# EDGAR Filing Document

**Accession Number:** 0000879569
**File Stem:** 0000879569-26-000008
**Filing Date:** 2026-4
**Character Count:** 189219
**Document Hash:** ac099970a6040164163a86be96295a2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000879569-26-000008.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0000879569-26-000008

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**PERIOD START**: 20261130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Fixed Income Securities, Inc.
- **CENTRAL INDEX KEY:** 0000879569

**ORGANIZATION NAME:**
- **EIN:** 251668690
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06447
- **FILM NUMBER:** 26886146

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 8003417400

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED FIXED INCOME SECURITIES INC
- **DATE OF NAME CHANGE:** 20200616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED HERMES FIXED INCOME SECURITIES INC
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED FIXED INCOME SECURITIES INC
- **DATE OF NAME CHANGE:** 20000810

## Series and Classes Contracts Data

### Federated Hermes Strategic Income Fund (Series ID: S000009739)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026757 | Class A Shares       | STIAX           |
| C000026759 | Class C Shares       | SINCX           |
| C000026760 | Class F Shares       | STFSX           |
| C000062222 | Institutional Shares | STISX           |
| C000177003 | Class R6 Shares      | STILX           |
| C000188116 | Class T Shares       |  |

## Nport-Ex

Federated Hermes Strategic Income Fund

Portfolio of Investments

February 28, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount,** <br> **Shares** <br>**or Contracts**<br>|  | **Value** |
|  | U.S. TREASURIES—12.4% |  |
|  | **U.S. Treasury Notes—12.4%** |  |
| &nbsp;&nbsp;&nbsp; $5000000 | United States Treasury Note, 3.500%, 1/15/2029 | &nbsp;&nbsp; $5015235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | United States Treasury Note, 4.000%, 2/28/2030 | &nbsp;&nbsp; 7138590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | United States Treasury Note, 4.000%, 5/31/2030 | &nbsp;&nbsp; 30611643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22500000 | United States Treasury Note, 4.250%, 8/15/2035 | &nbsp;&nbsp; 23062500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | United States Treasury Note, 4.375%, 12/31/2029 | &nbsp;&nbsp; 2065566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | United States Treasury Note, 4.625%, 2/15/2035 | &nbsp;&nbsp; 2110312 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES <br>(IDENTIFIED COST $68,878,321)<br>| &nbsp;&nbsp;&nbsp; 70003846 |
|  | CORPORATE BONDS—4.1% |  |
|  | **Basic Industry - Metals & Mining—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026 | &nbsp;&nbsp; 49810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051 | &nbsp;&nbsp; 37871 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87681 |
|  | **Capital Goods - Aerospace & Defense—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Boeing Co., Sr. Unsecd. Note, 3.625%, 2/1/2031 | &nbsp;&nbsp; 58300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059 | &nbsp;&nbsp; 21528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Boeing Co., Sr. Unsecd. Note, 6.528%, 5/1/2034 | &nbsp;&nbsp; 33646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Boeing Co., Sr. Unsecd. Note, 6.858%, 5/1/2054 | &nbsp;&nbsp; 57379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | L3Harris Technologies, Inc., Sr. Unsecd. Note, 5.400%, 7/31/2033 | &nbsp;&nbsp; 52693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030 | &nbsp;&nbsp; 75291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Northrop Grumman Corp., Sr. Unsecd. Note, 3.250%, 1/15/2028 | &nbsp;&nbsp; 54456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353293 |
|  | **Capital Goods - Building Materials—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | &nbsp;&nbsp; 19588 |
|  | **Capital Goods - Construction Machinery—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3390000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 2.450%, 8/12/2031 | &nbsp;&nbsp; 3060046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027 | &nbsp;&nbsp; 39971 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3100017 |
|  | **Capital Goods - Diversified Manufacturing—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.450%, 6/15/2034 | &nbsp;&nbsp; 15760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.700%, 6/15/2054 | &nbsp;&nbsp; 15265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044 | &nbsp;&nbsp; 37163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.250%, 10/1/2054 | &nbsp;&nbsp; 33721 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101909 |
|  | **Capital Goods - Environmental—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Republic Services, Inc., Sr. Unsecd. Note, 4.875%, 4/1/2029 | &nbsp;&nbsp; 77127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Waste Connections, Inc., Sr. Unsecd. Note, 2.600%, 2/1/2030 | &nbsp;&nbsp; 71493 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148620 |
|  | **Communications - Cable & Satellite—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Charter Communications Operating LLC, 5.375%, 5/1/2047 | &nbsp;&nbsp; 20860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, <br> 6.550%, 6/1/2034<br>| &nbsp;&nbsp; 42558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Comcast Corp., Sr. Unsecd. Note, 3.450%, 2/1/2050 | &nbsp;&nbsp; 20661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 197000 | Comcast Corp., Sr. Unsecd. Note, 144A, 5.168%, 1/15/2037 | &nbsp;&nbsp; 198433 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282512 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Communications - Media & Entertainment—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $1405000 | AppLovin Corp., Sr. Unsecd. Note, 5.500%, 12/1/2034 | &nbsp;&nbsp; $1433065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | AppLovin Corp., Sr. Unsecd. Note, 5.950%, 12/1/2054 | &nbsp;&nbsp; 24042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Meta Platforms, Inc., Sr. Unsecd. Note, 4.875%, 11/15/2035 | &nbsp;&nbsp; 101033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Meta Platforms, Inc., Sr. Unsecd. Note, 5.625%, 11/15/2055 | &nbsp;&nbsp; 48980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1607120 |
|  | **Communications - Telecom Wireless—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | American Tower Corp., Sr. Unsecd. Note, 4.700%, 12/15/2032 | &nbsp;&nbsp; 91061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.200%, 2/15/2049 | &nbsp;&nbsp; 50718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Orange S.A., Sr. Unsecd. Note, 144A, 5.000%, 1/13/2036 | &nbsp;&nbsp; 200956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | T-Mobile USA, Inc., 3.300%, 2/15/2051 | &nbsp;&nbsp; 40962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | T-Mobile USA, Inc., Series WI, 2.700%, 3/15/2032 | &nbsp;&nbsp; 59238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.650%, 1/15/2053 | &nbsp;&nbsp; 53974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Vodafone Group PLC, Sr. Unsecd. Note, 5.625%, 2/10/2053 | &nbsp;&nbsp; 63261 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560170 |
|  | **Communications - Telecom Wirelines—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026 | &nbsp;&nbsp; 64905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060 | &nbsp;&nbsp; 3497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | AT&T, Inc., Sr. Unsecd. Note, 6.000%, 4/30/2056 | &nbsp;&nbsp; 126181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058 | &nbsp;&nbsp; 39355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Rogers Communications, Inc., Sr. Unsecd. Note, 4.500%, 3/15/2042 | &nbsp;&nbsp; 87472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.550%, 3/22/2051 | &nbsp;&nbsp; 32634 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354044 |
|  | **Consumer Cyclical - Automotive—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 4.500%, 4/12/2031 | &nbsp;&nbsp; 150920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | General Motors Co., Sr. Unsecd. Note, 5.200%, 4/1/2045 | &nbsp;&nbsp; 91118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.450%, 7/15/2030 | &nbsp;&nbsp; 52268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 5.400%, 6/23/2032 | &nbsp;&nbsp; 105031 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399337 |
|  | **Consumer Cyclical - Leisure—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | Royal Caribbean Cruises Ltd., Sr. Unsecd. Note, 5.250%, 2/27/2038 | &nbsp;&nbsp; 130260 |
|  | **Consumer Cyclical - Retailers—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Home Depot, Inc., Sr. Unsecd. Note, 2.950%, 6/15/2029 | &nbsp;&nbsp; 117032 |
|  | **Consumer Cyclical - Services—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Amazon.com, Inc., Sr. Unsecd. Note, 2.100%, 5/12/2031 | &nbsp;&nbsp; 45552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Uber Technologies, Inc., Sr. Unsecd. Note, 4.300%, 1/15/2030 | &nbsp;&nbsp; 60367 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105919 |
|  | **Consumer Non-Cyclical - Food/Beverage—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.900%, 2/1/2046 | &nbsp;&nbsp; 93176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Bacardi-MartinI B.V., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2035 | &nbsp;&nbsp; 104779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 2.750%, 1/22/2030 | &nbsp;&nbsp; 143303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Constellation Brands, Inc., Sr. Unsecd. Note, 5.250%, 11/15/2048 | &nbsp;&nbsp; 47138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | &nbsp;&nbsp; 24648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Mars, Inc., Sr. Unsecd. Note, 144A, 5.200%, 3/1/2035 | &nbsp;&nbsp; 51791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Mars, Inc., Sr. Unsecd. Note, 144A, 5.700%, 5/1/2055 | &nbsp;&nbsp; 30443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030 | &nbsp;&nbsp; 27996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Sysco Corp., Sr. Unsecd. Note, 3.300%, 7/15/2026 | &nbsp;&nbsp; 54877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | The Campbell's Co., Sr. Unsecd. Note, 4.750%, 3/23/2035 | &nbsp;&nbsp; 68004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Tyson Foods, Inc., Sr. Unsecd. Note, 4.950%, 2/20/2036 | &nbsp;&nbsp; 75509 |

---

**2**

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---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Consumer Non-Cyclical - Food/Beverage—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $100000 | Tyson Foods, Inc., Sr. Unsecd. Note, 5.700%, 3/15/2034 | &nbsp;&nbsp; $106444 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828108 |
|  | **Consumer Non-Cyclical - Health Care—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Agilent Technologies, Inc., Sr. Unsecd. Note, 2.100%, 6/4/2030 | &nbsp;&nbsp; 27639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048 | &nbsp;&nbsp; 89239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | DH Europe Finance II S.a.r.l., Sr. Unsecd. Note, 2.600%, 11/15/2029 | &nbsp;&nbsp; 28632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | HCA, Inc., Sr. Unsecd. Note, 5.950%, 9/15/2054 | &nbsp;&nbsp; 24901 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170411 |
|  | **Consumer Non-Cyclical - Pharmaceuticals—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | AbbVie, Inc., Sr. Unsecd. Note, 2.950%, 11/21/2026 | &nbsp;&nbsp; 64600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | AbbVie, Inc., Sr. Unsecd. Note, 3.200%, 11/21/2029 | &nbsp;&nbsp; 58617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2030 | &nbsp;&nbsp; 78280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033 | &nbsp;&nbsp; 83790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Amgen, Inc., Sr. Unsecd. Note, 5.650%, 3/2/2053 | &nbsp;&nbsp; 79912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Biogen, Inc., Sr. Unsecd. Note, 2.250%, 5/1/2030 | &nbsp;&nbsp; 55672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.250%, 10/26/2049 | &nbsp;&nbsp; 45786 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466657 |
|  | **Consumer Non-Cyclical - Supermarkets—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Kroger Co., Sr. Unsecd. Note, 4.450%, 2/1/2047 | &nbsp;&nbsp; 42837 |
|  | **Consumer Non-Cyclical - Tobacco—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | BAT Capital Corp., Sr. Unsecd. Note, 3.984%, 9/25/2050 | &nbsp;&nbsp; 22614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032 | &nbsp;&nbsp; 124074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041 | &nbsp;&nbsp; 73052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219740 |
|  | **Energy - Independent—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | APA Corp., Sr. Unsecd. Note, 6.750%, 2/15/2055 | &nbsp;&nbsp; 76728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | &nbsp;&nbsp; 39086 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115814 |
|  | **Energy - Integrated—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Shell Finance, Sr. Unsecd. Note, 4.000%, 5/10/2046 | &nbsp;&nbsp; 37244 |
|  | **Energy - Midstream—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.900%, 11/15/2049 | &nbsp;&nbsp; 33927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Enbridge, Inc., Sr. Unsecd. Note, 5.200%, 11/20/2035 | &nbsp;&nbsp; 51001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Enbridge, Inc., Sr. Unsecd. Note, 5.950%, 4/5/2054 | &nbsp;&nbsp; 103188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | MPLX LP, Sr. Unsecd. Note, 4.950%, 3/14/2052 | &nbsp;&nbsp; 85986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | ONEOK, Inc., Sr. Unsecd. Note, 4.550%, 7/15/2028 | &nbsp;&nbsp; 65726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | ONEOK, Inc., Sr. Unsecd. Note, 5.200%, 7/15/2048 | &nbsp;&nbsp; 27376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | &nbsp;&nbsp; 29143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Targa Resources, Inc., Sr. Unsecd. Note, 5.400%, 7/30/2036 | &nbsp;&nbsp; 101886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Williams Cos., Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034 | &nbsp;&nbsp; 102639 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600872 |
|  | **Financial Institution - Banking—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Bank of America Corp., Sr. Unsecd. Note, 2.299%, 7/21/2032 | &nbsp;&nbsp; 81221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Bank of America Corp., Sr. Unsecd. Note, 2.572%, 10/20/2032 | &nbsp;&nbsp; 91141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | Bank of America Corp., Sr. Unsecd. Note, 2.687%, 4/22/2032 | &nbsp;&nbsp; 78722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Bank of America Corp., Sr. Unsecd. Note, 5.468%, 1/23/2035 | &nbsp;&nbsp; 52417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Bank of America Corp., Sr. Unsecd. Note, 5.511%, 1/24/2036 | &nbsp;&nbsp; 94496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.884%, 10/22/2030 | &nbsp;&nbsp; 47984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Capital One Financial Co., Sr. Unsecd. Note, 5.399%, 1/30/2037 | &nbsp;&nbsp; 151419 |

---

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - Banking—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $120000 | Citigroup, Inc., Sr. Unsecd. Note, 2.561%, 5/1/2032 | &nbsp;&nbsp; $109883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Citigroup, Inc., Sub., 5.827%, 2/13/2035 | &nbsp;&nbsp; 104080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | Citizens Financial Group, Inc., Sub. Note, 2.638%, 9/30/2032 | &nbsp;&nbsp; 61586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.950%, 3/14/2028 | &nbsp;&nbsp; 65038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | FNB Corp. (PA), 5.722%, 12/11/2030 | &nbsp;&nbsp; 87435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 2.615%, 4/22/2032 | &nbsp;&nbsp; 91875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.102%, 2/24/2033 | &nbsp;&nbsp; 41766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.814%, 4/23/2029 | &nbsp;&nbsp; 119318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 5.218%, 4/23/2031 | &nbsp;&nbsp; 93186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 5.709%, 2/2/2035 | &nbsp;&nbsp; 105437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 2.580%, 4/22/2032 | &nbsp;&nbsp; 133869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 2.963%, 1/25/2033 | &nbsp;&nbsp; 92776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.336%, 1/23/2035 | &nbsp;&nbsp; 57342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.350%, 6/1/2034 | &nbsp;&nbsp; 52342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035 | &nbsp;&nbsp; 109092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | M&T Bank Corp., Sr. Unsecd. Note, 6.082%, 3/13/2032 | &nbsp;&nbsp; 48158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | M&T Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029 | &nbsp;&nbsp; 70516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Morgan Stanley, Sr. Unsecd. Note, 5.192%, 4/17/2031 | &nbsp;&nbsp; 93249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | Morgan Stanley, Sr. Unsecd. Note, 5.466%, 1/18/2035 | &nbsp;&nbsp; 20943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032 | &nbsp;&nbsp; 89706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.928%, 4/28/2032 | &nbsp;&nbsp; 88782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Northern Trust Corp., Sub., 6.125%, 11/2/2032 | &nbsp;&nbsp; 82192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | PNC Financial Services Group, Inc., 5.575%, 1/29/2036 | &nbsp;&nbsp; 42114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.676%, 1/22/2035 | &nbsp;&nbsp; 69010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21763<br><sup>1</sup> <br>| Regional Diversified Funding, 144A, 9.250%, 3/15/2030 | &nbsp;&nbsp; 4570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Regions Financial Corp., Sr. Unsecd. Note, 5.722%, 6/6/2030 | &nbsp;&nbsp; 36676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Synovus Financial Corp., Sr. Unsecd. Note, 6.168%, 11/1/2030 | &nbsp;&nbsp; 52444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Truist Bank, Sub. Note, Series BKNT, 3.300%, 5/15/2026 | &nbsp;&nbsp; 199692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | U.S. Bancorp, 5.100%, 7/23/2030 | &nbsp;&nbsp; 20701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | U.S. Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | &nbsp;&nbsp; 58213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035 | &nbsp;&nbsp; 104791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.879%, 10/30/2030 | &nbsp;&nbsp; 263256 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3267438 |
|  | **Financial Institution - Broker/Asset Mgr/Exchange—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Jefferies Financial Group, Inc., Sr. Unsecd. Note, 2.750%, 10/15/2032 | &nbsp;&nbsp; 39320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Jefferies Financial Group, Inc., Sr. Unsecd. Note, 5.500%, 2/15/2036 | &nbsp;&nbsp; 98390 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137710 |
|  | **Financial Institution - Finance Companies—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 5.300%, 1/19/2034 | &nbsp;&nbsp; 154365 |
|  | **Financial Institution - Insurance - Health—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Elevance Health, Inc., Sr. Unsecd. Note, 5.000%, 1/15/2036 | &nbsp;&nbsp; 100596 |
|  | **Financial Institution - Insurance - Life—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 4.900%, 4/1/2077 | &nbsp;&nbsp; 124278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Pacific Life Insurance Co., Sub. Note, 144A, 4.300%, 10/24/2067 | &nbsp;&nbsp; 96989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Wynnton Funding Trust, Sr. Unsecd. Note, 5.251%, 8/15/2035 | &nbsp;&nbsp; 101260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322527 |
|  | **Financial Institution - Insurance - P&C—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Aon North America, Inc., 5.750%, 3/1/2054 | &nbsp;&nbsp; 99048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Beacon Funding Trust, Sr. Unsecd. Note, 6.266%, 8/15/2054 | &nbsp;&nbsp; 101898 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - Insurance - P&C—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $100000 | CNA Financial Corp., Sr. Unsecd. Note, 5.200%, 8/15/2035 | &nbsp;&nbsp; $100665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Marsh & McLennan Cos., Inc., Sr. Unsecd. Note, 4.650%, 3/15/2030 | &nbsp;&nbsp; 61226 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362837 |
|  | **Financial Institution - REIT - Apartment—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027 | &nbsp;&nbsp; 34843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034 | &nbsp;&nbsp; 52786 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87629 |
|  | **Financial Institution - REIT - Healthcare—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | Physicians Realty Trust, Sr. Unsecd. Note, 4.300%, 3/15/2027 | &nbsp;&nbsp; 40091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2031 | &nbsp;&nbsp; 70536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2032 | &nbsp;&nbsp; 3694622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3805249 |
|  | **Financial Institution - REIT - Office—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | &nbsp;&nbsp; 109809 |
|  | **Financial Institution - REIT - Other—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | WP Carey, Inc., Sr. Unsecd. Note, 5.375%, 6/30/2034 | &nbsp;&nbsp; 51978 |
|  | **Financial Institution - REIT - Retail—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028 | &nbsp;&nbsp; 80441 |
|  | **Technology—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Alphabet, Inc., Sr. Unsecd. Note, 2.050%, 8/15/2050 | &nbsp;&nbsp; 19327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Autodesk, Inc., Sr. Unsecd. Note, 5.300%, 6/15/2035 | &nbsp;&nbsp; 35878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Broadcom, Inc., Sr. Sub. Secd. Note, Series WI, 3.469%, 4/15/2034 | &nbsp;&nbsp; 55538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Broadcom, Inc., Sr. Unsecd. Note, 5.050%, 7/12/2029 | &nbsp;&nbsp; 67265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036 | &nbsp;&nbsp; 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Cisco Systems, Inc., Sr. Unsecd. Note, 5.500%, 2/24/2055 | &nbsp;&nbsp; 90545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.100%, 2/15/2036 | &nbsp;&nbsp; 90373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | &nbsp;&nbsp; 72872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | Global Payments, Inc., Sr. Unsecd. Note, 4.500%, 11/15/2028 | &nbsp;&nbsp; 40103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | Global Payments, Inc., Sr. Unsecd. Note, 5.550%, 11/15/2035 | &nbsp;&nbsp; 69665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Hewlett Packard Enterprise Co., 5.600%, 10/15/2054 | &nbsp;&nbsp; 32233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 5.000%, 10/15/2034 | &nbsp;&nbsp; 54525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029 | &nbsp;&nbsp; 75339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Oracle Corp., Sr. Unsecd. Note, 3.600%, 4/1/2050 | &nbsp;&nbsp; 15651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | Oracle Corp., Sr. Unsecd. Note, 5.200%, 9/26/2035 | &nbsp;&nbsp; 120839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Oracle Corp., Sr. Unsecd. Note, 6.700%, 2/4/2056 | &nbsp;&nbsp; 72778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Oracle Corp., Sr. Unsecd. Note, 6.900%, 11/9/2052 | &nbsp;&nbsp; 74269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Roper Technologies, Inc., Sr. Unsecd. Note, 1.750%, 2/15/2031 | &nbsp;&nbsp; 57125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Synopsys, Inc., Sr. Unsecd. Note, 5.000%, 4/1/2032 | &nbsp;&nbsp; 92826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031 | &nbsp;&nbsp; 27319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Visa, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2027 | &nbsp;&nbsp; 34566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031 | &nbsp;&nbsp; 40332 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1241957 |
|  | **Transportation - Railroads—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | Union Pacific Corp., Sr. Unsecd. Note, 2.400%, 2/5/2030 | &nbsp;&nbsp; 37849 |
|  | **Transportation - Services—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.200%, 10/30/2034 | &nbsp;&nbsp; 78114 |
|  | **Utility - Electric—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | &nbsp;&nbsp; 39202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033 | &nbsp;&nbsp; 58359 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Utility - Electric—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $25000 | Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030 | &nbsp;&nbsp; $23316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | CenterPoint Energy, Inc., Sr. Unsecd. Note, 2.650%, 6/1/2031 | &nbsp;&nbsp; 105095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033 | &nbsp;&nbsp; 69736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series A, 1.450%, 4/15/2026 | &nbsp;&nbsp; 74775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | Duke Energy Corp., Sr. Unsecd. Note, 2.450%, 6/1/2030 | &nbsp;&nbsp; 121891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Duke Energy Corp., Sr. Unsecd. Note, 3.950%, 8/15/2047 | &nbsp;&nbsp; 42880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Evergy Metro, Inc., Sr. Unsecd. Note, 4.200%, 3/15/2048 | &nbsp;&nbsp; 74867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052 | &nbsp;&nbsp; 23637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Exelon Corp., Sr. Unsecd. Note, 4.950%, 3/15/2036 | &nbsp;&nbsp; 99455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049 | &nbsp;&nbsp; 21748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.050%, 2/28/2033 | &nbsp;&nbsp; 67150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | NiSource, Inc., Sr. Unsecd. Note, 4.375%, 5/15/2047 | &nbsp;&nbsp; 55063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Southern Power Co., Sr. Unsecd. Note, Series B, 4.900%, 10/1/2035 | &nbsp;&nbsp; 99697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Virginia Electric & Power Co., Sr. Unsecd. Note, Series A, 3.500%, 3/15/2027 | &nbsp;&nbsp; 119603 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1096474 |
|  | **Utility - Natural Gas Distributor—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Southern California Gas Co., Term Loan - 1st Lien, 5.050%, 9/1/2034 | &nbsp;&nbsp; 2058120 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $23,791,721)<br>| &nbsp;&nbsp;&nbsp; 22842278 |
|  | MORTGAGE-BACKED SECURITIES—3.4% |  |
|  | **Agency—3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7260629 | FHLMC, Pool SD8225, 3.000%, 7/1/2052 | &nbsp;&nbsp; 6579096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6969949 | FHLMC, Pool SD8243, 3.500%, 9/1/2052 | &nbsp;&nbsp; 6578929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6404631 | FNMA, Pool MA4732, 4.000%, 9/1/2052 | &nbsp;&nbsp; 6231689 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $18,620,901)<br>| &nbsp;&nbsp;&nbsp; 19389714 |
|  | COLLATERALIZED MORTGAGE OBLIGATIONS—2.6% |  |
|  | **Federal Home Loan Mortgage Corporation—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523014 | FHLMC REMIC, Series K105, Class A1, 1.536%, 9/25/2029 | &nbsp;&nbsp; 500259 |
|  | **Non-Agency Mortgage-Backed Securities—2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3047597 | GS Mortgage-Backed Securities Trust 2022-PJ3, Class A4, 2.500%, 8/25/2052 | &nbsp;&nbsp; 2609267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581152 | GS Mortgage-Backed Securities Trust 2023-PJ5, Class A16, 6.500%, 2/25/2054 | &nbsp;&nbsp; 589632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5682612 | JP Morgan Mortgage Trust 2022-1, Class A2, 3.000%, 7/25/2052 | &nbsp;&nbsp; 5068623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3791938 | JP Morgan Mortgage Trust 2022-2, Class A3, 2.500%, 8/25/2052 | &nbsp;&nbsp; 3246551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3047006 | JP Morgan Mortgage Trust 2022-3, Class A3, 2.500%, 8/25/2052 | &nbsp;&nbsp; 2608761 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14122834 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS <br>(IDENTIFIED COST $16,105,895)<br>| &nbsp;&nbsp;&nbsp; 14623093 |
|  | COMMERCIAL MORTGAGE-BACKED SECURITIES—0.9% |  |
|  | **Commercial Mortgage—0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Bank 2018-BN15, Class A4, 4.407%, 11/15/2061 | &nbsp;&nbsp; 504449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | Bank 2022-BNK40, Class A4, 3.389%, 3/15/2064 | &nbsp;&nbsp; 325849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | Benchmark Mortgage Trust 2019-B11, Class A5, 3.542%, 5/15/2052 | &nbsp;&nbsp; 660588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265277 | Benchmark Mortgage Trust 2021-B26, Class A2, 1.957%, 6/15/2054 | &nbsp;&nbsp; 263271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1080000<br><sup>2</sup> <br>| BX Trust 2026-CSMO, Class A, 5.067% (CME Term SOFR 1 Month +1.400%), 2/15/2042 | &nbsp;&nbsp; 1080336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381601 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | &nbsp;&nbsp; 377089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650000<br><sup>2</sup> <br>| ORL Trust 2024-GLKS, Class B, 5.551% (CME Term SOFR 1 Month +1.892%), 12/15/2039 | &nbsp;&nbsp; 1649998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $4,946,830)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4861580 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | FOREIGN GOVERNMENTS/AGENCY—0.8% |  |
|  | **Sovereign—0.8%** |  |
| AUD 6,750,000 | Australia, Government of, Sr. Unsecd. Note, Series 154, 2.750%, 11/21/2029 <br>(IDENTIFIED COST $4,512,975)<br>| &nbsp;&nbsp; $4560045 |
|  | ASSET-BACKED SECURITIES—0.7% |  |
|  | **Services—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $2174779 | Home Partners of America Trust 2022-1, Class B, 4.330%, 4/17/2039 | &nbsp;&nbsp; 2174305 |
|  | **Student Loans—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001855 | Navient Student Loan Trust 2021-GA, Class A, 1.580%, 4/15/2070 | &nbsp;&nbsp; 922907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740750 | SMB Private Education Loan Trust 2021-E, Class A1A, 1.680%, 2/15/2051 | &nbsp;&nbsp; 711414 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1634321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $3,897,914)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3808626 |
|  | COMMON STOCKS—0.4% |  |
|  | **Automotive—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645 | Lear Corp. | &nbsp;&nbsp; 84656 |
|  | **Building Materials—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5775<br><sup>3</sup> <br>| Masterbrand, Inc. | &nbsp;&nbsp; 58443 |
|  | **Chemicals—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1260 | Ashland, Inc. | &nbsp;&nbsp; 78574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575<br><sup>3</sup> <br>| Axalta Coating Systems Ltd. | &nbsp;&nbsp; 52621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6035<br><sup>3</sup> <br>| Ecovyst, Inc. | &nbsp;&nbsp; 68014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700 | Koppers Holdings, Inc. | &nbsp;&nbsp; 102060 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301269 |
|  | **Commercial Services & Supplies—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2895 | Interface, Inc. | &nbsp;&nbsp; 91164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 | The Brink's Co. | &nbsp;&nbsp; 68310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159474 |
|  | **Construction Machinery—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 | Herc Holdings, Inc. | &nbsp;&nbsp; 75487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | United Rentals North America, Inc. | &nbsp;&nbsp; 58800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134287 |
|  | **Consumer Products—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2605 | Energizer Holdings, Inc. | &nbsp;&nbsp; 56242 |
|  | **Containers & Packaging—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6868 | Graphic Packaging Holding Co. | &nbsp;&nbsp; 83996 |
|  | **Diversified Manufacturing—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 | WESCO International, Inc. | &nbsp;&nbsp; 110010 |
|  | **Food & Beverage—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885<br><sup>3</sup> <br>| US Foods Holding Corp. | &nbsp;&nbsp; 85500 |
|  | **Food & Staples Retailing—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350 | Albertsons Cos., Inc. | &nbsp;&nbsp; 42065 |
|  | **Gaming—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925 | Boyd Gaming Corp. | &nbsp;&nbsp; 76988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4240<br><sup>3</sup> <br>| Caesars Entertainment, Inc. | &nbsp;&nbsp; 106212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1345 | Red Rock Resorts, Inc. | &nbsp;&nbsp; 81439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264639 |
|  | **Independent Energy—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2323 | Devon Energy Corp. | &nbsp;&nbsp; 101120 |
|  | **Insurance—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100 | Ryan Specialty Group Holdings, Inc. | &nbsp;&nbsp; 82635 |

---

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Midstream—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4481 | Suburban Propane Partners LP | &nbsp;&nbsp; $90964 |
|  | **Pharmaceuticals—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8440<br><sup>3</sup> <br>| Bausch Health Cos., Inc. | &nbsp;&nbsp; 50049 |
|  | **Technology—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 | CDW Corp. | &nbsp;&nbsp; 74810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710 | Dell Technologies, Inc. | &nbsp;&nbsp; 105137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515 | Science Applications International Corp. | &nbsp;&nbsp; 47514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2585 | Sensata Technologies Holdings PLC | &nbsp;&nbsp; 96524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323985 |
|  | **Utility - Electric—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 | NRG Energy, Inc. | &nbsp;&nbsp; 105587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | Vistra Corp. | &nbsp;&nbsp; 72164 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS <br>(IDENTIFIED COST $2,113,468)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2207085 |
|  | AGENCY RISK TRANSFER SECURITY—0.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $1250000<br><sup>2</sup> <br>| FNMA - CAS 2023-R05, Series 2023-R05, Class 1M2, 6.767% (30-DAY AVERAGE SOFR +3.100%), 6/25/2043 <br>(IDENTIFIED COST $1,250,000)<br>| &nbsp;&nbsp; 1297318 |
|  | PREFERRED STOCK—0.0% |  |
|  | **Financials—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000<br><sup>1,3,4</sup> <br>| Lehman Brothers Holdings, Inc., Pfd., 5.670% <br>(IDENTIFIED COST $3,400)<br>| &nbsp;&nbsp; 400 |
|  | PURCHASED CALL OPTION—0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 | BNP USD CALL/JPY PUT, Exercise Price $155, Notional Amount $936,180,000, Expiration Date 3/18/2026 <br>(IDENTIFIED COST $46,710)<br>| &nbsp;&nbsp; 67056 |
|  | PURCHASED PUT OPTIONS—0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $6000000 | BNP EUR PUT/USD CALL, Exercise Price $1.1625, Notional Amount $7,080,000, Expiration Date 4/10/2026 | &nbsp;&nbsp; 13872 |
| &nbsp;&nbsp;&nbsp;&nbsp; $225000 | United States Treasury, 0.000%, Exercise Price 112.50, Notional Amount $25,616,250, Expiration Date 3/28/2026 | &nbsp;&nbsp; 21094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PURCHASED PUT OPTIONS <br>(IDENTIFIED COST $165,569)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34966 |
|  | INVESTMENT COMPANIES—78.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12673724 | Emerging Markets Core Fund | &nbsp;&nbsp; 115711103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27270924 | Federated Hermes Government Obligations Fund, Premier Shares, 3.59%<sup>5</sup> <br>| &nbsp;&nbsp; 27270924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30748234 | High Yield Bond Core Fund | &nbsp;&nbsp; 175264934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10770824 | Mortgage Core Fund | &nbsp;&nbsp; 92629091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3843787 | Project and Trade Finance Core Fund | &nbsp;&nbsp; 34286577 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT COMPANIES <br>(IDENTIFIED COST $494,049,561)<br>| &nbsp;&nbsp; 445162629 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—104.4% <br>(IDENTIFIED COST $638,383,265)<br>| &nbsp;&nbsp; 588858636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(4.4)%<sup>6</sup> <br>| &nbsp;&nbsp; (24622777) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $564235859 |

---

**8**

------

At February 28, 2026, the Fund had the following outstanding futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Value**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Futures:** |  |  |  |  |
| United States Treasury Notes 2-Year Long Futures | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; $15695508 | June 2026 | &nbsp;&nbsp;&nbsp; $25624 |
| United States Treasury Notes 5-Year Long Futures | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; $1982531 | June 2026 | &nbsp;&nbsp;&nbsp; $5344 |
| United States Treasury Notes 10-Year Long Futures | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; $910500 | June 2026 | &nbsp;&nbsp;&nbsp; $3868 |
| **Short Futures:** |  |  |  |  |
| United States Treasury Notes 10-Year Ultra Short Futures | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; $2918360 | June 2026 | &nbsp;&nbsp;&nbsp; $(21355) |
| United States Treasury Ultra Bond Short Futures | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; $2310281 | June 2026 | &nbsp;&nbsp;&nbsp; $(20851) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp; $(7370) |

---

At February 28, 2026, the Fund had the following outstanding written options contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Exercise** <br>**Price**<br>| **Value** |
| **Call Options:** |  |  |  |  |  |  |
| Bank of America | GBP CALL/USD PUT | &nbsp;&nbsp; (6000000) | &nbsp;&nbsp; $6000000 | March 2026 | &nbsp;&nbsp; $1.37 | &nbsp;&nbsp; $(4398) |
| BNP Paribas | EUR CALL/USD PUT | &nbsp;&nbsp; (12000000) | &nbsp;&nbsp; $12000000 | April 2026 | &nbsp;&nbsp; $1.18 | &nbsp;&nbsp; $(117936) |
| BNP Paribas | USD CALL/JPY PUT | &nbsp;&nbsp; (12000000) | &nbsp;&nbsp; $12000000 | April 2026 | &nbsp;&nbsp; $159.00 | &nbsp;&nbsp; $(52944) |
| J.P. Morgan | Russell 2000 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200) | &nbsp;&nbsp; $52647200 | March 2026 | &nbsp;&nbsp; $2775.00 | &nbsp;&nbsp; $(157000) |
| J.P. Morgan | United States Treasury, 104.625%, 3/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450) | &nbsp;&nbsp; $94017600 | March 2026 | &nbsp;&nbsp; $104.62 | &nbsp;&nbsp; $(154688) |
| J.P. Morgan | United States Treasury, 113.50%, 3/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300) | &nbsp;&nbsp; $32910900 | March 2026 | &nbsp;&nbsp; $113.50 | &nbsp;&nbsp; $(220312) |
| Morgan Stanley | GBP CALL/USD PUT | &nbsp;&nbsp; (6000000) | &nbsp;&nbsp; $6000000 | March 2026 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $(27102) |
| Morgan Stanley | USD CALL/ZAR PUT | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | April 2026 | &nbsp;&nbsp; $16.70 | &nbsp;&nbsp; $(66720) |
| UBS | AUD CALL/ USD PUT | &nbsp;&nbsp; (20000000) | &nbsp;&nbsp; $20000000 | April 2026 | &nbsp;&nbsp; $0.69 | &nbsp;&nbsp; $(696320) |
| **Put Options:** |  |  |  |  |  |  |
| Bank of America | USD PUT/ZAR CALL | &nbsp;&nbsp; (12000000) | &nbsp;&nbsp; $12000000 | March 2026 | &nbsp;&nbsp; $15.75 | &nbsp;&nbsp; $(66756) |
| Bank of America | USD PUT/ CHF CALL | &nbsp;&nbsp; (15000000) | &nbsp;&nbsp; $15000000 | April 2026 | &nbsp;&nbsp; $0.74 | &nbsp;&nbsp; $(54795) |
| Barclays | AUD PUT/USD CALL | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | April 2026 | &nbsp;&nbsp; $0.68 | &nbsp;&nbsp; $(19700) |
| Barclays | GBP PUT/USD CALL | &nbsp;&nbsp; (12000000) | &nbsp;&nbsp; $12000000 | March 2026 | &nbsp;&nbsp; $1.34 | &nbsp;&nbsp; $(26556) |
| J.P. Morgan | Russell 2000 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150) | &nbsp;&nbsp; $394854000 | March 2026 | &nbsp;&nbsp; $2550.00 | &nbsp;&nbsp; $(516000) |
| J.P. Morgan | United States Treasury, 104.38%, 3/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450) | &nbsp;&nbsp; $94017600 | March 2026 | &nbsp;&nbsp; $104.37 | &nbsp;&nbsp; $(42188) |
| Morgan Stanley | NZD PUT/USD CALL | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | March 2026 | &nbsp;&nbsp; $0.59 | &nbsp;&nbsp; $(2430) |
| UBS | USD PUT/NOK CALL | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | April 2026 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $(61840) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $2,383,252) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $2,383,252) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $2,383,252) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $2,383,252) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $2,383,252) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $2,383,252) | &nbsp;&nbsp; $(2287685) |

---

Net Unrealized Appreciation/Depreciation on Futures Contracts and the value of Written Option Contracts is included in "Other Assets and Liabilities–Net."

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended February 28, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliates** | **Value as of** <br>**11/30/2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Net** <br>**Realized** <br>**Gain/** <br>**(Loss)**<br>| **Value as of** <br>**2/28/2026**<br>| **Shares** <br>**Held as of** <br>**2/28/2026**<br>| **Dividend** <br>**Income**<br>|
| Emerging Markets Core Fund | $117158626 | $2935627 | $(5000000) | $894993 | $(278143) | $115711103 | 12673724 | $2916177 |
| Federated Hermes Government Obligations <br> Fund, Premier Shares<br>| $14905725 | $67250032 | $(54884833) | $— | $— | $27270924 | 27270924 | $86636 |
| High Yield Bond Core Fund | $180853812 | $— | $(5000000) | $(49747) | $(539131) | $175264934 | 30748234 | $2773508 |
| Mortgage Core Fund | $91659717 | $— | $— | $969374 | $— | $92629091 | 10770824 | $1172257 |
| Project and Trade Finance Core Fund | $— | $34300000 | $— | $(13423) | $— | $34286577 | &nbsp;&nbsp; 3843787 | $123852 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OF AFFILIATED TRANSACTIONS | $404577880 | $104485659 | $(64884833) | $1801197 | $(817274) | $445162629 | 85307493 | $7072430 |

---

**9**

------

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

---

| | |
|:---|:---|
| 1 | *Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established* <br> *by and under the general supervision of the Fund's Adviser acting through its Valuation Committee ("Valuation Committee").*<br>|
| 2 | *Floating/variable note with current rate and current maturity or next reset date shown.* |
| 3 | *Non-income-producing security.* |
| 4 | *Issuer in default.* |
| 5 | *7-day net yield.* |
| 6 | *Assets, other than investments in securities, less liabilities* |

---

Note: The categories of investments are shown as a percentage of net assets at February 28, 2026.

**Investment Valuation** 

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

■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the 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.

■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.

■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.

■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.

■ 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, is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation and Significant Events Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund's Board of Directors (the "Directors") 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 Directors' oversight and certain reporting and other requirements intended to provide the Directors 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 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 Directors periodically review the fair valuations made by the Valuation Committee. The Directors 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.

The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is

**10**

------

both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;

■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.

The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Directors periodically review fair valuations made in response to significant events.

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.

**11**

------

&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 February 28, 2026, 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:** |  |  |  |  |
| U.S. Treasuries | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70003846 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70003846 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22837708 | &nbsp;&nbsp; 4570 | &nbsp;&nbsp;&nbsp; 22842278 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19389714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19389714 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14623093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14623093 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4861580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4861580 |
| Foreign Governments/Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4560045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4560045 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3808626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3808626 |
| Agency Risk Transfer Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1297318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1297318 |
| **Purchased Call Option** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67056 |
| **Purchased Put Options** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34966 |
| **Equity Securities:** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Domestic | &nbsp;&nbsp;&nbsp;&nbsp; 2207085 | &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; 2207085 |
| Preferred Stock |  |  |  |  |
| &nbsp;&nbsp; Domestic | &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; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| **Investment Companies** | &nbsp;&nbsp; 410876052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 410876052 |
| Other Investments<sup>1</sup> <br>| &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; 34286577 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $413104231 | &nbsp;&nbsp; $141462858 | &nbsp;&nbsp; $4970 | &nbsp;&nbsp; $588858636 |
| **Other Financial Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $34836 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34836 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42206) | &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; (42206) |
| &nbsp;&nbsp; Written Options Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1090188) | &nbsp;&nbsp;&nbsp;&nbsp; (1197497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2287685) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER FINANCIAL INSTRUMENTS | &nbsp;&nbsp; $(1097558) | &nbsp;&nbsp; $(1197497) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2295055) |

---

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

---

| | |
|:---|:---|
| 1 | *As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $34,286,577 is measured at fair value using the net* <br> *asset value (NAV) per share practical expedient and has not been categorized in the chart above but is included in the Total column. The amount included herein* <br> *is intended to permit reconciliation of the fair value classifications to the amounts presented on the Statements of Assets and Liabilities. The price of shares* <br> *redeemed of Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder* <br> *redemption request.*<br>|

---

&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: |
| AUD | —Australian Dollar |
| BKNT | —Bank Notes |
| CAS | —Connecticut Avenue Securities |
| CHF | —Swiss Franc |
| EUR | —Euro |
| FHLMC | —Federal Home Loan Mortgage Corporation |
| FNMA | —Federal National Mortgage Association |
| GBP | —British Pound |
| GMTN | —Global Medium Term Note |
| JPY | —Japanese Yen |
| MTN | —Medium Term Note |
| NZD | —New Zealand Dollar |
| REIT | —Real Estate Investment Trust |
| REMIC | —Real Estate Mortgage Investment Conduit |
| SOFR | —Secured Overnight Financing Rate |
| USD | —United States Dollar |
| ZAR | —South African Rand |

---

**12**

------

## 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 Fixed Income Securities, Inc.

- **b. Investment Company Act file number:** 811-06447

- **c. CIK number of Registrant:** 0000879569

- **d. LEI of Registrant:** 254900OYMR6KVQBBZ575

- **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 Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000009739

- **c. LEI of Series:** UIG5TTFLY6PZ0FC9OB90

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

- **a. Date of fiscal year-end:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-28

**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:** $569444293.05

**Total Liabilities:** $4853561.68

**Net Assets:** $564590731.37

**Cash Not Reported:** $2187360.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -102.903278000000 | **1-Year:** -1784.393296000000 | **5-Year:** -7774.530975000000 | **10-Year:** -6404.870611000000 | **30-Year:** -2045.706572000000

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

- **3-Month:** -2.562220000000 | **1-Year:** -154.782104000000 | **5-Year:** -48.428867000000 | **10-Year:** 0.000556000000 | **30-Year:** 0.000556000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000026757 | 0.50%                | 0.32%                | 1.28%                |
| Class ID C000026759 | 0.43%                | 0.13%                | 1.35%                |
| Class ID C000026760 | 0.50%                | 0.20%                | 1.42%                |
| Class ID C000062222 | 0.53%                | 0.23%                | 1.32%                |
| Class ID C000177003 | 0.53%                | 0.23%                | 1.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3110.77                | $-732226.22                                |
| Month 2  | $-803882.76              | $1047963.67                                |
| Month 3  | $-806081.68              | $3203916.29                                |

**Designated Index Information**

- **Index Name:** 25% Bloomberg EM Seasoned ex Aggregate/Eurodollar, 40% Barclays US HY 2pc Issuer Capped, 35% Bloomberg U.S. Mortgage Backed Securities index

- **Index Identifier:** 22F6 Blend BM

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AERCAP IRELAND CAP/GLOBA                                                 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBH7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $154365.03    | 0.03%             | 2034-01-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                             | Alphabet Inc                                                                    | CUSIP: 02079KAF4<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     35000 | PA      | $19326.60     | 0.00%             | 2050-08-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                                         | Black Hills Corp                                                                | CUSIP: 092113AT6<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23315.71     | 0.00%             | 2030-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DH EUROPE FINANCE II                                                     | DH Europe Finance II Sarl                                                       | CUSIP: 23291KAH8<br>LEI: 222100KDGL314CKTZ511 | Long             | DBT              | CORP              | LU        |     30000 | PA      | $28632.22     | 0.01%             | 2029-11-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                                              | Exelon Corp                                                                     | CUSIP: 30161NBV2<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99454.79     | 0.02%             | 2036-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                               | Fiserv Inc                                                                      | CUSIP: 337738AU2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72872.12     | 0.01%             | 2029-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     45000 | PA      | $41765.58     | 0.01%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                                         | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBW8<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32233.28     | 0.01%             | 2054-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                           | Home Depot Inc/The                                                              | CUSIP: 437076BY7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117031.65    | 0.02%             | 2029-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust                                           | Home Partners of America 2022-1 Trust                                           | CUSIP: 43730NAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2174779 | PA      | $2174305.32   | 0.39%             |  |  |  | Yes           |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                                                  | Jefferies Group LLC                                                             | CUSIP: 47233JDX3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39319.66     | 0.01%             | 2032-10-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Koppers Holdings Inc                                                     | Koppers Holdings Inc                                                            | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2700 | NS      | $102060.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KRAFT HEINZ FOODS CO                                                     | Kraft Heinz Foods Co                                                            | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24647.69     | 0.00%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                                                | Kroger Co/The                                                                   | CUSIP: 501044DG3<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42836.72     | 0.01%             | 2047-02-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| LAM RESEARCH CORP                                                        | Lam Research Corp                                                               | CUSIP: 512807AU2<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75338.90     | 0.01%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                             | NiSource Inc                                                                    | CUSIP: 65473QBF9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     65000 | PA      | $55063.29     | 0.01%             | 2047-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                                      | Northern Trust Corp                                                             | CUSIP: 665859AX2<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |     75000 | PA      | $82192.00     | 0.01%             | 2032-11-02      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ORANGE SA                                                                | Orange SA                                                                       | CUSIP: 685218AF6<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $200955.46    | 0.04%             | 2036-01-13      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| OVINTIV INC                                                              | Ovintiv Inc                                                                     | CUSIP: 69047QAD4<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |     35000 | PA      | $39085.93     | 0.01%             | 2053-07-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| VALMONT INDUSTRIES INC                                                   | Valmont Industries Inc                                                          | CUSIP: 920253AE1<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33720.82     | 0.01%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VALMONT INDUSTRIES INC                                                   | Valmont Industries Inc                                                          | CUSIP: 920253AF8<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37162.48     | 0.01%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | RUSSELL 2000 INDEX                                                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |      -200 | NC      | $-157000.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                           | BNC002333 USD CALL JPY PUT                                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        | -12000000 | OU      | $-52944.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                        | CUSIP: 00206RKB7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3496.10      | 0.00%             | 2060-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                                  | American Electric Power Co Inc                                                  | CUSIP: 025537AX9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58359.02     | 0.01%             | 2033-03-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                | Amgen Inc                                                                       | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78280.00     | 0.01%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                | Amgen Inc                                                                       | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     80000 | PA      | $83789.73     | 0.01%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                | Amgen Inc                                                                       | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79912.42     | 0.01%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Ashland Inc                                                              | Ashland Global Holdings Inc                                                     | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |      1260 | NS      | $78573.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES                                                    | AvalonBay Communities Inc                                                       | CUSIP: 05348EBA6<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              |  | US        |     35000 | PA      | $34843.55     | 0.01%             | 2027-05-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                         | BAT Capital Corp                                                                | CUSIP: 05526DBU8<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22613.81     | 0.00%             | 2050-09-25      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Bank                                                                     | BANK 2018-BNK15                                                                 | CUSIP: 06036FBC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $504449.20    | 0.09%             | 2061-11-15      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                            | CUSIP: 06051GHX0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47984.06     | 0.01%             | 2030-10-22      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                                               | Biogen Inc                                                                      | CUSIP: 09062XAH6<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |     60000 | PA      | $55672.08     | 0.01%             | 2030-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                | Boeing Co/The                                                                   | CUSIP: 097023CR4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $21527.68     | 0.00%             | 2059-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                | Boeing Co/The                                                                   | CUSIP: 097023DC6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58300.21     | 0.01%             | 2031-02-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                  | Bristol-Myers Squibb Co                                                         | CUSIP: 110122CR7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45785.70     | 0.01%             | 2049-10-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CDW Corp/DE                                                              | CDW Corp/DE                                                                     | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |       610 | NS      | $74810.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                 | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $20859.61     | 0.00%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                 | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $42558.30     | 0.01%             | 2034-06-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                                        | Cisco Systems Inc                                                               | CUSIP: 17275RCA8<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90544.92     | 0.02%             | 2055-02-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                                                 | Constellation Energy Generation LLC                                             | CUSIP: 210385AC4<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     65000 | PA      | $69735.59     | 0.01%             | 2033-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                         | Crown Castle International Corp                                                 | CUSIP: 22822VAM3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     55000 | PA      | $50718.20     | 0.01%             | 2049-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Dell Technologies Inc                                                    | Dell Technologies Inc                                                           | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |       710 | NS      | $105136.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC                                                      | Dominion Energy Inc                                                             | CUSIP: 25746UDJ5<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74775.43     | 0.01%             | 2026-04-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | Enbridge Inc                                                                    | CUSIP: 29250NCP8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51000.88     | 0.01%             | 2035-11-20      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                         | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FRUH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    523014 | PA      | $500259.64    | 0.09%             | 2029-09-25      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Federated Core Trust - High Yield Bond Portfolio                         | FED HIGH YLD BOND PORT                                                          | CUSIP: 000000000<br>LEI: 549300FJ1PZWFDNRP685 | Long             | EC               | RF                | US        |  30748234 | NS      | $175264934.44 | 31.04%            |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS CO                                                        | General Motors Co                                                               | CUSIP: 37045VAJ9<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91118.27     | 0.02%             | 2045-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                      | Global Payments Inc                                                             | CUSIP: 37940XAV4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40103.34     | 0.01%             | 2028-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93186.06     | 0.02%             | 2031-04-23      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119317.78    | 0.02%             | 2029-04-23      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91874.57     | 0.02%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                  | HCA Inc                                                                         | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24901.11     | 0.00%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Interface Inc                                                            | Interface Inc                                                                   | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |      2895 | NS      | $91163.55     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                             | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    145000 | PA      | $133869.06    | 0.02%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                             | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57342.32     | 0.01%             | 2035-01-23      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                 | JP Morgan Mortgage Trust 2022-3                                                 | CUSIP: 46654UAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3047006 | PA      | $2608761.10   | 0.46%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| KEYCORP                                                                  | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $109092.18    | 0.02%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                                               | Leidos Inc                                                                      | CUSIP: 52532XAF2<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75290.81     | 0.01%             | 2030-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                 | Mars Inc                                                                        | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30443.13     | 0.01%             | 2055-05-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                                 | Marsh & McLennan Cos Inc                                                        | CUSIP: 571748CA8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61225.57     | 0.01%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Masterbrand Inc                                                          | Masterbrand Inc                                                                 | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |      5775 | NS      | $58443.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                                                           | NRG Energy Inc                                                                  | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       590 | NS      | $105586.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                                    | Northrop Grumman Corp                                                           | CUSIP: 666807BN1<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54456.22     | 0.01%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ORL TRUST                                                                | ORL Trust 2024-GLKS                                                             | CUSIP: 67120DAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $1649998.19   | 0.29%             | 2039-12-15      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                     | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74268.68     | 0.01%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                     | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120838.86    | 0.02%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                   | Philip Morris International Inc                                                 | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    115000 | PA      | $124073.91    | 0.02%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DOC DR LLC                                                               | Physicians Realty LP                                                            | CUSIP: 71951QAA0<br>LEI: 549300P6Q1UMT0X60U20 | Long             | DBT              |  | US        |     40000 | PA      | $40090.98     | 0.01%             | 2027-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                                 | Rogers Communications Inc                                                       | CUSIP: 775109CJ8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $87471.50     | 0.02%             | 2042-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                                  | Royal Caribbean Cruises Ltd                                                     | CUSIP: 78017TAD5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    130000 | PA      | $130260.14    | 0.02%             | 2038-02-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                                                     | Shell Finance US Inc                                                            | CUSIP: 822905AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $37243.79     | 0.01%             | 2046-05-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN POWER CO                                                        | Southern Power Co                                                               | CUSIP: 843646AY6<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99696.74     | 0.02%             | 2035-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Suburban Propane Partners LP                                             | Suburban Propane Partners LP                                                    | CUSIP: 864482104<br>LEI: JJAX4X60DE65EYFOTY73 | Long             | EC               | CORP              | US        |      4481 | NS      | $90964.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                                         | T-Mobile USA Inc                                                                | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     60000 | PA      | $40962.08     | 0.01%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                     | Targa Resources Corp                                                            | CUSIP: 87612GAS0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101885.69    | 0.02%             | 2036-07-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                                    | Uber Technologies Inc                                                           | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60366.96     | 0.01%             | 2030-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                       | Union Pacific Corp                                                              | CUSIP: 907818FH6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37849.20     | 0.01%             | 2030-02-05      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| United Rentals Inc                                                       | United Rentals Inc                                                              | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |        70 | NS      | $58800.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                                                               | US Bancorp                                                                      | CUSIP: 91159HJS0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20701.11     | 0.00%             | 2030-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $30611643.00  | 5.42%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CPT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5015234.50   | 0.89%             | 2029-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                              | Vistra Corp                                                                     | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       415 | NS      | $72164.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GROUP PLC                                                       | Vodafone Group PLC                                                              | CUSIP: 92857WBY5<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     65000 | PA      | $63260.61     | 0.01%             | 2053-02-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                         | Welltower Inc                                                                   | CUSIP: 95040QAL8<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |     75000 | PA      | $70536.06     | 0.01%             | 2031-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                         | Welltower Inc                                                                   | CUSIP: 95040QAP9<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |   4000000 | PA      | $3694621.80   | 0.65%             | 2032-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WYNNTON FUNDING TRUST                                                    | Wynnton Funding Trust                                                           | CUSIP: 983196AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101259.80    | 0.02%             | 2035-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US 10YR NOTE (CBT)JUN26                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         8 | NC      | $3868.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                        | CUSIP: 00206RNK4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126181.03    | 0.02%             | 2056-04-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EVERGY METRO                                                             | Kansas City Power & Light Co                                                    | CUSIP: 485134BR0<br>LEI: 1128SIJQ26096WL7IO82 | Long             | DBT              | CORP              | US        |     90000 | PA      | $74866.62     | 0.01%             | 2048-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                  | MPLX LP                                                                         | CUSIP: 55336VBT6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85985.80     | 0.02%             | 2052-03-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                                             | WP Carey Inc                                                                    | CUSIP: 92936UAM1<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |     50000 | PA      | $51977.69     | 0.01%             | 2034-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                   | General Motors Financial Co Inc                                                 | CUSIP: 37045XFJ0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52268.30     | 0.01%             | 2030-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                           | BNP001848 EUR PUT USD CALL                                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |   6000000 | OU      | $13872.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                    | BAC002405 GBP CALL USD PUT                                                      | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        |  -6000000 | OU      | $-4398.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                    | BAP002393 USD PUT CHF CALL                                                      | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        |   7500000 | OU      | $72487.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                    | BAP002385 USD PUT CHF CALL                                                      | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        | -15000000 | OU      | $-54795.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                                                   | BYP002425 GBP PUT USD CALL                                                      | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              |  | US        | -12000000 | OU      | $-26556.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                               | AbbVie Inc                                                                      | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64600.47     | 0.01%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos Inc                                                    | Bausch Health Cos Inc                                                           | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |      8440 | NS      | $50049.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                    | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67264.68     | 0.01%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| COCA-COLA FEMSA SAB CV                                                   | Coca-Cola Femsa SAB de CV                                                       | CUSIP: 191241AH1<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    150000 | PA      | $143303.30    | 0.03%             | 2030-01-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                      | GS Mortgage-Backed Securities Trust 2022-PJ3                                    | CUSIP: 362924AE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3047597 | PA      | $2609266.78   | 0.46%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings Inc                                                        | Herc Holdings Inc                                                               | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |       540 | NS      | $75486.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                                  | Hyundai Capital America                                                         | CUSIP: 44891ADX2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105030.36    | 0.02%             | 2032-06-23      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                        | L3Harris Technologies Inc                                                       | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52693.05     | 0.01%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                | ONEOK Inc                                                                       | CUSIP: 682680AU7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65725.96     | 0.01%             | 2028-07-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                     | Targa Resources Corp                                                            | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29143.55     | 0.01%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                   | Verizon Communications Inc                                                      | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     45000 | PA      | $32634.07     | 0.01%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                    | BAC001849 NZD CALL USD PUT                                                      | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        | -10000000 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sensata Technologies Holding PLC                                         | Sensata Technologies Holding PLC                                                | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |      2585 | NS      | $96523.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                                               | AbbVie Inc                                                                      | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58616.95     | 0.01%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos Inc                                                       | Albertsons Cos Inc                                                              | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |      2350 | NS      | $42065.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH INDUSTRIAL NV                                                        | CNH Industrial NV                                                               | CUSIP: 12594KAB8<br>LEI: 549300WGC2HZ5J67V817 | Long             | DBT              | CORP              | NL        |     40000 | PA      | $39970.67     | 0.01%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                                                   | CenterPoint Energy Inc                                                          | CUSIP: 15189TBB2<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    115000 | PA      | $105095.49    | 0.02%             | 2031-06-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ERAC USA FINANCE LLC                                                     | ERAC USA Finance LLC                                                            | CUSIP: 26884TAZ5<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78114.31     | 0.01%             | 2034-10-30      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| EASTERN GAS TRAN                                                         | Eastern Gas Transmission & Storage Inc                                          | CUSIP: 276480AB6<br>LEI: H2VQBNB3NSKRM5QWBI71 | Long             | DBT              | CORP              | US        |     45000 | PA      | $33926.76     | 0.01%             | 2049-11-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                       | Meta Platforms Inc                                                              | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101033.70    | 0.02%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                                         | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54524.43     | 0.01%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                             | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52341.96     | 0.01%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Lehman Brothers Holdings Inc                                             | LEHMAN BRTH HLD RICI ESCROW                                                     | CUSIP: 524ESC886<br>LEI: 549300FDK6ZP3YIHRJ47 | Long             | EC               | CORP              | US        |     40000 | NS      | $400.00       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| M&T BANK CORPORATION                                                     | M&T Bank Corp                                                                   | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     65000 | PA      | $70516.13     | 0.01%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| Red Rock Resorts Inc                                                     | Red Rock Resorts, Inc. Class A                                                  | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1345 | NS      | $81439.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORP                                                   | Regions Financial Corp                                                          | CUSIP: 7591EPAU4<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36675.55     | 0.01%             | 2030-06-06      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                                         | SMB Private Education Loan Trust 2021-E                                         | CUSIP: 78450MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    740751 | PA      | $711413.76    | 0.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Australia Government Bonds                                               | Australia Government Bonds                                                      | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |   6750000 | PA      | $4560045.47   | 0.81%             | 2029-11-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                            | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52416.59     | 0.01%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                      | COMM 2015-DC1 Mortgage Trust                                                    | CUSIP: 12629NAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    381601 | PA      | $377088.63    | 0.07%             | 2048-02-10      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                 | JP Morgan Mortgage Trust 2022-2                                                 | CUSIP: 46655DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3791938 | PA      | $3246550.76   | 0.58%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                  | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20943.01     | 0.00%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                      | American Tower Corp                                                             | CUSIP: 03027XCR9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     90000 | PA      | $91061.25     | 0.02%             | 2032-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| APA CORP                                                                 | APA Corp                                                                        | CUSIP: 03743QAT5<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76728.31     | 0.01%             | 2055-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BEACON FUNDING TRUST                                                     | Beacon Funding Trust                                                            | CUSIP: 073952AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101898.02    | 0.02%             | 2054-08-15      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Brink's Co/The                                                           | Brink's Co/The                                                                  | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |       585 | NS      | $68310.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                    | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2589.16      | 0.00%             | 2036-11-15      | Fixed         | 3.19%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                 | Capital One Financial Corp                                                      | CUSIP: 14040HDQ5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151418.91    | 0.03%             | 2037-01-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AGILENT TECHNOLOGIES INC                                                 | Agilent Technologies Inc                                                        | CUSIP: 00846UAM3<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27639.24     | 0.00%             | 2030-06-04      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                         | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 207942AB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1250000 | PA      | $1297318.00   | 0.23%             | 2043-06-25      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                         | Duke Energy Corp                                                                | CUSIP: 26441CAY1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     55000 | PA      | $42879.90     | 0.01%             | 2047-08-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| FNB CORP                                                                 | FNB Corp/PA                                                                     | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87434.67     | 0.02%             | 2030-12-11      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                      | Fifth Third Bancorp                                                             | CUSIP: 316773CV0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65037.55     | 0.01%             | 2028-03-14      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                     | M&T Bank Corp                                                                   | CUSIP: 55261FAT1<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     45000 | PA      | $48158.42     | 0.01%             | 2032-03-13      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                 | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51791.26     | 0.01%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Federated Hermes Government Obligations Fund                             | Federated Hermes Government Obligations Fund                                    | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |  27270924 | NS      | $27270923.66  | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                   | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     65000 | PA      | $69009.83     | 0.01%             | 2035-01-22      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2110312.40   | 0.37%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                 | Virginia Electric & Power Co                                                    | CUSIP: 927804FX7<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119603.50    | 0.02%             | 2027-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VISA INC                                                                 | Visa Inc                                                                        | CUSIP: 92826CAH5<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34566.38     | 0.01%             | 2027-09-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | Enbridge Inc                                                                    | CUSIP: 29250NCD5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $103187.92    | 0.02%             | 2054-04-05      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                 | FirstEnergy Transmission LLC                                                    | CUSIP: 33767BAC3<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21747.52     | 0.00%             | 2049-04-01      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                                       | Ingersoll Rand Inc                                                              | CUSIP: 45687VAF3<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15760.39     | 0.00%             | 2034-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Science Applications International Corp                                  | Science Applications International Corp                                         | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |       515 | NS      | $47513.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CALIF GAS CO                                                    | Southern California Gas Co                                                      | CUSIP: 842434DB5<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2058120.02   | 0.36%             | 2034-09-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UDR INC                                                                  | UDR Inc                                                                         | CUSIP: 90265EAS9<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |     60000 | PA      | $52785.67     | 0.01%             | 2034-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22500000 | PA      | $23062500.00  | 4.08%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                 | MSC002415 USD CALL ZAR PUT                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        | -10000000 | OU      | $-66720.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Axalta Coating Systems Ltd                                               | Axalta Coating Systems Ltd                                                      | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |      1575 | NS      | $52620.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORP                                                            | AppLovin Corp                                                                   | CUSIP: 03831WAE8<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24041.72     | 0.00%             | 2054-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                      | Ashtead Capital Inc                                                             | CUSIP: 045054AP8<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   3390000 | PA      | $3060045.88   | 0.54%             | 2031-08-12      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| BACARDI-MARTINI BV                                                       | Bacardi-Martini BV                                                              | CUSIP: 05634WAB8<br>LEI: 5493002XXBV8B88K2408 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $104779.37    | 0.02%             | 2035-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                 | Benchmark 2019-B11 Mortgage Trust                                               | CUSIP: 08162BBE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    675000 | PA      | $660587.47    | 0.12%             | 2052-05-15      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                 | Benchmark 2021-B26 Mortgage Trust                                               | CUSIP: 08163EAZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    265277 | PA      | $263271.07    | 0.05%             | 2054-06-15      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                          | CVS Health Corp                                                                 | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89238.44     | 0.02%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                   | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    120000 | PA      | $109883.36    | 0.02%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                 | Citizens Financial Group Inc                                                    | CUSIP: 174610AW5<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |     70000 | PA      | $61586.38     | 0.01%             | 2032-09-30      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                         | Duke Energy Corp                                                                | CUSIP: 26441CBH7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    130000 | PA      | $121891.33    | 0.02%             | 2030-06-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                                              | Exelon Corp                                                                     | CUSIP: 30161NBH3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     30000 | PA      | $23637.30     | 0.00%             | 2052-03-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                      | Global Payments Inc                                                             | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69664.58     | 0.01%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| REYNOLDS AMERICAN INC                                                    | Reynolds American Inc                                                           | CUSIP: 761713BW5<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     65000 | PA      | $73052.46     | 0.01%             | 2041-08-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                   | Roper Technologies Inc                                                          | CUSIP: 776743AL0<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |     65000 | PA      | $57124.98     | 0.01%             | 2031-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Ryan Specialty Holdings Inc                                              | Ryan Specialty Holdings Inc                                                     | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2100 | NS      | $82635.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST BANK                                                              | SunTrust Bank/Atlanta GA                                                        | CUSIP: 86787GAJ1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199692.02    | 0.04%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC                                                          | Tyson Foods Inc                                                                 | CUSIP: 902494BM4<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106443.55    | 0.02%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                                               | VMware Inc                                                                      | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40332.27     | 0.01%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US 5YR NOTE (CBT) JUN26                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        18 | NC      | $5344.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                           | BNC002332 USD CALL JPY PUT                                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |   6000000 | OU      | $67056.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                        | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64905.37     | 0.01%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                 | Alexandria Real Estate Equities Inc                                             | CUSIP: 015271AK5<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    110000 | PA      | $109808.80    | 0.02%             | 2028-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                        | CUSIP: 00206RFS6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39354.79     | 0.01%             | 2058-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                            | AppLovin Corp                                                                   | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |   1405000 | PA      | $1433064.78   | 0.25%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federated Core Trust - Federated Mortgage Core Portfolio                 | FEDERATED CORE TR MTG CORE PORTFOLIO                                            | CUSIP: 31409N200<br>LEI: 254900WC9GWJKY8X3D48 | Long             | EC               | RF                | US        |  10770825 | NS      | $92629091.10  | 16.41%            |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                    | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105436.93    | 0.02%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                                                  | Jefferies Financial Group Inc                                                   | CUSIP: 47233WLL1<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98390.42     | 0.02%             | 2036-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                               | US Bancorp                                                                      | CUSIP: 91159HJA9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     65000 | PA      | $58213.38     | 0.01%             | 2030-07-22      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $7138590.20   | 1.26%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGION PLC                                                             | Allegion PLC                                                                    | CUSIP: 01748TAB7<br>LEI: 984500560CAC2E6FB757 | Long             | DBT              | CORP              | IE        |     20000 | PA      | $19588.38     | 0.00%             | 2029-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                           | Amazon.com Inc                                                                  | CUSIP: 023135BZ8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45552.46     | 0.01%             | 2031-05-12      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                            | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     90000 | PA      | $94496.49     | 0.02%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                    | CUSIP: 11135FCT6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     60000 | PA      | $55537.86     | 0.01%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| CNA FINANCIAL CORP                                                       | CNA Financial Corp                                                              | CUSIP: 126117AZ3<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100665.35    | 0.02%             | 2035-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CAMPBELLS COMPANY/THE                                                    | Campbell Soup Co                                                                | CUSIP: 134429BQ1<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68003.87     | 0.01%             | 2035-03-23      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging Holding Co                                             | Graphic Packaging Holding Co                                                    | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6868 | NS      | $83995.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                  | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89706.22     | 0.02%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                  | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93249.48     | 0.02%             | 2031-04-17      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                   | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42113.58     | 0.01%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE INSURANCE C                                                 | Pacific Life Insurance Co                                                       | CUSIP: 69448FAA9<br>LEI: 8WC3XYHE06SQFW7CQK10 | Long             | DBT              | CORP              | US        |    120000 | PA      | $96988.97     | 0.02%             | 2067-10-24      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| REGENCY CENTERS LP                                                       | Regency Centers LP                                                              | CUSIP: 75884RAX1<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |     80000 | PA      | $80441.41     | 0.01%             | 2028-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| REG DIVERSIFIED FUNDING                                                  | Regional Diversified Funding 2005-1 Ltd                                         | CUSIP: 75902AAA6<br>LEI: 54930070N77H6NE83R38 | Long             | DBT              | CORP              | KY        |     21763 | PA      | $4570.28      | 0.00%             | 2030-03-15      | Fixed         | 9.25%                 | Yes           |                  3 | On Loan: No      |
| REPUBLIC SERVICES INC                                                    | Republic Services Inc                                                           | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77127.62     | 0.01%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SMITHFIELD FOODS INC                                                     | Smithfield Foods Inc                                                            | CUSIP: 832248BC1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27995.89     | 0.00%             | 2030-10-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| SYSCO CORPORATION                                                        | Sysco Corp                                                                      | CUSIP: 871829BC0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54876.70     | 0.01%             | 2026-07-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                         | T-Mobile USA Inc                                                                | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     65000 | PA      | $59237.75     | 0.01%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US ULTRA BOND CBT JUN26                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -19 | NC      | $-20851.36    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                   | US 10YR ULTRA FUT JUN26                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -25 | NC      | $-21355.15    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | US 10YR FUT OPTN APR26C 113.5                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |      -300 | NC      | $-220312.50   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                           | BNC002326 EUR CALL USD PUT                                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        | -12000000 | OU      | $-117936.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                            | Boeing Co/The                                                                   | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $57379.53     | 0.01%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                   | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104079.99    | 0.02%             | 2035-02-13      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                             | Comcast Corp                                                                    | CUSIP: 20030NCZ2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     30000 | PA      | $20661.07     | 0.00%             | 2050-02-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                             | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92775.92     | 0.02%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Lear Corp                                                                | Lear Corp                                                                       | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |       645 | NS      | $84656.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc                                                  | WESCO International Inc                                                         | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |       380 | NS      | $110010.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | RUSSELL 2000 INDEX                                                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |      -150 | NC      | $-516000.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Capital, Inc.                                                   | BYP002410 AUD PUT USD CALL                                                      | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              |  | US        | -10000000 | OU      | $-19700.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMEREN CORP                                                              | Ameren Corp                                                                     | CUSIP: 023608AL6<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39201.55     | 0.01%             | 2027-03-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                                  | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                     | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $93176.53     | 0.02%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                                                             | Autodesk Inc                                                                    | CUSIP: 052769AJ5<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35878.03     | 0.01%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                            | Boeing Co/The                                                                   | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33645.84     | 0.01%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                                                | Caesars Entertainment Inc                                                       | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |      4240 | NS      | $106212.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                                             | Comcast Corp                                                                    | CUSIP: 20030NES6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    197000 | PA      | $198432.86    | 0.04%             | 2037-01-15      | Fixed         | 5.17%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                                 | Constellation Brands Inc                                                        | CUSIP: 21036PBD9<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47137.90     | 0.01%             | 2048-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                                                   | Daimler Truck Finance North America LLC                                         | CUSIP: 233853BL3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150920.18    | 0.03%             | 2031-04-12      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                  | Dell International LLC / EMC Corp                                               | CUSIP: 24703DBU4<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90373.24     | 0.02%             | 2036-02-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corp                                                        | Devon Energy Corp                                                               | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      2323 | NS      | $101120.19    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                                                              | Ecovyst Inc                                                                     | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6035 | NS      | $68014.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac Pool                                                                | CUSIP: 3132DWD67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7260629 | PA      | $6579095.96   | 1.17%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac Pool                                                                | CUSIP: 3132DWEQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6969949 | PA      | $6578928.51   | 1.17%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FEDERATED CORE TR                                                        | FEDERATED CORE TR MUTUAL FUND                                                   | CUSIP: 31409N887<br>LEI: 254900HYFNGKM5PJOV84 | Long             | EC               | RF                | US        |  12603642 | NS      | $115071251.28 | 20.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Federated Core Trust III - Federated Project and Trade Finance Core Fund | FEDERATED CORE TR III FEDERATED PROJ+TRADE FIN CORE                             | CUSIP: 31415N103<br>LEI: 549300K79QCJYF3J1472 | Long             | EC               | RF                | US        |    884145 | NS      | $7886577.17   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31418EHJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6404632 | PA      | $6231689.19   | 1.10%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                      | GS Mortgage-Backed Securities Trust 2023-PJ5                                    | CUSIP: 36268ABB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    581152 | PA      | $589632.11    | 0.10%             | 2054-02-25      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                     | Glencore Funding LLC                                                            | CUSIP: 378272BH0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     55000 | PA      | $37871.28     | 0.01%             | 2051-09-23      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| MASS MUTUAL LIFE INS CO                                                  | Massachusetts Mutual Life Insurance Co                                          | CUSIP: 575767AL2<br>LEI: R6ZXK5P01NP6HXSY1S07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $124278.50    | 0.02%             | 2077-04-01      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Navient Student Loan Trust                                               | Navient Student Loan Trust                                                      | CUSIP: 63942KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1001855 | PA      | $922907.04    | 0.16%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                   | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KCP3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67149.77     | 0.01%             | 2033-02-28      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                | ONEOK Inc                                                                       | CUSIP: 682680AV5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27376.37     | 0.00%             | 2048-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                                             | Synopsys Inc                                                                    | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92826.16     | 0.02%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINNACLE FINANCL PARTNRS                                                 | Synovus Financial Corp                                                          | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52444.40     | 0.01%             | 2030-11-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                         | T-Mobile USA Inc                                                                | CUSIP: 87264ACW3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53974.10     | 0.01%             | 2053-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC                                                          | Tyson Foods Inc                                                                 | CUSIP: 902494BN2<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75508.65     | 0.01%             | 2036-02-20      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| US Foods Holding Corp                                                    | US Foods Holding Corp                                                           | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |       885 | NS      | $85499.85     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2065565.60   | 0.37%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                                             | VeriSign Inc                                                                    | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27319.34     | 0.00%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                                    | Waste Connections Inc                                                           | CUSIP: 94106BAA9<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $71492.71     | 0.01%             | 2030-02-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    275000 | PA      | $263255.62    | 0.05%             | 2030-10-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104790.82    | 0.02%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US 2YR NOTE (CBT) JUN26                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        75 | NC      | $25623.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | US 2YR FUTR OPTN APR26C 104.6                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |      -450 | NC      | $-154687.50   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH INC                                                      | Elevance Health Inc                                                             | CUSIP: 036752BK8<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100595.88    | 0.02%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                            | CUSIP: 06051GKA6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     90000 | PA      | $81220.87     | 0.01%             | 2032-07-21      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                                       | Ingersoll Rand Inc                                                              | CUSIP: 45687VAG1<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15264.81     | 0.00%             | 2054-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                                       | UBP002408 USD PUT NOK CALL                                                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              |  | US        | -10000000 | OU      | $-61840.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | US 2YR FUTR OPTN APR26P 104.3                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |      -450 | NC      | $-42187.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                                                       | UBC002428 AUD CALL USD PUT                                                      | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              |  | US        | -20000000 | OU      | $-696320.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                    | BAP002384 USD PUT ZAR CALL                                                      | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        | -12000000 | OU      | $-66756.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                 | MSP002418 NZD PUT USD CALL                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        | -10000000 | OU      | $-2430.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                                    | Aon North America Inc                                                           | CUSIP: 03740MAF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99048.27     | 0.02%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                            | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     85000 | PA      | $78721.90     | 0.01%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Bank                                                                     | BANK 2022-BNK40                                                                 | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    345000 | PA      | $325848.74    | 0.06%             | 2064-03-15      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                 | BX Commercial Mortgage Trust 2026-CSMO                                          | CUSIP: 12433LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1080000 | PA      | $1080336.42   | 0.19%             | 2042-02-15      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                 | J.P. Morgan Mortgage Trust 2022-1                                               | CUSIP: 46654WAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5682612 | PA      | $5068623.19   | 0.90%             | 2052-07-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                     | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $15651.30     | 0.00%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                     | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72777.92     | 0.01%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                   | Williams Cos Inc/The                                                            | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102638.77    | 0.02%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                            | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91141.33     | 0.02%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Boyd Gaming Corp                                                         | Boyd Gaming Corp                                                                | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |       925 | NS      | $76987.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc                                                   | Energizer Holdings Inc                                                          | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |      2605 | NS      | $56241.95     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                                                       | Meta Platforms Inc                                                              | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48979.86     | 0.01%             | 2055-11-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                     | Glencore Funding LLC                                                            | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49810.05     | 0.01%             | 2026-04-27      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                  | CUSIP: 6174468X0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88781.72     | 0.02%             | 2032-04-28      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | US 10YR FUT OPTN APR26P 112.5                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |       225 | NC      | $21093.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                 | MSC002413 GBP CALL USD PUT                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |  -6000000 | OU      | $-27102.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-23

**Name of Applicant:** Federated Hermes Fixed Income Securities, Inc.

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes Fixed Income Securities, Inc.

**Title:** Chief Compliance Officer