NPORT-EX 2 poi_fhqualitybondfundii.htm POI - FEDERATED HERMES QUALITY BOND FUND II EDGAR HTML
Federated Hermes Quality Bond Fund II
Portfolio of Investments
September 30, 2021 (unaudited)  
Principal
Amount
 
 
Value
         
 
CORPORATE BONDS—97.8%
 
 
 
Basic Industry - Chemicals—0.6%
 
$  640,000
 
FMC Corp., Sr. Unsecd. Note, 3.950%, 2/1/2022
$641,834    
  500,000
 
RPM International, Inc., Sr. Unsecd. Note, 4.550%, 3/1/2029
571,792    
 
 
TOTAL
1,213,626
 
 
Basic Industry - Metals & Mining—1.5%
 
  350,000
 
Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.250%, 3/17/2028
348,185    
  400,000
 
Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031
401,796    
  230,000
 
Carpenter Technology Corp., Sr. Unsecd. Note, 4.450%, 3/1/2023
238,176    
  350,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026
348,544    
  150,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 2.850%, 4/27/2031
151,076    
1,000,000
 
Reliance Steel & Aluminum Co., Sr. Unsecd. Note, 4.500%, 4/15/2023
1,050,258  
  320,000
 
Southern Copper Corp., Sr. Unsecd. Note, 3.500%, 11/8/2022
329,600    
 
 
TOTAL
2,867,635
 
 
Capital Goods - Aerospace & Defense—3.6%
 
  600,000
 
Airbus Group SE, Sr. Unsecd. Note, 144A, 3.150%, 4/10/2027
645,162    
  280,000
 
BAE Systems Holdings, Inc., Sr. Unsecd. Note, 144A, 3.850%, 12/15/2025
305,705    
  200,000
 
BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.400%, 4/15/2030
216,022    
  450,000
1
Boeing Co., Sr. Unsecd. Note, 1.875%, 6/15/2023
457,078    
  600,000
 
Boeing Co., Sr. Unsecd. Note, 2.700%, 2/1/2027
621,360    
  584,000
 
Boeing Co., Sr. Unsecd. Note, 2.950%, 2/1/2030
595,846    
  519,000
1
Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023
551,217    
  275,000
 
General Dynamics Corp., Sr. Unsecd. Note, 3.250%, 4/1/2025
295,269    
  410,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027
442,872    
  145,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025
157,149    
  600,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031
586,980    
  335,000
 
Leidos, Inc., Sr. Unsecd. Note, 144A, 3.625%, 5/15/2025
362,055    
  800,000
 
Raytheon Technologies Corp., Sr. Unsecd. Note, 4.125%, 11/16/2028
911,105    
  460,000
2
Textron Financial Corp., Jr. Sub. Note, 144A, 1.860% (3-month USLIBOR +1.735%), 2/15/2042
402,236    
  295,000
 
Textron, Inc., Sr. Unsecd. Note, 4.300%, 3/1/2024
315,931    
 
 
TOTAL
6,865,987
 
 
Capital Goods - Building Materials—1.1%
 
  165,000
 
Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029
178,692    
  800,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024
848,359    
  340,000
 
Carrier Global Corp., Sr. Unsecd. Note, 2.700%, 2/15/2031
350,339    
  200,000
 
Carrier Global Corp., Sr. Unsecd. Note, 2.722%, 2/15/2030
207,045    
  300,000
 
Masco Corp., Sr. Unsecd. Note, 2.000%, 10/1/2030
290,368    
  300,000
 
Masco Corp., Sr. Unsecd. Note, 3.500%, 11/15/2027
327,553    
 
 
TOTAL
2,202,356
 
 
Capital Goods - Construction Machinery—2.1%
 
  500,000
 
Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 1.500%, 8/12/2026
495,124    
  600,000
 
CNH Industrial Capital America LLC, Sr. Unsecd. Note, 1.450%, 7/15/2026
597,764    
  250,000
 
CNH Industrial Capital America LLC, Sr. Unsecd. Note, 1.875%, 1/15/2026
253,518    
  195,000
 
CNH Industrial Capital America LLC, Sr. Unsecd. Note, 1.950%, 7/2/2023
199,385    
  500,000
 
CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.375%, 4/5/2022
509,606    
  595,000
 
CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027
664,445    
  750,000
 
John Deere Capital Corp., Sr. Unsecd. Note, Series MTN, 0.450%, 6/7/2024
748,119    
1
Principal
Amount
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Capital Goods - Construction Machinery—continued
 
$  510,000
 
Weir Group PLC/The, Sr. Unsecd. Note, 144A, 2.200%, 5/13/2026
$515,305    
 
 
TOTAL
3,983,266
 
 
Capital Goods - Diversified Manufacturing—3.2%
 
  750,000
 
CK Hutchison Holdings Ltd., Sr. Unsecd. Note, 144A, 2.750%, 3/29/2023
773,784    
  205,000
 
Honeywell International, Inc., Sr. Unsecd. Note, 1.350%, 6/1/2025
208,440    
  400,000
 
Honeywell International, Inc., Sr. Unsecd. Note, 1.950%, 6/1/2030
400,755    
  555,000
 
Hubbell, Inc., Sr. Unsecd. Note, 2.300%, 3/15/2031
557,557    
  585,000
 
Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027
581,209    
1,000,000
 
Lennox International, Inc., Sr. Unsecd. Note, 3.000%, 11/15/2023
1,045,570  
  430,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030
421,541    
  250,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2023
264,930    
  875,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 3.800%, 12/15/2026
972,529    
  235,000
 
Wabtec Corp., Sr. Unsecd. Note, 3.200%, 6/15/2025
249,495    
  400,000
 
Xylem, Inc., Sr. Unsecd. Note, 1.950%, 1/30/2028
402,808    
  250,000
 
Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031
250,521    
 
 
TOTAL
6,129,139
 
 
Capital Goods - Packaging—0.3%
 
  500,000
 
WestRock Co., Sr. Unsecd. Note, Series WI, 3.750%, 3/15/2025
541,353    
 
 
Communications - Cable & Satellite—2.2%
 
1,000,000
 
CCO Safari II LLC, 4.908%, 7/23/2025
1,125,100  
  550,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 2.800%, 4/1/2031
551,695    
  900,000
 
Comcast Corp., Sr. Unsecd. Note, 2.350%, 1/15/2027
944,543    
  300,000
 
Comcast Corp., Sr. Unsecd. Note, 3.300%, 2/1/2027
327,587    
  750,000
 
Comcast Corp., Sr. Unsecd. Note, 3.950%, 10/15/2025
832,350    
  400,000
 
Time Warner Cable, Inc., Sr. Unsecd. Note, 8.375%, 3/15/2023
444,466    
 
 
TOTAL
4,225,741
 
 
Communications - Media & Entertainment—1.1%
 
  300,000
 
British Sky Broadcasting Group PLC, 144A, 3.750%, 9/16/2024
326,160    
  132,000
 
Discovery Communications LLC, Sr. Unsecd. Note, 2.950%, 3/20/2023
136,590    
  500,000
 
Omnicom Group, Inc., Sr. Unsecd. Note, 2.450%, 4/30/2030
506,632    
  750,000
 
ViacomCBS, Inc., Sr. Unsecd. Note, 3.700%, 8/15/2024
805,186    
  310,000
 
ViacomCBS, Inc., Sr. Unsecd. Note, 4.950%, 1/15/2031
370,595    
 
 
TOTAL
2,145,163
 
 
Communications - Telecom Wireless—2.1%
 
  500,000
 
American Tower Corp., Sr. Unsecd. Note, 1.450%, 9/15/2026
497,925    
  600,000
 
American Tower Corp., Sr. Unsecd. Note, 3.500%, 1/31/2023
624,722    
  300,000
 
Crown Castle International Corp., 3.150%, 7/15/2023
313,297    
  500,000
 
Crown Castle International Corp., Sr. Unsecd. Note, 1.050%, 7/15/2026
489,670    
  180,000
 
Crown Castle International Corp., Sr. Unsecd. Note, 2.250%, 1/15/2031
176,047    
  250,000
 
Crown Castle International Corp., Sr. Unsecd. Note, 3.300%, 7/1/2030
266,618    
  200,000
 
Crown Castle International Corp., Sr. Unsecd. Note, 4.450%, 2/15/2026
224,082    
  450,000
 
T-Mobile USA, Inc., Series WI, 3.750%, 4/15/2027
496,076    
  450,000
 
T-Mobile USA, Inc., Sec. Fac. Bond, 144A, 3.875%, 4/15/2030
497,112    
  395,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 4.125%, 5/30/2025
437,178    
 
 
TOTAL
4,022,727
 
 
Communications - Telecom Wirelines—2.5%
 
  300,000
 
AT&T, Inc., Sr. Unsecd. Note, 2.300%, 6/1/2027
310,729    
  877,000
 
AT&T, Inc., Sr. Unsecd. Note, 2.550%, 12/1/2033
863,601    
  250,000
 
AT&T, Inc., Sr. Unsecd. Note, 2.750%, 6/1/2031
256,902    
  450,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.400%, 5/15/2025
485,357    
  250,000
1
Telefonica SA, Company Guarantee, 7.045%, 6/20/2036
361,189    
2
Principal
Amount
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Communications - Telecom Wirelines—continued
 
$  300,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 0.850%, 11/20/2025
$296,904    
  800,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 1.750%, 1/20/2031
760,964    
  110,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 2.550%, 3/21/2031
111,425    
  175,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030
187,252    
1,100,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 4.150%, 3/15/2024
1,184,859  
 
 
TOTAL
4,819,182
 
 
Consumer Cyclical - Automotive—4.7%
 
1,000,000
 
Daimler Finance NA LLC, Sr. Unsecd. Note, 144A, 3.250%, 8/1/2024
1,064,806  
  250,000
 
Ford Motor Co., Sr. Unsecd. Note, 4.346%, 12/8/2026
266,563    
  920,000
 
General Motors Co., Sr. Unsecd. Note, 4.000%, 4/1/2025
1,001,108  
  250,000
 
General Motors Co., Sr. Unsecd. Note, 6.125%, 10/1/2025
293,025    
  500,000
 
General Motors Financial Co., Inc., 1.250%, 1/8/2026
493,877    
  500,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.400%, 4/10/2028
504,689    
  300,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 4.000%, 10/6/2026
330,575    
  350,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 1.000%, 9/17/2024
348,878    
  580,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 1.300%, 1/8/2026
570,954    
  355,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 2.375%, 2/10/2023
362,902    
  680,000
 
Nissan Motor Acceptance Company LLC., Sr. Unsecd. Note, 144A, 1.125%, 9/16/2024
678,950    
1,025,000
 
Nissan Motor Acceptance Corp., Sr. Unsecd. Note, 144A, 2.650%, 7/13/2022
1,040,719  
  200,000
 
Stellantis Finance US, Inc., 144A, 1.711%, 1/29/2027
199,459    
  500,000
 
Stellantis N.V., Sr. Unsecd. Note, 5.250%, 4/15/2023
533,940    
  650,000
 
Volkswagen Group of America Finance LLC, Sr. Unsecd. Note, 144A, 0.875%, 11/22/2023
653,388    
  500,000
 
Volkswagen Group of America Finance LLC, Sr. Unsecd. Note, 144A, 1.250%, 11/24/2025
497,960    
  300,000
 
Volkswagen Group of America Finance LLC, Sr. Unsecd. Note, 144A, 4.250%, 11/13/2023
321,829    
 
 
TOTAL
9,163,622
 
 
Consumer Cyclical - Retailers—3.6%
 
1,000,000
 
Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030
1,092,154  
  470,000
1
Alimentation Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 2.950%, 1/25/2030
489,276    
  665,000
 
AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030
776,179    
  275,000
 
Costco Wholesale Corp., Sr. Unsecd. Note, 1.375%, 6/20/2027
277,051    
  250,000
 
CVS Health Corp., Sr. Unsecd. Note, 1.300%, 8/21/2027
246,260    
1,290,000
 
CVS Health Corp., Sr. Unsecd. Note, 4.300%, 3/25/2028
1,472,682  
  200,000
 
Dollar General Corp., Sr. Unsecd. Note, 4.150%, 11/1/2025
222,213    
  250,000
 
Dollar Tree, Inc., Sr. Unsecd. Note, 3.700%, 5/15/2023
262,126    
  500,000
 
Dollar Tree, Inc., Sr. Unsecd. Note, 4.000%, 5/15/2025
547,461    
  500,000
 
Home Depot, Inc., Sr. Unsecd. Note, 2.125%, 9/15/2026
523,116    
  320,000
 
O’Reilly Automotive, Inc., Sr. Unsecd. Note, 1.750%, 3/15/2031
306,954    
  120,000
 
O’Reilly Automotive, Inc., Sr. Unsecd. Note, 4.200%, 4/1/2030
137,663    
  580,000
 
Tractor Supply Co., Sr. Unsecd. Note, 1.750%, 11/1/2030
557,240    
 
 
TOTAL
6,910,375
 
 
Consumer Cyclical - Services—2.2%
 
  200,000
1
Alibaba Group Holding Ltd., Sr. Unsecd. Note, 2.125%, 2/9/2031
192,362    
  500,000
 
Alibaba Group Holding Ltd., Sr. Unsecd. Note, 3.400%, 12/6/2027
535,996    
  170,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 3.150%, 8/22/2027
187,018    
  400,000
 
Booking Holdings, Inc., Sr. Unsecd. Note, 4.625%, 4/13/2030
475,690    
  750,000
 
Cintas Corp. No. 2, Sr. Unsecd. Note, 3.700%, 4/1/2027
837,589    
  500,000
 
Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 2.950%, 3/15/2031
505,685    
  325,000
 
IHS Markit Ltd., Sr. Unsecd. Note, 4.125%, 8/1/2023
344,971    
  135,000
 
IHS Markit Ltd., Sr. Unsecd. Note, Series 5YR, 3.625%, 5/1/2024
143,836    
  500,000
 
Visa, Inc., Sr. Unsecd. Note, 2.800%, 12/14/2022
513,224    
3
Principal
Amount
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Consumer Cyclical - Services—continued
 
$  530,000
 
Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025
$574,989    
 
 
TOTAL
4,311,360
 
 
Consumer Non-Cyclical - Food/Beverage—4.9%
 
  750,000
 
Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.750%, 1/23/2029
883,724    
1,015,000
 
Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 2.750%, 1/22/2030
1,047,896  
  750,000
 
Constellation Brands, Inc., Sr. Unsecd. Note, 4.650%, 11/15/2028
865,979    
  200,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 2.400%, 3/15/2031
200,125    
  380,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026
412,091    
  500,000
 
Grupo Bimbo S.A.B. de CV, Sr. Unsecd. Note, 144A, 3.875%, 6/27/2024
537,388    
  161,000
 
Grupo Bimbo S.A.B. de CV, Sr. Unsecd. Note, 144A, 4.500%, 1/25/2022
162,687    
  915,000
 
International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 1.230%, 10/1/2025
907,818    
  176,000
 
Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 4.057%, 5/25/2023
186,050    
  450,000
 
Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 4.417%, 5/25/2025
500,264    
  417,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 3.000%, 6/1/2026
439,482    
  900,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, Series WI, 3.875%, 5/15/2027
983,243    
  300,000
 
Smithfield Foods, Inc., 144A, 2.625%, 9/13/2031
291,959    
  510,000
 
Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030
513,943    
  240,000
 
Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.350%, 2/1/2022
241,377    
   60,000
 
Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2027
65,648     
  450,000
 
Sysco Corp., Sr. Unsecd. Note, 3.250%, 7/15/2027
487,733    
  700,000
 
Sysco Corp., Sr. Unsecd. Note, 3.300%, 7/15/2026
756,572    
 
 
TOTAL
9,483,979
 
 
Consumer Non-Cyclical - Health Care—1.9%
 
  440,000
 
Agilent Technologies, Inc., Sr. Unsecd. Note, 3.875%, 7/15/2023
464,198    
  205,000
 
Alcon Finance Corp., Sr. Unsecd. Note, 144A, 2.600%, 5/27/2030
209,477    
  350,000
 
Alcon Finance Corp., Sr. Unsecd. Note, 144A, 3.000%, 9/23/2029
369,943    
  250,000
 
Becton Dickinson & Co., Sr. Unsecd. Note, 3.700%, 6/6/2027
277,018    
  203,000
 
Becton Dickinson & Co., Sr. Unsecd. Note, 3.734%, 12/15/2024
219,456    
  160,000
 
Dentsply Sirona, Inc., Sr. Unsecd. Note, 3.250%, 6/1/2030
170,599    
  235,000
 
DH Europe Finance II S.a.r.l., Sr. Unsecd. Note, 2.600%, 11/15/2029
245,306    
  470,000
 
DH Europe Finance II S.a.r.l., Sr. Unsecd. Note, Series 5YR, 2.200%, 11/15/2024
489,519    
  255,000
 
PerkinElmer, Inc., Sr. Unsecd. Note, 1.900%, 9/15/2028
253,297    
  330,000
 
PerkinElmer, Inc., Sr. Unsecd. Note, 2.550%, 3/15/2031
334,822    
  450,000
 
PerkinElmer, Inc., Sr. Unsecd. Note, 3.300%, 9/15/2029
485,464    
   50,000
 
Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 4.133%, 3/25/2025
55,030     
 
 
TOTAL
3,574,129
 
 
Consumer Non-Cyclical - Pharmaceuticals—3.3%
 
  210,000
 
Abbott Laboratories, Sr. Unsecd. Note, 3.400%, 11/30/2023
223,304    
  453,000
 
Abbott Laboratories, Sr. Unsecd. Note, 3.750%, 11/30/2026
508,433    
  455,000
 
AbbVie, Inc., Sr. Unsecd. Note, 3.200%, 11/21/2029
490,561    
  300,000
 
AbbVie, Inc., Sr. Unsecd. Note, 3.600%, 5/14/2025
324,671    
   67,000
 
AbbVie, Inc., Sr. Unsecd. Note, 4.750%, 3/15/2045
83,791     
  235,000
1
AstraZeneca PLC, Sr. Unsecd. Note, 0.700%, 4/8/2026
230,176    
  600,000
 
AstraZeneca PLC, Sr. Unsecd. Note, 3.125%, 6/12/2027
653,773    
1,000,000
 
Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 3.875%, 12/15/2023
1,064,312  
  200,000
 
Bayer US Finance II LLC, Sr. Unsecd. Note, 144A, 4.250%, 12/15/2025
221,180    
  235,000
 
Biogen, Inc., Sr. Unsecd. Note, 2.250%, 5/1/2030
233,913    
  600,000
 
Biogen, Inc., Sr. Unsecd. Note, 4.050%, 9/15/2025
662,379    
  152,000
 
Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 5.000%, 8/15/2045
204,555    
  220,000
 
Gilead Sciences, Inc., Sr. Unsecd. Note, 3.650%, 3/1/2026
241,235    
  670,000
 
Regeneron Pharmaceuticals, Inc., Sr. Unsecd. Note, 1.750%, 9/15/2030
637,977    
4
Principal
Amount
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Consumer Non-Cyclical - Pharmaceuticals—continued
 
$  240,000
 
Royalty Pharma PLC, Sr. Unsecd. Note, Series WI, 1.200%, 9/2/2025
$238,588    
  300,000
 
Teva Pharmaceutical Finance Netherlands III BV, Sr. Unsecd. Note, 3.150%, 10/1/2026
287,625    
 
 
TOTAL
6,306,473
 
 
Consumer Non-Cyclical - Supermarkets—0.5%
 
  610,000
 
Kroger Co., Bond, 6.900%, 4/15/2038
891,706    
 
 
Consumer Non-Cyclical - Tobacco—1.2%
 
  800,000
 
Altria Group, Inc., Sr. Unsecd. Note, 4.400%, 2/14/2026
898,855    
  200,000
 
Bat Capital Corp., Sr. Unsecd. Note, 3.215%, 9/6/2026
213,333    
  290,000
 
BAT International Finance PLC, Sr. Unsecd. Note, 144A, 3.950%, 6/15/2025
315,086    
  300,000
 
Reynolds American, Inc., Sr. Unsecd. Note, 4.450%, 6/12/2025
330,865    
  360,000
 
Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041
475,357    
 
 
TOTAL
2,233,496
 
 
Energy - Independent—2.5%
 
  250,000
 
Canadian Natural Resources Ltd., Sr. Unsecd. Note, 2.050%, 7/15/2025
256,106    
  420,000
 
Canadian Natural Resources Ltd., Sr. Unsecd. Note, 2.950%, 1/15/2023
432,205    
  500,000
 
Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027
547,410    
  215,000
 
Cimarex Energy Co., Sr. Unsecd. Note, 4.375%, 3/15/2029
243,196    
  250,000
 
Cimarex Energy Co., Sr. Unsecd. Note, 4.375%, 6/1/2024
269,666    
  700,000
 
Hess Corp., Sr. Unsecd. Note, 4.300%, 4/1/2027
777,991    
  300,000
1
Marathon Oil Corp., Sr. Unsecd. Note, 4.400%, 7/15/2027
337,200    
  100,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 2.900%, 8/15/2024
101,915    
1,000,000
 
Occidental Petroleum Corp., Sr. Unsecd. Note, 3.450%, 7/15/2024
1,026,685  
  325,000
 
Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 1.125%, 1/15/2026
320,984    
  550,000
 
Pioneer Natural Resources, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2031
535,237    
 
 
TOTAL
4,848,595
 
 
Energy - Integrated—2.4%
 
  500,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.796%, 9/21/2025
549,953    
  500,000
 
BP Capital Markets PLC, Sr. Unsecd. Note, 3.994%, 9/26/2023
535,877    
  300,000
 
Cenovus Energy, Inc., Sr. Unsecd. Note, 2.650%, 1/15/2032
294,615    
  500,000
 
Cenovus Energy, Inc., Sr. Unsecd. Note, 4.250%, 4/15/2027
556,087    
  500,000
 
Chevron Corp., Sr. Unsecd. Note, 1.141%, 5/11/2023
506,748    
  530,000
 
CNPC Hong Kong Overseas Capital Ltd., Company Guarantee, 144A, 5.950%, 4/28/2041
738,923    
  585,000
 
Husky Energy, Inc., 4.000%, 4/15/2024
625,916    
  240,000
 
Husky Energy, Inc., Sr. Unsecd. Note, 4.400%, 4/15/2029
269,289    
  175,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 4.875%, 1/18/2024
182,357    
  325,000
 
Shell International Finance B.V., Sr. Unsecd. Note, 2.875%, 5/10/2026
350,433    
 
 
TOTAL
4,610,198
 
 
Energy - Midstream—3.0%
 
  265,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.400%, 2/15/2031
278,809    
  500,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029
573,221    
  205,000
 
Eastern Energy Gas Holdings, Sr. Unsecd. Note, Series A, 2.500%, 11/15/2024
214,774    
  300,000
 
Energy Transfer Operating, Sr. Unsecd. Note, 3.750%, 5/15/2030
324,349    
  565,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024
609,539    
  470,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, Series 5Y, 4.200%, 9/15/2023
499,357    
  290,000
 
MPLX LP, Sr. Unsecd. Note, 1.750%, 3/1/2026
291,976    
  350,000
 
MPLX LP, Sr. Unsecd. Note, 3.375%, 3/15/2023
363,525    
  395,000
 
MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027
441,315    
  500,000
 
MPLX LP, Sr. Unsecd. Note, Series WI, 3.500%, 12/1/2022
515,903    
  345,000
 
ONEOK, Inc., Sr. Unsecd. Note, 4.000%, 7/13/2027
382,695    
  600,000
 
TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027
666,258    
5
Principal
Amount
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Energy - Midstream—continued
 
$  540,000
 
Texas Eastern Transmission LP, Sr. Unsecd. Note, 144A, 2.800%, 10/15/2022
$549,495    
 
 
TOTAL
5,711,216
 
 
Energy - Oil Field Services—0.2%
 
  300,000
 
Schlumberger Holdings Corp., Sr. Unsecd. Note, 144A, 4.000%, 12/21/2025
330,756    
 
 
Energy - Refining—0.8%
 
  600,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 4.700%, 5/1/2025
670,055    
  185,000
 
Phillips 66, Sr. Unsecd. Note, 1.300%, 2/15/2026
184,050    
  215,000
 
Valero Energy Corp., 7.500%, 4/15/2032
298,910    
  335,000
 
Valero Energy Corp., Sr. Unsecd. Note, 6.625%, 6/15/2037
453,052    
 
 
TOTAL
1,606,067
 
 
Financial Institution - Banking—21.0%
 
  500,000
 
American Express Co., Sr. Unsecd. Note, 3.000%, 10/30/2024
533,903    
  935,000
 
Associated Banc-Corp., Sub. Note, 4.250%, 1/15/2025
1,005,587  
  500,000
 
Bank of America Corp., Sr. Unsecd. Note, 1.734%, 7/22/2027
502,389    
1,000,000
 
Bank of America Corp., Sr. Unsecd. Note, 2.592%, 4/29/2031
1,021,219  
1,250,000
 
Bank of America Corp., Sr. Unsecd. Note, 3.705%, 4/24/2028
1,374,586  
  200,000
 
Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 2.816%, 7/21/2023
203,832    
  250,000
 
Bank of America Corp., Sr. Unsecd. Note, Series MTN, 0.981%, 9/25/2025
250,420    
  750,000
 
Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.456%, 10/22/2025
783,634    
  500,000
 
Bank of America Corp., Sr. Unsecd. Note, Series MTN, 3.248%, 10/21/2027
540,196    
  500,000
 
Bank of America Corp., Sr. Unsecd. Note, Series MTN, 4.271%, 7/23/2029
567,327    
  810,000
 
Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 2.100%, 10/24/2024
844,206    
  300,000
 
Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 2.661%, 5/16/2023
304,367    
  550,000
 
Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 3.250%, 9/11/2024
589,872    
  350,000
 
Capital One Financial Corp., Sr. Unsecd. Note, 3.200%, 1/30/2023
362,439    
  500,000
 
Citigroup, Inc., 4.125%, 7/25/2028
558,544    
  800,000
 
Citigroup, Inc., Sr. Unsecd. Note, 2.572%, 6/3/2031
815,923    
  250,000
 
Citigroup, Inc., Sr. Unsecd. Note, 2.876%, 7/24/2023
254,940    
1,730,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026
1,884,311  
  500,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.700%, 1/12/2026
549,494    
  500,000
 
Citigroup, Inc., Sr. Unsecd. Note, 4.075%, 4/23/2029
560,717    
   90,000
 
Citizens Financial Group, Inc., Sr. Unsecd. Note, 2.500%, 2/6/2030
91,512     
  660,000
 
Citizens Financial Group, Inc., Sub. Note, 144A, 4.150%, 9/28/2022
681,984    
  300,000
 
Comerica, Inc., 3.800%, 7/22/2026
330,267    
  500,000
 
Compass Bank, Birmingham, Sub. Note, Series BKNT, 3.875%, 4/10/2025
545,994    
  140,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 2.375%, 1/28/2025
145,600    
  500,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 3.650%, 1/25/2024
533,583    
  250,000
 
Fifth Third Bank, Sr. Unsecd. Note, Series BKNT, 2.250%, 2/1/2027
260,759    
  685,000
 
FNB Corp., (PA), Sr. Unsecd. Note, 2.200%, 2/24/2023
695,360    
  750,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 1.992%, 1/27/2032
723,766    
1,250,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.500%, 11/16/2026
1,351,394  
  500,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 4.223%, 5/1/2029
565,422    
  500,000
 
Goldman Sachs Group, Inc., Sub. Note, 4.250%, 10/21/2025
553,981    
1,000,000
 
HSBC USA, Inc., Sr. Unsecd. Note, 3.500%, 6/23/2024
1,073,709  
  240,000
 
Huntington Bancshares, Inc., Sr. Unsecd. Note, 2.550%, 2/4/2030
248,307    
1,000,000
1
JPMorgan Chase & Co., Sr. Unsecd. Note, 1.045%, 11/19/2026
985,227    
  500,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 2.580%, 4/22/2032
507,306    
  500,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 3.782%, 2/1/2028
551,287    
  500,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 4.452%, 12/5/2029
576,252    
1,000,000
 
JPMorgan Chase & Co., Sub. Note, 3.375%, 5/1/2023
1,046,110  
  500,000
 
JPMorgan Chase & Co., Sub. Note, 3.875%, 9/10/2024
543,841    
6
Principal
Amount
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Financial Institution - Banking—continued
 
$  750,000
 
Morgan Stanley, Sr. Unsecd. Note, 0.790%, 5/30/2025
$747,953    
1,000,000
 
Morgan Stanley, Sr. Unsecd. Note, 0.985%, 12/10/2026
982,769    
1,000,000
 
Morgan Stanley, Sr. Unsecd. Note, 3.625%, 1/20/2027
1,102,972  
  500,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032
491,706    
  165,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.699%, 1/22/2031
170,230    
1,000,000
 
Morgan Stanley, Sub. Note, Series MTN, 4.100%, 5/22/2023
1,056,155  
  408,000
 
MUFG Americas Holdings Corp., Sr. Unsecd. Note, 3.000%, 2/10/2025
433,076    
  250,000
 
MUFG Union Bank, N.A., Sr. Unsecd. Note, Series BKNT, 3.150%, 4/1/2022
253,055    
  500,000
 
PNC Bank N.A., Sub. Note, Series BKNT, 2.950%, 1/30/2023
516,069    
  330,000
 
Regions Financial Corp., Sr. Unsecd. Note, 2.250%, 5/18/2025
343,092    
  700,000
 
State Street Corp., Sr. Unsecd. Note, 3.300%, 12/16/2024
758,449    
  250,000
 
Synovus Bank GA, Sr. Unsecd. Note, 2.289%, 2/10/2023
251,124    
  475,000
 
Truist Bank, Sr. Unsecd. Note, Series BKNT, 2.150%, 12/6/2024
495,132    
  500,000
 
Truist Bank, Sr. Unsecd. Note, Series BKNT, 3.000%, 2/2/2023
517,080    
  200,000
 
Truist Bank, Sub. Note, Series BKNT, 3.300%, 5/15/2026
217,848    
  300,000
 
Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 3.750%, 12/6/2023
320,509    
  500,000
 
US Bancorp, Sr. Unsecd. Note, 2.400%, 7/30/2024
523,952    
  250,000
 
US Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030
238,500    
  750,000
 
US Bancorp, Sub., Series MTN, 3.600%, 9/11/2024
812,847    
  750,000
 
Wells Fargo & Co., Sr. Unsecd. Note, 2.188%, 4/30/2026
774,388    
2,120,000
 
Wells Fargo & Co., Sr. Unsecd. Note, 3.000%, 10/23/2026
2,273,465  
  250,000
 
Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.406%, 10/30/2025
260,449    
1,000,000
 
Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.572%, 2/11/2031
1,022,332  
  500,000
 
Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 3.584%, 5/22/2028
547,780    
 
 
TOTAL
40,630,499
 
 
Financial Institution - Broker/Asset Mgr/Exchange—1.5%
 
  500,000
 
Charles Schwab Corp., Sr. Unsecd. Note, 3.625%, 4/1/2025
541,157    
  370,000
 
Eaton Vance Corp., Sr. Unsecd. Note, 3.625%, 6/15/2023
388,914    
  220,000
 
Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026
241,749    
  200,000
 
Jefferies Group LLC, Sr. Unsecd. Note, 6.500%, 1/20/2043
278,104    
  245,000
 
Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028
278,335    
  595,000
 
Raymond James Financial, Inc., Sr. Unsecd. Note, 4.650%, 4/1/2030
707,367    
  390,000
 
Stifel Financial Corp., 4.250%, 7/18/2024
424,750    
 
 
TOTAL
2,860,376
 
 
Financial Institution - Finance Companies—2.3%
 
  190,000
 
AerCap Ireland Capital Ltd / AerCap Global Aviation Trust, Sr. Unsecd. Note, 1.750%, 1/30/2026
188,151    
  500,000
 
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.500%, 1/15/2025
526,401    
  550,000
1
AerCap Ireland Capital Ltd / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.625%, 10/15/2027
613,724    
  700,000
 
Air Lease Corp., Sr. Unsecd. Note, 1.875%, 8/15/2026
697,922    
  550,000
 
Air Lease Corp., Sr. Unsecd. Note, 3.625%, 12/1/2027
589,564    
  500,000
 
Discover Financial Services, Sr. Unsecd. Note, 3.850%, 11/21/2022
519,182    
  250,000
 
Discover Financial Services, Sr. Unsecd. Note, 4.100%, 2/9/2027
278,652    
  950,000
 
GE Capital Funding LLC, Sr. Unsecd. Note, 4.400%, 5/15/2030
1,101,328  
 
 
TOTAL
4,514,924
 
 
Financial Institution - Insurance - Health—1.0%
 
  645,000
 
Centene Corp., Sr. Unsecd. Note, 2.450%, 7/15/2028
649,031    
  163,000
 
CIGNA Corp., Sr. Unsecd. Note, 3.750%, 7/15/2023
172,340    
  650,000
 
CIGNA Corp., Sr. Unsecd. Note, 4.375%, 10/15/2028
751,736    
  405,000
 
UnitedHealth Group, Inc., Sr. Unsecd. Note, 3.750%, 7/15/2025
446,341    
 
 
TOTAL
2,019,448
7
Principal
Amount
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Financial Institution - Insurance - Life—0.9%
 
$  350,000
 
AIA Group Ltd., Sr. Unsecd. Note, 144A, 3.600%, 4/9/2029
$383,515    
  800,000
 
American International Group, Inc., Sr. Unsecd. Note, 4.125%, 2/15/2024
863,869    
  172,000
 
Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 8.875%, 6/1/2039
273,003    
  290,000
1
Met Life Global Funding I, Sec. Fac. Bond, 144A, 0.550%, 6/7/2024
289,593    
 
 
TOTAL
1,809,980
 
 
Financial Institution - Insurance - P&C—0.8%
 
  250,000
 
Chubb INA Holdings, Inc., Sr. Unsecd. Note, 2.700%, 3/13/2023
258,536    
  300,000
 
Chubb INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 5/15/2024
321,106    
  250,000
 
CNA Financial Corp., Sr. Unsecd. Note, 3.450%, 8/15/2027
274,899    
   95,000
 
CNA Financial Corp., Sr. Unsecd. Note, 3.900%, 5/1/2029
106,141    
  300,000
 
Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039
524,585    
 
 
TOTAL
1,485,267
 
 
Financial Institution - REIT - Apartment—1.0%
 
  395,000
 
Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027
434,324    
  115,000
 
Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030
121,442    
  500,000
 
Mid-America Apartment Communities LP, Sr. Unsecd. Note, 3.750%, 6/15/2024
536,484    
  320,000
 
Mid-America Apartment Communities LP, Sr. Unsub. Note, 1.700%, 2/15/2031
304,052    
  500,000
 
UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026
531,558    
 
 
TOTAL
1,927,860
 
 
Financial Institution - REIT - Healthcare—1.2%
 
  445,000
 
Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031
426,994    
  710,000
 
Physicians Realty Trust, Sr. Unsecd. Note, 4.300%, 3/15/2027
803,835    
  155,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027
163,838    
  375,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2031
386,931    
  500,000
 
Welltower, Inc., Sr. Unsecd. Note, 3.100%, 1/15/2030
529,027    
 
 
TOTAL
2,310,625
 
 
Financial Institution - REIT - Office—0.5%
 
  250,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 4.900%, 12/15/2030
302,569    
  480,000
 
Boston Properties LP, Sr. Unsecd. Note, 3.200%, 1/15/2025
509,835    
   80,000
 
Boston Properties LP, Sr. Unsecd. Note, 3.250%, 1/30/2031
85,053     
  120,000
 
Piedmont Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032
118,096    
 
 
TOTAL
1,015,553
 
 
Financial Institution - REIT - Other—0.6%
 
  320,000
 
ProLogis LP, Sr. Unsecd. Note, 4.375%, 2/1/2029
372,812    
  275,000
 
WP Carey, Inc., Sr. Unsecd. Note, 2.400%, 2/1/2031
271,754    
  450,000
 
WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024
488,401    
 
 
TOTAL
1,132,967
 
 
Financial Institution - REIT - Retail—0.5%
 
  250,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 1.900%, 3/1/2028
250,214    
  410,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 2.700%, 3/1/2024
427,238    
  250,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 2.700%, 10/1/2030
257,318    
  100,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 3.400%, 11/1/2022
102,747    
 
 
TOTAL
1,037,517
 
 
Sovereign—0.3%
 
  510,000
 
Inter-American Development Bank, Series MTN, 6.750%, 7/15/2027
653,396    
 
 
Technology—7.0%
 
  500,000
 
Apple, Inc., Sr. Unsecd. Note, 0.550%, 8/20/2025
492,656    
  315,000
 
Apple, Inc., Sr. Unsecd. Note, 1.125%, 5/11/2025
317,395    
  650,000
 
Apple, Inc., Sr. Unsecd. Note, 2.400%, 5/3/2023
671,256    
  125,000
 
Apple, Inc., Sr. Unsecd. Note, 4.450%, 5/6/2044
159,164    
  340,000
 
Automatic Data Processing, Inc., 3.375%, 9/15/2025
370,560    
8
Principal
Amount
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Technology—continued
 
$  280,000
 
Broadcom Corp., Sr. Unsecd. Note, Series WI, 3.875%, 1/15/2027
$307,864    
  666,000
 
Broadcom, Inc., Sr. Unsecd. Note, 4.110%, 9/15/2028
741,494    
  135,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.419%, 4/15/2033
139,859    
  750,000
 
Dell International LLC / EMC Corp., 5.300%, 10/1/2029
907,493    
  150,000
 
Dell International LLC / EMC Corp., 5.850%, 7/15/2025
174,598    
  350,000
 
Dell International LLC / EMC Corp., 6.200%, 7/15/2030
448,184    
  480,000
 
Equifax, Inc., Sr. Unsecd. Note, 2.600%, 12/1/2024
503,875    
   80,000
 
Equifax, Inc., Sr. Unsecd. Note, Series 5Y, 3.950%, 6/15/2023
84,389     
  250,000
 
Fiserv, Inc., Sr. Unsecd. Note, 2.650%, 6/1/2030
255,991    
  230,000
 
Fiserv, Inc., Sr. Unsecd. Note, 2.750%, 7/1/2024
242,277    
  500,000
 
Fiserv, Inc., Sr. Unsecd. Note, 4.200%, 10/1/2028
569,519    
  175,000
1
Intel Corp., Sr. Unsecd. Note, 3.400%, 3/25/2025
189,182    
  500,000
 
Intel Corp., Sr. Unsecd. Note, 3.700%, 7/29/2025
547,480    
  460,000
 
Keysight Technologies, Inc., 4.550%, 10/30/2024
508,693    
  100,000
 
Keysight Technologies, Inc., Sr. Unsecd. Note, 3.000%, 10/30/2029
105,636    
  310,000
 
Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029
356,043    
  105,000
 
Micron Technology, Inc., Sr. Unsecd. Note, 2.497%, 4/24/2023
108,206    
  250,000
 
Micron Technology, Inc., Sr. Unsecd. Note, 4.640%, 2/6/2024
271,458    
  750,000
 
Microsoft Corp., Sr. Unsecd. Note, 2.400%, 8/8/2026
797,269    
  190,000
 
Molex Electronics Technologies LLC, Unsecd. Note, 144A, 3.900%, 4/15/2025
199,774    
  500,000
 
Oracle Corp., Sr. Unsecd. Note, 1.650%, 3/25/2026
507,314    
  750,000
 
Oracle Corp., Sr. Unsecd. Note, 3.400%, 7/8/2024
801,065    
  310,000
 
Qualcomm, Inc., Sr. Unsecd. Note, 2.600%, 1/30/2023
318,780    
   85,000
 
Skyworks Solutions, Inc., Sr. Unsecd. Note, 1.800%, 6/1/2026
86,179     
  260,000
 
Total System Services, Inc., Sr. Unsecd. Note, 4.450%, 6/1/2028
296,080    
  600,000
 
Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029
682,034    
  195,000
 
Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 9/12/2022
201,938    
  265,000
 
VMware, Inc., Sr. Unsecd. Note, 1.400%, 8/15/2026
263,929    
  500,000
 
Vontier Corp., Sr. Unsecd. Note, 144A, 2.400%, 4/1/2028
493,757    
  500,000
 
Vontier Corp., Sr. Unsecd. Note, 144A, 2.950%, 4/1/2031
497,785    
 
 
TOTAL
13,619,176
 
 
Technology Services—0.4%
 
  255,000
 
Fortinet, Inc., Sr. Unsecd. Note, 1.000%, 3/15/2026
251,370    
  320,000
 
Global Payments, Inc., Sr. Unsecd. Note, 1.200%, 3/1/2026
316,909    
   90,000
 
Global Payments, Inc., Sr. Unsecd. Note, 2.900%, 5/15/2030
92,931     
  145,000
 
Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031
147,551    
 
 
TOTAL
808,761
 
 
Transportation - Airlines—0.3%
 
  275,000
 
Southwest Airlines Co., Sr. Unsecd. Note, 4.750%, 5/4/2023
292,826    
  215,000
 
Southwest Airlines Co., Sr. Unsecd. Note, 5.250%, 5/4/2025
242,834    
 
 
TOTAL
535,660
 
 
Transportation - Railroads—0.7%
 
  850,000
 
Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2023
880,934    
  500,000
 
Union Pacific Corp., Sr. Unsecd. Note, 2.150%, 2/5/2027
519,198    
 
 
TOTAL
1,400,132
 
 
Transportation - Services—1.9%
 
  485,000
 
GXO Logistics, Inc., Sr. Unsecd. Note, 144A, 1.650%, 7/15/2026
481,896    
  315,000
 
GXO Logistics, Inc., Sr. Unsecd. Note, 144A, 2.650%, 7/15/2031
313,564    
  215,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 1.200%, 11/15/2025
212,601    
  250,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 1.700%, 6/15/2026
251,486    
  250,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.375%, 2/1/2022
251,205    
9
Principal
Amount
 
 
Value
         
 
CORPORATE BONDS—continued
 
 
 
Transportation - Services—continued
 
$  300,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 3.450%, 7/1/2024
$319,691    
  250,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 4.450%, 1/29/2026
279,587    
  280,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.800%, 3/1/2022
282,313    
  600,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 3.875%, 12/1/2023
640,921    
  590,000
 
United Parcel Service, Inc., Sr. Unsecd. Note, 3.900%, 4/1/2025
646,275    
 
 
TOTAL
3,679,539
 
 
Utility - Electric—3.4%
 
  310,000
 
AEP Texas, Inc., Sr. Unsecd. Note, 3.850%, 10/1/2025
336,801    
  125,000
 
American Electric Power Co., Inc., Sr. Unsecd. Note, 2.300%, 3/1/2030
124,701    
  380,000
 
American Electric Power Co., Inc., Sr. Unsecd. Note, Series F, 2.950%, 12/15/2022
388,849    
  500,000
 
Berkshire Hathaway Energy Co., 3.500%, 2/1/2025
537,259    
  130,000
 
Berkshire Hathaway Energy Co., Sr. Unsecd. Note, Series WI, 4.050%, 4/15/2025
142,995    
  560,000
 
Dominion Energy, Inc., Jr. Sub. Note, 3.071%, 8/15/2024
592,114    
  400,000
 
EDP Finance BV, Sr. Unsecd. Note, 144A, 1.710%, 1/24/2028
393,440    
  500,000
 
EDP Finance BV, Sr. Unsecd. Note, 144A, 3.625%, 7/15/2024
534,505    
  190,000
 
Emera US Finance LP, Sr. Unsecd. Note, 144A, 0.833%, 6/15/2024
189,465    
  330,000
 
Enel Finance International NV, Sr. Unsecd. Note, 144A, 1.375%, 7/12/2026
328,279    
  385,000
 
Exelon Corp., Sr. Unsecd. Note, 4.050%, 4/15/2030
436,572    
  250,000
 
Exelon Generation Co. LLC, Sr. Unsecd. Note, 3.250%, 6/1/2025
266,719    
  240,000
 
Fortis, Inc./Canada, Sr. Unsecd. Note, 3.055%, 10/4/2026
257,648    
  140,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 2.950%, 2/7/2024
147,221    
  300,000
 
NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 3.550%, 5/1/2027
329,325    
  500,000
 
NiSource Finance Corp., Sr. Unsecd. Note, 3.490%, 5/15/2027
548,266    
  245,000
 
Puget Energy, Inc., Sec. Fac. Bond, 144A, 2.379%, 6/15/2028
245,263    
  250,000
 
Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026
269,167    
  378,000
 
Wisconsin Energy Corp., Sr. Unsecd. Note, 3.550%, 6/15/2025
408,810    
 
 
TOTAL
6,477,399
 
 
Utility - Natural Gas—0.8%
 
  280,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031
283,863    
  600,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 3.750%, 3/1/2023
621,342    
  395,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026
455,239    
  250,000
1
Sempra Energy, Sr. Unsecd. Note, 2.900%, 2/1/2023
257,437    
 
 
TOTAL
1,617,881
 
 
Utility - Natural Gas Distributor—0.2%
 
  450,000
 
Southern Co. Gas Capital, Sr. Unsecd. Note, 2.450%, 10/1/2023
466,178    
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $179,262,300)
189,001,285
 
 
U.S. TREASURY—0.5%
 
 
 
U.S. Treasury Notes—0.5%
 
1,000,000
 
United States Treasury Note, 1.625%, 5/15/2031
(IDENTIFIED COST $999,095)
1,011,843  
 
 
MORTGAGE-BACKED SECURITIES—0.0%
 
 
 
Federal Home Loan Mortgage Corporation—0.0%
 
      414
 
Federal Home Loan Mortgage Corp., Pool C01051, 8.000%, 9/1/2030
486        
 
 
Government National Mortgage Association—0.0%
 
      516
 
Government National Mortgage Association, Pool 1512, 7.500%, 12/20/2023
541        
    1,381
 
Government National Mortgage Association, Pool 2630, 6.500%, 8/20/2028
1,538      
    1,888
 
Government National Mortgage Association, Pool 2631, 7.000%, 8/20/2028
2,114      
    2,602
 
Government National Mortgage Association, Pool 2658, 6.500%, 10/20/2028
2,903      
    4,334
 
Government National Mortgage Association, Pool 2701, 6.500%, 1/20/2029
4,834      
    3,036
 
Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029
3,436      
10
Principal
Amount
 
 
Value
 
 
MORTGAGE-BACKED SECURITIES—continued
 
 
 
Government National Mortgage Association—continued
 
$      548
 
Government National Mortgage Association, Pool 3039, 6.500%, 2/20/2031
$621        
    2,213
 
Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031
2,534      
    7,921
 
Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032
9,053      
    5,288
 
Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032
6,069      
   11,722
 
Government National Mortgage Association, Pool 3261, 6.500%, 7/20/2032
13,486     
      848
 
Government National Mortgage Association, Pool 516688, 8.000%, 8/15/2029
982        
 
 
TOTAL
48,111
 
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $42,737)
48,597
 
 
REPURCHASE AGREEMENTS—2.2%
 
2,094,000
 
Interest in $1,790,000,000 joint repurchase agreement 0.06%, dated 9/30/2021 under which Bank of America, N.A. will
repurchase securities provided as collateral for $1,790,002,983 on 10/1/2021. The securities provided as collateral at the end
of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
4/20/2050 and the market value of those underlying securities was $1,825,802,790.
2,094,000  
2,145,237
 
Interest in $1,790,000,000 joint repurchase agreement 0.06%, dated 9/30/2021 under which Bank of America, N.A. will
repurchase securities provided as collateral for $1,790,002,983 on 10/1/2021. The securities provided as collateral at the end
of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
4/20/2050 and the market value of those underlying securities was $1,825,802,790. (purchased with proceeds from securities
lending collateral)
2,145,237  
 
 
TOTAL REPURCHASE AGREEMENTS
(IDENTIFIED COST $4,239,237)
4,239,237
 
 
TOTAL INVESTMENT IN SECURITIES—100.5%
(IDENTIFIED COST $184,543,369)
194,300,962
 
 
OTHER ASSETS AND LIABILITIES - NET—(0.5)%3
(979,446)
 
 
TOTAL NET ASSETS—100%
$193,321,516
At September 30, 2021, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
Short Futures:
 
 
 
 
4United States Treasury Long Bond Short Futures
32
$5,095,000
December 2021
$109,985
4United States Treasury Notes 10-Year Short Futures
25
$3,290,234
December 2021
$41,543
4United States Treasury Notes 10-Year Ultra Short Futures
5
$726,250
December 2021
$14,285
4United States Treasury Ultra Bond Short Futures
3
$573,188
December 2021
$20,927
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS
$186,740
The average notional value of long and short futures contracts held by the Fund throughout the period was $886,266 and $8,269,534, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
Net Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”  
1
All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of September 30, 2021, securities subject to this type of arrangement
and related collateral were as follows:
 
Market Value of
Securities Loaned
Collateral
Received
$2,089,826
$2,145,237
 
2
Floating/variable note with current rate and current maturity or next reset date shown.
3
Assets, other than investments in securities, less liabilities.
4
Non-income-producing security.
Note: The categories of investments are shown as a percentage of total net assets at September 30, 2021.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees (the “Trustees”).
11
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ 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.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
12
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 September 30, 2021, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
 
 
 
 
Corporate Bonds
$—
$189,001,285
$—
$189,001,285
U.S. Treasury
—
1,011,843
—
1,011,843
Mortgage-Backed Securities
—
48,597
—
48,597
Repurchase Agreements
—
4,239,237
—
4,239,237
TOTAL SECURITIES
$—
$194,300,962
$—
$194,300,962
Other Financial Instruments:1
 
 
 
 
Assets
$186,740
$—
$—
$186,740
TOTAL OTHER FINANCIAL INSTRUMENTS
$186,740
$—
$—
$186,740
 
1
Other financial instruments are futures contracts.
 
The following acronym(s) are used throughout this portfolio:
 
BKNT
—Bank Notes
GMTN
—Global Medium Term Note
LIBOR
—London Interbank Offered Rate
MTN
—Medium Term Note
REIT
—Real Estate Investment Trust
13