# EDGAR Filing Document

**Accession Number:** 0000879569
**File Stem:** 0001193125-25-247994
**Filing Date:** 2025-10
**Character Count:** 178548
**Document Hash:** 13694f015c914e6ae7167a86092c8b8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-247994.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001193125-25-247994

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**PERIOD START**: 20251130

**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:** 251411666

**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

August 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount,** <br> **Shares** <br>**or Contracts**<br>|  | **Value** |
|  | U.S. TREASURIES—13.7% |  |
|  | **U.S. Treasury Bonds—0.8%** |  |
| &nbsp;&nbsp;&nbsp; $5000000 | United States Treasury Bond, 4.625%, 2/15/2055 | &nbsp;&nbsp; $4765625 |
|  | **U.S. Treasury Notes—12.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | United States Treasury Note, 3.875%, 3/31/2027 | &nbsp;&nbsp; 3008164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | United States Treasury Note, 4.000%, 2/28/2030 | &nbsp;&nbsp; 10140970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | United States Treasury Note, 4.000%, 5/31/2030 | &nbsp;&nbsp; 30418752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | United States Treasury Note, 4.125%, 2/29/2032 | &nbsp;&nbsp; 7605781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000000 | United States Treasury Note, 4.250%, 11/15/2034 | &nbsp;&nbsp; 18120938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | United States Treasury Note, 4.375%, 12/31/2029 | &nbsp;&nbsp; 2056907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | United States Treasury Note, 4.625%, 2/15/2035 | &nbsp;&nbsp; 2068438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 73419950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES <br>(IDENTIFIED COST $77,284,278)<br>| &nbsp;&nbsp;&nbsp; 78185575 |
|  | MORTGAGE-BACKED SECURITIES—4.7% |  |
|  | **Agency—4.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7544003 | FHLMC, Pool SD8225, 3.000%, 7/1/2052 | &nbsp;&nbsp; 6556836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7222136 | FHLMC, Pool SD8243, 3.500%, 9/1/2052 | &nbsp;&nbsp; 6537971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8840587 | FNMA, Pool FBT224, 3.000%, 3/1/2052 | &nbsp;&nbsp; 7686520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6644488 | FNMA, Pool MA4732, 4.000%, 9/1/2052 | &nbsp;&nbsp; 6224531 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $27,444,757)<br>| &nbsp;&nbsp;&nbsp; 27005858 |
|  | CORPORATE BONDS—3.5% |  |
|  | **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; 49057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051 | &nbsp;&nbsp; 36482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85539 |
|  | **Capital Goods - Aerospace & Defense—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Boeing Co., Sr. Unsecd. Note, 3.625%, 2/1/2031 | &nbsp;&nbsp; 57313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059 | &nbsp;&nbsp; 20683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Boeing Co., Sr. Unsecd. Note, 6.528%, 5/1/2034 | &nbsp;&nbsp; 32873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Boeing Co., Sr. Unsecd. Note, 6.858%, 5/1/2054 | &nbsp;&nbsp; 54889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030 | &nbsp;&nbsp; 74655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Northrop Grumman Corp., Sr. Unsecd. Note, 3.250%, 1/15/2028 | &nbsp;&nbsp; 54027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294440 |
|  | **Capital Goods - Building Materials—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029 | &nbsp;&nbsp; 19370 |
|  | **Capital Goods - Construction Machinery—0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3390000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 2.450%, 8/12/2031 | &nbsp;&nbsp; 2972733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027 | &nbsp;&nbsp; 39831 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3012564 |
|  | **Capital Goods - Diversified Manufacturing—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.450%, 6/15/2034 | &nbsp;&nbsp; 15527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.700%, 6/15/2054 | &nbsp;&nbsp; 14844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044 | &nbsp;&nbsp; 36432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.250%, 10/1/2054 | &nbsp;&nbsp; 31172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97975 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Capital Goods - Environmental—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $75000 | Republic Services, Inc., Sr. Unsecd. Note, 4.875%, 4/1/2029 | &nbsp;&nbsp; $76945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Waste Connections, Inc., Sr. Unsecd. Note, 2.600%, 2/1/2030 | &nbsp;&nbsp; 70547 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147492 |
|  | **Communications - Cable & Satellite—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Charter Communications Operating LLC, 5.375%, 5/1/2047 | &nbsp;&nbsp; 21257 |
| &nbsp;&nbsp;&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; 42449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Comcast Corp., Sr. Unsecd. Note, 3.150%, 2/15/2028 | &nbsp;&nbsp; 196155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Comcast Corp., Sr. Unsecd. Note, 3.450%, 2/1/2050 | &nbsp;&nbsp; 20420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280281 |
|  | **Communications - Media & Entertainment—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1405000 | AppLovin Corp., Sr. Unsecd. Note, 5.500%, 12/1/2034 | &nbsp;&nbsp; 1434634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | AppLovin Corp., Sr. Unsecd. Note, 5.950%, 12/1/2054 | &nbsp;&nbsp; 24354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Warnermedia Holdings, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2042 | &nbsp;&nbsp; 20237 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1479225 |
|  | **Communications - Telecom Wireless—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.200%, 2/15/2049 | &nbsp;&nbsp; 49409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | T-Mobile USA, Inc., 3.300%, 2/15/2051 | &nbsp;&nbsp; 39469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | T-Mobile USA, Inc., Series WI, 2.700%, 3/15/2032 | &nbsp;&nbsp; 57611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.650%, 1/15/2053 | &nbsp;&nbsp; 52714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Vodafone Group PLC, Sr. Unsecd. Note, 5.625%, 2/10/2053 | &nbsp;&nbsp; 61455 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260658 |
|  | **Communications - Telecom Wirelines—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026 | &nbsp;&nbsp; 64061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | AT&T, Inc., Sr. Unsecd. Note, 3.850%, 6/1/2060 | &nbsp;&nbsp; 3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | AT&T, Inc., Sr. Unsecd. Note, Series WI, 5.300%, 8/15/2058 | &nbsp;&nbsp; 38722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Rogers Communications, Inc., Sr. Unsecd. Note, 4.500%, 3/15/2042 | &nbsp;&nbsp; 85653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.550%, 3/22/2051 | &nbsp;&nbsp; 32020 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223893 |
|  | **Consumer Cyclical - Automotive—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | General Motors Co., Sr. Unsecd. Note, 5.200%, 4/1/2045 | &nbsp;&nbsp; 87058 |
|  | **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; 115693 |
|  | **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; 44861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Uber Technologies, Inc., Sr. Unsecd. Note, 4.300%, 1/15/2030 | &nbsp;&nbsp; 60202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105063 |
|  | **Consumer Non-Cyclical - Food/Beverage—0.1%** |  |
| &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; 90455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Bacardi-MartinI B.V., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2035 | &nbsp;&nbsp; 102947 |
| &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; 141152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Constellation Brands, Inc., Sr. Unsecd. Note, 5.250%, 11/15/2048 | &nbsp;&nbsp; 45322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | &nbsp;&nbsp; 23910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Mars, Inc., Sr. Unsecd. Note, 144A, 5.200%, 3/1/2035 | &nbsp;&nbsp; 50495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Mars, Inc., Sr. Unsecd. Note, 144A, 5.700%, 5/1/2055 | &nbsp;&nbsp; 29289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030 | &nbsp;&nbsp; 27442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Sysco Corp., Sr. Unsecd. Note, 3.300%, 7/15/2026 | &nbsp;&nbsp; 54532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | The Campbell's Co., Sr. Unsecd. Note, 4.750%, 3/23/2035 | &nbsp;&nbsp; 67064 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **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; $104265 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736873 |
|  | **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; 27191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | CVS Health Corp., Sr. Unsecd. Note, 5.050%, 3/25/2048 | &nbsp;&nbsp; 85784 |
| &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; 28248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | HCA, Inc., Sr. Unsecd. Note, 5.950%, 9/15/2054 | &nbsp;&nbsp; 23977 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165200 |
|  | **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; 64165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | AbbVie, Inc., Sr. Unsecd. Note, 3.200%, 11/21/2029 | &nbsp;&nbsp; 57831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033 | &nbsp;&nbsp; 82154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Amgen, Inc., Sr. Unsecd. Note, 5.650%, 3/2/2053 | &nbsp;&nbsp; 77430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Biogen, Inc., Sr. Unsecd. Note, 2.250%, 5/1/2030 | &nbsp;&nbsp; 54645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.250%, 10/26/2049 | &nbsp;&nbsp; 44064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Royalty Pharma PLC, Sr. Unsecd. Note, Series WI, 1.200%, 9/2/2025 | &nbsp;&nbsp; 25000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405289 |
|  | **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; 41439 |
|  | **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; 21710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032 | &nbsp;&nbsp; 121824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041 | &nbsp;&nbsp; 68589 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212123 |
|  | **Energy - Independent—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | APA Corp., Sr. Unsecd. Note, 144A, 6.750%, 2/15/2055 | &nbsp;&nbsp; 71196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | &nbsp;&nbsp; 36212 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107408 |
|  | **Energy - Integrated—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Cenovus Energy, Inc., Sr. Unsecd. Note, 4.250%, 4/15/2027 | &nbsp;&nbsp; 49993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Shell Finance, Sr. Unsecd. Note, 4.000%, 5/10/2046 | &nbsp;&nbsp; 35911 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85904 |
|  | **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; 32436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Enbridge, Inc., Sr. Unsecd. Note, 5.950%, 4/5/2054 | &nbsp;&nbsp; 98772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | MPLX LP, Sr. Unsecd. Note, 4.950%, 3/14/2052 | &nbsp;&nbsp; 82464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | ONEOK, Inc., Sr. Unsecd. Note, 4.550%, 7/15/2028 | &nbsp;&nbsp; 65486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | ONEOK, Inc., Sr. Unsecd. Note, 5.200%, 7/15/2048 | &nbsp;&nbsp; 26164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | &nbsp;&nbsp; 28293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Williams Cos., Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034 | &nbsp;&nbsp; 100306 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433921 |
|  | **Financial Institution - Banking—0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Bank of America Corp., Sr. Unsecd. Note, 2.299%, 7/21/2032 | &nbsp;&nbsp; 79454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Bank of America Corp., Sr. Unsecd. Note, 2.572%, 10/20/2032 | &nbsp;&nbsp; 89275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | Bank of America Corp., Sr. Unsecd. Note, 2.687%, 4/22/2032 | &nbsp;&nbsp; 77136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Bank of America Corp., Sr. Unsecd. Note, 5.468%, 1/23/2035 | &nbsp;&nbsp; 51683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 2.884%, 10/22/2030 | &nbsp;&nbsp; 47305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Citigroup, Inc., Sr. Unsecd. Note, 2.561%, 5/1/2032 | &nbsp;&nbsp; 107792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Citigroup, Inc., Sub., 5.827%, 2/13/2035 | &nbsp;&nbsp; 102843 |

---

**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - Banking—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $70000 | Citizens Financial Group, Inc., Sub. Note, 2.638%, 9/30/2032 | &nbsp;&nbsp; $59183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Fifth Third Bancorp, Sr. Unsecd. Note, 3.950%, 3/14/2028 | &nbsp;&nbsp; 64708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | FNB Corp. (PA), 5.722%, 12/11/2030 | &nbsp;&nbsp; 86684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 2.615%, 4/22/2032 | &nbsp;&nbsp; 90277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.102%, 2/24/2033 | &nbsp;&nbsp; 40932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.814%, 4/23/2029 | &nbsp;&nbsp; 118772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 5.709%, 2/2/2035 | &nbsp;&nbsp; 103376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 2.580%, 4/22/2032 | &nbsp;&nbsp; 131167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 2.963%, 1/25/2033 | &nbsp;&nbsp; 90751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.336%, 1/23/2035 | &nbsp;&nbsp; 56515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.350%, 6/1/2034 | &nbsp;&nbsp; 51637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035 | &nbsp;&nbsp; 107464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | M&T Bank Corp., Sr. Unsecd. Note, 6.082%, 3/13/2032 | &nbsp;&nbsp; 47787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | M&T Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029 | &nbsp;&nbsp; 70817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | Morgan Stanley, Sr. Unsecd. Note, 5.466%, 1/18/2035 | &nbsp;&nbsp; 20630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 2.239%, 7/21/2032 | &nbsp;&nbsp; 87884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.928%, 4/28/2032 | &nbsp;&nbsp; 86867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Northern Trust Corp., Sub., 6.125%, 11/2/2032 | &nbsp;&nbsp; 81707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | PNC Financial Services Group, Inc., 5.575%, 1/29/2036 | &nbsp;&nbsp; 41310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.676%, 1/22/2035 | &nbsp;&nbsp; 67792 |
| &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; 36444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Synovus Financial Corp., Sr. Unsecd. Note, 6.168%, 11/1/2030 | &nbsp;&nbsp; 52029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Truist Bank, Sub. Note, Series BKNT, 3.300%, 5/15/2026 | &nbsp;&nbsp; 198535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | U.S. Bancorp, 5.100%, 7/23/2030 | &nbsp;&nbsp; 20581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | U.S. Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | &nbsp;&nbsp; 56839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035 | &nbsp;&nbsp; 103233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.879%, 10/30/2030 | &nbsp;&nbsp; 259726 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2793705 |
|  | **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; 38824 |
|  | **Financial Institution - Finance Companies—0.1%** |  |
| &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; 152198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Wynnton Funding Trust, Sr. Unsecd. Note, 5.251%, 8/15/2035 | &nbsp;&nbsp; 100154 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252352 |
|  | **Financial Institution - Insurance - Life—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 4.900%, 4/1/2077 | &nbsp;&nbsp; 123347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Pacific Life Insurance Co., Sub. Note, 144A, 4.300%, 10/24/2067 | &nbsp;&nbsp; 93992 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217339 |
|  | **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; 98070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Beacon Funding Trust, Sr. Unsecd. Note, 6.266%, 8/15/2054 | &nbsp;&nbsp; 99715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Marsh & McLennan Cos., Inc., Sr. Unsecd. Note, 4.650%, 3/15/2030 | &nbsp;&nbsp; 61105 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258890 |
|  | **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; 34607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034 | &nbsp;&nbsp; 51202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85809 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - REIT - Healthcare—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $40000 | Physicians Realty Trust, Sr. Unsecd. Note, 4.300%, 3/15/2027 | &nbsp;&nbsp; $40045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2031 | &nbsp;&nbsp; 69132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2032 | &nbsp;&nbsp; 3601271 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3710448 |
|  | **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; 109332 |
|  | **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; 50679 |
|  | **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; 79893 |
|  | **Technology—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Alphabet, Inc., Sr. Unsecd. Note, 2.050%, 8/15/2050 | &nbsp;&nbsp; 19120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Autodesk, Inc., Sr. Unsecd. Note, 5.300%, 6/15/2035 | &nbsp;&nbsp; 35637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Broadcom, Inc., Sr. Unsecd. Note, 5.050%, 7/12/2029 | &nbsp;&nbsp; 66850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036 | &nbsp;&nbsp; 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.469%, 4/15/2034 | &nbsp;&nbsp; 53844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | &nbsp;&nbsp; 72845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Hewlett Packard Enterprise Co., 5.600%, 10/15/2054 | &nbsp;&nbsp; 32349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 5.000%, 10/15/2034 | &nbsp;&nbsp; 54092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029 | &nbsp;&nbsp; 74997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Oracle Corp., Sr. Unsecd. Note, 3.600%, 4/1/2050 | &nbsp;&nbsp; 17110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Oracle Corp., Sr. Unsecd. Note, 6.900%, 11/9/2052 | &nbsp;&nbsp; 81280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Roper Technologies, Inc., Sr. Unsecd. Note, 1.750%, 2/15/2031 | &nbsp;&nbsp; 56385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031 | &nbsp;&nbsp; 27059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | Visa, Inc., Sr. Unsecd. Note, 2.750%, 9/15/2027 | &nbsp;&nbsp; 34261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031 | &nbsp;&nbsp; 39494 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667829 |
|  | **Transportation - Railroads—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | Union Pacific Corp., Sr. Unsecd. Note, 2.400%, 2/5/2030 | &nbsp;&nbsp; 37277 |
|  | **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; 76710 |
|  | **Utility - Electric—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | &nbsp;&nbsp; 38678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033 | &nbsp;&nbsp; 57646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030 | &nbsp;&nbsp; 22949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | CenterPoint Energy, Inc., Sr. Unsecd. Note, 2.650%, 6/1/2031 | &nbsp;&nbsp; 104353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033 | &nbsp;&nbsp; 69227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series A, 1.450%, 4/15/2026 | &nbsp;&nbsp; 73695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | Duke Energy Corp., Sr. Unsecd. Note, 2.450%, 6/1/2030 | &nbsp;&nbsp; 119592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Duke Energy Corp., Sr. Unsecd. Note, 3.950%, 8/15/2047 | &nbsp;&nbsp; 41645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Evergy Metro, Inc., Sr. Unsecd. Note, 4.200%, 3/15/2048 | &nbsp;&nbsp; 71932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052 | &nbsp;&nbsp; 22820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049 | &nbsp;&nbsp; 20773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.050%, 2/28/2033 | &nbsp;&nbsp; 65984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | NiSource, Inc., Sr. Unsecd. Note, 4.375%, 5/15/2047 | &nbsp;&nbsp; 53709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Southern Co., Jr. Sub. Note, Series B, 4.000%, 1/15/2051 | &nbsp;&nbsp; 74834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Virginia Electric & Power Co., Sr. Unsecd. Note, Series A, 3.500%, 3/15/2027 | &nbsp;&nbsp; 119120 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956957 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Utility - Natural Gas Distributor—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $2000000 | Southern California Gas Co., Term Loan - 1st Lien, 5.050%, 9/1/2034 | &nbsp;&nbsp; $2019116 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $21,116,942)<br>| &nbsp;&nbsp;&nbsp; 19752568 |
|  | COLLATERALIZED MORTGAGE OBLIGATIONS—2.6% |  |
|  | **Federal Home Loan Mortgage Corporation—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575312 | FHLMC REMIC, Series K105, Class A1, 1.536%, 9/25/2029 | &nbsp;&nbsp; 543540 |
|  | **Non-Agency Mortgage-Backed Securities—2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3189376 | GS Mortgage-Backed Securities Trust 2022-PJ3, Class A4, 2.500%, 8/25/2052 | &nbsp;&nbsp; 2606816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727860 | GS Mortgage-Backed Securities Trust 2023-PJ5, Class A16, 6.500%, 2/25/2054 | &nbsp;&nbsp; 739438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5870199 | JP Morgan Mortgage Trust 2022-1, Class A2, 3.000%, 7/25/2052 | &nbsp;&nbsp; 5004345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3906096 | JP Morgan Mortgage Trust 2022-2, Class A3, 2.500%, 8/25/2052 | &nbsp;&nbsp; 3192623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3186207 | JP Morgan Mortgage Trust 2022-3, Class A3, 2.500%, 8/25/2052 | &nbsp;&nbsp; 2604226 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14147448 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS <br>(IDENTIFIED COST $16,854,701)<br>| &nbsp;&nbsp;&nbsp; 14690988 |
|  | 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 $4,492,954)<br>| &nbsp;&nbsp; 4287219 |
|  | COMMERCIAL MORTGAGE-BACKED SECURITIES—0.7% |  |
|  | **Commercial Mortgage—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $500000 | Bank 2018-BN15, Class A4, 4.407%, 11/15/2061 | &nbsp;&nbsp; 501411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 | Bank 2022-BNK40, Class A4, 3.503%, 3/15/2064 | &nbsp;&nbsp; 320464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | Benchmark Mortgage Trust 2019-B11, Class A5, 3.542%, 5/15/2052 | &nbsp;&nbsp; 648928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275076 | Benchmark Mortgage Trust 2021-B26, Class A2, 1.957%, 6/15/2054 | &nbsp;&nbsp; 267415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722840 | Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048 | &nbsp;&nbsp; 712266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650000<br><sup>2</sup> <br>| ORL Trust 2024-GLKS, Class B, 6.255% (CME Term SOFR 1 Month +1.892%), 12/15/2039 | &nbsp;&nbsp; 1651033 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $4,226,184)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4101517 |
|  | ASSET-BACKED SECURITIES—0.7% |  |
|  | **Services—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2175890 | Home Partners of America Trust 2022-1, Class B, 4.330%, 4/17/2039 | &nbsp;&nbsp; 2164265 |
|  | **Student Loans—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106783 | Navient Student Loan Trust 2021-GA, Class A, 1.580%, 4/15/2070 | &nbsp;&nbsp; 1000387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876399 | SMB Private Education Loan Trust 2021-E, Class A1A, 1.680%, 2/15/2051 | &nbsp;&nbsp; 812794 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1813181 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $4,138,961)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3977446 |
|  | COMMON STOCKS—0.4% |  |
|  | **Automotive—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875 | Lear Corp. | &nbsp;&nbsp; 96250 |
|  | **Building Materials—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5075<br><sup>3</sup> <br>| Masterbrand, Inc. | &nbsp;&nbsp; 64503 |
|  | **Chemicals—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1090 | Ashland, Inc. | &nbsp;&nbsp; 61204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1895<br><sup>3</sup> <br>| Axalta Coating Systems Ltd. | &nbsp;&nbsp; 59238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6305<br><sup>3</sup> <br>| Ecovyst, Inc. | &nbsp;&nbsp; 57312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2275 | Koppers Holdings, Inc. | &nbsp;&nbsp; 65929 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243683 |
|  | **Commercial Services & Supplies—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2970 | Interface, Inc. | &nbsp;&nbsp; 79359 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Commercial Services & Supplies—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680 | The Brink's Co. | &nbsp;&nbsp; $76187 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155546 |
|  | **Construction Machinery—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 | Herc Holdings, Inc. | &nbsp;&nbsp; 66703 |
| &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; 66944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133647 |
|  | **Consumer Products—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2250 | Edgewell Personal Care Co. | &nbsp;&nbsp; 54045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475 | Energizer Holdings, Inc. | &nbsp;&nbsp; 68211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122256 |
|  | **Containers & Packaging—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4218 | Graphic Packaging Holding Co. | &nbsp;&nbsp; 93935 |
|  | **Diversified Manufacturing—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 | WESCO International, Inc. | &nbsp;&nbsp; 105523 |
|  | **Food & Beverage—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975<br><sup>3</sup> <br>| US Foods Holding Corp. | &nbsp;&nbsp; 75660 |
|  | **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; 79421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3640<br><sup>3</sup> <br>| Caesars Entertainment, Inc. | &nbsp;&nbsp; 97443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505 | Red Rock Resorts, Inc. | &nbsp;&nbsp; 93114 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269978 |
|  | **Independent Energy—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2398 | Devon Energy Corp. | &nbsp;&nbsp; 86568 |
|  | **Midstream—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4041 | Suburban Propane Partners LP | &nbsp;&nbsp; 75647 |
|  | **Pharmaceuticals—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7175<br><sup>3</sup> <br>| Bausch Health Cos., Inc. | &nbsp;&nbsp; 53238 |
|  | **Technology—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 | CDW Corp. | &nbsp;&nbsp; 71671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710 | Dell Technologies, Inc. | &nbsp;&nbsp; 86726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475 | Science Applications International Corp. | &nbsp;&nbsp; 55907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2320 | Sensata Technologies Holdings PLC | &nbsp;&nbsp; 75493 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289797 |
|  | **Utility - Electric—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 | NRG Energy, Inc. | &nbsp;&nbsp; 74236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 | Vistra Corp. | &nbsp;&nbsp; 70916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145152 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS <br>(IDENTIFIED COST $1,976,269)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2011383 |
|  | 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, 7.449% (30-DAY AVERAGE SOFR +3.100%), 6/25/2043 <br>(IDENTIFIED COST $1,250,000)<br>| &nbsp;&nbsp; 1307436 |
|  | 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 OPTIONS—0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 | Bank of America Merrill Lynch AUD CALL/USD PUT, Exercise Price $0.67, Notional Amount $11,700,000, Expiration <br> Date 10/23/2025<br>| &nbsp;&nbsp; 64950 |

---

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount,** <br> **Shares**<br> **or Contracts**<br>|  | **Value** |
|  | PURCHASED CALL OPTIONS—continued |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | Bank of America Merrill Lynch USD CALL/ZAR PUT, Exercise Price $18.25, Notional Amount $4,680,000, Expiration <br> Date 9/3/2025<br>| &nbsp;&nbsp; $264 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PURCHASED CALL OPTIONS <br>(IDENTIFIED COST $197,810)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65214 |
|  | INVESTMENT COMPANIES—71.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14693443 | Emerging Markets Core Fund | &nbsp;&nbsp; 131800185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4772180 | Federated Hermes Government Obligations Fund, Premier Shares, 4.22%<sup>5</sup> <br>| &nbsp;&nbsp; 4772180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31617799 | High Yield Bond Core Fund | &nbsp;&nbsp; 181169990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10464553 | Mortgage Core Fund | &nbsp;&nbsp; 87588308 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT COMPANIES <br>(IDENTIFIED COST $460,048,822)<br>| &nbsp;&nbsp; 405330663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—98.5% <br>(IDENTIFIED COST $619,035,078)<br>| &nbsp;&nbsp; 560716267 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—1.5%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8369957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $569086224 |

---

At August 31, 2025, 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:** |  |  |  |  |
| CBOE Volatility Index Long Futures | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; $2901630 | October 2025 | &nbsp;&nbsp;&nbsp; $(128370) |
| CBOE Volatility Index Long Futures | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; $2572350 | September 2025 | &nbsp;&nbsp;&nbsp; $(383128) |
| United States Treasury Notes 2-Year Long Futures | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; $36494336 | December 2025 | &nbsp;&nbsp;&nbsp; $40020 |
| United States Treasury Notes 5-Year Long Futures | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; $875750 | December 2025 | &nbsp;&nbsp;&nbsp; $2872 |
| **Short Futures:** |  |  |  |  |
| United States Treasury Notes 10-Year Ultra Short Futures | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; $3432188 | December 2025 | &nbsp;&nbsp;&nbsp; $(15958) |
| United States Treasury Ultra Bond Short Futures | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; $7576562 | December 2025 | &nbsp;&nbsp;&nbsp; $(938) |
| &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; $(485502) |

---

At August 31, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** |
| **Counterparty** | **Reference** <br>**Entity**<br>| **Buy/** <br>**Sell**<br>| **Pay/** <br>**Receive** <br>**Fixed Rate**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread at** <br>**08/31/2025**<sup>7</sup> <br>| **Notional** <br>**Amount**<br>| **Market** <br>**Value**<br>| **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **OTC Swap:** |  |  |  |  |  |  |  |  |  |
| Barclays | CDX Index EM Series 43 | Pay | 1.000% | 06/20/2030 | 1.45% | $8000000 | $153602 | $184445 | $(30843) |

---

**8**

------

At August 31, 2025, 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 | USD CALL/NOK PUT | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | September 2025 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $(11140) |
| Bank of America | USD CALL/ZAR PUT | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | November 2025 | &nbsp;&nbsp; $19.00 | &nbsp;&nbsp; $(31340) |
| JPMorgan | United States Treasury, 104.38%, 9/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (350) | &nbsp;&nbsp; $73062500 | September 2025 | &nbsp;&nbsp; $104.38 | &nbsp;&nbsp; $(109375) |
| JPMorgan | United States Treasury, 109.75%, 9/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300) | &nbsp;&nbsp; $32925000 | September 2025 | &nbsp;&nbsp; $109.75 | &nbsp;&nbsp; $(96094) |
| JPMorgan | United States Treasury, 117.00%, 9/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150) | &nbsp;&nbsp; $17550000 | September 2025 | &nbsp;&nbsp; $117.00 | &nbsp;&nbsp; $(58594) |
| Morgan Stanley | GBP CALL/USD PUT | &nbsp;&nbsp; (8000000) | &nbsp;&nbsp; $8000000 | October 2025 | &nbsp;&nbsp; $1.38 | &nbsp;&nbsp; $(28064) |
| Morgan Stanley | NZD CALL/USD PUT | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | September 2025 | &nbsp;&nbsp; $0.60 | &nbsp;&nbsp; $(43020) |
| UBS | AUD CALL/USD PUT | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | September 2025 | &nbsp;&nbsp; $0.67 | &nbsp;&nbsp; $(36270) |
| **Put Options:** |  |  |  |  |  |  |
| Bank of America | AUD PUT/USD CALL | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | October 2025 | &nbsp;&nbsp; $65.00 | &nbsp;&nbsp; $(95250) |
| Bank of America | USD PUT/ZAR CALL | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | November 2025 | &nbsp;&nbsp; $17.60 | &nbsp;&nbsp; $(147860) |
| Barclays | USD PUT/NOK CALL | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | September 2025 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $(22930) |
| JPMorgan | United States Treasury, 112.00%, 9/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75) | &nbsp;&nbsp; $8400000 | September 2025 | &nbsp;&nbsp; $112.00 | &nbsp;&nbsp; $(37500) |
| Morgan Stanley | GBP PUT/USD CALL | &nbsp;&nbsp; (8000000) | &nbsp;&nbsp; $8000000 | October 2025 | &nbsp;&nbsp; $1.34 | &nbsp;&nbsp; $(58640) |
| Morgan Stanley | NZD PUT/USD CALL | &nbsp;&nbsp; (10000000) | &nbsp;&nbsp; $10000000 | September 2025 | &nbsp;&nbsp; $0.58 | &nbsp;&nbsp; $(32000) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $1,063,336) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $1,063,336) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $1,063,336) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $1,063,336) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $1,063,336) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $1,063,336) | &nbsp;&nbsp; $(808077) |

---

Net Unrealized Appreciation/Depreciation on Futures Contracts, Swaps 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 August 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliates** | **Value as of** <br>**11/30/2024**<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>**8/31/2025**<br>| **Shares** <br>**Held as of** <br>**8/31/2025**<br>| **Dividend** <br>**Income**<br>|
| Emerging Markets Core Fund | $145977930 | $7880879 | $(23600000) | $1018116 | $523260 | $131800185 | 14693443 | $7880879 |
| Federated Hermes Government Obliga-<br> tions Fund, Premier Shares\*<br>| $9621877 | $158589942 | $(163439639) | $— | $— | $4772180 | &nbsp;&nbsp; 4772180 | $296774 |
| High Yield Bond Core Fund | $201458099 | $3250000 | $(24500000) | $4635979 | $(3674088) | $181169990 | 31617799 | $9022593 |
| Mortgage Core Fund | $95528159 | $8350000 | $(16300000) | $3358868 | $(3348719) | $87588308 | 10464553 | $3367943 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OF AFFILIATED TRANSAC-<br> TIONS<br>| $452586065 | $178070821 | $(227839639) | $9012963 | $(6499547) | $405330663 | 61547975 | $20568189 |

---

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

\* *All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.*

&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.*<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.* |
| 7 | *Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the* <br> *current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular* <br> *referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit* <br> *spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined* <br> *under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.*<br>|

---

Note: The categories of investments are shown as a percentage of net assets at August 31, 2025.

**Investment Valuation** 

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

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

**9**

------

■ 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 ("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, 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 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.

**10**

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of August 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| U.S. Treasuries | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78185575 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78185575 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27005858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27005858 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19747998 | &nbsp;&nbsp; 4570 | &nbsp;&nbsp;&nbsp; 19752568 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14690988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14690988 |
| Foreign Governments/Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4287219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4287219 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4101517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4101517 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3977446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3977446 |
| Agency Risk Transfer Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1307436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1307436 |
| **Purchased Call Options** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65214 |
| **Equity Securities:** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Domestic | &nbsp;&nbsp;&nbsp;&nbsp; 1823414 | &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; 1823414 |
| &nbsp;&nbsp; International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187969 | &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; 187969 |
| 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; 405330663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 405330663 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $407342046 | &nbsp;&nbsp; $153369251 | &nbsp;&nbsp; $4970 | &nbsp;&nbsp; $560716267 |
| **Other Financial Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $42892 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42892 |
| &nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153602 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (528394) | &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; (528394) |
| &nbsp;&nbsp; Written Options Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (808077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (808077) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER FINANCIAL INSTRUMENTS | &nbsp;&nbsp; $(485502) | &nbsp;&nbsp; $(654475) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1139977) |

---

&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 |
| FHLMC | —Federal Home Loan Mortgage Corporation |
| FNMA | —Federal National Mortgage Association |
| GBP | —British Pound |
| GMTN | —Global Medium Term Note |
| MTN | —Medium Term Note |
| NOK | —Norwegian Krone |
| 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 |

---

**11**

------

## 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:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**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:** $568752375.69

**Total Liabilities:** $2235548.38

**Net Assets:** $566516827.31

**Cash Not Reported:** $4466911.52

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -72.313140000000 | **1-Year:** -1845.729019000000 | **5-Year:** -7206.528894000000 | **10-Year:** -5810.062801000000 | **30-Year:** -1721.006264000000

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

- **3-Month:** -2.618362000000 | **1-Year:** 69.415539000000 | **5-Year:** 3133.401533000000 | **10-Year:** -12.957964000000 | **30-Year:** -4.482441000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000026757 | 1.79%                | 0.21%                | 1.42%                |
| Class ID C000026759 | 1.73%                | 0.26%                | 1.24%                |
| Class ID C000026760 | 1.80%                | 0.21%                | 1.32%                |
| Class ID C000062222 | 1.83%                | 0.36%                | 1.34%                |
| Class ID C000177003 | 1.82%                | 0.35%                | 1.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $193898.46               | $7571167.30                                |
| Month 2  | $-374184.17              | $-781966.38                                |
| Month 3  | $-47054.85               | $5328156.27                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMORGAN CHASE & CO                                      | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51637.32     | 0.01%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Science Applications Internati                           | Science Applications International Corp                                                                          | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |       475 | NS      | $55907.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Capital, Inc.                                   | BYC002379 AUD CALL USD PUT                                                                                       | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              |  | US        | -20000000 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Axalta Coating Systems Ltd                               | Axalta Coating Systems Ltd                                                                                       | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |      1895 | NS      | $59237.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                                 | AT&T Inc                                                                                                         | CUSIP: 00206RFS6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38722.50     | 0.01%             | 2058-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                 | AT&T Inc                                                                                                         | CUSIP: 00206RKB7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3437.17      | 0.00%             | 2060-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| AGILENT TECHNOLOGIES INC                                 | Agilent Technologies Inc                                                                                         | CUSIP: 00846UAM3<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27190.30     | 0.00%             | 2030-06-04      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| ALLEGION PLC                                             | Allegion PLC                                                                                                     | CUSIP: 01748TAB7<br>LEI: 984500560CAC2E6FB757 | Long             | DBT              | CORP              | IE        |     20000 | PA      | $19370.46     | 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      | $44861.38     | 0.01%             | 2031-05-12      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                | Amgen Inc                                                                                                        | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77430.67     | 0.01%             | 2053-03-02      | Fixed         | 5.65%                 | 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      | $90454.96     | 0.02%             | 2046-02-01      | Fixed         | 4.90%                 | 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      | $98069.68     | 0.02%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| APA CORP                                                 | APA Corp                                                                                                         | CUSIP: 03743QAS7<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71196.02     | 0.01%             | 2055-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| APPLOVIN CORP                                            | AppLovin Corp                                                                                                    | CUSIP: 03831WAE8<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24353.56     | 0.00%             | 2054-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                         | BAT Capital Corp                                                                                                 | CUSIP: 05526DBU8<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     30000 | PA      | $21710.22     | 0.00%             | 2050-09-25      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| BACARDI-MARTINI BV                                       | Bacardi-Martini BV                                                                                               | CUSIP: 05634WAB8<br>LEI: 5493002XXBV8B88K2408 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $102946.70    | 0.02%             | 2035-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                             | CUSIP: 06051GKA6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     90000 | PA      | $79454.21     | 0.01%             | 2032-07-21      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                 | Benchmark 2021-B26 Mortgage Trust                                                                                | CUSIP: 08163EAZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275076 | PA      | $267415.27    | 0.05%             | 2054-06-15      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                               | Biogen Inc                                                                                                       | CUSIP: 09062XAH6<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54644.71     | 0.01%             | 2030-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                                         | Black Hills Corp                                                                                                 | CUSIP: 092113AT6<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22949.22     | 0.00%             | 2030-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                | Boeing Co/The                                                                                                    | CUSIP: 097023CR4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $20682.90     | 0.00%             | 2059-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                            | Boeing Co/The                                                                                                    | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32873.17     | 0.01%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                            | Boeing Co/The                                                                                                    | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54888.80     | 0.01%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Brink's Co/The                                           | Brink's Co/The                                                                                                   | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |       680 | NS      | $76187.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                             | Broadcom Inc                                                                                                     | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53844.54     | 0.01%             | 2034-04-15      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| BROADCOM INC                                             | Broadcom Inc                                                                                                     | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2505.89      | 0.00%             | 2036-11-15      | Fixed         | 3.19%                 | Yes           |                  2 | On Loan: No      |
| CDW Corp/DE                                              | CDW Corp/DE                                                                                                      | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |       435 | NS      | $71670.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                          | CVS Health Corp                                                                                                  | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85784.07     | 0.02%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                                | Caesars Entertainment Inc                                                                                        | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |      3640 | NS      | $97442.80     | 0.02%             |  |  |  | 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      | $21256.94     | 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      | $42449.75     | 0.01%             | 2034-06-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                                                    | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    120000 | PA      | $107792.52    | 0.02%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                                 | Constellation Brands Inc                                                                                         | CUSIP: 21036PBD9<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45322.03     | 0.01%             | 2048-11-15      | Fixed         | 5.25%                 | 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      | $28248.05     | 0.00%             | 2029-11-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Dell Technologies Inc                                    | Dell Technologies Inc                                                                                            | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |       710 | NS      | $86726.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP                                         | Duke Energy Corp                                                                                                 | CUSIP: 26441CBH7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    130000 | PA      | $119592.01    | 0.02%             | 2030-06-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Edgewell Personal Care Co                                | Edgewell Personal Care Co                                                                                        | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |      2250 | NS      | $54045.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc                                   | Energizer Holdings Inc                                                                                           | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |      2475 | NS      | $68211.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORP                                              | Exelon Corp                                                                                                      | CUSIP: 30161NBH3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22820.01     | 0.00%             | 2052-03-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                 | CUSIP: 3132DWD67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7544003 | PA      | $6556836.02   | 1.16%             | 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        |   7222136 | PA      | $6537970.90   | 1.15%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                  | CUSIP: 31418EHJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6644488 | PA      | $6224531.32   | 1.10%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                 | FirstEnergy Transmission LLC                                                                                     | CUSIP: 33767BAC3<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20772.60     | 0.00%             | 2049-04-01      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                     | Glencore Funding LLC                                                                                             | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49056.46     | 0.01%             | 2026-04-27      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| HOME DEPOT INC                                           | Home Depot Inc/The                                                                                               | CUSIP: 437076BY7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115693.14    | 0.02%             | 2029-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                    | Huntington Bancshares Inc/OH                                                                                     | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103375.89    | 0.02%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                       | Ingersoll Rand Inc                                                                                               | CUSIP: 45687VAF3<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15527.23     | 0.00%             | 2034-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                       | Ingersoll Rand Inc                                                                                               | CUSIP: 45687VAG1<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14843.73     | 0.00%             | 2054-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                      | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90751.28     | 0.02%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| EVERGY METRO                                             | Kansas City Power & Light Co                                                                                     | CUSIP: 485134BR0<br>LEI: 1128SIJQ26096WL7IO82 | Long             | DBT              | CORP              | US        |     90000 | PA      | $71931.92     | 0.01%             | 2048-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Koppers Holdings Inc                                     | Koppers Holdings Inc                                                                                             | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2275 | NS      | $65929.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KRAFT HEINZ FOODS CO                                     | Kraft Heinz Foods Co                                                                                             | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     30000 | PA      | $23910.25     | 0.00%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Lear Corp                                                | Lear Corp                                                                                                        | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |       875 | NS      | $96250.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION                                     | M&T Bank Corp                                                                                                    | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     65000 | PA      | $70817.40     | 0.01%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                 | Mars Inc                                                                                                         | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29289.04     | 0.01%             | 2055-05-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Masterbrand Inc                                          | Masterbrand Inc                                                                                                  | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |      5075 | NS      | $64503.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                                                   | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87883.97     | 0.02%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                                                   | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20630.17     | 0.00%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                               | Navient Student Loan Trust                                                                                       | CUSIP: 63942KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1106783 | PA      | $1000386.91   | 0.18%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                   | NextEra Energy Capital Holdings Inc                                                                              | CUSIP: 65339KCP3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65984.44     | 0.01%             | 2033-02-28      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ONEOK Inc                                                | ONEOK Inc                                                                                                        | CUSIP: 682680AU7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65485.69     | 0.01%             | 2028-07-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| ONEOK Inc                                                | ONEOK Inc                                                                                                        | CUSIP: 682680AV5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26163.51     | 0.00%             | 2048-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                              | Oracle Corp                                                                                                      | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $17109.59     | 0.00%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| DOC DR LLC                                               | Physicians Realty LP                                                                                             | CUSIP: 71951QAA0<br>LEI: 549300P6Q1UMT0X60U20 | Long             | DBT              |  | US        |     40000 | PA      | $40045.65     | 0.01%             | 2027-03-15      | Fixed         | 4.30%                 | 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        |      1505 | NS      | $93114.35     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES INC                                    | Republic Services Inc                                                                                            | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76945.25     | 0.01%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                 | Rogers Communications Inc                                                                                        | CUSIP: 775109CJ8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $85652.70     | 0.02%             | 2042-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Suburban Propane Partners LP                             | Suburban Propane Partners LP                                                                                     | CUSIP: 864482104<br>LEI: JJAX4X60DE65EYFOTY73 | Long             | EC               | CORP              | US        |      4041 | NS      | $75647.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST BANK                                              | SunTrust Bank/Atlanta GA                                                                                         | CUSIP: 86787GAJ1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198534.70    | 0.04%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                                        | Sysco Corp                                                                                                       | CUSIP: 871829BC0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54531.94     | 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      | $57611.26     | 0.01%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                     | Targa Resources Corp                                                                                             | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28293.19     | 0.00%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                   | Williams Cos Inc/The                                                                                             | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100306.33    | 0.02%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC                                          | Tyson Foods Inc                                                                                                  | CUSIP: 902494BM4<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104265.09    | 0.02%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                    | Uber Technologies Inc                                                                                            | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60201.42     | 0.01%             | 2030-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                              | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2056906.60   | 0.36%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                              | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2068437.60   | 0.37%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                              | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7605780.75   | 1.34%             | 2032-02-29      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Valmont Industries Inc                                   | Valmont Industries Inc                                                                                           | CUSIP: 920253AE1<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | DBT              | CORP              | US        |     35000 | PA      | $31172.41     | 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      | $36431.67     | 0.01%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                   | Verizon Communications Inc                                                                                       | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     45000 | PA      | $32020.07     | 0.01%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                 | Visa Inc                                                                                                         | CUSIP: 92826CAH5<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34260.62     | 0.01%             | 2027-09-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                       | Vodafone Group PLC                                                                                               | CUSIP: 92857WBY5<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     65000 | PA      | $61455.37     | 0.01%             | 2053-02-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                    | Wells Fargo & Co                                                                                                 | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    275000 | PA      | $259725.57    | 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      | $103233.37    | 0.02%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WESCO International Inc                                  | WESCO International Inc                                                                                          | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |       480 | NS      | $105523.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                        | Long: SPBH1DYN0 CDS USD R V 03MEVENT SPBH1DYN0_PRO CDX / Short: SPBH1DYN0 CDS USD P F  1.00000 SPBH1DYN0_FEE CDX | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | US        |   8000000 | OU      | $153601.60    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CBOE Futures Exchange LLC                                | CBOE VIX FUTURE OCT25                                                                                            | CUSIP: 000000000<br>LEI: 254900O9GJPIWCP8RH13 | N/A              | DE               |  | US        |       150 | NC      | $-128370.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US 10YR ULTRA FUT DEC25                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -30 | NC      | $-15957.75    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US ULTRA BOND CBT DEC25                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -65 | NC      | $-937.65      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | US BOND FUTR OPTN OCT25C 117                                                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |      -150 | NC      | $-58593.75    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Capital, Inc.                                   | BYP002383 USD PUT NOK CALL                                                                                       | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              |  | US        | -10000000 | OU      | $-22930.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                    | BAP002378 AUD PUT USD CALL                                                                                       | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        | -10000000 | OU      | $-95250.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Sensata Technologies Holding P                           | Sensata Technologies Holding PLC                                                                                 | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |      2320 | NS      | $75492.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                                 | AT&T Inc                                                                                                         | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64060.60     | 0.01%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Ashland Inc                                              | Ashland Global Holdings Inc                                                                                      | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |      1090 | NS      | $61203.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES                                    | AvalonBay Communities Inc                                                                                        | CUSIP: 05348EBA6<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              |  | US        |     35000 | PA      | $34607.59     | 0.01%             | 2027-05-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc                                       | Cenovus Energy Inc                                                                                               | CUSIP: 15135UAM1<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49993.22     | 0.01%             | 2027-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                             | Comcast Corp                                                                                                     | CUSIP: 20030NCA7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196154.96    | 0.03%             | 2028-02-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                                 | Constellation Energy Generation LLC                                                                              | CUSIP: 210385AC4<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     65000 | PA      | $69226.94     | 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      | $49409.05     | 0.01%             | 2049-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| EASTERN GAS TRAN                                         | Eastern Gas Transmission & Storage Inc                                                                           | CUSIP: 276480AB6<br>LEI: H2VQBNB3NSKRM5QWBI71 | Long             | DBT              | CORP              | US        |     45000 | PA      | $32435.77     | 0.01%             | 2049-11-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                             | Enbridge Inc                                                                                                     | CUSIP: 29250NCD5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $98771.66     | 0.02%             | 2054-04-05      | Fixed         | 5.95%                 | 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        |    727860 | PA      | $739438.02    | 0.13%             | 2054-02-25      | Variable      | 6.50%                 | Yes           |                  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        |   3189376 | PA      | $2606816.45   | 0.46%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| HCA INC                                                  | HCA Inc                                                                                                          | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23977.10     | 0.00%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                             | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51682.64     | 0.01%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                         | Hewlett Packard Enterprise Co                                                                                    | CUSIP: 42824CBW8<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32349.14     | 0.01%             | 2054-10-15      | Fixed         | 5.60%                 | 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        |   2175890 | PA      | $2164264.51   | 0.38%             |  |  |  | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                      | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    145000 | PA      | $131167.35    | 0.02%             | 2032-04-22      | Fixed         | 2.58%                 | 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        |   3906096 | PA      | $3192622.93   | 0.56%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| KEYCORP                                                  | KeyCorp                                                                                                          | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $107464.27    | 0.02%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Lam Research Corp                                        | Lam Research Corp                                                                                                | CUSIP: 512807AU2<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74996.62     | 0.01%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federated Hermes Government Obligations Fund             | Federated Hermes Government Obligations Fund                                                                     | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |   4772179 | NS      | $4772179.40   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                                                   | CUSIP: 6174468X0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86866.91     | 0.02%             | 2032-04-28      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                           | NRG Energy Inc                                                                                                   | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       510 | NS      | $74235.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ORL TRUST                                                | ORL Trust 2024-GLKS                                                                                              | CUSIP: 67120DAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $1651032.90   | 0.29%             | 2039-12-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                   | PNC Financial Services Group Inc/The                                                                             | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67791.95     | 0.01%             | 2035-01-22      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Regency Centers LP                                       | Regency Centers LP                                                                                               | CUSIP: 75884RAX1<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |     80000 | PA      | $79892.63     | 0.01%             | 2028-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP                                   | Regions Financial Corp                                                                                           | CUSIP: 7591EPAU4<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36443.53     | 0.01%             | 2030-06-06      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| SMITHFIELD FOODS INC                                     | Smithfield Foods Inc                                                                                             | CUSIP: 832248BC1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27442.22     | 0.00%             | 2030-10-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| United Rentals Inc                                       | United Rentals Inc                                                                                               | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |        70 | NS      | $66943.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                 | Virginia Electric & Power Co                                                                                     | CUSIP: 927804FX7<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119119.58    | 0.02%             | 2027-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                              | Vistra Corp                                                                                                      | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       375 | NS      | $70916.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WP CAREY INC                                             | WP Carey Inc                                                                                                     | CUSIP: 92936UAM1<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |     50000 | PA      | $50679.31     | 0.01%             | 2034-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                    | Waste Connections Inc                                                                                            | CUSIP: 94106BAA9<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $70546.41     | 0.01%             | 2030-02-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                         | Welltower Inc                                                                                                    | CUSIP: 95040QAL8<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |     75000 | PA      | $69131.73     | 0.01%             | 2031-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | US 2YR FUTR OPTN OCT25C 104.3                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |      -350 | NC      | $-109375.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | MSC002399 GBP CALL USD PUT                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |  -8000000 | OU      | $-28064.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | MSP002387 GBP PUT USD CALL                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |  -8000000 | OU      | $-58640.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | BNC002324 NZD CALL USD PUT                                                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        | -10000000 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                    | BAC002390 USD CALL NOK PUT                                                                                       | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        | -10000000 | OU      | $-11140.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE CAMPBELLS COMPANY                                    | Campbell Soup Co                                                                                                 | CUSIP: 134429BQ1<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67064.14     | 0.01%             | 2035-03-23      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                      | Fifth Third Bancorp                                                                                              | CUSIP: 316773CV0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64707.68     | 0.01%             | 2028-03-14      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                         | Welltower Inc                                                                                                    | CUSIP: 95040QAP9<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |   4000000 | PA      | $3601270.80   | 0.64%             | 2032-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                             | Alphabet Inc                                                                                                     | CUSIP: 02079KAF4<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     35000 | PA      | $19120.05     | 0.00%             | 2050-08-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                             | CUSIP: 06051GHX0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47305.05     | 0.01%             | 2030-10-22      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                             | Broadcom Inc                                                                                                     | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66850.07     | 0.01%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                      | COMM 2015-DC1 Mortgage Trust                                                                                     | CUSIP: 12629NAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    722840 | PA      | $712266.08    | 0.13%             | 2048-02-10      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                                                    | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102843.34    | 0.02%             | 2035-02-13      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                      | Dominion Energy Inc                                                                                              | CUSIP: 25746UDJ5<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73694.92     | 0.01%             | 2026-04-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                         | Duke Energy Corp                                                                                                 | CUSIP: 26441CAY1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     55000 | PA      | $41644.50     | 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      | $86683.75     | 0.02%             | 2030-12-11      | Fixed         | 5.72%                 | 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        |   3186207 | PA      | $2604225.97   | 0.46%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| KROGER CO                                                | Kroger Co/The                                                                                                    | CUSIP: 501044DG3<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41439.01     | 0.01%             | 2047-02-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                     | M&T Bank Corp                                                                                                    | CUSIP: 55261FAT1<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47786.72     | 0.01%             | 2032-03-13      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                 | Warnermedia Holdings Inc                                                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     30000 | PA      | $20236.95     | 0.00%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NiSource Inc                                             | NiSource Inc                                                                                                     | CUSIP: 65473QBF9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     65000 | PA      | $53709.24     | 0.01%             | 2047-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                              | Oracle Corp                                                                                                      | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $81280.05     | 0.01%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| SYNOVUS FINANCIAL CORP                                   | Synovus Financial Corp                                                                                           | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52029.06     | 0.01%             | 2030-11-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| UDR INC                                                  | UDR Inc                                                                                                          | CUSIP: 90265EAS9<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |     60000 | PA      | $51201.60     | 0.01%             | 2034-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                               | US Bancorp                                                                                                       | CUSIP: 91159HJA9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     65000 | PA      | $56839.47     | 0.01%             | 2030-07-22      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                              | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3008164.50   | 0.53%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                             | VeriSign Inc                                                                                                     | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27059.29     | 0.00%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                        | CUSIP: 00774MBH7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $152197.59    | 0.03%             | 2034-01-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                            | AppLovin Corp                                                                                                    | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |   1405000 | PA      | $1434634.25   | 0.25%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                      | Ashtead Capital Inc                                                                                              | CUSIP: 045054AP8<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   3390000 | PA      | $2972733.07   | 0.52%             | 2031-08-12      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                                | Boeing Co/The                                                                                                    | CUSIP: 097023DC6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57312.71     | 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      | $44063.73     | 0.01%             | 2049-10-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                             | Comcast Corp                                                                                                     | CUSIP: 20030NCZ2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     30000 | PA      | $20419.83     | 0.00%             | 2050-02-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Ecovyst Inc                                              | Ecovyst Inc                                                                                                      | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6305 | NS      | $57312.45     | 0.01%             |  |  |  | No            |                  1 | 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        |    575312 | PA      | $543540.37    | 0.10%             | 2029-09-25      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL QMA STRAT VAL-                                | FEDERATED CORE TR MUTUAL FUND                                                                                    | CUSIP: 31409N887<br>LEI: 254900HYFNGKM5PJOV84 | Long             | EC               | RF                | US        |  14609956 | NS      | $131051304.39 | 23.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Interface Inc                                            | Interface Inc                                                                                                    | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |      2970 | NS      | $79358.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JEFFERIES FIN GROUP INC                                  | Jefferies Group LLC                                                                                              | CUSIP: 47233JDX3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38824.17     | 0.01%             | 2032-10-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                  | MPLX LP                                                                                                          | CUSIP: 55336VBT6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $82464.39     | 0.01%             | 2052-03-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                      | Northern Trust Corp                                                                                              | CUSIP: 665859AX2<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |     75000 | PA      | $81706.55     | 0.01%             | 2032-11-02      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                                              | Ovintiv Inc                                                                                                      | CUSIP: 69047QAD4<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36211.62     | 0.01%             | 2053-07-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                   | Roper Technologies Inc                                                                                           | CUSIP: 776743AL0<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |     65000 | PA      | $56385.06     | 0.01%             | 2031-02-15      | Fixed         | 1.75%                 | 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        |    876399 | PA      | $812794.51    | 0.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SHELL FINANCE US INC                                     | Shell Finance US Inc                                                                                             | CUSIP: 822905AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $35910.61     | 0.01%             | 2046-05-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                                    | Southern California Gas Co                                                                                       | CUSIP: 842434DB5<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2019115.80   | 0.36%             | 2034-09-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                         | T-Mobile USA Inc                                                                                                 | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     60000 | PA      | $39469.01     | 0.01%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Bonds                                                                                              | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4765625.00   | 0.84%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                              | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10140970.00  | 1.79%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                   | US 2YR NOTE (CBT) DEC25                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       175 | NC      | $40019.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BofA Securities, Inc.                                    | BAC002375 USD CALL ZAR PUT                                                                                       | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        |   4000000 | OU      | $264.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Devon Energy Corp                                        | Devon Energy Corp                                                                                                | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      2398 | NS      | $86567.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Core Trust - High Yield Bond Portfolio         | FED HIGH YLD BOND PORT                                                                                           | CUSIP: 000000000<br>LEI: 549300FJ1PZWFDNRP685 | Long             | EC               | RF                | US        |  31617799 | NS      | $181169990.16 | 31.98%            |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp                                    | US Foods Holding Corp                                                                                            | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |       975 | NS      | $75660.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Australia Government Bonds                               | Australia Government Bonds                                                                                       | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |   6750000 | PA      | $4287219.05   | 0.76%             | 2029-11-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                               | AbbVie Inc                                                                                                       | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57831.19     | 0.01%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                 | Alexandria Real Estate Equities Inc                                                                              | CUSIP: 015271AK5<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    110000 | PA      | $109332.49    | 0.02%             | 2028-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                              | Ameren Corp                                                                                                      | CUSIP: 023608AL6<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38678.49     | 0.01%             | 2027-03-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                | Amgen Inc                                                                                                        | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82154.00     | 0.01%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2022-BNK40                                                                                                  | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    345000 | PA      | $320463.36    | 0.06%             | 2064-03-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos Inc                                    | Bausch Health Cos Inc                                                                                            | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |      7175 | NS      | $53238.50     | 0.01%             |  |  |  | No            |                  1 | 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        |  10464553 | NS      | $87588308.24  | 15.46%            |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Co                                        | General Motors Co                                                                                                | CUSIP: 37045VAJ9<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87058.46     | 0.02%             | 2045-04-01      | Fixed         | 5.20%                 | No            |                  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      | $123346.70    | 0.02%             | 2077-04-01      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                   | PNC Financial Services Group Inc/The                                                                             | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41309.53     | 0.01%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                               | US Bancorp                                                                                                       | CUSIP: 91159HJS0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20581.00     | 0.00%             | 2030-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | MSP002388 NZD PUT USD CALL                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        | -10000000 | OU      | $-32000.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                    | BAC002373 USD CALL ZAR PUT                                                                                       | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        | -10000000 | OU      | $-31340.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | MSC002401 NZD CALL USD PUT                                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        | -10000000 | OU      | $-43020.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ABBVIE INC                                               | AbbVie Inc                                                                                                       | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64164.77     | 0.01%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                  | American Electric Power Co Inc                                                                                   | CUSIP: 025537AX9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57646.18     | 0.01%             | 2033-03-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                                             | Autodesk Inc                                                                                                     | CUSIP: 052769AJ5<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35637.08     | 0.01%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2018-BNK15                                                                                                  | CUSIP: 06036FBC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501411.05    | 0.09%             | 2061-11-15      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                             | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     85000 | PA      | $77135.75     | 0.01%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                             | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89275.33     | 0.02%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| BEACON FUNDING TRUST                                     | Beacon Funding Trust                                                                                             | CUSIP: 073952AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99715.12     | 0.02%             | 2054-08-15      | Fixed         | 6.27%                 | 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      | $648928.26    | 0.11%             | 2052-05-15      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Boyd Gaming Corp                                         | Boyd Gaming Corp                                                                                                 | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |       925 | NS      | $79420.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                                        | CNH Industrial NV                                                                                                | CUSIP: 12594KAB8<br>LEI: 549300WGC2HZ5J67V817 | Long             | DBT              | CORP              | NL        |     40000 | PA      | $39831.34     | 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      | $104352.58    | 0.02%             | 2031-06-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                 | Citizens Financial Group Inc                                                                                     | CUSIP: 174610AW5<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |     70000 | PA      | $59182.98     | 0.01%             | 2032-09-30      | Fixed         | 2.64%                 | 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      | $141152.07    | 0.02%             | 2030-01-22      | Fixed         | 2.75%                 | 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      | $1307436.13   | 0.23%             | 2043-06-25      | Floating      | 7.45%                 | Yes           |                  2 | On Loan: No      |
| ERAC USA FINANCE LLC                                     | ERAC USA Finance LLC                                                                                             | CUSIP: 26884TAZ5<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76709.55     | 0.01%             | 2034-10-30      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                  | CUSIP: 3140LQP95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8840587 | PA      | $7686519.43   | 1.36%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                               | Fiserv Inc                                                                                                       | CUSIP: 337738AU2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72845.23     | 0.01%             | 2029-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                     | Glencore Funding LLC                                                                                             | CUSIP: 378272BH0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     55000 | PA      | $36482.37     | 0.01%             | 2051-09-23      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                  | Goldman Sachs Group Inc/The                                                                                      | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118771.82    | 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      | $90277.16     | 0.02%             | 2032-04-22      | Fixed         | 2.62%                 | 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      | $40931.80     | 0.01%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging Holding Co                             | Graphic Packaging Holding Co                                                                                     | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4218 | NS      | $93934.86     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Herc Holdings Inc                                        | Herc Holdings Inc                                                                                                | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |       510 | NS      | $66702.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HP ENTERPRISE CO                                         | Hewlett Packard Enterprise Co                                                                                    | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54092.55     | 0.01%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                      | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56515.11     | 0.01%             | 2035-01-23      | Fixed         | 5.34%                 | No            |                  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        |   5870199 | PA      | $5004344.66   | 0.88%             | 2052-07-25      | Variable      | 3.00%                 | Yes           |                  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      |
| LEIDOS INC                                               | Leidos Inc                                                                                                       | CUSIP: 52532XAF2<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74654.99     | 0.01%             | 2030-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                 | Mars Inc                                                                                                         | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50494.78     | 0.01%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                 | Marsh & McLennan Cos Inc                                                                                         | CUSIP: 571748CA8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61104.80     | 0.01%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp                                    | Northrop Grumman Corp                                                                                            | CUSIP: 666807BN1<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54027.59     | 0.01%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE INSURANCE C                                 | Pacific Life Insurance Co                                                                                        | CUSIP: 69448FAA9<br>LEI: 8WC3XYHE06SQFW7CQK10 | Long             | DBT              | CORP              | US        |    120000 | PA      | $93991.93     | 0.02%             | 2067-10-24      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                   | Philip Morris International Inc                                                                                  | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    115000 | PA      | $121824.06    | 0.02%             | 2032-11-17      | Fixed         | 5.75%                 | 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      |
| Reynolds American Inc                                    | Reynolds American Inc                                                                                            | CUSIP: 761713BW5<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68588.47     | 0.01%             | 2041-08-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                       | Royalty Pharma PLC                                                                                               | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $25000.00     | 0.00%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                              | Southern Co/The                                                                                                  | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74834.12     | 0.01%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                         | T-Mobile USA Inc                                                                                                 | CUSIP: 87264ACW3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     55000 | PA      | $52713.60     | 0.01%             | 2053-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                       | Union Pacific Corp                                                                                               | CUSIP: 907818FH6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37276.89     | 0.01%             | 2030-02-05      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                              | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  18000000 | PA      | $18120938.40  | 3.20%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                              | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $30418752.00  | 5.37%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                               | VMware Inc                                                                                                       | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39493.56     | 0.01%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| WYNNTON FUNDING TRUST                                    | Wynnton Funding Trust                                                                                            | CUSIP: 983196AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100153.98    | 0.02%             | 2035-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CBOE Futures Exchange LLC                                | CBOE VIX FUTURE SEP25                                                                                            | CUSIP: 000000000<br>LEI: 254900O9GJPIWCP8RH13 | N/A              | DE               |  | US        |       150 | NC      | $-383127.75   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US 5YR NOTE (CBT) DEC25                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         8 | NC      | $2871.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | US BOND FUTR OPTN OCT25P 112                                                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |       -75 | NC      | $-37500.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | US 5YR FUTR OPTN OCT25C 109.7                                                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |      -300 | NC      | $-96093.90    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| BofA Securities, Inc.                                    | BAC002372 AUD CALL USD PUT                                                                                       | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        |  10000000 | OU      | $64950.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                    | BAP002380 USD PUT ZAR CALL                                                                                       | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        | -10000000 | OU      | $-147860.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                       | UBC002400 AUD CALL USD PUT                                                                                       | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              |  | US        | -10000000 | OU      | $-36270.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-23

**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