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        <name>STANDARD CHARTERED 10</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARI Fleet Lease Trust</name>
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      <invstOrSec>
        <name>Dell Equipment Finance Trust</name>
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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>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Daimler Trucks Retail Trust</name>
        <lei>N/A</lei>
        <title>Daimler Trucks Retail Trust 2024-1</title>
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          <isin value="US233874AC06"/>
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        <fairValLevel>2</fairValLevel>
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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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMAZON.COM INC</name>
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        <title>Amazon.com Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-13</maturityDt>
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      <invstOrSec>
        <name>AMERICAN HONDA FINANCE</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>American Honda Finance Corp</title>
        <cusip>02665WGJ4</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>AUGUSTA SPINCO CORPORATI</name>
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        <title>Augusta SpinCo Corp</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.3200000000</annualizedRt>
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      <invstOrSec>
        <name>Ally Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Ally Bank Auto Credit-Linked Notes Series 2024-A</title>
        <cusip>02007GZ55</cusip>
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          <isin value="US02007GZ551"/>
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        <balance>749190.04</balance>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>CARDS II Trust</name>
        <lei>549300GWPYLNK6X47W76</lei>
        <title>CARDS II Trust</title>
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          <isin value="US14161GCU22"/>
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        <balance>2000000.00</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AUST &amp; NZ BANKING GROUP</name>
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        <title>Australia &amp; New Zealand Banking Group Ltd</title>
        <cusip>05252ADP3</cusip>
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        <balance>2000000.00</balance>
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        <curCd>USD</curCd>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
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        <balance>2000000.00</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-13</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29277FF14</cusip>
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        <balance>10000000.00</balance>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>N/A</lei>
        <title>Enterprise Fleet Financing 2024-4 LLC</title>
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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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        <balance>965000.00</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-04</maturityDt>
          <couponKind>Floating</couponKind>
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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>
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          <isin value="US706916AC76"/>
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        <balance>2800000.00</balance>
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        <curCd>USD</curCd>
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        <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>1991719.9000000000</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>Ford Credit Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Lease Trust 2025-A</title>
        <cusip>345282AE7</cusip>
        <identifiers>
          <isin value="US345282AE77"/>
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        <balance>1345000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>1352858.1000000000</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>AMERICAN EXPRESS CO</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co</title>
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      <invstOrSec>
        <name>MMAF Equipment Finance LLC</name>
        <lei>N/A</lei>
        <title>Barings Equipment Finance LLC 2025-A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Drive Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Drive Auto Receivables Trust 2025-2</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Evergreen Credit Card Trust</name>
        <lei>5493002G9KVV6J3CNU15</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GM Financial Securitized Term Auto Receivables Tr</name>
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        <title>Gm Financial Consumer Automobile Receivables Trust 2025-3</title>
        <cusip>379957AD5</cusip>
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          <isin value="US379957AD55"/>
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        <balance>2000000.00</balance>
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        <curCd>USD</curCd>
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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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      <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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        <curCd>USD</curCd>
        <valUSD>200382.1100000000</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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      <invstOrSec>
        <name>The Huntington National Bank</name>
        <lei>N/A</lei>
        <title>Huntington Bank Auto Credit-Linked Notes Series 2026-1</title>
        <cusip>44644NAV1</cusip>
        <identifiers>
          <isin value="US44644NAV10"/>
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        <balance>2717623.43</balance>
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        <curCd>USD</curCd>
        <valUSD>2703768.4400000000</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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      <invstOrSec>
        <name>NATIONAL AUSTRALIA BANK</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>National Australia Bank Ltd</title>
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          <isin value="US632525CS85"/>
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        <balance>1155000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>1156361.2600000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-04</maturityDt>
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      <invstOrSec>
        <name>NATWEST MARKETS PLC</name>
        <lei>RR3QWICWWIPCS8A4S074</lei>
        <title>NatWest Markets PLC</title>
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          <isin value="US63906YAR99"/>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>3005741.7900000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.4200000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CITIBANK NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>Citibank NA</title>
        <cusip>17325FBH0</cusip>
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          <isin value="US17325FBH01"/>
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        <balance>2310000.00</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-06</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CONSTELLATION EN GEN LLC</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
        <title>Constellation Energy Generation LLC</title>
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        <balance>445000.00</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.2300000000</annualizedRt>
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      <invstOrSec>
        <name>DLLAD LLC</name>
        <lei>N/A</lei>
        <title>Dllad 2024-1 LLC</title>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>DLLMT LLC</name>
        <lei>N/A</lei>
        <title>DLLMT 2026-1 LLC</title>
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        <balance>1000000.00</balance>
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        <curCd>USD</curCd>
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        <name>NEW YORK LIFE GLOBAL FDG</name>
        <lei>635400DPNHEAUHB7ZI15</lei>
        <title>New York Life Global Funding</title>
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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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      <invstOrSec>
        <name>NextGear Floorplan Master Owner Trust</name>
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        <title>NextGear Floorplan Master Owner Trust</title>
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        <balance>3000000.00</balance>
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        <name>DAIMLER TRUCK FINAN NA</name>
        <lei>5493003HSDTSCZRXBA58</lei>
        <title>Daimler Truck Finance North America LLC</title>
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        <balance>2500000.00</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Enterprise Fleet Financing LLC</name>
        <lei>N/A</lei>
        <title>Enterprise Fleet Financing 2025-3 LLC</title>
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        <name>FIDELITY NATL INFO SERV</name>
        <lei>6WQI0GK1PRFVBA061U48</lei>
        <title>Fidelity National Information Services Inc</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ford Credit Floorplan Master Owner Trust</name>
        <lei>5493001DTG5N7T8BG747</lei>
        <title>Ford Credit Floorplan Master Owner Trust A</title>
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        <balance>2450000.00</balance>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>HPEFS Equipment Trust</name>
        <lei>N/A</lei>
        <title>HPEFS Equipment Trust 2025-1</title>
        <cusip>40446EAD9</cusip>
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        <balance>1000000.00</balance>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>HONEYWELL AEROSPACE INC</name>
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        <title>Honeywell Aerospace Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PHILIP MORRIS INTL INC</name>
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        <title>Philip Morris International Inc</title>
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        <curCd>USD</curCd>
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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>2028-10-27</maturityDt>
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      <invstOrSec>
        <name>Porsche Innovative Lease Owner Trust</name>
        <lei>N/A</lei>
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          <isin value="US73328AAD19"/>
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        <balance>841927.34</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GM Financial Automobile Leasing Trust</name>
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          <isin value="US362962AG77"/>
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        <balance>2000000.00</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA INC</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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        <balance>1250000.00</balance>
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      <invstOrSec>
        <name>Chase Auto Credit Linked Notes</name>
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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>
        <cusip>78437XAD8</cusip>
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          <isin value="US78437XAD84"/>
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        <balance>1000000.00</balance>
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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>Securitized Term Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Securitized Term Auto Receivables Trust</title>
        <cusip>81378RAB0</cusip>
        <identifiers>
          <isin value="US81378RAB06"/>
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        <balance>987284.28</balance>
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        <curCd>USD</curCd>
        <valUSD>995204.9200000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ORACLE CORP</name>
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        <title>Oracle Corp</title>
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          <isin value="US68389XDV47"/>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>2996278.4100000000</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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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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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>TRUIST BANK</name>
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        <title>Truist Bank</title>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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      <invstOrSec>
        <name>The Huntington National Bank</name>
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        <name>ELI LILLY &amp; CO</name>
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        <title>Eli Lilly &amp; Co</title>
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        <name>FORD MOTOR CREDIT CO LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co LLC</title>
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        <invCountry>US</invCountry>
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        <name>General Motors</name>
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        <title>GMF Floorplan Owner Revolving Trust</title>
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        <balance>3000000.00</balance>
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        <name>GLENCORE FUNDING LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
        <title>Glencore Funding LLC</title>
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        <balance>3000000.00</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>GLOBAL PAYMENTS INC</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments Inc</title>
        <cusip>37940XBA9</cusip>
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        <balance>1370000.00</balance>
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        <valUSD>1366799.6800000000</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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      <invstOrSec>
        <name>Trillium Credit Card Trust II</name>
        <lei>549300P7QN1SDIOQVL28</lei>
        <title>Trillium Credit Card Trust II</title>
        <cusip>89621ACH0</cusip>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS BANK USA</name>
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        <title>Goldman Sachs Bank USA/New York NY</title>
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          <isin value="US38151LAK61"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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>40444MAG6</cusip>
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          <isin value="US40444MAG69"/>
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        <balance>2530000.00</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>HPEFS Equipment Trust</name>
        <lei>N/A</lei>
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        <cusip>40444MAJ0</cusip>
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          <isin value="US40444MAJ09"/>
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        <balance>500000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>504646.4800000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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          <isin value="US44891AEG85"/>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
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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>2029-01-08</maturityDt>
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          <annualizedRt>4.5200000000</annualizedRt>
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      <invstOrSec>
        <name>Hyundai Auto Lease Securitization Trust</name>
        <lei>N/A</lei>
        <title>Hyundai Auto Lease Securitization Trust 2024-B</title>
        <cusip>44934FAF2</cusip>
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          <isin value="US44934FAF27"/>
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        <balance>2460000.00</balance>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>Hyundai Auto Lease Securitization Trust</name>
        <lei>N/A</lei>
        <title>Hyundai Auto Lease Securitization Trust 2025-A</title>
        <cusip>44935WAF4</cusip>
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          <isin value="US44935WAF41"/>
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        <balance>1460000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>1474287.8500000000</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>M&amp;T Equipment Notes</name>
        <lei>N/A</lei>
        <title>M&amp;T Equipment 2025-LEAF1 Notes</title>
        <cusip>55340QAB1</cusip>
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          <isin value="US55340QAB14"/>
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        <balance>1956696.24</balance>
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        <curCd>USD</curCd>
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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>MARSH &amp; MCLENNAN COS INC</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>Marsh &amp; McLennan Cos Inc</title>
        <cusip>571748BZ4</cusip>
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          <isin value="US571748BZ47"/>
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        <balance>885000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>889245.6500000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3200000000</annualizedRt>
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      <invstOrSec>
        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
        <cusip>65339KCL2</cusip>
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          <isin value="US65339KCL26"/>
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        <balance>3000000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>3013854.0600000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.6900000000</annualizedRt>
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      <invstOrSec>
        <name>PFS Financing Corp.</name>
        <lei>N/A</lei>
        <title>PFS Financing Corp</title>
        <cusip>69335PFW0</cusip>
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          <isin value="US69335PFW05"/>
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        <balance>2500000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2514853.5000000000</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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      <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>
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        <curCd>USD</curCd>
        <valUSD>2005176.8000000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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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>
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        <curCd>USD</curCd>
        <valUSD>3002126.5200000000</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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      <invstOrSec>
        <name>SBNA Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>SBNA Auto Lease Trust 2024-B</title>
        <cusip>78437VAG5</cusip>
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          <isin value="US78437VAG59"/>
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        <balance>1250000.00</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Santander Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <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>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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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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          <isin value="US81378WAF05"/>
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        <balance>1740901.66</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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      <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>
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          <isin value="US858928AB07"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
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          <isin value="US89115A3B62"/>
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        <balance>2000000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>2003212.2000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Trillium Credit Card Trust II</name>
        <lei>549300P7QN1SDIOQVL28</lei>
        <title>Trillium Credit Card Trust II</title>
        <cusip>89621ACE7</cusip>
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          <isin value="US89621ACE73"/>
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        <balance>1500000.00</balance>
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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>Verizon Master Trust</name>
        <lei>5493007MUBNP1GFMEB89</lei>
        <title>Verizon Master Trust</title>
        <cusip>92348KEB5</cusip>
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        <balance>800000.00</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Verizon Master Trust</name>
        <lei>N/A</lei>
        <title>Verizon Master Trust Series 2025-9</title>
        <cusip>92348KEY5</cusip>
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        <balance>1000000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>994863.3000000000</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>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>95000U3S0</cusip>
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          <isin value="US95000U3S00"/>
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        <balance>1955000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1958309.4000000000</valUSD>
        <pctVal>0.6402058517</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.4100000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wheels Fleet Lease Funding LLC</name>
        <lei>549300BSFY0E0XXREF43</lei>
        <title>Wheels Fleet Lease Funding 1 LLC</title>
        <cusip>96328GCP0</cusip>
        <identifiers>
          <isin value="US96328GCP00"/>
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        <balance>1730000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1720478.8600000000</valUSD>
        <pctVal>0.5624548572</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 2025-B</title>
        <cusip>81378WAC7</cusip>
        <identifiers>
          <isin value="US81378WAC73"/>
        </identifiers>
        <balance>929534.63</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>934583.8600000000</valUSD>
        <pctVal>0.3055319328</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>SYNOPSYS INC</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>Synopsys Inc</title>
        <cusip>871607AA5</cusip>
        <identifiers>
          <isin value="US871607AA58"/>
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        <balance>3000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3009532.0800000000</valUSD>
        <pctVal>0.9838690702</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verizon Master Trust</name>
        <lei>N/A</lei>
        <title>Verizon Master Trust Series 2026-1</title>
        <cusip>92348KFF5</cusip>
        <identifiers>
          <isin value="US92348KFF57"/>
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        <balance>1000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>996041.9000000000</valUSD>
        <pctVal>0.3256236491</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>MERCK &amp; CO INC</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co Inc</title>
        <cusip>58933YCD5</cusip>
        <identifiers>
          <isin value="US58933YCD58"/>
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        <balance>2000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1999806.7400000000</valUSD>
        <pctVal>0.6537720634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MET LIFE GLOB FUNDING I</name>
        <lei>635400MMSOCXNNNZDZ82</lei>
        <title>Metropolitan Life Global Funding I</title>
        <cusip>592179KM6</cusip>
        <identifiers>
          <isin value="US592179KM60"/>
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        <balance>2310000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2318572.6200000000</valUSD>
        <pctVal>0.7579822468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3400000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Navistar Financial Dealer Note Master Trust</name>
        <lei>N/A</lei>
        <title>Navistar Financial Dealer Note Master Owner Trust II 2025-1</title>
        <cusip>63938PCA5</cusip>
        <identifiers>
          <isin value="US63938PCA57"/>
        </identifiers>
        <balance>1000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>988228.0000000000</valUSD>
        <pctVal>0.3230691475</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>NextGear Floorplan Master Owner Trust</name>
        <lei>N/A</lei>
        <title>NextGear Floorplan Master Owner Trust</title>
        <cusip>65341KBY1</cusip>
        <identifiers>
          <isin value="US65341KBY10"/>
        </identifiers>
        <balance>3000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3012450.4500000000</valUSD>
        <pctVal>0.9848231368</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>NISSAN MOTOR ACCEPTANCE</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
        <title>Nissan Motor Acceptance Co LLC</title>
        <cusip>65480CAJ4</cusip>
        <identifiers>
          <isin value="US65480CAJ45"/>
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        <balance>1500000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1494334.7000000000</valUSD>
        <pctVal>0.4885243462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.6900000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PFS Financing Corp.</name>
        <lei>N/A</lei>
        <title>PFS Financing Corp</title>
        <cusip>69335PFL4</cusip>
        <identifiers>
          <isin value="US69335PFL40"/>
        </identifiers>
        <balance>3000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3007125.6000000000</valUSD>
        <pctVal>0.9830823495</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>
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      </invstOrSec>
      <invstOrSec>
        <name>PFIZER INC</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc</title>
        <cusip>717081FC2</cusip>
        <identifiers>
          <isin value="US717081FC28"/>
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        <balance>790000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>792222.7000000000</valUSD>
        <pctVal>0.2589915610</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.1300000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>1752429.60</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1781218.3400000000</valUSD>
        <pctVal>0.5823116635</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>
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      </invstOrSec>
      <invstOrSec>
        <name>World OMNI Select Auto Trust</name>
        <lei>N/A</lei>
        <title>World Omni Select Auto Trust 2025-A</title>
        <cusip>98164UAC3</cusip>
        <identifiers>
          <isin value="US98164UAC36"/>
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        <balance>1598660.60</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1599552.0100000000</valUSD>
        <pctVal>0.5229217390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Truist Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Truist Bank Auto Credit-Linked Notes Series 2025-1</title>
        <cusip>897926CB5</cusip>
        <identifiers>
          <isin value="US897926CB54"/>
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        <balance>2015748.37</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2016134.5900000000</valUSD>
        <pctVal>0.6591099253</pctVal>
        <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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>US BANK NA CINCINNATI</name>
        <lei>6BYL5QZYBDK8S7L73M02</lei>
        <title>US Bank NA/Cincinnati OH</title>
        <cusip>90331HPT4</cusip>
        <identifiers>
          <isin value="US90331HPT40"/>
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        <balance>3000000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3010532.8500000000</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>2028-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.5400000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SG Americas Securities LLC</name>
        <lei>549300F35UE0BOM1WJ55</lei>
        <title>SOC GEN NY 6</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="933FWM006"/>
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        <balance>15054000.00</balance>
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        <curCd>USD</curCd>
        <valUSD>15054000.0000000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="O2RNE8IBXP4R0TD8PU41" name="SOCIETE GENERALE PARIS"/>
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              <principalAmt>1921881.30</principalAmt>
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              <invstCat>PLCMO</invstCat>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Wheels Fleet Lease Funding LLC</name>
        <lei>549300BSFY0E0XXREF43</lei>
        <title>Wheels Fleet Lease Funding 1 LLC</title>
        <cusip>96328GCF2</cusip>
        <identifiers>
          <isin value="US96328GCF28"/>
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        <balance>2566946.61</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2572841.6000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>35907000.00</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35907000.0000000000</valUSD>
        <pctVal>11.7386310444</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"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.63</repurchaseRt>
          <maturityDt>2026-06-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>17804421.39</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>17828038.07</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ACMO</invstCat>
            </repurchaseCollateral>
            <repurchaseCollateral>
              <principalAmt>9178401.15</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>8995111.51</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
            </repurchaseCollateral>
            <repurchaseCollateral>
              <principalAmt>30.59</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>9986157.3</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-27</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>
  <documents>XXXX</documents>
</edgarSubmission>
