United States
Securities and Exchange Commission
Washington, D.C. 20549
Form
Certified Shareholder Report
of Registered Management Investment Companies
811-4577
(Investment Company Act File Number)
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson
Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant’s Telephone
Number)
Peter J. Germain, Esquire
1001 Liberty
Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent
for Service)
Date of Fiscal Year End: 2026-04-30
Date of Reporting Period:
| Item 1. | Reports to Stockholders |
| Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
| Item 3. | Audit Committee Financial Expert |
The registrant’s Board has determined that each of the following members of the Board’s Audit Committee is an “audit committee financial expert,” and is “independent,” for purposes of this Item 3: John G. Carson, Thomas M. O’Neill and John S. Walsh.
| Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2026 - $270,722
Fiscal year ended 2025 - $260,376
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2026 - $0
Fiscal year ended 2025 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $1,756 respectively. Fiscal year ended 2025- Travel expenses for attendance at Board meeting.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2026 - $0
Fiscal year ended 2025 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2026 - $0
Fiscal year ended 2025 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. The Audit Committee is required to pre-concur with independence conclusions made by the independent auditor regarding non-audit services to be provided by the independent auditor to the Funds, the Funds Board of Directors, or any entity that is controlled directly or indirectly by the Funds. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval (and pre-concurrence for non-audit services) by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval/pre-concurrence authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval/pre-concurrence decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval/pre-concurrence authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved/pre-concurred certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved/pre-concurred by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval/pre-concurrence requirement is waived if:
(1) With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and,
(2) With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and
(3) Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and
(4) Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee.
The Audit Committee may grant general pre-approval/pre-concurrence to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval/concurrence by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2026 – 0%
Fiscal year ended 2025 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2026 – 0%
Fiscal year ended 2025 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2026 – 0%
Fiscal year ended 2025 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) NA
(g) Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser:
Fiscal year ended 2026 - $649,507
Fiscal year ended 2025 - $165,122
(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not Applicable
(j) Not Applicable
| Item 5. | Audit Committee of Listed Registrants |
Not Applicable
| Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.
(b) Not Applicable
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Companies |
and Additional Information
|
Share
Class | Ticker
|
Institutional | FIIFX
|
Service | INISX
|
R6 | ICBRX
|
|
Federated Hermes Intermediate Corporate Bond Fund
A Portfolio of Federated Hermes Income Securities Trust
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—96.3% |
|
|
|
|
Basic
Industry - Chemicals—0.1% |
|
|
$ 405,000
|
|
RPM
International, Inc., Sr. Unsecd. Note, 4.550%, 3/1/2029 |
$ 406,234
|
|
|
|
Basic
Industry - Metals & Mining—0.6% |
|
|
420,000
|
|
Anglo
American Capital PLC, Sr. Unsecd. Note, 144A, 2.250%, 3/17/2028 |
402,281
|
|
215,000
|
|
Anglo
American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031 |
196,862
|
|
610,000
|
|
Anglo
American Capital PLC, Sr. Unsecd. Note, 144A, 5.750%, 4/5/2034 |
629,547
|
|
865,000
|
|
Glencore
Funding LLC, Sr. Unsecd. Note, 144A, 5.371%, 4/4/2029 |
882,522
|
|
810,000
|
|
Glencore
Funding LLC, Sr. Unsecd. Note, 144A, 6.125%, 10/6/2028 |
838,245
|
|
|
|
TOTAL
|
2,949,457
|
|
|
|
Basic
Industry - Paper—0.2% |
|
|
1,000,000
|
|
Smurfit
Kappa Treasury Unlimited Co., Sr. Unsecd. Note, 5.200%, 1/15/2030 |
1,019,039
|
|
50,000
|
|
Weyerhaeuser
Co., Sr. Unsecd. Note, 7.375%, 3/15/2032 |
55,990
|
|
|
|
TOTAL
|
1,075,029
|
|
|
|
Capital
Goods - Aerospace & Defense—2.8% |
|
|
310,000
|
|
Airbus
Group SE, Sr. Unsecd. Note, 144A, 3.150%, 4/10/2027 |
307,602
|
|
225,000
|
|
BAE
Systems PLC, Sr. Unsecd. Note, 144A, 3.400%, 4/15/2030 |
216,169
|
|
1,620,000
|
|
Boeing
Co., Sr. Unsecd. Note, 2.700%, 2/1/2027 |
1,601,439
|
|
505,000
|
|
Boeing
Co., Sr. Unsecd. Note, 3.625%, 2/1/2031 |
481,905
|
|
1,730,000
|
|
Boeing
Co., Sr. Unsecd. Note, 5.150%, 5/1/2030 |
1,758,398
|
|
540,000
|
|
Boeing
Co., Sr. Unsecd. Note, 6.528%, 5/1/2034 |
590,736
|
|
560,000
|
|
GE
Capital Funding LLC, Sr. Unsecd. Note, 4.400%, 5/15/2030 |
554,488
|
|
1,000,000
|
|
Honeywell
Aerospace, Inc., Sr. Unsecd. Note, 144A, 4.600%, 3/16/2033 |
987,709
|
|
385,000
|
|
Huntington
Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027 |
379,011
|
|
555,000
|
|
Leidos,
Inc., Sr. Unsecd. Note, 4.100%, 3/15/2029 |
548,348
|
|
540,000
|
|
Leidos,
Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 |
480,808
|
|
500,000
|
|
Lockheed
Martin Corp., Sr. Unsecd. Note, 4.150%, 8/15/2028 |
500,291
|
|
665,000
|
|
Lockheed
Martin Corp., Sr. Unsecd. Note, 4.750%, 2/15/2034 |
664,281
|
|
1,000,000
|
|
Northrop
Grumman Corp., Sr. Unsecd. Note, 4.650%, 7/15/2030 |
1,005,753
|
|
1,300,000
|
|
Northrop
Grumman Corp., Sr. Unsecd. Note, 4.700%, 3/15/2033 |
1,293,458
|
|
1,450,000
|
|
RTX
Corp., Sr. Unsecd. Note, 4.125%, 11/16/2028 |
1,444,517
|
|
240,000
|
|
RTX
Corp., Sr. Unsecd. Note, 5.150%, 2/27/2033 |
244,860
|
|
|
|
TOTAL
|
13,059,773
|
|
|
|
Capital
Goods - Building Materials—0.9% |
|
|
1,190,000
|
|
Allegion
PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 |
1,148,019
|
|
925,000
|
|
Allegion
US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027 |
912,804
|
|
500,000
|
|
Allegion
US Holdings Co., Inc., Sr. Unsecd. Note, 5.600%, 5/29/2034 |
512,622
|
|
470,000
|
|
Carrier
Global Corp., Sr. Unsecd. Note, 5.900%, 3/15/2034 |
495,619
|
|
290,000
|
|
Masco
Corp., Sr. Unsecd. Note, 1.500%, 2/15/2028 |
275,173
|
|
870,000
|
|
Masco
Corp., Sr. Unsecd. Note, 2.000%, 10/1/2030 |
774,721
|
|
200,000
|
|
Masco
Corp., Sr. Unsecd. Note, 3.500%, 11/15/2027 |
197,437
|
|
|
|
TOTAL
|
4,316,395
|
|
|
|
Capital
Goods - Construction Machinery—0.8% |
|
|
700,000
|
|
Ashtead
Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 |
710,482
|
|
800,000
|
|
CNH
Industrial Capital America LLC, Sr. Unsecd. Note, 4.375%, 3/7/2031 |
784,653
|
|
1,000,000
|
|
CNH
Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028 |
1,000,005
|
|
675,000
|
|
CNH
Industrial Capital America LLC, Sr. Unsecd. Note, 5.500%, 1/12/2029 |
690,293
|
|
605,000
|
|
CNH
Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027 |
600,244
|
|
|
|
TOTAL
|
3,785,677
|
|
|
|
Capital
Goods - Diversified Manufacturing—1.6% |
|
|
1,100,000
|
|
Eaton
Corp., Sr. Unsecd. Note, 4.500%, 3/6/2033 |
1,083,999
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Capital
Goods - Diversified Manufacturing—continued |
|
|
$1,000,000
|
|
Eaton
Corp., Sr. Unsecd. Note, 4.800%, 3/6/2036 |
$ 984,854
|
|
975,000
|
|
Honeywell
International, Inc., Sr. Unsecd. Note, 1.100%, 3/1/2027 |
952,308
|
|
480,000
|
|
Honeywell
International, Inc., Sr. Unsecd. Note, 1.950%, 6/1/2030 |
435,622
|
|
520,000
|
|
Hubbell,
Inc., Sr. Unsecd. Note, 2.300%, 3/15/2031 |
470,500
|
|
500,000
|
|
Ingersoll-Rand,
Inc., Sr. Unsecd. Note, 5.176%, 6/15/2029 |
511,501
|
|
170,000
|
|
Ingersoll-Rand,
Inc., Sr. Unsecd. Note, 5.450%, 6/15/2034 |
174,021
|
|
540,000
|
|
Lennox
International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 |
522,511
|
|
790,000
|
|
Parker-Hannifin
Corp., Sr. Unsecd. Note, 4.500%, 9/15/2029 |
794,335
|
|
325,000
|
|
Vertiv
Holdings Co., Sr. Unsecd. Note, 4.850%, 3/15/2036 |
316,503
|
|
500,000
|
|
Vontier
Corp., Sr. Unsecd. Note, Series WI, 2.400%, 4/1/2028 |
479,862
|
|
600,000
|
|
Wabtec
Corp., Sr. Unsecd. Note, 5.611%, 3/11/2034 |
618,939
|
|
|
|
TOTAL
|
7,344,955
|
|
|
|
Capital
Goods - Environmental—0.8% |
|
|
1,005,000
|
|
Republic
Services, Inc., Sr. Unsecd. Note, 4.875%, 4/1/2029 |
1,020,032
|
|
1,055,000
|
|
Republic
Services, Inc., Sr. Unsecd. Note, 5.150%, 3/15/2035 |
1,075,184
|
|
1,005,000
|
|
Waste
Connections, Inc., Sr. Unsecd. Note, 2.600%, 2/1/2030 |
946,316
|
|
835,000
|
|
Waste
Connections, Inc., Sr. Unsecd. Note, 5.250%, 9/1/2035 |
852,226
|
|
|
|
TOTAL
|
3,893,758
|
|
|
|
Communications
- Cable & Satellite—1.3% |
|
|
865,000
|
|
Charter
Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond,
2.250%,
1/15/2029 |
808,539
|
|
1,225,000
|
|
Charter
Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond,
2.800%,
4/1/2031 |
1,097,243
|
|
2,400,000
|
|
Charter
Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond,
6.550%,
6/1/2034 |
2,483,260
|
|
245,000
|
|
Charter
Communications, Inc., 4.200%, 3/15/2028 |
242,511
|
|
700,000
|
|
Comcast
Corp., Sr. Unsecd. Note, 4.250%, 10/15/2030 |
691,097
|
|
810,000
|
|
Comcast
Corp., Sr. Unsecd. Note, 4.950%, 5/15/2032 |
816,075
|
|
|
|
TOTAL
|
6,138,725
|
|
|
|
Communications
- Media & Entertainment—1.7% |
|
|
1,005,000
|
|
AppLovin
Corp., Sr. Unsecd. Note, 5.375%, 12/1/2031 |
1,015,199
|
|
690,000
|
|
AppLovin
Corp., Sr. Unsecd. Note, 5.500%, 12/1/2034 |
690,112
|
|
695,000
|
|
Meta
Platforms, Inc., Sr. Unsecd. Note, 3.500%, 8/15/2027 |
690,419
|
|
865,000
|
|
Meta
Platforms, Inc., Sr. Unsecd. Note, 3.850%, 8/15/2032 |
823,803
|
|
750,000
|
|
Meta
Platforms, Inc., Sr. Unsecd. Note, 4.875%, 11/15/2035 |
731,228
|
|
635,000
|
|
Netflix,
Inc., Sr. Unsecd. Note, 4.375%, 11/15/2026 |
636,227
|
|
255,000
|
|
Netflix,
Inc., Sr. Unsecd. Note, 4.875%, 4/15/2028 |
258,322
|
|
1,670,000
|
|
Netflix,
Inc., Sr. Unsecd. Note, 144A, 4.875%, 6/15/2030 |
1,694,458
|
|
1,000,000
|
|
Omnicom
Group, Inc., Sr. Unsecd. Note, 5.300%, 6/2/2036 |
967,009
|
|
220,000
|
|
Paramount
Global, Sr. Unsecd. Note, 4.200%, 5/19/2032 |
192,327
|
|
|
|
TOTAL
|
7,699,104
|
|
|
|
Communications
- Telecom Wireless—2.2% |
|
|
1,000,000
|
|
America
Movil S.A.B. de C.V., Sr. Unsecd. Note, 5.000%, 1/20/2033 |
1,002,380
|
|
500,000
|
|
American
Tower Corp., Sr. Unsecd. Note, 2.100%, 6/15/2030 |
452,620
|
|
780,000
|
|
American
Tower Corp., Sr. Unsecd. Note, 4.700%, 12/15/2032 |
770,616
|
|
530,000
|
|
American
Tower Corp., Sr. Unsecd. Note, 4.900%, 3/15/2030 |
535,385
|
|
670,000
|
|
American
Tower Corp., Sr. Unsecd. Note, 5.250%, 7/15/2028 |
680,885
|
|
1,490,000
|
|
Crown
Castle, Inc., Sr. Unsecd. Note, 2.250%, 1/15/2031 |
1,321,293
|
|
600,000
|
|
Orange
S.A., Sr. Unsecd. Note, 144A, 4.750%, 1/13/2033 |
592,583
|
|
420,000
|
|
Orange
S.A., Sr. Unsecd. Note, 144A, 5.000%, 1/13/2036 |
411,036
|
|
2,875,000
|
|
T-Mobile
USA, Inc., Series WI, 3.875%, 4/15/2030 |
2,799,964
|
|
1,510,000
|
|
T-Mobile
USA, Inc., Sr. Unsecd. Note, 5.050%, 7/15/2033 |
1,517,432
|
|
|
|
TOTAL
|
10,084,194
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Communications
- Telecom Wirelines—2.6% |
|
|
$ 760,000
|
|
AT&T,
Inc., Sr. Unsecd. Note, 2.300%, 6/1/2027 |
$ 743,968
|
|
2,280,000
|
|
AT&T,
Inc., Sr. Unsecd. Note, 2.550%, 12/1/2033 |
1,928,412
|
|
860,000
|
|
AT&T,
Inc., Sr. Unsecd. Note, 2.750%, 6/1/2031 |
785,291
|
|
540,000
|
|
AT&T,
Inc., Sr. Unsecd. Note, 4.550%, 11/1/2032 |
529,678
|
|
800,000
|
|
AT&T,
Inc., Sr. Unsecd. Note, 5.250%, 10/30/2036 |
790,880
|
|
540,000
|
|
AT&T,
Inc., Sr. Unsecd. Note, 5.375%, 8/15/2035 |
544,704
|
|
455,000
|
|
NBN
Co. Ltd., Sr. Unsecd. Note, 144A, 4.000%, 10/1/2027 |
453,575
|
|
810,000
|
|
Rogers
Communications, Inc., Sr. Unsecd. Note, 5.000%, 2/15/2029 |
816,969
|
|
1,550,000
|
|
Rogers
Communications, Inc., Sr. Unsecd. Note, 5.300%, 2/15/2034 |
1,543,425
|
|
230,000
|
|
Telefonica
S.A., Co. Guarantee, 7.045%, 6/20/2036 |
253,942
|
|
300,000
|
|
Verizon
Communications, Inc., Sr. Unsecd. Note, 1.750%, 1/20/2031 |
263,819
|
|
485,000
|
|
Verizon
Communications, Inc., Sr. Unsecd. Note, 2.550%, 3/21/2031 |
441,235
|
|
1,265,000
|
|
Verizon
Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 |
1,206,375
|
|
1,725,000
|
|
Verizon
Communications, Inc., Sr. Unsecd. Note, 4.500%, 8/10/2033 |
1,675,349
|
|
|
|
TOTAL
|
11,977,622
|
|
|
|
Consumer
Cyclical - Automotive—4.7% |
|
|
1,550,000
|
|
Daimler
Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.000%, 12/14/2026 |
1,528,586
|
|
1,000,000
|
|
Daimler
Trucks Financial NA, Sr. Unsecd. Note, 144A, 4.500%, 4/12/2031 |
982,770
|
|
1,095,000
|
|
Daimler
Trucks Financial NA, Sr. Unsecd. Note, 144A, 5.125%, 1/19/2028 |
1,104,983
|
|
250,000
|
|
Ford
Motor Co., Sr. Unsecd. Note, 4.346%, 12/8/2026 |
249,496
|
|
1,000,000
|
|
Ford
Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030 |
939,602
|
|
790,000
|
|
Ford
Motor Credit Co. LLC, Sr. Unsecd. Note, 5.420%, 4/9/2031 |
783,313
|
|
295,000
|
|
Ford
Motor Credit Co. LLC, Sr. Unsecd. Note, 5.753%, 4/6/2033 |
292,528
|
|
1,000,000
|
|
Ford
Motor Credit Co. LLC, Sr. Unsecd. Note, 6.500%, 2/7/2035 |
1,019,515
|
|
995,000
|
|
Ford
Motor Credit Co. LLC, Sr. Unsecd. Note, 6.798%, 11/7/2028 |
1,032,262
|
|
320,000
|
|
Ford
Motor Credit Co. LLC, Sr. Unsecd. Note, 7.122%, 11/7/2033 |
339,697
|
|
750,000
|
|
General
Motors Co., Sr. Unsecd. Note, 4.200%, 10/1/2027 |
746,947
|
|
545,000
|
|
General
Motors Co., Sr. Unsecd. Note, 5.600%, 10/15/2032 |
557,721
|
|
800,000
|
|
General
Motors Financial Co., Inc., Sr. Unsecd. Note, 4.750%, 4/6/2029 |
801,891
|
|
850,000
|
|
General
Motors Financial Co., Inc., Sr. Unsecd. Note, 5.350%, 1/7/2030 |
867,037
|
|
270,000
|
|
General
Motors Financial Co., Inc., Sr. Unsecd. Note, 5.400%, 5/8/2027 |
272,816
|
|
300,000
|
|
General
Motors Financial Co., Inc., Sr. Unsecd. Note, 5.850%, 4/6/2030 |
311,306
|
|
400,000
|
|
General
Motors Financial Co., Inc., Sr. Unsecd. Note, 6.000%, 1/9/2028 |
408,726
|
|
320,000
|
|
Hyundai
Capital America, Sr. Unsecd. Note, 144A, 4.500%, 9/18/2030 |
315,109
|
|
1,000,000
|
|
Hyundai
Capital America, Sr. Unsecd. Note, 144A, 4.800%, 1/10/2033 |
980,449
|
|
2,000,000
|
|
Hyundai
Capital America, Sr. Unsecd. Note, 144A, 5.300%, 1/8/2029 |
2,029,226
|
|
1,240,000
|
|
Hyundai
Capital America, Sr. Unsecd. Note, 144A, 5.680%, 6/26/2028 |
1,264,286
|
|
465,000
|
|
Mercedes-Benz
Finance NA LLC, Sr. Unsecd. Note, 144A, 4.800%, 8/1/2029 |
469,228
|
|
675,000
|
|
Mercedes-Benz
Finance NA LLC, Sr. Unsecd. Note, 144A, 5.250%, 11/29/2027 |
684,496
|
|
1,200,000
|
|
Nissan
Motor Co., Ltd., Sr. Unsecd. Note, 144A, 4.345%, 9/17/2027 |
1,186,703
|
|
725,000
|
|
Toyota
Motor Credit Corp., Sr. Unsecd. Note, 4.800%, 5/15/2030 |
734,585
|
|
600,000
|
|
Toyota
Motor Credit Corp., Sr. Unsecd. Note, Series MTN, 3.200%, 1/11/2027 |
596,808
|
|
1,300,000
|
|
Volkswagen
Group of America Finance LLC, Sr. Unsecd. Note, 144A, 4.750%, 11/13/2028 |
1,299,905
|
|
|
|
TOTAL
|
21,799,991
|
|
|
|
Consumer
Cyclical - Leisure—0.2% |
|
|
500,000
|
|
Airbnb,
Inc., Sr. Unsecd. Note, 4.650%, 3/16/2031 |
499,296
|
|
375,000
|
|
Airbnb,
Inc., Sr. Unsecd. Note, 5.250%, 3/16/2036 |
374,132
|
|
|
|
TOTAL
|
873,428
|
|
|
|
Consumer
Cyclical - Retailers—2.3% |
|
|
1,575,000
|
|
Advance
Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 |
1,478,143
|
|
1,000,000
|
|
Alimentation
Couche-Tard, Inc., Sr. Unsecd. Note, 144A, 2.950%, 1/25/2030 |
944,052
|
|
415,000
|
|
AutoNation,
Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 |
413,259
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Consumer
Cyclical - Retailers—continued |
|
|
$1,310,000
|
|
AutoZone,
Inc., Sr. Unsecd. Note, 3.750%, 6/1/2027 |
$ 1,301,349
|
|
580,000
|
|
AutoZone,
Inc., Sr. Unsecd. Note, 4.000%, 4/15/2030 |
567,633
|
|
850,000
|
|
AutoZone,
Inc., Sr. Unsecd. Note, 4.750%, 2/1/2033 |
841,491
|
|
550,000
|
|
AutoZone,
Inc., Sr. Unsecd. Note, 5.200%, 8/1/2033 |
557,683
|
|
760,000
|
|
Costco
Wholesale Corp., Sr. Unsecd. Note, 1.375%, 6/20/2027 |
739,012
|
|
1,080,000
|
|
Home
Depot, Inc., Sr. Unsecd. Note, 3.950%, 9/15/2030 |
1,066,804
|
|
1,000,000
|
|
Home
Depot, Inc., Sr. Unsecd. Note, 4.750%, 6/25/2029 |
1,015,683
|
|
1,000,000
|
|
O’Reilly
Automotive, Inc., Sr. Unsecd. Note, 1.750%, 3/15/2031 |
875,116
|
|
665,000
|
|
Tractor
Supply Co., Sr. Unsecd. Note, 1.750%, 11/1/2030 |
587,587
|
|
265,000
|
|
Tractor
Supply Co., Sr. Unsecd. Note, 5.250%, 5/15/2033 |
267,486
|
|
|
|
TOTAL
|
10,655,298
|
|
|
|
Consumer
Cyclical - Services—1.8% |
|
|
200,000
|
|
Alibaba
Group Holding Ltd., Sr. Unsecd. Note, 2.125%, 2/9/2031 |
181,815
|
|
1,665,000
|
|
Amazon.com,
Inc., Sr. Unsecd. Note, 3.150%, 8/22/2027 |
1,646,961
|
|
1,270,000
|
|
Amazon.com,
Inc., Sr. Unsecd. Note, 3.300%, 4/13/2027 |
1,263,189
|
|
995,000
|
|
Amazon.com,
Inc., Sr. Unsecd. Note, 4.250%, 3/13/2031 |
985,530
|
|
815,000
|
|
Booking
Holdings, Inc., Sr. Unsecd. Note, 3.550%, 3/15/2028 |
804,089
|
|
235,000
|
|
Cintas
Corp. No. 2, Sr. Unsecd. Note, 4.000%, 5/1/2032 |
229,121
|
|
1,100,000
|
|
Expedia
Group, Inc., Sr. Unsecd. Note, 5.500%, 4/15/2036 |
1,077,280
|
|
185,000
|
|
Expedia
Group, Inc., Sr. Unsecd. Note, Series WI, 2.950%, 3/15/2031 |
169,883
|
|
1,800,000
|
|
Uber
Technologies, Inc., Sr. Unsecd. Note, 4.300%, 1/15/2030 |
1,786,684
|
|
|
|
TOTAL
|
8,144,552
|
|
|
|
Consumer
Non-Cyclical - Food/Beverage—4.3% |
|
|
1,650,000
|
|
Anheuser-Busch
InBev Worldwide, Inc., Sr. Unsecd. Note, 4.750%, 1/23/2029 |
1,666,798
|
|
845,000
|
|
Campbells
Co./The, Sr. Unsecd. Note, 4.550%, 3/21/2031 |
820,259
|
|
1,195,000
|
|
Coca-Cola
Femsa S.A.B. de C.V., Sr. Unsecd. Note, 2.750%, 1/22/2030 |
1,120,423
|
|
1,325,000
|
|
Constellation
Brands, Inc., Sr. Unsecd. Note, 2.875%, 5/1/2030 |
1,241,805
|
|
590,000
|
|
Constellation
Brands, Inc., Sr. Unsecd. Note, 3.150%, 8/1/2029 |
565,510
|
|
1,085,000
|
|
Constellation
Brands, Inc., Sr. Unsecd. Note, 3.600%, 2/15/2028 |
1,069,873
|
|
355,000
|
|
Flowers
Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 |
353,493
|
|
1,000,000
|
|
Flowers
Foods, Inc., Sr. Unsecd. Note, 5.750%, 3/15/2035 |
964,198
|
|
1,080,000
|
|
Keurig
Dr Pepper, Inc., Sr. Unsecd. Note, 2.250%, 3/15/2031 |
957,876
|
|
1,105,000
|
|
Keurig
Dr Pepper, Inc., Sr. Unsecd. Note, 3.430%, 6/15/2027 |
1,092,978
|
|
810,000
|
|
Keurig
Dr Pepper, Inc., Sr. Unsecd. Note, 3.950%, 4/15/2029 |
795,651
|
|
300,000
|
|
Keurig
Dr Pepper, Inc., Sr. Unsecd. Note, 4.050%, 4/15/2032 |
284,845
|
|
405,000
|
|
Kraft
Heinz Foods Co., Sr. Unsecd. Note, 3.750%, 4/1/2030 |
392,351
|
|
1,810,000
|
|
Kraft
Heinz Foods Co., Sr. Unsecd. Note, Series WI, 3.875%, 5/15/2027 |
1,801,902
|
|
605,000
|
|
Mars,
Inc., Sr. Unsecd. Note, 144A, 5.000%, 3/1/2032 |
613,897
|
|
1,625,000
|
|
Mars,
Inc., Sr. Unsecd. Note, 144A, 5.200%, 3/1/2035 |
1,640,064
|
|
595,000
|
|
McCormick
& Co., Inc., Sr. Unsecd. Note, 3.400%, 8/15/2027 |
587,739
|
|
1,620,000
|
|
PepsiCo,
Inc., Sr. Unsecd. Note, 2.625%, 7/29/2029 |
1,545,256
|
|
300,000
|
|
Smithfield
Foods, Inc., Sr. Unsecd. Note, 144A, 2.625%, 9/13/2031 |
264,571
|
|
730,000
|
|
Smithfield
Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030 |
669,674
|
|
60,000
|
|
Smithfield
Foods, Inc., Sr. Unsecd. Note, 144A, 4.250%, 2/1/2027 |
59,779
|
|
605,000
|
|
Sysco
Corp., Sr. Unsecd. Note, 3.250%, 7/15/2027 |
596,341
|
|
570,000
|
|
Tyson
Foods, Inc., Sr. Unsecd. Note, 5.400%, 3/15/2029 |
583,884
|
|
|
|
TOTAL
|
19,689,167
|
|
|
|
Consumer
Non-Cyclical - Health Care—3.5% |
|
|
1,355,000
|
|
180
Medical, Inc., Sr. Unsecd. Note, 144A, 5.300%, 10/8/2035 |
1,327,367
|
|
655,000
|
|
Alcon
Finance Corp., Sr. Unsecd. Note, 144A, 2.600%, 5/27/2030 |
606,438
|
|
600,000
|
|
Augusta
SpinCo Corp., Sr. Unsecd. Note, 4.398%, 3/23/2029 |
598,187
|
|
325,000
|
|
Augusta
SpinCo Corp., Sr. Unsecd. Note, 4.656%, 3/23/2031 |
324,366
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Consumer
Non-Cyclical - Health Care—continued |
|
|
$ 500,000
|
|
Augusta
SpinCo Corp., Sr. Unsecd. Note, 5.245%, 3/23/2036 |
$ 498,165
|
|
193,000
|
|
Becton
Dickinson & Co., Sr. Unsecd. Note, 4.685%, 12/15/2044 |
168,659
|
|
760,000
|
|
Becton
Dickinson & Co., Sr. Unsecd. Note, 4.874%, 2/8/2029 |
767,423
|
|
18,913
|
|
CVS
Health Corp., Pass Thru Cert., 144A, 5.298%, 1/11/2027 |
18,877
|
|
700,000
|
|
CVS
Health Corp., Sr. Unsecd. Note, 1.300%, 8/21/2027 |
672,660
|
|
960,000
|
|
CVS
Health Corp., Sr. Unsecd. Note, 5.000%, 1/30/2029 |
972,095
|
|
600,000
|
|
CVS
Health Corp., Sr. Unsecd. Note, 5.450%, 9/15/2035 |
605,943
|
|
2,010,000
|
|
CVS
Health Corp., Sr. Unsecd. Note, 5.700%, 6/1/2034 |
2,075,288
|
|
490,000
|
|
DH
Europe Finance II S.a.r.l., Sr. Unsecd. Note, 2.600%, 11/15/2029 |
461,286
|
|
385,000
|
|
GE
HealthCare Technologies, Inc., Sr. Unsecd. Note, 5.857%, 3/15/2030 |
400,990
|
|
375,000
|
|
GE
HealthCare Technologies, Inc., Sr. Unsecd. Note, 5.905%, 11/22/2032 |
395,797
|
|
1,310,000
|
|
Haleon
US Capital LLC, Sr. Unsecd. Note, 3.375%, 3/24/2027 |
1,299,348
|
|
600,000
|
|
HCA,
Inc., Sr. Unsecd. Note, 3.125%, 3/15/2027 |
594,442
|
|
1,000,000
|
|
HCA,
Inc., Sr. Unsecd. Note, 4.700%, 5/15/2031 |
995,530
|
|
1,000,000
|
|
HCA,
Inc., Sr. Unsecd. Note, 5.200%, 6/1/2028 |
1,013,672
|
|
1,450,000
|
|
HCA,
Inc., Sr. Unsecd. Note, 5.500%, 6/1/2033 |
1,483,702
|
|
613,000
|
|
Solventum
Corp., Sr. Unsecd. Note, Series WI, 5.400%, 3/1/2029 |
626,913
|
|
|
|
TOTAL
|
15,907,148
|
|
|
|
Consumer
Non-Cyclical - Pharmaceuticals—3.1% |
|
|
565,000
|
|
Abbott
Laboratories, Sr. Unsecd. Note, 3.750%, 11/30/2026 |
564,501
|
|
1,165,000
|
|
AbbVie,
Inc., Sr. Unsecd. Note, 2.950%, 11/21/2026 |
1,158,120
|
|
665,000
|
|
AbbVie,
Inc., Sr. Unsecd. Note, 4.125%, 3/15/2031 |
654,600
|
|
550,000
|
|
AbbVie,
Inc., Sr. Unsecd. Note, 4.750%, 3/15/2036 |
538,023
|
|
1,030,000
|
|
AbbVie,
Inc., Sr. Unsecd. Note, 4.800%, 3/15/2027 |
1,036,315
|
|
2,145,000
|
|
Amgen,
Inc., Sr. Unsecd. Note, 5.250%, 3/2/2030 |
2,199,698
|
|
600,000
|
|
AstraZeneca
Finance LLC, Sr. Unsecd. Note, 4.875%, 3/3/2028 |
608,667
|
|
650,000
|
|
AstraZeneca
PLC, Sr. Unsecd. Note, 4.000%, 1/17/2029 |
647,884
|
|
1,915,000
|
|
Bayer
US Finance II LLC, Sr. Unsecd. Note, 144A, 4.375%, 12/15/2028 |
1,901,400
|
|
185,000
|
|
Biogen,
Inc., Sr. Unsecd. Note, 2.250%, 5/1/2030 |
169,266
|
|
380,000
|
|
Bristol-Myers
Squibb Co., Sr. Unsecd. Note, 4.900%, 2/22/2029 |
387,664
|
|
1,000,000
|
|
Bristol-Myers
Squibb Co., Sr. Unsecd. Note, 5.200%, 2/22/2034 |
1,024,558
|
|
140,000
|
|
Bristol-Myers
Squibb Co., Sr. Unsecd. Note, Series WI, 5.000%, 8/15/2045 |
128,955
|
|
350,000
|
|
Pfizer
Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.450%, 5/19/2028 |
351,670
|
|
850,000
|
|
Pfizer
Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.650%, 5/19/2030 |
856,447
|
|
800,000
|
|
Pfizer,
Inc., Sr. Unsecd. Note, 4.500%, 11/15/2032 |
792,874
|
|
830,000
|
|
Regeneron
Pharmaceuticals, Inc., Sr. Unsecd. Note, 1.750%, 9/15/2030 |
737,932
|
|
300,000
|
|
Teva
Pharmaceutical Finance Netherlands III B.V., Sr. Unsecd. Note, 3.150%, 10/1/2026 |
297,989
|
|
|
|
TOTAL
|
14,056,563
|
|
|
|
Consumer
Non-Cyclical - Products—0.2% |
|
|
850,000
|
|
Kenvue,
Inc., Sr. Unsecd. Note, 5.050%, 3/22/2028 |
861,870
|
|
|
|
Consumer
Non-Cyclical - Tobacco—1.6% |
|
|
590,000
|
|
BAT
Capital Corp., Sr. Unsecd. Note, 2.259%, 3/25/2028 |
567,328
|
|
370,000
|
|
BAT
Capital Corp., Sr. Unsecd. Note, 4.625%, 3/22/2033 |
362,693
|
|
1,030,000
|
|
BAT
Capital Corp., Sr. Unsecd. Note, 5.625%, 8/15/2035 |
1,062,568
|
|
515,000
|
|
BAT
Capital Corp., Sr. Unsecd. Note, 5.834%, 2/20/2031 |
538,948
|
|
445,000
|
|
BAT
Capital Corp., Sr. Unsecd. Note, 7.750%, 10/19/2032 |
510,731
|
|
1,000,000
|
|
Philip
Morris International, Inc., Sr. Unsecd. Note, 4.750%, 11/1/2031 |
1,006,354
|
|
500,000
|
|
Philip
Morris International, Inc., Sr. Unsecd. Note, 4.875%, 2/15/2028 |
504,950
|
|
500,000
|
|
Philip
Morris International, Inc., Sr. Unsecd. Note, 4.875%, 2/13/2029 |
506,635
|
|
1,240,000
|
|
Philip
Morris International, Inc., Sr. Unsecd. Note, 5.125%, 2/15/2030 |
1,266,655
|
|
500,000
|
|
Philip
Morris International, Inc., Sr. Unsecd. Note, 5.250%, 2/13/2034 |
509,658
|
|
150,000
|
|
Philip
Morris International, Inc., Sr. Unsecd. Note, 5.625%, 11/17/2029 |
155,587
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Consumer
Non-Cyclical - Tobacco—continued |
|
|
$ 250,000
|
|
Reynolds
American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041 |
$ 272,800
|
|
|
|
TOTAL
|
7,264,907
|
|
|
|
Energy
- Independent—1.2% |
|
|
165,000
|
|
APA
Corp., Sr. Unsecd. Note, 6.100%, 2/15/2035 |
171,374
|
|
500,000
|
|
Coterra
Energy, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 5/15/2027 |
497,775
|
|
600,000
|
|
Diamondback
Energy, Inc., Sr. Unsecd. Note, 5.150%, 1/30/2030 |
613,953
|
|
1,205,000
|
|
Diamondback
Energy, Inc., Sr. Unsecd. Note, 5.400%, 4/18/2034 |
1,229,868
|
|
300,000
|
|
Diamondback
Energy, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2033 |
321,742
|
|
1,675,000
|
|
Hess
Corp., Sr. Unsecd. Note, 4.300%, 4/1/2027 |
1,676,559
|
|
1,150,000
|
|
Ovintiv,
Inc., Sr. Unsecd. Note, 6.250%, 7/15/2033 |
1,219,451
|
|
|
|
TOTAL
|
5,730,722
|
|
|
|
Energy
- Integrated—1.1% |
|
|
1,350,000
|
|
BP
Capital Markets America, Inc., Sr. Unsecd. Note, 4.699%, 4/10/2029 |
1,365,932
|
|
905,000
|
|
BP
Capital Markets PLC, Sr. Unsecd. Note, 3.279%, 9/19/2027 |
894,787
|
|
1,495,000
|
|
Cenovus
Energy, Inc., Sr. Unsecd. Note, 2.650%, 1/15/2032 |
1,338,035
|
|
215,000
|
|
Cenovus
Energy, Inc., Sr. Unsecd. Note, 5.400%, 3/20/2036 |
214,344
|
|
1,120,000
|
|
Chevron
U.S.A., Inc., Sr. Unsecd. Note, 1.018%, 8/12/2027 |
1,078,986
|
|
|
|
TOTAL
|
4,892,084
|
|
|
|
Energy
- Midstream—4.0% |
|
|
260,000
|
|
Boardwalk
Pipeline Partners LP, Sr. Unsecd. Note, 3.400%, 2/15/2031 |
242,980
|
|
600,000
|
|
Boardwalk
Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029 |
602,222
|
|
500,000
|
|
Enbridge,
Inc., Sr. Unsecd. Note, 4.500%, 2/15/2031 |
495,308
|
|
1,005,000
|
|
Enbridge,
Inc., Sr. Unsecd. Note, 5.550%, 6/20/2035 |
1,027,328
|
|
905,000
|
|
Enbridge,
Inc., Sr. Unsecd. Note, 6.200%, 11/15/2030 |
958,303
|
|
505,000
|
|
Energy
Transfer LP, Sr. Unsecd. Note, 3.750%, 5/15/2030 |
488,798
|
|
160,000
|
|
Energy
Transfer LP, Sr. Unsecd. Note, 5.550%, 2/15/2028 |
162,908
|
|
200,000
|
|
Energy
Transfer LP, Sr. Unsecd. Note, 5.550%, 5/15/2034 |
204,331
|
|
930,000
|
|
Energy
Transfer LP, Sr. Unsecd. Note, 5.700%, 4/1/2035 |
953,311
|
|
280,000
|
|
Energy
Transfer LP, Sr. Unsecd. Note, 6.100%, 12/1/2028 |
290,739
|
|
425,000
|
|
MPLX
LP, Sr. Unsecd. Note, 4.000%, 3/15/2028 |
421,732
|
|
1,110,000
|
|
MPLX
LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 |
1,108,645
|
|
1,000,000
|
|
MPLX
LP, Sr. Unsecd. Note, 5.000%, 1/15/2033 |
995,572
|
|
395,000
|
|
National
Fuel Gas Co., Sr. Secd. Note, 5.950%, 3/15/2035 |
410,584
|
|
1,710,000
|
|
National
Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031 |
1,560,883
|
|
500,000
|
|
National
Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 3/15/2030 |
510,388
|
|
830,000
|
|
ONEOK,
Inc., Sr. Unsecd. Note, 4.000%, 7/13/2027 |
825,358
|
|
490,000
|
|
ONEOK,
Inc., Sr. Unsecd. Note, 4.550%, 7/15/2028 |
490,268
|
|
440,000
|
|
ONEOK,
Inc., Sr. Unsecd. Note, 5.650%, 11/1/2028 |
451,489
|
|
250,000
|
|
ONEOK,
Inc., Sr. Unsecd. Note, 6.000%, 6/15/2035 |
261,923
|
|
420,000
|
|
ONEOK,
Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032 |
444,084
|
|
130,000
|
|
Targa
Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 |
123,531
|
|
750,000
|
|
Targa
Resources, Inc., Sr. Unsecd. Note, 4.350%, 4/15/2031 |
735,422
|
|
420,000
|
|
Targa
Resources, Inc., Sr. Unsecd. Note, 4.900%, 9/15/2030 |
423,246
|
|
500,000
|
|
Targa
Resources, Inc., Sr. Unsecd. Note, 5.400%, 7/30/2036 |
497,859
|
|
700,000
|
|
Targa
Resources, Inc., Sr. Unsecd. Note, 6.125%, 3/15/2033 |
741,433
|
|
375,000
|
|
Targa
Resources, Inc., Sr. Unsecd. Note, 6.150%, 3/1/2029 |
390,667
|
|
480,000
|
|
TC
Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027 |
476,893
|
|
1,000,000
|
|
Williams
Cos., Inc., Sr. Unsecd. Note, 5.150%, 3/15/2036 |
986,015
|
|
915,000
|
|
Williams
Cos., Inc., Sr. Unsecd. Note, 5.300%, 9/30/2035 |
916,599
|
|
|
|
TOTAL
|
18,198,819
|
|
|
|
Energy
- Refining—0.2% |
|
|
1,000,000
|
|
Valero
Energy Corp., Sr. Unsecd. Note, 5.150%, 3/10/2036 |
984,987
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Financial
Institution - Banking—22.6% |
|
|
$1,770,000
|
|
Ally
Financial, Inc., Sr. Unsecd. Note, 6.992%, 6/13/2029 |
$ 1,841,110
|
|
930,000
|
|
American
Express Co., Sr. Unsecd. Note, 4.918%, 7/20/2033 |
932,453
|
|
1,000,000
|
|
American
Express Co., Sr. Unsecd. Note, 5.389%, 7/28/2027 |
1,002,541
|
|
1,000,000
|
|
American
Express Co., Sub., 5.625%, 7/28/2034 |
1,022,559
|
|
155,000
|
|
Associated
Banc-Corp., Sr. Unsecd. Note, 6.455%, 8/29/2030 |
158,873
|
|
2,825,000
|
|
Bank
of America Corp., Sr. Unsecd. Note, 2.592%, 4/29/2031 |
2,613,602
|
|
2,170,000
|
|
Bank
of America Corp., Sr. Unsecd. Note, 4.571%, 4/27/2033 |
2,136,042
|
|
1,520,000
|
|
Bank
of America Corp., Sr. Unsecd. Note, 5.468%, 1/23/2035 |
1,553,416
|
|
1,755,000
|
|
Bank
of America Corp., Sr. Unsecd. Note, Series MTN, 2.884%, 10/22/2030 |
1,660,015
|
|
2,255,000
|
|
Bank
of America Corp., Sr. Unsecd. Note, Series MTN, 3.824%, 1/20/2028 |
2,246,506
|
|
810,000
|
|
Bank
of America Corp., Sub. Note, 5.489%, 4/23/2037 |
805,639
|
|
970,000
|
|
Bank
of New York Mellon Corp., Sr. Unsecd. Note, 2.050%, 1/26/2027 |
957,192
|
|
650,000
|
|
Bank
of New York Mellon Corp., Sr. Unsecd. Note, 4.540%, 4/23/2032 |
647,655
|
|
1,000,000
|
|
Bank
of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 3.992%, 6/13/2028 |
997,838
|
|
1,170,000
|
|
Bank
of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 6.317%, 10/25/2029 |
1,222,550
|
|
1,000,000
|
|
Capital
One Financial Co., Sr. Unsecd. Note, 4.493%, 9/11/2031 |
984,162
|
|
535,000
|
|
Capital
One Financial Co., Sr. Unsecd. Note, 4.722%, 1/30/2032 |
528,762
|
|
400,000
|
|
Capital
One Financial Co., Sr. Unsecd. Note, 5.817%, 2/1/2034 |
411,618
|
|
1,485,000
|
|
Citigroup,
Inc., 4.125%, 7/25/2028 |
1,473,648
|
|
2,500,000
|
|
Citigroup,
Inc., Sr. Unsecd. Note, 2.572%, 6/3/2031 |
2,300,210
|
|
2,010,000
|
|
Citigroup,
Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 |
1,822,172
|
|
1,325,000
|
|
Citigroup,
Inc., Sr. Unsecd. Note, 3.200%, 10/21/2026 |
1,319,168
|
|
845,000
|
|
Citigroup,
Inc., Sr. Unsecd. Note, 5.174%, 9/11/2036 |
837,506
|
|
420,000
|
|
Citigroup,
Inc., Sub. Note, 6.020%, 1/24/2036 |
431,373
|
|
835,000
|
|
Citigroup,
Inc., Sub., 6.174%, 5/25/2034 |
870,190
|
|
790,000
|
|
Citizens
Financial Group, Inc., Sr. Unsecd. Note, 2.500%, 2/6/2030 |
727,010
|
|
500,000
|
|
Citizens
Financial Group, Inc., Sr. Unsecd. Note, 5.253%, 3/5/2031 |
506,465
|
|
1,025,000
|
|
Citizens
Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030 |
1,054,976
|
|
740,000
|
|
Citizens
Financial Group, Inc., Sr. Unsecd. Note, 6.645%, 4/25/2035 |
796,169
|
|
1,000,000
|
|
Comerica,
Inc., Sr. Unsecd. Note, 5.982%, 1/30/2030 |
1,031,459
|
|
500,000
|
|
Fifth
Third Bancorp, Sr. Unsecd. Note, 2.550%, 5/5/2027 |
491,769
|
|
600,000
|
|
Fifth
Third Bancorp, Sr. Unsecd. Note, 4.337%, 4/25/2033 |
579,430
|
|
750,000
|
|
Fifth
Third Bancorp, Sr. Unsecd. Note, 4.895%, 9/6/2030 |
752,960
|
|
700,000
|
|
Fifth
Third Bancorp, Sr. Unsecd. Note, 5.141%, 1/29/2037 |
683,836
|
|
1,525,000
|
|
Fifth
Third Bancorp, Sr. Unsecd. Note, 6.361%, 10/27/2028 |
1,565,416
|
|
1,500,000
|
|
FNB
Corp. (PA), 5.722%, 12/11/2030 |
1,516,763
|
|
850,000
|
|
Goldman
Sachs Group, Inc., Sr. Unsecd. Note, 1.992%, 1/27/2032 |
748,056
|
|
1,950,000
|
|
Goldman
Sachs Group, Inc., Sr. Unsecd. Note, 3.102%, 2/24/2033 |
1,766,079
|
|
2,080,000
|
|
Goldman
Sachs Group, Inc., Sr. Unsecd. Note, 3.691%, 6/5/2028 |
2,062,828
|
|
1,000,000
|
|
Goldman
Sachs Group, Inc., Sr. Unsecd. Note, 4.369%, 10/21/2031 |
981,239
|
|
1,500,000
|
|
Goldman
Sachs Group, Inc., Sr. Unsecd. Note, 5.330%, 7/23/2035 |
1,506,116
|
|
700,000
|
|
Goldman
Sachs Group, Inc., Sr. Unsecd. Note, 5.536%, 1/28/2036 |
711,747
|
|
1,000,000
|
|
Huntington
Bancshares, Inc., Sr. Unsecd. Note, 4.623%, 1/28/2032 |
988,708
|
|
330,000
|
|
Huntington
Bancshares, Inc., Sr. Unsecd. Note, 6.208%, 8/21/2029 |
341,545
|
|
725,000
|
|
Huntington
National Bank, Sr. Unsecd. Note, 5.650%, 1/10/2030 |
749,946
|
|
2,035,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 2.545%, 11/8/2032 |
1,811,615
|
|
1,570,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 2.739%, 10/15/2030 |
1,479,015
|
|
785,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 2.963%, 1/25/2033 |
712,871
|
|
350,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 4.586%, 4/26/2033 |
345,585
|
|
360,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 5.012%, 1/23/2030 |
364,344
|
|
800,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 5.103%, 4/22/2031 |
815,203
|
|
1,195,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 5.294%, 7/22/2035 |
1,208,623
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Financial
Institution - Banking—continued |
|
|
$1,500,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 5.299%, 7/24/2029 |
$ 1,525,209
|
|
500,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 5.502%, 1/24/2036 |
512,196
|
|
1,120,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 5.572%, 4/22/2036 |
1,152,556
|
|
385,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 5.581%, 4/22/2030 |
395,863
|
|
460,000
|
|
KeyCorp,
Sr. Unsecd. Note, 5.305%, 1/28/2037 |
451,985
|
|
1,200,000
|
|
KeyCorp,
Sr. Unsecd. Note, 6.401%, 3/6/2035 |
1,276,348
|
|
800,000
|
|
KeyCorp,
Sr. Unsecd. Note, Series GMTN, 5.121%, 4/4/2031 |
808,495
|
|
800,000
|
|
KeyCorp,
Sr. Unsecd. Note, Series MTN, 4.789%, 6/1/2033 |
784,764
|
|
635,000
|
|
M&T
Bank Corp., Sr. Unsecd. Note, 4.553%, 8/16/2028 |
635,368
|
|
675,000
|
|
M&T
Bank Corp., Sr. Unsecd. Note, 5.053%, 1/27/2034 |
670,391
|
|
500,000
|
|
M&T
Bank Corp., Sr. Unsecd. Note, 5.179%, 7/8/2031 |
506,568
|
|
520,000
|
|
M&T
Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029 |
554,309
|
|
500,000
|
|
M&T
Bank Corp., Sr. Unsecd. Note, Series MTN, 5.385%, 1/16/2036 |
498,424
|
|
850,000
|
|
Manufacturers
& Traders Trust Co., Sr. Unsecd. Note, 4.700%, 1/27/2028 |
855,176
|
|
800,000
|
|
Morgan
Stanley Private Bank NA, Sr. Unsecd. Note, 4.734%, 7/18/2031 |
799,091
|
|
1,000,000
|
|
Morgan
Stanley, Sr. Unsecd. Note, 4.708%, 3/12/2032 |
992,504
|
|
1,325,000
|
|
Morgan
Stanley, Sr. Unsecd. Note, 5.250%, 4/21/2034 |
1,338,655
|
|
1,720,000
|
|
Morgan
Stanley, Sr. Unsecd. Note, 5.466%, 1/18/2035 |
1,753,158
|
|
1,000,000
|
|
Morgan
Stanley, Sr. Unsecd. Note, 5.664%, 4/17/2036 |
1,027,731
|
|
1,825,000
|
|
Morgan
Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032 |
1,606,195
|
|
1,400,000
|
|
Morgan
Stanley, Sr. Unsecd. Note, Series MTN, 3.622%, 4/1/2031 |
1,345,914
|
|
300,000
|
|
PNC
Financial Services Group, Inc., Sr. Unsecd. Note, 3.150%, 5/19/2027 |
297,227
|
|
1,855,000
|
|
PNC
Financial Services Group, Inc., Sr. Unsecd. Note, 5.068%, 1/24/2034 |
1,861,534
|
|
1,500,000
|
|
PNC
Financial Services Group, Inc., Sr. Unsecd. Note, 5.373%, 7/21/2036 |
1,508,104
|
|
585,000
|
|
PNC
Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 |
599,185
|
|
315,000
|
|
PNC
Financial Services Group, Inc., Sr. Unsecd. Note, 5.676%, 1/22/2035 |
324,788
|
|
38,690
|
1
|
Regional
Diversified Funding, 144A, 9.250%, 3/15/2030 |
0
|
|
1,100,000
|
|
Regions
Financial Corp., Sr. Unsecd. Note, 5.502%, 9/6/2035 |
1,105,529
|
|
1,000,000
|
|
State
Street Corp., Sr. Unsecd. Note, 5.159%, 5/18/2034 |
1,016,075
|
|
700,000
|
|
State
Street Corp., Sub., 6.123%, 11/21/2034 |
739,901
|
|
1,550,000
|
|
Synovus
Bank GA, Sr. Unsecd. Note, 5.625%, 2/15/2028 |
1,561,818
|
|
950,000
|
|
Synovus
Financial Corp., Sr. Unsecd. Note, 6.168%, 11/1/2030 |
975,000
|
|
415,000
|
|
Truist
Financial Corp., Sr. Unsecd. Note, 4.597%, 1/27/2032 |
411,016
|
|
725,000
|
|
Truist
Financial Corp., Sr. Unsecd. Note, Series MTN, 1.125%, 8/3/2027 |
697,410
|
|
810,000
|
|
Truist
Financial Corp., Sr. Unsecd. Note, Series MTN, 5.071%, 5/20/2031 |
820,297
|
|
2,090,000
|
|
Truist
Financial Corp., Sr. Unsecd. Note, Series MTN, 5.122%, 1/26/2034 |
2,089,497
|
|
375,000
|
|
Truist
Financial Corp., Sr. Unsecd. Note, Series MTN, 7.161%, 10/30/2029 |
397,908
|
|
1,240,000
|
|
U.S.
Bancorp, Sr. Unsecd. Note, 4.653%, 2/1/2029 |
1,245,065
|
|
755,000
|
|
U.S.
Bancorp, Sr. Unsecd. Note, 5.083%, 5/15/2031 |
766,826
|
|
465,000
|
|
U.S.
Bancorp, Sr. Unsecd. Note, 5.384%, 1/23/2030 |
475,600
|
|
270,000
|
|
U.S.
Bancorp, Sr. Unsecd. Note, 5.775%, 6/12/2029 |
277,117
|
|
395,000
|
|
U.S.
Bancorp, Sr. Unsecd. Note, 5.836%, 6/12/2034 |
412,667
|
|
540,000
|
|
U.S.
Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 |
476,487
|
|
425,000
|
|
U.S.
Bancorp, Sr. Unsecd. Note, Series MTN, 2.215%, 1/27/2028 |
418,448
|
|
800,000
|
|
Wells
Fargo & Co., Sr. Unsecd. Note, 4.892%, 9/15/2036 |
779,625
|
|
465,000
|
|
Wells
Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035 |
474,310
|
|
1,030,000
|
|
Wells
Fargo & Co., Sr. Unsecd. Note, 5.557%, 7/25/2034 |
1,058,546
|
|
1,250,000
|
|
Wells
Fargo & Co., Sr. Unsecd. Note, 5.574%, 7/25/2029 |
1,277,693
|
|
465,000
|
|
Wells
Fargo & Co., Sr. Unsecd. Note, 6.491%, 10/23/2034 |
504,054
|
|
1,295,000
|
|
Wells
Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.393%, 6/2/2028 |
1,267,459
|
|
1,500,000
|
|
Wells
Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.572%, 2/11/2031 |
1,391,910
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Financial
Institution - Banking—continued |
|
|
$2,125,000
|
|
Wells
Fargo & Co., Sr. Unsecd. Note, Series MTN, 3.584%, 5/22/2028 |
$ 2,107,182
|
|
|
|
TOTAL
|
103,905,751
|
|
|
|
Financial
Institution - Broker/Asset Mgr/Exchange—1.3% |
|
|
465,000
|
|
Charles
Schwab Corp., Sr. Unsecd. Note, 3.300%, 4/1/2027 |
462,084
|
|
800,000
|
|
FMR
LLC, Bond, 144A, 7.570%, 6/15/2029 |
866,111
|
|
1,600,000
|
|
Jefferies
Financial Group, Inc., Sr. Unsecd. Note, 2.625%, 10/15/2031 |
1,399,342
|
|
1,000,000
|
|
Jefferies
Financial Group, Inc., Sr. Unsecd. Note, 5.125%, 4/28/2031 |
986,332
|
|
1,065,000
|
|
Jefferies
Financial Group, Inc., Sr. Unsecd. Note, 5.875%, 7/21/2028 |
1,088,335
|
|
250,000
|
|
Jefferies
Financial Group, Inc., Sr. Unsecd. Note, 6.500%, 1/20/2043 |
248,413
|
|
840,000
|
|
Raymond
James Financial, Inc., Sr. Unsecd. Note, 4.900%, 9/11/2035 |
820,374
|
|
|
|
TOTAL
|
5,870,991
|
|
|
|
Financial
Institution - Finance Companies—1.7% |
|
|
800,000
|
|
AerCap
Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Sub. Secd. Note, 4.750%, 1/15/2033 |
782,465
|
|
365,000
|
|
AerCap
Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.000%, 10/29/2028 |
351,811
|
|
1,080,000
|
|
AerCap
Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.300%, 1/30/2032 |
987,414
|
|
725,000
|
|
AerCap
Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 4.625%, 10/15/2027 |
726,401
|
|
400,000
|
|
AerCap
Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 5.300%, 1/19/2034 |
399,695
|
|
725,000
|
|
Air
Lease Corp., Sr. Unsecd. Note, 3.625%, 12/1/2027 |
716,778
|
|
800,000
|
|
Air
Lease Corp., Sr. Unsecd. Note, 5.300%, 2/1/2028 |
808,752
|
|
140,000
|
|
Air
Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027 |
142,700
|
|
1,000,000
|
|
Aircastle
Ltd., Sr. Secd. Note, 144A, 5.000%, 9/15/2030 |
999,707
|
|
945,000
|
|
Aircastle
Ltd., Sr. Unsecd. Note, 144A, 5.000%, 5/15/2031 |
938,900
|
|
1,000,000
|
|
Takeoff
Merger Sub., Inc., Sr. Unsecd. Note, 144A, 4.850%, 3/24/2031 |
991,448
|
|
|
|
TOTAL
|
7,846,071
|
|
|
|
Financial
Institution - Insurance - Health—1.4% |
|
|
905,000
|
|
Centene
Corp., Sr. Unsecd. Note, 2.450%, 7/15/2028 |
854,831
|
|
1,510,000
|
|
Elevance
Health, Inc., Sr. Unsecd. Note, 4.101%, 3/1/2028 |
1,502,795
|
|
1,040,000
|
|
Elevance
Health, Inc., Sr. Unsecd. Note, 4.600%, 9/15/2032 |
1,024,506
|
|
810,000
|
|
Elevance
Health, Inc., Sr. Unsecd. Note, 5.150%, 6/15/2029 |
824,926
|
|
1,005,000
|
|
Elevance
Health, Inc., Sr. Unsecd. Note, 5.200%, 2/15/2035 |
1,006,367
|
|
1,000,000
|
|
UnitedHealth
Group, Inc., Sr. Unsecd. Note, 4.900%, 4/15/2031 |
1,015,909
|
|
|
|
TOTAL
|
6,229,334
|
|
|
|
Financial
Institution - Insurance - Life—1.8% |
|
|
465,000
|
|
AIA
Group Ltd., Sr. Unsecd. Note, 144A, 3.600%, 4/9/2029 |
457,745
|
|
1,300,000
|
|
CoreBridge
Financial, Inc., Sr. Unsecd. Note, 5.750%, 1/15/2034 |
1,338,946
|
|
930,000
|
|
CoreBridge
Global Funding, Sec. Fac. Bond, 144A, 5.200%, 1/12/2029 |
944,169
|
|
1,070,000
|
|
CoreBridge
Global Funding, Sr. Secd. Note, 144A, 5.900%, 9/19/2028 |
1,102,546
|
|
205,000
|
|
Lincoln
Financial Global Funding, Sr. Secd. Note, 144A, 4.200%, 1/12/2029 |
202,825
|
|
1,675,000
|
|
Lincoln
National Corp., Sr. Unsecd. Note, 3.050%, 1/15/2030 |
1,574,689
|
|
700,000
|
|
Lincoln
National Corp., Sr. Unsecd. Note, 5.852%, 3/15/2034 |
715,235
|
|
148,000
|
|
Massachusetts
Mutual Life Insurance Co., Sub. Note, 144A, 8.875%, 6/1/2039 |
191,247
|
|
280,000
|
|
MetLife,
Inc., Jr. Sub. Note, 10.750%, 8/1/2039 |
363,664
|
|
300,000
|
|
Penn
Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 |
344,143
|
|
1,000,000
|
|
Principal
Financial Group, Inc., Sr. Unsecd. Note, 5.375%, 3/15/2033 |
1,023,032
|
|
|
|
TOTAL
|
8,258,241
|
|
|
|
Financial
Institution - Insurance - P&C—0.6% |
|
|
1,000,000
|
|
Aon
North America, Inc., Sr. Unsecd. Note, 5.300%, 3/1/2031 |
1,024,042
|
|
240,000
|
|
CNA
Financial Corp., Sr. Unsecd. Note, 3.450%, 8/15/2027 |
237,095
|
|
820,000
|
|
Marsh
& McLennan Cos., Inc., Sr. Unsecd. Note, 4.650%, 3/15/2030 |
824,513
|
|
400,000
|
|
Nationwide
Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 |
517,307
|
|
|
|
TOTAL
|
2,602,957
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Financial
Institution - REIT - Apartment—1.1% |
|
|
$ 800,000
|
|
Avalonbay
Communities, Inc., Sr. Unsecd. Note, 4.350%, 12/1/2030 |
$ 793,814
|
|
970,000
|
|
Avalonbay
Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027 |
962,689
|
|
600,000
|
|
Camden
Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 |
561,382
|
|
1,000,000
|
|
Mid-America
Apartment Communities LP, Sr. Unsecd. Note, 4.650%, 1/15/2033 |
984,334
|
|
475,000
|
|
Mid-America
Apartment Communities LP, Sr. Unsub., 1.700%, 2/15/2031 |
416,597
|
|
800,000
|
|
UDR,
Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034 |
685,946
|
|
800,000
|
|
UDR,
Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032 |
679,460
|
|
|
|
TOTAL
|
5,084,222
|
|
|
|
Financial
Institution - REIT - Healthcare—0.9% |
|
|
800,000
|
|
Healthcare
Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031 |
699,237
|
|
190,000
|
|
Healthcare
Trust of America, Sr. Unsecd. Note, 3.100%, 2/15/2030 |
179,123
|
|
1,000,000
|
|
Healthpeak
Op LLC, Sr. Unsecd. Note, 4.750%, 1/15/2033 |
982,088
|
|
600,000
|
|
Welltower
OP LLC, Sr. Unsecd. Note, 5.125%, 7/1/2035 |
601,898
|
|
1,020,000
|
|
Welltower,
Inc., Sr. Unsecd. Note, 2.750%, 1/15/2031 |
940,242
|
|
930,000
|
|
Welltower,
Inc., Sr. Unsecd. Note, 3.100%, 1/15/2030 |
886,328
|
|
|
|
TOTAL
|
4,288,916
|
|
|
|
Financial
Institution - REIT - Office—1.3% |
|
|
1,455,000
|
|
Alexandria
Real Estate Equities, Inc., Sr. Unsecd. Note, 1.875%, 2/1/2033 |
1,172,725
|
|
1,080,000
|
|
Alexandria
Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 |
1,070,510
|
|
760,000
|
|
Alexandria
Real Estate Equities, Inc., Sr. Unsecd. Note, 4.700%, 7/1/2030 |
754,087
|
|
1,100,000
|
|
Boston
Properties LP, Sr. Unsecd. Note, 2.550%, 4/1/2032 |
954,495
|
|
500,000
|
|
Boston
Properties LP, Sr. Unsecd. Note, 3.250%, 1/30/2031 |
462,634
|
|
700,000
|
|
Piedmont
Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032 |
596,703
|
|
750,000
|
|
Piedmont
Operating Partnership, LP, Sr. Unsecd. Note, 9.250%, 7/20/2028 |
817,371
|
|
|
|
TOTAL
|
5,828,525
|
|
|
|
Financial
Institution - REIT - Other—1.0% |
|
|
310,000
|
|
Host
Hotels & Resorts LP, Sr. Unsecd. Note, 4.250%, 12/15/2028 |
307,050
|
|
1,005,000
|
|
Host
Hotels & Resorts LP, Sr. Unsecd. Note, 5.700%, 7/1/2034 |
1,026,257
|
|
280,000
|
|
ProLogis
LP, Sr. Unsecd. Note, 4.375%, 2/1/2029 |
280,508
|
|
1,300,000
|
|
WP
Carey, Inc., Sr. Unsecd. Note, 2.400%, 2/1/2031 |
1,165,146
|
|
365,000
|
|
WP
Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029 |
357,147
|
|
500,000
|
|
WP
Carey, Inc., Sr. Unsecd. Note, 4.650%, 7/15/2030 |
499,172
|
|
810,000
|
|
WP
Carey, Inc., Sr. Unsecd. Note, 5.375%, 6/30/2034 |
817,749
|
|
|
|
TOTAL
|
4,453,029
|
|
|
|
Financial
Institution - REIT - Retail—1.5% |
|
|
260,000
|
|
Kimco
Realty Corp., Sr. Unsecd. Note, 1.900%, 3/1/2028 |
249,255
|
|
280,000
|
|
Kimco
Realty Corp., Sr. Unsecd. Note, 2.700%, 10/1/2030 |
260,907
|
|
700,000
|
|
Kimco
Realty Corp., Sr. Unsecd. Note, 4.600%, 2/1/2033 |
692,094
|
|
1,005,000
|
|
Kimco
Realty Corp., Sr. Unsecd. Note, 6.400%, 3/1/2034 |
1,092,682
|
|
580,000
|
|
Phillips
Edison Grocery Center Operating Partnership I, LP, Sr. Unsecd. Note, 4.750%, 3/15/2033 |
568,983
|
|
760,000
|
|
Regency
Centers LP, Sr. Unsecd. Note, 3.600%, 2/1/2027 |
756,824
|
|
1,705,000
|
|
Regency
Centers LP, Sr. Unsecd. Note, 3.700%, 6/15/2030 |
1,654,077
|
|
1,000,000
|
|
Regency
Centers LP, Sr. Unsecd. Note, 4.500%, 3/15/2033 |
975,129
|
|
500,000
|
|
Regency
Centers LP, Sr. Unsecd. Note, 5.250%, 1/15/2034 |
507,017
|
|
|
|
TOTAL
|
6,756,968
|
|
|
|
Sovereign—0.1%
|
|
|
600,000
|
|
Inter-American
Development Bank, Series MTN, 6.750%, 7/15/2027 |
616,945
|
|
|
|
Technology—9.2%
|
|
|
1,005,000
|
|
Accenture
Capital, Inc., Sr. Unsecd. Note, 4.050%, 10/4/2029 |
997,482
|
|
1,000,000
|
|
Alphabet,
Inc., Sr. Unsecd. Note, 4.400%, 2/15/2033 |
985,066
|
|
605,000
|
|
Alphabet,
Inc., Sr. Unsecd. Note, 4.700%, 11/15/2035 |
594,223
|
|
1,350,000
|
|
Apple,
Inc., Sr. Unsecd. Note, 3.000%, 11/13/2027 |
1,332,261
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Technology—continued
|
|
|
$ 570,000
|
|
Autodesk,
Inc., Sr. Unsecd. Note, 5.300%, 6/15/2035 |
$ 573,478
|
|
1,000,000
|
|
Broadcom,
Inc., Sr. Unsecd. Note, 4.950%, 1/15/2036 |
990,552
|
|
1,400,000
|
|
Broadcom,
Inc., Sr. Unsecd. Note, 5.150%, 11/15/2031 |
1,433,626
|
|
1,205,000
|
|
Broadcom,
Inc., Sr. Unsecd. Note, 5.200%, 4/15/2032 |
1,235,902
|
|
585,000
|
|
Broadcom,
Inc., Sr. Unsecd. Note, 144A, 4.000%, 4/15/2029 |
579,374
|
|
260,000
|
|
CDW
LLC/ CDW Finance Corp., Sr. Unsecd. Note, 2.670%, 12/1/2026 |
257,462
|
|
1,120,000
|
|
Cisco
Systems, Inc., Sr. Unsecd. Note, 4.750%, 2/24/2030 |
1,138,002
|
|
1,205,000
|
|
Cisco
Systems, Inc., Sr. Unsecd. Note, 4.800%, 2/26/2027 |
1,212,409
|
|
114,000
|
|
Concentrix
Corp., Sr. Unsecd. Note, 6.650%, 8/2/2026 |
114,413
|
|
670,000
|
|
Fidelity
National Information Services, Inc., Sr. Unsecd. Note, 4.800%, 3/10/2031 |
666,562
|
|
500,000
|
|
Fiserv,
Inc., Sr. Secd. Note, 5.250%, 8/11/2035 |
488,090
|
|
465,000
|
|
Fiserv,
Inc., Sr. Unsecd. Note, 2.650%, 6/1/2030 |
425,511
|
|
1,310,000
|
|
Fiserv,
Inc., Sr. Unsecd. Note, 5.450%, 3/2/2028 |
1,326,990
|
|
1,230,000
|
|
Fiserv,
Inc., Sr. Unsecd. Note, 5.600%, 3/2/2033 |
1,247,784
|
|
620,000
|
|
Global
Payments, Inc., Sr. Unsecd. Note, 2.150%, 1/15/2027 |
610,356
|
|
295,000
|
|
Global
Payments, Inc., Sr. Unsecd. Note, 2.900%, 5/15/2030 |
270,385
|
|
665,000
|
|
Global
Payments, Inc., Sr. Unsecd. Note, 2.900%, 11/15/2031 |
585,361
|
|
800,000
|
|
Global
Payments, Inc., Sr. Unsecd. Note, 5.200%, 11/15/2032 |
781,971
|
|
1,100,000
|
|
Global
Payments, Inc., Sr. Unsecd. Note, 5.400%, 3/15/2033 |
1,075,767
|
|
270,000
|
|
Global
Payments, Inc., Sr. Unsecd. Note, 5.550%, 11/15/2035 |
260,566
|
|
1,100,000
|
|
Hewlett
Packard Enterprise Co., Sr. Unsecd. Note, 4.400%, 10/15/2030 |
1,081,780
|
|
610,000
|
|
Hewlett
Packard Enterprise Co., Sr. Unsecd. Note, 4.850%, 10/15/2031 |
606,672
|
|
600,000
|
|
Hewlett
Packard Enterprise Co., Sr. Unsecd. Note, 5.000%, 10/15/2034 |
586,529
|
|
385,000
|
|
Hewlett
Packard Enterprise Co., Sr. Unsecd. Note, 5.250%, 4/1/2033 |
386,346
|
|
930,000
|
|
Intel
Corp., Sr. Unsecd. Note, 5.000%, 2/21/2031 |
939,699
|
|
1,100,000
|
|
Intel
Corp., Sr. Unsecd. Note, 5.000%, 8/15/2033 |
1,096,034
|
|
665,000
|
|
Intel
Corp., Sr. Unsecd. Note, 5.300%, 5/15/2036 |
662,463
|
|
325,000
|
|
Keysight
Technologies, Inc., Sr. Unsecd. Note, 3.000%, 10/30/2029 |
309,601
|
|
785,000
|
|
Keysight
Technologies, Inc., Sr. Unsecd. Note, 4.950%, 10/15/2034 |
780,619
|
|
600,000
|
|
KLA
Corp., Sr. Unsecd. Note, 4.650%, 7/15/2032 |
603,237
|
|
500,000
|
|
Lam
Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029 |
496,655
|
|
550,000
|
|
Microchip
Technology, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2029 |
557,259
|
|
390,000
|
|
Microchip
Technology, Inc., Sr. Unsecd. Note, 5.050%, 2/15/2030 |
394,184
|
|
1,780,000
|
|
Oracle
Corp., Sr. Unsecd. Note, 5.700%, 2/4/2036 |
1,710,317
|
|
2,120,000
|
|
Oracle
Corp., Sr. Unsecd. Note, 6.150%, 11/9/2029 |
2,184,831
|
|
800,000
|
|
Oracle
Corp., Sr. Unsecd. Note, 6.700%, 2/4/2056 |
737,872
|
|
2,310,000
|
|
Roper
Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 |
2,069,395
|
|
860,000
|
|
Roper
Technologies, Inc., Sr. Unsecd. Note, 4.750%, 2/15/2032 |
852,639
|
|
600,000
|
|
Roper
Technologies, Inc., Sr. Unsecd. Note, 5.100%, 9/15/2035 |
582,806
|
|
835,000
|
|
S&P
Global, Inc., Sr. Unsecd. Note, 2.900%, 3/1/2032 |
762,868
|
|
800,000
|
|
Salesforce,
Inc., Sr. Unsecd. Note, 4.500%, 3/15/2028 |
800,939
|
|
700,000
|
|
Salesforce,
Inc., Sr. Unsecd. Note, 4.650%, 3/15/2029 |
701,483
|
|
595,000
|
|
Trimble,
Inc., Sr. Unsecd. Note, 6.100%, 3/15/2033 |
624,992
|
|
1,445,000
|
|
Verisign,
Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031 |
1,302,498
|
|
800,000
|
|
Verisk
Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 |
793,193
|
|
500,000
|
|
Verisk
Analytics, Inc., Sr. Unsecd. Note, 4.450%, 3/15/2031 |
493,527
|
|
800,000
|
|
Verisk
Analytics, Inc., Sr. Unsecd. Note, 5.125%, 3/15/2036 |
782,323
|
|
|
|
TOTAL
|
42,084,354
|
|
|
|
Transportation
- Railroads—0.3% |
|
|
380,000
|
|
Canadian
Pacific Railway Co., Sr. Unsecd. Note, 1.750%, 12/2/2026 |
374,922
|
|
280,000
|
|
Canadian
Pacific Railway Co., Sr. Unsecd. Note, 2.450%, 12/2/2031 |
250,026
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Transportation
- Railroads—continued |
|
|
$ 600,000
|
|
Union
Pacific Corp., Sr. Unsecd. Note, 2.150%, 2/5/2027 |
$ 591,732
|
|
|
|
TOTAL
|
1,216,680
|
|
|
|
Transportation
- Services—2.3% |
|
|
1,000,000
|
|
Enterprise
Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 4.700%, 4/30/2031 |
997,973
|
|
1,130,000
|
|
Enterprise
Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.000%, 2/15/2029 |
1,146,230
|
|
1,575,000
|
|
GXO
Logistics, Inc., Sr. Unsecd. Note, 6.250%, 5/6/2029 |
1,635,386
|
|
615,000
|
|
GXO
Logistics, Inc., Sr. Unsecd. Note, Series WI, 2.650%, 7/15/2031 |
549,453
|
|
285,000
|
|
Penske
Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 4.550%, 1/15/2031 |
282,098
|
|
1,005,000
|
|
Penske
Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.250%, 7/1/2029 |
1,020,301
|
|
1,080,000
|
|
Penske
Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.250%, 2/1/2030 |
1,095,471
|
|
1,355,000
|
|
Penske
Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.700%, 2/1/2028 |
1,377,187
|
|
475,000
|
|
Ryder
System, Inc., Sr. Unsecd. Note, Series DMTN, 4.900%, 12/1/2029 |
480,446
|
|
910,000
|
|
Ryder
System, Inc., Sr. Unsecd. Note, Series MTN, 4.300%, 6/15/2027 |
910,432
|
|
455,000
|
|
Ryder
System, Inc., Sr. Unsecd. Note, Series MTN, 5.250%, 6/1/2028 |
462,585
|
|
825,000
|
|
Ryder
System, Inc., Sr. Unsecd. Note, Series MTN, 5.650%, 3/1/2028 |
843,464
|
|
|
|
TOTAL
|
10,801,026
|
|
|
|
Utility
- Electric—5.2% |
|
|
690,000
|
|
AEP
Texas, Inc., Sr. Unsecd. Note, 3.950%, 6/1/2028 |
683,838
|
|
500,000
|
|
Alabama
Power Co., Sr. Unsecd. Note, Series 20-A, 1.450%, 9/15/2030 |
440,994
|
|
2,050,000
|
|
American
Electric Power Co., Inc., Sr. Unsecd. Note, 2.300%, 3/1/2030 |
1,887,210
|
|
325,000
|
|
Cleveland
Electric Illuminating Co., Sr. Unsecd. Note, 5.950%, 12/15/2036 |
337,102
|
|
970,000
|
|
Dominion
Energy, Inc., Sr. Unsecd. Note, 4.250%, 6/1/2028 |
967,897
|
|
1,740,000
|
|
Duke
Energy Corp., Sr. Unsecd. Note, 2.450%, 6/1/2030 |
1,605,422
|
|
500,000
|
|
Duke
Energy Corp., Sr. Unsecd. Note, 4.500%, 8/15/2032 |
493,052
|
|
560,000
|
|
EDP
Finance B.V., Sr. Unsecd. Note, 144A, 1.710%, 1/24/2028 |
533,981
|
|
535,000
|
|
Electricite
de France S.A., Sr. Unsecd. Note, 144A, 5.700%, 5/23/2028 |
547,087
|
|
1,260,000
|
|
Enel
Finance International NV, Sr. Unsecd. Note, 144A, 2.125%, 7/12/2028 |
1,198,865
|
|
700,000
|
|
EverSource
Energy, Sr. Unsecd. Note, 5.450%, 3/1/2028 |
710,682
|
|
1,005,000
|
|
EverSource
Energy, Sr. Unsecd. Note, 5.950%, 2/1/2029 |
1,039,519
|
|
1,860,000
|
|
Exelon
Corp., Sr. Unsecd. Note, 4.050%, 4/15/2030 |
1,822,524
|
|
1,620,000
|
|
National
Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 5.150%, 6/15/2029 |
1,658,638
|
|
1,120,000
|
|
NextEra
Energy Capital Holdings, Inc., Sr. Unsecd. Note, 4.625%, 7/15/2027 |
1,124,719
|
|
1,005,000
|
|
NextEra
Energy Capital Holdings, Inc., Sr. Unsecd. Note, 4.900%, 2/28/2028 |
1,013,659
|
|
1,960,000
|
|
NextEra
Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.000%, 2/28/2030 |
1,993,075
|
|
540,000
|
|
NextEra
Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2030 |
549,727
|
|
595,000
|
|
NiSource,
Inc., Sr. Unsecd. Note, 3.600%, 5/1/2030 |
574,527
|
|
565,000
|
|
Public
Service Enterprises Group, Inc., Sr. Unsecd. Note, 5.400%, 3/15/2035 |
570,906
|
|
230,000
|
|
Puget
Energy, Inc., Sec. Fac. Bond, 2.379%, 6/15/2028 |
219,878
|
|
1,285,000
|
|
Southern
Co., Sr. Unsecd. Note, Series A, 3.700%, 4/30/2030 |
1,245,372
|
|
135,000
|
2
|
Southern
Power Co., Sr. Unsecd. Note, Series A, 4.250%, 10/1/2030 |
133,437
|
|
540,000
|
|
Southern
Power Co., Sr. Unsecd. Note, Series B, 4.900%, 10/1/2035 |
523,258
|
|
465,000
|
|
WEC
Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030 |
412,075
|
|
245,000
|
|
WEC
Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028 |
231,535
|
|
535,000
|
|
WEC
Energy Group, Inc., Sr. Unsecd. Note, 4.750%, 1/15/2028 |
538,135
|
|
855,000
|
|
WEC
Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027 |
864,003
|
|
|
|
TOTAL
|
23,921,117
|
|
|
|
Utility
- Natural Gas Distributor—0.2% |
|
|
755,000
|
|
Southern
California Gas Co., Term Loan - 1st Lien, 5.050%, 9/1/2034 |
758,195
|
|
|
|
TOTAL
CORPORATE BONDS
(IDENTIFIED
COST $440,111,099) |
442,313,781
|
|
|
|
U.S.
TREASURIES—0.9% |
|
|
|
|
U.S.
Treasury Notes—0.9% |
|
|
2,800,000
|
|
United
States Treasury Note, 3.875%, 4/30/2030 |
2,789,500
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
U.S.
TREASURIES—continued
|
|
|
|
|
U.S.
Treasury Notes—continued |
|
|
$1,500,000
|
|
United
States Treasury Note, 4.625%, 2/15/2035 |
$ 1,531,678
|
|
|
|
TOTAL
U.S. TREASURIES
(IDENTIFIED
COST $4,330,745) |
4,321,178
|
|
|
|
INVESTMENT
COMPANY—1.9% |
|
|
8,501,265
|
|
Federated
Hermes Government Obligations Fund, Premier Shares, 3.58%3
(IDENTIFIED
COST $8,501,265) |
8,501,265
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—99.1%
(IDENTIFIED
COST $452,943,109)4
|
455,136,224
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—0.9%5
|
4,051,714
|
|
|
|
NET
ASSETS—100% |
$459,187,938
|
|
Description
|
Number
of
Contracts
|
Notional
Value
|
Expiration
Date
|
Value
and
Unrealized
Appreciation
(Depreciation)
|
|
Long
Futures: |
|
|
|
|
|
United
States Treasury Notes 10-Year Long Futures |
77
|
$8,515,719
|
June
2026 |
$(66,624)
|
|
United
States Treasury Notes 10-Year Ultra Long Futures |
103
|
$11,624,516
|
June
2026 |
$(154,604)
|
|
Short
Futures: |
|
|
|
|
|
United
States Treasury Long Bond |
5
|
$564,219
|
June
2026 |
$7,310
|
|
NET
UNREALIZED DEPRECIATION ON FUTURES CONTRACTS |
$(213,918)
| |||
|
|
Federated
Hermes
Government
Obligations
Fund,
Premier
Shares |
|
Value
as of 4/30/2025 |
$19,474,905
|
|
Purchases
at Cost |
$110,365,033
|
|
Proceeds
from Sales |
$(121,338,673)
|
|
Change
in Unrealized Appreciation/Depreciation |
$—
|
|
Net
Realized Gain/(Loss) |
$—
|
|
Value
as of 4/30/2026 |
$8,501,265
|
|
Shares
Held as of 4/30/2026 |
8,501,265
|
|
Dividend
Income |
$253,985
|
|
1
|
Market
quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures
established
by
and under the general supervision of the Fund’s Adviser acting through its Valuation Committee. |
|
2
|
Denotes
a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from
registration, under
the
Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2026, these restricted securities
amounted to $133,437, which
represented
0.0% of total net assets. |
|
3
|
7-day
net yield. |
|
4
|
The
cost of investments for federal tax purposes amounts to $452,983,133. |
|
5
|
Assets,
other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of April 30, 2026, 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 |
$—
|
$442,313,781
|
$0
|
$442,313,781
|
|
U.S.
Treasuries |
—
|
4,321,178
|
—
|
4,321,178
|
|
Investment
Company |
8,501,265
|
—
|
—
|
8,501,265
|
|
TOTAL
SECURITIES |
$8,501,265
|
$446,634,959
|
$0
|
$455,136,224
|
|
Other
Financial Instruments:1
|
|
|
|
|
|
Assets
|
$7,310
|
$—
|
$—
|
$7,310
|
|
Liabilities
|
(221,228)
|
—
|
—
|
(221,228)
|
|
TOTAL
OTHER FINANCIAL INSTRUMENTS |
$(213,918)
|
$—
|
$—
|
$(213,918)
|
|
1
|
Other
financial instruments are futures contracts. |
|
The
following acronym(s) are used throughout this portfolio: |
| |
|
GMTN
|
—Global
Medium Term Note | |
|
MTN
|
—Medium
Term Note | |
|
REIT
|
—Real
Estate Investment Trust | |
|
|
Year Ended April 30,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$8.58
|
$8.29
|
$8.47
|
$8.60
|
$9.60
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income (loss)1
|
0.36
|
0.35
|
0.33
|
0.25
|
0.18
|
|
Net
realized and unrealized gain (loss) |
0.04
|
0.30
|
(0.18)
|
(0.15)
|
(0.90)
|
|
Total
From Investment Operations |
0.40
|
0.65
|
0.15
|
0.10
|
(0.72)
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.37)
|
(0.36)
|
(0.33)
|
(0.23)
|
(0.18)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.00)2
|
(0.10)
|
|
Total
Distributions |
(0.37)
|
(0.36)
|
(0.33)
|
(0.23)
|
(0.28)
|
|
Net
Asset Value, End of Period |
$8.61
|
$8.58
|
$8.29
|
$8.47
|
$8.60
|
|
Total
Return3
|
4.66%
|
7.91%
|
1.88%
|
1.22%
|
(7.68)%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.51%
|
0.51%
|
0.54%
|
0.57%
|
0.57%
|
|
Net
investment income |
4.20%
|
4.15%
|
3.96%
|
2.95%
|
1.93%
|
|
Expense
waiver/reimbursement5
|
0.20%
|
0.27%
|
0.27%
|
0.24%
|
0.26%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$205,190
|
$233,613
|
$361,926
|
$229,337
|
$122,743
|
|
Portfolio
turnover6
|
27%
|
17%
|
18%
|
28%
|
23%
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.01. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
|
6
|
Securities
that mature are considered sales for purposes of this calculation. |
|
|
Year Ended April 30,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$8.59
|
$8.29
|
$8.47
|
$8.60
|
$9.60
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income (loss)1
|
0.34
|
0.33
|
0.31
|
0.22
|
0.16
|
|
Net
realized and unrealized gain (loss) |
0.02
|
0.31
|
(0.18)
|
(0.14)
|
(0.90)
|
|
Total
From Investment Operations |
0.36
|
0.64
|
0.13
|
0.08
|
(0.74)
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.34)
|
(0.34)
|
(0.31)
|
(0.21)
|
(0.16)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.00)2
|
(0.10)
|
|
Total
Distributions |
(0.34)
|
(0.34)
|
(0.31)
|
(0.21)
|
(0.26)
|
|
Net
Asset Value, End of Period |
$8.61
|
$8.59
|
$8.29
|
$8.47
|
$8.60
|
|
Total
Return3
|
4.28%
|
7.76%
|
1.62%
|
0.97%
|
(7.91)%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.76%
|
0.76%
|
0.80%
|
0.82%
|
0.82%
|
|
Net
investment income |
3.95%
|
3.90%
|
3.67%
|
2.57%
|
1.69%
|
|
Expense
waiver/reimbursement5
|
0.42%
|
0.46%
|
0.48%
|
0.48%
|
0.49%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$1,154
|
$1,938
|
$13,170
|
$15,137
|
$15,999
|
|
Portfolio
turnover6
|
27%
|
17%
|
18%
|
28%
|
23%
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.01. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
|
6
|
Securities
that mature are considered sales for purposes of this calculation. |
|
|
Year
Ended
4/30/2026
|
Period
Ended
4/30/20251
|
|
Net Asset
Value, Beginning of Period |
$8.59
|
$8.41
|
|
Income
From Investment Operations: |
|
|
|
Net
investment income (loss)2
|
0.37
|
0.30
|
|
Net
realized and unrealized gain (loss) |
0.03
|
0.18
|
|
Total
From Investment Operations |
0.40
|
0.48
|
|
Less Distributions:
|
|
|
|
Distributions
from net investment income |
(0.37)
|
(0.30)
|
|
Net
Asset Value, End of Period |
$8.62
|
$8.59
|
|
Total
Return3
|
4.72%
|
5.80%
|
|
Ratios
to Average Net Assets: |
|
|
|
Net
expenses4
|
0.45%
|
0.45%5
|
|
Net
investment income |
4.27%
|
4.23%5
|
|
Expense
waiver/reimbursement6
|
0.16%
|
0.17%5
|
|
Supplemental
Data: |
|
|
|
Net
assets, end of period (000 omitted) |
$252,844
|
$185,173
|
|
Portfolio
turnover7
|
27%
|
17%8
|
|
1
|
Reflects
operations for the period from July 1, 2024 (commencement of operations) to April 30, 2025. |
|
2
|
Per
share numbers have been calculated using the average shares method. |
|
3
|
Based
on net asset value. Total returns for periods of less than one year are not annualized. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
Computed
on an annualized basis. |
|
6
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
|
7
|
Securities
that mature are considered sales for purposes of this calculation. |
|
8
|
Portfolio
turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended April 30, 2025. |
|
Assets:
|
|
|
Investment
in securities, at value including $8,501,265 of investments in affiliated holdings* (identified
cost $452,943,109, including
$8,501,265
of identified cost in affiliated holdings) |
$455,136,224
|
|
Cash
|
1,099,450
|
|
Due
from broker (Note 2)
|
395,000
|
|
Income
receivable |
4,733,633
|
|
Income
receivable from affiliated holdings |
29,004
|
|
Receivable
for shares sold |
180,068
|
|
Receivable
for variation margin on futures contracts |
41,450
|
|
Total
Assets |
461,614,829
|
|
Liabilities:
|
|
|
Payable
for investments purchased |
1,099,285
|
|
Payable
for shares redeemed |
360,020
|
|
Income
distribution payable |
847,728
|
|
Payable
for investment adviser fee (Note 5)
|
3,558
|
|
Payable
for administrative fee (Note 5)
|
969
|
|
Payable
for other service fees (Notes 2 and 5)
|
593
|
|
Accrued
expenses (Note 5)
|
114,738
|
|
Total
Liabilities |
2,426,891
|
|
Net
assets for 53,296,811 shares outstanding |
$459,187,938
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$459,800,015
|
|
Total
distributable earnings (loss) |
(612,077)
|
|
Net
Assets |
$459,187,938
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Institutional
Shares: |
|
|
Net
asset value per share ($205,190,317 ÷ 23,825,265 shares outstanding), no par value, unlimited shares authorized |
$8.61
|
|
Service
Shares: |
|
|
Net
asset value per share ($1,154,060 ÷ 133,977 shares outstanding), no par value, unlimited shares authorized |
$8.61
|
|
Class R6
Shares: |
|
|
Net
asset value per share ($252,843,561 ÷ 29,337,569 shares outstanding), no par value, unlimited shares authorized |
$8.62
|
|
*
|
See
information listed after the Fund’s Portfolio of Investments. |
|
Investment
Income: |
|
|
Interest
|
$19,622,110
|
|
Dividends
received from affiliated holdings* |
253,985
|
|
TOTAL
INCOME |
19,876,095
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
1,852,738
|
|
Administrative
fee (Note 5)
|
336,700
|
|
Custodian
fees |
31,321
|
|
Transfer
agent fees (Note 2) |
221,389
|
|
Directors’/Trustees’
fees (Note 5)
|
3,714
|
|
Auditing
fees |
35,038
|
|
Legal
fees |
12,320
|
|
Portfolio
accounting fees |
148,253
|
|
Distribution
services fee (Note 5)
|
3,446
|
|
Other
service fees (Notes 2 and 5)
|
31,866
|
|
Share
registration costs |
59,565
|
|
Printing
and postage |
37,340
|
|
Miscellaneous
(Note 5)
|
30,100
|
|
TOTAL
EXPENSES |
2,803,790
|
|
Waivers
and Reimbursements: |
|
|
Waiver/reimbursement
of investment adviser fee (Note 5) |
(666,884)
|
|
Waiver/reimbursements
of other operating expenses (Notes 2 and 5) |
(94,253)
|
|
TOTAL
WAIVERS AND REIMBURSEMENTS |
(761,137)
|
|
Net
expenses |
2,042,653
|
|
Net
investment income |
17,833,442
|
|
Realized
and Unrealized Gain (Loss) on Investments and Futures Contracts: |
|
|
Net
realized gain on investments |
334,862
|
|
Net
realized gain on futures contracts |
145,938
|
|
Net
change in unrealized appreciation of investments |
728,279
|
|
Net
change in unrealized appreciation of futures contracts |
(482,734)
|
|
Net
realized and unrealized gain (loss) on investments and futures contracts |
726,345
|
|
Change
in net assets resulting from operations |
$18,559,787
|
|
*
|
See
information listed after the Fund’s Portfolio of Investments. |
|
Year
Ended April 30 |
2026
|
2025
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$17,833,442
|
$16,870,824
|
|
Net
realized gain (loss) |
480,800
|
338,032
|
|
Net
change in unrealized appreciation/depreciation |
245,545
|
13,295,065
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
18,559,787
|
30,503,921
|
|
Distributions
to Shareholders: |
|
|
|
Institutional
Shares |
(8,629,936)
|
(11,379,348)
|
|
Service
Shares |
(54,777)
|
(170,689)
|
|
Class
R6 Shares |
(9,194,578)
|
(5,443,098)1
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(17,879,291)
|
(16,993,135)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
146,922,403
|
288,672,588
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
8,966,692
|
8,371,806
|
|
Cost
of shares redeemed |
(118,105,270)
|
(264,927,554)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
37,783,825
|
32,116,840
|
|
Change
in net assets |
38,464,321
|
45,627,626
|
|
Net Assets:
|
|
|
|
Beginning
of period |
420,723,617
|
375,095,991
|
|
End
of period |
$459,187,938
|
$420,723,617
|
|
1
|
Reflects
operations for the period from July 1, 2024 (commencement of operations) to April 30, 2025. |
|
|
Transfer
Agent
Fees
Incurred |
Transfer
Agent
Fees
Reimbursed |
|
Institutional
Shares |
$202,346
|
$(62,224)
|
|
Service
Shares |
1,107
|
(158)
|
|
Class
R6 Shares |
17,936
|
—
|
|
TOTAL
|
$221,389
|
$(62,382)
|
|
|
Other
Service
Fees
Incurred |
Other
Service
Fees
Reimbursed |
|
Institutional
Shares |
$28,425
|
$(28,425)
|
|
Service
Shares |
3,441
|
—
|
|
TOTAL
|
$31,866
|
$(28,425)
|
|
Security
|
Acquisition
Date
|
Cost
|
Value
|
|
Southern
Power Co., Sr. Unsecd. Note, Series A, 4.250%, 10/1/2030 |
9/16/2025
|
$134,744
|
$133,437
|
|
Fair
Value of Derivative Instruments | ||
|
|
Assets
| |
|
|
Statement
of
Assets
and
Liabilities
Location
|
Fair
Value
|
|
Derivatives
not accounted for as hedging
instruments
under ASC Topic 815 |
|
|
|
Interest
rate contracts |
Receivable
for variation
margin
on futures contracts |
$(213,918)*
|
|
*
|
Includes
cumulative net depreciation of futures contracts as reported in the footnotes to the Portfolio of Investments. Only the current day’s
variation margin is
reported
within the Statement of Assets and Liabilities. |
|
Amount
of Realized Gain or (Loss) on Derivatives Recognized in Income | |
|
|
Futures
Contracts
|
|
Interest
rate contracts |
$145,938
|
|
Change
in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
|
|
Futures
Contracts
|
|
Interest
rate contracts |
$(482,734)
|
|
|
Year
Ended
4/30/2026
|
Year
Ended
4/30/2025
| ||
|
Institutional
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
5,650,584
|
$49,114,691
|
10,588,035
|
$90,110,984
|
|
Shares
issued to shareholders in payment of distributions declared |
932,319
|
8,087,488
|
962,628
|
8,217,444
|
|
Shares
redeemed |
(9,978,044)
|
(86,383,860)
|
(27,983,723)
|
(240,042,976)
|
|
NET
CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
(3,395,141)
|
$(29,181,681)
|
(16,433,060)
|
$(141,714,548)
|
|
|
Year
Ended
4/30/2026
|
Year
Ended
4/30/2025
| ||
|
Service
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
7,983
|
$68,831
|
28,362
|
$239,779
|
|
Shares
issued to shareholders in payment of distributions declared |
6,025
|
52,264
|
18,104
|
153,344
|
|
Shares
redeemed |
(105,731)
|
(913,641)
|
(1,409,015)
|
(11,989,082)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
(91,723)
|
$(792,546)
|
(1,362,549)
|
$(11,595,959)
|
|
|
Year
Ended
4/30/2026
|
Year
Ended
4/30/20251
| ||
|
Class
R6 Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
11,222,831
|
$97,738,881
|
23,069,068
|
$198,321,825
|
|
Shares
issued to shareholders in payment of distributions declared |
94,976
|
826,940
|
119
|
1,018
|
|
Shares
redeemed |
(3,541,286)
|
(30,807,769)
|
(1,508,139)
|
(12,895,496)
|
|
NET
CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS |
7,776,521
|
$67,758,052
|
21,561,048
|
$185,427,347
|
|
NET
CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS |
4,289,657
|
$37,783,825
|
3,765,439
|
$32,116,840
|
|
1
|
Reflects
operations for the period from July 1, 2024 (commencement of operations) to April 30, 2025. |
|
|
2026
|
2025
|
|
Ordinary
income |
$17,879,291
|
$16,993,135
|
|
Distributions
payable |
$(150,760)
|
|
Net
unrealized appreciation |
$2,153,091
|
|
Capital
loss carryforwards and deferrals |
$(2,614,408)
|
|
TOTAL
|
$(612,077)
|
|
Short-Term
|
Long-Term
|
Total
|
|
$230,144
|
$2,384,264
|
$2,614,408
|
|
Administrative
Fee |
Average
Daily Net Assets
of
the Investment Complex |
|
0.100%
|
on
assets up to $50 billion |
|
0.075%
|
on
assets over $50 billion |
|
|
Distribution
Services
Fees
Incurred |
Distribution
Services
Fees
Waived |
|
Service
Shares |
$3,446
|
$(3,446)
|
|
Purchases
|
$141,778,936
|
|
Sales
|
$100,181,005
|
June 23, 2026
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420C506
CUSIP 31420C472
and Additional Information
|
Share
Class | Ticker
|
A | FTIAX
|
Institutional | FSTYX
|
Service | FSTIX
|
R6 | FSILX
|
Federated Hermes Short-Term Income Fund
A Portfolio of Federated Hermes Income Securities Trust
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
ASSET-BACKED
SECURITIES—41.7% |
|
|
|
|
Auto
Receivables—28.7% |
|
|
$ 2,143,000
|
|
Ally
Auto Receivables Trust 2023-1, Class C, 5.960%, 3/15/2029 |
$ 2,168,181
|
|
1,500,000
|
|
Ally
Auto Receivables Trust 2023-1, Class D, 6.740%, 4/15/2034 |
1,519,736
|
|
5,102,500
|
|
Ally
Auto Receivables Trust 2023-A, Class D, 7.330%, 1/17/2034 |
5,145,694
|
|
1,575,000
|
|
Ally
Auto Receivables Trust 2024-1, Class C, 5.410%, 11/15/2029 |
1,593,952
|
|
2,000,000
|
|
Ally
Auto Receivables Trust 2024-1, Class D, 5.800%, 2/16/2032 |
2,031,351
|
|
874,293
|
|
Ally
Bank Auto Credit-Linked N 2024-B, Class D, 5.410%, 9/15/2032 |
878,500
|
|
1,165,724
|
|
Ally
Bank Auto Credit-Linked N 2024-B, Class E, 6.678%, 9/15/2032 |
1,173,036
|
|
393,800
|
|
Ally
Bank Auto Credit-Linked Notes 2024-A, Class C, 6.022%, 5/17/2032 |
399,627
|
|
393,800
|
|
Ally
Bank Auto Credit-Linked Notes 2024-A, Class D, 6.315%, 5/17/2032 |
398,639
|
|
1,059,852
|
|
Ally
Bank Auto Credit-Linked Notes 2025-A, Class D, 4.991%, 6/15/2033 |
1,061,057
|
|
4,769,336
|
|
Ally
Bank Auto Credit-Linked Notes 2025-A, Class E, 6.066%, 6/15/2033 |
4,781,477
|
|
2,148,911
|
|
Ally
Bank Auto Credit-Linked Notes 2025-B, Class D, 4.942%, 9/15/2033 |
2,145,433
|
|
1,750,964
|
|
Ally
Bank Auto Credit-Linked Notes 2025-B, Class E, 6.164%, 9/15/2033 |
1,749,960
|
|
3,024,311
|
|
AmeriCredit
Automobile Receivables Trust 2022-2, Class C, 5.320%, 4/18/2028 |
3,033,815
|
|
5,500,000
|
|
AmeriCredit
Automobile Receivables Trust 2023-2, Class C, 6.000%, 7/18/2029 |
5,608,185
|
|
6,000,000
|
|
AmeriCredit
Automobile Receivables Trust 2025-1, Class B, 4.210%, 10/18/2030 |
5,952,528
|
|
824,527
|
|
ARI
Fleet Lease Trust 2024-A, Class A2, 5.300%, 11/15/2032 |
827,695
|
|
1,625,000
|
|
ARI
Fleet Lease Trust 2024-A, Class C, 5.380%, 11/15/2032 |
1,642,696
|
|
2,750,000
|
|
ARI
Fleet Lease Trust 2024-B, Class B, 5.390%, 4/15/2033 |
2,787,290
|
|
2,990,000
|
|
ARI
Fleet Lease Trust 2024-B, Class C, 5.550%, 4/15/2033 |
3,026,882
|
|
1,200,000
|
|
ARI
Fleet Lease Trust 2025-A, Class B, 4.700%, 1/17/2034 |
1,201,990
|
|
1,050,000
|
|
ARI
Fleet Lease Trust 2025-A, Class C, 4.900%, 1/17/2034 |
1,052,984
|
|
475,000
|
|
ARI
Fleet Lease Trust 2026 A, Class B, 4.380%, 11/15/2034 |
468,843
|
|
550,000
|
|
ARI
Fleet Lease Trust 2026 A, Class C, 4.610%, 11/15/2034 |
542,651
|
|
2,760,000
|
|
BMW
Vehicle Lease Trust 2024-2, Class A4, 4.210%, 2/25/2028 |
2,763,201
|
|
1,850,000
|
|
Bof
Ursa Funding 2024-SN1A, Class C, 5.830%, 12/15/2028 |
1,865,059
|
|
2,350,000
|
|
Bof
Ursa Funding 2024-SN1A, Class D, 6.360%, 7/16/2029 |
2,384,333
|
|
2,000,000
|
|
CarMax
Auto Owner Trust 2024-1, Class B, 5.170%, 8/15/2029 |
2,020,784
|
|
1,000,000
|
|
CarMax
Auto Owner Trust 2024-1, Class C, 5.470%, 8/15/2029 |
1,013,984
|
|
1,000,000
|
|
CarMax
Auto Owner Trust 2024-1, Class D, 6.000%, 7/15/2030 |
1,015,654
|
|
4,000,000
|
|
CarMax
Auto Owner Trust 2024-2, Class D, 6.420%, 10/15/2030 |
4,095,181
|
|
3,500,000
|
|
CarMax
Auto Owner Trust 2024-4, Class A3, 4.600%, 10/15/2029 |
3,517,804
|
|
1,000,000
|
|
CarMax
Auto Owner Trust 2024-4, Class D, 5.360%, 8/15/2031 |
1,012,507
|
|
1,420,000
|
|
CarMax
Auto Owner Trust 2025-1, Class B, 5.110%, 9/16/2030 |
1,438,894
|
|
1,530,000
|
|
CarMax
Auto Owner Trust 2025-1, Class C, 5.260%, 10/15/2030 |
1,554,854
|
|
1,585,000
|
|
CarMax
Auto Owner Trust 2025-1, Class D, 5.600%, 7/15/2031 |
1,590,192
|
|
1,000,000
|
|
CarMax
Auto Owner Trust 2025-3, Class C, 4.880%, 4/15/2031 |
1,009,338
|
|
1,050,000
|
|
CarMax
Auto Owner Trust 2025-3, Class D, 5.220%, 5/17/2032 |
1,054,156
|
|
1,280,000
|
|
CarMax
Auto Owner Trust 2026-1, Class B, 4.300%, 3/15/2032 |
1,276,319
|
|
1,000,000
|
|
CarMax
Auto Owner Trust 2026-1, Class D, 4.930%, 1/18/2033 |
988,378
|
|
1,000,000
|
|
CarMax
Auto Owner Trust 2026-C, Class C, 4.540%, 3/15/2032 |
998,010
|
|
959,817
|
|
Chase
Auto Credit Linked Notes 2025-1, Class C, 4.851%, 2/25/2033 |
961,868
|
|
723,499
|
|
Chase
Auto Credit Linked Notes 2025-1, Class D, 5.047%, 2/25/2033 |
725,552
|
|
7,000,000
|
|
Chase
Auto Owner Trust 2024-2A, Class D, 6.150%, 8/25/2031 |
7,111,075
|
|
3,560,000
|
|
Chase
Auto Owner Trust 2024-4A, Class D, 5.790%, 11/25/2031 |
3,573,536
|
|
2,850,000
|
|
Chase
Auto Owner Trust 2024-5A, Class D, 4.970%, 1/26/2032 |
2,832,334
|
|
1,000,000
|
|
Chase
Auto Owner Trust 2025-2A, Class C, 4.530%, 4/25/2031 |
991,739
|
|
2,000,000
|
|
Chase
Auto Owner Trust 2025-2A, Class D, 5.030%, 2/25/2033 |
1,984,157
|
|
1,250,000
|
|
Chesapeake
Funding II LLC 2023-1A, Class B, 5.590%, 5/15/2035 |
1,252,860
|
|
1,000,000
|
|
Chesapeake
Funding II LLC 2023-1A, Class C, 6.070%, 5/15/2035 |
1,000,848
|
|
2,000,000
|
|
Chesapeake
Funding II LLC 2023-1A, Class D, 6.690%, 5/15/2035 |
2,001,059
|
|
1,350,000
|
|
Chesapeake
Funding II LLC 2023-2A, Class B, 5.970%, 10/15/2035 |
1,362,689
|
|
2,000,000
|
|
Chesapeake
Funding II LLC 2023-2A, Class C, 6.150%, 10/15/2035 |
2,019,645
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
ASSET-BACKED
SECURITIES—continued
|
|
|
|
|
Auto
Receivables—continued |
|
|
$ 1,000,000
|
|
Chesapeake
Funding II LLC 2024-1A, Class B, 5.440%, 5/15/2036 |
$ 1,002,586
|
|
1,300,000
|
|
Chesapeake
Funding II LLC 2024-1A, Class C, 5.600%, 5/15/2036 |
1,308,873
|
|
7,000,000
|
|
Drive
Auto Receivables Trust 2024-1, Class C, 5.430%, 11/17/2031 |
7,095,230
|
|
5,000,000
|
|
Drive
Auto Receivables Trust 2024-2, Class D, 4.940%, 5/17/2032 |
5,050,229
|
|
3,500,000
|
|
Drive
Auto Receivables Trust 2025-1, Class D, 5.410%, 9/15/2032 |
3,517,612
|
|
5,500,000
|
|
Drive
Auto Receivables Trust 2025-2, Class D, 4.900%, 12/15/2032 |
5,489,033
|
|
1,527
|
|
Enterprise
Fleet Financing LLC 2022-4, Class A2, 5.760%, 10/22/2029 |
1,528
|
|
4,500,000
|
|
Enterprise
Fleet Financing LLC 2023-2, Class A3, 5.500%, 4/22/2030 |
4,548,304
|
|
2,497,363
|
|
Enterprise
Fleet Financing LLC 2023-3, Class A2, 6.400%, 3/20/2030 |
2,518,265
|
|
5,650,000
|
|
Enterprise
Fleet Financing LLC 2024-1, Class A3, 5.160%, 9/20/2030 |
5,716,517
|
|
3,750,000
|
|
Enterprise
Fleet Financing LLC 2024-2, Class A4, 5.690%, 12/20/2030 |
3,831,598
|
|
3,250,000
|
|
Enterprise
Fleet Financing LLC 2024-3, Class A4, 5.060%, 3/20/2031 |
3,289,006
|
|
1,010,781
|
|
Enterprise
Fleet Financing LLC 2024-4, Class A2, 4.690%, 7/20/2027 |
1,012,872
|
|
6,255,000
|
|
Enterprise
Fleet Financing LLC 2026-1, Class A4, 4.290%, 9/20/2032 |
6,237,819
|
|
5,000,000
|
|
Ford
Credit Auto Owner Trust 2022-C, Class B, 5.030%, 2/15/2028 |
5,004,942
|
|
2,500,000
|
|
Ford
Credit Auto Owner Trust 2022-C, Class C, 5.220%, 3/15/2030 |
2,502,627
|
|
5,000,000
|
|
Ford
Credit Auto Owner Trust 2023-A, Class C, 5.510%, 9/15/2030 |
5,043,199
|
|
3,250,000
|
|
Ford
Credit Auto Owner Trust 2024-D, Class B, 4.880%, 9/15/2030 |
3,278,994
|
|
6,000,000
|
|
Ford
Credit Auto Owner Trust 2025-C, Class B, 4.220%, 1/15/2032 |
5,954,042
|
|
6,000,000
|
|
Ford
Credit Auto Owner Trust/Ford Credit 2023-1, Class C, 5.580%, 8/15/2035 |
6,095,619
|
|
2,500,000
|
|
Ford
Credit Auto Owner Trust/Ford Credit 2023-2, Class D, 6.600%, 2/15/2036 |
2,577,519
|
|
8,500,000
|
|
Ford
Credit Floorplan Master Owner Trust 2023-1, Class B, 5.310%, 5/15/2028 |
8,503,731
|
|
7,500,000
|
|
Ford
Credit Floorplan Master Owner Trust 2023-1, Class C, 5.750%, 5/15/2028 |
7,505,145
|
|
8,700,000
|
|
Ford
Credit Floorplan Master Owner Trust 2023-1, Class D, 6.620%, 5/15/2028 |
8,706,462
|
|
5,755,000
|
|
Ford
Credit Floorplan Master Owner Trust 2024-4, Class B, 4.610%, 9/15/2031 |
5,657,414
|
|
1,000,000
|
|
GECU
Auto Receivables Trust 2023-1A, Class C, 6.330%, 4/15/2030 |
1,006,200
|
|
2,800,000
|
|
GECU
Auto Receivables Trust 2023-1A, Class D, 7.200%, 11/17/2031 |
2,810,702
|
|
8,000,000
|
|
General
Motors 2024-4A, Class B, 4.980%, 11/15/2029 |
8,052,536
|
|
4,000,000
|
|
GM
Financial Automobile Leasing Trust 2024-3, Class B, 4.490%, 10/20/2028 |
4,012,861
|
|
4,000,000
|
|
GM
Financial Automobile Leasing Trust 2025-2, Class C, 5.040%, 10/22/2029 |
4,028,112
|
|
5,000,000
|
|
GM
Financial Revolving Receivables 2023-1, Class C, 5.900%, 4/11/2035 |
5,104,876
|
|
3,000,000
|
|
GM
Financial Securitized Term 2023-3, Class B, 5.720%, 1/16/2029 |
3,033,830
|
|
3,250,000
|
|
GM
Financial Securitized Term 2023-3, Class C, 5.920%, 2/16/2029 |
3,289,468
|
|
1,250,000
|
|
GM
Financial Securitized Term 2024-1, Class B, 5.160%, 8/16/2029 |
1,265,183
|
|
2,750,000
|
|
GM
Financial Securitized Term 2025-2, Class C, 4.910%, 10/18/2032 |
2,765,639
|
|
3,750,000
|
|
GM
Financial Securitized Term Auto Receivables Trust 2022-3, Class C, 5.210%, 12/18/2028 |
3,772,327
|
|
800,000
|
|
GreenState
Auto Receivables Trust 2024-1A, Class B, 5.420%, 1/15/2030 |
810,251
|
|
1,000,000
|
|
GreenState
Auto Receivables Trust 2024-1A, Class C, 5.770%, 2/15/2030 |
1,008,578
|
|
866,000
|
|
GreenState
Auto Receivables Trust 2024-1A, Class SUB, 6.500%, 6/15/2032 |
873,339
|
|
7,487,759
|
|
Huntington
National Bank, Class B1, 4.503%, 2/20/2034 |
7,464,988
|
|
5,000,000
|
|
Hyundai
Auto Lease Securitization Trust 2024-A, Class A, 5.350%, 5/15/2028 |
5,009,467
|
|
4,900,000
|
|
Hyundai
Auto Lease Securitization Trust 2024-A, Class B, 5.560%, 8/15/2028 |
4,928,407
|
|
4,000,000
|
|
Hyundai
Auto Lease Securitization Trust 2024-C, Class B, 4.970%, 2/15/2029 |
4,026,449
|
|
1,945,000
|
|
Hyundai
Auto Lease Securitization Trust 2025-A, Class B, 5.150%, 6/15/2029 |
1,959,279
|
|
4,250,000
|
|
Hyundai
Auto Lease Securitization Trust 2025-B, Class B, 4.940%, 8/15/2029 |
4,274,678
|
|
3,000,000
|
|
Hyundai
Auto Receivables Trust 2024-A, Class C, 5.270%, 7/15/2031 |
3,043,984
|
|
5,000,000
|
|
Hyundai
Auto Receivables Trust 2024-C, Class C, 4.860%, 2/17/2032 |
5,039,177
|
|
4,000,000
|
|
Hyundai
Auto Receivables Trust 2025-C, Class C, 4.370%, 1/18/2033 |
3,978,056
|
|
5,000,000
|
|
Hyundai
Auto Receivables Trust 2026-A, Class C, 4.310%, 6/15/2033 |
4,949,443
|
|
2,000,000
|
|
LAD
Auto Receivables Trust 2024-2A, Class B, 5.500%, 7/16/2029 |
2,031,179
|
|
1,000,000
|
|
LAD
Auto Receivables Trust 2024-2A, Class C, 5.660%, 10/15/2029 |
1,019,250
|
|
750,000
|
|
LAD
Auto Receivables Trust 2024-2A, Class D, 6.370%, 10/15/2031 |
769,269
|
|
1,375,000
|
|
LAD
Auto Receivables Trust 2024-3A, Class C, 4.930%, 3/15/2030 |
1,389,962
|
|
1,200,000
|
|
LAD
Auto Receivables Trust 2024-3A, Class D, 5.180%, 2/17/2032 |
1,208,456
|
|
2,400,000
|
|
LAD
Auto Receivables Trust 2025-2A, Class D, 5.010%, 12/15/2032 |
2,410,926
|
|
1,400,000
|
|
LAD
Auto Receivables Trust 2026-1A, Class B, 4.220%, 2/15/2033 |
1,386,310
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
ASSET-BACKED
SECURITIES—continued
|
|
|
|
|
Auto
Receivables—continued |
|
|
$ 1,000,000
|
|
LAD
Auto Receivables Trust 2026-1A, Class C, 4.420%, 8/15/2033 |
$ 990,392
|
|
1,460,000
|
|
Navistar
Financial Dealer Note Master Trust 2025-1, Class C, 4.720%, 9/25/2030 |
1,438,843
|
|
6,000,000
|
|
NextGear
Floorplan Master Owner Trust 2024-2A, Class B, 4.870%, 9/15/2029 |
6,030,553
|
|
6,662,000
|
|
NextGear
Floorplan Master Owner Trust 2025-1A, Class B, 4.890%, 2/15/2030 |
6,699,665
|
|
9,662,000
|
|
NextGear
Floorplan Master Owner Trust 2025-2A, Class B, 4.690%, 10/15/2030 |
9,637,465
|
|
5,000,000
|
|
NextGear
Floorplan Master Owner Trust 2026-1A, Class B, 4.530%, 2/18/2031 |
4,954,239
|
|
3,200,000
|
|
Nissan
Auto Lease Trust 2025-B, Class C, 4.810%, 11/15/2029 |
3,216,407
|
|
4,500,000
|
|
Nissan
Auto Lease Trust 2026-A, Class C, 4.290%, 6/17/2030 |
4,467,974
|
|
6,500,000
|
|
Nissan
Auto Receivables Owner Trust 2025-B, Class B, 4.280%, 4/15/2032 |
6,484,846
|
|
800,000
|
|
PenFed
Auto Receivables Owner Trust 2022-A, Class D, 5.850%, 6/17/2030 |
800,099
|
|
3,495,000
|
|
Porsche
Innovative Lease Owner Trust 2024-2A, Class A4, 4.260%, 9/20/2030 |
3,500,853
|
|
1,866,929
|
|
Santander
Bank Auto Credit-Linked Notes 2024-B, Class D, 5.483%, 1/18/2033 |
1,880,935
|
|
1,226,199
|
|
Santander
Bank Auto Credit-Linked Notes 2024-B, Class E, 6.799%, 1/18/2033 |
1,239,930
|
|
2,500,000
|
|
Santander
Bank Auto Credit-Linked Notes 2025-A, Class D, 5.150%, 1/16/2034 |
2,506,318
|
|
1,250,000
|
|
Santander
Bank Auto Credit-Linked Notes 2025-A, Class E, 6.270%, 1/16/2034 |
1,247,070
|
|
312,195
|
|
Santander
Drive Auto Receivables Trust 2022-6, Class C, 4.960%, 11/15/2028 |
312,388
|
|
2,100,010
|
|
Santander
Drive Auto Receivables Trust 2023-1, Class C, 5.090%, 5/15/2030 |
2,112,929
|
|
1,850,000
|
|
Santander
Drive Auto Receivables Trust 2024-1, Class C, 5.450%, 3/15/2030 |
1,865,659
|
|
13,000,000
|
|
Santander
Drive Auto Receivables Trust 2024-2, Class D, 6.280%, 8/15/2031 |
13,368,701
|
|
15,000,000
|
|
Santander
Drive Auto Receivables Trust 2024-4, Class D, 5.320%, 12/15/2031 |
15,180,990
|
|
7,500,000
|
|
Santander
Drive Auto Receivables Trust 2024-5, Class D, 5.140%, 2/17/2032 |
7,566,399
|
|
9,500,000
|
|
Santander
Drive Auto Receivables Trust 2025-1, Class D, 5.430%, 3/17/2031 |
9,630,825
|
|
6,500,000
|
|
Santander
Drive Auto Receivables Trust 2025-2, Class D, 5.470%, 5/15/2031 |
6,539,469
|
|
10,300,000
|
|
Santander
Drive Auto Receivables Trust 2025-3, Class D, 5.110%, 9/15/2031 |
10,288,309
|
|
6,500,000
|
|
Santander
Drive Auto Receivables Trust 2025-4, Class D, 4.950%, 1/15/2032 |
6,476,024
|
|
8,000,000
|
|
Santander
Drive Auto Receivables Trust 2026-1, Class D, 4.750%, 4/15/2032 |
7,887,729
|
|
3,060,000
|
|
SBNA
Auto Lease Trust 2024-C, Class A4, 4.420%, 3/20/2029 |
3,068,964
|
|
2,225,000
|
|
SBNA
Auto Receivables Trust 2025-SF1, Class D, 5.340%, 9/15/2031 |
2,229,270
|
|
575,000
|
|
SBNA
Auto Receivables Trust 2025-SF1, Class E, 6.740%, 10/15/2031 |
573,941
|
|
779,007
|
|
Securitized
Term Auto Receivables Trust 2025-A, Class B, 5.038%, 7/25/2031 |
784,663
|
|
649,173
|
|
Securitized
Term Auto Receivables Trust 2025-A, Class C, 5.185%, 7/25/2031 |
653,374
|
|
597,239
|
|
Securitized
Term Auto Receivables Trust 2025-A, Class D, 6.746%, 7/25/2031 |
607,777
|
|
3,267,003
|
|
Securitized
Term Auto Receivables Trust 2026-A, Class B, 4.284%, 3/25/2033 |
3,259,141
|
|
1,333,471
|
|
Securitized
Term Auto Receivables Trust 2026-A, Class C, 4.431%, 3/25/2033 |
1,329,290
|
|
1,466,818
|
|
Securitized
Term Auto Receivables Trust 2026-A, Class D, 4.873%, 3/25/2033 |
1,464,153
|
|
5,500,000
|
|
SFS
Auto Receivables Securitiz 2025-3A C, Class C, 4.640%, 11/21/2033 |
5,491,426
|
|
2,000,000
|
|
SFS
Auto Receivables Securitization Trust 2024-1A, Class C, 5.510%, 1/20/2032 |
2,035,466
|
|
2,500,000
|
|
SFS
Auto Receivables Securitization Trust 2024-2A, Class C, 5.540%, 2/20/2032 |
2,545,756
|
|
6,000,000
|
|
SFS
Auto Receivables Securitization Trust 2025-1A, Class C, 5.200%, 10/20/2032 |
6,077,118
|
|
3,765,000
|
|
Stellantis
Financial Underwritten Enhanced Lease Trust 2025-AA, Class C, 5.080%, 8/20/2029 |
3,779,285
|
|
5,500,000
|
|
Stellantis
Financial Underwritten Enhanced Lease Trust 2026-AA, Class C, 4.800%, 12/20/2030 |
5,513,750
|
|
4,000,000
|
|
Tesla
Auto Lease Trust 2024-A, Class B, 5.550%, 5/22/2028 |
4,010,156
|
|
5,325,000
|
|
Tesla
Auto Lease Trust 2024-B, Class C, 5.490%, 12/20/2028 |
5,354,059
|
|
2,400,868
|
1
|
The
Huntington National Bank 2025-1, Class C, 5.890% (30-DAY AVERAGE SOFR +2.250%), 3/21/2033 |
2,395,230
|
|
1,937,935
|
|
Truist
Bank Auto Credit-Linked Notes Series 2025-1, Class C, 6.807%, 9/26/2033 |
1,934,335
|
|
450,233
|
|
U.S.
Bank National Association 2023-1, Class B, 6.789%, 8/25/2032 |
452,936
|
|
3,900,000
|
|
Wheels
Fleet Lease Funding LLC 2025-1A, Class C, 5.080%, 1/18/2040 |
3,893,379
|
|
1,750,000
|
|
Wheels
Fleet Lease Funding LLC 2025-2A, Class B, 4.610%, 5/18/2040 |
1,753,251
|
|
3,750,000
|
|
Wheels
Fleet Lease Funding LLC 2025-2A, Class C, 4.860%, 5/18/2040 |
3,723,345
|
|
1,287,000
|
|
Wheels
Fleet Lease Funding LLC 2025-3A, Class B, 4.440%, 9/18/2040 |
1,283,503
|
|
2,400,000
|
|
Wheels
Fleet Lease Funding LLC 2025-3A, Class C, 4.790%, 9/18/2040 |
2,375,107
|
|
1,000,000
|
|
Wheels
Fleet Lease Funding LLC 2026-1, Class B, 4.670%, 4/18/2039 |
1,000,192
|
|
1,500,000
|
|
Wheels
Fleet Lease Funding LLC 2026-1, Class C, 4.930%, 4/18/2039 |
1,500,984
|
|
8,000,000
|
|
World
Omni Automobile Lease Securitization Trust 2025-A, Class B, 4.680%, 5/15/2030 |
8,022,931
|
|
1,350,000
|
|
Yamaha
Motor Master Trust 2026, Class B, 4.640%, 4/15/2031 |
1,351,870
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
ASSET-BACKED
SECURITIES—continued
|
|
|
|
|
Auto
Receivables—continued |
|
|
$ 1,100,000
|
|
Yamaha
Motor Master Trust 2026, Class C, 4.890%, 4/15/2031 |
$ 1,101,591
|
|
|
|
TOTAL
|
530,671,814
|
|
|
|
Credit
Card—4.3% |
|
|
1,000,000
|
|
American
Express Credit Account 2025-5 A, Class A, 4.510%, 7/15/2032 |
1,010,467
|
|
5,250,000
|
|
American
Express Credit Account Master Trust 2024-1, Class A, 5.230%, 4/15/2029 |
5,315,325
|
|
6,000,000
|
|
Bank
of America Credit Card Trust 2024-A1, Class A, 4.930%, 5/15/2029 |
6,061,303
|
|
2,300,000
|
|
CARDS
II Trust 2024-1A, Class B, 5.450%, 7/16/2029 |
2,297,359
|
|
2,000,000
|
|
CARDS
II Trust 2024-1A, Class C, 5.840%, 7/16/2029 |
2,014,748
|
|
2,500,000
|
|
CARDS
II Trust 2025-1A, Class B, 5.070%, 3/15/2031 |
2,460,413
|
|
3,690,000
|
|
CARDS
II Trust 2025-1A, Class C, 5.420%, 3/15/2031 |
3,591,770
|
|
4,000,000
|
|
CARDS
II Trust 2026-1A, Class C, 4.870%, 4/15/2028 |
4,001,228
|
|
3,743,000
|
|
Evergreen
Credit Card Trust 2024-1A, Class C, 5.900%, 7/17/2028 |
3,745,861
|
|
3,000,000
|
|
Evergreen
Credit Card Trust 2024-CRT4, Class B, 5.250%, 10/15/2028 |
3,011,866
|
|
4,000,000
|
|
Evergreen
Credit Card Trust 2024-CRT4, Class C, 5.640%, 10/15/2028 |
4,010,459
|
|
3,000,000
|
|
Evergreen
Credit Card Trust 2025-1A, Class C, 4.540%, 10/15/2029 |
2,973,840
|
|
1,000,000
|
|
Evergreen
Credit Card Trust Series 2025-1A, Class B, 4.240%, 10/15/2029 |
994,605
|
|
2,300,000
|
|
Evergreen
Credit Card Trust Series 2025-CRT5, Class B, 5.240%, 5/15/2029 |
2,320,133
|
|
1,400,000
|
|
Evergreen
Credit Card Trust Series 2025-CRT5, Class C, 5.530%, 5/15/2029 |
1,406,182
|
|
2,500,000
|
|
First
National Master Note Trust 2024-1, Class A, 5.340%, 5/15/2030 |
2,530,679
|
|
7,000,000
|
|
Golden
Credit Card Trust 2021-1A, Class B, 1.440%, 8/15/2028 |
6,955,610
|
|
3,000,000
|
|
Golden
Credit Card Trust 2021-1A, Class C, 1.740%, 8/15/2028 |
2,977,440
|
|
3,290,000
|
|
Golden
Credit Card Trust 2021-1A, Class C, 2.660%, 1/15/2029 |
3,233,793
|
|
5,000,000
|
|
Master
Credit Card Trust 2022-5A, Class B, 6.350%, 4/21/2031 |
5,102,937
|
|
1,000,000
|
|
Master
Credit Card Trust 2023-3A, Class B, 6.300%, 10/21/2030 |
1,014,840
|
|
2,000,000
|
|
Master
Credit Card Trust 2023-3A, Class C, 7.080%, 10/21/2030 |
2,047,418
|
|
3,000,000
|
|
Trillium
Credit Card Trust II 2023-1A, Class B, 5.230%, 3/26/2031 |
3,031,707
|
|
3,000,000
|
|
Trillium
Credit Card Trust II 2025-1A, Class B, 4.405%, 9/26/2030 |
2,995,454
|
|
1,700,000
|
|
Trillium
Credit Card Trust II 2025-1A, Class C, 4.700%, 9/26/2030 |
1,697,424
|
|
1,000,000
|
|
Trillium
Credit Card Trust II 2026-1A, Class B, 4.607%, 3/26/2031 |
1,000,119
|
|
2,000,000
|
|
Trillium
Credit Card Trust II 2026-1A, Class C, 4.901%, 3/26/2031 |
2,000,231
|
|
|
|
TOTAL
|
79,803,211
|
|
|
|
Equipment
Lease—3.7% |
|
|
4,000,000
|
|
Daimler
Trucks Retail Trust 2024-1, Class A4, 5.560%, 7/15/2031 |
4,056,350
|
|
4,153,000
|
|
Dell
Equipment Finance Trust 2023-3, Class B, 6.050%, 4/23/2029 |
4,157,323
|
|
2,000,000
|
|
Dell
Equipment Finance Trust 2023-3, Class C, 6.170%, 4/23/2029 |
2,002,084
|
|
1,500,000
|
|
Dell
Equipment Finance Trust 2023-3, Class D, 6.750%, 10/22/2029 |
1,501,956
|
|
770,000
|
|
Dell
Equipment Finance Trust 2024-1, Class C, 5.730%, 3/22/2030 |
775,980
|
|
1,000,000
|
|
Dell
Equipment Finance Trust 2024-1, Class D, 6.120%, 9/23/2030 |
1,009,560
|
|
3,250,000
|
|
Dell
Equipment Finance Trust 2024-2, Class D, 5.290%, 2/24/2031 |
3,263,242
|
|
520,000
|
|
Dell
Equipment Finance Trust 2025-1, Class B, 4.960%, 2/24/2031 |
522,976
|
|
870,000
|
|
Dell
Equipment Finance Trust 2025-1, Class C, 5.250%, 2/24/2031 |
876,423
|
|
740,000
|
|
Dell
Equipment Finance Trust 2025-1, Class D, 5.640%, 8/22/2031 |
751,327
|
|
1,000,000
|
|
Dell
Equipment Finance Trust 2025-2, Class C, 4.530%, 3/24/2031 |
999,014
|
|
3,500,000
|
|
Dell
Equipment Finance Trust 2025-2, Class D, 4.830%, 3/22/2032 |
3,487,653
|
|
2,670,000
|
|
DLLAA
LLC 2025-1A, Class A4, 5.080%, 4/20/2033 |
2,719,722
|
|
1,516,249
|
|
DLLAD
LLC 2023-1A, Class A3, 4.790%, 1/20/2028 |
1,520,114
|
|
2,430,000
|
|
DLLAD
LLC 2024-1A, Class A4, 5.380%, 9/22/2031 |
2,492,404
|
|
1,300,000
|
|
DLLMT
LLC 2026, Class A4, 4.360%, 9/20/2033 |
1,298,015
|
|
922,452
|
|
DLLST
LLC 2024-1A, Class A3, 5.050%, 8/20/2027 |
925,101
|
|
5,040,000
|
|
Great
America Leasing Receivables 2024-2, Class B, 5.230%, 5/15/2031 |
5,104,616
|
|
4,161,000
|
|
Great
America Leasing Receivables 2025-1, Class B, 4.770%, 1/15/2032 |
4,192,916
|
|
1,625,000
|
|
Great
America Leasing Receivables 2025-1, Class C, 5.010%, 1/18/2033 |
1,635,054
|
|
1,265,000
|
|
Great
America Leasing Receivables 2025-2, Class B, 4.500%, 9/15/2032 |
1,263,402
|
|
1,300,000
|
|
Great
America Leasing Receivables 2025-2, Class C, 4.840%, 9/15/2033 |
1,301,491
|
|
3,449,498
|
|
HPEFS
Equipment Trust 2023-2A, Class D, 6.970%, 7/21/2031 |
3,467,793
|
|
3,000,000
|
|
HPEFS
Equipment Trust 2024-1A, Class D, 5.820%, 11/20/2031 |
3,017,813
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
ASSET-BACKED
SECURITIES—continued
|
|
|
|
|
Equipment
Lease—continued |
|
|
$ 4,500,000
|
|
HPEFS
Equipment Trust 2024-2A, Class D, 5.820%, 4/20/2032 |
$ 4,554,795
|
|
4,500,000
|
|
HPEFS
Equipment Trust 2025-1A, Class D, 4.990%, 3/21/2033 |
4,505,624
|
|
1,000,000
|
|
HPEFS
Equipment Trust 2025-2A, Class C, 4.410%, 11/22/2032 |
993,334
|
|
1,750,000
|
|
HPEFS
Equipment Trust 2025-2A, Class D, 4.770%, 5/20/2033 |
1,736,010
|
|
4,000,000
|
|
John
Deere Owner Trust 2022-C, Class A4, 5.200%, 9/17/2029 |
4,002,038
|
|
807,291
|
|
Kubota
Credit Owner Trust 2023-1A, Class A3, 5.020%, 6/15/2027 |
808,579
|
|
|
|
TOTAL
|
68,942,709
|
|
|
|
Home
Equity Loan—0.0% |
|
|
3,662
|
1
|
ContiMortgage
Home Equity Loan Trust 1996-4, Class A10, 4.249% (CME Term SOFR 1 Month +0.594%), 1/15/2028 |
2,926
|
|
2,069,120
|
|
Green
Tree Home Improvement Loan Trust 1997-C, Class HEB2, 7.590%, 8/15/2028 |
12,452
|
|
328,248
|
2
|
NC
Finance Trust 1999-1, Class D, 8.750%, 1/25/2029 |
0
|
|
|
|
TOTAL
|
15,378
|
|
|
|
Other—4.4%
|
|
|
7,450,000
|
|
PFS
Financing Corp. 2023-B, Class B, 5.710%, 5/15/2028 |
7,468,961
|
|
4,250,000
|
|
PFS
Financing Corp. 2023-C, Class B, 5.910%, 10/15/2028 |
4,287,701
|
|
3,500,000
|
|
PFS
Financing Corp. 2024-B, Class B, 5.290%, 2/15/2029 |
3,499,232
|
|
6,750,000
|
|
PFS
Financing Corp. 2024-D, Class B, 5.590%, 4/15/2029 |
6,798,585
|
|
4,000,000
|
|
PFS
Financing Corp. 2024-F, Class B, 4.990%, 8/15/2029 |
4,011,559
|
|
2,250,000
|
|
PFS
Financing Corp. 2025-E, Class B, 4.610%, 7/16/2029 |
2,257,266
|
|
6,000,000
|
|
PFS
Financing Corp. 2026-B, Class B, 4.400%, 3/17/2031 |
5,966,513
|
|
3,770,000
|
|
Verizon
Master Trust 2023-6, Class C, 5.050%, 9/22/2031 |
3,778,674
|
|
3,260,000
|
|
Verizon
Master Trust 2024-3, Class C, 5.730%, 4/22/2030 |
3,322,616
|
|
5,000,000
|
|
Verizon
Master Trust 2024-6, Class C, 4.670%, 8/20/2030 |
5,019,420
|
|
7,750,000
|
|
Verizon
Master Trust 2024-8, Class C, 4.990%, 11/20/2030 |
7,851,026
|
|
1,000,000
|
|
Verizon
Master Trust 2025-1, Class C, 5.090%, 1/21/2031 |
1,010,403
|
|
10,150,000
|
|
Verizon
Master Trust 2025-4, Class C, 5.200%, 3/21/2033 |
10,337,096
|
|
2,490,000
|
|
Verizon
Master Trust 2025-5, Class C, 4.840%, 6/20/2031 |
2,496,186
|
|
3,830,000
|
|
Verizon
Master Trust 2025-7, Class C, 4.400%, 8/20/2031 |
3,817,401
|
|
3,850,000
|
|
Verizon
Master Trust 2025-10, Class C, 4.670%, 10/20/2033 |
3,835,982
|
|
6,000,000
|
|
Verizon
Master Trust 2026-1, Class C, 4.430%, 2/20/2031 |
5,995,776
|
|
|
|
TOTAL
|
81,754,397
|
|
|
|
Student
Loans—0.6% |
|
|
385,233
|
1
|
Mississippi
Higher Education Assistance Corp. 2014-1, Class A1, 4.439% (30-DAY AVERAGE SOFR +0.794%), 10/25/2035 |
383,050
|
|
1,354,300
|
|
Navient
Student Loan Trust 2019-D, Class A2A, 3.010%, 12/15/2059 |
1,314,625
|
|
1,036,222
|
|
Navient
Student Loan Trust 2020-GA, Class A, 1.170%, 9/16/2069 |
971,585
|
|
630,531
|
|
Navient
Student Loan Trust 2020-HA, Class A, 1.310%, 1/15/2069 |
595,402
|
|
3,238,184
|
|
Navient
Student Loan Trust 2021-CA, Class A, 1.060%, 10/15/2069 |
2,949,354
|
|
4,981,413
|
1
|
Nelnet
Student Loan Trust 2021-DA, Class AFL, 4.465% (CME Term SOFR 1 Month +0.804%), 4/20/2062 |
4,966,879
|
|
|
|
TOTAL
|
11,180,895
|
|
|
|
TOTAL
ASSET-BACKED SECURITIES
(IDENTIFIED
COST $771,498,338) |
772,368,404
|
|
|
|
CORPORATE
BONDS—36.5% |
|
|
|
|
Basic
Industry - Metals & Mining—0.2% |
|
|
1,665,000
|
|
Anglo
American Capital PLC, Sr. Unsecd. Note, 144A, 4.625%, 3/19/2031 |
1,647,046
|
|
2,610,000
|
|
Glencore
Funding LLC, Sr. Unsecd. Note, 144A, 4.900%, 7/1/2031 |
2,614,541
|
|
|
|
TOTAL
|
4,261,587
|
|
|
|
Capital
Goods - Aerospace & Defense—0.6% |
|
|
2,435,000
|
|
Honeywell
Aerospace, Inc., Sr. Unsecd. Note, 144A, 4.300%, 3/16/2031 |
2,406,011
|
|
3,000,000
|
|
Howmet
Aerospace, Inc., Sr. Unsecd. Note, 4.850%, 10/15/2031 |
3,026,601
|
|
1,500,000
|
|
Huntington
Ingalls Industries, Inc., Sr. Unsecd. Note, 5.353%, 1/15/2030 |
1,531,054
|
|
3,885,000
|
|
Leidos,
Inc., Sr. Unsecd. Note, 4.100%, 3/15/2029 |
3,838,437
|
|
|
|
TOTAL
|
10,802,103
|
|
|
|
Capital
Goods - Construction Machinery—0.3% |
|
|
3,000,000
|
|
CNH
Industrial Capital America LLC, Sr. Unsecd. Note, 4.500%, 10/16/2030 |
2,966,512
|
|
2,940,000
|
|
CNH
Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028 |
2,940,016
|
|
|
|
TOTAL
|
5,906,528
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Communications
- Cable & Satellite—0.1% |
|
|
$ 1,695,000
|
|
Charter
Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond,
6.100%,
6/1/2029 |
$ 1,750,904
|
|
|
|
Communications
- Media & Entertainment—0.4% |
|
|
2,295,000
|
|
Meta
Platforms, Inc., Sr. Unsecd. Note, 4.200%, 11/15/2030 |
2,268,768
|
|
3,160,000
|
|
Meta
Platforms, Inc., Sr. Unsecd. Note, 4.300%, 8/15/2029 |
3,164,885
|
|
1,740,000
|
|
Omnicom
Group, Inc., Sr. Unsecd. Note, 4.200%, 3/2/2029 |
1,720,891
|
|
|
|
TOTAL
|
7,154,544
|
|
|
|
Communications
- Telecom Wireless—0.9% |
|
|
1,805,000
|
|
American
Tower Corp., Sr. Unsecd. Note, 4.900%, 3/15/2030 |
1,823,340
|
|
4,000,000
|
|
American
Tower Corp., Sr. Unsecd. Note, 5.200%, 2/15/2029 |
4,071,684
|
|
4,050,000
|
|
Crown
Castle, Inc., Sr. Unsecd. Note, 5.000%, 1/11/2028 |
4,083,163
|
|
3,070,000
|
|
Orange
S.A., Sr. Unsecd. Note, 144A, 4.000%, 1/13/2029 |
3,043,978
|
|
4,000,000
|
|
T-Mobile
USA, Inc., Sr. Unsecd. Note, 4.950%, 3/15/2028 |
4,043,009
|
|
|
|
TOTAL
|
17,065,174
|
|
|
|
Communications
- Telecom Wirelines—0.6% |
|
|
5,000,000
|
|
AT&T,
Inc., Sr. Unsecd. Note, 4.400%, 4/30/2031 |
4,945,375
|
|
2,070,000
|
|
NBN
Co. Ltd., Sr. Unsecd. Note, 144A, 4.000%, 10/1/2027 |
2,063,516
|
|
4,000,000
|
|
Rogers
Communications, Inc., Sr. Unsecd. Note, 5.000%, 2/15/2029 |
4,034,414
|
|
|
|
TOTAL
|
11,043,305
|
|
|
|
Consumer
Cyclical - Automotive—4.5% |
|
|
3,335,000
|
|
American
Honda Finance Corp., Sr. Unsecd. Note, Series GMTN, 4.450%, 10/22/2027 |
3,333,945
|
|
5,000,000
|
|
American
Honda Finance Corp., Sr. Unsecd. Note, Series GMTN, 4.500%, 9/4/2030 |
4,939,123
|
|
945,000
|
|
Daimler
Trucks Financial NA, Sr. Unsecd. Note, 144A, 4.150%, 1/12/2029 |
933,167
|
|
6,000,000
|
|
Daimler
Trucks Financial NA, Sr. Unsecd. Note, 144A, 5.250%, 1/13/2030 |
6,119,919
|
|
4,000,000
|
|
Ford
Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030 |
3,758,408
|
|
1,505,000
|
|
Ford
Motor Credit Co. LLC, Sr. Unsecd. Note, 4.970%, 4/6/2029 |
1,492,491
|
|
5,000,000
|
|
Ford
Motor Credit Co. LLC, Sr. Unsecd. Note, 6.800%, 5/12/2028 |
5,153,721
|
|
5,000,000
|
1
|
General
Motors Financial Co., Inc., Sr. Unsecd. Note, 4.698% (SOFR +1.040%), 2/26/2027 |
5,007,072
|
|
5,000,000
|
3
|
General
Motors Financial Co., Inc., Sr. Unsecd. Note, 5.350%, 1/7/2030 |
5,100,216
|
|
4,000,000
|
|
General
Motors Financial Co., Inc., Sr. Unsecd. Note, 5.450%, 7/15/2030 |
4,098,745
|
|
4,000,000
|
|
Hyundai
Capital America, Sr. Unsecd. Note, 144A, 5.250%, 1/8/2027 |
4,024,251
|
|
9,000,000
|
|
Hyundai
Capital America, Sr. Unsecd. Note, 144A, 5.950%, 9/21/2026 |
9,055,384
|
|
4,000,000
|
|
Mercedes-Benz
Finance NA LLC, Sr. Unsecd. Note, 144A, 4.250%, 3/10/2029 |
3,972,912
|
|
4,135,000
|
1
|
Mercedes-Benz
Finance NA LLC, Sr. Unsecd. Note, 144A, 4.514% (SOFR +0.850%), 11/15/2027 |
4,146,967
|
|
4,000,000
|
1
|
Nissan
Motor Acceptance Co. LLC., Sr. Unsecd. Note, 144A, 5.702% (SOFR +2.050%), 9/13/2027 |
3,972,888
|
|
2,500,000
|
|
Nissan
Motor Acceptance Co. LLC., Sr. Unsecd. Note, 144A, 6.950%, 9/15/2026 |
2,523,800
|
|
1,500,000
|
|
Stellantis
Finance US, Inc., Sr. Unsecd. Note, 144A, 5.350%, 3/17/2028 |
1,511,473
|
|
4,000,000
|
|
Toyota
Motor Credit Corp., Series B, 4.200%, 1/10/2031 |
3,955,059
|
|
3,240,000
|
|
Toyota
Motor Credit Corp., Sr. Unsecd. Note, 4.050%, 9/5/2028 |
3,232,698
|
|
4,000,000
|
|
Toyota
Motor Credit Corp., Sr. Unsecd. Note, 4.650%, 1/5/2029 |
4,042,088
|
|
2,930,000
|
|
Volkswagen
Group of America Finance LLC, Sr. Unsecd. Note, 144A, 4.850%, 9/11/2030 |
2,912,955
|
|
|
|
TOTAL
|
83,287,282
|
|
|
|
Consumer
Cyclical - Leisure—0.1% |
|
|
2,380,000
|
|
Airbnb,
Inc., Sr. Unsecd. Note, 4.400%, 3/16/2029 |
2,377,151
|
|
|
|
Consumer
Cyclical - Services—0.4% |
|
|
1,975,000
|
|
Amazon.com,
Inc., 4.100%, 11/20/2030 |
1,948,450
|
|
5,980,000
|
|
Amazon.com,
Inc., Sr. Unsecd. Note, 4.250%, 3/13/2031 |
5,923,082
|
|
|
|
TOTAL
|
7,871,532
|
|
|
|
Consumer
Non-Cyclical - Food/Beverage—0.6% |
|
|
3,910,000
|
|
Campbells
Co./The, Sr. Unsecd. Note, 4.550%, 3/21/2031 |
3,795,518
|
|
1,750,000
|
|
Constellation
Brands, Inc., Sr. Unsecd. Note, 4.800%, 1/15/2029 |
1,761,322
|
|
730,000
|
|
Constellation
Brands, Inc., Sr. Unsecd. Note, 4.800%, 5/1/2030 |
736,107
|
|
4,045,000
|
|
Tyson
Foods, Inc., Sr. Unsecd. Note, 5.400%, 3/15/2029 |
4,143,530
|
|
|
|
TOTAL
|
10,436,477
|
|
|
|
Consumer
Non-Cyclical - Health Care—1.1% |
|
|
5,000,000
|
|
Augusta
SpinCo Corp., Sr. Unsecd. Note, 4.398%, 3/23/2029 |
4,984,894
|
|
1,665,000
|
|
CVS
Health Corp., Sr. Unsecd. Note, 5.000%, 1/30/2029 |
1,685,977
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Consumer
Non-Cyclical - Health Care—continued |
|
|
$ 685,000
|
|
GE
HealthCare Technologies, Inc., Sr. Unsecd. Note, 4.150%, 12/15/2028 |
$ 680,774
|
|
2,325,000
|
|
GE
HealthCare Technologies, Inc., Sr. Unsecd. Note, 4.800%, 8/14/2029 |
2,343,595
|
|
1,840,000
|
|
HCA,
Inc., Sr. Unsecd. Note, 5.200%, 6/1/2028 |
1,865,156
|
|
2,000,000
|
|
HCA,
Inc., Sr. Unsecd. Note, 5.450%, 4/1/2031 |
2,053,794
|
|
1,920,000
|
|
HCA,
Inc., Sr. Unsub., 5.250%, 3/1/2030 |
1,955,632
|
|
1,551,000
|
|
Solventum
Corp., Sr. Unsecd. Note, Series WI, 5.400%, 3/1/2029 |
1,586,203
|
|
2,905,000
|
|
Thermo
Fisher Scientific, Inc., Sr. Unsecd. Note, 4.215%, 2/12/2031 |
2,870,708
|
|
|
|
TOTAL
|
20,026,733
|
|
|
|
Consumer
Non-Cyclical - Pharmaceuticals—0.8% |
|
|
3,335,000
|
|
AbbVie,
Inc., Sr. Unsecd. Note, 4.125%, 3/15/2031 |
3,282,845
|
|
1,645,000
|
|
Amgen,
Inc., Sr. Unsecd. Note, 4.200%, 2/19/2031 |
1,623,082
|
|
1,710,000
|
|
Bayer
US Finance LLC, Sr. Unsecd. Note, 144A, 6.125%, 11/21/2026 |
1,723,155
|
|
3,635,000
|
|
Biogen,
Inc., Sr. Unsecd. Note, 5.050%, 1/15/2031 |
3,698,569
|
|
1,665,000
|
3
|
Bristol-Myers
Squibb Co., Sr. Unsecd. Note, 4.900%, 2/22/2029 |
1,698,582
|
|
3,455,000
|
|
Pfizer,
Inc., Sr. Unsecd. Note, 4.200%, 11/15/2030 |
3,428,512
|
|
|
|
TOTAL
|
15,454,745
|
|
|
|
Consumer
Non-Cyclical - Tobacco—0.6% |
|
|
2,500,000
|
|
BAT
International Finance PLC, Sr. Unsecd. Note, 5.931%, 2/2/2029 |
2,591,997
|
|
4,000,000
|
|
Philip
Morris International, Inc., Sr. Unsecd. Note, 4.000%, 10/29/2030 |
3,923,384
|
|
4,000,000
|
|
Philip
Morris International, Inc., Sr. Unsecd. Note, 4.875%, 2/15/2028 |
4,039,600
|
|
|
|
TOTAL
|
10,554,981
|
|
|
|
Energy
- Independent—0.1% |
|
|
1,750,000
|
|
Canadian
Natural Resources Ltd., Sr. Unsecd. Note, 5.000%, 12/15/2029 |
1,775,620
|
|
|
|
Energy
- Midstream—1.4% |
|
|
1,445,000
|
|
Boardwalk
Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029 |
1,450,352
|
|
3,180,000
|
|
Columbia
Pipeline Holding Co. LLC, Sr. Unsecd. Note, 144A, 6.042%, 8/15/2028 |
3,282,393
|
|
4,000,000
|
|
Enbridge,
Inc., Sr. Unsecd. Note, 5.250%, 4/5/2027 |
4,034,571
|
|
890,000
|
|
Enbridge,
Inc., Sr. Unsecd. Note, 5.900%, 11/15/2026 |
897,310
|
|
4,110,000
|
|
Energy
Transfer LP, Sr. Unsecd. Note, 5.200%, 4/1/2030 |
4,199,429
|
|
3,980,000
|
|
MPLX
LP, Sr. Unsecd. Note, 4.800%, 2/15/2031 |
3,987,593
|
|
2,500,000
|
|
ONEOK,
Inc., Sr. Unsecd. Note, 5.650%, 11/1/2028 |
2,565,279
|
|
4,000,000
|
|
Targa
Resources, Inc., Sr. Unsecd. Note, 4.350%, 4/15/2031 |
3,922,248
|
|
2,000,000
|
|
Targa
Resources, Inc., Sr. Unsecd. Note, 6.150%, 3/1/2029 |
2,083,559
|
|
|
|
TOTAL
|
26,422,734
|
|
|
|
Financial
Institution - Banking—13.1% |
|
|
4,570,000
|
|
Ally
Financial, Inc., Sr. Unsecd. Note, 6.848%, 1/3/2030 |
4,772,662
|
|
2,060,000
|
|
Ally
Financial, Inc., Sr. Unsecd. Note, 6.992%, 6/13/2029 |
2,142,761
|
|
5,215,000
|
|
American
Express Co., Sr. Unsecd. Note, 4.444%, 5/3/2030 |
5,205,727
|
|
2,180,000
|
3
|
American
Express Co., Sr. Unsecd. Note, 4.456%, 2/10/2032 |
2,157,824
|
|
770,000
|
|
Associated
Banc-Corp., Sr. Unsecd. Note, 6.455%, 8/29/2030 |
789,242
|
|
4,000,000
|
|
Aust
& NZ Banking Group, Sr. Unsecd. Note, Series A, 3.919%, 12/8/2028 |
3,975,450
|
|
2,000,000
|
1
|
Australia
& New Zealand Banking Group Ltd., Sr. Unsecd. Note, 144A, 4.502% (SOFR +0.850%), 12/16/2029 |
2,021,169
|
|
6,000,000
|
|
Bank
of America Corp., Sr. Unsecd. Note, 5.162%, 1/24/2031 |
6,112,970
|
|
2,600,000
|
|
Bank
of New York Mellon Corp., Sr. Unsecd. Note, 4.540%, 4/23/2032 |
2,590,620
|
|
2,325,000
|
|
Bank
of New York Mellon Corp., Sr. Unsecd. Note, 4.975%, 3/14/2030 |
2,359,785
|
|
5,000,000
|
1
|
Bank
of New Zealand, Sr. Unsecd. Note, 144A, 4.457% (SOFR +0.810%), 1/27/2027 |
5,013,946
|
|
8,000,000
|
|
Bank
of Nova Scotia, Sr. Unsecd. Note, 4.247%, 2/2/2030 |
7,936,123
|
|
4,000,000
|
|
BNP
Paribas S.A., Sr. 2nd Priority Note, 144A, 4.792%, 5/9/2029 |
4,012,290
|
|
2,590,000
|
|
Canadian
Imperial Bank of Commerce, Sr. Unsecd. Note, 4.283%, 1/29/2030 |
2,571,799
|
|
4,000,000
|
|
Canadian
Imperial Bank of Commerce, Sr. Unsecd. Note, 4.862%, 1/13/2028 |
4,012,354
|
|
2,135,000
|
|
Capital
One Financial Co., Sr. Unsecd. Note, 4.722%, 1/30/2032 |
2,110,108
|
|
4,000,000
|
|
Capital
One Financial Co., Sr. Unsecd. Note, 5.468%, 2/1/2029 |
4,063,566
|
|
4,000,000
|
1
|
Citibank,
N.A., Sr. Unsecd. Note, 4.374% (SOFR +0.712%), 11/19/2027 |
4,003,504
|
|
6,000,000
|
|
Citibank,
N.A., Sr. Unsecd. Note, Series BKNT, 5.488%, 12/4/2026 |
6,045,251
|
|
2,165,000
|
|
Citizens
Bank, N.A., Sr. Unsecd. Note, 4.192%, 1/29/2029 |
2,150,448
|
|
2,260,000
|
|
Citizens
Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030 |
2,326,094
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Financial
Institution - Banking—continued |
|
|
$ 3,675,000
|
|
Comerica,
Inc., Sr. Unsecd. Note, 5.982%, 1/30/2030 |
$ 3,790,613
|
|
5,000,000
|
|
Commonwealth
Bank of Australia, Sr. Unsecd. Note, 4.150%, 10/1/2030 |
4,958,643
|
|
5,000,000
|
|
Credit
Agricole S.A., 144A, 5.230%, 1/9/2029 |
5,051,793
|
|
3,470,000
|
|
Credit
Suisse Group AG, Sr. Unsecd. Note, 144A, 4.214%, 4/10/2030 |
3,428,074
|
|
4,000,000
|
|
Deutsche
Bank AG New York, Sr. Unsecd. Note, 4.950%, 8/4/2031 |
3,988,214
|
|
2,940,000
|
|
Fifth
Third Bancorp, Sr. Unsecd. Note, 4.566%, 4/29/2032 |
2,896,340
|
|
4,430,000
|
|
Fifth
Third Bancorp, Sr. Unsecd. Note, 6.339%, 7/27/2029 |
4,588,628
|
|
5,215,000
|
|
FNB
Corp. (PA), 5.722%, 12/11/2030 |
5,273,279
|
|
4,000,000
|
|
Goldman
Sachs Group, Inc., Sr. Unsecd. Note, 4.369%, 10/21/2031 |
3,924,956
|
|
4,090,000
|
1
|
Goldman
Sachs Group, Inc., Sr. Unsecd. Note, 4.568% (SOFR +0.920%), 10/21/2027 |
4,097,627
|
|
3,750,000
|
1
|
Goldman
Sachs Group, Inc., Sr. Unsecd. Note, 4.780% (SOFR +1.120%), 2/24/2028 |
3,765,092
|
|
3,145,000
|
|
Goldman
Sachs Group, Inc., Sr. Unsecd. Note, 5.727%, 4/25/2030 |
3,239,543
|
|
6,000,000
|
|
Huntington
Bancshares, Inc., Sr. Unsecd. Note, 4.623%, 1/28/2032 |
5,932,247
|
|
3,000,000
|
|
Huntington
Bancshares, Inc., Sr. Unsecd. Note, 5.272%, 1/15/2031 |
3,050,429
|
|
2,000,000
|
|
Huntington
National Bank, Sr. Unsecd. Note, 4.871%, 4/12/2028 |
2,007,274
|
|
2,500,000
|
1
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 4.415% (SOFR +0.765%), 9/22/2027 |
2,502,774
|
|
5,000,000
|
|
JPMorgan
Chase & Co., Sr. Unsecd. Note, 5.040%, 1/23/2028 |
5,023,590
|
|
3,820,000
|
|
M&T
Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029 |
4,072,039
|
|
1,645,000
|
|
Manufacturers
& Traders Trust Co., Sr. Unsecd. Note, 4.548%, 4/18/2030 |
1,640,933
|
|
5,000,000
|
1
|
Morgan
Stanley Bank, N.A., Sr. Unsecd. Note, 4.335% (SOFR +0.685%), 10/15/2027 |
5,004,093
|
|
2,855,000
|
|
Morgan
Stanley, Sr. Unsecd. Note, 5.173%, 1/16/2030 |
2,893,473
|
|
5,995,000
|
|
Morgan
Stanley, Sr. Unsecd. Note, Series MTN, 5.652%, 4/13/2028 |
6,062,841
|
|
3,000,000
|
|
National
Bank of Canada, Sr. Unsecd. Note, 4.500%, 10/10/2029 |
2,999,539
|
|
6,000,000
|
1
|
NatWest
Markets plc, Sr. Unsecd. Note, 144A, 4.411% (SOFR +0.760%), 9/29/2026 |
6,013,550
|
|
2,075,000
|
|
PNC
Financial Services Group, Inc., Sr. Unsecd. Note, 4.075%, 1/26/2029 |
2,064,582
|
|
1,090,000
|
|
PNC
Financial Services Group, Inc., Sr. Unsecd. Note, 5.300%, 1/21/2028 |
1,097,078
|
|
2,000,000
|
|
PNC
Financial Services Group, Inc., Sr. Unsecd. Note, 5.492%, 5/14/2030 |
2,056,151
|
|
1,605,000
|
|
PNC
Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 |
1,643,917
|
|
3,305,000
|
|
Regions
Financial Corp., Sr. Unsecd. Note, 5.722%, 6/6/2030 |
3,396,665
|
|
4,000,000
|
|
Royal
Bank of Canada, Sr. Unsecd. Note, 4.305%, 11/3/2031 |
3,935,844
|
|
3,990,000
|
|
Royal
Bank of Canada, Sr. Unsecd. Note, Series GMTN, 4.965%, 1/24/2029 |
4,025,503
|
|
2,330,000
|
|
Societe
Generale S.A., Sr. Non Preferred, 144A, 4.450%, 4/12/2030 |
2,308,197
|
|
4,000,000
|
|
Standard
Chartered PLC, Sr. Unsecd. Note, 144A, 5.244%, 5/13/2031 |
4,060,727
|
|
3,610,000
|
|
State
Street Corp., Sr. Unsecd. Note, 4.558%, 4/23/2032 |
3,593,425
|
|
4,000,000
|
|
Synovus
Bank GA, Sr. Unsecd. Note, 5.625%, 2/15/2028 |
4,030,498
|
|
1,295,000
|
|
Synovus
Financial Corp., Sr. Unsecd. Note, 6.168%, 11/1/2030 |
1,329,079
|
|
4,000,000
|
1
|
Toronto
Dominion Bank, Sr. Unsecd. Note, 4.682% (SOFR +1.030%), 12/17/2029 |
4,020,489
|
|
1,180,000
|
|
Truist
Financial Corp., Sr. Unsecd. Note, Series MTN, 4.873%, 1/26/2029 |
1,188,743
|
|
3,000,000
|
|
Truist
Financial Corp., Sr. Unsecd. Note, Series MTN, 5.071%, 5/20/2031 |
3,038,136
|
|
2,000,000
|
|
Truist
Financial Corp., Sr. Unsecd. Note, Series MTN, 5.435%, 1/24/2030 |
2,046,881
|
|
4,000,000
|
|
Truist
Financial Corp., Sr. Unsecd. Note, Series MTN, 6.047%, 6/8/2027 |
4,006,192
|
|
2,000,000
|
|
Truist
Financial Corp., Sr. Unsecd. Note, Series MTN, 7.161%, 10/30/2029 |
2,122,176
|
|
6,000,000
|
|
U.S.
Bancorp, Sr. Unsecd. Note, 5.775%, 6/12/2029 |
6,158,160
|
|
4,000,000
|
|
U.S.
Bancorp, Sr. Unsecd. Note, 4.481%, 1/26/2032 |
3,954,708
|
|
3,635,000
|
|
Wells
Fargo & Co., Sr. Unsecd. Note, 5.198%, 1/23/2030 |
3,697,041
|
|
4,000,000
|
|
Wells
Fargo & Co., Sr. Unsecd. Note, 5.707%, 4/22/2028 |
4,048,354
|
|
1,665,000
|
|
Westpac
New Zealand Ltd., Sr. Unsecd. Note, 144A, 4.127%, 1/29/2029 |
1,653,368
|
|
|
|
TOTAL
|
242,055,191
|
|
|
|
Financial
Institution - Finance Companies—1.1% |
|
|
7,077,000
|
|
AerCap
Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 6.450%, 4/15/2027 |
7,208,503
|
|
4,000,000
|
|
Air
Lease Corp., Sr. Unsecd. Note, 5.100%, 3/1/2029 |
4,038,912
|
|
4,130,000
|
|
Aircastle
Ltd., Sr. Secd. Note, 144A, 5.000%, 9/15/2030 |
4,128,791
|
|
4,010,000
|
|
Takeoff
Merger Sub., Inc., Sr. Unsecd. Note, 144A, 4.400%, 3/24/2028 |
3,989,813
|
|
|
|
TOTAL
|
19,366,019
|
|
|
|
Financial
Institution - Insurance - Life—2.5% |
|
|
5,000,000
|
|
CoreBridge
Global Funding, Sec. Fac. Bond, 144A, 5.200%, 1/12/2029 |
5,076,179
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Financial
Institution - Insurance - Life—continued |
|
|
$ 2,400,000
|
|
CoreBridge
Global Funding, Sr. Secd. Note, 144A, 4.550%, 1/9/2031 |
$ 2,371,816
|
|
1,695,000
|
|
Lincoln
Financial Global Funding, Sec. Fac. Bond, 144A, 5.300%, 1/13/2030 |
1,719,904
|
|
1,225,000
|
|
Lincoln
Financial Global Funding, Sr. Secd. Note, 144A, 4.200%, 1/12/2029 |
1,212,003
|
|
1,665,000
|
|
Lincoln
Financial Global Funding, Sr. Secd. Note, 144A, 4.625%, 8/18/2030 |
1,654,234
|
|
4,000,000
|
|
MassMutual
Global Funding II, Sr. Unsecd. Note, 144A, 4.850%, 1/17/2029 |
4,049,398
|
|
1,640,000
|
|
Met
Tower Global Funding, Secured Note, 144A, 4.000%, 1/14/2029 |
1,622,115
|
|
4,000,000
|
|
Metropolitan
Life Global Funding I, Sr. Secd. Note, 144A, 4.850%, 1/8/2029 |
4,046,380
|
|
4,000,000
|
|
New
York Life Global Funding, Secured Note, 144A, 4.050%, 2/2/2029 |
3,972,933
|
|
5,000,000
|
|
Northwestern
Mutual Global, Secured Note, 144A, 4.300%, 1/13/2031 |
4,944,688
|
|
4,000,000
|
|
Pacific
Life Global Funding II, Sec. Fac. Bond, 144A, 4.900%, 4/4/2028 |
4,042,690
|
|
4,000,000
|
|
PRICOA
Global Funding I, Secured Note, 144A, 4.350%, 11/25/2030 |
3,961,542
|
|
2,855,000
|
|
PRICOA
Global Funding I, Sr. Secd. Note, 144A, 5.550%, 8/28/2026 |
2,866,726
|
|
5,000,000
|
|
Principal
Life Global Funding II, Sr. Secd. Note, 144A, 4.450%, 1/13/2031 |
4,940,397
|
|
|
|
TOTAL
|
46,481,005
|
|
|
|
Financial
Institution - Insurance - P&C—0.3% |
|
|
4,000,000
|
|
Aon
North America, Inc., Sr. Unsecd. Note, 5.150%, 3/1/2029 |
4,073,005
|
|
1,000,000
|
1
|
HSB
Group, Inc., Co. Guarantee, Series B, 4.844% (CME Term SOFR 3 Month +1.171%), 7/15/2027 |
983,878
|
|
1,175,000
|
1
|
Marsh
& McLennan Cos., Inc., Sr. Unsecd. Note, 4.365% (SOFR +0.700%), 11/8/2027 |
1,176,302
|
|
|
|
TOTAL
|
6,233,185
|
|
|
|
Financial
Institution - REIT - Other—0.1% |
|
|
1,535,000
|
|
Host
Hotels & Resorts LP, Sr. Unsecd. Note, 4.250%, 12/15/2028 |
1,520,391
|
|
|
|
Technology—3.6%
|
|
|
2,985,000
|
|
Alphabet,
Inc., Sr. Unsecd. Note, 4.100%, 11/15/2030 |
2,960,406
|
|
2,480,000
|
|
Alphabet,
Inc., Sr. Unsecd. Note, 4.100%, 2/15/2031 |
2,451,544
|
|
2,000,000
|
|
Broadcom,
Inc., Sr. Unsecd. Note, 4.200%, 10/15/2030 |
1,975,720
|
|
1,511,000
|
|
Broadcom,
Inc., Sr. Unsecd. Note, 5.050%, 7/12/2027 |
1,527,950
|
|
2,000,000
|
|
Broadcom,
Inc., Sr. Unsecd. Note, 5.150%, 11/15/2031 |
2,048,038
|
|
1,534,000
|
|
Concentrix
Corp., Sr. Unsecd. Note, 6.650%, 8/2/2026 |
1,539,558
|
|
4,000,000
|
|
Dell
International LLC / EMC Corp., Sr. Unsecd. Note, 4.500%, 2/15/2031 |
3,960,788
|
|
2,455,000
|
|
Fidelity
National Information Services, Inc., Sr. Unsecd. Note, 4.550%, 3/10/2029 |
2,446,074
|
|
4,000,000
|
|
Fiserv,
Inc., Sr. Unsecd. Note, 4.750%, 3/15/2030 |
3,968,063
|
|
1,830,000
|
|
Global
Payments, Inc., Sr. Unsecd. Note, 4.550%, 3/15/2028 |
1,822,315
|
|
6,000,000
|
|
Global
Payments, Inc., Sr. Unsecd. Note, 4.875%, 11/15/2030 |
5,899,438
|
|
2,050,000
|
|
Intel
Corp., Sr. Unsecd. Note, 4.650%, 6/1/2031 |
2,042,580
|
|
1,945,000
|
|
Microchip
Technology, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2029 |
1,970,669
|
|
1,835,000
|
|
Microchip
Technology, Inc., Sr. Unsecd. Note, 5.050%, 2/15/2030 |
1,854,685
|
|
5,175,000
|
|
Oracle
Corp., Sr. Unsecd. Note, 4.200%, 9/27/2029 |
5,031,652
|
|
1,875,000
|
|
Oracle
Corp., Sr. Unsecd. Note, 4.450%, 9/26/2030 |
1,808,891
|
|
4,000,000
|
|
Oracle
Corp., Sr. Unsecd. Note, 4.950%, 2/4/2031 |
3,913,742
|
|
1,585,000
|
|
Roper
Technologies, Inc., Sr. Unsecd. Note, 4.450%, 9/15/2030 |
1,561,872
|
|
1,165,000
|
|
Roper
Technologies, Inc., Sr. Unsecd. Note, 4.500%, 10/15/2029 |
1,159,445
|
|
3,000,000
|
|
S&P
Global, Inc., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2031 |
2,962,328
|
|
7,000,000
|
|
Salesforce,
Inc., Sr. Unsecd. Note, 4.650%, 3/15/2029 |
7,014,833
|
|
4,615,000
|
|
Synopsys,
Inc., Sr. Unsecd. Note, 4.850%, 4/1/2030 |
4,655,615
|
|
1,000,000
|
|
Tyco
Electronics Group S.A., Sr. Unsecd. Note, 4.500%, 2/9/2031 |
996,521
|
|
|
|
TOTAL
|
65,572,727
|
|
|
|
Transportation
- Services—0.9% |
|
|
6,000,000
|
|
GXO
Logistics, Inc., Sr. Unsecd. Note, 6.250%, 5/6/2029 |
6,230,042
|
|
2,360,000
|
|
Penske
Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 4.550%, 1/15/2031 |
2,335,970
|
|
3,340,000
|
|
Penske
Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.700%, 2/1/2028 |
3,394,689
|
|
5,000,000
|
|
Ryder
System, Inc., Sr. Unsecd. Note, 6.300%, 12/1/2028 |
5,223,294
|
|
|
|
TOTAL
|
17,183,995
|
|
|
|
Utility
- Electric—2.1% |
|
|
6,000,000
|
|
Black
Hills Corp., Sr. Unsecd. Note, 5.950%, 3/15/2028 |
6,148,857
|
|
4,000,000
|
|
Constellation
Energy Generation LLC, Sr. Unsecd. Note, 5.600%, 3/1/2028 |
4,081,976
|
|
710,710
|
|
Consumers
2023 Securitization Funding LLC, Sec. Fac. Bond, Series A1, 5.550%, 3/1/2028 |
715,821
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
CORPORATE
BONDS—continued |
|
|
|
|
Utility
- Electric—continued |
|
|
$ 1,345,000
|
|
Electricite
de France S.A., Sr. Unsecd. Note, 144A, 5.700%, 5/23/2028 |
$ 1,375,386
|
|
5,000,000
|
|
Enel
Finance International NV, Sr. Unsecd. Note, 144A, 4.375%, 9/30/2030 |
4,919,621
|
|
2,725,000
|
|
EverSource
Energy, Sr. Unsecd. Note, 4.450%, 12/15/2030 |
2,685,956
|
|
4,110,000
|
|
National
Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, 4.050%, 2/9/2029 |
4,081,907
|
|
6,000,000
|
|
NextEra
Energy Capital Holdings, Inc., Sr. Unsecd. Note, 4.400%, 3/1/2031 |
5,957,672
|
|
3,925,000
|
|
NiSource,
Inc., Sr. Unsecd. Note, 5.250%, 3/30/2028 |
3,985,348
|
|
3,740,000
|
|
Public
Service Enterprises Group, Inc., Sr. Unsecd. Note, 4.900%, 3/15/2030 |
3,778,882
|
|
1,080,000
|
|
Southern
Power Co., Sr. Unsecd. Note, Series A, 4.250%, 10/1/2030 |
1,067,499
|
|
|
|
TOTAL
|
38,798,925
|
|
|
|
Utility
- Other—0.1% |
|
|
1,645,000
|
|
National
Grid-SP PLC, Sr. Unsecd. Note, 5.602%, 6/12/2028 |
1,681,262
|
|
|
|
TOTAL
CORPORATE BONDS
(IDENTIFIED
COST $671,719,613) |
675,084,100
|
|
|
|
U.S.
TREASURIES—4.9% |
|
|
|
|
U.S.
Treasury Notes—4.9% |
|
|
15,000,000
|
|
United
States Treasury Note, 3.375%, 9/15/2028 |
14,821,875
|
|
30,000,000
|
|
United
States Treasury Note, 3.500%, 9/30/2027 |
29,852,343
|
|
30,000,000
|
|
United
States Treasury Note, 4.250%, 11/30/2026 |
30,092,151
|
|
15,000,000
|
|
United
States Treasury Note, 4.250%, 2/28/2029 |
15,132,265
|
|
|
|
TOTAL
U.S. TREASURIES
(IDENTIFIED
COST $89,852,863) |
89,898,634
|
|
|
|
COMMERCIAL
MORTGAGE-BACKED SECURITIES—3.7% |
|
|
|
|
Commercial
Mortgage—3.2% |
|
|
8,000,000
|
1
|
BHMS
Mortgage Trust 2025-ATLS, Class B, 6.204% (CME Term SOFR 1 Month +2.550%), 8/15/2042 |
8,010,010
|
|
3,425,000
|
1
|
Boca
Commercial Mortgage Trust 2025-BOCA A, Class A, 5.254% (CME Term SOFR 1 Month +1.600%), 12/15/2042 |
3,431,418
|
|
8,000,000
|
1
|
BX
Trust 2026-CSMO, Class A, 5.054% (CME Term SOFR 1 Month +1.400%), 2/15/2042 |
8,009,997
|
|
4,200,000
|
|
CHI
Commercial Mortgage Trust 2025-SFT, Class B, 6.066%, 4/15/2042 |
4,251,023
|
|
1,000,000
|
1
|
Fontainebleau
Miami Beach Trust 2024-FBLU, Class B, 5.504% (CME Term SOFR 1 Month +1.850%), 12/15/2039 |
1,000,627
|
|
1,625,000
|
1
|
Fontainebleau
Miami Beach Trust 2024-FBLU, Class C, 5.804% (CME Term SOFR 1 Month +2.150%), 12/15/2039 |
1,627,033
|
|
4,700,000
|
1
|
FS
Trust 2026, Class A, 5.004% (CME Term SOFR 1 Month +1.350%), 2/15/2041 |
4,700,000
|
|
2,400,000
|
1
|
FS
Trust 2026, Class B, 5.204% (CME Term SOFR 1 Month +1.550%), 2/15/2041 |
2,399,247
|
|
3,000,000
|
1
|
JW
Commercial Mortgage Trust 2 2024-BERY, Class A, 5.247% (CME Term SOFR 1 Month +1.593%), 11/15/2039 |
3,005,623
|
|
1,600,000
|
1
|
JW
Commercial Mortgage Trust 2 2024-BERY, Class B, 5.596% (CME Term SOFR 1 Month +1.942%), 11/15/2039 |
1,603,000
|
|
1,050,000
|
1
|
JW
Commercial Mortgage Trust 2 2024-BERY, Class C, 5.896% (CME Term SOFR 1 Month +2.242%), 11/15/2039 |
1,052,625
|
|
8,000,000
|
1
|
JW
Commercial Mortgage Trust 2 2024-MRCO, Class C, 6.044% (CME Term SOFR 1 Month +2.390%), 6/15/2039 |
8,000,007
|
|
7,000,000
|
1
|
ORL
Trust 2024-GLKS, Class B, 5.546% (CME Term SOFR 1 Month +1.892%), 12/15/2039 |
7,010,945
|
|
1,125,000
|
1
|
TEXAS
2025-TWR, Class B, 5.247% (CME Term SOFR 1 Month +1.592%), 4/15/2042 |
1,119,536
|
|
600,000
|
1
|
TEXAS
2025-TWR, Class C, 5.796% (CME Term SOFR 1 Month +2.141%), 4/15/2042 |
595,845
|
|
4,000,000
|
1
|
TEXAS
Commercial Mortgage Trust 2025-TWR, Class A, 4.947% (CME Term SOFR 1 Month +1.293%), 4/15/2042 |
3,987,505
|
|
|
|
TOTAL
|
59,804,441
|
|
|
|
Federal
Home Loan Mortgage Corporation—0.5% |
|
|
7,487,311
|
|
FHLMC
REMIC, Series K105, Class A1, 1.536%, 9/25/2029 |
7,119,372
|
|
2,230,211
|
1
|
FHLMC
REMIC, Series KF95, Class AL, 4.026% (30-DAY AVERAGE SOFR +0.374%), 11/25/2030 |
2,222,325
|
|
|
|
TOTAL
|
9,341,697
|
|
|
|
TOTAL
COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED
COST $69,413,746) |
69,146,138
|
|
|
|
MORTGAGE-BACKED
SECURITIES—1.9% |
|
|
|
|
Federal
Home Loan Mortgage Corporation—1.3% |
|
|
10,144,617
|
|
FHLMC
Pool QI0122, 6.000%, 2/1/2054 |
10,388,240
|
|
7,889,407
|
|
FHLMC
Pool QI4114, 6.500%, 4/1/2054 |
8,193,476
|
|
5,671,535
|
|
FHLMC
Pool SD8433, 6.500%, 5/1/2054 |
5,886,225
|
|
|
|
TOTAL
|
24,467,941
|
|
|
|
Federal
National Mortgage Association—0.6% |
|
|
20,223
|
|
FNMA
Pool 728568, 6.500%, 10/1/2033 |
21,111
|
|
5,229,632
|
|
FNMA
Pool DA1519, 6.000%, 10/1/2053 |
5,346,282
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
|
MORTGAGE-BACKED
SECURITIES—continued
|
|
|
|
|
Federal
National Mortgage Association—continued |
|
|
$ 5,904,912
|
|
FNMA
Pool DA5003, 6.000%, 11/1/2053 |
$ 6,034,105
|
|
|
|
TOTAL
|
11,401,498
|
|
|
|
TOTAL
MORTGAGE-BACKED SECURITIES
(IDENTIFIED
COST $34,910,101) |
35,869,439
|
|
|
|
COLLATERALIZED
MORTGAGE OBLIGATIONS—0.5% |
|
|
|
|
Federal
Home Loan Mortgage Corporation—0.0% |
|
|
915
|
|
FHLMC
REMIC, Series 2091, Class PG, 6.000%, 11/15/2028 |
929
|
|
5,690
|
|
FHLMC
REMIC, Series 2647, Class A, 3.250%, 4/15/2032 |
5,591
|
|
178,498
|
1
|
FHLMC
REMIC, Series 3117, Class FE, 4.054% (30-DAY AVERAGE SOFR +0.414%), 2/15/2036 |
177,393
|
|
20,245
|
1
|
FHLMC
REMIC, Series 3152, Class WF, 4.214% (30-DAY AVERAGE SOFR +0.574%), 2/15/2034 |
20,204
|
|
63,868
|
1
|
FHLMC
REMIC, Series 3317, Class F, 4.154% (30-DAY AVERAGE SOFR +0.514%), 7/15/2036 |
63,641
|
|
29,694
|
1
|
FHLMC
REMIC, Series 3542, Class NF, 4.504% (30-DAY AVERAGE SOFR +0.864%), 7/15/2036 |
29,903
|
|
89,255
|
1
|
FHLMC
REMIC, Series 3556, Class FA, 4.664% (30-DAY AVERAGE SOFR +1.024%), 7/15/2037 |
90,354
|
|
68,221
|
|
FHLMC
REMIC, Series T-51, Class 1A, 6.500%, 9/25/2043 |
71,062
|
|
|
|
TOTAL
|
459,077
|
|
|
|
Federal
National Mortgage Association—0.3% |
|
|
5,115
|
|
FNMA
REMIC, Series 1997-81, Class PD, 6.350%, 12/18/2027 |
5,167
|
|
9,368
|
1
|
FNMA
REMIC, Series 2002-52, Class FG, 4.259% (30-DAY AVERAGE SOFR +0.614%), 9/25/2032 |
9,386
|
|
241
|
|
FNMA
REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 |
240
|
|
38,449
|
1
|
FNMA
REMIC, Series 2006-44, Class FK, 4.189% (30-DAY AVERAGE SOFR +0.544%), 6/25/2036 |
38,373
|
|
265,875
|
1
|
FNMA
REMIC, Series 2007-97, Class FE, 4.209% (30-DAY AVERAGE SOFR +0.564%), 7/25/2037 |
265,122
|
|
31,991
|
1
|
FNMA
REMIC, Series 2008-69, Class FB, 4.759% (30-DAY AVERAGE SOFR +1.114%), 6/25/2037 |
32,450
|
|
4,632
|
1
|
FNMA
REMIC, Series 2009-63, Class FB, 4.259% (30-DAY AVERAGE SOFR +0.614%), 8/25/2039 |
4,646
|
|
73,979
|
1
|
FNMA
REMIC, Series 2009-69, Class F, 4.609% (30-DAY AVERAGE SOFR +0.964%), 4/25/2037 |
74,742
|
|
103,978
|
1
|
FNMA
REMIC, Series 2010-74, Class AF, 4.299% (30-DAY AVERAGE SOFR +0.654%), 7/25/2037 |
103,919
|
|
51,670
|
1
|
FNMA
REMIC, Series 2011-17, Class FP, 4.209% (30-DAY AVERAGE SOFR +0.564%), 3/25/2041 |
51,652
|
|
590,971
|
1
|
FNMA
REMIC, Series 2012-1, Class PF, 4.159% (30-DAY AVERAGE SOFR +0.514%), 2/25/2042 |
585,077
|
|
484,890
|
1
|
FNMA
REMIC, Series 2017-24, Class FB, 4.109% (30-DAY AVERAGE SOFR +0.464%), 4/25/2047 |
477,718
|
|
2,763,109
|
1
|
FNMA
REMIC, Series 2020-68, Class FB, 4.059% (30-DAY AVERAGE SOFR +0.414%), 10/25/2060 |
2,654,941
|
|
|
|
TOTAL
|
4,303,433
|
|
|
1
|
Government
National Mortgage Association—0.0% |
|
|
207,057
|
|
GNMA
REMIC, Series 2013-H16, Class FA, 4.318% (CME Term SOFR 1 Month +0.654%), 7/20/2063 |
207,137
|
|
100,098
|
|
GNMA
REMIC, Series 2013-H17, Class FA, 4.328% (CME Term SOFR 1 Month +0.664%), 7/20/2063 |
100,160
|
|
|
|
TOTAL
|
307,297
|
|
|
|
Non-Agency
Mortgage—0.2% |
|
|
1,710
|
|
Banc
of America Mortgage Securities 2003-B, Class 2A2, 5.517%, 3/25/2033 |
1,618
|
|
2,243,784
|
|
Chase
Mortgage Finance Corp. 2023-1, Class A4, 6.000%, 6/25/2054 |
2,253,826
|
|
2,064
|
|
Countrywide
Alternative Loan Trust 2003-J3, Class 2A1, 6.250%, 12/25/2033 |
2,064
|
|
50,328
|
|
Residential
Accredit Loans, Inc. 2004-QA4, Class NB1, 5.562%, 9/25/2034 |
40,628
|
|
411,276
|
|
Sequoia
Mortgage Trust 2012-6, Class A2, 1.808%, 12/25/2042 |
358,812
|
|
297,487
|
|
Sequoia
Mortgage Trust 2013-2, Class A, 1.874%, 2/25/2043 |
254,024
|
|
130,720
|
1
|
Washington
Mutual 2006-AR15, Class 1A, 4.349% (Fed Reserve 12Mo Cumulative Avg 1 Yr CMT +0.840%), 11/25/2046 |
120,663
|
|
144,674
|
1
|
Washington
Mutual 2006-AR17, Class 1A, 3.808% (Fed Reserve 12Mo Cumulative Avg 1 Yr CMT +0.820%), 12/25/2046 |
122,474
|
|
|
|
TOTAL
|
3,154,109
|
|
|
|
TOTAL
COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED
COST $8,453,408) |
8,223,916
|
|
|
|
AGENCY
RISK TRANSFER SECURITY—0.2% |
|
|
4,000,000
|
1
|
FNMA
CAS 2023-R08, Series 2023-R08, Class 1M2, 6.145% (30-DAY AVERAGE SOFR +2.500%), 10/25/2043
(IDENTIFIED
COST $4,000,000) |
4,069,935
|
|
|
1
|
ADJUSTABLE
RATE MORTGAGES—0.0% |
|
|
|
|
Federal
Home Loan Mortgage Corporation—0.0% |
|
|
731
|
|
FHLMC
ARM, 5.348%, 11/1/2030 |
718
|
|
85,031
|
|
FHLMC
ARM, 5.744%, 3/1/2033 |
86,899
|
|
|
|
TOTAL
|
87,617
|
|
|
|
Federal
National Mortgage Association—0.0% |
|
|
70,264
|
|
FNMA
ARM, 4.034%, 8/1/2033 |
69,274
|
|
21,201
|
|
FNMA
ARM, 4.579%, 5/1/2034 |
21,053
|
|
Principal
Amount
or
Shares |
|
|
Value
|
|
|
1
|
ADJUSTABLE
RATE MORTGAGES—continued
|
|
|
|
|
Federal
National Mortgage Association—continued |
|
|
$ 19,845
|
|
FNMA
ARM, 4.639%, 4/1/2028 |
$ 19,773
|
|
19,356
|
|
FNMA
ARM, 5.258%, 5/1/2040 |
19,408
|
|
|
|
TOTAL
|
129,508
|
|
|
|
TOTAL
ADJUSTABLE RATE MORTGAGES
(IDENTIFIED
COST $218,013) |
217,125
|
|
|
|
INVESTMENT
COMPANIES—10.9% |
|
|
8,350,003
|
|
Bank
Loan Core Fund |
70,223,525
|
|
1,951,094
|
|
Emerging
Markets Core Fund |
17,657,398
|
|
68,457,537
|
|
Federated
Hermes Government Obligations Fund, Premier Shares, 3.58%4
|
68,457,537
|
|
5,083,992
|
|
Project
and Trade Finance Core Fund |
45,450,889
|
|
|
|
TOTAL
INVESTMENT COMPANIES
(IDENTIFIED
COST $203,343,993) |
201,789,349
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—100.3%
(IDENTIFIED
COST $1,853,410,075)5
|
1,856,667,040
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—(0.3)%6
|
(6,431,343)
|
|
|
|
NET
ASSETS—100% |
$1,850,235,697
|
|
Affiliates
|
Value
as of
4/30/2025
|
Purchases
at
Cost |
Proceeds
from
Sales |
Change
in
Unrealized
Appreciation/
Depreciation
|
Net
Realized
Gain/
(Loss)
|
Value
as of
4/30/2026
|
Shares
Held
as of
4/30/2026
|
Dividend
Income
|
|
Bank
Loan Core Fund |
$25,989,306
|
$45,386,103
|
$—
|
$(1,151,884)
|
$—
|
$70,223,525
|
8,350,003
|
$3,136,102
|
|
Emerging
Markets Core Fund |
$—
|
$17,808,981
|
$—
|
$(151,583)
|
$—
|
$17,657,398
|
1,951,094
|
$308,981
|
|
Federated
Hermes Government Obligations
Fund,
Premier Shares* |
$26,741,456
|
$671,563,276
|
$(629,847,195)
|
$—
|
$—
|
$68,457,537
|
68,457,537
|
$2,845,909
|
|
Project
and Trade Finance Core Fund |
$13,289,038
|
$32,011,615
|
$—
|
$150,236
|
$—
|
$45,450,889
|
5,083,992
|
$1,761,616
|
|
TOTAL
OF AFFILIATED TRANSACTIONS |
$66,019,800
|
$766,769,975
|
$(629,847,195)
|
$(1,153,231)
|
$—
|
$201,789,349
|
83,842,626
|
$8,052,608
|
|
*
|
All
or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.
|
|
1
|
Floating/adjustable
note with current rate and current maturity or next reset date shown. Adjustable rate mortgage security coupons are based on the weighted
average
note rates of the underlying mortgages less the guarantee and servicing fees and do not indicate an index and spread in their description
above. |
|
2
|
Market
quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures
established
by
and under the general supervision of the Fund’s Adviser acting through its Valuation Committee. |
|
3
|
All
or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. |
|
4
|
7-day
net yield. |
|
5
|
The
cost of investments for federal tax purposes amounts to $1,853,805,234. |
|
6
|
Assets,
other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of April 30, 2026, 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: |
|
|
|
|
|
Asset-Backed
Securities |
$—
|
$772,368,404
|
$0
|
$772,368,404
|
|
Corporate
Bonds |
—
|
675,084,100
|
—
|
675,084,100
|
|
U.S.
Treasuries |
—
|
89,898,634
|
—
|
89,898,634
|
|
Commercial
Mortgage-Backed Securities |
—
|
69,146,138
|
—
|
69,146,138
|
|
Mortgage-Backed
Securities |
—
|
35,869,439
|
—
|
35,869,439
|
|
Collateralized
Mortgage Obligations |
—
|
8,223,916
|
—
|
8,223,916
|
|
Agency
Risk Transfer Security |
—
|
4,069,935
|
—
|
4,069,935
|
|
Adjustable
Rate Mortgages |
—
|
217,125
|
—
|
217,125
|
|
Investment
Companies |
156,338,460
|
—
|
—
|
156,338,460
|
|
Other
Investments1
|
—
|
—
|
—
|
45,450,889
|
|
TOTAL
SECURITIES |
$156,338,460
|
$1,654,877,691
|
$0
|
$1,856,667,040
|
|
1
|
As
permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $45,450,889 is measured at fair value
using the net
asset
value (NAV) per share practical expedient and has not been categorized in the fair value hierarchy chart above but is included in the
Total column. The price
of
shares redeemed of Project and Trade Finance Core Fund (PTCORE), a portfolio of Federated Hermes Core Trust III, may be determined as
of the closing NAV
of
the fund up to twenty-four days after receipt of a shareholder redemption request. The investment objective of PTCORE is to provide total
return. Copies of
the
PTCORE financial statements are available on the EDGAR database on the SEC’s website or upon request from the Fund.
|
|
The
following acronym(s) are used throughout this portfolio: |
| |
|
ARM
|
—Adjustable
Rate Mortgage | |
|
BKNT
|
—Bank
Notes | |
|
CAS
|
—Connecticut
Avenue Securities | |
|
CMT
|
—Constant
Maturity Treasury | |
|
FHLMC
|
—Federal
Home Loan Mortgage Corporation | |
|
FNMA
|
—Federal
National Mortgage Association | |
|
GMTN
|
—Global
Medium Term Note | |
|
GNMA
|
—Government
National Mortgage Association | |
|
MTN
|
—Medium
Term Note | |
|
REIT
|
—Real
Estate Investment Trust | |
|
REMIC
|
—Real
Estate Mortgage Investment Conduit | |
|
SOFR
|
—Secured
Overnight Financing Rate | |
|
|
Year Ended April 30,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$8.54
|
$8.34
|
$8.28
|
$8.36
|
$8.70
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income (loss)1
|
0.39
|
0.38
|
0.26
|
0.13
|
0.08
|
|
Net
realized and unrealized gain (loss) |
(0.03)
|
0.20
|
0.06
|
(0.06)
|
(0.33)
|
|
Total
From Investment Operations |
0.36
|
0.58
|
0.32
|
0.07
|
(0.25)
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.39)
|
(0.38)
|
(0.26)
|
(0.13)
|
(0.08)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.02)
|
(0.01)
|
|
Total
Distributions |
(0.39)
|
(0.38)
|
(0.26)
|
(0.15)
|
(0.09)
|
|
Net
Asset Value, End of Period |
$8.51
|
$8.54
|
$8.34
|
$8.28
|
$8.36
|
|
Total
Return2
|
4.26%
|
7.12%
|
3.94%
|
0.86%
|
(2.94)%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses3
|
0.63%
|
0.64%
|
0.63%
|
0.63%
|
0.63%
|
|
Net
investment income |
4.52%
|
4.53%
|
3.10%
|
1.53%
|
0.91%
|
|
Expense
waiver/reimbursement4
|
0.07%
|
0.08%
|
0.08%
|
0.08%
|
0.07%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$366,867
|
$164,620
|
$148,824
|
$220,337
|
$453,924
|
|
Portfolio
turnover5
|
17%
|
32%
|
58%
|
27%
|
37%
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Based
on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable.
|
|
3
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
4
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
|
5
|
Securities
that mature are considered sales for purposes of this calculation. |
|
|
Year Ended April 30,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$8.53
|
$8.34
|
$8.28
|
$8.36
|
$8.70
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income (loss)1
|
0.41
|
0.41
|
0.29
|
0.15
|
0.10
|
|
Net
realized and unrealized gain (loss) |
(0.02)
|
0.19
|
0.05
|
(0.06)
|
(0.33)
|
|
Total
From Investment Operations |
0.39
|
0.60
|
0.34
|
0.09
|
(0.23)
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.41)
|
(0.41)
|
(0.28)
|
(0.15)
|
(0.10)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.02)
|
(0.01)
|
|
Total
Distributions |
(0.41)
|
(0.41)
|
(0.28)
|
(0.17)
|
(0.11)
|
|
Net
Asset Value, End of Period |
$8.51
|
$8.53
|
$8.34
|
$8.28
|
$8.36
|
|
Total
Return2
|
4.65%
|
7.27%
|
4.21%
|
1.12%
|
(2.70)%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses3
|
0.37%
|
0.37%
|
0.37%
|
0.37%
|
0.37%
|
|
Net
investment income |
4.79%
|
4.79%
|
3.44%
|
1.82%
|
1.16%
|
|
Expense
waiver/reimbursement4
|
0.11%
|
0.12%
|
0.12%
|
0.11%
|
0.10%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$1,259,397
|
$1,031,157
|
$877,551
|
$795,779
|
$1,152,478
|
|
Portfolio
turnover5
|
17%
|
32%
|
58%
|
27%
|
37%
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Based
on net asset value. |
|
3
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
4
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
|
5
|
Securities
that mature are considered sales for purposes of this calculation. |
|
|
Year Ended April 30,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$8.53
|
$8.34
|
$8.27
|
$8.35
|
$8.69
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income (loss)1
|
0.39
|
0.38
|
0.26
|
0.13
|
0.08
|
|
Net
realized and unrealized gain (loss) |
(0.03)
|
0.19
|
0.07
|
(0.06)
|
(0.33)
|
|
Total
From Investment Operations |
0.36
|
0.57
|
0.33
|
0.07
|
(0.25)
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.39)
|
(0.38)
|
(0.26)
|
(0.13)
|
(0.08)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.02)
|
(0.01)
|
|
Total
Distributions |
(0.39)
|
(0.38)
|
(0.26)
|
(0.15)
|
(0.09)
|
|
Net
Asset Value, End of Period |
$8.50
|
$8.53
|
$8.34
|
$8.27
|
$8.35
|
|
Total
Return2
|
4.24%
|
6.97%
|
4.05%
|
0.83%
|
(2.97)%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses3
|
0.65%
|
0.65%
|
0.65%
|
0.65%
|
0.65%
|
|
Net
investment income |
4.51%
|
4.50%
|
3.08%
|
1.54%
|
0.88%
|
|
Expense
waiver/reimbursement4
|
0.07%
|
0.08%
|
0.09%
|
0.10%
|
0.08%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$79,344
|
$90,788
|
$99,190
|
$148,587
|
$208,121
|
|
Portfolio
turnover5
|
17%
|
32%
|
58%
|
27%
|
37%
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Based
on net asset value. |
|
3
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
4
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
|
5
|
Securities
that mature are considered sales for purposes of this calculation. |
|
|
Year Ended April 30,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$8.54
|
$8.35
|
$8.28
|
$8.36
|
$8.70
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income (loss)1
|
0.41
|
0.41
|
0.28
|
0.16
|
0.10
|
|
Net
realized and unrealized gain (loss) |
(0.02)
|
0.19
|
0.08
|
(0.06)
|
(0.33)
|
|
Total
From Investment Operations |
0.39
|
0.60
|
0.36
|
0.10
|
(0.23)
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.41)
|
(0.41)
|
(0.29)
|
(0.16)
|
(0.10)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.02)
|
(0.01)
|
|
Total
Distributions |
(0.41)
|
(0.41)
|
(0.29)
|
(0.18)
|
(0.11)
|
|
Net
Asset Value, End of Period |
$8.52
|
$8.54
|
$8.35
|
$8.28
|
$8.36
|
|
Total
Return2
|
4.69%
|
7.30%
|
4.36%
|
1.15%
|
(2.67)%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses3
|
0.34%
|
0.34%
|
0.34%
|
0.34%
|
0.34%
|
|
Net
investment income |
4.82%
|
4.82%
|
3.38%
|
1.88%
|
1.20%
|
|
Expense
waiver/reimbursement4
|
0.07%
|
0.08%
|
0.08%
|
0.08%
|
0.07%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$144,627
|
$109,359
|
$101,278
|
$163,359
|
$179,549
|
|
Portfolio
turnover5
|
17%
|
32%
|
58%
|
27%
|
37%
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Based
on net asset value. |
|
3
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
4
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
|
5
|
Securities
that mature are considered sales for purposes of this calculation. |
|
Assets:
|
|
|
Investment
in securities, at value including $1,678,521 of securities loaned and $201,789,349 of investments in affiliated holdings* (identified
cost
$1,853,410,075, including $203,343,993 of identified cost in affiliated holdings) |
$1,856,667,040
|
|
Cash
|
41,601
|
|
Income
receivable |
10,818,991
|
|
Income
receivable from affiliated holdings |
152,402
|
|
Receivable
for shares sold |
1,425,046
|
|
Total
Assets |
1,869,105,080
|
|
Liabilities:
|
|
|
Payable
for investments purchased |
11,419,911
|
|
Payable
for shares redeemed |
5,180,668
|
|
Payable
for collateral due to broker for securities lending (Note 2) |
1,715,380
|
|
Income
distribution payable |
154,808
|
|
Payable
for investment adviser fee (Note 5)
|
10,367
|
|
Payable
for administrative fee (Note 5)
|
3,904
|
|
Payable
for other service fees (Notes 2 and 5)
|
90,469
|
|
Accrued
expenses (Note 5)
|
293,876
|
|
Total
Liabilities |
18,869,383
|
|
Net
assets for 217,459,851 shares outstanding |
$1,850,235,697
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$1,905,027,426
|
|
Total
distributable earnings (loss) |
(54,791,729)
|
|
Net
Assets |
$1,850,235,697
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Class A
Shares: |
|
|
Net
asset value per share ($366,867,115 ÷ 43,115,302 shares outstanding), no par value, unlimited shares authorized |
$8.51
|
|
Offering
price per share (100/99.00 of $8.51) |
$8.60
|
|
Redemption
proceeds per share |
$8.51
|
|
Institutional
Shares: |
|
|
Net
asset value per share ($1,259,397,406 ÷ 148,026,242 shares outstanding), no par value, unlimited shares authorized |
$8.51
|
|
Offering
price per share |
$8.51
|
|
Redemption
proceeds per share |
$8.51
|
|
Service
Shares: |
|
|
Net
asset value per share ($79,343,716 ÷ 9,333,545 shares outstanding), no par value, unlimited shares authorized |
$8.50
|
|
Offering
price per share |
$8.50
|
|
Redemption
proceeds per share |
$8.50
|
|
Class R6
Shares: |
|
|
Net
asset value per share ($144,627,460 ÷ 16,984,762 shares outstanding), no par value, unlimited shares authorized |
$8.52
|
|
Offering
price per share |
$8.52
|
|
Redemption
proceeds per share |
$8.52
|
|
*
|
See
information listed after the Fund’s Portfolio of Investments. |
|
Investment
Income: |
|
|
Interest
|
$75,658,647
|
|
Dividends
(including $7,798,797 received from affiliated holdings* and net of foreign taxes withheld of $1,328) |
7,800,125
|
|
Net
income on securities loaned (includes $253,811 earned from affiliated holdings related to cash collateral balances*) (Note 2)
|
24,280
|
|
TOTAL
INCOME |
83,483,052
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
4,690,519
|
|
Administrative
fee (Note 5)
|
1,259,778
|
|
Custodian
fees |
60,584
|
|
Transfer
agent fees (Note 2) |
1,150,143
|
|
Directors’/Trustees’
fees (Note 5)
|
10,042
|
|
Auditing
fees |
35,538
|
|
Legal
fees |
11,843
|
|
Portfolio
accounting fees |
217,911
|
|
Other
service fees (Notes 2 and 5)
|
804,794
|
|
Share
registration costs |
179,855
|
|
Printing
and postage |
55,207
|
|
Miscellaneous
(Note 5)
|
32,678
|
|
TOTAL
EXPENSES |
8,508,892
|
|
Waiver
and Reimbursements: |
|
|
Waiver/reimbursement
of investment adviser fee (Note 5) |
(1,107,741)
|
|
Reimbursement
of other operating expenses (Notes 2 and 5) |
(517,724)
|
|
TOTAL
WAIVER AND REIMBURSEMENTS |
(1,625,465)
|
|
Net
expenses |
6,883,427
|
|
Net
investment income |
76,599,625
|
|
Realized
and Unrealized Gain (Loss) on Investments: |
|
|
Net
realized gain on investments |
398,045
|
|
Net
change in unrealized appreciation of investments (including net change in unrealized depreciation of $(1,153,231) on investments in
affiliated
holdings*) |
(7,374,352)
|
|
Net
realized and unrealized gain (loss) on investments |
(6,976,307)
|
|
Change
in net assets resulting from operations |
$69,623,318
|
|
*
|
See
information listed after the Fund’s Portfolio of Investments. |
|
Year
Ended April 30 |
2026
|
2025
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$76,599,625
|
$61,708,946
|
|
Net
realized gain (loss) |
398,045
|
315,507
|
|
Net
change in unrealized appreciation/depreciation |
(7,374,352)
|
27,879,816
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
69,623,318
|
89,904,269
|
|
Distributions
to Shareholders: |
|
|
|
Class
A Shares |
(10,905,965)
|
(7,046,743)
|
|
Institutional
Shares |
(55,841,174)
|
(45,397,940)
|
|
Service
Shares |
(3,794,426)
|
(4,351,750)
|
|
Class
R6 Shares |
(6,050,554)
|
(4,879,655)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(76,592,119)
|
(61,676,088)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
900,220,767
|
531,190,298
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
73,516,225
|
56,671,781
|
|
Cost
of shares redeemed |
(512,456,858)
|
(447,009,233)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
461,280,134
|
140,852,846
|
|
Change
in net assets |
454,311,333
|
169,081,027
|
|
Net Assets:
|
|
|
|
Beginning
of period |
1,395,924,364
|
1,226,843,337
|
|
End
of period |
$1,850,235,697
|
$1,395,924,364
|
|
|
Transfer
Agent
Fees
Incurred |
Transfer
Agent
Fees
Reimbursed |
|
Class
A Shares |
$111,847
|
$—
|
|
Institutional
Shares |
962,981
|
(517,724)
|
|
Service
Shares |
65,044
|
—
|
|
Class
R6 Shares |
10,271
|
—
|
|
TOTAL
|
$1,150,143
|
$(517,724)
|
|
|
Other
Service
Fees
Incurred |
|
Class
A Shares |
$603,050
|
|
Service
Shares |
201,744
|
|
TOTAL
|
$804,794
|
|
Fair
Value of
Securities
Loaned |
Collateral
Received
|
|
$1,678,521
|
$1,715,380
|
|
|
Year
Ended
4/30/2026
|
Year
Ended
4/30/2025
| ||
|
Class
A Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
33,775,242
|
$289,052,952
|
7,175,348
|
$61,034,996
|
|
Shares
issued to shareholders in payment of distributions declared |
1,273,061
|
10,882,806
|
825,619
|
7,013,491
|
|
Shares
redeemed |
(11,220,248)
|
(95,910,914)
|
(6,550,292)
|
(55,579,996)
|
|
NET
CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS |
23,828,055
|
$204,024,844
|
1,450,675
|
$12,468,491
|
|
|
Year
Ended
4/30/2026
|
Year
Ended
4/30/2025
| ||
|
Institutional
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
62,860,860
|
$537,797,135
|
48,955,973
|
$415,700,490
|
|
Shares
issued to shareholders in payment of distributions declared |
6,331,937
|
54,130,380
|
4,921,306
|
41,790,426
|
|
Shares
redeemed |
(41,993,005)
|
(359,261,481)
|
(38,237,422)
|
(324,328,544)
|
|
NET
CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
27,199,792
|
$232,666,034
|
15,639,857
|
$133,162,372
|
|
|
Year
Ended
4/30/2026
|
Year
Ended
4/30/2025
| ||
|
Service
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
969,152
|
$8,278,816
|
1,192,474
|
$10,124,473
|
|
Shares
issued to shareholders in payment of distributions declared |
353,953
|
3,023,881
|
419,566
|
3,560,003
|
|
Shares
redeemed |
(2,636,484)
|
(22,506,825)
|
(2,864,316)
|
(24,279,705)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
(1,313,379)
|
$(11,204,128)
|
(1,252,276)
|
$(10,595,229)
|
|
|
Year
Ended
4/30/2026
|
Year
Ended
4/30/2025
| ||
|
Class
R6 Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
7,612,807
|
$65,091,864
|
5,219,826
|
$44,330,339
|
|
Shares
issued to shareholders in payment of distributions declared |
640,462
|
5,479,158
|
506,860
|
4,307,861
|
|
Shares
redeemed |
(4,071,360)
|
(34,777,638)
|
(5,053,664)
|
(42,820,988)
|
|
NET
CHANGE RESULTING FROM CLASS R6 SHARE TRANSACTIONS |
4,181,909
|
$35,793,384
|
673,022
|
$5,817,212
|
|
NET
CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS |
53,896,377
|
$461,280,134
|
16,511,278
|
$140,852,846
|
|
|
2026
|
2025
|
|
Ordinary
income |
$76,592,119
|
$61,676,088
|
|
Undistributed
ordinary income |
$618,834
|
|
Net
unrealized appreciation |
$2,861,806
|
|
Capital
loss carryforwards |
$(58,272,369)
|
|
TOTAL
|
$(54,791,729)
|
|
Short-Term
|
Long-Term
|
Total
|
|
$12,974,483
|
$45,297,886
|
$58,272,369
|
|
Administrative
Fee |
Average
Daily Net Assets
of
the Investment Complex |
|
0.100%
|
on
assets up to $50 billion |
|
0.075%
|
on
assets over $50 billion |
|
|
Percentage
of Average Daily
Net
Assets of Class |
|
Class
A Shares |
0.05%
|
|
Purchases
|
$646,613,481
|
|
Sales
|
$256,315,824
|
June 23, 2026
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31420C787
CUSIP 31420C209
CUSIP 31420C563
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
Federated Hermes Intermediate Corporate Bond Fund: Not Applicable.
Federated Hermes Short-Term Income Fund: Not Applicable.
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Federated Hermes Intermediate Corporate Bond Fund: Not Applicable.
Federated Hermes Short-Term Income Fund: Not Applicable.
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Federated Hermes Intermediate Corporate Bond Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes Short-Term Income Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Federated Hermes Intermediate Corporate Bond Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes Short-Term Income Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not Applicable
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not Applicable
| Item 15. | Submission of Matters to a Vote of Security Holders. |
No Changes to Report
| Item 16. | Controls and Procedures. |
(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not Applicable
| Item 18. | Recovery of Erroneously Awarded Compensation |
(a) Not Applicable
(b) Not Applicable
| Item 19. | Exhibits |
(a)(1) Not Applicable.
(a)(2) Not Applicable.
(a)(3) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(4) Not Applicable.
(a)(5) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Federated Hermes Income Securities Trust
By:
/s/
Jeremy
D.
Boughton
Jeremy
D.
Boughton,
Principal
Financial
Officer
Date: June 23, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:
/s/
J.
Christopher
Donahue
J.
Christopher
Donahue,
Principal
Executive
Officer
Date: June 23, 2026
By:
/s/
Jeremy
D.
Boughton
Jeremy
D.
Boughton,
Principal
Financial
Officer
Date: June 23, 2026