Mortgage Core Fund
Portfolio of Investments
March 31, 2026 (unaudited)  
Principal
Amount
or Shares
 
 
Value
           
 
MORTGAGE-BACKED SECURITIES—95.2%
 
Federal Home Loan Mortgage Corporation—26.0%
$ 10,234,827
 
2.000%, 5/1/2036
$    9,443,859
 24,692,526
 
2.000%, 11/1/2036
   22,869,119
 40,130,671
 
2.000%, 5/1/2050
   32,695,044
  6,208,412
 
2.000%, 8/1/2050
    5,054,203
  6,770,852
 
2.000%, 8/1/2050
    5,545,935
  4,054,751
 
2.000%, 12/1/2050
    3,266,719
 19,424,243
 
2.000%, 12/1/2050
   15,813,075
 19,494,028
 
2.000%, 1/1/2051
   15,869,885
 57,180,696
 
2.000%, 3/1/2051
   46,550,210
 34,813,264
 
2.000%, 4/1/2051
   28,275,841
 18,049,511
 
2.000%, 5/1/2051
   14,660,077
 40,329,511
 
2.000%, 1/1/2052
   33,083,895
 19,350,198
 
2.000%, 1/1/2052
   15,668,137
 29,228,056
 
2.500%, 12/1/2035
   27,767,126
 16,139,718
 
2.500%, 5/1/2050
   13,609,173
  6,148,088
 
2.500%, 8/1/2050
    5,295,564
  5,259,255
 
2.500%, 9/1/2050
    4,495,467
 12,224,578
 
2.500%, 12/1/2050
   10,284,967
 35,455,440
 
2.500%, 11/1/2051
   30,439,297
 37,202,708
 
2.500%, 12/1/2051
   31,671,971
 28,898,636
 
2.500%, 12/1/2051
   24,430,837
 56,851,952
 
2.500%, 1/1/2052
   48,719,855
 11,341,829
 
2.500%, 3/1/2052
    9,756,710
  8,544,363
 
2.500%, 4/1/2052
    7,275,452
 14,808,208
 
2.500%, 4/1/2052
   12,609,062
 20,445,659
 
2.500%, 5/1/2052
   17,524,310
  8,968,983
 
2.500%, 5/1/2052
    7,635,610
 30,235,777
 
2.500%, 5/1/2052
   25,599,048
    467,448
 
3.000%, 5/1/2046
      422,806
  9,861,550
 
3.000%, 10/1/2050
    8,688,635
  8,598,829
 
3.000%, 11/1/2050
    7,576,100
  6,363,771
 
3.000%, 11/1/2051
    5,686,422
 22,061,042
 
3.000%, 1/1/2052
   19,457,824
 23,531,706
 
3.000%, 2/1/2052
   20,732,887
 32,279,278
 
3.000%, 6/1/2052
   28,634,218
 20,271,212
 
3.000%, 8/1/2052
   18,037,564
 16,409,384
 
3.000%, 9/1/2052
   14,493,577
 20,348,626
 
3.000%, 12/1/2052
   17,896,602
      1,176
 
3.500%, 6/1/2026
        1,173
      2,268
 
3.500%, 7/1/2026
        2,261
 21,724,936
 
3.500%, 12/1/2047
   20,222,013
  6,038,644
 
3.500%, 5/1/2051
    5,535,975
  2,869,952
 
3.500%, 3/1/2052
    2,666,028
 60,428,958
 
3.500%, 5/1/2052
   55,512,029
        254
 
4.000%, 5/1/2026
          253
1
Principal
Amount
or Shares
 
 
Value
           
 
MORTGAGE-BACKED SECURITIES—continued
 
Federal Home Loan Mortgage Corporation—continued
$      7,020
 
4.000%, 5/1/2026
$        7,002
    485,067
 
4.000%, 12/1/2040
      473,435
  7,555,625
 
4.000%, 4/1/2052
    7,200,429
  3,115,428
 
4.000%, 4/1/2052
    2,973,351
 19,140,791
 
4.000%, 7/1/2052
   18,101,000
  1,419,392
 
4.000%, 7/1/2052
    1,347,476
 58,212,448
 
4.000%, 9/1/2052
   54,959,199
 11,945,958
 
4.000%, 10/1/2052
   11,289,548
 46,046,077
 
4.000%, 10/1/2052
   43,515,923
 21,126,649
 
4.500%, 10/1/2037
   21,085,936
  7,347,000
 
4.500%, 5/1/2052
    7,142,080
  7,778,944
 
4.500%, 9/1/2052
    7,552,740
  5,128,316
 
4.500%, 10/1/2052
    4,983,997
 20,841,392
 
4.500%, 11/1/2052
   20,215,804
  1,545,165
 
4.500%, 11/1/2052
    1,500,233
 16,067,257
 
4.500%, 12/1/2052
   15,564,888
 12,256,454
 
4.500%, 3/1/2053
   11,873,237
    433,932
 
5.000%, 1/1/2034
      439,505
    130,095
 
5.000%, 5/1/2034
      131,718
        591
 
5.000%, 11/1/2035
          600
    189,610
 
5.000%, 4/1/2036
      192,377
        280
 
5.000%, 4/1/2036
          284
      1,496
 
5.000%, 4/1/2036
        1,519
     48,993
 
5.000%, 4/1/2036
       49,711
     59,380
 
5.000%, 5/1/2036
       60,257
     31,860
 
5.000%, 6/1/2036
       32,327
     57,122
 
5.000%, 6/1/2036
       57,940
    192,532
 
5.000%, 12/1/2037
      195,474
     29,980
 
5.000%, 5/1/2038
       30,423
     20,781
 
5.000%, 6/1/2038
       21,097
     35,550
 
5.000%, 9/1/2038
       36,091
     32,914
 
5.000%, 2/1/2039
       33,418
     31,307
 
5.000%, 6/1/2039
       31,788
     89,350
 
5.000%, 2/1/2040
       90,718
    160,248
 
5.000%, 8/1/2040
      162,728
 28,282,273
 
5.000%, 10/1/2052
   28,119,746
 14,370,727
 
5.000%, 10/1/2054
   14,223,925
 12,973,146
 
5.000%, 10/1/2054
   12,818,465
 12,904,047
 
5.000%, 10/1/2054
   12,751,056
 25,789,130
 
5.000%, 11/1/2054
   25,525,684
    374,562
 
5.500%, 5/1/2034
      384,331
     17,896
 
5.500%, 3/1/2036
       18,464
     25,033
 
5.500%, 3/1/2036
       25,790
      9,278
 
5.500%, 3/1/2036
        9,574
     51,951
 
5.500%, 3/1/2036
       53,445
    131,796
 
5.500%, 6/1/2036
      135,963
     58,763
 
5.500%, 6/1/2036
       60,621
     19,070
 
5.500%, 6/1/2036
       19,660
     51,019
 
5.500%, 9/1/2037
       52,651
     94,734
 
5.500%, 9/1/2037
       97,634
2
Principal
Amount
or Shares
 
 
Value
           
 
MORTGAGE-BACKED SECURITIES—continued
 
Federal Home Loan Mortgage Corporation—continued
$     65,100
 
5.500%, 12/1/2037
$       67,204
      7,745
 
5.500%, 3/1/2038
        7,989
  6,546,390
 
5.500%, 5/1/2038
    6,680,146
  3,778,184
 
5.500%, 9/1/2052
    3,845,197
 21,967,074
 
5.500%, 12/1/2052
   22,219,405
 17,978,016
 
5.500%, 3/1/2053
   18,167,671
 11,824,121
 
5.500%, 9/1/2053
   11,922,068
 32,125,906
 
5.500%, 12/1/2055
   32,301,674
      7,375
 
6.000%, 2/1/2032
        7,582
      8,761
 
6.000%, 5/1/2036
        9,117
     16,340
 
6.000%, 8/1/2037
       17,091
    130,037
 
6.000%, 9/1/2037
      135,932
 15,603,943
 
6.000%, 11/1/2053
   15,963,109
 25,512,823
 
6.000%, 1/1/2055
   26,049,842
      1,026
 
6.500%, 6/1/2029
        1,060
        781
 
6.500%, 7/1/2029
          808
     81,085
 
6.500%, 11/1/2036
       85,590
        797
 
6.500%, 4/1/2038
          843
        831
 
6.500%, 4/1/2038
          880
 17,504,792
 
6.500%, 10/1/2053
   18,151,491
 13,921,230
 
6.500%, 11/1/2053
   14,409,435
      3,909
 
7.000%, 4/1/2032
        4,104
     76,141
 
7.000%, 4/1/2032
       79,970
      6,223
 
7.000%, 9/1/2037
        6,683
      4,553
 
7.500%, 10/1/2029
        4,714
      2,760
 
7.500%, 11/1/2029
        2,861
      7,147
 
7.500%, 5/1/2031
        7,515
        670
 
8.000%, 3/1/2030
          695
     11,564
 
8.000%, 1/1/2031
       11,916
     17,348
 
8.000%, 2/1/2031
       18,202
 
TOTAL
1,247,308,871
 
Federal National Mortgage Association—42.0%
 20,690,815
 
2.000%, 8/1/2035
   19,259,901
  3,754,221
 
2.000%, 4/1/2036
    3,476,992
 18,796,936
 
2.000%, 1/1/2037
   17,332,523
  7,074,625
 
2.000%, 2/1/2037
    6,523,463
 36,157,865
 
2.000%, 3/1/2037
   33,233,569
 16,224,604
 
2.000%, 5/1/2050
   13,218,422
 35,963,944
 
2.000%, 7/1/2050
   29,300,350
 30,983,421
 
2.000%, 11/1/2050
   25,223,281
266,984,531
 
2.000%, 5/1/2051
  216,848,734
 19,311,326
 
2.000%, 10/1/2051
   15,684,941
 26,220,370
 
2.000%, 10/1/2051
   21,231,016
  9,224,293
 
2.000%, 12/1/2051
    7,535,344
  4,763,853
 
2.000%, 12/1/2051
    3,907,977
 25,103,084
 
2.000%, 12/1/2051
   20,326,333
  6,145,362
 
2.000%, 1/1/2052
    5,014,398
 33,619,941
 
2.000%, 1/1/2052
   27,306,607
 96,391,861
 
2.000%, 2/1/2052
   78,652,347
 20,898,263
 
2.000%, 2/1/2052
   16,973,874
3
Principal
Amount
or Shares
 
 
Value
           
 
MORTGAGE-BACKED SECURITIES—continued
 
Federal National Mortgage Association—continued
$ 28,730,574
 
2.000%, 2/1/2052
$   23,488,023
 16,352,088
 
2.000%, 3/1/2052
   13,342,725
 12,198,888
 
2.000%, 3/1/2052
    9,999,607
 10,083,989
 
2.000%, 3/1/2052
    8,269,144
 15,074,019
 
2.000%, 3/1/2052
   12,156,191
 86,118,037
 
2.000%, 3/1/2052
   69,946,327
 25,453,763
 
2.500%, 9/1/2036
   24,070,127
  1,505,658
 
2.500%, 12/1/2036
    1,428,517
 22,081,067
 
2.500%, 12/1/2036
   20,935,969
  2,644,258
 
2.500%, 5/1/2037
    2,508,783
  6,815,871
 
2.500%, 6/1/2050
    5,870,749
  2,526,174
 
2.500%, 7/1/2050
    2,160,883
 12,448,089
 
2.500%, 9/1/2050
   10,640,285
 28,011,300
 
2.500%, 9/1/2050
   23,811,989
 29,184,946
 
2.500%, 10/1/2050
   24,590,801
 11,169,337
 
2.500%, 11/1/2050
    9,411,117
 22,971,727
 
2.500%, 11/1/2050
   19,326,920
 17,900,837
 
2.500%, 2/1/2051
   15,060,603
 32,772,631
 
2.500%, 9/1/2051
   27,961,940
 60,779,111
 
2.500%, 10/1/2051
   51,857,351
 53,973,732
 
2.500%, 10/1/2051
   45,949,733
 17,996,699
 
2.500%, 10/1/2051
   15,147,440
 10,921,029
 
2.500%, 10/1/2051
    9,223,948
 28,382,036
 
2.500%, 11/1/2051
   23,878,803
 43,464,625
 
2.500%, 12/1/2051
   36,568,315
  6,505,528
 
2.500%, 1/1/2052
    5,544,483
 14,818,139
 
2.500%, 1/1/2052
   12,605,940
 18,877,280
 
2.500%, 1/1/2052
   16,177,076
  4,406,443
 
2.500%, 2/1/2052
    3,765,819
  2,101,505
 
2.500%, 2/1/2052
    1,776,936
 32,079,491
 
2.500%, 3/1/2052
   27,124,939
 52,465,617
 
2.500%, 4/1/2052
   44,936,350
  1,916,923
 
2.500%, 5/1/2052
    1,620,862
 25,260,473
 
2.500%, 5/1/2052
   21,552,491
    514,827
 
3.000%, 2/1/2032
      502,459
  9,716,937
 
3.000%, 1/1/2051
    8,561,222
100,323,023
 
3.000%, 5/1/2051
   88,390,783
 27,902,449
 
3.000%, 7/1/2051
   24,583,782
 27,060,276
 
3.000%, 12/1/2051
   24,010,902
  8,911,346
 
3.000%, 2/1/2052
    7,839,750
 21,121,231
 
3.000%, 4/1/2052
   18,769,169
  4,000,240
 
3.000%, 5/1/2052
    3,528,209
 22,167,117
 
3.000%, 6/1/2052
   19,766,126
 40,989,917
 
3.000%, 6/1/2052
   36,422,074
 15,901,790
 
3.000%, 6/1/2052
   14,001,515
 54,486,561
 
3.000%, 6/1/2052
   48,414,677
  8,568,272
 
3.000%, 6/1/2052
    7,557,210
 10,863,992
 
3.000%, 6/1/2053
    9,554,873
  6,530,042
 
3.500%, 9/1/2037
    6,297,451
 10,597,177
 
3.500%, 6/1/2051
    9,715,046
4
Principal
Amount
or Shares
 
 
Value
           
 
MORTGAGE-BACKED SECURITIES—continued
 
Federal National Mortgage Association—continued
$ 11,831,119
 
3.500%, 5/1/2052
$   10,861,060
 17,269,777
 
3.500%, 5/1/2052
   15,864,586
 37,055,165
 
3.500%, 6/1/2052
   34,144,312
 14,898,809
 
3.500%, 6/1/2052
   13,756,375
 31,437,824
 
3.500%, 7/1/2052
   29,017,360
  8,282,605
 
3.500%, 1/1/2053
    7,644,910
      3,572
 
4.000%, 7/1/2026
        3,563
 18,041,452
 
4.000%, 11/1/2037
   17,718,613
  5,047,083
 
4.000%, 10/1/2051
    4,772,909
 20,931,358
 
4.000%, 7/1/2052
   19,820,462
 17,823,345
 
4.000%, 7/1/2052
   16,920,290
 15,781,034
 
4.000%, 9/1/2052
   14,963,209
 22,159,563
 
4.000%, 4/1/2053
   20,948,858
     62,135
 
4.500%, 2/1/2039
       61,982
    370,281
 
4.500%, 5/1/2040
      368,663
     99,515
 
4.500%, 11/1/2040
       99,058
  5,013,420
 
4.500%, 8/1/2052
    4,867,634
  4,062,456
 
4.500%, 8/1/2052
    3,924,265
 13,020,276
 
4.500%, 10/1/2052
   12,634,334
  3,890,783
 
4.500%, 11/1/2052
    3,772,779
 18,385,177
 
4.500%, 2/1/2053
   17,867,789
 41,604,044
 
4.500%, 4/1/2054
   40,342,231
 31,473,521
 
4.500%, 11/1/2054
   30,405,848
    626,436
 
5.000%, 2/1/2036
      635,569
 28,962,202
 
5.000%, 8/1/2052
   28,829,253
  5,201,814
 
5.000%, 6/1/2053
    5,151,602
 16,988,935
 
5.000%, 4/1/2054
   16,854,143
 11,011,596
 
5.000%, 10/1/2054
   10,880,302
  7,744,858
 
5.000%, 1/1/2055
    7,665,500
  9,412,204
 
5.000%, 1/1/2055
    9,315,761
     13,982
 
5.500%, 1/1/2032
       14,296
      6,479
 
5.500%, 1/1/2032
        6,617
    164,596
 
5.500%, 9/1/2034
      169,190
    391,720
 
5.500%, 12/1/2034
      402,810
     11,987
 
5.500%, 4/1/2035
       12,305
     49,920
 
5.500%, 1/1/2036
       51,461
     30,619
 
5.500%, 3/1/2036
       31,539
    128,668
 
5.500%, 4/1/2036
      132,495
    211,266
 
5.500%, 4/1/2036
      217,619
    157,316
 
5.500%, 5/1/2036
      162,139
     44,241
 
5.500%, 9/1/2036
       45,578
    147,019
 
5.500%, 8/1/2037
      151,465
     96,061
 
5.500%, 7/1/2038
       99,171
  7,943,201
 
5.500%, 9/1/2052
    8,041,889
  6,400,707
 
5.500%, 11/1/2052
    6,474,231
 19,746,206
 
5.500%, 4/1/2053
   19,948,344
      1,621
 
6.000%, 1/1/2029
        1,651
      2,215
 
6.000%, 2/1/2029
        2,257
        587
 
6.000%, 2/1/2029
          598
      1,858
 
6.000%, 4/1/2029
        1,893
5
Principal
Amount
or Shares
 
 
Value
           
 
MORTGAGE-BACKED SECURITIES—continued
 
Federal National Mortgage Association—continued
$      2,501
 
6.000%, 5/1/2029
$        2,548
      1,365
 
6.000%, 5/1/2029
        1,391
    200,217
 
6.000%, 7/1/2034
      208,051
    135,305
 
6.000%, 11/1/2034
      140,561
     42,931
 
6.000%, 7/1/2036
       44,741
     10,713
 
6.000%, 7/1/2036
       11,201
     38,201
 
6.000%, 10/1/2037
       39,864
      9,243
 
6.000%, 6/1/2038
        9,676
    380,013
 
6.000%, 7/1/2038
      398,033
     19,951
 
6.000%, 9/1/2038
       20,934
     21,800
 
6.000%, 10/1/2038
       22,806
    245,950
 
6.000%, 2/1/2039
      257,946
  3,139,825
 
6.000%, 10/1/2053
    3,202,962
 29,199,301
 
6.000%, 12/1/2053
   29,871,401
  6,985,708
 
6.000%, 7/1/2054
    7,120,089
      2,583
 
6.500%, 9/1/2028
        2,614
        742
 
6.500%, 8/1/2029
          767
      2,733
 
6.500%, 6/1/2031
        2,824
      3,751
 
6.500%, 6/1/2031
        3,888
      1,060
 
6.500%, 6/1/2031
        1,095
      1,198
 
6.500%, 1/1/2032
        1,238
     14,427
 
6.500%, 3/1/2032
       15,004
     61,649
 
6.500%, 4/1/2032
       64,065
      8,474
 
6.500%, 5/1/2032
        8,821
     90,955
 
6.500%, 7/1/2036
       95,942
      1,529
 
6.500%, 8/1/2036
        1,605
     10,850
 
6.500%, 9/1/2036
       11,473
     13,240
 
6.500%, 12/1/2036
       13,981
     40,609
 
6.500%, 9/1/2037
       43,032
        159
 
6.500%, 12/1/2037
          168
     21,162
 
6.500%, 10/1/2038
       22,420
  8,114,865
 
6.500%, 10/1/2053
    8,405,532
      3,656
 
7.000%, 9/1/2031
        3,838
     54,095
 
7.000%, 11/1/2031
       56,792
      3,793
 
7.000%, 12/1/2031
        3,983
     16,313
 
7.000%, 2/1/2032
       17,126
     17,231
 
7.000%, 3/1/2032
       18,090
     21,549
 
7.000%, 3/1/2032
       22,623
      3,405
 
7.000%, 4/1/2032
        3,577
      6,665
 
7.000%, 4/1/2032
        6,997
     73,583
 
7.000%, 4/1/2032
       77,406
     66,635
 
7.000%, 6/1/2037
       71,673
      2,714
 
7.500%, 9/1/2030
        2,826
      3,508
 
7.500%, 5/1/2031
        3,664
        938
 
7.500%, 6/1/2031
          988
     10,342
 
7.500%, 8/1/2031
       10,883
     14,972
 
7.500%, 1/1/2032
       15,365
        300
 
7.500%, 6/1/2033
          312
        106
 
8.000%, 11/1/2029
          110
 
TOTAL
2,018,120,200
6
Principal
Amount
or Shares
 
 
Value
           
 
MORTGAGE-BACKED SECURITIES—continued
 
Government National Mortgage Association—6.4%
$ 30,758,902
 
3.000%, 9/20/2050
$   27,477,681
    492,024
 
3.500%, 8/15/2043
      461,231
    331,278
 
3.500%, 8/15/2043
      310,860
  5,444,244
 
3.500%, 3/20/2047
    5,114,868
  6,697,471
 
3.500%, 11/20/2047
    6,292,275
 13,936,140
 
3.500%, 5/20/2052
   13,023,326
 23,764,587
 
3.500%, 11/20/2052
   21,923,951
    469,884
 
4.000%, 9/15/2040
      453,443
  1,227,008
 
4.000%, 10/15/2040
    1,186,084
    592,291
 
4.000%, 1/15/2041
      571,471
    742,709
 
4.000%, 10/15/2041
      716,014
  2,547,609
 
4.000%, 6/15/2048
    2,409,133
    104,015
 
4.500%, 1/15/2039
      103,634
     64,241
 
4.500%, 6/15/2039
       63,946
    341,143
 
4.500%, 10/15/2039
      339,296
    133,769
 
4.500%, 1/15/2040
      133,052
     80,218
 
4.500%, 6/15/2040
       79,761
     55,622
 
4.500%, 9/15/2040
       55,288
     58,252
 
4.500%, 2/15/2041
       57,931
    383,609
 
4.500%, 3/15/2041
      381,426
     34,850
 
4.500%, 5/15/2041
       34,621
  1,284,754
 
4.500%, 6/20/2041
    1,275,796
    269,179
 
4.500%, 9/15/2041
      267,385
    270,014
 
4.500%, 10/15/2043
      267,547
 32,986,719
 
4.500%, 12/20/2053
   31,957,836
    211,771
 
5.000%, 1/15/2039
      215,694
    176,989
 
5.000%, 5/15/2039
      180,012
    231,717
 
5.000%, 8/20/2039
      234,253
 60,734,278
 
5.000%, 9/20/2053
   60,407,928
     75,723
 
5.500%, 12/15/2038
       78,008
     55,651
 
5.500%, 12/20/2038
       57,278
     93,121
 
5.500%, 1/15/2039
       96,030
    115,387
 
5.500%, 2/15/2039
      119,020
 21,088,854
 
5.500%, 7/20/2053
   21,406,359
 31,523,998
 
5.500%, 8/20/2053
   31,959,206
 27,390,163
 
5.500%, 9/20/2053
   27,759,741
      1,812
 
6.000%, 10/15/2028
        1,842
      2,253
 
6.000%, 3/15/2029
        2,300
     40,002
 
6.000%, 2/15/2036
       41,648
     38,321
 
6.000%, 4/15/2036
       39,775
     33,576
 
6.000%, 6/15/2037
       34,838
 26,311,528
 
6.000%, 6/20/2053
   26,902,095
 20,266,126
 
6.000%, 9/20/2054
   20,656,088
      4,410
 
6.500%, 10/15/2028
        4,581
      1,232
 
6.500%, 11/15/2028
        1,280
      1,217
 
6.500%, 12/15/2028
        1,264
      1,027
 
6.500%, 2/15/2029
        1,067
     13,620
 
6.500%, 9/15/2031
       14,149
     32,650
 
6.500%, 2/15/2032
       33,960
      1,835
 
7.000%, 11/15/2027
        1,850
7
Principal
Amount
or Shares
 
 
Value
           
 
MORTGAGE-BACKED SECURITIES—continued
 
Government National Mortgage Association—continued
$      2,120
 
7.000%, 6/15/2028
$        2,149
      1,927
 
7.000%, 1/15/2029
        1,954
      3,262
 
7.000%, 5/15/2029
        3,324
      8,996
 
7.000%, 5/15/2030
        9,169
      7,549
 
7.000%, 11/15/2030
        7,728
      2,789
 
7.000%, 12/15/2030
        2,844
      4,780
 
7.000%, 8/15/2031
        4,915
     23,204
 
7.000%, 10/15/2031
       23,851
      6,732
 
7.000%, 12/15/2031
        6,939
      3,993
 
7.500%, 8/15/2029
        4,109
     17,486
 
7.500%, 10/15/2029
       17,964
        717
 
7.500%, 10/15/2030
          740
      3,471
 
7.500%, 1/15/2031
        3,594
      1,217
 
8.000%, 10/15/2029
        1,248
      3,929
 
8.000%, 11/15/2029
        4,022
      3,028
 
8.000%, 1/15/2030
        3,101
      1,549
 
8.000%, 10/15/2030
        1,587
     24,133
 
8.000%, 11/15/2030
       24,869
      1,578
 
8.500%, 5/15/2029
        1,619
 
TOTAL
305,333,848
1
Government National Mortgage Association, TBA—5.9%
 50,000,000
 
3.000%, 4/20/2056
   44,588,650
 77,500,000
 
3.500%, 4/20/2056
   71,021,488
 55,000,000
 
4.000%, 4/20/2056
   51,457,225
 50,000,000
 
4.500%, 4/20/2056
   48,223,290
 45,150,000
 
5.000%, 4/20/2056
   44,676,814
 25,000,000
 
5.500%, 4/20/2056
   25,138,253
 
TOTAL
285,105,720
1
Uniform Mortgage-Backed Securities, TBA—14.9%
 24,000,000
 
4.000%, 4/1/2056
   22,617,187
118,750,000
 
5.000%, 4/1/2056
  117,047,612
244,500,000
 
5.500%, 4/1/2056
  245,521,937
250,000,000
 
6.000%, 4/1/2056
  254,746,100
 75,000,000
 
6.500%, 4/1/2056
   77,566,410
 
TOTAL
717,499,246
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $4,484,280,131)
4,573,367,885
 
COLLATERALIZED MORTGAGE OBLIGATIONS—18.5%
2
Federal Home Loan Mortgage Corporation—5.7%
  8,074,717
 
REMIC, Series 4661, Class GF, 4.236% (30-DAY AVERAGE SOFR +0.564%), 2/15/2047
    8,023,191
  5,330,329
 
REMIC, Series 4929, Class FB, 4.226% (30-DAY AVERAGE SOFR +0.564%), 9/25/2049
    5,261,214
 11,525,680
 
REMIC, Series 4944, Class F, 4.226% (30-DAY AVERAGE SOFR +0.564%), 1/25/2050
   11,443,385
  5,644,364
 
REMIC, Series 4988, Class KF, 4.126% (30-DAY AVERAGE SOFR +0.464%), 7/25/2050
    5,586,714
  6,149,097
 
REMIC, Series 5296, Class KF, 4.411% (30-DAY AVERAGE SOFR +0.750%), 3/25/2053
    6,121,181
 17,098,845
 
REMIC, Series 5338, Class FH, 4.086% (30-DAY AVERAGE SOFR +0.414%), 4/15/2045
   16,955,435
 10,982,328
 
REMIC, Series 5342, Class FB, 4.226% (30-DAY AVERAGE SOFR +0.564%), 11/25/2049
   10,755,071
 15,904,836
 
REMIC, Series 5393, Class HF, 4.611% (30-DAY AVERAGE SOFR +0.950%), 3/25/2054
   15,952,679
  6,392,470
 
REMIC, Series 5396, Class FQ, 4.661% (30-DAY AVERAGE SOFR +1.000%), 4/25/2054
    6,387,496
 26,742,989
 
REMIC, Series 5400, Class FA, 4.411% (30-DAY AVERAGE SOFR +0.750%), 4/25/2054
   26,577,736
 25,287,627
 
REMIC, Series 5428, Class JF, 4.761% (30-DAY AVERAGE SOFR +1.100%), 7/25/2054
   25,410,158
8
Principal
Amount
or Shares
 
 
Value
 
COLLATERALIZED MORTGAGE OBLIGATIONS—continued
2
Federal Home Loan Mortgage Corporation—continued
$ 20,285,015
 
REMIC, Series 5457, Class GF, 4.761% (30-DAY AVERAGE SOFR +1.100%), 10/25/2054
$   20,310,882
 18,799,720
 
REMIC, Series 5466, Class FL, 4.611% (30-DAY AVERAGE SOFR +0.950%), 2/25/2054
   18,874,575
 19,851,561
 
REMIC, Series 5633, Class FH, 4.411% (30-DAY AVERAGE SOFR +0.750%), 2/25/2056
   19,830,310
 76,084,449
 
REMIC, Series 5639, Class MF, 4.361% (30-DAY AVERAGE SOFR +0.700%), 3/25/2056
   76,141,809
 
TOTAL
273,631,836
2
Federal National Mortgage Association—7.4%
 12,631,695
 
REMIC, Series 2011-131, Class FT, 4.236% (30-DAY AVERAGE SOFR +0.574%), 12/25/2041
   12,609,777
  2,031,614
 
REMIC, Series 2017-30, Class FA, 4.126% (30-DAY AVERAGE SOFR +0.464%), 5/25/2047
    1,998,909
  5,801,324
 
REMIC, Series 2019-34, Class FC, 4.176% (30-DAY AVERAGE SOFR +0.514%), 7/25/2049
    5,739,656
  4,318,839
 
REMIC, Series 2019-43, Class FD, 4.868% (30-DAY AVERAGE SOFR +0.000%), 8/25/2049
    4,290,904
 10,258,160
 
REMIC, Series 2019-66, Class FA, 4.226% (30-DAY AVERAGE SOFR +0.564%), 11/25/2059
   10,217,937
 66,652,288
 
REMIC, Series 2022-65, Class FB, 4.461% (30-DAY AVERAGE SOFR +0.800%), 9/25/2052
   66,028,656
 21,593,487
 
REMIC, Series 2022-70, Class FA, 4.521% (30-DAY AVERAGE SOFR +0.860%), 10/25/2052
   21,246,249
 35,642,110
 
REMIC, Series 2023-42, Class FA, 4.076% (30-DAY AVERAGE SOFR +0.414%), 10/25/2048
   35,256,666
 14,926,174
 
REMIC, Series 2024-13, Class FA, 4.661% (30-DAY AVERAGE SOFR +1.000%), 10/25/2053
   14,918,768
 28,710,673
 
REMIC, Series 2024-15, Class FA, 4.861% (30-DAY AVERAGE SOFR +1.200%), 4/25/2054
   28,789,875
 25,839,606
 
REMIC, Series 2024-15, Class FB, 4.461% (30-DAY AVERAGE SOFR +0.800%), 4/25/2054
   25,700,958
  9,663,773
 
REMIC, Series 2024-25, Class FA, 4.761% (30-DAY AVERAGE SOFR +1.100%), 5/25/2054
    9,674,282
 21,100,336
 
REMIC, Series 2024-40, Class FC, 4.561% (30-DAY AVERAGE SOFR +0.900%), 5/25/2054
   21,048,590
 12,154,942
 
REMIC, Series 2024-82, Class CF, 5.011% (30-DAY AVERAGE SOFR +1.350%), 11/25/2054
   12,219,457
 16,996,841
 
REMIC, Series 2025-7, Class FD, 4.661% (30-DAY AVERAGE SOFR +1.000%), 9/25/2054
   16,978,447
 34,208,952
 
REMIC, Series 2025-9, Class FG, 5.011% (30-DAY AVERAGE SOFR +1.350%), 3/25/2055
   34,438,593
 19,963,752
 
REMIC, Series 2025-13, Class FA, 5.650% (30-DAY AVERAGE SOFR +0.000%), 3/25/2055
   20,090,591
 15,470,794
 
REMIC, Series 2025-62, Class FM, 4.961% (30-DAY AVERAGE SOFR +1.300%), 8/25/2055
   15,563,726
 
TOTAL
356,812,041
2
Government National Mortgage Association—4.2%
  5,133,988
 
REMIC, Series 2022-175, Class FA, 4.572% (30-DAY AVERAGE SOFR +0.900%), 10/20/2052
    5,113,549
 25,591,870
 
REMIC, Series 2023-4, Class FG, 4.422% (30-DAY AVERAGE SOFR +0.750%), 1/20/2053
   25,568,887
 21,584,532
 
REMIC, Series 2023-35, Class FH, 4.222% (30-DAY AVERAGE SOFR +0.550%), 2/20/2053
   21,350,215
  7,791,235
 
REMIC, Series 2023-63, Class FM, 4.472% (30-DAY AVERAGE SOFR +0.800%), 5/20/2053
    7,790,243
  4,152,637
 
REMIC, Series 2023-111, Class FD, 4.672% (30-DAY AVERAGE SOFR +1.000%), 8/20/2053
    4,174,506
 14,949,181
 
REMIC, Series 2023-112, Class AF, 4.722% (30-DAY AVERAGE SOFR +1.050%), 8/20/2053
   15,003,576
 14,028,978
 
REMIC, Series 2024-59, Class MF, 4.772% (30-DAY AVERAGE SOFR +1.100%), 4/20/2054
   14,087,894
 37,173,751
 
REMIC, Series 2024-108, Class FB, 4.672% (30-DAY AVERAGE SOFR +1.000%), 7/20/2054
   37,370,545
  5,746,675
 
REMIC, Series 2024-113, Class FJ, 4.222% (30-DAY AVERAGE SOFR +0.550%), 9/20/2053
    5,722,685
 35,032,063
 
REMIC, Series 2025-133, Class DF, 4.672% (30-DAY AVERAGE SOFR +1.000%), 8/20/2055
   35,221,173
 29,533,443
 
REMIC, Series 2025-190, Class DF, 4.472% (30-DAY AVERAGE SOFR +0.800%), 11/20/2055
   29,751,672
 
TOTAL
201,154,945
 
Non-Agency Mortgage-Backed Securities—1.2%
    402,403
 
Countrywide Home Loans 2005-21, Class A2, 5.500%, 10/25/2035
      214,886
 29,536,594
 
GS Mortgage-Backed Securities Trust 2023-PJ1, Class A4, 3.500%, 2/25/2053
   26,611,779
 25,001,688
 
JP Morgan Mortgage Trust 2022-3, Class A2, 3.000%, 8/25/2052
   21,604,973
  5,292,296
 
JP Morgan Mortgage Trust 2022-4, Class A3, 3.000%, 10/25/2052
    4,573,288
  4,738,736
 
JP Morgan Mortgage Trust 2022-6, Class A3, 3.000%, 11/25/2052
    4,094,934
     73,664
 
Residential Funding Mortgage Securities I 2005-SA3, Class 3A, 5.372%, 8/25/2035
       70,451
  1,215,445
 
Sequoia Mortgage Trust 2012-6, Class A2, 1.808%, 12/25/2042
    1,064,261
  2,152,463
 
Sequoia Mortgage Trust 2013-2, Class A, 1.874%, 2/25/2043
    1,845,528
 
TOTAL
60,080,100
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $886,615,019)
891,678,922
9
Principal
Amount
or Shares
 
 
Value
 
ASSET-BACKED SECURITIES—1.2%
 
Auto Receivables—0.5%
$ 20,562,000
 
Ford Credit Auto Owner Trust/Ford Credit 2023-1, Class B, 5.290%, 8/15/2035
$   20,849,315
 
Single Family Rental Securities—0.6%
 14,490,938
 
Home Partners of America Trust 2022-1, Class B, 4.330%, 4/17/2039
   14,447,403
 14,808,453
 
Progress Residential Trust 2022-SFR4, Class B, 4.788%, 5/17/2041
   14,799,624
 
TOTAL
29,247,027
 
Student Loans—0.1%
  1,667,197
 
Navient Student Loan Trust 2020-FA, Class A, 1.220%, 7/15/2069
    1,570,588
  3,565,682
 
Navient Student Loan Trust 2020-GA, Class A, 1.170%, 9/16/2069
    3,358,065
  1,323,967
2
SMB Private Education Loan Trust 2018-A, Class A2B, 4.586% (CME Term SOFR 1 Month +0.914%), 2/15/2036
    1,323,354
 
TOTAL
6,252,007
 
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $56,264,089)
56,348,349
 
INVESTMENT COMPANY—5.8%
280,180,156
 
Federated Hermes Government Obligations Fund, Premier Shares, 3.58%3
(IDENTIFIED COST $280,180,156)
  280,180,156
 
TOTAL INVESTMENT IN SECURITIES—120.7%
(IDENTIFIED COST $5,707,339,395)
5,801,575,312
 
OTHER ASSETS AND LIABILITIES - NET—(20.7)%4
(996,807,910)
 
NET ASSETS—100%
$4,804,767,402
At March 31, 2026, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures:
 
United States Treasury Notes 2-Year Long Futures
900
$186,700,781
June 2026
$(346,731)
United States Treasury Notes 5-Year Long Futures
2,630
$284,512,579
June 2026
$(630,939)
United States Treasury Notes 10-Year Long Futures
650
$72,180,469
June 2026
$(798,218)
Short Futures:
 
United States Treasury Long Bond Short Futures
500
$56,937,500
June 2026
$1,871,072
United States Treasury Notes 10-Year Ultra Short Futures
600
$68,109,375
June 2026
$1,418,726
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS
$1,513,910
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 March 31, 2026, were as follows:  
 
Federated Hermes
Government
Obligations Fund,
Premier Shares
Value as of 12/31/2025
$168,142,283
Purchases at Cost
$330,383,631
Proceeds from Sales
$(218,345,758)
Change in Unrealized Appreciation/Depreciation
$—
Net Realized Gain/(Loss)
$—
Value as of 3/31/2026
$280,180,156
Shares Held as of 3/31/2026
280,180,156
Dividend Income
$1,976,255
10
 
1
All or a portion of these To Be Announced Securities (TBAs) are subject to dollar-roll transactions.
2
Floating/variable note with current rate and current maturity or next reset date shown.
3
7-day net yield.
4
Assets, other than investments in securities, less liabilities. A significant portion of this balance is a result of dollar-roll transactions as of March 31, 2026.
Note: The categories of investments are shown as a percentage of net assets at March 31, 2026.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by 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.
■ 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 Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
11

The following is a summary of the inputs used, as of March 31, 2026, 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
Debt Securities:
Mortgage-Backed Securities
$—
$4,573,367,885
$—
$4,573,367,885
Collateralized Mortgage Obligations
—
891,678,922
—
891,678,922
Asset-Backed Securities
—
56,348,349
—
56,348,349
Investment Company
280,180,156
—
—
280,180,156
TOTAL SECURITIES
$280,180,156
$5,521,395,156
$—
$5,801,575,312
Other Financial Instruments:1
Assets
$3,289,798
$—
$—
$3,289,798
Liabilities
(1,775,888)
—
—
(1,775,888)
TOTAL OTHER FINANCIAL INSTRUMENTS
$1,513,910
$—
$—
$1,513,910
 
1
Other financial instruments are futures contracts.
 
The following acronym(s) are used throughout this portfolio:
 
REMIC
—Real Estate Mortgage Investment Conduit
SOFR
—Secured Overnight Financing Rate
12