NPORT-EX 2 poi_fhmdtbalanced.htm POI - FEDERATED HERMES MDT BALANCED FUND EDGAR HTML
Federated Hermes MDT Balanced Fund
Portfolio of Investments
October 31, 2022 (unaudited)  
Shares or
Principal
Amount
 
 
Value
          
 
COMMON STOCKS—49.9%
 
 
 
Communication Services—3.0%
 
5,324
1
Alphabet, Inc., Class A
$    503,171
83,798
1
Altice USA, Inc.
    553,905
21,112
1
Cars.com, Inc.
    293,035
4,027
 
Comcast Corp., Class A
    127,817
6,754
 
Lumen Technologies, Inc.
     49,709
21,701
1
Meta Platforms, Inc.
  2,021,665
1,905
1
Netflix, Inc.
    556,031
14,200
1
Spotify Technology SA
  1,144,236
3,690
 
Walt Disney Co.
    393,133
 
 
TOTAL
5,642,702
 
 
Consumer Discretionary—5.5%
 
1,947
1
1-800-FLOWERS.COM, Inc.
     14,194
7,491
 
American Eagle Outfitters, Inc.
     85,098
171
1
AutoZone, Inc.
    433,123
23,510
1
Bright Horizons Family Solutions, Inc.
  1,535,673
25,609
1
Chegg, Inc.
    552,386
17,851
 
eBay, Inc.
    711,184
20,495
1
Expedia Group, Inc.
  1,915,668
22,641
 
Ford Motor Co.
    302,710
67,493
 
Gap (The), Inc.
    760,646
340
 
Garmin Ltd.
     29,934
15,297
1
Goodyear Tire & Rubber Co.
    194,272
3,815
1,2
Groupon, Inc.
     28,117
34,945
 
Macy’s, Inc.
    728,603
1,047
1
Mohawk Industries, Inc.
     99,203
2,780
 
Nike, Inc., Class B
    257,650
4,619
 
Nordstrom, Inc.
     93,950
15,600
 
PVH Corp.
    800,592
182
1
Ulta Beauty, Inc.
     76,325
12,680
1
Under Armour, Inc., Class A
     94,466
53,069
 
V.F. Corp.
  1,499,199
5,036
1
YETI Holdings, Inc.
    161,555
 
 
TOTAL
10,374,548
 
 
Consumer Staples—3.0%
 
11,638
 
Albertsons Cos., Inc.
    238,695
271
 
Coca-Cola Bottling Co.
    131,980
663
 
Costco Wholesale Corp.
    332,494
20,502
1
Hain Celestial Group, Inc.
    383,592
8,289
 
Hershey Foods Corp.
  1,979,165
24,606
 
Kroger Co.
  1,163,618
694
 
Lamb Weston Holdings, Inc.
     59,837
6,270
 
PepsiCo, Inc.
  1,138,507
273
1
The Boston Beer Co., Inc., Class A
    101,908
 
 
TOTAL
5,529,796
1
Shares or
Principal
Amount
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Energy—3.0%
 
465
 
Cheniere Energy, Inc.
$     82,031
2,390
 
Chevron Corp.
    432,351
1,616
 
ConocoPhillips
    203,761
591
 
Diamondback Energy, Inc.
     92,852
6,324
 
Exxon Mobil Corp.
    700,762
21,158
 
Marathon Oil Corp.
    644,261
17,142
 
Marathon Petroleum Corp.
  1,947,674
9,885
 
Occidental Petroleum Corp.
    717,651
598
 
PBF Energy, Inc.
     26,461
306
 
Phillips 66
     31,913
8,933
 
Targa Resources, Inc.
    610,749
1,421
 
Valero Energy Corp.
    178,407
 
 
TOTAL
5,668,873
 
 
Financials—6.3%
 
19,745
 
Bank of New York Mellon Corp.
    831,462
18,942
 
Berkley, W. R. Corp.
  1,408,906
2,935
 
Bread Financial Holdings, Inc.
    105,983
3,891
 
Carlyle Group LP/The
    110,037
1,206
 
Cboe Global Markets, Inc.
    150,147
2,089
 
Chubb Ltd.
    448,905
2,588
 
First Republic Bank
    310,819
9,581
1
Green Dot Corp.
    182,326
15,952
 
Huntington Bancshares, Inc.
    242,151
9,463
 
Interactive Brokers Group, Inc., Class A
    758,459
1,061
1
LendingTree, Inc.
     26,769
4,130
 
MarketAxess Holdings, Inc.
  1,007,885
12,597
 
NASDAQ, Inc.
    784,037
11,430
 
Northern Trust Corp.
    964,121
1,477
1
PROG Holdings, Inc.
     24,400
813
 
Progressive Corp., OH
    104,389
16,500
 
Rithm Capital Corp.
    139,095
683
 
State Street Corp.
     50,542
2,807
 
SVB Financial Group
    648,305
6,228
 
T. Rowe Price Group, Inc.
    661,165
439
 
The Hartford Financial Services Group, Inc.
     31,788
9,663
 
The Travelers Cos., Inc.
  1,782,437
337
1
Triumph Bancorp, Inc.
     17,356
33,023
 
Virtu Financial, Inc.
    739,055
5,580
 
Zions Bancorporation, N.A.
    289,825
 
 
TOTAL
11,820,364
 
 
Health Care—7.7%
 
2,938
 
AbbVie, Inc.
    430,123
2,247
1
Agios Pharmaceuticals, Inc.
     61,882
9,253
1
Align Technology, Inc.
  1,797,858
3,826
 
Amgen, Inc.
  1,034,359
7,913
1
AnaptysBio, Inc.
    228,290
1,554
1
Biogen, Inc.
    440,466
8,706
 
Bristol-Myers Squibb Co.
    674,454
2,567
1
Centene Corp.
    218,529
252
1
Charles River Laboratories International, Inc.
     53,487
2
Shares or
Principal
Amount
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
308
 
CIGNA Corp.
$     99,502
15,524
1
Community Health Systems, Inc.
     44,554
5,679
 
CVS Health Corp.
    537,801
3,781
 
Dentsply Sirona, Inc.
    116,530
51,357
1
Elanco Animal Health, Inc.
    677,399
160
 
Elevance Health, Inc.
     87,483
3,103
 
Eli Lilly & Co.
  1,123,565
1,242
1
Emergent BioSolutions, Inc.
     25,908
13,008
1
Enovis Corp.
    643,246
11,951
 
Gilead Sciences, Inc.
    937,675
258
 
Humana, Inc.
    143,985
1,078
 
McKesson Corp.
    419,741
10,675
 
Merck & Co., Inc.
  1,080,310
174
1
Molina Healthcare, Inc.
     62,442
7,854
1
Myriad Genetics, Inc.
    162,892
17,237
1
Nevro Corp.
    660,867
2,990
1
Omnicell, Inc.
    231,187
9,915
 
Pfizer, Inc.
    461,543
91
1
Regeneron Pharmaceuticals, Inc.
     68,136
3,418
 
Teleflex, Inc.
    733,366
256
1
United Therapeutics Corp.
     59,016
951
 
UnitedHealth Group, Inc.
    527,948
1,505
1
Vertex Pharmaceuticals, Inc.
    469,560
 
 
TOTAL
14,314,104
 
 
Industrials—3.9%
 
234
 
3M Co.
     29,435
1,710
 
AGCO Corp.
    212,331
1,315
1
Alaska Air Group, Inc.
     58,465
5,115
 
Allegion PLC
    535,899
7,124
1
CIRCOR International, Inc.
    147,253
171
 
Equifax, Inc.
     28,991
3,539
 
Expeditors International Washington, Inc.
    346,291
8,282
1
Generac Holdings, Inc.
    959,967
898
 
General Electric Co.
     69,873
2,507
1
KAR Auction Services, Inc.
     36,427
2,523
 
Lennox International, Inc.
    589,297
1,342
 
Manpower, Inc.
    105,132
19,230
 
Pentair PLC
    825,928
10,000
 
Pitney Bowes, Inc.
     31,100
6,604
 
Robert Half International, Inc.
    504,942
4,737
 
Ryder System, Inc.
    381,376
1,398
1
SkyWest, Inc.
     24,717
7,730
1
SPX Corp.
    508,943
1,034
 
Trane Technologies PLC
    165,057
6,116
1
Trex Co., Inc.
    294,118
1,458
1
TriNet Group, Inc.
     94,741
3,954
 
Waste Management, Inc.
    626,195
3,385
1
Willscot Corp.
    143,964
11,425
1
XPO Logistics, Inc.
    591,130
 
 
TOTAL
7,311,572
3
Shares or
Principal
Amount
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Information Technology—11.8%
 
5,352
1
Adobe, Inc.
$  1,704,612
19,662
 
Apple, Inc.
  3,014,971
5,553
1
Arista Networks, Inc.
    671,136
1,560
 
Automatic Data Processing, Inc.
    377,052
2,290
1
Box, Inc.
     66,524
3,677
1
Cerence, Inc.
     63,244
4,701
1
Cirrus Logic, Inc.
    315,531
2,925
 
Cognex Corp.
    135,223
2,931
1
Commvault Systems, Inc.
    178,469
22,873
 
Dell Technologies, Inc.
    878,323
8,038
1
DocuSign, Inc.
    388,235
14,042
1
DXC Technology Co.
    403,707
14,151
 
Hewlett Packard Enterprise Co.
    201,935
14,878
1
IPG Photonics Corp.
  1,274,449
1,416
1
LiveRamp Holdings, Inc.
     25,998
7,704
 
Microsoft Corp.
  1,788,329
10,377
 
Paychex, Inc.
  1,227,703
27,634
1
PayPal Holdings, Inc.
  2,309,650
18,478
 
Pegasystems, Inc.
    687,566
30,666
1
Pure Storage, Inc.
    946,353
12,035
1
Qorvo, Inc.
  1,035,973
42,024
1
Semtech Corp.
  1,163,645
9,366
 
Skyworks Solutions, Inc.
    805,570
1,376
 
Universal Display Corp.
    131,023
8,203
 
Vishay Intertechnology, Inc.
    171,525
31,056
 
Western Union Co.
    419,567
9,197
 
Xerox Holdings Corp.
    134,552
18,894
1
Zoom Video Communications, Inc.
  1,576,515
 
 
TOTAL
22,097,380
 
 
Materials—1.3%
 
5,540
 
Alcoa Corp.
    216,226
7,915
1
Berry Global Group, Inc.
    374,538
2,647
 
CF Industries Holdings, Inc.
    281,270
7,013
 
Mosaic Co./The
    376,949
10,836
 
Newmont Corp.
    458,580
2,725
 
Nucor Corp.
    358,010
2,962
 
Steel Dynamics, Inc.
    278,576
5,688
 
United States Steel Corp.
    115,808
 
 
TOTAL
2,459,957
 
 
Real Estate—3.1%
 
6,600
 
American Homes 4 Rent
    210,804
1,300
 
American Tower Corp.
    269,347
14,500
 
Brixmor Property Group, Inc.
    308,995
4,309
1
Cushman & Wakefield PLC
     49,769
2,200
 
EastGroup Properties, Inc.
    344,718
7,700
 
EPR PPTYS
    297,220
4,400
 
Equity Residential Properties Trust
    277,288
1,400
 
Extra Space Storage, Inc.
    248,416
5,700
 
Gaming and Leisure Properties, Inc.
    285,684
6,600
 
Invitation Homes, Inc.
    209,154
4
Shares or
Principal
Amount
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Real Estate—continued
 
14,500
 
Kimco Realty Corp.
$    310,010
9,000
 
Kite Realty Group Trust
    176,760
6,300
 
National Retail Properties, Inc.
    264,789
7,500
 
Pebblebrook Hotel Trust
    120,300
1,250
 
Public Storage
    387,188
6,500
 
Rexford Industrial Realty, Inc.
    359,320
2,900
 
Ryman Hospitality Properties
    257,868
20,000
 
Sunstone Hotel Investors, Inc.
    223,000
9,100
 
UDR, Inc.
    361,816
12,900
 
VICI Properties, Inc.
    413,058
2,100
 
Welltower, Inc.
    128,184
11,139
1
Zillow Group, Inc.
    344,529
 
 
TOTAL
5,848,217
 
 
Utilities—1.3%
 
21,879
 
Exelon Corp.
    844,311
16,821
 
NRG Energy, Inc.
    746,852
1,149
 
Vistra Corp.
     26,392
7,796
 
WEC Energy Group, Inc.
    712,009
 
 
TOTAL
2,329,564
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $88,554,153)
93,397,077
 
 
U.S. TREASURIES—10.0%
 
 
 
U.S. Treasury Bond—1.5%
 
$   610,000
 
United States Treasury Bond, 1.875%, 11/15/2051
    373,225
 1,200,000
 
United States Treasury Bond, 2.000%, 8/15/2051
    759,368
   880,000
 
United States Treasury Bond, 2.250%, 2/15/2052
    592,800
   775,000
 
United States Treasury Bond, 2.875%, 5/15/2052
    603,942
   375,000
 
United States Treasury Bond, 3.000%, 8/15/2052
    301,421
    50,000
 
United States Treasury Bond, 3.250%, 5/15/2042
     42,384
   225,000
 
United States Treasury Bond, 3.375%, 8/15/2042
    194,563
 
 
TOTAL
2,867,703
 
 
U.S. Treasury Note—8.5%
 
   800,000
 
United States Treasury Note, 1.250%, 12/31/2026
    706,998
   600,000
 
United States Treasury Note, 1.875%, 2/28/2027
    543,006
 2,090,000
 
United States Treasury Note, 1.875%, 2/15/2032
  1,740,134
 1,025,000
 
United States Treasury Note, 2.375%, 3/31/2029
    918,821
   800,000
 
United States Treasury Note, 2.500%, 3/31/2027
    742,572
    25,000
 
United States Treasury Note, 2.625%, 4/15/2025
     23,934
   570,000
 
United States Treasury Note, 2.625%, 5/31/2027
    531,474
   400,000
 
United States Treasury Note, 2.625%, 7/31/2029
    363,353
   725,000
 
United States Treasury Note, 2.750%, 4/30/2027
    679,631
   400,000
 
United States Treasury Note, 2.750%, 7/31/2027
    374,092
   500,000
 
United States Treasury Note, 2.750%, 5/31/2029
    458,168
   750,000
 
United States Treasury Note, 2.750%, 8/15/2032
    671,942
   850,000
 
United States Treasury Note, 2.875%, 4/30/2029
    785,323
 2,570,000
 
United States Treasury Note, 2.875%, 5/15/2032
  2,331,493
   400,000
 
United States Treasury Note, 3.000%, 6/30/2024
    389,576
   500,000
 
United States Treasury Note, 3.125%, 8/31/2027
    476,110
 1,050,000
 
United States Treasury Note, 3.125%, 8/31/2029
    984,652
   800,000
 
United States Treasury Note, 3.250%, 8/31/2024
    781,866
5
Shares or
Principal
Amount
 
 
Value
 
 
U.S. TREASURIES—continued
 
 
 
U.S. Treasury Note—continued
 
$ 1,100,000
 
United States Treasury Note, 3.250%, 6/30/2029
$  1,039,218
   600,000
 
United States Treasury Note, 4.125%, 9/30/2027
    596,951
   700,000
 
United States Treasury Note, 4.250%, 9/30/2024
    696,488
 
 
TOTAL
15,835,802
 
 
TOTAL U.S. TREASURIES
(IDENTIFIED COST $20,789,972)
18,703,505
 
 
CORPORATE BONDS—9.2%
 
 
 
Basic Industry - Chemicals—0.0%
 
    10,000
 
DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038
      9,082
 
 
Basic Industry - Metals & Mining—0.1%
 
    15,000
 
Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040
     12,650
   100,000
 
Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023
     99,814
    20,000
 
Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040
     20,444
 
 
TOTAL
132,908
 
 
Capital Goods - Aerospace & Defense—0.6%
 
   200,000
 
BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050
    122,464
   275,000
 
Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025
    268,502
   110,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025
    104,796
   300,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031
    221,546
   170,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025
    161,999
    15,000
 
Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028
     10,771
    40,000
3
Textron Financial Corp., Jr. Sub. Note, 144A, 4.640% (3-month USLIBOR +1.735%), 2/15/2042
     27,579
    50,000
 
Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026
     47,747
    50,000
 
Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024
     49,420
 
 
TOTAL
1,014,824
 
 
Capital Goods - Building Materials—0.1%
 
   200,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024
    191,220
 
 
Capital Goods - Diversified Manufacturing—0.1%
 
    60,000
 
Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027
     50,094
   175,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030
    132,887
 
 
TOTAL
182,981
 
 
Communications - Cable & Satellite—0.2%
 
   300,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond,
2.250%, 1/15/2029
    237,011
   145,000
 
Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051
     86,403
    15,000
 
Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038
     12,157
    10,000
 
Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035
      8,769
 
 
TOTAL
344,340
 
 
Communications - Media & Entertainment—0.3%
 
    30,000
 
Grupo Televisa S.A., Sr. Unsecd. Note, 6.125%, 1/31/2046
     28,079
   500,000
 
Meta Platforms, Inc., Sr. Unsecd. Note, 144A, 4.450%, 8/15/2052
    371,932
   178,000
 
Paramount Global, Sr. Unsecd. Note, 4.750%, 5/15/2025
    173,935
 
 
TOTAL
573,946
 
 
Communications - Telecom Wireless—0.1%
 
   150,000
 
Crown Castle, International Corp., Sr. Unsecd. Note, 3.700%, 6/15/2026
    139,359
 
 
Communications - Telecom Wirelines—0.2%
 
    12,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.500%, 9/15/2053
      7,715
   300,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.650%, 6/1/2051
    200,172
    11,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2059
      6,961
     5,000
 
AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035
      4,316
   150,000
 
Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049
    118,111
6
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Communications - Telecom Wirelines—continued
 
$    90,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030
$     76,124
 
 
TOTAL
413,399
 
 
Consumer Cyclical - Automotive—0.1%
 
    10,000
 
DaimlerChrysler North America Holding Corp., Company Guarantee, 8.500%, 1/18/2031
     11,671
   175,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032
    133,394
    10,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.950%, 4/13/2024
      9,711
 
 
TOTAL
154,776
 
 
Consumer Cyclical - Retailers—0.2%
 
   170,000
 
AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030
    146,578
   250,000
 
AutoZone, Inc., Sr. Unsecd. Note, 3.250%, 4/15/2025
    237,675
    15,000
 
CVS Health Corp., Sr. Unsecd. Note, 4.100%, 3/25/2025
     14,647
 
 
TOTAL
398,900
 
 
Consumer Cyclical - Services—0.2%
 
   200,000
 
Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.800%, 6/6/2023
    196,578
   125,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 3.800%, 12/5/2024
    122,857
    15,000
 
Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030
     12,104
    10,000
 
University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111
      8,819
    70,000
 
Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025
     66,763
    15,000
 
Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035
     13,532
 
 
TOTAL
420,653
 
 
Consumer Non-Cyclical - Food/Beverage—0.5%
 
    30,000
 
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036
     27,156
   300,000
 
Danone SA, Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026
    274,367
   140,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026
    129,008
    80,000
 
General Mills, Inc., Sr. Unsecd. Note, 3.000%, 2/1/2051
     50,243
   270,000
 
Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028
    248,568
   200,000
 
Kerry Group Financial Services, Sr. Unsecd. Note, 144A, 3.200%, 4/9/2023
    197,949
    50,000
 
Mead Johnson Nutrition Co., Sr. Unsecd. Note, 4.125%, 11/15/2025
     48,266
 
 
TOTAL
975,557
 
 
Consumer Non-Cyclical - Health Care—0.1%
 
   135,000
 
Agilent Technologies, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2029
    113,307
   180,000
 
Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030
    140,664
 
 
TOTAL
253,971
 
 
Consumer Non-Cyclical - Pharmaceuticals—0.2%
 
   500,000
 
AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049
    388,549
    15,000
 
Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045
     12,128
    10,000
 
Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039
      8,494
    15,000
 
Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036
     12,837
 
 
TOTAL
422,008
 
 
Energy - Independent—0.2%
 
   250,000
 
Canadian Natural Resources Ltd., Sr. Unsecd. Note, 3.900%, 2/1/2025
    241,211
   125,000
 
Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027
    112,080
    20,000
 
EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027
     18,000
 
 
TOTAL
371,291
 
 
Energy - Integrated—0.5%
 
   135,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026
    125,972
   300,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028
    278,780
     5,000
 
ConocoPhillips Co., Sr. Unsecd. Note, 4.025%, 3/15/2062
      3,710
   270,000
 
Exxon Mobil Corp., Sr. Unsecd. Note, 2.992%, 3/19/2025
    258,473
7
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Energy - Integrated—continued
 
$   240,000
 
Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029
$    219,179
 
 
TOTAL
886,114
 
 
Energy - Midstream—0.3%
 
   125,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032
     99,242
    20,000
 
Energy Transfer Operating, Sr. Unsecd. Note, 5.500%, 6/1/2027
     19,479
   115,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 4.050%, 3/15/2025
    110,160
    75,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024
     74,307
    10,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 6.125%, 12/15/2045
      8,597
   170,000
 
Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027
    160,528
    20,000
 
Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038
     19,912
    40,000
 
MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027
     37,122
     5,000
 
MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038
      3,995
    70,000
 
Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033
     58,536
 
 
TOTAL
591,878
 
 
Energy - Refining—0.0%
 
    15,000
 
HF Sinclair Corp., Sr. Unsecd. Note, 5.875%, 4/1/2026
     14,601
    15,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048
     11,308
    10,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041
      9,760
    15,000
 
Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028
     14,147
 
 
TOTAL
49,816
 
 
Financial Institution - Banking—1.8%
 
    74,000
 
American Express Co., Sr. Unsecd. Note, 2.650%, 12/2/2022
     73,911
   300,000
 
Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026
    280,332
   200,000
 
Bank of America Corp., Sub. Note, Series L, 3.950%, 4/21/2025
    191,496
    15,000
 
Bank of America Corp., Sub. Note, Series MTN, 4.200%, 8/26/2024
     14,675
    15,000
 
Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026
     14,400
    20,000
 
Bank of New York Mellon, N.A., Sr. Unsecd. Note, 3.400%, 5/15/2024
     19,507
   165,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033
    128,743
   250,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.300%, 4/27/2025
    237,354
   170,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026
    157,599
   300,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.785%, 3/17/2033
    248,879
   370,000
 
Citigroup, Inc., Sr. Unsecd. Note, 5.610%, 9/29/2026
    365,345
    15,000
 
Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027
     13,936
    30,000
 
Comerica, Inc., 3.800%, 7/22/2026
     28,127
    75,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024
     73,313
   250,000
 
FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025
    245,738
    40,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.200%, 2/23/2023
     39,780
   275,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.625%, 1/22/2023
    274,388
   150,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041
    147,170
    10,000
4
JPMorgan Chase & Co., Jr. Sub. Deb., Series X, 6.100%, 10/1/2024
      9,797
    25,000
4
JPMorgan Chase & Co., Jr. Sub. Note, Series FF, 5.000%, 8/1/2024
     23,048
    20,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 3.559%, 4/23/2024
     19,809
    15,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038
     11,647
   400,000
 
JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023
    397,123
   100,000
 
Morgan Stanley, Sr. Unsecd. Note, 2.943%, 1/21/2033
     78,017
    15,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.125%, 1/23/2023
     14,950
    15,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025
     14,425
    15,000
 
Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023
     14,926
    10,000
 
State Street Corp., Sub. Deb., 3.031%, 11/1/2034
      8,132
    45,000
 
Sumitomo Mitsui Financial Group, Inc., Sr. Unsecd. Note, 3.102%, 1/17/2023
     44,852
8
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Financial Institution - Banking—continued
 
$   250,000
 
US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030
$    184,640
    10,000
 
Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026
      9,466
    10,000
 
Westpac Banking Corp., Sub., Series GMTN, 4.322%, 11/23/2031
      8,984
 
 
TOTAL
3,394,509
 
 
Financial Institution - Broker/Asset Mgr/Exchange—0.1%
 
    80,000
 
Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026
     75,749
    70,000
 
Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028
     64,105
 
 
TOTAL
139,854
 
 
Financial Institution - Finance Companies—0.1%
 
   150,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.875%, 1/16/2024
    147,271
 
 
Financial Institution - Insurance - Health—0.2%
 
   300,000
 
UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2052
    262,822
 
 
Financial Institution - Insurance - Life—0.3%
 
   400,000
 
AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040
    258,927
    15,000
 
MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036
     13,876
    10,000
 
MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039
     12,933
   250,000
 
MetLife, Inc., Sr. Unsecd. Note, 3.600%, 4/10/2024
    244,575
    15,000
 
Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040
     15,846
    10,000
 
Principal Financial Group, Inc., Sr. Unsecd. Note, 3.125%, 5/15/2023
      9,895
    50,000
 
Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040
     48,844
 
 
TOTAL
604,896
 
 
Financial Institution - Insurance - P&C—0.0%
 
    10,000
 
Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048
      8,070
    55,000
 
Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050
     39,413
 
 
TOTAL
47,483
 
 
Financial Institution - REIT - Apartment—0.1%
 
    60,000
 
Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030
     49,455
   200,000
 
UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032
    141,305
    70,000
 
UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026
     63,140
 
 
TOTAL
253,900
 
 
Financial Institution - REIT - Healthcare—0.1%
 
   185,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027
    163,795
 
 
Financial Institution - REIT - Office—0.0%
 
    70,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028
     64,016
 
 
Financial Institution - REIT - Other—0.0%
 
    75,000
 
WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024
     73,869
 
 
Food & Beverage—0.0%
 
    15,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045
     13,138
 
 
Midstream—0.0%
 
    10,000
 
Western Gas Partners LP, Sr. Unsecd. Note, 4.750%, 8/15/2028
      9,243
 
 
Technology—0.5%
 
    30,000
 
Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023
     29,668
    10,000
 
Apple, Inc., Sr. Unsecd. Note, 3.850%, 5/4/2043
      8,155
    70,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051
     44,999
   220,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 4.150%, 4/15/2032
    184,433
    20,000
 
Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042
     16,868
   240,000
 
Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026
    239,754
   110,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029
     95,527
   265,000
 
Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025
    256,267
     7,000
 
Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052
      4,741
9
Shares or
Principal
Amount
 
 
Value
 
 
CORPORATE BONDS—continued
 
 
 
Technology—continued
 
$     8,000
 
Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036
$      6,866
 
 
TOTAL
887,278
 
 
Technology Services—0.0%
 
     5,000
 
Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029
      4,161
 
 
Transportation - Airlines—0.1%
 
    30,000
 
Delta Air Lines, Inc., Sr. Unsecd. Note, 2.900%, 10/28/2024
     28,400
   110,000
 
Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025
    109,463
 
 
TOTAL
137,863
 
 
Transportation - Railroads—0.1%
 
    30,000
 
Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023
     29,624
   225,000
 
Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.125%, 6/1/2026
    207,865
 
 
TOTAL
237,489
 
 
Transportation - Services—0.2%
 
    15,000
 
Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042
     13,122
    20,000
 
FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035
     16,340
   200,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.750%, 6/9/2023
    198,156
   125,000
 
United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025
    122,323
 
 
TOTAL
349,941
 
 
Utility - Electric—1.2%
 
   200,000
 
Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052
    126,238
    90,000
 
Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027
     77,334
    70,000
 
Electricite de France SA, Note, 144A, 5.600%, 1/27/2040
     58,189
   300,000
 
Electricite de France SA, Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028
    271,976
   140,000
 
Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046
    104,077
   170,000
 
EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026
    157,846
   200,000
 
Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026
    186,749
   110,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046
     97,966
    25,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032
     28,976
   300,000
 
Oncor Electric Delivery Co. LLC, Sec. Fac. Bond, 144A, 4.950%, 9/15/2052
    269,484
   250,000
 
PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026
    228,405
   175,000
 
Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026
    161,866
   300,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030
    226,800
   170,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027
    167,445
 
 
TOTAL
2,163,351
 
 
Utility - Natural Gas—0.4%
 
    65,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023
     64,529
   445,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026
    435,971
   230,000
 
ONE Gas, Inc., Sr. Unsecd. Note, 4.250%, 9/1/2032
    210,499
     5,000
 
TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037
      4,871
 
 
TOTAL
715,870
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $19,466,676)
17,197,772
 
 
ASSET-BACKED SECURITIES—1.5%
 
 
 
Auto Receivables—0.5%
 
   473,891
 
Santander Bank Auto Credit-Linked Notes 2022-B, Class D, 6.793%, 8/16/2032
    472,343
   400,000
 
Toyota Auto Receivables Owner Trust 2020-B, Class A4, 1.660%, 9/15/2025
    388,076
    90,000
 
World Omni Auto Receivables Trust 2021-A, Class C, 0.890%, 8/16/2027
     82,731
 
 
TOTAL
943,150
 
 
Credit Card—0.2%
 
   400,000
 
Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028
    350,526
10
Shares or
Principal
Amount
 
 
Value
 
 
ASSET-BACKED SECURITIES—continued
 
 
 
Equipment Lease—0.5%
 
$   500,000
 
HPEFS Equipment Trust 2020-2A, Class C, 2.000%, 7/22/2030
$    496,845
   500,000
 
HPEFS Equipment Trust 2022-1A, Class C, 1.960%, 5/21/2029
    466,360
 
 
TOTAL
963,205
 
 
Other—0.2%
 
   450,000
 
PFS Financing Corp. 2020-G, Class A, 0.970%, 2/15/2026
    427,654
 
 
Student Loans—0.1%
 
   238,665
 
Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069
    202,610
 
 
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $3,052,121)
2,887,145
 
 
COLLATERALIZED MORTGAGE OBLIGATIONS—0.5%
 
 
 
Commercial Mortgage—0.3%
 
   190,000
 
Bank, Class A4, 3.488%, 11/15/2050
    171,145
   200,000
 
Commercial Mortgage Trust 2013-CR8, Class B, 3.916%, 6/10/2046
    195,671
   200,000
 
JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049
    181,809
 
 
TOTAL
548,625
 
 
Federal Home Loan Mortgage Corporation—0.2%
 
     1,966
 
Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032
      1,997
    31,745
 
Federal Home Loan Mortgage Corp. REMIC, Series K055, Class A1, 2.263%, 4/25/2025
     30,647
   350,000
 
Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026
    321,837
 
 
TOTAL
354,481
 
 
Federal National Mortgage Association—0.0%
 
       232
 
Federal National Mortgage Association REMIC, Series 1993-113, Class SB, 9.748% (10-year Constant Maturity Treasury
+48.285%, Cap 9.749%), 7/25/2023
        233
       330
 
Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033
        322
 
 
TOTAL
555
 
 
Non-Agency Mortgage—0.0%
 
        51
4
Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 6.408%, 3/25/2031
         49
 
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $1,002,052)
903,710
 
 
MORTGAGE-BACKED SECURITIES—0.2%
 
 
 
Federal Home Loan Mortgage Corporation—0.0%
 
    22,371
 
Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044
     20,905
 
 
Federal National Mortgage Association—0.2%
 
     5,889
 
Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035
      5,969
       658
 
Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033
        665
    22,520
 
Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040
     21,159
    39,558
 
Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043
     35,900
    30,085
 
Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040
     29,179
    13,302
 
Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042
     11,677
    16,331
 
Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043
     14,325
    11,566
 
Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028
     10,940
    16,060
 
Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048
     14,912
     8,753
 
Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048
      7,582
    11,396
 
Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048
     10,207
    13,956
 
Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047
     12,517
    10,588
 
Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049
      9,025
     8,404
 
Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049
      7,528
    22,776
 
Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047
     19,850
    10,282
 
Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049
      9,223
    17,027
 
Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040
     16,971
    19,639
 
Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041
     19,043
11
Shares or
Principal
Amount
 
 
Value
 
 
MORTGAGE-BACKED SECURITIES—continued
 
 
 
Federal National Mortgage Association—continued
 
$    23,748
 
Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043
$     20,831
    24,393
 
Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031
     22,510
 
 
TOTAL
300,013
 
 
Government National Mortgage Association—0.0%
 
    13,548
 
Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042
     12,439
     8,717
 
Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043
      8,252
 
 
TOTAL
20,691
 
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $379,359)
341,609
 
 
COMMERCIAL MORTGAGE-BACKED SECURITY—0.2%
 
 
 
Federal Home Loan Mortgage Corporation—0.2%
 
   388,548
 
Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029
(IDENTIFIED COST $390,481)
    336,225
 
 
GOVERNMENT AGENCY—0.1%
 
 
 
Federal National Mortgage Association—0.1%
 
   250,000
 
Federal National Mortgage Association Notes, 0.625%, 4/22/2025
(IDENTIFIED COST $249,743)
    227,012
 
 
MUNICIPAL BOND—0.0%
 
    30,000
 
Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030
(IDENTIFIED COST $33,078)
     29,538
 
 
EXCHANGE-TRADED FUND—5.3%
 
166,500
2
iShares MSCI EAFE ETF
(IDENTIFIED COST $11,609,120)
  9,875,115
 
 
INVESTMENT COMPANIES—25.7%
 
19,889
 
Bank Loan Core Fund
    172,839
350,296
 
Emerging Markets Core Fund
  2,581,678
4,990,208
 
Federated Hermes Government Obligations Fund, Premier Shares, 2.94%5
  4,990,208
17,884,112
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 3.08%5
 17,873,381
177,465
 
High Yield Bond Core Fund
    926,366
2,189,114
 
Mortgage Core Fund
 17,841,282
421,990
 
Project and Trade Finance Core Fund
  3,658,656
 
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $51,572,406)
48,044,410
 
 
TOTAL INVESTMENT IN SECURITIES—102.6%
(IDENTIFIED COST $197,099,161)
191,943,118
 
 
OTHER ASSETS AND LIABILITIES - NET—(2.6)%6
(4,783,223)
 
 
TOTAL NET ASSETS—100%
$187,159,895
12
At October 31, 2022, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures:
 
 
 
 
Euro-Bund Long Futures
12
$1,641,759
December 2022
$(78,567)
United States Treasury Long Bond Long Futures
2
$241,000
December 2022
$(30,755)
United States Treasury Notes 2-Year Long Futures
25
$5,109,570
December 2022
$(56,792)
United States Treasury Notes 5-Year Long Futures
16
$1,705,500
December 2022
$(57,642)
United States Treasury Notes 10-Year Ultra Long Futures
5
$579,922
December 2022
$(21,961)
United States Treasury Ultra Bond Long Futures
2
$255,313
December 2022
$(30,442)
Short Futures:
 
 
 
 
Euro-Schatz Short Futures
70
$7,397,494
December 2022
$78,835
United States Treasury Notes 10-Year Short Futures
16
$1,769,500
December 2022
$82,042
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS
$(115,282)
The average notional value of long and short futures contracts held by the Fund throughout the period was $8,768,952 and $5,657,230, respectively. This is based on the contracts held as of each month-end throughout the three-month fiscal period.
Net Unrealized Depreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended October 31, 2022, were as follows:  
Affiliates
Value as of
7/31/2022
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation/
Depreciation
Net
Realized
Gain/
(Loss)
Value as of
10/31/2022
Shares
Held as of
10/31/2022
Dividend
Income
Bank Loan Core Fund
$174,026
$3,140
$—
$(4,327)
$—
$172,839
19,889
$3,142
Emerging Markets Core Fund
$2,048,880
$1,409,587
$(782,950)
$19,134
$(112,973)
$2,581,678
350,296
$27,368
Federated Hermes Government obligation fund*
$7,041,989
$78,172,382
$(80,224,163)
$—
$—
$4,990,208
4,990,208
$—
Federated Hermes Prime Value Obligation Fund
$21,788,196
$14,011,377
$(17,924,427)
$(1,051)
$(714)
$17,873,381
17,884,112
$120,552
High Yield Bond Core Fund
$1,960,618
$99,150
$(1,000,000)
$37,776
$(171,178)
$926,366
177,465
$26,743
Mortgage Core Fund
$15,133,883
$4,385,463
$—
$(1,678,064)
$—
$17,841,282
2,189,114
$134,393
Project and Trade Finance Core Fund
$3,586,221
$47,477
$—
$24,958
$—
$3,658,656
421,990
$47,472
TOTAL OF AFFILIATED TRANSACTIONS
$51,733,813
$98,128,576
$(99,931,540)
$(1,601,574)
$(284,865)
$48,044,410
26,033,074
$359,670
 
*
All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.
 
1
Non-income-producing security.
2
All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of October 31, 2022, securities subject to this type of arrangement
and related collateral were as follows:
 
Market Value of
Securities Loaned
Collateral
Received
$4,772,629
$4,990,208
 
3
Floating/variable note with current rate and current maturity or next reset date shown.
4
Perpetual Bond Security. The maturity date reflects the next call date.
5
7-day net yield.
6
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2022.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated MDTA LLC (the “Adviser”).
13
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act, the Fund’s Board of Trustees (the “Trustees”) have designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
14
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2022, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
$90,197,349
$—
$—
$90,197,349
International
3,199,728
—
—
3,199,728
Debt Securities:
 
 
 
 
U.S. Treasuries
—
18,703,505
—
18,703,505
Corporate Bonds
—
17,197,772
—
17,197,772
Asset-Backed Securities
—
2,887,145
—
2,887,145
Collateralized Mortgage Obligations
—
903,710
—
903,710
Mortgage-Backed Securities
—
341,609
—
341,609
Commercial Mortgage-Backed Securities
—
336,225
—
336,225
Government Agencies
—
227,012
—
227,012
Municipal Bonds
—
29,538
—
29,538
Exchange-Traded Fund
9,875,115
—
—
9,875,115
Investment Companies1
44,385,754
—
—
48,044,410
TOTAL SECURITIES
$147,657,946
$40,626,516
$—
$191,943,118
Other Financial Instruments:2
 
 
 
 
Assets
$160,877
$—
$—
$160,877
Liabilities
(276,159)
—
—
(276,159)
TOTAL OTHER FINANCIAL INSTRUMENTS
$(115,282)
$—
$—
$(115,282)
 
1
As permitted by U.S. generally accepted accounting principles, an Investment Company valued at $3,658,656 is measured at fair value using the NAV per share
practical expedient and has not been categorized in the chart above, but is included in the Total column. The price of shares redeemed of Project and Trade
Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request.
2
Other financial instruments are futures contracts.
 
The following acronym(s) are used throughout this portfolio:
 
ETF
—Exchange-Traded Fund
GMTN
—Global Medium Term Note
LIBOR
—London Interbank Offered Rate
MTN
—Medium Term Note
REIT
—Real Estate Investment Trust
REMIC
—Real Estate Mortgage Investment Conduit
15