| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 3,900 | 1,950 | 1,950 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALBANY INTERNATIONAL CORP | 4,792 | 4,616 |
| ALLISON TRANSMISSION HLDGS | 7,975 | 9,188 |
| ARTISAN PARTNERS ASSET | 10,273 | 12,547 |
| AXOS FINANCIAL INC | 5,674 | 8,845 |
| BANK OZK | 9,762 | 12,557 |
| C4 THERAPEUTICS INC | 1,289 | 1,006 |
| CTS CORPORATION | 1,675 | 1,706 |
| CACTUS INC | 7,185 | 7,582 |
| CAL MAINE FOODS INC | 5,941 | 7,059 |
| COHEN & STEERS INC | 7,045 | 7,876 |
| COMMERCIAL METALS CO | 6,803 | 6,805 |
| CROSS CTRY HEALTHCARE | 6,243 | 6,339 |
| DYNE THERAPEUTICS INC | 1,958 | 1,915 |
| ENSIGN GROUP INC | 10,487 | 14,251 |
| EURONET WORLDWIDE INC | 10,426 | 10,656 |
| FB FINANCIAL CORP | 6,973 | 7,173 |
| FIVE9 INC | 6,277 | 5,587 |
| FOX FACTORY HLDG | 9,120 | 6,681 |
| GRAND CANYON EDUCATION INC | 7,740 | 9,507 |
| GUIDEWIRE SOFTWARE | 4,761 | 7,524 |
| HAMILTON LANE INC | 5,976 | 9,529 |
| HANCOCK WHITNEY CORP | 5,850 | 5,734 |
| HEALTHEQUITY INC | 7,236 | 7,558 |
| HELIOS TECHNOLOGIES INC | 4,053 | 4,716 |
| ICF INTERNATIONAL INC | 8,439 | 8,582 |
| INNOSPEC INC | 10,815 | 13,803 |
| INTRA-CELLULAR THERAPIES INC | 2,858 | 5,372 |
| JANUS INTERNATIONAL GROUP INC | 4,486 | 5,324 |
| KADANT INC | 6,997 | 15,978 |
| LGI HOMES INC | 6,411 | 8,123 |
| LOVESAC CO | 673 | 894 |
| MAGNOLIA OIL & GAS CORP MANAGEMENT INC | 8,552 | 9,900 |
| MATADOR RES COMPANY | 8,499 | 9,154 |
| MEDPACE HLDGS INC | 4,314 | 7,663 |
| MISTER CAR WASH INC | 5,758 | 5,253 |
| MOELIS & CO | 7,866 | 10,047 |
| NEOGEN CORP | 3,420 | 4,545 |
| NURIX THERAPEUTICS INC | 2,332 | 1,992 |
| OLLIE'S BARGAIN OUTLET HOLDINGS | 6,170 | 7,513 |
| OPEN LENDING CORP | 10,342 | 5,378 |
| PATRICK INDUSTRIES INC | 2,371 | 3,111 |
| PINNACLE FINL PARTNERS | 8,048 | 12,647 |
| RUSH ENTERPRISES INC | 3,757 | 4,577 |
| SAIA INC | 3,454 | 7,888 |
| SALLY BEAUTY HLDGS INC | 6,853 | 7,370 |
| SCANSOURCE INC | 3,336 | 3,486 |
| SERVISFIRST BANCSHARES INC | 9,380 | 9,728 |
| SITIME CORP | 4,368 | 4,517 |
| SKYLINE CHAMPION CORP | 5,550 | 12,104 |
| UFP TECHNOLOGIES INC | 5,561 | 7,914 |
| UFP INDUSTRIES INC | 5,820 | 7,156 |
| VALVOLINE INC | 7,804 | 10,598 |
| VEECO INSTRUMENTS INC | 7,313 | 9,247 |
| VIKING THERAPEUTICS INC | 1,286 | 986 |
| VISHAY INTERTECHNOLOGY INC | 7,752 | 7,646 |
| WABASH NATL CORP | 3,346 | 3,664 |
| YETI HOLDINGS INC | 9,545 | 10,874 |
| AXIS CAP HLDGS LTD | 7,307 | 7,309 |
| FABRINET | 3,739 | 10,468 |
| SIGNET JEWELERS LTD | 3,595 | 5,363 |
| NOVA LTD | 7,443 | 9,755 |
| ABB LTD | 9,323 | 18,614 |
| AIA GROUP | 32,916 | 28,375 |
| ADVANTEST CORP SPON ADR | 12,346 | 13,542 |
| AIR LIQUIDE SA | 16,358 | 21,128 |
| AIRBUS SE UNSPONSORED | 19,068 | 26,442 |
| AKZO NOBEL NV | 20,241 | 18,734 |
| ALIBABA GROUP HOLDING LTD | 39,854 | 25,501 |
| AUTOHOME INC | 23,043 | 10,017 |
| BP PLC | 35,195 | 42,622 |
| BANDAI NAMCO HOLDINGS INC | 12,091 | 8,832 |
| BUREAU VERITAS | 21,669 | 20,817 |
| CAPGEMINI SE | 12,557 | 14,345 |
| CARLSBERG A/S | 16,809 | 13,628 |
| COMPAGNIE FINANCIERE RICHEMONT SA | 17,335 | 17,260 |
| COMPASS GROUP PLC | 22,764 | 29,901 |
| CONTINENTAL AG | 22,605 | 20,223 |
| COVESTRO AG | 12,656 | 15,072 |
| DBS GROUP HOLDINGS LTD | 12,036 | 13,373 |
| DAIKIN INDUSTRIES LTD | 21,849 | 18,864 |
| DISCO CORP | 5,301 | 16,326 |
| ENN ENERGY HOLDINGS LTD | 19,259 | 13,284 |
| ENGIE SA | 28,114 | 34,166 |
| EXPERIAN PLC | 11,250 | 11,266 |
| FANUC CORP ADR | 15,649 | 16,517 |
| GRUPO FINANCIERO BANORTE SAB DE CV | 13,789 | 27,532 |
| HSBC HLDGS PLC | 13,491 | 16,013 |
| HENKEL AG AND CO | 8,909 | 10,101 |
| HOYA CORP | 15,251 | 18,503 |
| IMCD N V ADR | 10,633 | 13,836 |
| ICICI BANK LTD | 13,077 | 27,845 |
| ING GROEP NV | 15,428 | 17,994 |
| ITAU UNIBANCO SA | 12,767 | 17,910 |
| KBC GROUP NV | 13,456 | 13,233 |
| LEGRAND SA | 17,771 | 16,819 |
| LI NING CO LTD | 18,692 | 8,364 |
| LONDON STK EXCHANGE GROUP | 10,079 | 11,379 |
| MERCK KGAA | 15,967 | 15,186 |
| MTU AERO | 8,996 | 9,706 |
| NITORI HOLDINGS COMPANY | 13,404 | 13,620 |
| NOMURA RESEARCH INST | 20,350 | 22,369 |
| NOVO-NORDISK AS ADR | 30,159 | 36,828 |
| PT BANK MANDIRI (PERSERO) TBK | 10,512 | 21,202 |
| PERNOD RICARD SA | 19,982 | 19,694 |
| PT TELKOM INDONESIA (PERSERO) TBK | 15,317 | 13,679 |
| RECRUIT HLDGS COMPANY | 10,005 | 13,162 |
| RELX PLC | 23,288 | 36,884 |
| RENESAS ELECTRONICS | 14,464 | 18,143 |
| ROCHE HLDG LTD | 36,656 | 28,288 |
| RYANAIR HOLDINGS PLC | 21,566 | 35,740 |
| SAMPO OYJ | 17,178 | 18,771 |
| SAP SE SPON ADR | 15,368 | 17,778 |
| SHIN ETSU CHEMICAL CO | 13,944 | 14,690 |
| SIEMENS HEALTHINEERS | 11,042 | 13,974 |
| SUNCOR ENERGY INC | 12,702 | 18,520 |
| SUZUKI MOTOR CORP | 15,020 | 15,063 |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | 24,560 | 50,232 |
| TENCENT HOLDINGS LTD | 23,985 | 22,259 |
| THALES UNSPONSORED ADR | 19,694 | 22,995 |
| UNILEVER PLC | 27,161 | 23,416 |
| UNIVERSAL MUSIC GROUP NV | 11,188 | 15,354 |
| AON PLC | 13,766 | 20,953 |
| COCA COLA EUROPACIFIC | 12,701 | 15,350 |
| ICON PLC | 16,728 | 20,664 |
| CHUBB LIMITED | 15,926 | 16,272 |
| ASM INTERNATIONAL | 15,842 | 23,364 |
| ADVANCED MICRO DEVICES | 66,472 | 86,382 |
| AIR PRODUCTS & CHEMICALS INC | 52,802 | 65,712 |
| ALLSTATE CORP | 32,379 | 42,414 |
| ALPHABET INC | 52,076 | 114,546 |
| AMAZON.COM INC | 38,643 | 66,854 |
| APPLE INC | 43,698 | 126,877 |
| BEST BUY CO INC | 42,408 | 37,183 |
| BROADCOM INC | 57,301 | 119,439 |
| CME GROUP INC | 59,265 | 62,969 |
| CISCO SYSTEMS INC | 60,452 | 64,868 |
| COMCAST CORP | 60,247 | 58,189 |
| DARDEN RESTAURANTS INC | 51,650 | 56,355 |
| DEVON ENERGY CORP | 39,440 | 60,611 |
| DIAMONDBACK ENERGY INC | 49,773 | 46,214 |
| EDWARDS LIFESCIENCES CORP | 74,834 | 64,279 |
| META PLATAFORMS INC | 47,807 | 79,287 |
| FISERV INC | 43,836 | 59,645 |
| HALLIBURTON CO | 48,457 | 56,141 |
| HOME DEPOT INC | 105,021 | 147,977 |
| INTERCONTINENTAL EXCHANGE INC | 53,759 | 68,838 |
| IQVIA HOLDINGS INC | 55,233 | 80,289 |
| JPMORGAN CHASE & CO | 117,690 | 160,915 |
| JOHNSON & JOHNSON | 68,356 | 63,950 |
| L3 HARRIS TECHNOLOGIES | 62,865 | 56,657 |
| LAUDER ESTEE COMPANIES INC | 34,822 | 26,910 |
| MARATHON PETROLEUM CORP | 43,132 | 97,621 |
| MERCK & CO INC | 70,456 | 90,596 |
| MICROSOFT CORP | 79,010 | 209,830 |
| MOTOROLA SOLUTIONS INC | 55,948 | 108,955 |
| S&P GLOBAL INC | 35,349 | 55,946 |
| SALESFORCE.COM INC | 48,915 | 84,994 |
| TJX COMPANIES INC | 38,865 | 68,387 |
| UNION PACIFIC CORP | 27,765 | 39,545 |
| UNITEDHEALTH GROUP INC | 29,251 | 62,123 |
| VERIZON COMMUNICATIONS INC | 30,540 | 34,307 |
| VISA INC | 66,853 | 93,726 |
| WALMART INC | 60,358 | 79,140 |
| EATON CORP PLC | 46,968 | 131,729 |
| JOHNSON CONTROLS INTERNATIONAL | 40,571 | 36,659 |
| MEDTRONIC PLC | 61,072 | 50,828 |
| STERIS PLC | 61,589 | 60,019 |
| TRANE TECHNOLOGIES PLC | 42,968 | 108,048 |
| CHUBB LTD | 63,151 | 91,756 |
| NXP SEMICONDUCTORS NV | 42,226 | 77,632 |
| ANSYS INC | 10,142 | 16,330 |
| BENTLEY SYSTEMS INC | 14,674 | 19,776 |
| BERKLEY WR CORP | 8,835 | 14,073 |
| BRIGHT HORIZONS FAMILY SOLUTIONS | 12,416 | 9,424 |
| CHARLES RIVER LABORATORIES | 7,596 | 14,184 |
| CHEMED CORP | 8,908 | 11,695 |
| CHOICE HOTELS | 9,808 | 8,837 |
| COOPER COMPANIES INC | 14,517 | 17,786 |
| DOLBY LABORATORIES INC | 10,744 | 12,668 |
| ASPEN TECHNOLOGY INC | 12,505 | 13,649 |
| EQUIFAX INC | 9,596 | 15,332 |
| EXPONENT INC | 11,756 | 11,005 |
| FAIR ISAAC CORP | 2,693 | 10,476 |
| HENRY, JACK & ASSOCIATES INC | 12,229 | 13,073 |
| INTERACTIVE BROKERS GROUP INC | 7,387 | 10,114 |
| LCI INDUSTRIES | 3,452 | 3,645 |
| LPL FINANCIAL HOLDINGS INC | 8,946 | 14,340 |
| LENNOX INTERNATIONAL INC | 9,467 | 17,453 |
| NORDSON CORP | 10,208 | 17,435 |
| POOL CORP | 10,844 | 19,138 |
| ROLLINS INC | 8,785 | 13,101 |
| SAIA INCORPORATED | 7,375 | 11,832 |
| SCOTTS MIRACLE GRO CO | 11,570 | 7,841 |
| SITEONE LANDSCAPE SUPPLY INC | 5,549 | 11,537 |
| TELEDYNE TECHNOLOGIES INC | 12,007 | 11,604 |
| TERADYNE INC | 8,212 | 14,108 |
| THOR INDUSTRIES INC | 6,147 | 11,589 |
| WATSCO INC | 10,871 | 15,425 |
| ZEBRA TECHNOLOGIES CORP | 8,254 | 12,027 |
| ZURN ELKAY WATER SOLNS CORP | 10,789 | 12,176 |
| ALLEGION PLC | 9,288 | 12,036 |
| FEDERATED HERMES CORP BOND STRATEGY | 59,641 | 53,220 |
| FEDERATED HERMES HIGH YIELD STRATEGY | 10,844 | 9,676 |
| FEDERATED HERMES INTL BOND STRATEGY | 9,792 | 9,427 |
| FEDERATED HERMES MORTGAGE STRATEGY | 347,795 | 328,545 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| ARBOR REALTY TRUST INC | AT COST | 7,668 | 7,727 |
| NATIONAL STORAGE AFFILIATES | AT COST | 12,328 | 12,565 |
| UNITED STATES TREAS BDS 2.375%05/15/51 | AT COST | 13,928 | 11,417 |
| UNITED STATES TREAS BDS 1.875%11/15/51 | AT COST | 23,042 | 17,701 |
| UNITED STATES TREAS BDS 4.000%11/15/52 | AT COST | 14,841 | 13,813 |
| UNITED STATES TREAS BDS 3.625%5/15/53 | AT COST | 16,858 | 16,642 |
| UNITED STATES TREAS NTS 4.125% 11/15/32 | AT COST | 23,775 | 23,379 |
| UNITED STATES TREAS NTS 3.500% 02/15/33 | AT COST | 26,865 | 26,183 |
| UNITED STATES TREAS NTS 3.500% 4/30/28 | AT COST | 44,024 | 43,300 |
| UNITED STATES TREAS NTS 3.375% 5/15/33 | AT COST | 42,261 | 42,226 |
| UNITED STATES TREAS NTS 3.625% 5/31/28 | AT COST | 5,898 | 5,936 |
| UNITED STATES TREAS NTS 4.000% 6/30/28 | AT COST | 2,970 | 3,014 |
| UNITED STATES TREAS NTS 3.875% 8/15/33 | AT COST | 5,623 | 5,993 |
| UNITED STATES TREAS NTS 4.625% 9/30/30 | AT COST | 8,808 | 9,382 |
| UNITED STATES TREAS NTS 4.875% 10/31/28 | AT COST | 14,370 | 14,614 |
| UNITED STATES TREAS NTS 4.500% 11/15/33 | AT COST | 11,148 | 11,548 |
| AT&T INC GLBL NT 2.25%32 | AT COST | 5,792 | 4,962 |
| AT&T INC GLBL NT 1.7%26 | AT COST | 15,902 | 14,969 |
| AMGEN INC SR GLBL NT 2.45% 30 | AT COST | 7,997 | 7,094 |
| ASTRAZENECA PLC SR GLBL NT 1.375% 30 | AT COST | 14,720 | 12,470 |
| BP CAP MKTS P L C SR GLBL NT 3.279%27 | AT COST | 18,721 | 17,307 |
| BK OF AMERICA CORP FR 1.197%102426 | AT COST | 15,928 | 14,857 |
| BK OF AMERICA CORP FR 1.658%031127 | AT COST | 15,915 | 14,802 |
| BLACKROCK INC GLBL NT 1.9%31 | AT COST | 11,181 | 9,279 |
| BP CAP MKTS AMER INC SR GLBL NT 3.588%27 | AT COST | 9,644 | 8,725 |
| CITIGROUP INC SR GLBL COCO 1.462% 27 | AT COST | 20,893 | 19,218 |
| CITIGROUP INC SR GLBL NT 2.520%32 | AT COST | 7,977 | 6,595 |
| EQUINOR ASA SR GLBL NT 3.125% 30 | AT COST | 5,880 | 5,634 |
| EQUINOR ASA SR GLBL NT 2.375% 30 | AT COST | 15,053 | 13,397 |
| GOLDMAN SACHS GROUP SR GLBL NT 1.431% 27 | AT COST | 15,910 | 14,753 |
| GOLDMAN SACHS GROUP SR GLBL NT 2.383% 32 | AT COST | 4,000 | 3,287 |
| GOLDMAN SACHS GROUP SR GLBL NT 1.948% 27 | AT COST | 15,904 | 14,637 |
| JPMORGAN CHASE & CO GLBL NT 1.578%27 | AT COST | 10,006 | 9,228 |
| JPMORGAN CHASE & CO SR GLBL NT 1.470% 27 | AT COST | 10,000 | 9,060 |
| JPMORGAN CHASE & CO GLBL NT 2.545%32 | AT COST | 10,000 | 8,344 |
| METLIFE INC SR GLBL NT 30 | AT COST | 14,947 | 15,084 |
| MORGAN STANLEY FR 0.79%053025 | AT COST | 14,947 | 14,664 |
| MORGAN STANLEY FR 1.593%050427 | AT COST | 10,000 | 9,214 |
| ORACLE CORP SR GLBL NT 2.950% 30 | AT COST | 5,877 | 5,415 |
| ORACLE CORP SR GLBL NT 1.650% 26 | AT COST | 11,006 | 10,262 |
| SHELL INTERNATIONAL FIN BV GLBL NT 2.75%30 | AT COST | 21,217 | 18,268 |
| U.S. BANCORP 2.677% 01/27/32 | AT COST | 18,000 | 15,009 |
| FIRST NATL BANK OF PA GREENVILLE CD 5.300% 2/20/24 | AT COST | 150,000 | 150,029 |
| GOLDMAN SACH BANK USA CD 4.900% 9/27/24 | AT COST | 100,000 | 99,852 |
| WASHINGTON TC WESTERLY, RI CD 5.350% 4/22/24 | AT COST | 100,000 | 100,041 |
| HUDSON BAY FUND (INTL) LTD-URRRJ1 | AT COST | 360,000 | 577,252 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 408 | 204 | 204 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| DIVIDENDS REPORTED IN CURRENT YEAR, NOT YET RECEIVED | 933 | 1,387 | 1,387 |
| Description | Amount |
|---|---|
| CORRECTION TO BEGINNING FUND EQUITY | 917 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| MISCELLANEOUS | 184 | 92 | 92 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT FEES | 54,404 | 54,404 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES PAID | 4,659 | 4,659 | 0 | |
| TAXES AND LICENSES | 25 | 12 | 13 |