3,000,026,442) | (323,616,756) | (3,271,675,643) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 250,200,637 | $2,399,409,789 | 69,911,568 | $687,480,676 |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,627,956 | $52,982,087 | 4,390,855 | $44,849,647 |
Shares issued to shareholders in payment of distributions declared | 699,070 | 6,575,976 | 665,575 | 6,914,121 |
Shares redeemed | (6,849,938) | (64,268,793) | (9,474,189) | (95,643,432) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (522,912) | $(4,710,730) | (4,417,759) | $(43,879,664) |
Year Ended 11/30/2023 | Year Ended 11/30/2022 | |||
Class R6 Shares: | Shares | Amount | Shares | Amount |
Shares sold | 144,895,284 | $1,368,114,439 | 86,955,311 | $874,392,373 |
Shares issued to shareholders in payment of distributions declared | 6,563,485 | 61,653,905 | 5,262,101 | 54,523,049 |
Shares redeemed | (75,162,329) | (706,429,542) | (75,875,657) | (760,040,553) |
NET CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS | 76,296,440 | $723,338,802 | 16,341,755 | $168,874,869 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 330,527,303 | $3,160,596,230 | 79,977,697 | $793,341,996 |
1 | On February 3, 2023, Class B Shares were converted into Class A Shares. Within the Statement of Changes in Net Assets, the conversion from Class B Shares is within the Cost of shares redeemed and the conversion to Class A Shares is within Proceeds from sale of shares. |
2023 | 2022 | |
Ordinary income1 | $476,921,334 | $326,394,080 |
Long-term capital gains | $— | $79,017,803 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income | $419,988 |
Net unrealized depreciation | $(746,593,827) |
Capital loss carryforwards | $(992,365,062) |
Other temporary differences | $(132,567) |
TOTAL | $(1,738,671,468) |
Short-Term | Long-Term | Total |
$605,374,498 | $386,990,564 | $992,365,062 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class A Shares | 0.25% |
Class C Shares | 0.75% |
Class R Shares | 0.50% |
Service Shares | 0.25% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $435,571 | $— |
Class B Shares | 1,633 | — |
Class C Shares | 248,966 | — |
Class R Shares | 132,170 | — |
Service Shares | 473,638 | (378,911) |
TOTAL | $1,291,978 | $(378,911) |
Purchases | $3,730,865,767 |
Sales | $1,094,286,215 |
January 23, 2024
Beginning Account Value 6/1/2023 | Ending Account Value 11/30/2023 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000 | $989.80 | $4.59 |
Class C Shares | $1,000 | $986.20 | $7.07 |
Class R Shares | $1,000 | $987.90 | $5.43 |
Institutional Shares | $1,000 | $992.50 | $1.85 |
Service Shares | $1,000 | $991.00 | $3.34 |
Class R6 Shares | $1,000 | $991.50 | $1.80 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000 | $1,020.46 | $4.66 |
Class C Shares | $1,000 | $1,017.95 | $7.18 |
Class R Shares | $1,000 | $1,019.60 | $5.52 |
Institutional Shares | $1,000 | $1,023.21 | $1.88 |
Service Shares | $1,000 | $1,021.71 | $3.40 |
Class R6 Shares | $1,000 | $1,023.26 | $1.83 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.92% |
Class C Shares | 1.42% |
Class R Shares | 1.09% |
Institutional Shares | 0.37% |
Service Shares | 0.67% |
Class R6 Shares | 0.36% |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Director Indefinite Term Began serving: March 1995 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
John B. Fisher* Birth Date: May 16, 1956 Director Indefinite Term Began serving: May 2016 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of certain of the Funds in the Federated Hermes Fund Family; Director and Vice President, Federated Hermes, Inc.; President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, and Federated MDTA LLC; Director, Federated Investors Trust Company. Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and CEO of Passport Research, Ltd.; Director and President, Technology, Federated Services Company. |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Director Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee and Chair of the Board of Directors or Trustees of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Member of the Compensation Committee, Equifax, Inc.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Maureen Lally-Green Birth Date: July 5, 1949 Director Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Emerita, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (natural gas). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as Director of the Office of Church Relations and later as Associate General Secretary for the Diocese of Pittsburgh, a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania and previously served on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green was then appointed by the Supreme Court of Pennsylvania and currently serves on the Judicial Ethics Advisory Board. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director, CNX Resources Corporation (natural gas). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, Saint Vincent College; Director and Chair, North Catholic High School, Inc.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Director Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee and Chair of the Audit Committee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
Madelyn A. Reilly Birth Date: February 2, 1956 Director Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors and Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy Hospital, and as a member of the Board of Directors of Catholic Charities, Pittsburgh. |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Director Indefinite Term Began serving: October 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Director Indefinite Term Began serving: March 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Corporation Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Robert J. Ostrowski Birth Date: April 26, 1963 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Robert J. Ostrowski joined Federated Hermes, Inc. in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of Federated Hermes’ taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund’s Adviser in 2009 and served as a Senior Vice President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31428Q796
CUSIP 31428Q770
CUSIP 31428Q101
CUSIP 31428Q507
CUSIP 31428Q739
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: Thomas M. O'Neill and John S. Walsh.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 – $112,918
Fiscal year ended 2022 - $107,887
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 - $0
Fiscal year ended 2022 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 - $0
Fiscal year ended 2022 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 - $0
Fiscal year ended 2022 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2023 – 0%
Fiscal year ended 2022 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2023 – 0%
Fiscal year ended 2022 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2023 – 0%
Fiscal year ended 2022 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
Fiscal year ended 2023 - $284,241
Fiscal year ended 2022 - $199,256
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Total Return Series, Inc.
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date January 23, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date January 23, 2024
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date January 23, 2024