# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001145549-23-002473
**Filing Date:** 2023-1
**Character Count:** 130820
**Document Hash:** 17014296152cdca071065405faf2f9a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-002473.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001145549-23-002473

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Adviser Series
- **CENTRAL INDEX KEY:** 0001707560
- **IRS NUMBER:** 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:** 23547787

**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 SDG Engagement High Yield Credit Fund (Series ID: S000066503)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000214506 | Institutional Shares | FHHIX           |
| C000214507 | Class A Shares       |  |
| C000214508 | Class C Shares       |  |
| C000214509 | Class R6 Shares      | FHHRX           |

## Nport-Ex

Federated Hermes SDG Engagement High Yield Credit Fund

Portfolio of Investments

November 30, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency Par** <br> **Amount or**<br> **Principal**<br> **Amount**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—69.5% |  |
|  | **Automotive—2.6%** |  |
| EUR 230,000 | Faurecia, Sr. Unsecd. Note, 2.375%, 6/15/2027 | $201069 |
| 100000 | Goodyear Europe B.V., Sr. Unsecd. Note, REGS, 2.750%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85566 |
| 250000 | LKQ Italia Bondco Di Lkq, Sr. Unsecd. Note, REGS, 3.875%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260579 |
| 525000 | Volvo Car AB, Sr. Unsecd. Note, Series EMTN, 2.000%, 1/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523791 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1071005 |
|  | **Banking—10.5%** |  |
| 200000<br><sup>1</sup> <br>| ABN Amro Bank NV, Jr. Sub. Deb., 4.750% (5YR EUR Swap Annual +3.898%), 9/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179067 |
| $200000 | Akbank TAS, Sr. Unsecd. Note, REGS, 5.125%, 3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190552 |
| 250000<br><sup>1</sup> <br>| Ally Financial, Inc., Jr. Sub. Note, Series C, 4.700% (7-year Constant Maturity Treasury +3.481%), 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167119 |
| EUR 100,000 | Alpha Bank AE, Sub., 5.500% (5YR EUR Swap Annual +5.823%), 6/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84163 |
| $200000<br><sup>1</sup> <br>| Argentum Netherlands B.V., Sub., 4.625% (5-year Constant Maturity Treasury +2.764%), 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163640 |
| 200000<br><sup>1</sup> <br>| Banco Mercantil De Norte, Jr. Sub. Deb., REGS, 7.500% (Prime +5.470%), 6/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175478 |
| EUR 300,000 | Bank of Ireland Group PLC, Sub. Note, Series EMTN, 1.375% (6-month Tbill Auction High Disc Rate +1.650%), 8/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262639 |
| GBP 100,000 | Bank of Ireland Group PLC, Sub., Series EMTN, 7.594%, 12/6/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119496 |
| $200000<br><sup>1</sup> <br>| BNP Paribas, Jr. Sub. Note, REGS, 4.500% (5-year Constant Maturity Treasury +2.944%), 2/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147646 |
| 200000<br><sup>1</sup> <br>| BNP Paribas, Jr. Sub. Note, REGS, 4.625% (5-year Constant Maturity Treasury +3.340%), 2/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152500 |
| EUR 200,000 | Cellnex Finance Co. SA, Series EMTN, 2.000%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159163 |
| $175000 | CIT Group, Inc., Sub., 6.125%, 3/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179714 |
| EUR 400,000<br><sup>1</sup> <br>| Commerzbank AG, Jr. Sub. Note, 4.250% (5YR EUR Swap Annual +4.387%), 10/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309756 |
| 200000<br><sup>1</sup> <br>| Cooperatieve Rabobank UA, Jr. Sub. Note, 3.250% (5YR EUR Swap Annual +3.702%), 12/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179504 |
| $400000<br><sup>1</sup> <br>| Credit Suisse Group AG, Jr. Sub. Note, REGS, 4.500% (5-year Constant Maturity Treasury +3.554%), 9/3/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195460 |
| EUR 100,000 | Deutsche Bank AG, Sr. Unsecd. Note, Series EMTN, 5.625% (5YR EUR Swap Annual +6.000%), 5/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102929 |
| $200000<br><sup>1</sup> <br>| DNB Bank ASA, Jr. Sub. Note, Series -, 4.875% (5-year Constant Maturity Treasury +3.140%), 11/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189669 |
| 300000<br><sup>1</sup> <br>| ING Groep N.V., Jr. Sub. Note, Series NC10, 4.250% (6-month Tbill Auction High Disc Rate +2.862%), 5/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204750 |
| EUR 480,000<br><sup>1</sup> <br>| Intesa Sanpaolo SpA, Jr. Sub. Note, 4.125% (5YR EUR Swap Annual +4.274%), 2/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371216 |
| $200000 | Itau Unibanco Holding SA, Sub. Deb., REGS, 4.500% (Prime +2.822%), 11/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191000 |
| 400000<br><sup>1</sup> <br>| NatWest Markets plc, Jr. Sub. Note, 4.600% (5-year Constant Maturity Treasury +3.100%), 6/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281432 |
| 200000<br><sup>1</sup> <br>| UBS Group AG, Jr. Sub. Note, REGS, 4.375%, 2/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148750 |
| EUR 200,000<br><sup>1</sup> <br>| UniCredit SpA, Jr. Sub. Note, Series EMTN, 3.875%, 6/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4315376 |
|  | **Basic Industries—8.6%** |  |
| $325000 | Alcoa Nederland Holding B.V., Sr. Unsecd. Note, 144A, 4.125%, 3/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285415 |
| 250000 | Ashland LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200660 |
| EUR 150,000 | Ashland Services B.V., Sr. Unsecd. Note, REGS, 2.000%, 1/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132755 |
| $400000 | Cemex SAB de CV, REGS, 3.875%, 7/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325853 |
| 45000 | CF Industries Holdings, Inc., Sr. Unsecd. Note, 4.950%, 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39202 |
| 45000 | CF Industries Holdings, Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43000 |
| 40000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 7.000%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37286 |
| EUR 100,000 | Graphic Packaging International Corp., Sr. Unsecd. Note, REGS, 2.625%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90427 |
| 100000 | Graphic Packaging International, LLC, Unsecd. Note, 144A, 2.625%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90427 |
| $200000 | GUSAP III L.P., Sr. Unsecd. Note, REGS, 4.250%, 1/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181433 |
| 320000 | Huntsman International LLC, Sr. Unsecd. Note, 2.950%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251767 |
| 116000 | Novelis Corporation, Sr. Unsecd. Note, 144A, 3.875%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95258 |
| 110000 | Novelis Corporation, Sr. Unsecd. Note, 144A, 4.750%, 1/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97938 |

---

**1**

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---

| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency Par** <br> **Amount or**<br> **Principal**<br> **Amount**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Basic Industries—continued** |  |
| EUR 100,000 | Novelis Sheet Ingot Gmbh, Sr. Unsecd. Note, REGS, 3.375%, 4/15/2029 | $90178 |
| 300000 | Olympus Water US Holding Corp., Sr. Unsecd. Note, REGS, 5.375%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227513 |
| $200000 | Orbia Advance Corp. SAB de CV, Sr. Unsecd. Note, REGS, 2.875%, 5/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157835 |
| EUR 100,000 | Sappi Papier Holding GmbH, Sr. Unsecd. Note, REGS, 3.125%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97832 |
| 300000<br><sup>1</sup> <br>| Solvay S.A., Jr. Sub. Note, 2.500% (5YR EUR Swap Annual +2.977%), 12/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273134 |
| $200000 | SPCM SA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159610 |
| 200000 | Summit Digitel Infrastructure, 144A, 2.875%, 8/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152060 |
| 450000 | Suzano Austria GmbH, Sr. Unsecd. Note, Series DM3N, 3.125%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351998 |
| 186000 | Taylor Morrison Communities, Inc./Monarch Communities, Inc., Sr. Unsecd. Note, 144A, 5.125%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162702 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3544283 |
|  | **Capital Goods—10.3%** |  |
| 200000 | ARD Finance SA, Sec. Fac. Bond, 144A, 6.500%, 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148379 |
| EUR 100,000 | Ardagh Metal Packaging, Sr. Unsecd. Note, REGS, 3.000%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77525 |
| GBP 600,000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, REGS, 4.750%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507135 |
| $725000 | Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590418 |
| EUR 100,000 | Berry Global, Inc., Sec. Fac. Bond, REGS, 1.500%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91771 |
| 300000 | Berry Global, Inc., Term Loan—1st Lien, REGS, 1.000%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293032 |
| 500000 | Crown European Holdings SA, Sr. Unsecd. Note, REGS, 2.875%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492986 |
| $250000 | Klabin Austria Gmbh, Sr. Unsecd. Note, 144A, 3.200%, 1/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196655 |
| 400000 | Klabin Austria Gmbh, Sr. Unsecd. Note, REGS, 3.200%, 1/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314648 |
| EUR 100,000 | Rexel S.A., Sr. Unsecd. Note, 2.125%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89794 |
| $475000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 4.000%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426982 |
| EUR 102,000 | Sig Combibloc Purchaser, Sr. Unsecd. Note, 144A, 2.125%, 6/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100941 |
| 350000 | Sig Combibloc Purchaser, Sr. Unsecd. Note, REGS, 2.125%, 6/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346365 |
| 400000 | Smurfit Kappa Treasury Unlimited Company, Sr. Unsecd. Note, 1.000%, 9/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303227 |
| 100000 | Trivium Packaging Finance BV, Sec. Fac. Bond, REGS, 3.750%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94838 |
| 200000 | Verallia, Sr. Unsecd. Note, 1.875%, 11/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165102 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4239798 |
|  | **Consumer Goods—2.2%** |  |
| 200000 | Arcelik AS, Sr. Unsecd. Note, 3.000%, 5/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184645 |
| GBP 200,000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.125%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232746 |
| $100000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84409 |
| 83000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.500%, 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70835 |
| 368000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.625%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323435 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896070 |
|  | **Consumer Non-Cyclical—2.1%** |  |
| 460000 | Hanesbrands, Inc., Sr. Unsecd. Note, 144A, 4.875%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419269 |
| 542000 | Levi Strauss & Co., Sr. Unsecd. Note, 144A, 3.500%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445639 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864908 |
|  | **Energy—3.4%** |  |
| 300000 | Aker BP ASA, Sr. Unsecd. Note, REGS, 3.750%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266173 |
| GBP 100,000<br><sup>1</sup> <br>| BP Capital Markets PLC, Sub., 4.250%, 3/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106062 |
| $100000 | DCP Midstream Operating LP, Sr. Unsecd. Note, 5.375%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98887 |
| 275000 | EnLink Midstream Partners LP, Sr. Unsecd. Note, 5.450%, 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223222 |
| 32000 | EnLink Midstream Partners LP, Sr. Unsecd. Note, 5.600%, 4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26614 |
| 300000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278071 |
| 39000 | EQT Corp., Sr. Unsecd. Note, 7.500%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41084 |

---

**2**

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| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency Par** <br> **Amount or**<br> **Principal**<br> **Amount**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Energy—continued** |  |
| $387000 | Range Resources Corp., Sr. Unsecd. Note, 4.875%, 5/15/2025 | $375506 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1415619 |
|  | **Financial Services—1.2%** |  |
| 230000<br><sup>1</sup> <br>| Barclays Bank plc, Jr. Sub. Deb., 6.278% (3-month USLIBOR +1.550%), 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216882 |
| 400000 | China Ping An Insurance Overseas (Holdings) Ltd., Sr. Secd. Note, Series EMTN, 2.850%, 8/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271835 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488717 |
|  | **Health Care—4.7%** |  |
| 519000 | Centene Corp., 2.500%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410840 |
| 50000 | Centene Corp., Sr. Unsecd. Note, 2.625%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39370 |
| EUR 200,000<br><sup>1</sup> <br>| Eurofins Scientific SE, Jr. Sub. Note, 3.250% (3-month EURIBOR +5.167%), 11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183679 |
| 580000 | Grifols Escrow Issuer SA, Sr. Unsecd. Note, REGS, 3.875%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497742 |
| $50000 | HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33873 |
| EUR 700,000 | Iqvia, Inc., Sr. Unsecd. Note, REGS, 2.250%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620981 |
| $149000 | Mozart Debt Merger Sub, Inc., Sec. Fac. Bond, 144A, 3.875%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128272 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1914757 |
|  | **Insurance—1.6%** |  |
| GBP 325,000<br><sup>1</sup> <br>| Phoenix Group Holdings PLC, Jr. Sub. Deb., 5.750% (12-month GBPLIBOR +4.169%), 10/26/2170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323175 |
| EUR 200,000<br><sup>1</sup> <br>| UnipolSai Assicurazioni SpA, Jr. Sub. Note, 6.375% (5YR EUR Swap Annual +6.744%), 4/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187932 |
| $200000 | Zurich Finance Ireland, Sub. Note, Series EMTN, 3.000% (6-month Tbill Auction High Disc Rate +2.777%), 4/19/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152264 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663371 |
|  | **Media—3.5%** |  |
| EUR 300,000 | Altice France Holding SA, Sr. Unsecd. Note, REGS, 4.000%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209617 |
| 100000 | Lagardere S.C.A., Sr. Unsecd. Note, 1.750%, 10/7/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97579 |
| 550000 | Netflix, Inc., Sr. Unsecd. Note, REGS, 3.625%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534959 |
| $230000 | UPC Broadband Finco BV, Sr. Note, 144A, 4.875%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196949 |
| EUR 100,000 | VZ Vendor Financing B.V., Sr. Unsecd. Note, REGS, 2.875%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81418 |
| 391000 | Ziggo Bond Co. BV, Sr. Unsecd. Note, REGS, 3.375%, 2/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1431274 |
|  | **Real Estate—1.3%** |  |
| 100000 | CANPACK SA and Eastern PA Land Investment Holding LLC, REGS, 2.375%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86092 |
| $200000 | Country Garden Holdings Co., 5.125%, 1/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101500 |
| GBP 200,000 | MPT Operating Partnership LP/MPT Finance Corp., Sr. Unsecd. Note, 3.692%, 6/5/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178524 |
| $32000 | MPT Operating Partnership LP/MPT Finance Corp., Sr. Unsecd. Note, 3.500%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22601 |
| EUR 300,000<br><sup>1</sup> <br>| Samhallsbyggnadsbolaget i Norden AB, Jr. Sub. Note, 2.625% (5YR EUR Swap Annual +3.227%), 12/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124808 |
| 100000<br><sup>1</sup> <br>| Samhallsbyggnadsbolaget i Norden AB, Jr. Sub. Note, Series \*, 2.624% (5YR EUR Swap Annual +2.814%), 1/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41234 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554759 |
|  | **Retail—0.5%** |  |
| GBP 100,000 | Marks & Spencer PLC, Sr. Unsecd. Note, 3.250%, 7/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103851 |
| $100000 | Marks & Spencer PLC, Sr. Unsecd. Note, REGS, 7.125%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192892 |
|  | **Services—1.0%** |  |
| EUR 500,000 | Catalent Pharma Solutions, Inc., Sr. Unsecd. Note, REGS, 2.375%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430592 |
|  | **Technology & Electronics—1.7%** |  |
| $100000 | Dell, Inc., Sr. Unsecd. Note, 5.400%, 9/10/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88013 |
| 50000 | NXP BV / NXP Funding LLC / NXP USA Inc., Sr. Unsecd. Note, 2.500%, 5/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39612 |
| 69000 | NXP BV / NXP Funding LLC / NXP USA Inc., Sr. Unsecd. Note, 3.400%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60061 |
| 678000 | Seagate HDD Cayman, Sr. Unsecd. Note, 3.375%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712536 |

---

**3**

------

---

| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency Par** <br> **Amount or**<br> **Principal**<br> **Amount**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Telecommunications—8.0%** |  |
| EUR 100,000 | Altice Financing SA, Sec. Fac. Bond, REGS, 4.250%, 8/15/2029 | $85564 |
| 100000 | Cellnex Telecom S.A., Conv. Bond, Series CLNX, 0.750%, 11/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78035 |
| 100000 | Cellnex Telecom S.A., Sr. Unsecd. Note, 1.875%, 6/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86966 |
| 200000 | Iliad SA, Sr. Secd. Note, 1.875%, 2/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174301 |
| 300000 | Infrastrutture Wireless Italiane SPA, Sr. Unsecd. Note, Series EMTN, 1.750%, 4/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252730 |
| 200000 | Infrastrutture Wireless Italiane SPA, Sr. Unsecd. Note, Series GMTN, 1.625%, 10/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180149 |
| $425000 | Lumen Technologies, Inc., Sr. Unsecd. Note, Series P, 7.600%, 9/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291913 |
| 400000 | Millicom International Cellular S. A., Sr. Unsecd. Note, REGS, 4.500%, 4/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328579 |
| 300000<br><sup>1</sup> <br>| Network i2i Ltd., Sub. Deb., REGS, 5.650% (Prime +4.274%), 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282930 |
| 100000 | Sprint Corp., Sr. Unsecd. Note, 7.875%, 9/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102294 |
| 72000 | T-Mobile USA, Inc., 2.250%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57378 |
| 300000 | T-Mobile USA, Inc., 3.300%, 2/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208714 |
| 325000 | Telecom Italia Capital SA, Sr. Unsecd. Note, 6.000%, 9/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251501 |
| EUR 600,000<br><sup>1</sup> <br>| Telefonica Europe BV, Jr. Sub. Note, 2.376% (8-month EURIBOR +2.616%), 2/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483800 |
| $200000 | Turk Telekomunikasyon AS, Sr. Unsecd. Note, REGS, 4.875%, 6/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180016 |
| GBP 149,000 | Vmed O2 UK Financing I PLC, Sec. Fac. Bond, REGS, 4.500%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142320 |
| $200000 | VTR Comunicaciones SpA, Sec. Fac. Bond, REGS, 4.375%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105936 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3293126 |
|  | **Utilities—6.3%** |  |
| 57000 | AES Corp., Sr. Unsecd. Note, 2.450%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45341 |
| 200000 | AES Gener S.A., Jr. Sub. Note, REGS, 6.350%, 10/7/2079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180351 |
| 150000 | Clearway Energy Operating LLC, Sr. Unsecd. Note, 144A, 3.750%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119814 |
| 443000 | Clearway Energy Operating LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375837 |
| EUR 300,000<br><sup>1</sup> <br>| Enel SpA, Jr. Sub. Note, Series 9.5Y, 1.875% (5YR EUR Swap Annual +0.000%), 6/8/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223618 |
| 400000 | Energias de Portugal SA, Jr. Sub. Note, Series NC8, 1.875% (5YR EUR Swap Annual +2.080%), 3/14/2082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300735 |
| $195500 | Greenko Power II Ltd., Sr. Unsecd. Note, REGS, 4.300%, 12/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169049 |
| EUR 151,000 | Orsted A/S, Sub., 1.750% (5YR EUR Swap Annual +1.952%), 12/9/3019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132763 |
| GBP 149,000 | Orsted A/S, Sub., Series GBP, 2.500%, 2/18/3021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120082 |
| $550000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495998 |
| EUR 500,000<br><sup>1</sup> <br>| Veolia Environnement SA, Jr. Sub. Note, Series 0, 2.500% (5YR EUR Swap Annual +2.840%), 1/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2581438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS<br> (IDENTIFIED COST $35,200,634)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28610521 |
|  | U.S. TREASURIES—23.4% |  |
| $5403500 | United States Treasury Note, 0.250%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5109119 |
| 5020200 | United States Treasury Note, 0.250%, 8/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4518504 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES<br> (IDENTIFIED COST $9,745,302)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9627623 |
|  | FOREIGN GOVERNMENT/AGENCIES—1.1% |  |
| GBP 400,000 | United Kingdom, Government of, Unsecd. Note, 0.125%, 1/31/2024<br> (IDENTIFIED COST $445,077)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464274 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—94.0%<br> (IDENTIFIED COST $45,391,013)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38702418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—6.0%<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2485880 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $41188298 |

---

**4**

------

At November 30, 2022, the Fund had the following outstanding futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| &nbsp;&nbsp; **Expiration**<br> **Date**<br>| **Value and**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Long Futures:** |  |  |  |  |
| United States Treasury Notes 2-Year Long Futures | 2 | $410719 | March 2023 | $1064 |
| **Short Futures:** |  |  |  |  |
| United States Treasury Notes 10-Year Short Futures | 7 | $794500 | March 2023 | $(4231) |
| United States Treasury Ultra Bond Short Futures | 6 | $817688 | March 2023 | $(3252) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(6419) |

---

The average notional value of long and short futures contracts held by the Fund throughout the period was $411,730 and $2,033,027. This is based on amounts held as of each month-end throughout the three-month fiscal period.

At November 30, 2022, the Fund had the following open swap contracts:

**Credit Default Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp; **Reference**<br> **Entity**<br>| &nbsp;&nbsp; **Buy/**<br> **Sell**<br>| **Pay/**<br> **Receive**<br> **Fixed**<br> **Rate**<br>| **Expiration**<br> **Date**<br>| **Implied**<br> **Credit**<br> **Spread at**<br> **11/30/2022**<sup>4</sup> <br>| **Notional**<br> **Amount**<br>| **Market**<br> **Value**<br>| **Upfront**<br> **Premiums**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** |
| Barclays | Volvo | Sell | 5.00% | 12/20/2027 | 2.80% | $50000 | $5042 | $3829 | $1213 |
| Goldman <br> Sachs<br>| Cellnex Telecom SA | Sell | 5.00% | 12/20/2027 | 2.06% | $100000 | $13346 | $9864 | $3482 |
| Goldman <br> Sachs<br>| Schaeffler AG | Sell | 5.00% | 06/20/2027 | 2.70% | $310000 | $28963 | $39771 | $(10808) |
| JPMorgan | Faurecia | Sell | 5.00% | 12/20/2027 | 4.18% | $100000 | $3575 | $(4171) | $7746 |
| Morgan <br> Stanley<br>| AES Corp. | Sell | 5.00% | 12/20/2027 | 1.33% | $100000 | $16373 | $14798 | $1575 |
| Morgan <br> Stanley<br>| Ally Financial, Inc. | Sell | 5.00% | 12/20/2027 | 2.87% | $78000 | $6925 | $7704 | $(779) |
| Morgan <br> Stanley<br>| Anglo American PLC | Sell | 5.00% | 12/20/2027 | 1.75% | $175000 | $26390 | $21474 | $4916 |
| Morgan <br> Stanley<br>| Arcelor Mittal SA | Sell | 5.00% | 12/20/2027 | 2.21% | $200000 | $25386 | $17994 | $7392 |
| Morgan <br> Stanley<br>| Cleveland-Cliffs, Inc. | Sell | 5.00% | 12/20/2027 | 4.36% | $145000 | $3894 | $6131 | $(2237) |
| Morgan <br> Stanley<br>| Dell, Inc. | Sell | 1.00% | 12/20/2027 | 1.38% | $500000 | $(8072) | $(26812) | $18740 |
| Morgan <br> Stanley<br>| Ford Motor Co. | Sell | 5.00% | 12/20/2027 | 3.07% | $485000 | $37669 | $36789 | $880 |
| Morgan <br> Stanley<br>| General Motors Co. | Sell | 5.00% | 12/20/2027 | 1.88% | $507000 | $68237 | $63570 | $4667 |
| Morgan <br> Stanley<br>| &nbsp;&nbsp; Goodyear Tire & <br> Rubber Co.<br>| Sell | 5.00% | 12/20/2027 | 4.61% | $225000 | $3943 | $6108 | $(2165) |
| Morgan <br> Stanley<br>| HCA, Inc. | Sell | 5.00% | 12/20/2027 | 1.31% | $360000 | $57919 | $53007 | $4912 |
| Morgan <br> Stanley<br>| Hess Corp. | Sell | 1.00% | 12/20/2027 | 1.38% | $100000 | $(1582) | $(1744) | $162 |
| Morgan <br> Stanley<br>| Iron Mountain, Inc. | Sell | 5.00% | 12/20/2027 | 2.11% | $215000 | $26421 | $21439 | $4982 |
| Morgan <br> Stanley<br>| KB Home | Sell | 5.00% | 12/20/2027 | 3.57% | $520000 | $31136 | $15055 | $16081 |
| Morgan <br> Stanley<br>| Lennar Corp. | Sell | 5.00% | 12/20/2027 | 1.46% | $325000 | $50070 | $39265 | $10805 |
| Morgan <br> Stanley<br>| Lumen Technologies, Inc. | Sell | 1.00% | 12/20/2027 | 9.15% | $25000 | $(7077) | $(4749) | $(2328) |

---

**5**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp; **Reference**<br> **Entity**<br>| &nbsp;&nbsp; **Buy/**<br> **Sell**<br>| **Pay/**<br> **Receive**<br> **Fixed**<br> **Rate**<br>| **Expiration**<br> **Date**<br>| **Implied**<br> **Credit**<br> **Spread at**<br> **11/30/2022**<sup>4</sup><br>| **Notional**<br> **Amount**<br>| **Market**<br> **Value**<br>| **Upfront**<br> **Premiums**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Morgan <br> Stanley<br>| &nbsp;&nbsp; Markit CDX North America <br> High Yield Index Series 39<br>| Sell | 5.00% | 12/20/2027 | 4.53% | $2845000 | $53345 | $(81724) | $135069 |
| Morgan <br> Stanley<br>| &nbsp;&nbsp; Markit iTraxx Europe <br> Crossover Index Series 38<br>| Sell | 5.00% | 12/20/2027 | 4.59% | $2857000 | $48685 | $(91910) | $140595 |
| Morgan <br> Stanley<br>| Marks & Spencer PLC | Sell | 1.00% | 12/20/2027 | 3.90% | $100000 | $(12302) | $(14798) | $2496 |
| Morgan <br> Stanley<br>| Nokia Oy | Sell | 5.00% | 12/20/2027 | 1.29% | $475000 | $83111 | $69360 | $13751 |
| Morgan <br> Stanley<br>| NRG Energy, Inc. | Sell | 5.00% | 12/20/2027 | 3.19% | $260000 | $19300 | $14118 | $5182 |
| Morgan <br> Stanley<br>| &nbsp;&nbsp; Occidental <br> Petroleum Corp.<br>| Sell | 1.00% | 06/20/2027 | 1.18% | $84000 | $(1008) | $(860) | $(148) |
| Morgan <br> Stanley<br>| Rexel SA | Sell | 5.00% | 12/20/2027 | 2.44% | $200000 | $23432 | $15973 | $7459 |
| Morgan <br> Stanley<br>| Stellantis N.V. | Sell | 5.00% | 12/20/2027 | 1.69% | $425000 | $65249 | $45302 | $19947 |
| Morgan <br> Stanley<br>| Telecom Italia SpA | Sell | 1.00% | 12/20/2027 | 4.55% | $200000 | $(29865) | $(32593) | $2728 |
| Morgan <br> Stanley<br>| Tenet Healthcare Corp. | Sell | 5.00% | 12/20/2027 | 5.11% | $488000 | $(1287) | $18496 | $(19783) |
| Morgan <br> Stanley<br>| Toll Brothers, Inc. | Sell | 1.00% | 12/20/2027 | 2.34% | $335000 | $(19038) | $(28285) | $9247 |
| Morgan <br> Stanley<br>| Valeo | Sell | 1.00% | 12/20/2027 | 3.37% | $370000 | $(30022) | $(37690) | $7668 |
| Morgan <br> Stanley<br>| Virgin Media Finance PLC | Sell | 5.00% | 12/20/2027 | 4.60% | $381000 | $6754 | $(9214) | $15968 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | $594912 | $185497 | $409415 |

---

The average notional amount of credit default swap contracts held by the Fund throughout the period was $14,977,850. This is based on amounts held as of each month-end throughout the three-month fiscal period.

At November 30, 2022, the Fund had the following outstanding foreign exchange contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | &nbsp;&nbsp; **Foreign Currency**<br> **Units to**<br> **Receive/Deliver**<br>| **In**<br> **Exchange**<br> **For**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Contracts Purchased:** | **Contracts Purchased:** | **Contracts Purchased:** | **Contracts Purchased:** | **Contracts Purchased:** |
| 12/21/2022 | State Street | 100,000 EUR | $97353  | $6913 |
| 12/21/2022 | State Street | 200,000 EUR | $192484  | $16049 |
| 12/21/2022 | State Street | 200,000 EUR | $196454  | $12079 |
| 12/21/2022 | State Street | 300,000 EUR | $297067  | $15732 |
| 12/21/2022 | State Street | 150,000 GBP | $161753  | $19194 |
| **Contracts Sold:** | **Contracts Sold:** | **Contracts Sold:** | **Contracts Sold:** | **Contracts Sold:** |
| 12/21/2022 | Lloyds Bank PLC | 400,000 EUR | $392052  | $(25014) |
| 12/21/2022 | Lloyds Bank PLC | 150,000 EUR | $149405  | $(6994) |
| 12/21/2022 | State Street | 5,500,000 EUR | $5552899  | $(181755) |
| 12/21/2022 | State Street | 5,500,000 EUR | $5552899  | $(181755) |
| 12/21/2022 | State Street | 400,000 EUR | $413683  | $(3383) |
| 12/21/2022 | State Street | 300,000 EUR | $301385  | $(11415) |
| 12/21/2022 | State Street | 200,000 EUR | $197954  | $(10579) |
| 12/21/2022 | State Street | 200,000 EUR | $199274  | $(9259) |
| 12/21/2022 | State Street | 150,000 EUR | $156300  | $(99) |
| 12/21/2022 | State Street | 150,000 EUR | $155272  | $(1127) |
| 12/21/2022 | State Street | 2,300,000 GBP | $2634931  | $(139591) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | $(501004) |

---

**6**

------

The average value at settlement date payable and receivable of foreign exchange contracts purchased and sold by the Fund throughout the period was $160,829 and $323,473, respectively. This is based on the contracts held as of each month-end throughout the three-month fiscal period.

Net Unrealized Appreciation (Depreciation) on Futures Contracts, Foreign Exchange Contracts and value for Swap Contracts is included in "Other Assets and Liabilities—Net."

*Perpetual Bond Security. The maturity date reflects the next call date.*

*Assets, other than investments in securities, less liabilities.*

*Non-income-producing security.*

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

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2022.

**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").

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

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

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

◾ Shares of other mutual funds or nonexchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾ 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, the Fund's Board of Trustees (the "Trustees") have 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.

**7**

------

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

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

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

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

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

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

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

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

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

The following is a summary of the inputs used, as of November 30, 2022, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** |  |  |  |  |
|  | **Level 1—**<br> **Quoted** <br> **Prices** <br>| **Level 2—**<br> **Other** <br> **Significant** <br> **Observable** <br> **Inputs**<br>| **Level 3—**<br> **Significant** <br> **Unobservable** <br> **Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Corporate Bonds | $— | $28610521 | $— | $28610521 |
| Foreign Governments/Agencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464274 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464274 |
| U.S. Treasuries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9627623 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9627623 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | $— | $38702418 | $— | $38702418 |
| **Other Financial Instruments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures | $1064 | $— | $— | $1064 |
| Foreign Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69967 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69967 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705165 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705165 |
| **Liabilities:** |  |  |  |  |
| Futures | $(7483) | $— | $— | $(7483) |
| Foreign Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (570971) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (570971) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (110253) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (110253) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER FINANCIAL INSTRUMENTS | $(6419) | $93908 | $— | $87489 |

---

**8**

------

The following acronym(s) are used throughout this portfolio:

---

| | |
|:---|:---|
| EMTN | —Euro Medium Term Note |
| EUR | —Euro |
| GBP | —Great British Pound |
| GMTN | —Global Medium Term Note |
| LIBOR | —London Interbank Offered Rates |
| OTC | —Over-the-Counter |

---

**9**

------

## 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 SDG Engagement High Yield Credit Fund

- **b. EDGAR series identifier (if any):** S000066503

- **c. LEI of Series:** 254900G1LDZSXQNJUW40

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $41705977.13

**Total Liabilities:** $496679.67

**Net Assets:** $41209297.46

**Cash Not Reported:** $1099727.54

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -6.834718200000 | **1-Year:** -334.126615400000 | **5-Year:** -1220.395535500000 | **10-Year:** -2379.134843000000 | **30-Year:** -1755.489198200000

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

- **3-Month:** -29.033683600000 | **1-Year:** -1103.287742000000 | **5-Year:** -1649.679572100000 | **10-Year:** -5219.633250800000 | **30-Year:** -5266.645213200000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214506 | -4.30%               | 2.71%                | 4.42%                |
| Class ID C000214509 | -4.31%               | 2.60%                | 4.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-44048.00               | $-2438135.05                               |
| Month 2  | $-516842.75              | $1013021.83                                |
| Month 3  | $-54484.82               | $2094319.99                                |

**Designated Index Information**

- **Index Name:** BofaML Global HY Constrained

- **Index Identifier:** HW0C

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| State Street Bank and Trust Company         | CURRENCY CONTRACT - EUR                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $12078.87     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS IRON MOUNTAIN INC                                                       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-7026.75     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                 | CDS SCHAEFFLER                                                              | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $32188.76     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company         | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-9259.07     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET BANK AND TRUST COMPANY         | CURRENCY CONTRACT - EUR                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $6913.14      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET BANK AND TRUST COMPANY         | CURRENCY CONTRACT - GBP                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $19194.26     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS LUMEN TECHNOLOGIES INC                                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $28570.71     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS HESS CORP                                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-1381.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET BANK AND TRUST COMPANY         | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-181755.05   | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS VALEO SA                                                                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-29253.44    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS DELL INC                                                                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-7072.15     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS MARKS & SPENCER PLC                                                     | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-12093.59    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company         | CURRENCY CONTRACT - EUR                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $16048.87     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company         | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1127.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS GOODYEAR TIRE & RUBBER                                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $6192.81      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company         | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3382.55     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION   | CDS KB HOME                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |         1 | NC      | $36336.30     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS OCCIDENTAL PETROLEUM CORP                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-839.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                 | CDS STELLANTIS NV                                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $69671.60     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET BANK AND TRUST COMPANY         | CURRENCY CONTRACT - EUR                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $15732.11     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company         | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-11414.81    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET BANK AND TRUST COMPANY         | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-139591.05   | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS GENERAL MOTORS CO                                                       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $73306.98     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| LLOYDS BANK PLC                             | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: H7FNTJ4851HG0EXQ1Z70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-6994.26     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS AES CORP                                                                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $17372.99     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | CME Ultra Long Term US Treasury Bond                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -6 | NC      | $-3251.89     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                 | CDS CELLNEX TELECOM SA                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $14386.63     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company         | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-99.51       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.HY.39.V1                                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $81795.46     | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                 | CDS ARCELORMITTAL                                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $27467.44     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                 | CDS TENET HEALTHCARE CORP                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $3592.66      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CLEVELAND-CLIFFS INC                                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $5343.57      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | CBOT 10 YEAR US TREASURY NOTE                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -7 | NC      | $-4230.67     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                 | CDS ANGLO AMERICAN CAPITAL                                                  | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $28210.93     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS HCA INC                                                                 | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $61519.00     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | CBOT 2 YEAR US TREASURY NOTE                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         2 | NC      | $1063.42      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LLOYDS BANK PLC                             | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: H7FNTJ4851HG0EXQ1Z70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-25013.75    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                 | CDS NOKIA                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $88054.23     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET BANK AND TRUST COMPANY         | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-10578.87    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS ALLY FINANCIAL INC                                                      | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $7705.14      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS REXEL SA                                                                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $25513.27     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                 | CDS FORD MOTOR COMPANY                                                      | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $42518.88     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION   | CDS LENNAR CORP                                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |         1 | NC      | $53320.48     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS VIRGIN MEDIA FINANCE PLC                                                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $10718.93     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                           | CDS VOLVO CAR AB                                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $5562.66      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS ITRAXX.EU.XO.38.V1                                                      | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $78414.54     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET BANK AND TRUST COMPANY         | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-181755.05   | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION   | CDS FAURECIA                                                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |         1 | NC      | $4615.67      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS NRG ENERGY INC                                                          | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $21899.75     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS TELECOM ITALIA SPA                                                      | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-29448.36    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS TOLL BROS FINANCE CORP                                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-18368.32    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH                         | Klabin Austria GmbH                                                         | CUSIP: 000000000<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    400000 | PA      | $314647.48    | 0.76%             | 2031-01-12      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                 | BNP Paribas SA                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $152500.00    | 0.37%             | N/A             | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| SIG COMBIBLOC PURCHASER                     | SIG Combibloc PurchaseCo Sarl                                               | CUSIP: 000000000<br>LEI: 549300Q95MWZB4BXB866 | Long             | DBT              | CORP              | LU        |    350000 | PA      | $346365.17    | 0.84%             | 2025-06-18      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| CELLNEX TELECOM SA                          | Cellnex Telecom SA                                                          | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $78034.56     | 0.19%             | 2031-11-20      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                    | Banco Mercantil de norte                                                    | CUSIP: 000000000<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $175478.00    | 0.43%             | 2029-06-27      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| NATWEST GROUP PLC                           | Natwest Group PLC                                                           | CUSIP: 639057AD0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $281432.28    | 0.68%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                      | NXP BV / NXP Funding LLC / NXP USA Inc                                      | CUSIP: 62954HAY4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     69000 | PA      | $60061.15     | 0.15%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                            | ABN AMRO Bank NV                                                            | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $179067.20    | 0.43%             | N/A             | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| VZ VENDOR FINANCING                         | VZ Vendor Financing II BV                                                   | CUSIP: 000000000<br>LEI: 724500DRKUUR3GFOSK76 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $81417.93     | 0.20%             | 2029-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| ENLINK MIDSTREAM PARTNER                    | EnLink Midstream Partners LP                                                | CUSIP: 29336UAC1<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |     32000 | PA      | $26614.40     | 0.06%             | 2044-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                      | BP Capital Markets PLC                                                      | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $106062.43    | 0.26%             | N/A             | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CENTENE CORP                                | Centene Corp                                                                | CUSIP: 15135BAZ4<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39369.75     | 0.10%             | 2031-08-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| CANPACK SA/CANPACK US                       | CANPACK SA / Eastern PA Land Investment Holding LLC                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    100000 | PA      | $86092.11     | 0.21%             | 2027-11-01      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                        | COUNTRY GARDEN 5.125 1/25                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $101500.00    | 0.25%             | 2025-01-17      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING                     | Alcoa Nederland Holding BV                                                  | CUSIP: 013822AG6<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |    325000 | PA      | $285415.00    | 0.69%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                      | CENTURYLINK INC 7.6 9/39                                                    | CUSIP: 156700AM8<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    425000 | PA      | $291913.38    | 0.71%             | 2039-09-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| GOODYEAR EUROPE BV                          | Goodyear Europe BV                                                          | CUSIP: 000000000<br>LEI: 529900AJU331P2QORU39 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $85565.98     | 0.21%             | 2028-08-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| ASHLAND LLC                                 | Ashland LLC                                                                 | CUSIP: 04433LAA0<br>LEI: 6O4MRU8C1MS0K34UQF79 | Long             | DBT              | CORP              | US        |    250000 | PA      | $200659.70    | 0.49%             | 2031-09-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                         | Mozart Debt Merger Sub Inc                                                  | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    149000 | PA      | $128271.87    | 0.31%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC                                   | IQVIA Inc                                                                   | CUSIP: 000000000<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    700000 | PA      | $620980.67    | 1.51%             | 2029-03-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                          | Ally Financial Inc                                                          | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    250000 | PA      | $167118.58    | 0.41%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                         | Altice Financing SA                                                         | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $85563.70     | 0.21%             | 2029-08-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| HANESBRANDS INC                             | Hanesbrands Inc                                                             | CUSIP: 410345AL6<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |    460000 | PA      | $419269.30    | 1.02%             | 2026-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                      | United States Treasury Note/Bond                                            | CUSIP: 91282CAJ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5020200 | PA      | $4518504.30   | 10.96%            | 2025-08-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                              | ARD Finance SA                                                              | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $148379.00    | 0.36%             | 2027-06-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| LEVI STRAUSS & CO                           | Levi Strauss & Co                                                           | CUSIP: 52736RBJ0<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |    542000 | PA      | $445638.80    | 1.08%             | 2031-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                     | Veolia Environnement SA                                                     | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $417849.49    | 1.01%             | N/A             | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| MARKS & SPENCER PLC                         | Marks & Spencer PLC                                                         | CUSIP: 000000000<br>LEI: 213800CN1RI3UCIZWB95 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $89040.86     | 0.22%             | 2037-12-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS                     | Infrastrutture Wireless Italiane SpA                                        | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | DBT              | CORP              | IT        |    300000 | PA      | $252729.51    | 0.61%             | 2031-04-19      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| NETFLIX INC                                 | Netflix Inc                                                                 | CUSIP: 000000000<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    550000 | PA      | $534959.10    | 1.30%             | 2030-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| DELL INC                                    | Dell Inc                                                                    | CUSIP: 24702RAM3<br>LEI: 3E70L4WYANTIWWIPHC81 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88013.50     | 0.21%             | 2040-09-10      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| VERALLIA SA                                 | Verallia SA                                                                 | CUSIP: 000000000<br>LEI: 5299007YZU978DE0ZY32 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $165102.29    | 0.40%             | 2031-11-10      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP                       | Bank of Ireland Group PLC                                                   | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $119496.20    | 0.29%             | 2032-12-06      | Fixed         | 7.59%                 | Yes           |                  2 | On Loan: No      |
| ALPHA BANK AE                               | Alpha Services and Holdings SA                                              | CUSIP: 000000000<br>LEI: 5299009N55YRQC69CN08 | Long             | DBT              | CORP              | GR        |    100000 | PA      | $84163.04     | 0.20%             | 2031-06-11      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AES GENER SA                                | AES Gener SA                                                                | CUSIP: 000000000<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $180351.00    | 0.44%             | 2079-10-07      | Fixed         | 6.35%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                            | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     72000 | PA      | $57378.31     | 0.14%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                              | Commerzbank AG                                                              | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $309755.46    | 0.75%             | N/A             | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| REXEL SA                                    | Rexel SA                                                                    | CUSIP: 000000000<br>LEI: 969500N6AVPA51648T62 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $89793.75     | 0.22%             | 2028-12-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| ASHLAND SERVICES BV                         | Ashland Services BV                                                         | CUSIP: 000000000<br>LEI: 549300S52OPXPKGJS029 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $132755.10    | 0.32%             | 2028-01-30      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| CN PING AN INSUR OVERSEA                    | China Ping An Insurance Overseas Holdings Ltd                               | CUSIP: 000000000<br>LEI: 25490058XRCE9DZAMJ79 | Long             | DBT              | CORP              | HK        |    400000 | PA      | $271834.82    | 0.66%             | 2031-08-12      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                    | TerraForm Power Operating LLC                                               | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    550000 | PA      | $495998.25    | 1.20%             | 2030-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                        | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AM3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37286.00     | 0.09%             | 2027-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LKQ ITALIA BONDCO DI LKQ                    | Lkq Italia Bondco Di Lkq Italia Bondco Gp SRL E C SAPA                      | CUSIP: 000000000<br>LEI: 815600EF740BA0904235 | Long             | DBT              | CORP              | IT        |    250000 | PA      | $260578.78    | 0.63%             | 2024-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| AKBANK TAS                                  | Akbank TAS                                                                  | CUSIP: 000000000<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $190552.00    | 0.46%             | 2025-03-31      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| CENTENE CORP                                | Centene Corp                                                                | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    519000 | PA      | $410840.40    | 1.00%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                     | MPT Operating Partnership LP / MPT Finance Corp                             | CUSIP: 55342UAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $178523.32    | 0.43%             | 2028-06-05      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Range Resources Corp                        | Range Resources Corp                                                        | CUSIP: 75281AAS8<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    387000 | PA      | $375506.10    | 0.91%             | 2025-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE CO SA                       | CELLNEX FINANCE CO SA                                                       | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $159162.52    | 0.39%             | 2033-02-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| ILIAD SA                                    | Iliad SA                                                                    | CUSIP: 000000000<br>LEI: 969500FZ9BTRZS3JNB97 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $174301.23    | 0.42%             | 2028-02-11      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                 | BNP Paribas SA                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $147646.19    | 0.36%             | N/A             | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                    | Cooperatieve Rabobank UA                                                    | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $179504.26    | 0.44%             | N/A             | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| UNICREDIT SPA                               | UniCredit SpA                                                               | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $159732.77    | 0.39%             | N/A             | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                            | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $208713.51    | 0.51%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| GRIFOLS ESCROW ISSUER                       | Grifols Escrow Issuer SA                                                    | CUSIP: 000000000<br>LEI: 959800HLB3PGTGSLVV62 | Long             | DBT              | CORP              | ES        |    580000 | PA      | $497742.10    | 1.21%             | 2028-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| UNIPOLSAI ASSICURAZIONI                     | UnipolSai Assicurazioni SpA                                                 | CUSIP: 000000000<br>LEI: 815600E31C4E7006AB54 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $187932.32    | 0.46%             | N/A             | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| BANCO BTG PACTUAL/CAYMAN                    | BANCO PACTUAL/KY FRN 2/29                                                   | CUSIP: 000000000<br>LEI: 2549002JHJ73KGETOK78 | Long             | DBT              | CORP              | BR        |    200000 | PA      | $201397.00    | 0.49%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY                    | Itau Unibanco Holding SA/Cayman Island                                      | CUSIP: 46556MAM4<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |    200000 | PA      | $191000.00    | 0.46%             | 2029-11-21      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SPRINT LLC                                  | Sprint Corp                                                                 | CUSIP: 85207UAF2<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102294.00    | 0.25%             | 2023-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                           | BARCLAYS BANK PLC                                                           | CUSIP: 06738C828<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |    230000 | PA      | $216882.64    | 0.53%             | N/A             | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| SIG COMBIBLOC PURCHASER                     | SIG Combibloc PurchaseCo Sarl                                               | CUSIP: 000000000<br>LEI: 549300Q95MWZB4BXB866 | Long             | DBT              | CORP              | LU        |    102000 | PA      | $100940.71    | 0.24%             | 2025-06-18      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| LAGARDERE SCA                               | Lagardere SA                                                                | CUSIP: 000000000<br>LEI: 969500VX2NV2AQQ65G45 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $97579.55     | 0.24%             | 2027-10-07      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| CELLNEX TELECOM SA                          | Cellnex Telecom SA                                                          | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $86966.43     | 0.21%             | 2029-06-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| HCA INC                                     | HCA Inc                                                                     | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $33872.76     | 0.08%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Orsted A/S                                  | ORSTED A/S FRN 12/19                                                        | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | DBT              | CORP              | DK        |    151000 | PA      | $132763.35    | 0.32%             | N/A             | None          | 1.75%                 | Yes           |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                         | Intesa Sanpaolo SpA                                                         | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    480000 | PA      | $371216.05    | 0.90%             | N/A             | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                    | Graphic Packaging International LLC                                         | CUSIP: 000000000<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90427.08     | 0.22%             | 2029-02-01      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| ENLINK MIDSTREAM PARTNER                    | ENLINK MIDSTREA 5.45 6/47                                                   | CUSIP: 29336UAG2<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |    275000 | PA      | $223221.63    | 0.54%             | 2047-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                 | Aker BP ASA                                                                 | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    300000 | PA      | $266173.22    | 0.65%             | 2030-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS SHEET INGOT GMBH                    | Novelis Sheet Ingot GmbH                                                    | CUSIP: 000000000<br>LEI: 9845005E95899E77AY49 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $90177.94     | 0.22%             | 2029-04-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                      | Clearway Energy Operating LLC                                               | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    443000 | PA      | $375836.77    | 0.91%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SPCM SA                                     | SPCM SA                                                                     | CUSIP: 7846ELAE7<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $159610.00    | 0.39%             | 2030-03-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| ENEL SPA                                    | Enel SpA                                                                    | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | DBT              | CORP              | IT        |    300000 | PA      | $223618.08    | 0.54%             | N/A             | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                            | Deutsche Bank AG                                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $102928.89    | 0.25%             | 2031-05-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                      | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    100000 | PA      | $77525.03     | 0.19%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FAURECIA                                    | Faurecia SE                                                                 | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    230000 | PA      | $201068.70    | 0.49%             | 2027-06-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORP                                | Novelis Corp                                                                | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    110000 | PA      | $97937.76     | 0.24%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                         | United Kingdom Gilt                                                         | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    400000 | PA      | $464273.83    | 1.13%             | 2024-01-31      | Fixed         | 0.12%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS INC                           | Post Holdings Inc                                                           | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    368000 | PA      | $323435.20    | 0.78%             | 2030-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                          | Seagate HDD Cayman                                                          | CUSIP: 81180WBE0<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    678000 | PA      | $524849.97    | 1.27%             | 2031-07-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                | ING Groep NV                                                                | CUSIP: 456837AZ6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $204750.00    | 0.50%             | N/A             | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EUROFINS SCIENTIFIC SE                      | EUROFINS SCIENTIFIC SE                                                      | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $183679.16    | 0.45%             | N/A             | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| EQT Corp                                    | EQT Corp                                                                    | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    300000 | PA      | $278070.50    | 0.67%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                            | Berry Global Inc                                                            | CUSIP: 000000000<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91770.90     | 0.22%             | 2027-01-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| CATALENT PHARMA SOLUTION                    | Catalent Pharma Solutions Inc                                               | CUSIP: 000000000<br>LEI: 549300HALRZ339MSTH85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $430591.69    | 1.04%             | 2028-03-01      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                    | Huntsman International LLC                                                  | CUSIP: 44701QBF8<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |    320000 | PA      | $251767.56    | 0.61%             | 2031-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ENERGIAS DE PORTUGAL SA                     | EDP - Energias de Portugal SA                                               | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |    400000 | PA      | $300734.67    | 0.73%             | 2082-03-14      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| ORSTED A/S                                  | Orsted AS                                                                   | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | DBT              | CORP              | DK        |    149000 | PA      | $120082.11    | 0.29%             | N/A             | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                      | Clearway Energy Operating LLC                                               | CUSIP: 18539UAE5<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    150000 | PA      | $119814.33    | 0.29%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UPC BROADBAND FINCO BV                      | UPC Broadband Finco BV                                                      | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    230000 | PA      | $196949.00    | 0.48%             | 2031-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Turk Telekomunikasyon AS                    | Turk Telekomunikasyon AS                                                    | CUSIP: 000000000<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $180016.00    | 0.44%             | 2024-06-19      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                     | MPT Operating Partnership LP / MPT Finance Corp                             | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $22601.12     | 0.05%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VOLVO CAR AB                                | Volvo Car AB                                                                | CUSIP: 000000000<br>LEI: 5299000EAMGGBEYP7J33 | Long             | DBT              | CORP              | SE        |    525000 | PA      | $523791.55    | 1.27%             | 2025-01-24      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| AES CORP/THE                                | AES Corp/The                                                                | CUSIP: 00130HCG8<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     57000 | PA      | $45341.33     | 0.11%             | 2031-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                    | ARDAGH PKG FIN 4.75 7/27                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    600000 | PA      | $507135.40    | 1.23%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| DNB BANK ASA                                | DNB BANK ASA                                                                | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |    200000 | PA      | $189669.00    | 0.46%             | N/A             | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                      | Millicom International Cellular SA                                          | CUSIP: 000000000<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $328579.47    | 0.80%             | 2031-04-27      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SAPPI PAPIER HOLDNG GMBH                    | Sappi Papier Holding GmbH                                                   | CUSIP: 000000000<br>LEI: 549300XBCUMUR5CI0181 | Long             | DBT              | CORP              | AT        |    100000 | PA      | $97832.42     | 0.24%             | 2026-04-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| GUSAP III LP                                | GUSAP III LP                                                                | CUSIP: 000000000<br>LEI: 549300WY05UJ7WTHIN64 | Long             | DBT              | CORP              | US        |    200000 | PA      | $181433.00    | 0.44%             | 2030-01-21      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK FINAN                            | Vmed O2 UK Financing I PLC                                                  | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    149000 | PA      | $142319.51    | 0.35%             | 2031-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                    | EQT Corp                                                                    | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     39000 | PA      | $41083.72     | 0.10%             | 2030-02-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                        | Kraft Heinz Foods Co                                                        | CUSIP: 000000000<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    200000 | PA      | $232745.81    | 0.56%             | 2027-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL INC                            | Berry Global Inc                                                            | CUSIP: 000000000<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293032.11    | 0.71%             | 2025-01-15      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| CF INDUSTRIES INC                           | CF Industries Inc                                                           | CUSIP: 12527GAF0<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43000.26     | 0.10%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SOLVAY SA                                   | Solvay SA                                                                   | CUSIP: 000000000<br>LEI: 549300MMVL80RTBP3O28 | Long             | DBT              | CORP              | BE        |    300000 | PA      | $273133.68    | 0.66%             | N/A             | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| PHOENIX GRP HLD PLC                         | PHOENIX GRP HLD PLC                                                         | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | DBT              | CORP              | GB        |    325000 | PA      | $323174.64    | 0.78%             | N/A             | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP                       | Bank of Ireland Group PLC                                                   | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    300000 | PA      | $262639.39    | 0.64%             | 2031-08-11      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                      | Smurfit Kappa Treasury ULC                                                  | CUSIP: 000000000<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    400000 | PA      | $303227.12    | 0.74%             | 2033-09-22      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                      | TELECOM IT CAP 6 9/34                                                       | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    325000 | PA      | $251501.25    | 0.61%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                        | Taylor Morrison Communities Inc                                             | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    186000 | PA      | $162701.64    | 0.39%             | 2030-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FIRST-CITIZENS BANK/TRST                    | CIT Group Inc                                                               | CUSIP: 125581GX0<br>LEI: L9VVX1KT5TFTKS0MLF66 | Long             | DBT              | CORP              | US        |    175000 | PA      | $179714.34    | 0.44%             | 2028-03-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SAMHALLSBYGGNADSBOLAGET                     | Samhallsbyggnadsbolaget i Norden AB                                         | CUSIP: 000000000<br>LEI: 549300HX9MRFY47AH564 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $41233.95     | 0.10%             | N/A             | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| SUMMIT DIGITEL INFRASTR                     | Summit Digitel Infrastructure Pvt Ltd                                       | CUSIP: 86608CAA6<br>LEI: 3358004TNI1SSIQ9BQ37 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $152059.66    | 0.37%             | 2031-08-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                            | Ziggo Bond Co BV                                                            | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    391000 | PA      | $310751.78    | 0.75%             | 2030-02-28      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| MARKS & SPENCER PLC                         | Marks & Spencer PLC                                                         | CUSIP: 000000000<br>LEI: 213800CN1RI3UCIZWB95 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $103850.79    | 0.25%             | 2027-07-10      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                    | Olympus Water US Holding Corp                                               | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $227512.73    | 0.55%             | 2029-10-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| SAMHALLSBYGGNADSBOLAGET                     | SAMHALLSBYGGNADSBOLAGET I NORDEN AB                                         | CUSIP: 000000000<br>LEI: 549300HX9MRFY47AH564 | Long             | DBT              | CORP              | SE        |    300000 | PA      | $124808.22    | 0.30%             | N/A             | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                      | Credit Suisse Group AG                                                      | CUSIP: 000000000<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    400000 | PA      | $195460.00    | 0.47%             | N/A             | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                       | Trivium Packaging Finance BV                                                | CUSIP: 000000000<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $94837.56     | 0.23%             | 2026-08-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| VTR COMUNICACIONES SPA                      | VTR Comunicaciones SpA                                                      | CUSIP: 000000000<br>LEI: 213800XDZJKMC1AEUV94 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $105935.57    | 0.26%             | 2029-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| NETWORK I2I LTD                             | Network i2i Ltd                                                             | CUSIP: 000000000<br>LEI: 2549003L8M1FGHLHOX45 | Long             | DBT              | CORP              | MU        |    300000 | PA      | $282930.00    | 0.69%             | N/A             | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                     | DCP Midstream Operating LP                                                  | CUSIP: 23311VAG2<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98886.77     | 0.24%             | 2025-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co                        | Kraft Heinz Foods Co                                                        | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84408.67     | 0.20%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                   | Ball Corp                                                                   | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    725000 | PA      | $590418.25    | 1.43%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CROWN EURO HOLDINGS SA                      | CROWN EUROPEAN 2.875 2/26                                                   | CUSIP: 000000000<br>LEI: 85OKW2SW05RZFQS1W718 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $492986.33    | 1.20%             | 2026-02-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                    | Altice France Holding SA                                                    | CUSIP: 000000000<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $209617.27    | 0.51%             | 2028-02-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                        | Telefonica Europe BV                                                        | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    600000 | PA      | $483799.87    | 1.17%             | N/A             | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| ARGENTUM (SWISS RE LTD)                     | Argentum Netherlands BV for Swiss Re Ltd                                    | CUSIP: 000000000<br>LEI: 724500RPEZI5VVQQWE89 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $163639.60    | 0.40%             | N/A             | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| ARCELIK AS                                  | Arcelik AS                                                                  | CUSIP: 000000000<br>LEI: 789000748KTQCUMJ0R25 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $184644.84    | 0.45%             | 2026-05-27      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH                         | Klabin Austria GmbH                                                         | CUSIP: 49836AAC8<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    250000 | PA      | $196654.68    | 0.48%             | 2031-01-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                | Novelis Corp                                                                | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    116000 | PA      | $95258.04     | 0.23%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                            | CUSIP: 91282CBR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5403500 | PA      | $5109118.40   | 12.40%            | 2024-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB                      | Orbia Advance Corp SAB de CV                                                | CUSIP: 000000000<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $157835.00    | 0.38%             | 2031-05-11      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| SEALED AIR CORP                             | Sealed Air Corp                                                             | CUSIP: 81211KAY6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    475000 | PA      | $426982.25    | 1.04%             | 2027-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS INC                           | Post Holdings Inc                                                           | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     83000 | PA      | $70835.52     | 0.17%             | 2031-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                | UBS Group AG                                                                | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $148750.00    | 0.36%             | N/A             | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS                     | Infrastrutture Wireless Italiane SpA                                        | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $180149.43    | 0.44%             | 2028-10-21      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                         | Suzano Austria GmbH                                                         | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    450000 | PA      | $351998.10    | 0.85%             | 2032-01-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                      | NXP BV / NXP Funding LLC / NXP USA Inc                                      | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     50000 | PA      | $39611.96     | 0.10%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GREENKO POWER II LTD                        | Greenko Power II Ltd                                                        | CUSIP: 000000000<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |    195500 | PA      | $169048.85    | 0.41%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                    | Graphic Packaging International LLC                                         | CUSIP: 000000000<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90427.08     | 0.22%             | 2029-02-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                             | Cemex SAB de CV                                                             | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $325853.36    | 0.79%             | 2031-07-11      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CF INDUSTRIES INC                           | CF Industries Inc                                                           | CUSIP: 12527GAD5<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39201.89     | 0.10%             | 2043-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ZURICH FINANCE IRELAND                      | Zurich Finance Ireland Designated Activity Co                               | CUSIP: 000000000<br>LEI: 549300E0FVHYR37EGX65 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $152264.00    | 0.37%             | 2051-04-19      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer