# EDGAR Filing Document

**Accession Number:** 0000771524
**File Stem:** 0001193125-26-020432
**Filing Date:** 2026-1
**Character Count:** 127832
**Document Hash:** f0b3de8b41c51749fc707025aa4fc853
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-020432.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001193125-26-020432

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Adjustable Rate Securities Trust
- **CENTRAL INDEX KEY:** 0000771524

**ORGANIZATION NAME:**
- **EIN:** 251502730
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04539
- **FILM NUMBER:** 26553629

**BUSINESS ADDRESS:**
- **STREET 1:** 5800 CORPORATE DRIVE
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15222-3779
- **BUSINESS PHONE:** 8003417400

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED ADJUSTABLE RATE SECURITIES TRUST
- **DATE OF NAME CHANGE:** 20200617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED HERMES ADJUSTABLE RATE SECURITIES TRUST
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED ADJUSTABLE RATE SECURITIES FUND
- **DATE OF NAME CHANGE:** 20020710

## Series and Classes Contracts Data

### FEDERATED HERMES ADJUSTABLE RATE FUND (Series ID: S000009087)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000024691 | Class A Shares       | FEUGX           |
| C000215087 | Institutional Shares | FEUNX           |

## Nport-Ex

Federated Hermes Adjustable Rate Fund

Portfolio of Investments

November 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| COLLATERALIZED MORTGAGE OBLIGATIONS—83.1% |  |
|  | **Federal Home Loan Mortgage Corporation—32.3%** |  |
| $32455 | REMIC, Series 2380, Class FL, 4.856% (30-DAY AVERAGE SOFR +0.714%), 11/15/2031 | &nbsp;&nbsp; $32455 |
| &nbsp;&nbsp; 50738 | REMIC, Series 2434, Class FA, 5.256% (30-DAY AVERAGE SOFR +1.114%), 3/15/2032 | &nbsp;&nbsp; 51038 |
| &nbsp;&nbsp; 21091 | REMIC, Series 2448, Class FA, 5.256% (30-DAY AVERAGE SOFR +1.114%), 1/15/2032 | &nbsp;&nbsp; 21241 |
| &nbsp;&nbsp; 22315 | REMIC, Series 2452, Class FC, 5.256% (30-DAY AVERAGE SOFR +1.114%), 1/15/2032 | &nbsp;&nbsp; 22474 |
| &nbsp;&nbsp; 61617 | REMIC, Series 2459, Class FP, 5.256% (30-DAY AVERAGE SOFR +1.114%), 6/15/2032 | &nbsp;&nbsp; 62064 |
| &nbsp;&nbsp; 15946 | REMIC, Series 2470, Class EF, 5.256% (30-DAY AVERAGE SOFR +1.114%), 3/15/2032 | &nbsp;&nbsp; 16041 |
| &nbsp;&nbsp; 75135 | REMIC, Series 2475, Class F, 5.256% (30-DAY AVERAGE SOFR +1.114%), 2/15/2032 | &nbsp;&nbsp; 75576 |
| &nbsp;&nbsp; 46140 | REMIC, Series 2475, Class FD, 4.806% (30-DAY AVERAGE SOFR +0.664%), 6/15/2031 | &nbsp;&nbsp; 46143 |
| &nbsp;&nbsp; 46503 | REMIC, Series 2480, Class NF, 5.256% (30-DAY AVERAGE SOFR +1.114%), 1/15/2032 | &nbsp;&nbsp; 46775 |
| &nbsp;&nbsp; 15702 | REMIC, Series 2498, Class AF, 5.256% (30-DAY AVERAGE SOFR +1.114%), 3/15/2032 | &nbsp;&nbsp; 15795 |
| &nbsp;&nbsp; 73835 | REMIC, Series 3085, Class UF, 4.706% (30-DAY AVERAGE SOFR +0.564%), 12/15/2035 | &nbsp;&nbsp; 73314 |
| &nbsp;&nbsp; 157309 | REMIC, Series 3156, Class HF, 4.741% (30-DAY AVERAGE SOFR +0.599%), 8/15/2035 | &nbsp;&nbsp; 156413 |
| &nbsp;&nbsp; 263799 | REMIC, Series 3208, Class FD, 4.656% (30-DAY AVERAGE SOFR +0.514%), 8/15/2036 | &nbsp;&nbsp; 261552 |
| &nbsp;&nbsp; 256670 | REMIC, Series 3208, Class FG, 4.656% (30-DAY AVERAGE SOFR +0.514%), 8/15/2036 | &nbsp;&nbsp; 254483 |
| &nbsp;&nbsp; 66527 | REMIC, Series 3213, Class GF, 4.686% (30-DAY AVERAGE SOFR +0.544%), 9/15/2036 | &nbsp;&nbsp; 66054 |
| &nbsp;&nbsp; 359602 | REMIC, Series 3284, Class AF, 4.566% (30-DAY AVERAGE SOFR +0.424%), 3/15/2037 | &nbsp;&nbsp; 354870 |
| &nbsp;&nbsp; 561352 | REMIC, Series 3314, Class FE, 4.526% (30-DAY AVERAGE SOFR +0.384%), 5/15/2037 | &nbsp;&nbsp; 552749 |
| &nbsp;&nbsp; 423182 | REMIC, Series 3346, Class FT, 4.606% (30-DAY AVERAGE SOFR +0.464%), 10/15/2033 | &nbsp;&nbsp; 420660 |
| &nbsp;&nbsp; 170566 | REMIC, Series 3380, Class FP, 4.606% (30-DAY AVERAGE SOFR +0.464%), 11/15/2036 | &nbsp;&nbsp; 168640 |
| &nbsp;&nbsp; 204046 | REMIC, Series 3550, Class GF, 5.006% (30-DAY AVERAGE SOFR +0.864%), 7/15/2039 | &nbsp;&nbsp; 204740 |
| &nbsp;&nbsp; 240819 | REMIC, Series 3556, Class FA, 5.166% (30-DAY AVERAGE SOFR +1.024%), 7/15/2037 | &nbsp;&nbsp; 243083 |
| &nbsp;&nbsp; 108614 | REMIC, Series 3593, Class CF, 4.856% (30-DAY AVERAGE SOFR +0.714%), 2/15/2036 | &nbsp;&nbsp; 108441 |
| &nbsp;&nbsp; 3469805 | REMIC, Series 4056, Class FL, 4.706% (30-DAY AVERAGE SOFR +0.564%), 5/15/2042 | &nbsp;&nbsp; 3416601 |
| &nbsp;&nbsp; 2215706 | REMIC, Series 4077, Class HF, 4.656% (30-DAY AVERAGE SOFR +0.514%), 7/15/2042 | &nbsp;&nbsp; 2176944 |
| &nbsp;&nbsp; 840227 | REMIC, Series 4242, Class F, 4.656% (30-DAY AVERAGE SOFR +0.514%), 8/15/2043 | &nbsp;&nbsp; 828104 |
| &nbsp;&nbsp; 2697212 | REMIC, Series 4255, Class KF, 4.706% (30-DAY AVERAGE SOFR +0.564%), 10/15/2043 | &nbsp;&nbsp; 2657874 |
| &nbsp;&nbsp; 2737780 | REMIC, Series 4315, Class KF, 4.706% (30-DAY AVERAGE SOFR +0.564%), 8/15/2041 | &nbsp;&nbsp; 2694996 |
| &nbsp;&nbsp; 1263688 | REMIC, Series 4407, Class CF, 4.556% (30-DAY AVERAGE SOFR +0.414%), 6/15/2044 | &nbsp;&nbsp; 1245095 |
| &nbsp;&nbsp; 1224020 | REMIC, Series 4508, Class CF, 4.656% (30-DAY AVERAGE SOFR +0.514%), 9/15/2045 | &nbsp;&nbsp; 1212566 |
| &nbsp;&nbsp; 2780114 | REMIC, Series 4614, Class FG, 4.756% (30-DAY AVERAGE SOFR +0.614%), 9/15/2046 | &nbsp;&nbsp; 2745945 |
| &nbsp;&nbsp; 2231493 | REMIC, Series 4619, Class NF, 4.656% (30-DAY AVERAGE SOFR +0.514%), 3/15/2044 | &nbsp;&nbsp; 2206762 |
| &nbsp;&nbsp; 2211179 | REMIC, Series 4661, Class GF, 4.706% (30-DAY AVERAGE SOFR +0.564%), 2/15/2047 | &nbsp;&nbsp; 2179746 |
| &nbsp;&nbsp; 1306373 | REMIC, Series 4752, Class PF, 4.556% (30-DAY AVERAGE SOFR +0.414%), 11/15/2047 | &nbsp;&nbsp; 1278040 |
| &nbsp;&nbsp; 3264079 | REMIC, Series 4803, Class FA, 4.556% (30-DAY AVERAGE SOFR +0.414%), 6/15/2048 | &nbsp;&nbsp; 3168243 |
| &nbsp;&nbsp; 456246 | REMIC, Series 4829, Class FA, 4.506% (30-DAY AVERAGE SOFR +0.364%), 7/15/2037 | &nbsp;&nbsp; 448623 |
| &nbsp;&nbsp; 980860 | REMIC, Series 4845, Class WF, 4.556% (30-DAY AVERAGE SOFR +0.414%), 12/15/2048 | &nbsp;&nbsp; 966319 |
| &nbsp;&nbsp; 1566794 | REMIC, Series 4846, Class PF, 4.606% (30-DAY AVERAGE SOFR +0.464%), 12/15/2048 | &nbsp;&nbsp; 1534829 |
| &nbsp;&nbsp; 3052990 | REMIC, Series 4911, Class FB, 4.636% (30-DAY AVERAGE SOFR +0.564%), 9/25/2049 | &nbsp;&nbsp; 3004632 |
| &nbsp;&nbsp; 844927 | REMIC, Series 4915, Class FG, 4.636% (30-DAY AVERAGE SOFR +0.564%), 9/25/2049 | &nbsp;&nbsp; 829051 |
| &nbsp;&nbsp; 720071 | REMIC, Series 4921, Class FN, 4.636% (30-DAY AVERAGE SOFR +0.564%), 10/25/2049 | &nbsp;&nbsp; 700149 |
| &nbsp;&nbsp; 5192708 | REMIC, Series 4929, Class FB, 4.636% (30-DAY AVERAGE SOFR +0.564%), 9/25/2049 | &nbsp;&nbsp; 5102834 |
| &nbsp;&nbsp; 4526591 | REMIC, Series 4944, Class F, 4.636% (30-DAY AVERAGE SOFR +0.564%), 1/25/2050 | &nbsp;&nbsp; 4471725 |
| &nbsp;&nbsp; 443555 | REMIC, Series 4959, Class JF, 4.636% (30-DAY AVERAGE SOFR +0.564%), 3/25/2050 | &nbsp;&nbsp; 435756 |
| &nbsp;&nbsp; 6010749 | REMIC, Series 4983, Class FJ, 4.636% (30-DAY AVERAGE SOFR +0.564%), 6/25/2050 | &nbsp;&nbsp; 5821539 |
| &nbsp;&nbsp; 3382817 | REMIC, Series 4988, Class KF, 4.536% (30-DAY AVERAGE SOFR +0.464%), 7/25/2050 | &nbsp;&nbsp; 3342978 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| COLLATERALIZED MORTGAGE OBLIGATIONS—continued |  |
|  | **Federal Home Loan Mortgage Corporation—continued** |  |
| $1966876 | REMIC, Series 4998, Class KF, 4.421% (30-DAY AVERAGE SOFR +0.350%), 8/25/2050 | &nbsp;&nbsp; $1900710 |
| &nbsp;&nbsp; 4482092 | REMIC, Series 5269, Class FL, 4.891% (30-DAY AVERAGE SOFR +0.820%), 10/25/2052 | &nbsp;&nbsp; 4440084 |
| &nbsp;&nbsp; 5356700 | REMIC, Series 5338, Class FH, 4.556% (30-DAY AVERAGE SOFR +0.414%), 4/15/2045 | &nbsp;&nbsp; 5265273 |
| &nbsp;&nbsp; 1997539 | REMIC, Series 5342, Class FB, 4.636% (30-DAY AVERAGE SOFR +0.564%), 11/25/2049 | &nbsp;&nbsp; 1944924 |
| &nbsp;&nbsp; 4291379 | REMIC, Series 5393, Class HF, 5.021% (30-DAY AVERAGE SOFR +0.950%), 3/25/2054 | &nbsp;&nbsp; 4301409 |
| &nbsp;&nbsp; 959021 | REMIC, Series 5400, Class FA, 4.821% (30-DAY AVERAGE SOFR +0.750%), 4/25/2054 | &nbsp;&nbsp; 955028 |
| &nbsp;&nbsp; 4812250 | REMIC, Series 5457, Class GF, 5.171% (30-DAY AVERAGE SOFR +1.100%), 10/25/2054 | &nbsp;&nbsp; 4814583 |
| &nbsp;&nbsp; 5872069 | REMIC, Series 5466, Class FL, 5.021% (30-DAY AVERAGE SOFR +0.950%), 2/25/2054 | &nbsp;&nbsp; 5872059 |
| &nbsp;&nbsp; 6695923 | REMIC, Series 5476, Class FA, 5.171% (30-DAY AVERAGE SOFR +1.100%), 11/25/2054 | &nbsp;&nbsp; 6704369 |
| &nbsp;&nbsp; 4136036 | REMIC, Series 5499, Class BF, 4.971% (30-DAY AVERAGE SOFR +0.900%), 2/25/2055 | &nbsp;&nbsp; 4113867 |
| &nbsp;&nbsp; 5867147 | REMIC, Series 5508, Class FM, 5.221% (30-DAY AVERAGE SOFR +1.150%), 2/25/2055 | &nbsp;&nbsp; 5887121 |
| &nbsp;&nbsp; 8282355 | REMIC, Series 5522, Class BF, 5.121% (30-DAY AVERAGE SOFR +1.050%), 3/25/2055 | &nbsp;&nbsp; 8293216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 110216595 |
|  | **Federal National Mortgage Association—37.1%** |  |
| &nbsp;&nbsp; 33254 | REMIC, Series 2001-32, Class FA, 4.736% (30-DAY AVERAGE SOFR +0.664%), 7/25/2031 | &nbsp;&nbsp; 33241 |
| &nbsp;&nbsp; 22873 | REMIC, Series 2001-57, Class FA, 4.636% (30-DAY AVERAGE SOFR +0.564%), 6/25/2031 | &nbsp;&nbsp; 22746 |
| &nbsp;&nbsp; 18361 | REMIC, Series 2001-62, Class FC, 4.836% (30-DAY AVERAGE SOFR +0.764%), 11/25/2031 | &nbsp;&nbsp; 18385 |
| &nbsp;&nbsp; 24063 | REMIC, Series 2001-71, Class FS, 4.786% (30-DAY AVERAGE SOFR +0.714%), 11/25/2031 | &nbsp;&nbsp; 24070 |
| &nbsp;&nbsp; 78689 | REMIC, Series 2002-7, Class FG, 5.086% (30-DAY AVERAGE SOFR +1.014%), 1/25/2032 | &nbsp;&nbsp; 78980 |
| &nbsp;&nbsp; 40736 | REMIC, Series 2002-8, Class FA, 5.000% (30-DAY AVERAGE SOFR +0.864%), 3/18/2032 | &nbsp;&nbsp; 40916 |
| &nbsp;&nbsp; 44904 | REMIC, Series 2002-52, Class FG, 4.686% (30-DAY AVERAGE SOFR +0.614%), 9/25/2032 | &nbsp;&nbsp; 44874 |
| &nbsp;&nbsp; 137451 | REMIC, Series 2002-58, Class FG, 5.186% (30-DAY AVERAGE SOFR +1.114%), 8/25/2032 | &nbsp;&nbsp; 138326 |
| &nbsp;&nbsp; 22336 | REMIC, Series 2002-60, Class FH, 5.186% (30-DAY AVERAGE SOFR +1.114%), 8/25/2032 | &nbsp;&nbsp; 22478 |
| &nbsp;&nbsp; 44455 | REMIC, Series 2002-77, Class FA, 5.250% (30-DAY AVERAGE SOFR +1.114%), 12/18/2032 | &nbsp;&nbsp; 44730 |
| &nbsp;&nbsp; 16385 | REMIC, Series 2002-77, Class FG, 4.800% (30-DAY AVERAGE SOFR +0.664%), 12/18/2032 | &nbsp;&nbsp; 16368 |
| &nbsp;&nbsp; 35294 | REMIC, Series 2005-67, Class FM, 4.536% (30-DAY AVERAGE SOFR +0.464%), 8/25/2035 | &nbsp;&nbsp; 35217 |
| &nbsp;&nbsp; 1076659 | REMIC, Series 2005-95, Class FH, 4.486% (30-DAY AVERAGE SOFR +0.414%), 11/25/2035 | &nbsp;&nbsp; 1065578 |
| &nbsp;&nbsp; 55800 | REMIC, Series 2006-11, Class FB, 4.486% (30-DAY AVERAGE SOFR +0.414%), 3/25/2036 | &nbsp;&nbsp; 55594 |
| &nbsp;&nbsp; 1513861 | REMIC, Series 2006-42, Class CF, 4.636% (30-DAY AVERAGE SOFR +0.564%), 6/25/2036 | &nbsp;&nbsp; 1505203 |
| &nbsp;&nbsp; 778872 | REMIC, Series 2006-50, Class FE, 4.586% (30-DAY AVERAGE SOFR +0.514%), 6/25/2036 | &nbsp;&nbsp; 774190 |
| &nbsp;&nbsp; 276518 | REMIC, Series 2006-65, Class DF, 4.536% (30-DAY AVERAGE SOFR +0.464%), 7/25/2036 | &nbsp;&nbsp; 274043 |
| &nbsp;&nbsp; 109790 | REMIC, Series 2006-76, Class QF, 4.586% (30-DAY AVERAGE SOFR +0.514%), 8/25/2036 | &nbsp;&nbsp; 108921 |
| &nbsp;&nbsp; 723822 | REMIC, Series 2006-81, Class FA, 4.536% (30-DAY AVERAGE SOFR +0.464%), 9/25/2036 | &nbsp;&nbsp; 717276 |
| &nbsp;&nbsp; 378052 | REMIC, Series 2006-85, Class PF, 4.566% (30-DAY AVERAGE SOFR +0.494%), 9/25/2036 | &nbsp;&nbsp; 375757 |
| &nbsp;&nbsp; 314441 | REMIC, Series 2006-103, Class FB, 4.586% (30-DAY AVERAGE SOFR +0.514%), 10/25/2036 | &nbsp;&nbsp; 311453 |
| &nbsp;&nbsp; 634174 | REMIC, Series 2006-123, Class CF, 4.446% (30-DAY AVERAGE SOFR +0.374%), 1/25/2037 | &nbsp;&nbsp; 625132 |
| &nbsp;&nbsp; 851829 | REMIC, Series 2006-W1, Class 2AF1, 4.406% (30-DAY AVERAGE SOFR +0.334%), 2/25/2046 | &nbsp;&nbsp; 844342 |
| &nbsp;&nbsp; 1240860 | REMIC, Series 2007-15, Class CF, 4.556% (30-DAY AVERAGE SOFR +0.484%), 3/25/2037 | &nbsp;&nbsp; 1227009 |
| &nbsp;&nbsp; 52499 | REMIC, Series 2007-20, Class F, 4.446% (30-DAY AVERAGE SOFR +0.374%), 3/25/2037 | &nbsp;&nbsp; 51993 |
| &nbsp;&nbsp; 603357 | REMIC, Series 2007-71, Class WF, 4.636% (30-DAY AVERAGE SOFR +0.564%), 7/25/2037 | &nbsp;&nbsp; 599363 |
| &nbsp;&nbsp; 140548 | REMIC, Series 2007-88, Class FW, 4.736% (30-DAY AVERAGE SOFR +0.664%), 9/25/2037 | &nbsp;&nbsp; 139763 |
| &nbsp;&nbsp; 36160 | REMIC, Series 2007-102, Class FA, 4.756% (30-DAY AVERAGE SOFR +0.684%), 11/25/2037 | &nbsp;&nbsp; 36101 |
| &nbsp;&nbsp; 163471 | REMIC, Series 2008-69, Class FB, 5.186% (30-DAY AVERAGE SOFR +1.114%), 6/25/2037 | &nbsp;&nbsp; 165060 |
| &nbsp;&nbsp; 21078 | REMIC, Series 2008-75, Class DF, 5.436% (30-DAY AVERAGE SOFR +1.364%), 9/25/2038 | &nbsp;&nbsp; 21490 |
| &nbsp;&nbsp; 274137 | REMIC, Series 2009-78, Class UF, 4.956% (30-DAY AVERAGE SOFR +0.884%), 10/25/2039 | &nbsp;&nbsp; 274756 |
| &nbsp;&nbsp; 378697 | REMIC, Series 2009-87, Class FX, 4.936% (30-DAY AVERAGE SOFR +0.864%), 11/25/2039 | &nbsp;&nbsp; 379971 |
| &nbsp;&nbsp; 509749 | REMIC, Series 2009-87, Class HF, 5.036% (30-DAY AVERAGE SOFR +0.964%), 11/25/2039 | &nbsp;&nbsp; 512844 |
| &nbsp;&nbsp; 643507 | REMIC, Series 2009-106, Class FN, 4.936% (30-DAY AVERAGE SOFR +0.864%), 1/25/2040 | &nbsp;&nbsp; 645671 |
| &nbsp;&nbsp; 223503 | REMIC, Series 2010-39, Class EF, 4.706% (30-DAY AVERAGE SOFR +0.634%), 6/25/2037 | &nbsp;&nbsp; 222644 |
| &nbsp;&nbsp; 1457324 | REMIC, Series 2010-68, Class BF, 4.686% (30-DAY AVERAGE SOFR +0.614%), 7/25/2040 | &nbsp;&nbsp; 1445215 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| COLLATERALIZED MORTGAGE OBLIGATIONS—continued |  |
|  | **Federal National Mortgage Association—continued** |  |
| $655794 | REMIC, Series 2011-4, Class PF, 4.736% (30-DAY AVERAGE SOFR +0.664%), 2/25/2041 | &nbsp;&nbsp; $652832 |
| &nbsp;&nbsp; 1416004 | REMIC, Series 2011-101, Class FH, 4.686% (30-DAY AVERAGE SOFR +0.614%), 10/25/2041 | &nbsp;&nbsp; 1402599 |
| &nbsp;&nbsp; 7095943 | REMIC, Series 2011-131, Class FT, 4.646% (30-DAY AVERAGE SOFR +0.574%), 12/25/2041 | &nbsp;&nbsp; 7021430 |
| &nbsp;&nbsp; 260900 | REMIC, Series 2012-65, Class FB, 4.706% (30-DAY AVERAGE SOFR +0.634%), 6/25/2042 | &nbsp;&nbsp; 258559 |
| &nbsp;&nbsp; 730607 | REMIC, Series 2012-122, Class LF, 4.586% (30-DAY AVERAGE SOFR +0.514%), 11/25/2042 | &nbsp;&nbsp; 718517 |
| &nbsp;&nbsp; 1074632 | REMIC, Series 2012-130, Class DF, 4.586% (30-DAY AVERAGE SOFR +0.514%), 12/25/2042 | &nbsp;&nbsp; 1053639 |
| &nbsp;&nbsp; 3540381 | REMIC, Series 2013-28, Class YF, 4.536% (30-DAY AVERAGE SOFR +0.464%), 7/25/2042 | &nbsp;&nbsp; 3492941 |
| &nbsp;&nbsp; 1074300 | REMIC, Series 2014-20, Class FB, 4.586% (30-DAY AVERAGE SOFR +0.514%), 4/25/2044 | &nbsp;&nbsp; 1060723 |
| &nbsp;&nbsp; 4190337 | REMIC, Series 2014-38, Class F, 4.586% (30-DAY AVERAGE SOFR +0.514%), 7/25/2044 | &nbsp;&nbsp; 4124624 |
| &nbsp;&nbsp; 2876314 | REMIC, Series 2016-11, Class CF, 4.536% (30-DAY AVERAGE SOFR +0.464%), 3/25/2046 | &nbsp;&nbsp; 2848942 |
| &nbsp;&nbsp; 3501301 | REMIC, Series 2016-25, Class FL, 4.686% (30-DAY AVERAGE SOFR +0.614%), 5/25/2046 | &nbsp;&nbsp; 3451608 |
| &nbsp;&nbsp; 625409 | REMIC, Series 2016-32, Class FA, 4.586% (30-DAY AVERAGE SOFR +0.514%), 10/25/2034 | &nbsp;&nbsp; 622490 |
| &nbsp;&nbsp; 633787 | REMIC, Series 2016-83, Class FA, 4.686% (30-DAY AVERAGE SOFR +0.614%), 11/25/2046 | &nbsp;&nbsp; 624543 |
| &nbsp;&nbsp; 875562 | REMIC, Series 2017-30, Class FA, 4.536% (30-DAY AVERAGE SOFR +0.464%), 5/25/2047 | &nbsp;&nbsp; 857363 |
| &nbsp;&nbsp; 509904 | REMIC, Series 2017-96, Class FA, 4.586% (30-DAY AVERAGE SOFR +0.514%), 12/25/2057 | &nbsp;&nbsp; 492302 |
| &nbsp;&nbsp; 1321491 | REMIC, Series 2018-15, Class JF, 4.486% (30-DAY AVERAGE SOFR +0.414%), 3/25/2048 | &nbsp;&nbsp; 1281371 |
| &nbsp;&nbsp; 3426348 | REMIC, Series 2018-57, Class FL, 4.486% (30-DAY AVERAGE SOFR +0.414%), 8/25/2048 | &nbsp;&nbsp; 3330731 |
| &nbsp;&nbsp; 1966796 | REMIC, Series 2018-70, Class HF, 4.536% (30-DAY AVERAGE SOFR +0.464%), 10/25/2058 | &nbsp;&nbsp; 1911032 |
| &nbsp;&nbsp; 1916633 | REMIC, Series 2019-5, Class FA, 4.586% (30-DAY AVERAGE SOFR +0.514%), 3/25/2049 | &nbsp;&nbsp; 1887262 |
| &nbsp;&nbsp; 2028545 | REMIC, Series 2019-21, Class FB, 4.636% (30-DAY AVERAGE SOFR +0.564%), 5/25/2049 | &nbsp;&nbsp; 1991920 |
| &nbsp;&nbsp; 3830197 | REMIC, Series 2019-25, Class PF, 4.636% (30-DAY AVERAGE SOFR +0.564%), 6/25/2049 | &nbsp;&nbsp; 3760690 |
| &nbsp;&nbsp; 1369565 | REMIC, Series 2019-33, Class FB, 4.636% (30-DAY AVERAGE SOFR +0.564%), 7/25/2049 | &nbsp;&nbsp; 1347513 |
| &nbsp;&nbsp; 3068301 | REMIC, Series 2019-34, Class FC, 4.586% (30-DAY AVERAGE SOFR +0.514%), 7/25/2049 | &nbsp;&nbsp; 3030599 |
| &nbsp;&nbsp; 777899 | REMIC, Series 2019-35, Class EF, 4.636% (30-DAY AVERAGE SOFR +0.564%), 7/25/2049 | &nbsp;&nbsp; 765188 |
| &nbsp;&nbsp; 3112171 | REMIC, Series 2019-35, Class FA, 4.586% (30-DAY AVERAGE SOFR +0.514%), 7/25/2049 | &nbsp;&nbsp; 3062110 |
| &nbsp;&nbsp; 332132 | REMIC, Series 2019-41, Class FC, 4.636% (30-DAY AVERAGE SOFR +0.564%), 8/25/2049 | &nbsp;&nbsp; 324580 |
| &nbsp;&nbsp; 793709 | REMIC, Series 2019-42, Class LF, 4.536% (30-DAY AVERAGE SOFR +0.464%), 8/25/2049 | &nbsp;&nbsp; 791515 |
| &nbsp;&nbsp; 9241421 | REMIC, Series 2019-43, Class FD, 4.868% (30-DAY AVERAGE SOFR +0.000%), 8/25/2049 | &nbsp;&nbsp; 9063231 |
| &nbsp;&nbsp; 1322595 | REMIC, Series 2019-59, Class F, 4.727% (30-DAY AVERAGE SOFR +0.544%), 10/25/2049 | &nbsp;&nbsp; 1297006 |
| &nbsp;&nbsp; 5932065 | REMIC, Series 2020-27, Class FD, 4.636% (30-DAY AVERAGE SOFR +0.564%), 5/25/2050 | &nbsp;&nbsp; 5799178 |
| &nbsp;&nbsp; 1176759 | REMIC, Series 2020-29, Class FC, 5.229% (30-DAY AVERAGE SOFR +0.914%), 5/25/2050 | &nbsp;&nbsp; 1181309 |
| &nbsp;&nbsp; 1478799 | REMIC, Series 2020-34, Class FA, 4.636% (30-DAY AVERAGE SOFR +0.564%), 6/25/2050 | &nbsp;&nbsp; 1448318 |
| &nbsp;&nbsp; 4234358 | REMIC, Series 2020-37, Class FD, 4.586% (30-DAY AVERAGE SOFR +0.514%), 6/25/2050 | &nbsp;&nbsp; 4191921 |
| &nbsp;&nbsp; 1967240 | REMIC, Series 2023-42, Class FA, 4.486% (30-DAY AVERAGE SOFR +0.414%), 10/25/2048 | &nbsp;&nbsp; 1923918 |
| &nbsp;&nbsp; 1089292 | REMIC, Series 2024-13, Class FA, 5.071% (30-DAY AVERAGE SOFR +1.000%), 10/25/2053 | &nbsp;&nbsp; 1087800 |
| &nbsp;&nbsp; 763531 | REMIC, Series 2024-25, Class FA, 5.171% (30-DAY AVERAGE SOFR +1.100%), 5/25/2054 | &nbsp;&nbsp; 764486 |
| &nbsp;&nbsp; 7075365 | REMIC, Series 2024-40, Class FA, 5.221% (30-DAY AVERAGE SOFR +1.150%), 3/25/2054 | &nbsp;&nbsp; 7092702 |
| &nbsp;&nbsp; 6587481 | REMIC, Series 2024-82, Class CF, 5.421% (30-DAY AVERAGE SOFR +1.350%), 11/25/2054 | &nbsp;&nbsp; 6613138 |
| &nbsp;&nbsp; 4806872 | REMIC, Series 2024-82, Class FH, 5.221% (30-DAY AVERAGE SOFR +1.150%), 11/25/2054 | &nbsp;&nbsp; 4816411 |
| &nbsp;&nbsp; 3359649 | REMIC, Series 2024-103, Class FC, 5.221% (30-DAY AVERAGE SOFR +1.150%), 1/25/2055 | &nbsp;&nbsp; 3366664 |
| &nbsp;&nbsp; 7509110 | REMIC, Series 2025-7, Class FD, 5.071% (30-DAY AVERAGE SOFR +1.000%), 9/25/2054 | &nbsp;&nbsp; 7507090 |
| &nbsp;&nbsp; 5388042 | REMIC, Series 2025-13, Class FA, 5.650% (30-DAY AVERAGE SOFR +0.000%), 3/25/2055 | &nbsp;&nbsp; 5413127 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 126633622 |
|  | **Government National Mortgage Association—13.3%** |  |
| &nbsp;&nbsp; 1925306 | REMIC, Series 2010-115, Class FP, 4.674% (CME Term SOFR 1 Month +0.714%), 9/20/2040 | &nbsp;&nbsp; 1913655 |
| &nbsp;&nbsp; 233289 | REMIC, Series 2012-42, Class HF, 4.444% (CME Term SOFR 1 Month +0.484%), 3/20/2042 | &nbsp;&nbsp; 230220 |
| &nbsp;&nbsp; 1032403 | REMIC, Series 2014-2, Class BF, 4.424% (CME Term SOFR 1 Month +0.464%), 1/20/2044 | &nbsp;&nbsp; 1021606 |
| &nbsp;&nbsp; 1612765 | REMIC, Series 2015-119, Class FN, 4.324% (CME Term SOFR 1 Month +0.364%), 8/20/2045 | &nbsp;&nbsp; 1573877 |
| &nbsp;&nbsp; 1970472 | REMIC, Series 2022-175, Class FA, 4.998% (30-DAY AVERAGE SOFR +0.900%), 10/20/2052 | &nbsp;&nbsp; 1957306 |
| &nbsp;&nbsp; 6806116 | REMIC, Series 2022-197, Class JF, 4.798% (30-DAY AVERAGE SOFR +0.700%), 11/20/2052 | &nbsp;&nbsp; 6786597 |

---

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| &nbsp;&nbsp; <br><sup>1</sup> <br>| COLLATERALIZED MORTGAGE OBLIGATIONS—continued |  |
|  | **Government National Mortgage Association—continued** |  |
| $300679 | REMIC, Series 2022-213, Class FB, 4.648% (30-DAY AVERAGE SOFR +0.550%), 12/20/2052 | &nbsp;&nbsp; $299382 |
| &nbsp;&nbsp; 3919052 | REMIC, Series 2023-4, Class FG, 4.848% (30-DAY AVERAGE SOFR +0.750%), 1/20/2053 | &nbsp;&nbsp; 3902341 |
| &nbsp;&nbsp; 3420011 | REMIC, Series 2023-35, Class FH, 4.648% (30-DAY AVERAGE SOFR +0.550%), 2/20/2053 | &nbsp;&nbsp; 3379652 |
| &nbsp;&nbsp; 4199117 | REMIC, Series 2023-112, Class AF, 5.148% (30-DAY AVERAGE SOFR +1.050%), 8/20/2053 | &nbsp;&nbsp; 4212226 |
| &nbsp;&nbsp; 995333 | REMIC, Series 2023-117, Class F, 5.048% (30-DAY AVERAGE SOFR +0.950%), 5/20/2053 | &nbsp;&nbsp; 994423 |
| &nbsp;&nbsp; 15684441 | REMIC, Series 2024-64, Class FM, 5.148% (30-DAY AVERAGE SOFR +1.050%), 4/20/2054 | &nbsp;&nbsp; 15695251 |
| &nbsp;&nbsp; 3613144 | REMIC, Series 2025-28, Class FM, 5.098% (30-DAY AVERAGE SOFR +1.000%), 2/20/2055 | &nbsp;&nbsp; 3613131 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 45579667 |
|  | **Non-Agency Mortgage—0.4%** |  |
| &nbsp;&nbsp; 1463163 | JP Morgan Mortgage Trust 2021-1, Class A11, 4.832% (30-DAY AVERAGE SOFR +0.650%), 6/25/2051 | &nbsp;&nbsp; 1380872 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS <br>(IDENTIFIED COST $284,445,003)<br>| &nbsp;&nbsp; 283810756 |
|  | MORTGAGE-BACKED SECURITIES—9.7% |  |
|  | **Federal Home Loan Mortgage Corporation—5.3%** |  |
| &nbsp;&nbsp; 1306235 | 5.000%, 4/1/2053 | &nbsp;&nbsp; 1308095 |
| &nbsp;&nbsp; 3318256 | 5.500%, 8/1/2053 | &nbsp;&nbsp; 3370737 |
| &nbsp;&nbsp; 1645766 | 5.500%, 6/1/2054 | &nbsp;&nbsp; 1668709 |
| &nbsp;&nbsp; 6937196 | 5.500%, 12/1/2054 | &nbsp;&nbsp; 7050058 |
| &nbsp;&nbsp; 1967316 | 5.500%, 8/1/2055 | &nbsp;&nbsp; 1992898 |
| &nbsp;&nbsp; 2500000 | 5.500%, 12/1/2055 | &nbsp;&nbsp; 2534267 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 17924764 |
|  | **Federal National Mortgage Association—4.3%** |  |
| &nbsp;&nbsp; 887582 | 4.000%, 11/1/2052 | &nbsp;&nbsp; 850054 |
| &nbsp;&nbsp; 417535 | 4.000%, 4/1/2053 | &nbsp;&nbsp; 400534 |
| &nbsp;&nbsp; 2322377 | 4.500%, 5/1/2040 | &nbsp;&nbsp; 2323452 |
| &nbsp;&nbsp; 2953428 | 5.000%, 8/1/2055 | &nbsp;&nbsp; 2949003 |
| &nbsp;&nbsp; 1953801 | 5.500%, 5/1/2053 | &nbsp;&nbsp; 1991113 |
| &nbsp;&nbsp; 1268974 | 5.500%, 1/1/2054 | &nbsp;&nbsp; 1287854 |
| &nbsp;&nbsp; 1337360 | 5.500%, 4/1/2054 | &nbsp;&nbsp; 1356005 |
| &nbsp;&nbsp; 2842805 | 5.500%, 12/1/2054 | &nbsp;&nbsp; 2879771 |
| &nbsp;&nbsp; 724042 | 6.000%, 10/1/2053 | &nbsp;&nbsp; 742256 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14780042 |
|  | **Government National Mortgage Association—0.1%** |  |
| &nbsp;&nbsp; 378138 | 5.500%, 8/20/2053 | &nbsp;&nbsp; 383819 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $32,603,438)<br>| &nbsp;&nbsp;&nbsp; 33088625 |
| <sup>1</sup> <br>| COMMERCIAL MORTGAGE-BACKED SECURITIES—3.4% |  |
|  | **Agency Commercial Mortgage-Backed Securities—3.4%** |  |
| &nbsp;&nbsp; 455307 | FHLMC REMIC, Series KF90, Class AS, 4.581% (30-DAY AVERAGE SOFR +0.380%), 9/25/2030 | &nbsp;&nbsp; 452969 |
| &nbsp;&nbsp; 1370818 | FHLMC REMIC, Series KF94, Class AL, 4.616% (30-DAY AVERAGE SOFR +0.414%), 11/25/2030 | &nbsp;&nbsp; 1366768 |
| &nbsp;&nbsp; 1525182 | FHLMC REMIC, Series KF148, Class AS, 5.041% (30-DAY AVERAGE SOFR +0.840%), 11/25/2032 | &nbsp;&nbsp; 1537267 |
| &nbsp;&nbsp; 1565666 | FHLMC REMIC, Series KF149, Class AS, 4.841% (30-DAY AVERAGE SOFR +0.640%), 12/25/2032 | &nbsp;&nbsp; 1567169 |
| &nbsp;&nbsp; 1487793 | FHLMC REMIC, Series KF154, Class AS, 4.881% (30-DAY AVERAGE SOFR +0.680%), 3/25/2033 | &nbsp;&nbsp; 1491064 |
| &nbsp;&nbsp; 1465448 | FHLMC REMIC, Series KF155, Class AS, 4.871% (30-DAY AVERAGE SOFR +0.670%), 2/25/2030 | &nbsp;&nbsp; 1466816 |
| &nbsp;&nbsp; 2131841 | FHLMC REMIC, Series KF157, Class AS, 4.861% (30-DAY AVERAGE SOFR +0.660%), 4/25/2033 | &nbsp;&nbsp; 2146574 |
| &nbsp;&nbsp; 1500000 | FHLMC REMIC, Series KF165, Class AS, 4.761% (30-DAY AVERAGE SOFR +0.560%), 1/25/2035 | &nbsp;&nbsp; 1498603 |
| &nbsp;&nbsp; 56202 | FNMA REMIC, Series 2020-M5, Class FA, 4.783% (30-DAY AVERAGE SOFR +0.574%), 1/25/2027 | &nbsp;&nbsp; 56063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $11,558,178)<br>| &nbsp;&nbsp;&nbsp; 11583293 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | U.S. TREASURIES—2.4% |  |
|  | **U.S. Treasury Notes—2.4%** |  |
| $750000 | 1.125%, 10/31/2026 | &nbsp;&nbsp; $732951 |
| &nbsp;&nbsp; 7500000 | 3.875%, 5/31/2027 | &nbsp;&nbsp; 7535029 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES <br>(IDENTIFIED COST $8,231,137)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8267980 |
| <sup>1</sup> <br>| ADJUSTABLE RATE MORTGAGES—1.1% |  |
|  | **Federal Home Loan Mortgage Corporation ARM—0.2%** |  |
| &nbsp;&nbsp; 57525 | 6.428%, 7/1/2038 | &nbsp;&nbsp; 58642 |
| &nbsp;&nbsp; 427020 | 6.632%, 5/1/2035 | &nbsp;&nbsp; 439305 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497947 |
|  | **Federal National Mortgage Association ARM—0.9%** |  |
| &nbsp;&nbsp; 278051 | 5.840%, 5/1/2039 | &nbsp;&nbsp; 282758 |
| &nbsp;&nbsp; 301666 | 5.965%, 10/1/2034 | &nbsp;&nbsp; 306900 |
| &nbsp;&nbsp; 32655 | 5.988%, 11/1/2035 | &nbsp;&nbsp; 33064 |
| &nbsp;&nbsp; 166672 | 6.025%, 9/1/2033 | &nbsp;&nbsp; 169184 |
| &nbsp;&nbsp; 75416 | 6.047%, 10/1/2035 | &nbsp;&nbsp; 77168 |
| &nbsp;&nbsp; 216049 | 6.057%, 1/1/2035 | &nbsp;&nbsp; 220934 |
| &nbsp;&nbsp; 96500 | 6.065%, 10/1/2037 | &nbsp;&nbsp; 98710 |
| &nbsp;&nbsp; 33660 | 6.104%, 5/1/2035 | &nbsp;&nbsp; 34193 |
| &nbsp;&nbsp; 22677 | 6.105%, 5/1/2038 | &nbsp;&nbsp; 23217 |
| &nbsp;&nbsp; 76660 | 6.190%, 8/1/2034 | &nbsp;&nbsp; 77896 |
| &nbsp;&nbsp; 146970 | 6.196%, 6/1/2034 | &nbsp;&nbsp; 149620 |
| &nbsp;&nbsp; 136776 | 6.213%, 12/1/2034 | &nbsp;&nbsp; 139356 |
| &nbsp;&nbsp; 55836 | 6.215%, 6/1/2033 | &nbsp;&nbsp; 57030 |
| &nbsp;&nbsp; 96799 | 6.239%, 12/1/2034 | &nbsp;&nbsp; 99501 |
| &nbsp;&nbsp; 14487 | 6.277%, 2/1/2036 | &nbsp;&nbsp; 14813 |
| &nbsp;&nbsp; 48338 | 6.315%, 5/1/2035 | &nbsp;&nbsp; 49622 |
| &nbsp;&nbsp; 130667 | 6.326%, 1/1/2035 | &nbsp;&nbsp; 133674 |
| &nbsp;&nbsp; 193598 | 6.343%, 7/1/2035 | &nbsp;&nbsp; 197489 |
| &nbsp;&nbsp; 125569 | 6.363%, 7/1/2035 | &nbsp;&nbsp; 129227 |
| &nbsp;&nbsp; 70395 | 6.386%, 7/1/2035 | &nbsp;&nbsp; 71929 |
| &nbsp;&nbsp; 156801 | 6.392%, 7/1/2035 | &nbsp;&nbsp; 161590 |
| &nbsp;&nbsp; 86970 | 6.398%, 10/1/2035 | &nbsp;&nbsp; 89247 |
| &nbsp;&nbsp; 199069 | 6.460%, 11/1/2039 | &nbsp;&nbsp; 207043 |
| &nbsp;&nbsp; 49725 | 6.465%, 12/1/2033 | &nbsp;&nbsp; 50763 |
| &nbsp;&nbsp; 17501 | 6.506%, 4/1/2034 | &nbsp;&nbsp; 18008 |
| &nbsp;&nbsp; 155904 | 6.597%, 1/1/2040 | &nbsp;&nbsp; 162133 |
| &nbsp;&nbsp; 135271 | 6.820%, 2/1/2042 | &nbsp;&nbsp; 140668 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3195737 |
|  | **Government National Mortgage Association—0.0%** |  |
| &nbsp;&nbsp; 6966 | 4.750%, 10/20/2029 | &nbsp;&nbsp; 7021 |
| &nbsp;&nbsp; 1538 | 5.625%, 5/20/2029 | &nbsp;&nbsp; 1553 |
| &nbsp;&nbsp; 5259 | 5.625%, 1/20/2030 | &nbsp;&nbsp; 5314 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ADJUSTABLE RATE MORTGAGES <br>(IDENTIFIED COST $3,714,414)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3707572 |
|  | ASSET-BACKED SECURITY—0.3% |  |
|  | **Credit Card—0.3%** |  |
| &nbsp;&nbsp; 1000000 | Citibank Credit Card Issuance Trust 2023-A1, Class A1, 5.230%, 12/8/2027 <br>(IDENTIFIED COST $997,418)<br>| &nbsp;&nbsp; 1000231 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | INVESTMENT COMPANY—2.1% |  |
| 7125811 | Federated Hermes Government Obligations Fund, Premier Shares, 3.89%<sup>2</sup> <br>(IDENTIFIED COST $7,125,811)<br>| &nbsp;&nbsp; $7125811 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—102.1% <br>(IDENTIFIED COST $348,675,399)<br>| &nbsp;&nbsp; 348584268 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(2.1)%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (7192759) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $341391509 |

---

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended November 30, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Government** <br>**Obligations Fund,** <br>**Premier Shares**<br>|
| Value as of 8/31/2025 | &nbsp;&nbsp; $15512813 |
| Purchases at Cost | &nbsp;&nbsp; $47074257 |
| Proceeds from Sales | &nbsp;&nbsp; $(55461259) |
| Change in Unrealized Appreciation/Depreciation | &nbsp;&nbsp; $— |
| Net Realized Gain/(Loss) | &nbsp;&nbsp; $— |
| Value as of 11/30/2025 | &nbsp;&nbsp; $7125811 |
| Shares Held as of 11/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7125811 |
| Dividend Income | &nbsp;&nbsp; $102041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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* <br> *average note rates of the underlying mortgages less the guarantee and servicing fees. These securities do not indicate an index and spread in their description* <br> *above.*<br>|
| 2 | *7-day net yield.* |
| 3 | *Assets, other than investments in securities, less liabilities.* |

---

Note: The categories of investments are shown as a percentage of net assets at November 30, 2025.

**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund's Board of Trustees (the "Trustees") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The

**6**

------

Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of November 30, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $283810756 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $283810756 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33088625 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33088625 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11583293 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11583293 |
| U.S. Treasuries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8267980 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8267980 |
| Adjustable Rate Mortgages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3707572 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3707572 |
| Asset-Backed Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1000231 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1000231 |
| **Investment Company** | &nbsp;&nbsp; 7125811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7125811 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $7125811 | &nbsp;&nbsp; $341458457 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $348584268 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| ARM | —Adjustable Rate Mortgage |
| FHLMC | —Federal Home Loan Mortgage Corporation |
| FNMA | —Federal National Mortgage Association |
| REMIC | —Real Estate Mortgage Investment Conduit |
| SOFR | —Secured Overnight Financing Rate |

---

**7**

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Federated Hermes Adjustable Rate Securities Trust

- **b. Investment Company Act file number:** 811-04539

- **c. CIK number of Registrant:** 0000771524

- **d. LEI of Registrant:** 254900U874VBGWF0JD12

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 8003417400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Federated Hermes Adjustable Rate Fund

- **b. EDGAR series identifier (if any):** S000009087

- **c. LEI of Series:** 254900U874VBGWF0JD12

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $349447671.67

**Total Liabilities:** $7841303.76

**Net Assets:** $341606367.91

**Delayed Delivery Securities:** $2537608.51

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -2.736212000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -15.243348000000 | **1-Year:** -506.528214000000 | **5-Year:** -3769.614746000000 | **10-Year:** -1459.409500000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024691 | 0.49%                | 0.39%                | 0.37%                |
| Class ID C000215087 | 0.51%                | 0.41%                | 0.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $270461.35                                 |
| Month 2  | $-84024.83               | $302220.81                                 |
| Month 3  | $0.00                    | $77451.73                                  |

### Schedule of Portfolio Investments

| Name                                             | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136AJTS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1074300 | PA      | $1060723.06   | 0.31%             | 2044-04-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136AUDV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    633787 | PA      | $624543.05    | 0.18%             | 2046-11-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B3BB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1966796 | PA      | $1911032.40   | 0.56%             | 2058-10-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FUQ98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3382817 | PA      | $3342978.18   | 0.98%             | 2050-07-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137H97F0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4482092 | PA      | $4440084.11   | 1.30%             | 2052-10-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137HAQH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1997539 | PA      | $1944923.78   | 0.57%             | 2049-11-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137HFPD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5872069 | PA      | $5872059.46   | 1.72%             | 2054-02-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137HJWF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4136036 | PA      | $4113866.85   | 1.20%             | 2055-02-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137HKMB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8282355 | PA      | $8293215.55   | 2.43%             | 2055-03-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31394UFG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1076659 | PA      | $1065578.50   | 0.31%             | 2035-11-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31394V7B0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55800 | PA      | $55594.11     | 0.02%             | 2036-03-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31396LHM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    314441 | PA      | $311452.75    | 0.09%             | 2036-10-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31396R6R3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    157309 | PA      | $156412.55    | 0.05%             | 2035-08-15      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31396WMU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    603358 | PA      | $599362.85    | 0.18%             | 2037-07-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31397KTK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    170566 | PA      | $168639.99    | 0.05%             | 2036-11-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31398EK29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    240819 | PA      | $243083.27    | 0.07%             | 2037-07-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31401KLS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55836 | PA      | $57029.75     | 0.02%             | 2033-06-01      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31405ASK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    156801 | PA      | $161589.54    | 0.05%             | 2035-07-01      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31405QKK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     76660 | PA      | $77896.36     | 0.02%             | 2034-08-01      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31406NUU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     48338 | PA      | $49621.75     | 0.01%             | 2035-05-01      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31407BWF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    125569 | PA      | $129227.37    | 0.04%             | 2035-07-01      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31416BZP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    130667 | PA      | $133674.01    | 0.04%             | 2035-01-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31417MLU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    278051 | PA      | $282758.26    | 0.08%             | 2039-05-01      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38378DPR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    233289 | PA      | $230219.60    | 0.07%             | 2042-03-20      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                             | CUSIP: 3132DWH22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3318256 | PA      | $3370737.34   | 0.99%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136ASUB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    625409 | PA      | $622489.96    | 0.18%             | 2034-10-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B45C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1369565 | PA      | $1347513.20   | 0.39%             | 2049-07-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B4ZC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3830197 | PA      | $3760689.87   | 1.10%             | 2049-06-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B5SR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    332132 | PA      | $324579.61    | 0.10%             | 2049-08-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136BAHZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1478799 | PA      | $1448318.06   | 0.42%             | 2050-06-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137B8JA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2737780 | PA      | $2694996.44   | 0.79%             | 2041-08-15      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137F6JH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    455307 | PA      | $452968.43    | 0.13%             | 2030-09-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FPE50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    720071 | PA      | $700149.34    | 0.20%             | 2049-10-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FPKK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5192708 | PA      | $5102833.89   | 1.49%             | 2049-09-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31396KBZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    109790 | PA      | $108921.19    | 0.03%             | 2036-08-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31397FKT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    359602 | PA      | $354869.65    | 0.10%             | 2037-03-15      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31410QZR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    216049 | PA      | $220934.12    | 0.06%             | 2035-01-01      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38383VKZ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3919052 | PA      | $3902341.36   | 1.14%             | 2053-01-20      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B5GB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    777899 | PA      | $765188.15    | 0.22%             | 2049-07-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B5JV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3068301 | PA      | $3030598.73   | 0.89%             | 2049-07-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136BTFB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6587481 | PA      | $6613137.96   | 1.94%             | 2054-11-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136BU2D1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5388042 | PA      | $5413127.26   | 1.58%             | 2055-03-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137AQEM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3469805 | PA      | $3416600.88   | 1.00%             | 2042-05-15      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137BF6N6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1263688 | PA      | $1245094.91   | 0.36%             | 2044-06-15      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137BRU60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2780114 | PA      | $2745945.39   | 0.80%             | 2046-09-15      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137BSCY7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2231493 | PA      | $2206762.04   | 0.65%             | 2044-03-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137BVXH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2211179 | PA      | $2179745.59   | 0.64%             | 2047-02-15      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137F5SJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3264079 | PA      | $3168243.17   | 0.93%             | 2048-06-15      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FCPM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1306373 | PA      | $1278040.48   | 0.37%             | 2047-11-15      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FJCA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    456246 | PA      | $448622.93    | 0.13%             | 2037-07-15      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FNJU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    844927 | PA      | $829050.60    | 0.24%             | 2049-09-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FTGM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6010749 | PA      | $5821539.40   | 1.70%             | 2050-06-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FVDA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1966876 | PA      | $1900709.74   | 0.56%             | 2050-08-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H9Z77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1487793 | PA      | $1491064.24   | 0.44%             | 2033-03-25      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137HJUY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5867147 | PA      | $5887120.56   | 1.72%             | 2055-02-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | FREMF 2025-K165 Mortgage Trust                               | CUSIP: 3137HKPU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1500000 | PA      | $1498603.05   | 0.44%             | 2035-01-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31392AWN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24063 | PA      | $24069.70     | 0.01%             | 2031-11-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31392TFQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     46503 | PA      | $46774.68     | 0.01%             | 2032-01-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31395DVV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1513861 | PA      | $1505202.73   | 0.44%             | 2036-06-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31396XK94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36160 | PA      | $36100.76     | 0.01%             | 2037-11-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31396XVC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    140548 | PA      | $139763.43    | 0.04%             | 2037-09-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31397A6W8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    263799 | PA      | $261552.04    | 0.08%             | 2036-08-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31397A6Y4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    256670 | PA      | $254483.07    | 0.07%             | 2036-08-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31398FLF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    274137 | PA      | $274756.07    | 0.08%             | 2039-10-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31403K3K7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49725 | PA      | $50762.95     | 0.01%             | 2033-12-01      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31405VDD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     96799 | PA      | $99501.35     | 0.03%             | 2034-12-01      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Citibank Credit Card Issuance Trust              | Citibank Credit Card Issuance Trust                          | CUSIP: 17305EGW9<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1000231.00   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S5CR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     57525 | PA      | $58641.74     | 0.02%             | 2038-07-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                             | CUSIP: 3132DP5P9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1306235 | PA      | $1308094.60   | 0.38%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                             | CUSIP: 3133WEPD6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1645766 | PA      | $1668709.49   | 0.49%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136A2N41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7095944 | PA      | $7021430.42   | 2.06%             | 2041-12-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136AAGL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1074632 | PA      | $1053638.57   | 0.31%             | 2042-12-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136AWQE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    875562 | PA      | $857362.62    | 0.25%             | 2047-05-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B2A36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3426348 | PA      | $3330730.62   | 0.98%             | 2048-08-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B9UC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5932065 | PA      | $5799177.56   | 1.70%             | 2050-05-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136BTFZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4806872 | PA      | $4816411.44   | 1.41%             | 2054-11-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137BLD88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1224020 | PA      | $1212565.50   | 0.35%             | 2045-09-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137F84A8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1370817 | PA      | $1366768.08   | 0.40%             | 2030-11-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137HAKD7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5356700 | PA      | $5265273.20   | 1.54%             | 2045-04-15      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 3138E4GW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    135271 | PA      | $140668.24    | 0.04%             | 2042-02-01      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 313920FK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33254 | PA      | $33240.88     | 0.01%             | 2031-07-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 313921KE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22873 | PA      | $22745.94     | 0.01%             | 2031-06-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31392F6R3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16385 | PA      | $16368.05     | 0.00%             | 2032-12-18      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31392R6Y2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     75135 | PA      | $75576.42     | 0.02%             | 2032-02-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31396PWQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1240860 | PA      | $1227008.75   | 0.36%             | 2037-03-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31397MGS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    163471 | PA      | $165060.48    | 0.05%             | 2037-06-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 3140A1VM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    724042 | PA      | $742256.37    | 0.22%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31410GMM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     96500 | PA      | $98710.22     | 0.03%             | 2037-10-01      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31410VQH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    146970 | PA      | $149620.02    | 0.04%             | 2034-06-01      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31417VSC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    155904 | PA      | $162132.90    | 0.05%             | 2040-01-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31418EKS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    887582 | PA      | $850053.85    | 0.25%             | 2052-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31418FKY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2322377 | PA      | $2323451.55   | 0.68%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31418MFY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    193598 | PA      | $197489.21    | 0.06%             | 2035-07-01      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38379MVA9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1612765 | PA      | $1573877.05   | 0.46%             | 2045-08-20      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| Federated Hermes Government Obligations Fund     | Federated Hermes Government Obligations Fund                 | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |   7125811 | NS      | $7125811.26   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                          | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7535028.75   | 2.21%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31407T6C9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     86970 | PA      | $89247.10     | 0.03%             | 2035-10-01      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 3140AAEP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1337360 | PA      | $1356004.55   | 0.40%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31392K6Y7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22315 | PA      | $22474.30     | 0.01%             | 2032-01-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31392PGV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     61618 | PA      | $62063.75     | 0.02%             | 2032-06-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 3140QRV83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    417536 | PA      | $400534.11    | 0.12%             | 2053-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31416S3C3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33660 | PA      | $34193.17     | 0.01%             | 2035-05-01      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31417WRX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    199069 | PA      | $207042.67    | 0.06%             | 2039-11-01      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                           | CUSIP: 36179YDK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    378138 | PA      | $383818.96    | 0.11%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38384C2M0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4199117 | PA      | $4212226.16   | 1.23%             | 2053-08-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38384MPN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  15684441 | PA      | $15695250.87  | 4.59%             | 2054-04-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31392VD66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15702 | PA      | $15794.68     | 0.00%             | 2032-03-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31396KBS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    276518 | PA      | $274042.74    | 0.08%             | 2036-07-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31398FM57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    378697 | PA      | $379970.62    | 0.11%             | 2039-11-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31418FE37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2842805 | PA      | $2879771.35   | 0.84%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136BUQH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3359649 | PA      | $3366664.39   | 0.99%             | 2055-01-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31397AYW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     66527 | PA      | $66053.88     | 0.02%             | 2036-09-15      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38378YS42<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1032403 | PA      | $1021605.57   | 0.30%             | 2044-01-20      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38383U6M7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1970472 | PA      | $1957306.42   | 0.57%             | 2052-10-20      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Non Gold Pool                                    | CUSIP: 3128NCQG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    427020 | PA      | $439304.85    | 0.13%             | 2035-05-01      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3133TVXX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     50738 | PA      | $51038.43     | 0.01%             | 2032-03-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136A1ZZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1416004 | PA      | $1402598.95   | 0.41%             | 2041-10-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136A6YV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    260900 | PA      | $258559.08    | 0.08%             | 2042-06-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136A95D6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    730607 | PA      | $718517.19    | 0.21%             | 2042-11-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136AC4V0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3540381 | PA      | $3492940.66   | 1.02%             | 2042-07-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31339GVK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32455 | PA      | $32455.32     | 0.01%             | 2031-11-15      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                             | CUSIP: 3133D17J2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6937196 | PA      | $7050058.37   | 2.06%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136ART24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3501301 | PA      | $3451607.98   | 1.01%             | 2046-05-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B0AM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    509904 | PA      | $492302.04    | 0.14%             | 2057-12-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B5WD3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    793709 | PA      | $791515.44    | 0.23%             | 2049-08-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B6KK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1322595 | PA      | $1297005.75   | 0.38%             | 2049-10-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                   | Fannie Mae-Aces                                              | CUSIP: 3136B8HP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     56202 | PA      | $56062.52     | 0.02%             | 2027-01-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B9S24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4234358 | PA      | $4191921.32   | 1.23%             | 2050-06-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B9TM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1176759 | PA      | $1181308.54   | 0.35%             | 2050-05-25      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136BRNL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1089292 | PA      | $1087800.02   | 0.32%             | 2053-10-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136BRTJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    763531 | PA      | $764486.41    | 0.22%             | 2054-05-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137ASB29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2215706 | PA      | $2176943.82   | 0.64%             | 2042-07-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137B5GV9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2697212 | PA      | $2657873.62   | 0.78%             | 2043-10-15      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FK2D7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    980860 | PA      | $966319.06    | 0.28%             | 2048-12-15      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137HC3H3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    959021 | PA      | $955028.41    | 0.28%             | 2054-04-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137HH4K4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4812250 | PA      | $4814583.44   | 1.41%             | 2054-10-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31392ADL9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18361 | PA      | $18385.26     | 0.01%             | 2031-11-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31392ELC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    137451 | PA      | $138325.51    | 0.04%             | 2032-08-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31392F6K8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44455 | PA      | $44729.82     | 0.01%             | 2032-12-18      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31392MET5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21091 | PA      | $21241.39     | 0.01%             | 2032-01-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31394EG77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35294 | PA      | $35217.32     | 0.01%             | 2035-08-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31395DTR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    778872 | PA      | $774189.76    | 0.23%             | 2036-06-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31396KM33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    723822 | PA      | $717275.89    | 0.21%             | 2036-09-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31396PBG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    634174 | PA      | $625132.10    | 0.18%             | 2037-01-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31397GX47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    561352 | PA      | $552749.06    | 0.16%             | 2037-05-15      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31398GUR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    643507 | PA      | $645671.06    | 0.19%             | 2040-01-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31403DH44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14487 | PA      | $14812.77     | 0.00%             | 2036-02-01      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31404NAH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    136776 | PA      | $139355.65    | 0.04%             | 2034-12-01      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31405N7H2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    301666 | PA      | $306899.64    | 0.09%             | 2034-10-01      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 3140NG5J5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1953801 | PA      | $1991112.89   | 0.58%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31414TAT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22677 | PA      | $23217.16     | 0.01%             | 2038-05-01      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38383LZD5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    300679 | PA      | $299381.83    | 0.09%             | 2052-12-20      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136AKNP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4190337 | PA      | $4124624.09   | 1.21%             | 2044-07-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136ARPM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2876314 | PA      | $2848941.96   | 0.83%             | 2046-03-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38383VL30<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3420011 | PA      | $3379651.69   | 0.99%             | 2053-02-20      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2021-1                              | CUSIP: 46592EBC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1463163 | PA      | $1380871.93   | 0.40%             | 2051-06-25      | Floating      | 4.83%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                          | CUSIP: 91282CDG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $732951.45    | 0.21%             | 2026-10-31      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B1HD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1321491 | PA      | $1281370.88   | 0.38%             | 2048-03-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B3L32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1916633 | PA      | $1887262.43   | 0.55%             | 2049-03-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B4QT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2028545 | PA      | $1991919.93   | 0.58%             | 2049-05-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B5JC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3112171 | PA      | $3062110.03   | 0.90%             | 2049-07-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136B5ZG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9241421 | PA      | $9063231.08   | 2.65%             | 2049-08-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136BQME6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1967240 | PA      | $1923918.38   | 0.56%             | 2048-10-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136BSCJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7075365 | PA      | $7092701.88   | 2.08%             | 2054-03-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 3136BUVT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7509110 | PA      | $7507089.60   | 2.20%             | 2054-09-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137B3PV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    840227 | PA      | $828103.49    | 0.24%             | 2043-08-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FKHX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1566794 | PA      | $1534828.59   | 0.45%             | 2048-12-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FNFG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3052990 | PA      | $3004632.43   | 0.88%             | 2049-09-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FQQY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4526591 | PA      | $4471724.59   | 1.31%             | 2050-01-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137FRTX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    443555 | PA      | $435755.73    | 0.13%             | 2050-03-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H9MS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1525182 | PA      | $1537267.32   | 0.45%             | 2032-11-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H9PG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1565666 | PA      | $1567169.34   | 0.46%             | 2032-12-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137HA3Y0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1465448 | PA      | $1466815.79   | 0.43%             | 2030-02-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137HAAD8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2131841 | PA      | $2146573.66   | 0.63%             | 2033-04-25      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137HBQA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4291379 | PA      | $4301409.27   | 1.26%             | 2054-03-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 3137HHF89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6695923 | PA      | $6704369.07   | 1.96%             | 2054-11-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31385XMG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    166672 | PA      | $169184.42    | 0.05%             | 2033-09-01      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31392B3B0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78689 | PA      | $78979.67     | 0.02%             | 2032-01-25      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31392BC46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40736 | PA      | $40916.39     | 0.01%             | 2032-03-18      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31392EGV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44904 | PA      | $44874.08     | 0.01%             | 2032-09-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31392EWR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22336 | PA      | $22477.90     | 0.01%             | 2032-08-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31392R6X4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     46140 | PA      | $46142.78     | 0.01%             | 2031-06-15      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31392RLV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15946 | PA      | $16040.68     | 0.00%             | 2032-03-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                             | Fannie Mae Trust 2006-W1                                     | CUSIP: 31395B5N9<br>LEI: 5493001NEANKKEPIN618 | Long             | ABS-MBS          | USGSE             | US        |    851829 | PA      | $844341.75    | 0.25%             | 2046-02-25      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31396FSF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     73835 | PA      | $73313.86     | 0.02%             | 2035-12-15      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31396KB68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    378052 | PA      | $375756.76    | 0.11%             | 2036-09-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31396PX89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52499 | PA      | $51993.46     | 0.02%             | 2037-03-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31397JU85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    423182 | PA      | $420660.47    | 0.12%             | 2033-10-15      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31397MQX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21078 | PA      | $21490.04     | 0.01%             | 2038-09-25      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31397QLN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    655794 | PA      | $652832.15    | 0.19%             | 2041-02-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31398EX41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    204046 | PA      | $204739.58    | 0.06%             | 2039-07-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31398FR37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    509749 | PA      | $512844.40    | 0.15%             | 2039-11-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                           | CUSIP: 31398KRF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    108614 | PA      | $108441.29    | 0.03%             | 2036-02-15      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31398PU72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    223503 | PA      | $222643.94    | 0.07%             | 2037-06-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                            | CUSIP: 31398TJD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1457324 | PA      | $1445215.11   | 0.42%             | 2040-07-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31404P6F3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17500 | PA      | $18007.47     | 0.01%             | 2034-04-01      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31407UK97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75416 | PA      | $77167.67     | 0.02%             | 2035-10-01      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31416BUN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32655 | PA      | $33064.38     | 0.01%             | 2035-11-01      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31416CAW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70395 | PA      | $71928.86     | 0.02%             | 2035-07-01      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31418EZL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1268974 | PA      | $1287854.17   | 0.38%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                              | CUSIP: 31418FNH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2953428 | PA      | $2949003.32   | 0.86%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                             | CUSIP: 31427QXF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2500000 | PA      | $2534266.50   | 0.74%             | 2055-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                             | CUSIP: 3142J6BJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1967316 | PA      | $1992897.86   | 0.58%             | 2055-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                           | CUSIP: 36225CJ72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1538 | PA      | $1553.12      | 0.00%             | 2029-05-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                           | CUSIP: 36225CLM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6966 | PA      | $7021.68      | 0.00%             | 2029-10-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                           | CUSIP: 36225CMR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5260 | PA      | $5313.69      | 0.00%             | 2030-01-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38377KEE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1925306 | PA      | $1913655.12   | 0.56%             | 2040-09-20      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38383LFK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6806116 | PA      | $6786596.65   | 1.99%             | 2052-11-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38384CHJ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    995333 | PA      | $994423.10    | 0.29%             | 2053-05-20      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                     | CUSIP: 38385C4J4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3613144 | PA      | $3613131.30   | 1.06%             | 2055-02-20      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**Name of Applicant:** Federated Hermes Adjustable Rate Securities Trust

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes Adjustable Rate Securities Trust

**Title:** Chief Compliance Officer