# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001193125-26-020437
**Filing Date:** 2026-1
**Character Count:** 71483
**Document Hash:** 4a361de2cb92b15d2cf4e4522cf4d476
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-020437.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001193125-26-020437

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Adviser Series
- **CENTRAL INDEX KEY:** 0001707560

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23259
- **FILM NUMBER:** 26553641

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 1-800-341-7400

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Adviser Series
- **DATE OF NAME CHANGE:** 20200616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Hermes Adviser Series
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated Adviser Series
- **DATE OF NAME CHANGE:** 20180820

## Series and Classes Contracts Data

### Federated Hermes Conservative Microshort Fund (Series ID: S000070656)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000224641 | Institutional Shares | FHCOX           |
| C000224642 | Class A Shares       | FHCBX           |

## Nport-Ex

Federated Hermes Conservative Microshort Fund

Portfolio of Investments

November 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | ASSET-BACKED SECURITIES—40.2% |  |
|  | **Auto Receivables—30.7%** |  |
| $989715 | Ally Bank Auto Credit-Linked Notes 2024-A, Class B, 5.827%, 5/17/2032 | &nbsp;&nbsp; $1006992 |
| &nbsp;&nbsp; 1936118 | Ally Bank Auto Credit-Linked Notes 2025-A, Class D, 4.991%, 6/15/2033 | &nbsp;&nbsp; 1944104 |
| &nbsp;&nbsp; 1750000 | Ally Bank Auto Credit-Linked Notes 2025-B, Class D, 4.942%, 9/15/2033 | &nbsp;&nbsp; 1753552 |
| &nbsp;&nbsp; 1582904 | ARI Fleet Lease Trust 2024-B, Class A2, 5.540%, 4/15/2033 | &nbsp;&nbsp; 1594153 |
| &nbsp;&nbsp; 1000000 | Bank of America Auto Trust 2025-1A, Class A3, 4.350%, 11/20/2029 | &nbsp;&nbsp; 1005265 |
| &nbsp;&nbsp; 372324 | BMW Vehicle Lease Trust 2024-2, Class A2A, 4.290%, 1/25/2027 | &nbsp;&nbsp; 372511 |
| &nbsp;&nbsp; 857680 | Chase Auto Credit Linked Notes 2025-1, Class C, 4.851%, 2/25/2033 | &nbsp;&nbsp; 864400 |
| &nbsp;&nbsp; 4000000 | Drive Auto Receivables Trust 2025-2, Class B, 4.140%, 9/15/2032 | &nbsp;&nbsp; 4000104 |
| &nbsp;&nbsp; 790079 | Enterprise Fleet Financing LLC 2024-2, Class A2, 5.740%, 12/20/2026 | &nbsp;&nbsp; 793320 |
| &nbsp;&nbsp; 903443 | Enterprise Fleet Financing LLC 2024-3, Class A2, 5.310%, 4/20/2027 | &nbsp;&nbsp; 907121 |
| &nbsp;&nbsp; 1563414 | Enterprise Fleet Financing LLC 2024-4, Class A2, 4.690%, 7/20/2027 | &nbsp;&nbsp; 1568368 |
| &nbsp;&nbsp; 3000000 | Enterprise Fleet Financing LLC 2025-2, Class A2, 4.510%, 2/22/2028 | &nbsp;&nbsp; 3014572 |
| &nbsp;&nbsp; 1090000 | Enterprise Fleet Financing LLC 2025-3, Class A2, 4.500%, 4/20/2028 | &nbsp;&nbsp; 1095075 |
| &nbsp;&nbsp; 1345000 | Ford Credit Auto Lease Trust 2025-A, Class A4, 4.780%, 2/15/2029 | &nbsp;&nbsp; 1357031 |
| &nbsp;&nbsp; 2450000<br><sup>1</sup> <br>| Ford Credit Floorplan Master Owner Trust 2024-3, Class A2, 4.912% (30-DAY AVERAGE SOFR +0.770%), 9/15/2029 | &nbsp;&nbsp; 2453825 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| General Motors 2024-1A, Class A2, 4.892% (30-DAY AVERAGE SOFR +0.750%), 3/15/2029 | &nbsp;&nbsp; 3009721 |
| &nbsp;&nbsp; 2000000 | GM Financial Automobile Leasing Trust 2025-2, Class C, 5.040%, 10/22/2029 | &nbsp;&nbsp; 2025603 |
| &nbsp;&nbsp; 2000000 | GM Financial Consumer Automobile Receivables Trust 2025-3, Class A3, 4.180%, 8/16/2030 | &nbsp;&nbsp; 2014130 |
| &nbsp;&nbsp; 2460000 | Hyundai Auto Lease Securitization Trust 2024-A, Class B, 5.560%, 8/15/2028 | &nbsp;&nbsp; 2489781 |
| &nbsp;&nbsp; 1460000 | Hyundai Auto Lease Securitization Trust 2025-A, Class B, 5.150%, 6/15/2029 | &nbsp;&nbsp; 1478652 |
| &nbsp;&nbsp; 1250000 | Hyundai Auto Lease Securitization Trust 2025-B, Class B, 4.940%, 8/15/2029 | &nbsp;&nbsp; 1264647 |
| &nbsp;&nbsp; 397341 | LAD Auto Receivables Trust 2024-3A, Class A2, 4.640%, 11/15/2027 | &nbsp;&nbsp; 397521 |
| &nbsp;&nbsp; 1000000 | Navistar Financial Dealer Note 2025-1 B, Class B, 4.420%, 9/25/2030 | &nbsp;&nbsp; 998594 |
| &nbsp;&nbsp; 2825000 | Navistar Financial Dealer Note Master Trust 2024-1, Class A, 5.590%, 4/25/2029 | &nbsp;&nbsp; 2842295 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| NextGear Floorplan Master Owner Trust 2024-1A, Class A1, 5.042% (30-DAY AVERAGE SOFR +0.900%), 3/15/2029 | &nbsp;&nbsp; 3017087 |
| &nbsp;&nbsp; 2000000<br><sup>1</sup> <br>| NextGear Floorplan Master Owner Trust 2024-2A, Class A1, 5.022% (30-DAY AVERAGE SOFR +0.880%), 9/15/2029 | &nbsp;&nbsp; 2011066 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| NextGear Floorplan Master Owner Trust 2025-2A, Class A1, 4.822% (30-DAY AVERAGE SOFR +0.680%), 10/15/2030 | &nbsp;&nbsp; 3000959 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| Nissan Master Owner Trust Receivables 2024-A, Class A, 4.812% (30-DAY AVERAGE SOFR +0.670%), 2/15/2028 | &nbsp;&nbsp; 3000506 |
| &nbsp;&nbsp; 2800000 | PenFed Auto Receivables Owner Trust 2025-A, Class A3, 4.030%, 7/15/2030 | &nbsp;&nbsp; 2806229 |
| &nbsp;&nbsp; 1250000 | Porsche Innovative Lease Owner Trust 2024-1A, Class A3, 4.670%, 11/22/2027 | &nbsp;&nbsp; 1254909 |
| &nbsp;&nbsp; 209586 | Porsche Innovative Lease Owner Trust 2024-2A, Class A2A, 4.470%, 12/21/2026 | &nbsp;&nbsp; 209708 |
| &nbsp;&nbsp; 1644299 | Santander Drive Auto Receivables Trust 2024-4, Class A3, 4.850%, 1/16/2029 | &nbsp;&nbsp; 1648147 |
| &nbsp;&nbsp; 2610000 | Santander Drive Auto Receivables Trust 2025-1, Class B, 4.880%, 3/17/2031 | &nbsp;&nbsp; 2630860 |
| &nbsp;&nbsp; 1250000 | SBNA Auto Lease Trust 2024-B, Class A4, 5.550%, 12/20/2028 | &nbsp;&nbsp; 1266134 |
| &nbsp;&nbsp; 1000000 | SBNA Auto Receivables Trust 2025-SF1, Class D, 5.340%, 9/15/2031 | &nbsp;&nbsp; 1007940 |
| &nbsp;&nbsp; 1298483 | Securitized Term Auto Receivables Trust 2025-A, Class B, 5.038%, 7/25/2031 | &nbsp;&nbsp; 1309621 |
| &nbsp;&nbsp; 2304808 | Securitized Term Auto Receivables Trust 2025-A, Class D, 6.746%, 7/25/2031 | &nbsp;&nbsp; 2338011 |
| &nbsp;&nbsp; 1188755 | Securitized Term Auto Receivables Trust 2025-B, Class C, 5.121%, 12/29/2032 | &nbsp;&nbsp; 1196946 |
| &nbsp;&nbsp; 1188755 | Securitized Term Auto Receivables Trust 2025-B, Class D, 5.463%, 12/29/2032 | &nbsp;&nbsp; 1196901 |
| &nbsp;&nbsp; 1563763 | Stellantis Financial Underwritten Enhanced Lease Trust 2025-AA, Class A2, 4.630%, 7/20/2027 | &nbsp;&nbsp; 1569385 |
| &nbsp;&nbsp; 2252349 | The Huntington National Bank 2025-1, Class B, 4.957%, 3/21/2033 | &nbsp;&nbsp; 2262669 |
| &nbsp;&nbsp; 2250000 | Toyota Lease Owner Trust 2025-A, Class A4, 4.810%, 6/20/2029 | &nbsp;&nbsp; 2279465 |
| &nbsp;&nbsp; 2642245 | Truist Bank Auto Credit-Linked Notes Series 2025-1, Class B, 4.728%, 9/26/2033 | &nbsp;&nbsp; 2649400 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| Wheels Fleet Lease Funding LLC 2025-1A, Class A2, 4.986% (CME Term SOFR 1 Month +0.670%), 1/18/2040 | &nbsp;&nbsp; 2999539 |
| &nbsp;&nbsp; 1730000 | Wheels Fleet Lease Funding LLC 2025-3A, Class A1, 4.080%, 9/18/2040 | &nbsp;&nbsp; 1730443 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | ASSET-BACKED SECURITIES—continued |  |
|  | **Auto Receivables—continued** |  |
| $2000000 | World OMNI Select Auto Trust 2025-A, Class A2A, 4.140%, 5/15/2030 | &nbsp;&nbsp; $2001131 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 83638393 |
|  | **Credit Card—1.8%** |  |
| &nbsp;&nbsp; 1500000 | Evergreen Credit Card Trust 2024-CRT4, Class C, 5.640%, 10/15/2028 | &nbsp;&nbsp; 1514739 |
| &nbsp;&nbsp; 2000000 | Evergreen Credit Card Trust Series 2025-1A, Class B, 4.240%, 10/15/2029 | &nbsp;&nbsp; 2003430 |
| &nbsp;&nbsp; 1500000 | Trillium Credit Card Trust II 2025-1A, Class C, 4.700%, 9/26/2030 | &nbsp;&nbsp; 1502790 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5020959 |
|  | **Equipment Lease—4.3%** |  |
| &nbsp;&nbsp; 1371058 | Daimler Trucks Retail Trust 2024-1, Class A3, 5.490%, 12/15/2027 | &nbsp;&nbsp; 1380229 |
| &nbsp;&nbsp; 680000 | Dell Equipment Finance Trust 2025-2, Class A3, 4.120%, 3/24/2031 | &nbsp;&nbsp; 681918 |
| &nbsp;&nbsp; 420766 | DLLAD LLC 2024-1A, Class A2, 5.500%, 8/20/2027 | &nbsp;&nbsp; 422950 |
| &nbsp;&nbsp; 1203408 | DLLMT LLC 2024-1A, Class A2, 5.080%, 2/22/2027 | &nbsp;&nbsp; 1206063 |
| &nbsp;&nbsp; 578058 | Great America Leasing Receivables 2024-2, Class A2, 5.280%, 3/15/2027 | &nbsp;&nbsp; 580623 |
| &nbsp;&nbsp; 2530000 | HPEFS Equipment Trust 2024-2A, Class B, 5.350%, 10/20/2031 | &nbsp;&nbsp; 2560288 |
| &nbsp;&nbsp; 500000 | HPEFS Equipment Trust 2024-2A, Class C, 5.520%, 10/20/2031 | &nbsp;&nbsp; 508073 |
| &nbsp;&nbsp; 1000000 | HPEFS Equipment Trust 2025-1A, Class B, 4.510%, 9/20/2032 | &nbsp;&nbsp; 1008489 |
| &nbsp;&nbsp; 2500000 | M&T Equipment Notes 2025-1A, Class A2, 4.700%, 12/16/2027 | &nbsp;&nbsp; 2517838 |
| &nbsp;&nbsp; 98285 | MMAF Equipment Finance LLC 2023-A, Class A2, 5.790%, 11/13/2026 | &nbsp;&nbsp; 98344 |
| &nbsp;&nbsp; 844470 | MMAF Equipment Finance LLC 2025-A, Class A2, 4.640%, 10/13/2028 | &nbsp;&nbsp; 849456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11814271 |
|  | **Other—3.4%** |  |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| PFS Financing Corp. 2024-E, Class A, 4.992% (30-DAY AVERAGE SOFR +0.850%), 7/15/2028 | &nbsp;&nbsp; 3014121 |
| &nbsp;&nbsp; 2500000<br><sup>1</sup> <br>| PFS Financing Corp. 2025-C, Class A, 5.092% (30-DAY AVERAGE SOFR +0.950%), 4/16/2029 | &nbsp;&nbsp; 2506240 |
| &nbsp;&nbsp; 2000000 | PFS Financing Corp. 2025-E, Class B, 4.610%, 7/16/2029 | &nbsp;&nbsp; 2010895 |
| &nbsp;&nbsp; 800000 | Verizon Master Trust 2025-3, Class C, 4.900%, 3/20/2030 | &nbsp;&nbsp; 810512 |
| &nbsp;&nbsp; 1000000 | Verizon Master Trust 2025-9, Class C, 4.410%, 10/21/2030 | &nbsp;&nbsp; 1004146 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9345914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $109,250,542)<br>| &nbsp;&nbsp; 109819537 |
|  | CORPORATE BONDS—29.5% |  |
|  | **Banking—12.1%** |  |
| &nbsp;&nbsp; 2000000<br><sup>1</sup> <br>| Australia & New Zealand Banking Group Ltd., Sr. Unsecd. Note, 144A, 4.610% (SOFR +0.470%), 12/16/2026 | &nbsp;&nbsp; 2002982 |
| &nbsp;&nbsp; 2000000<br><sup>1</sup> <br>| Canadian Imperial Bank of Commerce, Sr. Unsecd. Note, 4.809% (SOFR +0.720%), 1/13/2028 | &nbsp;&nbsp; 2003536 |
| &nbsp;&nbsp; 2310000<br><sup>1</sup> <br>| Citibank, N.A., Sr. Unsecd. Note, 4.756% (SOFR +0.708%), 8/6/2026 | &nbsp;&nbsp; 2316388 |
| &nbsp;&nbsp; 1175000<br><sup>1</sup> <br>| Fifth Third Bank, Inc., Sr. Unsecd. Note, 4.876% (SOFR +0.810%), 1/28/2028 | &nbsp;&nbsp; 1177148 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| Goldman Sachs Bank USA, Sr. Unsecd. Note, 4.812% (SOFR +0.750%), 5/21/2027 | &nbsp;&nbsp; 3005775 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| Morgan Stanley Bank, N.A., Sr. Unsecd. Note, 4.774% (SOFR +0.685%), 10/15/2027 | &nbsp;&nbsp; 3006797 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| NatWest Markets PLC, Sr. Unsecd. Note, 144A, 4.846% (SOFR +0.800%), 11/6/2028 | &nbsp;&nbsp; 3001180 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| PNC Bank, N.A., Sr. Unsecd. Note, 4.589% (SOFR +0.500%), 1/15/2027 | &nbsp;&nbsp; 3001110 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| Royal Bank of Canada, Sr. Unsecd. Note, Series 1, 4.752% (SOFR +0.700%), 11/3/2028 | &nbsp;&nbsp; 3004050 |
| &nbsp;&nbsp; 570000<br><sup>1</sup> <br>| State Street Corp., Sr. Unsecd. Note, 5.020% (SOFR +0.950%), 4/24/2028 | &nbsp;&nbsp; 573651 |
| &nbsp;&nbsp; 2000000<br><sup>1</sup> <br>| Toronto Dominion Bank, Sr. Unsecd. Note, 4.747% (SOFR +0.620%), 12/17/2026 | &nbsp;&nbsp; 2006926 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| Truist Bank, Sr. Unsecd. Note, 4.840% (SOFR +0.770%), 7/24/2028 | &nbsp;&nbsp; 3002106 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| U.S. Bank, N.A., Sr. Unsecd. Note, 4.966% (SOFR +0.910%), 5/15/2028 | &nbsp;&nbsp; 3012865 |
| &nbsp;&nbsp; 1955000<br><sup>1</sup> <br>| Wells Fargo & Co., Sr. Unsecd. Note, 4.850% (SOFR +0.780%), 1/24/2028 | &nbsp;&nbsp; 1959596 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 33074110 |
|  | **Consumer Products—0.6%** |  |
| &nbsp;&nbsp; 1665000<br><sup>1</sup> <br>| Philip Morris International, Inc., Sr. Unsecd. Note, 4.718% (SOFR +0.660%), 10/27/2028 | &nbsp;&nbsp; 1667079 |
|  | **Electric Power—1.5%** |  |
| &nbsp;&nbsp; 3000000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 4.685%, 9/1/2027 | &nbsp;&nbsp; 3032557 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Electric Power—continued** |  |
| $965000<br><sup>1</sup> <br>| NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 4.853% (SOFR +0.800%), 2/4/2028 | &nbsp;&nbsp; $971866 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4004423 |
|  | **Finance - Automotive—8.8%** |  |
| &nbsp;&nbsp; 2905000 | American Honda Finance Corp., Sr. Unsecd. Note, 4.550%, 7/9/2027 | &nbsp;&nbsp; 2933483 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| American Honda Finance Corp., Sr. Unsecd. Note, 5.310% (SOFR +0.900%), 9/1/2028 | &nbsp;&nbsp; 3009103 |
| &nbsp;&nbsp; 2500000<br><sup>1</sup> <br>| Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 4.929% (SOFR +0.840%), 1/13/2028 | &nbsp;&nbsp; 2501383 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.496% (SOFR +1.450%), 11/5/2026 | &nbsp;&nbsp; 3007322 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.139% (SOFR +1.050%), 7/15/2027 | &nbsp;&nbsp; 3003583 |
| &nbsp;&nbsp; 2070000<br><sup>1</sup> <br>| Mercedes-Benz Finance NA LLC, Sr. Unsecd. Note, 144A, 4.905% (SOFR +0.850%), 11/15/2027 | &nbsp;&nbsp; 2084155 |
| &nbsp;&nbsp; 1500000<br><sup>1</sup> <br>| Nissan Motor Acceptance Co. LLC., Sr. Unsecd. Note, 144A, 6.194% (SOFR +2.050%), 9/13/2027 | &nbsp;&nbsp; 1495184 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| Toyota Motor Credit Corp., Sr. Unsecd. Note, Series MTN, 4.768% (SOFR +0.650%), 3/19/2027 | &nbsp;&nbsp; 3010180 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| Volkswagen Group of America Finance LLC, 144A, 4.945% (SOFR +0.830%), 3/20/2026 | &nbsp;&nbsp; 3004009 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 24048402 |
|  | **Health Care—0.6%** |  |
| &nbsp;&nbsp; 1615000<br><sup>1</sup> <br>| HCA, Inc., Sr. Unsecd. Note, 5.066% (SOFR +0.870%), 3/1/2028 | &nbsp;&nbsp; 1624269 |
|  | **Insurance—3.4%** |  |
| &nbsp;&nbsp; 3000000 | CoreBridge Global Funding, Sec. Fac. Bond, 144A, 5.350%, 6/24/2026 | &nbsp;&nbsp; 3022074 |
| &nbsp;&nbsp; 885000<br><sup>1</sup> <br>| Marsh & McLennan Cos., Inc., Sr. Unsecd. Note, 4.747% (SOFR +0.700%), 11/8/2027 | &nbsp;&nbsp; 889766 |
| &nbsp;&nbsp; 2310000<br><sup>1</sup> <br>| Metropolitan Life Global Funding I, Sec. Fac. Bond, 144A, 4.851% (SOFR +0.700%), 6/11/2027 | &nbsp;&nbsp; 2320877 |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| New York Life Global Funding, Sec. Fac. Bond, 144A, 4.948% (SOFR +0.880%), 4/25/2028 | &nbsp;&nbsp; 3021090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9253807 |
|  | **Mining—1.1%** |  |
| &nbsp;&nbsp; 3000000<br><sup>1</sup> <br>| Glencore Funding LLC, Sr. Unsecd. Note, 144A, 4.853% (SOFR+0.750%), 10/1/2026 | &nbsp;&nbsp; 3003368 |
|  | **Pharmaceuticals and Health Care—0.3%** |  |
| &nbsp;&nbsp; 790000<br><sup>1</sup> <br>| Pfizer, Inc., Sr. Unsecd. Note, 4.559% (SOFR +0.500%), 11/15/2027 | &nbsp;&nbsp; 792179 |
|  | **Software—1.1%** |  |
| &nbsp;&nbsp; 3000000 | Synopsys, Inc., Sr. Unsecd. Note, 4.550%, 4/1/2027 | &nbsp;&nbsp; 3021432 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $80,220,499)<br>| &nbsp;&nbsp;&nbsp; 80489069 |
| <sup>2</sup> <br>| COMMERCIAL PAPER—3.7% |  |
|  | **Utility - Natural Gas—3.7%** |  |
| &nbsp;&nbsp; 10000000 | Energy Transfer LP, 4.051%, 12/1/2025 <br>(IDENTIFIED COST $10,000,000)<br>| &nbsp;&nbsp; 9996621 |
|  | OTHER REPURCHASE AGREEMENTS—19.5% |  |
| &nbsp;&nbsp; 13298000 | BNP Paribas S.A., 4.09%, dated 11/28/2025, interest in a $2,250,000,000 joint collateralized loan agreement will repurchase <br> securities provided as collateral for $2,250,766,875 on 12/1/2025, in which asset-backed securities, collateralized mortgage <br> obligations, corporate bonds, treasury notes and U.S. Government Agency securities with a market value of $2,295,782,229 <br> have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 13298000 |
| &nbsp;&nbsp; 13298000 | ING Financial Markets LLC, 4.13%, dated 11/28/2025, interest in a $100,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $100,034,417 on 12/1/2025, in which corporate bonds with a market value of <br> $102,035,914 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 13298000 |
| &nbsp;&nbsp; 13298000 | Societe Generale, Paris, 4.15%, dated 11/28/2025, interest in a $600,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $600,207,500 on 12/1/2025, in which asset-backed securities, collateralized <br> mortgage obligations, corporate bonds and medium-term notes with a market value of $612,211,659 have been received as <br> collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 13298000 |
| &nbsp;&nbsp; 13298000 | Standard Chartered Bank, 4.10%, dated 11/28/2025, interest in a $150,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $150,051,250 on 12/1/2025, in which U.S. Government Agency and <br> U.S. Treasury securities with a market value of $153,052,291 have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| &nbsp;&nbsp; 13298000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $53,192,000)<br>| &nbsp;&nbsp;&nbsp; 53192000 |

---

**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENT—6.9% |  |
| $18751000 | Interest in $800,000,000 joint repurchase agreement 4.09%, dated 11/28/2025 under which Bank of Nova Scotia will <br> repurchase securities provided as collateral for $800,272,667 on 12/1/2025. The securities provided as collateral at the end <br> of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities and a U.S. Treasury security <br> with various maturities to 9/1/2055 and the market value of those underlying securities was $816,278,124. <br>(IDENTIFIED COST $18,751,000)<br>| &nbsp;&nbsp; $18751000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.8% <br>(IDENTIFIED COST $271,414,041)<br>| &nbsp;&nbsp; 272248227 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.2%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $272812960 |

---

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

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| | |
|:---|:---|
| 1 | *Floating/variable note with current rate and current maturity or next reset date shown.* |
| 2 | *Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.* |
| 3 | *Assets, other than investments in securities, less liabilities.* |

---

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

**Investment Valuation** 

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

■ 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.

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

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

**4**

------

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.

At November 30, 2025, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

The following acronym(s) are used throughout this portfolio: <br> MTN —Medium Term Note <br> SOFR —Secured Overnight Financing Rate

**5**

------

## 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 Adviser Series

- **b. Investment Company Act file number:** 811-23259

- **c. CIK number of Registrant:** 0001707560

- **d. LEI of Registrant:** 2549001OZ5PPTI84LJ34

- **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 Conservative Microshort Fund

- **b. EDGAR series identifier (if any):** S000070656

- **c. LEI of Series:** 254900CWA9RK4W0R7Y46

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $273087441.76

**Total Liabilities:** $1065396.18

**Net Assets:** $272022045.58

**Cash Not Reported:** $298.09

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1466.210953000000 | **1-Year:** -12451.297306000000 | **5-Year:** -4089.172390000000 | **10-Year:** -0.000077000000 | **30-Year:** 0.000000000000

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

- **3-Month:** -1.894000000000 | **1-Year:** -205.339752000000 | **5-Year:** -48.916206000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224641 | 0.48%                | 0.38%                | 0.36%                |
| Class ID C000224642 | 0.47%                | 0.37%                | 0.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $27.51                   | $90014.81                                  |
| Month 2  | $0.00                    | $-26311.80                                 |
| Month 3  | $0.35                    | $19963.41                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ally Bank Auto Credit-Linked Notes                     | Ally Bank Auto Credit-Linked Notes Series 2025-A              | CUSIP: 02007G5G4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1936118 | PA      | $1944104.37   | 0.71%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                     | Ally Bank Auto Credit-Linked Notes Series 2024-A              | CUSIP: 02007GZ55<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    989715 | PA      | $1006992.49   | 0.37%             |  |  |  | Yes           |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                                | Australia & New Zealand Banking Group Ltd                     | CUSIP: 05252ADP3<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   2000000 | PA      | $2002981.72   | 0.74%             | 2026-12-16      | Floating      | 4.61%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Auto Trust                             | BofA Auto Trust 2025-1                                        | CUSIP: 05594BAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1005264.50   | 0.37%             |  |  |  | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                               | Ford Motor Credit Co LLC                                      | CUSIP: 345397F99<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3007322.52   | 1.11%             | 2026-11-05      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                   | Glencore Funding LLC                                          | CUSIP: 378272BX5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3003367.77   | 1.10%             | 2026-10-01      | Floating      | 4.85%                 | Yes           |                  2 | On Loan: No      |
| HCA INC                                                | HCA Inc                                                       | CUSIP: 404119CX5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1615000 | PA      | $1624268.52   | 0.60%             | 2028-03-01      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                | Hyundai Auto Lease Securitization Trust 2025-A                | CUSIP: 44935WAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1460000 | PA      | $1478651.57   | 0.54%             |  |  |  | Yes           |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                             | LAD Auto Receivables Trust 2024-3                             | CUSIP: 505709AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    397342 | PA      | $397520.80    | 0.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                             | MMAF Equipment Finance LLC 2023-A                             | CUSIP: 55317WAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     98285 | PA      | $98344.55     | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                                | Metropolitan Life Global Funding I                            | CUSIP: 592179KM6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $2320877.07   | 0.85%             | 2027-06-11      | Floating      | 4.85%                 | Yes           |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                                    | NatWest Markets PLC                                           | CUSIP: 63906YAR9<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $3001180.32   | 1.10%             | 2028-11-06      | Floating      | 4.85%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                               | New York Life Global Funding                                  | CUSIP: 64953BBV9<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3021089.58   | 1.11%             | 2028-04-25      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                 | NextEra Energy Capital Holdings Inc                           | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3032556.75   | 1.11%             | 2027-09-01      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                                            | PNC Bank NA                                                   | CUSIP: 69353RFW3<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3001110.12   | 1.10%             | 2027-01-15      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Porsche Innovative Lease Owner Trust                   | Porsche Innovative Lease Owner Trust 2024-1                   | CUSIP: 73328AAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1254908.63   | 0.46%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Porsche Innovative Lease Owner Trust                   | Porsche Innovative Lease Owner Trust 2024-2                   | CUSIP: 73328NAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    209586 | PA      | $209708.26    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                                  | SBNA Auto Lease Trust 2024-B                                  | CUSIP: 78437VAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1266133.69   | 0.47%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust                | Securitized Term Auto Receivables Trust 2025-B                | CUSIP: 81378WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   1188755 | PA      | $1196945.60   | 0.44%             |  |  |  | Yes           |                  2 | On Loan: No      |
| STATE STREET CORP                                      | State Street Corp                                             | CUSIP: 857477CZ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    570000 | PA      | $573650.96    | 0.21%             | 2028-04-24      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                  | Toronto-Dominion Bank/The                                     | CUSIP: 89115A3B6<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2006925.56   | 0.74%             | 2026-12-17      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                               | Toyota Motor Credit Corp                                      | CUSIP: 89236TMA0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3010179.78   | 1.11%             | 2027-03-19      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust                               | Toyota Lease Owner Trust 2025-A                               | CUSIP: 89239NAE5<br>LEI: 254900299R9KF5UH9O95 | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2279464.76   | 0.84%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Truist Bank Auto Credit-Linked Notes                   | Truist Bank Auto Credit-Linked Notes Series 2025-1            | CUSIP: 897926CB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2642245 | PA      | $2649400.01   | 0.97%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Regions Bank                                           | BNP BANK REPO A3 BNP REPO A3                                  | CUSIP: 000000000<br>LEI: EQTWLK1G7ODGC2MGLV11 | Long             | RA               | CORP              | US        |  13298000 | PA      | $13298000.00  | 4.89%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co                                              | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1955000 | PA      | $1959596.01   | 0.72%             | 2028-01-24      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                         | Wheels Fleet Lease Funding 1 LLC                              | CUSIP: 96328GCP0<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   1730000 | PA      | $1730443.40   | 0.64%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                     | Ally Bank Auto Credit-Linked Notes Series 2025-B              | CUSIP: 02007G6R9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1753551.71   | 0.64%             |  |  |  | Yes           |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                 | American Honda Finance Corp                                   | CUSIP: 02665WGD7<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   2905000 | PA      | $2933482.60   | 1.08%             | 2027-07-09      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                                | Corebridge Global Funding                                     | CUSIP: 00138CAY4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3022073.79   | 1.11%             | 2026-06-24      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                               | Marsh & McLennan Cos Inc                                      | CUSIP: 571748BZ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    885000 | PA      | $889766.26    | 0.33%             | 2027-11-08      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                            | Truist Bank                                                   | CUSIP: 89788JAG4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3002106.39   | 1.10%             | 2028-07-24      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI                                  | US Bank NA/Cincinnati OH                                      | CUSIP: 90331HPT4<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3012865.11   | 1.11%             | 2028-05-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| GREAT AMERICA LEASING RECEIVABLES                      | GreatAmerica Leasing Receivables Funding LLC Series 2024-2    | CUSIP: 39154GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    578058 | PA      | $580623.21    | 0.21%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                  | HPEFS Equipment Trust 2024-2                                  | CUSIP: 40444MAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2530000 | PA      | $2560288.15   | 0.94%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                                | BMW Vehicle Lease Trust                                       | CUSIP: 05613MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    372324 | PA      | $372511.31    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK NA                                    | Fifth Third Bank NA                                           | CUSIP: 31677QBV0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1177147.59   | 0.43%             | 2028-01-28      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                                  | ARI Fleet Lease Trust 2024-B                                  | CUSIP: 04033HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1582904 | PA      | $1594153.17   | 0.59%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                                 | Canadian Imperial Bank of Commerce                            | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2003535.80   | 0.74%             | 2028-01-13      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                | Hyundai Auto Lease Securitization Trust 2024-B                | CUSIP: 44934FAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2460000 | PA      | $2489780.76   | 0.92%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SG Americas Securities LLC                             | SOC GEN NY 6                                                  | CUSIP: 000000000<br>LEI: 549300F35UE0BOM1WJ55 | Long             | RA               | CORP              | US        |  13298000 | PA      | $13298000.00  | 4.89%             |  |  |  | No            |                  2 | On Loan: No      |
| General Motors                                         | GMF Floorplan Owner Revolving Trust                           | CUSIP: 361886DB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3009720.90   | 1.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Navistar Financial Dealer Note Master Trust            | Navistar Financial Dealer Note Master Owner Trust             | CUSIP: 63938PBW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2825000 | PA      | $2842294.65   | 1.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                | Hyundai Auto Lease Securitization Trust 2025-B                | CUSIP: 44935DAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1264647.13   | 0.46%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PenFed Auto Receivables Owner Trust                    | PenFed Auto Receivables Owner Trust 2025-A                    | CUSIP: 706916AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2800000 | PA      | $2806229.02   | 1.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CITIBANK NA                                            | Citibank NA                                                   | CUSIP: 17325FBH0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $2316388.24   | 0.85%             | 2026-08-06      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| DLLAD LLC                                              | Dllad 2024-1 LLC                                              | CUSIP: 23346MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    420766 | PA      | $422949.89    | 0.16%             |  |  |  | Yes           |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                 | American Honda Finance Corp                                   | CUSIP: 02665WGJ4<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3009102.99   | 1.11%             | 2028-09-01      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                             | Barings Equipment Finance LLC 2025-A                          | CUSIP: 06764MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    844470 | PA      | $849455.86    | 0.31%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                                 | Daimler Truck Finance North America LLC                       | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2501383.08   | 0.92%             | 2028-01-13      | Floating      | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                           | Dell Equipment Finance Trust 2025-2                           | CUSIP: 24703VAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    680000 | PA      | $681917.67    | 0.25%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2024-4 LLC                         | CUSIP: 29374MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1563414 | PA      | $1568368.19   | 0.58%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                           | Ford Credit Auto Lease Trust 2025-A                           | CUSIP: 345282AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1345000 | PA      | $1357030.82   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                  | Gm Financial Automobile Leasing Trust 2025-2                  | CUSIP: 362962AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2025602.90   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                                 | Goldman Sachs Bank USA/New York NY                            | CUSIP: 38151LAH3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3005775.30   | 1.10%             | 2027-05-21      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                  | HPEFS Equipment Trust 2024-2                                  | CUSIP: 40444MAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $508072.90    | 0.19%             |  |  |  | Yes           |                  2 | On Loan: No      |
| M&T Equipment Notes                                    | M&T Equipment 2025-LEAF1 Notes                                | CUSIP: 55340QAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2517837.88   | 0.93%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                   | Mercedes-Benz Finance North America LLC                       | CUSIP: 58769JAY3<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2084155.14   | 0.77%             | 2027-11-15      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                 | NextEra Energy Capital Holdings Inc                           | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    965000 | PA      | $971866.09    | 0.36%             | 2028-02-04      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| NextGear Floorplan Master Owner Trust                  | NextGear Floorplan Master Owner Trust                         | CUSIP: 65341KBY1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3017086.95   | 1.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NextGear Floorplan Master Owner Trust                  | NextGear Floorplan Master Owner Trust                         | CUSIP: 65341KCB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2011066.50   | 0.74%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust 2024-4                 | CUSIP: 802919AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1644299 | PA      | $1648147.05   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust                | Securitized Term Auto Receivables Trust                       | CUSIP: 81378RAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   2304808 | PA      | $2338011.42   | 0.86%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                   | Royal Bank of Canada                                          | CUSIP: 78017DAP3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3004050.33   | 1.10%             | 2028-11-03      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                 | Santander Drive Auto Receivables Trust 2025-1                 | CUSIP: 80288DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2610000 | PA      | $2630859.90   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Verizon Master Trust                                   | Verizon Master Trust                                          | CUSIP: 92348KEB5<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $810511.52    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                               | Volkswagen Group of America Finance LLC                       | CUSIP: 928668CD2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3004009.05   | 1.10%             | 2026-03-20      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| DLLMT LLC                                              | DLLMT 2024-1 LLC                                              | CUSIP: 23347AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1203408 | PA      | $1206062.75   | 0.44%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Daimler Trucks Retail Trust                            | Daimler Trucks Retail Trust 2024-1                            | CUSIP: 233874AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1371058 | PA      | $1380229.21   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                           | Drive Auto Receivables Trust 2025-2                           | CUSIP: 262103AE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4000104.40   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                     | Energy Transfer LP                                            | CUSIP: 29277EZ15<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | STIV             | CORP              | US        |  10000000 | PA      | $9996621.00   | 3.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2024-3 LLC                         | CUSIP: 29375QAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    903443 | PA      | $907121.43    | 0.33%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2024-2 LLC                         | CUSIP: 29375RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    790079 | PA      | $793320.25    | 0.29%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2025-2 LLC                         | CUSIP: 29375TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3014572.05   | 1.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing 2025-3 LLC                         | CUSIP: 29375UAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1090000 | PA      | $1095075.31   | 0.40%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Evergreen Credit Card Trust                            | Evergreen Credit Card Trust                                   | CUSIP: 30023JCT3<br>LEI: 5493002G9KVV6J3CNU15 | Long             | ABS-O            | CORP              | CA        |   1500000 | PA      | $1514738.70   | 0.56%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Evergreen Credit Card Trust                            | Evergreen Credit Card Trust                                   | CUSIP: 30023JDA3<br>LEI: 5493002G9KVV6J3CNU15 | Long             | ABS-O            | CORP              | CA        |   2000000 | PA      | $2003430.10   | 0.74%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust               | Ford Credit Floorplan Master Owner Trust A                    | CUSIP: 34528QJL9<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   2450000 | PA      | $2453824.70   | 0.90%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                 | General Motors Financial Co Inc                               | CUSIP: 37045XEW2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3003582.72   | 1.10%             | 2027-07-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust     | Gm Financial Consumer Automobile Receivables Trust 2025-3     | CUSIP: 379957AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2014130.20   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                  | HPEFS Equipment Trust 2025-1                                  | CUSIP: 40446EAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1008488.70   | 0.37%             |  |  |  | Yes           |                  2 | On Loan: No      |
| The Huntington National Bank                           | Huntington Bank Auto Credit-Linked Notes Series 2025-1        | CUSIP: 446438SX2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2252349 | PA      | $2262668.77   | 0.83%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes                         | Chase Auto Credit Linked Notes Series 2025-1                  | CUSIP: 46591HCT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    857680 | PA      | $864399.92    | 0.32%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                 | Morgan Stanley Bank NA                                        | CUSIP: 61690U8F0<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3006797.01   | 1.11%             | 2027-10-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Navistar Financial Dealer Note Master Trust            | Navistar Financial Dealer Note Master Owner Trust II 2025-1   | CUSIP: 63938PCA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $998593.95    | 0.37%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NextGear Floorplan Master Owner Trust                  | NextGear Floorplan Master Owner Trust                         | CUSIP: 65346CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3000959.25   | 1.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Nissan Master Owner Trust Receivables                  | Nissan Master Owner Trust Receivables                         | CUSIP: 65479VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3000505.80   | 1.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                | Nissan Motor Acceptance Co LLC                                | CUSIP: 65480CAJ4<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1495184.54   | 0.55%             | 2027-09-13      | Floating      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp.                                    | PFS Financing Corp                                            | CUSIP: 69335PFL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3014121.30   | 1.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp.                                    | PFS Financing Corp                                            | CUSIP: 69335PFW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2506240.25   | 0.92%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp.                                    | PFS Financing Corp                                            | CUSIP: 69335PGB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2010895.20   | 0.74%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PFIZER INC                                             | Pfizer Inc                                                    | CUSIP: 717081FC2<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    790000 | PA      | $792179.44    | 0.29%             | 2027-11-15      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                 | Philip Morris International Inc                               | CUSIP: 718172EB1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1665000 | PA      | $1667079.15   | 0.61%             | 2028-10-27      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                            | SBNA Auto Receivables Trust 2025-SF1                          | CUSIP: 78437XAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1007939.60   | 0.37%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust                | Securitized Term Auto Receivables Trust                       | CUSIP: 81378RAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   1298484 | PA      | $1309621.38   | 0.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust                | Securitized Term Auto Receivables Trust 2025-B                | CUSIP: 81378WAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   1188755 | PA      | $1196900.84   | 0.44%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SYNOPSYS INC                                           | Synopsys Inc                                                  | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3021431.52   | 1.11%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Trillium Credit Card Trust II                          | Trillium Credit Card Trust II                                 | CUSIP: 89621ACE7<br>LEI: 549300P7QN1SDIOQVL28 | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1502790.00   | 0.55%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia                                    | NOVASC REPO 1                                                 | CUSIP: 000000000<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | RA               | CORP              | US        |  18751000 | PA      | $18751000.00  | 6.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                | STANDARD CHARTERED 10                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | RA               | CORP              | US        |  13298000 | PA      | $13298000.00  | 4.89%             |  |  |  | No            |                  2 | On Loan: No      |
| World OMNI Select Auto Trust                           | World Omni Select Auto Trust 2025-A                           | CUSIP: 98164UAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2001130.80   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust 2025-A | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1563763 | PA      | $1569384.63   | 0.58%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Verizon Master Trust                                   | Verizon Master Trust Series 2025-9                            | CUSIP: 92348KEY5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1004145.90   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                         | Wheels Fleet Lease Funding 1 LLC                              | CUSIP: 96328GCF2<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2999539.50   | 1.10%             | 2040-01-18      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ING Financial Markets LLC                              | ING REPO 1 REPO                                               | CUSIP: 000000000<br>LEI: KBVRJ5K57JZ3E2AVWX40 | Long             | RA               | CORP              | US        |  13298000 | PA      | $13298000.00  | 4.89%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Federated Hermes Adviser Series

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes Adviser Series

**Title:** Chief Compliance Officer