| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 8,590 | 4,295 | 4,295 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALLISON TRANSMISSION HLDGS | 6,675 | 10,590 |
| ARLO TECHNOLOGIES | 9,366 | 8,023 |
| ARTISAN PARTNERS ASSET | 8,671 | 10,461 |
| AXOS FINANCIAL INC | 7,489 | 11,386 |
| BANK OZK | 11,877 | 13,047 |
| BENCHMARK ELECTRS INC | 2,875 | 3,814 |
| BRINKS COMPANY | 9,254 | 8,257 |
| CTS CORPORATION | 12,069 | 13,815 |
| CACTUS INC | 4,714 | 5,603 |
| COHEN & STEERS INC | 7,124 | 8,957 |
| COMMERCIAL METALS CO | 5,761 | 5,605 |
| ENSIGN GROUP INC | 8,218 | 11,957 |
| EURONET WORLDWIDE INC | 12,186 | 12,546 |
| FB FINANCIAL CORP | 7,847 | 10,457 |
| FIVE BELOW INC | 7,946 | 6,507 |
| FLOWERS FOODS INC | 10,488 | 9,958 |
| FRONTDOOR INC | 9,170 | 9,731 |
| GRAND CANYON EDUCATION INC | 8,895 | 11,793 |
| GRANITE CONSTR INC | 6,277 | 10,262 |
| HAMILTON LANE INC | 4,053 | 8,143 |
| HANCOCK WHITNEY CORP | 3,801 | 4,378 |
| HAWKINS INC | 7,863 | 7,605 |
| HEALTHEQUITY INC | 7,495 | 10,555 |
| HELIOS TECHNOLOGIES INC | 5,053 | 5,669 |
| ICF INTERNATIONAL INC | 12,558 | 11,206 |
| INNOSPEC INC | 8,676 | 9,575 |
| JANUS INTERNATIONAL GROUP INC | 7,612 | 4,696 |
| KADANT INC | 8,607 | 14,834 |
| LGI HOMES INC | 9,723 | 7,510 |
| LOVESAC CO | 7,638 | 5,748 |
| MAGNOLIA OIL & GAS CORP MANAGEMENT INC | 8,812 | 9,235 |
| MATADOR RES COMPANY | 9,201 | 9,733 |
| MEDPACE HLDGS INC | 5,665 | 8,306 |
| MOELIS & CO | 5,498 | 10,639 |
| OLLIE'S BARGAIN OUTLET HOLDINGS | 7,863 | 13,058 |
| OPEN LENDING CORP | 10,342 | 3,773 |
| PINNACLE FINL PARTNERS | 7,961 | 14,413 |
| SAIA INC | 4,442 | 6,836 |
| SCANSOURCE INC | 8,054 | 9,490 |
| SERVISFIRST BANCSHARES INC | 7,559 | 9,321 |
| CHAMPION HOMES INC | 6,994 | 10,572 |
| STANDEX INTERNATIONAL CORP | 11,791 | 12,341 |
| UFP TECHNOLOGIES INC | 6,062 | 8,802 |
| UFP INDUSTRIES INC | 10,306 | 10,251 |
| VALVOLINE INC | 11,734 | 12,989 |
| VEECO INSTRUMENTS INC | 7,576 | 6,968 |
| VITA COCO COMPANY | 9,514 | 12,512 |
| WABASH NATL CORP | 7,343 | 4,882 |
| WEAVE COMMUNICATIONS INC | 6,110 | 7,387 |
| YETI HOLDINGS INC | 10,864 | 9,204 |
| AXIS CAP HLDGS LTD | 7,309 | 10,900 |
| FABRINET | 5,402 | 8,136 |
| CAMTEK LTD ORD | 5,434 | 5,250 |
| NOVA LTD | 8,292 | 9,651 |
| DHT HOLDINGS INC | 8,582 | 7,460 |
| ABB LTD | 10,464 | 23,337 |
| AIA GROUP | 21,308 | 15,481 |
| ADIDAS AG ADR | 16,628 | 16,674 |
| AIR LIQUIDE SA | 17,178 | 19,791 |
| BUREAU VERITAS | 20,116 | 23,394 |
| CAPGEMINI SE | 25,844 | 21,126 |
| COMPAGNIE FINANCIERE RICHEMONT SA | 13,567 | 14,182 |
| COMPASS GROUP PLC | 17,849 | 28,438 |
| CONTINENTAL AG | 8,814 | 8,269 |
| CRODA INTERNATIONAL PLC | 13,497 | 10,768 |
| DBS GROUP HOLDINGS LTD | 11,420 | 17,434 |
| DIPLOMA PLC ADR | 9,040 | 8,303 |
| DISCO CORP | 10,097 | 9,135 |
| ENN ENERGY HOLDINGS LTD | 18,415 | 12,424 |
| ENGIE SA | 14,537 | 18,771 |
| EPIROC AKTIEBOLAG | 13,327 | 12,408 |
| EXPERIAN PLC | 14,032 | 14,971 |
| FANUC CORP ADR | 18,828 | 17,693 |
| GALAXY ENTERTAINMENT GROUP LTD | 13,507 | 12,065 |
| GILDAN ACTIVEWEAR INC | 16,087 | 17,691 |
| GRUPO FINANCIERO BANORTE SAB DE CV | 12,659 | 16,381 |
| HENKEL AG AND CO | 8,909 | 11,007 |
| HEXAGON AKTIEBOLAG ADR | 6,785 | 6,537 |
| HOYA CORP | 13,910 | 17,021 |
| IMCD N V ADR | 15,531 | 16,643 |
| ICICI BANK LTD | 8,127 | 23,261 |
| ING GROEP NV | 10,112 | 12,254 |
| ITAU UNIBANCO SA | 18,061 | 16,899 |
| JAMES HARDIE INDUSTRIES PLC | 14,999 | 11,708 |
| KBC GROUP NV | 15,890 | 18,332 |
| LI NING CO LTD | 23,331 | 10,436 |
| LONDON STK EXCHANGE GROUP | 13,252 | 17,348 |
| MERCK KGAA | 14,971 | 12,864 |
| MITSUI FUDOSAN COMPANY LTD | 11,491 | 9,721 |
| MIZUHO FINANCIAL GROUP INC | 17,621 | 20,978 |
| MTU AERO | 18,881 | 27,341 |
| NITORI HOLDINGS COMPANY | 18,469 | 16,837 |
| NOMURA RESEARCH INST | 12,755 | 14,704 |
| NOVO-NORDISK AS ADR | 30,081 | 27,698 |
| PT BANK MANDIRI (PERSERO) TBK | 8,169 | 13,982 |
| PERNOD RICARD SA | 18,363 | 11,558 |
| PT TELKOM INDONESIA (PERSERO) TBK | 14,251 | 8,159 |
| PIRAEUS FINL HLDGS SA ADS | 20,861 | 20,250 |
| PUMA SE UNSPONSORED ADR | 10,104 | 9,808 |
| RECRUIT HLDGS COMPANY | 6,456 | 14,240 |
| RELX PLC | 21,865 | 39,515 |
| RENESAS ELECTRONICS | 10,936 | 9,467 |
| ROCHE HLDG LTD | 22,274 | 17,374 |
| RYANAIR HOLDINGS PLC | 15,700 | 20,574 |
| SAMPO OYJ | 16,148 | 16,434 |
| SAP SE SPON ADR | 9,622 | 17,727 |
| SHIN ETSU CHEMICAL CO | 13,107 | 11,087 |
| SIEMENS AG SPONSORED ADR | 17,026 | 17,378 |
| SIEMENS HEALTHINEERS | 14,022 | 15,084 |
| SUNCOR ENERGY INC | 14,971 | 21,087 |
| SUZUKI MOTOR CORP | 13,546 | 14,579 |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | 16,679 | 64,777 |
| TECHTRONIC INDUSTRIES LTD SPONS ADS | 15,486 | 16,164 |
| TENCENT HOLDINGS LTD | 27,151 | 36,933 |
| THALES UNSPONSORED ADR | 17,078 | 18,147 |
| 3I GROUP PLC UNSPONSORED ADR | 9,275 | 10,467 |
| TOKYO ELECTRON LIMITED UNSPON ADR | 16,719 | 14,542 |
| UNILEVER PLC | 41,558 | 42,809 |
| UNIVERSAL MUSIC GROUP NV | 14,399 | 17,266 |
| AON PLC | 17,641 | 29,451 |
| CRH PLC | 7,780 | 9,067 |
| ICON PLC | 15,631 | 14,260 |
| CHUBB LIMITED | 10,843 | 13,539 |
| ASM INTERNATIONAL | 6,149 | 9,133 |
| ASML HOLDING N V N Y | 18,714 | 15,248 |
| ADVANCED MICRO DEVICES | 64,695 | 68,126 |
| AIR PRODUCTS & CHEMICALS INC | 48,961 | 64,389 |
| ALLSTATE CORP | 30,983 | 55,909 |
| ALPHABET INC | 60,869 | 159,012 |
| AMAZON.COM INC | 44,868 | 100,042 |
| ANALOG DEVICES INC | 59,830 | 52,903 |
| APPLE INC | 41,547 | 156,262 |
| BROADCOM INC | 42,092 | 182,226 |
| CME GROUP INC | 53,611 | 62,934 |
| COMCAST CORP | 57,277 | 47,363 |
| DARDEN RESTAURANTS INC | 46,982 | 58,247 |
| DIAMONDBACK ENERGY INC | 49,439 | 48,494 |
| META PLATAFORMS INC | 48,812 | 128,227 |
| FISERV INC | 42,321 | 88,741 |
| HOME DEPOT INC | 101,501 | 159,875 |
| INTERCONTINENTAL EXCHANGE INC | 71,266 | 95,366 |
| IQVIA HOLDINGS INC | 53,753 | 66,224 |
| JPMORGAN CHASE & CO | 110,070 | 211,664 |
| JOHNSON & JOHNSON | 63,924 | 55,245 |
| L3 HARRIS TECHNOLOGIES | 63,619 | 57,406 |
| MARATHON PETROLEUM CORP | 27,021 | 58,729 |
| MERCK & CO INC | 67,576 | 78,390 |
| MICROSOFT CORP | 73,552 | 213,279 |
| MOTOROLA SOLUTIONS INC | 51,416 | 147,451 |
| NEXTERA ENERGY INC | 29,306 | 30,325 |
| PUBLIC SVC ENTERPRISE GRP INC | 28,185 | 33,289 |
| S&P GLOBAL INC | 50,040 | 77,195 |
| SALESFORCE.COM INC | 55,547 | 116,347 |
| TJX COMPANIES INC | 118,132 | 169,496 |
| UNION PACIFIC CORP | 28,429 | 37,398 |
| UNITEDHEALTH GROUP INC | 88,810 | 108,760 |
| VERIZON COMMUNICATIONS INC | 39,383 | 44,549 |
| VISA INC | 66,624 | 111,878 |
| WALMART INC | 50,876 | 114,474 |
| EATON CORP PLC | 34,701 | 133,744 |
| JOHNSON CONTROLS INTERNATIONAL | 39,547 | 48,858 |
| MEDTRONIC PLC | 61,099 | 49,845 |
| STERIS PLC | 58,956 | 53,857 |
| TRANE TECHNOLOGIES PLC | 53,817 | 172,117 |
| CHUBB LTD | 57,330 | 101,402 |
| NXP SEMICONDUCTORS NV | 43,505 | 68,175 |
| REALTY INCOME CORP REIT | 61,241 | 52,395 |
| BJS WHOLESALE CLUB | 7,181 | 8,399 |
| BENTLEY SYSTEMS INC | 12,201 | 14,290 |
| BERKLEY WR CORP | 6,612 | 13,343 |
| BRIGHT HORIZONS FAMILY SOLUTIONS | 9,452 | 8,535 |
| CHARLES RIVER LABORATORIES | 5,824 | 8,492 |
| CHEMED CORP | 6,235 | 7,417 |
| CHOICE HOTELS | 9,245 | 10,649 |
| COOPER COMPANIES INC | 11,568 | 13,422 |
| ASPEN TECHNOLOGY INC | 9,765 | 11,733 |
| EQUIFAX INC | 7,854 | 11,978 |
| EXPONENT INC | 8,341 | 7,217 |
| FAIR ISAAC CORP | 898 | 5,973 |
| HENRY, JACK & ASSOCIATES INC | 9,457 | 10,518 |
| INTERACTIVE BROKERS GROUP INC | 6,060 | 16,430 |
| LCI INDUSTRIES | 2,736 | 2,378 |
| LPL FINANCIAL HOLDINGS INC | 6,806 | 15,672 |
| LENNOX INTERNATIONAL INC | 7,283 | 18,279 |
| NORDSON CORP | 7,733 | 10,462 |
| OLLIES BARGAIN OUTLET HLDGS | 7,263 | 8,230 |
| POOL CORP | 8,598 | 12,615 |
| ROLLINS INC | 6,981 | 10,614 |
| SAIA INCORPORATED | 5,742 | 9,570 |
| SCOTTS MIRACLE GRO CO | 9,124 | 6,435 |
| SITEONE LANDSCAPE SUPPLY INC | 4,220 | 7,116 |
| TELEDYNE TECHNOLOGIES INC | 9,484 | 9,283 |
| TERADYNE INC | 4,422 | 8,814 |
| THOR INDUSTRIES INC | 4,704 | 7,178 |
| UNIVERSAL DISPLAY CORP | 10,107 | 7,602 |
| WATSCO INC | 8,191 | 12,795 |
| ZEBRA TECHNOLOGIES CORP | 6,168 | 13,131 |
| ZURN ELKAY WATER SOLNS CORP | 8,248 | 11,787 |
| ALLEGION PLC | 7,031 | 9,148 |
| FEDERATED HERMES CORP BOND STRATEGY | 58,320 | 51,592 |
| FEDERATED HERMES HIGH YIELD STRATEGY | 11,283 | 10,152 |
| FEDERATED HERMES INTL BOND STRATEGY | 19,459 | 19,369 |
| FEDERATED HERMES MORTGAGE STRATEGY | 377,163 | 347,086 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| ARBOR REALTY TRUST INC | AT COST | 7,617 | 7,770 |
| NATIONAL STORAGE AFFILIATES | AT COST | 14,506 | 13,647 |
| SPDR CONSUMER STAPLES | AT COST | 16,734 | 16,115 |
| SPDR TECHNOLOGY SELECT SECTOR FUND | AT COST | 71,339 | 69,058 |
| AT&T INC GLBL NT 2.25%32 | AT COST | 5,792 | 4,960 |
| AT&T INC GLBL NT 1.7%26 | AT COST | 15,902 | 15,424 |
| ACCENTURE CAPITAL INC 4.05% 10/04/29 | AT COST | 13,976 | 13,589 |
| AMGEN INC SR GLBL NT 2.45% 30 | AT COST | 7,997 | 7,074 |
| ASTRAZENECA PLC SR GLBL NT 1.375% 30 | AT COST | 12,725 | 10,829 |
| ASTRAZENECA FINANCE LLD NT 4.850% 2/26/29 | AT COST | 7,992 | 8,016 |
| BK OF AMERICA CORP FR 1.197%102426 | AT COST | 15,922 | 15,544 |
| BK OF AMERICA CORP FR 1.658%031127 | AT COST | 15,915 | 15,417 |
| BLACKROCK INC GLBL NT 1.9%31 | AT COST | 11,108 | 9,269 |
| BP CAP MKTS AMER INC SR GLBL NT 3.588%27 | AT COST | 6,154 | 5,865 |
| BP CAP MKTS AAMER INC NTS 5.227% 8/17/34 | AT COST | 12,948 | 12,803 |
| CVS HEALTH CORP NTS 5.400% 6/01/29 | AT COST | 5,994 | 6,003 |
| CITIGROUP INC SR GLBL COCO 1.462% 27 | AT COST | 20,893 | 19,995 |
| CITIGROUP INC SR GLBL NT 2.520%32 | AT COST | 7,976 | 6,671 |
| COMCAST CORP NTS 5.300% 06/01/34 | AT COST | 4,984 | 4,994 |
| EQUINOR ASA SR GLBL NT 3.125% 30 | AT COST | 2,904 | 2,764 |
| EQUINOR ASA SR GLBL NT 2.375% 30 | AT COST | 11,979 | 10,644 |
| GOLDMAN SACHS GROUP SR GLBL NT 1.431% 27 | AT COST | 15,910 | 15,360 |
| GOLDMAN SACHS GROUP SR GLBL NT 2.383% 32 | AT COST | 4,000 | 3,334 |
| GOLDMAN SACHS GROUP SR GLBL NT 1.948% 27 | AT COST | 15,904 | 15,180 |
| JPMORGAN CHASE & CO GLBL NT 1.578%27 | AT COST | 10,002 | 9,602 |
| JPMORGAN CHASE & CO SR GLBL NT 1.470% 27 | AT COST | 10,000 | 9,460 |
| JPMORGAN CHASE & CO GLBL NT 2.545%32 | AT COST | 10,000 | 8,435 |
| MORGAN STANLEY FR 1.593%050427 | AT COST | 10,000 | 9,585 |
| ORACLE CORP SR GLBL NT 2.950% 30 | AT COST | 5,877 | 5,416 |
| ORACLE CORP SR GLBL NT 1.650% 26 | AT COST | 10,997 | 10,604 |
| PHILIP MORRIS INTERNATIONAL 4.875% 2/13/029 | AT COST | 10,898 | 10,986 |
| PHILIP MORRIS INTERNATIONAL 5.250% 11/13/23 | AT COST | 10,759 | 10,872 |
| SHELL INTERNATIONAL FIN BV GLBL NT 2.75%30 | AT COST | 13,801 | 13,520 |
| U.S. BANCORP 2.677% 01/27/32 | AT COST | 18,000 | 15,171 |
| HUDSON BAY FUND (INTL) LTD-URRRJ1 | AT COST | 360,000 | 624,544 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 708 | 354 | 354 |
| 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 | 1,387 | 1,878 | 1,878 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| MISCELLANEOUS | 66 | 33 | 33 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT FEES | 60,638 | 60,638 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES PAID | 4,046 | 4,046 | 0 | |
| TAXES AND LICENSES | 25 | 12 | 13 | |
| EXCISE TAXES | 1,398 | 0 | 0 |