# EDGAR Filing Document

**Accession Number:** 0001707560
**File Stem:** 0001193125-26-020448
**Filing Date:** 2026-1
**Character Count:** 163698
**Document Hash:** ddf4f31766c58f0c5a9a10e76383c92c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-020448.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001193125-26-020448

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**PERIOD START**: 20260831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23259
- **FILM NUMBER:** 26553664

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

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

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

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

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

## Series and Classes Contracts Data

### Federated Hermes SDG Engagement High Yield Credit Fund (Series ID: S000066503)

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

## Nport-Ex

Federated Hermes SDG Engagement High Yield Credit Fund

Portfolio of Investments

November 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Foreign** <br>**Currency** <br>**Par Amount,** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value in** <br>**U.S. Dollars**<br>|
|  | CORPORATE BONDS—70.7% |  |
|  | **Automotive—1.5%** |  |
| &nbsp;&nbsp;&nbsp; EUR 400,000 | Energizer Gamma Acquisition BV, Sr. Unsecd. Note, REGS, 3.500%, 6/30/2029 | &nbsp;&nbsp; $446734 |
| &nbsp;&nbsp;&nbsp; $900000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 4.000%, 11/13/2030 | &nbsp;&nbsp; 848328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 419000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.350%, 1/8/2031 | &nbsp;&nbsp; 376289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | Nemak SAB de CV, Sr. Unsecd. Note, REGS, 3.625%, 6/28/2031 | &nbsp;&nbsp; 774087 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2445438 |
|  | **Banking—9.2%** |  |
| &nbsp;&nbsp;&nbsp; EUR 800,000<br><sup>1</sup> <br>| ABN Amro Bank NV, Jr. Sub. Deb., 4.750%, 9/22/2027 | &nbsp;&nbsp; 933982 |
| &nbsp;&nbsp;&nbsp; $400000 | Akbank T.A.S., Sr. Unsecd. Note, REGS, 7.498%, 1/20/2030 | &nbsp;&nbsp; 421634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Akbank TAS - Old, Sub., REGS, 7.875%, 9/4/2035 | &nbsp;&nbsp; 205577 |
| &nbsp;&nbsp;&nbsp; EUR 500,000 | Alpha Bank SA, Sr. Pfd., 2.500%, 3/23/2028 | &nbsp;&nbsp; 579291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Alpha Bank SA, Sub. Note, Series EMTN, 4.308%, 7/23/2036 | &nbsp;&nbsp; 354778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Australia & New Zealand Banking Group Ltd., Sub., Series EMTN, 5.101%, 2/3/2033 | &nbsp;&nbsp; 242567 |
| &nbsp;&nbsp;&nbsp; $800000 | Banco Btg Pactual/Cayman, Sr. Unsecd. Note, REGS, 5.750%, 1/22/2030 | &nbsp;&nbsp; 816400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000<br><sup>1</sup> <br>| Banco Mercantil De Norte, Jr. Sub. Note, 144A, 8.750%, 5/20/2035 | &nbsp;&nbsp; 425096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000<br><sup>1</sup> <br>| Banco Mercantil De Norte, Jr. Sub. Note, REGS, 6.625%, 1/24/2032 | &nbsp;&nbsp; 390863 |
| &nbsp;&nbsp;&nbsp; EUR 400,000 | Bank of Ireland Group PLC, Sub. Note, Series EMTN, 1.375%, 8/11/2031 | &nbsp;&nbsp; 461188 |
| &nbsp;&nbsp; GBP 500,000 | Bank of Ireland Group PLC, Sub., Series EMTN, 7.594%, 12/6/2032 | &nbsp;&nbsp; 693102 |
| &nbsp;&nbsp;&nbsp; $600000<br><sup>1</sup> <br>| Barclays PLC, Jr. Sub. Note, 4.375%, 3/15/2028 | &nbsp;&nbsp; 576121 |
| &nbsp;&nbsp; GBP 400,000<br><sup>1</sup> <br>| Barclays PLC, Jr. Sub. Note, 8.500%, 6/15/2030 | &nbsp;&nbsp; 567347 |
| &nbsp;&nbsp;&nbsp; $400000<br><sup>1</sup> <br>| BNP Paribas SA, Jr. Sub. Note, REGS, 4.625%, 2/25/2031 | &nbsp;&nbsp; 363036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000<br><sup>1</sup> <br>| BNP Paribas SA, Jr. Sub. Note, REGS, 7.375%, 9/10/2034 | &nbsp;&nbsp; 415254 |
| &nbsp;&nbsp;&nbsp; EUR 400,000 | Cellnex Finance Co. SA, Series EMTN, 2.000%, 2/15/2033 | &nbsp;&nbsp; 416443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000<br><sup>1</sup> <br>| Commerzbank AG, Jr. Sub. Note, 4.250%, 10/9/2027 | &nbsp;&nbsp; 689331 |
| &nbsp;&nbsp;&nbsp; $200000<br><sup>1</sup> <br>| Commerzbank AG, Jr. Sub. Note, Series EMTN, 7.500%, 10/9/2030 | &nbsp;&nbsp; 209265 |
| &nbsp;&nbsp;&nbsp; EUR 200,000<br><sup>1</sup> <br>| Cooperatieve Rabobank UA, Jr. Sub. Note, 3.250%, 12/29/2026 | &nbsp;&nbsp; 229749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Cooperatieve Rabobank UA, Jr. Sub. Note, 4.875%, 6/29/2029 | &nbsp;&nbsp; 234075 |
| &nbsp;&nbsp;&nbsp; $200000<br><sup>1</sup> <br>| Credit Suisse Group AG, Jr. Sub. Note, 144A, 7.125%, 8/10/2034 | &nbsp;&nbsp; 205164 |
| &nbsp;&nbsp;&nbsp; EUR 600,000<br><sup>1</sup> <br>| Deutsche Bank AG, Jr. Sub. Note, 4.500%, 11/30/2026 | &nbsp;&nbsp; 691099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Deutsche Bank AG, Sr. Unsecd. Note, Series EMTN, 5.625%, 5/19/2031 | &nbsp;&nbsp; 233392 |
| &nbsp;&nbsp;&nbsp; $500000<br><sup>1</sup> <br>| First Citizens Bancshares, Inc., Jr. Sub. Note, Series B, 9.524%, 1/4/2027 | &nbsp;&nbsp; 510847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000<br><sup>1</sup> <br>| ING Groep N.V., Jr. Sub. Note, Series NC10, 4.250%, 5/16/2031 | &nbsp;&nbsp; 442882 |
| &nbsp;&nbsp;&nbsp; EUR 730,000<br><sup>1</sup> <br>| Intesa Sanpaolo SpA, Jr. Sub. Note, 4.125%, 2/27/2030 | &nbsp;&nbsp; 822752 |
| &nbsp;&nbsp;&nbsp; $400000 | Itau Unibanco Holding SA, Sub., REGS, 3.875%, 4/15/2031 | &nbsp;&nbsp; 397787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000<br><sup>1</sup> <br>| NatWest Markets plc, Jr. Sub. Note, 4.600%, 6/28/2031 | &nbsp;&nbsp; 919270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000<br><sup>1</sup> <br>| UBS Group AG, Jr. Sub. Note, REGS, 4.375%, 2/10/2031 | &nbsp;&nbsp; 363479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| UBS Group AG, Jr. Sub. Note, REGS, 4.875%, 2/12/2027 | &nbsp;&nbsp; 198278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| UBS Group AG, Jr. Sub. Note, REGS, 7.125%, 8/10/2034 | &nbsp;&nbsp; 205164 |
| &nbsp;&nbsp;&nbsp; EUR 600,000<br><sup>1</sup> <br>| UniCredit SpA, Jr. Sub. Note, Series EMTN, 3.875%, 6/3/2027 | &nbsp;&nbsp; 688690 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14903903 |
|  | **Basic Industries—13.4%** |  |
| &nbsp;&nbsp;&nbsp; $1325000 | Alcoa Nederland Holding B.V., Sr. Unsecd. Note, 144A, 4.125%, 3/31/2029 | &nbsp;&nbsp; 1298637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 2.875%, 3/17/2031 | &nbsp;&nbsp; 185351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Anglo American Capital PLC, Sr. Unsecd. Note, REGS, 5.500%, 5/2/2033 | &nbsp;&nbsp; 208058 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Basic Industries—continued** |  |
| &nbsp;&nbsp;&nbsp; $1050000 | Ashland, Inc., Sr. Unsecd. Note, 144A, 3.375%, 9/1/2031 | &nbsp;&nbsp; $950211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Axalta Coating Systems LLC, Sr. Unsecd. Note, 144A, 3.375%, 2/15/2029 | &nbsp;&nbsp; 1208343 |
| &nbsp;&nbsp;&nbsp; EUR 400,000 | Celanese US Holdings LLC, Sr. Unsecd. Note, 5.000%, 4/15/2031 | &nbsp;&nbsp; 454283 |
| &nbsp;&nbsp;&nbsp; $100000 | Celanese US Holdings LLC, Sr. Unsecd. Note, 6.500%, 4/15/2030 | &nbsp;&nbsp; 99904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | Cemex S.A.B. de C.V., REGS, 3.875%, 7/11/2031 | &nbsp;&nbsp; 571704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000<br><sup>1</sup> <br>| Cemex S.A.B. de C.V., Sub. Note, 7.200%, 6/10/2030 | &nbsp;&nbsp; 415000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Cemex S.A.B. de C.V., Sub., REGS, 5.125%, 6/8/2026 | &nbsp;&nbsp; 199397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | CF Industries Holdings, Inc., Sr. Unsecd. Note, 4.950%, 6/1/2043 | &nbsp;&nbsp; 272650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45000 | CF Industries Holdings, Inc., Sr. Unsecd. Note, 5.150%, 3/15/2034 | &nbsp;&nbsp; 45455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 520000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 4.625%, 3/1/2029 | &nbsp;&nbsp; 508431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.000%, 3/15/2032 | &nbsp;&nbsp; 24631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | Cleveland-Cliffs, Inc., Sr. Unsecd. Note, 144A, 7.375%, 5/1/2033 | &nbsp;&nbsp; 412950 |
| &nbsp;&nbsp; GBP 477,000 | Edge Finco PLC, Sec. Fac. Bond, 144A, 8.125%, 8/15/2031 | &nbsp;&nbsp; 666101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Edge Finco PLC, Secured Note, REGS, 8.125%, 8/15/2031 | &nbsp;&nbsp; 279288 |
| &nbsp;&nbsp;&nbsp; $500000 | FMG Reources, Sr. Unsecd. Note, 144A, 4.375%, 4/1/2031 | &nbsp;&nbsp; 482760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | FMG Reources, Sr. Unsecd. Note, 144A, 6.125%, 4/15/2032 | &nbsp;&nbsp; 313416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 6.375%, 7/15/2032 | &nbsp;&nbsp; 101816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 420000 | Huntsman International LLC, Sr. Unsecd. Note, 2.950%, 6/15/2031 | &nbsp;&nbsp; 350147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Huntsman International LLC, Sr. Unsecd. Note, 5.700%, 10/15/2034 | &nbsp;&nbsp; 89853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | IHS Holding Ltd., Sr. Secd. Note, REGS, 7.875%, 5/29/2030 | &nbsp;&nbsp; 408220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | IHS Holding Ltd., Sr. Unsecd. Note, 144A, 7.875%, 5/29/2030 | &nbsp;&nbsp; 408220 |
| &nbsp;&nbsp;&nbsp; EUR 500,000 | InPost S.A., Sr. Unsecd. Note, REGS, 4.000%, 4/1/2031 | &nbsp;&nbsp; 582360 |
| &nbsp;&nbsp;&nbsp; $695000 | KB HOME, Sr. Unsecd. Note, 4.000%, 6/15/2031 | &nbsp;&nbsp; 659701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4000 | KB HOME, Sr. Unsecd. Note, 4.800%, 11/15/2029 | &nbsp;&nbsp; 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Novelis Corporation, Sr. Unsecd. Note, 144A, 3.875%, 8/15/2031 | &nbsp;&nbsp; 456636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Novelis Corporation, Sr. Unsecd. Note, 144A, 4.750%, 1/30/2030 | &nbsp;&nbsp; 288884 |
| &nbsp;&nbsp;&nbsp; EUR 419,000 | Novelis Sheet Ingot Gmbh, Sr. Unsecd. Note, REGS, 3.375%, 4/15/2029 | &nbsp;&nbsp; 473936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Olympus Water US Holding Corp., Sr. Unsecd. Note, REGS, 5.375%, 10/1/2029 | &nbsp;&nbsp; 1179501 |
| &nbsp;&nbsp;&nbsp; $300000 | Orbia Advance Corp. SAB de CV, Sr. Unsecd. Note, 144A, 6.800%, 5/13/2030 | &nbsp;&nbsp; 299571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | Orbia Advance Corp. SAB de CV, Sr. Unsecd. Note, REGS, 2.875%, 5/11/2031 | &nbsp;&nbsp; 407817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Orbia Advance Corp. SAB de CV, Sr. Unsecd. Note, REGS, 6.800%, 5/13/2030 | &nbsp;&nbsp; 199714 |
| &nbsp;&nbsp;&nbsp; EUR 205,000 | PAPREC HOLDING SA, Sec. Fac. Bond, 144A, 4.500%, 7/15/2032 | &nbsp;&nbsp; 242918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | PAPREC HOLDING SA, Sr. Secd. Note, REGS, 4.500%, 7/15/2032 | &nbsp;&nbsp; 473987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Sappi Papier Holding GmbH, Sr. Unsecd. Note, REGS, 3.625%, 3/15/2028 | &nbsp;&nbsp; 459806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192000 | Sappi Papier Holding GmbH, Sr. Unsecd. Note, REGS, 4.500%, 3/15/2032 | &nbsp;&nbsp; 214072 |
| &nbsp;&nbsp;&nbsp; $200000 | Sappi Papier Holding GmbH, Sr. Unsecd. Note, REGS, 7.500%, 6/15/2032 | &nbsp;&nbsp; 211500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | SNF Group SACA, Sr. Unsecd. Note, 144A, 3.375%, 3/15/2030 | &nbsp;&nbsp; 1216332 |
| &nbsp;&nbsp;&nbsp; EUR 300,000<br><sup>1</sup> <br>| Solvay S.A., Jr. Sub. Note, 2.500%, 12/2/2025 | &nbsp;&nbsp; 348068 |
| &nbsp;&nbsp;&nbsp; $435000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 3.375%, 1/15/2031 | &nbsp;&nbsp; 399475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | Standard Industries, Inc., Sr. Unsecd. Note, 144A, 6.250%, 8/1/2033 | &nbsp;&nbsp; 410554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Summit Digitel Infrastructure, 144A, 2.875%, 8/12/2031 | &nbsp;&nbsp; 182331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000<br><sup>2</sup> <br>| Summit Digitel Infrastructure, C Bond, REGS, 2.875%, 8/12/2031 | &nbsp;&nbsp; 364663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 950000 | Suzano Austria GmbH, Sr. Unsecd. Note, Series DM3N, 3.125%, 1/15/2032 | &nbsp;&nbsp; 850813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1111000 | Taylor Morrison Communities, Inc./Monarch Communities, Inc., Sr. Unsecd. Note, 144A, 5.125%, 8/1/2030 | &nbsp;&nbsp; 1116953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 750000 | TopBuild Corp., Sr. Unsecd. Note, 144A, 5.625%, 1/31/2034 | &nbsp;&nbsp; 760805 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 21759231 |
|  | **Capital Goods—4.6%** |  |
| &nbsp;&nbsp;&nbsp; EUR 193,000 | Ardagh Metal Packaging, Secured Note, 144A, 5.000%, 1/30/2031 | &nbsp;&nbsp; 226009 |

---

**2**

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---

| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Capital Goods—continued** |  |
| &nbsp;&nbsp;&nbsp; $200000 | Ardagh Metal Packaging, Sr. Unsecd. Note, 144A, 4.000%, 9/1/2029 | &nbsp;&nbsp; $186297 |
| &nbsp;&nbsp;&nbsp; EUR 700,000 | Ardagh Metal Packaging, Sr. Unsecd. Note, REGS, 3.000%, 9/1/2029 | &nbsp;&nbsp; 763898 |
| &nbsp;&nbsp;&nbsp; $825000 | Ball Corp., Sr. Unsecd. Note, 2.875%, 8/15/2030 | &nbsp;&nbsp; 761397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | Ball Corp., Sr. Unsecd. Note, 5.500%, 9/15/2033 | &nbsp;&nbsp; 611721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Berry Global, Inc., 1.650%, 1/15/2027 | &nbsp;&nbsp; 291126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Berry Global, Inc., 5.65%, 1/15/2034 | &nbsp;&nbsp; 52448 |
| &nbsp;&nbsp;&nbsp; EUR 300,000 | Berry Global, Inc., Sec. Fac. Bond, REGS, 1.500%, 1/15/2027 | &nbsp;&nbsp; 343476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156000 | Crown European Holdings SA, Sr. Unsecd. Note, 144A, 4.500%, 1/15/2030 | &nbsp;&nbsp; 188240 |
| &nbsp;&nbsp;&nbsp; $250000 | Klabin Austria Gmbh, Sr. Unsecd. Note, 144A, 3.200%, 1/12/2031 | &nbsp;&nbsp; 226716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Klabin Austria Gmbh, Sr. Unsecd. Note, REGS, 3.200%, 1/12/2031 | &nbsp;&nbsp; 725493 |
| &nbsp;&nbsp;&nbsp; EUR 900,000 | Progroup Ag, Sec. Fac. Bond, REGS, 5.375%, 4/15/2031 | &nbsp;&nbsp; 1057633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Rexel S.A., Sr. Unsecd. Note, 2.125%, 12/15/2028 | &nbsp;&nbsp; 740037 |
| &nbsp;&nbsp;&nbsp; $1075000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 4.000%, 12/1/2027 | &nbsp;&nbsp; 1073485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Sealed Air Corp., Sr. Unsecd. Note, 144A, 5.000%, 4/15/2029 | &nbsp;&nbsp; 201547 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7449523 |
|  | **Consumer Cyclicals—4.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 700000 | Adient Global Holdings Ltd., Sr. Unsecd. Note, 144A, 7.500%, 2/15/2033 | &nbsp;&nbsp; 725328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | American Axle & Manufacturing, Inc., 144A, 7.750%, 10/15/2033 | &nbsp;&nbsp; 38406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 129000 | American Axle & Manufacturing, Inc., Sr. Sub. Secd. Note, 5.000%, 10/1/2029 | &nbsp;&nbsp; 123751 |
| &nbsp;&nbsp;&nbsp; EUR 700,000 | AZELIS Finance Nv, Sr. Unsecd. Note, REGS, 4.750%, 9/25/2029 | &nbsp;&nbsp; 831304 |
| &nbsp;&nbsp; GBP 211,000 | Boots Group Finco LP, Sec. Fac. Bond, Series 144\*, 7.375%, 8/31/2032 | &nbsp;&nbsp; 286829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Boots Group Finco LP, Secured Note, REGS, 7.375%, 8/31/2032 | &nbsp;&nbsp; 407814 |
| &nbsp;&nbsp;&nbsp; $300000 | Clarios Global LP, Sr. Unsecd. Note, 144A, 6.750%, 9/15/2032 | &nbsp;&nbsp; 308811 |
| &nbsp;&nbsp;&nbsp; EUR 600,000 | Clarios Global LP/Clarios US Finance Co, Sr. Secd. Note, 4.75%, 6/15/2031 | &nbsp;&nbsp; 709059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | ELIOR Group Sa, Sr. Unsecd. Note, 5.625%, 3/15/2030 | &nbsp;&nbsp; 836621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | V.F. Corp., Sr. Unsecd. Note, 0.625%, 2/25/2032 | &nbsp;&nbsp; 632003 |
| &nbsp;&nbsp;&nbsp; $250000 | V.F. Corp., Sr. Unsecd. Note, 2.950%, 4/23/2030 | &nbsp;&nbsp; 224669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 700000 | Whirlpool Corp., Sr. Unsecd. Note, 6.500%, 6/15/2033 | &nbsp;&nbsp; 696106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Yum! Brands, Inc., Sr. Unsecd. Note, 5.375%, 4/1/2032 | &nbsp;&nbsp; 812934 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6633635 |
|  | **Consumer Goods—1.1%** |  |
| &nbsp;&nbsp;&nbsp; EUR 800,000 | Arcelik AS, Sr. Unsecd. Note, 3.000%, 5/27/2026 | &nbsp;&nbsp; 927602 |
| &nbsp;&nbsp;&nbsp; $130000 | Post Holdings, Inc., 144A, 6.375%, 3/1/2033 | &nbsp;&nbsp; 131907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 433000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.500%, 9/15/2031 | &nbsp;&nbsp; 408732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338000 | Post Holdings, Inc., Sr. Unsecd. Note, 144A, 4.625%, 4/15/2030 | &nbsp;&nbsp; 329582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1797823 |
|  | **Consumer Non-Cyclical—3.1%** |  |
| &nbsp;&nbsp;&nbsp; EUR 405,000 | Froneri Lux Finco Sarl, Sec. Fac. Bond, 144A, 4.750%, 8/1/2032 | &nbsp;&nbsp; 473263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Froneri Lux Finco Sarl, Secured Note, REGS, 4.750%, 8/1/2032 | &nbsp;&nbsp; 350566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | Irca Spa, Sec. Fac. Bond, REGS, 5.764%, 12/15/2029 | &nbsp;&nbsp; 1053667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319000 | Opal Bidco SAS, Sec. Fac. Bond, 144A, 5.500%, 3/31/2032 | &nbsp;&nbsp; 382644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Opal Bidco SAS, Sec. Fac. Bond, REGS, 5.500%, 3/31/2032 | &nbsp;&nbsp; 599755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Schaeffler AG, Sr. Unsecd. Note, Series EMTN, 4.500%, 3/28/2030 | &nbsp;&nbsp; 474721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499000 | Techem Verwaltungsgesell, Sec. Fac. Bond, 144A, 4.625%, 7/15/2032 | &nbsp;&nbsp; 582959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Techem Verwaltungsgesell, Sr. Secd. Note, REGS, 4.625%, 7/15/2032 | &nbsp;&nbsp; 350477 |
| &nbsp;&nbsp;&nbsp; $700000 | US Foods, Inc., Sr. Unsecd. Note, 144A, 5.750%, 4/15/2033 | &nbsp;&nbsp; 714349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4982401 |

---

**3**

------

---

| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Energy—3.0%** |  |
| &nbsp;&nbsp;&nbsp; $150000 | Aker BP ASA, Sr. Unsecd. Note, 144A, 5.125%, 10/1/2034 | &nbsp;&nbsp; $148567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | Aker BP ASA, Sr. Unsecd. Note, REGS, 3.750%, 1/15/2030 | &nbsp;&nbsp; 581407 |
| &nbsp;&nbsp; GBP 100,000 | BP Capital Markets PLC, Sr. Unsecd. Note, Series EMTN, 5.067%, 9/12/2036 | &nbsp;&nbsp; 129956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000<br><sup>1</sup> <br>| BP Capital Markets PLC, Sub., 4.250%, 3/22/2027 | &nbsp;&nbsp; 522602 |
| &nbsp;&nbsp;&nbsp; $589000 | EQT Corp., Sr. Unsecd. Note, 144A, 3.625%, 5/15/2031 | &nbsp;&nbsp; 555663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | Greenko Wind Projects (Mauritius) Ltd., Sr. Unsecd. Note, 144A, 7.250%, 9/27/2028 | &nbsp;&nbsp; 606104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 550000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 3.200%, 8/15/2026 | &nbsp;&nbsp; 546080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | ONEOK, Inc., Sr. Unsecd. Note, 5.050%, 4/1/2045 | &nbsp;&nbsp; 223421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 275000 | ONEOK, Inc., Sr. Unsecd. Note, 5.450%, 6/1/2047 | &nbsp;&nbsp; 254905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32000 | ONEOK, Inc., Sr. Unsecd. Note, 5.600%, 4/1/2044 | &nbsp;&nbsp; 30545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Range Resources Corp., Sr. Unsecd. Note, 144A, 4.750%, 2/15/2030 | &nbsp;&nbsp; 1234240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4833490 |
|  | **Financial Services—0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000<br><sup>1</sup> <br>| ING Groep N.V., Jr. Sub. Note, 7.250%, 11/16/2034 | &nbsp;&nbsp; 423260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000<br><sup>1</sup> <br>| Natwest Group plc, Jr. Sub. Deb., 7.300%, 11/19/2034 | &nbsp;&nbsp; 210499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 850000<br><sup>1</sup> <br>| Societe Generale SA, Jr. Sub. Note, 144A, 8.125%, 11/21/2029 | &nbsp;&nbsp; 893204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1526963 |
|  | **Health Care—4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 519000 | Centene Corp., 2.500%, 3/1/2031 | &nbsp;&nbsp; 447800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 550000 | Centene Corp., Sr. Unsecd. Note, 2.625%, 8/1/2031 | &nbsp;&nbsp; 471799 |
| &nbsp;&nbsp;&nbsp; EUR 200,000 | Eurofins Scientific SE, Sr. Unsecd. Note, 0.875%, 5/19/2031 | &nbsp;&nbsp; 202271 |
| &nbsp;&nbsp;&nbsp; $900000 | Fresenius Medical Care US Finance III, Inc., Sr. Unsecd. Note, REGS, 2.375%, 2/16/2031 | &nbsp;&nbsp; 799291 |
| &nbsp;&nbsp;&nbsp; EUR 900,000 | Grifols Escrow Issuer SA, Sr. Unsecd. Note, REGS, 3.875%, 10/15/2028 | &nbsp;&nbsp; 1030446 |
| &nbsp;&nbsp;&nbsp; $150000 | HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051 | &nbsp;&nbsp; 104423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | HCA, Inc., Sr. Unsecd. Note, 2.375%, 7/15/2031 | &nbsp;&nbsp; 538528 |
| EUR 1,050,000 | Iqvia, Inc., Sr. Unsecd. Note, REGS, 2.250%, 3/15/2029 | &nbsp;&nbsp; 1184182 |
| &nbsp;&nbsp;&nbsp; $899000 | Medline Borrower LP, Sr. Secd. Note, 144A, 3.875%, 4/1/2029 | &nbsp;&nbsp; 873388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Medline Borrower LP/Medline Co-Issuer Inc., 144A, 6.250%, 4/1/2029 | &nbsp;&nbsp; 310671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 888000 | Tenet Healthcare Corp., 4.375%, 1/15/2030 | &nbsp;&nbsp; 870794 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6833593 |
|  | **Insurance—1.6%** |  |
| &nbsp;&nbsp; GBP 925,000<br><sup>1</sup> <br>| Phoenix Group Holdings PLC, Jr. Sub. Deb., 5.750%, 4/26/2028 | &nbsp;&nbsp; 1199237 |
| &nbsp;&nbsp;&nbsp; EUR 700,000 | UnipolSai Assicurazioni SpA, Sub., Series EMTN, 3.875%, 3/1/2028 | &nbsp;&nbsp; 830650 |
| &nbsp;&nbsp;&nbsp; $600000 | Zurich Finance Ireland, Sub. Note, Series EMTN, 3.000%, 4/19/2051 | &nbsp;&nbsp; 544633 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2574520 |
|  | **Media—3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 144A, 4.250%, 1/15/2034 | &nbsp;&nbsp; 763477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, 4.500%, 5/1/2032 | &nbsp;&nbsp; 180362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | Sunrise FinCo I B.V., Sr. Note, 144A, 4.875%, 7/15/2031 | &nbsp;&nbsp; 1195581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | Telenet Finance Luxembourg, Sr. Secd. Note, 144A, 5.500%, 3/1/2028 | &nbsp;&nbsp; 1191776 |
| &nbsp;&nbsp;&nbsp; EUR 700,000 | United Group B.V., Sec. Fac. Bond, REGS, 5.250%, 2/1/2030 | &nbsp;&nbsp; 809205 |
| &nbsp;&nbsp; GBP 450,000 | Virgin Media O2 V Dac, Sr. Secd. Note, 144A, 7.875%, 3/15/2032 | &nbsp;&nbsp; 602772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Virgin Media Secured Finance PLC, Sec. Fac. Bond, REGS, 4.250%, 1/15/2030 | &nbsp;&nbsp; 121669 |
| &nbsp;&nbsp;&nbsp; EUR 100,000 | Ziggo Bond Co. BV, Sr. Unsecd. Note, REGS, 3.375%, 2/28/2030 | &nbsp;&nbsp; 103442 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4968284 |
|  | **Packaging—2.1%** |  |
| &nbsp;&nbsp;&nbsp; $1000000 | Clydesdale Acquisition Holdings, Inc., Sr. Secd. Note, 144A, 6.750%, 4/15/2032 | &nbsp;&nbsp; 1009859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 450000 | Crown Americas LLC, Sr. Unsecd. Note, 144A, 5.875%, 6/1/2033 | &nbsp;&nbsp; 461085 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Packaging—continued** |  |
| &nbsp;&nbsp;&nbsp; $467000 | Crown Americas LLC, Sr. Unsecd. Note, 4.250%, 9/30/2026 | &nbsp;&nbsp; $464887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 850000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/1/2030 | &nbsp;&nbsp; 805693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 700000 | Owens-Brockway Glass Container, Inc., Sr. Unsecd. Note, 144A, 7.375%, 6/1/2032 | &nbsp;&nbsp; 705110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3446634 |
|  | **Real Estate—1.1%** |  |
| &nbsp;&nbsp;&nbsp; EUR 346,000 | CANPACK SA and Eastern PA Land Investment Holding LLC, REGS, 2.375%, 11/1/2027 | &nbsp;&nbsp; 395856 |
| &nbsp;&nbsp;&nbsp; $619000 | CANPACK SA and Eastern PA Land Investment Holding LLC, Sr. Unsecd. Note, 144A, 3.875%, 11/15/2029 | &nbsp;&nbsp; 590288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 700000 | Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 4.500%, 2/15/2031 | &nbsp;&nbsp; 670584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81000 | Iron Mountain, Inc., Sr. Unsecd. Note, 144A, 5.250%, 7/15/2030 | &nbsp;&nbsp; 80361 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1737089 |
|  | **Retail—1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 950000 | 1011778 BC Unltd. Liability Co./New Red Finance, Inc., 144A, 5.625%, 9/15/2029 | &nbsp;&nbsp; 969253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | Falabella S.A., Sr. Unsecd. Note, REGS, 3.375%, 1/15/2032 | &nbsp;&nbsp; 818372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1787625 |
|  | **Technology & Electronics—2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Dell, Inc., Sr. Unsecd. Note, 5.400%, 9/10/2040 | &nbsp;&nbsp; 197980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Nokia Oyj, Sr. Unsecd. Note, 4.375%, 6/12/2027 | &nbsp;&nbsp; 301325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | Nokia Oyj, Sr. Unsecd. Note, 6.625%, 5/15/2039 | &nbsp;&nbsp; 268770 |
| &nbsp;&nbsp;&nbsp; EUR 300,000 | Nokia Oyj, Sr. Unsecd. Note, Series EMTN, 4.375%, 8/21/2031 | &nbsp;&nbsp; 365889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 | OVH Groupe SAS, Sr. Unsecd. Note, REGS, 4.750%, 2/5/2031 | &nbsp;&nbsp; 990912 |
| &nbsp;&nbsp;&nbsp; $1200000 | Seagate Data Storage Technologh Pte. Ltd., Sr. Note, 4.125%, 1/15/2031 | &nbsp;&nbsp; 1143508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 160000 | Seagate Data Storage Technologh Pte. Ltd., Sr. Unsecd. Note, 144A, 4.091%, 6/1/2029 | &nbsp;&nbsp; 156703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 475000 | Xerox Holdings Corp., Sr. Unsecd. Note, 144A, 8.875%, 11/30/2029 | &nbsp;&nbsp; 176694 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3601781 |
|  | **Telecommunications—8.4%** |  |
| &nbsp;&nbsp;&nbsp; EUR 200,000 | Cellnex Telecom, SA, Conv. Bond, Series CLNX, 0.750%, 11/20/2031 | &nbsp;&nbsp; 209789 |
| &nbsp;&nbsp;&nbsp; $500000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 4.375%, 3/31/2029 | &nbsp;&nbsp; 476320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150000 | Energizer Holdings, Inc., Sr. Unsecd. Note, 144A, 6.000%, 9/15/2033 | &nbsp;&nbsp; 141785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1148000 | Fibercop SPA, Sec. Fac. Bond, 144A, 6.000%, 9/30/2034 | &nbsp;&nbsp; 1083086 |
| &nbsp;&nbsp;&nbsp; EUR 125,000 | Fibercop SPA, Series emtn, 2.375%, 10/12/2027 | &nbsp;&nbsp; 143234 |
| &nbsp;&nbsp;&nbsp; $200000 | Iliad Holding Sas, 144A, 7.000%, 4/15/2032 | &nbsp;&nbsp; 206417 |
| &nbsp;&nbsp;&nbsp; EUR 900,000 | Iliad SA, Sr. Secd. Note, 1.875%, 2/11/2028 | &nbsp;&nbsp; 1018451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Infrastrutture Wireless Italiane SPA, Sr. Unsecd. Note, Series EMTN, 1.750%, 4/19/2031 | &nbsp;&nbsp; 430722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Infrastrutture Wireless Italiane SPA, Sr. Unsecd. Note, Series GMTN, 1.625%, 10/21/2028 | &nbsp;&nbsp; 447799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | LorcaTelecom Bondco, Term Loan - 1st Lien, REGS, 4.000%, 9/18/2027 | &nbsp;&nbsp; 1045785 |
| &nbsp;&nbsp;&nbsp; $350000 | Millicom International Cellular S.A., Sr. Unsecd. Note, 144A, 7.375%, 4/2/2032 | &nbsp;&nbsp; 365753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Millicom International Cellular S.A., Sr. Unsecd. Note, REGS, 4.500%, 4/27/2031 | &nbsp;&nbsp; 743317 |
| &nbsp;&nbsp;&nbsp; EUR 900,000 | Nexans SA, Sr. Unsecd. Note, 4.125%, 5/29/2029 | &nbsp;&nbsp; 1068640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | Odido Group Holding B.V., Sr. Unsecd. Note, REGS, 5.500%, 1/15/2030 | &nbsp;&nbsp; 1049191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Summer (BC) Holdco B S.a r.l., Sec. Fac. Bond, 144A, 5.875%, 2/15/2030 | &nbsp;&nbsp; 526387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Summer (BC) Holdco B S.a r.l., Secured Note, REGS, 5.875%, 2/15/2030 | &nbsp;&nbsp; 315832 |
| &nbsp;&nbsp;&nbsp; $100000 | Telecom Italia Capital SA, Sr. Unsecd. Note, 6.000%, 9/30/2034 | &nbsp;&nbsp; 102832 |
| EUR 1,100,000<br><sup>1</sup> <br>| Telefonica Europe BV, Jr. Sub. Note, 2.376%, 2/12/2029 | &nbsp;&nbsp; 1210115 |
| &nbsp;&nbsp;&nbsp; $172000 | T-Mobile USA, Inc., 2.250%, 11/15/2031 | &nbsp;&nbsp; 152904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | T-Mobile USA, Inc., 3.300%, 2/15/2051 | &nbsp;&nbsp; 205176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 4.700%, 1/15/2035 | &nbsp;&nbsp; 99241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Turk Telekomunikasyon AS, Sr. Unsecd. Note, 144A, 7.375%, 5/20/2029 | &nbsp;&nbsp; 207640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | Turk Telekomunikasyon AS, Sr. Unsecd. Note, REGS, 7.375%, 5/20/2029 | &nbsp;&nbsp; 830561 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Foreign**<br> **Currency**<br> **Par Amount,**<br> **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Telecommunications—continued** |  |
| &nbsp;&nbsp; GBP 100,000 | Virgin Media O2 V Dac, Sec. Fac. Bond, REGS, 7.875%, 3/15/2032 | &nbsp;&nbsp; $133949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349000 | Vmed O2 UK Financing I PLC, Sec. Fac. Bond, REGS, 4.500%, 7/15/2031 | &nbsp;&nbsp; 415010 |
| &nbsp;&nbsp;&nbsp; $900000 | VZ Secured Financing B.V., Sr. Secd. Note, 144A, 5.000%, 1/15/2032 | &nbsp;&nbsp; 818643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | VZ Secured Financing B.V., Sr. Secd. Note, 144A, 7.500%, 1/15/2033 | &nbsp;&nbsp; 204131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | White Cap Supply Holdings LLC, Sr. Unsecd. Note, 144A, 7.375%, 11/15/2030 | &nbsp;&nbsp; 10207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 13662917 |
|  | **Utilities—6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 457000 | AES Corp., Sr. Unsecd. Note, 2.450%, 1/15/2031 | &nbsp;&nbsp; 414752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 493000 | Clearway Energy Operating LLC, Sr. Unsecd. Note, 144A, 3.750%, 2/15/2031 | &nbsp;&nbsp; 459681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 825000 | Clearway Energy Operating LLC, Sr. Unsecd. Note, 144A, 3.750%, 1/15/2032 | &nbsp;&nbsp; 755834 |
| &nbsp;&nbsp;&nbsp; EUR 600,000 | ContourGlobal Power Holdings SA, 144A, 5.000%, 2/28/2030 | &nbsp;&nbsp; 711851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | ContourGlobal Power Holdings SA, REGS, 5.000%, 2/28/2030 | &nbsp;&nbsp; 237284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | EDP, S.A., Jr. Sub. Note, Series NC8, 1.875%, 3/14/2082 | &nbsp;&nbsp; 869063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | EDP, S.A., Sr. Sub., 4.625%, 9/16/2054 | &nbsp;&nbsp; 356934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000<br><sup>1</sup> <br>| Enel SpA, Jr. Sub. Note, Series 9.5Y, 1.875%, 6/8/2030 | &nbsp;&nbsp; 952756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Graphic Packaging International, LLC, Sr. Unsecd. Note, REGS, 2.625%, 2/1/2029 | &nbsp;&nbsp; 112301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Graphic Packaging International, LLC, Unsecd. Note, 144A, 2.625%, 2/1/2029 | &nbsp;&nbsp; 112301 |
| &nbsp;&nbsp;&nbsp; $319000 | Greenko Power II Ltd., Sr. Unsecd. Note, REGS, 4.300%, 12/13/2028 | &nbsp;&nbsp; 303961 |
| &nbsp;&nbsp; GBP 600,000 | Orsted A/S, Sub., Series GBP, 2.500%, 2/18/2032 | &nbsp;&nbsp; 599635 |
| &nbsp;&nbsp;&nbsp; $1300000 | TerraForm Power Operating LLC, Sr. Unsecd. Note, 144A, 4.750%, 1/15/2030 | &nbsp;&nbsp; 1250708 |
| &nbsp;&nbsp;&nbsp; EUR 900,000<br><sup>1</sup> <br>| Veolia Environnement SA, Jr. Sub. Note, 2.500%, 1/20/2029 | &nbsp;&nbsp; 1001581 |
| &nbsp;&nbsp;&nbsp; $1066000 | Vistra Operations Co., LLC, Sr. Unsecd. Note, 144A, 4.375%, 5/1/2029 | &nbsp;&nbsp; 1053130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755000 | XPLR Infrastructure Operating Partners, LP, Sr. Unsecd. Note, 144A, 8.625%, 3/15/2033 | &nbsp;&nbsp; 789960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9981732 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $108,836,267)<br>| &nbsp;&nbsp; 114926582 |
|  | U.S. TREASURIES—20.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6851400<br><sup>3,4</sup> <br>| United States Treasury Bill, 0.000%, 12/23/2025 | &nbsp;&nbsp; 6835090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14550000<br><sup>3,4</sup> <br>| United States Treasury Bill, 0.000%, 12/26/2025 | &nbsp;&nbsp; 14510746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12200000 | United States Treasury Note, 3.750%, 8/15/2027 | &nbsp;&nbsp; 12244537 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES <br>(IDENTIFIED COST $33,373,218)<br>| &nbsp;&nbsp;&nbsp; 33590373 |
|  | EXCHANGE-TRADED FUNDS—4.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 57391 | iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp; 4648097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29075 | SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp; 2839174 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXCHANGE-TRADED FUNDS <br>(IDENTIFIED COST $7,370,857)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7487271 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—95.9% <br>(IDENTIFIED COST $149,580,342)<br>| &nbsp;&nbsp; $156004226 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—4.1%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6592000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100.0% | &nbsp;&nbsp; $162596226 |

---

**6**

------

At November 30, 2025, the Fund had the following outstanding futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Value**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| **Long Futures:** |  |  |  |  |
| United States Treasury Notes 2 Year Long Futures | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; $4177188 | March 2026 | &nbsp;&nbsp;&nbsp; $(1148) |
| United States Treasury Notes 5 Year Long Futures | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; $9110546 | March 2026 | &nbsp;&nbsp;&nbsp; $4313 |
| United States Treasury Notes 10 Year Long Futures | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; $2493562 | March 2026 | &nbsp;&nbsp;&nbsp; $3031 |
| **Short Futures:** |  |  |  |  |
| Euro-Bobl Short Futures | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; EUR (547452) | December 2025 | &nbsp;&nbsp;&nbsp; $418 |
| Euro-Bond Short Futures | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; EUR (2841369) | December 2025 | &nbsp;&nbsp;&nbsp; $(7096) |
| United Kingdom Long Gilt Short Futures | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; GBP (969793) | March 2026 | &nbsp;&nbsp;&nbsp; $(8359) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp; $(8841) |

---

At November 30, 2025, the Fund had the following outstanding foreign exchange contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | &nbsp;&nbsp; **Foreign Currency** <br>**Units to** <br>**Receive/Deliver** | &nbsp;&nbsp; **In** <br>**Exchange** <br>**For**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| **Contracts Purchased:** |  |  |  |  |
| 12/17/2025 | State Steet Bank | 3,100,000 GBP | $4161945 | &nbsp;&nbsp; $(58454) |
| **Contracts Sold:** |  |  |  |  |
| 12/17/2025 | Lloyds Bank PLC | 175,000 EUR | $206465 | &nbsp;&nbsp; $3206 |
| 12/17/2025 | RBC Europe | 4,000,000 EUR | $4643808 | &nbsp;&nbsp; $(2111) |
| 12/17/2025 | RBC Europe | 1,100,000 GBP | $1449016 | &nbsp;&nbsp; $(7061) |
| 12/17/2025 | State Steet Bank | 32,000,000 EUR | $37861056 | &nbsp;&nbsp; $693705 |
| 12/17/2025 | State Steet Bank | 500,000 EUR | $582255 | &nbsp;&nbsp; $1515 |
| 12/17/2025 | State Steet Bank | 7,200,000 GBP | $9804362 | &nbsp;&nbsp; $273674 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp; $904474 |

---

At November 30, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference** <br>**Entity**<br>| **Buy/** <br>**Sell**<br>| **Pay/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread at** <br>**11/30/2025**<sup>6</sup> <br>| **Notional** <br>**Amount**<br>| **Market** <br>**Value**<br>| **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** | **OTC Swaps:** |
| JPMorgan | Arcelor Mittal SA | Sell | 5.00% | 12/20/2030 | 1.02% | $300000 | $64453 | $63068 | $1385 |
| JPMorgan | Forvia | Sell | 5.00% | 12/20/2030 | 2.59% | $550000 | $67520 | $59151 | $8369 |
| JPMorgan | ITRX | Sell | 5.00% | 12/20/2030 | 2.56% | $5500000 | $681420 | $659147 | $22273 |
| JPMorgan | Optics | Sell | 1.00% | 12/20/2030 | 2.12% | $100000 | $(5936) | $(5634) | $(302) |
| JPMorgan | Telecom Italia SpA | Sell | 1.00% | 12/20/2030 | 1.04% | $600000 | $(4198) | $(6935) | $2737 |
| JPMorgan | Valeo | Sell | 1.00% | 12/20/2030 | 1.94% | $455000 | $(22495) | $(26981) | $4486 |
| Morgan Stanley | AXL | Sell | 5.00% | 12/20/2030 | 3.12% | $746000 | $58903 | $47748 | $11155 |
| Morgan Stanley | Ford Motor Co.  | Sell | 5.00% | 12/20/2030 | 1.61% | $184000 | $27330 | $27133 | $197 |
| Morgan Stanley | Goodyear Tire & Rubber Co. | Sell | 5.00% | 12/20/2030 | 3.04% | $660000 | $55073 | $59862 | $(4789) |
| Morgan Stanley | Markit CDX North America <br>High Yield Index Series 45<br>| Sell | 5.00% | 12/20/2030 | 3.22% | $19400000 | $1445374 | $1427593 | $17781 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | $2367444 | $2304152 | $63292 |

---

**7**

------

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

---

| | |
|:---|:---|
| 1 | *Perpetual Bond Security. The maturity date reflects the next call date.* |
| 2 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under* <br> *the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At November 30, 2025, these restricted securities amounted to $364,663,* <br> *which represented 0.2% of net assets.*<br>|
| 3 | *Discount rate at time of purchase.* |
| 4 | *Zero coupon bond.* |
| 5 | *Assets, other than investments in securities, less liabilities.* |
| 6 | *Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the* <br> *current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular* <br> *referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit* <br> *spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined* <br> *under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.*<br>|

---

Additional information on restricted securities held at November 30, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Summit Digitel Infrastructure, C Bond, REGS, 2.875%, 8/12/2031 | &nbsp;&nbsp; 11/22/2023 | &nbsp;&nbsp; $335236 | &nbsp;&nbsp; $364663 |

---

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

**Investment Valuation** 

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

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

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

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

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

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

■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation and Significant Events Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund's Board of Trustees (the "Trustees") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

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

**8**

------

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

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

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

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

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

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

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

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

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

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

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

The following is a summary of the inputs used, as of November 30, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $114926582 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $114926582 |
| U.S. Treasuries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33590373 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33590373 |
| **Exchange-Traded Funds** | &nbsp;&nbsp; 7487271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7487271 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $7487271 | &nbsp;&nbsp; $148516955 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $156004226 |
| **Other Financial Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $7762 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7762 |
| &nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2400073 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2400073 |
| &nbsp;&nbsp; Foreign Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972100 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972100 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (16603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16603) |
| &nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32629) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32629) |
| &nbsp;&nbsp; Foreign Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67626) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67626) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER FINANCIAL INSTRUMENTS | &nbsp;&nbsp; $(8841) | &nbsp;&nbsp; $3271918 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3263077 |

---

**9**

------

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

---

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

---

**10**

------

## 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:** 2026-08-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $163227584.26

**Total Liabilities:** $631358.42

**Net Assets:** $162596225.84

**Cash Not Reported:** $1578867.12

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -44.484346200000 | **1-Year:** -898.750240100000 | **5-Year:** -4497.611559500000 | **10-Year:** -1963.759327300000 | **30-Year:** -630.813461500000

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

- **3-Month:** -87.281645900000 | **1-Year:** -8128.968362600000 | **5-Year:** -10883.049026500000 | **10-Year:** -3980.852404100000 | **30-Year:** -622.525390600000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214506 | 0.88%                | 0.24%                | 0.70%                |
| Class ID C000214509 | 0.89%                | 0.24%                | 0.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22868.40                | $-2826653.76                               |
| Month 2  | $353397.83               | $2013916.11                                |
| Month 3  | $-606.37                 | $529095.78                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| COMMERZBANK AG                                  | Commerzbank AG                                                              | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $689330.59    | 0.42%             | N/A             | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                        | Graphic Packaging International LLC                                         | CUSIP: 38869AAD9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    850000 | PA      | $805693.58    | 0.50%             | 2030-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NOKIA OYJ                                       | Nokia Oyj                                                                   | CUSIP: 654902AE5<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    300000 | PA      | $301325.10    | 0.19%             | 2027-06-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State Street SPDR Bloomberg High Yield Bond ETF | SPDR Bloomberg High Yield Bond ETF                                          | CUSIP: 78468R622<br>LEI: 549300NCLW2248PN7J24 | Long             | EC               | RF                | US        |     29075 | NS      | $2839173.75   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| POST HOLDINGS INC                               | Post Holdings Inc                                                           | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131906.58    | 0.08%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                        | Ford Motor Credit Co LLC                                                    | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    900000 | PA      | $848328.15    | 0.52%             | 2030-11-13      | Fixed         | 4.00%                 | 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      | $1191776.03   | 0.73%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                        | Turk Telekomunikasyon AS                                                    | CUSIP: 000000000<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    800000 | PA      | $830561.34    | 0.51%             | 2029-05-20      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG                        | ContourGlobal Power Holdings SA                                             | CUSIP: 000000000<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $237283.73    | 0.15%             | 2030-02-28      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SAPPI PAPIER HOLDNG GMBH                        | Sappi Papier Holding GmbH                                                   | CUSIP: 000000000<br>LEI: 549300XBCUMUR5CI0181 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $211500.00    | 0.13%             | 2032-06-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| PHOENIX GRP HLD PLC                             | PHOENIX GRP HLD PLC                                                         | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $777883.42    | 0.48%             | N/A             | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS                          | Axalta Coating Systems LLC                                                  | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1208343.25   | 0.74%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                 | IHS Holding Ltd                                                             | CUSIP: 000000000<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $408220.23    | 0.25%             | 2030-05-29      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| AKER BP ASA                                     | Aker BP ASA                                                                 | CUSIP: 00973RAN3<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    150000 | PA      | $148566.76    | 0.09%             | 2034-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                    | AES Corp/The                                                                | CUSIP: 00130HCG8<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    457000 | PA      | $414751.83    | 0.26%             | 2031-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| KB HOME                                         | KB Home                                                                     | CUSIP: 48666KAY5<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4008.43      | 0.00%             | 2029-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS                         | Infrastrutture Wireless Italiane SpA                                        | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | DBT              | CORP              | IT        |    400000 | PA      | $430722.24    | 0.26%             | 2031-04-19      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| PAPREC HOLDING SA                               | Paprec Holding SA                                                           | CUSIP: 000000000<br>LEI: 969500ASAFSVN9KVC873 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $473986.86    | 0.29%             | 2032-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| INPOST NA                                       | InPost SA                                                                   | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | DBT              | CORP              | LU        |    500000 | PA      | $582360.09    | 0.36%             | 2031-04-01      | Fixed         | 4.00%                 | 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      | $4648097.09   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| IRCA SPA                                        | Irca SpA/Gallarate                                                          | CUSIP: 000000000<br>LEI: 815600E94F34838F1B82 | Long             | DBT              | CORP              | IT        |    900000 | PA      | $1053667.22   | 0.65%             | 2029-12-15      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| SAPPI PAPIER HOLDNG GMBH                        | Sappi Papier Holding GmbH                                                   | CUSIP: 000000000<br>LEI: 549300XBCUMUR5CI0181 | Long             | DBT              | CORP              | AT        |    400000 | PA      | $459805.62    | 0.28%             | 2028-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| ONEOK INC                                       | ONEOK Inc                                                                   | CUSIP: 682680CY7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $223421.59    | 0.14%             | 2045-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS CDX.NA.HY.44.V1                                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $1633984.83   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS VALEO SE                                                                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-21468.26    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS TELECOM ITALIA SPA                                                      | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-2844.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS FIBERCOP SPA                                                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-5710.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VF CORP                                         | VF Corp                                                                     | CUSIP: 918204AY4<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |    700000 | PA      | $632002.98    | 0.39%             | 2032-02-25      | Fixed         | 0.62%                 | No            |                  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      | $390863.04    | 0.24%             | N/A             | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                        | Graphic Packaging International LLC                                         | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101815.44    | 0.06%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                            | Taylor Morrison Communities Inc                                             | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |   1111000 | PA      | $1116952.74   | 0.69%             | 2030-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ALPHA BANK SA                                   | Alpha Bank SA                                                               | CUSIP: 000000000<br>LEI: 213800DBQIB6VBNU5C64 | Long             | DBT              | CORP              | GR        |    300000 | PA      | $354777.55    | 0.22%             | 2036-07-23      | Fixed         | 4.31%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                         | American Axle & Manufacturing Inc                                           | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38406.14     | 0.02%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                  | Whirlpool Corp                                                              | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    700000 | PA      | $696105.83    | 0.43%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                   | United States Treasury Bill                                                 | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14550000 | PA      | $14510745.56  | 8.92%             | 2025-12-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                         | HCA Inc                                                                     | CUSIP: 404119CC1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    600000 | PA      | $538527.86    | 0.33%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                        | Celanese US Holdings LLC                                                    | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99904.19     | 0.06%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EDP SA                                          | EDP - Energias de Portugal SA                                               | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |    800000 | PA      | $869062.94    | 0.53%             | 2082-03-14      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| SUMMIT DIGITEL INFRASTR                         | Summit Digitel Infrastructure Ltd                                           | CUSIP: 000000000<br>LEI: 3358004TNI1SSIQ9BQ37 | Long             | DBT              | CORP              | IN        |    400000 | PA      | $364662.80    | 0.22%             | 2031-08-12      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| ENERGIZER GAMMA ACQ BV                          | Energizer Gamma Acquisition BV                                              | CUSIP: 000000000<br>LEI: 5493002SUYZDHEQ3JN34 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $446734.20    | 0.27%             | 2029-06-30      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| ING GROEP NV                                    | ING Groep NV                                                                | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $423260.00    | 0.26%             | 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      | $121962.98    | 0.08%             | 2031-08-21      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| ZURICH FINANCE IRELAND                          | Zurich Finance Ireland Designated Activity Co                               | CUSIP: 000000000<br>LEI: 549300E0FVHYR37EGX65 | Long             | DBT              | CORP              | IE        |    600000 | PA      | $544632.83    | 0.33%             | 2051-04-19      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| UNIPOL ASSICURAZIONI SPA                        | UnipolSai Assicurazioni SpA                                                 | CUSIP: 000000000<br>LEI: 815600E31C4E7006AB54 | Long             | DBT              | CORP              | IT        |    700000 | PA      | $830650.19    | 0.51%             | 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      | $299571.00    | 0.18%             | 2030-05-13      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                       | ONEOK Inc                                                                   | CUSIP: 682680DA8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    275000 | PA      | $254904.66    | 0.16%             | 2047-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO                            | Lorca Telecom Bondco SA                                                     | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |    900000 | PA      | $1045785.35   | 0.64%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                        | TerraForm Power Operating LLC                                               | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1250707.64   | 0.77%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE CO SA                           | CELLNEX FINANCE CO SA                                                       | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $416443.31    | 0.26%             | 2033-02-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                  | Opal Bidco SAS                                                              | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $599755.17    | 0.37%             | 2032-03-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                        | EQT Corp                                                                    | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    589000 | PA      | $555663.15    | 0.34%             | 2031-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                     | BNP Paribas SA                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $415254.00    | 0.26%             | 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      | $397787.04    | 0.24%             | 2031-04-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| WHITE CAP SUPPLY HOLDING                        | White Cap Supply Holdings LLC                                               | CUSIP: 96467GAC2<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10206.62     | 0.01%             | 2030-11-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HCA INC                                         | HCA Inc                                                                     | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $104423.20    | 0.06%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                          | Clearway Energy Operating LLC                                               | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    493000 | PA      | $459681.24    | 0.28%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ILIAD SA                                        | Iliad SA                                                                    | CUSIP: 000000000<br>LEI: 969500FZ9BTRZS3JNB97 | Long             | DBT              | CORP              | FR        |    900000 | PA      | $1018450.51   | 0.63%             | 2028-02-11      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                 | Cemex SAB de CV                                                             | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    600000 | PA      | $571703.64    | 0.35%             | 2031-07-11      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                        | Turk Telekomunikasyon AS                                                    | CUSIP: 90011QAD2<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $207640.34    | 0.13%             | 2029-05-20      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NOKIA OYJ                                       | Nokia Oyj                                                                   | CUSIP: 654902AC9<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    250000 | PA      | $268769.75    | 0.17%             | 2039-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CF INDUSTRIES INC                               | CF Industries Inc                                                           | CUSIP: 12527GAF0<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45454.78     | 0.03%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                          | Energizer Holdings Inc                                                      | CUSIP: 29272WAG4<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141784.74    | 0.09%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                    | Centene Corp                                                                | CUSIP: 15135BAZ4<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    550000 | PA      | $471799.02    | 0.29%             | 2031-08-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                    | Optics Bidco SpA                                                            | CUSIP: 000000000<br>LEI: 254900QZ5RQ7MPFWE741 | Long             | DBT              | CORP              | IT        |    125000 | PA      | $143234.22    | 0.09%             | 2027-10-12      | Fixed         | 2.38%                 | Yes           |                  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      | $1143507.60   | 0.70%             | 2031-01-15      | Fixed         | 4.12%                 | 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      | $709059.00    | 0.44%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                          | Telecom Italia Capital SA                                                   | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $102832.30    | 0.06%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                 | Cemex SAB de CV                                                             | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $199397.08    | 0.12%             | N/A             | Fixed         | 5.12%                 | 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      | $482760.38    | 0.30%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                          | Anglo American Capital PLC                                                  | CUSIP: 000000000<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $208058.22    | 0.13%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           |                  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      | $407817.06    | 0.25%             | 2031-05-11      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG                        | ContourGlobal Power Holdings SA                                             | CUSIP: 000000000<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |    600000 | PA      | $711851.20    | 0.44%             | 2030-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                   | United States Treasury Bill                                                 | CUSIP: 912797RY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6851400 | PA      | $6835090.24   | 4.20%             | 2025-12-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                          | Clydesdale Acquisition Holdings Inc                                         | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1009859.00   | 0.62%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ELIOR GROUP SA                                  | Elior Group SA                                                              | CUSIP: 000000000<br>LEI: 969500LYSYS0E800SQ95 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $836620.73    | 0.51%             | 2030-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                              | UPC Broadband Finco BV                                                      | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |   1250000 | PA      | $1195581.25   | 0.74%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ARCELIK AS                                      | Arcelik AS                                                                  | CUSIP: 000000000<br>LEI: 789000748KTQCUMJ0R25 | Long             | DBT              | CORP              | TR        |    800000 | PA      | $927602.30    | 0.57%             | 2026-05-27      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GRIFOLS SA                                      | Grifols Escrow Issuer SA                                                    | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    900000 | PA      | $1030446.53   | 0.63%             | 2028-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                         | American Axle & Manufacturing Inc                                           | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    129000 | PA      | $123750.76    | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENKO POWER II LTD                            | Greenko Power II Ltd                                                        | CUSIP: 000000000<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |    319000 | PA      | $303961.57    | 0.19%             | 2028-12-13      | Fixed         | 4.30%                 | 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      | $121283.64    | 0.07%             | 2033-02-03      | Fixed         | 5.10%                 | 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      | $310671.00    | 0.19%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS                         | Infrastrutture Wireless Italiane SpA                                        | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | DBT              | CORP              | IT        |    400000 | PA      | $447799.36    | 0.28%             | 2028-10-21      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| NEXANS SA                                       | Nexans SA                                                                   | CUSIP: 000000000<br>LEI: 96950015FU78G84UIV14 | Long             | DBT              | CORP              | FR        |    900000 | PA      | $1068639.67   | 0.66%             | 2029-05-29      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                            | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24631.10     | 0.02%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND INC                                     | Ashland LLC                                                                 | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $950210.52    | 0.58%             | 2031-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGESELL                        | Techem Verwaltungsgesellschaft 675 mbH                                      | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | DBT              | CORP              | DE        |    499000 | PA      | $582959.48    | 0.36%             | 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      | $1001581.08   | 0.62%             | N/A             | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC                                    | Barclays PLC                                                                | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $567347.05    | 0.35%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                         | Summer BC Holdco B SARL                                                     | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $315832.35    | 0.19%             | 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      | $197980.50    | 0.12%             | 2040-09-10      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| KB HOME                                         | KB Home                                                                     | CUSIP: 48666KAZ2<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |    695000 | PA      | $659700.88    | 0.41%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORBIA ADVANCE CORP SAB                          | Orbia Advance Corp SAB de CV                                                | CUSIP: 000000000<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $199714.00    | 0.12%             | 2030-05-13      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                        | Cooperatieve Rabobank UA                                                    | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $229749.02    | 0.14%             | N/A             | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                          | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    700000 | PA      | $763897.85    | 0.47%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| UNICREDIT SPA                                   | UniCredit SpA                                                               | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    600000 | PA      | $688690.08    | 0.42%             | N/A             | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                          | Anglo American Capital PLC                                                  | CUSIP: 034863BA7<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $185350.65    | 0.11%             | 2031-03-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                          | XPLR Infrastructure Operating Partners LP                                   | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    755000 | PA      | $789960.28    | 0.49%             | 2033-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING                         | Alcoa Nederland Holding BV                                                  | CUSIP: 013822AG6<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |   1325000 | PA      | $1298637.40   | 0.80%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CROWN EURO HOLDING SACA                         | Crown European Holdings SACA                                                | CUSIP: 000000000<br>LEI: 85OKW2SW05RZFQS1W718 | Long             | DBT              | CORP              | FR        |    156000 | PA      | $188239.90    | 0.12%             | 2030-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                               | Iron Mountain Inc                                                           | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     81000 | PA      | $80360.47     | 0.05%             | 2030-07-15      | Fixed         | 5.25%                 | 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      | $816400.00    | 0.50%             | 2030-01-22      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                               | Iliad Holding SASU                                                          | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $206416.80    | 0.13%             | 2032-04-15      | Fixed         | 7.00%                 | 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      | $376289.16    | 0.23%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                             | Intesa Sanpaolo SpA                                                         | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    730000 | PA      | $822752.46    | 0.51%             | N/A             | Fixed         | 4.12%                 | Yes           |                  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      | $464886.92    | 0.29%             | 2026-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                  | Owens-Brockway Glass Container Inc                                          | CUSIP: 69073TAV5<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    700000 | PA      | $705110.00    | 0.43%             | 2032-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CF INDUSTRIES INC                               | CF Industries Inc                                                           | CUSIP: 12527GAD5<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |    300000 | PA      | $272650.40    | 0.17%             | 2043-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                | Berry Global Inc                                                            | CUSIP: 000000000<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $343475.68    | 0.21%             | 2027-01-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                        | Celanese US Holdings LLC                                                    | CUSIP: 15089QBB9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    400000 | PA      | $454282.89    | 0.28%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                                      | Akbank TAS                                                                  | CUSIP: 000000000<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $421633.61    | 0.26%             | 2030-01-20      | Fixed         | 7.50%                 | Yes           |                  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      | $425096.20    | 0.26%             | 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      | $442881.95    | 0.27%             | N/A             | Fixed         | 4.25%                 | 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      | $121668.92    | 0.07%             | 2030-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| US FOODS INC                                    | US Foods Inc                                                                | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    700000 | PA      | $714349.30    | 0.44%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FALABELLA SA                                    | Falabella SA                                                                | CUSIP: 000000000<br>LEI: 5493004CKJQ7H391LM41 | Long             | DBT              | CORP              | CL        |    900000 | PA      | $818372.29    | 0.50%             | 2032-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                              | Crown Americas LLC                                                          | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    450000 | PA      | $461084.85    | 0.28%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NOKIA OYJ                                       | Nokia Oyj                                                                   | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    200000 | PA      | $243925.97    | 0.15%             | 2031-08-21      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SAPPI PAPIER HOLDNG GMBH                        | Sappi Papier Holding GmbH                                                   | CUSIP: 000000000<br>LEI: 549300XBCUMUR5CI0181 | Long             | DBT              | CORP              | AT        |    192000 | PA      | $214071.57    | 0.13%             | 2032-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SUMMIT DIGITEL INFRASTR                         | Summit Digitel Infrastructure Pvt Ltd                                       | CUSIP: 86608CAA6<br>LEI: 3358004TNI1SSIQ9BQ37 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $182331.40    | 0.11%             | 2031-08-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                        | Clarios Global LP / Clarios US Finance Co                                   | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    300000 | PA      | $308811.00    | 0.19%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                    | Barclays PLC                                                                | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $576120.84    | 0.35%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP                           | Bank of Ireland Group PLC                                                   | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    400000 | PA      | $461187.99    | 0.28%             | 2031-08-11      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| TOPBUILD CORP                                   | TopBuild Corp                                                               | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |    750000 | PA      | $760804.84    | 0.47%             | 2034-01-31      | Fixed         | 5.62%                 | 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      | $399474.81    | 0.25%             | 2031-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| OVH GROUPE SAS                                  | OVH Groupe SA                                                               | CUSIP: 000000000<br>LEI: 9695001J8OSOVX4TP939 | Long             | DBT              | CORP              | FR        |    850000 | PA      | $990912.08    | 0.61%             | 2031-02-05      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS INC                               | Post Holdings Inc                                                           | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    338000 | PA      | $329581.91    | 0.20%             | 2030-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                            | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    400000 | PA      | $412950.24    | 0.25%             | 2033-05-01      | Fixed         | 7.38%                 | 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        |    900000 | PA      | $763477.11    | 0.47%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                               | Post Holdings Inc                                                           | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    433000 | PA      | $408732.26    | 0.25%             | 2031-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                        | Vistra Operations Co LLC                                                    | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1066000 | PA      | $1053130.08   | 0.65%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                 | Yum! Brands Inc                                                             | CUSIP: 988498AR2<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    800000 | PA      | $812934.40    | 0.50%             | 2032-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ODIDO GROUP HOLDING BV                          | Odido Group Holding BV                                                      | CUSIP: 000000000<br>LEI: 724500FOAL1MNGOJKP07 | Long             | DBT              | CORP              | NL        |    900000 | PA      | $1049190.71   | 0.65%             | 2030-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                          | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    200000 | PA      | $186296.92    | 0.11%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                        | Graphic Packaging International LLC                                         | CUSIP: 000000000<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $112300.84    | 0.07%             | 2029-02-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                       | Ball Corp                                                                   | CUSIP: 058498BA3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    600000 | PA      | $611721.00    | 0.38%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS ARCELORMITTAL SA                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $67837.69     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                     | CDS AMERICAN AXLE & MANUFACTURING INC                                       | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $66155.75     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS FORD MOTOR CO                                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $29119.18     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS ITRAXX.EU.XO.44.V1                                                      | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $743466.04    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS GOODYEAR TIRE & RUBBER CO/THE                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $61489.78     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                 | CDS FORVIA SE                                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $73724.88     | 0.05%             |  |  |  | No            |                  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        |        22 | NC      | $3030.61      | 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        |        20 | NC      | $-1148.04     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT               | EURO-BUND                                                                   | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       -19 | NC      | $-7096.56     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT               | EURO-BOBL                                                                   | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -4 | NC      | $418.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                              | LONG GILT                                                                   | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |        -8 | NC      | $-8358.75     | -0.01%            |  |  |  | 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        |        83 | NC      | $4312.85      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC EUROPE LIMITED                              | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: TXDSU46SXBWIGJ8G8E98 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-7061.00     | -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      | $-2110.80     | -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      | $1515.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LLOYDS BANK PLC                                 | CURRENCY CONTRACT - USD                                                     | CUSIP: 000000000<br>LEI: H7FNTJ4851HG0EXQ1Z70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3205.70      | 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      | $273673.81    | 0.17%             |  |  |  | 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      | $693705.59    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank and Trust Company             | CURRENCY CONTRACT - GBP                                                     | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-58454.38    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                          | Energizer Holdings Inc                                                      | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $476320.05    | 0.29%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                        | First Citizens BancShares Inc/NC                                            | CUSIP: 31959XAA1<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510847.00    | 0.31%             | N/A             | Floating      | 8.27%                 | 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      | $606103.85    | 0.37%             | 2028-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                         | Australia & New Zealand Banking Group Ltd                                   | CUSIP: 000000000<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $121283.64    | 0.07%             | 2033-02-03      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| UNITED GROUP BV                                 | United Group BV                                                             | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |    700000 | PA      | $809204.79    | 0.50%             | 2030-02-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NATWEST GROUP PLC                               | Natwest Group PLC                                                           | CUSIP: 639057AD0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $919270.40    | 0.57%             | 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        |    800000 | PA      | $933982.20    | 0.57%             | N/A             | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                          | BP Capital Markets PLC                                                      | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $522601.63    | 0.32%             | N/A             | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC                                       | IQVIA Inc                                                                   | CUSIP: 000000000<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1184182.13   | 0.73%             | 2029-03-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| NATWEST GROUP PLC                               | NatWest Group PLC                                                           | CUSIP: 639057AT5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $210498.80    | 0.13%             | N/A             | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                        | Occidental Petroleum Corp                                                   | CUSIP: 674599CR4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    550000 | PA      | $546080.37    | 0.34%             | 2026-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                          | Millicom International Cellular SA                                          | CUSIP: 600814AS6<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    350000 | PA      | $365752.80    | 0.22%             | 2032-04-02      | Fixed         | 7.38%                 | 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      | $395856.15    | 0.24%             | 2027-11-01      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| ORSTED A/S                                      | Orsted AS                                                                   | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | DBT              | CORP              | DK        |    600000 | PA      | $599634.66    | 0.37%             | 3021-02-18      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                          | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    193000 | PA      | $226009.13    | 0.14%             | 2031-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                             | Suzano Austria GmbH                                                         | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    950000 | PA      | $850812.99    | 0.52%             | 2032-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                                      | Akbank TAS                                                                  | CUSIP: 000000000<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $205577.15    | 0.13%             | 2035-09-04      | Fixed         | 7.88%                 | 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      | $693101.63    | 0.43%             | 2032-12-06      | Fixed         | 7.59%                 | Yes           |                  2 | On Loan: No      |
| EUROFINS SCIENTIFIC SE                          | Eurofins Scientific SE                                                      | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $202271.05    | 0.12%             | 2031-05-19      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                            | Range Resources Corp                                                        | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1234240.00   | 0.76%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                    | UBS Group AG                                                                | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $205163.60    | 0.13%             | N/A             | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| SCHAEFFLER AG                                   | Schaeffler AG                                                               | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $474720.89    | 0.29%             | 2030-03-28      | Fixed         | 4.50%                 | Yes           |                  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      | $590288.43    | 0.36%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| EDP SA                                          | EDP SA                                                                      | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |    300000 | PA      | $356933.59    | 0.22%             | 2054-09-16      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| REXEL SA                                        | Rexel SA                                                                    | CUSIP: 000000000<br>LEI: 969500N6AVPA51648T62 | Long             | DBT              | CORP              | FR        |    650000 | PA      | $740037.51    | 0.46%             | 2028-12-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                          | BP Capital Markets PLC                                                      | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $129956.19    | 0.08%             | 2036-09-12      | Fixed         | 5.07%                 | Yes           |                  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      | $415009.53    | 0.26%             | 2031-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                        | Standard Building Solutions Inc                                             | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    400000 | PA      | $410554.00    | 0.25%             | 2033-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                 | Cemex SAB de CV                                                             | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $415000.00    | 0.26%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                            | Boots Group Finco LP                                                        | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    211000 | PA      | $286829.10    | 0.18%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NEMAK SAB DE CV                                 | Nemak SAB de CV                                                             | CUSIP: 000000000<br>LEI: 5493000MY3DAIB0BP706 | Long             | DBT              | CORP              | MX        |    900000 | PA      | $774086.22    | 0.48%             | 2031-06-28      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                | Deutsche Bank AG                                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $691098.97    | 0.43%             | N/A             | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CENTENE CORP                                    | Centene Corp                                                                | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    519000 | PA      | $447799.69    | 0.28%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                             | Xerox Holdings Corp                                                         | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    475000 | PA      | $176693.78    | 0.11%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                | T-Mobile USA Inc                                                            | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $205176.19    | 0.13%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SNF GROUP SACA                                  | SPCM SA                                                                     | CUSIP: 7846ELAE7<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |   1300000 | PA      | $1216332.00   | 0.75%             | 2030-03-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                  | Opal Bidco SAS                                                              | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    319000 | PA      | $382643.80    | 0.24%             | 2032-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENEL SPA                                        | Enel SpA                                                                    | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | DBT              | CORP              | IT        |    900000 | PA      | $952756.18    | 0.59%             | N/A             | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| EDGE FINCO PLC                                  | Edge Finco PLC                                                              | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |    477000 | PA      | $666100.51    | 0.41%             | 2031-08-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                          | Clearway Energy Operating LLC                                               | CUSIP: 18539UAE5<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    825000 | PA      | $755833.98    | 0.46%             | 2032-01-15      | Fixed         | 3.75%                 | 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        |    950000 | PA      | $969252.70    | 0.60%             | 2029-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                    | Novelis Corp                                                                | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    500000 | PA      | $456635.70    | 0.28%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                         | VZ Secured Financing BV                                                     | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    900000 | PA      | $818642.88    | 0.50%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                 | Sealed Air Corp                                                             | CUSIP: 81211KAY6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1073484.68   | 0.66%             | 2027-12-01      | Fixed         | 4.00%                 | 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        |    100000 | PA      | $133949.30    | 0.08%             | 2032-03-15      | Fixed         | 7.88%                 | 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      | $1179501.41   | 0.73%             | 2029-10-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                        | Huntsman International LLC                                                  | CUSIP: 44701QBF8<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |    420000 | PA      | $350146.49    | 0.22%             | 2031-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                | Societe Generale SA                                                         | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    850000 | PA      | $893204.65    | 0.55%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                        | Huntsman International LLC                                                  | CUSIP: 44701QBG6<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89853.22     | 0.06%             | 2034-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                               | Iron Mountain Inc                                                           | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    700000 | PA      | $670583.55    | 0.41%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                        | Cooperatieve Rabobank UA                                                    | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $234074.80    | 0.14%             | N/A             | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                | Berry Global Inc                                                            | CUSIP: 08576PAP6<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52447.88     | 0.03%             | 2034-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                            | Boots Group Finco LP                                                        | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    300000 | PA      | $407813.87    | 0.25%             | 2032-08-31      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                    | UBS GROUP AG 4.875                                                          | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $198277.64    | 0.12%             | N/A             | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH                             | Klabin Austria GmbH                                                         | CUSIP: 000000000<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    800000 | PA      | $725493.18    | 0.45%             | 2031-01-12      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                            | Telefonica Europe BV                                                        | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |   1100000 | PA      | $1210115.48   | 0.74%             | 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      | $313416.30    | 0.19%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH                             | Klabin Austria GmbH                                                         | CUSIP: 49836AAC8<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    250000 | PA      | $226716.62    | 0.14%             | 2031-01-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                    | Optics Bidco SpA                                                            | CUSIP: 683879AD2<br>LEI: 254900QZ5RQ7MPFWE741 | Long             | DBT              | CORP              | IT        |   1148000 | PA      | $1083085.54   | 0.67%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                    | UBS Group AG                                                                | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    400000 | PA      | $363479.00    | 0.22%             | N/A             | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CELLNEX TELECOM SA                              | Cellnex Telecom SA                                                          | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $209789.14    | 0.13%             | 2031-11-20      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS SHEET INGOT GMBH                        | Novelis Sheet Ingot GmbH                                                    | CUSIP: 000000000<br>LEI: 9845005E95899E77AY49 | Long             | DBT              | CORP              | DE        |    419000 | PA      | $473935.68    | 0.29%             | 2029-04-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| COMMERZBANK AG                                  | Commerzbank AG                                                              | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $209265.00    | 0.13%             | N/A             | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| PROGROUP AG                                     | ProGroup AG                                                                 | CUSIP: 000000000<br>LEI: 529900YI5W5TQ8F2FP82 | Long             | DBT              | CORP              | DE        |    900000 | PA      | $1057633.48   | 0.65%             | 2031-04-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORP                                    | Novelis Corp                                                                | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    300000 | PA      | $288884.25    | 0.18%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                        | Graphic Packaging International LLC                                         | CUSIP: 000000000<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $112300.84    | 0.07%             | 2029-02-01      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                          | ADIENT GLOBAL HOLDINGS LTD                                                  | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    700000 | PA      | $725328.10    | 0.45%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                            | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    520000 | PA      | $508431.40    | 0.31%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                     | BNP Paribas SA                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $363036.44    | 0.22%             | N/A             | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| VF CORP                                         | VF Corp                                                                     | CUSIP: 918204BC1<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |    250000 | PA      | $224669.35    | 0.14%             | 2030-04-23      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                          | Froneri Lux FinCo SARL                                                      | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $350565.52    | 0.22%             | 2032-08-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                | Deutsche Bank AG                                                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $233392.51    | 0.14%             | 2031-05-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                         | VZ Secured Financing BV                                                     | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $204130.80    | 0.13%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALPHA BANK SA                                   | Alpha Bank SA                                                               | CUSIP: 000000000<br>LEI: 213800DBQIB6VBNU5C64 | Long             | DBT              | CORP              | GR        |    500000 | PA      | $579291.32    | 0.36%             | 2028-03-23      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                | Ziggo Bond Co BV                                                            | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $103441.84    | 0.06%             | 2030-02-28      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC                                | T-Mobile USA Inc                                                            | CUSIP: 87264ADM4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99241.07     | 0.06%             | 2035-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AZELIS FINANCE NV                               | Azelis Finance NV                                                           | CUSIP: 000000000<br>LEI: 699400J0P7A5VXKGK641 | Long             | DBT              | CORP              | BE        |    700000 | PA      | $831303.40    | 0.51%             | 2029-09-25      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| US TREASURY N/B                                 | United States Treasury Note/Bond                                            | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12200000 | PA      | $12244537.32  | 7.53%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                       | ONEOK Inc                                                                   | CUSIP: 682680CW1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     32000 | PA      | $30544.76     | 0.02%             | 2044-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                          | Froneri Lux FinCo SARL                                                      | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |    405000 | PA      | $473263.45    | 0.29%             | 2032-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FRESENIUS MED CARE III                          | Fresenius Medical Care US Finance III Inc                                   | CUSIP: 000000000<br>LEI: 5299006ZHLMXOOUVTU44 | Long             | DBT              | CORP              | US        |    900000 | PA      | $799290.54    | 0.49%             | 2031-02-16      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                             | Mozart Debt Merger Sub Inc                                                  | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    899000 | PA      | $873387.85    | 0.54%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                | Berry Global Inc                                                            | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $291125.89    | 0.18%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGESELL                        | Techem Verwaltungsgesellschaft 675 mbH                                      | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $350476.65    | 0.22%             | 2032-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| AKER BP ASA                                     | Aker BP ASA                                                                 | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    600000 | PA      | $581407.15    | 0.36%             | 2030-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| SEALED AIR CORP                                 | Sealed Air Corp                                                             | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201546.80    | 0.12%             | 2029-04-15      | Fixed         | 5.00%                 | 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      | $526387.25    | 0.32%             | 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      | $205163.60    | 0.13%             | 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        |    800000 | PA      | $743316.96    | 0.46%             | 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      | $408220.23    | 0.25%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| EDGE FINCO PLC                                  | Edge Finco PLC                                                              | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $279287.43    | 0.17%             | 2031-08-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $180362.66    | 0.11%             | 2032-05-01      | Fixed         | 4.50%                 | 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      | $602771.83    | 0.37%             | 2032-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PAPREC HOLDING SA                               | Paprec Holding SA                                                           | CUSIP: 000000000<br>LEI: 969500ASAFSVN9KVC873 | Long             | DBT              | CORP              | FR        |    205000 | PA      | $242918.27    | 0.15%             | 2032-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                       | Ball Corp                                                                   | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    825000 | PA      | $761396.63    | 0.47%             | 2030-08-15      | Fixed         | 2.88%                 | 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      | $156702.78    | 0.10%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                | T-Mobile USA Inc                                                            | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    172000 | PA      | $152903.87    | 0.09%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                           | Tenet Healthcare Corp                                                       | CUSIP: 88033GDR8<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    888000 | PA      | $870793.85    | 0.54%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SYENSQO SA                                      | Solvay SA                                                                   | CUSIP: 000000000<br>LEI: 549300060XNJ90PLNS10 | Long             | DBT              | CORP              | BE        |    300000 | PA      | $348068.37    | 0.21%             | 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      | $421353.52    | 0.26%             | N/A             | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer