# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001193125-25-247982
**Filing Date:** 2025-10
**Character Count:** 108894
**Document Hash:** b6b58e8dfbc6335b52b6dcb6c051e428
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-247982.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001193125-25-247982

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**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:** 251411649

**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           |

## 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:** 2025-08-31

**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:** $141326125.63

**Total Liabilities:** $446889.20

**Net Assets:** $140879236.43

**Cash Not Reported:** $822408.25

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -33.905390100000 | **1-Year:** -789.242278400000 | **5-Year:** -4842.941025000000 | **10-Year:** -2234.432255300000 | **30-Year:** -637.391208600000

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

- **3-Month:** -233.598927800000 | **1-Year:** -6598.626203700000 | **5-Year:** -10417.942324700000 | **10-Year:** -3859.618928400000 | **30-Year:** -849.768264800000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214506 | 1.61%                | 0.46%                | 0.89%                |
| Class ID C000214509 | 1.61%                | 0.46%                | 0.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $80323.48                | $2205727.21                                |
| Month 2  | $-129696.47              | $-1098239.50                               |
| Month 3  | $-5469.57                | $1446966.31                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ICE FUTURES EUROPE                            | LONG GILT                                                                   | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |       -10 | NC      | $-2316.58     | -0.00%            |  |  |  | No            |                  1 | 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        |        56 | NC      | $9472.68      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS CDX.NA.HY.44.V1                                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $1642806.21   | 1.17%             |  |  |  | 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      | $365664.65    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS OPTICS BIDCO SPA                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-5406.64     | -0.00%            |  |  |  | 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      | $47231.25     | 0.03%             |  |  |  | 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      | $-5715.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS FORD MOTOR CO                                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $28675.80     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS ARCELORMITTAL SA                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $64206.05     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS VALEO SE                                                                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-29767.10    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS FORVIA SE                                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $41111.97     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.               | CDS GOODYEAR TIRE & RUBBER                                                  | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | US        |         1 | NC      | $64565.09     | 0.05%             |  |  |  | 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      | $-595.15      | -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      | $-1938.72     | -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      | $-18934.48    | -0.01%            |  |  |  | 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      | $-4367.03     | -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      | $2267.73      | 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      | $985.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association     | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $7543.87      | 0.01%             |  |  |  | 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      | $-2709.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC EUROPE LIMITED                            | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: TXDSU46SXBWIGJ8G8E98 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-185204.79   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC EUROPE LIMITED                            | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: TXDSU46SXBWIGJ8G8E98 | N/A              | DFE              | CORP              | US        |         1 | NC      | $49440.73     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LLOYDS BANK PLC                               | CURRENCY CONTRACT - GBP                                                     | CUSIP: 000000000<br>LEI: H7FNTJ4851HG0EXQ1Z70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-7840.99     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                        | General Motors Financial Co Inc                                             | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    419000 | PA      | $369394.49    | 0.26%             | 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      | $822417.21    | 0.58%             | 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      | $692692.30    | 0.49%             | 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        |    400000 | PA      | $485222.06    | 0.34%             | 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        |     29075 | NS      | $2835103.25   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                      | Turk Telekomunikasyon AS                                                    | CUSIP: 000000000<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    600000 | PA      | $623492.22    | 0.44%             | 2029-05-20      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| FIBERCOP SPA                                  | Optics Bidco SpA                                                            | CUSIP: 683879AD2<br>LEI: 254900QZ5RQ7MPFWE741 | Long             | DBT              | CORP              | IT        |    948000 | PA      | $901836.38    | 0.64%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAPPI PAPIER HOLDNG GMBH                      | Sappi Papier Holding GmbH                                                   | CUSIP: 000000000<br>LEI: 549300XBCUMUR5CI0181 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $210250.00    | 0.15%             | 2032-06-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGESELL                      | Techem Verwaltungsgesellschaft 675 mbH                                      | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $116736.54    | 0.08%             | 2032-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                      | Graphic Packaging International LLC                                         | CUSIP: 000000000<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $113316.81    | 0.08%             | 2029-02-01      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                           | Intesa Sanpaolo SpA                                                         | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    730000 | PA      | $829477.52    | 0.59%             | N/A             | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| AKER BP ASA                                   | Aker BP ASA                                                                 | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    450000 | PA      | $433221.13    | 0.31%             | 2030-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                      | Celanese US Holdings LLC                                                    | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201967.80    | 0.14%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                        | Clearway Energy Operating LLC                                               | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    493000 | PA      | $453772.63    | 0.32%             | 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        |   1300000 | PA      | $1200984.59   | 0.85%             | 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       |    700000 | PA      | $748927.63    | 0.53%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL INC                              | Berry Global Inc                                                            | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289826.90    | 0.21%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| AZELIS FINANCE NV                             | Azelis Finance NV                                                           | CUSIP: 000000000<br>LEI: 699400J0P7A5VXKGK641 | Long             | DBT              | CORP              | BE        |    500000 | PA      | $606649.46    | 0.43%             | 2029-09-25      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| AKBANK TAS                                    | Akbank TAS                                                                  | CUSIP: 000000000<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $418613.80    | 0.30%             | 2030-01-20      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL INC                              | Berry Global Inc                                                            | CUSIP: 000000000<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $345788.41    | 0.25%             | 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        |    420000 | PA      | $359344.06    | 0.26%             | 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      | $651126.36    | 0.46%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                | Opal Bidco SAS                                                              | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    319000 | PA      | $385964.73    | 0.27%             | 2032-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                            | UPC Broadband Finco BV                                                      | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |   1030000 | PA      | $984767.55    | 0.70%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                        | Clearway Energy Operating LLC                                               | CUSIP: 18539UAE5<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    825000 | PA      | $743199.85    | 0.53%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                             | Seagate Data Storage Technology Pte Ltd                                     | CUSIP: 81180LAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    160000 | PA      | $152270.37    | 0.11%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                          | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    520000 | PA      | $494548.96    | 0.35%             | 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      | $581108.79    | 0.41%             | 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      | $204107.40    | 0.14%             | 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        |    600000 | PA      | $559474.98    | 0.40%             | 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      | $409051.78    | 0.29%             | 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      | $429515.50    | 0.30%             | 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      | $291085.94    | 0.21%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PAPREC HOLDING SA                             | Paprec Holding SA                                                           | CUSIP: 000000000<br>LEI: 969500ASAFSVN9KVC873 | Long             | DBT              | CORP              | FR        |    205000 | PA      | $243172.72    | 0.17%             | 2032-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SYENSQO SA                                    | Solvay SA                                                                   | CUSIP: 000000000<br>LEI: 549300060XNJ90PLNS10 | Long             | DBT              | CORP              | BE        |    300000 | PA      | $349209.73    | 0.25%             | N/A             | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| PHOENIX GRP HLD PLC                           | PHOENIX GRP HLD PLC                                                         | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | DBT              | CORP              | GB        |    325000 | PA      | $430394.13    | 0.31%             | N/A             | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP                         | Bank of Ireland Group PLC                                                   | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    400000 | PA      | $462921.11    | 0.33%             | 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        |   1111000 | PA      | $1108563.35   | 0.79%             | 2030-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB                        | Orbia Advance Corp SAB de CV                                                | CUSIP: 000000000<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |    500000 | PA      | $421687.50    | 0.30%             | 2031-05-11      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS                       | Infrastrutture Wireless Italiane SpA                                        | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | DBT              | CORP              | IT        |    400000 | PA      | $449899.40    | 0.32%             | 2028-10-21      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                      | Graphic Packaging International LLC                                         | CUSIP: 000000000<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $113316.81    | 0.08%             | 2029-02-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                        | NXP BV / NXP Funding LLC / NXP USA Inc                                      | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    250000 | PA      | $224178.81    | 0.16%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANCO BTG PACTUAL/CAYMAN                      | Banco BTG Pactual SA/Cayman Islands                                         | CUSIP: 05971BAL3<br>LEI: 2549002JHJ73KGETOK78 | Long             | DBT              | CORP              | BR        |    800000 | PA      | $811920.00    | 0.58%             | 2030-01-22      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BALL CORP                                     | Ball Corp                                                                   | CUSIP: 058498BA3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    600000 | PA      | $607621.04    | 0.43%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ZURICH FINANCE IRELAND                        | Zurich Finance Ireland Designated Activity Co                               | CUSIP: 000000000<br>LEI: 549300E0FVHYR37EGX65 | Long             | DBT              | CORP              | IE        |    600000 | PA      | $538077.59    | 0.38%             | 2051-04-19      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| PHOENIX GRP HLD PLC                           | PHOENIX GRP HLD PLC                                                         | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $529715.85    | 0.38%             | N/A             | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| PAPREC HOLDING SA                             | Paprec Holding SA                                                           | CUSIP: 000000000<br>LEI: 969500ASAFSVN9KVC873 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $118620.85    | 0.08%             | 2032-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                      | TerraForm Power Operating LLC                                               | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1255218.77   | 0.89%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                      | Standard Building Solutions Inc                                             | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     33000 | PA      | $33704.58     | 0.02%             | 2033-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                             | Seagate Data Storage Technology Pte Ltd                                     | CUSIP: 81180LAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   1200000 | PA      | $1096807.01   | 0.78%             | 2031-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                    | Grifols Escrow Issuer SA                                                    | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    680000 | PA      | $774093.46    | 0.55%             | 2028-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC                              | T-Mobile USA Inc                                                            | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $197345.06    | 0.14%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                               | Cemex SAB de CV                                                             | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $413080.00    | 0.29%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| FALABELLA SA                                  | Falabella SA                                                                | CUSIP: 000000000<br>LEI: 5493004CKJQ7H391LM41 | Long             | DBT              | CORP              | CL        |    900000 | PA      | $793570.50    | 0.56%             | 2032-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                              | Deutsche Bank AG                                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $691473.03    | 0.49%             | N/A             | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ALPHA BANK SA                                 | Alpha Bank SA                                                               | CUSIP: 000000000<br>LEI: 213800DBQIB6VBNU5C64 | Long             | DBT              | CORP              | GR        |    400000 | PA      | $468813.62    | 0.33%             | 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      | $615333.66    | 0.44%             | 2031-02-16      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| LKQ CORP                                      | LKQ Corp                                                                    | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |    200000 | PA      | $211621.27    | 0.15%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                             | Post Holdings Inc                                                           | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131645.02    | 0.09%             | 2033-03-01      | 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      | $544716.21    | 0.39%             | 2026-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                      | Graphic Packaging International LLC                                         | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101729.70    | 0.07%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                        | Anglo American Capital PLC                                                  | CUSIP: 034863BA7<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $183020.26    | 0.13%             | 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        |    600000 | PA      | $681102.55    | 0.48%             | 2029-04-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| ONEOK INC                                     | ONEOK Inc                                                                   | CUSIP: 682680CW1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     32000 | PA      | $29380.95     | 0.02%             | 2044-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                        | Clydesdale Acquisition Holdings Inc                                         | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    700000 | PA      | $719705.09    | 0.51%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENEL SPA                                      | Enel SpA                                                                    | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | DBT              | CORP              | IT        |    900000 | PA      | $942186.75    | 0.67%             | N/A             | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                              | Deutsche Bank AG                                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $236939.29    | 0.17%             | 2031-05-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                        | BP Capital Markets PLC                                                      | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $128883.13    | 0.09%             | 2036-09-12      | Fixed         | 5.07%                 | Yes           |                  2 | On Loan: No      |
| EDGE FINCO PLC                                | Edge Finco PLC                                                              | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |    477000 | PA      | $684167.80    | 0.49%             | 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        |    700000 | PA      | $666371.93    | 0.47%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                  | Novelis Corp                                                                | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    119000 | PA      | $114516.01    | 0.08%             | 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      | $326260.65    | 0.23%             | 2030-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                | Opal Bidco SAS                                                              | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $362976.23    | 0.26%             | 2032-03-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NOKIA OYJ                                     | Nokia Oyj                                                                   | CUSIP: 654902AE5<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    300000 | PA      | $298489.68    | 0.21%             | 2027-06-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KB HOME                                       | KB Home                                                                     | CUSIP: 48666KAZ2<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |    695000 | PA      | $647127.57    | 0.46%             | 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      | $231711.45    | 0.16%             | 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      | $138758.01    | 0.10%             | 2032-03-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                        | EDP - Energias de Portugal SA                                               | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |    800000 | PA      | $865714.06    | 0.61%             | 2082-03-14      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| ORSTED A/S                                    | Orsted AS                                                                   | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | DBT              | CORP              | DK        |    600000 | PA      | $600673.10    | 0.43%             | 3021-02-18      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                      | Graphic Packaging International LLC                                         | CUSIP: 38869AAD9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    850000 | PA      | $798742.62    | 0.57%             | 2030-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG                      | ContourGlobal Power Holdings SA                                             | CUSIP: 000000000<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |    600000 | PA      | $718196.56    | 0.51%             | 2030-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                   | BNP Paribas SA                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $412182.80    | 0.29%             | N/A             | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY                      | Itau Unibanco Holding SA/Cayman Island                                      | CUSIP: 46556M2A9<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |    400000 | PA      | $397250.89    | 0.28%             | 2031-04-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FIBERCOP SPA                                  | Optics Bidco SpA                                                            | CUSIP: 000000000<br>LEI: 254900QZ5RQ7MPFWE741 | Long             | DBT              | CORP              | IT        |    125000 | PA      | $143799.65    | 0.10%             | 2027-10-12      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                      | FMG Resources August 2006 Pty Ltd                                           | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    500000 | PA      | $475758.10    | 0.34%             | 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      | $219154.50    | 0.16%             | 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        |    457000 | PA      | $409620.12    | 0.29%             | 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      | $465189.63    | 0.33%             | 2026-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                            | Crown Americas LLC                                                          | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    450000 | PA      | $455589.00    | 0.32%             | 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      | $171955.09    | 0.12%             | 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        |    600000 | PA      | $521422.44    | 0.37%             | 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      | $207830.74    | 0.15%             | 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      | $127857.25    | 0.09%             | 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        |    690000 | PA      | $699074.19    | 0.50%             | 2029-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CF INDUSTRIES INC                             | CF Industries Inc                                                           | CUSIP: 12527GAF0<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44986.94     | 0.03%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                      | Clarios Global LP / Clarios US Finance Co                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    600000 | PA      | $711285.14    | 0.50%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                               | Cemex SAB de CV                                                             | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $199201.85    | 0.14%             | N/A             | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ENERGIZER GAMMA ACQ BV                        | Energizer Gamma Acquisition BV                                              | CUSIP: 000000000<br>LEI: 5493002SUYZDHEQ3JN34 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $456941.84    | 0.32%             | 2029-06-30      | Fixed         | 3.50%                 | 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      | $308563.50    | 0.22%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                        | Anglo American Capital PLC                                                  | CUSIP: 000000000<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $205268.31    | 0.15%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                        | Froneri Lux FinCo SARL                                                      | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |    405000 | PA      | $479279.24    | 0.34%             | 2032-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                              | Ziggo Bond Co BV                                                            | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $102492.71    | 0.07%             | 2030-02-28      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                      | Cooperatieve Rabobank UA                                                    | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $236320.88    | 0.17%             | 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      | $645572.77    | 0.46%             | 2029-11-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                      | Olympus Water US Holding Corp                                               | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1192083.86   | 0.85%             | 2029-10-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL INC                              | Berry Global Inc                                                            | CUSIP: 08576PAP6<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51986.33     | 0.04%             | 2034-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                      | Virgin Media Secured Finance PLC                                            | CUSIP: 000000000<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $124347.58    | 0.09%             | 2030-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                          | Boots Group Finco LP                                                        | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    211000 | PA      | $291046.82    | 0.21%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                 | United States Treasury Bill                                                 | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2351400 | PA      | $2341261.94   | 1.66%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                  | UBS GROUP AG 4.875                                                          | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $197248.10    | 0.14%             | N/A             | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                          | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    269000 | PA      | $268189.83    | 0.19%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                          | Kraft Heinz Foods Co                                                        | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79700.82     | 0.06%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                     | Ball Corp                                                                   | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    825000 | PA      | $746910.20    | 0.53%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                          | Telefonica Europe BV                                                        | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |   1100000 | PA      | $1218738.40   | 0.87%             | N/A             | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                      | FMG Resources August 2006 Pty Ltd                                           | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    300000 | PA      | $308088.00    | 0.22%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARCELIK AS                                    | Arcelik AS                                                                  | CUSIP: 000000000<br>LEI: 789000748KTQCUMJ0R25 | Long             | DBT              | CORP              | TR        |    800000 | PA      | $934138.42    | 0.66%             | 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      | $520983.00    | 0.37%             | 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      | $224733.71    | 0.16%             | 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      | $453768.20    | 0.32%             | 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        |   1075000 | PA      | $1053185.67   | 0.75%             | 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        |    433000 | PA      | $404185.06    | 0.29%             | 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        |    400000 | PA      | $359638.36    | 0.26%             | N/A             | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| NEXANS SA                                     | Nexans SA                                                                   | CUSIP: 000000000<br>LEI: 96950015FU78G84UIV14 | Long             | DBT              | CORP              | FR        |    800000 | PA      | $959574.01    | 0.68%             | 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      | $23889.53     | 0.02%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGESELL                      | Techem Verwaltungsgesellschaft 675 mbH                                      | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | DBT              | CORP              | DE        |    499000 | PA      | $582515.34    | 0.41%             | 2032-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA                       | Veolia Environnement SA                                                     | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |    900000 | PA      | $1003315.49   | 0.71%             | N/A             | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC                                  | Barclays PLC                                                                | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $284464.63    | 0.20%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                               | United States Treasury Note/Bond                                            | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16400000 | PA      | $16434748.32  | 11.67%            | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                | Owens-Brockway Glass Container Inc                                          | CUSIP: 69073TAV5<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302807.10    | 0.21%             | 2032-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                       | Summer BC Holdco B SARL                                                     | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $116221.76    | 0.08%             | 2030-02-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| DELL INC                                      | Dell Inc                                                                    | CUSIP: 24702RAM3<br>LEI: 3E70L4WYANTIWWIPHC81 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194661.30    | 0.14%             | 2040-09-10      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ALPHA BANK SA                                 | Alpha Services and Holdings SA                                              | CUSIP: 000000000<br>LEI: 5299009N55YRQC69CN08 | Long             | DBT              | CORP              | GR        |    200000 | PA      | $237363.40    | 0.17%             | 2031-06-11      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP                         | Bank of Ireland Group PLC                                                   | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $707819.18    | 0.50%             | 2032-12-06      | Fixed         | 7.59%                 | Yes           |                  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        |     57391 | NS      | $4640636.26   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| IRCA SPA                                      | Irca SpA/Gallarate                                                          | CUSIP: 000000000<br>LEI: 815600E94F34838F1B82 | Long             | DBT              | CORP              | IT        |    700000 | PA      | $823837.11    | 0.58%             | 2029-12-15      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC                              | T-Mobile USA Inc                                                            | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    172000 | PA      | $150565.81    | 0.11%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NEMAK SAB DE CV                               | Nemak SAB de CV                                                             | CUSIP: 000000000<br>LEI: 5493000MY3DAIB0BP706 | Long             | DBT              | CORP              | MX        |    699000 | PA      | $601183.76    | 0.43%             | 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        |    400000 | PA      | $385378.79    | 0.27%             | 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      | $92659.54     | 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      | $734088.39    | 0.52%             | 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        |    950000 | PA      | $898210.75    | 0.64%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                | Whirlpool Corp                                                              | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    419000 | PA      | $422317.94    | 0.30%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                      | Vistra Operations Co LLC                                                    | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    866000 | PA      | $846976.06    | 0.60%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                          | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AM3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39884.00     | 0.03%             | 2027-03-15      | Fixed         | 7.00%                 | 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      | $624411.02    | 0.44%             | 2032-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                 | United States Treasury Bill                                                 | CUSIP: 912797PY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5300000 | PA      | $5285693.71   | 3.75%             | 2025-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                  | Centene Corp                                                                | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    519000 | PA      | $442568.22    | 0.31%             | 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      | $208999.20    | 0.15%             | N/A             | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| NOKIA OYJ                                     | Nokia Oyj                                                                   | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    100000 | PA      | $122198.97    | 0.09%             | 2031-08-21      | Fixed         | 4.38%                 | Yes           |                  2 | 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        |        10 | NC      | $2627.55      | 0.00%             |  |  |  | No            |                  1 | 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        |         3 | NC      | $226.21       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | EURO-BUND                                                                   | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       -24 | NC      | $31515.19     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT             | EURO-BOBL                                                                   | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -4 | NC      | $2806.31      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP SA                                        | EDP SA                                                                      | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |    300000 | PA      | $357881.32    | 0.25%             | 2054-09-16      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| OVH GROUPE SAS                                | OVH Groupe SA                                                               | CUSIP: 000000000<br>LEI: 9695001J8OSOVX4TP939 | Long             | DBT              | CORP              | FR        |    650000 | PA      | $771499.42    | 0.55%             | 2031-02-05      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS                       | Infrastrutture Wireless Italiane SpA                                        | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | DBT              | CORP              | IT        |    400000 | PA      | $435174.29    | 0.31%             | 2031-04-19      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| ONEOK INC                                     | ONEOK Inc                                                                   | CUSIP: 682680CY7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $217027.23    | 0.15%             | 2045-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NOKIA OYJ                                     | Nokia Oyj                                                                   | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    200000 | PA      | $244397.93    | 0.17%             | 2031-08-21      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SUMMIT DIGITEL INFRASTR                       | Summit Digitel Infrastructure Pvt Ltd                                       | CUSIP: 86608CAA6<br>LEI: 3358004TNI1SSIQ9BQ37 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $180307.17    | 0.13%             | 2031-08-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                  | Barclays PLC                                                                | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $567227.52    | 0.40%             | 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      | $119378.23    | 0.08%             | 2031-03-13      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                              | Societe Generale SA                                                         | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    650000 | PA      | $672449.09    | 0.48%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NETWORK I2I LTD                               | Network i2i Ltd                                                             | CUSIP: 000000000<br>LEI: 2549003L8M1FGHLHOX45 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $199300.00    | 0.14%             | N/A             | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO                          | Lorca Telecom Bondco SA                                                     | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |    900000 | PA      | $1054055.75   | 0.75%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                        | Energizer Holdings Inc                                                      | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479173.75    | 0.34%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CF INDUSTRIES INC                             | CF Industries Inc                                                           | CUSIP: 12527GAD5<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |    300000 | PA      | $268660.53    | 0.19%             | 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        |    800000 | PA      | $719147.86    | 0.51%             | 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      | $358256.80    | 0.25%             | N/A             | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                      | Celanese US Holdings LLC                                                    | CUSIP: 15089QBB9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    100000 | PA      | $116220.67    | 0.08%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                      | Telenet Finance Luxembourg Notes Sarl                                       | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |   1200000 | PA      | $1195986.11   | 0.85%             | 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      | $121878.23    | 0.09%             | 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      | $96974.32     | 0.07%             | 2035-01-15      | Fixed         | 4.70%                 | 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      | $66058.29     | 0.05%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                             | Iron Mountain Inc                                                           | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     81000 | PA      | $80211.65     | 0.06%             | 2030-07-15      | Fixed         | 5.25%                 | 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       |    346000 | PA      | $398978.15    | 0.28%             | 2027-11-01      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| CENTENE CORP                                  | Centene Corp                                                                | CUSIP: 15135BAZ4<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    550000 | PA      | $466455.77    | 0.33%             | 2031-08-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING                       | Alcoa Nederland Holding BV                                                  | CUSIP: 013822AG6<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |   1125000 | PA      | $1084241.59   | 0.77%             | 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      | $198529.04    | 0.14%             | 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        |    555000 | PA      | $585690.39    | 0.42%             | 2033-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HCA INC                                       | HCA Inc                                                                     | CUSIP: 404119CC1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    600000 | PA      | $529124.66    | 0.38%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                      | Standard Industries Inc/NY                                                  | CUSIP: 853496AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    435000 | PA      | $395103.84    | 0.28%             | 2031-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PROGROUP AG                                   | ProGroup AG                                                                 | CUSIP: 000000000<br>LEI: 529900YI5W5TQ8F2FP82 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $695631.47    | 0.49%             | 2031-04-15      | Fixed         | 5.38%                 | 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      | $122043.47    | 0.09%             | 2033-02-03      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                       | VZ Secured Financing BV                                                     | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    900000 | PA      | $799887.24    | 0.57%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE CO SA                         | CELLNEX FINANCE CO SA                                                       | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $416992.45    | 0.30%             | 2033-02-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| ILIAD SA                                      | Iliad SA                                                                    | CUSIP: 000000000<br>LEI: 969500FZ9BTRZS3JNB97 | Long             | DBT              | CORP              | FR        |    900000 | PA      | $1027740.77   | 0.73%             | 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        |    700000 | PA      | $840018.87    | 0.60%             | 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      | $306522.00    | 0.22%             | 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      | $4125019.92   | 2.93%             | 2025-10-22      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| SAPPI PAPIER HOLDNG GMBH                      | Sappi Papier Holding GmbH                                                   | CUSIP: 000000000<br>LEI: 549300XBCUMUR5CI0181 | Long             | DBT              | CORP              | AT        |    400000 | PA      | $466245.18    | 0.33%             | 2028-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                      | Cooperatieve Rabobank UA                                                    | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $230912.64    | 0.16%             | N/A             | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| ONEOK INC                                     | ONEOK Inc                                                                   | CUSIP: 682680DA8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    275000 | PA      | $246519.71    | 0.17%             | 2047-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| EUROFINS SCIENTIFIC SE                        | Eurofins Scientific SE                                                      | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $202324.40    | 0.14%             | 2031-05-19      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| UNICREDIT SPA                                 | UniCredit SpA                                                               | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    600000 | PA      | $692723.19    | 0.49%             | N/A             | Fixed         | 3.88%                 | 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      | $122043.47    | 0.09%             | 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      | $189253.39    | 0.13%             | 2030-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                  | US Foods Inc                                                                | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402306.04    | 0.29%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                   | Aker BP ASA                                                                 | CUSIP: 00973RAN3<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    150000 | PA      | $145525.27    | 0.10%             | 2034-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SUMMIT DIGITEL INFRASTR                       | Summit Digitel Infrastructure Ltd                                           | CUSIP: 000000000<br>LEI: 3358004TNI1SSIQ9BQ37 | Long             | DBT              | CORP              | IN        |    400000 | PA      | $360614.34    | 0.26%             | 2031-08-12      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| VF CORP                                       | VF Corp                                                                     | CUSIP: 918204BC1<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |    250000 | PA      | $218287.65    | 0.15%             | 2030-04-23      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                             | Iliad Holding SASU                                                          | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $205947.80    | 0.15%             | 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      | $98555.32     | 0.07%             | 2051-07-15      | Fixed         | 3.50%                 | 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      | $1230.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                      | First Citizens BancShares Inc/NC                                            | CUSIP: 31959XAA1<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516250.00    | 0.37%             | N/A             | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| CELLNEX TELECOM SA                            | Cellnex Telecom SA                                                          | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $209575.02    | 0.15%             | 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        |    400000 | PA      | $409120.57    | 0.29%             | 2030-05-29      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| LKQ EURO HOLDINGS BV                          | LKQ European Holdings BV                                                    | CUSIP: 000000000<br>LEI: 549300J0BGI20W62GB49 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $294717.14    | 0.21%             | 2028-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| NATWEST GROUP PLC                             | Natwest Group PLC                                                           | CUSIP: 639057AD0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $719416.56    | 0.51%             | N/A             | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                              | ABN AMRO Bank NV                                                            | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    600000 | PA      | $702613.57    | 0.50%             | N/A             | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                         | Tenet Healthcare Corp                                                       | CUSIP: 88033GDR8<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    888000 | PA      | $862909.65    | 0.61%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  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      | $183016.14    | 0.13%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                        | BP Capital Markets PLC                                                      | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $531220.47    | 0.38%             | N/A             | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| NATWEST GROUP PLC                             | NatWest Group PLC                                                           | CUSIP: 639057AT5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $208398.60    | 0.15%             | N/A             | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                        | Millicom International Cellular SA                                          | CUSIP: 600814AS6<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    350000 | PA      | $361471.60    | 0.26%             | 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        |    600000 | PA      | $612032.48    | 0.43%             | 2028-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ASHLAND INC                                   | Ashland LLC                                                                 | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1071429.36   | 0.76%             | 2031-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                     | IQVIA Inc                                                                   | CUSIP: 000000000<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1180418.11   | 0.84%             | 2029-03-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                          | Range Resources Corp                                                        | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1024957.92   | 0.73%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                           | Mozart Debt Merger Sub Inc                                                  | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    899000 | PA      | $863823.75    | 0.61%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VF CORP                                       | VF Corp                                                                     | CUSIP: 918204AY4<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |    700000 | PA      | $598425.62    | 0.42%             | 2032-02-25      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                                 | Schaeffler AG                                                               | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $476834.46    | 0.34%             | 2030-03-28      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                      | EQT Corp                                                                    | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    589000 | PA      | $550990.76    | 0.39%             | 2031-05-15      | Fixed         | 3.62%                 | 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       |    619000 | PA      | $583562.25    | 0.41%             | 2029-11-15      | Fixed         | 3.88%                 | 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      | $421750.80    | 0.30%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                  | ING Groep NV                                                                | CUSIP: 456837AZ6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $438175.30    | 0.31%             | N/A             | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                           | Suzano Austria GmbH                                                         | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    950000 | PA      | $842109.74    | 0.60%             | 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        |    319000 | PA      | $304389.90    | 0.22%             | 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        |    600000 | PA      | $561263.46    | 0.40%             | 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      | $207875.00    | 0.15%             | N/A             | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-23

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer