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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
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          <isin value="US44891AEG85"/>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>3005252.4900000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Securitized Term Auto Receivables Trust</name>
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          <isin value="US81378WAD56"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COREBRIDGE GLOB FUNDING</name>
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        <title>Corebridge Global Funding</title>
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          <isin value="US00138CAY49"/>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
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          <isin value="US02007GZ551"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Daimler Trucks Retail Trust</name>
        <lei>N/A</lei>
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          <isin value="US233874AC06"/>
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        <balance>1060565.80</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MET LIFE GLOB FUNDING I</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Navistar Financial Dealer Note Master Trust</name>
        <lei>N/A</lei>
        <title>Navistar Financial Dealer Note Master Owner Trust</title>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PFIZER INC</name>
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        <title>Pfizer Inc</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>GM Financial Securitized Term Auto Receivables Tr</name>
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          <isin value="US379957AD55"/>
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        <balance>2000000.00</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <title>Ally Bank Auto Credit-Linked Notes Series 2025-A</title>
        <cusip>02007G5G4</cusip>
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          <isin value="US02007G5G40"/>
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        <balance>1727212.66</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARI Fleet Lease Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MMAF Equipment Finance LLC</name>
        <lei>N/A</lei>
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        <name>CONSTELLATION EN GEN LLC</name>
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        <title>Constellation Energy Generation LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN HONDA FINANCE</name>
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        <title>American Honda Finance Corp</title>
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        <name>Ford Credit Auto Lease Trust</name>
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        <name>Ally Bank Auto Credit-Linked Notes</name>
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        <name>Energy Transfer LP</name>
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        <name>Verizon Master Trust</name>
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        <name>STANDARD CHARTERED 10</name>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>N/A</lei>
        <title>Enterprise Fleet Financing 2024-2 LLC</title>
        <cusip>29375RAB2</cusip>
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          <isin value="US29375RAB24"/>
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        <balance>393129.87</balance>
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        <curCd>USD</curCd>
        <valUSD>394022.9800000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HPEFS Equipment Trust</name>
        <lei>N/A</lei>
        <title>HPEFS Equipment Trust 2024-2</title>
        <cusip>40444MAJ0</cusip>
        <identifiers>
          <isin value="US40444MAJ09"/>
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        <balance>500000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>507238.5800000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>M&amp;T Equipment Notes</name>
        <lei>N/A</lei>
        <title>M&amp;T Equipment 2025-LEAF1 Notes</title>
        <cusip>55340QAB1</cusip>
        <identifiers>
          <isin value="US55340QAB14"/>
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        <balance>2406955.55</balance>
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        <curCd>USD</curCd>
        <valUSD>2418858.1900000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>N/A</lei>
        <title>Enterprise Fleet Financing 2025-3 LLC</title>
        <cusip>29375UAB5</cusip>
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          <isin value="US29375UAB52"/>
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        <balance>1090000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>1095577.0400000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Evergreen Credit Card Trust</name>
        <lei>5493002G9KVV6J3CNU15</lei>
        <title>Evergreen Credit Card Trust</title>
        <cusip>30023JDA3</cusip>
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          <isin value="US30023JDA34"/>
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        <balance>2000000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>2003953.3000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NISSAN MOTOR ACCEPTANCE</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
        <title>Nissan Motor Acceptance Co LLC</title>
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          <isin value="US65480CAJ45"/>
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        <balance>1500000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>1489079.1600000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-13</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>PenFed Auto Receivables Owner Trust</name>
        <lei>N/A</lei>
        <title>PenFed Auto Receivables Owner Trust 2025-A</title>
        <cusip>706916AC7</cusip>
        <identifiers>
          <isin value="US706916AC76"/>
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        <balance>2800000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>2812996.9000000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AUST &amp; NZ BANKING GROUP</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd</title>
        <cusip>05252ADP3</cusip>
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          <isin value="US05252ADP30"/>
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        <balance>2000000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>2006841.2000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.1600000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Bank of America Auto Trust</name>
        <lei>N/A</lei>
        <title>BofA Auto Trust 2025-1</title>
        <cusip>05594BAD8</cusip>
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          <isin value="US05594BAD82"/>
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        <balance>1000000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>1006761.0000000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BMW Vehicle Lease Trust</name>
        <lei>N/A</lei>
        <title>BMW Vehicle Lease Trust</title>
        <cusip>05613MAB5</cusip>
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          <isin value="US05613MAB54"/>
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        <balance>121739.28</balance>
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        <curCd>USD</curCd>
        <valUSD>121802.3800000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIFTH THIRD BANK INC</name>
        <lei>QFROUN1UWUYU0DVIWD51</lei>
        <title>Fifth Third Bank NA</title>
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          <isin value="US31677QBV05"/>
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        <balance>1175000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>1176814.4200000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-28</maturityDt>
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      <invstOrSec>
        <name>General Motors</name>
        <lei>N/A</lei>
        <title>GMF Floorplan Owner Revolving Trust</title>
        <cusip>361886DB7</cusip>
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          <isin value="US361886DB74"/>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GREAT AMERICA LEASING RECEIVABLES</name>
        <lei>N/A</lei>
        <title>GreatAmerica Leasing Receivables Funding LLC Series 2024-2</title>
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          <isin value="US39154GAB23"/>
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        <balance>389555.81</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hyundai Auto Lease Securitization Trust</name>
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        <title>Hyundai Auto Lease Securitization Trust 2024-B</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NextGear Floorplan Master Owner Trust</name>
        <lei>N/A</lei>
        <title>NextGear Floorplan Master Owner Trust</title>
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          <isin value="US65341KBY10"/>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PFS Financing Corp.</name>
        <lei>N/A</lei>
        <title>PFS Financing Corp</title>
        <cusip>69335PFL4</cusip>
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          <isin value="US69335PFL40"/>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PFS Financing Corp.</name>
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        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
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        <balance>3000000.00</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SBNA Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>SBNA Auto Receivables Trust 2025-SF1</title>
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        <balance>1000000.00</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>US BANK NA CINCINNATI</name>
        <lei>6BYL5QZYBDK8S7L73M02</lei>
        <title>US Bank NA/Cincinnati OH</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SG Americas Securities LLC</name>
        <lei>549300F35UE0BOM1WJ55</lei>
        <title>SOC GEN NY 6</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Regions Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FORD MOTOR CREDIT CO LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hyundai Auto Lease Securitization Trust</name>
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          <isin value="US44935DAF69"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LAD Auto Receivables Trust</name>
        <lei>N/A</lei>
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          <isin value="US505709AB17"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MARSH &amp; MCLENNAN COS INC</name>
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        <title>Marsh &amp; McLennan Cos Inc</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Santander Bank Auto Credit-Linked Notes</name>
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        <title>Santander Bank Auto Credit-Linked Notes Series 2025-A</title>
        <cusip>80290CCT9</cusip>
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          <isin value="US80290CCT99"/>
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        <balance>1428000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>1440537.5500000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Securitized Term Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Securitized Term Auto Receivables Trust 2025-B</title>
        <cusip>81378WAC7</cusip>
        <identifiers>
          <isin value="US81378WAC73"/>
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        <balance>1057597.09</balance>
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        <curCd>USD</curCd>
        <valUSD>1070212.6400000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Securitized Term Auto Receivables Trust</name>
        <lei>254900DVX7EZK9JMUP63</lei>
        <title>Securitized Term Auto Receivables Trust</title>
        <cusip>81378WAF0</cusip>
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        <curCd>USD</curCd>
        <valUSD>1918347.2700000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Trillium Credit Card Trust II</name>
        <lei>549300P7QN1SDIOQVL28</lei>
        <title>Trillium Credit Card Trust II</title>
        <cusip>89621ACE7</cusip>
        <identifiers>
          <isin value="US89621ACE73"/>
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        <balance>1500000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>1505257.9500000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MERCEDES-BENZ FIN NA</name>
        <lei>549300423Z16BB673J12</lei>
        <title>Mercedes-Benz Finance North America LLC</title>
        <cusip>58769JAY3</cusip>
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          <isin value="US58769JAY38"/>
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        <balance>2070000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2081214.2900000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>MORGAN STANLEY BANK NA</name>
        <lei>G1MLHIS0N32I3QPILB75</lei>
        <title>Morgan Stanley Bank NA</title>
        <cusip>61690U8F0</cusip>
        <identifiers>
          <isin value="US61690U8F08"/>
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        <balance>3000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3006339.6000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
        <cusip>65339KCL2</cusip>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>3034958.1000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.6900000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
        <cusip>65339KDH0</cusip>
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          <isin value="US65339KDH05"/>
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        <balance>965000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>971302.2800000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.4800000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>NextGear Floorplan Master Owner Trust</name>
        <lei>N/A</lei>
        <title>NextGear Floorplan Master Owner Trust</title>
        <cusip>65341KCB0</cusip>
        <identifiers>
          <isin value="US65341KCB08"/>
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        <balance>2000000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>2010925.8000000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NextGear Floorplan Master Owner Trust</name>
        <lei>N/A</lei>
        <title>NextGear Floorplan Master Owner Trust</title>
        <cusip>65346CAA7</cusip>
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          <isin value="US65346CAA71"/>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PFS Financing Corp.</name>
        <lei>N/A</lei>
        <title>PFS Financing Corp</title>
        <cusip>69335PGB5</cusip>
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          <isin value="US69335PGB58"/>
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        <balance>2000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2013402.2000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The</title>
        <cusip>693475CH6</cusip>
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          <isin value="US693475CH64"/>
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        <balance>3000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3000159.4200000000</valUSD>
        <pctVal>1.1136062170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PHILIP MORRIS INTL INC</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International Inc</title>
        <cusip>718172EB1</cusip>
        <identifiers>
          <isin value="US718172EB10"/>
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        <balance>1665000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1668270.4600000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3400000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Porsche Innovative Lease Owner Trust</name>
        <lei>N/A</lei>
        <title>Porsche Innovative Lease Owner Trust 2024-1</title>
        <cusip>73328AAD1</cusip>
        <identifiers>
          <isin value="US73328AAD19"/>
        </identifiers>
        <balance>1250000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1253199.1900000000</valUSD>
        <pctVal>0.4651654175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SBNA Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>SBNA Auto Lease Trust 2024-B</title>
        <cusip>78437VAG5</cusip>
        <identifiers>
          <isin value="US78437VAG59"/>
        </identifiers>
        <balance>1250000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1263399.0000000000</valUSD>
        <pctVal>0.4689514069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Securitized Term Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Securitized Term Auto Receivables Trust</title>
        <cusip>81378RAB0</cusip>
        <identifiers>
          <isin value="US81378RAB06"/>
        </identifiers>
        <balance>1140232.25</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1153919.2600000000</valUSD>
        <pctVal>0.4283144600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Securitized Term Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Securitized Term Auto Receivables Trust</title>
        <cusip>81378RAD6</cusip>
        <identifiers>
          <isin value="US81378RAD61"/>
        </identifiers>
        <balance>2023912.21</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2072647.1100000000</valUSD>
        <pctVal>0.7693300203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stellantis Financial Underwritten Enhanced Lease Trust</name>
        <lei>N/A</lei>
        <title>Stellantis Financial Underwritten Enhanced Lease Trust 2025-A</title>
        <cusip>858928AB0</cusip>
        <identifiers>
          <isin value="US858928AB07"/>
        </identifiers>
        <balance>1341294.75</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1345207.3100000000</valUSD>
        <pctVal>0.4993172075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SYNOPSYS INC</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>Synopsys Inc</title>
        <cusip>871607AA5</cusip>
        <identifiers>
          <isin value="US871607AA58"/>
        </identifiers>
        <balance>3000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3023351.7300000000</valUSD>
        <pctVal>1.1222147931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
        <cusip>89115A3B6</cusip>
        <identifiers>
          <isin value="US89115A3B62"/>
        </identifiers>
        <balance>2000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2004956.3200000000</valUSD>
        <pctVal>0.7442043939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3100000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOYOTA MOTOR CREDIT CORP</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>Toyota Motor Credit Corp</title>
        <cusip>89236TMA0</cusip>
        <identifiers>
          <isin value="US89236TMA06"/>
        </identifiers>
        <balance>3000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3011103.3600000000</valUSD>
        <pctVal>1.1176684144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3400000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Toyota Lease Owner Trust</name>
        <lei>254900299R9KF5UH9O95</lei>
        <title>Toyota Lease Owner Trust 2025-A</title>
        <cusip>89239NAE5</cusip>
        <identifiers>
          <isin value="US89239NAE58"/>
        </identifiers>
        <balance>2250000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2277896.1800000000</valUSD>
        <pctVal>0.8455148519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRUIST BANK</name>
        <lei>JJKC32MCHWDI71265Z06</lei>
        <title>Truist Bank</title>
        <cusip>89788JAG4</cusip>
        <identifiers>
          <isin value="US89788JAG40"/>
        </identifiers>
        <balance>3000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3006760.5000000000</valUSD>
        <pctVal>1.1160564214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.4500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verizon Master Trust</name>
        <lei>5493007MUBNP1GFMEB89</lei>
        <title>Verizon Master Trust</title>
        <cusip>92348KEB5</cusip>
        <identifiers>
          <isin value="US92348KEB52"/>
        </identifiers>
        <balance>800000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>803812.5600000000</valUSD>
        <pctVal>0.2983610331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MUFG Securities Americas, Inc.</name>
        <lei>K5HU16E3LMSVCCJJJ255</lei>
        <title>MITSUBISHI 9</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="933DPP002"/>
        </identifiers>
        <balance>13552000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13552000.0000000000</valUSD>
        <pctVal>5.0302631763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="K5HU16E3LMSVCCJJJ255" name="MUFG SECURITIES AMERICAS INC."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.78</repurchaseRt>
          <maturityDt>2026-03-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>6464303.99</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>5103179.74</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>EQT</invstCat>
            </repurchaseCollateral>
            <repurchaseCollateral>
              <principalAmt>13650238.44</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>8724218.33</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="N/A" invstCat="Other instrument"/>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STANDARD CHARTERED 10</name>
        <lei>N/A</lei>
        <title>STANDARD CHARTERED 10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="966RRD006"/>
        </identifiers>
        <balance>13552000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13552000.0000000000</valUSD>
        <pctVal>5.0302631763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RILFO74KP1CM8P6PCT96" name="STANDARD CHARTERED BANK REPO"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.68</repurchaseRt>
          <maturityDt>2026-03-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>52099.68</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>4906729.15</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
            <repurchaseCollateral>
              <principalAmt>110131.66</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>99993.49</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
            </repurchaseCollateral>
            <repurchaseCollateral>
              <principalAmt>155278557.53</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>8821715.72</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ACMO</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Federated Hermes Adviser Series</ncom:nameOfApplicant>
      <ncom:signature>Stephen Van Meter</ncom:signature>
      <ncom:signerName>Federated Hermes Adviser Series</ncom:signerName>
      <ncom:title>Chief Compliance Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
