Federated Hermes MDT Balanced Fund
Portfolio of Investments
April 30, 2025 (unaudited)  
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—52.0%
 
Communication Services—4.8%
20,313
 
Alphabet, Inc., Class A
$  3,225,704
83,798
1
Altice USA, Inc.
    207,819
19,336
1
CarGurus, Inc.
    540,635
21,112
1
Cars.com, Inc.
    245,744
826
 
Electronic Arts, Inc.
    119,844
23,793
 
Fox Corp.
  1,184,653
751
1
Live Nation Entertainment, Inc.
     99,470
3,673
 
Meta Platforms, Inc.
  2,016,477
251
1
Netflix, Inc.
    284,062
7,901
1
ROBLOX Corp.
    529,762
4,306
1
Spotify Technology SA
  2,643,798
3,847
 
T-Mobile USA, Inc.
    950,017
1,760
 
Verizon Communications, Inc.
     77,546
12,922
1
ZoomInfo Technologies, Inc.
    110,612
 
TOTAL
12,236,143
 
Consumer Discretionary—4.6%
43,147
 
Advance Auto Parts, Inc.
  1,411,770
14,871
1
Amazon.com, Inc.
  2,742,510
171
1
AutoZone, Inc.
    643,405
6,656
1
Capri Holdings Ltd.
    100,106
2,543
1
Deckers Outdoor Corp.
    281,841
4,001
1
DoorDash, Inc.
    771,753
3,646
 
eBay, Inc.
    248,511
3,999
1
Expedia Group, Inc.
    627,563
11,449
1
Five Below, Inc.
    868,865
22,641
 
Ford Motor Co.
    226,636
15,297
1
Goodyear Tire & Rubber Co.
    166,431
1,209
1
Life Time Group Holdings, Inc.
     37,068
1,762
 
McDonald’s Corp.
    563,223
644
 
Murphy USA, Inc.
    321,079
446
1
O’Reilly Automotive, Inc.
    631,179
3,827
 
PVH Corp.
    263,987
899
 
Royal Caribbean Cruises Ltd.
    193,204
11,626
1
SharkNinja, Inc.
    935,893
541
1
Tesla, Inc.
    152,649
2,427
 
TJX Cos., Inc.
    312,306
711
1
Ulta Beauty, Inc.
    281,300
 
TOTAL
11,781,279
 
Consumer Staples—3.3%
11,638
 
Albertsons Cos., Inc.
    255,803
7,686
1
Bellring Brands, Inc.
    592,898
271
 
Coca-Cola Bottling Co.
    367,425
7,638
 
Colgate-Palmolive Co.
    704,147
1,455
 
Costco Wholesale Corp.
  1,446,997
9,408
1
Dollar Tree, Inc.
    769,292
1
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
Consumer Staples—continued
14,322
 
Estee Lauder Cos., Inc., Class A
$    858,747
20,502
1
Hain Celestial Group, Inc.
     62,326
6,237
 
Kimberly-Clark Corp.
    821,912
3,632
 
Kroger Co.
    262,267
21,095
1
Maplebear, Inc.
    841,480
5,562
 
Philip Morris International, Inc.
    953,104
3,562
1
Sprouts Farmers Market, Inc.
    609,102
 
TOTAL
8,545,500
 
Energy—1.1%
4,608
 
Cheniere Energy, Inc.
  1,064,955
5,060
 
EOG Resources, Inc.
    558,270
11,786
 
PBF Energy, Inc.
    202,484
3,317
 
Targa Resources, Inc.
    566,875
1,133
1
Tidewater, Inc.
     41,003
10,462
 
Weatherford International PLC
    433,127
 
TOTAL
2,866,714
 
Financials—7.3%
4,958
 
Ameriprise Financial, Inc.
  2,335,317
1,671
1
Arch Capital Group Ltd.
    151,526
18,978
 
Bank of New York Mellon Corp.
  1,526,021
1,512
 
Cboe Global Markets, Inc.
    335,362
352
 
CME Group, Inc.
     97,532
7,457
 
Corebridge Financial, Inc.
    220,951
1,950
 
Globe Life, Inc.
    240,513
745
 
Goldman Sachs Group, Inc.
    407,925
3,851
 
Interactive Brokers Group, Inc., Class A
    661,794
5,283
 
Intercontinental Exchange, Inc.
    887,386
24,198
 
Jackson Financial, Inc.
  1,885,266
3,640
 
Morgan Stanley
    420,129
289
 
MSCI, Inc., Class A
    157,537
10,570
 
Northern Trust Corp.
    993,369
5,160
 
Progressive Corp., OH
  1,453,778
19,050
 
Prudential Financial, Inc.
  1,956,625
23,277
 
State Street Corp.
  2,050,704
6,068
 
Synchrony Financial
    315,233
1,653
 
The Hartford Insurance Group, Inc.
    202,774
5,773
 
The Travelers Cos., Inc.
  1,524,822
10,476
 
Virtu Financial, Inc.
    410,135
827
 
Visa, Inc., Class A
    285,728
31,056
 
Western Union Co.
    307,765
 
TOTAL
18,828,192
 
Health Care—5.9%
14,440
 
AbbVie, Inc.
  2,817,244
1,711
1
Acadia Healthcare Co., Inc.
     40,037
3,888
1
Align Technology, Inc.
    673,790
549
1
Alnylam Pharmaceuticals, Inc.
    144,519
6,664
 
Amgen, Inc.
  1,938,691
7,913
1
AnaptysBio, Inc.
    175,827
1,680
1
Biogen, Inc.
    203,414
2,735
 
Cardinal Health, Inc.
    386,428
2
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
Health Care—continued
3,840
 
Cencora, Inc.
$  1,123,853
3,856
1
Centene Corp.
    230,782
1,841
1
Charles River Laboratories International, Inc.
    218,379
28,629
1
Community Health Systems, Inc.
     78,157
22,826
1
Dexcom, Inc.
  1,629,320
51,357
1
Elanco Animal Health, Inc.
    486,864
285
 
Elevance Health, Inc.
    119,865
4,868
 
Gilead Sciences, Inc.
    518,637
1,728
 
Humana, Inc.
    453,151
8,718
1
Illumina, Inc.
    676,517
11,363
1
Incyte Genomics, Inc.
    712,006
1,635
 
Merck & Co., Inc.
    139,302
37,945
1
Moderna, Inc.
  1,082,950
5,672
1
Omnicell, Inc.
    177,307
841
1
Regeneron Pharmaceuticals, Inc.
    503,557
724
 
Teleflex, Inc.
     99,224
708
1
Vertex Pharmaceuticals, Inc.
    360,726
4,663
1
Waystar Holding Corp.
    173,324
 
TOTAL
15,163,871
 
Industrials—5.3%
1,571
 
Allegion PLC
    218,683
8,207
 
Allison Transmission Holdings, Inc.
    757,014
12,831
 
Atmus Filtration Technologies, Inc.
    444,851
5,631
 
Booz Allen Hamilton Holding Corp.
    675,833
2,734
 
C.H. Robinson Worldwide, Inc.
    243,928
3,371
 
Emerson Electric Co.
    354,326
1,348
 
GE Aerospace
    271,676
6,234
1
GE Vernova, Inc.
  2,311,692
410
 
General Dynamics Corp.
    111,569
2,095
 
Lennox International, Inc.
  1,145,441
1,393
 
Lockheed Martin Corp.
    665,506
4,407
 
Paycom Software, Inc.
    997,701
17,484
 
Pitney Bowes, Inc.
    151,761
732
 
Ryder System, Inc.
    100,774
6,476
1
SPX Technologies, Inc.
    868,755
935
 
Trane Technologies PLC
    358,395
7,350
1
United Airlines Holdings, Inc.
    505,827
23,802
 
Veralto Corp.
  2,282,612
2,822
 
Verisk Analytics, Inc.
    836,525
1,100
 
Waste Management, Inc.
    256,696
 
TOTAL
13,559,565
 
Information Technology—14.0%
5,018
1
Adobe, Inc.
  1,881,650
5,631
1
Advanced Micro Devices, Inc.
    548,178
21,098
 
Apple, Inc.
  4,483,325
1,111
 
Applied Materials, Inc.
    167,439
8,287
1
Arista Networks, Inc.
    681,771
545
1
Atlassian Corp. PLC
    124,429
971
 
Broadcom, Inc.
    186,888
4,701
1
Cirrus Logic, Inc.
    451,484
3
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
Information Technology—continued
2,931
1
Commvault Systems, Inc.
$    489,858
5,732
 
Dell Technologies, Inc.
    525,968
14,042
1
DXC Technology Co.
    217,932
6,745
1
Enphase Energy, Inc.
    300,760
30,679
1
Fortinet, Inc.
  3,183,253
9,970
1
GoDaddy, Inc.
  1,877,650
11,792
 
Hewlett Packard Enterprise Co.
    191,266
1,351
 
IBM Corp.
    326,699
4,016
 
Marvell Technology, Inc.
    234,414
15,622
 
Microchip Technology, Inc.
    719,862
14,934
 
Microsoft Corp.
  5,902,813
4,462
 
NetApp, Inc.
    400,464
27,671
1
Nutanix, Inc.
  1,900,998
25,092
 
NVIDIA Corp.
  2,733,021
5,286
1
ON Semiconductor Corp.
    209,854
5,115
1
Palantir Technologies, Inc.
    605,821
4,381
1
Palo Alto Networks, Inc.
    818,940
3,610
 
Pegasystems, Inc.
    332,409
1,875
1
Qorvo, Inc.
    134,381
20,295
 
Qualcomm, Inc.
  3,012,996
836
 
Salesforce, Inc.
    224,642
105
1
ServiceNow, Inc.
    100,276
13,647
 
Skyworks Solutions, Inc.
    877,229
2,028
 
TD SYNNEX Corp.
    224,702
19,269
 
Teradyne, Inc.
  1,429,952
7,238
 
Vishay Intertechnology, Inc.
     94,022
15,452
 
Xerox Holdings Corp.
     68,143
1,319
1
Zoom Communications, Inc.
    102,275
 
TOTAL
35,765,764
 
Materials—1.6%
5,618
 
Alcoa Corp.
    137,810
3,051
1
Axalta Coating Systems Ltd.
     99,157
37,721
 
Celanese Corp.
  1,678,962
2,537
 
CRH PLC
    242,081
6,513
 
FMC Corp.
    273,025
4,793
1
Knife River Corp.
    447,570
17,934
 
Newmont Corp.
    944,763
1,276
 
Southern Copper Corp.
    114,227
766
 
Steel Dynamics, Inc.
     99,358
 
TOTAL
4,036,953
 
Real Estate—2.9%
6,000
 
Acadia Realty Trust
    114,600
9,200
 
Agree Realty Corp.
    714,012
2,400
 
American Tower Corp.
    540,984
3,500
 
Camden Property Trust
    398,300
9,000
 
Cousins Properties, Inc.
    247,860
2,500
 
Digital Realty Trust, Inc.
    401,350
1,650
 
EastGroup Properties, Inc.
    269,643
620
 
Equinix, Inc.
    533,665
11,100
 
Essential Properties Realty Trust, Inc.
    357,087
4
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
Real Estate—continued
950
 
Essex Property Trust, Inc.
$    265,192
1,000
 
Extra Space Storage, Inc.
    146,520
10,200
 
Kite Realty Group Trust
    220,830
2,500
 
Mid-American Apartment Communities, Inc.
    399,125
450
 
Public Storage
    135,194
2,200
 
Simon Property Group, Inc.
    346,236
5,500
 
Tanger, Inc.
    173,305
4,000
 
Terreno Realty Corp.
    225,320
10,000
 
Ventas, Inc.
    700,800
11,000
 
VICI Properties, Inc.
    352,220
6,100
 
Welltower, Inc.
    930,799
 
TOTAL
7,473,042
 
Utilities—1.2%
3,331
 
American Electric Power Co., Inc.
    360,881
3,221
 
Dominion Energy, Inc.
    175,158
4,209
 
Duke Energy Corp.
    513,582
11,595
 
Edison International
    620,448
11,421
 
Exelon Corp.
    535,645
7,005
 
Southern Co.
    643,689
1,632
 
WEC Energy Group, Inc.
    178,737
 
TOTAL
3,028,140
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $115,463,578)
133,285,163
 
U.S. TREASURIES—9.4%
 
Treasury Inflation-Indexed Note—0.1%
$  278,828
 
U.S. Treasury Inflation-Protected Notes, 1.625%, 10/15/2029
    283,492
 
U.S. Treasury Bond—1.8%
  340,000
 
United States Treasury Bond, 2.250%, 2/15/2052
    210,341
  125,000
 
United States Treasury Bond, 3.000%, 8/15/2052
     91,448
   50,000
 
United States Treasury Bond, 3.250%, 5/15/2042
     41,737
  225,000
 
United States Treasury Bond, 3.375%, 8/15/2042
    190,598
  350,000
 
United States Treasury Bond, 4.125%, 8/15/2053
    317,305
  475,000
 
United States Treasury Bond, 4.250%, 8/15/2054
    440,935
  675,000
 
United States Treasury Bond, 4.500%, 11/15/2054
    654,228
2,700,000
 
United States Treasury Bond, 4.625%, 2/15/2055
  2,674,248
 
TOTAL
4,620,840
 
U.S. Treasury Note—7.5%
  500,000
 
United States Treasury Note, 2.375%, 3/31/2029
    476,809
  500,000
 
United States Treasury Note, 2.750%, 5/31/2029
    482,779
  550,000
 
United States Treasury Note, 3.125%, 8/31/2029
    537,819
3,000,000
 
United States Treasury Note, 3.750%, 4/30/2027
  3,009,026
  300,000
 
United States Treasury Note, 3.875%, 3/31/2027
    301,415
1,100,000
 
United States Treasury Note, 4.000%, 2/28/2030
  1,114,424
1,725,000
 
United States Treasury Note, 4.000%, 3/31/2030
  1,746,676
  100,000
 
United States Treasury Note, 4.000%, 7/31/2030
    101,150
   55,000
 
United States Treasury Note, 4.000%, 2/15/2034
     54,585
  450,000
 
United States Treasury Note, 4.125%, 2/28/2027
    453,846
  295,000
 
United States Treasury Note, 4.125%, 7/31/2028
    299,608
1,675,000
 
United States Treasury Note, 4.125%, 10/31/2029
  1,704,895
  900,000
 
United States Treasury Note, 4.125%, 2/29/2032
    910,685
5
Shares or
Principal
Amount
 
 
Value
 
U.S. TREASURIES—continued
 
U.S. Treasury Note—continued
$  100,000
 
United States Treasury Note, 4.125%, 3/31/2032
$    101,181
  200,000
 
United States Treasury Note, 4.250%, 11/30/2026
    201,687
2,085,000
2
United States Treasury Note, 4.250%, 11/15/2034
  2,101,023
  500,000
 
United States Treasury Note, 4.375%, 12/31/2029
    514,317
  350,000
 
United States Treasury Note, 4.375%, 11/30/2030
    359,991
   75,000
 
United States Treasury Note, 4.375%, 5/15/2034
     76,442
  400,000
 
United States Treasury Note, 4.500%, 12/31/2031
    413,636
  300,000
 
United States Treasury Note, 4.625%, 4/30/2031
    312,400
3,900,000
 
United States Treasury Note, 4.625%, 2/15/2035
  4,046,846
 
TOTAL
19,321,240
 
TOTAL U.S. TREASURIES
(IDENTIFIED COST $24,292,140)
24,225,572
 
CORPORATE BONDS—7.4%
 
Basic Industry - Chemicals—0.0%
    6,000
 
DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038
      6,151
 
Basic Industry - Metals & Mining—0.1%
  200,000
 
Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.500%, 5/2/2033
    200,320
   15,000
 
Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040
     15,186
 
TOTAL
215,506
 
Capital Goods - Aerospace & Defense—0.3%
  200,000
 
BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050
    128,395
  110,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025
    110,000
  250,000
 
L3Harris Technologies, Inc., Sr. Unsecd. Note, 5.500%, 8/15/2054
    236,575
  300,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031
    259,541
   15,000
 
Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028
     14,517
   40,000
3
Textron Financial Corp., Jr. Sub. Note, 144A, 6.319% (CME Term SOFR 3 Month +1.996%), 2/15/2042
     36,381
   50,000
 
Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026
     49,632
 
TOTAL
835,041
 
Capital Goods - Building Materials—0.1%
  225,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 5.600%, 5/29/2034
    227,983
   85,000
 
Carrier Global Corp., Sr. Unsecd. Note, 6.200%, 3/15/2054
     89,292
 
TOTAL
317,275
 
Capital Goods - Construction Machinery—0.1%
  255,000
 
CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028
    254,609
 
Capital Goods - Diversified Manufacturing—0.0%
   65,000
 
Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.700%, 6/15/2054
     62,700
   60,000
 
Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027
     56,344
 
TOTAL
119,044
 
Communications - Cable & Satellite—0.1%
  300,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond,
2.250%, 1/15/2029
    272,272
  145,000
 
Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051
     86,109
   15,000
 
Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038
     12,860
   10,000
 
Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035
      9,428
 
TOTAL
380,669
 
Communications - Media & Entertainment—0.1%
   30,000
 
Grupo Televisa SAB, Sr. Unsecd. Note, 6.125%, 1/31/2046
     23,198
  200,000
 
Meta Platforms, Inc., Sr. Unsecd. Note, 5.550%, 8/15/2064
    192,618
 
TOTAL
215,816
 
Communications - Telecom Wireless—0.5%
  150,000
 
Crown Castle, Inc., Sr. Unsecd. Note, 3.700%, 6/15/2026
    148,352
6
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Communications - Telecom Wireless—continued
$  350,000
 
Crown Castle, Inc., Sr. Unsecd. Note, 5.100%, 5/1/2033
$    342,466
  300,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 5.050%, 7/15/2033
    298,180
  180,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 5.500%, 1/15/2055
    167,940
  250,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 5.750%, 6/28/2054
    236,550
 
TOTAL
1,193,488
 
Communications - Telecom Wirelines—0.1%
   12,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.500%, 9/15/2053
      8,040
   11,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2059
      7,284
    5,000
 
AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035
      4,720
  150,000
 
Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049
    136,968
   90,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030
     84,745
 
TOTAL
241,757
 
Consumer Cyclical - Automotive—0.2%
  275,000
 
Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.050%, 3/5/2031
    268,774
  175,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032
    150,051
  175,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031
    176,742
   10,000
 
Mercedes-Benz Finance NA LLC, Co. Guarantee, 8.500%, 1/18/2031
     11,823
 
TOTAL
607,390
 
Consumer Cyclical - Retailers—0.1%
  170,000
 
AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030
    166,811
 
Consumer Cyclical - Services—0.0%
   15,000
 
Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030
     14,028
   10,000
 
University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111
      9,254
 
TOTAL
23,282
 
Consumer Non-Cyclical - Food/Beverage—0.3%
   30,000
 
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036
     29,015
  300,000
 
Constellation Brands, Inc., Sr. Unsecd. Note, 4.900%, 5/1/2033
    292,930
  300,000
 
Danone S.A., Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026
    294,172
  270,000
 
Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028
    265,289
   15,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045
     13,607
 
TOTAL
895,013
 
Consumer Non-Cyclical - Health Care—0.2%
  105,000
 
GE HealthCare Technologies, Inc., Sr. Unsecd. Note, 6.377%, 11/22/2052
    110,446
  300,000
 
HCA, Inc., Sr. Unsecd. Note, 5.500%, 6/1/2033
    302,026
 
TOTAL
412,472
 
Consumer Non-Cyclical - Pharmaceuticals—0.2%
  500,000
 
AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049
    405,975
   15,000
 
Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045
     12,550
   10,000
 
Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039
      8,778
   15,000
 
Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036
     13,463
 
TOTAL
440,766
 
Consumer Non-Cyclical - Tobacco—0.2%
  450,000
 
Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032
    472,310
 
Energy - Independent—0.2%
   50,000
 
APA Corp., Sr. Unsecd. Note, 144A, 6.100%, 2/15/2035
     46,816
  125,000
 
Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027
    118,530
    5,000
 
ConocoPhillips Co., Sr. Unsecd. Note, 4.025%, 3/15/2062
      3,492
   15,000
 
EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027
     14,718
  250,000
 
Occidental Petroleum Corp., 5.550%, 10/1/2034
    233,565
7
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Energy - Independent—continued
$  125,000
 
Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053
$    121,797
 
TOTAL
538,918
 
Energy - Integrated—0.2%
  135,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026
    133,382
  300,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028
    296,445
  170,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 4.893%, 9/11/2033
    167,095
 
TOTAL
596,922
 
Energy - Midstream—0.2%
  125,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032
    110,134
   20,000
 
Energy Transfer LP, Sr. Unsecd. Note, 5.500%, 6/1/2027
     20,314
  115,000
 
Energy Transfer LP, Sr. Unsecd. Note, 5.950%, 5/15/2054
    104,677
   10,000
 
Energy Transfer LP, Sr. Unsecd. Note, 6.125%, 12/15/2045
      9,468
  170,000
 
Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027
    169,387
   20,000
 
Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038
     21,633
   40,000
 
MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027
     39,734
    5,000
 
MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038
      4,301
   70,000
 
Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033
     63,973
    5,000
 
TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037
      5,123
   10,000
 
Western Midstream Operating, LP, Sr. Unsecd. Note, 4.750%, 8/15/2028
      9,924
 
TOTAL
558,668
 
Energy - Refining—0.0%
   15,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048
     11,300
   10,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041
     10,050
   15,000
 
Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028
     14,947
 
TOTAL
36,297
 
Financial Institution - Banking—1.5%
  350,000
 
Bank of America Corp., Sr. Unsecd. Note, 5.288%, 4/25/2034
    351,064
  300,000
 
Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026
    297,614
   15,000
 
Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026
     14,988
  165,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033
    145,012
  170,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026
    168,404
  370,000
 
Citigroup, Inc., Sr. Unsecd. Note, 5.610%, 9/29/2026
    371,302
   15,000
 
Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027
     14,957
   75,000
 
Citizens Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030
     76,793
   30,000
 
Comerica, Inc., 3.800%, 7/22/2026
     29,515
  215,000
 
FNB Corp. (PA), 5.722%, 12/11/2030
    214,619
  150,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041
    156,649
   15,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038
     13,012
  150,000
 
KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035
    157,214
  100,000
 
M&T Bank Corp., Sr. Unsecd. Note, Series MTN, 5.385%, 1/16/2036
     97,385
  100,000
 
Morgan Stanley, Sr. Unsecd. Note, 2.943%, 1/21/2033
     87,864
  180,000
 
Morgan Stanley, Sr. Unsecd. Note, 5.250%, 4/21/2034
    180,058
  105,000
 
Morgan Stanley, Sr. Unsecd. Note, 5.831%, 4/19/2035
    108,455
   15,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025
     14,979
  240,000
 
PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029
    247,498
  165,000
 
Regions Financial Corp., Sr. Unsecd. Note, 5.722%, 6/6/2030
    168,752
   10,000
 
State Street Corp., Sub. Deb., 3.031%, 11/1/2034
      9,146
  160,000
 
Synovus Financial Corp., Sr. Unsecd. Note, 6.168%, 11/1/2030
    161,521
  300,000
 
U.S. Bancorp, Sr. Unsecd. Note, 5.836%, 6/12/2034
    309,835
  250,000
 
U.S. Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030
    212,984
8
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Financial Institution - Banking—continued
$   10,000
 
Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026
$      9,968
  200,000
 
Wells Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035
    201,608
   10,000
 
Westpac Banking Corp. Ltd., Sub., Series GMTN, 4.322%, 11/23/2031
      9,925
 
TOTAL
3,831,121
 
Financial Institution - Broker/Asset Mgr/Exchange—0.1%
   80,000
 
Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026
     79,503
   70,000
 
Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028
     69,549
 
TOTAL
149,052
 
Financial Institution - Finance Companies—0.1%
  220,000
 
Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027
    226,732
 
Financial Institution - Insurance - Health—0.2%
  300,000
 
UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2052
    253,146
  250,000
 
UnitedHealth Group, Inc., Sr. Unsecd. Note, 5.150%, 7/15/2034
    250,890
 
TOTAL
504,036
 
Financial Institution - Insurance - Life—0.2%
  400,000
 
AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040
    301,395
   15,000
 
MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036
     14,859
   10,000
 
MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039
     13,047
   55,000
 
Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050
     41,447
   15,000
 
Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040
     17,108
   50,000
 
Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040
     53,559
 
TOTAL
441,415
 
Financial Institution - Insurance - P&C—0.0%
   10,000
 
Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048
      8,293
 
Financial Institution - REIT - Apartment—0.1%
   60,000
 
Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030
     55,229
  200,000
 
UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032
    162,492
   70,000
 
UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026
     68,661
 
TOTAL
286,382
 
Financial Institution - REIT - Healthcare—0.1%
  185,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027
    180,302
 
Financial Institution - REIT - Office—0.1%
   70,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028
     69,081
  200,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 5.500%, 10/1/2035
    198,066
 
TOTAL
267,147
 
Financial Institution - REIT - Other—0.0%
   70,000
 
Host Hotels & Resorts LP, Sr. Unsecd. Note, 5.700%, 7/1/2034
     68,929
 
Technology—0.6%
   10,000
 
Apple, Inc., Sr. Unsecd. Note, 3.850%, 5/4/2043
      8,297
   70,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051
     51,056
  220,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 4.150%, 4/15/2032
    209,316
   20,000
 
Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042
     17,718
  171,000
 
Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026
    173,025
  110,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029
    104,880
    5,000
 
Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029
      4,657
   75,000
 
Micron Technology, Inc., Sr. Unsecd. Note, 6.050%, 11/1/2035
     76,078
    7,000
 
Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052
      4,651
    8,000
 
Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036
      7,144
  200,000
 
Oracle Corp., Sr. Unsecd. Note, 6.125%, 8/3/2065
    195,311
  500,000
 
Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032
    533,395
9
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Technology—continued
$  175,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030
$    153,198
   70,000
 
Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025
     69,464
   15,000
 
Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035
     14,280
 
TOTAL
1,622,470
 
Transportation - Railroads—0.1%
  225,000
 
Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.125%, 6/1/2026
    221,883
 
Transportation - Services—0.1%
   15,000
 
Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042
     14,854
   20,000
 
FedEx Corp., Sr. Unsecd. Note, 144A, 3.900%, 2/1/2035
     17,564
  210,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028
    215,224
 
TOTAL
247,642
 
Utility - Electric—0.9%
  200,000
 
Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052
    127,076
   90,000
 
Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027
     86,211
   70,000
 
Electricite de France S.A., Note, 144A, 5.600%, 1/27/2040
     69,051
  300,000
 
Electricite de France S.A., Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028
    299,446
  140,000
 
Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046
    112,940
  170,000
 
EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026
    168,222
  200,000
 
Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026
    197,841
  110,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046
    108,429
   25,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032
     29,292
  200,000
 
NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.900%, 3/15/2055
    195,105
  250,000
 
PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026
    246,547
  175,000
 
Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026
    172,729
  250,000
 
Virginia Electric & Power Co., Sr. Unsecd. Note, 5.450%, 4/1/2053
    233,923
  103,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030
     89,349
  170,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027
    172,801
 
TOTAL
2,308,962
 
Utility - Other—0.1%
  125,000
 
National Grid-SP PLC, Sr. Unsecd. Note, 5.602%, 6/12/2028
    128,927
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $19,917,987)
19,021,498
 
ASSET-BACKED SECURITIES—2.8%
 
Auto Receivables—1.3%
  285,000
 
BMW Vehicle Lease Trust 2024-2, Class A4, 4.210%, 2/25/2028
    284,359
  300,000
 
Citizens Auto Receivables Trust 2024-2, Class A3, 5.330%, 8/15/2028
    302,993
  300,000
 
Ford Credit Auto Owner Trust/Ford Credit 2023-2, Class SUB, 5.920%, 2/15/2036
    311,078
  300,000
 
General Motors 2024-2A, Class B, 5.350%, 3/15/2031
    302,974
  250,000
 
Huntington Auto Trust 2024-1A, Class A3, 5.230%, 1/16/2029
    252,329
  150,000
 
M&T Bank Auto Receivables Trust 2024-1A, Class A3, 5.220%, 2/17/2032
    152,120
  100,000
 
Navistar Financial Dealer Note Master Trust 2023-1, Class A, 6.180%, 8/25/2028
    100,411
  300,000
 
Santander Drive Auto Receivables Trust 2023-1, Class C, 5.090%, 5/15/2030
    301,228
  250,000
 
Santander Drive Auto Receivables Trust 2023-3, Class C, 5.770%, 11/15/2030
    256,454
  261,163
 
Securitized Term Auto Receivables Trust 2025-A, Class B, 5.038%, 7/25/2031
    262,533
  225,000
 
SFS Auto Receivables Securitization Trust 2023-1A, Class C, 5.970%, 2/20/2031
    232,134
  250,000
 
Tesla Auto Lease Trust 2023-A, Class B, 6.410%, 7/20/2027
    251,024
  250,000
 
Toyota Auto Loan Extended Note 2023-1A, Class A, 4.930%, 6/25/2036
    255,435
 
TOTAL
3,265,072
 
Credit Card—0.3%
  345,000
 
First National Master Note Trust 2023-1, Class A, 5.130%, 4/15/2029
    347,293
10
Shares or
Principal
Amount
 
 
Value
 
ASSET-BACKED SECURITIES—continued
 
Credit Card—continued
$  400,000
 
Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028
$    380,763
 
TOTAL
728,056
 
Equipment Lease—1.0%
  200,000
 
Dell Equipment Finance Trust 2023-2, Class C, 6.060%, 1/22/2029
    201,278
  185,000
 
Dell Equipment Finance Trust 2025-1, Class A3, 4.610%, 2/24/2031
    185,319
  300,000
 
DLLAA LLC 2025-1A, Class A4, 5.080%, 4/20/2033
    307,578
  300,000
 
DLLAD LLC 2024-1A, Class A4, 5.380%, 9/22/2031
    311,558
  200,000
 
DLLMT LLC 2023-1A, Class A4, 5.350%, 3/20/2031
    203,487
  280,000
 
Great America Leasing Receivables 2025-1, Class A4, 4.580%, 1/15/2032
    282,947
  400,000
 
HPEFS Equipment Trust 2024-2A, Class C, 5.520%, 10/20/2031
    409,015
  300,000
 
Kubota Credit Owner Trust 2023-2A, Class A4, 5.230%, 6/15/2028
    306,674
  300,000
 
MMAF Equipment Finance LLC 2023-A, Class A4, 5.500%, 12/13/2038
    309,329
 
TOTAL
2,517,185
 
Other—0.2%
  225,000
 
PFS Financing Corp. 2023-B, Class A, 5.270%, 5/15/2028
    228,298
  300,000
 
PFS Financing Corp. 2024-F, Class A, 4.750%, 8/15/2029
    300,605
 
TOTAL
528,903
 
Student Loans—0.0%
  136,885
 
Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069
    124,436
 
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $7,091,890)
7,163,652
 
COLLATERALIZED MORTGAGE OBLIGATIONS—2.1%
 
Commercial Mortgage—0.3%
  150,000
 
Bank 2023-BNK46, Class A4, 5.745%, 8/15/2056
    156,112
  250,000
 
Barclays Commercial Mortgage S 2024-5C27, Class A2, 5.550%, 7/15/2057
    257,425
  225,000
3
ORL TRUST 2024-GLKS, Class A, 5.814% (CME Term SOFR 1 Month +1.492%), 12/15/2039
    223,592
 
TOTAL
637,129
 
Federal Home Loan Mortgage Corporation—1.3%
    1,151
 
Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032
      1,191
  252,866
3
Federal Home Loan Mortgage Corp. REMIC, Series 5396, Class FG, 5.353% (30-DAY AVERAGE SOFR +1.000%), 4/25/2054
    252,049
  309,379
3
Federal Home Loan Mortgage Corp. REMIC, Series 5402, Class FB, 5.453% (30-DAY AVERAGE SOFR +1.100%), 4/25/2054
    309,241
  193,915
3
Federal Home Loan Mortgage Corp. REMIC, Series 5417, Class FC, 5.553% (30-DAY AVERAGE SOFR +1.200%), 6/25/2054
    193,850
  174,719
3
Federal Home Loan Mortgage Corp. REMIC, Series 5426, Class FB, 5.553% (30-DAY AVERAGE SOFR +1.200%), 6/25/2054
    174,588
  386,368
3
Federal Home Loan Mortgage Corp. REMIC, Series 5440, Class WF, 5.503% (30-DAY AVERAGE SOFR +1.150%), 8/25/2054
    385,992
  189,705
3
Federal Home Loan Mortgage Corp. REMIC, Series 5484, Class FB, 5.553% (30-DAY AVERAGE SOFR +1.200%), 12/25/2054
    189,853
  191,578
3
Federal Home Loan Mortgage Corp. REMIC, Series 5499, Class FN, 5.353% (30-DAY AVERAGE SOFR +1.000%), 2/25/2055
    189,661
  390,326
3
Federal Home Loan Mortgage Corp. REMIC, Series 5511, Class JF, 5.503% (30-DAY AVERAGE SOFR +1.150%), 3/25/2055
    389,516
  780,416
3
Federal Home Loan Mortgage Corp. REMIC, Series 5522, Class BF, 5.403% (30-DAY AVERAGE SOFR +1.050%), 3/25/2055
    778,720
  250,000
 
Federal Home Loan Mortgage Corp. REMIC, Series K-161, Class A2, 4.900%, 10/25/2033
    256,362
  200,000
 
Federal Home Loan Mortgage Corp. REMIC, Series K754, Class A2, 4.940%, 11/25/2030
    206,053
 
TOTAL
3,327,076
 
Federal National Mortgage Association—0.3%
      100
 
Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033
        100
  364,496
3
Federal National Mortgage Association REMIC, Series 2024-82, Class HF, 5.553% (30-DAY AVERAGE SOFR
+1.200%), 11/25/2054
    364,842
  391,071
3
Federal National Mortgage Association REMIC, Series 2025-18, Class WF, 5.453% (30-DAY AVERAGE SOFR
+1.100%), 9/25/2054
    390,556
 
TOTAL
755,498
 
Financial Institution - REIT - Other—0.1%
  225,000
 
Wells Fargo Commercial Mortgage Trust 2024-5C2, Class A2, 5.439%, 11/15/2057
    229,558
11
Shares or
Principal
Amount
 
 
Value
 
COLLATERALIZED MORTGAGE OBLIGATIONS—continued
 
Non-Agency Mortgage—0.1%
$        4
 
Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 8.830%, 3/25/2031
$          4
  347,950
 
GS Mortgage-Backed Securities Trust 2023-PJ1, Class A4, 3.500%, 2/25/2053
    306,168
 
TOTAL
306,172
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $5,246,687)
5,255,433
 
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.6%
 
Commercial Mortgage—0.3%
  200,000
 
BMO Mortgage Trust 2023-5C1, Class A3, 6.534%, 8/15/2056
    210,188
  200,000
 
BMO Mortgage Trust 2023-C4, Class A5, 5.116%, 2/15/2056
    201,066
  250,000
3
JW Commercial Mortgage Trust 2 2024-BERY, Class A, 5.914% (CME Term SOFR 1 Month +1.593%), 11/15/2039
    248,826
 
TOTAL
660,080
 
Federal Home Loan Mortgage Corporation—0.2%
  216,943
 
Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029
    205,071
  350,000
 
Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026
    342,096
 
TOTAL
547,167
 
Financial Institution - Banking—0.1%
  300,000
 
Bank 2024-BNK48, Class A4, 4.775%, 8/15/2034
    292,049
 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $1,542,866)
1,499,296
 
MORTGAGE-BACKED SECURITIES—0.1%
 
Federal Home Loan Mortgage Corporation—0.0%
   17,165
 
Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044
     16,453
 
Federal National Mortgage Association—0.1%
    4,179
 
Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035
      4,324
      415
 
Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033
        427
   17,524
 
Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040
     16,918
   31,122
 
Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043
     29,142
   21,996
 
Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040
     21,796
   10,788
 
Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042
      9,790
   13,339
 
Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043
     12,112
    4,032
 
Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028
      3,964
   12,588
 
Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048
     11,940
    7,063
 
Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048
      6,256
    9,236
 
Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048
      8,457
   11,364
 
Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047
     10,412
    8,585
 
Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049
      7,538
    5,924
 
Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049
      5,416
   18,405
 
Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047
     16,377
    8,288
 
Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049
      7,594
   12,149
 
Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040
     12,315
   15,030
 
Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041
     14,880
   18,511
 
Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043
     16,777
   14,608
 
Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031
     14,072
 
TOTAL
230,507
 
Government National Mortgage Association—0.0%
   10,437
 
Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042
      9,777
    6,686
 
Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043
      6,434
 
TOTAL
16,211
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $285,346)
263,171
12
Shares or
Principal
Amount
 
 
Value
 
MUNICIPAL BOND—0.0%
$   30,000
 
Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030
(IDENTIFIED COST $32,131)
$     30,691
 
EXCHANGE-TRADED FUNDS—10.4%
70,200
 
iShares Core MSCI Emerging Markets ETF
  3,802,734
269,500
 
iShares MSCI EAFE ETF
 22,840,125
 
Total Exchange-Traded Funds
(IDENTIFIED COST $23,926,617)
26,642,859
 
INVESTMENT COMPANIES—15.2%
15,345
 
Bank Loan Core Fund
    130,888
332,027
 
Emerging Markets Core Fund
  2,842,151
8,439,569
 
Federated Hermes Government Obligations Fund, Premier Shares, 4.25%4
  8,439,569
481,747
 
High Yield Bond Core Fund
  2,688,146
2,257,095
 
Mortgage Core Fund
 18,801,602
693,546
 
Project and Trade Finance Core Fund
  6,144,817
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $39,946,140)
39,047,173
 
TOTAL INVESTMENT IN SECURITIES—100%
(IDENTIFIED COST $237,745,382)
256,434,508
 
OTHER ASSETS AND LIABILITIES - NET—0.0%5
112,727
 
NET ASSETS—100%
$256,547,235
At April 30, 2025, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
Long Futures:
 
United States Treasury Long Bond Long Futures
1
$116,625
June 2025
$594
United States Treasury Notes 2-Year Long Futures
42
$8,742,234
June 2025
$33,939
United States Treasury Notes 5-Year Long Futures
65
$7,097,695
June 2025
$70,155
United States Treasury Notes 10-Year Long Futures
10
$1,122,188
June 2025
$14,976
United States Treasury Notes 10-Year Ultra Long Futures
23
$2,638,891
June 2025
$29,952
United States Treasury Ultra Bond Long Futures
12
$1,452,375
June 2025
$32,878
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS
$182,494
Net Unrealized Appreciation on Futures 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 April 30, 2025, were as follows:  
Affiliates
Value as of
7/31/2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation/
Depreciation
Net
Realized
Gain/
(Loss)
Value as of
4/30/2025
Shares
Held as of
4/30/2025
Dividend
Income
Bank Loan Core Fund
$1,736,624
$2,186,531
$(3,741,000)
$8,360
$(59,627)
$130,888
15,345
$111,531
Emerging Markets Core Fund
$4,261,538
$2,032,072
$(3,501,400)
$(225,132)
$275,073
$2,842,151
332,027
$147,072
Federated Hermes Government Obligations
Fund, Premier Shares*
$4,577,775
$128,399,715
$(124,537,921)
$—
$—
$8,439,569
8,439,569
$317,925
High Yield Bond Core Fund
$2,108,468
$2,362,636
$(1,810,000)
$53,968
$(26,926)
$2,688,146
481,747
$107,522
Mortgage Core Fund
$22,210,294
$4,356,984
$(7,664,400)
$934,956
$(1,036,232)
$18,801,602
2,257,095
$757,184
Project and Trade Finance Core Fund
$4,822,111
$1,312,147
$—
$10,559
$—
$6,144,817
693,546
$302,147
TOTAL OF AFFILIATED TRANSACTIONS
$39,716,810
$140,650,085
$(141,254,721)
$782,711
$(847,712)
$39,047,173
12,219,329
$1,743,381
 
*
All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.
13
 
1
Non-income-producing security.
2
All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts.
3
Floating/variable note with current rate and current maturity or next reset date shown.
4
7-day net yield.
5
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of net assets at April 30, 2025.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ 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.
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated MDTA LLC (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.
■ 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 Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
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
14
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 Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of April 30, 2025, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Equity Securities:
Common Stocks
Domestic
$127,909,193
$—
$—
$127,909,193
International
5,375,970
—
—
5,375,970
Debt Securities:
U.S. Treasuries
—
24,225,572
—
24,225,572
Corporate Bonds
—
19,021,498
—
19,021,498
Asset-Backed Securities
—
7,163,652
—
7,163,652
Collateralized Mortgage Obligations
—
5,255,433
—
5,255,433
Commercial Mortgage-Backed Securities
—
1,499,296
—
1,499,296
Mortgage-Backed Securities
—
263,171
—
263,171
Municipal Bonds
—
30,691
—
30,691
Exchange-Traded Funds
26,642,859
—
—
26,642,859
Investment Companies
32,902,356
—
—
32,902,356
Other Investments1
—
—
—
6,144,817
TOTAL SECURITIES
$192,830,378
$57,459,313
$—
$256,434,508
Other Financial Instruments:2
Assets
$182,494
$—
$—
$182,494
 
1
As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $6,144,817 is measured at fair value using the net asset
value (NAV) per share practical expedient and has not been categorized in the fair value hierarchy chart above. The price of shares redeemed of Project and Trade
Finance Core Fund (PTCORE), a portfolio of Federated Hermes Core Trust III, may be determined as of the closing NAV of the fund up to twenty-four days after
receipt of a shareholder redemption request. The investment objective of PTCORE is to provide total return. Copies of the PTCORE financial statements are
available on the EDGAR database on the SEC’s website or upon request from the Fund.
2
Other financial instruments are futures contracts.
15
 
The following acronym(s) are used throughout this portfolio:
 
ETF
—Exchange-Traded Fund
GMTN
—Global Medium Term Note
MTN
—Medium Term Note
REIT
—Real Estate Investment Trust
REMIC
—Real Estate Mortgage Investment Conduit
SOFR
—Secured Overnight Financing Rate
16