# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001145549-25-046947
**Filing Date:** 2025-7
**Character Count:** 158368
**Document Hash:** c0aa22ad63d565a548afb23db881dd0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046947.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001145549-25-046947

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23259
- **FILM NUMBER:** 251139029

**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

May 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Foreign** <br>**Currency** <br>**Par Amount,** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value in** <br>**U.S. Dollars**<br>|
|  | CORPORATE BONDS—67.0% |  |
|  | **Automotive—1.3%** |  |
| &nbsp;&nbsp;&nbsp; $700000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030 | &nbsp;&nbsp; $623702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 419000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.350%, 1/8/2031 | &nbsp;&nbsp; 357557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 699000 | Nemak SAB de CV, Sr. Unsecd. Note, REGS, 3.625%, 6/28/2031 | &nbsp;&nbsp; 567514 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1548773 |
|  | **Banking—9.2%** |  |
| &nbsp;&nbsp;&nbsp; EUR 600,000<br><sup>1</sup> <br>| ABN Amro Bank NV, Jr. Sub. Deb., 4.750%, 9/22/2027 | &nbsp;&nbsp; 672804 |
| &nbsp;&nbsp;&nbsp; $400000 | Akbank T.A.S., Sr. Unsecd. Note, REGS, 7.498%, 1/20/2030 | &nbsp;&nbsp; 405191 |
| &nbsp;&nbsp;&nbsp; EUR 100,000 | Alpha Bank AE, Sub., 5.500%, 6/11/2031 | &nbsp;&nbsp; 115201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Alpha Bank SA, Sr. Pfd., 2.500%, 3/23/2028 | &nbsp;&nbsp; 451030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Australia & New Zealand Banking Group Ltd., Sub., Series EMTN, 5.101%, 2/3/2033 | &nbsp;&nbsp; 238264 |
| &nbsp;&nbsp;&nbsp; $200000 | Banco Btg Pactual/Cayman, Sr. Unsecd. Note, REGS, 2.750%, 1/11/2026 | &nbsp;&nbsp; 196907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | Banco Btg Pactual/Cayman, Sr. Unsecd. Note, REGS, 5.750%, 1/22/2030 | &nbsp;&nbsp; 397890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000<br><sup>1</sup> <br>| Banco Mercantil De Norte, Jr. Sub. Note, 144A, 8.750%, 5/20/2035 | &nbsp;&nbsp; 399257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Banco Mercantil De Norte, Jr. Sub. Note, REGS, 6.625%, 1/24/2032 | &nbsp;&nbsp; 182148 |
| &nbsp;&nbsp;&nbsp; EUR 300,000 | Bank of Ireland Group PLC, Sub. Note, Series EMTN, 1.375%, 8/11/2031 | &nbsp;&nbsp; 334614 |
| &nbsp;&nbsp; GBP 500,000 | Bank of Ireland Group PLC, Sub., Series EMTN, 7.594%, 12/6/2032 | &nbsp;&nbsp; 700864 |
| &nbsp;&nbsp;&nbsp; $400000<br><sup>1</sup> <br>| Barclays PLC, Jr. Sub. Note, 4.375%, 3/15/2028 | &nbsp;&nbsp; 366106 |
| &nbsp;&nbsp; GBP 200,000<br><sup>1</sup> <br>| Barclays PLC, Jr. Sub. Note, 8.500%, 6/15/2030 | &nbsp;&nbsp; 277226 |
| &nbsp;&nbsp;&nbsp; $400000<br><sup>1</sup> <br>| BNP Paribas SA, Jr. Sub. Note, REGS, 4.625%, 2/25/2031 | &nbsp;&nbsp; 347965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000<br><sup>1</sup> <br>| BNP Paribas SA, Jr. Sub. Note, REGS, 7.375%, 9/10/2034 | &nbsp;&nbsp; 403624 |
| &nbsp;&nbsp;&nbsp; EUR 300,000 | Cellnex Finance Co. SA, Series EMTN, 2.000%, 2/15/2033 | &nbsp;&nbsp; 302673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000<br><sup>1</sup> <br>| Commerzbank AG, Jr. Sub. Note, 4.250%, 10/9/2027 | &nbsp;&nbsp; 658297 |
| &nbsp;&nbsp;&nbsp; $200000<br><sup>1</sup> <br>| Commerzbank AG, Jr. Sub. Note, Series EMTN, 7.500%, 10/9/2030 | &nbsp;&nbsp; 201155 |
| &nbsp;&nbsp;&nbsp; EUR 200,000<br><sup>1</sup> <br>| Cooperatieve Rabobank UA, Jr. Sub. Note, 3.250%, 12/29/2026 | &nbsp;&nbsp; 221980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Cooperatieve Rabobank UA, Jr. Sub. Note, 4.875%, 6/29/2029 | &nbsp;&nbsp; 223115 |
| &nbsp;&nbsp;&nbsp; $200000<br><sup>1</sup> <br>| Credit Suisse Group AG, Jr. Sub. Note, 144A, 7.125%, 8/10/2034 | &nbsp;&nbsp; 196746 |
| &nbsp;&nbsp;&nbsp; EUR 400,000<br><sup>1</sup> <br>| Deutsche Bank AG, Jr. Sub. Note, 4.500%, 11/30/2026 | &nbsp;&nbsp; 439986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Deutsche Bank AG, Sr. Unsecd. Note, Series EMTN, 5.625%, 5/19/2031 | &nbsp;&nbsp; 230684 |
| &nbsp;&nbsp;&nbsp; $500000<br><sup>1</sup> <br>| First Citizens Bancshares, Inc., Jr. Sub. Note, Series B, 9.524%, 1/4/2027 | &nbsp;&nbsp; 511329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000<br><sup>1</sup> <br>| ING Groep N.V., Jr. Sub. Note, Series NC10, 4.250%, 5/16/2031 | &nbsp;&nbsp; 419094 |
| &nbsp;&nbsp;&nbsp; EUR 480,000<br><sup>1</sup> <br>| Intesa Sanpaolo SpA, Jr. Sub. Note, 4.125%, 2/27/2030 | &nbsp;&nbsp; 511726 |
| &nbsp;&nbsp;&nbsp; $200000 | Itau Unibanco Holding SA, Sub., REGS, 3.875%, 4/15/2031 | &nbsp;&nbsp; 198571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000<br><sup>1</sup> <br>| NatWest Markets plc, Jr. Sub. Note, 4.600%, 6/28/2031 | &nbsp;&nbsp; 689079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| UBS Group AG, Jr. Sub. Note, REGS, 4.375%, 2/10/2031 | &nbsp;&nbsp; 175794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| UBS Group AG, Jr. Sub. Note, REGS, 4.875%, 2/12/2027 | &nbsp;&nbsp; 193145 |
| &nbsp;&nbsp;&nbsp; EUR 600,000<br><sup>1</sup> <br>| UniCredit SpA, Jr. Sub. Note, Series EMTN, 3.875%, 6/3/2027 | &nbsp;&nbsp; 662227 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11324692 |
|  | **Basic Industries—11.8%** |  |
| &nbsp;&nbsp;&nbsp; $925000 | Alcoa Nederland Holding B.V., Sr. Unsecd. Note, 144A, 4.125%, 3/31/2029 | &nbsp;&nbsp; 870818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031 | &nbsp;&nbsp; 177204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Anglo American Capital PLC, Sr. Unsecd. Note, REGS, 5.500%, 5/2/2033 | &nbsp;&nbsp; 199381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | Ashland, Inc., Sr. Unsecd. Note, 144A, 3.375%, 9/1/2031 | &nbsp;&nbsp; 905521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029 | &nbsp;&nbsp; 745184 |

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**1**

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| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Basic Industries—continued** |  |
| &nbsp;&nbsp;&nbsp; $300000 | Celanese US Holdings LLC, Sr. Unsecd. Note, 6.500%, 4/15/2030 | &nbsp;&nbsp; $302566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | Cemex S.A.B. de C.V., REGS, 3.875%, 7/11/2031 | &nbsp;&nbsp; 366024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Cemex S.A.B. de C.V., Sub., REGS, 5.125%, 6/8/2026 | &nbsp;&nbsp; 198033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | CF Industries Holdings, Inc., Sr. Unsecd. Note, 4.950%, 6/1/2043 | &nbsp;&nbsp; 257338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45000 | CF Industries Holdings, Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034 | &nbsp;&nbsp; 43685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 320000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029 | &nbsp;&nbsp; 286353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2032 | &nbsp;&nbsp; 20731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/1/2033 | &nbsp;&nbsp; 231320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 7.000%, 3/15/2027 | &nbsp;&nbsp; 39605 |
| &nbsp;&nbsp; GBP 477,000 | Edge Finco PLC, Sec. Fac. Bond, 144A, 8.125%, 8/15/2031 | &nbsp;&nbsp; 674015 |
| &nbsp;&nbsp;&nbsp; $400000 | FMG Reources, Sr. Unsecd. Note, 144A, 4.375%, 4/1/2031 | &nbsp;&nbsp; 367534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | FMG Reources, Sr. Unsecd. Note, 144A, 6.125%, 4/15/2032 | &nbsp;&nbsp; 299471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 6.375%, 7/15/2032 | &nbsp;&nbsp; 100273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 320000 | Huntsman International LLC, Sr. Unsecd. Note, 2.950%, 6/15/2031 | &nbsp;&nbsp; 264209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Huntsman International LLC, Sr. Unsecd. Note, 5.700%, 10/15/2034 | &nbsp;&nbsp; 91221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | IHS Holding Ltd., Sr. Secd. Note, REGS, 7.875%, 5/29/2030 | &nbsp;&nbsp; 198230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | IHS Holding Ltd., Sr. Unsecd. Note, 144A, 7.875%, 5/29/2030 | &nbsp;&nbsp; 396296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 595000 | KB HOME, Sr. Unsecd. Note, 4.000%, 6/15/2031 | &nbsp;&nbsp; 539835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 175000 | KB HOME, Sr. Unsecd. Note, 4.800%, 11/15/2029 | &nbsp;&nbsp; 170799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Novelis Corporation, Sr. Unsecd. Note, 144A, 3.875%, 8/15/2031 | &nbsp;&nbsp; 444924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 110000 | Novelis Corporation, Sr. Unsecd. Note, 144A, 4.750%, 1/30/2030 | &nbsp;&nbsp; 104649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9000 | Novelis Corporation, Sr. Unsecd. Note, 144A, 6.875%, 1/30/2030 | &nbsp;&nbsp; 9287 |
| &nbsp;&nbsp;&nbsp; EUR 400,000 | Novelis Sheet Ingot Gmbh, Sr. Unsecd. Note, REGS, 3.375%, 4/15/2029 | &nbsp;&nbsp; 441106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | Olympus Water US Holding Corp., Sr. Unsecd. Note, REGS, 5.375%, 10/1/2029 | &nbsp;&nbsp; 926099 |
| &nbsp;&nbsp;&nbsp; $300000 | Orbia Advance Corp. SAB de CV, Sr. Unsecd. Note, 144A, 6.800%, 5/13/2030 | &nbsp;&nbsp; 301710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | Orbia Advance Corp. SAB de CV, Sr. Unsecd. Note, REGS, 2.875%, 5/11/2031 | &nbsp;&nbsp; 492489 |
| &nbsp;&nbsp;&nbsp; EUR 400,000 | Sappi Papier Holding GmbH, Sr. Unsecd. Note, REGS, 3.625%, 3/15/2028 | &nbsp;&nbsp; 450612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192000 | Sappi Papier Holding GmbH, Sr. Unsecd. Note, REGS, 4.500%, 3/15/2032 | &nbsp;&nbsp; 213286 |
| &nbsp;&nbsp;&nbsp; $1100000 | SNF Group SACA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030 | &nbsp;&nbsp; 1005686 |
| &nbsp;&nbsp;&nbsp; EUR 300,000<br><sup>1</sup> <br>| Solvay S.A., Jr. Sub. Note, 2.500%, 12/2/2025 | &nbsp;&nbsp; 336376 |
| &nbsp;&nbsp;&nbsp; $200000 | Summit Digitel Infrastructure, 144A, 2.875%, 8/12/2031 | &nbsp;&nbsp; 174507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>2</sup> <br>| Summit Digitel Infrastructure, C Bond, REGS, 2.875%, 8/12/2031 | &nbsp;&nbsp; 174507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 850000 | Suzano Austria GmbH, Sr. Unsecd. Note, Series DM3N, 3.125%, 1/15/2032 | &nbsp;&nbsp; 727263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 961000 | Taylor Morrison Communities, Inc./Monarch Communities, Inc., Sr. Unsecd. Note, 144A, 5.125%, 8/1/2030 | &nbsp;&nbsp; 937655 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14485802 |
|  | **Capital Goods—4.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 207250 | ARD Finance SA, Sec. Fac. Bond, 144A, 7.250%, 6/30/2027 | &nbsp;&nbsp; 8290 |
| &nbsp;&nbsp;&nbsp; EUR 600,000 | Ardagh Metal Packaging, Sr. Unsecd. Note, REGS, 3.000%, 9/1/2029 | &nbsp;&nbsp; 592894 |
| &nbsp;&nbsp; GBP 113,000 | Ardagh Packaging Finance PLC/Ardagh Holdings, Sr. Unsecd. Note, REGS, 4.750%, 7/15/2027 | &nbsp;&nbsp; 68512 |
| &nbsp;&nbsp;&nbsp; $1225000 | Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030 | &nbsp;&nbsp; 1086630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Berry Global, Inc., 1.650%, 1/15/2027 | &nbsp;&nbsp; 285934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Berry Global, Inc., Sec. Fac. Bond, 144A, 5.650%, 1/15/2034 | &nbsp;&nbsp; 50386 |
| &nbsp;&nbsp;&nbsp; EUR 300,000 | Berry Global, Inc., Sec. Fac. Bond, REGS, 1.500%, 1/15/2027 | &nbsp;&nbsp; 333992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156000 | Crown European Holdings SA, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2030 | &nbsp;&nbsp; 183108 |
| &nbsp;&nbsp;&nbsp; $250000 | Klabin Austria Gmbh, Sr. Unsecd. Note, 144A, 3.200%, 1/12/2031 | &nbsp;&nbsp; 218203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | Klabin Austria Gmbh, Sr. Unsecd. Note, REGS, 3.200%, 1/12/2031 | &nbsp;&nbsp; 523688 |
| &nbsp;&nbsp;&nbsp; EUR 600,000 | Progroup Ag, Sec. Fac. Bond, REGS, 5.375%, 4/15/2031 | &nbsp;&nbsp; 672622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Rexel S.A., Sr. Unsecd. Note, 2.125%, 12/15/2028 | &nbsp;&nbsp; 709442 |

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**2**

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| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Capital Goods—continued** |  |
| &nbsp;&nbsp;&nbsp; $875000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 4.000%, 12/1/2027 | &nbsp;&nbsp; $849271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029 | &nbsp;&nbsp; 196510 |
| &nbsp;&nbsp;&nbsp; EUR 102,000 | Sig Combibloc Purchaser, Sr. Unsecd. Note, 144A, 2.125%, 6/18/2025 | &nbsp;&nbsp; 115781 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5895263 |
|  | **Consumer Cyclicals—2.8%** |  |
| &nbsp;&nbsp;&nbsp; $500000 | Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 7.500%, 2/15/2033 | &nbsp;&nbsp; 496393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 129000 | American Axle & Manufacturing, Inc., Sr. Sub. Secd. Note, 5.000%, 10/1/2029 | &nbsp;&nbsp; 117395 |
| &nbsp;&nbsp;&nbsp; EUR 400,000 | AZELIS Finance Nv, Sr. Unsecd. Note, REGS, 4.750%, 9/25/2029 | &nbsp;&nbsp; 468483 |
| &nbsp;&nbsp;&nbsp; $600000 | Clarios Global LP, Sr. Secd. Note, 144A, 6.750%, 2/15/2030 | &nbsp;&nbsp; 611553 |
| &nbsp;&nbsp;&nbsp; EUR 300,000 | ELIOR Group Sa, Sr. Unsecd. Note, 5.625%, 3/15/2030 | &nbsp;&nbsp; 350215 |
| &nbsp;&nbsp;&nbsp; $200000 | LKQ Corp., Sr. Unsecd. Note, 6.250%, 6/15/2033 | &nbsp;&nbsp; 208633 |
| &nbsp;&nbsp;&nbsp; EUR 100,000 | Lkq Dutch Bond Bv, Sr. Unsecd. Note, 4.125%, 3/13/2031 | &nbsp;&nbsp; 115685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | LKQ European Holdings B.V., Sr. Unsecd. Note, REGS, 4.125%, 4/1/2028 | &nbsp;&nbsp; 285207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | V.F. Corp., Sr. Unsecd. Note, 0.625%, 2/25/2032 | &nbsp;&nbsp; 563598 |
| &nbsp;&nbsp;&nbsp; $250000 | V.F. Corp., Sr. Unsecd. Note, 2.950%, 4/23/2030 | &nbsp;&nbsp; 208909 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3426071 |
|  | **Consumer Goods—1.3%** |  |
| &nbsp;&nbsp;&nbsp; EUR 700,000 | Arcelik AS, Sr. Unsecd. Note, 3.000%, 5/27/2026 | &nbsp;&nbsp; 789965 |
| &nbsp;&nbsp;&nbsp; $100000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | &nbsp;&nbsp; 79001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 130000 | Post Holdings, Inc., Sec. Fac. Bond, 144A, 6.250%, 2/15/2032 | &nbsp;&nbsp; 132335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.500%, 9/15/2031 | &nbsp;&nbsp; 212645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.625%, 4/15/2030 | &nbsp;&nbsp; 320220 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1534166 |
|  | **Consumer Non-Cyclical—2.0%** |  |
| &nbsp;&nbsp;&nbsp; EUR 700,000 | BCP V Modular Services Finance PLC, Sr. Unsecd. Note, REGS, 6.750%, 11/30/2029 | &nbsp;&nbsp; 715636 |
| &nbsp;&nbsp;&nbsp; $240000 | Hanesbrands, Inc., Sr. Unsecd. Note, 144A, 9.000%, 2/15/2031 | &nbsp;&nbsp; 253791 |
| &nbsp;&nbsp;&nbsp; EUR 600,000 | Irca Spa, Sec. Fac. Bond, REGS, 6.251%, 12/15/2029 | &nbsp;&nbsp; 681963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319000 | OPAL BIDCO SAS, Sec. Fac. Bond, 144A, 5.500%, 3/31/2032 | &nbsp;&nbsp; 368286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Schaeffler AG, Sr. Unsecd. Note, Series EMTN, 4.500%, 3/28/2030 | &nbsp;&nbsp; 454016 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2473692 |
|  | **Energy—3.0%** |  |
| &nbsp;&nbsp;&nbsp; $150000 | Aker BP ASA, Sr. Unsecd. Note, 144A, 5.125%, 10/1/2034 | &nbsp;&nbsp; 140778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Aker BP ASA, Sr. Unsecd. Note, REGS, 3.750%, 1/15/2030 | &nbsp;&nbsp; 281485 |
| &nbsp;&nbsp; GBP 100,000 | BP Capital Markets PLC, Sr. Unsecd. Note, Series EMTN, 5.067%, 9/12/2036 | &nbsp;&nbsp; 127806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| BP Capital Markets PLC, Sub., 4.250%, 3/22/2027 | &nbsp;&nbsp; 263037 |
| &nbsp;&nbsp;&nbsp; $200000 | EnLink Midstream Partners LP, Sr. Unsecd. Note, 4.150%, 6/1/2025 | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | EnLink Midstream Partners LP, Sr. Unsecd. Note, 5.050%, 4/1/2045 | &nbsp;&nbsp; 207023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 275000 | EnLink Midstream Partners LP, Sr. Unsecd. Note, 5.450%, 6/1/2047 | &nbsp;&nbsp; 236270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32000 | EnLink Midstream Partners LP, Sr. Unsecd. Note, 5.600%, 4/1/2044 | &nbsp;&nbsp; 28614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 439000 | EQT Corp., Sr. Unsecd. Note, 144A, 3.625%, 5/15/2031 | &nbsp;&nbsp; 400525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | Greenko Wind Projects (Mauritius) Ltd., Sr. Unsecd. Note, 144A, 7.250%, 9/27/2028 | &nbsp;&nbsp; 397289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 550000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 3.200%, 8/15/2026 | &nbsp;&nbsp; 539002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030 | &nbsp;&nbsp; 865647 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3687476 |
|  | **Financial Services—0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| ING Groep N.V., Jr. Sub. Note, 7.250%, 11/16/2034 | &nbsp;&nbsp; 200903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Natwest Group plc, Jr. Sub. Deb., 7.300%, 11/19/2034 | &nbsp;&nbsp; 196194 |

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**3**

------

---

| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Financial Services—continued** |  |
| &nbsp;&nbsp;&nbsp; $650000<br><sup>1</sup> <br>| Societe Generale SA, Jr. Sub. Note, 144A, 8.125%, 11/21/2029 | &nbsp;&nbsp; $655173 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1052270 |
|  | **Health Care—4.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 519000 | Centene Corp., 2.500%, 3/1/2031 | &nbsp;&nbsp; 440996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 550000 | Centene Corp., Sr. Unsecd. Note, 2.625%, 8/1/2031 | &nbsp;&nbsp; 466203 |
| &nbsp;&nbsp;&nbsp; EUR 200,000<br><sup>1</sup> <br>| Eurofins Scientific SE, Jr. Sub. Note, 3.250%, 11/13/2025 | &nbsp;&nbsp; 225931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Eurofins Scientific SE, Sr. Unsecd. Note, 0.875%, 5/19/2031 | &nbsp;&nbsp; 96566 |
| &nbsp;&nbsp;&nbsp; $700000 | Fresenius Medical Care US Finance III, Inc., Sr. Unsecd. Note, REGS, 2.375%, 2/16/2031 | &nbsp;&nbsp; 595133 |
| &nbsp;&nbsp;&nbsp; EUR 580,000 | Grifols Escrow Issuer SA, Sr. Unsecd. Note, REGS, 3.875%, 10/15/2028 | &nbsp;&nbsp; 630453 |
| &nbsp;&nbsp;&nbsp; $150000 | HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051 | &nbsp;&nbsp; 96216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | HCA, Inc., Sr. Unsecd. Note, 2.375%, 7/15/2031 | &nbsp;&nbsp; 427920 |
| &nbsp;&nbsp;&nbsp; EUR 900,000 | Iqvia, Inc., Sr. Unsecd. Note, REGS, 2.250%, 3/15/2029 | &nbsp;&nbsp; 974640 |
| &nbsp;&nbsp;&nbsp; $699000 | Medline Borrower LP, Sec. Fac. Bond, 144A, 3.875%, 4/1/2029 | &nbsp;&nbsp; 659319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Medline Borrower LP/Medline Co-Issuer Inc., 144A, 6.250%, 4/1/2029 | &nbsp;&nbsp; 305644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 788000 | Tenet Healthcare Corp., 4.375%, 1/15/2030 | &nbsp;&nbsp; 753766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Tenet Healthcare Corp., Sr. Secd. Note, 6.125%, 6/15/2030 | &nbsp;&nbsp; 101105 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5773892 |
|  | **Insurance—1.4%** |  |
| &nbsp;&nbsp; GBP 525,000<br><sup>1</sup> <br>| Phoenix Group Holdings PLC, Jr. Sub. Deb., 5.750%, 4/26/2028 | &nbsp;&nbsp; 675582 |
| &nbsp;&nbsp;&nbsp; EUR 600,000 | UnipolSai Assicurazioni SpA, Sub., Series EMTN, 3.875%, 3/1/2028 | &nbsp;&nbsp; 694498 |
| &nbsp;&nbsp;&nbsp; $400000 | Zurich Finance Ireland, Sub. Note, Series EMTN, 3.000%, 4/19/2051 | &nbsp;&nbsp; 346785 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1716865 |
|  | **Media—2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2034 | &nbsp;&nbsp; 431966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 4.500%, 5/1/2032 | &nbsp;&nbsp; 182174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 830000 | Sunrise FinCo I B.V., Sr. Note, 144A, 4.875%, 7/15/2031 | &nbsp;&nbsp; 771360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Telenet Finance Luxembourg, Sec. Fac. Bond, 144A, 5.500%, 3/1/2028 | &nbsp;&nbsp; 990000 |
| &nbsp;&nbsp; GBP 450,000 | Virgin Media O2 V Dac, Sr. Secd. Note, 144A, 7.875%, 3/15/2032 | &nbsp;&nbsp; 619373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Virgin Media Secured Finance PLC, Sec. Fac. Bond, REGS, 4.250%, 1/15/2030 | &nbsp;&nbsp; 123114 |
| &nbsp;&nbsp;&nbsp; EUR 100,000 | Ziggo Bond Co. BV, Sr. Unsecd. Note, REGS, 3.375%, 2/28/2030 | &nbsp;&nbsp; 97696 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3215683 |
|  | **Packaging—1.6%** |  |
| &nbsp;&nbsp;&nbsp; $400000 | Clydesdale Acquisition Holdings, Inc., Sec. Fac. Bond, 144A, 6.750%, 4/15/2032 | &nbsp;&nbsp; 404531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | Crown Americas LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/1/2033 | &nbsp;&nbsp; 248486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 467000 | Crown Americas LLC, Sr. Unsecd. Note, 4.250%, 9/30/2026 | &nbsp;&nbsp; 462337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 650000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030 | &nbsp;&nbsp; 599779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 7.375%, 6/1/2032 | &nbsp;&nbsp; 298932 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2014065 |
|  | **Real Estate—1.6%** |  |
| &nbsp;&nbsp;&nbsp; EUR 500,000 | CANPACK SA and Eastern PA Land Investment Holding LLC, REGS, 2.375%, 11/1/2027 | &nbsp;&nbsp; 553531 |
| &nbsp;&nbsp;&nbsp; $400000 | CANPACK SA and Eastern PA Land Investment Holding LLC, Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029 | &nbsp;&nbsp; 367738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89000 | Iron Mountain, Inc., 144A, 6.250%, 1/15/2033 | &nbsp;&nbsp; 89907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2031 | &nbsp;&nbsp; 844168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81000 | Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2030 | &nbsp;&nbsp; 79095 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1934439 |
|  | **Retail—1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 116000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., Term Loan - 1st Lien, 144A, 5.625%, 9/15/2029 | &nbsp;&nbsp; 116814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 700000 | Falabella S.A., Sr. Unsecd. Note, REGS, 3.375%, 1/15/2032 | &nbsp;&nbsp; 601108 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Retail—continued** |  |
| &nbsp;&nbsp; GBP 350,000 | Marks & Spencer PLC, Sr. Unsecd. Note, 3.250%, 7/10/2027 | &nbsp;&nbsp; $455030 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1172952 |
|  | **Technology & Electronics—2.1%** |  |
| &nbsp;&nbsp;&nbsp; $100000 | Dell, Inc., Sr. Unsecd. Note, 5.400%, 9/10/2040 | &nbsp;&nbsp; 92866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Nokia Oyj, Sr. Unsecd. Note, 4.375%, 6/12/2027 | &nbsp;&nbsp; 298773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 125000 | Nokia Oyj, Sr. Unsecd. Note, 6.625%, 5/15/2039 | &nbsp;&nbsp; 127284 |
| &nbsp;&nbsp;&nbsp; EUR 300,000 | Nokia Oyj, Sr. Unsecd. Note, Series EMTN, 4.375%, 8/21/2031 | &nbsp;&nbsp; 354343 |
| &nbsp;&nbsp;&nbsp; $250000 | NXP BV / NXP Funding LLC / NXP USA Inc., Sr. Unsecd. Note, 2.500%, 5/11/2031 | &nbsp;&nbsp; 216461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69000 | NXP BV / NXP Funding LLC / NXP USA Inc., Sr. Unsecd. Note, 3.400%, 5/1/2030 | &nbsp;&nbsp; 64475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Seagate HDD Cayman, Sr. Unsecd. Note, 144A, 4.125%, 1/15/2031 | &nbsp;&nbsp; 927956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 160000 | Seagate HDD Cayman, Sr. Unsecd. Note, 4.091%, 6/1/2029 | &nbsp;&nbsp; 153166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 475000 | Xerox Holdings Corp., Sr. Unsecd. Note, 144A, 8.875%, 11/30/2029 | &nbsp;&nbsp; 320593 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2555917 |
|  | **Telecommunications—8.4%** |  |
| &nbsp;&nbsp;&nbsp; EUR 300,000 | Cellnex Telecom, SA, Conv. Bond, Series CLNX, 0.750%, 11/20/2031 | &nbsp;&nbsp; 303588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Cellnex Telecom, SA, Sr. Unsecd. Note, Series EMTN, 1.750%, 10/23/2030 | &nbsp;&nbsp; 105874 |
| &nbsp;&nbsp;&nbsp; $138000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029 | &nbsp;&nbsp; 129786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 648000 | Fibercop SPA, Sec. Fac. Bond, 144A, 6.000%, 9/30/2034 | &nbsp;&nbsp; 610020 |
| &nbsp;&nbsp;&nbsp; EUR 125,000 | Fibercop SPA, Series emtn, 2.375%, 10/12/2027 | &nbsp;&nbsp; 138212 |
| &nbsp;&nbsp;&nbsp; $200000 | Iliad Holding Sas, 144A, 7.000%, 4/15/2032 | &nbsp;&nbsp; 201536 |
| &nbsp;&nbsp;&nbsp; EUR 700,000 | Iliad SA, Sr. Secd. Note, 1.875%, 2/11/2028 | &nbsp;&nbsp; 764002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Infrastrutture Wireless Italiane SPA, Sr. Unsecd. Note, Series EMTN, 1.750%, 4/19/2031 | &nbsp;&nbsp; 420183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Infrastrutture Wireless Italiane SPA, Sr. Unsecd. Note, Series GMTN, 1.625%, 10/21/2028 | &nbsp;&nbsp; 327724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | LorcaTelecom Bondco, Term Loan - 1st Lien, REGS, 4.000%, 9/18/2027 | &nbsp;&nbsp; 908358 |
| &nbsp;&nbsp;&nbsp; $350000 | Millicom International Cellular S.A., Sr. Unsecd. Note, 144A, 7.375%, 4/2/2032 | &nbsp;&nbsp; 354736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | Millicom International Cellular S.A., Sr. Unsecd. Note, REGS, 4.500%, 4/27/2031 | &nbsp;&nbsp; 357258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Network i2i Ltd., Sub., REGS, 3.975%, 3/3/2026 | &nbsp;&nbsp; 198331 |
| &nbsp;&nbsp;&nbsp; EUR 700,000 | Nexans SA, Sr. Unsecd. Note, 4.125%, 5/29/2029 | &nbsp;&nbsp; 811356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Odido Group Holding B.V., Sr. Unsecd. Note, REGS, 5.500%, 1/15/2030 | &nbsp;&nbsp; 790919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Summer (BC) Holdco B S.a r.l., Sec. Fac. Bond, 144A, 5.875%, 2/15/2030 | &nbsp;&nbsp; 560309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000<br><sup>1</sup> <br>| Telefonica Europe BV, Jr. Sub. Note, 2.376%, 2/12/2029 | &nbsp;&nbsp; 948326 |
| &nbsp;&nbsp;&nbsp; $172000 | T-Mobile USA, Inc., 2.250%, 11/15/2031 | &nbsp;&nbsp; 147528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | T-Mobile USA, Inc., 3.300%, 2/15/2051 | &nbsp;&nbsp; 195267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 4.700%, 1/15/2035 | &nbsp;&nbsp; 95604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Turk Telekomunikasyon AS, Sr. Unsecd. Note, 144A, 7.375%, 5/20/2029 | &nbsp;&nbsp; 203060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | Turk Telekomunikasyon AS, Sr. Unsecd. Note, REGS, 7.375%, 5/20/2029 | &nbsp;&nbsp; 406120 |
| &nbsp;&nbsp; GBP 100,000 | Virgin Media O2 V Dac, Sec. Fac. Bond, REGS, 7.875%, 3/15/2032 | &nbsp;&nbsp; 137638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349000 | Vmed O2 UK Financing I PLC, Sec. Fac. Bond, REGS, 4.500%, 7/15/2031 | &nbsp;&nbsp; 417782 |
| &nbsp;&nbsp;&nbsp; $900000 | VZ Secured Financing B.V., Sec. Fac. Bond, 144A, 5.000%, 1/15/2032 | &nbsp;&nbsp; 778574 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 10312091 |
|  | **Utilities—6.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 357000 | AES Corp., Sr. Unsecd. Note, 2.450%, 1/15/2031 | &nbsp;&nbsp; 305461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 493000 | Clearway Energy Operating LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031 | &nbsp;&nbsp; 445360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 625000 | Clearway Energy Operating LLC, Sr. Unsecd. Note, 144A, 3.750%, 1/15/2032 | &nbsp;&nbsp; 549522 |
| &nbsp;&nbsp;&nbsp; EUR 600,000 | ContourGlobal Power Holdings SA, 144A, 5.000%, 2/28/2030 | &nbsp;&nbsp; 686194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | EDP, S.A., Jr. Sub. Note, Series NC8, 1.875%, 3/14/2082 | &nbsp;&nbsp; 829220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | EDP, S.A., Sr. Sub., 4.625%, 9/16/2054 | &nbsp;&nbsp; 228907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000<br><sup>1</sup> <br>| Enel SpA, Jr. Sub. Note, Series 9.5Y, 1.875%, 6/8/2030 | &nbsp;&nbsp; 800831 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Utilities—continued** |  |
| &nbsp;&nbsp;&nbsp; EUR 100,000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, REGS, 2.625%, 2/1/2029 | &nbsp;&nbsp; $108257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Graphic Packaging International, LLC, Unsecd. Note, 144A, 2.625%, 2/1/2029 | &nbsp;&nbsp; 108256 |
| &nbsp;&nbsp;&nbsp; $334000 | Greenko Power II Ltd., Sr. Unsecd. Note, REGS, 4.300%, 12/13/2028 | &nbsp;&nbsp; 312564 |
| &nbsp;&nbsp; GBP 600,000 | Orsted A/S, Sub., Series GBP, 2.500%, 8/18/2032 | &nbsp;&nbsp; 588723 |
| &nbsp;&nbsp;&nbsp; $1100000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | &nbsp;&nbsp; 1037570 |
| &nbsp;&nbsp;&nbsp; EUR 800,000<br><sup>1</sup> <br>| Veolia Environnement SA, Jr. Sub. Note, Series ., 2.500%, 1/20/2029 | &nbsp;&nbsp; 861249 |
| &nbsp;&nbsp;&nbsp; $766000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 4.375%, 5/1/2029 | &nbsp;&nbsp; 740989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 355000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 8.625%, 3/15/2033 | &nbsp;&nbsp; 372677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7975780 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $78,428,777)<br>| &nbsp;&nbsp;&nbsp; 82099889 |
|  | U.S. TREASURIES—22.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000<br><sup>3,4</sup> <br>| United States Treasury Bill, 0.000%, 8/21/2025 | &nbsp;&nbsp; 1386840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16400000 | United States Treasury Note, 3.750%, 8/15/2027 | &nbsp;&nbsp; 16350467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9451400 | United States Treasury Note, 5.000%, 8/31/2025 | &nbsp;&nbsp; 9463265 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES <br>(IDENTIFIED COST $27,053,224)<br>| &nbsp;&nbsp;&nbsp; 27200572 |
|  | FOREIGN GOVERNMENT/AGENCY—3.4% |  |
|  | **Sovereign—3.4%** |  |
| GBP 3,055,000 | United Kingdom, Government of, Sr. Unsecd. Note, 3.500%, 10/22/2025 <br>(IDENTIFIED COST $3,834,599)<br>| &nbsp;&nbsp; 4103002 |
|  | EXCHANGE-TRADED FUNDS—4.1% |  |
| &nbsp;&nbsp;&nbsp; $46091 | iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp; 3667461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14575 | SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp; 1397888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXCHANGE-TRADED FUNDS <br>(IDENTIFIED COST $5,045,952)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5065349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—96.7% <br>(IDENTIFIED COST $114,362,552)<br>| &nbsp;&nbsp; $118468812 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—3.3%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4078190 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100.0% | &nbsp;&nbsp; $122547002 |

---

At May 31, 2025, the Fund had the following outstanding futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Value**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| **Long Futures:** |  |  |  |  |
| United States Treasury Notes 2 Year Long Futures | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; $829750 | September 2025 | &nbsp;&nbsp;&nbsp; $864 |
| United States Treasury Notes 10 Year Long Futures | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; $3433250 | September 2025 | &nbsp;&nbsp;&nbsp; $19528 |
| United States Treasury Notes 5 Year Long Futures | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; $5084813 | September 2025 | &nbsp;&nbsp;&nbsp; $18231 |
| **Short Futures:** |  |  |  |  |
| Euro-Bobl Short Futures | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; EUR (541109) | June 2025 | &nbsp;&nbsp;&nbsp; $(1248) |
| Euro-Bond Short Futures | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; EUR (3128624) | June 2025 | &nbsp;&nbsp;&nbsp; $1515 |
| Long Gilt Long Futures | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; GBP (1355807) | September 2025 | &nbsp;&nbsp;&nbsp; $(4635) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp; $34255 |

---

**6**

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference** <br>**Entity**<br>| **Buy/** <br>**Sell**<br>| **Pay/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread at** <br>**5/31/2025**<sup>6</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:** |
| Morgan Stanley | Arcelor Mittal SA | Sell | 5.00% | 6/20/2030 | 1.21% | $300000 | $60127 | $52726 | $7401 |
| Morgan Stanley | AXL | Sell | 5.00% | 6/20/2030 | 4.57% | $546000 | $12059 | $26149 | $(14090) |
| Morgan Stanley | Ford Motor Co. | Sell | 5.00% | 6/20/2030 | 2.02% | $184000 | $23488 | $26777 | $(3289) |
| Morgan Stanley | Forvia | Sell | 5.00% | 6/20/2030 | 3.84% | $365000 | $19786 | $26036 | $(6250) |
| Morgan Stanley | Goodyear Tire & Rubber Co. | Sell | 5.00% | 6/20/2030 | 2.62% | $510000 | $51631 | $32977 | $18654 |
| Morgan Stanley | ITRX | Sell | 5.00% | 6/20/2030 | 3.00% | $2000000 | $196153 | $171635 | $24518 |
| Morgan Stanley | Markit CDX North America <br>High Yield Index Series 40<br>| Sell | 5.00% | 6/20/2028 | 2.81% | $3459400 | $209812 | $179261 | $30551 |
| Morgan Stanley | Markit CDX North America <br>High Yield Index Series 44<br>| Sell | 5.00% | 6/20/2030 | 3.51% | $20633000 | $1270854 | $928242 | $342612 |
| Morgan Stanley | Optics | Sell | 1.00% | 6/20/2030 | 2.35% | $100000 | $(5630) | $(4418) | $(1212) |
| Morgan Stanley | Telecom Italia SpA | Sell | 1.00% | 6/20/2030 | 1.34% | $200000 | $(3709) | $(9482) | $5773 |
| Morgan Stanley | Valeo | Sell | 1.00% | 6/20/2030 | 2.72% | $455000 | $(39260) | $(31306) | $(7954) |
| Morgan Stanley | Volvo | Sell | 5.00% | 6/20/2030 | 2.53% | $234000 | $28912 | $27801 | $1111 |
| &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 | $1824223 | $1426398 | $397825 |

---

At May 31, 2025, the Fund had the following outstanding foreign exchange contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | &nbsp;&nbsp; **Foreign Currency** <br>**Units to** <br>**Receive/Deliver** | &nbsp;&nbsp; **In** <br>**Exchange** <br>**For**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| **Contracts Purchased:** |  |  |  |  |
| 6/18/2025 | JPMorgan | 400,000 EUR | $455268 | &nbsp;&nbsp; $(562) |
| 6/18/2025 | Lloyds Bank PLC | 367,000 EUR | $407507 | &nbsp;&nbsp; $9686 |
| 6/18/2025 | Northern Trust | 200,000 EUR | $227782 | &nbsp;&nbsp; $(429) |
| 6/18/2025 | State Steet Bank | 700,000 EUR | $794455 | &nbsp;&nbsp; $1281 |
| 6/18/2025 | State Steet Bank | 400,000 EUR | $439740 | &nbsp;&nbsp; $14966 |
| 6/18/2025 | State Steet Bank | 150,000 EUR | $171031 | &nbsp;&nbsp; $(516) |
| 6/18/2025 | State Steet Bank | 150,000 GBP | $196902 | &nbsp;&nbsp; $5218 |
| **Contracts Sold:** |  |  |  |  |
| 6/18/2025 | State Steet Bank | 27,000,000 EUR | $29591811 | &nbsp;&nbsp; $(1100847) |
| 6/18/2025 | State Steet Bank | 800,000 EUR | $876794 | &nbsp;&nbsp; $(32618) |
| 6/18/2025 | State Steet Bank | 250,000 EUR | $286016 | &nbsp;&nbsp; $1825 |
| 6/18/2025 | State Steet Bank | 7,250,000 GBP | $9409297 | &nbsp;&nbsp; $(359829) |
| &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 | &nbsp;&nbsp; $(1461825) |

---

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

---

| | |
|:---|:---|
| 1 | *Perpetual Bond Security. The maturity date reflects the next call date.* |
| 2 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under* <br> *the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At May 31, 2025, these restricted securities amounted to $174,507, which* <br> *represented 0.1% of net assets.*<br>|
| 3 | *Discount rate at time of purchase.* |
| 4 | *Zero coupon bond.* |
| 5 | *Assets, other than investments in securities, less liabilities.* |
| 6 | *Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the* <br> *current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular* <br> *referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit* <br> *spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined* <br> *under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.*<br>|

---

**7**

------

Additional information on restricted securities held at May 31, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Summit Digitel Infrastructure, C Bond, REGS, 2.875%, 8/12/2031 | &nbsp;&nbsp; 11/22/2023 | &nbsp;&nbsp; $155528 | &nbsp;&nbsp; $174507 |

---

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

**Investment Valuation** 

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

■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by 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 non-exchange-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 of 1940, the Fund's Board of Trustees (the "Trustees") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

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

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

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

**8**

------

■ 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 May 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82099889 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82099889 |
| U.S. Treasuries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27200572 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27200572 |
| Foreign Government/Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4103002 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4103002 |
| **Exchange-Traded Funds** | &nbsp;&nbsp; 5065349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5065349 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $5065349 | &nbsp;&nbsp; $113403463 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $118468812 |
| **Other Financial Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $40138 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40138 |
| &nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1872822 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1872822 |
| &nbsp;&nbsp; Foreign Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32976 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32976 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5883) |
| &nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48599) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48599) |
| &nbsp;&nbsp; Foreign Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1494801) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1494801) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER FINANCIAL INSTRUMENTS | &nbsp;&nbsp; $34255 | &nbsp;&nbsp; $362398 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $396653 |

---

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

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| BOBL | —Bundesobligation |
| EMTN | —Euro Medium Term Note |
| ETF | —Exchange-Traded Fund |
| EUR | —Euro |
| GBP | —Great British Pound |
| GMTN | —Global Medium Term Note |
| OTC | —Over-the-Counter |
| SPDR | —Standard & Poor's Depositary Receipt |

---

**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:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $123216360.76

**Total Liabilities:** $662389.95

**Net Assets:** $122553970.81

**Cash Not Reported:** $2042606.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -26.588005000000 | **1-Year:** -695.720688100000 | **5-Year:** -4129.953619200000 | **10-Year:** -2419.558616600000 | **30-Year:** -879.556232500000

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

- **3-Month:** -169.688971800000 | **1-Year:** -5080.538702900000 | **5-Year:** -5854.214815500000 | **10-Year:** -4102.926023900000 | **30-Year:** -3260.521545400000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214506 | -1.01%               | 0.30%                | 1.50%                |
| Class ID C000214509 | -1.00%               | 0.30%                | 1.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $67852.68                | $83496.92                                  |
| Month 2  | $-20435.15               | $1784055.87                                |
| Month 3  | $89894.94                | $698863.68                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LLOYDS BANK PLC                               | CURRENCY CONTRACT - EUR                                                     | CUSIP: 000000000<br>LEI: H7FNTJ4851HG0EXQ1Z70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $9685.90      | 0.01%             |  |  |  | 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      | $14966.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| The Northern Trust Company                    | CURRENCY CONTRACT - EUR                                                     | CUSIP: 000000000<br>LEI: 6PTKHDJ8HDUF78PFWH30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-428.78      | -0.00%            |  |  |  | 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      | $-516.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association     | CURRENCY CONTRACT - EUR                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-561.72      | -0.00%            |  |  |  | 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      | $1280.37      | 0.00%             |  |  |  | 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      | $5217.98      | 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      | $-1100846.85  | -0.90%            |  |  |  | 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      | $-32617.68    | -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      | $-359828.80   | -0.29%            |  |  |  | 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      | $1824.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS GOODYEAR TIRE & RUBBER                                                  | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | US        |         1 | NC      | $56801.45     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS FORVIA SE                                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $23988.23     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS VALEO SE                                                                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-38212.80    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS ARCELORMITTAL SA                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $63580.96     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS FORD MOTOR CO                                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $25353.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS TELECOM ITALIA SPA/MILANO                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-3248.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS VOLVO CAR AB                                                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $31606.14     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS AMERICAN AXLE & MANUFACTURING INC                                       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $17594.51     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS OPTICS BIDCO SPA                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-5399.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                      | CDS ITRAXX.EU.CO.43.V1                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCR              | CORP              | US        |         1 | NC      | $219177.69    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS CDX.NA.HY.44.V1                                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $1480050.25   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS CDX.NA.HY.40.V1                                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $244887.08    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | US 2YR NOTE (CBT)                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         4 | NC      | $864.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | US 10YR NOTE (CBT)                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        31 | NC      | $19528.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                      | First Citizens BancShares Inc/NC                                            | CUSIP: 31959XAA1<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511329.50    | 0.42%             | N/A             | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| CELLNEX TELECOM SA                            | Cellnex Telecom SA                                                          | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | DBT              | CORP              | ES        |    300000 | PA      | $303587.61    | 0.25%             | 2031-11-20      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| IHS HOLDING LTD                               | IHS Holding Ltd                                                             | CUSIP: 000000000<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $198230.00    | 0.16%             | 2030-05-29      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| NATWEST GROUP PLC                             | Natwest Group PLC                                                           | CUSIP: 639057AD0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $689078.96    | 0.56%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| LKQ EURO HOLDINGS BV                          | LKQ European Holdings BV                                                    | CUSIP: 000000000<br>LEI: 549300J0BGI20W62GB49 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $285206.82    | 0.23%             | 2028-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO BANK NV                              | ABN AMRO Bank NV                                                            | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    600000 | PA      | $672803.76    | 0.55%             | N/A             | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                        | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $182173.72    | 0.15%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                     | EnLink Midstream Partners LP                                                | CUSIP: 29336UAC1<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |     32000 | PA      | $28614.21     | 0.02%             | 2044-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                         | Tenet Healthcare Corp                                                       | CUSIP: 88033GDR8<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    788000 | PA      | $753766.13    | 0.62%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                             | NatWest Group PLC                                                           | CUSIP: 639057AT5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $196194.60    | 0.16%             | N/A             | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                        | BP Capital Markets PLC                                                      | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $263036.92    | 0.21%             | N/A             | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS INC                             | Post Holdings Inc                                                           | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132335.32    | 0.11%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                        | Millicom International Cellular SA                                          | CUSIP: 600814AS6<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    350000 | PA      | $354735.85    | 0.29%             | 2032-04-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GREENKO WIND PROJECTS MU                      | Greenko Wind Projects Mauritius Ltd                                         | CUSIP: 39531JAB0<br>LEI: 254900MSUXE1FF83DP82 | Long             | DBT              | CORP              | MU        |    400000 | PA      | $397288.83    | 0.32%             | 2028-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ASHLAND INC                                   | Ashland LLC                                                                 | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $905521.47    | 0.74%             | 2031-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                           | Mozart Debt Merger Sub Inc                                                  | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    699000 | PA      | $659318.89    | 0.54%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                          | Range Resources Corp                                                        | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    900000 | PA      | $865646.73    | 0.71%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                                 | Schaeffler AG                                                               | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $454015.51    | 0.37%             | 2030-03-28      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                        | EDP SA                                                                      | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |    200000 | PA      | $228907.13    | 0.19%             | 2054-09-16      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| ONEOK INC                                     | EnLink Midstream Partners LP                                                | CUSIP: 29336UAD9<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |    250000 | PA      | $207023.13    | 0.17%             | 2045-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS                       | Infrastrutture Wireless Italiane SpA                                        | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | DBT              | CORP              | IT        |    400000 | PA      | $420182.66    | 0.34%             | 2031-04-19      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                        | General Motors Financial Co Inc                                             | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    419000 | PA      | $357556.50    | 0.29%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| ODIDO GROUP HOLDING BV                        | Odido Group Holding BV                                                      | CUSIP: 000000000<br>LEI: 724500FOAL1MNGOJKP07 | Long             | DBT              | CORP              | NL        |    700000 | PA      | $790918.69    | 0.65%             | 2030-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| COMMERZBANK AG                                | Commerzbank AG                                                              | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $658296.83    | 0.54%             | N/A             | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ELIOR GROUP SA                                | Elior Group SA                                                              | CUSIP: 000000000<br>LEI: 969500LYSYS0E800SQ95 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $350214.60    | 0.29%             | 2030-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| SPDR Bloomberg High Yield Bond ETF            | SPDR Bloomberg High Yield Bond ETF                                          | CUSIP: 78468R622<br>LEI: 549300NCLW2248PN7J24 | Long             | EC               | RF                | US        |     14575 | NS      | $1397888.25   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FIBERCOP SPA                                  | Optics Bidco SpA                                                            | CUSIP: 683879AD2<br>LEI: 254900QZ5RQ7MPFWE741 | Long             | DBT              | CORP              | IT        |    648000 | PA      | $610020.33    | 0.50%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                      | Turk Telekomunikasyon AS                                                    | CUSIP: 000000000<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $406120.00    | 0.33%             | 2029-05-20      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| ONEOK INC                                     | EnLink Midstream Partners LP                                                | CUSIP: 29336UAE7<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200000.00    | 0.16%             | 2025-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| PHOENIX GRP HLD PLC                           | PHOENIX GRP HLD PLC                                                         | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $257364.59    | 0.21%             | N/A             | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                      | TerraForm Power Operating LLC                                               | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1037569.94   | 0.85%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                              | T-Mobile USA Inc                                                            | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $195267.29    | 0.16%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                    | Grifols Escrow Issuer SA                                                    | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    580000 | PA      | $630452.69    | 0.51%             | 2028-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                              | Deutsche Bank AG                                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $439985.92    | 0.36%             | N/A             | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FALABELLA SA                                  | Falabella SA                                                                | CUSIP: 000000000<br>LEI: 5493004CKJQ7H391LM41 | Long             | DBT              | CORP              | CL        |    700000 | PA      | $601107.50    | 0.49%             | 2032-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                         | Tenet Healthcare Corp                                                       | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101104.83    | 0.08%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ALPHA BANK SA                                 | Alpha Bank SA                                                               | CUSIP: 000000000<br>LEI: 213800DBQIB6VBNU5C64 | Long             | DBT              | CORP              | GR        |    400000 | PA      | $451030.41    | 0.37%             | 2028-03-23      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FRESENIUS MED CARE III                        | Fresenius Medical Care US Finance III Inc                                   | CUSIP: 000000000<br>LEI: 5299006ZHLMXOOUVTU44 | Long             | DBT              | CORP              | US        |    700000 | PA      | $595133.29    | 0.49%             | 2031-02-16      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| SIG COMBIBLOC PURCHASER                       | SIG Combibloc PurchaseCo Sarl                                               | CUSIP: 000000000<br>LEI: 549300Q95MWZB4BXB866 | Long             | DBT              | CORP              | LU        |    102000 | PA      | $115780.90    | 0.09%             | 2025-06-18      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                                      | LKQ Corp                                                                    | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208632.58    | 0.17%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                  | Novelis Inc                                                                 | CUSIP: 670001AL0<br>LEI: 549300DP3XIGY7CFV648 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9286.73      | 0.01%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                 | United States Treasury Bill                                                 | CUSIP: 912797PP6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1400000 | PA      | $1386840.28   | 1.13%             | 2025-08-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                      | Graphic Packaging International LLC                                         | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100272.70    | 0.08%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                      | Occidental Petroleum Corp                                                   | CUSIP: 674599CR4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    550000 | PA      | $539002.37    | 0.44%             | 2026-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                        | Anglo American Capital PLC                                                  | CUSIP: 034863BA7<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $177204.53    | 0.14%             | 2031-03-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| NOVELIS SHEET INGOT GMBH                      | Novelis Sheet Ingot GmbH                                                    | CUSIP: 000000000<br>LEI: 9845005E95899E77AY49 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $441105.82    | 0.36%             | 2029-04-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                        | Clydesdale Acquisition Holdings Inc                                         | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    400000 | PA      | $404531.26    | 0.33%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENEL SPA                                      | Enel SpA                                                                    | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | DBT              | CORP              | IT        |    800000 | PA      | $800831.15    | 0.65%             | N/A             | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                        | BP Capital Markets PLC                                                      | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $127805.85    | 0.10%             | 2036-09-12      | Fixed         | 5.07%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                              | Deutsche Bank AG                                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $230683.65    | 0.19%             | 2031-05-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| EDGE FINCO PLC                                | Edge Finco PLC                                                              | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |    477000 | PA      | $674014.75    | 0.55%             | 2031-08-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                             | Iron Mountain Inc                                                           | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    900000 | PA      | $844168.04    | 0.69%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                  | Novelis Corp                                                                | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    110000 | PA      | $104649.01    | 0.09%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                             | Post Holdings Inc                                                           | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    338000 | PA      | $320219.98    | 0.26%             | 2030-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BANCO BTG PACTUAL/CAYMAN                      | BANCO BTG PA 2.75 1/26                                                      | CUSIP: 05971BAG4<br>LEI: 2549002JHJ73KGETOK78 | Long             | DBT              | CORP              | BR        |    200000 | PA      | $196907.14    | 0.16%             | 2026-01-11      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| NOKIA OYJ                                     | Nokia Oyj                                                                   | CUSIP: 654902AE5<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    300000 | PA      | $298773.33    | 0.24%             | 2027-06-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KB HOME                                       | KB Home                                                                     | CUSIP: 48666KAZ2<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |    595000 | PA      | $539835.53    | 0.44%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EUROFINS SCIENTIFIC SE                        | EUROFINS SCIENTIFIC SE                                                      | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $225931.35    | 0.18%             | N/A             | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA O2 V DAC                         | Virgin Media O2 Vendor Financing Notes V DAC                                | CUSIP: 000000000<br>LEI: 635400ASSEVCXAPVGC36 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $137638.37    | 0.11%             | 2032-03-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                      | Graphic Packaging International LLC                                         | CUSIP: 38869AAD9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    650000 | PA      | $599779.38    | 0.49%             | 2030-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ORSTED A/S                                    | Orsted AS                                                                   | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | DBT              | CORP              | DK        |    600000 | PA      | $588722.72    | 0.48%             | 2051-02-18      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                        | EDP - Energias de Portugal SA                                               | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |    800000 | PA      | $829220.06    | 0.68%             | 2082-03-14      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| SOCIETE GENERALE                              | Societe Generale SA                                                         | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    650000 | PA      | $655172.70    | 0.53%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                        | Energizer Holdings Inc                                                      | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    138000 | PA      | $129786.16    | 0.11%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO                          | Lorca Telecom Bondco SA                                                     | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $908358.03    | 0.74%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NETWORK I2I LTD                               | Network i2i Ltd                                                             | CUSIP: 000000000<br>LEI: 2549003L8M1FGHLHOX45 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $198330.74    | 0.16%             | N/A             | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG                      | ContourGlobal Power Holdings SA                                             | CUSIP: 000000000<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |    600000 | PA      | $686194.09    | 0.56%             | 2030-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY                      | Itau Unibanco Holding SA/Cayman Island                                      | CUSIP: 46556M2A9<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |    200000 | PA      | $198571.14    | 0.16%             | 2031-04-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                   | BNP Paribas SA                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $403624.40    | 0.33%             | N/A             | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| FIBERCOP SPA                                  | Optics Bidco SpA                                                            | CUSIP: 000000000<br>LEI: 254900QZ5RQ7MPFWE741 | Long             | DBT              | CORP              | IT        |    125000 | PA      | $138212.35    | 0.11%             | 2027-10-12      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                        | FMG Resources August 2006 Pty Ltd                                           | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    400000 | PA      | $367533.76    | 0.30%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SAPPI PAPIER HOLDNG GMBH                      | Sappi Papier Holding GmbH                                                   | CUSIP: 000000000<br>LEI: 549300XBCUMUR5CI0181 | Long             | DBT              | CORP              | AT        |    192000 | PA      | $213286.10    | 0.17%             | 2032-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| AES CORP/THE                                  | AES Corp/The                                                                | CUSIP: 00130HCG8<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    357000 | PA      | $305460.77    | 0.25%             | 2031-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| CROWN AMER/CAP CORP V                         | Crown Americas LLC / Crown Americas Capital Corp V                          | CUSIP: 22819KAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    467000 | PA      | $462336.63    | 0.38%             | 2026-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                            | Seagate HDD Cayman                                                          | CUSIP: 81180WBD2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $927956.30    | 0.76%             | 2031-01-15      | Fixed         | 4.12%                 | 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       |    113000 | PA      | $68512.53     | 0.06%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                            | Crown Americas LLC                                                          | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248485.52    | 0.20%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KB HOME                                       | KB Home                                                                     | CUSIP: 48666KAY5<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |    175000 | PA      | $170798.78    | 0.14%             | 2029-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                        | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $431966.50    | 0.35%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                      | Turk Telekomunikasyon AS                                                    | CUSIP: 90011QAD2<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $203060.00    | 0.17%             | 2029-05-20      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NOKIA OYJ                                     | Nokia Oyj                                                                   | CUSIP: 654902AC9<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    125000 | PA      | $127283.75    | 0.10%             | 2039-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                      | 1011778 BC ULC / New Red Finance Inc                                        | CUSIP: 68245XAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    116000 | PA      | $116814.44    | 0.10%             | 2029-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                        | Anglo American Capital PLC                                                  | CUSIP: 000000000<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199381.55    | 0.16%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                              | Ziggo Bond Co BV                                                            | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $97696.18     | 0.08%             | 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        |    350000 | PA      | $455030.18    | 0.37%             | 2027-07-10      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                      | Cooperatieve Rabobank UA                                                    | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $223115.44    | 0.18%             | N/A             | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BCP V MODULAR SERVICES                        | BCP V Modular Services Finance PLC                                          | CUSIP: 000000000<br>LEI: 213800K8U94KVZL98H64 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $715636.19    | 0.58%             | 2029-11-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL INC                              | Berry Global Inc                                                            | CUSIP: 08576PAP6<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50386.01     | 0.04%             | 2034-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                      | Olympus Water US Holding Corp                                               | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    900000 | PA      | $926099.40    | 0.76%             | 2029-10-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                      | Virgin Media Secured Finance PLC                                            | CUSIP: 000000000<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $123113.72    | 0.10%             | 2030-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| US TREASURY N/B                               | U.S. Treasury Notes                                                         | CUSIP: 91282CHV6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9451400 | PA      | $9463264.34   | 7.72%             | 2025-08-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                          | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    269000 | PA      | $231320.33    | 0.19%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CELLNEX TELECOM SA                            | Cellnex Telecom SA                                                          | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $105873.93    | 0.09%             | 2030-10-23      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                  | UBS GROUP AG 4.875                                                          | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $193144.78    | 0.16%             | N/A             | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BALL CORP                                     | Ball Corp                                                                   | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1086630.13   | 0.89%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                          | Kraft Heinz Foods Co                                                        | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79000.44     | 0.06%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                        | FMG Resources August 2006 Pty Ltd                                           | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    300000 | PA      | $299471.28    | 0.24%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                          | Telefonica Europe BV                                                        | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    900000 | PA      | $948325.78    | 0.77%             | N/A             | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| ARCELIK AS                                    | Arcelik AS                                                                  | CUSIP: 000000000<br>LEI: 789000748KTQCUMJ0R25 | Long             | DBT              | CORP              | TR        |    700000 | PA      | $789964.91    | 0.64%             | 2026-05-27      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                        | ADIENT GLOBAL HOLDINGS LTD                                                  | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    500000 | PA      | $496392.97    | 0.41%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH                           | Klabin Austria GmbH                                                         | CUSIP: 49836AAC8<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    250000 | PA      | $218203.28    | 0.18%             | 2031-01-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                  | Novelis Corp                                                                | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    500000 | PA      | $444924.10    | 0.36%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                               | Sealed Air Corp                                                             | CUSIP: 81211KAY6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    875000 | PA      | $849270.89    | 0.69%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                             | Post Holdings Inc                                                           | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    233000 | PA      | $212644.86    | 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      | $175794.48    | 0.14%             | N/A             | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                           | Suzano Austria GmbH                                                         | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    850000 | PA      | $727262.81    | 0.59%             | 2032-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GREENKO POWER II LTD                          | Greenko Power II Ltd                                                        | CUSIP: 000000000<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |    334000 | PA      | $312564.38    | 0.26%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| CEMEX SAB DE CV                               | Cemex SAB de CV                                                             | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $366023.88    | 0.30%             | 2031-07-11      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| COMMERZBANK AG                                | Commerzbank AG                                                              | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $201154.85    | 0.16%             | N/A             | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CF INDUSTRIES INC                             | CF Industries Inc                                                           | CUSIP: 12527GAD5<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |    300000 | PA      | $257337.71    | 0.21%             | 2043-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH                           | Klabin Austria GmbH                                                         | CUSIP: 000000000<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    600000 | PA      | $523687.86    | 0.43%             | 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        |    400000 | PA      | $347965.08    | 0.28%             | N/A             | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                      | Telenet Finance Luxembourg Notes Sarl                                       | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $990000.00    | 0.81%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                       | American Axle & Manufacturing Inc                                           | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    129000 | PA      | $117395.39    | 0.10%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                              | T-Mobile USA Inc                                                            | CUSIP: 87264ADM4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95604.48     | 0.08%             | 2035-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                             | Iron Mountain Inc                                                           | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     81000 | PA      | $79095.05     | 0.06%             | 2030-07-15      | Fixed         | 5.25%                 | 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      | $64474.62     | 0.05%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                  | Centene Corp                                                                | CUSIP: 15135BAZ4<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    550000 | PA      | $466202.72    | 0.38%             | 2031-08-01      | Fixed         | 2.62%                 | 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       |    500000 | PA      | $553530.67    | 0.45%             | 2027-11-01      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING                       | Alcoa Nederland Holding BV                                                  | CUSIP: 013822AG6<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |    925000 | PA      | $870817.80    | 0.71%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                               | Sealed Air Corp                                                             | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196510.00    | 0.16%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                        | XPLR Infrastructure Operating Partners LP                                   | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    355000 | PA      | $372677.23    | 0.30%             | 2033-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HCA INC                                       | HCA Inc                                                                     | CUSIP: 404119CC1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $427920.45    | 0.35%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PROGROUP AG                                   | ProGroup AG                                                                 | CUSIP: 000000000<br>LEI: 529900YI5W5TQ8F2FP82 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $672621.86    | 0.55%             | 2031-04-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                       | VZ Secured Financing BV                                                     | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    900000 | PA      | $778573.80    | 0.64%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                       | Australia & New Zealand Banking Group Ltd                                   | CUSIP: 000000000<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $119132.06    | 0.10%             | 2033-02-03      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| NEXANS SA                                     | Nexans SA                                                                   | CUSIP: 000000000<br>LEI: 96950015FU78G84UIV14 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $811355.72    | 0.66%             | 2029-05-29      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                          | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     24000 | PA      | $20731.14     | 0.02%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                       | Veolia Environnement SA                                                     | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |    800000 | PA      | $861248.70    | 0.70%             | N/A             | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| US TREASURY N/B                               | United States Treasury Note/Bond                                            | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16400000 | PA      | $16350467.08  | 13.34%            | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                  | Barclays PLC                                                                | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $277225.82    | 0.23%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                | Owens-Brockway Glass Container Inc                                          | CUSIP: 69073TAV5<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298931.97    | 0.24%             | 2032-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DELL INC                                      | Dell Inc                                                                    | CUSIP: 24702RAM3<br>LEI: 3E70L4WYANTIWWIPHC81 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92865.76     | 0.08%             | 2040-09-10      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx $ High Yield Corporate Bond ETF | Ishares Trust-Ishares Iiboxx $ High Yield Corporate Bond Etf                | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |     46091 | NS      | $3667460.87   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF IRELAND GROUP                         | Bank of Ireland Group PLC                                                   | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $700863.65    | 0.57%             | 2032-12-06      | Fixed         | 7.59%                 | Yes           |                  2 | On Loan: No      |
| ALPHA SERV & HLDGS                            | Alpha Services and Holdings SA                                              | CUSIP: 000000000<br>LEI: 5299009N55YRQC69CN08 | Long             | DBT              | CORP              | GR        |    100000 | PA      | $115200.62    | 0.09%             | 2031-06-11      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC                              | T-Mobile USA Inc                                                            | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    172000 | PA      | $147528.34    | 0.12%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| IRCA SPA                                      | Irca SpA/Gallarate                                                          | CUSIP: 000000000<br>LEI: 815600E94F34838F1B82 | Long             | DBT              | CORP              | IT        |    600000 | PA      | $681963.42    | 0.56%             | 2029-12-15      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| NEMAK SAB DE CV                               | Nemak SAB de CV                                                             | CUSIP: 000000000<br>LEI: 5493000MY3DAIB0BP706 | Long             | DBT              | CORP              | MX        |    699000 | PA      | $567514.12    | 0.46%             | 2031-06-28      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                      | BANCO MDN 6.625 31/12/49                                                    | CUSIP: 000000000<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $182147.50    | 0.15%             | N/A             | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                      | Huntsman International LLC                                                  | CUSIP: 44701QBG6<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91220.55     | 0.07%             | 2034-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| REXEL SA                                      | Rexel SA                                                                    | CUSIP: 000000000<br>LEI: 969500N6AVPA51648T62 | Long             | DBT              | CORP              | FR        |    650000 | PA      | $709441.81    | 0.58%             | 2028-12-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS                        | Axalta Coating Systems LLC                                                  | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |    800000 | PA      | $745183.78    | 0.61%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                          | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AM3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39604.80     | 0.03%             | 2027-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                      | Vistra Operations Co LLC                                                    | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    766000 | PA      | $740988.57    | 0.60%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA O2 V DAC                         | Virgin Media O2 Vendor Financing Notes V DAC                                | CUSIP: 000000000<br>LEI: 635400ASSEVCXAPVGC36 | Long             | DBT              | CORP              | IE        |    450000 | PA      | $619372.68    | 0.51%             | 2032-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                  | Centene Corp                                                                | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    519000 | PA      | $440995.75    | 0.36%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                  | ING Groep NV                                                                | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $200902.80    | 0.16%             | N/A             | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CELLNEX FINANCE CO SA                         | CELLNEX FINANCE CO SA                                                       | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    300000 | PA      | $302672.54    | 0.25%             | 2033-02-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| NOKIA OYJ                                     | Nokia Oyj                                                                   | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    100000 | PA      | $118114.36    | 0.10%             | 2031-08-21      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| ILIAD SA                                      | Iliad SA                                                                    | CUSIP: 000000000<br>LEI: 969500FZ9BTRZS3JNB97 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $764002.34    | 0.62%             | 2028-02-11      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| UNIPOL ASSICURAZIONI SPA                      | UnipolSai Assicurazioni SpA                                                 | CUSIP: 000000000<br>LEI: 815600E31C4E7006AB54 | Long             | DBT              | CORP              | IT        |    600000 | PA      | $694498.08    | 0.57%             | 2028-03-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB                        | Orbia Advance Corp SAB de CV                                                | CUSIP: 68560EAC2<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |    300000 | PA      | $301710.00    | 0.25%             | 2030-05-13      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                           | United Kingdom Gilt                                                         | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   3055000 | PA      | $4103002.06   | 3.35%             | 2025-10-22      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                      | Cooperatieve Rabobank UA                                                    | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $221979.99    | 0.18%             | N/A             | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| SAPPI PAPIER HOLDNG GMBH                      | Sappi Papier Holding GmbH                                                   | CUSIP: 000000000<br>LEI: 549300XBCUMUR5CI0181 | Long             | DBT              | CORP              | AT        |    400000 | PA      | $450611.89    | 0.37%             | 2028-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| UNICREDIT SPA                                 | UniCredit SpA                                                               | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    600000 | PA      | $662227.07    | 0.54%             | N/A             | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| EUROFINS SCIENTIFIC SE                        | Eurofins Scientific SE                                                      | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $96566.41     | 0.08%             | 2031-05-19      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                       | Australia & New Zealand Banking Group Ltd                                   | CUSIP: 000000000<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $119132.06    | 0.10%             | 2033-02-03      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| CROWN EURO HOLDING SACA                       | Crown European Holdings SACA                                                | CUSIP: 000000000<br>LEI: 85OKW2SW05RZFQS1W718 | Long             | DBT              | CORP              | FR        |    156000 | PA      | $183107.95    | 0.15%             | 2030-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                   | Aker BP ASA                                                                 | CUSIP: 00973RAN3<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    150000 | PA      | $140778.55    | 0.11%             | 2034-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VF CORP                                       | VF Corp                                                                     | CUSIP: 918204BC1<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |    250000 | PA      | $208908.63    | 0.17%             | 2030-04-23      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| SUMMIT DIGITEL INFRASTR                       | Summit Digitel Infrastructure Ltd                                           | CUSIP: 000000000<br>LEI: 3358004TNI1SSIQ9BQ37 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $174506.86    | 0.14%             | 2031-08-12      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                             | Iliad Holding SASU                                                          | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $201535.70    | 0.16%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                       | HCA Inc                                                                     | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $96215.67     | 0.08%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                     | ENLINK MIDSTREA 5.45 6/47                                                   | CUSIP: 29336UAG2<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |    275000 | PA      | $236269.77    | 0.19%             | 2047-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                           | Intesa Sanpaolo SpA                                                         | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    480000 | PA      | $511726.40    | 0.42%             | 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      | $108256.41    | 0.09%             | 2029-02-01      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                      | Celanese US Holdings LLC                                                    | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302565.90    | 0.25%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                   | Aker BP ASA                                                                 | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    300000 | PA      | $281484.72    | 0.23%             | 2030-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                        | Clearway Energy Operating LLC                                               | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    493000 | PA      | $445360.04    | 0.36%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SNF GROUP SACA                                | SPCM SA                                                                     | CUSIP: 7846ELAE7<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |   1100000 | PA      | $1005686.55   | 0.82%             | 2030-03-15      | Fixed         | 3.38%                 | No            |                  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       |    600000 | PA      | $592894.37    | 0.48%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| HANESBRANDS INC                               | Hanesbrands Inc                                                             | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |    240000 | PA      | $253791.36    | 0.21%             | 2031-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                              | Berry Global Inc                                                            | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $285933.78    | 0.23%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                                    | Akbank TAS                                                                  | CUSIP: 000000000<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $405190.90    | 0.33%             | 2030-01-20      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| AZELIS FINANCE NV                             | Azelis Finance NV                                                           | CUSIP: 000000000<br>LEI: 699400J0P7A5VXKGK641 | Long             | DBT              | CORP              | BE        |    400000 | PA      | $468483.38    | 0.38%             | 2029-09-25      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                      | EQT Corp                                                                    | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    439000 | PA      | $400525.33    | 0.33%             | 2031-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                      | Banco Mercantil del Norte SA/Grand Cayman                                   | CUSIP: 05971PAE8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $399257.40    | 0.33%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CANPACK SA/CANPACK US                         | Canpack SA / Canpack US LLC                                                 | CUSIP: 13806CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    400000 | PA      | $367738.48    | 0.30%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                  | ING Groep NV                                                                | CUSIP: 456837AZ6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $419094.39    | 0.34%             | N/A             | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                              | Berry Global Inc                                                            | CUSIP: 000000000<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $333991.89    | 0.27%             | 2027-01-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                      | Huntsman International LLC                                                  | CUSIP: 44701QBF8<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |    320000 | PA      | $264208.65    | 0.22%             | 2031-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                      | Ford Motor Credit Co LLC                                                    | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    700000 | PA      | $623702.29    | 0.51%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                        | Clearway Energy Operating LLC                                               | CUSIP: 18539UAE5<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    625000 | PA      | $549522.12    | 0.45%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                            | UPC Broadband Finco BV                                                      | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    830000 | PA      | $771360.50    | 0.63%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                | Opal Bidco SAS                                                              | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    319000 | PA      | $368285.61    | 0.30%             | 2032-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                          | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    320000 | PA      | $286353.31    | 0.23%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                       | Summer BC Holdco B SARL                                                     | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |    500000 | PA      | $560308.99    | 0.46%             | 2030-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                  | UBS Group AG                                                                | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $196745.50    | 0.16%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                        | Millicom International Cellular SA                                          | CUSIP: 000000000<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $357258.20    | 0.29%             | 2031-04-27      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| IHS HOLDING LTD                               | IHS Holding Ltd                                                             | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $396296.00    | 0.32%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                              | Vmed O2 UK Financing I PLC                                                  | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    349000 | PA      | $417781.50    | 0.34%             | 2031-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                           | Xerox Holdings Corp                                                         | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    475000 | PA      | $320593.08    | 0.26%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PHOENIX GRP HLD PLC                           | PHOENIX GRP HLD PLC                                                         | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | DBT              | CORP              | GB        |    325000 | PA      | $418217.46    | 0.34%             | N/A             | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| SYENSQO SA                                    | Solvay SA                                                                   | CUSIP: 000000000<br>LEI: 549300060XNJ90PLNS10 | Long             | DBT              | CORP              | BE        |    300000 | PA      | $336376.33    | 0.27%             | N/A             | Fixed         | 2.50%                 | 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      | $334613.89    | 0.27%             | 2031-08-11      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                          | Taylor Morrison Communities Inc                                             | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    961000 | PA      | $937654.72    | 0.77%             | 2030-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NOKIA OYJ                                     | Nokia Oyj                                                                   | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    200000 | PA      | $236228.72    | 0.19%             | 2031-08-21      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGESELL                      | Techem Verwaltungsgesellschaft 675 mbH                                      | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | DBT              | CORP              | DE        |    550000 | PA      | $639264.23    | 0.52%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SUMMIT DIGITEL INFRASTR                       | Summit Digitel Infrastructure Pvt Ltd                                       | CUSIP: 86608CAA6<br>LEI: 3358004TNI1SSIQ9BQ37 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $174506.86    | 0.14%             | 2031-08-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                  | Barclays PLC                                                                | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $366106.12    | 0.30%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LKQ DUTCH BOND BV                             | LKQ Dutch Bond BV                                                           | CUSIP: 000000000<br>LEI: 724500O7KBK1ICWRWC17 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $115685.07    | 0.09%             | 2031-03-13      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB                        | Orbia Advance Corp SAB de CV                                                | CUSIP: 000000000<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |    600000 | PA      | $492489.35    | 0.40%             | 2031-05-11      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                      | Clarios Global LP / Clarios US Finance Co                                   | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    600000 | PA      | $611553.00    | 0.50%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS                       | Infrastrutture Wireless Italiane SpA                                        | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | DBT              | CORP              | IT        |    300000 | PA      | $327723.80    | 0.27%             | 2028-10-21      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| BANCO BTG PACTUAL/CAYMAN                      | Banco BTG Pactual SA/Cayman Islands                                         | CUSIP: 05971BAL3<br>LEI: 2549002JHJ73KGETOK78 | Long             | DBT              | CORP              | BR        |    400000 | PA      | $397889.70    | 0.32%             | 2030-01-22      | Fixed         | 5.75%                 | Yes           |                  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       |    250000 | PA      | $216461.22    | 0.18%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                      | Graphic Packaging International LLC                                         | CUSIP: 000000000<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $108256.41    | 0.09%             | 2029-02-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| ZURICH FINANCE IRELAND                        | Zurich Finance Ireland Designated Activity Co                               | CUSIP: 000000000<br>LEI: 549300E0FVHYR37EGX65 | Long             | DBT              | CORP              | IE        |    400000 | PA      | $346785.00    | 0.28%             | 2051-04-19      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC                                     | IQVIA Inc                                                                   | CUSIP: 000000000<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    900000 | PA      | $974639.78    | 0.80%             | 2029-03-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| VF CORP                                       | VF Corp                                                                     | CUSIP: 918204AY4<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |    700000 | PA      | $563598.12    | 0.46%             | 2032-02-25      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                             | Iron Mountain Inc                                                           | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     89000 | PA      | $89906.64     | 0.07%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                | ARD Finance SA                                                              | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |    207250 | PA      | $8290.00      | 0.01%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | US 5YR NOTE (CBT)                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        47 | NC      | $18231.53     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                            | LONG GILT                                                                   | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |       -11 | NC      | $-4635.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | EURO-BOBL                                                                   | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -4 | NC      | $-1248.20     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | EURO-BUND                                                                   | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       -21 | NC      | $1514.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES INC                             | CF Industries Inc                                                           | CUSIP: 12527GAF0<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43684.61     | 0.04%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                               | Cemex SAB de CV                                                             | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $198032.82    | 0.16%             | N/A             | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                      | Medline Borrower LP/Medline Co-Issuer Inc                                   | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $305644.15    | 0.25%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                            | Seagate HDD Cayman                                                          | CUSIP: 81180WBC4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    160000 | PA      | $153166.00    | 0.12%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer